cfc_19180427.pdf

Bank & Quotation Section Railway Earnings Section

Railway & Industrial Section Bankers* Convention Section

Electric Railway Section State and City Section

VOL. 106 SATURDAY, APRIL 27 1918 NO. 2757

© t o r a d e .PUBLISHED WEEKLY.

Terms of Subscription— Payable in AdvanceFor One Year ................................................................................................ $10 00For Six Months............................................................................................... 6 00European Subscription (including postage)............................................. 13 00European Subscription six months (including postage)........................ 7 50Annual Subscription in London (including postage)............................ £ 2 14s.Six Months Subscription in London (including postage)......................£ 1 11 s .Canadian Subscription (including postage).............................................$11 50

S u b s cr ip t io n in c lu d e s f o l l o w i n g S u p p lem e n ts —B ank and quotation (monthly) I railw ay and I ndustrial (3 tim es yearly) R ailway E arnings (monthly) E lectric R ailway (3 tim es yearly)S tate and city (semi-annually) | bankers’ Convention (yearly)

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( Two Months (8 times)...........................standing Business c a n is ) g l E S : : ; : ; : : : : : : : : : : : :

C TwelveMontlis (52 times)...........................Chicago Office—30 South La Salle Street, Telephone M ajestic7396.L o n d o n o f f ic e —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 ,Front. Fine nnd Dcpoyster Sts., New York.

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Published every Saturday morning by WILLIAM B. DANA COMPANY. Jacob Seibert Jr., President and Trcas.; George S. Dana and Arnold G. Dana, Vice-Presidents; Arnold G. Dana, Sec. Addresses of all, Office of the Company.

CLEARING HOUSE RETURNS.The following table, made up by telegraph, Ac., indicates that the total bank

cloarings of all the clearing houses of the United States for the week ending to-day have been $6,073,348,197, against 56,307,062,063 last week and 56,491,324,318 the corresponding week last year.

Clearings—Returns 5y Telegraph. Week ending April 27. 1918. 1917.

PerCent.

52,678,021,773 $3,439,211,287 — 22.1415,971,892 431,388,398 — 3.6

Philadelphia .................... - ............. . 310,039,554251,126,696119,487,682

2.84,111,233 + 0.1 + 25.2200,566,661

115,519,561 + 3.4Kansas C ity.------------ ------------------------ 164,625,220

♦86,000,000119.057,73276,239,489

+ 38.3 + 12.8

101,800,968 73,556,068 + 38.447,509,696 45,861,180 + 3.6

+ 43.348,966,529 34,160,48850,857,207 35,144,432 + 44.7

Eleven cltie3, 5 days------------ -----------Other cities, 5 days............ - ............... .

54,274,407,217803,462,287

54,854,816,529625,437,922

— 11.7+28.5

Total all cities, 5 days.................. - - - 55,077,869,504995,478,693

$5,480,254,4511.011,069,867

— 7.3— 1.5

Total all cities for week................ . 56,073,348,197 56,491,324,318 * — 6.4♦Partly estimated.Tho full details for the week covered by the above will be given next Saturday.

Wo cannot furnish them to-day, cloarings being made up by tho clearing houses at noon on Saturday, and hence in tho above the last day of tho week lias to lie in all cases estimated, as we go to press Friday night

Clearings at—Week ending April 20.

1918. 1917.Inc. or Dec. 1916. 1915.

$ 5 % S SNow York.......... 3,434,318,515 3,309,373,029 + 1.9 2,673,135,585 2,107,454,071Philadelphia----- 308,828,806 367,390,350 +0.4 221,135,226 153,594,826Pittsburgh.......... 75,990,097 78,752,043 — 3.5 63,181,775 50,449,114Baltimore_____ 58,018,506 40,771,377 + 34.9 36,730,068 31,722,777Buffalo................ 22,983,017 17,993,540 +27.7 15,107,241 11,465,811Washington........ 14,075,036 10,573,584 + 33.1 8,608,062 7,648,394Albany............ . 5,750,484 5,587,243 + 2.9 4,822,191 5,439,280Rochostor.......... 7,728,321 6,873,611 + 12.4 5,480,900 4,403,310Scranton.......... - 3,100,000 3,467,490 — 1.9 2,992,509 3,055,771Syracuse _______ 4,730,816 4,622,629 + 2.3 3,327,764 2,931,540Reading_______ 3,036,783 2,660,301 + 14.1 2,092,769 1,713,948Wilmington........ 3,326,562 3,206,626 + 1.8 2,210,779 2,167,599Wilkes-Barre___ 2,471,309 1,943,877 +27.2 1,851,884 1,709,871Wheeling............ 3,997,920 3,518,496 + 13.6 2,703,545 2,062,115York........ ........... 1,480,369 1,210,340 +22.3 987,601 1,043,200Tronton_______ 2,797,995 2,373,551 + 18.3 1,932,430 1,749,854Lancaster.......... 3,130,100 2,210,687 + 41.0 1,534,248 1,509,842B rio ................ _. 2,171,073 1,902,049 + 13.6 1,153,122 923,655Binghamton___ 909,400 1,021,230 — 4.5 826,800 640,100Grconsburg........ 1,021,230 917,400 + 11.3 750,000 631,400Chester.............. 1,398,980 1,620,003 — 13.6 934,620 578,517Altoona.............. 847,564 708,910 + 19.6 495,842 575,000Montclair_____ . 478,857 461,521 + 3.7 351,620 398,430

Total Middle. 4,022,891,740 3,929,151,135 + 2.4 3,052,334,581 2,399,869,897Boston................ 277,613,994 241,021,923 + 15.2 188,280,887 154,815,705Providence........ 11,426,000 10,860,900 + 5.2 10,384,600 7,329,000Hartford .......... . 7,993,453 8,651,453 —7.6 7,181,036 0,204,893New Haven____ 4,908,489 5,000,000 — 1.8 3,941,231 3,454,256Springfield.......... 3,700,000 3,954,481 —6.4 4,218,188 2,538,774Portland ............ 2,600,000 2,455,000 + 5.9 1,998,789 1,768,858Worcester______ 3,688,756 3,691,447 — 0.1 3,772,888 2,454,409Fall River_____ 2,141,238 2,022,876 + 5.9 1,900,836 1,263,651New Bedford__ 2,013,066 1,680,114 + 19.8 1,307,712 999,747Lowell................ 1,214,004 1,176,432 + 5.8 966,462 807,699Holyoko.............. 635,241 754,640 — 15.8 900,000 636,132Bangor................ 710,932 633,283 + 12.3 050,663 342,156

TotalNewEng. 318,675,833 281,902,549 + 13.0 225,503,192 182,625,880Note.—For Canadian clearings see "Commercial and Miscellaneous News."

Clearings at—Week ending April 20.

1918. 1917.Inc. or Dec. 1916. 1915.

s S % S 5Chicago________ 532,281,683 515.427,980 + 3.3 385,023,522 316,224,731Cincinnati_____ 52,675,302 38,477,925 + 36.9 30,877,100 24,116,250Cleveland_____ 75,317,204 65,171,930 + 15.6 39,580,111 27,726,76927,268,255Detroit-........... . 67,076,373 62,796,552 + 6.8 44,037,851

Milwaukee____ 29,108,468 24,729,836 + 17.7 17,800,000 13,944,848Indianapolis___ 14,723,000 13,398,80610,275,600

+ 9.9 10,466,617 7,385,348Columbus_____ 11,160,300 + 8.6 9,722,900 6,280,600Toledo . .............. 11,778,908 11,910,685 — 1.1 8,934,874 6,280,991Peoria_________ 5,400,000 5,300,000 + 10 4,200,000 2.983,523Grand Rapids. _ 5,155,448 5,490,290 —6.1 4.503,408 3,209,205D ayton.............. 4,302,280 3,444,257 + 24.9 3,344,834 1,994,307Evansville______ 3,855,487 2,769,670 + 39.2 1,581,141 1,259,611Springfield, III.. 2,177,540 1,850,692 + 23.1 1,572,427 1,206,188Fort Wayne___ 1,370,461 1,263,967 + 8.5 1,360,889 1,260,616Rockford_______ 2,015,116 1,585,107 + 27.1 1,150,348 1,051,386Youngstown___ 3,188,068 3,486,133 — 8.6 3,396,120 1,288,988Lexington.......... 1,400,000 785,926 + 78.1 722,556 692,970

5,064,000 0,281,000C anton ...'.____ 3,200.000 3,351,186 — 4.5 2,501,336 2,200,109Bloomington___ 1,559,660 1,198,888 + 30.1 776,818 775,031Quincy........ ....... 1,408,809 1,160,989 + 21.5 865,081 794,662Springfield, O . . . 1,056,320 976,462 + 8.2 928,103 691,753Decatur............. 1,087,825 932,785 + 16.6 671,056 456,042Mansfield.......... 1,240,519 999,862 + 24.1 760,803 553,356South Bend........ 1,273,307 1,138,626 + 11.9 831,802 625,291Danville_______ 720,000 600,000 + 20.0 506,049 484,618Jacksonville, 111. 537,081 417,983 +28.5 302,225 201,034Lim a__________ 993,522 895,680 + 10.9 760,064 436,970Lansing.............. 988,009 1,137,990 — 13.1 977,947 525,000Owensboro____ 850,000 602,585 + 41.2 340,799 332,242Ann Arbor.......... 310,161 297,643 + 4.3 250,000 189,253Adrian............ . 80,000 151,884 —47.3 119,080 58,271

Tot. Mid. West 843,955.351 788,310,934 + 7.1 583,261,862 454,542,218San Francisco__ 106,295,733 90,259,803 + 17.8 63,591,137 48,611,054Los Angeles____ 29,908,000 31,246,000 —4.3 26,747,436 20,140,131Seattle........ ....... 39,433,435 22,516,484 + 75.1 15,115,391 11,193,062Portland_______ 23,670,203 18,821,491 + 25.8 12,196,721 11,095,223Salt Lake C ity.. 12,622,212 13,173,632 —4.2 9,611,140 6,875,502Spokane________ 8,101,993 6,700,000 + 20.9 4,453,373 3,438,407Tacoma.......... .. 4,375,383 2,746,001 + 59.3 2,479,365 1,917,930Oakland._______ 6,041,317 5,201,822 + 16.1 4,452,705 3,219,134Sacramento........ 3,161,789 2,413,026 + 31.0 2,072,GOO 1,753,623San Diego_____ 1,920,998 2,200,973 — 12.7 2,425,321 1,770,320Pasadena............ 1,116,813 1,320,429 — 16.1 1,600,068 834,447Stockton _______ 2,158,380 1,675,294 + 28.8 1,262,140 1,063,095Fresno_________ 1,990,933 1,606,116 + 23.9 1,156,588 947,520Yakima________ 709,190 682,513 + 3.9 406,347 393,992San Jose.............. 857,925 771,319 + 11.1 667,395 554,272Reno . . . _____ 621,716 551,090 + 12.8 400,000 290,000Long Beach____ 1,110,382 742,847 + 49.5 736,689 498,112

Total Pacific.. 244,099,402 202,628,840 + 20.5 149,434,476 114,595,824Kansas City___ 194,404,783 135,117,988 + 43.9 84,261,790 73,023,389Minneapolis___ 28,635,299 34,631,256 — 17.3 20,667,301 19,328,136Omaha------------- 59,691,855 36,060,437 + 65.5 19,905,7991 17,049,866St. Paul............ . 15,570,392 13,370,255 + 16.4 13,465,017 10,381,793Denver_________ 22,192,393 15,683,040 + 41.5 11,747,600 8,736,807St. Joseph.......... 20,618,984 15,987,588 +29.0 8,715,129 6,440,198Dos Moines........ 10,350,000 8,593,323 + 20.4 6,587,205 5,228,546Sioux City.......... 9,436,671 6,420,979 + 47.0 3,967,569 2,881,636Duluth 4 9.36,093 6,410,023 — 22.3 4,055,722 4,.‘174,100Wichita.............. 8,739,470 6,077,660 + 43.8 4,258,386 3,744,663Lincoln ............. 4,532,625 3,961,758 + 14.4 2,507,446 2,102,411Davenport_____ 2,575,901 2,938,714 + 7.4 2,144,035 1,282,983Topeka .............. 3.100,000 2,722,292 + 13.9 1,703,354 1,643,598Cedar Rapids. 1,966,380 2,651,696 — 25.8 1,795,248 1,478,186Colorado Springs 831,120 1,231,9.86 — 32.5 862,337 685,447Pueblo_________ 749,913 670,089 + 11.9 481,693 342,968Fargo...... ........... 2,487,212 1,794,132 + 38.6 1,755,228 1,322,704Waterloo_______ 2,500,000 2,785,305 — 10.2 2,518,700 2,052,871H elena.............. 1,937,261 1,566,294 +23.7 1,491,537 967,837Aberdeen............ 1,255,768 1,017,899 + 23.4 747,546 626,906Fremont............ 887,283 734,182 + 20.9 390,000 322,562Hastings............ 551,314 513,731 + 7.3 227,465 252,067Billings________ 963,170 1,015,876 —5.2 656,670 450,000

Total oth.West 398,963,890 301,425,912 + 32.4 195,512,777 164,719,677St. Louis.......... 161,564,577 135,315,518 + 19.4 96,551,088 80,048,948New Orelans___ 60,119,858 36,377,275 + 65.3 18,025,796 17,444,703Louisville______ 24,208,725 20,382,926 + 18.7 18,828,319 10,185,967Houston_______ 13,000,000 11,587,110 + 12.2 9,257,577

3,368,5437,186,011

Galveston_____ 4,500,000 3,249,085 + 38.5 3,401,712Richmond_____ 41,616,935 26,328,360 + 58.1 15,249,389 9,883,600Fort Worth........ 14,626,391 11,488,781 + 27.3 7,804,432 6,585,247Atlanta________ 45,252,148 26,276,410 + 72.2 17,283,252 12,514,547Memphis_______ 11,510,969 11,102,308 + 3.7 6,507,672 6,409,060Savannah _____ 6,700,897 6,071,790 + 10.4 4,385,832 4,301,767Nashville______ 11,044,171

7,748,08310,059,455 + 9.8 7,048,685 5,723,677

Norfolk .............. 6,257,432 +23.8 4,890,880 4,126,854Birmingham___ 4,630,490 3,442,304 + 34.5 2,621,121 2,183,525Jacksonville___ 5,156,649 3,979,899 + 29.6 3,643,708 2,790,147Chattanooga___ 5,799,246 3,436,573 + 68.8 2,996,956 2,476,533Knoxville_____ 3,079,742 2,704,553 + 13.9 2,291,975 1,568,146Little Rock------- 4,773,146 3,292,341 +45.0 2,384,287 1,950,176Mobile................ 1,729,382 1,419,391 + 21.8 1,033,183 1,028,147Augusta________ 3,510,067 2,520,742 + 39.3 2,105,015 2,200,075Charleston._____ 3,086,100 2,488,968 + 24.0 2,629,179 2,049,451Oklahoma.......... 10,469,874 6,555,728 + 59.7 3,614,336 2,203,033

Macon............ 1,700,000 1,385,885 + 22.7 3,205.875 2,584,592Austin ................ 2,247.795 2,500,423 — 10.1 2,100,000 1,556,292Vicksburg .......... 291,787 230,440 + 26.6 208,894 234,114Muskogco.......... 2,150,343 1,592,789 + 35.0 1,163,432 575,410Tulsa...... ........... 9,937,845 7,984,173 + 24.5 3,768.830 1,463,881Jackson ________Dallas............ ..

600,00017,420,627

524,18412,160,965

+ 14.5 + 43.3

550,0296,850,611

405,519

Total Southern 478,475,847 360,715,808 + 32.6 250,428,896 193,081,134Total all.......... 6,307,062,063 5,864,132,778 + 7.6 4,450,475,784 3,509,434,624Outside N. Y . 2,872,743.548 2,949,759,749 + 15.2 1,783,340,199 1,401,979,953

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

1714 THE CHRONICLE [Vol. 106.

THE FINANCIAL SITUATION.Railroad security holders should not close their

eyes to what is going on in the management of their properties under Government control. One of the reasons assigned for the taking over by the Government of the entire railroad system of the country was that with the Government operating the roads they could be run free from considerations such as necessarily influence the managements of the several hundred separate properties, each seeking to do the best for its own particular road or company and each seeking alone the advantage of such road or company. Thus, in the interest of the public and for the efficient prosecution of the war it might be desirable to deflect traffic from one system to another or to concentrate special classes of traffic on some one or two systems. Obviously, with roads remaining under private control, no individual management could be depended upon to carry out such a policy for fear that in the general adjustment their own property might in some way be the loser. On the other hand, with the whole body of roads under a single control, and that control the Government itself, the latter could carry out any policy deemed best, irrespective entirely of the question whether this system or that suffered, or the reverse, since with the whole going into a single coffer and the Government paying a fixed rental, the gains and losses as between the different lines would necessarily equalize each other.

Another reason assigned in favor of Government control, with much confidence, was that concentrated control would permit not alone more efficient management but also more economical management. This would be rendered possible by eliminating the duplication of all functions, all operations and all work. A single officer might perform the work previously distributed among two or more officers, a single train might answer all the purposes of a previous half dozen, and so on through all branches and departments of the service and through all the various ramifications of the railroad system.

Of course it was obvious from the first that Government control meant that for the time being the identity of the different properties would be lost— that the separate units would be merged together for the common purpose and the common end, and that there would be concentrated management as well as concentrated control. This process is now going on with startling rapidity and is being carried to what seems inordinate lengths. No one could have supposed that the loss of individual responsibility, as far as the separate properties are concerned, could become so complete as it is now already seen to be. The Director-General of Railroads, Mr. Mc- Adoo, is a man of uncommon executive ability and of resolute will power. He has also certain predilections to which he is giving free play. And the result is that the owners of the properties are confronted by the menace that at the end of the period of Government control, when they once more resume possession, they will be without the necessary distinctive organizations for their management. In other words, a disintegration of the personnel of the internal management of the different properties is in process which threatens to leave them headless concerns by the time they are returned to their owners.

In the effort to secure economy of operations and to save expense to the Government, innumerable separate offices and agencies are being dispensed with and those who have performed distinctive personal functions therewith dropped. This week the newspapers have been filled with lengthy accounts of the dismissal of certain classes of railroad men. For instance, we are told that “ nearly a thousand railroad traffic, passenger and freight agents in this city will be thrown out of employment on May 1 by the operation of Director-General McAdoo’s order abolishing 'off the line’ offices all over the United States. Two hundred offices, branches of railroads which have no rails into New York City, will close on that day, and experts who have learned the business for thirty years, together with their assistants, will have to look elsewhere for employment.”

On the 9th inst. Mr. McAdoo also issued instructions for the consolidation of all city offices of railroads and one of the requirements of these instructions was the discontinuance of “ all offline traffic offices.” This means that railroads remote from New York City, like the Union Pacific or the Southern Pacific or the Chicago & North West, can not maintain offices here and expect to have the cost of the same charged to the Government.

If this particular case stood alone it might not matter greatly. But this is only part of a general plan which the Director-General evidently means to pursue in all directions. Numerous orders issued by him give evidence of his purpose in that regard. It is his plainly declared intention to dispense with all the higher officials except those who are directly connected with the operation of the roads. By general order No. 9, bearing date Feb. 23 1918, the Director-General required the filing with the regional director of monthly reports of salaries paid to all officials receiving from S3,000 to $10,000 a year and duplicate reports regarding salaries of $10,000 or more, one of the duplicates to go to the Director- General. In explanation, it was said to be the Director-General’s purpose gradually to eliminate many high-salaried positions and to avoid filling vacancies whenever a road could be operated without them. A little later it was announced that much purchasing of supplies for the railroads would be made in common through special committees.

In a circular issued under date of March 18, Mr. McAdoo notified the railroads that after April 1 the expenses of maintaining certain New York offices would not be permitted as a charge against operating income. In this circular he said the question had been raised whether the Government ought to pay any part of the expense of the New York offices (including salaries of officers at New York) of railroad companies, except to the extent that such expenses are on account of operating offices properly located at New York; and, on the same principle, as to whether the Government is under any obligation to pay the expenses of offices of any of the companies in any locality devoted to financial and corporate matters as distinguished from matters pertaining to the physical operation of the railroad properties. The roads were notified that each carrier claiming that any such expense should be chargeable against the Government must present a statement showing the amount of this expense, [and what amount, if any,


Apr. 27 1918.] THE CHRONICLE 1715it was claimed should fairly be charged to the Gov ernment, and the reasons why the carrier believed such expense was so chargeable. In any event on and after April 1 1918 the roads were told such expense must cease to be charged against operating income except in so far as the same should be expressly authorized after the facts had been passed upon.

But the most important announcement of all was contained in an order issued under date of Mar. 30, in which the Director-General expressed his conviction that no salaries or office and traveling expenses of officers should be paid where the services were not necessary to the operation of the roads. In this circular he argued that in the past the railroad companies, in establishing and maintaining their staffs of officers, had provided not only for the actual necessities of operation, but in addition had provided “ (a) for financial and corporate functions beyond what is necessarily connected with operation — for example, functions calling for chairmen of boards of directors and of executive committees, &c.; (6) for other activities in which the company may be lawfully engaged but whose operation is not to be conducted by the Government; (c) for operating functions which were natural when railroads were operated under the competitive system, but which are unnecessary under existing conditions— for example, traffic functions connected with the obtaining of traffic rather than with the giving of adequate and convenient information and assistance to the public; (d) for officers who have practically retired from service and whose salaries have been continued because of their past services rather than because of their need for current operation; (e) for counsel whose services have not been needed for the conduct of ordinary operating activities of the company, but who, to a large extent, if not entirely, have devoted themselves to matters of a corporate character; (for example, many of whom are now devoting themselves to the problems in connection with the making of the contracts with the Government for the use of the railroads.)”

The circular went on to say that it would “ be necessary for the Government to make a careful study to determine the extent to which operating expenses under Government control should be relieved of charges for the salaries and office and traveling expenses of officers not necessary to carry on operating functions, and this circular is to give notice that this subject is and will be under consideration, and that in clear cases the Government may charge hack against the company any amounts charged into operating expenses on and after April 1 1918 for the salaries and office and traveling expenses of officers who are not required to conduct railroad operations.”

The situation, then, which confronts the railroads and their security holders is this: they are to lose their financial officers and all their higher officials except those directly engaged in operating, with the further likelihood that the latter will be replaced by less capable men at smaller salaries. The financial and higher executive officials are in a great many instances those who have guided the destinies of the roads in recent periods and are to be credited with most of the success that has attended the management of the properties. This if it is allowed to happen will be a grievous loss. Mr. McAdoo’s edict it will be seen is also directed against the legal departments of the roads and their counsel. Beside

this their traffic departments will be non-existent, their passenger and freight agencies will be abolished and their purchasing agencies disorganized if not entirely disrupted. In a word, when after the termination of Government control the properties are turned back to their owners the present personal organization will be gone and the forces scattered. This means that the properties will be headless and rudderless concerns.

What is to be done in these circumstances to avoid the threatened catastrophe, for a catastrophe it certainly will be ? In the circular last above referred to, the Director-General indicates the course open to the security owners. After stating that from April 1 on he would not be responsible for the salaries of general officers who are not required to conduct railroad operations he goes on to say: “ Thispolicy will not affect the positions of any officers whom the company itself may desire to continue to pay out of its own funds, but who are not necessary to railroad operations.” In brief the salaries of these higher officials can be paid out of the rental received from the Government, and that certainly should be done.

We do not mean to assert that the Government will be justified in refusing to include the compensation of these officials in the ordinary expenses of the road. On the contrary, as the rental which the' Government binds itself to pay is based on past net income, computed after the deduction of the salaries of these very officials, there is no legal or moral warrant for changing the standard. But the railroads are helpless as against the assertion of Government power, especially in war times, and if the Director- General refuses to allow these outlays to be included in the ordinary expenses in accordance with past practice, then the boards of directors of the companies should see to it that in any event the services and the experience and judgment of the men who will be so necessary to the skillful management of the properties with the ending of Government control shall not be lost to the companies. If it is not possible to retain the services of freight and passenger agents and traffic solicitors, at least care should be taken ’that the executive management and the personnel of the organization is as nearly as possible kept intact. The charge against the rental will be relatively slight and the outlay will be in the nature of insurance against future damage. Such damage will be certain to ensue if the premium is not paid. No picayune policy should be allowed to control at such a time. The boards of directors should at once take the necessary steps to that end and the security holders should not fail to urge them on if they evince the slightest indication of hesitancy.

That the foreign trade of the United States has failed thus far to exhibit the decrease in value expected as a result of the various restrictions imposed by the Government on the movement of many classes of goods, may be to some a cause of surprise. But to those who have taken the trouble closely to analyze the returns, the outcome is about as might have been looked for, all surrounding conditions considered. There is no question whatever that the quantitative outflow of goods in March, for instance, was very much below that for the same period a year ago. On the other hand, the aggregate value of the shipments, as officially announced this week, shows only a very moderate decrease. This situation i«



explained, of course, by the decidedly higher prices now ruling for many of the items going to make up the total. A month ago, in reviewing the February commerce totals, we pointed out some of the wide variations in prices, between this year and last year in the comparisons for that month and the list might be duplicated and extended for March. Prices are ruling upon an abnormally high basis. And it is a question whether added restrictive measures to be enforced later will not have a further stimulating effect in that direction.

In the articles for which statements of outflow are made in advance of the full detailed export returns, there was a notable increase in value in March over the period a year ago without any commensurate augmentation in quantity. A striking instance of this kind is cotton, the shipments of which were some 12% less as regards quantity, but covered a value over 57% greater. Breadstuffs, with a moderate quantitative decrease, exhibit an enhancement in value of nearly 50%, and the meat and dairy products gain of 68 million dollars, or 158%, over 1917, finds explanation in considerable measure in the higher prices obtained. The mineral oil shipments this year were practically identical in quantity with those of a year ago, yet value increased about 72j^%, and from a falling off of close to 40% in the number of pounds of cottonseed oil sent out the return is only 8% smaller. These few available instances will suffice for illustration.

While our foreign exports for the elapsed portion of the fiscal year 1917-18 have been of phenomenal proportions, they nevertheless fall moderately below the stupendous aggregate for the corresponding period of 1916-17. The decline, however, is explained by contraction in the shipments to Europe, and largely in the Russian figures. On the other hand, very important gains are exhibited in our export trade with a number of countries with which great expansion of commercial relations has been made possible by the war in Europe. We would draw attention particularly to the fact that for the eight months of 1917-18 (March details are not yet available), the value of the shipments to Cuba at 145 million dollars was three times that of 1914-15, with the situation for the West Indies as a whole practically identical. The Mexican and Central American figures, also, show very important increases, while to South America our exports in the four-year interval advanced from 52 millions to 222 millions, with the gains strikingly heavy in the outflow to Argentina, Brazil and Chile. The Japanese total, moreover, rose from 27 millions to 181 millions, and striking gains are indicated in the China, East India and Oceania aggregates. In the cases cited, as in others, higher prices have been an important factor in the development.

The merchandise exports in March 1918 were $531,043,251, this contrasting with $553,985,689 last year and $410,742,034 in 1916. For the nine months of the fiscal year 1917-18 the aggregate at $4,393,526,905 compares with $4,636,979,245 (the high record for the period), and $2,995,424,760 in 1915-16. The imports of commodities for March covered a value of $242,197,859, against $270,257,139 in 1917 and $213,589,785 two years ago, while for the nine months the inflow of merchandise at $2,083,513,947 establishes a new high record, and compares with $1,818,069,116 in 1916-17 and $1,504,662,718 in 1915-16. The net result of our foreign

trade for March is an export balance of $288,845,394, against $283,728,560 in 1917 and $197,152,249 in 1916. For the nine months ended March 31 the excess of exports reaches $2,310,012,958, comparing with $2,818,910,129 in 1916-17 and $1,490,762,042 in 1915-16. -

The gold movement of the month was light in either direction, the exports at $2,809,359 exceeding the imports by $896,997, and increasing to $97,833,873 the net outflow for the nine months ended March 31 1918. This compares with an import balance of $651,108,102 for the period in 1916-17, of $279,314,902 in 1915-16 and net exports of $69,423,224 in 1914-15.

Canada’s foreign trade established new high records in both imports and exports in the fiscal year ended March 31 1918, the returns for which have just been made public. In all the commodity outflow reached $1,586,169,792, against $1,151,375,768 in 1916-17 and $741,610,638 in 1915-16, and the imports totaled $962,521,827, against $845,330,303 and $507,783,361. The export balance for the latest fiscal year is, consequently, no less than $624,647,945, against $306,044,865 in 1916-17 and $233,827,277 in 1915-16. The result for 1914-15 was a net excess of imports of $96,555,484.

Without presenting specific explanation of its reasons, the British Admiralty on Wednesday announced the cessation of its weekly return of shipping losses and the substitution of a monthly report to be published on the Thursday following the 21st of each month. This monthly statement will give the gross tonnage lost and the tonnage sailings to and from ports in the United Kingdom. The Admiralty this week furnished the losses of tonnage for the quarter ended March 1918 as 687,576 gross tons British, comparing with 911,840 for the corresponding quarter of 1917, while the total Allied and neutral losses (including British) were 1,123,510 tons, against 1,619,373 tons. These figures make it evident that though there has obviously been improvement in the submarine situation, the losses are still considerable. For the quarter ending December the total of British tonnage destroyed was 782,880 and of all Allied and neutral 1,272,843 tons; for the three months ending September the corresponding figures were 952,938 tons and 1,494,473 tons, and for the June quarter 1,361,370 tons and 2,236,934 tons.

Another exploit which will add to the many brilliant achievements in the history of the British Navy was officially reported by the British Admiralty on Tuesday. Early on the morning of that day a naval raid was made on Ostend and Zeebrugge, the two most important enemy submarine bases. In all, five old British cruisers which had been filled with concrete for use in blocking the channels were run aground, blown up and abandoned by their crews. Another old cruiser, the Vindictive, working with two ferry-boats, carried a storming and demolition party to storm the head of the mole which runs out from Zeebrugge, the object being to divert attention from the harbor-blocking operations. The men employed on the block ships and in the storming and demolition parties on the Vindictive were bluejackets and marines picked from a large number of volunteers from the Grand Fleet and naval and marine depots. There was great competition for the under


Apr. 27 1918.] THE CHRONICLE 1717

taking and only a small percentage of those who volunteered could be used. A force of monitors, together with a large number of very small motor boats, took part in the operation which was particularly intricate and involved delicate navigation on a hostile coast without lights and largely under unknown navigational conditions developed since the war, with the added danger of mine fields. The officer who developed the operation was killed. How really effective has been the result of the British enterprise is not known. The enemy not unnaturally minimizes it, but observation by airship indicates that there is a clear break of twenty yards in width in the Zeebrugge mole at the inner end, and that a sunken object blocks the greater part of the channel in the harbor of Ostend. It is, of course, an exceedingly difficult undertaking, especially in the face of such a concentrated fire as had to be encountered, to sink ships in any particular point. The Berlin account of the raid ingeniously takes credit for the fact that in addition to five British cruisers sunk in the coast, three destroyers and a number of motor boats were sunk by the fire of the coast batteries. Whatever the degree of success of the expedition, it will be conceded to have been a brilliant one both in conception and in the exhibition of calm courage with which it was carried out. The Associated Press says it learns from a high naval source that the operations at Zeebrugge were a complete success, with the result that the Flanders flotilla will now be obliged to resort to the Ostend route in putting to sea, from which the British forces can more easily handle the German ships. The Ostend channel opens like the neck of a bottle directly upon the North Sea. This channel, which leads from three large basins and several smaller ones, is about 2,300 feet long and 250 feet wide at its narrowest point, expanding to a mouth 490 feet wide. The waterway is kept free from the shifting sand of the shore by two projecting moles flanking it east and west, while the town to the west is protected by a sea wall at the foot of which are the bathing establishments. If the cruisers sunk were like those submerged at Zeebrugge, say, 300 feet in length, and were driven near enough even without entering the neck of the bottle, they will, it is believed, constitute a formidable barrier around which the sand will quickly collect at this season of the year, both from the coast east and west and from the natural discharge of the channel carrying the waste from a dozen towns on its way from Bruges, 13 miles to the southwest. More or less similar conditions as concern the danger of sand accumulations exist at Zeebrugge.

Germany is bringing extreme pressure to bear upon Holland. It is beginning to appear as though the latter must decide in the very near future whether it will join as an active participant on the side of the Allies or of the enemy. The Dutch newspaper “ Het Volk” announces that the German Minister to the Netherlands has left The Hague for Berlin and that the Dutch Minister to Germany is on his way from Berlin to The Hague. Authentic details of the German demands are not available. Official Washington seems to regard the present main point of difference as that of the Dutch observing real neutrality, the question arising from the insistence of Germany that Holland shall permit the transit through Dutch territory of sand and gravel to be used for German military purposes in Belgium. Holland has ex

pressed willingness to permit these articles for use for roadmaking and other non-military purposes in Belgium to pass through Dutch territory, but is credited with having resisted the efforts on Germany’s part to obtain assurances that these and other materials might be used for war purposes. Another point of difference is understood to be the negotiations between Holland and the United States regarding our use of Dutch ships. German cavalry has been moved to the Dutch line. Speaking on Thursday in the First Chamber of the Netherlands Parliament the Dutch Foreign Minister, Jonkheer J. Loudon, said that he could not and must not conceal from the Chamber that the question was a very serious one. He added that he could not say more about it. Reports received by cable last evening indicate a disposition on the part of Berlin to restore friendly relations with Holland, now that the Dutch have so clearly demonstrated their determination not to be bullied. As to the reationing of Holland a suggestion has been made by our State Department that it will permit the sailing of three grain-laden Dutch ships now in our ports to Holland on condition that three similar vessels leave Dutch ports for the United States. There has been much criticism in the Dutch press as to the genuineness of this offer, charges having been made that it is a “ Yankee trick” having for its object the requirements of additional vessels and that the grain Avould not be forwarded. As a result of these criticisms, and on the ground that they represent Dutch sentiment, our State Department has intimated a probability that the offer may be withdrawn.

Having taken advantage of the lull in the battle in France and Flanders to bring up their heavy guns, the Germans have started on a new drive with the main object of capturing Amiens. The drive is “a double one. It began in the Somme and Armentiers sectors on Wednesday morning. As was to be expected, the enemy made initial gains and the tide of battle has fluctuated, first one side and then the other making gains. Last night’s dispatches indicate that one of the most terrific and savage encounters of the war is in progress. The British, having been forced out of Villers-Bretonneux, at once launched a violent counter attack and swept the Germans back almost to the lines they held before the present fighting began. The French were driven out of Hangard- en-Santerre. Subsequently, they recaptured the town and again lost it, but are said to be holding their positions close by. The Germans have obtained a footing on Mount Kemmel and are reported to have entirely surrounded French troops located there, who still are fighting. After eight hours of fighting on Thursday the Germans storm troops finally wedged their way between the British and French flanks on this front and crossed the Kemmel- Ypres road, where the terrific Allied fire held them up for two hours. Then they turned southward down the valley to the west of Mount Kemmel, surrounding the French, who,as already noted, still are fighting on the height. The French also hold Kemmel village. Yesterday’s French War Office communique reports violent artillery engagements south of the Somme and successful French raids at many points from Picardy to the Swiss frontier, especially in the regions east of Lassigny between the Miette and Aisne in the neighborhood of Bezonvaux and


1718 THE CHRONICLE [Von. 106.

Eparges and in Lorraine and the Vosges. The German plans still are believed to aim eventually at a separation of the Franco-British forces. Wounded Americans are arriving at hospitals behind the French lines in the Somme sector, which shows that General Pershing’s men are bearing their share of the burden of the great battle. It is reported unofficially that from four to six German divisions or between 48,000 and 72,000 men have been held at the British and French lines near Ypres.

In introducing in the House of Commons on Thursday the estimates for the Ministry of Munitions, Winston Spencer Churchill claimed that in the five weeks since the battle in France had opened they had been passing through the greatest strain regarding supplies of war material that had been known in the experience of the Ministry. Not only had the consumption of munitions of all kinds been proceeding at the greatest rate but there were also heavy losses by capture by the enemy. “ We lost,” the Minister said, “ nearly a thousand guns by shellfire or capture; between 4,000 and 5,000 machine guns have been lost or destroyed, and the quantity of ammunition, apart from that which has been fired and that which has been lost in the dumps, amounted to something between one and three weeks’ total of manufacture. Other war materials have been used or lost in a great variety of classes and on a similar scale, but by the end of last week all the losses had been made good, and in many cases more than made good. Vast quantities of small arm ammunition have been lost or left behind, but, great as the demand has been, the expenditure in the last month did not exceed the maximum potential capacity of the British factories, without touching enormous reserves which had accumulated against such a contingency. The wastage of rifles was very great, but the losses were quite easily and promptly made good.” Mr. Churchill said that barring unforeseen circumstances the supply of munitions will “ enable us to carry on a battle at the supreme pitch of intensity until winter without compromising our requirements for 1919. This is despite the fact that 100,000 men were taken from munition factories for service in the army.” The speaker added that more airplanes were being made in a single week than in the whole of 1914; in a single month more than in the whole of 1915; in three months more than the whole of 1916 and “ we are going to make this year several times what we made last year.

Advices cabled from Moscow declare that the feeling against the Bolsheviki among the bourgeois classes in Russia is gradually dying out. The opposing elements realizing the futility of their attitude are giving way in one instance after another. The Academy of Sciences has offered its services to the Government to investigate the country’s natural resources and the Council of National Commissioners has accepted the offer and will finance the work. It will be the special task of the Academy to stimulate industries in such a way as to enable the country to utilize its economic power. The Russian Foreign Minister has made a formal protest to Germany against the action of German and Ukrainian troops in crossing into the Crimea, contending that this is in violation of the peace treaty. ‘This invasion is threatening our Black Sea fleet,”

the Minister adds, “ and may lead to encounters dictated in the interest of the preservation of our fleet.”

The British budget proposals presented in the House of Commons on Monday seem to have been, if anything, below expectations as to the new burdens to be imposed in the form of taxation. The fiscal year’s expenditures were officially estimated at £2,972,000,000, of which no less than £842,050,000 is to be raised by taxation. Of this taxation the old schedules will provide £774,250,000, while the new figure out something over £67,000,000. The income tax maximum was raised to 6s. from 5s. in the pound. A larger increase appears to have been expected. No increase was made in the excess profits tax of 80%, on the ground that this figure already has a tendency to curtail enterprise. Introducing the measure, Bonar Law admitted that it was the largest in the history of the world. His expectation as to the assistance given to the Allies by the United States had, he said, been fulfilled. But despite this assistance, British loans to the Allies in the past year had amounted to £505,000,000. Meanwhile the United States had advanced to all the Allies £950,000,000. “ It is only necessary for us,” said the Chancellor, “ to lean on the United States to the amount the other Allies lean on us. In other words, we are selfsupporting.” The Chancellor explained that he had made certain suggestions to Secretary McAdoo regarding advances to the Allies. These, if adopted, would lessen the British burden considerably without in any way increasing the total obligation to the United States. Quoting figures of the revenue for the last fiscal year (amounting to £707,234,565, which was a large increase over the year preceding), the Chancellor conceded that this was very gratifying, but argued that the real test of the financial position would come when Great Britain ceased to rely upon borrowing.

The additional taxation proposed by the new budget would in the full year be equivalent to 66% of the ante-bellum revenue from taxation. The financial strength of the country after three years of war was, the speaker said, greater than any one could have imagined, and was amazing testimony to the financial stability of the nation.

Bonar Law announced further that the issue of tax free war bonds would cease immediately. It was, he said, proposed to substitute similar bonds to be issued at 1 0 1 ) / 2 instead of at par which would give a slightly lower yield on the basis of a 6% income tax. The national debt of Great Britain at the end of the present year would be £7,980,000,000; the total debt due Great Britain from her allies at the end of the year would be £1,632,000,000. “ National accounts must be kept in the same way as business accounts,” added the Chancellor; “ and for the time being we must make allowance not only for what is happening in Russia but for the possibility that at the end of the war we might not be able to rely upon receiving immediately the interest justly due us by our allies.” He therefore proposed to take off half the debt of the allies, as though it were Great Britain’s own liability at the end of the next year and likewise the debts due from the Dominions in full and the obligations of India in full, making a total of £1,124,060,000. We quote the speech at length on a subsequent page.



The reassuring character of the budget has been one of the sustaining influences in the week’s British market for securities. The London correspondent of the “ Journal of Commerce” wires that the only serious criticism of the proposals is the second stamp on checks which doubles the tax and will, it is thought, increase requirements for currency notes and coin. The Chancellor’s estimates of the yield do not include the tax on luxuries, the details of which are to be elaborated by a special committee and will represent a sort of reserve for contingencies of Government. The increase in the income tax is encouraging investors to seek higher yield securities, such as South American Government bonds. It is reported that the British Government has ratified the agreement to buy all of Australia’s surplus zinc concentrates for ten years after the end of the war. One effect of the issue price of the 4% national war bonds being raised to 101^2 was a spurt in the tax free 4% war loan (the older issue) to 101%.

The English banks report sales of war bonds for the week ending April 20 at £16,420,000, which compares with £17,275,000 for the preceding week. The aggregate sales to April 20 are given at £655,834,000. The post offices record for the week ended April 13 sales of bonds amounting to £965,000, bringing their total up to £26,249,000. Sales of war certificates during the same period totaled £4,777,000, making the aggregate indebtedness under this heading £183,143,000.

British revenue returns for the week ending April 20 were slightly higher, although the week’s expenses also were increased. There was an expansion in the sales of Treasury bills, and for the first time in some weeks they exceeded the amount repaid. A decline in the Treasury balance was recorded, contrasting with an increase of an almost similar amount last week. It now stands at £16,335,000. A week ago the total was £17,676,000. Expenditures were £67,149,000 (against £27,443,000 for the week ended April 13), while the total outflow including repayments of Treasury bills and other items, was £143,649,000, against £100,548,000 last week. Treasury bills repaid were £72,130,000, comparing with £70,720,000 the preceding week. Receipts from all sources were £142,308,000, in comparison with £101,994,000 last week. Of these receipts, revenues contributed £11,350,000, against £10,827,000 the week previous. Issues of Treasury bills equaled £73,658,000; last week’s total was £68,193,000; war savings certificates totaled £3,000,000, compared with £1,700,000, and other debts incurred £24,236,000, against £70,000 a week ago. Advances reached £18,000,000, which compares with £4,500,000 last week. Treasury bills outstanding now aggregate £948,272,000. This compares with £946,747,000 in the week preceding.

The Paris Bourse has been without sensational feature. German long-range gun bombardment of the French capital has been going on intermittently, but appears to have produced no special nervousness. Analysis up to last Sunday shows that shells had fallen on seventeen days since March 23, and that with the figures for two days missing 118 persons were killed and 230 injured. Press dispatches point out that Paris was shelled by nine German batteries from Jan. 5 to Jan. 27 1871, during which period 105 persons were killed and 369 injured.

As a matter of additioanl revenue, France is now proposing a Government coffee monopoly. A bill was presented to the Chamber of Deputies last week creating a monopoly of the importation of foreign and colonial coffee dating from July 1 of the present year. The monopoly will be managed by a service under the direction of the Ministry of Finance, and the administration of the monopoly, will, it is planned, take over the stock held by the importing merchants who have made the declaration as to stocks and contracts, provided by a decree of two years ago. We do not understand that this coffee monopoly bill has yet been finally enacted.

The lengths to wdiich unbridled Socialism can run is being demonstrated by the condition into which Russia is rapidly drifting. This unfortunate country, from the financial standpoint, is facing a deficit of 3,670,000,000 rubles, according to M . Gukovsky, the new Minister of Finance, in reporting to the Central Executive Committee of the Soldiers’ and Workmen’s delegates on Monday of last week, on the financial conditions of the country. The Russian railroads, the Minister continued, were carrying 70% less freight while the operation per verst cost120,000 rubles against 11,600 formerly. The wages of employees had been increased several hundred per cent, and the hours reduced, necessitating three and even four shifts. No taxes were being collected - by the central Government, as local and provincial district Soviets were levying contributions at will and using the money for their own purposes. The new Minister pictured industrial conditions in the darkest colors. He urged a better administration scheme, greater co-operation and the reduction of expenses by decreasing the number of clerks and officials. He insisted upon the necessity of securing the co-operation of industrial, financial and other specialists without whom the efficient organization of State machinery was impossible.

The chaos which exists in Russian banking circles is suggested quite clearly, too, by the Amsterdam correspondent of the “ Evening Post.” Ever since the executive power in Russia passed into the hands of the Bolsheviki, the correspondent says, hardly a day has gone by which has not brought new reports about drastic measures taken or planned by the “ Government,” testifying a total neglect of all experience the world has gathered in the course of centuries in the sphere of economics and finance. Besides the annulling of all Government loans, the plans of seizure of the private banks have drawn the general attention of the European financial world. Serious doubt necessarily has arisen as to the possibility of executing such measures. The British view of the Russian situation is illustrated by a remark of Bonar Law in his early-week budget speech. With reference to the Russian debt, the Chancellor said he did not believe it should be regarded as a bad debt because sooner or later, he believed, there would be an orderly Government there. Russia’s natural resources were great and could be exploited only by the aid of capital. Whenever there was a Government in Russia foreign capital would be required; then that Government would realize that such capital could not be obtained unless previous debts were paid.

Official banking rates at leading European centres continue to be quoted at 5% in London, Paris.


1720 THE CHRONICLE [Vol. 10G.

Berlin, Vienna and Copenhagen; 53^% in Italy and Portugal; 6% in Petrograd and Norway; 4}^% in Switzerland, Holland and Spain. The Swedish bank rate is reported by mail to have been lowered from 7% to 63^% on Jan. 31 1918. No cable advices of this change were received. In London the private bank rate is now 3 K % for sixty days and 3 9-16% for ninety days, against 3 9-16% for both sixty and ninety days last week. Money on call in London is still quoted at 2% % . So far as we have been able to learn, no reports have been received by cable of open market rates at other European centres.

A nominal gain of £9,033 was shown by the Bank of England in its weekly statement. Total reserves were reduced £515,000, there having been an increase in note circulation of £524,000. The proportion of reserve to liabilities advanced to 17.74%, compared with 17.71% a week ago and 20.90% last year. Thus far this year the highest percentage recorded has been 19.71% in the week ending Jan. 10, and the lowest 16.30% on Jan. 30. Public deposits declined £5,121,000. Other deposits, however, were increased £1,923,000. Government securities declined £1,589,000. Loans (other securities) registered a reduction of £1,108,000. Threadnecdle Street’s stock of gold on hand aggregates £61,006,239, which compares with £55,247,617 a year ago and £58,924,183 in 1916. Reserves now stand at £31,046,000, against £35,470,527 in 1917 and £43,270,778 the year before. Loans total £104,842,000. This compares with £114,436,510 and £88,396,596 one and two years ago, respectively. Clearings through the London banks for the week were £362,260,000, against £358,580,000 a week ago and £365,110,000 in the same week of 1917. 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 24. April 25. April 26. April 28. April 29.£ £ £ £ £

Circulation............ 48.409,000 38,227,090 34,103,405 34,685,560 28,877,035Public deposits----- 34,831,000 52,450,017 61,722,384 132,067,216 19,020,326Other deposits-------140,154,000 117,249,044 85,471,557 87,030,100 43,126,915Govt, securities----- 56,723,000 37,472,228 33,188,046 51,063,491 11,046,570Other securities----- 104,842,000 114,436,510 88,396,596 146,693,602 42,463,243Reserve notes & coin 31,046,000 35,470,527 43,270,778 30,078,829 26,338,387 Coin and bullion— 6) 006,239 55,247,617 58,924,183 55,314,389 36,765,422 Proportion of reservo

to liabilities........ 17.74% 20.90% 29.39% 17.87% 42.37%Bank rate................ 5% 5% 5% 5% 3%

The Bank of France in its weekly statement shows a further gain of 1,120,875 francs in its gold item this week. The total gold holdings now amount to 5,378,863,250 francs (of which 2,037,108,484 francs are held abroad). The amount at this time last year aggregated 5,242,196,076 francs (of which 1,947,671,846 francs were held abroad), against 4,803,591,452 francs (all in vault) in 1916. General increases in the various items are shown, viz.: Silver was increased by 494,000 francs; Treasury deposits by 13,789,000 francs, and general deposits by 100,747,000 francs. Bills discounted were reduced 44,116,000 francs, while advances fell off 58,218,000 francs. Note circulation was expanded by 164,480,000 francs, bringing the total amount outstanding at present up to 26,396,290,000 francs. In 1917 at this time the aggregate was 19,009,852,695 francs and in 1916 15,277,999,575 francs. On July 30 1914. the Deriod 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 25 1918. April 26 1917. April 27 1916.Gold Holdings— Francs. Francs. Francs. Francs.

In Franco------------ Inc. 1,120,875 3,341,754,766 3,294,524,230 4,803,591,452A broad................ No change 2,037,108,484 1,947,671,846 ..................

Total.................Inc. 1,120,875 5,378,863,250 5,242,196,076 4,803,591,452Sliver......... ......... Inc. 494,000 256,070,000 256,595,354 358,944,910Bills discounted..Dec. 44,116,000 1,397,128,000 500,389,654 403,137,389Advances------------ Dec. 58,218,000 1,050,655,615 1,170,409,044 1,218,093,194Note circulation..Inc. 101,430,000 20,396,290,000 19,009,852,095 15,277,999,575 Treasury deposits. Inc. 13,789,000 55,703,000 122,128,980 42,986,564General deposits..Inc. 100,747,000 3,314,285,000 2.508,787,014 2,091,927,279

The Imperial Bank of Germany in its statement for the week issued as of April 13, shows the following changes: Total coin and bullion increased 673,000 marks; gold increased 50,000 marks; Treasuty notes declined 61,093,000 marks; notes of other banks increased 427,000 marks. Bills discounted showed the large reduction of 237,945,000 marks; advances expanded 272,000 marks; investments were reduced4.947.000 marks; other securities decreased 1,602,000 marks; notes in circulation were contracted 189,848,000 marks; while deposits declined 219,585,000 marks. Other liabilities registered an expansion of105.318.000 marks. The Bank’s gold holdings now stand at 2,407,771,000 marks, which compares with2.532.289.000 marks in 1917 and 2,461,000 marks the year preceding.

Saturday’s bank statement of New York Clearing House members, which will be found in more complete form on a later page of this issue, was about as had been expected. There was an expansion in loans while reserves were reduced, reflecting in some degree the operations of the Federal Reserve Bank. The decrease in the loan item totaled $27,197,000. Net demand deposits declined $17,309,000, to $3,753,503,000 (Government deposits of $302,870,000 deducted). Net time deposits decreased $1,666,000. Cash in own vaults (members of the Federal Reserve Bank) showed a small increase, viz., $358,000, to $104,741,000 (not counted as reserve). Reserves in the Federal Reserve Bank of member banks were reduced $26,655,000, to $515,387,000. Reserves in own vaults (State banks and trust companies) were reduced $289,000, to $17,296,000, although the reserve in other depositories (State banks and trust companies) increased $251,000, to $8,217,000. The aggregate reserve was reduced $26,693,000, thus bringing the total to $540,900,000, as against $758,638,000 a year ago. Surplus showed a loss of $24,393,670, there having been a decline in reserve requirements of $2,299,330; and excess reserves have shrunk to $41,672,620, on the basis of only 13% reserves for member banks of the Federal Reserve system (but not counting $104,741,000 cash in vaults held by these banks), and contrasts with a total of $120,899,200, the amount on hand at the corresponding date in 1917, on the basis then ruling of 18% reserves, including cash in vault.

In local money circles demand loans have been available in sufficient amounts to meet requirements, and the rate has not passed the 6% limit, the banking pool having come forward liberally with funds whenever signs of undue urgency became apparent. The 5% deposit required on subscriptions to the Third Liberty Loan not unnaturally was a source of drain. It will be recognized that this one item, even if there should be no oversubscriptions, would amount to



$150,000,000 on the $3,000,000,000 minimum and would correspondingly increase in the event of the subscription rising to $4,000,000,000 or more. Government financing has likewise assumed the form of a net demand for funds. In the first place, most of the $400,000,000 block of certificates of indebtedness issued Jan. 22 in anticipation of receipts from the Third Liberty Loan were redeemed by the Federal Reserve Bank when they fell due on Monday, or were exchanged for other certificates of the current issue. However, the banks were called upon to pay for the new $500,000,000 issue of certificates of indebtedness, so that a net expansion of $100,000,000 is to be noted when considering jointly the two transactions. As to time money a few transactions have been arranged for ninety and sixty days at 6% , but otherwise fixed maturities have been without important volume of business.

Referring to money rates in detail, loans on call have again covered a range for the week of 2 }^@ 6% , the same as a week ago. On Monday the high was 6% , with 5% the low and also the renewal rate. Tuesday there was a drop to 2x% % for the minimum, while 5 j^% was the highest as well as the ruling figure. Wednesday’s range was 3 % @ 4 % and 4% for renewals. On Thursday 4% was still the high and ruling quotation, and 3% low. Friday the maximum was not changed from 4% ; the low was 3 % % and 4% the renewal basis. For fixed maturities, as already noted, a few loans were negotiated at 6% for sixty and ninety days, but even these were for limited amounts, and no funds were forthcoming for longer periods. The market was largely a nominal affair. All periods from sixty days to six months are still quoted at 6% bid. No transactions for shorter maturities were recorded. A year ago sixty- day funds were quoted at 3 % @ /4 % , ninety days at 4% , four months at 4 @ 4 % % , five months at 4 % % and six months at 4 % @ ,4 % % .

Mercantile paper was firm and in slightly better demand, although owing to the relative lack of high- grade notes, the situation was called quiet. Sixty and ninety days’ endorsed bills receivable and six months’ names of choice character continue to be quoted at 5 % @ Q % , although names not so well known now require G @ 6 % % , against 6% a week ago.

Banks’ and bankers’ acceptances again displayed a fair volume of business, several large local and out-of-town buyers having been in the market as buyers. Rates continued without change. Quotations in detail follow:

-------------Spot Delivery------------- DeliveryNinety Sixty Thirty within Days. Days. Days. 30 Days.

Eligible hills of member banks 4 4 % @ 4 % 4 A ® 4 BidEligible bills of non-member bks. .4 % @ 4% , 4'At@4'A 4 A © 4 4 H bid Ineligible bills------- ---------------------L A ® 4A L A @ 4A L'A@4A 0 bid

No changes in rates, so far as our knowledge goes, have been made the past week by the Federal Reserve banks. Prevailing rates for various classes of paper at the different Reserve banks arc shown in the following:

DISCOUNT HATES OF FEDERAL RESERVE RANKS.

CLASSESOb'

DISCOUNTS AND LOANS

Bost

on.

AoJn9fe;

j Ph

ilade

lphi

a.

Clev

elan

d.

Rich

mon

d.

Atla

nta.

Chic

ago.

St. L

ouis

.

Min

neap

olis

.

Kan

sas

City

.

Dal

las.

San

Fran

cisc

o. |

Discounts—Within 15days, lacl. member

banks’ collateral notes — 1 4 4 4'A 4 A 4 4 4 4 4 4 410 to GO days' maturity.. . 61 to 90 days’ maturity...

IA 4 A 4% 4 A 4% 4 A 4 A 4 A 4 A 4 A 4 A 4 A4h 4% 4H 4 'A 4 A 5 4A

r>'A

5 4 A 4 AAgricultural and live-stock paper over 90 days.......... 5 5 5 5 'A 5 5 5 A 5 'A

4

5 % LASecured by u . S. certificates o f indebtedness or Liberty L oan bonds—•

Within 15 days, Including member banks' collateral notes............ .......... ■l 4 4 4 4 4 4 4 4 4 4

16 to 90 days’ maturity... 4 'A 4 H 4K 4 'A 4'A 4'A 4 A 4'A 4'A 4 A 4'i 4'ATrade Acceptances—1 to 60 days' maturity____

61 to 90 days’ maturity........4'A 4'A 4'A 4 'A 4'A 4'A 4'A 4'A 4'A 4'A

4'A4 'A 4'A

4 'A 4 A 4 A 4'A 4% 4'A 4'A 4'A 4'A 4 ‘A 4'A* Rato of 3 to 4'A% for 1-day discounts In connection with the loan operations

of tho Government.

Note 1. Acceptances purchased In open market, minimum rate 4%.Note 2. Rates for commodity paper have been merged with those tor commercial

paper of corresponding maturities.Note 3. In case the 60-day trade acceptance rate is higher than the 15-day dis

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

paper, the Federal Reserve banks may charge a rate not exceeding that for 90-day paper of the same class.

So far as is known only one transtalantic mail opportunity was furnished this week. Sterling bills, therefore, were more or less in neglect, and whatever movement was shown was in cable transfers. This was extremely light and changes in rates were inconsequential and meaningless. The position being such an arbitrary one does not merit extended comment.

Dealing with the day-to-day rates, sterling exc- change on Saturday, as compared with Friday of the preceding week, was steady, with demand still quoted at 4 753- , cable transfers at 4 76 7-16 and sixty days at 4 72^g@4 7 2 % . Monday’s market was a dull affair, very little business being transacted; demand bills were a shade easier, at 4 7545@ 4 7 5 % , although cable transfers ranged at 4 76 7-16 @ 4 763^; sixty days remained at 4 7 2 ^ @ 4 7 2 % ; the fact that no steamer was scheduled to sail before the end of the week was a factor in the general dulness. No changes of importance were noted on Tuesday, and trading was still of small proportions; a slightly firmer tone developed and demand was a small fraction higher, at 4 75 7-16@4 7 5 % , though cable transfers did not get above 4 76 7-16; sixty-day bills were unchanged at 4 7 2 ^ @ 4 72J^. On Wednesday sterling rates were firm; demand covered a range of 4 7545@4 75523^; cable transfers, however, remained pegged at 4 76 7-16, and sixty days at 4 7 2 ^ @ 4 7 2 % . Extreme dulness marked Thursday’s operations, and quotations were little better than nominal, at 4 75 7-16@4 7 5 % for demand, 4 76 7-16 for cable transfers and 4 7 2 ^ @ 4 7 2 % for sixty days. On Friday trading was essentially of a holiday character, the exchanges having closed at mid-day in observance of the day set aside by President Wilson as Liberty Day; business for the most part was at a standstill, and rates were not changed. Closing quotations were 4 7 2 % @ 4 7 2 % for sixty days, 4 75 7-16 for demand and 4 76 7-16 for cable transfers. Commercial bills, sight, finished at 4 7 5 % @ 4 7 5 % , sixty days at 4 71^g@ 4 7 1 ninety days at 4 70@4 7 0 % , documents for payment (sixty days) at 4 7 1 % @ 4 7 1 % , and seven- day grain bills at 4 7 4 % @ 4 7 4 ^ . Cotton and grain for payment closed at 4 7 5 % @ 4 7 5 % .

Very little of moment can be noted in the Continental exchanges this week beyond a further drop in Italian exchange. Dealings continue on a restricted scale, and while a somewhat firmer tone has been the rule, fluctuations were again confined quite generally within narrow limits, with quotations largely nominal in character. The week’s developments in the war situation, including the daring and brilliant British naval exploit designed to block up the submarine bases at Zeebrugge and Ostend, appeared to create a feeling of confidence which not even the prospects of a renewed German offensive in the West of still more formidable proportions were able to shake. It is only fair to add, however, that in some measure this only serves to illustrate the arbitrary nature of the Government control over foreign exchange transactions now being exercised at th various exchange centres, since neither good nor bad news seems apparently to cause anything more im


1 7 2 2 THE CHRONICLE [Vol. 106.

portant than a mere ripple in quotations. Exchange on Rome was again the weakest feature, with a further net decline for the week. No specific reason was assigned for the weakness beyond a lack of absorption for the liberal amounts of bills offering. Francs ruled firm and slightly higher. In the case of rubles, no change is reported and the quotation continues deadlocked at previous levels. No transactions are being put through in German and Austrian exchange, and quotations for reichsmarks and kronen are not available. The unofficial check rate on Paris closed at 27.18, against 27.16 a week ago. In New York sight bills on the French centre finished at 5 72, against 5 72; cable transfers at 5 70, against 5 70%; commercial sight at 5 72%, against 5 72%, and commercial sixty days 5 78%, against 5 78% last week. Lire closed at 8 96% for bankers’ sight bills and 8 95 for cables. A week ago the close was 8 88% and 8 86, respectively. Rubles continue to be quoted at 14 for checks and 15 for cables. Greek exchange has been lowered to 5 13% for checks, against 5 13, and 5 12% for cables, against 5 11%, the previous quotation.

In the neutral exchanges the trend was still towards a higher level. Trading, however, was not active. Following a temporary reaction in the opening transactions, Spanish pesetas once more turned strong and fractional advances were recorded, though at no time did the quotation touch the extreme high point of a week ago. The strength was attributed mainly to improvement abroad, as no business to speak of was reported here. Swiss exchange ruled steady and without essential change. Scandinavian rates were fairly well maintained. Guilders were firmly held. Bankers’ sight on Amsterdam finished at 47%, against 47%; cables at 48, against 47%; commercial sight at 47 7-16, against 47 3-16; and commercial sixty days at 47 5-16, against 47 1-16 on Friday of the preceding week. Swiss exchange closed at 4 27 for bankers’ sight bills and 4 22 for cables, as compared with 4 28 and 4 23 a week ago. Copenhagen checks finished at 30% and cables 31%, against 30% and 31%. Checks on Sweden closed at 33% and cables at 33%, against 33% and 34, while checks on Norway finished at 31% and cables at 31%, against 31% and 31% the week preceding. Spanish pesetas closed at 27% for checks and 27% for cables, which compares with 30% and 31% last week.

With regard to South American quotations, the check rate on Argentina is now quoted at 44.91 and cables at 45.01, against 44.75 and 44.85. For Brazil the rate for checks is 25.48 and cables 25.58, as contrasted with 25.41 and 25.51 last week. The Chilian rate is 15%, against 15 13-16, with Peru at 55%, against 54%. Far Eastern tates are as follows: Hong Kong, [email protected], against 76@76%;Shanghai, 107%@108, against 106@107; Yokohama, 51.90@52, against 51.85@52; 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 $2,831,000 net in cash as a result of the currency movements for the week ending April 26. Their receipts from the interior have aggregated $8,349,000, while the shipments have reached $5,518,000. Adding the Sub-Treasury and Federal Reserve operations and the gold exports, which together occasioned a loss of $77,816,000, 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 $74,985,000, as follows:

Week ending April 26. IntoBanks.

Out of Banks.

Net Change In Bank Holdings.

Banks’ Interior movement.............. . SS,349,000 $5,518,000 Gain $2,831,000Sub Treasury and Federal Reserve

operations and gold oxports--------- 51.035,000 128,851,000 Loss 77,816,000

T ota l.................................. - ......... - $59,384,000 $134,369,000 Loss $74,9S5,000

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

Banks ofApril 25 1918. April 26 1917.

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

England.. France a . . Germany. Russia * .. Aus-Hun cSpain___Italy........Nethcrl'ds Nat. Bel. 1) Switz'land Sweden . . Denmark. Norway. .Tot.week. Prev. week

£61,006,239

133,670,190120,388,550129,650,00011,008,00080.568.00034.172.00060.113.00015.380.00014.891.00014.337.0009.011.0006.739.000

£10.240.000 6,020,850

12.375.0002.289.000

28.128.0003.300.000

600,000 600,000

136,000

£61,006,239

143,910,190126,409,400142.025.00013.297.000

10.8.696.00037.472.00060.713.00015.950.00014.891.00014.337.0009.777.0006.739.000

£55,247,617

131,780,969126,615,100147,954,00018.300.00054.852.00034.501.00049.213.00015.380.00013.709.00010.731.0009.121.0007.227.000

£10,263,800

841,20012.165.0004.460.000

29.954.0002.732.000

571,300 600,000

132,000

£55,247,617

142,044,769127,456,600160,119,00022.760.00084.806.00037.236.000 49,784,30015.980.00013.709.00010.731.0009.253.0007.227.000

691,563,9796.89,816,611

63,688,85063,749,700

755,252,829753,566,311

674,634,986073,783,812

61,719,30061,337,020

736,354,286735,120,832

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

* No figures reported since October 2!) 1917.c Figures for 1918 those given by “ British Board of Trade Journal" for Dee. 7

1917; figures for 1917 estimated on the basis of the Dec. 7 1917 totals, h August 0 1914 In both years.

NEW INCIDENTS OF THE CAMPAIGN.At the moment when reports from the Western

battlefront appeared to indicate resumption of the. German offensive, the present week’s news from two other directions suggested highly interesting developments of another sort. The British naval raid on the German submarine base at Zeebrugge drew attention to what may conceivably be a new chapter of events in the ocean warfare. The evidence of strained relations between Holland and Germany raised a fresh problem regarding Germany’s attitude toward neutral Europe.

The attack on the German submarine bases was made last Monday night. The attacking force consisted of the cruiser Vindictive, two auxiliary vessels and a force of monitors and submarines, under escort of which, with a heavy “ smoke screen,” five so-called obsolete British cruisers, filled with concrete, were brought far into the harbor of Zeebrugge, and blown up and sunk in the channel through which the German vessels pass on the way to the depots of supply. The attack had a double purpose— to land marines and sailors on the mole and there engage in a hand- to-hand attack, and second, while thus diverting attention from the concrete-laden ships, to make it possible for them to find their objective points and block the channel.

This exploit— extremely difficult when it is considered that the harbor was filled with mines and watched by search-lights— was carried out with the greatest gallantry. Exactly what measure of success was achieved, it is not yet possible to say. But the attack on the mole was made effectively, the five cruisers were sunk as nearly as possible at the points arranged for, and at least one explosive-laden submarine was blown up next to the mole itself. Even the German report admits that the mole was damaged— which would naturally mean the drifting of sand in quantity into the protected basin. The probability is that the facilities of the submarine headquarters will be crippled for at least a week or two, and the submarine campaign proportionately handicapped.

But the real significance of the episode is that it shows the possibility of striking at submarine bases


mailto:[email protected]

Apr. 27 1918.] THE CHRONICLE 1723as well as at the submarines themselves. During many months the wisdom and feasibility of this program has been vigorously discussed in England, where two distinctly opposite schools of opinion have developed— one maintaining that direct attacks on these “ hornet’s nests” were imperatively called for by the needs of the situation; the other insisting that the certainty of loss to the attacking fleet was too great to justify the experiment. Probably the fact of large reinforcement of the British navy with American warships, and the known belief of the American Admiral of the practicability of the undertaking, were the immediate reasons for making the test.

But that it was made with at least measurable success almost certainly foreshadows repeated efforts of the sort. If so, we may have entered on a new chapter in the naval warfare of the period. Not the least important aspect of this week’s exploit is the enthusiasm which it has revived in England; where, although recognizing to the full the great work of the British navy in guarding the seas and enforcing the blockade of Germany, the people have undoubtedly grown restive at the absence of daring and brilliant achievement of the British navy’s oldtime character, at a time when Germany was recklessly expending man power in pursuit of her military objectives on land.

The situation with regard to Holland is surrounded with much obscurity— chiefly, however, because of the difficulty of understanding the purposes of the German Government. The dispute originally arose from the negotiations of the Dutch Government with the United States regarding use of the Dutch ships in the harbors of the Entente countries. When Holland showed willingness to charter these idle ships to the Allied Governments, Germany intervened, applying against the proposal pressure which amounted to an open threat. The Netherlands Government then receded from its offers to the Allies, as President Wilson pointed out, when the ships were seized under international law.

Apparently, Germany was not satisfied with the protests of the Dutch Government against these seizures, however legitimate they may have been under international law, and she therefore proceeded to apply fresh pressure on Holland in other directions. One of these demands, which has long been a subject of controversy, was for the use of Dutch waterways to transport sand and gravel from Germany to the area of war; another was for use of a railway which for a considerable distance crossed Dutch territory. Both demands were quite inadmissible under the law of neutrality, and both have consistently been refused by the Dutch Government. They now appear, however, to have been renewed with a more or less veiled threat accompanying them.

But what then is Germany’s purpose ? It is difficult to understand how her interests would be served by forcing Holland into war with her. It is even more impossible to imagine Holland being driven into war against the Entente Powers; indeed, that possibility, always extremely remote after the Dutch people had watched the invasion of Belgium, passed with the closing of the episode of the Dutch ships. It is occasionally argued that Germany could overrun Holland, after declaring war with her, and that, having occupied her land and coast cities, Germany would be able to conduct far more easily than before the transportation of her troops and provisions and her

campaign against England. This might seem obvious enough, and there is a further conceivable theoretical argument that Germany, having once seized Holland, would never give up the prize.

All such reasoning, however, overlooks the very essential consideration that a new campaign, far more formidable than that in Belgium during 1914, would have been forced on the German army. The Dutch army is mobilized and highly trained, and though numerically small as compared with the great belligerents (its number can hardly exceed 500,000), it could create for Germany military difficulties of a serious sort. Even conquered, Holland would require an army of occupation. As to what would be the moral effect of such action on the other European neutrals—indeed, as to what effect is likely to have been produced by the present threats—that would hardly seem to require discusison. The well-known Amsterdam newspaper, the “ Handelsblad.” remarked this week:

“ Germany’s intentions must soon be clear. We do not believe, as long as Dr. von Kuhlmann must give his signature, that there is anything to fear for Holland, but Kuhlmann’s position becomes weaker as the military gain in power.”

Here is a possible answer to the riddle which makes difficult any positive opinion on whatever the German Government says or does. Since the collapse of Russia, it has become daily more manifest that Germany is now living under a military despotism, or rather under a despotism of military commanders. The extent to which the power of the civil government has been displaced was shown in the final negotiations at Brest-Litovsk, in the invasion of Russia, and in the suppression of all further discussion of franchise reform in the German Reichstag. What plans, what motives or what purposes might now appeal to this ruling military cabal, even in the matter of relations with the neutrals, no one can surely judge. All that we do know is what we have learned from Germany’s recent actions regarding Russia— that international law and future international relations are allowed the slightest possible consideration when weighed against an immediate, even though temporary or imaginary, military advantage.

T H E R IG H T OF C O N Q U E S T , A F U N D A M E N T A L F A L L A C Y . -

The war is casting into the crucible and forcing a re-examination of many widely accepted opinions and principles, and of some so fundamental that they have been unquestioned. The right of a strong nation to attack another may be disputed. But, having conquered, then to take possession of the conquered country as the reward of victory has been so universally assumed that refusal to do so would be regarded as a sign of weakness, and to qusetion the right would be to be scoffed out of court.

Yet the acceptance of this as a right has from the beginning of human history been the underlying cause of practically every war. To-day the claim involves such preposterous demands as to affect not only the existence of nations but the continuance of civilization. It must, therefore, be challenged, and its refutal, if it can be accomplished, made absolute and universal. It is the first proposition to be dealt with by any council assembled to settle the conditions of peace.



It turns upon the right of a nation or a State to exist. That right inheres in the fact that the State is the gift of God as truly as is the Church; it is the result of an inherent impulse planted in the heart of man, which has acted from the beginning and has to-day reached a development which gains just recognition. God made man in His own image and breathed into him His own spirit. That ensured his progress and unfolding toward a definite result. He made him male and female; that insured his continuance in existence, and created the immediate environment and the intuitive instincts and impulses which would secure his development.

The immediate result was the family, the initial unit of the social human structure. This quickly led to the first external organization, in the clan or the tribe; and that in turn to the larger organization of the nation embodying itself in the State. Meanwhile the race appeared, making its contribution to the form or character of the State. Each in turn, the family, the clan, the tribe, the State, came into existence as the result of what was planted in man at the beginning and is essential to his life.

The value of the State will depend upon its form and administration. The community or group may fall at one time under the dominion of one man as chief, or despot, or absolute monarch, but he has at once to create some organization to function as a State. Because the State is essentially “ of the people, for the people and by the people,” that is, democratic in its origin and functions, an internal conflict in course of time will arise, and, though the controversy may be long, sooner or later, because the antagonism is inherent, it results in a return to type, and the monarch disappears, giving place to some form of popular government.

In its undeveloped form under autocratic government the rule of force controls. The monarch, having the power, enforces his will upon the people, and, without question, by virtue of possessing the military strength, proceeds to enforce it where he wills upon the communities. As this rule of force has been dominant in human history it has been taken to be inherent in the State, so that when the monarch has fallen into a subordinate place and the rule of the people is re-established in some representative form, the right of conquest has remained in the State, and only in our time has come to be questioned. Even the greatest and oldest republic has not hesitated to exercise the right at times, and only very recently has withdrawn from claiming possession of outside territory because of conquest.

It is easy to see, therefore, that this assumed right of the conqueror has been the cause of all the great wars from the beginning of history. It should now be denied and repudiated by the world at large if there is to be hope of permanent peace. It has always been the sustaining principle of autocracy in its war with democracy. The one who has the power may win and take; then by possessing he increases his power, and may, if he retains it, win and take more.

Out of this has arisen the widely accepted claim that the State is independent of the moral law. It is not immoral, because it is unmoral. It owes allegiance to no one but itself. It is free always to consider solely its own interests, and to enforce its own will. It is the greatest and most permanent of human existences, the only one that is so far irresistible. This granted, the Kaiser and his associates

in the government are justified in turning Germany into a vast military organization of which the army is the expression and the Kaiser is the head. Any restriction of the exercise of this right of conquest in the line of pity, or mercy, or regard for humanity, or the rights of others, is weakness. Even the obligations of honor, of truth, of religious conviction, or of human feeling, may be ruthlessly swept aside to secure the success or aggrandizement demanded by the State.

It is interesting at this point to note that for nearly two thousand years the world has had the story of Jesus Christ immediately upon receiving the call to His ministry, led aside for a solitary contest with the “ God of this world.” The great Temptation culminated with the offer to Him of all the kingdoms of the world, that is, the gift of the physical force that would promptly conquer them all. It was in the line of temptations common to us all, to pay high for physical well-being and material advantage. First, food, then bodily comfort, last of all and above all, power as secured by prowess. The Temptation ended with the rejection of this last. Then Jesus gave the Tempter his name. “ Get thee behind me, Satan” ; and “ the devil departed from him.”

When any king or any State in the proud possession of conscious power to conquer another State claims divine support in the attempt, the God he invokes is the “ God of this world,” who tempted the Savior and only when finally defeated left Him at the cross.

Against this enemy embodied in those who claim that might makes right, the democracy of the world has to-day to wage relentless war. The Kingdom of God is at stake, for that is “ not of this world” ; and civilization, which is the sum of man’s attainments in his long struggle toward his goal, is attacked, and, if defeated, is sure to be destroyed.

The State as rightly conceived is our defense. It repudiates utterly the right of acquisition by conquest. It is the gift and representative of God; bound by His commands and created to make it possible that men shall do His will. The United States, the representative of this purpose and the creation of its citizens, has so described its function in its original constitution, where to-day it stands. “ The object of civil government is to establish justice, insure domestic tranquility, provide for the common defense, promote the general welfare and secure the blessings of liberty.” In short, to create and preserve that form of human society in which it is possible for men to live as God intended them to live.

To secure the casting out by the nations, as an utter fallacy, of the doctrine that might, cither in the man or in the State, makes right, and the rejection of the purpose to conquer others that their property may be possessed, and thus to open the way that peace as the gift of God to “ men of good will” may be obtained, the nations are united to-day at any sacrifice or cost to defeat Germany and destroy her power of aggression. The lives that are dedicated to this cause are offered both to God and to humanity in a service that is above all.

When this is accomplished it may well be said that “ it was more stupid than criminal to imagine at the opening of the twentieth century that a nation has for its mission the subjection of another people, and, if they do not submit, to put them to the edge of the


Apr. 27 1918.] THE CHRONICLE 17 2 5sword. When they discovered that violence and falsehood are forces it was sheer stupidity to believe that these forces dominate men, and that one can by a blow from the shoulder lift humanity to the level of Christ and of Cain. Cain was stronger than Abel, since he killed him; it is, however, the race of Abel which has civilized the earth. The Pharisees were stronger than Christ, since they crucified Him. It is, however, the Galilean who has conquered. It is He who is to conquer on our fields of battle. The soldiers of the republic are the soldiers of God, for God is above all.” That, for to-morrow. To-day we may say with the young soldier, Rupert Brooke, giving his life before Gallipoli:

“ Honor has come back as a King to earth,And paid his subjects with a royal wage:And nobleness walks in our ways again,And we have come into our heritage.”The victory is already won in the sacrifice; and the

men and the women of the years to come will have the peace. _____________________

L O A N IN G TO T H E G O V E R N M E N T .

Certainly the hour is ripe for pressing home the need of the Government for funds to conduct the war. We cannot realize too deeply what now “ hangs in the balance.,, But the dollar saved and loaned has more uses than one. It is a species of capital that will serve in the days to come to rebuild the fallen fortunes of the world, and to give strength to the individual who will wish to expand his business, or to be independent of the falling scale of wages that most probably will ensue.

There are many curious qualities attending credit. We look upon the havoc of war and call it waste— in one aspect almost as complete as if the labor and property transformed into munitions by the intermediary of money were burned up. And then we turn the picture, and justice, liberty, humanity and peace are a result that though intangible are the most beneficial of all, for property has no value in the world without these, nor has love and life, nor has the legacy, whatever it may be, the present generation bequeaths to another.

This is only one phase. Here is another. Every credit is also a debt. The money, or wages or capital, or stored-up labor, or actual property, turned into a bond, is at the same time treasured up* by the purchaser, to future uses that will return him power when the call of progress shall come in times of peace. Just what this means, taking these great loans as entireties, is harder to understand than when we consider one bond and its owner. All the people in the former case are borrowing from all the bondholders. And when taxes are levied to pay the loans in subsequent years the bondholder will be required to pay part of the debt of the people at large to himself. But as an individual loaner to all the people he will at the same time require that all of them set aside part of their earnings to pay him as creditor. He will thus enter the new era more independent than those who must from their then existent property and their then earned wages pay into a sinking fund to pay him, interest and principal. Thus he enters the era of reconstruction, of progress and peace, with a distinct advantage over his fellows. True he must pay and work too, but only a share commensurate to his own property— but those who have no income from bonds bought now, pay and have no offset in income not of their immediate

personal earnings. So that if there were no cause and no soldier at stake the man with a Government bond which the Government does not tax has a capital exempt from tribute and convertible into any use to which he may later desire to put it. He is

heeled, as we commonly say, and can go forward, when he who has no bond must wait.

We have heard much in the past, in our politico- economic discussions of “ bloated bondholders,” and they have sometimes been held up to scorn and abuse. It has been argued that the people never received true values for the “ business” bonds which they hold— that they were “ conceived in fraud and born in iniquity,” that industries and agencies out of which they issued have received special favors and immunities— and that because of these things they have served to widen inequalities between individuals and classes. We have lived long enough to know that there was not even a modicum of trush in all this tirade, and that countless concerns could never have been launched save by way of bond issues in excess of actual values— values, however, that through growth and operation often now far exceed oroginal issues. But passing this, and speaking of it only for contrast, we now behold vast bond issues open to all the people, subscribed by great numbers of our citizens, which are the most democratic credits ever issued under the sun, and which in so far as their influence, direct and collateral, is concerned, serve to place us all on an equality, and to dignify borrowing to its highest, in that it not only wages a momentous war but feeds and fosters neighboring and liberty-loving peoples like ourselves.

If now, in addition to this, it gives to every man power, commercial and financial, in proportion to his holdings, there can be in the future, as far as these war bonds are concerned, no manipulation of capital by the rich that will not at the same time inure to the advantage of the middle classes or “ the poor,” counting those who may hold but a single hundred dollar bond in this class. It is a condition that could not obtain in any other way. And the unifying power of these huge bond issues, despite all that may be said of the essential waste and want involved, will serve to harmonize and energize our trade relations when war is over. Therefore, whether it be a firm or an individual that enters the period of renewal and rebirth, the possessor of United States bonds as a part of invested capital will not only have stabilized and strengthened the business in hand, but will be known as owner of the most unassailable form of reserve capital existent in the wide world. And no matter what war does to weaken our business structure by its interference and exactions, firm or individual is husbanding commercial standing for the future by investing in these bonds. They are immune from all future economic stress,' financial panic, and commercial change. Storms may beat about them, they may not for a time in peculiar circumstances sell for par, but they are worth par, and all the business of the country is pledged to pay them in gold, dollar for dollar, and if the United States does not perish from the earth, all business, all capital and labor, present and future, must be adjudged bankrupt before their real and abiding intrinsic worth can depreciate.

Heaven knows that patriotic arguments are sufficient. But the plain business appeal comes down to common sense. When an opportunity of “ salting” something away which is not only always worth the



money but which is a means of power and strength in business in days to come, is offered to every man, who is there, rich or poor, who can afford to pass it by? And it is almost as sure as fate that the time will come when the man who does “ not strain a point” to buy bonds will regret that he did not do so and will realize that he let a good chance go by. And when he sees that his friend who did buy can hold his bonds and their safety in investment and income and still convert them by credit issued upon them into going business capital, or individual temporary need, he will still more realize that the bondholder” has another advantage over himself who only owns property or earns wages subject to all the varying changes of the new times.

T H E M E N A C E OF T H E Z O N E S Y S T E M OF N E W S

P A P E R P O S T A G E .

There is one portion of the War Revenue Act of last October which has not yet attracted any public attention, because it has not yet gone into effect; it is the portion which advances the postal rates on certain matter. The increase on letters and postal cards has been some months in force, and has been accepted with little complaint, notwithstanding the very good point might be raised that some reduction in the vast mass of matter printed and carried at the public cost would be a better way of favoring the revenue than putting more burden on first-class matter. The increase on second-class matter, however, (meaning regularly-issued newspapers and periodicals which are entered under that classification according to a very old law) is a different and a very serious matter. It takes effect on July 1, when the old rate of one cent a pound will rise to V yf cents, and on July 1 of next year to cents. This rate is on what the law deems normal or reading matter, and the law attempts the task of discriminating between reading and advertising matter and penalizing the latter by some further increases in rate in cases where it occupies more than 5% of the total space of the publication. This penalizing is, however, waived, and the increase in rate is only one-half as much, as to newspapers and periodicals “ maintained by and in the interest of religious, educational, scientific, philanthropic, agricultural, labor, or fraternal organizations or associations, not organized for profit and none of the net income of which inures to the benefit of any private stockholder or individual.” This exemption is closely like one which has been in the income-tax law since 1913, and any reader who does not recognize its injustice and impropriety would hardly be convinced by anythingwe could say. .

A few publications gather their advertisements into complete sheets or pages, but of the total number in the country probably 99% print some of them on the same page or the same leaf with reading mattei. To ascertain the weight of each edition when presented for carrying is simple and speedy, and offers no room for dispute. But now the weight of the paper covered by advertising in the “ sandwich” of which almost all journals consist is to be determined, and the publisher is to add this pleasant task to his labors, for says the law:

“ With the first mailing of each issue of each such publication, the publisher shall file with the postmaster a copy of such issue, together with a statement containing such information as the Postmaster- General may prescribe, for determining the postage

chargeable thereon . . • tne f ostmaster-^enei aimay hereafter require publishers to separate or make up to zones in such a manner as he may direct all mail matter of the second class when offered for mailing.

When this picking out of the advertising matter has been somehow accomplished, the postage on that portion is to be cents on the first zone , lising, according to the parcel-post scale of division, to V /± cents a pound for the eighth, and these increases are to be further raised after the next fiscal year.

It is possible to compute, on each issue of a publication, the ratio of paper surface covered by advertisements to the total printed surface, and if this ratio were, say, 15%, then 15% of the total weight of the edition would bear a special postage rate, but the edition must also be separated according to the distances to be carried, in order to reach the complete charge. Publishers have already sufficient troubles, and the cost of newsprint paper alone is enough to menace the business existence of some of them, being so serious that the Federal Trade Commission has devoted some study and several pio- positions towards finding some way of relief for them. The law seeks to show some favor to the strictly local journal, as well as to local circulation in all cases, for no change at all in rates is to apply within the county of publication.

As we remarked when various propositions to put a special tax on publishers through their advcitising and otherwise were tossed to and fro in the Senate Finance Committee, last summer, it is a bad policy to burden public instrumentalities and means of communication. There has never been a time when publications rendered such service as now; they are indispensable, and Government would be viitually crippled without them. They are receiving now much matter from the Government printing office, sent in the expectation that it will be printed gratuitously as reading, and without the newspapers the placing of loans would be almost impossible. If alt this is noticed in Washington it seems to get slight recognition there, and the law would even fin e 'publishers an extra postage rate on the very advertisements o f the loans, paid for by patriotic business men or by the journals themselves. Will this treatment of a great public instrumentality help Government tohelp the soldier in France get over the top?

Nor is there any just reason for any discrimination against advertisements in general. Certainly none in the fact that they enable the price of publications to the public to be lower and their quality to be better or the quantity of reading matter to be larger; nor are they to be condemned as furnishing the publisher some profit, since he must have sustenance from some source. They cannot be swcepingly condemned for their own intrinsic qualities. They are interesting, educational, helpful; they supply a means of keeping up and extending the life and movement of the country, especially when they circulate over wide distances.

Applied to the carrying of merchandise, the zone plan is a matter of reason; applied to carrying information and diffusing intelligence, it is a matter of unreason. Ours is a country of wide tenitoiy. Without ample and sure means of intercommunication, this territory would not have been settled; without continuance of those means, it cannot thrive. There are some doubts now whether the country is all of one mind as to the war— whether, for instance, the interior does not deem itself less exposed than the


Apr. 2 7 1 9 1 8 .1 THE CHRONICLE 1737coast. It is not necessary to justify, dismiss, or even to discuss such doubts; they more or less arise, but of one thing there can be no doubt: whatever tends to divide the country into zones of feeling, of provincialism, of local points of view, sows the seeds of disintegration and weakening. There is already far too much of jealousies, as shown, in one example, by the struggle to get what are called fair shares in the allotment of public funds for river and harbor improvement and for public buildings. Admittedly, the Congressman represents his district or his State; what he should represent and should seek to uplift is the public opinion in his electorate regarding the welfare of the whole country, and not that opinion about mere local affairs. Though we never quite reach ideals, we should ever seek them, for otherwise we may cease to have any. Only as we approach this one can we be a united, strong, anc stable country, nor should we forget that our territorial size is one source of danger. The great unifying force is interchange, comparison and consequent modification, of views, and we cannot afford to imperil this in the least.

This is especially true now, when war is forcing Government into so many untried expansions and towards stresses whose disruptive force cannot be foreseen, yet cannot certainly be avoided. The associated newspaper publishers of this city have taken up this subject, this week, none too soon, and they justly point out that a wide circulation of many publications has a broadening and unifying effect upon public opinion, and, furthermore, to narrow the movement of journals of the larger cities will limit the dissemination of war news at a time when that is of vital importance to every part of the country. The zone circulation of newspapers, they further say, will permit narrow views and a spirit of indifference that may hamper enlistments and other necessary war operations; “ postal zones will make easier the propaganda of the enemy.”

Another objection raised is that the postal business is now so hampered and overloaded that mails distribution is far inferior to that in normal times and the zone plan would make it worse; there are already enough weighings of newspaper matter, the publishers say, and to multiply them would increase congestion and delay. Therefore, the publishers urge that the zone provisions at least be suspended by amendment, and there is already a bill in the House postponing them until after the war. An indefinite postponement would be still better.

W A R W O R K — S T E P S O N T H E W A Y TO A C C O M P L I S H M E N T .

Very great allowance must be made for the condition of unpreparedness in which the country found itself upon its entry into the war, and for the multitude of complex and varied things which seemed necessary to be done almost simultaneously, one apparently depending upon another. Much has been accomplished in this task of military and naval creating, and yet it is unwise to underrate our shortcomings, which have been most marked in the fields of naval and aeroplane construction. It is now nearly 20 months since enactment of the law creating a Shipping Board; the members of that body were not appointed until more than three months after, and they took more than another month in organizing. The Emergency Fleet Corporation was or

ganized about one year ago, and in three months more the heads of the two bodies were pushed out of office, no adequate accomplishment having been obtained meanwhile, and differences of opinion concerning what kind of ship would be best to build having been irreconcilable. There have been more changes in personnel since, and now the selection of Mr. Schwab is generally hailed as getting the right man and a man who will produce ships rather than excuses.

Very recently, the country was obliged to admit that the shortcomings in the field of aviation are not less than in the other. After being officially assured that in this field at least we were doing well and that in production were even ahead of the schedule, it came out, by insistent questioning in Congress, that there was really very little to show in results and that not very much more than a beginning in production had been made. One committee report in the Senate had little to offer except a statement of difficulties to be overcome, but the work of life (and emphatically the work in the conduct of a war) consists largely in overcoming difficulties and in refusing to recognize impossibilities. Now comes the announcement that the head of the Signal Corps will devote himself to signals, that the head of a new division of military aeronautics (a branch of study and work which the war has certainly forced upon us) will take charge of the operation of military air-craft, and that Mr. John D .Ryan becomes director of aircraft production. We cannot dispense with signals, of course, but we need operation of military air-craft, and the production of such craft, in right design and in sufficient number, is a precedent to their service. Again let us hope that the right men have at last been found.

All human progress from the very first has consisted mainly in making mistakes, discovering them, and from their discovery and their consequences learning how to do better; moreoever, while to err is human, a sensible man will not make the same mistake twice, and make it with his eyes open. There have been troubles in getting and in transporting materials, and there has been a long and still not :‘ully settled trouble with labor; these we have discovered, but also we should have expected to encounter them. Is it not clear now that the worst mistake has been in not picking out the right men, in over-hampering those who were picked out, in diffusing instead of concentrating power, and in not holding men to a strict accountability for results ? The error has had another branch, for the staunchest defender of the President can hardly deny that he pushes too far the virtue of standing by his friends.A virtue overdone becomes a vice, and when he has named a mafi he is too determined to persist that he has the very best for the work. Tennyson spoke once of that “ fierce light which beats upon a throne and blackens every blot,” and it is certain that war is a test of reputations and that it must be because its tremendous issues involved compel the least toleration for mistakes. In war, men must achieve results or go down; excuses and explanations are not wanted; he who does not fit his place and has not made good in it must step aside; history may do him justice, if he has been misjudged, but his contemporaries who are in the struggle cannot stop to deal gently with him. It has been so in all wars, and it must be so now. Succeed, or give place to another who may do better.



Of the latest selections it might be urged that a man whose energies have been devoted to mining is not particularly indicated thereby as fitted to undertake air-craft production; presumably Mr. Ryan lacks this particular line of experience, nor is Mr. Schwab a professional builder of ships, at least in any exclusive way. But certain of the qualities which have been proved in a man by his achieving large business success, especially when the work has been productive rather than trading, mark him as fit for directing any constructive work. For instance: vision and foresight; an intuitive judgment in picking out men for work; ability to get a straight line to the mark and to bring out of men the best and most there is in them; a judgment of means as related to ends; in short, ability to accomplish. What the country needs is accomplishment. The men who have proved themselves by accomplishing some things worthy to be done are the men most likely to repeat the accomplishment, though in new and wholly untried fields. Some are naturally leaders, in any emergency arising. Some have the indefinable ability to do things and get things done. They are the men we need and must have. Also, the worst mistake is to continue in mistake and to shut our eyes to mistakes made, in a comfortable optimism that all is going on well or in a weak fear lest we discourage ourselves or allow some admission to reach the enemy if we take fresh bearings and alter our course a point or two.

F O R E IG N T R A D E A F T E R T H E W A R .

At the Cincinnati convention of manufacturers, it is clearly brought out that leading foreign nations are now preparing for foreign trade after the war, and that the United States should prepare likewise. This has a good sound. We should. But why is foreign trade valuable to any nation, and how should a nation conduct such trade?

Unless we think clearly, we fall into error and confusion at the very outset. Is it the nation or the people that is primarily interested in the extension of foreign trade? We cannot answer until we define “ foreign trade.” The simplest definition is that it is the exchange of surplus products of a people, that they do not need, for the surplus products of another people, which the latter do not need. In its most beneficial form it is barter over the seas. And it is conducted at the least cost to the participants when a ship carries a full cargo both ways. And the price of the products is equalized, proportionally to their intrinsic worth, to any and all peoples, when differences can be settled in a common medium of exchange, itself^having the highest stability in value, such as gold. It is then that we say4hat foreign exchange is at par. There are many attending circumstances which affect both products and the medium of exchange, but the principle remains. Our late favorable balance in gold has its own advantage— but fundamentally our gold thus gained is to develop, invest and buy again.

What interest has a concrete organism called government in this trade? Manifestly but one— taxation. All governments are supported and maintained by taxation. And taxation is simply the taking of a part of production for this purpose. If trade is barter—ultimately, each people pays for the support of its national government, out of its own production. There is no other source; there can be

no other source. And the exchange of surplus goods for surplus goods is merely substitution of one kind of production for another, and does not alter the fact. If this is true, no people, and no nation, therefore, can pay its taxes out of the products of another people without in some way robbing them of a part of their just returns in an equable trade. Ideally, then, a government’s interest in foreign trade is confined to its interest in the volume of domestic trade. When the people produce more than they consume (and this remains true, though a part of the products to be consumed consist of substituted foreign goods) the government can take a larger tithe in taxes for its needs without unduly burdening the producers. For may years to come, in every country, a greater share must be taken, for the future products have been drawn upon to conduct the war. But the truth is not to be denied that the war debt of each nation must be paid out of the production of its own people, and not out of the production of another.

In common the nations will owe one hundred, one hundred and fifty, or possibly two hundred, billions of dollars of new war debts. The workers of the world (whether capitalists, or laborers without capital) must toil in the fields of agriculture, mining, manufacturing or transporting, to bring into being, out of the resources of soil, mind and muscle, products with which to pay their respective Government debts. But the abstract government does not toil, neither does it spin. Its sole interest lies in doing nothing that will interfere with the workers, and therefore it should take equably from all alike, and in such manner as will not crippe industries by too heavy annual exactions. That is, if it be a democratic government. If it be other, either autocratic or socialistic, it. may in some form take over the toil and the product. But this becomes by its very nature tribute and not taxation. And here arises a great obstacle.

Governments, differing in the theory and form of rule, obtain their sustenance through taxation, widely divergent in principles and practice. And from the exaction of simple revenue we slip easily into systems of tribute and thence through foreign trade into reprisals. And here the commercial war after the war begins. The purpose and nature of foreign trade changes. It is looked upon by tyrannical governments as a means of paying huge domestic war debts. The natural profit in getting serviceable foreign goods by world-wide trade extension, the profit in better living, becomes a profit in a so-called “ balance of trade.” By a system of reasoning which amounts to an actual delusion, it comes to be believed that this “ balance of trade” is transformed into extra, or unearned, unproduced, resident and permanent capital that can be taxed. The “ balance of trade,” or the difference in volume between the goods sold abroad and bought abroad, if paid in money, still represents production, and must be reinvested in the country to which it returns, cannot of itself be taxed until it takes other tangible form, and only then takes the place of excess products sent out of the country and no longer subject to a domestic tax. This being true, a government has no direct interest in a differential balance of trade one way or the other, unless it supplants taxation by tribute— and in this event, with a large favorable “ balance,” robs its own people, and not those of other countries. Its sole interest is in the larger production which access


Apr. 27 1918.] THE CHRONICLE 1 7 2 9to foreign marts of exchange induces. If it attempt to direct control or manage production it exercises an arbitrary power wholly apart from its original right of exacting revenue, and may thus pass discriminatory laws which take either the form of subsidies or tariffs.

We develop then three fundamental propositions: (1) No earthly power can justly pay a war debt except out of the toil of the people concerned and pledged. (2) Government has no original right over production save to take sufficient of the products to pay for its own sustenance. (3) Since it cannot take from the production of other peoples without a system of inequitable exchange, it has absolutely no interest in a “ balance of trade,” save the secondary one that when the exchange is equal it gives better life to the people, a larger volume of production from their exertions, and thus only a broader base for taxation. Therefore, its interest in foreign trade can take but two forms, and these passive. It is interested in the encouragement of domestic volume of production, that it may pay its debts by smaller burdens upon the people, and (note) in the encouragement of the volume of foreign peoples’ production that they may have the goods of ultimate payment for the surplus sold to them. Any system, therefore, of interference or reprisal adopted against the equability of exchanged goods in labor value and volume, constitutes commercial war, and is in the end wasteful and harmful. And until all nations thall adopt reasonable systems of domestic taxation (the taking of products in taxes) they cannot lay down a system of equable exchange of product for product which alone makes a people rich in better living.

Certain natural laws are self-evident. Contiguous peoples must always have a greater international volume of exchange than widely separated ones. Soil and climate give predominance to certain crops or kinds of production, that no people can disregard without loss to themselves. The lowest level of exchange values arises from the highest use of natural peculiar advantages. The tastes of a people, and the requirements of territorial geography, constitute elements of production and consumption which no Government can alter or absolve. And the theory or form of Government must always give rise to laws that cannot be equalized while they prevent harmonization of the world. If all nations were democracies, trade would and could be more nearly free than othei^vise. And obstruction always reduces production.

We have laid down these considerations broadly. They arc far from the practical; yet, it is not practical to ignore them. Questions of imperative detail are numerous. For one thing, our Government in allowing “ corporations to combine for foreign trade,” has taken one step of far-reaching importance— in agreeing to absent itself from direction and control. It will also have after the war a large merchant marine, which, if it be given free play, will thread the seas in search of goods we want, giving those we do not want or need. And in proportion as all nations can come to adopt these fundamental and inescapable principles of trade, will the world see such a revival of foreign exchange in all countries as will make possible a domestic production out of which the huge war debts may be extinguished rapidly, while the people live better.

B U I L D I N G O P E R A T I O N S F IR S T Q U A R T E R OF 1918.

As the year 1918 progresses evidence of marked inactivity in building operations accumulates. We have shown, heretofore, how in January construction work, as represented by the permits issued in the country as a whole, fell off 32 million dollars, or over 54%, and that the February decline was 28 millions, or 48.4%. Now we have the returns for March which show an even greater decrease, while the returns for the three months combined, covering the first quarter of the year, give a diminution of moderately more than one-half. This prodigious slump in one of the most important industries of the United States is, however, and under prevailing conditions, not at all surprising. High prices, scarcity and even dearth of some materials and the need that Government requirements should take precedence of private interests are all contributing factors in the falling off.

Our March compilation covering returns from 170 cities indicates that the expenditures called for in building operations under the permits issued is less than half the contemplated outlay for the period in all years back to and including 1909, well below the contracted total of 1908, and actually smaller than for a number of years prior thereto. In fact, the total is but 840,282,966, against $87,585,280 last year, or a decrease of 54.0%, and a slightly greater decline from 1916 is recorded. The outcome in Greater New York is very much under that for the month last year, due most largely to restricted operations in Manhattan, although shared in by all boroughs. The current aggregate of $5,167,668 compares with $14,170,980. Outside of this city the estimated expenditure reaches $35,115,298, against $73,414,300, and of the 169 cities, 125 exhibit decreases, with the percentages in many instances very heavy. Leading cities in this category are Chicago, Philadelphia, St. Louis, Boston, San Francisco, Detroit, Los Angeles, Denver, Richmond, Cincinnati, Milwaukee, Kansas City, Indianapolis, Baltimore and St. Paul. On the other hand, increases of mentionable size are comparatively few with such localities are Seattle, Cleveland, New Orleans, Washington, Newark and Norfolk included.

It remains, however, _for the results for the first quarter of 1918 to furnish a most decided and conclusive measure of the shrinkage in building operations due to the various hindering influences, the total of intended outlay for construction work falling below that for the like period of any year since we began the compilation of the returns and most likely the smallest in two decades. In the New England section, represented in our compilation by 24 cities, the total approximate cost of construction work is only $7,179,259, against $20,493,906, Boston, Hartford, Bridgeport, Springfield, Worcester, Lowell, Cambridge and Newton being prominent in the matter of decrease, with the only noteworthy gain at New Haven. The Middle division (Greater New York excluded) covers 41 cities and at only seven of them (Buffalo, Harrisburg, Elizabeth, Lancaster, Niagara Falls, Wheeling and Williamsport) is a greater contemplated outlay than a year ago re-



corded. On the other hand, large declines are reported at such leading points as Philadelphia, Baltimore, Rochester, Albany, Jersey City, Washington, Wilmington and Syracuse, so that the aggregate of all is over 16 million dollars less than for 1917, the comparison being between $16,567,222 and $33,127,314.

The Middle West total for the quarter also stands very much below the record established in 1917, striking decreases being observable at Chicago, Cleveland, Detroit, Cincinnati, Milwaukee, Indianapolis, Toledo, Dayton, Akron and Fort Wayne, with mentionable increases only at Youngstown and Superior. The aggregate for the 30 cities comprising the group is $25,997,727, against $58,119,619 in 1917. The exhibit made by the South, too, is poor, notwithstanding the great degree of prosperity experienced the last year or two in that section, due to the extremely high prices ruling for cotton, its leading staple crop. The proposed expenditures at 34 cities for the quarter of 1918 is but $10,960,318, against $16,637,805 in 1917, all but eight points displaying decreases, with New Orleans, Atlanta, Richmond, Savannah, Dallas and Shreveport leading in that respect, and Norfolk, Oklahoma and San Antonio prominent for gains.

A more favorable building situation than elsewhere is indicated by the reports at hand from the Pacific Coast, but even there a marked diminution in activity is shown. We have returns from 15 cities, at 7 of which declines appear, and at Los Angeles and San Francisco they are noticeably heavy. Satisfactory gains, on the other hand, are in evidence at Seattle, Tacoma, Long Beach and Fresno. The total of all, at $13,751,782, contrasts jvith $19,466,380 in 1917. In the “ Other Western” group, including 25 cities, construction work at most points has been characterized by very noticeable inactivity. The aggregate of estimated outlay for the three months, in fact, reaches only $11,413,298, against $20,237,505 a year ago. Davenport stands alone in reporting a very considerable increase in operations. Summing up the foregoing details, we have an aggregate contemplated expenditure for the 169 cities outside of New York of $85,869,606 for the three months of 1918, this contrasting with $168,162,529 for the like period of 1917 and 162 millions in 1916. Greater New York’s results are $14,741,099 and $36,529,837 and 403^ millions, and finally, for the whole country (170 cities) the contracts entered into for the three months call for approximate disbursements of $100,610,700, against $204,692,366 in 1917 and 20 2 ^ millions in 1916.

A slight revival of building operations in western parts of Canada is to be noted this year, but in the main the volume of work in the Dominion is limited as compared with the pre-war period, and revival of activity is hardly to be expected until after hostilities in Europe have ceased. As regards the exhibit for March, reports from 26 cities in the eastern portion of the country furnish in the aggregate a prospective outlay about three-quarters of a million dollars less than for the month last year; for 11 Western cities there is a gain of about one-half million, and the general result is $2,146,211, against $2,418,441. For the three months of 1918 the Eastern total is $3,149,304, against $4,869,108, the Western $1,652,647, against $612,496, and the aggregate of all (37 cities) $4,801,951, against $5,481,604.

C O U R S E OF E L E C T R I C R A I L W A Y E A R N I N G S I N 1917.

Our annual compilation of the gross and net earnings of the electric railways of the United States reveals results somewhat different in character from previous compilations. In the gross the record is the same as in the past and betokens continuous growth. In the net, however, the presence of high operating costs is plainly in evidence. In 1914, and again in 1915, the upward course of the gross earnings was interfered with by the fact that these electric railways had suddenly become subject to a new form of competition in the appearance of the jitneys. Even the effect, however, of the jitney (treating the entire body of electric railways as a whole, irrespective of the conditions in particular localities and on particular roads) went no further than to in hold check the steady growth which previous had shown could be confidently counted experience upon.

After the standstill in revenues in 1914 and 1915 the upward trend in gross was resumed, and in 1917 was carried still further. The net, on the other hand, during 1917, it is found, underwent reduction because of the great increase in expenses. We have complete comparative figures for the two years for 298 roads and the total of the gross earnings of these roads in 1917 was $627,105,976 and in 1916 $577,896,415, giving, therefore, an increase in the substantial sum of $49,209,561, or 8.51%. The net earnings for the same roads are $205,674,443 for 1917 and $213,466,788 for 1916, thus recording a loss of $7,792,345, or 3.65%. In other words, a gain of $49,209,561 in gross was attended by an augmentation of no less than $57,001,906 in expenses. In these figures we are dealing with the general totals. In the case of the separate roads the unfavorable character of the net is still more strongly emphasized. For, altogether, out of the*298 roads included in our detailed statement at the end of this article, only 39 show a decrease in gross but 190 have suffered a decrease in net.

With reference to this detailed statement, which is very elaborate, it is proper to say that as in the case of preceding annual reviews, we have sought to procure returns for the last two calendar years from all the street and electric railways in the country. The success attending our efforts can be judged from the tables themselves. Manifestly, any compilation dealing with electric railways is made up in considerable part of street railways, since these latter are now practically all operated with electricity as motive power. And yet the tables include many other electric roads, for electric lines connecting various suburbs have become quite common, and there are also numerous electric interurban roads of large magnitude.

We may repeat what we have said in previous yearly reviews, that the task of obtaining these figures for the twelve months of the calendar year is not altogether easy. Where companies furnish monthly returns, it is, of course, not difficult to make up the figures. But the number of electric railways supplying monthly returns is still exceedingly meagre— notwithstanding that, with the increase in the capital invested in these properties, the policy of secrecy in their affairs, which formerly

I to more enlightened methods.


Apr. 27 1918.] THE CHRONICLE 1731Besides the roads which have furnished returns of

both gross and net earnings, 10 other roads have favored us with comparative figures of gross alone. Adding these on, the number of roads is increased to 308, and the total of the gross raised to $632,416,356 in 1917, and $582,408,668 in 1916. The increase in this case is $50,007,688, or 8.59%.

ROADS REPORTING GROSS ONLY.

Roads. 1917. 1916. Increase. Decrease.Gross earnings reported below S $ 3 S

(298 roads)......... ........................ 627,105,976 577,896,415 50,092,620 883,059Arkansas Valley Internrban R y .. - 292,000 271,107 20,893

84,53695,69989,752

85,951 1,415059,426 36,273

Ironwood & Bessemer Ry. & Light78,625 11,127

65,449 64,973 47621,195 25,502 4,307

Michigan Railways______________ 3,963,366 3,369,403 593,963Missouri & Kansas Interurban Ry 111,413 115,019 3,636Portsmouth Street UR & Light Co. 439,543 309,328 130,215Springfield Terminal Ry & Pow Co 147,427 132,889 14,538 ..........

Total (308 roads).......................... 632,416,350 582,408,668 50,900,105 892,417Net Increase (8 .59% ).------- --------- ____ 50,007,688

a The poor showing In 1910 was due to the suspension of operations from June 1 to Sept. 2 1910 on account of a strike.

While the 10 roads in the foregoing have furnished only exhibits of the gross, it seems safe enough in their case to arrive at an approximation of the net by taking expenses for the two years at the same ratios to gross earnings as are found in the case of the roads which have furnished reports of both gross and net— 67.20% in 1917 and 63.06% in 1916. We make the computation, of course, only in the case of the total of the whole 10 roads. Obviously, it would not be safe to apply such an arbitrary rule as regards any particular road. Adopting that method, we are able to combine the two classes of roads and get complete results as to both gross and net, as is done in the following:

--------------------- gross ■ ■ -----------------------Net-----------------------Calendar 1917. 1910. Increase. 1917. 1910. Decrease.

Year— 3 3 3 S S 3298 roads.027,105,970 577,890,415 49,209,501 205,074,443 213,400,788 7,792,345

10 roads. 5,310,380 4,512,253 798,127 *1,741,805 *1,000,820 a74,979

308 roads.032,410,350 582,408,008 50,007,088 207,410,248 215,133,014 7,717,300* For those roads the not Is merely an approximation, no figures having been

furnished by the companies. a Increase.

It will thus be seen that the aggregate of the net on the foregoing basis for the whole 308 roads reaches $207,416,248 in 1917, against $215,133,614 in 1916, a decrease of $7,717,366, or 3.58%.

The totals given all relate, as already stated, to roads which have favored us with statements for the calendar year, or whose figures we have been able to make up for that period of twelve months. In order to carry the investigation a step further, we have thought it best, as in previous years, to furnish an indication of what the totals would amount to if we took into account the roads whose figures are available for other periods, and particularly for the fiscal year ending June 30. In the summary we now furnish we start with the total of gross and net for the calendar years 1917 and 1916, as given above, and then add the earnings of all the roads for which we have returns for the twelve months ending June 30. The two combined make a very comprehensive aggregate, as follows:

. -------------Gross------------- ---------------Net------------- .1917. 1916. 1917. 1910.S S S s

For cal. yrs. as abovo (308 roads) 032,416.356 582,408,668 207,416,248 215,133,614 For years end. Juno 30 (28 roads) 37,893,353 30,120,041 13,674,492 13,452,315

Grand total (330 toads)...........670,309,709 618,529,309 221,090,740 228,585,929Increase........................................ (8.37%) 51,780,400 ................ .........Dccreaso.................................................................................. (3.28%) 7,495,189

The total of the gross earnings (comprising 336 roads) for 1917 is $670,309,709, and for 1916, $618,529,309, an increase of $51,780,400, or 8.37%. Aggregate net earnings are $221,090,740, against $228,585,929, a decrease of $7,495,189, or 3.28%.

To guard against misleading the reader, we wish to reiterate what we have said in previous annual reviews o f the earnings of these electric railways, namely that this is not an attempt to indicate the aggregate of the gross and net earnings of all the street and electric railway undertakings in the United States. It is simply making use of all the figures that have been placed at our disposal, or which are available. Large though the totals in our final summary are, they fall considerably short of recording the entire earnings of electric railways in the United States. The minor roads not represented would not swell the amount to any great extent, but it happens that a few large companies are also missing, because no data concerning their income could be obtained. Among these many be mentioned the Bay State Street Ry., the Denver Tramway System, Cincinnati Traction Co., Fort Wayne & Northern Indiana Traction Co. and the Wilkes-Barre Railways Co. Even with these roads and many minor ones missing, our total of the gross for 1917, it will be observed, is over $670,000,000, and the total of the net over $221,000,000.

Of course, many of the electric railways furnish electricity for lighting and power purposes, besides being engaged in the railway business, and the earnings from that source form part of their total income. On the other hand, in a number of cases the earnings from lighting a#d other sources have been separated from the street railway income, and the latter alone is included in our table. This is true, for instance, of the Public Service Corporation of New Jersey, where we take simply the results from the operation of the railway properties; it is also true of the Philadelphia Company (of Pittsburgh), the Pacific Gas & Electric Co., the New Orleans Railway & Light Co., the Little Rock Railway & Electric Co., the Birmingham Railway, Light & Power Co., the Knoxville Railway & Light Co., the San Joaquin Light & Power Corporation, The Pine Bluff Co., the Union Railway, Gas & Electric Co., and some others.

We have been making up these annual compilations continuously for thirteen years now, and to show how constant and general the increase has been from year to year and how the totals have been growing in-magnitude, we furnish the following summary of the comparative totals of gross and net for each of the years back to 1905.

GROSS EARNINGS.Current Previous Per

Period— Year. Year. Increase. Cent.1905 compared with 1904___ ....$306,067,145 $281,608,936 $24,458,209 8.681006 " •' 1905....___ 300.567,453 269,595,551 30,971,902 11.491907 " " 1006..... . . . 306,266,315 280,139,044 26,127,271 9.331908 “ M 1907___ . . . . 351,402,164 348,137,240 3,264,924 0.941909 " " 1908— .. . . . 374,305,027 345,006,370 29,298,657 7.491910 '* •• 1 9 0 9 --.. . . . 435,461,232 405,010,045 30,451,187 ■7.511911 " " 1910___ . . . 455,746,306 428,631,259 27,115,047 6.331912 " •• 1911___ . . . 486,225,094 457,146,070 29.079,024 6.361913 " '* 1912----- . . . . 529,997,522 500,252,430 29,745,092 5.941914 " " 1913___ . . . . 553,095,464 548,296,520 4,798,944 0.871916 M “ 1914___ . . . 567,901,652 669,471,260 *1,569.608 0.281916 M “ 1915___ . . 626,840,449 574,382.899 52,457,550 9.131917 '• •' 1916___ . . . 670,309,709 618,529,309 51,780,400 8.37

* Dccreaso.NET EARNINGS.

Current Previous PerPeriod— Year. Year. Increase. Cent.

1905 compared with 1904. . ...$130,884,923 $118,221,741 $12,663,182 10.711906 “ “ 1005----- . . . 126,580,195 114,024,076 12,556,119 11.011907 " " 1906___ . . . 126,002,304 121,050,703 4,951,601 4.091908 “ •• 1907----- . . . 142,262,417 141,144,213 1,118,204 0.791909 " " 1908___ . . . 160,394,765 140,647,906 19,746,859 14.031910 '• “ 1 9 0 9 - .. . . . 178,037,379 167,100,351 10,937,028 6.541911 ” " 1910___ . . . 186,001,439 175,527,542 10,473,897 5.961912 " " 1911___ . . . 194,309,873 179,915,760 14,394,113 8.001913 " " 1912___ . . . 204,422,429 193,393,045 11,029,384 5.701914 M “ 1913___ . . . 211,020,088 212,146,403 *1,126,315 0.531915 " •* 1914___ . . . 214,319,303 217,440.533 *3,121,230 1.431910 '* “ 1015.. . . . . . 234,402,450 215,917,573 18,484,877 8.561917 " “ 1916___ . . . 221,090,740 228,585,929 *7,495,189 3.28

* Decrease.


1 7 3 3 THE CHRONICLE [ V o l . 1 0 6

It will be observed that, while in the first year our final total showed aggregate gross of only $306,067,145, the aggregate for 1917 reaches $670,309,709. The net now is $221,090,740, whereas in 1905 it was $130,884,923. Of course, to some extent, our exhibit is more comprehensive now. In the main, however, the increase is due to the growth of traffic and revenues in the interval. It will be noted that each and every one of the thirteen years, except 1915, shows some increase in gross earnings, that even 1908— the year following the panic— proved no exception, though the increase then was relatively small, and that the total of the gain in gross for the

whole thirteen years, taking the aggregate of the increases for the separate years, amounts to no less than $364,242,564. In the net earnings, however, growth has ceased, the augmentation in expenses and rise in operating cost having caused decreases in net in three out of the last four years, notwithstanding the continued expansion in the gross.

The following is the detailed statement already referred to for the last two calendar years, which shows separately the comparative figures for each road contributing returns of gross and net in the two years:

E L E C T R IC R A IL W A Y G R O SS A N D NET E AR N IN G S FOR C A L E N D A R Y E A R .

ROADS.

Albany Southern Railroad C o .a _______________________Albia Light Sc Railway C o_____________________________American Railways C o .a ______________________________Arkansas Valley Railway, Light Sc Power C o .a -----------Ashtabula Rapid Transit C o .b _______________________Atlantic Coast Eloctric R ailw ay .b____________________Atlantic Shore Railway (Konnobunk, M e .)_ b -------------Attleborough Branch Railroad C o .a ----------------------------Auburn & Syracuso Electric R ailw ay .b______________Augusta-Aiken Railway & Electric C o rp o ra t io n s -----Aurora Elgin & Chicago R ailroad .a__________________Austin Street R ailw ay .b______________________________Bangor Railway & Electric C o .a _____________________Baton Rouge Electric C o .a ___________________________Benton Harbor-St Joe Railway & Light C o .b -------------Berkshire Street R a ilw a y s ___________________________Biddoford & Saco R ailroad .a_________________________Binghamton Railway, b _______________________________Birmingham R y., Light & Power Co. (R y. D ept. on ly ).bBlue Hill Street R ailw ay .a_____________________________Boston Elevated R ailw ay .b____________________________Boston & Worcester Street Rail w ay. b _________________Brockton & Plymouth Stroet R a ilw a y .a _______________Brooklyn Rapid Transit—■

Brooklyn Heights Railroad C o .a _____________________Brooklyn Queens County & Suburban R a ilr o a d s —Coney Island & Brooklyn R ailroad.a-------------------------Coney Island & Gravesend R ailw ay .a -----------------------Nassau Eloctric Railroad C o .a _______________________New York Consolidated R ailroad .a_________________South Brooklyn Railway C o .a _______________________

Buffalo & Lako Erie Traction C o .b _____________________Buffalo Lockport Sc Rochester R y .b ____________________Buffalo Sc Williamsville Electric R y .a ---------------------------Butte Electric R ailw ay .b______________________________Calais Street R ailw ay.a_________________________________California Stroet C able, b ______________________________Capital Traction (W ashington).b______________________Carolina Power & Light C o .a __________________________Chambersburg & Gettysburg Electric R ailw ay.b______Charleston (W . Va.) Intorurban R ailroad.a-------------------Charlottesville & Albemarle By. (Railway Dept. only)_bChattanooga Railway Sc Light C o .a __________________Chautauqua Traction C o .b ___________________________Chester Sc Philadelphia R ailw ay .a_____________________Chicago & Interurban Traction C o .b _________________Chicago Lake Shoro Sc South Bend R ailw ay.b___________Chicago South Bond & Northern Indiana Railroad, b ____Chicago Surface L ines.a______________________________Chicago & West Towns R a ilw a y s ____________________Cincinnati Lawrenceburg Sc Aurora Elec. Street R y .b . .Cincinnati Milford Sc Loveland Traction C o .a ___________Citizens’ Traction Co. (Oil C ity. P a .) .b --------------------------Claremont Railway & Lighting C o .a _____________________Cleveland Sc Chagrin Falls R ailw ay.a___________________Cleveland Sc Eastern Traction C o .a ______________________Cleveland Sc Erie R ailw ay.a_____________________________Cleveland Painosvillo & Ashtabula R ailroad-b__________Cleveland Painesville & Eastern R ailroad .b____________Cleveland Railway C om p any .b_________________________Cleveland Southwestern & Columbus R ailw ay.a_________Clinton Street R ailw ay.a________________________________Coal Belt Electric R ailw ay .b____________________________Columbus Dclaw. Sc Marion Elec. C o. (R y. Dopt. only)_bColumbus (Ga.) Electric C o .a ___________________________Columbus Marion Sc Bucyrus R ailw ay.a________________Columbus Now Albany Sc Johnstown Traction C o .b ____Columbus (Ohio) Railway, Power & Light C o .a _________Concord M aynard Sc Hudson Streot R y .a _____________Conestoga Traction C o .b _______________________________Connecticut C om pany .a_________________________________Connecticut ValloV Street R ailw ay .a___________________Conway Electric Streot R y .a ____________________________Cumberland County Power Sc Light C o .a _______________Dallas Railway C o .a ____________________________________Dayton Covington Sc Piqua Traction C o .b ____________Dayton & Troy Electric R ailw ay.b_____________________Dos Moines City Railway C o .a _________________________Detroit United Railway C o .b ___________________________D over Somersworth & Rochester Stroet R ailw ay .a ------Dubuque Electric C o .a __________________________________Duluth-Superior T ra ction .b _____________________________Eastern Pennsylvania Railways C o .a __________________Eastern Texas Electric C o .a ____________________________East St Louis & Suburban C o .a ___________ ______________Elmira Water, Light & Railroad C o. (R y. Dopt. o n iy ) .b .El Paso Electric C o .a ___________________________________Escanaba Traction C o .a _________________________________Evanston R ailw ay.a____________________________________Evansville Suburban & Newburgh R ailw ay.a__________Fairmount Park Transportation C o .b __________________Federal Light & Traction Co. and subsidiary c o s .a _____Fitchburg & Leominster Street R ailw ay.a_____________Fort Smith Light Sc Traction C o .a ______________________Fort Wayne & Decatur Traction C o .a __________________Fostoria Sc Fremont R y .a _______________________________Frankford Tacony & Holmosburg Street R ailw ay.a____Fresno Traction C o .a ___________________________________Galesburg & ICewanoo Electric T a ilw ay .b_______________Genova Seneca Falls Sc Auburn R ailroad .b_____________Galveston-Houston Electric C o .a _______________________Georgia Railway Sc Power Co (combined com p a n ies).a ..Grand Rapids Railway C o .a ____________________________Hagerstown & Frederick R ailw ay .b_____________________Harrisburg Railways C o .b ______________________________Hartford Sc Springfield Streot R ailw ay.a________________Helena Light & Railway C o .a _________________________Houghton County T ra ction .a ___________________________

GROSS.

1917.

$578,174

83,397 12,863,405

1,428,467 104,242 424,931

c231,756 27,622

674,815 918,909

2,181,871 257,363 886,120 231,965 494,402

1,058,729 85,418

705.030 2,056.028

88,474 19,818,407

855,629 * 124,3168,770,5361,576,1341,902,991

88,1784,985.481

12,015,097962,087

1,721,273440,814

41,211689,936

42,264460,067

2,783,5381907,505

38,654418.855

42,6101,356,342

141,089 166,019 338,158 647,464 791,956

m35114,633 587,292 124,853

89.600 (7264,224

322.084 85,411

243.843146,727154.772501.856

10,176,126i , 407.768

182.415 105,003 456.121

1,096,066 39,667 64,742

4,024,186 78,596

1,206.638 10,023,162

252,569 9.258

3.081.927 h i . 444.004

158,802 319,457

1,530,020 17,427.939

118,379 637,258

1,644.387 995.183 938,074

3,692,471456.084

1.283,525154,032

dl74,207192,463107,516

2,867.310402,180508.670

53,24972,246

159.720235.640

81,415107.241

2,08.3.1227,807.0391,303.860

582,8621,186.731

244.057346,836343,134

1916.

529,814 76.722

j9 ,188,051 1,260,287

100,191 420,708 351,215

27,927 558,436 774,335

2,056,362 269,094 829.988 211,691 466,698 999,886

80,318 651,527

1.982.585 92,962

19,376.357823,137122.614

8,705,388 1,620,858 1,862,805

77,493 5,021,101

10,759,593 982,147

1,599,872402.614

38,230644,843

40,530 407,176

2,289,251 (775,370

38,098 326,149

45,952 1,235.623

152,159 122,124 333,603 549,312 863,693

m34789,636 566,675 123,489 88.568

(724 5,653 249,196

82,131 238,410 130,190 158.649 411,139

9,521,555 1,337,156

185.870 86,038

421,380 881,353

36,808 61,661

3,537,399 81,305

1,096,827 9,666.434

240,320 10,882

2,866,997 Til, 313.444

163,933 316.122

1,396,037 16,036,669

116,161 603,266

1,424,429 923,831 826,314

3,027.699 442,263

1,110,718 142,141

dl65,278 139,962 121,719

2,502,142 346,573 486,704

53,251 62,066

152.819 225.518

76.114 101.923

1.944.839 6,985.7091.297.586

521.5291,021,665

236.452329,195320,398

Increase. Decrease

48,3606,675

3,675,354168,180

4,0484,226

116,379144,574125,50956,13220,27127.70458,843

5,10053,50373,443

442,05032,492

1,702

65,14840,18610,685

1,255,504121,401 38,200

2,981 45.093

1,734 52,891

494,287 132,135

556 92,706

1201719

43,8954.555

98,152

324,99720.617

1,3641,032

18,57172,888

3,2805,433

16,537

60,717654,571

70.612

18.96534,741

214,7132,8593,081

486.787109,811456,728

12,249214,930130,560

3,335 133,983

1,391,270 2 ,2 18

33,992 219.958

71.352 111,760 664.772

13,821 172.807

1 1,891 8.929

52.501

365.16855.60721,966

10,1806.901

10,1225,3015.318

143.283821.330

6.27461,333

165.0667.605

17,64116,736

11,731

4,488

44.724

71,737

3,455

2.709

1.624

"5,131

14.203

NET.

1917. 1916. Increase. Decrease.

S S $ 8125,870 142,524 16,65428,650 32,706 4,056

3,636,687 .73,528,774 107,913 _____-645,222 564.762 80,460

10,45022,270 32,72051,224 147,409 96.185

e33,3l7 59,837 26,5209,587 10.786 1,199

205,564 136,147 69.417396,943 357.924 39.019

69.394606,100 675.49497,712 106,020 8,308

384,067 369,111 14.956112,551 110.836 1,715136,575 154,696 18,12146,739 184,918 138,17922,216 22,397 181

242,925 244.872 1.947802,876 672.202 130.674

def. 14.543 def 1,539 13,0046,271,283 6,722.235 450,952

263,786 266.112 2,326def.462 13,501 13,963

2.836,244 2,908,963 72,719401,424 455,610 ______ 54,216532,724 541.082 8.358

11,963 2 1,239 9,2761,234,594 1,284,486 ______ 49,8924,676,929 4.184,268 492.661

300,373 330.626 30.253546.559 577.289 30.730152,522 140.301 12,218

1.134 2,293 1.159109,468 104,057 5,411

8,321 10,179 1,858204,466 163,710 40,756

cl ,250,209 c l ,051.841 198.368(327,380 (279,879 47,501

9,072 8.396 676176.202 162.602 13.600

10.852 11,659 807217.439 412.179 194,740

12,542 39,817 27,27599,895 85,218 14.677

125,788 143.394 17,606165.407 181,564 16,157220.361 347,029 126,668

n»12012,937 m l3 0 16,113 1.033,176172,119

25,857 def.9.087

189,02139.359 ............ 16.902

13,5027,741 16,828

81,662 89,940 8.27898.948 76,832 22.11616.484 21,430 4,94672.241 91,938 19,69720.612 23,806 3.19421.863 53.464 31.601

212.447 218,151 5,7042,613,787 2.801.123 247,336

276,177 469,803 193.62670.236 76.009 5.77323.943 20,396 3.517

148.837 158.808 9,971675.605 530,121 145.484

8,566 8,168 39813.772 12,912 860

1,080.257 1,432,275 352,0184,769 22.057 17,288

C566.181 C505.258 60.9261,607.648 2,589.448 981,800

49,391 54,160 4.769def. 586 l ,538 2,124

1,027,881 1,091,510 63.629(279,185 285,603 6.118

43.014 68.031 25,017107,704459.404

4,168.149

139,822459,471

4,820,867

32.11867

652.71817,972 22,748 4.776

207,880 241,684 33,804582,116 509,856 72.260314,279 332,265 17.986421.082 381.891 39,191

1.210,952 1,206.925 4.027cl 12.906 C123.212 10.300481,755 452.154 29.601

70,540 78,525 7.985C52.862 C47.032 5,83063.439 38.661 24,77829.192 44,448 15,256

856,846 864,249 7.40387,436 95.566 8,130

154,266 154,179 873,772 3.990 218

29.965 21.015 8.95024.033 4 1.306 17,27332.014 40,867 8.85313,851 15.406 1.55527,383 3.8.454 11.071

703.250 708.732 5.4822,915,597

393,6843,076.929 161.332

469.561 75,877224.840 561,368

42 071215.581550.597

60.231

9,25910,771

18.160124.697 111,339 13,358103,008 139.939 36,931



R O A D S .

