cfc_19180420.pdf

V O L . 106

Bank & Quotation Railway Earnings

SectionSection

Railway & Industrial Section Bankers’ Convention Section

Electric Railway Section State and City Section

S A T U R D A Y , A P R IL 20 1918______________________N O . 2756

(gihvonulz.PUBLISHED WEEKLY.

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Subscription includes following Supplements—B ank and Quotation (monthly) I Railw ay and I ndustrial (3 times yearly) r a ilw ay Ear inos (monthly) Electric R ailw ay (3 times yearly)State and City (semi-annually) | bankers ’ Convention (yearly)

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r Two Months (8 times)............................ 22 00,, „ . „ . ) Three Months (13 times)............................ 29 00Standing Business Cards < g[X Months (20 times)............................ 50 00

(. Twelve Months (52 times)......................... 87 00Chicago Office—39 South La Sallo Street, Telephone M ajestic7396.L ondon Office—Edwards & Smith, 1 Drapers’ Gardens, E. C.

W I L L I A M B . D A N A C O M P A N Y , P u b l is h e r s ,F ront. P ino and D epoyster Sts.. New Y ork .

Published every Saturday morning by WILLIAN B. DANA COMPANY. Jaoob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana, Vice-Presidents; Arnold U. Dana, Sec. Addresses of all. Office of tho Company.

CLEARING HOUSE RETURNS.Tlio following table, made up by telegraph, &e., Indicates that the total bank

clearings of ail the clearing houses of the United States for the week ending to-day havo been $0,361,479,565, against $5,890,166,548 last week and $5,857,731,929 the corresponding week last year

Clearings-r-Returns by Telegraph.Week ending April 20.

New York............ ..........................Chicago________________ - .............Philadelphia......................................Boston___________ __________ ____Kansas City______________________St. Louis_______________ - .............San Francisco___________________Pittsburgh..........................................Detroit................................................Baltimore............ ..............................New Orleans.............. ........... - .........

Eleven cities, 5 days-------------------Other cities, 5 days_______________

Total all cities, 5 days— ..........All cities, 1 day...................... ...........

Total all cities for week_________

1918. 1917.Per

Cent.$2,901,570,844

454,406.978316,525,968216,123,850163,032,766141,644,19786,676,48064,344,55257,692,32947,997,53060,257,445

$2,819,210,765444,891,953315,240,970200,049,894116,404,140117,199,70077,190,40264,899,79053,912,12835,004,24637,727,326

+ 2.6 + 2.1 + 0.4 + 8.0

+ 44.4 + 20.9 + 12.3 — 0.9 + 7.0

+ 38.3 + 59.7

SI,515,272,939 845.927.6S3

$4,281,731,380695,248,762

+ 5.4 + 21.7

$5,361,200,6221,000,275,943

S4,976,980,142 880,751,787

+ 7.7+ 13.6

$6,361,479,565 S5,857,731,929 + 8.6The .full details for tho week covered by the above will bo given next Saturday

We cannot furnisli them to-day, clearings being made up by tho clearing houses at noon on Saturday, and hence lu tho above tho last day of tho week has to bo In all cases estimated, as wo go to press Friday night.^Detailed figures for tho week ending April 13 follow:

Clearings at—Week ending April 13.

1918. 1917.Inc. or

Dec. 1910. 1915.$ S % S $

New York_____ 3,049,833.184 3.381,569,569 —9.8 2,596,227,179 2,139,440,657Philadelphia----- 341,753,029 344,405,905 + 0.1 233.477,458 159,154,055Pittsburgh.......... 77,196,459 78,329,787 — 1.4 10,864,770 60,330,656Baltimore.......... 55,067.503 45,668,195 + 20.6 45,590,729 35,056,401Buffalo ---------- 19,175,000 10,576,229 + 15.7 14,252,830 10,038,376Washington----- 12,664,529 11,245,321 + 12.6 9,317,815 8,385,102Albany................ 4,030,698 4,700,000 — 14.2 4,823,918 5,472,277

7,060,805 6,812,594 + 3.0 6.391,592 5,024,2523,406,067 3,440,668 — 1.0 3,250,415 3,020,0024,416,127 4,297,471 + 2.8 3,215,705 3,138,2663,111,718 3,525,035 — 11.8 3,839,168 2,088,2943,012,939 3,589,636 — 16.1 3,247,154 1,840,9121,885,816 1,801,467 + 4.7 1,813,354 1,020,2913,963,510 3,592,995 + 10.3 2,680,391 2,080,6502.509,897 2,499,317 + 0.4 2,385,074 1,794,785

Y o r k .................. 1,435,710 1,520,983 — 5.6 1,084,375 1,105,9233.500,000 2,816,149 + 24.3 2,222,144 1,874,333

E rio....................Binghamton___

2,267,982989,000741,084

1,985,1701,085,000

735,083+ 14.2 — 8.8 + 0.7

1,535,763939,700571,808

1,019,157094,100538,770

1,000,000 962,064 + 3.9 900,000 800,0001,362,087 1,486,940 — 8.3 1,464,109 085,131

Montclair.......... 376,844 487,882 — 22.8 454,638 430,081Total Mlddlo. 3,603,759,988 3,923,133,950 — 8.1 3,009,565,095 2,440,250,691

Boston................ 266,933,306 227,048,842 + 17.0 219,824.096 177,808.5721’ rovldenco____ 11,406,300 10,559,800 + 8.0 10.141,100 8,686,400Hartford........ 8,143,175 9,668,330 — 15.8 8,290,348 7,790,015Now Haven__ 5,083,299 5,284,402 — 3.8 4,321,770 4,080,815Springfield........ 3,663,918 4,484,286 — 18.3 4,137,056 3,232.973Portland___ 3.000,000 3,100,000 — 3.2 2,500,000 2,035,925Worcester___ 3,670,666 3.545.160 + 3.5 3,811,062 3,009,548Fall River___ 3,383,059 2,189,011 + 8.9 1,919,016 1,586,490Now Bedford.. 2,498,597 1,680,130 + 48.7 1,693,487 1,315,205

1,235,478 1,142,902 + 8.1 1,087,727 898,384Holyoko..............Bangor................

Tot. Now Eng

733,236 875,8S4

803,452763,799

— 8.7 + 14.7

1,049,810701,824

713,374390.017

309.627,54 oc 270,270,174 + 14.6 258,937,925 211,619,584Note.— For Canadian clearings seo ’ ’Commercial and Miscellaneous News*.


1918. 1917.Inc. or

Dec. 1916. 1915.

$ $ % S $Chicago______ . 512,518,763 510,284,055 + 0.4 368,971,101 327,583,950Cincinnati______ 54,286,477 40,581,195 + 33.8 33,365,950 25,158,950Cleveland______ 82,222,842 74,233,994 + 10.8 45,803,476 29,816,363Detroit _ . .......... 54,949,838 56,466,194 — 2.7 42,799,952 29,491,862Milwaukee____ 28,940,879 24,535,273 + 1S.0 19,001,284 15,960,814Indianapolis___ 13,370,000 13,302,000 + 0.5 11,441,144 8,331,078Columbus.......... 11,473,600 11,475,900 —0.02 10,657,000 6,803,600

10,941.205 11,984,524 — 0.4 9,264,834 6,697,1474,901,488 4,750,000 + 3.2 3,500,000 3,141,768

Grand Rapids__ 5,216,585 4,976,365 + 4.8 4,602,810 3,676,487D ayton________ 5,720,003 3,773,194 + 51.6 3,226,883 2,074,525Evansville......... 3,699,075 3,195,528 + 15.8 1,859,880 1,376,176Springfield, 111.. 2,250,000 1,932,189 + 16.5 1,469,197 1,304,268Fort Wayne___ 1.377.1S7 1,296,357 + 6.3 1,420,774 1,341,905Lexington.......... 1,451,998 670,617 + 116 6 863,551 714,806Rockford_______ 2,402,456 1,811,892 + 32.6 1,250,179 1,055,762Youngstown.. . 4,539,471 4,521,737 + 0.4 5,026,772 1,514,786Akron.................. 7,190,000 6,840,000 + 5.1 4,033,000 1,959,000Bloomington___ 1,430,687 1,315,019 + 8.7 974,603 70S,328Quincy_________ 1,419,158 1,270,370 + 11.7 934,541 839,370Decatur________ 1,198,984 1,031,745 + 16.2 671,056 420,608C anton________ 3,754,868 3,952,996 —5.0 2,729,474 2,220,000South Bend........ 1,107,840 1,234,534 — 10.3 961,238 834,804Springfield, O__ 1,312,390 1,349.392 —2.7 1,121,493 739,437Danville_______ 881,221 724,124 + 21.7 772,957 502,106Mansfield........ .. 1,346,034 894,019 + 50.6 732,486 613,409Jacksonville, 111. 491,626 425,617 + 15.3 407,108 284,512L im a.................. 1,166,231 959,496 + 21.6 732,240 491,242Owensboro____ 957,373 649,064 + 47.5 352,311 343,387Ann Arbor......... 375,000 362,768 + 3.4 300,000 244,495Adrian................. 70,187 157,645 — 55.5 58,734 54,441Lansing.............. 1,022,658 1,138,246 — 10.2 700,000 550,000

Tot. Mid. West 823,986,124 792,096,049 + 4.0 580,002,028 470,829,446

San Francisco__ 95,817,196 87,006,627 + 10.1 62,383,456 52,874,087Los Angeles____ 29,738,000 31,761,000 — 6.4 25,756,102 21,745,992Seattle................ 34,377,118 23,313,314 + 47.4 16,524,111 13,253,270Portland_______ 25,615,868 18,317,261 + 39.8 12,879,317 11,595,757Salt Lake C ity.. 13,308,181 12,366,271 + 7.G 7,722,416 5,831,551Spokane.............. 8,144,609 6,702,575 + 21.5 4,977,927 3.607.663Tacoma________ 4,426,479 2,700,000 + 63.9 2,514,626 2,106,734Oakland________ 6,337,292 5,118,379 + 23.8 4,588.254 3,739,062Sacramento____ 3,170,714 2,468,214 + 28.4 2,101.078 1,745,681San Diego______ 2,366,732 2,704,314 — 1.4 2,504,614 2,119,902Pasadena_______ 1,202,765 1,625,069 —26.0 1,083,141 1,070,262Stockton............ 1,979,289 1,705,077 + 16.1 1.108,737 817,549Fresno.......... ..... 1,968,472 1,588,585 + 23.9 1,046.412 S60.111San Jose............. 913,374 816,518 + 11.9 734,264 593,026Yakima________ $65,699 689,171 + 25.5 499,772 415,510lleno ............ ..... 613,010 602,434 + 1.8 413,499 280,757Long Beach____ 998,772 827,626 + 20.7 665.225 583,554

Total Pacific.. 231,843,570 200,312.515 + 15.7 147,502,951 123,260,468

Kansas City___ 200.24S.273 133,252,968 + 50.3 82,794,892 73,816,991Minneapolis___ 29,919,534 36,713,360 — 18.5 26,018,057 19,544,738Omaha_________ 59,833,249 34,950,711 + 71.2 23.480,701 18,124,878St. Paul.............. 13,361,001 14,285,646 —6.5 13,300,696 11,549,724Denver.............. 22,522,939 15,561,570 + 44.7 12,214,183 9,846,692St. Joseph........ . 17,011,096 14,545,340 + 17.0 9,112,062 6,863,133Dcs Moines____ 10.000.00C 7,990,027 + 25.2 6,902,565 5,265,363Sioux City______ 10,059.167 5,829,885 + 72.6 4,434,707 3,159,841Wichita.............. 9,161,145 6,014,119 + 52.3 4,383,981 3,256,419Duluth........ ....... 3,854,031 5,258,442 + 26.7 4,105,614 3,306.848Lincoln .............. 4,672,653 4,167.510 + 12.1 3,097,074 2.205,589Davenport____ 2,474,261 2,147,174 + 15.2 1,849,777 1,383.484Topeka________ 3,089,482 2,444,848 + 26.4 1,746,320 1,319,210Cedar Rapids__ 1.860.95C 2,641,374 —22.0 2,052,066 1,694,421Fargo.................. 2,526,541 2,087,000 + 21.0 2,171,842 1,463,658Colorado Springs 749,341 1,109,531 — 32.5 828,762 687,471Pueblo................. 782,950 781,361 + 0.2 558,244 389,646

883.052 622,774 + 41.9 400,000 334,8592,410,713 2,784,000 — 13.4 2,382,460 1,610,659

Helena............ . 1.639.97C 1,627,798 + 0.7 1,536,449 1,048,232Billings________ 950,000 825,000 + 15.1 753.432 510,345Aberdeen_______ 1.07S.62C 933,411 + 15.5 841,411 547,075Hastings............ 523,275 523,961 + 1.6 314,244 217,923

Tot. Oth. West 399,612.258 297,097,809 + 34.5 205,309,539 168,147,405

St. Louis______ 155.001,431 138,017,457 + 12.3 96,096,510 83.463,61363,241,722 41,492,663 + 28.3 22,177,824 18,331,795

Louisville______ 24,002,150 20.162.8S4 + 19.0 19,552,948 12,419,219Houston_______ 13,500,000 10.680,634 + 26.4 9,815,783 8,092,982Galveston______ 4,600,000 4,433,549 + 3.7 3,978,580 4,780,379Richmond______ 40,508,070 23,393,337 + 73.2 14,000.000 10,114,019Fort Worth____ 10,275.981 11,072,771 — 7.2 7,312,659 6,745,677

46,314,794 27,445,706 + 68.7 17,744.643 13,942,004Memphis............. 12,760,169 12.186,101 + 4.7 8,001.954 7,230,322Savannah ______ 6,631,573 7,761,949 — 14.6 4,697,321 5,397,409Nashville............ 14,791,269 11,090,058 + 33.4 8,029,652 6,363,044Norfolk............ .. 7,276,606 5.810.741 + 25.2 4.273,331 3,907,569Birmingham___ 3,700,000 2,940,672 + 25.5 2,542,156 2,125,358Jacksonville___ 5,300,297 4,830.163 + 9.7 4,378,873 3,034,876Augusta.............. 3,946,100 3,729,090 + 5.8 1,682,096 1,972,821Chattanooga___ 4,281.434 3,587,147 + 19.7 3,056,008 2,221,229Knoxville______ 3,328,325 2,596,714 + 28.2 3,314,772 1,713,363M obile............... 1,350,000 1,275,000 + 5.9 1,034+00 1.204,566Charleston......... 3,000,000 2,548,940 + 17.7 3,000,000 2,092,178Little Rock......... 4,600.000 3,732,499 + 23.3 2,584,494 2,092,966Oklahoma........... 8,603.995 6,416,025 + 34.1 3.115,559 2,539,360Macon................. 1,950.000 1,595,673 + 22.2 3,448.128 2,697,075Austin_________ 3,500,000 3,486,298 + 0.4 4,500,000 3,026,850Vicksburg........... 422,414 340,035 + 24.2 350,360 506,722

650,000 497,107 + 10.7 691,811 444,956Tulsa.................. 8,208.929 8,409,561 — 2.4 3,398,961 1,371,527Muskogee.......... 2,362,844 1,575,078 + 50.0 1,170,834 653,815Dallas................ 17,388,957 11,537,194 + 50.7 6,961,617 ..............- -

Total SouthernTotal all...........Outside N. Y .

521,337,060 372,645,3465,855,555,8432,473,986,274

+ 39.9 259,866,674 212,485,6343,638,593,1285.890,166,548 + 0.6 4,461,184,212

2,840,333,364 + 14.8 1.864,957.033 1,499,146,471

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1604 THE CHRONICLE [Vol. 106.

OUR RAILWAY EARNINGS SECTION.With to-day’s issue of our paper we send out the

• April number of our “ Railway Earnings” Section. Owing to the taking over of the roads by the United States Government at the close of 1917, and some change in the form of the monthly statements required of the roads, the returns have been very slow in coming to hand. Ordinarily our April number would contain the figures for the month of February. This time it embraces the returns for January, and even at that some 20% of the returns are still missing, not yet having been filed with the Inter-State Commerce Commission, though, on the other hand, a fair proportion of the February returns are already on record.

THE FINANCIAL SITUATION.A statement submitted to the New York Board of

Trade and Transportation by its Railway Committee takes up rumors of a movement for a general rate advance and proceeds to file a protest on behalf of shippers. With every desire to treat commercial bodies with respect, and in the belief that, in general, they have not been heeded enough in the last ten years, it is impossible to avoid considering this protest wrong in both presentations and deductions.

Of the report that the Government contemplates ordering 100,000 freight cars, many locomotives, and certain other equipment, the statement objects that this is unnecessary. “ If the war did not exist or if it should suddenly end,” in eighteen months thereafter the Government would have no use whatever for such new equipment. But this is no time for unreal suppositions. Unhappily, the war does exist, and there is no substantial reason for believing that it will end soon, even though the end be somewhat sudden when it comes. We must deal with conditions as they are. We expect peace to return, and to bring such an industrial and trading demand as the world has not yet known, though no man is wise enough to foresee what conditions will be imposed and what lines of movement directed by the situation as we shall find it then; but surely it is a very unwarranted assumption, to say the least, that the new rolling stock and betterments will find no employment. If the commercial and industrial world were certain to stand still, there would be need of new equipment, since equipment and roads wear out; but the alternative to growth is decay, and the Allied nations are now fighting militarism because it is believed to be an attempted interruption of real progress. When the great task is finished we all expect a resumption of that progress, with enlarged opportunities for the arts of peace, which must cause need of even greater instrumentalities of production and carrying. Further, our railways had become barely adequate (if they really were adequate) to ordinary demands before war began and were unable to keep pace with growing needs; the reasons are too well known, surely, to need reciting anew.

As for the proposition that if existing cars were worked close to capacity there would be no need of any more and the cost of handling would be so much reduced thereby that there would be no necessity for any advance of rates whatever (for the statement actually puts forward this plea), it is somewhat difficult to receive it with patience. It is old and overworked. It has been said by the Inter-State Commerce Commission, as excuse for refusing rate in

creases or making them grudgingly, that if the roads would use existing facilities properly they could get along well enough, and that if they would practice possible economy they would have no serious trouble, and one well-known non-railroad man said he could show them how to save many millions. It is matter of record that under the calls of war car loads and train length were increased, economies were somewhat discovered, and efficiency in service developed, by working the properties close to the limit of safety, this being done by men who had grown up in the business an4 were under every stimulus that reputation and patriotism could supply.

The 15% advance was warranted, says this statement, and was accepted by all shipping interests, because if existing rates did not suffice to keep up the properties and make a reasonable return upon investment, they must be raised or the roads would be bankrupted and would become so run down as to endanger public safety. But this, say the protestants, was “ before the Government had adopted the policy of Federal control,” and they attempt to draw a distinction from that change, whereas both the arithmetic and human nature remain and will remain as before; the financial alternative is now and will remain as hard in its lines and as grimly immovable in its rigidity as it has ever been. Surely it should suffice to remind ourselves of this without enlarging upon it; Governmental control, or even Governmental ownership, will not affect the fact that funds for maintenance and development must be supplied somehow.

But this committee objects, on behalf of shippers, assuredly without full warrant from them, since the shipping interests have not been a unit against rate increases, and makes the strange assertion that the traffic for which new cars are required is abnormal war traffic, and that shippers, as such, have no interest; “ the exaction of higher freight rates in order to produce revenue with which the Government would pay for these railroad betterments would, under these circumstances, be the imposition of a war tax of a most odious character, because imposed on the assumption of being for a service received when in fact no service was rendered.” Yet it was long ago said and shown that the rate increases asked would be practically negligible when applied to the actual cost of commodities; further, the shipper passes the increase on to the consumer, perhaps with a fraction added.

The plea that the increase will be passed on “ exhibits an inexcusable ignorance” says the statement, “ of the long-accepted policy and methods by which railroad extensions or betterments have been provided or a willful disregard thereof . . . there never was any public approval of a policy which warranted or would permit rates high enough to create reserve funds for the extension of lines or for the increase of rolling stock, because these were regarded as betterments which should be provided by investors and not by shippers.” It may be granted that the vaguely defined body of persons whom we call “ the general public” or “ the public” have for many years past inclined to the notion that funds for those purposes should be and somehow would be provided by another (or was it really another?) body of persons called investors or capitalists, either by ploughing in dividends or by taking up new securities. This notion of letting somebody else take the burdens has gone into an expressive saying of “ let George do it,”


Apr. 20 1918.] THE CHRONICLE 1605

and it hardly need be discussed as to the case in hand. How little encouragement has been given, these many years, to the investment of new capital certainly cannot be forgotten so soon; in both transportation and fire insurance the investor may get overtired. Also, now that the roads have been taken over by Government there is no place for the investor to come into the scheme; Government has assumed everything. The roads must be kept up, or be permitted to run down; there must be such extensions and betterments as are needed, or the service must decline. Whatever funds are required for all purposes must be provided, out of rates paid by Government and by private users, or by a public tax.

It may be true, as sortie what vaguely stated, that “ the Federal control radically changes the conditions and relations of every important element that enters in the question, as compared with the former corporation control” ; but why add that this change “ gives the Federal control no warrant for ignoring sound and accepted public policy of long standing or for violating in the name of war rights which the people formerly possessed?” It is certain that in the present circumstances the private investor has ceased to be a resource; Government, as operator and guarantor, must raise needed funds, by rates or by tax. This statement protests that no increased outlays as rumored are necessary and that if any are necessary they should be raised as other war expenses are raised. The obvious answer to this is that transportation costs are in effect a general tax; that it is impossible to draw a clear line of demarcation between normal railway needs and needs added by war; and that the consumer, according to unwritten but unalterable law, bears a share in all transportation costs in proportion to his consumption.

The argument for taxes instead of rate increases has another objection: it forgets the past and endangers the future. We have come into our present transportation trouble because of a long course of grinding our railways between the exactions of labor and the obstinate refusal to permit rate advances that would allow a just and ordinary relation between the cost and the selling price of service. The “ Chronicle” lately sketched this long course (Feb. 23, p. 751), and Vice-President Sisson of the Guaranty Trust has just said in a public address to a business body that “ for a period of thirty years, with an increasing intensity of action, this country has pursued the policy of constriction and starvation towards its arteries of commerce; sclerosis and paralysis inevitably followed.” Yet, even in the circumstances of six or eight months ago, the dangerous resort to “ taking over” could have been avoided by a frank recognition of past mistakes and by cutting, in another manner, the knot into which priority orders had brought all movement. The Inter-State Commerce Commission, said Mr. Sisson, was “ not the constructive friend of transportation but transportation's fearful, hectoring keeper.” Now that the plunge which could have been avoided has been taken, he discovers that the nostrums of previous years have been thrown away, under the stress of war, and the new treatment “ has general approval for the conditions of to-day, but what of to-morrow?” He rightly deems the present scheme a makeshift. He thinks shippers would prefer extension of facilities to], a further fight for lower rates; that if private ownership is to continue “ the cornerstone of the

foundation of our future facilities must be the restoration of railway credit” ; that the decision about the future is now before the people, and that “ Government ownership of railroads would not be permitted if the public were alive to its real interests.”

These are words of truth and soberness, although too little likely to be weighed while the country is in the present stress. Yet, as the “ Chronicle” has already pointed out, the public attitude towards this great problem is of high importance. We should clearly realize and remember that this step is one of war emergency, and one not to be prolonged past the emergency or even to be contemplated. We should do this, lest we unconsciously settle into it as a normal and tolerable thing and thus prepare ourselves for the natural next proposition to make it permanent. Therefore one objection to resorting to a general tax rather than proper rate increases as the mode of raising new funds is that the former tends to confirm and the latter to look beyond and away from Governmental operation. Anyway, a further great increase in the wages of railroad employees is impending, the committee appointed by Mr. McAdoo for the investigation of the subject being ready with a recommendation to that effect. How is this addition to cost to be met, even with Government in control, except by higher transportation charges? The Board of Trade and Transportation committee poses as the pseudo champion of shippers. We believe, shippers are as patriotic as any other part of the population and will not care to appear in the attitude of viewing a great public question from the standpoint of petty selfish interests in times like these.

Gold production in the Transvaal and in all other localities from which reports of output are available monthly, show in 1918, as was the case in 1917, a declining tendency in yield as compared with preceding years. For each month of the first quarter of the current year the world's premier field (the Transvaal) has reported a rather considerable decrease in the volume of gold secured from the mines, the March yield falling to 696,281 fine ounces, the smallest for the period since 1914, while the aggregate for the three months at 2,070,222 fine ounces exhibits a decline of 220,827 fine ounces from 1917 and 267,528 fine ounces from 1916. In the adjacent workings— the Rhodesian field— moreover, a decrease of some 25,000 fine ounces is indicated; there has apparently been a loss of about 15,000 fine ounces in West Africa and a small contraction in India, while the diminution in Australasia would seem to have approximated 30,000 ounces.

Altogether, therefore, the fields mentioned have furnished to the world a new supply of gold nearly300,000 fine ounces less than for the like three months of 1917, and if the past is taken as indicative of the future, a very important decline for the full year 1918 is forecasted as increased production elsewhere would be only a fractional offset. It is not safe, however, to too hastily conclude that such will be the outcome for the twelve months, as conditions in the Transvaal for a considerable period thus far this year have been against the full working of the mines. We refer not so much to the labor situation there as to the occurrence of very heavy and continuous rains that have been specifically stated by the officials of some of the companies as responsible for their reduced output. But it is



hardly to be assumed that the losses already sustained can be made good. .

Germany’s unpleasant situation as regards its supply of raw cotton has latterly been engaging the serious attention of a portion of the press of that country and the matter of finding suitable substitutes is exciting discussion. Reference to the subject is made in the “ Berliner Borsen-Zeitung” of Feb. 2, that journal seeing no prospects of relief for some time to come, even though there has been great progress, as claimed, in the finding of suitable substitutes, of which the nettle is one. Stating that an estimated area of 49,500 acres will be devoted to nettle cultivation this year, giving a yield of fibre of about 18,000 tons, it is remarked that this fibre is now being spun into yarns of very high counts. Indicating the shortage of the cotton supply, the manufacturing of pure cotton yarns as well as cloth is said to have come to a standstill in the last half of 1917, almost all of the article referred to being mixed with artificial-cotton or artificial-wool yarns. To promote nettle culture, a company— The Nettle Cultivation Co. (Nesselverwertungsgesellschaft) has been formed in Berlin, and another is contemplated in Bavaria. The capital of the Berlin company is now 5,000,000 marks, but is likely to be increased to10,000,000 or 12,000,000 marks. Recent reports indicate that steps to protect the interests of spinners and weavers of cotton substitutes are among the objects of a national central bureau to be established in Berlin. Notwithstanding the disadvantages under which it has been laboring, the cotton manufacturing industry of Germany seems to have done quite well in 1917. Current reports indicate that the Fine Cotton Spinning Co., Augsburg, paid dividends of 11% in 1917, against 9% in 1916, a bleaching company in the same town 10% against 8% , and the Hof Cotton Spinning & Manufacturing Co. 24% against 20%. .

Last week’s losses to British shipping by enemy mines and submarines, as officially reported by the Admiralty, comprised 15 vessels, of which 11 were in excess of 1,600 tons and 4 of smaller size. Twelve vessels were attacked unsuccessfully. The week preceding it will be recalled only 6 merchantmen were sunk. A German submarine of the largest seagoing type on April 10 appeared in the port of Monrovia, the capital of Liberia, on the west coast of Africa, bombarding the wireless and cable stations there, causing extensive damage. Liberia is a negro republic with a population between 1,000,000 and2,000,000 people. It declared war on Germany Aug. 4 1917. Ten German trawlers were sunk by gunfire in the Cattegat (between Sweden and Denmark) , according to an announcement by the British Admiralty. Their crews were saved by British ships and there were no British casualties. The destruction of the ships was incident to a movement of the Commander-in-Chief of the British Grand Fleet to sweep the Cattegat. There seems a quite widespread feeling in marine circles that this movement is significant of an important naval plan, whose real importance has not yet been announced.

German officials deny that their submarine warfare either is a failure or is to be withdrawn. The German Minister of the Navy, Vice-Admiral Von Cappelle, discussed the question before the main committee of the Reichstag early in the week. He

declared that the new U-boat construction exceeded the losses and that the effectiveness of the submarines had increased. He also quoted figures seeking to prove his contention that the U-boat sinkings were thrice or six-fold the tonnage of the new British construction. The Minister declared that the American destroyers, “ which had been so much talked about,” had failed in their object. Germany’s opponents, he admitted, had had some success with their anti-submarine measures, but this success at no time had any decisive influence on the U-boat war and would not in the future. American destroyers had failed. The convoy system which it was true offered ships a certain protection had, on the other hand, the great disadvantage of reducing their transport capabilities. The German commanders were trained for attacking convoys and not a day passed but one or more ships were struck out of existence. Experienced commanders, the speaker said, managed to sink from 3 to 4 ships in succession belonging to the same convoy. The German Minister spoke sarcastically of the efforts of the American and British shipyards to produce new tonnage to meet the destruction by the underwater boats. “ After prodigious promises,” he said, “ Americans in 1917 built 750,000 gross tons of seagoing ships.” The large mercantile fleet placed on order, he added, was not planned for America by the war but for the post bellum period, when the shipping program having been in the meantime carried out, America will become England’s world freight carrier. Speaking with reference to shipbuilding by England to repair the losses, Von Cappelle said that there was talk of three million tons in official quarters in England; then Mr. Lloyd George dropped to two millions, and now, according to Mr. Bonar Law, the output is 1,160,000 tons. As against, therefore, about 100,000 tons monthly put into service, there were sinkings of 600,000, or six-fold. In brief, continued the Admiral, if the figures given were regarded as too favorable, and new construction was assumed to be at the rate of 150,000 monthly, that is, 50% higher, and the sinkings reduced to 450,000, then the sinkings would still be thrice as large as the new construction.

Replying to the German statement the British Admiralty declared that exaggerated figures of losses are still relied on by the enemy, and then gives the following definite figures: “ The average of monthlylosses of British ships in 1917 was 333,000 gross tons, whereas Admiral von Capelle bases his argument on over 600,000 tons. The figures for the quarter ending March 31 will be published shortly when it will be seen that the claims made of a continuance of the drop in the rate of losses is fully justified. With regard to steel, the First Lord of the Admiralty already has assured the House of Commons that arrangements have been made for a supply of steel to give the output aimed at, and at the present time the shipyards are in every case fully supplied with this material.”

The House of Commons sitting in committee on Friday night of last week passed the Irish conscription bill and also the Man Power bill by a majority of 165. On Tuesday the House rejected a motion 'oy John Dillon for the omission of the Irish conscription clause from the man power bill by a majority of 176 and finally passed the third reading of the whole bill by 301 to 103. George M. Barnes,



Labor member of the War Cabinet without portfolio, stated that the Government intended to introduce a Home Rule bill immediately and to use every effort to pass it. He further stated that the Lloyd George Government would resign if the House of Lords refused to pass the new bill. On the same day the British Premier in a speech in the House of Commons declared it was desirable in the interest of the war “ that we should settle the Irish question and produce something like contentment in Ireland and good will in America.” He believed that American opinion supported the Man Power bill provided that self-government were given to Ireland and it was of the greatest importance at the moment America was rendering to the Allies great aid on the battlefield that Great Britain should satisfy American opinion. Nothing would tend more he said to secure the greatest measure of American assistance. On Wednesday the House of Lords passed the second reading of the Government’s Man Power bill.

It is manifest that the letter of Emperor Charles of March a year ago suggesting peace negotiations with France is to become an historic document. There appears no doubt of its genuineness. Emperor Charles himself has spoken of the letter published as being a substitute for one he concedes to have written. Singularly enough, he does not make public a copy of the document in the form he intended it to be presented. Instead he affects indignation at the French Premier arid, after announcing that his response will be his cannon in the West, he declares the incident closed. The Kaiser meanwhile has assured him of complete confidence that Austria- Hungary is a loyal ally. But Count Czcrnin, the Austrian Foreign Minister, largely because of the forwarding of the letter in question, of which he had no knowledge, has resigned and has been succeeded by Baron Stephan Burian von Rajecz, who was Minister of Foreign Affairs from Sept. 15 1914 to Dec. 23 1916, when he was succeeded by Count Czcrnin, whose place he now takes. Baron durian has been Finance Minister since Count Czcrnin has held the portfolio of the Foreign Office and the understanding is that he will occupy both offices for the present. These cabinet changes are variously interpreted, many influential Austrian politicians holding that the removal of Czcrnin affords opportunity to seek a basis for peace negotiations which had been impossible while he was Minister of Foreign Affairs. Others see in the incident a further tendency to defer completely to German control. The Vienna “ Ncuwe Free Press” in a recent issue announces that lamentable scenes alternate each day with tumultous ones in the different markets of Vienna where meat is unprocurable. The Viennese are not able to buy even the ration of 200 grammes a week which is officially allowed them. The Burgomaster of Vienna declared to the Municipal Council early in the week that the sanitary service estimated at 65% the food deficit of the city. At Prague the situation is said to be still wo.rse. This week the bread supply is 274,000 kilos short. Disturbances have occurred and the Governor had to promise the relief sought.

At the close of the week news from the battlefront in France and Flanders is more reassuring. General Foch, the commander of all the Allied forces, has

sent French troops as reinforcements to Field Marshal Haig who apparently is now able to hold the battle line against further incustions by the Germans from the region of La Bassee to the North of Ypres. The Germans have repeatedly struck the line in an endeavor to press back the defenders, but have been repulsed with heavy losses, and have nowhere been successful in gaining further ground since steady advances early in the week. Particularly heavy attacks are being thrown by the Germans on the 10-mile front between Givenchy and Robecq where an endeavor is being made to cross the La Bassee Canal and bend southward the salient which now outflanks the important railroad town of Bethune. A division of troops to each mile is, it is said, being used by the Germans on this sector, but the British at last accounts were holding well and inflicting heavy losses on the enemy. This new attack if successful would jeopardize the entire Arras section, -which includes the famous French coaling region about Lens and equally famous Vimy Ridge which the Canadians are holding. On Wednesday night the Germans literally rained shells of all calibres between Givenchy and Robecq, the firing by daybreak having reached the intensity of drumfire. During Thursday night midway between Bailleul at Ypres the Germans vigorously attacked the British positions south of Kemmel, which the British had recaptured from them on Wednesday, but the enemy was unable to gain any advantage in the face of the strong defense.

Among the most disturbing news items of the week has been the report from Berlin that Poel Cappelle and Langenirck north of Ypres had been taken by the Germans and the admission from the British sources that Haig had retired from certain of his lines in the Ypres salient. Most of the Messines Ridge has been occupied by the Germans. Besides this the important strategic towns of Bailleul, Wulverghem and Wytschaete have also been taken by the Germans. However, with the aid of reinforcements the British are holding ground and there are clear-cut suggestions in the latest dispatches that General Foch is about to inaugurate a return drive to that of the Germans. Italian troops have been offered him (and a considerable number are reported to be already in France) to aid in this great work so that we are soon to see British, French, Belgian, American and Italian troops fighting in France and Flanders.

Despite the renewal of the German drive and the large gains in terrain, the security markets in London have not given way to weakness. Press correspondents at the British centre have spoken of the condition as being either firm or cheerful throughout the week with the single exception of Wednesday when they reported “ Trading tame.” Gilt-edged stocks, especially consols, have remained firm, the latter closing at 55% comparing with 54% the week preceding. Spanish bonds have been strong features, influenced by the improvement in the Madrid exchange situation. The British Government, it is reported, is negotiating to obtain a large credit from Spain to aid in stabilizing the exchange situation. The sums mentioned range from £10,000,000 to £20,000,000. The actual volume of business passing on the London Stock Exchange is, however, light. The explanation of the German offensive, that seems most widely accepted in London financial circles is



that it was stimulated not only by home necessities and apprehensions of later reinforcements from America, but also by desire to achieve victory before there has been much loss of American blood— with the inevitable consequences in future relations. Sales of British war bonds have been temporarily restricted by uncertainties regarding the age limit of conscriptions and also because of some apprehensions as to the proposals to be made in the budget.

Additional bank consolidations have not been reported, the evident disposition being to await the report of the committee appointed to investigate the desirability of permitting further amalgamations. The London Provincial & Southwestern Bank announces reciprocal agency agreements with the Irving National Bank of New York and the British Bank of South America. The Stock Exchange committee in view of the further call now to be made on the country’s man power is urging members and the public, as far as possible, to close out all pre-war speculative accounts. It is estimated that less than one-quarter of the original amount now is open. Keen interest attaches to the budget proposals which the Chancellor of the Exchequer is to submit to the House of Commons on Monday. It is expected that the proposals will cover an estimated revenue of £1,000,000,000, as against £707,000,000 obtained last year, and it is reported that the supertax will be increased and that higher duties will be levied on liquors, sugar, tea, coffee and cocoa with an ad valorem duty on luxuries such as jewelry, furs and other extravagances. It is not expected that the excess profits tax will be altered. In some quarters it is thought that the maximum income tax will be increased to 33 1-3%, as against the present maximum of 25%. The Yokohama Specie Bank, Ltd., announces that the Imperial Japanese Government 4)/2% sterling loan bonds amounting to £160,000 of the first series and £220,000 of the second series have been purchased and canceled.

British foreign trade is beginning to show more clearly the results of the restriction of tonnage. For the month of March imports in the United Kingdom increased £26,090,000, but exports decreased £8,100,000, as compared with April of last year. The excess of imports for the month was £71,193,000, against £37,002,914. Cotton goods exported during March totaled 302,975,000 yards, against 444,328,000 yards for the same month of 1917. Detailed figures for the month and for the first quarter of the calendaryear follow:

---------------- March-------------- -------------- Since Jan. 1-----------1918. 1917 1918. 1917.

Imports................... £107,204,000 £81,114,045 £305,310,545 £242,054,098Exports............................. 30,011,000 44,111,131 110,770,410 128,259,159

Excess of Imports-------£71,193,000 £37,002,914 £188,540,129 £114,395,539

Despite the decreased exports the Lancashire cotton manufacturing industry does not appear to be suffering severely as a result of the control by the Government of output. Tattersall’s analysis of the results of nineteen large cotton spinning companies has been issued this week. It covers the operations of six companies for twelve months and thirteen companies for six months. After making allowances for depreciation and interest on loans a profit is shown on the share capital at the rate of more than 45% and on the share capital and loans combined of more than 35%. Only 50% of the spindles in British cotton mills are allowed now to run on American

cotton, according to announcement by the Department of Commerce at Washington upon the authority of the American Consul at Manchester.

The English banks report war bond sales for the week ending April 13 as totaling £17,275,000, which compares with £10,940,000 the preceding holiday week. The aggregate of sales thus far reported is £639,408,000. The post offices report for the week ending April 6 sales of bonds amounting to £340,000, bringing the total to £25,283,000. Sales of war certificates during the April 6 week totaled £2,390,000, making the aggregate indebtedness under this head £178,366,000. The British Treasury statement for the week ended April 13 indicated a substantial reduction in expenditures, though this was accompanied by a reduction in the revenue returns for the week. An increase in the Treasury’s balance in hand of over £1,000,000 was recorded. The week’s expenses totaled £27,443,000 (against £57,552,000 for the week ended April 13), while the total outflow, including repayments of Treasury bills and other items, amounted to £100,548,000, in contrast with £186,479,000 a week ago. Repayments of Treasury bills equaled £70,720,000, as compared with £128,827,000 last week. Receipts from all sources were £101,994,000, against £181,679,000 the week preceding. Of this total revenues contributed £10,827,000, comparing with £16,384,000 a week ago. Treasury bills issued during the week totaled £68,193,000; this compares with, £105,313,000 the previous week. War savings certificates amount to £1,700,000, against £1,400,000, and other debts incurred £70,000, against £104,000 the week preceding. Advances equaled £4,500,000, which compares with £43,000,000 a week ago. Treasury bills outstanding total £946,747,000, as against £949,465,000 a week earlier. The Treasury balance aggregates £17,676,000, in comparison with £16,230,000 for the week preceding.

A cable report from the American Consul at Paris received by the Department of Commerce at Washington gives details of a ministerial decree prohibiting the exportation from France of capital funds or securities. The following exceptions are made: (1) Capital funds or securities which individuals or corporations residing or doing business outside of France may have in France; (2) capital sent to French colonies and protectorates for development of agriculture, commerce or industry; (3) capital as payment in French colonies and protectorates for merchandise to be imported into France. The provision against exportations of stocks and shares is subject to the following exceptions: (1) French Government issues since the outbreak of the war; (2) securities due and redeemable and coupons payable in France; (3) shares at present owned by persons abroad who purchased the same before promulgation of the present law or who have inherited the same since date of the law; (4) securities bought or subscribed for in France since the outbreak of the war; (5) securities for which a general or special authorization may have been granted by the Minister of Finance. The decree also provides that all sums exceeding 1,000 francs will have to be transferred abroad by officially recognized bankers or brokers, even for those obtaining special permission. Under the provisions of the new income tax law of France citizens with taxable incomes of 8600 to $1,000 pay l3/6%> the rate rising


Ape. 20 1918.] THE CHRONICLE 1609gradually to 3% on incomes of $2,400 to $4,000, 5% on)incomes from $6,000 to $7,000, 8% on incomes of $10,000 to $12,000, and 16%, the highest, on incomes above $30,000.

No changes have been recorded in official bank rates at leading European centres from 5% in London, Paris, Berlin, Vienna and Copenhagen; 5 ^ % in Italy and Portugal; 6% in Petrograd and Norway; 43^% in Switzerland, Holland and Spain, and 7% in Sweden. In London the private bank rate continues to be quoted at 3 9-16% for sixty and ninety- day bills. Call money in London has been lowered to 2 % % , from 3% last week. No reports have been received by cable of open market rates at other European centres, as far as we have been able to ascertain.

The Bank of England in its statement for the week announced an important increase in gold holdings, namely £561,036. This compares with a heavy loss (£993,022) recorded in the previous statement. There was a substantial increase in the total reserve, viz., £557,000, note circulation having only expanded £4.000. The proportion of reserve to liabilities declined to 17.71%, against 18% last week and 19.74% at this time a year ago. Public deposits were reduced £126,000, although other deposits registered a gain of £6,038,000, and Government securities were expanded £1,445,000. Loans (other securities) increased £3,881,000. The Bank’s holdings of gold now stand at £60,997,206, as against £55,064,693 in 1917 and £57,964,779 the year before. Reserves total £31,562,000, compared with £35,402,978 last year and £42,382,784 in 1916. Loans aggregate £105,950,000. A year ago they amounted to £124,043,796 and in 1916 £87,905,576. The amount of currency notes outstanding has not been cabled this week. Clearings through the London banks for the week were £358,580,000, which compares with £401,300,000 last week and £396,311,000 at the same time a year ago. Our special correspondent is no longer able to give details by cable of the gold movement into and out of the Bank for the Bank week, inasmuch as the Bank has discontinued such reports. We append a tabular statement of comparisons:

BANK OF ENGLAND’S COMPARATIVE STATEMENT.1918. 1917. 1916. 1915. 1914.

April 17. April 18. April 19. April 21. April 22.£ £ £ £ £

Circulation............... 47,884,000 38,111,715 34,031,995 34,332,370 28,632,210Public deposits----- . 39,951,000 54,763,321 59,179,358 125,413,672 18,803,572Otbor deposits-------.138,231,000 124,538,598 86,645,806 83,749,742 42,418,275Government securs.. 58,312,000 37,574,695 33,188,046 47,810,181 11,040,570Other securities...... 105,950,000 124,043,796 87,905,576 144,322,534 41,160,415Reserve notes & coin 31,562,000 35,402,978 42.382,784 39.75S,015 26,711,688Coin and bullion.. . 60,997,206 55,064,693 57,964,779 55,610,385 36,893,898Proportion of reserve

to liabilities........ . 17.70% 19.74% 29.10% 18.56% 43.62%Bank rate................. 5% 5% 5% 5% 3%

The Bank of France reports a further, though small, gain in its gold item this week of 1,431,625 francs. This brings the total gold holdings up to 5,377,742,375 francs, of which 2,037,108,484 francs are held abroad. At this time last year gold holdings amounted to 5,232,488,580 francs (including 1,947,671,846 francs held abroad), while in 1916 they stood at 4,899,441,920 francs (all in vault). Silver increased 443,000 francs during the week. General declines were recorded in most of the other items, bills discounted falling off 142,021,000 francs, advances 26,574,000 francs, treasury deposits 15,209,000 francs and general deposits 83,449,000 francs. Note circulation registered a further expansion of

144,987,000 francs. This brings the total amount outstanding up to 26,231,722 francs, comparing with a total of 19,001,718,585 francs for the corresponding week in 1917 and with 15,239,423,165 francs for the same period in 1916. On July 30 1914 the period just preceding the outbreak of the war, the amount outstanding was 6,683,184,785 francs. Comparisons of the various items with the statement of last week and corresponding dates in 1917 and 1916 are as follows:

BANK OF FRANCE’S COMPARATIVE STATEMENT.Changes -------------------------Status as of------------------------

for Week April 18 1918. April 19 1917. April 20 1916.Gold Holdings— Francs. Francs. Francs. Francs.

In France............. Inc. 1,431,625 3,340,633,891 3,284,816,734 4,899,441,920Abroad-................ No change 2,037,108,484 1,947,671,846 ......................

T ota l.................Inc. 1,431,625 5,377,742,375 5,232,488,580 4,899 441,920Silver.....................Inc. 443,000 255,576,000 257,913,452 359,700,578Bills discounted..Dec. 142,021,000 1,441,244 000 495,166,224 418,905,050Advances............ Dec. 26,574,000 1,114,873,615 1,182,302,561 1,223,767,741Note circulation-.Inc. 144,987,000 26,231,722,000 19,001,718,585 15,239,423,165 Treasury depositS-Dcc. 15,209,000 41,892,000 97,237,142 77,854,634General deposits--Dec. 83,449,000 3,213 538,000 2,442,449,601 2,036,613,910

Last week’s statement of New York associated banks and trust companies, issued on Saturday, registered a heavy gain in loans— $167,706,000— which was due mainly to the opening of the Third Liberty Loan campaign. Aside from this, changes in the principal items were not important. There was an increase in net demand deposits of $8,649,000 to $3,770,812,000 (Government deposits of $358,447,000 deducted), although net time deposits declined $4,976,000. Cash in own vaults (members of the Federal Reserve Bank) increased $543,000, to $104,383,000 (not counted as reserve). Reserves in the Federal Reserve Bank of member banks expanded $22,509,000, to $542,042,000. Reserves in own vaults (State banks and trust companies) increased $592,000, to $17,585,000, while reserves in other depositories (State banks and trust companies), was reduced $675,000, to $7,966,000. Aggregate reserves recorded an expansion o f . $22,426,000, to $567,593,000, which compares with $770,502,000 at the corresponding period in 1917. Reserve requirements were expanded $1,007,350; consequently the gain in surplus amounted to $21,418,650, and the total of excess reserves now stands at $66,066,290, on the basis of only 13% reserves for member banks of the Federal Reserve system (but not counting $104,383,000 cash in vaults held by these banks). A year ago surplus reserves then on hand were no less than $128,819,600, on the basis then ruling of 18% reserves, including cash in vault. The bank statement in fuller detail is given in a subsequent section of the “ Chronicle.”

The local money situation has displayed further ease. Call money was in fairly free supply until Thursday, when a sudden advance to 6% followed the withdrawal by the Treasury of funds from the banks and notifications that additional amounts will be needed next week. As to fixed maturities 6% still is the rate with supplies very scarce for all periods from sixty days to six months. Shorter dates running from thirty to fifty days have been negotiated at from 5 )^ to 5 % % . These funds, it is understood, are accumulations intended for tax payments in June. There have been further requests made of the Treasury by business interests in New York to institute legislation providing for installment payments of taxes. Preparations for these taxes are, it is asserted in circles which should be good judges, responsible in some measure at least for the backwardness of subscriptions to the current Liberty



Loan offering. This is a subject which will justify careful consideration. The taxes have risen far beyond the figures they were officially estimated to produce. They represent a burden of much weight to the very classes of investors whom it is desirable to interest in the Liberty Loan but who will feel considerable diffidence in obligating themselves to purchase bonds at a time they still have tax payments to meet. Obviously, if these tax obligations could be met in two or three installments there would be opportunity for increased subscriptions to the war loan. It seems quite reasonable to assume that if the Treasury took a favorable view of the installment proposal it would receive in the form of loan subscriptions (on which, it is understood, the Treasury will make allotments considerably in excess of the $3,000,000,000 minimum asked) quite as much actual and immediate cash as would be received in the event of taxes being paid in full. At the same time the subsequent installments of taxes would add to initial payments and the Treasury in this way would be greatly benefited. Installment payments involve no risk and very little expense. The extent of the taxes has come as a surprise in many instances, especially to comparatively small interests. The Treasury announces that banks which may wish to buy Treasury certificates of the $500,000,000 current issue, dated April 22, will be permitted to pay for them in certificates of the $400,000,000 block due on that date. The April 22 issue is the last one which will be offered in preparation for the Third Liberty Loan. The certificates bear interest,the same as the other recent issues, and are payable July 18.

There appears widespread expectations in banking circles at New York that the money situation, so far as demand loans are involved, will continue to be protected at least during the full period of the war loan campaign. Any other course could hardly fail to produce a retarding influence upon subscriptions. The banks are showing a disposition to aid subscribers by promising accommodation in the event of difficulty being experienced in making final payments. Commissioner of Internal Revenue Roper has ruled that promissory notes issued on or after April 6, secured by United States bonds and obligations issued after April 24 of last year, are exempt from internal revenue stamp taxes.

Dealing with specific rates for money, call loans this week ranged between 2^ and 6% , against 2@ 6% last week. Monday 4% was the high, 2)^% the low and 3% for renewals. On Tuesday the maximum was reduced to 3% , which was also the renewal basis, while 2Y i°/o was still the low. • Wednesday’s range was 3@ 5% and 3x/z % the ruling rate. On Thursday there was an advance to 6% , largely in consequence of heavy withdrawals of Government funds from the banks, with 4% as the minimum and renewals at 6% . The range on Friday was again 4 @ 5 ^ % and renewals were negotiated at 4% . In time money a somewhat easier feeling also prevails, with short date‘ funds available in moderate amounts for thirty, forty and fifty days at 5% % • Some loans were made for ninety days at 6% , but for periods longer than this no funds seem available. The volume of business transacted was light. Six per cent is still the bid rate for all periods from sixty days to six months, with loans for shorter maturities, as noted above, the subject of special negotiation. Last year sixty-day funds

were quoted at 3 ^ @ 4 % , ninety days 3 % @ 4 % and four, five and six months at 4 @ 4 % % .

Commercial paper rates likewise receded slightly, with 5 % @ 6 % the range for sixty and ninety days’ endorsed bills receivable and six months’ names of choice character, against 6% last week, and names less known at 6% , against 6 @ 6 } 4 % - A fair degree of business was recorded among out-of-town institutions, but trading continues to be restricted by a scarcity of offerings.

Banks’ and bankers’ acceptances have been in good demand. It is estimated that approximately $30,000,000 in prime acceptances has been absorbed during the week by New York and out-of-town financial concerns. Quotations were firm and without important change. Detailed rates were as follows:

----------- Spot Delivery--------- DeliveryNinety Sixty Thirty within

. Days. Pays. Pays 30 PaysEligible bills of member banks..4 % © !% 4%>© 4 ’.<8 4)4 @4 4 A bl<lEligible bills of non-member bks.4 J4,@4'4« 4)4j@ 4)4 454@45f» 4% bid Ineligible bills................................ 5)4®454 5)4@454 5X&4H 6 bid

The changes in discount rates which we noted last week had been made by the New York, Philadelphia and Chicago Federal Reserve banks have been followed by similar action in the case of the other Federal Reserve banks, the Federal Reserve Board on April 12 announcing a general readjustment of rates. Under the new schedule of rates fifteen-day commercial paper for most banks remains at 4% . Cleveland and Richmond rates have been raised to 4 /4 % . Sixteen to sixty-day paper is now 4 % % in all districts, having been raised from 4J4 in all except Boston, whose rate was lowered from 5% . Sixty-one to ninety-day bills bear 4z/i % in all banks except Chicago, Minneapolis and Dallas, which have 5% . Agricultural and live stock paper of more than ninety days ranges from 5 to 5J4%, having been raised in only three districts. Cleveland (formerly 5 and now 5)4), Richmond (formerly 4)4 and now 5) and Dallas (formerly 5 and now 5)4). Fifteen-day paper secured by Liberty bonds or Treasury certificates now is discounted uniformly at 4% , and sixteen to ninety-day paper similarly secured is 4)4- For trade acceptances the new rate is 4 )4% j having been raised for most banks from 3J4 and 4. The following is the schedule announced by the Federal Reserve Board on the 12th:

DISCOUNT RATES OF FEDERAL RESERVE BANKS.

CLASSESOF

D IS CO U N TS A N D LOAN S

Bost

on.

New

Yor

k.

«31S3£ \ C

levela

nd.

1 Ric

hmon

d.

Atla

nta.

Chic

ago.

j St

. Lou

is.

Afin

neap

olis

.

s818 D

alla

s.

1 S

an F

ran

cisc

o

Discounts—Within 15 days, Incl. member

banks' collateral notes. - 4 4 4 4 X 4X 4 4 4 4 4 4 416 to 60 days’ maturity... 4 54 454 454 4 54 4 54 4 54 4 54 4 54 4 54 454 454 45461 to 90 days' maturity__ 454 4% 454 4 54 454 454 5 4 54 5 454 5 454

Agricultural and live-stock paper over 90 days j. 5 5 5)4

4

5 5)4

4

5)4

4

5)4

4

5 5)4

4

5)4

4

Secured by U. S. certificates of Indebtedness or Liberty Loan bonds—

Within 15 days’ Including member banks’ collateral notes.............. 4 4 4 4 4 4

16 to 90 days’ maturity__ ■IX 4 H 4)4 4)4 4)4 4X 4)4 4)4 4)4 4)4 4)4 4)4Trade Acceptances—1 to 60 days’ maturity____ 4 'A 4i2 |i2 4 Ml 4 Ml 4)4 4M> 4)4 4)4 4)4 4)4

y,|4)4

61 to 90 days’ maturity____ 4 Ml 4)4 4 A 4 Mi, 4)4 4)4 4)4 4)4 4)414)4 4)4 4)4* Rate of 3 to 4 H % for 1-day discounts In connection with the loan operations

of the Government,.Note 1. Acceptances purchased In open market, minimum rate 4%.Note 2. Rates for commodity paper have been merged with tnoso for commercial

paper of corresponding maturities.Note 3. In case tho 60-day trado acceptance rato Is higher than the 15-day dis

count rate, trade acceptances maturing within 15 days will bo taken at the lower rato.Note 4 Whenever application Is mado by member banks for renewal of 15-day

paper, too Federal Reserve banks may cliargo a rate not exceeding that for 90-day paper of tho same class.

Sterling exchange remains virtually pegged and without feature of importance. The report that the British Government is arranging a credit with Spain


Apr. 20 1918.] THE CHRONICLE 1611for the purpose of stabilizing Madrid exchange is a matter of interest rather than an influence on sterling rates here. The arbitrary stabilization of rates by the British Treasury has, of course, a natural influence in relieving the strain necessary to keep rates on London at a fixed level in New York, since there is always the element of speculation to be considered and the fact that profits are at times available by interests who buy or sell sterling in free markets and cover their transactions at controlled centres.

As to detailed quotations, sterling exchange on Saturday in comparison with Friday of last week, ruled firm and a trifle higher, with demand quoted at 4 75% @ 4 7555, cable transfers at 4 76% and sixty days at 4 72% @ 4 72%. Monday’s market was quiet but steady; rates were without important change, at 4 75% @ 4 7552% for demand, 4 76% for cable transfers and 4 72% @ 4 72% for sixty days. No increase in activity was recorded on Tuesday, and quotations continued at the previous day’s levels, with the exception of cable transfers, which were a shade easier, at 4 7645@4 76%. On Wednesday trading was dull and featureless; the tone was firm, however, and demand again ruled at 4 75% @ 4 7552%, cable transfers at 4 7645@4 76% and sixty days at 4 72% @ 4 72%. Dulness marked Thursday’s operations and the volume of transactions was exceptionally light; cable transfers were again a shade easier, at 4 76 7-16 @ 4 7645, though demand was not changed from 4 75% @ 4 7552% and sixty days from 4 72% @ 4 72%. On Friday the sterling market was quiet. Closing quotations were 4 72% @ 4 72% for sixty days, 4 75% for demand and 4 76 7-16 for cable transfers. Commercial bills, sight, finished at 4 75% @ 4 75%, sixty days at 4 71% @ 4 71%, ninety days at 4 70 @4 70%, documents for payment (sixty days) 4 71%@ 4 71% and seven-day grain bills at 4 74% @ 4 74%. Cotton and grain for payment closed at 4 75% @ 4 75%. ______

The Continental exchanges have experienced a quiet and comparatively uneventful week, with trading operatiins still at a low ebb and changes in rates— at least in the case of the belligerent nations— confined to unimportant fractions. Attention continues to centre upon the gigantic battle raging upon the Western war front. Reports of unfavorable developments for the Allied forces exercised a depressing influence, but the consensus of opinion seems to be that the struggle has not as yet reached a decisive stage. Italian lire moved irregularly, with the tendency still downward, though recessions were less marked than a week ago. Francs were well maintained and continue without essential net change. Russian exchange still remains upon a nominal basis, as practically no transactions arc being put through in this class of exchange. All dealings have, of necessity, been suspended in German and Austrian exchange, and quotations for reichsmarks and kronen are no longer obtainable. The unofficial check rate at London on Paris finished at 27.16, as compared with 27.16% last week. In New York sight bills on the French centre closed at 5 72, against 5 72; cables at 5 70% against 5 70%; commercial sight at5 72% against 5 72%, and commercial sixty days at 5 78% against 5 79% on Friday of the preceding week. Lire finished at 8 88% for bankers’ sight bills and 8 86 for cables; this compares with 8 87% and 8 86 a week ago. Rubles have not been changed from 14 for checks and 15 for cables. Greek ex

change continues to be quoted at 5 13 for checks and 5 11% for cables.

Transactions in the neutral exchanges have been featured this week by another sensational rise in Spanish pesetas, which bounded up to 30% for checks, by far the highest point on record, and comparing with a rate of 23 prevailing a few weeks ago. As explained last week, much of this strength is due to the extensive purchasing of war supplies from Spain by the Entente countries, thereby creating an active demand for exchange on Madrid and resulting in a stiffening of rates on the London market. Quotations for pesetas here are largely a reflection of movements abroad. It is stated that steps are being taken in Washington looking to the enactment of legislation for the stabilization of Spanish exchange. Swiss francs were in fairly good demand and ruled firm. The Scandinavian exchanges were about steady, with few variations in rates. Guilders ruled firm. A press dispatch from Amsterdam stating that M. Loudon, the Dutch Foreign Minister, had announced that Holland was prepared to accede to the United States Government’s proposal to send three shiploads of grain to Holland in return for three ships of equal tonnage from the Netherlands, created a good impression and guilders closed strong, at a slight net advance for the week. Bankers’ sight on Amsterdam closed at 47%, against 47; cables at 47%, against 47%; commercial sight at 47 3-16, against 46 15-16, and commercial sixty days at 47 1-16, against 46 13-16 last week. Swiss exchange finished at 4 28 for bankers’ sight and 4 23 for cables, against 4 27% and 4 23 last week. The exceptionally wide difference at present existing between Swiss sight bills and cables is due to the fact that there is practically no demand at all for checks, the bulk of the business being transacted by means of cables. Copenhagen checks closed at 30% and cables at 31%, as compared with 30% and 31%. Checks on Sweden finished at 33% and 34, against 33% and 34, while checks on Norway closed at 31% and* cables at 31%, against 31% and 32 the previous week. Spanish pesetas, after touching 30% and 31%, receded and finished at 27% for checks and 27% for cables. These rates contrast with 27.50 and 27.60, the final quotation of a week ago.

Regarding South American quotations, the check rate on Argentina has shown a further advance to 44.75 and to 44.85 for cable transfers, compared with 44.48 and 44.58. For Brazil the rate for checks has not been changed from 25.41 and 25.51 for cables. The Chilian rate continues to be quoted at 15 13-32, and Peru is still 54%. Far Eastern rates are as follows: Hong Kong, 76@76% , against 75%@75.65; Shanghai, 110, against 106@107; Yokohama, 51.85 @52, against [email protected]; Manila, 49% @ 50 (unchanged); Singapore, 56% @ 56% (unchanged), and Bombay, 36% @37 (unchanged).

The New York Clearing House banks, in their operations with interior banking institutions, have gained $1,124,000 net in cash as a result of the currency movements for the week ending April 19. Their receipts from the interior have aggregated $7,120,000, while .the shipments have reached $5,996,000. Adding the Sub-Treasury and Federal Reserve operations, which together occasioned a loss of $98,627,000, 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 $97,503,000, as follows:


mailto:[email protected]


Week ending April 19. IntoBanks.

Out of Banks.

Net Change in Bank Holdings.

$7,120,00041,706,000

So,996,000 140,333,000

Gain $1,124,000 Loss 98,627,;.00

Sub-Treasury and Federal Reserve

T ota l___ _________ ____________ $48,820,000 $146,329,000 Loss $97,503,000

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

Banks ofApril 18 1918. April 19 1917.

Gold. Silver. Total. Gold. Silver. Total.

England.. Francea.. Germany. Russia * .. Aus-Hun cSpain __Italy____Netherl’ds Nat. Bel. h Swltz'land Sweden . . Denmark. Norway. .Tot .week. Prev. week

£60,997,206

133,625,355120,386,050129,650,00011,008,00080.292.00033.453.00060.113.00015.380.00014.931.00013.599.0009.641.0006.741.000

£ £60,997,206

143,825,355126,376,750142.025.00013.297.000

108.633.00036.671.00060.713.00015.980.00014.931.00013.599.0009.777.0006.741.000

£55,064,693

131,392,669126,614,450147,705,00018.500.00054.776.00034.504.00049.211.00015.380.00013.721.00010.731.0009.121.0007.063.000

£ £55,064,693

141,709,189127,433,250159,469,00023.040.00084.653.00037.236.000 49,767,70015.980.00013.721.00010.731.0009.253.0007.063.000

10,200,0005,990,700

12.375.0002.289.000

28.341.0003.218.000

600,000 600,000

10,316,520818,800

11.764.0004.540.000

29.877.0002.732.000

556,700 600,000

136,000 132,000

689,816,611688,367,460

63,749,70063,884,600

753,566,311752,252,060

673,783,812672,978,931

61,337,02061,729,200

735,120,832734,708,131

a Gold holdings of the Bank of France this year are exclusive of £81,484,340 held abroad.

* No figures reported since October 29 1917.c Figures for 1918 those given by “ British Board of Trade Journal” for Deo 7

1917; figures for 1917 estimated on the basis of the Deo. 7 1917 totals, h Aug. 6 1914 In both years.

T H E F R E N C H A N D T H E E N G L IS H O N T H E W E S T E R N F R O N T .

Undoubtedly, the important development on the European battlefront this week was Thursday’s announcement that strong French reinforcements had joined the English line to the North, and that the French line to the South was resuming aggressive tactics. The day’s advance in prices on the Stock Exchange, with the greatest activity since the first few days of this four-weeks battle, reflected the general feeling as to the significance of this news. In the first place, it verified General Haig’s announcement to his soldiers a week ago, that a French army was coming to their support; in the second place, it gave reason for renewed belief in the fact of a strong and organized French reserve, the existence of which many readers of the news had begun to doubt while the English line was steadily retreating.

It is necessarily still an open question exactly how strong this reserve is, and therefore how great will be its immediate influence on the battle. Events of this sort move slowly, in these days when they involve transportation of such immense bodies of men and their supplies. The episode of the “ army of manoeuvre” rushed to the scene of action at the Marne in the Paris motor-buses, is not readily duplicated in this battle. The next few weeks will show to what extent the French reinforcements were a necessity of a critical situation, and how far the whole series of movements may have been part of the strategy mapped out by the new supreme commander of the Allies.

The steadiness of the stock market, both here and at London, during the British retreat, has occasioned much remark. Such encouragement as its composure gave to outside observers was much needed; for the week’s earlier news from the Western front was of a character to test severely the spirit of the people. It comprised a slow but fairly continuous retreat of the English on the Flanders line before the German assaults, until the retirement had brought their line quite back to where it rested before General Haig’s forward movement of a year ago. The fighting is now in fact going on close to Ypres, where the Allied victory of 1914 saved the Channel ports and compelled the long campaign of the trenches.

While this was going on with the English line, operations appeared to have been virtually suspended on the French front. No further special effort was being made by the Germans, similar to their first move of this battle, to break the link between the French and English armies. In some respects, the situation seemed to resemble that of 1916, when the furious German assaults on the French at Verdun continued from February until well into June, the English line in the meantime merely holding quiet; this, however, being followed by a vigorous English offensive in the summer months, as a result of which the whole German line was forced back.

It would not be safe as yet to press the analogy. Yet it is true that, just as every one was asking a few days ago, Why does not the French army strike? so every one was asking in 1916, What is the matter with the English army? Eventually, the English army did strike effectively, and the French army may be heard from to similar purpose on the present occasion. This was undoubtedly the basis for General Maurice’s statement, early in the week, that the present battle resembled Waterloo, with Blucher not yet heard from. The analogy is correct enough, so far as the German successes against the English to this date parallel Napoleon’s victory at Ligny on the first day of Waterloo, and the indecisive conflict with the English at Quatre Bras on the second day. As every one knows, Napoleon’s subsequent launching of all his forces against Wellington on the third day of that battle resulted, when Blucher’s active co-operation was attained, in decisive success for the allies.

Historical parallels of this sort are never a wholly safe reliance, especially in the new conditions of present-day warfare, and it is natural that the news from Flanders should have occasioned great anxiety. In particular, General Haig’s special order of the day to his army, issued on Friday of last week, roused mingled emotions among its readers. On the whole, we suppose its influence was depressing. What the Field Marshal said regarding his admiration for “ the splendid resistance offered by all ranks of our army” was natural and proper. His declaration that “ every position must be held to the last man,” and that “ there must be no retirement,” might have been made a thrilling appeal. But as to why the head of the Engilsh army should have thought it necessary to say that the enemy’s objects “ are to separate us from the French, to take the Channel ports and to destroy the British army,” or as to why he should have added that “ many among us now are tired,” that “ to those I would say that victory will belong to the side which holds out longest.” that we are “ with our backs to the wall,” and that “ there is no other course open to us but to fight it out” — as to the reason for these passages, most people will conjecture with perplexity.

In strange and dramatic contrast with the events of the past week at the battlefront, have come the extraordinary disclosures regarding the Emperor of Austria’s letter to his brother-in-law in the Belgian army, dated March 31 1917. Count Czernin, the Austrian Premier, had stated publicly a few weeks ago that France had herself made overtures for peace, which Austria refused when it was found that France still wished to recover Alsace. The Premier of France had branded this assertion as a falsehood, and had asked if Count Czernin did not recall an Austrian overture for peace “ by a personage of far



higher rank” than the other negotiators referred to. On April 8 a long and official Austrian statement reiterated Count Czernin’s assertions, though cautiously admitting that the Foreign Office did know of the incident referred to.

On this re-assertion of the statement that France had taken the initiative, the French Foreign Office last Friday published the text of a letter written by Emperor Charles of Austria to his cousin, Count Sixtus de Bourbon, by whom it was to be communicated to President Poincare of France. In this letter, after expressing his admiration for the “ force, resistance and dashing courage of France,” the Emperor declared that “ I will support by every means, and by exerting all my personal influence with my allies, France’s just claims regarding Alsace-Lorraine.” For the rest, the letter declared that Belgium should be “ entirely re-established in her sovereignty,” also Serbia; Belgium “ retaining entirely her African possessions without prejudice to the compensations she should receive for the losses she has undergone,” and Serbia to be assured “ equitable natural access to the Adriatic, and also wide economic concessions in Austria-Hungary.”

In regard to this amazing document, Count Czernin issued a statement last Saturday that the text was falsified; that the letter had only said, “ I would have used all my personal influence in favor of the French claims for the return of Alsace-Lorraine if those claims were just; but they are not.” Meantime the young Emperor telegraphed to Emperor William that “ Clemenceau’s accusations against me are so low that I have no intention to discuss this affair with France any longer,” and the German Emperor telegraphed back his full belief in Charles. Nevertheless, the Austrian Government has refused to publish its own full version of the letter, and at the opening of this week Count Czernin had to give up his office as Minister of Foreign Affairs.

The truth of this strange episode is that the real significance of the Austrian Emperor’s action is not alone what terms of peace he may individually have proposed, but the fact that he should have urged peace in this way at all without consulting his ally. No doubt his attitude is different now from what it was at the writing of the letter, when the fortunes of war were going against the Central Powers and the Russian revolution might well have caused panic at Vienna, lest the popular uprising should extend into .Austria. Nevertheless, the condition of Austria, socially, politically and economically, is certainly more deplorable now than it was in March 1917, and the Emperor’s letter throws abundant light on that part of the situation. Vassal of Germany as the Austrian Government evidently now is, it may yet play an important part through insisting on acceptance of righteous terms of peace.

C O N S T R U C T IV E C R I T I C I S M .

It has long been pointed out that he who fails in creative literature ends by becoming critic. And it is generally accepted that true criticism must disclose merits as well as demerits. But in matters of public policy, in times of stress, an element of restriction enters in, from the fact that suggestions of new methods may serve to weaken a course of action predetermined, and which cannot be abandoned, even for a better, without disaster.

An illustration may be offered. The layman has no doubt often questioned the apparent inactivity

in direct combat of the three great Allied fleets. Secretary Daniels has pointed out the reasons, which lie in mined waters and secret coast defenses. And yet an aggressive warfare sometimes demands a certain risk and loss for the ultimate good that may be gained; and the duty of giving battle in conflict is implied in the very existence of the means. Again, the sovereignty of the State demands full use of all agencies provided, before adopting a fixed waiting or defensive program. This is sometimes exaggerated until it seems a wanton disregard of human life, as may be believed to have been the case when Spain ordered Cervera’s handful of ships out of Santiago Harbor to certain death and destruction. But it must be manifest that the civilian is in no position to determine chances or to declare a proper time, and hence cannot plan great campaigns and movements, for the prosecution of which he gives of his substance behind the lines. In the larger things, therefore, his power of real constructive criticism becomes all but impotent. In a word, the military arm of the Government must be sustained, no matter what his own individual opinion may be as to its action.

But in matters of preparation, no less important though less decisive, he may not [relax his watchful care, and the measure of his patriotism may be indicated by his constant and particular study of problems, coupled with a timely and tempered expression of his personal views. It is at this point that the danger line is reached in attempting to embody in statutes definite limits, outside the domain of overt acts, in which the citizen, exercising his liberty, by his criticism, becomes chargeable with sedition and disloyalty. And it is more difficult to set these limits in a republic than elsewhere for the reason that here all officers of the Government are public servants and subject to their masters, the people. However, this view is to be qualified, since the official acting within the law is not to be moved therefrom by public clamor; and any failure reverts upon the heads of the lawmakers and upon the people for n’ot enacting proper and adequate legislation. Criticism of men becomes secondary to criticism of measures. And since discretionary powers to some degree must be lodged in officials, unless it can be pointed out that incompetency or wrongful purpose exists, they should meet with respect and support, even though suggestions as to the course of duty may be pointed out.

Thus it is clearly helpful to the President and to the Congress of a republic, and in keeping with the principles of republican liberty and representative government, that the press, as the accepted watchman on the ramparts of national affairs, should be free to discuss the wisdom and effect of the exercise of discretionary power by officials without regard to rank or tenure. And the same rule applies to the citizen, although his lack of information should admonish him to exercise unfailing care. It can never be wrong to advocate the repeal of a law held to be bad in the abstract, but if the repeal at a particular time would imperil the nation, it must be admitted to be improper, even though there be opposing views as to the peril involved. But the difficulty remains, as stated, in that by setting boundaries to discussion, and limits to freedom, by specific prohibitions, there is a tendency to constitute mere opinions overt acts. Nor is the difficulty wholly removed by relying on “ intent” to disclose animus, or that the exercise of free speech must be “ willfully” done against the rights



and interests of the nation. The prima facie case lies first in the expression itself, which, unfortunately, in an indictment, may be removed from its context. And second, “ willful,” it may be assumed, may be made to bear some such legal construction as “ premeditated” in a murder, in which the will to do may be but a momentary antecedent to the act itself.

Consideration involves many conflicting elements.It is not always best to exercise a liberty which is undoubtedly a right. Words are blows, sometimes. And it is a good rule, when in doubt, to say nothing. But criticism, in a broad sense; criticism meant to be helpful, though in error; criticism that offers another way out, or which points out incompetence or suggests either a weak, vain, or overbearing use of discretionary power; or which attempts logically to analyze conditions or actions; though it seems to carry an inevitable measure of resistance to duly constituted government, cannot be in itself seditious, nor should a man be adjudged guilty, thereby, of advocating the “ cause of” or of giving “ aid and comfort to” the enemy. The right of lawful assembly is not quite the same thing as the right of petition. The right of gathering together to formulate resolu- ions of protest carries with it no permission for inflammatory talk which tends to produce incendiary conduct. But the wrong of counselling men to resist or disobey law because of personal belief is clear. And there is a line, hard though it be to enact into law, beyond which sedition and disloyalty lie. On the other hand, it would be contrary to our institutions to prohibit a man from expressing himself freely to his fellow-citizen and neighbor, though his opinion involve severe condemnation of national policies. It would be oppressive to penalize an utterance, honestly made in order to influence and lead to popular action, though that involve the removal, the defeat at election, or the impeachment in office, of a high officer of the Government. And amid the perplexities that appear, we must at last come to recognize, although admitting the inadequacy of our words, that it is the spirit in which a word is spoken, or act is done, that precedes the “ intent” and “ willfulness,” and upon which a just judgment must largely rely in any given case.

It is always a mitigating circumstance that a charge be made, or a deed done, in the “ heat of passion.” “ Malice aforethought” contains the idea of a slow-growing resolution actuated and fosterec by hate, ill will and desire to do injury. The spirit reveals the soul— that shows itself not alone in one act but in the tenor of a life. It is true that the traitor may be born in a minute, but it is altogether probable that in judging motive and intent previous “ good character” will be a determining factor. The Master knew even before the kiss that Judas would betray Him. From these facts, however, the duty of the citizen grows no less, to weigh his utterances, and to be well grounded in his opinions before he temperately utters them. And law, while it should not be lax, should recognize the field which it attempts to cover.

Certain it is that a free government can better survive the vaporings of a few fanatics and the malevolent speech of a few malcontents than the suppression of honest opinion by citizens considerately expressed, and the curtailment of the rights of a free press, which, after all, must, in the nature of things, be one of the great arbiters of our nationa destiny. Suppression of thought and opinion, if

there could be such a thing, would make life a desert; and civilization, to use the trite words, is no more than the consensus of opinion of us all. Now that a specific sedition law has been enacted, we shall expect its observance to show, on the part of the press generally, in greater care in the choice of words, and in a temperate and judicial tone, coupled with that favoring discrimination which always accompanies a loyal duty.

T H E V IS IO N OF J O Y A F T E R T H E W A R . Some day, when the present concern of the nation,

and the Allies, is over, we would like to feel that this bit of description, appearing in the midst of the battle of the Spring of 1918, will be recalled, for the purpose of throwing into relief the new world that is to be made safe forever. It is but a little vignette picture drawn in one of the famous letters of the war correspondent, Philip Gibbs. It reads:

“ The scene to-day along the line of this hostile invasion was most tragic, because all the cruelty of war was surrounded by beauty so intense that the contrast was horrible. The sky was of summer blue, with sunshine glittering on the red-tiled roofs of the cottages and on their whitewashed walls and little window-panes. All the hedges were clothed with green and flaked by snow-white thorn blossoms.

“ In a night, as it seems, all the orchards of France have flowered, and cherry and apple trees are in full splendor of bloom, fields are powdered with closegrowing daisies, and the shadows of trees are long across the grass as the sun is setting. But over all this, and in the midst of all this, is agony and blood. On the roads are fugitives, wounded soldiers, dead horses, guns and transports.

“ There are fires burning on the hillsides. I saw their flames and their great, rolling clouds of smoke rise this morning from places where the day before I had seen French peasants plowing as though no war were near, and young girls scattering grain over the fields harrowed by their small brothers, and old women bending to the soil in the small farmsteads where all their life was centred, until suddenly the frightful truth touched them and they had to leave their homes.

“ Sometimes to-day I wished to God the sun would not shine like this nor nature mock at me with its thrilling beauty of life......................”

Can anyone read this unconscious tribute to the future peace of the world and fail to revere the cause of nations that openly fight that war shall be no more? Can anyone fail to see, whatever opinions he may have had, past or present, that when his countrymen in all these liberty loving nations now so heroically resisting the armed invader, decide he must abide by their decision? Can anyone doubt, as he reads, that the request for a small loan in aid of the cause by means of a bond, response, quick and avid, becomes a privilege as well as a duty? And can anyone hesitate in the conviction, pressed home upon him by the attending circumstances of the fearful sacrifice of human life as the invaders press on while yet they might voluntarily retreat to their own borders, that they espouse militarism for its own sake, regardless of its cost, and if triumphant will glory in it and thus fasten it upon mankind for ages to come?

But this is not the thought we would bring out. Rather it lies in our hope that the whole world will soon settle down to one sole consideration— and of what, if it be not that contained in the words “ the thrilling beauty of life.” Even while the resolve “ they shall not pass” is at its highest, many are


Apr. 20 1918.] THE CHRONICLE 1615thinking of tho material, commercial and financial reconstruction and readjustments that are to come. Nations would not find themselves unprepared for the new era. But here is a spiritual significance that is a sermon sublime. The “ thrilling beauty of life!” The God of the toiling peasant, the sower in the fields, of the thornflower and the blooming orchard, is not the God who blasphemes His own creation by joining in this new bestial sacrifice with those who war for war’s sake.

Men talk, in a historic sense, of the “ swing of the pendulum” ; in a scientific sense, of inevitable “ reactions.” When this war shall end, if end it may, by the deliverance from war by war, what infinite new fields of vision must open to mankind everywhere when once again men are free to feel the “ thrilling beauty of life” ! Life— that flowers in liberal governments and uplifting institutions, that threads the highways of the world with educative and beneficent trade, that gathers the forces of nature to work for comfort and plenty, that builds cities by ocean side and rivers’ brim and turns the riotous growth of marsh and upland into orderly and useful production; life— that aspires and endures and is patient, that touches childhood with gladness and old age with calm, that, whether in templed nave or forest aisle, worships that “ Power which makes for good,” the God of a world at peace! And they who fight to give this God a chance in His own world are not the ruthless invaders of the fair fields of France.

Some day, when the fierce passion of ruthlessness is past, men will think only on the “ thrilling beauty of life.” For in life is liberty and love and labor. To be free to worship life, not death, this is the magnificent adventure, the sacred cause, the sublime contention. Then, will come the sad memories of “ what might have been” but could not be, the pronouncements of unfailing justice, and the acknowledgment by friend and foe of the glory of courage and obedience. But there will be peace; and from its sacred soil may grow leagues of nations; and peoples united; and democracy, which is life itself, made safe and free; and all the things material and spiritual that “ thrill” us with their humility, beauty and grandeur. And men are dying in France that nature’s “ thrilling beauty of life” may not pass from the earth, but endure in its simplicity, worth and love. ______________________

A S H R E W D L E S S O N I N M O D E R N B U S I N E S S .An officer of the great Dresdener Bank in Berlin

reviewing our Federal Reserve Banking Law, then newly enacted, welcomed the coming of American branch banks to Germany, only adding that Berlin would be glad of similar opportunity in New York. But, he said, when it came to establishing branches in the Orient, Americans must be prepared to discover that it is one thing to open a bank and quite another to divert to it business already established in other connections in countries where confidence is of very slow growth, and where business customs are widely different from our own.

The attempt with us to establish such connections in advance of the new law had already gone far enough to prove the truth of the forecast; and such effort as we have since made in similar direction has encountered serious and thus far almost insurmountable difficulty. Even the disruption of older connections by the war has not as yet sufficed to

clear the field. We are glad, therefore, to call attention to the story of an American enterprise covering only ten years in China, which is no less remarkable for the novelty of its method than it is for the substantial character of its success.

An old American house which found its business heavily disrupted and many of its local representatives killed in the Boxer outbreak, recognizing that a new state of things had arisen and that China would Ub compelled to enter as never before the markets of the world, determined to push its business by meeting as far as possible the new conditions.

One of the moves was to send into a large province in central China, in which its loss had been most complete, a very small carefully selected force. They found in the central city only something over a dozen people surviving who had had any connection with their work. The territory they wished to work measured 40,000 square miles, more than three times the size of Belgium, and contained a population of three and half millions. They devoted themselves first to making a careful survey of the whole territory to determine the resources of the country, the lines of intercommunication, the course of the rivers, the location of the towns and villages, the various occupations of the people, and, as far as possible, their customs and habits. The only maps they could obtain at the outset noted 28 towns; they were able to locate 8,000. Having completed the physical survey, they selected several growing cities as the most important centres of population and influence in which to begin work which, thus far, they had kept well out of sight.

The next step was to select and train two trustworthy and competent natives as their representatives. These they sent to a selected centre with strict orders to settle there quietly, and simply say to all inquirers that they were there “ on business,” an answer which in China is always sufficient. These men were to make friends as opportunity offered, and learn who were the two or three men of the city most highly respected for their character and position. They were to get introduction to these gentlemen and take all the time necessary to win their friendship. Only after this was done and they were well established in their favor were they to tell them fully and frankly what was their business. Gradually they were to proceed to explain to them its advantages and secure their approval and possible interest in it. This done, and not before, they hired a place of business, fitted it up handsomely, prepared an attractive sign, and announced an opening day.

When the day came and the curious crowd looked in they were surprised to see several of the best men of the town at the front and to hear them speak favorably of the enterprise. Announcement was made of a second gathering, and the representatives hastened to make formal calls on the leading business men of the city leaving with each a business card and an invitation to return the call, which local custom prescribed for the next day. The crowd came, and business formally opened.

Immediately men were put in training to go to adjoining towns and repeat the process and each new position so occupied was charged with the duty of similarly multiplying itself. Meanwhile, the central station was rapidly enlarged with especial reference to training the needed native staff and



spreading knowledge of the business as widely as possible.

Ten years have passed. At the outset, as far as is known, outside the city of their destroyed original plant, not a person in the province had heard of the concern or knew anything of its business. Today it is well established in seventy-seven important centres, with some 4,000 natives engaged in its service. It distributes annually throughout the province some 70,000 copies of its special documents. In its central station it has a compound of over twenty acres in extent, enclosing a number of important productive establishments, with two hundred native employees, and a special training class of 350 men, many of them among the most influential in the city. It has won the confidence of the business world so that it now fears no competition and can command considerable local capital as its needs may require. Some of its best local plants have been erected entirely by native funds. It is widely known throughout the province, and is regarded as a substantial benefit to the community. It can count upon the good will both of the local authorities and of the people. Though China is still in the throes of a great political upheaval and no man can foretell what is to be China’s fate in the recasting of the map of the world which is to follow the war, no foreign enterprise in China, commercial or otherwise, has a more solid foundation or gives promise of larger returns than this. In view of the peculiar difficulties that have attended all Western business in the Orient during the past decade, this one, whether measured by the smallness of the force that conducted it, the very limited capital employed, the entire absence of any special advantage of influence or “ pun,” the novelty of the method employed, the sureness of the intelligence that directed, or the sucess attained, is certainly worthy of the attention of those of our business men who are seeking to take proper measure of the new world that is opening to American enterprise.

That this is the account of a religious and educational mission opened by the American Board of Commissioners for Foreign Missions in the heart of a nation having 400 millions of population, after a great and destructive revolution, and carried to its present successful condition by several young American missionaries, ought not to make it less worthy of admiration, or less valuable as an example of hard-headed business intelligence.

L E G I S L A T I V E C O N S I D E R A T I O N FOR O R G A N I Z E D L A B O R .

What is called “ the sabotage bill” was made ready for the President, a few days ago, by the Senate’s acceptance of a conference report that softened the prohibition of labor strikes on war work. Early in March the House passed a bill declaring that all strikes called to obstruct such work are conspiracies and prescribing a fine and 30 years’ imprisonment as penalty, but only after a north-by-south amendment had been attached as a rider, that “ nothing herein shall be construed as making it unlawful for employees to agree together to stop work or not to enter thereon, with a bona-fide purpose of securing better wages or conditions of employment.” The Senate finally accepted a conference report eliminating the provision referred to.

“ You can’t make men work by passing laws,” said one Senator. As a general proposition, this is un

controvertible, and no declaration could be more broad than already stated by the “ Chronicle, that every man has a natural right to sell his own labor on the best terms he can get. The greatest interference with this right has been by organized labor itself, and upon this right, as upon every other, some limitations lie. We already “ make men work, partly by voluntary consent and partly by laws against which no objection weighs or is tolerated by publip opinion. At the war front, men have surrendered all control over the conditions of their service; they face death, mutilation and hardships meanwhile, of which only actual experience can give a just idea. Their largest wage is in the performance of duty and in its honorable recognition. They have offered themselves as sacrifices on the altar. They cannot “ agree together to stop work,” and they would make it unpleasant for any recreant who dared suggest that. Here is service at its noblest, striking only at the common enemy; and instead of grumbling at wages and conditions of labor, it rise3 to the height of self-abnegation and writes back to the dear ones at home “ don’t worry about me.”

Contrast this with labor here, standing off to make conditions, refusing to proceed with work which is vital to the life of the country and the world unless it gets advances and assurance thus and so. It is ci record of which no one cun feel proud. Ihe emergency which has temporarily put it out of the power of the employer, governmental or private, to haggle over terms has been accepted by labor as its opportunity to be put to the best account.

Leaving as still unsettled (and perhaps as not having reached the time for discussion) whether the country cannot, for preserving its life, “ make men work” at home, the situation is that thus far Congress has not enacted a law for such compulsion. The right to work or not work, to demand any terms as a condition of working, and to abandon work by individual action, stands undisputed, and the ancient fear of labor before the eyes of politicians seems unabated. Again and again, in the long stiuggle of the railways with labor, when the existence of a conspiracy was unconcealed, until brotherhood^ chiefs boldly referred to the strike order in their pockets as so much unexploded dynamite, the strike threat prevailed and the temporary escape of another surrender was chosen. rIhe so-called eight-hour day was insisted upon, we were told at last, because after the country went into the war the railway men could not desert their posts. We are still having it before us as unsettled whether any available and sufficient power exists to command labor in war industries at home as it has been commandeered for service not more essential at the front, and as labor, when transmuted into property is commandeered.

The country claims right and power to take, and it does take, life in “ the service” and property when deemed necessary to sustain that service. It still evades the issue whether it can and will asscit the right and power to prevent organized labor from interfering with vital work on war industries.

R A I L R O A D GROSS A N D N E T E A R N I N G S FOR J A N U A R Y .

The month of January will long, and perhaps always, stand without a parallel for pool lcsults. The exceedingly cold weather, the snow blockades in the eastern half of the country, the freight embargoes in the same territory, the unpiccodented freight congestion at Eastern terminal points, with the resulting freight blockades extending from the Atlantic coast inward as far as Pittsburgh and even beyond, the fuel scarcity amounting to actual famine along the Eastern seaboard, with the action of the


Apr. 20 1918.] THE CHRONICLE 1617Fuel Administrator in ordering the withholding of fuel from manufacturing establishments in the whole of the eastern half of the country for the five-day period beginning Jan. 18 and ending Jan. 22, anc denying also the use of (fuel (not only to manufacturing establishments but to office buildings, retail stores and nearly all other activities) for several successive Mondays— all these combined to make the month memorable, while affording evidence of the extraordinarily unfavorable conditions under which transportation operations had to be carried on.

The returns of earnings, which we have now compiled for that month, reflect in very striking fashion the unfortunate situation of affairs which prevailed. These returns have been very much delayed— they are five to six weeks later than has been the case in the immediate past— by the passing of the roads under Government control at the close of 1917 and the action of the Inter-State Commerce Commission in revising the blank form on which the carriers are obliged to make these monthly returns.

It has been known for some time that some of the most prominent systems in the territory east of the Mississippi and north of the Ohio and Potomac rivers had failed to earn even their ordinary operating expenses during the month in question. This is true, for instance, of those two great railroad systems, the Pennsylvania and the New York Central. Our tabulations now make it evident that the condition referred to was a general one and that the railroads collectively in that part*of the country failed to earn enough revenue to meet the ordinary expenses of running the lines. The New England group found themselves in that predicament, likewise the Eastern and Middle group, and also the Middle Western. Each of these three groups shows deficits below the amounts needed to pay ordinary operating expenses.

These deficits, however, itshould be understood, folio w in the main from the great augmentation in expenses which occurred as a consequence of the conditions enumerated, rather than from a contraction in gross revenues. The gross earnings did fall off, but very much less so than might have been expected in the circumstances, and the fact that this should be so affords testimony to the heroic efforts made by railroad managers to keep traffic moving in face of the tremendous obstacles encountered. The effort proved exceedingly costly, however, as is made evident by the great increase in expenses now disclosed. In the South and Southwest, as also on the Pacific Coast, the state of things was not quite so bad, but here also, however, expenses heavily increased because of the higher wage scales prevailing and the advanced prices that the carriers had to pay for fuel, materials, supplies, and everything else entering into the operating accounts of the roads.

Stated in brief, gross earnings, compared with the corresponding month of the preceding year, fell off $11,608,126, which is a loss of only 3.95%, and the comparison is with very large totals in 1917. Coincidentally, this loss in gross earnings was attended by an augmentation in expenses of no less than $54,828,448, producing, consequently, a loss in net earnings in the huge sum of $66,436,574, or 79.59%. The amount of the net for the month this year was only $17,038,704, against $83,475,278 in January last year.lit Inc. (+ ) or Dec. (—).

January (420 Roads)— 1918. 1917. Amount. %Miles of road--------------------------- 240,010 239,885 +101 0 08Gross earnings................... $282,394,005 $294,002,791 —$11,008,120 3 95Operating expenses...................... 205,355.901 210,527,513 +54,828,448 20.04

Net earnings...............................$17,038,704 $83,475,278 — $00,430,574 79.59

As already stated, comparison is with large and satisfactory totals in the previous year. Our statement for January 1917 recorded $40,845,785 gain in gross, or 15.29%, over January 1916, and $8,679,331 gain in net, or 10.98%. This, in turn, followed $46,840,440 increase in gross in 1916 over 1915, or 21.27%, and $27,347,413 increase in net, or 53.05%. On the other hand, in both 1915 and 1914 there were losses. In January 1915 our compilation registered $16,598,551 decrease in gross and $890,982 decrease in net. In January 1914 the falling off amounted to $16,884,807 in gross and $12,451,572 in net. Id 1913, however, there were very important gains in both gross and net, though these gains were themselves, in part, merely a recovery of exceptionally heavy losses in January 1912, when the winter weather experienced was the worst encountered in a generation. Stated in brief, our tabulations in January 1913 registered $38,128,677 gain in gross and $18,781,777 gain in net. On the other hand, in January 1912 our compilations recorded a decrease of $2,440,307 in gross and of $7,019,714 in net. In 1911 the changes were small— a gain in gross of $4,248,770 and in net of $3,483,309. In 1910 there was a large gain in gross, namely $27,776,971, but it yielded only $6,918,577 gain in net. Below we furnish a summary of the January comparisons for each year back to 1896. For 1911, for 1910 and for 1909 we use the totals of the Inter-State Commerce Commission, but for preceding years we give the results just as registered by our own tables each year— a portion of the railroad mileage of the country being always unrepresented in the totals, owing to the refusal at that time of some of the roads to give out monthly figures for publication.

Year.Gross Earnings. Net Earnings.

YearGiven.

YearPreceding.

Increase or Decrease.

YearGiven.

YearPreceding.

Increase or Decrease.

January1896 .. .1897 .. .1898 .. .1899 .. .1900 .. .1901 .. .1902.1.1903 .. .1904 .. .1905 .. .1906 .. .1907.. .1908 .. .1909.. .1910 .. .1911.. .1912.. .1913 .. .1914.. .1915 .. .1916 .. .1917 .. .1918 .. .

S53,316,855 51,065,589 60,345,290 63,149,988 78,264,483 90,514,370 99,888,443

100,840,997 101,839,230 103,641,710 128,566,968 133,840,696 135,127,093 182,970,018 211,011,034 215,057,017 210.704,771 246,603,737 233,073,834 220,282,196 207,013,635 307,961,074 282,394,665

548,726,98054,615,61952,705,27158,753,14166,312,14081,878,38291,517,10392,230,740

106,687,14596,912,364

106,741,980123,664,663155,152,717173,352,799183,264,063210,808,247213,145,078208,535,060249,958,641236,880,747220,203,595267.115,289294,002,791

S+4,589,875 —3,550,030 + 7,640,019 +4,396,847

+ 11,952,343 +8,635.994 + 8,371,340 + 8,610,257 — 4,847,915 + 6,729,346

+21,824,988 + 10,176,033 —20,025,624

+ 9,617,219 + 27,776,971 +4,248,7701 —2,440,307

+38,128,677! — 16,884,8071 — 16,598,551 +46.840,040 + 40,845,785 — 11,608,1261

$15.494.163 14,277,924 17,833,662 18,744,045 26,384,125 30,135,751 32,993,376 30.021.883 24,043,886 26.583,361 38,673,269 36,287,044 29,659,241 50,295,374 57,409,657 53,890,659 45,940,70664.277.164 52,749,869 51,582,992 78,899,810 87,748,904 17,038,7041

$13.189,59515,394,49514,601,31317,447,63020,489,92525,911,70130,441,46329,745,47732,139,52523,538,41426,996,77237,096,91841,155,58741,036,61250.491,08057,373,96852,960,42045,495,38765,201,44152,473,97451,552,39779,069,57383,475,278

$+ 2,304.568 — 1,116,571 + 3,232,349 + 1,296,415 + 5,894,200 + 4,224,050 + 2,551,913

+ 276,406 — 8,095,639 + 3,044,947

+ 11,076,497 —809,874

— 11,496,346 + 9.258,762 + 6,918,577 —3,483,309 — 7,019,714

+ 18,781,777 — 12,451,572

—890,982 + 27,347,413 +8,679,331

—66,436,574Note.—In 1890 the number of roads Included In the month of January was 135- in

1897, 127; in 1898, 130; In 1899, 115; In 1900, 114; In 1901, 130; In 1902, 109: In 1903, 105; In 1904, 103; In 1905, 94; In 1900. 100; in 1907, 97. In 1908 the returns wero based on 157,029 miles of road; in 1909, 231,970; in 1910, 239,808; in 1911, 242,479; in 1912, 237,888; in 1913, 235,607; In 1914, 243,732; in 1915, 246,959; in 1916, 247,620; in 1917, 248,477; in 1918, 201.046.

The separate roads reflect, of course, the character of the general results. By this we mean that nearly all have suffered heavy reduction in net earnings (owing to the great rise in operating cost) although a few are able to report improved gross revenues. The Pennsylvania Railroad on the lines directly operated East and West of Pittsburgh, suffered a decrease of $1,762,097 in gross earnings, and as this was attended by an increase in expenses of nearly $8,000,000, the loss in the net earnings reaches no less than $9,730,093. Including all the Pennsylvania lines, owned and controlled, which make monthly returns to the Inter-State Commerce Commission, the result is a loss of $2,101,294 in the gross and of no less than $10,736,279 in the net. The New York Central registers $1,332,243 decrease in


1618 THE CHRONICLE [Vol. 106

gross and $4,627,302 decrease in net. This is for the Central itself. Including the various auxiliary and controlled roads, the whole going to form the New York Central System , the result is a loss of $2,829,660 in gross and of $8,020,469 in net. Other large systems make a similar showing. Thus, the Erie has $564,554 decrease in gross and $2,107,488 decrease in net and the Lehigh Valley $462,254 decrease in gross and $1,345,683 decrease in net.

In the New England States the New Haven falls $722,636 behind in gross and $1,795,333 in net, and the Boston & Maine $407,631 in gross and $1,471,056 in net. In the West, the Chicago & North Western has lost $1,071,703 in gross and $2,915,196 in net; the Burlington & Quincy $482,135 in gross and $1,983,219 in net; the Milwaukee & St. Paul $858,954 in gross and $2,221,470 in net, and the Northern Pacific $124,645 in gross and $1,415,489 in net. The Great Northern with $104,693 gain in gross has $1,308,519 loss in net, and the Southern Pacific with $1,891,652 increase in gross suffers $271,638 contraction in the net. The Union Pacific constitutes the one prominent exception to the rule, and is able to show not only $1,398,474 increase in gross, but also $155,939 increase in net. The Missouri Kansas & Texas with $212,577 addition to gross loses $234,126 in net; the Rock Island falls behind $409,027 in gross and $1,214,593 in net, and the Missouri Pacific $436,092 in gross and $1,167,571 in net.

The Southern railways give the best account of themselves as far as the gross is concerned, many of them being able to register increases in that item, but even these nearly all report losses in the net. Thus, the Louisville & Nashville with $287,590 improvement in gross sustained a contraction of $1,284,341 in the net, and the Southern Railway with $512,407 addition to gross loses $813,278 in net, while the Atlantic Coast Line with $503,455 increase in gross, has $201,942 decrease in net. The Chesapeake & Ohio has lost $658,490 in gross and $1,278,647 in net, and the Norfolk & Western $174,247 in gross and $1,476,064 in net. In the following we show all changes for the separate roads for amounts in excess of $100,000 whether increases or decreases and in both gross and net.

P R IN C IP A L CH AN GES IN GR O SS E AR N IN G S IN JAN U A RY .DecreasesIncreases.

Southern P acific----- $1,891,652Union P a cific-....................... 1,898,474Southern Railway--- 512,407Atlantic Coast Line---------- 508,455Central of Georgia.............. 344,549Louisville & Nashville------ 287,590Western Pacific____ 272,920Spokane Port & Seattle---- 270,951Missouri Kan & Texas— 212,577Denver & Rio Grande------ 138,715Georgia R R ............... 137,246Los Angeles & Salt L a k e .. 122,849Kansas C ity Southern____ 109,300Internat’l & Great N or___ 105,901Great Northern____ 104,693

Pere Marquette---------------- $497,784Chicago Burl & Quincy— 482,135Clev Cine Chic & St L ------ 468.780Lehigh Valley------------------- 462,254Illinois Central----------------- 461,307Missouri Pacific---------------- 436,092Rock Island Lines------------ 409,027Boston & M aine---------------- 407,631Central of New Jersey------N Y Chicago & St L ou is ..Elgin Joliet & Eastern------Chicago & East Illinois---- _Chicago & A lton_________ 299,757Chicago Ind & Louisville. 272,479 Cine New Or! & Tex P a c .. 232,134Indiana Harbor Belt.......... 207,730Chicago Great W estern .. 191,247Norfolk & Western---------- 174,247M obile & Ohio..................... 163,292Lako Erie & Western------ 102.530V irgin ian------------------------- 158,836Belt Ry o f Chicago............ 128.900Northern Pacific................ 124,645Toledo St Louis & W e st .. 121.874 Detroit Toledo & Ironton. 120,894Grand Rapids & Ind-------- 120,619Maine Central..................... 117.390Western M aryland---------- 113,144

363,955352,063328,209308,304

Representing 39 roads ___in our com pila tion ..$17,188,443

Representing 15 roads in our com pilation___$6,413,279

Decreases.Pennsylvania___________ a$1,762.097New York Central............ 61,332.243Chicago & North W e st .. 1,071,703Chic Milw & St Paul____ 858,594Philadelphia & R ead in g .. 857.850N Y N I 1 & Hartford------------------------ 722,636Chesapeake & Ohio__________________ 658.490Wabash..................... 567,472E rie______________________ 564,554Minn St Paul & S S M _______________ 556.328Michigan Central________ 549,217

Note.— All the figures in the above are on the basts o f the returns filed with the Inter-Stato Commerce Commission. W here, however, these ro- turns do not show the total for any system, we have combined the separate roads, so as to make the results conform as nearly as possible to those given in the statement! furnished by the companies themselves.

a This is the result for the Pennsylvania R R ., together with the Pennsylvania Company, and the Pittsburgh Cincinnati Chicago & St. Louis, the Pennsylvania R R . reporting $436,686 increase, the Pennsylvania Company $1,181,386 loss and the P. C . C . & St. L . $1,017,397 loss. Including all lines owned and controlled which make monthly returns to the.Inter-State Commerce Commission, the result Is a loss o f $2,101,294.

6 These figures cover merely the operations o f the New York Central itself. Including the various auxiliary and controlled roads, like the Michigan Central, the "B ig Four,” & c., tho whole going to form the New York Central System, the result is a loss o f $2,829,660.

P R IN C IP A L CH AN GES IN NET E AR N IN G S IN JA N U A R Y .Increases.

Union Pacific______ ______ $155,939Spokane Port & Seattle.. 140,904 Central o f Georgia________ 104,870

Representing 3 roads inour compilation.......... $401,713

Decreases.Pennsylvania____________u$9,730,093New York Central------------ 64.627,302Chicago & North Western 2,915,196Chic Milw & St Paul.......... 2,221,470E r i e . . . ................. 2,107.488Chic Burl & Q u incy-.......... 1,983,219Philadelphia & R ead ing .. 1,913,632Illinois C e n tra l............ .. 1.831,638N Y N II & Hartford.......... 1,795,333Norfolk & W estern______ 1.476,064Boston & M aine--------------- 1,471,056Northern Pacific__________ 1,415,489Lehigh V a lle y .................... 1,345,683Great Northern__________ 1,308,519Louisville & Nashville____ 1,284,341Chesapeake & Ohio______ 1,278,647R ock Island Lines-------------- 1,214,593Missouri P a c if ic ................ 1,167,571Michigan Central.............. 1,103.477W abash__________________ 1,025,941Clov Cine Chic & St L ____ 951,945M i n n S t P & S S M ______ 893,119Southern Railway________ 813,278Central o f New Jersey____ 801,354Delaware Lack & W est___ 761.063Delaware & Hudson_____ 706,920Chicago & Eastern Illinois 669.127St Louis-San Francisco___ 644,260Chicago & Alton-------------- 565,690Elgin Joliet & Eastern____ 542,143Pere M arquette__________ 502,586N Y Chic & St Louis_____ 501,054Maine Central___________ 434.731Seaboard Air Lino________ 427.640Western M aryland______ 374,204Pittsburgh & Lako E r ie .. 373,099

Chicago Ind & Louisville. Cine New Orl & Tex Pac._Indiana Harbor Belt_____Hocking Valley----------------Chic St P Minn & O m .. . Chicago Great W estern .. Buffalo Roch & P it ts b ...M obile & Ohio.....................Southern Pacific--------------Lake Erie & Western____Denver & R io Grande------V irgin ian________________Missouri Kan & Texas—Union RR (P a )__________Wheeling & Lake Erie------Toledo & Ohio Central___Atlantic Coast Line----------Bessemer & Lako Erie------Nash Chatt & St Louis___Grand Trunk Western—Colorado & Southern____Long Island-------- ---------Toledo St L & W estern— West Jersey & Seashore. _N Y Phila & N orfolk--------Chic Terre Haute & S E__ Detroit Toledo & Ironton.Bangor & Aroostook--------Central Vermont--------------Grand Rapids & Ind_____St Louis Southwestern___Chicago Junction_______Norfolk Southern------------Terminal Ass’n St L ou is ._Belt Ry o f Chicago----------Texas & Pacific__________N Y Ontario & W estern .. Lehigh & New E ngland..Central Now England------Minneapolis & St Louis__Yazoo & Miss Valley____

Decreases.$344,954

342,981336,385328,113324,375321.663298,907293.758 271,638 270,411 266,270 250,115 234,120 231,648 221,559 211,181201.942 195,162 192,391188.758 185.213 184,193 179.716 175,572 165,793 163,447 162,398 155,022 144,659 141,741140.943 130,853 128,130 125,676 124,752 122,072 118,480 115.295 112.479 106,327 103,710

Representing 77 roadsin our com pilation ..$61,491,773

a This is the result for the Pennsylvania R R .. together with tho Pennsylvania Company, and the Pittsburgh Cincinnati Chicago & St. Louis, the Pennsylvania R R . reporting $6,227,173 decrease, the Pennsylvania Company $1,765,010 loss and the P. C . C . & St. L. $1,737,910 loss. Including all lines owned and controlled which make monthly returns to the InterState Commerce Commission, the result is a loss o f $10,736,279.

b These figures merely cover the operations o f tho New York Centra itself. Including the various auxiliary and controlled roads, liko the Michigan Central, the “ Big Four,” & c., the wholo going to form the New York Central System, the result is a loss o f $8,020,469.

We have already stated that both the New York Central and the Pennsylvania failed to earn their operating expenses during the month. Among other important companies or systems distinguished in the same way, may be mentioned the Boston & Maine, the Maine Central, the Erie, the Delaware & Hudson, the Phila. & Reading, the Lehigh Valley, the Buffalo Rochester & Pittsburgh, the Wabash, the Chicago & Eastern Illinois, the Chicago Indianapolis & Louisville, the Chicago & Alton, the Toledo St. Louis & Western, the Chicago & North Western, the Milwaukee & St. Paul, &c., &c.

When the roads are arranged in groups, or geographical divisions, all are found to register decreases in the gross, with the exception of the Southern and the South Western and the Pacific divisions. In the net every group, without any exception, shows a decrease, and in most of the divisions this decrease is strikingly heavy.

SUMMARY BY GROUPS.-Gross Earntngs-

Sectlon or Group— 1918.January— $

Group 1 (16 roads), New England___ 12,361,830Group 2 (77 roads). Eastern & Middle 65,570,107Group 3 (59 roads). Middle West___ 29,613,037Groups 4 & 5 (86 roads). Southern... 42,542,614 Groups 6 * 7 (64 roads), Northwest’n 59,523,725 Groups 8 & 9 (85 roads), Southwest.. 51,387,100Group 10 (39 roads), Pacific C oast... 21,389,640 __________ ___________

Total (426 roads)......................................... 282,394,605 294,002,791 — 11,608,126 3.95

1917$

13,70569,22835,72241,93863,88850,01318,846

Inc. ( + ) or D ec . (— S %

— 1,403,500 10.19 —3,652,056 5.28 —6,109,240 17.10

+ 003,808 1.44—4,304,283 6.83

+ 773,657 1.53 +2,543,494 13.51

----- Mileage-----1918. 1917.7,514

23,94022,98341,79868,44857,11018,253

1918.S

7,574 df660,475 24,015dI3,844,830 22,998 dfl .434,082 41,674 7,411,683 68,267 2,493,249 57,240 10,226,080 18,111 5,847,079

-Net Earnlngs-1917. In c.(+ ) orDec.l— )

8 $ %3,557,420 —4,217,895 118.57

16,703,643 — 20,548,473 123.02 7,170,497 — 11,610,579 161.78

14,807,108 —7,395,425 49.99 18,866,478 — 16,373,229 86.79 15,981,682 —5,755,002 36.01 0,382,450 —535,371 8.15

Group No. 1............GroupjNo. 2_______Group No. 3............Groups Nos. 4 & 5 ..Groups Nos. 6 & 7 ..Groups Nos. 8 & 9 -Group No. 10--------- ----------- _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

T otal........ ............. 240,046 239,885 17,038,704 83,475,278 —60,436,574 79.59NOTE.—Group 1 Includes all of tho New England States.Group II Includes all of New York and Pennsylvania except that portion west

of Pittsburgh aud Buffalo; also all of New Jersey, Delaware and Maryland, and the extreme northern portion of West Virginia.

Group III Includes all of Ohio and Indiana: all of Michigan except the northern peninsula, and that portion of New York and Pennsylvania west of Buffalo and Pittsburgh.

Groups IV and V combined Include the Southern States south of the Ohio and east of the Mississippi River. „ .

Groups VI and VII combined Include the northern peninsula of Michigan, all of Minnesota, Wisconsin, Iowa and Illinois: all of South Dakota and North Dakota and Missouri north of St. Louis and Kansas City; also all of Montana, Wyoming and Nebraska, together with Colorado north of a line parallel to the Stato line passing through Denver. ,

Groups VIII and IX combined Include all of Kansas, Oklahoma, Arkansas and Indian Territory, Missouri south of St. Louis and Kansas City; Colorado south of Denver, tho whole of Texas and the bulk of Louisiana; and that portion of New Mexico north of a line running from tho northwest corner of the State through Santa Fe and cast of a lino running from Santa Fo to El Paso.

Group X Includes all of Washington, Oregon, Idaho, California, Nevada, Utah and Arizona aud the western part of New Mexico.



©urvcnt gxrcnts and discussionsCONTINUED OFFERING OF BRITISH TRASURY

BILLS.The customary offering of ninety day British Treasury

Bills by J. P. Morgan & Co. on a 6 % discount basis, was disposed of this week. The bills in this week’s offering maturo July 15. _______________________

INTEREST PAYMENTS ON CANADA'S VICTORY LOAN.

The “Monetary Times” of Toronto in its issuo of April 12 published tho following by H . M . P . Eckardt, author of “Manual of Canadian Banking” in reference to interost payments to bo made on Canada’s Victory Loan:

In connection with tho V ictory Loan there is but one more payment to bo made. It is expected that this transaction will bo handled without difficulty, as have been tho preceding payments. Owing to tho largo amounts o f subscriptions paid in full on Jan. 2, tho sums to bo provided on tho succeeding instalment dates were considerably cut down; but on tho other hand there were a number o f largo subscribers who turned in old bonds for conversion and who havo been meeting their payments, as they camo duo, out o f proceeds o f tho converted bonds. Those partios, In numerous instances, will requiro to find cash to meet tho M ay instalments, and possibly thoro m ay be a more active demand for loans on that account. Thus in tho courso o f another few weeks the financial markets will havo finished tho great task o f providing the national Government with $400,000,000 o f new money for war purposes. Then a month later, on June 1, occurs tho first distribution o f interest to tho holders o f tho bonds. This interest distribution will bo the most important transaction o f this kind which Canada has so far experienced.

As there aro no details yet available regarding the amount o f old bonds converted, it is not possible to give the amount o f tho pending distribution. However, tliero were outstanding $350,000,000 o f bonds belonging to tho first, second and third war loans; and it appears probable that from $150,000.000 to $200,000,000 o f these outstanding bonds were turned in. Tho articlo on lifo insurance companias’ invastments in the war loans recently published by the “ M onetary T im es,” indicated that in not a few cases tho largo companies converted ail or nearly all o f their holdings; and it Is understood that tho industrial companies, brokers, bond dealers, municipalities, trust companies, and largo individual holders generally followed tho same policy. Tho inducement to convert was stronger than on any o f tho preceding occasions. N ot return on tho Victory bonds, as offered to subscribers, was higher than on tho earlier loans, and in case o f tho Victory bonds tho nominal rate, as printed on tho coupons, i3 514% as against 5 % specified in tho first, second and third loans. I f It bo assumed that $200,000,000 o f old bonds wore converted, that would make a total V ictory Loan issuo o f $600,000,000 with annual interest charge o f $33,000,000: and if the conversion bo taken as $150,000,000, tho yearly interest would bo $30,250,000. So it will bo seen that even with tho lower o f the two estimates ro conversion, the amount o f interest payable on Juno 1 will be approximately $15,000,000. N o other singlo interest or dividend payment made by tho Dominion Government or any Canadian corporation approaches this amount. Tho nearest approach to it is seen in tho Canadian Pacific common stock dividend which calls for $26,000,000 in four quarterly payments o f S6,500,000 each. In case o f Canadian Pacific Railway’s distribution the greater part must be remitted to other countries.

INTEREST PAID ON ANGLO-FRENCH AND CITY OF PARIS LOANS.

Tho somi-annual interest paymonts wore mado April 15 on two foreign bond issues, namely, tho $500,000,000 fivo- yoar 5 % Anglo-Fronch loan, dated Oct. 15 1915, and placod in this country during that year through a syndicate, headed by J. P . Morgan & C o., and tho $50,000,000 fivo-yoar 6 % municipal oxtornal gold loan of tho City of Paris, datod Oct. 15 1916 and offorod to investors in Octobor 1916 by a syndicate, of which Kuhn, Loob & C o., wore managers.

The intorost on tho formor amounts to $12,500,000 and on tho latter to $1,500,000. Tho Anglo-Fronch bonds, tho maturity of which has been reduced to one-half of tho five- year period, are convertible on any dato not lator than April 15 1920, into 15-25-yoar joint and several 4 j^ % bonds of tho Govornmonts of tho Unitod Kingdom of Groat Britain and Ireland and tho Fronch Ropublic.

PROPOSED NEW ZEALAND LOAN.

are mado: (1) Capital funds or securities which individuals or corporations residing or doing business outside o f Franco may havo in France; (2) capital sent to French colonies and protectorates for development o f agriculture, commerce or industry; (3) capital as payment in French colonies and protectorates for merchandise to be imported to France.

The prohibition against exportation o f stocks and shares is subject to the following exceptions: (1) French Government issues since the outbreak o f tho war; (2) securities due and redeemable in France and coupons payable in France, (3) shares at present owned by persons abroad who purchased tho same bofore promulgation o f tho present law, or who have inherited tho same since date o f tho law; (4) securities bought or subscribed for in France since the outbreak o f the war; (5) securities for which a general or special authorization may havo been granted by the Minister o f Finance.

Tho decree also provides that all sums exceeding 1,000 francs will have to be transferred abroad by officially recognized bankers or brokers oven for those who obtain special permission.

DEPRECIATION OF GERMAN PAPER MONEY.The following contained in special correspondence of the

New York “ Evening Post” received from Zurich under date of March 18, was published in the April 13 issue of that paper: .

A court process, reported at Berlin, against illicit trade o f merchants in gold, shows that at Berlin a gold piece o f 20 marks has In such trade a value o f 55 to 60 marks in German paper money. In tho old-time way o f reckoning, this would mean a “ 2 0 0 % premium on gold "; or, as your markets used to put it in your depreciated money days, it means that “ gold is soiling at 300.” In tho provinces, especially In tho eastern provinces with a Polish population, but also in the western provinces, the price for a gold piece o f 20 marks is even higher than 80 marks in bank notes.

In neutral countries bordering on Germany the German banknote has never sunk more than 50% below its nominal valuo. This would mean that tho maximum price for a gold piece o f 20 marks paid inside Germany should be 40 marks; so that tho fact that in tho illicit German trade 60 to 80 marks were paid for a gold piece o f 20 marks would on Its face Indicate that the valuo o f German currency at home stands lower than in bordering neut ral countries.

But the German authorities are taking the strictest measures again t such transactions, which are illegal and subject to heavy penalties, and this risk is doubtless reflected in tho fact that a higher bid is made for gold w ith tho paper notes in Germany than outside. Nevertheless, tho numerou prosecutions in every town prove that there exist well-organized and widely spread bands o f such illicit gold merchants, who are not deterred by tho most severe jiunisliments— a proof that tho domand for gold instead o f paper is very great. ^

ANALYSIS OF GERMANY'S DEBT.An interesting analysis of the debt of Germany is pre

sented by Ernest L . Bogart of the University of Illinois, in a letter addressed to the editor of the New York “ Times,’ under dato of March 11, and we reproduce his communication horewith: .To the Editor of The New York "Times:”

In your issue o f March 5 there was a two-column comment upon a cable dispatch attributing to Count von Posadowsky Wehner, former German Vico Chancellor, tho statement that tho German imperial debt was now124,000,000,000 marks (about $31,000,000,000.) As this statement is obviously incorrect, I shall be glad if you will grant me the space for a correct statement o f Germany’s indebtedness.

It is impossible, especially at this distance, to learn all the facts concerning tho financial conduct o f the war by Germany, for the Government has thrown a veil o f secrecy about every vital point connected with finance, especially tho subject o f expenditures. But there aro tw o sets o f figure which It has been impossible to suppress or probably distort and from a

•study o f these wo may deduce the approximate Indebtedness o f German 4 at tho present time. _

Tho first o f these Is the votes o f credit by which tho Reichstag appro priates money for the use o f the Government. As it is constitutionally necessary to havo parliamentary approval before tho money can be raised or spent, theso votes aro a matter o f public record, and hence m ay bo accepted as accurate. Up to and including Dec. 1 1917 ten such votes o f credit had been granted, aggregating 109,000,000,000 marks ($27,250,000 ,000 .)

The following table shows these votes:No. Date of Vote.

1— Aug. 1 1914.2— Dec. 3 1914—3— M ar. 22 1915-4— Aug. 31 1915.5— D ec. 24 1915.6— Juno 9 1916.7— Oct. 30 1916—8— Feb. 23 1917.9— July 1917—

10— D ec. 1 1917-.

Amount.$1,250,000,000

1.250.000. 0002.500.000. 0002.500.000. 0002.500.000. 0003.000. 000.0003.000. 000.0003.750.000. 0003.750.000. 0003.750.000. 000

The following rogarding tho raising of a now loan in Now Zealand appoarod in tho Now York “ Sun” of April 17, tho information emanating from Ottawa on tho 16th:

Tho Now Zealand Government, according to a Router dispatch from Wellington, N . Z .. is raising another £20,000,000 ($100,000,000) war loan.

Persons able to subscribe but who fail to do so will bo fined double tho amount o f their income tax, it Is stated, and compelled lator to put.their surplus funds in war bonds, receiving only 3% interest.

PROHIBITION OF TRANSFER OF FUNDS FROM FRANCE.

Tho following advices regarding a Ministerial decreo prohibiting tho exportation of capital funds or securities from Franco were contained in a cablegram received at tho Department of Commerce at Washington from Consul-General Thackara at Paris on April 12:

A Ministerial decreo o f April 3, published April 4, prohibits tho exportation from Franco o f capital funds or securities. Tho followingjexcoptions

T o t a l ...............................................................................................$27,250,000,000An eleventh vote o f 15,000,000,000 marks was granted the other day,

bringing tho total up to 124,000,000,000 marks. This is tho figure to which Count von Posadowsky-Wehner referred, and which is commented upon In your article. But this refers not to the debt, but to the expenditures. Inasmuch as some o f tho expenditures— though not many— have been met out o f taxation, it is obvious that we shall have to establish the amount o f tho war debt In some other way.

Fortunately, we have one other set o f figures, which, while not quite so unimpeachable as those just quoted, are sufficiently trustworthy. These aro tho loans made by the Imperial Government. Down to October last tho public war loans— seven In number— had amounted to 73,361,660,000marks ($18,340,415,000.) These were as follows:No. Date of Issue. Amount.

1— September 1914______________________________ $1,120,000,0002— March 1915................. ..................... — _________ ________________________ 2,286,250,0003— September 1915------------------------------------------------- 3,040,760,0004— March 1916................................................................ 2,691,750,0005— September 1916------------------------------------------------- 2,862,750,0006— March 1917................................................................ 3,192,500,0007— September 1917......................................................... 3,156,415,000

Total ............................................................................................ $18,340,415,000



As these loans have been made with clock-like regularity every September and March since the war began. It Is evident that an eighth loan must soon be floated. As the loans are now 50,00 ,000,000 marks ($12,500,0 0 0 ,000 ) loss than tho war expenditures, there must be an lmmenso floating Indebtedness which will have to be funded. Cash on hand at the beginning o f the war, together with additional sums raised since by war taxes, cannot have amounted to more than 4,000.000,000 marks ($1,000,000,000) leaving between $ 11 ,000 ,000,000 and $ 12,000 ,000,000 as tho amount o f the floating debt. Even if the noxt loan be as successful as either o f tho last two, each o f which amounted to a little over $3,0 00 ,000 ,00^, it is clear that It will not even absorb the outstanding Treasury bills and other temporary obligations.

W hile these figures make it evident that the Imperial debt o f Germany has not yet reached tho sum o f 124,000,000.000 marks, it is evident that it has already passed the limit o f 100,000,000,000 marks which Herr Rudolph' Haverstein, President o f the Reichsbank, thought was all that Germany could stand, and which he was sure would never be reached. I f this figure bo compared with the modest debt o f $1,250,000,000 which Germany owed before the war, some mesauro o f the financial burden imposed upon the empire can be gained. And this figure does not take into account the debts o f the separate States or o f the communes, which are already largo and steadily growing.

Tho total budget o f tho Imperial German Government in 1913-1914 was $830,00^,000; the interest on the existing debt is already $900,000,000, and tho next loan will bring it up to $ 1,000 ,000,000 annually, or more than all the peace and military expenditures beforo the war. Existing taxes are insufficient to meet these demands, and interest is being paid out o f new loans. Whether this situation will lead to repudiation or not, no man can now decide. But it Is certain that the financial position o f Germany, deprived o f her expected Indemnities, will be a desperate ono after the war. E RN E ST L . G O BA R T.

University o f Illinois, March 11 1918.

N. Y. STOCK EXCHANGE NOTICE CONCERNING DEALINGS IN FRANKFORT BONDS, IN DEFAULT.

Announcement that, as a result of the non-payment of interest due on the City of Frankfort loan, the bonds must bo dealt in “ flat,” was made as follows by the New York Stock Exchange in its weekly bulletin of Maroh 16:

C O M M IT T E E ON SEC U RITIE S.March 12 1918.

N otlco having been received that the interest due March 1 1918 on tho C ity o f Frankfort-on-tho-Main, Germany, 3 A % loan o f 1901, D . R . W ., is not being paid.

The Committee on Securities rules that on and after March 1 1918 and until further notice, said bonds must be dealt with in " fla t ,” and must carry the March 1 1918 and subsequent coupons to bo a delivery.

The New York “ Tribune” of March 16 had the following to say regarding the default:

These bonds were offered to American Investor* by Speyer & C o ., who have been paying tho interest until prevented from doing so further because o f the Trading with the Enemy Act. The amount originally sold here was 12,930,000 marks, or about $3,000,000. Through a sinking fund arrangement, however, there are now outstanding only about $40,000 o f tho bonds, so that the amount o f the March 1 coupon amounted to less than $1,400. Tho interest was payable in marks.

It is understood that Speyer & C o. asked permission at Washington to pay the March coupon, but this was not granted. There havo beon no dealings in the bonds on the Stock Exchange for a long time.

JAPANESE GOVERNMENT BONDS CANCELLED.It was announced on March 15 that the New York agency

of the Yokohama Specie Bank Ltd. had been advised by its London office that Imperial Japanese Government 4 ^ % sterling loan bonds amounting to £310,000 of the first series and £190,000 of the second series have been purchased on account of the Imperial Japanese Government, and cancelled. ___________________________ _

BENJAMIN STRONG'S COLLECTION OF FRENCH WAR CURRENCY TURNED OVER TO PRINCETON.

A collection made by Benjamin Strong, Governor of the Federal Reserve Bank of New York, of various forms of paper war currency, issued by French communities, has been turned over by him to Princeton University, which makes acknowledgment of his action in the “Alumni Weekly” of April 3 as follows:

Princoton ha* again to thank Benjamin Strong, Jr., Governor o f the Federal Reserve Bank o f New York, for one o f the most interesting additions to tho University’s collections. M r. Strong has long boen interested in all questions relating to monetary issues, and since the war has devoted much time, thought and care to tho study of emergency currencies In Europo. For this reason ho early In the war started to organize a system for the collecting of all theso various forms o f paper currency. Persona who had the good (or evil) fortune to be in Europe at the beginning o f tho war will remember that one of the most striking and In some ways disconcerting phenomena o f thoso days was tho rapid and almost complete disappearance o f "hard m oney.” The extraordinary demand for gold and the consequent run upon metal pieces generally made It almost Impossible in some localities to procuro the medium o f exchango. T o remedy this situation tho Chambers o f Commerce In various French localities and communes Issued paper bills to replace tho disappearing metal. Nearly all districts o f France followed this plan, and oven some o f the towns and communities in Algiers. Theso Issues were backed by tho Bank o f France. As tho Bank o f Franco Issued nothing smaller than 50-franc notes at the outbreak o f the war, there was great difficulty in procuring smallor bills. For this reason the Chambers o f Commerce held tho larger Bank o f Franco notes and issuod notes o f smaller denominations, some o f them as low as five centimes.

M r. Strong has made the most complete collection o f theso local monetary Issues in this country, and has now turned this collection over to the University. A* these Issues wero recalled later, when the Bank of Franco issued its smallor notes and tho situation becamo more normal, tho local war Issues o f currency havo become very rare and In many cases are now unprocurable. M r. Strong’s collection, we behove, includes the issues of

every one o f tho municipalities and communes concerned. It constitutes ono o f tho most useful as well as most interesting series o f documents on the financial history o f tho war. The collection Is so extensivo and varied that it Is Impossible to give any adequate account o f It in a brief notice, and tho “ W eekly” hopes to print a detailed articlo on it later. We merely wish here to acknowledge tills addition to our rich war collection, for a portion o f which we are already In tho debt o f M r. Strong. For alumni who returned on Washington’s Birthday will remember that it Is to him we owe tho Strong Collection o f war posters and newspaper clippings exhibited on that occasion. Wo tako this opportunity to thank M r. Strong for this later token o f his interest In tho Princeton collections. M r. Strong is a member o f the Committee o f Conference o f tho Department o f Economics and Social Institutions, which Is proud to havo this valuablo adjunct to its work on the history o f finance.

WHY FOREIGN EXCHANGE ON SPAIN KEEPS RISING.[From financial column o f the "Evening Post” o f New York, April 16 1918.1

In the foreign exchange market, attention was again converged upon tho rate on Madrid, which moved with continued violence. T o-day’s further riso o f 'A cent emphasized tho fact o f a premium o f more than 50% against New York. Seeing that this market has no financial obligations to Spain and that, despite the partial embargo, our exports to Spain in the seven moths ending with January were much more than doublo our imports from that country, there is no convincing explanation o f this adverse movement in oxchange than our financial relation to our alli&s, and their relation to Spain. England, for instanco. whoso “ Import excess” from Spain was $31,000,000 in 1913, found tho balanco on the similar side o f tho account up to $86,500,000 in 1917. Madrid exchango on London, alroady heavily depreciated, has fallen steadily during tho past few weeks. The New York market, with its own rate for storllng “ stabilized” at an arbitrarily supported figure, has to sharo in the consequences.

CANADIAN PROCLAMATION AUTHORIZING THE ISSUANCE OF EXCESS CIRCULATION.

The Canadian proclamation of other years authorizing the chartered banks of the Dominion to issue excess circulation from the first day of March to the last day of August is repeated this year, the Canada “ Gazette” publishing the new proclamation as follows:

C A N A D A .GEORGE tho F IF T H , by the Grace o f God, o f tho United Kingdom o f

Great Britain and Ireland and o f tho British Dominions beyond tho Seas, King, Defender o f tho Faith, Emperor o f India.

To All to Whom These Presents Shall Come, or Whom the Same Mav in Any- wise Concern— Qreeting:

A PR O C L A M A T IO N .E . L . N E W C O M B E , Deputy Minister of Justice, Canada.

Whoreas in and by section 4 o f the Act o f Parliament o f Canada, passed in tho fourth and fifth years o f Our Rolgn, and intituled "A n Act to Conserve the Commercial and Financial Interests o f Canada,” it is provided among other things that In case o f war, roal or approhonded, and in case o f any real or apprehended financial crisis, Our Governor in Council may, by Proclamation published in tho Canada “ Gazette,” authorlzo tho several chartered banks to issue excess circulation from and including tho first day o f March to and including the last day o f August noxt onsuing, or during any part o f such period, to amounts not exceeding 15% o f tho com bined unimpaired capital and rost or reserved fund o f their respective banks; as stated in their respective statutory monthly returns to the Minister o f Finance o f Canada, for tho month immediately precoding that in which tho additional amount is issuod—

N ow Know Y e that by and with tho advice o f Our Privy Council for Canada W o do by these prosents proclaim and direct tho sovoral chartered banks be authorized to issue excess circulation as In tho said A ct defined from and including tho first day o f March 1918, to and including tho last day o f August 1918.

O f all which Our loving subjects and all others whom thoso presents may concern, are hereby required to tako notlco and to govern themselves accordingly.

In Testimony W hereof, W e have caused theso Our Letters to bo made Patent, and tho Great Soal o f Canada to bo hereunto affixed. Witness: Our Right Trusty and Right Entirely Beloved Cousin and Counsellor, Victor Christian William, Duke ot Devonshire, Marquess o f Hartington, Earl o f Devonshire, Earl o f Burlington, Baron Cavondish o f Ilardwicko, Baron Cavendish o f Keighley, Knight o f Our M ost Nobio Ordor o f the Garter; One o f Our M ost Honorable Privy Council; Knight Grand Cross o f Gur M ost Distinguished Order o f Saint Michael and Saint George; Knight Grand Cross o f Our Royal Victorian Order; Governor Gonoral and Gom- mander-in-Chief o f Our Dominion o f Canada.

A t Our Government House, in Our C ity o f Ottawa, this twentieth day o f February, In tho year o f Our Lord one thousand nine hundred and eighteen, and in the eighth year o f Our Rolgn,

, By command,i r i - -V;j J TH OM AS M U L V E Y , Undersecretary of State

; . i JAPAN’S INCREASING GOLD SPECIE.In advices to the Department of Commorce at Washing

ton (made public by the latter on April 11) Consul-General George H . Scidmore at Yokohama reports:

Japan’s gold specie continues to increase, according to figures published In tho Japan "Chroniclo." Tho latest returns published by tho Financo Department give the total as 1.064,000.000 yen ($529,872,000) on March 15 . 456,000.000 yen ($227,088,000) being held at homo and 608.000,000 yen ($302,784.000» abroad. Compared with tho flguros for tho end o f February last, the portion held at homo shows a decreaso o f 1 ,000.000 yon ($498,000), but an increase o f 9,000.000 yen ($4,482,000) is shown in the portion hold abroad, or an increase o f 8,000,000 yen ($3,984,000) in the total. .

NE GUATEMALA LOAN.According to Associated Pross advices from Guatemala

City, April 13, the National Assembly of Ouatomala has passed a bill authorizing the Government to float a loan up *o $30,000,000.


A p r . 20 1918.] THE CHRONICLE 1631OPENING OF FOREIGN TRADE BANKING

CORPORA TION.Tlio opening of the now Foreign Trade Banking Com

pany, styled “America’s Pioneer Discount Bank,” occurred on Monday last, April 15. As heretofore announced it has been formed under tho presidency of George A . Gaston, of Gaston, Williams & Wigmoro, Inc.; M ax M ay is managing Director and William T . Law Secretary. Tho corporation has a capital of $2,000,000 and surplus of $200,000; it is located at 35 Wall Street.

A. 0. CORBIN ON “ THE RUSSIAN BANKING SITUATION AND ITS MEANING TO THE

WORLD AT TIIE MOMENT . ”

In an address under tho above title, delivered by A . O. Corbin, Head of the Foreign Department of A . B . Leach & C o., Inc., New York, at tho Fifth National Foreign Trade Convention at Cincinnati, on April 18, M r. Corbin stated that he was in Russia during tho days of tho revolution from March till October, that ho had travelled through Russia proper and through Siberia, and tried to understand tho Russians and the Russian situation by close observation, and by trying to livo with tho people, and sharo their troubles. As to his viows thereby developed ho said:

I lmvo studied the Russians and I admiro them: as a peoplo I have found them honest and sincere; as individuals, often exceptionally ablo.

And if I am glad to he here to-night, it is because o f tho opportunity given mo to stand up for Russia, and to bo ablo o say to you: “ This is tho timo to talco tho helm and to help Russia.”

Out o f tho present chaos o f tho revolution will como tho rebirth o f tho Russian nation; out o f the present state o f despondency will ariso tho stato o f exultation; out o f the present suffering will emerge tho futuro leaders o f tho country, her captains o f commerce and industry.

Tills m ay seem a bold statement, but it is an opinion shared by many a man soundly informed on the situation to-day. 1 myself, for instanco, know o f a groat deal o f American money ready for investment in Russia, and I also know or a great deal o f Russian money on deposit in Now York anxiously awaiting tho opportune moment to seek employment in Russia. I could mention right now tho name o f one o f Russia's ablest financiers who has on deposit in New York $1,000,000 and is watching tho Russian situation from day to day. . . .

When considering Russia, we find that country in a very peculiar and very spocial position, closely resembling tho United States o f tho period when foreign money began to pour into this country.

Russia requires the same flow o f money, tho samo gradual development, tho samo expansion of foreign trado, and tho samo Improvement o f her trado balanco, but she also wants this in the samo unselfish, tho samo sonsiblo, tho samo courteous way In which America received her money from abroad, and abovo all she want- to continue exercising control o f her own affairs. America for tho Americans; Russia for tho Russians. Russia wants no interference, but she i looking for co-operation, co-operation to help her develop hor wonderfully fertile plains, in order to bring forth tho rebirth o f her splendid nation; co-operation to work tho untold hidden treasures o f her soli, and above all. co-operation to help her re-establish her monetary system, in order to help her uphold her traditionally sound credit.

W ho should come forward to her call, If not America?First o f all, Russia to the United States o f America has always boon tho

country o f unlimited possibilities: American capital, brains and foresight, breadth o f vision and creative genius, American business methods adapted to Russian conditions and American organization can work miracles In that undeveloped and wonderful country, so Immensely rich in productive forces, so boundless in extont, so amply supplied with brains and healthy and over increasing labor.

Russia has scarcely been touched: her industrial development Is only In its infancy. . . . Though twice tho sizo o f tho United States sho has only ono milo o f railroad where we have ton. . . .

But thoro is a second reason why the United States should endeavor to Join hands with the Russian people.

Tho proper development of Russia’s resources is a vast undertaking America Is tho logical leader for tills great undertaking, and with Amorica will go Groat Britain and France, together with our other allies. In other words, Russia to-day presents opportunities. In which all tho rcspoctablo and respected Governments now linod up should participate, bocauso an undertaking o f such magnitude Is o f tho greatest importance not only commercially, but even more so politically.

And thero is one way which leads to that goal— . . . only one way. It Is tho way to tho heart and arteries o f Russia; it Is tho appreciation o f tho immodlato, urgont and absolute necessity for closo American co-operation with tho entire chain o f commercial banks In Russia with a view o f preventing a German commercial control o f Russia, a danger greater than porhaps Is generally realized.

Tho banking situation In Russia differs in substance from that In any other country. The reasons for this lie In tho fact that by far tho greater * part o f tho industry N under coni rol o f tho banks.

To-day wo see the Russian banks in control o f many railways, o f Iron and stool, grain, coal, oil. sugar, cotton, silver, platinum and other industries, and consequently tho banks really control tho entiro Russian situation.

A great part o f the problem o f Russia to-day, centres around tho banks and commercial co-operation with Russia, with all Its economic and political consequences will have to be won from Germany with dollars, just as much as battles havo to be won with men and metal.

Ono should never lose sight o f tho fact that Germany undoubtedly has in’ view commercial gains consisting o f tho capturo o f tho foreign markets and chiefly tho Russian markets. Is it only militarism we aro facing, or also tho aggression of the German banks and Industries? Will Germany, dofeated In military sense, remain aggressive commercially? W o hope not, but wo can prevent a good doal by being prepared. Wo aro not out to control Russia; we only want to help and to co-operate, and to do this effectively thoro seems to bo only one ono thing that can bo done: and we can do it.

W o should become sufficiently Interested in tho Russian banks and industries to make It Impossible for Germany onco and forever to bring Russia under her financial, commercial and political control.

Through becoming interested in the Russian banks and industries, we would not only become the commercial co-operators with Russia, the sixth part o f the universe, but we would also give new impulse to Russian industry, and through that find employment for Russia’s billions which aro now lying idle in the banks.

Once we come to a basis o f real co-operation and real understanding with Russa— a co-operation which would bo heartily welcomed by tho Russian financial and industrial interests— wo would havo helped that splendid country in the way o f which she is so fully worthy.

Whore such an ideal can be realized, and that where such an important link can be wrought in the chain for world peaco. it would bo an omission not to take immediate action and not to appoint without any delay a committee to make a thorough study o f the question which I have tried to outline in this paper. And I believe that it would be up to tho National Foreign Trado Council to do this and to take stops in this direction, without any hesitation, without any fear and without any delay.

SENATE PASSES BILL PROVIDING FOR MELTING OF SILVER DOLLARS.

Tho Pittman Bill, providing for the melting of silver dollars into bullion, to be used in meeting foreign trade balances, was passed by the Senate on April 18. Originally it was proposed to retire 250,000,000 silver dollars for tho purpose, but the Senate Banking and Currency Committee on Apr. 16 in deciding to report the bill favorably, also decided to amend it so as to provide for the withdrawal of $350,000,000 from tho Treasury, for melting, instead of $250,000,000. Tho bill was approved by the Committee, after Director of tho M int Baker, Assistant Secretary Leffingwell of the Treasury; Governor Harding of the Federal Reservo Board, and Oscar Straus of New York had appeared before the committee and urged prompt action as a war measure. The bill provides that as the silver dollars aro withdrawn from tho Treasury, the Secretary shall also withdraw an equal amount of certificates to be replaced by Federal Reserve bank notes. To replace silver dollars the Director of the Mint would be authorized to purchase silver at the rate of $1 an ounco, which supporters of the bill declare will have tho effect of stabilizing tho silver market as well as stimulating production. The text of the bill, and a letter from Secretary of the Treasury McAdoo to Senator Pittman supporting the measure, was given in these columns last week, page 1513. A now section (No. 9) has since been added to the bill; this is referred to in the report on the measure made by Senator Owen, Chairman of the Senate Committee on Banking and Currency, in which he said:

Tho bill authorizes the Secretary o f the 'I'reasury to melt 350,000.000 standard silver dollars and use the same as a means o f settling our trade balanco adverse to the United States, and thereby conserve tho gold supply o f tho United States and for the purposes otherwise named. The sliver so used It to bo valued at not less than $1 per ounco, upon terms to be established by the Treasury Department It authorizes the Treasury Department to buy silver at $1 per ounce to restore the amount o f silver dollars melted up.

Section 3 o f the Act authorizes tho silver bullion obtained from melting the dollars to be used for tho purpose o f the Act, and to set apart any portion o f such silver required to the use o f the director o f the M int for subsidiary coinage.

Section 4 authorizes the Secretary of the Treasury to reimburse the Treasurer o f the United States for the difference between the face value o f tho sliver dollars taken and tho bullion value o f such dollars. In other words, to balanco tho accounts or the Treasurer o f tho United States as to tho seigniorage on such dollars which would reappear when hereafter such silver is rominted.

Section 5 authorizes the Reserve Board to require the Reserve banks to Issuo bank notes o f small denominations to take the place o f silver eer- tlficatos, basing such bank nous on United States certificates o f Indebtedness or on ono-yoar gold notes, and |>erinittlng the extension o f such notes or certificates for tho convenience o f the transaction o f this business.

Soctlon fl requires the retirement o f the Federal Reserve bank notes so issued when the now sliver certificates shall have been Issued agalnfit sllvor dollars so coined.

Soctlon 7 allows tho Federal Reserve bank tho samo earning upon the Issuance o f these bank notes which are otherwise provided In tho National Bank Act.

Section 9 is added In order to enable the United States to acquire the silver nocessary to restore that which Is temporarily withdrawn for the purposes o f the Act. If tho war should suddenly terminate, it would be necessary to continue the (’resident's power to Issue licensee on tho export o f sliver until the Government Is safeguarded.

This bill has been prepared with great care by the officials o f the Treasury Department and meets with the approval o f your Committee, who recommend Its Immediate passage, as there Is at present a very urgent domand for tho use o f this metallic silver

Undor tho Espionage Bill, title 7. as approved June 15 1917, the President was authorized to control exports under Section 1. But this was only during tho war and not after the war.

Tho Act to punish Trading With tho Enemy, approved Oct. 6 1917, undor Section 5, paragraph B. authorized the President to control by license tho exporting or ear marking o f gold or silver, but this also was an Act which contemplated Its exercise during the war. For these reasons Section 9 Is justified.

Tho Now York “ Times” of yesterday (April 19) quoted Senator Owen as saying:

India Is demanding silver. We need $50,000,000 alone to take care o f our juto trade with that country. The.silver we are to use is lying unemployed, as dead metal, in the Treasury. It would become the basis o f Federal Reservo notes and would not interfere with the value o f our gold, but would ease tho financial strain.

The following is likewise from the “ Times” of yesterday:Sonator Thomas pointed out that the Federal Reserve notes would be

interest-bearing, while the silver certificates do not bear interest. He doubted tho financial advantage o f such a scheme.



Senator Owen said the interest rate to be charged on the Federal Reservo notes would bo only a little over 2 % , or 3% at the m ost. The bill, the Senator went on, would stabilize tho silver market and encourage production. He thought the miners ought to be guaranteed an advantageous price.

Senator Pittman said silver producers were anxious to have the price fixed.

“ M en who own tho mines don ’t want to take chances on tho price they are going to get for the sliver,” he said, “ i f we dump 350,000,000 silver dollars on our market, and don ’t have a fixed price for it wo are doing a foolish thing with our financial stability.”

"B u t .this money Is going to India they tell us,” interposed Senator Thomas. “ They will keep it In India ."

A l t h o u g h t h e b i l l w o u l d f i x a t $ 1 a n o u n c e t h e p r i c e t o b e

p a i d f o r s i l v e r t o b e u s e d i n r e p l a c i n g t h e m o n e y t a k e n f r o m

t h e T r e a s u r y , S e n a t o r S m o o t , o f U t a h , i s s a i d t o h a v e s t a t e d

t h a t t h e m e a s u r e w o u l d b e o f n o a d v a n t a g e t o W e s t e r n s i l v e r

p r o d u c e r s . T h e y w o u l d p r e f e r , h e s a i d , t o h a v e s i l v e r

f o l l o w i t s n a t u r a l c o u r s e , b u t , r e a l i z i n g t h e s t e p p r o p o s e d b y

t h e G o v e r n m e n t i s a b s o l u t e l y n e c e s s a r y , t h e y a r e w i l l i n g

t o s a c r i f i c e t h e i r s e l f i s h i n t e r e s t s a n d m e e t t h e s i t u a t i o n

p a t r i o t i c a l l y . S h o u l d t h e G o v e r n m e n t f o l l o w a “ h a n d s - o f f ”

p o l i c y , S e n a t o r S m o o t s a i d , t h o p r i c e w o u l d a d v a n c e t o

S I 2 9 a n o u n c e . H e a l s o s a i d :

The United States is in no shape to allow the export o f Its gold and neither are our allies. All they have got, they must keep. Although wo have one-fourth o f the gold in tho world, we have none too much.

NATIONAL BANK HOLDINGS OF FOREIGN GOVERNMENT BONDS.

A s t a t e m e n t c o n c e r n i n g t h e h o l d i n g s b y n a t i o n a l b a n k s

o f b o n d s o f f o r e i g n G o v e r n m e n t s w a s i s s u e d a s f o l l o w s ,

u n d e r d a t e o f M a r c h 9 , b y C o m p t r o l l e r o f t h e C u r r e n c y

J o h n S k e l t o n W i l l i a m s :

The reports o f condition for D ec. 31 1917 show that the total amount o f bonds o f foreign Governments held by the national banks o f the country on the date named was $280,053,308, o f which only $709,613 were bonds o f the German-Austrlan Governments. Other foreign securities held by tho national banks on the same date aggregated S69,990,853, making total o f all foreign securities $350,644,161, against $297,236,000 foreign securities held N ov. 17 1916 and $158,500,000 on M ay 1 1916.

Of tho total amount o f foreign Government bonds owned, $20,603,338 were held b y national banks In tho New England States: $182,854,947 by national banks in the Eastern States; $15,294,128 in the Southern States; $42,057,311 in tho M iddle States; $8,101,292 in the Western States; and $11,742,292 In the Pacific States.

The banks o f tho Central Reserve cities owned $99,549,562 foreign G overnment bonds. National banks In other Reserve cities hold $59,488,751, whllo the amount held by all country banks was $121,614,995.

Tho State in which tho country banks hold the largest amount o f foreign Government bonds was Pennsylvania— $31,260,866. Country banks in New York State came next with $23,701,435, followed by New Jersey with $8,312,698, Ohio with $7,719,036, Massachusetts with $5,898,144, Michigan with $4,266,262, Virginia $3,411,536, Connecticut $3,305,188. In no other Stato did tho amount o f foreign Government bonds held by country national banks amount to as much as $3,000,000.

PAR CHECK COLLECTION OPERATIONS OF FEDERAL RESERVE BANK OF NEW YORK.

F r o m t h e “ W a l l S t r e e t J o u r n a l , ” M a r c h 1 4 , w e t a k e t h e

f o l l o w i n g c o n c e r n i n g t h e v o l u m e o f t h e c h e c k c o l l e c t i o n

o p e r a t i o n s o f t h e F e d e r a l R e s e r v e B a n k o f N e w Y o r k :

The N ew York Federal Reserve Bank is handling on an average about70,000 checks a day In Its collection department. A few days ago it attained tho record o f within a- score or m oro checks o f 100,000 in one day. Last summer Its average daily collections was about 40,000.

Par collection o f checks, which presented so many formidable obstacles a few yoars ago, has arrived at a stage where further progress will be slow. Generally speaking, par collection Is an accomplished fact. It obtains throughout the national banking system, with those Stato banks which are members o f the Federal Reservo system, numbering in all about 8,000, and certain Stato Institutions which havo agreed to remit at par. Altogether thero are about 10,600 banks which are on tho par list throughout tho country, that is, that remit at par for chocks on them sent from anywhere In the country.

But this is not the full extent o f the par collection system. In certain districts tho Federal Reserve banks have placed upon tho par list overy bank situated in the district, member as well as non-momber, including such Institutions as have not agreed to remit at par. Now York Reserve Bank, for instance, has done so. H ero the bank undertakes to give par for all checks turned in for collection, drawn on banks situated within the district.

This means that In the case o f certain State institutions that havo refused to remit at par. 1. o ., that remit against tholr own checks at less than 100 cents on tho dollar, the Federal Resorvo Bank undertakes the expense o f collection. Where there is no mombor available to present checks for payment over the counter for it, the Federal Reservo bank collects the checks by express. In paying a check over Its counter a bank cannot but pay in full.

In the case o f tho New York Federal Reserve par collection system , It was no difficult matter to bring this about. But In the case o f the New York district there was a good deal o f opposition at first on the part o f certain State institutions which hold out for tholr former exchange charges. Considerable progress, howover, has beon made In recent months toward bringing them Into line. When the Federal Reserve Bank announced a year ago that it was prepared to accept all chocks in this district at par, there were some 114 points whore collection had to be made by express; now thero are only 74 points. But this is no concern o f the public; the Reserve Bank Incurs tho express cost and the depositor does not know Which is a par point and which is not in this State.

Par checks mean that tho depositor will rocelve 100 cents on the dollar for the amount. That incidental cost and the element o f time have not yet been altogether overcome is Indicated by the fact that a small chargo is made to the depositor for out-of-town collections and credit Is given for checks drawn upon distant points or zones only after the lapse o f a certain

number o f days. Tho charge is infinitesimal, in somo districts only one cent for each Item and in somo one and a half cents. This charge covers tho cost o f postage, since a large number o f checks on some points can be sent under one cover.

The day schedule by zones differs according to tho Federal Resorvo district. In New York the schedule extends from immediate credit for checks upon New Y ork to eight days for points far west and on the Pacific coast. W hile chocks on remote points m ay bo collected at par, tho depositor must wait until the proceeds becom e available to the Federal Reserve Bank beforo receiving credit therefor.

Just what will be done In regard to those institutions that refuso to remit at par, In order to bring about a universal par system, is a problem still before the Federal Reserve Board. The amendment to tho Federal Reserve A ct passed last Juno sought to regulate this matter b y permitting member or non-member banks to mako an exchango chargo for collection, not to exceed l-10th o f 1 % , but not against tho Federal Reserve banks. Tho question whother this can bo made to apply to non-member banks has been placed by the Federal Reserve Board in the hands o f the Attorney- General for an opinion.

W h a t t h e F e d e r a l R e s e r v e B o a r d h a d t o s a y a b o u t p a r

c h e c k c o l l e c t i o n i n i t s a n n u a l r o p o r t w i l l b e f o u n d i n o u r

r e p r i n t o f t h e r e p o r t i n o u r i s s u e o f J a n . 2 6 , p a g e 3 4 4 .

EXTENT OF FARM LAND DEBTS IN U. S — CONVENTION OF FARM MORTGAGE BANKERS.

T h e F a r m M o r t g a g e B a n k e r s ’ A s s o c i a t i o n a n n o u n c e s t h a t

e v e r y m i n u t e o f t h e d a y a n d n i g h t $ 4 1 8 5 6 i n i n t e r e s t a c

c r u e s o n - f a r m l a n d d e b t s i n t h e U n i t e d S t a t e s . I t s s t a t e

m e n t c o n t a i n s t h e f o l l o w i n g f u r t h e r i n f o r m a t i o n :

This is $25,114 13 every hour or it Is $602,739 72 overy day. This Is for overy day in tho year, not excepting Sunday or holidays.

That is the amount estimated as paid as interest on land mortgages by tho farmers o f the United States. This dally payment would make $220,000,000 in a year, the annual Interest on $4,000,000,000 at tho rato o f 514 % .

According to statistics compiled from tho consus department and other sources by tho Farm M ortgage Bankers’ Association o f America which has its general office in Chicago, tho total amount o f farm mortgages in tho United States is four billion dollars. As mortgages aro usually made for a period o f fivo years an avorago o f ono-fifth o f four billion dollars or $800,000,000 comes duo to bo paid or renewed annually. Thoso paid and retired are moro than balanced by now ones issued. Tho consus o f 1910 shows that there wero in this country 1,350,000 mortgaged farms.

Investigation proves that farm mortgages aro not evidences o f poverty. They merely represent borrowed working capital. Iowa and Wisconsin are conceded to bo among tho leading prosperous farming States and In both over 51% o f tho farms wero mortgaged in 1910. Tho avorago merchant or manufacturer does business largely on borrowed capital carried on short time bank notes. The farmer borrows his working capital on long time by using his farm as security and is not subject to tho samo anxieties as tho merchant whose obligations usually mature in sixty or ninety days.

“ T h e s e s t a r t l i n g f i g u r e s , ” t h e s t a t e m e n t a d d s , “ s h o w t h e

n e e d o f t h o m o s t c a r e f u l m a n a g e m e n t o f t h i s i m m e n s e b u s i

n e s s . ” I n c i d e n t a l l y i t i s n o t e d t h e F a r m M o r t g a g e B a n k

e r s ’ A s s o c i a t i o n w i l l h o l d i t s n e x t n a t i o n a l c o n v e n t i o n a t

K a n s a s C i t y o n O c t . 1 , 2 a n d 3 , a t w h i c h m e a s u r e s o f i m

p o r t a n c e t o b o r r o w e r s a n d i n v e s t o r s w i l l b o d i s c u s s e d .

ESTABLISHMENT OF SALT LAKE BRANCH OF FEDERAL RESERVE BANK OF SAN FRANCISCO.

T h o e s t a b l i s h m e n t a t S a l t L a k o C i t y o f a b r a n c h o f t h e

F e d e r a l R e s e r v e B a n k a t S a n F r a n c i s c o h a s b e e n a u t h o r i z e d

b y t h e F e d e r a l R e s e r v e B o a r d . T h o t e r r i t o r y o f t h e n o w

b r a n c h w i l l e m b r a c o U t a h a n d S o u t h e r n I d a h o . T h o f o l l o w

i n g a r e t h e d i r e c t o r s o f t h e n o w b r a n c h :

L . H . Farnsworth (o f W alker Bros., bankers) and R . T . Badger o f Salt Lake C ity and W . A . D ay o f San Francisco, representing tho San Francisco Bank, and Joseph L . Rawlins o f Salt Lako C ity, and O . G . Wright o f Idaho Falls, representing tho Federal Reserve Board.

I n r e f e r r i n g t o t h o e s t a b l i s h m e n t o f F e d e r a l R e s e r v e

b r a n c h e s a t E l P a s o ( m e n t i o n e d i n o u r i s s u o o f A p r i l 6 ) a n d

S a l t L a k e C i t y , t h o F e d e r a l R e s e r v e “ B u l l e t i n ” s t a t e s t h a t

t h e E l P a s o b r a n c h i s t h e f i r s t t o b o e s t a b l i s h e d i n t h o D a l l a s

D i s t r i c t , w h i l e t h e S a l t L a k e b r a n c h i s t h o f o u r t h t o b e

e s t a b l i s h e d i n t h e S a n F r a n c i s c o D i s t r i c t . T h o o t h e r

b r a n c h e s i n t h e S a n F r a n c i s c o D i s t r i c t a r e l o c a t e d a t S p o k a n e ,

S e a t t l e a n d P o r t l a n d .

A l t o g e t h e r , t h o R e s e r v e “ B u l l e t i n ” s t a t e s , t h o t o t a l n u m b e r

o f b r a n c h e s e i t h e r a c t u a l l y o p e n e d o r s h o r t l y t o b o o r g a n i z e d

b y t h e d i f f e r e n t R e s e r v e b a n k s i s 1 3 .

RICHMOND RESERVE BANK DISCONTINUES DISCOUNTS UNDER REPURCHASE AGREEMENT.

T h e F e d e r a l R e s e r v e B a n k o f R i c h m o n d , t h r o u g h G o v e r n o r

G e o r g e J . S e a y , h a s s e n t t o m e m b e r b a n k s u n d e r d a t e o f A p r i l

1 5 t h e f o l l o w i n g c i r c u l a r , a n n o u n c i n g t h a t d i s c o u n t s u n d e r r e

p u r c h a s e a g r e e m e n t s w i l l b e d i s c o n t i n u e d i n v i e w o f t h e r e

m o v a l o f t h o s t a m p t a x o n p r o m i s s o r y n o t e s s e o u r o d b y L i b

e r t y b o n d s :

To Member Banka:n Tho repurchase agreement, or form o f short-timo advanco to member banks, in liou o f tho 15-day collateral note, was dovlscd principally for tho purposo o f relieving banks o f the stamp tax on obligations socurod by customers’ notes givon for tho purchaso o f Llborty bonds. This tax was abolished as o f April 6 1918.

(1) M em ber banks’ collateral notos secured by Liberty Loan bonds or United States certificates o f Indebtedness; or


Apr. 20 1918.] THE CHRONICLE 1633(2) Customers’ notes secured by Liberty bonds, or United States cer

tificates o f indebtedness; or(3) M ember banks’ collateral notes secured by customers’ notes so se

cured; do not now require revenue stamps.The disadvantages to tills bank o f the repurchase agreement are o f such

a serious practical nature that we feel compelled to discontinue this form o f discounting. Therefore on and after April 18 no rediscounts will bo mado under a repurchase agreement, and member banks’ collateral notes as provided in the A ct will have to be used.

Mem ber banks’ collateral notes, unless secured by Government obligations as above specified, will have to be stamped. You will please affix the required stamp whenever it Is possible for you to obtain them.

t o reduce the minimum for public utility and industrial issues considered by it from 8500,000 to $100,000.

During the week ended April 4 , the committee gave final disposition to 20 applications, aggregating 817,339,000, of which $1,050,000 were disapproved and $16,287,000 were approved. As the latter figure included $2,581,000 of approved issues representing refunding obligations, the aggregate of new issues approved was $13,706,000, as against $66,736,000 of now issues for the same period last year.

CAPITAL ISSUES COMMITTEE TO CONSULT U S..EMPLOYMENT SERVICE WITH REGARD TO

APPLICATIONS AFFECTING LABOR.In making known plans for the co-operation between tho

Capital Issues Committee of the Federal Reserve Board and tho United States Employment Service, tho committee recently announced that it had arranged to seek the advice of the Employment service before acting upon any application for tho issue of securities where the approval or disapproval would affect seriously labor conditions. Tho committee’s announcement, mado on April 7, was as follows:

Tho problem o f making Available to tho Government to tho greatost possible dogroo capital, labor, material and transportation, moans creating a surplus o f cacli o f these elements so vital to our national needs at this timo. The creation o f a surplus o f labor necessarily involves tho creation o f a short period o f temporary unemployment, during which labor disengaged from unessential industry may bo diverted to essential Industry.

T o minimizo any hardship upon labor arising from tho creation o f this unavoidable hiatus is tho chief concern o f all. Tho Capital Issues Com mittee is closoly studying tho problem from this point of viow, as it is anxious that its operations should not croate idlonoss any faster than the demand for labor can counteract. For this purposo a conference took place this week between the Capital Issues Committee, M r. John B . Donsmoro, Director o f tho United States Employment Service, and M r. Frank M orrison o f tho American Federation o f Labor. A plan was adopted under Which tho committee, before acting upon any application for tho issue o f securities tho approval or disapproval o f which would affect seriously labor conditions, will seek tho advice o f tho United States Employment Service, woso successful efforts to secure a scientific distribution o f labor fitted to prevailing conditions arc heartily supported by tho American Federation o f l abor. _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

CREDITS ESTABLISHED AND LOANS MADE BY U. S.-REIGN GOVERNMENTS. ........................... .................

Tho following tabulation of credits established and loans mado to foreign Governments by _tho^Uni ted States up to and including' A p r i li l l9 1 8 (under the Acts of'April 21 1917, Sept.' 21 1917 and Aprif"4 1918)” wits made public by the ’Preasury Department on April 13:

CreditsCountry— Established.

Belgium______ - _______________ 8104,600,000Cuba 15,000,000Franco” ” ” ............................. 1,565.000.000Great Britain_________________ 2,720,000,000Italy 550,000,000Russia " _____________ 325,000,000S e rb ia ............................................ 6,000,000

■ T o ta ls ........................................5,285,600,000, 4,835,329,750 450,270,250• . . . ••

; Note.— In addition to the abovo, a credit o f 250.000,000 francs, or approximately $44,000,000, in favor o f tho Greek Government has been agreed to but not yet formally established, and a credit o f 86,666,666 was arranged in favor o f the Roumanian Government, tho precise status o f which and tho drafts theroundcr is not definitely determined.

APPLICATIONS PASSED ON BY CAPITAL ISSUES “ COMMITTEE LAST WEEK-COMMITTEE TO CON--------------- ----TINUE PENDING NEW~APPOINTMENTS.' " ‘

The approval last week by tho Capital Issues Committee of"lhe Federal Reserve Board of applications a g g r e g a t i n g

s:(;i>;s7,6?)0 and the disapproy.qj_of__applications tola I ing $21,049,000 is announced Tn the following s t a t e m e n t m a d e

public by tho committee on April 15:In answer to questions raised from several quarters, tho Capital Issues

Committee o f the Federal Rcscrvo Board mado it clear to-day that, pending tho appointment by tho President o f tho new committee, tho work o f tho old committoo would proceed on tho same lines as heretofore, and that applications for tho issue o f securities should bo addressed to it.

The Chicago Stock Exchange has sent to the committoo a copy o f its resolution as follows: I “ >~'''Rcsolted, That tho Committee on Stock List will requiro as a condition to tho listing o f anv now capital issues tho presentation o f the approval o f tho Capital Issues Committee o f the Federal Reservo B oard.”

During tho week just passed, tho committee disposed o f twenty-eight applications, aggregating 854,936,000, o f which $21,049,000 were disapproved. Tho $33,887,000 approved included 8364.000 o f refunding obligations, so that tho new issues aggregated $33,023,000. Now issues for tho corresponding period last year amounted to $18,894,000. Tho Increase o f this year over last year is readily accounted for by tho approval this week o f a slnglo issue o f $25,000,000 o f common stock. While tho total Issues approvod is largo, It should bo borno in mind that such approvals have been given with tho understanding that no offering o f securities will bo mado during tho pending Liberty Loan campaign, unless such issues aro for tho spoclal purposo o f meeting obligations or aro othorwiso vitally urgent. Tho committoo will bo guided In its future operations as nearly as possible by tho provisions o f tho W ar Finance Corporation A ct, so that tho operations o f tho subsequent committee and tho present committee will bo as consistent as posslblo for tho timo being. However, tho committoo has not yet decided

Loans Made. $88,400,000

5,000,0001.480.000. 0002.580.000. 000

490.000,000 187.729,750

4,200,000

Dal. Under Established

Credits. $16,200,000

10.000,00085.000. 000

140,000.00060.000. 000

137,270,2501,800,000

NATIONAL BANKS IN EXCEPTIONAL CONDITION TO FLOAT THIRD LIBERTY LOAN.

In a statement issued under date of April 15, Comptroller of tlio Currency John Skelton Williams reports that the national banks were never in hotter position to assist in the placing of a groat Government loan than they are at this time, their total resources, it is stated, now amounting to about $2,000,000,000 in excess of what they were when the First Liberty Loan was offered. The announcement also contains the statement that the people of tho country have bought and paid for over $5,000,000,000 of Liberty bonds, exclusive of all bonds owned by national banks or bonds upon which national banks aro lending money. W e give the statement in full herewith:

The opening o f tho Third Liberty Loan finds the national banks o f the country splendidly prepared to play a big part in making this loan a success.

The subscriptions which were sent in by tho national banks o f the country to tho First and Second Liberty Loans for themselves and for their customers aggregated the vast sum o f $4,175,000,000; and there were allotted to tho national banks on the subscriptions thus sent in by them a total o f $3,090,000,000 o f bonds o f tho First and Second Liberty issues. These huge subscriptions were practically paid In full many weeks ago.

On March 5 1917 the total deposits o f the national banks of the country amounted to S12,957,000,000. Since that date the Secretary of the Treasury has sold and collected for $5,808,000,000 o f Liberty bonds, o f which sum nearly three-fifths were taken by tho national banks o f the country and their customers.

Anti yet after making settlements for these huge investments the reports o f tho national banks for March 4 1918, show that their deposits were not only not diminished on account o f withdrawals to pay for Liberty bonds, but tho national banks show in the period from March 5 1917 to March 4 1918 an actual increase in deposits o f 81,480,589,000.

Tho total resources o f the national banks between March 5 1917 and March 4 1918 increased $2,035,789,000, and amounted on the latter date to $18,014,911,000.

The deposits o f the national banks on March 4 1918 show very little change as compared with Dec. 31 1917, there being a total reduction of $6,920,000 In deposits; but loans and discounts in tho same period show a reduction o f $251,611,000.

The national banks were never in a better position to assist in the placing o f a great Government loan than they aro at this timo. Their total resources arc now about $2,000,000,000 In excess o f what they wero when the First Liberty Loan was offered in the summer o f 1917: and tho records show that tho great bulk o f Liberty bonds which these banks placed have passed on to permanent Investors and to customers who have been able to pay for their bonds and carry them without finding it necessary to borrow money upon them.

Tho national banks report that on March 4 1918 the total amount of 344% Liberty bonds held by them amounted to only $86,577,000. The total amount o f 4% Liberty bonds owned by them on the same date was $347,161,000, making the total amount o f Liberty 344% and 4% bonds owned by national banks $433,738,000. which Is only about 7% of the total o f Liberty bonds issued to date.

Tho amount o f money loaned by national banks on tho 344% and 4% Liberty bonds was reported on March 4 1918 at $299,684,000. Tho amount o f Liberty bonds owned by the national banks o f the country plus the money which they are lending on Liberty bonds is, therefore, only $733,422,000.

Tho Government has in the past twelve months sold and collected for $5,808,000,000 o f Liberty bonds. W o, therefore, find that the people o f the country have bought and paid for over $5,000,000,000 o f Liberty bonds, cxclusicc o f all bonds owned by national banks or bonds upon which national banks aro lending money. Except in so far as the holders o f some of these bonds may bo borrowing on them from State banks or trust companies or elsewhere, this great sum may now be regarded as held for Investment.

It is a tribute to the solidity and a powerful evidence of the success o f our banking system that these gigantic transactions have been carried through without creating the slightest flurry or derangement in tho money market. Dosplto the largo withdrawals which were necessary in order to pay for the new Liberty bond issues, the deposits o f tho national banks actually Increased as compared with their deposits made prior to the offering o f the First Liberty Loan, about a billion and a half dollars, as shown by their sworn reports o f March 4 1918. while total resources as shown abovo aro nearly two billion dollars greater.

In addition to tho investments by national banks in tho 344% and 4% Liberty bonds these banks also held on March 4 1918 United States certificates o f indebtedness aggregating $876,917,000, which the banks can largely utilize, if they should care to do so, in making subserpitions for themselves and their customers to the Third Liberty Loap.

NATIONAL BANK CHARTERS AND CAPITAL INCREASES IN MARCH.

Tito applications for charters for new national banks during March numbered 38, with a capital of $1,650,000, as compared with 33 applications in March 1917, with a capital of $1,305,000. The statement issued by the Comptroller of tho Currency on April 8, reporting this, gives the following further information regarding charters granted, liquidations, &c.:

Charters Granted.In tho month o f March 1918, 12 charters were granted, capital $600,

000,000 as compared with 11 charters granted during tho same month in 1917, with capital o f $850,000.


1634 THE CHRONICLE ! Vol. 106.

Capital Increases.In this month o f 1918, 24 national banks Incroasod their capital stock

In the sum o f $1,415,000, against 19 banks increasing their capital by $989,990, during the samo month In 1917.

Capital Reductions.Thero wero no reductions o f capital in March 1918, nor wero thero any

during tho samo month last year.Liquidations.

Four national banks went into voluntary liquidation (exclusive o f thoso consolidating with other national banks) during March 1918, their aggregate capital being $700,000, as compared with 11 such banks liquidating during tho samo month in 1917, with an aggregate capital o f $1,500,000.

Charters Refused.During tho month o f March 1918, the Comptroller o f tho Currency

refused 2 applications for charters for new national banks. During tho samo month last year charters were refused for 3 now national banks.

N um ber o f N ational Banks.Number o f national banks in operation M ar. 31 1917— 7,000, M ar. 31

1918, 7696.

OFFERING OF SIXTH BLOCK OF TREASURY CERTIFICATES IN ANTICIPATION OF THIRD LIBERTY LOAN.

A new issue of Treasury certificates of indebtedness, acceptable in payment of subscriptions to the Third Liberty Loan, was announced by Secretary of the Treasury McAdoo on April 12. The offering is for a minimum of $500,000,000 of certificates, which will bear dato April 22 and will bo payable July 18. Thoy are tho first offered under tho new Bond Act which becarno a law on April 4. Tho proposed issue is the sixth (and last, it is expected) block of Treasury certificates offered in advance of tho forthcoming Liberty Loan; the previous offerings were $400,000,000 dated Jan. 22; $500,000,000 dated Feb. 8; $500,000,000 dated Feb. 27; minimum of $500,000,000 dated Mar. 20; minimum of $500,000,000 dated April 10. The Feb. 27 certificates were tho first to bear the increased rate of 4 ^ % ; this rate has beon oarried by all tho certificates since issued in anticipation of the Third Liberty Loan. Tho new issue of certificates will be put out in denominations of $500, $1,000, $5,000, $10,000 and $100,000. The following is tho amount of subscriptions which each of the Foderal Reservo banks is authorized to receive for tho issue:

Tho certificates of this issue shall bo exempt both as to principal and interest from all taxation now or hereafter imposed by the United States, any State, or any o f tho possessions o f tho United States, or by any local taxing authority, except:

(a) Estate or inheritance taxes, and(b) Graduated additional income taxos commonly known as surtaxes

and oxceas profits and war profits taxes now or hereafter Imposed by tho United States upon tho income or profits o f individuals, partnerships, associations or corporations.

However, the interest on an amount o f bonds and certificates authorized by said A ct approved Sept. 24 1917, or by said Act as amended by said A ct approved April 4 1918, tho principal o f which does not exceed in tho aggregate $5,000 owned by auy individual, partnership, association or corporation, shall be exempt from the taxes provided for in clause (b) above.

Interim receipts will be issued if necessary pending delivery o f definitive certificates.

Pleaso note that payment may bo made at par and accrued intorcst to date o f payment either by book credit or by check on this bank or other funds available in Now York on tho day o f receipt. If, however, paymont is mado in funds not available on the day o f receipt, remittance should include intorcst to tho date when such funds will become available,

Tho Federal Reserve Bank o f New York, if desired by subscribing banks, v/ill receivo and hold in custody for their account, subject to their order, their certificates o f indebtedness o f this and future issues.

The Secretary of tho Treasury announces that It is expected that this will bo tho last offering o f Treasury certificates of indebtedness in anticipation of tho Third Liberty Loan. On the opposite page is reprinted copy o f announcement authorized by him under date o f Fob. 20 1918 in regard to issues o f certificates o f Indebtedness in anticipation o f tho Third Liberty Loan. [This announcement was printed in opr issuo o f Feb. 23.]

Respectfully,BEN J. STRO N G , Governor.

April 13 1918.Washington dispatches on April 17 made known tho an

nouncement by the Treasury Department that banks desiring to buy Treasury Certificates dated April 22 might pay for them with certificates of tho $400,000,000 block due on that date. To tho oxtent that this transaction is made, tho old issuo, it is stated, will bo refundod.

NEW ISSUE OF TREASURY CERTIFICATES OF INDEBTEDNESS IN ANTICIPATION OF TAXES.

Secretary of tho Treasury McAdoo announced on April 13 that United States Certificates of Indctednoss dated April 15 and maturing June 25 1918, acceptable in paymont of taxos, and identical with tho certificates dated March 15, would bo made available. Wo quoto his announcement herewith:

B o s to n ................................ $35,000,000New York............................ 175,000.000Philadelphia....................... 38.000,000Cleveland..... ........... 46,000.000Richm ond.......................... 18,000.000Atlanta^.............................. 15,000.000

Chicago............... $62,000,000St. L ou is ............................. 23,000,000Minneapolis_____________ 15,000,000Kansas C ity....... ................ 25,000,000D a lla s .. ............... 15,000,000San Francisco_____ ______ 33,000,000

A circular has been issued as follows by the Federal Reserve Bank regarding the new offering:

F E D E R A L RESERVE B A N K OF N EW Y O R K .Offering of a Minimum o f $500,000,000 o f United States Troasury 4>£%

Certificates of Indebtedness.Dated April 22 1918. Duo July 18 1918.

Hear Sirs— Tho Secrotary o f tho Treasury, under authority o f Act approved Sopt. 24 1917, as amended by Act approved April 4 1918, offers for subscription through tho Fedoral Iieservo banks at par and accruod interest from April 22 1918 an offering of a minimum o f *500,000,000 United States Treasury certificates o f indebtedness dated April 22 1918, payablo July 18 1918, with interest at tho rate of 414% per annum.

Upon ton days’ public notice, given hi such manner as may bo determined by tho Secretary o f tho Treasury, this series o f certificates may bo rodeemed as a whole at par and accrued Interest on or aftor M ay 9 1918.

Tho certificates o f this series, whether or not called for redemption, will be acceptod at par with adjustment o f accrued Interest to M ay 9 1918, if tendered on M ay 4 1918 in payment o f tho subscription prico then payablo o f any bonds of tho Third Liberty Loan subscriber! for by and allotted to holder* o f such certificates.

The certificates o f this series, unless called for provious redemption, will bo accepted at par with adjustment o f accrued interest If tendered on July 18 1918 in paymont on tho subscription prico then payable o f any bonds of tile Third Liberty Loan subscribed for by and allotted to holders o f said certificates.

The certificates o f this series will not bo accepted In payment of taxes.The certificates will bo issued in denominations o f $500, $1,000, $5,000,

$10,000 and $100,000 payablo to bearer.Thoy will bo payablo with accrued interest at maturity at tho Troasury

Department, Washington, D . C ., or optional with holders, at tho Federal Reserve banks.

Interest will bo computed for tho oxact number o f days elapsod, on tho basis o f 365 days to tho year.

Subscriptions will be recoived by tho Federal Reserve Bank of Now York up to closo o f business on Thursday, April 25 1918, and certificates will bo allotted in full in tho order o f receipt o f applications, but tho right Is reserved to roject any subscriptions and to allot less than tho amount applied for and to closo tho subscriptions at any time without notice.

Payments for certificates allotted must bo mado to tho Fodoral Reserve Bank o f Now York at par and accrued interest on and aftor April 22 1918, the dato o f issue, until April 25 1918, inclusivo, and must reach tho bank bo- faro 3:Q0 o 'clock p. m. on April 25 1918.

In connection with tho foregoing offering o f certificates o f Indebtedness o f tho United States, the Secretary o f the Treasury announces that qualified depositaries will bo permitted to mako paymont by credit for certificates allotted to thorn for thomselvcs and their customers up to tho umount for which each shall havo qualified in excess o f oxisting deposits when so notified by Federal Reserve Bank.

Also payment for certificates allotted upon this offering may bo made at tho holders’ option In United States Treasury certificates o f indebtedness dated Jan. 22 1918, and maturing April 22 1918, at par with adjustment o f accrued interest.

United States Treasury certificates o f indebtedness dated April 15 1918, maturing June 25 1918, acceptable in payment o f income and excess profits taxes, bearing interest at the rato o f 4% per annum, and in all respects Identical with tho certificates dated March 15 1918, except as to tho date o f Issuo and from which thoy bear interest, will be made available promptly. In tho meanwhile Federal Resorvo banks are authorizod to issue interim receipts calling for definitive Treasury certificates datod April 15, as above. Instead o f certificates dated March 15. This will roliavo subscribers for certificates o f this character o f the necessity o f paying s ) much on account o f accruod interest. Subscriptions for theso certificates at par and accruod interest will bo received by Fedoral Reserve banks, and thoy aro authorizod until further notice to mako allotment in full and receive payment with tho subscription. M ore than SIOO.OOO.OOO o f tho certificates datod March 15 havo beon sold to dato, making tho total amount o f certificates maturing Juno 25 1918 to dato about $1,360,000,000.

Wo also give tho following announcement mado by tho Federal Reserve Bank of Now York regarding this issuo of certificates:

F E D E R A L RESERVE B A N K OF N E W Y O R K .United States 4% Treasury Certificates o f Indebtedness, Maturing Juno

25 1918, Acceptable in Payment o f Income and Excess Profits Taxes, to bo Datod April 15 1918.

A p ril 13, 1918.To the President'. _

Dear Sir— Referring to tho issuo o f 4% Unitod States certificates o f indebtedness dated Jan. 2 1918, duo June 25 1918, which are receivable in paymont o f incomo and excess profits taxos as announco-l in our circular o f Dec. 18 1917, the Secretary o f tho Treasury has announced that, to rcliovc subscribers from the necosslty o f paying so much on account o f accrued interest, thore may now bo obtained from Fodoral Reserve banks certificates identical In all respects with thoso dated Jan. 2, except as to dato o f issue, which will bo April 15 1918, and from which dato thoy will boar interest.

Until further notico subscriptions received in accordance with our circular o f Dec. 18 1917 will be understood to refor to certificates datod April 15 1918. Respectfully yours,

BEN J. STRO N G . Governor.