Hudson Valley Railway C o .b -------------------------------------------Humboldt Transit C o________________________________Illinois Light & Traction C o .b ..........- .......... - .....................Illinois Traction S ystem .a----------- - - ------------------------------Indianapolis & Cincinnati Traction C o a . ----------------------Indianapolis & Louisville Traction Railway . a ---------------Indiana Railways & Light C o .b ......... - - - - ...........................Intcrboro Rapid Transit Co (New Y ork ). a . - - - --------------International Traction System (Buffalo, N . Y . ) .a ----------Interstate Consolidated Street Railway C o .aInterurban Railway C o .a -------------------------------Iowa Railway & Light C o .a ---------------------------------------------Iowa Southern Utilities C o .a . .Ithaca Traction C orporation .aJackson Light & Traction C o .a ---------------------------------------Jacksonville Traction C o .a . - - ------Jamastown Street R ailw ay.b------Johnstown Traction C o .a — - - - - - Joplin & Pittsburgh Railway C o .bKansas City Clav County Sc St. Joseph R ailw ay .a------Kansas City Kaw Valley & Western R a ilw a y .a .--------Kansas Electric Utilities Co. (and controlled c o s .) .a — -Keokuk Electric C o .a -------------------K ey West Electric C o - a - - - - - - - - -Kingston Consolidated Railroad.b . . .Knoxville Railway & Light Co. (Railway D ept. o n ly ) .b .Lakc Shore Electric Railway (entire system ).a ---------------Lehigh Valley Transit C o .a ............................. - - .......Lowisburg Milton Sc Watsontown Passenger R y .aLewistown & IteedsvIUe Electric R a ilw a y .a -.......... , v ,Little Rock Railway Sc Elec. C o. (Railway Dept. o n ly ).bLong Island Electric R ailw ay.a ---------------------------------------Los Angeles Railway C orporation .a --------------------------------Louisville Railway C o .b --------------------------------------------------M acon Railway & Light C o .a ------------- -Madison (Ind.) Light & Railway C o .bMadison (Wis) Railways a --------------- --------- , . ___Manchester Traction, Light Sc Power Go. and sub. c o s .a .Manhattan Bridge Three-Cent L in e .a . - - -----------------------Manhattan & Queens Traction C orporation .a -..............-Mansfield Public Utility & Service C o .a ....... .....................Massachusetts Northeastern Street Railway C o .a --------Memphis Street R ailw ay.a-----------------------------------------------Mesaba R ailw ay.a----------------- ----------,------------------------------Middlesex Sc Boston Streot R ailw ay.b M ilford Sc Uxbridge Street Railway aMilwaukee Electric Railway & Light C o .a . .......................M ilford Attleboro Sc W oonsocket Street R ailway.aMilwaukee Light, Heat Sc Traction C o .a ................Milwaukee Northern R ailw ay.a ----------------- -----------M obilo Light Sc Railroad C o .a ------------------------------Monongahela Valley Traction C o .a --------------------------------Montoursville Passenger R ailw ay.a------Morris County Traction C o .b ---------------Muskogee Electric Traction C o .a -----------Nashville Railway & Light C o . a . . ..........New Bedford & Onset Street R ailw ay .a______Now Jersey & Penna. Traction Co. (Princeton D lv .) .b . Ncw Orleans Ry. Sc Light Co. (Railway Dept. o n ly ) .b .- Nowport Nows Sc Hampton R y, Gas & Elec C o .aNewport Sc Providence R ailw ay.a________________Now York Sc Long Island Traction C o .a ------------Now York & North Shore Traction C o .a ------------Now York & Queens County R ailw ay .a ................Now York Rail ways . a __________________________________Now York & Stamford R a ilw a y .a ---- ---------- ------------------New York State Railw ays.a ------------------------------------------New York Westchester & Boston R ailw ay.aNorfolk Sc Bristol Street R ailw ay.a --------------Northampton Street K y .b ---------------------- •----■ .Northamp. Tr. Co. (incl. Nor.-Easton & Wash. T r. C o.)aNorthern Electric R y .b ............—Northern Massachusetts Street Icy .aNorthern Ohio Traction & Light C o .a ----------------------------Northern Texas Electric C o .a -----------------------------------------Northwestern Ohio Railway & Power C o .b Oakland Antioch & Eastern Railway b - . - Ocoan Electric Railway (Long Island) . a . -Ohio Electric Railway C o .b ------ - - - ----------Omaha & Council Bluffs Street R ailw ay.a-------- ------------Omaha Lincoln & Beatrice l t y .b .Orango County Traction C o .b . .Orogon Electric R a i lw a y .b .. .—Ottumwa Railway Sc Light C o .aPacific Electric R ailw ay.a -------- - - - - - - - - - - ................Pacific Gas Sc Electric Co. (Ity. Dept. o n ly ) .b --------------Paducah Traction & Light C o .a - .................. - - - .................Peeksklll Lighting & Railroad (R y. Dept. o n ly ) .a ............Peninsular R ailw ay .a ------------- ------------Pennsylvania & Now Jersey R ailway.aPensacola Electric C o .a -----------------------Petaluma & Santa Rosa R ailw ay.b . . .Philadelphia Sc Easton Electric R y . . — ......... .....................Philadelphia Company— Pittsburgh Railways C o .a --------

Beaver Valley Traction C o .a -----------------Pittsburgh Sc Beaver Valley Street R y .a

Philadelphia Railways C o b . — ................Philadelphia Rapid Transit Co a . . . - - - - - -Philadelphia Sc West Chester Traction C o .b .....................Philadelphia Sc Wostern R ailw ay.!)- - - - - ...........................(Tho) Pino Bluff C o. (R y. Dept, only) b . . . . ......... . . .Pittsburgh Harmony Butler & Newcastle R a ilw a y .b ...Plattsburgh Traction C o .b ....... ............ ..........................—Portland (Ore) Railway, Light & Power C o .a ....................Pottstown Sc Phoenixville R ailw ay .b ------------------------------Poughkeepsie & Wappinger Palls R y . a - - - - - - - - - - - - - - .Public Servico R y. (N . J .). incl. Public Service R R .b . .Puget Sound Traction, Light & Power C o .a ..........- - - - -Reading Transit & Light Co. (and affiliated com panies).aRepublic Railway & Light C o .a ............................................Rhode Island C o .a - - - ------- — -------- ---------------------------Richmond Light & Railroad C o .a ...........................Rockland Thomaston & Camden Street R y . a . . . ..............Rutland Railway, Light & Power C o .a --------------------------Saginaw-Bay City R a i l w a y .a - - - - - - - - - - - - - - - - --------------St Joseph Railway, Light, Iloat & low e r C o .a ----------Salt Lake Sc Utah R ailroad -a -- - - - - - - - - - - - .......................Sandusky Norwalk & Mansfield Electric R y .a -------------San Francisco Napa & CaUstoga R a ilw a y .a .- - - - - - —San Joaquin Light & Power Corp (Railway Dept on ly ).a . San Jose Railroads.a Savannah Electric C om pany.a

GROSS.

1917.

Schenectady Railway C om pany.a--------Second Avenue (New York C ity ) .a - - - - Sliamokln & M t. Carmel Transit C o .b - Shawnee- l’ocumsch Traction C o .b .........Sioux City Service C o .aSlato Belt Electric Stroet R y .a — --------------------------------South Carolina Light, Power & Railways C o .a -------------Southern Michigan R ailw ay .b --------------------- - r— r -------Southern New York Power & Railway Corporation .b ------Spokano Sc Inland Empire R ailroad .b ----------------------------Springfield Electric R ailw ay .a ................................................Springfield Streot Railway C o .a ......... ...............- ...............Springfield Sc Xenia Railway C om pany.a ...........................Stark Electric R a ilroa d .b -........... - ....................... .................Staton Island Midland R ailw ay.a----------------------------------Stockton Electric Railroad . a -----------------------------------------Syracuse & Suburban Railroad.a------------------------------------

$703.073

81,64313,632,51714,461,408

496.284185,964619,954

40,512,1368,255.279

195.697760,392

1,806,721375,019196,066325,492698.123 442,435 802,287 665.944 799,379 221,746 505,370 248,546 146,087 152,079 585,250

1,786,01212,875,074

60.583178.101 634,045251.124

6,148,011 3,281,505

559.05359,476

296,5501,590,655

127,535292.352284,487850,823

2,130,116287.925

1,074.999315,092

7.968,192108,984

2,232,388371,496518,023

3,046.58226,418

410,574185.904

2,458,321190,60484,816

4,669,3901,357,308

132,530470,199167,806

1.092.36112,406,648

394,2598,460,002

555,414101,962226,740216,215

1.000. 793 236,423

6,389,609 • 2,582,113

288.102 745.835 158,304

4,379.7723,395,161

27,786194,374

1,025,963365,407

9,267,130491.021 304,682

61,829257,178229,819350,459292,452118,052

13,644,870426,033

75,790137.073

29,726,927582,070569,064115,051812.021

38,8786,023,510

103.245207,068

18.683,0359.454,8613,122.5574,889,9166.000. 602

447,538 253,458 429,617 589,478

1,520,720478.926

54,568245,390 102,731 309,383 968,174

1,447,151 855,600 197,961 51,646

962,309 102,808 523,613 234,299

*377,200 1,324.481

98,279 2,497.514

83,735 396.185 346.642 210,802 151,039

1910.

673,99878,181

12,238,16612,556,447

457,580148.411547.430

38,081,5157,818,678

188.150392,765

1,590,864254,511196,577309,723627,194387,690772,219643,679715.257 152,959 470,332 240,182116.372 146,035 563,369

1,618,552 Z2,471,872

63,294 166,268 530,609 245,166

5,864,561 3,078,297

496,717 59,111

300,051 1,486,885

135.115319.827 259,239 779,026

2,086,468249,104

1,052,226278.828

6,961,151107,905

1,852,072352,531504,709

1,582,78022,307

398,789163.372

2,383,041176,498

80,8114,422,7771,013,712

89,920413,987160,217

1,391,33212,162,208

357,8168,256,470

564.65498.052

229,481 200,070870.495226.257

5,170,442 1,930,321

268,541620,216153,965

4,130,4853,253,327

25,577178.249 909,770 360,601

8,604,407442,303310,962

63.053 275,234214.496 280,101 273,534 108,658

13,130,628391,914

59,728122.431

27,279,5i7541,326516.980

92,509714.829

37,8845,483,110

88,904204,193

17,575,2768,107,3712,621,5993,987,6175,811,996

400,738231.432 403,474 601,527

1,374,449392,347

52,096212,443

97,397320.612 826,093

1,329,583766.250200.613

49,918889.655

90,599433,983232.980

*339,7261,370,348

88,0992,401,954

79,081350,900331,428226,060144,521

Increase. Decrease

29,0753,462

1,394,3511,904,961

38,69837,55372,524

2,430,621436.601

7.547367,627215,857120,508

15.76970,92954.74530,06822,26584,12268,78735,038

8,36429.715

6,04421,881

167,460403,202

11,833103,436

5,958283,450203,208

62,336365

103,770

25,24871,79743.64838,82122,77336,264

1,007,0411,079

380,31618,96513,314

1,463,7964,111

11,78522,53275,28014,1064,005

246,613343,596

42,61056,212

7,589244,440

36.443203,532

3,91016,145

130,29810,166

1,219,167651,792

19,561125.619

4,339249,287141,834

2,20916,125

116,1934.806

602,66348,718

15,32370,35818,918

9,394514,242

34,11916,06214,642

2,447,41040,74452,08422,54297.192

994540.400

14,3412,875

1,107.7591,347,490

500.958902.299188,606

40.80022,02626,143

146,27186,579

2,47232,947

5,334142.081117,568

89,350

$

1,72872,65412,20989,630

1,31937,47410,18095,560

4,65445,28515,21414,742

6,518

511

2,711

3,5017,580

27,475

298,971

9,2402,741

6,2801,224

18,056

12,049

1.l,229

2,652

45,867

N E T .

1917.$

199,512 4,179

4,563,544 5,312,232

143,920 84,360

321,451 19,141,224 c2.558.800

17,767 119,638 595,671 109,120

10,264 116,854 228,411

66.182 303,657 222,946 388,264

74,576 174,635 72,762 50,829 55.907

213.046 575.321

1920,428 5.761

14,057 285,555

21.280 1,736,693 1.544.342

202,882 13,749

199,578 625,606

24,680 33.445 28,545

114.270 C732.119

120,343 185.92848.951

c2.129.4547,067

C539.654 157,745 150.935

/1 ,408,288 def677

142,911 59,038

868,903 29,628 21.607

1,983,027 540,283

47,734 69,657 35.556

def235,456 2,993.660

36.118 2,152.912 def32,513

8.30648.951 93,012

224,78539,691

2,047,1471,136,450

39,523239,157

54.3321,478.5641,056.290def.5,091

61,194233.482 142.989

2,490,31352,20372,604

def.12,73620,13751,279

146,77873,38032,425

3,803,809126,200

10,25928,776

12,609,388269,998274.349

47,764278.810

10,462 c2.446.917

45.725 33,471

7.715.285 3,600,843 1,134,963

c l ,548,732826.350

62.814 71,323

141,675146.076534.482 152,034

3.80696,72419.37431,917

322,582372,720139.91455,959

»,414253,628

25,126193,877105.247121,563155.735

19,48214,48920,572

156,476def5,674

53,45941.118

1916.$

201,876 3,870

4,738,748 6,076,650

131,610 56,538

329,372 20,372.036 c2,730.531

21,024 42,740

647.005 80,36642.743

117.472 203,487

84,137360.424228.006 353,246

63,926187,72479,32638,82556,462

225.958595,840

1953,76117.744

’ 13.915220,757

7,9001,799,3981,516,717

168,24419,396

191,108642.903

def3,84178.913 60,540

154,080 C779.821 131,537 247,151

58,533 c2,029.828

13,778 C572.847 162,204 176,142

/8 5 7 ,964 1,284

142,676 56.271

929,853 20.643 27,325

1.985,413 419.650

25,233 43,191 45,556

1,540 3,218,426

62,201 2,593,309 def26,739

23.362 81,608 85,043

134,52912.724

2,239,463773,243

72,979±82,96145.052

1,756,9001,127,146

31157,469

174.439166,573

2,261,82392.33097.362

2,064 1,085

55.913 122,76476,648 24,820

4,359,047 140,140

19,359 30.866

12,163,206 248,967 272,220

32,273 286,657

13,743 c2,444,856

40,876 59.196

7,665,165 2,986,376 1,116,010

c l ,660,210 1,585.764

97,691 72,798

145,066192.398 594.054 141.580

4,40670.10112,11956.888

272.399 373,619 107,47472.542

4,813277,280

23,498179,742106,491112.472 222,519

24,323327,337

22,736160,426

18.724 31,818 43,790

Increase. Decrease.

309235,582

12,31027.822

76,898 28", 754

24,924

35,01810,650

12,004

14264,79813,38027,62534,6388,470

28*521

99,626

550,324235

2,7678,985

120,63322,50126,466

7,96990,25626,967

363*20756,196

9,280

3,72559,043

228,490

19,05224,014 *7* 605

446,18221,031

2,12915,491

2,0614,849

50.120614.467

18,953

10,45426,623

7,25550,18332,4404,6011,628

14,1359,091

21,641

2,364175.204

7.9211,230.812

171,7313,257

51,334

32*479618

17*95556,767

5,060

13,0896,564

'**5 5 512,91220.51933,33311,983

62,705

5,647*1*7", 29745*i46831.99539,81047,70211,19461,223

9,582■*6',m33,193

4,45925,207*1*961

60,9506.7182,386

10,000236,996224.766

26,083440.397

5,77415,05632,657

192,316 33*.456

278.33670,856

5,402

23,58440*12724,75814,800*4*634*3*268

555,23813,9409,1002,090

7,8473,281

25,725

111,478759,414

34,8771,4753.391

46,32259.572***666

24,971***899*16*5832*3*652

*1*24466*7844,841

312,8482.1643,950

24,398"2*672


1734 THE CHRONICLE [Vol. 106,

ROADS.

Tam pa Electric C om pany .a_____________________________Torre Hauto Indianapolis & Eastern Traction C o .a ______Texas Electric R ailw ay .a_______________________________Third Avenue System (Now York C ity)—

Belt Lino Railway C o rp .a _________________________Dry Dock East Broadway & Battery R y .a _________42d Street Manhattanvillo & St Nicholas A venue.a -Netv York City Interborough R y .a ________________Southern Boulevard R R .a _________________________Third Avenuo R y .a _______________________________Union R ailw ay .a___________________________________Westchester Electric R ailw ay .a___________________Yonkers R ailroad .a_________________________________

Toledo Bowling Green & Southern Traction C o .b ______Toledo Fostoria & Findlay R y .a ________________________Toledo & Indiana R ailroad .a____________________________T oledo Traction, Light & Bower C o .a ________________Trenton Bristol & Philadelphia Streot Railway, b _______Trenton & M ercer County Traction C om pany .a_________T roy & New England R y .b _____________________________Twin C ity Rapid Transit (M inneapolis).b_______________Union R y ., Gas & Electric Co. (Railway Dept. only )_b_-Union Street R ailw ay .a__________________________________Union Traction Company o f Indiana.a_________________Union Traction Co (Santa Cruz, C a lif) .b ________________United Light & Railways Co (subsidiary com pan ies)-a --United Railways Company o f St L ou is .a________________United Railways & Electric C o .a _______________________Unitod Traction Company (A lbany)_b_________________Utah Light & Traction C o .a _____ _______________________Valloy Railways__________________________________________Vicksburg Light & Traction C o .a _______________________Virginia Railway & Power C o .b ________________________Washington Baltimore & Annapolis Electric R y .b _____Washington Railway & Electric C o .a ___________________Washington W ator Power C om pany .a__________________AVaterloo Cedar Falls & Northern R ailw ay .a ......... ...........West Chostcr ICennett & Wilmington Electric R y .a ____West Chaster Street Railway C om p any .b______________Westchester Street R ailroad .a___________________________Western New York & Pennsylvania Traction C o .a _____Western Ohio R ailw ay.a_______________________________W est Penn Railways Co (including subsidiaries).a_____W a;t Virginia Trac & Elec Co (and affiliated c o s ) .a _____Wilkes-Barro & Hazleton R R . (and affiliated c o s .) .b ____W inona Interurban R ailw ay .b_________________________Wisconsin Gas & Electric C om pany .a__________________Wisconsin Traction, LightHoat& Power C o .a _________W orcester Consolidated Street Railway C o .a ___________York Railways C om pany .a____________________________Youngstown & Ohio River R ailroad .b__________________Youngstown & Suburban Railway______________________

Total (298 roads) _o............................... ................................N et increase or decrease_________________________________

GROSS.

1917. 1916. Increase. Decrease.$ $ $ S1,001,311 967,086 34.225

7,110,342 6,970,395 139,9472,138,268 1,829,009 309,259

677,840 678,447 607455.616 421,808 33,808

1,766,080 1,672,888 93,192733,081 632,805 100,276218,643 182,956 35,687

4,117,833 3,590,943 526,8902,910,070 2,544,253 365,817

554,914 441,131 113,783824,866 564,967 259,899486,101 459,959 26,142257,099 238,040 19,059272,533 260,847 11,680

n 6 ,175,332 5,653,013 522,319128,132 98,647 29,485880,558 853,743 26,815

29,824 34,259 4,43510,207,713 10,214,479 6,7662,024,101 2,040,549 16,4481,155,864 1,084,256 71,6083,066,467 2,789,341 277,126

61,025 64,018 2,9937,705,269 6,885,779 819,490

13,125,560 12,641,294 484,26610,500,837 9,914,051 646,7862,458,848 2,444,058 14,7901,597,315 1,455,081 142,234

329.809 303,460 26,349198,888 187,435 11.453

6,051.143 5,933,887 717,2561,500,125 946,202 613,9235,492,359 5,539,405 47,1062.833.191 2,685,024 148,167

828,524 817,433 11,09165,971 67,051 1,080

191,550 . 174,752 16,798246,023 225,734 20,289482,60) 468,326 14,275803,814 749,803 53,951

7,783,531 0,365,959 1,417,5721,050,951 979,656 71,295

499,140 487,359 11,781224,956 224,613 343

1,510,679 1.143,791 366,888665,741 495,447 170,294

3,361,616 3,178,494 183,1221,059,863 980,200 79,663

356,559 332,029 24,530217,317 193,423 23,894

027,105,976 577,896,415 50,092,620 883,05949,209,561

(8.51%)

NET.

1917. 1916. Increase. Decrease.

S 8 $ S437,772 439,368 1,5962,317,417 2,586,574 269,157

990,636 804,871 185,76575,250 90,732 15,48234,275 dof 12,235 46,510

559,610 535,983 23,627161,099 125,902 35,19767,062 4,837 62,225

1,445,764 1,180,345 265,419657,340 403,533 253,807

90,661 44,966 45,695175,346 60,143 115,203166,180 206,234 40,054

65,746 88,233 22,48744,587 77,316 32,729

n l ,845,196 1,844,623 57338,402 31.345 7,117

299,258 326,157 26,89910,509 10,665 156

3,484,193 3,959,836 475,643710,268 920,101 209,833191,106 256,531 65,425900,268 1,036,910 130,642

13,127 13,418 2912,658,361 2,666,393 8,0323,071,504 3,349,530 278,026

c3,685,677 c3.855.559 169,882403,653 472,387 68,734464,008 502.172 38,164153.615 148,389 5,226

59,268 72,108 12,8403,232,944 3,104,906 128,038

821,528 434,685 386,943c l ,701,095 c2,258,979 557,8841,392,327 1,356,355 35.972

284,323 392,908 108,58510.476 18,910 8,43474,735 87,813 13,078

def.80,05i dcf.16,059 63,392156,985 186,744 29,759159,625 264,314 104,689

3,106,868 3,058,753 48,115404,830 480,130 15,300118,155 219,968 101,81327.005 47,242 20,237

c310,246 C293.495 16,751136,094 168,571 32,477699,124 798,630 99,506312,854 309,948 57,094148,762 155,153 6,39170,247 56,934 13,313

205,674,443 213,466,788 7,132,404 14,924,7497,792,345

(3.65% )a After deducting taxas. b Beforo deducting taxes, c After deducting depreciation, d After deducting payments to tho city o f Evanston under

franchise agreement, e On M ay 1 1917 tho Atlantic Shoro R y. was divided east and west o f York Beach, M o., tho western end passing to the operating control o f the Portsmouth Dover & York St. R y. Tho 1916 figures abovo are for tho entire system: tlioso for 1917 ineludo tho results o f the entire system to M ay 1 1917 and tho results o f tho Atlantic Shore R y. as at present constituted for tho remainder o f tho year. / After deducting insurance, o Excluding proceeds o f power sold to subsidiaries and earnings o f subsidiaries, h Present company commenced operation Oct. I 1917. i A fter deducting special depreciation and accident reserves required by city franchise. ) Including results o f tho Jersey Central Traction C o., acquired by the American Railways during 1917. k Including operations or tho Southern N . Y . Power Co. / For years ending N ov. 30 1917 and 1910. m For years ending Jan. 31 1918 and 1917. n These figures aro for year ending N ov. 30 1917. o Including one road which did not caro to have its return published

(jy u v v e n t g u c u t s a m i - D i s c u s s i o n s

CONTINUED OFFERING OF BRITISH TREASURY BILLS.

J. P. Morgan & Co. this week disposed of tho usual offering of ninety-day British Treasury bills at the same rate prevailing for recont offerings, namoly, 6 % . Tho bills offered this week mature July 22.

ADDITIONAL CREDIT TO BELGIUM.An additional credit of $3,250,000 was extended to Bel

gium by tho United States Government yesterday, making the total credit to Belgium $107,850,000. The total credits to the Allies established by tho United States since the latter’s entry into the war aggregate $5,288,850,000, apportioned as follows: Great Britain, $2,720,000,000; France, $1,565,000,000; Italy, $550,000,000; Russia, $325,000,000; Belgium, $107,850,000; Cuba, $15,000,000; Serbia, $6 ,000,000. .

It was stated on April 23 that tho Treasury Department has under consideration a re-arrangement of Allied credits

by which the United States will lend large amounts more directly to France, Italy and the other Allies instead of through Great Britain. Before completing tho plan Secretary McAdoo will consult with Oscar T . Crosby, the Treasury’s representative on the Interallied Council, which has supervised the distribution of loans and other economic dealings between tho Allies. M r. Crosby has boon called to tho United States for a conference.

GREAT BRITAIN’S BUDGET LARGEST IN HISTORY OF WORLD.

Great Britain’s budget presented to tho House of Commons on April 22 by Chancellor of the Exchequer, Andrew Bonar Law, was described by him as the largest in tho history of the world. He estimated the expenditures for the coming year at £2,972,197,000; tho revenues from present taxes ho announced as £774,250,000, while he figured that the yield from proposed new taxation would be £67,800,000, making a total of £842,050,000, and leaving a

balance of £2,130,147,000 to bo covered by borrowing. Among other things tho Chancellor introduced now taxation proposals, including plans to increaso the postal rate to tho United States and Canada, India and tho other Dominions from a penny to three half penco; tho excess profits tax, now 8 0 % , would not he said be increased; tho incomo tax he stated would bo raised from five shillings to six shillings in the pound; no change he said would bo made in tho tax on incomes under £500; in the case of tho supertax ho made known that it is proposed to raise it from 3s. 6d. to 4s. 6d. in tho pound, and to make it apply to incomes as low as £2,500 instead of £3,000 as at present. A now tax on luxuries, along the lino of tho French method was also announced by tho Chancellor. Ho likewise stated that tho issue of tax free 4 % war bonds would ceaso with April 22, and that it was proposed to substitute similar bonds to bo issued at 101 Yi., instead of at par, which would givo a slightly lower yield on the basis of a 6 % incomo tax. W e givo in details tho account of tho Chancellor’s remarks in introducing tho budget, as contained in tho pross dispatchos:

Tho Chancellor’s anticipations as to tho assistance given to tho Allies by the United States had boon fulfilled) he said. Despite this assistance tho British loans to tho Allies in tho last year were £.505,000,000. The United States had advanced to all tho Allies £950,000,000.

“ It Is only necessary for us,” said tho Chancellor, “ to loan on tho United States to tho amount the other Allies lean on us. In other words, wo aro self-supporting.”

Ho said he had been in communication with Secretary M cA doo on tho subject o f these complicated loan transactions, and with M r. Crosby head o f tiro American Financial Mission to Europe, who was on tho point o f returning to Washington to consult his Government.

" I have mado certain suggestions regarding advances to tho Allies,” continued the Chancellor, “ which, if adopted, will lesson our burden considerably without in any way increasing tho total obligation to tho United States.”

Giving tho figures o f tho revenues for tho last fiscal year, which amounted to £707,23-1,565, a largo increaso over that o f tho preceding year, ho said that this was very gratifying, but that tho roal test o f tho financial position would come whon Britain ceased to rely upon borrowing.

Tho Chancellor expressed tho Government’s appreciation o f tho hearty co-operation on tho part o f tho Canadian Government in assisting to finance tho war. lie considered it possiblo that tho alteration o f tho arrangomont with the United States In tho method of making advances would result in loans to the Allies being reduced to £300,000,000 and to tho Dominions £50,000.000. Ho pointed out how small tho advances to tho Dominions had been during tho war, showing how great was the desire, not only In Canada, but in the other Dominions, to carry on tho war out o f their own expenditures.

Tho additional taxation proposod, said the Chancellor, would in tho full year bo equivalent to 66% o f the antobollum rovenuo from taxation. Tho


Apr. 27 1918.] THE CHRONICLE 1735financial strength o f the country after throe years o f war was greater than any one could liavo imagined, and was amazing testimony to the financial stability o f the nation.

M r. Bonar Law said that Germany’s daily oxpondituro was £6,250,000— practically the same as the British— but the German total did not includo various charges borno by the gcnoral Government hero. The total Gorman votos o f credit amounted at tlio present time to £6,200,000,000. Assuming that the German estimates would bo realized, the total taxation levied by the German Government would amount to £365,000,000 as against £1,044,000,000 in Great Britain. This, lie said, was not enough to pay the interest on tho war dobts accumulated. The German balaqpe sheet, reckoned on tho samo basis as the British, would, with the interest on the sinking fund, pensions, and pre-war expenditure, bo £720,000,000 yearly. W ith an additional permanent imperial revenue o f £120,000,000, it would make tho total additional German revenue £185,000,000. This amount added to tho pre-war revenue would bring tho total up to £335,000,000, showing a deficit o f '385,000,000.

" I f that were our position,” ho added, “ I would say that bankruptcy was not far distant.”

The German taxes, the Chancellor said, had been almost exclusively indirect, imposed upon commodities required by the masses o f tho peoplo and not upon the incomes o f tho wealthier classes, who controlled tho Government and upon whom tho latter was afraid to put extra taxation. M r. Bonar Law declared that it was the duty o f tho Government to levy as much taxation as could bo borno by the nation without, weakening it in tho conduct o f the war. The excess profits tax would not be increased, bccauso if it wero, tho Government would not get more money, and might got less. Ho intended, however, to stop tho leakago in that tax.

M r. Bonar Law introduced new taxation schemes with tho proposal to increase the postal rato within the United Kingdom and to the United Statos, Canada, India and the other dominions from a penny to three half ponce, yielding £3,400,000. The postage on postcards, ho said, would bo a penny. Tho income tax would bo raised from five shillings to six shilling in tho pound. Tho stamp duty on checks would bo raised from a penny to two-pence, yielding £750,000. Tho increaso income tax would yield £11,000,000. There would bo no change in tho tax on incomes under £500. There would bo no increase in tho rate on scrvlco pay.

W ith regard to a double income tax within tho empire, ho proposed to adopt tho principle o f his predecessor, and tho extra shilling would not apply when tho double tax was equal to 6s. Allowances for children would apply to Incomes up to £800, instead o f £700, as at present.

According to the now taxation, tho supertax would bo 4s. 6d. in thopound, Instead o f 3s. 6d., and would begin with incomes amounting to £2,500, instead o f £3,000. Tho Chancellor said that farmers Would bo taxed on tho assumption that their profits wero twico their rentals. Tho present law assumes that a farmer’s income is exactly equal to his rontal.

The spirit duty would be increased from 14s. 9d. a gallon to 30s., bring ing in £5,500,000 this year. Tho beer duty would bo raised from 25s. to 50s. a barrel, and would bring in £9,700,000 this year. l ie had no doubt that at tho prices to bo fixed by tho Food Controller tho trado could bear tho burden and still make a good profit.

Tho tobacco duty would bo raised from 6 shillings 5 pence to 8 shillings 2 pence a pound. Tobacco was under tho control o f tho Tobacco Controller, and the result o f tho increased tax would be that tho retail price would be fixed at 2 penco more per ounce, not all o f which, however, would com e out o f the consumer. Under this now scale the import o f 6,000 tons o f tobacco would give a revenue o f £5,500,000 this year. There would bo a small additional duty on matches, bringing in £600,000. I ho sugar tax would bo increased by 11 shillings 8 pence per hundredweight, which would oring In this year £1 2.400,000, and in a full yoar£13,200,000.

Tho Chancellor announced a new tax on luxuries, along tho lino o f the French method o f taxing these articles, details o f which would bo arranged by a special committee. It would bo higher than tho tax in Franco and would bo 2 pence i i the shilling, to bo collected by stamps.

Tho Chancellor said that the Issue o f tax-freo 4% war Donds would cease from to-day. It was proposed to substitute similar bonds to bo issued at 1 0 1 instead o f at par, which Would give a slightly lower yield on the basis o f a 6% income tax.

The national debt o f Great Britain at tho end o f the present year, said M r. Bonar Law, would b o £7,980,000,000; tho total debt duo Great Britain from her Allies at tho end o f tho year would be £1,632,000,000.

W ith reference to tho Russian debt, ho said ho did not beliovo it should bo regarded as a bad one, because sooner or later there would bo an orderly Government In Russia. That country’s natural resources wore great, and could be exploited only by tho aid o f capital. Whenever there was a stable Government in Russia foreifgn capital would bo required, and that G overnment would realize that it could not bo obtained unless previous debts were paid.

"National accounts must be kept in tho same way as business accounts," added tho Chancellor, “ and for tho time being wo must make allowauco not only for What is happening in Russia but for tho possibility that at tho end o f tho war wo might not ho able to rely on receiving immediately tho interest justly duo us by all our Allies.”

Ho therefore proposed to take o ff half tho debt o f the Allies as though It wero Great Britain’s liability at tho end o f next year, and also the debts duo from tho dominions in full and tho obligation o f India in full, making a total o f £1,124,000,000.

According to an official statement issued by tho Treasury, under tho now schedule o f taxation the lax on earned incomes up to £500, remains as b e fore— 2 shillings and 3 penco on a pound. Between £500 and £1,000 it has been raised to 3 shillings. From £1,000 to £2,500 the tax will bo 5 shillings and 3 pence.

Tho credit moved by the Chancellor on March 7 and unanimously agreed to by tho House of Commons was erroneously given as £500,000,000 in our issue of March 9; it should have been £000,000,000.

COST OF FLOATING CANADA’S “ VICTORY LOAN.” A . K . MaeLoan, Acting Minister of Finance of Canada,

mado public on April 19 a very interesting statement of tho oxponses incurred in floating Canada’s $150,000,000 “ Victory Loan” of 1917, which attracted 820,000 subscribers, amounting to $419,000,000. Tho allotment of the loan reached $398,000,000. M r. MaeLoan, according to “ Tho Financial Post” of Toronto, went quite fully into the basis on which brokers, bond doalors, canvassers and tho banks wero paid for tlioir services and intimated that ho would later supply

information as to the amounts paid to the newspapers for advertising. The statement referred to follows:

All expenditures in the way o f remuneration to bond dealers and canvassers is divided into three classes, first, remuneration to co-operating bond dealers and brokers; second, commissions (To canvassers; third, remuneration to banks.

As to tho first, remuneration to co-operating bond dealers and brokers, in this loan principle o f co-operation rather than competition among brokers was adoped in order to organize and cover the whole country as effectively as possible. For this work practically tho whole organization o f all bond dealers and brokers was employed. Tho arrangement made by the Minister o f Financo in reference to the remuneration o f these firms was that at the close o f tho loan, after consultation with tho Dominion Executive Committee and the consideration o f any views or recommendations put forward by them, tho amount to be paid would be based on tho value o f tho service rendered in connection with tho campaign b y tho several bond dealers and brokers. Some adjustments may yet have to bo mado, but on April 5 tho total payment under this head was approximately S750. Additional payments may yet have to be mado to brokers. On the other hand, only last week S30.000 was refunded by three o f the principal bond dealing houses o f Toronto, and a few days ago $2,000 was refunded by the Chairman o f tho chief committee in Saskatchewan. Possibly further refunds m ay be mado o f allowances paid to several o f the committees throughout the Dominion.

As to commissions to canvassers, I may say that local canvassers were employed to solicit subscriptions and were given certain territory or lists o f prospective subscribers to cover. Local canvassers were not allowed to solicit subscriptions from those who had been placed on the special subscription list, which composed all prospective subscribers who, under previous loans, had subscribed for bonds, to the amount o f $25,000 or over. That Is, any persons receiving subscriptions from those who had subscribed for sums o f $25,000 or over in previous loans were to receive no commission thereon. Arrangements for subscriptions from these were mado by tho Special Subscriptions Committee, and no commissions were paid upon same.

Tho Dominion Executive Committee was authorized to pay commissions to local canvassers on the following basis:

(а) In all places having a population o f more than 10,000, local canvassers wero to be paid a commission o f A o f 1% upon all subscriptions obtained by them.

(б) In places having a population o f less than 10,000 and in rural sections, canvassers were to bo paid A o f 1% on all subscriptions obtained from their respective sections, whether subscribed directly with tho banks, excluding, o f course, subscriptions from the special list referred to above.

As o f April 5, total disbursements for commissions to canvassers were $1,140,813 75.

As to remuneration to banks, a remuneration to chartered banks o f A o f 1% on the total allotment was paid for receiving subscriptions, payments, delivering interim certificates and definitive bonds, and cashing coupons during the term o f the loan— that is, during tho 5, 10 or 20-year loan periods, as tho case might be. The total amount paid to tho banks for this purpose was $984,395 64. Tho allotment o f tho loan reaching $398,900,000 was 5, 10 and 20-year bonds bearing 5 A % interest. The issue was made at par with the privilege o f deferred payments. It is estimated that the total expenses will reach approximately 1A % o f tho amount allotted. Putting the matter in concise form , the expenses o f tho loan upto date have been as follows:Organization expenses____________________________________________ $376,000For publicity campaign—

(a) Through tho Dominion Publicity Comm ittee--------------------- 163,000(b) Through Can. Press Association (disbursement to date)___ 207,000

For remuneration to brokers and bond dealers------------------- 750,' 00Commission to canvassers_________________________________ 1,140,000Remuneration to banks___________________________________ 984,395

T o t a l ............................. ........................................... .............-T ..............83,620,395In addition to this, there are, o f course, tho departmental expenses for

engraving the bonds, for the staff employed, numbering some 700 persons, in tho Department o f Financo, who have been specially engaged upon this work since last December. It is estimated that tho total cost o f the loan, when finally available, will approximate $5,000,000, or about 1M % o f tho wliolo loan, which I think Is regarded by everybody as a very satisfactory rate.

Tho price o f the securities issued was, o f course, par, but by acceleration o f payments, a slight discount, equal to the rato o f interest which tho bonds bear, namely, 5 A % . was allowed to subscribers. Perhaps I may make that clearer to tho House by saying that if a subscriber paid liis subscription in full on Jan. 2, last, he would pay for Ids bonds at the rate o f 99.107; if ho paid in full on Feb. 1, last, he would pay at the rate o f 99.467; if he paid on Mar. 1, he would pay at the rate o f 99.722; if ho paid on April. 1, ho would pay at the rato o f 99.909, and if ho deferred his payment in full until tho 1st o f M ay, as he might do, he would pay at the rate o f 100%.

U. S. TO FINANCE ALL ALLIES EXCEPT GREAT ■ BRITAIN, WHICH WILL TAKE CARE OF ITSELF.

Reginald McKenna, former Chancellor of tho British Exchequer, in the course of the speech of Bonar Law on the budget, urged that the United States should take over from Great Britain the burden of financing the Allies, while Great Britain confined its attention to financing herself. Tho press dispatches report M r. Bonar Law as interposing to say that was the kind of arrangement he proposed to adopt.

WHAT THE WAR IS COSTING CANADA.Premier Robert Borden during a debate in the House of

Commons at Ottawa on April 22 on this year’s war vote of $500,000,000, gave figures showing that by the end of the present fiscal year Canada will have expended approximately $1,500,000,000 on account of tho war. Concerning tho above tho “Journal of Commerce” of this city in its issuo of April 23 published the following:

Tho Prime Minister produced figures showing that expenditures on war account to date totals $835,950,019, with sotno very largo items for overseas still to come, while the estimates for the present year involve a further expenditure o f $516,000,000. Thus, by the end o f tho present fiscal year tho Canadian Government will have spent on war account something lik


1736 THE CHRONICLE [Vol. 106

$1,500,000,000. This, of courso, does not includo millions o f dollars expended by the various provincial governments, by the municipalities o f Canada, the Patriotic Fund, the Canadian Red Cross Society and other organizations. N or does it tako into account the contributions made by private citizens to tho British Red Cross, the Sccours National and such funds as the Belgian and Serbian Roliof Funds.

Following is the estimated expenditure for military forces for tho present fiscal year, based on an enrollment o f 100,000 men in Canada:

T o be spent in Canada, $217,887,500.T o be spent overseas, $225,162,000.Expenditures to be made by other departments will bring tho total war

expenditures this year up to $516,000,000. The principal items in tho othor departments are as follows:

Now Registration Board, $1,000,000.Department o f Justice, $1,100,000.Marino and Fisheries (for shipbuilding), $34,735,470-Naval Service Department (for naval defense), $19,000,000.Public Works Department, due to need for further Buildings, for mili

tary service, and including cost o f repairs to Government buildings in Halifax, $3,664,000.

Tho Government expects to require some $180,000,000 to pay 110,000 troops in Canada and 290,000 troops in England and Franco, tho respective amounts being $50,187,500 and $132,312,500, besides another big Item o f $115,000,000 to maintain tho troops in France at nine shillings and four pence each per day. Assigned pay o f overseas troops will amount to $54,000,000, while separation allowances will total $21,750,000 for men in Canada and $6,000,000 for men overseas. Rations for 110,000 troops in Canada at 50 cents per day will cost the Government $20,075,000, and for 150,000 men in England at 38% cents per day, $21,000,000. The estimated cost o f clothing for tho troops in Canada and England is $19,080,000; outfit allowance to officers, nursing sisters and warrant officers, $1,700,000; equipment, not including rifles, machine guns, small arms, & c., will cost $20,000,000; ammunition is to cost $5,000,000, and machine guns $2,000,000. ■

M ost o f the ammunition is to como from tho Lindsay Arsenal; medical services overseas will cost $2,800,000; ocean transport. $4,612,500; railway transport, $11,062,500, and veterinary services overseas, $3,000,000.

The estimate o f $15,675,000 Is for tho railway and ocean transport of100.000 men eastward. In other words, tho Government estimates that transportation will cost an average o f about $150 per man for each o f the100.000 men to be sent to tho front under tho Military Servico A ct.

Soldiers’ civil re-establishment, $12,000,000.Premier Borden submitted a memorandum outlining the war expen

diture o f tho Dominion since 1914. The memorandum gavo the expenditure o f each Government department. Tho totals were: 1914-1915$60,730,476; 1915-1916, $166,197,755; 1916-1917, $306,488,814; 1917 to April 8 1918, $302,532,974.

Tho principal items were :Militia and Defense— 1914-1915, $53,176,613; 1915-1916, $160,433,416;

1916-1917, $209,291,030; 1917-1918, $279,636,290.Department o f Justice— 1914-1915, $254,945; 1915-1916, $1,287,693;

1916-1917, $1,248,415, 1917-1918, $1,673,801.Naval Servico— 1914-1915, $3,096,125, 1915-1916, $3,274,019; 1916

1917, $3,806,329; 1917-1918, $10,026,030.In 1916-1917 tho expenditure o f tho M ilitary Hospitals Commission

was $1,378,078; in 1917-1918 it was $9,203,396.

BRITISH GOVERNMENT’S ANNOUNCEMENT CONCERNING COUPONS ON RUSSIAN BONDS.

Tho British Government’s announcement with regard to the provision made to meet coupons payable in London on Russian Government bonds (to which wo referred in these columns March 30) was published as follows in tho London “ Stock Exchango Weekly Official Intelligence” of that date:

The Press Bureau issued the following notice on March 27 1918:Tho British Government havo up to March 31 1918 provided funds to

meet coupons payable in London on the direct State debt o f Russia and on securities having the State guarantee o f that country. They havo taken this courso hitherto, though under no obligation to do so, but in viow o f the present conditions in Russia they can no longer contlnuo this course. The Chancellor o f tho Exchequer gives notice, thoreforo, that as from April 1 1918 holders o f the securities above specified must no longer look to tho British Treasury for the provision o f funds to meet interest due to them from Russia. At the same time he publishes tho following declaration, which has been agreed upon between the British and French Governments and which will bo published on behalf o f tho French Government in Paris:“ '"T h e Imperial Russian Government "at tho timo wh e n i t~entere(Mnto obligations, was, without doubt, tho representative o f Russia, and definitely pledged that country, and this undertaking cannot bo repudiated by the authorities, whatever they may be, which hold or may hold power in Russia, without the very foundations o f international law being shaken.

“ Otherwise, thero would no longer bo any security in tho relations between Statos, and it would become impossible to entor into any obligation for a long period if this obligation could be questioned.

“ This would entail tho ruin o f the credit of States politically as well as financially. A country would no longer bo aDlo to borrow on normal conditions if lenders should find that their sole guaranty lay in tho maintenance o f tho constitution in virtue o f which tho borrowing Government, as the representative o f its country, mado its request for credit.

‘N o principle is better established than that by which a nation is re- sponsiblefor tho acts o f its Government, and no change in the Government can affect tho obligations previously incurred.

“ The obligations o f Russia continue; they are and will continue to bo binding upon tho now Stato or group o f States Dy which Russia is or will be represented.” __________ ______________________

RUSSIA’S FINANCIAL CONDITION.In reporting on tho financial condition of Russia to the

Central Executive Committee of the Council of Workmen’s and Soldier’s Delegates, M . Gukovsky, tho now Minister of Finance, is said to havo stated that tho semi-annual expenditure would amount to 40,000,000 rubles [so given in dispatch, but obviously wrong.— Ed.]. An Associated Press dispatch from Moscow under date of April 16 (published hero April 22) announces this and adds:

Tho income, tho now Minister said, would amount to about 3,300,000,000, rubles, with no other sources and loans obtainable. Ho added that before tho war a third o f the nation’s incomo was derived from tho vodka m onopoly, which was abolished.

Tho railroads o f the country, M . Gukowsky said, were carrying 70% less freight, whilo tho operation a verst cost 120,000 rubles, against 11,600 formerly. Tho wages of employees had been increased sovoral hundred

per cent, and the hours reduced, necessitating threo and evon four shifts. He said that no taxes were being collected by tho Central Government, as local, city and provincial district Soviets wero lovying contributions at wiil and using the moneys for their onw purposes.

Tho Minister pictured industrial conditions in the blackest colors, citing tho Sormoff Locom otive W orks, which turn out two locomotives a day instead o f eighteen as formerly, making tho cost o f ono iocom otivo 600,000 rubies.

He urged a better administrative scheme, greater co-operation and tho reduction o f oxpenses by decreasing the number o f clerks, officials and officers. He insisted upon the necessity o f securing the co-operation o f industrial, financial and other specialists, without whom tho efficient organization o f Stato machinery was impossible.

M . Gukovsky’s long speoch was received amid dead sllonco and its conclusion was greeted by one solitary handclap.

GERMANY REPORTS RECORD SUBSCRIPTIONS TO ITS EIGHTH WAR LOAN.

Tho subscriptions to the eighth Gorman war loan on April 20 reached a total of morethan 14,550,000,000 marks (S3,462,900,000 at normal exchange), according to an Amsterdam dispatch of April 20, which credited tho figures to a message from Berlin. The total, it was stated, excluded amounts from former loans offered for conversion; it was also said that further small subscriptions remained to be reported. At 14,550,000,000 marks tho amount exceeds the aggregate of tho subscriptions for nay previous loan, the sixth loan, issued in March and April 1917, with total subscriptions of 13,120,000,000 marks, having previously held the record.

Subscriptions to tho loan closed on April 10. Tho amount was unlimited; choico was givon botween 43^s and 5s, and the issue price, as in tho sixth and seventh war loans was 98.

W e referred in these columns March 9 to tho proposed issuance on March 28 of tho eighth war loan. On April 22 Amsterdam advices reported General Ludendorff, in an advertisement to push the German war loan, as declaring:

The eighth war loan must prove our will power, which is tho source o f everything.

On April 10 advices from Amsterdam likewise said:The German war loan propaganda is working under full pressure. Tiio

newspapers are filled with short articles, pithy sayings, drawings and poetical efforts on this subject. President W ilson’s Baltimore speech Is brought into tho propaganda thus: "President Wilson threatens us with force to tho utmost, without stint or limit. We behove ho means it. Therefore hasten ye all and subscribe to tho loan.”

With regard to tho loan, the Vice-President of tho Reichstag, Dr. Hermann Paasche, is reported by Associated Press dispatches from Amsterdam on April 23 to havo said (according to Berlin accounts) with the assembling of that body on the 22d:

Tho success o f the eighth war loan undoubtedly will help to show our opponents, as well as neutrals, to what extont a web of deceit has been woven around Germany, and also to reveal to them tho fact that Germany's internal strength remains unbroken. W o hopo this victory in tho financial field will contribute substantially to tho attainment o f our goal as quickly as possible.

On April 24 the New York “ Times” printod tho following concerning tho campaign for the loan:

In the course o f tho campaign waged for subscriptions for tho eighth German war loan, the total o f which was roported to havo roaclied $3,462,900,000 on April 20, tho “ Cologne Gazctto" asked Iiindonburg and Ludon- dorff to toll its readers why they ought to buy war bonds. Hindonburg’s answer, printed in the Issuo o f March 31, a copy o f which lias just reached Now York, was as follows:

“ The deed is the incorporation o f tho will. It demands the putting into action o f individuality. It is defined by responsibility and conscience. It alone overcomes obstacles and leads to the goal. The deed is not found with the faint-hearted ones and those o f little faith' it is the Germans’ proudest word. The people’s power o f action must not lag, if we, showing ourseives worthy o f our forefathers, want to attain the goal and make things safe for our descendents. Tho eighth war loan calls tho German people to renewed action .”

Tw o days before tho "Gazette” had printed tho following answer from Ludendorff:

"T ho will is the original sourco o f impelling strength, powerful and decisive. In order to accomplish something great, it has a decisive effect upon tho condition of affairs and, in spite of all opposition, it attains apparently unattainable objects. Tho harder tho task the firmer the will, l ie whoso will slackens is last. Just now tho hour demands a compelling will from us again, and the eighth war loan is to demonstrate it.”

Wo also take from the Now York “ Tribune” of April 15 tho following, emanating from its Foreign Pross Bureau, but obviously based on mail advices and written sovoral weoks ago, on tho eve of tho announcement of tho now loan:

Georg Munich, financial editor o f the “ Vossischo Zoitung,” writos that Germany is ready immediately to begin her campaign for tho eighth German war loan, o f tho success o f which he oxprossos his confidence. Ho declares that Germany’s financial condition is oxcollont at tho present, and as an illustration discusses tho finances o f tho Imperial German Bank. He says:

“ The month which we have just entered will bring us 4110 eighth German war loan. This has been clear for a long timo, and with tills consideration many preparations for that groat national task havo been mado. Capital and tho money market havo had timo and rast to got ready for that; thoy have dono it to a considerable oxtont. Every bank balanco, ovory savings bank statement announces this fact. In tho German banks tho doposlts havo multiplied very greatly during tho last year. Tho Secretary o f tho Imperial Treasury, Count von Roodorn, in his speoch in the Reichstag on Fob. 26, placed this incroaso at 5.000,000,000 marks. Also thero is an additional increaso o f 3,500,000,000 marks in tho savings banks. And all took place in 1917, when German capital brought a total o f 25,750,000.000



marks for the sixth and seventh war loans. The sources from which the money for our war loans flows aro Inexhaustible.

‘ ‘In this connection it is interesting to point out tho romarkablo changes in the condition o f the Imperial Bank. At tho end o f 1917 the institute had bills o f exchange to tho amount o f 14.590,000.000 marks. Prom week to week this amount was decreasing very considerably. Tho Imperial Bank’s statement o f Feb. 23 showed bills o f exchange only to tho valuo o f 12,356,000 000 marks. Thus, in tho course o f tho first seven weeks o f the present year tho total sum o f bills o f exchango has decreased by 2,500.000,000 marks. How did that happon? Chiefly thanks to tho sale o f Imperial Treasury bills o f exchango to tho privato banking world. In addition, this readiness to take over tho Treasury notes is not fully explained until wo remember that, in order to cover its war needs, tho I1,nipiro is continually issuing notes to the Imperial Bank. These additional notes, together with tho 2,500,000,000 marks mentioned above, have bono taken up by tho banking world. Furthermore, the Imperial Bank has largo sums o f foreign money. Its account o f ‘daily duo obligations’ (check accounts) reached on Feb 23 not loss than 6,069,000.000 marks, in contrast with the 3,935,000,000 marks o f last year and o f 1,787,000,000 marks o f two years ago.

“ Tho unusual banking conditions which are shown In the balances of largo banks at the end o f 1917 seem to bo exactly the contrary to large check accounts in the Imperial Bank.

“ Wherever we may turn wo seo overywhoro proof that tho German capital and the money market aro very well prepared for tho now war loan. Therefore we cannot doubt its success. This guarantee is strengthened by the way in which the war loan is to be conducted. In spite o f tho large money currency, tho old typo o f 5 % war loans will bo repeated.”

Then tho German writer goes on to show that another reason for the great success o f tho coming war loan is the favorable military situation in which Germany is at present, thanks to peace treaties concluded with liussia and Rumania.

On April 21 Count von Roedorn, Secretary of the Imperial Treasury, speaking on the first reading of tho new taxation proposals in tho Reichstag is reported to have stated that 11,000,000,000 of tho 14,500,000,000 marks subscribed to tho eighth war loan had already beon paid. Discussing tho taxation policy of tho Govornmont, tho Count said that during the war tho indirect taxation had

lb was also pointed out by this official that very little American paper money Is circulated abroad. He said that he could not see any advantage which Germany could obtain by such a procedure.

Un ler tho Trading with the Enemy A ct the President has power to prohibit the exportation o f gold and silver. By a proclamation he has delegated to the Secretary o f the Treasury the carrying out o f this feature o f the law. Exportation o f gold and silver is now prohibited except by a license.

Therefore, in the opinion o f this Treasury official, the reported buying up o f the little American paper money that may be in Europe would be nullified so far as the obtaining o f gold and silver from this country represented by the paper was concerned. As far as could be ascertained tonight the Government has not been informed o f this reported move o f Germany.

Supplementing the above it was also made known in a Washington special to the “ Times” on April 15 that the buying of United States money had extended to other neutral countries. W e quote this dispatch below:

Tho State Department has been notified by the American Legations at The Hague, Copenhagen, and Berne that American paper money is being bought up in Holland, Denmark, and Switzerland. The reason is a mystery to the American diplomatic officers making the reports, but the suspicion is that tho American money is being obtained for the use o f the German Government.

Tho attention o f tho Treasury Department has been called to these reports, and suitable action has been taken. Exports o f American paper money have been or will be prohibited, and passengers from this country for Europe will be limited to comparatively small amounts.

Tho diplomatic reports confirm a special cable dispatch from Berne printed in the New York “ Times” to-day, in which it was said that Germany was purchasing all the available American paper money there. Germany, it was said in the dispatch, was employing every possible agency to get American money out o f Franco, and was using American and allied paper money to maintain the exchange rate on tho mark.

Officials say they aro still mystified as to the purpose, but some o f them have a theory that the paper money is being used to liquidate orders for war supplies in Spain, Holland, Switzerland, Denmark, and other neutral countries o f Europe. It was suggested also to-day (tho 15th) that goods might be bought in Latin American countries with American paper money and shipped to Germany through neutral European countries.

boon considerably lowor than tho direct taxation, and is quoted as adding:

In tfie forthcoming reconstruction o f tho Imperial finances that masterpiece, tho Imperial Constitution, must not bo fundamentally altered. A fundamental taxation division into direct and indirect taxes would bo premature at present.

W e do not yet know tho amount o f indemnity wo shall win.Our taxation legislation need not fear comparison with that o f foreign

countries. Groat Britain’s big taxation achievements show neither a new basis nor an organic reform. American war taxos represent, merely random variation. Tho success o f our loan policy is attributable to a conscientious covering interest on Imperial loans and to balancing tho oudget^

GERMANY'S NEW TAXATION BILLS.Germany’s new taxation bills, approved by tho Bundesrat,

were introduced in tho Reichstag on April 17. Tho proposals include a spirits monopoly and beor and wine taxos. Tho now taxes, so Amsterdam dispatches on April 18 credited a Berlin telegram as stating, aro expected to yield a total of 3,102,000,000 marks and of this 1,000,000,000 marks ($250,000,000) will be obtained by an extension of tho tax on business turnovers while 850,000,000 marks ($212,500,000) will bo derivod from the spirits monopoly. It is also stated that with a viow to preventing evasion, porsons loaving the country must pay personal taxos for five yoars.

PURCHASE OF UNITED STATES MONEY FOR GERMANS BY DANISH AGENTS AND IN

HOLLAND AND SWITZERLAND.The following concerning tho purchaso of United States

money by Danes for Gormans was contained in an Associated Pross dispatch of April 17 from Christiana:

Wholosalo purchaso o f American money, m ostly by Danish agents working for German principals, has cleared tho local market o f American coin and bills. Tho dollar rate paid was 380, against tho normal rato before tho war o f 372 and tho present Official rato o f 315.

Tho action of the Gormans in seeking to buy up all available American papor monoy was dealt with as follows in a special cablo to tho New York “ Timos” from Borne on April 14:

, Germany is purchasing all tho availablo American papor money hero, which sho is importing at tho rate o f several millions weekly from neutrals. Recently tho exchango rate for paper money was tho samo as for checks— 435 francs for 8100. Because o f the German demand tho rato for paper money has Jumped to 637 francs per 3100.

Germany is using every possiblo agency to get American money out o f Franco. Last week an American messenger who had been traveling Weekly between Paris and Bem o was caught bringing several thousand dollars into Switzerland, where ho had beon accustomed to sell to German agents.

American officials have warned Washington to placo an export prohibition on paper money as tho French have done, because Germany is using American and Allied paper money to maintain tho exchango rato on tho mark.

Thoro also appeared in tho samo papor tlio following Washington dispatch, dated April 14, rolativo to tho Borne advices:

Commenting upon tho Berne dispatch reporting that Germany is buying up American paper money, a Treasury official said to-night that if it wore truo, Germany could not receive gold in return for gold certificates represented by papor.

THE ITALIAN GOVERNMENT’S ACTION TO IMPROVE THE EXCHANGE POSITION.

W o reprint from the Now York “ Evening Post” of April 20 tho following:

“ On March 11,” writes the London ‘Bankers’ Magazine,’ “ a now institution commenced business in Italy under the title of the Instituto Nazionale di Cambio. This institution has beon organized by the Italian Government for tho purpose of controlling business in foreign exchango, and, by eliminating tho speculative factor, restoring rates to a level more consistent with the actual trade position o f the country. The now institution is governed by a committee formed o f leading Italian bankers and certain Government officials, while its personnel has been provided by drafts from tho foreign exchange departments o f certain o f the banks.

“ Tho Institution has an absolute monopoly o f all exchango transactions in tho country, and the power to fix rates. Just prior to tho arrangement coming into force, Italian exchango had risen to 40 80 lire to tho pound ■ sterling, but the first quotation fixed by the committee was 41.134$, and since that time business has been done in London at under 41.00. ’

ANALYSIS OF AUSTRIA'S FINANCIAL POSITION.^' The following from the New York “ Evening Post” of April 20 is printed as special correspondence received by that paper from Zurich, Switzerland, under date of March 30:

After forty months’ silence, the Austro-Hungarian Bank is again publishing its reports. But tho Austrian as well as the Hungarian political and military censors have not allowed tho press to make a careful analysis o f tho figures published by tho common Ministry o f Finances. The praises in such Austrian and Hungarian newspapers as have published economic and statistical conclusions concerning the figures, are indicative o f Austro- Hungarian press liberty.

As a matter o f fract, the following figures show the inflation o f notes, from which tho Hapsburg monarchy Is suffering. Tho circulation, in Austrian crowns, was thus at various dates; the third column rendering the amounts into American values:

End of—1 91 3 ..................... -1 91 4 .....................1 9 1 5 .1 91 6 -1 91 7 ------------------

Crowns.2.490.000. 0005.200.000. 000

. 7,200.000.00010.890.000. 00018.440.000. 000

$498,000,0001.040.000. 0001.440.000. 0002.178.000. 0003.688.000. 000

The Pace of Currency Inflation.This shows that the rate o f increase o f circulation is becoming faster and

faster. In 1915, ono could believe that tho increase o f the circulation o f notes was chiefly due to the extension of territory in Poland and Serbia, where these notes circulate as well. But in 1917, the monthly increase o f circulation was so enormous that it would servo by itself as explanation o fthe great rise in prices.

In normal times, the Austro-Hungarian Bank issued notes, o f course, on gold cover or against discount o f commercial bills. Since the war broke out commercial bills almost disappeared from tho market, but private people addressed themsolves to the bank for loans on securities. At tho end o f 1917. 20% o f the circulating notes were Issued against such loans on securities. As to the gold cover, it was steadily decreasing. The gold cover was 22 9% at the end o f 1914, 9 .4% at the end o f 1915, and 1.6% at the end o f 1917. .

Tho Austrian note is now practically nothing more than a State issue, which distinguishes itself from a war-loan scrip only by the absence o f the interest coupons. The only efficient means o f stopping this watered circulation, with its diminishing buying power, would be the raking-in o f tho superfluous notes by a high war tax or by subscriptions to a big warloan.

Can the Position be Improved?But political reasons make it impossible in Austria-Hungary to introduce

a sufficiently high war tax, or to get from an opposition majority o f the population sufficient war-loan subscriptions. Consequently the responsible authorities aro trying to find new means— namely, replacing tho banknotes through Austro-Hungarian bank bonds bearing interest coupons. B y


1 7 3 8 THE CHRONICLEissuing such a substitute, they hope that people who had not sufficient contidcnco cither in tho Austrian or in tho Hungarian war loan, would bo ready to buy Austro-Hungarian war loan for investment purposes.

Hut that is a mothod which demands tho confidence o f the citizens in tho State. Tho Austro-Hungarian population lent to the State against its will 13 millions in tho form o f banknotes. For three years past, Austria and Hungary havo offered to their subjects their respective “ debentures.” I f there existed any inclination to buy investments o f that sort, tho people would have done so without waiting for this new sort o f Austro-Hungarian debentures.

NEW YORK SA VINGS BANKS A UTHORIZED TO INVESTIN BANKERS’ ACCEPTANCES AND BILLS OF

EXCHANGE—OTHER IMPORTANT CHANGES.Governor Whitman on April 22 signed the bill passed by

tho 1918 New York State Legislature and published in full in these columns on April 6 (page 1513), amending the savings bank investment law by adding a new sub-division (No. 11) authorizing savings banks in this State to invest in bankers’ acceptances and bills of exchange to the extent of 5 % of their total deposits. Under the provisions of tho new law tho acceptances bought must be acceptances of banking institutions incorporated under tho laws of New York or under the laws of the United States and having their principal plaeo of businoss in tho Stato of New York. For tho benefit of our readers we aro reprinting the Act (Chapter 270) herewith:A N AC I to amend tho banking law, in relation to tho Investment o f tho

deposits and guaranty fund o f savings banks in bankers’ acceptances and bills o f oxchango.

The People o f the State o f N ew York, represented in Senate and Assem bly, do enact as follows

Section 1. Section 239 o f Chapter 369 o f tho laws o f 1914, entitled "A n A ct in relation to banking corporations, and individuals, partnerships, unincorporated associations and corporations under tho supervision o f the Banking Department, constituting Chapter 2 o f tho consolidated laws,” as amended by Chapter 515 o f the laws o f 1915 and Chapter 363 o f tho laws o f 1916, is hereby amended by adding at tho end thereof a now subdivision to road as follows:

1 i . Bankers’ acceptances and bills o f oxchango o f tho kind and maturities made eligiblo by law for rediscount with Federal Reservo banks, provided the samo aro accepted by a bank, national banking association or trust com pany, incorporated under tho laws o f tho Stato o f Now York or under tho laws o f tho United States and having its principal place o f business in tho Stato o f Now York. N ot moro than 20% o f tho assets o f any savings bank less tho amount o f tho availabio fund held pursuant to the provisions o f Section 251 o f this chapter, shall bo invested in such acceptances. Tho aggregate amount o f tho liability o f any bank, national banking association or trust company to any savings bank for acceptances held by such savings bank and deposits mado with it shall not exceed 25% o f tho paid-up capital and surplus o f such bank, national banking association or trust company, and not more than 5% o f tho aggregate amount credited to tho depositors o f any savings bank shall bo invested in tho acceptances o f or doposited with a bank, national banking association or trust com pany o f which a trustee o f such savings bank is a director.

Sec. 2. This Act shall take effect Immediately.Approved April 22 1918.Shortly after tho bill had become a law tho Emigrant In

dustrial Savings Bank of this city purchased from tho N ational City Bank 8100,000 ninoty-day bills at 4 3 -16 % discount. In commenting upon tho new law, John C. Pulleyn, President of the above-mentioned savings bank and who, it is said, was instrumental in having the law enacted, had tho following to say:

Savings banks under tho now law will now b e ablo to havo an increased percentage o f liquid assets and at the samo time will establish closer relations with tho Federal Rescrvo system.

Tho now law means better service to all savings bank depositors, better security for their funds and greater co-operation on their part with our Government in its present great task o f winning tho war.

Two other laws, the full text of which was published in tho “ State and City Department” of our issuo for April 13 (page 1596), were placed upon tho statute books by the 1918 Legislature affecting tho savings bank investment laws of this State. Tho first of these (Chapter 95, Laws of 1918) amends subdivision 8 of Section 239 of Chapter 369, Laws of 1914, as amended by Chapter 363, Laws of 1916, in relation to the investment by savings banks in promissory notes. This section, which permits the investment by savings banks in promissory notes when pledged and secured by the assignment of stocks or bonds as enumerated in Sections 1, 2, 3, 4, 5 and 10 of subdivision 8, has been amended by adding two now paragraphs so as to include notes secured by savings bank passbooks and by the assignment of one or moro first mortgages on real estato situated in the Stato of New York.

The other measure (Chapter 96, Laws of 1918) amends subdivision 5 of Section 239 of Chapter 369, Laws of 1914, in relation to investments by savings banks in tho stock or bonds of certain incorporated cities throughout the United States. This section has been amended by granting such institutions much broader authority to invest their funds in the securities of municipalities in contiguous States. Formerly the qualifications and limitations for municiplities in theso States were the samo as for those in other States. Now it is provided that they may invest in the stocks or bonds of any incorporated city, county, village or town, situated in ono of the States of the United States which adjoins the State of New York.

[Vol. 106.

GROWING NUMBER OF TRADE ACCEPTANCE USERS— COMMITTEES REPRESENTING STATE BANKERS’

ASSOCIATION.A list of committeemen representing the various bankers’

associations on tho American Trade Acceptance Council appears in tho “Journal of the American Bankers’ Association” for April.

Jerome Thralls, Assistant Secretary of the American Trade Acceptance Council, calls attention to tho fact that two big corporations have already been formed in Now York City and a third is under way which will deal in trade acceptances, both foreign and domestic. He adds:

Tho prospects for a wide market for this character o f paper is assured. Tho number o f users is growing rapidly. Tho latest available statistics show that about 3,500 firms, representing practically every lino o f industry in America, aro using tho trade accoptanco with results that aro entirely satisfactory.

A conferonco o f prominont bankers will bo hold in Now York City M ay 4 1918 for tho purpose o f considering tho substitution o f tho trado accoptanco for tho present method in financing the movement o f cotton.

RESERVE BANKS TO DISCOUNT NOTES GIVEN IN PAYMENT FOR FARM TRACTORS.

Referenco to tho issuance by tho Federal Reservo Board of instructions to Federal Reserve banks authorizing tho accoptanco for rediscount as agricultural papor of notes given by farmers in payment for farm tractors, was mado in theso columns April 6, pago 1409. Tho following is tho Reserve Board’s ruling, announced under dato of March 27, and appearing in the “ Federal Reservo Bulletin” for April:

The Board has received many inquiries o f lato as to tho eligibility o f notes given by farmers in payment o f tractors used by them in agricultural operations. Tiie Board has already ruled that notes given for tho purchase prico o f farm implements which are to bo resold may bo discounted as commercial paper, and if tho implements aro not to be resold but are to bo usod for an agricultural purpose notes given in payment may bo discounted as agricultural paper. Tho Board has considered tho question whether a tractor can bo regarded as a farming implement or whether it must bo treated as a permanent fixed investment. While it Is expected that tho uso o f a tractor will bo extended over several soasons, this circumstanco does not mako necessary tho classification o f a tractor as a fixed investment. Horses and mules bought for farm work are purchased witli several years’ uso in view, yet thero can bo no question that a note given by a farmer in payment o f a pair o f mules to bo used in farm work, maturing within six months, is oligiblo as agricultural papor. Where tractors aro used to supplomont tho work o f horses or mules or aro used altogether instead o f theso animals, it seems to the Board that notes given by farmers for tho purchaso prico o f tractors, and maturing within six months, should bo admitted to discount as agricultural paper, and you aro requested to adviso your mombor banks accordingly.

March 27 1918. ________________

FEDERAL RESERVE BOARD’S RULING CONCERNING CATTLE AS READILY MARKETABLE COMMODITY. The Reservo Board has issued a ruling holding that a

bankers’ acceptance secured by chattel mortgago on cattle is not eligiblo for Reserve banks. The ruling appears in tho “ Federal Reserve Bulletin” for April as follows:

An informal ruling of the Board is published on pago 65, Vol. 2, o f tho “ Federal Reserve Bulletin” [Fob. 1 1916] to tho effect that it is the vlow o f tho Board that cattio should bo considered as a readily markotabio com m odity and that a Federal Itoservo bank may consider as eligiblo a bankers’ acceptance secured by a chattel mortgago on cattio.

This has apparently been construed to moan that a national bank may accept drafts if secured at tho time o f acceptance by a chattel mortgago on cattio.

In tho particular instance in which this ruling was mado tho drafts woro drawn against a trust company which was not a member o f tho Federal Reservo system, and tho question beforo tho Board was whether or not this bankers’ accoptanco was eligiblo for discount by a Federal Reservo bank and not whether a national bank was authorized to accept drafts or b'lls o f exchango secured by a chattel mortgago. As tho languago o f tho ruling is, however, suscoptiblo o f this interpretation, tho Board desires to correct any misapprehension on tho subject and has ruled that drafts or bills o f oxchango drawn hi domestic transactions against a national bank cannot, under authority o f Section 13, bo accepted when socurod by a chattel mortgage on cattle, but only when accompanied by shipping documents or when secured by a warehouse receipt or other similar documents convoying or securing title to readily marketable staples.

While cattle may be treated as roadily markotabio staples, a chattel mortgago is not considered a document similar to a warchouso rocoipt since tho borrower retains tho possession o f tho goods and convoys to tho bank only tho legal title.

Tho Board having reached tho conclusion that national banks aro not authorized to accept bills secured by chattel mortgages on cattio, dooms it advisablo that Federal Reservo banks should consider as ineligible bills drawn against tho security o f such chattel mortgages, whother accepted by member or non-member banks.

March 29 1918. ______

GOLD TURNED OVER TO CHICAGO FEDERAL RESERVE BANK BY CONTINENTAL & COMMERCIAL

NATIONAL BANK.On April 13 tho Chicago “ Herald” announced that 83 ,

0 0 0 ,0 0 0 in gold coin and gold certificates had been turned over to the Chicago Federal Itoservo Bank on tho 12th inst. by tho Continental & Commercial National Bank. Tho transfer, it was said, was in accord with tho general purposo of the bank to strengthen its reservo. It was pointed out that the amount would provido tho necessary basis for 87-


Apr. 27 1918.] THE CHRONICLE 1 7 3 9500,000 of additional Federal Roserve notes. George M . Roynolds, President of the Bank, was quoted to the following effect:

I f wo had retained the gold in our vaults wo woidd have been contributing to an entirely unnecessary form o f hoarding. The gold is perfectly safo in tho Federal Reserve Rank, where it will also bo useful, and for us to continuo to hold it would have boon not only useless but unpatriotic.

AVo shall conlinuo to turn over to tho Reserve Bank such gold as we accumulate in substantial amounts. There is no reason wiiy any bank or any individual in tho United States should hoard gold.

ALLEGED EFFORTS TO DISCREDIT FEDERAL FARM LOAN SYSTEM.

Tho Foderal Farm Loan Board yesterday issued tho following statement concerning allogod efforts to discredit tho Farm Loan systom:

Liberty Bonds Ilcld by National Banks. Tho total amount o f Liberty bonds held by tho national

banks on March 4 1918 was on ly_______________________ $433,73S,000or about 7% o f the total o f Liberty bonds issued to date,

while tho amount loaned by national banks on Liberty bonds on March 4 1918 was only_______________________ 299,684,000

Experience of State Banks in Virginia and North Carolina.Reports o f the condition o f State banks in Virginia and North Carolina

to Dec. 31 1917 show the following rosults in compairson with the previous year:

Virginia. North Caro.Increase in resources.................. ........ ..........................-824,026,000 836,434,000In North Carolina deposits increascd-831,000,000 In Virginia deposits increased_______ 18,489,000

Canada.From July 1914, just prior to tho beginning o f the war, the

savings deposits o f the Dominion were__________________ $663,650,000On Jan. 1 1918 they were approximately................ ................... 1.000,000,000

This growth is attributed to tho increase in the wages o f workers and the impetus to tho habit o f saving.

A group o f Kansas mortgage bankers, in a further effort to discredit tho Federal Farm Loan system, has gone to tho trouble and expense o f getting from abstractors and registers o f deeds particulars as to noarly two thousand loans made In that State by the Federal Land Bank o f W ichita. This information includes In eacli caso tho amount o f tho loan, tho assessed valuation o f land and buildings, tho number o f acres and tho description o f tho land as to location. This list has been furnished to members o f Congress and to newspapers and periodicals who could bo relied upon to exploit It.

It indicates that the aggregate o f these loans amounts to 73% o f tho assessed valuation for purposes o f taxation o f tho properties mortgaged, and its pertinence is based upon tho very doubtful assumption that assessments for taxation represent full value. Tho fact is that in Kansas assessments o f farm lands average about two-thirds o f actual values, and that, while iti some cases they may represent a larger proportion, in many other cases tlioy represent a much smaller proportion.

Out o f tlds list o f noarly two thousand loans a Boston financial weekly has picked eighteen where tho loan exceeds the assessment, and promises to parade them In its next issue as “ oxcesslve loans” which make “ sorry sort o f security for bonds.” AVitli a fine appreciation o f where such lltcraturo may bo expected to find a sympathetic reception, it Is circularizing banks and (jankers supposed to bo Interested in selling tiioir own farm loans, assuring thorn that “ this article is certain to create a profound impression,” and that "tho effect o f the articlo cannot help but bo to turn tho attention o f Eastern investors toward good farm mortgages.” Tho circular concludes with a statement o f tho terms upon which oxtra copios may bo had in quantity.

Tho matter has been called to the attention o f tho Farm Loan Board by tiio President o f a bank In N orth Dakota, who was the recipient o f one o f tho circulars, and wrote to tho Board: “ I f this articlo wero based on conditions In North Dakota, It would bo extremely misleading and unjust, for tho reason that assessed valuations hero are Invariably from 20% to 30% o f tho actual value, in spito o f tho fact that tho law says that real property shall bo assessed at Its full value.” As a matter o f fact, there is scarcely a State in tho Union where such a statement Would not bo misleading and unjust, because there aro very few Statos where assessments o f farm lands approximate market value. In somo Statos they aro half o f real values, and In other States a third, while in still other States they aro so irregular that they constitute no possible criterion o f values. Tho Whole matter is o f interest only as showing tho amount o f money which private loaning agencies aro willing to spend in efforts to discredit tho Farm Loan system and tho unscrupulous uso which they aro willing to make o f tho material that they collect.

Harris, Forbos & Co. havo also issued a statement covoring much tho same ground as the above and which therefore it is not necessary to reproduce horo, except as to one point, Avliich wo quo to lioroAvith:

As a matter o f fact, tho Federal Land banks havo a double protection for tho law requires two separate appraisements to bo mado. The first appraisement is mado by a committee who by reason o f their ownership o f stock in a Farm Loan association becamo part guarantors o f tho payment o f tiio principal and interest o f the loan, and it Is to their interest to seo that conservative valuations aro placed upon property. A second valuation is mado by an officer appointed by tho Farm Loan Board, which is ono o f tho Bureaus o f tho Treasury Department o f tho United States. There could bo no more conservative or better method o f valuation.

INCREASE IN DEPOSITS NOTWITHSTANDING LIBERTY BOND OFFERINGS.

Supplementing tho figures mado public by tho Comptroller of tho Curroncy last week (givon in theso columns on pago 1623) regarding tho exceptionally favorablo position of tho national banks to assist in tho financing of tho Third Liborty Loan tho Fedoral Resorvo Bank of Richmond has issued a circular pointing out tho notoAvorthy increase in doposits of Stato institutions as Avoll as national, Avliich havo dissipated tho fears that tho taking of Liborty bonds by tho peoplo Avon Id bring about heavy AvithdraAvals in doposits. Tho circular also alludes to tho groAvth in savings accounts in Canada and Groat Britain. Wo reproduce it lioroAvith:

April 19 1918.To the Banking Institutions of the Fifth Federal Reserve District:

Prior to tiio opening o f tiio First Liberty Loan Campaign, tho fear was entertained and frequently expressed by many bankers, particularly in tiio smaller banks, that tho peoplo could not absorb tho bonds without withdrawing dopolts heavily.

AVhat has boon tho result?Tho Comptroller In his preliminary report o f tho condition o f tho national

banks on March 4 1918 makes tho following statoment:Marcli 5 1917, total deposits national banks_____________ $12,957,000,000March 4 1918, total doposits national banks_____________ 14,437,589,000

Increaso.......................................................................................... SI .480,589,000

Great Britain.AVitliin approximately tho same period, tho deposits o f tho

London banks increased over_____________________________ $1,700,000,000while all the 34 banks o f England, with their branches, report

■an increase o f deposits in 1917 alone o f about...................... 1,000,000,000New York State.

The State Superintendent o f Banks in New York State reports that tho savings banks o f the Stato report the total amount to the credit of savings depositors on Jan. 1 1918ab« l , t --------------- ------------------------------ ------------- -------------------- $33,000,000greater than on the samo date o f 1917.M oreover the number o f depositors had increased 42,900.Tho impression has prevailed in somo quarters that money subscribed

for war purposes was being withdrawn from tho interior and piled up in the banks o f the North and East.

Tiio Comptroller’s report for Dec. 31 1917 shows that tho deposits o f the national banks o f New York, Massachusetts and Pennsylvania decreased 3359,000,000 from N ov. 20 1917 to Dec. 31 1917, while tho aggregate deposits o f the national banks in all tho other States increased $6,395,000.

Fears of Shrinkage of Bank Deposits Should Be Dismissed.Bankers everywhere should dismiss their fears o f shrinkage o f deposits

during a period o f enormous business expansion. The two cannot go together.

Confidence in tho new banking machinery has prevented tho only kind o f deposit slirinkage which would warrant any fear— that is, withdraw and hoarding by panicky depositors.

Encourage Depositors to Buy Liberty Bonds.Banks should therefore give every possible encouragemont to depositors

o f overy kind, big and little, to buy Liberty bonds. If necessary to borrow in order to buy, borrowing for any reasonable period should be encouraged, to bo paid back out o f future income, whether from the gathering o f tho harvests or tho profits o f manufacture. Any temjjorary shrinkage o f deposits can bo taken care o f by borrowing, for which tho most liberal provision will be made. Tho whole country is now working directly in tho interest o f tho banks by preaching the habit o f saving. Tho ultimate results will outstrip in benefit any movement the banks could undertake for themselves.

Respectfully,GEO. J. SEAY, Governor.

AMENDMENTS TO FEDERAL RESERVE ACT PASSED BY HOUSE.

A bill authorizing national banks to engage in fiduciary business in competition with trust companies was passed by tho House on April 24. It is stated that the effect of tho bill would be to eliminate discrimination where State laAvs favor Stato institutions. The bill Avould also extend penal provisions for embezzlement and other offenses against banks to officers, directors, agents or employees of Federal Reserve banks; give the Reserve Board discretion in the grouping of member banks in each district so as to arrange directorates equitably, and authorize the issue of Federal Reserve notes in denominations of $500, $1,000 and $10,000.

Tho House also passed on April 24 a bill introduced by Representative Glass of Virginia, limiting the amount national banking associations may invest in a bank or office building and site to not more than its paid-in and unimpaired capital stock. Other provisions would require directors of a national bank to qualify Avithin sixty days after their selection, would authorize the signature of bank officers to notes of issue to be engraved as well as written, and would require banking associations going into liquidation to deposit Avith the Treasury ninety days instead of six months money sufficient to meet outstanding circulation.

Favorable report upon an Administration bill introduced by Senator Shafroth, of Colorado, providing for the guarantee of deposits not exceeding $5,000 in national banks which may become insolvent was ordered on April 24 by the Senate Banking and Currency Committee.

BILL PROVIDING FOR MELTING OF SILVER DOLLARS ENACTED INTO LAW.

Tho so-called Pittman bill, providing for tho melting of 350,000,000 silver dollars into bullion to be used in payment of foreign trado balances, was signed by President Wilson on April 24. Tho bill proposes the retirement of silver


1 7 4 0 THE CHRONICLE [Vol. 106

certificates concurrent with the melting of the silver dollars and for the purohaso of silver at not more than SI an ounce to replace that meltod, thus virtually fixing the price of silver. Settlement of trade balances with silvor was determined upon in order to conserve the gold supply. To supply currency to take the placo of the silver or silver certificates withdrawn from circulation tho Foderal Rosorve Board is authorized to issuo Federal Resorvo Bank notes, based on tho security of Unitod States certificates of indebtedness or of United States one-year gold notes.

In tho form in which it was originally introduced in tho Senate tho bill had proposed that $250,000,000 bo retired for the purpose, but tho Sonato Committee on Banking and Curronoy amended it so as to mako tho amount $350,000,000, and as changed it passed tho Sonato on April 18. Tho Senato amended the bill by adding a now section (No. 9) which stipulates that tho provisions of Title V II of the Espionago Act (dealing with exports of prohibited articlos) and the powers conferred upon tho Prosidont undor subsection b of Section 5 of tho Trading With tho Enemy Act (dealing with suspension or limiting of the provisions of tho Act as applied to an ally of enemy), “ shall, in so far as applicable to tho exportation from or shipment from or taking out of tho Unitod States of silver coin or silvor bullion, continue until the not amount of silvor roquirod by Sec. 2 of this Act shall have boon purchased as therein provided.” Section 8 was also amended by tho Sonato through tho striking out of tho words “ that nothing in this Act shall bo construed as repealing or restricting tho right of Federal Reserve banks to issuo Federal Reservo Bank notes undor tho authority of tho Fodoral Roservo Act” and making tho section read: “ that except as herein provided, Fedoral Reservo Bank notes issued undor authority of this Act, shall bo subject to all existing provisions of law relating to Federal Reservo Bank notes.” Other differences between tho original bill and tho bill as finally enacted (tho House mado no changes in it, passing it on April 22 oxaotly as it camo from tho Senate) aro indicated in Italics in tho text of the now law which wo give below:

AN A C T T o conservo tho gold supply o f the United States; to permit the settlement in silver o f trado balances adverso to tho United States; to provide silver for subsidiary colnago and for commercial uso; to assist foreign governments at war with tho enemies of tho United States; and for tho above purposes to stabilize tho prico and encourago the production of sliver.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled. That tho Secretary o f tho Treasury Is hereby authorized from timo to time to molt or break up and to sell as bullion not in excess o f threo hundred and fifty million standard silver dollars now or hereafter held in tho Treasury o f tho United States. Any silver certificates which may bo outstanding against such standard silver dollars so melted or broken up shall bo retired at tho rate o f $1 faco amount o f such certificates for each standard silvor dollar so melted or broken up. Sales o f such bullion shall bo mado at such prices not less than SI per ounce of silver one thousand fine and upon such terms as shall bo established from timo to timo by tho Secretary o f tho Treasury.

Sec. 2. That upon every such salo o f bullion from timo to timo tho Secretary o f the Treasury shall immediately direct tho Director o f tho M int to purchaso in the United States, of the product of mines situated in the United States and of reduction works so located, an amount o f silver equal to three hundred and soventy-ono and twenty-fivo hundredths grains o f pure silver In respect o f every standard silver dollar so molted or broken up and sold as bullion.Such purchases shall bo mado In accordance with tho then existing regulations o f tho M int and at tho fixed prico o f $1 per ounce o f silver ono thousand fine, delivered at tho option o f tho Director o f tho Mint at Now York, Philadelphia, Denver, or San. Francisco. Such silver so purchased may bo resold for any o f tho purposos hereinafter specified in Section 3 o f this A ct, under rules and regulations to bo established by the Secretary o f tho Treasury, and any excess o f such silver so purchased over and above tho requirements for such purposos, shall bo coined into standard silver dollars or held for tho purposo o f such colnago, and silver certificates shall be issued to the amount of such coinage. Tho net amount of silvor so purchased, after making allowanco for all resales, shall not exceed at any ono timo tho amount needed to coin an aggregate number o f standard sliver dollars equal to tho aggregate number o f standard silvor dollars theretoforo molted or broken up and sold as bullion undor tho provisions o f this A ct, but such purchases o f silver shall contlnuo until tho not amount o f Silver so purchased, after making allowanco for all resales, shall bo sufficient to coin therefrom an aggrogato number o f standard silver dollars equal to tho aggregate number o f standard sliver dollars theretoforo so melted or broken up and sold as bullion.

Sec. 3. That sales o f silver bullion under authority of this Act may bo mado for tho purposo o f conserving tho oxisting stock o f gold in tho United States, o f facilitating tho sottlemont in silver o f trado balances adverso to the United States, of providing silver for subsidiary colnago and for com mercial uso, and o f assisting foreign governments at war with tho enemies o f tho United States. Tho allocation o f any silver to tho Director o f tho M int for subsidiary colnago shall, for tho purposes o f this A ct, bo regarded as a sale or resale.

Sec. 4. That tho Secretary o f tho Treasury is authorized, from any moneys In tho Treasury not otherwise appropriated, to roimburso tho Treasurer o f tho United States for tho difference between the nominal or faco value o f all standard silver dollars so melted or broken up and tho valuo o f tho sliver bullion, at $1 per ounco o f silver ono thousand fino, resulting from the molting or breaking up o f such standard silver dollars.

Sec. 5. That in order to prevent contraction o f tho currency, tho Foderal Roservo banks may bo either permitted or required by tho Federal Reservo Board, at tho request o f tho Secretary o f tho Treasury, to issuo Federal Roservo Bank notos, in any denominations (including denominations o f SI and $2) authorized by tho Federal Reserve Board, in an aggrogato amount not exceeding tho amount o f standard silvor dollars melted

or brokon up and sold as bullion undor authority o f this A ct, upon doposit as provided by law with tho Treasurer o f tho United States as security therefor, o f Unitod States certificates o f indebtedness, or o f United States one-year gold notos. Tho Secretary o f tho Troastirery m ay, at his option, extend tho timo o f payment o f any maturing Unitod Statos certificates o f indebtedness deposited as socurity for such Fodoral Reservo bank notes for any period not exceeding ono year at any ono extension and may, at his option, pay such certificates o f indebtedness prior to maturity, whether or not so extended. Tho deposit o f United States certificates o f indebtedness by Federal Roservo bansk as socurity for Foderal Reservo Bank notes under authority o f this Actfsliall bo deemed to constitute an agreomont on tho part o f tho Federal Roservo bank making such doposlt that tho Secretary o f tho Treasury may so oxtond tho timo o f payment o f such certificates o f indebtedness boyond tho original maturity dato or beyond any maturity dato to which such certificates o f indobtodnoss m ay have been extended, and that tho Secretary o f tho Troasury may pay such certificates in advance o f m aturity, whether or not so extended.

Sec. 6. That as and when standard silver dollars shall bo coined out of bullion purchased under authority o f this A ct, tho Federal Reserve banks shall be required by tho Federal Reserve Board to rotiro Roservo Bank notes issued under authority of Section 5 of this Act, if then outstanding, in an amount equal to tho amount o f standard silver dollars so coined, and tho Secretary o f the Treasury shall pay o ff and cancel any United Statos certificates o f indebtedness deposited as security for Federal Reserve Bank notes so retired.

Sec. 7. That the tax on any Federal Roservo Bank notes Issued undor authority o f this A ct, secured by tho deposit o f United Statos certificates o f indebtedness or United States one-yoar gold notos, shall bo so adjusted that tho not return on such certificates o f indobtodnoss, or such ono-yoar gold notes, calculated on tho faco valuo thereof, shall bo equal to tho not return on United States 2% bonds, used to sccuro Federal Roservo Bank notes, after deducting tho amount o f tho tax upon such Federal Reserve Bank notes so secured.

Sec. 8. That except as herein provided. Federal Roservo Bank notes issued under authority o f this A ct, shall bo subject to all existing provisions o f law relating to Federal Reserve Bank notos.

Sec. 9. That tho provisions o f Title V II o f an Act approved Juno 15 1917, entitled “ An Act to punish acts o f interference with tho foreign relations, tho neutrality, and the foreign commerce o f tho United Statos, to punish espionage, and better to enforce tho criminal laws o f the Unitod States, and for other purposes,” and tho powers conferred upon tho President by subsection (ft) o f Section 5 o f an A ct approved Oct. 6 1917, known as tho "Trading with tho Enemy A ct ,” shall, in so far as applicable to tho exportation from or shipment from or taking out o f tho United States o f silver coin or silver bullion, continuo until tho not amount o f silver required by Section 2 o f this A ct shall liavo been purchased as therein provided.

Approved April 24 1918.

Commenting on the bill and indicating tho reasons that evidently prompted many Representatives in voting for the measure, Congressman McFaddon, during tho brief debate in tho House on the 22d, said:

M r. Speaker, in two minutes I cannot go vory far in a discussion o f this measure. I do feci, liowover, that as a member o f the Banking and Currency Comm itteo somo explanation should bo mado by mo as well as by tho other members o f that committeo. Tho facts have been pretty well stated in connection with this bill. I do not bcliovo thore Is a member o f this committeo hero who, under ordinary circumstances, would support this bill or who would support it now except for tho fact o f tho extromo necessity for this special legislation, as pointed out by tho President, the Secretary o f tho Troasury, tho Director o f the M int, and the Governor o f tho Federal Reserve Board, all pleading for tho Immediate passage o f this bill. In connection with this argumont thero is ono point that has not been covered. I should like to mention that, and it is this, that this §350.000,000 silver, which is now held by tho Treasury o f tho United States, is a trust fund; that silver certificates aro outstanding against that fund, and they must bo redeemed before this coin can bo released. Thero aro now about $39,000,000 o f thoso silver certificates hold by tho Treasury Department at this timo, which, when this authority is given, will permit the cancellation o f and tho molting up o f these silvor dollars held as security for this amount. I hopo tho Treasury Department, in tho administration o f this law wlion it is passed, Will bo careful to see that none of the trust obligations aro violated in tho handling o f this transaction. This sacred trust must not bo violated under any circumstances.

In connection with tho Issuanco o f Federal Reservo bank notos, a wholo lot might bo said that cannot now bo said in connection with this debato. Whon we passed tho Federal Reservo A ct wo practically repudiated tho bond-secured note-circulation proposition. In this lnstaneo wo aro golno back to that in practically tho same form by providing for tho issuo o f Federal Rescrvo notes by tho 12 Federal Reserve banks, secured by ono- yoar temporary Treasury certificates, which aro nothing, more or less. In this instance, than a double proinlso to pay on tho part o f tho United States. W hy not issue United States notos direct and bo honest with tho pcoplo and not decelvo them? In supporting this measuro I am rolylng entirely upon tho representations mado by tho Administration officials that this Is o f tho most pressing necessity to aid our alllos to wln tho.war.j

PROPOSED REDUCTION BY BOSTON STOCK EXCHANGE OF COMMISSIONS ON STOCKS

SELLING UNDER TEN DOLLARS.Tho Governing Committeo of the Boston Stock Exchange

has approved the proposal to reduco tho commissions on stocks selling under $10 per share from $12 50 por 100 shares to $6 25; members liavo, liowover, a specified period in which to protest before it becomes operative; tho $12 50 rate has applied to all oxcopt mining shares.

BOSTON STOCK EXCHANGE RULING ON LIBERTY BOND TRADING.

Tho following ruling regarding trading in bonds of the Third Liberty Loan has boon adoptod by tho Boston Stock Exchange:

B y direction o f tho Committeo o f Arrangomonts trading in tho Third Liberty Loan 4 K % bonds will not bo permitted on tho floor o f tho Stock Exchango during tho period o f subscriptions.


Apr. 27 1918.] THE CHRONICLE 1 7 4 1

APPLICATIONS PASSED ON BY CAPITAL ISSUES COMMITTEE— M UNI Cl PA L SEC URI TIES

PRINCIPAL ISSUES CONSIDERED.During the week of April 22 tko Capital Issues Committee

disposed of 25 applications aggregating $10,105,000, of ■which $762,000 woro disapproved. Announcement to this offoct was made by tho committee on April 21 in the following statement:

Very naturally security issues o f municipalities comprlso tho major portion o f the work o f tho Capital Issues Committee. Capital expenditures by municipalities generally may bo divided into tho following classes:

1. Road Improvements.2. School and public buildings.3. Sanitary improvement including water and sewer plants.Tho Committee has heretofore announced its policy with respect to its

method o f co-operating with existing Government Dopartmonts and Bureaus with rcspoct to tho three classos first named. It now announces that Surgeon General Blue o f tho United States Public Health Sorvico lias placed his organization at the disposal o f tho committee for use in connection with tho consideration o f capital expenditures for sanitary improvements. In his letter to tho committeo tho Surgeon General states:

“ It Is ono o f tho functions and purposes o f this Buroau to collect information o f tills character and it will bo a pleasuro to furnish you with such information in any specific case which may come beforo the committeo. Considerable information is already available in this office about this matter and in cases where this has not already been done tho desired data m ay bo obtained by sending out a quostionairo which m ay be prepared by this Bureau.’ ’

During the week just passed, tho committeo disapproved o f twenty-five applications aggregating $10,105,000 o f which $762,000 woro disapproved. Tho $9,343,000 approved included $300,000 o f refunding obligations, so that tho now issue approved aggregated $9,043,000. New issues o f the corresponding period last year amounted to $14,547,000, so that a com parative saving o f 37% was effected. In addition to this saving, however, postponomont was secured informally o f issues aggregating $5,560,000.

CAPITAL ISSUES COMMITTEE TO PASS ON INDUSTRIAL SECURITIES TO M IN IM UM OF $100,000.

A resolution roducing from $500,000 to $100,000 tho minimum of proposod security issues of industrial and public utility corporations which it will pass upon has been adopted by tho Capital Issues Committee of tho Federal Resorvo Board. The resolution roads:

Resolved, that, effective immediately, this committeo roduco from $500,000 and over to $100,000 and over tho minimum o f security issues of Industrial and public utility corporations that it will consider.

An announcement made by tho committeo on April 24 regarding its action said:

This action is taken by tho Committeo in furtherance o f its policy heretofore expressed o f adapting its methods to those prescribed for tho guidance o f tho Capital Issues Committee created by tho War Financo Corporation A ct which, in section 203, provides that tho committeo may consider applications o f $100,000 and over.

Tho Committee has heretofore observed that $100,000 minimum only with respect to municipal issues. Its action to-day will tend to roliovo the embarrassment o f those desiring to issue at this time securities tho aggregate o f which is above the minimum prescribed by the statute and yet below tho minimum heretofore considered by the existing committee.

Tlio committee made known its decision to roduce from $250,000 to $100,00 tho minimum sizo of municipal issues which it would consider on Fob. 24.

N. Y. DEPARTMENT OF EDUCATION CO-OPERATING WITH CAPITAL ISSUES COMMITTEE.

Tho Capital Issues Committeo of tho Fedoral Reservo Board announced on April 23 the rocoipt of a letter from M r. Thomas E . Finnegan, of tho Now York State Dopartmont of Education, supporting tho work of the committeo, in which he said in part:

W o are advising school authorities in all parts o f tho State that no now construction should bo planned, under existing conditions, excopt in those cases wliero tho needs aro absolutely Imperative. There are two reasons why localities should not undertake now construction for shcool purposes If it may well bo deferred until a lator period. Tho funds o f tho country should bo made available to tho fullest extent for financing tho war. N othing that will divert In any way whatover from this ono purpose should be done which may bo avoided.

Tho cost o f construction is also abnormally high and wliero now construction for school purposes may bo deferred until thcro is a better adjustment o f prices, that courso should bo pursued.

AUTHORITY FOR NEW NATIONAL BANK REVOKED BY COMPTROLLER BECAUSE OF LACK OF

INTEREST IN LIBERTY BONDS.Tho Comptroller of tho Curroncy, it was mado known on

April 23, has rovokod the authority given for the organization of a national bank in tho Wost bocauso of tho lack of intorost on tho part of tho applicants in Liborty bonds and tho Rod Cross. Tho statement issuod by tho Treasury Dopartmont says:

Tlio Comptroller o f tho Currency recently approved an application for a charter for a now national bank in a certain Western State, as thero Was, apparently, an opening for a bank in tho community in which it was to bo established and tho applicants seemed to bo men o f responsibility and means and some prominenco.

Subsequently doubt aroso as to tho loyalty and patriotism o f tho applicants, and it was ascertained that, although the six applicants for tho charter Wero reported to bo men o f considerable means— several o f thorn claiming to bo worth a quarter o f a million dollars or more— tho aggregate amount o f Liberty bonds o f tho first and second Issues to which tlio six applicants

had subscribed was only $200, several o f tho applicants for the charter having taken no Liberty bonds at all, and their aggregate subscriptions to the Red Cross had been only $149.

The Comptroller has to-day revoked tho authority given for the organization o f this proposed national bank, on the ground that men o f means In these times who show so little patriotism and so little public spirit in the matter o f making subscriptions to Liberty bonds and to the Red Cross are unfit to be placed in charge o f any national bank.

RHODE ISLAND LEGISLATURE AMENDS SAVINGS BANK LAW.

During the regular session of the Rhode Island Legislature, which adjourned April 19, an Act was passed amending Chapter 1208 of the Public Laws of 1915 by providing that savings banks may deduct from their deposits, for the purpose of taxation, United States Government bonds or other evidences of indebtedness of the United States, issued on or after April 1 1918, provided such bonds or other evidences of indebtedness shall have been held by the savings banks for a period of six months or more next preceding June 1 in each year. The Act in full follows, the matter added this year appearing in italics and the portions eliminated from the old law being put in black face type and black face brackets:AN A CT in amendment o f Section 3 o f Chapter 39 o f tho General Laws,

entitled “ O f tho Revenue o f the State,” as amended by Chapter 1208 o f the Public Laws, passed at the January session A . D . 1915.

It is enacted by the General Assembly as follows:Section 1. Section 3 o f Chapter 39 o f the General Laws, entitled "O f

Revenue o f the State,” as amended by Chapter 1208 o f the Public Laws, passed at the January session A . D . 1915, is hereby amended so as to read as follows: .

Sec. 3. Every savings bank shall annually pay to tho general treasurer 40 cents on each $100 deposited therewith and on each $100 o f reserved profits and other profits after deducting therefrom the amount of such deposits, reserved profits and other profits invested in bond or other evidences of indebtedness of the United Stales, issued on or after the first day of AprilA . D. 1918, provided such bonds or other evidences of indebtedness shall have been held by such savings bank for a period of six months or more next preceding the first day of June in each year, said sums to bo ascertained from a report to be made by such savings bank to tho Bank Commissioner on or before tho fifteenth day o f July in each and every year, showing the total amount [ o n ] of deposits in such savings bank and tho total amount o f reserved profits and other profits therein on the last business day [ m l of June in [ s u c h ] each year, and the total amount of bonds or other evidences of indebtedness of the United States, issued on or after the first day of April A . D. 1918, held by said savings bank for a period of six months or more next preceding the last business day of June, and to be paid on or before the first M onday in August. The amount of deposits, reserved profits and other profits of every savings bank invested in bonds or other evidences of indebtedness of the United States, issued on or after the first day of April A . D. 1918, and held by such savings bank for a period of six months or more next preceding the last business day of June in each year shall be exempt from taxation under the laics of this State.”

Sec. 2. This Act shall take effect upon Us passage and all acts and parts of acts inconsistent heretoilh are hereby repealed.

Another change made by tho Legislature in the savings bank law was to add a new clause (Clause X X I I ) allowing savings banks to borrow money for the purpose or purchasing bonds or other evidences of indebtedness of the United States issued on or after April 1 1918, to the extent of 10% of the amount of the deposits of such savings banks. W e publish below the full text of this new clause and also of Clause X X I which has to do with borrowing by savings banks. The matter appearing in italics in Clause X X I was added this year:A N A C T in amendment o f and in addition to Chapter 232 o f the General

Laws, entitled “ O f Investments," as amended by Chapter 687 o f the Public Laws passed at the January session A . D . 1911, and as otherwise amended and added to.

It is enacted by the General Assembly as follows:Section 1. Clause X X I o f Section 1 o f Chapter 232 o f the General Laws,

entitled “ O f Investments," .as amended by Chapter 687 o f tho Public Laws! passed at the January session 1911, is hereby amended so as to read as follows:

" Borrowing by Savings Banks.Clauso X X I . It shall not bo lawful for any savings bank to borrow

money for tho purpose o f investing or loaning tho same, but this shall not bo so construed as to prevent any savings bank from borrowing for the purposo o f meeting a run or unusual withdrawals by its depositors, and In no case shall such borrowing exceed 10% o f tho deposits o f any such savings bank, and the provisions of ClauseXXII of this section shall constitute a further exception to such prohibUion against borrowing. The note or notes given may be issued either on the general credit of the corporation or on pledge of securities owned, and shall be made only upon authority granted by vole of the board of trustees, or of the investment committee if specifically authorized so to do, and shall contain a reference to the minutes of the meeting at which the authority to borrow was voted. All such notes shall be executed in the name of the corporation by its treasurer and shall bear the corporate seal of the corporation, and shall be countersigned by the President or Vice-President and two members of the investment committee. No general authority to borrow shall be voted by the trustees or the investment committee, but all borrowings shall be only upon a specific vole relating to the note to be issued: In event of such borrowing, such savings bank shall not make any new investment or loan until the note or notes given are all paid.”

Sec. 2. Section 1 o f said Chapter 232 o f the General Laws, as amended by Chapter 687 o f the Public Laws, passed at the January session 1911, and as otherwise amended and added to. is hereby further amended by adding thereto the following clause:

Clause X X I I . It shall be lawful for any savings bank to borrow monoy for tho purposo o f purchasing bonds or other evidence o f indebtedness o f the United States, issued on or after tho first day o f April 1918, provided that in no case shall the aggregate amount o f the sum so borrowed exceed 10% o f the amount o f the deposits o f any such savings bank. The note or notes given in payment therefor shall bo made only upon authority



granted by vote o f tho board o f trustees, or o f the investment committee if specifically authorized so to do, and shall contain a reference to tho minutes o f tho meeting at which the authority to borrow was voted. All such notes shall be executed in tho name o f tho corporation by its treasurer, shall bear the corporate seal o f tho corporation and shall bo countersigned by tho President or Vice-President and two members o f tho investment committee. N o general authority to borrow shall bo voted by tho trustees or tho investment committee, but all borrowing shall bo upon only a specific vote relating to tho note to bo issued.

Sec. 3. Tills A ct shall talco effect upon its passago.

WITHDRAWAL OF GOVERNMENT DEPOSITS BY PHILADELPHIA FEDERAL RESERVE BANK.

According to tho Philadelphia “ Lodger” of April 25 tho Federal Reserve Bank of Philadelphia will on April 30 withdraw Government doposits from depositories in tho Philadelphia district amounting to nearly $5,000,000. Tho “ Lodger” says:

The call is for 50% o f amount o f deposits on account o f Treasury certificates, dated April 10, remaining after call to moot withdrawals to-day. To-day's call totals $10,000,000.

CLOSING OF SUBSCRIPTIONS TO SIXTH BLOCK OF TREASURY CERTIFICATES IN ANTICIPATION

OF LIBERTY LOAN.Subscriptions to the Treasury Certificates of Indebtedness,

for a minimum amount of $500,000,000, dated April 22 and payable July 18 1918, and issued in anticipation of the Third Liberty Loan, closed on April 25. It is stated that the indications are that the issue has been fully subscribed.

SALES OF WAR SAVINGS AND THRIFT STAMPS REACH APPROXIMATELY $150,000,000.

A total of $149,361,973 in war savings and thrift stamp were sold through post offices and Federal Reserve banks from tho beginning of the campaign in December up to March 30, inclusive, according to figures made public by the Treasury Department at Washington on April 21. One-tenth of tho amount has been subscribed by Nebraska, the total sales in that State having amounted to $14,343,992 thus far; during the month of March tho sales in the Stato aggregated $8,605,612. Up to April 1 a total of $12,273,784 war savings and thrift stamps were sold in Now York, giving that State second place in the list, with Missouri third with sales of $11,183,305. In Now York tho sales for tho month of March wore $4,415,413, while in Missouri they were $2,543,869. The following shows tho totals by States since tho opening of the campaign:

Grade. Slate.1 N ebraska____________2 District o f C olum bia ..3 M issouri_____________4 K an sas______________6 O reg on _____________6 W ashington_________7 C olorado_____________8 Indiana______________9 M ontana_____________9 D elaw are____________

11 Iowa _________________12 Ohio......... .......................13 Arizona______________14 South D akota_______15 Texas_________________15 California (southern). 15 N evada______________18 C onnecticut__________19 M inn esota___________20 California (northern).20 Oklahoma____________22 M a in e________________23 Now Hampshire______24 W yom in g____________25 W isconsin____________26 Pennsylvania (ca st)..27 I l l in o is .. .......................28 Utah _________________29 West Virginia_________30 New Y ork ____________31 Arkansas_____________32 Idaho_________________33 V erm ont_____________33 Rhodo Island_____ .'___35 I’ onnsylva'nia (w est)..36 Massachusetts_______37 Tennosseo____________38 Virginia_______________39 North Carolina______39 Now Jersoy___________41 M aryland____________42 Now M oxico__________43 K entucky____________44 Louisiana____________45 North D akota_______46 F lorid a _______________47 M ich ig a n ____________48 M ississippi___________49 Georgia_______________50 Alabam a_____________51 South Carolina_______

Total Salesfor Campaign Per

to April 1. Capita.. $14,343,991 81 $11 06. 1.378,807 80 3 73- 11.183,305 09 3 14- 5,990,624 00 3 11. 1,925,925 57 2 23- 3,305,620 00 2 12. 2,126,409 56 2 09- 5,910,245 15 2 03- 937,603 14 1 98- 465,831 68 1 98- 4,673,836 46 1 96- 9,585,358 40 1 87- 484,070 37 1 83- 1,103,851 23 1 82. 7,246,228 90 1 58. 1,876,010 24 1 58. 180,089 10 1 58. 2,081,831 98 1 55. 3,606,594 07 1 54. 2,822,072 33 1 52- 3,530,160 10 1 52- 1,167,225 11 1 48- 652,422 26 1 46- 205,283 35 1 44. 3,624,421 31 1 42- 8,106,221 87 1 40- 8,427,712 13 1 34- 573,258 54 1 28- 1,694,514 38 1 19- 12,273,783 08 1 13. 1,893,693 44 1 06- 475,020 24 1 05- 381,249 75 1 03. 656,465 19 1 03. 2,761,812 89 95- 3.467,084 86 88- 1,966,418 48 84- 1,768,508 52 78. 1,881,192 42 77. 2,432,805 37 77. 1,040,840 94 73. 235,216 06 67. 1,553,202 07 63- 1,159,870 51 62. 397,146 80 59. 592,785 17 57. 1,852,076 17 53. 976,925 11 49. 1,015,246 28 35. 721,056 96 30. 342,045 30 20

.$149,361,972 92 $1 41

REDEMPTION OF TREASURY CERTIFICATES DUEAPRIL 22 ISSUED IN ANTICIPATION OF TAXES.It was announced on April 22 that most of tho $400,000,000

block of certificates of indebtedness, issued Jan. 22 in anticipation of receipts from tho Third Liberty Loan, woro redeemed by Federal Reserve banks when thoy foil duo on the 2 2 nd inst., or were exchanged for other certificates of the current issue. These aro tho first certificates to fall due since Dec. 15 last, when receipts from the Second Liberty Loan wero being received.

ESTIMA TED RECEIPTS FROM INCOME TAX RETURNS.Announcement was made by Secretary of the Treasury

McAdoo on April 25 that incomo and excess profits taxes are now expected to bring about $3,000,000,000 into tho Treasury in Juno or a half a billion dollars moro than had been previously estimated. This announcement gave tho first official information that receipts would exceed previous estimates of $1,226,000,000 from excess profits and $1,200,000,000 from incomes. Tho taxes are due Juno 15. The dispatches from Washington state:

Despite the sizo o f tho taxation Incomo, nearly overy dollar will bo spent by tho time it is collected to meet tho $1,000,000,000 monthly excess o f Government expenses over ordinary receipts and to ro loom tho $2,000,000,000 o f certificates o f indebtedness falling duo in Juno— $1,500,000,000 o f tax certificates and $500,000,000 o f loan certificates.

Government expenditures, particularly for tho army and for shipbuilding V avo increased recently so that tho monthly outlay for all purposes is moro than $1,200,000,000, o f which $900,000,000 is for direct Government or War purposos and $300,000,000 Is for loans to tho Allies. Itecoipts from customs and ordinary internal rovonuo sources amount to about $200,000,000 a month, leaving a current deficiency o f $1,000,000,000. M ost o f this must be covered ultimately by Liberty Loans.

Tho war expenditure o f tho United States this month has been an averago o f $40,000,000 a day— $30,000,000 for Government purposos and $10,000,000 for Allied loans.

THE THIRD LIBERTY LOAN CAMPAIGN.Subscriptions of moro than $2,000,000,000 to tho Third

Liberty Loan bonds wero reported last night. Tho day was marked by colebrations throughout tho country in accordance with the request of President Wilson in proclaiming the day Liberty D ay, in order that the peoplo might “ assemblo in their respective communities and liberally pledge anew their financial support to sustain the nation’s causo.” Tho subscriptions so far as tho country as a whole is concerned wero announced as $2,032,990,200, and for tho Now York Federal Reserve District $504,230,700. On tho 25th, when the total for all tho districts was announced as $1,898,785,050, the standing of the various districts was as follows:

District—M inneapolis......................... .$113,096,150St. L ou is ................ 136,170,800Kansas C ity ............... 110,224,100Chicago........................................................................... 300,770,700D a lla s ......................................................................... 64,934,250San Francisco................................ 144,730,850Boston............................................................................. 154,542,400Philadelphia.................................................................. 145,893,750Cleveland ....................... 170,386,000Now Y ork ............................ 408,279,850R ichm ond------------------------------------------------------------ 65.694,350A tla n ta ......................................... 28.019,250

Official announcement that tho St. Louis District was tho first to reach its quota was mado on April 24 by tho Treasury War Loan Organization in the following telegram to the St. Louis District Liberty Loan Committee:

We take pleasure in advising you that on basis o f reports submitted to Treasury Department by Federal Roservo Hank in St. Louis, tho Eighth Federal Reserve District is recognized as being first in tho country to subscribe moro than its quota o f Third Liberty bonds. It Is needless to suggest that your campaign bo continued energetically until tho closo o f business M ay 4 for purpose o f securing tho largest possiblo over-subscription and maximum number o f individual subscribers. Congratulations on results thus far obtained.

Subscription. Pccent$113,096,150 107136,176,800 104110,224,100 84

, 300,770,700 7054,934,250 68

144,736,850 68154,542,400 61145,893,750 58176,386,600 58468,279,850 52

65,694,350 5028,049,250 31

On the 21st the Treasury Dopartmont issued a statement saying:

Tho early stimulation resulting for tho honor flag competition has now worn away and the campaign from now on will bo a persistent, systematic canvass to seo that every individual is given an opportunity to subscribe.

Although tho actual returns to tho Federal Reserve banks show a slight advanlagj over results for tho saino period in tho Second Liborty Loan, Treasury Department officials aro not over-optimistic. There is a disappointment in tho returns from largo cities, where tho paco lias not kept up with that established during tho Second Liberty Loan. Tho gain has all boon in tho rural sections, where tho returns havo boon most surprising. Disappointment is expressed over tho apparent inclination o f commlttoo3 to stop when thoy havo reached their quota.

One o f tho most striking developments o f tho present campaign Is tho prompt response from States whoso population is largoly rural. All o f tho States which havo now oxceeded their quotas aro agricultural States. Tho list includes Iowa, Oregon, Arkansas, Kentucky, North Dakota, Montana, Utah and possibly Minnesota. Thoso parts o f Indiana and Missouri lying outsido o f tho largo cities aro over their quotas, but tho largo citios aro bohind. Mississippi Is practically up to its quota.


Apr. 27 1918.] THE CHRONICLE 1 7 4 3In a message to the Liberty Loan committees in the

various Federal Reserve banks on April 24, Secretary of the Treasury McAdoo urgently appealed for continued efforts in tho Liberty Loan drive, even though the quota called for had been subscribed. His statement follows:

I Icam with deop regret that thero is a disposition on tho part o f tho Liberty Loan Organization in various parts o f tho country to discontinue their efforts after they have reached their quota or have oversubscribed their quota to some extent.

I requested 53,000,000.000 as the minimum that tho Government ought to have, with tho hope and expectation that it would bo largely oversubscribed and that every Liberty Loan committee would exert itself to secure tho largest possible oversubscription.

I hopo tho Liberty Loan committee will energetically continue tho campaign until its close, in order to securo not only the success o f tho loan as a wiiolo and the largest possible oversubscription, but also tho greatest possiblo number o f individual buyers.

When America’s sons are now actually fighting on tho battle-fronts in Prance and will not stop fighting until the victory for liberty is won, no Liberty Loan committee can stop fighting for an oversubscription for tho Liberty Loan until the campaign closes M ay 4. I f wo stop fighting when wo have reached tho minimum o f tho Liberty Loan, wo aro not com parably sustaining our sons in Franco who aro fighting, not for tho minimum, but for tho maximum o f America’s rights and world liberty.

Tho actual bonds, 4 l/i% of tho third issuo, woro placed on salo at all tho banks and trust companios in tho New York Rosorvo District on April 22. A liolmot won by J. P. Morgan on April 22 through a subscription of $50,000 to tho Liberty bonds was returned by him in ordor that it might bo again usod to further subscriptions to tho loan. On tho 24th it was bid in by Potor Doolgor, who subscribed for $100,000 in Liberty bonds to got it. M r. Doolgor turned it back to tho committee likowiso. Tho trophy was a Prussian Guard liolmot. talcon from tho field of tho socond battlo of Ypros. At tho time it wont to M r. Morgan it was offorod by Gordon Sherris of tho Canadian “ Black W atch” on tho stops of tho Sub-Troasury, in Wall Stroot, whon ho said that ho would award it to any man who subscribed to $50,0 0 0 of bonds.

A ruling of Diroetor-Genoral of Railroads McAdoo permitting tho railways to financo subscriptions of their employees to tho Third Liborty Loan has just boon made public on April 23 by John Skelton Williams, Director, Division of Financo and Purcliasos, as follows:

Director-General has no objection to railroads, which aro financing on terms approved by Department the subscriptions o f their employees to Third Liberty Loan, making temporary loans on security o f such bonds to extent to which they may bo advancing money upon them, ponding collection from subscriptions o f tho amount duo thereon.

So far as tho railroads thoinsolvos aro concernod, they aro not subscribing. In explanation Alfred II. Smith, Pro’sidont of tho Now York Contral and Rogional Director of Eastorn Railroads, said:

Realize that tho railroads havo boon taken over by tho Government. W ould tho Post Office Department subscribe for Liborty bonds? Would tho Agricultural Department? W ould tho N avy Department?

As a matter o f fact some o f tho railroads do not yot know what their contract with tho Government is to bo. Tho Government will control earnings abovo a certain figure. Some o f tho roads aro not making operating expenses, and somo are looking for loans from tho Government instead of being in position to lend to tho Government. In several instances coal companios which are subsidiary to railroads havo turned in subscriptions for themselves.

STOCK EXCHANGE URGES SUBSCRIBERS TO RETAIN THEIR LIBERTY BONDS.

Tho Now York Stock Exchange has issued tho following statement pointing out tho obligation resting on subscribers to Liborty Bonds to hold them:

There has appeared in somo quarters the general misapprehension that by subscribing to tho loan ono discharges his patriotic obligation and is freo to sell tho bonds subscribed for any time thereafter. W o urgo your cooperation in com bating such impression by pointing out tho essential unsoundness o f any such belief. Just as tho Government requires men for tho "duration o f tho war” it is important that overy subscriber should mako his Liborty Loan for tho “ duration o f tho war.” Subscribers should take all tho bonds they can pay for in cash, and with tho savings in tho near future. I f this does not com o up to their share they should borrow from their bank in order to take more, but whatever amouut they borrow it should bo with the positivo Intention to pay o ff out o f additional savings and increased earnings. Subscribers then will bo actually enlisting their funds for tho period o f tho War in tho manner most helpful to tho Government.

DESIRABILITY OF LIBERTY BONDS FOR TRUSTEES’ INVESTMENTS.

Tho following statement giving sixteen reasons why tho bonds of tho Third Liberty Loan aro desirablo investments for trustees of estates has been prepared by James L . Putnam and John H . Bogardus, lawyers, at tho instance of the Liborty Loan Committeo of this city:

1. The bonds aro freo from all stamp or transfer taxes which aro or may bo Imposed oithcr by tho United States or by a State (excopt estate or inheritance taxos, Paragraph 10).

2. Tho bonds aro freo from any prosont or future Stato lncomo taxos.

3. Tho bonds aro freo from the normal tax o f 2% imposed by the Incom e Tax Law.

4. Tho bonds aro freo from the additional normal tax o f 2% imposed by the W ar Incom e Tax Law.

5. The bonds are free from all normal income taxes which m ay be imposed by the United States in the future.

6. Tho interest upon S5.000 par value o f bonds belonging to ono person is not subject to surtaxes on Income, excess profits or war profits taxes. Which now are or hereafter m ay bo imposed by tho United States.

7. Except as stated in Paragraphs 10 and 11 neither the bonds nor the interest thereon are subject to any taxes which now are or hereafter may be imposed by the United States or by the several States.

8. Ronds which aro part o f the estate o f a deceased person and which he owned continuously for six months before his death will bo received at par and accrued interest in payment o f estate or inheritance taxes which now aro or hereafter may bo imposed by the United States.

9. An investment o f net earnings o f corporations in obligations o f the United States issued after Sept. 1 1917 is not subject to tho Federal tax o f 10% on the net income remaining undistributed six months after the end o f the taxable year and not needed in the business.

10. These bonds aro subject to estate and inheritance taxos imposed by the United States or by a State.

11. The interest upon the excess over 55,000 o f bonds belonging to a single individual Is subject to the surtaxes upon income in excess o f §20,000 imposed by the income tax law and to the surtaxes upon income in excess o f §5,000 imposed by the W ar Income Tax Law.

12. Until the expiration o f one year after the end o f the war, the Secretary o f tho Treasury may purchase in each twelve months period 5% o f tho bonds outstanding at tho beginning o f each period at not exceeding par and interest.

13. I f the obligations o f foreign governments to the United States are paid before the m aturity o f these bonds, the proceeds m ay bo used to purchase them at not more than par and accrued interest.

14. These bonds are not subject to call for redemption before maturity.15. These bonds are not convertible into future issues.16. Tho bonds purchased from surplus profits o f the business o f an indi

vidual, partnership or corporation may bo included in invested capital for the purpose o f computing the deduction and rate o f taxation under the Excess Profits Tax Law in succeeding years.

YESTERDAY, LIBERTY DAY, CELEBRATED THROUGHOUT THE COUNTRY— GOVERNORS’ PROCLAMATIONS.

Yesterday, April 2G, designated as Liberty Day in a proclamation issued by President Wilson on April 18, was generally observed, as a holiday (for part, if not the whole day), and in accordance with the wishes of the President demonstrations to further develop the Liberty Loan drive were held throughout the country. On April 22 the Governors of the various States were asked by Secretary of tho Treasury McAdoo to proclaim the day as Liberty Day and to make the afternoon a holiday if possible. The following was the message telegraphed to the Governors by Secretary McAdoo:

The President by proclamation has designated Friday, April 26, as Liberty Day and has mado tho afternoon o f that day a holiday for all Federal employees throughout the country whose services can be spared. The success o f the Liberty Loan is so vital to tho nation that it Is tho first duty o f overy citizen to support to tho utmost the financial measures essential to the effective and successful prosecution o f tho war. Tho observance o f Liberty Day by the people o f each State in the Union will immeasurably stimulate tho salo o f Unitod States Liberty bonds the subscriptions to which will close on M ay 4 1918.

The co-operation o f tho Governors o f the various States o f the Union is indispensable to tho proper observance o f Liberty D ay and to tho successful completion o f tho Third Liberty Loan. M ay I not bog that you will by proclamation designate April 26 as Liberty D ay within your State and to make tho afternoon o f that day a legal holiday if it is in your power to do so? I f it cannot bo made a legal holiday will you not urgo that stores and all public places bo closed on the afternoon o f that day and that the people towns and country districts join in appropriate ceremonies.

I havo requested the organizations co-operating in the Liberty Loan campaign to do everything in their power to encourage patriotic demonstrations on that day and to promote tho success o f tho Liberty Loan. M ay I not also suggest that in your proclamation you request the mayors and other local governing authorities to make it a special point to co-operate in their several localities to celebrate Liberty D ay?

Secretary Daniels on the 22nd abandoned plans for making Wednesday a special Navy Liberty Loan Day and instead arranged for participation in the Liberty Day celebration, sending radio messages to all ships, shore stations and naval camps all over the world, suggesting rallies and the gatherings of subscriptions Friday. His message said:

It is earnestly desired that upon that day special efforts bo made to rally to tho support o f tho Third Liberty Loan all those who aro connected in any capacity with the navy. f

Let us pull together and by our subscriptions on that day indicate to tho world that wo are solidly behind our Commander-in-Chief and that in neither life nor fortune docs tho navy place any limit upon its support o f tho nation’s cause.

Governor Whitman of Now York State issued the following proclamation on April 23, which while not proclaiming the day a holiday, called on the people to observe it by pledging thomselves anew to their country:

The President o f tho Unitod States has issued a proclamation, dedicating Friday, April z6, to tho Liberty Loan, and appointing it Liberty Day. l ie has requested the people o f the United States to assemble on that day to pledge themselves anew to the cause o f our country, and to promote in overy way the Third Liberty Loan.

N ow, therefore, I, Charles S. W hitman, Governor o f the State o f New York, do hereby designate Friday, April 26th, as Liberty D ay, in order that tho people o f this Stato may answer the call o f our country, and o f our President to further tho cause o f freedom and liberty which this loan represents-


1 7 4 4 THE CHRONICLE IVol. 106.

In Massachusetts it was announced on April 23 b y ^ lo v . M cCall’s Secretary, Henry Long, that the day would not be a holiday in the sense that business would be suspended, but that the people would be callod upon for extra offort in furthering the sale of the Liberty bonds. The following is his statement as printed in the Boston “ Transcript:”

Friday, April 26. is to be observed in Massachusetts as a day for ro- douDllng efforts for the sale o f Liberty bonds, but is not a holiday in tho sense that business is to be suspended, and the stores and offices closed. Tho Governor’s proclamation designated Friday, April 26, as Liberty Day, but it was not to bo considered in any other way than to supplement the proclamation o f tho President. Tho Governor has no authority to declaro a holiday. That power rests entirely with the Legislature. The Governor had in mind In issuing tho proclamation only to call more particularly to the attention o f the people o f Massachusetts tho desire for an extra effort on that day for the sale o f Liberty bonds, and he did not in any sense indicate that a general holiday would be declared. The Governor hopes that the day will be all that is expected o f it and that the sales o f Liberty bonds will be greatly increased.

Gov. Lowden, of Illinois, issued a proclamation in which he stated that he had not tho power to declaro the day a legal holiday, but urged that all places of business and all public places, so far as possible, be closed in the afternoon.

STOCK EXCHANGE CLOSED AT NOON ON LIBERTY DAY.

The Now York Stock Exchange closed for half a day yesterday in observance of Liberty D ay, the Governing Committee having adopted on April 24 the following resolution to this end.

Whereas, Tho President o f tho United States has issued a proclamation appointing Friday, April 26 1918, as Liberty D ay, and excusing tho employees o f the Federal Government throughout tho country at 12 o'clock noon on that day,

Resolved, That tho New York Stock Exchange bo closed at 12 o ’clock noon on Liberty D ay, April 26 1918.

Resolved, That tho hou for tho delivery o f securities on that day be advanced from 2:15 o ’clock p . m . to 12 o ’clock m.

The Now York Cotton, Coffeo and Sugar, and Produce exchanges also observed the half holiday, and the Philadelphia and Boston stock exchanges, Chicago Board of Trade, New Orleans Cotton Exchange and other principal exchanges of the larger cities followed tho samo procedure.

FARMERS URGED TO RESPOND IN THIRD LIBERTY LOAN CAMPAIGN.

A letter to the National Farm Loan Associations in tho First Federal Land Bank District covering the six New England States and New York and New Jersey, urging them to make the present Liberty Loan drive their own, has been sent out by Leonard G . Robinson, President of the Federal Land Bank of Springfield. Tho letter says in part:

Some tlmo ago, tho slanderous statement was current that the farmers have not done their sharo on tho first two Liberty Loans. I cannot believe It. And I don ’t. The American farmer has never failed In his devotion and patriotism . Fie never has failed to respond with his services, his resources, and with his lifo when tho country neo cd them. His patriotism is clearly reflected In tho great number o f young men from our farms who voluntarily answered the call to the colors In our army and navy. It was shown in the increased food production last year that made it possible for our men "over there” and our Allies to withstand the terrific shocks o f tho present enemy drivo. And it will be shown in his liberal support o f the Third Liberty Loan.

I would urge that your association make tho present Liberty Loan drive its own. Call a meeting o f your members and appoint committees to canvass not only your own membership, but every farmer in your territory. M ake arrangements with your local depository bank to handlo your subscriptions on easy terms so that every man, woman and child in your district can becom e the owner o f one o f these bonds.

I enclose a copy o f the Flag o f Honor which every subscriber to tho Third Liberty Loan Is to get. Doubtless your local bank is supplied with them. I want every farmer in the district to hit tho bullsoyo. I want your association, at tho conclusion o f tho drivo on M ay first, to lot us know tho result o f your efforts. I want to report to Secretary M cA doo that tho farmers in the First Federal Land Bank District have not only done their “ b it” but their best. ______________________________

NATIONAL ASSOCIATION OF MANUFACTURERS TOAPPLY BANQUET MONEY TO LIBERTY BONDS.At a meeting of tho executive committee of tho National

Association of Manufacturers at its general offices in Now fork on April 19, it was voted to apply to the purchaso of Liberty bonds instead of a banquet on tho third day of this year’s convention, to bo hold at tho Waldorf-Astoria Hotel, M ay 20, 21 and 22, a sum of money equivalent to that which has usually been exponded in poaco times on tho closing featuro of tho convention.

DETAILS OF DELIVERY OF SECOND LIBERTY LOAN BONDS IN NEW YORK FEDERAL RESERVE

DISTRICT.W o are enabled to present in full detail the final financial

operations of tho Second Liborty Loan in tho New York District. Tho Federal Roservo Bank and tho publicity department of the Liborty Loan Committee have summarized

the final results in tho subjoined tables, which show that the banks in this district delivered 3,205,578 pieces of coupon bonds of all denominations, having a par value of $1,075,098,400, and 55,264 pieces of registered bonds of all denominations with a par value of $89,268,550, the total amount allotted being $1,164,366,950 for a total of 3,260,842 bonds of both classes.

Tho minimum quota of this district was $900,000,000,maximum $1,500,000,000, tho subscriptions received were$1,550,453,000, and the allotment allowed $1,164,366,950to tho 2,178,359, subscribers.

the following table gives the number of registered bondsof various denominations and their aggregate par valuewhich have been delivered to subscribers in tho New Yorkdistrict:

R E G IST E R E D BON DS.Pieces. Denomination. Par Value.10,879 $50 $543,95026.266 100 2,626.600

6,100 500 3,050.0009.008 1.000 9,008,0001,040 5,000 5.200,0001,369 10,000 13.690.000

101 50.000 5,050.000501 100.000 60,100,000

65,264 $89,268,550The next table furnishes tho samo details for tho coupon

bonds:COUPON BO N D S.

Pieces. Denomination. Par Value.1,627,978 $50 $81,398,900

822.005 100 82,200,600111.436 500 55.718.000613,541 1,000 613,541.000

12,788 5,000 63,940 00017,830 10,000 178.300.000

3,205.578 $1,075,098,400A general summary is furnished in tho following:

S U M M A R Y OF SECOND L IB E R T Y LOAN IN N E W Y O R K D IS T R IC T .

Campaign opened Oct. 1 1917: closed Oct. 27 1917.Quota: M in im um ______________________________ $900,009,000 00

M axim um __________________________ _______- - - - - - 1,600,000.000 00Subscriptions received____________________________________ $1,550,453,000 00Amount allotted____________________________ 1,164,366,950 00Subscriptions divided as follows:

B an k s____- - - - - - ___ __________________________________ $1,454,329,950 00Individuals----------------------- 37,072,250 00Cash sales:

Banks 68,066,800 00Individuals_____ - ____________________________________ 984,000 00

$1,550,453,000 00Number o f subscribers_____________ 2,178,359

Allotment divided as follows:B an k s..........................................................................................$1,073,072,450 00Individuals_________________________ 32,243,700 00Cash sales:

B an k s___- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 58,066,800 00Individuals____ - ____ ____ - --------------------------------------- 984,000 00

$1,104,366,950 00Total receipts:

Principal - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - — -----$ 1 ,16 4 ,3 6 6 ,95 0 00 I n t e r e s t - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 827,640 88

$1,165,194,590 88Paid as follows:

A dvice o f credit_______________________________________ $860,517,364 33Certificates o f indebtedness------------------------------------------- 161,348,000 00C a s h ............................................................................................. 143,329,220 55

$1,165,194,59) 88Bonds full paid as follows:

November 15 1 91 7 ................................................................... $928,767,850 00December 15 1917 ................................................................... 98,458,900 00January 15 1918 ................................................................... 137,140,200 00

$1,164,366,950 00Coupon bonds___________________________________________ $1,075,098,400 00Registered b on d s.__________ _____________________________ 89,268,550 00

$1,164,306,950 00Tho estimated number of subscribers in Greater Now

York is 1,122,115, distributed by boroughs as follows: Manhattan, 941,765; Kings 140,950; Queens 23,064; Richmond 7,343; and Bronx 8,993.____________

FEDERAL TRADE COMMISSION’S FINDINGS IN WHEAT FLOUR MILLING INQUIRY.

The Federal Trado Commission in a report of its investigation into wheat flour milling and jobbing, mado publio on April 18, states that a reduction of soveral dollars a barrel in the price of flour to tho consumor has boon effoctod as a result of wheat prico fixing and millors’ regulations. Tho report says:

W hilo the actual profit which millors will mako during tho present crop year cannot be finally determined until tho end o f tho period, it appears from the information in tho hands o f tho Federal Trado Com m ission that tho regulations havo reduced tho profits o f most mills below tlioso mado during tho year 1916-17.

This, with tho larger reductions secured by fixing tho prico o f wheat, has reduced tho prico o f flour to tho consumor soveral dollars a barrel. Wheat and milling regulations havo kept flour prices fairly stablo in spite o f an increasing shortago^ duo to heavy shipments abroad.


Apr. 27 1918.] THE CHRONICLE 1745The investigation is said to show that millors’ profits

increased from 11 cents a barrel in 1912-13 to 86 cents a barrel in the first half of 1917. Tho report points out, howovor, that tho presont regulation of millers’ profits at a fixed margin above cost “ has tho inherent weakness of not encouraging efficiency in production and of affording unpatriotic millers temptation to dishonesty in cost accounting, difficult to dotoot or prevent.”

Tho Commission, it is announced, roaches the conclusion that 7,000 mills in America, producing an avorago of 116,0 0 0 ,0 0 0 barrels of flour annually, havo tho capacity to double their output. Tho keen competition which formerly existed in tho milling industry, says tho report, has boon restricted somewhat by abnormal wartime conditions, and various competitive practices have been discontinued voluntarily or curtailed by Federal regulations. The Commission also says:

Tho average cost o f production o f a barrel o f flour Increased during tho crop year o f 1917, duo chiefly to tho wheat price advances, while operating profits per barrel Increased nearly 175% , and rate o f profit on investment wont up moro than 100%.

Expenses o f flour distributers and middlemen increased somewhat In tho first half o f 1917 over the preceding year, while their profits, gross and net, showed a very largo increase. Tho average net profit per barrol for several largo car jobbers Increased moro than 125%, tho average rate o f profit on investment nearly doubling. The averago net profit o f various small-lot jobbers and tho average rate o f profit on their investment showed a similar Increaso.

Regulations for governing tho flour jobbers’ profits are freo from tho weaknesses Inherent in tho regulations for tho millers, since they fix only tho gross profits that may bo made, leaving tho jobber freo to earn what ho can by efficient operadon.

It is tho opinion of the Commission that maximum prices on flour might bo established, which would cover tho cost of wheat and all manufacturing, soiling and general expenses, and in addition would give the miller a reasonable profit. “ Maximum prices for different sections, taking into consideration tho cost of whoat and mill operation,” says tho report, “would make it profitable to tho millers to oprate moro efficiently and keep costs down.”

TO RUSH GRAIN TO BELGIUM TO RELIEVE THREATENED FAMINE.

To roliovo a condition of throatonod famino in Bo'gium and tho occupied portions of Northern France, tho Unitod States Government has arrangod to forward with all possible speed 3,300,000 bushels of whoat to those regions. The Ship Control Committee of tho Shipping Board has arrangod to place from 75,000 to 90,000 tons of shipping at the disposal of tho Belgian Relief Commission, and all necessary priority ordors havo beon issued to speed the loading of the ships.

Iloports which havo como from tho occup'od parts of those countries within tho last two weeks have told of threatened starvation conditions in many regions, and there havo boen ropoatod pleas for aid. It was indicated strongly that Germany was not providing sufficient food to prevent hungor. Ono of these mossagos read:

Provided all shipments now en route arrive, and supposing an equal distribution botweon all parts o f the country, Belgium and Northern Prance will bo without broad from oxotic grains for twenty days.

It is understood that Germany is willing to givo safo conduct to tho vessels employed in ho roliof work and has prom- sed not to seize foods which aro to bo distributed among the sufforors. Tho statement has been mado recently that tho conditions in Belgium, bocauso of dovelopmonts leading up to and following tho soizuro of Dutch shipping by tho United States and Groat Britain, woro now moro sorious than at any othor timo since tho war started, and that thoy woro giving officials who have boon in chargo of roliof work the deepost concern.

Associated Press reports from Washington to tho effect that food shipments to tho civilian populations of tho Allies would bo suspended for ton days, to facilitate tho work of Bolgian roliof, woro doniod by officials of tho Fodoral Grain Corporation, according to statomonts contained in tho Now York “ Times” on April 23.

CERTIFICATE SYSTEM FOR SUGAR TO MEET CANNERS DEMANDS.

A certificate systom to regulate tho sales of sugar to moot tho demands of homo and factory cannors is announced by tho Food Administration, its statement in tho matter, made publio on April 23, roading as follows:

Distribution o f sugar to moot this summer’s canning demands will bo under a modified certificate systom, tho United States Pood Administration announced to-day. This Is dono In order to make sure that homo cannors may obtain sufficient sugar to preserve perishable fruits, and at tho same timo to place a check upon those who would endeavor to obtain unreasonable quantities for household consumption. Tho chock on con

sumption will bo exercised through tho retailors— considered a much more satisfactory method than the card system adopted in other countries— chl3fly to guard against temporary shortages that may occur if moro vessels are diverted from tho Cuban trade, and at the same time to assure a supply adequate to meet tho extensive demand hoped for from home cannors.

Retail dealers in all States will be provided by their Federal Food A dministration with certificates which must be signed by the consumers before thoy obtain the amount o f sugar needed for homo canning. Each certificate has blank spaces for tho name o f the dealer, the signature and address o f tho consumer, and the amount needed for canning and preserving purposes only. The certificate must be returned within one week after It is signed to the Federal Food Administrator for the State in which tho purchase is made.

In order to build up reserve stocks to take caro o f tho canning demand, jobbers aro now permitted to hold sugar sufficient to meet their needs for 60 instead o f 30 days. Where necessity demands. Federal Food Administrators will have authority to allow tho sale o f more than 1,000 pounds— tho present limit— to retailers. The prescribed limits o f retail sales for other than canning purposes will still bo maintained— not over 5 pounds to peoplo living in cities; not more than 10 pounds to those living in the country.

Commercial canners in every State will be allowed to increase immediate purchases and gradually to accumulate sufficient sugar to meet full requirements o f their 1918 canning operations. The new regulation which permits canners to carry a season’s supply does not, however, extend the latitudo to manufacturers o f less essential foodstuffs.

M A Y MILK PRICES FIXED BY FEDERAL MILK COMMISSION. .

Tho milk prices for the month of M ay, fixed by the Federal M ilk Commission, were announced on April 22. Under tho now schedule the price of Grade A milk (bottled) delivered by distributers to consumers is reduced from 16 to 15 cents a quart, and from 9 to 8 cents a pint; the charge for Grade B milk delivered by distributers to consumers is lowered from 14 to 13 cents a quart, and from 8 to 7)/£ cents a pint. The prico to be charged during M ay to consumers by stores for Grado B milk bottled is 1 2 ^ cents a quart and 7 cents a pint. The following is the schedule announced:

Tho price to tho producers shall bo $2 46 per 100 pounds o f 3% milk on the 150-mile zone, subject to the rules and regulations o f the trade, it being understood that this price covers tho final recoup to the producers o f 12 cents.

Tho price to bo charged by the distributers for Grade A milk delivered to the consumer shall bo 15 cents per quart.

Tho prico to be charged by the distributers for Grade A milk to con sumers in pints shall be 8 cents per pint.

Tho prico to bo charged by the distributers for Grade B milk delivered to the consumers shall bo 13 cents per quart and 7H conts per pint.

Tho price to be charged to stores for Grado B bottled milk shall be 12 cents per quart and 6H cents per pint.

Tho prico to be charged to consumers by stores for Grado B bottled milk shall bo 12H cents per quart and 7 cents per pint.

Tho price to bo charged to stores for Grade B loose milk shall be 8 cents per quart.

Tho prico to be charged to consumers by stores for Grade B loose milk shall be 10 cents per quart.

The price o f milk delivered in wholesale lots to hotels and restaurants per ten-gallon can shall be 9j4 cents per quart for less than ten-gallon lots; delivered, 10 cents.

No producer or distributer shall be at liberty to vary from the foregoing prices, tho same to bo the minimum as well as the maximum prices.

Tlio Now York “ Times” on April 23 stated that it was the understanding that the distributers were not satisfied with tho prices fixed by the Commission and intended to appeal to Washington. Dr. W . H . Jordan, Chairman of tho Commission, is credited with stating that with the campaign for an increased consumption of milk there should be an accompanying reduction in tho price to the consumers, such action, ho contends, “ being ultimately beneficial alike to producers and distributers.” The “ Times” reports him as saying further:

It is not claimed that the Commission has placed the milk business on a highly profitable basis. It may be that there will be little profit during M ay cither to the farmers or purveyors, but the hardships, if there be hardships. should bo shared by the two parties in Interest. The fact that milk is sold to consumers at a less price In Buffalo, duo partly at least to a lower price to producers, and that tho Chicago prices aro much lower than those set for New York, may appear to havo justified a still lower prico to the producers in New York for M ay.

But such a course would undoubtedly react sharply upon the dairy industry and deplete the milk-producing capacity for the future, a result undesirable from every point o f view at a time when food conditions are what they are now. It is certainly tho purpose o f the Commission to so regulate future prices as to defend so far as it is possible both producers and distributers against loss on the business o f a year.

COCOA AND OTHER FOOD REGULATIONS IN GREAT BRITAIN.

Tlireo orders regulating the cocoa trade in Great Britain have been issued by the Food Controller. The cocoa powder ordor provides (after April 8) for the making of two grades of cocoa powder— grado A , which corresponds to the ordinary propriotary brands, and grade B , which corresponds to the ordinary loose powder. A t least 40 % of the cocoa powder sold by a manufacturer in any month must be grade B powdor. Tho maximum wholesale price for grado A powder is fixed at 2s. 8d. per pound, and for grade B powder at 196s. per cwt. if sold loose or 233s. 4d. per cwt. if sold packed in cartons. Tho maximum retail price for grado A powder



is fixed at 3s. 2d. per pound, and for grade B powder at 2 s. 2d. per pound if sold loose or 2s. 6d. per pound if sold packed in cartons. After April 22 no cocoa powder except grade A powder may be sold at prices exceeding those apple- able to grade B powder. Beginning April 8 no cocoa shell or any mixture other than chocolate containing more than 5 % cocoa shell may be sold by retail at a price exceeding 6 d. per pound. The maximum wholesale price of cocoa butter beginning Mar. 25, was fixed at Is. Gd. per pound when the* sale is by the manufacturer, and at Is. 7d. per pound otherwise. The retail price after April 2 was fixed at 2s. per pound. N o raw cocoa was permitted to be sold after April 2 at a price exceeding the fair value, which is to be ascertained by committees of brokers appointed by the Food Controller of London and Liverpool. The Food Controller has fixed the top price for the best grade of each variety of raw cocoa.

Several other announcements in the control of food and rationing were also made on M ar. 25, among them being the following:

A flat rate retail price o f Is. a pound fixed for all kinds o f margarino. This comes into operation in England M ar. 25, and in Scotland on April 15.

Persons wishing to use meat cards for the purchase o f bacon and ham will be required to register the cards with the retailer from whom they wish to buy. The registration will becomo operative on M ay 5.

Merchant seamen, after negotiations with Lord Rhondda, have agreed to a reduction o f 50% in the amount o f meat allowed by the Board o f Trade under the Merchant Shipping A ct.

M A XIM U M PRICES FIXED BY GOVERNMENT FOR BEEF FOR FIGHTING FORCES.

The following announcement regarding the maximum prices decided upon for purchases in M ay of beef for the fighting forces of the United States and the Allies was issued on April 22 by the Army, Navy and Marine Corps.M The Arm y and N avy and the Marine Corps announce that their moat requirements for M ay delivery (except upon the Pacific Coast) will bo allotted among the packers (unloss lower bids are received) at prices based on livestock markets, but in no event higher than the following base prices per 100 pounds:

Good steers. 500 to 600 pounds, free on board New York, frozen and wrapped, commercial trim for export, $24 05.

Same, 600 to 700 pounds, $24 80.Same, 700 pounds up, $25 55.N avy requirements, $24 65.Cows. 500 to 600 pounds. $21 50.Army beef o f special weights, with special trim or for special purposes,

Will have proper differentials.In case the markets go lower and prices are not agreed upon, they will bo

determined by the Government, which will ask the advice o f the Federal Trade Commission in cost ascertainment if necessary. The Allies will not buy at higher levels than the army and navy.

The packers will not attempt to increase price for the domestic trade because o f these allotments.

It is pointed out that while the Government controls beef prices only to the extent of saying what it will pay, the purchases under Government direction are so enormous that the maximum figures now fixed are expected to go far toward stabilizing prices to the domestic consumer. It is stated that it is planned to continue alloting Government and Allied contracts among the packers at prices based upon prevailing live stock markets, provided thoy are not higher than the stated maximum. In the event that there should bo a drop in the market, and no agreement on prices has boon reached in the meantime, the Federal Trade Commission will bo called on to ascertain costs on which to base new maximum Government prices.

CONSOLIDATION OF MEAT PURCHASING BUREAUS OF GOVERNMENT.

Consolidation of all meat purchases for the American Government and the Allies in a single bureau at Chicago also was announced by the Food Administration on Apr. 22. E . L . Roy of the Administration’s Chicago branch will be commissioned in the army Quartermaster Corps to take charge of the office. He will be assisted by Gordon Ilateley of Chicago, in so far as purchases for the Allies are concerned.

GERMANY AND ALLIES TO DEVELOP COTTON PRODUCTION IN BULGARIA.

Washington advices of April 19 are authority for the statement that Germany and her allies are undertaking to overcome their shortage of cotton by developing its production in Bulgaria. Official dipatches are reported as stating that the Bulgarian Government has undertaken to place large blocks of suitable land at the disposal of planters. The principal cultivation will be done in the lowlands and river border of the Dobrudja and in the vicinity of Adrianople.

CRITICISM OF BRITISH CONTROL OF FROZEN MEAT TRADE.

In a review of the frozen meat trade in 1917, W . Weddel & Co., Ltd., of London, strongly criticize the control exercised by the British Government, which, the firm says, has hampered instead of increasing production. Prices were fixed on lines which led to premature marketing of stock, increased consumption and a subsequent shortage of meat. Notwithstanding war time conditions, however, the world’s exports of chilled and frozen meat have shown a steady increase, and the fleet of refrigerated steamers under the British flag has been well maintained. Tho statement of Weddel & Co. was given as follows in the “ Journal of Commerce” on April 13:

It is unusually difficult to present a commercial roviow o f the frozen meat trade for 1917 because throughout there was so little freodom o f trading In overseas supplies, except in the case o f the curtailed imports from the River Plate. M ore or less complete control o f all classes o f moat by G overnment departments was gradually substituted for individual trading. Production, importation and distribution each went through a process o f reconstruction by means o f official restrictions; and consumption, after many half-hearted attempts to regulate it by persuasion, Is about to bo controlled also.

M ost o f the numerous orders Issued by the Government to tho farmer operated in restraint o f his liberty o f action rathor than in the direction o f encouraging production to the utmost: and failed to securo tho results hoped for by those who Issued them. Prices were fixed on linos which led to the premature marketing o f stock. Increased consumption and a subsequentshortage o f meat. . . . , , , „ , .

“ Alterations and repairs” to the delicately balanced mechanism o f trade were undertaken In good faith by men o f undoubted experience in tho various spheres o f activity in which thoy were engaged boforo tho war; but who. being without full knowledge, sometimes without any knowledge, o f the inner workings o f the machinery now placed in their hands, and being too much occupied to take time to consult the advisory committees which they had selected to advise them, have, in tho main, evolved chaos out o f order. Their ultimate aim is. apparently, to feed the wholo nation on the principles which govern army rationing, Instead o f by intelligent business methods. The old distributing machinery has boon scrapped, and tho now is not yet in working order— hence local shortages, inequitable distribution, undesirable queues, and, as a natural result, much discontent.

By "profiteering” is presumably meant making largor net profits than in peace time- but it has never been clearly defined by those who. wtien using tho word, ’intend to charge someone with doing something unpatriotic during war timo.

It may bo accepted that. Immediately after the outbroak o f war. there was considerable "profiteering” in the sense stated above on tho part o f Importers and traders. Everyone was then In great uncertainty as to what should be done, and everyone, seller and buyer alike, acted on Impulse. So soon as any rise was established here, producers In Australasia and South America raised their selling prices and thus diverted war profits to their side o f the world Within six months, however, the Imperial Government had taken complete control of Australian and New Zealand exports and had also secured 80% o f the Argentine output for army purposes at quite a moderate level o f prices— in both cases at much under what was current in this market From that timo to this they have retained possession o f three-fourths o f all imported m eat. Argentine shippers have certainly made handsome profits on their reduced civilian shipments; but no profit-earning o f any kind has been possible to importers o f Australian and Now Zealand moat Tor nearly three years past. These traders have Indeed been heavily hit, losing practically the whole o f their business. The "profiteers" In Australasian meat have been the British Government, who rotain tho profit on anv surplus supplies not required for the army. The entiro Patagonian output o f mutton and lamb for 1917 was also taken over by tho Government on a similar basis. If the Government had rovoaled frankly Its own share in the trade, and if the press had not been so unduly assertive about an imaginary grievance, the public would never havo become so dissatisfied as they are on this point.

So far as wholesalers and retailers are concerned, tho position Is that, with greatly curtailed turnover.it is not possible to reduce fixed charges and labor so as to leave a margin o f net profit corresponding In any degreo with the advance in prices to the consumer. Tho position Is now really serious for the whole trado. and complaints aro rifo as to tho hoavy lossos Incurred In carrying on, mainly for the sake o f holding together long established connections in the hope that better times will come soon. Unless larger margins are allowed in the fixing o f prices by the Food Controller, in order to cover working oxpenses. the country may bo faced presently with greater difficulty in tho distribution o f its moat supplies.

N o "free " market for imported meats existed during tho greater part o f the past year. Tho fixing o f maximum prices— both wholesale and re-tajj__tended to make distribution largely a matter o f accountancy in manycases although tho methods adopted by tho Government Involve moro labor’ than formerly, not less. Australian and New Zealand beef was entirely absent from the market, While mutton and lamb from both these sources wero sold throughout at tho same maximum prices. Patagonian sheep and lambs also were strictly controlled In prico. The "freo" meats which were marketed comprised the civilian imports from tho Argentine Republic and Uruguay (consisting o f chilled beef, frozon mutton and lamb) also limited quantities o f United States, Canadian, South African and Brazilian frozen beef, but thoso also wero all subjected to the maximum price

° r o T th e average, prices wero again higher than in the preceding yoar. not so much becauso supplies wero loss than usual as because consumption on the part o f the classes earning high wages was boyond tho normal. The average o f quotations over the Whole yoar was 24% higher than In 1916, desptto the action o f successive Ministers o f Food In fixing maximum prices at levels lower than would havo boon arrived at on a freo market. These certainly checked the advancing tendency, whatever other less satisfactory results may be ascribed to tho adoption o f that policy.

The quantities imported o f each description aro not known exactly, but in aggregato they wero about 550,000 tons (or 3% moro than In 1916). T hefcom paro with 533,811 tons in 1916, 662,925 tons in 1915 and 694,427

t0Tim world's export output o f frozen and chilled beef, mutton and lamb in 1917 is estimated at 965.000 tons, as against 915.380 tons In 1916, 881,075 tons in 1915 and 800.375 tons in 1914— a steady rate o f expansion which must be considered very satisfactory under war conditions. From these yearly totals about 386.000 tons, 381,569 tons. 218.loO tons and 105.948 tons, respectively. wero diverted to markets other than the United Kingdom.


Apr. 27 1918.] THE CHRONICLE 1747Despito all tho risks and vicissitudes o f overseas traffic during 1917, tho

fleet o f refrigerated steamers under tho British flag was well maintained, the total carrying capacity o f the numerous steamers fitted for tho transport o f frozen and chilled meat being greater at the end o f the year than It was at tho beginning. Although 965,000 tons Were shipped from tho world’s freezing works to tho world’s markets, as compared with 915,380 tons In 1916, there was a certain margin o f British refrigerated space to com e and go upon; and, besides that, there wero tho insulated fleets o f France and Italy, which are now quite considerable, to augment tho reserve o f carrvin" power. B

SPRUCE LUMBER PRICES TO BE PAID BY U. S. GOVERNMENT-CALL FOR LUMBER FOR AIRPLANES.An agreement as to tho prices which tho Government will

pay for spruce lumber was reached at a conference held on April 13 between tho War Industries Board and representatives of tho spruce industry. Tho prico on random lengths will, it is stated, rango from $35 to $48 a thousand, and on lengths from 8 to 20 feet from $40 to $55, according to sizo. For overy two foot over 20 feet in length an additional charge of $1 a thousand will bo made. The prices, which are to remain in effect until July 1, aro based on Boston deliveries.

On April 14 a call for 3,000,000 feet of New England spruce a month for airplanes was sent out by tho N avy Department. By agreement with the army, according to Assistant Naval Constructor F. M . Smith, tho navy has assumed oxclusivo control of the dovolopmont of the New England spruce, and steps havo been taken to bring tho output of this material up to its maximum during tho spring and summer. Exhaustive tests by tho Federal Forestry Department have proved, M r. Smith says, that tho spruce of this district is equal in strength to tho best spruce grown in tho W est. It was stated on tho 14th that since Dec. 1 lumber operators havo been delivering to the Navy Department 1,000,000 feet a month. With tho airplane industry now in a position to turn out moro machines the Navy Department plans to troblo its output. The demands of tho navy, it is pointed out, will not interfere with tho important pulp-making industry, for tho aviation requirements are so exacting that only 7 % of tho spruce cut up meets specifications, tho remainder being available for pulp. J’o eliminate wasto and speed production, the Now England States have been divided into fifteen districts, with fifteen inspectors to visit tho mills and pass upon tho product for airplane purposes.

wool producing centres that 1918 clips should not be disposed ol within tho next 30 days, during which time the Government will determine its exact needs.

TANNERS' COUNCIL APPROVES LEATHER IMPORT RESTRICTIONS AND FIXING OF PRICES.

Tho Tanners’ Council, representing 95 % of the tanning industry of tho United States, adopted through its board of directors on April 21, at a meeting at Washington, a resolution approving the Government’s plans to restrict the importations of hides and tanning materials in order to release tonnago. Tho plan of the War Industries Board to fix prices of hides and leather was also endorsed. Its resolution on this point says:

In the event that it becomes necessary in tho judgment o f the price fixing committee o f the War Industries Board to fix and establish prices in the leather industry, it is recommended that the prices shall be established upon as low a basis as is consistent with world' market conditions, bearing in mind the important fact that approximately one-half o f the money paid out for leather raw stock leaves our country. The foregoing is in direct contrast to facts relating to such products as com . wheat, cotton, beo , steel, & c., and justifies a low basis o f value in tho leather Industry.

With regard to tho import restrictions as to hides and tanning materials the Board’s resolution said:

The directors here aseembled. representing tho Tanners’ Council and the National Association o f Tanners, support whatever curtailment o f imports o f hides, leather and tanning materials is deemed essential by the Shipping Hoard to provide increased tonnage for the European service.

BOTTLE MAKERS AGREE TO CURTAIL.I ho United Statos Fuel Administrat on announced on

April 22 that representatives of tho Automatic Bottle Manufacturers’ Association havo voluntarily agreed with the United States Fuel Administration to curtail their production of less essential articles, both in tho interest of fuel conservation and to give the utmost possible opportunity fo rtho m a n u fa c tu re o f g la s s ja r s a n d o th e r fo od c o n ta in e rs . I t s a n n o u n c e m e n t says:

Specifically, those bottle manufacturers who are not occupied entirely with tho manufacture o f food containers will curtail their total output 15% , tho curtailment to be effective in tho less essential portion o f their pro- ductlon. A very large quantity o f fuel is consumed in the manufacture o f glass .articles, and the effect o f this arrangement will be to concentrate the manufacture o f bottles upon those which aro necessary for food and medicinal purposes.

WOOLEN TRADE COMMITTEE NAMED TO COOPERATE IN MAKING ARMY UNIFORMS.

It was announced on April 19 that in view of the largi demands for woolen uniform cloths mado on the mills of tin country by the Quartermaster-General, it has becomo neces sary to appoint a committee to work with tho Quartermaster General’s office to assist in establishing proper relation; between tho Quartermaster-General and the cutting trade Civilian requirements of woolen goods havo been'’ largely affected by tho heavy purchases of tho Quartermastei Corps. Tho committee is composed of the following:

H . 1\ Bontios. chief o f tho woolen branch o f the Quartermaster’s Corns Chairman. 1

Eli Strouso. o f Strouso & Bros., Baltimore, and a mombor o f tho Governm ent’s Clothiers War Device Commission. Govern

nerbert P. Peabody, President o f the American Association o f W ool and W orsted Manufacturers.

WOOL GROWERS OUTPUT TO BE TURNED OVER TO GOVERNMENT AT JULY 1917 PRICES.

At a conforoneo with tho War Industries Board at Washington on April 25 wool growers aro said to havo agrood to turn over to tho Govornmont tho ontiro wool output of the United Statos at prieos basod on tho prico for washed wool on July 30 last. Tho previous day (April 24) it was reported that the Govornmont had decided to tako ovor all tho raw wool now held in warehouses at tho prices prevailing on July 30 last. Tho April 25 dispatches from Washington said:

In accepting tho Government’s proposal tho growers avoided having their product commandeered. Tho Government will tako all wool produced and now in warehouses and will distribute what is not required for tho army and navy to dealers for civilian needs.

Officials said tho prico assured growers sufficient profit to guarantee stimulated production. The growers declared themselves well satisfied

The margin o f profit to bo allowed dealers has not been determined. The Government will not interfere with tho normal channels o f trade and dealers as heretofore will handle tho raw wool from producer to manufacturer. Profiteering will bo eliminated. Under the agreement which Is voluntary tho Government not only will control tbo ontiro product in tho United Statos but imports as well. Tho War Department Is now taking approximately 60% o f tho finished wool product from tho mills and about 40% o f tho looms devoted to Government orders. This will bo Increased to 60% .L Major Gonoral Goothals, Acting Quartormastor-Goneral of tho Army, is said to havo rocontly sent noticos to all_tho

MAXIMUM MARGINS ALLOWED CANNERS IN U. S.Announcement as to the maximum margins between cost

and selling prices which will be allowed licensed canners was mado yesterday by tho U. S. Food Administration, its action being based on the views of tho Federal Trade Commission, which recently completed an inquiry into food costs. Tho margins, according to tho Food Administration’s announcement, aro to bo considered merely as guides, in no way changing existing rules or regulations affecting canners. Prices exceeding these will bo considered unreasonable under tho Food Control law. Tho announced maximum margins per dozen cans are as follows:

Corn, N o. 2, standard, 19 cents.Corn, N o. 2, extra standard, 22 cents.Corn. N o. 2, fancy, 30 cents.Peas, average, all sizes. N o. 2. sub-standard. 15 cents.Peas, average, all sizes, N o. 2, standard. 22 cents.Peas, average, all sizes. N o. 2. fancy, 31 cents.Tom atoes. N o. 2. standard. 18 cents.Tom atoes, N o. 2H. standard, 22 cents.Tom atoes, N o. 3, standard, 27 cents.Tomatoes, N o. 3. fancy, 31 cents.Tomatoes, N o. 10, standard, 90 cents.Tomatoes, N o. 10, fancy, $1.

ISSUANCE OF PATENTS AND COPYRIGHTS TO ENEMIES STOPPED BY PRESIDENT WILSON.

Under an Executive Order, dated April 11, and made public April 1G, President Wilson has stopped the issuance of patents and copyrights to enemies and revoked the authority vested in the Federal Trade Commission to issue licenses to Americans for applications for patents in enemy countries. Tho following is the President’s order:

E X E C U T IV E O R D E R .B y virtue or tho power and authority vested in me by “ An A ct to define

rogulato, and punish trading with the enemy and for other purposes " approved October 6 1917, I hereby make the following orders and rules and regulations:

Secretary o f the Treasury.I. I hereby revoke tho authority and power vested In the Secretary o f

tho Treasury by Section X I o f the Executive Order o f October 12 1917, to Issue licenses to send, tako. or transmit out o f the United States any letter or other writing, book, map, plan, or other paper, picture or any telegram, cablegram, or wireless message, or other form o f communication Intended for or to bo delivered, directly or Indirectly, to an enemy or ally o f enemy, in any way relating to letters patent, or registration o f trade-mark, print,’ label, or copyright, or to any application therefor; and no such license shall bo granted until further order.



Federal Trade Commission.II . I hereby rovoko the power and authority vested in tho Fodoral

Trade Commission by Section X V II o f tho Executive Order o f October 12 1917 to issue licenses to any citizen o f tho United States or any corporation organized within the United States, to file or prosecute applications in the country o f an onomy or ally o f enemy for letters patent or for registration o f trade-mark, print, label, or copyright, and to pay any fees or agonts’ fees in connection therewith; or to pay to any enemy or ally o f enemy any tax, annuity, or fee in relation to patents, trade-marks, prints, labels and cop y rights; and no such license shall be granted until further order.

W OOD RO W W ILSO N.The White House, April I I 1918.

RESTRICTION OF MANUFACTURE OF CLAY PRODUCTS Regulations, approved by the War Industries Board,

restricting the manufacture of clay products and rearranging and dividing tho manufacturing program of the industry so as to place it on tho basis of war industry were issued by the U . S. Fuel Administration on April 17. Ten orders were signed by Fuel Administrator Garfield, tho products dealt with being arranged in classes and manufacture curtailed on a percentage basis as follows;

Restriction.Face brick______________________ 50%Common brick_________________ 50%Paving brick____________________50%Terra cotta_____________________ 50%Roofing tile_____________________ 50%

Restriction.Floor and wall tile______________ 60%Sanitary waro-------- ---------------------50%Hollow tile_____________________ 25%Drain tilo and sewer pipe---------25%Stoneware (except chemical) — 15%

D r. Garfield’s announcement said:Curtailment in each case is based on tho averago output o f tho past

three years. It will bo noted that tho percentage o f curtailment Is not equal in all classes o f clay products. These figures have been reached after careful investigation and represent rates of production which will bo for the best Interests o f tho necessary Government work and in general for tho interests o f the manufacturers involved.

The experience o f tho last year has brought two facts clearly to tho front; First, that as far as possiblo tho now war work must bo put Into old factories to take the place or less essential production. This method of producing war supplies provents building problems, housing problems and transportation problems which necessarily follow the setting up o f new plants for war production; second, that in addition to this transference it will bo necessary for many Industries to mako deliberate sacrifices o f a part o f their ordinary business in order that thero may bo transportation, men and materials enough for war production.

The War Industries Board and tho Fuel Administration have boon for several months obtaining information which would enablo them to reorganize lesser essential industries, such as building materials, which tax transportation facilities and fuel supplies to tho largest extent.

Tho Bureau o f Standards and experts associated with each industry kavo placed their services at the disposal o f the Government and have aided in reaching conclusions.

In general the minimum basis o f running for the year has been established in each class o f clay products. This minimum has taken account o f tho moro necessary requirements outside o f strictly war activities as well as the necessities o f the Government. Boyond this, it Is arranged that whenever tho Government departments certify requirements in any o f tho divisions exceeding the productive capacity o f a givon district on the minimum basis, such facts will bo certified to tho Fuel Administration and permits for additional running will bo issued.

The aim has been to conserve tho largor Interests o f the trado involved. Equal treatment for all plants is provided wherever possiblo. Allowance, however. Is mado in the plan for recognizing Individual Instances whero an abundance o f fuel and abseneft o f congestion make it desirable that a largo proportion o f production be permitted in a givon district. Tho granting o f such additional output ha3 been hedged about with safeguards so that general conditions In the different trades will not be seriously affected.

The full form o f tho order relating to common brick is produced in order to show tho goneral requirements o f the Fuel Administration In dealing with all o f the clay products. Tho orders relating to tho other products are o f tho same general form and tonor.

The following are the regulations:Restricting Fuel Consumption by Manufacturers of Common Building Brick.

Tho term "com m on building brick” in this regulation shall be construed to cover all common building brick made by any process whatsoever.

The term “ manufacturer” in this regulation shall bo construed to cover any person, firm , association or corporation engaged in the manufacture o f common building brick.

N o manufacturer, as defined abovo, shall at any o f his plants, consumo, burn or uso fuel o f any description, including coal, coke, fuel oil, natural gas or other potroleum products, or uso power derived from any such fuel, for or In connection with the manufacture o f common building brick, as abovo defined, during the year beginning Jan. 1 1918 and ending Dec. 31 1918 to an amount in excess of 50% o f tho averago annual amount o f fuel consumed at such plant for or in connection with tho manufacture o f com mon building brick during the period from Jan. 1 1915 to D ec. 31 1917,excepting—■ _ . .. ,

First. In case such plant was not in existence on Jan. 1 1915, then, and in such case, the period during which it has been In existence prior to Jan. 1 1918 shall be used as a basis in arriving at a determination as to the quantity that would constitute one-half o f the averago annual production.

(a) Upon evidence that the necessities o f the Government In tho particular district in which such manufacturer is located cannot be supplied by plants within practical shipping distance o f the place where the United States Government requires such product, unless permission Is granted for such excess production, and that on this account It is necessary in tho interest o f tho United States Government that such permit be issued.

lb) Upon receipt or certification from tho Fuol Administrator o f the State in which the plant is located that the material to be manufactured Is to be used in connection with building operations of urgent public necessity and that the fuel used In manufacturing such material can bo sparod for such purpose.

Second. That whenovor two or more manufacturers o f common building brick shall find that a further fuel economy would result from combining the output o f two or more plants, then and In such cases It shall bo permissible, after receiving written permission from the Fuel Administration, for the soveral manufacturers to combine tho aggregate allotment o f fuel to the soveral plants, to be used Jointly for the purposes o f production, tho manufactured products o f such combined plants being distributed to tho individual manufacturers as may bo agreed between them.

In plants which manufactured common building brick exclusively during tho years 1915, 1916 and 1917 manufacturers shall not consumo, burn or uso fuol to manufacture clay products other than common building brick without first presenting evidence that the manufacture of such other clay products is in tho interest o f tho United States Government and receiving from the United States Fuel Administration permission in writing to manufacture such products.

It is ordered that on or before Juno 30 1918 oach manufacturer o f common building brick shall report to tho United States Fuel Administration tho number o f common building brick manufactured and tho amount and kind o f fuel consumed during tho period from Jan. 1 1917 to Dec. 31 1917, and tho amount o f stock on hand Dec. 31 1917, and that thereafter semi-annual reports showing the number o f common building brick produced, tho amount and kind o f fuel used and tho stock o f brick on hand shall bo mado for the period from Jan. 1 1918 to Juno 30 1918 and from July 1 1918 to Dec. 31 1918. Tho report for the first period shall bo made not later than Aug. 1 1918 and for tho second period not later than Feb. 1 1919.

Any such manufacturer violating or refusing to conform to tho abovo regulation will be liablo to the penalty prescribed in tho A ct o f Congress. (Fino o f not moro than $5,000 or by imprisonment for not moro than two years, or both.) _

(Signed) H . A . G A R F IE L D , United States Fuel Administrator.

Slonncare.— “ Stonowaro” Is construed to cover vitrified and glazed receptacles and containers mado from common buff burning clays by any process whatsoever, excepting stonowaro used in tho chemical industry.

Sewer Pipe, Drain Tile and Flue Linings.— "Sowor plpo, drain tile, and flue linings” are construed to cover all vitrified clay, cement, or concrete sanitary sewer or culvert plpo, in sizes 42 inches In diameter or under; all vitrified or non-vitrified clay, cement, or concreto drain tile; and all clay, cement, or concreto wall coping and fluo lining mado by any process whatsoever.

Terra Cotta.— Tho term "terra cotta” is construed to cover all architectural terra cotta, whether glazed or unglazed, intended to bo used for tho interior or exterior construction or decoration o f buildings, made by any process whatsoever.

Sanitary Ware.— Tho term “ sanitary waro” Is construed to cover all burned clay wares used In plumbing installations, mado by any process whatsoever.

Paving Brick or Block.— The term "paving briclc or b lock” is construed to cover paving brick or block intended to bo used for the paving o f roadways and streets and other paving purposes, mado by any process whatsoever.

Floor and Wall Tile.— The torm “ floor and Avail tilo" Is construed to cover all clay tilo, either glazed or unglazed, intended to bo used in floors or walls, for either utilitarian or decorativo purposes, mado by any process whatsoever.

Holloio Tile.— Tho term “ hollow tilo” Is construed to cover all forms of fireproofing or IioIIoav building block except silo tile, which aro used in tho erection of floors, roofs, partitions. Avails, and for other constructional purposes, made by any process Avhatsoover.

Face Brick.— The term “ face brick” is construed to cover building brick intended to bo used solely for facing purposes, as differentiated from com mon building brick made by any process Avhatsoover.

Roofing Tile.— The term “ rooring tilo” Is construed to cover clay tilo, either glazed or unglazcd. Intonded for uso in the covering of building roofs, made by any process whatsoever.

JOHN D. RYAN NAMED TO DIRECT ARMY AIRCRAFT PRODUCTION.

The appointment of John D . Ryan as Director of Aircraft Production for the Army was announced by Secretary of War Baker on April 24. M r. Ryan, who is perhaps best known as President of tho Anaconda Copper Company, succeeds Howard Coffin as Chairman of tho Aircraft Board, the change having been mado with tho ontiro concurrence of M r. Coffin, who romains a member of tho Advisory Council of National Defense. Under tho reorganization which has been effected of tho Aviation Section of tho Signal Corps Major-Gen. Squiers of tho Signal Corps is relieved of all connection with aircraft production for the Army and will confine his attention to the signal branch. A new division of the Signal Corps has been created to bo known as the Division of Military Aeronautics, and which will be under tho direction of Brigadior-Gon. William L . Kenly. Tho following is tho announcement of tho W ar Department:

M r. John D . Ryan has accepted tho directorship o f aircraft production for the Arm y.

A reorganization o f tho Aviation Section o f tho Signal Corps has been also effected o f which tho principal elemonts are as follows:

Gon. Squler, as Chief Signal Officer, Avill dovoto his attention to tho administration o f signals; a Division o f Military Aeronautics is created, under tho direction o f Brig.-Gen. William L. Konly. Tho Aircraft Board, created by Act o f Congress, remains an advisory body as it has boon in tho past, with M r. Ryan as its Chairman. This arrangement Is mado with tho entire concurrence o f M r. Howard Coffin , who remains a momber o f the Advisory Commission o f tho Council o f National Defenso and will render assistance and counsol to tho Aircraft Board and M r. Ryan.

Tho Division o f Military Aeronautics Avill havo control o f tho training o f aviators and tho military uso o f aircraft. Tho exact division o f function in the matter o f designing and engineering will bo worked out as experience determines between tho Division o f M ilitary Aeronautics and tho Divisiono f Production. , ,

This announcement involves no chango o f personnel In tho present Equipment Division o f tho Signal Corps, o f Avhich W . O . Potter is chief, and which will continue under his direction.

W ith regard to the reorganization M r. Coffin is quotedas saying:

Tho appointment o f a single individual with dofinlto and adequate power to deal with a!l aspects o f Army Aircraft Production is a logical andnecessary stop. , , .

It is necessary to get away from any question o f a division o f responsibility, either in fact or In tho public mind. Tho aircraft board romains, as since Its creation in October, an advisory body; but undor this now nr rangement, tho Chairman o f tho Board becomes also tho supromo exccu tlv agoncy for proper results, both tho power o f execution and tho rospons! bllity must bo concentrated in tho saino hands. Tho mothod o f M r. Ryan's appointment would seom to accomplish this result.


Apr. 27 1918.] THE CHRONICLE 1749A bill was introduced in the House on April 12 by Repre

sentative Gould of New York proposing the creation of the office of Aircraft Administrator at $7,500 a year, a ViceAdministrator at .$5,000 and four assistants at $4,500. The Senate Military Committee has recommended that control of the aviation program be in the hands of one inan. The Gould bill would take from the Army Signal Corps all authority over aircraft.. Twenty-fivo million dollars is proposed to be appropriated to give a start to tho aircraft administration. Representative Gould made the following statement regarding tho bill:

Tho present organization, In charge o f what is conceded to be ono o f tho most important brandies o f our fighting program, has failed to produco tho goods. I havo, therefore, introduced this bill outlining a form o f organization based on lines that havo proved successful in manufacturing industries. Tho scopo is wide and President Wilson would be enabled to select an aircraft administrator with sufficient assistants to properly supervise and hasten to completion tho production o f aircraft for tho Arm y and Navy.

FEDERAL “ LIGIITLESS NIGIIT” ORDER RESCINDED.Tho suspension of tho Federal “ lightless night” order,

from April 25 to Sopt. 1, was announced by U . S. Fuel Administrator H . A . Garfiold on April 22 in the following telegram to tho Stato Fuol Administrators:

At tho urgent request o f tho Liberty Loan Committee I have decided to suspend operation o f tho lightless night order beginning next Thursday night. Iiy reason o f the late hour o f lighting, brought about by tho daylight saving law, tho lightless night order will remain suspended until Sopt. 1 next, when it will again become effectivo.

The Fodoral “ lightless night” ordor, under which all outdoors lights, excopt those necessary for tho public safety wore prohibited on Thursday and Sunday nights had been in effect since Doc. 16. Tho ordor replaced tho coal conservation order effective N ov. 9 which limited tho illumination of advertising signs to tho period botwoon 7.45 and 11 o’clock p. m. Supplementing the Foderal requirements Albert II. Wiggin, Now York Stato Fuel Administrator, had issuod an ordor, which continued in offoct from Jan. 2 to Fob. 25, directing that every night, except Saturday, bo kept as dark as safety would permit from sundown to sunriso in every city, town and hamlet in tho Stato.

DAYLIGHT SAVING PLAN INAUGURATED IN CANADA.

The daylight saving plan went into operation in Canada on April 14, following tho enactment by the Canadian Parliament of a law, whereby tho time pieces of the Dominion are advanced ono hour, the change to continue in effect until Oct. 31 1918. Tho following proclamation, carrying tho law into operation, was issued on April 12:

A T TH E G O V E R N M E N T HOUSE A T O T T A W A ,Friday, April 12 1918.

Present:n iS E X C E L L E N C Y TIIE GO VERN O R G E N E R A L IN CO U N CIL.

n is Excellency tho Governor General in Council, on the recommendation o f the Minister o f Trado and Commerce, is pleased to order and it is hereby ordered that tho prescribed time during which Tho Daylight Saving Act, 1918, is to bo In forco during tho present year shall bo from two o'clock on the morning o f Sunday, tho fourteenth day o f April, 1918, until two o ’clock on tho morning o f Thursday, tho thirty-first day o f October, 1918.

RODO LPIIE B O U D R EA U ,Clerk of the Privy Council.

The inauguration of tho daylight saving plan in Canada does away with the inconveniences which developed at tho United States border in tho movomont of trains following tho adoption of the daylight saving system in this country.

STANDARDS FOR WOMEN WORKERS ADOPTED BYWOMEN’S COMMITTEE OF NATIONAL DEFENSE

COUNCIL.Tho Woman’s Committeo of the Council of National De

fense has recently adopted as its standards for women in industry those issued by tho Ordnance Department of the Army. Tho “ ordnance standards,” as given in a Summary of Recommendations to Arsenal Commanders and Other Employers, provide: .

1. Hours o f Labor.— Existing legal standards should bo rigidly maintained, and oven whore tho law permits a nine or ten hour day, efforts should bo made to restrict tho work o f women to eight hours.

2. Prohibition o f Night W ork.— The employment o f women on night shifts should bo avoided as a necessary protection, morally and physically.

3. Rest Periods.— N o woman should bo employed for a longer period than four and a half hours without a break for a meal, and a recess o f ten minutes should bo allowed in tho middlo o f each working period.

4. Tim e for Meals.— At least thirty minutes should bo allowed for a meal, and this timo should bo lengthened to forty-five minutes or an hour if working day oxcceds eight hours.

5. Place for Meals.— Meals should not be eaten in the workrooms.0. Saturday Half-Holidays.— Tho Saturday half-holiday should bo con

sidered an absoluto essential for women under all conditions.7. Soats.— For women who sit at their work, seats with backs should bo

provided, unless tho occupation renders this impossible. For women who

stand at work, soats should bo available and their use permitted at regular Intervals.

8. Lifting W eights.— N o woman should be required to life repeatedly more than twenty-five pounds in any single load.

9. Replacement o f M en by W omen.— When it is necessary to employ women on work hitherto done by men, care should be taken to make sure that the task is adapted to the strength o f women. The standards o f wages hitherto prevailing for men in the process should not bo lowered where women render equivalent service. The hours for women engaged in such processes should, o f course, not be longer than those formerly worked by men.

10. Tenement House W ork.— N o work shall be given out to be done Inrooms used for living purposes or in rooms directly connected with living r o o m s . _________________________________

ACT MAKING WOMEN ALIEN ENEMIES SUBJECT TO ESPIONAGE ACT.

On April 16 President Wilson signed the bill extending the scope of the Espionage Act to women and requiring the registration of women enemy aliens. The bill was passed by tho House on March 4 and by the Senate on March 29. Wo give below the President’s proclamation carrying the provisions of tho law into effect, and this embodies the full text of tho Act. Wo also print Attorney-General Gregory’s announcement following the enactment of the legislation.

PRESIDENT WILSON’S PROCLAMATION BRINGING ENEMY ALIEN WOMEN WITHIN

SCOPE OF ESPIONAGE ACT.Following the signing by President Wilson on April 16

of the bill extending the provisions of the Espionage Aot to women and requiring registration of onemy alien women, a proclamation was issuod by tho President on April 19 in accordance therewith declaring women subjects of enemy countries liable to arrest and internment if they violate the laws or are regarded as dangerous persons to allow at large. Tho restrictions apply to females over fourteen years of age who have not been naturalized by their own or their male relatives’ declarations of citizenship. German women must rogistor, as German males have done, with police or postmasters on some future date to bo determined by A ttorney-General Gregory. German women are forbidden to entor barred zonos about water front and warehouses without a special permit after date not yet determined by the Attorney-General. In lino with President Wilson’s policy of lonionoy toward male subjects of Austria-Hungary, the women of this nationality will bo subject only to the general danger of being interned if they prove dangerous. The following is the President’s proclamation:B Y TH E P R E SID E N T OF TH E U N ITE D STATES OF A M E R IC A ,

A PR O C LAM ATIO N :Whereas, B y A ct o f Congress, approved tho 16th day o f April 1918,

ontitled, "A n A ct to Amend Section 4067 o f tho Revised Statutes by extending its scope to include wom en,” tho said Section 4067 o f the Revised Statutes is amended to read as follows:

Whenever there Is a declared war between the United States and any foreign nation or Government, or any invasion or predatory incursion is perpetrated, attempted, or threatened against tho territory o f tho United States by any foreign nation or Government, and tho President makes public proclamation o f tho event, all natives, citizens, denizens, or subjects o f the hostile nation or Government, being o f tho age o f fourteen year, and upward, who shall bo within tho United States and not actually naturalized, shall bo liable to bo apprehended, restrained, secured, and removed, as alien enemies. The President is authorized, in any such events by his proclamation thereof, or other public act., to direct the conduct to bo observed, on tho part o f the United States, toward tho aliens who becomo so liable; tho manner and degree o f tho restraint to which they shall be subject, and In what cases, and upon what security, their residence shall be permitted, and to provide for the removal o f those who, not being permitted to rcsldo within the United States, refuse or neglect to depart therefrom; and to establish any other regulations which are found necessary in tho promises and for tho public safety.

Whereas, B y Sections 4068, 4069, and 4070 o f the Revised Statutes, further provision is made relative to aUon enemies; and

Whereas, A state o f war has heretofore been declared and proclaimed to oxist botwoen tho United States and tho Imperial German Government and between tho United States and the Imperial and Royal Austro-Hungarian Government;

Now, therefore, I, W oodrow Wilson, President o f the United States o f America, acting under and by virtue o f the authority vested in mo by the Constitution o f tho United States and the said sections o f the Rovised Statutos, do horoby further proclaim and direct that the conduct to be observed on tho part o f tho United States toward all natives, citizeas, denl- zons or subjects o f Germany or Austria-Hungary o f tho ago o f 14 years and upward who shall bo within the United States and not actually naturalized shall bo as follows:

AH such nativos, citizens, denizens, or subjects o f Germany or Austria- Hungary are enjoined to proservo the peace toward the United States and to refrain from crimo against the public safety, and from violating tho laws o f tho United States and o f the States and Territories thereof, and to refrain from actual hostility or giving information, aid, or com fort to tho eneinios o f tho United States, and to comply strictly with the regulations which aro hereby or which havo been or may bo from timo to time promulgated by tho Prosident; and so long as they shall conduct themselves in accordance with law thoy shall be undisturbed in tho peaceful pursuit o f their lives and occupations and bo accorded the consideration duo to all peaceful and law-abiding persons, except so far as restrictions may be necessary for their own protection and for tho safety o f the United States: and toward such o f said persons as conduct themselves in accordance with law all citizens o f tho United States aro enjoined to preserve the peace and to treat them with all such friendliness as may be compatible with loyalty and allegiance to the United States.

And all such nativos, citizens, denizens, or subjects o f Germany or Austria-Hungary who fail to conduct themselves as so enjoined, in addition to all other penalties prescribed by law, shall be liable to restraint, or to



give security, or to remove and depart from tho United States in the manner prescribed by Sections 4069 and 4070 o f tho Revised Statutes, and as prescribed in tho regulations duly promulgated by the President.It' And, pursuant to tho authority vested in mo, I hereby doclaro and proclaim, as necessary in the premises and for the public safety, that Regulations 1 to 12 inclusive in tho Proclamation issued by mo under dato o f April 6 1917, and Regulations 13 to 20 inclusive in the Proclamation issued by mo under date o f N ov. 16 1917, shall bo and they hereby are extended to and declared applicable to all natives, citizens, denizons or subjects of Germany, being females o f tho ago o f fourteen years and upwards, who shall be within the United States and not actually naturalized; provided, that this extension o f Regulation 4 o f tho Proclamation issued by mo under date o f April 6 1917, shall not bccom o effective until such time as may bo fixed and declared by the Attornoy-Goneral o f tho United States.

And, pursuant to tho authority vested in mo, I hereby declare and proclaim, as necessary in tho premises and for tho public safety, that Regulations 1 to 3, inclusive, in tho Proclamation issued by mo under dato o f Dec. 1917, shall bo and they are hereby extended to and declared applicable 11 to all natives, citizens, denizens, o f subjects o f Austria-Hungary, being females o f the ago o f fourteen years and upwards, who shall bo within the United States and not actually naturalized.

This Proclamation and tho regulations heroin contained shall oxtond and apply to all land and water, continental or insular, In any way within tho jurisdiction o f tho United States.

In witness icliereof I have hereunto set m y hand and caused tho seal o f the United States to be affixed.

Done in tho District o f Columbia, this nineteenth day o f April, in tho year o f our Lord one thousand nino hundred and eighteou, and o f tho independence o f tho United States the one hundred and forty-socond.

[Seal] W OOD RO W W ILSON.B y tho President.

P R A N K L . POLK ,Acting Secretaru of State.

ALIEN ENEMY WOMEN REQUIRED TO LEAVE . WASHINGTON.

A statement relative to the enforcement as to alien enemy women of the restrictions previously applying to male aliens, and particularly with regard to the prohibition forbidding them from entering or residing in tho District of Columbia, has beon issued by U . S. Attornoy-Ceneral Gregory. Tho strictures against enemy aliens entering or being found within tho District wero contained in President Wilson’s proclamation of N ov. 16 1917, published in our issue of N ov. 24. The following is Attorney-General Gregory’s statement:

The President’s proclamation o f April 19, relating to alien enemy women, applies to women o f German birth and women o f Austria-Hungarian nationalities tho same restrictions as were previously enforced as to tho male aliens o f theso two nationalities, respectively. The operation o f regulation N o. 4, prohibiting German aliens from entering prohibited areas without permits, will not apply to German women until a dato to bo fixed by tho Attorney-General. Tho object o f this is in order that arrangements may be mado for women to apply for permits, for careful investigation to be made, permits Issued, & c., before putting the prohibition into effect.

The regulation prohibiting German women from entering or residing in the District o f Columbia takes effect at onco, but German Women transients will bo given until midnight M onday, April 22, within which to leave tho District. German women who have resided in tho District continuously since April 6 1917 will bo given until midnight, Sunday, M ay 5, within which to leave tho District. Any German women o f either o f theso classes foun within tho District after the timo set for their doparturo will bo subject to arrest and internment.

Arrangements are already being mado for the registration of German alien enemy women and further announcement will bo mado within a few days o f tho dates and manner o f such registration. Tho administrative machinery to be used by tho Government in this work will bo tho samo already employed for registering male German alien enemies, namely, tho polico in cities o f over 5,000, according to tho Census o f 1910, and postmasters in all other communities.

ISSUANCE OF REVISED ENEMY TRADING LIST BY WAR TRADE BOARD.

Tho War Trade Board issued on April 20 a rovised onemy trading list, containing moro than 5,000 names, and including for the first timo onomy firms in neutral countrios of Europo. Tho list, it is stated, was established in conjunction with Groat Britain and Franco to unify tho offorts of tho Allies to koop thoir products from reaching tho enemy. Italy is said to have occopted tho list in principle. Tho number of firms listed as enemios in South America has beon, it is statod, slightly reduced from previous lists, after investigation dis- olosod that tho claims of many that they wore noutral wore found justified. It is said, however, that many firms which probably deserved to bo listed as enomy agonts wore not on tho list, becauso actual proof of thoir Gorman connections was lacking. Greece, and Morocco are included in tho territory covered by tho list. Tho Board’s announcement says:

T o mlnimizo as far as possible tho Inconveniences caused to American merchants by tho dislocation o f foreign trade through tho operation o f tho Tradiug-wlth-the-Enemy A ct, tho War Trado Board is collecting and classifying tho names o f non-enomy firms who might bo substituted for thoso within tho prohibitions o f tho A ct. A considerable amount o f information already is available. In cases wlioro tho Board is not prepared to suggest a substitute firm on request it will inquire o f United States consuls abroad.

In pointing out that tho list does not contain tho names of all persons with whom it would bo illegal to trado, tho Board warns oxportors that tho omission of a firm’s name from tho list does not justify commorco with it.

WADDITIONSjTO LIST OF RESTRICTED IMPORTS. ^Through additions to the list of restricted imports” aiu nouncod by tho War Trade Board on April 21, it is oxpectod that there will bo released tonnage to the amount of 157,000 for war purposes. On March 22, when tho original list of articles barred from entranco to the United States, except under certain conditions, was announced by the War Trade Board, it was stated that though the restrictions then imposed 1,500,000 tons of ship tonnage [would bo diverted to the carrying of men and munitions to Europo. Tho new restrictions thus make a total of 1,657,000 tons available for war use. The largest single item on tho new list is quobracho wood, used in tanning, the restriction on this being estimated to save 28,000 tons. Tho wood may still be brought in if carried as deckload or in vessels unfit for essential imports. Hearings wero held on suggestions to restrict many of tho commodities, so that businoss mon might say exactly what effect tho restrictions would havo on industry. Tho inclusion of many commodities in tho restricted list, it is stated, does not mean that any appreciable shortago will result, as the effort has been to include those of which there is an ample supply on hand, which can bo produced at home or obtained overland from adjacent countries. Tho original list was published in our issue of March 30. Sinco then the War Trade Board has announced the removal as of April 12 of rice, cahuni nuts, and watch crystals from the list. Importers were advised, howover, that, in view of instructions previously cabled to consuls throughout the world, that it would bo necessary to furnish United States consuls abroad with tho numbors of import licenses for theso articles before such consuls would certify consular invoices. Tho new restrictions are effective M ay 13. Tho following is the War Trade Board’s announcomont mado public on tho 21st.:

N o import licenses for shipments made after M ay 13 1918 will bo granted for articles on this list, except as specifically herein provided. These provisions authorize tho importation o f tho specified articles only when tho goods originate in one o f tho countries designated in tho particular provisions covering such article, and do not permit tho importation o f goods originating in other countries but coming through such designated countries.

Licenses for tho following articles may bo granted only for shipments coming from Canada

101. Limo.102. Talc and soapstono.Licenses for tho following article may bo granted only for shipments

coming from Canada and Newfoundland:103. Shellfish (does not include crabmoat from Japan).Licenses for the following articlo may bo granted only for sfiipments

coming from Canada and Mexico:104. Molybdenum.Licenses for tho following articlo may bo granted only for shipments

coming from Cuba and West Indies:105. Tobacco leaf.Licenses for tho following articles may bo granted only for shipments

coming from Canada, M exico, Newfoundland and Scandinavia:106. Fish, fresh, cured or preserved.Licenses for tho following articles will not bo granted for shipments from

European countries, but may bo granted for shipments from all other countries:

107. Animal oils.Licenses for tho following articles will bo granted only for shipments

coming overland or by lako from Canada, or coming ovorland from M oxico:108. Aloxlto and boro-carbone.109. Borax.110. Cement for building purposes.111. Chloride o f lime.112. Cyanide o f soda.113. Dairy products.114. Ferromanganese and spiegelclscn.115. Load.116. Magneslto.117. M oat products and preserved meats.118. Paraffin.119. Pumice.120. Starch.121. Stono and manufactures thereof.Licenses for tho following articles will bo granted only for shipments com

ing (a) overland or by lako from Canada; (b) overland from M oxico; (c) as return cargo from European countries, and then only when sliippod from a convenient port and when loaded without undue delay:

122. Argols or wine ices.123. Bones, hoofs and horns unmanufactured.124. Baskets o f wood, bam boo, straw or compositions o f wood.125. Cork, unmanufactured, and manufactures thereof.126. Ediblo substances not specifically provided for in tho tariff schedules.127. Eggs, dried, frozen, prepared or preserved and yolks o f eggs.128. Fans.129. Fullers earth.130. Furniture.131. Furs and manufactures thereof (does not Include fur hats, fur not

on tho skin prepared for hatters’ uso, nor raw sealskins from Uruguay).132. Glass and glassware (does not includo lenses, opera and fiold glasses,

optical instruments, spectacles, eyeglasses, goggles, surveying instruments, telescopes, microscopes and plates or discs for uso in tho manufacture o f optical goods).

133. Gluo and glue size.134. Gluo stock and rawhido cuttings.135. Hair, human, and manufactures tlioreof.136. Horsehair, artificial, and manufactures tlioreof.137. Indigo, synthetic.138. Ivory, animal, and manufactures thereof.



139. Licorice root.140. M oss and seaweed.141 . Paper and manufactures thereof (does not include books and other

printed matter).142. Paper stock, crude (does not includo wood pulp).143. Straw and grass, unmanufactured, and manufactures thorcof.144. Tea wasto, siftings or sweepings.145. Vanila beans.Licenses for the following article may be granted from any country, but

only for shipments coming as deck cargo or coming on vessels unfit for essential imports:

146. Quebracho wood.All outstanding licenses to import the above articles from any country

from which, under the above announcement, licenses for such article will not be granted, shall expire and become void unless ocean shipment thereunder is made on or before M ay 13, 1918.

Also, all outstanding licenses to import from European countries articles covered by above items numbered 122 to 145, inclusive, and all outstanding licenses for quebracho wood shall expire and become void unless ocean shipment thereunder is made on or before M ay 13 1918. As to these new applications may be made for shipments after M ay 13 1918.

SHIPS TO HAVE PRIORITY IN STEEL DELIVERIES.Differences between the United States Shipping Board

and the Federal Railroad Administration with regard to steel deliveries were adjusted at a conference on April 19 between Bernard M . Baruch, Chairman of the W ar Industries Board, Charles Piez and Charles M . Schwab, representing the United States Shipping Board and Emergency Fleet Corporation; John Slekton Williams, of the Railroad Administration; Judge Edwin M . Parker, Priorities Commissioner, and J. L . Reploglo, of the Steel Division of the Council of National Defense. Tho conference, held at the request of M r. Schwab, grew out of the question as to whether the railroads should be given tho full tonnage asked for. The Emergency Fleet Corporation has had priority on steel rights, and maintained that its requirements were so great that a full allotment should not be given the railroads nor the priority order changed. It is stated that under the agreement reached tho Shipping Board will continue to have priority in steel deliveries over all other war industries except warship construction, and the Railroad Administration will get all the steel it requires to build locomotives. On the other hand, the railroads will change the character of new car construction so as to reduco tho total of 1,250,000 tons of steel plates which tho Administration has demanded for locomotives and cars. It is said to have been known after the conference that priorities already in effect would be maintained and at the same time the railroads would be able to carry out their locomotive and car building program. As to the change to be made in car construction, it was intimated that all freight and coal cars in the future might be of wood, steel being used only for the trucks and frames. No announcement as to the exact terms of settlement or tonnago allotted railroads was forthcoming at the W ar Industries Board. One feature of tho settlement, it was learned, however, was that the Railroad Administration will bo expected to guarantee 100% car supply for steel and other materials needed by those given priority in steel in order to benefit under the arrangement. The order of priority, the New York “ Commercial” of April 20 announced, would be as follows:

1. Emergency Fleet Corporation; 2, navy; 3, army; 4, railroads, for repairs and locom otive construction, and for car building, supplementing the program with wood; 5, railroads, for rails, if this does not interfere with the supply for other indtstries.

According to the officials of the War Industries Board, tho output of steel plates for all war purposes will bo increased by 20,000 tons per week by July 1 as the result of additions now being made to tho Steel Corporation’s mills.

In his statement to the stocklioldres of tho Republic Iron & Steel Co. on April 17, John A . Topping, Chairman, said that he expected that between 5 0 % and 6 0 % of the country’s steel-making capacity would be engaged steadily on Government orders. ___________________________

STEEL PRODUCTS OBTAINED FROM FRENCH AND BRITISH BY GENERAL PERSHING.

Recent testimony of Chairman Hurley, of the Shipping Board, and J. Leonard Replogle, Director of Steel Supplies for the War Industries Board, before tho Senate Commerce Committee in executive session, made public on April 11, disclosed that General Pershing has obtained 750,000 tons of steel products from the French and British Governments to meet urgent needs in France, with an agreement to replace the tonnago in plates, projectiles and other forms from tho United States. American mills now are working to capacity, the witnesses said, to meet the demands of tho Allied countries and the requirements of the United States. M r. Reploglo is said to have told the committee ho did not

believe it practical for the Government to arrange to send steel to fabricating plants as far west as Omaha, N eb ., when the fabricated material must be shipped back to the East to bo used in ship construction. Other testimony had indicated a belief that this would be practicable.

34 SHIPS COMPLETED AT GREAT LAKE YARDS ALLOCATED TO TRANS-ATLANTIC TRADE.

The Shipping Board on April 19 made the following announcement concerning the allocation to the trans-Atlantic trade of 34 ships completed at the Great Lakes Shipyards:

Thirty-four new ships aggregating 105 000 tons, completed during the winter and spring at the Great Lakes yards, have been allocated to the trans-Atlantic trade. W ith the breaking up o f the ice in the Lakes they will be sent through the locks. The first o f these new ships are due to m ove in the coming week.

The Bureau o f Operations o f the Shipping Board has been notified that cargoes are already being put aboard the new ships.

Tho Shipping Board requisitioned these vessels in the early stages o f their construction. All o f them had been contracted for overseas trade. They are o f the Frederickstadt type, so-called— the well-known lake type ship, averaging about 3,100 tons, 261 feet over all, 43.6 feet beam, and 20 feet in depth. N o alterations in them will be required for passage through tho locks.

Before tho ice season set in the Shipping Board moved a total o f 43 ships. Including 24 o f new construction, from the Great Lakes to the Atlantic coast.

CONSTRUCTION END OF U. S. FLEET CORPORATION,

UNDER C. M. SCHWAB, AT PHILADELPHIA.Following the announcement on April 19 that the construc

tion department of the Emergency Fleet Corporation would be moved from Washington to Philadelphia, Charles M . Schwab, at whose instance the change was decided upon, took over on April 20 the nine floors of the Gomery & Schwartz Building at 140 North Broad Street, and opened his offices there on Monday of this week. As was made known last week (see “ Chronicle” page 1634), M r. Schwab on April 16 was appointed Director-General of the Emergency Fleet Corporation. It is stated that all the administrative and executive departments of the Emergency Fleet Corporation and Shipping Board will remain in Washington, the branches and bureaus of the construction department,with which some 1,500 persons are connected, being transferred to Philadelphia. With reference to the change, Chairman Edwin N . Hurley of the Shipping Board said:

It Is obviously the part o f wisdom to bring the directing mind and guiding hand o f the construction program into close and permanent touch with the actual work going on in the shipyards. Nearly 50% o f the work now in progress is wlthbi a short radius o f Philadelphia, and there tho principal offico o f tho Director-General o f the Emergency Fleet Corporation will be located, l ie will have ample quarters, and the heads o f departments, with their clerical staffs, who are identified with the construction work, will bo transferred from Washington to Philadelphia.

M r. Schwab desires this, and Is confident it will bring about a great quickening in the progress o f the work. It will permit a prompter solution o f all practical problems as they arise, and in addition, by his proximity to tho scone o f actual operations, he can maintain constantly his appeal for tho greatest degree o f co-operation and effort on the part o f our building forco.

On April 22 tho following announcement was made by the Shipping Board:

It is the intention o f M r. Charles M . Schwab, the newly appointed Director-General o f tho Emergency Fleet Corporation, to establish his headquarters in Philadelphia and to surround himself there with departments o f the Corporation which are considered most essential to the prosecution o f his work. Tho transfer o f these departments from Washington to Philadelphia will be made In groups, the construction division being the first to make tho shift. This division will be followed by the ones most essential to construction work, and will in turn be followed b y others.

Tho Philadelphia quarters which M r. Schwab has secured contain220,000 square feet o f office space, which is considerably m ore than these divisions now occupy here.

As indicating the extent of the shipping industry in Philadelphia’s territory, it is pointed out that there aro 211 shipways in tho New York, Delaware and Philadelphia districts, contracts for 4,364,202 tons of ships have been lot in those districts. There are 126 ways in the Delaware district alone; 46 of the 211 ways in the Philadelphia district are for wooden ships, the others being for steel construction. The appointment of Walker C . Connor Jr. as Assistat Manager of the Emergency Fleet Corporation’s Division of Transportation for the New York district, with headquarters at 115 Broadway, was announced on April 19 by Frank C . Joubert, Manager of the Division.

Congratulations from the British Minister of Munitions to M r. Schwab, with the latter’s appointment as Director- General of the Emergency Fleet Corporation were received in a cablegram as follows on April 22:To Mr. Charles M . Schwab:

I am delighted to learn o f your appointment which will enable you to turn your wonderful energy and unique experience to an urgent and vital task. Itemombering our work together at the Admiralty at the beginning o f tho war, and tho way in which your surmounted every d ifficu lty and successfully completed every undertaking, I feel com plete confidence now. All good wishes. _ W IN STON C H U R C H IL L .



SHIPPING BOARD CHARTERS NORWEGIAN SAILING SHIPS— DEPARTING NEUTRAL VESSELS TO

BE UNDER GOVERNMENT CHARTER.Announcement was made on Monday that the Shipping

Board had arranged to charter 400,000 tons of Norwegian sailing ships. These vessels, most of which are on this sido of the Atlantic, will be used outside the submarine zone, presumably in the trado between South America and the United States, and will, it is expected, release about one-third as much of steam-driven tonnage, which can then be placed in the trans-Atlantic service. The vessels were secured on a straight charter basis and will be operated by the Shipping Board. They will continue to fly the Norwegian flag.

An Associated Press dispatch from Tokio dated April 15 gives details of tho arrangement (referred to in our issue of April 6, page 1426) by which Japan is to furnish somo sixty- six vessels, aggregating 514,000 tons, for American uso in the course of the next year. Tho negotiations are declared to have been completed, and deliveries will begin in April of this year and continue until June 1919. The ships have been placed in three categories, as follows:

First— Twenty-four ships, 150,000 tons, will be chartered through tho Government to the United States Shipping Board for a period o f six months. Deliveries will be made in April and M ay. The difference between tho inter-Ailied charter rates and tho rates paid by America— about 18,000,000 yen ($9,000,000)— will bo paid by tho Japanese Government.

Second— Fifteen ships, aggregating 130,000 tons, new or partially built, for which the United States will release one ton o f steel for ono ton o f shipping. The United States will buy the ships at a price which will vary according to delivery, which has been fixed at M ay to December.

Third— Twenty-seven ships, o f 234,000 tons, to bo built in Japan botween January and June o f next year. The United States is to buy theso ships, paying $175 per ton and releasing ono ton o f steel for two tons o f shipping. Tho new vessels will average 8,000 tons.

The Japanese ships to be turned over to the Shipping Board in April and M ay, according to a special dispatch to the New York “ Sun” on Monday, will not be used to bring Australian wheat to the United States, as had at one timo been expected, but will be loaded with coal at Nagasaki and sent to Chile, delivering the coal cargoes in exchange for nitrates to be brought to this country.

In regard to the Shipping Board chartering neutral vessels leaving American ports, a special dispatch to tho “Journal of Commerce under date of April 22 reported as follows:

The Chairman o f the Shipping Board confirmed the reports recounted In these dispatches last week that the Board would hereafter charter all neutral vessels leaving American ports, and that private individuals would no longer bo permitted to charter such vessels. The ships o f tho Emergency Fleet Corporation, however, will bo let out to shipping peoplo to operate upon a commission basis. Tho rate o f commission, hereafter to be fixed. Will bo based upon tho froight earned by tho vessel over and above tho charter charge. It will bo known as an operating commission.

M r. Hurley mado it clear that it was not tho intention o f tho Shipping Board to take a charter away from any American citizen should a citizen now havo a charter upon a neutral vessel.

"W e do not intend to injure any one’s business,” ho said.It is understood, however, that all vessels must bo operated in accordance

with the urgencies o f tho present situation, and tho Shipping Board will indicate what are the necessities o f each trado.

TWO AMERICAN VESSELS LOST IN WAR ZONE— 85 MISSING.

Tho destruction of two American cargo steamers in tho war zone was reported to the War Department on April 20, in both cases with heavy loss of life. The U . S. S. Lake Moor, in the service of the Navy Department, was torpedoed in European waters on the night of April 11, with a loss of five officers and 39 men. Tho cargo ship Florence H . was blown up by an internal explosion at a French port on the night of April 17, with a probable loss of 41 members of the crow.

The announcement of the N avy Department about tho Lake Moor was as follows:

The N avy Department has been informed that tho U. 8. 8. Lake M oor has been sunk by an enemy submarine about midnight April 11 1918, in European waters. Full details havo not yet been received from ViceAdmiral Sims. Out o f a total o f ten officers and fifty-tw o members o f tho crew, five officers and twelve o f the crew havo been reported as survivors. Theso havo been landed at an English port.

The loss of tho Florenco II. was announced in a Navy Department statement, which said:

The N avy Department has received a dispatch from Vice-Admiral Sims stating that the American steamship Florenco I I . was blown up in a French port by an internal explosion on April 17 about midnight. First reports indicate that thirty-four o f her crow o f about soventy-five were rescued. M ost o f the rescues wero mado by a United States destroyer, whose work Admiral Sims describes as “ most gallant.”

The Lako Moor was a cargo carrier of 4,500 tons, commandeered by tho Shipping Board while building in tho United States for a foreign company. She was assigned to tho account of tho N avy last January and sailed from an Atlantic port tho latter part of March on her first voyage across the Atlantic.

Tho Florence H . was built on the Great Lakes for a foreign concern, and was christened the Souk Ahras. She was com

mandeered by tho Shipping Board before being completed, was cut in two and taken through tho Welland Canal and put together again. She was renamed tho Florence I I . in honor of Mrs. Hurley, wife of the Chairman of tho Shipping Board, and was operated by tho Luckenbaeh Steamship Co. for the Shipping Board. The vessel carried a civilian crew of about 52 men and a naval guard of 23 men, and last sailed from Philadelphia, the daily papers say, March 30 with a cargo of about 5,000 tons of powder and steel.

SENATE CONFIRMS APPOINTMENT OF F. P. ICEPPEL AS ASSISTANT SECRETARY OF WAR.

The Senate on April 18 confirmed the appointment of Frederick P. Keppel as Third Assistant Secrotary of War. M r. Keppel, who is Dean of Columbia University, was named for the post by President Wilson on April 6, at which time Edward R . Stottinius was appointed Second Assistant Secretary of War. Tho latter’s appointment was confirmed by the Senate on April 8.

$1,312,000,000 NAVAL APPROPRIATION BILL PASSED BY HOUSE.

The Naval Appropriation Bill, carrying total appropriations of approximately $1,312,000,000, was passed by the House on tho 20th, after only two days’ debato. Tho program arranged for, it is said, if carriod out by subsequent Congresses, will place tho American N avy in socond rank among tho navies of tho world. Tho measure provides for an increaso in the enlisted personnel of tho navy of 78,000 and in the Marino Corps of 45,000, increasing tho latter to 75,500 men. Two Major-Gonerals of Marines are also provided for. It is understood that Gonoral Pershing has recommended that tho brigado of inarinos now in Franco bo raised to a full division— about 27,000 men.

Other items in tho bill provide for $10,295,000 for tho construction and enlargement of hospitals at difforont navy yards and in many citios, including $1,000,000 for tho building of an oversoas hospital. Hospital construction and repairs were also provided for as follows:

Chelsea, M ass., $350,000: Newport, It. I ., $500,000; Now London, Conn., $150,000: Brooklyn, $1,400,000: W ard’s Island, N . Y ., $t,250,000; Pelham, N . Y ., $900,000: Philadelphia N avy Yard, $800,000; Philadelphia, $355,000; Norfolk, Va., $1,250,000; Hampton Roads, $500,000: Charleston, S. C ., $850,000; Paris Island, S. C ., $175,000; Great Lakes,111., $65,000; Pearl Harbor, Hawaii, $150,000; overseas, $1,000,000; contingent, $600,000. _

PRODIGIOUS OUTPUT OF WAR MATERIAL IN UNITED STATES— SAMUEL McROBERTS

PRAISES GENERAL CROZIER.In an address delivered before a meoting of tho National

Security League in this city on April 13, Col. Samuel McRoberts, formerly Vice-Presidont of tho National City Bank, but now Chief of tho Procurement Division of tho Ordnance Bureau of tho War Department, sot forth some striking facts in regard to tho progress made in furnishing arms and munitions foe tho vast armies now being prepared for overseas service. Incidentally, Col. McRoberts took occasion to defend Gon. Crozior, Chief of tho Ordnance Bureau, against the charges of incompotenco and failure that have been frequently mado by Congressional and pross critics, expressing tho opinion that “ Gen. Crozior is tho man who has mado the largest singlo contribution of any man on the material side of this war.” Tho following account of Col. McRoberts’s address'appearedin tho New York “ Sun” of April 14:

Col. M cRoberts listod theso facts:1. Tho production o f Springfield rifles lias reached 11,250 a day. T o date

1,050.000 riflos havo been delivered on contracts for 2,500,000 rifles o f tho modified Enfield pattern. Thero aro 600,000 Springfield rifles now on hand. This volumo o f rifle manufacture Is tho groatost that has over been carried on in tho world, and has resulted in an excess over immediato needs, so that riflo factories aro now being diverted to machine guns.

2. Contracts havo been lot for $70,000,000 worth o f shells o f all calibres. For the artillery 40,000 pieces o f motorized vehicles aro being produced at a speed now faster than they can bo'shipped. This item moans an expenditure o f $175,000,000. Powder plants aro turning out 650,000,000 pounds o f explosives. With smokeless powder being produced by two plants at tho rate o f 1,300,000 pounds a day.

3. Shortage o f fuel and resultant shortage o f steel have retarded the delivery o f shells. This is disappointing, but recently tho deliveries improved, so that in tho last month manufacturers turned out 5,000,000 shells.

4. Contracts havo been mado for 1,350,000 automatic pistols. Deliveriesto date totalled 264,000, and tho production will rapidly overtako tho needs o f the United States troops. M

5. Production o f small arms ammunition lias already reached greaterproportions than was ever reached in Franco and England. Contracts aro out for 3,250,000,000 rounds. Last month production reached 270,000,000 rounds. kfiS

6. Machine gun production will not reach tho designated production until July. T o tho troops 75,000 machine guns havo already been delivered. Contracts havo been lot for 300,000 machine guns o f various typos.JflD lffi-


Apr. 27 1918.] THE CHRONICLE 1 7 5 3culties aroso in creating plant capacity for this production, but by July18.000 machine guns will bo produced monthly.

Col. M cRoberts said that the total contracts in tho last year in the Ordnance Department ran a llttlo over $3,000,000,000 in value. Thero is no justice in tho attacks that have been made on Gen. Crozlor, tho ordnance chief, he said.

‘ ‘ I want to say that Gen. Crozlor Is tho man who has made tho largest single contribution o f any man on tho material side o f this war,” ho declared. ‘ ‘Thero is a strong sentiment that the department should bo a civilian organization, headed by business men. I do not believe in the suggestion. There is no man or board that is humanly able to give thoso tremendous activities anything like detailed direction. As a matter o f fact tho only practical system is just what we have.”

Col. M cRoberts also made public some interesting sidelights on tho work o f the Ordnance Department in telling o f the production o f pyrotechnics, gas and ammonia.

“ W o have contracted for more than $100,000,000 worth o f trench warfare material,” ho said. “ The demand for pyrotechnics is such that wo have had to build an Immense fireworks plant after loading up overy known manufacturer with all tho orders ho would take. In order to got chemical raw materials wo have been forced to build many great plants.

“ For tho purposo o f obtaining ammonia and nitratos wo have under construction two largo plants costing $35,000,000 each for obtaining these products from tho air. Our only resource at present is tho Chilean field, and wo can supplement It only by tho electrical process.

"T ho gas plants o f New York C ity will deliver to the Government about3.500.000 gallons o f toluol a year. They aro delivering us this virtuallyWithout profit to themselves.” .

Explaining tho great work o f ordnanco department. Col. M cRoberts said: “ The department is only ono unit in this great force o f the nation. It is

an important unit. Its business is to furnish all the intrsuments for fighting, together with tho incidentals that go for the transportation o f theso instruments and for keeping them in repair.

"T ho smallest unit o f tho army that brings into play all tho different types o f arms and" field munitions is that which is called a division. A division o f tho army consists o f about 27,000 men and about 950 officers.It consists o f two brigades, each composed o f two regiments o f infantry, two regiments o f threo inch or seventy-five millimeter field artillery, ono regiment o f 155 millimeter howitzers, a machine gun brigade, a tronch mortar division and a separato battalion o f heavy machine guns.

“ Theso inako up tho front line forces and aro supplemented by a regiment o f engineers and a battalion from the Signal Corps. Back o f tho lines wo havo tho transport trains for tho munitions and field supplies, tho general army hospitals and tho heavy artillery units, and tho special reserve field artillery. For the purposo o f equipping a division it is necessary to mintain always on hand in perfect order and ready for instant uso, in round figures,18.000 rifles, 12,000 pistols, 224 heavy machine guns, 768 automatic rifles 26 anti-aircraft machine guns, 50 75mm. field artillery, 24 155mm. how itzers, 12 5 inch mortars, 24 3 inch trench mortars, 12 one pounder guns, together with all tho necessary and roservo ammunition and also tho trench warfaro munitions, which consist o f bombs, hand grenades and the rockots and signal lights and other pyrotechnics. In addition the ordnanco department furnishes tho mon in tho field with steel liolmots, bandoliers, haversacks, knives, bolos, canteens and other mess equipment.

" I t also furnishes tho drop bombs and tho machine guns for airplanes. In addition they provido the moans for transporting and carrying this material— automobiles and tractors, ammunition trucks and motorized machino shops for field service, and extensive permanent shops for repairing gun carriages, field equipment and for tno rolining o f guns.

“ A t tho outbreak o f the war we had none o f this war material, or at least tho quantity that we had on hand was negligible, and what was moro we had no organization for creating it.

“ The Ordnance Department consisted o f sevonty-nino officers and about 820 enlisted mon, and having boon starved to death practically by tho meagro appropriations o f Congress it was not what you would call a going concern.”

Spoaking o f how tho department does its work. Col. M cRoberts said:“ In tho office o f tho Chief o f Ordnanco is an organization o f military

experts. They are mon o f long training for this business, and it is thero that tho plans o f tho ordnance aro mado up, basod upon their experience In actual warfare, and in tho fiold and in tho camp; information obtained from the General Staff, from tho offico o f tho Secretary o f War. from tho W ar Coliogo, and much moro imortantly, from tho Expeditionary Forces In Franco.

“ Theso plans when mado up aro expressed in orders to tho Procurement Division, whero tho contractors aro selected and tho contracts mado for the material, or for tho erection o f new plants if tho material cannot bo otherwise obtained. These contracts aro thon passed to tho Production Division.

“ M any o f you undoubtedly know Col. Tripp, tho head o f tho Production Division, a man o f long experience in engineeering and manufacturing. Tho Production Division follows up and gives overy possible aid to tho manufacturer to obtain the deliveries that were contemplated in tho contracts.

“ Tho Inspection Division, under Col. Ruggles, has Inspection officers in overy plant engaged in war business throughout tho country who seo that tho product turned out is in accordance with tho specifications o f tho con tract and up to tho requiromonts o f actual warfaro.

“ Tho organization is necessarily concentrated at Washington, oxccpt in tho Production Division and Inspection Division and Financo Department, which havo branch offices in ton o f tho leading contrcs o f tho country. Thoy havo in tho inspection and production divisions a personnel o f over 10,000 officers and employees, and it will bo much increased as tho business gets moro fully under way.

“ Thero is a great deal o f talk that thero should bo a consolidation o f all war activities. Theoretically this seems perfectly sound, but when you consider tho enormous activities o f tho Ordnanco Department, o f tho Quartermaster's Department, o f tho Aviation, o f tho Engineers and M edical Corps, tho N avy, to say nothing o f tho industrial needs o f tho country and the buying for tho Allies, it becomos apparent that thero is no man or board that is humanly ablo to givo those tremendous activities anything liko detailed direction.

“ As a matter o f fact tho only practical system is just what wo havo. W o havo a Minister o f Munitions, and under tho Constitution and under our form o f Government it is whero it bolongs. It is tho President, and I havo not much doubt but that it will remain thero.fcb. “ Now it has takon a year to co-ordinate tho activities o f theso various departments. It Is done simply by leaving tho various departments independent in thoir individual activities, and whero thoy continuo to operato through tho direction o f tho council or through tho War Industries Board acting under tho Council o f National Defense.b< “ This has boon a slow growth, but it has boon worked out, and tho con flict and competition is becoming reduced to a minimum. Tho most important element and probably tho ono that wo can rofer to with tho greatest satisfaction has been tho attitudo o f businoss toward tho creation o f this MunitlonsiBoard.

“ When the war broke out In Europe Paris and London were thronged with men o f all classes and description, from all parts o f the globe, pressing thoir suggestions upon the Allied Governments. Now you can go to Washington and you will find tho hotels full o f business men, but if you interrogate them you will find that they have boon sent for; that they are not thero seeking business, and that nothing could havo been accomplished if it had not been for the prompt, unreserved and patriotic dedication on tho part o f the business o f the country to the cause o f the war.

“ Now from the very beginning a careful study has been mado o f the raw material resources o f the country, and wo havo progressed to a point where the relations o f the maximum requirements for the war can be stated in relations to that which the country affords, and it can be definitely stated that while great efforts still are necessary to convert this matetial to war uses thero is and will be no scarcity o f the material.

“ We havo abundance for the entire project and for overy known need o f tho war. Tho only element for concern is the question o f time and transportation.”

Roverting to tho war causes Col. M cRoberts said:“ This conflict has been germinating since Frederick the Great wrote his

instructions to his Ministers, since Bismarck formulated the principles for tho German Empire. The German mind has been persistently led to adopt ideals and standards that are inimical to Germany and tho rest o f the world, and this war. if successful, with all its terrible sufferings, is only for tho purpose o f avoiding the inevitable decadence o f the world and sufferings longer extended.

“ Whilo based on principles, this war is in reality a race war. The idea that the German people are blindly led by selfish rulers is untenable and a fallacious hope.” __________________ ______________

PRESIDENT WILSON OPPOSES CHAMBERLAIN COURT MARTIAL BILL.

The Chamberlain Bill, providing for tho substitution of military court martial for civil trial in all cases of disloyalty or sedition, was unsparingly condemned by President Wilson in a letter to Senator Overman, read in the Senate on Monday, in which the President characterized the bill as unnecessary, unconstitutional and altogether inconsistent with tho spirit and practice of America. Existing legislation, including the Espionage Law, tho Sabotage Law and the Woman Spy Bill, were declared to bo all that is necessary to cope with the situation. It is generally conceded that the President’s letter will provo a death blow to the proposod legislation, and Senator Chamberlain himself announced that in view of the President’s attitude he would not press tho measure, and that further hearings on it would be postponed indefinitely. President Wilson’s letter to Senator Overman road as follows:

The White House, Washington, April 20 1918.M y Dear Senator: Thank you for your letter o f yesterday. I am heartily

obliged to you for consulting mo about the Court Martial Bill, as perhaps I may call it for short. I am wholly and unalterably opposed to such legislation, and very much value the opportunity you givo mo to say so.I think it is not only unconstitutional, but that in character it would put us upon the level o f the very people we are fighting and affecting to despise. It would be altogether inconsistent with the spirit and practice o f America, and, in view o f the recent legislation, the Espionage Bilk the Sabotage Bill and tho Woman Spy Bill, I think it is unnecessary and uncalled for.

I take tho liberty, my dear Senator, o f expressing myself in this emphatic way, because m y feeling is very deep about the matter, as I gather your own is.

It is admirable tho way you have been handling theso important bills, and I thank you with all m y heart for standing by the bill which bears your own name, without any compromise o f any kind.

It gives mo the greatest satisfaction to tell you how much I have appreciated what you have been doing.

Cordially and sincerely yours, W OOD RO W W ILSO N.lion. Lee S. Overman, United States Senate,Tho Chamberlain Bill, the text of which was given in our

issue of last week, page 1632, had been urged by the hoads of tho Army and Navy Intelligence Bureaus and various other agencies concerned with tho suppression of sedition on tho ground that the processes of the civil courts were too slow and uncertain, and that the Department of Justice was too much burdened with other work to devote itself properly to spy hunting and prosecution. It was also maintained that tho right of bail granted in civil trials often resulted in dangerous individuals being set at liberty, and that in some sections it is impossible to get juries to convict in disloyalty cases. Advocates of tho bill also pointed to the growing tendency of communities to take the law into their own hands in dealing with disloyalists, and predicted widespread mob violence and lynching unless more vigorous methods were used by tho authorities.

On the other hand, various Senators characterized the bill as a thoroughly dangerous piece of legislation. Senator Brandegeo of Connecticut in offering a resolution on Monday to take tho bill out of the hands of tho Military Affairs Committee and turn it over to tho Judiciary Committee for an opinion as to its legality, said:

Such a measure ought never to be tolerated in a civilized country. It violates overy Constitutional guarantee o f tho right o f trial by jury. It would revise our whole system o f jurisprudence and change our court system at ono blow. Under this bill a military escort could walk into a man’s library, take him away, try him before court martial, and stand him up against a wall and shoot him for a criticism against the Administration. It is dangerous legislation.

Senator Borah of Idaho spoko of newspaper reports of the lioarings last week before the Military Affairs Committee on tho Chamberlain Bill and said:


1754: THE CHRONICLE [Vol. 106.

T o read what witnesses beforo that committee had to say one would get the impression that wliolo communities, if not entire States, wero fairly saturated with disloyalty. While witnesses wero talking about farmers being disloyal, thoso farmers were tilling the soil and buying Liborty Loan bonds. A state o f war brings out not only the virtues o f mon, but other qualities as well. Political Pharisees who com e here, wrapped in tho American flag, to exploit their own virtues and decry tho efforts o f their fellow-citizens, aro not voicing the real sentiment o f the American peoplo. Assuredly, this bill is Constitutional. Its provision to take away a man’s right o f trial by jury and, instead, turn him over to a court martial is clearly contrary to our Constitution.

Senator McKoUar of Tonnessee, a momber of tho Military Affairs Committee, agreed with tho other Senators as to tho unconstitutionality of tho bill.

An outgrowth of the introduction of the Chamberlain Bill was tho resignation under pressure of Assistant Attornoy- General Charlos Warren, until recently in charge of the Bureau of Investigation, or secret service, of tho Department of Justice. It was M r. Warren, it develops, who pro- pared the bill subsequently introduced by Senator Chamberlain. He also sent a brief to Senator Overman sotting forth his views as to the right of Congress to subject civilians to trial by court martial, and appeared before tho Senate Committee on Military Affairs in behalf of tho bill, criticizing, it is understood, tho alleged inactivity of the Department of Justice in proceeding against persons declared to bo disloyal. All this ho did without consulting his superiors in tho Do- partmont, and it is supposed that his resignation followed in consequence. A letter from Attornoy-General Gregory to Representative Gordon of Ohio . discusses M r. Warren’s actions as follows:

M y Dear Sir: I have just received yours o f tho 19th, in which you state that you have been informed that Senate Bill 4334, introduced by Senator Chamberlain o f Oregon and now pending beforo tho Committee on Military Affairs in tho Senate, to subject to trial by courts-martial persons not in the army and navy, was prepared in m y office. You ask if I will advise you whether or not this report is correct.

On April 18 m y attention was called to tho fact that on or about April 8 the Honorable Charles Warren sent to Senator Overman o f North Carolina a brief with tho following title: ‘ ‘W ho Aro Spies? A memorandum o f law on the power o f Congress to subject civilians to trial by court-martial under the Constitution, by Charles Warren, Assistant Attorney-General o f tho United States,” and that M r. Warren had prepared and given to Senator Chamberlain tho bill subsequently introduced by Senator Chamberlain intended to carry out the views set forth in tho brief referred to.

For more than six months M r. Warren has had practically no connection with any o f tho activities o f m y Department which woidd bo affected by tho legislation advocated by him. Tho brief and bill wero sent to Senators Overman and Chamberlain, respectively, without tho consent or knowledge o f tho Attorney-General. Tho general policies therein urged and sought to bo enacted into law are exactly contrary to those approved by the Assistant to the Attorney-General in charge o f tho problems Involved and by tho Attorney-General himself.

I entirely disapprove o f tho action talcon by M r. Warren, and it would not havo been permitted if I had known that it was contemplated.

Very truly yours, i-TH OM AS W . G R E G O R Y .

Hon. William Gordon, Washington, D . C.

HOW SHIPBUILDING IS PROGRESSING IN THE _ " UNITED STATES.

Senator WarrenS. Harding, of Ohio, wasoneof the speakers at the meeting of the National Security League in this city on April 13, and gavo somo interesting facts in regard to tho shipping situation in relation to tho war. About 390 ships under American control or direction are now running between this country and France, of which 322 are under the American flag. From tho “ Sun’s” account wo take the following excerpts of Senator Harding’s remarks:

"W o have begun a shipping program in the United States which will place tho flag prominently on tho paths o f ocean traffic throughout tho world. From tho beginning o f the war to January 1918 tho neutral and Allied shipping o f tho world had sustained a loss o f 18,000,000 dead weight tons. Appoximately 14,000,000 tons havo been replaced, so that a not loss o f approximately 4,000,000 tons has been sustained.

“ If the submarino warfare is maintained for tho next fifteen months at tho samo rate o f destruction as has been recorded for tho last year and Is neither extensively enlarged nor materially reduced, and If tho production o f tho British is maintained and we o f America meet 100% o f American expectations, tho available Allied and neutral shipping will bo restored to a normal balance in tho middlo o f 1919, and tho after-production will rapidly outstrip destruction.

“ There is more than reasonable probability that in concrete and wood construction wo may far exceed tho program thus far contracted. If it did not appear like boasting, which has brought us to keenest disappointment in some other linos o f war preparation, I should venture tho prediction that another year o f warfare will witness tho essential paralysis o f tho submarine arm o f rutldessness and frightfulness.”

Then ho tokl o f the great work that is being done in shipbuilding.“ One concent is building moro submarino destroyers for tho United

States Government than wero existent in tho world up to 1918,” ho said. “ As lato as January 1916 American steamships in tho transatlantic trade numbered only eighty-one, with less than 500,000 tonnage. In 1917, with tho World aflamo and tho cause o f civilization calling for ships, wo incroasod our European tonnago approximately 200,000 tons.

“ To-day, under tho driving necessities o f tho hour, wo havo 2,762,000 tons in European trado and war servico. W o have scarcely begun.

“ Of tho now tonnago added to tho servico most comas from foreign beginning in our resurrected or newly constructed shipyards. It cost $1,000,000 to put tho 900,000 tons o f seized enemy vessels in shapo and fit them for sea.

“ Specifically 390 vessels under our direction are plying between our ports and Europo, running _tho'gauntlet o f submarino dangers. ^Three

hundred and twenty-two o f these vessels fly tho American flag, with2,365,000 tons capacity under that flag.

“ We havo already transferred a scoro o f vessels from our wonderfully developed Great Lakes shipping, and eleven more aro in process o f transfer.

"A bout 125,000 tons o f sailing vessels havo recently beon acquired by charter. M oro than 600,000 tons havo been promised by friendly nations for this month and M ay, a considerable part o f which is availablo for the European trade, tho remainder for coastwise. W est Indian or transpacific trade.

“ W o cannot send abundant forces to France because while wo have ships to transport the soldier himself, wo have not tho ships at this hour to transport the necessary munitions and supplies to make him a fighting factor on tho battlefield o f Europe.

Tho first three months o f this year steel vessels o f 450,000 tons were commissioned under tho flag. This month wo shall add 150,000 tons more, and it Is less than wo expected. There will bo mounting figures in steel ship production for M ay, Juno and July until wo reach a quarter o f a million tons for each o f tho months o f August and September. Thereafter the increased completion mounts still more rapidly until the estimated figures go to 350,000 tons for the remaining months o f tho year, or a total o f two and a quarter million tons.

“ The Fleet Corporation promises 266 wooden ships this year, with an aggregato o f 945,000 tons. Twenty-one wooden hulls havo been launched so far this month, twenty moro aro to go into the water ero April is gono, and tho estimates aro for forty in M ay and sixty in Juno. It is expected that 491 wooden ships will bo built and placed In sorvico by July 1919, with a total o f ono and three-quarter million tons.

“ One is concerned only with speed. W o must havo moro yards. Two shifts must bo provided; three can be mado possiblo. W o aro committed to this war everlastingly. I only know that our task is incomplete until Germany is brought to terms.”

VORDS WITHOUT ACTS OR CONSEQUENCES MAY VIOLATE ESPIONAGE LAW.

That “ mere verbal statements,” if uttered for a sinister purpose, are violations of tho Espionage Act, even though no injury to the Government results, is tho ossenco of a decision handed down by Judge Buffington, supported by Judges McPherson and Woolloy in tho U . S. Circuit Court of Appeals at Philadelphia, on Tuesday. Tho ruling is expected to be an important aid to tho Government in its campaign to suppress seditious propaganda.

The decision of Judge Buffington, according to the Philadelphia press, was given in tho caso of Frederick Krafft, Socialist candidate for Govornor of Now Jersey, a lecturer and writer and formerly editor of two Socialist newspapers of New York, who was convicted and sentenced to five years’ imprisonment and fined $1,000 by Judge Warren Davis for making a seditious speech in Newark, N . J ., in August last.

Ono of tho technical contentions mado by Morris Hillquit, Socialist candidate for Mayor of Now York, as counsel for Krafft, was that proof of tho offense of violating tho Espionage Law was not completed until thero was ovidence that insubordination, mutiny, disloyalty or a refusal to do duty by soldiers or sailors had resulted from his statements.

Referring to tho contentions of Hillquit that tho effoct of Rrafft’s statements upon men in tho servico must be shown, before tho conviction could stand, Judgo Buffington said:

T o so hold would defeat tho wliolo purposo o f tho Espionago Law. For tho purpose o f tho statute as a wholo was not to wait and soo if the seed of insubordination, in this caso sown in August, in Newark, at a later day in somo camp sprang into life and brought forth disloyalty, but it was to prevent tho seed from boing sown initially. M oreover, It is clear that tho now statuto was to onablo tho civil courts to provont tho sowing o f seeds of disloyalty, for with tho fruits o f disloyalty to which a misguided soldior might bo led by tho disloyal advice, tho military court martial already provided was sufficient. Tho statuto was not addressed to tho misguided man who was in tho sorvico, but was manifestly to includo anyone— for “ whosoever" is a broad, incluslvo word— who in any way wilfully created, or attempted to cause insubordination.

Judge Buffington further said:The United States was at war, tho Conscription Act had boon passed,

which subjected tho men selected to tho orders o f tho military authorities o f the country. Under such circumstances, a jury could reasonably infor that a man who undertakes to lead his hearers to adopt his spoken vlows must, in reason, bo hold to havo intended his words should havo, if followed, tho effect and consequonees in action which his counsel in words advised.

The conviction of Krafft must bo accepted as being the sound judgment of a fair jury, says Judge Buffington, who by its verdict found that a “ matured and experienced public man advising younger and moro impressionable mon to insubordination in tho military servico. And we cannot close our eyes to the fact that such advice if followed by these young mon, might subject them to court martial and execution.”

Judge Buffington took occasion to sound a warning to disloyal persons by incorporating in his opinion advice he gave to aliens ho naturalized April 0 1916, tho day on which President Wilson promulgated his country’s declaration of war against Germany. He said:

W ar is tho dividing lino. What was only foolish and unwiso in word and deed last week in peace, may bo treason when war comes. Remember when war comes, no man can servo two masters. As o f old tho messago comes; “ Chooso ye this day whom ye will servo.”

Under the decision of Judgo Buffington, Krafft will have to servo the fivo years’ sentonco unloss ho takes an appeal to the Supremo Court of tho United States and succeeds in getting a reversal of tho conviction.



CHAIRMAN CREEL OF PUBLICITY COMMITTEE REBUKED BY HOUSE.

Tho growing opposition in Congress to the personality and methods of Goorgo Creel, Chairman of tho Committee on Public Information, reached a climax on April 20 whon tho House refused to receive a roport from Postmaster-General Burloson becauso it embodied a lottor from M r. Creel containing languago which was declared to bo “ impertinent and not respectful.” Representative Treadway of Massachusetts having chargod that privato mail to soldiers in France was not being delivered promptly bocause all available facilities woro boing used to distribute booklets from the Creel bureau and various Government “ press agont” documents, tho Postmastor-Goneral was requested to inform tho IIouso as to tho amount of mail matter dispatched to the American troops in France by tho Committee on Public Information. In his reply, after giving figures and saying that pamphlots on war risk insurance, a spoech or two by Secretary McAdoo and sovoral other documents had boon sent overseas by tho Committee on Public Information, M r. Burleson attachod the lotter from M r. Creel. Tho lottor, which was denounced by members as flippant, insolent and a “ gratuitous insult to the IIouso,” contained this sentonco:

Whon M r. Treadway stated In tho IIouso that ho was “ reliably informed that there has been a very largo amount o f that class o f mail matter sont over,” and "it Is a well-known fact that great quantities o f that class o f matter havo been placed in their hands overseas,” he made an assertion the absoluto baselessness o f which could havo been ascertained by a telephone Inquiry.

Members of tho IIouso immediately took exception to tho tono of M r. Crool’s reply, and a motion was mado by Repro- sontativo Millor to sond back tho report with a demand that the criticism of M r. Treadway bo eliminated. This motion boing lost on a tie vote, anothor motion was mado and carried to appoint a committee to roport on tho mattor. The report of this committoo, which was adoptod unanimously by tho IIouso, sot forth tho following conclusions:

The languago contained in tho communication to tho Postmaster-General and attributed to tho Chairman o f the Committee on Public Information, Is, in tho opinion o f tho commltteo, impertinont, and not respectful.

In tho languago o f the report o f the Committee on the Judiciary In tho Halo caso (ono o f tho precedents cited), there exists no right in an employoo o f the Government, in answer to specific inquiries, to commont on tho debates o f tho body nor to vindicate his conduct, eithor individually or officially, in any matters not called for in tho inquiries.

W ith theso views, it is tho opinion o f this committoo that tho letter o f tho Chairman o f tho Commltteo on Public Information should not bo received by tho IIouso.

Therefore, Unsolved, That tho Clerk o f tho IIouso is hereby directed to respectfully roturn tho communication containing tho samo to tho Postmastor-Goneral.

Before citing precedents for tho roturn by tho IIouso of offending communications, tho roport said:

Tho special commltteo appointed by tho Spoaker on April 11 1918, in rosponso to a resolution adopted by tho IIouso to inquiro into certain remarks alleged to have been included in a letter addressed to tho Postmaster- General by tho Chairman o f tho Committee on Public Information and by the Postmaster-General transmitted to tho IIouso o f Representatives ort April 10 1918, which languago so complained o f is as follows:

"W hen M r. Treadway stated in tho IIouso that ho was 'reliably informed that thero has boon a very largo amount o f that class o f mall matter sont over,’ and ‘ it is a well-known fact that groat quantities o f that class o f matter havo been placed in their hands overseas,’ ho mado assertions tho absolute baselessness o f which could havo been ascertained by a telephone inquiry.”

After a careful search o f tho precedents, tho committoo finds that tho IIouso o f Representatives has uniformly refused to roccivo and make a part o f its records communications reflecting upon tho IIouso as a wholo or any member thereof.

Tlio most recent precedent citod by tho committeo is thus sot out:

The IIouso likewiso refused to receivo a messago o f M r. Roosevelt, then President o f tho United States, in which thero wero statements calculated to rcfloct upon members o f Congress, and adopted tho following resolution:

“ Resolved, That tho IIouso in tho oxerciso o f its constitutional prerogatives docllnos to consider any communication from any sourco which Is not in its own judgment respectful; and bo It further

“ Resolved, That tho special committee and tho Committoo o f tho Wholo IIouso on tho State o f tho Union bo discharged from any consideration o f so much o f tho President's annual messago as relates to tho Secret Service and is abovo set forth; and that tho said portion o f tho messago bo laid on tho tablo.”

Othor precedents woro also cited by tho committoo.Tho Chairman of tho Committee on Public Information

for somo time has boon tho subject of caustic criticism, both in Congress and out. This criticism has been directed in part at tho publicity work of tho committeo, on tho ground of inaccuracy and sonsationalism; but oven moro strongly at M r. Creol himself. Various articles and editorials written by him over a year ago wero read into tho “ Record,” and woro declared to mark him as a man of such extremo and radical viows as to bo unfit for an important public position. In particular Creel was criticized for certain statements made in tho courso of a speech before tho opening meeting of tho National Conference of American Lecturers, called to acquaint public speakers with tho facts about tho war, so that thoy might bo hotter equipped to inform the public.

In the course of this address, in which he defended the war preparations of the Government, M r. Creel made the statement: “ I shall be glad to my dying day that thero was no rush of preparation in this country prior to the day the President went before Congress.” This statement occurred in a passage which in full read as follows:

There are one or two things that I want to take up with some degree of particularity. There was a question, when we went to war, o f preparation. W o had not prepared, and I shall always bo proud, to m y dying day, that thero was no rush o f preparation in this country prior to the day the President went before Congress and said: “ W e are driven to accept a state of war by the aggressions o f the German Government.” For, to have prepared, to havo held out offers o f peace with one hand and attempted a conciliation with tho other, and all tho while havo been preparing for war, would havo been to give tho lie to what we said, namely, that wo would not engage in war unless wo had exhausted every recourse at our command.

This statement was immediately made tho basis of bitter personal attacks on M r. Creel in both the House and Senate, coupled with demands that he bo removed from his post as tho head of the Committee on Public Information. Senators Johnson and Penrose and Representative Longworth took the lead in the attacks on Creel, and Senator Penrose, asserting that Creel was “ smeared all over with treason,” offered the following amendment to the Espionage Bill then under discussion, which if adopted, it was thought, would make possible his summary removal:

No person who has committed any ono o f tho offenses described in the act shall bo eligible for office, and if such person is now holding office under tho United States ho shall be discharged therefrom upon his guilt being declared by the head o f tho department in which he is employed.

This amendment, however, which was intended to bo retroactivo, was subsequently withdrawn in favor of a substitute offered by Senator Jones of New Moxico, which applied to future offenses only.

RHODE ISLAND LAW REQUIRING IDLERS TO WORK.A bill requiring all men in Rhode Island between the ages

of 18 and 50 years “ to be habitually and regularly engaged in somo lawful, useful and recognized business, profession, occupation, trade or employment,” at least thirty-six hours a week until tho termination of the war, was signed by Governor Beeckman on April 19. The bill was passed by tho General Assembly, in concurrence, on April 18. Those failing or refusing to be so employed are to bo deemed guilty of a misdemeanor, and will be subject to a fine of not more than 8100 or imprisonment for a term not exceeding three months or both. The Act stipulates that “ in no caso shall tho possession by the accused of money, property or income sufficient to support himself and those regularly dependent upon him bo a defense to any prosecution under this A ct.”

CANADIAN ORDER-IN-COUNCIL COMPELLING IDLERS TO WORK.

An Order-in-Council issued in Canada under date of April 4 roquiros overy male person in tho Dominion over sixteen years and under 60 to bo regularly engaged in some useful occupation. Tho regulations do not apply in tho case of studonts, thoso temporarily unemployed or those physically unable to comply with tho requirements of the law. The Order-in-Council reads as follows:

A T TIIE G O VE R N M EN T HOUSE A T O TTA W A.Thursday, the 4th Day of April 1918.

Present:HIS E X C E L L E N C Y TH E G O VERNO R G E N ER A L IN COU N CIL.

Whereas iti s necessary to enact such regulations as will utilize to the best advantage tho human energy o f Canada for purposes essential to the prosecution o f tho present war;

And wlieroas tho need o f men o f military ago to provide reinforcements for tho Canadian Expeditionary Force, and the equally urgent need for labor to assist in tho production o f food and other articles essential for war purposes, necessitate special provisions to tho end that all persons domiciled in Canada shall, in the absence o f reasonable cause to the contrary, engage in useful occupations under tho regulations hereinafter sot forth;

And whereas tho Minister o f Agriculture Is impressed with tho necessity o f enacting forthwirth tho regulations hereinafter set forth, which in his opinion will greatly assist in redering available for the purpose o f production labor which otherwise might not bo secured;

And whereas tho Minister o f Militia and Dofonso also fully concurs in tho onactniont o f such regulations;

And whereas these regulations are not intended to affect any right of members o f organized labor associations to discontinue their work in the employment in which thoy have been engaged when such discontinuance is occasioned by differences actually arising between tiio employer and the employed. Tho purpose is to prevent persons capable o f useful work from remaining in idleness at a time when the country most urgently requires the service o f all human energy available.

His Excellency the Governor General in Council, on the recommendation o f tho Right Honorable the Prime Minister and under tho powers vested in His Excellency in Council under tho War Measuros A ct, 1914, and under all other powers His Excellency in Council thereunto enabling, is pleased to make tho following regulations and the samo are hereby made and onactod accordingly:

1. Every male person residing in the Dominion o f Canada shall bo regu- largly engaged in some useful occupation.

2. In any proceeding here under it shall be a defense that the person is,(а) Under sixteen years or over sixty years o f ago.(б) A bona fide student proceeding with his training for somo useful

occupation.



(c) A bona fide student in actual attendance at somo recognized educational institution.

(d) Usually employed in some useful occupation and temporarily unemployed owing to differences with his employer common to similar employees with the same employer.

(e) Physically unable to com ply with tho provisions o f the law as herein enacted.

( /) Unable to obtain within reasonable distance any kind o f employment which he Is physically able to perform at current wages for similar employment.

3. Any person violating tho provisions hereof shall be guilty o f an offenso and shall be liable on summary conviction before a Magistrate to a penalty not exceeding 5100 and costs, and, in default o f payment, to imprisonment with hard labor for a period not exceeding six months in any common gaol, or in any institution or on any farm owned by a municipality or Province and declared by by-law or Ordcr-ln-Council respectively to bo public institution or farm for the purpose o f this law shall bo a common gaol.

4. Where tho proceedings in any caso in which a fino is imposed under the authority hereof are instituted at tho instance o f any municipality or by any officer of a municipality, tho fino shall bo paid to the Treasurer o f such municipality; and where such proceedings are instituted at the instanco o f or by any Provincial officer, such fines shall be paid to tho Provincial Treasurer; and where such proceedings are Instituted within a municipality by any other person, tho fine shall be paid in equal portions to the Treasurer o f tho municipality and the Treasurer o f tho Province; and where tho place in which such proceedings are instituted is not within the boundaries of any municipality, tho fine shall be paid to the Provincial Treasurer; and where the proceedings are outsldo tho boundaries o f any Provinco, tho fine shall be paid to the Receiver General o f Canada.

5. Useful occupation and reasonable distance shall be questions o f fact to be decided by the Magistrate.

6. Tho Magistrate m ay hear and consider other defenses than those mentioned in section two.

7. “ M agistrate," shall include Justice o f tho Peace, and Police Magistrate appointed by Provincial or Dominion authority.

RO D O LPH E BO U D R EA U .Clerk of the Pricy Council.

LIKELIHOOD OF INCREASED WAGES TO RAILROAD EMPLOYEES AND OPPORTUNITY FOR

INVESTING IN LIBERTY BONDS.In a statement made public on April 22 an intimation is

given that railroad employees will receive increased wagos as a result of tho investigation made by tho Railroad Wage Commission. Tho statement came from Director-General of Railroads McAdoo who announced that tho findings of the Commission would be reviewed by him with the conclusion of tho Liberty Loan campaign; his statement was issued for the purpose of pointing out the opportunity the railroad employees have of investing in Liberty bonds. W e print it herewith:

U . S. R A IL R O A D A D M IN IST R A T IO N ,Office o f the Director-General,

Washington, April 22 1918.Circular N o. 24:

Shortly after possession and control o f tho railroads o f tho United States were assumed by the Government I appointed a Railroad W ago Commission for tho purpose o f making a thorough investigation o f the wages paid to all railroad employees, whether members o f labor organizations or not. I announced that if, as a result o f that investigation, an incroaso o f wages was made by the Director-General such increaso would become effective as o f Jan. 1 1918.

Tho task confronting tho Railroad Wago Commission was groater in magnitude than any task o f a similar character over undertaken. The Commission immediately applied itself to tho work with groat energy and with unremitting labor to a study o f tho largo and complex questions involved. In matters o f such magnitude adequate timo is essential to intelligent consideration and wise conclusions.

Tho Commission has Informed mo that it expects to submit Its report on m y return to Washington upon tho conclusion o f tho presont Liberty Loan campaign M ay 4. I shall promptly review the report o f tho Commission and ronder a decision upon its findings and recommendations. M eanwhile, no employee’s Interest is being hurt or prejudiced becauso whatever increases may bo granted will havo accumulated In the form o f savings and will not have been spent in tho meantlmo as might otherwise havo been the case.

I hope that every railroad employeo in the United Statos will lend all tho monoy ho can, consistently with Ills individual circumstances, to his Government by buying Liberty bonds; they pay 4 M.% interest per annum and are the safest investment in tho world— as safo as the monoy o f the United States and safer than deposits in banks. In londing your monoy to the Government you not only save tho monoy for yourselves, but you help every gallant American soldier and sailor who is fighting in this war now to save your lives and liberties and to make the world safo for democracy.

W . G . M cAD O O , Director-General of Railroads.

BALTIMORE & OHIO PASSENGER TRAINS TO USE PENNSYLVANIA TERMINAL IN NEW YORK.

An order, effective April 28, under which all passenger trains on the Baltimore & Ohio R . R ., running between Washington and New York will run from Newark Junction to the Pennsylvania Terminal at Thirty-fourth Streot, Now York, was issued as follows by Direotor-General McAdoo on April 22:

U N IT E D STATES R AILR O A D A D M IN IST R A T IO N .Director-General o f Railroads,

April 22 1918.Director-General M cA doo to-day Issued the following order effective

April 28. 12.01 a. m .:Baltimore & Ohio trains between Washington and New York will bo

transferred and run into tho Pennsylvania Station, at Thirty-fourth Street, via the following route: Run on the present tracks to Bound Brook, N . J .,then switching over to tho Lehigh Valley, on that road to the Pennsylvania

Railroad at Newark Junction, and from there over the Pennsylvania through the tubes to the Thirty-fourth Street Station.

This rerouting o f tho Baltimore & Ohio trains will tend to utilize them to capacity, thereby assisting the Pennsylvania between New York and Washington and affording the public greater facilities.

ORDER DISCONTINUING CHECKING OF OPERATING BILLS BY RAILROADS.

The following order anont the checking of operating bills by the railroads has been issued by Director-General of Railroads McAdoo:

U. S. R A IL R O A D A D M IN IST R A T IO N ,Offico o f tho Director-General,

Washington, D . C., April 22 1918.General Order N o. 20:

Effective at once, technical and arithmetical examination and checking o f all operating bills such as bills for freight and other claims, joint facilities, car repairs, and other similar bills and all statements o f accounts such as distribution o f freight and passenger revenues and other similar statements, rendered by one carrier subject to Federal control to or against anothor carrier subject to Federal control, which accrued or which may accrue on or subsequent to Jan. 1 1918, shall be discontinued. Tho carrier rendering such statements, bills, & c., shall tako the necessary measures to insure the correctness thereof.

W . G . M cAD O O , Director-General of Railroads.

BRITISH NAVAL RAID ON ZEEBRUGGE AND OSTEND.A raid against Zeebrugge and Ostond designed to bottle

up these bases of German submarines on tho Belgian coast, was made by British naval forces on April 23. Tho British Admiralty’s statement of that date in announcing the raid said: „

Early this morning a naval raid was made on Ostend and Zeebrugge which are being used by the enemy as destroyer and submarine bases. Our forces are returning and tho scanty information so far received Is to the effect that tho raid met witli a reasonable measure o f success.

W ith tho exception o f covering ships the forco employed consisted o f auxiliary vessels and six obsolete cruisers. Five o f these '■reisers filled with concrete, were used as block-ships, and after being run aground were, in accordance with orders, blown up and abandoned by tho crews. A further communique will bo issued when reports havo been received from the ships, which are now returning to their bases.

No report o f casualties has yet been received.Sir Eric Geddes, First Lord of tho Admiralty, on tho 23rd

supplemented this report in the House of Commons with such information as had come to hand of “ this extremely gallant and hazardous raid,” saying:

I ask tho members to appreciate that most o f tho officers and mon from whom we havo got to get tho information havo been fighting the greater part o f the night, and that somo o f them are not yet in.

The raid was undertaken under command o f Vice-Admiral Roger ICoyes, commanding at Dover. French destroyers co-operated with tho British forces. Six obsolete cruisers, all from twenty to thirty yoars old, took part in the attack.

They were the Brilliant, Sirius, Iphlgenia, Intrepid, Thetis andVindictivo. The first five o f these were filled with concroto and wore to be sunk In

tho Channel and entrances to tho two ports, if this could possibly bo m a-aged.

The Vindictive, working with two ferry boats, carried storming and demolition parties to storm the head o f the molo which runs out from Zeebrugge. Tho Vindictive was especially fitted for landing storming parties and was armed specially for tho purpose with flamo-throwors, Stokes’s mortars and that sort o f thing.

The mon employed on tho block ships and in the storming and demolition parties on the Vindictivo were bluejackets and marines picked from a large number o f volunteers from tho Grand Fleot and naval and marine depots. There was great competition for tho undertaking, and wo could only use a very small proportion o f those who volunteered.

There were light covering forces belonging to tho Dover command and Harwich forces under Admiral Tyrwhitt covering tho operation in the north. A forco o f monitors, together with a largo number o f very small motorboats, took part in tho operation, which was particularly intricato and had to bo worked to a time table and involved delicate navigation on a hostile coast without lights and largely under unknown navigational conditions developed since tho war, with tho added danger o f mino fields.

I should like to mention that tho officer who developed tho operation was killed.

The high development o f scientific use o f fog or smoko was ono o f tho essentials to success. It was moro fog than smoko, which, comblnod with certain wind conditions, was essential to tho success o f tho operation, so as to protect the operation from batteries which might havo Banked it.

Tho plan was, after an intense bombardment o f Zeebrugge by tho monitors, tho Vindictivo, with auxiliaries, was to run alongsldo the molo and attack it with gunfire as they approached. Storming and demolition parties were to bo landed. Meantime, threo block ships, assisted by motor boats, were to mako for tho ontranco to tho canal, run aground and bo blown up. Tw o old and valueless submarines, filled with explosives, wero to run against the pile work connecting tho masonry with tho shore, in order to cut o ff tho molo from tho shore.

At Ostend tho operation was moro simplo, but tho difficulties were considerably increased by mist, rain and low visibility, and tho consequent absence o f aerial co-operation.

Tho results thus far are known to bo two block ships were re a ashore and blown up at Ostond. It is too early to say definitely wliothor thoy accom plished their object, but so far as tho officers could see in tho darkness thoy were slightly o ff tho course. At Zeebruggo two o f threo block ships attained their objective, being sunk or blown up at tho ontranco o f tho canal. The third grounded While passing.

A certain amount o f damage, tho oxtont at present unknown, was dono by gunfire and torpedo attack on an onomy destroyer and othor craft lying at tho molo. Coastal m otor boats report having torpedoed an enemy destroyer which was trying to socapo seaward. Ono o f tho two old submarines gained its objective and destroyed tho piling approach to tho molo.

Storming parties from tho Vindictivo and tho ferryboats attacked under an extremely heavy fire and fought with tho greatest gallantry, maintaining their position alongsldo tho molo for anjhour aml.causing, it is bellevod.


Apr. 27 1918.] THE CHRONICLE 1757much damage to tho enemy and Inflicting considerable losses. Tho objectives for tho storming and demolition parties on the mole were tho enemy forces holding it and tho battery upon it. as well as the destroyer and submarine depots and tho largo seaplane base upon it.

After re-embarking their landing parties the aforesaid three vessels withdrew. Tills attack primarily was intended to engage the attention o f the garrison on tho molo, thereby allowing the block ships to enter tho harbor.

Tho casualties to tho personnel, as wo had expected in a hazardous adventure o f tho kind, were heavy in proportion to the number o f men engaged. Up to to-day tho British losses reported are one destroyer sunk by gunfire and two coastal motor boats and two launches missing.

W o have sufficient information to show that tho entranco to tho Bruges Canal probably was effectively blocked, that material damage was done, and that the greatest credit is due to all ranks for their gallantry.

An account of tho raid was furnished by Associated Press dispatches of April 25, which reported ono of its correspondents visiting on that date tho cruiser Vindictive in Dover Harbor as tho guost of Capt. Alfred F. B . Carpenter, who commanded her in tho expedition at Zeebruggo. Captain Carpentor is quoted as saying to tho Associated Pross:

Our chief purposo in tho expedition was to distract tho attention o f tho batteries while the block ships ran in. especially the battery o f eleven'fnch guns which occupied a commanding position at the tip o f tho mole. Our ship was elaborately prepared for the business o f landing soldiers on the molo. which Is stone, forty feet high and fifteen feet above tho Vindictive’s top deck at tho state o f tho tide when tho attack took place.

W o had a special superstructure over the upper deck, and threo long gangways, or ' ‘ brows’ ’ , which were designed to take tho men up to tho level o f tho molo as soon as wo got alongside. Exactly according to plan wo ran alongside tho molo. approaching It on tho port side, where wo wero equipped with specially built buffers o f wood two feet wide.

As there was nothing for us to tie up to, wo merely dropped anchor there, whllo tho Daffodil kept us against tho molo with her noso against tho opposite side o f our ship. In tho fairly heavy sea two o f our threo gangways wero smashed, but tho third hold, and 500 men swarmed up this onto tho molo. This gangway was two feet wide and thirty feet long. The men who went up it included 300 marines and 150 storming seamen from tho Vindictivo, and fifty or so from tho Daffodil. They swarmed up the steel gangway, carrying hand grenades and Lewis guns. No Germans succeeded in approaching tho gangway, but a hard hand-to-hand fight took place about 200 yards up tho mole toward tho shoro. The Vindictive’s bow was pointed toward tho shoro, so tho bridge got the full effect of enemy firo from tho shore batteries. Ono shell exploded against the pilot houso, killing nearly all Its ton occupants. Another burst in the fighting top, killing a lieutenant and eight men, who were doing excellent work with two pompoms and four machine guns.

Tho battery o f 1 i-inch guns at tho end o f tho molo was only 300 yards away and It kept trying to roach us. Tho shore batteries also were diligent. Only a few German shells hit our hull, because it was well protected by tho wall of tho molo. but tho upper structure, mast, stacks and ventilators showed abovo the wall and wero riddled. A considerable proportion o f our casualties wero caused by splinters from these upper works.

Meanwhilo tho Daffodil continued to push us against tho wall as If no battlo was on, and if sho had failed to do this none o f tho members o f the landing party would havo been able to return to tho ship.

Twenty-five minutes after tho Vindictive had reached tho wall the first block ship passed In and headed for the canal. Two others followed in leisurely fashion while we kept up the fight on the mole. One o f tho block Ships stranded outsido o f the canal, but the two others got two or threo hundred yards Inside, wliero they wore successfully sunk across tho entrance.

Ono difficulty wo had In preparing this expedition was that we could not havo open practico o f what wo contemplated doing, for fear tho enemy might got information o f tho plan. Our preparation, therefore, was limited to a certain amount o f Intensive training at night fighting and bombing, while officers wero carefully drilled in dealing with all exigencies likely to occur. All tho men were tuned up to a high pitch, and it was with very anxious hearts that wo waited for a suitable timo to strike, knowing that overy day wo waited thero was a greater chanco o f our secret leaking out.

Flftoon minutes after the Vindictive arrived alongside the molo our submarine exploded under tho viaduct connecting tho molo with tho mainland. Tho Germans had sent a considerable force to this viaduct as soon as tho submarine arrived, and tlieso men wero gathered on tho viaduct, attacking our submersible with machine guns. When tho explosion occurred tho viaduct and Germans were blown up together. Tho crow o f the submarine, consisting o f six men, escaped on board a dinghy to a m otor launch.

Early In tho righting a German shell knocked out our howitzor, which had been gotting In somo good shots on a big German seaplane station on ttio molo half a mile away. This Is the largest seaplano station in Belgium Unfortunately, our other guns could not be brought to bear effectively upon It. Tho shell which disabled tho howitzer killed all tho members o f tho gun crow. Many mon were also killed by a German shell which hit tho molo closo to our ship and scattered fragments of steel and stouo among tho marinas assembling on tho deck around tho gangway.

Tho Gorman firo was very hot all tho time we lay alongside the molo At times tho German guns reached as high as forty shots per minute. During tho hottest part o f tho fighting I left my station in tho flame house and wont ail around the ship to see how things were going. The spirit o f tho men was excellent. All they asked was, “ Are we winning?”

Half an hour after tho block ships went in, wo received tho signal to withdraw. Tho Vindictive’s siron was blown, and tho men returned from all parts o f tho molo and thronged down tho gangway. W o put o ff after having lain alongside Just about an hour. Tho Germans mado no effort to Interfere with our getaway other than to continuo their heavy firing.

The Berlin War Office gavo out tho following statement on April 24, announcing that the offorts of tho British Naval forcos had boon frustrated:_ On Tuesday morning an enterprise o f British naval forces against our

Flandors bases, concoivcd on a large scalo and planned regardless o f sacrifices, was frustrated.

After a violont bombardment by tho enemy at sea small cruisers, escorted by numerous destroyers and motor-boats, under cover o f a thick veil of artificial fog, pushed forward near Ostond and Zeebruggo with tho Intention o f destroying the locks and harbor works.

According to prisoners four companies o f marines were to occupy tho mole at Zeebruggo by a coup do main In order to destroy all structures, guns and war material thereon and the vessels lying in tho harbor.

Only about forty of thorn got on tho mole. Theso fell Into our hands, some alive and somo dead. On tho narrow high wall o f tho molo both parties fought with tho utmost fierceness.

Of tho naval forcos which participated in the attack the small cruisers Virginia, Enterprise and Sirius and two others o f similar construction whoso names aro unknown were sunk close o ff the coast. Moreover three d e stroyers and a considerable number o f torpedo boats and motor boats were sunk by our artillery firo. Only a few men o f the crews could be saved by us.

Beyond the damage caused to the mole by a torpedo hit our harbor works aro quito undamaged. Of our naval forces only ono torpedo boat suffered damage o f tho lightest character. Our casualties were small.

London dispatches of April 25 reported that Reuter’s Amsterdam correspondent had sent the following telegram received from Berlin regarding the Kaiser’s inspection of the Zeebruggo damage:

The Kaiser on Tuesday visited Zeebrugge, tho scene o f tho frustrated English raid. He boarded the mole, where he convinced himself that the damage caused by tho blowing up o f tho railway bridge had already been temporarily repaired and that a final bridging o f the gap could bo made In a few days. lie also satisfied himself o f the perfectly good condition o f al! tho structures and installations on tho outer part o f the mole, which was tho object o f tho attack.

Ho then proceeded to the canal lock, where two cement-laden cruisers lie, and at tho scene o f the nocturnal battle obtained again an exact account from several participant officers.

Tho Kaiser got a captured English captain o f marines, who happened to bo brought past, to explain the battlo. The captain admitted that the destruction o f the installations on the mole and the cutting o ff o f our U-boats from the bases at Zeebrugge and Ostend wero long-prepared enterprises and were to be carried out on a big scale.

A surprise attack had boon planned four times, but each time it failed owing to the vigilance o f the German outpost boats. N ot until M onday night did the thick mist render the raid possible, without, however, obtaining tho success Intended.

DEVELOPMENTS IN GERMAN DRIVE ON FRENCH FRONT.

Tho German drive against the British forces on the western front, begun on March 21, has since continued with greater or less force, but with the scene of intensest conflict shifted to Flanders. As indicating the Washington view of the German onslaught, it was stated on April 15 that hope that tho force of tho German offensive had largely spent itself grew as tho British managed to hold fast under repeated shocks. Whilo on the 16th the capture by the Germans of tho hoights of tho Wytsehaete (Messines Ridgo) and Bailleul was announced, Premier David Lloyd George, in expressing in the House of Commons on April 16 confidence in the outcome, declared that “ nothing vital” had been lost, and said:

1 he fluctuation between hope and despondency must continuo for some time yet. Hut I am still full o f confidence.

1 ,hr " JUSt SOen a General wh° has returned from the front, and I must ask the Houso to excuse my leaving the House Immediately after the speech, because ho has to lay quest ions bpfore me on which I have to reply to-night! and I only detained him a few minutes to get his Impressions. He told me ne had seen Generals who are fighting.

That gallant old General. General Plumer— one o f the doughtiest warriors this country has— is facing great odds, but he Is quite confident. We havo lost territory, but we have lost nothing vital. That Is the view not merely o f our Generals. It is the view o f General Foch, who is equally calm and equally confident. He was seen also this afternoon by a distinguished General who Is now waiting to see me. He Is absolutely confident.

Tiioy aro aiming at destroying the British army and they feel that If they can get this army out o f the way the path would be clear to victory They havo not yot got it out o f tho way. *

They have Inflicted, I am sorry to say. heavy losses, but nothing to the losses they sustained. The French army is intact and the American army Is pouring across.

There may be hope and there may be despondency, but if we stand together firmly and steadfastly, not giving way to fear or panic, prepared to give and take in all measures— if ail parties in Great Britain, yes. In Great Britain and Ireland, stand together. Irishmen In Ireland fighting with Irishmen who aro coming across the Hood in millions to fight In brigades with British troops— if we do ail that we will win through in tho end.

In a special order of the day, Field Marshal Sir Douglas Haig on April 12 counseled the British forces to stand firm. “ Thero must,” ho said, “ be no retirement; with our backs to tho wall and believing in the justice of our cause, each one of us must fight to tho end.” This order, addressed to “ All Ranks of tho British Army in France and Flanders,” said:

Three weeks ago to-day the enemy began his terrific attacks against us on a fifty-mile front. His objects are to separate us from the French, to take tho Channel ports and to destroy the British army.

In spite o f throwing, already. 106 divisions into the battle and enduring the most reckless sacrifice o f human life, he has yet made little progress toward his goals.

Wo owe this to tho determined fighting and seif-ascrifice o f our troops. Words fail me to express the admiration which I feel for the splendid r&I sistanco offered by all ranks of our army under the most trying circumstances.

M any amongst us aro now tired. T o those I would say that victory will belong to the side which holds out the longest. Tho French array Is moving rapidly and in great force to our support. There Is no other course open to us but to fight it out.

Every position must bo held to the last man. There must be no retirement. With our backs to tho wall and believing In tho justice o f our cause each ono o f us must fight to the end. The safety o f our homes and the freedom o f mankind depend alike upon the conduct o f each one of us at this critical moment.

On April 14 tho cables from Paris reported an official note as stating that “ tho British and French Governments havo agreed to confer tho title of Commander-in-Cliief of tho Al- hod Armies in France on General Foch.” W e referred in our issuo of March 30, page 1307, to tho likelihood of Gen. Foch boing given command of all the Allied forces in tho West.


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On the same day Premier Lloyd George had the following to say in announcing that Gen. Foch had been charged by the Allies to co-ordinate the action of the Allied armies on the western front:

For the first few days after the German Arm y had launched upon our lines an attack unparalleled In Its concentration o f troops and guns, the situation was extremely critical. Thanks to the Indomitable bravery o f our troops, who gradually stemmed the enemy advance until reinforcements could arrive and our faithful ally could enter into the battle, the situation Is now Improved. The struggle, however. Is only in Its opening stages, and no prediction o f its future coures can yet be made.

From tho first day the War Cabinet has been In constant session and In communication with headquaters and with the French and American G overnments. A number o f measures have been taken in concert betweon the Governments to deal with the emergency.

The enemy has had the incalculable advantage o f fighting as one army. T o meet this the Allies have since the battle began taken a most important decision. W ith tho cordial co-operation o f the British and French Com- manders-in-Chief, General Foch has been charged by the British, French and American Governments to co-ordinate the action o f the Allied armies on the western front.

In addition to tho action takon to meet the immediate needs o f the m oment, it will be necessary to bring into operation certain measures which have long been in contemplation should a situation such as tho present ariso.

It is clear that, whatever may happen in this battle, the country must bo prepared for further sacrifices to insure final victory. I am certain that the nation will shrink from no sacrifice which is required to securo this result, and tho necessary plans are being carefully prepared by the Government, and will be announced when Parliament meets.

Gen. Foch in welcoming the Associated Press and other war correspondents on April 5 was credited with stating that he hoped they would continue to work for the interests of the common cause of the Allies as they hitherto had done; the Associated Press dispatches referred to Gen. Foch as pointing to a map and saying:

All is going well. Look at tho small advances made by the Boche, to call them by their real name, during the 27th, 28th, 29th and 30th. It is now the 4th o f April, and it is clearly ovident that tho great tidal wave o f the German army has been broken on the shore, evidently because it met an obstacle. N ow they are against an embankment and completely stopped.