SUBSCRIPTIONS TO FIFTH BLOCK OF TREASURY CERTIFICATES IN ANTICIPATION OF

THIRD LIBERTY LOAN.In his announcement of April 12 concerning tho now offer

ing of Treasury certificates of indebtedness (dated April 22 and payablo July IS), acceptable in payment for subscriptions to tho Third Liberty Loan, Secretary of tho Treasury McAdoo mado public tho results of tho offering of Treasury certificates dated April 10 and payable July 9. This issuo, for a minimum of $500,000,000, was oversubscribed. No subscription by tho Treasury Department, which in soveral previous offerings took some $3,000,000 of tho certificates, was made in the case of this offering. Tho following is tho announcement as to tho subscriptions:


Apr. 20 1918.] THE CHRONICLE 1635Tho Issue o f a minimum o f $500,000,000 United States Treasury certifi

cates o f indebtedness dated April 10 1918 was oversubscribed. Tho Federal Resorvo districts o f Richmond and St. Louis were the only districts which did not equal or exceed their tentative quota. Tho following is a list o f the tentative quota by districts and a list o f the subscription allotted:

D istrict—Tentative

Q uota.________________ $ 3 3 ,0 0 0 ,0 0 0

SubscriptionsAllotted.

$ 3 9 ,7 3 1 ,0 0 0........................... .. 1 7 5 .0 0 0 .0 0 0 2 1 5 ,4 4 8 ,0 0 0___________________ 3 8 ,0 0 0 .0 0 0 3 8 ,0 0 0 ,0 0 0.............. ................. .. 4 6 .0 0 0 .0 0 0 4 6 ,0 0 0 ,0 0 0................................ 1 8 ,0 0 0 ,0 0 0 1 1 ,2 1 9 ,0 0 0...................... ............. 1 5 .0 0 0 .0 0 0 1 7 ,0 9 5 ,0 0 0................................... 6 2 ,0 0 0 ,0 0 0 6 5 ,8 5 0 ,0 0 0...................... ............. 2 5 .0 0 0 .0 0 0 2 1 ,1 8 1 ,0 0 0.................................... 1 5 .0 0 0 .0 0 0 1 5 ,6 0 0 ,0 0 0................................... 2 5 .0 0 0 ,0 0 0 2 5 ,0 0 0 ,0 0 0.............. .............................5 ,0 0 0 ,0 0 0 1 0 ,6 0 2 ,5 0 0

San Francisco____________________ ......................... .......... 3 3 ,0 0 0 ,0 0 0 3 9 ,5 0 0 ,0 0 0

T o ta l ......................... - .....................- ................... $500,000,000 $551,226.500

El Paso dispatches of April 17 quoted Secretary McAdoo as saying, at a mass meeting of railroad men:

There is not enough room In this great world for the German flag and tho American flag, and we are going to make the American flag fly over Berlin before we get through.

The railroads must function 150% . for we are not employees o f the railroad companies, but o f Uncle Sam, enlisted in the great legion o f liberty.

He is also said to have asked the men not to become impatient because of the delay in the fixing of the new wage schedule, adding that if a raise was granted to the railroad men it would bo retroactive, and they would then be able to buy Liberty bonds.

The following was also credited to Secretary McAdoo in dispatches from Globe, Ariz., on April 18:

The United States will not stop this war until battle line is bent far enough east to put Berlin in centre o f a circle formed by American troops.

THE LIBERTY LOAN CAMPAIGN.Subscriptions to the 83,000,000,000 Third Liberty Loan

passed tho billion-dollar mark this week, and last night wore reported as 81,204,714,250, with New York’s total as 8341,534,950. Tho campaign opened on April 6, and the ond of the first week (April 13) saw tho figures up to 8539,420,100; these figures, Secretary McAdoo said, being based on reports to Federal Reserve banks in all the districts except Minneapolis. So far as Minneapolis is concerned, tho drive for subscriptions did not start until April 15, having been preceded by a nine-day speaking campaign. Tho Chairman of tho Minneapolis Committee, in advices as to tho outlook, was quoted on April 15 as saying:

Indications arc that tho people o f tho Northwest havo plonty o f money for their Government. W o have received to date fully 200 telegrams and not a gloom has come over tho wiro. Every message speaks either o f full subscriptions to bo obtained by night, obtained already, or o f oversubscriptions. Fully half o f tho telegrams make special comment that tho Gorman communities and farmers are coming across strong.

There can be no question but that tho people o f tho Northwest aro awake to the war as never before. In this district thousands of local committees apportioned each individual's fair allotment and notified him and what ho was expected to do. This is proving a most effective, democratic and equitable plan of distribution. Incidentally it promises to produce maximum percentage of bond buyers. You need fear no gloom from this part o f tho nation.

On April 18, when the total subscriptions for tho twelve districts reached 81,089,734,900, tho results by districts woro reported as follows:

District—Now Y ork-----B oston _______I’ liiladelphla _.Cleveland____R ich m on d___Atlanta_______C h ica go______St. L ou is____M inneapolis... Kansas C ity . ..Dallas________San Francisco.

Subscription. Per Ct.S318,219,850 35

91,770,7 0 3682,874,000 3395,950,000 3127,048,600 20

7,064,850 07180,"MO ,800 4092,80 ',950 7140,009, 00 3849,131,000 3733,959,800 ’ 4270,844,350 33

T o t a l .............................................................................. $1,089,734,900On that date (the 18th) President Wilson issued a procla

mation (printed in full elsewhere in to-day’s issue) setting aside April 20 as Liberty Day. To-morrow, Sunday, April 21, has been designated as Liberty Loan Sunday.

Liberty Loan rallies wero held by farmers in more than100.000 school-houses throughout the country on April 12, tho meetings having been arranged by approximately225.000 rural school-house directors in rosponso to a request of Secretary McAdoo.

A Treasury Department announcement of tho 14th witli rogard to tho showing made by tho various Reserve Districts said:

Roports from all districts show an optimistic fooling regarding tho final outcomo o f the campaign, but virtually all o f them express tho fear that ovorconfidenco may hamper saios.

It is generally agreod that initial results wero pleasing, but in some sections a disposition to slow up, In tho belief that tho success o f the campaign Is assured, has appeared. Every effort is being made, howovor, to dispel this fooling, for all committees aro anxious to carry out Socrotary M cA doo’s expressed desire that tho loan bo oversubscribed as largely as possible.

On April 17 the Treasury Department issued the following statement:

Sales sinco the first days o f tho campaign, when they started with a rush, frankly aro not up to expectations. There is a feeling o f disappointment, particularly in tho largo cities. The country districts aro doing better than they did during tho provious campaigns, but the gains that they aro making aro not o f sufficient size to offset tho lack o f sales in the larger communities.

Tho nood for constant, stoady driving by sales committees every day throughout tho remainder of the campaign is plain.

Only persistent daily and hourly effort will restore the campaign to tho rato o f speed which it had acquired a week ago, possibly under the Impetus o f tho start o f tho honor flag raco.

To correct any misapprehension existing as to the inclusion in bank or trust company totals of subscriptions made at Liberty Loan booths, Benjamin Strong, Governor of the Federal Reserve Bank of New York, on April 12 said:

M y attention has been drawn to the fact that many persons are still under a misapprehension as to the effect o f subscriptions filed at the various booths throughout the city. In order to make tho situation entirely clear I wish to say that all subscriptions made at any o f the Liberty Loan booths, whether reported by the women’s committee or by other organizations, will count in the quota o f the bank or trust company through which the subscription is to be cleared or through which the final payments are to be made.

At a meeting on the 16th of representatives of savings banks of this city, the following resolution was adopted:

Resolved, That it is the sense o f this committee that tho savings banks give their hearty and utmost Individual support to the Liberty Loan Committee to cho end that the best results obtainable be achieved in making the Third Liberty Loan a success.

Resolved, That the coupon plan as formulated by tho Federal Reserve Bank for uso in Greater New York meets with the approval o f this com mittee, and it is the unanimous sentiment o f the committee that it forthwith recommends to every savings bank in New York and Brooklyn that they adopt such coupon plan for use as far as possible in conjunction with any plan heretofore devised and utilized by them to tho end that subscribers bo accommodated as far as possible in the matter of part-payments.

At a meeting at the Liberty Loan headquarters in this city, a meeting of Belgians was held on the 14th at which they pledged themselves to further the Liberty Loan campaign; through the Belgian Minister at Washington the following message was sent by the gathering to King Albert:

At this critical moment in tho history o f the world, when tho destiny o f civilization hangs In the balance on tho Western front, we Belgians residing in tho United States have formed a committee to further tho campaign o f tho Third Liberty Loan o f tho American Government.

Recognizing that the success o f this loan will contribute in a very large oxtont to insure the victory o f the Entente and the future o f Belgium, we will bring all our efforts to bear on our compatriots here to subscribe to the fullest oxtent of their ability.

W o avail ourselves of this opportunity to respectfully express to your M ajesty, to the soldiers in the trenches, and to the downtrodden people o f Belgium our admiration for their untiring efforts in tho holy cause o f justice and democracy. In the sucess of tills cause we have unshaken faith. Long live Belgium.

The pledgo was signed by Lionel Hagenaers, Chairman of the committee.

Among the numorous ovonts which have served to advance tho campaign in this city was tho meeting held on tho floor of the Stock Exchange on Monday last, at which James M . Beck delivered an address. A Liberty Loan rally was also hold on the Cotton Exchange on Thursday, when subscriptions of 82,750,000 to the Liberty Loan were realized.

PRESIDENT WILSON'S PROCLAMATION DESIGNATING APRIL 20 AS LIBERTY DAY.

A proclamation designating next Friday, April 26, as L i b e r t y Day and calling upon the people of tho United States “ to assemble in their respective communities and liberally pledgo anew their financial support to sustain the nation’s causo,” was issued by President Wilson on April 18. Patriotic demonstrations in every municipality in the country to give a now impetus to tho drive for tho Third Liberty Loan of S3,000,000,000 are urged, and for the purpose of participating in tho celebration Foderal employees who can bo spared will be given a half-holiday. Tho following is tho proclamation:

By the Fro ident o f the United States o f America:A 1* it O C L AM AT ION.

An enemy who has grossly aba e l tho power o f or<vnizetl government and who tceks to dominate the world by .ho might o f the sword, challenges tho right ; o f America and tho liberty and life o f all tho free nations o f the earth. Our brave sons are facing tho firo o f battle in defense o f tho honor and rights or America and tie: liberty of nations. T o sustain thorn and to assist our gallant associates in the w .r, a gouorom and patriotic people havo boon called upon to subscribe to the Third Liberty Loan.


1626 THE CHRONICLE [Vol. 106.N ow , Therefore, I, W oodrow W ilson, President o f tho United States of

America, do appoint Friday, the 26th day o f April 1918, as Liberty D ay. On the afternoon o f that day I request tho people o f tho United States to assemble in their respective communities and liberally pledge anew their financial support to sustain the nation’s cause. Patriotic demonstrations should bo held in every city , town and hamlet throughout tho land, under tho general direction o f tho Secretary o f tho Treasury and the immediate direction o f tho Liberty Loan Committees organized by tho Federal Reservo banks. Let the nation’s response to the Third Liberty Loan express in unmistakablo terms tho determination o f America to fight for peace, the permanent peace o f justice.

For tho purpose o f participating in Liberty D ay celebrations, all employees o f tho Federal Government throughout tho country whose services can bo spared may be excused at 12 o ’clock noon, Friday, the 26th o f April.

In Witness Whereof, I have hereunto set m y hand and caused tho seal o f tho United States to bo affixed.

Done in the District o f Columbia, this 18th day o f April, in tho year o f our Lord 1918, and o f tho independence o f the United States o f America tho one hundred and forty-second.

W OOD RO W W ILSO N .B y the President:

R O B E R T LA N SIN G . Secretary of State.

USE OF TREASURY CERTIFICATES FOR PURCHASE OFLIBERTY BONDS IN AMOUNTS NOT OVER S 1 0 , 0 0 0 .

Advices to the effect that tho New York Federal Reserve Bank oxpected to begin to make delivery of tho 4 \i% bonds of the Third Liberty Loan on April 17 were conveyed to the banks on that day. On the same day it was announced that a change had been made with regard to the payment of the bonds by the banks with Treasury Certificates of Indebtedness. Under an earlier decision the banks were advised that payment could be made with certificates, the latter continuing to draw interest until tho date of the bonds, M ay 9. According to the latest announcement, the certificates can only be used in the purchase of bonds for cash not exceeding $10,000 unless the certificates are the property of customers making full payment. Tho following- is the announcement made by the Federal Reservo Bank of New York:

In our printed circular o f April 6 1918, C 46, we stated that United States Certificates of Indebtedness, except those maturing April 22 and Juno 25, could bo used in payment o f bonds for cash sale, and that such certificates would continue to draw interest until the date o f tho bonds, M ay 9 1918.

Tho Treasury Department has since ruled that certificates can only be used by banks in the purchase o f bonds for cash salo in an amount not exceeding $10,000, and iu will therefore not be possible for us to accept payment for bonds for cash sale by certificates for an amount exceeding $10,000 upon applications from your bank unless you advise us that any certificates in e.iccss o f $10,000 aro tho property o f your subscribers making full payment through you.

£ The Federal Reserve Bank of Richmond on April 16 issued tho following circular in tho matter:

Please take note o f tho following ruling with reference to the method o f treating payments by credit for cash sales o f bonds:

“ Referring to supplement to Department Circular N o. 92 and to application form L and C8. Depositaries making payment by credit for bonds for advance delivery to be sold in lots o f $10,000 or less to any one subscriber will not bo required to pay intorest on resulting deposits for period prior to M ay 9 except upon amounts and from dates o f sales by them to subscribers o f bonds delivered to them upon such application. In such cases require depositaries to render separate interest reports to date o f M ay 8 inclusive, showing amount o f daily sales o f bonds and tho balance supjeci to interest charge.

DEPOSITS OF FUNDS FROM SALE OF LIBERTY BONDS.Announcement that funds available through subscriptions

from tho Third Liborty Loan will be deposited generally with approved non-momber as well as member banks of the Fedoral Resorvo system has been made by tho Troasury Department in a circular issued to tho banks. According to tho “ Journal of Commerce” of yesterday (April 19), the object is to keep cash in the districts whore it now is and not to concentrate groator proportion of the monoy in a few centres. Tho paper referred to also said:

In offering to distribute tho bond subscriptions gonerally, tho Treasury is carrying out a permissive provision o f tho now Bond A ct passed by Congress. Banks desiring to hold somo o f the deposits o f tho Government under those circumstances must make application to tho Treasury. Do- posits may bo made in State institutions as well as national banks, provided they qualify as to collateral, deposit account with tho Reservo bank, &c.

The circular sots out:Any qualified depositary may make payment by credit o f amounts which

its correspondent banks or trust companies would otherwiso pay by checks upon such qualified depositary. This may bo dono whether such qualified depositary and correspondent bank or trust company aro in tho same district or in different districts. In cases whero they are in different districts, tho Federal Reserve bank o f tho district where tho subscription Is mado must bo notified by telegraph by tho Fedoral Reservo bank o f tho district whero tho payment is mado, and tho Federal Reserve bank o f tho district where tho subscription is mado will accept such telographic advice in lieu o f payment to it by tho subscriber. Banks and trust companies desiring to avail themselves o f this method o f payment must give ample notice to tho depositary which they expect to call upon to mako payment, in order that such depositary may bo prepared to mako such payment, and to avoid tho possibility o f payment not reaching tho Federal Reservo bank on tlmo. Tho object o f this proceduro is to avoid unnecessary dislocation of funds and to reduce tho float as far as practicable.

Tho unoxponded cash proceeds, if any, o f tho salo o f any issue o f bonds °r certificates will bo redeposited among tho qualified depositaries making

application to receive such redoposits as nearly as may bo in proportion to tho subscriptions mado by or through them.

Each depositary will bo required to pay interest at tho rato o f 2 % per annum on daily balances. Interest payments must bo mado when deposits are finally withdrawn, but not less frequently than quarterly.

STOCK EXCHANGE RULING ON DEALINGS IN 4 M %

LIBERTY BONDS.The following ruling with reference to dealings in the

4 /4 % Liberty Loan bonds was announced by Secretary Ely of the Stock Exchange yesterday:

The committeo on stock list directs that no doallngs in Liborty Loan 4 X % bonds be mado in this Exchange until authorized by said committee.

(Signed) GEORGE W . E L Y , Secretary.

STOCK EXCHANGE CLEARINGS IN LIBERTY LOAN BONDS.

The Stock Exchange also announces that transactions in Liberty Loan 3J4s, first 4s and second 4s will be cloared beginning with Monday night’s sheet, contracts duo Tuesday, April 23. ___________________._______

CONVERSION OF EARLIER ISSUES INTO 4J4% BONDS OF THIRD LIBERTY LOAN.

Announcement that the Treasury Department had sot M ay 9 as the earliest date on which tho outstanding issues of Liberty Loan bonds might bo converted into tho 4 Vi% bonds of tho Third Liberty Loan was mado on April 12 by A . M . Anderson, Director of Distribution of the Now York Liberty Loan Committee.

TRADING IN OATS FUTURES ON CHICAGO BOARD OF TRADE.

The changed method of trading in oats futures went into operation on the Chicago Board of Trade on April 17, following tho adoption on April 16, by a vote of 511 to 2, of tho rulo governing tho new trading. Tho change in trading in future deliveries of corn went into effect April 11, as indicated in our issue of Saturday last, page 1523. So far as oats aro concerned, under this week’s change Juno and July can bo traded in without restriction as to price, but the $200,000 bushel limit holds. _____

HOUSE REJECTS HIGHER WHEAT PRICE.The Senate amendment to tho Agricultural Appropriation

Bill fixing tho prico for the 1918 wheat crop at $2 50 a bushel was rojected by tho House on April 18 by a voto of 167 to 98. Under the Food Control Act a minimum price of $2 for tho 1918 crop is stipulated. In February President Wilson by proclamation fixed tho minimum at $2 20 a bushel at the principal interior primary markets. The ridor to tho Agricultural Appropriation Bill fixing tho price at $2 50 a bushel was carried in tho bill as it passed tho Sonato on March 21; the House, which had previously passed the bill, rojected the Gore amendment on April 1 and tho bill was sent to conference; on tho 11th tho conferees reported a disagreement. Tho Senate again recorded itself in favor of tho increase on the 12th when it adopted tho conference report and by a viva voce voto insisted on retention of the amendment. During the proceedings on tho bill in the House on the 18th a proposal to concur in tho Senato amendment and ro-establish tho interior markets as tho basis was rejected 180 to 138, and another to includo tho samo guarantee for the 1919 crop was also defeated. Representative Lever, Chairman of tho Agriculture Committeo, who recently led the fight against adoption of the amendment, declared tho proposed guarantee would not increase tho spring wheat production and denying that tho present guarantee is inadequate. The voto was preceded by four hours of general debate, during which Representatives Young of Texas, Madden of Illinois and London of New York spoke against the increase. Among tho supporters of higher prices were Representatives Baer, North Dakota; Burnett, Alabama; Loshor, Pennsylvania; Forris, Oklahoma; McKenzie, Illinois; Moore, Pennsylvania; Shallonborgor, Nebraska; Campbell, Kansas; Haugen, Iowa, and Fess, Ohio. The rejection of tho amendment by tho House again sonds the bill to conference.

U. S. FOOD ADMINISTRATOR HOOVER ASKS GRAIN ■EXCHANGES TO DISCOUNTENANCE SPECU

LATION THROUGH WIRE HOUSES.With tho putting into operation on April 11 of tho now regu

lations promulgated by tliomsolves for tho restriction of speculation in grain, tho grain exchanges rocoivod from Fedoral Food Administrator Horbort C. Hoover communica-


Apr. 20 1918.1 THE CHRONICLE 1637tions urging that thoy discountenance the stimulation of minor speculation through tho operation of privato-wiro houses. It was later said to have boon explained at tho Food Administration that, contrary to tho reports to that effect, M r. Hoover has no intontion of closing what are known as private-wire houses, but that he wants them to observ tho self-imposed restrictions of the grain exchanges for June and July trading, applying principally to corn and oats, and to confine their trades to legitimate linos. In his communication to the exchanges Food Administrator Hoover said:

In opening tho market in corn and oats for trading in Juno and July futures without restrictions of prico previously imposed by tho exchange, but with tile restrictions provided against speculation by tho now rules adopted by tho board. I trust that all members o f tho exchange realize that this is tho greatest test that has yet been applied as to whether it is possible to conduct tho legitimate and proper function o f tho grain exchanges in the fixing o f contracts for future delivery without this very valuable service o f tho exchanges becoming a tool for speculative manipulation against tho interest o f tho general public.

It seems to mo, also, that in addition to tho restrictions imposed on largo trading on speculation, that tho exchanges should set their faces rigidly against the stimulation o f minor speculation through the operation o f private-wlro houses. Tho majority o f tho exchange members have long recognized that this typo o f business in the public mind is aldn to bucket- shop stock speculation. I am confident that tho plan made by tho exchanges is with the faith that thoso objectives will bo accomplished, and if thoy can bo accomplished, on tho voluntary basis without tho interferonco o f Federal authority, there will havo been established tho foundation for a wider confidence through tho wliolo country in exchango trading.

Tho success o f tho exchanges in solving tho problem o f tho elimination o f vicious manipulation of tho nation's foodstuffs, while preserving tho economic valuo o f exchanges, has not only a positively necessary importance during tho disturbed conditions o f war, but o f permanent valuo to tho trade and tho country, and the success or failure o f tho voluntary plan toward thoso ends rests absolutely upon tho officials o f tho exchanges themselves. _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

HOLLAND PREPARED TO ACCEPT AMERICA'S GRAIN OFFER.

Tko Dutch Government, according to tho announcement on Tuesday in the Socond Chambor by Dr. Loudon, tho Foroign Minister, is prepared to accept the American Government’s proposal to send throo shiploads of grain to Holland, on condition that Holland sends throo ships of about the same tonnage to America. According to tho Amsterdam “ Tolograaf,” the Minister added:

Holland must, however, have tho certainty that tho throo ships will reach America. The Government has reason to assumo that Germany will plaeo no impediments in their way. It has, howover, asked Germany as to her Intentions, but has not yet received a reply.

Dr. Loudon announced that he had been informed by tho Anglo-American Governments that Dutch ships entoring British or American ports after April 20 would not bo seized. Ho said he rogarded tho word of tho Anglo-American Powers as a sufficient guarantee.

Immodiato shipment of two shiploads of grain to Holland was authorized on April 11 by tho War Trado Board to meet tho growing shortage of food in that country. A third stoamor will bo pormittod to proceed to Argentine from a Southern port of tho United States to load grain for Holland. The three cargoes will amount to 14,000 tons, which, with other supplies, will bo allowod to go forward, despite curtailment of consumption hero, just as if tho shipping agreement with Holland had boon put into effect instoad of being hold up by Germany’s illegal threats of reprisal against Holland’s commorco.. Two stoamors now in American waters havo boon specified

to load grain to bo sent from this country, but tho Netherlands Government may substitute, at its option, equivalent tonnage from Dutch shipping which has arrived sinco tho use of Dutch vossols was requisitioned by President Wilson and thoroforo aro not under American control.

SWISS MINISTER EXPLAINS NEGOTIATIONS FOR GRAIN SHIPMENTS.

A statement explaining tho reasons why the Swiss Government entered into negotiations with Germany for safo conduct for ships flying tho American flag when bound for tho port of Cotto, in Franco, with grain for Switzerland, was issued by Hans Sulzer, Swiss Minister to the United States, on April 12. Tho statement read:

As thoro appear to bo many misconceptions o f tho prosont grain situation to Switzerland, tho Legation o f Switzerland deems It advisable to publish tho following statement:

Tho port o f Cetto has been placed at tho disposal o f Switzerland by Franco as a port o f entry for her overseas grain supplies. Since tho beginning o f its submarino activities Germany has loft a free zone open to provide safo and unmolosted passage for Swiss grain steamers to that port on condition that shipments aro made on neutral ships. Until tho unfortunate sinking o f tho Spanisli steamer Sardinero, thoro had been an uninterrupted series o f 472 safo trips made to Cetto sinco the outbroak o f tho war. Investigation has shown that tho sinking o f that vessel was duo to an inconceivable misconstruction o f orders on tho part o f tho commander o f tho submarino. Since that accidont, several Spanish ships havo reached Cetto without mishap.

The existing difficulties are attributable to the fact that at the present time there aro not enough neutral ships availabio to carry necessary grains to Switzerland, the urgent need o f which is becoming alarmingly acute. It is well known that the proposed Amcrican-Dutch agreement provided the placing o f a number o f Dutch ships at tho disposal o f Switzerland for this service. Tho discontinuance o f negotiations with Holland, which resulted in tho seizure o f the Dutch tonnage, has, however, necessitated the transfer o f those ships to the American flag.

Tills turn in the situation has made it necessary for tho Swiss Government to enter into negotiations with the German Government with a view to obtaining safe conduct for ships flying the American flag. These negotiations have lasted longer than anticipated and are still pending. Prospects for a satisfactory settlement, however, are very promising. In the meantime, the United States and Allied Governments have considerately provided other ways for caring for Switzerland’s most urgent needs. The resumption o f regular grain shipments to Cette on a larger scale can be expected in the near future, however. The rumor that Germany is threatening Switzerland with the sinking o f further grain .shipments unless Switzerland consents to send part o f such grain to Germany is wholly unfounded.

The Spanish steamer Sardinero referred to, according to an official report to the Swiss Government on March 23, was sunk in the so-called free zone 12 miles from Casablanca. Members of the crew declared that the German submarine commander, after searching the Sardinero, made a particular point of the fact that the vessel was not provided with a letter of safo conduct issued by the German Embassy in Spain. Tho Swiss Government is said to have protested against the sinking and demanded the replacement in kind of the grain and payment of damages for the unreceived freight, asserting that the demand for such a safo conduct was unprecedented.

BILL FIXING PRICE OF RAW COTTON AT 20 CENTS.A bill fixing tho maximum price of raw cotton, when sold

by tho producer or dealer to the manufacturer at 20 cents a pound during the war, was introduced in the House of Representatives by Representative Emerson of Ohio on April 18. Tho bill, which was referred to tho House Agricultural Com- mittoo, also provides that tho price may be reduced or raised by order of the President “ if in his opinion, justice demands such reduction or advancement.” Tho price of cotton has lattorly been tending strongly downward and further marked drops occurred following the news of the introduction of the bill.

According to the “ Financial America” of yesterday (April 19), N . L. Carpenter & Co. have received the following telogram from John F . Clark & C o., of Now Orleans, protesting against the bill:

James P . Butler, Jr., Chairman o f tho Liberty Loan Committee, has telegraphed Secretary o f tho Treasury M cAdoo as follows:

“ Tho introduction o f the bill fixing prico o f cotton at 20c. has had a most demoralizing effect, which if not properly counteracted will materially decroaso Liberty Loan subscriptions in the South. A reduction to 20c. a pound on the stocks now held in tho South will mean serious financial embarrassment and will to a great extent affect the ability o f our citizens to talco bonds. W o do not believe it possible that such an ill-considered and ruinous measure can be adopted by Congress, but the fear caused by the pendency o f such legislation may and probably will if not immediately authoritatively relieved accomplish the disastrous result.

Tho critical nature o f the situation warrants us in bringing the matter to your attention and to urge you to issue some encouraging statement and to take such steps as may bo best calculated to prevent a calamity in.this section, and a serious setback to the Liberty Loan to the South.”

FURTHER RESTRICTION OF COTTON PRODUCTION BY GREAT BRITAIN.

Commorco Reports of April 5 prints tho following advices from Consul Ross E . Iloladay at Manchester, Eng., under dato of March 5 regarding further restrictions on cotton production by Great Britain.

At a meeting o f the Cotton Control Board held in Manchester on March 4 1918, it was decided to place further restrictions on production in the Lancashire cotton trado in the immediate future because o f the increased difficulties o f tonnage. Both spinners and weavers recognize that the use o f all available shipping for war purposes must come first, but those at tho head o f tho cotton Industry aro hopeful that wherever possible the British Board o f Trado will provide facilities for the shipment o f raw cotton from America.

For soveral months production has been cut down to 60% o f tho normal portion, but on and after M onday, March 18 1918, only 60% of spindles on American cotton will be allowed to run in any mill except those licensed to run in any mill except those licensed to run excess machinery on account o f being engaged on Government work. Tho Cotton Control Board reminds spinners that for all purposes one ring spindle is taken as equivalent to one and a half mule spindles. Looms will be similarly reduced to 60% except in cases where licenses are granted to run oxcess looms on the grounds o f fine counts and Government work. Levies accordingly will bo payable on all machinery run in excess o f 50% in tho case o f both spindles and looms. It is stated that tho decision has not come as a surprise to tho cotton trade and in viow o f the exigencies o f the war all interested will endeavor to make tho best o f tho new conditions.

The Cotton Control Board also announces that spinners using surat cotton not mixed with American may bo allowed to run up to 100% o f their spindles on making application and on payment o f tho necessary levy. Application to run spindles in excess o f 50% will also be considered in tho caso o f spinners using low grade American cotton, provided it can bo shown to tho satisfaction o f the Control Board that this low grade cotton is used alono and not mixed with any cleaner grades o f American cotton.



SWIFT & CO. FINED FOR FAILURE TOgOB SERVE PRICE REGULATIONS OF FOOD BOARD.

On the charge of violating the orders of the Food Administration by buying and selling eggs at prices higher than those fixed by the food authorities, Swift & C o., one of the largest packing and provision concerns in the country, were ordered, on the 9th inst., to suspend all dealings in eggs in the New York market for a period of 30 days, and to refund $3,000 of excess charges by making a donation of Liberty bonds to the Red Cross. The firm of Zinn & C o., who acted as .brokers for Swift & Co. in the transactions complained of, were ordered to suspend their egg business for seven days and to make a contribution of $750 to the Red Cross.

The charges against Swift & Co. were brought originally before the New York Federal Food Board, which decided against the packers. An appeal was taken to the Food Administration at Washington, with the result that the decision of the New York Board was upheld and orders issued as above noted. The findings of the New York Board were embodied in the following telegram sent to M r. Hoover on April 3:Herbert Hoover, U. S. Food Administrator, Washington, D . C.

In Swift case recommend suspensions o f all selling and buying and other egg transactions from New York branch for period o f thirty days beginning M onday, April 9. Recommend that Zinn & Co. be likewise suspended from all egg transactions for corresponding period. Further urge that Elmer W ood Company and C. A. English o f Iowa be brought to a speedy trial on charge o f profiteering in egg transactions. Further, that Swift & Co. refund, through contribution to Federal Government war effort, such as Red Cross, excess charge to public amounting to approximately $6,000 resulting from violation o f food regulations.

M IT C H E L L .W IL L IA M S.

The Elmer Wood Company mentioned in the telegram, as explained in an article in the New York “ Times” on April 4, is the Western concern from which Zinn & Co., acting as brokers, purchased for Swift & Co. 150,000 dozen eggs at 4 8 H cents a dozen, or 3 cents more per dozen than was allowed by the Food Administration regulations. C . A . English acted as agent for Elmer Wood Company in the transaction. Zinn & Co. made no more than its legitimate brokerage on the transaction, although it operated from an illegitimate price. Likewise, Swift & Co. made no excessive profit on the resale, but the high purchase price paid by them for the eggs originally compelled them to sell at a price of from 51 to 53 cents a dozen. The officers of the company said in their defense that eggs were scarce in the market when the transaction took place. In order to supply their trade they were compelled to find eggs wherever they could and get them at the lowest possible price. The testimony showed that Zinn & Co., acting as brokers, tried for several days to get the Elmer Wood Company to reduce the price of eggs, but failed. They finally purchased the eggs for Swift & Co. at W ood’s prices, thereby assisting and aiding the Western profiteers in defying the regulations of the United States Food Administration.

In announcing its decision in the case against Swift & Co., the statement of the United States Food Administration said:

There is no ovldenco that Swift & Co. were guilty o f profiteering; but while they may not themselves have been profiteers, they bought twelve carloads o f storage eggs from a profiteer at a prico which they know gave tlio seller an unreasonable profit, and with full knowledge that the Food Administration had ruled that the profit, and therefore the prico, was unreasonable. I3y making the purchases they assisted the seller to profiteer, and although they made no excessive profit themselves, they were tho medium by which the excessive charge o f tho seller was passed along to the consumer.

They evidently thought that tho responsibility was upon tho party who mado tho excessive charge and not upon tho party who paid it; but in as clear a caso as this we shall not hesitate to penalize both parties.

W e therefore approve tho findings o f tho Federal Food Board o f Now York and order Swift & Co. to suspend all dealings in eggs in Now York C ity for a thirty-day period, beginning midnight, April 10 1918, with such exceptions only as tho Federal Food Board may deem necessary in the interest o f the public. Thoy are further ordered to apply to the purchaso o f Liberty bonds o f tho present issue a sum equal to the margin between tho prico paid for tho eggs and their average selling price, without allowance for expense, and to turn over the Liberty bonds to tho Now York Chapter of tho American Red Cross, furnishing to tho Federal Food Board tho chapter’s roc. ipt for tire same, accompanied by the usual certificate that this con- tribu! ion is not to affect in any way their future contributions to patriotic or charitable purposes.

A copy o f tho foregoing judgment and order is to be posted conspicuously under the direction o f tho Federal Food Board, upon tho entranco o f their placo o f business during tho said thrity days.

Zinn <?; Co. o f New York C ity were tho brokers through whom Swift & Co. purchased twelve carloads o f storage eggs from W ood & Co. o f M oulton, Iowa. The prico paid leaves to W ood & Co. an excessive profit. The cost and reasonablo profit margin upon eggs o f this character had boen the subject o f much discussion by the egg trade o f Chicago, Boston and Now York, in conjunction with the Food Administration. Tho results o f this discussion and the rulings o f tho Food Administration were perfectly woll known to all parties. Zinn & Co. made no excessive profit themselves, and it is evident that they felt that this fact relieved them from responsibility.

W e approve the findings o f tho Federal Food Board in this caso, but pro- fe r to change slightly the form o f tho penalty. Instead o f thirty days’

■■ - ■ ■ .. —.. 111 1 ........ =3suspension from dealing in eggs, we direct a suspension from dealing in eggs in New York City o f seven days, beginning midnight April 10 1918, but add that Zinn & C o. are to apply to tho purchase o f Liberty bonds o f the present issue a sum equal to tho full amount o f their commission on this transaction and to turn over these bonds to tho New York Chapter o f the American Red Cross.

On the 9th inst. George J. Edwards, General Manager for Swift & Co. in New York, issued the following statement on behalf of the company:

The Swift & Co. policy Is to observe all tho regulations o f tho Food Administration. Any violation by the Swift & Co. o f New York organization was entiroly an unintentional offense, in that wo paid too much for eggs. W e are not charged with making excessive profits. W e were profiteered against, and the price we paid was not above the prevailing market. We bought tho eggs to take care o f our trade and not to make an excessive profit

NEW WOOL REGULATIONS IN GREAT BRITAIN. An order regulating the sale of wool in the United Kingdom

was issued as follows by the Army Council last month:1. N o person shall sell any raw wool grown or to bo grown on sheep in

Great Britain, Ireland or the Isle o f M an during tho season o f 1918, except gathered wool or unwashed daggings or darts, otherwise than to persons authorized by or on behalf o f tho Director o f Raw Materials.

2. N o person shall make delivery o f , or payment for any wool o f tho description aforesaid otherwise than in accordance with tho provisions o f this order, whether in pursuance o f any contract entered into prior to tho date hereof or otherwise.

3. All persons having in their custody or control any stocks o f wool o f the description aforesaid are hereby roquired to sell such wool to any person authorized by or on behalf o f tho Director o f Raw Materials as may be requirod by him or on his behalf, and to make doilvery to such persons in such quantities and at such times and places as may bo specified by him or on his behalf.

4. All persons having in their custody or control any stocks o f wool of the description aforesaid are hereby requirod to furnish such particulars thereof as may bo required by or on behalf o f the Director o f Raw Materials.

5. N o person carrying on the business o f a manufacturer o f woolen, worsted or hosiery goods in any textile factory or workshop in Great Britain, Ireland or tho Islo o f M an, shall, without a permit, issued by or on behalf o f the Director o f Raw Materials, spin, draw, roel or weavo for tho uso o f the grower thereof any wool grown or to be grown on sheep in Great Britain, Ireland or the Islo o f Man during tho season o f 1918, excepting gathered wool.

6. N o person shall, without a permit issued by or on bohalf o f tho Director o f Raw Materials, make or take doilvery of any wool whatsoever grown or to be grown on sheep in Ireland during the season o f 1918, for shipment from Ireland.

7. N o person shall, without a permit issued by or on behalf o f the Director o f Raw Materials, buy, sell or deal in daggings or darts grown or to be grown on sheep in Great Britain, Ireland and the Isle o f Man during the season o f 1918.

8. Notice is hereby given that it is tho intention o f tho Army Council to talco possession o f all washed or willoyed locks producod from daggings or darts grown or to bo grown on sheep in Great Britain, Ireland and the Islo o f Man during the soason o f 1918.

9. N o person shall mix or wind in any fleece wool grown or to be grown on sheep in Great Britain, Ireland or tho Islo o f Man during tho season o f 1918 any brokes or fallen wool, locks, daggings or other matter whatsoever, or wind or cause to be wound tho said wool otherwise than in soparato fleeces and ties with wool bands or glazed string suppllod by persons authorized to purchase or collect wool by or on bohalf o f tho Director of Raw Materials.

10. Nothing in this order shall bo deemod to apply to Shetland w ool.11. For the purpose o f this order;The expression “ fleece wool” shall mean tho fleece removed entirely by

shearing or clipping o f sheep or lambs.The expression "daggings" or “ unwashed daggings" or "d a r ts " shall

mean the wool naturally clotted with dung or oarth.The expression “ locks" shall mean any wool oxcept daggings which may

have become detached from the fleece at tho time o f shearing or thereafter.The expression “ washed or willoyed locks” shall moan daggings, as here

inbefore defined, wherefrom tho dung or earth has boon extracted by washing or any other process.

Tho expression “ brokes" shall mean short wool obtained from the edges o f the fleece in clipping.

Tho expression “ fallen w ool” shall mean wool removed from tho skins of sheop or lambs which have died a natural death. •

Tho expression “ gathered w ool" shall mean wool loft by living shoep on hedgos or other places.

12. This order may be cited ns the Salo o f W ool (United Kingdom) Order. 1918.

The following advices concerning now restrictions on wool clip were received by the Department of Commerce on March 13 from the American Consul at London:

W ar Office, under dato o f M arch 5, forbids salo o f British and Irish wool, 1918 clip, except to authorized persons. W ool owners are requirod to sell and deliver upon demand o f authorized persons. N o manufacturer can spin, draw, reel or weavo wool o f 1918 clip, excopt gathered wool, without permit. This does not apply to Shetland wool.

BILL AUTHORIZING PRESIDENT TO COMMANDEER LUMBER.

A bill empowering the President to commandoer timber and timber products for the use of the Army, Navy or Shipping Board was passed by tho Senate on March 25. The following is the text of the bill as it passed the Senate:

AN A CTT o empower the I’resldont to requisition, for war purposes, timber and

timber products, rights o f way, and logging equipment; to construct and operate logging roads and sawmills; and fixing a penalty for tho violation thereof.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled. That during the porlod o f tho present war tho President Is hereby authorized and empowered within tho limits o f amounts heretofore or horoaftor appropriated therefor—■


Apr. 20 1918.1 THE CHRONICLE 1629First.— T o tako possession of any standing or fallen timber required for

use by the Army, Navy, or tho United States Shipping Board Emergency Fleet Corporation, or required in tho production o f any articlo necessary for uso by tho Army, N avy, or tho United States Shipping Board Emergency Fleet Corporation.

Second.— T o enter upon any lands, including Indian and military reservation and forest reserves, on which is situated any sucli standing or fallen timber so required, and to cut, removo and appropriate such timber therefrom, also to enter upon and occupy any other lands or premises required in cutting or removing such standing or fallen timber, to erect and maintain such machinery, appliances and temporary structures upon any portion o f said lands as may bo necessary for tho accomplishment o f any o f said purposes, and to removo the same; to construct and maintain such roads and logging railroads across and over said lands as may bo required for rapid cutting, removal or appropriation o f such timber, and to operate such logging railroads and remove all rails and equipment thereof.

Third.— T o take possession o f and use any logs or manufactured lumber or other timber products and all machinery, cables, rails, equipment and appliances of every character and description necessary for the production of logs, as may be required for uso by tho Army, N avy, or tho United States Shipping Board Emergency Fleet Corporation; Provided That a reasonable supply o f logs shall always bo left with any mill conducting its own logging operations to insure its continued operation as a saw mill.

Sec. 2. That it shall be lawful for the President to commit to any existing department or agency o f tho Government designated by him for that purpose the exercise of the powers granted by section one hereof: Provided, That when it shall become necessary for the military needs o f this G overnment to enter upon any Indian or military reservation, or any other Government or privato property, for the purposes horcin provided, all operations shall be conducted and controlled under rules and regulations having duo regard for conservation, forestation, fire protection, and any and all other rules as shall bo prescribed by tho Forestry Division o f tho United States Department o f Agriculture.

Sec. 3. That whenever any standing or fallen timber or any logs or manufactured lumber or other timber products shall bo taken possession o f by tho President, or under his authority by virtuo o f tho provisions hereof, and whenever any lands or premises shall bo entered upon or occupied by virtue hereof, just compensation shall bo made to the owner, which com pensation shall bo determined by or under tho direction o f tho President, and if the amount thereof is unsatisfactory to tho person entitled to receive tho same, such person shall bo paid soventy-fivo per centum of tho amount so determined by or under tho direction o f the President, and shall bo entitled to sue tho United States and recover such further sum as added to said soventy-fivo per centum shall mako up such amount as will bo just compensation therefor, in tho manner provided for by section twenty-four, paragraph twenty, and section one hundred and forty-fivo o f the Judicial Codo.

Sec. 4. That tho President is hereby authorized, during tho period of tho present war, in so far as may bo necessary to insure an adequato supply o f lumber and timber products required by the Army, N avy, and tho United States Shipping Board Emergency Fleet Corporation, to issuo and cnforco orders to persons engaged in logging operations prescribing tho length o f logs which shall bo cut in tho courso o f such operations; and to issuo orders to persons engaged in lumbering and in operating sawmills prescribing the dimensions o f lumber and timbor products which shall bo manufactured in tho courso o f such poperations: Provided, That no such persons engaged in operating sawmills shall bo required to saw lumber or timber products except o f such dimensions as said sawmills m ay, at tho timo o f such order, bo equipped to produco.

Sec. 5. That any person who shall willfully violate any o f tho provisions o f this Act or any order o f the President issued under tho authority o f section four hereof shall bo deemed guilty o f a misdemeanor, and, upon conviction thereof, shall for eacli violation bo punished by a fino o f not more than S I,000 or imprisonment for not more than ono year, or by both such fino and imprisonment.

Passed tho Senate March 25 1918.

ORDER MODIFYING ZONE SYSTEM OF BITUMINOUS COAL SHIPMENTS.

An order amonding tho zono system of bituminous coal distribution as it affocts tho markets in Baltimore and Washington was issued by the Fuol Administration on April 13, with a viow to assuring an increased movomont of bituminous coal to points in Eastern Pennsylvania, Now Jersoy and Now England. Under tho ordor which bocomos offoctivo to-day (April 20) bituminous coal originating on tho Pennsylvania Railroad, Monongahola Railroad, and Huntington & Broad Top Mountain Railroad, and their short-lino connections, in tho Statos of Pennsylvania, Wost Virginia, and Maryland, whon routed via the Pennsylvania Ralroad, is embargoed from Baltimore and Washington markets. To ineot this situation, it is statod, tho Fuol Administration will arrange for tho ossontial supply to tho points designated from minos on tho Baltimore & Ohio Railroad, tho Westorn Maryland Railroad, and their connections, which linos afford a much more direct routo to these points. As a consoquonco, tho Fuel Administration announces a vast amount of timo and mileago will be savod to tho Pennsylvania linos, thus assuring an increased movomont of coal to points in eastern Pennsylvania, Now Jersoy and Now England. It is further announced:

Consumers of tho classifications named in Preference List No. 1, of the priority board, will rccelvo coal in preference to any other individual or class of consumers. -

Under tho modified order producers in tho sections named will bo prohibited from selling, skipping, or distributing coal to dealers and consumers at Washington and Baltimore and at all stations on tho Baltimore & Sparrows Point Railroad when routed via tho Pennsylvanoia Railroad.

The order forbids the shipment o f bituminous coal over tho railroads named for railroad delivery or transshipments to vessels in Baltimore, at President Street, Uighlandtown, Jackson's Wharf, Calvert, Bolton, Frederick Road, and Gwynns Run station; and points o f delivery between any two o f such stations; all stations and points o f delivery on the Baltimore division o f tho Pennsylvania Railroad from Loudon Park, M d ., to Catonsvillo, M d ., inclusive, and Arbutus, M d ., to Washington, D . C .,

and Rosslyn, Va., including Popes Creek branch, running from Bowie M d ., to Popes Creek, M d ., inclusive.

Consumers located on tho Pennsylvania Railroad and Baltimore & Sparrow’s Point Railroad will continue to receive their coal at their regular points o f delivery, the coal moving via the Baltimore & Ohio and Western Maryland being delivered to the Pennsylvania Railroad at junctions near destinations.

WAR SERVICE COMMITTEE FOR TIIE PULP & PAPER INDUSTRIES.

The American Paper & Pulp Association in response to the request of the Chamber of Commerce of the United States, has appointed a War Service Committee, consisting of the following:

Chairman, A . B. Daniels, President American Paper & Pulp Association, Adams, Mass.

Secretary, A . D . Naylor, Secretary-Treasurer American Paper & Pulp Association, New York City.

F. L. M oore, Newton Falls Paper C o ., Watertown, N . Y .Jno. C . Schmidt, Schmidt & Ault Paper C o., York, Pa.F. L. Stevens, Stevens & Thompson Paper C o., North Iloosick, N . Y .A . W . Esieeck, Esieeck Manufacturing C o., Holyoke, Mass.C . W . Lyman, International Paper C o., New York.M . E . Marcuse, Bedford Pulp & Paper C o ., Richmond, Va.L . E. Nash, Nekoosa-Edwards Paper C o., Port Edwards, AVis.F. S. Harrison, nalitow n Paper Board C o ., Halltown, AV. Va.W . J. Eisner, Newark Parafine & Parchment Paper C o ., Nowr York City.Pliiilipps Kimball, Liberty Paper C o., New York.Allison Dodd, E . H . Davey C o., Bloom field, New Jersey.G . F. Merriam, noiyoke Card & Paper C o., Springfield, Mass.R . B. Harbison, West Carrollton Parchment C o., Dayton, Ohio.B . A . Van Winkle, Hartford C ity Paper C o., Hartford C ity , Ind.D . A . Smith, District o f Columbia Paper C o., AVashington, D . C.AV. A . Forman, Barrett Manufacturing C o., New York Citj^The newsprint branch of the paperTndustry is asked to

appoint a special committee to work in co-operation with the General War Service Committee of the American Paper & Pulp Association. Suggestions from the members of the News Print Service Bureau as to matters Avhich should be considered by this committee and the character of the data Avhich should bo compiled will, according to advices sent to mombers of the Bureau by its Secretary, R . S. Kellogg, be appreciated.

SABOTAGE BILL PASSED WITHOUT ANTISTRIKE CLAUSE.

Tho so-called Sabotage Bill, providing penalties of thirty years’ imprisonment and S10,000 fino for interfering with Avar industries or injuring war materials, A\ras passed by tho Senate on April 1G, the Senate finally agreeing to accept tho conference report which eliminated provisions designod to provent strikes on Avar contracts. Wo referred to this feature of the bill in our issuo of last Avoek, page 1533.

The conference report Avas adopted after longthy debate, during Avhich Senators Sherman of Illinois and McCumber of North Dakota asserted that the labor situation is getting beyond tho control of labor leaders and that Congress should tako action. Senator Hollis of New Hamphsire defended tho loyalty of labor, declaring that strikes in this country to-day are “ inconsiderable,” and that tho passage of legislation dosignod to prevent peaceful strikes Avould not tend to increase labor’s efficiency. Ho denied that labor was responsible for tho delay in tho airplano program, declaring that capital Avas at fault. “ You can’t make men work by passing laws,” Senator Hollis said. “ I concur in the opinion of President Gompors, of tho American Federation of Labor, that if Congress passes a laiv preventing peaceful strikes, that laAV cannot be enforcod.”

Senator McCumber said that never have there been as many strikos in the history of tho country as there have been sinco tho United States entered tho war, although during that period labor has been better treated and received higher Avages than e\rer before. Tho North Dakota Senator deplorod what ho termed a lack of courage by members of Congress to oppose organized labor because of its political influence, and said tho anti-strike provision of the bill should liavo been rotained. Senator Sherman said he believed Prosidont Gompers and other officials of the American Federation of Labor are “ sincero, loyal and patriotic” in their efforts to control union labor, but he added that M r. Gompers knoAvs the Avholo “ coal bin in tho Missouri Valley is on tho edge of a volcano” and that strikes are contemplated. “ I Avant M r. Gompers to obey the laAvs of this Republic and of tho several States,” continued Senator Sherman. “ He has spent more time breaking laAvs than ho has in defending his country, prior to tho breaking out of tho Avar, and I am glad to join him iioav in a patriotic purpose to fuse Avith him some of tho differences avo may have had in tho common dosign of defending tho country.”



REVISED LIST OF COMMODITIES REQUIRING EXPORT LICENSES.

A revised export conservation list containing certain modifications of the list (previously in effect) of commodities requiring export licenses, has been issued by the War Trade Board. The modifications became effective April 15. The earlier list was published in our issue of N ov. 10. In making public the revised list the Board says:

Particular attontion is dir.' ted to the fact that in accordance ■with the provisions o f this Revised Export Conservation List individual export liconses will not be required on shipments to Canada and Newfoundland o f the following commodities:

Aluminum and all articles containing aluminum.Brass and all articlos containing brass, excepting

■ Brass pipes.Brass plates.Brass sheets.Brass tubes.Copper and all articles containing copper, exceptingCopper pipes.Copper plates.Copper sheets.Copper tubes.Coppor sulphate.Chemical compounds o f copper.Nickol and all articlos containing nickel, excepting chemical compounds

thereof and nickel alloys.Articlos manufactured o f rubber.

Should Get Licenses First.The attontion o f shippers Is called to the fact that the commodities on

the Export Conservation List are In many cases being strictly conserved on account o f the limited supply and the needs o f the United States and the Allies for the successful prosecution o f the war. Before making purchases or sales for export or engaging freight space or tonnago for these commodities shippers are advised to obtain licenses for their exportation.

It will be observed that certain Items on the following list o f conserved commodities have been referred to in a goncral way; for example, "lac and all varieties thereof.” In other parts o f the list, for the convenience o f the shipping public, certain o f tho better known "lacs” have been spzcified; for example, “ shellac” and "gum lac.” N o attempt has been made to list all tho various kinds o f " la c ,” but the public will understand from the heading, “ Lac and all varieties thereof,” that all “ lacs” aro covored by the list, although spocific reference is not mado to each kind. Tho same understanding applies to all other commodities on this list whicn have been covered by a general heading. Tho notations X - l , 2, 3, 4, 5, 6 indicate tho supplementary Information forms to be used.

Shippers aro reminded that tho collectors o f customs have no authority to Issue licenses even for small amounts o f these commodities, and consequently individual liconses must be procured for all destinations.

E X P O R T C O N SE R V A T IO N LIST .Acetaldohyde.Acetanilide.Acetate o f collulose, X -2 .Acetates, all, X -2 .Acetic acid, X -2 .Acetic acid, glacial, X -2 .Acetic anhydride.Acetone, X -2 .Acids, as follows: Acetic, X -2 ;

acetic glacial; carbolic (phenol) and its derivatives, X -2 ; hydrocyanic, X -2 ; hydrofluoric; nitric and its salts, X -2 ; picric, phosphate, X -2 ; phosphoric, X -2 ; sulphuric, X -2 .

Aeronautical instruments. Aeronautical machines, their parts

and accessories.Alcohol.A lcohol, wood, X -2 .Aloes.Aloln.A lloy steel, X -2 .Alloys containing tin, X -4 .Alloys, nickel, X -2 .Alloys, steel, X -2 .Alpaca, manufactures of, X -5 . Alpaca, raw.Alum, X -2 .Alum, ammonia, X -2 .Alum, chrome, X -2 .Alum, ferric.Alum potash, X -2 .Alumina, sulphate of, X -2 . Aluminum and all articles contain

ing 10% or moro (in weight) o f aluminum, X -2 . (Individual licensos not required to Canada and Newfoundland.)

Amidoazobenzol, X -2 . Amidophenol (paraamidophonol) Ammonia and Its salts, X -2 . Ammonia alum, X -2 .Ammonia, anhydrous, X -2 . .Ammonium bromide, X -2 . Ammonium carbonate, X -2 . Ammonium chloride, X -2 . Ammonium nitrato, X -2 . Ammonium sulphate, X -2 . Ammunition, X -2 .Amorphous phosphorous, X -2 . Anhydrous ammonia, (X-2.Aniline oil, X -2 .Aniline salts, X -2 .Anti-aircraft instruments, appa

ratus and accessories.Anti-friction metal, X -2 . Antimony, X -2 .Antimony, black, X -2 .Antimony ore, X -2 .Antimony, oxide of, X -2 . Antimony salts, X -2 .Antimony, sulphate of, X -2 . Antimony, sulphido of, X -2 . Antiphlogistino.Arms, X -2 .Arsenate o f lead, X -2 .Arsenate o f soda, X -2 .Arsenic and compounds thereof,

X -2 .Asbestos.Asbestos mill fibers, all grades. Ash soda, X -2 .Ash, staves, X -2 .Ash, wood, X -2 .Ashos. hardwood.Atropino and belladonna, X -2 . Axo handles made from ash wood.

birch wood, hickory wood and oak wood, X -2 .

Axle and other mineral oil greases. Babbitt metal, X -4 .Backs, fat, X I .Bacon, X I .Bagging, vegetable fiber, except

cotton bagging, X -2 .Bags, juto, X -2 .Bags, vegetable fibre, oxcept cot

ton bags, X -2 .Balata.Balls, naphthalono.Balsam copaiba.Balsam tolu.Band saw blades.Barium chlorato, X -2 .Barium, nitrato of.Barium peroxide.Barium, sulphate o f (blanc fixe). Bark, cinchona and products, X -2 Barley, X - l .Barley flour, X - l .Barley meal, X - l .Bars, steel sheet, X -2 .Bean meal, soya, X - l .Bean oil, soya, X - l .Beans, X - l .Beans, canned, X - l .Beans, castor, X -2 .Beans, soya.Beans, velvet, X - l .Beef products (canned, preserved

and frosh), X - l .Boot sirup, X - l .Bolladonna and atropino, X -2 . Bolting, leathor, X -3 . Benzaldehydo, X -2 .Benzene (from coal tar), X -2 . Benzino from petroleum.Bonzino oil.Bcnzoato o f soda, X -2 .Benzol and Its derivatives. BIchromato o f potash, X -2 . Bichromate o f soda, X -2 .Billots, steel, X -2 .Binder twine, X -2 .Binoculars.Birch shooks, X -2 .Birch staves, X -2 .Birch wood, X -2 .Biscuits, X - l .Bismuth salts.Bisulphato o f soda.Black antimony, X -2 .Black lead and articlos manufac

tured thereof, X -2 .Blades, saw (circular, hack and

band).Blanc fixo (sulphate of barium ). Blast furnaces, open hearth.Block tin, X -4 .Blooms, steel, X -2 .Bluostono (copper sulphate), X -2 Bluo vitriol, X -2 .Boiler plates and all other classes

o f iron and steel plates % Inch thick and hoavior and wider than 6 inches and circles over 6 inches diameter, whether plain or fabricated. This includes N o. 11 U. S. gauge, but not N o. 11 B. W . gauge, X -2 .

Boilers, marino.Boilers, ship.Boiler tubes, X -2 .Bono flour.Bouo, ground.

Bono meal.Book paper.Boring machines, horizontal and

vertical.Boring mills (vertical, all sizes). Boring tubes (oil well casing , X -2 . Bottlo caps, tin, X -4 .Brass and all articles containing

10% or more (in weight) o f brass, except for brass commodities listed below, X -2 . (Individual liconses not required) to Canada and Newfoundland.)

Brass pipes, X -2 .Brass plates, X -2 .Brass sheets, X -2 .Brass tubes, X -2 .Bread, X - l .Brewers’ grains.Bromide o f ammonia, X -2 .Bromido of potash, X -2 .Bromide o f soda, X -2 .Bromine, X -2 .Bronze and articles manufactured

therefrom, X -2 .Burlap, X -2 .Butter, X - l . •Butter, cocoa, X - l .Butter, cocoanut, X - l .Butter, peanut, X - l .Butter substitutes, X - l .

Cable (iron and steel), consisting of 0 wires or more, X -2 .

Cable, stud-link chain.Cake, cottonseed, X - l .Cake, oil, X - l .Calcium nitrate, X -2 .Calipers.Camels hair, manufactures of, X -5 . Camels hair, raw. .Camphors (camphors, oucalypto

menthol, thym ol), X -2 .Cane syrup, X - l .Canned beans, X - l .Canned beef products, X - l . Canned corn, X - l .Canned peas, X - l .Canned salmon, X - l .Canned tomatoes, X - l .Canned tuna fish, X - l . Cantharides, X -2 .Caps, bottle (tin), X -4 .Carbolic acid (phenol) and it de-

ivatives, X -2 .Carbon disulphide.Carbon electrodes, X -2 .Carbon tetrachloride.Carbonate o f ammonia, X -2 . Carrier pigeons.Cars (railway, completely as

sembled and unassembled and parts thereof).

Cashmero, manufactures of, X -5 . Cashmere, raw.Casing, oil well (frequently do-

scribed as boring tubes), X -2 .Cast iron pipo, X -2 .Castor beans, X -2 .Castor oil, X -2 .Castor oil, sulphonatod, X -2 . Cattle, X - l .Cattle manure.Caustic potash, X -2 .Caustic soda, X -2 .Celluloso, acotato of, X -2 .Cereals, X - l .Cerium, and other articles con

taining cerium.Chain, stud-link, open-link. Charcoal.Chestnut extracts, X -2 .Chestnut wood, X -2 .China wood oil, X -2 .Chlorido of barium, X -2 .Chlorate o f potash, X -2 .Chlorato o f soda, X -2 .Chlorates, X -2 .Chlorbenzol (m onochlorbcnzol). Chlorido of ammonia, X -2 . Chloride of tin, X -2 .Chlorino, X -2 .Chloroform.Chrome alum, X -2 .Chromium, chomical compounds

thereof, and their products, X -2 .Chromium oro and any metal or

ferro alloy thereof, X -2 .Chucks, lathe.Cinchona bark and products, X -2 . Circular saw blades.Citrate o f potash, X -2 .Clips, woolen and worsted. Cloves, oil of, X -2 .Cocaine.Coal, X -6 (individual licenses not

required to Canada and Newfoundland).

Cobalt, chemical c o m p o u n d s thereof, X -2 .

Cobalt ore and any motal or ferro alloy thereof, X -2 .

Cocoa butter, X - l .Cocoa leaves and products. Coconut butter, X - l .Coconut oil X - i .Codliver oil.Coffee, X - l .Coke, X -6 (individual licenses not

required to Canada and Newfoundland) .

Collapslblo tubes, tin, X-4* Compasses, ship’s.Composition foil containing tin,

X -4 .Compound lard, X - l .Condensed milk (Including pow

dered milk, ovaporated milk and preserved milk o f all kinds), X - l .

Condensers.Confectionery, Including choco

late candy.Containers, empty (tin), X -4 . Copaiba, balsam, X -2 .Coppor as follows: Ingots, X -2 ;

rods, X -2 ; scrap, X -2 ; tools, X -2 ; wire, X -2 . All articlos containing 10% or moro (in weight) o f copper, X -2 . (Individual licenses not required to Canada and Newfoundland, except for copper commodities listed below.)

Copper, ch em ica l com pounds thereof, X -2 .

Copper pipes, X -2 .Copper plates, X -2 .

Copper sheets, X -2 .Copper tubes, X -2 .Copper sulphate (bluestone), X -2 . Copra, X - l .Copra oil, X - l .Corn, X - l .Corn, canned, X - l .Corn flour, X - l .C om grits, X - l .Corn hominy, X - l .Corn (Indian samp), X - l .Corn (maizo), X - l .Corn meal, X - l .Corn oil, X - l .Corn sirup, X - l .Cotton, Egyptian and Soa Island. Cotton llntors.Cottonseed, X - l .Cottonseed cake, X - l .Cottonseed meal, X - l .Cottonseed oil, X - l .Crackers, X - l .Crucibles, graphlto, X -2 .Crucibles, platinum.Crude oil.Cyanamido, X -2 .Cyanide o f sodium, X -2 .Cyanides (ail), X -2 .Cyanogen and derivatives, X -2 . Cylinder oil.Dental gold.Dental instruments.Dental platinum.Dental supplies.Dextrine.Diamonds, industrial, X -2 . Diamonds and precious stones o f

all kinds.Digitalin, X -2 .Digitalis and products. Dimethylaniline, X -2 . Dlmcthyl-ketono, X -2 . Dlnltrobenzol, X -2 (Motadlni-

trobenzol).Dinitrochlorbonzol, X -2 . Dinitrophenol, X -2 . Diphenylamino, X -2 .Disulphido o f carbon.D ouble acid phosphate.Drilling machines, radial.Drills (carbon and high-speed

twist).Drills, twist.Dry paste flour.Dyestuffs.Egyptian cotton.Electrodes, carbon, X -2 . Electrodes, graphite, X -2 .Emery grain and flour, X -2 . Emetlno.Em pty tin containers, X -4 .Engino oil.Engines, marine.Epsom salts.Ergot, X -2 .Ergotin, X -2 .Ether.Ethylinethyl kotono, X -2 . Eucalyptol, X -2 .Evaporated milk, X - l .Explosives, X -2 .Extract, quebraco, X -2 .Extracts, chestnut, X -2 .Extracts, sumac, X -2 .Farina, X - l .Fat backs, X - l .Feeds.Felts (paper makers), X -5 .Ferric alum, X -2 .Ferrocerium, X -2 .Ferrochromo, X -2 .Ferrocobalt, X -2 .

Forrocyanido o f potash, X -2 . Ferromanganese, X -2 . Forromolybdenum, X -2 . Ferrosilicon, X -2 .Ferro titanium, X -2 .Ferro tungsten, X -2 .Ferrouranlum, X -2 . Ferrovanadium, X -2 .Fertilizers, mixed.Fibers, all vegetable, oxcept cot

ton, X -2 .Fibers, products manufactured

from vegetable fibers, oxcopr cotton, X -2 .

Fibers, asbestos mill, all grades. Files (abrasive).Fir timber, X -2 .Flreroom parts, marino.Fish, canned tuna, X - l .Flax, and all articles containing

flax which aro manufactured in tho United States, X -2 .

Flour, as follows: Barley, X - l :bono, corn, X - l ; dry paste; emery, X -2 : rlco, X - l ; ryo, X - l ; wheat, X - l .

Fluorido o f soda.Fodders.Foil and composition foil con

taining tin, X - l .Formaldehyde.Fresh bcof products, X - l .Fuel oils.Furnaces, open-hearth blast. Furnaces, steel.Gas oil.Gasoline.Gauze, hospital and medical. Generators suitablo for search

lights, X -2 .German silver, X -2 .Glacial acetic acid, X -2 .Glass, optical.Glove, calf and kip leather.Glove, horso leather.Glucoso, X - l .Glycorino, X -2 .Gold, manufactured and articlos

containing gold.Gold, dental.Grains, as follows: Browers’ ,

emery, X -2 .Graphlto and articles manufac

tured therefrom, X -2 .Greases, as follows: Axlo and other

mineral oil greases.Grinders, internal, plain and uni

versal.Grits, corn, X - l .Ground bono.Ground lonsos.Guaiac rosin.Guano.Guayulo.


Apr. 20 1918.] THE CHRONICLE 1631Gum lac, X -2 .Gum opium and its products.Gut ta-J oolatong.Gutta-percha.Gutta-siak.Hack-saw blades.Ilalr, as follows: Alpaca, manu

factures of, X -6 ; alpaca, raw; camel s, manufactures of, X -5 ; camols’ , raw; cashmero, manufactures of, X -5 ; cashmere, raw; mohair, manu- 'acturcs of, X -5 ; mohair, raw; and all similar hairs and their manufactures, wastes, by-products, rags and clips o f all the above; horse, raw

Hams, X - l .Hand-lantern oil.Handles, ax, hoo, pick, rake,

sledgo, shovel, spado, made from ash wood, birch wood, hickory wood and oak wood, X -2 .

Hardwood ashes, X -2 .Harness leather.Hemp and products manufactured

therefrom, X -2 .Hides, X -3 .High-speed steel, X -2 .Hoo handles made from ash wood,

birch wood, hickory wood and oak wood, X -2 .

Hogs, X - l .Hom iny, corn, X - l .Hospital gauzo.Horsehair, raw.Horses. (Individual licenses not

required to Canada and Newfoundland.)

Humus.Hydraulic presses.Hydrocynic acid, X -2 . Hydrofluoric acid.Hyoscino.Hyoscyamus.Hyposulphito o f sodium, X -2 . Indian samp (corn ), X - l .Industrial diamonds, X -2 .Ingots, copper, X -2 . (Individual

licenses not required to Canada and Newfoundland.)

Ingots, steel, X -2 .Instruments, as follows: Aeronauti

cal, anti-aircraft, dental, oil well, drilling and accessories, optical, surgical.

Invert sugar sirup.Iodine.Ipecac, X -2 .Iridium.Iron, nig, X -2 .Iron pipe, cast, X -2 .Iron plates, Including ship, boiler,

tank and all other classes o f Iron plates H-lnch thick and heavier and wider than 6 inches, and circles over 6 inches diameter, whether plain or fabricated. This Includes N o. 11 U. S. gauge, but not N o. 11 B . W . gaugo, X -2 .

Iron scrap, X -2 .Jalap.Jowoiry.Jute, and products manufactured

thereof, including cloth, bags, gun- nios, twine, &c., X -2 .

Kerosene oil.Ketone, othylmethyl, X -2 .Ketone, mothylethyl, X -2 .Lac, and all varieties thoreof, X -2 . Lacquers.Land plaster.Lantern oil.Lard, X - l .Lard compound, X - l .Lard, neutral, X - l .Lard, substitutes, X - l .Lathes, ail sizes.Latho chucks.Lead, arsenate o f, X -2 .Leather, as follows: Bolting

leather, X -3 , glove calf and kip leather, glove horse leather, harness loathor, leather belting, X -3 , shearlings, shoo calf and kip leather, shoe finished sido leather, shoo horso leather, sole leather, X -3 , strap leather.

Leaves, cocoa, and products.Lenses, ground and optical.Linen, X -2 .Linseed meal, X - l .Linseed oil.Lintors, cotton.Locomotives and parts thereof. Lubricating oils.Lumber as follows: Ash wood, X -2 ,

birch wood, X -2 , chestnut wood, X -2 , fir timber, X -2 , mahogany wood, X -2 , oak wood, X -2 , plywood and veneer o f all kinds, spruce wood, walnut wood, X -2 , yellow pine measuring 12 by 12 Inches and larger size 25 feet long and longer, X -2 .

Macaroni, X - l .Machines, as follows: Aeronauti

cal, their parts and accessories; boring (horizontal and vertical); drilling (radial); milling, plain and universal (oxcopt hand millers); oil well drilling and accessories.

Machine tools as follows: Grinders, internal, plain and universal; horizontal and vertical boring machines; lathes, all sizes; milling machines, plain and universal (oxcopt hand millers); planers; radial drilling machines; Blotters; vortical boring mills, all sizes.

Magnoslto.Magnesium.Magnesium, sulphate, X -2 . Mahogany shooks, X -2 .Mahogany stavos, X -2 .Mahogany wood, X -2 .Maizo (corn), X - l .M alt, X - l .M alt sprouts.Manganoso, chemical compounds thoreof, X -2 .Manganese oro and any metal or

ferro alloy thoreof, X -2 .Manganeso oxido, X -2 .Manila fiber and products manu

factured therefrom, X -2 Manure, cattle.Manuro, potato.

Manure, sheep.Maple, sirup, X - l .Marino boilers.Marino engines.Marino fireroom parts.Meal, as follows: Barloy, X - l -

bono; com , X - l ; cottonseed, X - l ; linseed, X - l ; oilcake, X - l ; peanut, X - l , rye, X - l ; soya bean, X - l .

Medical gauze.Medicines, patented. M enthol, X -2 .M ercury’ and its compounds, X -2 .

follows: Antifriction. X -2 , Babbitt, X -4 ; type, X -2 ; white, X -4 . *

Metallic potassium, X -2 .Metallic tin, X -4 .Mothylethyl ketone, X -2 .

ber^oljldinitr0benZ° 1’ X ~2 (dinltn>~ M ica.M ica splittings.Micrometers.M ilk, as follows: Condensed, X - l -

evaporated, X - l ; powdered, X - l : pr<worved (all kinds), X - l ; sugar of.

Mills, plate roiling.Mineral greaso.Mineral oils.Mirror iron (frequently described

eLn’?,ex-2r °n aDd *‘SI)legel-Mixed fertilizers.Mohair, manufacturers of. X -5 . Mohair, raw.Molasses, X - l .M olybdenite, X -2 .M olybdenum, X -2 .M olybdom im . chemical compoundsMonazi’te.Monochlorbenzol, x - 2 (chlorben-Morphlne and derivatives, X -2 . Mules (individual Iiconsos not re-

landj to Canada and Nowfound- Mustard oils, X -2 .Naphtha.Niiphthaleno and Its derivatives. Naphthalene balls.Neutral lard, X - l .Newsprint papor.Nickel and all articles containing

v 9° rtLSEJ® u,\ weif?ht) o f nickel, X -2 (individual llcenso not required to Canada and Newfoundland, K below). nlCkCl ~ o d i t i e s Nickel alloys, X -2 .Nickel, chemical compounds thero-Nitrates as follows: Ammonia,

X -2 ; barium; calcium, X -2 ; potash. X -2 ; silver; soda, X -2 .

Nitric acids and its salts, X -2 . Nitroacetanilido, X -2 (paranitro-

acctanlllde).Nitroanilino, X -2 .Nitrobenzol, X -2 .Nitrocrosols.Nitrochlorbonzol, X -2 (paranitro- chlorbenzol).Nitronaphtalenos, X -2 .

nol^ltr°Ph0n01’ X_2 (ParanItr°Pho-Nitrotoluol, X -2 (orthonitrotoluol). (paranitrotoluol). Nitrosodimothyianilino, X - 2 . Nitroxylols, X -2 .Nolls, worsted.Noodles, X - l .N ovocain.Nux vomica and products.Oak shooks, X -2 .Oak staves, X -2 .Oak wood, X -2 .Oakum, X -2 .Oatmeal, X - l .Oats, X - l .Oats, products of, X - l .Oats, rolled.Oil cako, X - l .Oil cako meal, X - l .Oil o f cloves.Oil o f sandalwood.

casing, x -2 (frequently described as ■•boring tubes” ) . y . P 1*l'Tc11 drilling implements, ma-

and accessories.Oils, as follows: Analino; axle, and

castor x T n L t 1 W * b& ztae; castor, X -2 , castor, sulphonatcd, X -2 ;X_2 ’ clov°: cocoanut, X - l ; cod liver; copra. X - l • com y-_i!

cottonseed, 3c-l; crude* cylinder* fuel; gas; gasoline; hand fan-

tm ii.e 0iSeno:i lantcni: linseed; lubrl-

Paranitroacetanillde, X -2 . (Nitroacetanilido.)Paranitrochiorbenzol. X -2 . (N l-

trochlorbenzol.)Paran itrophcnol, X -2 . (N itro- phenol.)Paranitrotoluol. X -2 . (N itroto-

luoi.) (Orthonitrotoluol.)Paratoluidino. X -2 . (Toluidine.)

(Orthotoluidino.)Paste, soup, X - l .I ’atented medicines.Peanut butter, X - l .Peanut meal, X - l .Peanut oil, X - l .Peas, X - l .Peas, canned, X - l .Peas, seed, X - l .Permanganate o f potash, X -2 .Peroxide o f barium.Petroleum.Phenol (carbolic acid), and Its

derivatives, X -2 .Phenolphthalein, X -2 .Phosphate, acid, X -2 .Phosphate o f soda.Phosphate, double acid.Phosphides.Phosphoric acid, X -2 .Phosphorized tin, X -4 .Phosphorus, X -2 .Phosphorus, amorphous, X -2 .Phosphorus, yellow, X -2 .Pick handles made from ash wood

birch wood, hickory wood and oak w ood, X -2 .

Picric acid, X -2 .Pigeons, carrier.Pig iron, X -2 .Pig tin, X -4 .Pilocarpine.

, Pino, yellow, measuring 12 b y 12 by 25 inches and larger sizes, X -2 .

Pipe, cast iron, X -2 .Pipes, brass. X -2 .Pipes, copper, X -2 .Plaster, land.Planers.Plate, tom e, X -4 .Plate, tin, X -4 .Plate, rolling mills.Plates, brass, X -2 .Plates, copper, X -2 .Plates iron and steel. Including

ship, boiler, tank, and all other classes o f iron and steel plates H-inch thick and heavier and wider than six Inches and circles over six Inches diameter, whether plain or fabri- acted. This includes N o. 11 U. S. f^mgo, but not N o. 11 B. W . gauge.

Platinum and articles containing platinum.Platinum, dental.

. 1 lumbago and articles manufactured thereof, X -2 .Plywood and veneer o f all kinds.P ork ’products, X - l .1 ostago stamps, canceled and uncanceled.Poster paper. Potash, X -2 .

- i , sanaaiwood; soyas t e f lf i1"!0- x-'-8 K S " to?"'8 K l S E , and x -2Optical instruments.Optical lenses.Ore, as follows: Antim ony, X -2-

cromium and any metal or foird alloy^T2: c,?baIfc and any metal or ferro alloy thereof, X -2 ; manga-

ncso and any motal or ferro alloy Hicreof, X -2 ; strontium, X -2 ; tinSS B S ”! “r aS fS M S S . x'2: <Mr“ »w-

Oxide o f antimony, X -2 .Oxide p f manganeso, X -2 . Palladium.Palm oil, X - l .Paper, as follows: B ook, news

print, poster, print.Paper makers’ felts, X -5Paraffin d°phen°l • (Amidophenol).Paraffin oil.Paraffin wax.Paranltranlline, X -2 .

Potash, as follows: Alum, X -2 : bromide of. X -2 ; bichromate of. X -2 : caustic, X -2 ; chlorate of, X -2 ; citrate of, X -2 ; cyanide of, X -2 ; ferrocyanido, X -2 ; nitrate of, X -2 ; permanganate of, X -2 .

Potassium and its compounds, X -2.Potassium, metallic, X -2 .Potato manure.Poudretto.Powdered milk, X - l .Precious stones o f all kinds.Preserved beef products, X - l .Preserved milk o f all kinds, X - l .Presses, hydraulic.

• Printers’ type, X -4 .Print paper.Proprietary compound.Prussiato o f soda.Pulled wool.Pyrites.Pyrometers, equipment and ther

mocouples.Quebracho extract, X -2 .Quebracho wood, X -2 .Quicksilver X -2 .Quinine ana its compounds, X -2 .Radial drilling machines.Radio and wireless apparatus and

all accessories, X -2 .Rags, woolen or worsted.Railway cars, completely assem

bled and unassembled, and parts thereof. ?* ^ .

Rake handles mado from *' ash wood, birch wood, hickory wood, and oak wood, X -2 .

Rapcsced oil, X - l . bReamers. f»cReclaimed rubber.Reflectors, searchlight,Resin, guiacol.Resin, guaiac.Rico, X - l .Rico flour, X - l .Rods, copper. X -2 (individual

licenses not required to Canada and Newfoundland).

Rolled oats.Rolling mills, plate.R oot, senega.R opo, manila, X -2 .Ropo, wire (iron and steel), con

sisting o f six wires or more, X -2 .Rubber.Rubber, articles manufactured

thoreof (individual licenses not required to C anadal and; Newfoundland).

Rubber, reclaimed.Rubber, scrap.ltyo, X-l.R ye flour, X - l .R yo meal, X - l .Saccharin, X -2 .Sal ammoniac, X -2 .Sal soda, X -2 .Salmon, canned, X - l .Saltpeter, X -2 .Salts, as follows: Ammonia, X -2 ;

anillno; antimony, X -2 ; bismuth]

X -2 .IRTF

^psom^. nitric acid, X -2 ; sulphuricSamp, Indian (corn), X - l .81 Sandalwood, oil of, X -2 .Saw blades, circular, b ack h a n d band. * ,Scammony. JwiaScoured wool.Scrap, co p p er/' X -2 (individual


Scrap iron and steel, X -2 .Scrap rubber.Scrap tin, X -4 .Sea Island t? cotton.Searchlights and parts thereof and

generators thereof, X -2 . .u - v Seed, sugar beet.Seed peas, X - l .Seedlac, X -2 . 'Senega root.Sextants.Shearlings.Sheelite, X -2 .Sheep, X - l .Sheep manure.Sheet bars, steel,*X -2 .Sheets, brass, X -2 .Sheets, copper, X -2 .Shellac, X -2 .Ship boilers.Ship plates, iron and’ steel Jand’ ali

other classes o f iron and stee plates K -inch th ick . and heavier and wider than 6 inches, and circles over 6 inches In diameter, whether plain or fabricated. - This includes N o. 11 U . S. gauge,', but n° f N o. 11 B . W . gauge, X -2 ."

Ship s compasses.Shoe calf and kip leather.Shoe finished side leather.Shoe horse leather.

walnut)kSX^2ak’ blrcb ’ mah°Sany .Shovel handles made fro m 'a s h

wood, birch wood, hickory wood, and oak w ood, X -2 . *-

Silver, manufactured, and articles containing silver.

Silver, German, X -2 .Silver, nitrate.Sisal and products manufactured thereof, X -2 .Skins.Slabs, steel, X -2 .Sledgo handles made from -” ash

wood, birch wood, hickory wood, and oak wood, X -2 .

Blotters.Soda, as follows: Arsenate o f /X -2 ;

bichromato of, X -2 ; caustic, X -2 ; nitrate o f, X -2 ; prussiate o f;i sulphate of.

Soda ash, X -2 .Sodium.Sodium, as follows: Benzoate, X -2 :

bisulphate, bisulphite.Bromide, X -2 .Chlorate, X -2 .Cyanide, X -2 .Fluoride.Hyposulphite, X -2 .Phosphate.Sulphide, X -2 .Sulphite, X -2 .Solder, X -4 .Sole leather, X -3 .Soot.Soup paste. X - l .Soya bean meal, X - l .Soya bean oil, X - l .Soya beans.Spado handles, mado from ash

wood, birch wood, hickory wood and oak wood, X -2 . ' jJJ

Spaghetti, X - l .Spiegeleisen (frequently described 1 specular iron” and "mirror Iron” )

-X-2.Sprouts, malt.Spruce wood.Stamps, postage (canceled and

uncanceled).Staves (oak, ash, birch, mahogany,

walnut), X -2 .* Steel, as fo llow s Alloy, X -2 ; billets, N -2; blooms, X -2 ; boiler tubes, X -2 ; files, abrasive; high speed. X -2 : Ingots, X -2 ; oil well casings. X -2 ; (frequently described as "boring tubes ); plates, including ship, boiler, tank and all other classes o f stee! plates 3-a-inch thick and heavier and wider than 6 inches, and circles over 6 Inches diameter whether plain or fabricated. This Includes N o. 11 U. S. ga u ge /b u t not N o. 11 B . W . ^ o g0’. ^ ‘ 2 :^ cj:aP' x ~2’ ^ e e t bars. X -2 ; slabs, X -2 ; wire rope, cable or strand consisting o f six w£res orkmore.

Steel furnaces.Stones, precious, o f all k inds." Strand (iron and steel), consisting

o f six wires or more, X -2 .Strap leather.Strontium ores, X -2 .Strophanthine.Strophanthus.Strychnine.Stud link chain.Stud link cable.Sugar, X - l .Sugar beet seed.Sugar o f milk.Sulphate o f alumina,* X -2 .Sulphate o f ammonia, X -2 .Sulphate o f antimony, X -2 .Sulphate o f barium (blanc fixe). Sulphate o f copper (bluestone).Sulphate o f magnesium, X -2 . Sulphate o f soda.Sulphate o f zinc.Sulphide o f antimony, X -2 .Sulphide o f sodium, X -2 .Sulphite o f sodium. X -2 .Sulphonated castor oil, X -2 .Sulphur, X -2 .Sulphuric acid, X -2 .Superheaters.Superphosphate, X -2 ,Surgical Instruments.


1632 THE CHRONICLE [Voii. 109

Sirup, as follows: Beet, X - l ; cane, X - l ; corn, X - l ; invert sugar; maple. X - l .

Tachometers.Tankage.Tank plates, iron and steol, and

all other classes o f Iron and steel plate H Inch thick and heavier and wider than 6 inches and circles over 6 inches diameter whether plain or fabricated. T h is ln c lu d e s N o .i lU . S. gauge, but not N o. 11 B. W . gauge, X -2 .

Torneplato, X -4 .Tetrachloride o f tin, X -2 .Tetrachlormethane.Tetranitroaniline.Tetranitromethylaniline, X -2 .Tetranitroethylaniline, X -2 .Themiocouplos for pyrometers.Thorium and articlos containing

thorium, X -2 . b,*1Thym ol, X -2 .; Timber, fir, X -2 .■ Tin, as follows: Any metallic alloy containing tin, X -4 ; block, X -4 ; bottle caps, X -4 ; chloride of, X -2 ; collapsiblo tubes, X -4 ; compounds of, X -2 ; em pty container, X -4; foil and composition foil containing tin, X -4 ; metallic, X -4 ; ore, X -4 ; phosphorized, X -4 ; pig, X -4 ; plate, X -4 ; scrap, X -4 ; tetrachloride, X -2 .

Titanium, X -2 .Tolidin, X -2 .Toluene, X -2 .Toluidine, X -2 (orthotoluldlne),

(paratoluldine).Tolu, balsam.Toluol, X -2 .Toluol, derivatives, X -2 .Tomatoes, canned, X - l .Tools, copper, X -2 (individual li

censes not required to Canada and Newfoundland).

Tops, worsted.Trinitrophenol, X -2 .Trinitrotoluol, X -2 .Tubes, boiler, X -2 .Tubes, brass, X -2 .Tubes, copper, X -2 .Tuna fish, canned, X - l .Tungsten, any chemical compound

thoreof, X -2 .^ Tungsten ore and any metal or ferro alloy thereof, X -2 .

Turbines.Twino, binder, X -2 .Twist drills.Type metal, X -2 .Typo, printers', X -4 .Uranium, X -2 .Vanadium, X -2 .Vanillin.Varnish.

Vegetable fibers, except cotton, X -2 .

Vegetable fibers, products manufactured therefrom, except cotton, X -2 .

Velvet beans, X - l .Veneer and plywood o f all kinds.Veratrin.Vermicelli, X - l .Vertical boring machines.Vertical boring mills (all sizes).Vitriol, blue, X -2 .Walnut shocks X -2 .Walnut wood, X -2 .Waste, woolen.Waste worsted.W ax, paraffin.W heat, X - l .Wheat flour, X - l .W heat, products of, X - l .White metal, X -4 .White zinc (dry).Wire, copper, X -2 (individual


Wire rope, cable, or strand (iron and steel), consisting o f 6 wires or more, X -2 .

Wireless and radio apparatus and all accessories, X -2 .

Wolframite. X -2 .W ood, as follows: Ash, X -2 ; birch,

X -2 ; fir timber, X -2 ; mahogany, X -2 ; oak, X -2 ; spruce; veneer or ply wood o f all kinds; walnut, X -2 ; yellow pine, measuring 12 by 12 inches by 25 feet and larger sizes, X -2 .

W ood, alcohol, X -2 .W ood, chestnut, X -2 .W ood, quebracho, X -2 .W ool, as follows: In the greaso,

pulled, scoured.Woolen by-products.Woolen chips.W ool manufactures of, X -5 .Woolen rags.Woolen waste.Woolen yam s.Worsted by-products.Worsted clips.Worsted manufactures of, X -5 .Worsted noils.Worsted rags.Worsted tops.Worsted waste.Worsted yarns.Yarns, woolen.Yarns, worsted.Yellow pine, measuring 12 by 12

inches, by 25 feet and larger sizes, X -2 .

Yellow phosphorus, X -2 .Zinc and its compounds.Zinc sulphato.Zinc, white (dry).

The Board also made known the following official list of colonies, possessions and protectorates of Great Britain, France and Italy used by the W ar Trade Board and its branch offices in considering applications and the issuance of export and import licenses as obtained from the Department of State:

French Possessions.In Africa— Algeria; French Kongo; Madagascar (including the Comoro

Islands); Island o f Reunion; Somali Coast Protectorate; Sudan; French W est Africa, comprising the colonies o f Senegal, French Guinea, Ivory Coast, Dahom ey, Upper Senegal, Niger (French Sudan), and the Civilian Territory o f Mauretania; Tunis.

In America— Guadaloupe and dependencies, consisting o f the smaller Islands Mario Galanti, Las Sainted, Deserade, St. Barthelemy and St. Martin; French Guiana; Martinique; St. Pierre and Miquelon.

In Australasia and Oceania— Now Caledonia and dependencies, consisting o f tho Islands o f Pinos, the Wallis Archipolago, tho Loyalty Islands, the Uuon Islands, and tho Islands o f Futuna and Alafi; Society Islands; Marquezas Islands; the Tuamotu group; Leeward islands; tho Gambior Island; Tubuai Island; Rapa Island.

In Asia— French India, consisting o f tho five colonies o f Pondichery, Karikal, Chandernagar, M ahe, Yananon; French Indo China, comprising the colony o f Cochin-China, the protectorates o f Annam, Cambodia, Tonking and Laos, and Kwang-Chau-Wan.

Italian Possessions.In Africa— Colony o f Eritrea; Italian Somaliland; Tripoli and Cyrenalca.

British Possessions (Dominions, Crown Colonies, &c.).Europe— Gibraltar, M alta, Cyprus.Asia— Ceylon, Hong Kong, Weihaiwei, Straits Settlements, Federated

Malay States, M alay States not included in the Federation (Johore, Kedah, Kelantan, Perlis, Trengganu), North Borneo, Brunei, Sarawak.

Africa— Ascension, Union o f South Africa, Basutoland, Bochuanaland Protectorate, Swaziland, Mauritius, & c., Seychelles, St. Helena, Sierra Leone and Protectorate, Gambia, Gold Coast Colony, Nigeria, Nyasaland Protectorate, Northern Rhodesia, Southern Rhodesia, East Africa Protectorate, Somaliland Protectorate, Uganda Protectorate, Zanzibar Protectorate.

America— Bermuda, Canada, Newfoundland and Labrador, British Guiana, British Honduras, Falkland Islands.

W est Indies— Bahamas, Barbados, Jamaica, Turks and Caicos Islands, Trinidad and Tobago, Windward Isles (Grenada, St. Lucia, St. Vincent), Leeward Islands (Antigua, Dominica, Montserrat, St. Kitts and Nevis, Virgin Islands).

Australasia— New South Wales, Victoria, Queensland, Western Australia, South Australia, Northern Territory, Tasmania, Now Zealand, F iji, Papua, Solomon Islands Protectorate.

SENATE BILL PROVIDING FOR COURT MARTIAL FOR ALL SEDITION CASES.

The most drastic law yet proposed for dealing with cases of sedition, disloyalty and espionago was introduced in tho Senate on April 16 by Senator Chamberlain, Chairman of the Committeo on Military Affairs. Hearings were begun on the bill on Wednesday, and sensational developments were predicted. B y the terms of the bill all persons accused

of interfering in any way with the food, discipline or movement of military forces, carrying on any printed or other propaganda favoring the cause of tho enemy or opposing the cause of the United States, injuring or destroying war material, or spreading false rumors projudicial to the United States shall bo deemed to be a spy and tried before a court martial, which shall have power to impose the sentence of death or otherwise.

In introducing this bill Senator Chamberlain, it is said, was animated by the belief that legal delays and petty technicalities are hampering the Department of Justice in its efforts to stamp out sedition and curb the spy menace.

Senator Chamberlain said there were six fundamental reasons for the bill’s immediate enactment and application to the situation:

1. Tho war cannot be run in the criminal courts by the Department o f Justice.

2. Tho Arm y should deal with enemy activities.3. Congress should grant all the authority to the Arm y and N avy

necessary.4. The moral effect o f one man arrested and tried by court martial is

worth 100 men tried by tho Department o f Justice in tho criminal courts.5. The one feature o f bail alone makes the criminal courts unsultod for

war crimes. A man is indicted for seditious speeches. He is roleased on bail and goes ahead and makes even more seditious speeches.

6. Enemy activities are activities which must be prom ptly punished to prevent future activities.

The text of tho proposed law is as follows:That owing to changes in the conditions o f modern warfare whereby the

enemy now attempts to attack and injure the successful prosecution o f the war by the United States by means o f civilians and other agents and supporters behind the lines, spreading falso statements and propaganda, injuring and destroying tho things and utilities prepared or adopted for the use o f tho land and naval forces o f the United States, thus constituting the United States a part o f the zone of operations conducted by the enemy any person, whether a citizen or a subject of the enemy country or otherwise, who shall anywhere in the United States In time o f war endanger or interfere with or attempt to endanger or to interfere’ with the food, discipline, order, movement, hoalth, safety or successful operation o f tho land or naval forces o f the United States—

(а) B y causing or attempting to cause insubordination or refusal o f duty by any member of such land or naval forces, or

(б) By delivering or transmitting or causing to be delivered or transmitted to any member o f such land or naval forces any written or printed matter which shall support or favor the cause of the enemy country or of its allies in the war, or which shall oppose tho cause o f the United States therein or which shall contain any false reports or false statements intended to interfere with the successful operation o f such land or naval forces, or

(c) By printing or publishing any such printed matter, or(d) By performing or attempting to perform any act mado an offenco

against the United States by Section 1 (a), Section 1 (6), Section 1 (c). Section (d) or Section 12 o f Title 1 o f the Act, entitled “ An Act to punish acts of interference with tho foreign relations, the neutrality and foreign commerce of tho United States, to punish espionage and better to enforce the criminal laws o f the United States, for other purposes,” approved Juno 15 1917, as amended, or

(e) By performing or attempting to perform any act made an offonuu against the United States by tho A ct, entitled "A n Act to punish the destruction or injury o f war material and war transportation facilities by fire, explosives or other violent means, and to forbid hostile use of property during time o f war and for other purposes,” approved April 1918, or

(.0 By performing or attempting to perform any act mado an offenco against the United States by section 12 or Section 13 of tho Act. entitled, "A n Act to authorize the President to increase temporarily tho military establishment o f tho United States,” approved M ay 18 1917, shall bo deemod to bo a spy and be subject to trial by a gonoral court martial or by a military commission of the Army o f by a court martial of the N avy and on conviction thereof shall suffer death or such other punishment as said general court martial or military commission or court martial shall direct.

PUBLICATION OF CASUALTY LISTS RESUMED— NEW CENSORSHIP RULES.

The War Department on April 9, then acting on cabled orders from Secretary Baker in France, resumed the publication of daily lists of the casualties among our overseas forces. The lists had been suspended on April 2 when Secretary Baker sent orders that in future all nows concerning American troops abroad would be given out only at tho headquarters in France. The W ar Department’s announcement at that time was as follows:

The W ar Department has been notified that Secretary o f War Baker has prescribed tho following rules for handling publicity o f mattors pertaining to troop movements and operations:

First. All matters pertaining to events, persons, policies or operations here (France) will be officially given out only from the headquarters o f tho American expeditionary forces in France.

Second.— Similar matters affecting forces at home will bo given out at tho War Department.

This order was interpreted by tho War Department as meaning that all casualty lists were to be suppressed for tho time being, and this was done. In tho absence, howevor, of any statement of the reasons for such a course of action, especially at a time when American troops woro preparing to take a largor part in actual hostilities, much criticism was aroused, and on the 6th acting Secretary of War Benedict Crowell, found it desirable to issue the following reassuring statement:

Pending the receipt from Secretary Bakor o f a reply to a cablegram from the W ar Department asking specifically if his order directing that all publics-


Apr. 20 1918.] THE CHRONICLE 1633tion with reference to persons in the American expeditionary force be given out from General Pershing’s headquarters, forbade the publication from the W ar Department o f lists o f casualties, tho War Department announced that the lists o f casualties which havo been received from General Pershing daily during the last four days have been absolutely minor in numbers and that there has been no great loss on our Western front reported.

Should there be a report o f large losses or a disaster of any kind the fact will not be concealed, but tho figures at least will bo given out immediately. Tho relatives o f the soldiers named in tho casualty lists during the last four days have been already informed.

It is understood by tho Department that a German propaganda has been initiated for the purpose o f causing unrest and disseminating tho idea that thero has been a largo casualty list on tho other side among tho American forces, but not only on this occasion, but on all occasions, the public may be assured that there will bo no suppression o f bad news.

An Associated Press dispatch from France on the 3rd gave tho following summary of the censorship rules which became effective as regards the American forces on that day:

It is the policy that all Information not helpful to the enemy m ay be given to tho public. Tho basic principle requires that all articles must moot these four conditions:

First— They must be accurate in statement and implication.Second— They must not supply military information to the enemy.Third— They must not injure tho morale o f our forces hero or at home or

among our allies.Fourth— They must not embarrass the United States or her allies in

neutral countries.Tho foregoing conditions apply to every article written. The specific

rules which follow aro intended to explain them, but never to bo considered as permitting tho publication of anything which conflicts with those four conditions.

There will never bo Identification by numbers or organization.Concerning troops in tho lino, identification will bo only as announced in

the official communique.Concerning troops in training, there will be no identifications b y sections,

such as Now York troops and Ohio troops” in cable dispatches.When it is obvious to tho censor that, in consideration o f tho timo ele

ment, no military information will bo given to tho enemy by articles sent by mail,^ thero can bo identification o f small groups, as “ Now England troops” mid "N ow York troops.” Reference cannot bo made to troops o f tho National Guard or tho national army or regular organization. During this war wo havo only one army, tho United States Army.

As to individuals, a name can be used whonever a story materially is obviously helped. Tho determination o f this is in tho hands o f tho censor, not o f the writer.

Places can ho mentioned only to a limited extent. Within the advance zono no sector shall bo said to have any American troops in it until tho enemy has established it as a fact by taking prisoners.

Ship movements, real or possible, will not bo discussed. Plans o f the army, real or possiblo will not be discussed. Numbers o f troops as a total or as classes will not be discussed, except by communlquo.

Tho effects o f enemy fire will not be discussed except by communique.Articles for publication in Europe will be scrutinized carefully to make

euro that they do not hold possibilities o f danger which tile samo stories in tho United States would not hold. This applies not only to military information, which thus would bo in the hands o f the enemy within a day after writing, but also to an emphasis on small exploits, which it may be extremely desirable to print in the United States, but quite undesirable to print In Europo. Exaggeration o f our activities, accomplished or contemplated. will be studiously avoided because o f tho bad effect o f this on tho respect our allies havo for our promises.

Casualties as to numbers will bo passed only as indicated in tho com munique. Individual dead or wounded will bo mentioned by namo only whero it is reasonably manifest to tho censor that tho facts are correct and that some definite and good aim, such as offering examples o f heroism’ will be served by printing.

In tho main It is desirable to print no names o f dead and wounded until tho Department lias had timo to notify their families, and as notifications comes only through tho hospital reports, it is apparent they will be delayed

Under no circumstances are thore to be reports, as for example "T h a t ’a major-goncral was killed." Either tho m an’s name Is to be given or ho is not to bo mentioned at all, whother for military reasons or because such a vague statement would uselessly alarm the families of all other m ajor- generals in France.

The American censorship is final in articles concerning American troops Thrco cases present themselves and aro disposed o f as follows-

I f American troops aro operating in a strictly American sector, tho news Is submitted to American General Headquarters.

I f tho troops are operating in a strictly Allied sector, tho news must be submitted only at the General Headquarters o f the Allied army concerned

If the troops are operating in conjunction with an Allied force, tho news o f those Joint operations must be submitted at either the Field Headquarters o f tho American Expeditionary Force or tho Field Headquarters o f tho Allied army concerned. In such a case the American officer designated as Field Censor with the Allied Arm y General Headquarters will examlno every mention o f American troops in such story. His written signature and the addition o f “ controle Americano” will bo essential to the passage o f that portion o f such story.

In tho samo way tho officer o f an Allied army concerned and designated as Field Censor with the American Goncral Headquarters will examine every mention o f Alliod forces in such story, and his O. K . will bo essential to the passage o f that portion o f tho story.

THE RETURN OF SECRETARY BAKER.Secretary of War Newton D . Baker on Tuesday returned

from a month’s trip to Europe, during which ho visited France, England and Italy, observing at first hand tho military situation and conferring with the heads of Governments and Generals of armies with whom the United States is eo-oporating in tho world war. M r. Baker, while admitting the seriousness of the present military situation, is full of confidence as to the final outcome, expressing surpriso, according to the press correspondents, that any one should be depressed over the situation on the Western front. M r. Baker was in France when the great German offensive began, and has been in close touch with the men charged with stemming the tide of the German onslaught, and is

enthusiastic in praise of the indomitable spirit prevailing among the people of our co-belligerents.

Secretary Baker has issued no official statement since his return, but press reports from Washington credit him with urging upon President Wilson the need for a greater American army and a maximum speed in preparation to meet the emergency on the western front. The Secretary’s recommendations to the President are said to call for an army of 3,000,000 men immediately, and more as fast as the machinery for organization can be provided. M r. Baker is to appear before the Military Committee of the House in a few days.

In regard to the American forces in France, an interview published in the New York “ Times” on Thursday quotes M r. Baker as follows:

So far as our own forces are concerned, any man who goes to France will havo an increasing sense o f admiration for the magnitude, the thoroughness, and the speed with which the American Army has done its work; and by that, o f course, I refer chiefly to its organization o f means o f com munications, lines o f supply, its warehouses and distributing facilities tho schools organized for the training o f the special arms and the special officers. You get the impression o f the American Army in France as a beehive o f the most energetic people, and everybody is doing his job with onthusiasm and success. They know no hours and no limitations on labor; the question is to get the most done possible, and the amount done is an amazing story.

The condition o f our soldiers in France is a thing that I am very happy to have an opportunity to tell in the widest possible way. Our boys are well physically— big, strong, robust and healthy— and they are well In every other way. Their spirits are high, their behavior is most admirable, their relations with the French people and the French soldiers, and the British soldiers to the extent I saw o f them, were cordial and sympathetic. The healthfulness and wholesomeness about the American Arm y over there is perfectly splendid.

The enthusiastic expression o f all those who have been on the battle lino is that they "want m ore.” The American soldier has made good in France, and French and British military authorities and critics uniformly praiso the courage, endurance and soldierly qualities o f the Americans.

The only sad Americans in France are those who for any reason fear they may havo to come homo before the Job is done—officers and men alike. They, o f course, want to come homo when the job is done, but just suggest to any one that he might be sent home because he possesses some information that might be useful and it almost breaks his heart.

The boys receive the Information that they should prepare for duty for front with tho greatest enthusiasm; one regiment o f engineers ordered out cheered so loudly that you hear them over the telephone.

The information I went to France to get I got, and the picture o f the actual application o f all this effort, and I am now equipped with the means o f judging and appreciating the kind o f co-operation that the AVar D epartment in America can give to that army that wouldn’t have been possible without the visit to the actual field o f battle. It will undoubtedly lead to a very much better co-operation between the department and tho navy in France.

I he big thing for America to do is to support the war— support it financially, support it in sentiment, belief, confidence, and courage. The right arm o f America is in France, and it is bared ready for action and striking hard. The rest o f the body is over here, and we must support and invigorate that arm. That means subscriptions to the Liberty Loan, and it means tho adoption o f the sort o f confidence in our army in France which its own activities justify and deserve.

Secretary Baker arrived in France on M ar. 10, having made the crossing on a cruiser convoying a fleet of transports on which 10,000 American soldiers were taken to France. M r. Baker’s plans had been so carefully guarded that the announcement of his arrival in France came as a great surprise to the general public. Correspondence made public on M ar. 12, between Secretary Baker and President Wilson revealed that General Pershing had repeatedly urged M r. Baker to make a personal inspection of the army at the front. M r. Baker in his letter to the President dwelt on the need of such a personal inspection in shaping the plans of the War Department, and the advantages of being able, after an actual visit to the camps, to assure the relatives and friends of our boys overseas that their welfare was being properly looked after. President Wilson in reply, agreed with Secretary Baker that his visit would add to the morale of the army, both abroad and at home, and that it would be “ serviceable to all of us to have the comparative view which you will bring back with you.”

M r. Baker’s letter to the President was as follows:„ _ February 20 1918.M y Dear Mr. President:

I havo had repeated cablegrams and letters from General Pershing urging that I visit our expeditionary forces In France, and as our plans have gone forward I havo come more and more to realize the need o f an actual Inspection o f ports, transportation and storage facilities and camps o f our overseas army.

Of course, we are constantly having officers o f tho several armies returning from France with information and recommendations, but they frequently serve only to illustrate the impossibility o f securing a complete view o f tho situation by any other course than a personal inspection.

In addition to this, the relatives and friends o f our soldiers are deeply concerned to know the conditions under which these soldiers live and the environment in which they find themselves. It will be o f Importance if I can give comforting assurances as the result o f an actual visit to the camps, and it may be that I can suggest betterments as tho result o f our exporionco hero, where great camps have been built and a most wholesome and helpful environment provided, with the co-operation o f all the helpful and sympathetic agencies which the people o f tho country have placed at our disposal.

The various reorganizations in the W ar Departments have now proceeded to a place whero I feel that they will proceed uninterruptedly with their task, and I can with more comfort than would have been possible



at an earlier time be absent for a brief time. I am writing, therefore, to ask your consent to my absence long enough to pay a hurried visit to France for such an inspection trip as I have herein outlined. M y plans would carry mo to Franco, and would Include a thorough Inspection o f our ports, lines o f transportation and communication and camps, with a brief visit to Paris and London.

Respectfully yours,N E W T O N D . B A K E R .

To this the President replied:M y Dear M r. Secretary:

I have your letter o f Feb. 20 and concur in your judgment that General Pershing’s repeated requests that you should visit our expeditionary forces in France should be complied with. I bolieve that it will add to the morale not only o f our forces there, but o f our forces hero, to feel that you are personally conversant with all the conditions o f their transportation and treatment on tho other side, and I beliove that it will bo serviceable to all o f us to have the comparative view which you will bring back withy u u .

I sincerely hope that your Journey will be safe. W e shall look for your return with Impatience, because your guidance is constantly needed here.

Cordially and sincerely yours,W O O D RO W W ILSO N.

DEATH OF SENATORS STONE AND BROUSSARD.United States Senator William J. Stone, who was stricken

with paralysis while on his way to the Capitol in a street oar on April 10, died on April 14. Senator Stono was born on M ay 7 1848 in Madison County, Kentucky. After graduating from Missouri University, ho became a lawyer and was admitted to the bar in 1869. Ho was Prosecuting Attorney of Vernon County, M o ., 1873 and 1874. He was elected to tho 49th, 50th and 51st Congresses and was Governor of Missouri from 1893 to 1897. Ho represented his State on the Democratic National Committee from 1896 to 1904 and was Vice-Chairman four years of that time. In 1903 he entered the Senate, succeeding Senator Vest. In 1909, ho was re-elected and again in 1914, to serve until 1921.

Senator Stone was one of the twelve Sonators who in March 1917 went on record against granting to President Wilson the powers asked for in the armed ship legislation. He was also opposed to tho declaration of war on Germany, but with the entry of the country into the conflict gave evidence of his intention to stand by the Government in supporting its war measures.

officials of the Board do not believe it will bo necessary for M r. Schwab to make such a sacrifice. They pointed out on the 17th that he would have nothing to do with letting of contracts, and that, in addition, virtually every yard in the United States already had all the contracts it could fulfill until 1920. The yards which M r. Schwab controls are engaged almost exclusively on work for the N avy. M r. Schwab entered upon his new duties on April 18. After conferring with Chairman Hurley of the Shipping Board and M r. Piez ho was interviewed by newspaper men as to his work; the New York “ Times” quoted him as saying in part:

Tho work which M r. Hurley and M r. Piez have done is prodigious, splendid, magnificent. It is far greater than any man who hasn’t seen the inside of things can appreciate.

Tho foundation is laid and that task is well done. W e are going to get tho results which are needed and I shall bo proud if I can havo any part in tho accomplishment. All I can say for myself is that I am filled with enthusiasm, energy and confidence.

M r. Hurley and I are in full accord on everything and we aro going to work shoulder to shoulder to make tho work a success. But tho largo burden must fall upon tho people at the yards, and they aro entitled to any credit for success.

W e can plan and advise and encourage, but wo can’t do the work ourselves. Appreciation and encouragement are tho things needed. I havo found in m y long experience that no man can do his work well unless his efforts are appreciated.

I do not want to havo any man in tho shipyards working for mo; I want them all working with me. Nothing Is going to be worth while unless we win this war, and every ono must do the task to which ho is callod. __

I do not know anything about policies and things o f that kind. That is M r. Hurioy’s duty. I do not want to go to meetings to try to got things. I am essentially a field man, and that is whore m y work will be. I do not know what I can do: tho only thing I know is that I am filled with optimism and energy, and I want every one else to feel the samo way. All I know is that I am going to build ships, and I know it can bo done.

M y place is in the yards, and I shall spend a great part o f tho time thero. I want all o f the shipbuilders and shlpworkers to feel tho samo kind o f enthusiasm and optimism that I feel. I want thorn to realize that nothing is going to be any good to any o f us unless we win this war.

And I want every one in tho yards to understand that if wo succeed in building theso ships, and I know we will, that the credit won’t belong to M r. Hurley, M r. Piez, and me, but to the men who actually built tho ships. And wo want them to know that thoy will get the full credit.

W ith tho announcement of M r. Schwab’s appointment on April 16 it was reported that tho Shipping Board would continue direction of policies and dotermino the number and character of ships to bo built. After a program has been decided upon, it will be M r. Schwab’s task to put it through,

Another U . S. Senator Robert F . Broussard, Jr., from Louisiana, died on April 12 after an illness of several weeks. The death of Senator Broussard will make it necessary for Louisiana to elect two United States Senators in the general election next November. Senator Ransdell’s term expires March 4 next, and a successor will have to bo chosen to fill out the term of Senator Broussard, which expires March 4 1921. '___________ '

CHARLES M. SCHWAB MADE DIRECTOR-GENERAL OF EMERGENCY FLEET CORPORATION.

The entire supervision and direction of the Government’s shipbuilding program is given Charles M . Schwab, with his appointment, announced on April 16, as Director- General of the Emergency Fleet Corporation— a newly created post. A t the suggestion of Vice-President and General Manager of tho Corporation Charles Piez the office of General Manager is abolished in order to give M r. Schwab a free hand in his now undertaking. M r. Piez will romain as Vice-President. Announcement of M r. Schwab’s appointment was made as follows on the 16th by President Wilson’s Secretary, Joseph P . Tumulty:ft Edwin N . Hurley, Charles M . Schwab, Bainbridge C olby and Charles Piez wero received by tho President at the W hite House to-day. It was stated that tho subject discussed was tho progress and condition o f the national shipbuilding program. Tho carrying forward o f tho construction work in tho 130 shipyards now in operation is so vast that it requires a reinforcement o f the shipbuilding organization throughout the country.

Later In the day. Chairman Hurley o f tho Shipping Board announced that a new office with wide powers had been created by the trustees o f the Emergency Fleet Corporation. The new position is that o f Director- General, and M r. Schwab has been asked and has agreed to accept this poistion in answer to the call o f the nation.

Charles Piez, Vice-President o f the Emergency Fleot Corporation, recommended that the post o f tho Genoral Manager o f the Corporation be abolished at once so that M r. Schwab, as Director-General, should bo wholly unhampered In carrying out the large task entrusted to him. M r. Piez, since tho retirement o f Admiral Harris, has been filling both tho position o f Vice-President and that o f General Manager.

M r. Schwab wll have complete superv sion and direction o f tho work o f shipbuilding. He agreed to take up the work at the sacrifice o f bis personal wishes in the matter. His services were virtually commandeered. His great experience as a steelmaker and builder o f ships has been drafted for the nation.

M r. Schwab, who is Chairman of the Board of Directors of the Bethlehem Steel Corporation, is said to havo told the Shipping Board that he is willing to withdraw from his Bethlehem Steel connections if necessary with the assumption of his new functions. It is stated, however, that

and in this he will have unlimited authority and resources. In pointing out that M r. Schwab is the fifth man to be put in charge of the Shipping Board’s building program, the Associated Press dispatches from Washington on April 16 said:

Major-General Goethals was the first man put in charge o f tho shipbuilding program. His retirement came after a long series o f disagreements with William Denman, Chairman of tho Shipping Board. After the matter had been laid beforo President Wilson, both resigned to permit a complete reorganization o f tho board and fleot corporation. Rear Admiral Capps, who succeeded General Goethals, resigned becauso o f ill- health and dissatisfcatlon with his powers, giving way to Rear Admiral Harris, former Chief o f tho N avy's Bureau o f Yards and Docks, who hold tho job two weeks, quitting becauso ho thought ho had not enough authority. M r. Piez, who had been an assistant to M r. Hurley, then took tho place, and has had charge o f most o f tho work accomplished by the Fleet Corporation.

Ira A . Campbell of San Francisco on April 16 was appointed admiralty counsel for tho Shipping Board in place of Alfred G . Huger, who has been commissioned a Major in the Army.

A bill appropriating $50,000,000 for constructing concrete ships was introduced on April 16 by Senator M c- Cumber of North Dakota. Tho measure, which is understood to havo the approval of President Wilson, was prepared by Chairman Hurley of the Shipping Board.

Legislation giving tho President powers to prescribe tonnage charter rates was urged on the 16th before the House Merchant Marine Committee by Shipping Board officials. A bill seeking further nations of ships built in this country was also advocated.

PRESIDENT WILSON'S PROCLAMATION TAKINGOVER ATLANTIC COASTWISE STEAMSHIP LINES.In accordance with a proclamation issued by President

Wilson under date of April 11 control of four of tho principal Atlantic coastwise steamship linos was assumed by tho Railroad] Administration on April 13. The lines commandoored by[thoJPresident are the Clyde Steamship Company of Maine; the Mallory Steamship Company of Maine, tho Merchants’ &!Miners’ Transportation Company of Maryland and the Southern Steamship Company of Dolawaro. Direotor- General McAdoo already has control of tho railway owned lines, viz.: tho Ocean, Old Dominion, Southern Paoifio, Baltimore Steam Packet and Chesapeako Steamship Company. The President’s proclamation of tho 11th adds, it


Apr. 20 1918.] THE CHRONICLE 1635is stated, 03 coastwise vessels, averaging 3,500 tons each to tho 48 othor coastwise ships already under Government management, making a total of 111 vessels, aggrogating nearly 400,000 tons. Those will be assigned to carrying coal and othor materials botwoon Hampton Roads and New England, cotton from tho South to New England and other traffic, which will result in relieving rail transportation. Under private management, it is said, many of tho ships talcon over under tho proclamation have been running on inflexible schedules and routos, often carying light cargoes, at least one way, and have not lent themselves entirely to tho exigencies of railway and port congestion. One of tho first stops of the Government, it is stated, will bo to placo a greater number of tho vessels in tho coal-carrying trado between Hampton Roads and New England, to provido for a reserve of fuol for next winter. Of tho 63 ships now commandeered, 30 bolong to tho Clydo Lino, 14 to the Mallory, 13 to tho Merchants’ & Minors’ and 6 to the Southern. In his proclamation President Wilson states that Director- Gonoral McAdoo shall “ enter upon negotiations with tho soveral companies looking to agreements for just and reasonable compensation for tho possession, use and control of their respective properties, and fix such just compensation as provided by law.” Tho President’s action in com- mandeoring the steamship linos was taken undor tho clause in tho Army Appropriation Act of Aug. 29 1916, giving tho President authority to take possession and assumo control of tho railroad or transportation linos. Tho proclamation sots out that nono of tho companies taken over shall, whilo under Federal control, without tho approval of the President, declaro or pay dividends in excess of tho regular rato during tho three years ended Juno 30 1917. Tho Government’s proclamation applios to all tho wharves, docks, warehouses and othor operating facilities of the lines as well as to tho ships. Coastwise shipping was included in tho order last Octobor placing undor control of tho Shipping Board all Amorican vessels of 2,500 tons and over. Whon tho Govornmont took over tho railroads in Decomber, the coastwise shipping was roloasod by tho Board and tho railroad-owned steamship linos thereupon passed to tho control of tho Railroad Administration, leaving some of the linos free to continuo business without any Govornmont supervision othor than that oxorcisod by tho Inter-State Commorco Commission. The creation of a Coastwiso Stoamship Advisory Committee to aid in the management of tho steamships taken over is roferred to in another itoin. Below wo give tho President’s proclamation ordoring tho taking over of tho coastwiso linos:

B Y T IIE P R E S ID E N T OP TH E U N IT E D STATES OP A M E R IC A .A P R O C LA M A TIO N .

Whereas tho Congress o f tho United States, in tho exercise o f tho constitutional authority vested in them, by joint resolution o f tho Sonato and nouso o f Represontatives bearing date April 6 1917, resolved:

"T hat tho state o f war between tho United States and tho Imperial Gorman Government which has thus been thrust upon tho United States is hereby formally declared; and that tho President bo, and ho is hereby authorized and directed to employ tho entiro naval and military forces o f tho United States and tho resources o f tho Government to carry on war against tho Imperial German Government; and to bring tho conflict to a successful termination all o f tho resources o f tho country aro hcrebv nlodaod by tho Congress o f tho United States." * i K

And by joint resolution bearing dato o f Dec. 7 1917 resolved:"T hat a stato o f war Ls hereby declared to exist between tho United

Statos o f America and tho Imperial and Royal Austro-Hungarian Government; and that tho President bo, and ho is hereby, authorized and directed to employ tho entire naval and military forces o f tho United Statos and tho resources o f tho Government to carry on war against tho Imperial and Royal Austro-IIungarian Government; and to bring tho conflict to a successful termination all tho resources o f the country aro hereby pledged bv tho Congress o f tho United States.”

And whereas It is provided by Soction 1 o f tho Act approved Aug. 29 1910, ontitlod "A n A ct making appropriations for tho support o f tho Army for tho fiscal year ending Juno 30 1917, and for othor purposes," as follows:

"T h o President in timo o f war ls empowered, through tho Secrotary o f W ar, to take possession and assumo control o f any system or systems of transportation, or any part thereof, and to utilizo tho same, to tho exclusion, as far as may bo necessary, o f all other traffic thereon, for tho transfer or transportation o f troops, war material, and equipment, or for such other purposes connected with tho emergency as may bo needful or desira- b lo ."

And whereas it has now become necessary in tho national defenso to tako possession and assumo control o f certain systems of transportation and to utilize tho samo, to tho exclusion, as far as m ay bo necessary, o f other than war traffic thereon, for tho transportation o f troops, war material, and equipment therefor, and for other needful and desirable purposos connected with tho prosecution o f tho war;

N ow, therefore, 1, W oodrow Wilson, Prosldont o f tho United States, under and by virtuo o f tho powers vested in mo by tho foregoing resolutions and statuto, and by virtuo o f all othor powers thereto mo enabling, do hereby , through Benedict Crowoll, Acting Secretary o f War, tako possession and assumo control at 12:01 a. m. on tho 13th day o f April, 1918, o f each and every system o f transportation and tho appurtenances theroor as follows, to wit: Olydo Stoamship Co., a corporation o f tho Stato o f Maine; M allory Steamship C o., a corporation o f tho Stato o f Maine; Merchants’ & Minors’ Transportation C o., a corporation o f tho Stato o f Maryland; and Southorn Stoamship C o., a corporation o f tho Stato o f Delaware, consisting c f steamships, tugs, lighters, barges, ships, boats and marine craft o f any and overy kind or description and all tho tacklo, appurto- nanccs to and appliances thereof, together with all wharves, docks, ware

houses, and other property o f overy kind or nature, real or chattel, owned, leased, chartered, controlled or used by said companies or either o f them in conducting, or in connection with said transportation systems, to tho end that such systems o f transportation bo utilized for tho transfor and transportation o f troops, war materials and equipment, to the exclusion as far as may bo necossary o f all other traffic thereon; and that so far as such exclusive use bo not necessary or desirable such systems o f transportation be operated and utilized in tho performance o f such other services as tho national interest may requiro and o f the usual and ordinary business and duties o f common carriers.

It is hereby directed that tho possession, control, operation, and utilization o f such transportation systems, hereby by mo undertaken, shall bo exercised by and through AVilliam G. M cA doo, who has been duly appointed and designated Director-General o f Railroads. Said Director-General may perform tho duties imposed upon him, so long and to such extent as he shall determino, through the boards o f directors, officers, and employees o f said systems o f transportation. Until and except so far as said Director- General shall from time to timo by general or special orders otherwise provido. tho boards o f directors, officers, and employees o f said transportation systems shall continuo the operation thereof in the usual and ordinary course o f tho business o f common carriers, in the names o f their respective companies.

Until and except so far as said Director-General shall from time to timo otherwise by general or special orders determine, such systoms o f transportation shall remain subject to all existing statutes o f tho United States and orders o f the Inter-Stato Commerce Commission, and to all statutes and orders o f regulating commissions o f tho various States in which said systems or any part thereof m ay be situated. But any orders, goneral or special, licrcaftor made by said Director-General, shall have paramount authority and bo obeyed as such.

Tho Director-General shall, as soon as may bo after having assumed such possession and control, enter upon negotiations with tho several companies looking to agreements for just and reasonable compensation for tho possession, uso, and control o f their respective properties and fix such just com pensation as provided by law.

But nothing horcin contained, expressed or implied, or hereafter done or suffered hereunder, shall bo deemed in any way to impair tho rights o f tho stockholders, bondholders, creditors, and other persons having interests in said systoms o f transportation or in tho profits thereof to receive just and adoquato compensation for the uso and control and operation o f their property hereby assumed.

That none o f said carriers whilo under Federal control shall, without tho prior approval o f tho President, declaro or pay any dividends in excess of its regular rato o f dividencs during tho three years ended Juno 30 1917: Provided, however. That such carriers as have paid no regular dividends or no dividends during said period may, with tho prior approval o f tho President, pay dividends at such rato as tho President may determino.

Excopt with tho prior written assent o f said Director-General, no attachment by mesno process or on execution shall bo levied on or against any of tho property used by any o f said transportation systems in tho conduct o f their business as common carriers; but suits may be brought by and against said carriers and Judgments rendered as hitherto until and except so far as said Director-General m ay, by general or special orders, otherwise determino.

From and after 12:01 a. m . on said 13th day o f April, 1918, all transportation systems Included in this order and proclamation shall conclusively bo doomed within tho possession and control o f said Director-General without further act or notico.

In witness whereof I havo hereunto set m y hand and caused the seal of tho United States to bo affixed.

Done by tho President, through Benedict Crowell, Acting Secretary o f W ar, in tho District o f Columbia, this 11th day o f April, in tho year o f our Lord 1918, and o f the independence o f tho United States tho 142d.

W OOD RO W W ILSO N .B y tho President:

R O B E R T LAN SIN G, Secretary of Stale.B E N E D IC T C RO W E LL. Acting Secretary of War.

CREATION OF COASTWISE STEAMSHIP ADVISORY COMMITTEE.

The appointment of a Coastwise Steamship Advisory Committee under the Chairmanship of L. J. Spence, of Now York, Traffic Director for the Southern Pacific Lines, was announced by Director-General of Railroads McAdoo on April 13. The creation of the Committee follows the taking over of Atlantic coastwise steamship lines in accordance with President Wilson’s proclamation of April 11, referred to in another item. M r. Spence will appoint other mombers of tho Committee from officers of the following companies: Clyde, Mallory, Merchants & Miners, Ocean, Old Dominion, Southern Pacific and Southern Steamship Co. Tho Committee will co-operate with the marine section of tho Railroad Administration’s division of transportation, which will have charge of the supervision of the lines. The following is M r. McAdoo’s announcement concerning tho Committee:

(Circular N o. 23)OFFICE OF TH E D IR E C T O R -G E N E R A L ,

Washington, April 13 1918.1. For tho administration o f tho coastwiso steamship linos, under control

o f tho United Statos Railroad Administration, tho Coastwise Steamship Advisory Committee is hereby created with office at 165 Broadway, New York City.

2. M r. L . J. Spence is appointed Chairman, with authority to form the Coastwiso Steamship Advisory Committee from the officers o f the following stoamship linos: Clydo Steamship C o ., M allory Steamship C o., Merchants & Minors Transportation C o., Ocean Steamship C o., Old Dominion Steamship C o ., Southorn Pacific Steamship Lines, Southern Steamship C o.

3. Tho Chairman o f tho Coastwise Steamship Advisory Committee will report to tho managor, marine section, o f the Division o f Transportation, and will oxorciso supervision and direction o f all coastwise lines under control o f tho United States Railroad Administration.

W . G . M cAD O O .’Director-General of Railroads.



OFFICERS AND EMPLOYEES OF STEAMSHIP LINESTO CONTINUE IN RESPECTIVE CAPACITIES.In a general order on April 13, Director-General McAdoo

announced that all officers, agents and employees of the Clyde, Mallory, Merchants & Miners and Southern Steamship Lines which passed under Government control on April 13 might continue their regular duties, and they are asked not to retire without giving adequate notice. The order reads as follows:

' O R D E R T A K IN G OVER LIN E S.O ffice o f the D irector-General,

W ashington, A p r il 13 1918.General Order N o . 19.Pursuant to tho proclamation o f the President o f the United States, the

undersigned, as Director-General o f Railroads, has taken possession and assumed control o f tho Clyde Steamship C o., M allory Steamship C o., Merchants & Miners Transportation C o ., and Southern Steamship C o., at 12:01 a. m ., Saturday, April 13 1918.

Until further order it is directed that:First. All officers, agents and employees o f said steamship lines may con

tinue in tho performance o f thoir present regular duties, reporting to the same officers as heretofore and on tho same terms o f employment.

Second. Any officer, agent or employeo desiring to retire from his employment shall give tho usual and seasonable notice to tho proper officer to tho end that there may no Interruption or impairment o f tho transportation service required for the successful conduct o f the war and the needs o f general commerco.

\V. G . M cAD O O ,Director-General o f Railroads.

SECRETARY LANSING’S REPLY TO DUTCH PROTEST AGAINST SHIP SEIZURE.

In a statement issuod on April 12, Secretary of State Lansing replied to tho protest of the Dutch Government against tho seizure of Dutch shipping in American harbors. Pointing out that Tho Netherlands Government, while characterizing tho act as indefonsiblo from tho standpoint of international law does not arguo tho question of tho legality of the seizure, Secretary Lansing states that the practico of nations and the opinions of jurists on tho right of a bolligor- ent to utilize all vessels which como voluntarily and unconditionally within its jurisdiction, are sufficiently well known to render citation of precedent and authority unnecessary. The statement reiterates that Holland’s failure to make a voluntary shipping agreement was due to German throats, and promises that Dutch owners will bo well paid for the use of their vessels, which will be returned or replaced when the emergency is over. A copy of Secretary Lansing’s statement was sent to The Netherlands Legation, but was not communicated to the Holland Government in the form of a note, for tho reason that tho Dutch protest also was issued in tho form of a statement but was not sent formally to Washington. Secretary Lansing’s statement was as follows:

The Netherlands Government has issued a statement relative to the recent action o f tho Government o f tho United States in putting into its servico for the period o f tho present war emergency certain privately owned vossels o f Netherlands registry lying within the territorial jurisdiction o f tho United States. While this action is referred to as being indofensiblo from tho standpoint o f international law, tho statement o f tho Netherlands G overnment does not argue the question o f legality. N or is this Government disposed to do so. Tho practice o f nations and tho opinions o f jurists on tho right o f a belligerent to utilize all vossels which come voluntarily and unconditionally within its jurisdiction are sufficiently well known to render citation o f precedent and o f authority unnecessary. But, as the Netherlands Government themselves suggest our action must bo subjected to a finer test than that o f mere legality. It matters very little that our act bo legal if, as alleged, it violates traditional friendship and is inconsistent with ideals o f right and justice.

The Netherlands Government first declaro that the very presenco o f Dutch ships in our ports resulted from our detention o f them with an unfriendly hand. While our right to refuse bunkers and cargo license is conceded, friendship, it is said, should havo led to tho granting o f special privileges in favor o f tho subjects o f a friendly State. Our own supply o f bunker coal at seaboard has been inadequate for our pressing national needs. The cargoes which wero demanded wero largely o f grain, o f which our own reserves are all too low. Tho bunkers, if granted, would have served to carry this grain to the Netherlands where, as events have demonstrated, it was not then heeded, and whero it would olny havo served to release equivalent foodstuffs for tho enemy. Such action upon our part, whatever its intention, would in fact havo been an act beneficial to the enemy and having no relation to our freindship to tho Netherlands. Tho owners o f Dutch ships wero, howover, unwilling that their ships should perform any other services than those which it was clearly impossibel for us to facilitate, and tho ships o f this maritimo nation accordingly lay idle for many months and until the conclusion on Jan. 25 1918 o f tho temporary shipping agreement which was proposed by tho Netherlands Commissioners at London and accepted by tho United States as a measure to restore to immediate activity that portion o f tho Netherlands mercantile fleet lying within our waters.

Tho statement o f tho Netherlands Government seems to imply that this agreement was in fact lived up to by tho Netherlands Government, yet, evidence to the contrary is found in tho statement itself which refors to German objections as having prevented performance by that Government o f what is erroneously referred to as America’s demand, but what was in reality a Netherlands undertaking, that when a Dutch ship loft tho United States for tho Netherlands a corresponding Dutch vessel should simultaneously leave tho Netherlands for tho United States. Ilad not the Netherlands Government, under German threats o f violonce, which wero a matter o f common knowledge, felt unable to Carry out tho temporary shipping agreement, it is inexplicable that tho SS. Samarinda and Adonis would not havo sailed for a Dutch port with their cargoes o f foodstuffs, which under

tho agreement tho Netherlands was to receive, and o f which it was asserted her people wero in direst need. Indeed, the statement o f tho Netherlands Minister for Foreign Affairs made to Parliament on March 12 1918, If it is correctly reported to us, sots out in considerable detail Germany’s ob jections, which prevented performance o f this shipping agreomont. As recently as March 14 1918, after tho Netherlands Government had been informed that tho situation had reached a point whore tho associated Governments could soe no alternative but requisitioning, a note was presented on behalf o f tho Netherlands Government expressing tho hopo that Germany's objections might still be overcome, so as to permit at sorno future dato completo performance o f this agreement, which was to havo been put into operation immediately and completely upon its conclusion, nearly two months before.

One year ago the United States abandoned its neutrality and plodgod its entire resources o f life and treasure to insure tho triumph o f democracy over autocracy and to assist to save tho world from tho blight of militarism. As a result o f a species o f naval warfare directed against belligerents and neutrals alike, which the Netherlands Government havo themsolves declared to be illegal, there has during this period existed a shortago o f shipping which threatened to postpono at irightful cost tho ultimate victory. This has croated an emergency which in magnitude and significance has seldom if ever before been equalled. During this period thoro havo been lying in ports o f tho United States and subject to its jurisdiction and control approximately 500,000 tons o f ships o f Netherlands registry.

At any limo within a year tho United States might havo exorcised its right to put these ships into a servico useful to it. Yet it foreboro and for many months patiently negotiated, first in Washington and then in London, until finally the temporary agreement o f Jan. 25 was ontored into. N o sooner was this agreement concluded than it broke down under Gorman throats o f violence which overruled tho will o f tho Netherlands Govornmont expressed therein. Then anti then only did tho United States take stops to accomplish through the exorclso o f Its own right that which it was hoped could havo been accomplished by agreement, and which tho Netherlands Government had been willing in part so to accomplish.

Tho action taken leaves available to the Netherlands Govornmont by far the greater part o f their merchant marine and tonnago, which, according to estimates o f their own officials, is amplo for tho domestic and colonial needs o f the Netherlands. Shipping required for those noods will bo freo from detention on our part and will bo facilitated by the supplying of bunkers. Tho balance Is being put into a highly lucrative servico, tho owners receiving tho remuneration, and tho associated Governments assuming the risks Involved. In order to insuro to tho Netherlands the futuro enjoyment o f her merchant marine intact, not only will ships bo roturned at tho termination of tho existing war emergency, but tho associated Governments havo offered to replace in kind rather than in money any vessels which may bo lost whethor by war or marino risk; 100,000 tons of bread cereal which tho German Govornmont when appealed to rofusod to supply havo been offered to tho Netherlands by tho associated Governments out o f their own inadequate supplies, and arrangements are boing perfected to tender to tho Netherlands Government other commodities which they desire to promoto their national welfare, and for which thoy may freely send their ships.

Tho statement o f the Netherlands Government explicitly recognizes tho traditional friendship o f the United States toward their country. It recognizes that wo havo heretofore sought to act in accordance with tho dictates o f right and justice and to champion tho interests o f smaller nations. It should not therefore hastily be presumed that wo havo now abruptly repudiated that friendship and been falso to those Idoals. It is, In fact difficult to bellevo that such a conclusion could be drawn from this exorcise o f our rights in a manner which scrupulously safeguards and indeod promotes tho national interests o f the Netherlands.___

GEORGE J. BALDWIN SEES 8,000,000 TONS OF MERCHANT SHIPS PRODUCED IN 1918.

Georgo J. Baldwin, senior Vice-Prosiclent of the American International Corporation and Chairman of tho Board of the American International Shipbuilding Corporation, stated at tho annual meeting of the Chamber of Commerco of the United States in Chicago on April 11 that at tho present time it seems possible to produce in the United States during 1918 about 4,000,000 deadweight tons of merchant ships, and approximately an equal amount in all tho other countrios combined, with a very material increase in American production for 1919 and subsequent years. M r. Baldwin also mado tho following observations:

On June 30 1914 wo estimated a total o f 49,000,000 gross tons o f merchant shipping then existing in tho world. B y Jan. 1 1918 this had decreased to44,000,000 tons, and after deducting enemy tonnago interned, noutral tonnago tied up and tonnago in military uso, the availablo tonnago for com - morco was reduced to 29,000,000, or about 59% o f tho original total.

Tho foregoing statistics are given in gross tons, as it is usual to state tho world’s shipping figures in this measure. In America tho common measure used is tho deadweight ton, which is equivalent to approximately three- fifths o f tho gross ton. I shall stato figures from now on in deadweight tonnage, following American usage.

In 1917 over 11,000,000 deadweight tons wero destroyed, production in tho United States had increased from a normal o f 500,000 tons to approximately 900,000 during tho year, whilo all other countrios had produced3,800,000 tons. W ith sinkings by submarino and losses from natural causes for 1918 estimated at between 8,000.000 and 10,000,000 tons, our problem is to compensate for this actual as well as futuro loss by an enormously increased construction o f cargo vossels without interference with tho needed building o f naval vessels required to decrease tho destructive forco o f tho growing enemy submarino fleet.

From present indications, destruction by submarino has porhaps passed its climax, and if continued at no greater rate for tho balanco o f tho year, we may expect by the end o f 1918 to bo producing an amount o f tonnago very nearly approximating tho war destruction for tho year. But this can only bo done by means o f tho so-called fabricated or assembled ship and by new motliods o f construction. I f wo are going to win tho war, wo must have tho ships In amplo quantity, and I sco no other mothod o f producing them in sufficient volumo.

* * * * * * *

W o are assured upon competent authority that by July 1 1918 tho rolling mills o f this country can secure sufficient steel and will bo able to roll 6,000,000 tons o f steol plates per annum. I f wo allot 4,000,000 tons o f this for uses other than ship construction, tho 2,000,000 remaining tons will bo sufficient for the production o f 8,000,000 tons o f ships, far more than wo are now able to construct. Tho shipment and preparation o f this steel has been delayed because o f tho closing o f many mills last winter duo to lack o f


Apr. 20 1918.] THE CHRONICLE 1637fuel, the difficulty o f transportation from the steel plants to the rolling mills, thence to the fabricating shops and partly by the confusion caused by our endeavor to give priorities to all o f the manufacturers requiring steel for Industries producing our war material.

It is the organized power o f a concentrated, unified Germany which has driven before it the Allied forces in France; a complete organization o f every individual, < very corporate activity, every industry, every financial agency, combined and co-operating to support her army and navy. It is the organized power o f America which will drive her back again. Organized power will win the war. An organized body o f American steel producers and fabricators are supplying the material, a drilled and perfected organizaiton with millions o f capital, acres o f machinery and manufacturing plants hundreds o f thousands o f skilled American mechanics headed by the strongest men o f the nation, a unified railway system, all working with one common purpose and backed by the entiro power and resources o f the American people, expressed and trasmitted through the Shipping and War Industries boards, such an organization as has never before been welded together in the history o f our country. This organized and drilled power will produce the ships in whatever quantity shall bo needed to win the war.

Some one centralized, dominating body from which instructions should be issued, which would m ove coal to the plants, the steel products to tho mills, and from them to the shipyard In a continuous flow o f the parts o f the ships has beon needed. During tho past week the President o f tho United States has given dominant, centralized power to the W ar Industries Board, which has promised tho nocossary flow o f steel to the shipbuilders. So in answor to m y question, I think wo may now rely upon an amplo supply o f steel for tho construction o f our ships.

ESTABLISHMENT OF GREAT LAKES STEAMSHIP LINE UNDER RAILROAD ADMINISTRATION.

The establishment of a Great Lakes steamship line under the Railroad Administration to operate seven ships between Buffalo and Chicago and Milwaukee was ordered by Director-General McAdoo on April 18 to relieve the railroads of some of the through traffic between the East and the W est. The now service is to be started within a week or two. Allrail rates, including marine insurance, will prevail, and, it is stated, that to a great extent it will be optional with the railroads as to tho method of transportation. It is pointed out that thousands of cars are now held up on Western railroads as a result of congestion at big Western terminals and the inability of Eastern roads to accept tho traffic. Considerable of this freight now will be taken by the steamships. Tho Railroad Administrations’ announcement said:

Shippers o f heavy staple commodities from tho East, such as sugar, coffoo and manufactured articles will take advantage o f this service, as it will be a steady and rogular movoment. There will be assigned to this line soven largo modern eloctric lighted steamships, and it is intended to work day and night shifts at terminal points.

The line will bo known as the Lehigh Valley Transportation Company. ____________________________ '

SENATORS IN CRITICISM OF ADMINISTRATION'SALLEGED FAILURE TO MEET SHIP AND AIR

PLANE REQUIREMENTS.An arraignment of tho Administration for its alleged in

efficiency in turning out ships and guns and its delay in supplying American airplanes to its forces in Franco figured in the dobato in the Senate on Mar. 26. Senator Lodge took the Administration to task for its failure, as he claimed, to get one airplane abroad, while Senator New of Indiana stated that of 12,000 combat planes which the aircraft Production Board had expected to deliver in France by tho first of July only 37 would be ready.

Senator Thomas of Colorado brought about tho spirited debate when he repudiated an alleged statement of the Fuol Administration that a reduction in summer coal prices had beon made at tho request of the Colorado Operators’ Committee. Sonator Lodge in his arraignment of the Administration, said in part:

Tho fato o f the war is trembling in the balance. Our gallant allies are holding back tho German advance at enormous sactiflce and with a courage that goes beyond tho range o f eulogy. In this dark hour it Is a crime to keep from tho American people facts well known to our enemies, but about which our own citizens aro misinformed.

W e know hero and wo have known for weeks, as tho Gormans have known, that we have no fighting planes in Franco. Tho Secretary o f War spoko a short time ago o f our beginning to send fighting planes to Franco. He said tho number was small, but we had begun to send them. W e returned at that time tho two French models which wo had had hero. Since then, I believe, ono American piano has gone; it may bo on the water now, it may havo boon landed. Tho heavy Liberty m otor, according to the best information I can get, may bo developed so as to furnish adequate power for bombing planes. Tho light motor does not show a capacity for fighting planes. W o havo not a fighting plane in France. The front whero our men aro is not dofonded in tho air. The French and tho English havo use for every plane they can bring up, and our men are not dofonded at ail.

W o have spent $840,000,000 for aeroplanes in tho past year, and we have not a fighting plane in France. I was shown a statement from tho Aero Club o f America, saying that what was needed was money— tlireo thousand million dollars to build aeroplanes. M r. President, we have granted powers and wo have given money without stint; but appropriating money and granting powers will load to nothing unless the money is wisely expended and the powers aro efficiently exercised. This idea which some persons seem to have that all that is necessary is to appropriate monoy and utter bravo words in order to end tho war is ono o f the worst delusions which over tempted a people to destruction.

Tho facts I havo recited in regard to aeroplanes aro known to Germany. It is time our people undeistood them.

Wo have no guns in France except a few old coast guns which we sent out early, and for which the French are making carriages. W o are using French guns. That is tho hard fact. W o decided to make 75-millimeter guns. W e got the French plans; they gave us everything, including the secret o f tho recoil, and six months were wasted while we were trying to improve tho best recoil o f tho best gun In the world, and now wo have no guns. AVo have gone back to the French plans, with six golden wasted months behind us.

AVo havo turned out two American ships, according to the best information I can get. The country is told about twenty-six, or whatever tho number is. W o have boon finishing some commandeered foreign ships; we havo commandeered other ships but we have got only two American ships, and yet tho Shipping Board has been in existence since September1916- Two American-ordered and built ships is our whole contribution thus far to the new tonnage o f the world.

M r. President, it is to the last degree painful to say these things, but they are tho truth. Tho facts are there to be dealt with. I have the deepest confidence in the American people, and I believe they should not be misled with tales o f what we aro about to do and not be told what we havodono and what wo have failed to do. Let them know the truth; whether it is bad or good, let them have the truth. I f they have the truth and they seo the difficulties it will arouse the American spirit— not merely tho spirit o f generous patriotism with which they have come forward to givo their sons and their brothers, their m oney and their time to the country, but the grim determination, the hard setting o f the teeth which was shown on both sides during the Civil W ar. Tell them the truth; tell them where we are to-day.

Tho world looked to us a year ago and said we had come to the rescue o f tho situation. I f tho situation is ultimately to be saved, it can only be saved by tho resources and the man-power o f the United States. W e have a good draft law; it has been well administered. AVe got tho men; we can get more men; but apart from that, what have wo to show in accomplishm ent? A wasted year.

Tho only relief that I can see is to appeal to the spirit o f the American pcoplo. You cannot do that If you deceive them. Tell them the truth. Lot them know the dangers and the perils in which they arc; that wo are fighting for freedom, for civilization, for all that makes life worth living, and that wo may bo fighting before very long for our very existence as an independent nation. It Is no time to deceive ourselves. Let us look facts in tho faco. I for one have held m y peace a long time, but tho day has gone by when it is right to hold our peace.

AVhat I havo said is well known to Senators on both 6ides o f the chamber; Just as well known as it Is to me— better known, by far, to tho members o f the Committee on M ilitary Affairs, which has done such great work during the last winter. But, M r. President, I for ono will no longer stand by in silence.

Senator Hitchcock, as a member of the Military Affairs Committee, told the Senate that the President had appointed a committee that was investigating aircraft production and that a statement of the progress in airplane building would be forthcoming shortly. Senator Hitchcock added:

I am not combating in any degree the statements made by the Senator from Massachusetts. The M ilitary Affairs Committee has been criticized already in certain quarters for what it has done. At the present time it is engaged in an effort to co-operate with the W ar Department, the organization o f which has been immensely improved since the investigations o f the M ilitary Affairs Committee commenced. I should not speak for tho Committee, as the Chairman is here, but I believe I am safe in saying the Committee will give to the Senate as rapidly as possible any information or recommendation which m ay be o f value regarding this aircraft matter. The Committee is naturally under some restraint. It has a public duty to perform but cannot make public all tho information that comes to it and all the rumors that come to It. But an investigation is now in progress and the Senator from Massachusetts will bo gratified and the country will be gratified when that investigation has progressed a little more. In having revealed the exact truth. There is , so far as I know, no disposition to conceal it. Whatever the mistakes o f the past may have been— and they have been enormous— I believe they aro in course now o f being cured.

Senator Hitchcock later in the discussion stated that: “ substantially wo are not behind the time in the delivery of training airplanes, of which we have about 2,000. When I stated that an investigation was being made I meant that an investigation is being made to develop who is responsible for the presont delinquency in the delivery of combat airplanes.” ____________________________

SENATE REPORT CRITICIZING AVIATION PROGRAM — REORGA NIZA TION DEM A NDED.

A report condemning in the strongest terms the Aircraft Production Board and the Army Signal Corps for their alleged failure to make better progress in carrying out the country’s aviation program was submitted by the Senate Committee on Military Affairs on April 10. The report, which was adopted by tho committee by a vote of 8 to 6, was accompanied by a minority report signed by three members and taking a much more hopeful view of the situation. The majority report declared that the Liberty Motor was only a partial success; that of 22,500 motors ordered, only 264 have been finished and but 4 sent abroad. Only 15 combat planes, the report reveals, have been completed and ono shipped to France. The Government is criticized for having “ misrepresented tho progress of the aviation program” and “ misled tho public.” Tho report recommends that production of airplanes should be reorganized under control of a single executive responsible to the President. The text of the majority report of the committee, as submitted by Senator Chamberlain, was as follows:

Tho Committee on M ilitary Affairs, being engaged under authority o f tho Sonato in an investigation o f the AVar Department, and having taken much testimony, herewith submits the following report in the matter of aircraft production, together with certain recommendations:



Training Schools.The Signal Corps has established and Is now conducting 20 aviation

training schools In the United States. Four additional schools are in process o f construction and aro expected to bo finished in Juno noxt.

Tho aggregate capacity o f the schools now in operation is something over3,000 cadots. 1,926 have thus far been graduated from this primary training courso and commissioned as reserve military aviators. Very fow o f these have received their advanced training in this country.

In addition to tho above, tho Signal Corps, acting upon tho invitation o f the several Entente Governments, dispatched some 1,200 cadots to England, Franco, and Italy, last year, who were to receive primary and advanced training in aviation schools o f thoso countries. Tho experience o f a great many o f these men has been most unfortunate in that at some of the schools a very serious delay has occurred in providing them with tho training planes, which it was expected would bo manufactured in foreign factories in sufficient number. As a result, several hundred o f the American cadets havo beon practically idlo and have made no progress. About 450 o f them are reported as having completed tho primary training, after long delay. The Signal Corps is giving serious consideration to the advisability o f bringing the remainder back to the United States to bo trained. With tho exception o f this sovere disappointment, tho primary training o f our aviators, according to tho testimony of tho aviation officials, appoars to bo progressing favorably. The health record o f tho schools is excellent and tho fatalities arising from aviation accidents, while always distressing, appear to be less frequont than in tho schools o f our allies, according to tho testimony o f the Chief Signal Officer.

Training Planes.For some time after tho inception o f the work tho output o f primary

training planes in this country for use in our schools gave ground for gravo concern. In recent weeks, however, the output has been greatly increased Increased and there seems to bo no doubt of the Signal Corps having an amply sufficient number in the future. On April 1 1918. 3,458 primary training planes had beon completed. Tho planes are o f two standard typos developed for tho purpose and are equipped with Curtiss and Iiali- Scott motors, respectively. The advanced training planes aro being turned out in accordance with tho schedule and estimates laid down at the inception o f their manufacture. In advanced training planes four types aro being made, tho total number up to date manufactured being 342. In these planes three types o f engines will bo used, of which 905 havo been completed. These Include tho Gnomo, Le Rhone, and Ilispano Suiza, all o f foreign design but American manufacture. Tho Liberty motor is not suitablo for uso in these planes.

The Liberty Motor.It is apparent from tho evidence that tho 12-cylinder Liberty motor is

just emerging from tho development or experimental stage. Since tho original design and the setting up o f the first completed motor in July 1917, a large number o f changes havo been found necessary, many o f them causing delay in reaching quantity production. Within tho last two months changes o f considerable importance have been made which, it is hoped, will make tho motor serviceable for combat planes o f tho defonsivo type, and for bombing and observation planes. It is not designed for and can not bo used in the swift single-seater fighting machino. A few of the motors are being flown in appropriate machines. Theso reports, as recited to the com m ittee, indicate that with the latest changes tho motor will bo satisfactory for tho character of work expected of it and that it bids fair to hold its own with foreign motors o f similar power, weight, and purpose. For the campaign of 1919, tho Liberty m otor must undoubtedly be further improved in order to keep up with tho evolution ocnstantly going on along tho front. Tho motor as now manufactured Is o f tho direct-driven typo, a type which has limits o f usefulness in heavy machines.

Steps aro being taken in the designing o f a geared drive, in order that tho usefulness to the motor may bo further extended and further improvements attained. 22,500 Liberty motors have been ordered, 122 havo been completed for the Arm y, and 142 for tho N avy. Four havo boon shipped overseas. Somo o f those already delivered aro being altered to overcome tho defects ascertained during tho last weeks. It is understood, liowovcr, that theso alterations will consume but a very short timo.

Tho production o f Liberty motors to date is, o f courso, gravely disappointing. Tho tetimony shows that experts o f tho highest reputation and experience havo, since last July, ropcatedly warned tho officials o f our Government that the perfecting o f a nowiy designed motor must inovltably involve many months o f painstaking experiment accompanied by many setbacks and disappointments. In spite o f tho unanimous testimony o f motor experts along this lino, the Government officials having tho manufacture o f tho Liberty m otor in chargo have made the mistako of leading the public and the allied nations to tho bolief that many thousands o f these motors would bo completed in tho spring o f 1918. Information of this sort, not borno out by tho facts, has beon injurious, and its constant dissemination tho committoe regards as misleading and detrimental to our cause.

Combat Planes.The production o f com bat planes in tho United States for uso in actual

warfare has thus far beon a substantial falluro and constitutes a most serious disappointment in our war preparations. W o had no design o f our own; neither did we adopt any o f tho European designs until months after wo entered tho war. M uch timo was consumed in discussion as to types. Innumerable changes in designs and specifications o f tho types finally decided upon havo cost further delay. In all, five types have, at one timo or another, been adopted. Two o f them havo been abandoned after the expenditure o f much timo and money. Tho threo remaining types still left upon our program aro now In tho course o f manufacture. Of these, tho largest and most powerful is tho Ilandley Page heavy bombing machino, designed to carry as many as six men, eight machine guns, and a heavy load o f bombs, and to be driven by two Liborty motors. The history o f tho negotiations for tho adoption and manufacture o f this piano afford a ro- markablo Illustration o f procrastination and indecision, too long to recito. Suffice is to say that designs and specifications o f this piano which has been used with marked success by the British and placed In production by that Government, were offored to our officials as early as M ay 1917. Tho testimony before your committee shows that tho Signal Corps finally decided upon the manufacture o f a number o f sets o f parts o f this machine about Jan. 1 1918. Eventually tho finished and tested parts will bo shipped to England, whero thoy aro to bo finally assembled in factories now being prepared for this work. Officials o f tho Aviation Section o f the Signal Corps testify that they do not expoct the completion o f tho first sot of parts In this country beforo tho month o f Juno 1918.

Another type o f combat plane, known as tho Do Haviland, is included in our program. This machine habitually carries two men, four machino guns, a moderate load o f bombs, and other apparatus and Is to bo driven by one Liberty motor. Fifteen havo boon completed; 1 has been shipped to Franco; tho remaining 14 havo beon vory rocently completed in this country. Some o f these havo beon tested, propelled by a Liborty englno, and appear to have given satisfaction. Tho third typo upon the program

is known as the Bristol fighter. This machino is lighter and faster than the De Haviland. Its speed is expected to bo in the neighborhood o f 125 miles per hour. It is what is known as a reconnoissanco machino. Another term which might bo properly applied to it is “ defonsivo fighter.” It carries two men, four machine guns, and is driven by ono Liberty m otor. The decision to make this typo was reachod on N ov. 7 1917. Tho manufacturers completed tho first o f theso machines during tho wcok ending March 30 1918. Tho machine was tostod onco during that week with a Liberty motor, and, according to the testimony o f the aviation officials, met its preliminary test successfully. This machino, a fow hours after its flight, caught fire whilo standing upon tho aviation ground and was ontirely destroyed. Tho officials of tho Signal Corps assurod tho committco that auother machino would soon bo finishod by tho manufacturer and that if it met the tests satisfactorily quantity production might bo oxpected within a reasonable period. The testimony as to this machino was given on April 2 1918. This completes tho list o f machines now under manufacture and constitutes a correct statement o f tho situation in this country as o f April 1 1918. In addition to tho American production or engines and aeroplanes as heroin set forth, considerable orders for combat aeroplanes and engines wero last summer placed with European manufacturers by Gen. Pershing, and we havo furnished quantities o f material and numbers of mechanics to aid in their construction.

Your committee has full Information as to tho number and quantity of machines and engines ordered hero and abroad but doos not feel justified in stating tho number in this public report. Tho facts contained In this reports are drawn from tho testimony o f the Chief Signal Ofticer, Gon. Squier, Col. Deeds, and M r. Potter, tho Chief of tho Equipment Division o f tho Aviation Section of the Signal Corps, and aro confirmed from other sources official and otherwise.

Your committee, being devoid o f technical knowledge o f motors and aeroplanes, does not undertake to point out in detail engineering and manufacturing errors which may havo been committed and which, in part, may account for this gravoly disappointing situation. Your committee, however. Is convinced that much of tho delay in producing completed combat aeroplanes Is duo to ignoranco o f the art and to failuro to organlzo tho offort in such a way as to contralizo authority and bring about quick decision. A certain aloofness in dealing with persons possessing information based upon experience, an apparent intention o f confining tho actual production to a restricted number o f concerns, and a failuro o f tho officials in chargo of the work to grasp the situation in a broader way and soizo upon tho best approved foreign engines and planes and proceed promptly to build as many as possiblo for tho campaign o f 1918 has contributed to tho failure. It Is groatly to be regretted that tho statements o f Government officials havo misrepresented tho pgoress o f tho aviation program. This has misled the public, and your cominittoo, cognizant o f tho facts, has, in tho performance o f its duty, mado this report to tho Sonato.

Your committee believes that production o f aircraft should bo conti oiled by one executive officers, appointed by tho President and responsible to him. Ho should bo assisted by a crops o f tho best aircraft onginoors and designers possible to obtain, both European and American. Tho matter o f production should bo taken out of tho hands o f tho Signal Corps ontiroly, and no man who has any near or romoto interest in a company manufacturing airplanes or ongines should bo pormlttod to act as advisor or bo in authority. While wo aro developing Amorican aircraft and American engines wo should temporarily, at least, procuro an abundant supply o f approved types o f aircraft and ongines of European design.

Further, it seoms to tho committco that ovory oncouragomont should bo given to tho development o f aircraft and that any action which rotards progress, such as trust agreomonts or tho prevention o f thoso developing machines from flying, under proper restrictions, should bo romoved.

The committee also believes it to bo its duty to point out that thus far no broad plan looking to futuro development lias boon laid down by the authorities. Warfare in tho air is still in its infancy and it is inevitable that rapid changes will take placo in both ongines and planes. It is essential to our success that thoso in chargo o f tho American aviation development shall be constantly looking ahead and dovislng plans for a continued expansion o f tho program, as well as tho development o f now types o f engines and planes.

The minority report, criticizing tho majority report as being unfair and incomplete, explains in detail tho difficulties that had to be overcomo, and expresses the opinion that under tho circumstances tho record is “ ono of which every American can bo justly proud.” The minority report in full reads as follows:

W o do not boliovo that the report o f tho m ajority o f tho Sonato M ilitary Affairs Committee on tho aviation situation shows a proper estimate o f what is being accomplished or that It Is sufficiently complete to give anaccurate impression o f the facts. , __

Soon after tho war began tho Signal Corps arranged with tho Fronch G overnment for tho making o f 6,100 combat pianos at a total cost o f S127,000,- 000, tho planes to bo produced as rapidly as American flyers could bo trained to operate them. As tho Amorican aero squadrons reach tho front ready for duty, battlo pianos aro boing supplied them under this arrangement. T o aid in this foreign manufacture o f pianos for Amorican flyors, the Signal Corps iias shippod to Franco 11,000 tons o f various materials and has sent 7,000 mechanics to reioase for Fronch factories making^ pianos tor our American flyers tho Fronch workers on m otor transports. Tho Signal Corps then arranged for tho making o f about 11,500 combat pianos in tho United States, the torm "com bat piano” boing horo used to oinbracoail kinds o f planes, both offensive and defonsivo, except training pianos. 1 ho Curtiss Aeroplano Corporation, tho Dayton-W right Aoroplano C o-, tho Fisher Body C o., tho Standard Aoro Corporation, tho Grand Rapids Aeroplane C o., W . II. Mullon & Co. and about 19 other comapnios throughout tho country wero engaged for tho production oithor o f completed machinos

^ L e c ft b e la id hero that when tho war began tho Unitod States Government had purchased altogether loss than 200 aoroplanos in its entire history, and that o f tho fow aoroplano factories in this country probably not ono was making over fivo or six a month. It Is hardly possiblo to grasp tho magnitude o f tho task tho factories contracting to make tho l,o00 combat pianos found boforo them. Now plants had to bo constructed, old ones fundamentally changod. Special tools for tho making o f tho planes had to bo devised and manufactured and mechanics had to bo trainod to make tho tools and also to make tho planes aftor tho tools had boon com pleted. An aeroplano, especially tho battio aoroplano, is ono o f tho most highly technical, delicate and complicated machinos known to man. In no other form o f machinery is absoiuto and painstaking accuracy in tho smallest details more Indispensable. It has about 4,000 parts and roquiros from 1,800 to 2,800 different drawings in tho preparation for its manufacture, almost as many drawings as aro required for a battleship. E v®fy part is strainod to tho utmost whilo tho machino Is in tho air, and tho ciifrhfAQf. hr ante almost auywUero moans instant disaster. When It is ro-


Apr. 20 1918.] THE CHRONICLE 1639mcmborod how often tho wheels o f railway trains, clue to hot boxes, & c., parts o f railway and automobile engines, tires on autos, & c., go wrong, necessitating immediate repair, and that any similar breakdown in an aeroplane would mean, as a rule, (loath to its occupants, some part o f tho ro- sponsioiiity and difficulty involved in making a finished plane may bo understood .

Remember further that every fighting plane must have machine guns, synchronizing devices, special telescope airplane sights, wireless apparatus, cameras o f special type, electric heating devices for clothing, oxygen apparatus, speed indicators, special gauges, barometers, compasses, alto- meters, &c. T o say that this complicated equipment is in steady and ade-

‘ quato production, and that tho factories are now about in shape for quantity production o f combat planes, and have about completed tho foundation for what is as difficult and responsible a task as has ever fallen to the hand and brain o f man, is to state the truth, and at tho same time to recite an achievement unparalleled in all history for so short a time.

Remember again that when these combat pianos wero contracted for tho only known lubricating oil adapted to their delicate parts was an oil made from tho castor bean. There wero not enough beans in this country to make anywhere near tho amount o f oil required. Neither wero there enough seeds with which to grow the needed quantity o f beans. Tho Signal Corps had to search the globo for seeds and finally secured a shipload from distant India. Then tho Corps had to contract for tho planting of tho seeds in this country and has succeeded in having about 110,000 acres planted. It is now claimed that a form o f petroleum has been developed that will answer tho same purpose. This, howover, is still in the experimental stage, while tho oil from tho castor bean is known to bo entirely adequate and rciiablo.

Remember again that tho cloth used in tho wings o f tho aeroplanes o f all typos had to bo treated with acetone, a liquid substanco which makes the cloth as fireproof as possiblo and also strengthens if for tho immense strain to Which it is subjected in tho air. The Signal Corps is having this acetone distilled from wood under its own supervision on an enormous scalo and a a cost o f about 920,000,000.

The Corps has had to find a substitute for Irish linen as tho material for Wing cloths on training planes, and has succeeded in adapting a certain form o f long-stable cotton to this need.

Coining now to tho training piano, it m ay well bo said that tho completion o f 3,600 to date and tho fact that they aro now in quantity production, practically according to program, constitute a remarlcablo achievement when tho nature o f tho task is fairly weighed. Tho training plane Is simpler than tho battle piano and for that reason could bo produced sooner, but tho making o f tho training planes on a quantity scalo is in itself a task o f unprecedented difficulty and magnitude.

Lot it bo remembered further chat the Signal Corps had to put regiments o f workers in tho forests to find tho spruce needed in tho making o f aoroplanos. The spruce trees aro found among fir and other trees, and o f each 100 feet cut only about 15% is found sound enough for aeroplane construction. Approximately a billion feet o f lumber had to bo cut and inspected and tested vefore tho necessary 100,000,000 feet o f spruce could bo obtained.

Propellers aro mado o f mahogany and other highly durable woods, and three or four must bo mado for each machine. This mahogany comes from tho tropics, and whether and when it can be brought to seaport depends on tropical rains which swell tho rivers so as to permit transportation.

Lot us now consider tho Liberty M otor. Tho Liberty m otor could not fairly havo been called an experimental and untried dovice. It represented a combination o f what had been demonstrated to bo best in all m otor construction. Tho Signal Corps with its trained and skilled engineers understood that a foreign m otor could not bo adapted to American manufacture and turned out in sufficient quantity in anywhere near tho timo in which tho Liberty motor could bo produced. Foreign motors aro based on the metric system o f measurements, &c. American practice and American manufacture aro not adapted to this system. All parts mado under tho metric system must bo converted into inches and fractions o f inches under our system. Tho foreign motor is so extensively tho result o f handwork that it is with great difficulty adapted to tho machine work that dominates American factories.

Furthermore, tho Liberty motor is capablo o f 100 moro horsepower than any foreign m otor except a few o f one single typo, tho Rolls-Royco. Tho Liberty m otor develops 400 horsepower ordinarily and is capablo 465. Tho foreign limit, with tho one exception abovo mentioned, is 300.'

Tho Liberty m otor has become so well established that tho British Government has asked for a largo number. Sir William Weir, head o f British Aircraft production, stated recently in London that ho considered tho Liberty engine tho greatest singlo factor in tho world's aviation program, and that it was the most important singlo thing in tho air program o f Eng' land in 1018.

As soon as tho Liberty m otor had been dosigned, arrangements were mado for tho manufacture o f a very largo number beforo the close o f 1918. The exact figures are withheld for military reasons. Henry Ford agreed to produco a substantial number o f tho total, tho Packard Co. another portion, tho Lincoln M otor C o., Nordyko & M armon, General M otors, and tho Trego C o . still other portions. Those companies wero notified to get ready last summer, and tiio actual contracts wero signed later. Tlioy havo spout tho intervening time preparing plants, tools, and workmen for this unprecedented work, and aro now on tho eve o f quantity production. Tho very names o f tlioso manufacturers are sufficient assurance that they would not take a day longer than necessary to lay proper and efficient foundations.

The foreign planes which were accepted by tho Signal Corps, known as light battle planes or singlo seaters, for which the Liberty motor is too heavy in horsepower, wero none o f those offered by foreign concerns that camo io America soon after tho war began to sell their wares, oxcept tho Ilandloy- Paigo, and that was notjtho plant which tho Ilandloy-Paigo peoplo first offered our Government on this side. Indeed, when tho llandley-Paigo piano was first offered hero it was untried and undeveloped and had not been accepted by tho British Government. Tho Signal Corps sent a com mission abroad to study foreign planes on tho ground, and accepted certain ones, only after careful and personal study.

On the wholo, tho record o f tho Signal Corps is one o f which every American lie justly proud. In tho face o f unparalleled difficulty it is accomplishing an unparalleled task with characteristic American energy, capacity, patriotism and enthusiasm.

M O R R IS SH EPPA R D ,II. L . M Y E R S ,W . F. K IR B Y ,

M em bers o f the M ilita ry A ffa irs Committee.

The airplane program also came in for discussion in the House, whero Representative Caldwell, speaking as a member of tho House Committee on Military Affairs, gavo figures and mado statements considerably at variance with the Senate report. M r. Caldwell said his information camo from tho office of tho Signal Corps and was furnished with the con

sent of the Chief Signal Officer. The New York “ Sun” on April 10 gave the following account of M r. Caldwell’s remarks:

Asking to digress and discuss aviation during debate on the river and harbor bill Representative Caldwell said:

“ There is continuously published In tho newspapers criticism o f the army in its endeavors to create an air service. The matter has got to be so important to tho public and the public is so greatly distrubed about it that it is absolutely necessary that something be done to clarify the situation as it stands. Now it so happens I am Chairman of the Sub-Committee on Aviation o f tho House M ilitary Affairs Committee.

In order that we m ay see whether the air service has fallen down we must consider the conditions o f the country at the time we undertook to make an army. When war was declared every concern in America that could make an aircraft was invited to come to Washington for consultation, and after careful examination o f ail plants in America that had been stimulated by money o f Great Britain and Franco under an offer to pay any kind o f profit that an American manufacturer desired it was freely admitted that we could not construct more than 630 aeroplanes in America in a singlo year.

"Also that with Government assistance it was not expected that ail o f tho actoiies in America put together would be able to make more than 1,500

airplanes in eighteen months from that time. The facts o f the case are these. 9 ho manufacturers o f the United States have thought more of their country than they have o f European money and to-day we are manufacturing upward o f 1,000 airplanes every month and the production is increasing every day .”

Representative M cKenzie (Republican, 111.) also a member o f the com mittee interrupted:

Has thero not been a tremendous fall down from the promises made to the Committee on M ilitary Affairs when wo passed the $640,000,000 appropriation?”

“ N ot from the promises made by any army officer, but from the promises mado in tho newspapers by men who took up the matter after we had appropriated the $640,000,000,” replied M r. Caldwell.

Did not the Secretary o f War make a direct statement as to the number expected to be delivered in France by July 1 ? ” asked Representative Long- worth. *

I do not remember any such statement having been made to the country ,” said Caldwell.

IIow many com bat planes have wo now ?” inquired Representative Hull (la .)

“ Wo havo in France to-day 180 combat planes,” said M r. Caldwell, “ manufactured in the United States, put in boxes here, put into United States ships and sent to Franco, and they are being used thero now.

In addition to that wo have 764 training planes in France manufactured in tho United States, and in addition to that wo havo all told o f the machines purchased from foreign manufacturers a total o f over 1,000 machines being used by American aviators in France to-day .”

“ How many fighting planes did you say ?” asked Representative Hull.“ I said 180.”“ Aro they equipped with Liberty m otors?"“ N o, fourteen o f them are.”Representative Gillett interjected that “ the gentleman does not dis

tinguish between fighting planes and com bat planes. I do not think thero is a singlo fighting plane in France, mado in the United States. I think tho gentleman Is mistaken.”

Representative Foster (Democrat, 111.) asked if M r. Caldwell thought it proper “ to publish all o f this."

Yes, I do think so ,” said M r. Caldwell, “ because before I got these figures I told peoplo who gave them to me that I expected to make them public and they told me they were giving me figures that wo old enough so that oven if Germany knew them it could not do us any harm because tho situation was improving so rapidly.”

M r. Caldwell spoke only five minutes, then obtaining leave to extend ihs remarks in tho “ R ecord.” M r. Caldwell later said tho continuation o f his remarks would contain statements that 264 Liberty motors have been built and th.it a total o f sixty engines have been sent to England, France and Italy already; that tho Signal Corps has sent 26,000 men abroad, o f which number 7,000 wero mechanics, and that 100,000 acres havo been planted in castor beans to provide oil for aviation engines.

A special committee under the chairmanship of H . Snowden Marshall, which was appointed by President Wilson to investigate deficiencies in aircraft production, submitted its report to the Secretary of War on April 12, and the report was at once forwarded to the President. The report has not been mado public, but a special dispatch to the New York “ Times” on tho 12th stated that the main recommendations of the Marshall committee were understood to be:

Ono-man control o f aircraft production instead o f the present liydra- hcadcd administration, with half a dozen different bureaus and boards comprising it, and accentuating the lack o f co-ordination.

I ho divorce of the Signal Corps o f tho army from aircraft production and entrusting it solely with the military operation o f aircraft, including tho selection and training o f aviators.

Legislation that will placo tho making o f contracts for aircraft in the hands o f another body than tho Signal Corps, which has general statutory authority at present over aircraft purchases for the army.

RESULTS OF AMERICAN-C AN ADI AN FISHERIES CONFERENCE-RECIPROCAL PRIVILEGES.

Tho Amorican-Canadian Fisheries Conference will hold hearings in Soattle beginning April 24, after which hearings will bo held in Vancouver and Prince Rupert, B . C ., Ketchikan, Alaska, and at other places in the Northwest which the Conforonco may doem desirable. It has already held sessions in Washington, Boston, Gloucester and St. Johns, New Brunswick. At these hearings several subjects came with special prominence beforo the Conference. Chief among those Avero tho limitations now imposed upon American fishing vessels in Canadian ports and tho restrictions which Amorican laAv placed upon Canadian vessels in our own ports. Of less general importance, but still having weight with tho States of Vermont and NeAv York, wero certain



existing conditions in Lake Champlain. The hearings developed the fact that a large incroase in the production of fish for the food supply of this country was both necessary and practicable, and that wisdom would provide for removing, as far as might bo possible, the difficulties that hamperod tho development of the largest possible production. Following the hearings mentioned above, tho Canadian authorities took a courteous initiative in removing, by regulation, the embarrassing conditions on Lake Champlain. Shortly thereafter, with the President’s approval, Secretary Redfiold issued, on Feb. 20 1918, to the collectors of customs the following order:

T o prom ote the vigorous prosecution o f the war and to make tho utmost uso jointly o f all the resources o f tho nations now co-operating, you will permit, during the war, Canadian fishing vessels and those o f other nations now acting with tho United States to enter from and cloar for the high seas and the fisheries, disposing o f their catch and taking on supplies, stores, & c., under supervision, as in the caso o f merchant vessels entering and clearing for foreign ports, except as to tonnage tax and other charges specifically Imposed on entry from and clearance for foreign ports. _

The effect of this order was to pormit Canadian fishing vessels and those of other nations acting with the United States in the war to procoed direct with their cargoes of fish from the fishing grounds to our ports and also direct on the outward trip from the ports to the fishing banks. This action was in duo course made known to tho Canadian authorities. On March 8 an Order-in-Council granting privileges to American vessels in Canadian ports was issued by the Governor-Gonoral of Canada, consisting, in part, of the following report presented by tho Committeo of the Privy Council and approved by tho Governor-General:

The Minister o f tho Naval Service recommends, under tho authority of tho W ar Measure A ct, Chapter 2, o f the Statute^ o f 1914. that during tho war United States fishing vessels, in addition to their treaty rights and privileges, shall bo permitted to enter any port in Canada, without the requirement o f a license or tho paymont o f fees not charged to Canadian fishing vessels, for any o f tho following purposes: (a) Tho purchase of bait, ice, nets, lines, coal, oil, provisions, and all othor supplies and outfits used by fishing vessels, whether tho same are o f a like character to those named in this section or not; (6) repairing fishing implements; (cl dressing and salting their catches on board ship: (d) tho shipping o f crows; (e) the transshipment o f their catches; ( /) tho sale thereof locally on payment of tho duty.

Tho Minister further recommends that the fees paid on licenses already takon out for tho present calendar year bo remitted.

These privileges are granted only for the period of tho war by the present Order-in-Council; and this order applies to both tho Pacific and Atlantic coasts. The Department of Commerce in announcing the above, further said:

A source o f complaint on tho part o f the Canadian delegation had reference to the practice pursued by a number o f American lobster well smacks o f catching lobsters o ff tho coast o f N ova Scotia just outside tho three- mile limit during tho closed season for lobster in the territorial waters of Canada. While the laws o f Canada prevent Canadian fishermen from taking lobster during the closed soason, American fishermen continued to catch thorn to the disadvantage and annoyanco o f the fishermen from tho Maritimo Provinces. The justice o f tho complaint was recognized by tho American delegation and also by witnesses engaged in tho lobster industry who testified at tho hearings o f tho Conference in Boston. As a result, a bill approved by the American delegation to tho Conference was introduced into Congress on Feb. 25 1918 by Hon. J. W . Alexander, Chairman o f tho Committee on Merchant Marino and Fisheries, with the object o f prohibiting tho practice.

The promptness with which action was takon in those matters is indicative o f the earnest desiro on tho part o f both countries to eliminate all sources o f friction growing out o f tho fisheries.

MR. RHETT CALLS FOR ENERGY AND SPIRITUAL VISION IN DEVELOPMENT OF BUSINESS.

That tho groat development of this country and of its resources has been due in large part to tho enorgy, enterprise, and genius of tho American businoss men, and that their further development depends on tho continued idealism of businoss men, was tho idea developed by R . Goodwyn Rhett, in a speoch as retiring President, delivered at Chicago on April 10 before the sixth annual meeting of tho Chamber of Commerce of tho United States. M r. Rhett said:

In all this empiro building it was tho businoss men who furnished tho leadership, tho vision, and tho courage to follow that vision to realization. And it has been more than an achievement in material growth and expense. It has also been ono o f spiritual development Into the great champion o f human liberty In its broadest sense.

Linking this idea up with his conception of tho mission of tho United States Chamber of Commorco, M r. Rhett continued:

Gentlemen, there is a wonderful mission for the Chamber among business men, which I would have you all see cloarly. W o havo thought o f business and talked o f business as a cold and callous thing. W o have said to ourselves and to our neighbors so often ‘ ‘there is no sontlment in business,” that we have blinded our eyes to what business ought to bo. T o me the highest mission o f tho Chamber is to put the soul into business, to transform the cold clay into tho sentient being— to transfuse into a marble statuo the warm blood o f tho human being that will mako its face to shine, its eyes to glow, its hands to clasp, its heart to beat, and its soul to vision

In that sentiment being only may democracy find its safeguard and protection. When we havo found out that what is not for tho country’s good is not for tho goo business— when wo havo transmitted that creed toour fellow citizens n ado them understand that it is our creed and that

it should and must bo tho creed o f liberty, o f agriculture, o f tho citizenship o f America, we shall havo advanced the happiness and contentment of our people a hundred fold; we shall have placed democracy upon a broader foundation, and have mounted infinitely higher in tho scale o f clviliza- tion. -

E. A. FILENE WOULD HAVE BUSINESS MEN IN EVERY COMMUNITY SPEED SHIPS.

A challenge to American business men that they, collectively and individually, bestir themselvos to speed tho structure of ships was tho keynote of an address delivered on April 10 by Edward A . Filone, Chairman of the War Shipping Committee, at the sixth annual meeting of the United States Chamber of Commerce. M r. Filene emphasized tho responsibility that rests upon tho community and tho individual business man. In part he said:

Thero aro enough men to talk about tho blamo for delay due to causes which the Government can correct. Let us emphasize tho blamo that rests upon communities and tho business men o f these communities and try to find a way to holp.

Tho problem o f a contontod and effective working force in our shipyards will not bo solved finally by rhetorical proachmonts to the shipworkers at their luncheon hour, but by tho definite solution o f the discouraging problems o f bad housing, inadequate transportation, inadequate amusements, &c.

What can the business men o f tho United States do in these fields? The answer is tw o-fold.

Firstly, wo can seo to It that our local business organizations in every community where ships or ship parts aro being turned out shall mako it their first business to organize themselves into an offectlvo aid to shipbuilding.

Secondly, wo can help organize tho community behind tho shipbuilding in as definite a manner as wo can organizo tho business forcos back of shipbuilding. .

In discussing tlio first half of this question, M r. Filene pointed out definite things that businoss organizations could do to help shipbuilders solvo the varied probloms of transportation, housing, shipping, labor, and all tho other related problems that now contro in and around the shipyards. He said:

W e shall not be wiliing at a timo like this that private plants shall have better skilled workmen than tho shipyards or that a shipyard shall ever havo a labor shortage while tho labor force o f any private business remains full. Organized business can mako this impossible in every community.

How organized communities can holp solve tho local transportation problem, the local housing problem, the problem of recognition of the shipworkers, were discussed at longth by M r. Filone. In conclusion M r. Filene said:

There is no danger o f our exaggerating tho importance o f speed in ship construction. In tho nation’s chain o f military power, ship construction is the one link that determines at this timo the strength o f tho entire chain. It is for the business men o f America so to orgauizo their export knowledge and special abilities that, in eacli community where ships are being built, or ship parts being producod, they will be in a position largely to relievo tho shipbuilder o f every responsibility oxcept tho actual work of construction for which his special training has fitted him.

It is for the business men o f America to help focus all the powers of their respective communities upon this matter o f shipbuilding, upon which the very outcomo o f tho war itsolf depends.

COMMITTEE OF U. S. CHAMBER OF COMMERCE CALLS FOR UNITY BY EMPLOYERS

AND LABOR.Pointing out tlio cssontial importance of avoiding industrial

disputes during war, tlio Committeo on Industrial Relations of tho Chambor of Commerce of tho United States has set out tho progross that is boing mado toward a plan for assuring maximum production on tho part of tho United States. Tho Committeo points out that tho difficulties of obtaining war materials havo boon increased by questions of wages, of hours and conditions of labor, of transportation for workers, and of housing, each of thorn of tho highest importance to tho maintenance of vital production. “ Industrial relations ai-e tho very hingo— joint of tho war in which we are engaged,” says tho Committee, whoso viows are expressed in a report submitted to the sixth annual meeting of tho National Chamber of Commerce at Chicago on Apr. 10. Dwolliug upon the part which labor pkys in war, and tho consequent necessity for tho establishment of amicable relations between employers and employees, and proper working conditions, tho Committoo statos that in two years the number of men at work in our shipbuilding plants has increased by at least 500% and that 3,500 factories aro today at work upon articlos which go into tho construction of ships. Longshoremen to the numbor of 160,000 aro busy at our ports handling cargoos of vessels. The Government has outstanding upwards of 50,000 important war contracts, and some communities havo boon oalled upon to incroase the output of thoir manufacturing plants by as much as 3 5 % .