The future will show the full measure o f our success. W o are going to try to do better and to get the upper hand o f the Boche. I cannot say What will happen, but all Is going well. .

On April 18 the following official note was issued at Paris reporting President Wilson’s approval of General Foch’s appointment:

The American military representative in the Supremo W ar Council has officially informed the Government that he has received the following cablegram, under date o f April 16:

"In the name o f the Republic o f the United States o f America, the President approves the nomination o f General Foch as Commander-In-Chief o f the Allied armies operating France.”

Coincident with the reports on March 29 of Gen. Foch being given command of the Allied forces in the W est, announcement was made (as we have previously stated) that Gen. Pershing had placed at the disposal of Gen. Foch the whole resources of the United States Army for employment on the western front. “ L ’Information quoted Gen. Pershing as saying:

I com o to say to you that the American people would hold It a great honor for our troops were they engaged in the present battle. I ask it o f you, in my name and in that o f the American people.

There is at this moment no other question than that o f fighting. Infantry, artillery, aviation— all that wo have are yours to dispose o f as you will Others are coming which are as numerous as will bo necessary. 1 have com e to say to you that the American people would bo proud to be engaged in the greatest battle in history.

An official note issued at Paris on March 31, dealing with the operation of American troops with the French and British, said:

The French Government has decided to accede to the desire expressed by Gen. Pershing In tho name o f the United States Government. Tho American troops will fight side by side with the British and French troops and the Star Spangled Banner will float beside the French and English flags in the plains o f Picardy.

U . S. Secretary of W ar Baker, who was abroad at the time, gave out on March 30 a statement at the headquarters of the American Army in France, in which he said:

I am delighted at Gen. Pershing’s prompt and effecitve action in placing all the American troops and facilities at the disposal o f the Allies in the present situation. It will meet with hearty approval In the United States, where the people desire their expeditionary forces to be o f the utmost service in the common cause.

I have visited all the American troops in France, samo o f them recently, and had an opportunity to observo the enthusiasm with which officers and men received the announcement that they would bo used In the present conflict. One regiment to which the announcement was made spontaneously broke into cheers.

A t London on April 1 an official announcement was Issued as follows with regard to the bringing of largo forces of men in the American Army to the Allies and the brigading of divisions with French and British units:

As a result o f communications which have passed between the Prime Minister and President Wilson; o f deliberations betweon Secretary Baker, who visited London a few days ago, and the Prime Minister, M r. Balfour, and Lord D erby, and consultations in Franco, in which General Pershing and General Bliss participated, important decisions have been com e to by which large forces o f trained men In tho American Arm y can be brought to the assistance o f the Allies in the present struggle.

The Government o f our great Western Ally is not only sending largo numbers o f American battalion ■> to Europe during the coming critical

m onths, but has agreed to such of Us regiments as cannot be used in divisions of their oion being brigaded with French and British units so long as the necessity lasts.

B y this means troops which are not yet sufficiently trained to fight as divisions and army crops will form part o f seasoned divisions until such time as they have completed their training and General Pershing wishes to withdraw them in order to build up the American Army.

Arrangements for the transportation o f these additional forces are now being completed.

Throughout these discussions President Wilson has shown tho greatest anxiety to do everything possible to assist the Allies and has left nothing undone which could contribute thereto.

A message from President Wilson to tho American Expeditionary Forces in France was conveyed through the soldiers’ weekly, “ Stars and Stripes,” in its issue publishd during the first week of April. The message said:

Please convey to the officers and men o f our expeditionary forces m y warmest greetings on this, the anniversary o f the entrance o f the United States into this great war for liberty, and say to them that we all have not only greatly admired and been very proud o f the way they have so far accounted for themselves, but also have tho utmost confidence that in every sense they will prove to bo o f the finest metal o f free men.

Associated Press dispatches of April 4 from Paris stated that American forces were occupying a sector on the Mouse heights, south of Verdun. This announcement, it was statod, was released for publication, simultaneously with a statement that the enemy had raided one of tho American listening posts in this sector following a heavy bombardment. On April 10, the Associated Press, in a dispatch headed “ With the British Army in France,” said:

The first o f the American fighting troops havo arrived on tho British front, and have been greeted with intense enthusiasm.

The overseas pioneers were a battalion o f infantry, which came swinging along the road into a certain sector after an all-night march that began on the anniversary o f America’s declaration o f war.

Tho dusty uniforms and unshaven facos o f tho Americans showod that they had been long on tho road.

PROGRESS OF THE BATTLE IN FLANDERS AND FRANCE.

In our issue of March 30 we gave an outlino of the progress of tho battle on the western front from its oponing up to March 28. On March 29 the German report stated that since the beginning of the battle the Gorman forces had taken70,000 prisoners and 1,100 guns. On March 30 six villages in the Montdidier sector were reported by the British War Office as having boon captured by tho Germans from tho French troops— Ayencourt and Le Monchel, south of the town; Mesnil-St. Georges, about two miles to tho west; Cantigny, Aubvillers and Grivosnos to tho northwest. Germany in its bulletin of March 30 stated that between the Somme and the Avre its forcos had driven out the English and French troops and capturod Beaucourt and Mozioros. On March 31 tho British War Office statement told of the advance of its line immediately south of the Scarpo to the east of Feuchy (east of Arras), and the regaining of possession of the village of Demuin; it also announced the recapture by the Canadian cavalry and British infantry in conjunction with the French of Moreuil and the wood to tho north of that place. It was further stated that the French had made somo progress from the south of Montdidior to Las- signy, retaking several villages which tlioy lost tho previous day. Near Serre, seven miles north of Albert, tho British were said to have advanced their line, taking 230 prisoners and 40 machine guns. The German Army headquarters stated in its report of March 31 that:

On both sides o f the Luce Brook wo penetrated the foremost British lines, which were strengthened by French rogiraonts, and took by storm the villages of Abercourt, Hangard and Domuln, situated In tho valley, and, do- spite a most violent counterattack, throw tho enemy back on Moreuil and the wooded heights to tho north thereof.

Between Moreuil and Noyon wo attacked a nowly brought up French army corps. North of Montdidier we repulsed tho enemy over tho Avre and took by storm the heights situated on the western bank.

The Berlin communication on April 1 announced the capture by the German troops of the heights north of Moreuil and the taking possession of Arrachis Wood, northwest by west of Aubvillers. The number of prisoners brought in since the beginning of the battle was placed on April 1 at over 75,000. Field Marshal Haig, commander of the British forces, on April 2 reported that in the sector between the Avre and Luce rivers, the British had takon 50 prisoners and 13 machine guns, and in the neighborhood of Hebuternp, north of Serre, they had captured 73 prisoners and 3 machine guns. On April 3 Field Marshal Haig reported that the British had taken possession of Ayette (about 8 miles southwest of Arras), and that in tho successful operations at Ayette 192 prisoners had boon taken, including 6 officers; tho raiding by Lincolnshire troops of tho enemy’s trenches northeast of Loos, with the capture of 31 prisoners and a machine gun, was also among tho events recorded for the day. The taking possession of the heights southwest of


Apr. 27 1918.] THE CHRONICLE 1 7 5 9Moreuil was the principal announcement in the German War Office bulletin of the 3d. The diminution of tho fighting in Franco was said by tho German newspapers (according to Amsterdam cables of the 3d) to bo due to the stormy weather. The renewal of the German offensive in the area between the Somme and the Avro rivers and southwest to Grivesnes was indicated in the British roports of April 4. The statement said that “on the French front, immediately on our right, tho enemy gained ground in tho anglo between the Rivers Luce and Avro.” Tho Berlin statement announced that “ during the continuation of our attack south of the Somme, frosh successes have been won.” The enemy, it asserted, had vainly endeavored four times during the early morning and afternoon to recapture heights 'wrested from him southwest of Moreuil; the attack, it added, broko down with hoavy losses. Tho French War Office announced that tho French retained Grivesnes, but that the Germans occupied the villages of Morisel (across tho Avro River from Moreuil) and Mailly-Rainoval (three miles southwest of Moreuil). Hoavy attacks by tho Germans north and south of Dernan- court, southwest of Albert and in tho region of Moyenne- villo, with tho result that they succeeded in getting a footing at Dernancourt and southwest of Albert, were roported on April 5 by Field Marshal Haig, who also stated that “ on tho samo front our troops carried out a successful attack in tho neighborhood of Ilebuterno. They took somo 200 prisoners and a number of machine guns.” Tho Berlin account of the 5th said:

After a hard strugglo wo have taken, between tho Sommo and tho Luce rivers, Hamel and also the wooded districts northeast and southeast o f Vlllers-Bretonnoux and tho castle (town o f Castol) and M allly, on the west bank o f tho Avro.

W o attacked yesterday south o f the Sommo and on both sides o f Moreuil and throw tho onemy out from his strong positions. English and French reserves advanced against our troops.

According to a completed calculation, tho number o f prisoners brought in by tho army o f General von Hutier in the period from March 21 to March 29 amounts to 51,218 and tho captured guns to 729. W ith these captures tho whole booty up to tho present has risen to moro than 90,000 prisoners and moro than 1,300 guns.

Tho Berlin communication on tho 6th stated that south of tho Oiso tho enemy’s positions near Amigny (3H miles east of Chauny) had been penetrated, and that railway establishments near Amiens had been shelled. Tho statement of the British War Office on April 7 said that by a successful minor operation carried out by its forces south of tho Sommo it had improved its position and captured 40 prisoners. It also said that counter attacks carried out by tho British forces had resulted in tho re-establishment of their former positions in Aveluy Wood and in tho capture of over 120 prisoners and several machine guns. Two attempts by tho enemy to deliver attacks at Bucquoy (between Arras and Albert) were repulsed. Tho taking of Pierromande and Folembray was mado known in tho report of the Berlin Office on the 7th, which also said:

The troops of tho army o f General Bochin attacked yesterday morning enomy positions on tlio southern bank o f tho Oiso, near Amigny. While some of thorn forced a passage over tho broad and very marshy Oise sector and took by storm the suburbs o f Chauny, other troops in an attack from tho cast took strong onemy positions near Amigny and in the northeastern portion o f Coucy W ood. They reached tho lino o f Blchancourt, Autrovillo, and tho northern border o f Barisls.

Tho number of prisoners taken up to tho 7th on this movement was reported as 1,400.

Tho German report of tho 8th said in part:In continuation o f our attack on tho southern bank o f tho Oiso wo drove

tho enomy out o f ills strong positions on tho heights east o f Coucy-lo- Cliateau.

On tho southern bank o f tho Oiso our successes o f Saturday forced the enomy to evacuate parts o f his positions between Blchancourt and Barisis on tho night o f April 0-7. Yesterday wo continued our attacks, and throw tho enomy back to tho western bank o f tho Ailotte, after having captured Pierromande and Folembray.

On tho 8th tho number of captured prisoners was reported as having increased to over 2,000.

Heavy attacks by the Germans on tho British and Portuguese linos from La Bassee Canal to tho neighborhood of Armontieros (a distance of about eleven miles) was announced in tho British statement of tho 9th. Tho enemy, according to this statement, succeeded in forcing his way into tho Allies’ positions in tho neighborhood of Neuvo Chappello, Fauquissart, and Cardonnerio Farm, and also succeeded in forcing back tho Portuguese troops in the centre and tho British troops on tho flanks of tho lino of tho River Lys, between Estaires and Bac St. Maur.

Richoboucq-St. Vaast (about a milo south of Neuvo Chapelle) and Lavontio (about two miles southeast of Nouvo Chapello) woro taken by the Germans, according to Field-Marshal Haig’s report, which also said that tho British had held tiioir positions about Givenchy and Fleurbaix. The Gorman W ar Offico besides announcing that its forces

had penetrated into English and Portuguese positions north of La Bassee Canal, said that on the southern bank of the Oise tho Germans had thrown back the enemy across tho Oise-Aisne Canal between Coucy-le-Chateau and Brancourt.

The forcing back of the British troops by a new German attack north of .Armentieres to the Wytschaete, Messines Ridge and Ploegsteert (about three miles north of Armentieres) was announced in the British bulletin of April 10, which also said:

South o f Armentieres the enemy succeeded after a prolonged strugglo in establishing himself on the left bank o f the Lys River at certain points cast o f Estaires labout seven miles southwest o f Armentieresl and in the neighborhood o f Bac St. M aur [about four miles southwest o f Armentieres].

Tho British announcement also said that Givenchy had been recaptured by a successful counterattack by the British forces, who took 750 prisoners in this area.

Tho Berlin report of the 10th said in part:Between Armentieres and La Basse Canal, after strong preparation by

our artillery and mine throwers, we attacked the English and Portuguese positions. W e took the first enemy lines and captured about 6,000 prisoners and 100 guns.

On tho southern bank o f the Oise wo also throw back the enomy across tho Oiso-Aisne Canal between Folembray and Brancourt.

On tho 11th Field Marshall Haig announced that heavy fighting had taken place at Estaires (seven miles southwest of Armentieres) and between Estaires and Steenwerck (five miles west of Armentieres. In this sector he said the enemy succeeded in pushing back the British line to just north of these places. It was later announced that the British troops had been withdrawn from Armentieres, which was full of gas. h iekl Marshall Haig’s statement of the day also said:

North of Armentieres a determined atack developed this morning against our positions in tho neighborhood o f Ploegsteert W ood, and tbe enemy mado somo progress. Further north a heavy attack was launched this morning against our lines in tho neighborhood o f Wytschaete and Holle- boko, but was completely repulsed by the Ninth Division with great loss to tho enemy.

Tho British troops were on April 12, according to Field Marshal Haig, pushed back slowly in the neighborhood of tho Bailleul railway, in heavy engagements with the enomy. Tho onemy was reported to have made slight progress between the Lawe and Clarence Rivers, and M er- ville (eleven miles southwest of Armentieres) was reported as captured by the Germans. The bulletin from the German headquarters at Berlin on tho 12th stated that “ our victorious troops aro progressing through the wide Lys plain between Armentieres and Merville,” and added:

Armentieres has fallen. Encircled on tho north and south by tho troops o f General von Berhardt and General von Stetten, and thus deprived of its roads to retreat, tho English garrison o f fifty officers and over 3,000 men laid down its arms after a brave resistance. With them forty-five cannon, numerous machine guns, large quantities o f munitions and clothes, and other kinds o f rich booty fell into our hands.

Tho statement also reported the capture of Merville and further said:

According to information so far received, the total booty captured in tho battle o f Armentieres amounts to 20,000 prisoners, including one English and ono Portuguese General, and more than 200 guns.

The celebration of the Armentieres victory was announced as follows in Amsterdam cables of April 14:

The school children o f Berlin, according to the “ Tageblatc,” will have a holiday to-morrow to celebrate "the victory of Armentieres.”

The German bulletin on the 13th reported the gaining of ground “ on the battle front on tho Lys all the way;” it told of successes in the direction of Wulverghem (west of Messines) and between the railways leading from Armentieres to Bailleul to Morville. The German forces were also reported to have roached tho railway leading from Vailleul to Morris (four miles southwest of Bailleul).

Obstinate fighting about Neuve Egliso by tho enemy to regain possession of the village was announced in the British War Offico bulletin of April 14. The German report of tho 14th stated that their forces had gained ground on the Lys battlefront; that the enemy’s position had been penetrated southwest of Wulverghem and that Nieuwerkerko (Nouvo Eglise) had been taken after a desperate struggle with British troops, who counterattacked. The taking of Merris and Vieux Berquin (southwest of Bailleul) was announced by the German office.

Continued fighting in the neighborhood of Bailleul and Wulverghon (a milo and a half northeast of Neuvo Eglise) was roported by Field Marshal Haig on April 15; after boating off nurnorous attacks tho British troops woro compelled on that dato to withdraw a second tirno from tho village of Nouvo Egliso. Tho Gorman accounts of the day’s encounter said:

Tlicro were local engagements on tho Lys-Wulverghem battlefield, and the enemy’s lines northeast o f Wulverghem were taken by storm.

Southwest o f Neuve Egliso, as well as between Bailleul and Merris, English machine gun nests were cleared and their occupants made prisoner.



Enemy counterattacks, launched from Bailleul and northwest o f Bothune, broke down with heavy loss.

The capture by the Germans of Wytschaote, at the northern ond of Messines Ridgo, and Spanbroekmolen (in the centre of the ridge) was made known in the report of the British War Office on April 16. This report likewise stated that at Meteren the enemy also succeeded in obtaining a footing. Advices that Bailleul had also fallen into the enemy’s hands were contained in the British report. The Berlin Office in its account of the day’s proceedings said:

Our attacks on the Lys battlefield met with complete success. Tho great mine craters of the Wytschaeto battle of 1917 were taken by a surprise attack, and the enemy’s positions on both sides o f the village. Counterattacks by English companies completely broke down.

The advices from the British War Office on April 17 stated that “ intonso bombardments were opened by the enemy on practically the whole of the Lys battlofront and, from tho forest of Neippo to Wytschaeto, were followed by infantry attacks. All these attacks have been repulsed and considerable losses inflicted on the enemy. In counterattacks, reported in the morning communique, our troops succeeded in entering the villages of Meteren and Wytschaeto, but, in the face of continued hostile attacks, were unable to maintain their positions there.” It was also announced that:

In consequence o f tho progress mado by tho enemy on tho Lys front, our troops holding our forward positions east o f Ypres have been withdrawn to a new lino. The withdrawal was carried out deliberately, without Interference by the enemy. Yesterday afternoon parties o f his troops advancing over our old positions woro caught by the fire o f our outposts and destroyed.

The German report of the 17th announced the occupation of Passchendeale, tho advanco of its lines noar Becelaere and Gheluvelt and the taking of Poolcapelle and Langemarck.

The progress of the fighting in France since tho 18th witnessed the transfer on that date of tho main attack from tho northern to the southern part of tho Lys battlefront; from Las Bassee Canal at Givenchy to tho Lys River east of St. Venant a bombardment was reported, followed by strong hostile attacks, all of which were repulsed by the British forces; 137,000 men were said to have been engaged by the enemy in this drive. Attacks by the Germans in this section continued, but failed of results, the British War Office on April 19 saying:( Tho fighting at Givenchy, as on other parts o f this front, ended In the complete repulse o f the enemy, who, at the end o f most determined and costly assaults, was only able to secure a limited footing at one or two points In our more advanced defenses. The enemy is known to have suffered heavy casualties from our artillery fire prior to tho opeinng o f his attacks, and his losses In the course o f the day’s fighting were equally severe

On tho same date (the 19th) the Gorman report noted that:Northwest o f Bethuno our infantry made a thrust against hostile lines

north of La Bassee Canal and captured some guns. Near Festubert and Givenchy fluctuating fighting is taking place. W o havo taken over 1,000 prisoners.

The advices of the 20th brought news of the concentration of 1,200 German troops against the American troops on a mile front west of Renneres Forest, northwest of Toul, in which the enemy succeeded in penetrating tho front line trenches and taking tho village of Seicheprey; later in the day tho American troops were reported to have recaptured the village and most of the ground lost. The French War Office on April 21 announced that the French lines north of Seicheprey, where both the Fronch and American troops had been attacked, had been completely re-established. The capture of 183 Americans, including five officers, and 25 guns in tho encounter at Seicheprey was reported in the official German statement contained in Associated Press dispatches on April 21. On April 23 Associated Press advices from Washington had the following to say regarding the casualties at Seicheprey:

Information that tho Americans sustained more than 200 casualties and the Germans suffered betweon 300 and 400 In the recent fighting at Seiche- prey, northwest o f Toul. is understood to be contained In General Pershing’s first account o f tho battle now in the hands o f the War Department.

It was learned last night that General Pershing’s roport had been received, but officials declined to make it public or comment upon it. Secretary Baker is understood to be awaiting moro details.

A later dispatch from the same source, dated April 25, said:

The number o f Americans killed in the German attack o f April 20 near Seicheprey was less than a dozen and tho number o f injured was about twenty. These figures, mado known to-day, appeared to give support to the German claim that 183 Americans were captured, since it previously had been admitted that the American casualties were around 200.

Under date of April 25 a dispatch from tho American army in France said that further details received at headquarters of the engagement around Seicheprey showed that tho American troops were outnumbered in some instances eight to one.

On tho other hand, from Amsterdam on April 22 the following advices were received by the daily papers relative to tho battle, giving an apocryphal German version of tho affair:

A telegram to tho W olff Bureau, tho semi-official German news agency, on Sunday stated that the German attack against tho American positions on both sides o f Seicheprey, thanks to careful preparation and tho cooperation o f all arms, was a comploto success. Tho telegram reads:

"A fter an effective artillery preparation which caused severe enemy losses, tho Germans stormed American positions over a front o f two and a half kilometers (mile and a half) and penetrated to a depth o f two kilometers (mile and a quarter).

"Seicheprey was taken by storm and was found full o f American dead. Bitter hand-to-hand fighting ensued around dugouts, vantage points, and cellars, whoso occupants were killed almost to tho last man.

“ Sovere hand-to-hand fighting also occurred about dugouts In Bemieres W ood. Ilero tho American casualties were especially heavy.

“ Dense columns o f enemy reinforcements wore discovered north of Beaumont and also beyond Bernecourt, and were badly mauled by our destructive firo. Further back, the German airmen located enemy reserves lilling up the trenches in Jury W ood and attacked them with machine guns, while our batteries worked fearful havoc in tho closely filled trenches.

"A fter dark, when the enemy's defense works and dugouts had been destroyed and blown up, we ovacuated the position, according to our plans, and unobserved by the enemy. Our losses were slight while those of tho entrained Americans were most severe. W o captured fivo officers, one doctor and 178 men as well as 25 machine guns.”

Field Marshal Haig on April 21 roportod the day as comparatively quiet, apart from artillory activity by both sides on different sectors. There was likowise little to report on April 22, announcements of the British War Office stating in part that:

Northwest o f Festubert, under cover o f tho bombardment reported this evening, tho enemy succeeded in capturing an advanced post, which had already changed hands several times during tho recent fighting.

As a result o f another successful minor operation which wo carried out in tho Robecq sector, we advanced our lino slightly and captured 08 prisoners.

The Germans on April 22 reported the capture north of Albert of 88 British, including 2 officors, and tho taking of 2 2 mine throwers and a few machine guns.

The gaining of ground in the local fighting section east of Robecq, with tho capturo of 120 prisoners and a number of machine guns, and the improvement of tho British position in the neighborhood of Meteren was mado known by Fiold Marshal Haig on the 23rd. It was also announced on April 23 that in the region of Aveluy Wood, noar Albert, tho British had on the 22d advancod their lino 250 yards along a front of 1,000 yards. Tho roport from Germany’s had tho following to say on tho 23d:

The enemy, with strong forces, attempted to regain ground lost at Aveluy W ood Sunday and also to capture tho railway north o f Arras [Albert] on both sides of the Bouzincourt-Avcluy Road. In repeated costly assaults ho lost a number o f prisoners.

On April 24 the capture by tho Gormans of Villors-Bro- tonneux, nine miles southeast of Amiens, after all-day fighting, was announced in Field Marshal Haig’s roport; tho regaining by tho British of a post northwest of Festubert captured by the enemy on April 22 was also reported. Tho Paris War Office on the 24th announced that the Gormans after a serious of furious assaults had succeeded in gaining a footing in tho wood north of Hangard. Tho regaining of Vil- lers-Brotonneux by the British and tho taking of 600 prisoners by Australian and English troops was announced in Fiold Marshal Haig’s report of April 25; in the courso of attacks in tho neighborhood of Dranoutro, Kemmol and Viorstraato, the report statod that tho Allied troops had been compelled to withdraw. Tho Gorman roport announced on tho 25th tho capture of Hangard. The report also said:

On tho western bank of the Avre wo advanced our lino to tho heights northwest o f Castei. Throughout tho day tho enemy delivered violent counter attacks with his reserves, which had boon kept in readiness on tho battlefield, and which came hastily forward from tho rear. They broko down with sanguinary losses. Bitter engagements lasted throughout tho night in the captured regions.

Over 2,000 prisoners remained in our hands, and four cannon and numerous machino guns were also taken.

An account of tho wounded Americans at Hangard was contained in a Paris dispatch of April 25 as follows:

American soldiers wounded in tho great battlo which Is now boing waged are already arriving at the roar. American wounded and sick to tho number o f 128 havo reached Hospital 25. They aro from units engaged In fighting side by side with tho Fronch and British In stemming tho German advanco. Hospital 25 is ono o f tho now institutions established behind the lino as It stood after the Allies stopped tho recent German drive in Picardy. Few o f the Americans remained at tho hospital very long, being taken further to the rear.

Last night (April 26) it was announced that tho Germans had taken possession of Kemmol Hill.

The further shelling of Paris by long-range Gorman guns continued to bo a fcaturo of tho German attack during tho early part of April; after two days’ brief cessation tho shelling was resumed on April 19. On March 29 75 persons were reported to have been killed and 90 wounded, most of them womon and childron, when a shell from a long-range gun fell on a church in the region of Paris, while Good Friday sorvicos wore in progross; several Now York womon wero among tho victims of the

I Good Friday bombardmont, ono of thorn M rs.E .H .L an d on ,


Apr . 27 1918.] THE CHRONICLE 1761a niece of ex-President Levi P . Morton; both she and two daughters were killed. On March 31 it was reportod that the Gorman long-range'cannon had continued to bombard the Paris district, one porson being killed and ono injured; on April 1 tho bombardment of Paris resulted in the death of four porsons and tho injuring of nine. Other casualties followed from tho long-range bombardments, tho advices on April 17’ reporting the killing on tho 16th of 9 women and 2 men. On April 9 cables from Paris said:

French aviators havo discovered tho location o f the big gun with which the Germans have been bombarding Paris at long range. Continual bombardment o f the spot by French artillery and bombing by airmen have made the handling o f tho great piece difficult. This explains the intermittent firo o f tho long-range weapon.

Tho piece is mounted at Crcpy-en-Laonnois, near tho road from La Fere to Laon. (Tho spot is eight miles southeast o f La Fere and about seventy- five miles from Paris.)

An Amsterdam dispatch of April 7 said:Prof. Rauscnberger, an artillerist, Manager o f tho Krupp works and

builder o f tho famous 42-centimeter gun, who planned tho giant long ra ■ gun. according to the correspondent at Frankfort o f the “ Nieuwo Itotter- damsclio Courant.” Tho professor witnessed the first bombardment of Paris with the gun.

An earlior dispatch (March 30) from Geneva had tho following to say regarding the gun:

Lieut.-Gen. von Rohne. a German authority on ordnanco and inspector o f artillery, gives in a magazino o f which ho is editor additional details In regard to tho long-distanco German guns With which Paris is being bombarded. IIo says they are 20 metres (05H feet) long. Tho empty shell weighs 150 kilograms (330 pounds), and the charge weighs the samo. Tho projectile attains a height o f 30 milometres (18.6) miles; and descends from the sky like a meteor on its target.

Gonerai von Rohne says it requires about tiiree minutes for tho shell to reach Its destination. Tho greatest difficulty in tho way o f increasing tho range was overcome by sending tho projectile high enough to reach the rarlfied air.

t h e k a i s e r i m p r e s s e d b y t h e t r e m e n d o u sSLAUGHTER.

An Associated Press dispatch from Amsterdam on April 18 roported that tho Kaiser had been deeply affectod by the appalling slaughter of Gorman troops, and quoted him as follows:

Emperlor William recently made a visit to tho battlefield near Queant, west o f Cambrai, a correspondent o f tho Berlin “ Lokal-Anzeiger” writes:

“ His M ajesty ’s silence was broken only once,” ho says, ’ when he remarked to an officer who stood besido him: ‘W hat have I not done to preserve tho world from these horrors?’ ”

AIR RAIDS NOT FANCIED BY GERMANS WHEN APPLIED TO THEMSELVES.

On April 14 an Amsterdam dispatch said:A Karlsruhe dispatcli to tho “ Frankfurter Zeitung” reports the passage

by tho Chamber o f tho Grand Duchy o f Baden o f a resolution requesting tho Imperial Gorman Government to endeavor to secure a general agreement for the cessation o f hostile air raids on places outside tho zone o f military operations.

Tho following advices on tho subject came from London on April 17:

A Reuter’s dispatch from Amterdam says that, according to advices from Berlin, during yesterday's sitting o f the Reichstag Herr Geek, Socialist, suggested making an agreement with tho Allies to cease aerial attacks on open towns outside tho war zone.

A Government representative replied that no official request hitherto had com e from tho Allies, but that should It bo received, it would bo examined by the military authorities.

KAISER DECLARES THAT THOSE WISHING TO DESTROY PRUSSIANISM ARE DIGGING

. THEIR OWN GRAVES. *

Tho following Associated Press dispatch was received from Amsterdam on April 26:

"T ho peoplo who wish to destroy us are digging their own graves," said Emperor William, as quoted in an interview by Karl Rosner, which tho Dussoldorf “ Anzcigor" publishes. Tho Emperor, who was commenting on tho large amount subscribed to the now war loan, said furthor:

“ Our victories in tho field and tho victories o f tho German at home must make those over yonder realizo that wo cannot bo subdued by arms and economic isolation.”

DISPATCHING OF ITALIAN TROOPS TO BATTLE- FRONT IN FRANCE.

Announcement was made in tho Chamber of Deputies on April 18 that Italian troops would bo dispatched to tho battlefront in France. His declaration, which was received with a storm of applause, said:

Italy, which follows with admiration tho heroic efforts o f tho Anglo- Fronch troops on tho Western front, could not remain absent from tho battlefields o f France. She wishes to bring to her allies tangiblo proof o f solidarity, and very soon the colors o f Italian regiments will fly over tho fields o f Picardy besido thosd o f tho French, British, American, Belgian and Portuguese, thus sealing the union which exists between tho Allied peoples and Governments.

NO AMERICAN MARINES AT VLADIVOSTOK— JAPAN STILL HESITATES.

In a statement issued at Vologda, Ambassador Francis took occasion to deny that the landing of Japanese and British marines at Vladivostok was in pursuance of an international agreement, and said tho move was purely a police measure taken by the Japanese Admiral on his own responsibility for the protection of life and property. Incidentally, M r. Francis denied tho report that American marines had participated in the landing. The Ambassador’s statement as made public by the State Department on April 16 read as follows:

Tho American Ambassador, upon being asked what was the position o f his Government concerning the landing o f Japanese and British marines at Vladivostok, said:

“ Tho Soviet Government and the Soviet press are giving too much Importance to the landing o f these marines, which has no political significance, but merely was a police precaution taken by the Japanese Admiral on his own responsibility for the protection o f Japanese life and property in Vladivostok, and the Japanese Admiral, Kato, so informed the American Admiral, Knight, and the American Consul,jCaldwell, in Vladivostok.

“ M y impressiou is that the landing o f tho British marines was pursuant to the request o f the British Consul for the protection o f the British consulate and British subjects in Vladivostok, which he anticipated would possibly be jeopardized by the unrest that might result from the Japanese landing. The American Consul did not ask protection from the American cruiser in tho Vladivostok harbor and consequently no American marines were landed; this, together with the fact that tho French Consul at Vladivostok made no request for protection from the British, American or Japanese cruisers in Vladivostok harbor, unquestionably demonstrates that the landing o f Allied troops is not a concerted action between the A llies.”

An Associated Press dispatcli from Washington on April 21, in reporting that tho Bolshoviki Government had ordered tho removal to European Russia of tho vast stores of military matorial at Vladivostok, commented as follows:

While recognizing that an attem pt to execute the orders o f the Bolshevik Government to ship the military supplies at Vladivostok to European Russia might precipitate a conflict between tho Japanese forces in that Siberian port and the local Soviet troops, officials here to-day expressed little-concern over this latest development in the situation at Vladivostok.

Tho Siberian railroad is in very poor condition, and because o f this fact it was believed that unskilled Russian railroad employees would be unable to m ove any portion o f the vast store o f supplies over the several thousand miles o f railroad that lie between the Pacific port and European Russia. Officials here also were confident that any attempt to transport this material which involved the suspension o f normal freight and passenger traffic over the Siberian road would fail because o f tho hostility o f the population o f interior Siberia, which would thus bo threatened with starvation.

An immediate connection was seen by the officials between the announcement from Harbin o f the order to move the war material and press dispatches from Tien-tsin that the Japanese and British marines at Vladivostok are to be reinforced because o f increased anti-Japanese demonstrations.

In rogard to the proposed Japanese intervention in Siberia tliero havo beon no further activo developments. Viscount Motono, tho Japanese Foreign Minister, who is said to have favored intervention, was reported on the 24th to have resigned and been succeeded by Baron Gaton. The change, howovor, is not expected to havo any influence on Japan’s foreign policy. Press dispatches from Tokio dated March 28 had the following to say in regard to tho Japanese attitude toward Siberian questions:

Those in Japan who favor Japanese intervention in Siberia found no encouragement in the words o f Viscount V mya Uchida former Ambassador at Washington, who. on his return her from his post as Ambassador to Russia, expressed doubt as to the wisdom o f entering Siberia at this time. His conviction was that Bolshevism to-day represents the thought o f a great majority o f the Russian people.

The addresses o f County Terauchi, the Prime Minister, and Viscount M otono, tho Foreign Minister, before the Diet yesterday, are interpreted as indicating that Japan will for the present send no army into Siberia. Although nothing Jias been annuonced officially, the Impression prevails that Japan has been influenced considerably by the attitude o f the United States, which was that o f doubting the practicabi.ity o f Japanese intervention.

Viscount Uchida declared the Bolshevik influence in Russia was very extensive, and that since the Bolshevikl have made peace with Germany their position has grown stronger in the interior o f Russia. He added:

“ The crux o f tho whole problem seems to mo to lie in what Germany will do with I’ otrograd. I f Petrograd falls into German hands, it is plain that Russia will lose her access to the sea on the west and bo bound to find an outlet in tho east. How the situation will develop in the future is. indeed, a grave, menacing question to this country. I do not see what else wo can do now except to reserve the right to interfere with the development o f such a situation in case it becomes an actual problem .”

VISCOUNT ISIIII, JAPAN'S AMBASSADOR TO U. S.ON IMPOSSIBILITY OF SENDING JAPANESE

TROOPS TO FRANCE.The impossibility of sending Japanese troops to France

(a question raised in view of the German drive on the Western front) has on two occasions within the past week been pointed out by Viscount Kikujiru Ishii, Japanese Ambassador to the United States. With his arrival at a Pacific port on Apr. 21, en route to Washington to assume his duties there, Viscount Ishii was quoted as saying:

From a tactical point o f view it is impossible to send Japanese troops to Franco. This is the view o f our military leaders. I am not a military



export, but they have told me this. Scientifically and tactically wo cannot. It is becauso o f the difference in climate and food and the language.

On April 22 at San Francisco he was quoted to the following effect:

O f course I am merely repeating what our military men have told me. I am not a military man myself. But I am told that it is technically im possible from a military standpoint to send Japaneso troops to Franco. The Japaneso soldier would need Japanese food, and the three weeks required to send it would ruin our supplies. Our troops would be further hampered by the difference in language, which would prevent tho fullest co-operation with their allies.

When asked on the 22d if Japan would take military- measures to prevent the Bolsheviki from removing stores and munitions from Vladivostok, the Ambassador said:

All the Allied Powers must take steps to prevent those supplies from falling into the hands o f the Germans, I am not in a position to judge whether It would be considered a menace for those supplies to bo removed by tho Russians themselves. That would depend entirely on Immediate circumstances. But Japan is ready to act as soon as a common danger exists and as soon as there is a common desire on tho part o f tho Allies to protect Allied Interests in Siberia. It would only bo a matter o f defense.

Viscount Ishii warned against attempts of enemies to incite bad feeling between his country and the United States On the 21st, in indicating that Japan was ready to co-operate with the United States Viscount Ishii had the following to say:

True friendship is only proved upon trial, and the great extent o f tho friendship existing between the peoples o f tho United States and Japan has not been known until now. Japan Is now doing its utmost to put at the disposal o f tho United States as much as it can o f merchant marine. Tho people o f Japan are now ready to co-operate with tho United States in every way possible. When I returned from my mission to this country and told tho people o f tho spirit o f the rocoptions given mo tho Japanese were much moved with admiration.

Regarding the Siberian question, this developed sinco I left ,and I cannot say just what moves have been made. Japan is not prepared to tako any hasty step unless urgent. As soon as it would bo deemed necessary by all tho Allied Powers to enter Siberia or take some measures Japan would not hesltato to tako necessary steps.

The United States has supplied vast quantities o f munitions to Russia. Japan also has furnished great supplies. This is all now in tho docks at Vladivostok. All tho Allies must tako steps to keep this from falling into tho hands o f Germany. Fortunately there has been no moans o f transport.

GUATEMALA 19771 NATION TO JOIN WAR ON GERMANY.

Tho National Assembly of Guatemala on April 22 declarod tho Republic of Guatemala to occupy “ tho same position toward tho European belligerents as does the United States.” Guatemala broke diplomatic relations with Gormany in April 1917. Tho daily papers say that tho action now taken is apparently intended to constitute a declaration of war against Germany and Austria-Hungary, with which tho United States is now at war.

Guatemala is tho nineteenth nation to declaro war on Gormany. It has a population of a little ovor two millions, of whom about 00 % aro pure Indians. Tho military forces are inconsiderable, but tho action taken should simplify tho work of curbing German propaganda in that part of the world. Tho most important crop in Guatemala is coffee, and Gormans, it is said, own more than half of tho coffee plantations.

STRAINED RELATIONS BETWEEN HOLLAND AND GERMANY.

Relations between Holland and Germany, already strained, have been rendered still more tonse by a renewal of Germany’s demand for permission to transport sand and gravel over Dutch canals and railroads through Holland to Belgium. As these materials are presumably to bo used in a military way— to build and strengthen concreto fortifications— Holland considers that to grant such permission would compromise her neutrality. Germany, on tho other hand, is understood to point to tho seizure of Dutch shipping by tho Allies, and its use in tho war zono, as justification for her own demands. The difference in principle, of course, lies in tho fact that what Germany demands involves the use not only of Dutch transport materials, but of Dutch territory, as well, and renders Holland theoretically liable to invasion in case tho Allies should seek to break up tho objectionable traffic. Foreign Minister Loudon, speaking in the Dutch Parliament on Thursday, admitted that the situation was “ most grave.” There have been reports that Germany has delivered to Holland something in tho nature of an ultimatum with a timo limit, and German troops are said to bo concentrating on tho Dutch border.

Tho attitude of Holland toward Germany’s latest demands is explained, perhaps, by tho fact that last November Great Britain withdrew cablo facilities from Holland after tho Dutch had agreed to permit tho transit of sand and gravel through Holland into occupied Belgium. For more than four months there was an embargo on commercial

cables from Holland to overseas countries, including her colonies, but in February cable facilities woro restored when it appeared the sand and gravel question was about to be settled.

Meantime, the negotiations by which tho United States was to furnish Holland with 100,000 tons of grain, to be sent forward in Dutch ships now on this side of tho Atlantic on condition that an equal tonnage of vessels should simultaneously leave Holland for America, have not been completed. The United States has promised not to increase the sum total of its ship seizures, but refuses to permit vessels now in active service to go to Holland and there bo interned, either by voluntary action of tho Dutch Government or by threats of sinking on tho part of Germany. The United States Government is sincerely desirous of relieving the shortage of food in Holland, but the attitude of tho Dutch press has been so hostile, not to say insulting, in casting doubt on tho sincerity of our offers, and impugning the good faith of President Wilson, that there has been some talk at Washington that tho offer to expedite shipments might be withdrawn altogether.

If Holland does not desire to tako advantage of the offer to expedite the grain, tho original offer to furnish grain still holds, it is said, but tho timo consumed in sending ships from Holland to America will delay tho relief which the United States is ready to grant.

Typical of the Dutch comment is said to bo an editorial in the “ New Rotterdam Courant,” reported in press cables as follows:

In tho last few days an official American communication has boon received to tho effect that three vessels, ovor two o f which tho American Government has no jurisdiction, will bo allowed ultimately to depart for Holland on condition o f tho departure o f vcssols o f equal tonnago from Holland to an American port. This apparent friendly concession m ay really bo a tightening o f tho nooso, if, as has been suggested, it is an attompt to mako Holland purchase threo cargoes o f grain with threo conveyors.

This would be a perfidious offer about which disappointment could not bo too strongly expressed. W o havo not a high opinion o f American good faith, but that official duplicity could go so far as promises made in black and white by the President o f tho Unitod Statos oponly repudiated, it is impossible to believe. Such shamelossnoss has not been exceeded in this war. The American Government must give an unambiguous guaranteo that tho President's promises o f March 20 will bo respected.

Replying to questions from members of tho First Chamber, Minister Loudon, according to dispatches from Tho Hague on Thursday, stated that no ship would sail from Holland before a written guaranteo had been obtained that there would be no further seizures of vessels. Ho asserted that ho had gathered from an interview with John W . Garrett, tho American Minister, that the latter supposed that a -written assurance had already been given. Tho Foreign Minister continued:

Tho intention was that six ships should constantly remain in tho service, and I have reason to assumo that tho number will bo extended and that Germany will put no obstacles in tho way. I beliovo it can bo assumed that tho Allied Governments will observe tholr obligations regarding the rationing o f Holland.

Tho negotiations regarding an economic agreement with Germany are delayed by difficulties. I am unable to give information at present as to tho state o f tho negotiations, but they aro not progressing very sm oothly, principally because Holland would bo unablo to export much moro than at present.

Minister Loudon said that ho had a written guaranteo from Great Britain that ships which had left tho East Indies sinco March 23 or might leave in tho futuro would not bo seized.

Dutch ship owners aro reported to havo held a meeting at Tho Hague on Thursday to discuss tho sailing of ships to tho United States to got grain. It is said that tho Nieuw Amsterdam will sail in a few weeks for Now York to bring homo tho remaining Dutch sailors now at American ports.

MOVE TO DECLARE WAR ON TURKEY AND BULGARIA BLOCKED BY PRESIDENT.

Resolutions introduced in tho Sonato, calling for a declaration of war by tho Unitod States on Turkey and Bulgaria, were apparently killed on tho 24th, when President Wilson mado known his opposition to tho procedure. Considerations of diplomacy and safety of Americans in Bulgaria and Turkey, particularly tho latter, aro understood to bo influencing tho President. Thoro is reason to hopo, it was said, that both Turkey and Bulgaria may yot drop out as belligerents.

The Administration was reported to havo information that if it were possiblo Turkey, as well as Bulgaria, would be glad to tako advantage of an opportunity to break away from tho Central Powers. M any Americans also remain in tho two countries and difficulty has been oneountorod in inducing Americans in Turkoy connected with religious missions to leave.


Apb. 27 1918.] THE CHRONICLE 1763Senator King of Utah introduced the original war resolu

tion, which was delayed in the Foreign Relation Committee. Senator Brandegee of Connecticut on tho 23rd introduced a resolution calling on tho Committee to take immediate action on tho King resolution. Mr. Brandegee declared it was an “ outrage” that this country had not declared war on thoso countries when Bulgarian troops were fighting against American soldiers in Franco and the Turks were slaughtering Armenians. Despite that, he said, the Bulgarian and Turkish diplomats are allowed to remain in Washington and to enjoy their usual diplomatic immunities.

Interrupting, Senator Pomerene of Ohio said lie had recently been informed by a Bulgarian missionary that Bulgarian troops wero not in France, and that they refused to go there to fight, in view of their friendship for the United States.

Senator Knox of Pennsylvania offered a substitute for the Brandegreo resolution calling upon the President, “ if not incompatible with public interest,” to inform the Senate if there wero any reasons against declaring war on Bulgaria and Turkey. Senator Knox in offering his substitute resolution said the Foreign Relations Committee had not acted because some months ago the President told the country that there wero reasons for not declaring a state of war. When Senator Swanson of Virginia asserted both tho Brandegee resolution and tho Knox substitute reflected on tho Committeo, Senator Knox said:

This substitute Is entirely a proper one for us to press. I feel tho weight pressing upon mo— I think every member o f tho Senate feels the Weight— that wo do not know enough about matters upon which wo are constantly called hero to act. Thero Is a feeling throughout tho country that wo do not know enough, that wo have not tho facts.

Following a conference with President Wilson on the Brandegee resolution, Senator King announced that arrangements would be made for the Foreign Relations Committee to call on tho President.

CARRANZA'S CONGRATULATIONS TO BELGIAN KING.

According to an Associated Press dispatch from Mexico City on April 9 President Carranza sent tho following message to King Albert, of Belgium, on April 8, on tho occasion of tho King’s birthday:

I have tho honor to express to Your M ajesty, in the name o f tho people and Government o f M exico, my most cordial felicitations on this day upon which the anniversary o f your birth is commemorated, and I am pleased to extend by best wishes for tho peace and liberty o f Belgium, for your personal happiness, and for that o f your august family.

_________________________________ V. C A R R A N ZA .

STAMP TAX UNDER WAR REVENUE ACT ON CHECKS AND DRAFTS.

Tho Treasury Department has mado public tho following ruling of tho Internal Rovenuo Commissioner explaining the workings of the stamp tax under tho War Revenue Act on drafts and checks.

T R E A S U R Y D E P A R T M E N T ,Office o f Commissioner o f Internal Rovenuo,

Washington, D. C.To Collectors of Internal Revenue:

Tho stamp tax on drafts and checks imposed by Schedule A o f Title V III o f tho Act o f Oct. 3 1917, attaches to drafts or checks (1) at tho time o f delivery, if (2) delivered within tho territorial Jurisdiction o f tho United States, and (3) expressed to bo payable otherwise than at sight or on demand, but not to drafts or checks not yet delivered, or delivered In a foreign country, or expressed to bo payable at sight or on demand.

Schedule A o f Titlo VIII o f tho A ct o f Oct. 3 1917, imposes a tax on:"6 . Drafts or checks payablo otherwise than at sight or on demand.”By Section 800 o f the Act tho tax is payablo in respect o f such drafts and

chocks, or in respect o f tho paper upon which thoy are wirtten, by any person who makes, signs, or Issues tho samo, or for whoso uso or benefit the samo aro mado, signed, or issued. B y Section 802 anyono is guilty o f a mlsdeaineanor who:

" (a ) makes, signs, Issues, or accepts, or causes to bo mado, signed, issued, or accepted any Instrument, document, or paper o f any kind or description whatsoever without tho full amount o f tax thereon being duly paid.”

(1) Tho goncral rule is that a taxablo draft or check becomes subject to tho tax concurrently with its delivery. In tho case o f a draft tho rulo means that tho tax attactics, not when it is signed by tho drawer, or presented to tho drawee for acceptance, or accepted by him, but when it is delivered to tho payee, if drawn to a third person, or negotiated by tho drawer, if drawn to ills order, whother such delivery or negotiation takes placo beforo or after acceptance.

I f a draft was drawn and accepted beforo tho passago o f tho A ct, but not delivered or negotiated until afterwards, tho tax is payablo. If a draft is prosonted to tho drawee for acceptance and discount by him, stamps must first bo affixed by tho drawer, for the acceptance and dolivery aro simultaneous.

Tho payeo or the indorsee from tho drawer must seo to it that tho drawer, as the person "who makes, signs, or issues” tho draft, pays tho tax beforo delivery. "A ccept” is used in tho penal provision in Section 802 in tho gonoral sonso or "reccivo,” not in the special senso peculiar to drafts. No drawee accepting an unstamped undelivered draft would violato tho law; but if tho draft has already bccomo taxablo because of a prior delivery, tho acceptor must bo sure that stamps are affixed.

(2) Tho general rulo Is that a taxable draft or chock becomes subject to the tax if delivered within the territorial jurisdiction o f the United States. Tho rulo means that the tax does not attach to a draft drawn and accepted hero, but delivered abroad, whether beforo or after acceptance, but does attach to a draft delivered here, whether before or after acceptance, although drawn and accepted abroad. In general, a draft sent through the mail is delivered when and where deposited in the mail addressed to the payee or tho indorsee from the drawer.

I f a draft drawn abroad, on a foreign drawee, with a foreign payeo, passes through a bank hero in the course o f collection, no tax is payable, unless it should bo delivered by an agent o f the drawer to an agent o f the payee within tho United States. Because o f the constitutional restriction that no tax or duty shall be laid on articles exported from any State, drafts with bill o f lading attached covering goods in tho course o f exportation aro not subject to tho tax.

(3) Tho general rulo is that a draft or check delivered within the United Statos is subject to tho tax if expressed to bo payable otherwise than at sight or on demand.

Accordingly, an ordinary sight draft with bill o f lading attached is not taxable, but a draft expressed to be payable at sight “ on arrival o f car.’S or containing a memorandum to hold until arrival o f car, is. A sight draft, accompanied, by instructions outside tho instrument, as, “ D o not present until arrival o f car,” or some such memorandum, is not taxable. A sight draft accepted and paid for the drawee by the collecting bank, which holds it and charges interest until the drawee takes it up, is not taxablo.

A draft might bo drawn stating no timo for payment, which would class it as a sight draft, and be accepted at 90 days, which would change it« nature. I f negotiated or delivered beforo acceptance tho holder would be obliged to stamp it on acceptance, in default o f which both he and the acceptor would bo liable for the statutory penalty.

For tho purposes o f the tax thero is no difference in tho treatment o f ordinary bills o f exchange, trade acceptances, and bankers' acceptances} as defined by tho regulations o f the Federal Reserve Board.

D A N IE L C. R O PE R.Commissioner of Internal'Revenue.

Approved March 26 1918:W . G. M cAD O O ,

Secretary of the Treasury.

COMPUTING AND ASSESSING OF TAX ON “ SHARES OF STOCK LOANED. ”

A notice to Stock Exchanges and othors concerned has been issued by tho Department of Internal Revenue, through Francis M . Riley, Special Agent of the Department at the Custom House in New York, relative to the tax form to be used in computing and assessing the tax “ on shares of stock loanod” and “ borrowed shares returned.” We give the notice (issued April 22) herewith:To the Members of the Various Stock Exchanges and Others Concerned-

A form is hereto attached adapted for the uso o f computing and assessing tho tax on “ shares of stock loaned,” and “ borrowed shares returned,” aa well as for reporting “ borrowed shares” and “ loaned shares returned” for the consolidated period from Dec. 1 1917 to March 31 1918, under the W ar Revenue Act o f Oct. 3 1917.

In computing this tax on "shares loaned” and “ borrowed shares returned,” the entries in the record prescribed in Article 8. Regulations 40, must bo mado. designating “ shares loaned,” and “ borrowed shares returned,” and tho tax upon the same Ascertain the total amount o f taxes payablo upon such transactions from Dec. 1 to Dec. 31 1917. inclusive, making proper entry o f said total upon tho final page o f the record fqr tho month o f December 1917, and affix to said page o f the record and cancel tho requisite number o f stamps in lieu o f making out the delivery tickets for each Individual transaction and affixing the stamps to the same. Tho “ shares borrowed” and “ loaned shares returned" shall be handled on tho “ receive" side o f the record in the same manner, only there is, o f courso no tax on such transactions. Tho months o f January, February and March 1918, are to be handled in similar manner. The return o f these taxes on “ loaned shares” and “ borrowed shares returned" for this consolidated period from Dec. 1 1917 to March 31 1918, shall include only the totals for the months entered according as the shares are o f a par value or without par value, and “ ear-marked” in red ink "shares loaned” or "borrowed shares returned,” & c., as the case may be.

Under tho decision o f the Attorney-General, dated March 23 1918, it lias been ruled that “ shares loaned" and "borrowed shares returned" are taxablo; therefore, in making out the return for the month o f April and returns for tho future months, these taxable transactions must be handled in tho samo manner as any other taxable transactions, only enter In red ink in tho “ car-marked” columns the number o f “ shares loaned” and the number o f tho “ borrowed shares returned,” &c. In balancing the return, note that tho sum o f the “ number o f shares sold o f a par value” and the "number o f shares sold o f no par value” and tho "transfer o f customer's account" Is equal to the sum o f tho columns under the heading “ settlements or adjustments.” This applies both to "deliver” as well as to “ receive” side o f this return.

All persons trading upon exchanges are required by law to make the Returns and keep tho Record prescribed in Regulations N o. 40, Articles 8 and 9.

Persons “ clearing” transactions done upon the Curb Exchange whether members o f the Curb or non-members, will render a separate return o f said Curb transactions.

Your immediate attention to this most important matter is requested.All persons who have not filed their returns as required by law are hereby

notified o f their delinquency, which subjects all such persons to severe penalties.

For further information concerning this matter please apply to the undersigned. Respectfully,

FRAN CIS M . R IL E Y , Special Agent of Internal Revenue.

HEAD OF FAMILY UNDER INCOME TAX L A W - EXEMPTION IN CASE OF MARRIED MAN. ,

Tho following ruling in which it is held that the income tax exemption applicable to a married person is allowable only whoro tho wife or husband actually resides with his or hor partner and also defining the expression “ head of family” was issued early this month by tho Commissioner of Internal Revenue:


1764 THE CHRONICLE [VoL. 106

T R E A SU R Y D E P A R T M E N T ,Office o f Commissioner o f Internal Revenue,

Washington. D. C.To Collectors of Internal Revenue and Others Concerned:

Section 7 o f the income tax Act o f Sept. 8 1916, as amended by the A ct o f Oct. 3 1917, provides that for the purpose o f the normal tax only there shall be allowed as an exemption in the naturo o f a deduction from tho amount o f tho net income o f each citizen or resident o f the United States the sum o f $3,000, plus $1,000 additional, if the person making the return be a head o f a family or a married man or woman with a wife or husband living with him or her, except that only one deduction o f $4,000 shall be made from tho aggregate income o f both husband and wife when living together, and plus $200 additional, if the person making tho return bo the head o f a family, for each child dependent upon such person if under 18 years o f age or if incapable o f self-support because mentally or physically defective. •

Section 3 o f tho war income tax A ct o f Oct. 3 1917, provides that in the case o f tho tax imposed by the later Act the exemptions o f $3,000 and $4,000 provided in Section 7 o f tho former Act shall be respectively $1,000 and $ 2 ,000 .

Paragraph 153 o f the income tax regulations provides:“ A head of a family is a person who actually supports and maintains ono

or more individuals who aro closely connected with him by blood relationship, relationship by marriage, or by adoption, and whose right to exercise family control and provide for these dependent individuals is based upon some moral or legal obligation.”

Applying only to citizens and residents o f the United States there is, accordingly, an Individual exemption o f $3,000. except that if husband and ■wife live together a joint exemption o f $4,000 under the earlier Act and $2,000 under the later Act is substituted for the several exemptions of $3,000 each under tho earlier Act and $1,000 each under tho later Act, and that if the taxpayer bo a head o f a family consisting o f a person or persons other than a wife or husband alone his exemption is $4,000 under tho earlier Act and $2,000 under the later A ct, plus $200 for each dependent child.

In tho case o f a married man or married woman the joint exemption replaces the individual exemptions only if his wife lives with him or her husband lives with her. In the absence o f continuous actual residence together whether or not a man or woman has a wife or husband living with him or her within the meaning o f tho statute must depend on tho character o f the separation. I f merely occasionally and temporarily a wife is away on a visit or a husband is way on business, the joint home being maintained. the additional exemption applies. Tho unavoidable absenco o f a wife or husnand at a sanatorium or asylum on account o f illness does not preclude claiming the exemption. If, however, the husband voluntarily and continuously makes his home at one place and the wife hers at another they are not living together for the purpose o f the statute, irrespective of their personal relations.

A head o f a family is a person who actually supports and maintains ono or more o f the individuals described in Paragraph 153 o f tho regulations in one household. In ttie absence o f continuous actual residence together whether or not a person with dependents is a head o f a family within tho meaning o f the statute must depend on the character o f the separation. I f a child or other dependent Is away only temporarily at school or on a visit, the common home being still maintained, tho additional exemption applies. If, however, the dependent continuously makes his home elsewhere his benefactor is not the head o f a family, irrespective o f the question o f support.

Resident aliens claiming exemption because o f families or wives residing abroad aro not heads o f families or married men or women with wives or husbands living with them within tho meaning o f the statute, and they are In no case entitled to more than their individual exemptions o f $3,000 under the earlier A ct and $1,000 under the later Act.

D A N IE L C. R O PE R,Approved April 8 1918. Commissioner of Internal Revenue.

L. S. ROW E,Acting Secretary of the Treasury.

REPLIES TO A. B. A. FROM CLEARING HOUSES CONCERNING DEFERRED PAYMENT OF

INCOME TAXES.In response to a letter dated March 30th 1918, sent out

by the American Bankers’ Association over tho signature of President Charles A. Hinsch, somo thirty clearing house associations have responded thus far, indicating that thoy aro heartily in favor of the Pomerene Bill—Senate 3963— or a modification thereof which will provide for deferred or partial payments of income and excess profit taxes. The following is the letter in which President Hinsch requested that if tho bill were approved that the clearing houses convoy to their representatives in Congress thoir views:

TH E A M E R IC A N B A N K E R S' A SSOCIATIO N ,Five Nassau Street,

New York, March 30th 1918Dear Sir.— You are doubtless familiar with the provisions o f tho Pomo-

reno Bill— Senate 3963— providing for the payment o f the income and excess profit tax on the installment plan, as follows:

l-6th on July 15th,l-6th each month thereafter,

Deferred payments carrying interest at 3 % .The Government estimated this tax would produce about $2,800,000,000.

It is now believed that the tax will produce in excess o f $5,000,000,000. I f this"-vast amount is made duo and payable on any single date, it Is liable to bring about a contraction in credit that is neither necessary or desirable.

A great many concerns have invested a largo percentage o f their profits o f last year in brick, mortar and machinery, to increase the production o f the things needed by the Government in the prosecution o f the war, and they are now confronted with the necessity o f paying a large percentage o f these profits In cash to the Government on June 15th. At tho same time they find it necessary to carry abnormally large stocks o f merchandise, whicfi at the prices that now obtain, absorb a largo proportion o f their working capital.

A great many concerns have already exhausted their bank lines and It is therefore believed that it would bo wise if this tax could bo paid out o f current profits, which would bo possible under the installment plan. I realize that the Government needs tho money and must have it. Shorttime treasury certificates, however, could be sold to mature in harmony with the several installments provided by the Pomerene Bill. •

W o expect on April 6th to begin a campaign for tho sale o f a largo amount o f Liberty Bonds, and it is desirable, therefore, for our people to look forward to the financial future o f this country with courage and confidence, which is fully justified by the wealth o f this country and which has been placed at approximately $300,000,000,000. M any who desire to evidence their patriotism by subscribing for Liberty Bonds may find It somewhat difficult to do so unless some provision is made for the payment o f tho income and oxcess profit tax on tho installment plan.

Unless, therefore, It is inimicablo to tho best interosts o f the Government, I believe that tho Pomerene Bill or a modification thereof should be enacted into law. Possibly tho first payment o f l-6th should bo made on M ay 15th; equal monthly payments thereafter: deferred payments to carry 4% interest.

This measure was presented by referendum to tho Federal Legislative Council o f the American Bankers’ Association and received an almost unanimous endorsement.

I would suggest, if you approvo o f the Pomerene Bill or a modification thereof, that your Association adopt resolutions in harmony therewith and that copies bo sent to Senator Pomerene, Secretary M cAdoo, the Senators from your State and the Congressmen from your District.

I will appreciate your advising me, care o f tho American Bamkers’ Association, Now York C ity, o f the action, if any, taken by your Association.

Very sincorery yours,O . A . n T N S C n , President.

The attached copy of expressions from tho Clearing House Associations of Atlanta, Ga., and Cedar Rapids, Iowa, aro given as representative of tho responses received:

From the Cedar Rapids Cloaring House Association:Payment o f income tax and oxcess profit tax in ono payment liable to

bring about an unnecessary and undesirable contraction o f credit, and will work a hardship on both corporations and individuals. Wo urge passage o f bill permitting payment o f such taxes in Installments.

From tho Atlanta Clearing House Association:Whereas, It is generally believed that tho income and oxcess profits tax

will produce far more revenue than had been anticipated, and that in order to provide funds to pay this entire amount upon the date originally fixed by law a very considerable amount o f money would have to be withdrawn from regular trade purposes;

N ow, Therefore, Be ItResolved, That this Association does not desiro in any way to urgo tho

passage o f any measure that would hinder or delay tho Government in the prosecution o f tho present war to a speedy and successful termination: but, if entirely consistent, bo It

Resolved, That the Atlanta Clearing House Association request its Senators and Representatives to support and urge the passage o f tho Pomerene Bill— Senate 3963: and bo It further

Resolved. That a copy of these resolutions be sent to the non . W M . G . M cA doo, Senator Pomerene, and our Senators and Representatives.

TREASURY DEPARTMENT'S OPPOSITION TO DEFERRED INCOME TAX PAYMENTS.

The proposal to make income tax payments in deferred installments is disapproved by tho Treasury Department, which, through Secretary McAdoo, issuod a statement on April 24 expressing the hopo that tho agitation would cease and that everyone would co-operate in paying tho taxos within the time called for. Previously, on April 23, the Treasury Department made the following announcement:

Thero is no provision o f law under which this department may defer, beyond Juno 15 1918, tho payment o f income and oxcess profits taxos, and tho financial requirements o f tho Government aro such as to mako it unwise for this department to recommend to Congress at this time tho enactment o f legislation that will authorize tho department to defer such payments beyond June 15.

Tho statement authorized by Secretary McAdoo on April 24 said:

The agitation In favor o f legislation to authorize tho payment o f lncomo and excess profits taxes in deferred installments is doing much harm.

The War Revenue Act which became a law Oct. 3 1917 authorized payment o f these taxes to bo made in Installments In advance and authorized tho Secretary o f the Treasury to issuo Treasury Certificates o f Indebtedness acceptable in payment o f these taxes.

The Treasury Department adjusted its plans to this law. Taxpayers havo to a very large extent done likewise.

Treasury certificates o f indebtedness to tho amount o f nearly $2,000,000,000, maturing in June, havo been issued and sold, at least three-fourths o f which have, it is believed, been purchased by taxpayers and banks in preparation for these tax payments.

Tho minimum amount o f tho Third Liberty Loan and tho datos for payment o f the installments upon bond subscriptions wero fixed by tho Treasury Department with careful regard to tho requirements o f the law for the payment o f tho Income and excess profits taxos In Juno or soonor. Sovonty-flve per cent o f tho required installment payments on subscriptions was deferred until July 18 and Aug. 15 after tho tax payment.

The receipts from the Liberty Loan in M ay, after allowing for a liberal amount on account o f optional payment in full, are not likely to bo more than is sufficient to meet tho oxcess o f current disbursements over rocolpts for that month together with tho $1,000,000,000 o f Treasury certificates o f indebtedness which mature In M ay.

Judging from the returns filed to date, tho amount o f tho income and excess profits taxes payablo In June will not exceed tho amount o f the G overnment's current deficiency for tho month plus the $2,000,000,000 Treasury certificates then maturing.

T o permit the deferred payment o f the Income and excess profits taxes would necessitate the issuo in June o f Treasury certificates to a prohibited amount, and the Treasury Department cannot, therefore, recommend to Congress the amendment to tho existing law which requires the prompt payment o f these taxes in June.

The Treasury cannot finance tho requirements o f tho war if only Treasury obligations are to havo definite maturities. The Juno tax payments can be made, I am certain, without embarrassment or serious inconvenience to taxpayers, and that thoy should bo paid promptly when duo Is o f tho utmost importance to tho country. We should make up our minds to pay these taxes when duo and get tho business bohind us. T o defer them until the fall, when another Liberty Loan will havo to bo issued, will add now complications to tho situation.


Apr. 27 1918.] THE CHRONICLE 1765I earnestly hope, th erefore , that further ag ita tion may ceaso and that

evoryone will co-operate In tho patriotic determination to do his duty in the payment o f taxes at the tlrno that duty ought to be performed.

Representative Kitchin, Chairman of tho House Ways and Means Committee, also voiced his opposition to the proposal on April 24. Mr. Kitchin statod that to postpone collection of taxes past Juno would mako it necessary for the Government to issue more bonds to moot tho certificates falling due then. Referring to reports that some business concerns with Government contracts would be seriously hampered financially by being compelled to pay big taxes in June, he said:

I f a business concern has a Government contract and is really performing a service that is useful to the conduct o f tho war, and if such concern cannot get relief through its bank, I think in such a case tho War Finance Corporation, when organized, will consider an application from the concern and give rellof if found necossary.

B A N K I N G A N D F I N A N C I A L N E W S .

No sales of bank or trust company stocks were made at the Stock Exchange or at auction this week.

Tho suspension from tho Stock Exchange for a period of one year of Harold S. Frankenheimer, at Miller & Co., 120 Broadway, and F. L. Seligsborg, at Sichel & Frank, 10 Wall Street, was announced from tho rostrum of tho Exchange on April 25. Mr. Frankenheimer has been a member of tho Exchange since Jan. 12 1911, Mr. Seligsborg since Oct. 7 1897. The two members were suspended under the resolution which stipulates that “ the giving up by a member of tho Exchange or firm represented thereon of a name other than his or their clearing firm on any transactions in stocks for his own or their own account is an act detrimental to the interest or welfare of tho Exchange.” The suspended members, it is said, wore charged with having failed to enter their own names in certain purchases.

Tho Irving National Bank of this City makes the following announcement under date of April 25 with reference to the arrangements it has mado for cashing tho checks of the American Expeditionary Forces in any town in France. This bank has just entered into a close reciprocal agreement with Messrs. Cox & Co. (France), Ltd., Bankers, Paris, whereby each institution will act as tho principal representative and correspondent of tho other in its respective country.

As a result of this now arrangement members of the American Expeditionary Forces will be provided with facilities for cashing their personal checks in any town in France. Messrs. Cox & Co. (Franco), Ltd., are tho official army bankers for the British Government and. thoroughly acquainted with the requirements of men on active military duty. They have an experienced organization and a network of facilities throughout France, including sevoral in tho war zone.

Tho plan as a whole affords both institutions unusual opportunities for obtaining first hand information on Franco- American trado conditions and is similar to one recently effected between tho London Provincial and South Western Bank, Ltd., London and the Irving National Bank. It is tho outgrowth of a policy on tho part of tho Irving National Bank to provide improved American banking facilities in world commercial centres utilizing established organizations of leading foreign banks whoso numerous branches keep them in closo touch and familiar with local conditions. It is adopted from methods found by European bankers to bo tho most effective means of co-ordinating trado relations botween different countries and its bearing upon tho development of American world trade after the war should bo most important.

Tho Stock Exchange firm of Kerr & Co., which suspended January 9, resumed business at its offices at 71 Broadway and at the Hotel Endicott, 81st Street and Columbus Avenue, on April 17. Tho Governors of tho Exchange reinstated Louis S. Kerr to membership on April 4. On March 21 an ordor was granted by Judgo Mayor permitting tho receiver for tho firm to sell tho stocks and bonds on hand oxcopt those claimed by customers under tho supervision of tho committee of creditors. Under the plan of reorganization assented to by practically all of tho creditors whose claims aggregated $680,000, an intial payment of 40% of thoir claims was provided for, which may bo drawn out any timo after tho reorganization plan became operative. Tho plan also calls for a sum of not less than $175,000 to bo furnished to Korr & Co. as now capital on torms and condi

tions acceptable to Bernard P. Bogy, Charles W . Yates and William A. Kissam, the three principal creditors of the firm who were appointed a committee on reorganization shortly after the firm’s suspension.

Forrest H. Parker, a retired banker and former President of the New York Produce Exchange, died at his home in this city, on April 24. Mr. Parker, who was 81 years of age, was a native of Boston. From 1880 to 1882 he was President of the Produce Exchange and laid the cornerstone of the present building. In 1883 he founded the New York Produce Exchange Bank and was its President from the timo of its formation until he retired in 1915.

The Public Bank of this city opened on Saturday last, April 20, a new branch in the Bronx, at 3817 Third Avenue, near Claremont Parkway.

William H. Gregory, connected with the firm of Kountze Brothers, has been elected a director of the Atlantic National Bank of this city, and Victor Lersner has been appointed a member of the executive committee of the bank.

Henry F. Whitney was appointed Assistant Trust Officer of the Empire Trust Company of this city at a meeting of the executive committee on April 17.

James E. Miller, Vice-President of the Columbia Trust Co., this city, was killed in aeroplane action while fighting over the German lines in France. Mr. Miller was a Captain in tho Aviation Corps. He was thirty-five years of age, a graduate of Yale in 1904 and a well-known football player. Mr. Miller started his banking career as a clerk with the uptown office of the old Knickerbocker Trust Co. and later became Asst. Secretary and afterwards was elected a Vice-President of the Columbia Trust Go., when the merger of the Knickerbocker and Columbia was put through.

Three booklets of timely interest have just been added to the list of publications prepared by the Guaranty Trust Co. of this city for generaly distribution as a part of its service to customers and others. “ Laying the Rails for Future Business” gives in full an address delivered by Vice-President Francis H. Sisson at the annual meeting of the Chamber of Commerce of the United States, at Chicago on the 11th inst. There is also a synopsis of the law under which the railroads of the country are now being controlled by the Federal Government. “ Combination in Export Trade under the Webb Law” gives the text of the measure recently signed by the President in anticipation of the extension o f

America’s foreign trade. The booklet gives an analysis o f

the law, and points out the variety and character of arrangements permissible to exporters under its provisions. “ War Loans of tho United States, and The Third Liberty Loan” contains a history of the war financing of this country, setting forth the comparative financial standing of the United States in various crises, and the methods by which funds were raised. Particular emphasis is laid upon the importance of the present loan to the country’s war program.

William Morris Imbrio & Co., 61 Broadway, state that Danvin R. James, Jr., President of tho American Chicle Co., is acting Chairman of the Executive Committee of the National Thrift Bond Corporation during the absence in Europe of Henry Bruore.

The directors of the Union Trust Co. of Albany, N. Y ., on April 19 appointed Leo K. Fox Assistant Treasurer and Charles M . McGarvey Assistant Secretary. Mr. Fox has been in the service of the company for many years. Mr. McGarvey was connected with the Merchants’ National Bank of Albany before that institution was merged with the National Commercial Bank. He will have charge of the trust business of the institution. The directors also appointed Henry P. Murray, Auditor, in recognition of his long and faithful services.

At a meeting of the directors of tho High Street Bank, of Providence, R. I., on April 15, Arthur L. Peck was elected a director to fill the vacancy caused by tho resignation of Arthur E. Austin.

Montgomery Rollins, retired banker and financ al writer, died at his home in Boston on April 18. Mr. Rollins, who was 51 years of age, was born in Concord, N. H., and began



his business caroor in the banking house of E. H. Rollins & Co., of that city. In 1889 he became a member of the Boston firm of E. H. Rollins & Sons, with which ho was identified until 1898 when he organized tho firm of Montgomery Rollins & Co. Four years later he retired from business and devoted his time to tho writing of financial treatises.' Ho was tho author of “ Money and Investments,” “ Municipal and Corporation Bonds,” “ Stocks and Their Market Places” and “ Law Regulating the Investment of Bank Funds.” Mr. Rollins was a member of tho Now Hampshire State Committee of the Liberty Loan Campaign and Chairman of the Commission caring for the war dependents of tho State.

A new banking institution, the Winthrop Trust Co., of Winthrop (P. O. Boston), Mass., was recently granted a charter by the State Board of Bank Incorporation. The company will have a capital and surplus of 8125,000. The institution is expected to open for business in about three months.

The Comptroller of tho Currency has issued a "charter for the State National Bank of Lynn, Mass., capital $200,000. Tho application was referred to in our issue of Feb. 23.

The Northern Central Trust Co. of Philadelphia (recently organized, and mention of which was made in our issue of Feb. 2) opened its doors for business on April 15 at Broad Street and Erie Avenue. The building occupied by tho now bank has been romodeled to suit its needs. Tho capital of the Northern Central is $200,000. Walter Gabell is President; Charles H. Bridenbaugh, Vice-President, and D. C. Donat, Secretary and Treasurer.

At the special meeting of the stockholders of the North Philadelphia Trust Co. of Philadelphia, held on April 10 (referred to in our issue of Feb. 23), the proposal to increase the capital of the company from $150,000 to $250,000 and the surplus from $250,000 to $450,000 was ratified. Tho now stock, amounting to 2,000 shares, is to be offered to stockholders of record Feb. 7 last at $150 a share; the present par value of tho stock is $50 a sharo. One-third of the proceeds of tho now stock is to be applied to capital and two-thirds to surplus. Tho North Philadelphia Trust Co. was founded in 1903 and now has deposits of nearly $3,500,000.

J. C. McKinnoy, President of the Titusville Trust Co., of Titusville, Pa. (tho opening of which was mentioned in these columns on April 6), announced at a recent directors’ meeting his intontion personally to provido tho necessary funds for tho construction and equipment of tho company’s new building now in courso of construction, tho building when completed to be conveyed to tho company froo of any encumbrance, for the bonofit of tho stockholders without cost to them. In setting out tho reason prompting his act, Mr. McKinney stated that tho Titusville Trust Co., being the culmination of a long-chorishod idoa, ho was desirous of expressing in a substantial manner his just prido in tho institution and his faith in its future. Tho directors voiced their appreciation of his action in a resolution (appropriately recording Mr.|McKinnoy’s gonorosity ."j

---- ----- 1 ________________At a recent meeting of tlie^directors'’ of the^ Park Bank

of Baltimore, John M . Bellamy was elected a director to fill a vacancy. Mr. Bellamy is Manager of tho General Chemical Co. and Treasurer of tho Maryland Chemical Co., also Vice-President of the Rotary Club and is identified with several important business enterprises of this city. Mr. Bellamy is considered an excellent addition to tho board of directors.

Gus Reismeyer has been elected President of the International Bank of St. Louis to succeed George A. Meyer, who resigned to become Chairman of the Board, a new office created by tho members of the board. Mr. Reismeyer, who is a son-in-law of Mr. Meyer and only 34 years of age, was formerly a director of the Franklin Bank of St. Louis. The International Bank has a capital of $500,000 and surplus and profits oL$545,449.

The Secretary of State of>Wost Virginia recently granted a charter" to the Merchants & Mechanics Bank, .a new

Charleston institution which is expected to open for business about Juno 10. Tho now bank, which will do a day-and- night business, has been organized with a capital of $25,000 and a surplus of $6,250 in shares of $100 each. The selling price of the stock was $125. S. A. Lewis will be President, and Samuel E. Bowen and E. T. England, Vice-Presidents.

The directors of the Gorman Bank of Whooling, W. Va., on April 11 unanimously decidod to change tho name of the institution to tho Wheeling Bank & Trust Co. Tho present capital of tho German Bank is $80,000, with surplus and profits of $628,009. Tho stockholders aro to meet on May 3 to act on the quostion of changing tho namo, and other matters incident thereto.

Tho question of changing tho namo of the Title Guarantee & Deposit Co. of Charleston, S. C., to Tho Liberty Bank is to be decided at a meeting of tho stockholders on May 8. Tho Titlo Guarantee & Deposit Co. has a capital of $50,000 and surplus of $8,000. Tho officers of the company aro: T. S. Wilbur, President; W. C. Wilbur, Vice-President, and R. B. Gilchrist, Cashior.

The Citizons Bank & Trust Co., of Now Orleans, the oldest institution of its kind in the South, mado public announcement on April 7 of its admission to membership in tho Federal Reserve system. Tho Citizens Bank & Trust Co. was foundod in 1833 and has since played a proininotit part in the financial affairs of Louisiana. It has a capital of $400,000 and surplus of $100,000, undivided profits of $129,096, resources aggrogating $6,361,689, and doposits of $5,479,893.

A final payment of 1% will be mado on May 15 to the depositors of tho defunct California Safo Doposit & Trust Co. of San Francisco which closed its doors on Oct. 31 1907. Tho depositors (from 12,000 to 13,000 in number) will then have received 14 1-3% of their deposits. Tho trust creditors of the insolvent company (numbering about 600) are to receive a further dividend of from $35,000 to $40,000, which, when paid, will bring tho total amount returned to them up to 54 1-3% of their holdings of stock. E. De Los Magee, the Receiver of tho defunct company, in his report preparatory to the winding up of its affairs, says:

Of tho S9,250,000 total indebtedness less than $2,000,000 will bo realized from tho bank's assots and paid back. M oro would havo boon realized had it been posslblo for tho receiver to havo acted without the advlco and check o f the depositors, who wero mislod by schemes to reorganize tho bank. Had it been posslblo for him to havo sold 40,000 shares o f Western Pacific Railroad stock when $30 a sharo was offered, much moro money would have been realized. Later 27,000 o f these shares sold for $900. Inability to sell the lumber company, tho glass factory, coal mining property, power company, a brick company and pottery company stock soon after tho bank’s failure caused a heavy loss as tho properties either depreciated rapidly in valuo or closed down ontirely and wont into bankruptcy.

The Union Savings Bank of Redlands, Cal., organized in 1904, has decided to doublo its capital, raising it from $50,000 to $100,000. Tho bank has deposits of $962,346.

THE ENGLISH GOLD AND SILVER MARKETS.We reprint tho following from tho weekly circular of

Samuel Montagu & Co. of London, writton under date of Mar. 28 1918:

GOLD.Tho Bank o f England gold reserve against its noto issuo shows a very

slight decrease o f £18,080, as compared with last week's return. General Allenby has issued a proclamation prohibiting tho import of gold Into Egypt oxcopt under liconso.

SILVER.As wo anticipated in our last letter, tho tondency o f tho market has been

very firm, although a slight setback took place after 46d. (the highest price sinco Oct. 30 last) had been reached on tho 23d Inst. Tho Shanghai oxchango has not shown equal firmness, tho movements o f tho prico o f silver seeming to havo lost to somo oxtont their direct Influence upon It.

Tho Indian currency roturns given below show a further reduction in tho holding o f silver. Tho holding o f 1,075 lacs is lower than any recorded since Feb. 19 1906, when It consisted o f 1,060 lacs. A temporary lessening o f the holding, however, is far less material now that steps aro being taken to releaso a portion o f tho extremoly largo stock o f silver hold in the United States against curroncy. I f tho proposed step is carried out, the equivalent o f about 155,000,000 ounces o f fine sliver (200,000,000 U. S. A .) will bo at onco available for such purposes .as tho United States o f America may decido. Inasmuch as tho United States o f America has urgent need o f credits in India for tho purchase o f Indian products, and It has been decided to fix tho cost o f supplying rupees In India at 34yi cents per rupee, there is but littlo doubt that silver will bo supplied by the United State*} for Indian colnago as required in ordor to render this arrangement easily operative.

(In Lacs of Rupees.) Mar. 7. Mar. 15. Mar. 22.Notes in circulation___________________________ 10,304 10,259 10,073Reserve in silver coin and bullion................... 1,271 1,247 1,075Gold coin and bullion in India________________ 2,818 2,797 2,783Gold out o f India...................................................... 67 67 67


Apr. 27 1918.] THE CHRONICLE 1767The stock in Bombay on the 8th inst. consisted o f 1,300 bars. N o fresh

news has com e to hand. The stock In Shanghai on March 23 consisted o f about 29,975,000 ounces in syceo and 13,900,000 dollars, as compared with about 29,750.000 ounces in syceo and 13,800,000 dollars on the 18th inst. Cash quotations for bar silver per ounce standard:M ar, 22............... d .45 |Mar. 28 - .................... d .45.645

“ 23______________ 46 | Average - ............. .. .4 5 .6 4 5“ 2 5 . . ............. 46 |Bank rate________________________5%“ 26.......... ..................... ............ 45% |Bar gold, per ounce standard 77s. 9d“ 27....................... ..................... 45% IN o quotation fixed for forward delivery. The quotation to-day for

cash delivery Is 1 % d. above that fixed a week ago.

W e h a v e a l s o r e c e i v e d t h i s w e e k t h e c i r c u l a r w r i t t e n u n d e r

d a t e o f A p r i l 4 1 9 1 8 :

GOLD.The Bank o f England gold roservo against its note issue shows an in

crease o f £858,750 as compared with last week’s return. It is reported from New York that 8125,000 in gold havo been engaged for shipment to M exico, and that a sum o f 81,000,000 in currency has been engaged for_shipmont to Cuba. The description applied to the consignments, namely “ gold” in the one case and “ currency” in the other, is o ' signhicance.

C U R R E N C Y ."Bradstreet’s” reports that “ in default o f adequate silver ircuiation,

the Philippine National Bank has resorted to the issue o f paper, currency, in denominations o f as low as 25 cents, to the amount o f 8500,000.” It is stated that silver money will be no longer current in Italy after April 30 next.

SILVER.The market has remained steady, with a moderato amount o f business,

during' the three working days which have^olapsed sinco our last letter. After remaining at 45% d. sinco the 26th ult'.Ttho price fell to-day to45% d". The Shanghai exchange has not made any movoment o f importance. Tho sliver output o f tho United States o f America for 1917 is estimated officially to"be 74,244,500 fine ounces, a roductloh 'of 170,302 fine ounces compared with” the output o f the preceding year. No’ fresh Indian currency returnhas_beon cabled sinco that o f tho 22d_j.ilt.__Tho stock In Bom bay on the8th o f March consisted o f 1,300 bars. N o fresh nows has com e to hand. Tho stock in Shanghai on March 23 consisted o f about 29.975,000 ounces n syceo and 813,9')),000, as compared with about 29,750,000 ounces in flycoo and 813,800,000 on March 18. Statistics for tho month o f March are appended:Highest price for cash..... ................. ......................... .................................... 46d.” “Lowost price for cash..................................... ...................................... ........ 42 % d.Average price for cash-------- -------------------------------------------------------------43.619d.fS?Cash quotations for bar silver *poT~ounc ~standar''April 2 ............ d .4 5 % lA vcrago......... ........................d .4 5 .5 8 3April 3 ..................... 45% IBank ra te .............................................. .- .5 %April s ......................... -45% | Bar gold, per oz. standar d - -77s. 9d .|»?No quotation fixed for forward dollvery. _ _ __ _ _ '—'Tho quotation to-day for cash dollvery is % d. below that fixed a wook ago.

ENGLISH FINANCIAL MARKETS—PER CABLE. f&The daily closing quotations for securities, &c., at London, as reported by cable, havo been as follows tho past week: ®

London, t&\ A p r. 20 . A p r . 22. A p r . 23. A pr. 24. A p r . 25. A pr. 26.~ W eek ending A p r. 26. Sat. ■ M on,

Sllvor, per oz___ I .’..rT7!d778% 49Consols, 2% per cents_____ Holiday 55%British, 5 per cents.............. “ 94%British, 4% per cents.......... " 101French Rentes (in Paris) _.fr. ---------59French War Loan (in

Paris)...... ................. - - - f r .................88.55

Tu'cs. W ed. Thurs. Frl.49 i*49%"“ ■L 49%55% 55% 55%94% 94% 95

101 101 101%59 58.90 58.75

88.65 88.65 88.65

49%55%

101%

The price of silver in Now York on the same days has been:Silver in N. Y ., per oz__.cts. 97% 99% 99% 99% 99% 99%

(Commercial uudiBi6c^IIauc0xxj5 JJcwsN a t i o n a l B a n k s . — T h o f o l l o w i n g i n f o r m a t i o n r e g a r d i n g

n a t i o n a l b a n k s i s f r o m t h o o f f i c e o f t h e C o m p t r o l l e r o f t h e

C u r r e n c y . T r e a s u r y D e p a r t m e n t :

. ■ - " a p p l i c a t i o n s f o iT c h a r t e r .'----------a ~ ---------For organization o f national banks:~~(f : -

Tho First National Bank o f Eckley, Colo. Capital. . S25 000Tho Citizens National Bank o f Geraldine, M ont. C ap ita l.. I" 25]000 Tho First National Bank o f Linglo, W yo. C a p ita l. . 25 000Tho First National Bank o f Forgan, Okla. Capital.............. . 25 000

For conversion o f State Banks:Tho First National Bank o f Roland, Iowa. Capital____ 30 000

Conversion of tho Roland Savings Bank, Roland.Tho First National Bank o f Tuscumbia, Ala. Capital 50 000

Conversion o f tho Colbert County Bank, Tuscumbia ’Tho First National Bank o f Hartford, Ark. Capital 25 000

Conversion o f the Bank o f Hartford. _________T o ta l....................................................................................................8205.000

C H AR TE RS ISSUED.Original organizations-

Tho First National Bank o f Grand Prairlo, Tex. Capital______ 825,000Tho Stato National Bank o f Lynn, Mass. Capital______ _______ 200,000Tho First National Bank o f Hinckley, 111. Capital....... ........... 25,000

Succeeds tho Bank o f II. D . Wagner & C o. --------------T o ta l....... ...............- ................... - - - ..................................................8250.000

~ .................. . C H A R T E RS E X T E N D E D ' ------vacrara.- ■Tho First National B an k o f W ynnewood, Okla. Charter extended until

close o f business on April 24 1938.

“ " A u c t i o n S a l e s . — A m o n g o t h e r s e c u r i t i e s , t h e f o l l o w i n g

not usually dealt in at the Stock Exchange, w e r e r e c e n t l y s o l d

a t a u c t i o n i n N e w Y o r k , B o s t o n a n d P h i l a d e l p h i a :

____B y M e s s r s . A d r i a n H . M u l l e r & S o n s , N e w Y o r k :

Shares. Stocks, - k k •&•*<*»**-• Per cent. 25 Ancona Co., pref., Mass. Corp. 55

1 Manhat. Real Est. Assn.,N. Y. Corp............................ 56

5 Merchants' U. E. Assn., N. Y.Corp_................................... 2

1 Louisville Property Co., Ky.Corp...................................... 21%

$00 Champion Button Hole Machine Co.. $10 each........ $44 lot

30 U. S. Lumber & Cotton C o ..$15 lot

Shares. Stocks. Per cent.14 Nat. Liberty Insur. Co. of

America, $50 each............... .0072,100 Wright Martin Aircraft Corp.

common ............... $8% persli..Bonds. per cent.$7,000 Danbury & Bethel St. RR.

1st ref. 5s, 1943........... 391,300 Pennsyl. Utilities Co. 6%

notes, 1926........................ 35

By Messrs. R. L. Day & Co., Boston:Shares. Slocks. $ per sh.1 First Nat. Bank, Boston______401%2 Nat. Shawmut Bank.................. 1901 Old Colony Trust C o ................. 241%1 Lyman Mills__________________138

25 Lawrence Duck________________9425 Pacific Mills, ex-dlv___________ 14011 Great Falls Mfg__________ 184-186%2 Newmarket Mfg_______________i l l

54 Arlington Mills___________ 126-126%25 Saco-Lowell Shops, com., ex-

dlv ................... 140%10 Draper Corporation............. 110%

Shares. Stocks. $ per sh.4 Nantasket Beach Steamboat__ 114%1 Merrimack Chemical, $50 par.. 88% 6 Sullivan Machinery, old stock..133

10 Hood Rubber, pref_____________ 98%5-10 Sullivan Machinery.......... ........13%

5 Rivett Lathe & Grinder...............36%Bonds. Per cent.$3,000 State of Mass., Met. Park

loan 4s, 1923___________ 982,000 State of Mass., Sewer Loan

4s, 1923________ 97%Mr. Messrs. Millett, Roe & Hagen, Boston:

Shares. Stocks. $ per sh.2 Old Colony Trust.........................245

10 Merrimack Mfg., pref_________ 14010 Boston Belting Corp., pref., $50

each____ _______________40-40%5 Salmon Falls Mfg., com_________ 68

Bonds. Per cent.$2,000 New Bedford, City, tax-ex.

4s, 1934______ 93%$1,000 New Bedford, City, tax-ex.

4s, 1935.................................. 93%$1,000 Fall River, City, tax-exempt

4s, 1933________________________ 93%$10,000 St. Louis, Mo., City, 3.65s,

1927__________________________ 92By Messrs. Barnes & Lofland, Philadelphia:

Shares. Stocks. % p ersh .125 Pitts .-Ohio Coal, $1 each......... 50c.115 Tri-Prong Hair Pin, pref., $10

each................. $50 lot115 Tri-Prong Hair Pin, com., $10

each........ ............................. $25 lot10 Colonial Trust, $50 each______ 100%34 Grand Hotel (Ltd.), Yokohama

100 yen each_______________ 403% Charter NaW Bank, Media.. 90

100 Derr-Haney Co., pref__________ S90 lot47 Farmers & Mech. Nat. Bank.. 160%

5 Commonwealth Casualty, $10each_________ 16

10 United G as* Elec., 1st p re f... 4025 Kolb Bakery, pref______ ______7025 Broad Street B a n k . ________60

7 North Phila. Trust rights_____ 1

Bonds. Percent.$1,000 Phila. & Garretsford St. Ry.

1st 5s, 1955_________________90$5,000 Maryland Steel 5s, 1922... 9481.000 Springfield Water 5s, 1926. 80 $1,000 Clev. & Erie Ry. 1st 5s. 1929 21% $1,000 Clev. & Erie Ry. inc. 5s,

1929_____________________ $10 lot$1,000 Wilkes-B. & Hazleton RR.

1st & coll, trust 5s, 1951________50$2,000 Montgomery Transit 1st ref.

5s, 1946...... ................ .........-S375 lot.$1,000 Wilkes-B. & Scranton RR.

1st 4%s, 1938_______________ 88$1,000 Luzerne Co. Gas & Elec. 1st

ref. & Impt. 5s, 1948_______ 8555.000 Syracuse Light & Pow. coll,

trust 5s, 1954.. . _ __________ 68$1,000 Great Wsetern Pow. 1st 5s,

1946_________________ 75

C a n a d i a n B a n k C l e a r i n g s . — The clearings for the week ending April 18 at Canadian cities, in comparison with the same week in 1917, show a decrease in the aggregate of 17.3%.

Clearings at—W eek ending A p ril 18.

1918. 1917.Inc. or Dec. 1916. 1915.

Canada— $ $ % $ $Montreal...... ............. ..... 89,295.123 102,897,713 — 13.3 73,141,702 49,550,538Toronto........................... 66,580,728 85,120,986 — 21.8 47,730,976 35,301,101Winnipeg 47,947,794 71,518,849 — 32.9 27,787,733 35,722,195Vancouver.............. ....... 9,972,358 8.748,581 + 14.0 5,678,681 4 [8851770Ottawa.............. ............. 6,339,462 6,542,517 — 3.1 5,038,511 5,573,575Quebec ......................... 4,330,335 4,564,711 — 5.1 3,552,467 2,609,568Halifax...... ..................... 4,903,512 3,286,651 +49.2 2,131,607 1,972,049Hamilton_____________ 5,501,924 6,803,935 — 19.1 3,220,190 2,632,630St. John______________ 2,075,157 3,082,509 —32.7 1,721,559 1,539,928London_______________ 2,481,765 2,970,385 — 16.5 1,964,761 1,673,263Calgary_________ _ . . 7,013,980 7,897,954 — 11.2 3,823,543 3,109,119Victoria. ............ ........... 1,890,320 1,919,762 — 1.5 1,441,343 1,541,936Edmonton................ . 3,517,745 2,923,866 +20.3 2,010,998 2,094,069Regina________________ 3,362,658 3,217,535 +4.2 1,735,741 1,324,493Brandon.......................... 625,912 586,101 +6.7 517,785 544,374Lethbridge____________ 1,000,000 1,014,388 — 1.4 464,216 343,908Saskatoon_____________ 1,697,521 2,073,721 — 18.1 1,135,635 798,350Brantford_____________ 999,457 975,535 + 2.5 680,606 532,922Moose Jaw____________ 1,261,124 1,260,625 +0.04 941,976 781,652Fort William__________ 555,652 589,603 — 5.8 444,513 495,960New Westminster.......... 393,669 421,940 — 6.6 285,324 283,245Medicine H at................. 584,219 754,173 —22.5 344,010 240,683Peterborough............ . 765,765 778,919 — 1.7 588,009 370,140Sherbrooke____________ 925,134 754,515 +22.7 551,517Kitchener___ 693,452 718,200 —3.5 617,292

Total Canada.............. 264,714,766 321,423,674 — 17.3 187,550,695 152,921,468

D I V I D E N D S .

The following shows all the dividends announced for the future by large or important corporations.

Dividends announced this week are printed in italics.

Name of Company.PerCent.

WhenPayable.

Railroads (Steam).Atch. Topeka & Santa Fe, com. (quar.). 1% Juno 1Atlantic Coast Line RR., p re f .. ........... 2 % May 10Central RIt. of N. J. (quar.).......... ....... 2 May 1Cleveland & Pittsburgh, reg. guar. (qu.).. *87%c June 1

Special guaranteed (quar.)........................... ♦50c June 1Cripple Creek Central, common (quar.)___ *1% June 1

Preferred (quar.).._____________________ ♦1 June 1Elmira & Williamsport, common............ 2.26 May 1Georgia Sou. <& Florida, 1st & 2d pref.. . 2 % May 7Great Northern (quar.)______ _______ 1% May 1Illinois Central (quar.) (No. 130).......... 1% June 1Nashua & Lowell______________ _____ _ 4% May 1New York Central RR. (quar.).......... . 1% May 1Norfolk & Western, common (quar.)_____ *1% June 19Norfolk & Western, adj. pref. (quar.)-.. . 1 May 18Northern Pacific (quar.).......... ............. . 1% May 1Pennsylvania (quar.)____________ _______ ♦75c. May 31Pere Marquette Ry. prior pref. (quar.). 1% May 1Pittsburgh & West Virginia, pref. (qu.). 1% June 1Reading Company, common (quar.l. . . $1 May 9Reading Company, 1st pref. (quar.)___ 50c. June 13Southern Railway, preferred.......... ....... 2 % April 30Wabash Ry., preferred A (quar.)_____ 1 April 30

Street & Electric Railways.Bangor Ry. & Elec., com. (qu.) (No. 17) % May 1Bristol & PlalnHlle Tramway (quar.)____ 2 May 1Cape Breton E!ec.Co.,Ltd.,com.(No.l7) 1% May 1

Preferred (No. 24)_________________ 3 May 1Carolina Power & Light, com. (quar.).. % May 1Cities Service, com. & pref. (monthly).. % May 1

Common (payable In common stock). /% May 1Cities Service, com. & pref. (monthly).. % June 1

Common (payable In common stock). % June 1Commonwealth P., Ry. <fc Lt., pref.(qu.) •1%0 May 1Detroit United Ry. (quar.) (No. 56)____ 2 June 1Duquesne Light, pref. (quar.) (No. 13). 1% May 1Grand Rapids Ry., pref. (quar.) (No. 70). 1% May 1Havana Elec. Ry., L .& P ., com. <fc pref. 3 May 15Helena Light & Ry.,prcf. (quar.)_____ 1 % May 1Milwaukee Elec. Ry. & L., pref. (qu.). 1 % April 30

Books Closed. Days inclusive.

Holders May 1 Holders

♦Holders ♦Holders ♦Holders ♦Holders Holders Holders Holders Holders Holders Holders

♦Holders Holders Holders

♦Holders Holders Holders Holders Holders Holders Holders

Holders Holders Holders Holders Holders Holders Holders Holders Holders

♦Holders Holders Holders Holders April 26 Holders Holders

of rec. to

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. 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.

toof rec. of rec.

May 3oMay 10 Apr. 27a May 10 May 10 May 15 May 15 Apr. 20a April 27a April 5a May 3a Apr. 15a April 13a May 31a April 30a April 12a May la April 15a May 15a April 18a May 28a April 2a April 10a

April 20a April 24a April 20a April 20a April 15 April 15a April 15a May 15a May 15a April 12 May 16 April 1 Apr. 20 May 16 Apr. 18a April 20a


1768 THE CHRONICLE [Vol. ioe

Name of Company.Per When Cent. Payable.

Books Closed. Days Inclusive.

Street & Electric Uys. (Concluded).Montreal Tramways (quar.)..................Philadelphia Co., 0% cum. pref. (qu.)_ Public Scrvlco Invest., pi. (qu.) (No. 36) Rio do Janeiro Train., L. & P. (quar.)..Sao Paulo Tram. L. & P. (quar.)______Texas Electric Ity., 2d prel. (quar.)___Union Street Iiy. (New Bedford) (quar.)..West Penn. Power, prelerred (quar.)__York Railways, prelerred (quar.)..........

2 K $1 50

l'A I K2 Am2I K

62Kc.

May 1 May 1 May 1 May 1 May 1 May 1 May 1 May 1 April 30

Holders ot reo. Apr. 18 Holders ol reo. April la Holders ot rec. April 15a Holders ol rec. April 15a Holders ol rec. April 15a April 1 to April 30 Holders ol rec. Apr. 18a Holders ol reo. April 20a Holders ol rec. April 20a

Ilanks.American Exchange National____

Extra........ __________________Bowery (quar.)............................

Extra________________ _____ -Chemical National (bi-monthly)..City, National................................City, National (Brooklyn) (quar.)

- Commonwealth______________ ___Corn Exchange (quar.)________Lincoln National (quar.)________Pacific (quar.)_______________ _Westchester Avenue (quar.)______

51332 K

SI .75

4- 2 KSI2

May 1 May 1 May 1 May 1 May 1 May 1 Apr. 15 May 1 May 1 May 1 May 1 May 1

Holders ol rec. Apr. 25 Holders ol rec. Apr. 25 April 27 to April 30 April 27 to April 30

Apr. 26 to Apr. 30 Apr. 26 to Apr. 30 Holders of rec. Apr. 4a Holders ot rec. Apr. 20 Holders ol rec. April 30a Holders ol rec. Apr. 25a Apr. 20 to Apr. 30 Holders ol rec. Apr. 29a

Trust Companies. Farmers Loan A Trust (quar.). Hamilton (Brooklyn) (quar.).. Kings County (Brooklyn) (quar.) Lincoln (quar.)______________

4 K361

MayMayMayMay

1 Holders ot rec. April 20a 1 Holders ot rec. April 26a 1 Apr. 26 to Apt. 30 1 Holders ot rec. Apr. 25a

Miscellaneous.American Bank Note, common (quar.).Amcr. Beet Sugar, common (quar.)___American Brass (quar.)..........................

Extra_____________________________American Caramel, preferred (quar.)___American Cigar, common (quar.)_____American Cyanamld, prel. (No. 10)___Amer. Dlst. Teleg. ot N. J. (quar.)__Amer. Gas & El., pref. (quar.) (No. 45).Amerlcan Glue, com m on.......... ...........

Common (extra, pay.In Llb.L’n bds.).Amer. Light A Trac., com. (quar.).........

Common (payable In common stock).Preferred (quar.).............. ......... .........

Amer. Malting, 1st A 2d pref. (quar.).. American Shipbuilding, common (qu .)..

Common (extra)___________________Preferred (quar.)__________________

American Soda Fountain (quar.)_______Amer. Sumatra Tobacco, com. (qu.)__

Preferred__________________________American Utilities, pref. (quar.)______Amer. Water W orks* Elec., lstpf.(qu.) Amer. Zinc, Lead & Smelt., pref. (qu .)..Anaconda Copper Mining (quar.)______Arizona Commercial Mining (quar.)__Atlantic Steel, preferred_______________Atlas Powder, prel. (quar.)___________Barnhart Bros. & Splndler, 1st & 2d pref.

(quar.)___________ _________ _______Bellows Falls Power, preferred________Bergner A Engel Brewing, pref_________Brill (J. G.) Co., prel. (quar.)........ .......British Columbia Packers’ Association..British Columbia Fishing & Packing___Brompton Pulp A Paper, com. (quar.)__Brown Shoe, pref. (quar.)_____________Burns Bros., com. (qu.) (No. 19)______

Common (extra) (payable In cash)__Preferred (quar.) (No. 21)..................

Butler Brothers (quar.).................. .........Canada Cement, Ltd., pf.(qu.) (No.33) Canada Foundries & Forg., com. (qu.)-

Prefcrred (quar.)__________________Canadian Converters’ , Ltd. (quar.)___Carbon Steel 2d pref. (annual)________Carwen Steel Tool____________________Central Leather, common (quar.)______Central Sugar Corp., prel. (quar.)____Chevrolet Motor (quar.)______________Chic. Wil. & Frank. Coal, com. (qu .)..

Preferred (quar.) (No. 9 ) ............. .Clevo. Elec. Ilium, pref. (quar.)_____Cllnchfield Coal Corporation, com. (quar.)

Preferred (quar.).... ............... ...............Cluett. Peabody & Co., Inc., com. (qu.)Columbia Gas <fc Electric (quar.)________Commonwealth Edison (quar.)________Consolidated Gas (quar.)_______________Consolidation Coal (quar.)____________Continental Refining, com. (monthly)___Cosden & Co., com. (pay. In com. stk.).Dominion Bridge, Ltd. (quar.)__________Dominion Glass, common (No. 1)_______Dominion Steel Corp., pref. (quar.)___du Pont (E. I.) de Nemours Powder—

Common (quar.)................................Preferred (quar.)__________________

Eastman Kodak, common (quar.)______Common (extra)....................................Prelerred (quar.)..................................

Edison El. 111., Boston (qu.) (No. 116)-Edlson Elec. III. of Brockton (quar.)____Elsenlohr (Otto) & Bros.,Inc.,com.(qu.) Elec. Bond & Share, pref. (qu.) (No.52)Electrical Sccur. Corp., pref. (quar.)__Elgin National Watch (quar.)_________Elk Basin Petroleum (quar.)..............Eureka Pipe Line (quar.)........................Fajardo Sugar (quar.)..............................Fall River Gas Works (quar.) (No. 94)__Federal Sugar Refining, pref. (quar.)__Fisher Body Corporation, pref. (quar.). Ft. Worth P. & L., pf. (qu.) (No. 27)..Freeport Texas Co. (quar.)................ .Gair (Robl.) Co., pref. (quar ) __________Gaston, Williams & Wlgmore, Inc.(qu.)General Chemical, common (quar.)___General Cigar, Inc., common (quar.)..General Cigar, Inc., pref. (quar.)...........General Motors Corp., common (quar.).

Preferred (quar.).................. ..............Gillette Safety Razor (quar.)__________

Extra.............................. ................... ..Goodrich (B. F.) Co., common (quar.). . Goodrich (B. F.) Co., common (quar.). Granby Cons. Min., Sm. & Pow.(qu.)..Grant Motor Car Corp., pref. (quar.)___Great Northern Paper________________Greene Cananea Copper (quar.)_________Gulf States Steel, com. (in com. stock)___Holly Sugar Corporation, pref. (quar.).. Houghton Co. El. Light, com. (No. 26).

Preferred (No. 31)______________ _Idaho Pc - er, pref. (quar.) (No. 6 )..........Illinois Northern Utilities, pref. (quar.). Illuminatlng <6 Power Sec., pref. (quar.).Indiana Pipe Line (quar.)........................

Extra_____________________________Ingersoll-Rand, common_______________

75c. May 15*2 April 30*1K May 15*3K May 15*81 May 10IK May 13 May 11 April 2975c. May 15 May 1{5 May 12K May 1

/2 K May 1IK May 1IK May 1IK May 12K May 1IK May 1IK May 152 May 13K Sept. 21 May 10IK May 15

31.50 May 1$2 May 27

50c. April 303K May iIK May i

Holders of rec. May la Holders of rec. April 13a

♦Holders of rec. April 30 ♦Holders of rec. April 30 ♦Holders of rec. Apr. 30 Holders of rec. April 15a

April 21 to May 1 Holders of rec. April 15a Holders of rec. April IS April 14 to May 2 April 14 to May 2 April 12 to April 25 April 12 to April 25 April 12 to April 25 Holders of rec. April 16a Holders of rec. April 15a Holders of rec. Apirl 15a Holders of rec. April 15a Holders of rec. May 1 Holders of rec. April 22a Holders of rec. Aug. 15a Holders of rec. Apr. 30a Holders of rec. May 10 Holders of rec. Apr. 29a April 21 to May 15 Holders of rec. April 20a Apr. 21 to May 2 April 21 to April 30

IK May 1 Holders of rec. April 26a*2K May 15 ♦Holders of rec. April 30*4 May 1 ♦April 26 to May 1

1 May 1 April 24 to Avril 305 May 21 May 10 to May 202K May 21 May 10 to May 20IK May 7 Holders of rec. Apr. 30IK May 1 Holders of rec. April 20aIK May 15 Holders of rec. May la1 May 15 Holders of rec. May laIK May 1 Holders of rec. April 20a2K May 1 Apr. 24 to May 1IK May 16 Holders of rec. April 303 May 15 Holders of rec. Apr. 30IK May 15 Holders of rec. Apr. 301 May 15 Holders of rec. Apr. 306 July 30 Holders of rec. July 26a

50c. June 10 June 2 to June 9IK May 1 Holders of rec. April 10aIK May 1 Holders of rec. April 15a3 May 1 Holders of rec. April 155 May 1 Holders of rec. April 15aIK May 1 Holders of rec. April 15aIK rMay 1 Holders of rec. April 25aIK May 1 Holders of rec. Apr. 26aIK May 1 Holders of rec. Apr. 26aIK May 1 Holders of rec. April 20a1 May 15 Holders of rec. Apr. 302 May 1 Holders of rec. April 15a

*1K June 15 ♦Holders of rec. May 9IK April 30 Holders of rec. April 25a10c. May 10 Holders of rce. Apr. 30a

/25c. May 1 April 11 to April 302

*1May 15 Holders of rec. April 30a

IK May i April 16 to May 1

*1K May 1 ♦Holders of rec. April 25♦IK May 1 ♦Holders of rec. April 252K July 1 Holders of rec. May 31a7K Juno 1 Holders of rec. April 30aIK July ] Holders of rec. May 31a3 May 1 Holders of rec. April 152 May 1 Holders of rec. April 25a1 May 15 Holders of rec. May laIK May 1 Hohlers of rec. April 17IK May ] Holders of rec. April 22a2 May 1 Holders of rec. April 24a

12 Kc May 1 Holders of rec. April 15SO May 1 Holders of rec. April 152K May 1 Holders of rec. April 203 May 1 Holders of rec. April 23aIK May 1 Holders of rec. April 19aIK May 1 Holders of rec. April 20aIK May 1 Holders of rec. April 20

S1.5C May 15 Holders of rec. May 10IK May 1 April 24 to April 30

81 May 15 Holders of rec. tfMay la2 June 1 ♦Holders of rec. May 221 May 1 Holders of rec. April 24IK June 1 Holders of rec. May 24a3 May 1 Holders of rec. April 15aIK May 1 Holders of rec. April 15a

SI 75 June 1 Holders of rec. May l$1 June 1 Holders of rec. May 251 May 15 Holders of rec. May 3a1 Aug. 15 Holders of rec. Aug. 2a2K May 1 Holders of rec. April 19aI K May 1 April 21 to April 30I K May 1 Holders of rec. April 25a2 May 27 Holders of rec. May 10a

/25 June 3 Holders of rec. May 15aI K May 1 Holders of rec. April 15

62 Kc May 1 Holders of rec. April 22a75c May 1 Holders of rec. April 22a

I K May 1 Holders of rec. April 22I K May 1 (/April 21 to May 1IK May 15 Holders of rec. April 30$2 May 15 Holders of rec. April 21SI May 15 Holders of rec. April 245 April 30 Holders of rec. Anri' 25a

Name of Company.

Miscellaneous (Concluded). Inspiration Consolidated Copper (qu .).. Int. Merc. Marine (acct, accr'd d ivs.)..Internatlonal Nickel, pref. (quar.)_____Isle Royale Copper Co. (quar.)________Kayscr(Juilus)* Co., 1st * 2d pf.,(qu.). Kellogg Switchboard & Supply (quar.)..Kelly-Sprlngfleld Tire, com. (quar.)___Kelsey Wheel, preferred (quar.) (No. 7) Kerr Lake Mines, Ltd. (quar.)(No. 3 )..Keystono Telephone, preferred________Keystone Watchcase (quar.)..................Lehigh Coal A Navigation (quar.)_______Lindsay Light, common (quar.).............

Common (extra).......... ........................Preferred (quar.)..................................

Loft, Incorporated (quar.)................ —Lowell Electric Light (quar.) (No. 88)___Manhattan Elec. Supply, com. (sp’l ) . . Marconl Wireless Tel. of Amer.(No. 2). Massachusetts Gas Cos., common (qu.).Miami Copper Co. (quar.) (No. 23)___Midvale Steel & Ord. (quar.) (No. 6) . .Midwest Refining (quar.) (No. 14)____Mobile Electric, pref. (quar.)___________Municipal Service, pref. (quar.)________Nash Motors, pref. (quar.)____________National Biscuit, com. (quar.)(No. 80).

Preferred (quar.) (No. 81)____ _____National Breweries, Ltd., preferred___National Carbon, Inc., common (quar.)

Preferred (quar.)..................................National Grocer, common (quar.)..........

Preferred____ _________ ______National Lead, pref. (quar.)..................National Refining, common (quar.)___Nevada-Californla El. Corp., pref. (qu.)New Central Coal_____________________New England Company, 1st preferred..New Jersey Zinc (quar.)..........................North Butte Mining (quar.) (No. 46)__Ohio Cities Gas, com. (quar.)....................Osceola Consolidated Mining (quar.)__Pacific Coast Co., common (quar.)____

First preferred (quar.)................ .........Second preferred (quar.)......................

Pacific Development Corp. (quar.)___Pacific Mall SS., preferred (quar.)........Pacific Power & Lt., pref. (qu.) (No. 31)Penmans, Ltd., common (quar.)............

Common (extra)___________________Preferred (quar.)........................ .........

Penn Seaboard Steel Corp. (quar.)_______Pennsylvania Coal A Coke (quar.)_____

Extra ________ _____________________Plcrcc-Arrow Motor Car, common (qu.) Pittsburgh Brew., pf. (acct.accum.dlvs.)Pittsburgh Oil * Gas (quar.)....................Plant (Thos. G.) Co., pf. (qu.) (No. 67) Portland Gas & Coke, pref.(qu.)(No. 33)Prairie OH & Gas (quar.)..........................

Extra________________ ____________Prairie Pipe Line (quar.)______________

Extra_____________________________Pressed Steel Car, com. (quar.) (No. 13)..

Preferred (quar.) (No. 77)....................Procter & Gamble, common (quar.)___Public Serv. Corp. of Nor.111.,com.(qu.)

Preferred (quar.).................... .............Pullman Company (quar.) (No. 205)___Pyrene Mfg., common (quar.) (No. 22)-Quaker Oats, preferred (quar.)..............Republic Iron & Steel, com.(qu.)(No.6). River Side Eastern Oil, common (quar.)..

Preferred (quar.)............ ....................River Side Western Oil, com. (quar.)____

Preferred (quar.)...................... .............Russell Motor Car, pref. (quar.)..........St. Lawrence Flour Mills, com. (quar.).

Common (bonus)__________________Preferred (quar.)...... ...........................

Sapulpa Refining (quar.)........................Scars, Roebuck & Co., com. (quar.)___Shattuck Arizona Copper Co___________

Extra................ ........... ........... .............Sierra Pacific Elec. Co., pf. (qu.)(No. 35)Sloss-Shcffield Steel A I., com. (qu.)___Smith (A. O ) Corp., pref. (qu.) (No. 6 ) .. Southern Calif. Edison Co., com. (quar.).Standard Milling, common (quar.)______

Common (payable in common stock)__Preferred (quar.) (No. 34)___________

Standard Motor Construction (quar.)..Standard Oil (Indiana) (quar.)................

Extra.................. ....... ........... ...............Standard Oil of N. Y. (quar.)..................Steel Co. of Canada, common (quar.)...

Preferred (quar.)..................*............Stewart-Warner Speedometer (quar.)........Superior Steel, common (quar.)..............

First and second preferred (quar.)___Swan A Finch (quar.)________________Taylor-Wharton Iron A Steel, pref. (qu.Tennessee Copper A Chemical............ .Texas Power A Lt., pref. (qu.) (No. 24)Trenton Potteries, cum. pref. (quar.)........United Cigar Stores, com.(qu.)(No. 22).United Drug. 1st pref. (qu.) (No. 9 )___

Second preferred__________________United Electric Securities, pref..............United Profit-Sharing..............................

Extra.....................................................United Verde Exten. Min. (qu.) (No. 8).

Extra_____________________________United Wire A Supply, com. (quar.)___

Senior preferred (quar.)_____________Preferred (quar.)___________________

U. S. Rubber, 1st pref. (quar.)..............U. S. Steamship (bi-monthly)............ ..

Extra............ .........................................Vacuum OH................ ..............................

Extra.......... ............... ................... .....Vlrglnla-Caro. Chem., com.(qu.)(No.42)Warwick Iron A Steel.......... ................... .Wayland Oil A Gas, common (quar.)___

Preferred (quar.)___________________Western Grocer, common_____________

Preferred.................. .............................Westlnghouso Elec. A Mfg., com. (qu.)_Woyman-Bruton Co., common_______Wheeling Mould. A Fdy., com. (extra).. Wlllys-Ovcrland Co., common (quar.).. Woods Manufacturing, common (quar.).. Woolworth (F. W .). com. (qu.)(No. 24) Yale A Towne Mfg., special (No. 95)___

PerCent.

WhenPayable.

Books Closed. Days Inclusive.

S2h5

IK*50c.I K2SII K

25c.

April 29 Holders of rec. April 12a May 3 Holders of reo. April 20a May 1 Holders of rec. April 10a April 30 ♦Holders of rec. April 12May 1 Holders of reo. April 19aApril 30 Holders of reo. April 25aMay May 1 Juno 15

S I.50 May 1 I K May 1

♦SI 5 5IK I K2K 1

25c.I K SI

$1.50 St

♦I K I K I K I K I K 3 K

SI 2 23I K

*4 I K40c.2 K425c.

51.25 $2 1I K1I K I K I K I K 1I KSI75c.75c.

51.25 25c.2I K I K

5I KI K5IKIK225cI KI K

*3Kc*8Kc*7Kc♦8KIKI K1I K30c.

May May 31 May 31 May 31 May 31 May May May Aug.May May 15 May May May 15 May May July 15 May 31 May 1 May 1 May 1 June 30 June 30 Juno 15 May 15 April 30 May

May 15 May 10 April 29 Juno 1 April 30 May 1 May 1 May 1 May 15 June 1 May 1 May 15 May 15 May 1 May 1 May 10 May 10 May 1 April 30 May 15 April 30 May 1 April 30 April 30 April 30 April 30 Juno 5 May 28 May 15 May 1 May 1 May 15 May 1 May 31 May 1 May 2.r May 6 May 25 May 6 ♦ May May May May May May 15

Holders of rec. April 15a Holders of rec. April 20a Holders of rec. Juno la Holders of rec. April 20a Holders of rec. April 18a

♦Holders of rec. April 30 Holders of reo. May la Holders of reo. May la Holders of rec. May la April 14 to May 2Holders of rec. April 25a Holders of rec. April 20a

July 16 to Aug. 1 Holders of reo. April 15 Holders of rec. May la Holders of rec. April 15a Holders of reo. April 15a

♦Holders of reo. April 30 April 26 to May 2Holders of rec. April 20 Holders of rec. Juno 29a Holders of rec. May 18a Holders of rec. April 15a Holders of rec. April 20a Holders of rec. April 20a June 20 to June 30June 20 to June 30Holders of rec. May 24a

♦Holders of rec. May la Holders of rec. Mar. 30a

1 April 27 to May 1Holders of reo. May la Holders of reo. April 30a Holders of rec. April 12a

♦Holders of rec. May 17 Holders of rec. Mar. 30a Holders of rec. April 24a Holders of rec. April 24a Holders of rec. April 24a Holders of reo. April 15 Holders of rec. May 17a Holders of rec. April 22 Holders of rec. May 6. Holders of rec. May 6 Holders of rec. April 22 Holders of rec. April 27a Holders of rec. May 6 Holders of rec. May 6 Holders of rec. April 15 April 21 to April 30a May 1 to May l Holders of rec. April 17 It olders of rec. April 22

'Holders of rec. Mar. 30 ♦Holders of rec. Mar. 30 Holders of rec. Mar. 30a Holders of rec. Mar. 30a Holders of rec. May 15 Holders of rec. May 7 Holders of rec. April 25a April 16 to May 1 April 16 to May 1 Holders of rec. April 30 April 23 to April 30 Holders of rec. May la Holders of rec, April 23a

♦Holders of rec. April 30 ♦Holders of rec. April 30 'Holders of rec. April 30 Holders of reo. April 30 Holders of rec. April 15 Holders of rec. April 15 Holders of rec. April 15 Holders of rec. April 15 Apr. 20 to May 1 Holders of rec. Apr. 30a

25c. July 20 ‘ Holders of rec. Juno 29 J.1.1 ~ * T,. n» on*25c

IKI KI K

July 20 May May 10 May 15 May 15 May 31 May 31 May 31 May 1 May 31 May 31 June 15 May 1 May 1 May L5 May 1 May 15 May 1 May 1 May 15 May 1 April 25 May 15

87Kc. May 1IK Juno 13K May 11 Kc. Juno 11 Kc. June 150c. May 125c. May 11 May 1IK May 1IK May 12 April 3010c. May l5c. May l

3 May 152 May 15

K May 130c May 1510c. June 1115c. May 11

4 June 303 Juno 30

87 Kc. April 30/20 Oct. 1

3 May I25c. May lIK Juno l2 Juno 15 May 1

Holders of rec. June 29 Holders of rec. April 24a Holders of rec. April 30a Holders of rec. May 1 Holders of rec. April 30a Holders of reo. May 21 Holders of rec. May 21 Holders of rec. May 21 Holders of rec. Mar. 4 May 7 to May 31 May 7 to May 31 May 21 to May 30 Holders of rec. April 10 Holders of reo. April 10 May 1 to May 5 Holders of rec. April 15a Holders of reo. May la Holders of roc. April la Apr. 25 to Apr. 30 Holders of rec. April 30 Holders of rec. April 20

Holders of rec. April 19a Holders of rec. April 26a Holders of reo. April 15a Holders of rec. May 15a Holders of rec. April Ua Holders of reo. May 10a Holders of rec. May 10a Holders of reo. April 5a Holders of rec. April 5a Holders of rec. April 23 Holders of rec April 23 Holders of rec. April 23 Holders of rec. April 15 Holders of rec. April 10 Holders of rec. April 10 Holders of rec. May 1 Holders of rec. May l Holders of reo. April 15a May 1 to May 15 Holders of rec. Juno l Holders of reo. May 1 Juno 20 to June 30 Juno 20 to Juno 30 Holders of ree. April 4a Holders of rec. Sept, lfia Mar. 21 to April 1 April 16 to May 14 Holders of rec. May 29 May 2 to May 15 Holders of rec. April 26

* From unofficial sources, a Transfer books not closed for this dividend, b I.erg British Income tax. d Correction, e Payable In stock. / Payable In common stock, g Payable In scrip, h On account of accumulated dividends. I Payable In Liberty I.oan 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.



Member Banks of the Federal Reserve System .— 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 Apr. 20. Because of the large number of banks for which returns aro furnished the statement is not issued until a week later than that for the Federal Reserve banks of the same date. Definitions of the different items contained in the statement were given in the weekly statement issued under dato of Dec. 14 1917 and which was published in the “ Chronicle” of Dec. 29 1917, page 2523.S T A T E M E N T S H O W IN G P R IN C IP A L R E S O U R C E A N D L I A B I L I T Y IT E M S O F M E M B E R B A N K S L O C A T E D IN C E N T R A L R E S E R V E .

R E S E R V E A N D O T H E R S E L E C T E D C IT IE S A S A T C L O S E O F B U S IN E S S A P R IL 12 1918.A ccord in g to reports from 683 m em ber ban ks. Indicating con d ition s a t close o f business on April 12. investm ents In certificates o f indebtedness

increased b y over 324 m illions, w hile other loans and investm ents show a gain for the w eek o f 64.2 m illions. A b ou t 200 m illions o f certificates w ere add ed to the hold ings o f the Central R eserve c ity ban ks, 177.9 m illions to those o f the N ew Y o rk C ity banks and 110.3 m illions to those o f tho banks in other reserve cities . O ther G overn m en t securities, includ ing L iberty bond s on han d, show n o m aterial changes.

L oans secured b y U . S. bon d s and certificates show a tota l increase o f 12.8 m illions. R eserves w ith Federal R eserve ban ks o f all reportin g banks decreased 21.7 m illions; total excess reserves d ropp in g from 79.7 m illions to 53 m illions, tota l cash in vau lt Increased 4 .4 m illions. A ggregate net dem and deposits increased 49 .3 m illions, tim e deposits 13.7 m illions an d G overn m en t deposits 273 .2 m illions.

In the C entral R eserve cities corresponding changes were: Loans secured b y U . S. b o n d s and certificates increased 4 .4 m illion s, all o th er loans and investm ents 32.7 m illions. R eserves w ith Federal R eserve banks decreased 13.8 m illions, excess reserves w ent dow n from 42 .2 m illions to 26.9 m illions, while cash in vau lt gained 1.5 m illions. N et dem and deposits increased 12.6 m illion s, tim e deposits decreased 2 .7 m illions an d G overn m en t deposits increased 168.6 m illions.

T h o ra tio o f investm ents to aggregate deposits o f all reporting banks increased from 108 t o 1 0 8 .3 % . F or the N ew Y o rk C ity ban ks, ow ing to their rela tively heavier investm ents in certificates, this ratio show s a rise o f ov er 1 % , from 103 t o 1 0 4 .1 % . Inversely , the ratio o f com bin ed v a u lt cash and reserve to deposits o f all reporting banks declined from 13.9 to 1 3 .3 % , w hile fo r the N ew Y o rk C ity banks this ratio show s a decrease from 15.1 to 1 4 .3 % .

1. Data for all reporting banks In each district. Two ciphers (00) omitted.

Member Banks. Boston. New York. Phlla. Cleveland. Richmond Atlanta. Chicago. St. Louis. Mlnneap. Kan.Clty. Dallas. San Fran. Total.Number of reporting banks__ 39 97 48 78 67 39 95 31 32 69 41 47 683S 3 $ * $ $ S S S 8 S S $U. S. bonds to secure oirculat'n 14,622,0 50,596,0 12,981,0 41,934,0 24,063,0 14,900,0 19,667,0 17,374,0 5,748,0 13,938,0 16,094,0 35,399,0 267,316,0Other U. S. bonds, including

Liberty bonds.... ............. . 10,648,0 165,246,0 10,340,0 35,560,0 18,198,0 12,022,0 30,836,0 10,347,0 6,076,0 10,090,0 11,780,0 16,374,0 344,117,0U. S. certificates of lndebtedn's 45,984,0 955,126,0 63,658,0 67,322,0 21,770,0 27,850,0 89,835,0 39,619,0 17,979,0 37,674,0 17,477,0 50,855,0 1,435,149,0Total u . s . securities.......... 71,254,0 1,170,968,0 86,979,0 144,816,0 04,031,0 55,372,0 146,338,0 67,340,0 29,803,0 61,702,0 45,351,0 102,628 0 2,046,582,0Loans seo. by U. S. bonds, Ac. 34,949,0 167,506,0 21,290,0 38,783,0 10,861,0 5,074,0 30,094,0 8,782,0 2,542,0 2,723,0 3,350,0 5,133,0 331,087,0All other loans A lnvestments. 748,703,0 4,014,234,0 007,958,0 916,513,0 349,084,0 285,008,0 1,349,987,0 358,789,0 233,253,0 448,321,0 167,303,0 481,860,0 9,961,013,0Reserve with Fed. Res. Bank. 61,995,0 597,375,0 58,176,0 79,687,0 28,465,0 20,114,0 141,941,0 31,2350, 20,211,0 40,040,0 18,975,0 43,847,0 1,148,061,0Cash In vault...... ........... ......... 25,846,0 125,594,0 19,001,0 30,259,0 15,678,0 14,620,0 05,617,0 12,718,0 9,285,0 16,940,0 14,111,0 21,166,0 371,435,0Not demand deposits.............. 632,359,0 4,407,852,0 569,902,0 681,145,0 278,335,0 214,390,0 1,063,058,0 268,400,0 189,901,0 389,684,0 156,743,0 372,513,0 9,224,282,0Time deposits............................ 78,545,0 289,747,0 14,580,0 211,747,0 00,212,0 82,724,0 348,328,0 73,747,0 48,301,0 52,677.0 24,674,0 105,598,0 1,390,946,0Government, deposits.............. 63,267,0 428,077,0 46,673,0 77,820,0 9,532,0 14,508,0 03,915,0 27,732,0 10,848,0 19,403,0 12,257,0 4,0 774,036*o2. Data for banks in each Central Reserve city, banks in all other Reserve cities and other reporting banks.

New York. Chicago. St. Louis. Total Central Res. Cities. Other Reserve Cities. Country Banks. Total.April 1 2 . April 5. April 12. April 12. April 12. April 5. April 12. April 5. April 12. April 5. April 12. April 5.

Number of reporting banks.. . 66 66 40 14 120 al20 416 6409 147 150 683 679$ 8 $ 8 S S S S S S S sU. S. bonds to secure clroulat’n 36,252,0 36,237,0 1,393,0 10,374,0 48,019,0 48,000,0 170,381,0 171,137,0 48,916,0 267,316,0 267,642,0Other U. S. bonds, IncludingLiberty bonds.................. . 150,883,0 151,224,0 14,433,0 6,724,0 172,040,0 171,690,0 140,946,0 140,648.0 31,131,0 31,012,0 344,117,0 343,350,0U. S. certificates of lndebtedn's 935,082,0 757,141,0 55,789,0 32,973,0 1,023,844,0 823,988,0 361,842,0 251,144,0 49,463,0 36,006,0 1,435,149,0 1,111,138,0Total U. S. securities_____ 1,122,217,0 944,602,0 71,615,0 50,071,0 1,243,903,0 1,043,678,0 673,169,0 562,929,0 129,510,0 115,523,0 2,046,582,0 1,722,130,0Loans sec. by U H. bonds, Ac. 147,743,0 139,763,0 18,089,0 6,806,0 172,038,0 168,205,0 137,985,0 130,169,0 20,464,0 19,928,0 331,087,0 318,302,0All other loans A investments. 3,672,917,0 3,637,981,0 818,717,0 270,336,0 4,761,970,0 4,729,304,0 4,431,387,0 4,431,770,0 767,656,0 745,750,0 9,961,013,0 9,906,824,0Reserve with Fed. Res. Bank. 567,416,0 580,932,0 98,725,0 23,944,0 090,085,0 703,837,0 406,766,0 416,110,0 51,210,0 49,843,0 1,148,061,0 1,169,790,0Cash in vault.... ............. ......... 112,514,0 111,461,0 41,213,0 7,893,0 161,620,0 160,077,0 175,521,0 172,358,0 34,294,0 34,577,0 371,435,0 367,012,0Not demand deposits............ . 4,097,815,0 4,084,426,0 706,298,0 195,633,0 4,999,746,0 4,987,106,0 3,585,295,0 3,570,418,0 639,241,0 617,427,0 9,224,282,0 9,174,951,0Time deposits.............. ........... 245,797,0 247,940,0 137,192,0 57,139,0 440,128,0 442,887,0 781,845,0 771,909,0 168,973,0 162,460,0 1,390,946,0 1,377,256,0Government deposits________ 401,710.0 253,755,0 50,875,0 23,810,0 479,395.0 310,756,0 265,329,0 170,224,0 29,312,0 19,849,0 774,036,0 500,829,0

(a) Includes and (ft) excludes 9 Brooklyn (N. Y .) banks reported with Central Reserve city banks for first time.

The Federal Reserve Banks.— Following is tho weekly statement issued by the Federal Reserve Board on April 20:L iqu idation on a largo scalo o f U . S. securities and a corresponding gain in d iscou n ts, largely o f collateral notes secured b y G overn m en t w ar ob li

ga tion s— m ainly tho result o f recent changes in tho law , w hereby notes secured b y L iberty b on d s and certificates o f indebtedness aro n o longer su b ject to stam p taxes— are indica ted in tho Federal R eserve B oa rd s w eekly statem ent show ing con d ition o f the R eserve banks as a t close o f business on A pril 19 1918. G old reserves show aggregate gains o f 2 .9 m illions and net deposits a decline o f 31 .6 m illions.

R E S E R V E S .— M ov em on t o f funds from N ew Y o rk in con n ection w ith tho loan operations o f the G overn m en t Is m ain iv a ccou n tab le fo r th e con siderable decrease in reserves o f the N ow Y ork ban k , and the corresponding gains reported ch ie fly b y the B oston , C h icago and San Fran cisco ban ks. A decrease o f 6.1 m illions in the reserves o f the S t. Lou is ban k m ay b e traced to substantial d iscou n t operations.

IN V E S T M E N T S .— Largo increases In d iscounts on hand are reported b y tho N ew Y o rk , A tlan ta , C h icago and St. L ou is ban ks. N early 7 0 % o f the total d iscou n ts, or 564.7 m illions, as against 465 .6 m illions the w eek before , is represented b y paper secured b y U . S. w ar ob ligation s. O ther classes o f investm en ts, including acceptances and G overn m en t securities, show considerable decreases.

C A P IT A L .— A n increase o f 381,000 in paid -in capital is due ch iefly to p a y m en t fo r Federal R eserve B ank sto ck b y new ly adm itted m em bers, largely in the C leveland and C h icago districts. T h e decrease in tho N ew Y o rk b an k ’s capital a ccou n t is explained b y the liqu idation o f the M a rk et & F u lton N ational B ank.

D E P O S IT S .— G overn m en t deposits declined a b ou t 25 m illions, and m em ber ban ks ’ reserve deposits 24 .7 m illions, large n et w ithdraw als from the N ew Y o rk B ank being o ffse t in part b y gains under this head a t Ph iladelphia, S t. Lou is and San Fran cisco.

C h icagoF E D E R A L RESERVE N OTES.— AdditionalI not issues o f 13.4 millions o f notes are reported by Federal Reserve agents largely a t Cleveland, ago and San Francisco. The banks report 1 ,o l4 .d millions o f outstanding Federal Reserve note circulation, an increase o f 14.9 millions for the week.

Tlio figures of tho consolidated statement for the system as a whole are given in the following table, and in addition wo present the results for each of the seven preceding weeks, together with those of the corresponding week of last year, thus furnishing a useful comparison. The earlier figures have been revised in order to conform with new form adopted by the Federal Reserve Board as of June 22. In the second table we show the resources and liabilities separately for each of the twelve Federal Reserve banks. The statement of Federal Reserve Agents’ Accounts (the third table following) gives details regarding the transactions in Federal Reserve notes between the Comptroller and the Reserve Agents and between the latter and tho Federal Reserve banks.

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 19 1918.

April 19 1918. Apr. 12 1918 April 5 1918.March 28 and

29 1918. Mar. 22 1918 Mar. 15 1918 Mar. 8 1918. Mar. 1 1918 Apr. 20 1917.RESOURCES.

Gold coin and certificates in vault-------Gold settlement fund—F. It. Board.. . Gold with foreign Agencies _________

S488.829.000413.819.000

52,500,000

$488.762.000407.971.000

52,500,000

S483.780.000381.163.000 52,500,000

3489.948.000399.668.000

52,500,000

S470.529.000379.866.000 52,500,000

6477.521.00372.508.000 52,500,000

S464.144.000354.585.000 52.500 000

S461.615.000357.299.000 52,500.000

8330.152.000206.830.000

Total gold held by banks............ -Gold with Federal Reserve Agent........Gold redemption fu n d ______________

955.148.000854.822.000

23,179,000949.233.000857.492.000 23,646,000

917.443.000873.077.000 23,404,000

942.016.000852.192.000 21,496,000

902.895.000878.805.000 21,114,000

902.529.000869.628.000 21,086,000

871.229.000896.702.000 20,267,000

871.414.000885.346.000 20,569,000

536.982.000418.538.000

2,651,000Total gold reserves. .......... .......... -

Legal tender notes, silver, Ac.............. ..Total reserves.................................

Bills discounted—members................ . -Bills bought In open market____ _____

Total bills on hand__ ___________U. S. Government long-term securltics. U. S. Government short-term securities All other earning assets..........................

1,833,149,00065,158,000

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

1,788,198.00059,685,000

1,777,329,00060,444,000

958,171,00024,462,000

1,898,307,000808.045.000308.277.000

1,894,995,000712.807.000318.857.000

1,877.433,000573.883.000326.503.000

1,874,063,000583.228.000304.085.000

1,862,372,000543.119.000328.880.000

1.852,193,000517.484.000323.248.000

1,847,883.000520.340.000317.952.000

1,837,773.000502.525.000299.213.000

982,633,00029.737.00072.925.000

1,116,322,00046.675.00046.295.000 3,293,000

1,031,664,00054,237,000

142,143,0003,771,000

900.386.000 60,403,000

260.400.000 3,222.000

887.293.000 58,190,000

252.579.000 3,523,000

871.999.000 61,039,000

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 4,064,000

801.738.000 77,705,000

157.482.000 3,680,000

102,662,00036.215.00073.360.00015.339.000

Total earning assets........................Due from other F. R. banks—n e t . . . . Uncollected Items....................................

Total deduc’ns from gross deposits 5% redomp. fund agst. F. R. bank notes AH other resources.. _____________ .

1,212,585,000479,000

387,176,0001,231,815,000

1,815,000383,009,000

1,224,411,0000,957,000

346,997,0001,201,585,000

26,945,000339,130,000

1,163,314,0008,801,000

367,821,0001,107.135,000

11,609,000357,147,000

1,097.332,0006,113.000

337,283.000

1,040,605,00011,882,000

369,185,000227.576.000

2,473,000166.966.000

387,655,000409.000261.000

384,824,000537.000324.000

356,954,000537.000324.000

366,075,000637,000

3,724,000376,622,000

537.000550.000

368,756,000537,000

1,452,00343,396,000

537.000761.000

381,067,000537.000796.000

169,439,000400,000

4,594,000Total resources........ ....................... 3,499,217,000 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 1.384.642,000



Apr. 19 1918. Apr. 12 1918. April 5 1918.Mar. 28 and

29 1918. Afar.221918. Afar. 151918. Mar. 8 1918. Mar. 1 1918. Apr. 20 1917.

LIABILITIES.Capital paid in........................ - .............Surplus............ ........... ............. ......... —Government deposits........................ —Duo to members—reserve account____Collection Items____________________Other deposits, inch for. Gov’t credits.

Total gross deposits........ ............. -F. R. notes in actual circulation...........F. R. bank notes In circulation, net Uab. All other liabilities___________ _______

S74.829.000

1,134,00075.499.000

1,469,860,000256,220,000

88.322.000

S74.748.000

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

S74.223.000

1,134,000104.080.000

1,499,400,000210.897.00081.059.000

$74.011.000

1,134,00091.505.000

1,480,025,000229,115,00081.751.000

J73.886.000

1,134,00072.023.000

1,447,997,000232,207,000

81.048.000

$73.624.000

1,134,00050.208.000

1,465,504,000216,986,00077.137.000

873.401.000

1,134,000150.781.000

1,388,020,000218.031.00064.122.000

S56.411.00041.988.000

742.584.000128.856.000

1.889.901.0001.514.287.000

7,895,00011,171,000

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

1.820.954.0001.351.091.000

7.999.0006.199.000

913.428.000414.357.000

"446,600

Total liabilities__________________Gold reservo against net deposit liab.. Gold res. agst. F. R. notes in act. circ’n Ratio of gold reserves to net deposit and

Fd. Res. note liabilities combined.- Ratio of total reserves to net deposit and

Fed. Res. note liabilities combined..

3,499,217,00063.6%

58%60.8%62.9%

3,512,495,00061.9%58.8%60.3%62.5%

3,459,659,00060.0%60.6%60.3%62.4%

3,445,984,00061.4%60.1%60.8%62.7%

3,403,395,00059.6%

63%01.4%63.4%

3,330,073,00061.6%63.3%62.5%64.5%

3,289,909,00059.2%66.3%62.6%64.7%

3,260,778,00060.5%60.6%63.7%65.8%

1,384,642,00072.2%

101.6%82.7%84.8%

Distribution by Maturities—1-15 days bills discounted and bought. 1-15 days U. S. Govt, short-term secs.1-15 days municipal warrants___ . .

16-50 days bills discounted and bought. 16-30 days U. S. Govt, short-term secs.16-30 days municipal warrants_____ .31-60 days bills discounted and bouglit. 31-60 days U. S. Govt, short-term secs..31-60 days municipal warrants________61-90 days bills discounted and bought. 61-90 days U. S. Govt, short-term secs.61-90 days municipal warrants.............Over 90 days bills disc’ted and bought. Over 90 days U.S.Govt .short-term secsOver 90 days municipal warrants____

Federal Reserve Notes—Issued to the banks................... ..........Held by banks.................... .....................

S581.700.000

12.541.00014.000

200.131.0004.399.000

21.000206.190.000

1.986.000 492,000

113.781.00013.004.000

26,00014.520.00014.365.000

1,000

s536.016.000105.716.000

14.00099.869.0004.959.000

21.000282.036.000

2.109.000 36,000

103.898.00015.703.000

496,0009.845.000

13.656.000

5394.352.000224.395.000

15.000100.295.000

2.529.000279.343.000

5.032.00040.000

117.899.00014.866.000

455,0008.497.000

13.578.000 1,000

S359.987.000217.613.000

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

S345.123.000186.681.000

55.000126.263.000

2.787.00013.000

249.549.0006.271.000

3.000142.660.000

2.901.000 469,000

8.404.000 27,396,000

1.000

S331.103.000151.392.000

49.00087.477.0007.614.000

19.000267.591.000

4.255.000 3,000

145.904.0002.132.000

13.0008.657.000

28.587.000 457,000

S331.978.000140.837.00088.804.000

7.702.00055.000

226.633.0004.086.000

3,000182.090.000

1.771.00013.000

8.781.00028.420.000

457,000

S307.246.000106.603.000

10,00093.655.000 2,000,000

183.752.0009.540.000

7.000207.554.000

2.925.0003.000

9.531.00036.408.000

469,000

S36.555.000

520.00024.462.0002.153.000

26.529.0009.973.000

14.102.000531.000

1.014.0001.986.000

1,639,056,000124,769,000

1,625,698,000126,321,000

1,607,627,000127,707,000

1,563,987,000111,149,000

1,558,705,000129,190,000

1,520,296,000114,068,000

1,505,213,000121,223,000

1,464,645,000113,554,000

440,539,00026,182,000

In circulation____________ _______Fed. Res. Notes (Agents Accounts)—

Received from the Comptroller_______Returned to the Comptroller...... .........

1.514.287.0002.243.360.000

340,814,000

1.499.377.0002.211.560.000

336,527,000

1.479.920.0002.168.400.000

328,008,001

1.452.838.0002.130.860.000

324,263,000

1.429.509.0002.100.160.000

309,705,000

1.406.228.0002.064.120.000

305,414,000

1.383.990.0002.014.980.000

296,932,000

1.351.091.0001.968.200.000

292,490,000

414.357.000708.520.000135.902.000

Amount chargeable to Agent........In hands of Agent______________ _____

1,902,546,000263,490,000

1,875,033,000249,335,000

1,840,392,000232,765,000

1,806,597,000242,010,000

1,790,455,000231,750,000

1,758,706,000238,410,000

1,718,048,000212,835,000

1,675,710,000211,065,000

572.618.000132.079.000

Issued to Federal Reserve banks. . How Secured—

By gold coin and certificates..................

1,639,056,000 1,625,698,000 1,007,027,000 1,563,987,000 1,558,705,000 1,520,296,000266,824,000

1,505,213,000 1,464,645,000 440,539,000

243,530,000 245,251,000 252,391,000 253,524,000 271,658,000 278,207,000 276,987,000 252,194,000

By eligible paper........ ........... ....... .........Gold redemption fund........ ...................With Federal Reservo Board_________

748.234.000 50,043.000

561.249.000768.206.000 48,504,000

563.737.000734.550.000 50,038.00

570.648.000

711.795.000 48.926,000

549.742.000679.900.000 47,021,000

560.126.000650.668.000 47,984,000

554.520.000

608.511.000 47,986,000

570.509.000579.299.000 49,747,000

558.612.000

22,001,00018,644,000

147,700,000’ll

T o ta l_____________ _____ _______Eligible paper delivered to F. R . Agent.

1,639,056,000 1,625,698,000 1,607,627,000 1,563,987,000 1,558,705,000 1,520,290,000 1,505,213,000 1,464,645,000 440,539,000

1,077,622,000 1,006,691,000 876,800.000 863.471,000 852.674.000 821.052.000 813.275.000 782.777.000 23,826,000* Not amount duo to other Federal Reserve banks, b This Item Includes foreign Government credits, t Revised figures.

WEEKLY STATEMENT of RESOURCES and LIABILITIES of EACH of the 12 FEDERAL RESERVE BANKS at CLOSE of BUSINESS APRIL 19 1918.

Two ciphers (00) omitted. Boston. New York. PhUadel. Cleveland Richm'd. Atlanta. Chicago. St. Louis. M inneap Kan. City Dallas. San Fran. Total.

RESOURCES. S10,586,0

%340,401,0

*9,325,0

S32,804,0

$6,290,0

S6,746,0

$28,951,0

S2,125,0

S16,533,0

S145,0

14,867,0

$30,056,0

s488,829,0

66,990,0 87,170,0 50,754,0 36,662,0 13,682,0 17,695,0 56,272,0 18,368,0 7,480,0 30,291,0 8,922,0 19,533,0 413,819,0Gold with foreign agencies_____ 3,675,0 18,112,0 3,675,0 4,725,0 1,837,0 1,575,0 7,350,0 2,100,0 2,100,0 2,625,0 1,838,0 2,888,0 52,500,0

81,251,0 445,683,0 63,754,0 74,191,0 21,809,0 26,016,0 92,573.0 22,593,0 26,113,0 33,061,0 15,627,0 52,477,0 955,148,048,257,0 209,210,0 84,549,0 90,102,0 29,976,0 36,063,0 161,841,0 36,941,0 39,187,0 45,220,0 14,280,0 59,190,0 854,822,0

Gold redemption fund................ 2,000,0 9,918,0 2,482,0 192,0 1,077,0 1,109,0 1,506,0 1,550,0 1,243,0 827,0 1,255,0 20,0 23,179,0

131,508,0 664,811,0 150,785,0 164,485,0 52,862,0 63,188,0 255,920,0 61,084,0 66,543,0 79,108,0 31,168,0 111,687,0 1,833,149,0Legal-tender notes, sliver, &c__ 2,088,0 46,845,0 924,0 1,082,0 387,0 1,453,0 6,631,0 1,782,0 619,0 319,0 2,624,0 404,0 65,158,0

Total reserves....................... 133,596,0 711,656,0 151,709,0 165,567,0 53,249,0 64,641,0 262,551,0 62,866,0 07,162,0 79,427,0 33,792,0 112,091,0 1,898,307,0Bills:

49,573,0 409,372,0 26,612,0 50,785,0 40,791,0 20,284,0 63,717,0 39,158,0 11,623,0 39,077,0 25,289,0 31,764,0 808,045,0Bought in open market............ 14,267,0 117.406,0 27,440,0 24,527,0 4,191,0 9,709,0 48,103,0 11,090,0 12,515,0 10,391,0 4,980,0 23,658,0

63,840,0 526,778,0 54,052,0 75,312,0 44,982,0 29,993,0 111,820,0 50,248,0 24,138,0 49,468,0 30,269,0 55,422,0 1,116,322,0861,0 1,598,0 2,939,0 7,788,0 1,233,0 1,032,0 11,137,0 2,233,0 2,566,0 8,862,0 3,970,0 2,456,0 46,675,0

1,471,0 4,427,0 5,073,0 11,250,0 1,538,0 2,106,0 4,830,0 511,0 2,521,0 4,503,0 3,142,0 4,863,0 46,295,0All other earning assets.............. .............. 158,0 583,0 459,0 377,0 236,0 l ,372,0 108,0 3,293,0

Total earning assets............... 66,172,0 532,803,0 62,064,0 94,350,0 47,753,0 33,349,0 128,370,0 53,451,0 29,602,0 63,069,0 38,753,0 62,849,0 1,212,585,01,582,0 1,123,0 561,0 5,933,0 5,759,0 4,602,0

Uncollected items_____________ 25,253,0 S3,944,0 44,733,0 26,262,0 25^995,0 21,142,0 68,175,0 26,964,0 6,887,0 23,814,0 16,956,0 17,051,0 387,176,0

Total deduc’ns from gross dep. 25,253,0 83,944,0 44,733,0 26,262,0 27,577,0 22,265,0 68,736,0 26,964,0 12,820,0 29,573,0 16,950,0 21,653,0 387,655,05% redemption fund against Fed- 272,0 137,0 409,0All other resources.......... ............. 249,0 12,0 261,0

Total resources........................ 225,021,0 1,328,403,0 258,755,0 286,179,0 128,579,0 120,267,0 459,657,0 143,281,0 109,584,0 172,341,0 89,638,0 196,593,0 3,499,217,0LI Alii LI 1 IES.

Capital paid in______________ __ 6,444,0 19,691,0 6,903,0 8,504,0 3,792,0 2,964,0 9,655,0 3,509,0 2,764,0 3,447,0 2,851,0 4,305,0 74,829,0116,0 40,0 216,0 38,0 1,134,0

Government deposits........... ..... 7,845,0 11,577,0 3,864,0 8,181,0 436,0 4,229,0 6,476,0 4,822,0 4,723,0 7,244,0 5,105,6 10,997,0 75,499,0Due to members—Reserve acc’t. 89,202,0 636,841,0 93,428,0 108,692,0 43,492,0 39,002,0 186,891,0 50,901,0 41,290.0 69,014,0 36,470,0 74,637,0 1,469,860,0Collection Items.... ....................... 21,133,0 65,293,0 34,682,0 22,817,0 18,010,0 15,106,0 24,811,0 17,670,0 5,913,0 13,010,0 5,950,0 11,795,0 256,220,0

4,524,0 2,788,0Oth. deposits inch for .Gov't crcd. 81,160,0 123[o "5,0 3,048,0 114,0 31,0 10,0 3,831,0 88,322,0

118,267,0 804,892,0 132,671,0 140,777,0 61,938,0 58,342,0 221,226,0 78,031,0 51,957,0 89,308,0 50,313,0 101,260,0 1,889,901,0F. R . notes In actual circulation. 99,437,0 496,636,0 119,181,0 136,147,0 62,536,0 58,921,0 227,620,0 61,228,0 54,619,0 70,913,0 36,227,0 90,822,0 1,514,287,0

7,895,0All other liabilities____________ 798,0 6,535,0 751,0 197,0 940,0 513,0 206,0 778,0 247,0 206,0 11,171,0

Total liabilities_____________ 225,021,0 1,328,403,0 258,755,0 286,179,0 128,579,0 120,267.0 459,657,0 143,281,0 109,584,0 172,341,0 89,638,0 196,593,0 3,499,217.0

* Difference between net amounts due from and net amounts due to other Federal Reserve banksSTATEMENT OF FEDERAL RESERVE AGENTS’ ACCOUNTS AT CLOSE OF BUSINESS APRIL 19 1918.

Two ciphers (00) omitted. Boston. New York. PhUadel. Cleveland Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. San Fran Total.

Federal Reserve notes— Received from Comptroller__

Returned to Comptroller........Chargeablo to F. R. Agent..........In hands of F. R . Agent..............^ Issued to F. R. Bank..............Held by F. R. Agent—

%140,160,025,503,0

s828,280,0165,530,0

S175,400,025,991,0

*174,160,0

13,518,0S

98.140.018.979.0

S91.620.014.921.0

s297,660,0

13,185,0%

86.900.011.837.0

s71.980.012.453.0

*98.700.015.517.0

s68.500.014.774.0

%111,860,0

8,600,0*

2,243,360,0340,814,0

114,657,012,400,0

662.750.0110.400.0

149,409,019,740,0

160,642,014,240,0

79,161,06,260,0

76.699.016.145.0

284,475,043,460,0

75,063.07,080,0

59,527,03,495,0

83,183,07,060,0

53.726.017.210.0

103,254,0 1,902,540,0263,490,0

102,257,031.000. 0 5,757,0

11,500,054.000. 0

546.350.0173.251.0

10,959,0 25,000,0

337.140.0

129,669,0 146,402,012.092.0 8,010,0

70,000,056.300.0

72,901,0 60.554.02.504.02.389.0

31.170.024.491.0

241,015,0 67,983,0 56.032.013.102.0 1,585,0

24.500.016.845.0

76,123,0 36.516.011.581.0 2,121,0

584,022.230.0

103,254,0 1,639,056,0243.530.0

50,043,0501.249.0784.234.0

Gold redemption fund............Gold Sett. Fd., F. R. Board.. Eligible paper, min. req’d___

r Total.................... ......... ..........

6,930,077.619.045.120.0

1,976,028,000,042,925,0

625,0161,216,079,174,0

2,037,034.904.031.042.0

2,860,042.360.030.903.0

4,794,054.396.044.004.0

102,257,0 546,350,0 129,669,0 146,402,0 72,901,0 60,554,0 241,015,0 67,983,0 56,032,0 76,123,0 36,516,0 103,254,0 1,639,056,0Amount of eligible paper deltv-► ered to F. R. Agent___ ______F. R . notes outstanding........—F. R. notes held by banks..........

F. R. notes In actual clrcula’n.

63,840,0102,257,0

2,820,0526.778.0546.350.0

49,714,051.960.0

129,669,010.488.0

75.312.0 146,402,010.255.0

43.324.072.901.010.365.0

24.842.060.554.0

1,633,0

102.510.0241.015.0

13,395,0

44.325.067.983.0 6,755,0

22,266,056,032,0

1,413,046.256.070.123.0 5,210,0

30.269.036.516.0

289,0

45.940.0 103,254,012.432.0

1.077.622.01.639.056.0

124,709.0

99,437,0 496,636,0 119,181,0 130,147,0 62,536,0 58,921,0 227,620,0 61,228,0 54,619,0 70.913,0 30,227,0 90,822,0 1,514,287,0



Statement of Now York City Clearing House Banks and Trust Companies.— The following detailed statement shows the condition of the New lork City Clearing House members for the week ending April 20. The figures for the separato banks are the averages of the daily results. In the case of totals, actual figures at end of the week are also given:

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. 20 1918.

Members o f Federal Reserve Bank.

Bank ol N Y, N B A. Bank of Manhat Co. Merchants’ National. Meoh <fc Metals NatBank of Amerloa___National City............Chemical National.. Atlantic National... Nat Butch &IJrovers' American Exch Nat.

. Nat Bank of Comm.Paolfio Bank_______Chat & Phenlx Nat.Hanover National__Citizens’ National... Metropolitan Bank.. Corn Exohango Bank Importers & Trad Nat National Park Bank. East River National.Second National___First National_____Irving National N Y County NationalGerman-A merloan__Chase National___Germania Bank____Lincoln National___Garfield National... Fifth National Seaboard National..Liberty National......Coal <& Iron National Union Exch National Brooklyn Trust Co.. Bankers Trust C o ... U S Mtge & Tr Co.. Guaranty Trust C o.. Fidelity Trust Co. Columbia Trust Co Peoples Trust Co._ New York Trust Co Franklin Trust Co. Lincoln Trust _ Metropolitan Tr Co Nassau Nat, Bklyn Irving Trust Co Farmers Loan &Tr Co

Average for week..Totals, actual condltl Totals, actual condltl Totals, actual condltl Totals, aotual condltl

State Banks,Greenwich ............People's BoweryFifth Avonuo ____German Exchange__West Side__________N Y Produce Exch.. State..........................

Totals, avge for wkTotals, aotual condltl Totals, aotual condltl Totals, aotual oondltl Totals, actual condltl

Trust Companies. Title Guar * Trust.. Lawyers Tltlo * Tr

Totals, avge for wkTotals, aotual oondltl Totals, actual oondltl Totals, actual oondltl Totals, actual oondltlGrand aggregate,avge Comparison prev wkGrand ag'gate, actua> Comparison prov wk.Orand ag’gate, actual Grand ag'gate, actual Grand ug’gate, actual Grand ae'ento actual

3.770.812.0001180.820.000 35,956.0003.762.163.000 185,796,000 35,851,000 3,752,355,000,183.355.000 35,872,0003.712.119.000 189,803,000 35,463,000

a V. S. deposits deducted, 5334,182,000. b U. S, deposits deducted, $302,870,000. c Includes capital set aside for foreign branches, $6,000,000.

STATEMENTS OF RESERVE POSITION.

Averages. Actual Figures.Cash

Reserve in Vault.

Resentin

DepositariesTotal

Resene.•

ReseneRequital.

SurplusReserve.

Inc. or Dee. from

PreviousWeekCash

Reserve in Fault.

Reservein

DepositariesTotal

Reserve.

bReserve

Required.SurplusReserve.

Inc. or Dte. from

PreviousWeekMembers Federal

Reserve Bank.Stato hanks........TrustCompanies*

5c

13,667,0003,651,000

$530,451,000

5.691.0002.017.000

9530,454,000

19,358,0006,298,000

%476,720,070

18,374,2206,163,800

$53,733,930

983,780134,200

$+ 2,510,520

+ 171,420 — 11,200

$d

13,590,0003,706,000

s515,387,000

5.882.0002.335.000

$515,387,000

19,472,0006,041,000

$474,682,850

18,498,7806,045,750

$40,704,150

973,220def4,750

i—24,448,910

+487,240— 432,000

Total Apr. 20. Total Apr. 13. Total Apr. 6. Total Mar. 30.

17.318.00017.388.00017.186.00017.306.000

538.792.000534.219.000546.611.000526.319.000

556.110.000551.607.000563.797.000543.625.000

501,258,090199,455,830500,070,370197,022,650

54,851,91052,151,17063,726,03046,002,350

+ 2,700,740 — 11,575,460 + 17,724,280 + 3,248,590

17.296.00017.585.00016.993.00017.576.000

523.601.000550.008.000528.174.000542.924.000

540.900.000567.593.000545.167.000560.500.000

499,227,380501,526,710500,519,360499,100,880

41,672,62066,066,29044,647,64061,399,120

—24,393,670 + 21,418,650 —16,751,480

+ 6,433,290* Not mombors of Federal Reserve Bank. •a This Is tho reserve required on net demand deposits In the caso of State hanks and trust companies, but In the case of members of the Federal Resorvc Bank

ncludcs also amount of reservo required on net time deposits, which was as follows: April 20, $5,401,560: April 13, $5,416,800; April 6, S5,518,260; Mar. 30, $5,536,770: b This Is tho reserve required on net demand deposits In the caso of Stato banks and trust companies, but In the case of members of tho Federal Reserve Bank Includes

also amount of reserve required on net time deposits, which was us follows: April 20, $5,327,340; April 13, $5,376,600: April 6, $5,528,010; Mar. 30, $5,454,990.c Amount of cash In vault, which is no longer counted as reservo for members of tho Federal Reserve Bank, was as follows-

April 20, $104,235,000; April 13, $104,383,000; April 6, $103,840,000; Mar. 30, $102,976,000.d Amount of cash in vaults, which Is no longer counted as resorvo for members of tho Federal Reserve Bank, was as follows-

April 20, $101,711,000; April 13, $105,402,000; April 6. $103,000,000; Mar. 30, $102,082,000.



The 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 by State Banking Department.)

April 20.Loans and Investments....................................................$708,948,600Specie__________________________________________ 15,51 i, 300Currency and bank notes........ ...................... 12,069,300Deposits with the F. R. Bank of New York.......... — 54,070,600Total deposits_______________ 813,525,600Deposits, eliminating amounts due from reserve de

positaries and from other banks and trust companies In N. Y. City, exchanges and U. S. deposits. 719,121,000

Reserve on deposits______________________________ 137,850,500Percentage of reserve, 21.4%.

RESERVE.

Differences from precious week.

Inc. $7,132,000 Inc. 268,000Dec. 62,800 Dec. 501,900 Inc. 14,340,900

Inc. 7,272,800 Dec. 280,800

------ State Banks-------Cash In vaults___________________ $13,977,300 10.82%Deposits In banks and trust cos----- 17,442,200 13.50%

-----Trust Companies—$67,673,900 13.17%38,757,100 7.54%

Total S31,419,500 24.32% S106,431,000 20.71%The averages of tho New York City Clearing IIouso 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 Ended—

Loansand

InvestmentsDemandDeposits. Specie.

LegalTenders.

Total Cash in Vault.

Reserve in Depositaries.

Dec. 22 1917___S

5,011,186,04,952,579,3

S4,357,133,84,352,163,0

S108,504,8104,273,2

$95,878,398,864,9

S204.333.1203.138.1

$602,178,4603,984,8

Jan. 5 1918___Jan. 12............ ..Jan. 19................Jan. 26_________

5,915.390,84.893.792.4 4,892,797,14.899.129.5 r> (106.037.0

4.443.769.4 1,526,394,9 4,578,900,74.479.558.64.486.506.54.517.827.51.501.204.74.428.375.54.433.280.6

101,006,5104.736.0 104,678,7101.471.0 97,829,7

100.321.2102.483.2 98,375,5 97,599,0 95,280,8

204,327,7207.219.2203.054.2 199.070,0 193,110,5

617.798.8 013,402,0 612,272,4019.095.8 627,476,3

Feb. 9................Feb. 16_________Feb. 23................

5.038.372.7 5,049,992,05.116.615.8 5,150,846,2

96.292.1 95,857,393.416.1 92,655,7

93,282,0101,927,9101,863,0102,961,4

189.574.1197.785.2195.279.1195.617.1

649.108.3595.152.4 567,452,0 570,836,9

Mar. 9 .________Mar. 16_________Mar. 23.............. ..Mar 30_________April 6_________April 13_________April 20_________

5,127,304,45.061.380.8 5,034,741,0 5,089,258,35.055.925.85.126.263.65.263.096.6

4.319.035.1 4,369,257,54.409.310.1 4,446,491,7 4,468,927,41.466.133.2 4,487,819,0

90.537.490.131.4 90,664,891.076.791.749.892.493.5 92,069,3

83.762.6 81,255,484.264.8 86,187,086.601.6 85,430,683.894.9

174.300.0 171,386,8174.929.6177.263.7 178,351,4177.024.1175.964.2

560,387,6574.446.1 569,773,5 578,017,3603.729.1590.421.2594.991.3

"♦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 City of New York: _ _

For definitions and rules under which the various items are made up, see “ Chornicle,” V . 98, p. 1661.

The provisions of the law governing tho 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 tho amount of doposits and what deductions are permitted in the computation of tho reserves were given in the “ Chronicle” April 4 1914 (V. 98, p. 1045).

STATE BANKS AND TRUST COMPANIES IN NEW YORK CITY.

Week ended April 20.April 20 Differences from

1918. previous week.

Trust Companies.

April 20 Differences from 1918. previous week.

Capital as of Mar. 14 Surplus as of Mar. 14 Loans and Investm’tsSpecie__________Currency & bk. notes Deposits with the F.

R. Bank of N. YDeposits-.............Reserve on deposits. P. C. reserve to dcp.

23.615.400 41,225,300

465.898.000 17,014,80023.898.40039.569.400

584,493,100109.253.000

23.6%

Inc.Inc.Dec.Dec.Inc.Dec.Dec.

7.227.60066,200

850,2005,280,5007,896,2006.242.600

0.6%

95,050.000 163,861,000

2,027,464,000 21 + 42,300 15,014,300

196,977,8002,086,539,600

315,652,40019.1%

Inc. 82,218,000 Inc. 14,000 Inc. 98,600Dec. 7,246,800 Inc. 33,248,600 Dec. 9,793.000 Dec. 0.7%

Boston Clearing House Banks.— Wo give below a summary showing the totals for all tho itonis in tho Boston Clearing House weekly statement for a series of weeks:

BOSTON CLEARING HOUSE MEMBERS.

April 20 1918.

Change from previous week.

April 13 1918.

April 6 1918.

$4,994,000491.471.000430.780.000140.747.00019.755.00017.763.000

103.942.00063.121.00017.546.000

Inc. $5,000 Dec. 6,391,000 Inc. 3,215,000 Inc. 8,339,000 Dec. 109,000 Inc. 2,691,000 Inc. 10,946,000 Inc. 2,374,000Inc. 2,585,000

$4,989,000497.862.000427.565.000132.408.00019.864.00015.072.00092.996.00060.747.00014.961.000

*4,954,000482.407.000411.551.000129.428.00019.951.00017.815.00092.001.00055.751.00012.036.000

Loans, dlsc’ts & Investments. Indivldual deposits, Incl.U.S.

Exchanges for Clear. House.Cash In bank & In F.R. Bank Reserve excess In bank and

Federal Reserve Bank___

' Philadelphia Banks.— Tho Philadelphia Clearing House statement for the week ending April 20, with comparative figures for the two weeks preceding, is as follows. Reserve requirements for members of tho Federal Reserve system are 10% on demand deposits and 3 % on time doposits, all to be kept with the Federal Reserve Bank. “ Cash in vaults” in not a part of legal resorvo. For trust companies not members of the Federal Reserve system tho reserve required is 15% on demand deposits and includes “ Reserve with legal depositaries” and “ Cash in vaults.”

Two ciphers (00) omitted.Week ending April 20 1918.

Mcmb’rs of TrustF. R. Sgst. Cos. Total.

S25,975,0 $5,500,0 $31,475,067,302,0 13,873,0 81,175,0

557,207,0 46,407,0 603,614,019,929,0 382,0 20,311,0

139,658,0 131,0 139,789,0173.797,0 1,333,0 175,130,0433,994,0 31,S94,0 465,888,0

4,245,0 4,245,0610,036,0 33,227,0 645,263,0

44,690,049,483,0 49,483,0

5,138,0 5,138,016,222,0 1,897,0 18,119,065,705,0 7,035,0 72,740,044,947,0 4,907,0 49,854,020,758,0 2,128,0 22,886,0

April 13 1918.

April 6 1918.

Capital......................Surplus and profits. Loans, dlsc’ts & Investm’ts Exchanges for Clear .HouseDue from banks_________Bank deposits....................Individual deposits..........Time deposits........

Total deposits____ - —U.S. dcposlts(not Included) Res’vc with Fed. Res. Bk.

Casli In vault*____Total reserve A.cash held. Reserve required..

*31,475,081,118,0

598.135.021.972.0

132.033.0170.515.0460.579.0

4.074.0641.168.040.034.053.702.0

5.216.017.652.076.570.050.081.026.489.0

$31,475,081,201,0

588.095.024.326.0

132.455.0172.232.0463.994.0

4.131.0640.357.0

28.312.052.639.05.404.0

18.100.076.143.049.733.026.410.0

•Cash In vault Is not counted as reserve for F. R. bank members.

Non-Member Banks and Trust Companies.— Following is the report made to the Clearing House by clearing nonmember institutions which are not included in the “ Clearing Houso return” on tho preceding page:

R E T U R N OF N O N -M E M B E R IN ST IT U T IO N S OF N E W Y O R K C L E A R IN G H OU SE.

CLEARINGNON-MEMBERS.

Week Ending Apr. 20 1918.

Capital.Net

Profits.Loans,

Discounts,Investments,

<fec. Cold.Legal

Tenders. Silver.

NationalBank

A Federal Reserve Notes.

ReservewithLegal

Depositaries.

Additional Deposits

with Legal Depositaries.

NetDemandDeposits.

NetTime

Deposits.

NationalBank

Circulation.[Nat. banks Mar. 4\

(State banks Mar. 14/Members of

Federal Reserve BankBattery Park Nat. Bank___W. R. Grace * 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

Total___________________

$400.000500.000300.000300.000400.000250.000220.000 125,000

$462.900642.400655.500594.400

1,319,000787,300632.500 275,800

Average.S

7.683.0005.063.0007.507.0006.853.0007.397.0005.366.0007.132.0005.428.000

Average.8

04.0003.000

12.0003.000

211,00084,0009.0006.000

Average.$9.000

13.00027.000

323,00010.0003.000

46,000

Average.$

34.000123.00065.000

148.00070.00038.00087.000

Average.S

125.000 2,000

78.000111.000190.000133.000176.00027.000

Average.$

891.000834.000628.000580.000

1,000,000333.000342.000279.000

Average.$

134.000’ 453’,666

802.0003.769.000

682,0001.028.000

492,000

Average.S

6,868,0003.295.0005.917.0005.398.0007.224.0004.447.0002.967.0002.837.000

Average.$

90,000750.000611.000413.000505.000

3.509.0002.517.000

Average.S

194.000297.000120.000384.000197.000219.000

99,000

2,495,000 5,369,800 52,429,000 392,000 431,000 565,000 842,000 4,893,000 7,360,000 38,953,000 8,395, 00 1,510,000

State Banks.Not Members of the

Federal Reserve Bank. Bank of Washington Heights.Colonial Bank ......................Columbia Bank......................International Bank_______ _Mutual Bank______________New Netherland Bank______Yorkvllle Bank______ _____Mechanics' Bank, Brooklyn. North Side Bank, Brooklyn. .

T o ta l..................................Trust Companies.Not Members of the

Federal Reserve Bank. Hamilton Trust Co.,Brooklyn Mechanics’ Tr. Co., Bayonne

Total.................. .. ...... .......

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

2.449.000 10,221,00013.011.0005.021.0008.762.0004.338.0007.642.000

24.598.0005.183.000

72.000 616,000649.000159.000489.000

69.000 409, 00090.000128.000

255.00015.00077.000

117.00080.000

320.000 22,000

60,000340.000357.000

73,000230.000296.000379.000937.000116.000

133.000141.000611.000 286,000347.000143.000123.000428.000266.000

131.000657.000799.000281.000538.000232.000457.000

1,468,000263.000

225.000347.000281.000

79,000226,000

383.000669.000553.000

2,186,00010.956.00013.314.0004.611.0009.021.0004.670.0008.116.000

24.474.000 4,709,000

332.000120.00078.000

136.00076.000

400.000

---- -

4,400,000 4,625,000 81,225,000 3,281,000 886,000 2,788,00(1 2,478,000 4,856,000 2,763,000 82,060,000 1,142,000 .........

500.000200.000

1,007,800344,000

9.209.0007.882.000

379,00016,000

50.00018.000

24.00098.000

138.000108.000

342.000548.000

340.000255.000

6.841.0004.984.000

1.091.0003.099.000

700,000 1,351,800 17,091,000 395,000 68,000 122,000 246,000 890,000 595,000 11,825,000 4,190,000

Grand aggregate............ .......Comparison previous week..

7.595.000$188’, 5007.595.0006.895.000 6, S9 5,000 0,895,000 6.895 onn

11.340.600decrease

11.346.60011.442.00011.442.00011.616.70011.616.700

150,745,000 + 2,602,000

4,068,000 + 82,000

1.385.000 3,475,000 + 137,000 — 156,0001,¥48J)00! 3,631,0001.245.000 3,457,0001.182.000 3,323,0001.182.000 3,323,0001.158.000 3.391.000

3,566,000 + 40,000

10,639,000 + 32,000

10,718,000— 87,000

iil32,838,000 + 1,977,000

13,727,000+ 40,000

1,510,000— 11,000

Grand aggregate Apr. 13___Grand aggregate Apr. 6___Grand aggregate Mar. 30___Grand aggregate Mar. 23___Grand aggregate Mar. 16___

148.143.000145.512.000143.466.000143.466.000143.493.000

3.986.0003.928.0003.951.0003.951.0003.992.000

3.526.0003.484.0003.182.0003.182.0003.322.000

10.607.00010.397.00010.116.000 10,116,000 10.013.000

10.805.00011.865.00010.685.00010.685.00011.494.000

al30,801,000128.072.000127.382.000127.382.000126.148.000

13.681.00013.561.00013.231.00013.231.00013.208.000

1.521.0001.517.0001.518.0001.518.0001.520.000

a U. S. deposits deducted, $7,093,000.


Apr. 27 1918.J THE CHRONICLE 1773

^ a n lx c r s 1 (© itaette.Wall Street, Friday Night, April 26 1918.

The Money Market and Financial Situation.— Very little has occurred this week to chango tho character of tlio markets or to affect the valuo of securities dealt in in Wall Street. The volume of business, small at tho beginning, has steadily diminished and although tho bond markot has been relatively strong, shares have, porhaps, from sheer inertia, shown a tendoncy to weakness.

There has been a good deal of activity on tho various battle-fields of Europe and a brilliant coup by tho British navy on the Belgian coast, but nothing has disturbed the confidence and hopefulness which has prevailed in Wall Street, almost without interruption, sinco the groat German offensive bogan more than a month ago. At tho same time practically all tho home news has tended to foster tho samo spirit. A sharp advance in tho prico of silver bullion, duo to tho onactmont of tho Pittman silvor bill, has been ono of tho features of the week. Tho weekly weather roport indicates a decided improvomont in tho growing winter wheat and progress in spring whoat soeding. Reports from the iron and steel industry show that in sovoral important cases tho output is noar capacity limit.

Notwithstanding limitod shipping facilities tho international trade statomont shows an enormous incroaso in our exports of agricultural products, including flour.

Tho money market has been quito irregular throughout tho woek, which is not surprising in viow of increased Government requirement for war purposes and tho fact that the Third Liberty Loan campaign is now at its lioight. Call loan rates have fluctuated between 2 % and 6 % .

Foreign Exchange.— Sterling exchange remained quiet and without noteworthy foatures. Tho Continental exchanges were as a rulo well maintained, Dutch exchange being particularly strong. Pesetas wero slightly easier. Lire ruled weak throughout.

To-day’s (Friday’s) actual rates for sterling exchange were 4 7 2 % @ 4 7 2 % for sixty days, 4 75 7-16 for cheques and 4 76 7-16 for cables. Commercial on banks, sight 4 7 5 % @ 4 75 % , sixty days 4 7 1 % @ 4 7 1 % , ninety days 4 70 @ 4 7 0 % and documents for paymont (sixty days) 4 71 % @ 4 7 1 % . Cotton for paymont, 4 7 5 % @ 4 7 5 % and grain forpayment 4 7 5 % @ 4 7 5 % .

To-day’s (Friday’s) actual rates for Paris bankers’ francs wero 5 7 8 % @ 5 7 8 % for long and 5 7 2 % @ 5 7 2 % for short. Germany bankers’ marks wero not quoted. Amstprdam bankers’ guilders were 47 5-16 for long and 47 7-16 for short.

Exchange at Paris on London, 27.18 francs; week’s range, 2 7 .1 6 francs high and 27.18 francs low. Exchange at Berlin on London, not quotablo.

Tho range for foreign exchange for tho week follows:Sterling, Actual— Sixty dags. ' ~ ' '

H igh for tho w eek— 4 72 %L ow for tho w e e k .- . 4 72%

Paris Bankers' Francs—H igh for the w oek— 5 78%L ow for tho w ook— 5 78%

Germany Bankers’ Marks—H igh for the w eek— -------L ow for tho w e e k - . - . . . .

Amsterdam Bankers Guilders— H igh for tho w e e k - - - 47 5-16 L ow for th o w eek— 46 13-16

Checks, 4 7552%4 7545

5 71%5 7 2 %

4 7 % 47

Cables. 4 76%4 76 7-16

5 6 9 %5 7 0 %

Domestic Exchange.— Chicago, par. Boston, par. St. Louis, 5c. per $1,000 discount bid. San Francisco, par. Montreal, $18 3 7 % per $1,000 promium. Minneapolis, 1 0c. per $1,000 promium. Cincinnati, par.

State and Railroad Bonds.— Salos of Stato bonds at the Board include $6,000 N . Y . Canal 4s 1960 at 9 4 % , $4,000 N . Y . Canal 4s 1961 at 9 4 % and $94,000 Virginia 6 s deferred trust receipts at 40 to 50.

Tho markot for railway and industrial bonds has boon dull and relatively strong. Of a list of 15 prominent issues 8 liavo advanced and 3 are unchanged. Reading 4s and Rock Island ref. 4s are 1 point or more higher than last woek while all other changes aro fractional.

Among the strong featuros aro Balt. & Ohio, Northern Pacific and U . S. Rubber. In addition to tho abovo tho aotivo list includes Atchison, So. Pao., Chos. & Ohio, Distilling Socurities and U . S. Steol issues.] j j .;nj

"United States Bonds.— Sales of Government bonds at tho Board include $1,000 4s reg. at 105% , Liberty Loan 3 % s at 98.84 to 99.24, L. L . 1st 4s at 96.56 to 96.80 and L. L. 2d 4s at 96.60 to 96.82. For to-day's prices of all the different issues and for weekly range see third page following.

Railroad and Miscellaneous Stocks.— On a stoadily declining volume of business, tho stock market has been irregu

lar, with a prevailing tendency to lower prices. The transactions, which included about $568,000 shares on Monday, dropped to less than half that amount on Thursday. To-day being “ Liberty Loan D ay ,” the Exchange closed at noon and therefore comparisons are incongruous. There has been almost no change in the tone of the market from day to day, but several issues, for specific reasons, have made a recordof their own.

Tho railway list has been largely neglected throughout the week. St. Paul has been exceptional in a decline of 2 % points on the announcement that another directors’ meeting had adjourned without action in regard to dividends. New York Central and Canadian Pacific have each sagged off a point. On the other hand, Pennsylvania, Louisville & Nashville, Reading and Chesapeake & Ohio close fractionally higher than last week and New Haven is unchanged.

Tho miscellaneous group has attracted a good deal more attention with widely varying results. General Motors declined 8 % points and Studebaker 5 % , while there has been discussion of curtailing the output of passenger cars. A tlantic Gulf & W . I. has covered a range of 4 % points, Crucible Steel 3 % , Inter. Merc. M ar. pref. 3 % , Baldwin Loco. 3 % , Am . Sum. Tob. 4 % and others from 2 to 3.

For daily volume of business see page 1781.The following sales have occurred this week of shares not

represented in our detailed list on tho pages which follow:

STOCKS.Week ending April 26.

Salesfor

Week

Range for Week. Range since Jan. I.

Par.Adams Express......... 100Ainor Smelters Securltie:

preferred Series A___American Snuff_____ 100Am Sumatra Tob pref 100Barrett preferred___100Batopllas Mining------20Brunswick Terminal. 100 Calumet & Arizona— 10Central Foundry___ 100

Preferred ________ 100Central RR of N J..100 Cent & So Am Teleg.100 Cons Interstate Call. .10Detroit Edison____ 100Detroit United____ 100Elec Storage Battery 100 Federal M & S pref.. 100 Fisher Body Corp pf.100 Gen Chemical pref. .100 llomestake Mining. .100Int Ifarv N J pref__ 100Int Ilarv Corp pref-.lOOJewel Tea, Inc_____ 100

Preferred________ 100Kings Co Elec L & P . 100 Kress (S H) & Co pf_100| Liggett & Myers pref 100Lorillard (P)............. lOOiManhattan (Elev) Ry 100

Guaranteed stock .100 May Dept Stores...100 M St P & S S M prcf-100National Acme___ .'.50National Biscuit___ 100

Preferred ...............100Nat Rys Mcx 2d pref 100 N O Tex & Mcx v t c.100Peoria & Eastern___ 100Pettibono Mull 1st pflOO Standard Milling ...100 Stutz Motor Car..no parThird Avenue R y__ 100Transue & W’ms.no par United Drug 2d pref. 100 United Dyewood pf.100U S Express...............100U S Realty & Tmpt_. 100 Vulcan Dctlnning pf.100 Wells, Fargo Express 100

Shares228

S per share. 65 Apr 20

$ per share. $ per share. 65 Mar 80 Jan

200100300150400

50400

6,2003,450

9590

10116

69

Apr 2 Apr 24 Apr 23 Apr 24 Apr 24 Apr 22 Apr 25

39% Apr 22 50% Apr 25

2001202 Apr 23 12:107 Apr 24

100| 8% Apr 2310104% Apr 24 20! 85 Apr 26

300] 48 Apr 22 500 31 Apr 22 200 79% Apr 24

28; 100 Apr 22 4001 75 Apr 24

5jl09 Apr 24 105i 98% Apr 26 100| 30% Apr 22 600 90 Apr 22 16o| 89% Apr 23 100102% Apr 20,102% 400 103 Apr 25403% 100 170 Apr 22 1703050

100190100100100

1,300200300100

95 Apr 22! 95% 95% Apr 20! 96 51% Apr 22 51%

105 Apr 25105 30 Apr 22 30 94 Apr 23 94

111 Apr 23 111 6% Apr 20' 6%

18% Apr 24 18% 4% Apr 22j 5

100 Apr 26:100lUUilW100| 94% Apr 24! 94% 400; 43% Apr 26! 46%

1,200! 16% Apr 22 " 400: 39% Apr 24 100! 77% Apr 24 lOOf 95 Apr 22 10O 14% Apr 25 500; 15 Apr 25 200! 32 Apr 20 1001 71% Apr 26

Outside Market.— “ Curb” trading was decidedly dull all tho week, with prices slowly sagging until to-day, when there was pronounced improvement in speculation, most of tho leading issues developing activity and strength. Burns Bros. Ice continued an active feature, and after an early gain of over 2 points to 2 9 % , dropped to 2 5 % and recovered finally to 2 6 % . Motor stocks were weak. Chevrolet Motor, after an advance of 2 points to 126 in tho beginning of the week, sold down to 120, with the close to-day at 121. United Motors lost over a point to 25 and ends the week at 2 5 % . Submarine Boat receded from 14% to 12% during the week, but to-day, on a brisk demand, jumped to 15% and closed at 15 % . Aetna Explosives com. moved down from 8 % to 8 % and back to 8 % . Keystone Tiro & Rubber com. was off from 18% to 18 but sold finally at 18 % . Lima Locomotive com. was comparatively active and after an advance from 44 to 46 reacted to 42. Wright-Martin Aircraft com. fluctuated between 8 % and 8 % , the close to-day being at 8 % . Oils wero unusually quiet but about steady. Houston Oil com. weakened at first from 4 2 % to 41 but recovered to 43. Merritt Oil lost about a point to 18 % . Midwest Oil com. declined from 96c. to 89c. and ends the week at 92o. Midwest Refining sold down from 107% to 105% and up to 107, with tho final figure to-day 106% . In mining stocks activity appears chiefly in the low-prices issued. Mother Lode in particular recording heavy transactions up from 3 9 % o. to 50c., with tho close to-day at 49o. Bonds vory dull. Russian 5 % s sold down a point to 33— a new low level.

A complete record of “ curb” market transactions for the week will bo found on page 1782.


1774 New York Stock Exchange—Stock Record, Daily, Weekly and YearlyO CCU PYING TW O PAGES J

______________________________________Por n e o r J o f m I«i during (h « «a«U of atoolci u i u i l l , In a o t lu , preced ing page.

H I G H A N D L O W S A L S P R I C E S — P E A S B A R B , N O T P E R C E N T .

Saturday Apr. 20

Monday Apr. 22

Tuesday Apr. 23

Wednesday Apr. 24

Thursday April 25.

$ per share $ per share 3 per share 3 per share 3 per share*83% 84% 83% 84 83% 833.4 8334 83-74 83 8334*81 82 813t 8 134 *81 82 *81 82 *80% 82*88'2 90 89% 89% 89*4 8934 897S 8978 *8834 9051% 513< 51% 51% 51% 5214 51*4 517S 507s 51%*537s 54 5334 6334 *52 54 *52 54 53 53%393i 41 4134 43% 41% 42% 41 42 40% 40%1387s 13914 138% 139 138 138% 137% 138% 137% 138',1553j 5p*>8 56 55% 5634 557S 557S *55*6 6i2 *0% 6*2 *6% 6i2 *6 6% *6 6%*18% 20 *19 20% *19 20 19 19 *18% 2038l2 38'2 37% 38% 3734 38-7.4 *3734 39 37% 393.168% 69 67% 68 69% 69% 69% 693.4 68% 70-34— ----- -- 91 91 91% 91% 91% 91% *90 92

*12019 19% 18 19% 19% 19% 18*4 "l9% 18% I83,i67 67 67 67% 67 67% *66i2 68 *66% 6756*4 573s 57% 57% 57% 57% 56% 56% 56 56*30% 33 *30% 313( *30 % 31 *30% 31% 30% 30%*57 64*i *57 6434 *57 643,4 *57 64-3.4 *57 6434*18% 18°3 18 18 19 19 *18% 19% *18% 19%*45 50 *45 50 *45% 50 *45% 50 *45 50*40 50 *40 50 *40 47 *38 48 *38 48105 106 105% 105% *103 105 103% 103% *103 105*160 170 *160 170 *160 170 *160 170 *160 1703i2 3i2 *3% 4 *3% 4 *3 4 *3% 4*6*4 8% 534 6% 5 5% *4 7 *5 7*14-% 15 14% 147« 14% 15's 14-% 14% *14% 143,128->s 28% 28% 287g 283.t 29% 28% 28% 28 283s*19 20 20 20 20 20-3,4 *18% 20 *19 2089 89% 89 89 89% 8934 89% 89% 89 892834 29;,s 29% 30% 287S 2!)78 29 30% 29% 29%

*95 9634 963l 96-34 *95 96% 96% 96% *95% 97%7*4 7U 738 77S 7 7% *7% 7% 7'4 7%42 42 <4 43 43% 42% 42% 41 41% *40% 42*15 16 *15% 16 157* 16 15>2 15‘2 15% 15%*47 50 *48 50 *48 50 *48 50 *48 50*8 10 *8 10 *8 10 *8 10 *8 10*18 22 *18 22 18 18% *18 22 *15 22*57'2 59 58% 58% 59 % 59% 587s 587s *58 59112 112 *111% 113 *112% 113% *112% 112% *111% 113*8 10 8% 8% *8% 10 *8 10 83.1 9478 47s *4% 4% *4% 5 *1‘2 . 4-3,4 4% 4%♦7'4 8*4 *7% 8% *7% 8% *7% 8% *7% 8%21 2 U2 21 21% 21 21% 21 21% 20 207s*51 53 ____ ____ *51% 52% 5134 51-74 *51% 52%69 69 69% 69% 69 6978 *68% 69% 68% 68%29 28 287s 287S 29% 28% 29 28% 28%19% 19% 19 19 *19 19% *19 19% *19 19%104% 104% 104 104 104 104 104 104 *103 101%84 84 84*4 84-3, 83% 84% *83% 84% 83% 83%437s 44 4378 4378 437S 44 44 44 44% 44%____ 56 5627 27% 27% 27% 273,4 27 27% 27% 27%*68 69 *67% 69 *68 69 *68 69 68% 683480% 81's 80% 81-7,1 81's 83 80-7.4 821,4 803s 81%*36'4 38 *34% 38 *34% 38 *36 38 *34% 38*3512 37 *35 39 *35 39 *35 39 *35 3810 10% 10 10"4 10 10 *9% 10% 9% 9%*19 20'2 *19 20% *19 20% *19 20-2 *19 20%*37 42 *35 42 *35 42 *37 42 *37 49%*7 7i2 *7% 8 *7 7% *7 8 7 715's 15's *15 17 1534 153,4 *15 16% *15 16%833s 8338 82% 83% 82% 83% 82% 823.1 8234 823,1207s 2i»4 21 21% 207s 21% 20% 21% 20% 20%*58 59 % *58 59% *58% 59 58-7,4 58*4 *58% 587S15 16 *13 17 *15 16 *13% 16 *13i2 16*47 49 *47 50 *47 50 47% 47% 47 47120 120 119% 120% 119% 1207s 119% 120 118% 119*70 7 1% *70 71 *70 71 *70% 71 7078 707s*5 6 *5 6 *5 6 5% 6 7%*11 12 *11 12% *11 12 12 12% 13 143.17*8 7*8 7% 7% *7's 7's *7% 7% *7% 7%*40 40% 40% 40% 40 40 39-74 40 39% 39%*22 23 22% 22.9 *22 22% 22 221,4 22 22*133,4 14% *137S 14% *1378 14% 137s 137g *133.1 14%*25 30 *25 30 25 25 *24 30 *24 30*14'2 15% *14% 16 14% 14% *14% 15 *14% 15%*47^ 51 51% 51% *49% *49% *49%*8 9 8 8 *8 9 8% 8% *778 8%

*17 20 *16% 18% *16% 1S% *16% 18% *16 20*34 37 *34 37 *34 37 *33 37 *33 37*12*30%58

13.1* 1%2579%*___

*92*7234

♦804334

*9479

13%31%58

1*417S

2512808593i274l29745U9779i2

Friday April 26.

3 per share 83 83

*80%*89 51U

*53 *4034 138

*0*18%*37i2 *68 *90 120 18l2 66

*55%*29l2 *57

18*45%*38 10312 10312

*160 170*3

6* 143328U

*19 8838 2912

*9512 7's

3914

8290513s5442

1385534

6%2039l269l292

15018%66563430l26434185047

*15*48

*8*15*58

46

14*4 28i.i 20 8878 297s 97 7tS

3914 15l2 50 10 22 59

111% 114 *8*4 9*4*4i2 *7i2 20i2

*51 Ig *6814 *28U *19

58

20l252l269l228l219*2

103% 103% 82l2 82l2 44U 4414 10 10 56's 56*s2738

*6881

273S698112

*938 *19 *37

7's *15 82I2 20'2 587s

* 1312 40

10l2 2012 4912

7's 16l2 82% 205S 587s 16 50

118% 1197

157

39*4*2 2*1358*24*14♦4912*Vs

*16*34

*32%*75

13*5825

*46533312

*73t264%

337913l859l2253S47i25333?s7565l4978

48%978

*4412 *87% 115 78l,i 7878

*1041.1 105 647S 6478

103*4 106 108 112 97's 98

100l8 10078 167 168*95 5278

*9314 *20 *13%*456334

110*6U280i2

98 53 9414 25 14% 47 64%

IIOI4 62 82 is

♦86i2 88l2'791*4 80% 1015s 1045s 2238 23

*12297S

’ ♦Is's *H2 253S 80 82

*92 74

*80 44% 96 7918

131231l2

'T78226l2808395 75 974 51296 803s

32l2 79 13 5912 25 47'2 53 33's 74 6538

*96 97S

49 115 78*4

105 65

3 5 1 . 1 7 9

1 3 3 8 6 0 25i2

4 854*4

3 3 3 i7466*89 710's

4 9 3 . 1 120

7 9 3 . 1 1 0 5

6 5 * 2105U IO6I4

'10012 112 *95% 96*i 100',1 100% 1651.1 167*2 95 9553 53l2

*9312 *23 * I35s *45 637S

9 4 %2 5 1 214l247645s

110l2 110'262 62 813<i 83*8

*86 8812*813i 84 8OI4 81*4 1043i 105% 2278 23%

1 3 % 1 3 % * 1 2 1 3 % * 1 3 % 1 4 * 1 3 %* 2 9 3 4 3 1 % * 3 0 3 0 7 s * 3 0 3 0 7 8 * 3 0

5 8 5 81 % 1 3 , 1 1 % 1 * 4 1 % 1 % 1 %

* 1 % 2 1 % 1 1 , 1 % 1 % * 1 %2 4 % 2 5 % 2 4 ? s 2 5 % 251,4 2 5 14 2 5 %8 0 8 0 * 7 7 8 1 * 7 7 8 1 * 7 7

8 5 8 2 8 4 * 8 0 8 5 * 8 29 3 3 , 4 9 3 3 . 1 * 9 3 9 5 * 9 2 9 5 * 9 27 3 % 7 4 3 , 7 3 % 7 3 3 4 7 3 % 7 3 3 4 7 3

* 8 3 9 7 * 8 3 9 7 8 6 S O * 8 3- 4 3 % 4 4 % 4 3 % 4 4 % 4 3 % 4 4 % 4 3 7 S

* 9 5 l 2 9 7 9 6 9 6 9 6 % 9 6 % * 9 6 %7 8 % 7 9 1 . 1 7 8 7 8 3 i 7 7 3 i 7 8 1 . 4 7 8

3 4 3 8 3 5 7 8 3 4 3 , 3 7 7 S 3 7 3 8 % 3 6 7 8* 7 5 8 0 8 0 8 0 * 7 6 8 1 * 7 5

1 3 1 3 % 1 3 1 3 * 1 2 5 S 1 3 % * 1 2 %5 7 % 5 9 % 5 7 % 5 7 3 i * 5 7 % 5 9 5 S 7 82 4 5 8 2 5 % 2 5 2 5 2 5 % 2 5 % 2 4 %

4 7 4 7 4 7 1 , 1 4 7 % 4 7 % 4 7 % * 4 7 %* 5 3 5 4 5 2 % 5 3 5 2 5 3 % ♦ 5 2

3 3 3 3 7 S 3 2 3 , 1 3 3 % 3 2 % 3 3 l s 3 2 * 4* 7 3 7 5 7 4 7 4 * 7 3 7 4 1 - * 7 3

6 4 % 6 6 % 6 4 % 6 5 ' s 6 4 6 4 6 4* 9 6 9 8 9 8 9 8 * 9 5

9 3 4 9 3 i * 9 % 1 0 % 8 % 9 % 94 8 4 . 8 ' s * 4 7 4 8 4 2 % 4 7 % 4 5

1 2 2 % 1 2 5 1 2 2 1 2 8 1 2 0 1 2 1 *7 7 % 7 9 7 6 3 i 7 7 3 , 7 6 7 S 7 7 % 7 7 1 . 1

1 0 4 % 1 0 4 % 1 0 4 3 . 1 1 0 4 7 s 10 4 3 4 1 0 4 3 , * 1 0 4 %6 5 6 5 % 6 5 6 5 6 4 % 0 4 % * 6 4

1 0 4 % 1 0 5 1 0 4 % 1 0 4 % 1 0 1 1 0 4 1 0 4* 1 0 9 % 1 1 2 * 1 0 9 % 1 1 2 * 1 0 9 % 1 1 2 * 1 0 9 %

9 4 3 . 1 9 6 % 9 0 1 0 0 % 9 8 % 1 0 0 % 9 9 %9 9 7 3 1 0 0 % 9 9 7 3 1 0 0 % 9 8 9 9 7 8 9 7 7 8

1 6 5 U 1 6 5 % * 1 0 5 1 6 7 % * 1 6 5 1 7 0 1 0 6 %* 9 2 % 9 8 * 9 2 9 8 9 5 9 5 * 9 2

5 2 % 5 2 7 S 5 1 3 4 5 2 5 2 5 2 * 5 1 %* 9 3 1 . 4 9 4 % 9 3 7 S 9 3 7 8 9 3 % 9 3 % * 9 2 %

2 2 2 2 % 2 2 % 2 2 % * 2 2 2 4 % * 2 2 * 4I 3 7 s 1 4 1 3 % 1 3 % * 1 3 % 1 4 % * 1 3 %

* 4 5 4 6 % * 4 5 4 7 * 4 5 4 7 * 4 56 3 % 6 5 6 3 % 0 4 % 6 3 % 6 3 7 8 6 3 %

1 0 8 % 1 0 9 % 1 7 0 1 0 8 1 0 6 % 1 0 7 1 0 6 3 . 1* 6 1 6 3 6 1 % 6 1 % * 6 1 % 6 2 % * 6 1

S 0 %9 7

8 2 %9 7

8 0 8 1 7 8 8 0 8 0 7 8 8 0 %

* 8 6 8 8 % 8 7 7 S 8 7 7 S * 8 6 8 8 % * 8 6

7 9 % 8 0 * 4 7 9 8 0 % 7 9 7 9 % 7 91 0 5 % 1 0 5 7 s 1 0 5 % 1 0 5 % 1 0 5 * 4 1 0 6 1 , 1 0 6

2 2 % 2 2 * 4 2 2 3 4 2 2 3 , 2 2 % 2 2 % ♦ 2 2

71215147's

3 9 3 ,22l214

3 01 5 1 , 1

"8%2037„j,14

3 0 7 s

Salesfortbs

WeekShares.

2 , 3 0 0100

5 0 04 , 1 0 0

3 0 05 , 7 0 0

4 , 9 0 02,200

1007 , 2 0 0

5 , 4 0 03 0 0

S T O C K SNEW YORK STOCK

EXCHANGE

Do pref.

Do pref.

3 , 5 0 09 0 0

9 0 0200

500

5001001,100

3,0003,500

9001,700

28,530200

2,9001,400

800

200400300800200

5 , 4 0 0100

1 , 5 0 02 , 8 0 0

2009 0 0

3 , 2 0 03 , 5 1 0

100200

2,800200

63,600

200300

6,3106,900

200200200

8,3501003,6001,800

8001,100900100100100200600

1*22

26l88185957397Ills97'2787S3881131.,587825481.153333875643,9 9

945*8

1307712

10565

104

9812i e s i 2975 2 3 ,9 52 4141247

6 3 7 S

1071a6 281

88*2

8 01 0 6 ' ,

2 3

200700300

4.200 7,900 8,500

400600100

5.200 10054,-100

30015,600

Do prof, ihlcago Mllv Do prof.Do prof.

Do pref.DoDo 2d pref.

1 6 , 8 0 0200

1 , 6 0 01 . 7 0 0

4 , 5 9 71 . 3 0 0

3 . 7 0 09 . 7 0 0

5 0 021,000100

2 , 9 0 03 , 2 0 0

1 . 3 0 0 1 5 , 6 0 0

6 0 01 , 8 0 0

4 , 5 0 0

5 1 , 9 0 02 2 , 8 0 02,100

2002 , 5 0 0

2004 0 05 0 0

1 3 , 2 0 0 4 , 3 0 0

200 1 2 7 , 6 0 0

100 100

0 7 , 3 7 53 , 5 0 0

2 , 6 0 0• Bid and asked prices; no sales on this day. 1 Ex-rights, i Loss than 100 shares?

Do pref_____Erie________________________

do ist pref___Do 2d pref__________100

Great Northern pref______100Iron Ore properties..No par

Illinois Central_________ jooInterboro Cons Corp..No par

Do pref.........................100Kansas City Southern.. 100

Do pref.........................iooLake Erie <fe Western____ 100

Do pref.........................100Lehigh Valley...... .......... 50Louisville A Nashville___ 100Mlnneap * St L (neto)...100 Missouri Kansas A Texas. 100

Do prof.........................100Missouri Paolflo tr otfs___ 100

Do pref tr otfs_______ 100New York Central............. 100N Y N II & nartford_____ 100N Y Ontario A Western__ 100Norfolk A Western______100Northern Pacific_________ 100Pennsylvania_____________ 50Pere Marquette v t O -..I I 100

Do prior pref v t 0___ 100Do pref v t 0_________ 100

Pittsburgh A West Va___ 100Do preferred_________100

Reading__________________50Do 1st pref___________ 50Do 2d pref___________ 50

8t Lotils-San Fran tr otfs. 1008t Louis Southwestern___ 100

Do pref.................. ..100Seaboard Air Line________ 100

Do pref.......................100Southern Paclflo Co.......... 100Southern Railway_______ 100

Do pref.......................100Texas A Pacific__________ 100Twin City Rapid Transit..100Union Paclflo____________ 100

Do prof.................. I I 100United Railways Invest...100

Do pref...................... 100Wabash_________________100

Do pref A.......... IIIIIlOODo pref B....................100

Western Maryland (new). 100Do 2d pref___________100

Western Pacific.................. 100Do preferred........ 11Z1100

Wheeling A Lake E Ry__.10ODo preferred_________ 100

Wisconsin Central............ 100Industrial & MiscellaneousAdvance Rumely______ 100

Do pref.........................100Ajax Rubber Ino__________ 50Alaska Gold Mines_______ 110Alaska Juneau Gold Mln’gllO Allls-Chalmers Mfg v t O..100

Do preferred v t e___ 100Amer Agricultural Chem-.lOO

Do pref.........................100American Beet Sugar____ 100

Do pref.........................100American Can_________ 100

Do pref........................100American Car A Foundry. 100

Do pref................ ....... 100American Cotton OU____ 100

Do pref-------------------- 100American Hide A Leather. 100

Do pref.......................100American Ice____________ 100

Do preferred________1100Amer International Corp. 100American Linseed________ 100

Do pref........................ 100American Locomotive___ 100

Do pref........................100American Malting______ 100

Do 1st p re f.. ......... 100American Shipbuilding... 100 Amer Smelting A Refining. 100

Do pref........................ 100Amer Steel Foundries____ 100American 8ugar Refining.. 100

Do pref.........................100Am Sumatra Tobacco___ 100Amer Telephone A Teleg. . 100American Tobacco______ loo

Do pref (new)............... 100Am Woolen of Maas______ ICO

Do pref.........................100Am Writing Paper pref... 100Am Zinc Lead A 8......... ..,.25

Do pref........ ............ 25Anaconda Copper Mining..50 Atl Gulf A W I 8S L ine...100

Do pref........................ 100Baldwin Locomotive Wks.100

Do pref........ ................100Barrett Co (The)...............100Bethlehem Steel Corp___ 100

Do class B common__ 100Do cum conv 8% pref___

Booth Fisheries___ ___No par

PEll SB A HE PER SHARERange Since Jan. 1. Range for Previous

On basis of UM-share lots. Year 1917Lowest. Highest. Lowest Highest

% per share. $ per share. S per share $ per share81 Mar2 87% Jan 3 75 Deo 107% Jan80 Jan 311 82% Jan 2 75 Dec 100% Feb8938 Apr 2; 92 Jan 2 z797* I)eo 119 Jan49 Jan 2-, 56% Marl-; 38% Deo 85 Jan53 Apr 2( 57% Jan 5 48% Dec 7678 Jan3S38 Feb 2, 48% Jan 2 30 Deo 82 Jan135 Mar2, 149*4 Jan 31 126 Deo 167*s Mar493.1 Jan If 60*s Mar 1-1 42 No\ 65*4 Jan

6 Apr 8*4 Jan 2 « Deo 14% Jan18% Apr ! 25 Jan 3 17% Deo 41*4 Jan37% Apr 22 4734 Jan 2 35 Nov 92 Jan66% Apr 1 79% Jan 5 62% Deo 125% Jan89% Mar2J 95 Jan 3 85 Deo 124% Jan137 Jan 20 137 Jan 29 137% Deo 172% Feb18 Apr 22 23 Jan 3 16 Deo 38% June563iJan 15 69% Mar 12 44 Deo 84% Apr46 Jan 15 59% Mar 12 35*4 Deo 71 Apr26 Feb 21 31% Apr IS 24 Nov 51 Jan61 Jan 11 61 Jan 29 61*4 Oct 80 Jan18 Apr 22 23 Jan 2 18 Nov 30 Jan47 Apr 5 5012^{in 4 4478 Nov 67% Jan40 Apr -1 45 Mar 14 41 Sopt 40 Mar100% Apr 11 115% Feb 1 87 Nov 1517g Jan

160 Apr 17 zl80 Jan 4 167% Deo 238 Mar2% Jan i 6 Jan 3 5 Deo 17 Jan5 Apr 21 1358 Jan 2 97* Deo 41 Jan

14 Apr 17 17% Jan 2 13% Deo 34*4 Jan23%Jan If 30% Marls 18** Deo 49% Jan18%Jan 25 22 Marl8 15% Deo 39*4 Jan86 Jan 15 92% Feb 14 79% Deo 118% Jan25% Jan 15 30-% Apr 22 22% Nov 38% M ar92 Jan 7 96*4 Apr 2 85*4 Deo 100-% Jan

6*4 Mar25 9% Jan 3 5*4 Deo 17% Jan39% Apr 20 47%Jan 3 39% Deo 72% Jan15% Apr 17 18*4 Jan 7 13% Nov 257a Jan45 Jan 5 51 Feb 1 40 Nov 58% Jan9 Jan 14 10% Feb 19 8% Nov 25% Jan18 Apr 23 21 Feb 25 23 Oct 63a,i Jan55 Jan 15 6278 Marl 1 50*8 Deo 79% Jan

110 Jan 2 118 Marl-l 103 Deo 133*.i Jan7% Apr 17 10% Jan 3 67s Deo 32% Jan438 Jan 5 6%Jan 2 3% Deo 11 Jan0%Jan 29 9%Jan 7 7 Nov 20% Jan20 Jan 15 2478 Jan 2 1978 Nov 34 Jac41 Jan 15 54% Mar 15 37% Deo 01 Jan67%Jan 15 7358 Jan 4 62% Deo 103% Jan27 Apr 11 3278Jan 2 21% Sept 527s Jan

18%Jan 22 21% Jan 3 17 Nov 29% Jan102 Jan 24 100*4 Mar 12 92% Deo 138%Jan81%Jan 24 88% Jan 3 75 Deo 110% Jan4334 Apr 11 47%Jan 2 40% Doo 67*s Jan10 Apr 3 14 Jan 4 12 Deo 30*4 Jan52% Apr 3 58*4 Feb 19 45 Nov 73% Jan30 Apr 5 37 Jan 11 37 Oct 57 June-22% Jan 2 30% Marl4 18*4 Deo 35*4 June61 Jan 10 69 Apr 19 53% Apr 68 Jan70%Jan 15 85% Marl8 60% Nov 104% Jan35 Jfln 12 38 Marl 4 34 Nov 45 Jan35 Mar30 38% MarlO 337S Deo 45% Jon9*sApr 3 14 Jan 2 12 Deo 2088 June19% Marl2 23 Jan 7 22 Deo 32 Jan34% Feb 13 40% Jan 3 34 Deo 53 Jan7 Apr 17 8% Jan 4 7*4 Deo 18 Jan15% Apr 19 19% Jan 3 167s Deo 39% Jan80% Jan 24 88*4 Feb 27 75*4 Deo 98% Mar20% Apr 17 25% Mar 12 21% Deo 33% Jan57 Jan 21 617s Marl 1 51% May 70% Jan15 Apr 10 197s Feb 20 11% Nov 19*4 Jan47 Apr 12 65% Jan 31 62 Deo 95 Jan109*4 Jan 15 123*4 Feb 28 101% Deo 149% Jan69 Jan 3 74% Marl 1 69% Deo 85 Jan4*4 Jan 15 7% Apr 25 4% Deo 11% Jan10% Apr 9 15% Apr 20 11% Deo 23*4 Jan7 Apr 26 9% Jan 2 15*4 Jan39% Apr 12 44% Jan 2 30% Deo 58 Jan20% Jan 15 23% Mar 8 18 Deo 30% Jan13 Jan 15 17*4 Feb 15 12 Deo 23 Apr20 Jan 29 31% Feb 15 20 Deo 41 Mar13 Jan 2 16% Feb 15 10% Dec 18% May46 Jan 3 58 I-’cb 0 35% Dec 48 July8 Apr 22 10% Jan 2 7% Deo 227s Jan17% Apr 17 22*4 Feb 18 16% Nov 60% Jan36 Apr 8 39% Jan 3 33 Deo 54% Jan11 Jan 19 147s Feb 18 7% Nov 18% Jan2578Jau 15 31%Apr 22 19 Oct 37% Jan49 Jan 2 58 Apr 8 45% Dec 80 Jan1*8 Apr 25 278 Jan 12 1 Dec 11% Jan1% Apr 1 31, Jan 21 1*4 Deo 8% Mar173.1 Jan 15 2778 Feb 21 15 Deo 32% May72% Jan 4 83% Mar 7 65 Deo 807g Mar78 Jan 2 90 Feb 13 95% May89% Jan 17 93*4 Apr 23 91 Deo 103% Jan70 Apr 17 84 Feb 27 1021] Feb84 Jan 9 86 Feb 19 78% Dec 98 Jan34% Jan 15 45% Apr 22 29% Nov 53 May89%Jan 23 963, Marl 1 87 Deo 1 1 1 %June68%Jan 14 80-% Apr 4 57 Feb 80% Juno106 Jan 3 110% Feb 1 100 Nov 118*4 May25 Jan 16 38% Apr 25 21 Deo 50% Jan787S Apr 8 81% Mar 8 80 Doo 101% Jan117s Jan 10 14*s Fob 26 10 Fob 17% Mar50 Jan 2 63% Feb 2611%Jan 2 26% Apr 19 87* July 107g Aug38*1 Jan 16 48 Apr 8 35 Deo 65 July52 Apr 25 58% Feb 1 10 Oot 62*4 Aug27 Jan 7 34% Feb 6 15*4 Fob 29% Aug69% Jan 7 75*s Feb 0 48 Feb 75 Not53% Jan 15 09% Feb 19 46% Deo 82*4 Janz95 Jan 4 100 Feb 18 93 Deo 1067s Jan8% Apr 25 13% Feb 6 8I4 Deo 19», Mar42% Apr 25 58% Fob 0 60 Deo 71% July90 Feb 21 128 Apr 24 88 Nov 93 Nov74% Apr 11 86% Feb 19 67% Deo I12»i June101 Jan 5 loo*., Afar 2 *99% Nov 117%Jan58 Jan 15 68% Fob 19 50% Deo 75 June98 Jan 16 108% Feb 10 89% Nov 126*s June108% Mar23 110% Jan 3 106 Deo 121%Jan60*4 Jan 5 100% Apr 25 30 May 02% Deo9773 Apr 20 109% Feb 1 95*4 Deo 128% Jan140% Jan 5 1687* Feb 6 123 Deo 220 Mar94 Jan 24 99 Feb 23 89 Deo 109*4 Jan44% Jan 15 50% Feb 21 37% Fob 58*4 June92 Jan 4 9578 Mar 12 87 Nov 100 Juno20%Apr It 31% Feb 5 17 Nov1278 Jan 18 17% Jan 3 10% Deo 41% Jan41 Jan 2 47 Jan 3 39% Deo 72% Jan

z59% Jan 18 66% Feb 19 61% Nov 87 May97*4 Jan 5 120% Feb IS 87% Sopt 121%Jan58 Jan 5 643, Mar 18 54 Feb 66 Jan56%Jan 15 833s Apr 22 43 Feb 76% July93 Jan 2 100 Feb 28 93 Doo 102% Jan85 Jan 4 93 Fob 19 82 Deo 130 Jan74% Jan 15 837S Feb 27 66% Deo 515 Jan72% Jan 15 83-% Jan 3 zOO's Doo 150 Juno96% Jan 15 106% Apr 25 93 Deo 101% Oot21 Jan 21 26 Feb 18

a Ex-dlv. and rights, . Ex-dlvldend. ft Before payment of first Installment.


New York Stock Record— Concluded— Page 2f o r record <»f tuiet during the week o f itocica usually Inactive, see second page preceding*

1775

B I O S A N D L O W 8 A L U P R I C E S — P B R S H A R H . N O T P B R C B N T . Salesforthe

Saturday April 20

Monday April 22

Tuesday April 23

Wednesday April 24

Thursday April 25.

Friday April 26.

WeekShares.

EXCHANGE

$ per share S ver share S ver share $ per share S per share $ per share Inductrlal&iVIHc.OCon.) Par129% 132 130 131 130 131% *129% 131% 128% 129% 129% 129% 3,800 Burns Bros______________ 100*9% 9*4 9 9% 9 9% *9 9% 8% 9 *8% 9% 1,900 Butte Copper A Zinc v t c__ 520% 20% 20% 20% 20% 21% 20% 20% 19% 20 19% 19% 2,600 Butte A Superior Mining.. 1042% 42% *42 42*4 42% 43% 43% 43% 43 43 *42% 42% 1,800 California Packing___ No par17% 17% 167g 17% 10 16% *16 17 16 16% *16 17 1,900 California Petroleum____ 100

*47 49 48*4 49 *47% 48% 47% 47% *47 48 *47 48 309 Do pref_____________ 10068% 69 68% 70% 70% 65% 66% 65% 66% 65% 66 58,109 Central Leather_________100

•102 104 103% 103% *103 105 103% 103% *102% 103% *102% 103% 309 Do pref............ ........... 10032 32% 317g 32 31*4 32% 31% 32 31% 31% *31% 31% 4,250 Cerro de Pasco Cop__ No par

♦80 85 82 82 80'2 80% 78 80 *77 82 78% 78% 1,020 Chandler Motor Car______10016% 167g 16% 16% 16% 10% 10% 16% 16 16% 16 16 9,100 Chile Copper_____________ 2541% 41% 42 42% 42 42.% 42% 42% 42 42% 42% 42% 4,700 Chino Copper____________ 539% 40 40 42 40% 41 40% 40% 39% 40% 40% 40% 8,400 Colorado Fuel A Iron____ 10034 34% 34 34 *33 34 34 34 34 34 *33 34 800 Columbia Gas AElec____ 100

*85 88 88 88% *86 90 *87 88% 88% 89 *87 90 700 Consolidated Gas (N Y)._100*65 70 >4 *65 70% 70 71% *65 71 *65 70 *65 71% 500 Continental Can, Inc.........10037% 37% 37 37% 36*4 37% 36% 37% 36% 37% 37% 39 61 650 Corn Products Refining...100

*97 98% 97*4 97*4 §97*4 97% *95 98 *97 98 97% 97% 320 Do pref........................ 10064% 65% 65% 67% 65 67 64% 65% 64% 65 65 65% 42,400 Crucible Steel of America. 10089 89 89 89 *87 90 *89 90 *89 90 *89 90 200 Do pref........................10029*2 307g 29% 31% 29 29% 28% 29% 28% 28% 28% 28% 17,400 Cuba Cane Sugar_____No par79% 80% *80 81 80% 80% 80 80 80 80 80% 80% 1.000 Do pref_____________ ioo47 47% 47% 49% 48% 50% 49% 50% 49 52% 50 50% 159,700 Distillers’ Securities Corp.100

8% 8% *8 8% *8 8% *8 8% 8% 8% *8 8% 200 Dome Mines, Ltd__ 1034 34 33% 34 34 34 *33 34 33% 33% *33 34 800 Gaston W A W Ino_.No par

142% 143 *141 143 141% 142*4 141 141 141 142 *140 143 1,600 General Electric................ 100122 123% 122 123*4 118% 121% 116% 119% 115% 117% 116% 117% 19,300 General Motors Corp___ 1100*79 79*4 *79% 79*4 79% 79% 79 79% 79 79 79 79 720 Do pref........................ 10044*4 47% 45% 46% 44 45% 43% 44 44 44 44% 44% 7,600 Goodrich Co (B F )_______100

*87 99 *95% 99 *93 99 *94 99 99 99% *95 100 300 Do pref_____________ 100*75 78 76% 76% 76 70% 76 76 *75 76% *75 75% 800 Granby Cons M S A P___ 10043 43 43% 43*4 43 43 41% 42% *41% 43 42% 42% 800 Greene Cananea Copper.. 10094% 94% 96 96 97 101 105 109 108 111% 103 107 4,375 Gulf States Steel tr ctfa.-.lOO

*96 102 *96 102 *96 109 *96 102 *96 102 *90 102 Do 1st pref tr ctfs___ 10039% 40 39% 40 39 39% 38% 39 38% 38% 38 38 2,510 Haskell A Barker Car..No par48*4 49*4 50 50% 50% 53% 51% 54 51% 52% 51% 52% 73,300 Inspiration Cons Copper__ 2013*4 13*4 *12% 15 *12% 15 *12% 15% 15 , 15% *13 15 66C Internat Agrlcu! Corp___ 10045 45 *40 47 *43 46 43% 43% 46% 1 47 47 47 90C Do pref........................100

*121 122 121 121 120*4 120% 121 121 120 121 *120% 121% 1,000 Intern Harvester of N J..10024*4 25 24% 24*4 24 24% 23% 24 23% 23% 23% 23% 13,900 Int Mercantile Marine___ 10089% 89*4 88% 90 87% 89 86% 88 86% i 87% 86'.i 87% 29,100 Do pref........ ............... 10028% 28% 28% 28*4 28 28% 28% 28% *28 A 28% 28 28 4,600 International Nickel (The) .2537% 38% 37 38% 36% 37% 36% 41% 39% 41% 40% 41% 48,700 International Paper_____100

*62% 63% *62% 63% 63% 64 *63 t 64 *62% 63% 600 Do stamped pref___ 10043 45 *41% 45 43% 431? *41 43 *41 , 43 *42 43 1,000 Kelly-Sprlngfleld Tire.........2532% 32% 32 32% 32 32% 32 32% 32 i 32% 32 1 32 7,600 Kennecott Copper___ No par79% 82 80% 81*4 79% 79% 79% 80 80 j 80 80 80 5,900 Lackawanna Steel________ioo

*12% 13% 13% 13% 13% 13% *13% 14% *13 14% *13%"' 14 200 Lee Rubber A T ire...N o par*18% 20 19% 20% 19% 20 20 22 22 , 22% *21% 22% 2,400 Loose-Wiles Biscuit tr ctfs.100*52 63 *51 63 *52 63 ♦52 63 *52 3., 63 *55 63*73 75 *73 75 *74 75 *74 75 *73 t ' 75 *73 75 Mackay Companies__ ...1 00*63% 05 64 64 *64 65 64 64 64 i 64 1 *63 * 65 500 Do pref.................... ..100*27% 29 *28 29% *27 29 24% 25% *24% I 26 • *25% 26% 700 Maxwell Motor, Inc , inn*52 56 *51 57 *51 56 51 54% 53 53 *51% 53% 00( Do 1st pref__________100*20 22 *21% 24 *20 24 20% 20% *18 23 *18 f, 23 20( Do 2d pref___________ 10095% 957g 95 97% 94 96 92% 94% 92% 94 93% 93% 6G,80( Mexican Petroleum_____ loo

*88% 95 ___ a Do pref_____________ 10028% 28% 28*4 28% 28% 29 28% 28% 28% 28% *28% 28% 1,700 Miami Copper__________ 546% 46i., 46% 40*4 45% 45% 45% 46 45% 45% 45% 45% 8,75( Midvale Steel A Ordnance..50

*68 70% 68 68 69 69 68 68 *67 68% *67 68% 30( Montana Power_________100*97 *95 98 *97 98 98 98 *97% 98% *98% 98% 10( Do pref_____________ 10016% 18% 17*4 18% 16% 17% 16% 17% *16% 17 17 17% ll.OOf Nat Conduit A Cable No par50*4 51 50% 52 51 51% 50% 52% 51%, 52% 51% 52 14,60( Nat Enam’g A 8tamp’g ...l0 0

*96 98 597*4 97*4 *96 98 ♦95 98 *95 97% *95 98 5( Do pref_____________ 10058 58 58 58% *57% 59 57% 57% 57 57 *57 60 50( National Lead___________ 100

♦ 10“> 107 *105 107 ♦105 107 ♦105 106 *105 107 *105 10719 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 4,300 Nevada Consol ConDer.. A

125 125 127 128 *123 128 *124 128 *123 127% *123 127% : 40( New York Air Brake X00*40 45 •40 45 *42 45 *42 45 *42 45 * *4037% 37*4 37% 38 37*4 37% 37% 39% 37% 38% 38% 38S, 18,200 Ohio Cities Gaa (The)___ 26

9*4 10 10% 10% 10 10% 9 % 10 9% 9% 9 % 9 % 5,000 Ontario Silver Mining__ 100*32 32% *31% 32% 29% 30 30% 31 30% '30% 30% 31 2,400 Pacific Mall SS............ 5*91% 91*4 91*4 91*4 *91 92% 91 91 *90% 92% ♦90% 92% 200 Pan-Am Pet A Trans, pref. 10042*.i 42*4 44 45% 45 47 46 46% 46 46 46 , 46lo 3,250 People’s G I- A C (C hic)..100*21 23 *21 23 *21 23 *21 23 22%": 24 25 i 28 3,100 Philadelphia Co (Pittsb)...50

*37*4 39 387g 39% 37% 38 37% 37% 36% 37% 37% 37% 3,200 Pierce-Arrow M Car__ No par*92% 96% *92% 96% *92% 96% 93% 93% *91 95 *91 95 100 Do pref.................... ..10053% 54 53 53% 53 53% 52% 52% 52 £ 52 52 1 52 2,200 Pittsburgh Coal of Pa___ 100

*81 83 ♦81 83 81 81 *80 83 *80 83 *80 83 100 Vo pref_____________ 10057*4 59 58% 59% 57% 58% 57% 58% 58% 59% 58% 59 * 8,500 Pressed Steel Car________100

*92% 95 *93 95 *92% 96% *93 95 *93 . 94 *93 94 Do pref........ . . 100*98 100 *98 100 *98 100 *98 100 98 98 *97 100 100 Public Serv Corp of N J ...100

5110 116 *113 116 115% 115% 115% 115% *115 116 *115 116 655 Pullman Company_______1005434 56*4 56% 57% 55 56% 54% 56 55% 55% 55% 55% 13,900 Railway Steel 8prlng_T, n ,im)

*96 98 *96 98 *96 98 *96 98 *90 , 98 *96 98 Do pref............ ........... 10024*4 24 % 24*4 25 24% 25% 24% 25 24% 24% 24% 25 5,400 Ray Consolidated Copper..10827g 84% 83% 84% *81 82% 80% 81% 80% 80% 80% 81 21,300 Republic Iron A Steel 10098 98 *97% 98 *97% 98% 97% 98 *97 ; 98 *97 08 400 Do p re f...................... 10077 77% 77 77 77 l 77 *74 76 73% 75 *731.1 75 2,300 Royal Dutch Co ctfs dep__

7% 7% 7 7 7 7% *6% 8 *6% 8 *6% 8 4 0( Saxon Motor Car Corp...100*143 150 *143 150 *142 150 144% 144% *142 , 150 ♦142 145 100 Scars, Roebuck A Co........ 100*16% 17 *16% 17% 17 17 *16% 17% 16% 16% ♦16 16% 300 Sbattuck Arlx Copper „ in287g 29% 28% 28*4 27% f 28l,i 27% 28 27%; 28% *27% ' 28 7,800 Sinclair Oil A Ref*g___No par58% 59% 60% 60% 60 60% 59 59 58 i 58 ♦56 60 3,300 Hloss-Shoffleld Steel A Iron 10038% 39 37% 39 36 38% 33% 36% 33%' 35% 34% 36% 80,000 Studebaker Corp (T h e ) . ..100

*80 90 *80 90 *80 90 *80 90 *80 j 90 *80 90 Do pref_____________ 10036% 37% 37% 37% 36*4 36% *36%' 37% 37 37 37% 40% 7,200 Superior Steel Corp’n___ 100

*94% 99 *91% 97 *96 99 ♦96 99 *96 99 *96 10217% 17% 1713 17% 17% 17% 17% 171? 17% 18% 18% 18% 12,900 Tenn Copp A C tr ctfs.No par

147 147% 146*4 148% 145% 147 144 146 144 145 *143% 145 4,100 Texas Company (The)___ 10054.2 55 54% 55*8 54% 54% 54% 54% 53% 54% 53% 53% 12,050 Tobacco Products Corp__ 100*87% 91% *87% 92 ♦87 91% *87 91-2 *87 91% *87 911,. Do pref........ ............... 100*100 105% *99% 105% *99% 103% *99% 103% *99% 10312 *99% 103% U n d e r w o o d T y p e w r i t e r _ _ I O O* 68 *72 80 *75 80 *75 80 75 75 *75 80 100 Union Bag A Paper C orp.. 10040 40 39% 40 *39 40 39 39% *38% 40 39% 40% 1,400 United Alloy Steel_____No par897g 90% 90 90% 89% 90 89% 89% 89% 89% *87% 87% 5,700 United Cigar Stores.......... 100

♦102 112 *102 112 *102 112 *102 112 *103 112 *102 112 Do pref_____________ ioo*121 123 122% 124 *121 123 *121 122% 121% 122 *121 122 1,300 United Fruit...................... 100*13% 14% *1234 15 *13 15 *13 15 *12% 15 *13 14% U S Cast I Pipe A Fdy___ 10043*4 43*4 *41% 45 ♦41 45 *41 45 *41 45 *41 45 100 Do pref...... ........... ......100

124% 126 125 >2 120 125 126% 124% 126 123% 125% 123% 124 228,300 U S Industrial Alcohol___ 100*96 97*4 *96 98 §96 96 *95 98 97 97 *95 97 115 Do pref................ ....... 10055 68% 57% 59 56% 58% 56% 57% 57% 58% 57% 58% 24,700 United States Rubber___ 100

*103 104% 104 104% §102% 102% 104 104 102% 102% 103 103 740 Do 1st preferred.......... 10038 38 *37% 38% *38 39 38 38 *37% 3S% 300 U 8 Smelting Ref A M ........ 50

*43% 44 *42% 44 44 44 43% 43% *42% 43% 200 Do pref_____ ________ 5091% 96 94% 9 6 % 94% 95% 94% 95% 93% 94% 94% 95% 334,400 United States Steel C orp.. 100

110% 110% 110% 110% 110% 110% 110% 110% 110% 110% 110% 110% 1,683 Do pref_____________ 10080 80% 80% 81 80 81% 80 80% 79% 79% 79% 79% 4,500 Utah Copper........................ 1013% 13% *12% 13% *12% 13% *12% 13% *12% 13% 12% 12% 200 Utah Securities v t c______10043 43 43 44% 44% 44% 44 47 46% 47 46% 46% 17,425 Vlrglnla-Carollna Cbem__ 100

*102 107 *102 107 104% 101% *102% 106 *103 108 ♦103 108 100 Do pref........................100*68 70 68% 08% *68> i 70 ♦67 70 *67% 70 69 69 200 Virginia Iron C A C .......... 10094*4 04*4 94% 94% 93% 94% 93% 93% *93 94% *92 93% 800 Western Union Telegraph.10040% 41 41 41% 41 41% 40% 40% 40 40% 40% 40% 5,000 Westlnghouso Flee A Mfg._50*60 65 *60 65 *60 *60 65 *61 65 *61 6542 42% *42 42.* 42 42 *41 42% *41% 42% *41 42% 300 White Motor_____________ 6017% 17% 17% 17% 17% 17% 16% 17% 17% 17% 17% 17% 12,200 Wlllys-Overland (The)........ 25

*79 81% *90 100 82 82 82 82 *82% 83% *81 83 300 Do pref (new)________10055 55 54 55 *54 55 *54 55 *53% < 54% 53% 53% 500 Wilson A Co, Ino, v t C...100

112 112 *112% 114 114% 114% *113 115 115 115 115% 115% 400 Woolwortb (F W)...............100*112 120% *112% 120% *115 121 *115 120 *115 121 *115 121 Do pref........................ 100♦42 43% 43% 43% *42% 43% 43 43 *43 43% *4212 43*2 300 Worthington P A M r t o .1 0 0♦89 91 *87% 91 *89% 91 *89% 91 *89% 91 *89% 91 Do pref A___________ 100*62 64 *63 04 64 64% *63% 65 64% 64i,i *63 65 600 Do pref B.................... 100

S T O C K SN EW YORK STOCK

PER SHARE Range Since Jan. 1.

On basis of 100-share lots.

Lowest. Highest.

$ v e r sh a re . 108 F e» 5

8% Apr 25 lOUJan 2 3612 Jan 3 12 Jan 7 36 Jan 5 61i2Jan 15

10212 Marl4 29*4 Mar 6 68U Jan 14*2 Apr 39 Mar25 3434 Jan 29 28*4 Mar25 84 Jan . 68*4 Mar25 29% Jan 15

*9012 Jan 7 52 Jan 12 86 Jan 31 27i2Apr 10 78ig Mar25

*33 Jan 8 Marl4

3134 Mar25 12734 Jan _ IO634 Jan 15 79 Apr 17 38 Jan 2 96 Jan 10 74 Jan 25 38ig Jan 17 86 Jan 15

102 Jan 10 34 Jan . 423gjan 15 10 Jan 38 Jan

ll li* Jan 2 21 Jan 1583®g Jan 2 27 Jan 15 24ig Jan 1558 Jan 2241 Apr 2 29 Mar25 73*4 Jan 12 12 Apr 2 17*2 Jan 8 53 Feb 1574 Marl8 57 Jan 4 23% Jan 15 51 Apr 24 19*4 Jan 15 79 Jan 5 87 Jan 15 27U Apr 12 43U Mar23 66 Mar2095 Mar 19 13i2Apr 8 3714 Jan 796 Jan 2 4314 Jan 7 99*4 Mar 2 17*4 Mar25

117t» Jan 12 43 Jan 2 36ig Mar25

4U Jan 22 2312 Jan 21 86 Jan 8 39% Jan 2 21 Apr 12 34 Jan 16 89*4 Jan 2642 Jan 15 79*4 Jan 2 5734 Apr 20 9314 Apr 19 98 Apr 17

100*8 Jan 7 45i2 Jan 7 95 Jan 2 22*8 Jan 15

*72% Jan 15 92% Jan 70*8 Mar23

6*4 Apr 17 13934 Jan _

155s Jan 17 25*4 Apr 11 39 Jan 24 3378 Apr 24 90 Mar27 3414 Mar25 95 Feb 16 127g Jan

136*2 Jan . 4812 Mar25

*87*4 Marl9 100 Apr 9 65 Jan 24 37 Jan 2 83*4 Mar28

101*4 Jan 6 116*4 Jan 16 11*8 Apr 6 41 Mar26

114 Jan 5 95 Jan 22 51 Jan 15

*95 Jan 15 32*2 Apr 12 42*g Apr 12 86*2 Mar25

108 Mar25 76*4 Mar25 11 >2 Jan 2 33*4 Jan 2 98 Jan 16 50 Jan 5 85*s Jan 2 38*2 Jan 1759 Jan 11 36*4 Jan 2 15*2 Jan 1575 Jan 3 45*4 Jan 2

110 Mar2534 Jan 4 85*s Feb 5 59 Jan 18

$ per share.132 Apr 20 10*4 Feb 15 24*2 Marll 43*2 Apr 9 18*2 Apr 15 49 Apr 15 7338 Feb 27

*107 Mar 8 33*4 Feb 20 95 Feb 25 17%Jan 2 45*2 Feb 1 42% Feb 19 35 Jan 30 92%Feb 7 95 Feb 19 39 Apr 26 977g Mar21 68*8 Feb 19 90 Jan 2 337g Feb 2083 Feb 18 52% Apr 2510 Jan 4

„ 39 Feb 137 143% Feb 19

141*4 Feb 9 88 Feb 1

*50% Feb 5 100 Feb 19 79% Jan 3 45 Feb 6

111% Apr 25 102 Jan 10 42*4Mar 454 Apr 24 15% Apr 25 49*4 Feb 5

130 Feb 20 31*4 Feb 23

102% Feb 18 3078 Jan 3 4134 Apr 26 65% Jan 3 47% Jan 11 34% Feb 19 82 Apr 20 16 Feb 19 22X2 Feb 27 57 Feb 26 78% Feb 28 64 Apr 22 32% Feb 19 64S4 Feb 26 Feb 983g Marl 295 Feb 23 33%Jan 31 48% Jan 73 Jan

100*8 Jan _ 187g Apr 22 63% Feb 26 99% Feb 20 61*4 Apr 4

105 Apr 11 20 Mar 6

138 Feb 27 46% Feb 23 42% Feb 13 10% Apr 8 32% Apr 1996 Feb 2755 Jan 31 30 Jan 3 43% Mar 1 97% Mar 12 68*4 Feb 2884 Feb 19 69% Feb 19 977g Feb 13

109% Mar 5 118*4 Apr 9 57%Apr 2298 Feb 15 25*8 Apr 23 847g Apr 22 99% Feb 19 80% Marll11 Jan 31

156 Feb 1518% Feb 19 39 Feb 5 60% Apr 22 56*2 Feb 19 95 Feb 6 40*4 Apr 26 95 Feb 16 18*4 Apr 25

160*4 Feb 2 56*4 Feb 21 93 Feb 2

104*8 Mar 2 75 Apr 19 40% Apr 2699 Jan 23

106 Apr 10133 Feb 18

1534 Feb 18 47*4 Feb 1

130*4 Feb 19 99 Mar21 59*4 Feb 19

104% Apr 4 48*4 Feb 19 45*4 Feb 1 98% Feb 1

112% Jan 31 85*4 Feb 19 15% Feb 18 47 Apr 24

104% Apr 23 70% Mar22 95% Apr 15 43% Feb 19 64% Feb 20 45% Feb 20 22 Jan 3 82% Marl9 59 Jan 19

120%Jan 3

PER SHARE Range for Previous

Year 1917Lowest | Highest

$ per share89 Jan

43% Apr 19 91%Apr 6 61*4 Apr 23

12*4 Deo 33*4 Nov 10*4 Deo 29*2 Nov55 Deo97 Deo25 Dec56 Nov 11% Nov 35% Nov 29*4 Nov 25% Nov 76% Deo76 Nov 18 Feb 88% Nov 45*4 Deo 83 Deo 24% Nov 74% Dec 11*4 May

6% Nov 28 Feb

118 Deo 7412 Nov 72*4 Deo 32% Deo

*91% Deo 65 Nov34 Nov77 Nov

101% Nov27% Nov38 Nov

7*4 Nov26% Nov

100*4 Nov 17% Deo 62% Feb 24% Deo 18% Nov 60% Nov 36% Deo26 Nov 68 Nov 10% Nov 12% Nov 65 Jan 70 Nov 57% Deo 19% Nov 49 Deo 13 Nov 67 Deo 84% Nov 25 Nov 39% Dee

*58*4 Deo 96% Deo 13% Dee24 Feb 90% May 37% Dec 99 Dec 16 Nov98 Nov39 Dec 31% Oct3% Nov

18 Feb87 Nov35 Deo 24% Deo25 Dec88 Nov 37% Deo 74 Deo49 Dec

*90 Nov99 Deo

106*4 Deo36% Nov 88% Deo 19% Nov 60 Feb89 Deo 59 M ay

4% Nov 123% Deo 15 Deo 25% Deo 33% Nov 33% Nov 85 Nov 30*4 Nov 98 Deo 11 Nov

114*4 Deo 42% Deo

*88 Dec *83 Deo

69% Deo 34*2 Deo 81% Nov 98% Deo

*105 Deo 10 Nov 42 Deo 98% Nov88 Nov 45 Dec 91 Deo40 Deo 43% Nov 79*2 Dec

102*4 Deo 70*4 Deo 9% Deo

26 Nov 97 Deo 48 Feb

*78 Dee 33*4 Deo 52% Deo 33% Nov 15 Nov89 Nov 42 Nov 99% Deo

113 Dee 23% Feb 88 Nov50 May

$ per share125% Apr52% Jan 42*4 Aug 30% Jan 62% Jan

101%Jun 115% Jan41 Feb

104*4 Mar27% M ar 63*4 Mar 58 June 47% Apr

134% Jan 103% June 37% July

112%Jan 91% July

117*4 Jan 55% Jan 94% Jan 44% Oot 24*4 Jan 41% Aug

171*4 Jan 148% Jan 93 Jan 61% Jan

112 Jan 92% Jan 47 Jan

137 Jan 110 June 40 June 66% June 21% May 60% July

123 Jan 36% Mar

106% Oct 47% Mar 49% Jan 77% June 64% Jan 50% May

1037g June 30 Jan 27% Jan 64 Jan 89*4 Feb 67% Jan 61*4 Jan 74% Jan 40 Jan

106% Jan 977g June 43% Apr 67% June

109% Jan 117% Mar 39 June 46*4 Oct 99*4 July 63% Mar

114 Jan 26% June

166 Mar 72% Mar

1437g Apr 7*4 Sept

301; June 98 Jan

106% Jan42 Jan 11*4 June 98% Aug 64% Sept 90 Aug 83% Jan

*107 Jan 131 Jan 167% Jan 58 June

101 Jan 32% Apr 94% June

105% May 73% Nov 68 Jan

238% Jan 29*4 Mar 69*4 Mar 74*4 Mar

110% Jan 108% Jan 51*4 June

102% July 19% June

243 Jan 80% Aug

105 Mar 107 Aug 112 Jan49% June

1277* Aug 120*4 Mar 154% Jan 24% June 63 Jan

171%June106 June 67 Aug

114*4 Jan 67*4 Jan 52% Jan

136% May 121%Jan 118*4 May 24*4 Jan 46 May

112% Jan 77 Mar 99*4 Jan 66 May 70% Jan 52% Jan 38% Jan

100 Mar 34% Mar

151 Jan 128% Jan 37% June 97% June 63 Jan

• B1<1 and aaked prices; no Bales on this day. ♦Certificate 1 of deposit. * Ex-dlvldend

i Less than 100shares. t Ex-right*. a Ex-dlv. aud rlghte. • Par $10 per share. « Par $100 per share.


1 7 7 6 New York Stock Exchange— Bond Record, Friday, Weekly and YearlyIn Jan. 1909 the Exchange method o f quoting bonds was changed and prices are now— "and interest"— except for interest and defaulted bonds.

BONDSS . Y STOCK EXCHANGE

Week ending April 26 inte

rest

Peri

od Price Friday

April 26

W«e*'i Range or Last Sale Bo

nds

Soid Range

Since Jan. 1.

BONOSN. Y. STOCK EXCHANOE

Week ending April 20 Inte

rest

Peri

od Price Friday

April 26Week's

Range or Last Sale Bo

nds

Sold Range

Since Jan. 1.

Bid Aik Low High No. Loto High Chesapeake A Ohio (Con)— Bid Ask Low High No Low HighJ - J 90*i Feb ’ 16

J -D 99.24 Sale 98.81 99.24 5023 07 90 OQ.ftO J - J 63 84*4 Jan '13J > J 72 82 73 ' Nov’ 17

96.78 Sale 96.56 96.80 629 95 88 98.40 J - J 62 821s 71 Oet T7M- N 96.74 Sale 96.60 96.82 16524 04.70 07 08 M- N 65 88*j Sopt’ 10Q - J 97 98 97I4 Apr ’18 07 9712 M- S 96*2 113% Feb ’ 15

D S 2s consol coupon____ 01930 Q - J 97 ____ 97% Apr ’ 18 97*8 97*4 Ohio A Alton RR ref g 3 s ...1949 A -O 50U 52 52 52 4 50 62U 8 3s registered_________*1918 Q - F 99 9934 99 A p r '18 99 99*4 Railway 1st lien 3Ms.........1950 J - J 36*2 38 30 36*2 11 35*4 47*»0 8 3s coupon .......... ......... *1918 Q -F 99 9934 99 Apr 'IS 9S78 99 Ohio B A Q Denver Div 4s. .1922 F - A 99*2 Sale 90*2 99% 1 97*8 99%U 8 Is registered__________1925 O- F 105 10534 105% 105tg 1 105 105*2 Illinois Dlv3Ma................1949 J - J 73*4 76*4 73*4 73*i 1 73 76*2U 8 4s coupon............ ......... 1925 Q - F 105 ____ 105 Feb ’ IS 105 105 Illinois Div 4a....................1949 J - J 84i2 85*2 85 85 2 82 87*2

Q - F 9612____ 973j Oct *17 A - O 98*2 99*2 Jan '18 99*2 99*20 8 Pan Canal 10-30-yr 2s reg '38 Q -N 96l2 ____ 97's Feb '18 97*8 07*8 Sinking fund is_______1919 A -O 97% 08 97 Jan T8 ___ 97 97

Q-M 80 ____ 84 D e o '17U 8 Philippine Island 4s. 1914-34 Q - F 100 Feb '15 M-N 91*8 02*8 92*8 Apr '18 91% 92%

Registered___________ 1927 M-N 80% ____ 91 Mar'18 ___ 91 91foreign Government. General 4s..........................1958 M- S 81 84*8 81 83 10 80 84%

Amer foreign 8ccur 5s____ 1919 F - A 953g Bale 95*8 9612 71 94*2 97*2 Ohio * E 111 ref A Imp 4s g . . 1955 J - J 22% 25 25 Apr ’ 18 — 25 30\ - o 90 Sale 90 90*s 333 8814 91 23 25 Feb ’ 18 25 28

Argentine— Internal 5s ol 1909.. M- 8 8118 82 83)2 Apr '18 78 83*2 1st consol gold 0s.............. 1934 A - O 98 101 101 Mar’ 18 __ 98 101M- N 87‘2 88I4 S7i2 8334 54 84 90 M- N 84

Chinese (Hukuang Ky)—5s o f ’ ll J -D t 62 65 60 Apr '18 5312 60*2 U S Mtg A Tr Co ctfa of dep ____ 74 70 Feb T 8 ___ 70 708 97 101) 963.1 9634 90 U 9634 90 70 July’ 17

F - A 923* 92% 0212 61*i 97*i Feb ’ 13F - A 80 8512 84 " 84 " 1 80 84 Chic <k Ind C Rv 1st 5s 1930 j - j 10 25 32 Mar’ 17

Dominion of Canada g fie ... 1921 A -O 95 95% 93% 95% 5 93*4 95** Chicago Groat West 1st 4s.. 1959 M- S 56 57 50 57*2 30 54 00*4Do do 1920 A -O 923g 93*8 93*t» Apr '18 907s 9534 Ohio Ind A Loulsv— Ref Cs.1947 J - J 98‘2 105 100% Apr '18 — 08 100%

A - O 9 H4 Sale 9073 9114 8 SS78 94 J ' J 80 97*4 100% Apr '1795*3,1 90 >8 94 98

1 8214 Sale 8 U2 82U 8OI2 70 Nov’ 16J - J t 82 87i2 84 Apr '18 84 92% J - J 71 78*2 90*2 Jan ’ 17

78 78 2 5 77 81 07*8 Deo ’ 10Sterling loan 4a................ 1931 j - j t 7418 ____ 74)4 Mar’ 18 74*4 70 Chicago Milwaukee A 8t Paul—

Lyons (City of) 3-yr 6a........ 1919 M- N 87i2 88I4 8734 88»4 73 84 90 Gen’l gold 4s Series A...«1989 J - J — 77*2 74% 75 6 74% 7987*2 8814 87i 2 8834 Q - J 92*8 Fob '10

Mexico— Exter loan £ 5s of 1899 Q - J t 4012 45 40>4 Feb 'is 40 42*8 Permanent Is___________1925 J - D 79 80 80 80 3 70*2 80%.>Gold debt 4s of 1904____ 1954 J - D 30 10 33ig Deo '17 Gen A ref Ser A 4Ms___ n2014 A -O 67 67*4 66*4 08 45 01*4 70Paris, City of, 6-year 0s___ 1921 A - O 85 Sale 84 86 123 81*8 89*2 Gen ref conv Ser B 5s...o2014 F - A 76*4 70‘>8 76% 70*4 21 76% 80

75 771« 76 7612 68 771g J - J 72*2 Aug '17U K of Qt Brit A I 2-yr 5s. . 1918 M- S 99 Mi Hale 99's 993s 509 97 09% General 4Me Series C -..el939 J - J 80*2 82% 80% 81 2 80*2 84*2

3-year 5>j% notes.......... 1919 M- N 96% Sale 90% 07 215 95*4 98 25-year debenture 4s____ 1934 J - J 65 07% 70 Apr ' 18 — 70 745-year 514% notes..........1921 M- N 93 >8 8ale 93 93*8 549 91*8 9134 Convertible 4Ms_______ 1932 J -D 73*2 74 % 73*4 73*4 46 71% 75*2Convertible 5M% notes.1919 F- A 98*s 8ale 98*8 09 503 977g 100 Chlo A L Sup Div g 5e__ 1921 J - J 95*2 . . . . 07 Jan 18 — 97 97IT*tre are pricet on the baeit of I5ffl£ Chic A Mo Rlv Div 6s . . .1920 J - J 83*2 — 94 Feb ’ 18 — 94 94

Ohio A P VV 1st g 5s........ 1921 J - J - - - - 97 90 96 4 96 98*21 - J 79 Deo '17

N Y City—4MsCorp stock. 1960 M- 8 88I4 89 88

877* 8834 877* 877s

142

873.i 91*4 Dubuque Div 1st 8 f 6s .. 11920 J - J 91*497*8

106%101

100 Oot ’17 104% Sept’ 17

*Hs Corporate stook___ i960 A -O 88 Sale 88 88 2 87% 90*2 La Crosse A D 1st 58........ 1919 J - J 94*s 103% 98 Jan ’18 ___ 98 98J -D 9334 D73g 94U 9414 20 9314 J - 1 08*4 100*8 Sept’ 17

A>48 Corporate stock___ 1963 M- 8 94 9412 9314 94 16 93 9034 WIs Valley Div 1st 6s___ 1920 J - J 97% ____ 07*8 Apr ’ 18 ___ 97*8 97%4% Corporate stock____ 1959 .71-N 85 8514 85 A p r '18 ___ 85 87ig Mllw A No 1st ext 4M8--1934 J -I ) 81*4 . . . . 85 Apr ’ 18 . . . . 85 854% Corporate stock____ 1958 M- n 85 8534 85 85 1 85 87% Cons extended 4 Ms___ 1934 J -D 81*4 — 81% Feb ’ 18 — - 81% 81%4% Corporate stock____ 1957 71-N 85 8534 85 85 1 85 87*2 Oblc A Nor West Ex 4s 1886-1920 F - A 88 - - - - 80 Jan '18 . . . . 89 894% Corporate stock reg .1950 M-N ------ 87 85i2 Mar'18 85 86 Registered.............1886-1920 K - A 84*8 89% 86*2 Oet ’ 17 . . . .New 4>4s............ ............ 1957 M- N 9434 Sale 94% 9434 3 93*8 90*8 General gold 3Ms_..........1987 M- N 7U 70 8 70 Apr ’ 18 . . . . 70 73*s4>4% Corporate stock__ 1957 71 - N 94 97 9312 9312 3 93*2 97 Registered__________ pl987 q - F *70 . . . . 81*2 Oct ’ 16 —3>4 % Corporate stock ...1954 71 - N 75 76U 70 70 1 76 78*2 General 4s____________ 1HS7 M- N 70 79% 70% 80% 7 79% 85%

N V State—4s_______ . 1901 M- 8 ____ 96 101 July 17 M- N 8OI2 80 Sopt’ 17J - J 91% 04i4 4 94% 97*4 M- N U'J7S 100% 99% Apr ’ 18 n!)7u 103J - J ------ 98 100 Nov’17 A - O 104 104*1 Deo ’ 17

Canal Improvement 4 s . . . I960 J - J ------ 90 94U 94U 6 94M 96 Registered............ 1879-1929 A - O ------ ____ 109*2 Apr ’ 10 ___J - J 105 10734 10«34 Mar'18 ior> 10634 A - O 9418 100 104 Sopi’ 17J - J 99 1041* 103 8ept'17 A - O 92% 103*2 Apr TO

Highway Improv’t 4M3..1903 M- S 105 ____ 105 Apr ’ 18 ___ 104*2 107*2 Debenture 5s______ 1921 A -O 95*8 102 95 Mar’18 ___ 95 96%Highway Improvt 4 Ms.. 1965 7i - a 99 100 100U Apr '18 ___ 100*4 100*4 Registered......... ..........1921 A -O 111 97 100 Jan T8 . . . . 100 100

Virginia funded debt 2-3s_._1991 j - j ____ 79 74 Deo '17 ___ Sinking fund deb £a.......... 0)33 M-N 93*4 97 93*2 Apr T 8 . . . . 93*2 93*844 Sale 44 50 95 44 50 M-N 01*2 104*4 Juiio'1070% 101% Oct TO

Railroad. Frem Elk A M o v fs t 08*11933 A O 104% ____ 105 Apr T 8 ___ 101 105Ann Arbor 1st g 4s.............. *1995 Q - J 52 56 55 Mar’18 ___ 55 59 Man a B A N IV l8t.3Ms.1941 J - J 52 — 88 Jan T7 __

A -O 81 81% 81 81% 16 80 853#Registered.................. ..... 1995 A -O ____ 82 80 Apr '18 80 80 MU L 8 A West 1st g*Cs._1921 M- 8 101 102% 100*4 Apr '18 . . . . 1003.1 102%Adjustment gold 4s.........*1995 Nov 70 ____ 73 73*2 20 7134 76 Ext A Imp s f gold 5s.-.1929 F - A 98 ____ 98 Apr '18 ___ 98 98

07l8 73 85M Nov'17 M- 8 101 111% Deo '16M-N 74% 76 74 74 4 713S 78 J - J 101 111*2 Nov’ lO

Conv gold 4s____________ 1955 J -D 80 83 8334 Apr 'IS ___ 81*2 86 Mil Spar A N W 1st gu 4sll947 M- S 73 77 73*4 Apr T 8 ___ 73*4 73*4Conv 4s Issue of 1910___ 1900 J -D 80 84 83 83 9 82 80 St L Peo A N W 1st gu 5s. 1948 J - J . . . . 05 98 Oct T7 __

M • 8 853S 9H2 01% oot T7J - J 68 80 78 Aug '17 74*2 76*8 74-2 74*2 3 73 77*4

Trans Con Short L 1st 4s. 1958 j - j 77 7912 77 Apr *18 ___ 77 80*2 Registered. . T__ "" loss J - J 72*8 87 Mar’ 17 . . . ■Cal-Arlx 1st A ref 4Ms’ ’A’T062 71- 8 79 80 79 79 1 79 823t Refunding gold 4s............1934 A -O 65 65*2 01*s 05*2 20 02*2 08*8

M- 3 86 100 9934 July'17 J - J 70 85 70 Fob T 8 06 71M- 8 81 84 81*8 83% 2 81 8434 M-N 97*4 97*4 Oct T7

Oen unified 4M«________i964 J -D 76 81 75 Apr '18 ___ 75 82*2 R I Ark A Louis lst4Ms..l934 M- S 62 02% 62 Apr T 8 ___ 02 04M- M 95 ____ 99*4 Oot '17 90 95 90 Feb ’ 18 96 90J - J 757g____ 85 8ept’ 17 92 100 97*2 Juno’ 17J - j 107>2 ____ 12978 Aug '15 ___ 94*4 97 100 Feb T 8 100

L A N coll gold 4 s ____ 01952 M-N 71 71*8 70% 71% 17 70 73*2 Consol gold 5n.._ .11.1952 M-N 75 90 97*a July’ 15A - O 107 ____ 115 July’ 17 A - O 55*4 00 60 Mar’ 18 57 do

1st sold 5s. 1934 A - O 94% ____ 105 July'15 P - A 03*2 61*2 Apr T 8 59 01*2ail 0p Oea A a gu g 4a___ 1918 J - J 99 99M 99 Jan '18 ___ 09 99 Chlo Ht P M A O cons 0 s ...1930 J -D 101*4 112 104*8 Apr T 8 102 101*8

Halt A Ohio prior 3Ms.........1925 J - J SOU 89 86% 861.1 12 85*2 89*a Cons Os reduced to 3M s.. 1930 J -D 8312 — 85*2 Mar'18 85*2 85*2Registered.................. *1925 q - J ____ 8734 90M 8opt’ 17 __ . Debenture 5s_____ _____1930 M - 8 8Gl4 00 85% Mar'18 85% 85*8

A -O 7634 Sale 703.S 7634 13 70 78 Ch 9t P A Minn 1st g 6s 1918 M-N 100*2 111 June'17Q - J ____ 74 92*4 Mar.'l7 J - J 100*8 118 Nov' 16

30-yr conv 4>4s.......... ......1933 78i2 Salo 7778 783i 40 70*2 79*2 St P A 8 City 1st g 0811111919 A -O 100*8 103 100% Apr T8 100*8 100%J -D 80 Sale 80 807s 29 80 83*2 M- 8 84*2 95 105% Nov’ 10J - J 112 Jan '12 75 82 Jan '17

PJuno A M Div 1st g 3>48 1925 M- N 801* 86I4 82 Apr '18 - - - - 82 82 Chlo A West Ind gen g'6sll#1932 q -M 103 104 Mar’ 18 103% 101P L K A VV VaSys ref 4a.. 1941 M- N 71 75 72 Mar’18 — 72 75 Consol 50-year 4s_____ 1962 J - J 61 65 04*2 64*2 3 64 07J - J ____ 82?g 81 85 90 May'18

M- S 83ls____ 100 Apr '17A -O 91 ____ 95*2 95*2 15 05*2 95*2 J - J 00 May’17F - A 101U Nov’ 10J -I ) o n 2 ____ 99% Oot '17 88 M ar'llA -O 84 88 88% Deo ’ 17 J - J 90 96 Jan T7

Fitts Clev A To! 1st g 0s.. 1022 A -O 99's Mar'18 ___ 99*8 99*8 Clov Cln Ch A St L gen 4a. 1993 J -D 62*8 Salo 01*2 62% 7 59 03%Buffalo R A P gen g 5s........ 1937 M- S 997g 107 99 Mar’ 18 — 99 99*2 20-year deb 4 M s ........... 1931 J - J 7412 Salo 73*2 74*2 7 65% 74%

Consol 4Ms________ 1957 71-N 85 00‘ 2 99*a Oot ’ 17 J -D 7 6 85 80 Apr ' IS 80 80A - O 75 ____ 97 Nov’ 10 J “ J 8 U4 837* Mar’ 17J - J 103's Fob ’ 10 J - J 53% 65*2 79 Feb T7

Roch A Pitts 1st gold Gsl. 1021 F -A 101 105 103 Feb ’ 18 ___ 103 103 St L Div 1st coll tr g 4s.. 1990 M- fl 63*8 65 03*4 Apr '18 03 60J - D 100% 107 10352 Apr ’ 18 00 lo 1031* M- S 60 71% 73*2 June'17A -O 00 Sale 90 90 6 86*8 91*2 J - J 07*2 84 Nov’ 10J -D 70 84 84 Deo ’ 17 M-N 102 102% Oct T7

Central of Ga 1st gold 6sl.pl945 F - A 96t2 102 OO'a 96i2 1 96*2 97*4 q - f 75*4 87*i 87 Deo *17Consol gold Ra , 104S M-N 88 91 88 88 1 87»4 90 Q - F 88% May’ 15

J -D 72 79 78 Aug’ 17 J - J 87 102% Jan T7J - J 85 90 103 Mar’ 17 101 105 107% Aug T7

Mid Ga A Atl Div fia 1047 J - J 85 101% 9738 June’ 17 A - O 01*4 94 July'08J - J 90 ____ 104*s Apr ’17

Cen UR A B of Ga col g Ra 1937 71-N ____ 93 90 Aug’ 17 A - O 47 46 Mar’ 18 40 61%Cent of N J gen’lgold 6s . . .Il987 J - J 102 103 103*2 Apr ’ 18 102 104 12*2 13 12% Deo ’ 17

Registered__________*1987 Q - J 101 103 102 Mar’ 18 ___ 102 104 Clove Short L 1st gu 4MS...1901 A -O 83*2 80*2 85 Apr '18 85 90Am Dock A Imp gu 5a__ 1921 J - J 98*2 100 99 99 2 98*2 99*2 Col Midland 1st gold 4s___ 1947 J - J 8*8 8 4 8 Apr T 8 0 8Leh A Hud Rlv gen gu g 6a.’20 J - J otu 10 U4 100 A p r ’ 18 100 100 7*4 10 5*8 Mar’ 18 5*8 7%

M- 5 02 ____ 100*2 Jan ’ 13 F - A 84 Salo 837g 84*8 8 s o uCent Vermont 1st gu g 4a..«1920 Q - F 65 75ls 05 Mar’ 18 ___ 05 05 Refund A Ext 4Mo........ 1938 M-N 70*2 Sale 70*4 70*4 33 00 73Ohesa A O fund A Impt 5 s ..1929 1 - J 81tg 87 80 Apr ’ 18 ___ 80 80 Ft W A Den C 1st g 0s__ 1921 J - o 90% 97*2 97 07 5 90 97

M -N ____ 957g 95 95 3 05 100*8 A -O 84M -N 94% ____ 104*2 Jan "17 95 94 Fob *10

General gold AMs_______1992 M- 8 76 Sale 76 70 7 72 77 Del Lack A Western—iVl- 8 86*4 Mar’ 17 J - D 70 75% 75% Apr T 8 73% 75%30-ycar convertible 4MS..1930 r - A 7234 73 7234 73 24 05*2 73 N Y Lack A W 1st O il.-.1921 j - j 101*2 102 102 Apr T 8 100*% 102*230-ycar conv secured 6s . . 1940 A -O 7934 Sale 79*4 793i 41 76 81% F - A 057g __ 957g Apr '18 ___ 95% 98

J -D 65'2 78 84 Apr ’ 17 M - N 90*8 93% 93% Jan T 8 93*4 93*4Coal River Ry 1st gu As.. 1945 J - D 05 ____ 85*a Nov’ 16 102% Fob ’08

•No prloeFriday: latest this week a Dae Jan. d Due April. * Due May. g Due June. A Due July. * Due Aug. a Due Oat. v Due Nov. t Due Deo. Option ante.


Apr. 27 1918.] 1777New York Bond Record-—Continued—Page 2BONOS

N . Y. STOCK EXCHANGE Week ending April 20

‘S'tti t“ a.

PriseFriday

April 26Week's

Range or Last Sale

■922 S OQ 63

Range Since

Jan. 1.Bit Ask Lots High No. Low High

Delaware & Hudson—1st lien equip g 4>4s____ 1922 J - J 9334 9534 94 Apr ’ IS ___ 9314 941 st* ref 4s........................ 1943 IM-N 80% 82i8 8214 82i.i 5 80*2 8OI230-rear conv 5s......... ..... 1935 A -O 8512 86 86 86 3 85i2 90Alb A Susq couv 3 'Ab___ 1946 A -O 72 74 75>2 Apr ’ 18 ___ 74 70

M-N 101 1127* Dea ’ 16Deny A R Gr 1st cons g 4 s ..1930 J - J C33,i ____ 635g 6334 2 00i2 69

Consol gold 4 ’Ab.......... ..1936 J - J 67% 71 68 Jan ’ 18 ___ 68 71Improvement gold 5s___ 1928 J -D 71 74 72 Apr ’ 18 — 72 7G3.J1st A refunding 6s______ 1955 F - A 49 493.1 49 4934 18 4814 5112J - O 95 37 A ug’ 17

J " JJ - J 39 July ’17

Rio Or West 1st gold 4s. .1939 J - J 64 64% 64 64 1 63i2 6712Mtge A coll trust 4s A .. 1949 A -O 49 51 51 51 2 50 55

M- NJ -D 82 Deo ’ 10

Gnlri 4a 1995 J -D 7512 July '16Det Rlv Tun—Ter Tun 4Hs 1901 M-N 71 73 73 73 2 73 70i2J - J 9814 194 993g Deo ’ 17 ___

A - O 9312 07 00 Nov TVA -O IO0I2 Mar ’08

Dul Sou Shore A Atl g 5s . . .1937 J - J ____ 87 87 Mar’ lS ___ 82 87Elgin Joliet A East 1st g 6s. 1941 M-N 87 102 104 Jan T7 —Erie 1st consol gold 7a.......... 192C M- 3 100% 101% 100 Apr T8 . . . . 100 01

N Y A Erie 1st oxt, g 4 s . . .1947 M-N 73% 9812 78 78 1 78 1783d ext gold fis_________1919 M- S 96ls . . . . 96'g Mar’ 18 — 9618 90ig3d ext gold 4X8............ 1923 M- 8 90 - - - - 93'2 Jan T8 — 9312 95A - O 95U ____ 99ij July T7

J -D 9434 Nov’ 15N Y L E A W ist gfd 7s. .1920 M- S 97U ____ 10712 Deo T6 ___Erls 1st cons g 4a prior__ 1990 J - J 67 G9 09 69 1 65 69

J - J 84 Deo T(1st consol gen lien g 4s. 1990 J - J 533x Sale 5334 5334 7 49ia 57UJ - J 76 73 June’ lbPenn coll trust gold 4s. . 1951 V -A 77i2 82l2 79 79 20 7514 7960-year conv 4s Series A 1853 A -O 45 40 4453 445g 25 42 48lg

do Scries 11_____ 1953 A -C 443.1 40 45 Apr T8 — 4212 49Gen conv 4s Series D __ 1953 A -O 4978 Sale 4934 50>2 91 48l2 50

Ohio A Erie 1st gold 6s__ 1982 M-N 85% 88 88 Apr T8 — 87*4 93J - J 80 1067g Jan T7

Erie A Jersey 1st s f (Is...1965 J - J 100 9812 Apr T8 — 9812 9812Gencssco Ittvor 1st s f 6s.. 1967 J - J 96 100 1033.1 Aug T7 —Long Dock consol g (Js__ 1935 A -O 107 — HO’ 2 Nov’ 17 -----Coal A UR 1st cur gu 0s. 1922 M-N 103 Jan T8 103 103Dock A Jmpt 1st ext 5s . .1943 J - J 80 — 102ij July’ 17 . . . .It Y A Green L gu g 5s .. 1946 R1-N 88 ---- - 85 Jan T8 85 85It Y Huso A W 1st ref 60-1937 J - J 65 717s 74*4 Feb T8 ___ 74 75

2d gold 4 44s . 1037 S' - A 02 100% Deo ’<)(General gold 6s______ 1940 F -A ____ 62 01 Apr T8 ___ 61 61Terminal 1st gold 5s__ 1913 M-N 77l2 ____ 108 Jan T7

Mid of N J 1st ext 5s___ 1940 A -O 76 94 108 Jan T7Wilk A East 1st gu g fis.. 1942 J -D ____ 77 62 Feb T8 ___ 62 62J - J 23*2 Jan T7

Bvaiurv A T H 1st cons 6s.. 1921 J - J 90 102 97 Nov’ 171st general gold 6a_______1942 A -O 50'2 ____ 85'2 June'17

A -O 108 Nnv’ l 1A -O — —J -D 75 83 85 Deo T7J - J

Ft Worth A Rio Or lat 'g 4a 1928 J - J 5612 Oet '17A -O 88 85>2 June’16

Groat Nor C B A Q coll 4s. .1921 J - J 923j Salo 925g <J234 199 92 94%Q - J 92i2 Apr ’ IS1st A ref 4Ms Series A__ 1961 J - J 8G7g 88 807g Apr T8 __ 86i2 89J - J 96 June’ lCSt Paul M A Man 4s____ 1933 J - J 80 91 89i2 89i2 50 80ig 89l2

1st consol gold fla_____ 1933 J - J 1071* 113 108 Apr T8 ___ 108 108J - J 9914 118 Apr T7

Reduced to gold 4X8.1033 J - J 93 *3 05 9312 Apr T8 ___ 9312 943 - 1 85ls 99 10212 Muy’ 16

Mont eit 1st gold 4s.. . 1937 1 -D 85 87 85 85 20 8U2 85Registered______ 1937 J -D 8073 89 95ii Mar TO

J - JE Minn Nor IJlv 1st g 48.1048 A -O 80 86i2 80ig Deo T7Minn Union 1st g Os.........1922 J - 1 100 108% Jan T7Mont C let gu g 6s.......... 1937 3 - 1 10458 113 June’17

Registered__ 1937 3 - 1 136% May’OO1st guar gold 6s........ 1937 3 - J 9312 ____ 93i2 Apr T8 9288 93i2

Will A 8 F 1st gold 6s 1938 1 -D 92*g 109*4 Aug TflGreon Bay A W dob ctfa "A "___ Feb 79i2 69*4 Deo T6

Debenture otfs "B " . Feb 7 Dig 87g Deo T7Gulf A S 1 1st rof A t g 58..61062 J - J 77 83 77 77 1 70’2 83Hooking Val Jet cons g4H s 1999 J - J 76 77 70 70 4 75ig 78Registered_____ moo J - J *76 77 9812 Jan T4

Col A H V 1st ext K 4s 1948 A - O 69 87l2 82% Aug '17Col A Tol 1st ext 4s........ 1968 F -A 703S ____ 75 Feb T8 ___ 6712 75Houston Belt A Term 1st 63.1937 3 - 1 95 90'g Apr '17

Illinois Central 1st gold 4s.. 1961 1 - J 8212 95 87 Mar’ lS 87 95Registered.............. ......... 1961 J - J 93 92 Sept'171st gold 8X s____________1961 1 - 3 58ig 90 78'g Deo T7

Registered....................1951 1 - 3 65 81 84 Nov’ 15Extendod 1st gold 3X»---1951 A -O 6818 ____ 80 June’17

Registered___________1951 A -O 50l8 - ___ - - - -m - a 80 July’09M- 8

Collateral trust gold 4a__ 1052 A -O 75 77% 775g Apr T8 72% 78I4R o ste re d ....................1052 A -O 6514 95U Scpt’ 121st refunding 4s................1965 M-N 78 7934 79 79 3 79 83Purchased lines 3X «____ 1952 3 - 1 70 71 70 Apr T8 ___ 70 70L N O A Texas gold 4s__ 1953 M-N 71 74U 75 Mar’ 18 ___ 74 76 2Registered___________1953 M- N 70 84 72 Fob TH ___ 72 72Cairo Bridge gold 4s____ 1950 J -O 70% 89 A p r ’ 17Litchfield Dlv 1st gold 3s. 1951 J - J 50U ____ 74 Feb T4Louisv Dlv A Term g 3Ms. 1063 J - J 631.1 t06% 04% 64% 5 64% 71Registered__ ______ 1053 J - 1 83 Aug T2Middle Dlv reg 6s............1921 F - A 9512 102 June’ 16Omaha Dlv 1st gold 3 s ... 1951 F - A 68I4 ____ 58U Apr T8 ___ 5SU 5814&t Louis Dlv A Terra g 3s. 1961 J - J 60 62 62 Mar’ lS ___ 02 02

Gold 3 H»......................3951 J - J 64 07 63 03 5 63 03,1 - 1 OU2 80 June’ 10SprlDgf Dlv 1st g 3MS...1961 1 - 3 79U 80% Nov’ 16Western lines 1st g 4s___ 1951 F - A 79 — 79 Mar’ 18 ___ 79 79F -A 92 Nov' 10Rellev A Car 1st 6s . . .1023 J -D 10734 11712 May’ 10

M- 8 90 Jan ' 17Ohio 8t L A N 6 gold 6s” l951 1 -D 97 ___ 97 Mar’ 18 __ 97 98j -n 114 F e b 'l l

Gold 3Hs.................. 1961 1 -D 62i8 90 Oot '09Registered_________1951 J -D ____ ____ ____ ____ __ .