Tho constructive plans suggested by tho Committee insure industrial poaco and efficiency includo agreements that thoro shall bo no cessation of production, that those agreements bo supported and onforcod by oxooutivo au-


Apr. 20 1918.] THE CHRONICLE 1641tliority, that thoro shall bo control of causes leading to unrest, and that thoro shall be provision for conclusive arbitral decisions regarding differences that arise in spito of provontive measures. The Committee takes tho ground that no plan should be considered which does not first prevent excessive profits resulting from tho conditions of war. It is necessary to permit a reasonable profit to stimulate tho increase of production on the part of industry. Anything in excess of that should be either prevented or taken by tho Government. The Government should at the samo time ondeavor to prevent excossivo prices which employees pay for tho necessaries of life. Tho Committee is composed of Honry P. Kendall, Chairman, Boston; Henry Brucre, New York City; Waddill Catchings, Now York City; Homer L. Ferguson, Newport Nows, Va.; A . Lincoln Filono, Boston; E . M . Hopkins, Hanover, N . H .; Charles P. Neill, Washington, D . C .; L. A . Osborne, Now York City; F . A . Soiborling, Akron, Ohio, and A . F . Thompson, Baltimore.

The magnitude of industrial clxangos in tho opinion of tho Committee, which war requires, loft no other courso opon to tho Government than to undertake new and special dutios with regard to tho maintenance of proper relations. This was necossary in ordor to achieve tho effective utilization of the labor resources of tho nation which is now a matter of tho first importance. Migrations of labor, now circumstances of livelihood, erratic changos of rolativo wages which sometimes make compensation for workers of lower classes higher than wages of more skillod men, and innumerable other olomonts alter tho industrial status in communities, districts, and tho wholo country, croating now conditions, with all tho difficulties of novel adjustments, which affect to a great part tho 8,000,000 and moro wage-oarnors in our manufacturing establishments.

B. S. CUTLER ON ALLIED TRADE PLANS—DUTY OF UNITED STATES TO PREVENT LOP-SIDED DIS

TRIBUTION OF MATERIAL AFTER WAR.Flat denial that our European Allies are oven considering

plans to injure our trade after tho war was made on April 18 beforo tho Fifth National Foreign Trade Convention at Cincinnati by Burwell S. Cutler, Chief of tho Bureau of Foreign and Domestic Commerce, Department of Commerce. M r. Cutler said:

In Europe there is taking place a witlo and thorough economic reorganization that seems to fill with alarm many persons on this sido o f tho ocean. Wo find amongst our countrymen a vague idea that we are being legislated against evon by our own allies, that our greatest associate is planning national raid on tho foreign trado o f tho world in sucli force that wo may bo driven from tho field unless wo are speedily retaliatlve. This fear finds expression in the frequent question as to what our Government Is going to do to protect our foreign trado.

It seems to mo that nothing could bo more dangerous and unfair at this time than tho hasty assumption o f hurtful purpose on tho part o f our allies or the assumption o f a necessity to act quickly in some direction, no matter in what direction. I f there over was a time in our history when wo should analyzo carefully to tho end o f eliminating all extraneous factors so that only tho basic facts are loft in front o f us, it is now. A mLsstop might very well bo fatal if it took the form o f action that would antagonize a largo part o f commercial allies, or indeed a substantial part o f our own business com munity. Neither do wo want to bo drawn into tho enactment o f any moasures which aro scientific, unsound, and will not stand tho strain o f the now human relationship brought about by tho world conflict and not yet completely formulated.

M r. Cutler took up in somo detail tho moasures taken by the British Government which have had, or may havo, somo influonco on the trado between nations, such as tho Defense of tho Realm Act, tho Non-Ferrous Metals Bill, tho Temporary Imports and Exports Control Bill, the reconstruction of tho British Ministry for tho hotter promotion and regulation of foreign trade, and tho establishment of a foreign trado banking corporation. Particular attention was paid to the investigation of every concoivablo phaso of commerce undertaken b / a total of eighty-seven British committees, tho main concern of which will bo an inventory of raw materials controlled in ono way or another by British influence. Tho roports of theso committees will inspire legislation having for its purpose scientific distribution of such raw materials after tho war. In explanation M r. Cutler said:

Our English compatriots, If I read them correctly and hear them accurately, grado the claims of raw materials as follows: First, tho regions ofbattle: second, the nations fighting for democracy who havo been forced to give up their trado in behalf o f tho interest common to all our allies; third, neutral nations who havo innocently and helplessly suffered; fourth, tho other nations o f tho earth for whoso eventual prosperity wo must plan under an obligation that is moro remote but just as positivo. Whether or not wo ourselves subscribe to such a plan or to any part of it, it is our paramount interest to seo that immediately on tho declaration o f peace there docs not follow a wild and desperate scramblo on tho part o f speculators for tho materials that wo and our heroic allies must havo in sufficient quantities to maintain our people in useful occupation. I f a lop-sided distribution o f materials should lead to excess o f industry In ono part o f tho world, whilo another part has little or nothing with which to feed its machinos or

put on its store shelves, there would result a labor revolution and possibly another international war.

To-day ive stand as guardians for mankind o f precious materials in abundance, a long list o f them originating in our own soil. Our obvious duty is to keep enough o f them for the normal consumption o f our own manufacturers and merchants. That much is fundamental. The principle o f distribution o f a surplus has already beon established and put into practice by our war emoargo; that principle is not altered by making our peacetime surplus what remains aftor normal absorption at home instead o f what is realized by forced economy in tim e o f war.

It seems to mo that no arbitrary control under the authority o f laws already existing amongst our competitors or in process o f adoption can possibly displace this country from its position o f chief provider during tho first few years o f reconstruction. Our vast stock o f materials and the industrial and mercantile organization still left intact and undestroyed by war will attract the great bulk o f all orders for goods from every region where dissatisfaction o f commercial needs has been accumulating for the past three or four years. Inevitably our chief troublo will be one o f satisfying our foreign customers in every part o f the world on a basis o f something like equal distribution. I f we are beset£by any difficulty requiring a new or modified national policy, it will bo"i!a difficulty emanating from too much prosperity. _________________________________

SECRETARY OF NAVY DANIELS DENIES REPORTS OF ESTABLISHMENT OF NA VAL BASE AT AZORES. Roports on April 11 to the effect that a naval base on the

Azores Islands had been established by the United States with tho consent of Portugal for tho protection of the Atlantic trade routes to Southern Europe are said to have been donied as follows by Secretary of the N avy Daniels on April 12:

Tho story that the United States N avy has established a naval base at tho Azores probably grew out o f tho fact that some ships stopped there several times on account o f storms, and to get coal. W e have no concession from the Portuguese Government to establish a base thero.

W e have coal there, but we do not call a place where we have coal a naval base. W e would not call it anything more than any place on the French coast or anywhere else where wo havo coal and our ships go in. It is not being armed. W e havo no guns there. I am very sorry anything has been published, because wo have no naval base thero and do not intend to have one there.

I was very much surprised to see the story, and conferred with Admiral Benson and M r. Roosevelt about it. They wero both surprised. M r. Roosevelt has made a statement that it was not a naval base.

RAILROAD ADMINISTRATION TO OPERATE BARGES ON ERIE CANAL.

Announcement was mado by Secretary of the Treasury McAdoo on April 17 that ho had decided to construct and put into operation a line of barges to be operated by the Government on the Erie Canal. In making known this docision tho Railroad Administration said:

Director-General M cAdoo announces that, acting upon the recommendations o f tho committee on inland waterways o f tho Railroad Administration, ho had dccidod to construct as quickly as possiblo and put into operation a lino o f barges to be operated by the Government on the Erie Canal. Tho barges will be o f modern construction o f the most approved type and will be operated in conjunction with and as a part o f tho general railroad and watorways transportation system o f tho country under the control o f tho Director-General o f Railroads. This will insure the complete co-ordination o f the Erie Canal facilities with the railroad facilities, and it is hoped will greatly enlargo tho available transportation facilities throughout eastern territory.

M r. G . A . Tomlinson, o f Duluth, M inn ., a man o f large practical experience in lake navigation, has been appointed general manager o f the Erlo Canal operations, including tho construction o f the barges and general equipment. Under Government control o f the railroads and tho canal there can be diverted to the canal all o f tho traffic that can be handled to tho best advantage by water, and the canal can be made in the highest degroo serviceable in the present situation.

Tho United States Railroad Administration has not found it necessary or advisablo to undertake the operation o f tho boats on tho Chesapeake & Ohio Canal.

However, the Railroad Administration is interested in bringing about the transportation o f the largest possiblo tonnage o f coal from the coal fields to Washington by way o f tho canal. It is to be assumed that under private management the railroads reaching Washington preferred to handle tho coal by rail, but under existing conditions tho Railroad Administration is anxious to relievo the railroads reaching Washington to tho greatest possible extent o f tho burden o f carrying the coal tonnago needed by W ashington and its vicinity. T o accomplish this purpose the Railroad A dministration has arranged to co-operate to tho fullest extent with the companies maintaining and operating the canal and expects that as a result o f a substantially increased tonnago o f coal will be carried to Washington by tho canal during tho current year.

Governor Whitman of Now York, in signifying his approval of M r. McAdoo’s action, was quoted as saying:

The action o f the Director-General meets with our heartiest approval. It was really done at our request and we will give the plan our entire cooperation.

Tho Govornor is said to havo mado it clear that the Federal Government will simply have charge of the operation of tho canal and that the property of tho Now York Stafo Bargo Canal system will remain in chargo of Gen. W . W . Wotliorspoon, Superintendent of Public Works. Representatives of the State Department of Public Works are said to havo stated on the 17th that Government operation would not interfere with the construction work now under way or contemplated. It is said that under the State Constitution tho title of the canal property must remain with and bo maintained by tho State. Director-General M cAdoo’s announcement is interpreted to mean that the Rail-



road Administration will simply direct the operation of freight and the disposition of barges and boats. It was pointed out that under Federal control it would bo possible to lease, purchase, build or even commandeer tonnago for use of the canal if found necessary. It is stated that several hundred steel barges of about 700 tons each will bo ordored immediately from construction companies on tho Groat Lakos, and tho first of these, it is said, can bo completed in five or six weeks. It is reported that each will cost about $60,000. Tho canal system, running from Buffalo to Waterford, near Troy, on the Hudson River, is said to bo capable of carrying about 10,000,000 tons of freight a season, and probably half of that amount will bo hauled this year. Grain from Buffalo and coal from Ithaca and Watkins, N . Y ., will be tho principal commodities transported. Grain will move through tho canal and down the Hudson River to New York, whore it will be taken largely by tho Food Administration’s Grain Corporation for storage and trans-shipment to Europe. Coal will bo carried from rlroy and other upper Hudson terminals by rail to New England.

PLANS FOR THE DEVELOPMENT OF INLAND WATER TRANSPORTATION.

In discussing inland water transportation as a factor in foreign trade development and the plans under way for tho development of such transportation, Walter Parker, General Manager of the New Orleans Association of Commerce and former Assistant for Inland Water Transportation,U . S. Department of Commerce, spoke in part as follows before the National Foreign Trado Convention at Cincinnati on April 19.

Of one sure effect o f tho war, no man need entertain any doubt— tho world will be moro efficient in tho generations to come than it has beon in tho past. The toll o f men and money will necessitate tho elimination of waste and lost m otion, tho perfection o f methods o f doing things, and the use o f channels o f trado o f least natural resistance. Thero will bo no m oney with which to pay for unnecessary service. Tho period o f extravagance has passed, and cannot return for a long time to como.

But our ships will bo handicapped if wo attompt to burdon their service by high cost transportation to and from our home port wharves and warehouses. In overy way our oversea trado will have to bo placed on an economic parity with our competitors abroad. I f thoso competitors use low cost boat transportation for the movement of their commorco between the interior and tho ship side, wo will havo to do tho same thing.

Even in war, Germany and Franco have invested hugo sums in canal construction for tho purpose o f increasing their areas o f low cost interior transportation in order to better their positions in foreign trado aftor tho war.

Tho history o f interior transportation in tho United States differs radically from tho history o f interior transportation in Europe. In Europe, full use o f the waterways was in no manner interfered with by tho development o f tho railways. As a matter o f fact, tho largest purpose in commorco served by tho railways o f Europe was to feed tho waterways and improvo tho relative economy o f transportation generally.

In America, the transportation doveloper seemed to lack telescopic vision, and thero was no governmental policy to direct and guide him along tho paths o f truo economy. l ie found tho boats as a whole enjoying a complete m onopoly, and lacking tho spirit o f real enterprise. Nevertheless, tho system was intensely individualistic and highly competitive within itself. “ Through” bills o f lading wore unknown to it. Its equipment was wasteful and oxtravagant. Terminal storago and handling efficiency did not exist. In no way was tho system convenient to tho shipper; yet tho cost o f actual transportation by boat was lowor than the cost of transportation by rail. i tJ

Terminal efficiency, good business management, and “ through and dependable servico soon diverted traffic from the boats to tho railroads, and at tho same time developed tho regions distant from tho water courses.

This new monopoly in turn developed competition within itself. Each railroad fought for all tho business in sight. Long hauls competed with short hauls. Mountain grade lines competed with water grado lines. All joined in concerted endeavor to prevent actual water competition. I or a timo tho keen contest for position and control overshadowed tho factor of economy in transportation. Commerce developed rapidly. In spito^ of constantly increasing tonnage, railroad securities lost attractiveness. Now rails and cars and engines in quantities were required and wero unobtainable, and tho system failed to meet the full needs o f tho country.

N ow comes tho day o f tho boat again— this time as an adjunct and a cooperating factor in transportation— and with it comes a more accurate senso o f proportion and knowledge o f what constitutes transportation economy. Its use as a war mcasuro for tho relief o f an overburdened railroad system undoubtedly will be followed by the development o f the system to meet the needs o f reconstruction and development that peace will bring.

T o become a helpful factor in transportation and a permanent aid in tho development o f our foreign trado, tho boats need:

Dependable and adequate channels between sections capablo of developing Important commerce. _

Waterside terminal and storago equipment capablo o f co-ordinating river and rail.

Efficient equipment that will permit o f regular and economical servico.Assuranco that no railroad will be permitted to employ unduly depressed

rates or unfair practices as a club against boat lines.Assurance that “ through” bills o f lading under joint rates based on

cost o f service will bo issued.W ater-front river-rail-ocean terminal and storago facilities at tho ports

in which commodities can rest at low cost between tho period o f production and consumption.

In tho trado era ahead, tho Amorican trado operator will bo greatly assisted if he can enjoy:

Opportunity to employ transportation channels of low natural resistance.Opportunity to assemble miscellaneous commodities in intelor river-rail

storago whenever tho producer desires to ship, inovo such commodities either by boat or train, when transportation is available, into deposit storage at the port, there to await foreign demand or favorable conditions o f overseas transportation.

Opportunity to draw foroign products, as soon aftor production as possible, into deposit or surplus supply river-rail-ocoan storago at American ports, thero to await interior demand or favorable conditions o f water or rail transportation to interior markets o f distribution.

Opportunity to use standard warehouse receipts and certificates o f Inspection on surplus supplies o f even running commodities, such as lumber, hides, coffeo, cotton, grain, & c., held in river-rail-ocean warehouses at tho ports as collateral for tho attraction o f demand, surplus or call monoy for tho financing o f such commerce.

Opportunity at tho ports for miscellaneous important commercial and industrial enterprises engaged in foreign trado to occupy and dovelop and use river-rail-ocean water frontage.

W ith economic facilities for deposit and surplus supply storago at the ports, on both imports and exports, several important advantages will accrue to tho foreign trader o f the United States, Including.

Ability to buy during normal periods o f low values and soli during normal periods o f high values, since ho m ay then roceivo commodities when tho producer desires to dispose o f them, and doliver thorn when tho consumeris in need. . . . . . ___

Ability to hold surplus commodities in strategic storago whence dollvory at any timo may bo made to any market, thus avoiding surplus accumulations at secondary distributing centers.

Ability to re-soll in any direction at any timo commodities on which transportation costs to secondary distributing centers havo not been paid.

A brief analysis o f tho relationship water transportation should bear to rail transportation may bo in ordor.

In tho Mississippi Valloy, which embraces 41% o f tho area o f the United States thero is a great railroad system which serves a largo territory In which almost every trade center is reached by navigablo water to tho sea. In order to successfully compote with boat lines, this railroad has developed its economy o f operation to a very high degreo. In this way it has been ablo to reduce its transportation charges almost to a point wlioro old-time boats without terminal efficiency cannot successfully competo.

It would be folly to force this efficient and profit-paying railroad to raise its transportation charges to a level that would enablo old-style boats without terminal equipment to successfully competo.

But it would bo good business to cause tho creation of economic waterside terminal and storago facilities, and the building and regular operation of efficient craft which could successfully competo with tho lowest rates anefficient railroad could make. „ ..

By encouraging both the railroads and the boat linos to effect a the economies they can, and then operate on a cost plus profit basis, in full coordination, the best interests o f tho country will bo served, and the way o f the oversea trader will bo mado easier.

The basis o f our plans for tho future o f our foreign trado should include duo regard for the forces that are now revolutionizing our transportation system. These forces are impairing now and highly important olomonts of Oracle economy.

New Orleans, for instanco, is investing many millions o f its own money in tho carrying out o f plans for the creation of an important deposit and surplus supply market, and for the uso in the form or demand and call loans o f surplus moneys drawn from all parts o f tho country for tho financing

° f Memphis s t L m d s ^ S t . Paul and other Important valley conters are building joint river-rail terminal facilities.

An inland navigation waterway, touching every navigable'Stream that enters tho Atlantic and tho Gulf, is being opened to roach from Boston to

thTho Erie Canal has been rebuilt and is destined to become a very lm- nnrtant, factor in Eastern commerce.1 Illinois is endeavoring to secure a navigablo channel from Chicago to tho Mississippi River, and has appropriated a large sum for the pu^oae.

Extensive progress has beon mado in the canalization of the Ohio River. Alabama's iron and coal belt is now served by a canaUzod waterway to

tho Gulf and to tho Mississippi River, and beforo long will havo au all-the- year channel to tho Mississippi River, eight feet In depth.

Tho Missouri River channel is in procoss of being improved.Iron is now being moved from Alabama, over tho Tonuossco and Ohio

UVInm and coal'are being moved by boat between St. Paul and SL Louis In every direction progress is being mado in tho development o f inland

wate^transportation, and for the first time tho basis o f tho endeavor ispractical econom y. , TT i «« -n

In Juno last. Congress amended and passed a Rivers and Ilaroors carrying a river regulation provision. This amendment provides for the appointment by tho President o f a commission o f seven whose d utyltsh ail bo to formulate a plan, for adoption by Congress, by which tho Government may conserve and use for tho purposes o f agriculture, commerco and industry, much o f the natural drainage o f tho country which now runs to waste in the form of destructive floods. Tho means at hand Include.

Contour plowing, which will permit tho rainfall to remain In^the furrows long enough to soak into tho ground, thus conserving moisture for tho benefit o f plant life, reducing soil erosion, checking flood formation and augmenting tho dry season flow o f streams and rivers. mountain

Forestation and reforestation, thus utilizing waste lands and mountain sides in such a way as to realizo an asset o f timber, and at tho same time check son erosion and retard the flood-forming run-off from rains and

111 Impounding o f flood waters for power development and stream flow

' ' Tho use o f flood waters in tho irrigation o f arid lands, thus cliocklng flood formation, and by restoring tho natural ground water supply, promote agriculture and tho feeding o f stream flow during tho d-<y . . .

Tho dralnago o f wet lands, and their uso in tho production or food which tho overseas trade will need from America in largo volumo during years

t0 ThTinternal development o f tho country provided for by this constructive program, contemplates these benefits:

A moro abundant food supply for our own people and for oxport.A continued supply o f lumber. , „ , .An important addition to tho country s supply o f low-cost power Better waterway channels on which to float commodities to and nom

ship-side, and to and from our seaport warehouses. .If this commission bo put to work boforo long, and presents its great pla

for adoption by Congress beforo tho war ends, a way may bo devised t accomplish tho following enormously important purposes:

Provide asset-creating work for many o f tho men who will bo thrown outo f work with the signing o f tho peaco protocol.

Promise new and bettor opportunities to invostor, homesoekor and worker, thus removing tho cuaso o f discontent.

Assure another era o f development and expansion in tho United States. Discontent Is the real enomy at homo which froo government must find

away successfully to com bat. . .Income and excess profits taxes help solvo tho problem, but do t i ■

satisfy the rent payer and the man who works with his hands t


Apr. 20 1918.] THE CHRONICLE 1643Will not tho program I havo outlined give tlio rent payor, tho wage-

earner, the timo server, something direct, tangible, immediato, that will answer his yearning for opportunity? And will not tho prospect it holds out draw tho nation closer together aaswer tho question the masses now constantly ask, and cliango unrest into harmony by pointing the way to better and better conditions, to permanent and profitable employment, and to industrial and commercial growth and prosperity which opens the door to a larger and larger share o f tho world's overseas trade?

And will not this scheme o f scientific internal development improve our ability to pay o ff our war debt, thus tho sooner enlarging our ability to aid our friends abroad with tho products o f our fields and factories and with financial aid as well? ___________________________

INSTRUCTIONS TO RAILROADS A S TO HANDLING OF COMMODITIES INTENDED FOR EXPORT.

Instructions issued by the Railroad Administration (Division of Transportation, Car Service) Section with regard to rules for handling commodities received for transportation and intended for oxport are printed as follows in tho “ Official Bulletin” of March 14:

W ashington, D . C ., February 15 1918.To All Railroads:

1. In accordance with the provisions o f tho proclamation o f tho President o f tho United States, dated Fob. 14 1918 all articles o f commerce, effective Feb. 20 1918, shall require an export liconso from tho W ar Trade Board for exportation via any port or border point to whatsoever destination, except to points in tho noncontiguous possessions o f tho United States.

(For status of Canadian shipments tho articles enumerated in list appended hereto require individual license.)

2. You will immediately instruct all concerned that the furnishing of equipment for shipments consigned, reconsignod, to bo roconsignod, or Intended for export shall bo contingent upon (o) the issuance of said license; (5) tho presentation o f license number; (c) tho marking o f bill of lading "F or export,” and (d) tho waybill bearing licenso number.

3. Shipper’s export declaration, of which thcro shall bo four copies, must bo ovontually delivered to tho collector o f customs at points o f exit from the United States. For shipments to noncontiguous possessions shipper's oxport declaration in duplicate is required.

4. All shipments aro further subject to such regulations and permits as may bo requirod by tho various railroad committees controlling oxport shipments.

5. Tho Car Service Section o f tho Division o f Transportation o f tho United States Railroad Administration is authorized to permit tho shipment of commodities intended for oxport prior to the issuance o f an export liconso If said car servico section shall bo satisfied that thcro is storage room available, or that it is tho custom of tho trado to movo such commodities to seaboard for storage or grading.

G. Tho foregoing, for tho present, will not in any way apply to (a) any shipments made by or consigned to the N avy Department or W ar Department, or by or to any o f tho bureaus or other subdivisions thereof; or(b) any commodities for tho exportation o f which a special licenso lias been or shall hereafter bo issued by the W ar Trado Board, dispensing with tho requirement o f an individual licenso, such commodities being at present as follows

Raw Cotton.(c) Any shipments o f coal or coke.(d) Any shipments to Canada o f commodities other than those in ap

pended statement.Acknowledge receipt,

W . C . K E N D A L L , •M anager Car Service Section.

LICENSES FOR EXPORT OF MANUFACTURED RUBBER GOODS.

Following tho placing of all commodities containing rubber on tho conservation list on Feb. G, tho War Trade Board has ruled that certain shipments of commodities containing rubber may be informally licensed by tho branch offices of tho War Trade Board when such shipments are destined to thoso countries mentioned in tho second half of tho proclamation of Aug. 27 1917. To all other destinations thoso goods havo needed a liconso for somo months. Tho shipments which may bo licensed in accordance with this ruling aro thoso which aro covered by:

(1) Ocoan bill o f lading dated Feb. 13 1918, or caller; or(2) D ock receipt dated Fob. 13 1918, or earlier; or(3) Through export bill o f lading dated Fob. 13 1918, or earlier; or(4) Bill o f lading marked "for oxport” dated Fob. 13 1918, or earlier.The Board further announces:

T o obtain a licenso shippers o f goods covered by tho abovo shall present their export declarations in quadruplicate at tho nearest brancli office of tho W ar Trado Board, using shippers' oxport declaration. Customs Catalogue N o. 7525, as described in Journal N o. 4 of tho War Trade Board. N o formal application need bo made on shipments o f this character. Tho branch office will liconso tho shipment on tho declaration, but tho declaration when licensed will bo o f uso only if the goods aro actually exported by M ar. 15 1918. All shipments not specifically covered by the foregoing will roquiro a regular oxport licenso, which must bo formally applied for on tho customary application form.

It should bo noted that this ruling does not apply to shipments o f crude or scrap rubber which havo required formal oxport liconses since N ov. 28 1917. _________ _____________________

ALBA B. JOHNSON THINKS RAILROADS WILL HAVE ADEQUATE MOTIVE POWER ONLY WHEN

ALLOWED ADEQUATE RATES.Declaring that adequato provision of motivo power like

adequato provision of othor rolling stock, can bo assured only whon Congress places on the functionary charged with tho duty of regulating rates tho definito responsibility of making such rates as will yield earnings sufficient for thorough maintenance. Alba B. Johnson. President of tho Baldwin Loco

motive Works, put squarely up to the Government the responsibility for adequate improvements and the capital necessary for providing additions and extensions, in his address before the United States Chamber of Commerce at its sixth annual meeting on April 11. He said:

During the depression preceding tho war there was a small surplus o f power which, as should havo been foreseen, would be abs orbed in traffic with the first increase o f activity. As a rule railroads have purchased locomotives largely under the spur o f excessive traffic and have abstained from purchasing during periods o f reduced earnings. This is contrary to tho economics o f the situation. Enlargements o f facilities should be made in times o f depression: first, that is the cheapest time to do it; second, it is the most convenient time to do it; and third, it is the time when the managers can give most attention to doing it; and fourth, the employment o f labor arising out o f large railway purchases tends to mitigate the severity o f a general depression. Tho reason tho railroads havo not done this since 1907 is that under the regulatory policy which went into effect at the time, railway managers have not been able to accumulate surpluses sufficient in their judgment to warrant bold construction in times o f small earnings, and especially because future earnings have not been susceptible o f approximate calculation oven where tho volume o f traffic could be estimated in advance. Adequate provision o f motivo power, like adequate provision o f othor rolling stock and other facilities, can only be assured when Congress places upon the functionary charged with tho duty o f regulating rates tho definite responsibility o f making such rates as will yield earnings sufficient for thorough maintenance, for adequate improvements and sufficient to attract the capital necessary for providing additions and extensions. _________________________________

CLEARING UP OF CONGESTION ON EASTERN RAILROADS.

The gradual clearing up by the Eastern railroads of the badly congested freight conditions which developed during the long period of bad weather of the winter months, was reported in Washington dispatches of April 16, which stated, however, that indications were that it would be another month before conditions were restored to normal.

A report of the Railroad Administration on April 16 showed 41,726 cars more than normal held on Eastern lines, about one-fourth the number reported early last January, and a little more than half the number held on March 1. About 25,200 were eastbound loaded cars, 10,233 westbound loads, 4,455 westbound empties, and 833 eastbound empties. The Pennsylvania Lines East of Pittsburgh were tho most crowded with 12,665 ears above normal capacity. The Erie has cleared away all congestion.

The second most congested road in the East is the Baltimore & Ohio with 5,442 cars more than normal. Other roads’ reports show: New York Central, 3,280; Lehigh Valley, 2,345; Pennsylvania Lines W est, 1,600; Boston & Maine, 1,350; Delaware Lackawanna & Western, 1,192; Buffalo Rochester & Pittsburgh, 784; Delaware & Hudson, 286; Michigan Central, 750; Nickel Plate, 1,183; New Haven, 193; Philadelphia & Reading, 664.

Improvement of motive power and good weather are expected to make it possible for Eastern lines to approach normal conditions by the middle of M ay. Through a number of operating reforms, such as the rerouting of traffic over shortest lines, better repairs, and a greater number of locomotives, and common use of facilities, officials believe they can keep freight moving about as usual next winter.

NEW YORK LEGISLATURE ENDORSES PROPOSAL FOR LEAGUE OF NATIONS TO SAFEGUARD PEACE.

The entrance of the United States after tho war “ into a league of nations to safeguard the peace that must be won by the joint militaty forces of the Allied nations” is advocated in a resolution adopted by the New York Legislature on April 12. The adoption of the resolution followed a speech made before a joint session of the lawmaking body by former President William H . Taft, in which he explained the purpose of the League to Enforce Peace, which is intended to act as an international tribunal for the settlement of justiciable questions. It was advocated by M r. Taft that the United States put into tho western battle front as soon as possible an army of from 5,000,000 to 7,000,000 men. This, he stated, would probably take two years or more. The ex-President expects at least two years more of war. With regard to his army proposal he said :

When we get our army o f 5,000,000 men abroad, tho victory is won. W e’ll occupy tho centre o f that terrible battlefront, and we’ll bear the brunt o f tho struggle, as we should, after our Allies have been fighting our battles for tho last threo years.

I have traveled about this country a great deal recently, and tills one fact is uppermost in m y mind is a result o f m y observations: The one bigthing for which the hearts o f our people aro yearning, tho one factor for which they are willing to sacrifice all, is that when this war ends in victory for our cause and the cause o f tho Allies, a repetition o f this dastardly effort on the part o f William Ilohenzollern and tho Potsdam gang will be impossible in the lifetime o f this generation or o f many generations to come.

M r. Taft then asked the Legislature for some^eoncrete expression of approval of the plan for a league of/nations which would see to it that another worldjwar was an impossibil-



ity. The adoption of tho following resolution offered by Chairman Sage of tho Senato Finance Committee was the result:

Whereas, Tho most important task before tho Unitod States is to win the war; and

W hereas, Tho war will not bo won until tho peaceful development o f all free peoples is guaranteed by tho strength o f their own will. Therefore, bo it

Resolved, B y tho Legislature o f tho State o f Now York, both houses con curring, that tho State o f New York plodges all its resources to tho vigorous .prosecution o f the war until Prussian autocracy has been defeated; and, bo it further

Resolved, That tho State o f Now York favors tho entrance o f tho Unitod States, after the war, into a leaguo o f nations to safeguard the peace that must bo won by the joint military forces o f tho Allied nations; and, bo it further

Resolved, That certified copies o f these resolutions bo sent by the Secretary o f State to the President and to tho presiding officers o f both branches o f Congress and each o f tho Senators and Representatives from New York.

Governor Whitman attended tho joint session.

FOREIGN HOLDINGS OF U. S. STEEL CORPORATION.Foreign holdings of the common shares of tho United

States Steel Corporation showed a further slight increase for the quarter ending March 31 1918, the total now held being 485,706 shares, which compares with 484,190 shares held Dec. 31 1917. There has also been a further trifling increase in the foreign holdings of the preferred shares, tho amount to March 31 1918 being 140,198 shares, contrasted with 140,077 on Dec. 31 1917. Compared with the period before the war, the shrinkage in the foreign holdings is, of course, very striking; in the case of tho common stock, while tho foreign holdings now are only 485,706 shares, on March 31 1914 they aggregated as much as 1,285,636 shares. Tho foreign holdings of tho preferred at 140,198 shares March 31 compare with 312,311 on March 31 1914.

Below we furnish a detailed statement of the foreign holdings at various dates since Dec. 31 1914.FO R E IG N II O LD IN G S OF SHARES OF U. S. STEEL CO R PO R ATIO N

Mar. 31 Dec. 31 June 30 Dec. 31 Dec. 31 Dec. 31Common Stock— 1918. 1917. 1917. 1916. 1915. 1914.A frica______________ 25 23 23 15 5 2Algeria____________ 150 340A rgen tina_________ 43 43 34 34 23 8Australia__________ 30 30 29 23 38 3Austria-Hungary __ 472 472 472 472 532 690Belgium ___________ 2,625 2,625 2,625 2,625 2,639 3,509Berm uda__________ 97 97 95 95 95 46Brazil_____________ 43 7 7 7 7 ISBritish India______ 45 38 33 24 24 17Canada ___________ 43,310 41,639 36,064 31,662 38,011 54,259Central America___ 1 1 78 235 382Chile ......................... 60 30 24 18 11 8China_____________ 85 79 73 10 13 13Denmark__________ 16England___________ 173.538 173,074 176.307 192,250 355,088 710,621France_____________ 29,170 30,059 29,982 34,328 50,19.3 64,537Germany__________ 467 612 628 628 1,178 2,664Gibraltar__________ 100H olland___________ 229,185 229,185 229,195 234,365 238,617 342,645Ireland____________ 19 19 29 914 1,730 2,991Italy_______________ 281 281 277 279 280 146Japan_____________ ____ ____ 5Java____________ 4M alta_____________ 75 75 75 75 75 75M exico____________ 154 154 154 140 250 300N orw ay___________ 20 20 20 20 20 70Peru_______________ 1 3P ortu g a l__________ 190R ussia____________ ____ 10S cotla n d __________ 75 75 740 482 3,435 4,208S pain_____________ 300 300 510 510 800 1,225Sweden . . _______ 64 64 64 68 13 1Switzerland_______ 1,587 1,442 1,447 1.512 1,267 1,470T u r k e y ___________ 16 16Uruguay __________ 10 10 10W ales_____________ 30 30 35 45 315 623West Indies_______ 3,875 3,690 2.990 1.952 1.568 1,872

T o ta l___________ 485,706 484,190 481.342 502.632 696.631 1,193,064Preferred Stock—Africa_____________ 9 9 9 44 55 58Algeria____________ 25 105 105 105 75A rgentina_________ 15 19 24 24 IS 11Australia__________ 373 379 370 379 403 484Austria-Hungary 683 683 3,683 3,683 3,483 2.086A zores____________ 120 120 120 120Belgium ___________ 334 331 339 339 341 697Bermuda__________ 108 53 25 25 25 21B ra z il .. ..................... 84 84 84 82 16 31British India______ 352 352 357 354 119 81Canada ___________ 36,420 36,201 34,891 35,876 36,453 34,673Central America___ 6 33 237 146C h ile ......................... 23 23 23 23 24 12China_____________ 50 50 50 50 57 42Colom bia__________ 30 30 30 30 30Denm ark__________ 78 178 140 140 140 40E g y p t .......................England___________ 39,424 39'779 39",604 50',429

40147.453

140174.906France____________ 20,048 25,763 26,327 27,863 32,524 36,749

Germany__________ 876 862 935 935 1,330 3.252G reeco____________ 65 65 38 38 38 38Holland___________ 25,274 25,274 25,274 25,384 26,494 29,000Ireland____________ 440 450 525 826 3,929 4.119Italy_______________ 2,009 2,028 2,023 2,185 2,148 1,678Japan______________ 61 61 61 61 61 81Luxemburg________ 15 15 15 15 15M alta______________ 405 405 405 405 405 405M exico____________ 7 6 16 16 16 235M o r o c c o __________ 7N orw ay___________ 26 26 29 31 27 27Peru_______________ 6 6 6 6 6 5P ortu g a l__________ 120R ussia____________ 7 7 7 7 33 43S cotla n d __________ 234 252 367 734 12,256 13.747S e rb ia ____________ _ 220 220 220 220 220S pain_____________ 880 880 750 710 421 432Sweden ___________ 1,156 1,136 1.136 1,136 1.130 1,137Switzerland_______ 2,853 2,848 2,923 3.043 2,695 2.617T u r k e y ___________ 100 100 100 100 100 100W ales_____________ 24 24 29 45 788 1.068West Indies_______ 1,578 1.259 1.188 1,952 863 874

T o ta l___________ 140,198 140,077 142,226 156,412 274,588 309.457

C O M M O N .D ale— Shares. PerCe.nl.

M ar. 31 1914............1.285.636 25.29Juno 30 1914............1,274.247 25.07Dec. 31 1914........... 1,193.064 23.47M ar. 31 1 9 1 5 .....1 ,1 3 0 ,2 0 9 22.23Juno 30 1915........... 957,587 18.84Sept. 30 1915........... 826,833 16.27Doc. 31 1915........... 696.631 13.70M ar. 31 1916........... 634,469 12.48Sept. 30 1916........... 537,809 10.58Dec. 31 1916........... 502.632 9.89M ar. 31 1917........... 494,338 9-72June 30 1917........... 481,342 9.45Sopt. 30 1917........... 477,109 9.39Dec. 31 1917........... 484,190 9.52M ar. 31 1918--------- 485,706 9.56

PR EFER RE D .D ate— Shares. PerCent.

M ar. 31 1914.......... 312,311 8.67Juno 30 1914.......... 312,832 8.68Dec. 31 1914.......... 309.457 8.59M ar. 31 1915.......... 308.005 8.55Juno 30 1915_____ 303,070 8.41Sept. 30 1915......... 297.691 8.26Doc. 31 1915.......... 274,588 7.62M ar. 31 1916.......... 262,091 7.27Sopt. 30 1916.......... 171.096 4.75Dec. 31 1916.......... 156.412 4.34M ar. 31 1917.......... 151.757 4.21Juno 30 1917.......... 142,226 3.94Sept. 30 1917_____ 140.039 3.59Dec. 31 1917_____ 140.077 3.88M ar. 31 1918.......... 140,198 3.90

NEW JERSEY LAW COMPELLING IDLERS TO WORK TO BE ENFORCED.

In accordance with the provisions of tho Wolvorton Act, signed by Gov. Edge of Now Jersey on Fob. 16, compelling all able-bodied men between tho ages of 18 and 50 to work during tho period of tho war, a proclamation was issued by the Governor on M ar. 9 to carry into effect tho roquiromonts of the Act. Tho Governor pointed out that if the law was to fulfill its purpose it must bo appliod in the samo way as the selective service principle for military work, in ordor that tho “ socioty idlor” and slackors of the “ hobo” typo might secure tho particular kind of work that best suited thoir respective physical and mental capacity. Tho following is the text of tho proclamation:

In accordance with the provisions o f Chapter 55, laws o f 1918, I, W alter E . Edge, Governor o f Now Jersey, hereby issuo this, may proclamation, putting into full force and effect, and calling upon all law officers o f the Stato to enforco tho legislative enactmont declaring it to bo tho duty o f every able-bodied male resident o f this Stato, botwcon tho ages o f eighteen and fifty years, to bo habitually and rogularly engaged In somo lawful, useful and recognized business, profession, occupation, trado or employment on and after tho date o f this proclamation until tho termination o f tho war in which tho United Statos is now engaged.

In its wisdom tho Legislature has ordained that following tho issuance o f this proclamation it shall bo tho duty o f the Commissioner o f Labor to prepare and publish such rulos and regulations governing tho assignment o f persons to work as will Insure equality o f treatment and take into account ago, physical condition and any other circumstances o f tho Individual. Tills is imperatively necessary becauso o f tho plain fact that the sucoss or failure o f New Jcrsoy’s anti-loaflng legislation will depond upon its application.

Tho selective service principle should provail precisely as in tho making o f our military forces. In this task we are drafting for tho industrial army. There are kinds o f work too severo In a physical sense for tho “ socioty idler” who may, however, bo competent to handle tasks which would bo impossible for slackers o f tho "h obo” typo. Sound Judgmont must be employed in our experiment to rid tho hamun hive o f its drones, and I call upon tho Labor Department o f this Stato to employ all o f its available resources, including tho Fcderal-Stato-Municipal Employment bureaus, in providing machinery to obtain tho kind o f work suitable for specific cases. ■

T o put in motion tho machinery thus to bo provided by tho Stato D epartment o f Labor will requiro tho co-operative touch o f law enforcing officers all over the Stato. I tliercforo call tho attention o f sheriffs, mayors and heads o f polico departments in all municipalities to tho necessity o f maintaining sharp vigilanco and a keen eye for thoso workloss individuals whose lack o f ambition and fondness for Idlonoss constitutes not merely a financial burden to every community, but also a genuino mcnaco to tho welfaro o f the nation’s manhood under arms and their safety on tho battle front.

Executives o f municipalities o f 10,000 population and over are urged to have their police departments coinpilo a list o f all habitual idlers in the community, to the end that thoy may bo Individually warned o f tho penalty o f $100 or three months in Jail, or both, prescribed for deliberate nonemployment, and that tho names o f thoso profosslng willingness to work may bo promptly certified to tho Stato Labor Department, as available for employment.

Our farms and industries need inoro man power than is available to meet extraordinary demands for production. B y making Chapter 55 o f tho laws o f 1918 something more than a temporary sensation we shall bo liolplng to supply this demand and at tho same tim e curbing vagrancy, uselessness. mendicancy, immorality and crime.

Enrollment of tlioso coming within tho provisions of tho law was begun on March 14. Undor rulos and regulations for tho carrying out of tho law, issued by Lowis T . Bryant, State Labor Commissioner, exemption from its operation is granted to students and other preparing to engago in trade or industrial pursuits, and persons temporarily unemployed. Tho regulations stato:

It is requested that tho sheriffs o f tho respective counties and any othor officers. State, county or municipal, charged with enforcing tho law, to cause an enrollment blank, which is to bo provided by tho Commissione o f Labor, to bo filled out by all persons coming within the provisions o f the A ct, and forward it to their local Fodoral-State-Munieipal Employment Service, provided such an office is operated within their municipality, or, otherwise, to tho Commissioner o f Labor, Stato houso, Trenton.

Tho assignment o f positions will bo niado to thoso so enrolled with due consideration to their physical and general capabilities, but preference will be given to such activities as may seem tho rnoro essential during tho stress o f war conditions, including:

(o) Agricultural and horticultural work o f all kinds.(6) Cannery work o f all kinds, including all industries directly concerned

in the manufacture and preservation o f foodstuffs.(c) W ork o f all kinds in ship yards.(d) W ork o f all kinds in concerns interested in tho manufacture o f

war munitions.(e) Work o f all kinds in concerns interested in tho manufacture o f any

goods requirod by tho Government in connection with tho prosecution o f the present war.

(/) W ork o f all kinds dono by or in behalf o f tho Stato o f Now Jersey in connection with tho prosecution o f tho prosont war.

(g) Work o f all kinds in connection with Stato, county and city roads and streets.


Apr. 20 1918.] THE CHRONICLE 1645Compensation will be paid at not less than tho wage or salary afforded

to others engaged in the same nature o f work as that to which each person is assigned, and tho number o f hours required for work under this A ct shall not bo greater than the number o f hours per day lawfully constituting a day’s work in the occupation to which such person is required to engage.

It Is, o f course, understood that tho assumption o f regular employment for the required number o f hours in any private enterprise will avoid tho necessity o f undertaking employment definitely assigned in accordance with the above specified plan.

Placards setting forth a concise statement o f the A ct will be x>repared by the Commissioner o f Labor, and forwarded to the sheriffs and other officials chargod with the responsibility o f enforcing tho provisions o f the A ct.

I f this A ct is to be made the useful adjunct to the adequate mobilization o f the man power o f the State necessary to the successful prosecution o f tho war, tho fullest co-operation and assistance on the part o f tho State, County and municipal authorities must bo afforded, and in turn the Com missioner o f Labor gives tho assurance that the entire machinery o f the Department o f Labor, including tho Federal-State-Municipal Employment Service, will bo included in the offort to curb vagrancy, uselessness and mendicancy during these times when every red blooded citizen o f our country should be doing his bit toward the successful termination o f our present conflict. _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

NEW YORK LAWS COMPELLING IDLERS TO WORK.The New York Legislature, besides passing a bill similar

to the New Jersey law requiring all able-bodied men between the ages of 18 and 50 to be regularly employed in a useful occupation‘ during the war, has also passed a measuro to provide for requisitioning the labor of able-bodied male persons between the ages of 18 and 60 who are not engaged in a lawful and useful business pursuits. Under the latter those subject to the Act would be conscripted to effect the uninterrupted continuance and development of the agricultural, industrial and other industries of the State. The bill, known as the Co wee bill, was passed by the Assembly on April 9 and by the Senate on April 12. The bill compelling idlers to work is known as the Robinson bill. Under this bill the Governor would be empowered to issue a proclamation to the effect that a public exigency requires the employment of all male persons between the ages of 18 and 50 and to compel the unemployed to register with agencies. To carry the law into effect the sheriff in counties and police officers in tho smaller subdivisions of the State would bo vested with power to arrest all unemployed unless they are able to prove to the satisfaction of the authorities that they are registered and have had no opportunity to obtain employment. The burden of proof shall always be upon the person unemployed. The State Industrial Commission would be authorized to enlarge its force in order to check up the unemployed. All persons without work would bo called upon to register with tho Industrial Commission agencies within thirty days after the issuance of the Governor’s proclamation. Failure to register or refusal to accept a position provided by the Industrial Commission would constitute a misdemeanor, punishable by a fine of $100 or three months in jail, or both. W e give the text of both bills herewith. .

The Robinson measure reads as follows:AN A C T to require that all able-bodied male persons, between tho agos

o f 18 and .50 years, bo regularly employed or engaged in a useful occupation, after proclamation by tho Governor and until tho termination o f tho present war.

The People of the State of New York, represented in Senate anil Assembly, do enact as follows;

Section 1. Tho Governor is hereby authorized to issue a proclamation, during tho present war with Gormany and its allies, to tho effect that public oxigency roquires that every ablo-bodied male person, between tho ages o f 18 and 50 years, inclusive, bo habitually and regularly ongagod in some lawful, useful and recognized business, profession, occupation, trade or employment until the termination o f such war. Any such proclamation shall bo filed with the Secretary o f Stato and published at least once in each county, in a newspaper o f goneral circulation thcroin. Tho Governor m ay, in like manner, rovoko any such proclamation before tho termination o f such war. .

Sec. 2. From and after tho issuance o f tho proclamation by the Governor, as provided In Section 1, and until tho termination o f tho present war with Germany and its allies or until tho prior revocation o f such proclamation, overy ablo-bodied malo resident o f this State, between the agos of 18 and 50 years, indluslvo, shall habitually and regularly engage in some lawful, useful and recognized business, profession, occupation, trado or employment. A refusal by any such person to bo so employed for at least thirty-six hours per week shall constitute a violation o f this section. Tho possession by any person o f money, property or income sufficient to support himself and those regularly dependent upon him shall not bo defense to a prosecution for a violation o f this section or o f any provision o f this articlo.

Sec. 3. In the prosecution o f any person for failure or refusal to bo employed as required by Section 2, if tho defondant allego his inability to obtain work or employment the burden o f proof shall be upon him to show that ho mado reasonable efforts In that behalf; and tho people shall not bo required to prove in tho first lnstanco that the defendant failed or refused to mako such efforts. It shall, however, bo a defonso, if tho defondant shall prove that ho was registered, as an applicant for employment, with tho bureau o f employment o f tho Department o f Labor or with a branch office o f such bureau and that employment was not furnished.

Sec. 4. N o person shall bo oxcused from accepting any proposed employment on the ground that tho compensation is not adequato, if tho wage or salary Is equal to that paid to others in tho samo locality for the samo kind o f work. In addition to its other powers, the State Industrial Commission may assign any person registered with the bureau o f employment to any available job or occupation for which such person is fitted. Such Commission shall prepare and publish such rules and regulations governing the assignment o f persons to work under this Act as will assure that all

persons similarly circumstanced shall, so far as possible, be treated alike. In assigning any one to work, such Commission shall take into consideration the age, physical condition and any other appropriate circumstances o f the person so assigned. Such rules shall have the force o f law, and a violation thereof shall be punishable in the same manner as a violation o f any other provision o f this A ct.

Sec. 5. It shall be the duty o f the sheriffs o f the respective counties and o f any othor officer, Stato or municipal, charged with enforcing the law, to seek and to continue to seek diligently the names and places o f residence o f ablo-bodied male persons within their respective jurisdictions, between the ages o f 18 and 50 years, inclusive, not regularly or continuously employed, as provided in this A ct, while such proclamation is in force.

Sec. 6. The State Industrial Commission is hereby authorized to appoint or employ, subject to tho civil service law or rules, such additional employees as may bo necessary, and to use such agencies as may be available and appropriate, to carry out the provisions o f this A ct.

Sec. 7 . Tho provisions o f this Act shall not apply to persons temporarily unemployed by reason o f differences with their employers or to bona fide students during the school term nor to persons fitting themselves to engage in trade or industrial pursuits.

Sec. 8. For the purposes o f this A ct, any male person found within the State shall be deemed a resident and in any prosecution hereunder o f a male person between the ages o f 18 and 50 years, inclusive, proof that the accused habitually loiters in Idleness In streets, roads, depots, pool-rooms, saloons, hotels, stores or other places shall be prima facie evidence of the failure or refusal o f such person to com ply with tho provisions o f this A ct.

Sec. 9. Any ablo-bodied male person, between the ages o f 18 and 50 years, inclusive, who, after such proclamation, and during tho time required by this A ct, fails or refuses to bo habitually and regularly engaged in some lawful, useful and recognized business, profession, occupation, trade or employment, as required by Section 2 o f this Act, or who, after unsuccessfully seeking employment, fails to register with the bureau o f employment of the Department of Labor within thirty days after the proclamation by tho Governor as provided by this A ct takes effect, or who thereafter continues out o f employment for any period of thirty days without having registered with such buroau, or who refuses to accept employment assigned to him by the Stato Industrial Commission, shall bo guilty o f a misdemeanor and punishable by a fine o f not exceeding $100 or imprisonment for not exceeding three months or both.

Sec. 10. This A ct shall take effect immediately.Senate. N o. 1173.

The following is the Co wee bill:AN A C T to provide for requisitioning the labor o f able-bodied male persons

between tho ages o f 18 and 60 years, who are not engaged in a lawful and useful business, occupation, trade or profession.

The People of the State of New York, represented in Senate and Assembly do enact as follows•

Section 1. Public purpose. The uninterrupted continuance and development o f the agricultural, industrial and other industries o f tho State, and tho uninterrupted, increased and efficient production o f food and other articles needed by the citizens o f this Stato, by the armies o f the United States and by our allies engaged in the present war, is hereby declared to be a public purpose, essential for the protection and welfare o f the State and o f the United States.

Sec. 2. Designation o f essential industries and occupations. The Governor shall, b y proclamation, on or before June 1 1918, designate such industries and occupations within the Stato as he deems essential to the protection and welfare o f the State and o f the United States, and may from time to time thereafter include other industries and occupations not included In tho original proclamation. The industries and occupations so designated and the persons engaged in their conduct shall be entitled to the privileges o f this Act.

Sec. 3. Persons subject to A ct. Except as provided in this A ct every malo person within the State over 18 and not over 60 years o f age, who is not regularly employed or engaged in a lawful and useful business, occupation, trade or profession for at least 36 hours per week, and who is not physically or mentally incapacitated for performing services in connection with the industries or occupations proclaimed by tho Governor as a matter o f governmental concern, shall bo subject to tho provisions o f this A ct. The provisions o f this A ct shall not apply to students or other persons engaged in fitting themselves for a profession, trado or industrial pursuit whilo they are so engaged, to persons temporarily unemployed by reason o f differences with their employers, nor to persons engaged or employed in a seasonal business, trado or occupation although at certain periods o f the year they are not so employed.

Sec. 4. Registration o f persons subject to A ct. Every person subject to this Act shall, on or before June 1 1918, register with tho sheriff of his county his name, address, ago, and such other information as may be required by tho registration blanks provided pursuant to this Act. The Stato Industrial Commission shall cause registration blanks to be prepared in accordance with this section and shall distribute them to the sheriffs o f the several counties who in turn shall supply them upon request to any person applying therefor. The sheriff o f every county shall not later than M ay 1 1918, cause to bo published at least once in a newspaper published in the county and posted in such number o f places as he may doem advisable, a notice describing the persons who are subject to this A ct and require them to register with him on or before Juno 1 1918 as required by this Act. Any person subjoct to this A ct who shall fail to so register shall bo deemed a vagrant and punishable as such. Every person subject to this A ct who is not registered on or before June 1 1918 may be arrested by any poaco officer and brought before any magistrate having jurisdiction in tho locality where such arrest was made. Such magistrate may either commit such person as a vagrant, or may permit him to register with tho sheriff o f the county in accordance with this A ct, and thereby become subject to its provisions. N o person shall be committed as a vagrant under the provisions o f this A ct if ho bo able to show that ho has made reasonable efforts to obtain work or employment or that he is registered with tho bureau o f employment o f tho Stato Industrial Commission or with a branch office o f such buroau and that employment was not furnished or offered to him. Tho burden o f proving such facts shall be on such person.

Sec. 5. W ho deemed residents. For the purposes o f this A ct any male person witliin the prescribed ages found within the State shall be deemed a resident thereof, and in any prosecution hereunder proof that tho accused habitually loiters in idleness in streets, roads, depots, pool-room s, hotels, stores or other public places, that he is habitually intoxicated, that he is addicted to tho use o f narcotic drugs or is a professional gambler, or, being able-bodied, supported in whole or in part by any woman or child, shall be prima facie evidence o f vagrancy.

Sec. 6. Persons living on income from investments. A person who maintains himself by income received by reason o f the owmership o f stock or bonds, or the ownership of property not conducted or operated by him. shall bo subject to this A ct, notwithstanding that tho incidental labor connectcdw ith the collection o f such income may bo performed by_such person. ‘



Sec. 7. Persons to bo classified. Tho sheriff o f overy county may requiro any person subject to this A ct to appear boforo him and bo examined as to his qualifications for performing services in connection with any Industry or occupation included in the proclamation o f the Governor, and shall, so far as practicable, classify all persons registered with him in respect o f tho Industry or occupation which they are In his opinion best fitted to perform. Such classification in each county shall bo made as soon as practicable after Juno 1 1918, and upon tho completion thereof tho sheriff shall cause a summary, including number registered in each classification made by him, to be filed with tho State Industrial Commission.

Sec. 8. Requisition for employment. Any department, board, commission or officer o f tho State, or o f any municipal corporation therein, or any privato person or corporation conducting an industry or occupation included in the proclamation o f tho Governor, as herein provided, m ay filo with tho Stato Industrial Commission a requost for tho assignment o f a number of persons, specifying in such requost the industry or occupation conducted by such department, board, commission or officer, or by such privato person or corporation, at tho compensation prescribed by this Act. A private person or corporation making such application shall satisfy tho Industrial Commission that tho applicant is responsible for tho payment o f tho com pensation of persons assigned to such person or corporation for employment hereunder. Tho Industrial Commission may requisition tho sheriff of any county for such number o f persons as may bo so requested. Such requisition shall bo made in the first instance to tho sheriff o f the county in which is conducted the industry or occupation for which assignment of labor is requested. Such sheriff shall thereupon assign to such industry or occupation persons registered with him, and notify such persons to roport accordingly to tho employer requesting such assignment of labor. I f thcro be an insufficient number of persons registered with sucli sheriff to enable him to comply with such requisition, ho shall comply therewith so far as possiblo, and shall notify tho Industrial Commission o f tho extent to which ho has been ablo to so com ply. Tho Industrial Commission shall thereupon requisition tho sheriff o f any other county or counties to complete such assignment of labor, and the sheriff of any such county shall In liko manner com ply with such requisition. Any porson who shall have been notified by a sheriff, as provided by this A ct, who shall rofuso to comply with such requisition or to labor in tho industry or occupation to which ho shall havo been assigned, unless physically or mentally incapable of complying therewith or o f performing such labor, shall bo doomed a vagrant and may bo arrested and committed as such. Tho Stato Industrial Commission is hereby authorized to receivo donations o f monoy from any source and to apply such money or any money appropriated by tho Stato for such purpose to tho expense o f transporting persons subject to this A ct to tho placo where tho occupation or industry to which thoy aro assigned is conducted.

Sec. 9. Compensation. Every person subject to this A ct who is employed subject to its provision shall bo entitled to receivo compensation at tho samo rate for such services as ho would receivo if ho were a member o f tho Stato Guard in active service, but no porson shall bo required to work under this Act in any case moro than ten hours in any day, or otherwise any greater number of hours per day than lawfully constitutes a day’s work in tho Industry or occupation in whicli such person is required to engage. Such compensation shall bo payablo by tho Stato or municipal corporation out o f money appropriated or otherwise available for such purpose, or by the privato person or corporation, if so em ployed.

Sec. 10. Payment o f compensation. If any private person or corporation fails to pay any person compensation to which ho Is entitled pursuant to this A ct, such compensation shall bo paid by tho Stato out o f any monoy appropriated for such purposo, and tho Stato may recover from such employer tho amount o f any compensation so paid by the Stato.

Sec. 11. This A ct shall take effect Immodiatoly.

NEW YORK STATE LEGISLATURE ADJOURNS—FEW IMPORTANT ACTS PASSED.

The 141st session of tho Legislature adjourned sino die at 7 p. m. April 13 after having been in session three and one-half months. In his annual message, Governor W hitman advised tho legislators that a minimum of legislation would be expected from them, and tho lawmakers apparently havo lived up to this injunction.

Only a few important measures were sent to tho Governor. Other bills of equal, and perhaps of greater, importance wero killed in committee or buried in tho so-called graveyards of both houses. The most striking examplo of this was tho failure of the Legislature to ratify tho national prohibition amendment, notwithstanding tho tremendous “ dry” pressure, to which Governor Whitman added his personal influence.

Ono proposition side-tracked was the demand by tho New York City Administration and a majority of the upstate municipalities to permit tho cities of tho State to acquire and operate public utilities. Through tho activity of Senator Brown a special Senate committee was created to investigate tho subject and mako recommendations to the noxt Legislature, and an appropriation of $5,000 to defray the expenses of tho committee was authorized in a concurrent resolution passed by tho Sonato and IIouso.

Ignoring requests from tho Now York City Administration, consisting of bills proposed as economy measures, the Legislature, notwithstanding protests from Assistant Corporation Counsel Edward J. McGoldrick., who represented the city at the Capitol, approved several bills affecting New York City and over which tho Governor will have sole power of veto. Those aro salary increase bills, pension bills, and some few public improvement measures. According to a plan developed in tho executive chamber on tho day of adjournment overy New York City bill before tho Governor for action will bo turned over to tho city authorities

•it for an expression of their opinion. Tho request will > made that the Mayor and tho Board of Estimato recom

ud what shall bo dono with them. It is understood

that any measuro disapproved by tho Mayor and tho Board of Estimate will have a poor chance of being approved by tho Governor.

About tho only relief measuro asked for by the City Administration which found favor with the legislators provides for a plan by which tho cost of permanent improvements, which under the present law is paid for out of current revenues, may be defrayed by issuing corpoi’ato stock and serial bonds, not in excess of $15,000,000 annually to run for terms of from 10 to 50 years. This Act, which was published in full by us in last week’s issuo of our paper (page 1596) was urged as necessary to meet the conditions growing out of tho war, and was passed in both branches on April 13 after the Legislature had refused to repoal tho “ pay-as- you-go” law enacted upon recommendation of tho Mitchel administration. A hearing will bo givon this bill on April 23.

Of tho city administration bills that failed was ono introduced by Senator Foley to give tho Board of Estimato the Mayor and Board of Aldermen power to abolish departments and offices and transfer their duties to other departments or offices. Another measuro, which was passed by tho Senate but defeated in tho Assembly, was Sonator Boylan’s bill limiting tho assessment on real ostato to 20 mills ($2 per $100) and establishing a porsonal property tax not to exceed 11 mills or $1 10 for each $100. This bill to which wo referred in these columns last week, took the place of six measures introduced in tho Legislature during March at tho requost of President Cantor of tho Tax Department of the City of New York. Important among these was ono advocated very strongly by tho City Comptroller providing for a “ listing system” of personal property for New York City. Wo published in full in our editorial columns on April 6 a circular issued on March 26 by the Now York Tax Reform Association, explaining those six bills, tho enactment of which tho association said “ would result in doublo taxation in its most indofonsible form throughout tho Stato, and in a ‘listing systom’ for tho city, such as has been condemned by every investigating commission.” In our editorial columns on March 16 we published the text of a circular issued by tho Tax Reform Association on March 8, setting forth its objections to a bill introduced in the Legislature early in March to limit tho tax rate on real estato in this city to $1 75 per $100 and tax all personal property without deduction or exemption at 25 cents per $100.

Tho repeal of tho township school law urgod by Governor Whitman on account of protests received by him from farmers whoso school taxes had been increased under the new plan, although the educational authorities of tho State maintained that it had not been sufficient trial, was passed by both branches of the Legislature. Tho Republican lawmakers from up-Stato, who controlled tho Legislature, gave ready compliance to tho Governor’s recommendation and failed to enact a compromise measuro drafted by Sonator Brown, in conjunction with experts from tho Educational Department, to take its placo. Instead, a legislative committee was created to investigate tho rural school system and recommend appropriate legislation to next year’s Legislature.

Soveral War measures wero passed by tho Legislature including Senator Wagner’s bill designating formor Governor Benjamin B. Odell as Stato Ico Controller and authorizing him to contract in behalf of tho State for a surplus harvest of natural ico and to control and restrict tho manufacture of tho artificial product, with a view to saving ammonia for the explosives industry. Tho Ico Controller was also equipped with rato fixing powers. Anothor of Sonator Wagner’s bills also passed by both branches gives tho State Food Control Commission powor to fix tho margin of profit in retail sales of necossaries of lifo.

Two important waterpower bills wero passod under emergency messages from tho Governor permitting tho consolidation of the Hydraulic Power Co. and tho Niagara Power Co. to insure moro power for tho munitions plants, established at Niagai’a Falls and in its vicinity. Tho Federal Government has commandeered tho powor output of tho two companies. Another important war measuro enacted was Senator Sage’s bill making it a felony punishable by from five to twenty-five yoars’ imprisonment to interfere with the production, manufacture, storago or transportation of war material. Othor successful war moasuros wero:

Senator Georgo A. Slater’s bill creating a censorship over all textbooks in tho public schools to provont tho spread o f German propaganda and un-American ideas. Sonator Theodoro Douglas Robinson's bill legislating


Apr. 20 1918.] THE CHRONICLE 1647out o f oxistonco tho German-American Alliance o f New York State. Assemblyman Schuyler M . M oyer’s Americanization bills, which make it compulsory for illiterate nativo born and non-English speaking minors between tho ages o f sixteen and twenty-one to learn to road, write and speak English and to liavo a fundamental knowledge o f civics; Assemblyman W illiam O. Amos’s bill requiring all teachers in public schools to bo citizens; Senator Sago’s anti-sabotago bill; Sonator Slater’s bill compelling students between sixteon and nineteen to undergo military training, and Sonator Slater's bill providing for a systematized patriotic instruction in tho public schools.

Bills for the relief of contractors on public work demanded by war conditions were passed. Thero were three such measures. One introduced by Senator Lockwood of Kings County gives tho Board of Estimate and the Public Service Commission discretionary power to release contractors on rapid transit construction in New York City from their contract obligations when conditions justify. Senator Walters of Syracuse introduced a similar bill applying to all the municipalities of tho State. Tho legislators approved Sonator Robinson’s anti-loafing bill enacted as a war measure, under tho terms of which the idle rich and the idle poor alike under proclamation by the Governor may be drafted for useful employment. Tho Industrial Commission will administer tho law.

One of the constructive laws of tho 1918 session, if approved by the Governor, will bo the bill introduced in the Assembly by M r. Youker and in tho Senate by M r. Burlingame, both of Kings County, amending tho “ Torrons” law in this Stato for tho registration of titles to real property. Tho now law, it is claimed, simplifies tho procedure, lowers tho cost, and makes it easy, instead of difficult, for real estato owners to register titles with county officials, instead of relying upon private title companies. Tho bill will have a hearing at the executive chamber on April 24.

Tho “ Emerson Law” passed in 1917 by which manufacturing and mercantile corporations were taxed at the rato of 3 % on their net income as reported to tho Federal Government, an apportionment being made for the corporations doing an inter-Stato business on the basis of property within and without the Stato, was amended this year, by extending tho 3 % rato to all corporations, except the following:

"Corporations wholly engaged in the purchaso, sale and holding o f real estato for thomsolves, holding corporations, whose principal incomo is derived from holding tho stocks and bonds of other corporations, and corporations liable to a tax under Sections 184-189, inclusive, o f this chapter" (theso sections relate to tho taxation o f public servico corporations) “ banks, savings banks, Institutions for savings, title guaranty, Insurance or surety corporations.”

Tlio above bill imposes on every domestic corporation exercising its franchise in this Stato and every foreign corporation doing business in this State, other than those corporations referred to, a tax of not less than ten dollars and not less than ono mill upon each dollar of the apportionment of tho faco value of its issued capital stock apportioned to this State.

Another bill passed by tho Legislature proposes an amendment to tho inheritance tax law of this State making taxable “ shares of stock of any corporation organized under the laws of this Stato, of tho proceeds of salo of such stock” of a non-rosidont decedent. These are exempt under the present law.

Thero wero a great number of general amendments to tho election law that passed. Ono of theso, which was put through in an effort to facilitate tho taking of tho soldier voto, moves forward tho date for tho fall primary to tho first Tuosday in September. The form of ballot for tho soldiers is changed so that they may vote a straight party ticket with ono mark if they choose. Another provides that this year, for tho first time, thero will bo two boards in each election district, ono to receive and tho other to count tho vo to. This bill also provides for a complete recasting of election districts throughout tho Stato, to caro for tho woman voto.

A bill was approved by both branches of tho Legislature calling for a direct tax of approximately 813,000,000, of which New York City’s share will bo about 89,000,000! Tho direct tax is being levied to meet the amortization charges of tho various sinking funds of tho State. Senator Wagner protested against tho bill on tho ground that there was sufficient money in tho sinking funds already to meet all charges on maturity. The total appropriations for the fiscal year ending Juno 30 1919,;will'reach a total, it is said, of 881,000,000 or more.

“ TORRENS” LAND TITLE REGISTRATION LAW AMENDED BY NEW YORK LEGISLATURE.

Tho “ Torrons” system of land title registration, which as been on tho statute books in Now York Stato for ten years

but during which time less than a dozen titles have been registered, was amended by both branches of tho 1918 Legislature so as to strengthen and extend its operations in this State. The bill will be given a hearing at the executive chamber on April 24.

Concerning the law in general and the changes made by the Legislature, Edward Polak, Register of Bronx County, who has been actively interested in the “ Torrens” system for many years, discussed in the New York “ Times” on April 14 the history of the long fight for the framing and enactment of a workable law, and outlined how the efforts of “ Torrens” adherents had finally found expression in the bills introduced by Assemblyman Youker and Senator Burlingame, both of Kings County. M r. Polak said:

While tho friends o f a real Torrens law found it necessary to accept two aruondmonts to tho original bill in order to obtain its passage, still they wero successful in obtaining the simplified procedure which will result in attaining the principal purpose o f shortening tho timo of tho proceedings and lessening tho expense.

A t this point it might bo well to define what the Torrens system is, and such definition is given by its creator, Sir Robert Torrens, who started it in Australia:

Tho person or persons in whom singly or collectively the fee simple is vested, either at law or in oquity, may apply to have the land placed in the register o f title. The applications are submitted for examination to a barrister and to a conveyancer, who are styled "Examiners o f T itle.”

In New York, under the Youker bill just passed, the court shall refer the matter to one o f the official examiners o f titlo appointed in the county by the Register thereof, said official examiners to bo first qualified and admitted by the Court o f Appeals.

These mon report to the Register, under the New York law to the Justice o f the Supreme Court presiding in the titlo part, first, whether the description o f land is definite and clear. Second, is the applicant in undisputed possession o f the property? Third, does he appear in equity and justice rightfully entitled thereto? Fourth, does he produce such evidence of titlo as leads to tho conclusion that no other person is in position to succeed against him in an action for ejectm ent?

Tho advantage o f the system lies in the simplicity o f registration. The Register issues a certificate which describes tho naturo o f tho estate o f the applicant, and this certificate o f title vests tho estato indefeasibly in the applicant. This certificate Is kept in duplicate by the Register, and the putting together o f these duplicates constitutes tho registration record.

But bocauso o f the fact that under New York law the system has been cumbersome and costly no use has been made of it. While the law has been in operation since 1908, less than one dozen titles have boon registered.

An inquiry into the scope o f the law as it has existed shows the causes for this failure. Tho Now York law has failed to mako the system official in all respects. In other words it has permitted attorneys and title companies to act as official examiners instead o f restricting the official examination of titles to tho Register’s Office, where tho said titles should bo examined by a duly qualified official examiner, appointed by tho Register, and responsible only to tho public and tho courts.

For eight years tho Now York law failed to provido for a compulsory assurance fund, and it permitted titles to be withdrawn after registration. N o argumont is necessary to prove that where thero is no requirement that premiums shall bo paid into an assurance fund, it naturally follows that no ono would have any confidence in such a system, because in the event o f a mistake or error there would be no fund in existence out o f which to pay claims. The withdrawal provision was bad, because it enabled pressure to bo brought against an owner by opponents o f tho system who wore inclined to prevont Its growth.

In 1916 tho law was amended to provide for a compulsory assurance fund and to prevent withdrawals o f registered titles. However, the fundamental defects o f permitting unofficial examinations o f titles, the continuance o f lengthy, duplicate and costly proceedings, and tho failure to amend the assurance fund provisions so as to place the State or county back o f it all together consigned the law to a state o f lethargy, and so it remained unworkable.

Tho present recording officers o f the five counties in Greater New York, realizing theso conditions and recognizing the great benefits to the real estato ownors and tho city to bo gained from a really workable Torrens law, decided to form themselves Into a committee for the attainment o f that purpose. After holding a number o f meetings wo drafted a bill and had it introduced in the Senate by Senator John V . Sheridan o f the Bronx, and in tho Assembly by Franklin A . Coles from Nassau County. Later theso two bills wore merged by the Assembly Committee on General Laws and tho Sonato Judiciary Committee into tho Youker-Burlingame bill. This bill represents tho views o f tho five recording officers o f New York City, tho Torrens Titlo League, o f which ex-Register John J. Hopper, J. Clarence Davies and Waiter Fairchild are the leading supporters, and many realty interests and taxpayers’ associations which have endorsed it.

Tho Youker bill in general provides for the appointment o f official exam- Inors by tho Registers o f tho counties o f the State o f New York, and the County Clerks where there aro no registers in various counties, tho said examiners to bo attorneys at law and admitted by the Court o f Appeals after first passing a special severe examination given by the State Board o f Law Examiners. Said examiners are removable by the Appellate D ivision on charges. Attorneys can no longer be privately employed as official examiners. The Youker bill, as passed in the Assembly, eliminated tho titlo companies as official examiners, but tho Judiciary Committee amended tho bill to read that "the court, in its discretion upon the request o f tho petitioner, may omit referring tho matter to an official examiner to title and in lieu thereof may accept a report on title made and certified by a titlo insurance com pany.”

While this provision leaves it to the discretion o f the court as to whether a title company shall act as an official examiner, its effect is not as bad as under tho present law, which permits them to act as an official examiner under any circumstances. The titlo companies have had an opportunity to popularize tho law, but have refused to do so. They have therefore no reason to complain if attempts wero made to eliminate them entirely.

The procedure is amendod completely, and Is similar to that o f the Massachusetts law, which has worked satisfactorily and has been declared constitutional by tho courts. In general Sections 380 and 385 it is provided that tho applicant for registration o f title shall file his petition with the Supremo Court, which shall refer the matter to an official examiner, and tho court directs tho Register to give notice o f tho proceeding to those named in tho petition and to such additional persons as tho preliminary report o f tho official examiner shows should be made parties. Tho determination of tho question as to sufficiency o f parties and due servico shall bo for tho court. N otlco 6hall bo given in three ways: First, by publication in a



newspaper published in tho county in which tho land is situated; second, by registered mail, demanding a return, and such other and further notice as tho court may require; third, by posting tho notice on each parcel of land affected by the proceeding fourteen days before the return day.

The return day o f the notico shall not bo less than twenty days nor more than sixty days after the date o f publication, and within seven days o f the publication o f tho notico in a nowspaper a copy o f tho notico is sent by registered mail. The steps to bo taken on tho return day are entiroly constitutional, but lack o f space will not permit thorn to bo given in detail horo. Any appeal must bo taken within thirty days after tho final order in tho proceeding is entered.

Tho Senate Committee failed to retain tho amendment contained in tho Youker bill which places tho county in back o f tho assurance fund. Upon request tho Attorney-General rendered a rather short and hasty opinion that tho said provision would bo unconstitutional. Howover, wo boliovo that ho is entiroly wrong and that tho provision is constitutional beeauso(1) security o f titles is a natural governmental function and not a matter between private individuals. Tho w ork is dono by a public official and tho fees go into the city treasury; (2) tho principle o f county liability is recognized in statuto law; (3) tho N ow York Constitution does not prohibit; and .,(4) Massachusetts, Illinois, United States Government, and many other States and countries have public assuranco funds.

On account o f tho toclmical features o f tho law, many property owners have for a long timo been struggling to effect an understanding with it, and; as many have been greatly discouraged. Fundamentally, tho theory Is a simplo one and tho administration is simple, but legal technicalities have been introduced every timo the proposed legislation has como up and issues brought in creating considerable confusion to the layman.

For tho purpose o f presenting briefly and simply tho procedure for registering a Torrens title under the now amendments just passed by tho Legislature, Walter Fairchild, Secretary and Counsel o f tho Torrens Title League o f the State o f Now York, has prepared a statement which takes a prospective registrant step by stop through tho entiro proceeding, and should clear a numbor o f doubts regarding the administration o f tho law.

Tho statement follows:Application to register a title is made by filing a petition addrossed to

the Supreme Court. Tho law directs tho Registrar to print forms for tho petition and other papers, and supply them to applicants freo o f chargo or for a nominal sum.

In the counties o f New York, Kings, Bronx and Westchester, tho Registrar o f Deeds is tho Registrar. In all other counties the County Clerk acts as Registrar. In practice, therefore, a person wishing to register his title should go to tho Registrar’s office and procure a form o f petition to fill out. The Registrar’s offico will answer any questions and assist tho applicant.

Any owner may havo his title registered, or any holder o f a contract to purchase. IIo m ay apply in person or through his attorney. Many peoplo may prefer to have an attorney look after tho matter, but tho amount o f work involved is small, and tho attorney should chargo only a nominal fee for his services. The actual work o f examining tho title and o f conducting tho proceedings Is dono by tho Registrar’s office, for which fees are fixed by the statuto. .

Tho public is accustomed to tho titlo company method, by which one goes or sends his attorney to tho titlo company, fills out an application, pays the fees, and— theoretically, at Ioast— the titlo company takes caro o f tho matter until tho titlo closes and policy issues. So under tho now Torrens law tho owner or his attorney fills out a similar application, only in tho public offico instead o f with a titlo company; pays tho fees, and tho public offico does tho work until tho certificate o f titlo issues. Thero is this difference, howover, in favor o f tho Torrens way, in that the titlo company policy is merely guaranteed by a private company and only tor the face amount or tho policy, whoreas the Torrens certificate gives a title which by law Is absolutely uncontostablo and cannot bo attacked in any way.

A Torrens certificate is safer than any titlo policy. It glve3 an owner absolute titlo.

For the benefit o f those interested In tho actual registration o f a title tho following summary is made o f tho stops to bo taken and tho oxponso to tho owner in an ordinary title. N oto that each step after tho potition is filed is taken by tho public offico.

(1) Apply to tho Registrar o f your county for a form o f potition and a notico. Fill out tho potition and tho notico and filo them in tho County Clerk’s offico, and filo a copy o f tho notice with tho Registrar. Tho filing fee with the Registrar is $1.

(2) As soon as tho potition is filed tho court will enter an order directing tho official examiner who is omployed in tho Registrar’s offico to examine the titlo and directing the Registrar to give notice o f tho hearing.

Tho Registrar then sots a day for tho hearing, as ordered by tho court, which must bo at least twenty days in advance, and Issues a formal notico, which Is published in a nowspaper, posted on tho land, and a copy sent by registered mall to oach person Interested in tho titlo, including tho ownors o f abutting properties. The Registrar’s office attends to this, tho owner paying the actual expense.

(3) Tho official examiner oxaminos the titlo for tho court just as a titlo company examiner does for his com pany, and makes a report which is ready for tho court upon tho day o f tho hearing. Tho oxamlner chocks up tho petition and sees to it that all necessary parties havo been named and served with tho notico. Tho examiner’s report covers every phase o f title, including tho roading o f tho survey, which must bo furnished by tho applicant. Tho examiner’s fee is $10 plus $1 a thousand on tho assessed value o f the property, and Is paid to tho Registrar. Tho survey charge depends on the survoyor, but is about $15 for a city lot.

(4) Upon tho day o f the hearing, if no fault is found with tho titlo. tho court enters a final order o f registration, directing tho Registrar to issue a certificate o f titlo to tho owner. For this first certificate tho Registrar charges $5 and the owner then pays tho assurance premium o f $1 a thousand o f the assessed valuo o f tho property.

The face o f tho certificate shows the name o f tho owner and tho description o f tho property and on the back appear tho mortgages and any other encumbrance thero may bo. N o “ exceptions” as to indefinite rights aro permitted. Any unsettled questions that may ariso aro determined once for all by the court.

I f tho potition Is filed by the holder o f a contract the certificate is Issued directly to tho purchaser upon tho delivery o f tho closing deed.

It takes from twonty to thirty days to comploto tho initial proceeding so that a purchaser can register title under the usual thirty-day contract. The contract must bo acknowledged and filed with tho petition. It is good practice to insert a clause in the contract to tho effoct that it is understood tho purchaser intends to apply to havo the titlo registered and that the seller has a good titlo that may bo registered and consents to such registration.

As the amount o f tho examiner’s fee and o f tho assurance premium is based on the assessed valuo o f tho property tho cost o f tho Initial registration varies accordingly. Tho fees for a $50,000 property aro estimated as follows:

(1) Filing notice o f petition____________________________________________ SI(2) Publishing, mailing and posting notico (estimated average)------------ 15(3) Examiner’s fee ($10 plus $1 a thousand o f va lu o )....................... ........ 00(4) Assuranco premium ($1 a thousand)---------------------------------------------- 50First certificate________________________________________________________ 0

Total_________________________________________________________________ 5131Formula: For easy computation the fees for tho first registration may be

estimated by taking $2 a thousand on the valuo o f tho property and adding $31. For S10.000 the fees would bo $51: for $20,000 tho fens would bo $71, &c.

T o this must bo added the cost o f tho survey, which will bo $15 and upward. This is exclusive o f tho attorney’s fee, which, o f course, is a matter o f arrangement, but as tho amount o f work is nominal an attornoy could well afford to do it for a foe o f $25.

The foregoing expenso and timo are required for tho first registration only. After the first timo, all that is needed to transfer titlo is to take tho certificate to the Registrar, who cancels it atid issues a now ono to the purchaser. This can bo done in an hour’s timo and costs $3. T o register a mortgage or a lease costs $1.

Tho assurance premium is paid once for .all, and covers all future dealings. N o re-examination or searching o f titlo is over again necessary.

This is tho great advantage a Torrens certificate has over a title company policy. Tho title company charges tho regular rates over and over again for every reissue, oven though tho continuation is only for a fow weeks.

Under tho Torrens system the work is dono onco for all and tho chargo is made once for all. In all subsequent transfers no chargo for continuation or for assuranco is mado. It is all included in tho fees for tho first registration.

The fco o f S3 charged for Issuing tho now certificate is simply to pay the offico expense for canceling ono certificate and issuing a new certificate in its place. It must bo romombered also that there aro no recording fees under tho Torrens system, and tho chargo o f $3 takes tho placo o f tho present recording fee for a deed. Tho chargo o f $1 made for registering a mortgage is much less than the present recording fee for a mortgago.

Thero will bo a saving also in tho recording offico, beeauso the exponse o f “ recording instruments at length” will bo dono away with.

Every person who contemplates tho purchase o f real ostato should insist that his contract provido for tho registration o f tho title, and then should immediately go to the Registrar’s orfico for tho necessary forms to fill out to begin tho registration proceedings.

It is only as titles actually becomo registered that tho public and individual owners will roap tho benefit o f this system which in other communities has dono so much to freo real ostato from unnecessary burdens and to make it a liquid asset.

NEW YORK INHERITANCE TAX LAW AMENDED.The 1918 Legislature passed a bill (Sonato 1744) proposing

an amendment to the inheritance tax law of this Stato, making taxable “ shares of stock of any corporation organized under the laws of this Stato, or tho proceeds of sale of such stock,” of a non-resident decedent. Under tho present law those aro exempt. Tho bill is now before tho Governor.

NEW YORK LEGISLATURE FAILS TO RATIFY NATIONAL PROHIBITION AMENDMENT.

Tho New York Stato Legislature adjourned on April 13 without reviving or again bringing to life tho Ilill-M cNab resolution, defeated by both branches of tho Legislature, and referred to in these columns on tho 23d of that month, providing for the ratification of tho national prohibition amendment. _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

FAILURE OF TAX BILLS AFFECTING REAL ESTATE AND PERSONAL PROPERTY IN NEW YORK.

The bill to which wo roferrod in these columns last week, and introduced at Albany by Sonator Boylan providing that tho tax rate on roal ostato in Now York City shall not exceed 20 mills ($2 por $100) to bocomo effective Jan. 1 1920; and that personal proporty shall pay 11 mills (SI 10 por $100) without deductions or exemptions of any kind except in the naturo of a contract botwoon tho Federal, State and City Governments and tho ownor of tho proporty, passed the Senate but failed in tho Assombly.

Tho above bill took tho place of tho six mcasuros introduced in tho Legislature on March 20 at tho request of President Cantor of the Tax Dopartmont of tho City of Now York, relating to tho taxation of personal proporty, includod among which was ono providing for a “ listing systom” of all such proporty in this city.

In these columns on April 6 wo published in full a circular issued on March 26 by tho Now York Tax Roform Association opposing the above measures, and in our issue of March 16 we published tho toxt of a circular issuod by tho association on March 8, sotting forth its objections to a bill introduced earlior in the legislative sossion to limit tho tax rate on roal estate in this city to 17)^ mills ($1 75 por $100) and tax all porsonal proporty at 2)^ mills or 25cents per $100.

NEW YORK LAW IMPOSING 3 % TAX ON INCOMES OF PRIVATE CORPORATIONS AMENDED.

An important change in taxation of corporations in this State is proposed by Sonato bill printed 1731, which is now in the hands of tho Govornor.

Last year an Act was passod, known as tho “ Emorson Law” tho full toxt of which was published in thoso columns


Apr. 20 1918.1 THE CHRONICLE 1649on July 14 1917 (pages 124 to 126 inclusive) by which manufacturing and mercantile corporations were taxed at the rate of 3 % on their net income as reported to the Federal Government, an apportionment being made for corporations doing an inter-State business on the basis of property within and without the State.

The bill passed this yoar extends the 3 % income tax to all corporations, except the following:

“ Corporations wholly ougaged in the purchaso, sale and holding o f real estate for themselves, holding corporations, whose principal income is derived from holding the stocks and bonds o f other corporations, and corporations liable to a tax under Sections 184-189, inclusive, o f this chapter” (these sections relate to the taxation o f public service corporations) "banks, savings banks, institutions for savings, title guaranty, insurance or surety corporations.”

Anothor section of this bill imposes a minimum tax based on par value of issued capital stock as follows:

“ it is further provided that every domestic corporation exercising Its franchise in this State and every foreign corporation doing business in this Stato, other than those exompted by Section 210 o f this chapter, shall be subject to a minimum tax o f not less than ton dollars and not less than one mill upon each dollar o f the apportionment o f the faeo value o f its issued capital stock apportioned to tbi3 State, which shall bo determined by dividing the amount o f the real and tangiblo personal property in this Stato by tho entire amount o f tho real and tangiblo personal property as shown in tho report, and multiplying the quotient by tho face value o f the issued capital stock. I f such a corporation has stock without par valuo, then the- base o f the tax shall bo on such a portion o f its paid in capital as its real and tangiblo personal property In this Stato bears to its entire real and tangiblo personal property.”

The exempted corporations referred to in this section are those mentioned above.

LOCAL OPTION ELECTIONS IN NEW YORK STATE .

Local option elections were held in thirty-nine cities and villages throughout the State of New York on April 16 and 17, the result being that tho “ drys” carried twenty municipalities against nineteen carried by the “ wets.” Syracuse and Schenectady, the largest cities voting, rolled up majorities of approximately 12,000 and 2,500, respectively, for the liquor element. Binghamton, tho only other second- class city affected, went dry. This latter city is tho home of Senator Hill, tho author of the law passed in 1917 under which cities of the State wore permitted this year for the first time in their history to register their wishes on the question of the salo of liquor.

The balloting, which lasted two days, was the largest ever cast in any of the municipalities, due chiefly to the fact that it was the first election in which the recently enfranchised women of the State had been given an opportunity to participate. An analysis of the figures shows that the vote in tho cities averaged 7 0 % greater than the total voto for all candidates for Governor in tho election of 1916. .

In the cities which voted dry, the sale of liquor must coaso on Oct. 1 next. In all instances four questions were voted on: (1), tho question of maintaining saloons- (2)whether liquor shall bo drunk in private homes; (3), whether it shall bo dispensed from drug stores, and (4), whether or not it shall bo sold in hotels. Virtually all of the cities declaring against the saloon also voted against the sale of bottled liquors, pharmacists’ licenses, and the dispensing of intoxicants by hotels. Salamanca banished all forms of sale except by druggists under a physician's prescription.

Tho result in detail follows:

AuburnBataviaBinghamtonCanandaiguaCorningCortlandElmiraFultonGloversvilloHornoll

—Drv-IthacaJamestownJohnstownMiddletownNorwichOneidaOucontaI’ lattsburgSalamancaWatertown

Amsterdam Beacon Geneva Glens Falls Kingston Little Falls Lockport M ount Vornon Newburgh New Rochelle

- Wet------- —_________North TonawaudaOgdensburgOloanOswegoPort JervisRomoSchenectadySyracusoTonawauda

BRITISH PARLIAMENT VOTES FOR IRISH CON SCRIP TION— IRISH THREATS OF RESISTANCE.

By a voto of 301 to 103, tho House of Commons on April 16 passed tho Man Power Bill, raising the military age in Great Britain to^50 andjin;some cases 55 years, and oxtending conscription to Ireland. Tho measuro was then rushed through tho House of Lords in two days, receiving the royal assent on the 18th. The House had previously rojected John Dillon’s motion for the omission of the Irish conscription clause by a majority of 176. The bill was passed notwithstanding tho threats of the Irish memebrs that civil war would follow any attempt to enforce conscription in Iroland, and against tho earnest advice of ex-Promier Asquith and the leaders of the Labor Party.

During the debate in the House on April 12, M r. Asquith appealed to the Government to omit the clause on conscription. If these were normal times, he said, he would not hesitate to take appropriate Parliamentary action to give effect to his opposition to the clause, but it would “ be criminal to blind our eyes to the extent of the peril at this moment.” Continuing, he said:

I could not be a party to any proceeding in the House, legitimate in normal conditions, which, if it, succeeded, mast have tho effect o f prevention on those who for tho time being are responsible to the nation and to the Allies for extricating the greatest o f causes from the greatest o f perils.

Whon every moment o f their timo, every faculty o f their mind and every fiber o f their being needs to be devoted to saving from disaster tho Allies’ cause, I cannot take that responsibility.

Arthur Henderson, Labor leader, warned the Government that it was displaying more reckless courage than wisdom in staking its existence on the clause applying conscription to Ireland. Unless the Government was prepared to modify its proposal, it was creating a situation which contained all the elements of the greatest disaster which had befallen the country in the last four years. The Government’s present proposals, ho declared, would place Sinn Feinism in the ascendency in Ireland, as they had placed Bolshevism in the ascendency in Russia. The minimum the Government could do was to say frankly that it would not make the clause operative until Home Rule absolutely was the law in Ireland.

On the 15th London dispatches reported that the Labor Ministers of the Cabinet in an interview with Premier Lloyd George had urged the Premier to grant self-government to Ireland on the basis of the majority report of the Irish Convention, before consription was put into operation. The conference was reported to have had “ satisfactory results.” At any rate, it was on the following day (April 16) that the Premier made his speech in Parliament (referred to in another article, announcing the Government’s intention to introduce a Home Rule bill at once. In that speech, however, M r. Lloyd George is quoted as saying that “ the Government could not possibly have resistance to the Home Rule bill used as a lever to defeat conscription,” and that each measure must be taken on its own merits.

Tho Irish leaders demanded that tho concsription measure be held back until an Irish Parliament was established and had a chance to pass on it. A motion to that effect, however, made by James C. R . Lardner on the 12th, was defeated by the Commons by a vote of 280 to 108.

Notwithstanding the fact that the Government is virtually committed to the passing of a Home Rule bill before any attempt is made to enforce conscription in Ireland, Sir Edward Carson, leader of the Ulster Unionists and long the bitterest foe of Home Rule, is lending full support to conscription. “ Even if you put me under the government of the opposition, or of the Sinn Feiners,” he is quoted as saying in the House, “ I would still support conscription, because I prefer anything to German domination.”

Meantime, preparations are under way in Ireland to resist tho putting into effect of the draft. A large number of meetings have been held, in which, for the first time, the Nationalists and the Sinn Feiners co-operated. The clergy also are said to be taking an active part in the agitation.

Cardinal Logue, Primato of Ireland, preaching at Dungannon, said tho conscription proposal for Ireland was the gravest blunder the Government had made, and would lead to the utmost disorder, and would be met with the most strenuous passive resistance. Anything in the nature of organized physical resistance was to bo deprecated, and would not be favored by him. Tho Cardinal said he had called a meeting of Irish bishops for April 18, when resolutions would be adopted.

The Most Rev. Michael Fogarty, Bishop of Killaloe, published his view that the people are entitled to resist, adding that it is for the nation to decide the most effective form of such resistnace. Bishop James Naughton, preaching at Ballina, said, having regard for agricultural requirements, Ireland had already given more than her just portion for the army, and that tho numbers would have been larger but for the unsympathetic policy of tho Government.

Chancellor of the Exchequer Bonar Law, replying to a query in the House of Commons on Thursday, said he expected that Irish conscription would be enforced before Aug. 1. Tho authorities, although they do not expect that any conscripts will be called until the Home Rule is on the statu to books, are taking steps to deal with the situation. Field Marshal Lord French, Commander-in-Chief of the forces in the United Kingdom, arrived in Dublin on April 17 with his staff.



The Nationalists, or at least a majority of them, are understood to have decided to abstain from attendance in the House of Commons during the crisis, thus adopting the attitude of the Sinn Feiners, who were elected to Parliament but have never attended.

A special dispatch to the New York “ Sun” on April 11 gives the following estimates regarding the number of men made available by the M an Power Bill in Ireland and Great Britain:

Sir George Cave, the Homo Secretary, estimated that Ireland would yield a considerable number o f men; if the Government could expect ten divisions, or even five, it would be a substantial addition. It is believed that moro than 150,000 fit Irishmen are available, besides 45,000 natives o f Great Britain and aliens domiciled in Ireland, who would bo included under the M an Power bill. Other estimates put the number below 100,000.

Figuros compiled this year show the total number o f Irish recruits for the army up to February was 124,581. Of these 64,967 woro Romanists and 52,725 Protostants. The total number o f Irishmen serving with tho forces was 175,627. , ,

As to tho effect o f tho application o f tho M an Power bill in England, tho total number o f men between 40 and 50 years old in England and Wales, according to tho last census, was roughly 2,000,000. Tho Prime Minister said In his speech that 7% o f tho men between 42 and 50 would bo available. I f ho intended to indicate that this was the total fit for general service, it would yield only 140,000 men, which probably would bo reduced by the higher proportion o f ineffectives at that age.

LLOYD GEORGE TO STAND OR FALL ON HOME RULE ISSUE— BILL TO BE INTRODUCED AT ONCE.

Taking his stand on tho proposition that conscription in Ireland is necessary as a military measure, and that Irish homo rule is the necessary justification for conscription, Premier Lloyd George has servod notice on the British Parliament that the Government will rosign if tho Homo Rule Bill, soon to bo introduced is rojoctod. “ It is impossible,” he said, “ to secure unity unless overy section feels that justice has been done, not merely by compelling Irishmen to tako a full share in tho war’s burden, but by securing to them tho principle of solf-detormination for which wo are fighting in every theatre. Wo entered tho war for that principle. W e have never doparted from it, and hope wo shall bo ablo to enforce it at tho peace conforonce.”

The statement that tho Government would resign if the Homo Rule Bill woro defeated was made with tho Premier’s approval by George N . Barnes, Labor member of the WarCabinet. _ .

Premier Lloyd George’s remarks on tho Irish question were made during tho debate on tho IVIan-Powor Bill, and wore reported as follows in Associated Press dispatches from London on April 16:

Premier Lloyd George, in a speech in the Commons, said:“ It is desirable in tho interest o f the war that we should settlo the Irish

question and produce something like contentment in Ireland and good-willhi America.” , .

In discussing the Man-Power Bill tho Premier asked whether conscription in Ireland was to be tho Government’s only answer to tho report o f tho most remarkable convention over held in Ireland. ' Such an answer would bo regarded as unsatisfactory, not only In Ireland, but in England. I f thero wero troublo in Ireland arising from refusal to legislate aftor the Irish Convention and only conscription was offored, any resistance in Ireland would moot with sympathy hero, which would paralyzo tho effort to enforce conscription in Ireland.

Tho Premier referred especially to tho attitude o f the Labor Party,adding: , _ . .

“ It is useless to put this bill on tho statute book unless wo intend to onforco it, and it Is useless to try to enforce it, unless behind tho Government thero is a feeling that Ireland has been justly treated. M oreover, Ireland Is not the only country to be considered.

"A s to America, the opinion reaching tho Government is that sentiment in America supports tho bill, provided self-government is offored Ireland. It Is vital to us at tho moment that America is coming to our aid through tho most remarkable decision over taken by any executive. President W ilson’s decision was not without difficulty, but it was tho only way that America could render practical assistance in this battle.

In these circumstances America is entitled to oxpect from tho British Government (though they could not ask any Government to carry out domestic legislation), tha they would smooth thoso difficulties and, at any rate, not increaso them. I am certain nothing would holp moro at tho present juncture to secure the full measure o f American assistance than the determination o f the British Parliament to tender to Ireland her own Parliament.” _

Tho Premier’s use o f tho terms “ offer” and “ tender ovoked irritated cries from tho Irish benches. Tho Premier continued:

“ Tho honorable members are seeking quarrels whoro nono aro intonded.”“ Tho Government, therefore, arrived at tho conclusion, that self-govern

ment is an essential war measuro,” ho wont on.In regard to tho statement made by George N . Barnes that tho Govern

ment would carry tho bill, Lloyd George said that tho Government could only uso all its influence to carry it. I f it was not carried, thoso responsible for its failure to carry ought in all consionce to accept tho responsibility for tho direction o f the war without it. It was impossible to face the difficulties in Ireland without a united country, ho said.

A committee is at work drafting a Homo Rule Bill, which, it is said, will tako tho form of a measuro amending tho Government of Iroland Act that passed just boforo tho outbreak of the war, but tho operation of which was suspended for tho poriod of tho war. General opinion is said to favor a federal measure which could bo made applicable to Scotland, Wales and England.

REPORT OF SIR HORACE PLUNKETT ON WORK OF IRISH HOME RULE CONVENTION.

The results of the Irish Convention, called to work out a solution of the vexed Home Rule question, wero transmitted to Premier Lloyd George on April 12 in the form of a series of recommendations— together with a long letter from Sir Horace Plunkett, Chairman, explaining in detail the extent to which the convention had reached agreement and the points on which agreement had proved impossible. Both the minority Nationalists and the Ulsterites submitted separate reports, but the Nationalists joined with the Southern Unionists in signing the majority report. Tho Ulster Unionists dissented entirely from the majority report, declaring that “ on the fundamental issues no agreement was at any time visible,” and that on many important questions the Nationalists wero themselves sharply divided. “ Had we thought,” the Ulster report concluded, “ that a majority of the convention intended to demand not tho subordinate powers of previous Home Rule bills, but what is tantamount to full national independence, wo would not havo agreed to enter tho convention.”

Tho scheme of tho majority, as described in tho Chairman’s letter, provides for establishment of a parliament for the whole of Ireland, with an executive responsible to it, and with full powers over all internal legislation, administration and direct taxation. Pending decision of tho fiscal question, it is provided that imposition of duties and excise shall remain with tho Imperial Parliament, but that tho whole of the proceeds of these taxes shall be paid to tho Irish exchequer. A joint exchequer board would bo set up to determine tho Irish true revenue, and Ireland would be represented upon tho Board of Customs and Lxciso of tho United Kingdom. Irish representatives in tho Imperial Parliament would be elected by the Irish Parliament instead of directly by constituencies.

Tho Irish Parliament would consist of two Houses, a Senato, of 64 members, and a House of Commons of 200. Tho principle underlying tho composition of tho Senato is representation of interests. This would bo effected by giving representation to commerce, industry and labor, county councils, churches, learned institutions and peerago.

Sir Horace remarks that in constituting tho House of Commons the Nationalists offered to guarantee 4 0 % of its membership to the Unionists. Ho adds that it was agreed that in the south of Ireland adequate representation for Unionists could only be secured by nomination, but as Ulster’s representatives had informed tho convention that those for whom they spoke could not accept tho principle of nomination, provision was made in the scheme for extra representation of Ulster by direct election.”

Tho text of Sir Horaco Plunkett’s letter to tho Prime Minister, as published by the Now York “ Times” on April 13, roads as follows:

I have tho honor to transmit herewith a report o f tho proceedings o f tho Irish Convention. For tho immediate object o f tho Government tho report tells all that need be told. It shows that in tho Convention, while It was not found possible to overcomo tho objections o f tho Ulster Unionists, tho m ajority o f tho Nationalists, all tho Southern Unionists and fivo out o f sovon Labor Representatives were agreed that tho schemes for Irish selfgovernment set out In Paragraph 42 o f tho roport should bo immediately pas sed into law.

Tho minority o f Nationalists propose a schomo which differs in only one important particular from that o f tho m ajority.

The Convention has, therefore, laid a foundation o f an Irish agreomont unprecedented in history. I recognlzo that action in Parliament upon tho result o f our deliberations must largoly depend upon public opinion. W ithout knowledge o f the circumstances which at tho termination o f our proceedings compelled us to adopt an unusual method o f presenting the results of our deliberations, tho public might bo misled as to what has actually been achieved. It is therefore necessary to explain our procedure.

W o had every reason to believe that tho Government contemplated immediate legislation upon tho results o f our labors. The work o f an Irish settlement, which was suspended at tho outbreak o f tho war, is now felt to admit o f no further postponomont. In tho dominions and tho United States, as well as In tho other allied countries, tho unsettled Irish question is a disturbing factor, both in regard to war effort and peaco aims.

Nevertheless, urgent as our task was, wo could not complete it until overy possibility o f agreement had been explored. Tho moment, this point was reached— and you will not bo surprised that It took us eight months to reach it— we decided to issuo our roport with tho least possiblo delay. T o do this we had to avoid further controversy and protractod dobato.

I was, therefore, on March 22, Instructed to draft a roport which should bo a mero narrativo o f tho Convention’s proceedings, with a statement for tho information o f tho Government o f tho conclusions adopted wliothcr unanimously or by majorities. It was hoped that this roport might bo unanimously signed, and it was understood that any groups or individuals would be free to append to It such statements as they doomed nocossary to give expression to their viows.

Tho draft report was circulated on March 30, discussed and amonded on April 4 and 5. The accuracy o f tho narrativo was not challenged, though thero was considerable differenco o f opinion as to ttio rolativo prominonco which should bo given to somo parts o f tho proceedings. As timo pressed, it was decided not to havo any discussion upon tho majority roport, nor upon any minority reports or other statomonts which might bo submitted. Tho draft report was adopted by a m ajority, and tho Chairman and Secretary wero ordered to sign it and forward It to tho Government


Apr. 20 1918.] THE CHRONICLE 1651Tho limit o f twenty-four hours was by agreement put upon the reception

o f any other reports or statements, and in tho afternoon o f April 5 tho Convention adjourned sine dio.

The public is thus provided with no m ajority report in tho sense o f a reasoned statement in favor o f tho conclusions upon which tho majority agreed, but it is loft to gather from tho narrative o f tho proceedings what tho contents o f such a roport would havo been. On tho other hand, both the Ulster Unionists and tho minority o f tho Nationalists havo prosented minority reports covering tho whole field o f tho Convention’s inquiry.

Tho result o f tills procedure is to minimize tho agreement reached and emphasize disagreement. In these circumstances I conceive it m y duty as Chairman to submit such explanatory observations as are required to enable the reader o f tho report and accompanying documents to gain a clear idea o f tho real effect and significance o f tho Convention’s achievement.

I may assume a knowledge o f tho broad facts o f the Irish question. It will bo agreed that in recent years the greatest obstacle to its settlement has been tho Ulster difficulty. Thero seemed to be two possible issues to our deliberations. If a scheme o f Irish self-government could bo framed to which Ulster Unionists would give their adherence, then tho Convention might produce a unanimous report. Failing such a consummation, wo might secure an agreement, either complete or substantial, between Nationalist, Southern Unionist, and Labor representatives. M any entertained tho hope that tho effect o f such striking and wholly new development would bo to induce Ulster to reconsider its position.

Perhaps unanimity was too much to expect. Bo this as it m ay, neither timo nor effort was spared in striving for that goal, and there woro moments when its attainment seemed possible.

There was, however, a portion o f Ulster where a majority claimed that if Ireland had the right to separate herself from tho rest o f tho United Kingdom, they had tho samo right to a separation from tho rest o f Ireland. But tho timo had gone by when any other section o f the Irish peoplo would accept partition of their country evon as a temporary expedient. Hence tho Ulster Unionist members in tho convention remained there only in the hopo that some form o f homo rulo would bo proposed which might m odify tho determination of thoso they represented to havo neither part nor lot in an Irish Parliament.

Tho Nationalists strovo to win them by concessions, but they found themselves unable to accept any o f tho schemes discussed, and tho only schemo o f Irish Government they presented to tho convention was confined to tho exclusion o f their entiro province.

Long beforo tho hopo o f comploto unanimity had passed tho majority o f tho Convention wero considering the possibilities o f an agreement botwcon Nationalists and Southern Unionists. Lord Mkldloton was tho first to make a concrete proposal to this end.

Tho roport shows that in November lie outlined to tho Grand Com mittee and in December brought before tho Convention what looked liko a workable compromise. It accepted self-government for Ireland. In return for special minority representation in tho Irish Parliament, already concodod by tho Irish Nationalists, it offered to that Parliament complete power ovor intornal legislation and administration, and in matters o f financo over direct taxation and exciso.

But, although they agreod that customs revenue should bo paid into tho Irish Exchequer, the Southern Unionsts insisted upon a permanent reservation to tho Imporial Parliament o f power to fix rates o f customs duties. B y far tho groater part o f our time and attention was occupied by this ono question: Whether imposition o f customs duties should or should not bounder control o f tho Irish Parliament.

Tho difficulties of tho Irish Convention may bo summed up In two words, "Ulster” and "Custom s.” Tho Ulster difficulty tho whole world knows, but how tho customs question came to bo ono o f vital principle upon the decision whereof dopended tho amount o f agreement that could bo reached in convention needs to bo told. Tho tendency o f recent political thought among Constitutional Nationalists has been toward a form o f Government resembling as closely as possiblo that o f tho Dominions, and, slnco tho geographical position o f Ireland imposes obvious restrictions in respect o f naval and military affairs, tho claim for dominion homo rulo was concentrated upon a demand for unrestricted fiscal powers.

W ithout separato customs and exciso Ireland would, according to this vlow, fail to attain national status liko that enjoyed by tho Dominions. Upon this issue tho Nationalists mado a strong case and wero ablo to provo that a considerable number o f leading commercial men had com o to favor fiscal autonomy as part o f an Irish settlement.

In tho present stato o f public opinion in Ireland it was feared that, without customs, no schomo tho Convention rocommondcd would receive a sufficient measuro of popular support to securo legislation. T o obviato any serious disturbance o f tho trado of tho United Kingdom thoy wero prepared to agree to a free trade arrangement between tho two countries.

But this did not overcomo tho difficulties o f tho Southern Unionists, who on this point agreed with the Ulster Unionists. They wero approhenslvo that a soparato system o f customs control, howover guarded, might impair tho authority o f tho United Kingdom over its oxternal trado policy. Neither could thoy consont to any settlement which was, in their judgmont, incompatible with Ireland’s full participation In a schemo o f tho United Kingdom ’s Federation, should that come to pass.

It was clear that, by means o f mutual concessions, an agreement botweon Nationalists and Southern Unionists could bo reached on all tho other points. On this important point, howover, a section o f tho Nationalists, who havo embodied their viows in a soparato roport. hold that no com promise was possiblo.

On tho other hand, tho m ajority o f tho Nationalists and tho wholo body o f Southern Unionists felt that nothing effcctlvo could result from their work In tho Convention unless somo understanding was reached upon tho customs which would render agreement on tho completo schomo attainable. Neither sklo was willing to surrender principlo, but both sides wero willing, In order that a Parliament should bo at onco established, to postpone legislative decision upon tho ultimate control o f customs and exciso. At tho samo timo each party has put on record In separate notes, subjoined to tho roport, its claim respecting tho final settlement o f this question.

Decision having been reached upon the cardinal issue, tho majority o f tho convention carried tho series o f resolutions which together form a completo schomo o f solf-government.

This schomo provides for tho establishment o f a parliament for tho wholo o f Ireland, with an executive responsible to it and with full powers ovor all intornal legislation, administration, and direct taxation. Ponding decision o f tho fiscal question, it is provided that imposition o f duties o f customs and exciso shall remain with tho Imperial Parliament, but that tho wholo o f tho proceeds of theso taxes shall bo paid into tho Irish Exchequer. A Joint exchequer board is to bo sot up to determino Ireland’s true rovenuo, and Ireland Is to bo represented upon tho Board of Customs and Exciso o f tho Unltod Kingdom.

Tho principle o f representation in tho Imperial Parliament was insisted upon from the first day by tho Southern Unionists, and tho Nationalists conceded it. It was felt, howover, that thero wore strong reasons for providing that Irish representatives at Westminster should bo elected by tho

Irish Parliament, rather than directly by constituencies, and this was the arrangement adopted.

It was accopted in principle that there should be an Irish contribution to tho cost o f Imperial services, but, owing to lack o f data, it was not found possible in tho Convention to fix any definite sum.

It was agreed that the Irish Parliament should consist o f two houses, a Senate of sixty-four members, and a House o f Commons o f 200. Tho principlo underlying the composition o f tho Senate is representation o f interests. This is effected by giving representation to commerce, industry, and labor, County Councils, churches, learned institutions, and tho peerage.

In constituting tho House o f Commons, tho Nationalists offered to guarantee 40% o f its membership to tho Unionists. It was agreed that in tho South adequate representation for tho Unionists could only be secured by nomination, but as tho Ulster representatives had informed the Convention that those for whom they spoke could not accept the principlo o f nomination, provision was mado in the schemo for extra representation o f Ulster by direct olection.

Tho majority o f tho Labor representatives associated themselves with the Nationalists and Southern Unionists in building up a constitution with provisions o f which they found themselves in general agreement. They frankly objected, howover, to the principle o f nomination and to what they regarded as inadequate representation o f Labor in tho upper house.

Throughout our proceedings they helped in every way toward tho attainment o f an agreement. N or did they press their own special claims in such a manner as to make more difficult tho work, already difficult enough, o f agreeing upon a constitution.

I trust I havo said enough to enable the reader o f this report and accompanying documents to form an accurate judgment upon the naturo o f the difficulties o f the task beforo the Convention and upon its actual achievement. While technically it was our function to draft a constitution for our country, it would bo more correct to say we had to find a way out o f tho most complex, anomalous political situation to bo found in history— I might almost say in fiction.

Wo aro living under a system o f government which survives only because tho act abolishing it cannot, consistently with Ministerial pledgos, be put into operation without further legislation no less difficult and controversial than that which it has to mend.

While tho responsibility for solution o f our problem rests primarily with tho Government, the Convention found itself in full accord with your insistence that tho most hopeful path to settlement was to be found in an Irish agreomont. In seeking this and in attempting to find a compromise which Ireland might accept and Parliament pass into law it has been recognized that tho full program o f no party could bo adopted. The Convention was also bound to givo due weight to your opinion that to press for a settlement at Westminster during the war o f questions which, as I have shown, had boon a formidable obstaclo to agreement would bo to imperil the prospects o f early establishment o f self-government o f Ireland.

Notwithstanding tho difficulties wherewith wo wero surrounded, a larger measure o f agreement has been reached upon the principlo and details o f Irish self-government than has ever yet been attainod. Is it too much to hopo that tho schemo embodying the agreement will forthwith be brought to fruition by thoso to whose call tho Irish Convention has now responded ?

The scheme mentioned by Sir Horace Plunkett as meeting tho approval of a majority of the delegates is set forth in Paragraph 42 of the report, under the title: “ Statement of Conclusions,” summed up as follows:

Section 1. Tho Irish Parliament to consist o f tho King, Senate and House o f Commons. Notwithstanding the establishment o f an Irish Parliament, the supreme power and authority o f tho Parliament o f the United Kingdom shall remain unaffected and undiminished over all persons, matters and things hi Ireland and overy part thereof. (Section carried by 51 to 18.)

Sec. 2. Tho Irish Parliament to havo general powers to make laws for tho peace, ordor, and the good government o f Ireland. (Section carried 51 to 19.)

Sec. 3. Tho Irish Parliament to have no power to make laws on the following: Crown and succession, tho making o f peace and war, army andnavy, treaties and foreign relations, dignities and titles o f honor, necessary coiltrol o f harbors for naval and military purposes, coinage, weights and measures, copyrights and patents. The Imperial and Irish Governments shall jointly arrange, subject to imperial exigencies, for the unified control o f tho Irish police and postal services during the war, provided that as soon as possiblo after tho cessation o f hostilities the administration o f theso two services shall become subject to tho Irish Parliament. (Section carriod 49 to 16.)

Sec. 4. Restriction o f the power o f the Irish Parliament: prohibition o f laws interfering with religious equality; a special provision protecting tho position o f Free Masons: a safeguard for Trinity Collego and Queens University; money bills to be founded only on a viceregal message; privileges and qualifications o f the members o f the Irish Parliament to be limited as in tho Act o f 1914: rights o f existing Irish officers to be safeguarded. (Section carried 46 to 15.)

Sec. 5. Constitutional amendments as in tho A ct o f 1914. (Section carried 43 to 15.)

Sec. 6. Tho executive power in Ireland to continue to be vested in the King, oxercisablo through tho Lord Lieutenant on the advice o f an Irish Executive Committee, as in tho Act o f 1914. (Carriod, 45 to 15.)

Sec. 7. Dissolution o f tho Irish Parliament, as in tho Act o f 1914. (Carried, 45 to 15.)

Sec. 8 . Royal assent to bibs, as in the A ct o f 1914. (Carried, 45 to 15.)Sec. 9. Constitution o f the Senate as follows: One Lord Chancellor, four

Bishops o f tho Roman Catholic Church, two Bishops o f the Church o f Ireland, one representative o f tho General Assembly, three Lord M ayors, o f Dublin, Belfast, and Cork; fifteen peers resident in Ireland, elected by peers resident in Ireland; eleven persons nominated by tho Lord Lieutenant; fifteen representatives o f commerce and Industry; four representatives o f labor, ono for each province; eight representatives o f County Councils, two for each province. Total, 64. (Carried. 48 to 19.)

Sec. 10. Constitution o f the House o f Commons. The ordinary elected members shall number 160.' The University o f Dublin, the University o f Belfast, and tho National University shall each have two members, elected by graduates. Special representation shall be given to urban and industrial areas by grouping the smaller towns and applying to them a lower electoral quota than tho rest o f the country. The principle o f proportional representation shall bo observed wherever a constituency returns two or three members.

Forty per cent o f tho membership in the nouse o f Commons shall be guaranteed to tho Unionists, and, in pursuance o f this, twenty members shall bo nominated by tho Lord Lieutenant, with a view to duo representation o f interests not otherwise adequately represented in the provinces o f Leinster, Munster and Connaught, and twenty additional members shall bo elected by Ulster to represent commercial, industrial and agricultural intorosts; tho nominated members to disappear in whole or in part after fifteen years. Extra Ulster representation Is not to cease except on the


1 <55* THE CHRONICLE [Vol. 100

decision o f a three-fourths majority o f both houses sitting together. Tho House o f Commons shall continue for five years unless previously dissolved. (Carried, 45 to 20.)

Sec. 11. M oney bills to originate only in tho IIouso o f Commons, and notamendable by tho Senato. (Carried, 45 to 22.)

Sec. 12. Disagreement between tho houses to bo solved by a joint sitting. (Carried, 45 to 22.)

Sec. 13. Representation in tho British Parliament to continuo. Irish representatives to have tho right to deliberate and voto on all matters. Forty-two Irish representatives shall bo elected to tho British House o f Com mons. Irish representation in tho British House o f Lords to continue as at present until that chamber is remodeled, when that matter sha 1 bo reconsidered. (Carried, 44 to 22.)

Sec.' 14. Finance— Irish exchequer and consolidated fund to be established; an Irish Controller and Auditor-General to bo appointed as in tho Act o f 1914. I f necessary, it should bo declared that all taxes at present leviable in Ireland should continuo to bo lovied and collected until tho Irish Parliament otherwise decides. Necessary adjustments o f rovenue between Ireland and Groat Britain during the transition should bo mado. (Carried, 51 to 18.)

Sec. 15.— Control o f customs and excise by tho Irish Parliament to bo postponed for further consideration until after the war, provided that the question shall bo considered and decided by the United Kingdom Parliament within seven years after the conclusion o f peace. Until tho question o f the ultimate control o f Irish customs and excise shall bo decided, tho United Kingdom ’s Board o f Customs and Exciso shall include persons nominated by tho Irish Treasury. A joint Exchequer Board, consisting o f two members nominated by tho Imperial Treasury and two nominated by the Irish Treasury, with a Chairman appointed by the King, shall bo set up to determine the trao income o f Ireland. Until tho question o f tho ultimate control o f the Irish customs and excise shall be decided, the revenue duo to Ireland, as determined by tho joint Exchequer Board, shall bo paid into the Irish exchequer. All branches o f taxation other than customs and excise shall be under tho control o f tho Irish Parliament. (Carried, 38 to 30.) ,

Sec. 16. Tho principle o f imperial contributions is approved. (Carried unanimously.)

Sec. 17. Accepts tho report o f tho sub-Committco on Land Purchases. (Carried unanimously.)

Sec. 18. Deals with tho judicial powor similarly to tho Act o f 1914. (Carried, 43 to 17.)

Sec. 19. The Lord Lieutenant shall not bo a political officer. Ho shall hold offico six years. Neither he nor the Lords nor Justices shall bo subjected to any religious disqualification. His salary shall bo sufficient to throw the post open to men o f moderato moans. (Carried, 43 to 17.)

Sec. 20. A Civil Service Commission consisting o f representatives of the Irish universities shall formulato a scheme o f competitive examinations for admission to tho public service, and nobody shall bo admitted to such service unless ho holds a Civil Servico Commission certificate. A scheme o f appointments and salaries shall bo prepared by a special commission, and no appointments shall bo made until tho schomo o f this commission has been approved. (Carried, 42 to 18.)

Sec. 21. Tho Irish Government, if desired, may defer taking over tho departments o f Old Ago Pensions, National Insurance, Labor Exchanges, Postal Savings Banks, and friendly societies. (Carried, 43 to 18.)

The concluding paragraph submitting the report to the Imperial Government, wat carried by 42 to 35. The whole report was carried by 44 to 29.

The report of the Ulster Unionist delegation to tho convention was summarized as follows in press dispatches from London

Tho report o f tho Ulster Unionist delegates to tho Irish Convention Is signed by nineteen members, including tho Marquis o f Londonderry, the Duke o f Abercorn, Colonel Robert Gordon Sharman-Crawford, and James Johnston, Lord M ayor o f Belfast. Tho delegation finds itself unablo to concur in tho Chairman’s draft report, and protests against his implication that a measure o f agreement regarding Irish solf-govcrnmcnt was attained. It states that on tho fundamental issues no agreement was at any timo visible, and that on many important questions tho Nationalists wero sharply divided.

After reviewing tho reasons for tho calling o f tho convention, the report says:

“ W e oxpected that tho real work o f tho convention would havo been directed toward a sincero and patriotic endeavor to find common ground somowhoro between tho Act o f 1914, on tho one hand, and tho views o f Ulster on tho other. From tho first week wo urged this courso, and repeatedly expressed our disappointment that almost ovory Nationalist’s speech outlined a form o f homo rule far in advanco o f any previous claim. The schemo finally brought forward by tho Bishop o f Raphoo in behalf o f the Nationalists included tho following domands:

“ First— A sovereign independent Parliament for Ireland, co-equal in power and authority with the Imperial Parliament.

"Second— Complete fiscal autonomy for Ireland, Including tho powor of imposing tariffs and control o f tho exciso, involving, as it would, tho risk o f hostilo tariffs against Great Britain, tho right o f making commercial treatios with foreign countries, and full powers o f diroct taxation.

“ Third— Tho right to raise and maintain a military territorial force In Ireland.

“ Fourth— Repudiation o f any liability for national debt, on tho plea of over-taxation in Ireland in tho past, but admitting tho principle o f a small annual contribution to the Imperial oxpondituro.

“ Fifth— Denial o f the right o f the Imperial Parliament to Impose military service In Ireland, unless with the consent o f tho Irish Parliament.

“Over tho fiscal question,” tho report continues, "no approach to an agreement was possiblo, and tho real object of tho proposal was clearly apparent in tho official reply to questions by tho Chairman, signed by M r. Redmond, tho Bishop o f Raphoe, M r. Devlin, and Georgo Russell, in which thoy emphatically insisted upon their demand for fiscal independence and crystallized their arguments in tho following terms:

“ ‘W o regard Ireland as a nation in economic unity. Self-government does not exist where those nominally Intrusted with tho affairs o f Government havo not control o f tho fiscal and economoic policy.’ ”

The report doclares in opposition to this demand for fiscal independence, saying:

"Ulster takes a firm stand on tho basis o f tho people’s common prosperity, and maintains that tho fiscal unity If the United Kingdom must be preserved intact, carrying with it, as it does, the sovereignty o f tho Imperial Parliament and due representation therein.”

It is set forth in tho report that whilo Ireland’s contribution to Imperial taxation for the curront yoar was about £13.000,000. an important section o f tho Nationalists opposed any contribution; but tho majority favored a contribution ranging from £2,500,000 to £4,500,000 yoarly. Tho Bishop

o f Raphoo’s fifth proposal was supported by a majority voto o f tho convention.

Tho report continues:"W e regard as excessively dangerous the Nationalist claim that tho Irish

constabulary shall come under the control o f tho Irish Parliament at tho end o f tho war, instead o f remaining under imperial control for six years, as provided in the 1914 A ct.

“ Failing any evidence o f an approach to tho narrowing o f our differences, and in view o f tho new demands o f tho Nationalists wo wero finally forced to declare that Ulster is unablo to partitiepate in any schomo o f self-gov- ernmont for Ireland. W e cannot overlook tho strong probability that tho controlling forco o f such would to-day bo tho Republican, or Sinn Fein, party, which is openly and aggressively hostilo to Great Britain and tho empire.

“ A proposal was brought forward under which in tho Irish Parliament tho Unionists should havo temporary representation largely in excess o f what thoy wero entitled to on a population basis. Whilo appreciating tho spirit o f tho offer It was decided, after full consideration, that tho undemocratic character o f the proposal rendored it wholly unacceptable.”

Tho report shows that tho Unionists, with tho object o f meeting the Nationalists, presented an alternative schomo for tho exclusion o f Ulster, based on lines agreed to by tho official Natlonist Party in 1916, and continues:

"T ho discussions proved beyond doubt that tho aim o f the Nationalists Is to establish a Parliament In Ireland which would bo practically freo from effective control by the Imperial Parliament. It is only necessary to draw attention to modern political movements to roalizo tho unwisdom o f establishing within tho United Kingdom two Parliaments having co-equal powers. All other countries havo fought against this disintegration policy.”

Asserting that tho Nationalist itollcy would bo a constant mcnaco to tho ompiro, the report continues:

“ Had we thought that a majority o f tho convention intended to domand not tho subordinate powers o f provious Homo Rule bills, but what is tantamount to full national indopcndenco, we would not havo agreed to enter tho convention.”

The report cites, among other examples, that o f tho United States, which "established at the cost o f much blood and treasure national unity, whon tho Confederacy claimed, like tho Irish Nationalists, tho right to sot up an independent Government,” and adds:

“ W ith these and other examples before us, wo cannot help feeling that tho demands put forward, if conceded, would creato turmoil at homo and weakness abroad. One o f tho many objections to tho schcmo presented is that it would havo nmado tho future application o f federalism to tho United Kingdom impossible. For tho reasons statod, wo could not accopt the Nationalist proposals.

“ W o desire to record our appreciation o f the uniform courtesy and good feeling which characterized tho proceedings o f tho Convention throughout.”

Nationalist members of tho Convention, including Archbishop Harty and Bishops O’ Donnell (Diocese of Raphoe) and Macrory and Joseph Devlin, signed a minority report dissenting from certain recommendations of tho majority, and saying:

“ Except for somo important political and labor absontlons, tho Convention worthily reflected almost every phase and interest and class in tho varied life of Ireland. But there have been no sure means of knowing how far it exhibited the mind and will o f Ireland at tho presont tlmo, nor any guarantee that its decisions, independently o f tho suggestions mado by tho Government, would tako effect in law. Tho Sinn Fein organization stood aloof altogether.”

Thoy behoved that if a measure giving to tho Irish lull control o f their affairs was agreed to and given effect by tho Government tho vast majority o f Nationalists would bend their minds to making it a success.

“ It looked as if tho gravity o f tho times, tho principles of freedom for which tho allied nations claimed to stand, tho widespread desire for a settlement throughout the Dominions and among our Amorlcan kindred, and tho disastrous consequences o f further conflict and disunion,” tho report continues, “ might bring about a spontaneous resolvo among all tho delegates to establish our country as a freo and contended nation within tho empire.”

Those who signed this report express satisfaction at tho abandonment o f opposition to home rulo by the Southern Unionists, and regret that the Ulster Unionists did not givo much co-operation in constructive work. Thoy advocate a Dominion systom which would put all Irish affairs, Including taxation, under tho Irish Parliament, whilo ioaving foreign relations, tho army and navy and tho making o f war and poaco under tho Imperial Parliament.

Thcso Nationalists hold reconciliation difficult, unless, as tho roport puts it, "tho British peoplo sincerely boliovo in liberty for its own sako and are willing to apply to Ireland tho principle that tho supposed Interests of great States shall not override tho rights o f small nationalities.”

Thoy givo a detailed argument for Irish control o f taxation, suggest a joint British-Irish commission for commercial and postal matters, propose an arrangement for imperial contribution by joint negotiations, and also that Ireland shall havo tho samo powors as tho Dominions o f providing for local defense. This report adds:

“ Any attempt to imposo conscription upon a nation without its sanction is utterly impolitic and unjust and bound to end in disaster."

Tho report opposes membership in tho British Parliament as upsetting the balance o f tho British parties. It prefors a joint council, but waives objections and agrees to a delegation o f forty-two members at Westminster. Agreement Is expressed to a Unionist representation o f 40% In tho lowor house, and to tho majority schemo for representation o f tho Southern Unionists. Postponement o f vital questions until after tho war Is opposod.

CZERNIN RESIGNS AS SEQUEL TO CLEMENCEAU CONTROVERSY.

The resignation of Count Czernin as Austro-Hungarian Foreign Minister was announced on tho 15tli, following hard upon tho publication by tho French Government of the sensational letter from Emperor Charles to Prince Sixtus do Bourbon, showing that it was tho Emporor himself who initiated the peace proposals to Franco in March 1917. Baron Stephen Burian von Rajccz, a former Foreign Minister, has been appointed as Count Czernin’s successor.

Tho resignation of Count Czernin was oxpected, his position having becomo untonablo after tho publication of the


Apr. 20 1918.] THE CHRONICLE 1653Emperor’s letter. Vienna dispatches to the Berlin “ Lokal Anzeiger” state that Czerniu did not know of the Emperor Charles’s letter when he made the statement that France had initiated the conversations with Austria, and that when he learned of the letter he resigned, but consented to hold office until his successor was appointed.

Various explanations have appeared at Vienna, intended to mitigate the effects of the French disclosures. An Am sterdam dispatch on April 13 reported that an official statement issued by Count Czernin “ by all-highest command” declared that Emperor Charles’s letter as published by the French was falsified. It said that Princo Sixtus began the correspondence, and that the Emperor wrote a purely private lotter, not mentioning Belgium, but saying: “ I would have usod all my personal influence in favor of the French claims for the roturn of Alsace-Lorraine if these claims were just. They are not, however.”

The Austrian semi-official explanation of the peace lotter of Emperor Charles, according to a dispatch received from France on the 13th, is that it was written by the Duchess of Parma, mother of Empress Zita, to her son, Prince Sixtus, and that the Emperor must have added certain lines over his signature. The Vienna view is that this explains how Premier Clemoncoau was able to say that the lotter was signed by the Emperor.

Another statement from Vienna asserts that the Austrian Foreign Minister is unable to ascertain who was responsible for delivering to the French what is said to have been a forged lotter, substituted for the lotter which was to havo been delivered. Noithor Princo Sixtus, whoso character is beyond suspicion, nor any one else, is accused of falsification, continues the statement, which concludes: “ The affair is herewith declared to bo at an end.”

Emperor Charles also attempted to put an end to tho affair by sending tho following telegram to Emperor William of Germany, as reported in Vienna dispatches to Baslo on tho 15th:

Clemcncoau s accusations against mo aro so low that I havo no intention to longer discuss this affair with Franco. M y cannon In tho west is our last roply.

In faithful friendship,(Signed) C H AR LE S.

Dispatches from Paris, however, received at Washington on April 15, indicato that the French Government and press think that tho Emperor Charles cannot so easily evade responsibility for his letter to Prince Sixtus de Bourbon, which was sont to King George of England and President Poincare of France. Tho dispatch says that tho French Government has communicated tho following official noto to tho newspapers:

There aro perverted consciences. On tho impossibility o f saving his faco, Emperor Charles talks, stammering in his confusion. Dehold him reduced to accusing his brother-in-law o f falsity in fabricating with his own hand an untruthful text, tho original o f which, as published by tho French Government, was communicated in tho presenco o f M . Jules Cainbon, General Secretary o f tho Ministry o f Foreign Affairs, and sent by tho Ministry as delegate to tho Presidont o f tho Republic, who, with tho consont o f the Princo, transmitted a copy o f it to tho President o f tho Council.

W ith M . Ribot himself tho Prince had an interview which would have had no meaning if tho text had not beon as published by the French Government. Is it not apparent that no conversation could have bono hold and that tho President o f the Republic would not even havo received tho Princo a second time if tho latter on Austria’s initiative, had been tho bearer o f matter which contested our rights Instead o f asserting them?

Tho letter o f Emperor Charles was shown by Princo Sixtus himself to certain rulers. Besides, two friends o f the Prince can testify to its authenticity, particularly tho ono who received it from tho Princo in order to copy

In roply to a, question in tho House of Commons on April 15 as to whether Great Britain was aware that Presidont Poincare had in his possession Emperor Charles’s lotter a year ago, when Britain refused to consider peace negotiations, especially Kerensky’s proposals, A . J. Balfour, Secretary for Frooign Affairs, said that tho Government had most carefully considered tho subject and had decided that it was not in tho public interest to discuss it in any form in tho IIouso of Commons at present. lie appealed to tho questioner not to push the matter further.

A special cable to tho New York “ Times” from Milan on tho 15th quotos the “ Giornalo d ’ltalia” as stating authoritatively that Emperor Charles’ historic lotter was communicated to and discussed at tho meeting of tho tliroo Allied Promiors, Lloyd George, Ribot and Bosolli, and also tho Italian Ministor for Foroign Affairs, Baron Sonnino, which took placo at Saint Jean de Maur April 19 of last year. On the strongth of information then in possession of the Ministers and since amply confirmed by notorious facts, Austria’s bid for peace was unanimously judged as insincero and intended to mask subtle manoeuvres for stirring a rivalry of interests botweon tho Allied Powers, thereby paving tho

way more easily for a realization of Austro-German ambitions.

A dispatch from Amsterdam on April 15 stated that according to Count Ernst von Roventlow, chief editorial writer of the Berlin “ Tageszeitung,” tho adoption by the Reichstag last July of the resolution against annexations and indemnities was due to the influence of Emperor Charles of Austria. Count Reventlow is continuing his campaign against the Austrian Emperor, and says that Mathias Erzberger, Clerical member of the Reichstag, read at a secret session of that body a letter from Count Czernin to Emperor Charles in which he wrote as follows: “ Austria wants, and in any event must have, peace by the winter of 1917.” Herr Erzberger said that he had authorization from Emperor Charles to read the letter and this, according to Count Re- vontlow, induced tho Centrists to support the peace resolution. The “ Tageszeitung” protested against what it called “ Emperor Charles’s meddling in affairs.”

HUNGARIAN CABINET RESIGNS.Tho resignation of the Hungarian Cabinet headed by

Count Wekerlo was announced on the 17th, due, among other causes, it is said, to the developments in the Czernin affair. Count Tiza has been asked by Emperor Charles to form a new Ministry. A report from Switzerland that Premier Von Seydler of Austria had also resigned has not been confirmed.

B A N K IN G AND FIN AN CIAL N EW S.No bank stocks were sold at the Stock Exchange or at

auction this week. Thirty-one shares of trust company stock were sold at auction.Shares. T R U ST CO.— Brooklyn. Low. High. Close. Last Previous Sale. 31 Manufacturers Trust C o___ 125 125 125 _____________________

The suspension of the Stock Exchange firm of Atwater, Foote & Sherrill, of 38 Wall Street, was announced on April 17. The firm also has offices in Poughkeepsie, N . Y . It was formed on Juno 1 1912. The members are Eliot Atwater, Stock Exchange member; Gilbert F . Foote, who holds a membership on the Cotton Exchange; Morton Atwater, and Harold W . Sherrill. The outstanding obligations aro said to be small.

Tho directors of the New Netherland Bank, 41 W . 34th Street, near Broadway, this city, have elected William F . H . Koelscli President of the institution, succeeding J. Adams Brown, resigned. Four new directors were elected: Charles R . Herschel of Knoedler & Co., E . D . Flannery of A . Stein- hardt & Co. and Charles Lotte of tho National Silk Dyeing Co., and tho new President. M r. Koelsch is forty-three years of ago, a native of this city, and he has been VicePresident and director-of the Bank of tho United States of this city since its organization in 1913. Ho started his banking career as a messenger in the Metropolitan Trust Co. in 1890, leaving that institution after thirteen years’ service to become Secretary and Treasurer of the Mutual Alliance Trust Co. Subsequently he was made manager of the credit department of the Guaranty Trust Co. M r. Koelsch was one of the earliest advocates of tho acceptance method of commercial financing and ono of the original mombors of tho American Trade Acceptance Council.

Tho quostion of increasing tho capital of the German Amorican Bank of this city from 8750,000 in shares of 875 each to 81,000,000 in shares of 8100 will be acted upon at a special meeting on April 29. On April 3 the directors resolved to change tho name of tho institution to tho Continental Bank of New York.

Luthor Kountze, senior member and founder of tho New York banking house of Kountze Brothers at 141 Broadway, diod on April 17 in his 77th year. M r. Kountze was born at Osnaburg, near Canton, Ohio, in October 1841. Tho business of the firm grew out of the establishment by his brother Augustus of a private banking business in Omaha in 1855; in 1857 Luther and still another brother, Herman, joined with Augustus in the creation at Omaha of the private banking firm of Kountze Brothers, which was later converted into tho First National Bank of that city. In 1862 Luthor Kountze opened a branch of Kountze Bros, at Donver, which four years later was changed to the Colorado National Bank under tho presidency of M r. Kountze. He also organized and became Presidont of the first street railway company in Colorado. In 1867 he went to London to



study financial affairs there and with his return a year later began business as a private banker in Wall Street; in 1870, he and his three brothers, Augustus, Herman and Charles B ., formed the firm of Kountze Brothers at 14 Wall Street. Relations with a London bank and other Continental institutions were established in 1871, the house becoming active in dealings in foreign exchange and cable transfers. M r. Kountze was one of the founders of the Metropolitan Opera House.

George E . Edwards, for seven years President of the Dollar Savings Bank of the City of New York, Third Avenue and 148th Street, Bronx, prominent in the affairs of. tho American Bankers’ Association and the Savings Bank Association of the State of New York, died at his home in New Rochelle, N . Y . , on April 16. M r. Edwards was President of the Savings Bank Section of the American Bankers’ Association in 1917 and had previously served as a member of the executive committee and membership committee in the Section. Ho was Chairman of Group IV of the Savings Bank Association of the State of New York also in 1917. Before his election to the Presidency of the Dollar Savings Bank, M r. Edwards was for seventeen years Cashier of the Twenty- third Ward Bank of this city and had been connected with that bank since 1888. He was born in New York City and was in his forty-ninth year.

After more than eight years of service with the Guaranty Trust C o., Now York City, Fred W . Ellsworth, Secretary of the company, has resigned to become Vice-President and director of the Hibernia Bank & Trust Co. of New Orleans. He will leave New York to take his new position on M ay 1. M r. Ellsworth began his banking career in Chicago twenty- five years ago, working through the various clerical and administrative departments of the First National Bank of that city. In 1905 he was made manager of tho advertising department of the First National. In 1910, shortly after the merger of the Guaranty Trust Co. with the Fifth Avenue and the Morton Trust companies, M r. Ellsworth came to New York and inaugurated a publicity department. M r. Ellsworth was manager of the advertising and new business department of the Guaranty Trust until 1916, when he was elected Secretary of the company. M r. Ellsworth is a fellow of the American Institute of Banking and was President of Chicago Chapter in 1907. He is a Governor of Now York Chapter and a member of various committees in the New York organization.

The April 13 bulletin of the Comptroller of the Currency reports the placing in voluntary liquidation of the Market & Fulton National Bank of New York, with Alexander Gilbert and Robert A . Parker, as the liquidating agents. The business of the bank was consolidated with that of the Irving Trust Co. in March; particulars were given in these columns March 9.

Ward R . Noble, formerly with the credit department of the Guaranty Trust C o., has been appointed Credit Manager of the Merchants’ National Bank of this city.

It is announced by the Schenectady Trust Co. that its application to join the Federal Reserve systom has been approved by the Federal Reserve Board at Washington and the company, having qualified, is now a member of the Federal Reserve Bank of New York. The company announces that it still retains its charter rights as a trust company and in addition acquires tho privilege of the national banks. It is also stated that the action was taken by the board of directors, believing it to be for the best interest of the country that the national system be sustained and supported by all the banking resources of the country.

Under date of March 14 the Schenectady Trust reported a capital of 8300,000; surplus fund and profits of 8513,533; deposits of 85,614,779, and resources of 86,454,919.

The State Board of Bank Incorporation of Massachusetts recently granted the Roxbury National Bank permission to change to a trust company. The reason assigned for the chango was that there was no trust company, except a branch of a Boston institution, in the section served by the Roxbury National Bank, while there were two national banks, and that tho business interests of the community desired a home trust company. The Roxbury National Bank has a capital of 8200,000 and surplus and profits of 835,950. Henry G . Wells is President. A meeting of the stockholders of the Roxbury National has been called for

M ay 15 to take action with regard to its conversion into the trust company.

Henry G . Brengle, whose election to the Presidency of the Philadelphia Trust Co. of Philadelphia to succeed Thomas S. Gates was mentioned in our issue of April 6, has also been elected a director of the Philadelphia National Bank to take the place of M r. Gates.

At the special meeting of the stockholders of the North Philadelphia Trust Co. of Philadelphia on April 10 (notice of which was given in our issue of Feb. 26), the proposal to increase the capital from 8150,000 to 8250,000 and the surplus from 8250,000 to 8450,000 was ratified.

A new banking institution, to be known as the City Bank of Philadelphia, is being organized in that city. Application to the Governor of tho State of Pennsylvania for a charter for the new bank will be made on M ay 6. The incorporators are: Giuseppe Argentieri, Raffaele D ’Abruzzo, Anthony Gattone, Michael Cataldo, Gervasio Ruggieri, Nicola D ’Alonzo, Nicola Vitulli and Luigi Scaricamazza. The institution is to have 850,000 capital in shares of 850.

Edward J. Lucke and John S. Townsend, both formerly Assistant Cashiers of the Calvert Bank of Baltimore, were recently elected Vice-Presidents of the institution. Tho business of the Calvert Bank, which has a capital of 8100,000 and surplus and profits of 895,424 and deposits of 83,750,000, has been steadily increasing and it now operates four branches outside of the main office. The management of these branches has to an extent devolved upon M r. Lucke and M r. Townsend as Assistant Cashiers. As Vice-Presidents they will have greater executive powers, while at the same time their duties will remain practically the same. William C. Page is the President of the Calvert Bank.

Charles C. Macgill has been elected a director of the Farmers’ & Merchants’ National Bank of Baltimore, succeeding Alfred R . L . Dohme, resigned.

W . Graham Boyce, hitherto Manager of tho Investment Department of the Union Trust Co. of Baltimore, has been elected a Vice-President of the institution. M r. Boyce is also Treasurer of the John Hopkins University, which office he will retain.

Fred T . Loeffler, Treasurer of tho William Penn Trust Co. of Pittsburgh, has been elected a director of the company and C . C . Spencer of the C. C . Spencer Co. of that city has been added to the directorate. The William Penn Trust Co. was organized in November of 1916 with a capital of8125,000 and now has deposits of over 8600,000.

The First National Bank and The First Trust & Savings Co. of Cleveland, O ., have adopted a plan for stimulating interest in the Liberty Loan. Huge bulletin boards have been placed in tho banking room of ThoJFirst National and three clerks continuously record the purchases made, writing in both the names of the buyers and the amount of each sale. Each night the names are transferred to cards which are placed in rows around the entire banking room and at the end of the first week of the campaign thousands of names were recorded in this manner. From the time the bank opens each morning and until it closes in tho afternoon a large group stands watching the blackboard whore several sales are recorded each minute. On Liberty D ay, it is stated, the interest was so great that for three hours tho sales averaged more than 810,000 por minute.

The First National Bank and Tho First Trust & Savings C o., Ohio, have publicly announced a goal of war securities that they have set for themselves. This goal is Ono hundred million dollars, the amount of securities to bo purchased by M ay 4th— the last day of the Liberty Loan campaign.

A change in the title of the Gorman National Bank of Columbus, N eb., to the Central National Bank of Columbus has been approved by*the Comptroller of the Currency.

The name of the German Banking Co. ofiLindsoy, Ohio, was on March 21 changed to the Lindsey Banking Co.

The New Berlin Banking Co. of North Canton, Ohio, (formerly New Berlin, Ohio), is now known as the'North Canton Bank.


Apr. 20 1918.] THE CHRONICLE 1655The Cumminsville German Bank of Cincinnati has changod

its name to the Cumminsville Bank & Savings Co.

The name of the Gorman Savings Bank of Martin’s Ferry,O ., has been changed to the Citizens’ Savings Bank.

At a special meeting of tho directors of tho State Bank of Chicago held recently, four members of the staff were elected Vice-Presidents of the institution. They aro: Oscar H . Haugan, heretofore Manager of the Real Estate Loan Department and for many years a director of the bank; Henry S. Honschon, Cashier for tho past ten years and who will for the time being continue to hold the position; C . Edward Carlson, formerly an Assistant Cashier and Manager of tho Bond Department, and Walter J. Cox, heretofore an Assistant Cashier and Manager of the Credit Department. At tho samo time, Austin J. Lindstrom, for eight years Cashier of the Rock Island Savings Bank of Rock Island, 111., and Chairman of tho Liberty Loan Committee of that place, was elected an Assistant Cashier, and Joseph F. Notheis, an employee of tho bank for tho past ten years, was made an Assistant Cashier.

A charter for tho Bankers’ National Bank of Minneapolis, representing a conversion of the Bankors’ Trust & Savings Bank, has been issued by the Comptroller of tho Currency. Tho plans to change from a State to a national institution were referred to in our issue of Jan. 5. Tho Bankers’ National is to have a capital of $800,000.

Tho Western National Bank of Oklahoma City, Okla., has been placed in voluntary liquidation, having consolidated with tho American National Bank of that city.

According to the “ Bullotin,” issued April 20 by tho Comptroller of the Currency, application for a charter has been made by tho Farmers’ & Mechanics’ National Bank of Mobile, Ala., with a capital of $200,000. An application for a charter for an institution under tho samo title, with a capital of $100,000, was reported last August.

The Comptroller of tho Curroncyhas granted permission to to tho First National Bank of Tulsa, Okla., to increase its capital $75,000, changing it from $125,000 to $200,000.

An application for a charter for tho Citizens National Bank of Monroo, La., has been made to tho Comptroller of tho Currency. •

Tho First National Bank of Alexandria, La., has been granted permission by tho Comptroller of tho Currency to incrcaso its capital $200,000, raising it from $100,000 to $300,000

Paul G . Taylor, Assistant Cashier of tho South Toxas Commercial National Bank of Houston, has tendered his resignation in ordor to enter tho service of tho Federal Roservo Bank of Dallas. At a meeting of tho directors on March 29 his resignation was accepted with regret* effective April 0. R. II. Hanna and John Dreaper, both of tho South Toxas Commercial National, were appointed Assistant Cashiers.

will make further progress. The trade demand has been heavy, manufacturers naturally being anxious to secure as much as they can before the fuU effect o f the American scheme comes into force. Tho rising tendency has been further accentuated on account o f the reduced offerings.

Tho Indian currency returns again show a decrease in the holding o f silver.

(In Lacs of Rupees.) Feb. 28.Notes in circulation------------------- ----------------------10,346Reserve in silver coin and bullion______________1,301Gold coin and bullion in India________________ 2,830Gold out o f India--------------------------------------------- 67

Afar. 7. Afar. 15.10,304 10,2591,271 1,2472,818 2,797

67 67Tho stock in Bombay on the 8th inst. consisted o f 1,300 bars; no'fresh

nows has com e to hand. Tho stock in Shanghai on tho 18th o f March,'consisted o f about 29,750,000 ounces in syceo and 13,800,000 dollars, as com pared with 29,850,000 ounces in syceo, and 13,500,000 dollarslonlthol9th inst. Casivjquotations for bar silver per ounce standard:A lar. 15____________ ......................d .4 3

“ 1 0 ____________................. ......... 43'* 1 8 .................... .— .................... 4 3 K“ 19____________---------------------- 43 A“ 2 0 ____________...................... - 4 3 5 4

Alar. 2 1 ........ d .4 4 ^ ,lA verage---------------------------------- 43.458Bank rate_______________________ 5%Bar gold per ounce standard.77s. 9d.

No quotation fixed for forward delivery. The quotation t-day for cash delivery is l A d . above that fixed a week ago.

ENGLISH FINANCIAL MARKETS—PER CABLE. Tho daily closing quotations for securities, &c., at London,

as roportod by cable, have been as follows the past week:London, A p r. 13 A p r.1 5 . A p r. 16. A p r. 17. A p r. 18. A p r. 19.

W eek ending A p ril 19. Sat. M on . Tucs. W ed. Thurs. Frl.Silver, per oz.................... .6 . 46A 47 4714 47>4 47J4 47J4Consols, 254 per cents______Holiday 55 55J4 5514 5514 55J4British, 5 per cents............... Holiday 9414 9456 9456 9454 94J4British, 4J4 percents............ HolldaylOl 101 101 10014 101French Rentes (In Paris), fr.......... 59.35 59.35 59.25 59.10 ____French War Loan(lnParls) ,fr......... 88.45 88.55 88.55 88.55 ____

Tho prico of silver in Now York on the samo days has been:Silver in N. Y ., per oz..cts. 9354 9514 9554 9554 9554 9554

TRAD E AND TR AFFIC M OVEM ENTS.A N T H R A C IT E COAL SH IP M E N T S.— The shipments of

anthracito coal in March as reported to the Anthracite Bureau of Information at Philadelphia, Pa., amounted to 7,276,777 tons, establishing a new record for monthly shipments and exceeding the shipments of October 1917, heretofore the banner month by 165,827 tons. The current shipments exceed those of the corresponding month last year by 287,702 tons. Tho fact that this tremendous increase was made in tho face of a labor shortage of about one-seventh of the normal working force in and about the mines, goes to testify that tho operators efforts to maintain maximum production during the first year of the war have met with success. The official report says, “ The mine workers have co-operated with tho companies in making possible these new production records, and the grand total of March shipments was made possible through the men and boys working steadily during all of Holy W eek.” The aggregate shipments for the full coal year of 1917-18 (which began April 1 1917) were 77,752,315 tons, an increase of 9,975,726 tons over the amount moved during the same period in 1916-17.

Tho shipments by the various carriers in March 1918 and 1917 and for the respective coal years were as follows:

--------- March--------- — 12 Mos. to Apr. 1—Road— 1918. 1917. 1917-18. 1916-17.

Philadelphia & Reading.............. tons 1.339,051 1,374,051 14,798,496 12,915,229Lehigh Valley_____________________ 1,355,933 1,234,871 14,221,783 12,169,141Central Rlt. of New Jersey_________ 777,642 785,209 8,376,398 7,270,945Delaware Lackawanna & Western__ 1,155,587 1,162,230 12,528,523 10,938,844Delawaro & Hudson............................ 861,253 728,857 8,754,113 7,247,090Pennsylvania................................ 519,806 517,701 5,643,501 5,519,220Erlo....................................................... 864,968 792,453 8,840,579 7,722,506Ontario * Western.............................. 199,6S0 185,496 2,065,236 1,925,038Lehigh & New England.............. ....... *202,857 *20S,204 *2,523,686 *2,068,576

Total.................................................. 7,276,777 6,989,075 77,752,315 67,776,589* After deducting (to avoid duplication) tonnage delivered to the Central RR. of

New Jersey at Hauto by the Lehigh & New England RR., and included as part of the tonnago of the latter .This amounted to 154,031 tons in March 1918 as against 114,953 tons in March 1917 and to 1,503,763 tons for the coal year ending March 31 1918, against 789,760 tons for the coal year ending Mar. 31 1917.

THE ENGLISH GOLD AND SILVER MARKETS.Wo roprint tho following from tho wookly circular of

Samuol Montagu & Co. of London, writton undor dato of M ar. 21 1918:

GO LD.Tho Bank of England gold roservo against its note Issuo shows an in

crease o f £579,505 as compared with last week's return. The Transvaal gold output for February 1918 amounted to £2,802,477 as compared with £3,003,970 for February 1917 and £3,033.053 for January 1918. Now York announced that during tho week gold to tho valuo o f $218,000 was engaged for shipment to Alexico.

SILVER.Tho outstanding feature o f tho week has been tho announcement from

Washington that a bill will bo introduced into Congress authorizing tho Government to molt and sell 200,000,000 silver dollars out o f tho 400,000,000 now held against silver certificates. It has also been stated that an Informal agreement has been entered into by American silver producers to sell tho wholo o f tho output for tho noxt year or two to tho United States Treasury at tho probablo fixed prico o f $1 per ounce, in ordor to roplaco tho dollars molted down and exported. This is by far tho most important ovont that has occurred in tho silver market in recent times. Should this bill bocomo law, which seems more than likoly, tho effect should bo to establish tho prico at a somewhat higher lovol than It has been ruling for somo time past, eventually to settle down at about 46d. per ounco standard, plus charges (which are at present about 7 % , but which aro subject to variations), and to remain more or loss ‘ ‘pegged” at that prico.

Tho rlso during tho week o f l'Ad. per ounco brings tho prico a Ilttlo noarer tho American parity, and It Is probablo that tho upward movement

Commercial atxdlH iscellaueouB JJcmsBreadstuffs figures brought from page 1707. The

statements below are prepared by us from figures collected by the Now York Produce Exchange. The receipts at Western lako and river ports for the week ending last Saturday and since Aug. 1 for each of the last three years have been:

Receipts at — F lour. W heat. Corn. Oats. Barley. Rye.

Chicago........Minneapolis _ Duluth..

b b ls .im b s .177,000

bush. 60 lbs.85.000

710.00032.000

6,00013.0009.0004.000

106.00020.000 85,000

110,000

bush. 56 lbs. 1,689,000

421,000

bush. 32 lbs. 3,105,000

893,000

bushASlbs.304.000294.000

75.00C125.00C67.00C3,00C

18.00C 19.00C

bush.bClbs.50,000

148,000Milwaukee . .Toledo_____Detroit..........Cleveland . . .St. Louis___Peoria_____Kansas Clty. Omaha........ .Total wk. '18 Same wk. '17 Same wk. ‘ 16Sikco Aug. 1

1917-18.. . 1916-17... 1915-16.__

7.0002.000

24.00064.00038.000

198.000 50,000

106.000 622.000599.000604.000713.000

1,298,000

495.000134.000 87,000

110.000 1,066,000

518.000258.000778.000

16,0005.0004.000

16,0004.000

312.000443.000370.000

1,180,0005.782.0005.602.000

6.300.0003.362.0004.092.000

7.444.0004.946.000 4,050,009

905.000923.000

1,609,000243.000160.000 296,000

11.948.00013.960.00015.423.000

147.168.000294.368.000129.656.000

181.145.000162.224.000176.191.000

254.706.000212.746.000150.238.000

14.577.00073.022.000 95,531,000)

21.417.00018.831.00019.797.000



Total receipts of flour and grain at the seaboard ports for the week ended April. 13 1918 follow:

Receipts at— F lo w . W heat. C om . Oats. Barley. Rye.

New Y ork ... Philadelphia . Baltimore . . . N’port News. Now Orleans* Montreal___Total wk. 'IS Since Jan. 1’ 18 Week 1917... SinccJan.1’ 17

Barrels.165.000107.000 81,00035.00043.00021.000

Bushels.32.000

111,00026.000

Bushels.297.000137.000161.000

Bushels.342.000718.000922.000

1,098,00059,000

132.000

Bushels.82,000

6,000

Bushels.4,000

32.00014.000

18,000163,000

42,00073,000

530,0007.633.000

.437,0006.072.000

350,0009.638.0002.670.000

59,963,000

661,0007.293.0001.023.000

26,518,000

3.526.00026.847.0002.787.000

31.610.000

161,0002.788.000

260,0006.169.000

50.0002.067.000

186,0003.551.000

* Receipts do not include grain passing through New Orleans for foreign ports on through bills of lading.

The exports from the several seaboard ports for the week ending April 13 are shown in the annexed statement:

W heat. Corn. Flour. Oats. Rye. Barley- Peas.Bushels. Bushels. Barrels. Bushels. Bushels. Bushels. Bushels.

New York________ 33,435 340,887 162,357 138,565 264,545 2,504Boston___________ 58,000 __Baltimore________ 02,512 332,399Nowport News___ 35,000 1,098,000New Orleans-------- ........... 973,666 — 3,292,000 103,000 2091000 —

Total week____ 33,435 1,434,389 197,357 4,722,399 241,565 2355545 2,504Week 1917_______ 5,976,529 2,784,957 122,590 2,826,465 200,993 280,447 4,689

The destination of these exports for the week and since July 1 1917 is as below:

Exports fo r W eek, and Since July 1 to —

Flour. W heat. Corn.

W eek A p r. 13

1918.Since

July 1 1917.

W eek A p ril 13

1918.Since

July 1 1917.

W eek A p ril 13

1918.Since

July 1 1917.

United Kingdom.Continent............So. & Cent. Amer.West Indies____Brit.N0 .Am.C0l8- Other countries. .

Total................Total 1916-17___

Barrels.120,73370,624

Barrels.1,926,7272,594,875

233,159355,486

5,25068,680

Bushels.26,085

7,350Bushels.

23,303,16820,183,735

20,7547,282

” 32’, 190

Bushels.1,081,938

331,45121,000

Bushels.7,457,3474,044,031

447,436170,055

6,184197,357122,590

5,184,17710,696,80-1

33,4355,876,529

49,547,129203,821,905

1,434,3892,784,957

12,725,10342,573,931

The world’s shipments of wheat and corn for tho week ending April 13 1918 and since July 1 1917 and 1916 are shown in the following:

W heat. Corn.

Exports. 1917-18. 01916-17. 1917-18. 01916-17.W eek

A p ril 13.Since

July 1.- Since

July 1.W eek

A p ril 13.Since

July 1.Since

July 1.

North Amer*Russia_____Danubo____Argentina...Australia__India.........

Bushels.4,873,000

Bushels.219,159,000

Bushels.270,249,000

6,352,000Bushels.1 ,686,000

Bushels.23,089,000

Bushels.42,027,000

2,548,000580.000210.000

68,000

27,618,66633.491.00012.612.000 2,080,000

56.092.00034.824.00020.272.000 3.008,000

" 472,000 16*5561666 90,’933,666

Otli. countr’s 102,000 3,045,000 4,816,000T otal___ 8,279,000 295,590,000 396,797,000 2,260,000 42,690,000 137,776,000* North America.—The Canadian Government has officially prohibited the

Issuance of both manifests and exports until after ten days. This is effective during the contlnuakce of the war. a Revised.

The quantity of wheat and corn afloat for Europe on dates mentioned was as follows:

W heat. Corn.

U nite)K ingdom . Continent. Total.

UnitedKlngkm . Continent. Total.

Bushels. Bushels. Bushels. Bushels . Bushels. Bushels.April 13 1918.. Not avail abloApril 6 1918.. Not avail ableApril 14 1917— Not avail ableApril 15 1916.. ........ ...... 61,912,000 ........ ........ 8,424,000

Canadian Bank Clearings.— The clearings for tho wook ending Apr. 11 at Canadian cities, in comparison with tho same week in 1917, show an increase in the aggregate of 4 2 .4 % .


1918. 1917.Inc. or Dec. 1916. 1915.

Canada— $ $ % 8 $Montreal........ .............. . 94,054,721 58,601,623 + 60.5 65,962,536 49,034,959Toronto............ ............ . 67,676,368 44,630,470 + 51.6 43,610,392 36,506,112Winnipeg........................ 49,849,166 46,941,249 + 6.2 28,614,087 22,777,540Vancouver ................ ..... 10,546,015 5,036,410 + 109.4 5,324,029 5,564,009Ottawa................ ........... 6,448,697 4,300,597 + 49.9 3,879,463 3,720,118Quebec____ _____ _____ 4,394,SOS 3,612,771 +21.6 3,261,263 3,416,977Halifax_______________ 3,000,000 2,055,245 + 46.0 2,329,813 1,910,161Hamilton...... ............. .. 5,213,839 4,390,867 + 18.7 3,711,721 3,031,380St. John___ __________ 2,472,730 1.6S0.437 + 47.1 1,488,831 1,659,154London........................... 2,599,261 1,763,325 + 47.4 1,818,646 1,755,701Calgary_______________ 7,024,958 5,756,758 + 22.0 4,543,771 3,234,447Victoria............................ 2,422,635 1,350,457 + 79.4 1,464,556 1,643,524Edmonton.................. .. 4,140,319 2,392,400 + 73.1 2,347,459 2,163,907Regina........ ............... ..... 3,887,058 2,306,031 + 68.5 1,829,255 1,339,297Brandon..................... 636,897 492,731 + 29.2 483,017 470,071Lethbridgo...................... 950,760 715,303 + 32.9 461,143 328,854Saskatoon.................... .. 1,500,000 1,497,466 + 0.2 1,094,433 742,947Brantford.................. ..... 903,044 700,000 + 29.0 550,020 431,121Moose Jaw.................. .. 1,467,023 980,349 + 49.7 850,466 791,113Fort William............ . 635,801 385,469 + 64.9 484,202 351,324New Westminster.......... 421,146 200,498 + 110.1 254,037 310,379Medicine Hat...... ........... 482,619 517,015 —6.6 394,800 210,295Peterborough.................. 685,092 448,419 + 52.0 450,941 447,649Sherbrooke__ 878,929 500,236 + 75.7 521,842Kitchener________ 664,192 481,100 + 38.0 466,619

Total Canada_______ 272,957,575 191,737,892 + 42.4 176,203,942 141,891,045

N ational Banks.— The following information regarding national banks is from the office of the Comptroller of the Currency, Treasury Department:

APPLICATION S FOR C H A R T E R .For organization o f national banks:

The First National Bank ofJVIonroeville, Ala. Capital__________ *25,000The Citizens’ National Bank o f Monroo, La. Capital.............. 250,000The First National Bank o f Barrington. III. Capital___________ 25,000The Farmers and Mechanics. National Bank o f M obile, Ala.

C ap ita l__________________________________________ ______ ______ 200,000Tho First National Bank o f Des Arc, Ark. Capital____________ 25,000The First National Bank of Tracy, Cal. Capital............... 150,000

Succeeds the Commercial Department o f the West Side Banko f Tracy. ---------------

T o t a l . . ................................................................................... ........ 8675,000C H AR TE RS ISSUED.

Original organizations:First National Bank o f Charlo, M ont. Capital........................... $25,000The First National Bank o f Gridley, Cal. Capital____________ 40,000

Succeeds tho Gridley State Bank.The American National Bank o f Bridgeport, Ala. Capital____ 25,000

Conversions o f State banks:The Bankers’ National Bank o f Minneapolis, M inn. C apital..$800,000

Conversion o f the Bankers’ Trust & Savings Bank o f Minneapolis.

The Citizens’ National Bank o f Streeter, N o. Dak. Capital____ 25,000Conversion o f the Citizens’ State Bank o f Streeter. ---------------

Total capital_______________________________________________$915,000INCREASES OF C A P IT A L A PPRO VE D .

Tho First National Bank o f Grosham, Nebraska. Capital increased from $25,000 to $30,000. Am ount_____________________ $5,000

The M cM innville National Bank, M cM innville, Oregon. Capital increased from $50,000 to $75,000. Amount________________ 25,000

Tho First National Bank o f Cotton Plant, Arkansas. Capitalincreased from $35,000 to $60,000. Am ount__________________ 25,000

Tho First National Bank o f Tulsa, Oklahoma. Capital increasedfrom $125,000 to $200,000. Am ount___________________________ 75,000

The First National Bank o f Alexandria, Louisiana. Capital Increased from $100,000 to $300,000. Amount.................................. 200,000

T ota l................................................... ..................................................... $330,000C H AR TE RS E X T E N D E D .

Tho Leavitt & Johnson National Bank o f Waterloo, Iowa. Charter extended until close o f business on April 11, 1938.

C IIA TE RS R E -E X T E N D E D .The Annvllie National Bank, Annvillo, Pennsylvania. Charter

re-oxtonded until close o f business on April 16 1938.CHAN GES OF T IT L E A P P R O V E D .

The German National Bank o f Columbus, Nebraska. Title changed to "T h o Central National Bank o f Columbus."

V O LU N TAR Y LIQU IDATION S.For consolidation with other national banks:

The Western National Bank o f Oklahoma C ity, Olda. Canital.$100,000 Consolidated with the American National Bank o f Oklahoma

City.Other liquidations:

The Market & Fulton National Bank o f New York, N . Y .C a p ita l______________________________________________________ 1,000,000Liquidating committee: Alexander Gilbert, Plainfield, N . J ., and

Robert A . Parker, New York C ity. Absorbed by tho Irving Trust C o., New York.

Tho First National Bank o f Carsonvillo, Michigan. Capital____ 25,000Liquidating agent: Harvey W . Smith, Carsonvillo. Succeeded

by the First State Bank o f Carsonville.The First National Bank o f Ganado, Texas. Capital____________ 25,000

Liquidating committee: Tho board o f directors and T . N .Mauritz, Ganado. Bank discontinued business.

Tho First National Bank o f Ilolly Springs, Miss. Capital______ 60,000Liquidating committee: R . L. Tucker, W . H. Fant and J. C.

Tucker, Holly Springs. Succeeded b y tho First Stato Bank o f Holly Springs.

Tho Stato National Bank o f Bloomington, 111. Capital................ 150,000Expiration o f corporate existence.

T otal.......................................... ............................................. ............ $1,350,000

A uction Sales.— Among other securities, tho following not usually dealt in at the Stock Exchange, woro recently sold at auction in New York, Boston and Philadelphia:

By Messrs. Adrian H . Muller & Sons, New York:Shares. Stocks. Per cent.

31 Mfrs.’ Trust Co. of Bklyn.. . 125 575 Western Nat. Bank, Ft.)

Worth..............................|113 Weatherford (Tex.) Com-|

press............ ................. . )S 1,00011K Weatherford Mach. &l lot

Fdry., $50 each..............|25 Citizens’ Nat. Bank, Stam-j

ford, T e x ........ ................ J

Shares. Slocks. Per cent.1,282)4 Pa. Coal & Coke Corp.,

$50 each.............. ..$29 per th.200 Oh Look Producing Co.,

Inc ................ .......... ..... $1 per sh.Bonds. Per cent.$45,000 Intcrnat. Cot. VI. Corp.,\$8,500

syndicate full-pd. partlc. ctf_ _ / lot 0,000 Middletown & Unlonv.

RR. adjust. 6s, 1933___ 40

By Messrs. Millett, Roe & Hagen, Boston:Shares. Stocks. $ per sh.\ Shares. Slocks. 3 per 3h.45 Nonqultt Spinning Co____ 131-132)4 5 Boston Belting, prcf_................ 4013 Hood Rubber, p re f .. ............... 98 111 Walthnm Watch, pref................ 76M

By Messrs. R . L. Day & C o., Boston:Shares. Stocks. $ per sh.

1 Merchants’ Nat. B ank............201)414 Nat. Shawmut Bank____ _____19015 Merrimack Mfg., pref__________ 76)125 Lawrence D u ck .................. ..... 947 Arlington Mills_______________ 125)41 Saco-Lowell Shops, common . -.142)4 1 Worcester Cons. St. Ry., 1st

pref., $80 par.......................... 3019-10 Sullivan Machinery........13)4-13)1

Shares. Stocks. $ per sh •10 Waltham Watch, lommon........ 10)14 Lawrence Gas________________ 1150 Sullivan Maoliinery____ 133)4-134)41 Columbian Nat. Life Ins............ 110

20 Gray & Davis, Inc., c o m .____ 182 Plymouth Cordage_____ _____ 197)4

10 Amer. Glue, pref_____________1358 Fall River Electric____________ 1055 Hood Rubber, prof________98 & lnt.

By Messrs. Barnes & Lofland, Philadelphia:Shares. Stocks. $ per sh.10 Am. ripe & Construction.......... 3)440 Eastern Petroleum...................... 6 M14 Phil. Bourse, com., $50 each ... 5)15 Phil. Bourse, pref., $25 each__ 194 Farm. & Mech. Nat. Bank. 100-160H6 Girard Nat. Bank........ ............ 352)4

10 Del. Co. Nat. Bank, Chester...2756 Fidelity Trust Co.........................5184 United Sec. L. I. A T r ................. 120

55 Alliance Insur., S10 each............ 186 F. A. Davis Co.................. ......... 30)45 Eqult. Off. Bldg., N. Y., pref.. 682 Eqult. Off. Bldg., N. Y., com .. 18)45 Golding Sons Co., common___ l7 Golding Sons Co., p re f.......... .. 505 Roanoke Gas Lt., pref.......... . 153 Virginia Power, common_____ 105 Miss. Val. Ry. & Pow., pref_____2

10 Hale * Kllhurn, pref.................. 134 Ga. Lt.. Pow. & Ry., rpef........ 30)41 States Light & Power................ 72 Roch. & Syra. RR., pref............ 10

Shares. Stocks. $ per sh»10 Franklin Nat. B a n k ................ 48020 Eighth Nat. Bank.......... ............4308 Commonwealth F. I. & T ......... .240

13 Fidelity Trust......................... ...5215 Girard Trust........ .......................800

20 Mutual Trust, $50 each_______ 3625 West End T ru st ........................ 1607)4 rights to sub. to Camden Fire

Assoc, at $5 (par).................... 3)41 John B. Stetson, common...........315

10 Keystone Watch Case........ .......... 7025 Phoenix Iron................................100Bonds. Per cent.$1,000 Scranton Elec. Co. 1st ref.E!

5s. 1937_____________ £956.000 John Wanamaker 1st 5s,

1923 (unguar.)........ ..........99)41.000 Altoona A L. V. Elec., cons.

4)4s, 1933.................. 66)410,000 Eastern Petroleum 1st 0s,

1927 .................................. 83


Apr. 20 1918.] THE CHRONICLE 1657DIVID EN DS.

T h e f o l l o w i n g s h o w s a l l t h e d i v i d e n d s a n n o u n c e d f o r t h e

f u t u r e b y l a r g o o r i m p o r t a n t c o r p o r a t i o n s .

Dividends announced this week are printed in italics.

Name of Company.

Railroads (Steam).

Delaware Lack. & Western (quar.). Elmira & Williamsport, common...

Great Northern (quar.)_________Illinois Central (quar.) (No. 130).Kanawha & Michigan (quar.)___Nashua <k Lowe,l_______________

Northern Pacific (quar.).

Reading Company, common (quar.)..Reading Company, lsl pref. (guar.)__Southern Railway, preferred........ .....Wabash Ry., preferred A (quar.)..

Street & Electric Railways.Bangor Ily. A Elec., com. (quar.)..

-v.vr v*v. U.HUHW U .H U ., 11. IK, X. . vm*Sao Paulo Tram. L. A P. (quar.). Texas Electric Ry , '2d pref. (quar.). West Penn. Power, preferred (qua York Railways, preferred (quar.).

Uanks.Bowery (quar.)..................................

Extra___ _____ ______ ________Corn Exchango (q u a r .).............

Trust Companies.Farmers' Loan A Trust (quar.)___Hamilton (Brooklyn) (quar.)..........

Miscellaneous.

American Cigar, common (quar.j.

American Glue, common.American Ice, preferred (quar.)............Amcr. Light A Trac., com. (quar.)___

Common (payable In common stock)Preferred (quar.)............ ..................

American Locomotive, pref. (quar)___Amcr. Malting, 1st A 2d pref. (quar.).American Navigation (quar.)________American Shipbuilding, common (qu.).

Common (extra)..................................Preferred (quar.).............................

Amer. Sumatra Tobacco, com. (qu.)._Prcferre.'l________________ ________

American Utilities, pref. (quar.)____ i.Amer. Water Works A Elec., 1st pf. (qu.

Anaconda Copper Miulng (quar.). Arizona Commercial Mining (qua Atlas Powder, pref. (quar.)..........

(quar.)..................................Bellows Falls Power, preferred. Brill (J. <7.) Co., pref. (quar.).

Hrown Shoe, pref. (quar.).

Preferred (quar.)____ _____ ____Canadian Converters', Ltd. (quar.).Car wen Steel Tool.......... .................Central Leather, common (quar.).Chevrolet Motor (quar.)________Chicago Pneumatic Tool (quar.).

Cleve. Elec. Ilium, pref. (quar.)........ .

Preferred (quar.)................... ..Commonwealth Edison (quar.)..Consolidation Coal (quar.)_____

Extra (payable in stock)...........Cosden A Co., com. (pay. In com. stk.).Dominion Steel Corp., pref. (quar.)___du Pont (E. I.) dc Nemours A Co.—

Debenture stock (quar.)___________du Pond (E. I.) de Nemours Powder—

Common (quar.)_________________Preferred (quar.)______ __________

Eastman Kodak, common (quar.)...........Common (extra)....................... ..............Preferred (quar.)...................................

Edison El. III., Hoston (qu.) (No.*116). Elscnlohr (Otto) A Bros.,Ino.,com.(qu.) Elec. Bond A Share, pref. (qu.) (No.52)Electrical Secur. Corp., pref. (quar.)__Elgin National Watch (quar.)...............Elk Basin Petroleum (quar.)................Eureka Pipe Lino (quar.).........................Fajardo Sugar (quar.)_______________Federal Sugar Refining, pref. (quar.)____Fisher Body Corporation, pref. (quar.) . . Ft. Worth P. A L., pf. (qu.) (No. 27)..Freeport Texas Co. (soeclal).............................Qaslon, Williams A Wlgmore, Inc. (qu.).General Chemical, common (quar.)..............General Cigar, Inc., common (guar.)____

PerCent

When . Payable.

■). l'A Juno 1. . . 'l'A May 10. . . 2 May 1.)- l'A April 20. . . S2 Si i April 20

2.2. . . l'A May 7. . . 1A. . 1)4

April 26---- 4 A. - 1A May 1._ 1 May 18

1%.). 1A May 1■)- l'A June 1. . SI May 9

*50c . June 13-- 'l'A April 30

1 April 30

-- A May 17) 1A May 1. . 3 May 1

A May 1. . A May 1) . f A May 1. . A June 1. . A June 1i.) *1A May 1)- 1A May 1- l'A April 20el. 3 May 15-- l'A May 1) . l'A April 30. . 2 A May 1)_ $1 50 May 16) 1A May 1- - l'A May 1-- 2 A May 1. . 1)4 May 1-- 1A May 1. . 02'Ac April 30. . 3 May 1.. 3 May 1.. 4 May 1

- *A May 1. 3 May 1

. 75c. May 15

. k 2 April 30- l'A May 1- 3 May 1 1. 1 April 29. 75c. May 1. 5 May 1. <5 May 1

April 25- 2 A May 1. r-2A May 1. l'A May 1- 1A April 22- 1A May 1. 15c. April 20- 1A May 1. 2'A May 1- 1A May 1. 2 May 1 ]- 3A Sept. 2 1. 1 May 10 ]) *1A May 15 *:. SI.50 May 1 ]. S2 May 27. 50c. April 30 ]

1A May 1 f

- 1A May 1 I2 A May 15 11 May 1 t5 May 21 12A May 21 J1A May 1 11A May 15 I1 May 15 I1A May 1 I1A May 16 I3 May 15 I1A May 15 I1 May 15 I6 ruly 30 I

50e. hnc 10 J1A 51ay 1 I1A May 1 I3 May 1 I1A April 25 A5 51 ay 1 11A May 1 l1A May 1 I1A May 1 I

A ipril 25 I2 iprll 25 I2 :May 1 Il'A April 30 I

14 \prll 20 i:/25c. 1May 1 A1A May 1 A

1A lIprll 25 H

♦iA rday 1 *H*154 lay 1 *112A l uly 1 H7 A - uue 1 111A July 1 113 >lay 1 H1 Jlay 15 111A » lay 1 II1A » lay 1 112 1lay 1 II

12)4c 15lay 1 II$6 15lay 1 II2A 15day 1 Ti1A 15lay 1 It

lay 1 II1A 15lay 1 11

♦S1.50 15lay 15 *11♦SI Nlay 15 *ir♦2 Juno 1 *111 \lay 1 H

Books Closed. Days Inclusive.

Holders of rec, May 1HoldersHoldersHoldersHoldersHoldersHoldersHoldersHoldersHoldersHoldersHoldersHoldersHoldersHoldersHoldersHoldersHoldersHolders

of rec, of rec. of rec. of rec. of rec. of rec. of rec. of rec. of rec. of rec. of rec. of rec. of rec. of rec. of rec. of rec. of rec. of rec.

May 3a May 10 Apr. 27a April 13a April 5a Apr. 20a April 27a April 5a May April 13a Apr. 15a April 13a April 30a April 12a April 15a May 15a April 18a May 28a April 2a April 10a

Holders of rec. Holders of rec. Holders of rec. Holders of rec. Holders of roc. Holders of rec. Holders of rec. Holders of rec. 'Holders of rec. Holders of rec. Holders of rec. April 26 to Holders of rec. Holders of rec. Holders of rec. Holders of rec. Holders of rec. Holders of rec. Holders of rec. April 1 to Holders of rec. Holders of rec.

Apr. 20a April 20a April 20a April 15 April 15a April 15a May 15a May 15a April 12 April 1 April 10a May 10 Apr. 18a April 20a Apr. 18 April la April 15a April 15a April 15a April 30 April 20a April 20a

April 27 to April 30 April 27 to April 30 Holders of rec. April 30aHolders of rec. April 20a Holders of rec. April 26a

s of rec, s of rec, s of rco, . to s of rec, s of rec, 4 to 4 to s of rec. 2 to 2 to2 to3 of rec. i of rec. i of rec. 3 of rec. i of rec. i of rec. i of rec. i of rec. > of rec. i of rec. i of rec. 1 toi of ree. L to

2 to

May la April 13a April 15a

May 1 April 15a April IS May 2 May 2 April 15a April 25 April 25 April 25 April 5a April 16a April 10 April 15a Aplrl 15a April 15a April 22a Aug. 15 a Apr. 30a May 10 Apr. 29 May 15 April 20a April 30

. April 26a

. April 30 April 30 May 20 May 20

. April 20a

. May la

. May la

. April 20a

. April 30

. Apr. 30

. Apr. 30

. Apr. 30

. July 20a Juno 9

. April 10a

. April 15a

. April 15 April 25

• April 15a ■ April 15a . April 25a . April 20a . April 10a , April 10a April 15a April 25a Mar. 30a April 30 May 1

Holders of rco. April 10

of rec. April 25 of rec. April 25 of rec. May 31a of rec. April 30a of rec. May 31a of rec. April 15 of rec. May la of rec. April 17 of rec. April 22a of rec. April 24a of rec. April 15 of rec. April 15 of rec. April 20 of rec. April 19a of rec. April 20a of rec. April 20 of rec. May 10 of rec. April 30 of rec. May 22 of rec. April 24

Name of Company.

Miscellaneous (Concluded).Preferred (quar.)__________

Gillette Safety Razor (quar.)..Extra___________ _________

Goodrich (B. F.) Co., common (quar.)

Preferred (No. 31)_____Illinois Northern Utilities, Indiana Pipe Line (quar.).

Extra________________

International Nickel, pref. (quar.). Isle Royale Copper Co. (quar.)___

Keystone Walchcase (quar.). La Rose Mines, Ltd_______

Common (extra)............Preferred (quar.)..........

Loft, Incorporated (quar.).

Midwest Oil, preferred (quar.) Midwest Refining (quar.) (No. Nash Motors, pref. (guar.)____

National Breweries, Ltd., preferred" National Carbon, Inc., common (quar

Preferred (quar.)............. .............National Grocer, common (quar.j

Preferred................National Refining, common (quar.) Nevada-Callfornla El. Corp., pref. „ tu. New England Company, 1st preferred.Now Jersey Zinc (quar.)...........Ntpisslng Mines (quar.).......... 1Northern States Power, pref. (quar.)II

Pacific Coast Co., common (quar.) First preferred (quar.)Second preferred (quar.j

~ — .1 , v^vii \i. m u j i rPacific Mail SS.t preferred (quar.)T>rt /'I fie* 1 * , - D. T*~1. A A . . ' '

Common (extra).. Preferred (quar.).

Preferred (quar.) I

Prairie Oil <fc Gas (quar.j. Extra.

. 33)

Prairie Pipe Line" (quar.j I Extra.

Procter A Gamble, common (quar')' lblic Serv. Corp. of Nor.111.,comPreferred (quar.)......................

:rene Mfg., common (quar.) (No' Quaker Oats, preferred (quar.j...

Common (bonus)___Preferred (quar.j________

Sapulpa Refining (guar ) . . . . . . . . . . . . I"Sears, Roebuck A Co., com . (guar') . . . . . . . . . . .Securities Corporation General, pref. (qu j Shattuck-Arizona Copper (quar.)