Joint 1st ref 6s Series A. 1903 J -D 8512 89% 85% Mar’ 18 ___ 86I3 91Mernph Dlv 1st g 4s 1951 J - O 68 «4 90 70ig Nov' 17

Registered . . . . 1951 J - D 65 Nov’ 17Bt Louis 8ou 1st gu g 4s.. 1931 M- 3 75i8 ____ 89 Feb T8 . . . . SO 80J - J 73i2 98 89 Apr '17

Int A Great Nor 1st g 6s___ 1910 M-N 92 943,t 91»i Mar’ 18 90 92James Frauk A Clear lot 4s 1959 1 -1) 7512 82 82*2 Juno’ 17Kansas City 8ou 1st gold 3s. I960 A -O 59 6212 59 Apr T8 58 OH2Registered........ ....... 1950 A - O 63 Otc ’00

Rof Almpt6*............ Apr 1050 J - J 775s SO 7714 78 3 73*4 78Kansas City Term 1st 4 s . . .1960 J - 3 75 3alo 74% 7514 12 74% 78Lake Erie A West 1st g 6s.. 1937 1 - 3 78-2 90 85 Mar’ 18 78 92

Zd gold 5 s . . . ................ 1941 J - 1 81 8()3g Feb T7North Ohio 1st guar g 6s.. 1046 \ -O 85 8914 Mar’ 17

Leh Vnl N Y 1st go g 4Ms . 1940 3 - J 86 897g 85 Apr '18 85 94*4Registered___ _________ 1940 3 - J 83U 93 89 Oct T7

Lehigh Val (Fa) eons g 4 s ..2003 M-N 78 Salo 78 78 1 78 78General oons 444s.......... 2003 M-N 84% 893.i 87 87 1 87 90i2

BONDSN. Y . STOCK EXCHANGE

Week ending April 265 1 Price

Friday April 26

Week's Range or Last Sale

1 ?GQ

Range Since

Jan. 1.Bid A ll Low High No HighLch V Term Ry lot gu g 5s. . 1941 A -O 102 103 102 Mar’ i 8 102 102Registered_____________ 1941 A -O 100Leh Val Coal Co 1st gu g 5s.1933 J - J 99 100 Mar'18 963x 101Registered____ ________ 1933 J - J 105 Oot T31st lnt reduced to 4s____ 1933 J - J 80*4

Leh A N Y 1st guar g 4s___ 1945 M- S 87 Apr T7Registered........................1945 M- S

Long Isld 1st cons gold 5 s ..51931 Q - J 95 100% 95 Apr T 8 91*4 951st consol gold 4s_______51931 Q - J 8412General gold 4 s .......... ..1938 J -D 66 85% 85% Feb T7Ferry gold 4Xa........ ....... 1922 M- S 95 90 July’ 17Gold 4s...................... ....... 1932 J -D 99% Oet ’06Unified gold 4s.................. 1949 M- S 78 89 May'17Debenture gold 5s_______1934 J -D 97 97 Jan T 8 97 9720-year p in deb 5s.........1937 M-N 72 73 Apr ’ IS 72 75Guar refunding gold 4 s ...1949 M- 3 73 75 73 Apr '18 73 79%Registered....................1948 M- SN Y 11A M R 1st con g 5s. 1935 A - O 921cN Y A R B 1st gold 5s___ 1927 M- S 92% 1041g 92% Apr T 8 ___ 92% 92%Nor ah B 1st con g gu 5s.01932 Q -.J 82 93% 100 Aug TO

Louisiana A Ark 1st g 5 s ...1927 M- S 85U 87% 90 Mar’ 18 87'% 90Louisville A Nashv gen es..l93C J -D 1063g 112*4 109 Apr T 8 ___ 109 10934Gold 6s------------------------- 1937 M-N 95 98% 94% Apr T 8 ___ 93*4 94%Unified gold 4s__________194c J - J 83*4 84 83% 83*4 20 83 88%Registered__ loir J - JCollateral trust gold 5s . . . 1931 M- N 99 99 Mar’ 18 99 99E 11 A Nash 1st g Os____ 191H 3 - D 100*8 103% July'17L Cln A Lex gold 4XS...1931 M-N 89 9434 87 Apr T 8 87 87N O A M 1st gold 6s........ 1930 J - J 10U2 106 106 Aug’172d gold 0s-------------------J930 1 - 3 9314Paducah A Mem Dlv 4s.. 1946 F -A 71U 89St Louis Dlv 1st gold 6s .. 1921 M- S 100% 100% Jan T 8 100% 100%2d gold 3s............. ....... 1980 M- S 50*2 58% 58% Mar’ 18 58 58%Atl Knox A Cln Dlv 4s...1956 M-N 7414 77% 74 Apr T 8 74 79Atl Knox A Nor 1st g 5S-. 1946 J -D 95*8Honder Bdge 1st s f g 6s .. 1931 M- S 100%Kentucky Central gold 4s. 1987 3 - 3 73 75 74 Apr '18 74 74Lex A East 1st 60-yr 5s gu 1965 A -O 93 95% 93 Apr T 8 91*4 90L Ai N AM A M 1st g 4Hs 1945 M- 5 77% 91*4 94 Aug T7L A N-South M Joint 4s. . 1952 J - J 67% 81% 67% Apr 'IS 67% 67%Registered............ ...61952 Q - J 95 Foh ’05N Fla A S 1st gu g 6s........ 1937 F '-A 94 101*4 96*4 Jan T 8 90*4 06*4N A O Bdge gen gu g 4He. 1945 J - J 821c 9778 May’ 16Fensao A Atl 1st gu g 03.. 1921 F -A 100% 108% 102% Feb T 8 102% 102%8 A N Ala cons gu g 5 s . . .1930 F -A 95U 100 99 99 10 99 99_ . Qen cons gu 50-year 58.1963 A -O 86*4 102% 93% Jan T 8 93% 93%L A Jeff Bdge Co *n g 4 8 ... 1946 M- 8 58 79 Apr’17Manila RU—Sou lines 4s...1936 M-N

Mex fntornat 1st cons g 4s._i977 M- S 77 Mar’ 10Stamped guaranteed........ 1977 M- S

Midland Term— 1st a f g 6s.i926 J - D 91% June’ 17Minneapolis A 8t Louis—1st gold 7s........................1927 J -D 104 Feb T 8 104 104Faclflo Ext 1st gold 6s 1921 A -O 103*8 Oet. Mfi1st consol gold 5s___ 1931 M- N 71 80 74 ” 74 12 74 74%1st A refunding gold 4 s ... 1949 M- 8 42*4 43 43 43% 11 41 44Ref A ext 50-yr fis Ser A . . 1962 Q - r 40 47 46 Apr '18 40 40Dea M A Ft D 1st gu 4a. .1935 1 - 3 60 Feb T5Iowa Central 1st gold fis ..1938 1 - D 80 84*4 81 Apr T 8 75*4 81Refunding gold 4„___ 195] M- S 41*4 43 40% 46%

MMtPA88Mcong48lntffU.1938 J - J 83% 84% 84% Apr T 8 83% 86%1st Ohio Term s f 4a nut M- N 92 Jan T7_ M 8 S M A A 1st g 4s lnt gu.'26 j - j 89Mississippi Central 1st 5».. 1949 3 - J 94 95 Deo *16Missouri Kansas A Toxas—

1st gold 4s_____ man J -D 61 62 62 62 15 60% 632d gold 4a______ pio9n F -A 28% 31 28% Apr T 8 28 351st ext gold 63. _ 1944 M- N 41*4 32% Nov’ 171st A refunding 4s. 2064 M- 8 40 42.2 40 Mar’ 18 40 40Gen sinking fund 4 X s .. 1936 J - J 27 29 30 Mar’18 27 348 t Louis Dlv 1st ref g 4 s ..2001 A - O 40 40 Nov’ 16Dali A Waco 1st gu g fis.. 1940 M- N 69% Apr T7Kan City A Pac 1st g 4 s ..1990 F -A 70 58 Jan T 8 58 58M ° K A_E 1st gu g fis___ 1942 A -O 36 50 36 Apr T 8 36 37M K A Okla 1st guar 5s. 1042 M-N 55% 55% Deo T7M K A T o fT 1st gu g 6s 1942 M- S 50% 55 50% Apr T 8 _ 49 56%Gher Sh A So 1st gu g 6s. 1942 J - D 60 51 Deo T 6Texas A Okla 1st gu g 6s. 1943 M- S 49 40 Jan '18 40 40Missouri Pacific (reorg Co)1st A refunding 5s 1965 81 85 81 Apr T 8 79 801st A refunding fis__ 1923 90% 90% 90% 90% 6 90 921st A refunding fis 1926 87% 89 88 Apr '18 86% 90General 4 s _____ 57 577g 152

Missouri Pan 1st cons g 6s 1920 M-N 97% 99 99 Apr T 8 98% 99%40-year gold loan 4s.........1945 M- 8 57 60 July’ 171st A ref conv 5s___ i960 m - a 60% Apr '173d 7s extended at 4 % . . 1938 M-N 82 Apr '17Boonv St L A 8 1st fis gu 1951 F - A 100 Feb T3Cent Br U P Istg4s._ 1948 J -D 97% Deo T3Pao R of Mo 1st ext g 4s 1938 F -A 78 83 78% Apr T 8 78% 80

2d extended gold fis___ 1938 J - J 88 94 100*4 Apr T7St L Ir M A 8 gen con g 68.1931 A -O 93 92% 93 8 00% 95%

Gen eon stamp gug 5s 1931 A - O 102 July T4Unified A rof gold 4s.. . 1929 J - J 74 75% 74 74 8 72% 75

Registered.............. 1929 J - J 8078 Oot T7Rlv A G D!v 1st g 4b. . 1933 M-N 68 68*4 08% 69% 11 66% 71Verdi V I A W 1st g fis 1928 M- H 78 8ept’ 15

Mob A Ohio new gold 6s. 1927 J -D 100% 105% 101% Mar’18 101% 101%1st ext gold 6s______ 51927 O - J 90% 92 Apr T 8 92 92General gold 4s............ 1938 M- S 02 __ 65% 65% i 65%Montgomery Dlv 1st g 5s. 1947 F -A 80 93 July't7St Louis Dlv 58.. . 1927 J - D 87% 92 90 Aug ’ 17St L A Cairo guar g 4 s ... 1931 J - 3 71% 85 77 Dec T7

Nashv Chatt A St L 1st 5s 1928 A -O 95% 99 100% Apr T 8 98 101Jasper Branch 1st g 6s . 1923 J - 3 97*8 102% 110% Mar T7Nat Itysof Mox pr lien 4Xs 1957 3 - 3 30 30 May’ 17

Guaranteed general 4 s . .. 1977 A -ONat of Mex prior lien 4 Ms. .1926 J - J 967g Feb T3

1st consol 4a_______ lOfil A - O 30 Oot TON O Mob A Ohio 1st ref 6s .. 1960 1 - 3 59 Deo T 6New Orleans Term 1st 4s. 1953 3 - 3 60 63 02% Feb T 8 60 63N O Tex A Mexico 1st fis. 1925 3 -D 93 93*4 93*4 93*4 i 92 94%

Non-cum Income fis A . . 1938 A -O '44% 45 45 45% 23 40 497gNow York Central r r —

Conv deb (Is................ 1935 M-N 93% Sale 93% 93*4 so 91% 94%Consol 4 s Series A........ 1993 F - A 72 74 72 72 18 71% 74*4Ref A Imp lX s "A ” ___ 2013 A - O 81*4 85 81*4 81*4 5 80 84%

New York Cent A Hud Rlv—Guar 3 X » ...................... 1997 J - J 70% 71 70*4 Apr 'IS 70% 7434

Registered.................. 1997 J - J 69 71 70 70 i 70 70Debenture gold 4s.......... .1934 M-N 78 Sale 77 78 12 74*4 79

Registered.................. 1934 M-N 92 Dec T 6Lake Shore coll g3 X s ._ . 1998 r - A 61 64*2 64% Apr '18 61 65%

Registered___________1998 P - A 64% 67*4 8ept’ 17Mich Cent coll gold 3 X s .. 1998 F - A 63*4 Mar’18 62% 6S7g

Registered .................... 1908 F - A 75 Mar’ 17Battle Cr ASturlatgu3s 19S9 J - DBeech Crock 1st gu g 4s 193S J - J SO

Registered ....................1936 3 - J 95*4 Nov’ 162d guar gold fis.... 1936 3 - 3 83% 104 May'16

3 - 1

Beech Or Ext 1st g 3X8 51951 A -OCart A Ad 1st gu g 4s 1981 J -D 65% 89 Not’ 10

J -DMoil A Mnl 1st gu g 4 s ... 1991 M- S 79% __ 79% 79% 21 79% 79%N J Juno R guar 1st 4»__ 1986 F -A 67% 89% Feb T6N Y A Harlem g 8 X »___ 2000 M-N 71 SO May’ 17N Y A Northern 1st g 59.1923 A -O 95% .... 101 June’ 17

• No price Friday; latest bid and asked this week, a Due Jan. 6 Dus Feb. g Dus June. ftDuoJulr. * Due Oct. # Option tale,


( V o l . 1 0 6.1778 New York Bond Record—-Continued— Page 3

BONOSIf. Y. STOCK EXCHANGE

Week ending April 20

N Y Cent dt H R RR (O’oa.)—N Y 4 P u 1st cons gu g la 1993Pine Creek reg guar <3a___ 1932EW A O oon 1st oxt5a..M922 H W A O T it 1st gag 6i -.1918 Rutland 1st con g 4H$_..1941

Og dfc L Cham let gu 4a 21948 Rut-Canada 1st gu g 4a-1949

8t Lawr A A dir lat g 5a— 19902d gold fia...................... 1990

Utica A Blk Rlv gu g 4a_.1932Lake Snore gold 3Ha___ 1997

Registered........ ........... 1997Debenture gold 4a____ 102825-ycar gold 4a.............. 1931

Registered_________1931Ka A A G R 1st gu o 6a.. . 1938Mahon C‘1 RR lat 5a___ 1934Pitta A L Erie 2d g 5a__ a 1928Pitta MoJK A Y 1st gu 6a- _ 1932

2d guaranteed 6a______1934McKcea A B V lat g Oa.lUlS

Michigan Central 5a____ 1931Registered___________1931U .................................. 1940Registered ___________19-40J L A S 1st gold 3MS— 19511st gold 3 Ha__________195220-year debenture 4s__ 1929

N Y Chlo A St L lat g 4a_1937Registered_________1937Debenture 4s_______ 1931

\?eat Shore 1st 4a guar__ 2301Registered___________ 2361

N Y C Lines eq tr 6s.. 1918-22 Equip truat 4^8-.1919-1925

N I Connect lat gu 4 Ha A. .1953 N Y N II A Hartford—

Non-conv deben 4s______ 1947Non-conv deben 3 Ha____1917Non-con7 deben 3Ha____1954Non-conv deben 4a______1955Non-conv deben 4s______1958Con v debenture 3 H s____ 1950Conv debenture 0a______ 19 48Oons Ry non-conv 4a____1930

Non-conv deben 4s____1954Non*eonv deben 4a____1955Non-conv dobon 4a____1955Non-conv deben 4a____ 1950

Harlem R-Pt Chea 1st 4a.1954 0 A N Y Air Lino lat 4 s.. 1955 Cent Now Eng lat gu 4s..1961Hartford 8t Ry 1st 4s___ 1930(lousatonlo R cona g oa._. 193?Naugatuck HR 1st 4a___ 1981f Y Prov & Boatou 43...1U12

NYW’chesAB 1st ser I 4Ha ’ 40 N IIA Derby cons cy 59. . 1918 Beaton Terminal 1st 4 a ... 1939New England cona 5a___ 1945

Consol 4a........ ..............1945Provldonco Scour deb 4a. _ 1957 Prov A Springfield 1st 59.1922 Providence Term 1st 4a.. _ 1950W A Con East lat 4He__1913

N f 0 4 W ref 1st g 4a___ yl992Registered to.OOO only..{/1992General-la............ ..............1935

Norfolk Sou lat A ref A 5s. .1961Norf A Sou 1st gold 5a..........1911Norf A Weat gen gold 6s___ 1931

improvement A ext g 08..1931New River 1st gold Oa___ 1932N A W Ry 1st cona g -la..1996

Registered .....................1990Dlv’l lat Hen A gen g 4a.191410-25 year conv 4a........193210-20-year conv 4a........ 193210-25-year conv 4 H*- - -1938 Pocah C A O Joint 4s.. . 1941

C O A T lat guar gold 5a. _ 1922 Sclo V A N E 1st gu 2 4a. .1989

Nor Pacific prior lien g 4a.. . 1997Registered .....................1997

Goaeral Hen gold 3s........ o2017Registered.................. u2047

St Paul-Duluth DIv g 4a.. 1990 St P A N P gen gold 0a.. . 1923

Registered certificated. .1923 St Paul A Duluth lat 6a.. 1931

lat consol gold 4a______1908Wash Cent lat gold 4«____ 1918

Nor I’ao Term Co lat g 6a. .1933 Oregon-Wash lat A ref 4a. . . 1901Pacific Coast Co lot g 5a___ 1946Paducah A llts lat s f 4H a.. 1955 Pennsylvania RR lat g 4s..1923

Consol gold 6s...................1919Consol gold 4s...... ............1943Conaol gold 4a__________ 1948Consol 4Ha.......................I960General 4 Ha___________ 1965Alleg Val gon guar g 4a.._ 1942 DRH RAirgelstgulsg ..1930 Phi la Balt A W 1st g 4a.. 19-43 Sodua Bay A Sou lat g 6s. 1924 Sunbury A Lewis lat g 43.1930U N J RR A Can gen 4a__ 1944

Pennsylvania Co—Guar 1st gold 4Ha.......... 1921

Registered..................... 192'Guar3Haooll trust reg A .1937 Guar3Haooll trust ser B.1941 Guar 3Ha truat otfs C ...1942 Guar 3Ha trust otfs D ...1944 Guar 15-25-year gold Is .. 1931 40-year guar 4a otfs Ser E. 1952 Cln Lob A Nor gu 4s g ...l9 1 2 Cl A Mar lat gu g4H a.. .1935 Cl A P gen gu 4Hs aor A. 1912

Series B...................... .19 42Int reduced to 3HS..1942

Series C 3 Ha................. 1918Series D 3 Ha.................1950

Erie A Pitta gug 3Ha B..1940Series C .................... .1940

G rR A lex 1st gu g 4 Ha. 1941 Ohio Connect lat gu 4s. . . 1913 Pitta Y A Ash 1st cons 53.1927 Tol W V A O gu 4Ha A .. 1931

8crioa B 4 Ha................. 1933Series O 4«............... 1912

P C C A St L gu 4H« A .. 1910Series B guar................. 1912Series C guar................. 1912Series D 4a guar_____ 1915Series E 3 Ha guar gold.194b Series F guar 4a gold....1953

92 ____7088 7U2

------ 733883>2 84 8173 Sale

88i3 ____9Ua4 ___

101 ------101 ____

88 U -------8512 98 75 ------

701a 70 7334 75*2 7914 82 75 78i20112 6170 Sale 73H 7G

79'8 80I2*55'8 ------*50i8 ------*50'a 501$" 5 l " *5Gi245 ____84 Salo

OSH------68 ---------

____ 70

4012 4034

643a 657a

GO 631g 8414 Sale

106 ____102i2 _____103 ____80ia 82t2

*757$ I H I

10 4 ' 110 ~ 105 ____

Wiekilianoe or Last Sale

Low 74i2

113 98 98i2 80ia 03 70

101 103 9 4 71-4 721-28312 817a 8312

nigh Mar’IS May* 15 Mar’ 18 Nov’ 17 Aug ’ 17 Mur’ 18 Jan T 8 N ov’ 16 N ov’ lG Apr ’ IS Apr ’ 18 Mar’ 18

83’-2 821;

N ov'17

104*2 Dee '15 10.1 May’ i7 130is Jan *09 123U Mar’ 129912 Aug ’ 17 92 9280 Nov’ 17 87 Feb ’ l l 90 Juno’OS 7973 July’ 1774 7473*a 783a85 Nov’ 17 02 0276 7675 75

I00i2 Jan *1793*8 July’ 17 8G7a Jan *1866 Sept* 17 50 Oct *17 5012 501256i2 56i256 5646 Deo T7 8 4 8 460 Oct ’ 17 9I12 Jan *12 79i2 Apr ’ 10

77U Aug ’ 17 79i8 Deo ’ 17 74 Apr ’ 17

100*2 May* 16 87 July’ l l 83 Aug* 13 46'>a 403.1

107 Aug ’09

70 Sept’ 17 67 Apr ’ 10 9<J7g Deo ’ 13 83-3a Feb ’ 146 414 041492H June’ 12 00 Apr ’ 18 03l2 Mar’ 18 8 4!i 8 I1.1

106 106 122 Nov’16 107i3 Oct ’ 17 82'a 821494*2 DCO ’ 16 7578 7578

1237a May’ 17 U 714 May’ 17 105*2 Fob *18

7818 827$ 85*8 Feb ’ 18 . . . .953a _ _ _ 103 Sept’ 10 ___75 87 79 Nov’ 17S0'$ 80*2 80 80*2 29

____ 79 83 Oct ’ 1756*4 59 56 8 56*4 252*8 59 01U June’ 1773*2 8934 915$ Muy’17

102 Apr *18102*8 109____10593** . . . .

103*2 Sopt’ 17 107 Oot ’ 10

65U . . . . 887$ Mar’ 1761 76 30*2 Doo ’ 10

1007a 109 71 73i2

____ 83____ 100O ils------97i 2 --------84 ____84*8 85

____ 98128914 Sale 8234 88127512 ____84 ____77 —84 ____90i4 9 478 757374 70i3 84 80

*92"93 89*2 80H 781S 781275 7312 84U 90 95*2 81 81 73l2 90i2 80U 86I4 888788

90*297

'so

’83ia

*8734

9991

*9 012 90i2

"O l"10099

110*8 Oct ’ 17 72*2 Apr 'IS 83 83

100!8 Feb *17 99*2 July’ 17

10U& July 17 88 Jan ‘ 18 85U Apr ’ IS 90i2 907.188*1 891.189*2 Nov’ 17 8 412 Sep ’ 16 92 Aug T7

102 Jan *9392 Deo ’ 1790*8953487 70 81U373i84808096*49234

104 90*4 90*$ 881| 83 90 *8 99 93 93 983i 99 88la 92 92 9988 87 95*2

96*8 Apr T8 Fob *17 Jan ’ 18 July’17 Deo ’ 10 Apr ’ 18 Deo ’ 17 Oct '17 May’ 17 Dec ’ 17 Deo ’ 15 Feb ’12 Oot ’ 12 Fob ’ 17 Apr '17 July’ 12 Mar’ IS M ay'14 May’ 10 Apr ’ 17 Dec *17 Sopt’ 17 Nov’ 17 Deo ’ 17 June'17 Feb ’ 18 Mar’ 18 May’ 17

linage Since

Jan. 1.Low High 72ia 74*298 9S«4

03 6370 70

92 947L34 7578 72*2 72*3 82 86 -a8134 86*2

7234 80*2 75*2 8261 03*276 8072*2 75

8678 88

50‘2 ^0*2 52 56*255'a 578334 8034

45 49*2

6 4 68*2

60 60 60 04S278 8412

100 100

8U2 85

74*a 7012

IO.5I4 105*2 83i4 85'a

79 8134

2 503a GU2

- I I 102"" Io'278

7590

88 88 85 90957a 99 883.1 92

96*8 98 9534 90

70

*84*

88 88 87 87

BONDSN. Y. STOCK EXCHANGE

Week oudlng April 26P C C A St L (Cca.)

Series G 4s gu ar.._____ 1957Series I cone gu 4Hf»...19fl3

C St L A P lat cons g 5s. . 1932 Peoria A Pekin Un lat 6a 2. . 1921

2d gold 4H8...................51921Pore Marquette let Ser A 5a 1956

lat Series 13 4s................... 1950PblllpDine Ry 1st 30-yr a f Is 1937PlttdSh A L E 1st g 58......... 1940

1st consol gold 5a_.______1913Reading Co gen gold le____1997

Registered ______ 1997Jersey Central coIJ g 4s ...1951Atlantic City guar 49 g__ 1951

St Jos A Or Ial 1st g 4a____ 1947St LouIb A San Frau (reorg Co)

Prior Lien ser A 4 s . ._____1950Prior lien aer B 5.?_______ 1950Cum adjust aor A 6s____A1955Income series A 6a.......... A I960

St Louts A San Frau gon 6a. 1931General gold 5a............. 1931

St L A S F RR cous g 48.. 1996 Southw Dlv 1st g 59.-.1947

K C Ft 8 A M cons g 69. . 1928 K C Ft S A M Ry ref g 43.1930 K G A M R A B let gu 5a. 1929

St L 3 W lat g 4a bond otfs.. i960 2d g 4a Income bond ctfa.pl989Conaol gold la................... 1932lat terra 1 A uulf 5a............. 1052Gray’s Pt Ter lat gu g 6a. 1917

8 A A A Paaa lat gu a 4n___ 1943S F A N P lat sk fd g 5a.........1919Seaboard Air Line g 4a.........1950

Gold la stamped________ 1950Adjustment 5a...... ......... el9 49Refunding 4a.....................I960Atl Blrm 30-yr 1st g 4a...•: 1933Car Cent 1st coo g 4s____ 1949Fla Cent A Pen lat g 6 a ... 1918

lat land gr oxt g 5a_____ 1930Consol gold 5a ............. 1943

Ga A Ain Ry l3t con 5a..0 1945 Ga Car A No 1st gu g 5a.. 1929Scab A Roan lat 5a........ 1926

Southern Pacific C o -Gold 4a (Cent Pao coll)-_il949

Registered...................*191920-yoar conv 4a..............g 192920-year conv 5a.............__J934Cent Pac 1st ref gu g 4a__ 1949

Registered.........................10 49Mort guar gold 3Ha..*1029 Through St L 1st gu 4a_lU64

O H AS A M A P let 5a.. 19312d exten 5a guar_______ 1031

QUa VO A N Zstgu g 5S. .1921 Houa E A W T lat g 5 s ... 1933

lat guar 6a red..............1933H A T C 1st g 5a Int gu__ 1937

Gen gold 4s Int guar__ 1921Waco A N W dlv lat g 0a '30

A A N W lat gu g 5a____ 1941Louisiana West lHtda___ 1921Morgan’a La A T lat 7s_.19l8

lat gold 6a.......................1020No or Cal guar g 5s______ 1938Ore A Cal let guar g 5a__ 1927So Pao of Cal—Gu g 5a . . . 1037 So Pao Coast 1st gu 4a g . . 1937San Fran Term! lat 4a__ I960Tex A N O con gold 5a...1943So Pao RR 1st ref 4a____ 1955

Bouthorn— 1st cons g 5a____1994Registered___________ 1994

Develop A gen 4a rtor A__ I960Mob A Ohio coll tr g 4 a ... 1038 Mem Div lat g 4Hs-5a... 1990St Louta div lat g 4a.........1951Ala Cen lat g 6a.................1918Ala Ot Sou lat cona A 6s.. 1943 Atl A Char A L lat A IHs 1944

lat 30-yr 58 ser H ......... 1944Atl A Danv lat g 4a........... 1948

2d 4a.............................. 1918AM A Yad lat g guar 4s__ 1949E T Va A Oa Div g 6s___ 1930

Con lat gold 5a............. 19G0E Ten reo Hen g 5a............ 193*Ga Midland lat 3a.............1040Ga Pao Ry 1st g 0a.......... 1922Knox A Ohio 1st g 6a___ 1925Mob A BIr prior Hen g 5s. 1045

Mortgage gold 4a........... 1945Rich A Dan deb 6a stmpd.1027 Rich A Mock 1st gu la . . . 1948So Car A Ga let g 5a......... 1019Virginia M idaerD4-5a... 1921

Series E 6a..................... 1926Series F 5a.....................1931General 5 s____________ 1930Va A So’w’n lat gu 5a. .2003

lat cona50-year 5 s . . .1968WO A W lat cy gu la___ 1924

Spokane Internal 1st g 5a. _ .1055Ter A of St L 1st g 4H*___ 1939

1st con gold 5a........ .1894-194 4Gon refund a f x 4a_______ 1953St L M Bridge Ter gu g 6s 1930

Tex A Pac 1st gold 5a........... 20002d gold lno 5a_.___ /2000La Dlv B L lat g 6a..........1931W Min W A N VV lat gu 591030

Tol A O O 1st gu 58. .............1935Western Dlv lat g 5e_____ 1935General gold 5a.................1935Kan A M 1st gu g 4a......... 1990

2d 20-year 6s_............... 1927Tol P A W lat gold 4a........... 1917Tol St L A W pr Hen g 3H«.192-P>

50-year gold la...................1950Coll tr 48 g Ser A ...............1917

Tor Ham A Buff lat g 4a..*1940Ulster A Del lat con g 5ft__ 1928

lat refund g 4a__________ 1952Union Pacific 1st g 4«...........1947

Registered___________19 4730-year conv Aa................. 1927lat A ref 4s...................... $2008Ore RR A Nav con g 4a..1946 Ore8hort Line lat g 6s...1922

lit oonso! g 5a________ 1940Guar refund 4s_______ 1929Utah A Nor gold 5a____1920

1st extended 4a......... 1933Vandalla cona g 4s Ser A___ 1955

Consols 4 Sorloe B........... 1967

M-N F - A A O Q - F M-N

J - JA - O J - J J - J J - J A -O J - J J - J

JJ - J

-O Oot

J - J J - J J - J A - O M-N A - O A - O M- N J - J J -D J - J j n J - J 1 - J A - O A -O F - A A - Om . a j - j j - j j - j j - j j - j j - jj - J

o D

m - aJ - D F - A F - A J -D A -O M-N J - J M-N M-N M-N J - J A -O M-N J - J J - J A -O J - J A - O J - J M- N J - J A -O J - J J - J J - J J - J A - O M- ft 3 - J J - J J - J J - O J - J J - I J - J J - J A -O J - J M-N M- 8 A -O J - J J - J J - J J - J A -O M-N M-N M- 8 M- 8 M- S M-N J - J A -O F - A J - J A -O F - A 3 - J A - O J D M ar J - J F • A J - J A -O J -D A -O J - J J - J J - J A -O P - A J -O J -D A - O J - J J - J J - J M- B J -D F - A J - J J -D J - J J - J F - A M- N

Price Frtlag April 20

Bid .4 Ak38 9080<8------

lOOis____

8O34 81 01i2 05 44 5090 ____96 ____82l2 Sale

____ 818 U4 8303 ____5 3 3 a S a l e 7 0 * 2 7 1 * 2 6134 S a l o

4 4 S a l e 102 l 10 91*2 92

100*2____66 6 S i881 ____65*2 66 52i2 6i34 57 Sale 54i8 53

’ 59~U '593370 ____70*4 74 49*2 50 5134 52*3 02 76

____ 77*297*8 993490 ____92*2 95 88 9592 7$____01 ____70*8 72

____ 72707s Sale 9158 0214 80 Salo85 8770*2 75 90ia 100

____ 88* j____ 9581 9581 9591*8 101 87 99

____ 1003497*2 105*2

I I I I 100*92*2____913S 90 915s ------90 ____72 71*2

____ 857734 Sale 92-*4 Sale__ 88GUa 0U2 60 0392 ____64*4 70 99>2 1048078 ------81 870li2 93

I I I I *80*~82 ~ *07* 89*4 95 85 9440 ____

100*2____ 1100 103*2 85 9562 7293 103

‘ 907a ‘ 93’*9338 I I I I91 ____90 94*395 100 70ia 84

Weck't Range or La»l Sale

Low High 91 Nov’17 92*8 Oct ’ 17

Mar’ IM Juno’ 17 Mar’ 10

81*2 Mar’ 18 Apr ’ 18 Jan *18

97U Deo ’ 17 8 Da 82* 88i2 Oct ’ 17 8 D4 Apr ’ 1860 Deo ’1758 5Sl271 7214OU2 6:44

101927890

1005s

45 Apr *18

92May’ 16 May’ 17

100'»4G5 Apr '18 88 July’ 17 00 00 50*2 Jan ’18 57 5761 5198*2 Jan '14 5914 5914

100‘s Feb ’ 17 71*2 Mar’ 18 71*2 Mar’ 13 49*2 5051*i 5275 Mar’18 7 7 J a n ’ I S 99*4 June’ 17

101 Doc *15 103*4 Deo ’ 16 97 Aug* 17 97 Sept’17 95 Oct ’1772 Apr ’ 1390 Feb ’ 1470*4 7791*2 92*278*3 8087*2 Sept’ 10 87>a Fob ’ 18 72*2 Feb ’ 18

100 Oct ’ 17 96*4 Jan ’ 18

100*4 Jan *10 99*2 Apr ’ 17

100 Oot ’10 103*2 Aug ’ 1791 Apr ’ 18

109*2 Nov’ 15 101*3 Dec ’ 10 lOOU Oct ’ 17 1001$ Deo ’ 17 105 Jau ’10 102*8 Oct ’ 1790*4 Fob ’ 18

107*2 Sept’ 16 93*2 Aug '17 7334 Apr ’ 18 95 Nov’ 10 77*2 7892H 93

lOOU Aug ’ 16 61 G17866 Apr ’ 18 87 Jan ’ 18 04*8 Apr ’ IS

102*8 8i*pt’ 108773 Mar’18 90 July’ 17 92*2 921270*4 Mar’ 18 8 U2 Mar’ 16 75 Feb '17

Mar* 18 94

July’ 17M a r ’ 1 8

D e o ’ 1 7 101

Sept’ 10 J a n ' 1 8 J a n ’ 1 8 Sopt’ 12

907$

No.

8587

99i 2 9582*t

____ 10U2H43j, 8640 70

____ 93

*8012 *04*4------ 961$____ 8066*2 80*2

____ 91------ 50____ 8041*2 48

____ 87-____ 95____ 7087 Sale 81 8686 86l2 79*4 Salo 70*2 791o

IOU4 103 94*2 97 Sl?8 82*487 98 80*8 8975 ____80 82*4

9094 9951

103 101 1006895 73 9078

102*3 June’ 1 1 93 Apr ’ 18

10 U2 Dee ’ ir, 93 Apr '18

105 Mar’ 17 72*2 Jan ’ 18 037$ Mar’ 17 9534 Mar’ 17 93*4 Sept’ 17 95 Feb ’ IS 82 Jan ’ 18 95*2 July’ 17 85*4 Apr ’ 18 46’s Feb *1889 Apr ’ 17

106*2 Nov’0493 Apr *18

100 Jan *17 00 Fob '17 70 Nov’ 17 01*4 Ueo ’ 1752 Au* ’ 17 80 F eb ’ 18 45 Apr ’ 18 18*8 Mar’00 80 Apr ’ 1790 Nov’ 1758 Sept* 17 86*2 8780 Fob '18 85*2 8679*4 79*47973 7978

10178 10295*4 Apr '18 82U 831$08 Doe ’ 17 89 Fob *18 80 Jan ’ 18 81*8 June’ 17

Range Since

Jan. 1.Low High

79*2 82 02*2 65 50 5099 9981 86

81*4 ’ 80*

55l2 01 60 741260 67*244 51

10L 101U91 96*8

100*4 102*2 62 6965 68*250*2 50*2 57 6452 69*269 60*271*2 71*2 71) 7U249 55-*45 l3 t 6GI4 78 7577 77

717a 7675*2 79 801$ 93U 7733 8286*2 83 71 72*29034 90*4

8 7 9 1

93*8 90*2

7334 81*2

7 0 * 4 8 2 3 * 9 0 * i 9 3 * 4

59 617860 08*287 8704*8 09*2'877a *877891 9570*t 70*4

9097*2

61 6398*8 101

G895

9678 967a

93 9472*2 72*2

9582*4

83 SQ78 40's 40i8

8053

85*8 89 80 80 82*4 87*2 75*2 81*47934 82*2

100*8 101 94*8 97*2 8l7g 86

8980

• No price Filday; latest bid and naked, a Dae Jan* 6 Due Feb. 0 May, g Duo June. A Due July k Due Aug 0 Due Oot p Due Nov q Due Deo. t Option sale


Apr. 27 1918 J New York Bond Record-Concluded—Page 4 1779BONDS

N. Y. STOCK EXCHANGE Woek ending April 20

I I

- JJ - J M-NA- OJ - J J - J J - J M-N J - i F -A F - A F -A F -A J - J F -A I - J J - J J -J M- 8 F -AF -A A -O J - JA -OA -OJ -D M- S M- 8 F -A F - A J - J J - J J - J J - J J - J J - J A - O M-N M-N F - A J - J M-H i - j J - J A -O J - J A -O J - J

PriceFriday

April 26

Vera Cruz & P lat gu 4K 3 .-1034 J - JVirginian 1st6aSeries A___ 1902 M-NWabash lat gold 6s.......... ..1909 M-N

2d gold 68..........................1939 F - ADebenture Berios B_____ 1939 J - Jlat lion equip a fd g 53___ 1921 M - 81st lien 50-yr g term -is 1904 J - JDet «fc Ch Ext lat g 5a___ 1941 J - JDea Moines Div let g 4S-.1939 J - JOm Div lat g 3H »_______1941 A -OTol A Ch Div lat g 4a___ 1911 M- 8

Wash Terml lat gu 3Ks___ 1945 F - Alat 40-yr guar 4a________1945 F -A

West Maryland lat g 4s___ 1952 A -OWest N Y A Pa lat g 5a___ 1937 J - J

Gen gold 4a......................1943 A - OIncome 6a........................pi 943 Nov

Western Pao 1st aer A 5a._.1946 M ■ S Wheeling At L E 1st g 6a ,.-.1926 A - O

Wheel Div lat gold 5s___ 1928 J - JExten A Impt gold 5«___ 1930 F -ARefunding 412a series A ..1966 M- SRR 1st consol 4a-............1949 M-

Truat co ctfa of deposit___Wlnaton-8a!cm 8 B lat 4a-. 1980 Wla Cent 50-yr 1st gon 4a. 1919

Sup A Du! div A term lat 4a '30 Street Railway

Brooklyn Rapid Tran g 5a.. 1945 1st refund conv gold 4s. _ .2002 3->ear secured notea 5a ..-191.8 Bk City l3t con 4s._ 1916-1941 Bk Q Co A 8 con gu g 5a. .1941Bklyn Q Co A 8 1st 5a___ 1941Bklyu Un El 1st g 4-69...1950

Stamped guar 4-Gs........ 1950Kings County E 1st g 4a..1949

Stamped guar 4s.......... 1949Nassau Eleo guar gold 19.1051

Chicago Itys lat 6a...............1927Conn Ry A L 1st A ref g 4X81951

Stamped guar 4Xa.......... 1951Dot United 1st cons g 4K g .. 1032 YtSmltb Lt A Tr lat 3 5a. __ 1936Hud A Manhat 5a 8cr A___ 1957

Adjust Income 6a............... 1957N Y A Jersey lat 5s.......... 1932

Intnrboro-Metrop coll 4K&.1956 (nterboro ltap Tran lat 5a.. 1906 Manhat Uy (N Y) cona g 4a. 1990

Stamped tax-exempt........ 1990Metropolitan Streot Ry—•

Bway A 7th Av lat 0 g 58.1943 Col A 9th Av lat gu g 6a.. 1993 Lex Av A P F lat gu g 5a-- 1993

Met W 8 El (Chic) lat a da.. 1938 Mllw EIoo Ry A Lt cona g Ca 192(1

Refunding A exten 4H8--1931 MInneap 8t lat cons g 59...1910 Montreal Tram 1st A rof 69.1941 New Orl Ry A Lt gen 4 Ha.-1935 N Y Munlolp Ry 1st at 6s A 1908N Y Rya 1st R E A ref 4a__ 1942

80-year adj lno 5a.......... al042N YBtate Itya lat cona 4 Ha. 1902Portland Ry lat A ref 6«____1930Portld Ry Lt A P lat rof 6a. 19 42

Portland Gen Elec lat 5s. 1935 St Joa Ry L IT A P lat ff 6s.. 1937 St Paul City Cab oona g 5 s .. 1937Third Ave 1st rof 4a............. I960

Adj lno fid........................ alOflOThird Ave Ry lat g 58......... 1937Trl-CIty Ry A Lt lat a f 6a. .1923Uudcrgr of London 4 Ha____1933

Income 0s............ ..............1948Union EIov (Ohio) 1st g 5a.. 1919 A -O United Rya Inv 69 Pitta Isa.1920 M-NUnited Rya 8t L 1st g da___ 1934 J - J

Bt Louis Transit gu 6s ___1924 A -OUnited RRs San Fr a f 4 s . .. 1927 A - O Vft Ry A Pow lat <k ref 6S..1934 J * J

Gan anil Electric LightAtlanta G L Co 1st g 6fl___ 1917 J -DBklyn Un Oaa lat cods g 6a. 1945 M-N Buffalo Clt7 Oils 1st « 6s...1947 A - O Clnolp Gas A Eleo latAref 6a 1056 A - OColumbia G A B lat 6a........ 1927 J - JColumbus Gas 1st gold 5S..1932 J - JConsol Ona conv deb 6s___ 1920 Q - FConaOaaE LAP of Balt 5-yr6s'2l M- N Detroit City Gas gold 6 s ... 1923 J - J Detroit Gas Co cons 1st g 5s 1913 F -A Detroit Edison lat coll tr 5a. 1933 J - J

1st A ref 69 ser A............ *1940 M- 8Kq G L N Y 1st cona g 5a. .1932 M- 8 Oaa A Eleo Berg Oo 0 g 5a.. 1949 J -DHavana Eleo oonaol g 5a___ 1952 F -AHudson Co Gas 1st g 6a___ 1949 M-NKan City (Mo) Gas 1st g 58.1922 A -OKings Co El L A P g fia........ 1937 A -O

Purchase money 6a.......... 1997 A - OConvertible dob 6a.......... 1925 M- 8Ed El 111 Bkn lat con g 48.1939 J - J

Lac Qaa L of St L let g 5a..elO10 Q - FRef and ext 1st g 5a..........1934 A -O

Milwaukee Gas L lat is___ 1927 M-NNewark Con Gas g 6a.......... 1918 J - ON Y G E L H & P g fij .......... 1948 J - D

Purcbaao money g 4s........ 19*9 F -AEd Eleo ill lat cona g 6s. .1995 J - J

NYAQ El L A P 1st con g 5a 1030 F -A Pacific G A El Co—Cal G A E

Corp unify lug A ref 6 s . .. 1037 M- Paclflo O A 15 gen A rof fis. .1942 J - Pao Pow A Lt 1st A rof 20-yr

fis International Series. __ 1930 F - APat A Pasaalo G A El 6s___ 1949 M- 8Peop Gas A O lat cons g 08..1943 A -O

Refunding gold 6s......... 1947 M- SRegistered.....................1947 M- S

Oh O-L A Coke 1st gu g 5u 1937 J - J Oon Q Co of Ch 1st gu g 5sl93fl J - D Ind Nat Oas A Oil 30-yr 5sl930 M- N Mu Fuel Gas 1st gu g 5a.. 1947 M-N

Philadelphia Co conv 5s___ 1919 F -AConv dobon gold 5s..........1922 M- N

Stand Gas A EJ conv s f 0s__1920 J - D Byracuse Lighting 1st g 6s. .1951 J -D Syracuse Light A Power 5s. _ 1061 J - JTrenton G A El 1st g 6s___ 1949 M- 8Union Eleo Lt A P 1st g 6 s ..1932 M- s

Refunding A extension 68.1933 M - N United Fuel Gas 1st s f 6 s . ..1936 J - JUtah Power A Lt 1st fis___ 1044 F - AUtica Eleo L A P 1st g 5 a ... 1050 J - JUtloaGasA Elec ref fis........ 1957 J - JWeetehotscr Lt# Bold Sb i960 J - Dl

Bid Ask

89 89*293 Sale 3434 80

____ 9096 9965 ____87*2 102

____ 77____ 7412____ 8005*8 80 80 855912 61

____ 103____85%40 ____81% 82

____ 96____ 9934____ 983450 7555U 6165% 85% 70 713.174 7580___833,1

____ 68%97% Bale

____ 91____ 90____ 99%79% 8080 ____

------ 70____ 77%56 60

_____8284 . . .81 . . . 71% 72%

Week's Range or Last Sale

Low High 35 Sopt’ 17 89% 89%923s 9384% Apr ’ 18

105 Oct ’ 15 100% Mar’ 18 78 M ay'17 99% Sept’ 1780 Aug ’ 1275 Apr '17 84% Jan *1776 Deo ’1785 D eo ’ 17 59% 59 %90 Jau *18 70 Apr ’ 18 30 Oct ’ 1781 81

IOO34 Apr ’ 17 100 Feb '1799% Mar’ 17 00 Mar* 18 55% 55%

54% Salo 10 Salo

_____ 10052% Salo 81% Sale 73% 78% 78 7976 80

____ 82%____ 7583 ____82 ____98%____75 76%__ 86

49*2 50 18 1968 71%

90’ G2% 68

85 May* 1772 Apr *18 75 Apr ’ 1880 80% 63 6890% 973494 Oct ’ 17 80 May'12

101 May’ 1380 Apr ’ 18 80 8073 Sopt’ 17 78 July’ 17 70 Aug’ 17 82 82%

100% Feb *17 85 Apr '18 72% 72%84 Jan ’ 14 5433 54%10 16%

100 Fob ’ 17 52% 5 481 827834 783477 Apr ’ 18

Range Since

Jan. 1.Low High

88% 03 92% 95% 8434 86%

98% 100%

61%9970

79% 84

GO 60 55% 60

72%70%

79% 8334 05 0992% 9734

87%85%

81% 86%

8572%

35 48% 61 34; 1434 1934

____ 100

53% 55 34 . . . 00 9791 92%70 ___56 68

Feb '18 May’ 17 Sopt’17 Mar'14

100% June'17 93 Nov’ 16 98*4 Aug ’17 97% July’ 17 79 Aug ’ 17 99 May’17 50 Apr *18 18 18% 7738 Aug T7 38% Nov’ 10 62% Mar’ 18 90% Fob ’17 95 July* 17

102% Mar'17

____ 55____ 55____ 6975 77

85 ____ 10390 93 90

02

54% 55 1133 34% 2495 Jan ’ 1891 92 5

54____ 90% 9074% 79

99% Sale ____ 92%

759799%02%

Mur’18 Mar’ 18 Oot ’08 Feb ’ 18 Apr ’ 18 June’17 Feb ’ 18 Mar’ 18

Sept* 15 Apr ’ 18 June’13, Apr ’ 18

75Feb ’ 15

99% Fob ’ 18

97%! 96% Mar’ 1895 96 95 95

____ 100 91*2 Apr *1*------ 100% 9* Feb ’ U

100 Fob T.188% ____ 92% Nov'17

____ 00 96% Doo T790% Deo ’ If!

85% ____ 90 Deo T709 100 99 99

UO June’ 1774 ____ 70 Nov’ 1797% 93% 97% 97%

------ 89% 89 Apr ’ 18____ 85 85% Apr ’ IS

104% Apr ’ 1787% 90 88*2 88*267 69 09 0912

____ 101 90% Aug ’ 1786% 83 80% 86%7834 79 78% 79%80% 84 95 Jan ’ 17

____ 97% 100 July’ 1797%------ 93% Mar’ 1872% 75 74 71

99 Sept’03____ 91 96 Sept’17

100 Apr T7es0011•1 89 Mar T794 July’17

____ 92% 99% Nov’ 1578 81 80 Mar’18

____ 92 93 Deo T781%------ 97% May’ 17

84 July’ 17983a Oot '17

____ 98 92% Sopt’ 17------ 85% 101% Nov'lfl____ 93 07*2 Jan ’ 1881% 82 81% 82

:01 JunoT7____ 95% 96 A ug’ 17------ 91% 105 Mar *17

51% 57% 70 8576 80%77 8270% 85

49 611734 21%

62% 62%

52% 56 27% 38% 95 9501 00 76 805G 60

0055%2580%

00 9534

89(2 00 75 8099% 102 92% 92% 94% 95%92 9091% 92% 94 94

97% 98% 89 94%85% 85%87% _89% 69 73

8634 92% 7812 8034

98% 98% 74 81

80 84

97% 97% 80% 84

BONDSN. Y. STOCK EXCHANGE

Week ending April 26

MiscellaneousAdams Ex coll tr g 4s.......... 1948Ala-ska Gold M deb 03 A___ 1925

Conv deb 6s series B____ 1926Armour A Co lat real eat 4Hs'39 Booth Fisheries deb s f 0s...1926 Braden Cop M coll tr s f 6s. 1931Bush Terminal 1st 4a.......... 1952

Consol 5a..........................1955Bldgs 5s guar tax ex........ 1960

Cerro da Pasco Copp env 6s 1925 Chic C A Conn Rys 8 f 5S.1927 Chic Un Stat’n 1st gu 4.Hs A 1963 Cbllo Copper 10-yr conv 73.1923

Coll tr Aconv 6s scr A part pddo do full paid_________

Oomputlng-Tab-Rcc a f 0s.. 1941 Granby Cons M 8 A P con 6s A ’28

Stamped________________1928Great Falls Pow 1st s f 68..1940 Int Mercan Marine s f 6s . . . 1941Moutana Power 1st 5s A__ 1943Morris A Co 1st a f 4Ks___ 1939Mtge Bond (N Y) 4s eer 2..I960

tO-20-yr 6a series 3........... 1932N \ Dock 50-yr 1st g 4a___ 1951Niagara Falls Power lat 5a_. 1932

Ref A gon fls.................... 01932Nlag Lock A O Pow Jst 5s. _ 1954 Nor States Power 25-yr 5a A 1941 Ontario Power N F let 5a... 1913Ontario Transmission 5s___ 1945Pub Sorv Corp N J gen 6a.. 1950 Tennessee Cop lat conv 6a. .1025 Wash Water Power 1st 53.. 1939 Wilson A Co 1st 25*yrsf Oa.1941

M a n u fa c t u r in g & In dustri a lAm Ag Chem 1st 0 6s______1928

Conv debon 5s__________ 1924Am Cot Oil debenture 5a ...1931Am Hide A L 1st a f g 6a___ 1919Am 8m A II 1st 30-yr 5s ser A tf’47 Am Thread lat coll tr 4s___ 1919

* 'v ci mi h 1 os----- luiy;Baldw Loco Works 1st 5a ...1940 Cent Foundry lat a f 6a . . . 1931 Coot Leather 20-year g 5S..1925Con3ol Tobacco g 4a__ 1951Corn Prod Ref s f g 5«___ H 1931

lat 25-year a f 5a.............. 1934Cuban-Am Sugar coll tr 6s.. J 918 Distil Sec Cor conv let g 6s. 1927 E I du Pont Powder 4 H s . . .1936 General Baking lat 25-yr 0a. 1936Gen Electric deb g 3Hs___ 1942

Debenture 6a____ 1952Ingersoll-Rand 1st 5a. .11 “*1935 Int Agrlcul Corp let 20-yr 5a 1932 Int Paper Co—

Conaol conv a f g 5a.......... 1935Liggett A Myera Tobao 7a. .1944

5a__ ___ 1951I.orlllard Co (P) 7al” irrill944

5a.---------------------------------Mexican Petrol Ltd con 6a A 1921

lat Hen A rof 6s series C ..1921 Nat Enam A Stpg 1st 5a ...1929Nat Starch 20-yr deb 6a___ 1930National Tube lat 5a............ 1952N Y Air Brake lat conv 6?__I928 Railway 0tcol Spring—

Interocean P lat a f 6s___ 1931Sinclair Oil A Refining—

1st a l 7a 1920 warr'nt* attch do without warrants attach

Standard Milling lat 6s......... 1930The Texas Co conv deb 6a.. 1931 Uulon Bag A Paper lat 6s. .1930

Stamped.............................1930U 8 Realty A I conv deb g 5a 1924 U 8 Rubber 10-yr col tr 0B..1918

lat A ref 6a aeries A........... 1917U 8 Smelt Ref A M conv 0B.1926 r -V-Car Chora lat 15-yr 5a ... 1923)j -

Conv deb fls......................el924 A - OWest Electric lat fia Deo___ 1922 jJ -

A A -O F -A M-N M-N A -O A- J ■J - F - M- J M-J -A - F - A - F - A - A - J - J - M-

M- J -J -JJJ -I J -F

ifsi

Price Friday

April 26Week's

Range or Last Sale P

RangeSince

Jan. 1.Sid Ask. Low High No Low High

M - 8 06 0012 Apr ’ 18 04 60%M- 8 19 __ 19 20 5 18% 20%M- 8 18 20 20 Apr ’ 18 19 20J -D 84% 85 8434 8434 4 823s 87%,A -O 90 Feb '18 90 90F - A 90 92 91*2 Apr ’ IS 89% 93A -O 78 83 82 Feb ’ IS 82 S3J - J _ 85 -SO Mar’ lS SO 84*2A -O 75% 76*2 75% Apr ’ 18 74 79M- N 105% 105% 103% 106 IS 103 107%A -O 58 Mar’ IS 58 58J - J 87% 89% 8712 Apr ’ IS 86% 90M -N 103*2 101*2 104 10412 19 1023« 107%A -O 77*2 78% 78 79 48 73 80*2A -O 75 87 Oot ’ J7J J 80 85 79 Feb ’ 18 78*2 79M-N 95 96% 9SU 95I4 1 91 97(M-N 95 96% 95 95 1 91 96M-N 89% 92% 90% Apr ’ 18 90% 94A - O 9133 Sale 91% 91% 23 90 95J - J 8S% Sale 88*2 88% 33 86% 92J - J __ 89% 90 July’ 17A -O 60 83 Apr '14J - J 94 June’ lGF - A 65 60 66 Mar’18 66 06J - J 99 00’4 Mar’18 96% 97A -O 93 100M- N 93*4 89% Oct ’17A -O 86% 87 87 87 1 86 87*2F - A 85 86 85% Mar’ 18 85*2 87*2M-N 95A -O 77% Sale 773,1 78*2 5 73% 82%M- N 92*2 93 92*2 Apr ’18 88 93J - J 88A -O 9434 Sale 9134 9134 18 93% 9G%

A -O 94 97% 95 95 1 92i2 00*2F - A 92 93 92 92 4 90% 95%M-N 82% 87% 83 Apr *18 82 83M- 8 100 100*4 100 100 2 98% 100__ 87 88 S3 88 3j 86*4 89%J - J 98 0734 Mar’ 18 96% 97%A -O 117 119 Deo ’ 17F -A 71 7812 71 71 41 71 74*2J - J 83 83% 83 84 14 79 87M-N 9934 100% 101% Apr ’ 18 — 99% 101%85

94% 95____ 8196% 99 96% 98

-O 86*4 80%- 1J 100-D- A 71 70

R 95 97J 80 99

-N 70*2 71J

-O 112*2 115A 92% 95O 111 120A 91 9134O 106 109O 105 107D 98I 93

N 94 96N 99 SaleO 05 —

90 Sale87% Sale

N 90*3 93%J 97% 98J 80 S91 76 85J 50 54%D 100 100%J 78*2 SaleA 92 94%O 93% 04

95 9581 Mar’ 17 97% Apr '18 9734 9734

100 Feb '18 80 87 „

10* May* 17 85% M ar'10

5206

7495

100Mar’18

95 ‘ "*271 74" 94% 100

70*2 71 16 63*2 733499 Jan ’18 93 99

113 Apr 'IS 110 11792% 92% 2 S0 95114 114 1 111 11501% 91% 5 85 93106 Apr ’ IS 1053i 106

106 106 1 106 10695 Apr ’ 18 95 9593 91 3 91% 92%95 Apr ’ IS 93 953199 99 2 9S«4 10096-s Feb ’ 18 — 96% 96*88934 90 16 86 93*28634 87% 34 84*2 88%90 Feb ’ IS 83 9097% 93 27 96*2 101%83% Aug ’ 1788*2 May'1748 52 3 45 52

100 100 1 100 100%78 78% 170 70 7:1.493% 94 7 93 98

Coal Iron A SteelBeth Steel lat ext a f 6a.........1920

lat A ref 6« guar A............ 194220-yoar p mA Imp a f 5a. 1936

Buff A Buaq Iron 1 f 5a____ 1932Debenture 5a.................. 01926

Cahaba C M Co lat gu Ca__ 1922Col F A 1 Co gen at 6a______1943Col Indus lat A coll 6a gu. 193* Cona Coal of Md JatArof 53.1950Elk Horn Coal conv 6a___ 1925Elk Horn Fuel lat conv 6S.1918Gr Iilv Coal A C latgfla___AI919III Steel deb 4Ha.......... 1940Indiana Steel lat 5a______^.1952Lackaw Steel lat g 6a____ZIl923

1st cona 5a Herlea A______ 1950Midvale Steel & O conv a f 6sl93fl Pocah Con Collier lat a 16a. 1957 Repub I A 8 10-30-yr 5a a f.1940 8 t L Rock Mt A P 5a atm pd. 1955 Tenn Coal I A RR gen 5a.. 1051 U S Steel Corp— lcoup___dl963

8 F 10-00-yr 63[rcg ____<11903Victor Fuel let a f 5a.............1953Va iron CoalACoke lat g 5a. 1949

ToUqriph A TelepheneAtn Telep A Tel coll tr 4 a ... 1929

Convertible 4a...................193020 -yr convertible 4 Ha____193330-yr temp coll tr 6a.____ 1946

Cent Dlat Tol 1st 30-yr 6a . 1943 Commercial Cable lot g 4a ..2397

Registered.........................2397Cumb T A T lat A gen 6a...1937 Keyatone Telephone 1st 5a. .1935 Metropol Tel A Tel 1st a f 5a 1918 Mich State Toleph lat 5a...1924 N Y A N J Telephone fia g._1920 N Y Telep lat Agen s f 4H8-1939Pao Tel A Tel lat fie_______ 1937South Bell Tel A T lataf fis 1941 Weat Union ooll tr cur 5I...1938

Fd and real eat g 4 Ha____I960Mut Un Tel gu ext fis___ 1941Northweat Tel gu 4 He 2-.1934

J - JM-N J - J J -D M- 8 J - F - F -

94% 94%95% 98 | 98 Apr '18 97 97%: 90 97%

93% Sale 89% Sale 80 Sale

------ 96____ 91%

93% 9489% 89%79% 80

M- 8 - S

J -D J -D Q - J Q - J J - J J - J M-N F - A M-N M-N J - J J - J J - J M-N M-N J - J

84*2 8574 7584__ 88

__90*2 *95"82% 83%94% 957895 9690 90%85 Sale84*890% 97*279*4 8795*2 0997*8 Sale 9634 Sale

7586 89%

soij Sale87

86 89%92% 93

100*2

9184 90%97

99% 100 88*4 Sale9786% 86%91 91%93 9590 92*282% 80

____ 1011*

9585

101857483981

July’ 17 Jan '18 Dec '14

85Apr '18 Jan ’ 18

- . Sept* 17 98% Aug *1794 Feb *1,883% Apr ’18 95% 953495 9690% 90%81% 8585% Feb T8 96% 97%80 Apr ’ 18 95% Mar’ 18 96% 97%96% 96%80 Dec T 6 84 Apr ’ 18

80% 80% 85% Feb ’ 18 86 86 92 92%98% Apr ’ 18 73 Nov* 17 68% Jan ’ 18 91% 91%9.3 Apr ’ 10 99% Feb ’ 18 88% 88% 97 Mar’ 18 86% 86% 91 9192% Apr ’ 18 90% 903480% Apr ’ 18 01% Sept’ 17 91 Nov’ 16

8097%

97% 97% 95 U8 99% 100% 75 87%

no 97%91% 93 95 9*

93% 99 87 93%78% 81%85 ~ *S5 *

857685

94 9481 85%95 9704% 90% 88 903480% 85% 85% 85*2 93 98%80 80 95 97%96% 100 06% 99%83 85%

80% 83% 8184 85*2 86 91%90 95%98% 99*268% *08% 90 93%99% '99%S634 88%97 9785% 89 90% 92% 90% 92%

93%88

• No price Friday: latest Did and asked. t D u j . i i . t Due April. t o u t M ar, 'D u e June. Ayuaiuiy. iD n .A o * .Q u a Oct. r D t .N o r . , Du. D m , option tala.


1 7 8 0 BOSTON STOCK EXCHANGE—Stock Record Ne xt Pago [Vol . 106

SHAHS PR1CXS—NOT PBR CKNTUM PR1CBS.

*13 14

SaturdayApr. 20

f onday Apr. 22

Tuesday Apr. 23

Wednesday Apr. 24

Thursday April 25.

*123 125 *123 125 123 124 124 124% 12434 1243457 57 56 57 56% 5834 58% 00 59 60%

*87 90 *88 __ *87 *87 Last Sale 823% 24% 24 2434 23% 23% *23 23% 23 23

*150 00 *150 60 150 150 *150 160 *150 160*1 5 *1 5 *1 5 *1 5 Last Sale 2

*11 *11 *11 *11 Last Sale 1Last Sale 4

*30 *30 *30 *30 Last Sale 3Last Sale 1

*83% *83% 83% 83% *83% __ *8 3% ___*10884 *10834 *10834 __ *108% __ 10834 10834*59 63 *60 *60 60 60 *60 ___

*114 118 *114 118 *114*4 *11434 Last Sale 1*78% *78'% *78% *785* __ Last Sale S*80 83 *80 83 *80 81 *80 82 Last Sale 8*3% 4 *3% 4 *3% 4 *3% 4 4 418 18 17 17 *16% 17% 17 18 18 19%28% 28% 28% 28% 2834 29% 28% 29 28 283*

* 90 ♦ 90 *__ _ 90 Last Sale 9*95 [01 *95 95 95 95 95 *96% ___*20 22 *20 22 *20 22 *20 22 Last Sale 2*87 90 *80 *80 *S0 Last Sale 542% 43% *42% 44 *42% 43"% 44 45 44% 45%

*51 55 *52 55 51 51 53 53 *53 55*83 85 *82% 8331 *82 83% *83% 84% 85 85*93% 95 9334 9334 937* 94 93% 94 93 94

*1% 1% *1 1% *1 1% *1% 1% 1% 1%10% 10% 10 11 10% 10% 10% 10%. *10 11

103% 103% *105 106 105 105 105 105 *10334 10434110 110 110 110% 110 L10 *1093i 110% 110% 110%100% 10034 100% 10073 9934100% 997* 100% 98% 100%*52% 53% *52% 54% *52% 53 *51% 52 Last Sale94 94 93% 94 93% 935* 93% 93% 93 94

*62% 66 64 64 *64 66 66 66 *65 ___*7714 80 *77% 80 78% 79 77% 77% *77% 80*11% 1234 12% 12% 12 12% 12% 12*2 *11% 12%

*110 111 109% 111 *108% 109% 108 108 107 107*62 63 *62 63 *62 66 * 613* 62% 62% 62%22% 23% 23 23% *223.( 23% 22% 22% *22% 23%14% 16 1534 16% *14% 16 *15% 15% 15% 15%*4% 434 412 4t2 *4% 47* *4% 4V* *4% 5

*138% 139 140 140 140 141 141 141 140 140142% 142% 143 143 142% 142% *140% 141% *141% 142

5% 53t 534 534 5% 534 *5% 6 *5% 6*12 13 *12 15 12 12 *12 15 *12 15

*378 4 4 4 37* 4 37* 37* 33t 37**91 *91 90% 90% 89% 89% *8 9 % ___79 79 80 80 80 80 80 80 *7S 8063% 64 *63% 64 63% 63% 63% 63% *63% 64

*111 113 *111 113 *111 113 110 111 112 112*34 1 *34 2 *34 2 *34 2 Last Sale

*88% *88% *88% __ *88% __ Last Sale*88 *88 *88 *88 __ Last Sale90 90 89«4 90 89 90 89% 90 89 89%

*58 63 *61 62% 61% 61% *59 63 *5934 63110

33 33 *33 34 *33 34 32 32 32 32*13 *13% 14 *13 14 *13 14 Last Sale140 141 140% 14U2 138% 140% 138 138'a 1373* 1383.t49 49 48 48 49 49 *48 49 *48 49

122 123 1223* 124 123 123% 122 123 121 12244% 441 44 44% 44 441 44 44% 44 4438

*25% 25% 25% 25% *25 25> 251* 25% *25 25%94% 953 95 961 94% 953? 94 95 937* 043,

*110% 11034 11078 1107a 111 111 110% 1101 110% 11034*633 7 638 634 6% 61 6% 61 6 6%

*1 13, *1 13? *M 13? *1 13 Last Sale77% 78 79 791 *78% 80 77% 781 *77 78%*1% 2 *1% 2 1% U 1% 13 13* 1%*.25 ■3C *.25 .30 *.25 .30 *.25 .31 1 Last Sale

*50 51 50 50% I 50% 50%| 50 50 *50 51

Friday April 20.

Sales of the Week

Shares,

1243i 12434 58 59Ur Apr’18

Jan’ 18

10834 10834

J Apr’ 18 2 Apr’ 18

4 41419 19%

9 Jan’ 18

8 Apr’ 18 44% 45

*82l2 84% 9312 94

H2 15* ♦10 10%

116" not*98 98>2

12 12% 107 107*01 032234 2234 15 15

142% 142%

80 80 *63% 04

.99 Apr’ 18 Apr’ 18

332,543

4477

9401,932

310

13 14 137* 14 *13U 137*

8900

89U60

13i2 Apr’ 18 138 138%1217*2 122" 437* 4414 25 2519434 95l2

111 111 57g . 618

1 Mar’ 18 767* 77

138 H2 .30 Apr’ 18 *50 51

13U 13U *13U 14

48931

2981554215

2205,133

1533529

425110

101,029

615104734

305100

1,02582

1032679

215502490

1,12423

5461,097

1484,773

1431,055

*4613

4813

46%13%

46%13%

*4613

1013 13% 13% *13 13% *13 13% 500

*.25 .31 *.25 .32 *.25 .32 *.25 .32 .25 .25 *.25 .32 200*19% 21 *20 21% 213i 213,1 20% 217* *19% 21 *19% 21 1567% 073.1 68 68 68% 69% 68% 69 683., 6834 6834 69 856

445 445 445 445 433 433 *431 435 431 435 *433 440 21*13% 133.1 *13% 1334 13% 13% *13% 1334 *13% 14 *13% 133i 25*41% 42 *42 423i *42% 43 *42% 43 Last Sale 40% Apr’ 18 __46 461.1 453.1 46% 45*4 46% 45% 46 451.1 455* 451.1 45% 379♦13., 2% *1% 21* *13.1 2 >.1 *13., 2% *2 2% 13.1 2 50

1,6455% 53.1 5% 534 534 53.1 5U 53.1 *5 53* *5 53*9% 9% 9% 9% *9 9% 91* 9% *9% 9% *9 9% 55

.434 5 *47* 5% *47* 5% 45* 47* 4% 43* *4% 5 440*76 79 *76 80 76 76 *75 78 *75 78 *75 78 4*42% 44 43% 43% *42% 44 *42 42% *40% 41% *41% 43 40

*7% 8 7 7 *7% 8 *7% 8 *7% 8 *7% 8 1.80 * .80 * .80 * .80 Last Sale % Apr’ 18

11562 62 62% 62% *62 63 63 63 62i.i 62% 62% 62%*81% 83 *81% 83% *81% 83 81 81 *81 83 *81 83 1022% 23% 23 23% 23 23 2234 23 *22 23 *22 22% 585*5% 534 5% 5% 5% 53* 5% 5 % 5% 5% 5% 5% 350* l» /j 1% *1%, 1% *1X . 13* 1% 1% *lMa 1% *15Y« 1% 5*5% 6 6 6% *6% 5% *5% 6 6 6 *5% 6 140*2% 3 *2% 3 *2% 3 *2% 3 Last Sale 2% Apr’ 18

5 Mar’ 18♦4% 5% *4% 5% *4% 5 *4% 5 Last Sale2051.4 5% *5% 5% *5% 5% *5 5*2 *5 5% ♦5 5%

*1% 1%) 1% 1% 1% lit 1% 111 *1% 1% 1% 1% 685*2% 2% *2% 2% *2% 2% *21i 2% Last Sale 2% Apr’18

446234 63 63 63 *62 63 *62% 63 *62% 63 *62% 63*19 19% *19 193i 19% 19% *19% 197* *187* 193* *19 193.1 35*1% 13l 1% 1% 1*4 Ml *15* 2 *1% 2 __ __ 160

*15 16% *15 17 *15 17 *15 17 Last Sale 16% Mar’ 18*12 16 *12 17 *12 17 *12 17 Last Sale 17 Mar’ 18

77 * 77 * 77 * 77 Last Sale 75 Apr’ 18*81.i 83.1 8% 81* 8*s 8** 8% 8% 8% 8% *8% 83, 23514% 14% 14 14 14 14% 14 14% 141.1 141., 14% 14% 353*.65 .80 .65 .65 *.50 .70 *.50 .70 *.50 .70 *.50 .80 100

*34 1% *3l 1% **4 1% *3, 1% Last Sale 1 Apr’ 1841 41 *40 41 39% 39% *40 41 *40% 41 *40 41 2254 54% *54 55 *54 55 *52 54 *53% 54 *53% 64 16183.1 183.1 1S% 1834 *18 18% 183* 183* 18% 18% *18 1S% 345

*71 72 70 71 *70 713, *70 72 71*4 713.1 *71 72 32♦24% 25 25 25 *24*4 25% *243* 25 25 25 *243i 25%

50 Apr’ 1870

*49 51 *49 51 *48 50 *48 50 Last Sale*.85 .95 *.90 l *.00 1 .85 .90 *.80 1 *.80 1 166*4.1* 4% *43S 4*2 4% 43* *4% 4% 4 % 4 % 4i.i 4% 255

*16 17% *16 17>2 *16 17% Last Sale 16% Mar’ IS*133 2 1% 11* *13* 2 *13* Ml *13* 134 *13* 13, 10*.10 .14 .12 .12 *.12 .17 *.12 .17 *.12 .17 __ __ 100*4% 5 *4% 43i 43,1 4*i 4% 4% *414 434 *4% 5 602%, 2% 2% 2% 23* 23* 2% 2 % 2 % 2% 2% 2% 1,4953% 3% *3% 334 *3% 4 3% 3% 3% 3% *3% 334 350

*.99 Us .99 .9(1 *.99 1% *.99 1% .99 .99 *.99 1% 25038% 38% 38 3S>2 38 38% ♦38 38% 38 38 *37% 38% 24544 44% 44 44 *43% 44 43% 44 *431.1 433t *43% 44 137

2 2 2 % 2'X» *2 lXt 2% 2% 2% 2% 2% __ __ 27510 10% 10 10% *9% 10% 9% 10 95* 95* *9% 10% 195

*80 80% *80l,i 80*4 *80% 81 80 80 *791, 793i *79Vi 80 10*2% 2% 2% 2% 23* 23* 2% 23* 2'X> 2% 2% 2% 1,165*2% 3 *2% 3 *2% 3 *2% 3 Last Sale 2% Apr’ 18*1 1% 1% 1% *1 1 *1% 1»4 *1 2 *1 2 3028 28 28 28% 28 28 *27% 28 ♦27 28 *2 7 3 ,___ 205*.70 .90 *.70 .90 *.70 .90 *.70 .90 Last Sale .80 Apr’ 18

3743,075

76

S T O C K SBOSTON STOCK

EXCHANGE

RailroadsBoston & Albany________ 100Boston Elevated_________ 100Boston 4 Lowell___ _____ 100Boston * Maine_________ 100Boston * Providence_____100Boston Suburban Eleo_.no par

Do pref__________no parBoston & Woro Eleo -.no par

Do pref__________no parChlo Juno Uy & U S Y ___ 100

Do pref_____________ 100Connecticut River_______ 100Fitchburg pref___________ 100Georgia Ry & Elec starnpdlOO

Do prof_____________ 100Maine Central___________100Mass Eleotrlo Cos________ 100

Do pref stamped_______ 100N Y N H & Hartford........ 100Northern New Hampshlre.100Old Colony_____________ 100Rutland, pref___________ 100Vermont 4 Massachusetts. 100West End Street___ _____50

Do pref____________ 50Miscellaneous

Amer Agrioul Chemloal...l00Do pref___________ 100

Amer Pneumatlo 8ervlce.. 25Do prof____________ 50

Amor Sugar Refining____ 100Do pref___________ 100

Amer Telep 4 Teles______100American Woolen of Mass.100

Do pref___________ 100Amoskeag Manufacturing___

Do pref_________Art Metal Construo Ino__ 10Atl Gulf 4 W I S S Lines.. 100

Do pref___________ 100Booth Fisheries_______no parCuban Port Cement______10East Boston Land________ 10Edison Electric Ilium____ 100General Electric_________ 100Intcmat Port Cement___ 10

Do pref_____________50Island Oil & Trans C orp ...l0 McElwaln (W H) 1st pref. 100 Massachusetts Gas Cos...100

Do pref____________100Mergenthaler Llnotype.-.IOOMexican Telephone______10New Eng Cotton Yarn___ 100

Do pref____________100New England Telephone.. 100Nova Scotia 8teel 4 C___ 100Pullman Company_______ 100Punta Allegro Sugar______60Reece Button-Hole________ 10Swift A Co...........................100Torrlngton_______________ 25United Fruit............... . . ..1 0 0United Shoe Mach Corp_. 25

Do pref___________ 25U 8 Steel Corporation___ 100

Do pref___________ 100Ventura Consol Oil Fields. 5

MiningAdventure Con___________ 26Ahmeek_______________ 25Alaska Gold_____________ 10Algomah Mining_______ 26Allouex___________________25Amer Zino, Lead 4 Smelt. 25

Do pref____________25

Range Since Jan. 1.

Lowest.

122t2 Apr 17 37 Jan 2 87 Marl4 19 Jan 23

150 Apr 15 2 Jan 26

10U Mar 130 Mar 5

147 Apr 17 82t2Apr 18

104 Fob 14 53 Jan 22

115 Jan 26 80 Mar 8 80 Jan 26 2 Jan 2 8% Jan 22

27 Feb 25 90 Jan 10 92 Feb 2120 Jan 2 83 Jan 24 37 Fob 20 47 Jan 1078'2 Jan 2 88% Jau 2

.76 Jan 24 8 Jan 29

99 Jan 2 108 Jan 19 98 Apr 26 45'2Jan 8 90 Jan 3 60i2Jan 2 76 Jan 711 Fob 21 08 Jan 15 68t2 Jan 1721 Jan 2512 Jan 294 Jan 31

*137 Jan 15128 Jan 16

5 Apr 3 12 Apr 23334 Apr 16

89i2 Apr 24 x77% Jan 15 63 Apr 10

110 Apr 24 .99 Apr 18 88 Jan 15

Butte-Balaklava Copper_10Butte 4 Sup Cop (Ltd)__ 10

Copper Range Co________ 25Daly-West_______________ 20Davls-Daly Copper_______ 10East Butte Copper M in ... 10Franklin_________________ 26Granby Consolidated_____100Hancock Consolidated___ 25Indiana Mining__ ________ 26Island Creek Coal...

Do pref________Isle Royale Copper_______25Kerr Lake______________ 6Keweenaw Copper..____ 26Lake Copper Co__________ 26La Salle Copper___________ 25Mason Valley Mine______ 6Mass Consol_____________ 26Mayflower-Old C olony... 25Mlohlgan________________ 25Mohawk................................ 25Nevada Consolidated___ _ 5New Arcadian Copper___ 26New Idrla Quicksilver___ “New River Company____ 100

Do pref_______Nlplsslng Mines____ ____ 6North Butte____________ 16North Lake.......................... 25OJIbway Mining__________ 26Old Dominion Co_________ 26Osceola___________________26Pond Creek Coal_________ 10Qulnoy___________________26Ray Consolidated Copper. 10 St Mary's Mineral Land.. 26 Santa Fe Oold 4 Copper.. 10Shannon________________ 10Sbattuck-Arisona_________ 10South Lake______________ 26South Utah M 4 8_______ 6Superior__________________25Superior 4 Boston Copper. 10Trinity___________________25Tuolumne Copper________ 1U 8 Smelt Refln 4 Min__ 50

Do pref_______Utah-Apox Mining_______ 6Utah Consolidated_______ 6Utah Copper Co__________ 10Utah Metal A TunnelVictoria . . . . . . . . . . . . _____25Winona . . . . . . . . . . . . ____ 25Wolverine___ ___________ 26Wvandott____ _________ 35

87 Mar28 58i2Apr 12

102 Jan 29 Jon 11 Jan 29

1241* jan 45 Jan 29

115i2 Jan 17 41 Jan 25 Jan 19 87 Mar25

Mar25 Jan

1086

1 Jan 10 767* Apr 20

Ms Apr 25 .25 Jan

50 Jan 15 125s Mar23 41 Jan11 Jan .25 Feb

17 Mar26 62t2Jan 15

427 Feb 2812 Jan 14 40’s MarlO 435s Mar25

li2Apr 10 5 Jan

Highest.

129 Jan 3 01 Apr 2

100 Jan 2 28 Feb 19

10Si2 Jan 17 2 Jan 26

11 Fob 130 Mar 0

147 Apr 17 85 Jan 30

120 Mar 6 05 Jan 3

110% Jan 9 81 Feb 25 85 Jan 3 4% Apr l

19i2Apr 4 33 Jan 2 90 Jan 10 98 Jan 225 Jan 8 88 Apr 18 47l2 Apr 1 02 Apr 189*2 Feb 14 94 Mar 1

2'2 Mar 2 lO^ Mar 4

IO8I2 Feb 20 111 Fob 6 109 Feb 6 50'4 Mar 0 96*4 Mar 12 60 Apr 24 80 Feb 1 13*4 Jan 4

12014 Fob 16 02% Marti26 Fob 10 16*4 Apr 22

6'2 Feb 15 15412 Jan 2 1431* Feb 19

61* Feb 2 14 Feb 5 5' 8 Marl8

921* Feb 28 82i2 Feb 20 70 Jan 3

124 Jan 31 .99 Apr 18 89 Jan 10

100 Jan 69 Jan

118 Apr 10 35 Feb 23 13% MarlO

14614 Apr 9 50i2Jan 4

133 Feb 18 47% Mar 8 20% Mnr 8 98%Feb 19

1112 Feb 1 8% Jan 2413.J Jan 25

83 Jan 3 234 Jan 22 .30 Apr 10

54 Feb 27 17% Jan 3 48 Feb 18 14% Feb 18 .45 Jan

24*8 M arll 71% Marl2

464 Jan ‘ 14% Feb 19 45 Feb 19 48% Jan 3

25s Mar 1 07* Mar 8

Range for Previous Year 1917

Lowest Highest

120 Deo 27 Deo 70% Deo 15 Deo

150 Deo 2 July 9 June

30 Aug 148 Nov 83% Deo

102% Nov 44 Deo

110 Deo 83 June 78 Deo

1 Deo0 Deo

21% Sept 90% Oct 85 Deo 10% Deo 83 Doo 34 Deo

*45 Deo73 Deo 88 Doo

1 Deo 7% Dec

90 Nov 105 Deo 90 Doo 38% Nov

*87% Deo 60 Doo 75 Deo

0 Deo 88 Sopt 55% Feb

10 8% Mnr25 10% Jan 2 8% Deo 10 Jan26 4 Jan 29 6 Feb 18 4 Deo 9 Mas

100 74%Jan 29 79 Mar28 06 Deo 92 Jan100 39 Jan 17 44% Feb 6 36 Nov 40%Jan25 7 Apr 22 10% Jan 2 7 Deo 20% Jan25 %Apr 8 1 Jan 3 *4 Deo 4 Mar

1 60 Jan 14 67% Mnr27 62 Nov 70% Juno1 80 Jan 24 84 Feb 18 80 Nov 94 Apr

25 19% Jan 14 26 Jan 2 20 Deo 30 Jan5 5 Jan 2 6 Fob 19 4% Apr 0 Aug

26 .99 Jan 24 l%Jan 2 •1% June 4% Jan26 5 Mar25 7% Jan 3 5 Oot 18 Jan25 2 Jan 2 3% Mar 5 1% Doo 5 Jan

5 5 Jan 29 0 Fob 13 4% Nov 8% Aug26 5 Apr 2 7 Jan 2 5 Nov 16% Jan25 .65 Mar26 1% Jan 3 1 Nov 3 May26 lJliJan 4 2% Fob 6 15* Aug 5% Mar25 *58 Jan 9 66 Jan 2 67 Doo 98 Jan

5 18% Jau 30 20% Mar 7 10 Nov 26% Mas26 l%Apr 22 2% Feb 9 1% Deo 0 Jan

5 13% Jan 2 17% Mnr 7 10 Nov 17*« Apr10(1 17 Jan 2 20 Jan 2 22 Jon 30 Mar100 75 Jan 2 80 Jan 31 65 Deo 02% Mar

6 8*<ii Jan 11 9 Apr 11 0*4 July 9% Sept16 13% Apr 17 16% Jan 3 11*4 Oot 24% Mar25 .25 Feb 14 .95 MarlO .30 Nov 2*4 Jan26 *4 Jan 4 1% Mnr30 .98 Doo 27* Jan25 3934 Mar25 45% Jan 3 33 Nov 07*4 Mar25 53 Apr 18 65 Jan 9 63% Deo 95 Mar1(1 17% Jan 12 20% Fob 20 16 Nov 28% June25 69 Mart 7 76 Feb 19 00 Nov 94% Feb1C 21*4 Mar22 25 Apr 22 20 Nov 82% Apr25 49 Apr 15 57 Jan 2 48 Deo 89*4 Mar1C .65Jan 26 1% Feb 21 .68 Deo 2 Jan1C 3 Apr 10 6*4 Jan 2 6% Oot 10 JanIf 16 Jan 15 10% Marl5 19 Oot 30% Mar26 1% Apr 22 2 Jan 3 .89 Deo 6% Jan

5 .11 Jan 23 .20 Jan 8 .10 Doo .31 Jan2! 4 Feb 19 5% Jan 2 3% Doo 16% Mar1( 2% Apr 12 3*i Jan 3 2*s Deo 8% Jan2! 3% Jan 14 4% Feb 13 3 Nov 8% July

1 .93 Feb 14 1% Fob 21 1 May 2*<’,Jan5( 36 Apr 13 49% Fob 19 40% Deo 07*4 JanS( 42% Apr 13 46 Jan 2 43% Nov 62% Jan

6 2 Jan 30 2% Feb 8 Us Mar 37, Sopt6 9 Mar20 12 Jan 16 9% Deo 31% Feb

1C 77% Mar23 85 Feb 19 71 Deo 118** May1 2 Jan 30 3 Hi Apr 8 2% Doo 6% Jan

21 2% Jan 20 3 Jan 3 2 Oct 6 Jon3( 1 Jan 1C 2 Jan 3 2 Oot 0% Jan25 27% Apr 1? 30 Jan 3 31 Deo 63% Mar21 61 Apr 9 1 'Xi Mar 7 16 Aug 2% Jan

9 Doo 3% Deo

133% Deo 1183i Deo

4 Deo 10 Deo92% Deo 71 Deo 63 Deo

110 DocI Mar

35 Jan 60 Jan 93 Deo

*59 Nov 107 Doo 29 Doo10 Deo

110 Nov40 Nov

*105 Dec 37% Deo 25 Oct 795* Deo

10334 Doo 4% Dec1 Oct

70 Deo 1 Dee % Sept

45 DeoII Deo 40 Nov8% Nov

.25 Deo 12% Deo 55 Deo

411 Deo11 Deo 36% Deo 39% Deo

l%Apr

175 Jan 79 Jan

133 Mar 45 Mar

213 Jan 3 July

30 July38 Feb

150 Jan 103 Jan 140 Mar 78% Mar

133 Jan 92% Jan

100% Mar 6% June

31% July 6284 Jan

105 Apr 135 Jan 84% Feb

110 Jan 56% Mar74 Jan04% May

103% Jan 2% Jan

14 Mar 126% June 121%Jan 128% Jan 58 Juno

100% Juno75 July 97i* Jan 1484 Deo

1 2 1 % Jan 66 Jan

20% June 10 Jan

226 Jan 170% Jan 18% Jau 33% Jan

102 " Jan loot* Mar 81 Mar

169 Jan 1% July

95 Mar 92% Aug

1241* Mar 112 Jan 106% Jan 46 JAn 10 Mar

1027* Apr 68 June

155% Jan 68% Jan 30% Mar

135 May 121 Jan

87* Jan4% Jan

108 Jan 11% Jan

1% Jan 70 Mar 41% Jan 73 Jan 15% Juno 2% Jan

62 Jan 85% Jan

600 Feb 27% Jan63 Mar 68 Jan

3 Jan

♦Bid and asked prices, a Ex-divtdend and rights, e Assessment paid, h Ex-rights. * Ex-dlvUlend. wIlalf-pald.



Outside Stock ExchangesBoston Bond Record.— Transactions in bonds at Bos

ton Stock Exchange Apr. 20 to Apr. 26, both inclusive:

Bonds—

FridayLastSale

Price.

Week’s Range of Prices.

Low. High.

Salesfor

Week.Range since Jan. 1.

Low. High.

U S Lib Loan 3 )4s. 1932-47 99.06 98.64 99.20 $47,200 96.52 Jan 99.20 Apr1st Lib Loan 48.1932-47 96.64 96.34 96.76 39,450 95 Feb 98 Jan2d Lib Loan 4s.. 1927 42 96.64 96.34 96.74 71,050 94.54 Feb 97.90 Mar

Am Tel & Tel coll 4s.. 1929 80)4 80)4 80 H 7,000 80)4 Apr 83 JanAtl G&W I SS L 5s. . . 1959 75)4 75)4 1,000 75 Mar 79 JanChic June & U S Y 53.1940 90 90 1,000 87)4 Apr 91)4 FebGt Nor-C B & Q 4 s ... 1921 92 H 92)4 92)4 7,000 92 Mar 94)4 JanMass Gas 1031 95)4 95)4 1,000 84 Jan 95)4Miss River Power 5s.. 1951 70 70)4 4,000 67)4 Jan 71 MarN E Telephone 5s___ 1932 90)4 90 90)4 3,000 89 Jan 91)4 FebPunta Alegre Sugar 6s 1931 80 80 1,000 79 Feb 81 AprSw ift* Co 1st 58........ 1944 94)4 93)4 94)4 5,000 92)4 Mar 95)4 FebU S Steel s f 5s_____ 1963 97 'A 97)4 1,000 97)4 Apr 99)4 JanVentura Oil conv 7s. .1922 85 85 1,000 80 Jan 90 JanWestern Tel & Tel 5s. 1932 87 88 2,000 87 Apr 90)4 Mar

Pittsburgh Stock Exchange.— The complete record of transactions at tho Pittsburgh Stock Exchange from Apr. 20 to Apr. 26, 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.

FridayLast Week’s Range

Salesfor

Week.Shares.

Range since Jan. 1.Stocks— Par. Price. Loxo. High. Low. High.

Amer Wind Glass MaclilOO 52 50 H 52 155 40 Jan 58 FebAmer Wind Glass prof. 100 99)4 100 25 99)4 Apr 101 FebIndep Brewing com___ 50 1)4 1)4 220 1)4 Jan 2 Feb

Preferred ............ ....... 50 7)4 7)4 110 6)4 Mar 954 JanLa Bello Iron W orks...100 112 112 150 106 Mar 115 Feb

118)4 118)4 10 118)4 Apr 119)4Lone Star Gas........ ..... 100 120 112 124 1,215 95 Jan 102)4 AprMfrs Light * Ileat........ 50 50 50 35 50 Apr 53Nat Fireproofing com ..50 3 3 115 3 Jan 4 Mar

8 8)4 50 8 Mar 9MIT)

FebOhio Fuel OH.................... 1 15)4 15)4

4240 15)4

z41HJanJanOhio Fuel Supply---------25 41)4 440 Mar 45

Oklahoma Natural Gas.25 24)4 23)4 24)4 602 23)4 Apr 25 JanPlttsb Browing com___ 50 ___ VA 2 100 1)4 Mar 2)4 JanPlttsb Coal com m on... 100 53)4 53)4 110 8)4 Apr 13 JanPlttsb-Jcromo Copper__ 1 73c 70o 75c 5,000 40o Jan 1 FebPlttsb * Mt Shasta C op .. 1 37c 36c 39c 6,500 21c Jan 48c MarPlttsb Oil * Gas.......... 100 . _ _ _ 6)4 6)4 940 5)4 Jan 7)4 MarRiver Sldo East Oil com . .5 1)4 1)4 100 1)4 Apr 154 Jan

Preferred ...................... 5 2)4 2)411c

200 2)410cAprAprMar

2 54 16c

Feb10c 2,500

570Fob

U S Steel Corp com___ 100 94)4 96 87)4 98 FebWcst’houso Air Brake..50 93)4 93)4 94 H 331 93)4 Apr 96)4 MarWcst’houso Elec A M fg .50 40)| 41)4 235 39 Jan 43 Jan

60 60 25 59 Apr 63 MarBonds—

Indep Browing 6s___ 1955 36 36 $3,000 34 Apr 40 JanPlttsb Coal dob 5s___ 1931 99 99 19,500 9854 Mar 99 Mar

x Ex-dlvidend.

Philadelphia Stock Exchange.— Tho complete record of transactions at the Philadelphia Stock Exchange from Apr. 20 to Apr. 26, both inclusive, compiled from the official sales lists, is given below. Prices for stocks aro all dollars per share, not per cent. For bonds the quotations aro per cent of par value.

Stocks— Par.

American Gas of N J..100American Milling.......... 10American Rys prof----- 100Baldwin Locomotive. .100 Buff & Sua Corp pf v t clOOCambria Iron-------------- 50East Pennsylvania........ 50Eloo Storage Battery.. 100 General Asphalt pref..l00 Insurance Co of N A ...10Keystone Telephono----- 50Lako Superior C orp ... 100Lehigh Navigation-------50Lehigh Valley-------------- 50Midvale Steel & Ord----- 50Norristown...... ..............50Northern Central_____ 50Ponnsyl Salt M fg_____ 50Pennsylvania--------------- 50Philadelphia Co (Pitts) .50

Pref (cum 0 % )---------50Phlla Electric of Pa----- 25Phil Rap Tr vot tr rets.50 Philadelphia Traction..50Heading---------------------- 50Tono-Belmont Devel----- 1Tonopali Mining-------------1Union Traction...............50United Gas Impt.......... 50U S Steel Corporation. 100Warwick Iron A S .......... 10Wm Cramp A Sons___ 100

Bonds—U S Lib Loan 3 Ws. 1932-47

1st Lib Loan i s .1932-47 2d Lib Loan 4s.. 1927-42

Amer Gas A Elco 5s. .20/)7Sm all........ ..............2007

Elec A Poop tr ctfs 4s. 194( Keystono Tel 1st 5 s . .1935 Lake Superior Corp 5s 1924 Lehigh Val Coal 1st 5s 1933Mo Pacific gen 4s___ I97fPonna RU gen 4)4s..l965 Pa A Md Steel cons 0s.’25 Philadelphia Co cons A coll

trust 5s stamped. . . 1951 Phlla Electric 1st 5s.. 1900K» Small....................... 1900Reading gen 4s_____ 1997United Rys Invest 5s. 1926 U S Steel Corp 2d 5s.. 1903

FridayLastSale

Price.


Low. High,

Salesfor

Week.Shares.

76)4 77 48___ 10)4 10)4 2075 75 1083)4 83)4 2048 48 840 40 5______ 55 55 248)4 4954 738___ 4854 49 100___ 25)4 25)4 24__ 8)4 8)4 25

15 15 16 2,85664)4 64 65 217

58)4 59)4 56___ 45)4 4654 410121 121 1

"73)4 73)4 73)4 787 87 8854 174454 44 4454 1,02527 21)4 27 265

29 29 22" 2 5 " 24)4 25)4 727

25)4 25 25)4 16066 67 498054 8254 151

354 3)£3 7-16 4723 3 3 1-16 4,695. . 39 3954 97

"6 6 66 66)4 60S95)4 94 96)4 4,620

8)4 8)4 8)4 5077)4 77)4 100

98.50 99.10 $35,95096.10 96.66 5,200

* 96.80 96.30 96.80 60,20078)4 79 4,00078 78 10070 70)4 16,00089 89 6,00052 52 1,000

100)4 100)4 1,000” ” ”__ 5754 5754 1,000

88)4 89)4 15,000101)4 101)4 1,00074)4 75 6,000___ 9354 93)4 17,000

- - - - - - 94)4 95 50081)4 82)4 14,000

54^ 54 55 15,00097 97 1,000

.......... 95 95 1,000

Range since Jan. 1.Low.

70 W Apr 9)4 Jan

75 Mar 58)4 Jan404055484724

JanAprAprMarJanJan

8)4 Jan 12 Jan 01M Jan 55 Jan 43 X Jan

121 Apr708244

JanJan

Mar21H Apr 29 Apr 24)4 Apr 23 H Mar 00 Apr 71 Jan 3 Jan 3 Jan

38)4 Apr 65)4 Apr 80 H Mar

7)4 Apr 74 Jan

97 Jan 95.70 Apr 94.50 Feb 78)4 Apr 77)4 Mar 70 Mar 89 Feb 47)4 Jan 99)4 Mar 57 % Apr 88)4 Apr

100 Mar73 Apr93 Mar94 Jan 81)4 Apr 54 Apr 97 Apr 91 Feb

High.

891180

JanAprFeb

83 M Apr 48 Mar

z435551

MarAprFob

51)4 Fob26 Apr 9 Jan

17)4 Feb 65)4 Fob 03 Mar 47)4 Jan

121 Apr 75 Fob 90)4 Mar 47)4 Jan27 Jan 33 Jan 25)4 Feb 30 Jan71) 4 Feb 85)4 Mar

3)4 Mar 4 Jan

42)4 Jan72) 4 Jan 98)4 Feb8)4 Mar

85 Feb

99.10 Apr 97.90 Jan 97.00 Mar 82 Jan82739052

92103759090)850097

JanJan

Chicago Stock Exchange.— The complete record of transactions at the Chicago Stock Exchange from Apr. 20 to Apr. 26, 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—American Shipbuilding .100

Preferred................... 100Booth Fisheries, common

new____________ no parPreferred____ _____ 100

Chic City&C Ry pt sh comProf cried ........................

Chicago Elevated Ry com.Preferred.................. .....

Chic Pneumatic T ool.. 100Chic Rys part ctf "2 "___Chlcago'Tltle & Trust. 100 Commonwealth-Edlson 100 Cudahy Pack Co com .. 100Deere & Co pref..........100Diamond Match______100Illinois Brick............. ..100Lindsay Light_________ 10

Preferred___________ 10Middle West Util com. 100

Preferred...................100People’s Gas Lt & Coke 100 Pub Serv of No 111 com 100Quaker Oats Co_______ 100

Preferred__________ 100Scars-Roebuck commonlOO

Preferred ................. .100Stowart-Warner Sp comlOOSwift & Co____ ______ 100Union Carbide & Carbon.. United Paper Bil com .. 100 Ward, Montg & Co pref Wilson & Co common.. 100

Preferred__________ 100Bonds—

Chicago City Ry 5s..1927 Chic C & C Rys 5s.. 1927Chicago Rys 5s_____ 1927Commonw-Edlson 5s. 1943 Liberty Loan 3 )4s. 1932-47 Liberty Loan 1st 4s 1932-47 Liberty Loan 2d 4s 1927-42 Swift & Co 1st g 5s.. . 1944 Wilson & Co 1st Os... 1941

FridayLastSale.Price.

120

69)411)4

112)4

138)450)4

102)454

88)4

91)4

'93)4

Week's Range of Prices.

Low. High.

Salesfor

Week.Shares.

Range: since Jan. 1.Low. High.

114 128 2,433 87 Jan 128 Apr86 8754 395 84)4 Mar 90 Jan22)4 23)4 1,657 18)4 Jan 26 Feb80 81)4 40 80 Apr 86 Feb2 2 23 2 Jan 2)4 Jan

15)4 15)4 69 14 Jan 18 Mar254 254 100 254 Apr 4 Feb

12 12 186 12 Apr 12 Apr68 69)4 255 47)4 Jan 71)4 Apr10 11)4 200 8 Jan 15 Mar

165 165 6 165 Jan 175 i Jan103)4 104)4 53 103 Jan 108 Feb112 112)4 145 107)4 Jan 114)4 Apr96 96 5 94)4 Feb 97 • Jan

112 113 85 102 Jan 113 Apr50 50 10 49)4 Apr 58 Jan21 22)4 265 19)4 Mar 28 Jan1154 1154 10 10 Feb 11)4 Apr25 25 165 24)4 Mar 28 Jan58 58 50 57 Jan 65 Jan43 47 1,216 40)4 Apr 55 Jan75 75 10 72 Jan 77 Feb

270 274 47 250 Jan 290 Mar98)4 9854 12 95 Jan 100 Jan

143 145 93 139 Jan 157 Feb117 117 50 117 Apr 120)4 Mar5254 55 1,215 47 Jan 58 Feb

137)4 141)4 3,302 124 Jan 146 Apr50 H 52 7,775 47)4 Apr 54)4 Feb19)4 20 290 14)4 Feb 20)4 Apr

102)4 103 60 102 Apr 110 Feb54 55)4 210 46 Jan 59 Jan98 99 60 95 Jan 99)4 Mar

Wjg88)4 88 )4 $2,000 84 H Jan 88)4 Apr54)4 57 9,000 52 Jan 59 Mar82 82)4 6,000 82 Jan 84)4 Mar91 92 4,000 90 Mar 94)4 Ma

98.50 98.90 500 97 Jan 98.90 Apr96.40 96.60 700 95.04 Mar 97.50 Jan96.40 96.60 7,550 94.70 Feb 97.52 Mar93)4 94 9,500 92)4 Apr 95)4 Jan9454 94)4 5,000 94 Apr 96 Mar

x Ex-dlvldend.Baltimore Stock Exchange.— Complete record of the

transactions at the Baltimore Stock Exchange from Apr. 20 to Apr. 26, 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 valuo. ____I**"1 • - <' > •* *

Stocks Par.

Alabama Co............. 1002d preferred________ 100

Arundel Sand & Gravel.100Atlantic Petroleum........ 10Baltimore Tube, pref.. 100 Consol Gas, E L & P..100Consolidation Coal___ 100Cosden & Co___________ 5

Pref erred............. 5Davison Chemical..no par Gillette Safety Razor.. Houston Oil pf tr ctfs.. 100 ■Mer & Min Trans V T.100 Monong Valley Trac...25 Mt V Wood Mills v t r. 100

Preferred v t r.......... 100Northern Central_____ 50Oppenhelm Oberndorf comRobinson Oil, pref____ 10United Ry & E lectric...50Wash Balt & Annap___ 50

Preferred...... ..............60Way land Oil & Gas........ *.5

Bonds.Ala Cons C & I 5s___ 1933Atlan C L (Conn) certifi

cates 5-20 4s_____ 1925Balt Traction 1st 6s .. 1929 City & Suburb 1st 58.1922 Consolidated Gas 5s. .1939 Cons G, E L & P 5% notes

6% notes__________Consol’n Coal ref 5s.. 1950

Convertible 6s____ 1923Cosden & Co Ser B 6s. 1932 Ga Sou & Florida 5s.. 1945 Kirby Lumb Cont 6s. 1923 Mary’ld Elec Ry 1st 5sl931 M St * St P C Joint 5s.1928Petersburg A 5s.......... 1926Rich & Danv deb 5s.. 1927 United Ry & Elec 4s.. 1949

Income 4s.................1949Funding 5 s . . ........... 1936

do small____ 1936Va Mid 5th series 5s.. 1926

small bonds____ 1926Wash Balt & Annap 5sl941

FridayLastSale

Price.

8669)4

86)47

73)4


Low. High.

Salesfor

Week.Shares.

Range! since Jan. 1.Low. High.

86 87 100 50 Jan 87 Mar68 69)4 62 56 Jan 70 Mar35 35 10 31)4 Jan 36)4 Jan2)4 2)4 90 2)4 Mar 3)4 Feb

85 86 80 85 Jan 86 Apr96 97)4 80 94 Jan 102 Feb86)4 88)4 380 86)4 Apr 106 Jan

6)4 7 1,342 6)4 Jan 8)4 Jan3)4 3)4 75 3)4 Jan 4 Jan

32)4 33)4 100 30 Jan 38)4 Jan83)4 83)4 50 83)4 Apr 83)4 Apr64)4 61)4 10 64 Apr 74 Jan70 72 60 70 Apr 90 Mar15)4 15)4 10 15)4 Apr 16)4 Jan15 15 31 15 Jan 17)4 Feb71)4 71)4 18 68 Jan 74 Feb73 73 3 70 Jan 73)4 Feb63)4 63 H 5 63)4 Apr 63)4 Apr7)4 7)4 100 7 Feb 8)4 Mar

19)4 20 145 19)4 Apr 24)4 Feb26)4 26)4 85 24 Jan 29)4 Mar37 37 10 37 Mar 41)4 Jan3 3 25 3 Apr 3)4 Jan

84 84 $1,000 79)4 Jan 84 Apr83 H 83)4 8,000 83)4 Apr 84 Mar98)4 98)4 1,000 98)4 Feb 99)4 Feb98)4 98)4 2,000 98)4 Mar 100 Feb

100 100 1,000 98)4 Jan 100 Apr91 91)4 9,000 91 Apr 95 Jan96 96 2,000 94)4 Jan 96)4 Mar85)4 85)4 2,000 81 Jan 86 Apr99 99 4,000 99 Jan 103)4 Jan79 79 1.000 79 Apr 83 H Jan91)4 91)4 1,000 91)4 Apr 92)4 Apr96 96 2,000 95)4 Apr 98 Feb90 90 1,000 87)4 Jan 92 Feb92 92 1,000 92 Apr 95 Jan98 98 1,000 98 Apr 98 Apr95)4 95)4 1.000 95)4 Apr 95)4 Apr73 73)4 10,000 73 Jan 77)4 Feb53)4 53)4 11,000 53)4 Mar 58)4 Jan76 76 1,000 76 Apr 80 Feb76 76 100 75)4 Apr 82)4 Feb93 93 1,000 93 Apr 98 Apr98 98 500 98 Apr 98 Apr82)4 82)4 1,000 80 Jan 83)4 Feb

Volume of Business at Stock ExchangesTRANSACTIONS AT TIIE NEW YORK STOCK EXCHANGE

DAILY, WEEKLY AND YEARLY.•JimFebJanAprJan

Week ending April 26 1918.

Stocks. Railroad,&c„

Bonds.

State, Mun. & Foreign

Bonds.V. S. Bonds.Shares. Par Value.

Jan ’ aturday _________ 298,700 $28,350,500 $441,000 $222,000 $2,085,000Apr Monday____ _____ 524,200 50,011,500 1,135,000 523,000 3.889.000Jan Tuesday.................. 432,500 37,336,500 783,000 586,000 3,876,000

Mar Wednesday_______ 396,600 36,376,000 719,000 745,000 4,312,000Jan Thursday........ ....... 275,200 25.290,500 589,000 457,000 3.125,000Jan Friday.................... 149,815 14,187,500 263,000 477,500 4,708,000AprApr T otal.................. 2,077,015 $191,552,500l! $3,930,000 $3,010,500 $21,995,000



Sales atNew York Stock

Exchange.

Week ending April 26. Jan. 1 to April 26.1918. 1917. 1918. 1917.

Stocks—No. shares__ 2.077,015$191,552,500

3,599,427 $311,591,200

SI ,300$2,000

10,605,0009,316,000

39,969,902$3,737,392,850

$12,400$257,185,500

69,767,50091,563,000

62,856,928$5,650,802,380

$19,700$270,000

140.372.000227.346.000

Bonds.Government bonds__State, mun., &c., bonds RR. and misc. bonds.

$21,995,0003,010,5003,930,000

Total bonds............ $28,935,500 $19,923,000 $418,516,000 $367,988,000

DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND BALTIMORE EXCHANGES.

Week ending April 26 1918.

Boston. Philadelphia. . Baltimore.

Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.

Saurday............... 6,226 $20,400 2,499 $22,300 389 $9,420Monday_________ 9,709 46,800 5,000 29,600 847 9,100Tuesday................ 6,611 54,700 4,223 34,850 679 16,500Wednesday______ 10,022 26,950 1,424 30,000 320 20,000Thursday-............. 8,524 28,050 2,794 70,600 68 12,100Friday__________ 6,479 16,000 2,112 17,100 788 3,000

T otal................. 47,571 $192,900 18,052 $204,450 3,091 $70,120

New York “ Curb” M arket.— Below we give a record of the transactions in the outside security market from April 19 to April 26, both inclusive. It covers the week ending Friday afternoon.

It should be understood that no such reliability attaches to transactions on the “ Curb” as to- those on the regularly organized stock exchanges.

On the Now York Stock Exchange, for instance, only members of the Exchange can engage in business, and they are permitted to deal only in securities regularly listed— that is, securities where the companies responsible for them have complied with certain stringent requirements before being admitted to dealings. Every precaution, too, is taken to insure that quotations coming over the “ tape,” or reported in the official list at the end of the day, are authentic.

On the “ Curb,” on the other hand, there are no restrictions whatever. Any security may be dealt in and any one can meet there and make prices and have them included in the lists of those who make it a business to furnish daily records of the transactions. The possibility that fictitious transactions may creep in, or even that dealings in spurious securities may be included, should, hence, always be kept in mind, particularly as regards mining shares. In the circumstances, it is out of the question for any one to vouch for the absolute trustworthiness of this record of “ Curb” transactions, and we give it for what it may be worth.

Week ending AprU 26. Stocks— Par.

FridayLastSale.

Price.

Week’s Range 0/ Prices.

Low. High.

Salesfor

Week.Shares.

Range since Jan. 1 .Low. High.

Aetna Ext lus r__ (no par) 854 8)4 854 7,200 o x Feb o x MarPreferred _r.............. 100 56 125 41 >4 Jan 61 Mar

Air Reduction.r_. (no par) 68 70 120 68 Apr 77 MarBrlt-Amer Tob ord’y__ £1 _____ 15 15)4 2,200 14 H i Apr 16)4 Jan

Ordinary coupon........ £1 _ 1554 16)4 1,600 u x Apr 18 FebBurns Bros Ice r _____ 100 26M 2554 29)4 27,900 19 Apr 29 X Apr

Second preferred.r__ 100 62 X 64 635 50 Apr 64 AprCar Ltg & Power.r........ 25 2 54 2 M 2X 500 2 Jan 3X iMarCarwen Steel Tool____ 10 9 9 400 8X Jan o x AprChevrolet Motor_____ 100 " i 2 l " 120 126 8.200 100 Jan 135 FebElectric Gun r__________1 0-1 ft 0-1 ft 400 X Mar X AprEmerson Phonograph___ 5 3 2)4 3 300 2 Apr 4% JanFreeport Texas Sulphur, r. 38)4 3934 600 3845 Apr 39 X AprHall Switch & Signal.r.100 5 5)4 200 444 Jan 7 X JanIntercontinental Rubb.100 8)4 8X 100 8X Apr 11 JanInternat Motors com.r 100 23 23 100 14 Jan 24 MarInter Trad Corp, com .r.-l - J 3-16 54 1,300 1-16 Apr 154 FebKeyst Tire & Rub, com. 10 18 1854 1,175 12 X Jan 18M AprLake Torpedo Boat.r__ 100 2% 3 600 2X Apr 3)4 JanLima Locomotive com rlOO 42 42 46 955 42 X Apr 46 AprMarconi Wlrel Tel of Am .5 3X 3 X ■jx 2,500 3X Jan 3X MarMaxim Munitions.t ___ 10 X 7-16 9-16 42,000 X Feb 1 JanN Y Transportation___ 10 __ 15)4 1554 400 14 Feb 19 FebNorth Am Pulp & Pap (t) 2 2 2X 800 2 Apr 3)4 JanPeerless Trk&Motor Car50 13 14 250 13 Apr 20 FebPoulsen Wireless r___ 100 _____ 10 10 200 10 Apr 12 MarSmith Motor Truck .r__ 10 2% 2 9-16 2 X 33,500 1 Jan 2 X AprStandard Motor Constrr 10 12 12 300 8X Jan 13)4 MarSubmarine Boat v t o . . ( t ) 15)4 12)4 153 16,900 11X Mar ia x AprThiogen Co of Amer r__ 5 m 4 it 444 4,600 4 Mar a MarTriangle Film Corp v t o.5 11-16 J4 3,800 % Apr 1 JanUnited M otors.r.. (no par) 25X 25 26)4 7,900 i o x Jan 30#-4 FebU S Light & Heat, comrlO 1 54 IX IX 9,380 1 Mar IX Apr

Preferred, r _________10 3)4 2% 3X 2,010 IX Jan 3 AprOS Steamship.. . .......... 10 554 554 a x 10,900 4X Jan OX AprWrlght-Mnrtln Alro.r_.(t) 854 8X 8X 139,300 o x Jan 854 Apr

Fortner Standard OilSubsidiaries.

Anglo-Amer Oil r_____ £1 12 1241 700 11H Feb 1754 JanBuckeye Pipe L in e .r ...50 90 97 20 93 Mar 100 FebGalena-Signal OH com rlOO 20 20 135 134 Mar 145 JanIllinois Pipe Llne.r___ 100 186 188 43 180 Mar 192 JanIndiana Pipe Llne.r___ 50 ___ 98 99 30 93 Mar 99 AprOhio OH r .................. 25 323 331 143 300 Jan 365 J ftnPrairie Oil A Gas r ___ 100 483 488 10 418 Jan 500 FebSouth Penn Otl.r____ 100 ___ 272 273 24 272 Apr 290 JanStandard Oil (Ind ).r ..l00 635 636 20 635 Apr 640 MarStandard Oil (N eb).r..l00 485 485 5 485 Apr 485 AprStandard Oil of N Y r . 100 260 259 266 118 252 Jan 285 Fob

Other Oil StocksAmer Ventura O ll.r........ 1 10c 9o lie 12,470 6c Jan 16c FebBarnett Oil A Gas.r........1 9-16 X X 13,000 X Apr 1 3-16 JanBoston-Wyomlng Oll.r__ 1 _____ 21c 24c 27,000 20o Mar 33c JanCosden A Co, com.r____ 5 654 654 IX 3,550 o x Jan 8X FobCrown Oll.r____ _______ 1 9-16 9-16 X 13,700 X , Apr 1 5-16 JanDixie Gas.r....................10 10)4 10)4 10 x 1,600 10)4 Feb 10)4 MarElk Basin Petroleum.r.. . 5 o x o x 800 o x Jan 7 FebElkland Oil A Gas r____ 1 5-32 X 5-32 9,100 X Jan X JanEsmeralda Oil Corp.r__ 1 9c 8c 10c 34,100 8c Apr 6-16 JanFederal Oll.r.................... 5 2)4 254 3 3,200 2X Jan 4 Feb

Other Oil Stocks (Conc’d)

FridayLastSale.Price.


Low. High.

Sales : for

Week . Shares.

Range since Jan. 1.Low. High.

Friars Oll.r......................1 1-32 1-32 1-32 2,500 1-32 Apr 3-16 MarGlenrook Oll.r............ ..10 3X 355 355 6,800 3X Jan a JanHanover Oil & R e f.r .. 5 a 454 555 2,350 3 Jan 7)4 JanHouston Oil 00m .r___ .00 43 41 43 SOO 39 X Jan 53)4 JanInternat PetroIeum.r...£l 13)4 13)5 1455 2,100 12 X Feb 1454 MarIsland Oil & Trans.r__ 10 354 355 455 14,500 IX Jan a x MarKenova Oil____________ 1 11-16 55 3-16 37,600 3-32 Jan X FebMerritt Oil Corp.r........ 10 __ 18)4 1955 600 17)4 Mar 24)4 JanMetropolitan Petroleum .6 54 11-16 15-16 30,000 X Jan X FebMidwest Oil com .r.......... 1 92c 89c 96c 13,000 87c Apr 1.24 Jan

Preferred r____ ______ 1 IX 1 1-16 IX 2,900 1 Apr IX JanMidwest Refining.r___ 50 106)4 105)5 107)4 928 97 Mar 114 JanMineral Wells Pet_______1 2)4 255 900 1H Jan 2)4 AprN Y Chino Oil______1 42c 40c 44c 8,800 39c Apr 44o AprN Y-Oklahoma Oil com.rl 7-16 7-16 X 3,000 X Jan X FobNorthwestern Oil com .r. 1 60c 58o 64c 7,300 56c Jan 89c FebOklahoma Oil com .r__1 4c 3X o 5c 20,000 3o Jan 8X0 Mar

Preferred, r ... ......1 8c 9c 1,500 8c A nr 16o FebOklahoma Prod & Ref__ 5 o x o x 654 5,700 OH Apr 7)4 JanOkmulgee Prod & R e f .. .5 7)5 7 855 47,400 2X Jan 11)4 MarOmar Oil A Gas com__1 23c 22c 25c 9,500 21o Apr 40o JanPenn-Kcntuoky Oll.r__5 a x 5)5 555 3,930 5 Jan a x FebQueen Oll.r.... ....... 1 24c 23c 25c 8,300 170 Feb 86o JanRloe Oll.r............ 1 9-32 7-32 5-16 24,450 3-32 Feb X FebRoyal O ll .r ....... ....1 X 54 15-16 7,000 X Apr IX MarSapulpa Refining.r___5 8)4 8)4 2,450 8 Mar 10 JanSavoy Oil........ .....5 8)5 8)5 100 7)4 Jan o x JanSequoyah Oil A Ref.... 1 X X 15-16 10,000 X Jan IX MarSinclair Gulf C orp .r._ .(t) 17 17 100 15 Jan 23 X FebStanton Oll.r......... 1 2 154 2 7,900 IX Mar 2X MarStockton O ll.r...... ..10 10 10 10 400 o x Mar 10 MarToxana Oil A R ef.r.... 1 87 82 87 93,400 78 Apr 87 AprTuxpain Star Oil r..... 1 4)4C 3)4c 6Xo 315,000 3)4o Apr 22o MarUnited Western Oil new.r. IX 155 2,000 X Apr 2X FebUnited Western Oll.r__ ] .. 54 X 1,000 X, Mar X JanVlotorla Oil r____ 10 4)4 4 4X 5,280 3)4 Jan o x Mar

Mining StocksAlaska-Brlt Col Metals.. 1 ■ X 7-16 X 12,050 5-10 Apr 9-16 JanAmerica Mines.r...... 1 54c 53o 54c 6,900 50c Mar 54c AprAtlanta Mines..... ....1 10C 9)4o 1054c 11,100 80 Jan 130 FebAurora Silver Mines.r_6 555 a x 555 4,500 2X Feb a x AprBig Ledge Copper____ 5 X 13-16 15-16 13,700 X Jan 1)4 MarBooth . r 1 5c 5c 1,000 3o Jan 6c AprBoston A Montana D ev ..5 51c 51o 55c 47,000 41o Jan 960 MarBradshaw Copper.r__ 1 X X 54 1,850 X Jan 154 JanCaledonia Mining..... .1 42c 42c 46c 20,100 40o Mar 66c JanCalumet A Jerome Cop r .l 1)5 1 1-16 1 3-16 4,800 *1 Jan IX MarCanada Copper Co Ltd. .6___ 154 IX 1,000 1 5-16 Jan 2X JanCash B o y ............. 1 10c 954c 10Xc 21,100 3)4o Jan 19o FebCerbat Silver M A M r .. 1 X 54 1 5,400 42o Jan IX MarCoco River Mining.r__1 2X 2 2)4 1,150 IX Mar 2X JanConsol Arizona Smelt__6 ___ 1)5 2 4,900 1% Feb 2X JnnConsol Copper Mines__5 ___ 655 555 1,400 a Jan 7 JanConsol-Homestead. r__1 X 54 9-32 5,950 22o Feb X MarCopper Valley Mining.r.l IX 155 IX 3,975 X Jan 254 MarCresson'Con? Gold MAM 1 455 4X 3,300 4)4 Mar a x JanEl Salvador Silver, r____ 1 66c 66c 6Sc 4,500 55c Mar 68c AprEmma Copper.r ________1 7-32 3-16 7-32 31,200 X, Apr X, FobEureka Croesus Min r . . . 1 1 5-16 1)4 1 7-16 8,350 X Feb IX AprGlobe Dominion Copper. 1 9-16 X 1,500 X Mar IX JanGolden Rule Mines.r___ 1 9-16 X 9-16 5,950 Xs Apr Xt AprGoldfield Consolidated. 10 X 9-32 3,500 X Mar 7-10 JanGoldfield Merger, r_____ 1 3Xo 354c 5,000 3c Jan 5o FebGreat Bend.r........ 1 6c 6c 2,000 4 Vy c Feb 10c FebGreen Monster r 50c 55 54 9,400 u Apr 1 AprIleola Mining........ 25c 415-16 454 4 15-16 3,145 2)4 Jan 5 JanInternational Mlnes.r. . 1 15c 130 15c 39,200 8o Jan 20o FebIron Blossom.r 10c 55 55 1,500 5-16 Anr 11-16 JanJerome Prescott r ___ l 8X 8)4 954 1,900 154 Jan 0 . AprJerome Verde Copper___ 1 11-16 55 11-16 8,100 z Mar X JanJim Butler r____ ) 67c 66c 69c 7,700 55o .Jan OOo JanJosevlg-Kennecott Copp.l 5-16 55 1,600 3-16 Jan 7-10 MarJosevlg-K East stk.l__ 1 ___ 5-16 55 3,500 5-16 Apr 54 AprJumbo Extension l 11c 12c 1,000 11 r: Anr 24o JanKewanus r.............. .....] a x e 5)5o 0c 3,000 5)4o Apr 9o FebLampazos Silver.............. ] 155 1)4 IX 17,050 X Feb 154 MarLa Rose Consol Mines__ 5 X 9-16 1,600 25c Jan % AprLouisiana Consol.. 1 ■ X 54 3,400 7-16 Jan X JanMagma Copper.......... 5 35 38 1,500 35 Apr 42 JanMarsh Mining r______ ] a x o 6c 2,500 4o Jan 8)40 MarMason Valley................ 5 5 4X 5 3,400 4X Apr OX JanMogul Mining.r........ .. 1 15c 150 1,000 10c Apr 35o JanMonstor Chief r.............. 1 8C 7c 10c 26,500 a x o Apr 6-10 JanMother Lode r . . 1 49C 30 Xo 50c 189,000 25o Jan 50o AprNational Leasing r___ .1 5c 4Xo SXo 35,000 3o Jan 8o FebNat Ztno A Lead r .......... 1 29c 28c 30c 14,400 15o Jan 3 So FebNevada Ophlrr___ 10c 18c 18c 18c 2,000 13o Fob 21c JanNevada Rand r____I0e .. 21c 270 5,200 13c Feb 27c MarNew Cornelia r..... 6 17 16)4 17 1,300 15)4 Jan 18)4 MarNlplsslug Mines.... . 5 8X 854 1,100 8 Jan 854 MarNixon Nevada__ ] X 54 X 4,400 54 Apr IX MarOhio Copper r____ 1 1 X 1 13,200 % Apr IX MarOnondago Mlnes.r..... 1 255 1)5 3 H 3,200 2 Jan 4X MarProvincial Mining.. 1 54c 51c 54c 5,000 43c Jan 54c AprRay Hercules Mining r .,5 455 4 455 2,400 3)4 Jan 4)4 JanRed Warrior Mining r .._ l 9-16 9-16 54 10,100 X Jan X MarRex Consolidated Mg__ 1 9C 9c 10c 23,500 Oo Jan 15c FebRochester Mines............ . i ___ 36c 38c 13,400 27o Jnn 45o M arSeneca Copper___ (no par) 10 10 100 7)4 Jan 1154 MarScnorlto Copper________1 54 54 13-16 4,430 J4 Jan X Mar

13-16 13-16 13-16 7,400 X Mar X MarSilver King of Arizona__ 1 54 7-32 7-32 1,420 7-32 Apr 7-10 JanSliver Plume Cons r l 71c 73o 2,100 47o Feb 70o AprStandard Silver-Lead___ 1 7-16 13-32 7-16 4,300 X Jan X AprStewart,.................... ......... 1 7-32 3-16 7-32 5,800 3-10 Jnn X JanSuccess Mining............ __1 8)4c 71 o 9c 9,700 7o Jan 100 AprSuperior Cop (prosp’t) (t) 2X 2X 1,005 2 Jan 2)4 AprTonopah Belmont Dev r 1 3 5-16 355 400 3 Jan 354 MarTonopah Extension__ 1 ___ 155 154 3,725 IX Jan IX JanTroy-Arizona.r...... ..1 13c 13o 15c 4,700 13c Jan 21c MarUnited Eastern_____ 1 4 3)5 4.5-16 4,676 3H Jnn 5)4 FebUS Lend A Zinc f .r__ 1 30c 30c 32c 4,500 9c Feb OOo MarUnity Gold Mines...... 5 655 a x o x 5,000 3X Jan 654 AprVerdeCombinatlon. r .. 50c ___ 55 55 500 X Apr 54 JanWest End Consolidated. .6 ___ 78c 79c 2,900 05c Jan 86o FobWhite Caps Mining.._10c 13-32 13-32 7-16 8,500 11-32 Jan X JanWilbert Mining i 11c 11c 400 8c Fob 14c JanYukon Gold...... .....5 1 IX 1,200 X Feb 2 Jan

BondsAm Tel A Tel 1-yr 6s____ 99)5 9954 9955 $19,000 OSH Mar 0954 JanBeth Steel 5% notes.. 1919 97)4 0855 39,200 v o x Jan 98)4 AprCanada (Dom of) 6s.. 1919 95)4 9555 9555 120,000 04 X Jan 9554 MarGen’l Elec 6% notes.. 1919 100 X 100)5 100)4 14,000 99 Jan 100 X Apr

6% notes..............1920 100)5 100 X 11,000 08 X Jnn 10054 AprGreat Nor Ry 5% notes ’20 9755 OH 11,000 97 Jan 98 AprPhllft Elec fls _ 1920 99 U 99 U 1,600 97)4 Feb 9954 AprProcter A Gamble 7s r 1919 10055 10055 2,000 98 Mar 101)4 Apr

7s r . . . . 1920 101 101 1,000 00 x Mar 101)4 Apr7s.r...................... 1922 10055 10055 1,000 08}, Mar 101 )4 Apr7s r................ 192H 101)4 101)4 5,000 98)4 Mar ioi)S Apr

Russian Govt 0Xa r.1921 ..... 33 34 17,000 33 Apr 52 JanSouthern Ry 5% notes r’ 19 ___ 97)5 08)5 16,000 97)4 Feb 98)4 AprWestlnghouse Eleo A M fg

1-year 6% notes............ 00 X 99 X 3,900 98 X Mar o o x Apr

* Odd lots, t No par value, i Listed as a prospect. I Listed on tho Stock Exchange this week, where additional transactions will be found, o Now stock, r Unlisted, ti Ex-cash and stock dividends, w When Issued, x Ex-dlvldend. 1/ Ex-rights. 2 Ex-stock dividend.


Apr. 27 1918.] THE CHRONICLE 1783. STOCK OF MONEY IN THE COUNTRY.— The following table shows the general stock of money in the country, as well as the holdings by the Treasury and the amount in circulation on the dates given.

-Stock of Money Apr. I '18--------Money in Circulation----in U .S . alfeltlinTreas. Apr. 11918. Apr. 1 1917

$ 8 S sGold coin (Including bullionIn Treasury)................ ,.3,042.708.319 234.610,242 1,029,779,585 c667,338,602

Gold certificates b ..............Standard silver dollars_ 508,269,513 36,482,080Sliver certificates b _______ _________________ ____Subsidiary s ilver... . 225,971,720 10,067,733Treasury notes of 1890.............. - ............. - .............United States notes_ 340,081,016 11,485,378Federal Reservo notes_d l ,563,969,405Federal Reserve bank notes 11,662,045National bank notes. 720,919,507

975,051,932 1,865,918,709 77,110,980 71,015,2 6

452,801,704 470,348,010

31,449,191 1,435,723,424 67,570 11,594,475

15,094,480 705,825,027Total___ ______ _______ 6,480,181,525 339,856,074 5,240,261,501 4,720,130,941Population of continental United States estimated at 105,437,000. Circulation

per capita, 849 70.a This statement of monoy held In the Treasury as assets of the Government does

not include deposits of public money in Federal Reserve banks, and in national banks and special depositaries to the credit of tho Treasurer of the United States, amounting to 8978,931,595 05.

b For redemption of outstanding certificates and Treasury notes of 1890, anexact equivalent In amount of the appropriate kinds of money is held In the Treasury, and Is not Included In the account of money held as assets of the Government.

c Includes 3399,471,540 Federal Reserve Gold Settlement Fund deposited with Treasurer United States.

<1 Includes own Federal Reserve notes hold by Federal Reserve banks.Note.—On April 1 1918 Federal Reserve banks and Federal Reserve Agents held

against Federal Reserve notes 8556,310,610 gold coin and bullion, 8246,935,950 gold certificates and $96,796,790 Federal Reserve notes, a total of 8900,063,350 against 8351,779,8S9 on April 1 1917.

FOREIGN TRADE OF NEW YORK— MONTHLY STATEMENT.— In addition to tho other tables given in this department, made up from weekly returns, we give the following figures for tho full months, also issued by our New York Custom House.

Month.

July.........August... September October . November December January. . February.

Merchandise Mocement at New York.

Imports.

1917-18. 1916-17

95,713,123 22,231,660 99,805,185 91,319,486 89,530,607 91,511,471 88,164,970 94,303,999

S95,614

107,92080,48685,883.87,639,

102,935,128,344,97,834,

Total ..772,580,501 786,659,004 1747350121

Exports.

1917-18. 1910-17

$,181,903,614,309,132,080,908,712,128,789467,362203,724713,182

243,808,029273,627.773265.387,737238,474,910230,620,136228,173,641303,906,525223,404,135

Customs tteceipts at New York.

1917-18. | 1916-17.

11,190.794' 10,584.750 9.469,365 9,548,029, 8.733,214 7,142,265 7,488,551! 8,177,780

$11,31412,392 11.579 13,487 12,878 12,160 13,494 10,800

,256,700,296,160,595,341316,297

2007463386

silver for72,334,7481 98,112,

the 8 months,961

Month.

Cold Mocement at New York. Si leer—New York.

Imports. Exports. Imports. Exports.

1917-18. 1910-17. 1917-18. 1916-17. 1917-18. 1917-18.

July.........S

904,838 1,245,038

980,609 1,225.028 1,090,730

908,575 1,070,279

991,103

*17.881,388 1,432.146

11,773,501 1,514.663 1,197,787 1,258,973 1,930,781 1,085,806

*19,179,28212.337,55211,331.8107,484.4973,422,7121,187,606

657,9403,170,387

*8,096,0075,759,1592,651.4541.311.114

11,244,65818.318.717 10,494,07414.129.717

*813,489

1.734,701925,958886,834

1,077.189910,205

1,409,5241,444,351

«1,240,4041,544,1341,200,7011,278,5791,195,1811,110,7892,740.7172,186,324

August..- Scptombor October.. November December January.. February.