Extra............ .......Sloss-Shcffteld Steel A / . , com ."(qu Standard Motor Construction (quar.).. Steel Co. of Canada, common (quar.)

Preferred (quar.)................ .........Superior Steel, common (quar.j

First and second preferred (quar.j Swan A Finch (quar.) .Taylor-W harton Iron A Steel, pref. (qu.) Tennessee Copper A Chemical

’eras Power A Lt., pref. (qu.) (N o . 24j 11 Tonopah Mining of Nevada (quar.). Union Oil of California (quar.)

Extra .......... ......... ....... ............United Alloy Steel Corporation’ (quar.j United Cigar Stores, com.(qu.)(No. 22j United Coal Corp., pref. (quar.)United Drug, 1st pref. (qu.) (No. 9)’

Second preferred.............United Electric Securities, pref I ............United VerdoExten. Min. (qu.j (No 8)

Extra........................ ............ S. Glass (quar.).............. .................... S. Rubber, 1st pref. (quar.j. _ 11III ~. S. Steamship (bl-monthiv) .Extra______________ ________

Vacuum O il . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E x t r a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I I I I I I I . . . . . . . . . . . .

virglnia-Caro. Chcm., com.(qu.j (No.42j Warner (Chas.)Co.of Del., 1st A2dpf.(qu.)Wells Fargo A Co. (quar.)....................Western Grocer, common........... " ”

Preferred..................Westlnghousc Air Brako (quar.j.. . "" Wcsflnghouse Elec. A Mfg., com. (qu.)Wcyman-Bruton Co., common..............WheollngMould. A Fdy., com. (extraj.. Wlllys-Ovcrland Co., common (quar.j Wool worth (F. W .), com. (qu.)(No. 24)

PerCent

When . Payable.

.)- 3 May 1May 1

- - $1 11i June 1- $1 June 1— 1 May 15. . *1 Aug. 15- 2 A May 1-- 1A May 1r.) 1A April 20- 1A May 114) 50c. April 25-- 62 A'c May 1. . 75c . May 1)- *1^ May 1__ §2 May 15. $1 May 15- - S2 April 29. . h 5 May 3- - 1A May 1__ *50c April 30)- 1A May 1. . 2 April 30. . SI May 1-- 1A May 1._ 25c. June 15. . SI .51) May 1-- *1A May 1

April 20. . 5 May 31

\ to.v 31-- IA

.'iay olMay 31

-- 1A May 1. . 1 May 1) . 25c. Aug. l j)- 1A May 1.. $1 May 15.. SI.50 May 1

*2c April 20 4. . SI May 1-- 1A May 1)- 1A July 15- 1A May 31.- 3 A May 1.. *$1 May 1 *

May 1 *.. 2 June 30

une 30- 1A June 15. *4 May 15 *.) l A April 30- 2)4 May 15

May 10April 20

. 25c. April 29- 1A April 20. 50c. April 20. S2 April 30. 1 May 1

May 1. 1 ' May 1- 1)4 May 15- 1)4 June 1 :) 1)4 May 1 ;- 1A May 15 1_ 1 May 15 1- 1A May 1 1. 50c. April 25 1) $1.25 May 1 1) 25c. April 30 .. HA April 25 1. 1A April 25 1) 1A April 30 1- 1A Apr. 18 Ml) 1A May 1 i

*3 April 30 *1. *2 April 30 *1. 5 April 30 1. 5 April 30 I. 5 May 15 I) 1A May 1 J. IA May 1 ). 25c. M ay' 1 t. IA May 31 I

IA May 1 I. IA May 1 I■ 1A May 1 I

1 May 1 11)4 May 1 I30c. May 1 A2 :May 15 I

i *1A ■Apr 15 *125c. .April 20 125c. .April 20 T

*1A lMay 10 *1S2 1Mav 1 11A lMay 1 FD4 :May 1 F1A 1May 1 r2 1Vlay 15 I2A 1May 1 I1)4 IMay 1 A$1 1May 15 F1)4 IMav 1 I

7 Ac. /April 20 kIA iApril 20 A1 iApril 20 ASI !April 20 II2 ?May 15 H1A iApril 25 A

S7Ac. ?May 1 HIA J'une 1 113 A JMay 1 1150c. JMav 1 H25c. 15May 1 H1 Aiprll 25 A2 Aiprll 30 H10c. !5May 1 H5c. .VMay 1 H

3 Xlay 15 H2 15lay 15 H

A \May 1 HIA A■ pri! 25 IIIA A,pril 20 II4 Iune 30 Jt3 June 30 Jt

$1.75 Aprll 22 II87HC. Aprll 30 11rco 0ict. 1 H

3 15lay 1 M25c. \fay 1 A]2 Jiune 1 M

Books Closed. Days Inclusive.

Holders of rec. April 15a Holders ol rec. April 15a Holders ol rec. May 1 Holders of rec. May 25 Holders of rec. May 3a

’ Holders of rec. Aug. 2 Holders of rec. April 19a Holders ol rec. April 25a Holders of rec. April 10a Holders of rec. April 15 Holders of rec. April 20a Holders of rec. April 22a Holders of rec. April 22a

♦Holders of rec. April 30 Holders of rec. April 24 Holders of rec. April 24 Holders of rec. April 12a Holders of rec. April 20a Holders of rec. April 16a 'Holders ol rec. April 12 Holders ol rec. April 19a Holders of rec. April 25 Holders of rcc. April 15a Holders of ree. April 20 Holders of rec. June la Holders of rec. April 20aMarch 31 to April 14 Holders of ree. May la Holders of rec. May la Holders of rec. May la April 14 to May 2 Holders of rec. April 20a ruly 16 to Aug. 1 Holders of rec. April 15 Holders of rec. May la Holders of rec. April 15a 'Holders ol rec. April 1 Holders of rec. April 15a Holders of rec. April 20 Holders of rec. June 29a Holders of rec. May 18a Holders of rec. April 15a

June 20 to June 30June 20 to June 30Holders of rec. May 24 ” '" -s of ree. May la Holders of rec. Mar. 30a Holders of rec. May la Holders of rec. April 30a Mar. 31 to April 17Holders of rec. April 12a Holders of rec. Mar. 30 April 10 to Api 11 20

to April 30

to May 1 to May 1 to April 30

f rec. May la

to May 1

May la April la Apr. 30

to April 7 to April 20 to April 20

to April 25

to Apr.I 5 a 25a

June 30 June 30'

to April 1 to May 14 to May 15

From unofficial sources, a Transfer books not closed for this dividend. 6 Less British income tax. d Correction, e Payable in stock. / Payable In common stock, g Payable In scrip, ft On account of accumulated dividends. 1 Payable in

Iberty Loan bonds, k Declared 8%, payable in quarterly installments as follows- 2% as above; 2% July 31 to holders of record July 13; 2% Oct. 31 to holders of record Oct. 11; 2% Jan. 31 1919 to holders of record Jan. 11 1919. I Declared 5%. payable In quarterly installments of 1)4% on April 25, July 25, Oct. 25, 1918, and Jan. 25 1910 to holders of record of the tenth day of the month preceding date of payment.



The Federal Reserve Banks.— Following is the weekly statement issued by the Federal Reserve Board on April 13:

Aggregate gains o f 17.6 millions in cash reserves coupled with moderate increases in investments and in net deposits, aro indicated by the Board’s weekly bank statement issued as at close o f business on April 12 1918. Substantial gains in reserves are reported by tho New York. Boston and Minneapolis banks, largely tho result o f increases in net deposits and issues o f Federal Reserve notes.

IN V E S T M E N T S .— Discounted bills on hand show an increase o f 138.9 millions, as against decreases o f 118.3 millions in Government short-term securities and 6.2 millions in U . S. bonds. Discounts secured b y U. S. W ar obligations increased from 304,1 to 465.6 millions, while holdings o f U . 8. securities purchased for tho temporary accommodation o f member banks fell o ff from 251.6 to 118.1 millions. These changes are largely caused by the new provision o f tho W ar Finance Corporation A ct, approved April 5, whereby promissory notes secured by 17. S. war obligations are freed from tho stamp tax.

C A P IT A L .— Payment for Federal Reserve bank stock by newly admitted members, chiefly in the Boston and Cleveland districts, accounts largely for the increase o f $254,000 in the amount o f paid-in capital

D E PO SITS.— Government deposits decreased 4.3 millions, while members’ reserve deposits show a gain o f 21.2 millions, tho New York bank reporting a larger increase o f 36.6 millions.

C IR C U L A T IO N .— Federal Reserve Agents report net issues for tho week o f 18.1 millions o f notes. The banks show a total circulation o f 1,499.4 millions, an increase o f 19.5 millions for the week.

T h e f i g u r e s o f t h e c o n s o l i d a t e d s t a t e m e n t f o r t h e s y s t e m a s a w h o l e a r e g i v e n i n t h e f o l l o w i n g t a b l e , a n d I n a d d i t i o n

w e p r e s e n t t h e r e s u l t s f o r e a o h o f t h e s e v e n p r e c e d i n g w e e k s , t o g e t h e r w i t h t h o s e o f t h e c o r r e s p o n d i n g w e e k o f l a s t y e a r , t h u s

f u r n i s h i n g a u s e f u l c o m p a r i s o n . T h e e a r l i e r f i g u r e s h a v e b o o n r e v i s e d I n o r d e r t o c o n f o r m w i t h n e w f o r m a d o p t e d b y t h e

F e d e r a l R e s e r v e B o a r d a s o f J u n e 2 2 . I n t h e s e c o n d t a b l e w e s h o w t h e r e s o u r c e s a n d l i a b i l i t i e s s e p a r a t e l y f o r e a o h o f t h e

t w e l v e F e d e r a l R e s e r v e b a n k s . T h e s t a t e m e n t o f F e d e r a l R e s e r v e A g e n t s ’ A c c o u n t s ( t h e t h i r d t a b l e f o l l o w i n g ) g i v e s d e t a i l s

r e g a r d i n g t h e t r a n s a c t i o n s i n F e d e r a l R e s e r v e n o t e s b e t w e e n t h o C o m p t r o l l e r a n d t h e R e s e r v e A g e n t s a n d b o t w e e n t h e l a t t e r

a n d t h e F e d e r a l R e s e r v e b a n k s .

C o m b in e d R e s o u r c e s a n d L i a b i l i t i e s o f t h e F e d e r a l R e s e r v e B a n k s a t t h e C l o s e o f B u s in e s s A p r il 1 2 1 9 1 8 .

Apr. 12 1918 April 5 1918.March 28 and

29 1918. Mar. 22 1918. Mar. 15 1918. Mar. 8 1918. Mar. 1 1918. Feb. 21 1918. Apr. 13 1917.

RESOURCES.Gold ooln and oertlfloatea in vault___Gold settlement fund—F. R. B oard... Gold with foreign agenoles....................

Total gold held by banks.............Gold with Federal Reserve Agent--------Gold redemption fund------------------------

S488.762.000407.971.000

52,500,000

$483.780.000381.163.000

52,500,000

3489.948.000399.568.000

52,500,000

3470.629.000379.866.000

52,500,000

S477.521.00372.508.000

52,500,000

$464.144.000354.585.000 52,500 000

$461.615.000357.299.000 52,500,000

$447.508.000375.273.000 52,500,000

$338.369.000198.271.000

049.233.000857.492.000

23,546,000917.443.000873.077.000

23,404,000

942.016.000852.102.000

21,496,000902.895.000878.805.000

21,114,000

902.529.000869.628.000 21,086,000

871.229.000890.702.000

20,267,000871.414.000885.346.000

20,569,000875.281.000877.023.000

20,091,000

536.640.000410.796.000

2,434,000

Total gold reserves_____________Legal tender notes, silver, Ao..............

Total reserves__________________Bills discounted—members___________Bills bought in open market..................

1,830,271,00064,724,000

1,813,924,00063,509,000

1,815,704,00058,359,000

1,802,814,00059,558,000

1,793,243,00058,950,000

1,788,198.00059,635,000

1,777,329,00060,444,000

1,772,395,00060,129,000

949,870,00021,136,000

1,894,995,000712.807.000318.857.000

1,877,433,000573.883.000326.503.000

1,874,003,000583.228.000304.065.000

1,862,372,000543.119.000328.880.000

1,852,193,000517.481.000323.248.001

1,847,883,000520.340.000317.952.000

1,837,773,000502.525.000299.213.000

1,832,524,000509.534.000206.170.000

971,006,00022.009.00080.604.000

Total bills on hand_____________0 .3 . Government long-term seourltles. U. 3. Government short-term securities' All other earnlug assets______________

1,031,664,00054,237,000

142,143,0003,771,000

900.386.000 60,403,000

260.400.000 3,222,000

837.293.000 68,190,000

252.579.000 3,523,000

871.909.000 61,030,000

226.036.000 4,240,000

840.732.000 68,383,000

193.980.000 4,040,000

838.292.000 72,154,000

182.822.000 4,004,000

801.738.000 77,705,000

157.482.000 3,680,000

805.704.000 62,950,000

169.707.000 3,436,000

102,613,00036.218.00073.370.00015.318.000

Total earning assets.................. .Due from other F. U. banka—net___Uncollected Items___________________

1,231,815,0001,815,000

383,009,0001,224,411,000

9,957,000346,997,000

1,201,585,00026,945,000

330,130,0001,103,314,000

8,801,000367,821,000

1,107,135,00011,600,000

357,147,000

1,097,332,0006,113,000

337,283,0001,040,605,000

11,882,000360,185,000

1,031,797.00011,403,000

299,402,000227.519.000

1,071,000169.184.000

Total deduo’us from gross deposits 0% redemp. fund agat. F. tt. bank notes All other resources__________— --------

384,824,000537.000324.000

356,954,000537.000324.000

366,075,000537,000

3,724,000376,622,000

537.000550.000

363,756.000537,000

1,452,000

343,396,000537.000701.000

381,067,000537.000796.000

310,865,000 637,000 7 31,000

170,255,000400,000

4,504,000

Total resources........ . . . . ___ 3,512,495,000 3,459,659,000 3,445,984,000 3,403,395,000 3,330,073,000 3,289,909,000 3,260,778,000 3,176,454,000 1,373,684,000

LIABILITIES.Capital paid In........ ....... .........................Surplus------- -------------------------------------Government deposits.............................Due to members—reserve aooount........Collection Items............ .....................—Other deposits, lnol. for. Gov’t oredlts..

Total gross deposits....................—F. R. notes In actual circulation........ .F. ft. bank notes in circulation, net Ilab. All other liabilities...................................

$74.748.000

1,134,000100.523.000

1,494,537,000238.270.00085.321.000

$74.494.000

1,134,0 0104.818.000

1,473,294,000226.139.00082.067.000

*74.223.000

1,134,000104.086.000

1,409,400,000216.897.000

81.059.000

$74.011.000

1,134,00091.505.000

1,480,025.000220,115.000

81.751.000

S73.886.000

1,134,00072.023.000

1,447,997,000232,207,000

81.048.000

$73.624.000

1,134,00056.208.000

1,465,504,000210,986,00077.137.000

$73.401.000

1,134,000150.781.000

1,388,020,000218.031.000

64.122.000

$73.305.000

1,134,00056.165.000

1,459,720,000199,278,00058.329.000

$56,408,000*42,247,666741.542.000131.064.000

1.918.651.0001.499.377.000

8,000,00010,585,000

1.886.318.0001.479.920.000

7.860.0009.933.000

1.901.442.0001.452.838.000

7.978.0008.369.000

1.882.396.0001.429.509.000

7.978.0008.367.000

1.833.275.0001.406.228.000

8,000,000 7,550,000

1.815.835.0001.383.990.000

8,000,000 7,326,000

1.820.054.0001.351.001.000

7.099.0006.199.000

1.773.492.0001.314.681.000

7.099.0005.943.000

914.853.000401.809.000

614,000

Total liabilities..................................Gold reserve against net deposit llab ... Gold res. agst. F. R. notes In act. olro’n. Ratio of gold reserves to net deposit and

Fed. Res. note liabilities combined... Ratio of total reserves to net deposit and

Fed Res. note liabilities combined . . .

3,512,495,00061.9%58.8%60.3%62.5%

3,459,659,00060.0%00.6%60.3%62.4%

3,445.984,00061.4%60.1%60.8%62.7%

3,403,395,00059.6%

63%61.4%63.4%

3,330,073.00061.6%63.3%62.5%64.5%

3,289,900,00059.2%66.3%62.6%64.7%

3,260,778.00060.5%06.6%63.7%05.8%

3,176,454,00060%

07.5%63.8%86.0%

1,373,684,00072.1%

102.8%82.9%84.7%

Distribution by Maturities—1-18 days bills discounted and bought. 1-18 daya U. S. Govt, short-term aeoa.1-18 days municipal warrants_______

18-30 daya bills discounted and bought. 18-30 days U. 8. Govt, short-term secs.18-30 days municipal warrants_______Jl-60 days bills discounted and bought. 31-60 days U. 8. Govt, short-term secs.81-60 days municipal warrants_______61-00 days bills discounted and bought. 81-90 days U . 8. Govt, short-term secs.81-00 days municipal warrants.............Over 90 days bills discounted and bought Over 90 days U. 8. Govt, short-term secsOver 90 days municipal warrants__

federal Reserve .Volet—issued to the banks............................Held by banks.................. ...............

In circulation------------- ------------Fed. Res. Notes ( A tents Accounts)—

Received from the Comptroller_______Returned to the Comptroller........... .

Amount chargeable to Agent____In hands or Agent..................................

Issued to Federal Reserve banks. Hote Secured—

O r gold ooln and certificates________By lawful money................. - .................By eligible paper.......... .........................Gold redemption fund________ _____With Federal Rosorve Board................

Total ........... .................................Eligible paper delivered to F. R. Agt----

M a r . 28 an d1 p r . 12 1918. A p r i l 5 1918. 29 1918.

$836.016.000105.716.000

14.00099.869.0004.959.000

21.000282.036.000

2.109.00036,000

103.898.00015.703.000

496,0009.845.000

13.650.000

1,625,698,000126,321,000

1,499,377,0002,211,560.000

336,527,0001,875,033,000

249,335,0001,625,698,000

245.251.000768,206,66648,504,000

563.737.0001,625,698,0001,006,691,000

394.352.000224.395.000

15,000100.295.000

2,529,000279.343.000

5.032.00040,000

117.899.00014.866.000

455.0008.497.000

13.578.0001,000

1,607,627,000127,707,000

1,479.920,0002,168,400,000

328,008,0011,840,392,000

232,765,0001,607.627,000

252.391.000734,550,66650,038,00

570.648.000

M a r . 22 1918. M a r . 15 1918. M a r . 8 1018. M a r . 1 1918.

$359.987.000217.613.000

34,000127.065.000

2,224,000267.267.000

3,781,0007.000

123.498.0009.122.000

487,0009.476.000

19,839,0001.000

1,563,987,000111,149,000

1,452,838,0002,130,860,000

324,263,000,806.597.000242,010,000

1,563,987,000253.524.000711.795.666 48.926,000

540.742.0001,607,627.000 1,563,987,000

876,860,000' 883,471,000

$345.123.000186.681.000

55.000126.263.000

2.787.00013.000

249.549.0006.271.000

3.000142.660.000

2.901.000469,000

8.404.00027,396,000

1.000

331.103.000151.392.000

49.00087.477.0007.614.000

19.000267.591.000

1.300.0003,000

145.904.0002.132.000

13.0008.657.000

28.587.000457,000

1,558,705,000 1,520,296,000 129,196,000 114,068,000

1,429,509,0002,100,160,000

309,705,0001,790,455,000

231,750,0001,558,705,000

271.658.000679,900,66647,021,000

560.126.000

1,406,228,0002,064,120,000

305.414.000,758,706.000238,410,000

1,520,290.000266.824.000650,6*88*66647,984,000

554.820.0001,558,705,000 1,520,296,000

852,074,000

S331.978.000140.837.00088.804.0007.702.000

55.000226.633.000

4.086.0003,000

182.098.0001.771.000

13.0008.781.000

28.426.000457,000

1,505,213,000121,223,000

1,383,990,0002,014,980,000

296,932,000,718,048,000212,835,000

1,505,213,000278.207.000cosVmV.ooo47.986,000

570.509.000

821,052,000

F eb . 21 1918,

307.240.000106.003.000

10.00093,055.009

2,000,000183,752*,666

9.546.0007.000

207.554.0002.925.000

3.0009.531.000

36,408,000409,000

1,464,645,000113,554,000

1,351,091,0001,968,200,000

292,490,0001,675,710,000

211,065,0001,464,645,000

276.987.000579,299,66649,747,000

658.612.000

338.543.00040.150.000

133.000104.830.00081.765.000

174,460,6660,884,000

7.000178.480.000

8.290.0002.000

9.391.00028.612.000

470.0001,429,732,000

115,151,0001,314,581,0001,926,880.000

284,452,000

Apr. 13 1917.

40,745,00#345,000

21,543,000292,000

26,038,00012.232.00013.367.000

2,000920,000

2,341,000431,789,000

29,979,000

1,642,228,000212,496.000

1,429,732,000292.877.000552.709.66645,699.000

638.447.000

401,809,000696.540.000132.292.000564.248.000132.459.000431,788,000248.313.000*26,9*9*8', 066 18,583,000

143.900.000

Net araoupt due toother Federal Reserve banks, b This Item Includes foreign Gov’t oredlts t Revised figures


Apr. 20 1918.] THE CHRONICLE 1659WEEKLY STATEMENT of RESOURCES and LIABILITIES of EACH of the U FEDERAL RESERVE BANKS at CLOSE of BUSINESS APRIL 12 1918

Tiro ciphers (00) omitted. Boston. New York. PhUadel. Cleveland Rlchm'd. Atlanta. Chicago. St. Louts M Inneap. Kan. Clip Dallas. San Fran. Total.

RESOURCES.Gold coin and eertfs In vault—Gold settlement fund.......... .......Gold with foreign agencies--------

*10.153.056.376.0 3,675,0

£339.803.0120.698.0 18,112,0

S10.284.046.853.0 3,675,0

S32.247.034.739.0 4,725,0

$6.361.0

12,368,01.837.0

$6.726.0

10,519,01.575.0

$29.093.043.708.0

7,350,0

$1.325.0

24,534,02.100.0

S16.025.013.764.0 2,100,0

%413,0

18,337,02,625,0

S4.757.0

10,336,01.838.0

S31.570.015.679.0 2,888,0

*488.762.0407.971.0 52,500,0

Total gold held by banks........Gold with Federal lies. Agonts. Gold redemption fund................

70.204.048.318.0

1,9S6,0478.618.0209.419.0

10,000,060,812,087,101,02,500,0

71.711.089.903.0

242,020.566.029.093.0

1,138,018,820,042,902,0

1,411,080,211,0

148,414,01,424,0

27.959.037.577.0

1,558,0

31.889.039.302.0

1,180,021.375.055.272.0

845,016.931.014.313.0 1,239,0

50.137.055.878.0

23,0949.233.0857.492.0 23,546,0

Total gold reserves...................Legal-tender notes, sliver, A o ...

120,508,02,420,0

698,037,040,791,0

150,413,01,075,0

161,856,01,074,0

50,797,0317,0

03,133,01,306,0

230,049,06.2S4.0

67,094,01,893,0

72,3 71,0 629,0

77,492,069,0

32,483,02,500,0

106,038,0303,0

1,830,271,064,724,0

Total reserves........ - ............... 122,037,0 744,828,0 151,488,0 162,930,0 51,368,0 64,439,0 236,333,0 68,987,0 73,000,0 77,561,0 34,983,0 106,341,0 1.894,995,0Bills:

Disco. —Member AF.R. banks Bought In open market---------

56.012.013.475.0

340.507.0123.108.0

20.925.021.290.0

51.471.020.692.0

39.741.012.701.0

13,504,09,750,0

46.141.046.446.0

30.665.010.793.0

8,411,010,523,0

36.668.013.223.0

24,409,05,927,0

31.453.024.923.0

712.807.0318.857.0

Total bills on hand........ ..........U. 8. long-term securities--------U. 3. short-term securities--------

70,387,0861,0

1,471,0469,G15,0

1,601,076,408,0

48,215,04.907.09.421.0

78.103.0 7,788,0

15.194.052,442,0

1.233.01.538.0

23,260,03.157.03.051.0

145,0

92.587.014.462.018.866.0

709,0

41,458,02,233,0

511.0376.0

18,934,02.704.04.156.0

511,0

49,891,08,862,03,566,0

299,0

30,336,03.970.03.142.01.601.0

56,376,02.456.04.819.0

130,0

1,031,664,054,237,0

142,143,03,771,0

Total earning assets................Due from othor F. R. banks—Net

72.710.0 1,356,0

24.867.0547,627,0 62,543,0 101,145,0

1,298,020,337,0

55,213,0 29,613,0 126,024,026.896.068.029.0

44,578,03,032,0

26,305,0 62,618,06,588,0

39,049,0 63,781,06,795,0

1,231,815,0•1,815,0

81,723,0 41,823,0 25,050,0 23,337,0 22,017,0 12,497,0 22,505,0 20,615,0 14,209,0 383,009,0

Total deduo’ns from gross dep. 8% redemption fund against Fed-

20,223,0 81,723,0 41,823.0 27,635,0 25,050,0 23,337,0 94,925,0 25,019,0 12,497,0 ,29,093,0400,0

20,015,0137,0

21,004,0 384,824,0637,0

296,0 28,0 324,0

Total resources------------------LIABILITIES.

Capital paid in . .------ -------------

221,879,0 1,374,178,0 256,150,0 291,710,0 131,431,0 117,417,0 457,882,0 138,614,0 111,802,0 169,672,0 94,784,0 191,120,0 3,512,495,0

6.444.0 75,0

4.265.090.202.021.747.0

19.727.0 649,0

0,588,0675,586,056.906.038.376.078.556.0

0,885,0 8,468,0 3,780,0116,0

2.964.0 40,0

3.690.037.840.012.436.0

1.100.0 7.0

9,610,0216,0

11.723.0 188,261,022.132.0

3,509,0 2,764,038,0

3.447,0 2.845,0 4,305,0 74,748,01,134,0

Government doposits__________Duo to members—Reserve acct.Collection Items.............. .............Duo to oth. F. U. banks—N et.. Oth. deposits Inch for Gov’t crcd.

5,644,088.133.036.709.0

600,0

16.499.0 107,020,022.071.0

5,641,043.241.017.110.0

155,0

9,969,046.131.016.708.0

5.680.0 41,519,04.809.02.312.0

4,0

6,099,069.883.011.258.0

10.391.036.956.05.921.01.601.0

14.328.069.672.010.463.0

100.523.0 1,494,637,0

238.270.0

194,0 1,562,0 134,0 19,0 4,845,0 85,321,0

Total gross deposits............ ......F. U. notes In aotual circulation. F. R. bank notes In clro’n—Net.

116,304,098,138,0

856.012.0491.776.0

131.086.0118.179.0

145.784.0136.762.0

66.147.061.248.0

55.079.059.334.0

223.681.0223.405.0

72.942.061.671.0

54.330.054.469.0

87.259.070.222.0 8,000,0

744,0

54.869.030.850.0

99.308.087.323.0

1.918.651.01.499.377.0

8,000,0918,0 6,014,0 696,0 140,0 970,0 492,0 201,0 220,0 190,0 10,585,0

Total liabilities........... .......... 221,879,0 1,374,178,0 256,150,0 291,710,0 131,431,0 117,417,0 457,882,0 138,614,0 111,802,0 169,672,0 94,784,0 191,126,0 3,512,495,0* Difference between net amounts duo from and net amounts duo to other Federal Reserve banks

STATEMENT OF FEDERAL RESERVE AGENTS’ ACCOUNTS AT CLOSE OF BUSINESS APRIL 12 1111

Two ciphers (00) omitted. Boston. New York. Phlladel. Cleveland. Richmond Atlanta. Chicago. St.Louis. Mlnneap Kan. City Dallas. San Fran Total

Federal Reserve notos—Received from Comptroller... Returned to Comptroller____

2132,760,024,542,0

$815.480.0105.321.0

s175,400,025,939,0

$170,280,0

13,217,0$

96.140.018.622.0

*91.620.014.582.0

s295,840,0

12,591,0

S86.900.011.201.0

S71.980.012.137.0

S97.700.015.310.0

S68.500.014.647.0

S108,960,0

8,418,0

s2,211,560,0

336,527,0

Chargeable to F. R. Agent____Inlands of F. R. Agent..............

108,218,06,900,0

050.159.0105.600.0

149,461,019,740,0

157,063,013,360,0

77,518,06,470,0

77.038.016.125.0

283,249,045,660,0

75,699,07,080,0

59,843,04,295,0

82,390,07,260,0

53.853.010.845.0

100,542.0 1,875,033,0249,335,0

Issued to F R. Bank_______Held by F. R. Agent—

Gold coin and certificates___Cold redemption fund______Gold Sett. Fd., F. R. Board.. Eligible paper, rain, req’d ___

101,318,032.110.0 4,708,0

11.500.0 53,000,0

544.559.0173.251.0

11,168,0 25,000.0

335.140.0

129,721,0

6,482,080.619.042.620.0

143,703,012.703.0 7,200,0

70,000,053.800.0

71.018.0

2,093,027,000,041.955.0

00,913,02.501.02.728.0

37.670.018.011.0

237.589.0

’ 315*, 6148.099.0 89,175,0

68.619.0

2,06*8,035.509.031.012.0

55.548.013.102.0

1,700,024.500.016.246.0

75.130.0

2,912*652.360.019.858.0

37.008.011.581.0 2,148,0

584,022.695.0

100,542,0

4,982,050.896.044.664.0

1,625,698,0245.251.0 48,504,0

663.737.0768.206.0

Total___________ ___________Amount of eligible paper deliv

ered to F. U. Agent_________F. R. notes outstanding________F. R. notes hold by banks---------

101,318,0 544,559,0 129,721,0 143,703,0 71,018,0 60,913,0 237,589,0 68,619,0 55,548,0 75,130,0 37,008,0 100,542,0 1,625,698,0

70,387,0101,318,0

3,180,0•469,614,0544,559,052,783,0

42.781.0 129,721,011.542.0

78,163,0143,703,0

6,941,051.855.071.048.0 9,800,0

19.310.060.913.0

1,579,092.171.0

237,589,014.184.0

38.187.068.619.0 6,948,0

17.784.055.548.0

1,079,046.131.075.130.0 4,908,0

30.336.037.008.0

158,0

49.972.0 100,542,013.219.0

1.006.691.01.625.698.0

126,321,0

F. R. notes In actual olroulat'n 98,138.0 491,776,0 118.179,0 136,762,0 61,248,0 59.334,0 223,405,0 61,671,0 54,469,0 70.222,0 36,850,0 87,323,0 1,499,377,0

M e m b e r B a n k a o f t h e F e d e r a l R e s e r v e S y s t e m , — Following is the weekly statement issued by the Federal Reserve Board giving the principal items of the resources and liabilities of the Member Banks and dated April 5 . Because of the large numbor of banks for which returns are furnished tho statement is not issued until a week later than that for the Federal Reserve banks of tho same date. Definitions of the different items contained in the statement were given in tho weekly statement issuod under date of Deo. 14 1917 and which was published in the “ Chronicle” of Deo. 29 1917, page 2523.STATEMENT SH OW IN G PRIN CIPAL RESOURCE AND LIABILITY ITEMS OF MEMBER BANKS LOCATED IN CENTRAL RESERVE. RESERVE AND

OTHER SELECTED CITIES AS AT CLOSE OF BUSINESS APRIL 5 1918.Further reductions In holdings o f certificates o f Indebtedness and substantial withdrawals during tho week o f Government deposits largely from

New York banks aro indicated by the statement o f principal assets and liabilities o f 679 member banks in leading cities. Totals for the New York banks for tho first timo include data for 9 Brooklyn hanks, which heretofore wero grouped with Reserve City banks.

Little change is shown in tho totals o f U. S. circulation bonds and other Government bonds held. Certificates o f indebtedness on hand show a decrease for the weok o f 76.4 millions, all classes o f banks reporting smaller holdings than tho week before. Loans secured by Government obligations show but a modorato increase. All other loans and investments decreased about 70.3 millions, decreases being practically uniform for tho three groups o f banks.

Rosorvcs, all with tho Federal Reserve banks, foil o ff about 18.8 millions, tho larger decrease shown for the Central Reserve city banks being partly offset by aggrogato gains o f the banks in othor reserve cities. Casli In vault shows a slight increase. Net demand deposits declined 26.4 millions largely outside tho contral rcservo cities, timo deposits decreased less than 1 million, whilo Government deposits fell o ff 130.4 millions, tho New York and Brooklyn banks alone reporting net withdrawals o f 72.1 millions for tho weok.

For all reporting banks tho ratio o f loans and investments to total doposits is shown as 108% as against 107.9% the week before. For tho banks in tho contral reserve cities this ratio works out at 103.5% , compared with 103.3% on March 29. The ratio o f combined reserve and cash in vault to total doposits o f all reporting banks remains unchanged at 13.9% . For the banks in tho contral roservo cities this ratio shows a decline for tho week from 15.3 to 15.2%. Total excess reserves, in tho calculation o f which no account is taken o f Government deposits, declined from 96.1 to 79.8 miUions. For tho central resorro city banks thoso rosorves show a dccroaso from 69.1 to 42.2 millions.

1. Data for all reporting banka In each dUtrlct. Two ciphers (00) omitted.

Member Ranks. Boston. New York. Phlla. Cleveland. Richmond Atlanta. Chicago. St. Louis. M inneap. Kan.CUy. Dallas. San Fran. Total.

Nuiubor of reporting hanks— 38 98 47 79 07 37 92 32 33 69 41 46 6798 8 8 $ S 8 8 $ 8 $ $ 8 $

U. 8. bonds to sccuro clrculat’n 14,621,0 50,581,0 12,981,0 42,923,0 24,117,0 14,500,0 19,476,0 17,370,0 5,642,0 13,938,0 16,094,0 35,399,0 267,642,0Other U. 8. bonds. Including 343,350,0Liberty bonds________ -- - 10,518,0 105,953,0 10,362,0 35,892,0 18,164,0 13,666,0 34,249,0 11,020,0 5,981,0 10,037,0 12,128,0 15,380,0U. S. certificates of lndebtedn’s 22,190,0 770,905,0 47,611,0 42,387,0 17,657,0 19,644,0 67,173,0 30,447,0 13,792,0 29,772,0 13,373,0 36,181,0 1,111,138,0

Total U. 8. securities-------- 47,335,0 987,439,0 70,954,0 121,202,0 59,938,0 47,810,0 120,898,0 58,837,0 25,415,0 53,747,0 41,595,0 86,960,0 1,722,130,034,528,0 159,588,0 21,144,0 31,163,0 13,003,0 3,756,0 33,932,0 8,015,0 2,793,0 2,632,0 3,047,0 4,701,0 318,302,0

All other loans A Investments. 728,383,0 3,973,508,0 590,160,0 922,233,0 348,265,0 278,500,0 1,347,387.0 376,542,0 223,674,0 452,469,0 180,864,0 478,779,0 9,906,824,061,727,0 009,509,0 61,717,0 79,093,0 28,435,0 28,022,0 141,730,0 33,239,0 20,273,0 44,043,0 18,371,0 43,631,0 1,169,790,023,805,0 124,311,0 20,015,0 34,334,0 10,253,0 14,557,0 63,881,0 13,445,0 9,133,0 16,640,0 10,713,0 19,925,0 367,012,0

011,706,0 4,391,736,0 562,572,0 690,012,0 277,424,0 213,334,0 1,048,175,0 274,333,0 1S7,010,0 387,604,0 159,709,0 371,276,0 974,951,081,003,0 291,632,0 14,084,0 210,425,0 50,010,0 80,658,0 338,829,0 84,362,0 44,142,0 53,835,0 24,692,0 102,984,0 1,377,256,0

Government deposits.............. 45,501,0 267,854,0 29,203,0 49,992,0 7,054,0 6,625,0 51,775,0 17,300.0 7,682.0 10,518,0 7,265,0 500,829,03. Data for banka In each Central Rc-serre city, banka In all other Reserve cities and other reporting banlta.

Two ciphers omltled.New York. Chicago. St. Louis. Total Central Res. Cities. Other Reserve Cities. Country Banks. Total.

April 5. Mar. 29. April 5. April 5. April 5. April 5. Mar. 29. April 5. Mar. 29. April 5. Mar. 29. April 5.

Number of reporting banks...U. S. bonds to secure clrculat'n Other U. 8. bonds. Including

668

36,237,0151.224.0757.141.0944.602.0139.763.0

3.037.981.0580.932.0111.461.0

4.084.426.0247.940.0253.755.0

668

36,187,0152.079.0797.958.0986.224.0141.539.0

3.650.097.0603.827.0112.061.0

4.087.465.0241.750.0325.896.0

408

1,393,013.058.042.071.057.122.022.089.0

825.846.098.900.041.377.0

705.330.0137.664.042.122.0

14$

10.370.00,808,0

24.770.041.954.06.353.0

265.477.024.005.0

7.239.0197.350.057.283.014.879.0

1208

48,000,0171.690.0823.988.0

1.043.678.0108.205.0

4.729.301.0703.837.0160.077.0

4.987.100.0442.887.0310.756.0

119$

47,900,0172.827.0566.186.0

1.080.913.0170.816.0

4.750.703.0731.031.0100.406.0

4.991.224.0435.172.0390.836.0

4098

171.137.0140.648.0251.144.0502.929.0130.169.0

4.431.770.0416.110.0172.358.0

3.570.418.0771.909.0170.224.0

4128

173.107.0142.827.0281.962.0597.896.0120.038.0

1.459.112.0407.191.0171.955.0

3.589.590.0777.954.0213.211.0

150$

48.505.031.012.036.006.0

115.523.019.928.0

745.750.049.843.034.577.0

617.427.0162.460.019.849.0

151$

49.150.032.136.039.357.0

120.643.020.649.0

767.307.050.324.033.395.0

620.574.0165.005.027.211.0

679S

267.642.0343.350.0

1.111.138.01.722.130.0

318.302.09.906.824.01.169.790.0

367.012.09.174.951.01.377.256.0

500.829.0

682$

270.157.0347.790.0

1.187.505.01.805.452.0

311.503.09.977.122.01.188.546.0

305.756.09.201.388.01.378.131.0

631.258.0

U. 8. certificates of Indehtcdn'sTotal U. 8. securities..........

Loans see. by U 8. bonds, Ac. All other loans A Investments. Rcservo with Fed. lies. Bank.Cash In vault........ ..................Not demand deposits..............Government deposits________

a Exclusive of Kansas City. •Amended figures.


1660 THE CHRONICLE [V ol. 106

S t a t e m e n t o f N e w Y o r k C i t y C l e a r i n g H o u s e B a n k 3 a n d T r u s t C o m p a n i e s . — The following detailed statement shows the condition of the Now York City Clearing House mombers for the week ending April. 13. The figures for the separate banks are the averages of the daily results. In the oase of totals, actual figures at end of the week are also g i v e n :

N E W Y O R K W E E K L Y C LE A R IN G HOUSE R E T U R N .

CLEARING HOUSE MEMBERS.

Week Ending Apr. 13 1918.

Capital.Net

Profits.Loans

Discounts,Investments,

Ac.Cold.

LegalTenders. Silver.

NationalBankand

FederalReserveNotes.

Reserve tclth Legal

Depositaries.

AdditionalDeposits

\cllhLegal

Depositaries.

NetDemand

Deposits.

NetTime

Deposits.

NationalBank

Circulation./Nat. Banks Mar. 41

\Stato Banks Mar. 14/Members of. Federal Average. Average. Average. Average. Average. Average. Average. Average. Average. Average.Reserve Unnk. $ $ s i S $ $ $ i i $ $Bank of N Y, N B A . 2,000,000 5,263,300 43,970,000 29,000 125,000 140,000 132,000 5,305,000 33,OS1,000 2,074,000 785,000Bank of Manhat Co. 2,341,800 6,619,400 55,725,000 1,419,000 395,00(1 669,000 1,365,000 15,109,000 63,590,000 1,000,000Merchants’ National. 2,000,000 2,481,000 25,290,000 126,000 111,000 465,000 110,000 2,961,000 20,818,000 506,000 1,800,000Mech A Metals Nat- 6,000,000 10,356,600 155,888,000 8,010,000 200,000 2,044,000 264,000 21,230,000 147,062,000 13,574,000 3,781,000Bank ol Amerloa___ 1,500,000 0,572,500 31,853,000 459,000 231,000 384,000 308,000 4,699,000 28,349,000National City_______ 25,000,000 c48,917,000 549,621,000 8,024,000 3,062,000 1,288,000 1,001,000 91,194,000 554,499,000 7,883,000 1,747,000Chemical National.. 3,000,000 8,874,600 73,883,000 251,000 242,000 523,000 746,000 10,001,000 58,995,000 3,513,000 444,000Atlantic National... 1,000,000 839,500 15,663,000 95,000 107,000 106,000 114,000 2,315,000 14,684,000 519,000 148,000Nat Butoh ADrovers’ 300,000 90,100 2.S69.000 28,000 41,000 56,000 9,000 470,000 2,313,000 265,000American Exch Nat. 5,000,000 5,730,800 111,083,000 585,000 207,000 696,000 542,000 10,674,000 79,775,000 0,323,000 4,902,000Nat Bank of Coinm. 25,000,000 21,269,300 361,919,000 62,000 488,000 473,000 1,055,000 34,861,000 268,624,000 5,023,000Pacific Bank________ 500,000 1,002,900 13,000,000 68,000 331,000 411,000 176,000 1,087,000 12,102,000Chat A Phenlx N at.. 3,500,000 2,501,400 83,110,000 945,000 532,000 1,405,000 1,785,000 9,875,000 69,915,666 7,156,000 1,910,000Hanover National... 3,000,000 10,856,000 135,235,000 5,193,000 352,000 1,787,000 783,000 17,399,000 133,109,000 309,000Citizens' National... 2,550,000 2,825,400 38,271,000 99,000 30,000 725,000 293,000 4,920,000 32.331,000 324,000 1,020,000Metropolitan Bank.. 2,000,000 2,128,600 24,904,000 722,000 257,000 659,000 445,000 3,501,000 24,900,000Corn Exchange Bank 3,500,000 7,510,200 108,109,000 447,000 251,000 2 OSS,000 3,39.8,000 16,282,000 111,926,000Importers A Trad Nat 1,500,000 7,659,500 39,939,000 70,000 520,000 42,000 154,000 4,183,000 29,261,000 301,000 51,000National Park Bank. 5,000,000 17,028,500 192,033,000 38,000 512,000 430,000 933,000 20,121,000 152,155,000 3.917,001) 4,206,000East River National. 250,000 75.100 2,810,000 2,000 17,000 141,000 19,000 558,000 3,103,000 50,000Second National___ 1,000,000 3,816,700 20,483,000 47,000 02,000 317,000 465,000 2,386,000 16,150,000 940,000First National____ 10,000,000 29,722,800 247,287,000 16,000 280,000 634,000 687,000 15,880,000 143,764,000 5,294,000 7,875,000Irving National____ 4,500,000 5,386,000 94,834,000 1,003,000 428,000 1,937,000 1,231,000 16,072,000 100,559,000 807,000 040,000N Y County Natloual 1,000,000 298,200 10,480,000 91,000 30,000 181,000 455,000 1,305,000 10,616,000 199,000German-American__ 750,000 885,900 6,026,000 16,000 17,000 19,000 90,000 807,000 5,135,000 25,000Chase National____ 10,000,000 11,966,900 287,077,000 3,280,000 2,342,000 2,056,000 1,062,000 33,054,000 249,455,000 14,311,000 1,300,000Germania B ank... 400,000 816,400 6,737,000 47,000 34,000 204,000 120,000 1,086,000 7,006,000Lincoln National___ 1,000,000 2,008,500 17,417,000 12.8,000 386,000 120,000 150,000 2,151,000 15,737,000 102,000 894,000Garfield National__ 1,000,000 1,352,300 11,757,000 8,000 39,000 231,000 126,000 1,720,000 .............. 10.931,000 30,000 398,000Fifth National_____ 250,000 405,200 0,732,000 41,000 54,000 291,000 70,000 881,000 309,000 248,000Seaboard National.. 1,000,000 3,578,700 48,871,000 376,000 280,000 398,000 216,000 7,626,000 49,402,666 70,000Liberty National___ 3,000,000 4,039,000 72,096,000 151,000 31,000 141,000 429,000 8,580,000 60,256,000 2,933,000 996,000Coal A Iron National 1,000,000 884,800 11,675,000 0,000 34,000 129,000 424,000 1,632,000 10,951,000 442,000 413,000Union Exch National 1,000,000 1,241,100 13,045,000 17,000 9,000 191,000 438,000 1,763,000 14,098,000 430,000 397,000Brooklyn Trust Co . 1,500,000 2,155,400 35,015,000 98,000 53,000 190,000 380,000 3,993,000 28,640,000 5,381,000Bankers Trust Co 11,250,000 12,980,400 261,887,000 551,000 108,000 202,000 679,000 32,674,000 223,978,000 2.3 >18,000U H Mtgo A Tr Co 2,000,000 4,691,500 62,428,000 336,000 70,000 109,000 263,000 6,206,000 51,451,000 2,700,000Guaranty Trust C o .. 25,000,000 26,125,400 423,483,000 2,875,000 151,000 847,000 1,606,000 51,837,000 307,97+000 30,582,000Fidelity Trim C o .. 1,000,000 1,213,200 11,565,000 89,000 37,000 51,000 122,000 1,649,000 9,246,000 490|000Columbia Trust C o .. 5,000,000 6,210,700 89,312,000 35,000 118,000 530,000 354,000 0,549,000 65,943^000 10,209^000Peoples ’1 rust Co__ 1,000,000 1,331,800 25,180,000 58,000 86,000 261,000 398,000 2,207,000 22,742,000 1,635,000New York Trust Co 3,000,000 11,032,700 85,675,000 4,000 12,000 11,000 182,000 7,966,000 57,088,000 5,403,000Franklin Trust C o.. 1,000,000 1,188,700 26,561,000 78,000 63,000 183,000 242,000 2,305,000 10,799,000 1,0823)00Lincoln Trust__ __ . 1,000,000 568,200 15,009,000 5,000 55,000 131,000 194,000 2,022,000 13,560,000Metropolitan Tr Co. 2,000,000 4,070,900 54,997,000 289,000 37,000 87,000 393,000 4.908,000 41,733,000 1,996,000Nassau Nat, Bkiyu. 1,000,000 1,148,000 13,038,000 15,000 79,000 206,000 79,000 1,355,000 10,498,000 540,000 50,000Irving Trust C o ... 1,500,000 1,082,200 37,529,000 190,000 240,000 779,000 1,548,000 4,759,000 37,631,000 194,000Farmers Loan ATr Co 5,000,000 10.525,000 134,708,000 3,727,000 31,000 63,000 184,000 18,437,000 .... 120,497,000 11.005,000 ....

Average tor week_ 192,091,800 326,395,600 4,200,295,000 40,288,000 13,183,000 25,132,000 26,799,000 525.869.000 .... 3,609,683,000 180,500,000 35,898,000Totals, actual oondltl on April 13 _ 4,294,212.000 39,525,000 12,382.000 25,160,000 27,316,000 542,042,000 3.627.01,8.000

- - 1170.220.000 35.056.000Totals, actual condltl on April 6 __________ 4,128,981,000 40,885,000 12,796,000 24,417,000 25,742,000 519,533,000 3,019,001,000 184,267,000 35,851,000Totals, actual condltl on Mar. 30 _____ 4,172.463,000 39,547,000 12,712,000 24,813,000 25,010.000 535,104,000 3.610.266.000.1,81.833.000 35.872.000Totals, aotual condltl on Mar. 23 .................. 4,185,870,000 39,408,000 13,487,000 24,808,000 21,560,000 524,619,000 .... 3,571,923,000 188,279,000 35,403,000

State Banks. Not Mem hers of Fed cral Reserve, Bank•--- - ~T

Greenwich__ 500,000 1,433,100 15,029,000 798,000 192,000 300,000 .813,000 054,000People’s___________ 200,000 502,100 3,764,000 51,000 32,000 93,000 290,000 216,000 191,000 3,599,000 7,000Bowery.......... 250,000 SI 0,900 4,786,000 272,000Filth Avonu8. . 100,000 2,392,100 18,758.000 1,063,000 111,000 1,184,000 565,000 1,040,000German Exchange__ 200,000 868,700 5,756,000 419,000 70,000 169,000 231,000 347,000 5,840,000West Side . 326,600 58,600 4,368,000 214,000 147,000 132,000 50,000 205,000N Y Produce Exch.. 1,000,000 1,116,700 19,259,000 1,070,000 521,000 468,000 471,000 1,3183)00 l.ooslooo 20,362|000State.......................... 1,500,000 520,400 26,803,000 2,380,000 365,000 365,000 548,000 1,548,000 28,751,000 46,000

Totals, avge for wk 4,076,600 7,706,600 98,523,000 6,273,000 1,458,000 2,755,000 3,211,000 5.655,000 2,033,000 102,998,000 58,000 ....Totals, aotual condltl on April 13 .. 99,201,000 6,370,000 1,408,000 2,785,000 3,208,000 5,121,000 1,677,000 102,289,000 58,000Totals, aotual condltl on Apr. 6 97,837,000 6,000,000 1,335,000 2,754,000 3,133,000Totals, aotual condltl on Mar. 30 __ 96.440,000 0,448,000 1,377,000 2,708,000 3,302,000 5,107^000 504,000 90 ’932.000 51.000Totals, actual condltl on Mar. 23 .................. 91,772,000 0,351,000 1.377,000 2,707,000 3,009,000 4,554,000 1.491,000 08,447,000 50,000 ...............Trust Companies. Not Mem hers of Fed eral Reserve Bank - , , - " _u

Title Guar A Trust.. 5,000,000 11,751,800 41,943,000 1,931,000 133,000 178,000 348,000 1,292,000 692,000 25,844,000 901,000Lawyers Title A T r.. 4,000,000 5,169,200 23,686,000 652,000 191,000 60,000 195,000 1.403,000 285,000 15,700,000 585,000Totals, avge lor wk 9,000,000 16,921,000 65,629,000 2,583,000 327,000 238,000 543,000 2,695,000 977,000 41,604,000 1,4,89,000 ..............

Totals, actual condltl on April 13 66,120,000 2,658,000 335,000 275,000 540,000 2,845,000 1,173,000 41,505 000Totals, actual condltl on April 0 .................. 65.009,000 2,625,000 327,000 259,000 495.000 2,783,000 1,009,000 41,493,000 1,478,000Totals, actual condltl on Mar. 30 ____ 66,552,000 2,775,000 317,000 201,000 448,000 2,713,000 711,000 42,157,000 1,471,000Totals, actual condltl on Mar. 23 .................. 60,569,000 2,594,000 323,000 212,000 483,000 2,668.000 748,000 41,749,000 1,474,000Grand aggregate,avge 205,168,400 351,023,200 4,304,447,000 49,144,000 14,968,000 28,125,000 534,219,000 3,010,000 a3,754,285,000 182,107,000 35,8083)00Comparison prov wk .................. .................. + 53,933,000 — 36,000 + 15,000 + 026,000 + 1999000 -12,392,000 —639,000 — 1,530,000 —3,359,000 + 03,000Grand ag’gate, actua' condition April 13 . . . 4,459,533,000 4,8,559,000 14,125,000 28,220,000 31.064,000 550.008,000 2,850,000 b3,770,812.000 180,820,000 35,950,000Comparison prev wk + 167,700 000 -1,011,000 — 333,000 + 790,000 + 1689000| + 2183 1000 —823,000 + 8,649,000 —4,970,000 + 105,000Grand ag’gate, aotual condition April 0 __ 4,291,827,000 49,570,000 14,458,000 27,4303500 29,3754)00 528,174,000 3 , 6 7 3 , 0 0 0 3.71','!. 103.000 185.796.000 35.851.000Orand ag'gate, actual condition Mar 3 0 ... 4,335,461,000 48,770.000 14,400,000 27,722,000 23,760,000|542.924,000 1,275,000 3,752.355,000 183,355,000135,872,000Grand ag’gate, actual condition Mar. 2 3 . .. 4,347,211,000 4.8,353,000 15,187,000 27,787,000 28,142,000 531.741.000 2,239,000 3,712,119,000 189,803,000 35,403,000Grand ag'gate, actual condition Mar. 1 6 . . . 1,206,425,000 48,157,000 14,116,000 27,301,000 26,865,000 509,490,000 1,387,000 3,694,546,000 201,133,000 35,023,000

a doposlts deducted, $284,447,000. b U. S. deposits deducted, $358,447,000. c Includes capital set aside for foreign branches, $0,000,000. jy o tir—The statement for tho week ending March 9 Includes the aggregates for the Farmers' Loan A Trust Co., which became a member of tho Federal Resorvo Dank on March 1.

STATEMENT!) OF RESERVE POSITION

Members Federal Rcservo Bank.

State banks____TrustCompanles*

Total Apr. 13. Total Apr. 0 . Total Mar. 30. Total Mar. 23.

Averages.Cash

Ressrce in Vault.

13,007,0003,001,000

17.388.00017.180.00017.300.00010.910.000

ReserveIn

Depositaries

525,809,0005.055.0002.695.000

534.219.000540.611.000520.319.000

refillReserve

525,869,00019,352,0000,386,000

551.007.000563.797.000513.625.00

519,013,000!530,531,000

ReserveRequired.

474,675,59018,539,6106,210,000

SurplusReserve.

Inc. or Dec. from

PreclousWeek

Cash Reserve

in Vault

S51,193,410

812,360145,400

$— 10,925,080

— 616.480—33,900

3d

13,777,0003.808,000

490,455,830 52,151,170 500,070,370 03,726,630 497,022,050 40,002,350 493,780,240 42,753.700

— 11,575,400 +17,724,280

+ 3,248,590 —4,982,400

Actual Figures.Reserve

inDepositaries

542,012,0005.121.0002.845.000

17.585.000 550.008,00016.993.000 528,174,000

TotalReserve.

142,012,0006,653,000

507.593.000 501,520,710515.107.000 500,519,300

17.570.000 542,921,00 ) 560,500,000 499,100,88017.206.000 531,741,000 548,917.000'493.98l, 170

bReserve

Required.SurplusReserve.

$470,888,940

18,412,0206,225,750

865,153,000

485,980427,250

00,006,29044,647,04061,399,12054,905.830

Inc. or Dec. from

PreviottsWeek

+ 21,020,390 + 309,940

— 102,200+ 21,418,050 — 10,751,480

+ 0,433,290 —20,050,020

• Not members or Federal Reserve Banka This Is the reserve required on net demand doposlts In the oase of State banks and trust companies, but In the case of members of the Federal Reservo Bank Includes

also amount of reserve required on net time deposits, which was as follows: April 13, $5,416,800: April 6, S5,518,200: Mar. 30, 35,530,770; Mar. 23, 55,778,180.b I his Is tho reservo required on net domand doposlts In the case of State banks and trust companies, but In tho case of mombers of the Federal Reservo Bank Includes

also amount of reserve required on net tlino deposits, which was as follows: April 13, $5,376,000: April 6, $5,528,010; Mar. 30, 35,454,990; Mar. 23, $5,048,370.c Amount of cash In vault, which Is no longer counted as reserve for members of the Federal Reserve Bank was as follows

April 13, $104,383,000; April 0, $103,840,000; Mar. 30, $102,976,000: Mar. 23, 8101,473,000.d Amount of ensh In vaults, which Is no longer counted as reserve for membors of the Federal Reserve Bank, was as follows:

April 13, $105,402,000: April 6, S103,000,000; Mar. 30, $102,082,000: Mar. 23, $102,263,000.


Apr. 20 1918.] THE CHRONICLE 1661The State Banking Department reports weekly figures

showing the condition of State banks and trust companies in New York City not in the Clearing House, as follows:SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER

NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.(Figures Furnished bg State Banking Department.)

April 13Loans and Investments______________ __________ 5761,810,600Specie________________________________________ 15,324,500Currency and bank notes----------------------------------- 12,132,100Deposits with the F. R. Bank of New York........ 51,572,500Total deposits..................................... - ................... 799,184,700Deposits, eliminating amounts due from reserve de

positaries and from other banks and trust companies in N . Y.Clty, exchanges and U .S. deposits 711,848,200

Reserve on deposits......................- .........................- 138,131,300Percentage of reserve, 21.5%. RESERVE.

------ Slate Banks------Cash In vaults________- _______ ...$13,661,400 10.74%Deposits In banks and trust cos----- 17,125,100 13.46%

Differences from previous week.

Inc.811,404,800Inc.Inc.Dec.Inc.

Inc.Dec.

153,700232,800

1,531,8002,224,100

1,735,8002,111,200

—Trust Companies— $68,267,700 13.31%

39,077,100 7.62%

Total .530,786,500 24.20% 5107,344,800 20.93%

The averagos of the New York City Clearing Houso banks and trust companies combined with those for the State banks and trust companies in Greater New York City outside of the Clearing House are as follows:

COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN GREATER NEW YORK (two ciphers omitted).

Week Funded—

Loansand

InvestmentsDemand

Deposits. Specie.Legal

Tenders.Total

Cash In Vault.

Jan. 19.... Jan. 2 6~ . Fob. 2 . . . Feb. 9 . . . Feb. 1 6 ... Feb. 2 3 -.. Mar. 2 . . . Mar. 9 - . . Mar. 1 8 ... Mar. 2 3 . .. Mar. 3 0 . .. Aprll 6. . . Aprll 1 3 .-.

54.892.797.14.899.129.55.006.037.05.038.372.75.049.992.05.110.015.85.150.848.2 5,127,304,45.001.380.85.034.741.05.089.258.35.055.925.85.126.263.6

$4.57.8.900.7 4,470,553,84.486.508.54.517.827.54.501.204.74.428.375.54.433.280.64.319.035.1 4,369,257,54.409.310.14.446.491.7 4,408,927,44.466.133.2

s101,078,7101,471,097.829.796.292.195.857.393.416.192.655.790.537.490.131.490.084.891.076.791.749.892.493.5

S98.375.597.599.095.280.893.282.0

101,927,9 101,863,0 102,961,483.762.0 81,255,484.204.880.187.086.601.6 85,430,6

$203,054,2199.070.0193.110.5180.571.1197.785.2195.279.1195.617.1174.300.0 171,380,8174.929.6177.263.7 178,351,4177.924.1

Reserve In Depositaries.

S612,272,4619.095.8627.476.3649.108.3598.152.4567.452.0570.836.9 560,387,6574.445.1569.773.5 578,017,3603.729.1590.421.2

* Included with "Legal Tenders" are national bank notes and Fed. Reserve notes held by State banks and trust cos. but not those held by Fed. Reserve members.

In addition to the returns of “ State banks and trust companies in New York City not in the Clearing House,” furnished by the State Banking Department, the Department also presents a statement covering all the institutions of this class in the whole State. The figures are compiled so as to distinguish between the results for New York City (Greater New York) and those for the rest of the State, as per the following:

For definitions and rules under which the various items are made up, see “ Chronicle,” V . 98, p. 1661.

The provisions of the law governing the reserve requirements of State banking institutions as amended M ay 22 1917 were published in the “ Chronicle” M ay 19 1917 (V . 104, p. 1975). The regulations relating to calculating the amount of deposits and what deductions are permitted in the computation of the reserves were given in the “ Chronicle” April 4 1914 (V. 98, p. 1045).

8TATE BANKS AND TRUST COMPANIES.

Week ended April 13.State Banks

inOr eater N. Y.

Trust Cos. in

Greater N. Y.

State Banks outside of

Or eater N. Y.

Trust Cot. outside of

Or eater N. Y

Capital as of Sept. 8____ $19,775,000 $38,950,000 $16,573,000 $25,938,700Surplus as of Sept. 8____ 38,506,722 162,901,400 16,937,000 25,748,040Loans and Investments..

Change from last week.458,670,400

+ 12,254,7001,945,246,000

+ 6,208,000198,690,000 + 1,487,400

324,792,700 — 961,700

Specie____ ____________ 16,948,600— 102,900

21,128,300— 16,700Change from last week. .............. -I ..

Currency and bank notea. Change from last week.

Deposits with the F. R.Bank of New York___Change from last week.

24,784,600 + 928,100

14,915,700 + 485,100

204,224,600— 346,400

............ —

44,849,000— 171,100 .................. ...................

Doposits_______________ 576,596,900 + 6,461,900

2,053,291,000 206,838,700 318,480,500Change from last week. — 22,343,300 + 1,804,400 + 2,202,000

Reserve on deposits........Change from last week.

114,495,600—283,400

325,445,400 + 22,343,300

32,574,400—592,000

39,278,900 + 2,100,300

P. C. reserve to deposits. Percentage last week..

24.2%24.9%

19.8%19.6%

19.3%19.9%

17.4%17.3%

+ Increase over last week. — Decrease from last week.

Non-Member Banks and Trust Oornpauie3.— Following is the report made to the Clearing House by clearing son-member institutions which are not included in the “ Clearing House return” on the preceding page:

RETU RN OF N O N -M E M B E R IN STITU TIO N S OF N E W YO R K C L E A R IN G HOUSE

CLEARINGWON-MEMBERS.

Week Ending Apr. 13 1918.Capital.

INat.banl (State banl

NilProfUi.

s Mar. 41 H Mar. 14(

Loans.Discounts.

Investments.die. Gold

LegalTenders. Silver.

NationalBank

dk Federal Reserve. Notts.

ReservewithLegal

Depositaries.

Additional Depositt 1

with Legal Net Devosi- j Demand taries. , Deposits.

NetTime

Depositt.

NationalBank

Circulation.

Members of Federal Reserve Bank

Battery Park Nat. Bank-------W. R. Grace A Co.'s Bank... First Nat. Bank, Brooklyn.... Nat. City Bank. Brooklyn... First Nat. Bank, Jersey City. Hudson Co. Nat . Jersey City First Nat. Bank, Hoboken... Second Nat. Bank, Hoboken.

T ota l...................................State Banks.

Not Members of the Federal Reserve Bank.

Hank of Washington Heights.Colonial Bank..........................Columbia Bank................International Bonk........ .......Mutual Bank........ ................New Netherland Bank..........Torkvllle Bauk......................Mechanics' Bank, Brooklyn., .'forth Side Bank, Brooklyn

T otal. . . ................. - -Trust Companies.Not Members of the

Federal Resent Bank. Hamilton Trust Co., Brooklyn Mechanics’ Tr. Co.. Bayonne

T otal------------------- ----------urand aggregate....................Comparison previous week. ..

Excess reserve____ ___Grand aggregate Apr. 6. . . Grand aggregate Mar. 3 0 ...Grand aggregate Mar. 23-----Grand aggregate Mar. 16-----Grand aggregate Mar. 9

$400.000500.000300.000300.000400.000250.000220.000 125,000

t462,900642.400655.500594.400

1,319,000787,300632.500 275,800

Average.$

7.518.0003.055.0007.317.0006.800.0007.182.0005.224.0007.231.0005.414.000

Average.%

64.0003.000

12.0006.000

210,00085,000

9.0006.000

Average.%

12,000

~i 4~,6o621,000

260,00010,0004,000

42,000

Average.$

43.000n ‘7‘,66672.000

14S.00073.00044.00096.000

Average.3

132.000 2,000

67.00091.000

185.000132.000153.000

26.000

Average.S

1,082.000660,0005.88.000598.000

1 ,000,000328.000336.000287.000

Average.$

353.000484*666583.000

3,412,000880.000827.000515.000

Average.3

6,812,0001.874.0005.817.0005.509.0006.884.0004.291.0003.018.0002.814.000

Average.S

90,000750.000609.000412.000506.000

3.495.0002.513.000

A ter age f

196.000290.000120.000400.000197.000219.000

99.0002,495,000 5,369,800 50,361,000 395,000 363,000 593,000 793.000 4,879,000 7,054,000 37,019,000 8,375,000 1.521,000

100,000500.000

1 ,000,000500.000200.000 200,000 100,000

1,600,000200,000

480,3001,003,400

620.800146,900523,000213.700 663,400798.700 174,800

2.457.00010.401.00012.823.0004.879.0008.013.0004.321.0007.506.000

23.966.0005.294.000

70,000599.000640.000157.000488.000124.000409.000579.000120.000

155.00016,00081,000

102.000 80,000

351,00029,000

66,000298.000365.000 61,000

242.000285.000449.000

1 ,012,000113.000

133.000132.000610.000329.000336.000127.000120.000435.000259.000

131.000659.000773.000261.000507.000282.000490.000

1,464,000265.000

146.000452.000342.000*4*1*666

133.000331.000

1,115,000432.000

2.193.00010.987.00012.885.0004.569.0009.130.0004.714.0008.173.000

24.403.0004.869.000

3*2*1*666129.00077.000

135.00076.000

400.000

...

4,400,000 4,625,000 80,650,000 3,198,000 814,000| 2,921,000 2,481,000 4,832,000 2,992,000 81,923,000 1,138,000

500.000200.000

1,007,800344,000

9.240.0007.892.000

374,00019,000

50.00021.000

23.00094.000

138.000114.000

346.000550.000

316.000443.000

6.922.0004.997.000

1,081,0003,087,000

...700,000 1,361,800 17,132,000 393,000 71,000 117,000 252,000 896,000 759,000 11,919,000 4,168,000

7.595.000" *140,1657.595.000 0.895,0006.895.0006.895.0006.805.000

11.340.600Increase11.340.60011.442.00011.442.00011.016.70011.616.700

143,143,000 + 2,631,000

3.986.000 + 68,000

3,92 s! 0003.951.0003.951.0003.992.0003.924.000

1,248,000 3,631,000 + 3,000. +174,000

3,526,000 + 42,000

10,607,000 + 210,000

10,805,000—1060000

al30,861,000 +2,780,000

13,681,000 + 120,000

1,521,000 + 4,000

145.512.000143.466.000143.460.000143.493.000142.897.000

1.245.0001 3,457,0001.182.000 3,323,0001.182.000 3,323,0001.158.000 3,391,0001.286.000 3,416,000

3.484.0003.182.0003.182.0003.322.0003.278.000

10.397.00010.116.000 10,116.000 10,013,0009,953,000

11.865.00010.685.00010.685.00011.494.00013.711.000

128.072.000127.382.000127.382.000126.148.000124.408.000

13.561.00013.231.00013.231.00013.208.00013.194.000

1,*517,0001.518.0001.518.0001.520.0001.520.000

a U. 8. deposits deducted. SO.114,000.

Boston Clearing House Banks.—-We give below a summary showing the totals for all the items in the Boston Clearing House weokly statement for a sories of weeks:

BOSTON CLEARING HOUSE MEMBERS.

April 13 1918.

Change from previous week.

April 6 . 1918.

March 30 1918.

Circulation..............................Loans, dlso’ts & Investments. Individual deposits. lnol.U.S.Due to banks..........................Time deposits........ ...............Exchanges for Clear. House.Due from other banks. . -----Cash In bank A In F. R. Bank Reserve excess In bank nud

Foderal Reserve Bank___

$1,989,000497,862,000127,565.0901132,108,09010,861,00015.072.000 92,990,000;60.717.00014.901.0001

Inc. $35,000 Inc. 15,455,000 Inc. 16,011.000 Inc. 2,980,000 Dec. 87,000 Dec. 2,743,000 Inc. 995,000 Inc. 4,996,000Inc. 2,925,000

4,954,000482,407,000,411.551.000129.428.00019.951.00017.815.00092.001.00055.751.00012.030.000

$1,997,000;487,181,000110.583.000120.692.00020.300.00016.926.00082.376.00068.210.000

13,634,000

Philadelphia Banks.— The Philadelphia Clearing Houso statement for the week ending April 13, with comparative figures for tho two woeks preceding, is as follows. Reserve requirements for mombers of tho Federal Reserve system aro 10% on demand doposits and 3 % on time deposits, all to bo kopt with tho Fodoral Reserve Bank. “ Cash in

vaults” is not a part of legal reserve. For trust companies not members of tho Federal Reserve system the reserve required is 15% on demand doposits and includes “ Reserve with legal depositaries” and “ Cash in vaults.”

Two ciphers (00) omitted.Week en

Mem. of F R. Syst.

ding April 1TrustCot.

13 1918.

Total. ! _+

!

£?

!

Mar. 30 1918.

Capital........................ ..... 25,975,0 5,500,0 31,475,0 31,475,0 $31,475,0Surplus and profits_____ 67,227,0 13,891,0 81,118,0 81,201,0 81,180,0Loans, dlso'ts A lnvost'ta. 551,558,0 46,577,0 593,135,0 588,095,0 691.808,0Exohanges for Clear .House 21,593,0 374,0 21,972,0 24,326,0 22.925,0Due from banks.............. 131,830,0 203,0 132,033,0 132.455.0 127.205,0Bank deposits.................... 169,222,0 1,293,0 170,515,0 172,232,0 160,179,0Individual deposits.'........ 434,296,0 32,283,0 466,579,0 403.994,0 450,491,0Time deitoslts.................. 4,074,0 4,074,0 4,131,0 4,120,0

Total deposits................ 697,592,0 33,5*76,6 641,163,0 040,357.0 620.790,0(J .8 depositsfuot Included) ____ ____ 40,034,0 28.312,0 36.397,0lles've with Fed. Ros. Bit 53,702,0 _ 53,702,0 52,639,0 45,050,0Res’ve with legal depoe'lcs 5,2*16,6 5,216,0 5,404,0 4.964,0Cash In vau lt* ............... 15,791,0 1,861,0 17,652,0 18,100.0 17,433,0Total reserve A cash held. 69,493,0 7,077,0 76,570,0 76,143,0 67.447,0Reserve required_______ 45,131,0 4,950,0 50,081,0 49,733,0 48,399,0Excess res A cash In vault 24,362,0 2,127,0 26,489,0 26,410.0 19,048,0

• Cash la vault Is not couuted as reserve for F. R. Bank members.


1663 THE CHRONICLE [Vol. 106,

%&vCkzxs7 ©a jettje*Wall Street, Friday Night, April 19 1918.

The Money Market and Financial Situ ation .— Domestic events, although of considerable importance, have been almost wholly lost sight of in view of the tremendous significance of over-seas developments. If the cabled news of late yesterday and this morning are to be relied upon, the great German offensive in France and Belgium has reached a climax or set-back and for a while, at least, seems unlikely to make further advance towards the coveted objective. The effect of this news at the Stock Exchange has been instantaneous and decisive. The volume of business morethan doubled and the security markets, which had for some time past been weak and reactionary, immediately assumed a firm tone and prices began an upward movement which has generally been maintained.

One of the events of local interest has been a substantial decline in the price of cotton. This was not a surprise to thoso who comprehended the effect of the recent wild speculation in this product and the possibility of Government control of future prices. Shares of the various steel companies have been relatively strong throughout the week, on Judgo Gary’s statement that large dividends may bo expected to continue if present prices of steel products are maintained. That these prices are now so high as to greatly curtail the use of stool for structural purposes is doubtless one reason for tho present limited amount of unfilled orders on producers' books. A preponderating proportion of tho curront steel output is directly or indirectly for Government purposes. Tho weekly weather report shows that tho crops have been favorably affected. Winter wheat has improved and spring wheat seeding is progressing satisfactorily.

The money market has been easy with four and six months money moro freely offered and call loan rates averaging lower than of late, though’with a spurt to 6 % on Thursday.^;

Foreign Exchange.— Sterling exchange remains without feature, changes in rates being of little significance. The Allied exchanges as a rule have been maintained. Neutrals are firmer.

To-day’s (Friday’s) actual rates for sterling exchange were 4 7 5 % for sixty days, 4 76 7-16 for cheques and 4 72 % @ 4 7 2 % for cables. Commercial on banks sight 4 7 5 % @ 4 7 5 % , sixty days 4 7 1 % @ 4 7 1 % , ninety days 4 7 0 @ 4 7 0 % and documents for payment (sixty days) 4 71 % @ 4 7 1 % . Cotton for payment 4 75 % @ 4 7 5 % and grain for payment 4 75 % @ 4 7 5 % .

To-day’s (Friday’s) actual rates for Paris bankers' francs were 5 7 8 % @ 5 7 8 % for long and 5 7 2 % @ 5 73 for short. Germany bankers’ marks were not quoted. Amsterdam bankers’ guilders were 46 13-16 @ 47 1-16 for long and 46 15-16@ 47 3-16 for short.

Exchange at Paris on London, 27.16 francs; week’s range, 27.16 francs high and 27 .16% francs low.

Exchange at Berlin on London not quoted.The range for foreign exchange for tho week follows:Sterling Actual— Sixty Days.

High for tho week___ 4 7254Low for the week___ 4 7254

Paris Bankers' Francs—High for tho week. . . 5 78%Low for the week___ 5 79

Germany Bankers' Marks—High for the week___ ______Low for tho week___ ______

Amsterdam Bankers' Guilders—High for the week___ 47 1-16Low for the week___ 46 6-16

Checks. 4 76554 76>$5 725 72)4

Cables.4 76)44 76 7-165 70 Ys 5 70)4

47 % 47

Domestic Exchange.— Chicago, par. Boston, par. St. Louis, 5c. per 81,000 discount bid. San Francisco, par. Montreal, $17 50 per $1,000 premium. Minneapolis, 10c. per $1,000 premium. Cincinnati, par.

United States Bonds.— Sales of Government bonds at the Board include $10,000 3s, rog., at 99; $2,000 2s, reg., at 9 7 % ; $1,000 2s, coup., at 9 7 % ; $1,000 Pan. 3s, reg., at 84; Liborty Loan 3% s, at 98.80 to 99, L. L. 1st 4s, at 96.14 to 96.58; and L. L. 2d 4s, at 96.2 to 96.64. For to-day's prices of all the different issues and for weekly range see third page following.

State and Railroad Bonds.— N o sales of State bonds have boen reported at tho Board this week and tho market for railway and industrial bonds has again been practically featureless. Transactions at tho Exchango have been exceptionally limited and of a list of 15 relatively active issues 5 are fractionally higher and 8 are unchanged from last week.

Of the exceptional features Distilling Securities 5s are conspicuous for an advance of 1 % points and New York Central 6s aro % higher. Otherwise tho changes recorded, whether to higher or lower, are in no case more than % point.

The list from which the abovo facts aro gleaned includes Atohison, Balt. & Ohio, Chos. & Ohio, Burlington, Rock Island, Northern Pacific, Southern Pacific, Reading, Rubber and Steel issues.

Railroad and Miscellaneous Stocks.— The stock market has been decidedly more active than for some time past. It was firm on Monday, with some advancojn prices, but on

Tuesday and Wednesday showed a tendency to weakness. On Thursday, however, the war news was more favorable and the market promptly responded, with a vigorous upward movement and largely increased activity which showed that recent apprehension has generally vanished and«a more hopeful feeling prevails. This movement has carried a considerable list of railway issues to a level from 1 to 2 points higher than that at the close last week.

Industrial stocks have covered a wider range. Baldwin Locomotive is up 5 % points, U . S. Steel 4 % , Am . Locomotive over 3, and Smelt. & Ref., Beth. Steel, Crucible, Am . Sum. Tob., Sinclair Oil and Gen. Motors from 2 to 3. Inter. Mer. Mar. pref., ex-dividend to-day, closes 2 % points lower than last week.

For daily volume of business see page 1671.The following sales have occurred this week of shares not

represented in mu’ detailed list on the pages which follow:

STOCKS.Week ending April 19.

Salesfor

Week.

Range for Week.

Lowest. Highest.

Range since Jan. 1.

Lowest. Highest.Par. Shares $ per share.

Adams Express........ 100 200 60 Apr 16Amer Bank Note___ 50 100 31)4 Apr 18American Express__ 100 200 85 Apr 15Amer Smelters Securities

Prel Series A ________ 200 91 Apr 18American Snuff____ 100 100 93 )4 Apr 16Am SumatraTob pf.100 100 90 Apr 19Amer Teleg & Cable.100 3 51 Apr 17Associated Oil_____ 100 300 54 Apr 16Barrett, pref_______100 40010054 Apr 15Batopllas Mining___ 20 1,100 1)4 Apr 18Brunswick Terminal. 100 150 6)4 Apr 15Calumet & Arizona...10 200 07 Apr 18Case (J I), pref____ 100 100 83)4 Apr 13Central Foundry___ 100 2,000 37)4 Apr 17

Preferred________ 100 2,700 48)4 Apr 17Chicago & Alton___ 100 100 7 Apr 17Cluett,Peabody&Co.100 100 56 Apr 16Comput-Tab-Rec__ 100 100 32 A Apr 13Cons Interstate Call.. 10 100 8 Apr 17Crex Carpet________ 100 100 40 Apr 19Cuban-Am Sug, pref.100 100 95 Apr 16Deere & Co, pref___ 100 625 95 Apr 17Elk Horn Coal_______50 400 26 Apr 19Fed Min & Sm elt... 100 100 OH Apr 17

Preferred________ 100 507 30 Apr 15Fisher Body Corp,pf.100 10 S1H Apr 17General Cigar In c ... 100 100 42 Apr 19Gulf, Mob &N, pref. 100 100 27 Apr 15Homestake Mining.. 100 100 76 Apr 15Int Ilarv, N J, p re f..100 300 108)4 Apr 13Int Harvester Corp.. 100 200 59 Apr 19

Preferred________ 100 100 98)4 Apr 16Jewel Tea, Inc.......... 100 400 30)4 Apr 19

Preferred________ 100 100 90)4 Apr 18K C Ft S & M , pref. .100 100 65 Apr 17Kings Co E L & P ...100 125 93H Apr 13Kress (SH)& Co, pf.100 100 10254 Apr 18Llggctt&MyersTob-lOO 13 165 Apr 17

Preferred________ 100 412 102 Apr 13Manhattan Beach... 100 200 % Apr 17Manhattan(Elev)Ry 100 100 94 Apr 19

Guaranteed.......... 100 70 95 H Apr 19May Dept Stores... 100 450 50)4 Apr 17Moline Plow, 1st preflOO 25 95 Apr 17National Acme_____ 50 100 29J4 Apr i8National Biscuit___ 100 92 92 Apr 17

Preferred________ 100 238 10954 Apr 15N O Tex & Mex vtc.100 100 18)4 Apr 18N Y Ch & St L, 2d pflOO 100 42 Apr 15Norfolk Southern... 100 300 17 Apr 13Norf& West, pref. ..100 100 76 Apr 15Nova Scotia S & C_. 100 120 59 Apr 17Owens Bottle-Mach.. 25 100 59 Apr 19Peoria «fe Eastern___ 100 900 4 )4 Apr 17Pitts Ft W A Chic.. 100 13 127 Apr 17Pond Creek Coal........ 10 100 18 Apr ISSavage Arms Corp..100 300 65)4 Apr 17Sloss-Shcff S A I, pf.100 100 S7 Apr 16Stutz Motor Car.tto par 1,900 4454 Apr 13Third Avenue R y . . . 100 140 16)4 Apr 19Transue A W’ms.no par 100 40 Apr 19United Drug............ 100 101 70 Apr 13U S Express________ 100 100 14)4 Apr 19U S Realty A Im pt.. 100 300 12)4 Apr 17Vulcan Detlnnlng... 100 100 8 Apr 13

Preferred___ __ .100 50 30 Apr 19Wells Fargo Express. 100 100 73 Apr 17

$ per share. 60)4 Apr 15 31)4 Apr 18 88 Apr 189193)4905154)4

101 l H6)4

67 83 H 40 52)47

56 32)48

40 95 95)4 20)4OH

31 81H 42 27 76

10954605498)432 54 90)4 6593 H

102)4 165 103 H

5494 95)4 54 H95 29)4 92)4

1095418)44217 76 59 594)4

1271867)487465416)4407011)416)48

3073

Apr 18 Apr 16 Apr 19 Apr 17 Apr 17 Apr 18 Apr 15 Apr 15 Apr IS Apr 13 Apr 19 Apr 10 Apr 17 Apr 16 Apr 13 Apr 17 Apr 19 Apr 16 Apr 17 Apr 13 Apr 17 Apr 19 Apr 17 Apr 19 Apr 15 Apr 15 Apr 13 Apr 19 Apr 16 Apr 18 Apr 18 Apr 17 Apr 13 Apr 18 Apr 17 Apr 19 Apr 17 Apr 19 Apr 19 Apr 15 Apr 17 Apr 18 Apr 15 Apr 15 Apr 18 Apr 15 Apr 16 Apr 16 Apr 17 Apr 19 Apr 17 Apr 17 Apr 18 Apr 19 Apr 16 Apr 13 Apr 19 Apr 19 Apr 13 Apr 19 Apr 10 Apr 13 Apr 19 Apr 17

$ per share 65 Mai 31)4 Mm 80 Fct

$ per share. 80 Jan 34)4 Mar 88 Apr

9089) 4 81 51 54

10016)4

63)4732641

7 45 308

409094) 4 229)4

2770)4342776

106)4 53 97 30 5490) 4 65 93)4

100165101)4

549495) 4 47 05 2654 9254

108)4174217 76 59 55544)4

12718 53 81385410395469)414)48754

25)473

Api 94)4Jah 94 Jan 93 Janl 60 Apn 59)4

101)4 154

JarJarJar 8)4Jar 70 Jdn 85H

Mai 40 Jar 53 Apr 954 Jar 56 Jar 32)4 Jan Api

1044)4

Mai 95)4FotJarApr

9628)413)4

Jar 36)4Jai 87Jan( 45

28)4 Apr 89 Jar 110)4

MarJanApi

72102)440

Apt 97H Api 65 Api 94 Jar 10254 Jan|19554 Jaii Api

Mai Api Jan Apr

' Jan Apr Jan Apr Apt Apr Apr Apr Jar Apr Api Api Jar Feb Jar Apr ApiJar Api

107)4 54

9854 95 )4 54 )4 95 32

100 114 21 42 21 7969 656

128 195470 87)4 47 H 2154 4054 70)4 16 H

Mai 16 HApt

MarApt

8)425)483)4

MarFebFebFobJanFeb

MarFebFebMarMarAprJanFobMarJanFebFebFebMarJanFebJan

MarFebJanFebFebFebFebJanAprFebAprFobMarAprMarAprAprAprJanJan

MarJanAprFobMarJanFebJan

MarJanFebAprFebJanFebFebMarAprMarMarJan

Outside M arket.— For most of the week there was fair activity in the “ curb” market, with valuos showing slight advances. To-day, howover, thore was a decided change, an active demand developing for many issues at advancing prices. Tho outstanding feature of the market was tho activity and strength of Burns Bros. Ice com., the stock reaching 2 9 % , a new high record, and an advance of almost 8 points during the week. There was somo reaction, however, the closing to-day being at 2 7 % . Aetna Explosives com. was in good demand and sold up from 7 % to 8 % . Motor shares were quiet. United Motors fluctuated Detween 25 % and 2 6 % , the close to-day being at 2 5 % . Chevrolet Motors from 122 dropped to 118, but recovered to 124. Aeroplane issues became moro active toward the close than for somo time past. Curtiss Aeroplane advancing to-day from 29 to 3 1 % . Wright-Martin Aircraft com., after fluctuating between 7 % and 7 % , on heavy transactions jumped to-day to 8 % , tho final figuro being 8 % . Submarine Boat, after a gain of 1 % points to 12 % during the week, moved up to-day to 14% and closed at 14% . Oil shares ruled quiet and steady most of tho week, with more _ activity and strength recorded to-day. Midwest Refining from 101 ran up to 108 and ends tho week at 107% . Midwest Oil com. improved from 89c. to 96c., with the final figure 95c. Merritt Oil sold up from 1 8 % rto 19% and down finally to 19 % . Mines dull, except for low- priced issues. Bonds moro activo and slightly higher. Procter & Gamble 7s sold to new high records.

A complete record of “ curb” markot transactions for the week will be foqnd on page 1671. •


1 6 6 3New York Stock Exchange—Stock Record, Daily, Weekly and YearlyOCCUPYING TWO PAGES.

F o r r e c o r d o f aalaa d u r in g th a w e e k o f a took a u s u a lly In a e tlv a . aaa p r a o a d in g p a g a .

H IG H AND LOW 3ALB PRICBS—PER SHARIS, NOT PER CUNT.Saturday A p ril 13.

M onday A p ril 15.

Tuesday A pril 16.

Wednesday A p ril 17.

Thursday A p ril 18.

Friday A p ril 19.

$ per share S per share § per share S per share S per share 3 per share♦82% 827* 8273 83 83 83% 82% 83% 8.334 83% 84 84%*80% 85 §81 81 81% 81% *80% 82 *80% 82 82 82*897* 90% 897* 89% *88 90 90 90 89% 89% 89% 89%50% 51'2 52% 52% 51*2 52% 51% 51% 51% 52 51% 52%53% 53% 54% 54% 54 54 54% 541,! 53% 53% *53% 54

*39% 40% 39% 39% *387S 40% 38% 39 38% 38% 39 39%136 136% 137% 138% 137% 138% 136% 1373.1 137% 138% 138% 139%54% 54% 54% 547ft 55% 55% 54% 54% 54% 54*4 55% 55%*6 6% *6 6% *0 6*2 §6 6 *6 6% *6 6%18% 18% *18% ___ §18% 18% §18% 18% *18 20 *18% 2038% 38% 38% 39 38% 39% 38% 39 39 39'4 39 39%68% 68% 67% 68% 67% 67% 67% 68% 663,i 68 % 68 68%

91 91 91 91 §90 90 91 91*120 150 *120 125 *120 150

19 19 19 19% 19 19% 18% 1834 19 19% 19% 19%65 65% 05% 66% 65% 65% 65 65*4 65% 65% 66 66%547* 54% 55 5534 55% 55% 55 55% 5534 5534 56 56

*30% 33 *30% 32 *30% 31% 31% 31% *30% 35*57% 61% *57% 04% *57 64% *57 6434 *57 643,*18% 19 *18% 18% 18% 18% *18% 19% *18% 1834 *18% 18%*45 50 *45 50 *45 50 *45 50 *45 50 *45 50*42 48 *40 50 *38 48 *40 48 *38 47 *38 48

*101% ___ 101 104 *101 101 §101 101 *102 101 104 10134*160 170 *160 170 *160 170 160 100 *159% 170 *160 170*4 6 *4% 5% *3% 5% 4 4 *3 5*7% 87* *7% 8% 7% 7% 6% 7 *5*4 8% *6% 8%14% 14% 14% 14% 14% 14% 14 14% 141,1 It®! 14% 143428 28% 28% 28% 28% 28% 27% 273.1 27% 28 28% 28%

*19 19% 20 20 *19 21 19% 193.1 *19 20 193,i 1934*88 88% 89% 89% 89% 89% 88% 88% 89 89 89% 89%26% 20% 26% 27% 27% 27% 27% 27% 27% 28% 28% 29

*95 90% *95 99 *95 98 §95 95 *95% 9634 *95 9634*67* 71i 7% 7% 7 7 *6% 7% *6% 7% *7 7%*41 42 *41 44 *41 43 *41% 42 42 42 41 42%

*15% 15% *15 15% *15% 15% 15% 15% 15% 15% *15 16*46 49 48 48 *47 49 *47 50 *47 50 *47 50*9 10 *9 10 *9 10 9 9 *8 10 §10 10

*18 22 *18 22 *18% 23 *18% 23 *18 22 *18 22*58 59 57% 58 *58 59 57% 58 58% 6884 5834 59

*110% 113 112% 112% *111% 112% 111% 111% *111 113 112 112*7 8% *7 8% *7% 9% 7% 7% 8% 8% *8% 104% 4% *4 4% *4% 5 *4% 5 *4% 484 *4% 5%

*7% 8 *7% 8 7% 7% *7% 8 7% 7% *7% 8 '420% 20% 20% 21 20% 21 20 20% 20% 21% 20% 21%50*4 50% 50% 50% *50 51 2 50% 50% 50% 51% 52 5208 08% 68% 69% 69 69 67% 68% 6,8% 69% 09% 69%27% 27% 28 28% *28 29% 28 28 28% 28% *28 29*19 19% *19 19% *19 19% 19 19 *19 19% *19 19%103% 103% *103% 101% 103% 103% 103% 103% 103% 103% *103% IO334827* 83 83 83% *82 84 82% 83% 83*4 84% 833.1 84%437* 44 44 44% 44 44 43% 44 43% 44 43% 44— — 10 10% 10% 10% 101,t 10% 10 10%

56 56 56 56 — —25% 25% 26 27% 27 27% *26% 27 27 27% 27% 27%*6578 68 *66 68 *66% 67 66 67 *67 68% 683.1 6978% 78% 79% 80% 79% 81 79% 80 z79% 80% 80% 81%*36 38 *34% 38 *36% 38 *36i.i 38 *36% 38

*35 37 *35 37 *35 37 *35 37 *35% 37*9% 10% 9% 9% *9% 10 9% 10 10% 10% 10 10

*18 20% *18 20% *18 20% *19 20% *19 20% *19 20%*41 44 *35 49% 40% 40% *37 41 *37 41 *37 42*7% 8 *7% 8 7% 7% 7 7'4 *7 8 7% 7%

*16% 18 *10 18 15% 16% 15% 15% 15% 153i 15% 153,82% 82% 82% 83 82% 83% 82% 82% S238 83 83l.i 833421% 21% 21% 21% 21% 21% 20% 21 20% 21% 21 21%58 58 *56 58 *56 58 57% 57% 57% 57% 58 58%*13% 15 *12% 15 *12% 15 *12% 15 15 15 *12% 17

*47 49 *47 50 *47 50 *47 50 47% 47%117% 118 118 119 118% 119 117% 118% 118 119% 119% 120%*70 71% 71 71 71 71 70% 70% *70 71 70% 71*5% 6 5*2 5% *5% 6 5 5 *5 6 *5 6*10% 12 11 11 *10% 12 10% 10% 11 11 * n 127% 7% *7% 8 7% 7% 7% 7% *7% 7'% *7 % 839% 39% 39% 40% 39% 40 391.1 39% 39% 40 40 40%*22 22% 221.1 22% *22% 23 22 22 221,1 22% 22% 22%13% 13% *13% 14 13% 13% 13% 13% 13% 14% 14 14%*25 30 *25 30 *25 30 *24 29 *25 29 *25 30*13 13% 13% 15 14% 15% 14 14 *13% 1534 *14 15%*49% 51% *49% 51% *49% 52 *49% 513l *49% 5134 *49% 51*8% 9 ♦8% 9 *8% 9% 8% 8% *8 884 *8 9*17% 20 *17% 19 *17 20 17% 17% *17 20 *17 20*33 37 *33 37 *34 37 *34 37 *33 37 *34 37

*13 13% 13 13 *12% 13% 12% 12% *12 13% 12% 13%29 29 *28% 30 30 30 30% 30% *29*54

30 30% 30%1% 1% *1% 1% *1% 178 1% 1% *1 % 1% 1% 1%*1% 2 1% 178 *1% 2 1% 1% ♦Ml 2 13.1 1*422% 22% 23% 24 23% 24 23 2134 2434 25% 24% 25%*76 80 76 76% 77 77 *77 80 *77 80*80 85 *__ 85 *__ 85 85 * 85*91 95 ♦90 95 *90 95 *90 98 *90 95*08 74 *72 76 72 72 70 72 71% 7212 72% 73*80 97 *80 97 *80 97 *80 97 *80 97 *82 9740% 41 41% 42 41% 43 41% 43% 43% 44% 433, 44%*93 97 *93 97 *92 97 96 96 *94 97 *95 97*276% 77% 77% 78% 77% 78% 75% 7734 77% 7834 7838 79%110% 110% 110% 110% __ 110 110

*32 33 32 32 32 321,t 31% 31% 32 32 32% 32%*75 79 *75 79 *75 79 *75 79 *75 79 *75 7912 12 *12 12% *12 12% 12% 12% *12 123i 123.1 13%*55% 57 50% 57% *56% 58 56% 57 57 57 58 591218% 18% 18% 19% 19% 21% 20 21% 21% 243.1 25 2611*41 47 *39% 47 40% 47% 46% 47 47 473.1 47% 47%53% 54 53% 54 53 53% 53 53 53% 53 5431% 31% 31% 32 31% 32% 31% 323i 3234 33% 33% 34%*71% 73 71% 71% 72 72% 73 73 73% 73% 73% 73%___ ___ 61% 02% 62% 63% 61% 621,1 61% 63% 63% 65%98 98 99 99 ___ ___ *97 99 *97 99*8% 9 9 9 9% 10% §9 9 9% 9% 9% 10*46 49 47 47% *45% 45% 44% 44% 46% 47 *44% 48%*91% 117% ♦111 117% *87% 115 ___ 112 112 *112% 11575% 75% 76 77% 76% 77% 75% 703.1 76% 78% 78% 79"104 105 *104 105 *101% 105% 105 105 *104% 105% *104% 105*61% 63% 63% 03% 63 63 §618.1 6184 03% 63% 64l,i 65100 101 101% 101% 101% 101% 101 101% 101% 103 103% 101110 n o *107 109% *108 112 *108 109% *108 110 *108 112937* 95% 94% 95% 91% 96 94% 95*4 95% 97 96% 97%100% 100% 1001,1 101% 100% 101% 100 100% 993.1 100% 100 100%*150 162 160 160 160% 160% §160 160 164 165 167 167*91% 05 95 95 *91% 97 §91% 91% *91% 95 95 9551% 51% 51% 52% 51% 52% 51*4 52% 52% 53 53%*92% 94 *92% 95 *93% 95 93 93 *93 95 *93% 94*20 23 *20% 22 *21 24 24 24% 24% 25% *23 25%*13 13% *13 14 *13 14% §13 13 *13 14 *13% 14*44 45 45 46 *40 47 §46 46 47 47 *45 47%637* 04% 04 65% 64% 65% 04% 65 65 66 z633i 61%108 108 108% 110% 109% 110% 108 109 108% 110 110 110%*61 03 *61% 63 *61% 62% §61 61 *61 62 *61% 62731,1 74 74% 76% 75% 78% 75% 7734 76% 78% 78% 81%85% 86 *85 87% *85 87% 851.1 85% 85% 87% 88 8878% 78%70 767* 77 78% 77% 78% 76% 78 77% 79% 79 80%102% 102% 102% 1027« 102% 103 1023,1 103 1023i 103% *103% 10822% 22% 22% 22% *22 23% *21% 24 22% 22% 22% 22%

Salesforthe

WeekShares.

4,000570400

4.800 640

1,7008,1002,100

49247

2,3002.800

5264,4501,7001,400

100100

615200200500

4,5004,600

5001,000

14,10020

7001,000

800100110

1,100600790600200

8,700900

3,4251,175

300700

2,2005,9001,100

4002,500

50054,500

900100

1,8001,7004,5008,200

800100100

8,000700300670

1,4002,1001,0001,9001,000

300200

500800780400

15,200300

5,60087,900

10028,730

3001,2001,6002,200

21,2002,0004,300

19,700700

22,900210

2,2501,200

10018,110

1001,0903.700

10014,8008,100

518205

5,900100

3,17550

40544,050

6.700 10

140,6001,100

20066,750

2,000500

STOCKSHEW YORK STOCK

EXCHANGE

Railroads ParAtoll Topeka A. Santa Fa.. 100

Do pref.......................100Atlantic Coast Lino RR...100Baltimore A Ohio_______ 100

Do pref.................... .100Brooklyn Rapid Transit.. 100Canadian Pacific________ 100Chesapeake & Ohio______ 100Chicago Qreat Western__100

Do pref.......................100Chicago Milw & St Paul.. 100

Do pref.......................100Chicago & Northwestern.. 100

Do pref...................100Ohio Rook Isl A Pac temp ctls.

7% preferred temp otfs___6 % preferred temp otfs___

Clev CIn Ohio A St Louis.. 100Do pref.......................100

Colorado A Southern____ 100Do 1st pref_________ iooDo 2d pref__________too

Dolaware A Hudson_____ 100Delaware Lack A Western..50Denver A Rio Grande___ 100

Go pref................ iooErie................................... ioo

Do 1st pref_________ 100Do 2d prof................. 100

Groat Northern pref_____ 100Iron Ore properties. _A7o par

Illinois Central_________ 100Iutcrboro Cons Corp..N o par

Do pref........................iooKansas City Southern___ 100

Do prof............ .......... iooLake Erie A Western........100

Do prel........................iooLehigh Valley___________ soLouisville A Nashvillo___ 100Mlnneap A St L (new)---100 Missouri Kansas A Texas. 100

Do pref....................... iooMissouri Paolflo tr ctfs___ 100

Do pref tr otfs______ 100New York Central........... 100N Y N H A Hartford____ 100N Y Ontario A Western... 100Norfolk A Western_____ 100Northern Paclflo................100Pennsylvania___________ soPere Marquette v t c____ 100

Do prior pref v t o___100Do pref v to ________ ioo

Pittsburgh A West Va___ 100Do preferred________ 100

Reading________________ 50Do 1st pref...................5 0Do 2d pref__________ 5 0

St Louls-San Fran tr otfs. 100St Louts Southwestern___ 100

Do pref.......................100Seaboard Air Line........... 100

Do pref......................100Southern Pacific Co.........100Southern Railway_______ 100

Do pref.......................100Texas A Pacific................. 100Twin City Rapid Transit.. 100Union Paclflo_________ 100

Do pref.......................100United Railways Invest... 100

Do pref.......................100Wabash_______________ 100

Do pref A.................. 100Do prof B.................. 100

Western Maryland (new). 100Do 2d pref__________ 100

Western Pacific_________ 100Do preferred.......... 100

Wheeling A Lake E Ry_..l00Do preferred..............100

Wisconsin Central...........100Industrial A MiscellaneousAdvance Rumely_______ 100

Do pref....................... 100Ajax Rubber Inc.................5 0Alaska Gold Mines..............10Alaska Juneau Gold Mln’g.10 Allls-Chahners Mfg v t O..100

Do preferred v t 0___100Amer Agricultural Chem.,100

Do pref.......................100American Beet 8ugar____ 100

Do pref.......................100American Can__________ 100

Do pref.......................100American Car A Foundry. 100

Do pref....................... 100American Cotton OH....... 100

Do pref....................... 100American Hide A Leather. 100

Do pref.....................100American Ice___________ 100

Do preferred......... . .1 100Amer International Corp . 100American Linseed______ 100

Do pref.......................100American Locomotive___ 100

Do pref.......................100American Malting______ 100

Do 1st prof.................100American Shipbuilding__100Amer Smelting A Refining. 100

Do pref.................. 100Amer Steel Foundries........100American Sugar Refining.. 100

Do pref...............100Am Sumatra Tobacoo....l00 Amer Telephone A Teiez-.lOOAmerican Tobacco______ 100

Do pref (new)......... 100Am Woolen of Mass......... 100

Do pref.................. 100Am Writing Paper pref... 100Am fllnc Lead A 8_______ 25

Do pref_____________ 26Anaconda Copper Mining..50 Atl Gulf A W I 88 Line... 100

Do pref......................100Baldwin Locomotive Wks.100

Do pref__________ 100Barrett Co (The)......... 180Bethlehem Steel Corp___ 100

Do class B common_100Do cum conv 8% pref___

Booth Fisheries______ No par

PUR SHARP!Range Since Jan. 1 .

On basis o f 100-share lots.

Lowest.

% per share. 81 Mar23 80 Jan 30 8912 Jan 8 49 Jan 21 53 >2 Apr 13 38% Feb 25

135 Mar25 4934Jan 15

6 Apr 9 18i2Apr 9 3712 Apr 11 66% Apr 11 89>2 Mar25

137 Jan 29 18is Jan 15 563iJan 1546 Jan 1526 Feb 21 61 Jan 11 1834 Apr 1647 Apr 340 Apr 4

IOOI2 Apr 11 160 Apr 17

2i4Jan 4 6I2 Jan 30

14 Apr 17 2318 Jan 16 18i2Jan 25 86 Jan 15 2518 Jan 15 92 Jan 7

6*4 Mar2541 Feb 25 15is Apr. 1745 Jan 5

9 Jan 1418% Apr 9 55 Jan 15

110 Jan 2 7>2 Apr 17 4% Jan 6i2 Jan 29

20 Jan 15 41 Jan 15 67% Jan 1527 Apr 11 18% Jan 22

102 Jan 24 81'8Jan 24 4314 Apr 1110 Apr 3 5212 Apr 3 30 Apr 22% Jan 2 61 Jan 10 70's Jan 15 35 Jan 1235 Mar30

9% Apr 31918 Marl2 34i2 Feb 137 Apr 17

15'8Apr 19 80i2Jao 24 20'2Apr 1757 Jan 2115 Apr 10 47 Apr 12

109*4 Jan 1569 Jan 3 454 Jan 15

10'2Apr 9 7% Apr 17

39% Apr 12 20% Jan 15 13 Jan 1520 Jan 29 13 Jan 246 Jan 3 8% Jan 15

17% Apr 1736 Apr 811 Jan 19 257gjan 1549 Jan 2

1% Mar30 l%Apr 1

17 4 Jan 15 72% Jan 4 78 Jan 2 89% Jan 1770 Apr 1784 Jan 9 34%Jan 15 89%Jan 23 68% Jan 14

106 Jan 3 25 Jan 16 78% Apr 8 11%Jan 1050 Jan 2 11%Jan 2 38% Jan 16 52% Mar25 27 Jan 7 69% Jan 7 53% Jan 15

z95 Jan 4 8% Apr 2

44% Apr 17 90 Feb 21 74% Apr 11

104 Jan 558 Jan 15 98 Jan 16

108% Mar23 60% Jan 5 99% Mar28

140% Jan 5 94 Jan 24 44%Jan 1592 Jan 4 20% Apr 11 12% Jan 18 41 Jan 2

*59% Jan 18 97% Jan 5 58 Jan 5 56% Jan 1593 Jan 285 Jan 4 74% Jan 15 72% Jan 15 96% Jan 1521 Jan 21

Highest.

$ per share. 87% Jan 3 82% Jan 292 Jan 2 56% Marl4 57% Jan 48% Jan

149% Jan 31 60% Marl4 8% Jan

25 Jan 47% Jan 79% Jan 95 Jan

137 Jan 29 23 Jan 69% Marl2 59% Marl2 31% Apr 18 61 Jan 29 23 Jan 2 50% Jan 4 45 Marl4

115% Feb zl80 Jan 4

6 Jan 3 13% Jan 2 17% Jan 2 30% Mar 1822 MarlS 92% Feb 14 30% Feb 18 96% Apr9% Jan

47% Jan 18% Jan 51 Feb 10% Feb 19 21 Feb 25 627g M arll

118 Marl4 10% Jan 3 6% Jan 2 9% Jan 7

24% Jan 2 54% M arl5 73% Jan 4 32% Jan 2 21% Jan 3

106% Marl2 88% Jan 3 47% Jan 2 14 Jan 4 58% Feb 1937 Jan 11 30% Mar 14 69 Apr 19 85% Marl838 Marl 4 38% Mar 16 14 Jan 223 Jan 40% Jan8% Jan

19% Jan 88% Feb 27 25% Mar 12 61% M arll 19% Feb 20 65% Jan 31

123% Feb 28 74% M arll 6% Jan 3

14% Jan 3 9% Jan 2

44%Jan 2 23% Mar 8 17% Feb 15 31% Feb 15 16% Feb 15 58 Feb 6 10% Jan 2 22% Feb 18 39% Jan 314% Feb 18 30% Apr 19 58 Apr 8

278Jan 12 3% Jan 21

27% Feb 21 83% Mar 7 90 Feb '13 93% Apr 9 84 Feb 27 86 Feb 19 44% Apr 19 96% M arll 80% Apr 4

110% Feb 1 33% Apr 4 81% Mar 8 14% Feb 26 63% Feb 26 26% Apr 19 48 Apr 8 5812 Feb 1 34% Feb 6 75% Feb 6 69% Feb 19

100 Feb 18 13% Feb 6 58% Feb 6

115 Apr 10 86%Feb 19

106% Mar 2 68% Feb 19

108% Feb 10 110% Jan 3 98% Apr 9

109% Feb 1 1687g Feb 6 99 Feb 23 66% Feb 21 95% Marl2 31% Feb 5 17% Jan 3 47 Jan 3 66% Feb 19

120% Feb 18 64% Mar 18 81% Feb 19

100 Feb 2893 Feb 19 83% Feb 27 83% Jan 3

103% Apr 1826 Feb 18

PER SH AR E Range for Precious

Year 1917Lowest

$ per share 75 Deo 75 Dec

z79% Deo 3S% Deo 48% Deo36 Dec

126 Deo42 Nov « Deo

17% Deo 35 Nov 62% Deo 85 Dec

137% Deo16 Deo44 Deo 35% Dec 24 Nov 61% Oct 18 Nov 4 4% Nov 41 Sept 87 Nov

167% Deo 5 Deo 9% Dec

13% Deo 18% Deo 15% Deo 79% Deo 22% Nov 85% Deo 5% Deo

39% Deo 13% Nov 40 Nov 8% Nov

23 Oct 50% Deo

103 Dec 6% Deo 3% Deo 7 Nov

19% Nov 37% Deo 62% Deo 21% Sept17 Nov 92% Deo 75 Deo 40% Deo 12 Deo45 Nov37 Oct 18% Deo 63% Apr 60% Nov 34 Nov 337* Deo 12 Deo 22 Deo34 Deo 7% Deo

1678 Deo 75% Deo 21% Deo 51% May 11% Nov62 Deo

101% Deo69% Deo 4% Deo

11% Deo 7 Nov

36% Deo18 Deo 12 Deo20 Deo 10% Dec 35% Dec

7% Deo 16% Nov 33 Deo7% Nov

19 Oct 45% Dec

1 Dec 1% Deo

15 Deo 65 Deo 72 Deo 91 Deo63 Deo 78% Dec 29% Nov87 Deo 57 Feb

100 Nov21 Deo 80 Deo 10 Feb 43% Deo87* July

35 Deo46 Oct 15% Feb 48 Feb 46% Deo 93 Deo

8% Deo 50 Deo88 Nov 67% Deo

i99% Nov 60% Deo 89% Nov

106 Deo 30 May 95% Deo

123 Deo89 Dec 37% Feb 87 Nov 17 Nov 10% Deo 39% Deo 61% Nov 87% Sept 54 Feb43 Feb 93 Deo 82 Deo 66% Deo

z68% Deo 93 Deo

Highest

$ per share107% Jan 100% Feb 119 Jan 85 Jan 767* Jan 82 Jan

167% Mar 65% Jan 14% Jan 41% Jan92 Jan

125%Jan 124% Jan 172% Feb38% June 84% Apr 71 Apr 51 Jan 80 Jan 30 Jan 57% Jan 46 Mar

1517* Jan 238 Mar

17 Jan 41 Jan 34% Jan 49% Jan 39% Jan

118%Jan 38% Mar

106% Jan 17% Jan 72% Jan 257* Jan 58% Jan 25% Jan 53% Jan 79% Jan

133% Jan 32% Jan 11 Jan 20% Jan 34 Jan 61 Jan

103% Jan 527* Jan 29% Jan

138% Jan 110%Jan 57% Jan 36% Jan 73i* Jan57 June 35%June 68 Jan

104% Jan 45 Jan 45% Jan 26% June 32 Jan 53 Jan18 Jan 39% Jan 98% Mar 33% Jan 70% Jan 19% Jan 95 Jan

149% Jan 85 Jan 11% Jan 23% Jan 15% Jan58 Jan 30% Jan 23 Apr 41 Mar 18% May 48 July 227* Jan 50% Jan 54% Jan18% Jan 37% Jan 80 Jan 11% Jan 8% Mar

32% May 867* Mar 95% May

103% Jan 102% Feb 98 Jan 53 May

111%June 80% June

118% May 50% Jan

101%Jan 17% Mar 75 Jan 167* Aug 55 July 62% Aug 29% Aug 75 Nov 82% Jan

1087* Jan 19% Mar 71% July93 Nov

112% June 117% Jan75 June

126% June 121%Jan 62% Deo

128% Jan 220 Mar 109% Jan 58% June

100 June 54% Mar 41% Jan 72% Jan 87 May

121% Jan 66 Jan 76% July

102% Jan 130 Jan 615 Jan 156 June 101% Oot

• Bid and asked prloes; no sales on this day. t Ex-rights. I Loss than 100 shares, a Ex-dlv. and rights, s Ex-dlvldend. # Before payment of first installment


1664: New York Stock Record—Concluded—Page 2v e t racor<1 of -Kiiei during the weak of stocks usually Inactive, sea second page preceding.

m a n a .Saturday April 13.

VD 10

MomApril

W SALS pr ICS3

lay16.

-PBS

WedneApril

S3 All a. NOT p a s CBNT.ay19.

Sales/orthe

WeekShares.

STOCKSNBW YORK STOCK

EXCHANGE

PBS S3 ASK Range Since Jan. 1.

On basis of 100-sftare tots.PER SHARE

Range for Previous Year 1917

15. April 17. April 18. April Lowest. Highest. Lowest Highest

S ver share S per share 3 per share 3 per share $ per share S per share lndustrlal&lVflse.(Con.) Par $ per share. $ per share. $ per share $ per share♦ 120 124 122% 124 123% 124 *122 124 123% 124 124 130% 3.700 Burns Bros................ ......... 100 108 Feb 5 130%Apr 19 89 Jan 125% Apr

*$h 914 *834 Oil 400 Butte Copper & Zinc v t c . . .5 9 Apr 11 10*4 Feb 15*20% 21 *19*4 20% *18*4 20% 18% 19 20 20 20 20% 1.000 Butte & Superior Mining. .10 16% Jan 2 24% Marll 12*4 Deo 52% Jan*41% 42% *41% 43 *42% 43 42% 42% 42% 42% 42% 42% 600 California Packing___ No par 36% Jan 3 43% Apr 9 33*4 Nov 42% Aug17% 18 18 18% 18 18 17 17 17 17 17% 17% 4,900 California Petroleum____ 100 12 Jan 7 18% Apr 15 10% Deo 30% Jan47 48l2 48% 49 48*4 48% 47% 48% 47% 48 48 48 1,940 Do pref_____________ 100 36 Jan 5 49 Apr 15 29% Nov 62% Jan63% 64% 65 67 66 67 65% 66% 66 67% 67% 69 20,900 Central Leather_________ 100 61% Jan 15 73% Feb 27 55 Deo 101% Jun

*101 103 102*2 102% 102% 102% 10234 102% §104 104 *102 104 350 Oo p ro f.. ......... ......... 100 102% Mar 14 zl07 Mar 8 97 Dec 115% Jan*31 3 l7s 31*4 31% 31% 32 §32 32 31% 32% 32% 32% 2,325 Corro do Pasco Cop__ No par 29% Mar 6 3314 Feb 20 25 Deo 41 Feb*79 81 80*2 81 81 82 *S0 82 81 81 82% 83 1,100 Chandler Motor Car 100 08% Jan 2 95 Feb 25 56 Nov 104*4 Mar

15lS 151S 15*2 15% 15% 15% 15% 15% 15% 16% 16% 16% - 6,500 Chile Copper____________ .25 14% Apr 4 17*8 Jan 2 11% Nov 27*s Mar*41 42i2 *41 42% 41% 41% 40% 41 40% 41% 41% 41% 2,150 Chino Copper.................... . 5 39 Mar25 45% Feb 1 35% Nov 0334 Mar

39 39 38% 39% 900 Colorado Fuol * Iron____ 100 34*4 Jan 29 42% Feb 19 29% Nov 68 June•30'J.i 32 32 33% 32% 32% 32% .32% 33 33% 3334 34% 3,000 Columbia GasAEleo......... 100 28*4 Mar25 35 Jan 30 25% Nov 47% Apr*85 88 *85 89 *85 88 *85 88 *85 88 *85 88 Consolidated Gas (N Y)__ 100 84 Jan 5 92% Feb 7 76% Dec 134*8 Jan

*65 70 U *65 701.1 100 68% Mar25 05 Feb 19 76 Nov 103% June35% 355s 35*4 36% 36 37% 36 37% 3658 37% 36% 37% 56,900 Corn Products Refining__ 100 29% Jan 15 3S Mar 22 18 Feb 37% July96 96 96*2 97 *96% 98 97 .97 97 97 97 97% 2,380 Oo pref_____________ 100 z90%Jan 7 97% Mar21 88% Nov 112*8 Jan61 61*2 61 63 62% 63% 61% 62% 63 04% 64 65% 32,100 Crucible 3teel of America. 100 52 Jan 12 68*8 Feb 19 45*4 Deo 01% July

*85 89 *85 89 *88 *88 80 *88 89 Do nrof _ inn 86 Jan 31 90 Jau 2 83 Dee 117*4 Jan*2712 27*2 28% 28 28% 27% 28 28% 29% 29 29% 9,000 Cuba Cane Sugar____ No par 27% Apr 10 33% Feb 20 24% Nov 55% Jan*90 95 79 79 79 79 79 79 791.1 79% 79% 79% 900 Do pref__________ 100 78% Mar25 83 Feb 18 74% Deo 04% Jan45 4534 4534 48% 46% 48% 45% 47'.! 46% 48% 47 48% 152,850 Distillers’ Securities Corp. 100 z33 Jan 2 48% Apr 19 11*4 May 44% Oot

8 >8 H>4 8 8 *8 8% 8 8% *8 8% 8% 8% 2,000 Dome Mines. Ltd............ .1 0 8 Mar 14 10 Jan 4 0% Nov 24*4 Jan3314 3314 33*2 34 34 34 34 34 34 34 *33% 34 1,000 Gaston W & W Ino.-iVo par 31*4 Mar25 39 Feb 13 28 Fob 41% Aug

*137 139 139% 139% *138 139% 139 139 139% 140% 14112 142% 2,500 General Electric____ __ mo 127*1 Jan 7 143% Fob 19 118 Deo 17t*i Jan118 119 .cllO 118% 116% 119 117 118% 118 120% 121% 123% 19,500 General Motors Corp . 100 100*4 Jan 15 141*4 Feb 9 74% Nov 146% Jan*80-34 81% *79% 81 79% 79% 79 79 79 79 *79 7934 400 Do pref___________ 100 79 Apr 17 83 Feb 1 72*4 Deo 03 Jan4214 4214 42 43 *42% 45 42% 42% 42% 42% 43 44 1,300 Goodrich Co (B P )............ 100 38 Jan 2 z50% Feb 5 32% Deo 61% Jau

*95 100 *93 100 *95 99 >4 *95 100 *95 100 *95 100 100 96 Jan 10 loo Feb 19 112 Jan78 73 *77% 78% *77% 78% *77% 78% 78 78 z76 76 300 Granby Cons M 9 4 P. 100 74 Jan 25 79% Jan 3 05 Nov 92*8 Jan

*41l2 42 42 42 §42% 42% *42 43 42% 42% 42% 43 730 Greene Cananea Copper.. 100 38% Jan 17 45 Feb 6 34 Nov 47 Jan*87 9212 *87 92 *87 92 *87 94 94 95 95 95 300 Gulf States Steel tr etfs__ 100 86 Jan 15 96% Jan 3 77 Nov 137 Jau*96 100 *96 102 *96 102 *96 102 *96 102 *96 102 Do 1st pref tr ctfs___ 100 102 Jan 10 102 Jan 10 101% Nov 110 June3712 37*2 37*2 38% 37 37% *36 38 37% 38% 38% 39% 5,500 Haskell & Barker Car. .iVo par 34 Jan 5 42*i Mar ‘1 27% Nov 40 Juno46l2 46% 46*4 47% 47% 47% 46% 47% 47% 48 48% 40*8 24,450 Inspiration Cons Copper.. .20 42% Jan 15 49*8 Apr 10 38 Nov 66%June

*1134 14*2 *12 15 *12% 15 *12% 15 *12% 15 *12% 15 Internet Agrlcul Corp___ 100 10 Jan 8 15% Jan 30 7*4 Nov 2 1% May*40 47 *40 46 43% 43% *42 47 *40 47 45% 45% 250 Do prof.................... 100 38 Jan 5 49*4 Fob 6 26% Nov 60% July

*116 124 118 118 *117 122 *116 120 *118 121 120 122 500 Intern Harvester of N J .. 100 111% Jan 2 130 Feb 20 100*4 Nov 123 Jan24% 24% 24% 25% 24% 25% 24% 24% 24% 25% 24% 25% 13,200 Int Mercantile Marino.. 100 21 Jan 15 31*4 Feb 23 17% Deo 36% Mar91'4 92 >8 92% 93% 92% 93% 92% 93% 93% 94% Z89% 8934 64,200 Do pref_____________ 100 83*8 Jan 2 102% Feb 18 62% Feb 100% Oot27l2 27*2 27% 28 27% 28 27% 27% 28 28% 28% 28% 4,925 International Nickel (The .25 27 Jan 15 30% Jau 3 24% Doe 47*8 Mar

*29 30 30*8 33% 33 33% 32% 38% 37% 39% 37 38% 81,800 International Paper____ 100 24%Jan 15 39% Apr 18 18% Nov 49*8 Jan*55 60 59 61 61 61% 61% 63% 64 64% 63 63 . 5,400 Do stamped pref___ 100 58 Jan 22 65% Jan 3 60% Nov 77% June42% 425s *40 45 *41 43 *41 43 *41 43 *41 43 100 Kelly-Sprlngfleld Tire___ .25 41 Apr 2 47%Jan 11 36% Deo 64% Jau30% 3038 31% 32% 31% 32% 31% 31% 31% 32% 32 32% 8,700 Kcnnecott Copper___ No par 29 Mar25 34% Feb 19 26 Nov 50% May77i2 7734 77% 78% 78% 79 78 78% 78 79% 79% 80% 0,300 Lackawanna Steel_____ 100 73*4 Jan 12 81*3 Mar 8 68 Nov 103%Juno

*12 15 *12 13 *12 13% *12% 13*2 *12% 13% Leo Rubber A Tlre.._Aro par 12 Apr 2 10 Feb 19 10*s Nov 30 Jan*1834 22 *18% 22 *18 20 18% 19 *18% 20 *18% 20 200 Looso-Wlles Biscuit tr ctfs. 100 17% Jan 8 22% Feb 27 12% N ov 27% Jan*52 G3 *52 63 *52 60 *52 63 *52 63 *52 63 100 53 Feb 15 57 Feb 26 64 Jan*73 75*2. 7512 *74 7512 *74 7512 *73 75% *74 75 100 74 Marl8 78%Feb 28 70 Nov 89*4 Feb*62-2 65 63 63 *63 65 *63 65 “ *63*2 65 *63% 05 100 Do pref........................ 100 67 Jan 4 63 Apr 15 67% Deo 67% Jan26*2 26*2 *25% 27 *26 27% *26 27% *25% 27% 27% 29% 800 Maxwell Motor, Tne 100 23%Jan 15 32% Feb 10 19% Nov 01*4 Jan5214 5212 52*4 53% 53% 54 *52% 56 54% 5412 55 551? 900 Do 1st pref__________ 100 52%Apr 1 64*4 Feb 8 49 Deo 74% Jau

*1912 21 *19*4 21% *19% 21% *19% 21% *19 21% 21% 22 500 Do 2d pref___________ 100 19*4 Jan 15 20 Feb 5 13 Nov 40 Jan91% 92% 92% 94% 93% 95 92% 94% 93 95 941i 96% 53,500 Mexican Petroleum__ 100 79 Jan 5 98% Marl2 67 Deo 106% Jnn

93% 93% *88 93 100 Do pref___________ 100 87 Jan 15 95 Feb 23 97% June*28 29 28% 28% 28% 29% 28% 29 28% 28% 28% 28% 4,300 Miami Copper___ 27% Apr 12 33% Jau 31 25 Nov 43% Apr46 47*2 3:45*2 46% 45*4 46% 4l*i 45% 45% 46% 46 46% 29,950 Midvale Steel A Ordnance. .50 43% Mar23 48% Jan 4 391? Dec 67% June

*64 O8I2 *65 69 *65 69 *65 69 *65 69 69 69 100 Montana Power ICO 06 Mar20 73 Jan 4 z58*4 Deo 109% Jan*95 *97 *97 *95 *97 *97 95 Marl 9 100% Jan 3 1171* Mar*1312 14 13% 14 14 14l,i *14% 15 14% 14% 15 16% 3,700 Nat Conduit 4 Cable No par 13% Apr 8 18*8 Feb 13 13% Dec 39 ” June4934 50% 50% 51% 50% 51% 50% 50% 50% 51% 50% 51% 9,500 Nat Enam'g 4 Stamp’s . . . 100 37% Jan 7 53% Feb 26 24 Feb 46*4 Oot

*96 98 *90 98 *95 98 *90 98 *96 98 inn 99% Feb 20 99*4 July*57 58 *57 58 *57 59 *57 60 58 58 58 585 200 National Lead.......... .. 100 43% Jan 7 6134 Apr 4 37% Deo 63% Mar

*105 109 *105 107 *104 107 105 105 *105 107 *105 107 100 Do prei...................... 100 99*4 Mar 2 105 Apr 11 99 Deo 114 Jan* 1842 183.! 18% 18% 18% 18% 18% 18% 18% 19% 19 19% 3,200 Nevada Consol Copper.. ..5 17*4 Mar25 20 Mar 0 16 Nov 26*8 June

*122 125 *122 125 122 122 §122 122 123 126 125 126 , 985 New York Air Brake........ 100 117% Jail 12 138 Feb 27 98 Nov 160 Mar*45 50 *45 50 43 45 *40 45 4-1 44 *42 45 ' 300 North American Co____ 100 43 Jan 2 40% I-eb 23 39 Deo 72*8 Mar361S 36% 37 37% 37% 37% 36% 37 37 37% 37% 385? 7,100 Ohio Cities Gas (The)___ 26 35% Mar25 42&8 Feb 13 31% Oct 143% Apr*9U 9*2 9% 10% 9% 10% 9% 10% 9% 10% 9% 10% 11,700 Ontario Silver Mining___ ICO 4% Jan 22 10% Apr 8 3*8 Nov 7*4 Sept

*2912 31 30% 31% 30% 31 30% 31% 31% 32% 32% 32% 7,900 Pacific Mall SS.................. . .5 23%Jan 21 32*8 Apr 19 18 Feb 30%June*89% 91*8 *89% 91% *89% 91% *89% 91% *89% 91% 91% 91% 100 Pan-Am Pet 4 Trans, pref 100 86 Jan 8 96 Feb 27 87 Nov 98 Jan*41 4U2 *41 42 41% 41% 41% 41% 42 42% 43 , 431 1,200 Peoplo’s G L 4 C (Chic).. 100 39*8 Jau 2 55 Jan 31 35 Deo 106% Jan21% 21% *21% 23 *21% 23 21 21 21% 21% *21 § 23 ? 400 Philadelphia Co (Pittab).. .50 21 Apr 12 30 Jan 3 24% Deo 42 Jan38 38 *36 39 37% 373.! *37 38 37% 37% 373| 38% 900 Pierce-Arrow M Car . . .N o par 34 Jan 10 43% Mar 1 25 Dec 11*4 June

*90 95 *90 95 93 93 *92% 95 *92% 95 951 200 Do pref____________ 100 89*4 Jan 20 97% Marl2 88 Nov 9812 Aug*4934 51 50% 53% 53 53% 52 52 52 53% 53% 53% 4,000 Pittsburgh Coal of Pa___ 100 42 Jan 15 58*4 Feb 28 37% Deo 64% Sept*78 82 *78 82 *81 83 *78 82 *78 81% *78 81% 100 79*4 Jan 2 84 Feb 19 00 Aug58 58 58 58% 58 58% §57 57 58 58% 58% 59* 3,920 Prossed Steel Car_______ 100 58 Apr 12 69% Feb 19 49 Deo 83% Jan

*9412 96 *94 96 94% 94% *93 95 93% 93% 200 Do pref.......... ............. 100 93% Apr 19 97% Feb 13 z90 Nov xl07 Jan*99 102 99 99 *98 100 98 98 *97 100 *99% 103% 300 Publlo Serv Corp of N J .. 100 98 Apr 17 1091? Mur 5 90 Deo 131 Jan

*116 118% *116 120 *116 120 *116 120 *116 120 115 117 600 Pullman Company............ 100 100% Jail 7 118*4 Apr 9 100% Deo 107% Jan5U2 51% 52% 52% 52% 53% 51% 52 52% 52.>8 5234 54% 3,705 Railway Steel Spring____ 100 45% Jau 7 60% Feb 19 36% Nov 58 June

*9612 98 *961? 98 *96’ ? 98 97% 97% *96 *96% 98 mo 98 Feb 15 101 Jan23% 24 24 24% 24% 243S 24 24% 24% 24% 24% 2434 5,800 Ray Consolidated Copper. .10 22*8 Jan 15 26 Feb 19 19% Nov 32% Apr78 78V 781.1 79% 79 81 79 SO 80% 82 f 821.! 83l,i 30,600 Republic) Iron 4 Steel____ 100 z72%Jan 15 83% Apr 19 60 Feb 94% June97% 97% 97*4 9734 *97 98 97% 97% *97 93* 98 98 800 Do p re f.................... 100 92*g Jan 2 99% Feb 19 89 Deo 105% May75% 75% *72 77 *75% 77 75% 75% 76 77 t *77 77% 820 Royal Dutch Co ctfs dep .. . 701s Mar23 80% M arll 59 May 73% Nov*7 9 *7 9 *7 9 6% 7 *61.i 9 ! *7 8 200 Saxon Motor Car Corp. 100 6% Apr 17 11 Jan 31 4% Nov 68 Jan

*140 145 1421.t 142% *142 144 141% 1411? *141 150 « *140 150 200 Scars, Roebuck A Co........ 100 139*4 Jan 5 156 Feb 16 123% Deo 238% Jan*16l2 17 *15% 17% 1578 1578 16% 16% *15% 17% *16 17 200 Shattuek Arl* Copper__ .10 15%Jan 17 18% Feb 19 15 Deo 29% Mar2578 26% 26% 271- 27 27% 27% 27% 27% 28% 28% 29% 24,200 Sinclair Oil 4 Rel’g__No par 25% Apr 11 39 Feb 6 25% Deo 69*i Mar50% 51 *50 54 51 51% *50 52 52% 52% 5334 56*4 1,900 Sloss-Sheffield Steel 4 Iron 160 39 Jan 24 56*4 Apr 10 33% Nov 74*i M ar3712 38% 37% 39 37% 38% 37% 38% 38% 39% 383.1 40 j 42,450 Studebaker Corp (T he)... 100 37*8 Apr 2 66% Feb 19 33*a Nov 110% Jun

*80 90 *80 90 *80 90 §85 85 *80 90 » *80 90* 37 Do p re f____ _______ 100 90 Mar 2 7 95 Feb 6 85 Nov 108*8 Jan36 36 *34 35% 35 35 *34% 35% 35 -? 35% 36 36% 900 Superior Steel Corp’n. 100 34% Mar25 40 Jan 3 30% Nov 51*4 June

*9412 99 *92 lot *92 101 *92 101 ♦92 101 *92 101 95 Feb 16 95 Feb 16 Oft Deo17's 17% 17% 17% 17% 17% 17% 17% 17% 17% 17% 17% 2,000 Tonn Copp 4 C tr otfs.No par 12% Jan 2 17*4 Jan 30 11 Nov 19% June

142 142 143% 145% 143 145 142 143% 143% 146% 147 148% 10,100 Texas Company (The)___ 100 130% Jau 7 160*4 Feb 2 114*4 Deo 243 Jau5212 53% 53% 54% 53% 55 531.! 54% 54% 55 5434 55% 24,800 Tobacco Products Corp 100 48% Mar25 50*1 Feb 21 42% Deo 80*8 Aug

*87 92% *86 92% *86 92% *87% 92% *87% 92% *87% 92% 93 Fell 2100 100 *99% 105% *100 103% *100 103% *99% 103% 300 Underwood TypowrltT__ 100 100 Apr 9 104% Mar 2 z83 Deo 107 Aug*68 70 70 70 *67 72% 68% 68I.1 *09 72% 72% 75 500 Union Bag 4 Paper Corp.. 100 65 Jan 24 75 Apr 19 59*8 Deo 112 Jan*3812 39*2 39% 39% *39 40 *39 40 *39 40 40 40 200 United Alloy Steel........ N o o a r 37 Jan 2 40 Feb 26 34% Deo 49*8 June8578 87 871,1 88% 88 88% 88 89% 88% 90 89*4 90% 8,200 United Cigar Stores_____ 100 83*4 Mar28 99 Jan 23 81% Nov 127% Aug

*102 112 *102 112 *102 112 *102 112 *102 112 100 101%Jan 5 106 Apr 10 08% Deo 120*4 Mar123 123 120% 121% 121% 123 119% 121 *120 123 *121 i 125 1,600 United Fruit.......... ......... 100 116% Jan 10 133 Feb 18 zl05 Deo 154*8 Jan*1118 13 511% 11% *11% 13 13 13 13% 13% 14 * 14% 925 U 8 Cast I Pipe 4 Fdy___ 100 11% Apr 0 16*4 Feb 18 10 Nov 24% June*41 45 *41 45 *41 45 *41 45 *41 45 42% 42% 100 Do prel.................. 100 41 Mar26 47*t Feb l 42 Doo 63 Jan12134 123 122-% 124% 122% 124% 122 123% 123 127% 125 , 127% 39,700 U 8 Industrial Alcohol___ 100 114 Jan 5 130*4 Feb 19 08% Nov 171%June*95 100 *97 99 *97 99 *95 98 97 97-? *95 ; 99 100 Do pref____ ______ 100 95 Jan 22 99 Mar21 88 Nov 106 June52 52% 52% 55 U 53 53% 5.3 53 54 54 < 54% 653.1 7,300 United States Rubber___ 100 51 Jan 16 59% Feb 19 45 Deo 07 Aug

*101 104*2 Xl02% 102% *101% 103 §101% 101% 102% 102% 103% 104 494 Do 1st preferred........ 100 z95 Jan 15 101% Apr 4 91 Deo 114%Jan36 36-% *36% 39 38 38% 37% 38 38*2 38% 38% 38% 2,000 U 8 Smelting Ref A M __ .60 32% Apr 12 48*i Feb 19 40 Deo 07*4 Jan4238 42% *42% 44 *42% 44 _ *42% 44-S *42% 44?* 100 Do pref.............. ......... 42% Apr 12 45*4 Feb 1 43*8 Nov 52% Jan89's 89% 89% 91% 90% 92% 90% 91% 91% 94% 94% 953.1 487,100 United States Steel Corp. 100 86% Mar25 98% Feb 1 79% Deo 130*8 May

109 109*2 109% 109% 109% 109% 109% 110 n o 110 110% 110% 2,700 Do pref.......... ........... 100 108 Mar25 112*8 Jan 31 102*4 Doo 121%Jan781i 78% 78% 78% 7812 79 78 78% 78% 79% 79% 80% 11,900 Utah Copper........ ........... 76*4 Mar25 85*4 Feb 19 70% Doo 118*4 May

*12 13 *12% 13% *1212 13% 12% 12% *12 13% *13 13% 100 Utah Securities v t c _____ 100 11% Jan 2 15% Feb 18 9% Deo 24*4 Jan41 41 *40% 42% *41% 42% 42 42 42% 42% 42% 43- 800 Vlrglnla-Carollna Chem.. 100 33*4 Jon 2 43*t Apr 4 26 Nov 46 May

IO2I4 102*4 *105 107 *102 107 §102% 102% *102 107 104 101 • 200 Do pref......... ............ 100 98 Jan 10 101% Apr 1 07 Deo 112% Jan*66 69 *66 70 *66% 70 *66 70 68 68 *68 701 100 Virginia Iron C A O.......... 100 60 Jan 6 70*8 Mnr22 40 Feb 77 Mar9412 94% 94% 95% 95% 95% 94% 94% 94% 95% 93% 94% 2,400 Western Union Telegraph. 100 85*8 Jau 2 95*8 Apr 15 *76 Dee 99*4 Jau3912 39% 40% 40% 39% 40's 39% 39% 40 40% 40% 41 5,700 Westlnghouse Elco A Mfg. .60 38%Jan 17 43% Feb 19 33*4 Deo 56 May

*60 67 *60 67 *60 65 §64 64 *60 65 5 *60 6 5 ' 50 Do 1st preferred.......... .60 59 Jan 11 64% Feb 20 52% Doo 70% Jud*10 43*4 *41 42*4 41% 41*4 *41 43*1 42 42’ 300 White M otor.................... 30*4 Jan 2 46%Feb 20 33*4 Nov 62% Jan

1714 17*4 zl7% 17% 17% 17% 16% 17% 17% 17% 17% 17% 8,200 Wlllya-Overland (The)___ .25 15%Jau 15 22 Jan 3 15 Nov 38% Jan80 80 80 80% *79 80 ! 80 80 700 Do pref (new).......... 100 75 Jan 3 82% Marl9 60 Nov 100 Mar54 54 *53 55" 54% 55 *54 55 *54 55 ' 55 55% 1,000 Wilson A Co. Inc, v t 0 . . . 100 45% Jan 2 59 Jan 19 42 Nov 84% Mar

*112 115 *112 115 *112 115 *112 114 *112 1 it • *112 114 110 Mar25 120% Jan 3 151 Jan*112 120*2 *112 1201? *112 120% *112 120% *112 120% *112 120% 113 Deo 126% Jan*40'a 42 41 41 *40 43 *40% 43 42% 42% 43 43% 1,100 Worthington P A M v t 0. 100 34 Jan 4 43% Apr 19 23% Feb 37*8 June*89 91% 90 90% *89 91% *89 91 *89 91 90 90 300 Do pref A............ ....... 160 85*8 Fob 6 91% Apr 6 88 Nov 07% Juno*62 64% *62 64% *62 64% *62 64% *62 64% 64 64% 300 Do pref B___________ 100 59 Jan 18 64% Apr 19 60 May 63 Jun• Bid and asked prices; no sales on this day t Leas than 100 shares, t Ex-rlghts. a Ex-dlv. and right*. ft Par $10 per share. a Far $100 per shars.

♦Certificates of deposit * Ex-dlvldend.


In JanNew York Stock Exchange—Bond accord, Friday, Weekly and Yearly 1 6 6 5

. 1909 the Exchange method o f quoting bonds was changed and prices are now— ‘ and interest "— except for interest and defaulted}bonds

p Range Since

Jan. 1.lh No Low High)0 3692 97.20 99.00>3 1158 95.83 98.40S4 16171 94.70 97 98% 2 97 97k% 1 97% 97%. 1( 99 99%8 . . 98k 998 . . . 105 105%8 ___7 105 105» . 2 ; . 7 ___ 97k 97%5 . . .

116 94k 97k% 887 88% 918 ___ 78 83 k47 84 90

1 53k 60k8 2 90k 96%8 1 90% 92%8 ___ SO 807 94 95k3 90k 95%k 13 88k 94% 159 94 988 80k 92k1 84 92k46 77 818 ___ 74% 70

83 84 9042 84 89%8 ____

7 ___ 40 42%81 81k 89k

2 17 68 77kit 214 97 99%

151 95% 98% 151 01% 94*4it 135 97k 100

31 87% 91%8 ___ 89% 90%131 87k 90k2 14 93% 90%253 93 90%

4 85 87%2 5 85 87%3 . . . . 85 87k8 ___ 85 80

5 93% 96%2 36 94k 978 ___ 76% 78k_ ________8 ___7 ___ 98 97%8 ____ 98 968 ___7 ____ 105 100%8 ____ 104k 107k8 ____7 ____ 100% 100%

8 ___ 55 592 20 80 85%20 80 808 . . . .7 ___ 71% 762 3 71% 784 3 81k 884 67 ____ 82 867 ___s ___ 77 80k17 ____ 79 82%4 13 81 84%____7 ____ 75 82k

5 ____ .................17 70 73k

. . . . . . . .____ 99 99

16 85 k 89kmm mm _________

16___ 76 78

22 76k 70k10___ 80 83k

5 82 82. . . . 72 75— 81 85------ -------------- -------------- . . . ._________

. . _ 99% 99%09 99%

_______

103" 1031 99k 103k

80% 91k____ . . . .97 97%2 87% 90

------ --------.................

— .................. . . .

3 02 104;02 104

- - - - 98k 99k100 100

. . . . 65 65— 80 802 95% 100%9 72 77

28 05% 73111 76 81k— - - .............

BONDSN. Y. STOCK EXCHANGE

Weak ending April 19

Q- J A -O A -O Nov Nov M-N 1 -D J -D M- 8 I - J J - J M- S M- S M- 8 J -D M-N

............. ..................................... - JCharles A 8av 1st gold 78.1930 J - J

M-N A -O A -O J - J J - Jq - jA -O q - J

M-Nq - J q - j q - F q - F q - f Q -F q - F Q -N q -M q - F

F -A A -O M- 8 M-N J -D M- 8 F - A F -A A -O A -O A -Of' - 'aJ - J

(J. S, Government.O 8 3X8 Liberty Loan___ 1947a 8 4a converted lrorn 1st.Lib

erty Loan.................... 1932-47U 8 4s 2d Liberty Loan____11)42U 8 2s consol registered...<11930U 8 2s consol coupon_____dl930U 8 3s registered........ ....... *1918U 8 3a coupon___________ *1918U S is registered__________ 19250 8 4o coupon ..__________ 1925U 8 Pan Canal 10-30-yr 2s.*1936 U 3 Fan Canal 10-30-yr 2s reg '38U 8 Panama Canal 3s g___ 1901U 8 Philippine Island -Js.1914-34

Foreign GovernmentAtner Foreign Secur 5s____ 1919Anglo-French 6-yr Cs Liter loan. Argentine—Internal fis ot 1909.. Bordeaux (City ol) 3-yr 0s. 1919 Chinese (HulsuangRy)—5s o f ’ l l Cnba—External debt 0a of 1904.

Exter dt 5s of '14 ser A__ 1949External loan 4Xe_____ .1949

Dominion of Canada g Cs__ 1921Do do 192cDo do 1931

French Kopub 5Xa secured loan. Japanese Govt— £ loan 4 X B-1925

Second scries 4Xs-----------1926Do do "German stamp '

Sterling loan 4s.......... ...1931 J - JLyons (City of) 3-yr 6s........ 1919 M- NMarseilles (City of) 3-yrCu..1919 M- N Mexico—Exter loan £ 6s of 1899 Q - J

Gold debt 4s Of 1904........ 1954 J - DParis, Ctty of, 5-year Cs___ 1921 A -OTokyo City—6s loan of 1912___ M- SU E of Gt Brit A I 2-yr 6S..1918 M- S

3-year fiX% notes.......... 1919 M-N6-year 5)4% notes.......... 1921 M-NConvertible 5X % notes.1919 F - A tThese are prices on the basis of %5tol

H ull and City Securities.H Y City—4ksCorp stock.I960 M- 8

4 k « Corporate stock___ 1964 M- 8A He Corporate stook___ I960 A -O*Xa Corporate stock___ 1805 J -D4 14 s Corporate stock___ 1863 M-4% Corporate stock____ 1959 M-N4% Corporate stook.........1958 M- N4% Corporate stock____ 1967 M-N4% Corporate stock reg .1956 M-NNew 4X8.......................... 1957 M-N4X% Corporate stock...1957 M-N 3X7* Corporate stock...1954 M-N

N Y State—4s...... ................1961 M- 8Canal Improvement 4s__ 1961 J - JCanal Improvement 4 s . „ 1962 J - J Canal Improvement 4 s ... 1960 J - J Canal Improvement 4X8.1984 J - J Canal Improvement 4ks.l965 J - J Highway Improv’t 4XS--1963 M- S Highway Improv't 4k s..l9 66 M- 8

Virginia funded debt 2-3s... 1991 J - J 6s deferred Brown Bros otfs

Railroad.Ann Arbor 1st g 4s________*1995Atoh Top A 8 Fe gen g 4 s ... 1995

Registered.........................1995Adjustment gold 4s.........*1995

Registered...................*1995Stamped...................... *1995

Conv gold 4s...................... 1956Conv 4s Issue of 1910____1960Fast Okla DIv 1st g 4s...1028 Rocky Mill Dlv 1st 4 s . ..1065 Trans Con Short L 1st 4s. 1958 Cal-Arl* 1st A ref 4Xs’ ’A” 1902 0 Fe Pres A Fh 1st g 6 s ... 1942

Atl Coast L 1st gold 4s___ *1952Gen unified 4Xe............... 1964Ala Mid 1st gu gold 5 s ... 1928 Bruns A W 1st gu gold 4s. 1938

Price Friday

April 19

98.86 Sale96.58 Sale 96.60 Sale

97 9897 ------99 993*99 0934

105 10534105 ____Ofltg------9 6 k ____80 ------

L A N coll gold 4s...........01962SavFA W 1st gold 6s____1034

1st gold fis.......................1934811 Sp Oca A G gu g 4s___ 1918

Belt A Ohio prior 3Xs......... 1926Registered.................. *1025

1st 60-year gold 4s.......... *1948Registered.................. *1948

20-yr oonv 4 X s.................1933Refund A gen fis Series A . 1995 J -DPitts Juno 1st gold 6s____1922 J - JPJuno A M Dlv 1st g 3X0 1926 M- N P L E A W VaSysref 4s..1941 M-N Southw Dlv 1st gold 3X8.1925 J - J Cent Ohio R 1st 0 g 4M s.. 1930 M- S Ol Lor A VV con 1st g fis ... 1933 A - O MononRiver 1stgu g5s.. 1919 F -A Ohio River HR 1st g fis...1930 J -D

General gold 6s______ 1937 A -OPitts Clev A Tol 1st g 0s.. 1922 A -O

Buffalo R A P gen g 6s.........1937 M- SConsol 4Xs..................... 1957 M-NA11A Went 1st g 4s gu___ 1998 A -OClear A Mah 1st gu g fis.. 1943 3 - 3 Roch A Pitta 1st gold 68-1921 F - A

Consol 1st g 6 s . . . ........ 1922 J - DCanada Sou cons gu A fis... 1962 A -O Oar Clinch A Ohio 1st 30-yr fis '38 J - 1) Central of Oa 1st gold 6s. .v 1945 F -A

Consol gold fis...................1945 M-NChutt Dlv pur money g 4s 1961 J -D Mao A Nor Dlv 1st g 6s.. 1946 J - JMid Oa A Atl Dlv 6s.........1947 J - JMobile Dlv 1st g 6s.......... 1046 J - J

Cen RR A 13 of Ua colg 6s.. 1937 M-NCent of N J gen’l gold 6s___ 1987 J - J

Registered...................*1987 Q - JAm Dock A Imp gu 6s__ 1921 J - JLeh A Hud Rlv gen gu g 5s.'20 J - J N Y A Long Br gon g 4s._ 1041 M- tt

Cent Vermont 1st gu g 4s..«1920 Q -F Ohesa A O fund A Impt 6S..1929 J - J

1st consol gold 6s...............1939 M-NRegistered.....................1939 M-N

General gold 4He............. 1992 M- 8Registered.....................1992 m - 8

20-year convertible 4 X s .. 1030 F - A 80-year conv scoured 6s.. 1048 A - OBig Sandy 1st 4s............... 1944 J -DCoal River Ry 1st gu 4s.. 1946 J -D

96 Sale 90k Sale 81 82 8734 Salo

t 60 Salo 9638 97 92 k 95 80 85k947g Sale 92k 93 91 Sale

95% Sale t 81 83t ------ 87k

78% Salet 74%------

87k Salo 8734 Salo

t 40k 45 30 4085 Sales 77*2 Sale 9914 Sale 96k Sale 93k Salo

98% Salo

88 Sale8 7 k ____87k Salo93 k 973s93k Salo 85 85k

------ 873485 85k84k 87 93k Sale94 Salo75 70%

— 95. . . .

9896

105k 107%98 104k10598 100%__ 7920 40

52 5681% Salo

8272k 8167%73% 73%82 8582 8585% 91k63 8075% 79k79 8086 10081 84k76 81’94%75%

107k . . . .

Week’*Range or Last Sale

Low

93.80 99.0096.1496.1)2 97 k 97k 9999 .

105 105 i

84100

95901483k ‘86kGO96>892k8091%92k90k953480k8478k74 k8G;i48684

83k 75 99 k 96 k 93 k

08%

8734 88

87k 93 k 93 85 85

93k94k

88

107 ____9 4 k ____99 99k85*4 86 k

------ 87*477 Sale

*____ 73k78 Sale 80k Sale80k 8734

____ 76k____ 83*483 .91 -

“flfk I . —84 ____

65803480

81k82

81

85129k70k

11510699 , 85k

80

807034 77

10799‘2

1008575

101 105100k 107 90 91

____ 84___ 10285 91

____ 79____ 90____ 101k88 90

____ 93103 10G34100 10398k 100 94k 101k02 ------65 75k80k 87

____ 90k96 ------76 70k

■73" Sale" 7934 Salo 65k 78 05 ____

77k80

112 ,82728334.

100 .

78

82

99 ]99k C 97 ]

103k I 103 I 103k 90 184 I 97k ;88k78 * _

103 Mar’17 . . „ June'17

104k Apr ’ 17 90 Aug '17

103k ____102 Mar’ 18 99 Mar’ 18

100 Apr ’ 18 100k Jan ’ 13 05 Mar'18 80 Apr ’ 18 95k 90

104k Jan '17 70k 76k863.1 Mar’ 17 72k 7378k 79*484 Apr '17 85k Nov’ 10

BONDSN. Y. STOCK EXCHANGE

Week ending April 19Chesapeake A Ohio (Con)—

Craig Valley 1st g fis____ 1940Potts Creek Br 1st 4s___ 1946R A A Dlv 1st con g 4s...1989

2d consol gold 4a...........1989Greenbrier Ry 1st gu g 4s. 19 40 Warm Springs V 1st g 5S..194J

Ohio A Alton RR ref g 3s__ 1949Railway 1st Hen 3Xs.........1950

Ohio B A Q Denver Dlv 4s.. 1922Illinois Dlv 3X8................ 1949Illinois Dlv 4s___________1949Iowa Dlv sinking fund fis. 1919

Sinking fund 4s............. 1919Joint bonds. See Great North Nebraska Extension 4 s ...1927

Registered____________1927General 48...........................1958

Ohio A E III ref A imp 4s g..l955 U S Mtg A Tr Co ctfs of dep .1st consol gold 6s________1934General consol 1st 5s____ 1937

U 8 Mtg A Tr Co otfs of dep Guar Tr Co ctfs of d ep ...

Purcb money 1st coal fis—1942 Ohio A Iud C Ry 1st fis ... 1936

Chicago Great West 1st 4s.. 1959 Chic Ind A Loulsv—Ref 6s. 1947

Refunding gold 5s_______1947Refunding 4s Series C___ 1947Ind A Loulsv 1st gu 4 s ... 1956

Chic Ind A Sou 50-yr 4s___ 1956Ohio L S A East 1st 4X8—.1969 Chicago Milwaukee A St Paul—

Gen’l gold 4s Series A—_el989Registered.................... «19S0

Permanent 4s........ ........... 1925Gen A ref Ser A 4Xs___ a2014Gen ref conv Ser B fis__ a2014Gon’ l gold 3Xs Ser B___ ei989General 4Xs Series C ...el98925-year debenture 4s.........1934Convertible 4Xs............ 1932Ohio A L Sup Dlv s fis ...1921 Ohio A Mo Rlv Dlv fis ... 1926Chic A P W 1st g fis____ 1921C M A Puget 8d 1st gu 4s. 1949 Dubuouo Dlv 1st s f 6s. . .1920 Fargo A Sou assum g 0s 1924La Crosse A D 1st 5s........ 1019Wls A Minn Dlv g fig___ 1921Wls Valley Dlv 1st 6 s . .— 1920 Mllw A No 1st ext 4 X s .. 1934

Cons extended 4Xs___ 1934Ohio A Nor West Ex 4s 1886-1926

Registered_______1886-1926General gold 3Xs.............1987

Registered.................pl987General 4s______________ 1987

Stamped 4 s....................1987General fis stamped__ 1987Sinking fund 6s.........1879-1929

Registered............ 1879-1929Sinking fund fis.........1879-1929

Registered............ 1879-1929Debenture fis.__ _______ 1921

Registered______ "1921Sinking fund deb 6s...........1933

Registered......................1933Des PialnesVal 1st gu 4Xs!947 Frem Elk A Mo V 1st 0s.. 1933 M a n O B A N W 1st3X8.1941 J*Hw AS L 1st gu 3 X s .-1941 Mil L S A West 1st g 6» 1921

Ext A Imp s f gold fis. . . 1929 Ashland Dfv 1st g 6 s . .. 1926 Mich Dlv 1st gold 68— 1924

Mil Spar A N W lot gu 4s 1947 St L Peo A N W 1st gu 68.1948

Chicago Rock Isl A Pao—Railway general gold 4 s ... 1988

Registered......................1988Refunding gold 4s............ 193420-year debenture 6 s ... 1932 Coll trust Series P 4s___ 1918R I Ark A Louis 1st 4X s .. 1934 Burl O R A N— let g fis 1934 C R I F A N W 1st gu fig—1921 Choc Okla A G gen g 6s..ol919

Consol gold 6s________ 1952Keok A Des Moines 1st fis.1923 St Paul A K O Sh L 1st 4Xs '41

Ohio St P M A O cons 6s 1930 Cons 6s reduoed to 3X8—1930Debenture fis.....................1930Ch St P A Minn 1st g 6s.. 1918

J - J J - J J - J J J M-N M- 8 A -O J - J F -A J - J J - J A -O A -OM-N M-N M- 8 J - J

II

A -OM-N

North Wisconsin 1st 6s._ 1939St P A 8 City 1st g 6s___ 1919Superior Short L 1st fis g.gl930

Jhlo T II A So-East 1st fis ..1960 Chlo A West Iud gen g 6 s ..#1932

Consol 60-year 4s____ 1062Jin H A D 2d gold 4X s___ 1937

1st A refunding 4s___________ I9601st guaranteed 4s............... 1959Cln D A I let gu g fig. 1941 OFInd A Ft W 1st gu4sg,1923 Day A Mioh 1st cons 4X s.1931

Jlev Cln Ch A 8 t L gen 4s 199320-year dob 4Xs......... ...1031General fis Series B______ 1993Cairo Dlv 1st gold 4 s ... 1939 Cln W A M Dlv 1st g 4S..199I St L Dlv 1st coll tr g 4s.. 1990 Hpr A Col Dlv lstg 4e._ 1940W W Val Dlv 1st g 4s____1940O I St L A C consol 6s____1920

1st gold 4s.....................*1030Registered................*1936

Cln S A Cl cons 1st g Be. . 1923 O O C A I gen cons g 6s.. 1934lad B A W 1st prof 4s____1040O Ind A W 1st pref fis ...<11938 Peoria A East let oons 4s. 1940

Income 4s.......................1990Jleve Short L 1st gu 4Xa—-1961 Jo! Midland 1st gold 4s . 1947Trust Co certlfs of deposit___

Jolorado A Sou 1st g 4s____1929Refund A Ext 4X s__________ 1935Ft W A Den C 1st g 6s._ .1921

Morris A Ess 1st gu 3X8-2000N Y Lack A W 1st 6s___ 1021

Construction 6*_______1923Term A Improve 4s___ 1923

Warren 1st ref gu g 8X§—2000

F -A J - J M- S J - J J - J J - J J - J J - J J -DJ - Jq - Jj -D A -O F -A J - J J - J J - J J -D J - J J - J J - J J - J J - J J - J J - J J - J J - J J -D J -D K -A F -A M-N Q -F M-N M-N M-N A -O A -O A -O A -O A -O A -O M-N M-N M- S A -O J - J J - J M- 8 F -A M- 0 J - J M- S J - JJ - J J - J A -O J - J M-N M- S A - O A -O J - J M-N A -O r - A J -D J -D M- S M-N J - J A -O M- 8 J -D Q-M J - J J - J J - J 3 - J M -N M-N J - J J -D J - J J -D J - J J - J M-N M- S J - J M-N Q - f Q - r1 - J J - J A -O Q - J A -O Apr

A -O J - Jr - A M-N J -D A -O J - JJ -D J - JF - A M-N K - A

Price Friday

April 19Bid Aik

Week"! Range or Last Sate

63 ____70 8262 82k65 ____

------- 96k52 Sale 35k 37 99k 101 72 7485k Sale98% ____97%____92% Sale

*81 ~83~22% 28

____ 2398 101

------ 84k-------74------ 9051%____10 2555k Sale 9 8 ‘2 105 80 97*4

71 7812

75 Sale

78k 80k 07% Sale 76% Sale

------ 71k------ 82k01 68k73 Sale9 5 k ____8 3 k ____

------ 96k-------83%94% 106% 97% 108 94% 103%

------ 98%97% . . . 81%81% . . .88 __84% 89k 70 70k

"80% " s i80 8399k 100k 104 ____

"9 4 % loo"02% ____95% 103 91 9793% 979 1 k ____7Gk____104 ____52 ____

101 102%98 ____

100% ____100% ____72k 77

------ 9474

"<54%6197%629091%94%75 55% 63

104%80%86%

100k100%100%84%

103*65

74%73k

Sale85

"64%95

10097906074

112_90

Low 00% 84% 73 71 58 k

113% 52 35% 99k 73 85 99k 97

High Feb '16 Jan ’13 Nov’ 17 Oot ’17 Sept’ 16 Feb '16

52 36k

Feb ’18 73k 86

Jan ’ 18 Jan ’18

802525

101877076

92% 92%91 Mar’ 18

81Apr ’18 Feb ’ 18 Mar'18 Juno’17 Fob ’18 July’ 17

97% Feb '13 32 Mar’17 54% 55k

100% 100% 100k Apr '17 84k Apr T7 70 Nov’ 16 96k Jan ’17 97% Deo ’ 1674% 7592% Feb '16 78k 78k

%»7 68%76% 7 k72k Aug ’ 17 82k Mar’18 70 Apr ’ 18 72k 73%97 Jan ’1894 Feb ’18

Apr *18 Dec ’17 Oot ’17

104% Sept’ 1798 Jan '18

100k Sept’ 1797% Apr ’ 1885 Apr '1881% Feb ’ 18 89 Jan ’ 18 86k Oct ’ 17 70 7081k Oct '16 80 Apr ’ 1886 Hept’ 17 99k Apr ’18

104% Deo ’17 109k Apr ’ 16104 Sept’ 17 103k Apr ’ 1695 Mar’ 18

100 Jan ’ 1803k Apr ’ 18

104% June’ 16 101k Oct '10105 105 88 Jan ’ 17

No

9079

100

72

100% Apr ’ 18 98 Apr ’ 18

111k Dec ’15 111k Nov’ 16 73% 73%98 Oct '17

__ __— ——

*96*"60k 61k70 73k75 85. . . . 81%53% 65%63% Sale67k . . . .62k ____ 10275 87k

*87". . . .

10104 —

*46k....

12k "20"83k 858% 8%7k 7k

83k 84%70i2 Sale97 97k84

— 9570 75%

10295k Sale90k 93%

7587 64 70 97% 62 96 97k

10097%6061k

104%85k85%

111118100%105%82

10465k90

■ « r2588 96 60

Apr ’ 18 Mar’ 17

64k Feb ’ 18 Oct ’ 17

62% Feb ’ 18 June’ 17 Feb ’ 18 July’ 15 Mar’ 18 Apr ’ 18 Apr ’ 18 Mar’18 Mar’18 June’17 Nov* 10

100% Nov’16 Jan ’17 Mar’18

66% May'18May" 17 July’ 15 Mar’l l Jan ’ 17

6067% Apr ’ 18 80 Apr T8 83% Mar’17 79 Feb ’ 17 63k 63%73k June’17 84 Nov’ 16

102% Oct T7 87 Deo ’17 88k May'lfi

94 July'08’4<j" Mar'18 12k Deo ’ 1785 858 Apr ’ 18 5% Mar’18

83k 8469k 70k97 97-94* Feb" 1675% 75%l02 Apr ’ 18 95k 95k93% Jan ’18

Range Since

Jan. 1.Low High

50 5235% 47k 97% 99k 73 75k82 87*299k 99k 97 9791% 92% 91 91

84k 30 28

80 25 25 98 10170 70

54 60%98 100%

74k 7976k 80% 64% 70 76% 8082% 84k 70 7471% 75k 97 9794 9496 98k

98 9897% 97% 85 8581% 81% 89 8970 73%80 " "85% 99k 103 '

95 96k100 100 93k 93%

101 105

100% 102k 98 98

73% 73%

73 77%62k 68% 68 7162 6496 9695 100'57"" *60 " 59 61k

102 104%8512 85k 85% 85%

100% 100%

103k 101 64 67

59 63%65% 72 80 80

63 66

46 51k85 906 * 8 6% 7k

82% 86% 66 7390 97

73% 75% 100% 102% 95k 98 93% 93%

•No price Friday: latest this week, a Due Jan. d Due April, e Due May eDeeJaas. * Du# July, k Due Aug 0 Due Oot. v Due N ov. » Due Dee. Option eale


1666 [Vol. 106New York Bond Record—Continued—Page 2

BONDSN . Y . STOCK EXC H A N G E

Week ending April 1911 Price

Frida!/ April 19

Delaware A Hud3on—1st Hen equip g 4 X s --------1922 J - Jlat A rel 4a---------------------- 1913 M -N20-yoar conv 53__________1935 A -OAlb A Suaq conv 3 X a ------1945 A - OSense A Saratoga 1st 7a. _1921 M -N

Denv A ft Qr lat cona g 4a ._ 1936 J - JConsol gold 4X 3..........- .-1 9 3 0 J - JImprovement gold 5a____1928 J -D1st A refunding 5a_______ 1955 F - AH loG r June Is tg u g 53--.1939 J -D Rio Or Sou l3t gold 4a— 1940 J - J

G uaranteed .:--------------1940 J - JS lo Gr West lat gold 48— 1939 J - J

Mtgo A coll truat 4a A— 1949 A - O Dea Moines Un Ry lat g 5a. 1917 M - N Det A Mack— lat lion g 4a— 1995 J - D

Gold 4a.................................1995 J - DD et R lv Tun— Ter Tun 4X81961 W -N Dul Mlssabe A Nor gen 53— 1941 J - JDul A IronRnnge lat 5a------1937 A - O

Registered_______________1937 A - ODul Sou Shore A Atl g 6 a .- . 1937 J - J Elgin Joliet A East lat g 5a. 1911 M -NErie lat consol gold 7a----------1920 M - S

N Y A Erlo 1st ext g 4a— 1947 M -N2d ext gold 6a..................1919 M - S3d oxtgold 4X 9____---1923 M - S4th oxt gold 5a________ 1920 A - O5th ext gold 43________ 1923 J -D

N Y L E A W is t g fd 78.-1920 M - S >:r!e 1st cons g 4s prior...1995 J - J

Registered.......................1990 J - Jlat consol gen Hen g 43.1990 J - J

Registered............ - ..1 9 9 0 J - JPenn coll truat gold 4a. .1951 F - A 50-year conv la Series A 1953 A - O

do Series B ...........1953 A - OGen oonv 4a Serlea D ___1953 A - O

Ohio A Erie 1st gold os.--1982 M -N Clev A Mahon Vail j 63— 1938 J - JErlo A Jersoy 1st 8 f 0s___1955 J - JGenesaee River lat n 10s . -1957 J - JLong Dock consol g Ga___1935 A - OCoal A KR lat cur g u 6 s .1922 M -N Dock A Iinpt 1st ext 63--1943 J - J N Y A Green L gu g 6s. .1910 M -N !f Y Susq a W lat rel 6a. 1937 J - J

2d gold 4X 8 . - ................ 1937 F - AGeneral gold o s_______ 1910 F - ATerminal 1st gold 6a___1943 M -N

Mid ol N J lat ext 5a____1940 A - OWills A Eaat 1st gu g 5a ..1912 J -D

Ev A Ind lat cons gu g Oa___1926 J - JBvansv A T H 1st cona 6s. .1921 J - J

lot general gold 5s________1942 A - OM t Vernon 1st gold 0 s ...1923 A - OBull Co Branch 1st g 53___1930 A - O

Florida E Coaat lat 4X a___1959 J -DFort St U D Co lat g 4Xn .-1941 J - J Ft Worth A Rio Or 1st g 4a. 1928 J - JGalv Hous A Hen lat 68____ 1933 A - OGreat Nor O B A Q coll 4a— 1931 J - J

Registered_____ ______ 51921 Q - Jlat & rel 4%a Series A ___1901 J - J

Registered......... ............. 1901 J - J9t Paul M A Man 4a..........1933 J - J

lat consol gold 6a______ 1933 J - JRegistered..... ............. 1933 J - JReduced to gold 4X8.1933 J - J

Registered............. 1933 J - JMont ext 1st gold 4a___1937 J -D

Registered............. 1937 J -DPacific ext guar 4a £___ 1910 J - J

S Minn Nor Dlv 1st g 4a. 1948 A - OMinn Union 1st g 0a_____ 1922 J - JMont C lat gu g Oa______ 1037 J - J

Registered________1937 J - Jlat guar gold 5s......... 1937 J - J

Will A S F 1st gold 5S— 1933 J - DGroou Bay A W deb otfa ' 'A " ------ Feb

Debenture ctfa “ B” _....... .......... FebGull A S I lat ref A t g 5a. .61952 J - J Hocking Val lat cona g 4X 8.1999 J - J

Registered........................... 1999 J - JCol A H V lat ext g 4a...1948 A -OCol A T ol lat oxt 4a_____1955 F - A

Houston Belt A Term lat 5a .1937 J - J Illinois Central lat gold 4a. .1951 J - J

Registered_______________1951 J - Jlat gold 3 X » ......................... 1951 J - J

Registered......... ............ 1951 J - JExtended lat gold 3 X a . -.1951 A -O

Registered____________ 1951 A -O1st gold 3a sterling______ 1951 M - 8

Registered....................... 1951 M- 3Collateral truat gold 43...1952 A - O

Registered....................... 1952 A -Olet refunding 4j ............ 1955 M - NPurchased lines 3 X « .......... 1952 J - JL N O A Texas gold 4a- .1 9 5 3 M - N

Registered.......................1953 M - NCairo Bridge gold 4s_____1050 J - DLitchfield Dlv lat gold 3a. 1951 J - J Loulav Dlv A Term g 3X8.1953 J - J

Registered....................... 1953 J - JMiddle Dlv reg 6a.............. 1921 F - AOmaha Dlv 1st gold 3a__ 1951 F - Ar*t Louis Dlv A Term g 3s. 1951 J - J

Gold 3X 9 ......................... 1951 J - JRegistered__________ 1951 J - J

Spring! D lv 1st g 3 X s ___1951 J - JWestern lines 1st g 4a____1951 F - A

Registered___- ___- ___ 1951 F - ADellev A Car 1st 0»............ 1923 J -DCarb A Shaw lat gold 4a.-1932 M - 8 Ohio 8t L A N O gold 53..1951 J -D

Registered______ ______1951 J -DGold 3 X 8 .........................1951 J -D

Registered...................1 9 5 1 J -DJoint lat ref 5a Series A . 1903 J - oMempb Dlv lat g 4a___1951 J - 1>

Registered......... ......... 1951 J - DSt Louis Sou lat gu g 4a.. 1931 M - 8

Ind III A Iowa lat g 4s_____1950 J - JInt A Great Nor 1st g 0a. _ _ 1919 M - N Jamea Frank A Clear 1st 4a 1959 J -D Kansas City Sou lat gold 3a. I960 A -O

Registered_______________1950 A -OR ef A im p t 5 e . . .........Apr 1950 J - J

Kansas City Term 1st 4 * ...I9 6 0 J * J Lake Erie A West 1st g 5s..1937 J - J

id gold 5 s ....................... 1941 J - JNorth Ohio lat guar g 5 a ..l9 4 5 A - O

Leh Val N Y 1st gu g 4 X a ..l0 4 0 J - JRegistered---------------- 1940 J - J

Lehigh Val (Pa) cons g 48— 2003 M -N General oon« 4 X a - - - . . - 2 0 0 3 W -N

Bid Aik

Week's lianae or Last Sale

tlljf*

93is 9534 80 82i485i2 80 72 74

101 ------03*2 Sale 67i2 71 71 7449 4934

____ 95

6312 67 ____ 49

Low

94 Apr '18 80% 82’86 8075«2 Apr ’ IS12% DOS ’63 o;63 Jan ’72 Apr ' 49 14 4!37 Aug ’ 01i4 Apr *39 July ’

____ 74789814 10478 90*8 97

____ 8787 102

1 0 0 % 1 0 1 %73% 98%9 0 % -------

*93% ------9 5 % -------

97%08 Sale

527. Sulu73

77% 82%44% 4044 4049% Sale85% 8380

10096 100

107 —

8083

726262

77% . . . .70 9161 77

92 10250% —

75 83

8892% Sale921, 8;llo86% 83

645093-2 1 82 J 75i2 J 75%

87101LOO

93i| Jan 1

67% 81 1 52% 73 J 77

443g 4934 8734

L0G% j 93*2

103 Jau

85 Jan 1 7 H 4 Feb ’

Jan ’ Jan 1

88% ------107*8 11399*8-------93*2 95 85>a 99 8178 89 807a 89

61 108 103 02 Feb ' 23*2 Jan 1 97 NOV 85*2 Juno'

103 Nov' 95 June' 85 D e o 1 92 A u g1 50*2 Oct 1 85*2 June' 92% 992% 9S678 890 Juuo' 80% Mar

103 Apr 118 Apr

70 80%9934 -------

104% -------"93" III92%------

____ 79*27 9%

74 % 77 70 7769 87%7 0 % -------

9582%

68%56%68% ------60%

75 77%6 5 % -------7871)717070*4

79%7174%8479

50% -------____ 75

~95% III-58% ------02 00 02% 83% 61% —

____ 79%79

____ 10734

97

62% — -

85*268%

92%90

75% - - -73% 98 9 1 % 95% 75% 82 59 Sale

77 7578

85%83%70%84%

Sale75%90818589%938387

93*2

70%76 7098% Jan

80 July’09

77% 95% 5 8070 J75 :72 189 i74 171 I 83 i

102 J 58% v 6263 1 80 . 80% 79 92

117% J90 , 97

11490

Feb ’ Oot ’

59 0<03 OtC ’ 70 T 75*2 7185 Mar’ 80% Fob ’ 89% Mar’ 85 Apr ' 89 Oot * 78 71

f a RangeSince

Jan. 1.

No. Low High

93% 947 80*2 SG%1 85% 90

— 74 70

60% 69’____ 08 71____ 72 70%

1 1 43% 51%

5 63% 67%2 50 55

* 75% 76%

— 82 87

— 100 1 6 1

— 90% 96%— 93% 95

— - - - -1 1

- - -05 69

16____

49% 57%

1 7514 77— 12 48%

7 4212 4921 48% 56

2 8734 93

'I____

98% ~98%

—____

103 103

— 85 85—

3 ____74 75

10 7 ____

61 617 ____8 ------7 ____

62 027 ____7 ____1 ____2 ____7 ____0 ____7 ____6 ____8 220 ■92“ ‘ 94%j a 91% 93%8 1 6 ____

36% 898 ------ 86% 36%8 ------ 108 103

8 ____0 ____

93% 94

8 ------6 ____

81% 82%

5 ____

7 ____7 ____0 ____2 1 0 ____

92% 93%

7 ____2 J 76% 83

34 ____

75>8 787 ____ ............: : :8 ------ 67% 757 ------ ________ _8 ____7 ____

87 95

7 ____5 ____7 ____

9 ____

% 1 2 ____

72% 78%5 79 83

8 ____ 70 708 ------ 74 70*28 ------7 ____

72 724 ------8 ------2 ____

“7 l “ " 7 l "0 ____8 ------ 53% 58%8 ------ 02 628 ------6 ____

03 63

6 ____8 ------

L0____79 79

0 ____7 ____8 ------ 97" 08

) 9 ____ ...................

8 ____7 ____

80% 91

7 _____________8 _____________*80 “ *8*0* *1 . —. —8 ____7 ____

*90 02“

90 ____

58 61%

9 73% 77a 7 74% 788 ____ 78 92

7 ____ —8 ____ 85 94%

3 * 7 S ~ 788 ____ 87% 90%

BONOSN . Y. STOCK EXCH AN G E

Week euding April 19

Registered______________ 1941

Registered_______________19)3lat lnt roduoed to 4s_____1933

Loh A N Y 1st guar g 4s------1915Registered_______________1945

Long laid lat cona gold 5a../J 1931lat consol gold 4a......... — ft 1931General gold la__________ 1938Ferry gold 4 X s ---------------1922Gold Is...............................1932Unified gold 4 a - . . ...............1919Debenture gold 5 a . - - ____193420-year p ra deb 5s_____ 1937Guar refunding gold 4 a . . .1949

Registered____________ 1949N Y B A M B lat con g 53.1935N Y A R B 1st gold 5s____1927Nor Sh B 1st con g gu 5a.0l932

Louisiana A Ark 1st g 5s . -.1927 Louisville A Nashv gen 0 s .. 1930

Gold 5a..................................1937Unified gold 4a........... .........1940

Registered____________1910Collateral trust gold 6 a ..-1931E H A Nash lat g 0s_____ 1919L Cln A Lex gold 4 X s ___ 1931N O A M 1st gold 09.......... 1930

2d gold 08______________1930Paducah A Mem Dlv 4 s ..1946 St Loula Dlv lat gold 6 s ..1921

2d gold 3a........................1980Atl Knox A Cln Dlv 4 s . . .1955 Atl Knox A Nor 1st g 5 s ..1940 Hendor Bdge lat a f g 0s . . 1931 Kentucky Central gold 4a_ 1987 Lox A East lat 50-yr 5a gu 1905 L A N AM A M 1st g 4X 8 19 45 L A N-South M Joint 4 s ._ 1952

Registered....................ft 1952N Fla A S lat gu g 5s......... 1937N A G Bdge gen gu g 4 X « - 19 45 Penaao A Atl lat gu g 6 i - . 1921 S A N Ala cona gu g 6 a . . . 1936 7

Gen cons gu 50-year 5a. 1963 A L A Jeff Bdge Co gu g 4 s . 1945 MManila R R —Sou lines 4s__ 1930Mex Internat 1st cons g 4s._ 1977

Stamped guaranteed_____1977Midland Terra—-1st 3 f g 5a. 1925 Miuneapolia A St Loula—

lat gold 7a....................—.1927Pacific Ext lat gold 0s____1921lat consol gold 5s............ .. 19341st A refunding gold la__ 19 49Ref A ext 50-yr 5s Ser A— 1962 Des M A Ft D 1st gu 48— 1935 Iowa Central lat gold 5s. .1933

Refunding gold 4s_____1951M S tP A S S M con g Islntgu. 1938

1st Chic Term a f 4a_____1941M 8 S M A A 1st g 4s lnt gu.*2fl

Mississippi Central lat 5s._ . 19 49 Missouri Kansas A Texas—

lat gold 4a............................19902d gold 4a...........................(71990lat ext gold 5s.....................1941lat A refunding 4s..............2001Gen sinking fund 4 X » - — 1930 St Louis Dlv lat ror g l a . .2001 Dali A Waco 1st gu g 5 s ..1910 Kan City A Pao 1st g 4s__ 1990M o K A E lat gtl g 5a____1942M K A Okla 1st guar 5«_. 1942 M K A T of T 1st gu g 53. 1 0 42 Shor Sh A So lat gu g 5s. . 1942 Texas A Okla 1st gu g 6 s .. 1043

Missouri Paolflo (reorg Co)lat A refunding 5 s ______ 19051st A refunding o s ........... 19231st A refunding 6 a ______ 1920General 4 a ______________

Missouri Pao 1st cons g Gs— 192040-year gold loan 4a........... 19451st A ref conv 6a................. 19593d 7s extended at 4 % ____1938Boonv St L A 8 1st 5a gu.1951Cent Br U P lat g 4s......... 1948Pao R of M o 1st ext g 4«..1938

2d extended gold 5s____1938St L Ir M A 8 gen con g 53.1931

Gen con stamp gu g 5s. .1931 Unified A ref gold 4a .. . 1929

Registered....... ...........1029Rlv A G Dlv lat g 4s___1933

Verdi V I A W lat g 5 a . . . 1920M ob A Ohio new gold 6s____1927

1st ext gold 6s..................ft 1927General gold 4s...................1938Montgomery Dlv 1st g 53.1947St Louts Dlv 5a...................1927St L A Cairo guar g 4s____1931

Nashv Cbatt A St L lat 5 s .. 1928 Jasper Branch lat g 0a. — 1923

Nat Rya of Mex pr lien 4 X s . 1957 Guaranteed general 4a...1977

Nat of Mex prior lien 4 X s . . 1920lat consol 4s....... ................. 1931

N O M ob A Ohio lat ref 5a.. 1900 New Orleans Term lat 4 a .. .1953N O Tex A Mexico 1st fla__ 1925

Non-cum Income 5a A____1935New York Central R R —

Conv deb 6s______________1935Consol 4s Series A _______ 1998Ref A Imp 4X3 " A " ..........2013

New York Cent A Hud Rlv-Guar 3 X i ............................1997

Registered____________ 1997Debenture gold 4&.............. 1934

Registered____________ 1934Lake Shore coll g 3 X « ____1993

Registered.......................1998Mich Cent coll gold 3 X * ~ 1993

Registered____________ 1998Battle Cr A Stur lat gu 3a. 1989 Beeoh Creek lat gu g 4 s .. 1936

Registered.......................19302d guar gold 5a...............1936

Reglatered__________ 1936Beech Cr Ext lat g 3X8.D1951Cart A Ad 1st gu g 4a____1981Gout A Oairo lat gu g 5a. 194J Moh ft Mai lat gu g 4 s . . . 1991N J June R guar lat 4«___ 1986N Y A Harlem g 3X a____2000N Y A Northern lat g 81.1923

OQ

J - J J - J J - J M- S M - S Q - J Q - JJ -D IV! - S I -D M - S J -D M -Nm - aM - S A - O M - S Q - J M- S J -D M -N J - J J - J M -N J - D M- N J - J J - J F - A IVI - S IYI - S M -N J - D M - 5 J - J A -Om - aJ - J Q - J P - A J - J

Bid Aik 101% 107____ 10099 ____

Price Friday

April 19

80% .