Total . . 8,419,200 38,075,843 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

— E. R . W ood, President o f tho Dominion Securities Corporation, Ltd., o f Toronto, has prepared, as a souvenir for and In appreciation o f tho sorvlcos rendered by his fellow members o f the Special Subscriptions Com- mlttoo in Canada's “ Victory Loan” campaign o f 1917, a booklet o f 30 pages, handsomely bound in brown suede and lined with moree silk o f the samo color, containing tho story o f somo o f tho features o f tho campaign, which, as stated by M r. W ood, was "ono o f tho most historic financial events in Canadian history."____________________________________

Hew York City Banks and Trust Companies

363715260

Jlanks-A’. Y Kiri Ask Banks. Bid Ask jTrust Co’s. BidAmerica*.. 485 500 Lincoln ----- 28(1 300 New YorkAmer Exch. 210 220 Manhattan * 315 330 Bankers Tr. 363A Mnnl In 1 70 180 Mark A Fult 305 700A bilk 11 til) _ —Battery Park

1 I u200 210 Mech A Mot 297 302 Columbia . .

#uu255

Bowery •__ 400 Merchants.. 225 245 Commercial. 100Bronx Boro* 160 200* Metropol'n * 165 175 Emplro___ 290Bronx Nat . 160 Mutual*___ 375 .. . Equitable Tr 337BryantPnrk* 148 165 . Now Ncth*. 200 220 Farm L A Tr 380Butch A Dr. SO 95 New York Co 137 Fidelity___ 200Chase.......... 337 347 Now York.. 415* ___ Fulton____ 240Chat A 1’hen 230 235 Paclftc *___ 270 Guaranty Tr 313Chelsea Ex * 100 110 Park........ . 497 507 ’ Hudson___ 135Chetnlcul... 380 390 People’s * . . . 200 210 Irving Trust■ / ScoCitizens___ 210 220 Prod Exch*. 200 __ INatC ity............ 300 370 Public.......... 200 215 Law Tit A Tr 93Coal A iron. 205 215 Seaboard. . . 450 470 Lincoln T r .. 98Colonial*__ <400 Second____ 400 425 MercantileColumbia*.. <150 175 ' Sherman__ 125 135 Tr A Dep. 190Commerco. 168 172 State*.......... 115 __ Metropolitan 300Comra'I Ex* 390 405 23d Ward*. n o 125 Mut’l (WestCommon Union Exch. 145 155 chester) . . 115

wealth * .. 180 190 Unit States* 600 __ _ N Y Life InsContinental* 135 145 Wash H'ts*. 350 __ A Trust.. 875Corn Exch*. 810 320 Iwestoh A vc* 175 200 |N Y Trust.. 585Cosmopol'n*! 85 100 Iweet Sldo*. 185 Sound Inavl'n 260Cuba (Bk of)' 180 190 Yorhvllle*.. 640 565 TltleGuATr 255East River..I 60 07 Brooklyn. Transatlan ’c 175Fifth Avo*_. 3500 4000 Coney Isl'd* 145 155 Union Trust 405Fifth............ 215 230 First______ 255 270 USM tgATr 400First............ 860 880 Flatbush . . 125 135 UnltodStates 915Oarflnld___ 163 180 Greenpolnt . 150 165 Westchester. 130Gotham----- 200 Hillside * . . . 110 120 Brooklyn.Oreenwlob*. 335 350 * Homestead * 115 Brooklyn Tr 500Hanover----- 650 660 Meehan lea’ * 110 120 Franklin___ 230Harrlmnn... 235 245 Montauk * .. 05 Hamilton... 265Imp A Trad. 4S0 509 Nassau........ 195 205 Kings C o ... 625Irving (trust Nutlon’lCIty 265 275 Manufact’ra 125

ctfs) . _ 275 280 NorthSlde*. 175 200 People’s . . 263Liberty....... 390 405 People’s ___ 120 140 Queens C o .. 70

300342390210265317142

IrvingBank

98105

315125900600270265

410' 410 930 14053024027666014027085

* Banks marked with * (*) are Sint* banks, change this week. $ I n c l u d u s o u c - t h l r d share V Ex-rights

♦ Sale at auction or Irving Trust Co.

at stook Ext Now stock

New York City Realty and Surety CompaniesBid AsA | Bid Ask Bid AskAlliance R ’lty 58 65 ,| Lawyers Mtge 87 92 [Realty Assoc

Amer Surety. 108 115 IjMtge Bond.. 82 87 (Brooklyn). 65 75Bond A M G. 185 195 ;Nat Surety.. 162 166 U S Casualty. 176 190Casualty Co. __ 100 N Y Title A lUSTltleGAI 60Clty Investing 15 20 1 Mtge_____ 50 57 (West A BronxPreferred. . 60 66 II 1 Title A M G 160 175

Quotations for Sundry SecuritiesAll bond prices or* “ and Interest” except where marked Mf

Standard Oil Stocks Per Share Par Bid

Anglo-American Oil new. £1 1 1 34Atlantto Refining............. 100 915Borne-Scrymser Co____ 100 425Buokoye Flpe Line C o__ 50 *94Cbesebrough Mfg new__ 100 315Colonial Oil.......................100 10Continental Oil............ -.100 440Crescent Pipe Line C o .. . 50 *32 Cumberland Pipe L ine..100 140Eureka Pipe Line Co___ 100 185Galena-Signal Oil oora ... 100 132

Preferred ..................l oo 124Illinois Pipe Line_______100 185Indiana Piiw Line Co___ 50 *95International Petroleum. £1 *1234 National Transit C o ...12.50 *13is Now York Transit C o ...100 200 Northern Pipe Line C o .. 100 105Ohio Oil Co...... ............... 25 322Ponn-Mex Fuel Co.......... 25 *37Pierce OH Corporation__ 25 *S*4Prairie Oil * Gas.............100 470Prairie Pipe Line.............100 262Solar Refining...................loo 290Southern Pipe Line C o .. 100 183South Penn Oil.................100 270Southwest Pa Pipe Lines. 10O 90 Standard Oil (California) 100 215 Standard Oil (Indiana). .100 630 Standard Oil (Kansas)... 100 440 Standard OH (Kentucky) 100 320 Standard Oil (Nebraaka) 100 460 Standard Oil of vew Jer.100 545 Standard OH of Now Y'k 100 258Standard Oil (Ohio)........ 100 400Swan* Finch________ 100 92Union Tank Lino Co___ 100 95Vaouum Oil____________ 100 340Washington OH...................10 *28

Bonds. Percent.Pleroo Oil Corp oonv 69.1924 73

Ordnance Stocks—Per Share.Aetna Explosives pref__ 100 50American A British M fg. 100 4

Preferred...................... ICO 15Atlas Powder common__ 100 173

Preferred...................... 100 91Babcock A Wilcox_____ 100 110Bliss (E W) Co oomrnon. 60 *350

Preferred..................... go *70Canada Fdys A Forgings. 100 120 Carbon Steel common. . .10 0 100

1st preferred................. loo 862d preferred................100 65

Colt s Patent Fire ArmsM fg............. ................. 25 *66

duPout (E I) de Nemours& Co oomrnon...............100 273Debenture stock______loo 91

Eastern Steel.................. 100 93Empire Steel A Iron com. 100 32

Preferred................... 100 75Hercules Powder com ...106 230

Preferred................... ..100 111Nllcs-Bement-Pond com. 100 140

Preferred...................... loo 96Penn Seaboard Steel (no par) *38Phelps-Dodge Corp____ too 2658covl!l Manufacturing. . .10 0 450Thomas Iron...................... go *25Winchester Repeat Arms.100 700 Woodward Iron.............. 100 «35

Public Utilities Araer Ous A Elec oom ... 60 *87

Preferred...................... 50 *33Amer Lt A Trao com___ 100 196

Preferred............ ......... 100 94Amer Power A Lt co m ... 100 38

Preferred...................... 100 69Amer Publlo Utilities oomlOO___

Preferred.......................100 . . .Cities Service Co oora ... 100 203

Preferred____________ 100 74Com'w'lth Pow R yA L .100 22

Preferred...................... 100 47Eloo Bond A Share pref.. 100 94Federal Light A Traotlou .100 6

Preferred.......................100 29Great West Pow 5s 1946.JAJ 71Mississippi Rlv Pow com. 100 13

Preferred.......................100 37First Mtgo 5s 1951... JAJ 70

North’ n States Pow com. 100 42Preferred....................... 100 85

North Texas Elec Co oom 100 55l’rei erred.......................100 70

Pacific Gas A Eleo oom. . 100 331st preferred.................100 82

Puget Sd Tr L A P corn. 100 10Preferred....................... 100 37

Republic Ry A Light___ 100 22i2Preferred....................... 100 56

South Calif Edison com .. 100 81Preferred...................... loo 97

Standard Gas A El (Del) .6 0 *1Preferred..................... 50 *24

Tennessee Ry LAPcomlOO 2Preferred....................... 100 10

United Gas A Eleo Corp. 100 11st preferred................. 100 302d preferred_________ 100 2

United Lt A Rys oom___ 100 261st preferred.................100 59

Western Power common. 100 13 Preferred............. 100 50

Ask.12U

93045096

32540

46035

1451951371291909813UI4l2

210115327429>4

48026731018828095

2206404603304855502634159798

35032

RR. Equipments—PerCt.

Baltimore A Ohio 4H«-. Buff Rooh A Pittsburgh 434s

Equipment 4s...................Canadian Pacific 434s... Caro Clinohfleld A Ohio 6s..Central of Georgia 6s___

Equipment 4Hs..........Chicago A Alton 4s________Chicago A Eastern 111 634s..

Equipment 4.Hs................Chlo Ind A Loulsv 4 34 s____Chlo St Louis A N O 6s........|Chicago A N W 434s............'Chicago R I A Pao 434e___Colorado A Southern 5s___[Erie 6s...................... .............

Equipment 434s_________Equipment 4s___________

Hocking Valley 4s________Equipment 5s___________

Illinois Central 5a_______Equipment 434s_________

Kanawha A Michigan 434*.-Louisville A Nasbvlllo 6a___j Michigan Central 5 s _______Minn S tP A S S M 434s___Mlasour! Kansas A Texas 6s.Missouri Paclflo 6s_________Mobile A Ohio 5s................ .

Equipment 434s.............. .New York Central Lines 6s..

Equipment 434s.......... ..N Y Ontario A West 434s...Norfolk A Western 434s___

Equipment 4s____ ______Pennsylvania RR 434s____

Equipment 4s....................St Louis Iron Mt A Sou 6s. . St Louis A San Francieoo 5s.8eaboard Air Line 5a______

Equipment 4>4s..............Southern Paclflo Co 434s..Southern Railway 434s____Toledo A Ohio Central 4s ..

6.50< 6.00

586 Tobacco Stocks—Per Share.20 par

178 American Cigar common. 10093 Preferred....................... 100

118 Amer Machine A Fdry.,100 425 Brttlah-Amer Tobao ord ..£ lSO Ordinary, bearer............ £1

140 Conley Foil...... ............... 100103 ; Johnson Tin Foil A Met. 10095 jMaoAndrews A Forbes..10075 i Preferred...................... 100

Reynolds (R J) Tobaoco.10068 j Preferred_____________100

! B stock ..............................278 Young (J 3) Co.............. 10093 Preferred........................1009635 Short-Term Notes—Per <SO A mer TelATel Os 1919.. FA A

235 Balto A Ohio 6s 1918 ..JAJ113 5 sl9 1 9 ....................... JAJ------Betb Steel 6s 1919..FAA 1510U2 Canadian Pao 6s 1924.MAS 2 42 Cblc A West Tnd 6s’ 18.MAS

2SO Del A Hudson 5s 1920 FAA475 Erie RR 5s 1919______ a -O35 General Rubber 5s 1918.JAD

825 Gen Elec 6s 1920______JAJ45 6% notes (2-yr) '19. JAD

Great Nor 5s 1920........ MASHooking Valley 6s 1918 MAN

SSi2 K C Rys 534s 1918____ JAJ40 K C Term Ry 4 34s T8.M AN

199 1921....... JAJ96 Laclede Gas L 5s 1919..F&A45 Mich Cent 5s 1918..............75 MorganAWrlght 6s Dee 1 'IS20 N Y Central 43481918.MAN SO 5s 1919............................

205 Penn Co 434s 1921.. JAD 1576 Pub Ser Corp N J 5s'19.MAS24 Rem Arras U.M.C ts’ lOFAA 48 Southern Ry 6s 1919..M-S 297 United Fruit 6s 1918. M-N 7 Utah Sec Corp 6s '22.M-S 15

32 winches RepArms7.8T9.MAS 73 Industrial

and Miscellaneous40 American Brass.............. 100 :71 American Chide com___ 10045 Preferred........................10087 Am Graphophone oora__ 10060 Preferred....................... 100”3 American Hardware........ ICO :35 Amer Typefounders com. 100S3 Preferred...................... 10013 Borden's Cond Milk com. 10041 Preferred....................... 1002312 Celluloid Company........100 158 Columbia Graphoph Mfg (t) '84 Preferred-......................10099 Havana Tobacoo Co___1006 Preferred....................... 100

25 1st g 5s June 1 1922.. J-D ,4 Intercontlnen Rubb com. 100

12 tntemat Banking Co___ 100 13 International Salt................ ion

40 1st gold 5s 1951...........A-G6 International Silver pref. 100

30 Lehleh Valley Coat Sales. 60 161 Otis Elevator common__ 10015 Preferred........... .......... loo52 Remington Typewriter—

Common........................1001st preferred_________ 1002d preferred_________ 100

Royal Baking Pow com ..100 1

6.506.506.255.50 5.805.756.756.756.757.007.00 0.126.506.25

6.006.006.005.355.355.405.40 6.00 6.006.508.50 5.705.50 5.75

A i k101908018i216

21012519098

300102270140106

995810098129Slg98 991g 9734 9699

10034IOOI49734991299991494U98lg

100

io o "98903g96i29298U85U99i2

72

___•Per share 6 Basis, d Purchaser also pays accrued dividend, e New nook.

'Flat price, n Nominal, x Ex-dlvldend. y Ex-rights, (t) Without par value.



limes tmeui and ^ailrxrad |ttteXXijjmtt.R A I L R O A D G R O S S E A R N I N G S .

The following table shows the gross earnings of various STE A M roads from which regular weekly or monthly returns can be obtained. The first two columns of figures givo the gross earnings for the latest week or month, and the last two columns the earnings for the period from Jan. 1 to and including the latest week or month. W e 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 ot 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 now practice. The returns of the electric railways are brought together separately on a subsequent page.__________________________ _

ROADS.Latest Gross Earnings.

Week or Month.

March 3cl wk Mar December 1st wk Apr February February February February

Ala Sc Vicksburg___Ann Arbor_________Atch Topeka & S Fe Atlanta Birm & Atl Atlanta & Wost P t.Atlantic C ity______Atlantic Coast Line

Chariest & W Car February Lou Hend & St L February

a Baltimore & O hio. February B & O Ch Ter RR February

Bangor & Aroostook February Belt Ry o f Chicago. February Bessemer & L Erie. February Birmingham South. FebruaryBoston & Maino___FebruaryB uff Roch & P itts .. 3d wk Apr B u ffa lo * Susq I1R. February Canadian Nor Syst. 3d wk AprCanadian Pacific___3d wk AprCaro Clinchf & Ohio February Central o f Georgia. February Cent o f New Jersey February Cent New England. February Central V erm ont.. February] Ches & Ohio Lines. FebruaryChicago & A lton___FebruaryChic Burl & Quincy February 6 Chicago & East 111 February c Chic Great W e st .. 2d wk Apr Chic lnd & Louisv. 2d wk Apr Chicago June R R . . February Chic Milw & St P _ . February d C h lc* North West January Chic Peoria & St L . February Chic Rock Isl & Pac February Chicago R I & Gulf February d Chic St P M & Om January Chic Terre H & S E February Cine lnd & Western February Colorado M idland. February c Colorado & South. 2d wk AprCuba Railroad____FebruaryDelaware & Hudson February Del Lack & W est- - February Deny & Rio Grande February Denver & Salt Lake Fobruary Detroit & Mackinac 2d wk Apr Detroit Tol & Iront February Det & Tol Shore L.IFebruary Dul & Iron Range..(February Dul Missabe & Nor February Dul Sou Shore & Atl 2d wk Apr Duluth Winn & Pac February Elgin Joliet & East. February El Paso & So W ost. JanuaryErie________________FebruaryFlorida East C oast. February Fonda Johns & Glov February Goorgia Railroad. . February Grand Trunk P a c .. 3d wk Mar Grand Trunk Syst. 3d wk Apr

Grand Trunk Ry 4th wkMar Grand Trk W est. 4th wkMar D et O II Sc M ilw .!4th wkMar

Groat North System March

Current Previous Year. Year.

Jan . 1 to Latest Date.

CurrentYear.

$ $194,648 166.416 545,65554,300 43.739 547,789

14541066 13133867 165529510 89,342 78.709 1,151,175

166.043 124,062 331,779130,973 127,052 315,565

4,357,022 3.790.315 8 .570.977 209.921 165,862 419,668209,721 170.497 376,475

8.976,321 8 ,665.656 16,507,956 90.816 128.009 163,461

292,853 349.919 614,893257,282 244.390 418,716563,146 473,413 1,024,821106,148 88,352 223,459

3,937,316 4,001.884 8 .047.965 324,678; 284,777 4 ,661,348 199,407 121.421 393.071929,500 765.600 11,618,300

3,016,000 2.708,000 41,564.119

PreviousYear.

366,6711.644.265 2,637.713

374,258267,841

4,214,2301,436.3768.910.265 1,618,832

376,250176,814230,746

7,322.7657.172,006

157,2456,462,895

289.396 1,133,566 2 .529,132

311.921 251,427

3 ,679,250 1,376.715 8 .592.705 1,476.334

330,984 182.045 233.310

6 ,514,625 8,075.065

161.536 5.949,078

Gulf Mobile & N or. Fobruary Gulf Sc Ship Island. FebruaryHocking Valley____ FebruaryIllinois Contral____FebruaryInternat Sc Grt Nor February Kansas C ity South. March Lehigh & Hud River Fobruary Lehigh & New Eng.iFebruaryLehigh Valley_____ JanuaryLos Angeles & S L . . February Louisiana Sc Arkan. February Louisiana Ry Sc Nav February f Louisville & Nashv FebruaryMaino Central_____ FebruaryMaryland & Penna. FebruaryMidland Valley____ ; FebruaryMineral Range____2d wk AprMinneap Sc St Louis 2d wk Apr Minn St P & S S M . 2d wk Apr M ississippi Central. December g M o Kan Sc Texas. 3d wk AprM o Okla & Gulf___Februaryh Missouri P a cific .. February Monongahela______ Fobruary

334.061 293,9971,690.007 1,662.436 297.985 265,585257,606 212,322120.787 96.278324.836 319,871

1,164,564 395,6311,954.696 1.762.706 4.196,250 3 ,966.725 2,035,285 1,739.276

71,660 111,57427,640 28,098

105.919 182.336144,408 140.587102,858 103,135142,931 155.64969,613 88.113

123,466 199,7841,042,868 1,067,209 1,219.615 1,237.182 5,334,301 5,001.609

828,647 886,38674.568 75.021

449,566 258,857131,517 84,789

1,358,972 1.085.031 1,485,990,1.465.964 10,297,973

237,221 247,713 1,963.43074,287 102.70 7 666.217

6,489.603,6,006,910 17,282.900 187.309 154.584192.0521 145,218732,1351 600,631

7,210,449 6 ,229.685--------- 817.550

1,075.376 148,862 222,242 3 .058.141 806,277 107,201 182,014

684.5793,187,1925 ,072,245

746.516583,594

7 ,776.5712,670.001

18,018.9702 .920.209 4 ,708,2372.304.210

424,68514,815.2847 .172.006

282.34212,771.195

692,6641.690.007

515.271 466,293 247.428

5,375,096 2,396.399 4 ,071,802 8 ,590.196 4 ,377,763

135.330 344,649 203,734 255,377 205,094 285,918 996,388 255.993

1,903,413 1.219.615

i0.371.743 1,584,141

154,843 881.563

1,258,667 17,016.823

358,940 379.728

1,355,250 13.543.527 2 .041,487 3 ,808,732

275,538 388,626

3 .195.888 1,983,741

289.608 419,314

12,968.650 895.612 961.206 1,847.39333,681 36.107 66.551

249.361 203.202 486.86120.172 23,175 318,500

232,307 237,036 3 ,055.932588.500 649.3571 7 ,649,211112,256 61.008! 974.749930,044 735.444 13,679,598:11,787.628148,444 150.566 291,276 317.155

6,261,878 5,659,115 12,132,721 11,966,051 182,852 151,215 341,0231 319.687

988,9641,365.308

126,836191,409

3,195.888969,752151,517211,476

6,724,820 5,314,781

498,796554.106

1442902381,028,178

256,906268,727

7,500.815337,891331,380

18,438,008274,391761,146534,724992,896187,174

8 ,520.1634 ,015,631

261.12910,847,80039,305,584

643.1762,331,9445.327.619

758,053588,570

7,900.0822,910,097

18,183.5453 ,092,0144 ,410,6212 ,512,528

499,53914,865.7388 ,075.065

337.91512,705.508

612.3971,662.436

552.653443,231218,633

4 ,973,5741,156.7503 ,916.2508 ,401,4013 .943,039

257,985334,478401,045298,061207.395325,496

I , 082,979 366,781

2 ,255,9631,237.182

10,603.7051,679,686

157,101553,609899,184

16.936,54910,829,2732 ,031,138

715.792 16,611.370

335,008322.602

1,294.34813,024.070

1,719,1723 ,142,429

327.792 504,313

3 ,658.141 1,697,417

232.056 381,728

I I , 301,021 2 ,030.377

73,493 404,289 340.971

2 ,861,007 8 ,083,700

823.365

ROADS.Latest Gross Earnings.

Week or Month.

Monongahela Conn. Fobruary Nashv Chatt Sc St L February Novada-Cal-Oregon 1st wk Apr New Orl Great N or. February NO Tox&M ex Lines February s New York Central February

Boston & Albany February n Lake Erie & W .1 February Michigan Central Fobruary Clovo C C Sc St L Fobruary Cincinnati North. February Pitts & Lake Erie February Tol & Ohio Cent-i February Kanawha & M ich Fobruary T ot all lines above February

N Y Chicago * St L FobruaryN Y N II & H artf. N Y Ont Sc Western N Y Susq & W est ..N Y Susq & W est..Norfolk Southern..Norfolk & Western.Northern Pacific___Northwost’n PacificPacific Coast C o ___p Pennsylvania RR.

Balt Ches Sc A t l . . Cumberland VailLong Island_____M ary ’d Dol * VaN Y Phil * N orf. . ...........W Jersey Sc Soash February West N Y * P a . .|February

Penn West Lines___| FebruaryGrand Rap Sc IndFebruary

FebruaryFebruaryFebruaryFebruaryFebruaryFobruaryFebruaryFebruaryFebruaryFebruaryFebruaryFebruaryFebruaryFebruary

! Pitts C C & St L Penn System—

Lines East______Lines W est______Lines E & W ____

Pcro M arquetto___Pitts Shaw * NorthPort Reading______Reading C o—

Phlla & Reading. Coal Sc Iron C o . .Total both cos__

Rich Fred & Potom Rio Grande S outh .-Rutland___________8t Jos Sc Grand Isl _ St L Brownsv * \1. St Louis-San Fran. St Louis Southwest. Seaboard Air L ine..Southern Pacific___k Southern Rv Syst.

Ala Great South. Cin N O * Tex P. Now Orl Sc Nor EM obilo Sc Ohio___Georgia Sou & Fla

Spok Port Sc Seattle Tonn Ala Sc Georgia Tennessee Central. Term RR Assn St L

St L M B T e rm ..Texas Sc Pacific____Toledo Poor & West Toledo St L & West Trin Sc Brazos Vail. Union Pacific Syst. Union RR (B a lt ) .. Vicks-Shreve Sc PacVirginian__________W abash___________Washington South’n Western M aryland.Western Pacific------Western Rv o f A la. Wheel Sc Lake Erie. Yazoo & Miss Vall.

CurrenlYear.

FebruaryFebruaryFebruaryFebruaryFebruaryFebruaryFebruaryFobruary February February February Fobruary February February January January 2d wk Apr Fobruary February 2d wk Apr February February Fobruary 2d wk Apr 2d wk Apr February 2d wk Apr Fobruary February February 3d wk Apr Marcn 3d wk Apr February January February March February February February Fobruary Fobruary February Fobruary February

125,6091,403,776

4,673158.015620,635

153789911,503,352

564,4974 .038,7594,098.856

169,1881,881,431

529.391291,347

284558141,119,9825,918,148

682,429322,475432,797

5,076,1936,031.436

315.553528,909

1892890032,210

290,1431,095.135

21,461357.678480,805815,179

4 ,626,354432,077

4 ,905,695

PreviousYear.

150,309 1,095,112

6,351 121,106 586,739

13633817 1,431,906

608,973 3 ,450.210 3 ,320,920

158.424 1,684.853

430,173 228,989

24948267 1,158,279 5,724,565

563,108 291.113 394,870

4 ,527,345 5,430,116

266,294 345,131

18830132 26,613

323,877 930,416

31,579 317,270 487,487 880,751

4.456,140 427,539

4 ,920,574

Jan . 1 to Latest Date.

CurrentYear.

$256,692

2,597,44454,301

306,1451,262,623

30.076,8403,052,3091,086.9757,550,5977,631,878

309,2313,691,724

992,884541.528

54,933.9372,107,793

11,907,5131,366.632

629,173769.442

9,864,09712,196,266

662.9371.075,823

38,396.00941,758

592.1862,219,600

30,793701,507940,113

1,710.0358,783.254

800,6429,384,726

43.444,15721466 802 21227 114 10120 843 9,947,059 19,265,806 31587 645 31174 773 62,709,963 H .542,52611,518,990 2,804.552

Various Fiscal Years.

99,736120,271

4 ,583,701

97,867 92,665

4 ,566,229 4 .150,876 3 ,185,199 8 ,717.105 7 ,768.900

350,517 348,896- 45,110

276,030 164.164 369,943

47,443,262,686 215,754!Q o r K 7 0

4,645,100 4 ,683.943 350,000 308,000

2 ,704,291 2 .549.344 14421673 13395038 2 ,521,157 2 ,183,442

562,377825.222443.887269,830

62,266556,429

2,041148.382274,015239,651406,788112,486154,93679,344

9 ,882,066147,220222,119776,350

2 ,582,547196,683903,314717,919167,140703,479

1,511,963

448,337855,042360,250247,02749,353

432.9073,157

120,934252,415233,062413,735101,405139,74668.013

8 ,483,592146.595176,945720,860

2,718.334180,192975.219480,985110,549575,374

1.228,968

Period.

Canadian Northern___Cuba Railroad________Pacific Coast_________St Louis-San Francisco

July 1 to Apr 21 33,475,100July 1 to Fob 28 6,947.915July 1 to Feb 28 4,177,483July 1 to Jan 31 4,645.100

229,612187,231

9,138,9407,946,520

$322,273

2,298,310 68,139

273,814 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

12,436,566 1,196,637

627.624 825,461

9,489,497 11,719,591

583,103 714,505

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

3,278,799236.168270,333

9,999,3757.318,930

17,085.460 17,318,305762,866 105,055 572.655 416,910 325.572

4 .645.100 5 .528.334 5 ,233,427

30,497,849 35,323,959

1,106,389 1.675.977

901.103 3 ,519.355

893,380 1,294,261

31,401 275.501 526.327 442,083

0 ,988,869 325.653

1,759,450 170,528

9,882.066 303,112 625.214

1,478.695 4 ,027.014

427,097 1,822; 135 1,576,211

349.580 1,384,711 3 ,024,464

721,667 92,244

604,182 338,259 369,943

4.683,943 4,590.960 5,118,510

27,579.564 30.080,599

084,524 1,937,931

763,350 3,627,593

815,899 899,788

34,705 267,004 558,877 472.977

6,398.658 296,353

1,792,689 159,531

8,483,592 303,373 525,927

1.595,057 5,631,173

368,068 2,007,184 1,066,357

235.625 1,256,291 2,654.736

CurrentYear.

PreviousYear.

$32,479,309

4,331,9264,474,6424.683,943

AGGREGATES OF GROSS EARNINGS— Weekly and Monthly.

* Weekly Summaries.

1st week Fob 2d week Feb 3d week Fob 4th week Fob 1st week Mar 2d week Mar 3d week Mar 4th week Mar 1st week Apr

27 roads)____,27 roads)____26 roads)____.26 roads)____25 roads)____‘24 roads)____;24 roads)____,22 roads)------(23 roads)____

2d week April (23 roads)___

CurrentYear.

PreviousYear.

9 ,533,17110,686,70410,693,48811,651,80910,925,44811.274.91012.096.910 17,157,972 11,748,501 12,067,738

$8 .991.1039 ,704,4049 ,728,415

10,305.6679 .890.084

10,499.35910,096,01715,512,60810.688,40210,970,595

Increase or Decrease.

S+ 542.068 + 982,300 + 965,073

+ 1,340,142 + 1,035.364

+ 775,551 + 2 ,000.893 19.82 + 1,645,364 10.56 + 1,060,099 9.72 + 1,097,143 10.01

6.0310.129.82

13.0710.477.40

Monthly Summaries.

Mileage. Cur. Yr.June..............242.1 11J u ly ...............245.699August_____ 247,099S eptem ber..245,148O ctober____247,048N ovem ber_242.407December . .247.988January____ 240,046February___66.381M a rch .......... 65,843

Prev. Yr. 241.550 244.921 246.190 243.027 245.967 241.621

CurrentYear.

351.001,045 301.304.803 353,219,982 306.891.957 373,320,711 333.555.130 364.880,086 330,978,448 389.017.309 345.079.977 360.062,052 326,757,147

2471265 313,875,052 317.836.386 239,885 282,394,605 294,002,791 66.041! 47,210,440 43,113,487 65,515 58,466,439 52,459,298

PreviousYear.

Increase or Decrease.

a Includes Cleveland Lorain & Wheeling R y . and Cincinnati Hamilton & Dayton, b Includes Evansvillo & 3 orro Hauto. c Includes Mason C ity * Fort Dodge and tho Wisconsin Minnesota Sc Pacific, d Includas not only operating rovenue. but also all othor receipts, e Does notlincludo earnings oi Colorado Springs & Cripple Creek District R y. / Includes Louisville Sc Atlantic and tho Frankfort Sc Cincinnati, g Includes the I ox as Central and the W ichita Falls lines, h Includas tho St. Louis Iron Mountain & Southern, i Includes the Lake Shore Sc Michigan Southern R y., Chicago Indiana * Southern R R . and Dunkirk Allegheny Valley & Pittsburgh R R . k Includes tho Alabama Groat Southern, Cincinnati Now Orleans * Texas Pacific. Now Orleans & Northeastern and the Northern Alabama. I Includes Vandalia R R . n Includes Northern Ohio R R . p Includes Northern Central and Philadelphia Baltimore Sc Washington. * W o no longer include Mexican roads In any o f our totals.


Apr. 27 1918.] THE CHRONICLE 1785Latest Gross Earnings by Weeks.—rln tho table which

follows wo sum up separately the oarnings for tho second week of April. The table covers 23 roads and shows 10.01% increaso in tho aggregate over tho same week last year.

S econ d W eek o f A p r i l .

Buffalo Rochester & PittsburghCanadian Northern___________Canadian Pacific______________Chicago Great Western_______Chicago Indianap & LouisvilleColorado & Southern_________Detroit & M ackinac__________Duluth South Shore & AtlanticGeorgia Southern & Florida____Grand Trunk o f Canada_______‘

Grand Trunk Western_____Detroit Grd Haven & MilwCanada Atlantic___________

Mineral Range_________________Minneapolis & St Louis_______1

Iowa Central_______________ /Minneapolis St Paul & S S M _ .Missouri Kansas & Texas_____M obile & Ohio_________________St Louis Southwestern_________Southern Railway System--------Tennessee Alabama & Georgia.Texas & Pacific________________Toledo St Louis & W estern____

Total (23 roads)_____________

1918. 1917.

8 S316,520 284,777932,600 881,600

2,935,000 2,833,000376,250 330.984176,814 182.045324.830 319,871

27,640 28,09869.613 88,11362,266 49,355

1,414,538 1,103,119

20,172 23,175232,307 237,036

588,500 649,357880,406 693.189269.830 247.027350,000 308.000

2,521,157 2,183,4422,041 3.157

412,312 385.504154,936 139,746

12,067,738 10,970,595

31,743 51.000

102,000 45,206

4,965

12,911

311,419

187,21722,80342,000

337,715

20.80815,190

5,231

45818,500

3,0034,729

60,857

1,116

93,894

Not Earnings M onthly to Latest D ates.— The table following shows the gross and net earnings with charges and surplus of STE AM railroads reported this week:

------- Gross Earnings— — ------ Net Earnings--------Current Previous Current Previous

Roads. Year. Year. Year. Year.8 $ $ $

B altim ore & O h io .b ____ F eb 8,976,321 8 ,665,656 def827,400Jan 1 to Feb 2 8 _______16,507,950 18 ,438 ,0 0 8 d f3 .3 0 1 ,478

K ans City Southern_ b _ .M ar 1,365,308 1,075,376 482,835Jan 1 to M ar 3 1 . ........... 3 ,808 ,732 ~ ' “

M ain e C e n tr a l .b ------------ F ob 895,612Jan 1 to Fob 2 8 _______ 1,847,393

M issouri P a c i f ic .a ---------- F eb 6,261,878Jan 1 to Feb 28_______12,132,721

N Y N H & l l a r t f .b ____ F eb 5 ,918 ,148 5 ,724.565 631,179Jan 1 to Feb 2 8 .............11,907,513 12,436,566 837,686

3,142,429 1,307,187 961,206 def 141,041

2,030,377 def372,564 5,659,115 1,134,560

11.966,051 1,733.629

1,824,1904,470.308

418.3641,253.207

140,733343,941

1,225,2062,298,5911,284,0953,385,936

a Not earnings hero given aro after deducting taxes, b Net earnings hero given aro beforo deducting taxes.

Gross Earnings.

. S

Net OtherEarnings. , Incom e.

TotalIncom e.

$

Charges & Taxes.

S

Balance, 1 Surplus,

9

Feb '18 12,015 defS,728 168 defS,560 5,974 defl4,534 2 mos '18 76,169'17 15,468 def3,873 192 dof3,681 7,007 def 11,288 ’ 17 68,798

2 mos '18 34,550 defl2,l 19 364 def 11,755 11,905 dof23,720 Columbia Gas & E l.M ar '18 1,035,308'17 31,774 def9.394 332 dof9,002 15,133 def24,195 T7 1,017.153

ELECTRIC RAILWAY AND PUBLIC UTILITY COS.

N a m e o f R oad or C ornpang. W eek or C u rren t P rev iou s C u rren t P rev io u s

M o n th . Y ea r . Y ea r . | Y ea r . Y ea r .

Atlantic Shore Ity— c Aur Elgin & Chic Ry Bangor Ry & Electric Baton Rouge Elec Co Berkshire street Rv Brazilian Trac, L & P Brock & Plym St lty . Bklyn Rap Tran Syst Capo llreton Elec Co Cent Miss V El Prop Chattanooga Ry & LtCities Service C o -------Glove Painesv t t East g Columbia Gas & EL Columbus (Ga) El Co Oolum (O) Ry P & Lt Com ’w'th P, Ry & LtConnecticut C o---------Oonsurn Pow (M ich). Oumb Co (Mo) P h L Dayton Pow & Lighta Dotroit Edison-------Detroit United Lines Duluth-Superior Trac East St Louis & Sub. Eastern Texas E lec .. El Paso Electric C o .. g Federal Lt & T r a c .. Galv-IIous Elec C o . . Grand Rapids Ity Co Great Wost Pow Syst Harrisburg Railways. Havana El Ity, L & P Honolulu R T & Land Houghton Co Trac Co b Hudson & Manhat.Illinois Traction -------Interboro Rap Tran. Jacksonville Trac Co Keokuk Electric C o. Key West Electric Co Lako Shoro Elec R y . Lowist Aug & Watcrv Long Island Electric. Louisville R ailw ay.. M ilw El Ry & Lt C o . M ilw Lt, lit & Tr Co Nashville Ry & Light Newp N*t 11 R y, GiScE N Y & Long Island.. N Y it North Shore.-N Y & Queens C o___New York Railways. N Y A: Stamford Ity N Y Wcatches & Bost Northampton T r a c .. North Ohio Elec Corp North Texas Electric. Ocean Electric (L I ) .Paclflc Gas & Elec___n Paducah Tr & Lt Co Pensacola Electric Co Phila Rapid Transit. Port(Ore) Ry.Lit.PCo.

L atest G ross E a rn in g s . J a n . 1 to L a test D a te .

MarchDecemberFebruaryJanuaryDecemberFebruaryFebruaryDecomberFebruaryJanuaryFebruaryMarchFebruaryMarchFebruaryFebruaryMarchI tecemborFebruaryFebruaryMarchMarchMarch___MarchFebruaryFebruaryFebruaryJanuaryFebruaryFebruaryFebruaryFebruaryFebruaryFebruaryFebruaryFebruaryFebruaryMarchFebruaryFebruaryFebruaryFebruaryFebruaryDecemberDecemberMarchMarchFebruaryFebruaryDecomborDecemberDecomberFebruaryDecemberDecemberDecomborFobruaryFebruaryDecomberDecemberFebruaryFebruaryMarchFebruary

S13,036

186.095 67,485 21,530 58.916

/7 3 15000 7,192

2422,455 36,294 28,016

137,791 1975,212

35,397 1035,308

96,461 347,374

1756,688 837.647 483.420 211,037 194,294

1140,245 1473 572

146,721 311,063

80,409 103.875 310,344 181,822 102,091 348.451

89,857 617,071

57.264 26,645

538.938 1165,482 3649,670

66.004 20,054 13,149

141,162 42,254 15.871

291.955 732.370 217,386 198,928 131,672 32,78511.265 67,830

830,35924,37746,84418,275

533.095 237,353

6,8281770,392

24,72235,228

2656,490577,581

25,740 32,129176.571 2,181.871 68,776 145,26120.446 21,53087.478 1.058,729

/6 S 720 00 /1 5152,000 7,714 14,751

2452,706 30,563.718 32.010 77,72226.327- 28.046

102,594 270,7931721.481

32,362 1017.153

80,987j 316,318

1558,538

5,856.285 76,169

3,468,293 205,439 715,036

------------ 5,076,359808.198 10.023.162 460,279 1.004.383 217.275 442.643149,775! 582,957

1044,105 3,560,508 13/0 447

133,101 268,158

73.007 111,255 243.878 148,284 103,932 32.8,982

87,120 504,325

60,147 25,249

497.800 1065,019

418,922610,751164,868218,235310.344376.005209.739713,724189.661

1,262,081113.552

56,0681,114,8652,397,553

3682,520 10,475,00153,932 19,030 10,682

118,243 54,793 17,153

270.131 649,445 168,291 197,593

81,354 32,577 12,115

112,713 914,077

25,296 49,155 18,117

483,866 158.578

6.314 1669.126

25.550 26.909

2510.812 459,908

131,561 41,920 26,924

282,717 89,374

251.122 3.281,505 2,231.327

617,363 403,449 261,879 470.197 167 906

1,132,362 1,695,736

394.259 555,414 216,215

1.081.487 487,665 158,304

19,813,381 5 2 ,416 72,371

7,388,000 1.167,368

S70,682

2,056,362 143,460 20,440

999,886 /1 4138,000

16,730 29,304,948

70,591 26.327

209.643 5,257.798

68.798 3,188,645

170,594 653,889

4,706,9919.566.435

947.606 455,994 494,590

3.188.436

379,315560,765152.359 227,598 243.878311.360 217.040 670,667 179.790

1,051,813 117,228 54,002

1,039,095 2,217.519

10,553,367 113,093 39,927 21.985

247,748 116,496 245,164

3.078,297 1,971,476

499,478 407,462 166,576 413,986 160.216

1,391,330 1.911,152

357.816 564.654 200,070 982,011 329,678 153.965

18.615.498 54,338 53,956

7,143,949 950,139

N a m e o f R oad o r C om p a n y .

g Puget Sd Tr, Lt & P oRepublic Ry & Light Rhode Island Co Richmond Lt & RR 8t Jos R y, L , H & P Santiago El Lt & Tr Savannah Electric Co Second Avenue (Rec) Southern Boulevard. Southern Cal Edison. Staton Isl’d Midland. Tampa Electric C o ..Third Avenue R y___

D D E B & B R R . 42d StM & StN A vR y Union Ry O o(N YC) Yonkers Railroad.. N Y City Interb Ry Belt Lino Ry C o rp ..

Third Avenue System Twin City Rap Tran. Virginia Ry & Power. Wash Balt & Annap. Westchester Eloctrfc. W estchosterStreet.R R p West Penn Pow er.. a W est Penn Ttys C o.York Railways_______Youngstown & Ohio.

L a test G ross E a rn in g s .

W eek or M o n th .

FebruaryFebruaryDecemberDecemberNovemberJanuaryFebruaryDecemberDecemberFebruaryDecemberFebruaryDecemberDecemberDecemberDecemberDecemberDecemberDecemberMarchFobruaryMarchFebruaryDecemberDecemberNovemberNovemberJanuaryFebruary

C u rren t P rev iou s Y e a r . Y e a r .

S919,289460,246498,252

30,416132,033

55.47785,19860.61715.694

530,50819,32187,102

336,41937,254

127,651209,282

65,55554,71850,113

822,298780,372647,820164,302

43.61617,564

365.238672.612

97.52829,760

S720,178357,646481,639

31,945125,09149,71369,29558,38215,160

659,86023,57190,360

318,42032,932

127,491222,716

41,15458,66054,250

860,363827,374516,043

68,05237,25914.763

297.012568.381

91.49024,318

J a n . 1 to L a test D a te

C u rren tY e a r .

1,879,379944,832

6.000,602447.538

1,373.63055,477

178,572855,600218,643

1,096,279346,642173,551

4,117,833455,616

1,766,0802,910,070

824,866733,081677,840

2,264,6151,622,0971,872,136

336,740554,914246.023

3,576.5726,984.869

97.52860,583

P rev io u sY e a r .

s1,508,048

737.428 5.811.990

406,7381.235.944

49,713144,348766,250182,956

1,370,862331.428 182,675

3,590,943 421.808

1.672.888 2,544.253

564,967 632.805 678,447

2,457,040 1.725.307 1,519.714

125,011 441,131 225,734

2,706.802 5.705.741

91.490 49.666

b Represents Income from all sources, c These figures are for consolidated company. / Earnings now given In mtlrels. p Includes constituent companies.

Electric Railway and Other Public Utility Net Earnings.— The following table gives the returns of E L E C T R IC railway and other public utility gross and net earnings with charges and surplus reported this week:

--------G ross E a rn in g s -------------— N et E a rn in g s -

C o m p a n ies .C u rren t

Y e a r .P rev iou s

Y e a r .

Alabama Pow er.a________M ar 220,442Jan 1 to M ar 3 1_______ 632,544

Louisville Gas & Elec____ M ar 269,287Apr 1 to M ar 3 1 . ...........2,915,135

Southern Canada Power andsubsidiaries____________ M ar 38,198

Oct 1 to M ar 31_______ 232,95014,44891.257

a N et earnings here given are after deducting taxes, b N et earnings hero given are before deducting taxes.

Cleveland Paines- villc & Eastern

1,052,724 *1,179,702 1,036,134 x l , 178,374

Duluth-Sup Trac___M ar ’ 18•17

3 mos '18 ’ 17

146,721133,101418,922379,315

31,41439,26873,274

111,789

15,13515,20844,01443,501

*18,002*26,265*34,396*73,814

Interboro Rap Tran.M ar '18 3,649,670 ’ 17 3,682,520

9 mos T 8 30,144,018 ’ 17 29,576.392

1,624,2451,848,559

13,247,02715,211,832

964,751997,609

8,053,6278,864,893

*713,525*897,838

*5,601,780*6,740.664

Lako Shoro Elect Feb '18 ’ 17

2 mos T 8 ’ 17

141,162118,243282,717247,748

29,79231,05456,03964,633

36,29834,38372,42368,758

def 6.506 def3,329

defl6 ,384 def4,125

Montana Power Co (incl. sub 3 mos to M ar 31 '18

'17

. cos.)— 1.891,628 1,876.016

1,356,2541,416,712

380,774342,949

975,4801,073,763

Novada-Cal F.I Corp Jan '18 and subsidiary cos '17

155,199131,008

89,44869,252

50,08444,312

*39,481*25,901

Newport Nows & Feb T 8 Hampton Iiy, Gas '17 & Elect 2 mos '18

'17

131,67281,354

261,879166,576

41,42027,52478,78459,407

20,29120,58340,64341,175

*21,456*6,988

*38.851*18,472

Pacific Tel & Tel (March 1918 est)—3 mos to M ar 31 '18 6,450,000

'17 5,620,9831,286,0001,201,035

746,000621,593

540,000579,442

Third Avo System .M ar '18 '17

9 mos '18 '17

822,298860,363

7,654,7136,245,727

161,939149,241

1,542,539416,745

219,921 *def45,057 225,124 xdef61,992

1,996,600*def335,521 l,99 2 ,2 68*d f1444,948

Com ’th P, Ry & L .M a r '18 '17

3 mos ’ l8 '17

G rossE a rn in g s .

1,756,6881,558,5385,076,3594.706.991

N etE a rn in g s .

691,707679,569

1,769,5902,150,542

F ir e d Chgs. <S T a xes .

$600,754523,274

1,779,0941.563,534

S u rp lu s .S u rp lu s .

90,953156,295

def9,504587,008

Honolulu R T & L .F e b '18 '17

2 mos '18 '17

57,26460,147

113,552117,228

26,70932,56249,64960,417

10,6435,708

21,28411,415

16,06626,554

*31,399*50,693

Now York Dock C o .M a r '18 '17

3 mos '18 '17

414,249368,321

1,235,3431,001,342

186,821180,603573,776476,375

86,48889,837

274,271247,259

100,33390,766

299,505229,116

x After allowing for other income received.

ANNUAL REPORTSA nnual, & c., Reports.— The following is an index to all

annual and other reports of steam railroads, street railways and miscellaneous companies published since March 30 1918.

This index, which is given monthly, does not include reports in to-day’s “ Chronicle.”

Full-face figures indicate reports published at length.Steam Roads (Concluded)— Page 1

Lehigh Valley R R ___________ 1453Louisville & Nashville R R ................ 1567Maine Central R R ________________1453Missouri Pacific System___________ 1689N. Y. N. II. & Hartford R R ............. 1675N. Y. Ontario & Western R y_______ 1677Pere Marquette Ry. (9 mos.)______1568Reading Company________________1675Western N. Y. & Penna. R y_______ 1462Wichita Falls & N. W. R y.................1345Wrightsville & Tennllle R R ________ 1690

Steam Roads— Page.Bangor & Aroostook R R __________ 1688Boston & Maine R R ...........................1676Buffalo & Susq. RR. Corp_________ 1688Canadian Pacific Ry...........................1679Chicago & North Western R y .......... 1336Chic. Rock Isl. & Pac R y.................1678Chic. St. Paul Minn, fc Omaha R y .. 1453Grand Trunk Ry. of Canada............. 1577Green Bay * Western R R .......... ...... 1336Hudson & Manhattan R R ................. 1568Illinois Central R R .............................1675



Electric Roads—Aurora Elgin & Chicago IIR..........._1570Bangor Ry. & Electric Co________ 1160Boston Elevated Ry..........................1569Capital Traction Co., Wash______ 1400Chattanooga Ry. A Light Co_____ 1461Chicago & Interurban Trac. Co___ 1577Chicago Railways Co____________1568Columbus (O.) Ry., Pow. & Lt. Co. 1461Cumberland Co. Pow. & Lt. Co___1461Duluth-Superior Traction Co...........1681East St. Louis & Suburban Co_____ 1461Georgia Light Power & Rys.............1577Georgia Ry. & Power Co...... ........... 1569Honolulu Rapid Transit Co_______ 1577Nashville Ry. & Light Co________1461New Orleans Ry. A Light Co............1680New York State Rys.............. 1680Omaha & Council Bluffs St. Ry___ 1345Portland (Ore.) Ry., Lt. & Pow. Co. 1462Public Service Corp. of N. J ._ .........1454Republic Ry. A Light Co_________1570Tennessee Ry., Lt. & Pow. Co.........1462Union Trac. Co. of Indiana.............. 1680United Light A Rys____________ 1680United Rys. A Elec. Co., Balt_____ 1679United Rys. of St. Louis__________1454Washington Baltimore A Annapolis

Electric Ry________ 1345Miscellaneous Companies—

Advanco-Rumely Co.............. 1575Allls-Chalmera Mfg. Co__________1681Amer. Chicle Co_______________ 1574Amer. Dlst. Tel. Co. of N. 4______ 1579Amer. Gas Co., Philadelphia..........1576Amer. Graphophone Co.... ............. .1160Amer. La Franco Fire Engine Co__1685Amer. Sales Book Co., Ltd...........1579Amer. Screw Co. (bal. sheet)...........1346Amer. Smelt. A Refining Co______ 1456Amer. Wringer Co________ .1685Amer. Zinc, Lead A Smelting C o .. .1346Associated Dry Goods Corp_______ 1341Associated Oil Co._.............. 1574Aurora Automatic Mach. Co.......... 1579Baldwin Co., Cincinnati.._______ 1686(The) Barrett Co., New Jersey____ 1683Bethlehem Steel Corp........................1338(E. W.) Bliss Co., Brooklyn______ 1339Booth Fisheries Co., Chicago...........1571Brunswick-Balke-Collender Co____ 1463(F. N.) Burt A Co., Ltd., Toronto.. 1530By-Products Coke Corp.............. 1460Caddo Oil & Refining Co_________1463Calumet A Arizona Mining Co.........1346Calumet * Ileela Mining Co. .1580-1682Cambria Steel Co________ 1455Canadian Consol. Felt Co.............. .1580Canadian Consol. Rubber Co...........1580Canadian Fairbanks-Morse Co . ..1690Canadian General Electric Co...........1346Canadian Westlnghouse Co., L td ...1346 Centennial Copper Mining Co.. ..1580Central Foundry C o ...........1463-1580Central * So. Am. Tele. Co. (3 mos.)1347ChlnoCopporCo_______ 1690Cities Servlco Co....... ....... 1336Colorado Power Co____________ 1690Colt’s Patent Fire Arms Mfg. Co 1463Comput-Tabulatlng-Recording Co. 1338 Consolidated Arizona Smelt. Co.. . 1461Consolidation Coal C o ....................1456Consumers’ Co., Chicago............... 1686Diamond Match Co__________ ..1459(Joseph) Dixon Crucible Co.............. 1464East Butte Copper Mining Co.......... 1464Electric Boat Co_________ .1464Electric Storage Battery Co_______ 1460(Robt.) Gnir Co. (9 mos.)______ 1684General Baking Co_________ 13-40General Chemical Co. (3 mos.)____ 1690Griffin Wheel Co., Chicago...........1679Gidf Oil Corp. .................................1340Gulf States Steel Co____________ 1457Hartman Corp . . . . 140 4Haskell & Barker Car Co., Inc......... 1581Havana Tobacco Co____________ 1464Huntington Devcl. A Gas Co .........1464Hutchison Sugar Plantation Co . .1581Illinois Brick Co. (bal. sheet)_____ 1343

Miscellaneous Cos. (Concluded)— Page.Ingersoll-Rand Co............................ 1682Inspiration Consol. Copper Co____1574Interlake Steamship Co...................1464International Motor Truck Co____ 1687International Paper Co___________1682International Silver Co......................1340Interstate Iron A Steel Co________1460Kaufmann Dept. Stores, Inc______ 1684Kelsey Wheel Co., Inc., Detroit___1459La Belle Iron Works________ 1687Lackawanna Steel Co. (3 mos.)____1581Loose-Wiles Biscuit C o .................... 1684McCrory Stores Corp...................... 1341Marconi Wireless Teleg. Co. of Ani.1343Massachusetts Gas Cos__________1575Matldeson Alkali Works, Inc. (bal.

sheet)...........................................1691May Dept. Stores Co____________1457Mexican Telegraph Co. (3 mos.)___1348Miami Copper Co______________ 1691Midvale Steel A Ordnance Co_____1455Mohawk Mining Co......................... 1348Montana Power Co............ 1341Mt. Vernon-Woodberry Mills_____ 1691National Candy Co. (bal. sheet)___1348National Fireproofing Co________ 1685National Lead Co............................ 1572N. Y. Shipbuilding Co...... .........._._1582N. Y. Transportation Co. (6 mos.)..1465North Butte Mining Co_________ 1691Northern States Power Co________1582Oceanic Steam Navigation Co_____1686Ohio Fuel Oil Co.............................. 1684Ohio Fuel Supply Co____ ______1684Ohio State Telephono Co_________1349Okla. Producing A Refining Co____1459Otis Elevator Co................ 1683Parke, Davis A Co .......................... 1349Penn-Mex Fuel Co............’_______1465Pettibone-Mulilken Co.................... 1688Phelps Dodge Corp...... ......... 1573Philadelphia Electric Co_________ 1683Pierce-Arrow Motor Car Co______ 1458Pittsburgh Coal Co...... ............ .......1338Pittsburgh Plato Glass Co............ ..1686Porto Rican-Amer. Tobacco Co___1459Prico Bros. A Co., Ltd__________ 1691Provident Loan Society of N. Y___1349Public Scrvico Co. of No. Ill_____ 1687Quincy Mining C o ..____________1691Ray Consolidated Copper Co____ 1691Reece Button-Hole Machine Co___1582Remington Typewriter Co________ 1340Republic Iron 3c Steel Co. (3 mos.) ..1691 St. Lawrence Flour Mills Co., L td ..1582Savage Arms Corp.... ......... 1339Sloss-Sheffleld Steel & Iron Co____ 1455Solar Refining Co________ 1349Southern Calif. Edison Co___1337-1692Standard Chom. Iron * Lumber Co.1466 Standard Gas 5c Elec. Co., Chicago. 1571Standard Motor Construe. Co.........1466Standard Oil Cloth Co. and Merltas

Mills (of Ohio), N. Y__________1459Standard Oil Co. of Kansas............ .1466Standard Oil Co. of Ohio (bal. sheet) 1466Steel Co. of Canada, Ltd_________1349Submarine Boat Corp.. N. Y_____ 1573Swan A Finch Co., N. Y.................1685Taylor-Wharton Iron 3c Steel Co__ 1466Tennessee Power Co.... ............. 1466Tobacco Products Corp. ................. 168 5fJnlon Bag A Paper Corp............. ..13 40Union Natural Cos Corp_________1576Union Oil Co. of Cal. (3 mos ) _____1583Union Tank Line Co............ 1583United Alloy Steel Corp__________1459U. S. Cast Iron Pipe 3c Foundry Co. 1339U. S. Envelope Co______________ 1687U. S. Gypsum C o .......... ................ 1583U. S. Smelt., Refining 3c Min. Co...l371U. S. Steel Corp_________ 1337U. S. Worsted Co______________ 1341Utah Consol. Mining Co_________1692Western Un. Tel. Co. 1337, (3 mos.) 1533Western United Gas 3c El. Co_____ 1699Weyman-Bruton Co_______ .1686White Motor Co., Cleveland...........1458Wlllys-Ovorland Co......................... 1456

Reading Company.(20th Annual Report— For Fiscal Year ending Dec. 31 1917.)

Presidont Edward T . Stotcsbury says in substance:Accumulated Surplus.— Tho accumulated surplus o f tho com pany on

Dec. 31 1916 was 828,159,406, while on Dec. 31 1917 it stood at $30,749,066, after paying during the 18 months ending Dec. 31 1917 4% p. a. In dividends on 1st prof, and 2d prof, stock, calling for 84,200,000; 8% p. a. on tho common stock, or $8,400,000; Gen’l M tgo. sinking fund, $486,589, and miscellaneous adjustments (Or.), $74,400.

Sinking Fund.— Prior to tho payment on Jan. 11 o f tho dividend o f 1 % upon tho 2d prof, stock, Reading Company paid to tho trustee o f tho General Mortgage $486,589, being the amount rociuired for tho sinking fund, which represented 5 cts. per ton on all anthracite coal mined during the calendar year 1916 from lands owned and controlled by the P. Ac R . Coal 3c Tron Co. and pledged under tho General M ortgage. This sum o f $486,- 589 was also paid out o f surplus earnings and was applied by tho trustee to tho purchase o f $506,000 General Mortgago bonds hereinafter referred to.

Equipment.— On Jan. 1 1917 Reading Company executed a lease o f the following additional equipment required by tho Phil. & Read. R y. Co.;2,000 steel hopper coal cars; 2,000 stcol undorframo cars (1,000 box, 1,000 gondolas); 40 steel passenger coaches; 10 steel combination coaches, and 55 locomotives.

This lease was assigned to tho Penn. Co. for Ins. on Lives 3c Granting Annuities, trustee, and the trustee thereupon arranged to executo a proposed issue o f $9,000,000 4H % equipment trust certificates, to be known as Series “ G ,” maturing serially from July 1 1917 to Jan. 1 1927, Inel., at rate o f $450,000 semi-annually. Only $450,000 of these $9,000,000 certificates were Issued during tho year 1917, and they matured and were paid July 1 1917. The balanco o f $8,550,000 certificates remain In tho hands o f tho trusteo unissued, as only a small portion o f tho equipment in Series “ G ” had been delivered by tho builders, as hereinafter stated.

Owing to tho conditions caused by the war, great delays have occurred in tho delivery o f this equipment. On Dec. 31 1917 only the following equipment included in equipment trust Series “ G ” had been delivered by the builders; 2,000 steel hopper coal cars and 5 Pacific typo locomotives.

Equity Proceedings by the IJ. S. Govt.— This case, referred to in tho annual report for 1916, was argued in tho Supremo Court o f tho United States on Oct. 10 and 11 1916, on appeal from tho lower Court. Upon direction of tho Supreme Court, tho ease was rearguod therein on N ov. 16 1917, but no decision has been handed down by tho Court.

General Mortgage Ronds.— Tho amount o f theso bonds owned by Reading Company on Dec. 31 1917 was $4,004,000, as compared with 84,418,000 on Juno 30 1916, the reduction of $444,000 being due to (a); Received account ground rents on real estate paid and extinguished, $2,000, and account 10-year sinking fund bonds of 1892-1932, paid and canceled, $60,000; (6) sold to sinking fund, $506,000. Tho amount o f General Mortgago bonds outstanding Dec. 31 1917 was $97,721,000, as compared with $93,165,000 on Juno 30 1916; $506,000 bonds woro purchased and canceled during the 18 months for tho sinking fund, makig a total o f $8,361,000 so purchased and canceled to Dec. 3l 1917.

Reading Iron Company.— Tho balanco sheet o f the Reading Iron Co. as o f Dec. 31 1917 shows assets o f tho valuo o f $23,243,665. The outstand

ing mortgage obligations o f that company amount to $198,500, whilo tho current liabilities amount to $862,250.

READING C O M PA N Y INCOM E ACCOUNT.— Years end. Dec. 31—• — Years end. June 30—

Receipts— 1917. 1916. 1916. 19t5.Int. and div. re c e ip ts . ..$12.418,996 $11,928,228 $12,253,466 $11,441,312Rent o f equipment_____ 3,096,352 2,903,052 2,830,364 2,833,098Rent o f Delawaro River

wharves & oth. prop . 298,892 347,978 343,773 312,670Total Income_________ $15,814,240 $15,179,25S $15,427,604 $14,587,080Expenses— Contingent 118,072 102,106 92,720 104,297

____$15,696,168 $15,077,152 $15,334,884 $14,482,783Net Income. .Interest on:

Funded debt----------------$3,759,930Read. Co. Jor. Cent.

collateral bonds— 920,000W ilm. & Nor. stock

trust ctfs__________ 51,800Real estate bonds____ 79,195

Taxes.................................. 1,105,000

$3,759,930 $3,759,930 $3,759,930920,000

51,80081,946

720,289

920,00051,80087,483

638,458

920,00051,80089,935

600,162

Total deductions____$5,915,925N et incom e____________ S9,780,242

$5,533,965 $5,457,672 $5,421,827$9,543,187 $9,877,212 $9,060,956

RESULTS FOR S IX MONTHS ENDING DEC. 31 1916 A N D 1915.Six M os. to Total Conting. Taxes Interest on Other Ralance,Dec. 31. Receipts. Expenses. Paid. Fund.Dt. Interest. Surplus.1 91 6_______ $8,395,107 S51.208 $416,830 $1,879,965 $525,4.»8 $5,521,6061 9 1 5 _______ 8,643,453 41,822 335,000 1,879,905 531,035 5,855,631READING CO.— PROFIT & LOSS A C C T — 18 MOS. TO DEC. 31 1917.Bal.. surplus, to July 1 1916.S2S,469,406 Income (or 18 mos. ended

Doc. 31 1917...................... 15,301,849T o ta l.................................. S43.761,255

1st pre(. div., 4% per ann__ $1,080,0002d prel. dlv., 4% prann___ 2,520,000

Deductions (Concl.).—Common dlvs. 8% per ann.. $8,400,000 General mtge. sinking fund.. 4S0.589 Miscellaneous adjustments.. Cr.74,400

Surplus Dec. 31 1917, asper bal. sheet below___ $30,749,060

COMBINED RESULTS— 18 AfOS. TO DEC. 31 1917 A N D JUNE 30 YRS.(Incl. Reading C o., Pliila. & Reading R y. and I’hila. & Reading Coal &

Iron Co.)18 Mos. to -------------Years ending June 30-------------

Dec. 31 '17. 1916. 1915. 1914.Railway C o.— Recelpts.$97,792,Oi l $57,298,393 $46,714,821 $49,293,103 Expenses (incl. invest’ !

In physical property). 69,009,392 34,385,319 32,287,078 35,393,707N ot earnings________ .$28,783,222 $22,913,074 $14,427,743 $13,899,396

Other incomo_________ . 1,297,047 431,352 510,124 1,163,794Total net incom e___ _$30,0S0,269 $23,344,426 $14,937,867 $15,063,190

Goal & Iron C o.-Iiects -$73,031,165 $36,603,759 $30,086,512 $32,703,982Expenses______________ - 64,454,059 35,163,065 29,889,570 31,855,615

Net earnings-------------. $8,577,006 $1,440,694. $196,942 $848,367Reading C o.— Net Inc. . 13.58S.922 9,055,349 ■' 9,276,867 4,482,778

Net earns., all c o s . . . $52,246,197 $33,840,469 $24,411,676 $24,334,335 Fixed charges, taxes and

sinking fund________ $29,168,441 $16,814,001 $15,680,377 $15,890,704First pref. d iv s ........ .. (6% ) 1,680,000 (4) 1,120,000 (4)1,120,000 (4) 1,120,000Second pref. d ivs____(6% )2,520,000 (4)1,680,000 (4) 1,680,000 (4)1,680,000Common divs______ (12% )S ,400,000 (8)5,600,000 (8)5,600,000 (8)5,600,000

Surplus (all co s .)____S10.477.756 $8,626,468 $331,299 $43,631For separate results o f operating tho Phila. & Reading R y. Co. and tho

P. & R . Coal & Iron C o., see separato reports bolow.BALANCE SHEET.

Dec. 31’ 17. Jitne 30’ 16.Assets— 3 3

Loco. eng. & cars.44,090,498 39,781,038 Sea tugs, barges,&c.3,634,025 3,701,438Real estate......... 10,893,121 10,893,903Leased cquipm’t-.n ,010,t01 10,109,491 Uncompl’d equip. 927,008 130,145Mtges. A gr’d rents 232,312 42,312Bds. of P. & It.Ry.20,000,000 20,000,000

do of other cos.21,979,338 24,100,0 !0 Stks.of >V&R.Ry.42,481,700 42,481,700 Stks. of P. & R.

Coal A Iron Co. 8,000,000 S,000,000 Other stks. (book

value)...............53,395,701 53,388,193Further Invest. In

P.AR.C.AI.Co.71,122,940Sundry Bits., &c. 6,378,707Cash_____________ 3,884,422Notes receivable.. 137,500Central Tr. Co. of

N. Y., trustee.. 952,927 Accrued incomo.- 095,003 Current business.. 411,507P. A R. Ry. cur

rent assets___ _ 703,219

71,003,1355,921,1365,238,923

138,37515,010

398,11338,027

730,174

T otal.............. 310,531,093 303075,708

Dec. 31T7. June 30T6-Liabilities— $ S

1st pref. stock___ 28,000,000 28,000,0002d pref. stock___ 42,000,000 42,000,000Common stock.. 70,000,000 70,000,000 Gen’l mtgo. loan.a97,721,000 98,165,000 Mtges. A gr’d rents 808,809 1,018,809Del. Rlv. Tor. bds. 500,000 500,000

do extons. bds. 531,000 534,000Wilm. * No. RR.

stock tr. c t fs ... 1,295,000 1,295,000Reading Co.-Jer.

Cent .coll. bonds23,000,000 23,000,000 Rlt. equip, tr. ctfs.:

"E” ______ ________ ____ 500,000■ V " __________ 1,400,000 ...........

Mtge., new loco.,A c _____ _______ 1,200,000 1,200,000

Contingent acc’t .b l ,421,001 b l ,428,878 Current business. 43,255 31,881Accr’d int., taxes,

Ac., (est.)____ 3,201,528 3,310,510Sink, fund general

mortgage loan.. 133 932Aco’t new equip.

to be purchased- 5,134 5,322Unadjust, bal. for

new equip, pur. 8,529,10 1 3,025,970Profit and loss (seo

above) _______30,749,060 28,459,400T otal.............. 310,531,093 303075,708

a After deducting Dec. 31 1017 $8,361,000 General Mortgago bonds purchased and canceled for sinking fund, b Contingent account for unadjusted matters in connection with foreclosure salo, &c.— V. 105, p. 1675,500.

Philadelphia & Reading Railway Co.(20th Annual Report— 18 Months ended Dec. 31 1917.) This subsidiary of tho Reading Company (which see

above) reports by its President, Agnew T . Dice, in substance:Results.— The increase for tho year in tonnage, passengers and revenues

were as follow.",: (a) Tho tonnago o f rovenuo anthracito Increased 2 ,1 18,557 tons, or 17.11%, and o f rovenuo bituminous coal increased 1,369,012, or 7 .30% ; coal rovenuo increased $3,001,280, or 12.04% . (6) Tonnago ofmerchandise carried increased 739,612, or 2 .33% , and the rovenuo thoro- from increased $1,850,799, or 7 .42% . (c) The number o f rovenuo passengers carried increased 1,561,879, or 6 .33% , and tho rovenuo therefrom increased $658,448, or 9 .19% .

Additions and Betterments.— W o oxponded for additions and betterments during the fiscal year ended Dec. 31 1917 tho sum o f 83.809,937 (of which $3,785,381 was charged to incomo), as compared with $1,399,495 during tho previous fiscal year, an Increase o f $2,410,442. Tho principal accounts were: Land for transportation purposes, $286,916; grading, $554,088; bridges, trestles and culverts, $925,926; ties, $90,176; rails, $273,156; other track material, $194,362; track-laying and surfacing, $195,731; crossings and signs, $151,703; station and office buildings, $172,715; shops and engine houses, $460,531.

Work has also been started on tho reconstruction o f tho Columbia Hridgo across tho Schuylkill River, Philadelphia, whereby tho present two-track metal bridge will bo replaced by a four-track concreto arch structure. Tho bridges aver tho Susquehanna River at Milton and Sunlniry, referred to in the previous report, nave been completed and put in operation. Tho bridge at Milton was opened to traffic Sopt. 3 1916 and that at Sunbury on Feb. 12 1917.

Funded Debt.— Tho funded debt upon tho property o f tho railway com pany was Increased during tho past 18 months $10,000, as follows: Railway Company subway bonds issued, $345,000; lass C ity o f Philadelphia


Ape. 27 1918.] THE CHRONICLE 1787Subway M ortgage bonds canceled, $300,000; Im pt. M tge. Extended 4s o f 1873-1897-1917 canceled, 835,000. All o f tho Subway M ortgage bonds Issued by the Philadelphia & Reading R y. C o. to Dec. 31 1917, aggregating $2,437,000, are in its treasury.

GENERAL STATISTICS.— Years end. Dec. 31---------Years end. June 30—

1917. 1,127

1916. 1.127Miles operated

Equipment—•Locom otives___________ 1,006 991Pass, equipment cars___ 956 978Freight equipment cars. 41,269 39,867Service cars____________ 633 6 .2Floating equipment____ 131 133

* Operations texcl. of Co.'s Material)— Passengers carried_____ 26,245,714 24,683,835

1916. 1,127

982950

39,738612130

1915.1,120

984977

39,428600136

23,435,884 23,709,536Pass, carried one m ile ..408,945,618 377,450,058 356,905,777 360,467,810 Rato per pass, per m ile. 1.913 cts. 1.898 cts. 1.903 cts. 1.783 cts. Coal (anth.) carried .tons 16,239,859 13,867,075 12,977,152 11,694,977 Coal (bit.) carriod, tons. 22,549,852 21,016,559 21,307,225 17,552 641Coal car'd 1 mile, tons x 7,398,550 6.786,189 6,541,632 5,207,714M dse, carried, tons____ 32,548,033 31,808,421 29,750,421 21,881,371Rate per ton per miio— 0.72 cts. 0.71 cts. 0.70 cts. 0.70fcts.

x 000s omitted. * Based on 2,000 lbs. to the ton.INCOME ACCOUNT.

— Years end. Dec. 31---------Years end. June 30—1917. 1916. 1916. 1915.

C oal.................................... $27,957,122 $24,952,842 $24,287,611 $20,985 987MnivlintirUsn 26.797.957 24.94.7.1 68 93 904 9 17,027,464Merchandise___________ 26,797,957Passenger______________ 7,822,326Miscellaneous................... 2,355.019Incidental_____ ________ 1,669,154M a ils_____________ 229,820

24,947,1587,163,8771,971,4401,279,652

137,900

23,294,2566,793,6061,753,2671,031,757

137,896

6,425,6341,409,046

727,714138,976

Total earnings______ $66,831,398 $60,452,869 $57,298,393 $46 714 821Operating Expenses—

M alnt. o f way, & c_____ $4,295,826M alnt. o f equipment___ 12,323,201Transportation expenses 28,245,557Traffic oxponses________ 583,517General expenses______ 1,101,025Miscellaneous opera’n s. 177,987 Transporta’n for invest- Cr.28,430

$4,003,096 8,714,902

20,432,647 574,908

1,025,604 152,649

Cr.24,346

$4,019,699 8,829,256

18,898,268 574,003 938,051 152,901

Cr. 22,519

$4,651,0738.370,290

16,543,519546,794869,428160,049

Cr.15,766Total oxponses.............$46,699,283 $34,879,459 $33,389,659 $31,125,387

Net earnings_____ ______$20,132,115 $25,573,410 $23,908,734 $15 589 434Taxos.................................. 2,036,568 1,729,465 1,402,177 1 166 688U n collectib les ................. 3,746 6,709 6,858 5,898

Operating income____Other incom e____

$18,091,802 850,672

$23,837,236 $22,499,699 859,718 431,352 $14,416,848

510,124T o ta l ............................. $18,942,474 $24,696,954 $22,931,051 $14,926 972Deduct—■

Hire o f equipment_____Rentals or leased lin es..Terminal trackage--------Rent o f equipment_____Inb. on funded debt------Other rents, int., &c—Appropriated for Invest.

in physical property .. 3,785,381 1,399,495 995,660 1,161 691

$3,322,2073,299,4311,463* 103 1,967,752

389,331

$3,055,3143,293,2791.385*0331,974,315

332,098

$846,0452,860,623

425,0002,830,3641,939,980

365,025

(a)2,852,190

425,0002.833,0991,939,980

347,853

Total deductions------$14,227,206 $11,439,534 $10,262,697 $9,559,813N ot incom o------ ---------- $4,715,268 $13,257,420 $12,668,354 $5,367 159

a Hiro o f equipment in 1914-15 is included in "other incom e.”EARNINOS FOR 6 MONTHS ENDING DEC. 31 1916 AN D 1915.

6 Mo.to Gross Net (after Other Interest, For Invest, BalanceDec.31. Earnings. faxes.) Income. Rents, &c.inPlws.Prop. Surnlus.1916 ..830 ,96.,216 $12,287,411 $440,375 $5,109,171 $787,972 $6,836 642 1915-. 27.815,425 10.960,674 326,980 4,661,940 384,137 6,247,577PROFIT AN D LOSS ACCOUNT— 18 MONTHS END. DEC. 31 1917.Balance July 1 191.5. .......... S14.867.839Netino. IS mos. to Dec. 31 '17 11,551,911 Unrcfundablo overcharges 55,355Donations, &c. 34,818

Total ........................ ......... $20,509,923

Dividend fromsurp. (25%)..$10,020,425Property abandoned.............. 171,355Surplus for invest, in physi

cal property, &e_______ . 28 140Surplus Dee. 31 1917........ $15,690,003

BALANCE SHEET DEC. 31 1917 A N D JUNE 30 1916.Dec. 31’17. June 30’16.

Assets— S $Road and equlp.U4,843,117 112783,474 Impts. on leased

railway property 3,722,598 1,180,904 Misc. phys. prop. 1,458,038 1,110,099 Invest, in af ill .cos.:

Stocks .............. 237,240 163,540Advances--------- 1,354,419 836,572

Othor investments 562,001Cash................. 3,580,052 4,346,130Loans & bills rec’io 16,789 17,093Traffic, &o., bals. 3,207,376 3,761,091 Agents & conduc'rs 5,300,870 4,201,976 Mat’ls & supplies. 7,071,582 3,776,499 Rents receivable.. 21,236 17,357Insur. fund (cash

& securities)... 1.036,419 1.037,333Deferred assets__ 67,985 85,097Unadjusted debits 712,410 495,664Secur. Issued or as

sum'd, unpledg’d 2,437,000 2,092,000

Dec. 31Liabilities— §

Capital stock___ 42,481Prior mtge. loan.. 2,696 Pureli. money M .20,000 Improv. M. loan. 9,328 Debenture loan.. . 8,500 Consol. M. loans. 5,767 Subway M. loan. 2,437 Other fund. debt. 744 Non-negot. debt to

affiliated cos . . 438Traffic, &c., bals. 3,463 Acc’ts and wages. 6,503 Matured interest. 8 , Accrued Interest . 204,Accrued rents___ 6 toTax liability........ 2,024Insurance fun d... 1,012 UnadJ., &c.,acc’ts 1,763 Add’ns to prop’ty

thro, incom e..*21,968 Profit and 1os3...15,690

'17. June 30'16. S

,700 42,481,700 ,000 2,696,000 ,000 20,000,000 ,000 9,363,000,000 8,500,000 ,252 5,767,252000 2,092,000 869 1,044,869,750 ,507 3 ,284 4,810 ,734 ,199 ,989 1,051 1,694,948*17 ,003 14

402,684,170,941,302,100

8,185205,052745,623

,292,141,003,780599,620,371,033,867,839

T otal.............. 145,079,789 135913,830 Total .............. 145,679,789 135913,830* Additions to property through Income since Juno 30 1907 and charged

as an asset.See annual report o f Reading Company above.— V . 106, p . 1462.

P h i l a d e l p h i a & R e a d i n g C o a l & I r o n C o .

(Report for Fiscal Year ending Dec. 31 1917.)This subsidiary of tho Reading Company (which see above)

reports, by its President, W . J. Richards, April 17, in subst.:Output.— Tho total production o f anthraclto coal from tho lands owned

leased and controlled by tho Philadelphia & Reading Coal & Iron C o for tho year 1917 was 12,818,706 tons, against 11,241,224 tons mined during tho previous year. During the year the company mined 11,517,904 tons and sold 11,729,672 tons, against 10,006,688 tons mined and 11,135,267 tons sold tho previous year.

Debt.— The funded debt has been reduced by tho following payment: Philadelphia & Reading Collateral Sinking Fund Loan, $30,000.

Wages.— Tw o agreements wero entered Into by reason o f tho conditions that arose as a result o f tho war, one under date o f April 25 1917, which was amendod by another dated N ov. 17 1917, covering an Increase in tho wago compensation to employees in tho anthracite region, both o f which are supplemental to the agreement o f M ay 5 1916, and to remain in effect during tho period o f tho war, or until March 31 1920 In caso tho war Ls not terminated beforo that date.

Reserve Funds.— An appropriation o f 5 cents per ton on ail coal mined by tho company and tenants from lands owned b y tho company beginning with Jan. 1 1917, was made to tho depletion o f coal lands fund.

Tho appropriation to contingent fund is to provide for fire losses on eurfaco or in tho underground operations not covered by insurance; to provide against accidents o f unusual character and expenses at any o f tho operations; to provide for future claims growing out or tho operations o f the curront and successive years.

INCOME ACCOUNT.----- Years end. Dec. 31-----

m , , 1917. 1916.Tonnage (anthracite)—

M in e d ....... ................... 11,517,904 10,006,688Purchased___________ N ot stated. N ot stated.S o l d . . . ................. 11,729,672 11,135,266On h a n d ................. 197,910 407,374Earnings—

A n th ra ticecoa l..............$48,054,942 $40,673,463Bituminous c o a l . . .......... 1,092,962 1,423,277Coal rents and m iscell.. 749,004 604,321

-Years end. June 30—1916.

9,399,7228,153

10,152,0821,057,020

1915.8,161,836

115,4788,083,4871,785,768

$34,869,157 $28,476,167 1,156,498 1,028,020

578,104 582,325T o ta l________________ $49Expenses—

Fixed chgs., taxes & in t. $1,151,334 Mining coal and repairs. 27,851,557Coal purchased (anth .). _________Coal purchased (bitum.) 982,206 Royalty leased collieries. 823,090 Transp’n o f coal by rail. 5,935,060

do do by water___ 882,701Colliery, &c., improv’ts. 1,505,507Judgm’t paid Bellas est. _________Coal sold from stock___ 492,272W ork. com p, fund appr. 523,072Taxes................. 735,973All other expenses, & c._ 2,123,418Coal added to stock____ _________Depl. o f coal lands fund. 451,339 Contingent fund________ 1,002,745

.896,908 $42,701,061 $36,603,759 $30,086,512$207,308

22,384,9731,265', 105

625,042 5,818,808

978,201 867,665 362,497

3,934,952 474,254 780,360

1,789,300

718,806

$160,64620,839,430

18,0991,062,962

557,1885,799,5661,067,853

709,345362,497

1,704,245233,833741,105

2,066,941

$136,37019,214,158

210,350964,386499,399

5,509,8931,076,081

682.068

628,976 1,718,009

Cr.613,750

Total expenses........... $44,460,275 $40,237,271 $35,323,711 $30,025,940N et Incomo.................. .. $5,436,633 $2,463,790 $1,280,048 $60,572

RESULTS FOR S IX MONTHS ENDING DEC. 31 1916.Six Months to Gross Net FixedChges. Other Balance•.D e c . 31— Receipts. Earnings. Int.&Tax. Deduc’ns. Surplus.1916.......................$23,134,257 $1,999,559 $94,662 $10,520 $1,894,377

BALANCE SHEET.Dec.ZVn. June 30 ’16.

Assets— S sCoal lands........... 46,619,959 47,400,702Other prop’y, &c. 5,S64,178 5,57:5,490 Improv. A equlp’t

at collieries----- 12,959,221 12,959,224Stocks & bonds &

loans to cos. controlled ............... 9,889,021

Cash........ ................8,03S,S46Coal accounts___ 5,324,452Rent accounts,&c. 50,523Cos. A individuals 1,180.628Coal on hand____ 1,171,158Material & supp.. 8,070,076 Stks.,bds.& mtges. 67,483 Lib. Loanbond3..a3,035,171 Depletion of coal

land fund.......... b468,797Work. comp, fund 662,154 P. A R. Ry. curr’t

account_______ 107,408

9,863,9152,546,7224,053,684

56,36!802,854

4,183,1261,403,018

52,373

Dec. 31 ’ 17 June 30’ 16Liabilities— § . $

Capital stock----- 8,000,000 8,000,000Reading C o---------71,122,053 71.603,135P. & R. collateral

sink, fund loan. 960,000 990,000Payrolls A vouch. 1,983,784 1,223,675 Due for coal purch. 53,658 966

30,315.585,915

12,240

Due for royalty oncoal mined____

Freight & tolls due foreign roads.. .

Cos. A individualsMiscellaneous___Acer. Int. & taxes. 1,091,791 Contingent fund . 1,721,551 Work. comp, fund 662,154 Port Read .RR.Co. 106,805 P. & R. Ry. curr’t

account...............................Profit and loss___ 11,986,307

192,507 104,11528,994

746,89022,698

600,209

929,4954,655,297

T otal--------------98,509,081 88,905,474 T ota l_________ 98,509,081 88,905,474a Includes $320,000 First Liberty Loan bonds, $2,010,112 Second Liberty

Loan bonds and $705,059 Second Liberty Loan bonds, held for sale to employees, $847,000, less payments on account.

b Includes cash, $190,565, and securities, $278,233.See "Annual Report" o f Reading C o. above.— V. 102, p . 1991.

W e s t e r n P a c i f i c R a i l r o a d C o m p a n y .

(Report for Fiscal Year ending Dec. 31 1917.)This operating company, controlled by the Western

Pacific Railroad Corporation, has issued its second annual report, which will bo cited at length in another issuo of t h e

“ Chronicle.” The income account compares as follows: RESULTS FOR CALENDAR YEARS.

1917. 1916.Total income........ §4,043,905 $3,181,389Deduct—Hire of

equipment____ $550,422Rentals of leased

property_____ 90,431Int. on fund, debt 858,447 Amort, of disc.,&c. 68,343Miscellaneous___ 32,993Preferred divs. (6 %) 1,650,000

Cal. Years— 1917. 1916.Oper. revenues.. .$9,898,453 $8,270,262Oper. expenses.. . 6,190,055 4,950,622Taxe3, &e______ . 492,493 377,051

Oper. income..-$3,215,936 $2,942,589Add—Hire of equip 385,740 53,644Income from un

funded securities 384,300 144,758Other Income___ . 57,929 39,398

Total income....$4,013,905 $3,181,389

$386,68490,135

246,81317,684

159

Balance, surp._ S793.269 §2,439,914 Tho balance sheet o f Dec. 31 1917 shows outstanding current liabilities

o f only $2,718,526 and first mtge. bonds (issued chiefly for extensions, additions, betterments, & c., still in progress, as per plan in V . 102, p. 155, 160), $20,000,000, contrasting with current assets o f $16,359,225, Including cash, $563,580, and demand loans and deposits, $12,417,888. &c

See Western Pacific R R . Corp. under “ General Investment News” below.— V . 10G, p. 1579, 1345.

T h e C e n t r a l R a i l r o a d C o m p a n y o f N e w J e r s e y .

(Report for Fiscal Year ending Dec. 31 1917.)Pros. & Gen. M gr. W m . G . Besler says in substance:Results.— During the year 1917 your com pany handled the greatest ton

nage, and received tho largest gross revenue in its history. There were transported 11,010,273 net tons o f anthracite, ail increase o f 1,411,322 tons over the preceding year; also 7,542,625 net tons o f bituminous coal, an increase o f 926,021 tons, for all this the com pany furnished its full quota o f empty cars. The average revenue tonnago per train mile was 604.1 tons, an increase o f 44 tons, and tho average distance each ton was carried was 68.46 miles, a decrease o f 1.68 miles.

Included in tho operating expenses are the following expenditures: Employees’ Compensation Laws, N . J. and Pa., $63,953; Federal valuation o f railroads, required by law, $87,525; full crew laws, $135,404.

Additions and Betterments.— The following expenditures were made for additions and betterments during the year: (1) Charged to capital, sums aggregating $1,031,229, notably land transferred from American D ock Improvement C o., Jersey C ity, $1,000,000.

(2) Charged to profit and loss, $3,950,971, chiefly land for transportation purposes, $207,191; Now piers and extension o f piers, $430,818; now terminal, Broad St., Newark. §441,539; rolling equipment (new), $1,588,178. floating equipment (new), 3404,826.

Funded Debt.— The total funded debt D ec. 31 was $47,791,000 (including $1,167,000 Gen. M tge. 5s and $2,700,000 equipment 4J^s in the treasury) as against $48,201,000 at the close o f the prior year, a decrease o f $410,000. duo to payment at maturity o f equipment bonds Series F and C .

Of tho $50,000,000 Gen. M tge. 5% Bonds, $15,091,000 have been issued, o f which $1,167,000 are held in the treasury, leaving unissued $4,909,000.

Balance Sheet .-—The I.-S . C . Commission requires that the cost o f additions and betterments to owned and leased property used for railroad purposes and charged to income or profit and loss shall be stated as a property assot on the balance sheet, and the amount so charged on account o f owned property is $32,854,912, and on account o f leased property $6,231,955, aggregating $39,086,867, which amount is shown as a separate item on the credit side o f the balance sheet in order to offset an apparent increase In capitalized property.

Merger.— On Oct. 16 1917 the P. U. Commission o f New Jersey approved the agreement o f merger by which 23 subsidiary companies are merged into and absorbed by your com pany (notably New Jersey Southern R y. and New Jersey Terminal R R . Seo list in V. 105, p . 1707, to



W hich add also Midland Valley KK. Co.) The Central Railroad o f Now Jersey, in consideration for the transfer to It o f their proproty, rights and franchises, canceled the capital stock, bonds and all charges against those subsidiary companies and in place thereof set up on its books corresponding values to represent tho physical property consisting o f railroad linos and tangible property so acquired. . . , , ,

Maintenance.— During the year 213,101 new ties were laid; 561 cubic yards o f rock ballast wero placed in track; 73.70 miles o f track were relaid with steel rails of 90, 100 and 135-lb. sections; 4.56 miles o f track wero relaid with second-hand rails, chiefly o f 70, 80. 85 and 90-lb. sections.

TRAFFIC STATISTICS FOR CALENDAR YEARS.

Milos o f road operated______________Equipment—■

L ocom otives________________________Cars in freight servico______________Cars in passenger serv ico___________Cars in com pany’s sorv ice__________

Traffic, Ac.— 1017. 1016.Pass, carried... 28,328,777 26,740,011 Pass. carr. 1 m.432,711,567 412,438,328 Average rev. per

pass, per mile. 1.535 cts. 1.482 cts.

1917. 1916. 1915.684 684 N ot stated

*539 529 52726,763 26,988 23,844

787 768 746759 719 653

1917. 1910.Rcv.frt.carried. 41,159,484 38,100,975Rev.frt.carr.Im.2817595429 2670035,601Av.rev.p.t.p.m. 0.902 cts. 0.951 cts.Rev.p.m.of road $54,230 $50,270

* Includes seven locomotives leased from U. S. Government.INCOME ACCOUNT FOR CALENDAR YEARS.

Operating Revenue— 1917.M erch a n d ise ...................... ................... $15,528,456 $14,976,792 $12

1915..671,906.669,884,635.635,567.820528,016330.934642.611522,099

Bituminous coal_____________________ 2,378,731 1,953,813Anthracite coal_______________________ 9,195,132 8,511.500Passenger_____________________________ 6,663,309 6,134,814Express and mail_____________________ 885.862 726,169W ater line__________________ - _______ 298.498 341,811In cid en ta l____________________________ 1,404,073 1,143,037M iscellaneous________________________ 742,678 584,412

T o t a l . . ....................... $37,096,739 $34,372,348 $30,568,905Maintenance EoFway! &c...........................$3,109,101 $2,844,575 $2,595,222Maintenance o f equipment___________ 6,686,133 5,630,528 5 668,404Transportation expenses_____________ 15,240,891 12,356.485 10,440,9o8Traffic expenses_____________________ 369,757 358,927 361,528General expenses_____________________ 801,547 791,362 642,273Miscellaneous operations, &c________ 205.425 174.769 145,896

Total........................................................$26,412,853 $22,156,647 $19,854,282Net revonuo__________________________ $10,683,887 $12,215,701 $10,714,623Taxes, &c_________ 2,392,646 1,830,676 1,586,047

Operating income______Rents, &c., received______Dividend income__________

.................. $8,291,241 $10,385,024 $9,128,576________ 1,405.545 1,235,960 1,002.763................b 2 ,958,935 a202.448 a744,576

Gross corporate Income____________ $12,655,721 $11,823,432 $10,875,915Interest on bonds................................. ..$ 2 ,2 7 5 ,0 9 7 $2,225,092 $2,202,311M iscellaneous________________________ 257,366 249,350 249,350Rentals................................................... 3,205.362 3,308,456 3,103,100Miscellaneous taxes__________________ 141,822 142,639 113,591Dividends............................................ (14%)3.841.152 (12)3,292,416 (12)3,292.416

Total deductions..................................$9,720,800 $9,217,954 $8,960,769Balance, surplus_____________________$2,934,921 a$2,605,478 a$l,915,146

a Does not include Lehigh & Wilkes-Barro Coal C o. dividends (1) for 1916— j une and Dec. 1916 declared, but not yet received, amounting to $1,103,655; (2) for 1915— the Dec. 1915 dividend, $551,827; and (3) for tho year ending June 30 1916— tho D ec. 1915 and Juno 1916 dividends,h V In c lu d e s L. & W .-B . Coal C o. dividends o f D ec. 1915, Juno and Dec. 1916 and Juno 1917. ■

BALANCE SHEET DECEMBER 3 1 .'’1917.

Assets— 3Road A equlp’t . 104,242,784 Impr. leased rys. 6,280,634 Inv. in affll. cos.—

Stocks______ 8,860,076B onds.......... 1,684,000Advances___ 2,503,262

Other investm’ts 4,818,903 Mlsc.phys.prop. 3,243,858 Sccur.unpledged 3,867,000 Mater. A supp. 4,717,925C ash............... 1,724,375Special deposits. 933,276Agents, A c ___ 2,989,447Traffic, &c.,bal. 1,652,503 Misc. accounts. 3,103,437 Loans A hills reo 17,031 Ins., Ac., funds. 228,970 Other unadjus

ted accounts.

1916.S

89,642,9742.25S.407

14,204.9351.934.000 5,155,241 4,846,486 3,267,7444.277.000 2,872,805 2,155,239

6,5422,188,0141,215,1363,391,925

13,653218,632

1,749,238 3,097,775

1917.S

27,436,80045,091,0002,700,0001,000,000

Liabilities—Capital stock . .Mtge. bonds Equip, obllgat’s Loans&bllls pay.Interest, divs.,

&c., due____ 1,490,999Acc’ts & wages. 4,949,343 Traffic, Ac.,bal. 1,133,118 Misc. accounts. 464,787 Interest, divs.,

Ac., accrued. 9,942 Unmatured divs.

declared____ 548,736Taxes................. 2,761,365Deferred acc’ts. 263,356 Unadj. accounts 647,501 Approp. surplus

special_____ x39,036,867Accr’d doprcc’n. 13,073,727 Profit and loss.yll,959,185

1910.8

27,436,80045,091,0003.110.0001.600.0001,309,8223,305,493

243,078172,04220,133

2,031,271254,010

3,092,71129,057,247 11,870,952 11,540,991

T otal.............152,610,729 140,746,557 T otal............. 152,616,729 140,716.557x Tncludos In 1917 additions to property through incomo and surplus:

(1) Investment in road and equipment, $32,854,912, and (2) improvement on leased property. $6,231,955. y After adding $1,428,245 miscellaneous Items and deducting additions and botterments, $3,950,971. * Includes$43,924,090 bonds with public and $1,167,000 bonds in company s treasury. — V. 106, p. 497.

B a n g o r & A r o o s t o o k R a i l r o a d .

(24:th Annual Report—Year ended Dec. 31 1917.)Pros. Percy R . Todd, Bangor, M e ., April 4, wrote in subst.:Results.— Freight revenuo increased $165,471, or 5 .30% , and passenger

rovenue increased $181,760, or 26.92% .The ratio o f operating expenses to rail revenue was 68.2% for the year

1917, as compared with 60.78% for 1916. Transportation expenses increased $297,673. or 27.91 % , duo to tho marked advance In the cost of materials and supplies, also increased wages. Tho increased cost o f fuel for train and yard locomotives was $169,000. The cost for tho eight-hour day was $50,000. Maintenance o f equipment increased $140,116, or 23.11% , duo in general to tho heavier repairing o f locomotives and freight cars, the higher cost o f material and supplies, also a material increaso in wages to shopmen. Maintenance o f way and structures shows an increaso of .896,276, or 17.96%, largely due to tho increased cost of removing snow and ice. There was also a substantial increase in wages granted to employees in this department, as well as in cost o f material and supplies.

Tho budget appropriations for the year provided for the laying o f 160,000 tics, 729 tons of rail and the insertion o f 64.440 cubic yards o f ballast. Owing to scarcity o f labor and materials, this program could not bo carried out in Its entirety, and a reserve o f $142,046 has been carried forward in a separate fund to completo tho maintenance provided for in tho budget at the first opportunity. _ ___________ ,

Thero was an accumulated balance on Dec. 31 1917 o f $982,273 credited to reserves for accrued depreciation on all classes o f equipment.

Industrial.— The largo pulp mill at Van Buren was completed and put into operation during tho latter part o f the year. A new hardwood mill at Island Falls is nearly completed and will bo put into operation during the spring o f 1918. The tannery at Island Falls, burned last spring, lias been rebuilt. Shipbuilding yards at Sandy Point and Stockton wero opened during tho year and a number o f vessels are under construction.

Capital Stock and Funded Debt.— During tho year thero has boon created a now issuo o f 7% cumulative prof, stock, preferred as to both assets and dividends, redeemable at 110 and accrued dividends; dividend dates semiannually April l and Oct. 1; authorized issuo $10,000,000, to provido means o f raising capital for futuro requirements by stock rather than by borrowing or by issuo o f bonds.

Preferred stock, 34,800 shares, together with 4,114 shares o f com mon, wero sold for cash at par, and, with the proceeds, tho $2,000,000

Two-Year gold notes due April 1 1918, but called for payment O ct. 1 1917 were paid off, and $2,300,000 par o f tho com pany’s bonds wero purchased at a substantial discount. The effect of theso retirements o f funded debt and notes is to decreaso tho fixed charges by approximately $248,000, an amount greater than the preferred dividend accrual, which is $243,600. Tho funded debt outstanding has been reduced from $25,487,000 to $21,019,000. Tho outstanding stock has been increased from $3,448,600 to an aggregate o f $7,340,000, and tho percentage o f stock to funded debt has been increased from 13.6% to 35% . (See V. 105, p. 1616, 996.)

Tho car trust payments aggregated $65,000, viz.; “ D ” (final paym ent). $45,000; “ E ” , $13,000; “ F ,” $7,000. , .

Substantially all o f tho $106,000 2d M . bonds outstanding liavo been acquired by the company (only $3,000 remained out Dec. 31 1917).

Dividends.— Dividends were paid during the year as follows; (a) On the common stock, 1% Jan. 8, 2% July 2, 2% Oct. 1, making 5% in all; on the pref. stock, on Oct. 1 an initial semi-annual dividend o f AyiVo.

Tho dato o f tho common dividend has been changed from Jan. and July to April and Oct., to accord with tho dato o f the preferred dividend.

[On April 1 1918 the semi-annual dividend on the common stock was increased from 2 to 2 M % .— Ed.J . . . . . . t. ti „ „ „

General.— Your com pany’s earnings on traffic received via tho Van Buren Bridge continue to show a vory gratifying increaso, but it was curtailed to a largo extent during the past year by the shortage of equipment.

The potato crop for 1917, on account o f ad verso weather conditions, was considerably less than usual, resulting in a decreaso of 7,033 cars handled, or 4,308,112 bushels, from the previous year.

Total Bonds Certified, &c.— . , , Treasury.2d M . bonds certified, $1,050,000; deposited as collateral for n

Consol. Ref. M tge., $944,000; outstanding, $3,000- - -■ - . -- $103,000Consol. Ref. M tge. bonds certified, $8,672,000; outstanding,

$6,331,000_______________________________________________________ ,uuirSt. John River Extension M tge. bonds certified, $1,800,000; out

standing, $1,632,000; b a la n ce ......................... - - - - - - - - - 168,000Washburn Extension M tge. bonds certified, $1,650,000; out

standing, $1,612,000; balance_________________________________ 32,000INCOME ACCOUNT FOR CALENDAR YEARS.

1017. 1916.Net earnings____ $1,394,148 $1,574,101Taxes, Ac............ 189,955 102,034

Earnlnos-

Mall, express, Ac. Revenue oth. than

transporta’n __

Over. Expenses- Maint. of way, Ac. Maint. ot equlp’t Traffic expenses. Transporta’n exps General, Ac., exp.

1917. 1910.$3,285,354 $3,119,883

856, S67 075,108153,175 134 23089,165 84,188

$4,384,561 $4,013,408$632,473 $530,197746,290 600,18049,765 40,932

1,364,173 1,006,500197,707 189,498

$2,990,413 $2,439,307. (08.20%) (60.78%)$1,394,148 SI,574,101

Oper. income..$1,204,193 $1,412,007Other Income___ 52,331 00,571Hiro of equlpm’ t - . 365,807 275,940

Gross Income..$1,022,331 $1,748,578 Int. on bonds, Ac.$l,090,177 $1,166,803Other Interest......................... 40.924Disc't on bds., Ac. 24,304 34,759Miscellaneous___ 14,616 • 10,080Common divs..(4%)154,400 (3)103,458 Preferred divs___ 43,160 --------------

Total dcduc’ns.$1,326,723 $1,350,024 Balance, surplus.. $290,007 $392,554

1917. 1910.Assets— S S

Road A equlp’t . . . 29,591,297 29,661,583Stocks in affll. cos 250,000 250,000Cash................. 680,724 405,205Special deposits.. 227,025 262,005I.oans A bills rcc.. 24,007 34,505Traffic, Ac., bal. 105,770 145,501Agents A conduc’s 77,529 40,333Miscellaneous------ 118,936 68,029Materials A supp. 616,649 432,996Disc, on bds., Ac. 400,032Oth. unadj. debits 381,599 100,915Ins. paid in adv.. 3,490 3,722

Total .............. 31,977,039 31,877,248Liabilities—

Common stock__ 3,860,000 3,448,600Prof, stock ------- 3,480.000 __B onds__________ 20,912,000 23,315,000

2,000,000

BALANCE SHEET DEC. 31.

Liabilities (Con.) Equip, trust obllg. Traffic, Ac., bals. Vouchers A wages. Fund d’t matured. Matured int., Ac. Accrued interest..Miscellaneous------Tax liablls. accr’d . Operating reservesDeferred maint__Accrued deprec’n. Prem. on fd. d t .. Othcr unadj. crcd. Adcl’nsto property

through lncomo. Approp. surp. not

specifically inv. Proflt and loss-----

1917.S

107,00049,057

195,94310,000

217,017164,358

67,95743,393

1,105142,016982,273

5,563100,830

1910.$

172,00020,100

123,258296,514194,19220,7277,3395,489

940,318

67*699104,719 161,94901,371

1,352,375 1,102,057

T ota l................ 31,977,039 31,877,248— V . 106, p . 1688, 601.

N a s h v i l l e C h a t t a n o o g a & S t . L o u i s R y .

(67th Report—For Fiscal Year ended Dec. 31 1917.)Pros. John Howe Peyton, Nashville, Apr. 9, wrote in sub.:

Results.— Tho operating revenues exceeded by $1,500,000 tho revenues for tho previous year, though tho earnings for 1916 were greater than ror any other 12 montits’ period in tho history o f tho property. 1 lie net revenue from operations lias been greater than for any previous year except 1916, but fell short o f that year by about $125,000. I ho ratio o f operating expenses to rovenue this yoar was 76.02% , an incroaso o f 3.90% over last year. This high percentage is duo to tho higher costs o f all materials, increases in wages paid the trainmon under tho Adamson Law and necessary increases to clerical forces and other labor duo to increased cost ot living.

Bonds Issued.— The unmatured funded debt outstanding in tho hands or tho public has been increased $854,000, due to tho Issuance and salo or $2,000,000 Fist Consol. M tge. 5% bonds and tho salo o f S4 ,000 securities held last year as an investment; ns against the maturity of SI .lotJ.UUU underlying branch bonds on Jan. 1 1917, as follows: First M tge., 1 racy City Branch 6 % bonds, $100,000; First M tge., Fay. & M cM Inn. I5ranch 6 /o bonds, $750,000; First M tgo., Lebanon Branch 0% bonds $300,000.

The $2,000,000 First M tgo. 5% bonds were issued in lieu o f that amount o f 1st M . 7s which matured and wero paid July 1 1913; their proceeds were used to reimburse the treasury for expenditures heretofore made tor improvements and betterments. Thero wero also issued $.S,2 .UU)UU i irst Consol. M tgo. 5% bonds in lieu o f tho following underlying bonds matured.First M tge. 7% bonds, matured July 1 1 9 1 3 . . . - - - - .................. oaTnnnLobanon Branch 6 % bonds, matured Jan. 1 1917.. . . — 7 -,;= - J^r’nnXFayettovlllo A M cM innv. Branch 6 % bonds, matured Jan. 1 17- 7dj,UUd Tracy City Branch 6 % bonds, matured Jan. 1 1916, $20,000; - oftnnn

matured Jan. 1 1917, $100.000--------------- ------------------------- - 120.000Bonds Purchased.— As forecasted in the report o f last year this company

purchased $400,000 Paducah A Illinois ItR . Co. 40-year SinkingFund gold bonds. These bonds, endorsed Jointly and severally by tms company with tho Chicago Burlington & Quincy R R . C o., aro carried under "other investments.” . , .

Additions and Betterments.— Property investment lias been charged during tho year for expenditures for additions and bottermonts as lollows. Equipment, $172,901: road, $1,203,707. n o?

Extensions.— The extension from Cravons to Alton Park, 2.67 miles, was put in service July 11 1917. , , _ . „ . . ’Ten miles o f the grading on tho Tatesvillo extension from Coalmont to the property o f tho Tennessee Consolidated Coal C o. at tho head of IVUl{ Creek has been completed; however, only 9 miles o f tho track were laid and surfaced. This extension should 1)0 completed 1>.V about M ay^DJls.^. !

Coalcompletedthis spur, t1-----------------------------------------This work should bo completed about Juno 1918. .

Miscellaneous Improvements.— Reduction o f grade and change or line between Eva and Ltpc on the Nashville Division, 8.5 miles, was completed and track put in service in September.

Grading on the reduction o f grade and cliango o f lino between Dechcm an Elk River on the Chattanooga Division, including revision o f tho yard at Dechcrd, has been completed. Track has been laid and is in operation on the low grade lino between Dechcrd and Milo Post 80. Grading for the low grade lino between Elk River, M ilo Post 77.8, and M ilo Pose 76, about 75% complete. Tills work, liowovcr, has been indefinitely postponed. The revision at the yard at Bridgeport was completed. .

The moving o f the Chattanooga shops to a new plant at Cravens yaru will be completed during 1918. Considerable track work and grading is in course o f construction. . . . . . . . ., „ « i verPaducah A Illinois RII.— Tho doublo track bridge across tho Ohio River at Metropolis, III., was put in servico Dec. 14. Thero is yet, however, considerable work to bo done boforo its final completion.


Apr. 27 1918.] THE CHRONICLE 1 7 8 9OPERATIONS AND FISCAL RESULTS.

Miles operated.. Equipment*—

Locom otives____Passenger cars . .Froight cars_____Other cars_____

Operations—

Rate per ass. per m ile. Freight (tons) carried. _ Froight (tons) ono mile. Rato per ton per m ilo .. Gross earnings per inilo Earns, per pass, train m.

-------Calendar Years----------—Years end June 30—1917. 1916. 1916. 1915.

1,236 1,236 1,231 1,231266 266 273 273237 241 239 247

10,484 10,648 10,252 10,108789 757 746 564

3,512,475 3,328,844 3,183,563 3,010,833166,222,322 136,329,667 127.790,054 121,155,298

2.14 cts. 2.11 cts. 2.09 cts. 2.08 cts.6,864,099 6,571,307 6,189,721 5.325,155

1105886.557 1026460,761 966,961.546 795,623,780l . l cts. 1.7 cts. 1.9 cts. 1.19 cts.

$12,288 $10,933 $10,295 $8,886$1.44 $1.20 $1.1 l $1.05$3.05 $2.77 $2.57 $2.02* Also owns three steamors, thrco transfer barges.

INCOME ACCOUNT FORJYEARS ENDING DEC. 31P*Earnings— ( 1917. 1916. 1915.Froight ............ $10,431,355 $9,562,272 $8,065,082Passengers_____________ 3,558,400 2,876,076 2,514,218M ail, oxpross, rents, & c. 1,205,000 1,081,241 960,543------------------- ------------------ ------------------

Total gross earnings..$15,194,755 $13,519,588 $11,539,843 $11,973,872" Expenses—

1914.$8,183,642

2,782,5691.007,661

Maintonanco o f way, &c. $1,564,531 Maintenance o f e q u ip .. 2,884,289Traffic oxponsos_______ 657,684Transportation oxponsos 6,873,940General oxponsos---------- 435,007Outside operations_____ ______Miscoll. operations_____ 139,396T ransports for in v est.. 0 .4 ,8 2 0»

$1,537,2,410,

628,4,610,

449,

257148909859726

$1,482,6562,188,558

565,8234.266.083

398,053125,

0 .1 2832921

108.0910 .2 .1 3 9

$1,661,6542,314,044

526,9324,690,834

380,64357.70254.419

0 .1'■ Total expenses............$11,550,032 $9,749,810 $9,007,125N ot earnings................... $3,644,723 $3,769,778 $2,532,718Hire o f equipment-------- 901,021 565,048 264,215Other in com e............... 300.631 373,267 266,944M isc. operations (rov.)_ 3,777 42,056 44,335.ggTotal Incomo----------------$4,850,152

Disbursements—■Interest............................. $603,315 $582,776Taxes, &c--------------------- 665,026 348,117Rentals, & c . . . ................ 740,567 742,599M isc operations (exp .). 1,927 19,721D iv id en d s -------------- (7 % )* 1 ,120,000(614)1039533

$9,686,228$2,287,645

601,566

$4,750,149 $3,108,212 $2,889,211$533,677)

313,789 $1,566,088729,095

32 323(5)799,’225 (7)1,118,930

Total deductions____$3,130,835Balance, surplus_______ 81,719,317

$2,732,746$2,017,403

$2,408,109$700,103

$2,685,018$204,193

* Appropriated from profit and loss.BALANCE SHEET DEC. 31.

Assets—Road & cquipment39Improvements__ 1Misc. phys. prop. Invest, in affil.cos. 1 Other investments 1Cash.................... lTime drafts, Ac.. Special deposits.. 1 Loans A notes reo. Traffio. Ac., ball. Agents & conduo’sMiscellaneous___Material & suppl’s 2Deferred assets__Unadjust. doblts.

1917.S

,027,949,287,310397,029,101,181.528,305.485,003

50,000,500,000

390334.188373,235843,473

,901,323250,095184,381

1910.S

37,710,345 1,158,312

322,288 804,850 051,199

2,405,905 35,000 1,525 5,588

128,9S9 010,95 4 929,107

2,044,852 219,403 198,521

T ota l............... 51,333,130 47,220,897

Liabilities—•Capital stock___10Prom, on cap. stk. Funded d e b t . ..**12 Loans & notes pay. q'rafflc, Ac., bals. Accts. and wages. 1Miscellaneous___Matured Int., Ac.

do fund, debt. Accrued interest.. Deferred liabilitiesAccrued taxes___Prom, on fund. d t. Unadjust. items.. Accr'd deprecia’n. 4, Add’ns to prop’ty

through Income- Profit and loss__14,

1917.S

,000,000 10 10,480

,805,000*10442,282,873.592172,02840,55727,000

151,35022,081

280,000101,415200,715202,440

1910.S

,000,00010,480

,874,47548,500

282,038,314,408

25,38175,905

,151,000120,32522,081

101,250220,920,790,200

318,875 291,749558,108 12,881,518

T otal................ 51,333,130 47,220,897** Includes $3,239,000 funded debt unmaturod held in treasury.♦D oes not Include $1,150,000 bonds which matured Jan. 1 1917; does

lncludo $23,475 sundry notes payablo, maturing botwoon Jan. 24 1917 and Fob. 24 1919.— V. 106, p. 1689, 1577. .

R u t l a n d ^ R a i l r o a d .

(51 st Annual Report—Year ending Dec. 31 1917.) President Alfred H . Smith says in substance:

New Entrance into Montreal.— Prior to Oct. 1 1917 this com pany’s passenger trains were operated into Montreal from Noyan Junction a distance o f 53 miles under trackago rights over the Quebec Montreal & Southern and Canadian Pacific railways. The Canadian Pacific Railway Co. having presented a now agreement on an entirely new basis involving materially increased expense to tho Rutland R R . C o., a 20-yoar agreement, effective Oct. I 1917. was entered into with tho Grand Trunk Ity. system providing for tho operation o f Rutland R R . through passenger trains to and from Montreal via Rouse's Point, N . Y . Under this agreement all responsibility Is assutnod by, and all rovonucs accrue to, tho Grand Trunk Ity. system beyond Rouse's Point.‘4 Results.— Tho total operating revenues were $4,325,369, tho largest In tho history o f tho company and an increase o f $289,713 over 1916. The operating oxponsos increased $552,532, and tho net rovenue from railway operation was therefore $1,049,646, a decrease of $202,819.. Six-Year Record.— In tho six years from 1912 to 1917. inclusive, tho milo- ago o f road operated by tho Rutland R R. Co. remained practically unchanged until Oct. 1 1917, when it was roduccd 53 miles, as is explained elsewhere in this report. Tho gross rovenue has Increased about one- fifth; tho not incomo has almost doubled; tho train load has grown about ono-thlrd; tho capital stock outstanding has been reduced $10,000 by tho purchaso and cancelation o f 100 shares of common stock; and tho property Investment has increased inoro than $1,000,000, as against a decrease of $417,000 in funded debt, caused by tho payment o f maturing obligations. Tho per cent o f gross rovenue saved for not incom o in 1912 was 8 .1% and In 1917 was 12.6% .

OPERATING, STATISTICS. [n Operations—Miles operated___

Rato per pass, per mllo. Tons rov. froight carried Tons rov. fr’t carr. 1 m j Rato por ton per inilo___

Earnings—

M all, express, & c______Other than transports .

Total oper. rovonuo..Expenses—

Maintenance of way, &c. Maintonanco o f equip’t . Traffic oxpenses_______General, & c.

1917. 1916. 1915. 1914.415 468 468 468

1,531.277 1,543.695 1.518.034 1.710.68552,216.880 53.197,504 48,687.239 53,753,095

2.45 cts. 2.34 cts. 2.41 cts. 2.08 cts.2,931,041 2,627,052 2,128,491 2,295.470

315,099,069 283,748,101 241,915.879 256,741,7340.76 cts. 0.79 cts. 0.80 cts. 0.77 cts.

INCOME ACCOUNT.1917. 1916. 1915. 1914.

$2,388,556 $2,247,977 $1,938,022 $1,980,8051,281,565 1,244,051 1,175,248 1,1 19.475

570,514 474,005 374.833 358,78484,734 69,623 61,488 67,031

$4,325,369 $4,035,656 $3,549,591 $3,526,095$499,895 $425,550 $434,210 $440,994

698,823 680,500 566,037 621,309123.593 117,618 108,174 98,485

1,837,628 1,402,289 1,280,989 1,481,302115,783 97,233 82,701 84,886

Per cent op. exp. to earn N et operating revenue. . Taxes accrued, & c_____

Operating Income____Add— Divs., in t .,& c__

Deduct— iRentals leased lines____Joint facilities, rents, &c,Interest on bonds______Other interest, & c_____Improvements, & c_____Dividends (2 % )________

Total oxponsos............$3,275,722 $2,723,190 $2,472,112 $2,726,976

Total deductions____

1917.. (75.73)

$1,049,647 253.814

1916.(67.48)

$1,312,466207,192

1915.(69.65)

$1,077,479203.290

1914.(77.34)

$799,119206,673

$795,833263,164

$1,105,274229,825

$874,189182,614

$592,446165,702

$1,058,997 $1,335,099 $1,056,803 $758,148$19,000

. 7,476 481,036

3,735 26,764

179,108

$19,00010,100

487,6188,494

166,824179,088

$19,00011,540

494.01136,80839,274

$19,00010,804

499.82424,512

204,008

S717.120$341,877

$871,125$463,974

$600,633$456,170

$758,148None

BALANCE SHEET DEC. 31.1917. 1916. 1917. 1916.Assets— S 3 Liabilities— S $Road and equip’t 22,582,278 22,451,680 Common stock__ 189,400 199,400Inv. in affil. cos.— Preferred stock__ 9,057,600 9,057,600Stocks ______ 548,951 548,951 Bonds (see "Ry. A

Bonds........ . 10 0 ,0 0 0 10 0 ,0 0 0 Ind. Section”). 11,238,000 11,379,000Notes_______ 412,500 410,000 Accounts A wages 320,713 190,712Other lnvest’ts 922 322 Traffic bal. pay.. 95,044 59,589Secur.iss’d or ass’d, Int., Ac., accrued. 121,304 91,637unpledged........ 031,400 632,400 Unmat. divs. decl’d 179,108 179,088Cash_________ 648,123 696,688 Deprec’n (equip.). 918,623 849,587Material A supp_. 881,400 557,714 Mat’d int. A divs. 193,173 193,272Agents A cond’rs 78,409 58,355 Oper. reserves, Ac. 206,050 142,297Sundry coll, accts 292,833 100,551 Approp. surxdus.. 2,194,128 2,167,364Miscellaneous___ 330,539 288,678 Profit and loss___ 1,794,214 1,431,794Total...... ........ 26.507,356 25,941,340 T otal_______ 26,507,356 25,941,340[The N . Y. Central RR and the N. Y. N . II. & H R R . Co. each own

$2,352,050 o f the com pany’s stock.)— Y . 106, p. 709.

U n i t e d L i g h t & R y s . C o . , G r a n d R a p i d s , C h ' c a g o , & c .

(Report for Fiscal Year ending Dec. 31 1917.)The annual report is cited at length on subsequent pages.Tho comparative table of earnings of the company and

its subsidiaries for four years past was published in last week’s “ Clironiclo” on page 1680, showing, unlike a majority of public service corporations under present war conditions, increased earnings both in gross and not.

The company has no financing in view, there being outstanding no bonds or notes maturing prior to 1920. Permission to charge increased rates has been obtained by the subsidiaries in a number of localities and further applications are pending and it is expected will result favorably. CONSOLIDATED BALANCE SHEET DEC. 31 (INCL. SUBSID. COS.)

[For details o f balance sheet in 1917 see a subsequent page.)1917.

S1916.

SAssets—Plant, construe. A

Investment_49,221,951 40,925,140Bond discount be

ing amortized.. ------Liberty bonds___ 122,350Cash........... 1,226.578Bills and accounts

receivable____Stock and bonds of

other companies 53,151M a t e r i a l s and

supplies_ 900,782Prepaid accounts,

Ac______ 49,755Sinking fund____ 447,469

658,4581,169,388

520,975 463,32653,551

55,911257,718

1917.S

1916.$Liabilities—

Capital stock- Un. Lt. A R ys..17,009,500 16,883,400 Controlled cos.,

not owned... 2,997,399 3,196,199 Un. Lt. A Rys.

funded debt___13,977,900 9,951,500Bonds contr’d cos.13,841,028 16,541,862Notes payable___ 746,315 _____Accounts payable- 732,214 552,079Accr.int.,taxes,Ac. 713.969 568,741Accrued dividends. 199,000 195,819Miscellaneous___ 312,157 222,652Deprec., Ac., res. 1,354,866 1,287,771Surplus—sub. cos. 13.511 20,369Surplus............ 645,152 744,854

T otal...............52,543,011 50,165,246 T ota l............... 52,543)011 50.165.246Executive Committee.— Glenn M . Averill, Chairman; C . H. M cNider,

Vice-Chairman; W m. Butterworth, B. J. Denman, Frank T . Hulswit, Joseph F. Porter, Richard Schaddelee, Claude M . Hurd, Secretary.

Executive Officers.— Frank T . Hulswit, President, Chicago, Ills.; Richard Schaddelee 1st Vice-Pres., Grand Rapids. M ich.; Joseph F. Porter, Vice- Pres., Kansas C ity , M o.; Claude M . Hurd, Vice-Pres. & Treas.: T . J. Weber, Vice-Pros.; and L. II. Heinke, Secretary, Grand Rapids. M ich.

Board of Directors.— Glenn M . Averill, Cedar Rapids, Iowa; W m. Butterworth. Moline, 111.; George B. Caldwell, New York, N . Y .;B .J . Denman. Davenport. Ia.; E . Golden Filer, Manistee, M ich.; L. P. Hammond, New York, N . Y .; L. H. Heinke, Grand Rapids. M ich.; Frank T . H ubwit, Chicago, III.; Claude M . Hurd, Grand Rapids. M ich.; C . II. M cNider. Mason C ity. Ia.; Joseph F. Porter. Kansas C ity. M o ; Richard Schaddelee, Grand Rapids, M ich.; Francis E. Smith, Boston, Mass.; T . J. Weber, Grand Rapids, M ich .; J. G . White, New York, N . Y .— V. 106. p. 1680.711.

Washington Water Power Co., Spokane, Wash.(Report for Fiscal Year ending Dec. 31 1917.)

The report, dated at Spokane, Feb. 4 1918, says in subst.:Additions, &c.— Tho principal expenditures in 1917 for extensions and

betterments are; (1) Electric light and power— buildings, fixtures and grounds, $26,566; distribution system and equipment, $397,444; and (2) electric railway system— road and structures. $32,407.

Sinking Fund.— During 1917 there were purchased for the sinking fund $128,000 o f First Refunding M tge. bonds due 1939. making the total so purchased and canceled to date $923,000, and leaving outstanding in the hands o f the public $6,138,000 o f this issue and $3,900,000 in the treasury. There are also outstanding $239,000 collateral trust bonds.

Output.— Tlie total output for the year was 188,311,100 k. w. h ., an increase from 1916 o f 15.65%.

Results.— The gross receipts o f the street railway Increased 15% in 1917. “ One-man” cars are operating on two-thirds o f our total car mileage. Our records show that there lias been a perceptible decrease in accidents occurring on lines over which the “ one-m an" cars are operated.

Tho receipts from the sale o f power to the mining companies, & c., in the Coour d ’Alene region have increased 21% over 1916, due largely to the smelter o f tho Bunker Hill & Sullivan Mining & Concentrating C o., which began operation in July to the advantage o f the other mining companies in that district. A new mining feature in that district is dredging for gold near Murray In the river bod o f the north fork o f tho Coeur d'Alene River The first dredge began to use our power in December 1917. In order to handle the present and prospective increase o f our power load in the mining district, and to improve tho quality o f our service, wo are now constructing a third transmission line having a capacity o f 18,000 h. p.

Railway Contract.— In our last annual report it was stated that 5,000 electric h. p. had been sold to tho Intermountain Power C o., payable from Oct. 1 1917, and 5,000 additional h. p ., payable from Oct. 1 1918. This power is to be delivered at our Long Lake plant and is to bo used In operating electrically the Chicago M ilw. & St. Paul R y. Owing to the very high price o f both labor and materials, the electrification o f the western portion o f this'railway has progessed slowly but will probably be ready for the use o f our current in the summer o f 1919, when it is expected that another block o f 5,000 h. p . will be n eded.

Exchange of Pmver.— Under an agreement for exchange o f power, the transmission lines o f tho Pacific Power & Light C o., which operates In the territory west o f ours, were connected in December 1917 with our lines at Lind, Wash., 82 miles southwest o f Spokane.

New Customer.— We have made a contract with the Stevens County Power & Light Co. for the sale o f power, delivered at the switchboard of our Long Lake station, at a satisfactory price. This power will be used in the development o f magnesite and copper mines in the neighborhood o f



Chewelah, W ash., about 40 miles north o f our Long Lako plant. It is expected that this consumer will take about 1,000 h. p . within the next year, and will be taking about 3,000 h. p . within threo years.

Ranges, &c.— During 1917 945 electric ranges and 390 water heaters for domestic use were sold, making the total number installed 1,630 ranges and 650 water heaters, yielding an annual gross revenuoof about $90,000.

New Power Unit.— T o meet the growing demands, it has been necessary to order tho equipment for a third 22,500 h. p . unit at tho Long Lako powor plant to be installed and ready for operation in the autumn o f 1919.

Notes.— Out o f an issue o f $2,670,000 one-year 6% notes, dated Feb. 2 1918, $1,081,000 have been placed by Spokane financial institutions.

Outlook.— Owing to the situation o f our com pany in tho interior, it has not enjoyed, except in the mining district, the prosperity from war business which has been experienced in some parts o f tho country. The additional business that has com e to it is o f normal growtii and will probably bo permanent. Our com pany is fortunate in having for sale an important amount o f powor which was developed at a cost much below what it would bo at present. There is reasonable ground for expecting that the net oarnlngs in 1918 will show a moderate increaso.

STATISTICS FOR CALENDAR YEARS.M otors, horse-power— 1917. 1916. 1915.

In Spokane_____ ______ 20,172 20,041 19,488Elsewhere....................... 40,579 31,001 28,753

Meters in use (N o .)_____ 34,648 32,562 30,948Miles o f track.....................N ot stated N ot stated 110Passongors carried (N o .>-17,305,047 15,601,850 15,714,753Car miles r u n . . . .............. 3,839,830 3,666,944 3,612,993

RESULTS FOR CALENDAR YEARS.1917. 1916. 1915.

Gross earnings_________\$2,856,213f $2,676,057 $2,743,876Sundry receipts________J___________ \_______ 8,968 _______6,609

Total recoipts____$2,856,213Operating exponses____ 1,172,1301T axes............... 268,735/

N et earnings_____$1,415,348Interest on bonds__ $322,616Interest on notes, & c____ 111,855Uncollectible accts., & c_ . 10,028Am ort, fund for discount 9,808W ritten o ff for replace

ment reserve-------------- 325,000Total deductions.......... $779,307'

Balance, surplus___ $636,041Previous surplus________ 922,796

Total ................................$1,558,837'

$2,685,0241,328,669

$1,356,355$328,869

100.6785,0379,809

325,000

$2,750,4851,239,505

$1,510,980$249,098

194,93210,2938,000

1914.19,17229,98029,404

11017,840,7963,647,640

1914.$2,970,920

5,506$2,976,426

1,362,598

$1,613,828a$30,925

149,6535,8048,000

$769,392$586,963

986,946$1,573,909

325,000 325,000$519,382

$1,094,446 1,119,105

$787,323$723,657

1,118,688$1,842,346' $2,213,551

D i v idonds . I .......... ........ (4 %)619,600 (4 ) 658,325 (5H )851,950 (7 M ) 1094863A djustm ents____________ Cr.1,473 Cr.7,212 3,450 .............. -

Total surp lus............ $940,709 $922,796 $986,946 $1,118,688a After crediting $223,168 interest at 5% on work under construction.

BALANCE SHEET DECEMBER 31.

Assets—Beal est., bldg. &)

wat.-pow.prop.)21, E l.L .& P . prop.] Electric By. prop. 4,Supplies_________Paid on acc’t of un

comp’d work,&cInvestments_____U.S.Lib.Loan bds. Bills rec. call loan.Miscellaneous__Bills & accts. rec.. Amort’n fund, &c.Cash............ .........Unsold bonds in

treasury............ 3

1917.S

1916.$

202,388 21,102,735809,089473,826

44,481168,65990,250

130,00028,396

421,951206,883257,623

4,793,912311,73030,75490,344

12,166295,988216,691105,737

900,000 400,000

Liabilities—Capital stock___ 151st Ref. Mtge. 5s. 10 Coll, trust 5% bds. City By .tickets out Accounts current

and pay-rolls__Notes payable___Accrued taxes___Acer, damages,&c. Accrued interest.. Accrued Insurance Replacem’t res’ve. 2 Surplus..........

1917.S

,490,000,038,000239,000

6,17989,322

,751,00059,99667,1433,835

10,644,037,717940,709

1916.S

15,490,0006,666,000

239,0006,063

89,3001,910,000

24,15268,55315,6365,276

1,923,284922,796

T otal................ 31,733,545 27,360,059T otal............ ..31,733,545 27,360,059— V . 106, p . 1345, 716.

O t t a w a T r a c t i o n C o m p a n y , L t d .

(4th-Annual Report—Year ended Dec. 31 1917.)Pres. T . Ahearn, Ottawa, Feb. 4 , wrote in substance:

W The usual quarterly dividends o f 3% were paid throughout tho year and a bonus o f 3 % ; also the business war tax $40,616, and $110,000 set aside for depreciation, leaving $18,086 to be placed to the credit o f profit and loss account.

Threo new P -A -Y -E cars were put in service during tho year, tho tracks on Sussex St., from the north side o f Kideau St. to tho north side o f St. Patrick St., relaid with 80-lb. T rail, and N o. 2 shed at Rockllffo extended and improved so as to accommodate a number o f additional cars, all at a cost o f about $50,000.OTTAWA ELEC. RY. INCOME ACCOUNT FOR CALENDAR YEARS.

1917. 1916. 1915. 1914.Passengers carried............29,347.692 27,033,778 24,361,867 25.321,547Gross earnings...................$1,240,627 $1,154,912 $1,041,100 $1,096,459Operating exp. & m a in t.. 705,338 670,348 657,326 665,227

N et earnings.................. $535,289 $484,564Bond, & c., interest_____ $44,080 $48,301Taxes, inilo. p a y ’ts, & c . . 81,543 57,938Reservo for depreciation. 110,000 65,000Dividends paid (1 5 % )___ 281.580 281,535

$383,774$47,927

36,871281.535

$431,232$39,109

32,47455,000

281.535Total deductions.......... $517,203 $452,774 $366,333 $408,117

Balanco, surplus............ $18,086 $31,790 $17,441 $23,115OTTAWA ELECTRIC RY. BALANCE SHEET DECEMBER 31.

1917. 1916.Liabilities— S S

Capital stock .......... 1,876,900 1,876,9001st mtgo. 4% bonds. 413,000 425,000Bills payable............ 400,000 434,100Accts. pay. & mlso.. 52,837 32,224Divs. payable Jan. 2 112,632 112,614Rest account_______ 200,000 200,000Rescrvo for depreo’n 110,000 65,000Surplus___________ 267,590 249,505

T otal.................... 3,432,959 3,395,342

1917. 1916.Assets— $ $

Roadbed & cquipm’t, water-power prop.& plant, real estateand buildings___ 3,336,435 3,339,313

Cash............................................. 54,702 0,695Stores................. 35,612 43,011Insurance prepaid.. 5,000 5,000Accounts receivable. 1,210 1,323

T ota l.......................................3,432,959 3,395,342— V . 106, p . 612.

N o v a S c o t i a S t e e l & C o a l C o . , N e w G l a s g o w , N . S .

(17th Annual Report—Year ending Dec. 31 1917.)Tho pamphlet report for the late fiscal year has just come

to hand and is cited at length on other pages of this issuo, including the remarks of President Frank II. Crockard, the profit and loss account and the balance sheet as of Dec. 31 1917. The financial statements now presented include for the first timo the Eastern Car Co. and other subsidiaries, and cannot for that reason be properly compared with the tabular data from the reports of earlier years (V. 104, p. 1040; V . 105, p. 179.) . .

Hayden, Stone & C o., who headed tho new financial interests that during 1917 came into virtual control of the property, made tho following comments on the report in their market letter of April 12:

A study o f the complete report for 1917 impresses one with two facts: first, that this was a year or considerable irregularity and difficulty in operation, due largely to the necessity o f changing over from munitions work to commercial product. The latter constituted nearly 50% o f tho market value, compared with less than 15% the preceding year. This called for an adjustment in operations which would, o f itself, preclude a particularly favorable showing. , .

The second feature is that 1917 was a year o f general financial and operating cleanup. For instance, in contrast to tho experience o f most companies, the inventories at the close o f 1917 were valued at $560,000 less than at tho close o f the previous year. The com pany’s working capital was increased from $4,193,000 to $10,163,000, and o f this over $2,000,000 was in cash. This increase, to be sure, was due principally to tho issuo or 50,000 shares o f new stock, but it was also due, in part, to cleaning up or some old accounts. . . .

In this connection it may be interesting to note that some $3,000,000 still owned to the N ova Scotia Steel C o. by its principal subsidiary, the Eastern Car C o ., will be entirely liquidated in cash before tho end o f tho year. The losses sustained wero entirely on foreign cars, for the construction o f which this plant was not adapted. Now all orders are for cars for tho Canadian Government, for which tho plant was originally constructed.

Tho feature o f real significance to tho shareholders as a guido to their expectations o f future results from this property Is contained in tho last two pages o f tho report, which summarize reports by engineers on tlio iron and coal holdings o f this company. Boiled down to one sontenco, this is to tho effect that the iron ore deposit contains some 3,000 million tons o f iron ore, and tho coal deposit, 2,500 million tons. . _

In view o f such great resources, it will be seen that tho present rate o f mining, tho maximum tonnage to date being 224,000 tons in 1916, bears no relation at all to what may be looked forward to as the ultimate goal. The company has been, for more than two years past, driving a new slope into its iron oro holdings. This should be completed by next January, and will have a capacity o f 1,000,000 tons a year. I f this wore treated b y tho company, it would result In some 500,000 tons o f finished product.