Low102113100105

95 100%7 8 % ____60 85%

____ 95

____ 78____ 97

72 7373 Sale

9 2 % ____92% 104% 82 93%85% 87%

103 112%04% 98*2 83% Sale

A AOS

M -N M - f» M- S J -D

J -D A -O M -N

M - N J - J J - J

J -D F - A M - N M - S J - J A -O M -N F - A A -O M -N M - S J -D M - S

M -N M - 8 M - S M -N F - A J -D F - A J - J A - O A - O J - J

____ 99100% -----90 91

1 0 1 % 10 09 3 % ____71 89

100% ------60% 58% 74% 77%9 5 % -------

103% ____73 75

____ 95%77% 91% 67% 81%

“83 “ 101%8 2 % -------

100% 108% 98% 100 86% 102%

Week’s Range or Last (Sale

High M ar’ 18 Mar *17 Mar’ 18 Oot '13

87 Apr ’ 17

95 9594% Juno’ 16 85% Feb ’ 17 90 July’ 17 99% Oct *0689 M ay’ 1797 Jan ’ 18 73 7373 73 95 Jan ' l l

103% Apr ’ 17 92% 92%

100 Aug *1090 M ar’ 18

109 10994% Apr '18 83% 83-%96% Jan ’ 17 99 M ar’ 18

103% July’ 17 87 87

100 Aug '17 101% Feb ’ 17 00% Apr *12

100% Jan *18 53% Mar’ 1874 Apr ’ 18

108% Jan *17 105% A u g ’ 1774 Apr ’ 1891 90 91 A u g '17 07% Apr *18 95 Feb '05 96% Jan ’ 18 97% M ay’ 10

102% Feb *18 99 Oot ’ 17 93% Jan ’ 18

Low102

J - J A - O J - J A - O J - J J - I J -D A - O

M -N F - A A -O

J - J J - J M -N M -N P - A F - A F - A F - A J D J - J J - J J - J J - J A -O J -D J -D M- S P - A M -N A -O

Range Since

Jan. 1.

High102

96% 101

01% 95

97 9772 7573 79%

92% 92%

87% 90 109 109%93% 94% 83 88*2

99 99

87 87

100% 100% 68 58%74 79

7491%

7496

07% 67%

00% ’ 90%102% 102%93% 93%

.................... 77 Mar’ 10 75 N ov '10 91% June’ 17

104 Feb '18

. . . . . . . . . . . .

101 104103% Oct *10

70 76 74% 74% 2 74U 74%42 43% 42% 43 2 41 4440 47 46 46

00 Fob *152 40 40

81 Sale 81 81 317

75% 8140 44*2 41 42 41 40%83'a 81'a 84% Apr ’ 18 — 83% 80%

89 -------____ 94

60% Sale

85% N ov ’ 17 95 Deo *10

00% 6034 61 0 0 % 6323% 31 21 41% 40 42*2

28 % 29 32% Nov'17 40 M ar '18

24 28 35

. . . . 40 •1025 29

____ 4030 M ar’ 18 40 N ov ’ 10 09% Apr '17 58 Jan '18

— 27 34

____ 70 58 5835 605 5% -------50% 65

36 37 55% Deo '17 50% 50%

9 36 3743 49 56%

____ 00____ 49

51 D c o ’ ltl 40 Jan *18 — io ’ *-io""

81 Sale 80% 81 3 79 8690% 91 90 90%

88 Apr '1813 90 92

87 89% ____ 80% 9057% Sale 56% 57*4 111 55% 59%97% 99 57 -------

99 99 GO July’ 17 60% Apr ’ 17 82 Apr '17

100 Feb '13

7 98% 99%

97% Deo ’ 13 78% 78%

100% Apr '17 92% 92%

102 Ju ly ’ 14 7334 73%

78 ' -------88 93% 9 2 % ____

1 78% 80

7 90% 95%

71% 74% 5 72% 7580% Oot ’ 17 68% Apr '1868% 1 . . . . 00% 7178 Sept'15

101% Mar’ 18100 105% . . . . 101% 101%94 ____65 . . . .80 -------87% 92 71% 85 95% 99%

92 Apr ’ 18 68 July ’ 1793 July’ 17 90 A u g ’ 17 77 Deo ’ 17

— 92 92

100% Apr *18 98 10197% 102%

____ 30110% M a r ’ 17 30 M ay’ 17 35 Aug *10 90% Peb '13 30 Oot ’ 10

— — —

59 Deo ’ 10 62% Fob '1860 02% 00 03

94 Sale 91 94 1 92 91%44% 45 45 Apr *18 — 1 0 497a

93% Sale 93 93% 98 91% 01%71% 74 71% 72 4 71% 74%8 1 % ------- 81% 81*8 7 80 84%

7034 Sale 69 7175% 78

70% 70%74 Sept’ 1775 75% 02 Doc ’ 10

21 70% 74%

9 74*4 79

64 05 64% 64': 2 61 65%____ 04% 67% 8opt’ 17 . . . . ____ . . . .................... 03*4 M ar’ 18

75 Mar *17— 02% 0878

7 9 % ____ 90% Apr ’ 17 95% N ov ’ 10

101 M ay’ 16

. . . . . . . . . . . .

83*8____

6 2 % ____ 89 N ov’ 10 . . . . —

6 5 % ------- 94 M ar’ ll . . . . . . . .0 7 % ____ 89% Fob ’ 10

80 M ay’ 17 101 Juno*17

— —

9 4 % ____ — —

* No price Friday; lateat bid and asked this week, a Due Jan, ft Due Peh. g Due June, ft Due Julr. «> Due Oct. # Option sale


Apr. 2 0 1 9 1 8 .1 New York Bond Record—Continued—Page 3 1667BONOS

If. Y. GTOCK EXCHANGE Week ending April 19

N Y Cent 4 H R RR (Co*.)—N Y 4 Pti let cona gu g 4a 1993Fine Creek reg guar 0a___ 1932RW A O con 1st ext 6a..41922 RW * O T R 1st gu g 6S..1918 Rutland let con g 4 X a ~ -1941

Og A L Cham 1st gu 4a gl948 Rut-Canada 1st gu g 48.1949

St Lawr A Adlr 1st g 6a__ 19902d gold 03...................... 1990

Utica A Bik RIv gu g 4s..1922Lake Shore gold 3Ha___ 1997

Registered.......... ..........J997Debenture gold 4.3_____192825-rear gold 4s.............. 1931

Registered_________ 1931Ka A A O R 1st gu c 5a ...1938Mahon C’l RR 1st 68____1934Pitta 4 L Erlo 2d g 5a...01928 Pitta MoK A Y 1st gu 0a.. 1932

2d guaranteed 6a_____ 1934McKees A B V 1st g 0a. 1918

Michigan Central 5a____ 1931Rcgiatered___________ 19314s....................................1940Registered___________ 1940J L A 3 lat gold 3 ^ a „ .1951lot gold 3Ha...................195220-year debenture 4a__ 1929

N YCbloASt L lat g 4a. .1937Rcgiatered_________ 1937Debenture 4a_______ 1931

Weat Shore lat 4a guar...2301Registered___________ 2301

N Y C Lines e<i tr 5a.. 1918-22 Equip trust 4H3--1919-1925

N T Connect 1st gu 4H8 A. .1953 N Y N H A Hartford—

CToa-conv deben 4a______1947Non-conv deben 3Ha____1947Non-conv deben 3Hs____1954Non-conv deben 4a______1955Non-conv deben 4a______1950Conv debenture 3 Ha........ 1850Con v debenture 0a_______1948Cong Ry non-conv 4a___ 1930

3 3

A - O J -O A -O IY1-N J - J J - J J - J J - J A -O J - J J -D J -D M- S M-N M-N J - J J - J A -O J - J J - J J - J M- 8 Q-M J - J J - J M- S M-N A -O A -O A -O M-N J J J - J M-N J - J F -AM- S M- S A -O J - J M-N i - J J - J F -A

Non-conv deben 4a___ 1954 J - JNon-conv deben 48___ 1056 I - JNon-conv deben 4a___ 1955 A - ONon-conv deben 4a___ 1956 I

Harlem R-Pt Chca lat 4s. 1954 M-N B A N Y Air Lino lat 43..1955 F - A Cent New Eng 1st gu 4a..1901 JHartford St Ry lat 4a___ 1930 M- SHouaatonlo R cona g 6a... 1037 M-NNaugatuck UR 1st 4a___ 1964 M-NN Y Prov A Boston 4a ... 1912 A - O NYW'cheaAB 1st aor I 4Ha’ 46 J - J N II A Derby cona cy 5a.. 1918 M-N Boston Terminal 1st 4a ... 1939 A -ONew England cona 5a___ 1945 J - J

Consol 4s__________ 1945 j - iProvidence Secur deb 4a. 11957 M - N Prov A Springfield lat 6a. 1922 J - J Providence Term lat 4 a ... 1960 M- 8 W A Con East lat 4H8...1943 J - J

N Y O A W reflat g 4a___ 01992 M- SRegistered *5.000 onIy..gl992 M- SGeneral 4a......................... 1955 J -D

Norfolk Sou lat A ref A 5a..1901 F - ANorf A Sou lat gold 6a..........1941 M-NNorf A Weat gen gold 0a___ 1931 M-A

improvement A ext g 6a_. 1034 F -ANew River 1st gold 0s___ 1932 A - ON A W Ry Jst cons g 4 s ..1990 A -O

Registered.................... 1990 A ODIv’I lat lien A gen g 4S.1941 J - J10-25-year oonr 4a........ 1932 J -D10-20-year oonv 4s........ 1932 M- S10-25-year conv 4Ha__ 1938 M- SPocabCAO ]olnt4s...l941 J -D

C O A T lat guar gold 6«. .1922 J - J Sclo V A N E lat gu g 4e. .1989 M- N

Nor Paclflo prior Hen g 4a__ 1997 Q - JRegistered___ _______ 1997 Q - J

General Hen gold 3a........ a2047 Q - FRegistered.................. o2047 Q - F

St Paul-Duluth Dlv g 4s. .1990 J - D St P A N P gen gold 0a ...1923 F - A

Reglatered certificates.. 1923 Q - A St Paul A Duluth 1st 6 s . .1031 F - F

1st oonaol gold 4s.......... 1908 i - DWash Cent 1st gold 4a___ 1948 Q - M

Nor Pao Term Co 1st g 0s_. 1933 J - J Oregon-Wash lat A ref 4 a ... 1901 JPaclflo Coast Co latgSs___ 1940 J -DPaducah A Ills lat s f 4H8..1955 J Pennsylvania RR lat g 4a..1923 M-N

Consol gold 5a...... ...........1919 M- SConsol gold 4s..................1943 M-NConsol gold 4s..................1948 M-NConsol 4 Ha____________1900 F - AGeneral 4Ha...... .............1905 J -DAUeg Val gen guar g 4s...1942 IY1 - 8 DRRRAB’gelStgu4sg ..1930 F -A Phlla Balt A W lat g 4s.. 1943 M- N Sodus Bay A Sou 1st g 5s. 1924 J - J Sunbury A Lowls lat g 4a. 1930 JUN J RR A Can gen 4a 1944 M- S

Pennsylvania Co—Guar lat gold 4Hs.......... 1921 J - J

Registered___________1921 J - JGuar 3 Hsooll trust reg A .1937 M Guar SHaooll trust ser B.1941 F - AGuar 3Ha truat otfs C__ 1942 J - DGuar 3Ha trust otfa D__ 1944 J - DGuar 15-25-yoargold 4s.. 1931 A -O 40-year guar 4s otfa Sor E . 1952 M-NCln Lob A Nor gu 4a g__ 1942 M- NCl A Mar lat gu g 4 Ha.-.1935 M-N Cl A P gon gu 4Ha sor A .1942 J - J

Series B........................ 1942 A -OInt roduood to 3H8..1942 A - O

Sorlos O 3 Ha................1948 M- NSorlea D 3Hs................1950 V - A

Erlo A Pitta g u g 3 H sB ..1940 J - JSorlos O_____________ 1940 J - J

Or R A I ox lat gu g 4H8.1941 J - J Ohio Conneot 1st gu 4a.-.1943 M- S Pitta Y A Ash lat cona 68.1927 M- N Tol W V A O gu 4Hs A ..1931 J - J

Series B 4Ha................. 1933 J - JSeries C 4a..................... 1942 M- >

P O C A St L gu 4Ha A ..1940 A - OSerioa B guar............ 1942 A - OSorlos O guar.......... 1942 M NSeries D 4a guar............1945 M- NSerioa E 3 H a guar gold. 1949 F - A Series Fguar 4agold ... 1953 J -D

PrlCi Friday

April 19Bid A$k

68»a 74'2 10034 . . . 97's 98 >4 95'2 _. 07's GO ____

94'2 ____70's 72

____ 733882% salo 82 82'2

87% . 90 .

10034 . 100% ,88'48975 ,

7013 73*4 78% 75 01'2 75 72%

70748278%037774%

79% 85%

50%50%

50 % ____

08%____08 ____

____ 70

46% 4634

____ 00

*8965 00

»____ 6063 ____83 ____

100 ____102% ___102% ___82% 8234

I Vet f tRange or Last Sale

Loto 7412

113 98 98% 80% 03 70

101 103 92 7134 72% 82% 8134 83%

High Mar’ 18 May’ 15 Mar’ 18 Nov’17 Aug’ 17 Mar’ 18 Jan T8 N ov’ 10 N ov’ 10

94Apr ’ 18 Mar’ 18

82%82

Nov’ 17

No.

104% Deo T5 103 May’17 130*8 Jau ’09 123% Mar’ 1299*2

10580879079%7478*2850170*272*2

100*298%86%

Aug T7 Juiy’ 10 Nov’ 17 Feb T4 June’OS Juiy’ 17

74 78*2

Nov’ 17 Mar’ 18

77 72*2

Jan T7 July’ 17 Jan ’ 18

60 Sept’ 17 50 Oct ’ 17 50% 50*255*2 Apr T8 57 Apr T8 40 Deo T7 85 8550 Oot T7 91*2 Jau T2 79% Apr ’10

77*4 Aug ’ 17 79*8 Deo ’17 74 Apr ’ 17

100% May’15 87 July’ 14 83 Aug ’ 13 46*4 4034

107 Aug ’09

70 Sept’17 67 Apr ’16 99% Deo ’ 13 833s Feb ’ 14

75% . . .104 110105 ____78% 82%95%___75 8780 Sale

------ 7950% 5034 52*8 59 73*2 8934

102% 109------ 10593%____65 ____61 70

1O07S 109 72*2 73*2

------ 83___10091%____97*2____82% ____83% 85% 90% 97% 88% 89*8 82*4 88*275% ____83% ------76% . . . 84 . . .90 963.94% 97 75 ____73 8074 ____70*8 83*s 83 8580 ------

------ 87340989*2 ’ 9 3 ’89%____80*2____78%78%____75 ____73% . . . 84% 99 90 9195*2____81 9887 9273*2____86% ____80*8 100 86% 9988 __87 8888 __

64 CG% 92% Juue’12 00 GO 03*2 Mar’ 18 84% 84*2

107*2 Deo ’17 122 Nov’ 16 107% Oct T7 82*s 823494*2 Deo ’16 75% Mar’18

123% May’17 117% May’17 105*2 Feb ’ 18 85% Fob ’ 18

103 Sept’ 16 70 Nov’17 79 8083 Oot ’ 17 56=8 5761% June’17 91% May’ 17

102 Apr ’18 103*2 Sept’ 17 107 Oot ’10 88% Mar’ 17 36*2 Deo ’ 16

110% Oct ’ 17 72*2 Apr ’ 18 90 Jan ’ 18

100*8 Feb ’17 99*2 July ’17

101*2 July T7 88 Jan ’18 85 85%96% 97%88% 89% 89*2 Nov’ 17 84*2 Sep ’ 10 92 Aug T7

102 Jan ’03

29

Range Since

Jan. 1.Low High 72*8 74%98 98%

63 6370 70

92 9471% 75% 72*2 72*2 82 86% 8134 86%

7234 80*2 75*2 8201 63%76% 80 72*2 74*2

86% 88

50>2 50*2 52 55*255% 578334 8034

45 49*2

64 68I2

CO GO 00 6482% 84%

81*2 85

74% 76*2

105% 105*2 83% 85%

79 84S4

18 50% 01*2

- - - 102 102%

92 Doo ’ 1790*2 96%9534 953487 Feb ’ 1770 Jan ’ 18 81% July’ 17 3734 Deo ’ 10 84 8480 Doo T7 80 Oct ’ 17 90*4 May’ 17 92*4 Deo ’17

104 Doo ’ 16 90% Fob ’ 12 90% Oot ’ 12 88*2 Feb ’ 1788 Apr ’ 17 90% July’ 12 99 Mar’ 1893 May’14 93 May’10 08*4 Apr ’ 17 92 Deo ’ 17 88% 8opt’ 17 92 Nov’ 17 92 Deo *17 99 Juno’17 88 Fob ’ 18

Mar’ 1895% May’17

88 88 85 9095% 99 88% 02

96*2 98 95*4 9070 70

84 84

88 88 87 87

BONDSY. STOCK EXCHANG Week ending April 19

P C O A 8t L (Co*.)

St Job A Gr Isi lat g 4a.

Southern Paclflo Co-^~

San Fran Tenni let 4a.. Tox A N O con gold 5aSo Pao RR 1st ref 4a___

Southern— lat cona g 6s__

1st consSO-year 5a. 111958

Tex A Pao lat gold 5a.

La Dlv B L 1st g 5a____ 1931W Min W A N W lat gu 5al930

Tol A O O 1st gu 5a.......... 1935Western Dlv lat g 6s......... 1935General gold 5a_________ 1935Kan A M 1st gu g 4s_____1990

2d 20-year 5s_________ 1927Tol P A W lat gold 4a_____Zl917Tol St L A W pr Hen g 3Hs 1925

50-year gold 4a_________ 1950Coll tr 4a g Ser A________ 1917

Tor Ham A Buff lat g 4a..*1940Ulster A Del lat eon g 5s__ 1928

1st refund g 4a__________ 1952Union Paclflo 1st g 4s______ 1947

Reglatered_________ I I 194720-year conv 4a_______ IIl927lat A ref 4a...................... g2003Ore RR A Nav eon g 4 a ..1940 Ore Short Line 1st g 0*...1922

lat oonaol g 6s________ 1940Guar refund 4a_______ 1929Utah A Nor gold 5a____1920

lat extended 4s_____1933Vandalla eons g 4a Ser A____1955

Consola 4 Serioa B_____1957

P i Price Week's RangeFriday Range or Since^ A* April 19 Last Sale Jan. 1.

>7 M -bBid A>k Low Hig No Low High88 96 91 Nov’ i ' ___3 1 ? - ) 86% . . . 92*8 Oct ’ 1 ___2 A -C 100% . . . 100 Mar’ l. ___ cce0

l Q - f 100 June’l ’ ___1 M-N ............... 87 Mar’ l0 . . 81 84 80% 81

___79% 820 ____ 63% 65 65 Mar’ l.' ___ 62*2 657 J - 44 55 50 Apr ’ IS . . . . 50 500 A - 0 96 . . . 99 Jan '1 : ___ 99 993 J - . 90 . . . 97% D eo ’ 1 ___7 J - 81% Sale 81% 81* 32 81 867 1 - . ____ 81 88% Oct T ' ___

1 A -C 1 J -

81% 83 ________

81% Apr ’ If ___ 81% 867 i - . GO ____ 60 Deo ’1* ___0 J - 57% Sale 57 58* 78 55*2 610 J - 71 Sale 70 71 57 66 74%5 A -C 61*8 Sale 61 623 3f 60 67*20 Oct ____ 47 45% 46 12 45% 511 J - J 101% 110 101 Apr ’ If ___ 101 101%1 J - J 0 J -

90 93* _________

91 Apr 'i f 78 May’ lf 90 May’ l"

100*2 Apr 'If

___ 91 95%7 A - 0 _______

___8 M-N 100*2 103 ___ 100% 102%0 A -O 65 Sale 65 65 1 62 699 A - t 81 ____ 88 July’ 17

66 669 M- N 66 Sale 5 65 68%9 J - J 52*2 63*4 50*2 Jan 'If ___ 50*2 50*22 J -D 57% 58 58 58 1 57 642 J - J 53 _ 54 54 2 52 59%7 J - I ____3 J - J 59% 60 59 Apr ’ IS 59 60%9 J - . 100% Feb ’ ll0 A - 0 67 ____ 71% Mar1 IS 71% 71%0 A -0 70% 74 71% Mar’18 70 71%9 F -A 49*8 Sale 40 50 31 49 55*49 A - 0 52 Sale 52 52 f 52 66%3 M - S 62 76 75 Mar’ lS 73 759 I - J 73*8 77% 77 Jan 'IS 77 778 J - . 95% 993,0 J - . 90 ____ 101 Deo '153 J - . 92% 95 10334 Deo TC5 J - . 88 95 97 Aug’ 179 J - . 9234 ____ 97 Sept’178 J - J 91 ____ 95 Oct '179 J -D 70% 72ij 71% 72 5 "1% 769 J - C 90 Feb M-9 M- S 76% 76% 76*2 76*4 20 75% 79’4 l -D 91*2 Salo 91 91% 7 86% 93%9 F - A 78 80 78 78 2 77% 829 V - A 87*2 Sept’ 10

87% Feb ’ 189 J - D 80 87 86*2 884 A -O 70 75 72% Feb 'IS 71 72%1 M-N 90 100 100 Oct '171 J - J ____ 95 9684 Jan ’ 18 96*4 96*44 M-N ------ 95 100% Jan ’H3 M-N 80 95 99% Apr '17

100 Oct T63 M-N 80*2 957 J - J 91% 104 103% Aug T71 A -O 91 91*2 91 91 1 87 91) M-N 109*2 Nov’ 151 J - J ____ 10034 101% Dec T61 J - J 96*2 105% 100*4 Oct T7l A -0 100*8 Dec ’ 170 J - J ------ 1003 A - O 92% ____ 102% Oct T77 J - J 913s 9G 90% Feb ’ 18 93% 96*27 M- N 915S ____ 107*2 Sept’ 16

93*2 Aug T77 J - J 90 ____3 A -O ------ 74% 7334 Apr T8 73*4 8U2) J - J ------ 85 95 Nov’ 16

J - J 78 Sale 77% 78 19 76*4 82%J - J 92% Sale 92 92% 30 90% 93%( J - J ------ 88 100*4 Aug ’ 16A - O 61% Sale 60% 61% 73 59 61%M- 3 00 08 66 66 4 66 68*2J - J 87 ____ 87 Jan ’ 1864*8 Apr '18 87 87

64% 69%J - J 64% 71J - J 99'2 104 10238 Sept’ 10J - D 86% ____ 87% Mar’lS 87% 87%J - J 81 87 90 July T 7J - J J J

91*2 92% 92*2 93 70% Mar’ lS 81% Mar’16

9 91 95J - J ------ 80A -O 75 Feb '17J - J 84% 97 96 Mar’ 18 90 90M- N M- 8

8934 94 94 94 99 July’ 17 51 Mar’ lS

1 94 97%A -O 40 ____ 51 63J - J 100%____ 103 Dec T7J - J 98% 100*2 100*2 Apr '18 98% 100%J - 1 85 95 108 Sept'10J - J 58 68 68 Jan T8 68 68A -O M- N

93 103 95 Jan '18 73 Sept’ 12 97 Deo ’17

. . . . 95 95M-N 96% 98M- S 102% Juno’ l l

03 93M- 8 93% ____ "‘ "5 "03 93~M- S 91 ____ 104% Deo T6M-N 91 93 93 Apr ’ 18 93 94J - J 95 100 105 Mar’17A -O 70*8 84 72*2 Jan ’ 18 72*2 72%F - A *78%____ 93% Mar’17J - J 95*4 Mar’17A -O 85 99% 93% Sept’ 17F -A 87 95 95 Feb ’ 18 95 95J - J ____ 82% 82 Jan ’18 82 82%A - 0 ------ 101% 95*2 July’ 17J -D 84% 90 85% 85% 3 83 86%M ar 40 70 46*8 Feb ’ 18 46*8 46%J - J ____ 93 89 Apr T7F - AJ - J 80*2 94% 93 Apr ’ 18 90 93A -O ------ 96% .00 Jan ’ 17J -D ____ 80 90 Feb ’ 17A -O 65*2 80*2 70 Nov’ 17J - J ____ 91 91*4 Deo ’17J - J ____ 50 52 Aug T7J - J ____ 80 80 Feb ’ 18 80 80A -O F - A

42 48 45 45 18% Mar’06 80 Apr ’ 17

2 45 53J -D ------ 80J -D ____ 95 00 Nov’ 17A -O ____ 70 58 Sept’ 17J - J 86*2 8 6 * 4 85% 86*2 21 85% 89J - J 84 80 80 Feb ’ 18 86 80J - J 84% 85*2 84 84 1 82*4 87*2M- 8 78*2 7934 7812 78% 4 75% 81*4J -D 70 80 7934 80 4 79*4 82%F - A 101% 102 01 101 2 00% 104J - J 94*2 97 95% Apr T8 94*8 97%J -D 83 Sale 82% 83 18 81% 85J - J 86*2 98 98 Deo T7J - J 80 89 89 Feb T8 89 89r - a 75 ____ 80 Jan ’ 18 80 80M-N 80 82% 81% June’ 17

No prloe Friday, latesi Did and aaked, DuaJan. 6 Due Feb. cM ay. g Duo June. A Due July, k Due Aug. 0 Dae Oot. p Dae Nov. 4 Due Deo. * Option sale


1668 New York Bond Record—Concluded— Page 4 [Voi-. I06.g|

B O N D S i i Pries Week’s f a Range B O N D S S I P rice W eek’s § S Range

N . Y . S T O C K E X O H A N O B F rid a y Range or i s Since N . Y . S T O C K E X C H A N G E 3 fe F rid a y Range or Since

W eek ending A pril 19 A p ril 19 L ast Sale J a n 1. W eek ending April 19 ® a. A p ril 19 L ast Sale J a n 1.

Bid A ik Loto IH o* N o . Low H igh Bid A»k Low H igh N o . Low H igh

M -N 89*2 Sale 89 90 9 88U 93 Adam 3 E x co ll tr g 4 s .............1918 * i - a 60 _____ 00i2 A pr ’ 18 ____ 01 60*2r ,i -N 92U Sale 92*4 92i2 8 92 U 95*3 Alaska G old M dub 08 A ____ 11)25 VI- 8 19*2 20 19 19 2 18*4 26*8

2d gold 68. _ ........................1939 F - A 81-3.1 80 8 434 8134 2 8134 80*2 C on v deb 6a scries B .......... 1926 M - 8 18 20 20 20 2 19 20J -D 8134 Sale 83*8 81*4 33 823s 87*4

r.i- s 100t4 M a r' 18 9 3 14 100*4 B ooth Fisheries dob s f O s .. . 1026 A - O * _____ 88*4 90 F e b '18 ____ 90 9078 M a y ’ 17 F - A 91*2 Sale 91*2 91 '2 4 S978 93

90 A - O 78 83 82 Feb ’ 18 82 83J - J _____ 85 80 M a r ’ 18 80 84*2

A - 0 7412 75 Apr ’ 17 A - O 75*4 Sale 75 75*4 5 74 79SO 84*4 Jan '17 M FJ 106 Sale 105 1 2 1 0 0 25 103 107*2

A -O 58 M a r ' 18 58 58F - A 80 85 85 D eo '17 J - J 87*2 8934 87*2 87*2 1 86*4 90A - 0 59*s 61 59*s 59*2 3 53 61*2 Chile C opper 10-yr con v 7 s . 1923 M -N 101 Sale 103*2 10H 8 28 10238 107*2

Wea>, N Y A Pa ldt g 59____ 1037 J - J 104*8 90 Jan *18 . . . . 99 99 C o ll tr Jfcconv 0a ser A part pd A - O 78 Sale 77*s 78 03 73 80*2A - 0 70 A p r ’ IS 70 70 d o d o full pa id_________ A - O 75 _____ 87 O ot ’ 17

40 36 O ct ’ 17 C om puting-T ab -R eo s f 0 3 . . 1941 J - J 79 85 79 F ob ’ 18 78*2 79M - S 8112 82 82 82 2 79*4 81 a ra n h yC on S M S 4 P c a n 0 a A '2 8 M -N 95 Sale 95 95 9 m 97

90 100*4 A pr ’ 17 M - N 95 963| 90 M a r ’ IS 91 90M - N 8 9 * 2 _____ 90*8 A p r ’ IS 90*2 91

99*8 M a r '17 A - O 9078 Sale 90 01*2 37 90 95M - S 50 60 00 " M a r '18 GO 00 M ontana Pow er let Ga A . . .1943 J - J 8878 Sale 88*a 89 31 8634 92M S 55 GL 60 M ur’ 18 00 GO M orris A C o 1st a t 4 M s____1039 J - J -------- 8978 90 J u ly ’ 17

M tge B ond (N Y ) 4.3 sor 2 .,1 9 0 0 A - O 60 _____ 83 Apr ’ 14

J - J 70 ' 71-*4 72 72 1 72 72*2 N Y D ock 50-yr lat g 4s____ 1951 F - A _____ 05 06 M a r ’ 18 66 06- N 75 Sale 75 75 1 72 7G*a Niagara Falla Power 1st 5 s . . 1932 J - J _____ 99 90*4 M a r ’ 18 . . . . 96*4 97

98 1007978 8334

J - J 69 68 A p r ‘ 18 65 09 N or States Powor 25-yr 5a A 1941 A - O 86*8 Sale 80*4 86*8 2 80 87*2J - J 90 i.i Sale 95'>s 90U 3S 92U 97*4 Ontario Power N F 1st 5 s . . . 1943 F - A 85 80 85*2 M a r ’ 18 . . . . 86*2 87*2

78*4 797s 78 78 3 73*2 821210 L May* 13 M - N 92*2 93 ' 92*2 92*2 2 88 ~ 93

87*2Stam ped guar 4-59.......... 1950 F - A 78 80 80 A p r ’ 18 79 85*2 W ilson A C o 1st 25-yr s f 63.1941 A - O 9134 Sale 94*2 9134 26 93*2 9614

K ings C ou n ty E 1st a 4a-.1 9 4 9 F - A 70 73 Sopt'17

60 70 Aug ’ 17 A - O '.) t 95 93 A p r *18 921* 100*2o a io s c o R ye lot 6 s_________ 1827 F - A 82 Sale 82 83*2 8 8 U2 8 6 *2 C on v deboo 6 a...................... 1924 F - A 92 Sale 92 92*8 31 90*4 95*2

____ | M- N 82*2 87*2 83 Apr ’ 18 .82 83J - J 84 85 ' 85 2 ^ 85 85 Am H ide A L 1st a f g 0a____ 1910 iw- a 100 Sale 1 0 0 1 0 0 6 98*4 100J -J 71*2 72i2 723s 72la 3 08 72*2 Am am A R lat 30-yr 63 serA i ' 47 87 Sale 87 87 42 86*4 89*2

84 Jan ’ 14 j - j 9 7 * 8 ____ 97*4 M a r ’ 18 9678 97*497 1878 01 117 _ 119 D e o ’ 17

15*2 16 16*8 16*8 19 i « i 1934 G old 4s.......... ______________1951 F - A 71 78*2 71 A pr ’ 18 . . . . 71 74*283*2 S37s 83 84 4 7!) 87

A - O 53 " Sale 52 53 i 6 517S 57*2 Baldw L oco W orks lat 5a___1940 M -N 993i 105*2 101*8 A p r ’ 18 99l2 IOH4J - J 82 Sale SOI4 82 33 79 85 C ent Foundry 1st a f 6 s ._ .1 9 3 1 F • A 65 81 80 A pr ’ 18 . . . . 80 80

M anhat R y (N Y ) cons ? 4a. 1900 A - O 73i2 783.! 76 76 1 70 80*2 Cant Leather 20-year g 5 s . . 1926 A - O 91*2 Sale 94*2 95*8 25 93 97*4A - O 77 79 77 A p r ’ 18 77 82 F - A 81 M a r ’ 17

Corn Prod Itol 3 t e As 10.11 M -N 96*8 99 97 *4 A pr ’ 18 97*2 9734J D 70 80 85 Feb *18 76 14 85 1st 2o-yoar s f 5 s ................. 1934 M -N •96*4 98 0712 P7'2 2 95 98

007b 1001*75 84 857ft 214 76 “ 8578

30 M a r ’ l l 75 100 101 May* 17

71 7078 71 74OS'2 98*4 Aug *17 95*2 99*2 95 A pr ’ 13 913.1 1 0 0

79 " Aug ’ 17 M -N 71*8 Sale 71*8 7 D j 2 6 8*2 7334

N IT Rya 1st R E * rel 4 3 . . . 1942 J - j 48-2 50 50 50 1 49 51 C onsol con v s f g 5s.............1935 J - J *97*2 98*4 99 Jan ’ IS 98 99A - O 18 1938 19 1934 15 1734 217a Liggett A M yers T oba o 7 s ._ 1941 A - O 1113i 111 113 113 t 1 1 0 117

F - A 91*3 93 9134 9 2 12 80 0538*2 N o v ’ 10 116*8 1 2 0 114 A pr ’ 18 i n 115

P ortia R y Lt * P la t rel 58.1842 F - A 0 2 1 2 6 8 0 2 *2 M ar’ 18 0 2*2 62*2 5 s .......... ..................................... 1951 F - A 91 92 91*4 92 1 0 85 93Portland Q oq Elec 1st 5 s , 1935 DO’ 2 Feb ’ 17 A - O 106 109 100 A pr '18 1053.1 100

1 0 0m 1 0 2 *2 M a r '17 J D _____ 98 95 A pr ’ 18 95 95J - J 53*2 55 533.1 55 3 52*2 56 N at Starch 20-yr deb 5s____ 1930 J - J 93 _____ 92 U F eb ’ IS 91*4 92*4A - O 32 33 32 33 11 27*2 38*2 N ational T ube 1st 5 s________1952 M -N 91 90 95 A p r ’ IS 93 9534

Third A ve R y 1st g 5s ..............1937 J - J 90 104 95 Jan ’ 18 _____ 95 95 N Y Air Brake 1st con v 6 a . 1928 M -N 98*2 9934 981,1 08Jj 2 983.i 1 0 0T rl-C Ity R y A I,t la t 8 15 8 . . 1923 A - O 92 9212 92 92 1 92 90 Railw ay Steel Spring—Underwr o ( L ondon 1 K « _____ 1933 3 - J 70 70 Mar* 18 70 80 Inlerocenn p 1st a 1 6 s_____ 1931 A - O 95 ______ 90*8 Fob ’ 18 90*8 90*8

Incom e 6 s . ........................................1948 50 58 50 M a r ’ 18 _____ 56 60 Sinclair O il * R elln ln*—84 Out ’08 90 Sale 8 S -2 90 23 SO 93*2

M *N 55 58 F eb *18 __ 58 60 d o w ithout warrants attaob 8 6 * 2 Sale 8 014 80Si 29 81*2 8 8*4Daltotl Rya fit L 1st y 4a____ 1831 J J 52 55 55 1 55 55*4 Standard M illing 1st 6 s .......... 1930 M - N 90*3 93*4 00 F eb 'IS 8 8 90

98 Hale 97*8 98 40 9 0 ‘2 101*8A - O *23 “ 25 F eb ’ 18 ___ 25 25 Union nag A Paper 1st BsIIlBBO J - J 80 89 8 2 3 4 A ug '17

78" 79 M a r ’ 18 79 80 's J - J 70 85 SS>2 M a y '17U 8 R ea lty A I conv deb g 5s 1924 J - J 40 48 47 '40 1 45 49

d a y a m l E le ctr ic L ig h t U S R ubber 10*yr co l tr 0 a . . 1918 J -D 100 Sale 1 0 0 1 0 0 0 1 0 0 1 0 0 *8103 S eot’ 15 78 Sale 77*2 78 194 79*4

B klyn Un G as lat cons g 5 a .1945 M -N 90 93 90 A pr ’ 18 _____ 90 9534 U S Sm elt R ef A M conv 03.1926 F - A 93 04 03 05 4 93 98Buffa lo C ity G as 1st g 5 s . . . 1947 A - O 62 51 June’ 13 V -C ar Chum 1st 15-yr 5 s . . . 1923 J - D 943i 95 9 4 l2 94*4 2 90 97*4Otncln G as A E lm let& rel 5a 1950 A - O 8 S*s 90*4 90 90 5 89*2 90 C onv deb fls________________ «1924 A - O 98 Sale 90*8 98 14 94*4 98C olum bia G A E 1st 5s_______1927 .1 - J 7S '/8 78 A p r ’ 18 - — 75*2 80 Went Elootrlo 1st 6 s D eo _____ 1922 J - J 9578 06 90 00 4 95 98

97 Feb ’ 15Consol Gas conv deb 6 s _____1920 Q - F 993« S:\IO 99*4 99*8 24 99*4 102Con*Ga.iE L A P o f Balt 5-yr5a’2 l M - N 90 91*2 921} Fob ’ 18 _____ 92*2 9212 C aal I ro n 8, S tea lD etroit C ity G as gold 5 a . . . 1923 J - J • 04 96*8 M a r’ 18 ______ 91*4 95*2 Beth Stool lat ext a 1 S t.............. 1925 J - J 94 957a 9573 9573 1 96*8 99

10 1 *2 O ot ’ 10 M -N 8978 00*4 91 91 3 87 93*8D etroit Edison lat coll tr 5 a . 1933 J - J 95 95*8 Apr '18 ___ 92 90 20-year p m A Im p s f 58.1936 J - J 80 Sale 70l2 SO 2 0 78*2 81*4

M - S 92 lo o 91*2 A pr ’ 18 _____ 91*2 9212 B u d .4 Huso Iron • 1 5S..............1932 j - n ______ 06 05 J u ly '1 7 ____Eu Q I N Y 1st cons 2 5 a ..1932 M - 8 10018 91 Fob ’ 18 94 94 D ebenture 6 a_______________ a !926 M - S ----------91*8 85 Jan '18 85 85

100 Feb ’ 138 8 is 92*8 NOV’ 17 83 85

74 71 76K an C ity (M o ) G as 1st g 5 s . 1922 A - O •80 " 9078 D eo ’ 16 Cons C oal o f M d latA ref 5 s ll9 5 0 J -D 84 8 8 83 Jan *18 83 85

85*2 90 D e o ’ 17 ____ _ 90 98*2 S e p t '17A - 0 99 99 M ar’ 18 99 99 M - N 08*2 Aug ’ 17

A - O 90*2 95 91 Feb ’ IS 94 9476 N o v ’ 17 823a 83 83*4 S378 8 85*2

L a c Gas L o f St L 1st s 6 a . .e l9 l9 Q - F 9734 98*8 98*4 9 8 14 1 97*4 98*2 Indiana Steel 1st 5s_________ 1952 M -N 95 Salo 95 95 4 95 97A d 90 89 89 1 89 913a Lackaw Steel lat g 6 s ............ 1923 A - O 90 Salo 95*4 90 2 9478 90*2M -N 85 857a A p r ’ 18 _____ 8578 8578 1st cons 5a Series A .............1050 M - 8 8978 Salo 89*3 897S 2 1 8 8 0 0*2J - E I04*a Apr ’ 17 M idvale Steel A O conv s f 581930 M - S 81*3 Salo 81 84*s 55 80*2 85*2

N Y G K L H & P g 5s.............1918 J - D 8812 90 8 8 * 2 8 8*2 1 87*4 893a P ooab C on Collier 1st a f 6 s . 1957 J - J 8 4 8 8 85*2 F eb '18 85*2 85*2Purchase m oney g 4s_____ 1949 F - A 09 71 69 A pr ’ 18 . . . . G9 73 R epub 1 4 S 10-39-yr 5s a 1.1910 A - O 95 97*2 97*2 97*2 i 93 98*4

J - J 105*2 June’ 17 J - J 79*4 87 80 A p r *18 80 8096*2 A ug ’ 17 971*

P acific G A El C o— Cal O A E U 8 Steel C orp— \ cou p ._ .4 19 0 3 M -N 97 Sale 96*2 97 139 90*2 100C orp unifying A ref 5 s . . .1937 M -N 8 8*4 S8 78 M a r ’ 18 887a 92*2 S F 10-60-yr 6 s ( r c g ____ <*1903 M -N 9 7 *4 M a r ’ 18 97*4 997a

1 - J 775a 79 7834 79 6 78*2 8034 J - J _____ 78 80 D e c ’ 10Pan P ow A Lt 1st A ref 20-yr V a Iron C o a lA C o te l i t 9 5 s . 1949 M - 8 83 89*8 84 A p r '18 _ 83 85*8

5a International S e r ie s .. .1930 P - A 80 12 84 95 Jan ’ 17 . . . .1 0 0 100 J u ly ’ 17

P e o p G a a A C let cons g 0 a ._ 1943 A -O 97*8 98*2 M a r ’ 18 98*2 98*2 A m T elop A T e l co ll tr 4a. . . 1929 J - J 80*4 Salo 8014 80*s 13 8 OI4 83*8Refunding gold 6 s .....................1947 M - S 76 77*8 A pr ’ IS _____ 77's 81 C onvertible 4s .............................. 1936 M - 8 ______ 87 85*2 Feb '18 81*4 85*2

M - S 99 S ept’03 M - 8 80 89*2 80 A p r '18 80 91*2J - J 91 90 S opt’ 17 J -D 92*4 Salo 92 92*4 67 90 95*8

1 98*8 99*289 M ar *17

M N 91 July ’ 17 Q - J 63*8 __ 63*8 08*8027ft 99U N o v ’ 15 91 91 2 90 93*8

■HConv deben gold 5 s . . . . .^ 1922 M - N 78 81 80 M a r ’ 18 80 81 K eystone Telephone lat 5sl 11036 J - J _____97 98 A pr '169912 997ft

8 l*a 07*2 May* 17 8 8 8 8 1 8 6 *4 8 890 84 July ’ 17 97 M a r '18 97

m - a OS’s G ot *17 8 6 *2 8 6*4 5 85*4 89M - f 89 95 92*1 Soot* 17 J - J 90*4 91*2 91*2 91*2 2 90*4 92*8

101*8 N 0 V I 6 92*a 92*2 7 9212United Fuel G as 1st a f 6 s . . . 1930 J - J 93 ' 9 7 *2 Jan ’ 18 97*2 97*2 W est Union coll tr our 6 a___1938 J - J 90 90*4 90 90 1 90 93*8Utah P o w e r A Lt 1st 5s____ 1944 F - A 81*3 82 81*2 81*2 4 80*3 81 F d and real eat g 4J4s____ I960 M -N 81 82 80*2 A pr '18 80 8 8

101 June’ 17 _____10 1 *2 101*2 S opt’ 17J - J 957ft 90 Aug '17 91 N o v '16

Westohet-ier t.Ur »r»|ri as . . 1060 t n 917ft 105 5 far '17

,1 » N o price F riday; latent b id and asked . « Due Jan. i D u e A p ril. a Duo M a y . j D u o Juno. 4 D uo J u ly , t Duo L a y . a Due Oot. » Due N o v . fDuaDoo a o p t io n salo.


Apr. 20 1918 BOSTON STOCK EXCHANGE— Stock Record B O N D S N e x t P a g* 1669

SHARE PRICK8—NOT PER CENTUM PRICES.

Saturday April 13.

Monday April 15.

Tuesday April 10.

Wednesday April 17.

Thursday April 18.

Friday April 19.

WeekShares.

123 12312 124 124 123 12312 122i2 122*2 123 123 Exchange 158•50*2 57 50 57*2 55 50 55 5012 56 57 Closed 35188 88 *87 90 *87 90 87 87 *87 90 Patriots’ 24215g 21SS 23 23 *22 23 21*8 22 2214 2312 Day 89

*150 155 150 150 *150 100 150 155 100 100 31*1 5 *1 *1 5 *1 5 East Sale 2 Jan’ 18

*11 *11 *11 *11 Last Sale 101, Mar’18Last Sale 41- N ov'16

*30 *30 *30 *30 ___ Last Sale 30 Mar’ 18147 147 4

* 8312 * 83*2 *82*2 83*2 82*2 82*2 *83 ------ 10*109 *109 *1083, *108*1 Last Sale 115 Mar’ IS

*59 *59 59 00 *59 ___ 60 60 7*114 *114 *114 117 *114 117 Last Sale 115 Mar’ 18

*7858 *785s *78*8 *785g ___ Last Sale 80 Apr’ 18*82 85 *82 85 *82 85 82 82 *80 82 30

*3U 4 *3*2 4 *3*2 4 *3*2 4's Last Sale 4 Apr’ 1818 18 18 18 18 18*2 *17*2 18 18 18 8027 27 27 27 28 28 27 28*2 23 28*2 159* 90 * 90 * 90 90 Last Sale 90 Jan’ 18

*95 *95 *95 ___ 95 95 *95 ___ 5*20 22 *20 22 *20 22 *20 22 Last Sale 20'- Apr’ 18*80 *87 90 *87 90 *87 ___ 88 88 142 42 42 42 *42 43 42 43 42 43*2 343

*53 *51 55 ♦52 55 52 55 *52 55 51

*8 Hi 83*4 *8134 85 *82 85ls *82 85lg Last Sale 83 Apr’18*92 93 *92 93*2 *9212 9312 9212 923, 92l2 93 48*1 1*2 *1 U- 1*2 1*2 *1*8 ll2 *1*8 1*2 25

*11 12 *11 12 *11 12 11 11 10 10 35*100 102 *101 102 *101 102 *101 102 Last Sale 9978 Apr’18

109 109 *108 1 10 109 1091? 108*2 109i2 *108*2 n o 32100 100*4 100 1013* 100*4 101 100 100*2 99*4 100*4 2,010*51 5134 *52 53 52*4 5212 *52 53 *52*2 53*2 7003 93*2 93*2 941? 9334 9 U 2 93 9 II4 93*2 94 321

*62 00 04 04 04 04 *02*2 00 *0212 00 35*77 80 *77 80 77*2 771- *771, 80 *77*4 80 9*11U *11*4 *1112 121? *1U, 121- Last Sale 11*4 Apr’ 18

*107's 108*4 *110 111 *109 110 *108 109 Last Sale 107 Apr’ 18*621« 63*4 *62*4 03 62*4 02 U *02 03 *62 63 25*2212 23 23 23 *22*4 23*2 *22*2 23*2 2212 23 170*13*4 1U2 14 11*2 *13*2 141- *131- 141- *14 14*2 00

*4t2 *4*2 5 *412 5 *43, 478 434 43, 20141 142*4 *138 1383i 1383, 139 139 139 139 139 140137*2 138 139*2 139*2 139 139 2 *138l2 139*2 *140 141 04

534 *5 5*4 *5 5*4 *5 534 Last Sale 5*4 Apr’ 18*12 15 *12 15 *12 15 *12 15 Lasl Sale 131, Mar’ 18

4 4*3 3 % 4 33, 3*4 378 3*8 378 3*8 1,835*92 *91 *91 *91 Last Sale 92 Mar’ 1880 80 *79 79 78 79 79 79' 78*4 79 50

*03 05 03*4 03*2 03 ‘2 0312 *03 04 04 64 141113*2 113*2 *111 llRls 113 114 *11118 113*2 ♦111 113 31

*3., 2 *3.4 2 **4 2 *3, 2 .99 .99 10*88 *88 ___ *8812 ___ *88*2 Last Sale 88 Apr’ 18*88 *88 *88 *88 Last Sale 9212 Au«’ 17*89 90 *89 90 *89 90 *89 90 90 90 5*59 03 *5812 03 00 00 *58*2 04 *58 63 12

*117 *118 116*4 117 *110.12 117 118 41*33 34 *33 34 *33 34 *3.3 34 33 33 10*13 13*2 *13 13i2 13 13(2 *13 13*2 13*2 15141 143*2 140*2 143 140*8 141*2 139 141 139 141 2,86049 49 48*2 48*2 *48*2 491- 49 49 49 49 19

123 123 1203i 122 121*2 1223, 119*2 122 120*2 1213s 85344 4438 44 45*4 44 44*8 44 44 44 44*2 2,030

*25 25*2 *25 25*2 25 25*2 25 25 25 25 20189 *s 89*2 90*8 91*4 90*s 923g 90*8 91 »4 91*2 945S 5,203

*109*4 10934 *109*2 110 ♦109*2 110 *109*4 1101, Last Sale n o Apr’18*0 0*4 0 0*4 *0', 0*2 0*4 OU 0*4 6*2 350*1 13S *1 13* *1 1*8 *1 138 Last Sale 1 Mar’ 18

*77 79 78 79 77 79 77 78 78 79 5313s 138 *1*2 178 *U2 lh *H2 178 *li2 2 100

*.25 .30 *.25 .30 *.25 .30 *.25 .30 Last Sale .30 Apr’ 18*50 51 50*8 50*8 50 50 50 50 *50 S0i2 105

13 13*8 *13 1334 *1314 1312 13 .3 z1258 13 0544 44 45 45 *45 47 40 40 47 47 10013 13 13 13 13*4 13*2 13 14 *13 13*2 1,379*.25 .32 *.25 .32 *.25 .32 *.25 .32 Last Sale .30 Apr’ 18

*18*2 20 *18*2 20 *1812 20 *1812 20 Last Sale 10t2 Apr’ 1867% 07*8 07 07*4 07 07*8 0G78 07 67 07*2 386

433 433 435 435 435 437 437 437 440 440 3913 13 *13 13*2 *13 13*2 13 13 *13*2 133, 25

*40 403i *4012 41 *411, 42 *401, 41 Last Sale 40*2 Apr’1844*i 4478 4434 44?s 45 45*4 4412 4434 45 453, 607*158 2 *1% 2 *1*8 2 *158 2 l's 158 100*5t2 53t 558 55* 5*8 5*2 512 5*2 5*2 6 626*9*4 11*2 ♦9 9*2 *9 9'4 9 91.8 9*8 918 70*5 53.4 *5 534 *5 5*2 5*2 Last Sale 512 Apr’ 18

♦70 80 *77 80 79 79 *70 79 *75 SO*40*2 42*2 *4D2 43 *40'2 43 *41*2 43 43is 43'8 40

*7*2 8 *73l 8 73, 8 73, 734 7'4 71, 125* .85 .85 *___ ■ SO *.50 .70 Last Sale *2 Apr'1802 62 02 02 62 02 00 02 62 62 205

*81*2 83 *81*2 84 81 81 *81 83 *81 83l2 10021*2 21*2 *21*2 22 22 22 22 22 22 22 510*5*4 53i 53S 5% 5>2 5*8 *5*2 534 245*1% 1*2 *1 Hit *1 U- *1 1*2 1*4 1*4 20*5*2 0*4 55s 55.8 5*2 612 5*2 63, *5*2 0 250*212 3 2*2 23, *2*2 3 *2*2 3 *212 3 25*4*2 5*2 *413 51? • *41- 5*2 *4*- 5*2 Last Sale 5 Mar’ 18*5U 6*2 *5 5*1 5 5 *5 6*4 *5 514 10

138 1*8 *1*4 13s 1>4 1*4 1*4 1*4 1*4 H4 835*2 2*? *2*4 2*2 *21, 3*2 *21, 2*2 2*4 21, 10002 02 02 03 02 02 01 01 63 63 98*18*4 19 *1812 19 *18*2 19 183, 1834 19 19 63

*178 2 *17g 2 * 1*8 2 * 178 2 134 178 150*15 17 *15 17 *15 17 *15 17 Lasl Sale IOI4 Mar’ 18*15 17 *15 17 *15 17 *15 17 Last Sale 17 Mar’18*75 78 *75 77 *75 77 *75 77 75 75 10

8*2 8*2 8*2 83, 8*2 8*2 8% 8*2 *8*8 834 38014*8 14*8 14 14 14 14 13*2 1334 1378 14i8 640.00 .00 * .70 .80 .80 *----- .80 100*34 1*4 *3l 1*4 **4 lU *3, 1*4 Last Sale l Apr’ 18

41l2 42 40*2 40*2 *40 41 *39 40 40 40 103*53 54 54 54 54 54 *5312 54 53 53 25

18 18 18*4 18*4 18*2 18*4 18U 18-2 I8I4 181- 635*70 72 *70 72 *70 72 70 70 70i2 70*2 10*23*2 24 24 24 *24 24*8 *2334 24U 24i2 24i2 60* 52 49 49 * _ 5234 523, 50 50 10*.90 1 *.85 1 *.85 1 *.85 1 Last Sale 34 Apr’ 18*4*8 4*8 4*4 4*8 4*8 4*8 43g 43s 4*4 438 205*15 17 *15 17 *15 17 *10 18 Last Sale 16*2 Mar’ 18*l-*8 2 *138 2 1*2 1*2 *13g 2 1*2 1*2 50*.13 .17 *.12 .17 *.12 .17 *.12 .17 .12 .12 100*4*4 5 43S 43s *41, 5 ♦41, 5 *414 5 10*219 23l *212 23, 23, 23, 23* 2*4 25g 25S 315*3l2 4 35* 358 31- 3*2 3*2 3*8 312 3*2 080*.99 *.99 *.99 *.99 ___ Last Sale .99 Mar’ 1830 3034 37*2 38*4 38 381? 37U 38 38 38 2,70042*4 43 43 44 4312 43i2 43 4314 4334 4334 344*2 2*8 2 2*8 *2 2*8 2 2 2 'Xe 2 X, 300♦934 10 9*2 9*4 10 10 9*2 10 *9l2 10 407*78*4 783t ♦78«g 78*8 *78*2 79 *78 78*2 Last Sale 7914 Apr’ 182*2 2*2 2-2 23, 21, 2*2 21, 2'4 21, 21, 1,350*2*8 23« *2*2 25, 2% 2*8 2*2 25g *2*2 3 110*1*4 2 *1*4 2 *1*4 2 ♦11, 2 112 U2 30*27 2,3*4 *27 28*4 2714 271? *27 28 271, 28 95*.70 .90 *.70 .90 *.70 .90 *.70 .90 Last Sale .80 Apr’ 18 ...........

Sale* S T O C K SBOSTON STOCK

EXCHANGE

RailroadsBoston * Albany........... .1 0 0Boston Elevated_________ 100Boston <fc J-owell-------------- 100Boston & Maine_________ 100Boston A Providence-------100Boston Suburban Elec..no par

Do pref__________ no parBoston A Woro Eleo ..no par

Do pref__________no parChlo Juno Hy A O S Y ___ 100

Do prel_______Connecticut River_______ 100Fitchburg prel___________ 100Georgia Hy A EIcc stampdlOO

Do prel_______Maine Central.....................100Mass Electrio Cos________ X00

Do prel stamped_______ 100N Y N H A Hartford........ 100Northern New Hampshire.100Old Colony_____________ 100Rutland, pref___________ 100Vermont A Massachusetts. 100West End Street__________ BO

Do pref_________Miscellaneous

Amer Agrlcul Chemical... 100Do pref............

Amer Pneuinatlo Servloe.. 25Do pref_______

Amor Sugar Refining____ 100Do pref........... .

Amer Telep A Teleg.......... 100American Woolen of Mass.100

Do pref............ .Amoskeag Manufacturing___

Do pref________ ____Art Metal Construe Inc...10 Atl Gulf A W I S 8 Lines .100

Do pref_______ ________Booth Fisheries_______no parCuban Port Cement..........East Boston Land________ idEdison Electrio Ilium____ 100General Electric.................100Internal Port Cement_____10

Do pref............Island OH A Trans C orp ...io McElwaln (W H) 1st pref. 100 Massachusetts Gas C os...100

Do pref______________Mergcntbaler Linotype... 100Moxlcan Telephone........... 10New Eng Cotton Yarn____100

Do pref............New England Telephone.. 100Nova Scotia Steel A C____100Pullman Company............. 100Punta Allegre Sugar.............50Recce Button-Hole............ 10Swift A Co_______________100Torrlngton_______________ 25United Fruit____________ 100United Shoe Mach C'orp.. 25

Do pref............. 25U S Steel Corporation____100

Do pref............Ventura Consol Oil Fields.

MiningAdventure Con.....................25Ahmeek............................. 25Alaska Gold_____________ 10Algomah Mining________ 25Allouci___ ______ 25Amer Ziuo, Lead A Smelt. 25

Do pref............ ................Arizona Commercial______ 6Butte-Balaklava Copper.. 10 Butte A Sup Cop (L td )... 10Calumet A Arizona...............10Calumet A Hecla.................25Centennial_______________ 25Chino Copper.................... 5Copper Range Co________ 25Daly-West.......... ................. 20Davls-Daly Copper.......... 10East Butte Coppor M in ... 10Franklin................................ 25Granby Consolidated......... 100Groene Cauanea.................100Hancock Consolidated_____26Indiana Mining.....................25Island Crook Coal...

Do pref............ .Islo Itoyale Copper________25Kerr Lake........ ................ 6Keweenaw Copper.............25Lake Copper Co__________ 25La Salle Copper___________ 25Mason Valley Mine______ 5Mass Consol.......................26Mayflower-Old Colony____25Michigan________________ 25Mohawk................................ 26Nevada Consolidated.............. 5Now Arcadian Coppor_____25New idrla Quicksilver___New Illver Company......... 100

Do pref_____________ 'Nlplsslng Mines_________ 6North Butte...................... 16North Lake.......................... 25

Fond Creek Coal_________ 10ltay Consolidated Copper. 10

U 8 Smelt Refln A M in ... 60Do pref--------------------

Utah-Apez Mining______ 6Utah Consolidated............ 6Utah Copper Co_________ 10Utah Metal A TunnelVictoria................................ 25Winona_____ ___________25

Range Since Jan. 1. Range for Previous Year 1917

Lowest. Highest. Lowest Highest

.100 122i2 Apr 17 129 Jan 3 120 Deo 175 Jan

.100 37 Jan 2 61 Apr 2 27 Deo 79 Jan

.100 87 Marl4 100 Jan 2 70*2 Deo 133 Mar

.100 19 Jan 23 28 Feb 19 15 Deo 45 Mar

.100 150 Apr 15 168*2 Jan 17 150 Dec 213 Jan• par 2 Jan 20 2 Jan 26 2 July 3 July• par 1 par

lOU Mar 1 11 Feb 1 9 June 30 July> par 30 Mar 5 30 Mar 6 30 Aug 38 Feb.100 147 Apr 17 147 Apr 17 148 Nov 150 Jan

82i2 Apr 18 85 Jan 30 83i2 Deo 108 Jan.100 104 Feb 14 120 Mar 6 102i2 Nov HO Mar.100 63 Jan 22 65 Jan 3 44 Dec 78*2 Mar1100 115 Jan 26 IIOI4 Jan 9 116 Deo 133 Jan.100 80 Mar 8 81 Feb 25 83 June 92*2 Jan.100 80 Jan 26 85 Jan 3 78 Deo 100*8 Mar.100 2 Jan 2 4*4 Apr 1 1 Deo 6% June.100 8*2 Jan 22 1912 Apr 4 6 Dec 31U July.100 27 Feb 25 33 Jan 2 21*4 Sept 52*4 Jan.100 90 Jan 10 90 Jan 10 90i2 Oct 105 Apr.100 92 Feb 21 98 Jan 2 85 Deo 135 Jan.100 20 Jan 2 25 Jan 8 I6I2 Dec 84t2 Feb.100 83 Jan 24 88 Apr 18 83 Deo 110 Jan. 50 37 Feb 20 47*2 Apr 1 34 Deo 56i- Mar. 50 47 Jan 16 62 Apr 1 *45 Deo 74 Jan.100 78*2 Jan 2 89*2 Feb 14 73 Dee 94*4 May.100 885s Jan 2 94 Mar 1 88 Deo 10312 Jan. 25 .76 Jan 24 2*2 Mar 2 1 Deo 2*8 Jan. 50 8 Jan 29 15*8 Mar 4 7*2 Dee 14 Mar.100 99 Jan 2 108*2 Feb 20 90 Nov 126*4 June.100 108 Jan 19 111 Feb 6 105 Deo 121*2 Jan.100 99*8 Mar2S 109 Feb 6 96 Dec 128M Jan.100 45*2 Jan 8 56*4 Mar 0 38% Nov 58 June90 Jan 3 9634 Marl2 *87*4 Deo lo o t , June___ 60*2 Jan 2 64 Apr 4 60 Deo 75 July76 Jan 7 80 Feb 1 75 Deo 97i, Jan..10 11 Feb 21 13*4 Jan 4 6 Deo 14*4 Deo.100 98 Jan 15 120*4 Feb 16 88 Sept 12li2 Jan.100par

68*2 Jan 17 21 Jan 25

62*4 Mar21 26 Feb 16

65*2 Feb 66 Jan. 10 12 Jan 29 15% Mar 15 9 Deo 20*8 June. 10 4 Jan 31 6*2 Feb 15 37g Deo 10 Jan.100 zl37 Jan 15 154*2 Jau 2 133*8 Deo 226 Jan.100 128 Jan 16 143*2 Feb 19 118*4 Deo 170*4 Jan. 10 5 Apr 3 6*2 Feb 2 4 Deo 181* Jan. 60 12U Jan 29 14 Feb 6 10 Deo 33*2 Jan..10 3*4 Apr 16 5*8 Marl8.100 91 Feb 6 92*2 Feb 28 92*2 Deo" 102"" Jan.100 *77*4 Jan 15 82*2 Feb 20 71 Dec 100*2 Mar.100 63 Apr 10 70 Jan 3 63 Deo 81 Mar.100 113 Mar 4 124 Jan 31 110 Deo 169 Jan

.99 Apr 18 .99 Apr 18 1 Mar 1*4 July.100100

88 Jan 15 89 Jan 10 35 Jan 60 Jan 93 Deo

95 MarQ91. Ana.100 87 Mar28 100 Jan 3 124*2 Mar.100 58*2 Apr 12 69 Jan 2 *59 Nov 112 Jan.100 102 Jan 7 118 Apr 10 107 Deo 166*4 Jan. 50 29 Jan 3 35 Feb 23 29 Deo 48 Jan. 10 11 Jan 29 1378 MarlO 10 Deo 16 Mar

124U Jan 7 146*4 Apr 9 116 Nov 1627s Apr. 25 45 Jan 29 50*2 Jan 4 40 Nov 68 June.100 115*2 Jan 17 133 Feb IS • 105 Dec 155*2 Jao. 25 41 Jan 2 47*2 Mar 8 37*2 Dec 58*4 Jan25 Jan 19 26U Mar 8 25 Oct 30*8 Mar.100 87 Mar25 98*2 Feb 19 79% Deo 135 May.100 108 Mar25 *112 Feb 1 103*4 Deo 121 Jan. 6 6 Jan 2 8*8 Jan 24 4U Deo S7t Jan. 25 1 Jan 10 1*4 Jan 25 1 Oct 4*4 Jan

25 77 Mar28 83 Jan 3 70 Deo 108 Jan. 10 1*2 Jan 19 2*4 Jan 22 1 Dec IH2 Jan25 .25 Jan 7 .30 Apr 10 *4 Sept H4 Jan. 25 50 Jan 15 64 Feb 27 45 Deo 70 Mar

25 125$ Mar23 17U Jan 3 11 Deo 4114 Jan. 26 41 Jan 2 48 Feb 18 40 Nov 73 Jan. 6 11 Jan 5 14U Feb 18 8*a Nov 15*4 June. 10 .25 Feb 1 .45 Jan 7 .25 Deo 214 Jao. 10 17 Mar25 24*8 M arll 12*8 Dec 62 Jan-

10 62*2 Jan 15 71*2 Marl2 55 Deo 85U Jan. 25 427 Feb 28 464 Jan 4 411 Dec 690 Feb. 25 12 Jan 14 14*2 Feb 10 11 Deo 27*4 Jan. 6 40*8 MarlO 45 Feb 19 36U Deo 63 Mar. 25 4358 Mar25 48*8 Jan 3 39U Deo 68 Jan. 20 1*2 Apr 10 25s Mar 1 1*2 Apr 3 Jan. 10 5 Jan 2 G78 Mar 8 3*4 Nov 7*4 Jan. 10 Si2 Mar25 10*» Jan 2 8*4 Deo 16 Jan

25 4 Jan 29 6 Feb 18 4 Deo 9 Mar.100 74*4 Jan 29 79 Mar28 06 Dec 92 Jan100 39 Jan 17 44*2 Feb 6 36 Nov 4612 Jan

. 26 7*4 Apr 18 lO'g Jan 2 7 Deo 20i- Jan25 >2 Apr 8 1 Jan 3 *4 Dec 4 Mar

1 50 Jan 14 67*2 Mar27 62 Nov 76H June1 80 Jan 24 84 Fsb 18 80 Nov 94 Apr

26 19i2 Jan 14 20 Jan 2 20 Dec 36 Jan6 5 Jan 2 0 Feb 19 4U Apr 6 Aug

25 .99 Jan 24 1*2 Jan 2 1*4 June 4*4 Jan25 5 Mar25 7*2 Jan 3 5 Oct IS Jan25 2 Jan 2 3U Mar 5 1*4 Deo 5 Jan

. 6 5 Jan 29 0 Feb 13 4*8 Nov 8% Aug26 5 Apr 2 7 Jan 2 6 Nov 16*2 Jan25 .65 Mar26 1'2 Jan 3 1 Nov 3 May25 1% Jan 4 2*2 Feb 5 158 Auz 5*2 Mar26 *58 Jan 9 60 Jan 2 67 Deo 98 Jan5 18*2 Jan 30 20*8 Mar 7 16 Nov 26 >2 Mar25 1*4 Jan 24 2*4 Feb 9 1'zDeo 6 Jan

. 6 13U Jan 2 17U Mar 7 10 Nov 17*2 Apr100 17 Jan 2 20 Jan 2 22 Jan 30 Mar100 75 Jan 2 80 Jan 31 06 Doc 92*4 Mar

. 6 8 % Jan 11 9 Apr 11 6*4 July 9*s Sept16 13*2 Apr 1" 16*2 Jan 3 11*4 Oot 24*4 Mar25 .25 Feb 14 .95 MarlO .30 Nov 2*4 Jan26 *4 Jan 4 1*2 Mar30 .98 Dec 27s Jan26 39*4 Mar25 45*- Jan 3 33 Nov 67*4 Mar25 53 Apr 18 65 Jan 9 63*2 Dec 95 Mar10 17*2 Jan 12 20*4 Feb 20 16 Nov 28*4 June25 69 Mar27 76 Feb 19 60 Nov 94'2 Feb10 21*4 Mar22 24i2Apr 18 20 Nov 82■« Apr25 49 Apr 15 57 Jau 2 48 Deo 89*4 Mar10 .65 Jan 26 1*4 Feb 21 .58 Dec 2 Jan10 3 Apr 10 5*4 Jan 2 51, Oot 10 Jan10 16 Jan 16 16i* MarlS 19 Oct 30*8 Mar25 1*8 Mar30 2 Jan 3 .89 Deo 6U Jan

6 .11 Jan 23 .20 Jan 8 -.10 Deo .31 Jan26 4 Feb 19 6*2 Jan 2 3*4 Deo 16*8 Mar10 2*8 Apr 12 3*4 Jan 3 2*8 Deo 8'i Jan25 3*4 Jan 14 4ij Feb 13 3 Nov 8*2 July

1 .93 Feb 14 1*4 Feb 21 1 May 2% Jan60 36 Apr 13 4914 Feb 19 40's Deo 07*4 Jan50 42*4 Apr 13 46 Jan 2 43if Nov 62i, Jan6 2 Jan 30 25g Feb 8 l 7i Mar 87» Sept6 9 Mar20 12 Jan 16 9*2 DSC 211, Feb

10 77*2 Mar23 86 Feb 19 71 Deo 118*» May1 2 Jan 30 3 Mi Apr 8 2*8 Dec 0*g Jan

26 2*2 Jan 26 . 3 Jan 3 2 Oct 6 Jan26 1 Jan 10 2 Jan 3 2 Oot u>8 Jan28 27*4 Apr 18 36 Jan 3 31 Dec 83*2 Mar28 .61 Apr 9 V/U Mar 7 10 Aug 2*s Jan

• Bid and asked prloes a Ex-dlvldend and rights * Assessment paid. k Ex-right* i Ui-dividend u Hall paid



Outside Stock ExchangesBoston Bond Record.— Transactions in bonds at Bos

ton Stock Exchange Apr. 13 to Apr. 18, both inclusive:

Bonds—U S Lib Loan 3^3-1932-47

1st Lib Loan 4S-1932-47 2d Lib Loan 4s.. 1927-42

Am Tel & Tel coll 4s. .1929 Atl G & VV I SS L 5 s.-1959 Chic June & U S Y 53.1940

4 s ________________1940Gt Nor— C B & Q 4S..1921

Registered 4s..........1921K C Mem & B Inc 5s.-1934Mass Gas 4)4s__ •____1929Miss River Power 5s. .1951 Punta Alegre Sugar 6s 1931Swltt&Co 1st 5s____ 1944Western Tel & Tel 5s. 1932

Thurs.LastSalePrice.

Week’s Range of Prices.

Low. High.

Salesfor

Week.

Range since Jan. 1.Low. High.

98.90 98.60 99 $36,700 96.52 Jan 99.06 Apr96.14 96 96.40 43,050 95 Feb 98 Jan96.14 95.90 96.30 47,950 94.54 Feb 97.90 Mar

80)4 80)4 1,000 80)4 Apr 83 Jan75)4 76 4,500 75 Mar 79 Jan87 'A 87)4 1,000 87)4 Apr 91)4 Feb72)4 72)4 1,000 72)4 Apr 72 H Apr92)4 92)4 24,000 92 Mar 94)4 Jan92)4 92)4 2,000 92)4 Apr 92)4 Apr

58)4 58)4 58)4 2,000 58)4 Apr 60 Feb90)4 90)4 90)4 1,000 88 Jan1 91)4 Mar70)4 70)4 70)4 1,000 67)4 Jan 71 Mar80 80 80 6,000 79 Feb 81 Apr93 % 93 93)4 7,000 92)4 Mar 95)4 Feb

87)4 87)4 1,000 87)4 Jan 90)4 Mar

Chicago Stock Exchange.— The complete record of transactions at the Chicago Stock Exchange from Apr. 13 to Apr. 19, 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 cont of par value.

Stocks— Par.

American Radiator___ 100Amer Shipbuilding___ 100

Preferred__________ 100Booth Fisheries—

Common..new (no par)Preferred................. .100

Chic City & CRy pt sh comPreferred.................... .

Chic Pneumatic T oo l.. 100Chlo Rys part ctf "2 "___Chicago Title & Trust-100Com'monw-Edison!___ 100Cudahy Pack Co, com.100Deere* Co, prof_____ 100Diamond M atch,.........100Hartman Corporation. 100 Hart, Shaffner & Marx—

Common ............. 100Lindsay Light. ............... 10Middle West Util, pref.100 Page Woven Wire Fence.20 People’s G L & Coke. .100 Quaker Oats Co, pref-.100Sears-Roebuck, com__ 100

Preferred.......... ........ 100Stewart Warner Speedom

Common................... 100Swift & Co___________ 100Union Carbide Co____ 100United Pap Board, comlOOU S Steel, common___ 100Ward, Montgomery & Co,

Preferred__________ 100Wilson & Co, com........ 100

Preferred__________ 100Bonds.

Qhic City & Con Rys 5s '27 Chicago Rys 4s.Series ” B’ Commonw-Edlson 5s. 1943 Liberty Loan 3^8-1932-47 Lib Loan 1st 4 s . .. 1932-47 Lib Loan 2d 4 s . . .1927-42 Met W Side El 1st 4s. 1938

Extension gold 4s. .1938Ogden Gas 5s________ 1945South Side Elev 4)4s.l924 Swift & Co 1st gold 5s. 1944

FridayLastSale

Price.

Week's Range of Prices.

Low. High.

Salesfor

Week.Shares.


250 250 10 250 .Jan 265 Feb113 110 116 1,545 87 Jan 119 Apr85)4 85)4 85)4 200 84)4 Mar 90 Jan

22)4 22)4 23 1,356 18)4 Jan 26 Feb82 82 10 80 Apr 86 Feb

2 2 2 110 2 Jan 2)4 Jan15 15)4 520 14 Jan 18 Mar

68 263 71)4 1,405 47)4 Jan 71)4 Apr10 10 4 8 Jan 15 Mar

165 165 23 165 Jan 175 Jan103 103 105 519 103 Jan 108 Feb

114 114 76 107)4 Jan 114)4 Apr96 95)4 96)4 50 94)4 Feb 97 Jan

111 108)4 111 82 102 Jan 112 Jan38)4 39 105 30 Jan 44 Jan60 60 100 53 Jan 67 Fob

21 20 22 553 19)4 Mar 28 Jan58 58)4 25 57 Jan 65 Jan

5 5 110 5 Mar 6)4 Feb41 41 12 40)4 Apr 55 Jan98)4 99 118 95 Jan 100 Jan

144 140)4 145 457 139 Jan 157 Feb118 118 15 117 Apr 120)4 Mar

55 54)4 55)4 190 47 Jan 58 Feb140 13854 143)4 7,033 124 Jan 146 Apr51)4 49)4 51)4 2,696 47)4 Apr 54)4 Feb20 19)4 20)4 715 14)4 Feb 20)4 Apr

91)4 91)4 100 91)4 Apr 96)4 Feb

103 102 103 60 102 Apr 110 Feb55)4 53)4 56 285 46 Jan 59 Jan98 98 99 73 95 Jan 99)4 Mar

55 55 31,000 52 Jan 59 Mar52)4 52)4 54)4 13,000 50 Jan 59)4 Jan91M 90)4 91 % 15.000 90 Mar 94)4 Mar

98.70 98.90 3,000 97 Jan 98.90 Apr96 96.20 550 95.04 Mar 97.5f Jan96 96.20 19,550 94.70 Feb 97.52 Mar56)4 56 H 1,000 56)4 Jan 58)4 Feb45 46 3,000 45 Apr 55 Jan

75)4 75)4 75)4 8,000 75 Mar 80 Apr79 79 1,000 78)4 Jan 81 Jan93)4 93)4 3,000 92 H Apr 95)4 Jan

* Ex-dlvidend.

Pittsburgh Stock Exchange.— The complete record of transactions at the Pittsburgh Stock Exohange from_Apr. 13 to Apr. 19, both inolusivo, 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 cont of par value.

Stocks— Par.

FridayLastSalePrice.


Low. High.

Salesfor

Week.Shares.


Amer Sewer Pipe__ 100 14)4 14)4 12 12)4 Jan 15)4 JanAm Wind Glass Mach .100 60)4 50 50)4 150 40 Jan 58 FobColumbia Gas & Elec. .100 33)4 33)4 20 28)4 Mar 35 JanCruciblo Steel, p ref... .100 89 89 35 89 Mar 89)4 FebIndep Brewing, com .. -.50 1)4 1)4 120 1)4 Jan 2 Feb

Preferred................ ..50 7)4 7)4 57 6)4 Mar 9)4 JanLa Belle Iron W orks.. .100 " iu H 108 111)4 290 106 Mar 115 FebLone Star Gas_______ .100 103 102)4 103 65 95 Jan 102)4 AprMfrs Light & H eat... -.50 _____ 50 50 150 50 Apr 53 JanNat Fireproofing, pref..50 _____ 8)4 8)4 75 8 Mar 9)4 FebOhio Fiipl Siinnlv . 25 41)4 41)4 105 x 41)4 Mar 45 JanOklahoma Natural Gas.25 24 23)4 24 319 23)4 Apr 25 JanPittsb Brewing, com .. -.50 _____ 2 2 100 1)4 Mar 2)4 Jan

Preferred_________ 50 8)4 8 H 30 8)4 Apr 13 JanPittsb Coal, com__ 100 52 X 53)4 210 45 Jan 68)4 Feb

Prfiffirred mo 79)4 79)4 10 79)4 Apr 83)4 FebPittsb Cons M . M & T ..1 So 5o 100 40 Jan 7o MarPittsb-Jerome Copper . . . 1 " 76c ' 64o 700 8,900 400 Jan 1 FebPitts & Mt Shasta Cop. . . i 380 35o 40o 6,800 21o Jan 48o Mar■pittsh Oil * Gas 100 6)4 6)4 200 5)4 Jan 7)4 MarSan Toy Mining____ . . . i He lie 100 100 Apr 16o FobU S Steel Corp, com .. .100 95)4 90)4 95)4 525 87)4 Mar 98 FebWest’house Air Brake..50 94 94 94)4 126 94 Apr 96)4 MarWest’house Elec & Mfg.50 40)4 39)4 40)4 209 39 Jan 43 Jan

Preferred.............. - ..50 59 59 59 18 59 Apr 63 Mar

Bonds.r’ontral rilst. Tp1f»n Ra 1Q43 98)4 98)4 31,000 98)4 Apr 98)4 AprPittsb Brewing 6s___ 1949 52 52 10,000 50 Jan 52 AprPittsb Coal deb 5s___ 1931 99 99 500 98)4 Mar 99 MarUnion Natural Gas 6s. 1920 102 102 1,000 100 Mar 102 Apr

Baltimore Stock Exchange.— Complete record of the transactions at the Baltimore Stock Exchange from Apr. 13 to Apr. 19, 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— Par.

Alabama Co__________ 1002d preferred________ 100

Baltimore Tube pref__ 100Commercial Credit pref. 25 Consol Gas E L & Pow 100Consolidation Coal___ 100Cosden & Co____ _____ .5

Preferred................... - .5Davison Chemical-.no parElkhorn Coal Corp.........50Houston Oil pref tr ctfs 100 Mer & Miners Trans..100 Mer & Min Trans V T.100 MtV-W’by Mills pf v t r 100Northern Central_____ 50Pennsyl Wat & Power. 100 Public Service Bldg, pref..United Ry & Electric__ 50Wash Balt & Annap___ 50Way land Oil & Gas.......... 5

Bonds—Balt Traction 1st 5 s „ 1929 Charles & W Car 1st 5s.’46 Consolidated Gas 5s. .1939

General 4)4s______ 1954Cons Gas E L & P 4)4s.’35

5% notes___________Consol Coal ref 5s___ 1950Cosden & Co scr A 6s. 1932

Series B 6s________ 1932Ga Car & Nor 1st 5s.. 1929 Georgia & Florida 5s_. 1956 Georgia Pacific 1st 6s. 1922 Kirby Lumb Cont 6s. 1923 Md Elec Ry 1st 5 s . ..1931 Metropolitan St 5 s ...1925 Minn St & St P C ]t 5s 1928Monon V Trac 5s___ 1942Norf & Ports Trac 53.1936Norf Ry & Lt 5s........ 1949Northeast of S C 6S..1933United Ry & E 4s___ 1949

Income 4s............... .1949Funding 5s............... 1936

Small.......... ........ 1936Va Mid 5th series 5s.. 1926 Wash B alt* An 5 s ...1941 Wll & Weldon 5s........ 1935

FridayLastSale

Price.

96 88 H6 Vs 3 X

33

918679 )480

96)498)4

53)4


Low. IUgh.

80)4 80)4 68 68 85)4 85)4 26 289587m

9689)4

73)4 3)4

32 3326H 26X 64 6476757273 64 96 20 273

707772)4731$64)4962014273

98)4 98 X90 90

100 10086)4 86)4 82 8291 91)4 85)4 86 79)4 80 80 80 93)4 93)4 22 22

101)4 101)4 96 96)490 9098) 4 98)492 9284)4 84)4 79)4 79)4 90 90

101)4 101)4 73 7453)4 53)4 76 7675)4 76 98 9882)4 82)499) 4 99H

Salesfor

Week.Shares,

1001049

3925940965

3551002010375620

24527

1,4307020

81,0001,0001,0001,0005.0007.0003.0003.0003.0001.0003.0002.0005.0001.000 6,000 1,000 1,000 1,000 1,000 1,0005.0001.000 2,000 1,100 2,000 2,000 1,000

Range since Jan. 1.Low.

505685269487

JanJanJanAprJanApr

6)4 Jan 3)4 Jan

30 Jan 22 X Jan6456756870609520243

AprJanAprJanJanJanJan

MarJanApr

98)4 Feb 90 Jan 98)4 Jan 86)4 Mar

JanAprJan

78 X Mar 79)4 Apr 93)4 Feb 22 Apr

101 Jan 95X Apr 87)4 Jan 98)4 Apr 92 Apr 81)4 Apr 79)4 Apr 90 Apr

101)4 Apr 73 Jan 53)4 Mar 76 Apr 75)4 Apr 98 Apr8099

JanJan

High.

87 Mar 70 Mar 85)4 Apr28 Apr

102 Feb 106 Jan

8)4 Jan 4 Jan

38)4 Jan29 Mar74929074

JanMarMarFeb

73)4 Feb 65)4 Mar 96 Mar 24)4 Feb 29)4 Mar 3)4 Jan

99)4 Feb 92 Jan

100 Apr 88)4 Feb849586

FebJanApr

82) 4 Feb83) 4 Jan9522

FebApr

101)4 Apr 98 Feb 92 Feb 98)4 Apr95858092

JanFebFebMar

101)4 Apr 77 'A Feb 58)4 Jan 80 Feb82) 4 Feb 98 Apr83) 4 Feb 99)4 Ap

Philadelphia Stock Exchange.— The complete record of transactions at the Philadelphia Stock Exchange from Apr. 13 to Apr. 19, 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— Par.

American Gas of N J..100American Milling..........10Baldwin Locomotive.. 100Cambria Iron--------------50Consol Trac of N J___ 100Elec Storage Battery.. 100 General Asphalt, pref. .100Insurance Co of NA----- 10Keystone Telep, p re f.. .50 Lake Superior C orp ... 100Lehigh Navigation........ 50Lehigh Valley_________ 50Midvale Steel A Ord___ 50Minehill & S H...............50Pennsylvania Salt M fg..50Pennsylvania____ _____ 50Phila Co (Pitts), pref

(cumulative 6% ).........50Phila Electric of Penn..25 Phila R T vot tr rects...50 Philadelphia Traction..50Reading---------------------- 50Ton-Belmont Devel........ 1Tonopah Mining________1Union Traction...............50United Cos of N J........ 100United Gas Impt---------50U S Steel Corporation. 100 Warwick Iron & Steel..10 W Jersey & Sea Shore. .50Westmoreland Coal___ 50'Wm Cramp & Sons___ 100!York Railways, pref___ 60

Bonds.U S Llb'Loan 3)43.1932-47

1st Lib Loan 4S.1932-47 2d Lib Loan 4 s ..1927-4

Am G & El 5s small..2007 Beth Steel pur mon 5s.1936 Elec & Peop tr ctfs 4s.1945

do small........ 1945Keystone Tel 1st 5s-.1935 Lake Superior Corp 5s 1924 Leh C & N cons 4 )4 s ..1954 Leh Val Coal 1st 5 s . ..1933 Natl Properties 4-68..1946Penn RR gen 4)4 s___ 1965Philadelphia Co cons & coll

trust 5s stamped__ 1951Phila Electrlo 1st 5 s . .1966

do small____ 1968Reading general 4 s . .. 1997

Registered 4s.......... 1997Span-Amer Iron 6s__ 1927Welsbach Co 5s small.1930

FridayLastSalePrice.


Low. High.

40*48)4'25)4"1 5 "'5 9 "40)4

44)4

2525)481)4

3)43)4

39

66)4 94 H

98.60 2" 96.3

70

61100)4

93) 494) 4 81)4

77 78 11 1176)4 76 % 40 4066 66 48 48)448)4 48)4 25 H 25)4 50 5014 X 15)4 63)4 64)4 58 59

145)4 47)4 50 5088) 4 88)444 44)429 2924)4 25)4 25 25)467 6778)4 81)4 3 3-16 3)4 3 3)4

39 39189)4 189)4 65)4 66)489) 4 95)48)4 8)4

39)4 40 70 7078 7932 32

98.50 95.80

0 96 78 79)4 70 70 89 5092) 4

1003989)47593) 494 81)4 80

10095

98.9696.1096.50788070) 471) 4 89 61)492) 4

100)43989)47593) 4 95 81)4 80

10095

Salesfor

Week.Shares,

831,160

50135

1425

631750

3,440152140842

33

1,6615

469707

11370

2,4731,146

5622

5686,561

85113

35024

$9,9502,000

80,000300

3.00014.000

8001.000

10,5001,0003.0001.0003.0001.000

27.000 1,700

21.000 2,000 5,000

400

Range since Jan. 1.Low.

77 Apr 9)4 Jan

58)4 Jan 40 Apr 64)4 Jan 48 Mar47245012

JanJanAprJan

01)4 Jan 55 Jan 43)4 Jan 50 Mar 82 Jan 44 Mar29 Apr 24)4 Apr 23)4 Mar 66 Apr 71 Jan 3 Jan 3 Jan

38) 4 Apr 189)4 Apr65)4 Apr 86)4 Mar 7)4 Apr

39) 4 Apr 69 Mnr 74 Jan 31 Feb

97 Jan 95.70 Apr 94.50 Feb 77)4 Mar79 Mar 70 Mar 70 Apr 89 Feb 47)4 Jan 92)4 Apr 99)4 Mar 39 Apr 89 Apr73 Apr93 Mar94 Jan 81)4 Apr80 Apr

100 Jan91 Mar

High.

89 . Jan11 Apr 80)4 Feb

ar43 Mar 67 Mnr 51 Feb 51)4 Feb 26 Apr 57)4 Jan 17)4 Feb 65)4 Feb 03 Mar 47)4 Jan 51)4 Jan 90)4 Mar 47)4 Jan33 Jan 25)4 Feb 30 Jan71) 4 Fob 85)4 Mar3)4 Mar 4 Jan

42)4 Jan 195 Feb72) 4 Jan 98 % Feb

8)4 Mar 48 Mar 70 Jan 85 Feb 33 Jan

99.04 Apr 97.90 Jan 97.60 Mnr 82 Jan 80)4 Fob 73 Jan74905295

JanJanFobJan

100)4 Jan 40 Jan 92 Jan75 Apr 96 Jan 96)4 Mar 85 Jan 83)4 Feb

101 Feb 95 Apr

* Ex-dlvldend.


Apb . 20 1918.] THE CHRONICLE 1671Volume of Business at Stock Exchanges

TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE DAILY, WEEKLY AND YEARLY.

Week ending April 19 1918.

Si

Shares.

ocks.

Par Value.

Railroad,<kc..

Bonds.

State, Mun. & Foreign

Bonds.U. S. Bonds.

Saturday................Monday..................Tuesday................Wednesday............Thursday..............Friday___________

Total..................

118.900 310,700 357,400333.900 522,100 533,595

811,514,00029.428.50033.487.50031.042.50049.252.500 50,235,000

$279,000601,000811,000738.000628.000 637,500

$316,000393.000480.000332.000404.000 673,500

$1,901,0003.617.0003.347.0002.939.0005.085.0005.255.000

2,182,595 $205,500,000 $3,754,500 $2,598,500 $22,144,000

Sales atNew York Slock

Exchange.

Week ending April 19. Jan. 1 to April 19.1918. 1917. 1918. 1917.

Stocks—No. shares__Par value_________

Bank shares, par____' Bonds.

Government bonds.. . State, mun., &c., bonds RR. and mlsc. bonds..

Total bonds...........

2,182,595$205,560,000

$22,144,0002.598.5003.754.500

3,033,603$279,052,750

$1,000$18,500

9,468,00010,840,500

37,892,887$3,545,810,350

$12,400$235,190,500

06.757.00087.633.000

59,257,501$5,339,211,180

$18,400$268,000

129.767.000218.030.000

$28,497,000 $20,327,000 $389,580,500 $348,065,000DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND

BALTIMORE EXCHANGES.

Week ending April 19 1918.

Boston. Philadelphia. Baltimore.

Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.Saturday___ __ . 4,793 $34,050 1,728 $30,600 344 $9,000Monday. _______ 8,400 45,900 2,108 44,400 264 11,400Tuesday............... 8,343 34,700 4,521 32,300 225 10,000Wednesday.......... 7,300 25,000 2,964 24,300 1,720 6,100Tnursday_______ 7,773 39,500 4,326 23,850 700 14,000Friday _________ IIOLI DAY 4,711 33,250 466 16,000

T otal................. 30,069 $179,750 20,418 $188,700 3,719 $66,500

N e w Y o r k “ C u r b ” M a r k e t . — B e l o w w e g i v e a r e c o r d o f

t h e t r a n s a c t i o n s i n t h e o u t s i d e s e c u r i t y m a r k e t f r o m A p r i l 1 3

t o A p r i l 1 9 , b o t h i n c l u s i v e . I t c o v e r s t h o w e e k e n d i n g F r i

d a y a f t e r n o o n .

I t s h o u l d b o u n d e r s t o o d t h a t n o s u c h r e l i a b i l i t y a t t a c h e s

t o t r a n s a c t i o n s o n t h e “ C u r b ” a s t o t h o s e o n t h o r e g u l a r l y

o r g a n i z e d s t o c k e x c h a n g e s .

O n t h e N o w Y o r k S t o c k E x c h a n g e , f o r i n s t a n c e , o n l y

m e m b e r s o f t h e E x c h a n g e c a n e n g a g e i n b u s i n e s s , a n d t h e y

a r e p e r m i t t e d t o d e a l o n l y i n s e c u r i t i e s r e g u l a r l y l i s t e d — t h a t

i s , s e c u r i t i e s w h o r e t h e c o m p a n i e s r e s p o n s i b l e f o r t h e m h a v e

c o m p l i e d w i t h c e r t a i n s t r i n g e n t r e q u i r e m e n t s b e f o r e b e i n g

a d m i t t e d t o d e a l i n g s . E v e r y p r e c a u t i o n , t o o , i s t a k e n t o

i n s u r e t h a t q u o t a t i o n s c o m i n g o v e r t h e “ t a p e , ” o r r e p o r t e d

i n t h e o f f i c i a l l i s t a t t h e e n d o f t h e d a y , a r e a u t h e n t i c .

O n t h e “ C u r b , ” o n t h e o t h e r h a n d , t h e r e a r e n o r e s t r i c

t i o n s w h a t e v e r . A n y s e c u r i t y m a y b o d e a l t i n a n d a n y o n e

c a n m e e t t h e r e a n d m a k e p r i c e s a n d h a v e t h e m i n c l u d e d i n t h e

l i s t s o f t h o s e w h o m a k e i t a b u s i n e s s t o f u r n i s h d a i l y r e c o r d s

o f t h e t r a n s a c t i o n s . T h o p o s s i b i l i t y t h a t f i c t i t i o u s t r a n s a c

t i o n s m a y c r e e p i n , o r e v e n t h a t d e a l i n g s i n s p u r i o u s s e c u r i

t i e s m a y b e i n c l u d e d , s h o u l d , h e n c e , a l w a y s b e k e p t i n m i n d ,

p a r t i c u l a r l y a s r e g a r d s m i n i n g s h a r e s . I n t h e c i r c u m s t a n c e s ,

i t i s o u t o f t h o q u e s t i o n f o r a n y o n e t o v o u c h f o r t h o a b s o l u t e

t r u s t w o r t h i n e s s o f t h i s r e c o r d o f “ C u r b ” t r a n s a c t i o n s , a n d

w e g i v e i t f o r w h a t i t m a y b e w o r t h .

Week ending April 19.FridayLastSale.

Week's Rangeof Prices.

Salesfor

Week.Range since Jan. 1.

Stocks— Par. Price. Low. High. Shares. Low. High.Aetna Exnlos.r...(no par) 8X 754 854 13,000 654 Feb 954 MarAir Reduction.r.. (no par) 70 72 400 70 Jan 77 MarAmor Writ Paper cotn.100 2 X 2 5 4 3 1,500 2 Jan 354 FebBrlt-Amer Tob ord’y__ £1 ______ 15 15 100 1454 Apr 1654 JanOrdinary bearer____ £1 15X 1554 1554 2,500 1454 Apr 18 FebBurns Bros Ice r.......... 100 27X 2154 2954 45,500 19 Apr 295463

AprApr

MarSecond preferred.r.. 100 63 03 63 40 50 Apr

Car Ltg & Power, r____ 25 ______ 254 254 300 2 Jan 354Carwen Steel Tool........ 10 9 9 954 800 854 Jan 954 'FebChevrolet Motor.......... 100 124 118 124 2,600 100 Jan 135Curtiss Aerop <fc M com (f) 31X 29 3154 700 25 Jan 4154 FebElootrlc Gun r ..................1 9-16 54 54 3,900 54 Mar 54 AprJanEmerson Phonograph----- 5 ______ 2 *2 « 770 2 Apr 454Emplro Tire & Rubber.r . . 3X 354 354 100 354 Apr 3 54 AprHall Switch & Signal.r.100 0 654 500 454 Jan 754 JanInter Trad Corp, com .r.-l X 54 3-16 4,600 1-16 Apr 154 FebKeyst Tire & Rub, com. 10 18X 1754 1854 1,300 1254 Jan 1854

1754AprAprPreferred, r__________10 ______ 17 1754 325 17 Apr

Lake Torpedo Iioat.r.-lOO 254 254 20 254 Apr 354 JanManhattan Translt.r__ 20 ______ 5-16 5-16 500 5-16 Apr 54 JanMarconi Wlrcl Tel of Atn.6 351 354 354 2,150 354 Jan 354 MarMaxim Munitions.r___ 10 9-16 54 9-16 45,000 X Feb 1 JanNJY Transportation___ 10 ______ 1554 16 300 14 Feb 19 FebNorth Am Pulp & Pap (t) 254 254 254 1,100 254 Jan 354 JanPoulsen Wireless r___ 100 10 1154 800 10 Apr 12 MarSt Joseph Lead.r.......... 10 ______ 1554 1554 500 1454' Jan 1754 FebSt L Rocky M t & P com 100 38 38 100 38 Apr 38 AprSecurity D ru g .r .......... 10 054 654 350 654 Mar 654 MarSmith Motor Truok .r . . . 10 2 1 1-16 254 254 34,510 1 Jan 2% Marfltandard Motor Constrr 10 12>4 12 1254 500 854 Jan 1354 MarSubmarine Boat v t o . . ( t ) 14M 1154 1454 6,200 1154 Mar 14 54 JanTblogen Co of Amer r . . .5 4 54 4 54 454 0,600 4 Mar 5 MarTriangle Film Corp v t 0.5 54 54 500 % Apr 1 JanUnited Motors.r. .(no par) 2554 2554 2654 3,900 19J4 Jan 3054 FfihU 8 Light <fc Heat, comrlO ft Preferred.r __ lo o

154 1254

154254

3,125100

1 .154

MarJan 154 Apr

254 Apr 554 AnrOS Steamship___ jo 5K 554 554 6,700 454 Jan

Wrlght-Martln Alro.r . ( t ) Former Standard Oil

Subsidiaries.8K 754 854 24,600 654 Jan 854 Feb

Anglo-Amcr OH r .......... £1 ...... 1154 1254 3,850 1154 Feb 1754 JanBuckeye Pipe Line.r . . . 50 ______ 95 96 20 93 Mar io o n FobGalena-Signal OH com rlOO 135 135 123 134 Mar 145 Jan

Former Standard OH Subsidiaries (Continued)

LastSale.

. Price.Week’s Rangt

of Prices. Low. High

for Week.

. Shares

Range since Jan. 1.. Low. High.

Illinois Pipe Llne.r___ 10( ) 187 186 187 3() 180 Mair 192 JanOhio Oil r ......................2£1 ______ 321 331 26() son Tori aaa ionPrairie Oil & Gas r ___ 10C1 488 485 489 71

/ ouui 418 Jar

i ooo j aui 500 FebPrairie Pipe Line r ___ 10C1_____ 2G4 264 K trot. 070 T',,V»

Standard Oil (Calif) r _10Ci .......... 218 218 It) 212netMai

> x t o x eu r 237 JanStandard Oil of N J.r..l0C> 555 550 555 4C1 510 Mair 579 FebStandard Oil of N Y r .100>______ 260 262 3£i 252 Jar> 285 FebOther Oil Stocks

Amer Ventura OH.......... 1 10c 8c 12c 8,9061 60 Jari l6o FebBarnett Oil & Gas.r.........1 54 54 11-16i 25.50C1 34 A pi• 1 3-10 JanBoston-WyomlngOIl.r__ 1 22c 20c 22c 12,500l 200 Mat• 33c JanCosden & Co, com.r.........5i 7 654 754 4,40Gl 6 X Jani 8X FebCrown Oll.r____________ 1 54 9-16 54 18,0001 % Apt• 1 5-16 JanDixie G as.r................... 1C1 1054 1054 1054 2,200> 10K Feb> 10X MarElk Basin Petroleum_r__.fii 654 654 654 6001 6>4 Jani 7 FebElkland Oil & Gas r____ 1 _____ 54 54 16,2001 34 Jani X JanEsmeralda OH C o rp .r ...l 10c 9c 10c 20,890i 9c Apr• 5-16 JanFederal Oll.r__________..fi, 3 254 354 5,8001 2X Jani 4 FebGlenrook Oll.r................ 1C1 354 354 354 12,2001 3M Jani 5 JanHanover OH & R ef.r___ fi> 554 454 554 3,7501 3 Jani 7X JanHouston OH com .r___ 100l 4254 42 4354 1,250I 39)4 Jani 53 X JanInternat Petroleum.r__ £1 ______ 14 1454 3,400' 12)4 Febi 14 X MarIsland Oil & Trans.r...l()1 354 354 454 16,500' 1)4 Jan> 5X MarKenova OH____________ i 5-32 54 5-32 18,150 3-32 Jani X FebKinney Oll.r___________ 54 1 1,500 J4 Apt* 1 a nrMerritt Oil & R ef.r___ 10 i 1954 1854 1954 4,600 17)4 Mar■ 24 X JanMetropolitan Petroleum .5 13-16 54 54 20,500 Vs Jan X FebMidwest OH com .r.......... 1 95c 89c 96c 44,000 87c Apr 1.24 JanPreferred r........ ..... i 1 3-32 1 1 3-32 3,300 1 Apr■ 1X JanMidwest Refining.r___ 50 10754 102 108 4,860 97 Mar 114 JanMineral Wells Pet__ l 254 254 254 3,300 IX Jan 2X AprN Y Chino Oll.r___ 1 40o 39c 42c 7,400 39c Apr1 42c AprN Y-Oklahoma Ollcom.rl 54 54 54 3,000 X Jan X FebNorthwestern O llcom .r.l 64c 61c 65c 14,500 56c Jan 89o FebOklahoma Oil com .r___ 1 4c 354c 4c 20,000 3o Jan 8Xo MarPreferred.r . . l 854c 8c 9c 2,100 9lAc Feb 16c FebOklahoma Prod & Ref__ 5 654 654 654 4,600 6)4 Apr 7X JanOkmulgee Prod & Ref__ 5 754 754 854 26,200 2)4 Jan 11X MarOmar Oil & Gas com___ 1 22c 21c 31c 17,000 21o Apr 40o JanPan-Am Petrol com r ...5 0 __ 48 50 170 40 Jan 53 FebPenn-Kentuoky Oll.r___ 6 554 554 554 4,660 5 Jan 5X FebQueen Oll.r........ ......... i 27c 22c 30c 17,000 170 Feb 86o JanRice Oll.r___________ i 5-16 7-32 5-16 32,500 3-32 Feb X FebRoyal O ll.r_____ l 15-16 54 1 6,100 X A Dr I X MarSapulpa Refining.r___ 5 854 854 854 2,800 8 Mar 10 JanSequoyah Oil A Ref____ l 54 13-16 1 24,000 H Jan IX MarSinclair Gulf C o rp .r ...(t ) 16 17 1,000 15 Jan 23 X FebStanton Oll.r___ __ 1 2 154 2 11,900 1X Mar 2X MarStockton O l l .r . . . .........io ______ 10 10 500 9)4 Mar 10 MarTexana Oil & Ref.r 1 86 78 87 82,200 78 Apr 87 AprTuxpam Star Oil r . . . 1 6c 554c 754c 370,000 5c Apr 220 MarUnited Western Oil new .r. 1 7-16 15-16 2 5,300 X Apr 2X FebUnited Western Oll.r___ 1 54 3-16 5-16 10,400 % Mar X JanVictoria Oil r............ io 454 4 454 3,550 3)4 Jan 6X MarMining Stock*Alaska-Brlt Col Metals.. 1 54 5-16 7-16 3,000 5-16 Apr 0-16 JanAmerica Mines.r............1 53c 53c 53c 3,500 50c Mar 53c AprAtlanta Mines._______ 1 1054c 1054c 12c 18,000 8o Jan 13c FebAurora Silver M in es .r ...5 554 454 554 4,500 2)4 Feb 5X AprBig Ledge Copper_______6 54 54 1 24,200 X Jan IX MarBooth _r.............. i 6c 5c 6c 2,000 3o Jan 6c AprBoston A Montana D e v ..6 52c 50c 53c 62,000 41o Jan 96o MarBradshaw Copper.r 1 54 7-16 *9-16 2,150 X Jan I X JanButte-Detrolt Cop A Zinc 1 54 5-16 7-16 16,000 X Jan X MarButte A N Y Copper 1 15-16 15-16 500 11-16 Jan IX MarCaledonia Mining l " 4 2 c ' 41c 43c 10,100 40o Mar 56o JanCalumet A Jerome Cop r .l I 3-16 1 1-16 154 16,300 •1 Jan IX MarCanada Copper Co Ltd 5 154 1 13-16 154 1,100 1 5-16 Jan 2X JanCash Boy........ i 10c 8c 1054c 16,950 3X0 Jan 19o FebCerbat Silver M A M r . . l 54 ' 54 54 4,300 42o Jan IX MarCoco River Mining.r___ 1 254 2 254 1,300 IX Mar 2X JanConsol Arizona Smelt.. 5 2 154 2 6,300 l»At Feb 2X JanConsol Copper Mines___ 5 554 554 *554 1,350 5 Jan 7 JanConsol-IIomestead.r.. 1 54 54 9-32 4,600 22c Feb X MarCopper Valley Mining.r.l 154 154 154 3,575 X Jan 2X MarCresson Cons Gold MAM 1 454 454 454 1,200 434 Mar 6X JanEl Salvador Sliver, r 1 67c 65c 68c 11,700 550 Mar 68o AprEmma Copper.r.......... 1 7-32 3-16 *54 30,050 At Apr •At FebEureka Croesus Min r _ . . l 1 7-16 154 154 8,944 X Feb IX AprFortuna Cons’d .r 1 37c 38c 2,000 35c Jan 40c JanGlobe Dominion Copper. 1 9-16 54 2,000 X Mar IX JanGolden Rule Mines.r___ 1 54 7-16 54 2,400 'As Apr X MarGoldfield Consolidated. 10 9-32 54 11-32 5,780 A Mar 7-16 JanGoldfield Merger.r.......... 1 354c 354c 354c 9,000 3o Jan 5c FebGreat Bcnd.r...... ......... l 654c 654c 7o 4,000 4 X c Feb 10c FebGreen Monster.r........ 60c 54 54 13-16 3,600 X Apr 1 AprHecla Mining...... ......... 25c 454 454 454 3,675 2)4 Jan 5 JanInternational Mlnes.r__ 1 15c 13c 15c 54,400 8o Jan 20o FebIron Blossom.r.......... 10c 5-16 5-16 54 1,500 5-16 Apr 11-16 JanJerome Prescott r ______1 954 754 954 6,225 IX Jan 9 AprJerome Verde Copper___ 1 11-16 54 54 3,200 •AsMar X JanJim Butler r...................... ) _____ 66c 70c 7,425 55c Jan 90o JanJoscvlg-Kennccott Copp.l 5-16 54 4,000 3-16 Jan 7-16 MarJoscvlg-K S stk.l............ l 5-16 5-16 54 12,800 5-16 Apr X AprJumbo Extension_____ i 12c 12c 13c 3,900 12c Apr 24o JanKewanus r____ 1 554c 6c 7,000 f i K e Anr 9o PgiuLampazos Sliver________i 154 154 25,500 X Feb IX MarLa Rose Consol M ines...6 _____ 54 9-16 3,100 25c Jan % AprLiberty Silver (prosp’t) r 1 31c 34c 7,100 2So Feb 39c FebLone Star Consol.r_____ 1 _____ 2J4c 254c 2,000 2 X c Apr 5c FebLouisiana Consol........ .1 Ys 7-16 54 4,200 7-16 Jan X JanMagma Chief.r. i 54 55 11,300 1/ Apr

Apr7-16 JanMagma Conner fi 35 35 V 100 35** 42 JanMarsh Mining r________1 6 554 654 9,500 4o Jan 8X o MarMason Valley.................. 5 454 454 454 250 4X Apr 6X JanMogul Mining.r.............. 1 15c 11c 18c 5,700 10c Apr 35c JanMonster Chief r............ l 10c x9c 15c 50,300 5Xc Apr 5-16 JanMother Lode r_________) 40c 33c 40c 21,800 25o Jan 4lo MarNational Leasing r______1 ______ 5c 554c 39,000 3o Jan 8o FebNat Zlno A Lead r___ 1 24c 24c 30c 8,600 15o Jan 38o Feb

Nevada Ophlr r___ lOc 18c 18c 500 13o Feb 2lo JanNevada Rand r ............ lOc 22c 20C 23c 5,400 13c Feb 23c MarNow Cornelia r ___ fi 1654 1654 1654 400 15X Jan 18 X MarNinlssing Mines.. fi s« 8«/£ 500 8 Jan 8X MarNixon Nevada.................. l 13-16 X 13-16 11,300 'A Apr IX MarOhio Copper r ........ ......... 1 15-16 13-16 15-16 14,500 % Apr IX MarOnondago Mlnes.r_____ 1 254 254 254 3,000 2 Jan 4X MarRay Hercules Mining r. .6 4 4 4 54 2,300 3X Jan 4)4 JanRed Warrior Mining r.__l 9-16 7-16 9-16 6,200 X Jan X MarRex Consolidated M g .. . l 954c 954o 11c 24,000 9o JaD 15c FebRochester Mines.............. l 37c 36c 37c 11,500 27o Jan 45o MarSan Toy Mining............ l 1054c 1054c 1,000 10c Apr 18c JanSeneca Copper___ (no par) 1054 10 1054 750 7X Jan 11X MarSenorlto Copper......... l 54 54 54 3,400 X Jan X MarSliver Flssue Silver.r___ 1 13-16 13-16 13-16 8,300 H Mar X MarSilver King of Arizona... 1 ___ 7-32 54 5,800 7-32 Apr 7-16 JanSilver Plume C on s .r ... l 73c 70c 73c 1,400 47o Feb 76o AprStandard Silver-Lead___ 1 13-32 13-32 7-16 7,600 X Jan X AprStewart........................ l 7-32 3-16 7-32 7,200 3-16 Jan X JanSuccess Mining................ i 854c 854c 12c 21,500 7o Jan 16o AprSuperior Cop (prosp’t) (t) 254 254 254 800 2 Jan 2X AprTonopah Extension........ 1 1 11-16 154 154 4,550 IX Jan IX JanTrl Bullion S A D ............ 5 3-16 54 1,500 3-16 Jan X JanUnited Eastern................ 1 '" 4 5 4 454 454 1,350 3X Jan 5X FebUS Lead A Zinc <_r........ 1 31c 29c 33c 7,900 9c Feb 60c MarUnity Gold Mines_______5 654 554 654 5,000 3X Jan 6X AprWashoo Copper.............. .1 54 154 2,800 X Apr 1X FebWest End Consolidated..5 79c 77c 80c 6,050 65c Jan 86o FebWhite Caps Extension 10c 854c 854c 1,000 8Xo Anr 18c FebWhite Caps M ining... 100 7-16 13-32 15-32 7,600 11-32 Jan X JanYukon Gold...................... 5 15-16 15-16 100 X Feb 2 Jan



FridayLastSale.Price.

Week's Range Salesfor

Week.

Range since Jan. 1.

Bonds— Low. High. Low. High.

Am T e l* Tel 1-yr 63------- 99 H 99 5-10 99 54 $75,000 9854 Mar 9954 JanBeth Steel 5% notes..1919 98 93 98 54 72,000 9656 Jan 9854 AprCanada (Dom ol) 5S..1919 955-6 9554 9554 121,000 9456 Jan 9554 MarCanadian PaclIIc 6s.. 1924 97 H 9754 97 5.; 5,000 9754 Apr 9754 AprGen’l Elec 6% notes.. 1919 100H 10056 10056 20,000 99 Jan 10056 Apr

6% notes...... ......... 1920 100 H 10056 100 54 28,000 9856 Jan 10054 AprN Y Cent 2-yr notes w l .r . 9756 9754 11,000 9756 Apr 9754 AprPhlla Elec 6 s ________1920 99 Vs 9954 9956 10,000 9754 Feb 9956 AprProcter & Gamble 7s r 1919 10054 10156 25,000 98 Mar 10156 Apr

7s r........................ -1920 10054 10156 22,000 9956 Mar 10156 Apr7s r.......................... 1921 10056 10156 10,000 99 Mar 10156 Apr7s. r .......................... 1922 101H 10154 101 54 15,000 9856 Mar 10154 Apr7S r .............. ........... 1923 101% 10154 10156 4,000 9851 Mar 10156 Apr

Russian Govt 6Hs r.1919 38 38 40 2,000 38 Mar 58 JanSouthern Ry 5% notc3 r'19 98 98 98 1,000 9756 Feb 98 AprWestlnghouse Eleo & MIg

1-year 6% notes______ 9956 9954 9956 59,000 98 56 Mar 9956 AprWinchester R Arms 7sr 1919 9954 9954 30,000 9954 Apr 9954 Apr

* Odd lota, t No par value. 1 Listed as a prospect. I Listed on the Stock Exchange this week, where additional transactions will be found, o New stock, r Unlisted, u Ex-cash and stock dividends, to When Issued, x Ex-dlvldend. V Ex-rlghts. z Ex-stock dividend.

FO R EIG N T R A D E OF N E W Y O R K — M O N T H L Y S T A T E M E N T .— In addition to the other tables given in this department, made up from weekly returns, wo give the following figures for the full months, also issued by our New York Custom House.

Merchandise Movement at New York. Customs Receipts at New York.

Month. Imports. Exports.

1917-18. 1910-17. 1917-18. 1910-17. 1017-18. | 1916-17.

July.........August-. -SeptemberOctober.NovemberDecemberJanuary..February.

S95,713,123

122,231,66099.805.18591.319,48689,530,60701,511,47188,164,97094,303,999

$95.614,439

107,920.942 80,480.311 85,883,225 87,030,487

102,935,533 128,344,239 97,834,888

S210,181.903178,014,309242.132,0.80219,908,712270,128.780209,407,302248,203,724103,713,182

$243.808.029273,027.773205,387,737233,474,910230.620,136228,173,541303.900,525223,464,135

s ! s11,100,794 11,314,250 10,584.750, 12,392,700 9,469,305- 11,579,290 9,548,029; 13,487,160 8,733,214| 12,878,595 7,142,265; 12,166,341 7,488,551 13,494,310 8,177,780- 10,800,297

T otal. . 772,580,501 780,059,004 1747350121 2007463380 72,334,74st 98,112,961

Imports and exports of gold and silver for tho 8 months:

Month.

dold Movement at New York. Stiver—New York.

Imports. Exports. Imports. Exports.

1917-1S. 1916-17. 1917-18. 1916-17. 1017-18. 1917-18.

July.........AUgU8t.-- September October. . November December January.. February.

Total . .

$904,838

1,245.038930,609

1,225.0281.090,730

008,5751,070,279

994,103

$17,881,3881,432,140

11,773.5011,514.6631,197,7371.258,9731,930,7811,085,806

$19,179,28212.337,55211,331,8107,484.4073,422,7121,187,600

657,9403,170,387

<8.090,9075.759.1592,651.4541,311,114

11,244,65818.318.717 10,494,07414.129.717

J813,489

1,734.701 925.958 880,834

1,077,189 ' 910,205

1,409,524 1,444,351

S1,240,4041,544,1341,200,7011,278,5791,195,1811,110,7892,716,7172,186,324

8,419,200 38,075,848 58,771,706 72,005,800 9,802,251 12,502,889

C U R R E N T N O T I C E .

— Heyward B . Boyce will withdraw from tho firm o f Colston, Boyco & Co. o f Baltimore on or about M ay 1 to accept the position o f Vice-President o f the Drovers & Mechanics National Bank o f Baltimore. Tho business o f tho present firm will be maintained at tho same address by tho two remaining partners: Frederick M . Colston and George A . Colston, undor the firm name o f Colston & Company.

— Alfred I. du Pont o f W ilmington, D el., has been elected a director o f Bonbright & C o ., Incorporated, o f this city.

— The Central Bond & Mortgage C o. o f Chicago, it is announced, has acquired tho Investment banking business o f Stecre & C o., which will bo continued as a department o f tho mortgage com pany’s business. Kenneth D . Steero has been elected a Vice-President o f tho Central Bond & Mortgage C o. in charge o f the investment department, and J. A . Francoeur will be associated with that department.

— J. O. Good was elected a director o f Wilson & Co. to succeed J. A. Howard, resigned.

New Yorif City Banks and Trust CompaniesBanks-iV. Y Bid Ask Banks. Bid AskAmerica*... 485 500 Manhattan * 315 330Aracr Exch. 210 220 Mark A Fult 305 _Atlantlc___ 170 180 Mecb A Met 298 303Battery Park 200 210 Merchants.. 225 215B ow ery*... 400 . . . Metropol'n * 165 175Bronx Boro* 150 200 Mutual*___ 375 __Bronx N at.. 150 New Neth*. 200 220BryantPark* 148 155 New YorkCo 145Butch A Dr- 80 95 New York.. 415 __Chase_____ 340 350 Pacific *...... 270 __Chat A Ptien 230 240 Park............ 495Chelsea Ex * 100 110 People's*__ 200 210Chsmlcal... 380 390 Prod Exch*. 200 ___CltUena___ 210 220 Public.......... 200 215C ity............ 370 3S0 Seaboard __ 450 470Coal A Iron. 205 215 Second........ 400 425Colonial*__ <400 Sherman . . . 135 135Columbia*.. <150 175 ' Slate*.......... 115 _ .Commerce. 168 172 23d Ward*. 110 125Coram’ l Ex* 390 405 Union Exch. 145 156Common Unit States* 500 ___

wealth ♦ . _ 180 190 Wash H’ ts*. 360 ___Continental* 135 145 Wcstch Ave* j 175 200Corn Exch’ . 310 320 iWest Side*. 185Coamopol'n* 85 100 Yorkvllle*.. 540 " 565East River.. 00 07 Brooklyn.FIlthAveV. 3500 4000 Coney Isl'd* 145 155Fifth 215 230 First______ 256 270First........... 860 880 Flatbush . . . 130 145Garfield----- 103 180 Greenpolnt. 150 105Gotham . . 200 __ Hillside * . . . 110 120Grsenwlch*. 335 350 Hmnret.ead * __ 115Hanover----- 650 060 Mechanics’ * 110 120Harrlmau— 235 345 Montauk*.. 95ImpATrad. 480 500 Nassau------- 105** 205I-vlng(trctfs )275 280 Natlon’ICIty 265 275Liberty....... 1 390 405 North Side*. 175 200Lincoln........ 280 300 People’s___ 130 140

Trust Go’s.New York

Bankers Tr. CentralTrust Columbia . . Commercial.Empire____Equitable Tr Farm L & TrFidelity___Fulton____Guaranty Tr Hudson . . . . Irving Trust I.a« Tit A Tr Lincoln T r .. Meroautlln

Tr A Dcp. Metropolitan Mut’l (West

chester) . . N Y Life Ins

A Trust.. N Y Trust.. Soandlnavl’n TltleOuATr Trnnsatlan ’o Union Trust USM tgATr UnltedStates Westchester.

Brooklyn. Brooklyn TrFranklin___Hamilton__Kings Co__Manufact'rs.,tt25Poople’a___ I 205Queen# C o .. ' 70

Bid

3637002551002003373802002103151351659398

190300116875585260255175410400915130

600230265625

370715260300342390210255320143os”

105

315125900600270265

415410930140

530240275650275 ‘ 85

» Bank# marked with a (*) are State banks, change tbla week. I New a took, r Ex-rlghts,

t Sale at auotlon or at 8took Ex-

New York City Realty and Surety CompaniesBid Ask Bid As* Bid As*

Alliance R ’lty 60 70 Lawyers Mtge 87 92 Realty AssocAmer Surety . 108 115 Mtge Bond.. 82 87 (Brooklyn). 05 75Bond & M G. 187 195 Nat Surety. . 160 163 U S Casualty. 170 190Casualty Co. 100 N Y Title A USTItloG&I __ 60City Investing 15* 20 Mtge.......... 50 57 West A Bronx

Preferred. . 60 66 Title AM C. 160 176

Quotations for Sundry SecuritiesAll bond prices are “ and Interest" except where marked “ f '

Standard Oil Stocks PerShare RR. Equipments— PerCt. BastsPar Bid. Ask Bid. Ask.

Anglo-American Oil new. £1 12 12Vi Baltimore A Ohio 4H#____ 0.00 5.50Atlantic Refining_______100 920 910 Buff Roch A Pittsburgh 4H» 6 00 5.00Boroe-Soryraeer Co 100 425 450 Equipment 4s___________ 6.00 5.60Buokeye Pipe Line Co__ 50 •94 96 Canadian Pacific 4 Ha........... 0.50 6.00Chcsebrough Mfg new ... 100 315 325 Caro Clinchfleld A Ohio 5a.. 0.75 6.00Colonial O i l .................... 100 10 40 Central of Georgia 6s............ 6.40 5.50Continental Oil........ ....... 100 440 460 Equipment 4Ha_________ 6.40 5.50Crescent Pipe Line Co__ 50 •31 33 Chicago A Alton 4s_______ 7.25 0.50Cumberland Pipe Llne.,100 140 145 Chicago A Eastern III 5H*- 7.00 6.00Eureka Pipe Line Co___ 100 185 190 Equipment 4 H s--........... 7.00 6.00Galena-Signal Oil oom..,100 132 137 Chlo Ind A Loulsv 4Ha____ 6.25 6.00

Preferred____________ 100 124 129 ChloSt Louis A N 0 68___ 6.00 5.50Illinois Pipe Line_______100 183 188 Chicago A N W 4Hs.......... 5.75 5.40Indiana Lins Co___ 60 *96 98 Chicago R I A Pao 4Ha____ 7.00 6.00International Petroleum. £1 *14 14U Colorado A Southern 6s----- 6.50 0.00National Transit C o .. .12.50 *1312 1412 Erie 5s___________________ 0.50 0.00Now York Transit Co__ 100 195 205 Equipment 4)<a.............. 0.50 6.00Northern Pipe Lino C o .. 100 105 n o Equipment 4s.................... 6.50 6.00Ohio OH Co 26 328 333 Hooking Valley 4s_________ 6.25 6.00Ponn-Mex Fuel Co.......... 25 *38 42 Equipment 5s__________ 6.25 0.00Pierce Oil Corporation__ 25 •8*4 9U Illinois Central 5s................ 6.12 5.60Prairie Oil A G a s .......... 100 485 490 Equipment 4Hs_________ 0.12 5.00Prairie Plpo Lino______ 100 262 266 Kanawha A Michigan 4,Ha.. 0.25 6.00Solar Refining................ 100 290 300 Louisville A Nashville 5s___ 5.85 5.40Southern Pipe Line C o .. 100 185 190 Michigan Contral 5 s ............ 6.25 6 .GOSouth Penn O il.............. 100 275 280 Minn S tP A S S M 4Hs~ — 6.00 5.50Southwest Pa Plpo Lines .100 92 97 Missouri Kansas A Toxas 6s. 7.00 6.00Standard Oil (California) 100 217 220 Missouri Paolfio 5s............ .. 7.00 6.00Standard Oil (Indiana)..100 630 040 Mobile A Ohio 5s................ 0.50 0.00Standard Oil (Kansas)... 100 430 450 Equipment 4Ha............ . 0 50 0.00Standard Oil (Kentuoky) 100 320 325 Now York Central Lines 5s. . 0.50 6.00Standard Oil (Nebraska) 100 475 500 Equipment 4Ha................ 0.50 6.00Standard OH of New Jer.100 550 555 N Y Ontario A Wost 4 H a - 0.25 6.00Standard Oil of New Y ’k 100 265 270 Norfolk A Western 4Hh_. 5.80 5.35Standard OH (Ohio)........ 100 400 415 Equipment 4s.................. 5.80 5.35SwanA F lrob............. 100 95 100 Pennsylvania RR 4H*........ 5.75 5.40Union Tank Line Co___ 100 95 97 Equipment, 4s____ _____ 5.75 5.40Vaouum Oil____________100 340 345 St Louis Iron Mt A Sou 6s .. 0.75 0.00Washington OH................10 *28 32 St Louis A San Franolaoo 5s 6.75 6.00

Soaboard Air Lino 5a.......... 7.00 0.50Bonds. Per Cent. Equipment 4Ha............ 7.00 6 50

Pierce Oil Corp oonv 6s. 1924 73 76 Southern Paolfio Co 4M s.. 6.12 5.70Southern Railway 4Ha____ 0.50 5.50

Ordnance Stocks— Per Share. Toledo A Ohio Central 4s... 0.25 5.75Aetna Explosives prof... 100 55 00Amerloan A British Mfg. 100 4 0 Tobacco Stocks—Per Share

Preferred------------------ 100 15 20 Par Bid Ask.Atlas Powder oowmon__ 100 176 180 American Cigar common. 100 97 101

Prelerrod...................... 100 93i2 95 Preferred......................100 80 90Baboock A Wilcox_____ 100 113 116 Amer Mnoldne A Fdry. .100 7(1 80Bliss (E W) Co oommon. 60 *350 125 Brltlsh-Amer Tobao ord..£ l *15 10

Preferred.......... .......... 50 *70 80 Ordinary, bearer_____ £1 *15 151*Canada Fdys A Forgings, loo 120 140 Conley Foil...................... 100 180 225Carbon Steel oommon__ 100 90 95 Johnson Tin Foil A M et-100 75 125

1st preferred_________100 85 05 MacAndrows A Forbes.. . 100 170 1902d preferred__________100 65 75 Preferred____________ 100 90 93

Colt's Patent Fire Arms Reynolds (R J) Tobacco. 100 280 300M fg.............................. 25 *65 70 Preferred____________ 100 98 102

duPont (E I) de Nemours B stock .................... ......... 250 270A Co common..............100 267 272 Young (J S) Co.............. 100 120 140Debenture stock_____ 100 93 05 Preferred____________ 100 100 106

Eastern Stool..................100 93 90Empire8 teel A Iron oom. 100 32 35 Short-Term Notes—Per Cent.

Preferred...................... 100 75 80 Amer Tel ATol Os 1919 ._ FA A 09*s 9912Heroules Powder oom...10C 232 235 Balto A Ohio 6s 1918 ..JAJ 99 s8 097*

Proforred...................... 100 112 114 5s 1919........ - ............. JAJ 9818 9812Niles-Beraent-Pond com. 109 120 125 Beth Steel 6s 1919.. FA A 16 9778 981*

Preferred...................... 100 97 102 Canadian Pao Os 1924.MAS 2 9714 97*4Penn Soaboard Steel (no pari *38 42 Chlo A West Ind Os’ 18.MAS 9S»8 99Phelps-Dodge Corp____ 100 265 280 Del A Hudson 6S 1920 FA A 971.1 97*4SoovlU Manufacturing...100 450 470 Eric RR 5h 1019---------- A-O 94*4 95Thomas Iron.................. 60 *25 35 General Rubber 5a 1918.JAD 985s 987*Wlnohoster Repeat Arms 100 700 825 Gon Eleo 6s 1920.......... JAJ loot* 100*4Woodward Iron_______ 100 n35 45 6% notes (2-yr) ’ 19. JAD 10()i,s 100**

Great Nor 5s 1920____ MAS 97*i 98 UPublic Utilities Hocking Volley Os 1918 MAN 9914 9912

Amer Gas A Eleo oom ... 50 *86 89 K C Uys 5Hs 1018........ JAJ 9814 99Preferred...................... 60 *38 40 K OTerm Uy 4Hs'18.M AN 08 99

Amer Lt A Trac oom___ 100 193 196 4Hs J921...... ............. JAJ 02I2 94Preferred......................100 94 05 Laoledo Gas L 5s 1910 ..FAA 97 98

Amer Power A Lt oom ...100 37 40 Mich Cent fis 1018.............. 09*4 100Preferred...................... 100 68 71 Morgan A Wright 5s Deo l ’ 18 98*2 . . . .

Amer Public Utilities oomlOO ____ 20 N Y Central 4Hal918.MAN 99*4 100Preferred____________ 100 - . . . 50 5s 1010.................. ......... . 07*2 97*4

Cities Service Co oom ... 100 201** 203 Penn Co 4Ha 1921..JAD 16 95*4 90UPreferred......................100 74 75 Pub Her Corp N J 5s ’ 19.MAH 9512 961*

Com’w’lth Pow Ry A L.100 22 24 Rem Arms U.M.C Is’ lOFAA 86 90Preferred......................100 40'2 4812 Southern Ry 6s 1919.-M-H 2 97*4 93

Elec Bond A Share prel. . 100 94 97 United Fruit 6s 1918...M-N 9978 ___-Federal Light A Traction. 100 0 7 Utah See Corp 6s ’22 M-S 16 84 85

Preferred......................100 28 31 Winches RepAnns7s'19.MAH 99*s 991*Great Wost Pow 6s 1940 JAJ 71 73 lnriuitrlalMississippi Rlv Pow com. 100 13 15 and Miscellaneous

Preferred...................... 100 37 40 American Brass........ ..... 100 230 235First Mtge 5s 1951 ...JA J 70 71 American Chlolo ooin___ 100 38 to

North’n States Pow com. 100 42 45 Preferred...................... 100 63 67Preferred...................... 100 8 H2 86I2 Am Oraphophone oom. .1 0 0 75 79

North Texas Elec Co oom 100 55 60 Preferred..................... 100 78 83Preferred...... ...............loo 70 75 Amerloan Hardware____ 100 127 131

Pacific Gaa A Eleo oom.. 100 301* 32 Amer Typefouuders oom 100 35 40lot preferred.............. 100 80 82 Preferred . . . . . 100 80 85

Puget Sd Tr L A P oom 100 10 13 BordoD's Cond Milk oom. 100 94 98Preferred.............. .......100 37 41 Preferred.................. .100 93 95

Republic Uy A Light___ 100 22 23 Celluloid Company 100 145 155Preferred..................... 100 50 58 Columbia Graphoph Mfg (t) *02 66

South Calif Edison com .. 100 81 84 Preferred......................100 04 68Preferred................... ..100 98 101 Havana Tobacco Co___ 100 *1 l ‘ l

Standard Gas A El (Del). GO *4 0 Preferred................ .. 106 3 6Preferred. .................... 50 ♦24 25 1st ft 5s June I 1922.. J-D /44 48

Tennessee Ry L A P oom 100 2 3 Intereontlnen Rtihb coni. 100 812 91*Preferred____________100 9 11 Internal Banking C o .. . 100 16(1 ___-

United Gas A Eleo Corp. 100 1 3 International Salt______ 100 no 551*1st preferred_________loo 30 40 1st gold 6s 1951 -------- A-O 08 702d preferred..............100 2 5 International Silver prof.lOP 77 81

United Lt A Rysoom-----100 27 29 Lehigh Valley Coal Sales. 50 ♦so 891st preferred................100 58 60 Otis Elevator common__ loo 40 ____

Western Powor oommon. 100 13 15 Preferred................— 100 69 72Preferred......................100 50 53 Ileinlngtoo Typewriter-

Common. . ________10(1 131* 141*1st preferred_______ 100 07 091*2d preferred. ---------- 100 48 49

Rnvni Baking Pow enm.,100 125 135Preferred................... . 100 91 94

•Per share. 6 Baals, d Purchaser also pays accrued dividend < New stock. I /F la t price, n Nominal, x Ex-dlvldend y Ex-rlghts (t) Without par value.


Ape. 20 1918.] THE CHRONICLE 1673

Im r e s t r o m l a m i f f t a d f c o f t d

R A I L R O A D G R O S S E A R N I N G S .Tho following table shows the gross earnings of various STE A M roads from which regular weekly or monthly returns

oan be obtained. The first two oolumns of figures give the gross earnings for the latest week or month, and the last two oolumns the earnings for tho period from Jan. 1 to and including tho latest week or month. We add a supplementary statement to show fiscal year totals of those roads whose fiscal year does not begin with January, but covers some other period.

It should be noted that our running totals (or year-to-date figures) are now all made to begin with the first of January instead of with the 1st of July. This is because the Inter-State Commerce Commission, which previously required returns for the 12 months ending June 30, now requires reports for the calendar year. In accordance with this new order of the Commission, practically all the leading steam roads have changed their fiscal year to correspond with the calendar year. Our own totals have accordingly also been altered to conform to the new practice. The returns of the electric railways are brought together separately on a subsequent page.

ROADS.-Latest Gross Earnings.

Week or Month.

Ala & Vicksburg___MarchAnn Arbor_________3d wk MarAtch Topoka A S Fe December Atlanta Birin & Atl. 1st wk Apr Atlanta & West P t . JanuaryAtlantic C ity______ 'FebruaryAtlantic Coast Line February

Chariest & W Car February Lou Hend & St L February

a Baltimore & Ohio, j December B & O Ch Ter It U January

Bangor & Aroostook February

Current Previous Year. Year.

FebruaryJanuaryJanuaryFebruary2d wk AprFobruary2d wk Apr

Bolt R y o f C hicago.Bessomer & L Erio. Birmingham South.Boston & M aine___B uff Rocli & P itts. .Buffalo & Susq It It.Canadian Nor Syst.Canadian Pacific______ .... __Caro Clinchf & Ohio February Central o f Georgia.1 February Cent o f Now Jersey February Gont New England- January Central V erm ont-. January Chos & Ohio Lines. FebruaryChicago & A lton___FebruaryChic Burl A Quincy February 6 Chicago & East 111 February/* nhlrt T 1 _I- A

s194,648

54,30014541066

89,342165,736130,973

4,357,022209,921209,721

1060805072,645

292,853257,282461,675117,311

3,937,316316.520199,407932,600

3166,41643,739

Jan . 1 to Latest Date.


%545,655547,789

13133867 165529519 78,709, 1,151,175

132,844127,052

165.736315,565

2d wk Apr 2,935,000 “ ' 366,671

c Chic Groat W est. _ Chic Ind & Louisv. Chicago June R l t . . Chic M ilw A St P - . dChlc & Nortli West Chic Peoria & St L . Chic Rock Isl & Pac Chicago It I & Gulf <1 Chic St P M A Om Chic Terre II & S E Cine Ind & Western Colorado M idland. e Colorado & South.Cuba Railroad____Delaware & Hudson Del Lack & W e st .. Dcnv & Rio Grande Denver A Salt Lake Detroit & Mackinac Detroit Tol A Iront Det A Tol Shore L . Dul & Iron R an ge.. Dul Missabo A Nor Dul Sou Shoro A Atl Duluth Winn & Pac Elgin Joliet A East. El Paso A So W est.Erlo________________Florida East Coast. Fonda Johns & Glov Georgia Railroad. . Grand Trunk P a c .. Grand Trunk Syst.

Grand Trunk R y Grand Trk W est. Det G II A M ilw .

Groat North System Gulf M obilo A N or. Gulf A Ship Island.Hocking Valley____Illinois Contral------Intornat A Grt Nor Kansas City South Lehigh & Ilud River Lehigh A New E ng.Lehigh V alley.........Los Angelos A S L . . Louisiana A Arkan. Louisiana Ity A Nav /Lou isville & NashvM aino Contral_____Maryland A Ponna.Midland Valley____Mineral Itango____Mlnneap A St Louis Minn St I> & S S M . Mississippi Central. g M o Kan A Texas. M o Okla A G u lf . . . h Missouri P acific .. Monongahola______

1st wk Apr2d wk AprFobruaryFebruaryJanuaryFebruaryFobruaryFobruaryJanuaryFebruaryFebruaryJanuary1st wk AprFebruaryFobruaryFebruaryFobruaryFebruary1st wk AprFobruaryFebruaryFebruaryJanuary1st wk AprJanuaryFebruaryJanuaryFebruaryJanuaryFobruaryJanuary3d wlc Mar1st wk Apr3d wk Mar3d wk Mar3d wk MarMarchFebruaryFobruaryFebruaryFebruaryFobruaryFebruaryFobruaryFobruaryJauuaryJanuaryFebruaryJanuaryFobruaryJanuaryJanuaryFobruary1st wk Apr2d wk Apr1st wk AprDecember2d wk AprJanuaryJanuaryFebruary

3,790,315' 8,570,977 165,862; 419,668170,497

10311 307 146,382 349,919 244,390 519,483

98,822 4,001.884

284,777 121.421

376,475133613321

72.645614,893418,716461,675117,311

8,047,9654,336,670

393,071881.600 10,688,800

2,833,000 38,548,119 289,396 684,579

1.644.265 1,133,566 3,187;i92 2,637,713 2,529,132 5,072,245

372,258 446,132 372,258315,753 337,143 315,753

4,214.230 3.679,250 7,776,571 1,436,376 1,376,715 2,670,0018.910.265 8,592,705 18,018,970 1,618,832 1,476,334 2,926,209

292,048 4,331,987 182,045 2,304,210 233,310! 424,685

6.514,625,14,815,284

309,992176,814230,746

7,322,7657,172,006;8,075,065| 7,172.00t

157,2456,462,895

334.0611,690.007

297,985257,606126.641291,929

1,164,5641,954.6964,196,2502,035,285

71.66024.658

105,919144.408 102,858 142.98774,215

132,5271,042,8681,219.6155,334,301

755.49474,568

431,997131.517

1,359.291975,081164,42565.079

6,489,603187,309192.052732,1351

7,210.449988,964

1,257.074126,836191.409

3,195.888 1,013.989

151.517 207,839

6,724,820951.781

32,870249,36120.152

232,307552,580112.256880,406142,832

5,870.844182.852

161,536 282,3425,949.978 12,771.195

293.997 1,662,436

265,585212,322122.355291,262395.631

1.762.706 3,966,725 1,739.276

111,57425,442

182,336140.587103,135169,84793,352

166.997 1,067,209 1.237,182 5,001,609

793,30075,021

294,75184,789

1,215,768859.871137,50457,390

6,006,910154,584145,218600.631

6,229,685817,550994,095148.862222,242

3,658,141891,141107.201 199,714

5,344,7811,069.171

37,386203.202

22,394237,036 636,521

61.008 693,189 166,589

6.306.936 151,215

692,664 1,690,007

515,271 406,293 126,641

5,050,260 6,947,914 4,071,802 8,590,196 4,377,763

135,330 317,009 203,734 255,377 205,094 142.987 926,775 132.527

1,903,413 1.219.615 0,371,743

755.494 154,843 431,997

1.258,667 14,243,313 8,811,983 1,726,209

591,930 17,282,900

358,940 379,728

1,355,250 13.543,527 2,041,487 2.443.423

275,538 388.626

3,195,888 1,013.989

289,608 207.839

12,968,650 961,781

32,870 486,861 298,328

3,055,932 7,060,711

974.749 12,749,554

142,832 5.870.844

341,023

$498,796554,106

1442902381,028,178

132,844268,727

7,500,815337,891331.380

121793843146,382761,146534,724519,483

98,8228,520,1633,730,854

261,12910,082,20036,597,584

643,1762,331,9445,327,619

446,132337,143

7,900,0822,910,097

18,183,5453,092,0144,079,6372,512,528

499.53914,865,7388,075,065

337,91512,705,508

612,3971,662,436

552,653443,231122,355

4,653,7034,331,9263,916,2508.401,4013,943,039

257,985306.380 401,045 298,061 207,395 169,847 994,866 166,997

2,255,963 1.237,182

10.603,705 793,300 157,104 294,751 899,184

14,748,399 9.363,309 1.783,425

613,085 16,611,370

335,008 322,602

1,294,348 13,024.070

1.719,172 2,067,053

327,792 „ 504,313 3,658,141

891,141 232,056 199,714

11,301,021 1.069,171

37,386 404,289 317,796

2,861,007 7,434,343

, , 823.305 11,052,184

166,589 6,306,936

319,687

Latest Gross Earnings.

Week or Month.

Monongahela Conn. February Nashv Chatt & St L February Novada-Cal-Oregon 4th wkMar Now Orl Great N or. January NO TexAM ex Lines February * New York Contral February

Boston A Albany Fobruary n Lake Erio & W . February Michigan Central Fobruary Clevo C O & St L February Cincinnati North. February Pitts & Lake Erie February Tol A Ohio C ent. February Kanawha A M ich Fobruary T ot all lines above Fobruary

N Y Chicago A St L Fobruary N Y N II & H artf., January N Y Ont & Western February N Y Susq A W e st .. January Norfolk Southern.. January Norfolk & W estern. FebruaryNorthern Pacific__ FebruaryNortliwest’n Pacific January Pacific Coast C o . . . February p Pennsylvania RR. February

Balt Chos A A t l . . February Cumberland Vail FebruaryLong Island_____ FebruaryM ary’d Del & Va February N Y Phil & N orf. February W Jorsoy & Seash February West N Y & Pa__ February

Penn West Linos___FebruaryGrand Rap A Ind February l Pitts C C & St L February

Penn System—Lines East______ FebruaryLines W est______ FebruaryLinas E A W ____February

Ppjo M arquette .. . February I itts Shaw A North JanuaryPort Reading.............. )anuaryReading Co—

Phlla & Reading. Fobruary Coal & Iron C o . . FebruaryTotal both cos__ Fobruary

Rich Fred A Potom January Rio Grande South. . FebruaryRutland------------------- FebruarySt Jos & Grand Isl. February St L Brownsv & M . January St Louis-San Fran. January St Louis Southwest. 1st wk Apr Seaboard Air Line. . FobruarySouthern Pacific___Januaryk Southern R y Syst. 1st wk Apr

Ala Great South. January Cin N O & Tex P . Fobruary New Orl A Nor E FebruaryM obileA Ohio___4th wkMarGeorgia Sou A Fla 1st wk Apr

Spok Port & Seattle February Tonn Ala A Georgia 1st wk Apr Tennessee Central. February Term ItR Assn St L January

St L M B T e rm .. JanuaryTexas & Pacific____2d wk AprToledo Poor & West March Toledo St L A West 1st wk Apr Trin A Brazos Vail. January Union Pacific Syst. January Union RR (B a lt ) .. January Vicks Shrovo A Pac MarchV irginian.................. FebruaryW abash ___________ FebruaryWashington South’n January Western Maryland. JanuaryWestern Pacific____FebruaryWestern Ry o f A la. January Wheel A Lake Erie. February Yazoo A Miss Vail. February


3125,609 150,309

1,403,776 1,095,112 4,215 10,066

148,130 152,708620,635 586,739

15378991 13633817 1.503,352 1.431,906

564,497 608,9734.038,759 3,450,210 4,098,856 3,320,920

169,188 158,4241,881,431 1,684,853

529,391 430,173291,347 228,989

28455814 24948267 1,119,982 1,158,279 5,898,364 6,712,001

682,429 563,108306.698 336,511336,645 430.591

5,076,193 4,527,345 6,031,436 5,430,116

347,384, 316,809 528,909 345,131

18928900 18830132 32,210, 26,613

290,143! 323,8771,095,1351 -----------

21,461 357.678 480,805'815,179

4,026,354432,077

4,905,69521466 802 10120843 31587645 1,542,526

131,744 94,566

Various Fiscal Years.

Canadian Northern____________Cuba Railroad_________________Pacific Coast.................................St I,oul.s-San Francisco________

4,566,2294.150,8768,717,105

412.349 47,443

262,686215,754325.572

4,045.100412,000

2.704,29116076176

2,539,516544,012825,222443.887354,469

61,736556,129

2,091148,382252,314202.432412,312112,486158,05091,184

9,882.066155.892222,119776.350

2,582,547230,414918.821717,919182,440703,479

1.511,963

930,41631,579

317,270487,487880,751

4,456,140427,539

4,920,57421227114 9,947,659 31174 773 1,518,990

126,432 150,062

4,583,7013,185,1997,768,900

372,77145,110

276,030164,164369,943

4,683,943296.000

2.549,34414184526

2,173.307536.187855,042360,250377,351

49,355432,907

2.475120,934306.461239,915385,504101.405127,01591,518

8.483,692156.778176,945720,860

2,718,334187,876

1,031.965480,985125.076575,374

1.228,968

J an . 1 to Latest Date.

Current Frevious Year. Year.

Period.

$256,692

2,597,44449,628

148,1301,262,623

30,076,8403,052,3091,086.9757,550,5977,631,878

309,2313,691,724

992,854541.528

54,933,9372,107,7935,989,3641,366,632

306,698336,645

9,864,09712,196,266

347,3841,075,823

38,396,00941,758

592,1862,219.600

30,793701,507940,113

1,710,0358,783,254

800,6429,384,726

43,444,15719,265,80662,709,963

2,804,552131,744

94,566

$322,273

2,298,310 61,788

152,708 1,165.743

29,535.691 3,109,083 1,293.981 7,511,265 7,322,722

351,706 3,489.522

943,942 491,277

54,049,189 2,498,152 6,712.001 1,196,637

336,511 430,591

9,489,497 11,719,591

316,809 714,505

40,071,254 95,333

634,560 1,981,510

92,302 762,272 977,586

1,937,015 9,794,426

916,721 10,417,00145,196.56021,429,32966,625,888

3,278,799126,432150,062

9,138,9407,946,520

17,085,460412,349105,055572,65.r416,910325,572

4,645,1005,178,3345,233,427

16.076,17632,802.802

544,0121,675,977

901.1032,981,883

831,1141,294,261

29,360275,501252,314202,432

6,567,080325,653

1,604,51491,184

9,882,066155.892625,214

1,478,6954,927,914

230,414918.821

1,576,211182,440

1,384,7113,024,464Current

Year.

July 1 to April 14 32,545,600 July 1 to Feb 28, 6,947,915 July 1 to Feb 28! 4,177,483 July 1 to Dec 31 32,049,790

9,999,3757.318.930

17,318,305372.771

92,244604,182338,259369,943

4.683.943 4,282,960 5,118,510

14,184,52627,897,157

536.1871.937.931

763,3503,127,924

766,544899,788

31,548267,004306,461239,915

5,969,923296.353

1.652.943 91,518

8,483,592156,778525,927

1,595,0575.631,173

187,8761.031,9651,066.357

125,0761,256,2912,654,736

AG G R E G A TE S OF G RO SS E A R N IN G S— Weakly and M onthly.

• Weekly Surnma>ie$.

4th week Jan 1st woek Feb 2d week Fob 3d wook Feb 4th week Fob

(28 roads)____(27 roads)____(27 roads)____(26 roads)____(20 roads)------

1st week Mar (25 roads)____2d weok M ar (24 roads)____3d week Mar (24 roads)____4th wook Mar (22 roads)____1st weok Apr (23 roads)____

CurrentYea'

PreviousYear.

-Increase or Decrease.

f ‘ j

$~~15.069.1399.533,171

10.686.70110.093,48811,651,80910,925.44811.274.91012.096.910 17,157,972 11,748,501

15,123.132 8,991.103 9,701.404 9,728,415

10.305,667 i 9.890.081

10,499.359 10,096.017

, 15,512,608 10,688,402

*— 53.993! 0.36

| +542,008 6.03 + 982,300 10.12 +905,073 9.82

1 +1,346,142 13.07 + 1,035.364:10.47

+ 775.55P 7.40 ; +2.000,893 19.82

+ 1,045,364 10.56 + 1,060,099 9.72

• Monthly SummariesurrentYear.

PreviousYear.

M i l e a g eJune___ __J u ly ........... .245.699August ____247,099Septem ber.. 245.148O ctober__ 247,048November. .242,107 Decem ber. .217,988 January____ 240,046

increase or Decrease.

Cur. Yr. Frev. Yr.| S ! $ ! 3242.111 241.5501351.001.045 301.304,803] +49,696,242

244 ~ “ ------- ----------------------— 1 --------------------6

1,921 353.219,982 306.891.967, +46.328.025 246.190 373,326.711 333.555.136! +39.771.575 243.027 364.880.036 330.978.148- -I 33,901.638 245,967 3.99,017,309 315.079,977* +43.937.332 211,621 360.062.052 326.757.147: +33,304.905 247.265 3(3,875.052 317.836.386 +26.038.666 239,885 282,391,665 294,002,791 — 11.608,126

a Include* Cleveland Lorain & Wheollug Ry. and Cincinnati Hamilton A Dayton.

10 49 15.09 11.92 10.24 12.73 10.19 8.18 3.95

51___________________________________________________________ |___j45* Include* Bvan«rl!!e A Perre Haute, e Include* Mason City A

Does* not Include earning* of Include* the Texas Contral and the

F ob ru a ry ... 00.381 66.0411 47.210.440 43,113,487 +4,006,953: 9 5M a rch -------- 65,813 65,515 58,466.439 52,459,298 +6.007,141 11.4

Fort D odge and the W i«con*ln M innesota A P a cific , d Include* not on ly operating revenue, but also all other receipt*, t

C olorado Spring, A C ripple Crook D istrict ity . f Include* Lou isville A A tlan tic and the Frankfort A C incinnati, g InciudaLn V ? * .,7V r / ! 81' t °pu no n Sol.It,llof1n • ) Includes the Lake Shoro A M ichigan Southern R ».. C h ica go Indiana ScSoufehr,x*n RR. and D unkirk AIJngheny Valley A I Ittsburgh RR. k Include* tho A labam a G roat Southern, C incinnati N ew O rleans A T exa s P a cif ic , Ntw & { £ * " * N orthttw torn and the N orthern A labam a. I Includes v»rxJa!ta RR n Include* N orthern O hio RR. p Include* N orthern C entral, and Phliadelhpla Baltim ore A W n h ln g to o . * W o no longer Include M exican r o a ls In any o f our totals.



L a t e s t G r o s s E a r n i n g s b y W e e k s . — In the table which follows we sum up separately the earnings for the first week o f April. The table covers 23 roads and shows 9 .7 2% increase in the aggregate over the same week last year.

First Week of April. 1918.

89,342260,890913.600

2,984,000309,992191,186291,929

24,65874,21561,736

1,359,291

20,152212,197552,5S0 869,475 412,000

2,539,516 2,091

421,601 158,050

177,400154,000

17,944667

22,394208,310636,521732,208

.296,0002,173,307

2,475392,003127,015

12,381143,523

Atlanta Birm & Atlantic Buffalo Rochester & PittsburghCanadian Northern____Canadian Pacific______Chicago Great Western Chicago Indianapolis & Louisv.Colorado & Southern Denver & Salt Lake.'Duluth South Shore & AtlanticGeorgia Southern & Florida___Grand Trunk o f Canada______

Grand Trunk Western--------Detroit Grd Haven & M ilw .Canada Atlantic___________

Mineral Range________________Minneapolis & St Louis----------

Iowa Central_______________Minneapolis St Paul & S S M .Missouri Kansas & Texas------St Louis Southwestern------------Southern Railway System____Tennessee Ala & Georgia_____Texas & Pacific-----------------------Toledo St Louis & W estern------

Total (23 roads)....... ................. 11,748,501 10,688,402 1,200,544 140,445N et increase (9 7 .2 % )---------------- -------------- -------------- 1,060,099

1917.

78,709284,777736,200

2,830,000292,048201,256291,262

25,44293,352149,355

1,215,768

Increase. Decrease.

$10,633

3,887

137,267116,000366,209

29,59831,035

23,887

10,070784

19,137

2,242

83,941

" ‘ 384

N e t E a r n i n g s M o n t h l y t o L a t e s t D a t e s . —In our “ Railway Earnings” Section or Supplement, which accompanies to-day's issue of the “Chroniclewe give the Jan. figures of earnings of all steam railroads which make it a practice to issue monthly returns or are required to do so by the Inter-State Commerce Commission. The reader is referred to that Supplement for full details regarding the Jan. results for all the separate companies.

In tho following we give all statements that liavo come i n tho present week covering a later or a different period from that to which the issue of the “ Railway Earnings” Section is devoted.

-------Gross Earnings------Curren Previous

Roads. Year. Year.$ S

Chicago Burl & Q u incy.b .F eb 8,910,265 8,592,705Jan 1 to Feb 28............18,018,970 18,183,545

Grand Trunk o f Canada—Grand Trunk R y ______Jan 3,236,222Grand Trunk W estern ..Jan 634,835Dot Great Nor & M ilw.Jan 212,179

Intemat’l Sc Gt. N o r .b __ Feb 988,964 817,550Jan 1 to Feb 29______ 2,041,487 1,719,172

Southern Ry—Cin N Orl & Tex P a c .a .F e b 825,222

Jan 1 to Feb 28----------- 1,675,977Western Pacific b ----------Feb 717,919

Jan 1 to Feb 28 ------------- 1,576,211

------ Net Earnings------Current Previous

Year.S

1,737,897 3,366,382

3,788,083 def817,572 667,440 defl90,523 221,668 def72,997

Gro s Earnings.

NetEarnings.

Toledo Peoria & Western—Mar ’18 112,486 defl4,205

’17 101,405 4.8153 mos '18 325,653 do(27,315

'17 296,354 23,156Gross Net after

Earnings. Taxes.5 $

Chicago Milw A St Paul—Feb '18 7,322,765dcfl027,339

'17 6,514,625 deU53,1972 mos '18 14,815,28 Idof1655,005

'17 14,805,738 1,509,128

OtherIncome.

S13,00021,09847,41161,666

OtherIncome.

5

855,0421,937,931

480,9851,066,357

TotalIncome.

$

def 1,205 25,913 20,126 84,822

Gross Income.

$

226,662471,728

13,34712,893

189,717473,917Charges

<fe Taxes.$8,417

27,13625,27482,055

FixedCharges.

$

Year.$

3,002,8896,614,593

691,773 def 8,030

def59,128 177,101 373,076

160,578502,070

87,359282,486

Balance,Surpus,

def9,622 def 1,223 def5,148

2,707 Balance, Surplus.

$128,537 def898,S02 137,892 dell5,305 206,359def1448,646 306,990 1,810,124

1,402,007dcf2300,809 1,599,469def 1614,774 2,790,602def4,23924D 3,077,101(lcfl261,03g

E L E C T R I C R A I L W A Y A N D P U B L I C U T I L I T Y C O S .

Name of Road or Company.


Week or Current PreviousMonth. Year. Year.

Atlantic Shore R y ___Marchc Aur Elgin & Chic Ry December Bangor R y & Electric February Baton Rouge Elec Co January Berkshire Street R y . December Brazilian Trac, L & P February Brock & Plym St R y . February Bklyn Rap Tran Syst December Capo Broton Elec Co February Cent Miss V El Prop January Chattanooga R y & Lt FebruaryCities Service C o ____MarchCleve Palnesv & East January g Columbia Gas & E l..M arch Columbus (Ga) El Co'February Colum (O) Ry P & Lt! February C om ’w’ th P, Ry & Lt FebruaryConnecticut C o_____ DecemberConsum Pow (M ich ). February Cumb Co (Me) P & L February Dayton Pow & Light Marcha Detroit Edison____MarchDetroit United Linos March — Duluth-Superior Trac February East St Louis & Sub. February Eastern Texas E lec. . February El Paso Electric C o . . February 0 Federal Lt & T rac. . January Galv-Hous Elec C o . . February Grand Rapids Ry C o February Great West Pow Syst February Ilarrisburg Railways.! February Havana El R y, L & P,February Honolulu R T & Land January Houghton Co Trac Co February b Hudson & M anhat. FebruaryIllinois T raction ____FebruaryInter boro Rap T ran . February Jacksonville Trac Co February Keokuk Electric C o . February Key West Electric Co February Lake Shoro Elec R y . January Lowlst Aug & Waterv February Long Island E lectric. December Louisville R ailw ay .. December

$13,036

186,095 67,485 21,530 58,916

/7 3 15000 7,192

2422,455 36,294 28,046

137,791 1975,212

40,772 1035,308

96,461 347,374

1619,202 837,647 483,420 211,037 194,294

1140,245131*230 311,063

80,409 103,875 310,344 181,822 102,091 348,451

89,857 617,071

58,356 26,645

538,938 1165,482 3256,310

66,004 20,054! 13,149

141,555 42,254 15,871

291.955

$25,740

176,57168,77620,44687.478

/68720007,714

2452,70632,01026,327

102,5941721,481

36,4361017.153

80,987316,318

1530,735808.198460,279217.275149,775

1044,1051*17*240268,158

73,007111,255243,878148,284103,932328,982

87,120504,325

57,98425,249

497,8001065,0193240.154

53,932 19,030 10,682

129,50554,79317,153

270,131

Jan. 1 to Latest Date.

CurrentYear.

322,181

14521

1.058/15152

1430,563

7728

2705,856

40 3,468

205715

3,31910,023

1,004442582

3,5601,473

272610164218310376209713189

1,2625856

1,1142,3976.825

13141 26

14189

2513.281

PreviousYear.

,129,871,261,530.729,000,751,718,722,046,793,285,772,293,439,036,672.162,383,643,957,508.572201

.751,868,235,344,005,739,724.661,081,356,068,865,553,331,561.920,924,555,374,122,505

70,6822,056.362

143,46020.446

999.888 /14138.000

16,73029.304,948

70,59126,327

209.6435,257.798

36,4363,188,645

170,594653.889

3,148,4529.560.435

947,606 455,994 494,590

3.188.436 1,370,447

246,214560,765152.359 227,598 243,878311.360 217,040 670,667 179,790

1,051,81357.984 54,002

1,039,0952,217,5196,870.847

113,09339,92721.985

129,505 116,496 215,164

3.078.297

Name of Road or Company.

M ilw El R y & Lt C o . M ilw Lt, H t & Tr Co Nashville R y & Light NewpN & H Ry.G&E N Y & Long Island .. N Y & North Shore. .N Y & Queens C o___New York Railways. N Y A Stamford R y . N Y Westches & Bost Northampton T ra c .. North Ohio Elec Corp North Texas Electric. Ocean Electric (L I ) .Paciflc Gas & Elec___a Paducah T r & Lt Co Pensacola Electric Co Phila Rapid Transit. Port(Ore) Ry.L&PCo. g Puget Sd Tr, Lt & 1' ((Republic R y & LightRhode Island C o____Richmond Lt & H R . St Jos R y, L . H & P . Santiago El Lt & T r . Savannah Electric Co Second Avenuo (Rcc) Southern Boulevard. Southern Cal Edison. Staton Isl’d M idland. Tampa Electric C o . .Third Avenue R y ___

D D E B & B RR_ 42dStM & StN AvR y Union R y C o(N Y C ) Yonkers R ailroad.. N Y C ity Interb Ry Belt Lino R y C orp. .

Third Avenuo System Twin City Rap Tran. Virginia Ry & Power. Wash Balt & Annap. Westchester Eloctrfc. WestchesterStreetRR g West Penn Pow er.. q West Penn Rys C o .York Railways______Youngstown & Oliio.


Week or Month.

MarchMarchFebruaryJanuaryDecemberDecemberDecemberFebruaryDecemberDecemberDecemberFebruaryFebruaryDecemberDecemberFebruaryFebruaryMarchFebruaryFebruaryFebruaryDecemberDecemberNovemberJanuaryFebruaryDecemberDecemberFebruaryDecemborFebruaryDecemberDecemberDecemberDecemborDecemberDecemberDecemberFebruaryFebruaryMarchFebruaryDecemberDecemberNovemberNovemberJanuaryFebruary


732.370217,386198,928130,20732,78511,26567,830

830,35924,37745,84418,275

533,095237,353

6,8281770,392

24,72235,228

2656,490577,581919,289460,246498,252

30,416132,03355,47785,19860,61715,694

530,50819,32187,102

336,41937,254

127,651209,282

65,55554,71850,113

693,966780,372647,820164,30243,61617,564

365,238672,612

97,52829,760

649,168,197,85,32,12 ,

112 ,914,

25,49,18,

483,158,

6 ,1669,

25,26,

2510,459,720,357,481

31, 125,

49,69,58,15,

6592390

318,32,

127 222

415854

767827516

583714

297,568

9124

Jan. 1 to Latest Dale.

CurrentYear.

445291593222577 115 713 077 296 155 117 866578 314 126 550 909 812 908 178 ,646 ,6.39 ,945 091 713 ,295 ,382 ,160 ,860 ,571 ,360 ,420 ,932 ,491 ,716 ,154 ,660 ,250 ,252 ,374 ,043 ,052 ,259 ,763 ,012 ,381 ,490 ,318

PreviousYear.

19

S,231,327617,363403,449130,207470,197167,906

,132,362,695,736394,259555.414216,215

,081,487487,665158,304

,813,38152,41672,371

,388,000,167,368,879,379944,832

,000.602447,538373,630

55,477178,572855,600218,643

,096,279346,642173,551

,117,833455,616,766,080,910,070824,866733,081677,840

,442,317.622,097,872,136336.740554,914246.023

,576,572.984,869

97,52860,583

1,971,476499,478407,462

85.222413,986160,216

1,391,3301,911,152

357,816564,654200,070982.011 329,678 153,965

18.615,49854,33853,956

7,143,949950,139

1,508,048737.428

5.811,996406,738

1,235,944 49,713

. 144,348 766,250 182,956

1,370,862331.428 182,675

3,590,943 421,808

1.672,888 2,544,253

564,967 632,805 678.447

1,596,677 1,725,307 1,519,714

125.011 441,131 225.734

2,706,8025,705,741

91.49849,666

6 Represents Income from all sources c These figures are for consolidated company. /E arnings now given In mllrols. g Includes constituent companies.

E l e c t r i c R a i l w a y a n d O t h e r P u b l i c U t i l i t y N e t E a r n

i n g s . — The following tablo gives tho returns of ELE CTR IC railway and other public utility gross and not earnings with charges and surplus reported tliis woek:

Companies.

-Gross Earninqs- Curren Previous

Year.

Atlantic Shoro R y .b ___M ar 13,036Jan 1 to M ar 31______ 32,129

UtahSecCo(sub cos only)M ar 571,237Jan 1 to Mar 31______ 1,772,726

Western Pow C o o f C an .Fob 34,270M ar 1 to Feb 28_____ - 449,767

Western Union Toleg___Feb 6,261,501

Year.$

25,74070,682

511,5551,547,414

-------Ne Earnings------Curren Previous

5,223,917Jan 1 to Feb 28............12,963,661 10,779,825

Year.

'3,169 def 2,430 317,109 991,986

24,035 328,178

1,438,272 3,097,320

Year.

2,9592,546

280,813856,111

1,619,7103,480,789

b Net earnings hero given are before deducting taxes.Gross Net after Fixed Balance,

Earnings. Taxes. Charges. Surplus.S s *s s

Amor Tel & Tel Co (Mar 1918 est)-—3 mos to M ar 31 '18 14,738,008 13,140,818 2,339,995 10,800,823

'17 013392249a! 1,897,602 o 2 ,143,885 o9 ,753,717Arizona Power C o .-D e c '17

'1612 mos '17

'16

53,71336,264

489,901309,801

28,01324,229

288,649203,581

16,83613,048

168,001141,293

x l 1,487 x ll,197

X121.840 X62.507

Bangor R y & Elec Feb '18 '17

2 mos '18 '17

67,48568,776

145,261143,460

15,99228,25543,59960,027

19,94218,93339,60137.658

def 3,950 9,322 3,998

22,369Bell Tel Syst in U S (March 1918 est)—

3 mos to Mar 31 '18 76,300,000 16,800,000 '17 a66641252ol8,299, t97

6,505,000x12,765,00005,943,814X014248874

Caddo Oil & Rcfg Feb '18 '17

2 mos '18 '17

159,453159.864265,872351,776

60,85243,689

100,65082,556

12,36212,50024,41625,000

48,49031,18976,23457,556

Chattanooga R y Feb '18 & Lt '17

2 mos '18 '17

137,791102,594270,793209,643

31,64733,94153,84465,546

30,565 32,062 61,263 64,722

1,0821,879

dof7,419824

Cities Servico C o— Mar '18 '17

3 mos '18 '17

1,975,2121,721,4815,856,2855,257,798

1,938,4441,690,1685,765,0255,172,944

192225611824

1,938,2521,689,9445,754,4145,172,121

Columbus (Ga) Feb '18 Elec ’ 17

2 mas '18 '17

96,46180,987

205,439170,594

57,65050,243

125,023106,670

32,25428,41464,14856:935

25,39621,82960,87549.735

Columbus (O) R y Feb '18 P & Lt '17

2 mos '18 '17

347,374316,318715,036653,889

84,31091,641

150,023200,688

54,11944,961

106,86389,230

30,19146,68043,160

111,458Consumers Power Feb '18

(M ich) '17 2 mos '18

'17

483.420460,279

1,004,383947,606

193,326201,598386,940432,051

99,32776,090

194,868159,340

93,999125,508192,072272,621

Cumberland Co Fob '18 (Me) P & L '17

2 mos '18 *17

211,037217,275442,643455,994

22,21352,28940,481

126,655

70,70266,304

131,584132,471

dof48,489 dofl4,015

def 101,103 def5,816

Detroit Edison C o .M a r '18 '17

3 mos '18 '17

1,140,2451,044,1053,560,5083,188,436

328,238342,818

1,066,9711,154,311

97,09484,947

291,499254,942

231,144257,871775,472899,369

East St L & Subur Fob '18 '17

2 mos '18 '17

311,063268,158610,751560,765

86,07195,865

122,750193,672

66,64863,969

132,378128,034

19,42331,896

dcf9,62865,638

Grand Rapids R y Feb '18 '17

2 mos '18 '17

102,091103,932209,739217,040

25.39230,23253,88568,876

19,27017,39239,71435,443

6,12212,84014,17133,433

H avanaE lR y.L & P .F eb '18 '17

2 mos '17 '17

617.071504,325

1,262,0811,051.813

337,738293,473700,447610,997

129,189169,591257,207322,005

X218.655X131.970X462.1931303,448


Apr. 2 0 1 9 1 8 .1 THE CHRONICLE 1675

Huntington D ov & Gas

Lewiston Aug & & Watery

M ilw El B y & Lt

Feb ’ 18 '17

2 mos '18 '17

Feb ’ 18 ’ 17

2 mos '18 '17

M ar '18 ’ 17

3 mos '18’17

M ilw Lt H t & Trac M ar '18 '17

3 mos '18 '17

M onon Vail T racf M ar ’ 18 (M ar 1918 cst) '17

3 mos '18 '17

Fob ’ 18 ’ 17

2 mos ’ 18 ’ 17

N N & II B , G & E .Jan ’ 18 ’17

Phila Rap Trans M ar ’18 ’17

Nashville B y & Lt

Portland (Ore) R y L t & Power

Gross Earnings.

$82,276 51,822

172,030 107,005 42,254 64,793 89,374

116,496 732,370 649,445

2,231,327 1,971,476

217,386 168,291 617,363 499,478 336,374 202,560 939,606 565,274 198,928 197,593 403,449 407,462 130,207 85,222

2,656,490 2,510,812

9 mos ’18 22,418,459 ’ 17 21,001,095

Feb ’ 18 577,581• ’ 17 459,908

2 m o s ’ 18 1,167,368 ’ 17 950,139

Feb ’ 18 919,289’ 17 720,178

2 m o s ’ 18 1,879,379 ’ 17 1,508,048

Fob ’ 18 158,221’ 17 143,763

2 mos ’ 18 312,667’17 290,052

W isc-M inn Lt & Pow—12 mos to Fob 2 8 ’ 18 1,730,864

’ 17 1,434,085

Puget Sound Tr Lt & Power

Tennesseo Power Co

Net after Taxes.

S38,26632,45080,03768,448

def20,8313,443

def46,71510,958

161.375153.958 401,734 492,903

39,80230,37676,161

100.959 124,525 112,662 343,354 311,78871,773 78,963

144,732 155,557 37,363 31,883

1,013,782 1,094,981 8,920,344 9,221,770

250,196 . 216,807

495,158 446,849 350,923 279,787 723.008 596,419 69,808 57,128

123,568 110,268

873,559741,704

FixedCharges.

816,773 15,430 33,373 30,750 15,762 15,444 31,673 30,752 97,587 69.074

292,266 204,933

43,715 38,629

Balance Surplus

$21,493 17,020 46,664 37,698

def36,593 dofl2,001 def78,388 dofl9,794

187,485 290,110

2141,275 2308,329

2def3,830 2def8,269

130,244 2def54,281 115,736 2defl4,76949,39730.208

145,84088,83140,62640,97081,06382.208 20,351 20,592

814,811813,752

7,311,5247,328,468

177,792181,016356,687363,354206,220189,142410,711381,06751,36346,085

101,26390,018

75,128 82,454

197,514 222,957 31,147 37,993 63,069 73.349

217,396 211,484 198,971 281,229

1,608,820 1,893,302

72,404 35,791

138,471 83,495

144,703 90,645

312,297 215,352 222,348 214,508 227,331 233,350

294,879 578,680

a Comparative figures are the average first quarter for 1916 and 1917.

Phila & W estern___M ar ’ 18’ 17

12 mos ’ 18 ’ 17

Virginia R y & Pow M ar ’ 18 ’ 17

9 mos ’ 18 ’ 17

GrossEarnings.

S49,26741,097

583,531526,762647,820516,043

5,456,4664.497,395

2 After allowing for other Income received.

NetEarnings.

523,29918,291

273,142272,290288,528274,080

2,495,7082,327,256

Fixed Chgs. & Taxes.

S14,080 12,526

161,170 150,489 163,289 153,048

Balance,Surplus.

S9,2195,765

111,972121,801

2137.5702128,105

1,435,225 21,147,310 1.358,963 21,039,866

A N N U A L R E P O R T SA n n u a l R e p o r t s . — An index to annual reports of steam

railroads, streot railways and miscellaneous companies which have been published during the preceding month will be given on tho last Saturday of each month. This index will not include reports in tho issue of the “ Chroniclo” in which it is published. Tho latest index will bo found in the issue of March 30. Tho next will appear in that of April 27.

R e a d i n g C o m p a n y .

(Annual Statements for Periods ending Dec. 31 1917.)The report in dotail will bo cited another week.

READING CO M PAN Y— RESULTS FOR CALENDAR YEARS.1917. 1916.

s sN o t earnings.......... 15,696,168 15,077,152

JSS* o n - - - 1-105’000 7»Funded d e b t . . . 3 ,759,930 3 ,759.930 R ead .C o . Jersey

C e n t.co ll.b d s . 920,000 O ther in te re st .. 130,995

1917. 1910.C al. Y ears— 5 S

In t. & dividendreceipts ............... 12,418,996 11,928,228

R en t o f e q u lp t___ 3,096,351 2 ,903,052O ther ren t............... 298 ,S92 347,978

T o ta l In co m e .. . 15,814,240 15,179,258C ontlng . expensesi 118,072 102,106

N et e a rn in g s .. . 15,696,168 15,077,152

920,000133,710

Tho net Income for tho 18 months ending Dec. 31 1917 was « i n oa< B/10 and after deducting SI,680,000 dividends on 1st prof., 82 520 000 on owt prof, and $8,400,000 on common stock, tho surplus was $2,701,849. ”PHILADELPHIA & READING R Y — RESULTS FOR CALENDAR YRS.

1917. 1916.C al. Y ears— S 8

O perating revenue 66,831,398 00,452,869 Operating expense 46,699,283 34,879,459 T axes, & o________ 2 ,040,314 1,730,174

O perat. in co m e .18,091,802 23,837,236

O ther in com o____ 850,672 859,718

1917. 1916.S

G ross incom o . . . .1 8 ,9 4 2 ,4 7 4 24,696 954H ire, eq u lp t-------- 3 ,322,207 3 ,055 314R ents for lease o f ’ ’

road -------------- -- 3 ,299,431In t.on funded deb t 1 ,967,753 Other rents, & c . . . 1 ,852,434 F or invest. In phy

sical p r o p e r ty .. 3,785,381

3,293,2791,974,3151,717,131

1,399,495G ross incom e ..1 8 ,9 4 2 ,4 7 4 24,696,951 S u rp lu s________ 4 ,715,268 13,257 420The net Incomo for tho 18 months to Dec. 31 1917 was S11 551 o n

aftor deducting $10,620,425 dividends paid the surplus was $931,486. U1UPHILA. & READ. COAL & IRON CO.— RESULTS FOR CALENDAR YRS.

1916.C a l. Y ears— 1917.S

T o ta l receipts____ 49,896 908 42,701,061E xpenses__________43,303,942 39,601,306

1917.

F ixed charges, ln t. ^and taxes---------- 1 ,151,334 635,965

S u rp lu s ------------------ 5 ,436,633 2 ,463;700Net profit......... 6,587,967 3,099,755— V. 106, p . 500.

I l l i n o i s C e n t r a l R a i l r o a d .

(68<A Annual Report—Year ending Dec. 31 1917.)On subsequent pages will be found the remarks of President

C. H . Markham, in addition to a comparative incomo account, balance sheet and general freight, passenger, &c. statistics ’

INCOME ACCOUNT FOR CALENDAR YEARS , 1917. 1916. 191K

Average miles operated......................... 4,766.04 4,766.79 4 767 42Operating Revenues—

Freight.....................................................$63,126,728 $53,325,517 $45,992 467Passenger............................... ................... 17,099,134 14,435,404 12,864.701M ail, expross, & c................................... 6,918,924 5,979,345 4,946,911

Total operating revenues.................. $87,144,786 $73,740,266 $63,804,079

Operating Expenses— 1917 . 1916. 1915 .Maintenance o f way and structures—$11,289,315 $9,921,656 $9,491,070Maintenance o f equipment----------------- 18,214,178 16.980.995 14,970,410Traffic ............ ....................... 1,332,010 1,303,244 1,232,749T ransportation— rail Hno--------------------- 29.076,858 22,553,004 21,446,632Miscellaneous operations-------- ----------- 559,450 425,364 352.386G en era l--------------------------------------------- 2.083 165 1 848 339 1 713 795Transportation for investment— Cr__ Cr:215:i43 CrA87,101

Total operating expenses__________ $62,339 834Net earn ings..------------ $24,804,952Tax accruals________________________ 6,186,365Uncollectible revenues_______________ 12,370

$52,843,149 $49,019,942 $20,897,117 $14,784,137

4,116,065 3,268,938_________ 21,813 22,966

Operating Income............................... $18,606,217 $16,759,239 $11,492,233Other Income—

2,026,545 1,602,8686.933,895 3,371,7841,254,641 21,0582,800,750 2,683,940

Separately operated properties— profit 1,739,924Dividend Income_____________________ 1,601,298Hire o f equipment___________________ 2,054,039Other incom e________________________ 2,614,104

Gross income..........................................$26,615,582 $29,775,070 $19,171,883Deductions—

Interest on funded d e b t . . ........................ $8,477,619 $5,546,266 $5,504,903Rent for leased r o a d s .................. 2,009,933 5,689,672 5,410,864Sinking, &c.. reserve funds............... 118.200 114,125 110.025Other rents, & c-------- ------------- 993,637 958,595 1,008,926Dividends--------------------------------------(7M )7,923,960(5)4)601.280 (5)5.464,800

Total deductions___________Balance, surplus_____________— V. 106, p . 1577, 1461.

----------$19,523,349 $18,319,938 $17,499,518----------$7,092,233 $11,455,132 $1,672,365

New York New Haven & H artford Railroad.(46th Annual Report—Year ending Dec. 31 1917.)

Presidont Edward J. Pearson, April 9, wrote in substance:Rcvenues .— The operating revenues were the largest in the history o f the'

company and $5,352,726. or 6.24% more than a year ago.Freight revenue increased $1,668,574, or 4 .13% . The number o f tons

o f revenuo freight carried one mile was 2,776,143,607, an increase o f 208,312,591 ton miles [the average revenue per ton per mile being 1.46 cts. against 1.515 cts. in 1916.— Ed.] Tho revenue freight tonnage per revenue train milo averaged 397.40, increase 70.57 tons. Revenue freight miles decreased 817,261 miles, duo to more efficient operation.

Passenger revenue increased $3,342,766, or 10.75%; mail revenue In- creascd $297,969, or 27.63% ; express revenue decreased $89,307, or 2 .15% . ln o total nu™>er or revenue passengers carried one mile was 1,814.460,722, an increase o f 163,985,855 passenger miles; average revenue per passenger per mile, $.01897, as compared with $.01883 in 1916. Average number o f passengers per revenuo train milo 121, increase 15. The miles run bv passenger trains decreased by 497,553 miles, or 3 .23% .

The expenses have been very heavy, due to increased business, severe winter weather, freight congestion, higher wages and the increased cost o f matorial and fuel.

Improvements, &c.— Six grade crossings were eliminated during the year. Contract for the new passenger station at New Haven has been aw-arded.

Tho plan approved contemplates a four-story brick building with office facilities for local operating forces. The building will be completed some time during tho fall o f 1919. W ork is in active progress on the modem freight terminal at Cedar Hill, New Haven, Conn.

Tho total number o f Ues laid during tho year was 1,262,860. o f which 22,144 were creosoted and provided with tie plates and screw spikes.

Tho substructure for a new four-track bridge over the Thames River was completed during 1917. The approaches to the new bridgo aro nearing £°1,nR et ot} a,nd stee’ f ° r a two-track superstructure is being fabricated, and it is hoped tho work will bo completed by Oct. 1 1918.

I'Uio addition and betterment charges for year 1917 aggregated $6,377.674, o f which $5,297,147 was charged to cost o f road, $114,730 to cost o f equipment and $965,798 for trust equipment to “ equipment suspense.”I he principal expenditures as aforesaid other than for equipment were as

improved bridges, $1,071,632 (Thames River bridge, $660,168); buildings, $107,764; new and Improved signals, $388,843; new a?<k,e- p a s s i n g sidings. $570,661: new and enlarged yard facilities. .'4,017,086 (New Haven, Cedar Hill. $733,568); new and improved engine facilities, $626,310 (Boston, Southampton St., $512,579); real estate purchased for future developments,g$567,389.]

Deductions.— Interest charges increased $1,028,016, due to increase In Collateral Gold notes for part o f the year from $25,000,000 to $45,000,000, your company being obliged to borrow sufficient funds to assist the New England Navigation Co. to pay its three-year Collateral Gold notes which matured M ay 1 1917, your company taking in payment certain securities owned by the Now England Navigation Co.

Tho dividends payable by tho Springfield Railway Companies wore not earned in full during the year, and your company was obliged to advance $127,758 under its guaranty, where no such advance had been necessary in previous years.

Rents for joint facilities increased $120,785, but hire o f equipment decreased $675,951, which reflects the increased efficiency in handling o f cars by your company and its patrons, resulting in less cars being under per diem and demurrage. The net result o f these changes and some other minor ones was an increase o f only $545,960 in the total charge for deductions._ company has spent for the protection o f its property in1917 $8,906,279, and in 1916 $4,260,843, as follows:^ . , . 1917. 1916.For road and equipment ................ ........................$7,060,521 $3,935,991For Grand Central terminal buildings_____________ 411,765 50,842For additions and betterments on leased steam rail

road properties------------------------------------------------------ 739,106 204.010For advances to sub. cos. for additions and betterm’ts 694,887 70.000

From April 1 to Dec. 31 1918 there will mature: Gold notes, April 15 1918, $43,964,000; New Haven & Derby HR. Consols, M ay 1 1918. $575,000; New Haven Station Debenture “ A ,” N ov. 1 1918. $100,000. There will also mature on July 1 1918, $2,170,000 bonds o f tho Boston & ProvI- donco K it., the refunding o f which will be arranged for by that company.

The debt in hands o f the public (inch the New England Navigation C o.) has decreased during tho year $1,067,091. as follows:(1) Securities Retired.— Torrington & Winchester St. R y. Co.

1st M . 5% bonds, paid o ff D oc. 1. $150,000; Worcester &Conn. Eastern R y. C o. 1st 4>£s, purchased for sinking fund.$26,000; European Loan debentures o f 1907 (canceled), $36,091; Providence Securities Co. 4% Gold debentures acquiredand hokl in treasury (V . 106. p. 1577), $2,422,000: total____$2,634,091

(2) Securities Issued.— Worcester & Conn. Eastern R y. 1st M .4J^s, sold by Now England Navigation C o., $6,000: New Haven Station debentures dated N ov. 1 1917, due $100,000 each year, $700,000; Columbus Ave. Trust, Boston, real estate mortgage at 4 % . duo Jan. 2 1920, $200,000; Collateral Goldnotes, $601,000; total_____ ________ ___________________________ 1,567,000Liquidation under Special Act of Mass. Legislature.— Tho affairs o f the

New England Navigation Co. and the Millbrook C o. were liquidated, your company taking over tho assets and assuming the obligations o f those companies resulting in a loss o f $7,438,894, which your company as sole stockholder assumed and charged to profit and loss.

Tho Investment in the New England Steamship C o. was also reduced by surrendering to that com pany S3,000,000 o f its 5% bonds, and that amount was charged to profit and loss and the bonds canceled by the steamship company. Your com pany’s investment was further reduced by dis-

th*° steamship company by an exchange o f securities an additional ^820,000 o f steamship com pany bonds, reducing the investment from S9,000,000 to $5,180,000.

Exchange of Worcester Consol. St. Ry. Co. First Prcf. Stock for Pref. Shares of Neio England Invest. & Security Co.— This exchange releases your com pany from its guaranty with respect to the shares so exchanged. The number o f shares exchanged to Dec. 31 1917 was 38,454, reducing tho amount o f your com pany’s guaranty on prcf. shares o f the New England Investment & Security C o. from 34,000.000 to $154,600 (V . 105. p . 1619).

Securities Sold, &c.— During the year the securities have been sold as follows: .Tho Connecticut Company 5% debentures. $250,000; stock o f Pennsylvania R R . C o., $58,400 for $62,651; Park Square Theatre C o.. Inc., 2d M tgo. notos, $5,000; Eastern SS. C o.. Inc., 1st & Consol. M tge. 30-year non-convertiblo Incomo gold bonds, $1,500,000 for $1,125,000; New England Navigation Co. gold notes, $220,000. .


161 6 THE CHRONICLE [Vol. 106

Housa tonic Power Co.— 'The investment in the Housatonic Power C o., held through the New England Navigation Co., was disposed o f in 1 eb. 1917 payment being made in Providence Securities Co. debentures.^ ..... ST Equipment Trusts.— Under lease and conditional sale agreements, one with the Farmers’ Loan & Trust Co. dated April 1 1914, °ne with the Philadelphia Trust & Safe Deposit & Insurance Co. dated N ov. 2 1914, and three with tlie Commercial Trust Co. o f Philadelphia dated Dec. 1 1915, Sent 1 1916 and Aug. 1 1917, respectively, equipment has been purchased or contracted for at a total cost o f $10,281,898. as follows (mostly delivered): 80 locomotives; 436 all steel cars for passenger service; 17 all steol multiple unit motor cars and 26 all steei trailer cars; 25 steel underframo milk cars; 50 steel refrigerator cars; 500 steel self-clearing hopper coal cars,4 steam locomotive cranes; 2 steam wrecking derricks and 1 steel business car.

U p to Dec. 31 $3,320,898 had been paid m initial payments and installments .theIm lanct to be paid for at the rate o f $754 000 for the next seven years, $657,000 the eighth year, $112,000 tho ninth year, $282,000 the tenth year and $166,000 for the succeeding two years. (V. 105, P- 1708,V. 103. p. 119, 1601; V. 99, p._1367, 1452, 1911, V. 98, p. 913.) ________

Financial Plans— PreY- Stock. Authorization.— 'The legislative obstacles to tho adoption o f a completo system o f financing o f the co™ W ™ moved during the year by the action o f the Legislature o f Massachusetts in passing two laws: (1) Authorizing the issue o f $45,000,000 prof, stock with dividends payable out o f net earnings instead o f corporate surplus; (2) removing any doubt as to the validity o f the company s holdings o f stock in other companies other than thoso which were required to be sold under tho decree in the so-called dissolution suit. .

Under this legislation, which has been accepted by the company, dividends on the common stock in excess of 5% are prohibited until the com pletion o f tho sales required by the decree in the dissolution suit and until tho losses incurred in such sales, together with the net book losses resulting from tho dissolution o f the New England Navigation Co. and o f tho Mill- brook C o., plus the reduction in tho book value o f the holdings or the New York Westchester & boston Ry. Co. have been made good from earnings; but the prohibition is not to deprive tho company from any rights or powers under any U. S. law. The com pany, therefore, should get the benefit in its balance sheet o f any laws now or hcrealter in force In connection with tho railroad valuation now in process. , . _.

In Connecticut there was enacted an amendment to the company s charter similarly authorizing the issue not exceeding $50,000,000 7 % Pijet• stock.

An issue o f $45,000,000 7% cum. prof, stock was a ^ o r iz e d by the shareholders on Oct. 27 1917 to pay floating d e b ; and on Marchi 1 2 1918a circular was issuod regarding a proposed sale o f $43,588,200 or such stocK to shareholders. This offer was withdrawn following tho completion ofne- gotiations witii the Government for financing tho company. (V. 106,IJ Government Operation.— On Dec. 28 1917 tho President o f tho United States, by proclamation, took possession and assumed control o f the' company’s transportation system. In the proclamation ho stated that It was expected that each transportation system would bo compensated by an annual amount equal to the avorago annual railway operating income for tho threo years ended Juno 30 1917. Early in January the Administration Railroad Bill was introduced, and on March 21 1918 becamo a law, confirming tho intentions o f tho President, and empowering him to adjust the compensation by including equipment and Joint facility.rents, also by adding a reasonable rato upon tho cost o f additions and betterments mado during tho period o f Federal control. The President is further empowered to increaso tho compensation if it appears that recent expenditures for additions, or improvements, or equipment do not fully reflect tho income.

Tlieso provisions seem to assure the company o f an annual compensation from tho Government o f $17,000,000 or more, and o f at least $3,000,000 above all charges. [See also news item on a following page.]

Renewal of Notes— Tho following plan o f renewing tho company s notes has been negotiated with the Director-General: Tho company will Issue and the Government will purchaso, at par, one-year (>% notes aggregating $43,964,000 witii tho right o f renewal for another year at tho same rate These notes will be secured by collateral now pledged to secure a like amount o f present outstanding notes and by the other securities, tho cash proceeds o f which when sold under court decree your company agreed to apply to retire such outstanding notes, tho company during the year having retired $1,036,000 of tho $45,000,000, issue o f April 16 1917. This atTange- mont will take care o f tho company s present floating debt until April 15 1920. [Theso new 6% collateral gold notes are dated April 15 1918 and due April 15 1919, but subject to call by tho ItR . company or the tnmtee (the Central Trust Co. o f N. Y .) on 30 days’ notico at par and Int., if held by tho U. S. G ovt., or if hold by another, at 102 and mt.J

Proaram for Improvements.— The heavier volume o f traffic which lias been handled with increasing difficulty and expense has further emphasized the need for the improvements outlined in the statements or Juno 40 1915 1114 iQifi (V 103 d 1602’ V. 101, p. 1478). On account o f both shortage and high prices for material and labor, together with tho financial condition o f tho company, tho program for improvements has necessarily been limited. The amount or tiro program under consideration by representatives o f tho Government is $24,316,000. hrom such expenditures the company will benefit through better service, increased capacity for handling traffic, decrease in car hire and decrease in operating oxpenses. \V ith tao bridge and passing track programs nearly completed, appreciable bcnefits will follow tho elimination o f features o f serious restriction by the expected completion o f strengthening o f the Poughkeopsio Bridge in M ay, the first section o f the Cedar IIlll terminal in Soptomber and tho lham es River

** More Time under Federal Decree.— The time in which, iI?MKhntho trustees o f the Boston Railroad Holding Co. aro required to sell the stock o f tho Boston & Maine U R. C o. has been extended until l °b . 1 1919, and the timo for the sale o f tho securities o f tho Eastern SS. Corp. hasbeR o /« t— During the ‘ymar 'increases in freight rates o f your company and tho Central Now England ity. were made, aggregating an annual revenue o f $2,500,000. Further increases In freight rates were made in 1918 which will take effect during April, aggregating $2,350,000. Applications now on file with tho I.-S . C . Commission for ncreases in both freight and passenger rates, if granted, will ylold approximately $o,900,000 per ann The grand total o f theso increases Is $10,750,000 per annum.

[Mr. Pearson closes his report with an appreciation o f tho services ren dered tho company by ex-Chalrman Howard Elliott.]

REVENUE FREIGHT MOVED FOR CALENDAR YEARS.Year. Aoricult: Animals. Mines. Foresls. Manufacl's. MUecllan s1917.-2,069,520 773,308 9,419,518 1.446.787 5.901,468 1916.-1,950,756 703,838 8,457,479 1,294,443 6,522,606

Other Income—Miscellaneous operating incom e. Dlvidond incomo----------------- ...—

Gross corporate income-----------Deductions—

Other intorrst........................Total deductions__________________ S25.337.622 524.791,662 522,978,457

RTlinrn mirnlns S2.404,095 7 1,1)0 J*14UB Noief— The N ." Y . N\ T T H : R R accoiint does not Include interest duo from subsidiaries unless earned and paid in cash.

R E S U L T S OF S U B S ID IA R IE S FOR C A L E N D A R Y E A R S .

(1) C e n tr a l N ew E n g la n d R y . (N ew H aven owns 9 9 .8 % of entire stock).C alendar Cross N et ( after Ollier D educ- D ividends B alance,

Y ears— E a rn in g s . T ax es). Incom e. lio n s . S u r o r D e f.1917 . . . $5,477,238 $1,6:57,893 $52,673 $1,452,75G x$256,39S (lel$18,e871 9 1 0 _ 5 ,208,198 2 ,076,232 197,066 1,358,648 x470,G84 sur443,9G6

( >) n . y . O u t . & W e st . R y . (N . I I . owns 5 0 .2 % o f entire stock— See th at co's

1917, U / S9°lVii 878 $2,227,676 $272,826 $1,523,035 y S l, 162,354 dcf$184,887l o i o l I I I I 8 J 9 4 4 6 6 2 ,324,736 1.84,134 1,669,288 y581,071

10,610,20810,449,917

EQUIPMENT IN SERVICE A S OF DECEMBER 31.Locomotives. Pass. Service. Freight Service. InLocomotives. Pass. Service. Freight service. In Co’s Service

1017 1 957 2.526 34,246 1.721i 9 i 6 : : : : : : : : : : : : : : i ; 3 i i 2.425 34,372 1.439

GENERAL STATISTICS FOR CALENDAR YEAR S.^

Passengers carriod---------------------------------------- « ?a ’aK^ ’799 1 fi5n’ t7'l’867Passengers carriod one mile............................... 1,814,460,722 1.650,474,867Average revenuo per passenger per mile------ o3o sno 90370 030Revenuo tons carried------------------------------------- _ "0 ’220’80J 23,3( j ,im .Revenue tons carriod ono m ile .------------------- 2,77b, 143,607 2,567,831,0161.515 cts

S10.323Average revenue per ton per m ile --------------- 1-460 cts.Operating revenue per mile o f road--------------- $1J,UUU

INCOME ACCOUNT FOR CALENDAR YEARS.1917. 1916. r

M all, express, & c .. 10,961,093 10,619,707 7,712,212

1915 2,004

Total operating revenues....... S85.784.893 $80,432,167 * £ 2 4 9 § ’S?§Maintenance of way and structures.. $9,019,344 $8,977,656 $7,867,345Maintenance o f equipment------ 12,191,352Traffic expenses................. 522,287Transportation (rail lines)...................General oxponses---------------------- 2,470.69oMiscellaneous operation....................... 1.404,428Transportation for investment- Cr.18,420

10.693,991 505,333

31,218,962 1,975,363 1,054.326 Cr.53,001

10.198,053 468,456

24,522,954 1,640.134

694,336 Cr. 19,063

Total operating expenses___________$01,970,060 $54,372,029 §45,372,216•NT«1. pamlnra & $23,814,833 $26,'60,138 $24,734,370Tax T c c m T s : : : : : : : : : : : : : : : : .......... s . s k o i o 3 .005.255 2 .668,098U ncollectibles________________________ 5,996 5.846 8,301

. 9,070

. 2,077,070

. 1,101,139

. 1,180.791

. 1,551,839

. 1,349,950

9,3211,868,9971,028.7851,664,9241,552,7471,172,828

11,7141,468,789

444,772972,411

1,664,8931.017,647

.$27,741,717 $30,346,639 $27,637,597

. $6,156,544

. 2,670,533

. 3.0S7.003

. 384,633

$6,151,3433,346,4832,966,217

448,660

$6,166,0591,183,1232,843,327

407,193

124,567 ) 864,000 . 127,758 . 9,282,634 . 2,639,950

120,391864,000

122,726864,000

9,354,9911,539,576

9,357,3932,034,635

sur258,511(3) N . Y . W e s tc h e s te r & B o s to n R y . ( N . I I . owns 99.5% of entire sto ck ).17 . $565,414 loss$32,513 $10,733 $1,009,125 ------------ clw } ’?5o’o?o16........ 664,654 loss20,739 40,950 1,563,460 ---------- defl,o43,249(4) B e rk sh ire S tre e t R y . (N . I I . owns entire cap ita l slock).*

1917-___ $1,053,729 $81,725 $1,821 *$317,908 ..........1916____ 999,886 184,918 2,269 310,608 .......... .. dcfl29,

1911916

elef$59,018dcf33,082

361 481

(5) Connecticut Company (N. H. owns entire ca p ita l sto ck ).} n1H1917 $10,023,162 $1,607,648 $220,921 $1,20.3,720 SUw llo io o19 16 . 9,566,435 2,589,449 271,595 1 , 182,556 (1 H)$600,000 surl,078,488

(6) N. Y. & Stamford Ry. (<Y. I I . owns entire stock).*1917 _ $394,200 $36,118 $065 z$95,8011916 _ 357,816 62,201 540 95,824

(7) Rhode Island Company ( N. I f . owns entire c a p ita l slo ck )i . . . . . . „ , 01917 _$6,000,002 $826,350 $115,482 *$1,454,081 - - - ......... det$512,84919 16 . _ . 5,811,996 1,585,764 118,965 1,401,410 sur303,319' (8) Westchester Street RR. (<V. I f . owns the entire c a p ita l stock)*

1917. . - $246,023 losstv'0,051 $346 *$27,284 ------------ 1 f^I?fj9g7o1916......... 225,734 lossl6,659 313 22,032 der38,379

I I . owns entire c a p ita l stock).000 sur$29,406000 sur29,874

(9) H a r t fo rd & N . Y . T r a n s p o r t a t io n C o . ( N . I I . ow ns en tlr 1917 $1,471,414 $159,827 $48,115 $88,536 (4h i)$90 ,01916_____ 1,293,390 161,963 66,230 98,320 (5 % ) 100,0

( l « ) N ew E n g la n d S te a m s h ip C o . ( N . I I . owns entire c a p ita l stock).1 7 - . . - - $5,970,424 $659,371 $25,257 $729,059 -------------- W J 316.......... 5 ,847,105 775,664 43.504 847,039 - - - - ... dof27,911

1917.1916 --------------------- ----------------- ------------- , „

(11) N ew lle d lo r d M a rth a 's V in e y a r d & N a n . SS. C o . (N . I t. owns entire stock).1917 .......... $2 4 7 ,7 7 3 loss$22.550 $4,260 $2,507 -------------- def$20,8o71 9 1 6 _____ 264,748 prof40,542 0,134 2 ,380 -------------- aur44,295

Includes in 1917 5 X % on prof, and 1 X % oil com m on , against 7 H % and 3 )1 % respectively In 1916, all paid from Incom e, y Includes yearly $210 on pref. stock and in 1917 2 % ($1,162,144) against 1% ($581,071) In 1910 on com m on stock- z D eductions from gross incom e Include Interest accruing to the N . Y . N .H R , bu t not Included In the incom e account o f that com pany, via .: (1) $ 20 U ,llo Berkshire Street R y ., (2) $39,412 N . Y . A Stam ford R y .. (3) $211,428 R h od e Island C o and (4) $24,742 W estchester Street U R . ‘ Under decree o f the hederal C ourt the stock m ust be sold before July 1 1919. {T ills stock is In tho hands o f Federal trustees, w ho under decree o f tho Federal C ourt shall excrciso their best efforts to com plete the sale o f shares before July 1 1919.

B A L A N C E S H E E T D E C E M B E R 31.Assets— 1917. 1910.

R oa d & equip - $ $m ent_________ 204 ,780,323 199,368,447

Im pts . on leased5.054,977 4 ,315,871

a8,730 7,560railw ay p ro p .

Sinking fu n d s - .M iscell. physical

p r o p e r t y ____Invest. In bldgs,

a t G randC ent.T e rm ., N . Y .

S tock w ith trustees:P le d g e d _____ 41,010,898U nplcdged . . . 51,587,114

B onds pledgedw ith trustees. 1,018,542

S tock p le d g e d -- 38,963,018 d o unpledged 22,755,712

B onds pledged- 15,520,028 d o unpledged 23,232,518

N otes unpledged 31,102,006 A d v . unpledged 2 ,163,290 M iscell. in vest.C ash____________Special deposits A gts. A co n d u c.T ra ffic ,A c ., ba l- M lsc . acets. rec.M a t ’ ls A suppl’a 12,008,831 In t. A divs. re c . 1,136,259 Loans, A c ., rec .W ork fund actv.U nadjust. debits

4 ,516,034 5,350.944

5,134,700 4,723.001

52,119,953

38,2734,495,6071,674,0404,017,542

258,0475,351,257

325,135130,811

5,443,493

31,444,19670,403,10714,270,028

5,925,76834,133,004

1,783,718

5,107,105 1,830,699 5,751,059

182,887 5 ,893,202 8,738,161

422,851 216,472 120,858

3,941,140

L iab ilities— 1917. 1916.C a p i t a l s t o c k $ $

with p u b lic . 157,117,900 157,117,900l ’ rcm . on cap.stk . __

(s ln ccJ u ly l’09) 19,282,887 19,282,887 G rants In aid o f

co n s tru c tio n .. 50,455 37,529M tg c . b o n d s . . . 58,379,000 58,581,000D ebentures___b 153,042,792 155,525,883M iscell. ob llg ’ ns 422,000 222,000LoansAhllls pay . 44,001,000 25,001,000 N on -nego . debt

622,642 025,9615,139,000 3 ,861,5264,620,370 3 ,034,244

57,501 50,000

T o t a l ________ 481,728,406 462,212,037

to a ffil. c o s . .T ra ffic ,A c ., b a l- A ccts. A w ages.M lsc . acct s. pay M atured d lvs. A

interest 1,546,394M a t ’d fund, (l’ t 12,513 Accrued interest 2 ,680,648 A ccrued rents - 514,221O th . cur’ t llab ll- 1,445,404 Deferred llab ll. 249,593 A ccrued tu x e s .. C r.596,000 Injury reserve . . 553,500O per. reserv es .. 177,801Other unadjust

ed credits . . 4,007,041A ccr ’d (lep(equip) 7 ,982,095

d o acct .Tham es R iver bridge A N . I I . puss.sta tio n .......... .. 1,155,000

Equipm ent andprop ’ ty leased 9 ,517,069

A d d ’ns to prop ’ ty th ro . Inc.Asurp 125,977

Profit and lo s s . . 3 ,428,941

1,712,569 7,013

2.397,333 513,023 422,454 150,744

D r .826,723 600,000 157,992

3 502,831 6 ,340,023

800,000

9,517,009

52,55112,907,222

Total ............. 481,728.406 462,212,037

Operating income_________________ $20,471,857 $23,049,037 $22,05i,371

a A fter deducting in 1917 $194,000 com p any ’s ow n issue. 1> After deducting in 1917 $4,494,350 held In treasury, c After adding $148,342 profit on sales o f 1 vnd and equipm ent and sundries (net) $43,741 and deducting $0,275,810 loss in liquidation o f the N ew England N avigation C o . and $1,103,084 o f the M U lbrook C o $3,000,000 loss in surrender o f the N ew England SB. ( o . bonds, S. -3 ,3 hi accrued taxes prior to D e c . 31 1916 adjusted a ccoun t o f change in fiscal year 8188 959 loss on sale o f securities, *100,000 paid to E . H . M cH en ry (as recom m ended b y the board o f arb itration ), am i $95,000 paid C . S . M ellon under court award. — V . 106, p . 1577, 1344.

B o s t o n & M a i n e R a i l r o a d .

(85th Annual Report—Year ended Dec. 31 1917.) Temporary Rocoivor J. II. Ilustis, Boston, March

Fcrfcrni V on h oL -H ly proclamation dated Dec. 26 1917 tho President o f tho United States took possession and assumed control, as o f noon on D ec.28 of all railroads within tho boundaries o f tho continental United States engaged In genera! transportation. On March 21 1918 tho President approved the Federal Control Act, by tho provisions o f which the Boston & Slaino is assured compensation for tills use by tho Government, either la the form of a standard return based upon the average an™ *1 ating Incomo for the tlireo years ended Juno 30 1917 or upon tho findingof tribunals established by tho Act. . .

Receivership and Reoraanitation.— Slnco tho report for the year ended June 30 1917 there lias been no development In regard to the receivership nor in regard to reorganization. Tho Federal Control Act contains tho

26


Apr. 20 1918.] THE CHRONICLE 1677provisions that for the purpose o f providing funds requisite for reorganizing railroads In receivership, such securities may be issued by carriers during the period o f Federal control as the President may first approve, and that the President may out o f the revolving fund created by the Act purchase such securities at prices not exceeding par and sell them at prices not loss than tho cost thereof. It is tho hope o f those who have been working for the reorganization that under this and other provisions o f tho Federal Control A ct it may be possible to accomplish their purpose, and they will continue their efforts to this end.

New Fiscal Year.— The fiscal year has been changed to end D ec. 31Results.— Another new record has been made in operating revenues

which, for 1917, amounted to §59.450,778, an increase o f $4,007,233 or 7 .3% over the previous year. However, the operating expenses increased $8,913,224, or $4,845,991. In other words, with' an increase o f 7% in rovenucs the expenses increased 23% . The final net result for tho year after deduction of taxes, car hire, leased line rontals, interest and other charges, was a deficit o f $419,384, as compared with a surplus o f $4 790 873 for tho previous year.

As stated in the report last September, there have been extraordinary 1 ncreases in wages, cost o f fuel and material, as well as a higher rate for use o f freight cars o f other railroads. Increased rates o f wages added over $2,500,000 to the pay-roll, largely during the latter half o f tho year so that the figures in this report do not show tho full effect o f tho increases The higher unit cost o f fuel alone increased expenses by about $4 000 oon’ Tho increase of $392,452 in hiro o f freight cars is more than accounted for by the advance in the per diem rate for the use of cars o f other railroads Tho higher rate brought about an increase o f 15% in tho debit balanco for freight car hire, notwithstanding a reduction o f nearly 9 % in tho dailv average number o f freight cars on tho Iloston & Maine linos.

Capital Stock.— O t our 7,186 stockholders, 4,722 residing in Massachusetts own 381,815 shares, 1,214 in Now Hampshire own 15,452 shares 546 in Maino own 15,630 and 704 residing elsewhere own 13,652 shares ’

Floating Debt.— Notes outstanding Dec. 31 1917 aggregated $13 306 060 as follows: Notes extended to Aug 31 1916, $13,101,160; extended to July 17 1916, $198,400; extended to Juno 2 1916. $5,500; extended to March 2 1916, $1,000.

Cash on Hand.— Tho amount o f cash on hand Dec. 31 1917 including agents’ remittances in transit and time deposits, was $7,253 609 This sum, however, includes overduo interest, &c., amounting to $3 256 674 including interest duo Jan. 1 1918, which, had it been paid as i t ’matured would havo left a cash balanco o f $3,996,934 required for a working balance and to pay for improvements in process.

Additions and Betterments.— These aggregated gross $2,343,529; net $1,805,498, distributed as follows: Charged to investment in road and equipment, $406,873; charged to leased roads, $1,231,759; charged as additional rental o f leased roads, $166,866. Tho leading items were grading, $217,587; bridges, trestles and culverts, $220,284; shops and engino- housos, $300,167; equipment, $514,962.

United States Cantonment at Ayer, Mass.— Tho War Department selected a location at Ayer, Mass., at the junction o f tho Fitchburg & W . N . & P. divisions for ono o f tho sixteen cantonment camps for tho training o f tho solectod army, actual work on this cantonment being started late in Juno 1917. T o servo tho camp the railroad constructed six tracks having a total length o f 11,756 foot, and a now freight house with track approximately 1,200 foot long adjoining the storehouses built by tho Govornmont.

Equipment Owned and Acquired from Leased Roads.— X&T2 ending Dec. 31--------Years ending June 30—

Locom otives___________Passenger cars.............._Freight cars____________Company servico ca rs .. Eloctric St. R y. equip’t . Floating equipment____

1917. 1,132 1,841

22,258 1,336

68 1

1916. 1,131 1.900

22,887 1,322

68 2

1917. 1,133 1,848

22,583 1,338

68 2

1916. 1,091 1,925

23,246 1,346

68 2

Commodities Carried for Calendar Years (Tons of 2,000 lbs.). (Tons.) Agriculture. Animals. Mines. Forests. M'faclures. Miscell.

}917......... -3,636,761 1,231,636 8.605,830 4,352,597 6,015,770 4,615,3131916......... 4,101,928 1,321,656 6,680,247 4,087,797 6,639,179 4,964,289

OPERATIONS AN D FISCAL RESULTS.— Years ending Dec. 31--------Years ending June 30-

„ „ 1917. 1910. 1917. 1916.Miles operated_________ 2,259 2,259 2,259 2,252

y Operations—Passongers carried-------- 47,564,730 45,257,134 47,377,303 42,518,745Pass, carried ono m ile . .926,966,413 849,858,643 891,259,032 798,694,644 Rato per pass, por m ile. 1.894 cts. 1.859 cts. 1.865 cts. 1.851 cts Freight (tons) carried .. 28,457,813 27,795,096 28,188,985 26,497 039 Fr’t (tons) carr. 1 milo.3341,898,595 3191615,905 3257060,140 2961598’986 Rato per ton per mile— 1.050 cts. 1.054 cts. 1.041 cts. 1 079’ctsGross earnings por milo- $26,199 $24,399 $25,111 $22,939

y N ot including electric street railways and water linos.INCOME ACCOUNT.

— Years ending Dec. 31--------Years ending June 30—Earnings— 1917. 1916. 1917 i q i «

Passenger......................... $35,080,737 $33,640,587 $16,878,757 $15 028 317F re ig h t ............................ 17,814.738 16,052,106 33 909 489 31 963 489M ail, express, &c............ 4,650,067 4,038.622 41475 370Transportation revenue

(water lino)................ 13,040 15,173 15 172Incidental_____________ 1,892,197 1.637.047 1.7131252 14,406

1,462,447Total opor. rovenuo..$59.450,779 $55,383,545 $56,992,040 $52,075,428Expenses—

$6,132,015 7,088,573

430,298 23,088,459

1,263,188 249.154

M aint. o f way, &c..........$6,192,311Maint. o f equipment— 8,786,745Traffic expenses.............. 446,565Transportat’n expenses. 29,970,443General expenses............ 1,473,770Miscell. opor., & c______ 295,107

$6,414,842 7,881,110

426,841 26,085.259

1.363,339 276,686

$5,986,603 6,588,044

421,797 21,757,066

1,238,292 206,157

I__ I___________ _ _ ________ 2.624Operating incom e------ $10,125,398 $15,036,971 $12,419,251 $13 888 578

Other incom e.............. 1,232,915 1,205,820 l l i e glssfi L m C TNot incom o...................$11,358,313 $16,242,790 $13,585,106 $15,059 293Deduct—

Rentals o f loasod roads. $5,695,962 $5,659,634 $5,653,960 *5 626 620Hiro of equipment.......... 2,954,175 2,661.724 2 898 308 2 074 248Other rents____________ 519.429 501,941 524,750 4 8 5 8 4Int. on funded d e b t . . . . 1,764,980 1,754,980 1,754 980 1 754 980Othor intcrost__________ 799.014 896,864 823 076 076 407Sinking fund paym ent.. 54,137 76.774 49,583 82 004

Total deductions------$11,777,697 $11,451,916 $11,704,657 $10 9Q3 662Balanco, sur. or d e fic it .d e f$ 4 19,384sur.$4790,874sur$1880,449.sur$406'5!691

COMBINED INCOME ACCOUNT.Including tho Boston A Maino R R ., Vermont Valley R R .. Sullivan cinimtv

H R .. York Harbor & Beach R R .. M t. Washington R y .; St JohnsC rv & Lake Champlain R R ., Montpelier & Wells River R R ., Barro & Chelsea R R . and Conway Electric St. R y.. with inter-co. transactions eliminated

— Years ending Dec. 31--------Years ending June 30—1917. 1916. 1917. 1916

Total operating revenue $61,588,340 $57,407,310 $59,059,181 $54 062 035 Opor. exp., taxas, A c . . . 51,120,923 41,811,276 46,183,943 39,642,696

Operating Incomo____$10,467,417 $15,566,034 $12,875,238 $14 419 339Other incom e....... ........... 1,384,280 1,235.531 1,303!935 i;i48 !327

Gross Income.............$11,851,097 S16.801.566 $14,179,173 $15,567,666Deductions—

Rentals on loased roads. $5,696,902 $5,660,634 $5,654,960 $5 627 029Hiro or equipment.......... 3,034,093 2,611,716 2,969.343 2 128 187Other rents------------------- 599,939 561,632 601,020 548 353Int. on funded d e b t . . . 1,903,160 1,903,160 1,903.160 1 903 160Othor interest--------------- 932,730 1,038,873 960,033 1 111 183Sinking fund----------------- 54.137 76,774 49.584 82|004

Total deductions------$12,221,022 $11,852,790 $12,138,100 $11,399 915Balanco, sur. or doficit.dof$369,325sur$4948,776sur$2041,073sur$4l67;751

RESULTS OF SUBSIDIARY COMPANIES FOR CALENDAR YEARS. (1) V erm ont V alley R R .

Other Interest, Dividends Balance, Income. Rents, <&c. Paid. Sur. or Def.S135.251 $234,025 ------------ sur$34.958

120,225 " ---------- ---------

Gross Net aft.Earnings. . Taxes.

1 9 1 7 ............. $ 5 9 2 ,8 3 3 $ 1 3 3 ,7 3 21 9 1 6 . 5 5 4 ,1 3 2 1 9 1 ,6 3 4

(2) S u lliv a n C o unty R R .1 9 1 7 .$6 8 2 ,0 3 6 $ 1 9 7 ,9 0 2 $ 3 0 ,6 5 81 9 1 6 - 6 1 8 ,2 9 9 2 3 9 ,8 3 3 1 9 ,1 3 6

(3) Y o rk Harbor & Beach R R .1 9 1 7 .$ 6 9 ,5 8 9 $ 2 6 ,3 4 4 $ 1 ,9 0 81 9 1 6 . 4 9 ,7 3 6 15 ,072 1 ,6 6 9

(4) Mount W ashington R y.1 9 1 7 -$ 2 4 ,2 7 4 $ 2 ,4 2 9 $581 9 1 6 . 3 0 ,1 5 3 5 .1 0 3 64..(5 ) S t. Jo hnsbury & Lake Cham pla in R R .19 1 7 --------- $ 3 4 8 ,6 3 1 d e f$ 1 0 ,1.38 $ 2 1 ,3 4 4 $ 2 3 0 ,5 7 919 1 6 ............ 3 4 5 ,8 0 9 su r4 1 ,6 6 4 2 1 ,9 0 7

(6) Montpelier & W ells R iver R R .

238,067 (5)$50,000 sur23,792

$40,237(10)$50,000 surl38.322 118,464 (10)50,000 sur90,505

$11,8765.202

$744

200,222

1917............$283,134 def$8,3821916 - 289,816 sur26,595

(7) Barre & C helsea R R .1917 .$127,804 $7171916 - 124,937 7,624

(8 ) C onw ay E lectric S treet R y.1917 - $9,259 def$586 . . .1916........... 10,882 surl,538 . . .

$4,0133,615

$34,07728,883

$31,27323,211

sur$16.377 su r l1,539

sur$ 1,743 sur5,167

def219,373defl36,652

def$35,642sur6,999

$4,183 (5)S20,000 sur$10,611 8.266 (5)20,000 sur8,241

$6,6686,725

Assets— 1917.Road & equip- $

ment------------ 92,572,495Improvem'ts on

leased ry. prop. 2,852,757 Sinking fun d... a l ,493,864 Miscell. physical

property___Inv. In nffil. cos.Other lnvestm’ts:

Stocks ______Bonds----------Notes............Advances___

Cash--------------- 2,468^009Agts.’ remitt’ccs 492,599 Time drafts &

deposits------- 4,293,000Special deposits 10,565 Trufflc.&c., bal. 855,278 Agts.&conduc’rs 3,345,900 Mlsc. accts. rcc.Mat’l & supplies Rents, Ac., rec.Deferred assets.Unadjust, debits

BALANCE SHEET DECEMBER 31.

235,1312,032,9477,223,815

108,0001,482,5782,480,779

2,524,5588,231,581

128,96087,905

1,229,750

1916.S

92,165,6212,723,9901,468,512

239,1201,964,4787,223,815

108,0001,482,7531,376,6253,839,941

602,2186,003,000

35,815320,122

3,060,2501,817,6825,736,624

114,693192,659

1,048,425

T otal........ -.134,150,470 131,524,344

1917.Liabilities— $

Common stock. 39,505,391 Preferred stock. 3,149,800 Prem. on com.

stock so ld ... 6,501,620 Funded debt:

Held by public 42,577,000 doskg. fd .. 761,000

Non-nego. debt to affil. cos .. 661,001

LoansAbllls pay. 13,306,060 Traffic,&c., bal. 2,817,402 Accts. & wages. Miscellaneous. .Int. mat'd unp’d Mat'd divs., &c.Accrued Interest Accrued rents..Due to leased

roads at expiration of leases

Accrued deprec. Oth.unadJ.cred.Corp. surplus:

Add'ns to prop.through Inc.

8kg. fd. res've for redemp.oflrapt.bds. 1,493,864

Profit and loss. 2,491,722

3,420,2152,206,2803,227,889

52,493625,405555,185

1,852,3467,678,3451,076,111

191,341

def$7,254 def 5,187

1916.$

39,505,3913,149,8006,501,620

42,577,000761,000505,732

13,306,0602,271,6624,501,1911,731,863

773,85823,710

627,005525,070

1,852,3466,852,2931,433,652

191,341

1,468,5122,965,238

_______ T otal............ 134,150,470 131,624,344a Sinking fund in 1917. Boston & Maine R R . bonds, par value $761,000,

and cost of other securities and cash, $732,864.Note.— The com pany guaranteed Dec. 31 1917: $1,328,000 St. Johnsbury

« U ■ 1st M . As due March 1 1944; $500,000 Concord & N - I - R k - 1st M . 5s due Jan. 1 1941; $100,000 Peterborough

& Hillsborough R R 1st M . 4 ^ s due July 1 1917: $300,000 Portland Union R y. Station Co. sinking fund 4% bonds duo July 1 1927-29 guarantee Jointly with tho Maine Central RR. , and $2,300,000 Vermont Valley R R .

7}ot9s duo Aug. 31 1916, guaranteed by Connecticut River R R . and tho Boston & Maine R R .— V. 106, p . 1576, 1125.

N e w Y o r k O n t a r i o & W e s t e r n R a i l w a y .

(Report for New Fiscal Year ended Dec. 31 1917.)Pres. John B . Kerr, N . Y ., April 5, wrote in substance:Results.— While the operating revenues increased 4.22% , the operating

expenses increased only 6 .77% , notwithstanding the hoavy increases in wages and In tho cost o f fuel and all supplies. In 1916 hire o f freight cars account, showed a debit balance o f $157,978 and in 1917 a credit balance o f Sb4,S08, which afforded a substantial increase in net incomo (namely IB.42% , or $137,886 to $977,467 after deducting ail fixed charges.] The revenue tons por train mile increased from 465 to 520, or 11.83%.

Rates.— Tho increases in freight rates asked for by all the railroads last fail on othor traffic were in the main granted to the roads in the East by tho Commission, by orders made in March 1918, and will not become generally effective until some time in April. The additional revonue now authorized would have been very helpful if it had been made available during tho last five months. Tho decrease in receipts from milk was duo largely to decreases in rates which the I.-S . C . Commission ordered in effect on Oct. 1 1917.

Coal Company Mortgages and Overdue Interest Received Thereon.— During the year 1917 thoro was paid to your company, by tho Scranton Coal Co. and the Elk Hill Coal & Iron C o., $637,500 on account o f Interest accrued to June 30 1912, on mortgages held by your company upon the properties o f tho coal companies.

Theso mortgages were second liens on the properties, the first mortgages aggregating $6 ,0 00 ,0 00 . having been made to secure issues of notos o f your company o f like amount, the proceeds o f which were loaned to the coal companies and applied upon the purchase o f their properties. Tho first mortgages wore payable in installments, maturing in date and amount as did tho notos. The coal companies paid the principal or tho first mortgages and notos with interest, the last installment falling duo in Doc. 1915 and the mortgages were then canceled; so that the mortgagas held by your company, $1,163,000 and $2,400,000, respectively, are now first lions on the properties.

Tho balanco o f interest [on the mortgages so held] accrued on the books o f your company to June 30 1912 amounted to $837,500, upon which the payments made in 1917 have been applied. It is confidently expected that equal payments, if not more, will be made by tho coal companies during tho current year. The sums already received do not appear In the curront incomo account, as they apply upon an antecedent debt, and none will appear until the interest debt as accrued upon the books is wiped out. The interest on tho mortgages subsequent to July 1 1912 while not charged in tho com pany’s accounts, has not been remitted and will be liquidated by tho payments that may be made after the book charge has been paid.

The recoipts from this and any similar sources will not bo affected by the possession and operation or your property by the U. S. Government, but will bo rovenuo o f the corporation additional to any annual rental or compensation paid by the Government.

Dividend.— The cash received from the coal companies, with the surplus on hand from operating, enabled your board to declare the dividend o f 2 % on tho common stock, which was paid on Jan. 14 1918, leaving a safe margin o f cash on hand to carry over to the current year.

Government Operation.— On Dec. 27 1917 tho U. S. Government, by proclamation o f tho President and Secretary o f War, took possession o f o f your railroads and equipment.

GENERAL STATISTICS FOR CALENDAR YEARS.

Miles operated. Operations—

1917. 1916. 1915.

Earnings por freight train milo. Earnings per passenger train m Gross earnings por mile_______

- 568 568 568- 1,804,150 1,852,592 1,850,463- 76,447,853 76,055,653 69,311,720. 2.277 cts. 2.310 cts. 2.310 cts.- 5,729,517 5,421,102 5,722,012.797.316,282 810,896,961 817,853,950. 0.822 cts. 0.781 cts. 0.802 cts.. $3.86 $3.25 $3.05. $1.56103 $1.49598 $1.41806- $15,638 $15,115 $15,136


1678 THE CHRONICLE [Vol. loe.Detailed Freight Traffic Receipts (incl. Milk on Passenger Trains)

Calendar Years— 1917. 1916. 1915.Through freight revenue $831,719 $802,511 $743,709Local freight rovenuo---- 1,211,283 1,144,865 1,023,373M ilk revenue . . . _____ _ 801,923 835,509 844,^57Coal revenue____________ 3,712,295 3,551,119 3,944,202

INCOME ACCOUNT FOR CALENDAR YEARS.Earnings— . 1917.

P assenger................ ................................Freight__________________ 5,755,296Mail and express-------------------------------- 295,083M iscellaneous_______________________ 1,373,453

Operating Expenses— Maintenance o f way, &<

1916. $1,756,995

6,498,495 232,234

1,306,442

1914. $723,194

1,005,221800,234

4,422,448

1915.$1,600,943

5,711,284204,561

1,262,965

Traffic expenses--------Transportation expens General expenses, & c.

Taxcs

Eire o f equipment. Other incom e______

$9,164,878 $8,794,166 $8,779,753

$1,013,0431,524,323

113,1893,729,855

240,169

$1,005,1591,410,091

96,4153,476,432

212,654

$1,124,6011,430,208

97,0013,366,132

195,348

$6,620,579 $2,544,299

. 316,179

$6,200,753$2,593,413

267,164

$6,213,291$2,566,462

251,652

$2,228,120 . 64,808 . 208,018

$2,326,249 $2,314,810184,134 185,110

Gross corporate Income____________ $2,500,946 $2,510,383 $2,499,920Disbursements— _ „

Rentals paid, & c-------------------------------- $107,867Interest on bonds____________________ 1,145,200Amortization and bond discount------ 19,083Other interest------------------------------------ 58,095Rentals other roads_________________ 193,234Eire o f equipment__________________ ______

T o t a l ________________ $2,523,479Balanco for dividends----------------------- $977,467x Dividends on preferred stock-------- $210x Dividends on common stock .He!

$105,1201,145,200

11,76961,502

189,231157,979

$1,670,801 $839,582

$210

$108,8641,145,200

10,68561,127

182,995169,088

(2% ) 1,162,144 (1 % )581 ,071

$1,677,060$821,960

$210

f ' Balance, surplus or deficit_______ dcf.8184,887sur.$258,301 sur.8821,750~x Dividends are deducted by company from profit and loss but shown

here for simplicity.BALANCE SHEET DEC. 31.

1917. 1910.Liabilities— $ S

Common stock__ 58,113,983 58,113,983Preferred stock__ 4,000 4,000Mortgage bonds..28,630,000 28,030,000 Equip, trust notes 1,195,000 1,397,000Traffic balances.. 106,494

Assets— Road & eqn Improve'ts

Stocks

Mat'ls & supplies Miscellaneous___Dlsc’ t on fund, dt Other unadjusted

1917. 1916.$ $

85,155,080 85,200,70777,754 65,804

2,312.13S 2,312,1386,205,135 6,170,000

257,011 40,061242 64,627

1,777,888 1,070,592. 650,000

15,680 26,430108,470 18,188

s 229,881 160,9001,219,078 901,427

557,069 819,780. 28,410 865,910. 334,574 353,050I 363,041 245,331.99,292,057 98,375,012

Accts. & wages__ 413,585Insur., &e„ rcs’ves 280,392 Mlsc. accts. pay.. 39,413 Otner unadjusted

accounts, &c__ 130,959Matured Interest,

dividends andrents unpaid__ 33,269

Unmatured dividends declared. 1,162,144

Accrued Int., dividends, &c........ 325,234

Acer. dcpr.,equlp’t 2,197,878 Profit and loss___ *6,659,706

603,351269,932

20,631

30,549

337,4562,031,5316,937,178

T otal_____ .. .9 9 ,292,057 93,375.612retired [road *’and equipment " an

Application of the Aforesaid $35,832,864 to Payment of Various Securities, &c- 1st M . bonds and int____$12,875,000 Short-term loans and inReceiver’s certificates_____5,582,000 terest thereon--------------- $4,139,7952-year Coll. Trust notes. 7,500,000 Purch. $2,049,000 Consol.Int. on gold debentures.. 1,958,400 Ind. Coal C o. bonds,&c. 3,777,170

Through the payment o f the above secured obligations and the redemption o f the $12,500,000 o f First M tge. Gold Bonds thero were released and placed in tho treasury $44,691,000 bonds as follows: First and Ref. M tge. gold bonds, $40,181,000: Rock Isl. Ark. & La. R R . 1st M . bonds, $1,965,000: St. Paul & K . C . Short Lino R R . 1st M . bonds, $2,545,000.

Capital Stock.— Through tho reorganization tho outstanding capital stock • has been increased $54,422,160, as follows:Common— Stock auth., $75,000,000— In tho hands o f public— $74,359,723

Remainder reserved for a like amount o f—(а) Stock o f B .O .R . & N .R y . and R .I . & P e o .R y ..$122,800(б) Old com . stock capital held in tho treasury— 517,477

7% Preferred, auth., $30,000,000— In hands o f tho public------ 29,422,160Unissued, being $40 per sharo on old stock in tre a s ..$ 2 5 6 ,lllC an ce led ____________________________________________ 321,729

6% Preferred, auth., $35,000,000— In hands o f tho public------ 25,000,000Remainder reserved to bo issued in settlement o f

certain claims__________________________________$10,000,000Funded Debt.— During tho current year tho funded debt in tho hands o f

tho public decreased $44,096,967. Receivers’ certificates also decreased $6,588,000, making a combined total net decrease in tho funded liabilities and receivers’ obligations during tho year o f $50,684,967. In addition to this, $4,100,000 short-term loans were paid.

Road and Equipment.— During tho period under review tho not investment in road and equipment increased $16,311,327.

Improvements.— During 1917 sums aggregating $1,100,933 wero expended for the completion o f terminals and other facilities. A portion o f these expenditures wore mado necessary on account o f additional and enlarged facilities at cantonment camps at Lonoko, A rk., Fort Sill. Okla., and Dos Moines, la . Other sums have also been expended for additions and betterments to bridges, trestles and culverts, rails, other track material, ballast. &c. [The entire amount o f expenditures by tho system for additions and betterments o f all kinds was $3,769,287. notably $334,206 for grading. $616,525 for bridges, trestles and culverts, $313,125 for rails, $42,576 for ties, $628,606 for other track material, $257,717 for ballast, &C., &C.1

The Rock Island Memphis Terminal R y. C o., organized Aug. 18 1913, owns extensivo freight terminals at Memphis, Tonn., and has outstanding capital stock $1,000, and First M tgo. bonds, $1,300,000, all owned by your company. During tho year tho system investment in tho property account o f your company increased $932,451, which amount represented tho ownership and investment in tho securities o f tho Terminal Co.

Tho expenditures for track elevation in Chicago to Dec. 31 1917, south or 76th St., amounted to $2,578,511, o f which $531,463 was expanded in 1917.

Keokuk Des Moines Ry.— At midnight Juno 24 1917 this property, which had been separately operated by authority o f the court since July 1 1915, was returned to your company, which has sinco that dato been operated in accordance with tho contract o f M ay 14 1878. Your company will recognize the binding effect o f the said contract during tho period within which that property was separately operated by tho receiver and will mako settlement with tho Keokuk & Des Moines R y. C o. accordingly.

Suspended Payments.— Tho amount o f tho suspended payments during the year was $482,060, and to Dec. 31 1917 tho total amount was $1,58,344. This amount excludes interest on the 20-ycar debentures, as such interest was paid from reorganization funds. As to whether or not these suspended payments will bo made is under activo consideration.

Rental andf Income Charges Accrued and Charged Acainst Income But Not Paid Owing to Disputes, etc. [Inserted by Ed.]

1917. 1916.C. B. & Q. trackage. Harlem, M o., to Rushville, M o . . $77,723 $125,728Trinity & Brazos Valley Railway C o.—

*?After deducting $84,733 lossl?C onm aroC“ Annual°Report" o f the Now York Now Haven & Hartford R R . a b o v e — V. 106, p . 1578. 10 3 5 . ________ _____C h i c a g o ^ R o c k ~ I s l a n d " ^ P a c i f i c R y ? & P r o p r i e t a r y C o s .

(38Ih Annual Report—Year ended Dec. 31 1917.)Pres. .T. E . Goi’man, April 17, wrote in substance:

mTermination of Receivership.— Through the consummation o f tho plan o f tho joint reorganization committee tho company passed out o f tho hands o f tho receiver at midnight o f June 24 1917, in conformity with an order issued bv tho court dated Juno 12 1917, and on July 27 1917 tho receiver was finally discharged (see plan, & c., V. 103, p . 1887, 1908; V . 104, p . 451.

Judge Carpenter in ordering the discharge o f the receiver, said: "This is a reorganization without a salo, tho property returning to tho original com pany, and in this tho proceeding is historic among receiverships. I can t say too strongly how much credit is duo to Judge Dickinson and tlio fine co-operation ho has mot with from the stockholders. The Rock Island will pay its debts and it has plenty o f money with which to pay them. ’

Results.— The statement, statistics, &c., shown throughout this report embraco the operations and affairs o f both tho receiver and company throughout the entire yoir , and contain adjustments, & c., affecting the operations prior to and during tho receivership, presented in consolidated form with a view o f preserving the historical and statistical records o f the com pany, thus affording comparisons with in preceding annual reports.

Tho results for tho year compare with 1916 as follows: Total operating revenue increased $8,719,593, or 10.8% . but operating expenses increased $10 954.387, or 19.9% , and taxes and uncollectiblo railway revenue increased $564,500, or 14.8% , so that operating income shows a decreaso o f $2,799,295, or 12.7% . Miscellaneous income decreased $7,146, and In-

' terest, rentals and other deductions decreased $2,255,397, or 14.7% . The balance o f income after providing for all charges was, therefore, $7.527 145, out o f which dividends wero paid on preferred capital stock (of

on 7% pref. and 3 % on 6% pref.). aggregating $1,779,773, leaving as balanco, surplus, carried to profit and loss, $5,747,372. .

Tho unusually heavy incrcaso in the operating expenses (19.9% ) is largely accounted for by an approximate increase In cost o f material other than fuel o f $2,825,000, increase in cost of fuel $1,449,000, and increase in rates o f pay o f employees $4,206,000. A considerable portion o f tho increase In wages consists o f increases granted to train, engine and yard scrvico employees through tho operation o f tho so-called “ Adamson Law ,” which amounted to approximately $1,275.000. Increases to shop crafts amounted to $1,490,000. Tho prices o f material and supplies are still on the upward trend. Railway taxes increased in 1917 $578,907, or 15.4% over 1916. Tho two items o f increase in operating expenses and taxes amounted to $11,533,295, and regardless o f the substantial increase in operating rovenues, had tho effect o f reducing tho railway operating income $2,813,702.

Government Control.— On Dec. 28 1917 tho President o f tho United States, under A ct o f Congress approved Aug. 29 1916, took possession of tho railway lines o f tho country, including tho railway o f your com pany. However, tho accounts under Government control became effective on Jan. 1 1918. As compensation, tho Act o f Congress guarantees. to tho railroads the average net railway operating income for tho three years ended Juno 30 1917, such Incomo comprising the total operating revenues, less operating expenses, taxes, uncollectible railway rovenuo and tho net balances o f equipment rents and joint facility rents.

Tho A ct contemplates a contract with each company covering tho payment o f its guaranteed compensation; and further provides that where, by reason o f receivership or other exceptional circumstances, the said basis o f operating incomo is plainly inequitable as a fair measure o f just com pensation. tho President m ay mako such an agreement for compensation as under the circumstances ho may find just. Tho exceptional circumstances o f tho company during tho three-year period will bo presented to tho Government for consideration in preparing such contract.

Financial.— Pursuant to the reorganization, $29,422,160 o f 7% pref. capital stock was sold at par for cash to the original common stockholders (who received in exchange for their old shares $74,359,722 now com m on): $5 000,000, 6% pref. stock was sold to former directors at par for cash and $20,000,000 6% pref. stock was • xchanged for tho 20-year gold debentures. The commltteo also received in settlement o f suit against former directors $500,000; interest on deposits, $72,010; and cash from treasury funds, 8838,194, making tho total cash received $35,832,364.

414% int. on total cost o f Brazos Lino ($11,034,602) .$248,278Prin. o f equip, notes, Sor. " A ” and int. thereon------ 6,406

Galv. Term. R y. Co. int. on $1,051,000 1st M. 6% b d s. 33,180 xUnion Term. Ry. C o., St. Joseph, M o ., agreement to

purchase capital stock------------------------------------------------- 31,250Consol. Ind. Coal Co. int. on 1st M . 5% bonds---------- 75,375Other Item s................................... .............................. ............... 9,848

$248,278 26,250 49,77046,875

187,500( ? ) I

x Of tho amount accrued during 1917, $16,146, covering period June 25 to Dec. 31 1917, has been paid.

Industrial Department.— During tho year under rovlew, 109 establishments have been located along tho lino, and it is estimated that such establishments will employ approximately 1,471 men, expend in construction $2,891,100, and will creato an additional movement o f 30,824 carloads o f rovenuo freight over our lines, materially increasing tho movement o f less than carload freight. . , , , , , .

Rates.— Tho passenger rate litigation in Kansas, Atkansas. Missouri and Nebraska remains practically unchanged. In Arkansas and Nebraska we are operating under an injunction and collecting a faro o f 3 cents per mile. Tho final testimony in tho Arkansas caso has boon presented. In Kansas tho P. U. Commission denied tho potition o f tho carriers after a full hearing for an increase in passenger rates, and tho carriers aro preparing (lata to bo presented to tho Federal Court with a view o f increasing tho passenger rato. Missouri, where tho original lncreaso was enjoined by a taxpayer, tho carriers have been granted a rato o f 2H cents por mile. A our company has practically finished presenting its evidence beforo tho Special Mastor in Nobraska in connection with tho Federal suit in that State, &nd it is expected that tho caso will bo closed early in 1918. On March 12 1918 tho court granted a permanent injunction against tho maximum two-cons passenger faro established by tho constitution o f Oklahoma and also against tho various freight rato orders promulgated by tho Oklahoma Commission; your company, accordingly, on March 17 1918 established a maximum rate o f 3 cents por milo for intrastate passenger travel within Oklahoma, and on March 25 1918 increased all of its freight rates.STATISTICS— COMMODITIES CARRIED FOR CAL. YEARS (.TONS). (In Tons)— Agricut. Animal. Mines. Forests. Manuf. Miscell. 1917 . . . . . .6 ,2 4 8 .5 2 0 1,878,577 9,839,806 2,422,554 5,836,185 1,663.7201916 ............6,940,400 1,706,327 8,250,665 2,134,438 5,188,545 1,575,556

GENERAL STATISTICS— FOR CALENDAR YEARS.1917. „

Miles operated________________ 8,297Passengers carried (N o .)______ 19,787,940

do 1 m ilo ______________1,110,674,433Revenue per passenger mile____ 2.10 cts.Revenuo tons carried (N o .)____ 27,889,362

do 1 m ilo ______Revenue per ton mile

1916. 1915.8,131 8,139

19,413,443 19,350,486969,001,363 968,180,854

2.03 cts. 1.91 cts.__________ 25,795,937 22,784,031

7,076,007,235 6,427,424,220 5,348,139,9290.84 cts. 0.80 cts. 0.80 cts.

$8,666

1915.8,228

$

Operating rov. per mile road___ $10,904 $10,001INCOME ACCOUNT FOR CALENDAR YEARS.

1917. 1910.Averago mileage operated____________ 8,218 8,088F r ® ™ — - ..................$59,690,072 $55,141,008 $47,404,207Passenger___________________________- 23,301,086 19,674,370 18,.>00,032M ail, express, &c____________________ 6,617,564 0,073,091 .>,39u,l20

Total operating revenuo____________$89,008,722 $80,889,129 $71,299,359Operating Expenses—• _______________ „ „

Maintenance o f way and structures.-$10,863,551 510,097,73-4Maintenance o f equipment---------------- 16,885,582 13,168,137Traffic - ............... . . . ............................ 1,795,112Transportation______________________ 33,884,030Miscellaneous operations____________ 573,724General............. . . ................................... 2,330,506

1,716,087 27,769,887

525,528 1,968,289

Cr.153.945

$9,883,148 12,298,662

1,841,640 27,191,120

558,085 1,860,665 Cr.22,862

Tax accruals.. Uncollectibles

Rent from equipment (other thanfreight cars)_________________

Joint facilities, &c., rent______Incomo lease o f road__________Miscellaneous Incomo__________

$66,046,104 $55,091,717 $53,610,457$23,562,618 $25,707,412 $17,688,902. 4,345,202 $3,766,294 $3,516,012. 24,368 38,775 32,681

$19,193,048 $21,992,343 $14,140,209

. 560,946 604,938 540,192

. 547,405 535,487 585,0847.612 48,911 16,298

. 313,232 247,006 187,893

Total incomo........................................$20,622,243 $23,428,685 $15,469,670


Apr. 20 1918.] THE CHRONICLE 16791917. 1916. 1915.

$937,212542,740

1,609,388257,698

12,165,212343,814

Illro o f freight cars__________________ Cr.$539,063 Cr.$241,453Rent for equipment (other than freight

c a r s )_ ._____ ______________________ 533,754 507,368Joint facility, & c., rents_____________ 1,711,690 1,721,015Ront for leased roads_________________ 276,502 339,649Interest charges_____________________ 10,648,475 12,386,207Other income charges_________________ 463,740 637,2097% preferred dividends_________ (3J4%)1,029,774 _______6 % preferred dividends____________ (3%)750,000 _______t i i i ------------------------- ------------------- — .

Total deductions___________________ $14,874,872 $15,350,496 $15 856 064Balanco, sur. or def------------------------ sr.$5,747,371 sr$8,078,189def.$386,388

PROFIT AN D LOSS ACCOUNT FOR CALENDAR YEAR 1917. Debit balanco D ec. 31 1916, brought forward__________________ 35 024 423

Sundry credit items—Surplus for year ended Dec. 31 1917 as shown abovo___________ $5 747 370Additions and betterments made prior to M ar. 31 1902 and ’ '

charged to operating expenses-------------------------------------------------- 7 ,866 443Chicago Terminal property sold and capital account credited ’

in excess o f chargo thereto------ .------------------------------------------------- 687 945Cash received in part payment o f settlement o f suit against for- ’

mer d irectors---------------------------------------------------------------------------- S00 000Book value o f property increased to a conservative appraisal o f

its present value: Timber lands in M inn., $1,685,520; real estato in Minneapolis, $175,559, and coal lands In Colorado,$101,599 ------------------------------------- ---------- -------------- -------------------- 1,962,678

Profit on land and securities sold, $119,063; sundry adjustments,& c., $32,052--------------------------------------------------------- -------------- - 151,115

below. $9,938,379

Cash...................... 4,104,442Demand loans, Ac. 52,500 Special deposits.. 3,721,980 Loans & hills rec _ 20.5S8Trafilc, Ac., bals. 870,519 Agents & conduc’s 1,827,907 Miscellaneous.. . 4,031,215 Materials & supp. 0,792,282 Int., Ac., recciv’lo 88,871 Deferred assets . . 154,178Unadjusted debits 3,509,403

Liabilities— Capital stock (see

text)_______ xl28Fund, debt (see

” Ry. & Ind.Section")___ y220

Receivers’ ctfs__Non-ncgot’le debt

to affil. cos___Loans & bills pay. Traffic, Ac., bals. Ace’ts A wages ._ 6.Miscellaneous___Dlvs. matured__ 1Mat’d Int. unpaid 2

do dlvs., Ao__ Accr’d Int., &c . . 2 Def’d, &c., liabil. 5Tax liability........ 2Reserves________3Accr’d deprecla’n. 6, Corporate surplus Profit and loss__ sr9,

1917.S

1916.S

Total credits_______________________________________________ $16,915,554B alanco--------------------- $11,891,131

Deductions—Depreciation on tracks, structures and equipment sold, disman

tled and destroyed_____________________________________________ 341,120Expenses incident to the reorganization, issuance o f securities, Ac. 1,226,628 Exponso In connection with Issuance o f funded securities, $308,

260; miscellaneous adjustments, $76,744---------------------------------- 385,004Credit balanco D ec. 31 1917, as shown on balance sheet

BALANCE SHEET DEC. 31.1917. 1916.

<Asscts~~~ S SRoad & equip ..342,042,874 325731,547 Impts. on prop ... 280,920 221,824Mlscell. physical

property, Ac__ 3,874,898 2,016,690Xnv. in affil. c o s ..10,059,869 16,658,293 Other Investments 2,258,884 2,258,833

6.904,593 63,000

2,292,851 22,257

729,493 1,463,134 3,197,208 7,428,000

54,827 69,351

2,441,595

904,683 74,482,522

230,345 264327,311 ........... 0,588,000

147,375--------- 4

859,005 ,060,856 4 450,533 ,779,989 ,866,791 3 448,890 ,202,874 2 ,377,904 3 ,640,830 2 583,912 3597,628 564,367

938,379df5

95,841, 100,000958,128,869,415396,693

227,783,712204,741,757,306,076,250,139,432, 120,220,013,745

04,368,024,423

T ota l.............. 392,760,360 371553,495 Total .............. 392,760,360 371553,495x Includes $74,359,723 common stock, $29,422,160 7% prof, and $25.

000,000 6% prof, stocks outstanding; also $122,800 common stock reserved for exchange for $122,800 Burlington Cedar Rapids & Northern R y . and Rock Island & I’ coria R y. stock.1 y After deducting In 1917 $44,904,181 held In treasury.

'Note.— In stating tho assets and liabilities o f the companies, forming tho Rock Island Lines, tho holdings o f tho Chicago Rock Island & Pacific R y. in tho bonds and capital stock o f tho auxiliary linos, together with loans between tho various companies, have been eliminated from tho liabilities and a liko reduction mado in tho assets pertaining thereto; tho figures shown, theroforo, represent tho book value o f tho assets and liabilities without duplication.— V . 106, p. 1461, 1036.

C a n a d i a n P a c i f i c R a i l w a y .

(,Report for New Fiscal Year ending Dec. 31 1917.)Tho remarks of R t. Hon. Lord Shaughnessy, President

and Chairman of tho company, alonjj with tho income and profit and loss accounts for year ending Dec. 31 1917, and the balance shoot as of Deo. 31 1917, were published in full in last week’s “ Chronicle” on page 1241.STATISTICS, REVENUES AN D EXPENSES FOR CALENDAR YEARS.

Freight, A c ., Traffic— .1917. „ „ „ 1916. 1915.Tons carried------------------------------ 31,198,685 30,168,798 24,895,106Tons carried one mile.............. ..14882,991,224 14931,739,000 10602,237 949Rovenuo por ton per m llo.......... 0.70 cts. 0.65 cts. 0 .68 cts.Passengers ca rried --------------------- 15,576,721 15,577,652 13,073.333Passongors carried ono m i l e . . . . 1,488,974,821 1,367,273,140 1,185,650,397

1916.s

532,981,894114,231,203251,196,927

57,076,0198,818.4565,979,275

210,8292,676,545

13,597,396

BALANCE SHEET DECEMBER 31.Assets— 19<*7‘

Railway, rolling stock equip. & lake river steamers.538,510,5631 Ocean and coastal steamshiDS •,<>« »rn s^7iAcquired securities_______ ________! I ! I ! " ” I ” I m 126 926Advances to controlled prop. & insur. prem ium .! 6 ’747’2591Investments and available resources____________!b2 7 9 ’650 539C a s h ---------------------------------------------------------------- 31 424 894^Miscellaneous accounts receivable!. ! ! ! ! ! ! ! ! ! ! ! ! 6 ’579’313Accounts due for transportation, &c______________c 4 ’344’300Temporary investments in war loans__________ ' ’ ’Net traffic balances................................. ............... .... ’ 335'4 4 0Agents and conductors____________________________ 2,642|247Matorial and supplies on hand__________________ 17,902i955

T o t a l ................ - .......................................................... 1,038,074,983 986,768,544Liabilities—

Ordinary stock ................... 260,000,000 260.000,0004 % preference stock ---------------------- 80,681,921 80,681,9214% consolidated debenture stock------------ d216,284,882 176,284,882Algoma Branch first mtge. 5s--------------------------------- 3.650.000 3,650,000Equipment obligations------------------ 10,030,000 11.130,000

t0 certificates. 52.000,000 52,000,000Premium on ordinary stock sold----------------------------- 45,000,000 45,000,000Accounts payable & c............................ 19,268,131 17,989,049Accrued rentals, & c______________________________ 535 025 544 061Resorvo for contingencies and taxes....... ........... 22,659/909 23,284i641Other reserves__ in c m nno in c c . 040N et proceeds lands and t o w n s i t e s . ! ! ! '! ........... 76 487 298 71 999 872

jw ra n e from operation........................... ...127,2751370 116;804’,454Suiplus in other assets------------ 113,634,444 116,735,022

Total ---------- ------------------------------------------- 1,038,074,983 986,768,544a Present estimated value, $65,000,000. b See V . 106, p . 1242. c Im

perial and Dominion Governments, accounts due for transportation, &c. d Includes $40,000,000 o f 4% consolidated debenture stock loaned during tho year to the British Governm ent. See V. 106, p . 1241, 1229. ___

1 G r i f f i n W h e e l C o . , C h i c a g o .

{Report for Fiscal Year ending Dec. 31 1917.)■ Calendar year— 19177"Earns, from operations. $1,374,470Metal fluctuation acc’ t . ______Interest, discount, &c__ 78,077

Total earnings______ $1,452,547Deprec’n on bldg., & c._ 309,307Other deductions______ __

1916. $1,213,996

477,395 72,635

$1,764,025115,003

1915. $1,159,693

“1914T $1,035,892

87,539 82,513$i,247,232

150,801$1,118,405

106.192130.835

t. -------- $1,143,240 $1,649,017 $1,096,431 $881,378Pref. dividend (6 % )------ x$175,689 $351,411 $351,603 $356,049Common dividend-------- x611,492(7% )610,750(6% )525.792(6% )526,578

Bal., sur. or dof___xsur.$356,059sur.$686,856sur.$219,036 def.$ l,249x Note.— Tho common and pref. dividends paid in 1917 were from 1916

earnings and they were therefore deducted from the profit and loss sur- nfUl 9°T iq2oqq9’5 6 9 0f * ? 16‘ AIs0- before arriving at surpluso f $2,239,939 as o f Doc. 31 1917 there was deducted a further $175,689 for dtvidends on pref. stock declared out o f 1917 earnings, reducing the increase in total surplus for tho year to $180,370.

BALANCE SHEET DEC. 31.

Assets—Plants A prop.,Ac. Good will,pats.,Ac.Inventories______Cash.......... ...........Marketable securs. Notes A accts. rec. Notes sec’d by stk. Prepaid insurance Employees’ tr.stk.

1917. 1916.S $4,918,244 4,853,905

6,950,000 6,950,0001,982,277 2,612,7101,007,926 459,6121,589,451 1,434,9931,773,192 1,143,017

57,208 63,78010,537 21,109

37,000T ota l................ 18,288,835 17,576,120

-V . 106. p. 1464. a ___ _ m ;


Preferred stock__ 5,849,300Common stock__ 8,723,900Accounts payable. 427,077Accrued taxes___ 51,289Reserves, incl. in

1917 Fed.taxes. 996,730 Profit A loss surp. 2,239,939

1916$

i,856,300 !,735,600 422,188 80,256

422,214 i , 059,509

R e v e n u e p e r p a sse n g e r p e r m ile 2 .0 3 c t s . i . 96 c t s !Earninos— S $

Passenger reven u e____________ 30,238,986 26,849,282Freight ............................................ 103,635,795 96,454,896M a ils _________________________ 1,429,405 1,431,191E xp., tcleg., sleeping cars, & c._ 17,085,149 14,994,317

Total revenues______________ 152,389,335Maintenance o f way, &c_____ _ 17,470,069Maintenance o f equipment____ 23,404,263Transportation________________ 53,029,260T r a ff ic ________________________ 3,084,944Sleeping car, & c., expenses------ 1,006,038Lake. & c., steamers expenses.. 1,054,683General______________ . . . ----- — 5,023,609Commercial telograph-------------- 1,770,450

Total exponsos-----------------------N ot earnings__________________ 46,546,018

1.97 cts. $

23,309,84772,450,028

1,387,09912,250,274

139,729,68717,249,50018,908.46442,385,348

2,940,872979,893916,157

4,345,8521,527,102

109,397,24810,006,68212,820,74733,118,705

2,837.971998,851859,438

3,949,2401,280,376

89,253,18850,476,499 65,872,010

43,525.238INCOME ACCOUNT.

Year ending 6 Mos. to Dec. 31 ’ 17. Dec. 31 ’ 16.

$76,717,965 129,481,885 45,843,199 80,255,965

Years ending JuneHO— 1916. 1915 .

$98,865,210 65,290,582

30,874,766 49,225,920 “ 33,574,628

Gross earnings_________ 152,389,334W orking expenses_____ 105,843,316

N ot earnings_________ 46,546,018Deduct—

Fixed charges__________ 10,229,143Pension fund___________ 500,000x T o special account___ 1,968,683Prof. dlvs. (4% p. a . ) . . 3,227,276Common dlvs. (7% p .a .) 18,200,000

Total deductions____ 34,125,103 17,190,261 33,781,762Balanco, surplus________ 12,420,915 13,684,505 15,444,158

Special Income Account.Spocial incomo.................$10,713,299 $6,415,352 $9,940,955 $10,969,332Common dlvs. (3% p.a .) 7 ,800,000 3,900,000 7,800,000 _ 7,800,000

B alanco____________

5,132.551200,000

1,144,0711,613,6389 ,100,000

10,306,196125,000

1.923,2893.227,276

18,200,000

10,446,510125,000

1,494,1523,219.050

18,200,00033.484,713

89,915

$2,615,3528,407,099

$2,140,9556,266,144

$3,169,3323,096,812

$2,913,299Previous balanco______ 10,922,451Total 6urp. spocial I n c . .$13.835,750 $10,922,451 $8,407,099 $6,266,144

x N ot earnings o f coastal stoamors, commercial telegraph and nows department transferred to spocial incomo account.

T o t a l . . . . .........18,288,835 17,576,1261 jJ L A e3a

Unite d 'R ail way s£& Electric Co. o f Baltim ore? “B (19tli Annual Report— Yearjendedipec73 l"T 9 17.)

"'President T . ATCross, Baltimore" April 10, wr o te i nTubstT:Results.— While tho increase in the gross revenues [of $646,786 or 6 52%]

was quito satisfactory, tho company has suffered, in common with other public utilities, from a material increase in its operating expenses. Public utilities havo been affected by rising prices In practically every branch o f their work. [The operating expenses o f this property increased in 1917 $699,445, or 15.31% , over 1916: depreciation charge increased $32,339, or 6 .52% , and taxes, licenses, & c., increased $84,883, or 8.53%J.

For maintenance o f way, structures and equipment, there was charged to operating expenses during the year 1917 $923,641, which with the $528,042 credited to depreciation reserve and Included In operating expenses, makes a total o f $1,451,683, an increase o f $121,864.

Four quarterly dividends o f 1% each on the common stock were declared. On Dec. 31 1917 tho company had no floating debt and had cash on hand from current revenues amounting to $671,191.

Taxes.— Tho total taxes and public charges in 1917, including park tax cost o f paving streets, track changes necessitated by regrading o f streets and highways, widening o f streets, & c., were $1,260,713, or about 24% o f the net receipts, after paying operating expenses. This represents an increase o f $102,123 over 1916. The park tax for the year was $671 712 as against $631,018 in 1916, an increase o f $40,693.

New Cars.— '’The very large expansion In the industries and the number o f men employed in and around Canton and Sparrows Point on the left o f the harbor, and Curtis Bay and Locust Point on the right o f the harbor have strained tho capacity o f those lines. The company received early in 1917 100 now cars and in M ay ordered 80 more to meet tho conditions stated, but not one car o f this last lot was received during the year.

Note Issue— Exchange for Old Notes.— In order to make provision for the purchase o f additional cars, for extensions and improvements, we issued on Aug. 15 1917, $3,000,000 6% 5-year Convertible notes, part o f an guthorized $5,750,000.

Tho remaining $2,750,000 o f notes bear interest at 5 % , and were issued to bo exchanged par for par for the com pany’s 5% 5-year gold notes, maturing Feb. 1 1921, inasmuch as the latter did not contain the convertible featuro, and It was deemed proper that these noteholders should have a similar privilege to that contained in the new issue. M ore than one-half o f those 5% notes were exchanged prior to Dec. 31 1917. Under the order o f the Public Service Commission authorizing the issuance o f these notes, thoy may bo converted into the common stock o f the company at $30 per share, but only after Aug. 15 1919, and within one year o f Aug. 15 1919; at $33 per share thereafter, but within two years o f Aug. 15 1919- and at $36 per share thereafter until Feb. 15 1922. The charter was amended to provide stock necessary to meet tho convertible feature. (V 105 n 820. 910, 1105, 1523.) ’ P

O f tho proceeds o f tho note Issues, the com pany had on hand $2,241,408 at D oc. 31. In addition, it has invested $500,000 o f the p'roceeds in Second Liberty Loan 4% bonds.

Bonds.— Tho com pany still holds in Its treasury $3,000,000 o f its own First Consolidated 4% bonds.

O f tho Maryland Electric Railways Com pany’s bonds (authorized Issue $8,000,000) covering property leased to your com pany, there are now $4,946,000 outstanding, o f which $629,000 are held in the general sink. fund.

Wages.— During 1917 tho rates o f pay o f motormen and conductors and employees in other departments were again Increased. Up to the date o f this writing your company has voluntarily increased the pay o f its men six times in tho past six years. It has also established a free pension system for its aged and incapacitated employees and free life Insurance for the



benefit o f their families. It is taking care o f the families o f its men who volunteered, prior to the draft, for armv or navy service. Our food distribution depot distributed supplies practically at cost, saving the men about 25% in their table expenses.

Extensions.— The Liberty Heights Avo. line was extended nearly two miles, through a rapidly developing section. An extension was also built to accommodate tho rapidly expanding business of the Bethlehem Steel Co. at Sparrows Point, at which place nearly one mile o f track was relocated and >3-miIc extension was built from the main line to the new tin plate mill. A two-mile extension into the Curtis Bay district is proposed.

T o equip the Sparrows Point division as a high-speed lino, an automatic block signal system was installed and a new sub-station was built.

OPERATIONS AN D FISCAL RESULTS.

Car milcsT Rovonue passengers Transfers :::)

1917. 1916.N ot stated N ot stated

1915. 1914.29.522,100 30,250.194

181,744,023 185,296,350 75,807,256 77,102,879

Revenue— -----------------Revenue from transp’n . R ev. other than transp.

S10,424,786

136,051$

9,751.374162.677

$„ 8,904,857

123,287S

9,083,555120,284

10,560,836 9,914,051 9,028,144 9.203,839Expenses—

M aint. o f way A s tru c ..M aint. o f equipment___Maintenance or p ow er ..

436,531462,082

25,027850,989

403,254407,870

22.992680.619

354,613362,131

399,716408,211

Traffic expenses______ _Conducting transport’n . General A miscellaneous Depreciation___________

19,2312,633,840

839.694528,042

7.5772,282.774

762,864495,703

7,4982,701,046

717,411410,548

12,5632,727,442

764,507469,395

Total oper. oxpenses.Net earnings___________Other incom e__________

5.795,4374,765,399

96,101

5.063,6524,850.399

92,0004,553,2474,474,897

8,333

4,781,8344,422,005

24,721

Gross Income_______Deductions—■

Interest on funded d ebt.Taxes, A c . -------- -----------R en ta ls________________Discount, A c___________Int. on car trust cor tfs ..

4,861,5001,853.7701,079,723

438,51554,826

4,942,3991,822,393

994.840410,089

47.874

4,483.2302,063,468

924,5346,9014,594

4,446,7262,045,179

909,7447,2661,3251,312

T o t a l________________B alance-------------------------M d. El. Rys. M . sk. fd . Exting. disc, on securs.. Int. on income bds. (4% )Preferred dlvs. C4%)___Common divs. (4% ) —

Balance, surplus_____

3,426.8341,434,666

559,080920

818,44856,218

3,275.1951,667.204

559,080920

818,448288.756

2,999,4971,483,733

67,33537,950

559,080920

818,448None

2,964,8261,481,900

65,50137,950

559,080920

818,448None

The total surplus Dec. 31 1917, after deducting $50,000 contribution to Rod Cross war fund and $50,724 misc. items (net), was $1,066,988,

BALANCE SHEET DEC. 31.1917. 1916.

Assets— $ SRoad & cqulpm’t.73 ,493,111 71,952,178Investments........ a l, 195,351Co.’s bds. in treas.—

Cent. Ry. cons. 5s 8,000 U.R.AE.cons.4s 3,000,000

Cash for construe. 1,700,000 Cash for dlvs., A c. 120,365Cash in banks, Ac. 671,191Acets. receivablo. 140,439 Mat'l & supplies.. 890,451Deferred assets...b5,750,814 Unadjust, assets._c4,329,762

811.7408,000

3,000,000634.741 115,824 921,593

76,510516,144

5,524,4524,163,983

T otal................ 01,299,483 87,725,164

1917. 1916.Liabilities— S $

Common stock...20,461,200 20,461,200 Preferred stock ... 23,000 23,000Bonds (see "Elec.Ry. Section’ ) . . . 47,670,000 44,670,000

2d M. income 4s .13,977,000 13.977,000 Accts.&wagespay. 226,896 344,053Accrued Interest.. 602,113 537,750Accrued taxes, Ac. 331,874 326,206Miscellaneous___ 120,365 115,823Deferred llabil.. .d6,092,718 5,401,287Unadjusted llabil. 727,330 757,352Surplus_________ 1,066,988 1,111,494

T otal.......... ...91,299,483 87,725,164

“ a Includes In 1917 stocks and bonds, $587,665; property rights, $99,309, and notes, $508,377. b "Deferred assets” in 1917 embrace Maryland Elec. R ys., lessor account, proceeds o f $4,946,000 bonds, $4,477,300; payments under 1 ^ % sinking fund, $617,105: under 7 H % s. f ., $951,513; payments o f 10% on account o f equipment purchased. $193,211. and improvements to property, $4,332, less equipment released (90% of cost), $530,084, and adding other deferred items. $37,436. c This item Includes Maryland Trust C o., trustee, income bond coupons under funding agreement dated July 25 1906. $3,920,000. d "Deferred liabilities" in 1917 includo: Liability for Maryland Elec. Rys. bonds (auth., $8,000,000), $4,946,000; surplus dependent upon acquisition of leased property (Maryland Elec. R ys.), $1,099,918. and misc., $46,800. .. .

Note.— Tho company has a contingent liability as guarantor o f tho principal and Int. o f tho Balt. Sparrows Point A Ches. R y. 4 *S % 1st M . bonds (auth. and issued, $2,000,000), due Fob. 1 1953.— V. 106, p. 1578, 1345.

United Light & Railways Company.(Report for Year ending Dec. 3 1 1 9 1 7 . )

E a rn in g s o f — ( 1 ) S u b k d ia t______ ! ia r ie s— 1917.

Gross earnings__________ $7,705,269Oper. exp. (incl. maint. & „

taxes)_________________ 5,046,908N et earnings__________ $2,658,361

a Interest and dividends. 1,494,688B alance_______________ $1,163,673(2) U n ited L igh t A R gs .—

Earns, available on stockso w n e d ________________ $1,150,369

Dlvs. & int. rec. on inv ._ 608,612 Miscellaneous earnings.. 295,913

Gross earnings________$2,054,894Exponses and taxes-------- 147,273

N et earnings__________ $1,907,621Bond, &c.. Interest_____ $703,050First preferred dividends. 605,557 Second preferred dlvs— ----------Balance for com . dlvs.,

deprec’n, A c__________ $599,013

R esu lts f o r C a lendar Y ea rs1916.

$6,885,7791915.

$6,308,7761914.

$6,166,9594,219,386 3,827.262 3,797,534

$2,666,3931,390.513

$2,481,5141,387.155

$2,369,4251,314,136

$1,275,880 $1,094,359 $1,055,289

$1,257,490477,642183.689

$1,918,821146.908

$1,771,913$578,640

595,792

$1,079,565424,116122.511

$1,626,192127,316

$1,498,876$520,136

525.789b31,630

$1,039,783344,294123,155

$1,507,232114,615

$1,392,617$455,833

462,801b63,272

$597,480 $421,321 $410,711

a Including interest to United Light & Railways Co. b Second preferred stock has all been converted. „Bonbrlght & C o., Inc., N . Y . C ity, is Interested.— V. 106, p . 711, 191.

New Orleans Railway & Light Co.(Report for Fiscal Year ending Dec. 3 1 1 9 1 7 . )

Pres. D . D . Curran, New Orleans, April 8, wrote in subst.:V R esu lts .— As compared with 1916 tho gross operationg rovenuo increased $545,519, or 7 .57% , net operating revenue decreased $22,633, or .63% , and not income decreased $69,126, or 9 .60% . Tho decrease In not Income is duo mainly to the Increaso in operating expenses. Tho principal items being the increaso in tho price o f water, gas oil, coke and coal in tho gas department, and tho Increase in price o f oil and coal in the railway and electric departments. N ot only did tho contract price o f coal increase, duo to war conditions, but our contractor was unable to supply our requirements, and we were compelled to buy In tho open market. Tho cost o f practically all other materials as well as wages also increased.

On July 11 tho rotating elements in our 15.000 k.w. turbine failed, and for about three months it was necessray to operate our auxiliary stations which increased our expenses.

Maintenance, &c.— The actual charges for maintenance during tho year amounted to $883,756; m addition to this amount, thero was oxponded $346,695 for renewals and replacements, making a total chargo o f $1,230,451. Thero was reserved from income and surplus for renewals and replacements $409,641, resulting in a net credit to ronowal and replacement reserve for tho year o f $62,947.

Capital Expenditures.— There was expended for construction, improvements and betterments $1,070,538, principally railway, roadway and line, $130,567; electric lino system and accessories, $583,394; gas distribution system and accessories, $93,355; plant equipment, $193,909, Ac.

In order to meet the demands of load growth, wo have contracted for and are now installing an additional 15,000 k .w . turbine at our central power house.

Due to the general paving work in progress by the city, our tracks on a number o f streets were reconstructed.

Tho new system o f lighting public highways, provided for In our contract with tho city o f New Orleans, was well under way at the end o f the year and is now nearing completion. • . . . .

Bonds.— During the year your company sold $750,000 6% gold debenture notes and $300,000 Refunding and Goneral Lien 5% gold mortgage bonds, the proceeds o f which wero used to reimburse tho treasury for construction, improvements, Ac. __ ,

Dividends.— Divklonds on prof, stock aggregating $375,000 wero declared and paid during tho year. [The pref. dividend duo Jan. 1 1918 was not paid. V. 106, p . 86.— Ed.]

STATISTICS.1917. 1916.

Rovonue mileage______ 20,087,540 19,933,702Pass, carried (revenuo)- 92.656.376 87,680,288 Transfers redeemed(No.) 25,383,561 25,173,015

COMBINED INCOME ACCOUNT FOR YEARS ENDING DEC. 31.

1915.$9,418,33283,184,93823,260,717

1914.19,625,41187,249,91822,979,988

1917.Railway dept, revenues. $4,669,390 Electric dept, revenues- 1,618,553Gas dept, rovenues____ 1,458,317

T o t a l ................. $7,746,259Railway dept, expenses. $2,686,363 Electric dept, expenses. 886,162 Gas dept, oxpenses------ 599,486

T axos....... .........................Uncollected accounts___

1916.$4,422,777

1,433.814 1,344,149

$7,200,740 $2,437,364

635,359 531,136

1915.$4,198,235

1,489,0151,264,337

$6,951,587$2,342,411

573.406494,955

1914.$4,398,507

1,427,295 1,186,322

$7,012,124 $2,341,420

561,227 526,224

Outside operations_____Miscellaneous incom e..

Other Interest charges. . D lvs. on minority stocksImprovements, A c_____Miscellaneous..................ltonowals A replacem’ts Divs. on stk. o f oth. affil.

cos. owned by others.Preferred dividends___(ICommon dividends------

$4,172,011 $3,603,859 $3,410,773 $3,428,871$3,574,248 $3,596,881 $3,540,814 $3,583,253

810,901 775.341 765,827 761,2236.000 6.500 10,250 9,000

$2,757,347 $2,815,040 $2,764,738 $2,813,0305,773 6,717 7,595 8,012

58.413 61,675 47,648 45,551$2,821,534 $2,883,431 $2,819,980 $2,866,593$1,885,095 $1,828,764 $1,752,906 $1,709,451

23,255 25,794 22,652 15,6284,056 4,056 4,101 4,084

17.490 16,768 16,603 17,3459.853 27,461 16,650 7,341

i 226,308 255.883 212,927 189,618

4,251 4,352 5,075 4,0123*0371.430, _________i

(5)496.147 % )50,000

(5)499,710(1)200,000

(5)499,670(2)400,000

. $2,541,738 $2,709,226 $2,730,625 $2,847,149, $279,796 $174,205 $89,355 $19,444

CONSOLIDATED BALANCE SHEET DECEMBER 31.1917.

S1916.

$Assets—a Property, plant,

franchises, A c ..70,173,408 69,112,804Securities.Equip, under lease Materials A supp.Cash......................Accts. recelvable- Speclal deposits.. Interest, Ac., rec. Coupon A dlv.dcp.Sinking funds___Prepaid Ins., A o.. Adv. to sub. cos.

not in system.. Other def'd Items. Unamortized disc.

A exp.with Issuo of securities___

261.241254,276680,286110,388749.282114,88426,517

488,803363,704

358.42230,096

261,093254,276509,696194,551715,030173,942

7,413623,156339,235

16,677357,618

63,239

462,764 525,062

1917. 1916.Liabilities— $ $

Preferred stock ... 10,000,000 10,000,000 Common stock ...20,000,000 20,000,000 Stocks of sub. cos. 205,550 206,050Gen. rntgo. 4J4s.. 17,544,000 17,544,000 Ref. A Gen. M. 5s 6,079,700 5,779,700 6% debentures... 4,000,000 3,250,000Equip, obligations 141,000 160,000Funded debt of

subsidiary cos .. 11,520,500 11,580,000 Int., dlv., Ac., duo 1,129,913 1,147,746Accounts payable. 460,676 456,813Acer.Int.,dlvs.,Ac. 157,817 136,045Consum.,Ac.,dop. 306,118 290,879Deferred Items... 95,193 98,953Renew. A repairs. 071,074 908,127New equlp’t, Ac.,

(lessor company) 313,453 313,453Other reserves___ 77,284 100,501Surplus................. b l ,077,793 1,181,520

T otal................ 74,080,071 73,153,793 T otal.................74.0S0.071 73,153,793a Property and franchises used in operations and oxcess o f Investments

In stocks o f subsidiaries over their par value.b Tho total surplus Dec. 31 1917 was $1,077,793 ($1,061,699 co ’s interest

and $16,094 minority stockholders’ interest), after deducting $183,333 special provision for repairs, maint., renewals and replacements, $129,927 amortization o f discount and exponso from Juno 1 1916 In connection with tho issuo or Ref. A Gen. Lien 5% Mtgo. bonds and two-year 6 % debentures, $60,000 turbine failure and $10,268 sundries.

Stocks ownod Dec. 31 1917 wero $21,282,250.— V. 106, p . 1577, 1037.

New York State Railways.(Report for Fiscal Year ending Dec. 3 1 1 9 1 7 . )

[Compare maps. A c., on page 112 o f "Electric R y .” Section.]P r e s i d e n t H o r a c e E . A n d r e w s s a y s i n s u b s t a n c e :

During the year 1917, under authority o f tho Public Service Commission, tho lighting property o f tho Ontario Light A Traction C o. was sold to the Rochester R y. A ligh t Co. in consideration o f tho assumption by that company o f all tho bonded and other indebtedness of tho Ontario Light A Traction C o. The Ontario Light A Traction C o. now owning only railway property, which is leased to tho New York State Railways, Is in a position to bo merged into the N . Y . State Railways, and plans are under way to effect such merger. The earnings, therefore, o f tho Ontario Light A Traction C o., since the salo o f its lighting property Sept. 30 1917 consist simply o f the rental received from the N . Y . State Railways and are returnable to tho latter company through its ownership o f tho ontire capital stock Of the Ontario company.

S U M M A R Y O F O P E R A T IO N S FO R Y E A R S E N D I N G D E C . 31.1917. 1916. 1915. 1914.

Gross earnings...................$8,460,002 $8,256,470 $7,264,675 $7,595,002Expenses A d o p re c 'n ... 5,758,999 5,153,199 4,487,270 4,600,573

Net earnings...................$2,701,003 $3,103,271 $2,777,405 $2,994,429T axes.................................. 548.091 509,962 456,578 _ _ 496,660

Net (after taxes)..........$2,152,912 $2,593,309 $2,320,827 $2,497,769N et non-oper. revenuo.. 110.664 146,214 166,904 165.467

Gross Income_________$2,263,576 $2,739,523 $2,487,731 $2,663,236Inc. ded. (int. A re n t) . . 1,438.588 1,377,775 1.389.120 1.355,466

’ $1,361,748 $1,098,611 $1,307,770

17.0358,089

Net in com e................. $824,988Prop, to N . Y . S. Rys.

Schenectady R y ., 5 0 % . 35,705Ont. L . A 'It . C o ., 100% 1,515 ____________

Total net incom o____ $862,208 $1,386,872D ivs. on pref. stk. (5% ) $193,125 $193,125D ivs. on com . stock ._ (2 % )39 8 .9 4 0 (4 ^ )94 7 .482

Balance, surplus_____ $270,144 $246,265S ch en ecta d y R ailw ay.

Net. after Other Income

18,9932,453

def.15,1637,091

$1,090,539 $1,329,216 $193,125 $193,125

(4)797,880 (6)997,350$99,534 $138,741

C a l. G ross Y e a r . E a rn in g s .9 1 7 . . $1,447,1519 1 6 . . 1,329,583

Taxes. Income. Deduce. $372,721 $1,142 $148,703

373,619 2,679 137,228

D iv id en d sPaid.

(3 * 0 $153,750 (5) 205,000

B a la n ce ,S u rp lu s .$71,410

34,070


Apr. 20 1918.] THE CHRONICLE 1681CONDENSED GENERAL BALANCE SHEET DEC. 31.

Assets—Road, equip., Ao.60 Unamort. replace.

& depr.suspense 4 Material A supp. _Cash.................. __Bills,accts,Ac.,rec.Stocks owned___ x2Special deposits,.Prepayments........Ro-acquircd secur

ities .............. .Unaraorttzcd debt

discount, Ao__ 1,

1917.$

,231,709,750,000528,753183,927131,465,454,224207,743128,875

9,900577,519

1916.S

48,976.6504,850,000

305,294264,95998,814

2,456,307185,21591,209

6,4001,612,700

Liabilities—Preferred stock 3Common stock 19Funded debt___ x21Real estate mtges.Taxes accrued___Interest accrued..Bills payable____ 1Accounts payable. Other unf'd debt.. Mat'd coup.lnt.,*c.Reserves ............ .Accrued amortiza

tion of capital.. 1 Res’ve for accrued

replace. & depr. 5 Surplus................ 1

1917.$

,862,500 3 ,952,400 19 ,693,000 24

36,000 181,140 253,514 ,585,000 451,799 445,601 205,435 202,149

1916.S

,862,500,952,400,693,000

30,000144,035202,685975,000329,131433,154185,474101,410

407,910 1,112,634000,000 5, ,937,071 1,

000,000,754,529

T otal_________60,204,119 58,847,553 T o t a l . . ........ ..60,204,119 58,847 553x Sco pago 111 o f “ Electric Railway” Section.— V. 106, p . 1401, 607.’

U nion Traction Co. of Indiana, Indianapolis.(Report for Fiscal Year ending Dec. 31 1917.)

President Arthur W . Brady says in substance:Results.— Tho revonuo from operation for 1917 was $3,066 466 an

Increase o f $277,125, or 9 .93% . Operating expenses increased $407 639 or 25.22% . Tho not income for 1917 was $42,142, compared with $188 745 for 1916, a decrease o f $146,604. After deduction o f sinking funds a doflcit is shown o f $17,649, to bo compared with a surplus o f $132 227 for 1916, a decrease o f $149,877. ' '

Tho earnings and expenses o f tho M uncio-Portland lino for tho first six months of 1916 aro not included in the figures stated for that year, operation o f that lino by Union Traction Co. not having been begun until July 1 1916

Tho total sum charged for maintenance or tho property was $594 544 ’ or 19.40% o f tho gross earnings being equivalent to $1.406 per mile o f s’inglo track operated, exclusive o f city tracks o f other companies at Indianapolis Logansport and Wabash. That the property has been well maintained during tho year is apparent from these figures.

Additions and Belterments.— Tho not amount charged for additions and bottorments for tho yoar was $169,098. Of this sum the lessor companies contributed $47,000 for expenditure on or for tho leased properties. In addition $59,791 was paid out for sinking funds, thereby reducing tho bond dobt o f the company and its underlying companies. The sum o f $20 846 was advanced to tho Traction Light A Power Co. for light and power equipment. Automatic block signals were installed for a total distanco o f 26.35 milos. Tho total cast was $11,579, partly expended in previous years Automatic block signals aro now installed over 75.06 miles o f your lines

Army Tost Line.— Fort Benjamin Harrison, having bccomo an activo training camp, important track and power extensions wero mado and tho intorurban rolling stock not absolutely required elsewhere was largely Concentrated at tho Post. Tho cantonment buildings erected not being adapted to winter uso, only ono regiment has been stationed at tho Fort since November. Tho plans o f tho Government for uso o f tho Post in 1918 are not definitely known.

Shirley I Hit Coal Aline. On account o f tho rapidly advancing priceslf l t,h n RP.TPpIt.V np p n q l n n r lif In 1 0 1 7 .r /x .,,. ................... . ___1 . . .

C o. in tho organization o f tho Shirley Realty C o., which purchased an operating coal mine in Sullivan County, Indiana. Tho purchaso was financed through tho salo o f $265,000 preferred capital stock o f tho Shirley Realty C o.; tho entire common capital stock. $135,000, is held equally by tho four traction companies mentioned, which take tho output of the m ?,° , .equal proportions. This mine has been of substantial benefit.

i raetton Light & Power Co.— Tho business o f this subsidiary continues to oxpand. Ihosorvico was oxtonded to Linwood and Willow Branch during tho year, and extensions wore mado to existing plants. Tho Union Traction C o. owns all of tho $100,000 o f tho outstanding 1st mtge. 6% bonds and $49,500 o f tho $50,000 capital stock.

Passenger Fares and Freight Rates.— Tho necessity o f securing additional rovonuos in order to moot tho rapidly increasing operating expenses compelled tho company to apply to the P. S. Commission o f Indiana for permission to advanco certain passenger fares. After a full hearing tho Commission authorized tho greater number o f the advances petitioned for. Roarings upon tho application to increase freight rates wero not completed until 1918, when an order was made granting tho increased rates. Tho now rates authorized wero promptly put into effect, and it is hoped that substantial increases in earnings will bo derived therefrom. (V . 106 p 87 )

Authority to advanco tho base interurban rate of 2 cents per mile has not boon petitioned for. It is not believed that tho Two-Ccnt Faro Law applios to intorurban companies, and an increase in this base faro appears to do Imperative if your company shall continue adoquato servico

Collateral Trust Notes.— Collateral trust notes for $150 000 duo Julv 1 1917, representing Andorson Electric Street R y. C o. bonds which matured In 1912. wero renewed to July 1 1919. n matured

INCOME ACCOUNT, &C., YEAR ENDING DEC. 31.1917. 1916 1015

Passongors carried, intorurban lin e s.. 11,307,816 9 992 101 9 rn7 V,oiPassongors carried, city lines................ 8,375.460 8,497 814 7 441 844Freight handled (tons)........................... 100.234 90 300 7Mileage o f cars, intorurban linos_____ 6,914,933 6 558'fliqMiloago o f cars, city linew....................... 1,675,822 1 722 141Powor generated (A .O .) (k. w. h .)_ ._ 50,397,180 47 652’790 Powor gonorated (D . O.) (k. w. h .) ._ 28.591,247 28 1 9 l’304

Income Account— ’Passongor earnings---------- ----------- $2,588,176 $2,332 220Freight........................................................ 262,722 250 560Express, milk, A c-------------- 140,932 139 247Other than transportation__________ _____ 74,636 67,315

83,841 6,384,761 1.656,015

43,975.980 27.043,667$2,071,832

223,751127,26063,404

$2,486,246$261,192

160,992456,637229,344363,385118,020

$1,589,570 $896,676 ___17,895$914,571

857,238

Total operating rovonue____________ $3,066,467 $2,789 342W ay and structures_________________ $366,641 $310 067E qu ip m en t_________________________ 227.902 172 406Conducting transportation__________ 547,091 476 084P o w o r .. ..................... 496,421 279 578M iscellaneous_______________________ 385.554 377’8'lfiT a xos ....................... 142,589 1361460

Operating oxponsos and taxos_____ $2,166,199 $1,752 431Net earnings________________________ $900,268 $1,036,911Othor Income___________________ 16,531 16|083

Gross incom o______________________ $916,799 $1,053 894Bond, & c., int., discount and rentals. 874,657 865 148Sinking funds________________________ 59,791 56,'518

Balanco, surplus or deficit------------- dof.Sl 7 .619sur.$l32 228 surNote.— Tho Oct. 1 1914 first prof, dividend. $25,000. was omitted ami

bocamo cumulative. N o dividends paid on second preferred stock BALANCE SHEET, DEC. 31.

1017. 1916.Assets— $• $

Road A cquip’t . . .23,205,000 23,095,603Scourltles owned.. h271,500 276,500Trons. stock and

bonds................ 165,000 185,000Liberty bonds___ 30,250 .................Cash on hand and

accts. receivable 190,863 171,481Materials A supp. 238,815 216,236Sinking fund........ 437,381 385,961Motor cqulpmont

replacement . . . 28,400 47,600MIscollanoous____ 102,530 72,597

T otal................ 24.735.740 24,454,044

Liabilities— 1917. 1910.1st pref. s to ck — 1,000,000 1,00*,000 2nd pref. stock— 3,000,000 3,000 000 Common stock ... 5,000,000 5,000,000funded debt-------13,345,500 13 367 500Collateral notes.. ISfLOOO 150 000

100,000 ’ 31,901

669,065 209,799

51,064

Collateral loan..Equip, repl. notes.Bills payable, Ac.Bond lnt..tax.,Ac.Miscellaneous___ ____Profit and loss . . . 99(L272Employ, subscrip.

to Liberty bonds 30,250Deprec'11, Ac., re

serves------------- 151,889Total

100,00046,668

452,549178,63658,582

960,191

139,918a ... 24,735,740 24,454,014

a Securities owned In 1917 Includo $38,000 Broad Ripplo Natatorium Cn toaso and securities and $7,000 bonds; $100,000 6'Z, bonds and $49 500 Traction, Light & Power Co. stock; $75,000 coal property capital .stocks and miscellaneous, $2,000.— V. 106, p . 1037. 87. * 1 11 stoclts

The D uluth-Superior Traction Co. of Connecticut, D u lu th , M inn., and Superior, W is.

(Report for Fiscal Year ending Dec. 31 1917.)Pres. A . M . Robertson, New Haven, Jan. 23, wrote in sub.:

„ Results.— The gross operating revenues for tho year show an increase of 5219,958, or 15.44% over 1916. The net income for tho year, however shows an increase o f only $17,796. or 6 .64% . The operating expesnes for the six months ended Dec. 31 1917 show a large increase due to the increase in wages paid, taxes accrued and the prevailing high prices o f material and supplies. These increased expenses will undoubtedly continue during the period of the war.

Business Conditions—-Outlook.—General business conditions in Dutulh and Superior have continued good throughout the year. The M cDougall- Duluth Co. has established a shipbuilding plant on our Morgan Park- New Duluth line at 90th Ave West, employing about 1,000 men, and if tho industrial plants at tho Head of tho Lakes continue to give employment to as manv men as during the past year it is believed your company's gross revenue will be fully maintained during the year 1918

New Tracks.— During the year 14.69 miles of track were built 11 09 miles in Duluth and 3.60 miles in Superior. Tho extension from Morgan Park to New Duluth was put in operation Jan. 1 1918.

Fares.—-Prior to Jan. 1 1918 the company charged a 10-cent fare on Its Morgan Park line between Duiuth proper and Morgan Park. Beginning on that date tho fare was reduced to 5 cents. This will operate to reduce ourgross revenues, but it is hoped the operation o f this line in connection With the extension to New Duluth will reduco tho heavy rush hour service and increase the ail day travel on this line.

Acquisition.— On Sept. 1 we took over by purchase tho property o f the Park 1 Dint Traction C o., consisting of 314 miles o f track with cars and power house located^ on Minnesota Point.

Additions, Ac.— Eight new standard, double truck cars and one modern, heavy snow plow wore purchased and put in service during the year. Expenditures for additions aggregated $353,437 (principally $257,588 for track and paving). Depreciation has been charged o ff monthly and included in operating expenses There was expended for renewals $15 615

Wages.— I w o voluntary increases in the rate of pay of the employees were mado, the first on June 1 being in tho form o f a war bonus- the second on Oct. 1, when the war bonus was abolished as to the motormen and conductors, and a new scale or wages adopted which gave them an advance over and above the former scale o f wages plus the war bonus.

Bonds.— $274,000 additional General M tge. bonds were authenticated by the trustee, o f which $116,000 were sold and $158,000 par value romaln in tho treasury.

Dividends.— Rogular quarterly dividends o f 1 % upon the pref. stock been declared and paid. Quarterly dividends o f 1% payable Oct. 1

1917 and Jan. 2 1918 were declared and paid upon the common stock.INCOME ACCOUNT FOR CALENDAR YEARS.

Transfers redeemed___Revenues—

Other revenue.

Expenses—W ay and structures____E quipm ent___________T ra ffic ................ ...............Power__________________Conducting transpor'n. General, miscell., A c___

Other Income.

Int., A c ., charges______Prof, dividends (4% )__ . Common dividends___

1917.. 32,196,521 . 5,239.439

1916.28,081,8514,597,429

1915.23,185.9704,035,752

1914.25.912,1554,375,217

. $1,613,061

. 8.891$1,398,711

8,800$1,154,906

9,53931.289.917

7,526$1,621,952 Sl.407,511 $1,164,445 $1,297,443

. $163,027

. 119.106

. 1,747

. 191,625

. 431,219 155.546

$166,19791,571

814171,473348.939135.580

$140,954190,587/

254155,617308,481145,115

224,067901

170,268304,531160,226

$1,062,271$559,681

22,435$914,573$492,938

16,918$811,0083323,437

15,515$859,992$437,451

16,121. $582,116

$119,708 176.611 60.000

(2% )70.000

$509,856$69,513172,34260,000

$338,952 3453,572 $69,831 $66,520 172,698 177.372 60,000 60,000

(1% )35 ,000(4% ) 140.000$155,797 $208,001 $1,422 $9,680

BALANCE SHEET DECEMBER 31. 1917. 1916.

Assets— s $Road A equipment.9,506.4S9 9,153.053Res'vc lurnl (invest.) 273.493 2 , 3.493Cash on hand.......... 58.256 35,388Miscell. accts. rec._ 5,430 3,569Loans A notes rec.. 71,400 71,460Material A supplies. 136,426 100,660U. S. Liberty bonds. 13.S53 _________Prepaid insur., A c .. 8.6S0 3,388Interest, Ao., r e c ... 3,881 4,083

Total .10.077,969 9.645,094

„ 1917. 1916.Liabilities— $ $

Common stock........ 3,500.000 3,500,000Prcterred stock........ 1,500.000 1,500.000First M. 5% bonds..2,500.000 2,500,000 Generalmtge. bonds. 1,000,000 910,000Audited accounts.Ao. 73,963 54,451Accrued lnt. A taxes 135,571 87,018Deprec., Ac., res'vo 737,507 612,238Miscellaneous........ .. 8,306 10,799Approp. surplus----- x435,310 329,492Unapprop. surplus.. yl87,310 141,096

T otal.................. 10,077,969 9.645,094x Includes in 1917 additions to property through surplus, $319,718:

£lJUd,c „ debt 7 ?tlrpd throl|8h surplus, $98,395, and sinking fund reserve, SW.IOS. y After deducting in 1917 $78,436 appropriation for additions and betterments, $27,383 for retirement o f bonds for sinking fund and sundries (net), $3,764.— V. 106. p. 499, 710.

Allis-Chalmers Manufacturing Co.f Milwaukee, Wis.(Fifth Annual Report—Year ending Dec. 31 1917.)

Tho roport, including the remarks of President Otto H . Falk, and the profit and loss account and balance sheet, is givon on subsequent pages. ’<

In c o m e a c c o u n t for y e a r s En d i n g d Ec . 3 1 . M 1917. 1916. 1915. 1914 ^

S alosT blllod------ . . . $26,129,317 $19,440,509 $11,666,413 $10,323,150Cost (incl. deprec’n, Ac) 19.144.107 14.699.744 9,582,264 9 ,221,174

Factory p ro fit ............. $6,985,210Othor incom o__________ 229,844

$4,740,765 262.709

$2,084,149347,257

Not profit.......................$7,215,054 $5,003,474 $2,431,406Soiling, publicity, A c.,oxponsos......... ............. 1.906,264 1,838,454 1,353,054

Reserved for Federal incomo A war excessprofits taxes A conting 1,298,300 ______ .

Pref. dividends------(10% ) 1.618.375 (9)1.426,455 (3)475,485

$1,101,976___252,641$1,354,617

1,379,685

Balanco, sur. or de f. .sr$2.392,115 sr$l ,738,565sur.$602,867 d ef.$25^068 1 : ’ BALANCE SHEET DEC. 31.

[For details see a subsequent page.) g fgg

406,136

1917. 1916.Assets— s s

Real cat.,bldg.,A c.11,419.608 11,071.277 Pat’s, good-will,Ac 19.615.805 19,615.805 Allls-Chalm .Treas-

sury stock........ 102,515Unpaid bal. of pref.

shares to lmpl__ 222.586 1st M. 6% bonds,

B u ll.E l.M fg .C o . 878,851Cash.......... ........... 917.767Market, Ao.,securs.

at cost------------ 1,600,282 2.140,171Notes A accts. rec.

less reserve____ 7.673,276Inventories ........... 12,410.127Unoxp. Insurance. 22.779

873.951500.990

5.201.853 7.934.517

18.774

T ota l................ 54.803,590 47.S23.474— V. 106, p. 1128, 1037.

1917. 1916.Liabilities— $ $

Preferred stock...16,500.000 16.500,000 Common stock...26,000,000 26,000,000Notes payable___ 1,849,610Accounts payable. 745,774 Reserve for erection

and completion of eontr'ts billed 805,656

Accrued payroll.. 229,594 Accr’d taxes (Incl.

In 1917 Federaltaxes)_________

Adv. collections oncontracts._____ 842,707 ______

Pref. dlv. pay .Jan.15...................... 405,168 475,485

Reserves .............. 1,080,306 364,214Profit and loss___ 5,463,604 3,071,489

518,108

432,333212,432

971,177 249,413

Totat................ 54,893,596 47,823,474


1682 THE CHRONICLE [Voii. 106.

Ingersoll-Rand Company.(Report for Fiscal Year ending Dec. 31 1917.)

INCOME ACCOUNT FOR YEARS ENDING DECEMBER 311916.

$7,925,156 $619,539— 80,666‘ 151",518 3,268,600

(30% )

1915. $5,459,884

$647,807

■"75", 66550,000

151,5184,719,090

y(56%)

1914. $1,967,723

$714,619100,000151,510

1,270,088(15% )28,000

1917Total income_____________$9,674,182Depreciation--------------------- *$858,582Reserve for Federal taxes 3,452,815Interest on bonds------------ 50,000Prem. on bonds redeemed - - - - - -D iv . on prof, stock (6 % )- 151,518Common (cash) dividends (x)Common’ dividend ra te .- (x)Special reserves-------------- . zl23,000________________ __________ _ .__„ ,

Balance, surp lus.-r.sr.$5,038,266 sr$3,835,49Sdef.$183,531 def.S-90,494 * Includes in 1917 depreciation set up as reservo against capital assets,

$396,274, and depreciation applied directly to reduction o f capital assets, 308 x N o common dividend has yet been declared in 1018 out o f

the earnings o f 1917. This payment is usually made at the. endl o f Ami . y Thoro was also paid a common stock dividend o f 20% (S 1,693,880) April 1916. z includes in 1917 special reserves in respect o f inventories, $50,000, and o f patents and licenses, $73,000. r Denotes balance, surplus, before deducting dividends on common stock. See footnote (x) above.

CONSOLIDATED BALANCE SHEET DECEMBER 311917.

Assets— $Real estate_____ 252,605Water supply___ 166,238Buildings........... - 3,140,141Machinery_______ 5,460,371Tools and jigs___ 742,032Patterns and die3_ 342,298Drawings________ 191,361Furn. & fixtures.. 404,892 Pats., licenses, &o. 756,000Invest .in mfg.cos..

Inch treas. secur 1,275,430Materials, &c___ 11,823,847Accounts recelv’lc. 6,230,120Bills receivable__ 126,717Marketable secur.al,650,480 Agents’ cash bal._ 55,219Cash at bank___ 1,423,832Dcf. chges. to Inc. 181,368

1916.$

219,036 163,191

2,750,473 4,626,788

676,569 31S.837 179,S03 307,265 683,000

1,879,630 7,317,941 4,634,754

92,959 a591,414

48,02 4 3,889,543

162,777

T ota l................ 34,226,611 28,542,004

2,613,41225,00075,759

1917. 1916.Liabilities— S S

Preferred stock ... 2,525,500 2,525,500Common stock ...10,900,035 10,900,035 First nitge. bonds. 1,000,000 1,000,000Accounts payable- 2,506,260 Bond int. accrued- 25,000 Pref. stock divi

dend Jan. 1___ 75,759Taxes accrued___ 3,452,815Deprec’n reserve.. 3,922,008 Patent, <fcc., res’vo 756,000 Deprec. in foreign

exchange______ 150,000Special Inventory

rcservo________ 450,116Premium on capi

tal stock_______ 669,000Surplus b ............... 7,794,113

3,456,886683,000150,000418,961669,000

6,024,451

RESULTS FOR CALENDAR YEARS.1917.

Net earnings___________ $12,366,338Other income_________ 565,835

Total incomo_________ $12,932,173Bond interest__________ $726,704Contingency reserve— — - - -Deprec. o f mill p lan ts .- 1,524,682Reserved for taxes____ - 2,500,000---------- ---------- ----------

B alance_______________ $8,180,787 $4.620,727 $1,219,515Preferred dividends. (6 H ) 1 ,■461,100(3H )784,234 (2)448,134

Surplus for tho y e a r .. $6,719,687 S3,836,493 $771,381Previous surplus______ - 16,238,743 12,402,250 11,630,869

1916.$7,002,793

463,034 $7,405,827

$826,983 500,000

1,518,117

1915.$2,648,906

472,775$3,121,681

$847,834

1914.$2,601,099

487,798$3,088,897

$867,649

1,054,332 1,083,539

$1,137,709(2)448,134

$689,57610,941,294

T o t a l________________$22,958,430 $16,238,743 $12,402,250 $11,630,869Stock & cash dlvs. paid&

reserved for paym ’t in settlement o f def. cum.divs. on pref. s tock -- 7,506,244 -------------- -------------- ----------Total p . & I. surplus.$15,452,186 $16,238,743 $12,402,250 $11,630,869

CONSOLIDATED RESULTS FOR YEAR ENDING DECEMBER 31 1917. Net rovenuo from operations, $13,849,047; other rovenuo, $119,

729; t o ta l . . .................. - --------------------------------------------- -----------..$13,968,776Depreciation, $1,792,060; rcservo for taxes, $2,532,655; reservo .

for contingencies, $12,871; interest, bonded debt, $779,687-- 5,117,273Regular div. on Internat’l Paper Co. pref. stock (6]4% )---------- 1,461,101

Surplus for year ending Dec. 31 1917------------------------------------ fn ’non 'aoiSurplus Jan. 1 1917 carried forward------------------------------------------ lb ,036,688

T oU i ................ .............................................................. $23,427,090Stock and cash dividends paid and reserved for payment in

settlement o f deferred cumulative divs. on I. P . C o. pref. stk . 7,,>06,244

Total p. & 1. surplus Dec. 31 1917----------------------------------------- $15,920,846INTERNATIONAL PAPER CO. BALANCE SHEET DEC. 31.


Common stock ... 19,750,940 17,442,800Preferred stock 24,709,430 22,406,700Bonds.......... ......... 11,942,000 14,497,000

Assets—Mill plants & water

powers______

T otal................ 34,226.611 28,542,004

a Includes treasury bonds at market values, b The total surpluses as abovo are tho amounts before deducting the dividends on the common stock declared payable in April next following tho close o f tho respective years— see abovo.—-V. 105, P* 2160, 2277.

I n t e r n a t i o n a l P a p e r C o . , N e w Y o r k .

(2C)th Annual Report—Year ending Dec. 31 1917.) President P. T . Dodge, Corinth, N . Y ., April 9, wrote:Results.— Tho not gain for the year, after proper deduction for doprccia-

tfon for taxes and for interest and sinking fund, was #8,180,787 a fan but moderato return on the very largo capital involved in the conduct o f tho business— a capital o f over 875,000,000 actually invested in properties o f steadily enhancing value, which represents a lower capitalization per t L per day o f producing capacity than almost any largo paper company° nThe been ono o f unprecedented difficulties, trials and interrup-tlnrm w hile nearly all Industries are passing through a difficult and hazardous period, tho difficulties attending the conduct o f the wood paper Industry are greater than in most others, owing to war necessities resulting in curtailment or interruption o f proper transportation facilities by water and rail Biel sh om go . both coal and fuel oil. division o f water power to G ovt u s e ? ,deficiency o f labor and increasing cost o f labor and supplies.

Refunding— Adjustment of Deferred Dividends. During tho year, thero has been an extensive and favorable readjustment o f the bond obligations and 3sinco tho date o f tho figures given herewith, bonds to tho amount o f $4 448 000 liavo beon retired. This, and tho necessity o f carrying an abnormal investment in wood and other inventories fa r o “ Ibated bank borrowing to a reasonable amount. (V . 104, p . 503, 1U1J, 1214,V A nother9cain during tho year was tho adjustment o f the greater part o f tho deferred dividends on the 6% pref. stock, partly in cash a-nd partly in stocks It is expected that in time tho balanco o f the deferred dividends f c S S l n , « , a Of d M d jn d , m tho < » ™ s t g k will bo in —n lOikfoil— Tô total* production or all gradiw o f paper wasS e t f f S S f W ; The S S a n S c Ko f iiis VM W luanU tyof paper— nearly three times os great aa that or any other organization in tho world— required tho consumption o f 705.343 cords of wood in addition to great quantities o f other materials and supplies.

Npwsvrint ——Although under normal conditions, newsprint paper con- Rtlfntesâbout two-thirds o f the com pany’s tonnage, tho profit por ton Ls much less than on other papers, and o f tho profit o f tho past year substantially one-half was derived from paper other than t ™ fnrofit on newsprint paper, after tax deduction, was about S/ -<>0 per ton a moderate and really unsafe return, considering tho uncertainties whicheXM oroCthan °400 ‘daily*papw l' are dependent for their paper supply on o n rn ro d u ct D u r ln g th e p e r lo d o f depression and beforo the recent a^nomnal demand wo had accumulated vast stocks o f paper— at one tune un OOn tons o f paper. In 1913, tho stock o f nowsprint alono amounted to 57 000 tons and in 1915. 40,000 tons. When the demand for nowsprint n lncr Increased? wo retained for prospective uso o f tho American publishers, and later sold them at regular prices, enormous quantities o f paper which could havo been sent out o f tho United States and sold for much moro.

Inrrensinn Costs.— The cost o f manufacturing all classes o f paper has steadily increased throughout the year, duo to an increase cost o f overy ntaSfont enterta" into production. Tho two chief items were tho advanced price o f wood and tho increased labor cost. W ood at tho mills ls costing approximately twice the price prevailing f ^vo and six years W - • ■ wai'es woro advanced on April 15 and Oct. 21 1917, in auaicion to a honus'Yf 10% . granted D ec. 1 1916, and continuing for tho time being, tho total advance amounting to about 50% boyond tho agreed wago.

Government Action.— Early in 1917, tho demand for papor exceeded any* thin" known or anticipated. Federal authorities, becoming interested, cal loci paper manufacturers in conference. . . . In November 1917, an agreement was entored into botween tho Attorney General o f the United States acting as trustee for publishers, o f tho one part, and numerous lar"o manufacturers o f newsprint paper, o f tho other part, nnder which the Drlco of nowsprint at tho mills was fixed at 3 cents per pound, mill, during ?he first quarter o f 1918, with tho understanding that the industry slmuld {^ investigated by the: Federal Trade O o m n ^ ^ ^ t It ^ I d

Secur. (inch U.S.Gov.bds.in T7)

Sinking fund........

purch.

1917. 1916.S S

39,237,258 40,550,3192,904,340 3,000,452

11,396,113 11,131,23868.8 168,981

2,426,428 2,608,5215,219,749 5,564,899

.12,702,692 7,499,2551,983,030

272,495 226,797. 1,457,947 1,747,801

.77,660,740 72,504,265

Accounts payable. 1,313,314 Accrued bond lnt.,

not due............ 81,950Dividends payable 375,000 Deferred div. pay. 695,293 Rcservo for taxes. 2,500,000Insurance fund 340,634Contlng. reservo.. 500,000

644,073207,367336,101

291,481500,000

Surplus................ 15,452,186 10,238,748

Just?fndrcônablo maximum prleas for paper” thereafter, and the right noal to a Board o f Arbitrators was also provided for. ( v • 105, D* 2 loo .) I investigation ls now In progress, and for the first time tno Com

mission Ls boing put In possession o f full and accurate figures and mforma-This itmission L-----------„ . . . _tlon respecting tho industipr.Tt L^hoped and believed that In the light o f this Information a.price, fair tn the nroducer and the consumer, will bo fixed— a prico which will give tho manufacturer a reasonable return on tho capital Invosteii and insure Jo th“ public paper at a reasonable price. And «Lb price must ini oqui y.

than the 3 rts fLxcd by agreement for tho first quarter or 1J18.Handicaps.__Federal legislation and Govornmontal lndlfferonco still

subject tho U. 8. paper Industry to unfair and destructive înfluencra. From all countrlos nowsprint paper and somo othors enter tho United States freo from duty, although several coim tries b a v e a dutynKalmb the United States product, and in somo cases a high prohibitive duty.

More serious ls tho matter o f pulpwood from which papor lsmado. Tho forests o f tho United States are in great measure exhausted,L but in Canada

mills oF this country are placed at a great disadvantage. . . .> ' The Canadian mills havo increased rapidly In number and sizo, while development In tho United States has been slight. Each year tho United tates produces a smaller proportion o f tho domestic consumption .

T ota l................ 77,660,746 72,564,265CONSOLIDATED BALANCE SHEET DEC. 31 1917 (Inc/. Subsidiaries).

Assets (Total $79,796,476)— , . . . . on„Properties owned and operated by tho several companies--------$45,803,9,>9Woodlands hold directly and through subsidiary companies for

benefit o f International Papor C o ---- - - ------------------------- 8,917,767Securities (including U. S. Government bonds)............................. 4,112,391C a sh . - _______________________________________________ 2 ,6 1 8 ,1 2 1N otes"recelv” $835,812; accts. receiv., $4,885,182; t o t a l . . - . 5,720,994 Inventories— Raw material, supplies, finished product and

advances on logging operations--------------- ------------------------------- 12,271,772Sinking funds______________ ___ ____ _________________________ _ 1 oDeferred assets— Applying to futuro operations o f the company 289,060

Liabilities (.Total $79,796,476)— . . . . . ~nri sonPref. stock, auth.. $2 5 ,0 00 ,000 ; held n treas., 5290.750; bal $24,709,430 Common stock, auth., $20,000,000; held in treas., $249,060, bal. 19,7o0,940 Bonds o f I. P . C o.— 1st Consol. 6s, duo 1918, $3,272,000;

Consol. 5s, duo 1935, $782,000; 1st & Rof. M tgo. 5s, scr. ’A ,duo 1947, $6,419,000; total- - - - - - - - - - - - - - - - - - - - - - - - - 10,473,000

Prior lien bonds— Hudson River P. & P . C o., due 1918, $1,015,000; Rumford Sulphite C o., duo 1918, $287,000; 1 iscata-

. quis P . & P. C o., duo 1918, $9.000; total - - - - - - - - - - - - - - - -Sub. cos. bonds guar., duo 1918, $55,000; due 1919, $593,000;

not guar., due 1927-41, $269 ,000-------- -------- - -----------------Notes payable— Purchase monoy obligations issued by sub. cos

1,311,000917,000

d u i c t jjthyckv— a IUV.HUOVJ u iw u o j — --------- ---------------- ---- o a i \ n n nacquisition o f fixed property.---------- ------------------ ------------------ - 340,ouu

I. P . C o. dividend payablo Jan. 15 1918------------------------------------ 3nn’Sn2Accrued bond interest (not due)----------------------------------------------- ancon oI. P . C o. deferred dividend payablo----------------------------------------- boo ’e rsReserves— Insurance fluid, $340,634; for con ting., $803,350-- 1,143,984Total profit and loss surplus Dec. 31 1917---------------------------- 15,920,846— V . 106, p . 1348, 1234. ’ 1

Calumet & Hecla Mining Company (Mich.)7Boston.(Report for Fiscal Year ending Dec. 31 191G.)

The income account was given last weolc, page 1580.Pres. Rodolpho L. Agassiz, April 9, wroto in substance:Your directors have decided that a moro conservative course would bo

to report the copper product not billed Dec. 31 1917 at Its cost value instead o f its soiling value, and tho report for 1917 is on this basis.

Tho total copper product for tlio year 1917 from mine and reclamation was 77,495,283 lbs., o f which thero was delivered and billed In 1917 59. 527,902 lbs., leaving on hand Dec. 31 1917 not billed o f 1917 produc 17,967,381 lbs. Thero was received for copper delivered (59,527,902 IDs at an average o f 28.39 cts. per lb.) $16,900,576, and after adding othor incom o" (dividends o f $3,200,576 on stocks owned, & c.), and deducting all expenses, dividends paid (340% ), $8,500,000, and Federal taxes aggregating $979,475 (including $570,286 for excess profits taxes), thero remained a surplus for tho year o f $3,652,918. .

Stamp M il l s .— Tho flotation experiments referred to last year havo been entirely satisfactory; a 50-ton experimental unit has been operating continuously for six months. Ono stamp unit at a timo will bo converted to tho now system. In addition to this It Is proposed to build a 2 ,000-ton plant for tho treatment or slimes from N os. 1 and 2 regrinding plants.

Leaching Plant.— Results for tho year havo boon wholly satisfactory. Tho 2 ,000-ton addition, mentioned in last year’s report, Ls well under way. O f tho 5,250,331 lbs. refined copper, 810,260 lbs. was from current mill tailings and 4,440,071 lbs. from Torch Lake. , . , _ . „ ___ .

Cars.— In Sept, a contract was mado with tho Amorican Car & Foundry C o. for fifty 40-ton rock cars, similar to thoso now in uso; thiso should bo received shortly and tho company will then havo a total o f 250 cars, an in first-class condition. , . , „ „»

Stock Purchases— During tho past year tliLs company acquired all o f the assets o f the Tamarack Alining C o. for tho sum o f $3,600,000 and the latter company has been dissolved. Tho remaining shares o f Laurium Mining C o. stock not owned by this company D ec. 31 1916 were also acquired and dissolution proceedings aro in process.

COMPARATIVE RESULTS FOR PAST FOUR CALENDAR YEARS.(Calumet & Hecla Mining Co. Mines, Excluding Sand Bank at Torch Lake.)

1917.Rock treated, tons_____ 3,159,570M ino cost por ton o f rock $2.52Rofincd cop. prod., lbs_ 68,419,826 C op. per ton o f rock, lbs. 21.65

Operations on Conglomerate Lode for Calendar Years 1917. 1916. 1915.

1916. 3,166,274

$2.03 71,349,591

22.53

1915. 3,188.583

$1.71 71,030,518

22.28

1914. 2.592.462

53,69$1.851,6156220.70

1914.Rock treated, tons_____ 1,751,621M ine cost per ton o f rock

(excluding construc’n) $3.26Copper produced, lbs___ 50,415,860Copper per ton rock, lbs. 28.78 Total cost copper por lb_ N ot statedShaft sinking___________ O ft.Drifting.............................. 2,942 ft.

1,727,794 1,739,984 1,439,986

$2.63 51,785.016

29.97 10.75c.

0 ft. 5,142 ft.

$2.13 51,738.588

29.174 8.69c.

201.0 ft. 5.522 ft.

$2.37 37,996,045

26.38 10.42c.

228.3 ft. 4,339 ft.


Apr. 20 1918.1 THE CHRONICLE 1683Operations on Osceola Lode for Calendar Years.

1917. 1910. 1915. 1914.R ock treated, tons_____ 1,407,949 1,438,480 1,448,599 1,152,476M ine cast per ton o f rock $1.00 $1.32 $1.07 $1.19Copper produced, lbs— 18,003,906 19,564,575 19,291,930 15,695,517Copper per ton rock, lbs. 12.79 13.60 13.32 13.62Total cost copper per lb . N ot stated 11.84c. 9.71c. 10.20c.Shaft sinking___________ 338 ft. 139 ft. O ft. 103 ft.Drifting.............................. 16,352 ft. 16,443 ft. 10,206 ft. 6,698 ft.

NUMBER OF SHARES OWNED IN OTHER COMPANIES.Owned. Issved

Superior Copper Co----- 50,100 100,000Isle Royal Copper C o .. . 33,187 150,000 Tamarack Mining C o .. . 19,-100 60,000 White Pino Copper Co.,

common------------------- 42,602 85,320(lo do prof.. 10,000 34,759

Calumet Transp. Co___ 3,482 . .

Owned. Issued.Ahmcek Mining Co___ 99,168 200,000Allouez Mining Co____ 41,000 100,000Centennial Cop. M . Co. 41,500 90,000Cliff Mining Co________ 28,785 60,000Gratiot Mining Co____ 50,100 100,000La Salle Copper Co____ 152,977 302,977Osceola Cons. Mng. Co. 33,560 96,150 Great Lake Trans. Corp. 2,000 ...........‘ (For the details o f the operations o f these companies, reference should bo made to reports o f tho companies appended to the pamphlet.— Ed.J

DIVIDENDS PAID DURING CALENDAR YEARS.1917. 1916. 1915. 1914

Total divs. (per $25 sh.) $85 $75 $50 $10Amounting to _________t . $8,500,000 $7,500,000 $5,000,000 $1,000,000

Dividends Received from Other Mining Companies.Ahmeek. Allouez. Cenlcn'l. Islelloy’l. Osceola. Superior. Total.

S S S S S »S SRec’d thro. 1915.1,743,112 41,000 --------- 32,300 2,112,782 . . . . . . 3,929,194Rco’d In 1916____1,225,600 287,000 41,500 98,730 524,000 50,100 2,226,930Rec’d In 1917____1,573,243 492,000 41,500 197,737 656,620 50,100 3,011,205

Total................ 4,541,960 820,000 83,000 328,767 3,293.402 100,200 9,167.329CURRENT ASSETS AN D LIABILITIES DEC. 31

Assets— 1917. 1916. 1915.Cash....... .......... ............................ ............ x$2,l 30,273)Accounts receivable_________________ 4,139,257)$11,443,008 $6,552,166Copper on hand______________________ 2,203,787jNotes receivable____________________ 338,292 ______ ___Liberty Loan bonds_________________ 1,170,000 ______Sinking fund................................. .......... ............ 4,334,653 1,599,824Supplios on hand_____________________ 3,219,814 1,720,203 1,391,293

Total assets................................ $13,261,422 $17,497,865 $9,543,283Liabilities—

Drafts In transit_____________________ ______ $505,195 $29,541Accounts payable_____________________ $1,250,314 633,395 828,391Notes payablo (4% notes called for

redemption Feb. 1917)____________ ______ 4,134,000 ___Resorvos, incomo and excess profits

taxes and charges__________________ 1,384,622 1,466,674 428,905Total liabilities................................... $2,034,937 $6,739,263 $1,286,837

Balance o f assets.......................... .......... $10,626,485 $10,758,602 $8,256,446x Includes In 1917 cash, $2,045,298, and cash at foreign banks, $84,976. Capital stock Ls $2,500,000 in $25 shares, o f which $12 per share paid in

Total dividends paid to Dec. 31 1917, $145,250,000.— V. 106, p. 1580.

( T h e ) B a r r e t t C o m p a n y , N e w J e r s e y .

(Report for Fiscal Year ending Dec. 31 1917.Pros. William Hamlin Childs, N . Y ., April 1 wrote in sub.:Tho subscriptions to the preferred and common capital stock offered

to tho stockholders In April 1917 havo all been paid in, and tho funds received applied to tho payment for tho necessary addition to tho manufacturing plant equipment and to the increase o f its working capital. (V. 101, p. 1047, 954.)

Tho costs o f materials and labor substantially increased during tho year 1917, and there also were unusual charges in tho way o f additional taxes. After providing ample reserves to cover depreciation and for incomo and excess profits taxes, tho not result shows $20 21 per share upon the common capital stock outstanding on Jan. 1 1918, which result, under all circumstances, is considered by your directors to bo very satisfactory.

Tho company and all o f its subsidiaries havo co-operated with tho Fedoral Government to tho fullest extent toward tho successful prosecution o f tho war.CONSOL. INCOME ACCOUNT FOR CAL. YEARS (INCL. SUB. COS.).

1917. 1916. 1915. 1914.N et sales to custom ers.$34,297,371 $27,800,1851 ($16,160 536Cost o f goods sold______ 27,173,091 20,012,1021 Details not| 12,514,693

------------------—- ----------------} stated—in 4---------------.—N etfrom sales_______ $7,124,280 $7,788,083 1 9 1 5 .___| $3,645,843

760,273Other Incomo__________ 2,111,591 1,759,521)Grosslncome(allsources) $9,235,871 $9,547,604 $6,652,639 $4 406 HOAdmin., gon., & c., exp . 5,562,627 4,382,318 3;531,455 2,682:095

Common (stock) d lv s .. (7% )790.900 (5)538:000 ............Adjust, o f security v a l . . Cr268,055 ______ _____R eserves----------------------- ‘ 'x ” 750,000 420 000 22b"000I’rop.app.to minority lnt. 1,142 ______8.772 7,728 12,764

1916.

Total deductions------$1,404,750 $4,068,003 .82,113 880 $1 369 414Balance, surplus..............y$2,268,494 $1,097,283 $1,0071304 $354)607

x Represents depreciation treated this year as a manufacturing expense anti included In ‘ ‘cost o f goods sold. y After providing for ncomo and excess profits taxes.

CONSOLIDATED BALANCE SHEET DEC. 31 {INCL. SUB. COS.)rt 1917. 1916.Liabilities— $ §

Common stock ... 16,019,043 13,297,420 do sub rcc'ptsoutstanding___ 324,057

Preferred stock__ 7,475,078do sub rec’ptsoutstanding___ 335,722

Bonds of sub. cos. 2,625,000Notes payable___ 154,504Accounts payable. 7,286,736 Accrued pref. divs. 389,202 Minority Interests. 9,370 Deferred Income.. 26,384 Deprec’n, &c., re-

rcservo............... 2,846,364Other reserves___ 689,633Surplus.................. 6,794,691

1917./I"" ct s «5 S

Plants & equlp’t . - 16,864,028 14,029,476 Furniture and fix

tures__________ 235,330Contracts & good

will.......................3,416,014Cash & cash Items 1,647,033 Marketable securs. 1,150,992 Notes it accts. rec.11,959,363 10,171,910Inventories_____ 6,629,127 5,033,037Invest. In oth. cos. 2,895,101 Prepaid, &c., chgs. 179,398

206,9533,416,0141,064,496

818,039

999,184122,620

T ota l_________44,976.385 35,861,728-V . 106, p. 1580, 1346.

4,961,100

2,640,000940,000

6,342,524283,805

71,908

2,604,521194,252

4,526,197T otal................ 44,970,385 35,861,728

O t i s E l e v a t o r C J o . , N e w Y o r k .

(Report for Fiscal Year ending Dec. 31 1917.President W . D . Baldwin, March 27, wrote in substance:Tho com pany’s business for 1917 was tho largest in Its history, as well

as tho most profitable. Both sales and earnings wero largely in excess o f those o f 1910; tho former wero nearly double thoso of 1915.

This work has necessitated tho carrying o f abnormally largo inventories owing to tho high pricos o f labor and material and tho unusual difficulty In obtaining thorn. Thoso conditions aro reflected in our bills payablo account. SInco November last thero has been a substantial reduction in this account and this liquidation will continue in 1918 as tho contracts in hand aro being completed.

T h° practical cessation o f normal building operations throughout the country has naturally decreased the demand for elevators, but the requirements o f our Government in its numerous building activities would seem to insure us considerable elevator work in the future. Our various factories aro at present largely occupied with work for tho Government (exclusive o f elevators).

Owing to conditions in Europe, it Is impossible to give any satisfactory information regarding our business there; wo havo charged o ff against current (1917) earnings $380,000 on account o f European losses

Out o f the earnings o f 1917 we have declared tho usual dividends on the pref. stock, and have declared a quarterly dividend o f 1M % on the common stock, payablo on April 15 19l8, and have reserved from the past earnings a fund sufficient .o provide for the declaration o f subsequent 114% quarterly dividends on the common stock during tho current year.

RESULTS FOR CALENDAR YEAR.1917.

Net earns., after int., ro-pairs, renew. & d e p r .* $ l,788,577

Pref. dividends ( 6 % ) . . . $390,000Com. dividends (5 % )- - 318,575Reserved for Fed 1 taxes 150,000Res.for pension,&c.,fund 100,000Depreciation reserve a380,0001Contingency reserve 359,304/

Surp lus.............. .......... $90,697

1916. 1915. 1914.$1,036,589

$390,000318,575

$735,668$390,000

318,575$876,425$390,000

318,76550,000

250,000 25,000120,000

$28,014 $27,093 $22,660* After deducting in 1917 $482,273 interest charges, the amounts not be

ing stated in previous years, a Depreciation account foreign companies.GENERAL BALANCE SHEET DEC. 31.

(Incl. assets and liabilities o f the Otis Elevator C o. o f III., M o. and Texas.)1917. 1916.Assets— g §

xReal est., bldgs.,mach’y, Ac----- 11,727,044 11,744,528Invest .In foreign &otherdom’le cos. 2,935,122 3,239,802

Bonds, stocks, &c.,held for sale----- 95,852 104,811

Deferred charges. 131,640 242,218C ash ..,. --------- 968,391 898,594Notes receivable.. 201,791 84,872Accts. receivable- 4,207,195 3,172,962Liberty bonds___ 240,000 ...........Raw mat’ls, fin

ished parts, &c_ 6,425,219 5,931,508 Mat’l & labor ex

pended on contracts In process of comple’n outside of factories. 1,142,108 984,354T otal................ 28,077,363 26,403,648

1917.Liabilities— s

Preferred stock__ 6,500,000Common stock ... 6,371,5872-year notes(1918) ______Acer. Int. on deb.. 3S,750Debentures--------- 3,100,000Notes payable___ 6,200,000Accounts payable. 1,580,547 Liberty Loan col'al 218,500Pref. dividends__ 97,500Com. dividends.. 398,219Res. for depree’n. _______ 1Res. for contin'es. 497,195/Res. for Fed. taxes 150,000 Res’ve for pension,

&c., account__

1916.$

6.500.000 6,371,5871.500.000

40,0003.200.000 4,012,500 1,265,886

97,500398,219250,000

„ - ------- ----------- 225,065Surplus................y2,700,000 158,653

2,609,303

T otal................ 28,077,363 26,403,648x Includes Investments In real estate, buildings,'m achinery and equip

ment, equities in Harrison, New York and Chicago properties, and patents ef)rec on ‘ y Denotes in 1917 surplus, reserve for working capital"

a t o m t S S l”& f A S . — ,,obl" ty ° ' S100-000 “ buri

P h i l a d e l p h i a ( P a . ) E l e c t r i c C o m p a n y .

(Report for Fiscal Year ended Dec. 31 1917.)Pres. Jos. B . M cCall, Phila., April 10, wrote in substance:Summary of Consolidated Income.— The figures for the year 1917 (as shown

below) are in every res pert on a comparative basis, with the previous re- P rm* Of I hiladelpliTa Electric C o. (o f New Jersey), o « £ h<V ncrea? e ,in ffhe/ atl? o f operating expenses during the year Ls over Ind°in1:ax<SrrtCl?iak^(is th® abnormal cost o f Iabor- coal> other materials

Tho increase in fixed charges Is due to the increase in bonded debt created by the bond Issue o f Feb. 1 1917 (see V. 104, p. 565) eDC. total commercial connected load as o f Dec. 31 1917 was equivalent to 5,494,788 50-watt lamps, an increase o f 779,667; and the increase in the number o f consumers during the year was 14,159. The railway railroad and other utilities connected amounted to 34.950 kilowatts D ec 31 1917 an increase over he preceding year of 1,500 kilowatts. ‘ ’

Additions.— During the past year we proceeded with the necessary construction work to meet the demands upon the system for the year 1917 a n e w 20,000-kIIowatt turbine being installed in Station “ A - l , Christian St. and Schuylkill River, replacing two 7,500-kilowatt turbines, thus giving us additional capacity at that station. 6 b

Tho transmission line between Chester and Philadelphia has been completed and is now in use; overhead and underground lines have been extended. l*or additional coal storage capacity, we purchased 58.8 acres o f land on P ettys Island, Delaware River, almost directly opposite Beach and Palmer streets. “

The completion o f the new generating station at Chester was delaved ?tU0 to extraordinary conditions, but we expect to have the initial installation of 60,000 k. w. in operation on the system this summer. This station will supply energy to many o f the plants devoted to production o f war requirements, such as the ship-building plant at Hog Island, Baldwin Loco- bldldTngACorkS<:cRe" c ngt0n Arm s’ Etidi'st'ono Munition Plant, Sun Ship-

Anticipating further needs, Philadelphia having become a great centre for the production o f war materials, we also started the erection of a large station at Beach and Palmer streets, on the Delaware River Contract* for building and apparatus for 90,000 k. w. were made, our expectation being to have 60,000 k. w. ready in N ov. and D ec., respectively this voir

The closing o f the usual channels o f private financing because’o f the wap conditions temporarily pa-tponed this work, and appeal was therefore made to the War Industries Board with the expectation that the Federal Government would finance this new construction. Favorable action w as taken recommending the Government’s support. acuon was__Note Issue.— In the meantime, we finally sold (see V. 106 n 826 9t d$7,500,000 o f 2-Year 6% Secured gold notes, part o f an autho'rized S o f $12,000,000 maturing Feb. 1 1920, issued under a trust agreement with tho Girard Trust C o., trustee, dated Feb. 1 1918 the collateral hrlmr- $2,500,000 1st M . 5% gold bonds o f Philk. El C o. dated Ort 1 9? 6 - 10 000,000 6% M . gold bonds o f your Del. Co. El. C o., dated Feb. l‘ 1018- A !r,tbo $3,692,800 stock (excepting directors' shares) o f Del. C o El Co ’

The proceeds will be used (1) $2,500,000 to retire the 1-Year gold notes o f like amount maturing Aug. 1 1918; (2) S5.000.000 or that portion necessary to complete the Chester Waterside Station, installing at the present tirno two units o f 30,000 kilowatts each, or 60,000 kilowatts.

Increase in Rates Charged.— The extraordinary increase in the operating expenses over the year 1916 made it necessary to petition the P. S. Commission o f 1 ennsylvania for an added charge to the net bills for all classes o f business except residence and municipal lighting. Following a hearing held in Harrisburg on Jan. 24 1918. the Commission granted us an increase o f 10% , eifective midnight o f Feb. 8 1918 and continuing until Feb 5 1919 It is hoped that this allowance will cover the additional expenses for the year 1918. If, as tho year progresses, we find it is necessary, we shall again appeal to the Commission.

Merger.— 'This company has received all o f the assets o f Philadelphia C<V (oI New Jersey). now ln course of dissolution, in accordance with the plan for exchange o f stock dated Sept. 25 1917. All o f the se

curities havo been transferred; see below (V.104, p.261; V 103 p 326 1416)All o f the companies In Delaware County, which embraces the entire

territory from the Philadelphia County line to the State of Delaware havoalso been merged into one company— the Delaware County Electric C o__thoentire capdiil stock o f which is owned by your company. All other former «Vbs d iu'y companies not included in said list are in process o f dissolution ( V . lUt), p. 1obJ).

The plan to unify all the companies in Philadelphia has therefore been consummated.Proposed New Stock Issue.— Inability to secure any but a limited amount

o f new funds through the ordinary channels and the high cost o f such financing make it necessary that we should now consider tho final sten in our plan o f years for the unification o f these properties, to wit- a stock allotment to tho stockholders. In view o f the scattered holdings o f tho stock, owned by nearly 7,500 stockholders, tho stockholders should



prom ptly take such proportion o f stock as tliclr holdings entltlo them to receive. The saving in interest charges alone will contribute a largo amount toward dividend reauiroments for the increase.COMBINED RESULTS FOR CAL. YEARS , (Inter-Co. Acc'ts Eliminated).

1917.96,920

1916. 82,761N o .o f consumers D ec.31

Com m ’l conn’d load D ec. ___31 (50-watt equ iv.)- - 5,494,788 4,715,121

Gross incom e, all cos___812,160,769 $10,260,072Oper. exp., taxes, rent

als; &C-..............1____ 7,705,216N et earnings_________84,455,553

Fixed chgs.,renew’ls,&c. 2,437,359 Dividends (7 % )______ - 1,749,189

1915. 69,141

3,958,529$8,777,924

1914. 59,791

3,496,709$8,160,025

5,484,976 x6,363,374 x6,181,046$4,775,097

1,981,0461,574,313

$2,414,5501,574,311

$1,978,9791,574,308

S u rp lu s_______ ______ $269,005 $1,219,738 $840,239 $404,671x Includes in 1915 and 1914 “ fixed charges, renowals, & c.,” separated

In later years.CONSOL. BAL. SHEET DEC. 31 1917 (Total Each Side $78,485,513).( (Incl. Phila. Elec. C o., Delaware County E l. C o., Bala & Merion El. C o .’

Cheltenham El. L t., l i t . & Pow. C o ., with all inter-co. items eliminated.)Property and plant_________ $68,384,058TJ. S. Liberty bonds........ ...... 251,500Stocks & bonds ol other cos,- 444,936Cash______________________ 1,915,906Accounts receivable.-........... 1,873,646Materials and supplies.......... 2,297,545Prepaid accounts.................. 164,377Unamort. debt dlsct. & exp.. 2,707,567Deferred charges.................. - 46,599Accrued Interest----------------- 3,394Sinking f ind amort, account- 122,000 Sk. fd. Del. Co. El. Co. 1st

mtge. 5% gold bonds........ 33,467Trustees’ deposit account for

trust certificates_________ 240,518

Capital stock_______________$24,987,750Phila. Elec. Co. 1st Mtge.—

4% bonds_______________ 1,671,7005% bonds_______________ 33,663,300

Del. Co. El. Co. 1st M. Ss-- 300,000 P. E. Co. 1-yr. 5% gold notes

due Aug. 1 1918__________ 2,500,000Notes payable........ ............. - 2,900,000Accounts payable__________ 2,838,078Accrued liabilities (not due)- 925,863 Reserve for renew’ls & replace. 5,167,665 Other reserve, mlsc. acc’ts-- 146,640Deferred credits___________ 64,889Surplus as of Dec. 31 1917— 3,319,628

Stocks and Bonds Held Dec. 31 1917.— (a) B y Philadelphia Electric C o.: Penn Electric Light C o., 823.472 shares; Delaware County El. C o., 36,922m

shares,0 a nd 'First* M tge! *s in king "fund account, $122,000; Keystone Telep. C o 100 shares; Electrical Testing Labarotory, 3,090 shares; Borg Bros. 41 pref. and 20 'A common shares, and $52 scrip.

(6) By Delaware County Electric C o.: U. S. Liberty 4 % , $30,000; Ridley Park Auditorium, 20 shares, (c) Insurance Fund: Chester El. Lt. & Power C o ., 20 shares; Phila. El. C o., 12,200 shares; Delaware County El. C o. 1st M . 5% goltl bonds, $145,000; Phila. Elec. Go. 1st M . sk. fd. gold bonds 5 % , $114,200; Syracuse Lt. & Pow. C o. coll, trust 5 % , $10,000; cash, S9.790; other, $140.— V. 106, p . 1582. 933.

K a u f m a n n D e p a r t m e n t S t o r e s , I n c . , P i t t s . & N . Y .

(5th Annual Report—For Year ending Dec. 31 1917.)

Netasalesr ^ 1 7 . _____ $153)91461 $13,184?493 $10,959,717 $10.231472x Net p ro f it --------1_____ $723 114 $1,021,670 $501,614 $389,450L eferrod dividend______ 147,000 154,000 161,000 168,000

B alance, surplus______ $576,114 $867,670 $340,614 $221,450x After deducting yearly all depreciation and interest charges and also in

1917 all Federal taxes.BALANCE SHEET DECEMBER 31.1917. 1916.

Assets— S SPlants &C............ 975,686 1,005,130Goodwill, &c........ 5,500,0001 7,500,000Leases.................. 1,960,000/Investments____ 231,210 159,314Prepaid ins., &C-- 64,714 58,141Inventories______ 2,952,688 2,673,299Accts. & notes rec.a2,080,120 a l,743,004 Cash in banks,&C- 683,639 376,774

T otal................ 14,448,057 13,515,663

1917.Liabilities— S

Preferred stock__ 2,025,000Common stock— 7,500,000 Preferred stock re

demption______ ______Accounts payable- 601,128Notes payablo___ 1,900,000Surplus_________ 2,421,930

1916.S

2 ,100,0007.500.000

423,642669,847

1.400.000 1,422,174

T ota l................ 14,448,057 13,515,663

a Less reserve for bad and doubtful debts.Note — The company guarantees $1,200,000 Investment Land Co. bonds

and $800,000 notes (the cost o f the new building and fixtures being $2,919,486) The rent payablo by tho company to the Investment Land Co. has been fixed at an amount which will provide for tho payment o f tho bonds in full and the contingent liability In connection with the bonds and notes is, therefore, remote.— V. 106, p . 820, 611.

O h i o F u e l S u p p l y C o . , P i t t s b u r g h .

(Report for Eight Months ending Dec. 31 1917.)The annual report, signed by President George W . Craw

ford and Asst. Sec. J. B . Wikoff, dated April 9, said in subst.:The fiscal year having been changed to end with the calendar year,

the following report is for the eight months ending D ec. 31, covering tho neriod when earnings are low and expenses high. _ _

Tho surplus account as shown below docs not include a charge for fe d eral Income and excess profits tax, amounting approximately to $220,000. r Anticipating a heavy demand for gas, an unusual amount o f drilling was d on e throughout tho year, and during tho eight months covered by this report wo completed 155 gas wells, 5 oil wells and drilled 54 dry holes, a total o f 214 welts, almost twice as many as wo drilled during tho previous vear which in a measuro accounts for the largo expenses, thero being a marked increaso in tho cost o f drilling, while taxes and wages and otherilt0lT a dd h lon Uto tho usM U raount o f work in the gathering system, almost $1,000,000 was expended in improving tho trunk lines and compressor stations.INCOME A C C O U N T S MOS. TO DEC. 31 1917 AN D YEARS ENDING

APRIL 30.8 Mos. to -------------- Years ending Apr. 30-------------

Dec 31 ’ 17. 1917. 1916. 1915.

S3S»S!T!:::::::::*sJ:ffiS *sg&?:lt,r Net earnings--------------$2,183,317 $3,473,484Bond interest.................. S1>o04,32ofD iv id en ds ............- .......... (5)990,650/ lDepreciation----------------- 651,879 --------------

$2,498,469$366,907

(8)978,420

$2,022,705$366,907

(8)978,420

Balance, surplus_____ a$540,788 $1,969,159 $1,153,141 $67;,378♦ Includes for period in 1917 $5,782,593 gross earnings from operations,

60,563 interest received and $1,159,480 dividends on stock owned. CONSOLIDATED BALANCE SHEET.

Dec. 31’ 17. Apr. 30’17 Assets— S S

Investment_____ 30,930,218 27,831,928Material in stock. 917,714 656,972Cash...................... 727.370 2,304,062Aco’ts receivable- 1,329,071 927,311Bonds____ ______ 947,000 557,000Material adjust— 11,453 .................

T ota l................ 34,862,826 32,277,274

Dec. 31'17. Apr. 30’ 17 Liabilities— S S

Capital stock___ 19,813,000 19,813,000Debenture bonds. 312 6,138Accounts payablo. 1,134,597 931,446Invent, adjust.,&o. -------- 12,521Deprec’n reserve. 1,860,004 -Surplus............. _al2,054,912 11,514,169

Total................ 34,862,826 32,277,274

a Before deducting a charge for Federal incomo and excess profits taxes,amounting approximately to $220,000. ___ . „ e c , i eTho company has reduced Its outstanding debonturo bonds from $6,115,125 as o f Apr. 30 1916 to $312 as o f Dec. 31 1917. The only charge against tho income for period in 1917, excluding dividends, was for depreciation, amounting to $651,879. . . . . . „ - rThe company has changed its fiscal year to end D ec. 31. V . 106, p . 1582, 928.

O h i o F u e l O i l C o . , P i t t s b u r g h .

(Report for Eight Months ending Dec. 31 1917.)Years ending April 30

1917. $1,623,527

500,143

Balance, surplus______ $69,468 $519,390BALANCE SHEET.

Dec.31’17 Apr.SO'IIop cts 3 S

Investment________ 5,058,741 4,600,995Incomplete construe. 86,461 111,389Liberty bonds.......... 30,000Material in stock__ 184,3S7Cash______________ 34,858Accounts receivable. 212,277

1916. $1,398,278

401,6631915.

$1,259,588393,235

186,701158,307256,128

8 Mos. to Dec. 31 ’ 17

Gross in c o m e ___________ $1,349,749Exponses and losses_________________ 522,100

Net earnings__________ $827,649 $1,123,384 $996,615D iv id e n d s - . . ._____ (150%)480,000 (100)320,000 (150)480,000 (150)480,000Depreciation_____________ 278,181 283,994 399,604 ---------

$117,011 $386,353

Dec.31’17 Apr.30’17Liabilities— S S

Capital stock______ 320,000 320,000Bonds_____________ 35,000 68,000Accounts payable__ 122,440 113,145Miscellaneous______ 184 184Deprcc., &c., res’ve.2,399,131 2,151,690 Surplus.................. -.2,729,968 2,660,501

T ota l___________5,606,725 5,313,519 Total - - - - - - - - -5,606,725 5,313,519The company has changed its fiscal year to end Dec. 31.— V . 106, p . looJ .

R o b e r t G a i r C o . , B r o o k l y n , N . Y .

(Report for 9 Months ending Dec. 31 1917.)Treas. Lawrence Beattie, March 1, says in substanco:

Tlio directors have decided that hereafter our fiscal year shall be concurrent with the calendar year. , . _

Sales for the nine months ended D ec. 31 1917 show an increase o f over 26% and earnings are $915,493. These earnings are at the rato o f $1,220,658 per year, and show a proportionate increase over tho previous year o f about 95% , and are equal to $42 per share on the preferred stock; or, after deducting tho preferred dividend, $20 per share upon tho common stock. This very satisfactory condition is duo in largo measuro to the completion o f improvements outlined in previous reports, tho curtailmento f expenses and the conomical administration o f affairs. . ,

Tho reseVve for depreciation o f plant and buildings has been Increased by $258,173 from surplus earnings, from which has also been set up a reserve for State and federal taxes, payment made of the preferred dividends, and tho balance applied to tho reduction o f outstanding liabilities and toworking capital. _ , ----------.. .. ------ i Aa m o „t, March 31 1917 tockk'2 of. i jpr n il'/ nas Deen iuuuwca m m io v f a further reduction to S200f000 and at this date we have no other liabilities other than currenta °T1 i o p as t '"yea r 'h as been the most prosperous one in our history, and present indications point to a continuance o f this prosperity.

INCOME ACCOUNT.9 Months. 14 Months.

1917. 1916-17.Not earnings....... ............. $915,494 $727,335Pref. dividends, 7% p. a. 151,072 193,3o4

Years ending Feb. 5— 1916. 1915.

$403,684 $321,722173,600 173,600

Balance, surplus--------

Assets— Dec. 31’ 17.Real est.,land, &c.S3,425,941 Plant, machinery,

(lies, * o ____ - 2,532,525Good-will, patent

rights, & c ___ 1,250,000Stock mfd. on con

tract__________ 581,816Goods In process of

manufacture— 345,593Raw materials <&

supplies (at cost) 825,197Acc’ts & bills rcc .. 592,213Cash................. - - - 257,985Liberty bonds (4%) 38,447Deferred charges&c 40,336

$764,422 $533,981 $230,084 $148,122BALANCE SHEET.

Mar. 31’ 17. S .333,1402,594,7051,250,000

536,734471,928

1,011,855 675,593 126,40043,912

Liabilities— Dec. 31’ 17. Mar. 31T7- 7% cum. pf. stock 32,880,000 S2,880.000Common stock__ 5,000,000 5,000,000Bills payablo and

accrued Interest Acc’ts payablo and

accr'd pay-rolls . Employ.Ass’n dop.Accrued taxes___Surplus x—

Approp.for retirement of pf. stk.

Unappropriated .

553,055 1,146,192532,375

4,23351,825

107,919760,016

591,1153,7919,028

77,644336,497

T otal................S9,890,053310,044,267 T otal................. $9,890,053310,044,267

x After deducting for tho period ending D ec. 31 1917 $258,173 depreciation on plant and buildings, and $51,825 reserve for State and Federal

L o o s e - W i l e s B i s c u i t C o . o f N . Y . a n d S u b s i d i a r y C o s .

(Report for Fiscal Year ending Dec. 31 1917.) President J. L. Loose, Feb. 23, wrote in substance:Tho volume o f sales and distribution for 1917 havo been greater than

during any previous liko period. The net profits after deducting depro- rlatlon interest and all overhead expensas, and beforo providing for war and excess profits taxes, amounted to $1,822,404, as compared with $903,700 for 1916. Adequate provision has been made out oi tho earnings for depreciation and renowals, tho amount set aside approximating $375,000.

T h e Federal taxes to bo assessed against profits for 917 are estimated to bo 8300 000 which has been charged against earnings and deducted beforo balance is carried to surplus. Regular dividends on first prof, stock have been paid quarterly and after deducting these dividends and estimated Federal taxes there was carried to surplus tho substantial sum o f $1,178,364.

Whilo the general market conditions respecting our principal raw material and supply items continue in an adverse position, and notwithstanding the upward tendency o f manufacturing expenses we have been ablo to effect a reasonable adjustment o f our trade pricos to partially offset theln T h e l a r n ^ L C w f e Cd do not represent what is usually termed as “ war profits " but are chiefly duo to tho substantial increase in volume o f sales without a proportionate increaso in ovorhoad exponscs. 1 ho company has not yet Reached the volume for which equipment and facilities havo beenhCTo°con°servo\vhteat flour wo have adopted measures for the use during 1918 o f a substantial percentage o f other flours milled from barley, rye. com and o lts These other flours, although costing more can we believe bo™ombined with wheat flour and produce crackers and biscuits that willm Thet h ig^prov^ ln ^C tets^of raw materials, supplios, &c.. and the great Increase in our volume o f sales reflect tho com pany’s need o f additional working capital and while tho notes payablo account shows an increase thte U more thak offset by a substantial gainin.quick asset items ofinven -t0Tho d irector delim it tho part o f wisdom and conservatism to continue i no airecrcm ucui i i second pref. stock until tho accumulated^ ^ T a i r b e ^ c i m f t o r e T e ^ l su&tantial part of borrowed funds.

CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS

N et p r o f i t s * . - - - - - ------ ’Int. & div. received------ 19,152

1916. $1,028,216

29,7781915. $386,271

36,100$712,798

18,379

XUIkU ihuiiw— ---- —General expenses, & c-__ Int. real estate m tge—Special expense, &c------Tnt. on borrowed money Prov. for war excess prof

its and Income taxes--1st pref. div. (7 % )--------2d pref. div. (7% )

$2,062,361$77,226

$1,057,994$54,541

$422,371$54,574

$731,177$68,625

6,760161,449 137,786 132,153

; 162,73f* 300,000

344,050

99,753 107,468 20,148

344,050 344,050 350.000140.000

sur$13,501Balance, sur. or do f.su r$ l,178,354 sur$408,202 dof$221,507

buslnels^lncUidfng1 regS a r 'oxp on d R u r^ fe ’r^ropai^^^d'rnatntcnance and adequate allowanccs fer depreciation, bad debts. &C.


Apr. 20 1918.] THE CHRONICLE 1685CONSOLIDATED BALANCE SHEET (INCL. SUB

1917. 1916.S S

COS.) DEC. 31

Assets—Real est., bldgs.,

plant,g’dwill.Ao.13 Inventories (cost). 4 Accounts recelv’Ic

(less reserve) — 2 Mlsccll.Invest.,Ac.Advances________Cash on hand, Ac- Prepaid lnsur., Ac.

075,562 13,060,464 450,469 3,120,681837,107104,89344,585

720,005135,209

2,062,294196,89237.0S0

387,762120,613

Liabilities—1st prof., 7% cum. 2d pref., 7% cum.Common________Notes payable___Accounts payable. Prov. for warexcess

A Income taxes. Res. for redomp. of

1st pref. stock.. Surplus................

Total . . .

1917.S

4.915.000 2 ,000,000 S,000,0003.875.000

603,969300,000

85,000 1,588,SOI

1916.S

4.915.000 2 ,000,000 8 ,000,0002.950.000

625,279

85,000410,507

..21,367,830 18,985,786T ota l................ 21,367,830 18,985,780—-V . 106, p. 933, 927.

S w a n & F i n c h C o . , N e w Y o r k .

(Report for Fiscal Year ending Dec. 31.)Presidont Henry Fletcher, March 28, wrote in substance:Operations for the year 1917 were more profitable than for 1915 or 1916

and the sales were double those o f 1915. For 1913 a net loss o f $34,557 resulted and for 1914 a net loss o f $89,635. Your prasent board was elected In Feb. 1915. In 1915 there was a profit o f $27,555; in 1916 the profit was 863.062. The increasing business necessitated a bank Indebtedness o f $325,000. In 1916 $500,000 o f capital stock was offered to the stockholders at par, and your President personally underwrote the new issue o f stock without charge. W e retained $30,000 stock unissued for sales to employees, and the outstanding stock, therefore, Dec. 31 1916. was 8070 000. Notwithstanding this increase in working capital o f $470,000 and tho profit for 1916 o f over $60,000, the banking loans D ec. 31 1916 aggregated $300,000.^"During 1917 wo found it possible to sell tho two steamers and tho plant purchased by tho preceding management for tho production o f fish oil and fertilizer. This plant had been tho source o f continuous losses and in add! tlon It would havo beon necessary to invest at least $300,000 more in tho floating equipment to make the operation profitable, even assuming tho fishing to be good. Although tho sale resulted in a book loss o f $121,919, wo beliovo the company is well rid o f this drain.N During 1917 tho net profit from operations was $203,469. Against this was charged tho loss o f $121,919 on the sale o f tho fishing plant and steamers. Tho net profits, therefore, were $81,550. During 1917 tho increaso in cash resources duo to the sale o f tho fishing plant, and tho accumulated profits, aggregated over $350,000. Notwithstanding this fact It has again been necessary to date to borrow from tho banks tho sum o f $500,000. The reason for these borrowings is indicated by tho inventories, which in 1916 totaled $1,148,461 and In 1917 $1,586,706.K 'W o therefore recommend that the stock bo increased from $1,000,000 to $2 000.000. At the present time it is planned to issue only $500,000 o f now stock In accordance with tho Federal Reserve Board's permission, but tho increase to $2,000,000 is deemed essential for tho development o f tho company's business. Tho right to subscribe at par will be given to all holders to tho amount o f 50% o f their present holdings. N o underwriting appoars necessary. Tho proposed issue would liquidate such o f tho bank loans as are not paid in the usual course o f business and would also make possiblo extensions o f the business under consideration for some time.►Hi,The not profit for 1917 was equal to $8 40 per sharo on tho outstanding stock, while tho operating profit before the loss on plant investment was charged o ff amounted to $20 97 a sharo. On Doc. 31 1917 tho book value was $160 a sharo and tho not cash resources wero equivalent to $152 a share.

RESULTS FOR CALENDAR YEARS.1913. 1914. 1915. 1916. 1917.

N ot___Ioss$34,557 Ioss$89,635 profit$27,555 profit$63,062 profit$203.469Deduct— boss on salo o f tho fishing plant and steamers.....................121,919

Balance o f not profits for’year ending D ec. 31 1917--------------------- $81,550BALANCEISIIEET DEC. 31.

Acc'ts receivablePrepaid expenses.

1917. 1916.*8177,090 $502,5021.586,706 1,14.8,461

390,126 409,422131,635 135,09611,207

$2,296,765 $2,195,481

Liabilities-Capital stock___Notes payable___Acc’ts payable__Est. Federal taxes Deprec., Ac., res.

1917.S970.000450,0001170,031/14,948

102,699

1916.$970,000487,135

Surplus................ 589,088208,232530,114

T otal.................$2,296,765 $2,195,481— V . 106, p . 1583, 403.

T o b a c c o P r o d u c t s C o r p o r a t i o n ( o f V a . ) , N e w Y o r k .

(Fifth Annual Report—Year ended Dec. 31 1917.) Treas. Gray Miller, N . Y ., Mar. 1 1918, wrote in subst.:Herewith we submit tho consolidated profit and loss statement and con

solidated balance sheet o f your company and its subsidiary companies for tho year 1917. \ our company lias been an operating com pany since.Tan. 2 1917. All the earnings o f subsidiary companies have been included in this statement, but or the affiliated companies only such earnings as havo been declared as dividends have been included

Your company now owns the entire capital stock of Schinasl Brothers, Inc., having acquired in Jan. 1917 the balance ($200,000) o f tho outstanding common stock by issuing in exchange therefor pref. stock o f your com pany of equal par amount (V. 104, p. 669). In March 1917 your company purchased all the assets Including good-will, trade-marks, loaf tobacco, A c., o f the Prudential tobacco Co o f N . Y . C ity , at an approximate cost o f $300,000, all o f which was paid for In cash.

In June 1917 your company sold to Stephano Brothers of Philadelphia for cash, at par, its entire holdings o f the preferred stock o f Stephano Brothers, Inc., amounting to $450,000 par value. Your company still owns 50% of the common stock o f that company, now the controlling stock Issue, tho preferred stock having no voting power unless four consecutive quarterly dividends thereon havo beon passed by tho four directors, two o f whom represent tho Interests o f your company.CONSOLIDATED RESULTS FOR CAL. YEAR 1917 (Including Sub. Cos.). Net incom e. Including dividends received from affiliated com

panies for year 1917----------------- -------------- ------------------ -------------- $2,006,209Deduct— Four quarterly dividends o f $1 75 (or 1 H % ) on 73,500

sharos o f preferred stock outstanding_______One dividend of $1 50 per sharo paid N ov. 15 1917 on lOO’ OOO

shares o f common stock outstanding___________ 240 000514,500

Net applicable to surplus for year 1917*......................................*$1,251,709Surplus and profit and loss Dec. 30 1916............ .............................. 2,109,823

Surplus and profit and loss Dec. 31 1 9 1 7 -...................................*$3,361,533* N o reserve has been set up for Federal excess profits tax for tho year

1917.CONSOLIDATED BALANCE SHEET AS OF DEC. 31 1917.

Assets (Total $13,383,139)— ,Real estato, machinery, equipment, brands, trade-marks, A c___$4,571,016Leaf tobacco, manufactured stock, operating supplies, A c______ 6,159,135Invest. In affll. co ’s .......................... .. ........................... 1,124,000Cash, $490,782; bills A acc'ts receivable, $595,305; total............ 1,086,087Investment In Cairo. E gypt------------------------ -------------------------------- 190.068Sundry debtors, prepaid lnsur., expenses, A c---------------------------- 252,833

Liabilities (Total $13,383,139)— „Capital stock, preferred (par value $100 per sharo)---------------------$7,350,000Capital stock, common ($16,000,000 par value, consisting of

160,000 sharos o f the par value o f $100 per sharo, but for which tho corporation received unly $1 per share cash, and whichwore Issued under tho Virginia law at $1 per share)___________ 160,000

Accounts payable, $181,504: bills payable, $1,587,000: total____ 1,768.504Reserve for allowances, taxes, doubtful accounts, deprec., A c___ 409.968Due affiliated companies_________________________________________ 204,509Dividends unpaid— preferred stock______________________________ 128.625Surplus and profit and loss *_____________________________________ 3,361,533!► * N o reserve has been set up for Federal excess profits tax for tho year 1917— V. 106, p . 1583. 935.

A m e r i c a n W r i n g e r C o m p a n y .

(Report for Fiscal Year ending Dec. 31 1917.)

Gross earnings. R eserve_______

1917.$263,936

1916.$262,085

1915. 1914.$179,598 $246,223

15,000 25,000

Expenses.

Preferred dividend (7% ) Common dividend (6% )

$263,936 $262,085 $194,598 $271,223118,413 114,503 116,677 138,248

$145,523 $147,582 $77,921 3132.975$59,500 $59,500 $59,500 $59,500

54,000 54,000 54,000 54,000J. 17,023 9,082 4,421 19,475

Total surplus. . . . $15,000 $25,000 def.$40,000BALANCE SHEET JAN. 1.

1918. 1917. 1918. 1917.Assets— S S Liabilities— S S

Property ________ *694,663 685,404 Common stock___ . 900,000 900,000Pat’ts, good-will,Ac 100,000 100,000 Preferred stock___ . 850,000 850.000Merchandise______ 881,417 618,160 Dividends payable. . 28,375 28,375

93,470 30,295 280,000Investments______ 164,368 193,737 Accounts payable. . 6,905 16,890Bond and mortgage 12,000 23,500 Surplus.................. . 180,000 165,000Notes A acc'ts recelv. 289,362 309,169New patents_______ 10,000

T ota l____ ______ 2,245,280 1.960,265 T otal__________ .2,245,280 1,960,265* Includes real estate, $456,733; machinery, tools and appliances, $233,

530. and office furniture and fixtures, $4,400.— V . 106, p. 609.

A m e r i c a n - L a F r a n c e F i r e E n g i n e C o . , I n c . , E l m i r a , N . Y .

(Report for Fiscal Year ending Jan. 1 1918.)Pres. J. R . Clarke, Elmira, Feb. 5 1918, wrote in subst.:In view o f the growth o f the company and its subsidiaries and following

tho practice o f other corporations, your directors have adopted the following form o f consolidated balance sheet as o f Jan. 1 1918.

Tho total amount o f sales or orders taken during 1917 was about $5,400,000, some $1,500,000 more than for the previous year. The invoiced sales or shipments aggregated $4,649,722, a gain o f over $1,000,000 over 1916. This increased production o f 33 1-3% was accomplished without additional machinery and equipment and with only 20% more productive labor.

The net earnings for the year, beforo Federal and State income taxes, wero $596,289, a gain o f $242,719 over 1916. Cost o f materials and labor have continued to advance heavily and tho maintaining o f the margin between costs and sales prices has been largely accomplished by painstaking study o f economy in the production.

On Jan. 1 1918 the company had some $1,600,000 o f work in hand, about $600,000 moro than a year ago.

' INCOME ACCOUNT FOR YEARS ENDING DEC. 31.” ; • - 7-1/ i Ji 1917. 1916. 1915.Invoiced sales or shipments____________ $4,649,722 $3,038,277 S2,303,984Net p r o f i t s . . . ........................................... $596,289 $353,570 $269,132Preferred dividends (7 % )...................... 140,000 140,000 140.000Common dividends....................................(4^ )65 ,250 '(4% )58,000 (4% )58.000

Balance, surplus__________________ $391,039____$155,570 $71,132

72__ (In 1918 a

Assets—a Real estate, bldg.,

machinery, Ac__ 2Capital stk. in treas. Inventory A suppliesl Accounts receivable* 1 Notes A warr'ts, rec. Prepaid int. A lnsur. Cash In banks, A c .. Liberty Loan bonds. Def. note discount..

BALANCE SHEET JAN. 1.‘consolidated” statement including subsidiaries.)

1918.$

1917.S

82,203 2,737,607 21,094 21,094

,610,988 1,154,740 ,329,845 1,399,271 173,482 186,515

14,906245,638169,70071,076

16,262186,756


Preferred stock........ 2,000,000 2,000,000Common stock____ 1,450,000 1,450,000Convertible notes...1,500,000 1,500,000 Accounts payable... 251,776 279,939Notes payable______ 120,140 ______Loan to carry Liber

ty bonds________ 165,000 ______Accrued bond inter

est, Ac................... 15,000 15,000Reserve for Income

A war excess prof.tax ........................ 150,000 ...........

Surplus.................... 767,016 536,911T otal.................... 6,418,932 5,781,850 T otal.....................6,418,932 5,781,850n Real estate, buildings, A c., include real estate, buildings, machinery,

tools, fixtures, furniture, patterns, drawings, patents, good-will, A c., and stocks o f subsidiary com pany.— V. 106, p . 925, 608.

: N a t i o n a l F i r e p r o o f i n g C o . , P i t t s b u r g h .

(Report for Fiscal Year ending Dec. 31 1917.) ”Pros? W . D . Henry~ Pittsburgh, Feb'. 28 wrote in substTi

The profits for the year amounted to $301,865. Of this amount $259,407 wero earnings from operation and $42,459 profits on sale ofproperty. M any largo building projects were either held in abeyance or abandoned entirely, with tho result that our manufactured product was 67,286 tons less than during tho preceding year. Ample maintenance to a total o f $391,705 was charged to manufacturing cost. Every proper economy obtained during the year.

Bonds in sum o f $189,000 were retired, leaving outstanding $1,774,000.Twenty-one wells have been drilled on the property ot Haydenville, O.,

11 o f which are producing Pennsylvania crude oil and one producing gas. Total oil produced during 1917, 13,974 barrels; gas produced, 47,003,448 ft.

Tho American Clay Products C o. and tho National Fire Proofing Co. o f Canada, L td ., in which your company is a stockholder, earned $32,058 and $4,161, respectively, after deducting taxes and Interest charges. These earnings were not considered in our financial statement.

CONSOLIDATED RESULTS FOR CALENDAR YEARS.1917.

a$301.S661916. 1915.$100,412 Ioss$98,907

142,45920,000

100,00050.00020,029

100,000

1914.$260,125$316,020

100,000N ot earnings, all sourcesPreferred divs. (4 % )___Depreciation___________Res'vo for doubtful accts Agricul. exp. for 1917-_

Balance, sur. or def..sur.$139,407 def.369,617def.$198,907def.$155,895a Includes in 1917 $42,459 profit on sale o f property.

CONSOLIDATED BALANCE SHEET DEC. 31.1917. 1916.

Assets— S SCost of prop., Ac.x9,027,636 x9,004,057 Good-will repre

sented by com.stk. outstand'g. 4,461,300 4,461,300

8tks.Abds.(at cost) 183,157 169,507Notes A accts. rec.yl,538,221 1,678,243Inv.Aadv.oth.cos z654,266 z685,050Cash...................... 288.790 262,854Inventories______ 1,200,705 900,536Deferred charges. 6,188 8,901

1917.Liabilities— S

Preferred stock ... 7,900,500 Common stock ... 4,461,300 1st M. 5% bonds. 1,774,000 Bond int. accrued. 29,842Notes payable___ 690.000Accounts payable. 343,102 Reserve for depre

ciation............... 1,169,474Surplus_________ 992,046

1916.S

7.900,5004,461,3001,963,000

32,716550.000383,278

1,027,015852,639

Total assets___ 17,360,264 17,170,449 Total liabilities.17,360,264 17,170,449x Represents property and equipment at cost In pref. stock plus expendi

tures for additions, y Includes in 1917 customers notes receivable, $181,497; accounts receivable (less reserve for bad and doubtful accounts), $1,058,440, and notes and accounts receivable from associated cos. represented by net current assets, $298,284. z Represented by capital assets

V . 106, p . 1131.


1686 THE CHRONICLE [Vol. 106,

Pittsburgh Plate Glass Company.(Report for Fiscal Year ending Dec. 31 1917.)

Chairman W . L. Clause, Feb. 16, wrote in substance:Our total sales for tho year amounted to $38,892,769. The earnings

were $7,552,635. The usual cash dividends, 7% for the year, and [on April 2 1917] a stock dividend o f 10% , were paid on common stock; and 17% in cash and stock dividends were paid on the preferred stock. The preference dividend o f 12% for the year 1918 on the preferred stock, and an extra dividend o f 3% on the common stock, were declared in 1917, payable Jan. 2 1918. Tho stock dividend paid April 2 1917, and the cash dividend paid July 1 1917 were paid out o f profits which accrued prior to March 1 1913 and taken out o f surplus account. The sum o f $1,006,543 was changed to depreciation, and a balance o f $4,505,375 was passed to surplus account. ____ ____

Additions and improvements for 1917 amounted to $986,299.While our inventories have been taken on a conservative basis, they are

nevertheless about $3,000,000 higher than they were two years ago, due partly to the fact that larger stocks necessary to insure uninterrupted business operations, but mostly to the present higher basis o f values. Instead o f setting aside reserves to meet possible inventory losses, all profits above depreciation and dividends havo been added to surplus account, because it cannot be foreseen when or to what oxtent such losses may bo sustained. Likewise no reserve has been created for taxes: consequently, when these taxes are paid and these lossos occur, it may bo necessary to charge them in whole or in part to our surplus account, Instead o f to current earnings. . . .

W hile the profits for the year are gratifying, it should be remembered that tho period was abnormal. The cost o f production has largely increased, and the situation, while profitable at present, Is not so promising for tho future. Tho present year undoubtedly will be a much loss profitable one than last year. There may be, under Governmental regulation, a considerable curtailment o f the production o f non-war Industries. W e are fortunato, however, in having our own coal mine for our Eastern factories, as well as a largo natural gas supply.

N gws received in December about our Belgian plant indicated that parts o f the machinery and equipment have been removed, although the heavy machinery and equipment, as well as the buildings, are intact. Our various other auxiliary investments contributed substantially to profits for 1917.

After extended experiments, requiring a considerable investment, with the co-operation o f Government experts, we have produced optical glass o f the highest quality which wo are now furnishing under conf acts for ourarmy and navy. RESULTS FQR CALENDAR YEARS.

1917. ’ 1916. 1915. 1914.Total sales $38,892,769 $31,580,256 $22,825,075 $22,128,254Earnings for year............... $7,552,635 $6,886,189 $2,201,344 $2,404,020D?vs .o^npref ? (1 2 % )___ 18,000 18,000 . .18,000 . .18,000xD lvs. on com m on-------- 2,022.716

Rate on common, % -6,543

1,571,000(7)915,958

1,570,137542,106

1,569,456(7)665,315

x Stock dividend Apr.

_ $4,505,375 . 10,008,413

$4,381,2315,627,181

$71,1015,556,080

$151,2495,404,831

.$14,513,788 $10,008,412 ?.—

$5,627,181 $5,556,080

2(1^)434,680 ............ .....................................

Total surp lus.............. $11,834,308 $10,008,412 $5,627,181 $5,556,080x See text above. The $2,022,716 paid In common shares from 1917

earnings includes tho 3% paid Jan. 2 1918 and three o f tho quarterly dividends o f 1 % % paid during the year. In all 8 X % .— Ed.

BALANCE SHEET DEC.131.1917. 1916.

8 $ .20,061,411 20,114,107

153,1005,590,4793,224,3741,978,3616,386,289

497,2501,041,350

4,327,1682,272,599

414,4476,000,804

604,550


Common stock...24,715,400 22Preferred stock__ 150,000Accts. payable— 1,150,722 Insurance reserve. 169,629Sinking fund____ ______Surplus........ ........ 11,834,308 10Res. for dlv. pay’lo

Jan. 2 1918___ 759,456

1916.$

,600,000150,000912,458122,93792,968

,008,413

Assets—Investment-------Treasury stock . .Plate glass, &c...Materials, «fcc----Cash...................Bills & accts. rec.Bonds In oth. cosLib. Loan bonds. ________

Total ............... 38,779,515 33,886,775— V . 106, p . 826. 821.

Baldwin Co. (Pianos, Organs and Piano-Playors), Cine.(Report for Fiscal Year ending Dec. 31 1917.)

Total Total Added to Pf.Dlvs. Dividends Added to Sales. Earns. Reserve. (6% ) on Common. Surplus.x

1917............$7 882,554 $354,482 $106,390 $48,000 *(8)5101.952 $34,4201916 7,121,781 624,306 144,903 48,000 *(8)97,1021915 6.145,832 467,897 93,629 48,000 *(8)92,5241914 5,781,206 409,876 83,803 48,000 *(8)88.1601913 ............ 6,202,183 555,784 133,344 48,000 *(8)83,976

* Also a stock dividend o f 5 % , calling for $63,720 in 1917. $60,690 In1916 $57,830 In 1915, $55,100 In 1914 and $52,485 In 1913. After deducting stock dividends heretofore mentioned.

GENERAL BALANCE\SI1EET DEC.131.itch £Liabilities—

Common stock.........1Pref. stk. (6% cum.)Reserves_________1Acc’ts pay’Ie <fc taxesBills payable______Surplus earned____ 2

T otal................ 38,779,515 33,886,775

273,611175,914134,813237,979

Assets—Real estate & bldgs. -

Merchandise, raw &

-V . 1067‘p . 931.

1917. 1916.S 3

. 666,037 655,737

. 423,833 399,567384,527 393,600

.3,692,273 3,484,029T,792,4b0 1,627,963

6.959,070 6,560,897

1917.S

1,339,825800,000

1,390,900547,007770,400

2,110,938

1916.S

,276,105800,000

1,284,510347,463776,300

2,076,519Total .................... 6,959,070 6,560,897

Oceanic Steam Navigation Co., Ltd. (White Star Line).(Report for Fiscal Year ending Dec. 31 1916.)

Secretary Alexander Kerr, A . C . A ., M ay 22, says in subst.-Results — The accounts show a profit o f £2,402,758, after providing fo

deferred repairs and contingent liabilities, including excess profits taxation* and adding interest on investments and transfer fees. T o this must be added the balance o f £156,768, brought forward from 1915. After deducting debenture interest, directors’ fees, income tax and depreciation, transferring £250 000 to general reserve, £550,000 to general purposes fund, and making a donation o f £10,000 to the staff superannuation fund there remains a balance at the credit o f profit and loss account o f £l,0o0,636.

Dividends amounting to £750,000, equivalent to 20% on the capital o f the com pany, have been paid, leaving to bo carried forward £300,636.™Debentures Redeemed.— There have been redeemed by purchases and drawings during the year £120.800 debentures, making the total amount redeemed to Dec. 31 1916, £506,400. , . .

Capital Stock Increased.— Tho capital o f tho company was increased to £3,750.000 on Aug. 18 1916 by the absorption o f the amount standing atth sfnce^uH ast report several vessels o f the fleet have beenlost owing to enemy attacks, the most notablo being the Britannic, which w assunk in the Mediterranean on N ov. 21 1916, when under requisition by the Government as a hospital ship There were, fortunately, no invalids on board at th$ tlmo, but several o f the medical staff and 21 o f the crew wore lost, and a number were wounded.

London-New Zealand Service— In conjunction with tho Shaw, Savill & Albion C o ., L td ., your directors have arranged to take an interest In two stearners which will be built for the London-New Zealand service, but under present conditions their completion will probably bo delayed until aftor the war.

Requisitioning of Vessels.— In common with all shipping under tho British flag, the ocean-going vessels o f the fleet were requisitioned b y the government in the early part o f this year. Under the scheme o f requisitioning it is intended that the company shall continue to operate and manage the vessels. ,

[See above for annual report Int. M erc. M ar. C o ., which owns control.]PROFIT AN D LOSS ACCOUNT FOR YEARS ENDING DEC. 31.

1916. 1915.N et profits........................... - ................... *£2,123,003 *£1,803,817Int. & divs. on investments, &c_____ 279,735 164,454M iscellaneous_______________________ 18 14

153,720

Total................... £2,402,758Deduct— Debenture interest-------------- £104,418

General in terest_________________Income tax, &c____________________Debenture expenses written o ff------D epreciation________________________ 440,752General reserve______________________ 250,000General purpose fund------------------------- 550,000 ----------Miscellaneous fu n d -- ................ ............. 10,000 ----------Dividends............................. ................. (20%)750,000d (35)262,500

£1,968,285£109,537

27,27757,90962,182

428,712

1914.£795.956

91,57815

£887,549£65,211

84,39639,04466,500

398,968

Total deductions-------------------------- £2,258Balance, sur. or def------------------------ sur.£l43

(35)262,500,890 £948,116 £916,619868sr£l,020,169 def.£29.070

* After providing for excess profits taxation and contingent liabilities, d The company also paid March 27 1916 a dividend o f 3 0% , amounting

to £225,000 (not deducted In the above 1915 earnings).Dividends as above in 1916 are calculated on £3,750,000 capital stock

and in 1915 and 1914 on £750,000 capital stock. See text above. BALANCE SHEET DECEMBER 31.1916. 1915. 1916.

£ £ Liabilities— £Capital stock----- 3,750,000

Assets—x Steamships, ten

ders, bldgs., &c. 4,779,496 Movable plant and

stores............ . 104,334Trade lnvestm’ts. 415,074 y Gen’l lnvcstm'ts. 1,828,001 Sundry debtors... 2,899,868Pendlpg voyages.. ---------Cash.............. ....... 312,584

7,177,65976,372

414,6931,400,3931,196,416

78,397199,433

iH% 1st M . dob.z2,243,240Reserves, &c____ a2,100,000Loans___________ ________Dlv. paid Jan.’ 17. 187,500Pending voyages. . 214,422Trade bills............ 9,317Sundry cred’rs, &o 1,534,242 Profit and loss___ 300,636

1915.£

750.000 2,363,740 3,800,000

776,070225.000

14,564 1,757,221 C856.768

T otal................ 10,339,357 10,543,363 T otal................. 10,339,357 10,543,363x Also Includes payments on account o f now tonnage, aftor deducting

book valuo o f steamers disposed of, and depreciation, y Includes in 1916 treasury bills and amount deposited with trustees for debenture holders. z After deducting in 1916 £50o,400 purchased and redeemed and £360 calls In arrears, a Includes general reserve, £1,000,000; insurance funds, £200,000, and general purposes fund, £100,000. c Before deducting £200,000 special depreciation to the Olympic and Brittanic (£100,000 each) and £250,000 transferred to reserve fund. Tho amount carried forward to 1916 was £156,768.

In 1916 the company’s fleet consisted o f 33 vessols, aggrogating 394,669 gross tons, and also 7 vessels building, representing a total o f 91,050 gross tonnage.

Contingent liabilities— guarantees In respect o f passenger and froighb agreements, £31,750, and guarantee o f debentures in connection with a trade investment, £60,000.— V. 102, p . 2165. 2081.

Weyman-Bruton Co.(Report for Fiscal Year ending Dec. 31 1917.)

1917. 1916. 1915. 1914.N et earnings.................... x$l,471,528 $1,448,711 $1,271,372 $1,198,923Common dividends * ...(2 0 )9 2 0 .0 00 (20)920,000 (22)880,000 (22)880,000 Preferred dividends (7% ) 322,000 322,000 280,000 280,000

Balance, surplus.......... $229,528 $206,711 $111,372 $38,923x “ Net earnings” Is stated after deducting yearly all charges and oxpenses

o f management, and provision for all taxes, including income and oxcess profits for 1917.

* Common dividends as above in 1917 and 1916 include extra dividend on that stock, 8% each; in 1915, 10% , and in 1914, 10% payable in scrip.

BALANCE SHEET DECEMBER 31.

Assets—Real est., mach.,

fixtures, trademarks, patents, good-wlll,&c—

Leaf, mfd. stock.

1917. 1916. 1917. 1916.3 3 Liabilities— 5 $

Preferred s tock ... 4,600,000 4,600,000'Common s tock ... 4,600.000 4,600,000Pref. dlv. pay. Jan,, 80,500 80,500

! 5,838,504 5,753,483 Com. dlv. pay .Jan,. 230,000 322,000Prov. for adv., in-

’ 2,908,699 1,955,058 sur.,disc’ ts, &c. 2,315,685 1,694,717. 1,095,740 353,516 Bills & acc’ts pay. 1,380,393 318,714

996,047 2,108,168 Surplus................. 976,683 747,155. 3,344,270 2,192,862

14,183,261 12,363,086 T otal............. 14,183,261 12,363,086— V . 106, p . 507.

Consumers Company (Ice and Coal), Chicago.(5th Annual Report—Year ending Dec. 31 1917)

President Fred W . Upham says in substance:The fifth year was the com pany’s most profitable yoar. Tho prolonged

cold weather of last spring, extending almost to Juno, necessitated the continued consumption o f coal during that period, and tho record breaking soverity o f the weather since October has caused a demand which has boon extremoly difficult to supply. Material sales increased in volume, notwithstanding the marked falling o ff in now building construction. Ice sales wero adversely affected by tho cold summer.

Our ninth and tonth semi-annual dividends have been earned and paid; we havo retired in tho past year $50,000 debentures; and have increased b y $81,000 our sinking fund covering the First Mortgage bonds. For repairs, renewals, depreciation and reserves $871,805 has been expended; and there has been added to surplus, applicable to tho common stock, $486,382.

Artifical ice plant at Rockford, destroyed by fire in December 1916. was rebuilt and Is in full operation. W e lost an Ice house at Lake Calumet by fire, fully insured. Four old Ice houses were torn down and salvaged.

T o our equipment have been added 100 new horses, replacing worn out stock; 16 now 7>£-ton and four 5-ton M ack trucks replaced old ones.

Last December our board o f directors inaugurated a plan by which employees will be aided to the purchase o f the com pany’s preferred stock,35Tho Government, through tho Fuel Administration, has for some months past, as a war measure, established the prices at which coal may bo bought and sold, and to quite a degree regulate receipts and distribution. W e are co-operating to the fullest extent.

INCOME ACCOUNT FOR YEARS ENDING DEC. 31.. 1917. 1916. 1915. 1914.

Gross profit from sa les .. $4,608,942 $3,897,944 $3,298,522 $3,901,487Teaming, & c., cost_____ 1,541,261 1,271,804 1,104,823 1,340,224S e n s e s 8. - . 1,104,664 1,127,687 1,027,330 1,097,580

Net profits.......................$1,963,017 $1,498,452♦Repairs, deprec., & c . . $871,806 $677,046Advertising____________ 49,776 104,106Interest K . I. bonds___ 195,216 199,488

do serial debent’s . 78,500 81,500do loans__________ 4,920 23,465

Preferred dividends____ 276,416 276,416Total deductions____$1,476,634 $1,362,021

Balanco, surplus_______ $486,383 $136,431* Includes amounts expended for repairs and for depreciation o f horses

and motor trucks and reserves for coal Inventory adjusts.and ice shrinkage.

$1,166,369$491,206

50,887203,750

84,50031.526

276,416$1,138,285

$28,084

$1,463,683$588,508

59,191207,275

87,50059,735

277.161$1,279,369

$184,314


Apr. 20 1918.] THE CHRONICLE 1687BALANCE SHEET, DEC. 31.

Assets—Land, buildings,

leaseholds, &c.xl2Goodwill________ 2K 1.1st M.ln treas. Sk.fd.(K.l.lstM.)Investments____Cash___________Notes receivable.. Acct3. receivable

less reserve___ 2Inventories_____ 1Discount on deben

ture bonds____Miscellaneous___

11)17.S

1910.S

526,566 12,721,031 500,000 2,500,000200,000450,716101,858418,374159.4S7,181,314,074,443101,60793,088

200,000 350,151 22,60S

448,709 140,891

2,331,3761,917,181

111,66772,474

Total...............19,807,513 20,819,093

Liabilities—Preferred stock__Common stock__Bonded debt____Real estate purch.

def. notes_____Notes payable__Accounts payable. Accrued Int. (K. I.

first mtgo.)___Other accr.Int.,&c. Pref. dlv. Aug. 20

to Dec. 31........Mdse, couponsReserves_______Surplus.... ..........

1917.3,948,8006 ,000,0005,800,000

85,435780,654

1,287,983113,250160,09999,81748,896

494,014988,565

1916.3,048,8006 ,000,0005,850,000

94,4501,316,6552,063,018

114,575100,36199,81753,597

675,638502,182

Total...............19,807,513 20,819,093x Includes In 1917: land, 34,214,065: buildings, 34,185,426; leaseholds,

$357,441; water rights and ico-cutting privileges, 3925,230: machinery, equipment and tools, 31,619,309; railroad tracks and cars, 3382,251; horses, wagons, harness, auto trucks and automobiles, 3842,845.— V. 106, p. 824, 604.

U n i t e d S t a t e s E n v e l o p e C o .

(Report for Fiscal Year ending Dec. 31 1917.)Treas. William O. Day in statement of Fob. 14 says:A dividend o f $3 50 per share on the preferred stock was paid M arch 1

1917, one o f $3 50 per sharo was paid Sept. 1 1917 and one o f S3 50 per sharo will be paid March 1. A dividend o f $3 50 per sharo with an extra dividentl o f 32 50 per share on tho common stock was paid March 1 1917 ono o f $3 50 per snare was paid Sopt. 1 1917 and one o f $3 50 per share together with an extra dividend o f 32 50 per sharo, will bo paid M arch 1.

Tho item o f accounts and bills payable shown below under liabilities includes a note for 3245,000, tho proceeds o f which wero applied in payment for Liberty bonds.

There has been added during the year to our permanent plant and equipment, in machinery, 3148,056, and in real estate and buildings, $239,748.

RESULTS FOR YEARS ENDING DEC. 31.1917.

Net profit......................... 31.042,518Deduct—

Int. on first mtge. bonds 382,292 D lv. on prof, stock (7% ) 280,000D lv . on common stock. .(9>4)71,250D epreciation___________ 20,779Uesorvo for taxes______ 150,000

T o ta l_________Balance, surplus.

1916.$1,861,330

384,793280,000

(7)52,500705,842

1915.$679,440

$87,292280,000

(7)52,50034,700

1914.$626,696

$89,792280,000

(7)52,50048,075

3604,321$438,197

$1,123,134$738,196

BALANCE SHEET JAN. 1.

$454,491$224,949

$470,367$156,329

Assets—Tlants, good-will,

&c____________Stock on hand___Accounts and bills

rccolvablo, «fcc_.Casli...................Cash for coupons. Treas. stock, com. Liberty Loan bds.

1917.3

5,832,1172,159,1941,553.806

174,4326,400

250.000250.000

1916.S

5,846,0232,078,7691,324,596

276,6568,500

250,000

Total...............10,225,949 9,784,544

1917.Liabilities— s

Preferred stock... 4,000,000 Common stock... 1,000,000 First mtgo. bonds. 1,600,000Bond coupons___ 5,400Accts. & bills pay. 1,065,750 Reservo for deprcc. 1,475,000 Res. for 1st M. bds. 1,000 Reserve for taxes. 150,000 Surplus.... .......... *928,799

1916.S

4.000. 0001.000. 0001.050.000

4,500815,442

1.420.000 4,000

890,602Total...............10,225,949 9,784,544

* After deducting $400,000 adjustment o f patent and good-will account — V. 106, p. 720, 606.

P u b l i c S e r v i c e C o m p a n y o f N o r t h o r n I l l i n o i s .

(Report for Fiscal Year ending Dec. 31 1917.) Presidont Samuel Insull says in substance:Results.— Gross rovonuo increased 31,014,608 and customers increased os

shown in tho tablo following.Coal Mines.— Tho high prico o f coal, oil and othor materials as well as o f

labor continued throughout tho year. On July 1 1017, the company acquired an interest in certain operating coal mines in Williamson County 111., and Sullivan County, Ind., under an arrangement whereby it secured tho right, permanently, to tho greater part o f tho coal produced from theso mines. Tho company is now receiving practically its ontiro supply o f stoam coal from theso mines. This saving so mado, together with tho benefit derived from tho largo increase in its gross income, has enabled tho company to appropriate out o f its surplus earnings, for amortization and depreciation, an amount equal to List year's appropriation and to carrv to surplus an amount which, in view o f tho extroardinary’ conditions Is considered very satisfactory. ’

War Taxes.— There has been charged against expenses and placed to tho credit o f taxes accrued, an amount which, it is estimated will tako care not only o f the municipal and Stato taxes, but tho Federal’ Governments incomo tax as well. For 1917 tho incomo tax is 6% on tho net income instead o f 2 % , as in 1916. Regarding tho oxcoss profits tax tho comnanv has not undertaken to make an estimate ponding tho receipt’ o f tho officialEapors from Washington; tho excoss profits tax, wliatover it mav he will

o charged against tho surplus o f the company. ' y ’Acquisitions, &c.— Wo acquired during tho year (1) from tho Town of

Oicoro electrical distribution linos, serving a territory with a nnnnlatinn nf 35,000 and rapidly developing; (2) tho Stark County Bower C o with its electrical system in tho villagos o f Wyoming, Bradford. Cnstleton and Camp Grove; (3) tho Village o f Toulon was likewiso added to our electrical distribution system.

At tho electrical generating station three miles south o f Joliet tho first unit was put in .sorvico and is at present supplying about 10 000 kilowatts The socond 10,000 kilowatt unit is rapidly Doing erected ’ "

Uotwoen Joliet and Morris, work Is in progress on a 33 000-volt lino of standard construction, located on a 40-foot right o f way. ’ W ith tilts lino in servioo, a high tension electrical distribution system will connect Toilet Morris, Mazon, Streator, Pontiac, Odell, Dwight, Gardner and Wilmington. Temporary substations havo been installed at tho Great Lakes Naval Training Station.

Now 33,000-volt transmission lines o f standard construction havo been built (n) from Chicago Heights to Kankakee about 35 miles, permitting tho shutting down o f tho steam station at Kankakee at certain timos during tho year; (o) betweon Pontiac and Streator, enabling as to shut down tho generating station at Pontiac.

For Its water supply sorvico at Harvey, tho company has laid a lino of 12-lnch cast Iron plpo from Chicago to its waterworks plant in Harvey and has also arranged for an ample supply o f Lake Michigan water for distribution in that city.

T o lu o l.— At the company's gas works at Niles thcro was completed in March a by-products plant which enabled us to ship, during tho year approximately 100,000 gallons o f crude toluol; in 1918 tho shipments should bo largely increased. Similar by-products plants having a greater output will bo completed at tho Oak Park and Bluo Island gas works, about April 1 1918. Contracts for tho year 1918 havo been mado with tho United States Government for tho salo to it o f tho puro toluol.

Gas Main.— A new 12-inch high pressuro fooder main Has been constructed from tho Oak I'ark gas plant to tho towns south and West, thereby improving tho distribution of gas in that territory.

Debentures— Additions.— Early in tho year tho company issued $5,000,000 6% gold debentures, out o f wliich it paid o ff on March $3,836,000 o f 5% five-year gold coupon notes o f tho Northwestern Gas Light & Coko Co. During November wo sold $1,500,000 o f 6% collateral gold notes. Tho baianco o f tho proceeds from the salo o f tho $5,000,000 o f debentures, after paying o ff the 83,836,000 Northwestern Gas Light & Coko C o. notes, togothor with tho proceeds of tho $1,500,000 collateral gold notes, wero ased to tako caro o f needed additions to plants and systom. For tho coming year it is our policy to inako as small an amount o f capital expenditure as possible.

Funded Debt.— 312,000 mortgage bonds o f Stark County Power C o. were assumed in the acquisition o f the property.

During the year the company has either bought or retired, through sinking funds, 377,100 o f its underlying bonds, making the total underlying obligations cither retired or deposited with the trustee, under the com pany’s First & Refunding Mortgage, $7,004,100.

Business.— Exclusive o f railway power business, the com pany’s connected business in supplying electrical energy amounted to the equivalent o f 2,801,- 910 fifty-watt lamps on D ec. 31 1917, being an increase o f 326,476 fifty- watt lamp equivalents during the year.

-------Number of Customers-------Connected Business (excl.Electricity. Gas. Water. Heat. Ry. Power Business).

1917 ................ ..85 ,421 65,261 5,896 1,282 2,801,9101 50-watt1916 ................ -.75 ,900 61,134 5,701 1,358 2,475,434/ lam psequiv.

INCOME ACCOUNT FOR YEARS ENDING DEC.1917. 1916.

Gross (elec., gas, heat and water)____ $7,610,322 $6,862,989Merchandise sales, & c_______________ 1,187,442 920,168

T o t a l ....... ......................................... .. 38,797,764 37,783,157Exp. & taxes for elec.,gas,heat & water $4,388,441 $3,740,885Cost o f merchandise, sales, & c . l ____ 920,892 767,598

Net earnings_______________________ $3,488,431 $3,274,674Bond, & c., int....................................... 31.614,867 $1,497,818Prof. divs. (6 % )..................... 455,280 455,280Common dividends__________________ *832,734 *679,881

Baianco, surplus__________________ $585,551 3641,695Depreciation, & c_____________________ 451,571 450,000

Baianco, surplus__________________ $133,980 $191,695

31.1915.

$6,244,477658,751

$6,903,228$3,200,918

548,452$3,153,858$1,492,280

455,280

$678,017450,000

$228,017* Includes in 1917 $60,750 (against $56,850 in 1916) on stock held by

trustees o f employees savings fund and not yet paid for, which has been returned to tho treasury.BALANCE SHEET DEC.

1917.Assets— S

Plants.rcalest ,,&c .53,344,502Open accounts.....................Sec. (salo of Oak

Pk.water mains) 227,500 Securities act., &c. 298,916Mat’l In storeroom 816,138 Coke, gas and oil. 152,643Coal In storage__ 186,327Contract work__ 60.S73Accts. & notes rec. 1,267,059Cash................. 809,701Cash for coupons. 44,232 Miscellaneous___ 5,992

31 (Compare "Railway & Industrial Section").1916.

S50,016,317

60,879240,000550,570611,38572,09383,67246,096

1,079,069930,86136,237

1917. 1916.Liabilities S S

Preferred stock... 7,672,000 7,672,000Common stock.. al 1,951,600al 1,805,450Bonded debt........32,781,000 30,182,100Notes payable___ 120,339 ........ .Accts. payable__ 559,936Customers’ depos. 49,230 Bond,&c.,int.mat. 44,233

do do accrued. 469,919Taxes accrued___ 267,182Depr.,&c., reserve 2,185,559 Surplus............... 1,112,884

391,60338,77136,237

406,598263,218

1.952,297978,904

Total............... 57,213,883 53,727,178 Total............... 57,213,883 53,727,178a Of tho outstanding common stock, 3860,000 was sold to tho trustees o f

tho employees’ savings fund and is held by them to be paid for as when applied to tho purposes o f the fund, and until the shares are paid for the dividends on them come back to the treasury by agreement.— V. 106, p . 710, 612.

I n t e r n a t i o n a l M o t o r T r u c k C o r p . a n d S u b . C o s . , N . Y .

(Consolidated Balance Sheet Dec. 31 1917.)Pros. A . J. Brosseau, N . Y . City, March 25, wrote in sub.:During tho year propert3r account has been increased $99,404 and con

siderable additions are under way, which, when completed, will greatly increase production. Contracts and orders on hand for trucks and parts assure a continuance o f capacity production for the year 1918. In view of tho importance o f maintaining a strong position as to cash and liquid assets, wo deem it unwise to declare dividends at this time. V. 104, p.2339

CONSOLIDATED BALANCE SHEET DECEMBER 31.1917. 1916.

Assets— S SReal estate, plants

& all equtpm’t .. 1,731,476 1,010,718Licenses, pat rights

and good will.. 2,164,436 2,157,920Investments____ 12,187 12,187Cash___________ 2,227,853 714,067Accounts and notes

receivable____ 1,664,195 973,136Inventories_____ 4,791,995 3.222,704Prepaid insurance,

taxes, &c_____ 112,229 1S5.2S9

1917. 191G.Liabilities— S S1st pref. stock___ 4,243,771 4,243,771

2d pref. stock___ 2,656,450 2,656,450Common stock _ 268,190 26S.190Bonds & mtges__ 34,500 39,500Notes pay, due T9 1,500,000Accouuts payable. 926,609 799,267Accrued accounts. 589,156Customers’ depos. 423,006Depr., &c., res’ves 803,565 136,812Unacquired securs.

of Int. Mot. Co. 66,550 66,550Surplus________ 1,192,575 65,481

Total...............12,704,372 8,276,021 Total__* 53,683 shares no par value, stated at $5 per share,

..12,704,372 8,276,021 . 104, p. 2339.

L a B e l l e I r o n W o r k s , W h e e l i n g , W . V a .

(Report for Fiscal Year ending Dec. 31 1917.) ’President R . C . Kirk says in substance:Ore.— There was produced from your iron ore mines during the year

364,940 gross tons o f ore, an increase of 3 .4% over 1916.Coke, etc.— Tho by-product coko plant, consisting o f 94 ovens, placed in

operation M ar. 1 1917, produced in tho remaining ten months of the year 307,103 net tons o f furnace coke, 4,254,194 gallons o f tar, 5,499 net tons o f sulphato o f ammonia, 669,320 gallons o f benzol and 179,023 gallons o f toluol. Tho beehive ovens produced 5,381 net tons o f coko.

Coal.— Tho Steubenville mine was operated continuously , producing 149,201 net tons o f coal. The Wheeling mine was placed on an operating basis, producing 28,368 net tons o f coal. The La Belle (I'a.) mine produced 132,119 net tons o f coal.

Manufacturing Plants.— The demand for your products increased in an unprecedented manner during 1917 and while the production o f open hearth steel again exceeded any similar period in our history, the tonnage o f finished goods was less than that or the preceding year, by reason o f (a) the greater scrap loss involved in the manufacture o f certain war materials, and (6) inability o f railroads to furnish adequate transportation facilities.

Tonnage Produced (.in Gross Tons).1917. 1916. I 1917. 1916.

Pig iron.................... 260,182 257,623 Billets and s la b s . . .350,053 350.426I n g o ts .....................419,491 416,783!Finished goods____ 394,249 416,827

Pay Roll.— The average number o f employees during 1917 was 4,183; tho pay roil $5,905,201, averaging $1,412 for each employee.

Shipments.— The aggregate value o f shipments was $31,656,268, com pared with S19,698,155 for 1916.

Oil.— Oil production 2,484 bbls. Present output about 175 bbls. per mo.New Ohio River Bridge.— This bridge, connecting our properties at Steu

benville, O., with our West Virginia properties, was completed and placed in servico in M ay 1917.

Plant Additions and Improvements.— The plant additions and improvements reported in progress on Dec. 31 1916 w'ero completed during the year under rovlew, and various other additions and improvements were made.

Coal Lands.— During the year we acquired 3 ,58i acres of steam coal in Brooke and Ohio counties, W . Va., including 412 acres o f surface, this acroage Leing in a solid block. Tho company, through its subsidiary, La Belle Coko C o., also acquired during the year 3,045 acres o f coking coal, including 295 acres o f surface, in Allegheny Co., Pa., on Allegheny River.

Reserves.— Proper provision was made for all ore and coal land depletions and ample reserves provided for relining, rebuilding and contingent fund purposes, including provision for inventory reserve, adjustments, Sec., o f $1,200,000.

Repairs, &c.— Tho sum o f $1,605,406 was expended upon maintenance and repairs, this sum being charged against the year’s profits, in comparison with 31.037,900 for 1916.

Depreciation.— Tho reserve for general depreciation has received a further appropriation o f $750,000, thus bringing this reserve to $2,802,501.



D iv id en d s .— There was declared during tho year in cash dividends the sum o f $1,983,080, being 8% on the outstanding preferred capital stock and 12% on the outstanding common capital stock.

O utlook .— Government regulation o f prices o f your products, with similar regulation lacking in respect to many items entering into cost o f production, has an Intimate bearing on earnings. It is obvious that your company s earnings for 1918 will be materially less than in the year just closed.

C O N S O L I D A T E D R E S U L T S FO R Y E A R S E N D I N G D E C . 31.1917. 1916. 1915. 1914.

Shipments.......................... $31,656,268 $19,698,155 $11,352,724 $9,407,546N et earnings__________ x$14,167,665 $6,408,136 $1,281,492 $588,812Other incom e__________ 30,739 26,182 ---------- ----------

Total income,_________ $14,198,404 $6,434,318 $1,281,492 $588,812Exhaus. o f minerals,&c. $420,282 $260,214 $253,758 $209,899Accidents, conting., & c. 90,908 206,185 - - - - - - _______ - - - - - Interest on bonds______ 145,654 209,166 99,860 105,668Inventory reserve, &c__ 1,200,000 1,000,000 - - - - - - ----------Depreciation____________ 750,000 500,000 250,000 --------Prov. for excess profits.

Income taxes, & c------ 5,189,302 - - - - - - ---------- ----------PreL diTOb° (c a ^ h * -I " (8% )793 ’.232(13) 1289,002 (4) 3961616 (7)6941078Common divs. (cash )_(12)l,189,848 (1)99,154 ---------- (>4)49,577

Total deductions____ $9,784,556 $3,833,872 $1,000,234 $1,059,222Bal., sur. or deficit--sur.$4,413,848sr.$2,600,446sur.$281,258def.$470,410 Surplus beginning o f y r . 5,656,764 3,056,318 2,775,060 3,245,470

T o ta l ..............................$10,070,612 S5,656,764 $3,056,318 $2,775,060A dd ’l prov. for extlng. o f

lease values, & c_____ $550,000 _____ - ---------- ---------Total surplus end o f year $9,520,612 $5,656,764 $3,056,318 $2,775,060

x After deducting in 1917 charges for maintenance and repairs o f plant o f $1,605,406 (against $1,037,900 In 1916). y Stated In 1917 as a net item.

C O N S O L I D A T E D B A L A N C E S H E E T D E C . 31.1917.

Liabilities— $Preferred stock__ 9,915,400Common stock__ 9,915,4001st & Ref. M.bds-b2,553,500 Wages, taxes and

royalties accr’d- 434,690 Accounts payable- 885,362 Accrued int., & c.. 27,425Accr’d excess prof.

& income taxes. 5,189,302 1st M . 6s called for

redemption___ 1,050Dividends unpaid. ---------Depr., &c., funds.c8,062,858 Total surplus___ 9,520,612

Assets—

below cost)___U. S. Liberty bds.

held for employ. U. S. Treas. ctfs.

of Indebtedness.

tlon of bonds.. . Deferred charges

to operation...

1917. 1916.$ S

28,611,048

O-i*00IO7700

278,872 167,372al93.417

‘ 500,0002,224,350

1,050 20,47562,528 25,652

7,561,674 4,549,0032,658,659 2,460,7884,414,002 2,937,162

46,505,599 34,996,297

1916.S

9.915.4009.915.400 3,242,500

438,810783,337

21,548

20,47599,154

4,902,9105,656,764

a After deducting $181,482 payments received from employees, b After deducting $800,000 redeemed and canceled and $146,500 bonds purchased and held in treasury, c Reserve funds include: For general depreciation, $2,802,501: exhaustion o f minerals, $2,432,666: for relining furnaces and rebuilding furnacos, $312,069; for accidents and contingencies, $315,622, and for future fluctuations in prices, & c., o f raw materials and supplies, $2,200,000.— V . 106, p . 1130. 713.

Pettibone Mulliken Co., Chicago and New York.(Report for Fiscal Year ending Dec. 31 1917.)

Pres. A . H . Mulliken says in substance:The business o f your company has shown a large increase over the year

1916. The net earnings for tho year 1917 were $1,682,354. being an increase o f $1,064,602 in the net income. Tho average net income for tho six years 1912 to 1917 incl. was $632,227, which Is more than four times the annual dividend requirements on the first and second preferred stocks. The entire plant was fully employed during the past year.

During the year $409,700 o f the first preferred stock was acquired through the sinking fund, and canceled, leaving outstanding Jan. 1 1918 $1,340,300 [the sum o f $350,225 was paid into the fund during the year].

I N C O M E A C C O U N T YE A R S^ E N D I N G ^ D E C . 31.M fg . profits, less maintenance, taxes, _ .........„

selling and administration expenses $1,669,202 $606,152 $219,152Int., discounts, divs., & c., received .. 13,151 11.599 13.659

N et Income for the year-------- ---------$1,682,354First preferred dividends (7 % )---------- $112,072Second preferred dividends (7 % )------ 50,890Depreciation o f plant.................... - - - - iQQ'ZQ?Approp. for 1st pref. stock sink, fund 350,225Prov. for war excess profits & Inc. tax. 440,000 ____________ ___________ _

Balance, surplus or deficit_______ sur.$628,458sur.$172,724def.$184,141The deficit for 1915, after providing for sinking fund o f 1st pref. stock,

was met out o f accumulated surplus.B A L A N C E S H E E T D E C . 31.

$617,751 $232,811$122,500 $115,938

52,500 52.50095,027 72,514

175,000 176,000

1917.Assets— $

Real e3t.,bUlgs.,&c. 1,756,590 Rafts & good-will 6,541.748 Pref. treas. stock- 309,011 Notes Aaccts.rec. 1,019,132Inventories______ 765,307Cash...................... 164,287U. 8. Lib. bonds-- 140,000

1916.S

1,849,0657,451,448

552,944648,426550,661


Common stock__ 7,000,0001st pref. stock___ 1,340,3002d pref. stock___ 750,000Accounts payable- 169,257Notes payable----- -----------Res. for taxes___ x440,000Special surplus......................Profit and loss___ 1,026,517

1916.$7 ,000,000

1,750,000750.000 103,485500.000551,000398,059

T otal.................10,726,075 11,052,544 Total . . . --------- 10,726,075 11,052,544x Including full provision for war excess profits and income taxes.—

V. 106, p . 8 2 1 . ________

GENERAL INVESTMENT NEWS.

RAILROADS, INCLUDING ELECTRIC ROADS.Government Operation of Railroads.—Contemplated

Orders of Rolling Stock—Equipment Purchases.—It is understood that the U. S. Government will shortly place orders with

a number o f manufacturers for the construction o f 100,000 freight cars o f various types and about 1,500 locomotives.

As to Canadian Government equipment orders, see caption Canadian Car & Foundry C o. below.

Lake Steamship Line to Relieve Rail Congestion.—Director-General o f Railroads M cA doo has ordered tho establishment o f

a Great Lakes steamship line to be operated under tho Railroad Administration with seven ships between Buffalo, Chicago and Milwaukee. The line will be known as the Lehigh Valley Transportation C o. and will serve all Eastern trunk lines over a common terminal at Buffalo. Tw o o f the ships assigned were owned by the Lehigh Valley R R .; the other five were chartered from the Great Lakes Transit Corp.

Tho use o f tho Pennsylvania Terminal in N ow York by tho Baltimore & Ohio R R ., according to Washington advices, has been ordered by the Director-General o f Railroads.—-V. 106, p . 1576, 1343.

Baltimore & Ohio RR.—Use of Penn. RR. Terminal.—8ee “ Government Operation o f Railroads” above.— V. 106, p . 1229, 606.

Bangor & Aroostook RR.— Earnings.—- - - - 1917. 1916.

Interest, rents, &c.$1,129,157 $1,252,566 Preferred divs----- 43,167 - - Common dlvs.-(4%)154,400 (3)103,458 Surplus_________ $295,607 $392,554

Cal. Years— 1917. 1916.Gross earnings__ $4,384,561 $4,013,408Net, after taxes..$1,204,193 $1,412,067Other income___ 418,138 336,511Gross Income___ $1,622,331 $1,748,578— V . 106, p . 601.

B a y S t a t e S t r e e t R y . , B o s t o n . — Fare Increase.—The I -S. C. Commission has handed down a decision In which It ten

tatively approved faro increases between Fall River. M ass., Newport, R . 1., and intermediate stations, already approved by the P . U. Commissions o f Massachusetts and Rhode Island. . __„ ,,-Receiver Wallace B. Donham offered the following fare proposition at an adjourned hearing before the P. S. Commission on April 15: Mx tickets for 30 cents, good only to and from tho centro o f the first ^one, without transfers, and no rides through centres; seven tickets for 50 cents from centre o f the first zone to any part o f second zone; no other all-day tickets In these two zones; through passengers and those desiring transfers at centre o f first zone to pay 6 cents cash fare in the first zone and an additional 2 cents for the second zone.— V . 106, p . 1576, 1460.

B e r k s h i r e S t r e e t R y . — Earnings. —See N . Y . N . H . & II. R R . under “ Reports” above.— V . 99, p . 195.

^ B o s t o n E l e v a t e d R y . — Public Control Bill Reported.—Tho legislative committee in charge o f tho “ Rh^ljc Control-Service at

Cost Bill"’ for tho rehabilitation o f the company filed its report In theH AccordingPto the' Boston “ Transcript,” the bill as introduced “ provides that the management and control or operation o f tlio Llovated shaU DO vested in a board o f five trustees, three to be appointed by tho Governor and two by the M ayor o f Boston, to servo for ten years and to bo paid annual salaries by the company o f $5,000 each. „ „ tn

“ For tho purposo o f improving the road tho stockholders are to be assessed for $2,000,000 pref. stock. In addition the stockholders must establish a reserve fund o f $1,000,000. This reserve fund is designed to servo as a barometer for tho determination o f the propor rate o f fare to be charged for transportation on the com pany’s lines.

“ Tho rate o f faro must be such as to guarantee dividends to tno scock holders o f 5% for the first two years, 5>3% for tho next two years and 6% thereafter.” — V. 106, p . 1569, 1343.

B o s t o n R R . H o l d i n g C o .—Sale Time Extended.—See N . Y . N . II. & II. R R . under "Reports” above.— V . 99, p . 1213.

B u f f a l o R o c h e s t e r & P i t t s b u r g h R y . — Bonds.—Tho Now York P. S. Commission has authorized this company to Issue

$1 500.000 4>4% 50-year Consolidated Mortgage bonds and to pledge all o r ’any part o f tfio bonds as collateral security for short-term loans under certain prohibitions. 'Hie proceeds o f the loans are to bo used to pay.for cost or additions and betterments.— V. 106, p . 1227, 93b, 918.

B u f f a l o & S u s q u e h a n n a R R . C o r p — Earnings —------ 1917- 1916-Int. .rents,& c. $294,038 $301,526

Pref. divs. (4% ) 160,000 160,000Com. divs._(7% )210,0q0 (5)150,000 Surplus______ $272,660 $298,551

C a l. Y ea rs— 1917. 1916.Gross earns..$1,785,856 $1,678,686 Net, aft. taxes 262,488 402,537Other Income. 674,210 507,540Gross incom e. $936,698 $910,077— V. 106, p. 928, 821.

C a n a d i a n N o r t h e r n R y . — Not Yet laken Over —A Canadian dispatch says that the Government has issued a statement

which asserts that no part o f tho system has as yet been taken over /a n d denies that the Government has been paymg bond coupons or notes for the company or its subsidiaries. As to $25,000,000 Government loan, see V . 106, p . 1343, 711.

C a r b o n T r a n s i t C o . , M a u c h C h u n k , P a . — Fare Inc.This company operating 12 >4 miles o f line has been granted an increase

in fares from 5 to 7 cents for the duration o f the war and for 18 months thereafter.— V. 90, p . 1674.

C e n t r a l N e w E n g l a n d R y . — Earnings— Dividend.—See N . Y . N . II. & II. R R . under "Reports” above.— V . 106, p . 923.

C h a r l o t t e s v i l l e ( V a . ) & A l b e m a r l e 'Ey.— Fare Increase.The Virginia Corporation Commission has granted this company per

mission to eliminate the six-for-a-quarter tickets and to increase the labor and school pupil tickets from 2 'A cents to 3 cents.— V . 106, p . 606.

C h i c a g o & N o r t h W e s t e r n R y . — Construction in Mil- wciukcc

An appropriation o f $1,500,000 for the construction o f the Milwaukee Connecting R y ., a 12-milo belt lino on tho west and south sides o f the city, has been authorized by the shareholders.— V. 106, p. 1577.

C i n c i n n a t i N e w p o r t & C o v i n g t o n R y.— Decision.—B v an opinion handed down In the United States Supremo Court on

April 15 it appears that tho city o f Covington, K y ., opposite Cincinnati, Ohio has lost its long-standing action to oust the South Covington & Cincinnati Street R y. C o. from its streets.— V . 106, p . 924, 821.

C l e v e l a n d ( O h i o ) R y . — Subway Ordinance Legal.—Tho Ohio Supreme Court has handed down a decision to the effect that

tho ordinance providing for the appointment o f a rapid transit commission and the construction o f a subway in Cleveland is legal.

It is stated that the commission will ask for a bond Issue o f $100,000 to provido for preliminary investigations and engineering work. The com mission Ls composed o f tho following: Charles A. Otis, M . A . Bradley, O. E. Adams, Street Railway Commissioner Fielder Sanders and Finance Director N e a l— V. 106, p. 1461, 1230.

C o l o r a d o M i d l a n d R R . — Bond Payment.—Bondholders o f the Colorado Midland Railway (old company) who de

posited their stock under tho committeo will receive tho cash payment or §85 55 per $1,000 bond from tho proceeds o f foreclosure salo April 21 1917, less $7 as each bondholder’s share o f the expenses o f tho committee. Compare V. 106, p . 1577.

C o n n e c t i c u t C o m p a n y . — Earnings.—See N . Y . N . H . & II. R R . undor "Roports*’ above.— V . 106, p . 1461.

D e n v e r & R i o G r a n d e R R . — Judgment Sustained.—The U. S. Supremo Court on April 15, by refusing to review the pro

ceedings in effect sustained judgments for upwards o f $38,000,000 In favor o f tho Equitablo Trust Co. o f N . Y . against the company. Compare V. 106, p. 1461, 1126, 1036. 929.

D u l u t h - S u p e r i o r T r a c t i o n C o . — Wage Advance.— •This company has announced increases in tho pay to conductors and

motormen from the former scale o f from 29 to 35 cents per hour for from the first to sixth year to 32 to 37 cents.— V . 106, p . 710, 499.

E a s t S h o r e & S u b u r b a n R y . , O a k l a n d . — Couvon Paid.See San Francisco-Oakland Term. Rys. below.— V. 94, p . 123.

E a s t e r n W i s c o n s i n E l e c t r i c C o . — Fares.—The Wisconsin R R . Commission has authorized this company to eliminate

all fares o f less than five cents.— V. 106, p . 924.G e o r g i a R a i l w a y & P o w e r C o . — Higher Rates Asked.—

A committeo o f eleven stockholders, including Lindsey Iiopkins, R oby Robinson. W . L. Peel, A . M on tg om ery /Frank E . Callaway Dr. Willis Jones and others, published an extensive advertisement in tho Atlanta "Constitution” of April 7 urging that tho company bo permitted to increase its rates in ail departments so that it may bo able “ to push speedily to completion its now water-power plants which are one o f the most vital needs o f the community and tho country in winning tho war. Compare annual report,_V. 106, p . 1569, 1461. * u. w l*:!. L. ; ••• •' • ** HU

H a r l e n ^ R i v ¥ f t & 7 P o r t c h e I t e ~ R R .—New" Director.—E. J. Pearson'succeeds A . R . Whaloy as director.— V. 98, p. 1537.


Apr. 2 0 1 9 1 8 . ] THE CHRONICLE 1689Illinois Central R R .—New Director.—•

C . B . Seger has been elected a director to succeed Judgo Robert S. Lovott, resigned.

Annual report given on other pages o f this issue.— V . 106. p . 1577, 1461.Interborough Rapid Transit Co.—New Operation.—

See Rapid Transit In Now York below.— V . 106, p. 1344, 1231.Interurban Central Station Co., Kansas City, Mo.—

Tho C ity Council o f Kansas City on Jan. 7 1918 passed over the M ayor’s veto an ordinanco permitting the construction o f a union interurban station at Tonth and M cGeo Streets. Tho structure, it is said, will probably bo a six or eight-story building to cost about $1,250,000. Press reports say that it is proposed to issuo $250,000 preferred stock and $900,000 o f bonds.O. C. Peters, Secretary o f tho Emery-Bird-Thaycr Dry Goods Co. is President; Dr. W . E. Minor, Treasurer. Other directors aro R . A. Long, C . A . Braley and W . C . Scarritt.

Joplin & Pittsburg Interurban R y.—Strike Ended.—This com pany’s operation was shut down Fob. 12 by a striko o f the em

ployees, but resumed March 21 under old conditions.— V. 105, p . 1898.

K entucky Traction & Terminal Co.—Fares Advanced.This company has increased the cash fares on its interurban linos from

2H conts to 3 cents a inilo with tho exception o f tho through rates from Lexington, whore in each instance tho straight one-way ticket was increased5 cents, thus making tho former 5-cent zones, which wero for a 2-mile ride,6 cents under tho prosent increase.— V. 106, p. 396.

Long Island R R .— Sub. Traction Co. Fares.—This com pany’s subsidiary traction companies, tho Northport Traction

C o., tho Huntington RIt. and tho Glen Cove R R ., on April 16 restored their 5-cont faro, according to notice received by tho P. S. Commission.— V. 106, p. 607, 499.

Louisvillo & Northern Ry. & Ltg. Co.— Sub. Co. Rates.See United Gas & Electric Co. under “ Industrials” below.— V. 94, p.1626.

Maine Central R R .— Bonds, &c.—The shareholders on April 17 voted to leave tho matter o f the $3,000,000

issuo o f First & Refunding M tgo. gold bonds in the hands o f tho directors with authority to act when they saw fit. Directors wore also authorized to enter into an agreomtnt with tho Government for compensation under Fedoral control. Compare V. 106, p- 1461, 1344.

Missouri Pacific System.— Annual (Combined) Erngs.Calendar Years— 1017. 1916. 1915.Total operating revenues--------------- $78,320,313 $69,972,812 $59,500,591

Operating expenses__________________ 53,248,038 51,342,397 43,483,592Net earnings_____________________ $25,072,275 $18,630,415 $16,016,999

Taxes, & c - . . . ......................................... 4,243,312 3,103,762 2,621.995Operating income_________________$20,828,963 S15,526,653 813,395.004

Other incom e________________________ 1,470.914 1,443,872 1,195.658Gross income______________________$22,299,877 $16,970,525 $14,590,662

Interest, rents, &c__________________ 13,334,774 16,011,517 15,717,191Balanco, surplus or deficit_______ sr.$8,965,103 sr.$959,008df$l,l26,529Tho operations o f tho reorganized company from June 1 to Dec. 31 1917

(7 months) shows operating revenues, .847,193,409; operating income, $12,710,281 and surplus available for dividends, $6,618,181.— V. 106, p . 189.

Nashville C hattanooga & St. Loui3 R y.—New Director.J. B. Morgan o f Nashville has been elected a director to succeed J. H.

Fall, resigned.— V. 106, p. 1577, 818.Now England Investm ent & Socurity Co.—Exchange

of Shares Guaranteed Reduced from $4,000,000 to §154,000.—Seo N . Y . N . H . & II. ItR . under “ Reports” abovo.— V. 105, p. 1618.New York Central R R .—Title to West Side Property Held

Invalid in Report of P. S. Commission.—• 'Tho New York P. S. Commission on April 17 in a report to the Board of

Estimato and Apportionment on tho validity o f tho titles and rights claimed by tho company along tho West Side o f Manhattan, expressed the opinion that the company “ had no vested property right in fact to land which tho company claimed in all tho formor negotiations toward a settlement o f the West Sido improvement plan.

Company Formed to bridge Niagara River.—A press dispatch from Montreal states that the New York Central tho

Canadian Pacific and Toronto Hamilton & Buffalo railways have formed a company to build a new bridge across tho Niagara River at Bridgeport

[Notico was given Feb. 26 that an application would bo made to the Parliament o f Canada tor an Act to incorporate the Canadian Niagara Bridgo C o., with powor to construct, maintain and operate a railway and general traffic brfdgo across tho Niagara River from some point in tho County of Welland, Ontario. It is presumed that this company is tho samo ono referred to above.]— V. 106, p. 1577, 1461.]

New York New Haven & Hartford RR .—Payment and Refunding at 0 % of §43,964,000 5 % Collateral Notes—Annual Report.— Tho Collateral Trust notes, duo April 15, aggrogating $43,964,000, aro being paid by J. P. Morgan & Co. and tho Bankors Trust Co., N . Y ., and tho First National Bank and National Shawmut Bank of Boston. Tho paymont is boing made out of tho §500,000,000 War Financo Fund.

As to Government provision for this noto issuo seo completo data in tho annual roport published on a preceding page, and compare V. 106. p. 1344.

Possibility of Dividend under Government Operation—Annual Meeting.— Vico-Pros. Buckland, in explaining tho Government operation, is quotod as saying that tho basis of roim- bursomont established tho not oporating rovenues at $21,500,000. Out of this tho company must pay §18,000,000 for rontals of loascd linos and interest on indebtedness, loaving about $3,000,000 availablo for dividends, to which will bo added tho bonefit of 1 % saved in intorost in tho refinancing by tho Govornmont.

Tho matter of tho dividend, thought by M r. Buckland as 1 % , rested with tho President, and would bo determined by tho amount of not surplus mado available. Wliilo this amount might appear to bo as high as 3^2% , thoro was no cortainty that tho dividend would bo that.

Providence Securities Co. Plan of Exchange Approved—New Director, Suit, cfee.—

The stockholders on April 17 approved tho oxchango o f tho company dobenturcs for $16,758,000 debentures o f tho Providence Securities Co .(seo "Annual Roports” abovo, and V. 106, p. 1577).

Tho shareholders also approved tho new refunding noto issue taken by tho Government as aforesaid, and also tho agreement for Government operation.

Walter 1L Lashar, o f Bridgeport, Pres, o f tho American Chain Co., succeeded Ell W hitnoy as a director.

O. II. Vcnner has commonccd action in tho N . Y . Supremo Court to restrain tho company from making tho issuo o f $16,758,000 debentures to roplaco by oxchango a like amount o f debentures o f the Providence Securities Co. Tho complainant claims that tho proposed issuo is in violation jo tho charter o f tho co. For details o f funding seo V. 106, p . 1577, 1344.

New York Ontario & W estern R y.— Interest on Mortgages of Coal Companies Now Afford Income for Dividends Independent of Earnings of Railroad under Government Oper'n.

See Annual Report on a preceding page.— V . 106, p. 1578. 1035.N. Y . W estchester & Boston R y.— Earnings.—

Seo N . Y . N . II. & II. R R . under “ Reports” above.— V. 104, p . 2011.Pacific Gas & Electric Co.— New Director.—

W . G. llenshaw succeeds C . T . Rodolph as director.— V. 106, p . 1578.Pennsylvania R R .— Joint Use of Terminal by B. & 0.—Seo “ Government Operation o f Railroads” above.— V. 106, p . 1462, 1345.Petalum a & Santa Rosa R y.— Reorganization.—

A Pacific Coast paper, commenting on the progress o f the reorganization plan, says: “ It is understood that a decree will be entered fixing the date o f foreclosure sale, which will be followed by the Incorporation o f a new com pany, and the actual sale o f the property to it is expected to take place within a month or six weeks thereafter.

“ O f tho total $655,000 First Mortgage bonds, all but $5,000 have been turned in to tho committee, and o f the 2d M tge. 6% bonds the entire outstanding $217,000 has been turned in. A majority o f holders o f the old com pany’s shares have signified their intention o f subscribing to stock in tho new com pany. Immediately upon tho organization o f the new com pany notico will be sent to all stockholders advising them that they will nave ten days in which to pay their subscriptions to the new stock to the First Federal Trust C o., San Francisco.” See plan V. 105, p . 2456.— V . 106, p. 296.

Pittsburgh & W est Virginia R y.— Status.— The “ Chron-.iclo” is informed that the following is substantially correct:

The year’s operating performance has been as remarkable as the terms o f tho financial reorganization. The railway property, which for eight years prior to last was unable to show a profit for the year ended April 1, will report close to $1,000,000 net. It is noteworthy that in Jan. and Feb., when nearly every road in the country failed to earn its operating expense, Pittsburgh & West Virginia was able to do business at a profit.

T o tho railroad income for the year wero added extraordinarily developed earnings o f the coal properties. From an annual income o f little or nothing prior to receivership, the earnings o f the coal property last year wero brought up to $4,000,000 or, after allowing for estimated excess profits taxes amounting to $1 000,000, a balance o f $3,000,000 over all charges and sinking funds. Tho combined earnings o f tho railway and coal companies for the year were, therefore, approximately $4,000,000, or moro than seven times tho 6% preferred dividend requirements.

With excess funds on hand and earned during the year, the company paid o ff all its real estate mortgages amounting to nearly 81,000,000, liquidated all o f its maturing equipment trust notes, anticipated some o f tho payments, and had remaining on hand on April 1 approximately $4,000,000 in cash, o f which $700,000 was in Liberty bonds or certificates o f indebtedness. Of these cash balances the railroad company held approximately $1,600,000 and the coal company $2,400,000. Actual treasury cash is equivalent to approx. $44 a share on the prof, stock outstanding.

It is believed in the coal trade than another advance o f between 25 and 35 cents a ton will bo allowed by the Government. In addition, quality and tho uses to which certain grades o f coal can be put will be taken into consideration by tho Government in determining tne price to be fixed. On this basis Pittsburgh & West Virginia may be expected to get full advantage o f future adjustments, for the quality and utility o f its coal is exceptional. (“ Wall Street Journal.” )— V. 106, p. 1037. 601.

Public Service Corp., N. J.— Shipyard Line.—As a result o f a compromise between the company and the Emergency

Fleet Corp., construction o f the Port Newark trolley extension from Hamburg Place, Newark, to tho shipyard o f the Submarine Boat Corp. began April 12. Fares on the extension will bo 5 cents, the extension being considered as a separate zone, making a 10-cent faro from the centre o f Newark. — V. 106, p . 1467, 1462, 1454.

Rapid Transit in New York .— Jerome Ave. Line Opened.The Jerome Ave. elevated branch o f the Lexington Ave. subway was

put in service Apr. 15, thus completing the service between Kingsbridge Road and Woodlawn Cemetery.— V. 106, p . 1578, 1462.

Rhode Island Co.— Zone System Favored— Earnings, etc.—The IIouso in tho Rhode Island Legislature on Apr. 10 by a vote o f 49

to 43 voted to adopt a zone system o f fares for the com pany. Action by the Senate has not yet been taken. B y its vote the House repudiates tho report o f tho special committee which recommended six-cent fares. Compare V. 106, p. 1578, 1127.

Seo N . Y . N . II. & II. R R . under “ Reports” above.— V. 106, p . 1578.St. Joseph (Mo.) R y., L t., H t. & Power Co.— Wage Incr.

A wago increase o f two cents, per hour has been granted.— V. 106, p . 602.St. Louis Transit Co.— Reorganization Outlook.—

Seo Unltod Rys. o f St. Louis below.— V. 106, p. 1578.

Salt Lake Filmore & Kenosh R R .— New Project.—The following has been pronounced substantially correct: “ This newly

organized enterprise, which purposes to open up a mining district in Utah, will commonco construction operations in M ay next. The railroad will start from tho Salt Lake route at Lynndyl, going south for 50 miles by way o f Holden, Filmore and M eadow. A 25-milo branch from Lynndyl, also going northwest, will includo the west Tintic mining section.

“ Articles o f incorporation have been filed with the capitalization at $500,000, par $100, all subscribed. G . W . Craig, connected with the Salt Lako route at Provo, will be President; F. D. Ifimbal, Vice-Pres., and Alva Nelson, Treas., tho latter two also o f Provo. W . S. M cCorm ick o f Salt Lako City is among tho directors."

San Francisco-Oakland Term. R ys.— Sub. Co. Coupons.Coupons (N o. 24), duo July 1 1917, from bonds o f tho East Shore &

Suburban R y. 1st M . 5s, will bo paid upon presentation at the Mercantile Trust Co. o f San Francisco.— V. 106, p. 1462, 397.

Underground Electric Railways London.— Sub. Co.—The “ Stock Exchange W eekly Intelligence" o f London on M ar. 16 said

in substance: “ Tho committee appointed by tho debenture holders o f London United Tramways in July 1917 state that they have mado considerable progress with tho representatives o f the shareholders in agreeing on a scheme for tho reorganization. The arrangements proposed are, however, dependent upon the passing o f a bill now before Parliament extending tho various franchises and also permitting some increase in fares. The tramway system urgently requires a large expenditure on renewals and repairs, and subject to the provisions of the bill stated above the committee havo agreed to recommend that the moneys coming from tho London County Council, amounting to nearly £250,000, and other funds accumulated in the receivership, should be applied to physical habilitation. With regard to tho proposed reorganization it is not possible at present to say moro than that they provide for a great reduction o f tho present share capital, and tho division o f tho existing debenture stock of £1,650,000 into equal moieties o f 4% debenture stock and 5% preference shares non-cumulativo for five vears. but with priority o f capital.— V. 106, p . 1231, 1037. /d

U n ited ’ Railways Co., St. Louis.— Deposits Urged.— Tho protective committee, of which Breckinridge Jones is Chairman, representing the Gen. Mtge. 4s, announces, by advertisement on another page, the following:

If the ordinanco passed by the Board o f Aldermen March 29 is accepted by tho com pany, tne bond and stock capitalization must be reduced to $60,000,000 to make tho ordinance effective; therefore, in order that the holders o f General 4s may be in a position to protect themselves .against any posslblo default o f any o f tho underlying bonds ($3,500,000 o f which fall duo on Juno 1 noxt), and against any plan o f reorganization that might be proposed which would be prejudicial to tho 4s, we again urge tho holders o f tho 4s to deposit their bonds immediately, with any o f the following depositories, namely: Mississippi Valley Trust C o., St. Louis; Farmers’ Loan & Trust C o., N . Y .; Mercantile Trust & Deposit C o., Baltimore; Girard Trust C o., Phila. Compare resume o f ordinance, appraisal, &c.


1690 THE CHRONICLE [Voij. 106

Reorganization Outlook.—Holders o f the com pany’s First General M tge. 4% bonds and the Im

provement Mtge. 5% bonds o f the St. Louis Transit Co. (V . 100, p . 1578) are in receipt o f letters from Spencer Trask & Co. describing tho situation consequent to the passing o f the ordinance in St. Louis requiring a rearrangement o f capitalization. See digest o f ordinance, appraisals, &c., in last week’s “ Chroniclo.” — V. 106, p . 1578, 1454.

U nited RRs. of San Francisco.— Subsidiary Co. Coupons.Pres. Jesse W . Lilienthal has made public tho following notice to holders

o f the 82,000,000 outstanding First M tge. 0% bonds o f the Omnibus Cable R y ., which became duo April 2:

“ Pending tho completion o f arrangements now under consideration for the redemption o f tho Omnibus Cable R y. bonds, maturing April 2 1918, the coupon of said bonds maturing on that date will be paid according to its terms and due notice will be given with respect to the principal upon completion o f tho arrangement”

Litigation.—This company has filed a suit for 8865,250 damages against the city

and county of San Francisco demanding this amount as compensation for alleged loss o f value to its Market St. franchise due to the construction o f the Municipal R y. tracks in Market St.— V. 106, p . 1127, 191.

W orcester Consolidated Street R y.— Exchange of Stock.See N . Y . N . II. & H . R R . under “ Reports” above.— V. 105, p . 1619.W rightsville & Tennille R R .— Earnings.—

Calendar Gross Net (aft. Other Interest, Dividends Balance,Years— Earnings. Taxes). Income. Rents,Ac. Paid. Surplus.

1917 .................8340,400 $76,560 84.214 819,268 (6)836,000 $25,5061916 ------------- 290,486 37,334 3,922 22,335 (3)18,000 921— V. 106. p . 608. ___________

IN D U ST R IA L AND M ISCELLANEOUS.Ajax Rubber Co., In c .— Earnings.—

A press report states that the net earnings for tho first three months of 1918 totaled 8911,000, or about 77% more than in the corresponding period o f 1917. Net sales for tho same period wero about 72% greater.— V. 106, p . 823, 716.

All-Package Grocery Stores Co.— Sale.—Judge A. N . Hand in tho U. S. District Court has signed a decree, order

ing a sale o f tho property o f this com pany, and has appobited Robert L. Harrison Special Master to hear and dispose o f all claims.— V .105,p .1899.

Bessemer Coke Co.— Consolidation.—See Hecla Coal & Coke C o. below.— V. 106, p. 193.Bethlehem Steel Corp.— Chairman Schwab Accepts Post

as Director-General of Emergency Fleet Corporation.—See Emergency Fleet Corporation below.— V. 106, p. 1463.

Production (Lbs.) .— For March and 3 mos. to March 30:1918-----March-----1917. Increase. I 1918----- 3 Mos.-----1917. Increase.

7,833,046 6,200,851 1,632,195 121,305,871 19,225,111 2.080,760— V. 106, p. 1038, 926.

Cities Service Co., N. Y .— Subscription Time Extended.—•Stockholders have received notice o f an extension o f time to M ay 10 in

which subscriptions may be made to the $3,000,000 Series “ B ” 7% convertible gold debentures described fully In V. 106, p. 1126.

Earnings.— For years ending March 31 1917 and 1916:Mar. 31 Gross Net Deben., Ac., Preferred Balance for

Years— Earnings. Earnings. Interest. Dividends. Com. Dies.1917-18____$19,850,979 $19,477,344 82,648 83,842,475 $15,632,2211916-17____ 13,391,411 13,122,819 127,917 2,780,913 10,213,988

Tho total surplus and reserves M ar. 31 1918 aggregated $27,560,967, viz.: Contingent fund. $881,635: surplus reserve, $3,965,663: stock surplus, $4,111,097, and surplus, $18,602,572.

Capital stock outstanding, $69,928,700 pref. (82,739,303 o f which is owned by company) and $32,122,464 common stock ($5,873,099 o f which is owned by company).

New Director.— ,Georgo Williams o f N . Y . succeeds J. C . Mitchell, o f Denver, as a direc

tor.— V. 106, p . 1580.Colorado Fuel & Iron Co.— Bonds Called.—

Forty ($40,000) General M tge. sinking fund 6% gold bonds of Colorado Fuel Co. have been called for payment M ay 1 at 110 and int. at M etropolitan Trust C o., N . Y .— V. 106. p . 1463, 1122.

Colorado Power Co.— Earnings-1917. 1916.

Bond int., & c. $350,930 $323,323Pref. divs. (7% ) 44,718 35,000C o m .d iv .____(2)221.204(2^)270580

Total incom e. $708,585 8600,288 B a la n ce_____ surS90,673 def$34,615Common dividends as above includo interest on bonds o f subsidiary

companies.— V. 106, p. 1347 . 710.

Cal. Year— 1917. 1916.Gross ea rn s ..$1,183,750 $1,020,310 N et,aft. taxes. 8676,301 $562,781Other incom o. 32,284 37,506

Continental Can Co.— Production— Earnings.—Press reports state that production for first two months o f 1918 ran 25%

in excess o f corresponding period last year. In 1917 about 265,000,000 moro cans were turned out than in preceding year. Net earnings have been on an expanding scale for several years, the 1917 showing of $4,531,369 bettering preceding year by 8 0% , while 1916 net o f $2,510,065 was an increase o f 72% over 1915.— V. 106, p. 913, 717.

C ontinental Coal Corp., Chattanooga, T en n .—The information published last week (V . 106, p. 1580) regarding the re

organization o f this company, was furnished us by T . R . Preston, President o f the Hamilton National Bank o f Chattanooga, a membor o f the rc- organlzationAcommittee.— V. 106, p. 1580.

Eosch Magneto Co.— Government Control.— •A Washington dispatch states that tho Government has taken over tho

plants o f tho company at Springfield, Mass., and Plainfield, N . J ., and directors will bo named by Alien Property Custodian.

Bronx Gas & Electric Co.— Increase Refused.—The Now York P. S. Commission has denied this com pany’s petition for

an advance in gas rates from $1 to $1 50 per 1,000 cu. ft.— V. 106, p. 1232, 823.

Calumet & Hecla Mining Co.— Output (lbs.)— Ann. Rept.1918— March— 1917. Decrease. I 1918— 3 Mos.— 1917. Decrease.

13,784,569 14,949,919 1,165,350138,002,089 42,215,052 4,212,963Comparo “ Annual Reports" on a preceding page.— V. 106, p. 1580, 712.Canadian Car & Foundry Co.— Canadian Equip. Orders.

Tho following equipment orders announced in tho House o f Commons at Ottawa, have been placed by tho Dominion Government, tho total cost being about $33,000,000.

Company — N o . Cars. Cost.C a n . C a r & F d r y . 5 , 0 0 0 b o x $ 1 3 , 7 5 0 , 0 0 0

2 5 0 r e f r . 1 , 7 5 0 , 0 0 0 N a t . S t e e l C a r . . . 1 , 0 0 0E a s t e r n C a r . . . . . . . . . . . 7 5 0 f l a t

0 5 0 c o a lH a r t - O t i s _ _ _ _ _ _ _ _ 2 5 0 d u m p

3 0 0 d u m p

2 , 7 5 0 , 0 0 0 1 , 7 7 7 , 8 0 0

2 , 0 6 6 , 6 7 57 6 0 . 0 0 0

6 2 9 . 0 0 0

In addition, 100,000 tons of rails have recently been purchased p. 1580, 193.

• Company • — N o. Cars. Cost.P r e s s e d S t e e l C a r . 4 8 t a n k $ 2 6 4 , 5 4 9

P u l l m a n _ _ _ _ _ _ _ _ 1 4 s l e e p e r s 5 0 2 , 4 6 07 d i n e r s 2 3 8 , 7 0 0

M o n t r e a l I . o c . &\Engtnes.C a n a d a L o c . . / 1 5 0 8 , 8 2 5 , 0 0 0

C a n a d a L o c . C o . . 9 0 3 8 2 , 0 8 0

-V . 106,

Canadian Fairbanks-Morse Co., Ltd .— M ontreal.Cal. Year— 1917. 1916. I 1917. 1916.

Not, after d e p r ..8781,973 $636,629 Common divs____$436,000 8160,000Pref. divs----------(9)135,000 (3)90,000 Balance, surplus.$210,973 8431,629— V. 105, p . 2545.

Carwen Steel Tool Co.— Dividend.—Tho directors havo declared a regular dividend o f 5% on tho $570,000

outstanding capital stock payablo June 10 to stockholders o f record Juno l thus placing tho issuo on a 10% basis. On N ov. 10 1917 a quarterly dividend o f 2% and an extra o f )4 o f 1% was declared. See V. 105, p. 1620.

Chicago Lumber & Coal Co.— Bonds Called.—•Ono hundred ten (8110,000) First M tgo. 6% bonds o f tho Gulf Lumber

Co. dated M ay 1 1907 havo been called for payment M ay 1 at 103 and int. at Guaranty Trust C o., N . Y. Theso bonds aro guaranteed, prin. and int., by Chicago Lumber & Coal C o.— V. 106, p . 814.

Chicago Pneum atic Tool Co.— Operations.—A Chicago dispatch says: "T h o January and February business of tho

company was o f a larger volumo than ever beforo, tho first month establishing a new high record. Plants aro now running at capacity and orders on tho books will keep them busy for six months. Tho nulk o f tho Government orders consists o f shipbuilding tools, while tlioro is also a big demand for pneumatic and electric tools, compressors and oil engines. A new lino is being developed in tho manufacture of m otor trucks o f from 314 to 7 tons capacity.” — V. 106, p. 1580, 1463."

Chile Copper Co.— Production (Lbs.), &c.— Directors.—1918-----March----- 1917. Increase. I 1918----- 3 Alos.----- 1917. Increase.

10.192,000 8,714,035 1,477,96.5124.876,512 22,526,796 2,349,716At tho annual meeting on April 16 Secretary C. K . Llpman told tho

shareholders that the falling o ff in tho output in February to 6,326,512 lbs. (contrasting with 8,359,000 lbs. in January last and with 9,050,000 in October 1917) was duo to temporary shortago o f fuel and other supplies occasioned by lack o f ships. During tho spring and summer, he said, tho monthly production should rango between 9,000,000 and 10,000,000 lbs. Tho daily capacity is at present 10,000 tons o f ore. Before the end o f the year it is hoped to increaso this to 12,000 tons and by Easter to 15,000 tons, and eventually to a much larger total. The enlargement o f tho plant has been somewhat delayed, and for this reason tho subscribers to tho bonds wero given an additional 6 months in which to pay up the final 50% of their subscriptions. M r. Lipman would not commit himself as to the dividend outlook, but ho asserted that in spite o f high costs tho outlook was satisfactory, lie was certain, lie said, that tho management “ would not inaugurate a dividend that it could not continuo to p a y .”

New directors: S. W . Howland and W . E . Bennett havo been elected directors to succeed II. R . Wagner and Harry Guggenheim.— V. 106, p. 1580. 1038.

Chino Copper Co.— Earnings.—Calendar Gross Net Other Int.,Depr., Dividends Balance,h Year. Receipts. Profits. Income. Ac. Paid. Surplus.1917------- $19,20o,145 $9,826,616 $310,435 $624,197 *$8,612,802 $900,0521910------- 19,219,767 12,517,876 325,285 315,213 7,177,335 5,350,6131915____ 11,383,777 6,688,729 229,074 261.084 2,609,860 4,046,859

* Includes $1,087,475 capital distribution.There wero produced in 1917 83,339,782 lbs. o f rofined copper (net),

against 75,339,782 lbs. in 1916.

Davol (Cotton) Mills, Fall River, Mass.— Extra Div., &c.Reports state that the company has declared an extra dividend o f 3 % ,

payable April 15 to holders o f record April 11.[Company was incorp. In 1867 in Mass. Manufactures fine sheetings,

shirtings and fancy cottons. At last accounts tho auth. capital stock was $750,000, outstanding $500,000, par $100. N o bonded debt.

W. R . Chester, Fres., Boston; M . R. Brown, Treas., Fall River.East Bay W ater Co., O akland, Cal.— Bonds.—

Tho California R R . Commission has authorized this company to issue at 94 and int. $900,000 First M tge. 5 H % bonds, due 1946 or a similar amount o f 5)4% one-year notes tho proceeds to provide for expenditures upon the San Pablo dam project from Jan. 1 last. The notes may bo secured by tho bonds and bo sold at par. Comparo V. 106, p. 1347, 931, 610.

Tho company has applied to tho Cal. R R . Commission for authority to issuo Class A 6% cumulative pref. stock from time to time in amounts not exceeding $394,021, tho proceeds to reimburse tho treasury for construction expenditures during 1917, and to provide for future construction, &c. The stock to bo Issued will not exceed 20% o f tho cost o f the expenditures which aro in connection with tho Han i ’ablo dam project. A total of $957,962 is reported for last year and an estimated expenditure for tho next year o f $1,171,820.— V. 106, p. 1347, 610.

East Boston Gas Co.— Rate Increase.—This company lias been granted permission to increase its rates from

80 cents per 1,000 ft. to 95 cts., for the duration of tho war, effective April 1 1918. See report o f Mass. Gas Cos. in last week’s issuo.— V. 106, p . 1581.

Emergency Fleet Corp.— C. M. Schwab Director-General.Chairman Charles M . Schwab o f the Bethlehem Steel Corp., at tho re

quest o f the Government, has accepted, effective April 18, the post of Director-General o f tho Emergency Fleet Corp. M r. Schwab will devote his entire energies to tho speeding up o f tho shipbuilding program.

Erie & N. Y . State Barge Canal System.— Govt. Control.The Railroad Administration lias announced its taking over o f this canal

system and that a fleet o f barges will bo constructed immediately to bo operated by the Government.— V. 80. p . 1915.

G aston, William s & W igmore, In c.— Notes Paid.—•This company on April 15 paid o ff 81.000,000 o f its 6% serial gold notes

o f 1916, reducing tho outstanding amount to 83,000,000.Foreign Business Expands, Even without Russian Market.—

Official information given in an interview to a Wall Street paper is to tho following effect: The company, as early as 1916. foresaw danger o f troublo in Russia and began getting ready to withdraw temporarily from that country. The Russian business lias since been greatly reduced, and the losses incurred thereon were written o ff in tho report for tho year 1916-17 ($287,918 being then charged to earnings and deducted from doubtful accounts) while a further $350,000 was charged to tho earnings o f tho year and sot asido for “ contingencies” (V . 104, p . 2339). Fart o f tho Russian accounts were protected by a deposit o f $400,000 in American m oney and aro now being liquidated, while tho remaining $500,000 “ already deducted from profits” may to somo extent bo collected later on. Even without its Russian trade the business o f tho company goes on expanding, and since it lias not included munitions oxports, the outlook when peace comes is considered particularly promising.— V. 106, p. 712.

General Chemical Co., Now York .— Quarterly Earnings.Tar. 31 Quar. 1918. 1917.

Net p r o f it s . . .$2,829,172 $2,817,960 Insur. fu n d .. 75,000 75,000Tax., depr.,&c. 750,000 500,000— V. 106, p. 503. 495.

1918. 1917.Fref. d ivs.(1M )$228,125 $228,125Com. divs___ (2)330,381 314,651I5al., surplus.$1,445,664 $1,700,184

Gillette Safety Razor Co.— Operations.—-------Month of March------------- 3 Mos. to Mar. 31

1918. ------1917.53,210

730,934$326,843

1918. 515,535

2,912,013 $1,589,723

1917. 190,216

1,995,695 $957,566

R azors_________________ 246,042Blades (dozens)_______ 1,267,419Net profits______________ $649,595— V. 106. p. 1347, 1130.

Granby Consol. M ng., Smelt. & Power Co.— Output.—Copper — Anyox Property— ------Grand Porks-------------- Total both-------

Output (lbs.) 1918. 1917. 1918. 1917. 1918. 1917.M a r c h . . . . .2.977,713 2,814,780 829,887 1.086.618 3,807,600 3,901.3983 m os......... 9.486.896N otstated 2.373,773N otstatcd l 1,860,679 9,428,162— V . 106. p. 825.

Great Eastern Paper Co.— Notes—Preferred Stock.—Beyer & Small, Portland, M o., who offered this com pany’s First M tgo.

6% sinking fund gold bonds in Sept. 1917 (V. 105, p. 1108), havo favored us with the following data in order to bring our record o f thoco . up to dato:

Convertible Notes.— Authorized and outstanding, $150,000 two-year 7% convertible notes, dated March 1 1918, duo March 1 1920; interest M . & S. at Fidelity Trust C o., Portland, M o., registrar. Donom. $100, $500, $1,000 c. Subject to call, all or part, at 105 and Int. at any time. Tho company has reserved $157,500lof lts.pref. stock subject, to sale to holders


Apr. 2 0 1 9 1 8 . ] THE CHRONICLE 1691

-Price Fixing for Binders' Cloth En-

o f tho notes at par, the abovo aggregate amount o f stock reserved being equal to the principal o f the notes and the premium which may be paid after redemption. Tho company cannot place lion ahead o f notes. N ote contains tax-freo covenant.

Preferred Stock.— Authorized, 8200,000. Reserved for conversion o f two- year notes, 8157,500. Available for salo, 842,500; cumulative, 8 % ; par value, 8100: has preference as to assets and dividends; callable at 110 ; dividends payablo Q.-J. For data regarding property, bonds, & c., see V. 105, p. 1108.

G ulf Lumber Co.— Bonds Called.—See Chicago Lumber & Coal Co. abovo.Harris Abattoir Co., Ltd., Toronto.— Fire.—

Press reports from Toronto state that fire destroyed this com pany’s abattoir and several thousand head o f cattle as well as a quantity o f beef ready for shipment, entailing a loss put at 82,000,000.— V. 100, p . 1404.

Indian R efining Co.— To Pay Off Notes, &c.—W o learn that it is true, as reported in a daily news sheet, that the com

pany proposes to pay o ff at maturity on M ay 1 its 8793,800 2d M . 7% notes, tho remainder o f an original issue o f 82,550,000 put out in 1913 (V. 96 p. 1025). It is also hoped to redeem before tho end o f the year the last o f the outstanding 1st M . bonds o f 1911, now aggregating $868,000 o f a former85,000,000. Both current sales and net returns are stated to be most satisfactory.

Tenders.— Tho Bankers Trust C o., as trustee, will until M ay 3 receivo tenders for tho sale on M ay 15 o f S158,751 First M tgc. serial 6 % gold bonds at not exceeding 102% and interest.— V. 106, p. 1130, 820. '

Interlaken Millsjoined.—

Judge Mayer in the U. S. District Court at New York has granted a perpetual injunction against the Interlaken Mills, Joseph Bancroft & Sons Co. and the Hollister Mills, which control 90% o f tho trade in books or binders’ cloth, forbidding those named from making agreements to fix prices.

Keene ( N . H .) Ga3 & Electric Co.— Service Charge.—This company, it Is announced, will make a service chargo o f 50 cents

per month for meters served.— V. 98, p .‘ 1395.Lackawanna Iron & Steel Co.— Bonds Assumed.—From a statement In the balance sheet o f the Lackawanna Steel Co.

(V. 106, p. 1138), this com pany’s 81,775,000 1st M . bonds, formerly assumed by the Lackawanna Steel C o., have now been assumed by the Bethlohem Steel C o.—-V. 7 3 , p. H63.

Laconia (N. H .) Car Co.— New Officers.—The following new officers liavo been elected: II. C. Dodge, Chairman

o f tho Board: C. A. Towle, Vice-Pros, and Gen. M gr.; W . A . Kilvert, Asst. Treas.— V. 106, p. 814.

Lalanca & Grosjean Mfg. Co., N. Y —Bonds Called —Twcnty-ono (810,500) First M tgo. 6 % gold bonds, duo M ay 1 1927

(numbers ranging betwoon 30 and 468) have been called for payment M ay 1 at 105 and int. at Brooklyn Trust C o., Brooklyn, N . Y .— V. 104, p. 1595.

Lohigh Valley Transportation Co.— New Govt. Co.—Seo “ Government Operation o f Railroads” above.Louisville Gas & Electric Co.— Definitive Notes.—

'l he Guaranty Trust Co. o f N. Y ., through its trust department, is prepared to deliver tho definitive 214-year 7% gold notes, duo Sept. I 1920, upon surrender o f tho outstanding interim receipts. Compare V. 106, p. 1581 • 1348.

McCrory Stores Corp.— March, etc., Sales.—1918— March— 1917 Increase. \ 1918— 3 Mos.— 1917

8781,176 8579.486 34.80% I SI,846,358 81,571,513— V . 106. p. 1341, 1235. ,

Marconi Wireless Telegraph Co. of America.— Directors.Robert II. Patchin and .1. Edwards Barbour have been elected directors

for a period o f 5 years, to fill vacancies.— V. 106, p. 1581, 1348.M assachusetts Gas Cos., B oston.— Sub. Co. Rates.—

Seo East Boston Gas Co. abovo.— V. 106, p. 1575, 825.

Increase.18.12%

Balance Sheet.—1917 ( Total each side 811,742 308). 7% cumulative preferred

stock - - - - - - .....---83,169,600Common stock.................... 5,885,700Accounts and bills payablo 488,471Sinking fund and reservo

accounts............... 652,765SlIrP lu s ..................... 1,545,772

Mathieson Alkali Works, Inc.Consolidated Balance Sheet Dec. 31 Real property & gen. plantS5,674,352Land purchase___________ 1,519,380Salt wells....................... 50,732Employees’ dwellings____ 129,200G ood -w ill________________ 2,000,000Securities owned_________ 1,106,400C a s h ......... ............................ 214,144Accounts receivable_____ 92,284Inventories, & c ._________ 894,231Prepaid accounts, & c____ 61,585— V. 106, p. 504.

May Departm ent Stores Co.— New Director.__Walter Sachs succeeds Henry Goldman, resigned, as d irector__V 106

I). 1457, 505.

M etropolitan Petroleum Corp .—Special Medina —The shareholders will meet April 23 to consider the position o f tho cor

poration and the disposition o f the proceeds o f the properties recently soldtho subject o f sundry circulars from a stockholders’ committee.__V . ’ l0 6 ’p. 1581.

Miami (Ariz.) Copper Co. (of D el.), N. Y.—Earnings.—Cal. Total Net Other Depre- Dividend Balance,Year. Salts. Earnings. Income, ciation,&c. Paid Snmlus1917-810,673.409 85,142,470 $99,634 82,037,843 $6,537,247 dof$3 332 986 1916- 13.072.440 7 984,134 15,468 663,406 4:295 906 su?3.040,291— V. 106, p. 1465, 1039.

M o u n t V e r n o n - W o o d b e r r y M i l l s , I n c .

Cal. Years— 1917. 1916.P ro fit s______ $2,563,326 81,285,845Other incom e. 123,737 62,788

Gross in c . .82,687,064 $1,348,633 Int. on notes. 150,000 150,000Insurance, &c. 133,484 133,834

Earnings.—' 1916.1917.

8152,730$300,000 $ 200,000

48,073

Div.pd.Feb.’ i8 Depreciation .Res. for losses

in accts. roc. 69,613 Federal tax. &

conting'cics 650,000 ............Surplus______ 81.231.237 8816 725

Tlio total surplus Dec. 31 1917 was $2,245,048.— V. 106, p. 195. ’N ational Conduit & Cable Co.— Death of President.—

Georgo J. Jackson, who becaino President last month, died on AnriI-8 — V. 106, p. 1131, 1039.

N ational Load Co.— Price at Which Government's Lead Products Requirements are to be Met.—

See pago 1525 In last week’s issuo.— V. 106, p. 1581. 1572.National R efining Co., Cleveland.— Stock Dividend.—

Press reports state that a-dividend o f 4% has been declared on tho com mon stock, payablo in stock M ay 15 to holders o f record M ay 1. Compare V. 106, p. 402.

Nevada Consol. Copper Co.— Output (lbs.).—1918— March— 1917 Decrease. I 1918— 3 Mos.— 1917 Decrease.

6,060.000 0.864,675 804,6751 18,810,000 18,852,321 42,321— V. 106. p. 1039. 1036.

New Egyptian Portland Cem ent Co., D etroit.—The Federal Court at Detroit has appointed tho Security Trust C o.,

Detroit, receiver for tills company. Tho company owns a modern plant with capacity o f about 15,000 barrels o f cement a day, on Silver Lake, near Fenton, M ich. Properties iticludo 800 acres o f marl land. Tho com pany has a mortgago o f $200,000. II. J. Paxton, Detroit, is President.

N e w E n g l a n d N a v i g a t i o n C o .—Liquidation.—See N . Y . N . H . & H . R R . under “ Reports” abovo.— V. 105, p. 2189.

N e w E n g l a n d S t e a m s h i p C o . — S3,000,000 Bonds Surrendered and Canceled— Earnings.—

See N . Y . N . H . & II. R R . under “ Reports” above.— V . 98, p . 1396.

N o r t h B u t t e ( C o p p e r ) M i n i n g C o . — Earnings.—Cal. Years— 1917. 1916. ! 1917. 1916.

Total incom e.S4,615.217 $7,120,259 I D iv id en ds $1,075,000 S I.075.000N et earnings- *641,127 2,479,5951 B alance ._ .dcf81 ,821.742sr$1404.595 Ore depletion. 1,387,869 ----------|Totai surplus-$3,465.270 S5,287,012

* After deducting Federal, & c., taxes, amounting to $143,179.— V . 106 p . 92.

North German Lloyd (SS. Co.).—President Signs Bill Authorizing Sale of Hoboken Docks.—

See page 1530 in last week’s issue.— V. 83, p. 564.

Northern California Power Co. Consol.— Assessment.—An assessment o f $1 50 per share has been levied on the stock, delinquent

M ay 7, making the total asessments to date $12 50 on each o f the 100,000 shares o f $100 each. Sale day, June 5.— V. 106, p. 1582, 1465.

Northw estern (Bell) Telephone Exchange.— Merger.—See Tri-State Telephone & Telegraph Co. below.— V. 102, p . 349.

Nova Scotia Steel & Coal Co.— No Bond Issue.—The recent reports in Canadian papers that this company had placed an

issue o f $750,000 o f its bonds through the .Maritime Trust C o., we learn, refers to the bonds by the Province o f N ova Scotia, and lias no connection with the securities o f the com pany. See “ State and C ity” Department. V. 106, p. 1465, 1039.

Ohio Fuel Supply Co.— Report—No Bonds.—See “ Annual Report" on a preceding page.— V. 106. p . 1582.

Onomea Sugar Co., H on olu lu .— Dividend Reduced.—Press reports state that this company has reduced its regular monthly

2% dividend on tho stock to 1% , due to increased taxes, delavs in sugar shipments and subscriptions to Liberty Bonds. This reduction will prevail until further notice.— V. 106, p. 1039.

Passaic (N. J.) W orsted Spinning M ills.— Taking Over of Woolen Mills by Alien Property Custodian— Investigation.—

See page 1526 in last -week’s issue.— V. 106. p,. 1465.

Peoples Gas Light & Coke Co., Chicago.— Decision.—Judge Doyle in the Chicago Municipal Court on Apr. 11 awarded James

S. Sutter, a consumer, damages o f $11 53, as a rebate, for money paid in excess o f tho 70% gas rate set by (he C ity Council in 1911.

An appeal o f this question to the Supreme Court blocks temporarily further proceedings in the Circuit Court, which have been pending for eight years and involving alleged overcharges aggregating approximately $10,000,000 to all the gas consumers o f Chicago, under the five-year period tho 1911 rate ordinance was in effect.— V. 106, p. 1235.

Peoples Natural Gas & Pipeage Co., P ittsburgh.—An extra dividend o f 50 cents per share has been declared on the $650,000

capital stock (par $25), payable, it is said, Apr. 25 to stockholders o f record Apr. 18. Compare V. 104, p . 669.

Philadelphia Electric Co.— Stock Issue.—See “ Annual Reports” on a preceding page.— V . 106, p . 1582, 933.

Prairie Oil & Gas Co .—Pipe Line to Ranger.—See Texas Company below.— V. 106, p . 1132, 1582.

Pusey & Jones Co., W ilm ington, Dela.— Acquisition.—This company announces that it has acquired the properties o f the Penn

sylvania Shipbuilding Co. and the New Jersey Shipbuilding C o., both located at Gloucester City, N . J ., and will be responsible for any and all just obligations o f the two companies named. The offices o f the Pennsylvania and New Jersey companies in the Land Title B ldg., Phila., Pa., have been discontinued. Compare V . 106. p . 506.

Price Bros. & Co., L td .— Earnings.—Feb. 28 Profits Bond Int., Interest on

Years— for Year. Sk. Fd.,&c. Arotes.1917-18--------------$1,374,782 $636,3301916-17_________ 1,240,486 419,688

♦Subject to provision for war taxes.$2,220,240.— V. 106, p. 612.

DividendsPaid.

Balance, Surplus.

$27,000 (8)8400,000 *$311,452 15,579 (6)300,000 505,218

Total surplus Feb. 28 1918 was

Q u i n c y ( C o p p e r ) M i n i n g C o . , N . Y . & M i c h . — Earnings.Calendar Years— 1917. 1916. 1915.

Refined copper, lbs......... 22.195,577 21,065,612 22,054,813Gross income ..............---$6,350,500 85,400,874 $3,983,959Net income--------------------- $2,916,002 $2,806,739 $1,921,093Construe., renewals, &c_ 406,795 48,081 47,318Dividends................. (72% ) 1.980,000(64) 1760,000 (32)880,000

1914.15,356.380$2,054,622

$295,95890.365

(2)55.000Balance, surplus______ $529,267

-V . 106, p. 719. $998,658 $993,675 $150,593

R a y C o n s o l i d a t e d C o p p e r C o . — Earnings—Output (lbs.).Cal. Year— 1917. 1916. I 1917. 1916.Gross earns.$21,278,070 $20,060,783 , Sundry ch ’rges $715,133 8367,738Net earns.. 9.978,656 11,860,150 D iv id en d s___*6,624,152 4,337,954Otherincomo 437,647 224,015 Bal., surplus.$3,077,018 $7,378,473Total in c-.$1 0 ,416,303 S12.084.165!

♦Includes in 1917 dividends. $5,835,562, and $788,590 capital distribut'n.There were produced in 1917 S8.5S2.649 lbs. o f copper,against 74,9S3,540.1918— March— 1917 Decrease. I 1918— 3 Mos.— 1917 Decrease.

7.585.000 8,000.843 421,843 22,016.000 22.952.404 936,404— V. 106. p. 1040, 928.

( T h e ) R e c o r d i n g * C o m p u t i n g M a c h i n e s C o . , D a y t o n ,

O .—Bond Issue for Government Advance on War Orders.—A mortgage for $3,000,000 has been made to the Bankers Trust Co. of

N . Y ., as trustee, for the exclusive purpose o f securing advances from the Government on account o f the very large orders received— and is now filling. The bonds are not for sale, and (he advances, it is stated, will be paid in a very few months. In addition to enlarging its plant and installing additional equipment in the present buildings, large amounts are necessary for tho purchase o f raw materials and tho building o f small tools for the quick production o f the articles we are manufacturing. [Will I. Ohmer is President.)

R e p u b l i c I r o n & S t e e l C o . — Earnings for March Quarter.3mos.toMar.3l— 1918. 1917.

*Net earnings___ 53,527,730 81,81-1,592Other income___ 251,327 41,675

Total Income.. .$3,782,057 84,856,207 Depreciation, &c. $496,255 $252,498Exhaust, of min'Is 71,932 51,580

1918.Interest on bonds. 8192,101 Pref.div. HH%) - 437,500Com. div. (114%) 407,865

1917.$205,262

437,500407,865

Balance, surp_.S2,176,403 S3,50l,562* After deducting maintenance and repairs o f plants amounting to

$1,003,071 (against $721,334 for period in 1917), and also after providing for excess profits taxes, $1,021,589 for 3 mos. in 1917 and amount not stated for first quarter of 1917.

Finished and semi-finished orders on hand March 31 1918 amounted to 421,021 tons, against 593.019 tons on hand on Dec. 31 1917.

Those results are subject to change incident to excess profits and income tax rulings and to adjustment at the end o f the year, when tho accounts aro finally audited. ■ .



Annual Meeting.— The remarks of Pres. John A . Topping at the annual meeting on April 17, as reported by “ The Wall Street Journal,” are in substance as follows:

War Output.— Since last year a great change has com e over the country and one which brings your company under different obligations than previously maintained. In 1916 approximately 7% o f the company's output was in war materials. The pressure o f the war increased this slightly in 1917, but wo wore not largo contributors in that year to war materials and munitions, only about 10% o f our output being o f that character. I cannot say what percentage o f output in 1918 will bo for military purposes, but it will bo a large amount. W o may bo compelled to make larger expenditures for war account than heretofore in order to support the country. W e believe that conservatism is tho wise policy to follow, and that it is our duty also to work along that line, and if we maintain full strength we will be better able to support tho Government.

Government Requirements.— From tho present outlook it looks as if not loss than 50 to 60% o f the steel output o f the country will be called for by tho Government, and possibly more. In regard to the future prospects o f the business, with such a large tonnage o f steel output, 50% or more going to war purposes, the usual tonnage going into peaceful purposes will not be supplied. It is apparent that the capacity o f the com pany’s plants will be fully occupied, but at lower prices. But notwithstanding lower prices, with the facilities the company now enjoys, we contemplate a good year with reasonable profits.

Liberty Loan Subscriptions.— Recently we subscribed to $2,000,000 in Liberty bonds, and wo expect to subscribe to $1,000,000 more shortly for our employees, 70% o f whom are foreign-born. Only 11% o f that 70% aro citizens.

Appropriations.— W e havo now unexpended appropriations ot about $3,000,000 and substantial additional expenditures in contemplation. Tho total expenditures up to 1918 were a little over $34,000,000, so that tho company can bo said to have been reborn and remade.

Wage Increase.— Recently thero has been a 15% increase in wages which Increased our costs about $2 50 a ton, which means an increase o f $2,500,000 in the payroll. ' ,

Price Control.— The purpose o f Government control was to prevent a runaway market. Unless some brako was put upon values in tho present situation, we might havo had what might have been, in the long run, a disaster.— V. 106, p. 1041, 1032.

Seneca Power Corporation.— Initial Dividend.— •The initial semi-annual dividend o f 2H % has been declared on tho stock,

payablo April 16.— V. 102, p . 1991.Sharon Steel Hoop Co.— New Directors, &c.—

J. F . Byers and Robert Bentley, President o f Ohio Iron & Steel C o., have beon elected directors, increasing the board from 7 to 9 members.

The company, it is stated, is building two open-hearth furnacos, making a total in Youngstown o f six, with a daily capacity o f about 900 tons. A continuous sheet bar mill is also being installed.— V. 106, p. 1582, 934.

Sloss Sheffield Steel & Iron Co.— Earnings— Dividend.Earnings for the first quarter o f 1918 aro officially estimated at about

$1,250,000 net. after all charges and taxes. , , ,A quarterly dividend o f \'A% on tho common stock lias been declared,

payable M ay 10 to holders of record April 30. The last payment on this stock was made in Feb. 1917 when a like amount was declared.— V. 106, p. 1473, 1455.

Southern California Edison Co.— Lease Proposed.— •A San Francisco exchange states that this company and the city o f Pasa

dena have applied to the Cal. R R . Commission for permission to execute a lease for two years o f tho com pany’s electrical distributing system in Pasadena to the city, with an option to purchase, and an agreement by which the city buys its electrical energy wholesale from the company. Tho leased property is valued by the company at $513,102, and tho rental rate is to bo 8% per annum on the abovo sum, with an additional rental for extensions made after Dec. 31 1917.

Earnings.— „— So. Calif. Edison Co.------S. C. Ed. Co.&Contr.Cos-

Feb. 28 Years— 1917-18. 1916-17. 1917-18. 1916-17.Gross earnings_________ 88,168,531 $8,409,356 $9,938,570 §9>§31,8.)1N et, after taxes_______ $5,259,223 $5,043,306 $5,S94,368 $5,600,031Fixed, &c., charges____ 2,523,099 2,270,441 2,880,703 2,650,589

S urplus_____________ $2,736,124 $2,772,865 $3,013,665 $2,949,442— V. 106, p. 1365, 1349.

Southern California Telephone Co.— Indenture.—This company has filed with the Calif. R R . Commission an application

for authority to execute a supplemental indenture to a mortgage recently authorized, securing an issue o f $12,000,000 5% 30-year gold bonds. The supplmental indenture is to further qualify these bonds.— V. 103, p . IJoo.

Spring Valley W ater Co.— New Director.—J. E . Behan succeeds J. M . Quay as director.— Y. 106, p. 1582.Stafford (Cotton) Mills Corp., Fall River.— Extra Div.

Press reports state that an extra dividend o f l H % has been declared on the stock along with the regular quarterly 1K % , both payable M ay 1 to holders o f record April 11.— V . 105, p. 1622.

Standard Parts Co., Cleveland.— Stock Decrease.—Announcement is made that this com pany’s capital stock has been de

creased from $35,000,00 to $34,324,000 — V. 105, p . 1004.

Standard Roller Bearing Co.— Receiver Discharged.—Judge Dickinson in the United States District Court has signed an order

discharging Error Kerr as receiver.— V. 104, p . 1050.

Stevens Mfg. Co., Fall River.— Dividend Increased.—Roports state that this company has declared a regular quarterly dividend

o f 2 'A% , payable on demand, this being an increase o f 1% from its usual rate.— V. 103, p . 1597.

Studebaker Corporation.— Status—New Director.-—Pros*. A. It. Erskino confirms for tho “ Chronicle” tho statement that tho

net profits for tho current yoar are estimated at $6,000,000, an increase of $2,500,000 over 1917. Although 50% o f tho plant capacity lias been utilized for Government work, tho production this yoar, it is expected, will reach 30,000 cars. Upon the termination o f tho war. tho company will be able to provide for the production o f 125,000 cars annually.

Arthur Lehman succeeds M ajor Ilorbort Lehman as director.— V . 106, p. 1466, 1349.

Submarine Boat Corp.— Shipbuilding Progress.—■At this com pany’s shipyard near Nowark, N . J ., tho 28th keel has been

laid and construction o f tho 5.500-ton cargo vessels is progressing rapidly. Vice-Pros. Sutphen is quoted as saying: “ 15,000 men will bo employed in tho plant. Tho work on tho entire 28 ships will progress at ono time and when the plant is operating at its maximum capacity it is expected to com plete ship will be produced every two working days.” — V . 106, p. 1573,1466.

Swift & Co., Chicago.— Additional Stock Compatible with National Interest.— F. S. Hayward, under date of April 16, addressed the stockholders as follows:

W o take ploasure in informing you that tho Capital Issues Committee of the Federal Reservo Board, Washington, D . C ., in a letter addressed to Swift & Co. under date o f April 9 1918 expresses tho opinion that tho proposed issuo'of $25,000,000 additional stock o f this company, to bo offered to tho stockholders for subscription at par, o f which notice was mailed you on April 11 1918, is compatible with tho national interest.

T o avoid any inference that tho Committco has passed upon tho proposed Issuo o f $25,000,000 of stock o f tho company to bo distributed to tho stockholders without cost to them, wo would explain that tho province o f tho Committeo does not extond to transactions which do not involvo tho use or employment o f new capital, and therefore tho Committeo expresses no views whatever as to the propriety or desirability o f tho distribution to tho stockholders o f such stock. , , ........................

For statement o f Pros. Louis F. Swift, icc., see last wook s "Chronicle. — V. 106, p. 1583, 1466.

Tennessee Copper & Chemical Co.— Acid Status.—See International Agricultural Corp. In last weok’s issuo, V. 106, p . 1581.

— V . 106, p. 1371, 934.T e x a s C o m p a n y . — New Fiscal Year—Pipe Line.—Press roports, which the Now York representatives o f tho company bollevo

to emanate from the Houston office, state that tho fiscal year has been changed to tho calendar year, but it is still uncertain whether a report will bo issued for the 12 months ended Dec. 31 1917. For tho 5 months to N ov. 30 last theTgross earnings were $30,848,000, averaging over $6,000,000 a month (see V. 106, p . 187).

The com pany’s subsidiary, tho Texas Pipe Lino C o., has decided to lay an eight-inch oil pipe line from Fort W orth, T ex., to its producing properties in tho now fields near Ranger, T ex., a distance o f about 100 miles.

The Pralrio Oil & Gas Co. (V . 106. p . 719, 1582) is also about to build an 8-in. pipe line from Cushing, Okla., to its proposed refinery at Houston, via Burkburnet and Electra, passing through tho Ranger district, where it has taken leases o f properties owned by tho Texas & Pacific Coal Co. Tho last named com pany is said to have bought hi a 15,000,000-it. gas well on tho Binney farm in this district early in February (V . 106, p . 1371, 1236, 719).— V. 106, p . 187. 196, 404.

T o b a c c o P r o d u c t s C o r p o r a t i o n . — New President.—George J. Whelan has beon elected President to succeed Goorgo L.

Storm, now Vice-President.— V. 106, p. 1583, 935.

T r i - S t a t e T e l e p h o n e & T e l e g r a p h C o . , M i n n . —

This company and the Northwestern Telephone Exchange havo applied to tho Minnesota Railroad & Warehouse Commission for approval o f a plan to unify the telephone service in Minnesota on July 1. It Is understood that< tho Commission look with favor on tho proposals which if effected will result in tho Tri-State company being assigned an exclusive field tho southern part and tho Northwestern tho northern part ot State.

The zones will be divided by the northern boundary lines o f Washington and adjoining counties west o f Yellow Medicine County. Iho Northwestern Company will continuo to operato through toll lines extending from Minneapolis and St. Paul southward through Red Wing, Wabasha and Winona to La Crosse, eastward to Wisconsin, via Hudson, southward into South Dakota, via Mankota and Worthington, and from Granite Falls, via Marshall and Pipestone. „ . . „

The Tri-State company asks permission to acquire all the property, & c., o f the Northwestern company and its subsidiaries in St. Paul, White Bear, Faribault, Winona, M ankato, Stillwater, Albert Lea, Red Wing and 21 others, and also to buy and operato tho lines o f tho Standard telephone C o. in Preston, Caledonia and other towns in Fillmore and Houston^ l’he* Northwestern Company is to acquire tho Tri-Stato exchanges and lines in Minneapolis, Badger, Bralnerd, Litchfield and 2b other northern towns, and it is also to buy tho majority capital stock and other holdings o f tho Tri-State company in the Zenith Telephone C o., operating exchanges at Duluth, Cloquot and Carlton, and four othor companies.— V. 103, p . 143.

T r u m b u l l S t e e l C o . , W a r r e n , O h i o . — Stock Increase.—The shareholders will shortly vote on increasing tho authorized capital

stock from $12,000,000 to $20,000,000, tho now stock to bo all common, making $14,000,000 o f that class and $6,000,000 preferred. After approval o f tho Capital Issues Committee, tho proceeds will bo used for plant ex-tU A'reccntfpress report stated that tho com pany’s earnings, after taxes and

. . . ........i. .. I • . 1 r»1 rr n n n / « Ln nirnnaiYn ntvmunf nf nnmninjl

* in 1917 the company shipped 160,000 tons o f sheet and tin plato and strip steel. Of this, 60,000 tons was tin plato or approximately 1,200,000 baso boxes. Finishing capacity for 1918 is 230,000 tons. Tin plate output for 1918 will bo at rate o f hotter than 1,500,000 baso boxes.— V .106, p .1236.

T u x p a m S t a r O i l C o r p o r a t i o n . — Stock Increase.—This company has increased its authorized capital stock from $5,000,000

to $20,000,000.U n d e r w o o d T y p e w r i t e r C o . — Estimated Output.—

Reports state tho company plans to increase its output by about 33 % this year, bringing the total machines turned out for 1918 up to about 2,000,000. The domestic business o f tho company is so great that orders for 60,000 machines remain unfilled.— V. 106, p. 812, 720.

U n i t e d C i g a r S t o r e s C o . o f A m e r i c a . — Estimated Sales.J. R . Taylor, Vice-Pros.. advises us that judging from the sales for the

first three months o f 1918, the sales for tho year would total $50,000,000.— V . 106, p. 922. 606.

U n i t e d F r u i t C o . — Status.—Despito tho fact that tho taking over by tho Government o f certain of

tho com pany’s ships for war purposes has resulted in a decline said to amount to about 10% in the imports o f bananas, as compared with 1916-17 figures, with profits derived from tho sugar business o f tho Nipo Bay C o., now owned (V. 105, p. 2004), it is believed that earnings will bo amply sufficient for bond interest and a balance for tho stock.— V. 106, p . 1371, 935.

U n i t e d G a s & E l e c t r i c Co. ( I n d i a n a ) . — Rates Advanced.Tho Kentucky P. U. Commission has granted this company permission

to increase gas rates at tho Jefferson plant from $1 to $1 20 not during period o f tho war. Rates in New Albany aro increased 15% . Of theS i.000,000 United Company’s stock $900,000 is owned by the Louisvillo Northern R y. & Lighting C o. (V . 94, p. 1626).— V. 95, p. 1044.

U n i t e d O i l & F u e l C o . — Receiver Appointed.— •The Delaware Trust Co. has beon appointed rcceivor for this company;

capitalized at $3,000,000, by Chancellor Curtis in tho Delawaro courts.

U n i t e d P u b l i s h e r s C o r p . , N. Y .—New Stock, &c. —

Stockholders on March 29 approved the increase in auth. capital stock from $5,750,000 to $8,235,000 (par $100), consisting ot $3,625,000 common (increased from $3,125,000). S i ,500,000 7% cum. class A pref. stock. $1 125 000 6% cum. class I! preferred, and a now class o f $1,985,000 6% cumulative founders preferred stock. Tho proceeds from tho sale or Founders preferred will do used to retire tho com pany’s $1,800,000 collateral trust 6% gold bonds, duo M ay 1 1941. Tho new stock has not as yet beon issued .The'company was incorporated in Delawaro in 1911 as a holding com pany, to acquiro David Williams C o., Root Securities C o., and Class Journal C o., publishers o f trade papers in tho iron, steol, dry goods, shoo and leather and automobile industries. For further details o f publications and offering o f stock, see V. 93, p . 1390. , , ,, , r. Tn,mi„<,

Officers and Virectors.— II. M . Swotland (ITes.), Clias. G . 1 lulllps (Vice-Pres.), W. H. Taylor (Treas.), A . O. Pearson (Sec.), E . J. Rosen- crans, W m. I. Ralph, M . C. Robbins, F. J. Frank, G. E . Sly, A. B. Swet- land, and Chas. G . R oot.— V. 106, p. 928.

U n i t e d V e r d e C o p p e r C o . , N. Y .— Dividend.—A dividend of $1 50 per share on tho stock was paid April 17. Tho com

pany omitted tho dividend entiroly in Jan. but paid $7 per share in both February and M arch.— V. 106, p. 404.

U t a h C o n s o l i d a t e d M i n i n g C o . — Earnings.—Cnl Years__ 1917. 1916. I 1917. 1916.

Total profits.$3 ,496,805 S4.773.962 Divs. .(70)$1,050.000(75)$1425.000 Net profits- . $723,323 $1,863,427|Balanco-def.$326,678 sur.$738,427 — V. 105. p.2280.

U tah Copper Co.—Output (lbs.) .—1918— March— 1917 Increase. I 1918— 3 Mos.— l 9 1 ?

16,380.000 15,512.676 867,3241 41.780,000 42,886,316— V . 106. p. 1040. 935.

Decrease.1,106,316

For oth er Investm ent News, see page 1699.



ILLINOIS CENTRAL RAILROAD COMPANY

S IX T Y -E IG H T H A N N U A L REPORT— FO R T H E Y E A R E N D E D D E C E M B E R 31 1917.

To the Stockholders of the Illinois Central Railroad Company:The Board of Directors herewith submit report covering the operations and the affairs of the Company for the year

ended December 31 1917.The number o f miles operated on December 31 1916 was-------------------------------------------------------------------------------------------------------------------------------------------- 4,766.19Decreases in mileage duo to shortening line:

January 25 1917, between Effingham, 111., and Evers, 111..................................................................... ....................................................................... .. .02M ay 1 1917, at Effingham, 111------------------------------------------------------------------------------------------------------------------------------------------------------------------ .20 .22

The number o f miles o f road operated on December 31 1917 was---------------------------------------------------------------------------------------------------------------------------- 4,765.97The average number o f miles o f road operated during the year was______________________________________________________________________________ 4,766.04

IN C O M E .There is submitted below the income account of your Company for the years ended December 31 1917 and 1916.

Average miles operated during year-------------------------------------------Railway operating revenues: . . . . . . .

Freight (including bridge tolls and miscellaneous freight)------Passenger (including bridge tolls and miscellaneous passenger)M ail....... ...................................- ---------------------------------------------------------Express__________________________________________________________Other passenger train____________________________________________Other transportation____________________________________________Incidental and joint facility------------------- -------------------------------------

Total railway operating revenues..............................................Railway operating expenses:

Maintenance o f way and structures-------------------------------------------Maintenance o f equipment----------------------------------------------------------T raffic............................. - ................. ................. .......... ................... ..........T ransportation -----------------------------------------------------------------------------Miscellaneous operations--------------------------------------------------------------General..... .............— -------------------- --------------------------- --------------------Transportation for investment— Cr_____________________________

Total railway operating expenses..............................................N et revenue from railway operations______________________

Railway tax accruals---------------------------------------------------------------------------Uncollectible railway revenues_______________________________________

Railway operating incom e__________________________________Non-operating incom e_______________________________________________

Gross incom e_______ _______________________________________Deductions from gross incom e_______________________________________

N et in com e_________________________________________________Disposition o f net income: _ .

Income applied to sinking and other reserve funds....... ...............Income appropriated for Investment in physical property--------

Total appropriations o f incom e-------------------------------------------Incom e balance transferred to credit o f profit and loss-------------------

1917.4,766.04

$63,126,728 10 17,099,134 53

1,404,920 54 2,336,826 30

595,199 87 960,607 34

1,621,369 69$87,144,786 37

$11,289,315 48 18,214,178 18

1,332,010 77 29,076,857 91

559,450 05 2,083,164 64

Cr.215,142 62$62,339,834 41$24,804,951 96

$6,186,364 94 12,370 40

$18,606,216 62 8,009,365 40

$26,615,582 02 11,424,255 73

$15,191,326 29

$118,200 00 56,933 21

$175,133 21$15,016,193 08

1916.4.766.79

$53,325,517 13 14,435,403 96

1,256,084 65 2,077,453 35

507,077 06 905,909 53

1,232,820 64

$73,740,266 32

$9,921,656 27 16,980,995 16

1,303,244 08 22,553,003 57

425,364 01 1,848,339 22

Cr. 189,452 84$52,843,149 47$20,897,116 85

$4,116,065 26 21,812 59

$16,759,239 00 13,015,830 71

$29,775,069 71 12,147.867 67

$17,627,202 04

$114,125 00 46,664 72

$160,789 72$17,466,412 32

IncreaseDecrease

( + ) (— ).

+$9,801 +2,663

+ 148 +259

+88 + 54

+388

-0.75,210 97 ,730 57 ,835 89 ,372 95 ,122 81 697 81 ,549 05

+$13,404,520 05

+$1,367,659 21 + 1,233,183 02

+28,766 69 +6,523,854 34

+ 134,086 04 +234,825 42 — 25,689 78

+$9,496,684 94+$3,907,835 11 +$2,070,299 68

— 9,442 19+$1,846,977 62 — 5,000,465 31

— $3,159,487 69 — 723,611 94

— $2,435,875 75

+$4,075 00 + 10,268 49

+$14,343 49

— $2,450,219 24

Tho operating revenues, which amounted to $87,144,786 37, an increase of $13,404,520 05, or 18.18 per cent over the previous year, were the largest in the history of the Company. The operating expenses amounted to $62,339,834 41, an increase of $9,496,684 94, or 17.97 per cent over the previous year. Increases and decreases in revenues and expenses are shown in detail in Tables 2 [on a succeeding page] and 10 [pamphlet report].

Taxes amounted to $6,186,364 94, an increase of $2,070,299 68, or 50.30 per cent over last year. The largest increase was in Federal taxes, which amounted to $1,929,135 89, an increase of $1,697,853 90, due largely to the so-called war taxes. Other taxes, including the charter tax due the State of Illinois, amounted to $4,257,229 05, an increase of $372,445 78.

The non-operating- income of $8,009,365 40, details of which will be found in Table 2, on a succeeding page, was $5,006,465 31 less than last year. This is explained by the failure of tho Yazoo & Mississippi Valley Railroad Company tojpay interest on tho Louisville New Orleans & Texas Railway Company Second Mortgage Income Bonds, and the Dubuque & Sioux City Railroad Company to pay dividends on its capital stock, from which sources $4,924,469 30 and $684,199 20, respectively, were received last year from the operations of thoso companies for a period of eighteen months, as explained in tho previous annual report. The two companies retained their income for this year to pay for improvements, and for other investment purposes. Tho loss in income from these sources was partially offset by a semi-annual dividend on Central of Georgia Railway Company stock of $574,962 50 accrued in Decombor 1917.

ASSETS A N D L IA B ILITIE S.Tho General Balance Sheet, Table 4, shows the financial condition of the Company on December 31 1917 as compared

with the previous year.The securities, heretofore carried as contingent liabilities and similar items, have been reclassified in the accounts and

are now included in tho funded debt of the Company, reverting to the treatment thereof prior to 1915, and for comparative purposes tho balance sheet for last year has been restated correspondingly.

The following is an explanation of the important changes in “ Investments” and “ Funded Debt” during the year:

IN V E ST M E N T S.“ Road and Equipment” increased $11,863,699 73, details of which are shown in Table 10 [pamphlet report].

There was a decrease of $131,440 20 in “ Investments in Affiliated Companies— Stocks” as follows:Capital Stock o f the Dunloith & Dubuquo Bridge Company, par value, $1,000,000 00, was sold to the Dubuque & Sioux

C ity Railroad Company for its book v a lu e -.. ......................... ............................ ............... ............................. ................... ........................................... $1,133,990 20Madison Coal Corporation capital stock purchased at par............................................ ............................................. ............ ..................... $1,000,000 00Dubuquo & Sioux C ity Railroad Company capital stock, par value $3,000 00, bought f o r . ...................................... ............................ 2,550 00

---------------------- 1,002,550 00N et decrease-------------------------------- ---------------------------------- -------------- ------------------------------------------------------------- -------------- ------------------------------------ $131,440 20

The increase of $6,105,499 18 in “ Investments in Affiliated Companies— Bonds” is explained as follows:Dubuquo & Sioux C ity Railroad Company Four Per Cent Debenture Bonds received in payment for capital stock o f the

Dunloith & Dubuquo Bridgo Company and for advances for additions and betterments during the year------------------------$3,346,958 58Falls & Sioux C ity Railroad Company First M ortgage Seven Per Cent Bonds matured October 1 1917, purchased___ 2,765,040 60Iowa

Peoria & Pekin Union Railway Company Five Per Cent Dobonturo Bonds, matured August 1 1917, redeemed, par value.$6,111,999 18

6,500 00N et Increase______________________________________________________________________________________________________________________________ $6,105,499 18

The iucrease of $15,622,675 00 in “ Investments in Affiliated Companies— Notes” represents notes of the Mississippi Valley Company received for advances.



There was an increase of $665,049 05 in “ Investments in Affiliated Companies— Advances” representing advances to subsidiary companies for improvements, etc., as shown in Table 6.

“ Other Investments— Bonds” decreased $14,414,726 90, as follows:Tho Yazoo & Mississippi Valley Railroad Company Gold Improvement Bonds sold---------------------------- --------- - .......... - - ......................- ............... - $7,963,000 00Louisville Now Orleans & Texas Railway Company Land Grant Non-Cumulativo Incom e Six Per Cent Bonds Sold.................. ...............__ 6,553,271)90

$14,516,276 90United States Liberty Loan Bonds purchased------------------------------------------------------------------------------------------------------------------------------------------------- 101,550 00

N et Decrease_________________________________________________________________________________________________________________________ $14,414,726 90

F U N D E D D E B T .

There was an increase in “ Funded Debt” of $13,330,170 00, made up as follows:Illinois Central Railroad Company Refunding M ortgage Gold Bonds issued during tho y e a r . . ...................................... ............................ — - - $9,360,000 00Illinois Central Railroad Company and Chicago St. Louis & New Orleans Railroad Company Joint First Refunding M ortgage Bonds,

Series “ A ,” issued: o one m o n oFor improvements________________________________________________________________________________________________________________________ 8 i-roVn noFor conversion o f sterling bonds into dollar bonds---------------------------------------------------------------------------------------------------------------------------- - - - - iZ'nnn oo

Real estate mortgage assumed by tho Company in connection with acquisition of real estate for station purposes at 53d St., Chicago, 111.. 15,000 00$17,598,170 00

Less: Equipment trust obligations retired and canceled:Illinois Central Uailroad Company First Lion Equipment M ortgage-------------------------------------------------------------------------------- $2,160,000 00Illinois Central Railroad Company Equipment Trusts: _______ _ „ „

Series “ A ” .............. ............................................... ..............................................................................- ------------------------------- -------------- 800.000 00Series *‘B ” ................ ................... .......... ........ ......................................... - .......... .................................. .................................................. 350,000 00Series " C ” ..................................................... .............................. .................................... .............................................................- ............. 198,000 00Series “ D ” _____________________________________________________________________________________________________________ 190,000 00

Chicago St. L ou is '* New Orleans Railroad Company Equipment Trust, Series “ A ” ------------------------------------------------------- 570,000 00----------------------------------------- 4,268,000 00

Net Increaso for tho year---------------------------------------------------- $13,330,170 00

“ Funded Debt Held in Treasury” increased $12,336,100 00, as follows:$9,360,000 00 of Illinois Central Railroad Company Refunding Mortgage Gold Bonds were issued during tho year, of which

$3,000,000 00 were sold in January 1917, leaving a balance in tho treasury o f ................................................... .............................. .. $6,300,000 00Illinois Central Railroad Company and Chicago St. Louis & New Orleans Railroad Company, Joint First Refunding Mortgage Bonds,

issued during the year for improvements, and unsold at the close o f tho year, amounted to -------------------------------------------------------------- 8,206,100 00T o t a l . . . ............................. - ................. ................... ....................... - ............................................. - ............................................................................ $14,506,100 00

Securities held in the treasury were retired and canceled under tho terms of tho Trust Agreements, as follows:Illinois Central Railroad Company First Lien Equipment M ortgage-------- ------------ ------------------------------------------ ----------------------- $2,160,000 00Chicago St. Louis & New Orleans Railroad Company Equipment Trust, Series “ A ....... ................................ - .......................... <0,000 00 n nnn nnn nn

■ 1 1 ■ JoU,UUU UU

Net increase_____________________________________________________________________________________________________________________ S12,336,|00 00

ROAD A N D E Q U IP M E N T .A summary of the more important improvements during the year, the cost of which was charged wholly or in part

to “ Road and Equipment” is submitted below:A D D IT IO N S A N D B E T T E R M E N T S — RO A D .

One hundred and nine new industrial sidings were built or extended, resulting in a not addition of 1.27 miles, after allowing for industrial tracks taken up. , . _

Two hundred and fifty-six new Company sidings were built or extended, a not addition of 64.30 miles. Included therein were additions to yard facilities of 9.37 miles of track at Wildwood, 111.; 1.41 miles at Contralia, 111.; 3.13 miles at Palestine, 111.; 5.15 miles at Nonconnah Yard, Memphis, Tenn.; and 7.38 miles at Ilarahan, La.

The elevation of tracks at Indianapolis, Ind., was completed. Grade elimination work between 79th and 116th Streets, Chicago, III., was continued. . . .

Construction of a cut-off, 17.5 miles in length, from Providence, K y ., to Dawson Springs, K y ., is in progress. The construction of a third track from Bois, 111., to DuQuoin, 111., 12.4 miles in length, was started and practically completed at the close of tho year. Rearrangement of tracks between Randolph Street and 70th Street, Chicago, 111., permitting of tho construction of two additional main tracks between 23d and 43d Streets, was completed. The extension of Tracks Nos. 5 and 6 from Kensington, 111., to Riverclale, 111., was commenced.

Grade separation work at East Junction, Memphis, Tenn., is in progress. Grado reduction botween Dawson Springs, K y ., and Scottsburg, K y ., was started during tho year. .

The replacement of tho present singlo track bridgo over tho Kankakeo River, Kankakee, 111., with a four-track reinforced concrete structure, and tho renewal of tho St. Charles Air Line bridgo over tho South Branch of the Chicago River, with double track singlo leaf bascule span, wore commenced. The renewal of bridges over street crossings, 63d to 67th Streets, Chicago, 111., was continued, and similar work on tho bridges from 51st to 63d Streets, Chicago, 111., was commenced during the year.

The work of lining the Peterson Tunnel, at Unionville, Ind., was completed.Tho electric interlocking plant at Rockport, K y ., was completed and put in operation during tho year. Tho installa

tion of similar facilities at Pullman Junction, 111., is in progress.Construction of subway at College Avenuo, Bloomington, Ind., referred to in tho previous report, was completed

during tho year, and other subways at Walnut Street and Indiana Avenue, in tho same city, were also completed. Tho construction of subways at California Avenuo, Chicago, 111., and 12th Street Stato Aid Road, Broadview, 111., was commenced. The subway at Keel Avenue, Memphis, Tenn., was commenced, and practically completed.

The new depot and office building at 63d Street, Chicago, 111., and tho new passenger station at Mattoon, 111., were completed. Suburban stations at 103d Street and 111th Street, Chicago, 111., wore also completed; and now stations at 82d Street, Chicago, -111.; Olympia Fields, 111.; and Marcus, la ., were practically completed at tho close of the year. A new freight house was constructed at Kankakee, 111., and extensions made to those at Rockford, 111., and Fort Dodge, la ., completed. The construction of now freight stations at Grand Crossing, 111., and Champaign, 111., is in progress. Combination freight and passenger stations were constructed at Euclid, la ., Hills, M inn., and Genesee, La.; and station buildings wero enlarged or improved at Harvey, 111., Christopher, 111., Greenville, K y ., Corydon, K y ., Martin, Tenn., West Point, Miss, Holly Springs, M iss., Red Bay, A la ., and Paducah, Ky.

A new 150,000 gallon steel tank was erected at Matteson, 111., and new steel tanks of 100,000 gallons capacity each were installed at Kankakeo, 111., M t. Pulaski, 111., and Webster City, la. A new 100,000 gallon wooden tank was erected at Mattoon, 111. The construction of a dam at Princeton, K y ., to provide a reservoir for tho storage of water was started during tho year. t

New coaling stations are being constructed at Kankakee, 111., Gilman, 111., Dugger, IncL, Osage, la ., and Durant, Miss. Tho construction of new mechanical facilities at Louisville, Ivy., Burnside, 111., and Palestine, 111., was completed. Additional mechanical facilities are being constructed at Kankakee, 111., Mattoon, 111., Clinton, 111., and Jackson, Tenn. Extensive improvements were undertaken during tho year in similar facilities at Effingham, 111., Freeport, 111., Waterloo, la ., and Memphis, Tenn. _

Block signal work covering single track involving 90.8 miles of track botween Broadviow, 111., and Freeport, 111.; 3.4 miles between Waterloo, la ., and Mona Siding, la .; 55.9 miles between Gilman, III., and Do W itt, 111.; 47.1 miles botween Birkbeck, 111., and Springfield, 111.; and 1.4 miles between Fulton, Ivy., and Oakes, Tenn.; and 12 miles betweon Princeton, K y ., and Eddyville, K y ., for doublo track, was in progress at the close of tho year. Block signal work on tho Mississippi and Louisiana Divisions, referred to in tho previous report, has been completed, with tho exception of the lino between Vaughan, M iss., and Canton, M iss., on the Mississippi Division, and between Canton, M iss., and Asylum, M iss., on the Louisiana Division. With the completion of this work tho line botween Chicago, 111., and New Orleans, La., will bo completely block signaled. There were installed and placed in operation 381 track miles of automatic block signals, which, with tho trackage previously equipped, makes a total of 2,081 miles of protected track at the close of the year.

3,751 lineal feet of permanent bridges and trestles were constructed, replacing tile and timber bridges, trestles and embankments; 578 lineal feet of permanent bridges and trestles and 12,264 lineal feet of pilo and timbor bridges and trestles wero rebuilt or replaced by embankments. -

Forty-four miles of track wore ballasted or re-ballasted and brought up to present standard.


Apr. 20 1918.] THE CHRONICLE 1695A D D IT IO N S A N D B E T T E R M E N T S — E Q U IP M E N T .

Fourteen six-wheel type switch locomotives were added, and four locomotives retired, resulting in an increase of ten for tho year, with an increase of .100,380 pounds, in tractive power. Eighteen locomotives of various types were converted into superheated locomotives.

Forty-two new passenger-train cars were added, fifteen refrigerator cars were equipped with passenger trucks and transferred from freight to passenger equipment classification, and two cars were transferred from work to passenger cars making a total of fifty-nine cars added during the year. Five cars unfit for further service were retired, and three cars wero converted into work cars, making a net increase of fifty-one cars for the year.

Three thousand and sixty new freight-train cars were added, and one thousand two hundred and sixty-one were sold, destroyed, or transferred to other service, making the not increase one thousand seven hundred and ninety-nine cars for tho year. Five thousand six hundred and seventeen cars were rebuilt during the year. The average capacity of cars owned at tho close of tho year was 42.15 tons, as compared with 41.76 tons last year. The total capacity of cars was 2 659 500 tons this year, as compared with 2,559,290 tons last year.

A D D IT IO N S A N D B E T T E R M E N T S — E X P E N D IT U R E S .There was expended during the year for Additions and Betterments (including improvements on subsidiary properties)

$15,642,690 87. The following is a classified statement of these expenditures:

Road:Engineering

Additions and Betterments on Owned

e n g in e e r in g --------------------------------------------------------------------------------------------------------------------------------------------- _ S 77 146 QflLand for transportation purposes-----------------------------------------------------------------------------------------------------324 452 18Tunnels and subways________________________________________ “ °'i 'sqkBridges, trestlos and culverts-----------------------------------------------------" " " 329 496 40

.............................................. - ................................................. i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i 157:593 49o t h e r t ra ck m a te r ia l------------------------- ------------------- - ............................................ - 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 3 4 5 : 3 9 1 2 0Hal last---------- ----- - - -------------------------------------------------------------_ -------1 or) 047 7 qT r a c k la y in g a n d s u r fa c in g — ____________ _____ ________ _______________ ___________' ____________ ________ 271 604 inRight of way fences............................................................................. ..................... 8 352 12Snow and sand fonces and snowsheds________________________ '712 87C r o ss in g s a n d s ig n s .............................. ................................. .....................................I H I I I ........................................ 2Q 7 74

W a t e r s t a t io n s --------------------------------------------------------- -------- ------ . . . __ ________ 9 2*758 13F u e l s t a t io n s ......................................................................................................................... .................................................. 4 1 4 7 1 9 4

ra in e le v a t o r s ......... .......................................................................................................... ................. .......... ............. 4 3 5 ,4 1 5 623,900 47

OralWharves and docks.Coal and ore wharves______________________________________Telegraph and telephone lines___________ ________ _________ 37' 372 'n oSignals and Intcrlockers__________________ i « 'w n qq

n l . n l H .illH Irw io ------------------------------------------------------------------------------------------------------------------------- 1 5 7 8 5 g g

1.464 65 1,160 12 2.983 64

11.590 76 90.220 07

8.464 04 94.527 98

Power plant buildings ______Power transmission systems__________Power lino polos and fixtures_________Miscellaneous structures___________ I IPaving______________________________Roadway machines_________________ ”Roadway small tools_______________ IIAssessments for public improvementsOther expenditures— R oad............ ........................... .......... 741*929 20Shop machinery.................................................I . I I I I I I I I I I I ................................................................... 166*166 67Power plant machinery............................. ” 74*589 89Steam locom otives........................................................................................................................................................ 480.853 89Freight train cars..........:.......................................................... .......... ................................ ........ ................................. 5.597.425 19Passenger train cars.......................................... ........................................................................................................... 666.162 67Work equipment ................ ........ ..................... ..................... ................... .................................................... .......... 92,481 27Miscellaneous equ ipm ent_______________________________________________________________ 3,036 90

Gonerai:Organization expenses___________________________________________________________________Interest during construction____________________________________________________________ " 14 685” 19

Advances for Additions and

Betterments to Lines of Subsidiary

Companies. 870,855 48 182,760 18 384,136 02392,394" 17

70.093 43 196,086 65 328,358 75

52,152 50 137,288 92

9,474 71 403 44

41,669 60 170.152 93 68,243 92

126,010 57 7.880 02

174,816 51 65.539 52

844 87 924 17

27.375 39 353.438 31

9,561 70 0 .2 3 86

0 .1 4 0 08 903 32

10,538 23 68.806 15

1,228 22 53,976 00 91,716 56 95,474 24 6,087 20

120,042 00 449,958 00

2 00 9,961 40

TotalExpended. 8148,002 38

507.212 36 639,690 00

1.896 55 721.890 57 177.686 92 433,981 49 673.749 95 172.200 28 408,893 02

17,826 83 1,116 31

107,967 34996.729 36

86,888 05218,768 70

49.351 96 610,231 83

65,539 52 4,745 34

924 17 64,748 48

548.729 30 25.347 55

1,440 79 1.020 04 3,886 96

22.128 99 159.026 22

9.692 26 148.503 98 835,946 86 261,640 91

80.677 09600,895 89

6.047.383 19 666.162 67

92.481 27 3,036 90

2 00 24.646 59

811,863,699 73 $3,778.991 14 $15,642.690 87

• 1 following shows the amount advanced during the year to each of the subsidiary companies, these amounts beingincluded in total advances shown in Table N o. 6 of this report:Benton Southern R R . C o_________________________________________ _Bloomington Southern R R . C o ____________________________________ IIBlue Island R R . C o _______________________________________________ H H QCanton Aberdoen & Nashville R R. C o ---------------------------------------- ,.4Chicago St. Louis & New Orleans R R . C o -------------------------------- ■'— „ nccDubuque & Sioux City R R . C o -------------------------------------------------Ilarrin Northern RR. C o ------ --------------------------------------------------I I I ' I 7 —Kensington & Eastern RR. C o ----------------------------------------------- ”Omaha Bridge & Terminal R y. C o -----------------------------------South Chicago R R . C o _________________________________II

$16

6663

C r . l7

.952 00 180 92

.725 76

.418 85 781 32 385 67

51 81 ,722 85 ,875 67 ,099 15

Total. -$3,778,991 14

M A IN T E N A N C E OF W A Y A N D STRU C TU RE S.o Expenditures for maintenance of way and structures amounted to $11,289,315 48, an increase of $1,367,659 21, or

13.78 per cent over tho previous year.On account of the shortage of materials and labor, the maintenance program of tho year was not completed, but reserves

wero created and carried forward for completion of tho program for ronewals of rails, cross ties, track fastenings and other track materials, there was charged to operating expenses for those items $958,626 73 more than was actually expended this amount being included 111 tho increase m operating reserves as shown in the general balance sheet.

Somo of the more important renewals during tho year, the cost of which was charged to operating expenses, were as follows:

1 >539,toy cross ties were renewed, being equivalent to 515.59 miles of continuous track, and amounting to 6.76 per cent of all ties in track, including sidings. ^

•i m.^os frac^ wore relaid with new steel rail and 67.14 miles with second-hand steel rail. Of the new rail, 11miles replaced tho same weight and 165.43 miles replaced a lighter pattern; of the second-hand rail, 12.18 miles replaced the same weight, and 7o.96 miles replaced a lighter pattern. The cost of the increased weight of rail was charged to Road and Equipment account.

4,882 lineal feet of pile and timber bridges wero replaced by ombankments.940 lineal feet of iron and 4,399 feet of concrete pipo culverts wero installed.567 miles of ballasted track were repaired or renewed to restore tho track to its original standard.

m a i n t e n a n c e o f e q u i p m e n t .

. , ^ho expenditures for maintenance of equipment were $18,214,178 18, an increase of $1,233,183 02, or 7.26 per cent, including charges for depreciation of $474,737 67 more than for last year.

185 locomotives wero given general repairs, and 470 thorough ropairs: 87 passenger train cars were given heavy repairs and 541 medium repairs. #

Tho average mileage per serviceable locomotivo was 31,202 miles, and tho average age of locomotives was 13.08 years of rovonuo froight train cars 10.08 years, and of passenger train cars 15.04 years.

g e n e r a l r e m a r k s .Iho President of tho United States by proclamation of December 26 1917, took control at twelve o’clock noon on

December 28 1917, of the transportation systems of tho country as a war measure, but for the purpose of accounting said control dated from twelve o clock midnight December 31 1917.

During tho year under review $15,642,690 87 was expended' for improvements to roadway and structures, and for new equipment, in continuation of tho policy of recent years to add to and better the facilities commensurate with the incroaso in business. Tho wisdom of this plan has beon demonstrated by tho results obtained under the unusual business



conditions existing during the year, when the traffic of tho country as a whole was so large as to overtax the facilities of the carriers, with the result that in many cases tho operations were hampered by congestions of traffic which abnormally increased expenses. By reason of the improvements diming recent years your Company was enabled to handle tho large increase of business offered, with reasonable dispatch and satisfaction.fa The number of stockholders at the close of the year, as shown by the books of the Company, was 10,578, as compared with 10,025 at the close of the preceding year. .

The number of pensioners on the pay-roll at the close of tho year was 559, and the amount of pensions paid was 8167,401 78, an increase of 821,401 94 over the previous year. .

The Board takes pleasure in expressing its appreciation to the officers and employees for their loyal and efficient service during the past year.

By order of the Board of Directors.C. H . M A R K H A M , President.

, TABLE 2— IN C O M E S T A T E M E N T FO R TH E Y E A R S E N D E D D E C E M B E R 31 1917 A N D 1916.

1917.

Per Cent of Total Operating Revenues.

1916.

Per Cent of Total Operating Revenues.

Increase ( + ) or Decrease (— ).

4,766.04 4,766.79 — 0.76

Railway Operating Revenues— Rail-Lino Transportation: $58,443,367 05

4,683.361 05 16,908,698 15

190,436 38 133,171 69 28,371 32

1,404,920 54 2,336,826 30

314,093 96 119,563 00 908,592 00

52.015 34

67.075.38

19.400.220.150.031.612.680.360.141.040.06

$49,437,829 81 3,887,687 32

14,222,848 62 212,555 44 133,398 40 27,122 25

1,256,084 65 2,077,453 35

267,647 20 78,909 21

896,920 52 30,339 01

Dr. 12,810 00 Dr. 8,540 00

67.04 5.27

19.29 0.29 0.18 0.04 1.70 2.82 0.36 0.11 1.22 0.04

D r.0.02 D r.0.01

+$9,005,537 24 +795,673 73

+2,685,849 63 — 22,119 06

— 226 81 + 1,249 07

+ 148,835 89 +259,372 95

+46,446 76 +40,653 79 + 11,671 48 +21,676 33 + 12,810 00

+8,540 00

Mail _____________________________________________________M ilk _______________________________________________________

Total rail-line transporatlon revenue__________________________________ $85,523,416 68 98.14 $72,507,445 68 98.33 +$13,015,971 00

Incidental Operating Revenue— $440,026 90 206,230 70 114,074 18

38,495 55 162,366 23

11,092 77 431,045 68

0.510.240.130.040.190.010.49

$356,703 19 147,256 51 83,340 03 35,394 70

131,950 89 11,338 40

257,808 25 204 00

66,953 92 127,132 21

0.480.200.110.050.180.020.350.000.090.17

+$83,323 71 +58,974 19 +30,734 15

+3,100 85 +30,415 34

— 245 63 +173,237 43

— 204 00 — 25,168 12 +37,071 73

41,785 80 164,203 94

0.050.19Miscellaneous ____________ --------------------------------------------------------------------------

Total incidental operating revenue_____________________________________ $1,609,321 75 1.85 $1,218,082 10 1.65 +$391,239 65

Joint Facility Operating Revenue: $54,570 37 Dr. 42.522 43

0.06 Dr .0.05

$56,147 91 Dr. 41,409 37

0.08 D r.0.06

— $1,577 54 — 1,113 06Joint facility— D r___________________________________________________________

Total Joint facility operating revenue--------------------------------------------------- $12,047 94 0.01 $14,738 54 0.02 — $2,690 60

Total railway operating revenues______________________________________ $87,144,786 37 100.00 $73,740,266 32 100.00 +$13,404,520 05

Railway Operating Expenses— $11,289,315 48 18,214,178 18

1,332,010 77 29,076,857 91

559,450 05 2,083,164 64

Cr. 215,142 62

12.96 20.90

1.53 33.37

0.64 2.39

Cr.0.25

$9,921,656 27 16,980,995 16

1,303,244 08 22,653,003 57

425,364 01 1,848,339 22

Cr. 189.462 84

13.45 23.03

1.77 30.58

0.68 2.51

Cr.0.26

+$1,367,659 21 +1,233,183 02

+28,766 69 +6,523.854 34

+ 134,086 04 +234,825 42 — 25,689 78

Traffic - - -1 -T __________________________________________________________

Transportation for investment— C r______________________________________________Total railway operating oxponses------------------------------------------------------------------ $62,339,834 41 71.54 $52,843,149 47 71.66 +$9,496,684 94

$24,804,951 96 28.46 $20,897,116 85 28.34 +$3,907,835 11$6,186,364 94

12,370 40$4,116,065 26

21,812 59+$2,070,299 68

— 9,442 19Uncollectible railway revenues___________________________________________________$18,606,216 62 $16,759,239 00 +$1,846,977 62

Non-operating Income— $2,054,038 98 94,791 74

313,361 96 14,566 17 66,948 48

1,148,450 90 52,288 06

282,475 27 46,007 79

$1,254,641 43 82,053 97

302,297 73 17,979 70 68,694 29

1,168,729 41 63,361 17

262,432 35 33,838 06

114,394 59 2,026,545 00 6,933,895 30

561.328 66 126,625 00

19,014 15

ru+$799,397 55

+ 12.737 77 + 11,064 23 — 3,413 53 — 1,745 81

— 20,278 61 — 1,073 11

+20,042 92 + 11,169 73

— 114,394 69 — 280,621 00

— 5.332,697 05 — 107,198 67

+4,075 00 +2,369 76

1,739,924 00 1,601,298 25

444,129 89 130,700 00 21,383 91Miscellaneous incom e-------- -------------------------------------------------------------------------------------

Total non-operating incom e--------------------------------------------------------------------------- $8,009,365 40 $13,015,83() 71 — $5,006,465 31

Gross incom e________________________________________________________________ $26,615,682 02 $29,776,069 71 — $3,169,487 69

Deductions from Gross Income— $22,144 87 58,794 00

176 09 11,536 40

622,556 98 2,009,933 45

8,687 09 7,331 08

145,937 23 8,477,618 78

35,635 45 676 80

23,327 61

$13,083 68 80,802 80

+$9,061 19 — 22.008 80

+ 176 09 — 5,591 04

— 94,414 61 — 3,679.739 03

+ 11 72 + 140 46

+ 103,581 99 +2,931,352 94

+25.029 11 + 27 80

+8 ,760 26

17,127 44 716,971 59

5,689,672 48 8,675 37 7,190 63

42,355 24 6,540,265 84

10.606 34 549 00

14,567 26Miscellaneous income ch arges..” ---------------------------------------------------------------------------Total deductions from gross Income------------------------------------------------------------- $11,424,265 73 $12,147,867 67 — $723,611 94

N et Incom e_______________________ _____ ________________ __________________ $15,191,326 29 $17,627,202 04 — $2,435,876 75

Disposition of Net Income—$118,200 00

56,933 21$114,125 00

46,664 72+$4,075 00 + 10,268 49Income appropriated for investment In physical property______________________

Total appropriations o f I n c o m e .. .___________ _______— ____________________ $175,133 21 $160,789 72 +$14,343 49

$16,016,193 08 $17,466,412 32 — $2,450,219 24


Apr. 20 1918.] THE CHRONICLE 1697TABLE 3— PR O FIT A N D LOSS.

Dividend appropriations o f surplus:Payabio Juno 1 1917 (1 % % )- ................................$1,639,440 00

“ Sept. 1 1917 1,639,440 00" D ec. 1 1917 (l 'A % ) .................................. 1,639,440 00" Dec. 1 1917 (1% oxtra)......... ........... 1,092,960 00" M ar. 1 1918 (1 K % ) .................... 1,912,680 00

Surplus appropriated for investment in physical property___Debt discount extinguished through surplus-------------------------Unaccrued depreciation prior to July 1 1907 on equipment

retired___________________________________________ _________Difference between cost o f property retired and not replaced

and net value o f salvage recovered------------------------------------Miscellaneous d e b its _____ __________________________________Balanco December 31 1917__________________________________

$7,923,960 00 9,865 84

260,399 8584,935 51

5 99 36,994 52

22,356,221 14

Balanco December 31 1916_______________________Balanco transferred from Income_________________Profit on road and equipment sold_______________D on ation s________________________________________Miscellaneous credits:

Unclaimed vouchers, wages and miscellaneousdrafts________________________________________

Other miscellaneous items_____________________

$15,605,908 73 . 15,016,193 08

24,740 70 9,855 84

$560 14 15,114 36

15,674 50

$30,672,372 85 $30,672,372185

TABLE 4— C O N D EN SED G E N E R A L BALA N C E SH EE T D E C E M B E R 31 1917 A N D CO M PARISO N W IT HD E C E M B E R 31 1916.

A S S E T S ID E .

Tr)r/>stmpnt<i—Road anil equipment to Juno 30 1907-.Investment In road— securities:

Stocks_______________________________Funded debt_________________________

Road and equipment since Juno 30 1907.Total road and equipment-------

Miscellaneous physical property---------------Investments in affiliated companies:

Stocks_______________________________Bonds________________________________N otes________________________________Advances____________________________

Other Investments:Stocks______________Bonds_______________Notes, advances, etc.

Total investments__________________________

Current Assets—Cash..........................................................................................Special deposits______________________________________Loans and bills receivable___________________________Traffic and car service balances receivable_________Net balanco receivable from agents and conductorsMiscellaneous accounts receivable___________________Material and supplies________________________________Interest and dividends receivable___________________

Total current assets________________________Deferred Assets—

■Working fund advances----------------------------------------------Insurance and other funds----------- -------------------------------Other deferred assets--------------------------------------------------

Total deferred assets________________________Unadjusted Debits—

Other unadjusted debits----------------- -----------------------------Grand Total_________________________________

L I A B I L I T Y S ID E .

Stock—Common stock______________________________________

Less— Common stock held In treasury________Total stock outstanding___________________

Governmental Grants—Grants in aid of construction.................. ........ .......... ..

Long-Term Debt—Fundod debt_________________________________________

Loss— Funded debt held in treasury-----------------Total funded debt outstanding-----------------

Non-nogotiablo debt to affiliated companies------------Total long-term debt----------------------------------

Current Liabilities—Loans and bills payabio_____________________________Traffic and car-service balances payabio___________Audited accounts and wages payabio_______________Miscellaneous accounts payabio_____________________Interest matured unpaid-------------------------------------------Dividends matured unpaid----------------------------------------Funded debt matured unpaid.............. ................... ........Unmatured dividends declared----------------------------------Unmatured interest accrued--------------------------------------Unmatured ronts accrued ------------------------------------------Other curront liabilities---------------------------------------------

Total curront liabilities------------------------------

Deferred Liabilities—Liability for providont funds------------------------------------Other deferred liabilities____________________________

Total deferred liabilities___________________Unadjusted Credits—

Tax liability_________________________________________Insuranco reserve____________________________________Operating reserves____________________________________Accrued depreciation— Equipm ent___________________Other unadjusted credits____________________________

Total unadjusted credits___________________Corporate Surplus—

Additions to property through incomo and surplus. Profit and loss-------------------------------------------------------------

Total corporate surplus___________ - _______Grand T otal________________________________

Dec. 31 1917. Dec. 31 1916. Increase.

— $95,198,329 47— 86,570 54— 13,718,070 67 - - 64,543.489 03

$95,198,329 4786,570 54

13,718,070 67 52,679,789 30 SI 1,863,699 73

- - $173,546,459 71 $161,682,759 98 $11,863,699 73- - $1,554,532 28 $1,432,002 61 $122,529 67

- $38,142,031 58 -- 23,371,674 76 -- 16,960,512 65- 91,018,084 76

$38,273,471 78 17,266,175 58

1,337,837 65 90,353,035 71

$6,105,499 18 15.622,675 00

665,049 05$169,492,303 75 8147,230.520 72 $22,261,783 03

. . 4,651 00 -- 22,322,602 48 -- 3,613,859 11

$5,251 00 36,737,329 38

2,436,579 65 $1,177,279 46$25,941,112 59 $39,179,160 03

- $370,534,408 33 $349,524,443 34 521,009,964 99

. $3,619,277 94- 176,228 54- 544,682 82- 645,358 50 . 3,932,424 25- 6,261,468 89- 12.729,376 16- 538,490 56

$7,633,174 59 201,625 74

1,799,830 83 1 149,494 66

3,102,205 21 3,097,451 14 6,914,295 42 3,493,356 69

$495,863 84 830.219 04

3,164,017 75 5.815.080 74

- $28,447,307 66 $26,391,434 28 $2,055,873 38

- $21,352 52- 2.614,103 91- 47,474 61

$12,310 16 2,614,103 91

54,880 37$9,042 36

- $2,682,931 04 $2,681,294 44 $1,636 60

- $1,169,739 85 $943,925 49 $225,814 36- $402 ,.834,386 88 $379,541,097 55 $23,293,289 33

Dec. 31 1917. Dec. 31 1916. Increase.

$109,296,000 00 4,608 33

$109,296,000 00 14,178 33

$109,291,391 67 $109,281,821 67 $9,570 00

$19,333 75 $11,776 59 $7,557 16

$244,028,365 00 22,018,200 00

$230,698,195 00 9,682,100 00

$13,330,170 00 12,336,100 00

$222,010,165 00 600,000 00

$221,016,095 00 600,000 00

$994,070 00

$222,610,165 00 $221,616,095 00 $994,070 00

$1,500,000 00 148,683 30

12,198,284 21 5,308,417 63 1.591,875 40

64,613 05 99,066 16

1,912,680 00 1,150,277 09

39,000 62 291,965 58

$470,861 20 7,341,884 19 2,871,843 07 1,426,508 40

45,062 05 100,176 16

1,639,440 00 1,129,032 07

62.471 45 233,323 91

$1,500,000 004,856,400 02 2,436,574 56

165,367 00 19,551 00

273,240 00 21,245 0258,641 67

$24,304,863 04 $15,320,602 50 $8,984,260 54

$250,000 00 91,034 41

$250,000 00 25,323 00 65,711 41

$341,034 41 $275,323 00 $65,711 41 -

$2,607,186 95 2,398,832 32 1,403,753 22

14,667,330 45 2,122,466 38

$808,677 53 2,364,103 91

444,980 42 11,966,874 62

1,199.914 08

51.798,509 42 - 34,728 41 .

958,772 80 - 2,700,455 83

922,552 30 _$23,199,569 32 $16,784,550 56 $6,415,018 76 -

$711,808 55 22,356,221 14

$645,019 50 15,605,908 73

$66,789 05 - 6,760.312 41 -

$23,068,029 69 $16,250,928 23 56,817,101 46 -$402,834,386 88 $379,541,097 55 $23,293,289 33 .

Decrease.

$131,440 20

$600 00 14,414,726 90

$13,238,047 44

$4,013,896 65 25,397 20

1,255,148 01

2.954,866 13

$7,405 76

Decrease.

$9,570 00

$322,177 90

1.110 00

23,470*83



TABLE 5— IN V E S T M E N T SE CU R ITIES O W N E D — PAR V AL U E.

K IN D . Pledged.1

Unpledged. Total.Dividends

and InterestReceived.

Stocks— . , „ , $4,608 33 15,000,000 00 4,998,500 00

10,200 00 11,759.000 00

150.000 00520.000 00240.000 00

1 ,000,000 00888,550 00

$4,608 33 15,000.000 00 4,998,500 00

10,200 00 11,759.000 00

150.000 00520.000 00240.000 00

1 ,000 .000 00888,550 00

$1,350,000 00 374,887 50

408 00Dubuque & bioux C ity R li. C o --------- - - - — ---------------------------------------------------~ ‘

14,400 00228 50

$34,570,858 33 $34,570,858 33 $1,739,924 00

Bonds—I. O. R R . C o. Gold Fours o f 1953....................... - .......... - ................................................

‘ a~*8'3~d,obo'o6 a3 ,100,000 00

$71,000 006.360.000 003.387.000 00

11,554,200 00156.000 00

490.000 00

$71,000 006.360.000 003.387.000 00

11,554,200 00156.000 00490.000 00830.000 00

3.100.000 002.782.000 00 5,868,074 765.266.000 00 3,000.000 00

16,832,000 009.104.000 00

175.000 00600.000 00

1.338.000 00 101.550 00

2.800.000 00

151 ,bob 'do

0 ---------------------

I . C . R R . C o. First Lien Equipment Fours----------------------------------- - - ------- - - - - I . C . R R . C o. and C . St. L. & N. O. R R . C o. Joint First Refunding Fives o f 1963 I C . R R . C o. Gold Louisville Division and Terminal Three and a halts of 1953-. Chicago St. Louis & New Orleans R R . C o. Equipment Trust Certificates, SeriesCedar Rapids & Chicago R R . C o. First Mortgage Gold Fives o f 1935-------- ---------

0______________

$41,500 do 155,000 00

27,713 60 167,783 82

e ______________

Iowa Falls & Sioux C ity UIC Ccu First Mortgage Sevens o f 17— M atured------ 2,782,000 00 5.868,074 76

Chicago St. Louis & Now Orleans R R . C o. Gold F’ ives of 1 9 5 1 - - - - - - - .............. -Chicago St. Louis & New Orleans R R . Co. Gold Bridge Fives of 1950-..............Louisville Now Orleans & Texas lty. C o. First Mortgage Fours o f 1 9 3 4 - - - - - - -Loulsville Now Orleans & Texas lty . Co. Second Mtge. Income Fives o f 1934- -

b5 .266.000 00 c3 ,000.000 00

dl6,832,000 00 d 9 ,104,000 00

........................... 673.280 00

175.000 66600.000 00

1,338,000 00101,550 00

""151,boo'do

8,939 58 24,000 00

2,018 40 140,000 00 158,154 03

9,060 00The Yazoo & Mississippi Valloy R R . Co. First Mortgage Gold Fives o f 1952------The Ya/.oo & Mississippi Valley R R . C o. Gold Improvement Fives o f 1934--------

a2,800,000 00

340,932,000 00 $33,033,824 76 $73,965,824 76 $1,407,449 43

Other Securities— $15,622,675 00 1,124,235 59

$15,622,675 00 1,124,235 59 $38,929 39

$16,746,910 59 $16,746,910 59 $38,929 39

$40,932,000 00 $84,351,593 68 $125,283,593 68 $3,186,302 82

The book valuo o f the securities listed above is $109,738,740 16. and on the balance sheet Is Included in the Items: 14S na1Investments in Affiliated Companies— S tock s------------------------------------------------------------------------------------------------------------------------- --------- 76Investments in Affiliated Companies— Bonds----------------------------------------------------------------------------------------------------------------------- 16*960.612 65Investments in Affiliated Companies— N otes------------------------------------------------------------------------------------------------------------------------ ’ 4 6fil 00Other investments— S tock s---------------------------------------------------------------------------------------------------------------------------------" ---------------- 22.322,602 48Other Investments— B o n d s . . ----------------------------------------------------------- ----------------------------- ----------------------------------------------- 3.613.859 11Other Investments— Notes, Advances, e tc ---------------------------------------------------------------------------------------------------------------------- “As deductions from Liabilities: 4,608 33

Under Common Stock------------------------------------------------------------------------------------------------------------------------------- ----------- 22.018.200 00Under Funded D ebt_______________________________________________________________________________________________

a— Pledged to secure in part Illinois Central Four Por Cent Bonds o f 1952.b — pledged to securo Illinois Central Three and a Half Per Cent Sterling Bonds o f 1950.c— Pledged to secure Illinois Central Cairo Bridge Bonds o f 1950.d — Pledged to secure Illinois Contral Four Por Cent Bonds o f 1953. . .e— Excludes interest on Com pany’s bonds and issues o f Subsidiary Companies guaranteed. _

TABLE 6— CAP IT A L A D V A N C E S TO O TH E R CO M PAN IES.

Name of Company.

Batesville Southwestern Railroad C o ----------------------Benton Southern Railroad C o . ................ ........ .......... .Bloomington Southern Railroad C o --------------------------Blue Island Railroad C o ....... ............................ - ..........Canton Aberdeen & Nashville Railroad C o -----------Chicago Memphis & Gulf Railroad C o ------------------Chicago St. Louis & New Orleans Railroad C o.:

Advances for R o a d ___________________________Advances for Equipment--------------------------------Lien on Equipment___________________________Refunding Mortgage L ie n . . . .......................- - - Louisville Division Lease and Mortgage Lien

Dubuque & Sioux C ity Railroad C o.:Advances______________________________________Western Lines Bonds Lien__________________Omaha Division Bonds Lien________________

Fredonia & Reeds Railroad C o ----------------------------Herrin Northern Railroad C o _____________________Johnston C ity Southern Railroad C o— .............. ..Kensington & Eastern Railroad C o ---------------------Kensington & Eastern Railroad C o. o f Indiana..Memphis Railroad Terminal C o ----------------------------Omaha Bridge & Terminal Railway C o South Chicago Railroad Co Madison Coal Corporation.Mississippi Valley Company Mississippi Valloy Corporation Southern Property Company

Balance December 31

1916.$100,704 42

144,137 65 304.992 73

68.581 82 172,696 85

97,629 118,189.349 08 2,604,341 90 4,560.000 00

33.348,100 00 23,888,000 00

Adcances During

the Year.Total

Adcances.

Interest Re- ceiced Durino

the Year.

16,952 00 180 92

Cr.3,725 76 Cr.138,278 00

Cr5,547,447 66 569,825 83

Cr.570,000 00 8.206.100 00

$100,704 42 161,0.89 65 305,173 65

04,856 06 34.418 85 97,629 11

2,641,901 42 3,174,167 73 3,990,000 00

41,554,200 00 23,888.000 00

TABLE 11— G E N E R A L O PER AT IN G RESULTS FOR T H E Y E A R S E N D E D D E C E M B E R 31 1917 A N D 1916.

1917. 1916. Increase. Decrease. %

Train and Locomotive Mileage—Rflvnnno frpfcrht train miles _ _____ _ _ _ ___ 17,795,144 16.386.260

13.610,194260,198

1,408,884699,832

____ 8.60 c 11Revenue passenger train m ile s ..__________________________________________________________ ________ 14,319,026

224,393 “ 35*,805 13.76Revenue special train miles_________________ - ------------------------------------------------ -— ----------------------- 21,064

24,41913,65034,045

7,408" "9 * 6 2 6

54.2528.27

Total revenue service train miles---------- ------------ — -------- ------- ------------------------------------------------

Total revenue service locom otive miles, excluding m otor car and switching— ---------------------

Per cent o f helping and light mileage to revenue train mileage------------------------------------------------------

32.384,046463,684413,152

2,6454,808

33,243,8168,242,164

41.485.9801,328,034

£.73

30,313,353400,898397,958

3,471477

31,082,1127,401.603

38.543.7151,163,199

2.65

2,070",693 62,786 16,1944,331

2,161.704780,561

2,942,265104.835

6.08

926

6.8315.663.82

26.68907.97

6.9510.467.63

14.173.02


Apr . 20 1018.] THE CITEONTCLE 1f?99

Car Mileage—Freight car miles— loaded____________ . . . ____________Freight car miles— em pty____________________________Freight car miles— caboose_____________ - ____________

Total freight oar m ile s .._____ ___________ ______Average number o f loaded freight cars per train mile Avorage number o f empty freight cars per train mileAverage number o f all freight cars per train m ile-------Per cent o f loaded oar mileage to total car m ileage.. Per cent o f empty car mileage to total car m ileage.. Per cent of caooose car mileage to total oar mileage.Passenger car miles______ _____ ______________________Average number o f passenger cars per trainmile____M otor car trailer miles_____________ _____________Special revenue service car miles--------------------------------Non-revenue service car miles________________________

1917.

84

,123.477 ,029,575 ,929,205 ,082,257

25.98 11.32 38.30 67.83 29.57

2.60 ,601,575

5.82 6,912

281.458 ,246,993

1916.

81

,513,467.213,509,505,866.232,842

25.9211.0137.92 68.36 29.02

2.62,332.582

5.8624,792

204,490.202,110

Increase. Decrease.

36,610,01020.816,066

1,423,33958,849,415

0.060.310.38

0.530.55

0.023,268,993

0.0417,880^

76.96844,883

%

8.4811.368.629.320.232.821.000.781.900.764.020.68

72.1237.64

0.72

T A B L E 12— G E N E R A L TR A F F IC RESULTS.

Years ended December 31.Average miles o f road operated------------------------------------------------------------------

Freight Traffic —Tons of revenue freight carried____________________________Tons o f company freight carriod_________________________________________Tons o f all freight carriod--------------------------------------------------------------------------Tons o f revenue freight carried one milo_________________________________Tons o f company freight carried one mile______________________________ ITons o f all freight carried one mile______________________________________Tons of revenue freight carried one mile per mile o f road________________Average distance revenue freight carried— m iles_______________________Revenue from fre igh t.____________________________________________________Average rovenue per ton carried_________________________________________Average revenuo per ton per mile— ce n ts _______________________________Freight rovenue per mile o f road operated_______________________________Freight rovenue per revenue freight train m ile____________ _____________Tons o f revenue freight carried per revenue freight train mile_________Tons of all freight carried per revenue freight train milo________________Tons o f all freight carried per revenuo service locomotive mile, exclud

ing switching miles_______ _____________________________________________Average number o f tons of all freight In each loaded car_______________

Passenger Traffic— Revenue passengers carried_____________________________Revenue passengers carried one mile_____________________________________Revenue passengers carried one mile per mile o f road___________________Average distance carried— m iles_________________________________________Revenue from passengers________________________________________________Avorage revenue per passenger— cen ts_____________ _____________________Average revenue per passenger per mile— ce n ts_________________________Average revenue from passengers per passongor train mile_____________Passenger service train revenue_____ __________ __________________________Passenger service train revenue per mile o f road_________________________Passenger service train revenue per train milo___________________________Average revenue passengers per car mile_________________________________Average revenue passengers per train mile________________________ ____ ~

Molar Car — Revenue passengers carried___________________________ " *Rovenue passengers carried one mile_________Averago distance carried—milosAverage revenue per passenger per mile— cents

rroiAverage rovenue from passengers per train milo............Revenues and Frprntrs— Freight and passenger revenuo

Freight and passenger revenue per milo o f road............Total operating revenues._____ __________ ____________Total operating revenues per milo o f roadZIZ_ZZZZ-ZOperating expenses......................................................... ........Ratio o f operating expenses to operating revenues____Operating expenses per milo o f road__________________Net operating revenue_________________________________Net operating revenue per mile o f road______________

1917.4,766.04

42,460,189 7.022,513

49,482,702 11,230,069.579

1,379,330.811 12,609.400,390

2.356,268 264.48

$58,443,367 05 $1.37-643

.520 $12,262 46

$3.24-333 623.22 699.76682.11

26-94 28,382,898

839,877,239 176.221

29.59 $16,900,647 43

59.545 2.012

$1.16-208 $21,237,594 14

$4,456 0» $1.46-029

15 58

15,676 300,241

19.15 2.681

$0.32-969 $75,352,065 20

$15,810 20 $87,144,786 37

$18,284 53 $62,339,834 41

71.54% $13,080 01

$24,804,951 96 $5,204 52

1916.4,766.79

37,046.832 6.828,537

43.875.369 9.156.870.760 1.2.37.71.3,370

10,394.584.1.30 1,920.972

247.17 $49,437,829 81

$1.33-447 .540

$10,371 30 $2.96-987

550.08 624.43609.62

24.09 27.974.948

729.453.655 153,028

26.08 $14,206,549 08

50.783 1.948

$1.02-357 $18,047,164 14

$3,786 02 $1.30-028

14 53

29,998 607,960

20.27 2.681

$0.47-876 $63,660,678 33

$13,355 01 $73,740,266 32

$15,469 59 $52,843,149 47

. 71.66% $11,085 69

$20.897.116 85 $1,383 90

1915.4.767.42

32.412,182 6.795.742

39,207.924 7.738,180.389 1.328,988,653 9,067.169.042

1.623,138 238.74

$42,681,010 76 $1.31-682

.552 $8,952 64 $2.64-653

479.82 562.23549.96

23.91 26.234.666

660.967.200 138.643

25.19 $12,604,345 77

48.045 1.907

$0.94-408 $15,722,155 39

$3,297 83 $1.17-761

13 50

174.760 2.394.168

13.70 2.390

$0.39-712 $55,342,586 62

$11,608 50 $63,804,079 22

$13,383 36 $49,019,941 65

76.83% $10,282 28

$14,784,137 57 $3,101 08

1914.4.770.72

31,595.884 7.741.288

39.337.172 7.634.506.606 1.329.978.666 8,964.485.272

1.600.284 241.63

$42,588,958 75 $1.34-793

.558 $8,927 16 $2.36-148

423.32 497.06480.51

23.81 26.381.835

688,830.173 144,387

26.11 $13,160,019 61

49.883 1.910

$0.98-281 $16,431,072 58

$3,444 15 $1.22-710

14 51

34.489 523.815

15.19 2.358

$0.40-502 $55,761,329 99

$11,688 24 $64,3.39.819 93

$13,486 39

1913.

4.765.34 32.188.892

6.836,335 39.025.227

7.744.028.413 1.415.076.076 9.159.104.489

1.625.074 240.58

$43,630,101 17 $1.35-544

.563 $9,155 72 $2.33-918

415.19 491.05474.88

23.49 27.338.496

712.9C4.817 149,602

26.08 $13,598,095 58

49.740 1.907

$1.00-280 $16,877,381 1.3

$3,541 70 $1.24-463

14 53

15.538 286,141

18.42 2.319

$0.56-686 $57,234,831 23

$12,010 65 $66.0.30.290 15

$13,856 .3676.78%

$10,355 01 $14,938,810 44

$3,131 35

$49,401,009 49 351.218.306 4177.57%

$10,748 09 $14.811.983 74

$3,108 27

T A B L E 1 3 — CLASSIFICATION OF R EV EN U E F R E IG H T , YE A R S E N D E D D E C E M B E R 3 1 1 9 1 7 A N D 1 9 1 6

-----------1917Products of Agriculture— Tons.

G ra in .................... - ................................ 3,126,686Flour ....................................................... 392,333Othor mill products________________ 385.158Hav - - - ____________________________ 253.921T o b a c c o . ._________________________ 94,452C o tto n _____________________________ 263,002Fruit and vegetables________________ 1,183,595Othor products o f agriculturo_________________ 431,874

T o t a l ..................................................... 6,131.021Products of Animals—

1.1 vo Stock_________________________ 524,435Dressed meats______________________ 138,214Othor packing house products................................ 209,105Poultry, game and fish_____________ 38,649W ool................- ....................................... 9.707Hides and leather---------------------------- 26,972Othor products o f animals__________ 252,963

T o t a l ............................................... 1,200,045Products of Mines—

Anthracite coal-------------------------------- 69,592Bituminous coal____________________17.500,899C ok o______________________________ - 240,334O r e s _______________________________ 232,793Stone, sand and othor like articles.. 1,952,068 Othor products o f mines__________ 486.893

T o t a l ................................................... 20.482.579

-1916-Per Ct. Tons. Per Ct.

7.36 3.720,001 10.040.92 340,719 0.920.91 336.089 0.910.60 253,588 0.680.22 86,890 0.240.62 258,903 0.702.79 1,253,241 3.381.02 358,734 0.97

14.44 6.608,165 17.84

1.24 512,575 1.380.33 112,147 0.300.49 246,800 0.670.09 39,839 0.110.02 14,889 0.040.06 19,965 0.050.60 244,326 0.662.83 1.190,541 3.21

0.16 84,965 0.2341.22 14,480.162 39.080.56 135,708 0.370.55 194,977 0.534.60 1,597,949 4.311.15 314,604 0.8548.24 16.808,365 45.37

_______1917-Products of Forests— Tons.

L u m b e r ............................ 6,197.463Other products o f forosts.................... 495,432

T o t a l ................................................... 6.692.895

Manufactures—Petroleum and other oils___________ 595.621S u gar....................................................... 385.302Naval stores_______________________ 30,577Iron, pig and bloom ............................. 583,703Iron and steel rails_________________ 134,731Othor castings and machinery______ 300.281Bar and sheet metal....................... 237,058Comont, brick and limo____________ 1,204.144Agricultural implements___________ 113.225Wagons, carriages, tools, & c_______ 123,030Wines, liquors and beers___________ 154,360Household goods and furniture_____ 108.948Other manufactures________________ 1,331 981

T o t a l ................................................... 5.302.961M erchandise_______________________ 1,766.984

-1916-

Miscellaneous—Other commodities not mentioned

a b o v e _________________________ _ 883.704Total tonnago....................................42.460.189 100.00

Per Cl. Tons. Per Ct.14.59 5.307,978 14.33

1.17 357,509 0.9615.76 5.665.487 15.29

1.40 443,759 1.200.91 337,444 0.910.07 28,365 0.081.37 403,735 1.090.32 114,646 0.310.71 253.708 0.690.56 121.898 0.332.83 1,250,064 3.370.27 89,660 0.240.29 95.403 0.260.36 145.545 0.390.26 96,529 0.263.14 1,093.695 2.95

12.49 4.474.451 12.084.16 1.701,017 4.59

2.08 598.806 1.62100.00 37,046.832 100.00

U n i t e d S t a t e s S t e e l C o r p o r a t i o n . — Status— Operations. — In responso to inquiries by certain stockholders at the annual meeting on April 15, Chairman E . H . Gary said:

W o aro expending something liko $13,000,000 to $14,000,000 a m onth," for extensions to plants, mostly for war purposes, notwithstanding that construction costs aro now two or three times higher than normal. These extra expenses wo aro charging out o f earnings.

It Is fortunato that the Government has fixed prices which permit us to mako fair profits and pay largo dividends, temporarily, at least. If wo woro profiteering wo would havo opportunity to pile up those profits as surplus; but wo feel that wo aro living up to the policy outlined by tho President o f tho United States wlion ho said that prices should bo largo enough to pay living wages to tho workers, fair salarios to officials, and provldo for necessary plant additions for war work.

Tho shipbuilding program is progressing in satisfactory fashion. The first ship will bo launched noxt month, probably boforo M ay 15, and It will bo completed by tho tniddlo of July. Thereafter tho schedulo calls for tho completion o f a ship from tho Newark yards and another from tho now Mobllo plant ovory 20 days. In othor words, the corporation’s output o f vossols will bo a ship overy ton days.

Wo did not intend to ontor tho shipbuilding field, but Government representatives came to us and asked if wo could not undertake tho work since ships wero so urgently needed. The Mobllo yard Is a duplicate o f tho ouo on tho Hackensack ways, each having ton ways.

It would bo Improper for mo to tell you tho extent to which our plants aro engaged on Government work, but I may say that It Is vory large.— V. 106. q . 1583. 1477.

V a c u u m O i l C o .— Usual Annual Extra Div. of 2 % . —Tho extra dividend o f 2% has boon doclared on tho $15,000,000 stock

along with tho regular semi-annual 3 % , both payable M ay 15 to stockhold

ers o f record M ay 1. Extra dividends o f 2% each wore also paid In M ay o f 1915, 1916 and 1917, respectively.— V. 106. p. 1143, 507.

Wages.— Packers' Employees Granted Eight-Hour Basic Day—Increased Wages, &c.—

Sco page 1525 In last week’s Issue.— V . 106, p. 1371, 935.Western United Gas & Elec. Co., Aurora, III.— Earns.

Jan. 31 Gross Net. after Int.,& c.. Pref.Dics. Com.Div. Balance.Y e a r — I n c o m e . T a x e s . C h a r g e s . (6 %). (6%). S u r p lu s .

1917-18— $1,810.504 $702,081 $355,952 $90,000 $180,000 $76,1291916 -17--- 1.605.238 667.875 321,588 90.000 180.000 76,287

Tho balance sheet Jan. 31 1918 shows pref. stock outstanding, $1.500.000, common, $3,000,000. and bonds, $6,322,400.— V. 106. p. 509.

Waltham Watch Co.— Canadian Co. Incorporated.—Announcement Is made o f the incorporation during the week ending

Apr. 6 o f tho Waltham Watch C o.. Ltd ., with office in Montreal, Oue. Authorized capital stock $500,000.— V. 106. p. 821, 507.

War Regulations.—Coal Distribution—Fuel & Materials Priority List—Information Board on Minerals— &c.—

Seo general news columns In last week’s Issue.— V. 106, p . 1466. 1371.Wilson & Co.— New Director.—

J. C . Good succeeds J. A . Howard, resigned, as director.— V. 106. p . 1120, 1044.

Winona Copper Co., Boston.—New Directors.—Tho following now directors have been elected: N . Wheaton Dean. R . H .

Summers, Alfred B. White, Thomas S. Woods, P. D . Burke and John R. Fingloy. Jamos II. Seager Is the only re-elected director.— V. 97. p . 670.



ALLIS-CHALMERS MANUFACTURING COMPANY

F IFTH A N N U A L R EP O R T— FOR TH E FISCAL Y E A R E N D E D D E C E M B E R 31 1917.

Milwaukee, Wis., April 6 1918.To the Stockholders:

On behalf of the Board of Directors, there is submitted herewith a report on the affairs of the Allis-Chalmers Manufacturing Company for the fiscal year ended December 31 1917, including Profit and Loss Account and Balance Sheet as of December 31 1917.

PRO FIT A N D LOSS A C C O U N T.Sales Billed_________________________________________________ $26,129,317 31Cost, including Depreciation and Development Expendi

t u r e s . . . .......................... ................... - ........................................... 19,144,106 72Factory Profit_____________________________________________$6,985,210 59

Selling, Publicity, Administrative and General Expenses___ 1,906,264 01Manufacturing Profit_____________________________

Other Income—Interest, Discounts, Royalties, Commissions, &c.

$5,078,946 58 229,843 93

B a la n ce___________________________________________________Deduct— _ . , „

Amount reserved for Federal Income and W ar Excess Profits Taxes and Contingencies------------------------------------

$5,308,790 51

1,298,300 00N et Profit carried to Surplus____________________________$4,010,490 51

BALA N C E SH EET D E C E M B E R 31 1917.ASSETS.

Property Account—Land, Buildings, Plant, Machinery, Tools

and Furniture and Fixtures (less Depreciation) ______________________________________$10,540,793 98

Land, Buildings, Plant, M achinery, Tools and Furniture and Fixtures o f Tho Bullock Electric M fg . Company (lessD epreciation )_______________$1,553,459 68

Deduct— First Mortgage 6 %Gold Bonds o f that Company 936,000 00— 617,459 68

Real Estato and Property not required for Operation, asvalued by the Company____________________ 261,354 57

Petents, Patterns, Drawings, Franchises,Development and Good W ill_____________ 19,615,804 58Treasury Securities, &c.—

Tho Bullock Electric Manufacturing C o.—First Mortgage 6 % Gold Bonds:

$924,900 par valuo o f $936,000 authorized issue (at cost)_____________________ $878,851 00

Allis-Chalmers Manufacturing C o.—2,933 Shares Preferred and 2.292K Shares

Common Stock__________________________ 102,515 50Unpaid balance on 3,572 Shares Preferred

Stock allotted to employees under additional compensation plan________________

31,035,412 81

222,585 64Current Assets—

Inventories o f Work in Process, Manufactured Stock, Raw Materials and Supplies..$12 ,410,127 20

Notes and Accounts Receivable (less Reservo) 7,673,276 28 Sundry Marketable and Other Securities, at

c o s t . . . .................. .......... .......... ..................... .. 1.600,281 75Cash In Banks and on Hand_________________ 947,766 70

Deferred Charges—Unexplred Insurance--------------------------------------------------------------

1,203,952 14

22,631,451 93 22,778 67

$54,893,595 55LIABILITIES.

Capital Stock Issued—Preferred________________________________________$16,500,000 00C o m m o n ______________________ 26,000,000 00

Current Liabilities—Notes Payable____________________________________ $1,849,610 00Accounts Payable_______________________________ 745,773 87Reserve for Erection and Completion o f Con

tracts Billed___________________________________ 805,655 82Pay Roll Accrued_______________________________ 229,593 51Taxes Accrued, including provision for Fed

eral Income and Excess Profits Taxes--------- 971,176 94Advance Collections on Contracts______________ 842,707 37Preferred Stock Dividend N o. 9, payable

January 15 1918.--------------------------------------- 405,167 50Additional Compensation and Employees'

Extra Payment Reserves_____________________ 315,714 62

42,600,000 00

Reserves—"For Liquidation Account and Losses on Re

ceivables assumed as at April 16 1913--------For Liability under Employees’ Compen

sation A ct_________________________________For Contingencies____________________________

Profit and Loss Account—Balanco at January 1 1917___________________ $3,071,488 77Add— Net Profit for the year ending Decom

ber 31 1917......... .............................. ................... 4,010,490 51

$34,506 56120,253 80 609,831 28

$7,081,979 28Deduct— Preferred Stock Dividends declared

during 1917, being 7% rogular and 3% account arrears____________________________ 1,618,375 00

6,165,399 63

764,591 64

5,463,604 28$54,893,595 55

IN C O M E ACC O U N T.The net incomo for the yoar 1917 was $4,010,490 51,

compared with $3,165,020 23 for tho calendar year 1916. The comparative earnings by quarters for tho last two years aro as follows:

1917. 1916. Increase.First Quartor....... ............. $900,672 94 $740,336 89 $160.336 05Second Quarter_________ 1,002,455 56 950,760 90 51,694 66Third Quarter.................. 919,404 38 645.199 98 374,204 40Fourth Quarter............... 1,187,957 63 928,722 46 259,235 17

$4,010,490 51 $3,165,020 23 $845,470 28The books and accounts of tho Company have been

regularly auditod by Messrs. Price, Waterhouse & Co., Chartered Accountants, and their certificate is apponded to this report. A complete examination and verification of

all inventories was mado bofore closing tho books of account and adoquate allowances in valuation were mado for obsolescent or depreciated materials and supplios. Tho large volume of business now on order insures tho utilization of stocks of materials at presont on hand.

Tho Company has continued to establish liberal reserves to cover tho contingencies of operation. The largor production requiring more intonsivo operation, and the bringing into service of machinos and equipment unused for some time, together with oxponditures designed to increase efficiency in manufacture, have resulted in increased expenditures for maintenance and largor reserves for depreciation. The amount expended during tho year for maintenance, renewals and genoral up-koop of plant and equipment, was $1,889,602 54, all of which amount has been charged to the cost of manufacture. In addition to this sum there has beon set aside for depreciation of plant and machinery and charged to cost of manufacture $941,907 65.

Reserves have been set aside, bofore tho determination of profits, which it is estimated will ineot all roquiroments for taxes. Development oxponditures for drawings, patterns, tools and experiments designod to improve and broaden tho present linos of manufacture and to provide for new linos have aggrogatod $251,257 48: those oxponditures have been charged to the cost of manufacture.

D IV ID E N D S .In tho year 1917 thoro were declarod four dividends of

two and one-half por cent oacli on tho preferred stock; this is a total of ton por cont for tho yoar, of which sovon per cent wore for regular dividends and tliroo por cont were to apply on account of accumulated dividends. After those paymonts thoro remained sevon per cont in arroars on accumulated dividends on tho preferred stock. Tho book surplus at the close of tho year 1917, after deducting dividends paid and declared, was $5,463,604 28.

IN CREASES IN P L A N T A N D W O R K IN G ASSETS.To provide for tho dolivery of tho largoly increased volumo

of business, it has beon necessary to expend largor amounts than usual for capital improvomonts. These oxpendituros, aggregating $1,187,500 34, consisted principally of additions to equipment and extensions to plant buildings. A largo portion of tho additional equipment was built in tho Company’s shops and tho extensions to plant have been along lines contemplated in tho original plans.

Tho net working capital of tho Company as of Decomber 31 1917, comprising cash, receivables, marketable securities, and current inventories, loss accounts payablo, payrolls, dividends and taxos accrued and othor current obligations, amounted to $16,431,545 74, as compared with $13,831,162 53 on Dec. 31 1916, an incroaso of $2,600,383 21 for the year.BUSINESS A N D VO LU M E OF U N F IL L E D ORDERS.

While offering our servicos and available equipment to the Government, and co-oporating in ovory way possible in tho Government’s program connected with tho successful prosecution of the war, tho Company has accommodated its regular customers and continued to extend its rogular lines of manufacture to tho fullest oxtont possiblo undor the circumstances. The volumo of business on hand on Docom- bor 31 1917 was $27,087,250 91, an amount substantially in excess of tho unfilled orders on hand at any time in the provious history of tho Company.

E X P IR A T IO N OF VO TIN G TR U ST.Tho Voting Trust which was operative for five years

expired by limitation on March 27 1918, and all holdors of Voting Trust Cortificatos, both proforrod and common, have boon duly notified and requested to exchange their Voting Trust Certificates for cortificatos of stock of tho Company.

G E N E R A L.Tho Additional Compensation Plan and tho Extra Pay

ment Plan roforrod to in provious roports have beon continued for tho yoar 1918. Under tho Additional Paymont Plan the full ton por cont bonus will bo paid quarterly to employees who havo boon in tho servico of tho Company for one yoar. Industrial conditions havo boon such as to have made it necessary to adjust wagos and salarios at various times throughout tho yoar; tho relations botweon tho Company and its employees havo beon cordial and throughout all departments thoro pro vails a spirit of co-operation which has contributed in substantial moasuro to tho success achieved by tho Company during the yoar.

The annual mooting of tho Company will bo hold at its principal offico in Wilmington, Dolawaro, at 12 o’clock noon on M ay 2 1918.

Your officers dosiro to oxpross to all employees of tho Company their sincero and continued appreciation of efficient servico.

By order of tho Board of Directors.OTTO H . F A L K , President.



'£hc (LonmuxcmlCOMMERCIAL EPITOME.

Friday Night, April 19 1918.Government business is on an enormous scalo and its

domination of most lines is becoming more absoluto as time goes on. The civilian demand for goods is increasing, but satisfying it is another matter. It is often difficult. Yet it persists in the teeth of very high prices and all the difficulties which beset ordinary as distinguished from military business. It is gratifying to notice, however, that manufacturing is increasing as transportation improves and the supply of raw materials and other products increases. To bo sure, a shortage of skilled labor is complained of in various parts of the country. Costs of production, too, are rising as wages and materials advance. This seems to point to a further riso in prices for various articles. At the same timo, it looks as though tho Government may tako measures to regulate prices of cotton and woolen goods, hidos and loathor. A bill was introduced in the House of Representatives tho othor day to fix tho maximum price of raw cottonat20cents,but it was promptly referred to the Committee on Agriculture and that Avill probably be the last of it. It is suggested, however, that measures should be taken to compress the cotton bales at the South more carefully. That would save space on cars and steamships and, of course, accelerate tho movement of the crop to homo and foreign markets. Shipbuilding will be speeded up and 130 shipyards will soon give a better account of themselves. Seattle, Oregon, sonds encouraging reports of emulation among tho yards in tho matter of speed. The appointment of Charles M . Schwab as Director General of the Emergency Fleet Corporation is taken to mean a quickoning of shipbuilding operations all over the country. It is rumored that the President may seize tho Tampico oil fields in Mexico. The War and Navy Department are said to bo urging this step in order to guard supplies for tho Allied Navies. Petroleum and gasoline are higher. Tho present production of petroleum seems to be less than the production of last year. The Federal Trade Commission says that profiteering in flour must cease. Crop news is in the main favorable, though warmer weather is desirable. A wheat yield of one billion bushels is considered not improbable. Timely rains here and there have been distinctly beneficial. Spring wheat seeding is practically finished in the American Northwost at a very early date and soil conditions are good on an acreage estimated to be 2 0 % larger than that of last year. Tho seeding of oats has been finished and the crop has a good start. Corn planting is well advanced to the southward. A big acreage will bo planted in potatoes in tho W est, despite the talk of unprofitable prices which probably has little foundation. Dry goods aro rather scarco and prices are steadily rising. Mail order business is increasing throughout most of tho country. Munition centres are buying large quantities of clothing. Increased wages in big manufacturing centres have stimulated trade among othor things in milinery and similar goods. Tho shoe and leather business is hotter, with a big domand for army footwear. The iron and steel business is more activo as supplies of fuel and raw materials increaso. April 20 has been set apart by tho President as Liberty Day. It is designed to push the sale of Liberty Bonds. Businoss failures have latterly increased soinowhat, but thoy are still far smaller than in recent years. Cotton lias lately declined some $30 a bale, owing to adverso war nows early in the week and predictions of price fixing by the Government. Taking business conditions as a whole throughout tho country they are favorablo, partly no doubt becauso conservatism is everywhere noticeable. There is little chance for undue branching out with the Government controlling so many of tho great avenues of business throughout the Unitod States.

LAR D lower; prime Western, 25.G5@ 2 5 .75c.; refined to the Continent, 28c.; South American, 28.40c.; Brazil, 29.40c. Futures have generally fluctuated within narrow limitsj advancing a trifle but later receding. But it is truo that in tho somi-monthly stock statement tliero is a considerable increaso. Receipts of hogs have been running ahead of last year. Tho cash demand has been rathor light. Shipments of lard and meat havo latterly been smallor than at tho samo timo last year. Contract stocks of lard (mado since Oct. 1 1917) at Chicago were 14,042,122 pounds on April 15; contract stocks made from Oct. 1 1916 to Oct. 1 1917,’ 4,855,963 pounds; other kinds, 18,320,986 pounds. The weakness in grain has also affected lard.D A IL Y CLOSING PRICES OF LAUD FUTURES IN C H IC A G O . . , Sat. Mon. Tues. Wed. Thurs. Fri. 'M ay ( e very..............cts.25.60 25.07 25.00 25.42 25.20 25.15July dollvory----------------- 25.92 25.97 25.92 25.72 25.47 25.42

PO R K steady; mess, $53@ $54; clear, $49@ $55. Beef products, higher; mess, $31 @ $32; extra India mess, $ 5 6 @ $57. Cut meats steady; pickled hams, 10 to 20 lbs., 25 H e.; pickled bellies ,31c . Butter, creamery, 44 H @ 45c . Cheese, flats, held, colored, specials, 25 @ 25 He. Eggs, fresh, 38 @ 38 He.

COFFEE lower; No. 7 Rio, 9c.; N o. 4 Santos, 11c.; fair to good Cucuta, l lH @ 1 2 H c . Futures have declined with outside trading light and spot business small. There has been some selling against purchases of actual coffee. All this has offset a decreasing supply, predictions of restricted imports and talk that they are likely to run behind consumption in this country. One steamship allotted to the carrying trade and with a capacity of possibly 145,000 bags will not sail from Brazil until M ay 15. The total amount of Brazil coffee in sight is only 1,748,705 bags or some 1,100,000 bags less than a year ago. But, on the other hand, the stock at Santos reaches the formidable aggregate of 3,533,000 bags, against only 1,453,000 bags a year ago, and at Rio the supply is 695,000 bags against 217,000 at this time last year. These, it seems, are sobering figures for the bull side of the market.Apr Ma:A p r i l__ [email protected]

a y ------------ 8 .40@ 8.43J u n e ________ 8.43(3)8.45J u ly -------------8 .46@ 8.48

SUGAR steady;

August —[email protected] September ..8.52(5)8.53O ctob er------- 8 [email protected] _ .8 .58@ 8 .59centrifugal, 96-degrees test, 6.005c.;

December [email protected]____8.65@ 8.66F [email protected] a r c h ......... 8 .76@ 8.77

granulated 7.45c. Imports of raw are increasing arid refin eries which had been idle for at least part of the time have started up. Of course this moans a prospective increase in the supply of refined, though it is small enough at the moment. In fact, the refineries are far behind on their deliveries. Cuban stocks are large and it is hoped that there will be an ample supply of tonnage to handle them. The International Sugar Committee has been buying Cuban for April shipment at 4.985c., cost and freight, which is equal to 6.005c., c .i.f., New York, making its purchases thus far for April shipment nearly 300,000 tons. They are expected to continue, as ocean tonnage seems to bo available for a much larger quantity. The Cuban receipts at all ports last week wore 137,419 tons, against 104,513 in the previous week and 138,709 tons two years ago; exports 64,152 tons, against 67,967 in the previous week and 78,905 tons two years ago; stocks, 972,259 tons, compared with 898,992 in the previous week and 873,332 in 1916. Comparisons with a year ago aro not available, owing to the revolution on the island at that time. The number of mills grinding is 193, against 195 last week and 174 in 1916. Exports from six principal ports to Europe, 3,143 tons; to New Orleans, 7,628 tons; to Galveston, 2,714 tons; to Mexico, 1,291 tons. In tho eastern Provinces of Cuba it has been rainy; in the western unsettled.

OILS.— Linseed firm; city, raw, American seed, $1 5 4 @ $ 1 5 6 ; Calcutta, $1 50 . Lard, prime, $2 35. Cocoanut, Cochin, 18% @ 19 c . Ceylon, 17H @ 18c . Soya bean, 19H @ 1 9 H c . Spirits of turpentine, 43 @ 4 3H c . Strained rosin, common to good, $6 05. Prime crude, Southeast 17.50c.

PETR O LE U M higher; refined in barrels, $13 30 @ $14 30; bulk, $6 50@ $7 50; cases, $16 75@ $17 75. Naphtha, 73 to 76 degrees, in 100-gallon drums and over, 54H c. Gasoline firm; motor gasoline, in steel barrels, to garages, 24c.; to consumers, 26c. Gasoline, gas machino, steel, 41c., 72 to 76 degrees, 33@ 39c. Field advices indicate a general broadening out of operations, owing to more favorablo weather conditions. No important strikes have been reported from the mid-continent field. Of principal interest is the report of increasing of Kansas production. Fair producers are reported in the Augusta district; Butler County has been keeping up its good record, especially in the Eldorado pool. Wild cat operations, however, are rather discouraging, owing to many failures.Pennsylvania dark 4 00 South Lim a_______$2 38Oaboll....................... 2 77 In d ian a ......................2 28Crichton___________ 1 40 Princeton___________2 42

Somerset, 32 d e g . . 2 60Ragland__________ 1 25Electra_____________2 25M o ra n ____________ 2 25Plymouth__________ 2 33

C o m in g ___________ 2 85W ooster___________ 2 68Thrall......................... 2 25Strawn____________ 2 25De Soto----------------- 2 15North Lima______ 2 38

Illinois, above 30degrees_________ J2 42

Kansas and Oklahoma ___________ 2 25

Caddo, La., light. 2 25 Caddo, La., heavy. 1 25Canada_____________2 68U ealdton__________ 1 45Henrietta__________ 2 25

TOBACCO has been scarce and firm here. It is true that every indication points to the largest acreage on record. But that is for the future. Just now it is hard to get enough tobacco. Home consumers want it; vast armies of soldiers want it. In the scarcity of domestic fillers Manila tobacco is being taken more freely. Foreign tobacco, like everything else, is in good demand and firm. The inability to ship tobacco abroad is largely responsible for an accumulation of 60,000,000 pounds in Danville, V a ., warehouses. Leaf tobacco is selling at $32 per 100 pounds, a record price. Since last August Danville has sold 34,700,000 pounds of leaf tobacco for nearly $12,000,000.

COPPER supply continues ample at 23H c. Production shows a steady increase. Government requirements remain hoavy; civilian demand is light. The output in March is estimated at 190,000,000 pounds. Tin continues scarco and strong. Conferences have been held this week between representative importers and tho War Industries Board with a view to clearing up the situation. Chinese tin is the only product available and that at high prices. Hong Kong, April shipment, sold at 86c. Total American stocks, 420 tons; afloat, 5,000 tons. Load dull at 7 @ 7 H e. There is onough spot lead to supply present needs. Spelter 6 .9 0 @ 6 H e., with only small interest in prime Wostern.












1703 THE CHRONICLE fVoL. 106.

PIG IRO N trade is in better shape, although supplies aro still too scanty. Yet the production is undoubtedly boing increased. But there is a big demand and it takes the iron as fast as it is produced. Receipts of coko are larger, even if they still fall short of the mark. Cars are more plantiful than they have been. Naturally preference in supplying orders is given to steol mills having Government contracts. Furnaces are not yet attempting to do much new business.

STE EL conditions are steadily improving. Tho production, on tho whole, is vory large. Tho output of ship steel is enormous. In about two months the production of plate alone will be at the rate, it is estimated, of 6,000,000 tons annually, 50 % of which will probably be used in shipbuilding. The rest will bo taken for cars, boilers, &c. In one week of April the output of plates was more than 110,000 tons. Tho appointment of Charles M . Schwab as Director- General of the Emergency Fleet Corporation is expected to speed up the work of shipbuilding. Plans are in preparation for an enormous Government gun plant in tho Pittsburgh district. As to cars there is a delay in awarding contracts, and this may mean that many more cars of wood will have to be built than at one timo seemed probable. Tho Shipping Board, it appears, wants the Railroad Administration to reduce its requirements for cars, which had been put at575,000 tons. Meantime civilian work, of course, has to remain in abeyance. In some cases it must be set aside for a month. It looks as though tho Government demands would bo large for a long time to come.

Friday Night, April 19 1918.TH E M O V E M E N T OF TH E CROP, as indicated by our

telegrams from the South to-night, is given below. For the week ending this evening the total receipts have reached 53,313 bales, against 71,337 bales last week and 74,681 bales the previous week, making the total receipts since Aug. 1 1917 5,095,114 bales, against 6,051,529 bales for tho same period of 1916-17 showing a decrease since Aug. 1 1917 of 956,415 bales.

Sa'. Mon. Tues. Wed. Thurs. Fri. Total.

1,270 816 2,675 1,300 1,551 872 8,484

196 196New O eans____ 3,341 3,912 5,649 3,635 1,356 2,297 20,190Mobile .............. 1 1 209 211

1,740 2,804 4,612 3,387 1,779 4,141 18,463500500

4 84 187 120 20 212 627W ilm ington____ 349 276 88 172 1 81 967

467 1,074 54 223 85 433 2,336N ’port Nows, &c. 92 92

68 120 18864 201 52 317

742 742

Totals this week. 7.236 8.966 13,534 8,838 4,844 9,895 53,31 „

The following shows the week’s total receipts, the total s'nee Aug. 1 1917 and tho stocks to-night, compared with last year:

Receipts to April 19.

1917-18. 1916-17. Stock.

ThisWeek.

Since Aug 1 1917.

ThisWeek.

Since Aug 1 1916. 1918. 1917.

Galveston_______ 8,484 1,491,601 20.151 2,397,528 284,031 245,253Toxas C ity______ _____ 66,948 171 242,694 41,842 19,384

8,102 35,074Aransas Pass, & c. 196 21,418 60,083Now Orleans____ 20,190 1,386.033 18,796 1,320,312 431.741 338.431M o b ilo ....... ........... 211 92,016 429 91,960 12,000 7,178

30,213 31,381Jacksonville_____ 38,000 200 59,181 13.800 10,000Savannah_______ 18,463 986,850 6,022 780,079 271,658 140,265Brunswick______ 500 120,500 2,500 112,000 12,500 9,000C harleston.. . . 627 191,921 3,754 161,124 44,705 34,696W ilm ington_____ 967 90,866 238 85,983 45,926 5-1,221N orfolk__________ 2,336 278,306 12,093 468,856 94.987 108,969N 'port News, & c. 92 5,247 109 11,532New Y ork______ 188 109,336 29 34,819 147,739 94,637B o sto n __________ 317 96,889 1,872 77,354 16,939 15.820Baltimore_______ 742 74,937 4,862 76.064 35,827 34,666Philadelphia------ — 5,931 573 5,505 8,125 4,290

T otals_________ 53,313 5.095.114 71,799 6,051,529 1,461,820 1,116,810

In order that comparison may be made with other years, wo give below the totals at leading ports for six seasons:

Receipts at— 1918. 1917. 1916. 1915. 1914. 1913.G alveston___ 8,484 20,151 45,027 54,974 26,655 26,912Texas C It y,& c 196 171 3,891 2,468 294 2.050New Orleans. 20,190 18,796 15,871 30,585 25,746 18,625M ob ilo______ 211 429 5,974 1,230 3,919 1.502Savannah — 18.463 6,022 10,388 15,799 12,620 13,557Brunswick___ 500 2,500 4,000 10,000 400 2,350Charleston,&c 627 3.754 7,185 5,47 0 930 1,555W ilm ington .. 967 238 3,783 6,712 3,334 2,26-1N o r fo lk _____ 2.336 12,093 8,530 12,054 4,179 5.730N 'port N .,& c. All others____

92 109 3.925 4,267 3,765 2,5631,247 7,536 5,029 9,197 1,330 4,089

Total this wk. 53,313 71.799 113,603 152,756 83,172 81,197Since Aug. 1 . 5,095,114 6,051,529 6.109,051 9.549,069 9,897,446 9,209.317

The exports for tho week ending this evening reach a total of 61,479 bales, of which 47,508 were to Great Britain, 5,418 to France and 8,553 to other destinations. Exports for the week and since Aug. 1 1917 are as follows:

Exports from—

Week ending April 19 1918. Exportev to—

From Aug. 1 1917 to April 19 1918. Exportev to—

GreatBritain. France. Other. Total.

GreatBritain. France. Other. Total.

0,929 6,929 444,875 57,780 165,15? 667,813Port Arthut 8,102 ___ ___ 8,102I.aretlo, &c . . . . — *50 50

344,719 133,4312,557

49,6502,557

527,80804,624 1,006 65,624

Pensacola.. 30,997 ...... ___ 30.987. 103,S0r 128,694 121,995 414,497Brunswick . 1,422 1,422 97,936 ....... 97,930Wilmington 7,174 35,989 24.906 68,069

.*5,302 *5,302 65,794 21,000 2,00? 88,797‘ 23,807 *5,418 *999 *30,224 424,381 99,331 182,272 705,984*13,801 *175 *13,976 119,407 23,164 2,782 145,353*2,032 *400 *2,482 78,422 1,367 3,052 82,841

Philadclpht *1,094 *1,094 28,078 47? 28,5511,600 ___ ___ 1,6001,623 ___ 1,623

PacificPorts — — — — ........... ...... n453,291 a453,291

Total . . . 47,50 ci5,41f 8,559 61,479 1,881,530 500,704 1,009,1.36 1,391,433

Tot. 1916-17 29.4«2 14,120 28,74c 72,350 2,262,826 749,792 1,564,86- 1,577,481T ot.1915-16 23,135 24,93° 48,520 96,594 2,054,228 075,398 1,575,593 4,305,219

* M a r c h e x p o r t s n o t h e r e t o f o r e a v a i l a b l e . a R e v i s e d o n t h e b a s i s o f c o m p l e t e M a r c h r e t i l r n s .

In addition to above exports, our telegrams to-night also give us the following amounts of cotton on shipboard, not cleared, at the ports named. Wo add similar figures for New York.

On Shipboard, No Cleared for—

Apr. 19 a —Great |

Britain. France.Ger

many.Other

Coni't.Coas - ivisc. Total.

LeavingSlock.

G alveston____New Orleans*.Savannah ____Charleston____

1 o',6003,000'750

s',666: : : :

11,6793,0005,100

6,5003.000

10,000500812

18,17921,00018.100

5001,562

265,852410,741253.558

44,20510.438

350 350 94.637New York *___Other ports * . .

3.0006.000

2,6662,000

— 1,000 1,000

— 6,0009,000

141.739165.959

Total 1918— Total 1917.. Total 1916--

22,75033,59249,936

9,00015.70614,359 '1 6 6

21,77918,96383,994

21,16211,55119,215

74,69179.812

167.604

1.387,129 1.036,998 1,171,191

* Estimated.Speculation in cotton for futuro delivery has been un

usually active for these times at a sharp break in prices. In other words, tho decline from the high prices of April 4th was roughly 6 to 6 >2 cents. That was owing largely to the war news. The reverses on the Western front caused an uneasy feeling. Then, although tho weather at one timo last week was bad, freezing temperatures prevailing in half a dozen States, it has latterly been better. Liverpool for one cause or another, took tho alarm and had sold hero on a big scale. And on tho 15th and 16th instant Liverpool prices fell tho full 100 English points permitted in that market, or in other words, equal to 400 points in American money in two days. To-day it broke equal to 2 cents again. The long interest here for Liverpool account seems to have been far larger than had been generally supposed to be. There was drastic liquidation of this interest and also a good deal of selling, it is supposed, against Lm rpool holdings at the South, designed for export, but held back by the scarcity of ocean tonnago. Another depressing factor was tho reports of larger offerings of spot cotton at tho South and some decline in prices. What is moro, the South sold hero for hedge account on a far greater scale, it seems, than at any timo this season. Certainly current opinion laid a good deal of stress on Southern hedge selling. Apart from this there was heavy selling for both sides of the account by Wall Street and the West. Many were disappointed at the recent exhibit of consumption for March. It was larger than in recent months, and also larger than some previous guesses, but after all it was only 571,202 bales, against 603,919 bales in March 1917. Tho point is made that although the consumption in March was larger than for three preceding months, the provious low figures were due partly to tho scarcity of coal. And now, although tho coal situation is much bettor, tho March figures lagged behind those of last year. Nothing has been said about Great Britain allotting tonnage for April, and tho month is moro than half over. The idea of many is that, owing to the critical phase upon which tho war has entered, exports of commodities for ordinary channels of business will bo relegated to tho background, cotton by no means excopted, and that shipments of troops, munitions and supplies will take precedence for a long time to come. Mean- wliilo, of late if has been warmer and Texas has had rains. Replanting will have to be done in some sections, but that is nothing new. It happens almost every season. And stocks at tho ports and interior towns are noticeably larger than those of a year ago. The talk grows louder that tho carryover into next soason will be liberal. Somo insist that it will bo 3,000,000 balos or more. And if domestic consumption is roduced and oxports aro still sharply restricted, what thon? Everything seems to point to an increase in tho acroago. Fertilizers will bo moro largoly used than for somo years past. They may not be as effective as those used in pro-war yoars, but perhaps incroasod quantity may largoly offset dofoctivo quality. And cultivation wiil no doubt bo more intensive than for yoars past. A price of anything liko $100 to $150 a bale would insure that. And sales of mules aro larger than perhaps for yoars past. Finally, thoro is the question of prico fixing. Tho latest from Washington is that tho Govornmont may bo inclined


A p r . 20 1018.] TTTE C T T R O N T C L E 1703to introduce a strict regulation of the business in cotton and woolen goods. That question is always in the background. In fact, on the 18th inst. Representative Emerson of Ohio introduced a bill in the House fixing tho maximum prico of cotton at 20 cents. It caused heavy selling. It has been reforrcd to tho Agriculture Committee. That is supposed to bo as good as a tomb. But if cotton goods aro regulated the effect may be directly or indirectly to regulate raw cotton. On tho wholo sentiment here is more bearish. On tho other hand, tho recent liquidation has been almost cruelly drastic and a drop of $30 to $32 50 per bale is believed by somo to have cleared the atmosphere, especially as Southern spot markets aro again resisting the decline in futures. And the scarcity of white cotton at the South seems to be undeniable. It_is needed, too, in filling Government contracts. The British stocks are still down to a low stage. They will have to be replenished sooner or later. And shipbuilding is being speeded up. A Director- General has just been appointed in the person of the President of the Bethlehem Steel Co. to see to it that shipbuilding is pushed with the vigor that these trying times demand. It is about time and it may help exports. And the weekly Government weather report on the 17tli instant was unfavorable. Much replanting will have to bo done. That at least means tho loss of so much time. Whero tho plant was not killed by recent killing frosts it is said to be looking rather puny in not a fow sections. Mill stocks are still considerably below those of a year ago. Tho Govornmont is giving out enormous orders. A prolonged war, it is argued, would mean a continuance of such orders. And tho rocont ovents on the Western front in tho estimation of somo people mean a prolonging of tho war. At timos of lato Liverpool had bought on balance. Selling prossuro has noticoably relaxed. Somo think exports will incroaso later on. The South has plonty of monoy; it can hold cotton if it sees fit to do so. To-day, however, tho tono was steadier, despite a break of 2 conts in Liverpool and somo heavy Liverpool selling early in tho day. Tho weathor was cold at tho South and frost was indicated for Northorn Toxas and Oklahoma. Shorts coverod moro frooly. Tho technical position is better after heavy liquidation and a good doal of short selling. Prices oarly foil 40 to 70 points, but this declino was more than rogained on tho now crop months and tho old ended only slightly lowor for the day. Middling upland closed at 30.25c. or a decline of 305 points for tho weok.

Tho following averages of the differences between grades, as figured from tho Apr. 18 quotations of tho cloven markets, designated by the Secretary of Agriculture, are the differences from middling established for deliveries in the New York market on Apr. 25:Middling fair............................. 1.39 onStrict good middling_____ _____107 onGood middling______________ 0 70 onStrict middling______________ 0 40 on8tr!ct low middling___________0 55 offLow middling _______________ 1.49 offStrict good ordinary...................2 31 offGood ordinary______________ 3.15 offStrict good mid “yellow” tinged .0 12 on Good middling "yellow" tinged .0.13 off

Strict middling “ yellow" tinged.0.44 offMiddling "yellow” tinged......... 0.82 of1Strict low mid. "yellow" tinged.. 1.33 of1Low middling "yellow" tinged.. .2.01 off Good middling "yellow” stained.0.82 off Strict middling "yellow” stained.1.15 oftMiddling "yellow" stained_____1.00 offGood middling "blue” stained.. .0.94 off Strict midfiling "blue" stained.. 1.33 off Middling “blue" stained.............l .84 off

The official quotation for middling upland cotton in tho Now York market each day for tho past week has been:

A p r i l 13 to A p r i l 19— Sat. M on.Middling uplands_____________ 32.20 30.50

Tues.30.50 Wed. Tliurs. Fri.

31.50 30.30 30.25N E W Y O R K Q UO TATIO N S FOR 32 Y E A R S.

1918.C.......... 30.251917.............. 20.251910 ..12.001915...............10.451914...............13.101913...............12.151912...............11.801911 ..14.85

1910-C------ .15.15 1902.C_____ 9.441909--------- .10.65 1901........... 8.381908______ . 9.90 1900_______ 9.881907.......... -11.20 1899............. 6.251906______ .11.70 1898-........... 6.251905______ . 7.85 1897............. 7.311904........... -14.10 1896_______ 7.941903.......... .10.40 1895_______ 6.94

1894.c ........... 7.561893............ 7.941892............. 7.191891............... 8.941890. ........... 11.811889............. 10.811888............. 9.751887..............10.62

FU TU R E S.— Tho highest, lowest and closing prices at Now York for tho past week liavo been as follows:

Siturday, April 13.

Monday, April 15.

Tuesday, April 10.

Wed'day, April 17.

Thursd'y, April 18.

Friday, April 19. Week.

April—Hnnge........ —— —— ——--- --- ——--- —— --- --- --- __ --- --- --- ---" --■ --- —— __ __Closing___ 30.52 — 28.75 — 28.78 — 29.75 — 28.05 — 28.68 ________

May—Range........ 30.05-/76 28.95-/15 27.94-/2S 28.70-M0 28.30-130 2S.20-.84 28.20-/75Closing___ 30.05-.70 28.95-.00 28.98-.00 29.90-.00 28.80-.82 28.73-.77

June—Range........ 31.20 — 30.00 — --- — --- — — —— — 2S.03-.30 28.03-/20Closing----- 30.58 — 28.90 — 28.79 — 29.67 — 28.58 — 28.45 —

July—27.40490 28.41-/65Range........ 30.2S-.00 28.00 175] 2S.00-/85 27.70-.,55 27.70-175

Closing___ 30.38-.41 28.00-.6G 28.59-.00 29.47-.54 28.38-.43 28.35-.38August—

28.35-.25 2S.65-.70ltango........ 30.20 — 28.52-/60 — 27.85 — 27.85-120Closing___ 30.02 — 28.40 — 28.39 — 29.10 — 28.08 — 28.19 —

September—•Range........

28.60 — 26.85- .95Closing___ 29.22 — 27.70 — 27.80 — 27.45 — 27.69 — —

October— 27.38-150 20.75-160ltango........ 2S.79-.15 27.40-/27 20.00-C75 20.60-.53 20.00-/27Closing___ 2S.82-.85 27.40-.42 27.50-.63 28.25-.34 27.10-.15 27.34-.37

November—Range........ --- --- --- 27.85 — — — —- --- --- --- --- -- — --- 27.85 —Closing.__ 28.03 — 27.25 — 27.53 — 28.10 — 27.03 — 27.22 — --- --- ---

December—Range........ 2S.45-.84 27.07-190 20.35-CtO 27.08-120 20.60-115 20.50-.23 20.50-190Closing___ 28.47-.51 27.10-.15 27.20-.21 27.95-.00 26.85-.94 27.07-.09 —

January—•20.70-105» Range____ 2S.37-.OS 27 00-16« 20.10 <35 26.95-102 26 34-.0 26.34-168

y Closing___ 23.35-.40 20.99-.00 27.06-.10 27.80 — 20.72 — 26.94- .97 --- — ---February—•1 ltango.........1 Closing... 28.25 — 20.89 — 26.00 — 27.70 — 20.62 — 26.84 — ------------March—

Range____ 2S.10-.35 28.45 — 20.12-.15 — -------- — --- — --- 20.12-135CD-l-g___ oq.05 — ” B BO — OB 7B — >7.50 — gfl ig _ OB «4 — —

TH E VISIBLE SUPPLY OF C O TTO N 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.

A p r i l 19— 1918. 1917. 1916. 1915.Stock at L iverpool_______ bales. 417,000 680,000 813,000 1,542.000Stock at L on d on ________________ 20,000 24,000 54,000 23,000Stock at Manchester____________ 61,000 52,000 79,000 163,000

Total Great Britain 498,000 756,000 946,000 1,728,000Stock at Hamburg_______________ *1,000 *1,000 *30,000Stock at Bremen . . ____________ *1,000 *1,000 *527,000Stock at H a v r e _________________ 124,000 274,000 305,000 257,000Stock at M arseilles_____________ 2,000 7,000 14,000 20,000Stock at B arcelona_____________ 14,000 95,000 80,000 44,000Stock at G e n o a _____________ . . 9,000 22,000 125,000 606,000Stock at Trieste---------- -------------- *1,000 *1,000 *4,000

Total Continental stocks______ 149.000 401,000 527,000 1,488,000Total European stocks.............. 6-17,000 1,157,000 1,473,000 3,216,000

India cotton afloat for Europe___ 28.000 55,000 46,000 155,000Amer. cotton afloat for E urope.. 151,000 231,000 368,008 639,579Egypt,Brazil,&c.,afloat for Eur’pe 95,000 48,000 33,000 04,000Stock In Alexandria, E gypt......... 317,000 135.000 86,000 210,000Stock in Dombay, India.............. *599,000 860,000 1,112,000 845,000Stock in U. S. ports...................... .1 , 61,820 1,116,410 1,338,795 1,416,140Stock in U. S. interior towns____1,197.106 995,490 966,013 781,869U. S. exports to-day_____ ________ 1.422 ______ 17,681 32,416

Total visible supply.................... 4.497,348 4,598,300 5,440,497 7,360.004Of tho above, totals o f American and other descriptions are as follows: A m e ric a n —

Liverpool stock .................... bales. 246,000 560,000 598.000 1,247,000Manchester stock________________ 31,000 46,000 68,000 140,000Continental stock .............................*127,000 *339,000 *421,000*1,317,000American afloat for Europe_____ 15i,000 231,000 368,000 639,579U. U. ports stocks............... 1,461.820 1,116,810 1,338.795 1,416,140U. S. interior stocks_____________ 1,197,106 995,490 966,013 781,869U. S. exports to-day_____________ 1,422 17,681 32,416

Total Amorican__________E a s In d ia n , B ra z il, «&c.—

Liverpool stock_____________London stock______________Manchester stock___________Continental stock___________India afloat for Europe_____Egypt, Brazil, &c., afloat___Stock in Alexandria, E gypt. Stock in Bombay, India____

.3,215,348 3,288,300 3,777,497171.000 120.000 215,00020.000 24,000 54,00030.000 6,000 11,000

*22,000 *62.000 *106,00028.000 55,000 46,00095.000 48,000 33,000

317.000 135,000 86,000599.000 860,000 1,112.000

1,663,0003,777,497

Total East India, & c................. 1,282,000 1.310,000Total Amorican______________ 3.215,348 3,288,300

5.574.004295.000

23.00023.000

*171,000155.00064.000

210.000845.000

1,786,0005.574.004

Total visiblo supply___________ 4,497,348 4,598,300Middling Upland, Liverpool_____ 22.79d. 12.26d.Middling Upland, New York____ 30.25c. 19.85c.Egypt, Good Brown, L iverpool.. 32.S id . 26.25d.Peruvian, Hough Good, Liverpool 39.00d. 19.50d.Broach, Fine, Liverpool_________ 21.93d. 11.90d.Tinuovclly, Good, Liverpool____ 22.18d. 12.08d.

5,440,497 7,360,0047.82d. 5.78d.

12.10c. 10.90c.11.63d. 8.75d.13.25d. 9.25d.

7.60d. 5 .55d;7.72d. 5 .62a,

* Estimated.Continental imports for past week have been 41,000 bales.

Tho above figures for 1918 show a decrease from last week of 151,671 bales, a loss of 100,952 bales from 1917, a decline of 943,149 bales from l916 and a falling off of 2,862,656 bales over 1915.

A T TH E IN T E R IO R TO W N S the movement— that is, the receipts for the week since and Aug. 1, the shipments for the week and the stocks to-night, and tho same items for the corresponding period of the previous year— is set out in detail below.

Towns.

Movement to A p ril 19 1918. Movement to A p ril 20 kl1917.Receipts. Ship

ments.lrccJt.

StocksA p r.19.

Receipts. Ship-meats.Week.

StocksA p r.20.Week. Season. Week. Season.

Ala., Eufaula.. 10 4,326 16 2,825 76 9,576 391 7,967Montgomery . 209 48,099 312 6,552 206 41,805 2,493 25,863Selma........... 32 33,939 15 655 197 21,257 927 4,314

ArK., Helena.. 513 40,727 4,614 9,703 319 71,850 1,811 18,207Tittle Rock.. 3,035 221,214 10,975 39,098 3.402 221,395 5,674 30,380Pine Bluff... 706 135,791 2,793 52,500 995 147,985 4,248 40,285

Ga., Albany. . 77 12,381 162 1,665 2 19,138 28 1,638Athens......... 703 118,818 1,542 30,490 355 98,713 3,097 19,611Atlanta......... 3,479 311,359 5,787 41,896 7,251 291,025 3,436 76,630Augusta------ 3,605 426,646 9,904 128,990 4,888 357,044 0,918 93,841Columbus___ 450 35,789 600 7.750 217 61,005 842 14,838Macon_____ 2,483 160,260 3,666 22,729 2,17.3 155,591 1,511 10,708Rome........... 700 54,159 1,599 10,500 480 55,298 552 7,080

La.. Shreveport 962 193,638 1,218 32,409 883 144,050 1,345 14,537Miss..Columbus 42 9,930 137 947 261 5,819 195 1,335Clarksdale *.. 20(1 103,791 2,200 31,636 370 55,762 17,370Greenwood__ 1,776 125,897 4,820 36,956 600 103,054 1,100 22,500Meridian___ 376 33,868 762 9,769 165 20,305 .323 5,381Natchez........ 28 51,253 2S6 5,871 136 33,741 1,083 8,581Vicksburg___ 89 29,632 968 6,944 80 15,911 861 2,904Yazoo City.. 70 37,978 370 15,000 19,004 480 4,920

Mo., St. Louis. 12,543 875,924 12,762 16,359 15,875 858,941 16,537 33,196N.C.,Gr'nsboro 500 51,142 11,000 2,259 68,902 1,739 0,620Italclgh......... 109 10,473 225 227 50 11,000 125 75

()., Cincinnati. 3,236 112,649 6,155 19,941 252 165,352 1.423 19.428Okla., Ardmore CUlckasha__

1.3,750 70 52,000 450 1,9771,125 58,337 498 4,242 54.3 77,817 409 3,561

Hugo............. 738 34,090 1,767 4,384 15 29,063 358 3,188Oklahoma . . . 758 43,395 1,322 3,359 200 37,283 300 1,000

S.C., Greenville 4,315 119,253 4,053 25,032 3,947 128,109 4,580 26,125Greenwood__ 13.266 5,175 __ 10,432 14 5,300

Tenn., Memphis 33,531 1,159,502 35,006371,127 14,052 1,171,101 21,796 320,736Nashville___ 24 1,725 __ 1,180 06 1,703 503

Tex., Abilene.. 1 26,991 32 617 100 58,501 200 1,400Brcnhnm___ 85 21,088 106 781 14 23,704 15 2,227Clarksville__ 189 53,294 1,681 4,364 22 42,005 37 2,028Dallas______ 800 125,595 1,800 13,500 1,701 11.5,176 8S1 7,290Honey Grove. 409 61,203 645 7,602 7 39,432 973Houston........ 11,231 1,833,162 12,058 191,810 10,639 2,372,474 23,001 117,797Parts...... ....... 178 103,209 14,835 1,729 130,837 1,301 6,004San Antonio.. 9 30.141 20 14 43,499 088 1,180

Total, 41 towns 89,4100.937.003 130.850 1197,105 90.BJ0 7,303.478 111,229 995,504* Last yeir's figures arc f .r Greenville.The above totals show that tho interior stocks have de

creased during the week 41,416 bales and are to-night 201,602 bales less than at the same timo last year. The receipts at all towns have been 8,820 bales more than the same week last year./3iC. J30o. J 290. i 23c. C 27c.



O V E R LA N D M O V E M E N T FO R T H E W E E K A N D SIN CE A U G . 1.— W e give below a statement showing the 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:

-1916-17April 19.

Shipped—Via St. Louis.........................

Week.............12,762............9,596

Since Aug. 1. 868,918 347,209

Week.016,537

7.383

Since Aug. 1. 0837,872

229,3669,630 5.827

Via Louisville____________ ............3,516______ 848

74,32734,081

1,085118

100,38860,757

Via Virginia points_______Via other routes, &c______

............1,846

............11,243178,621558,357

9,5689,741

269,347645,830

Deduct Shipments—

Leaving total net overland *— 10,641

.39,811 2,071,143 44,432 2,149,387- 1,247 287,093 7,336 193,742- 2,423 82,525 3,418 133,991.25,600 702,220 12,255 319,159.29,270 1,071,838 23,009 646,892

-10,541 999,305 21,423 1,502,495Canada a Revised.

The foregoing shows the week’s net overland movement has been 10,541 bales, against 21,423 bales for the week last year, and that for the season to date the aggregate net overland exhibits a decrease from a year ago of 503,180 bales.

In Sight and Spinners' Takings.

-1917-18-Week.

Since Aug. 1.

-1916-17-Week.

Since Aug. 1.

53,31310,54186,000

5,095,114999,305

3,074,00071,79921,42390,000

6,051,5291,502,4953,056,000

149,854*41,416

9,168,419842,614

183,222*30,609

10,610,024641,770

108,438 152,61310,011,033 11,251,794

50,807 1,679.919 70,313 2,492,471a Those figures are consumption; takings not* Decrease during week,

available.Movement into sight in previous years:

Since Aug. 1— Bales.1915-16— April 2 1 - .............10,607,3731914-15— April 23 ...............13.623,1831913-14— April 24...............13,713,429

Week— Bales.1916— April 2 1 . .......................184,4681915— April 23............ 200,3321914— April 24---------- 116,433

Q UO TATIO N S FOR M ID D L IN G CO TTO N A T O TH ER M A R K E T S .— Below are the closing quotations of middling cotton at Southern and other principal cotton markets for each day of the week.

Closing Quotations for Middling Cotton on—April 19. Saturday, Monday. Tuesday. Wed'day. Thursd'y. Friday.

G alveston_____ 32.40 31.90 31.90 32.00 32.00 32.00Now Orleans___ 34.00 33.' 0 33.00 33.00 33.00 33.00M ob ile_________ 34.00 33.00 32.50 32.50 32.50 32.50Savannah _____ 34.00 33.50 33.00 32.50 32.50 32.50Charleston_____ 34.00 34.00 33.00 32.50 32.50 32.50W iiniington____ 32.50 32.50 32.50 32.50N o rfo lk .............. 32.50 32.50 32.50 32.50 32.50 32.50B altim ore_____ 33.00 32.00 30.00 30.50 31.50 31.00Philadelph ia___ 32.45 30.75 30.75 31.75 30.55 30.50Augusta________ 33.75 32.50 32.50 32.50 32.50 32.50M em phis______ 34.50 34.50 34.50 33.50 33.50 33.50

29.30 29.50 30.40 29.45 29.60H ouston_______ 32.40 31.60 31.10 31.90 30.65 30.40Little R ock____ 34.00 33.50 33.00 33.00 33.00 33.00

N E W O RLEAN S C O N TR A C T M A R K E T .— The closing quotations for leading contracts in the New Orleans cotton market for the past week have been as follows:

S aturday, A p r i l 13.

M o n d a y , A p r i l 15.

T u esd a y \ A p r i l 16.

W ed 'd a y , A p r i l 17.

T h ursd 'y , A p r i l 18.

F rid a y , A p r i l 19.

April___________M a y ___________June___________J u ly .....................August_________O ctober________D ecem ber_____January________M a rc h _________T o n e—

S p o t_________O ptions_____

29.85- .8829.88- .9029.88- .90 29 .01-.il 28.90-.95 27.70-.80 27.35-.41 27.15-.1726.85- .87

Quiet Bar. st’y

27.92-.9927.95- .0327.95- .00 27.33-.36 27.22-.25 26.25-.32 25.94-.95 25.79-.82 25.65-.68

Quiet Bar. st’y

28.40 —28.43- .4528.43- .45 27.52-.55 27.41-.4526.43- .46 26.14-.16 :26.03-.05 25.88 —Nominal

1 Steady

29.30 — 29.34 —■ 29.32-.36 28.43-.4528.33------27.30-.33 27.00-.02 26.90-.93 26.85-.90Nominal

1 Steady

28.05- .0828.09- .1028.09- .12 27.24-.35 27.14-.1726.05- .09 25.73-.75 25.03-.67 25.60-.65NominalSteady

24.96 — 28.00-.01 28.00-.02 27.30-.36 27.20-.22 26.28-.36 26.00-.03 25.90-.82 25.85-.87NominalSteady

M A R K E T A N D SALES A T N E W Y O R K .The total sales of cotton on the spot each day during the

week at New York are indicated in the following statement. For the convenience of the reader we also add columns which show at a glance how the market for spot and futures closed on same days.

Spot Market Closed.

Futures.MarketClosed.

SALES.

Spot. Con’ract Total.

Saturday___M o n d a y ___T u esd a y___W ednrsday. Thursday . . Friday _

Quiet, 110 pts. d e c . . Quiot, 170 pts. d e c . .Quiet unchanged___Steady, 100 pts. adv Quiet, 120 pts. d e c . . Quiet, 5 pts. dec____

Barely steady. .W eak..................F irm ..................Barely steady. . Barely s tea d y .. Steady_________

" 3 1: : : :

" 3 1

T ot 1____ 31 31

W E A T H E R REPORTS B Y TE LE G R A P H .— Advices to us by telegraph from the South this evening indicate that rain has been general over pretty nearly the entire cotton belt, except a portion of Texas and the Atlantic section. The precipitation has been beneficial on the wholo and tomper- ature has latterly been favorable. Alabama reports much cotton killed by last week’s low temperature, but replanting is going on rapidly. Early plantod cotton is up in Toxas.

Galveston, Tex.— Good rains have occurred in nearly all localities except the southwestern counties, where more moisture is still needed. Planting is still making good headway. Early planted cotton is up but temperatures have been too low for good growth. There has been rain on two days during the week, the rainfall being two inches and twenty hundredths. The thermomoter has averaged 74, the highest being 84 and the lowest 64.

Abilene, Tex.— It has rained on two days during the week, the precipitation reaching thirteen hundredths of an inch. The thermometer has averaged 67, ranging from 44 to 90. t

Brenham, Tex.— There has been rain on four days during the week, the rainfall being sixty-nine hundredths of an inch. The thermometer has ranged from 48 to 84, averaging 66.

Brownsville, Tex.— Rain has fallen on one day of the week, to the extent of eighteen hundredths of an inch. Minimum thermometer 61, highest 92, average 76.

Cuero, Tex.— There has been rain on three days of the week, to the extent of thirty-four hundredths of an inch. The thermometer has averaged 72, highest being 90 and the lowest 54.

Dallas, Tex.— There has been rain on four days during the week, the precipitation being one inch and fifty hundredths. The thermometer has averaged 66, ranging from 50 to 82.

Fort Worth, Tex.— W o have had rain on three days during the week, the rainfall being one inch and thirty-seven hundredths. The thermometer has ranged from 49 to 83, averaging 66.

Henrietta, Tex.— W e havo had rain on four days of the week, the precipitation being three inches and forty-four hundredths. Minimum thermometer 42, maximum 88, mean 65.

Huntsville, Tex.— W e havo had rain on two days the past week, the rainfall being fifty-eight hundredths of an inch. The thermometer has averaged 63, the highest being 84 and the lowest 42.

Kerrville, Tex.— The week’s rainfall has been one inch and fifty hundredths on four days. The thermometer has averaged 67, ranging from 50 to 84.

Lampasas, Tex.— There has been good rain on four days during the week to the extent of four inches and twonty-four hundredths. The thermometer has ranged from 46 to 86, averaging 66.

Longview, Tex.— Rain has fallen hero on three days of the week, to the extent of two inches and thirty-two hundredths. Minimum thermometer 44, highest 82, average 63.

Luling, Tex.— It has rained on two days of the week, the rainfall reaching eighteen hundredths of an inch. Thermometer has averaged 72, the highest being 90 and the lowest'57.

Nacogdoches, Tex.—Wo havo had rain on three days'of the week, the rainfall reaching one inch and five hundredths. The thermometer has avoraged 68, ranging from 52 to 84.

Palestine, Tex.— There has been rain on four days during the week to the extent of two inches and thirty hundredths. Tho thermometer has ranged from 54 to 80, averaging 67.

Paris, Tex.— Rain has fallon on five days of tho week to the extent of four inches and eight-two hundredths. Minimum thermometer 42, highest 78, averago 60.

San Antonio, Tex.— It has rainod on three days of tho week, tho rainfall reaching sixty hundredths of an inch. The thermometer has averaged 72, tho highest being 90 and the lowest 54. * tfe

Taylor, Tex.— Wo have had rain on three days of the week, tho rainfall reaching one inch and three hundredths. The minimum thermomoter 52.

Ardmore, Okla.— Thore has boon rain on five days during tho week, to tho extent of four inches and forty-five hundredths. The thermometer has ranged from 41 to 84, averaging 62.

Muskogee, Okla.— W e have had rain on four days of the week, the precipitation being one inch and fifty hundredths. Minimum thermometer 42, maximum 81, moan 62.

Oklahoma, Okla.— W o havo had rain on five days of the week, the rainfall reaching one inch and fifty-three hundredths. Tho thermometer has averaged 66, the highest being 87 and the lowest 44.

Eldorado, Ark.— It has rained on four days of tho week, tho rainfall reaching two inches and eighty-threo hundredths. The thermomoter has averaged 63, ranging from 40 to 85.

Little Rock, Ark.— It has rained on three days during the week, the precipitation roaching three inches and five hundredths. Minimum thermometer 42, maximum 82, mean 62.

Alexandria, La.— Thore has been rain on one day during the week, tho precipitation reaching three inches and twenty hundredths. Tho thormometer has averaged 64, the highest being 85 and tho lowest 42.

New Orleans, La.— Wo have had rain on two days the past week, tho rainfall being one inch and five hundredths. The thermometer has averaged 68.

Shreveport, La.— There has been no rain on tliroo days during the week, the rainfall being thirty-four hundredths of an inch. Tho thermometer has ranged from 42 to*83.

Columbus, Miss.— It has rained on one day of tho week, the rainfall roaching two inches. Minimum temperature 32, maximum 85, mean 59.

Greenville, Miss.— W e havo had rain on four days the past week, tho rainfall being three inches and forty-nine hun-


Apr. 20 1918,] THE CHRONICLE 1705dredths. The thermometor has averaged 59, the highest being 85 and the lowest 32.

Vicksburg, Miss.— It has rained on four days of the week, the rainfall reaching one inch and ninety hundredths. The thermometer has averaged 64, ranging from 40 to 84.

Mobile, Ala.— Nearly all cotton has been killed, but replanting is going on rapidly. Heavy rains have occurred in the interior, rivers aro rising and somo bottoms are threatened. W e have had rain here on two days during the week, the rainfall being one inch and three hundredths. The thermometer has ranged from 39 to 77, averaging 63.

Selma, Ala.— Wo have had rain on one day the past week, the rainfall being one inch and forty-two hundredths. The thermometer has averaged 62, the highest being 81 and the lowest 31.

Madison, Fla.— It has rained on one day of the week, the rainfall reaching two hundredths of an inch. The thermometer has averaged 62, ranging from 38 to 87.

Atlanta, Ga.— There has been rain on two days during the week, the rainftdl being thirty-five hundredths of an inch. The thermometer has ranged from 38 to 77, averaging 58.

Savannah, Ga.— W e have had no rain tho past week. The thermometer has averaged 64, tho highest being 82 and tho lowest 38.

Charleston, S. C.— Dry all tho week. The thermometer has averaged 63, ranging from 47 to 79.

Spartanburg, S. C.— There has been no rain during the week. Tho thermometer has ranged from 35 to 83, averaging 59.

Charlotte, N. C.— The week’s rainfall has been twenty-eight hundredths of an inch, on one day. Average thermometer 58, highest 80, lowest 37.

Weldon, N. C.— Thero has been rain on two days during tho week, the precipitation reaching seventeen hundredths of an inch. The thermometer has averaged 58, tho highest boing 82 and the lowest 33.

Memphis, Tenn.— It has rained on three days of the week, the rainfall reaching one inch and fourteon hundredths! The thermometer has averaged 61, ranging from 39 to 76. Planting is active. Weather too cold early part of the week but latter portion favorablo.

Tho following statement wo have also recoived by telegraph, showing tho height of tho rivers at tho points named at 8 a. m. of the dates given:

A pril 19 1918. April 20 1917. Feet. Feel.10.4 17.522.2 37.318.4 21.112.0 2 .2

. 28.9 49.7. R ECEIPTS FRO M TH E P L A N T A T IO N S.— Tho following table indicates tho actual movement each week from the plantations. The figures do not include overland receipts nor Southern consumption; they aro simply a statement of tho weekly movement from tho plantations of that part of the

N e w O rleans------------------A b ove zero o f g a u g e .M e m p h is ------------------------ A b ove zero o f g au ge .N a sh v ille -------------------------A b ove zero o f g a u g e .Shreveport----------------------A b o v e zero o f g au ge .V ic k s b u r g ---------------------- A b ove zero o f g a u g e .

W eekend’o

Mar1 ..8

15.. 22. . 21). _

April r>_.

12. . 19. _

97,216109,187104.96393,71076,02074,68171,33753,313

70,610107,849 05,0681 94,383 74,9581 91,252 80,970 101,806 83,0411109,903

1,295,928 1,141,728 1,108,932 1,120,179

1,110,691 1,088,650 1,004,SOI

1,272,7971,277,9311,283,590

75,372' 93,455 1,270,758 1,001,258 04,264 102,550 1,238,522 1,026,113 71,799113,003 1,197,106 995.504

1,103,2691,128,5021,100,0441,090,3781,082,6441,000,178 61,843 1,013,861 39,101

900,013 11,897

Receipts at Ports. Stocks at Interior Towns. Receipts front Plantations1918. 1917. 1916. 1918. | 1917. 1916. 1918. 1917. 1916.

117,34882,191

108,2289.8,8,8382,285

02,32749,51959,47058,92959,19201,84329,11941,190

04,83959,67602,73492,140

102,22980,98950,23365,755

Tho above statement shows: I .— That tho total receipts from the plantations since Aug. 11917 aro 5,937,728 bales; in 1916-17 wero 6,693,299 bales, and in 1915-16 were 6,597,889 bales. 2 .— That although tho receipts at tho outports’ tho past week wero 53,313 bales, tho actual movement from plantations was ll,897jbalos, tho balance boing takon from stocks at intorior towns. Last year receipts from the plantations for the week wero 41,190 bales and for 1916 tliov were 65,755 bales. y

CO TTO N CO N SU M PTIO N A N D O VE R LA N D M O V E M E N T TO APR IL 1.— Below wo present a synopsis of the crop movement for the month of March and the eight months ended March 31 for three years:

Gross overland for M a rc h ............. bales.Gross overland for 8 months__________Net overland for March______________Not overland for 8 months____________Port receipts In March_______________Port receipts in 8 months_____________Exports lti M arch.......................................Exports In 8 months_________________Port stocks on March 3 1_____________Northern spinners’ takings to April 1 __Southern consumption to April 1 ______Overland to Canada for 8 months (incl.

In net overland)____________________Hurnt North and South In 8 months___Stock at Northern Interior mkts. Mar. 31Came in sight during March__________Amount of cron in sight April 1 ...............Camo in sight balance of season_______Total crop____________________________Avcrago gross weight of bales...................Avorago nel weight of bales___________

1 9 1 7 -1 8 . 1916 -17

1 6 1 ,4161 ,9 4 2 ,2 7 9

54,7919 5 1 ,1 5 44 1 6 ,1 1 4

4 ,9 1 3 ,6 5 62 8 5 ,3 2 3

3 ,3 2 1 ,9 3 71 ,5 3 6 ,7 6 31 ,5 4 7 ,1 6 92 ,8 3 2 ,0 0 0

1 4 0 ,039

2 5 ,6 3 58 0 9 ,9 0 5

9 ,6 2 2 ,8 1 0

5 1 1 .9 54 8 6 .9 5

171 ,4702 ,0 3 8 ,9 4 9

6 6 ,8 6 31 ,4 5 1 ,6 9 9

3 4 5 ,5 3 25 ,8 6 0 ,5 9 7

2 9 0 ,9 1 84 ,3 7 8 ,6 1 21 ,2 1 3 ,2 7 92 ,3 1 6 ,3 8 52 ,8 0 1 ,0 0 0

100 ,4941,383

2 1 ,6 9 27 2 1 ,3 9 5

1 0 ,8 2 2 ,2 9 62 ,1 5 3 ,2 7 3

1 2 ,9 7 5 ,5 6 95 1 5 .7 24 9 0 .7 2

1915 -16 .

2 3 7 .1 2 5 1 ,6 1 9 ,2 9 4

141,2611 ,1 3 0 ,0 8 6

4 4 7 ,8 0 65 ,7 9 9 ,4 4 3

4 5 9 .1 2 5 4 ,0 0 2 ,0 2 5 1 ,3 7 9 ,6 6 7 2 ,4 3 2 ,2 0 6 2 ,5 3 0 ,0 0 0

135 ,1472 ,5 2 2

18 ,6 0 88 6 7 ,5 3 4

1 0 ,0 6 4 ,9 9 6 2 ,8 8 8 .4 5 4

1 2 ,9 5 3 ,4 5 0 5 1 A 14 4 8 8 .1 4

-Exports have been m oderately Increased b y tho addition o f M arch figures for N orthern and Pacific ports not available until tills week, bu t no revision o f the N orthern spinners’ takings has been necessary, as adequato allow ance had already been m ade therefor.

W O R L D ’S SUPPLY A N D T A K IN G S OF C O T T O N .— The following brief but comprehensive statements indicates at a glance the world’s supply ofocotton for the week and since Aug. 1 for the last two seasons, from all sources from which statistics are obtainable; also the takings, or amounts gone out of sight, for the like period.

C o t to n T a k in g s . W e e k a n d S e a s o n .

1 9 1 7 -1 8 . 1 9 1 6 -1 7 .

W eek. Season. Week. Season.Visible supply April 1 2 ___________ 4 ,6 4 9 ,0 1 9

1 0 8 ,4 3 85 7 0 .000

6 1 ,0006 2 0 .0 0 0

64,000

4 ,7 2 7 ,2 7 6

1 5 2 ,6 1 31 0 1 ,0 0 0

3 .0 0 06 .0 0 0 2 ,0 0 0

Visible supply A u g . 1 ____________Am erican in sight to April 1 9 . .B om b ay receipts to April 1 8 ___O ther India sh ipm ’ts to April 18 Alexandria receipts to April 1 7 . O ther supply to April 17 * _____

T o ta l su p p ly_____________________D educt—

Visible supply April 1 9 ___________

2 ,8 1 4 ,7 7 61 0 ,0 1 1 ,0 3 3

1 ,3 3 0 ,0 0 06 8 ,0 0 0

7 2 3 .0 0 0153 .0 0 0

3 ,1 9 8 ,2 5 11 1 ,2 5 1 ,7 9 4

1 ,9 9 8 ,0 0 01 9 9 .0 0 06 4 6 .0 0 01 4 3 .0 0 0

4 ,8 5 2 ,4 5 7

4 ,4 9 7 ,3 4 8

1 5 ,0 9 9 ,8 0 9

4 ,4 9 7 ,3 4 8

4 .9 9 1 ,8 8 9

4 ,5 9 8 ,3 0 0

1 7 .4 3 6 ,0 4 5

4 .5 9 8 ,3 0 0T o ta l takings to April 1 9 .a _____

O f which Am erican . _________O f which other_____________ __

3 5 5 .1 0 92 7 0 .1 0 9

8 5 ,0 0 0

1 0 ,602 ,4618 ,3 1 5 ,4 6 12 ,2 8 7 ,0 0 0

3 9 3 ,8 5 92 7 9 ,5 8 91 1 4 ,000

1 2 .8 3 7 .7 4 51 0 .0 5 1 .7 4 5

2 ,7 8 6 .0 0 0

* Em braces receipts in Eu rope from B razil, Sm yrn a, W e s t Indies, & c. a Th is total includes the estim ated consum ption b y Southern m ills,

3 ,0 7 4 ,0 0 0 bales in 191 7 -1 8 and 3 ,0 5 6 ,0 0 0 bales in 1916 -1 7 — takings not being available— and tho aggregate am ou nts taken b v N orthern and foreign spinners, 7 ,5 2 8 ,4 6 1 bales in 1917 -1 8 and 9 ,7 8 1 ,7 4 5 bales In 1 9 1 6 -1 7 , o f which 5 ,2 4 1 ,4 6 1 bales and 6 .9 9 5 ,7 4 5 bales A m erican .

b E stim ated .

D O M E STIC E XP O R TS OF CO TTO N M A N U F A C TU R E S.— W e give below a statement showing the exports of domestic cotton manufactures for January and for the seven months ended Jan. 31 1918, and, for purposes of comparison, like figures for the corresponding periods of previous year aro also presented:

Manufacturesof

Cotton Exported.Month ending Jan. 31. 7 Months ending Jan. 31.

1918. 1917. 1917-18. 1916-17.Piece goods_____________ yardsPiece goods__________ . .valueWear, apparel, knit goods.value Wearing apparel, all other.valueWaste cotton, &c________valueYarn___________________ valueAll other________________ value

Total manufactures of..value

53,545,638$8,507,260

1,390,703982,627

1,120,500592,874

1,842,309

68,031,998$6,968,093

1,582,4091,044,305

661,900396,917

1,896,332

461,042,580$63,807,785

9,573,5396,316,9357,189,2494,632,536

12,353,599

401,220,532$39,399,645

12,514,5497,691,6623,703,5243,049,057

13,115,030S14,436,273 $12,549,956 $103,873,643 $79,473,467

B O M B A Y C O TTO N M O V E M E N T .— The receipts of India cotton at Bombay for tho week ending Mar. 28 and for the season from Aug. 1 for three years have been as follows:

March 28. Receipts at—

1917-18. 1916-17. 1915-16.

Week.Since

Aug. 1. Week.Since

Aug. 1. Week.Since

Aug. 1.Bombay_________________ 47,000 1,192,000 SO,000 1.735,000 103,000 2,371,000

A L E X A N D R IA RECEIPTS A N D SH IP M E N TS.

Alexandria, Egypt, M arch 2 7 .

Receipts (cantars)—T h is w eek____________Since A u g . 1_________

1 9 1 7 -1 8 .

104 ,3305 .1 3 0 ,4 1 9

1 9 1 6 -1 7 .

4 8 ,0 2 74 ,6 9 1 ,3 9 1

1 9 1 5 -1 6 .

3 1 ,8 9 64 ,4 6 1 ,9 4 2

Exports (.bales)— Week.Since

A u g. 1.Since

Week. A u g . 1. Week.Since

A u g . 1 .

T o Liverpool_______________T o M an ch ester, & c _ ___T o C ontinen t and In d ia . T o A m erica________________

T o ta l exports__________

2 ,9 5 03 ,3 5 0

151 ,008161 ,553

6 4 ,4 1 52 2 ,513

1 1 ,276 1 7 2 ,626------- 1 0 9 ,8 3 6

60 9 7 ,9 8 7 ------- 105 ,2 1 5

3 ,831

2,5712 ,9 1 0

1 8 1 ,5 5 81 1 8 ,8 0 31 4 1 ,4 7 21 8 0 ,0 7 3

6 ,3 0 0 3 9 9 .5 7 9 11 ,3 3 6 4 8 5 ,6 6 4 9 ,2 5 2 6 2 1 ,9 0 6

N ote .— A cantar is 99 lbs. E g yp tian bales weigh abou t 7 5 0 lbs.

Tho statement shows that the receipts for the week ending Mar. 27 wero 104,330 cantars and tho foreign shipments were 6,300 bales.

M A N C H E S T E R M A R K E T .— Our report received by cable to-night from Manchester states that confidence in the market is lacking and consequently there is little business doing. W e give prices for to-day below and leave those for previous weeks of this and last year for comparison:

1918. 1917.8)4 lbs. Shirt- Cot'n 854 lbs. Shirt- Cot’n32s Cov ings Common Mid. 32s Cop ings. Common M id.

Twist. to finest . Up’s. Twist. to finest. Up’s.M ar d. d. s. d . s. d. d. d . d . 9. d. s. d. d .1 3911 © 40 54 18 4H@26 9 23.81 1554 © 1654 9 154@11 954 11.488 40 © 4054 18 454 026 9 23.59 1554 © 1654 9 454@12 0 11.9415 41 © 43 18 4 54 @26 9 23.63 1554 © 17 9 5 @12 154 12.0822 41H © 44 54 18 454026 9 24.10 16 © 1754 9 5 @12 154 12.4729 41H © 44 >4 18 454026 9 24.32 1654 © 18 9 4 @12 454 12.77Apr.

5 4254 © 45«4 19 1054 ©28 154 24.95 1654 © 18 9 4 @12 454 12.6912 44 © 465-2 20 0540286 24.83 1654 © 18 9 9 @13 0 13.0819 43 X © 46 21 6 @28 6 22.79 1654 @ 18 9 454®12 754 12.26

LIVERPO OL.— By cable from Liverpool we have the following statement of the week’s sales, stocks, &c., at that port:

O f which speculators to o k _____O f which exporters to o k ________

Sales, Am erican_____________Actu al oxport________________

'otal im ports o f tho v O f which A m erican .

m oun t a flo a t_________O f which A m erican .

M a r. 2 9 . . 14 ,0 0 0

A p ril 5 . 2 0 ,0 0 0

A p ril 12. 2 9 ,0 0 0

A p ril 19 . 1 6 ,0 0 0

. 7 ,0 0 0 1 0 ,0 0 0 1 3 ,0 0 0 7 ,0 0 0

. 3 3 ,0 0 0

. 4 5 8 ,0 0 0

. 2 8 4 ,0 0 04 0 .0 0 03 6 .0 0 0

1 3 1 ,0 0 06 0 .0 0 0

6 0 ,0 0 04 6 7 .0 0 02 9 0 .0 0 0

6 4 .0 0 04 6 .0 0 0

1 2 9 .0 0 06 4 .0 0 0

7 3 .0 0 04 6 3 .0 0 02 7 7 .0 0 0

7 8 .0 0 04 9 .0 0 0

1 2 4 .0 0 05 1 .0 0 0

8 1 ,0 0 04 1 7 .0 0 02 4 6 .0 0 0

3 3 .0 0 02 6 .0 0 0


1 7 0 6 THE CHRONICLE [Vol. 106.

The tono of tho Liverpool market for spots and futures each day of the past week and the daily closing prices of spot cotton have been as follows: _________

Sot. Saturday. Mondy. Tuesday. Wednesday. Thursday. Friday.

Market, I 12:15 < P. M . (

Moderate demand. Quieter. Quiet. Quiet. Quiet.

Mld.tfpl'ds 23.36 22.71 22.70 23.07 22.79Good Mid.

Uplands. 23.89 23.24 23.29 23.60 23.31

Sales........ HOLIDAY 5,000 4,000 5,000 5,000 4,000

Unsettled Weak Steady Steady W’k&lrreg.84 @88 pts. 100 pts. 8@ 12 pts. 54@60 pts. 65 to 100

opened \ decline. decline. decline. advance. pts. decline

( Easy Weak Unsettled Weak SteadyMarket, | 100 pts. 100 pts. 11 pts. 4® 12 pts. 53@70 pts.

4 ( decline decline adv. to 12 advance declineP. M . |

|on new, on new. pts. dec. on on new, on new,102 pts. 95 pts. new,35 pts. 31 pts. 48 pts.

l on old. on old. adv .on old. on old. on old.

The prices of futures at Liverpool for each day aro given below. Prices are on the basis of good middling upland for new contract and middling for old contract, unless otherwise stated.

April 13 to

April 19.

Sat. Mon. Tues. Wed. Thurs. Fri.

12K p. m.

12 Hp. m

12 M 3. m.

4p. m.

12K p. m

4p. m.

12p. in.

4p. m

12^ p. m.

4p m.

12K p. m

4p. m.

New Contracts. d. d. d. d. d. d. d. d. d. d. d. d.April................ 23.80 23.07 22.07 22.67 22.32 22.78 23.28 22.83 22.02 22.30May................ 23.52 23.3‘ 22.3? 22.3' 22.02 22.41 22.91 22.45 21.0' 21.81June................ 23.2 23.1' 22.12 22.1. 21.76 22.13 22.65 22.20 21.37 21.50July................ n r r.i- 23.05 23.92 21.92 21.92 21.51 21.88 22 40 21 95 21.12 21.22August............ D VY. 22.86 22.72 21.72 21.72 21.24 21.60 ■22 15 21.72 20.87 20.90

Old Contract.April................ 22.21 22.21 21.56 21.26 21.61 21.61 21.92 21.92 21.64 21.44Aprll-May___ 22.13 22.P 21.4' 21.P 21.57 21.5? 21.84 21.84 •21 56 »i 3May-June___ 22.05 22.0" 21.4(1 21.16 21.45 21 45 11.76 21.76 21.48 21.2„J " - - ' • • ' ’ >4 "O 3 1 'V' ' 1 *»»T*3 1 « »4

' 0

BREADSTUFFSFriday Night, April 19 1918.

Flour has been quiet, with most substitutes freely offered. Everywhere tho hotels havo eliminated wheat bread; they aro serving substitutes and will, it is supposed, for the rest of the season. Every effort is being mado to supply the Allies with wheat. Meanwhile tho market here is oversupplied in the case of some of the substitutes. The mills are offering flour vory sparingly. Some substitutes have declined. Barley flour has been noticeably weak. Rye flour is more or less neglected, owing to a general impression that it can no longer bo considered as a substitute for wheat flour. Bakers therefore hold aloof. But some of tho trade maintain that the Food Administration favors a mixturo containing 50 % rye, 4 0 % wheat and 10% of substitute. That, it is contended, makes a very much better loaf than some of the admixture breads now being offered. Corn flour is moro plentiful and rather irregular in price, owing to a wide difference in the quality offered. Barley flour is freely offered, but it is neglected. It is said that some of the barley flour at least was apparently made from feoding barley or other low grades of that grain. M illers, it is also said, aro not as experienced in handling it as they are other grain and tho bakers do not understand it either. For one cause or another it is not popular at the moment at least, either as flour or bread.

Wheat has remained firm, with scanty supplies. This goes without saying. Tho next crop may bo a billion bushels of winter and spring wheat combined. But to consider things as they are to-day, stocks are so light that firm prices ai’o a matter of course. There is no doubt, however, that the spring-wheat acreage will bo very largo. Tho total crop of spring and winter never reached a billion bushels except in 1915, when tho total was really 1,025,801,000 bushels. The nearest to this was 891,017,000 bushols in 1914. In 1917 it was only 050,828,000 bushels. But this year it would not be at all surprising to see a yield of 400,000,000 to 500,000,000 bushels moro than this, and also big crops of corn, oats, rye and other grain. The annual requirements for wheat seeding in the last three years have ranged from80,000,000 to 86,000,000 bushels. All tho world seoms alive to tho necessity for raising big crops. Recently tho weather in this country has been fine. In fact, many call it ideal for wheat and oats. In Canada the weather has also been good and field work is progressing rapidly. A good increase in tho acreage is expected there. In tho United Kingdom tho weathor has also beon favorable. Tho winter wheat crops thoro havo, accordingly, made rapid progress. Sowing of spring crops continues on a largo scale. Native offerings aro gradually increasing. In Argentina plowing for tho new wheat crop is making satisfactory progross, and prospects aro for a good acreago. Tho movomont of whoat from the interior continues liberal; tho oxport demand is activo. In France the woather has been good and field work is being rapidly pushed. Young crons look vory favorable. The spring wheat acreage will be larger. It is truo that Fronch supplios aro moro or loss scanty, but tho outlook is more hopeful. In Russia tho woathor has still boon cold. Naturally this has had a tendoncy to rotard sowing. In fact, tho prospects aro unsatisfactory, though hero and thoro tho outlook is loss so than in other parts of tho country. In Italy crop prospects seom bright. The woathor is good. Supplies at present aro modorate, but tho outlook is moro cheerful.

Spain has had good weathor and tho crop outlook is favorable after beneficial rains. In North Africa the prospects aro encouraging. In Scandinavian countries crop conditions aro fair, with tho weathor hotter. Supplios thoro, howovor, aro vory modorato and importations of foreign whoat aro small. In tho Balkan Statos the outlook for harvest is generally promising. As to tho visible supply in this country it is now only 3,465,000 bushols, against 43,145,000 bushels a year ago. This is the result of a docroaso last week of 2,230,000 bushols, against 4,218,000 bushels in tho same woek last yoar. With tho exception of portions of western Kansas, whoro crops are spotted, and the sandy soil dry, prospocts are bright for a large wheat yield in Kansas, Missouri, Oklahoma and Nebraska, says a Kansas City dispatch. During the past yoar, it is said, tho Federal Land Banks havo loaned 880,000,000 to farmors. Figures givon out at Calgary, Canada, on acreage for this year’s whoat crop show a 50 % incroaso in fall plowing for Alberta, a total acreago of 3,000,000 in whoat alono for that Province, and a total acreage of 6,000,000 in Saskatchewan, prior to tho beginning of tho spring farm work. It is stated that Premier Hughes of Australia is duo in this country this week to confer with President Wilson on the subjoct of grain. The Prime Minister hopes to bo ablo to work out some plan with tho President for bringing the groat stores of grain in Australia to this country, since it cannot bo shipped direct to England. Ho bolieves that this country can make a vory profitable (leal and at the samo timo roliovo tho scarcity of wheat hero and in Europo by taking over tho storos now in Australia at 81 per bushel, or tho rate guaranteed to tho Australian farmers by tho Govornmont of tho Commonwealth.

D A I L Y C L O S IN G P R IC E S O P W H E A T I N NFAV Y O R K .Sat. M on . Tues. Wed. T/mrs. f n .

N o . 2 r e d . ............................................c t s .2 2 6 2 2 6 226 2 2 6 226 226N o . 1 spring....................................................2 2 9 2 2 9 2 2 9 229 229 229

Indian corn has declined under greater selling pressure, partly for hedging account. Good weather has been a big factor. Insreasing stocks aro also looked for. On tho 15th instant cash prices broke about 10 cents. Naturally this helped to depress futures. Tho Eastern shipping demand at Chicago has been slow. Between tho hedge soiling and tho poor shipping demand prices had little support. Meanwhile tho car situation, especially on the Eastern lines, has improved. It may three or four weeks yet thoroughly to clean up the roads, but tho vital point is that tho situation is much better that it was recently. And with corn around 81 50 a bushel or treblo what was once considered a good price, it goes without saying that the corn acreago will be very large. Consignments aro increasing. Cash prices in the East have recently beon reduced about 15 cents. Larger arrivals have undoubtedly told on tho market, especially when it is remembered that not all tho corn by any means is of desirablo quality. Tho country is selling moro freely. In Argentina corn harvesting is making rapid progross and offerings of new crop aro increasing at declining prices. The quality of tho new Argentine crop is reported to be good. General rains at the West havo given newly planted corn a good start, and will put tho belt generally into good sliapo for seeding. Increased hedging sales aro expected from now on. To-day prices advanced, but they aro lower for tho week.

D A I L Y C L O S I N G P R IC E S O P C O R N I N N E W Y O R K .Sat. M on . Ttics. Wed. T h u n . Fri.

N o . 3 yellow ...................................... c t s .1 9 0 ^ 175 175 160 165 160D A I L Y C L O S IN G P R IC E S O P C O R N P U T U R K S IN C H I C A G O .

Sat. M on . Tues. W ed. Tliurs. Fri.June delivery In elovator (now

contract) ______________________ c t s . l5 0 H - - — - - - - - — ------------------------------Julv delivery In elovator (now , , , . .

contract) - ................................................. 1503^ U 9 H 1 4 7 H 146 1 4 3 ^ 1 4 4 HOats have declined with good weathor and favorablo crop

prospects on a largely increased acreage. It would not bo at all surprising to seo the largest crop on record. The largest ever known in the past was 1,587,286,000 bushels. That was last year. In 1915 it was almost as bountiful with a total of 1,549,030,000 bushols. For six years past tho total has been well above tho billion mark. It seems not inconceivable that tho crop this year may approximate 2,000,000,000 bushels if the woathor is favorable. As the case stands tho crop conditions at tho West aro almost ideal. At tho samo timo primary receipts aro much larger than those of a year ago. They aro likely to continuo largo, especially as seeding is practically finished throughout tho Wost. N o. 3 whito oats havo now beon mado rlolivorablo on contracts at 13^ cents under standard. Dealings in now style contracts for June and July bogan on tho 17th inst. In Argentina oats aro being offered freely at declining prices, with the export demand hesitant, as all tho available freight room is being taken up for shipping moro essential commodities. At Chicago opinion is generally bearish on tho outlook. It is contended that liquidation has not beon as thorough as in some other commodities. Hedging sales aro increasing, while tho buying powor is smaller. It is true that semtiment is more bearish on corn than on oats. But oats are also considered high. With a big crop impending, prices of N o. 3 white hero aro 20 cents a bushel higher than a year ago. This is not lost sight of, although N o. 2 yellow corn is 32 cents higher than at this timo last year. To-day prices advanced, but they ond higher for tho week. July closed at 73 % c ., ranging to-day from 72 % to 74 %a.

D A I L Y C L O S I N G P R IC E S O P O A T S IN N E W Y O R K .Sal. M m . Tues. W et. Tliurs. f r i .

Stan dard sc ts . 101 © 1 0 2 101 © 1 0 2 1 0 0 © 101 1 0 0 © 101 9 8 © 09N o . 2 w h i t o .- l O l ® 102 1 0 1 @ 1 0 2 1 0 0 © 1 0 1 1 0 0 @ 1 0 l 9 8 © 9 9 > $ 9 9 @ 1 0 0


A p r . 20 1918.] THE CIIKONTCLE 1707D A IL Y C L O S IN G P R IC E S OF O ATS F U T U R E S IN C H IC A G O. r , ,, . . S a t . M o n . T u e s . Y e d . T h u r s . F r i 'M ay delivery in elevator............c ts . 84 84 A 83 A 8 3 'A 82 A 83 A

The following are closing quotations:F L O U R .

Spring.........................$ io 75@$11 25Winter........................ |0 H5<$ 11 15K a n sa s____________ |() on ft) 1 1 25Rye F lo u r ..... ............ I3 00<$ 14 25Corn gno is all sacks 100 ll»s.W h it e ................................................5 40 'B olte 1 ............................................. 4 80C orn flour ___ k 0 5Corn starch........ ..p e r lb. 7 @ 7 A c .Rico Flour, spot an I to

a rriv e ................perlb. 10@ 10Hc.„ (iK A IN .Wheal—

N o. 2 r e d ___________________ $2 26N o . 1 s p r in g ........ ..................... 2 20N o . 1 N orth ern ____________ 2 28

C orn —N o . 3 m ix e d ........................... 1 60N o . 2 y e l lo w _______________ I 00N o . 3 y e l lo w .......................... 1 60N o . 4 y e l lo w ______________ 1 5 5 R .v e -Argcntlne_______________ nom. Western

Tapioca F lo u r................... .. noin.1 lummy UOO-lb. sacks)_____$ 5 50Yellow granulated___________ 4 3 5Barley goods-Portage barley:

No. 1 ______________________ o 05Nos. 2. 3 and 4_________ g 00Nos. 2-0 and 3-0----------9 25® 9 40No. 4-0.................... ............. 9 ,55Coarse. Nos. 2. 3 and 41111 6 55

Oats goods-Carload, spot d e l. 10 55

(hits—S tandard_______ __ 99w° l w!?!!e- - - - ............0!> ®I1.00No. 3 while.......................98 ® .99

Barley— Wh B.......................97 ® •»»S "* * !"* ..................................*1 70Malting............................. 1 g0

For other tables u su a lly given here, see page 1655.2 60

W E A T H E R BU LLE TIN FOR TH E W E E K E N D IN G AP R IL 16.— The general summary of the weather bulletin issued by the Deprrtuent of Agriculture, indicating the influences of the weather, for the week ending April 16 is as follows:

CO TTO N .— The unseasonably cold weather that prevailed In the Southern States was detrimental to cotton. Considerable was killed bv frost from Texas eastward to western Georgia, and much replanting will he necessary. Planting was in progress during the week as far north as Southern Oklahoma and Tennessee. The early planted has a poor stand generally In Texas. The stand continues generally excellent In Georgia and the plants are germinating on the lower coastal plain in South Carolina' Little or no rain fell during the week In the cotton belt, except In centrai and northern Texas, Oklahoma and portions o f Arkansas.

W IN T E R W H E A T .— The weather conditions during the week were generally favorable for the continued improvement o f winter wheat although some damage was done by freezing weather in Missouri and the lack o f rainfall and sunshine, with low temperatures, was unfavorable In Washington: more rain is needed in Iowa also. The prospects were great v improved In Kansas by soaking T-ains the latter part o f the week which furnished ample moisture in the most Important wheat producing counties The crop made a steady improvement In that State, and Is stooiimr satisfactorily. although the growth was slow and was checked somevhat In Eastern counties by frost. Excessive rains relieved the d r^ th in Western Oklahoma and wheat was much improved in that section. The rendition

other sections.C O R N .— Considerable damage was done to corn by prevailing low

temperatures from Oklahoma southeastward to Florida. In p ares the corn was frozen to the ground, and in the lower Mississippi Valley ftatee the cool weather caused the corn to turn vcllow Coin non 63delayed farm work in the Middle Atlantic0 C olst S t a L pTant^g was continued in the South, where the conditions were favorable but this work mado little progress northward In central districts and i s ’now later in the normal The acreago will bo reduced In Iowa on account o f the scarcity o f good seed. The rain was beneficial to corn in most o f Texas conditionWaS B° nCra ,n Southeastern Kansas, with the ground in good

OATS.— Oats made a good growth during tho week In tlio South and except in a few localities in the Central Mississippi Valiev, this cron was germinating well and showed good growth in central districts. Seeding has advanced nearly to tho northern limits o f the United States. G erm ing tion was retarded In Wisconsin and Iowa by tho cold, drv weather

SPRIN G W H EAT .-G erm in ating o f spring wheat w a s r S d e d by cold and dry weather in much o f Iowa, but in other sections was satisfactory and the early seeded was growing well in tho more southwestern d istrict / Seeding was well advanced in all sections whore this croo is growu Tho acreago o f spring wheat has been increased in soveral States Th’o ooii was in good condition In North and South Dakota. ln ® soiI

R YE , B AR LE Y AN D R ICE .— Tho seeding o f spring rye and barley was going on nearly to the northern limit o f tho country and the early seeded was germinating and growing well. Conditions were mostiv favor abel for winter rye. The planting or rice progressed satisfactorily.

Tho visible sunply of grain, comprising the stocks in* granary at principal points of accumulation at lake and seaboard ports April 13 1918 was as follows:

GRAIN STOCKS.Wheat. Corn.

United States— bush. bush.New York...................... .. . . 76,000 566.000Boston................ ........... .. . . 4,000 102,000Philadelphia..................... . . 299,000 265,000Baltimore........................ . . . 74.000 603,000Newport News________Now Orleans................... . . . 192.000 535,000Galveston......................... . . . 17,000 395,000Buffalo............................... . . 871.000 976.000Toledo............................. . . . 5.000 174,000Potrolt............................... . . 134,000 121,000Chicago............................ 4,981,000

“ afloat_____Milwaukee......................... . . 296,000 1,242,000Duluth.............................. 63,000Mlnnoanolis....................... . . 278,000 842,000St. Louis.......................... . . 6,000 709,000Kansas City...................... . . . 62.000 3,442,000Peoria................................ . . 10.000 41.000Indianapolis.......... ........... . . 45,000 650.000Omaha.............................. . . 51,000 1,652,000

Oats.bush.

515.000650.000895.000

1.370.000414.000

1.459.000503.606118.000194.000

5.811.000444.000

1.249.000 11,000

1.150.0001.430.0001.809.000

519.000242.000

1.416.000

Rue.bush.

09.000 0.000 8.000

60.000

Bariev.bush.

622.0001,000

18,0002,000

8,000 2,334,666 633.000

2.000 30 000 40 000

576,0008*6*666

1.000

176 000 233,000737,000295.000616.000

149,000 1,319,000J 'U O O 0 0 0 01 0 ,0 0 0 . .

1.00031,000

7,00069*566

T ota l April 13 1918........... .3,405,000 17.359,000 20.970.000 1,194 0 0 0 0 0 9 g e n eT o ta l A nd ! 6 11|1......... 4 ,6 9 5 ,0 0 0 17,360,000 1 0 ,0 9 7 .0 0 0 1.15> ’o o o 6 1 4 9 neeT ota l Ap-ll 14 1017......... 34.2.53,000 10.550,000 31.417.000 1 s i a ’noo 4 ’ a a t ’eneTotal April 15 1916....... 53,553.000 25,815,000 15,183,000 l,90o!o00 2!s04 000Note.—Bonded grain not Included above: Oats, 5,000 New York- total 5 one

bushels, aaalnst 3,783,000 In W17: and barley, 32,000 In New York 7 000 ni.n th total. 39,000, against 610,000 In 1917. ’ ,000 Duluth-

Canadian—Montreal...... ....................... 38.3.000Ft. William A Pt. Arthur.. 3,«67,000

" afloat........ . 2,602,000Afloat and Other Canadian. 1,175,000

T ota l April 13 1018. . 8,117.000Total Aorll 6 1013....... 8,371.000T ota l Anr|| 14 1 0 1 7 . . . 31,633,000Total April 15 1916....... 32,813,000Summary—

American.................... ......... 3.405,000 17,359,000 20.270.000 1,124,000 6 803 ppoCanadian............................... 8,117,000 44,000 0,347.000 . . . 109,000

T ota l April 13 1 0 (3 .......... 11.532.000 17,403.000 20,617.000 1~ 194.000 7 nn7 nnnlota April r, 1013-------13.066.000 17,309,000 27,551,000 1,150 no0 o ’oo.t onnT°ta Ao-ll 14 lOI".........os.Qoa.0O0 10.803,000 47,075,000 1,866 000 4 ’ .5t4 00nTotal April 15 1910........ 86,360,000 25,825,000 28,833,000 1,944,000 2010'000

44.000 321,000 . . 109 000......... 7.488,000 ' _,00°

1,538*666 " " "44.000 0,317.000 ^ . . . ” “ loo 00030.000 8,514.000 ______ 76 000

261,000 10,559,000 .34.003 lv a 'o o o10.000 13,650,000 38,000 106 000

THE DRY GOODS TRADE.New York, Friday Night, April 19 1918.

With the raw material market in an unsettled state and the possibility of price fixing overhanging tho market, there has been less activity in dry goods during the past week. Business was not dull, but as compared with recent transactions the volume was considerably smaller. While many buyers are still in need of supplies they are not bidding for goods as urgently as they have in tho past. The amount of goods available for civilian use continues to grow smaller as mills are making but little headway in catching up with back orders as transportation congestion has not been entirely relieved with Government traffic receiving preference. That the question of supply and demand is the chief factor in the dry goods market has been confirmed during the past few days. Prices for raw material have experienced a break of approximately six cents per pound, but prices for the manufactured products have been firmly maintained at the high levels established Avith some lines advancing. Tho loAver cotton markets nevertheless stimulated hope among the trade that prices at least for the present would not go any higher. There is also less anxiety regarding tho supply of raw material, and it is now generally believed that there will be enough to meet requirements until another crop is raised. The sharp break in the cotton market has also resulted in less talk of tho necessity of fixing a price'for the staple, though there is still talk of the Government fixing prices for dry goods or enacting stringent regulations because of the heavy demands for cloths for Army and Navy use. According to latest advices from tho War Industries Board, plans provide for the apportionment of the cotton and wool production among consumers whose needs are tho greatest, and if this fails to create a stable and satisfactory market, actual price fixing will be resorted to. Moderate sales of goods are being made for export account, with a good inquiry reported from South American countries and demand improving from the Far East.

D O M ESTIC CO TTO N GOO DS.— To the entire satisfaction of mills, business in staple cottons lias been quieter during the Aveek. Manufacturers are already reported to have booked more business than they are able to take care of, so therefore Avelcome a lull in the demand. Buyers generally, except those for the Government, have been less urgent in their demands as the sharp break in the cotton market has encouraged them to withdraw and hold off for lower prices. So far, however, there has been no weakening of the latter on the part of mills. There has been some scattered selling at concessions by second hands, duo to fears of Government price fixing, but this has been about all. Manufacturers and jobbers in the ready-to-Avear trade report less active buying, as the inclement weather of last week resulted in a slower movement of retail stock, and in turn had its effect on the wholesale market. Ribbons are becoming scarcer as manufacturers of these are now devoting their machinery to turning out cartridge belts for the Government, and certain brands of ginghams are no longer obtainable as mills are discontinuing production. Sellers of sheetings, print cloths and other unfinished cloths do not look for any recession of prices as a result of the lower raw material market, as they claim tho price of cotton has been a negligible factor and prices for these cloths are based entirely upon the question of supply and demand. Gray goods, 38^-inch standard, are quoted unchanged at 1 9 ^ c .

W O O LEN GOODS.— Trade in woolen and worsted markets, as a result of the many Governmental restrictions, has boon vory inactive. Many interests are in need of fabrics and aro becoming anxious as regards supplies, but owing to tho large requirements of the Government, have to mako the best of tho situation. Mills are continually canceling orders with most of tho cancellations done by mutual agreement botAveon buyor and seller, as tho increasing Government demand needs tho machinery. Prices for all lines romain firm, Avdth many retailers reported to have further advanced prices for woolens.

FO REIG N D R Y GOODS.— Linen markets are groAving more quiet as holders of goods roalizo that they will not be ablo to replaco their stock when sold, so therefore are offering little for sale. Inquiry, on tho other hand, is not very active, as buyers provided for their requirement as well as thoy were able to in February and March. There are said to bo a few small shipments duo from abroad Avithin the near future, but it is not expected that these will increase supplies as thoy will likely pass into consuming channels as soon as thoy arrivo. Inquiry for domestic substitutes continues to broaden, and many retailers are endeavoring to push these fabrics and conserve their stock of puro linons as much as possible. Advices from abroad indicato that planting of tho flax crop is nearing completion under favorable conditions with tho acreage increased. Considerable strength has dovoloped in the market for burlaps, owing to decreasing supplios and improving demand. Light Aveights are quoted at 19.75c. and heavy Aveights at 24.50c.



STATE 0»T¥ I)£WTM£WT<NEWS ITEMS.

Anglo-French and City of Paris.— Loan Interest Paid.— See reference this week in our editorial columns.

New York City.—Bills Limiting Tax on Real Estate and Fixing Tax for Personal Property Failed to Pass Legislature.See reference in our editorial columns this week.

New York State.—Legislature Adjourns—Review of Session.— gee our editorial columns this week for review of laws enacted and defeated at the 141st session of the Legislature which adjourned on April 13.

Law Imposing 3% Tax on Private Corporations Amended— Inheritance Tax Law Amended.— Reference to these is mado in our editorial columns this week.

Local Option Elections.—Reference is also made in our editorial columns this week to the local option elections held in 39 cities and villages in this State on April 16 and 17.

O ntario .—Work of Railway and Municipal Board During 1917.— The 1917 report of the Ontario Railway and Municipal Board shows, according to “ The Financial Post” of Toronto, that there were 74 applications to the Board under the validation of debentures legislation (Section 295 of the Municipal Act) in 1917, involving debentures of a total of $1,538,689 99. “ The Financial Post” goes on to say that:

Acting under the powers conferred by tho above legislation, the Board was able to grant relief in all but threo o f those cases, thus validating debentures under more than 36 by-iaws affected by irregularities which would otherwise have required special Acts o f tho Legislature to make tho debentures val id and salable. Tho three cases above mentioned, in which tho Board did not grant relief were applications for validation o f by-laws providing for tho issue o f debentures for patriotic purposes, and were transferred to tho Lieutenant-Governor in Council for approval under Section 5 o f Chapter 37, Ontario Statutes, 1915. . , . , ,

Municipalities aro showing an Increasing disposition to havo their by-laws and debentures validated under said Section 295, evon in cases where no irregularities occur requiring tho curative powers o f the Board thereunder, as they havo found that such validation facilitates the marketing o f theird6The amount o f debentures validated by the Board during 1908 was over $840,000: during 1909 over $1,326,000: in 1910 over 3718,000; in 1911 over $1,350,000; in 1912 over $1,330,000; in 1913 over $2,990,000; In 1914 over $3,071,000; in 1915, $4,172,912 01. and $2,289,744 20 in 1916. An alphabetical list o f these applications filed in 1917 is given in tho Appendix.

Owing to large expenditures by municipalities for patriotic purposes and to the scarcity o f labor and expense o f borrowing money, debentun issues by municipalities were, in tho Board’s experience, considerably less than in normal years, but tho Board has reason to expect that when normal conditions again prevail municipalities must necessarily make largo issues o f debentures to finance needed works wisely postponed for the present.

An alphabetical tabulation (under names o f municipalities) o f extensions to public utilities mado by municipalities, and approved by the Board, will be found in the Appendix. Tho total o f tho debenture by-laws approved in 1917 to pay for theso extensions is $1,705,393 16. rhis, or course, does not cover extensions made under by-laws approved by tho ratepayers, but only under by-laws approved by tho Board under subsection 3. The amount o f debenture issues before tho Board for these purposes in 1915 was over $700,000, and in 1916 was $o,361,3<9 24.

BOND CALLS AND REDEMPTIONS.Saskatoon, Sask.— Debenture Call.— -Holders of City of

Saskatoon debentures, payablo at tho Union Bank of Canada in Toronto and Montreal, aro requested to present their interest coupons, duo Apr. 1 1918 for payment at the Bank of Montreal in either of the above-mentioned cities.

Sidney, M ont.— Bond Call.— B . F. Mercer, City Treas uror, will pay in full and does hereby call for presentation for payment of the following described warrants or bonds:

Bonds numbered 10 to 16 incl. o f Special Improvement Dist. N o. 1.Bonds numbered 11 to 12 incl. of Special Improvement Dist. N o. 2.Bonds numbered 10 to 13 incl. o f Special Improvement Dist. N o. 3.Bonds numbered 3 to 5 incl. o f Special Improvement Dist. N o. 4.Bond numbered 3 o f Special Improvement D ist. N o. 5.Bond numbered 1 o f Special Improvement Dist. N o. 6, andBonds numbered 5 and 6 o f Special Improvement Dist. N o, 7.Tho bonds may be presented for payment at any time at tho otrice or

the above treasurer and same will bo paid in full with accrued interest upon presentation and surrender o f said bonds and coupons thereto attached Interest on these bonds ceased Feb. 28.

Spokane, W ash .— Bond Call.— The following special Improvement bonds have been called for payment at tho City Treasurer’s office:

TO BE P A ID M A R C H 15.

BOND PROPOSALS AND NEGOTIATIONSthis week have been as follows:

ALBEM ARLE, S tan ley C ou n ty , N o. C aro .— BOND April 16 the $ 5 6 ,0 0 0 1 -20-ycar serial funding assess, and $ 4 5 ,0 0 0 2 -20-year serial general funding 6 % bonds, dated F eb. 1 1918 (V . 1 0 0 . p . 1596) wero awarded to Sidney Spitzer & C o . o f T o ledo » t pa r and in t . B ids were also received from Spitzer, Rorick & C o ., T o le d o , Irudclon & C o .• T oledo, Provident Sav. B ank & T ru st C o ., C incinnati, an d John N u v e e n C o ., C hicago.

ALTAM ON T, A lbany C ou n ty , N. Y .— BOND OFFERING.— P roposals will be received b y C . M a rtin , V illago C lerk, until 2 p . m . M a y 4 for $ 4 8 ,0 0 0 5 % 5-28-year serial sewer bonds. I n t . annual.

ANDERSON C O U N TY (P. O . C lin to n ), T e n n .— BOND •Reports state that W . A . Brow n C ou n ty C lerk , will receive sealed bids

until 12 m . A p r . 27 for $ 3 0 ,0 0 0 5 % road bon ds. D en o m . $ 1 ,0 0 0 . D u e yearly from 1928 to 1932 incl.

ANDERSON C O U N TY (P. O. P a lestine), T ex .— BOND ELECTION. — A n election will bo held M a y 1, it is stated , to vote on a proposition to issue $ 4 0 ,0 0 0 Precinct N o . 3 and $ 6 0 ,0 0 0 Precinct N o . 5 bon ds.

AN D OVER, Essex C ou n ty , Mass.— BOND SALE .— An issue o f $ 1 0 ,0 0 0 4 % 1-10-year serial high-school bonds w as awarded to the Aiidoyer N atlon a Bank for par and accrued interest on A u g . 11 1917 . D en om $ 1 ,0 0 0 . D ato A u g . 11 1917 . Interest sem i-annual.

ARANSAS C OU N TY (P. O . R o ck p o rt), Tex.— DESCRIPTION OF BON DS— Th o $ 3 0 ,0 0 0 5 H % 30-yea r Jefferson D avis M em oria l H ighw ay bonds voted on M a r . 23— V . 106, p . 1488— aro In denom . o f $1 J)00 and are dated June 1 1918 . In t. is payable in Au stin N ow Y o rk or C hicago. Bonded debt April 12 1918, $ 5 5 ,0 0 0 . Floating debt (addition al), $ ! 6 ,0 0 0 . T o ta l debt, 8 7 1 ,0 0 0 . Sinking fun d, 8 1 2 ,0 0 0 . Assossed valuation , 1 9 1 8 , $ 2 ,7 0 0 ,0 0 0 . Jno. G . Ilorring is C ou n ty C lerk.

ARD M ORE, C arter C ou n ty , O kia .— BOND ELECTION.— On A p r. 22 propositions will be subm itted to tho voters to> Issue 3 3 0 0 ,00C' ^ c ^ Y r n f f o system , $ 2 0 ,0 0 0 barn and storage houso. $ 5 0 ,0 0 0 storm -sew er, $ 1 5 ,0 0 0 incinorating-plant purchase. $ 7 5 ,0 0 0 sanitary-sew er sy stem , $ 1 0 0 ,0 0 0 water m ains and $ 2 0 ,0 0 0 public park 25 -yea r bonds a t n o t exceeding 5 % interest.

A R LIN G TO N , M iddlesex C ou n ty . Mass.— BOND SALE.— N o are advised b y tho T ow n Au ditor, G . M . R ichardson, th at $ 4 8 ,0 0 0 bonds have been purchased w ith city funds.

ASCENSION PA RISH R O A D D IS T R IC T NO. 1 (P. O. D on ald son - v ille )rU a.— BOND ELECTION.— A n election will be held April 2 3 to v o te on a proposition to issuo $ 2 0 ,0 0 0 5 % 10-year highw ay bon ds, it is stated .

A ST O R IA SCH OOL D IS T R IC T (P. O. A storia ), C la tsop C ou n ty , Ore. — BOND ELECTION.— R eports stato th at tho B oard o f School D irectors at a recent m eeting decided to call an election to bo hold April 30 to vote on a proposition to issuo $ 1 2 5 ,0 0 0 school bonds.

ATMFRTON SCH OOL D IS T R IC T (P. O . A th e rto n ), Jack son C ou n ty , M o.— BONDS VOTED.— A proposition to issue 3 7 ,0 0 0 school bonds carried at a recent election b y a vote o f 50 to 7 , it is stated.

A TKIN SO N SCHOOL D IS T R IC T (P. O. B urgaw ), P ender C ou n ty , No C aro — BOND OFFERING.— Proposals will bo received until 10.30 a. m . M ay 8 by T . T . Murphy, Secretary o f Board o f Education, for the $15,000 6% 20-year high-scliool bonds, offered without success on Feb. 4 V 106 p 839. Int. soml-ann. Certified check for not loss than $200, payablo to R . T . Murray, District Treasurer, required.

A TLAN TA , Ga .— BOND ELECTION POSTPONED.— Th o election which was to havo taken place on M a y 25 to voto on tho question o f floating four issues o f 4 'A % 30 -yca r public im provem ent bon ds, aggregating $ 8 0 0 ,0 0 0 (V . 106, p . 1258) has been postponed , it is stated .

BATTLE C REEK, C alh ou n C ou n ty , M ich .— BOND SALE.— On April 17 tho $ 4 0 ,0 0 0 5 % sewer bonds (V . 106, P- 1597) were awarded to the Harris T ru st & Savings B ank o f C hicago for $40,284, equal to 1 0 0 .7 1 . In t. M . A S . B ids wero also received from E . H . Rollins & Sons, Chicago. H alsey ! Stuart & C o ., C hicago; D etroit T r u s t -C p ., D etroit; Seasongood & M a y e r , C incinnati, and John N u veen & C o ., C hicago.

B AY C IT Y , Bay C ou n ty , M ich .— BONDS PROPOSED.— Reports state that tho issuance o f tho following bon ds, aggregating 3 1 7 ,2 0 0 ,1 s contem plated: $ 1 2 ,0 0 0 sower, $ 3 ,0 0 0 sidewalk and $ 2 ,2 0 0 for various loans.

BELLE CENTER SCH O OL D IS T R IC T (P. O . Belle C enter), L ogan C ou n ty . O h io .— BOND ELECTION.— A n election will be held A p id 23 to voto on tho issuance o f $ 1 6 ,0 0 0 sch ool-im pt. and 1555,000 school-building bon ds. L. M . Richards is tho Clerk o f Board o f E ducation .

BELLEFON TAIN E, L ogan C ou n ty , O h io .— BONDS AUTHORIZED. — Local papers stato th at $ 2 ,8 0 0 sower assessm ent bonds havo been authorized b y the C ity C ouncil.

BEN N IN GTON , B en n in g ton C ou n ty , V t.— BOND SALE. T h e B ennington C ou n ty Savings B an k , o f B ennington, w as awarded at par and expenses on July 1 1917 , $ 9 0 ,0 0 0 4 % refunding bon ds. D en om . $ 1 ,0 0 0 . D a te July 1 1917 . Interest Jan. 1 and July 1.

BERGEN COU N TY (P. O . H ack ensack ), N. J.— BOND SALE.R . W . Frossprich A C o ., o f N ow Y o rk , wero awarded the $ 2 5 0 ,0 0 0 nine m onths tax anticipation bon ds, offored on April 15 (V . 106 , p . lo 9 7 ) , at a 5 .4 7 % basis.

B ILLIN G S SCH OOL D IS T R IC T (P. O . B illin gs), Y e llow ston e C ou n ty , M on t.— BONDS VOTED.— R eports state th at at an election held April 7 tho voters authorized tho issuanco o f $ 3 0 ,0 0 0 school bonds b y a vote o f 428 to 4 9 .

BLAINE C O U N TY SCH O OL D IS T R IC T NO. 35 (P. O . S avoy), M on t.— BOND OFFERING.— Sealed bids will bo received until M a y 4 b y Jos. M . Jaeger, D istrict C lerk, for $ 4 ,0 0 0 8-10-ycar (opt.) coupon school. r . , > _ . a. ______— i ! > . . . a n / !»»*■ T n f n u n U u n t . f * l in p L r 10 1* S k / l l l l l

Name and Up to andDist. N o. Including.

Grade.18th A ve., 478..............- ................... 4018th A ve., 5 37 -................ - ...............12

W ater Alain.Providence A ve., W 77------------------- 4

Name and Up to andDist. N o. Including

Sewer.14th A vo., 1092--------------------------Sherman St., 556_________________ 1132d A ve., 1119............- ................. . "

Grade.23d A ve., 896.........................- .......... 20

W alk.Ash St,, 1011......... - ..........................4

Water Alain.Alley, W 90.......................................... 6

TO BE PAID A P R IL 1.Sewer.

Broadway A ve., 545____________First Ward, 9 - ....................... 228First Ward Ext., 11................. 36First Ward, 9 .55................. 164th Ward, 4 .8_____________________ 35Hamilton St., 7 8 3 - - - ....................... 1816th Avenue, 939--------------------------- 1125-26th A ve., 933.......... 11

TO BE PA ID A P R IL 15.G rade.

Cataldo St., 427.......... 25|Flfth Avenue, 1121... 2 1 Jefferson St., 838......... 22TO BE PA ID M A Y 1.

G rade.Pacific A ve., 238------------------------- 62

Water M ain—Washington St., W 92----------------- 4Falrvlow Ave., W 93____________ 3IK Em inent D om ain.Arthur St., I ______________________ 27Perry St., 2 _______________________ 14

Sewer.Alley, 995.................................... 4Doan A vo., 705_________________ 1027th A vo., 826__________ 1425tli A vo., 1071................. "

bfdgT bonds, at not exceeding 6% Int. Int. ann. Cert, check for $400. payable to tho abovo Clerk, required.

BRADEN TOW N , M anatee C ou n ty , F la .— BOND ELECTION.— On April 30 tho voters will bo asked to docido whether thoy aro In favor of Issuing $45,000 2O-30-yoar bridgo bonds at not exceeding 6% interest. II. S. Glazier is M ayor.

B RA IN TRE E , N orfo lk C ou n ty , Mass.— TEMPORARY LOAN .— On Apr. 16 S. N . Bond & Co. wero awarded, it is stated, the tei»Porary loan o f $75,000 maturing $25,000 N ov. 11, $25,000 N ov. 18 and $25,000 N ov. 25 at 5.61% discount, plus $1 prom.— V. 106, p . 1597.

Other bidders wero: v k « ,R . L . Day & C o., Boston............5.54 Goldman Sacks & C o., N . Y . .5 .b lArthur B. Perry & C o., B oston .-5 .61 1

B R IT T IN DEPENDENT SCH O OL D IS T R IC T (P. O . B ritt), H an co ck C ou n ty , Iow a .— BOND ELECTION.— An election will bo held M ay 18 to voto on tho question o f issuing $100,000 coupon tax-froo schoolbuilding bonds.

B R O W A R D CO U N TY SCH OOL D IS T R IC T (P. O . L auderdale), F la .— W ARRANT SALE.— Recently tlio Dado County S ^ o o l Board o f Public Instruction purchased at par an issuo o f 840,517 4o o% tuncling school warrants, it is stated.

BUFFALO CON SO LIDATED INDEPENDENT SCH O OL D IS T R IC T (P. O. B u ffa lo ), K ossu th C ou n ty , Iow a .— BOND SALE.— Sclianko & Co. o f Mason City recently purchased $8,000 5% school bonds. Donon. $1,000. Dato April 1 1918. Int. soml-ann. Duo Sept. 1 1936.

BUNCOMBE CO U N TY (P. O . A sh eville ), N o. C aro.— BOND SALE.— On Apr. 15 J. C. Mayor & Co. o f Cincinnati wero awarded the $303,000

Sklnoy, Spitzer & C o., T oledo---------------------------------------------------- SSS’ lS i XXPruddon & C o., T oledo--------------- -------------------------------------- ------- 1 .10

B U R LE Y, Cassia C ou n ty , Ida .— BOND OFFERING.— Sealed proposals will bo received until 8 p . m. Apr. 23 by Edward C. Davis. City Clerk, for tho following threo Issues o f coupon bonds, aggregating $2o,oOO, at not exceeding 6% int.


Apr. 20 1918.] THE CHRONICLE 1709310,000 municipal water works bonds. Denom. §1,000.

5,000 municipal fire dept, bonds. Denom. $500.10,500 municipal street Impt. bonds. Denom. $500.Date M ay 1 1918. Int. somi-ann. Duo in 20 years or at such time or

tjmos as may bo determined on tho day o f sale. An unconditional cert Check (or cash) for $5,000 payable to City Treasurer required.

Tho abovo bonds will be submitted to tho voters on tho same dav as tho offering (Apr. 23).„ BUTLER SCH OOL D IS T R IC T (P. O. B u tler), B utler C o u n ty , Pa.—BOND OFFERING.— Additional information is at hand, relative to tho offering on Apr. 25 o f the $250,000 4M % tax-free 6-30-year serial coupon high-school Series “ E ” bonds— V. 106, p. 1597. Proposals for theso bonds will be received until 5 p. m. on that day, by Harry L . Graham, Secretary o f School Board. Denom. $500 and $1,000. Dato Apr. 15 1918. Tho bonds have received tho approval o f the Capital Issues Committee o f tho Federal Reserve Board.

C A L F A X AND C IV IL SCHOOL T O W N SH IPS (P. O . Fair Oaks) N ew ton C ou n ty , In d .— BOND OFFERING.— Reports state that Forest O . Tolin, Trustee, will receivo bids until 1 p. m . M ay 1 for $10 000 5% 19-year bids until 1 p . m. M ay 1 for $10,000 5% 19-year school bonds.

CAM BRIDGE, M iddlesex C ou n ty , M ass.— NO BIDS R E C E IV E D __N o bids were received for the $26,000 4H % tax- ree coupon 1-6 year serial streot bonds dated July 1 1917, offered on April 17 (V . 106, p. 1597)

CAN TON , Stark C ou n ty , O h io .— BOND SALE .— Tho following bonds havo been disposed of:$77,000 W i% storm-sower bonds. Duo 1930 to 1937 inch

17,100 5% i-10-year serial streot-impt. bonds.71.000 4 K % wator-works-impt. bonds. Due 1924 to 1937 incl.10.000 5% opening Belden Ave. bonds. Due 1927.Interest M . & S.CAN YON C OU N TY SCH OOL D IS T R IC T NO. 60 (P. O . Nampa)

Ida .— BOND SALE .— Tho Stato o f Idaho recently purchased $14 987 34 5% 20-yoar school bonds. Interest J. & J.

CARM ICH AEL C ON SO LIDATED SCH O OL D IS T R IC T Clark C o u n ty , Miss.— BOND OFFERING.— Sealed bids will be received until M ay 6 by W . 11. Foster, Clerk Board of County Supervisors (P. O. Ouit- m an). for $4,500 school bonds. v vu

CASS C O U N TY (P . O . L ogan sp ort), In d .— BONDS NOT SOLD__The $17,600 4}£ % Fred A . Dykeman ot al highway impt. bonds o f Tipton Township offered on April 11— V. 106, p. 1488— wero not sold.

CASS C O U N TY (P. O. L in d en ), Tex.— BOND SALE.— 3. L . Arlitt o f Austin was recently awarded $40,000 20-40-ycar Road District N o. 1 (dated Juno 15 1917) and $40,000 20-30-year Road District N o. 6 (dated Aug. 15 1917) 5% bonds. v

BONDS VOTED.— The Issuanco o f $5,000 Road District N o. 11 bonds was authorized by tho voters at a recent election, it is stated.

CEN TERVILLE, B ibb C ou n ty , A la .— BOND SALE.— An issuo o f $80,000 5% 30-year refunding bonds has boon purchased, it is stated by Steiner Bros, o f Birmingham at par.

C H ATTAH OO CH EE C O U N TY (P. O. C olu m bus), G a .— BOND ELECTION PROPOSED.— An election will probably bo hold in tho near future to voto on a proposition to issuo $75,000 road bonds, it is stated.

CH EB O YG A N . C h eboygan C ou n ty , M ich .— BONDS D E F E A T E D __A t an election held on Apr. 1 the proposition to issue $25,000 bonds i defeated by a voto o f 320 for to 322 “ against.” — V . 106, p. 1379.

C IN C IN N A TI, O h io .— BONDS AUTHORIZED.— On M ar. 26 ordinances were passed authorizing tho issuanco o f tho following 5% 30-vcar street-improvement bonds in denoms. o f 8100 and dated M av 1 in is- |?7.500 Liberty St $50,000 Madison Road imp” (city's portion) and $12,000 I< reoman Avo. improvement bonds.. * ^ ErY?^ A N D , O h io.— BOND OFFERING.— Proposals will be received I'Y O. J. Neal, Director o f Finance, until 12 m. M ay 13 (dato changed from M ay 6— V. 106, p. 1597) for tho following 5% coupon (with privilego of registration) bonds:$154,000 Cleveland St. opening bonds. Date Dec. 1 1917. Duo $16,000

yearly on Dec. 1 from 1924 to 1932, incl., and $10,000 Dec. 1 1933.75.000 bridgo bonds. Date March 1 1918. Duo $5,000 yearly on

March 1 from 1919 to 1933, inclusive.54.000 park bonds. Dato March 1 1918. Duo $2,000 yearlv on

March 1 from 1919 to 1944, Inclusive. ' JDenom. $1,000. Principal and semi-annual interest payablo at tho

Amorican Exchange National Bank o f New York. N o offer will bo considered unless a soparato bid for each lot is made. Certified check (or cashier’s chock) on a solvent bank, for 3% o f amount o f bonds bid for payablo to tho “ Treasurer of tho C ity of Cleveland,” required. All bids must bo made on blank forms furnished by the abovo-named director Purchaser to pay accrued intorcst. Bonds to be delivered at Cleveland. ’

CLEA R CR E EK TO W N SH IP SCHOOL D IS T R IC T . L ancaster C ou n ty , O h io .— BOND ELECTION PROPOSED.— Petitions aro b e in ' circulated asking tho Board o f Electors to hold an election Anr 23 to vnto on $45,000 school bonds. 1 ' 5 voto

CLINE SCH OOL D IS T R IC T , K ern C ou n ty , C alif .— BOND S A I F __On April l tho First National Bank o f ICcrn County was awarderl s i son 6% school-houso-impt. bonds for $1,505 75— 100.383— and int Denom $500. Date Mar. 18 1918. Int. M . & S. Due 1921. A bid o f $15 fin'-; was received from tho Union Safe Deposit Bank o f Stockton. 5 ’ U>>

C O A LIN G A, F resno C ou n ty , C alif.— BONDS VOTED.— Tho proposition to Issuo $20,000 steam or gas pumping bonds, at not exceeding ft or hit .^carried at tho eloction held April 8 by a vote o f 918 to 261.__V T 106,

COLUMBIA IR R IG A T IO N D IST R IC T (P. O. K en n ew ick ). B en ton C o u n ty , W ash .— BOND SALE.— On April 2 tho $60,000 6% irrigation bonds, voted in March— V. 106, p. 1379— wero awarded to Ferris & TlarH-frovo o f Spokane for $57,000, equal to 95. Int. M . A N. Duo as follows-

% 1929, 6% 1930, 7% 1931, 8% 1932. 9% 1933, 10% 1934 11% 1935* 12% 1936. 13% 1937. 15% 1938 and 16% 1939. ' /o

CORNELIU S, W ash in gton C ou n ty , O re .— BONDS AUTHORIZED — Nowspapers stato that an ordinance has been passed authorizing tho issuanco o f $4,383 96 6% street impt. bonds. ng tno

COTTLE C O U N T Y (P. O. P ad u cah ), T ex .— BONDS VO TED__Bva voto o f 292 to 70 a proposition to issue $100,000 Precinct N o 1 bnmfs carried, it is stated, at an election held April 6. 1 oouds

C R A W F O R D CO U N TY (P. O. M eadville), P a .— BOND ELECTION — An election will bo held on M ay 21, it is stated, to voto on the nmsHnn o f issuing $800,000 highway bonds. question

CREEK (P. O. L e igh ton ), C olbert C ou n ty , A la .— BONDS VO TED__OnTApril 15 a proposition to issuo $5,000 5% bonds was favorabl voted Address J. T . Ferguson, Leighton.

CRESSON SCH OOL D IS T R IC T (P. O. C resson), H ood C o u n tv T ex .— BOND ELECTION.— On April 27 tho voters will decide whether they aro in favor o f issuing $8,000 school-house bonds, it is stated.

C R O SB Y , C row W ing C ou n ty , M inn.— BOND OFFERING.__Proposals will lie received until 8 p. m. April 30, it is stated, by 11. L. N icholson, Village Clerk, for tho $76,000 2-20-year serial and $54,000 3-20-vear serial 6% wator bonds voted on Feb. 26. V. 106, p. 1053. Int. semiaim. Cert, check for 1% required.

C YN TH IAN A , H arrison C ou n ty , K y .— BOND ELECTION.__OnApril 30 tho voters will decide whother they aro in favor o f Issuing $65 000 bonds, It is stated.

DA R K E C O U N TY (P. O. G reenville), O h io .— BOND OFFERING__It is reported that G . II. Garrison, County Auditor, will receivo proposals until 10 a. m. M ay 1 for $30,000 5% 2 5-6-yoar aver, bridgo bonds, in t somi-ann. Cert, chock for $300 required.

D A YT O N A, V olusia C ou n ty , F la .— BOND ELECTION PROPOSED__It is stated that an election will probably bo called to voto on tho issuance o f $50,000 city-liall and fire-station bonds.

DEAF SMITH C O U N TY (P. O. H ereford), T ex .— W ARRANT SALE.— .1. I.. A rlitt o f Austin recently purchased $ 3 0 ,0 0 0 6 % road and bridgo w arrants dated April 10 1918 and m aturing serially from 1919 to 1925 incl.

DEEPW ATER SCH OOL D IS T R IC T (P. O. D eepw ater), H enry C ou n ty , M o.— DESCRIPTION OF BONDS.— The $ .6 ,000 0% school « oSc awardcd OI> M ar. 18 to th eW m , R . Compton Co. o f St. Xouis for 'VI5,a6a ’ 101.605— V. 106, p. 1488— are in denom. of $500 anddated Apr. 1 1918. Int. A . & O. Due serially Apri 1 from 1924 to 1936.cn 9n L A }y AR1F ,COUNT Y (p - O ' M u nc>e), In d .— BONDS NOT YET S2 LOr ^ sa!° has yet been made o f the $5,200 4 H % road impt. bonds, offered without success on M ar. 30.— V. 106, p. 1598. Earle H . Swain is County Treasurer.

DELOIT, C raw ford C ou n ty , Iow a.— BOND ELECTION.— An election will bo held on Apr. 22 to vote on a proposition to issuo $10,000 waterworks system bonds.

A ike amount o f bonds was reported voted on Feb. 11 1918.— V. 106, p. 840.

DE SOTO CO U N TY (P. O. A rcad ia ), F la .— BOND SALE .— On April 15 tho $330,000 6 % 5-30-year road and bridge bonds dated M ay 10 1918 (V. 106, p. 1379) were awarded to the U. S. Trust & Sav. Bank o f Jacksonville for $316,833, equal to 96.01. Denom. $500. Int. M . & N .. DILLONVALE VILLAG E SCH OOL D IS T R IC T (P. O . D illonvale) Jefferson C ou n ty , O h io .— BOND OFFERING.— Proposals will bo re ceived by N . A . Smith, Clerk o f Board o f Education, until 12 m to-day (Apr. 20) for $6,500 6 % coupon refunding school bonds. Auth. Secs 5656-5658 Gen. Code. Denom. $500. Date Apr. 20 1918. Prin. and semi-ann. int. (A . & O.) payable at tho First National Bank, o f Dillonvale. Due $500 each six months from Apr. 20 1933 to Oct. 20 1938 and $5u0 Apr. 20 1939. Cert, check for $100 payable to the abovo Clerk, required. Purchaser to pay accrued int.

EDGEW OOD SCH OOL D IS T R IC T (P. O. E d gew ood ), Van Z an d t C?Unit(y’ Tex-— VOTED.— A t an election held April 6 $32,000 school bonds were authorized by a voto o f 36 to 6 , it is stated.

EDISTO AND T O W N SH IP (P. O . E d isto), C harleston C ou n ty , a° ’ S nFi ° OFFERING.— Sealed bids will fee received until 12 m. Apr. 30 by J. G . Muarry, Chairman o f Township Commissioners, for $7,000 o% 10-year bonds. Dato M ar. 1 1918. Int. semi-ann. Purchaser to pay accrued interrst.

EL CAJON, San D iego C ou n ty , C a lif.— BOND SALE.— Newspapers olannn *i'f f 10 Wni. R . Staats Co. o f Los Angeles on Apr. 4 was awarded $7,000 highway bonds.

ELK SCH O OL D IS T R IC T (P. O . E lkview ), K anaw ha C ou n ty .W . Va .— BOND ELECTION.— Reports state that on M ay 7 a proposition to issuo $35,000 5% school bonds will bo submitted to the voters for their approval or disapproval. Date Juno 15 1918. Due June 15 1928. P. T . Hammack is President Board o f Education.

ESCAMBIA CO U N TY (P. O. P en saco la ), F la .— BOND OFFERING. — James M cGibbon, Clerk Board o f County Commissioners, will receive

9 a. m. M ay 14 for $50,000 6 or 614% road bonds. Denom $500. Dato M ay 15 1918. Duo M ay 15 1938. ° m '

EUCLID, C uyahoga C ou n ty , O h io .— BOND OFFERING.— Proposals will bo reemved for the following 6 % coupon bonds, until 12 m. M ay 13 by II. S. Dunlop, Village Clerk.$12,150 Chelsia Ave. impt. bonds. Denom. 12 for $1,000 and 1 fo r $50.

Due $150 Oct. 1 1919. $1,000 yearly on Oct. from 1920 to 1929 inch, $2,000 Oct. 1 1928 and 1929.

7,907 St. Clair Ave. impt. bonds. Denom. 1 for $907 and 7 for $1 000 Due $907 Oct. 1 1920 and $1,000 yearly on Oct. 1 from 1923 to 1929 incl.

2,76u sower bonds. Denoms. 1 for $76o and 2 for $ 1 ,:„0 . Duo $760 „ ° c t ' 1 19 2 1 and $1,000 Oct. 1 1925 and 1929.3,660 storm sewer bonds. Denoms. 1 for $660 and 3 for $1,000. Due o A660 ° c t ' 1 19 2 1 and $1-000 Oct. 1 1923, 1926 and 1929.2.000 storm sewer bonds. Denoms. 1 for $60 and 2 for $ l,0Jo . Due

S6'- ° c,fc- 1 1921 and $1,000 Oct. 1 1925 and 1929.14,000 sewer bonds. Denom. $1,000. Due $1,000 yearly on Oct 1

from 1919 to 1929 inc . and $2,000 Oct. 1 1928 and $3,000 Oct. 117,550 storm sewer bonds. Denom. 17 for $1,000 and 1 for $550. Due

$550 <9c*“ 19 19> Sl.OdO Oct. 1 192J, $2,000 yearly on Oct. 1 from 1929 t0 19 26 !nC ” 31,0 0 0 ° c t ‘ 1 19 27 and 1928, and $2,000 Oct. 1

3,050 storm sewer bonds. Denoms. 1 for $50, 3 for $1,000. Due $50 Oct. 1 1919 and $1,000 Oct. 1 1922, 1926 and 1928. day o f saIe- Prin- & semi-ann. int. (A . & O.) payable at office

o f Village Treasurer. Cert, check for 10% o f amount o f bonds bid for, payablo to the Village Treasurer, required. Purchaser to pay accrued .int. Bonds to bo delivered and paid for within 10 days from time o f award.

FA IR C H ILD , Eau C laire C ou n ty , W is.— BONDS DEFEATED.__Aproposition to issue $25,000 water-works and sewage-disposal bonds was defoated at an election held April 2 by a voto o f 45 “ for” to 79 “ against.”

FILLM ORE, V entura C ou n ty , C alif.— BOND OFFERING.— It is stated that C . Arrasmith, C ity Clerk, will receivo bids until 8 p. m. Apr. 23 for $60,000.6% 1-40-year serial water bonds. Cert, check for 2% required„ POND LAC, F ond Du Lac C ou n ty , W ise .— BOND ELECTION PROPOSED.— Local papers state that tho voters will probably bo asked to pass upon a proposition to issue $60,000 road bonds.

F O R T DODGE, W ebster C ou n ty , Iow a.— BOND SALE.— On M ar *>8tho Bankers Mortgage Co. o f Das Moines was awarded $31,000 5% water bonds at par less $400 for printing o f bonds and legal expenses. Denom. $1,000. Dato April 1 1918. Int. A . & O. Duo $3,000 yrly. on April 1 from 1929 to 1937 incl. and $4,000 April 1 1938.— V. 106, p . 1598.

FRAM IN GH AM , M iddlesex C ou n ty , Mass.— TEMPORARY L O A N __° n Apr. 15 tho temporary loan o f $100,000— V. 106, p. 1488— was awarded to F. S. Moseley & Co. o f Boston at 5.40% discount and $1 premium. Other bidders were:S. N . Bond & C o., N . Y _________________________________ 5.4 0 discountMetropolitan Trust C o., N . Y ___________________ . ,5 52 discountLee lllgginson & C o., B o s to n ...................... ................. .............5 .5 5 discountB -L . Day & C o.. Boston....................................... .......... ...............5.64 discountArthur Perry & C o., B o s to n ........................................................... 5.69 discount

FRED ERICKSTOW N , K n ox C ou n ty , O h io .— BOND SALE.— On M ar. 12 an issuo o f $3,000 6 % school bonds was awarded to the First National Bank o f Frcderickstown for $3,032 10, equal to 101.07. Denom. $300. Dato M ar. 1 1918. Int. M . & S. Due Sept. 1 1928.

FREESTONE C O U N TY (P. O . F a irfie ld ), T ex .— BOND ELECTION PROPOSED.— Plans aro being made to submit to tho voters the question o f issuing $200,000 courthouse bonds.

FRIEN D SCH O OL D IS T R IC T (P. O . F rien d ), Saline C o u n ty , N eb.— BOND ELECTION.— On Apr. 26 the voters will have submitted to them a proposition to issue $ 10,000 school bldg, and equip, bonds.

G A LIO N f C raw ford C ou n ty , O h io .— BONDS AUTHORIZED.— The C ity Council has passed an ordinance authorizing tho issuance o f $2,100 5% coupon streot-impt. bonds. Denoms. 1 for $6J0 and 3 for $500. Date M ay 1 1918. Prin. and semi-ann. int. (A. & O.) payable at the City Treasurer’s office. Due $500 yearly on April 1 in each o f the years 1921, 1923 and 1925 and $600 April 1 1928. C. F. Else is Clerk o f C ity Council."’ GLOBE, G ila C ou n ty , A riz.— BOND OFFERING.— Local newspapers stato that the C ity Council will receivo bids until 10 a. m . M ay 1 for $24d,- 000 sewer bonds.

GO N ZALES C O U N TY (P. O. G on za les), T ex .— BONDS VOTED.—At an election held Apr. 6 tho $200,000 Road District N o. 1 bonds mentioned in V. 106, p. 1153 wero authorized, it is stated, by a vote o f 665 to 58.

GRAH AM INDEPENDENT SCH OOL D IS T R IC T (P. O. G raham ), Y ou n g C ou n ty , T ex.— BONDS VOTED.— Tho question o f Issuing $40,000 school bonds carried, it is stated, at a recent election.

GREENVILLE C O U N TY (P. O. G reenville ), So. C aro .— LOAN OFFERING .— Scaled bids will be received until 12 m . Apr. 30, it is stated, by W . H . Williams, County Supervisors, for a temporary loan o f $10u,000.

G R O TO N INDEPENDENT SCH O OL D IS T R IC T NO. 33 (P. O G ro to n ), B row n C ou n ty , So. D ak .— BIDS REJECTED .— All bids received for the $83,000 5 k$% 10-20-yr. (oDt.) school construction and equipt. bonds, dated M ay 1 1918, offered on Apr. 8— V. 106, p. 1259— were rejected.


1710 TTTE CITTiONTCLE [Vol. 106.

H AM ILTON , B utler C ou n ty , O h io .— BOND OFFERING.— Proposals will bo received by Ernst E. Erb, C ity Auditor, until 12 ni., M ay 8, for the following 5% coupon bonds: t-.$20,000 00 firo dept, bonds. Denom. $500. Date M ar. 1 1918. Duo

$2,000 yrly. on Mar. 1 from 1923 to 1932 incl.15,151 50 " C ” Street impt. bonds.11,438 80 Ninth Street impt. bonds.

7,451 70 Franklin Street Impt. bonds.5,274 10 Eaton Avenuo bonds.4 ,017 20 Progress Avenue bonds. , _ .The last five issues are I-10-year serial bonds, dated N ov. 1 1917. I rin.

and semi-ann. Int. on all the bonds payable at the office o f the City 1 uror. Purchaser to pay accrued int. Bonds are to be delivered within 10 days from time o f award. Cert, check for 5% o f amount o f bonds bid for, payable to City Treasurer, required.

NO BIDS RENEWED.— N o bids wero received for tho three issues o f 5% street assessment bonds, aggregating $27,393 65, offered on April 16

. (V . 108, p. 1259).BONDS AUTHORIZED.— Reports state that the City Council has

passed an ordinance authorizing the issuance o f $5,000 gas department bonds.

H A R R IS CO U N TY (P. O. H ou ston ), T ex.— BOND SALE.— Newspapers state that an issue o f $100,000 road bonds has been disposed of at par and interrat.

H A R T TO W N SH IP (P. O. B oonville ), W arw ick C o u n ty , In d .—BOND OFFERING.— Proposals will be received by J. D . Hart, Township Trustee, until 2:30 p. m. M ay 1 for $14,500 (denom. $725) and $10,500 (denom. $525) 4 'A% 1-20-year serial bonds. Int. annually.

H IG H LAN D CO U N TY (P. O. H illsb oro ), O h io .— BOND S A L E — On April 13 tho $212,500 5% 1-9-year serial highway improvement bonds (V . 106, p. 1380) wero awarded jointly to tho Merchants National Bank. Farmers & Traders Bank and tho Hillsboro Bank & Savings Co., all o f Hillsboro, at par and interest. There wero no other bidders.

H ILLSB O R O , H ill C ou n ty , T ex .— BON'D ELECTION.— Reports stato that a proposition to issuo $25,000 sanitary sowcrage-disposal-plant bonds will bo submitted to the voters on M ay 7.

ILIFF, L ogan C ou n ty , C o lo .— BONDS VOTED.— At an election held April 2 the question o f issuing $15,000 water-system bonds was favorably carried, it is stated.

JACKSON CO U N TY INDEPENDENT SCH O OL D IS T R IC T NO. 3 (P. O. Jack son ), M inn .— BONDS AUTHORIZED.— On April 9 the voters authorized the issuance to tho Stato o f Minnesota o f $30,000 school-building bonds by a voto o f 144 to 80. .

JEFFERSON , M adison C ou n ty , O h io .— BONDS AUTH ORIZED .— On April 1 an ordinance was passed authorizing tho issuance o f $3,200 6% 3-7-year serial coupon refunding bonds. Denom. $800. Date M ay 1 1918. Princinai and annual interest (March 1) payable at tho Village Treasurer’s office. T . B. Miller is Cillago Clerk.

JEFFERSON VILLE, T w iggs C o u n ty . G a .— BOND OFFERING.— Proposals will be received by A. I f. Smith, Sec. and Tresis., it is stated, for t1’ ” *15,000 6% 30-year water and light bonds recently voted.— V. 106. p. <-•598. Denom. $500.

JOPLIN , Jasper C ou n ty , Mo .— BONDS DEFEATED.— On April 2 the propositions to issuo $20,000 city-building, $16,000 markot-liouso- rebuilding and 340,000 detention and city-hospital bonds wero defeated. — V. 106. p. 1380.

KALI DA, P utnam C ou n ty , O h io .— BOND OFFERING.— Proposals will be received by Carl Stauffer, Village Clerk, until 7:30 p. m . April 29 for $4,000 6% 8-15 year serial coupon street-repairing bonds. Auth.. Sec. 3939, Gen. Co e. Denom. $500. Date March 11 1918. Principal and interest payable at offico o f Viliago Treasurer. Certified check for 2% o f amount o f bonds bid for, payable to the Village Treasurer, required. Purchaser to pay accrued interest. Bonds to be delivered within ten days from time o f award.

KENMORE, Sum m it C o u n ty , O h io .— BONDS AW AR D E D IN PART.— Tho W m. R. Compton Co. was awarded the $75,000 5 H % storm-sewer bonds, offered on March 30 (V . 106, p. 1054) for 876,057 50, equal to 101.41. The $32.00 ) 5% water-works improvement bonds offered on the samo day were not sold.

KEN T, P ortage C o u n ty , O h io .— BONDS AUTHORIZED.— On April 1 an ordinance was passed authorizing tho Lssuanco o f $9,000 6% coupon street-improvement (viliago portion) bonds. Donom. $500. Date March l 1918. Principal and semi-annual interest (M . & 8.) payable at tho Viliago Treasurer’s offico. Duo $2,000 yearly on Sopt. 1 from 1924 to 1927. inclusive, and $1,000 Sept. 1 1928. W . W . Reed Is Viliago Clerk.

K L IC K IT A T CO U N TY LOCAL IMPROVEM ENT DRAINAGE D IS T R IC T NO. 1 (P. O. G o ld e n d a le ', W ash .— BOND OFFERING.— Sealed proposals will be received until 5 p. m. M ay 7 by R oy E. Crooks, County Auditor, Tor $81,000 local Improvement b nds at not exceeding 6% int. Dato July 1 1918. Interest annual. Subject to call in 15 years or any interest-paying dato.

KREBS SCH OOL D IS T R IC T (P. O. K rebs), P ittsbu rgh C ou n ty , O kla .— BOND ELECTION PROPOSED.— An election is to be called, it is stated, to voto on tho issuance o f $30,000 school bonds.

LAKE ALFRED, P olk C o u -t y , F la .— BOND OFFERING.— Sealed bids will bo received until 12 m. M ay 11, it is stated, by C . F. Jester, City Clerk, for $35,000 street bonds.

LAKE CO U N TY (P. O. P a inesville), O h io .— BOND OFFERING.— — Proposals will bo received by W . Albert Davis, Secretary to Board of County Commissioners, until 12 m. M ay 8 for $91,000 5% coupon road- improvement bonds. Donom. $500. Dato March 1 1918. Principal and semi-annual interest (M . & S.) payable at the County Treasurer’s offico Duo $5,000 each six months from March 1 1919 to Sopt. 1 1926, inclusive and $5,500 March 1 and Sept. 1 1927. Inclusive. Certified check for $2,500. payable to the County Treasurer, required. Bonds to bo delivered and paid for within 15 days from time o f award.

LAN CASTER, L ancaster C ou n ty , Pa .— BONDS AUTHORIZED. Tho $4,000 5% coupon water-works improvement bonds, mentioned In V. 106, p. t489, aro in donom. o f $1,000 and dated March 1 1918. Princinai and somi-annual interest payable at tho offico o f tho City Treasurer. Duo $1,000 yearly from 1922 to 1925, inch E . W . Mossman is Clerk o f City Council.

LINCOLN CO U N TY SCH OOL D IS T R IC T NO. 1 (P. O. Lake B en ton ), M inn .— BOND SALE.— On March 14 Kalman, Matteson & W ood, of St. Paul, wore awarded $30,000 5t^% school bonds at par. Denom. $1,000. Date April 1 1918. Int. A . & O. Duo April 1 1928. Seo also Lake Benton School District in V. 106, p. 1489.

LO C K P O R T , Niagara C ou n ty , N. Y .— BOND SALE.— On April 16 tho $15,500 registered salary bonds (V . 106. p . 1599) wero awarded toII. A . Kahier & C o., Now York, at 100.13 and interest for 5s.

LOW ELL, M iddlesex C ou n ty , Mass.— BOND SALE.— Reports stato that on April 16 Morrill, Oldham St C o ., o f Boston, wore awarded $50,000 454% tax-free 1-10-yoar serial coupon paving bonds, at 100.679. Denom. $1,000. Dato April 1 1918. Principal and somi-annual interest (A. & O.) payable at tho First National Bank o f Boston.

Debt Statement April 10 1918.Total bonded debt (including tho abovo issue)____________ $4,199,046 30Total debt outside debt limit______________________________ 2,572,500 00

LU DLO W , K en ton C ou n ty , K y .— BOND SALE .— The Farmers’ & Mechanics’ Bank o f Ludlow was awarded tho $3,000 5% 20-year bonds dated Apr. 1 1918, offered on Alar. 28. (V . 106, p. 1260), for $3,13o, equal to 104.50.

MALDEN, M iddlesex C ou n ty , Mass.— TEMPORARY LOAN.—Dsta- brook & C o., o f Boston, were awarded a temporary loan o f $100,000 on April 12 at 5.17% discount.

M ARICOPA C O U N TY SCH OOL D IST R IC T NO. G2 (P. O. T o lleson ), A riz .— BONDS NOT YET SOLD.— N o sale has yet been made o f the $3,500 6% 20-year gold school-site and construction bonds offered without success on March 18 (V . 106, p. 1380). M . E . Gchon is District Clerk.

M ARIN ETTE, M arinette C ou n ty , W ise.— NO ACTION YET T A K E N — N o action has yet been taken looking towards the holding or an election to vote on the question o f issuing 3100,000 harbor bonds, which tho city has had under consideration for somo time.

M ARION C O U N TY (P. O. M arion ), O h io .— BOND OFFERING.— Proposals will bo received by Harry E. Mason. County Auditor, until in. M ay 6 for $61,500 5% coupon road-improvement _ assessment bonds. Auth., Sec. 1223. Gen. Codo. Denom. $500. Dato April 12 1918. Int. M . & S. Duo $2,500 each six months from March 1 1919 to March 1 1921, inclusive; $3,000 each six months from Sopt. 1 1921 to Sopt.. 1 1924, inclusive, and $3,500 each six months from Sopt. 1 1925 to Sopt. 1 1928, inclusive. Certified check for $300. on a solvent bank o f this county, payablo to above Auditor, required. Bonds to bo delivered within ten days from time o f award.

BONDS AUTHORIZED .— An ordinance has beon passed authorizing the issuanco o f $600,000 5% 5-year highway Improvement bonds. Donom. $1,000.

M AYFIELD, Santa Clara C o u n ty , C alif .— BONDS VOTED.— It is stated that at an election held Apr. 8 a proposition to issuo $6,000 water drainago system bonds carried by a voto o f 147 to 10.

MEDFORD, M iddlesex C ou n ty , Mass.— TEMPORARY LOAN .— Ou Apr. 16 tho $50,000 temporary loan maturing Feb. 14 1919 (V . 100, p. 1599) was awarded to II. L. Day & Co. o f Boston at a 5.0% discount.

C ou n ty ,t*o*1002 7 8 8 " Deiioms". $250 and*$350. Bit. M . & S. Duo 1929. OtherW(''[^Slayiopn, rp0je<j 0 ___ $ 5 201 OOJSpltzcr, Rorick & C o., Tol.$5 ,200 00First Nat. Bank o f Logan. 5.200 0 0 1

M ISSISSIPPI (STATE O F ).— BOND OFFER I NO.— Thoodoro G. B ilbo, Governor (P. O. Jackson), will receive proposals until 11 a. m. M ay 10 it is stated, for the $3,000,000 Stato bonds mentioned in V. 106, p. 1260, at not exceeding 6% interest.

MONROE C OU N TY (P. O . W ood sfie ld ), O h io .— BOND ELECTION. — Reports stato that an election will bo held M ay 6 to voto on a proposition to issue $200,000 road bonds.

M O RRIS SCHOOL D IS T R IC T (P. O . M orris), Okm ulgee C ou n ty , O kla .— BOND OFFERING.— Sealed Dids will be received until 8 p. m. Apr. 24, it is stated, by A. L. Denton, Clerk, Board o f Education, for $60,000 6% 12H-year aver, school bonds. Cert, check for 2% required.

MUSSELSHELL C O U N TY SCH O OL D IST R IC T NO. 76 (P. O. R o u n d u o ), M ont.— NO BOYDS TO BE ISSUED.— Tho Distrist Clerk advises us that tho ropo-'ts that $1,000 school bonds had been voted aro erroneous (V. 106, p. 1490).

NASHVILLE, T e n n .— BOND ELECTION.— It is stated that at a recent meeting o f tho City Commissioners an ordinance was introduced providing for a special election to be held Aug. 1 to vote on tho question o f issuing $300,000 viaduct and S25,0o0 gutter-construction bonds.

N EBRASKA (STATE O F ).— BONDS PURCHASED BY STATE.— During tho month o f March tho following 12 issues o f bonds, aggregating $114,800, wero purchased by tho Stato o f Nebraska:31 000 5% paving bonds of Birdwood Precinct, Keith County, on a 5%

basis. Dato July 1 1917. Duo ono bond eacli year beginning July l 1928. 1

1,800 5% school bonds o f Cedar County School District N o. 44 at par. Dato Aug. 1 1917. Duo ono bond each year beg. Aug. 1 1918.

1.000 5% school bonds of Clay County School District N o. 6 at par.Dato Juno 20 1917. ’ ,

63.000 6% paving bonds o f tho City o f Hastings on a 5 K % basis.8.500 5% water bonds of tho Viliago o f Hoskins at par. Date Mar. 1

1917. Duo Mar. 1 1937, subject to call M ar. 1 1922.4 000 5% water bonds of tho Viliago o f Kilgoro at par. Dato Sept. 1

1916. Duo Sopt. 1 1936, subject to call Sept. 1 1921.2.500 5% light bonds or tho Viliago o f Kilgoro at par. Date Sept. I

1916. Duo Sept. 1 1936, subject to call Sent. 9 1921.2.500 5% light bonds o f Nanco Co. School District N o. 7 at par. Date

M ay 26 1917. Duo ono bond each year beginning Sept. 1 1918.6.000 6% sower bonds o f tho Viliago o f Ogallala on 5H % basis. Dato

Sept. 1 1916. Duo Sept. 1 1936, subloct to call Sept. 1 1921.10.000 5% paving bonds o f the Viliago o f Ogallala at par. Dato July 1

1917. Duo July 1 1937, subject to call July 1 1922.3.000 5% paving bonds of Sarben Precinct, Keith County, at par. Dato

July 1 1917. Due ono bond yearly beginning July 1 1928.11,500 5% paving bonds o f tho Village of Stratton at par. Dato Oct. 1 1917.

Not debt................................. ................. - ................... - ............... $1,627,446 30Sinking Funds applicable to Water D e b t_____ $860,752 52Sinking Funds applicable to other dobts outside

debt l im it___________________________________ 645.932 98Assessed Valuation 1915____________________________________ $92,403,547 00

•• ’ * 1916................................................................ 93.998,806 02•• “ 1917................................................................ 90.660.302 35

$277,062,655 37 . 1,215.866 13Less abatements__________________________________________$275,846,789 24

Averago Valuation for years 1915, 1916, 1917...................... 91.948,889 41Population in 1915.......................................................110,000

Oklxbonds , , , . , *. ... „ — , , , . . —, ■ —----- , ■ _Anril 1 1918. Int. A. St O., payablo at tho County Ireasuro • s office. Duo yearly on April 1 as follows: $6,000 1921, $6,000 1922, $5,000 1923, and $5,000 1924. Bonded debt (including this issuo) April 1 1918, $127,000, Sinking fund, $6,000. Assessed valuation 1917, $2,549,377. Chas. S. Standley is Clerk Board o f Education.

N ORTH DA K O T A .— BONDS PURCHASED BY STATE .— 'Tho following six issues or 4% bonds, aggregating $204,100, were purchased during the month o f March at par by tho State o f North Dakota:Amount. P'ace Issuing Bonds. Purpose. Date. Mnturitu.

SI .500 Cedar Buttes S .D .44.Building Dec.10 } 3 !I P ec-A212.000 Llgnito School D lst..B uilding Jan .30 1918 Jan. 30 1938

1.300 Mornlngsido S. D.3o.Building M ar. 1 1918 Mar. 1 1938100.000 Mountrail C ou n ty -.S eed & feed grain Fob. 1 1918 lo b . 1 1923

3.300 Norway Lake S .D .7 .Funding F ob .15 1918 F ob .15 193886.000 Liberty Loan bonds. War ----------------- -----------------

N O R W IC H , New L on d on C ou n ty , C on n .— LOAN OFFERING.—Proposals will bo recolvod at tho offico o f tho City Treasurer, until M ay 1, for a temporary loan o f $225,000 to cover cost o f additions to municipal gas and eloctrlc plants, pending tho issuanco o f bonds.

OKM ULGEE, O km ulgee C ou n ty , O kla .— BOND OFFERING.— Proposals will bo received until Juno 3 by It. II. Jcnness, Commissioner o f Finance, for two Issues o f 5% bonds, aggregating $535,00C, and described$385,000 water-works-extension bonds. Auth. voto 276 to 140 at an elec

tion held Oct. 30 1917. . , ,150.000 sewer-system-extension bonds. Auth. vote o f 284 to 134 at an

election held Oct. 30 1917.Denom. $1,000. Dato Mar. 15 1918. Int. semi-ann., payablo at

Okmulgee fiscal agency, Now York C ity. Duo M ar. 15 1943. Cert, check for 1 % o f tho amount bid required. Official circular states there has never been any de'ault nor contests and that the purchasers will bo furnished complete transcript and opinion o f S. P. Frceling, Attorney- General o f Oklahoma, who approved tho bonds Mar. 30 1918. The bonds havo also been approved by tlio Capital Issues Committee o f tho I*ederal Reserve Board. The total bonded debt (Including this issue) Apr. 1 1918 was $1 014,000. Water-works bonds, included, $583,000. Total value o f sinking fund, $182,262. Assess, val. o f real estate, $5,787,610: personal property, $1,763,084; public servieo property, $573,926: total, 1917, $8,124,620. Total tax rato (per 81,000), 1917, $27 50.

BONDS DEFEATED .— On April 2 the proposition to isuso $100,000 fire-department and equip, bonds was defeated. V. 106, p. 1381.

OMAHA, N eb.— BOND ELECTION.— An election will be held M ay 7 to voto on the proposition to issuo tho $35,000 20-year Florenco flre-cngino house bonds at not exceeding 5% int. V. 100, p. 1381. Int. semi-ann.

boO W E G O , T iova C ou n ty , N. Y .— BOND OFFERING.— Proposals will received by William M . Sims, Village Treasurer, until 12 m . Apr. 25


Apr. 2 0 1 9 1 8 . THE CHRONICLE 1711for $18,000 5% coupon funding bonds. Auth. Chap. 108. Laws o f iq is Donom. $500. Date M ay 1 1918. Duo $2,000 yearly on Sept. 1 from 1919 to 1926 and $2,000 M ay 1 1927. Cert, check (or draft) for 5% o f tho amount o f bonds bid for, payable to abovo Treasurer, required. °

PAIN ESVILLE SCH O OL D IS T R IC T (P. O. P ainesville), Lake C ou n ty , O h io .— BOND SALE.— On April 15 the $12,000 5H % 14-20-year serial funding bonds (V. 106. p. 1381) were awarded to Seasongood & Mayer o f Cincinnati for $12,218, equal to 101.808. Other bidders were- yGraves, Illanchet & Thorn, burg, Toledo.................... $12,287 00W eil, Roth & C o., C in e .. . 12,210 00 F. C . Hoehler & C o., T o l. 12,170 35

Spitzcr, Rorick & C o.,Toledo________________ «21 123 sn

Prudden & C o ., Toledo 2 1 ’ 123 00W . L. Slayton & Co., T o l. 21,087 60

PALO VERDE VALLEY JO IN T LEVEE D IS T R IC T (P. O. B Ivthel R iverside and Im perial C ounties, C alif.— DESCRIPTION OF — Tho $1,285,951 86 6 H % tax-free levee-building bonds voted on Jan 30 (V . 106, p. 733) are in denom. o f $1,000 and duo 1-40 yearly, int semi- ann. Official circular states that no litigation has thus far arisen affectlniz tho validity o f these bonds and a competent firm o f attorneys to wit • O M eivony, Millikin & Tuller, o f Los Angeles, were engaged to’ assist as consulting counsel to conduct the proceedings leading up to tho bond issue and a copy o f their opinion as to the validity thereof will bo furnisher! tA tho purchaser. A . IJ. Hitchcock is Assistant District Secretary. U l °

PASSAIC, Passaic C ou n ty , N. J .— BOND OFFERING.— ProDosais will bo received by J. II. Woods, C ity Controller, until 4 p m M av 2n It is stated, for $161,000 5% 15 1-3 year aver. impt. bonds. ’ y -so, it

PIONEER IR R IG A T IO N D IS T R IC T (P. O . C aldw ell), C anvor. C ou n ty , Ida .— BOND OFFERING.— Reports stato that Fred L C Dlst. Sec’y, will receive bids until 2 p . m . Apr. 27 for $24,500 6% refund: ing bonds. Cert, check for 5% required. 0 /0 r0Iun<t

RED D IN G , Shasta C ou n ty , C a lif.— BONDS VOTED__On Anr Stho proposition to issue $40,000 40-year municipal power and liaht die tributlng system bonds at not exceeding 6% Int. carried bv a vote ,,f v ia to 251. V. 106, p . 1382. Date o f salo not yet determined. 744

REIDSVILLE, T a ttn a ll C ou n ty , G a .— BOND ELECTION__Rennrisstate that a proposition to issuo $10,000 electric light bonds will J , , , mitted to tho voters to-day (April 20). 1)0 s,lb*

RENVILLE C O U N T Y (P. O. O livia), M inn .— BOND SA L E__Recently A . H. Leach & C o., Inc., o f N . Y. purchased an issuo o f $50 000 kcT tax-froo drainago bonds. Dato Fob. 1 1918. Duo yearly from 1924°to

RICH LAN D C O U N TY SCHOOL D IS T R IC T NO. 50 (P. O S id n „„ i M on t.— BOND OFFERING.— Proposals will bo received until M av 2T™ H. P . Howard, District Clerk, for $1,200 5-10-year (opt.) school-build in v bonds at not exceeding 6% int. Denom. $100. -J BUi!cllnK.. yn m i. utsiuui. viuv. Interest annual fled chock for $100, payablo to the Clerk, required. Cortl-

-On April 17 the $100,000 con-ROCH ESTER, N. V .— NOTE SALE. dult construction notes, payablo four months from April 22 Ync"p. 1560) wore awarded to R. W. Pressprich & C o., o f N . Y at 5 0 7 <y int’a w o rn 1 ** /o n it .Other bidders wero:

Int.8. N . Bond & C o., Now Y ork__________ r.W hite. Weld & C o.. Now York .......................- - - - - " " “ 5.25%

R O C K F O R D , W innebago C ou n ty , III.-

Premium. $3 25*

4 00

— E. A . Wettergreen, C ity <(5ierk, advfses'us ^ atÛ m ^^s^no^ /r/th^m ê reports that $500,000 bonds are under consideration.— V. ? 0 6 ,p . 1382th0

ROOSEVELT, D uchesne C ou n ty , U tah .— B O N D S v o r p n n „t t 4Ans±»%sr K5mo •* «»>*•>$45,000 20-30-year (opt.) water b o n d s a t n o t ^ r c e e d l M f l ^ ^ A.'nh

h m Al,r" 21M8RUSH C OU N TY (P. O . R ushville ), In d .— BONDS NOT YET SOI n

— N o sale has yet been made o f tho $23,800 1-10-year serial highway bomIs offered without success on April 1. V. 106, p. 1382. John O. Wilhams is County Treasurer. 13

R YD E R , W ard C o u n ty , No. D ak.— DESCRIPTION OF B O N D S __Tho $5,000 6% funding bonds awarded on Jan. 21 to John W Maher o f Devils Lake for $5,026, equal to 100.52.— V. 106, p .1 600— are'in dennm o f $500 and dated N ov. 6 1917. Int. M . & N . Duo N ov. 6 1937. d

ST . JOSEPH CO U N TY (P. O . S ou th B end), In d .— BONDS N O T SOLD.— BONDS TO BE RE-ADVERTISED.— No bids were received it l stated, for the $62,800 A'A % highway-impt. bonds offered on April 10V. 106, p. 149j . They will bo re-advertised. y'i'hSTi'» M^ R7 J NrPA ? ,SH 4P’ S t* M“ rtinsville ), La.— BOND SALE__1 he Bank o f Lafayette was awarded on April 8 tho $300,000 5% bonds—L it 10Af P& 1N 4 - a t Par‘ Donom8, 8100 and $500. Date N ov. 1 1917.

ST . P A R IS , C ham paign C ou n ty , O h io .— BOND SALE__On Anr ktho $3,500 5% 3-9-year serial firo engine bonds— V. 106, p. 1261^-were Other W d d e ^ v e T M ayer o f Clnclnnati for $3,556 (101.60) andT it!W . L. Slayton & C o., T o l .$3,540 25|Stacy & Braun Toledo *3 Kti on Ohio Nat. Bk.. Columbus. 3,526 30|Central N at. B k ., Cohi^bus 3 500 00

& & & £ ■ M rro"' ,9I» “ “ “ “ •SAN MATEO, San M ateo C o u n ty , C alif.— BOND SALE__The ifn,i

oral Construction C o. or San Francisco was awarded on Anr O thn 085 7% 5 H -year aver. Impt. bonds offered on that day. V. i08, p? 149(j'

SCIO TO VILLE, S c io to C ou n ty , O h io .— BOND S A IF __On Anr rethe $2,000 7-8-yoar serial street-impt. and the $2,000 5-8-year serial o r iso n 5% bonds (V. 106, p. 1.382) wero awarded to the F im NationalBaPnk Portsmouth. A bid was also submitted by W . L. Slayton & c 0 . o f Toleko

SEATTLE, W ash.— BOND SALE.— During tho month o f March Hm R o w in g sU issues o f 6% and 7% bonds, aggregating $48%06 20? were

Dint.No.

3081

SPRIN G FIE LD , C lark C o u n ty , O h io— BOND OFFERING__Pro-w*“ b« received by W . J. Barrett. C ity Auditor, until M ay 13P for

Ufa sta tic 6 3 yCar aVer' Paving bonds- Cert- check for 6% required;

rpS oRIv G - V£L]?EX J O W N S H IP RU R A L SCH OOL D IS T R IC T?fcn ,a R- *7,,*?' ^ ° - G reen e C ou n ty , O h io .— BOND OFFER-

{ r e ° 'T .I pos?,,3 ,'X111 be received by James It. Soward, Clerk o f Board nr Education, until 12 m. M ay 2 for $24,000 514% coupon school eauinmont bonds- Auth.. Secs 7625-27, Gen. Code. D raom . S M Date A u T i i l1* rn,mIi ri»n c lpa ^nd 2S“ ? i£ nnuaJ interest payable at the Spring Valiev

f yearly on Aug. 1 from 1919 to 1930, InclusiveCertified check for'3 % o f amount o f bonds bid for, payable to the District Treasurer, required. Bonds to bo delivered and paid for within ten davs from time o f award. Purchaser to pay accrued interest. 1 d >s

STATESVILLE, Iredell C ou n ty , N o. C aro.— NO BOND FT F o t t o a t — 1 he City Clerk advises us that there was no bond election held on April 9 portedO- V . thl06PrOpP°l38O2n l ° S10'000 sch° o1 bond.° M had b ^ n ^

SU PE R IO R , D ouglas C ou n ty , W ise .— BOND OFFERING__Add!tionai information is at hand relative to the offering on ADr 22 nftvm $80,000 5%-goId 20-year serial bonds. V . 106. p i 601. Proposals fo? tlieso bonds will be received until 12 m. on that day by O N O ' am Commissioner o f Finance. Denom. $1,000. Date M ay 1 1918 PHn'

tL f’„emi-an1n ^ IntuE ayabIe, at C ity Treasurer’s office. Cert, check fS;

^ beirêspretfiôllk :^

Pr0PCrty)’ 1,899,765. Population in l ^ o l

T A B O R INDEPENDENT SCH O OL D IS T R IC T (P O T .u , Frem ont C ou n ty , Iow a.— BOND OFFERING Pronosal'T will Hr. * “ , r) tat once for the $40,000 school-building bonds authorized^ bv^ thethe election held AprU 8 (V . 106. p . 1382). The^voTe iT re^ rted as 257 to

TACOM A, W ash .— BONDS DEFEATED.— On April lfi the 5o issue $4,000,000 electric power plant bonds— V 1 106 p pr. P°slt‘01i

The vote is reported as 3,479 ‘ ’fori’’ to 1R255

T E X A S .— BONDS PURCHASED B Y STATE.— Tho following aggregating $50,500, were recently purcliased at par and int b lith e State Board o f Education for tho Permanent School Fund. ° y lno btate

Com m on C ou n ty S ch oo l D istricts .

to __________ .defeated, it is stated “ against.”

Dist. A No. AmountEastland N o. 3 1 . . . T w oEastland N o. 2 5 - - - .............. 1 oneKnox N o. 15............ 3 ’nnnPanola N o. 11____ o ’ejmRunnels No. 6 . . . 1 2 mTaylor N o. 52____ ” ’ 1*1 ' ^ goo

Amount. $7,044 80

1.551 27 16,612 77 10,088 68 12,308 36

909 32

3091 30703092 3089 3077

Purpose.SowerWater Mains WalksW ato- Mains Grade a d Walks Condemnation

All tho abovo bonds are subject to call any interest-paying dateBONDS PROPOSED.— Tho question o f Issuing $6,610 000 bonds is

under consideration, it is stated. ’ 8SELMA SCH O OL D IS T R IC T (P. O . Selm a), J oh n ston C ou n tv

a *}0 ' S,arro’ POND SALE.— An issue o f $22,000 5% school bonds offered M ar. 25 was awarded to local investors at par. ouoreuPerry C ou n ty , O h io .— BONDS NOT TO BE ISSU FD __

Tho $7,000 5% street bonds, offered on July 10 1917— V. 104 p 2669__liavo been withdrawn from the market. *' p ’n. PO R TLA N D , C um berland C ou n ty , Me.— BOND SAI.F "‘

ai’J w ’ ° i dll? Irn *. Oo. o f Boston were awarded $15,000 impt and $17,500 4 14^ re fu n d in g bonds for $31,222 75, equal to 97.539 i wD°uo3i935 f° r 3 and 4 *°r $500. Date Mar. I 1918. Int. M.' & s .

iur§PR K « ? 4E. C ? , y N T Y CON SO LIDATED SCH O OL D IS T R IC T NO. 7, W ash.— BOND OFFER I NO.— Proposals will be received until 12 ^Pr- 27 by U. F. Crawford, C .unty Treas. (P. O Sookannl for« 7) 5? 0. 1-2A-yoar Valloyford School bldg, bonds at not exceeJlfng6 ,o Int. Denom. $500. Date M ay 1 1918. Int. semi-ann. payable at tho County 1 roa urer a office. An unconditional certified check drawn on unconditional!*^ $° ° ° ' payabl° to tho Tfoasuror, required. Bids must bo

Dist. No. Amount.Collin No. 50............. $3,000Colorado N o. 43_____________ 2,000Delta No. 1............... 2,000Delta No. 33.......... 2,000Delta No. 27 ............................... 1.500Delta N o. 4 1 .............................. 1,000„ ... Indep en d en t S chool D istrict*.B ellev illo ...................................... 30.0001

$50,000 5% Ward County road and bridge bonds.l,avo b«“ registered by

AT A & l? 82d£ T S .% rS,“’- “it rnSrieer, °SU1,200 Iiumets C o. C . S. D . ( L : " " " 5% 10-20 v ^ re APr’ §

23.000 Garza C o. R oad..................” " 5 ^ 5-40 veare APr’ §70.000 Mitchell Co. Special R oad-------- 5 % SÔOO ycarly Apr. 10

TISH O M IN G O , J oh n ston C ou n ty , O kla .— BOND SAT F ,

i?suw' i "S x"5,MPsr- ■“ S£73asaSealmi* ijP rervivee ' Lm('||Sj ' ' lb71,

Aor. 21 by J. E. M offatt, Clerk, for $1,500 6% 6-10-w ar fnm a2 P’ m ’ school-house bonds. Denom. $100. Cert, chock for 3 ^ n a w h L C? U?2n abovo Clerk, required. Bonded debt, none. ’i % ’ payabIe to the1 , T ULSA C O U N TY (P. O . T u lsa ), O kla .— NO BIDS RECEIVED__Nnbids were received for tlw *1,400.000 6-25-year serial road bonds oHered on

UNION GR O V E , R acin e C ou n ty . W ise.— TiOMTi i/OTi?n asltlon to Issue 37,000 5% sewer bornfs carried at an electkm^held APpr P2* Int. semi-ann. Duo $500 yearly on Juno 1 from 1919 to 1932 inch PF 2 ’

VAIL , C raw ford C ou n ty , Iow a.— BOND SALE — An Issim o f e n nnn 5H % electric-light bonds was awarded on N ov. 27 1917 to SGtnnLfU’rv? o f Mason City at par and int. Denom. $500. Date Jan 1 m l & ft?* J. & J. Duo yearly on Jan. 1 as follows: $1,000 1921 s ™ l o w « i ln 2i393850° 1932’ S1,° ° ° 1933’ $1 ’00° from * 9 3 4 lo 1 9 3 7 S . ! 9and $3,000

VERM ILION , C lay C ou n ty , So. D ak.— BOND f t r e r m i r nn SC1NDED.— The election which was to have taken place Anr T(P¥r. on the question o f issuing $20,000 city lighting-plant Vldg. bonds— V 106J p. 1601— has been rescinded, it is stated. B UUUU!> v . loty

VERSAILLES, W ood ford C ou n ty , K y .— BOND OFFFTtTNr< q„ „ , , bids will be received until Juno 4 for $20,000 5% 1^2C -w ^ a te r^ S fift bonds, it is stated. Denom. $1,000. /0 v yr- water^-plart

W AD SW O R TH TO W N SH IP SCH OOL D IS T R IC T MeJ !n » r „ „ *Ohio.-—BOND OFFERING.— Proposals will be received’ bv lv T Clerk o f Board o f Education, until 12 m. M ay 3 for $3 <vnn R ° ° d *serial school bonds. Auth., Secs. 5656 to 5659 inclasfve cfen ^ ar Denom. $500. Dato M ay 1 1918. Principal and semi

Z n t r I S f f i & f t S S l S S J a i W S l i t i ^ K a f P ° r s

awarded to J. P. W ild Co. o f Indianapolis at s is 771__1 383 weref f i k Mp S i.1“ n“ ’ B“ nk ° r bi<1 * 13'751 3* “ d KUBevIlte s S k

aggregating $54,000. at 101.703. Other bidders were- % b nds'Estabrook & C o., B o sto n ... 101.55 E . II. Rollins & Sons Pnstnn m i on Merrill, Oldham & C o., Bost.101.549 E. C. Porter Co ’ CostonR. L. Day & Co. Boston------ 101.189 Harris. F o r b ^ C o " fn c " Boat' 100 toArthur Perry & C o.. B oston .101.125 Blodgett & C o.. Boston m '^3Tho bonds are described as follows: -------- 1U0.53

street bonds. Due $4,000 yearly on Apr. 1 from 1919 to 7Q9a M.OOO „ . r s s b « * . ^ f e o c w g A

payable ! ^ ^ • F o K - .A t P|^t\cl N I t I o ^ B a annkd S r A * & ° ’ Financial Statement, April 2 1918.

Valuation 1915........ ................................................... _S19.839.700iS iS ................................................................ 21.301.892ly l7 ................................................................ 22,218.969

Abatements— 1915_________ ..........................................T S i ^ ' 63 '360-561{ o r e ................................................... ........ 293.639l y l / ............................................................ 122,333

769.137Gross net valuation— 3 years........................... rm

Average valuation........................................ .......................on ’s e V o o l3% ^0,S63.808Total d o b t ................................................................................f7 9 l'00 0 $625-914Less debts outside—

....................... $ 194,000Marshall Spring school.Galen S treet___________East End School_______

24.00030.00065.000

313.000

Borrowing capacity April 2 1918.478.000

$147,9 If-



WEST RIVER SCHOOL TOWNSHIP (P. O. Huntsville), Randolph County, Ind.— BOND OFFERINO.— Proposals will be received by Lpwte J. Coffin, Township Trustee, until 10 a. m. M ay 2 for $14,500 5M % school addition bonds. Denom. _$500. Date, day o f issue^ Duo $500SCllOOl addition uunus. ueuuiu. -Jduu. 01yearly on July 1 from 1919 to 1933, incl., and $500 yearly on Dec. 31 from 1919 to 1932, incl. Purchaser to furnish bonds and to satisfy himself as to transcript and pay accrued int.

W H IT SE T T SCH OOL D IS T R IC T (P. O . W h itse tt), G u ilfo rd C ou n ty , No. C aro.— BOND ELECTION— An election will be hold M ay 11 to voto on a proposition to issue $10,000 5% 30-year school-bldg, bonds.

W ILSON TO W N SH IP SCH O OL D IS T R IC T , N ortham pton C ou n ty ,p a .__BOND ELECTION.— Reports stato that an election will be held onM ay 21 to voto on a proposition to issue $60,000 school bonds.

W IN D BE R , Som erset C ou n ty , Pa.— BOND OFFERING.— Borough Secretary J. 11. Burtt will receive sealed bids until 8 p. m . M ay 7, it is

•stated, for $30,000 optiona borough bonds. Certified check for $500 required. aoi

W IN D SO R, W indsor C ou n ty , V t .— BOND SALE.-—W o are advised that this village has sold an issue of $22,000 4% street bonds to the State National Bank of Windsor at 98.70. Denom. $500. Date Jan. 1 1917. Int. J. & J.

W INSTON-SALEM , F orsyth C ou n ty , N o. Caro.— BOND SALE.— T,i ir i>niiins & sons o f Boston were awarded in March 1917 $72,000 b% t lx freo coupon road bonds Denom. $1,000. Date Dec. 1.1917. Prin. and slmi-ann int — J. & D .— payable at the office of the City Treasurer ?n N Y exchange. Due $8,000 Dec. 1 1918, $7,000 yearly on Dec. 1 from Vo in ' to 1926 incl. and $8,000 Dec. 1 1927. Total bonded debt, $2,490,000 Not d4b” $17604,000. Assessed val 1916, $23,395,635. Population 1910 (Census), 22,690; 1918 (estimated), 40,000. g . >«»*:!

W O O N SO C K E T, S an born C ou n ty , So. Dak.— NO BONDS TO BEV O T E D __M C. Nielson, City Auditor, advises us that the proposition toissuo tho $10,000 city-hall bonds mentioned in V. 106, p. 316— will not be submitted to tho voters on April 23. Sa Kn

YO AK U M , D ew itt C ou n ty , Tex.— BONDS VOTED.— On April 2 the proposition to issuo $50,000 5% 20-40-year (opt.) municipal-hospital bonds carried by a vote o f 300 to 126— V. 106, p . 1383.1)i Date of sale not yet

Cl° YO U N G C O U N TY (P. O. G raham ), T ex.— BOND ELECTION, PROPOSED— An election will be hold In tho near futuro, it is stated, to vote on the question of Issuing $50,000 Olney Road District bonds.

Y O U N G STO W N , M ahon in g C ou n ty , O h io .— BONDS AUTHOR- I Z E D Ordinances havo been passed authorizing the issuanco ot tho*OinO500Sfi5reO equipmentnbonds. Dato Juno 1 1918. Duo $2,000 yrly. $10,500 from 1921 to 1924, incl., and $2,500 on Oct. 1 1925.

40 000 street paving bonds. Dato M ay 1 1918. Duo $5,000 yrly.' on Oct. 1 from 1920 to 1927. T , ln lo

8 000 public toilet and comfort station bonds. Date Juno 1 1918.’ f )u e $2,000 yrly. on Oct. 1 from 1921 to 1924, Incl.

Denonl. $1,000. Int. seml-ann.n n is RECEIVED.— N o bids wero received for tho soven issues or

S ^ c o u jo n street bonds, aggregating $118,980. and offered on Apr. 15. — V. 106, p. 1383. r _________

CANADA, its Provinces and Municipalities.A LBERTA SCHOOL'S D IS T R IC T S .— DEBENTURE OFFERING.—

Separate tenders for each o f tho following blocks o f school district deben- tn?es arVaslred for*until 4 p. m. April 25 by M . O. Elliott,*Manager of Debenture’,Branch of Department of Education (P. 6 . Edmonton):

Block No. 1— Rurals— 10 Years— 7% Debentures.Ardmore School District N o. 3463------------------------------------------------------ ,'^onnLeader School District N o. 3 4 9 4 - - - - - ................ - .................................... J ’ rjJnMossy Bank School District No. 3538----------------------------------------------- J*oOOfinnt.fvnnin.l Sp.hnnl Distxlcfc N o. 3502---- ------------------------------------------- I»oUUCentonnial School District N o. 3502

Block No. 2— Rurals— 10 Years— 7% Debentures.Bonny Doono School District N o. 3477----------------- --------------------------- ^Y’ SooMeiklejohn School District N o. 3544------------------------------------------------ i ’ gxxHilliard School District N o. 3546------------------------------------------------------ i.ouu

Block No. 3— 10 Years— 7% Debentures.Evanston School District N o. 2902-------------------------------------------------- $3,000

Block No. 4— Rurals— 7 Years— 7% Debentures.Federal School District N o. 3566------------------------------------------------------ $2,000

Block No. 5— Rurals— 10 Years— 7% Debentures.Naples School District Nol 2852--------------------------------------------------------® i’nnRMetagama School District N o. 3458-------------------------------------------------- I ’™ ”Flagstaff School District N o. 3505------------------------------------------------------ I ,ooU

BERLIN SCHOOL DISTRICT (P. O. Willow Hill),’'Sask.— DEBENTURES AUTHORIZED.— Reports stato that an issuo o f $400 5-yoar debentures at not exceeding 8% Int., has been authorized. James Greaves Is District Clerk.

LILIAN SCHOOL DISTRICT (P. O. Annette), Sask .— DEBENTURES AUTHORIZED.— It is stated that an issue o f $1,500 10-yoar debentures at not exceeding 8% Int., has been authorized.3&L. L. Has- ham is District Clerk.

LINCOLN COUNTY (P. O. St. Catherine), O nt.— DEBENTURE OFFERING.— Proposals will be received for $50,000 5% % 10-year debentures, it is stated.

MAXWELL SCHOOL DISTRICT, Sask. (P. ° * Wilkie).— DEBENTURES AUTHORIZED.— It is roported that $ 1 ,200110-year debentures, at not exceeding 8% int., havo boon authorized. W . C. Ennis is D istrict Clerk.

MONTREAL CATHOLIC SCHOOL COMMISSION (P. O. Montreal),Que.— BOND AND NOTE OFFERING.— Applications will bo received until 3 p. m. Apr. 25 for the $1,500,000 6% 5-yr. gold bonds and $1,000,000 6% 2-yr. Treasury gold notes, referred to in these columns last) week. Theso bonds and Treasury notes are offered in denominations o f $100, 8500 and $1 000 at par without commission or expenso to tho purchaser, and aroEsued with tho approval o f tho Minister o f Finance Ottawa, and the legal sanction o f lion . J. L . Perron, K . C ., and M r. Aimc Gcoffrion,K Tho securiUes^viil bo delivered M ay l 1918 upon payment o f the amount o f subscription. All persons desiring to participate in this loan*m ay subscribe at any branch o f tho Bank o f 11 ochelaga in Montreal or the Province o f Quebec, or at tho offices o f tho Montreal Catholic School Commission, Ayme Lafontalno, Socrotary-Troasuror. Int. semi-annual.

NORTH LAKE SCHOOL DISTRICT (P. O. Drobot), Sask.— DEBENTURES AUTHORIZED.— An issuo o f $1,300 10-yeartdobentures, at not exceeding 8% Int. has been authorized, it Is stated. Todor Kuriak Is .District Clerk.

QUEBEC, Quo.— DEBENTURES AUTHORIZED.— Reports state that tho Minister o f Financo lias authorized this city to Issue $479,000 6% debentures.

SHERBROOKE, Que .— DEBENTURES AWARDED IN PART.— OI

NEW LOANS

$ 6 0 ,0 0 0 00

IR E D E L L C O U N T Y , N O R T H C A R O L IN AS% SERIAL FUNDING BRIDGE BONDS

Office ofTH E C O U N T Y ! COM M ISSIO N ERS OF IR E

D E L L C O U N TY, N O R TH C A R O LIN A , Statesville, N . C .

April 10, 1918.

TEn ' o ’CLOCI? a ? V .UM O N D A Y ,’ A P H IL * 29 ,

Octo er 1, 1917, with tho interest coupons duo April 1, 1918 , detached, principal duo and payable as ’per statement below.

These bonds ivill be Issued In denominations o f 81 000 00 each, with interest payable semiannually on the first days o f April and October o f each and every year during the life o f the bond, both principal and interest payable in lawful m o n e v o f the United Statos of America, at tho Commercial National Bank in Statesville,

^ T h n se bonds are a direct obligation o f the ontirerCounty, and are Issued under authority of *nerial acts o f tho General Assembly o f North (Carolina authorizing tho issue o f those bonds, and the iovy o f a tax to provide for tho payment

iS J d -^ and principal o f bonds at maturity, and orders and resolutions o f the Board o f Commissioners o f Iredell County, duly passed by said

B °pJ1/rnose of Issue.— 1To pay off floating indebtedness o? said County legally incurred for tho contra ction o f bridges on the principal highways of

SaThOTebonds are issued under authority o f two separate Acts, as follows. .

Those Issued under authority o f Acts o f Session 1915, duo and payable as follows:

$1,000 00 Due October 1, 1923,1,000 00 October 1, 19241,000 00 1,000 00 1,000 00 1,000 00 1,000 00 1,000 00 1,000 00 1,000 00 1,000 00 1,000 00 1,000 00 1,000 00 1,000 00 1,000 00 1,000 00 1,000 00 1,000 00 1.000 00

October 1, 1925, October 1, 1926, October 1, 1927, October 1, 1928, October 1, 1929, October 1, 1930, October 1, 1931, October 1, 1932, October 1, 1933, October 1, 1934, October 1, 1935, October 1, 1936, October 1, 1937, October 1, 1938, October 1, 1939, October 1, 1940, October 1, 1941, October 1, 1942,

Those Issued under authority o f Act o f Session 1917, due and payable as follows:

$4,000 00 Due October 1, 1918,4.000 00 “ October 1, 1919,4.000 00 " October 1, 1920,4.000 00 “ October 1, 1921,4.000 00 “ October 1, 1922.4.000 00 " October 1, i923,4.000 00 " October 1, 1924,4.000 00 " October 1, 1925,4.000 00 “ Octoblr 1, 1926,4.000 00 “ October 1, 1927,

Sealed bids will be required and will be rocoiveduntil ten o ’clock a. m. M onday, April 29, 1918, and certified check or bank draft, payable to tho Treasurer o f Iredell County, for an amount equal to two per cent o f par value o f bonds will bo required with all bids.

Bonded and floating indebtedness as follows:Road Improvement Bonds______________ $400,000 00Bridge Bonds___________________________ 80,000 00County Home for Aged & Infirm_______ 18,000 00Funding Bridge Bonds (This Issue)-- 60,000 00 Total Bonded Indebtedness, Including

this issue______________________________$558,000 00Floating Indebtedness___________________ 50,000 00

Total Indebtedness_______________ $608,000 00Less Sinking Fund----------------------------- 12,680 82Net Bonded & Floating Indebtedness

including this issue________________$595,319 18Total value o f property (estimated), $28,000.

000 00. Assessment for taxes, 30 to 50% o f real value.

Assessed valuation o f property for 1917, $15,039,249 00. „

Population Iredell County, Census 1910, U. S Government, 35.314. Estimated population42,000. , „

Rate o f T axation for 1917, as fo llow s:Stato....................- .............27 2-3 on $100 valuationSchool.............................--2 0General County--------19Road Special________ 25County Home___________ 5School Special------------------ 8 1-3

The constitutionality o f this Issuo o f bonds hasbeen passed upon by the Supremo Court or North Carolina, and tho legality o f this issuo is not questioned, and there is no litigation pending or threatened affecting the same, and prior to delivery o f bonds the County will furnish tho legal opinion of Storey, Thorndike, Palmer & Dodgo of Boston, Mass., as to tho validity o f samo Tho County has never defaulted in the payment o f principal or interest of any of Its indebtedness.

The right is reserved to accept any or reject all bids. n ^ TO M L IN ,

Chairman Board o f County Commissioners W . II. M O RRO W ,

Clerk to the Board.

THEJ-G-WHITE COMPANIES

FinanciersEnglneor^

Operator*

Purchaser* Contraotore

Manager*

of Public Utility and Industrial Properties

REPORTS—VALUATIONS— ESTIMATES

43 EXCHANGE PLACE, NEW YORKLONDON CHICAGO

WILLARD CASE & COMPANYCONSULTING ENGINEERS

Development ofIndustrial Plants & Equipments

Reports onOperating Methods & Conditions

Determinations ofWorth of Established Properties

17 B A T T E R Y P L A C E N E W Y O R K

Alex. O. Humphreys Alien 8. Mi les

HUMPHREYS* MILLER, Inc.■NQINBHR8

Power—Light—Gaa*6 BROADWAY N E W YORK


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