Plant capacity can bo increased as considered advisable, but judging from the steady increase in Lake Superior ore shipments, and tho fact that ore from the N ova Scotia property can be laid down very cheaply, tliero will also bo a market for all the raw material that tho company can mine at a satisfactory profit. „ „

Nova Scotia Steel & Coal Is, essentially, a shipping proposition. The oro has to be transferred In ships from Newfoundland to blast furnaces in Capo Breton and tho finished product in ships from mills to market. While the company has made large profits during the last two years’ high prices and has renewed munitions contracts that should mean satisfactory profits lor the continuance o f tho war, tho true possibilities o f this enterprise can be realized only with the free movement o f commodities and abundant supply o f labor that will bo available with tho return o f peace.

(There was some misconception as to payment on April 15 o f dlvidond or \M% on tho com m on shares; this represented merely the transition from tho semi-annual basis for dividends to the quarterly basis.]— V. 10b, p . 1691, 1465.

G e n e r a l E l e c t r i c C o m p a n y .

(26th Annual Report—Year ending Dec. 31 1917.)Tlio report for the year ending Dec. 31 1917 is published

at length on subsequent pages. Following are comparative statements compiled for the “ Chronicle:”

INCOME ACCOUNT DEC. 31.nerpini*— 1917. 1916. 1915. 1914.

Sales b h lo d l ..................$196.926,318$134.242,290 *85,522,070 $90,467,692Cost o f sales....................167,921,778 118,948,199 76,898,183 81,496,729

Profit from sales_____$29,004,540 $15,294,091 $8,623,887 $8,970,9631,851,140 2,022.237 2.120,265

Income from securities. 2,661,150 1,844,645 1,554,8431,570,4311,313,989

Total .............................$33,516,830 $19,160,973 $12,307,995 $11,855,383Deduct—•

$571,645541,357

5,500,0008,120,6481,015,0782,030,156

$571,445 $570,086 $567,556

8,12l"646 8,129,918 8,142,768

Interest on debentures__Int.& dlsc’t on notes pay Excess profits tax. (est.)Dividends cash (8% ) —

do Red Cross (1 % ) .do in stock (2 % )____________________________________________________Balance, surplus_____ $15,737,946 $10,467,882 $3,607,992 $3,145,059

CONSOLIDATED BALANCE SHEET DEC. 31.1917.

$1916. 1915. 1914.

A sse ts— .aPatents, franchises,&c. " 1Manufacturing p lan ts .. 38,938,410 Real est.,& c.(other than

manufacturing plants) 794,211Stocks, bonds, & c---------- 37,348,608Cash.......................... 21,190,675Notes & accts. receiv’le . 38,406,993W ork in progress---------- 6,244,691Advances to sub. cos— 5,578,518 Furn. & fixtures (other

than In factories)------ 1 , lInventories (factories). . 71,490,866 43,963,220

Gen.&local offices,& c.l ,Consignments________ /10,360,444

D ef. charges to Incom e. 1,277,063

129,904,764 29,563,332 31,063,332

863,18833.773.67812,167,70726,816,298

4,196,0204,739,819

7,197,419

996,98532,916,59430,138,91319,619,216

1,248,630bl.931,585

24,544,646 13,251,959 (2,066,690

872,216 29,667,213 22,528,888 19,091,025

843,073 b5 ,059,860

24,253,7043,256,8811,782.177

Total assets..................231,630,482 163,622,115 149,278,552 138.418,371C apU a/'stobk__________101.512,500 101,512.500 101.510,600 101,485,7005% coup. deb. o f 1892 ..3)4% coupon debentures 2,047,000 5% coup. dob. o f 1907 .. 5005% coup. deb. o f 1912-- 10,000,066Accrued int. payable---- 254,211Notes payable------------------27,757,721Accounts payablo---------- 8,009,910Accrued taxes (est.)------ 7,855,748Dividend pay. in stock . 2,030,156 Adv. pay’ts on contracts 8,233,881 Dividends payable Jan- 2,030,156General reserve--------------S urplus________________ 49,898,699

2,047,000600

10.000,000196,519

2,047,0002,000

10,000,000196,519

2,000 2,047,000

18,500 10,000,000

196,627

7.874,8731,149,256

4,640,207418,677

1,655,226464,116

4,650,5592,030,154

4,740,5772,030,102

434,7052,029,718

23,692,871 20,084,87934,160.753Total liabilities______ 231,630.482 163,622,115 149,278,552 138.418,371n After deducting $3,097,443 patent reserve, b Denotes amounts due from sub. cos.— V. 106, p . 4UU.

C o l o r a d o P o w e r C o . , D e n v e r , C o l o .

(,Report for Fiscal Year ending Dec. 31 1917.)On subsequent pages will bo found the remarks of President

L. P. Hammond, along with a comparative income account and balanco sheet for two years.CONSOLIDATED INCOME ACCOUNT FOR YEARS ENDING DEC. 31.

1017 1916. 1915. 1914.Gross earn ings................ $1,183,750 $1,020,310 $869,224 $746,869Opor. exp. & taxes (incl. 457,528

$562,78237,506

328,576$540,618

28,330$600,288$217,409

101,2664,648

35,000276,580

$568,978$206,775

81,6641,481

29,750

268,157$478,712

29,677$508,390$206,275

66,000

m aintenance)------------- 507,449N et earnings................... $676,301

Other incomo---------------- 32.284Gross Incom e-------------- *^08,585

xBond Interest---------------- $225,475Depreciation resorvo------ 117,243Other deductions............- 8,212yPreferred dividends------ 44,718yCommon dividends— - 221,264 - ■ . _________ —— — .

defSS M ;o i 5 ™ i 2 S § :3 0 0 . « . » 2 « :6 n

— V . 106, p . 1690, 1347.

29.704


Apr. 27 1918.] THE CHRONICLE 1791S a f e t y C a r H e a t i n g & L i g h t i n g C o . , N e w Y o r k .

{Report for Fiscal Year ending Dec. 31 1917.) Prosidont R . M . Dixon, N . Y ., M ar. 30, wroto in subst.:

Anticipating tho uncertainty o f business with railroads, wo equipped our works at Jersey City for more general production, and wero thus able to Increase our not profits as shown below. Wo now havo a very large amount o f manufacturing, other than car lighting appliances, in our works.

Tho sales o f gas increased 10,621,500 cu. ft. over 1916. W o now have In commercial operation at one o f our Pintsch plants a complcto apparatus developed for the production o f oxygon, and intend to establish similar apparatus at our various plants throughout tho United States and Canada. Theso plants aro admirably adapted for tho commercial production and distribution o f oxygen for mechanical purposes.

On account o f tho increased cost o f materials and labor, our inventories are considerably in excess o f normal, and tho directors therefore felt that It vvas best to add to the reserves.

PROFITS FOR CALENDAR YEARS (Compare V. 102, p. 1716). Earnings, after deducting expenses and taxes (ex- 1916. 1917.

cept U. S. and Canadian war taxos)-----------------S I,016,308 SI. 124 108Paid in dividends------ .................................. .............(8% )788,960 (7H)$739,’050Reserved for U. S. and Canadian war taxes______ (?) 70 qqqOther reserves (doprec. & contingent funds)_____ (?) 305 495

Balanco to surplus____________________________________________ S8.963[Tho quarterly dividond paid Dec. 24 1917 was only 114% instead of

tho usual 2 % — sco V. 105, p . 2461.]CONSOLIDATED BALANCE SHEET DEC. 31.

[Including all assets and liabilities o f Pintsch Compressing Co.]1917.

S1916.

SAssets—Real estao, ma

chinery, Ac___ 12,620,867 12,38,8,994Materials A supp. 1,463,072 1,262,503Bills receivable__ ______Accts. receivable. 1,305,924 Investm’ts in mar

ketable securs.. 564,931 Cash*.................... 79,063

503 1,125,191

720,032143,242

1917.Liabilities— s

C a p ita l s to ck (auth.,$10,000,- 000) outstanrl’g 9,862,000

Accounts payable. 380,4S6 Detlue. from earns,

for deprec., contingencies, A c .. 1,954,766

Surplus................ 3,830,605X

9,862,000301,855

1,591,8383,824,832

T ota l................ 16,033,857 15,610,520* After deducting payment o f div. o f 2% D ec. 1916 and 1917.

p . 1465, 605.

Total > ......... ..16,033,857 15,640,526V. 106,

U n i t e d S t a t e s S m e l t i n g , R e f i n i n g & M i n i n g C o . , B o s t o n .

(\2th Annual Report—Year ending Dec. 31 1917.)Pres. William G . Sharp, March 28, wroto in substance:

Results.— Tho earnings o f all companies, after charging cast o f production selling expenses, repairs and interest, but before providing for depreciation’ depletion and Federal taxos, aggregated 35,769,391. Deducting reserves for depreciation exploration and depletion, 81,571,576, tho profit for tho year 1917 was $4,197,815. federal taxes. Red Cross and Y . M . C . A.

total undistributed surplus as per balanco sheet on Dec. 31 1917 was therefore 813,004,970 [being an increaso for tho year o f 847,515.— E d.l.

Tho metals produced in 1917, including metals from custom oros and tho production in M exico, wero as follows: Copper, 29,043,242 lbs.- load 107,519 570 lbs.; zinc, 53,590,446 lbs.; silver, 13,000,187 ozs.! gold, 109,M2 ozs. 1110 averago prices at which metals wero sold during tho yoar were as follows: Copper, $0.27201 per lb.; lead, S0.8558 per lb.; zinc, $0.09353 per lb.; silver, $0.81765 per oz.

Capital Expenditures and Investments, 1917.— Tho charges to property and investment account o f balanco shoot aggregated $6,462,199, as follows:Investment in coal and railway securities_______________________ $1,715,437Investment in mining securities in United States and in M o x ico .. 688,840Additions to plants______________________________________________ 1,248 578Mining prop, purch. and miscoll. charges to capital account 1 909 443 Stocks o f sub. cos. issued to minority stockholders (sco b e lo w ).. ’899]900

Your investment in coal and railway securities chiefly represents Utah R y. C o .’s proportion o f joint purchase with Los Angolos & Salt Lako R lt C o. o f additional coal cars and tho purchase o f locomotives and additions! torminal facilities. Tho Item o f $899,900 is tho par valuo o f capital stock o f tho Sunnysido Mining & Milling C o., issued to minority stockholders o f that company under an agreement, and tho same amount is Included among capital liabilities on tho balanco sheet In tho item “ capital stocks o f subsidiary companies not hold” by your company. ;

Metal Business.— During tho year our output o f all metals has boon maintained or Increased with tho exception o f zinc and gold Average prices realized wero also maintained or increased except in the case o f zinc Tho Increased cost o f production, however, has not only offset any increase In averago prico realized during the year, but has largely offset all tho'increase in price since tho pre-war period. Those increased casts aro mostly duo to increased costs o f labor and materials, and to higher prices paid for custom oros. Substantial losses havo had to bo taken at times durin- the year on motals in custom ores purchased at higher prices than could afterwards bo realized, on account o f prico regulations and voluntary agreements as to prices at which metals wore to bo furnished to our Government and its allios.

l ’ ricos o f all motals cxcopt silver wero substantially lower on D ec 31 than averages realized during tho year, and still continuo to bo so ’but pricas soom to bo loss subject to fluctuations. Whilo theso lower prices will tond to docroaso profits (oxcopt perhaps in tho caso o f silver) tho absence of violont fluctuations in prices will tondlto avoid losses in tho purchase and handling o f motals in custom oros. *

Coal Business— Utah Railway Co.— Tho output of coal was 908 638 tons an increaso of 151,707 tons over 1916. For tho first eleven months of tho year tho output was a little better than from Jan. 1 to Nov 30 1916

On Dec. I 1917 tho Utah Railway C o., all o f tho securities o f which aro owned by this company, had equipped its own railroad with cars locom otives and torminal facilities, and on that dato took over tho operation of its own railroad and Is now running its own trains through from the coal minos to its connection with other railroads at l'rovo, Utah (V 105 n 2544). During tho first two months o f this independent operation o f ’tho railroad, tho output o f coal from tho United Statos Fuel C o .’s minos was 224,255 tons, as compared with 144,238 tons for tho two months ended Jan. 31 1917, an Increaso o f 80,000 tons (55% ). Tho outlook for ample traasportation facilities has ouabled us to enter into some advantageous contracts for tho coining yoar at present prices for coal. Somo largo and long-timo contracts taken boforo coal prices commenced to advauco aro oxplrlng in April, and It Is oxpected that tho coal now going on these contracts at low prices will go during tho coming year at hfglier prices.

Mexican Business.— In Moxico during tho first part o f tho year only one mill could oporato, and that at only partial capacity: operations therefore continued to bo conducted at considorablo lass until Juno. Tho second mill began to oporato in tho second quarter and from July l to Dec. 31 both mills wero operated, averaging 54,600 tons monthly, which was over their rated capacity o f 50,000 tons. Substantial profits wero made from Juno on and still continuo. Whilo wages havo increased, tho efficiency o f labor In M oxico has Improved to an oxtont which practically offsots such increase but tho Increased cost o f cyanide, dynamito, timber, & c., purchased In this country and transported to M oxico under extraordinary difficulties and hoavy expense more than offset tho increased price o f silver realized

None o f tho oro from tho now vein was mined and treated during tho year' oxcopt what came from development work. At ono mill an additional capacity o f 9,000 tons monthly is being completed, and at tho other mill

far developed in tills now vein Is several times richer (and has 8 or more times tho profit valuo per ton) than tho averago oros treated, it Is somewhat moro complox, and experiments aro necessary to insuro tho best method o f treatment. M oreover, tho difficulties and high costs o f obtaining and transporting materials for tho now plant aro almost prohibitive. Plans aro therefore undor consideration for immediate treatment o f somo o f tho

oro from this new vein in our present mills, replacing some o f tho lower grades now being treated: this should add materially to our earnings In M oxico for tho balance o f 1918. Developments in the new vein havo continued to bo so satisfactory that taken together with developments in some o f our other mines, we havo ore enough blocked out and in sight to warrant reducing development work.

Shareholders.— Total number o f pref. stockholders is 8,985, and o f com mon stockholders 2,240, at this dato.OPERATIONS AN D EARNINGS OF ALL COMPANIES FOR YEAR.

Unci, custom ores.) 1917. 1916. 1915. T o f f . ° i 916^1915"Copper lbs............. 29,043,242 28.888,093 26,923,674 22.6 22 6 20?9Lead, lbs--------------- 107,519,5(0 103,855,451 87,102,179 25.7 21.1 17 6Silver, oz--------------- 13,000,187 11,647,205 12.071,863 31.5 23.6 25.4Gold, oz ----------------- 109,612 129,273 196.481 6.5 8 0 16 9Zinc, l b s . . . ............. 53,590,446 64,584.001 34,105,471 13.7 23 7 19 2

Average Price— 19x7.Copper, lb .............. .......... $0.27201 1914.Load, lb Zinc, lb Silver, oz

0.085580.093530.81765

1916. 1915.S0.27297 $0.18183 SO.13404

0.06676 0.04546 0.038270.14964 0.49965

0.123270.65386 0.55564Net earns, after int., &c. $5,769,391 $9,737,664 $7,579,184 $2,932,519

953,679617,897

839,200 986,860Deprcc’n, & c., reserves.Depletion roserves_____

A ^ ? E £ ‘?r7 ear------------$4,197,815 $8,898,464 $6,592,324 $2,265,641Additional reserve-------- ---------- S I,000.000 $888,900Federal taxes, & c______ S692.500Pref. dividends (7 % )___ 1.702,225 1.702 225 1 702_225 1 709 ‘ 9 9 lCommon dividends.( 10% ) 1,755,575(8H ) 1492239(1 H )2 63 .330 (3)526,671

Balance, su rp lu s------ $47,515 S4.704.000 $3,737,863 $36 749° f l?roduce.d from Centonnial-Eureka, M am moth,

R ltz .T cn n esseoa n d Bingham mines, and in M exico, was 1,129,678 tons o f which the values o f the metal contents were in the proportion o f 28% copper, 10% lead, 13% zinc, 39% silver and 10% gold.CONSOLIDATED BALANCE SHEET DEC. 31, INCLUDING SUB. COS.

1917. 1916.Liabilities— $ s

Common stock ...17,555,S88 17,555,888' Preferred stock...24,317,775 24,317,775 Stock of sub. cos.

not owned (par) 2,888,235 2,079,257

666,878

1917.8

1916.SAssets—

Property and investment a cct ..62,950,387 47,368,981

Additions.............. 6,462,199 15,581,407Improvements, op

tions, Ac., deferred charges.. 1,805,408

Ores A by-products 1,946,314 Supplies, fuel and

timber.............. 3,991,012 2,240.395Metals in transit

and in process.. 6,947,097 Notes reo. A loans 210,091 Accts. receivable. 2,757,746 Casii (and in 1917

U. 8. Government bonds)... 1,641,126 5,105,678

1,229,4122,049,975

6,561,728666,624

3,127,851

T otal................ 88,711,380 83,932,051

6% notes due Feb.1926...................12,000,000 12,000,000

Bonds of sub. cos.not owned------- 503,700 517,500

Notes payable___ 900,000 5,000Accts. payable, Ac 2,268,272 1,655,245Dividends Jan. 15 864,450 864,450Deprec’n reserves. 9,135,307 7,466,608 Miscellaneous. . .*4,755,322 4,070,704 Surp. appllc. to stk.

ofsub.cos.notlield 517,462 442,169Profit and loss ...13,004,970 12,957,455

T ota l.................88,711,380 83,932,051* Includes in 1917 drafts in transit, $857,493: reserve for freight inter

est, refining, taxos, & c., $3,897,828.— V . 106, p . 1371, 821. ’

R a y C o n s o l i d a t e d C o p p e r C o .

(9th Annual Report—Year ended Dec. 31 1917.)Pres. Sherwood Aldrich, N . Y ., April 10, wrote in subst.:

Results.—>The com pany’s operations for 1917 show a record output o f copper metal o f 92,207,356 lbs., being an increase o f 18% over the largest preceding year, viz., 1916. After smelter deductions tho net production was 88,o82,649 lbs. On tho other hand, the marked increase in operating costs represent an increaso o f 2.93 cts. per lb. o f copper over costs for tho calendar year preceding tho war, and tho Federal, State and countv tax charges represent ten times tho tax payments for the year 1913, and more than throe times those for 1916. ’

incomo and proceeds o f depletion for tho year amounted to 77* * 11,IJ0 , or PC'" share, after charging into operating costs tho usual rato for depreciation o f plant. Of this. $6,624,152, or $4 20 per share, was distributed to stockholders. A total o f $3,077,011, or $1 95 per share, was added to surplus from operations.

The large copper output comes through a considerable improvement In the milling operation, as well as from a moderate increase in tho tonnage mined and treated. It Is probable that with betterments and additions now in process o f construction at the mill there will bo a further improvement In milling results, as well as capacity. W ith 123 miles o f underground workings, there havo resulted enormous stoping areas very carefully mapped out to insure tho extraction o f tho entire known ore body.

Coal I urchase. Wo have purchased, in conjunction with two other large fuel consuming companies, a very extensive coal property in active operation [in tho vicinity o f Gallup, N . M .] and within reasonable transportation dlstanco, to assuro our fuel requirements.

Increase in Expenses, &c.— Decrease in Price of Copper.— In spite o f in- croased metal output, tho nut incomo for tho year shows a decrease o f $2,382,99b as compared with 1916, due to increased operating costs and increased taxos, and a decreased averago prico o f copper metal. The first eight months o f tho year saw high metal prices, winch brought with them

upon copper, and at tho same time stipulated for tho maintenance o f tho high wage scalo o f Aug. 1917, your com pany’s nonthly profits made a substantial declino. This fixed prico o f 23kic. per lb. has been continued and at this date Is still In effect.

Taxes.— Tho final amount o f tho incomo and excess profits tax payments could not bo determined until after tho close o f the year, and for that reason tho total sum o f $1,056,969 was charged during the year, in monthly proportions, against operations, and a balanco o f $374,025 in completion o f tnoso tax payments, as now estimated by tbo com pany, brines the total 1917 tax chargos to $1,430,995.

The cost o f production for tho year, after theso final tax charges, was 12.649c. per lb as compared with a cost o f 10.577c. per lb. for tho year 1916 after similar final tax adjustments.

Price of Copper.— While tho price at which the year’s production o f copper as carried on our books was 23.986c. per lb ., the averago price o f the company’s settlements for copper deliveries during tho year was 25.902 c. per lb , tho difference being chiefly due to the unsold copper accumulated at tho end o f tho year which, in accord with our usual practice, was carried at 13Mc. per lb.

Shareholders.— On March 9 1918 your company had 11.375 stockholders o f record, an increaso o f 2,566 since March 15 1917.Extracts from Report o f Managing Director, San Fran., Alarch 25.

Tho constantly Increasing tonnage mined and milled from year to year has called for quito hoavy expenditures covering extensions and improvements at both tho mine and tho mill, more especially so during the last two years, but assuming an ultimate and economical capacity o f about 10,000 tons per day it may bo said that the necessity for such extraordinary expenditures has nearly ceased to exist. There still remains to be completed tho installations o f fine grinding equipment, intended primarily to increase recoveries, but, to a certain extent at least, increased capacity will also follow, and in this way tho plant will bo brought to tho averago capacity o f at least 10,000 tons per day.

Tho development and equipment o f tho properties, both at tho mines and mills, havo boon substantially completed to a scope reasonably commensurate as regards producing capacity with tho total tonnage o f developed oro. This has been accomplished in considerable measure by the use o f earnings whilo the company has continued to pay substantial dividends and at tho samo time add satisfactorily to tho surplus necessary for working capital. It Is interesting to note that this has been accompanied by tho extraction to dato o f oniy about ono-sixth o f the total developed tonnage in tho property and it must bo remembered in this connection that further tonnages aro known to bo available for development whenever such action is warranted or desirable.



INCOME ACCOUNT YEARS ENDING 1917. 1916.

Copper production (lbs.) 88,582,649 74,983,540Avgo. price rec’d per lb . 23.986 cts. 26.724 cts.Total oper. rovenue____$21,278,071 $20,060,783

Operating Epxenses—M ining and milling-----Freight, treat’t & refin’fSelling commission____M ine devel't exting’t . . .

DECEMBER 31.1915. 1914.

60.338,936 57,004,28117.352 cts. 13.267 cts.

$10,498,961 $7,597,724

Incom o on investments. Miscellaneous in com e ..

Deduct— Interest

Kate per cent.

. $7,053,243 ; 3,586,419

214,312 . 445,441

$4,629,1402,953,694

201.107416,692

$3,283,8072,378.306

107,356356,122

$2,742,9002,158,624

76,496303,463

.$11,299,415

. $9,978,656

. 372,481

. 65,166

$8,200,633 $11,860,150

404,115 d eb .180,100

$6,125,590 $4,373,371

387,313 d eb .10,622

$5,281,484$2,316,240

333,8755,048

.$10,416,303 $12,084,166 $4,750,063$160,920

$2,655,163$259,540

. 521,082

. *6,624,152 4,337,955 *(27 )4%)

1,872,319 (12 « % )

1,089,322(7)4%))

. 194,051Balanco, surplus_____ $3,077,018 $7,746,211 $2,716,823 $1,306,301* Includes in 1917 $5,835,562 dividends and $788,590 capital distribution.

BALANCE SHEET DEC. 31 Unci. Rag & Gila RR. and Ray Cons. Copp. Co.)1917. 1916.

A s se ts— S S L ia b il it ie s— S SCapital s tock____ 15,771,790 15,771,790Accounts payable. 319,053 485,219Treatment, refln’g

& dellv. charges(not yet due)__ 513,954 552,714

Reserves for Insurance, &c______ 1,045,540 268,844

Surplus from saloof securities___ 1,506,646 1,506,646

Earned surplus___16,890,669 13,813,657

Expend, for const.& devclop't___

Outside lnvest’ts.tr. S. Liberty bds. Mater.,supp-.&c..

Prepaid lnsur.,&c.

-V . 106, p . 1691, 1040.

1917. 1910.S S

8,719,313 8,715,888'l3,972.245 12,650,713

310,329 25,0002,204,672 409,581

834,0001,097,791 982,2772,103,918 1,493,2960 ,101,000 8,084,998

43,778 31,14736,047,652 32,398,900


Total . ...36,047,652 32,398,900

Chino Copper Company.(8th Annual Report—Year ended Dec. 31 1917.)

Pres. C . M . MacNeill, N . Y . , April 8, wrote in substance:Production— Costs— After making smelter deductions the not production

was 79.636,235 pounds o f copper, together with gold and silver valued at $56,160. representing the result of handling during the year 3,608.100 tons through the mill and 3,757 tons o f direct shipping ore. The net cost of producing copper was 11.39 cents per pound as compared with 8.7 cents for 1916. This was after deducting precious metal values and miscellaneous earnings which amounted to .46 cents per pound. Taxes accrued and included in operating expenses during the year were insufficient by $830,996 to cover the total o f $2,033,439 for all 1917 taxes as now estimated and returned to the proper officials.

The total costs, including all taxes as last stated and also including the adjustment to income from stripping account noted below, was 12.79 cents per pound. Higher prices for labor and supplies and increases in taxes m 11)17 are responsible for this advance in cost o f production.

Prices of Copper.— While the price at which the year’s production o copper was carried on the books was 24,116 cents, the average prico ro- ceived for copper delivered during the year was 25.81 cents, the difference being principally duo to the accumulation at tho end of the year o f a considerable quantity o f unsold copper which in accordance with tho com pany’s usual practice was carried at 13.5 cents per pound. It should also bo noted that on Sept. 21 1917, tho Government made a fixed price o f 23.5 cents per pound for copper affecting all futuro contracts a prico which at this date is still in effect. ___________ , , , „

Results.— The not income from operations was $9,826,616 08. Miscellaneous income, dividends, rentals, & c., amounted to $310,436, or a total income from all sources o f $10,137,052. Thero was a direct charge to income for plant alterations, replacements and abandonments and depreciation adjustment o f $336,077: also an amount o f $288,121 for adjustment o f charges to stripping account. Tho total income, therefore, applicable to dividends or other capital purposes aggregated $9,512,854, or $10 93 per share as compared with $14 76 per share for the year 1916. DLsburo- ments to stockholders were mado during tho first threo quarters at the quarterly rate o f $2 50 per share and for tho last quarter at $2 per share; in addition a Red Cross dividend of 40 cents per share was paid, making total disbursements to stockholders during tho year o f $9 90 per sharo, aggregating in all $8,612,802. For depreciation o f plants 5% o f their total cost was set asido and included in operating expenses. Tho entire operations outlined abovo resulted in passing $900,052 to tho earned surplus and depletion account, which on Dec. 31 1917 aggregated $14,863,926. The total disbursements to stockholders down to and including D ec. 31 1917 wero $22,488,132. _______Extracts from Report of Managing Director, D. C. Jackling, Mar. n ,

Tho addition o f two new sections to the mill was delayed considerably but tho sixth section was nearing completion on Dec. 31 and is now practically in full operation, giving tho milling plant a fairly economical capacity of something over 11,000 tons per day o f average concentrating oro as against an average capacity o f about 8,500 tons per day for the year 1916. It will probably require several months to dovelop tho full operating benefit o f the seventh section which is designed to treat mixed oxidized and sulphide ores, but nevertheless the tonnago o f all classes o f ores and consequently the production for 1918 should show substantial increases over those for 1917. With tho improvements above mentioned practically finished, tho occasion for heavy constructionexpenditures has nearly ceased.

Considerable drilling was done during tho year, more for tho purpose o f keeping development data up in advance o f operating plans than for tho direct purpose o f proving additional ore reserves. Tho data so obtained though fragmentary are ample to fully justify Mr. Sully's statement to the effect that a greater amount o f new oro was developed during the year than was at tho samo time mined, and it Is probable that similar experience will apply to tho current and succeeding years for some tlmo to como.

INCOME ACCOUNT FOR CALENDAR YEARS.

Average rec. per lb .. . . Kovonuo from copper.,

do from gold & silver

Operating Expenses—Mining & milling_____Treatment, rofiuing &

fre igh t___________Selling com m ission ..

N et profits___Other incomo.

In terest____________Adjust, o f charges to

stripping account____D iv iden ds------------Rato per cent____

1917.79,636,235 24.116 cts.

$19,205,146 56,160

1916.72,319.508 26.465 cts.

$19,139,269 80,498

1915.64,887,788 17.420 cts.

$11,303,956 79,821

1914.53,999,928 13.325 cts. $7,195,423

51,773

$19,261,306 $19,219,767 $11,383,777 $7,247,197

$4,904,732 $2,600,o iz 5,1,753,266 $1,473,552

3,253.086193,316

1,083,557

2,979,622193,220928,477

2,112.804115,038713,940

2,048,00472,805

578,012

$9,434,690$9,826,616

310,436

$6,701,891$12,517,876

325.286$4,695,048$6,688,729

229,074

$4,172,374$3,074,823

179,588

$10,137,052$336,077

$12,843,162$315,214

$6,917,803$257,265

3,819

$3,254,411$230,279

31,832

288,121♦8,612,802

(*)7,177.335(165%)

2,609,860(60% )

2,169.065(50% )

$900,052 $5,350,613 $4,046,859 $823,235

A s se ts—•Property account. 1 Construe. & equlp.x7 Development, &c. 1Investments........Stripping expense. 2 Materials & supp. 1 Accts. reclv., &c.. Copp’r on hand,&c 5 Marketable secur. 1 Cash.....................y2

1917.$

,954,811,011,797,060,979442.040,910,197,782,130339,144324,011088,498,428,794

1916.8

1,931,5805,880,353

993,027192,040

2,615,447980,39854,765

6,882,340248,750

3,022,091T otal............... 24,342,401 22,800,790

1917. 1916.L ia b ilitie s— S 3

Capital stock___ 4,349,900 4,349,900Accounts payable. 324,177 469,369Acer.taxes,Inc.,&c. 1,232,403 372,128Treatment, rofin.

& dellv. charges—not yet duo . 576,742 650,267

Surplus from saloof securities__ 2,995,253 2,995,253

Earned surplus__14,863,926 13,963,874

* Includes In 1917 $7,525,327 dividends and $1,087,475 capital distribution.

Total............... 24,342,401 22,800,790

x After deducting in 1917 $1,399,633 roservo for depreciation, y Includes in 1917 cash, $533,525 and cash duo in January for December copper deliveries.— V. 106, p. 1690, 1038.

Cerro de Pasco Copper Corp. (Incorp. in N . Y . State.)(Annual Report for Fiscal Year ending Dec. 31 1917.)

Pres. L. T . Haggin, N . Y ., April 22, wrote in substance:During the year 1917 both Cerro do Pasco Mining Co. and Morococha

Mining C o. were dissolved, and pursuant to the dissolution proceedings tho Cerro do Pasco Copper Corp. succeeded to all o f tho mining properties and other assets o f said two companies, and assumed all of their obligations as o f Aug. 1 1917. , . . . ..Tho com pany’s mines, smelter and other works have, witli tho exception o f insignificant local interruptions, been in continuous and satisfactory operation through tho past year and up to the present time, notwithstanding tho many difficulties and delays in procuring and transporting supplies, obtaining competent foremen and staff operators to fill tho places o f those who have gono to tho front, and other impediments caused by or incident to tho present war.COMBINED PROFIT AND LOSS ACCOUNT FOR CAL. YEAR 1917

(Compare V. 104, p . 1698).(Including Cerro de Pasco Corp. and Operations of Sub. Mining Cos.)

Sales o f copper, silver,gold and ores_________$24,974,082

Oper. smelting, refiningand admin, expenses.. 7,832.006Net earnings__________ S17.142.076

Custom oros____________ $5,342,394U. S. & foreign taxes____ 1,207,822Depletion o f mines_____ 4,791,050Depreciation o f plants,&c 600,000 Reservo for U. S. incomo

excess profits taxes T7 1,648,125

Balance__________________ $3,552,685Dividends received_____ 1,091,764Miscellaneous receipts.. 188,715 Increase in inventory___ x780,435

T ota l............... $5,613,598Deduct— Bond interest.. 534,730 Dividends paid_________ 4,009,471

Balanco, sur. for year. $1,069,397 Provlous surplus_______ yl3,378,519

T ota l............................... $14,447,916Sk. fd. for bondrodom p- 3.000,000

B alanco-........................ $3,552,685 Surplus Dec. 31 1917— $11.447,916x Arrived at as follows: Inventory on Jan. 1 1917 amounted to $3,147.

520, and on Dec. 31 1917, $3,927,955. y Includes provious surplus of C . de P. Copper Corp.. $187,552, and o f its subsidiaries, $13,190,967.

Dividends paid and charged against earnings o f 1917: (1) On 666,666 shares March 1, June 1 and Sept. 1, each $1 a sharo and 50 cts. extra, calling for $999,999. and aggregating $2,999,997. (2) On 807.579 shares,December 1 $1 a share, and 25 cts. extra, $1,009,474: total, $4 a share and $1 75 extra, $4,009,471. Dividend paid March 1918 was also $1 and 25 cts. oxtra.— Ed.CERRO DE PASCO COPPER CORP. (OF N . Y.) BAL. SHEET DEC. 31 1917

Assets (Total. $43,994,683)— , . ,Fixed: Mines and properties—smelter, plant and machinery at

Cerro de Pasco and M orococha_______________________________$25,339,400Investments: Cerro de Pasco R y., capital stock, $4,001,415;

stocks o f sundry cos., $966,596; Cerro do Pasco Copper Corp.,bonds, $1,069,000: t o t a l . . . .................................. 0.037.011

Materials and supplies on hand--------------------------------------------------- 1.631 351Accounts receivable_____________________________________________ 1,909,399United Kingdom of Great Britain and Ireland 5)4% notes,

$988,750; U. 8. Liberty Loan 3)4% and 4% bonds, $703,500 1.692,250Copper, silver and gold on hand----------------------------------------------- 3,927,955Cash at bankers and on hand__________________________________ 3,457,317

Liabilities (Total. $43.994,683)—Capital stock (without nominal or par value), 'stated vahio . . $5,000,000

Auth. issue, 1,000,000 shares; unissued, 192.415 shares, o f which 151.415 shares are held for bond conversion; outstanding___________________________________ 807,585 sharos

Capital surplus (stockholders’ equity in owned properties)------ 14,003,515Bonds (10-year conv. 6% gold bonds) maturing Nov. 1 1925,

auth. & issued. $10,000,000; loss redeonxed & converted, $5.458.000; balanco....................................................... ............................ 4,542,000(Against this amount thero is hold bonds at face valuo for

account o f the corporation, $t ,069,000, and there is cash in hands o f trustee to credit o f sinking fund, $1,752.674.)

Reserve: Depreciation of plant and machinery, $600,000: forU. S. income and exefess profit taxes, 1917, $1,648,125------

Cerro do Pasco Railway C o ----------------------------------- ------------------Bond interest accrued, $34,730; items in susponso. $52,177------Duo bankers on lotters-of-eredit and current account..............-Drafts drawn in Peru on New York offico--------------------------------Accounts payable_______________________________________________Wagos accrued and unclaimed---------------------- ------------ -------- . . . .Surplus: Property surplus (reserve for depletion of mines, $4,

791.050; surplus, per statement abovo, $11,447,916: to ta l.. 10,238,066 Bond Sinking Fund.— ■Cash to trustee. $3,000,000: interest allowed,

$44 174’ total $3 014,174. Deduct for 1,230 bonds redeemed at 105%,S1.29..500. leaving balanco In hands o f trustee, $1,752,673.Cerro d e p a s c o r a i l w a y r e s u l t s for c a l e n d a r y e a r 1917.

2,248,125 318,818

86,907 901,309 347.588 176,450 131,006

Gross revenues___________ $1,043,090Operating expenses______ $572,633U. 8. and foreign taxes___ 6,326U. 8. Federal taxes__________________ 51.306D epreciation____________ 62,305

Not earnings_____________ $350,519Dividends p a id __________ 484,500

Balanco, doficit.............. $133,981Provlous surplus_________ 1,281,156

N ot earnings............... $350,519 Total surp. Doc. 31 ’ 17.$1 .147.175Tho balanco sheet o f the railway company Doc. 31 1917 shows total assets

o f $4,052,713, offset by $2,850,000 capital stock [all owned by tho Cerro do I’ asco Copper Corp.l: current accounts, $55,538 (incl. U. S. taxes, $51,306); surplus. $1.147,175.— V. 106. p. 1463, 1129.

The U nited Gas Improvement Co., Philadelphia.(36th Annual Report—Year ended Dec. 31 1917.)

Prosidont Samuel T . Bodino says in substance:Capital.— Capital requirements for 1918 wero radically cut with tho final

result that there Is needed for tho Philadelphia Gas works and for tho various companies in tho Stato o f Pennsylvania In which wo are shareholders $2,400,000. which will bo provided by your company from Its current resources. For tho subsidiary companies outside o f tho Stato o f Pennsylvania $7,500,000 has been provided by tho salo to Droxol & C o. of $7 500 000 one-year 6% unsecured notes, dated l<eb. 1 1918, with a refunding option to tho company (V. 106, p. 827). Tho cost o f securing this capital will be a charge against tho companies for whoso benefit It was borrowed, and will not directly affect tho earnings o f tho United Gas Im-PrConnecticut0Light A Power Co.— Sixty per cent o f tho proceeds o f said notes will bo used in tho development o f tho plants o f tho Connecticut Light & Power C o., in which your company becam e largely Interested early in 1917 (V . 105. p. 719. 1423). , . . . XT

The company named supplies electricity for light and power in tho Naugatuck and llousatonic valloys of Connecticut, in a series o f essentially manufacturing communities, among which are: VVaterbury, Naugatuck,Watervllle. Watertown, Oakvillo. Cheshire, Now Britain Plalnvlllo, Berlin, Newington, Southington, Norwalk, East Norwalk, New Canaan,


Apr. 27 1918.1 THE CHRONICLE 1793W ilton Georgetown, Rowayton, Greenwich, East Portchestcr, Stanwick, Cos C ob, Riverside, Sound Beach, Branford, New M ilford, Seymour and Beacon Falls. , _ . . .. . . .Even in peaco times this Is an important manufacturing district; at present a largo number o f its manufacturing plants are engaged in the production o f war materials and most o f them depend upon this compaay for power. Their demands are increasing so rapidly that tlio Connecticut Company is not ablo to meet them with its existing steam and water power plants. The now power development, partly from steam but mainly from the water o f the Ilousatonic River, is well under way and will be pushed to completion as rapidly as possible, together with the construction o f the necessary transmission lines to carry tho current to Watorbury, New Britain and intermediate territory. , . . , ,, .

Northern Indiana Gas & Electric C o— This subsidiary was also called upon for largo expenditures for capital account. It furnishes gas and electric current in tho citii-s and towns of East Chicago, Plymouth, Logans- port, Hammond Fort Wayne, Wabash, Michigan C ity, Lafayette, Frankfort, South Bend, Bluffton, Lebanon. Mishawaka, Decatur, Crawfords- villo and Whiting This is an important industrial district and most o f its important concerns have added to their regular and ordinary business the demands of tho Government for war material. . . . . .

Coal Shortage — Tho past winter taxed to tho utmost tho strength and ability o f vour organization. Unusual demands for coal for war purposes, coupled with transportation difficulties due to these new demands and to an unusually sovero winter, resulted in a scarcity o f coal for domestic use and a phenomenal demand upon gas companies. In Philadelphia the consumption o f gas on Dec. 29 amounted to 59,764 000 cu. ft ., as compared with 47 490 000 cu. ft. on the maximum day o f tho previous year. We were abio however, to supply tho city with gas through the winter o f a candle power and heating value in excess o f that furnished in any other city in tho State o f Pennsylvania. . .

Hates__A number o f our companies have applied for permission toincrease rates; somo of these petitions have been granted, others are pending, nono lias been refused. . . . . , , .. . . , . ,

Dividend — Any increased dividend under existing conditions would in the unanimous opinion of your directors bo most unwise. (Compare' Slock EistecL— On April 18 1918 tho capital stock was admitted to the regular list o f tho Phlla. Stock Exchango.

INCOME ACCOUNT FOR CALENDAR YEARS.Earnings from—

Leased works & invost’tsSalas o f securitias----------Interest received______Miscellaneous---------------Sales o f store-room mat'l Construction contracts.Rentals o f offices______Rentals o f bldg.. Broad

& Arch Sts., to cos. in which co. is st’kholder

Deduct Expenses— State and Federal taxos. Salaries & traveling exp. Cost oper. bldg. Broad

and Arch Streets_____Cost o f litigation----------General & miscellaneous Roplaccm 't o f elevators,

bldg. B road & Arcli S ts. T o American Red Cross

war, &c., fund______Sink. fd. to retire Phila.

Gas Works investment

N et earnings................

1917.$7,153,461

508,638431,025

6,84714,155

1916.$8,377,859

622,577335,486

10,42711,66835,083

1,600

1915.$8,734,905

1914.$6,633,823

2,172,812225,129

6,693276,865

5,7187,507

1,600 1,600 1,600

47,718 45,858 44,795 44,487

$8,163,445 $9,440,558 $9,071,390 $9,084,544

$536,179555,943

$613,825497,206

$389,903463,757

$423,983478,102

83,38619,941

253,55148,94065,000

685.000

65,96725,989

138,539

61,24832,775

126,786

63,42621,143

201,490

829,700 797,500 801,300

$2,247,940$5,915,505*4,582,755

$2,171,226$7,269,3314,440,236

$1,871,969$7,199,4214,440,236

$1,989,444$7,095,1004,440,236

$1,332,750 $2,829,095 $2,759,185 $2,654,864* After deducting $73,304 int. adjustment on capital stk. subscriptions.

BALANCE SHEET DEC. 31.1917.

S1910.

SAssets—Gas, elect., Ac.,

property (cost).78,922,480 70,747,899Consti"n contract- 279,009 Itealest., Phlla. ,&c. 1,048,584Cash____________ 4,330,400Accts. & bills rcc.. 5,457,584 Coupons & guar.

dlv. accrued-,- 5GG.841 Storeroom material 202,405 Sink, fund securs. 0,942,000

240,3401,040,9902,732,3564,285,075

578,510179,535

5,959,000

T ota l................ 97,809,429 91,775,710

1917. 1910.Liabilities— S S

Capital- stock___ 01,029,800 55,502,950Taxes accrued but

not due........ . 535,000 533,494Due companies In

which we arestockholders'..... 215,339

Sundry accounts.. 000,093 108,082Undlv. profits._.x35,637,930 35,415,245

T ota l___ -.97,809,429 91,775,710x After deducting extra dividend o f 2 % , $1,110,059, paid in 1917 but

deducted by company from accumulated surplus Dec. 31 1916.— V. 106, p . 935, 827.

A m e r i c a n W r i t i n g P a p e r C o . , H o l y o k e , M a s s .

(18th Annual Report—Year ended Dec. 31 1917.)Pros. Goo. A . Galliver, Ilolyoko, April 10, wroto in subst.:Results.— Tho total business amounted to $15,019,564. Manufactur

ing including raw materials, labor, mill expenses, taxes, freight, &c., cost $12 454 238, and charges for depreciation, repairs and maintenance aggregated $713,633. The manufacturing profits were therefore $1,851,693. Adding other income o f $194,452 and deducting general and selling expenses, discount on sales, and other income charges, totalling $1,158,268, loavos net prorit o f $887,877. Of this amount $566,520 was consumed by interest on bonds in tho hands of the public (not including bonds in sinking fund or treasury); reserves were set up for inventories and war taxes o f $171 060. Tho net addition to surplus amounted to $150,287.

Our business was adversely affected by tho peculiar conditions in tho paper trade in 1916. Tho shortage o f stock and a speculative interest carried prices upward. This in turn resulted in increased production, followed in 1917 by reaction and overproduction. Tho slackening o f demand and consequent weakening in prices o f finished paper, particularly during tho third and fourth quarters, became dlsnroportionato to tho advancing cost of raw materials. The outcome may be stated as an advancement in raw materials o f 3 7 % , While the advancement in selling prices averaged only 20% . Raw materials comprise about 70% o f our total manufactur- lug cost. Furthermore, while tho value o f sales in 1917 shows about tho same as in 1910, tho volumo o f paper sold, and tho tonnage manufactured, was considerably under the figures o f 1916. Labor costs 'vef£ also augmented by competitive conditions in the labor market. Difficulties in transportation wore contended with. c believe, however, that these conditions will bo corrected by tho readjustment In prices o f finished paper, which aro rapidly becoming effective, and the improvement already manifested in the general manufacturing situation.

Current Working Assets.— The balance sheet as o f D ec. 31 1917 shows not current assets o f $5,403,927. Cash (8866.774) and accounts receivable from customers together aggregated $2,806,931, whereas accounts payable were $1,184,455 and total current liabilities $1,798,669. Tho inventories aro carried at cost or at present market prices, whichever Is lower. Against any shrinkage in tho value o f tho finished paper, tho sum o f $151,059 has been set asido from tho year’s earnings.

Debt.— In March 1917 your directors authorized tho purchaso o f $1,000,000 o f tho company's bonds. Against these tlicro wero outstanding on D ec. 31 1917 collateral loans amounting to $854,778.

Tho sinking fund on Dec. 31 1916 held $3,127,000 par value o f our bonds. During the year tho $100,000 paid tho sinking fund, together with tho sinking fund accruals, resulted in the purchase o f $297,000 bonds.

First M tgo. 5% bond statement Dec. 31 1917: Issue, $17,000,000, duo July 1 1919. (u) Sinking fund held D ec. 31 1916, $3,127,000, and pur

chased in 1917 $297,000: total, $3,424,000. (6) Treasury held D ec. 311916 $1,501,000 and purchased during 1917 $957,000; total, $2,458,000; (c) Balance in hands o f tho public, $11,118,000. '•***'

Management.— W ith a view to a moro centralized control o f afiairs, an advisory committee has been created and a number o f changes have necessarily been made in the personnel o f tho management. Valuable results can confidently be expected from these changes. [In Feb. 1917 new interests bought control and a new board was elected, including Walter T . Rosen o f Ladenburgh, Thalmann & C o.; Henry Evans, I’res. Continental Insurance C o.; James N . Wallace, P ics. Central Trust C o.; Galen N . Stone and others. In January last M r. George A . Galliver, formerly connected with Harrison Williams properties, became President, and early this month E. B. Hutchinson o f Ernst & Ernst, N . Y ., was made Treasurer. M r. Rosen is Chairman o f the Board.— Ed. See V. 104. p . 561; V . 105, p . 1311, 2096’ V . 106. p . 89, 1579.] . , , , ,

Reappraisal.— On June 30 1899, at organization, the value o f the real estate, buildings, machinery, water power, &c., was placed upon the at $15,867,410. Practically no change had been mado since in this item, since it lias always been the policy o f the company to charge all repairs and new equipment into its operations.

Tho American Appraisal C o. o f Milwaukee, whom we employed to appraise the physical property as o f March 31 1917, reports the reproduction value, based upon the normal average cost prices prevailing before the war, o f all land, buildings and equipment, water-power rights and other assets, to bo $19,834,854. This amount was depreciated by $5,244,024, making the net sound value as o f March 31 1917 814,590,830 as the actual value o f the property and its usefulness to a going concern. Net additions during tho current year, at actual cost, not included in the appraisal, amount to $1,344,491, largely authorized and contracted for in 1916. Total sound value after subsequent adjustments for depreciation and repairs, as^of D ec. 31 1917, is in the amount o f $15,868,685.

Properly as Appraised at March 31 1917 and Additions to Dec. 31 1917.Reprod. Value Net Allowance Net Sound

Mar. 31’ 17. Additions. Deprecia'n. Value. Total, covering 21 divis’ns $18,800,353 $1,359,005 $5,149,3511815,010,007 Office bldg, and contents. 140,653 19,299 39,976 119,976Bower station “ A ” , central

stores, shop, & c_______ 409,602 33,487 92,934 350,155Mill sites, tenements, &c__ 484,246 deb.67,300 28,399 388,547

T o t a l_____ _____________ $19,834,854 $1,344,491 $5,310,660 $15,868,685Depreciation o f buildings and equipment, and expenditures for renewals

and maintenance, were written o ff during the year to amount o f $713,633.INCOME ACCOUNT FOR CLAENDAR YEARS.

1917. 1916. 1915. 1914.Gross sales billed______ $15,019,5641Not shown up separately in theseCost o f sales___________ xl3,167,871j three years.

Gross profits.............. .. $1,851,693Interest, & c____________ yl94,452l ’ ulp duty refund______ ______

$3,927,941137,181

Total net incomo____$2,046,145Interest on bonds______ z$566,530

553,215

$1,185,760 $1,009,638 79,202 94,920

8,073 148,848$1,253,406

$850,000 411,716 100,000

$4,065,122 $1,273,035 $850,000 $850,000

514,244 449,990_____ 100,000 100,000

559,992 N ot shown separately in these years 45,060 76,500 ______ ______

171,060 .......................... ........... - - - ' - I .

lixpensos_______________Sinking fund___________Discount on sales______Miscellaneous deduc’ns.Reserve for inventories

and war taxes________Total deductions____$1,895,858 $1,540,744 $1,399,990 $1,361,716

Balance, sur. or def___sur.$150,287sr$2,524,378 def$126,955 def$108,310x Includes raw materials, conversion supplies, labor .mill expenses, taxes,

freight, & c., $12,454,238, and depreciation, repairs and maintenance, $713,633. y Includes in 1917 interest and discount earned, $118,344, and scrap sales, &c., incomo, $76,104. z Bond interest, net to public.


Assets----Property acc't..a l5Good-will, &c___ ISCash____________Notes &acc'tsrcc. 1 Company bonds..Mlsccll. stocks__Supp. & materials 4Liberty bonds___Other assets, & c.. Investments, &c._ Sinking fund.........

1917.S

868,685010,150866,774,942,284

,374,23019,309

132,04944,68086,074

1916.$

10,759,93518,010,150

740,8932,131,5941,268,437

210,4723,932,389

2,618,983

Liabilities—Preferred stock___12Common stock____95% bonds______b l lTrade acceptances Notes pay’le (bank

loans).......... ......Ace’ts payable____1Res. lor war taxes Bond purch. acc’t . Accr’d wages & tax Sink, fund reserveGeneral reserve__Surplus...................5

1917. 1916.$ $

,500,000 12,500,000 ,500,000 9,500,000 118,000 17,000,000 126,458 ...........400,000\ ,184,455/

20,000 854,778 87,755

3,727

,553,3872,018,983 1,237,411 2,812,733

T otal................ 41,344,835 45,672,854 T otal.................41,344,835 45,672,854a Reproductive valuo (pre-war basis) o f real estate, buildings, machin

ery, water powers, &c., as appraised Mar. 31 1917, with subsequent additions and deductions to Dec. 31 1917, $21,179,346, less 85,310,661 allowance for depreciation, b After deducting in 1917 $3,424,000 purchased, held by trustee, and $2,458,000 in treasury, on hand or pledged.

Tho profit and loss surplus Dec. 31 1917 was $5,553,387, after adding $7,538,355 balance per books Dec. 31 1917 (see text above), and surplus for year 1917, $150,287; and deducting (1) $1,635,354 reduction in book valuo o f machinery, real estate, buildings, water power, & c., to conform with tho net sound value at appraised Mar. 31 1917; (2) $434,659 loss sustained from salo o f property, and (3) $65,242 net sundry adjustments, etc.

Tho company was contingently liable on Doc. 31 1917 as endorser on trado acceptances and notes receivable discounted at banks, $224,272.

Since tho organization o f the company in July 1899 there has been paid in all 10% on the cumulative preferred stock.— V. 106, p . 1579, 1128.

U n i t e d S t a t e s G y p s u m C o , , C h i c a g o .

(Report for Fiscal Year ending Dec. 31 1917.)INCOME ACCOUNT FOR YEARS ENDING DEC. 31.

1916. 1915. 1914.Sl.092,178 $811,419 $900,593

$347,33294,411

1917.N et p ro fits______________$1,288,673

Deduct—Repairs, replace’ts, &c_ $406,280Bond interest, & c______ 70,431Res. Federal taxes____ 78,726Brefprrcd dividends. . . (7%)372.844 (7 % )343,966 Common dividends____ ______ ______

Balance, surplus_____Total surplus Dec. 3 1 --

$215,77594,023

$205,86089,879

a l ,635,628(6%)270,068 b309,246 ............

$360,392$900,091

S307.469 C$1,443,253 $341,786$539,699 $233,230 $1,676,483

a Includes cumulative dividends on preferred stock o f prior years paid in common stock, b Includes $289,657 paid in cash and $15,589 paid in stock, c l ’aid from profit and loss surplus.


Assets—3Plants.................. 4Gypsum & gypsite 5 Treasury holdings Expenses charged

to future IncomoInventories_____ 1Notes & accts. rcc.*l Cash.......... ..

1917.S

,603,102,088,370159,38371,432

023,078,073,728112,306

1916. 1 1917.S [ Liabilities— s

4,249,167 | 7% cum. pref. stk. 5,396,000 5,088,370 Common stock ... 3,904,900

41,000 Pref. stock subscr. 68715-yr. 6 % gold notes 1,000,000

74,336 Notes payable___ 100,000831,053 Accts. payable... 300,819

►1,032,608 Accrued int., &c._ 122,148105,097 Reserves_______ 406,155

Surplus........ ........ 900,091T ota l................ 12,131,400 11,421,631

1916.S

5,271,6003,904,900

18,9981,000,000

50,000232,909

60,811342,714539,699

T otal................ 12,131,400 11,421,631* After deducting $136,557 reserved for doubtful notes and accounts In

1916 and $121,533 in 1917.— V. 106, p . 1583.



N e w Y o r k D o c k C o m p a n y .

(17th Report—Year ended Dec. 31 1917.)Pres. William E . Halm, April 23, wrote in substance:

Notwithstanding the continued increase in tho cost o f materials, taxes, wages and salaries, the net results o f the year’s operations show a substantial increase over those o f tho previous year.

Maintenance expenses incluclo $439,070 for extraordinary repairs to the piers, warehouses and bulkheads. Tho depreciation fund has been increased $169,317 and now amounts to $382,843 in cash and com pany’s bds.

Pier N o. 17 was completed and occupied by the tenant in July 1917. Owing to the delay o f the city in completing the subway, it has not been possible to commence construction o f the M ontague St. pier. Pier N o. 26 was destroyed by fire in Aug. 1917, but has since been replaced by a largo modern pier which was turned over to its tenant this month. Tho sprinkler system for this pier protects also warehouses 117, 118, 120 and 121. The grain elovator and nino warehouses, known as Dows Stores, were totally destroyed by fire in October. Pier 31, long disused, has been demolished and will not be rebuilt. Adjustments have been made in tho accounts to provide for tho demolition o f this pier and the losses by firo.

A three-story reinforced concrete building has been erocted at Joralemon and Furman streets for our office force at a cost o f $110,000. A sprinkler system to protect the warehouses in the Red Hook section, 13 in number, is nearly completed. The replacement o f Pier 45 by a now pier with a shed is now under progross.

A dividend o f 2% on the pref. stock was paid Aug. 15 1917, and one o f 3% on Feb. 15 T918, being the first dividends since Oct. 1911.INCOME ACCOUNT FOR CAL. YEARS— DOCK CO. A N D DOCK RY.

Revenue—

Other incom e.

Other deductions

do do

1917..$2,590,001- 1,350,967- 271,516- 210,551

1916.$1,603,991

1,032,898262,717165,530

1915.$1,224,748

799,213253,372142,594

.$4,423,035-$1,019,100- 160,852- 985.051 . 241,535

$3,065,136 $365,059

111,898 799,633 192,567

$2,419,927$264,665

60,504635,444155,475

-$2,406,538 -$2,016,497 - 505,187

$1,469,157$1,595,979

393,272$1,116,088$1,303,839

377,079-$1,511,310 - 43,151

$1,202,70617,875

$926,76015,769

- $502,000- 33,322

$1,220,581$502,000

9,173$942,529$502,000

13,599-$1,019,139 - def2,452

$709,40873,109

$426,930defl7,644

.$1,016,687 - 500.000

$782,517 $409,286

- $516,687 _ $782,517, • $409,286

def$7,8019,843

i n c o m S A c c o u n t f o r c a l e n d a r y e a r M— N e m F'y o r i? d o c i-Tr y . „ *1917. 1916. 1915.R evenu o..................................................... $484,127 $404,899 $393,397E xpenses..................... 463.510 388.089 401,198N ot revenue............................................... $20,617 $76,810N et deductions............................................ 23,069 3,701

N et income . . . def$2.452 sur.$73,109 dof$17.644Tho earnings o f the New York D ock C o.for the 3 mos. ending Marcli 31

1918 wdl do found under “ Railroad, & c., Earnings” on a preceding page.COMBINED BALANCE SHEET DEC. 31 — DOCK CO ."'A ND~DOCK""RY.

' ' 1917. 1916 *Liabilities— $ $

Preferred stock ... 10,000,000 10,000,000 Common stock ... 7,000,000 7,000,000 1st M . gold 4s— cl2,550,000cl2,550,000

1917. 1916.Assets— S S

Real e3t.,wharves, wareh’ses, term.railway, Ae...a30,397,333 30.0S1.660

Depreciation fund. b3S2,843 213,525Cash____________ 122,359 473,289Accts. recelvable. 1,067,759 668,605Accrued charges.- 292,804 110,026Material A supp.. 105,024 63,608Interest accrued.. 5,950 4,567U. S. Treasury

bills (4 % ) ... 125.000600.0002d Liberty Loan..

N. Y . City corporate stock.......... 5,000 5,000

Deferred assets__ 28,666 1,746Unexplred lnsur.. 125,193 89,346Miscellaneous___ 6,150 18,776

T ota l.......... ...33,264,080 32,330,140

Bond interest___Divs. on prof. stk.

pay. Feb. 15 T 8 Vouchers and pau-

roli3 .......... ....... 166,097

209,167 209,167300,000

Accounts payable. Charges duo RR’s.Taxes accrued___Est. coset of deliv

ering mdse____Operating reservesUnearned rents__Other def’d items.

22,55736,42276,12860,819

227,73749,89711,943

Surplus account..d2,553,314

91,66910,55939,67615,49931,00564,31164,9087,377

2,245,979T otal................ 33,264,080 32,330,149

a Includes as o f Dec. 31 1917 real estate, wharves, warehouses, & c., $28,566,072: terminal railway, $729,455: floating equipment, $260,529: machinery and tools, $145,126: additions and betterments, $616,431: total, $30,317,612: less rcservo for depreciation, $431,451: balance, $29,886,162: and adding cash on deposit with trustee under terms o f mortgage, $511,171: total as above, $30,397,333. b Includes cash in bank, $129,716;'bonds o f N . Y . D ock C o. (par, $327,000) at cost, $247,678, and interest accrued on bonds, S5.450. c After deducting $450,000 bonds held in treasury, d After deducting S209.351 sundry adjustments (not), including $206,500 representing depreciation prior to July 1 1915, not previously provided for on property destroyed by fire or demolished by during 1917 (see text abovo). — V . 106, p . 1039, 933.

C a n a d i a n C a r & F o u n d r y C o . , L t d .

{8th Annual Report—Year ending Sept. 30 1917.)Pres. Nathaniel Curry, Montroal, Apr. 15, wrote in subst.:

Russian Shell Order.— This report has been delayed bv our desiro to include therein tho results o f the Russian shell contracts. Said results after deducting liberal reserves for contingencies, aro included in tho statement o f surplus and profits. Your President, however, believes that the profits will be increased upon the presentment o f tho final figures

The outstanding accounts receivable in connection with these contracts, are referred to In the accountants’ certificate [who certify to tho proper presentation o f the assets and liabilities, “ subject to realization o f assets o f the Agency o f tho Canadian Car & Foundry C o ., L td ., aggregating approximately $1 ,0 00 ,0 00 , which aro the subject o f litigation, but which tho directors consider aro colIectibIe” J, l ’hoy compriso mainly one item o f $713,000 payable by the American Can C o ., and one o f approximately $200,000, representing duties paid to the U. S. Government on materials destroyed in the Klngsland disaster In January 1917. T o provide for the reimbursement o f tho latter item special legislation Is being enacted.

The American Can C o. item represents part o f a balance o f indebtedness due originally by the American Can C o. to tho Recording & Computing Machines C o. o f Dayton, O ., and subsequently assigned by tho latter com pany to Agency o f Canadian Car & Foundry C o ., L td ., in connection with tho settlement o f certain matters arising out o f tho Russian shell contracts. The American Can C o. admits that the amount abovo stated is duo by it, but lost there be doubt whether the Russian Government was validly represented In theso transactions, has asked that before payment is made by it a judgmont bo obtained authorizing such payment, in order that it may bo fully protected as regards tho validity o f tho discharge. Tills judgment should bo obtained within a reasonable titno.

Subsidiaries.— The Canadian Steel Foundries, L td ., and The Pratt & Letchworth C o ., L td ., had succeessfui operations and made substantial profits. The Rhodes, Curry C o., L td ., operated at a slight profit; building In the Maritlmo Provinces is stagnant.

Results.— W ar munition and export equipment orders were tho chief factors in our operations during the year, accounting for over one-half o f tho gross output. H eavy shipments on export orders were mado between

October 1916 and M ay 1917, when the last annual report was issued, and a loss was experienced on tho greater portion o f such shipments: howover, the loss was less than would have resulted had your works not been in full operation, inasmuch as tho export orders absorbed a large proportion o f

° verhead expenses and fixed charges. Subsequent export orders were tilled at a profit, and similar orders now on hand promiso a fair return.

Iho combined output o f the associated companies (exclusive o f the Russian sheH contracts) for the fiscal year was approximately $25,000,000, of which amount 50% was produced by the subsidiary companies. Domestic business in our regular lines was again comparatively light, although a remarkable improvement has slnco been shown.

Tho earnings o f the year have been charged with the full cost o f maintenance, a sufficient provision for depreciation and $540,000 in extinguishment o f expenditures on munition works and facilities. After writing o ff also the losses on export equipment orders referred to, tho net profits from the operations in Canada were only approximately sufficient to pay the fixed charges, and tho surplus shown for the year practically represents the not earnings from tho Russian shell contracts ascertained during 1917.

Additions.— The addition to tho cost o f properties account was caused mainly by further expenditures on the works at Fort William, which are now In full operation, the purchase o f property in Montreal for a much needed central office building, and tho extension o f foundry facilities in Montreal for tho production o f steel castings and track intersection work.

Capital Stock.— The increase in our capital stock (ordinary shares) represents common shares issued at par in discharge o f cash obligations contracted in connection with the Russian shell contracts.

Notes Retired.—-Tho $560,000 one-year 6 % debenture notes o f the Canadian Steel Foundries, L td ., were retired during the year.

Orders.— The combined order books o f your company and its subsidiaries, o f writing, show a total valuo o f unfilled ordors aggregating

$36,500,000. Over 75% o f this value represents orders for the regular and normal products o f tho car equipment industry. I f unfavorable contingencies do not arise, your present order book assures continuous and profitab e operations during the year o f 1918. In fact, tentative figures prepared indicate that tho net profits for tho first six months o f the fiscal year o i l 918, after payment o f fixed charges, will approximate $1,500,000.

Shipbuilding.— Some months ago we were asked to co-operate with the M anitowoc Shipbuilding Co. o f M anitowoc, W ise., in tho manufacture o f twelve mino sweepers for the French Government. Our Fort William works possessed tho necessary machinery and an excellent water frontage, and it was estimated that an assembling plant and launching facilities for this class o f boat proposed could be Installed for approximately $200 ,0 0 0 . Liberal terms o f payment were agreed upon with the French Government, and advance payments arranged to provide the necessary capital and Inventory requirements. It Is believed that this initial order will yield a profit after charging against earnings the entire cost o f tho additional installation.CONSOL. SURPLUS AN D INCOME ACCT. YEARS END. SEPT. 30.

(Incl. Can. Car & Fdg. Co., Ltd., Can Steel Foundries, Ltd., and Assoc. Cos.)1916-17.

Approximate output- .y$25,000,000 N et profits ...................... *$2,572,884

1915-16.$1,292,105

350,000538,693

50,156

1914-15. 1913-14.$5,500,000 $11,100,000

$321,840 $673,036325,000555,312

278,077460,768

.(5K )367,500

. 159,000

Deprec’n A renewals___ 467,610Bond interest.................. 523,915Int., &c., on deb. notes. 50,019Int. on bank loans, & c_. 118,331Pref. dividends_____ ___ ______Common divs. (4 % )___ ______Special reserve fund____ ______

Bal., sur. or def------ sr.$l,413.009 sr.$353,256def.$558.472def.$592.309* Including profits on Russian shell contracts, y Excluding Russian shell contract.

CONSOLIDATED BALANCE SHEET SEPT. 30.( Incl. Can. Car & Fdg. Co., Ltd., Can. Steel Foundries, Ltd., and Assoc. Cos.)

1917.S

1916.3Assets—

Real est., bldgs., mach. .pats. , Ac. 20,498,506 19,602,117

Inv. for red. Mont.St. Wks. bonds. 100,000

Mater’l, supp.,&c.(at or below cost) 7,760,663

Bonds, stocks, &c. 102,501Accts., bills, rec.,

less reserve___ 2,829,364Car trust notes.......................Agency of Co. Rus

sian shell contracts--------------- *4,002,967 3,621,352

Deposit on Govt.

100,000

3,819,01991,669

2,290,5683,056

24,742298,841

a853.591

3,225200,444258,408

1917.Liabilities— $

Preference stock.. 7,500,000 Ordinary stock.. . 4,903,700 Can. C.& F.lst M. 5,385,693 Can. Steel F’drles.

1st M . A collat. 2,440,146 Mont.St.W.1st M. 749,000 Craig St. M tge ... 100,000Can. 3. F.dob.notes _____Bank loans, A c . . . 2,940,051 Accts., Ac., pay'le 4,003,127 Acer. Int. A taxes. 138,781 Agency Rus. con

tracts ........ . bl ,373,371Deprec. A sinking

fund reserve__ 2,310,741Special reserve... 500,000 Opcrat’g, Ac..fund 559,001 Profit and loss___ c2,840,065

1916.S

7,500,0004,186,7005,539,6032,539,913

749,000500,000

2,408,4722,182,850

178,148

1,828,538500,000389,578

1,427,054

contracts, A c..Mortgages............Cash in banks___Deferred items__

T otal................ 30,471,176 29,989,8561 T otal.................36,471,176 29,989,856* $2,830,927 collected since Sept. 30 1917. n Includes expenditures in

connection with tho rearrangement o f plants and tho purchase o f machinery for the manufacture o f shells, loss amounts written o ff todato, $542 199, and Insurance taxes unexplred and expenses chargeable against future operations, and miscellaneous, $96,258. b $619,476 paid slnco Sept. 30 1917. c Subject to Government taxes.

Preference dividends have been paid to Juno 30 1914. V . 106, p . 1690.M o t o r P r o d u c t s C o r p o r a t i o n ( o f N o w Y o r k ) , D e t r o i t .

{Report for Fiscal Year ending Dec. 31 1917.) President W . C. Rands says in substance:Status.— On Dec. 31 1917 tho corporation had no liability except its

strictly curront monthly accounts, and the serial bonds which have beon reduced by $100,000 to $900,000 (comparo offering o f samo, V. 104, p . 1595). On tho other hand, assets in tho naturo o f cash, sound accounts receivable and land contracts amounted to $2,919,967.

Earnings.— The sales for tho year amounted to $9,033,082, an increase over a llko provious period o f $3,153,506, or 48.6% . This increaso was without any Government or war orders whatsoever and during tho process or consolidating o f four o f our manufacturing plants in Detroit into tho newly acquired Lozier plant, with all tho oxpenses and interruptions incident to moving such a largo amount o f machinery and material.

Tho earnings amounted to $537,528, after liberal depreciation and reserve but with no provision for Federal taxes (estimated as between

$80,000 and 8100,000). In view o f tho extraordinary oxpenses Incident to moving into tho now plant, completion o f old orders on a rising market— increased cost o f labor, material and taxes, theso earnings can bo regarded as highly satisfactory.

Outlook— Neio Lines— Government Orders.— The outlook is most encourag- ng, notwithstanding tho almost certain falling o ff o f tho requirements o f

passongcr car manufacturers. This lias been anticipated and wo have, therefore, secured orders from tho Government to the amount o f $5,500,000 — signed contracts, with additional business under consideration. Orders have also been secured from responsible companies for production o f finished product in a now field which, we believe, will be permanent and, upon com pletion, will reach $2 ,0 00 ,000 .

Dividends Postponed.— The additional and now busnlcss require some outlay for equipment and material, in view o f which, o f tho uncertainty o f tho oxtent o f Federal tax levies, and the future o f tho monoy market, your directors holding more than 50% o f tho outstanding stock, havo taken the position that a conservative policy dictated tho postponement o f dividends [$1 per share paid quarterly April to Oct. 1917, both inclusive; none since] and tho conservation o f tho corporation’s cash. W e can seo nothing but a bright future ahead, and It is hoped wo can not only resumo tho regular dividend basis, but reaiizo tho anticipation o f increased earnings and theroby give very satisfactory returns to tho stockholders on their investment.

INCOME ACCOUNT FOR CALENDAR YEARS.

N et sales for calendar years (Increased 48 .60% )____$6,470?576 $9,6333082Net profits for tho fiscal year ending Dec. 31 1917.................... $537,527Dividends paid ($1 per sharo paid April 3 1917, also July 1 and

Oct. 1— in all, $3)............................................................................. 233,333Balance, surplus, for year 1917. $304,194



CONSOLIDATED BALANCE SHEET DECEMBER 31 Assets__ u i / «

Land contracts receivable— — ...................................... R o t o c rNotes and accounts receivable...................................... i n f i l lCash in banks and on hand------------------------------------ on?'n7nInventories-------------------- 7fi885Deferred charges, & c................ - .................................... ‘ 0 ,000

1916.

2,458,023681,342109,418

1,986.4849,911

T ota l.............................................................................-8 5 ,0 49 ,0 7 3 $5,245,778

Net*worth6Jan. 1 1917. S3.715.617; profits; as above t. stated, $304,194; total, $4,019,811. less $o,848 P adjustment o f properties to appraisal, balance, rr represented by 80,000 shares o f no par value stoc

or a book value of $50 per share. — - — — ------5 4 ,0 1 3 ,9 6 2 53,280,010Purchaso-monoy obligations—-real estate mortgage. - - - - - - k.225,010First mortgage o f 6 % serial bonds--------------- -Accounts payable (tr ade cr editors, payroil, sa!a ri es, p, &c., $115,407; misc. accrued iterms, $19,703, total id b .n u

811,050729,112200,000Reserve for general purposes— -------------------------- ------------------ ----------------

, ............ .............. $5,049,073 $5,245,778" Vt" * 7,'rnvTslnn" for ’ Federal taxes has been made on the above

balance sheet! which are estimated at between $80,000 and $100,000. Compare V. 106, p . 92.

C a l i f o r n i a P e t r o l e u m C o r p o r a t i o n .

{Report for Fiscal Year ending Dec. 31 1917.)The report of Pres. Thomas A . O’Donnell says in briof:A d d i t io n s — During the year thoro has been expended on new wells in

nrocess o f drilling, $180,638 Tlireo new wells have been brought in during at a total cost o f $72,169. There lias also been expended on aA ‘nr!rmanent linprovemonts, $102,287, this including the cost

S l K S S ^ n one o f the now properties, $23,257.Production__The not production was 3,331,812 barrels a decrease o f

586 459 barrels from 1916. The three new wells brought in during the viniHrll 30 *182 barrels. Tho total number o f wells producing Doc.

^1 1917 was 165? wells shut down and under repairs, 26; wells in process o f drilling, 7; wells abandoned. 3. . . . . . .

Market Conditons.— A substantial increaso in price was obtained but _ n f , ,,, / , , l i hoiipfit o f It during 1917 owing to tho fact that your company i s a m?nd er o f tl o Indepcnilent Oil Producers' Agency, which had many low priced contracts on hand. Tho maximum price secured was 85c. neJ barrel while the market quotation during tho latter part o f 1917 was Jiu,. ,)(,r barroi. Thero has been a readjustment of contracts affecting tho nroihVcors belonging to tho Agency which will permit us to sccuro the lull market price from tlais period on to tho end o f its contract with tho Agency. This will produco a substantial increaso in our earnings tho coming year.

Dividends and Sinking Fund.— From July 1 1915 to Jan. 1 1918, inclusive, 11 quarterly dividends o f 1% each have been paid upon tho preferred stock, instead o f at the regular rate o f 1 % % , in consequence o f which Preferred Rfnrlc dividends aro now in arrears 814% as Jan* I w o are alsoi* 0arrears 3791,553 on the pref. stock sinking fund and this likewise must ho made up before any dividends can bo paid upon tho common stock.

Lands in Litigation— Our claim against the U. S. Receiver for certain oil lands mentioned in our report last year now stands at $J< 7,.)J2, and is segregated in tho balance sheet from tho other current assets.

Tho not profits from tho operations o f tho properties in tho hands of the 11 S Receiver wero for tho yoar 1917, beforo providing for dcprccia- iinn *389 684* while the charges for depreciation, depletion, & o., aggregated S43 211? ’The total* not oarnVgs o f said p ro p e r ty to Jan. 1 1918, carried’ in our accounts as a deferred credit and excluded from our own rov'enT h0^ f /g a tiorf with The1 Govern i no n t relative to land titles will probably

pi,?J t . liilSnil throuKh legislation that is now beforo Congress. While nri& oseilogtatotton Is ^ satisfactory to tho California operators,

I consider tho final adjustment will bo much better than to continue the 1 duration I f the bill passes, your company will secure title to only a LnJfp nai't nf tho holdings involved In litigation with tho Government. The loss will affect tho capital account, but a settlement o f tho litigation will be a relief not only in releasing several hundred thousand dollars now In tho hands o f the receiver, but will permit tho operation o f tho developed “ ‘ rt 0f tho properties and secure the earnings as shown above (loss tho royalty and taxes due the Government) for tho benefit o f its stockholders

SALES (BARRELS) IN CALLENDAR YEARS.1917. 1916. 1915.

em tio notroloum______ 2,938,546 3,672,410 3,791,778Tops ? - - - - - - - - - - - - - 237,972 238,028 277,706

1914. 4,764,400

305,964

S421,054 *153,989

98,834 102,219a35,887217,808

M i d w e s t R e f i n i n g C o . , D e n v e r , C o l o .

{Report for Fiscal Year ending Dec. 31 1917.)Pres. H . M . Blackmer, Denver, Apr. 1, wrote in subst.:The company has acquired tho entire assets o f the Greybull Refining C o.

and has absorbed that com pany. During the year the company has increased its refinery capacity at both Casper and Greybull. Wo have also completed a compressor plant in the Salt Creek Field for tho manufacture o f casing head naphtha and installed a pipe lino for conveying the same to our Casper refinery. The oil production controlled by the company has been increased in the various fields in which we are interested. \V e have also acquired practically a control o f the M erritt Oil C orp., which owns a large part o f tho Big M uddy oil fields.

[A press report states that tho total net income for the year 1917 was $16 536 847, and, after deducting S2.410.036 for depreciation and S2.762,- 144'for Federal income and excess profits taxes, tho net earnings available for dividends amounted to $11,364,667, agamst approximately $7.927,<60for 1916.] BALANCE SHEET DECEMBER 31.

1916.

. 3,176,518 3,910,438 4,069,484 5,070,364The*production for tho year 1917 was 3,331,813 bbls., against 3,918,272

. . .J*, ,7, 7. a a a n m o In 1916 and 6.616.784 bbls. in 1914.

1917.Gross earnings (all cos.) $3,185,327 Operating expenses------ 723,049

N ot earnings------— - - $2,462,277Exp. completing wells—Doprec’n on improve s . - Exhaustion o f deposits.Losses written o ff----------Bond in te r e s t . .- - -------Proportion o f earnings or

subsidiary c o s . . --------Reserve for Fedoral taxes

and contingencies------

Total deductions____$1,677,502 $1,193,430 $1,403,324 $2,028,928Balance, sur. c>r doficit-6ur.$784,775sur.$318,228 dof.$49,157sur.$212,542

r ^ n a n s t lo n o f deposits and reserves at 5 cents each por barrel on gross nrndnotion o f 3 079,782 bbls. in 1917, against 3.684,508 bbls. in 1916, § 440 139 bbls. In 1915 and 5,516,784 bbls. in 1914. a Proportion o f oarns. al^dio’ahln to stocks o f sub. cos. in hands o f public.

P? ’ho abovo statement is oxcluslvo o f operations o f tho properties in the hands o f tho U . S. Receiver.

CONSOLIDATED BALANCE SHEET DECEMBER 31.

CALENDAR YEARS (.Incl Subsid’s.)1916. 1915. 1914.

§2,081,154 S I,919,878 S2,867,117509,496 565,711 625,647

$1,511,658 $1,354,167 $2,241,470838,874 $94,957 $282,624113,392 74,953 67,371

*184,225 *222,007 *325,83945,287 72,371 22,153

110,481 115,444 121,648a23,225 al5,291 al9,442

*184,225 *222,007 *325,839(4)493,721 (4 J£)586,294 (7)864,012

Assets—Property act-------Acld’ns & botter't8

slnco Jan. 1914. Invest’ts (at cost)Liberty bonds___U. 8 . Receiver—

Cash&accts.reo. OU in storage__

Aco’ts reo’lo, &c._ Material Sc supp..OH in storago-----Improvements i

progress, &c—

1917. 1910.$ 8

30,858,313 31,420,158

840,903 835,386836,925 260,10180,900

936,299 445,54041,693 160,050

551,035 330,106300,050 361,720018,395 388,809730,597 407,467270,713 99,643

36,079,029 34,769,051

1917.Liabilities— $

Preferred stock__ 12,343,026 12Common stock__ 14,877,005 14Cap. stk.(sub.cos.) 878,649Am.Oilfields Co.Os Am. Petrol. Co. 6s Accounts payable .Accrued Interest—Dlv.pay'le Jan. 1.Res'vc for Federal

taxes & conttng. — .— Special reserve x__ 1,183,530 Deferred credit.y . 470,549 Capital surplus... 2,796,759 Rovenue surplus.. 1,364,754

992.S00645,800155,23329,684

123,430217,808

1916s,343,020,877,005857,945,127,400691,30060,59833,730

123,430

,016,940131,075

,926,622579,979

T otal................ 30,079,029 34,709,051

V Snnclal rcsorvo at 5 cents per bbl. on gross production since Jan. 1 1913. v N o t S t f from operations o f properties in hands o f U. S. Receiver, after depreciation.— V . 106, p . 1129, 603.

1917.S

1916.SAssets —

Property, leases &contracts______27,626,141 17,163,621

Construction____ 6,489,640 1,555,421GreybullRcf.Co.stk --------- 9,200,000Investments____ 6,911,395 727,596Treasury stock ______ 664,000C ash.......... ......... 3,862,203 879,033Accts. receivable. 1,767,859 1,020,642Notes receivable.. 1,514,655 13.97SRcfln. products,Ac 2,000,870 725,810Deferred charges. 45,158 19,344Supplies_________ 2,233,932 241,045

■V. 105, p. 605.

Liabilities- Capital stock..

1917.$ s

25,558,350 20,000,000615,644 544,750

300.000Accounts payableNotes payable------Reserve for depre

elation________ 5,417,590 3,007,554Other liabilities__ 75,275 ---------Reserved for taxes 2,762,144 ------—Surplus.......... ...18,022,852 8,358,187

Total each side.52,451,854 32,210,490

GENERAL INVESTMENT NEWS.

RAILROADS, INCLUDING ELECTRIC ROADS.Adirondack Lakes Traction Co.— Foreclosure Sale.—

See Mountain States Electric R R . below.Algoma Central & Hudson Bay Ry.—Interest Payment.

N otice is hereby given that pursuant to scheme o f arrangement and compromise, and pursuant to supplemental trust deeds, executed as provided in said scheme, payment will be made to the holders o f the 5 % First M tgo. 50-year gold bonds o f Algoma Central Terminals, L td ., at the Bank o f M ontreal, 47 Threadneedle St., London, or at the Bank o f Montreal, 64 Wall St., N . Y ., on April 30, o f interest at 3% per annum for period from Aug. 1 1915 to June 30 1917 upon presentation o f coupons N os. 1 and 2.

Operations for Nine Months ending Mar. 31:Sec Lako Superior Corp. below.— V. 105, p. 1998, 1521.Algoma Central Terminals, Ltd.— Interest Payment.—

Seo Algoma Central & Hudson Bay R y. above.— V. 105, p . 908.Atchison Topeka & Santa Fo RR.—New Director.—D . L. Gallup, Cornpt., succeeds C . D . Gray as director.— V. 106, p . 1576.Baltimore & Ohio RR.— Use of Penna. RR. Terminal.—

See Pennsylvania R R . below.— V . 106, p . 1688, 1229.Bangor & Aroostook RR.— Dividend Increased— Report.—

A semi-annual dividend o f was paid April 1 on the $3,860,000com m on stock. Tho last distribution paid Oct. 1 1917 was 2 % .

Tho annual report is given on a preceding page.— V. 105, p. Ib8 8 , 601.Bay State Street Ry.— Franchise Tax Payment Denied.—

Judge Dodgo in the U. S. District Court at Boston has denied tho application o f the State Treasurer requiring immediate payment o f tho 1917 franchise tax amounting to $81,467 with 12% int.

Fare Situation—Authority Granted to Cancel Bonds.—The Mass. P. S. Commission has suspended until June 1 the petition

presented by Receiver Donham, now under investigation, toi Increase faros through the establishment o f a zone system. (V . 106, p.]1688, 1569.)

Judge M orton in the United States District Court at Boston on April 24 granted the petition o f Receiver Donham for authority to pay and cancel $27 000 mortgage bonds o f the Lowell, Lawrence & Haverhill St. R y . The petition to redeem a short-term note for $50,000 held by the Salem FIvo-Cent Savings Bank will be heard next M onday.— V. 106, p . 1688.

Brooklyn & North River RR.—Adverse Decision.—See Brooklyn Rapid Transit C o. below.— V . 97, p . 1732.Brooklyn Rapid Transit Co.—Large Temporary Loss to

City from Joint Operation under Contract No. 4 of City’s New Rapid Transit Lines and Company’s Elevated System.— The Public Service Commission has made public substantially the following statement showing the financial results from the operation by tho B . R . T . under contract N o. 4 of tho city’s now rapid transit lines and tho company’s elevated lines for tho month of January 1918, compared with the same month from 1914 to date:

The pooling with the B . R . T . under tho dual contracts began when a portion o f the Centro St. loop was placed in operation on Aug. 4 1913. A report was recently made public which pointed out that from that date until tho end o f tho year 1917 tho combined com pany and city deficits amounted to about $6,000,000 (V. 106, p. 1343). Tho deficits at the present time are being added to tho cost o f construction, but beginning with 1919 tho [cityl deficits will have to bo met from taxes.Results of Preliminary Operation of Company's Old Elevated System (115 Miles) and City's New Transit Lines.

(Figures are subject to adjustment alter audit by Public Service Commission.)Month of January— 1918. 1917. 1916. 1915. 1914.

Rovenuo track, miles___ 206.71 180.33 150.77 124.30 123.29Passenger car miles_____ 3,324,105 3,253,317 3,306,163 2,823,899 2,784,380Fare passengers________ 19,611,561 18,129,906 15,291,950 12,898,457 13,195,399Revenue per car mile___ 30.2 cts. 28.5 cts. 23.6 cts. 23.3 cts. nA °Operating expenses, inch , ,.,-taxes, per car mile___ 21.4 cts. 18.3 cts. 15.5 cts. la.3 cts.

EuTtiinos. E tc .—Passenger revenue_____ $980,966 $906,883 §/61,598 $644,923Other rovenuo_________ 26,107 22,874 17,125 17,846

Gross revenue_______ $1,007,073 $929,757 S781,723Oper. exp., rents & taxes. $564,795 $460,838 $400,640Maint. & deprec'n (15%). 150,674 138,966 117,259

24.2 cts16.2 cts.$660,577

12,916$602,769$338,119

98,811

$673,493$353,734

101,024

Not operating revenue. $291,604 $329,953 $263,824 $225,839 $218,735Deductions Allowed Co.—

Company’s preferential.. $291,667 $291,667 $291,667 $291,667a Interest and sk. fd. on ___ „ . . . „

company’s contribution 138,850 92,309 13,144 6,132

$291,6671,555

$40,98744,624

$71,96034,867

$74,48628,437Co.’s deficit (see note) $138,913 $54,022

a b City's int. & sink. fd. 117,086 114,238Total oper. deficit___ $255,999 $168,260 $85,611 $106,827 $102,923a Subject to adjustment when total amount of lessee’s and city's contribution is

finally determined. Approximate investment by lessee and city as of Jan. 1 1918 in now linos in operation is $30,000,000 and $54,000,000, respectively. [Article 2 of contract No. 4 provides that Interest actually paid or accrued on moneys provided by tho city or by the lessee for construction or equipment shall until permanent operations begins bo capitalized, in so far as it is not met from Income. The opening


1796 THE CHRONICLE [Vol. 100.n™n^fJi1 *er»t iJnnÎS’ w il1 mark the beginning of permanent operations, iss ta te d u n d e r - ^ ‘btloV.-Ecl.] that tlme the de,lclts wlU be taken care of as

b S ty s inte(?3t aad slnklng run(1 charges will be capitalized and added to the cost of construction when permanent operation begins, as provided in Contract No. 4.*C tn 8 B e i t s ’’ will be met by taxation. The company’s deficit

which is likely to disappear at no distant date (having amounted to only $110,044 baIf' ycar en(ied Dec. 31 1917) Is to be financed by the company Itself, proba-

?nr ™<YY,?YfP US °r fe“ P°rary •cans, but the company will eventually be recouped Inv nnrtuS? s«> applied from tlie subsequent profits of the pooled properties before any P°rtlPn of t,le profits go to the city. Later on, when net profits accrue rffter meeting the various deductions called for by contract No. 4, they will be divided equally between city and company.—Ed.] uiviueuinJJ'jy/’L 13?!?0®11 that th® deficit for Jan. 1918 is nearly $256,000. due very largely to tho enormous increase in operating expenses, including maintenance, arising from war conditions. Since Aug. 1913, the figures show^ there

an increase o f nearly 80% in the track facilities f t a cost torcon - fs ffn le r *84,000,000, accompanied by an increase inassenger tar miles o f 11% and an increase o f faro passengers o f 48% In

?ntoT>OT ?nl.m »^.vlarf e o f tho,largG sized steel cars has been placedthe old equ^pment f WhlCh has nearly doubled the capacity o f a car of. ^ J d e tbe revenue per car mile has increased from 24.2c. in 1914 to 30.2c.

{ncrease o f 24% , the operating expenses, including taxes per increas®d from 16.2c. to 21.4c.. an Increase o f 32% to operating

A T / " 110- -ASt compared with 1917 the increase I n revenue i f “ ?nuary 1918 per car mile has been 6 % whilo the Increase in tho operatingexpenses per car milo lias been 17% . (Compare V . 106 u 1343 )__See also Rapid Transit in N . Y . City below. p '

Sub. Co. Litigation.—„ T h iscom p an y ’s subsidiary the Brooklyn & North River R R . (V . 97A n r i l ‘u st*5£ Cr°Psoy m the Supreme Court on A PJU JO is forbidden to string its own power-carrying wires on t,hn ‘

° f the Manhattan Bridge Tffreo Cent Linef m d m m t continue V . T o6 pd 1576 t 1343Wer fr0m th° Three Cent Llne- (V . 98, p . 523).—

B r u n s w i c k T e r m i n a l & R y . S e c u r i t i e s C o .—Bonds.—See C ity & Suburban Street R y. below.— V. 100, p . 1351.B u f f a l o & L a k e E r i e T r a c t i o n C o .—Partial Abandonment

p e S

o f ' " S c RaliwayFa non .’ ’ V th i S T W * State See Page 18B u f f a l o L o c k p o r t & R o c h e s t e r R y . — New President.—

f Y f Toronto has been elected President and a director to succeed William O. Morgan o f New York, resigned.— V. 105, p . 2271.

C a n a d i a n N o r t h e r n R y . — Proposed Act to Authorize the Canadian Government to Assist in Meeting Maturing Obligations of System by Guaranty or Otherwise.—Hon. A . K . Maclean, Acting Minister of Finance, for the Canadian Government, has givon notice of tho following resolution to be introduced in tho Canadian Parliament at Ottawa, authorizing the Governor in Council to assist in taking caro of the mat i n g obligations of the Canadian Northern R R . system:non nnoVY,d ’ r h pt. , lt is expedient to provido that as five-sixths o f the shares o f tho capital stock o f the Canadian Northern R y. Co. have been transferred to the Minister o f Finance, as required b y Chapter 24 N nrtLm 3 ! ) l CSo f 1917, tho Governor in Council may assist the Canadian Northern R y . C o., or any com pany included in tho Canadian Northern B y system, in rcnewing or Postponing the payment o f any indebtedness o f any such company, on such terms as m ay be agreed on, b y guaranteeing

6 ? r ln Part tb£ payment thereof, with interest, or the notes or obligations given for such renewal or postponement.OTCp n r T »£ principal to be so guaranteed shall not exceed the amount o f the indebtedness, the payment o f which is renewed 2,r * « onedVand’ furthcr. ’ that the guaranty shall be in such form and signed by such person as the Governor in Council may approve, and shall

the bol]? flt a? d security o f the holder for the time being o f the indeotedness or the notes or o„her obligations representing the same; and tba? ^ ?Z -P£ r 9inv!t u b c b may be required to be made pursuant to any JBiaranty shall be mado out o f the Consolidated Rovenue Fund o f Canada, and the Order in Council authorizing such guaranty shall bo con-

evidcnce, for Ruch holder that the terms and conditions o f thisbSding — Va\1)6C<p R )^ lei343lth’ a”d that SUCh guarantee ls legal and

C h e s a p e a k e & O h i o R y . — New Director.—Garrett B . Wall has been elected a director, to succeed Decatur Axtell.Meeting Postponed.—The meeting o f shareholders called for April 23 to vote on acquiring sev

eral o f the company s controlled roads (compare V. 106, p. 1343) has been postponed to M ay 3, duo to tho fact that less than three-fourths o f the stock was represented on Tuesday. .

Agreements are to be negotiated with the Government looking to com"134.1 1229In utl lzlng the Pr°Perty during Federal control.— V. 106, p ‘

C h i c a g o M i l w a u k e e & S t . P a u l "Ry.—Dividend Action Again Deferred— Earnings.— The directors of the company on Thursday deferred action on the preferred and common dividends until such time as the Government has completed its contract with the company.

“ Daily Financial America” yesterday reported:After the regular monthly meeting o f directors yesterday. President

py™ 1? State 1 that nothing would be done in the [dividend] matter until after the contract botween tho Government and railroad had been signed. N o special meeting o f the board, he said, will be held before the annual meeting in M ay, at which time ho thought the contract with tho Government will be ready for presentation.

President Byram was asked if tho Government had any jurisdiction with t,?ia V enrtAIno .ter)i previous to the beginning o f 1917 and replied that it did not. As the Articles o f Association o f tho com pany provide

that no dividend shall bo paid on tho preferred stock for any given neriod UiKieSf earJJ.ed al Particular time, it is difficult to see how it will be possible for the St. Paul to pay dividends for the last six months o f 1917, as it is understood that the balance available for dividends in the year 1917 ^ r ^ w i L ^ Y o i Y Q°,l3fcc;3 o r 4 % on tf}° Preferred stock. During the first ?!x ? f 1917 3H % was paid on the preferred issuo. leaving not more{AaP M o f 1 % remaining available for dividends on that issue for the last half o f the year.

W ith regard to tho statement a short time ago that St. Paul was endeav-nrim? t.n nfirrnf.lnfp tho coin aP 41ft ftftft /inn 4.- j. . • o. ,

C h i c a g o U n i o n S t a t i o n C o . —Construction Postponement.an A i . ,S w i )r<iss reP °r.ts state that Regional Director Aishton Is considering V1 104erptO2010P W° rk ° n tba Unlon Station until the end o f the war.—

C i n c i n n a t i B l u f f t o n & C h i c a g o R R .—Being Junked —dispatch states that attempts to purchase and reorganize this-

nmYY.Yn7 8 JP.roPerty havo failed and the equipment is now being sold. Tho rails will also soon be torn up and disposed of.— V . 105, p . 1801.

C i t y & S u b u r b a n S t r e e t R y C o . ( B r u n s w i c k , G a . ) . —

t o « uFnnn bas aPP»ed to tho Georgia R R . Commission for authority Y b? nds- „ T be com pany’s $100,000 authorized and out- 5- capital stock is all owned by tho Mutual I.ight & W ater C o ..

S e cu r ity Co (V l O o f p S l ) ^ th° Brunswick Terminal & Railway

rm ^ Y y ,e ^ a n < ^ ( O h i o ) R y . —Fare Increase Litigation.— iatiH t°«<>YiLSJlpre/Y10 Goin-t has overruled tho petition o f the city o f Clove- |.aYd 0 2 0uFf o f A PP®als to certify its findings (which upheld the

Supreme Court in order that the caso might oe heard£ standl. gl*Compare V.ÔG^p.êSS? ^ a" ° ™ th° InCreaSS

Wage Dispute Proposals.—mHYrYieik bave t0 accept either o f the below offers for tho settlement o f the wage dispute between thcmsolvos and the company-

< ?L ±nJncrcaso ° f five cents an hour in wages effective M ay 1, and to sinceIN ov> 1 1917’ Wlth flve cents an hour borlus for all men who worked

A, ra.lso ° / c,°ptR an hour for motormen, who shall be men only, Rbl0fted and their places to bo filled by women on the

present wage scale o f 32 and 35 cents an hour.— V. 106, p . 1688, 1461.

. o Co ° ^ ^ n ^ e a l t h P o w e r R y - & L i g h t C o .—Holders of

.po,047,000 Convertible Bonds Due May 1 Asked to Withhold Presentation Pending Application for Advance from War Finance Corporation—Coupons to be Paid Promptly— IToldors °£ the 6 % Convertible bonds maturing M ay 1 liavo roceivod the following (in substance) from Pres. Anton G . Hodonpyl dated April 20:

W e have filed an application with tho W ar Finance Corp. for an advance pfU rac.nt\ ° / tb? bonds, but it is improbable that action can be

h.an thereon prior to M ay 1. W o therefore ask you to withhold presentation o f your bonds for payment until decision is reached. Large holders o f these bonds have acquiesced in our request.

Coupons due M ay 1 will be paid upon presentation in tho usual manner and the bonds will, o f course, continue to draw Interest during the time they are withheld in compliance with this request.

Earnings.— Of tho company and its constituent companies:Earnings for the Month of March and the 3 Mos. and 12 Mos. end. Mar. 31 ’ 18.

Mar. 1918. Inc.% 3 Months. Inc.% 12 Months. Jnc.%Gross earnings..$1,756,687 12.71 $5,076,359 7.85 $2 0 ,093,104 14.52Oper. expenses.. 1,064,981 21.16 3,306,769 29.35 11,828.953 31.67

Fixedchargesfsee $691’707 l - 79 *1,769,590 *17.71 $8,264,151 *3.47note) ..............- 600,754 14.81 1.779.094 13.79 6,711,038 11.11N et p r o f it s . . . $90,952 *41.81

D iv. pref. stock . 89,765 $*9,504*101.62 $1,553,112 *38.40 269,295 1,077,210 2.76

Dalanco ............ $1,187 *98.22 y$278,799*187.70 $475,902 *67.69* Decrease, y Deficit.

„ eN°te.— Fixed charges include dividends on outstanding preferred stocks orrS?nsf1tucnt companies in addition to taxes and interest. o„i7 7 e opcratV!g conditions were so extraordinary that tho com pany makes substantially the following statement:

In Jan. and Feb. there were many days when it was impossible because or tho snow to operate interurban cars, and when operation in towns was seriously interfered with. Tho cost o f romoving such vast quantities o f snow was very heavy, as was also the increased cost o f car repairs mado necessary by the extreme winter weather. The acuto coal shortage also curtailed greatly the operation o f our properties, and necessitated tho cutting o ff o f electric power to customers on many occasions; also the poor quality o f coal received entailed a heavy additional expense, and because ot tne shortage o f gas plants were forced to make a much larger amount o f water gas than usual, using gas oil at greatly increased prices.Increased Costs, Due to the Weather and Coal Shortage, Compared with 1917.

/ Ti.PrP.f1 ftfin IJncf nf--------h r t i _ L'sih T i / f s V___ n . i. n r__Increased Cost of-Jan.-Feb. Mar. Coal, elec, p lan ts .. $79,000 $6,000 Coal, steam heat’g. 57,000 5,000Gas coal and o i l . . . 175.000 57,000

Jan .-Feb. Mar.Snow rem ova l____$68,000 ..............Car repairs.............. 64,000 $19,000

oring to negotiate the sale o f $10 ,000,000 o f equipment trust certificates to provide funds to build 5,000 new cars. President Byram said: "T h o directors had this matter under discussion at the last meeting o f the board and after approaching several bankers regarding tho matter, wo found that no one was interested in financing such a project at this time. Therefore, when the cars are built, it will be necessary for the Government to provido the necessary funds to meet the obligation. Thus far arrangements havo not been completed with the railroad authorities in Washington for the carrying out o f such a project. Tho plan calls for tho building o f 2,500 box and 2,500 coal cars. W e are now completing the 3,500-car order, work upon which has been tinder way for several m onths.”

The crop situation President Byram said, is favorable, tho acreage o f wheat and com showing an increase o f about 15% greater than last vear. Tho season is about two or three weeks ahead o f former years and soil- conditions are excellent. Earnings are now showing increases over last year

i ® « t0oihY,m.oro efficb>nt car loading, tho tonnago per car thus far In 1918 being 23.81 tons, as against an average o f 22.55 tons in Gip samo period of 1917, or an increase o f 5 % . Lumber shipments in the Northwest are heavier and the movement o f general freight throughout St. Paul territory is highly satisfactory. 8 1rn JhYsAa r^ i 875 o f the company's employees have subscribed to $2,557.500 o f the Liberty Loan 4 M % bonds. The com pany has about 45,000 employees, and President By ram said a much larger percentage will have suIr?.?ribed f ° tho bonds, he hoped, before the drive is over.

Tho annual report will be published in about a week.— V. 106, p . 1577.

, , , . . Total increase._$443,000 $87,000M oreover, during the first two months o f 1918 general business was

suspended for a number o f days under tho order o f tho Fuel Administration, and with a reduction also in tho amount o f current to electric power f onuHJ?er? aifc different times. This, with tho loss o f revenue through Inability to keep tho railway lines in continuous operation becauso o f tne severe weather is estimated at $300,000.

Tho improvement in conditions and tho benefit o f tho additional water- ^ jw er plants put into service is indicated in the earnings showings. The ?PCfat‘ ° nR for January and February show deficits or $86,311 and $14,145, respectively, whilo March shows net income o f $90,962. Railway opera- l i£Y. SiY0Wr?0I[??a and certain increases in rates are now coming into effect, partially offsetting the immensely increased operating costs, all o f which will u n 'll'^ ln n a h fy be reflecteti in a substantial improvement in earnings.V. lUb, p . looO, 1136.

D e t r o i t U n i t e d R y . — Strike.—Motorm en and conductors who struck as a result o f tho alleged delay

on tne part o f the company to grant increases in pay as demanded by the men, on Thursday returned to work pending settlement o f their disputo by Federal mediation.— V . 106, p . 1461, 1126.

E a s t e r n P e n n s y l v a n i a R y . — Fare Increase.—This company has announced an increase in fares to 7 cts.— V.105,p.1522. E m p i r e U n i t e d R y s . , I n c . — Dissolution Proceedings.—

Justice Irving G. Ilubbs, in tho Fifth Judicial District o f tho New York otato Supremo Court, has signed an order winding up tho dissolution proceedings o f the company. Holders o f bonds not acting with tho committee will receive $189 18 per $1,000 from funds in tho receivers’ hands to be distributed pro rata. See plan, V . 104, p . 863.— V . 105, p . 1801, 909.

E r i e R R . — Advanced Statement for Year 1 9 1 7 Showing Large Increase in Income from Coal Properties.—

The foliowing statement from tho "W all St. Journal” is interesting, though the com pany's officials decline to say anything as to its accuracy:

For Calendar Years— 1917. 1916. Changes.Gross earnings............................... $79,776,367 $74,311,260 7nc. $5,465,107Expenses and taxes .............. 70,182,951 55,682,660 Inc. 14,500,291

Net eam ings................................$9,593,416 $18,628,600 Dec.$9.035,184Other in co m o ............................... *8,686,000 3,754,230 Inc. 4,931,770

Total incomo..............................$18,279,416 $22,382,830 Dec.$4,103,414Changes................... 16,432,000 J 6 , 355,166 Inc. 76|834

Surpius - - - - - - - - - - - - - - - - - - $1,847,416 $6,027,664 Dec .$4,180,248Sinking funds and additionsand betterments...................... 1,307.000 1,395,753 Dec. 88,763N et surplus $540,416 $4,631,911 Dec .$4,091,495

™,YSJ& ’900,’?P9 receivcd fr°ni tho coal companies In 1917, compared with $2,000,000 in 1916.— V . 106, p . 1577, 295.H o u s t o n B e l t & T e r m i n a l R y . —Terminal Merger.—

Seo International & Great Northern R y. below.— V. 106, p . 1344.


Apr. 2 7 1 9 1 8 . ] THE CHRONICLE 1797I n t e r n a t i o n a l & G r e a t N o r t h e r n R y . — Terminal Merger

Judge Hutcheson in the U. S. District Court at Houston has approved the consolidation o f the terminal facilities o f this company with tho Houston Belt & Terminal R y . Tho consummation o f tho plan for tho consolidation of those facilities will, it is stated, bo completed shortly— V. 106, p .607.

L a k e T a h o e R y . & T r a n s p o r t a t i o n C o . — Notes.—The California R R . Commission has amended its previous order permit

ting tho company to lssuo $50,000 5% notes so as to change the interest rate to 6 % .— V. 100, p. 1257.

L i t t l e M i a m i R R . — Bonds Listed —Tho N . Y . Stock Exchange has listed the initial $1,026,000 General

M tgo. 4% 50-year bonds, series A, due N ov. 1 1962, with authority to add prior to Jan. 1 1919 an additional $44,000 on official notice that they have been sold, making the total amount authorized to be listed $1,070,000. — V. 104, p. 2010.

M a n h a t t a n B r i d g e T h r e e C e n t L i n e . — Favorable Decis’nSee Brooklyn Rapid Transit Co. above.— V . 98, p . 523.

M i d d l e t o w n & U n i o n v i l l e R R . — Interest Payment.—The Bankers Trust C o., N . Y ., as trustee, will pay on M ay 1 tho 4%

Interest on its Adjustment Income Mortgago bonds o f 1913, being interest for the 6 months ending Oct. 31 1917.— V. 104, p . 1702.

M i n n e a p o l i s S t . P a u l R o c h e s t e r & D u b u q u e E l e c t r i c

T r a c t i o n C o . — Subscriptions to be Received.—The reorganization commltteo named bolow Is receiving subscriptions to

a fund o f $250,000 for the purpose o f purchasing and reorganizing tho 14- milo lino between tho Auto club and Luco Line Junction and also tho lino between Minneapolis and Northfiold.

Tho reorganization committee consist of: W . L. Harris and J. B . Irwin o f Minneapolis, W . F. Roche o f Lakeville and F. H . Bonham o f Orchard Gardens.— V. 105, p . 2456, 2904.

M o n t r e a l T r a m w a y s C o . — Commission Appointed.—A commission has been appointed by the Provincial Government, to serve

10 years, to deal with the whole matter o f tramways for the Island o f Montreal. Tho commission consists o f Judge J. F. St. Cyr, Chairman; Professor L. A. Ilerdt o f McGill University, and M r. John S. Archibald. See also Montreal Light Heat & Power C o. under "Industrials” below.— Y . 106, p. 715. 607.

M o u n t a i n L a k e E l e c t r i c R R . — Foreclosure Sale.—Frank S. Sexton, as trustee, will sell at public auction on Juno 12 at

Gloversvillo, N . Y ., all tho property, &c., included under a mortgago dated Jan. 1 1900, securing an Lssuo o f $100,000 5% bonds, with interest due from 1903, making the total amount duo $173,000. Tho mortgago was originally mado to the Trust C o. o f New York, which Institution was succeeded by tho Nortli America Trust C o., subsequently known as the Equitablo Trust C o. o f New York, which in turn resigned as trustee, and Frank S. Sexton o f Gloversvillo, N . Y ., was duly appointed.

This company lias been succeeded by tho Adirondack Lakes Traction C o., a company incorporated in M ay 1903 with $60,000 capital stock authorized and outstanding.

N a t i o n a l R a i l w a y s o f M e x i c o . — New Directors.—

Tho following now directors have been elected:In M exico C ity, General Pablo Gonzales, Mario Mendez, Francisco Puge,

Ignacio S. Rodriguez and General Jacinto B. Trevino, to succeed Mariano Cabrera, Joso Diego Fernandez, Ignacio Enriquez, Eduardo Hay, and Leon Salinas.

In Now York: Adolfo do la Huerta to succeed Charles II. Sabin.—V. 106, p. 396.

N e w Y o r k N e w H a v e n & H a r t f o r d R R . — Div. Status.— •Referring to tho statement that a dividend might bo declared on the

stock provided approval o f tho Railroad Commission wero granted, a director o f tho com pany Is quoted as saying:

"T h o New Haven will have uses for its money which will bo o f greater benefit to tho stockholders in tho long run than paying It out in dividends. Tho additions and betterments now in process will requiro 12 months to completo, and will result in an estimated operating saving o f $7,000,000 or $8,000,000 a year. Obviously, until theso havo been financed it would not bo prudent to pay out oarnlngs in dividends. Comparo V . 106, p. 1689, 1675, 1577.

N o r t h e r n E l e c t r i c C o . , C a l i f o r n i a . — Decree of Foreclosure—A ppeal.—

The decroo o f foreclosure and sale signed by Judge M . T . Dooling in the U. S. District Court at San Francisco on April 16 will be appealed, according to reports from San Francisco. Compare V. 106, p . 1578, 715.

O m a h a & C o u n c i l B l u f f s S t r e e t R y . — Wage Increase. —This company has voluntarily increased wages o f tho operating force

by|2 cents per hour. Authority for a readjustment o f wages for other employees lias also been granted. This is tho third voluntary increase since tlie war bogan. Fare increases are expected soon to be applied for. — V. 106, p. 1345, 86.

P e n n s y l v a n i a R R . — Joint Terminal Use.—Under an order by Director-General o f Railroads M cA doo, beginning

in tho afternoon o f April 28 all passenger trains on the Baltimore & Ohio R R . between Washington and N . Y . will uso tho Pennsylvania terminal in New York. W e aro informed that tho order applies only to tho Baltimore & Ohio R R . Comparo V. 106, p. 1689, 1462.

P h i l a d e l p h i a C o m p a n y , P i t t s b u r g h . — Sub. Co. Receiver.Sco Pittsburgh Railways Co. below.— V. 106, p . 1578, 1231.

P i t t s b u r g h ( P a . ) R y s . C o . — Receivers Appointed.—II. S. A. Stewart, J. D . Callery and C. A . Fagan on April 23 wore ap

pointed receivers for the company, the attorneys for the co. consenting.Tho American Brake Shoo & Foundry C o. and the St. Louis Car Co.

which on April 22 filed the application for tlio receivers, alleged that revenues were not sufficient to meet maturing obligations, and there was immediate danger that the system would be dismembered by bondholders o f underlying corporations.— V. 106, p. 1231, 1127.

P o r t l a n d ( O r o . ) R y . L i g h t & P o w e r . — Fare Situation.—Citizens will voto M ay 17 on opening a way for the elimination o f paving,

bridge tool and other charges now imposed on tho com pany, which enter into tho general situation which has brought on tho 6-cent street car faro. — V. 106, p. 1578, x462.

R a p i d T r a n s i t i n N o w Y o r k C i t y . — Lockwood Bill to Permit Completion of New Subways.—

Oscar S. Straus, Chairman o f tho P. S. Commission, First District, on April 23 wrote urging M ayor Hylan to sign Sonato Bill Int. N o. 1169, Print. No. 1621, presented bv Senator Lockwood which would clothe tho Commission and the Board o f Estimate and Apportionment with authority so to deal with rapid transit contractors as to permit the prompt completion o f essential lines. In provlous letters to the M ayor tho Commission pointed out that $117,000,000 o f work contracted for by tho Commission was completed and in operation or roadv for operation; that additional contracts had been lot aggrogating $60,000,000, undor which $45,000,000 o f work had boon dono, leaving $35,000,000 contract value o f work which Ls being delayed by tho acute financial conditions that havo overtaken tho contractors as a result o f tho war. Tho Commission believes this bill to bo safer than tho mandatory Walters bill which would apply to public contractors throughout Now York State. If tho Lockwood bill becomes a law, the Commission, it is believed, will favor a plan by which the contractors will bo permitted to complete their contracts at cost, with tho proviso that they waivo all profits so far mado on any part o f the work forwhich they have boon paid. ______

Compare Brooklyn Rapid Transit C o. above.— Y . 106, p . 1689, 1578.

S p r i n g f i e l d ( M a s s . ) S t r e e t R y . — Reject Wage Increase.—Trolloy employees o f this company havo declined a proposal mado by

tho company for a wage increase o f 27 cents per day, demanding as a minimum daily wago $3 40 as compared with tho present rato o f $2 5544. — V. 106, p. 1462.

U n i o n S t r e e t R y o f N e w B e d f o r d , M a s s . — Stock.—This company has applied to the Mass. P. S. Commission for approval

o f an issue o f $812,500 o f capital stock, the proceeds, it Ls reported, to be used for improvements, &c., and for payment o f outstanding indebtedness. Tho company has outstanding $250,000 First M tge. 444% gold bonds, duo 1934, and a like amount o f notes payable. Construction o f a new power house has been contemplated for some time. See page 72 in

Electric Railway” Section.— V. 106, p . 1127.W a r e & B r o o k f i e l d ( M a s s . ) S t r e e t R y . — Sold —

This property was sold at auction on April 22 for $51,000 to Swift, M cN utt Co. o f Boston, junk dealers. Compare V. 106, p . 1345, 823.

W e s t e r n O h i o R a i l w a y C o . , C l e v e l a n d , O h i o . — Bond Interest.— Pres. F. D . Carpenter, under date of April 24, addressed holders of the First Mortgage 20-year 5 % gold bonds ($2,500,000 outstanding) as follows:

The severe operating conditions o f the past winter with the resultant Interruptions to service and increase in cost o f operation, made it impossible for the Company to accumulate its usual monthly reserve for payment o f bond interest.

Payment o f bond interest, due M ay 1st, has therefore been deferred to Sept. 1, and bondholders are requested to forward coupons for collection at that time.

[Coupons aro payable at Citizens Savings & Trust C o., Cleveland, and First National Bank, N. Y .]— Y. 106, p. 1128.

W e s t e r n P a c i f i c R R C o r p o r a t i o n . — Annual Report of Operating Company— Dividends.— D. & R. G. RR Judgment.— President Alvin W . Krech in circular of April 16 says:

There is enclosed herewith [see “ Annual Reports” above] a copy o f the second annual report o f the Western Pacific R R . Co. (tho operating co .), all o f whoso stock is owned by this corporation. Out o f dividends received on tho preferred stock o f the operating company there has been declared a dividend o f 6% on tho preferred stock o f this corporation for the fiscal year 1917, payable as follows:

Feb. 20 1918, to holders o f record as o f Feb. 15 1918, 144% ; Apr. 1 1918, to holders o f record Mar. 20 1918, 144%; July 1 1918, to holders o f record Juno 20 1918, 144%; Oct. 1 1918, to holders o f record Sept. 20 1918, 144% .

Our capital stock Lssued and outstanding consists o f preferred $27,500,000 and common $47,500,000.

For more than a year past the Equitable Trust C o. o f N. Y ., as trustee for the First M tge. bonds o f the old Western Pacific C o., with tho co-operation o f this corporation, has pressed the suit against tho Denver & R io Grande RIt. Co. to recover on the Denver com pany’s obligation to pay intorost on tho old bonds (whereof approximately 95% are owned by this corporation) until they wero fully paid. A judgment was entered in this suit M ay 17 1917 in favor o f tho trustee for $38,270,343, which judgment was affirmed Jan. 3 1918 by tho U. S. Circuit Court of Appeals for the Second Circuit. W ord has just been received that the Supreme Court o f tho United States has denied the Denver com pany’s petition for a writ o f certiorari to review the decision o f the Court o f Appeals, and the judgment has become final. The trustee Ls now in position, with tho co-operation o f this corporation, to continue efforts to realize upon this judgment as rapidly as possible.

There will shortly bo sent to tho stockholders detailed information as to what has thus far been realized by tho trustee on account o f the judgment. — V. 106, p. 1579, 1345.

W i s c o n s i n - M i n n e s o t a L i g h t & P o v / e r C o . — Offering of Pref. Stock.— Richtor & Co., Hartford, Conn., are offering this company’s 7 % cumulative pref. (a. & d.) stock, of which as of Dec. 31 1917 $4,622,000 was outstanding. Authorized, $5,000,000. Divs. Q .-M . A circular shows:

N o additional pref. stock is issuable at loss than par and no priority stock except by 66 2-3% vote o f outstanding pref. N o other mtgo. or floating debt o f moro than 20% o f previous year's gross earnings m ay be created.

C o m p a n y Owns and operates a general public utility business in La Crosse, Eau Claire, Chippewa Falls and Menominee, WLs., and Hastings, Red Wing, Lake C ity, Wabasha and Winona, M inn., and adjacent territory. Tho company has recently completed the construction o f a hydroelectric plant on tho Chippewa River with a maximum capacity o f 52,000 h .p ., which supplies power under a 30-year contract with the Northern States Power Co. for St. Paul and Minneapolis. (V . 106, p . 1582.) Additional undeveloped water powers o f large capacity aro owned. The high- tension transmission system comprises over 250 miles o f line and serves a total population o f over 700,000.

Capitalization (as of Dec. 31 1917;—• Authorized. Outstand'g.Cumulative preferred (paying 7% ) stock--------------- $5,000,000 *$4,622,000Common stock (owned by American Pub. Util. Co.) 5,000,000 2,500.000First and Refunding 5s (including those reserved

to retire underlying Issues)______________________20,000,000 x8,925,0Closed mortgago bonds o f acquired properties------ ------------ 808,000

♦Dividends paid on $4,160,000. x $151,500 treasury bonds. Comparative Statement of learnings for Calendar Years ended Dec. 31.

1917. 1916.Gross earnings$l,712,220 $1,304,460 Net,aft.tax.,&c 896,480 698,150Int. charges.. 298,861

1917.B alan ce____________________$597,618Preferred dividend-------------- 291,200Surplus..................................... 306,418

For further particulars, description o f bonds, &c., see V. 98, p . 1995, and page 58 in “ Electric Railway” Section.— V. 106, p . 711.

I N D U S T R I A L A N D M I S C E L L A N E O U S .

A l a s k a G o l d M i n e s C o . , N e w Y o r k . — Earnings.—Calendar Product Mining Other Interest Deprec’n, Balance,

Year— Value. Profit. Income. Charges. Ac. Sur. or Def.1917..............$2,009,632 $285,158 S12.071 $228,552 $339,399 def$270,7221910_______ 1.837,291 293,383 37,198 217,747 ---------- sur 112.834— V. 106, p. 930, 823.

A l g o m a S t e e l C o r p . — Output for Nine Months ending Mar. 3 1 . - — Voting Trust ends—New Blast Furnace— CokeOvens.

Sea Lake Superior Corp. below.— V. 106, p. 1579.

A l l i s - C h a l m e r s M f g . C o . — Earns.— 3 Mos. to March 3 1 —-Saks Billed-

Month of— 1918. 1917.January._____ _________ $1,899,972 $1,690,627February_______________ 1,990,863 1,615,009M a rc h _________________ 2.698,993 1,878,081

-Net Profit- 1918. 1917.

$360,071 $301,467418,770 273,164617,398 326,042

Total throe m onths.. $6,589,828 $5,183,717 $1,396,239 $900,673Unfilled orders on hand March 31 1918, $29,904,976, against $16,000,847

as o f March 31 1917.— V. 106, p. 1700, 1681. •

A m e r i c a n B r a s s C o . — Extra Dividend.—The directors havo declared an extra dividend o f 344% in addition to

tho regular quarterly 144%, payable M ay 15 to stockholders o f record April 30. A like amount was declared in Feb. last. In Oct. 1917 the extra was 444% and in Aug. 1917. 11% .— V. 106, p. 501, 398.

A m e r i c a n H i d e & L e a t h e r C o . — Earnings, &c.—3 Months ending *Net

March 31— Earnings.1918--------- $655,1191917____________ 501,330

Nine Months—1917-18................ $2,011,9691916-17...................2.012.754

BondInterest.

$58,21062.045

$177,180181.015

Sinking Interest on Balance.Fund. S.F. Bonds. Surplus, $37,500 $69,665 $489,744

37.500 65,830 335,95$112,500 $206,445 $1,515,844

112.500 202,610 1,516,629♦After charging replacements and renewals and interest on loans. Net

current assets March 31 1918, $13,272,474, after deducting dividend payable April 1 1918. Bonds in tho hands o f tho public, $3,320,000.— V. 106, p . 711, 398.



A m e r i c a n L u m b e r C o . , A l b u q u e r q u e , N . M . — Reorg’n.This company, which failed several years ago, will shortly bo reorgan

ized. The title o f the property is now in tho hands of tho bondholders' committee, which expects to acquire the alternate sections of land In their holdings m New Mexico, which are now owned by the State.— (“ American Lumberman’ ’).— V. 103, p. 1982.

A m e r i c a n M a l t i n g C o . — New Director.— Sale.—Lindsey Hopkins succeeds G. A. Schreifer as a director. The company

is reported to have sold for $200,000 two of Its old plants, one In Milwaukee and tho other in Chicago.— V. 106, p. 1232, 608.

A m e r i c a n P o w e r & L i g h t C o . — Earnings.—Calendar Gross Net Surplus of Pf. Divs. Com.Divs. Balance,

Year— Earnings. Income. Sub. Cos. (6% ). (4% ). Surplus.1917...........$1,622,177 $558,239 Cr.$43,688 $216,971 $336,827 $48,2191916.......... 1,236,757 557,840 Cr.188,811 213,792 328,216 204.643— V. 106, p. 818.

A m e r i c a n P u b l i c U t i l i t i e s C o . — Sub. Co. Stock Offered.—See Wisconsin-Minnesota Light & Power Co. under "Railroads” above.

— V. 106, p. 1346, 710.A m e r i c a n S h i p b u i l d i n g C o . — No Extra Dividend.— •

Following tho failure of a declaration of an oxtra dividend on tho common stock, generally expected, the shares broke 7 points on tho Chicago market.— V. 106, p. 1346, 711.

A m e r i c a n T e l e p . & T e l e g . C o . — Sub. Co. Stock Increase.See New York Telephone Co. below.— V. 106, p. 1346.A m e r i c a n T o b a c c o C o . — Complaint.—The Federal Trade Commission has issued a complaint charging tho

company with various unfair methods o f competition in violation o f Section 5 o f the Federal Trade Commission A ct.— V. 106, p . 1579. 1463.

A m e r i c a n W a t e r W o r k s & E l e c t r i c C o . , I n c . — Earns.—— 3 Months to Dec. 31---------6 Months to Dec. 31—

Gross Earnings— 1917. 1916. 1917. 1916.Water works properties. $1,220,588 $1,102,027 $2,440,524 $2,246,427West Penn Trac. prop 's . 2,099,410 1,809,974 4,089,732 3.408,919

$3,319,998 $2,912,001 $6,530,256 $5,655,346Am. W. W. & El. C o . -

Net, earnings___________ $320,036 $336,466 $696,631 $736,619Int. on coll. tr. b o n d s .. $196,764 $183,926 $393,595 $365,315Int. on coll, notos______ ______ 3,000 ---------- 6,000Other Interest............... 0,258 19,346 12,455 34,761

N et incom e_____ ____ $117,OH $130,194 $290,581 $330,543— V . 106, p . 501, 298.

A n a c o n d a C o p p e r M i n i n g C o . — Pres. John D. Ryan Accepts Directorship of Aircraft Production For Army.—

John D . Ryan, President o f this company, has been chosen to succeed Howard L. Coffin as Chairman o f the Aircraft Board.— V. 106, p.1579,1346.

A t l a n t i c G u l f & W e s t I n d i e s S S . C o . —New Directors.—Oliver P. Brown, Frank D . M ooney. II. II. Raymond and Alfred G.

Smith have been elected directors, increasing the board from 9 to 12, John R . Liggett, resigning.

J. B. Dennison has been elected a director and Vice-Pres. o f the Clydo SS. C o., to succeed C . D . M allory, who has entered the Government servico, and Frederick C. Fletcher succeeds John IS. Liggett as director. M r. Dennison also succeeds M r. Mallory as director and Vice-Pres. o f the M allory SS. C o.— V. 106, p. 1579, 609.

B e l l T e l e p h o n e C o . o f C a n a d a . —Death of Chairman.—Tho doath o f Charles F. SLse, Chairman o f the B oard, is announced.

— V. 106, p . 1038.B o r d e n ’ s C o n d e n s e d M i l k C o . — Sub. Co. Prices.—

See Borden’s Farm Products C o. below.— V. 106, p . 1580, 1232.

B o r d e n ’ s F a r m P r o d u c t s C o . —Milk Prices For May.As a iom it o f a ruling by the Federal M ilk Commission, the price of

milk in Now York will bo one cont lower for the month o f M ay. Grade B bottled milk delivered at tho home will bo 13 cents a quart and 7 A cents a pint, against 14 cents in April. Fifteen cents a quart will bo charged for grade A milk and 8 cents for tho pints, delivered, compared with 16 and 9 cents, respectively. Grado B milk will bo sold at tho stores for 12K cents a quart and 7 cents a pint. Looso milk, grado B , will sell for 10 cents a quart. Comparo V. 106, p . 1038, 931.

B r o m p t o n P u l p & P a p e r C o . — Acquisition.—Press reports state that this company has purchased a sulphito mill in

Holland, M o.— V. 106, p. 299, 193.

B u r n s B r o s . I c e C o r p o r a t i o n . —Coal Business.—Following a directors’ meeting on April 18, it was reported that this

company, which controls the Continental Coal & Ice C o., will enter the coal business and possibly mergo under that com pany’s title.— V. 106, p. 823.

B u s h T e r m i n a l C o . — Earnings. —Cal. Years—

Gross earns, from storage, Ac., A net Income from

Other Income___

1917.i

1916. |

'$2,157,210 SI.955,237.81,010,392 81,501,50.3. 128,377 133,294.51,738,770 $1,684,802

1917.$451,858302,465

1916.$453,097292,081

Bond Interest___Taxes....................Dividends—

Preferred (cash) (6)133,000 (6)138,000 Common (cash) (5)272,303 (5)259,302

do (in stock) (5)272,583 (5)259,453 Surplus................ $301,556 $282,868

— V . 106, p . 399, 193.B u t t e & S u p e r i o r M i n i n g C o . — Earnings.—

Calendar Year— 1917. 1916. 1917. 1916.Zinc sales, Ac___$6,716,437813,141,551 Total in c o m e ..$2,450,6S7 $8,873,446Net profit_____ $2,347,496 $3,792,131 War taxes........ . . 236,647 ..........Other Income_ 103,191 81,315 Depreciation.____ 1,941,129 2,503,047Total Income_$2,450,637 33,873,446 Dividends______ 1,567,057 9.490.430

Percent______ (54%) (340%)Deficit...................$1,294,146 $616,984

Dividends as above in 1916 arc deductod by the company from profit and loss, but shown as above for comparative purposes.

Tho profit and loss surplus D ec. 31 1917 was $651,721, after adding $61,856 excess amount o f tax reserve set aside in 1916 and deducting $3,106,762 property surplus to Dec. 31 1916, $540,909 depreciation reserve to Dec. 31 1916 add $79,039 Stato license taxes for 1916.— V. 106, p. 1580, 1129.

B u t t e r w o r t h - J u d s o n C o r p . , N. Y .— Earnings.—

Calendar Years: 1917. 1916.Gross earnings...$2,639,130 $4,466,835Net earnings_____ 2,463,884 3,935,758Other income____ 57,015 61,096Gross Income____ *2,520,899 $3,999,854 . .

* Includes $400,000 Income, munitions and excess profits taxes, p. 347.

1917. 1916.Gross income___ $2,520,899 $3,999,854Int., taxes, A c . . . *1,052,215 342,246Depreciation, <kc. _____ 2,653,371Surplus...... ......... 1.468,684 1,004,237

‘ ■' V . 102,

C a r b o n S t e e l C o . o f P i t t s b u r g h . —Quarterly Statement.—Pres. Charles McICnight, Pittsburgh. April 22, wrote in substance:

"T h o earnings for tho socond quarter, just closed, were affected largely b y bad weather, freight embargoes and shortages in tho fuol supply, but woro o f sufficient volume to warrant the payment o f the regular 2 % dividend and an oxtra divklond o f 2 % on tho common stock, payablo to holders o f record April 10 and after making liberal charges for Federal income and war profits taxes and depreciation, to show an increase in tho surplus account for tne quarter o f $27,386. Wo believe that tho earnings for the next two quarters will reflect the gradual improvement in manufacturing conditions.”

3 Mos. to 3 Mos. to Year end. Mar. 31 ’ 18 Dec. 31 ’ 17 Sept. 30 ’ 17

Net profits (after adjustments)______ $262,242 $871,604 $2,234,545D iv .— Kittan. I ’n & St’l M fg . C o. sk . ______ ______ 10,200

Total incom e___________First preferred dividend.. Second preferred dividend. Common dividends_______

$262,242 $871,604 $2,244,745Seenoto /(8% )40,000 (8% )40,000

\(6%)90.000 (6%)90,C00 120,000(4% ) 120,000 (10)300,000

Balance, surplus............................... .. $142,242 $621,604 $1,814,745Previous surplus...................................... 2,918,633 2.979,563 2,397,273

Total...................................... $3,060,875 $3,601,167 $4,212,018Depreciation o f plant & equipm ent.. 10,723 188,071 6,032Res. for Fed. Inc. & war profits taxes. 104,133 349,723 611,424Res. for replacem'ts & improvements ............ ............ 600.000Miscellaneous deductions___________ ______ 144,741 15,000

Total profit and loss surplus............$2,946,019 $2,918,633 $2,979,562Note.— Tho dividends o f 8% on 1st prof, and 6% on 2nd pref. for the

entire fiscal year ending Sept. 30 1918 wore charged against the earnings for tho quarter ending Dec. 31 1917, which seo abovo.— V . 106, p . 609, 603.

C e n t r a l L e a t h e r C o . —Earnings for March Quarter.—Results 3 Mos.end.Mar.31 1918. 1917. 1916. 1915.Total net earns.,all prop. $2,619,603 $7,851,924 $3,898,909 $2,321,162 Exp. & loss o f all cos.

excopt bond interest.. 1,070.242 1,068.661 899,677 895,214B alance........................... $1,549,361 $6,783,263 $2,999,232 $1,425,948

Add income from invest. 51,639 10,913 14,472 754T o t a l ................. $1,601,000 $6,794,176 $3,013,704 $1,426,702

Deduct— Interest on bds. $459,552 $459,552 $459,552 $459,552Pref. d iv. pay. April 1 582,733 582,733 582,733 582,733C om .div.pay.M ay 1. (1 H )496,261(1^)496,261 (1)397,009 ----------Surplus for quarter.. $62,454 $5,255,630 $1,574,410 $384,418Total surplus March 31 1918, $28,946,966.Total net earnings aro stated after deducting expenses, including those

for repairs and maintenance, approximately $530,519 for tho quarter ending March 31 1918 and provision for taxes.— V. 106, p . 1346, 931.

C e n t r a l & S o u t h A m e r . T e l e g r a p h C o . —Death of Pres.Jamas A . Scrymsor, President o f this com pany and the Moxlcan Tele

graph C o ., died on April 21.— V. 106. p . 1347, 502.C h e v r o l e t M o t o r C o . , N . Y . —Assistant Secretary Dies.—

See General M otors Corp. below.— V . 106, p . 1463, 1038.C l y d e S t e a m s h i p C o . —New Directors.—

See Atlantic Gulf & W . I . SS. C o. abovo.— V. 106, p . 1580.C o l o r a d o F u e l & I r o n C o . —Quarterly Earnings.—

3 Months to 1918. 1917.March 31— S S

Gross receipts___ 11,931,230 10,832,211Net earnings........ 2,348,281 2,301,123Other income___ 131,989 149,133Gross income___ 2,480,270 2,510,256Int., taxes, Ac— 756,220 748,140

191S. 1917.8 S

Depreciation, Ac. 491,735 497,457Dividends_ 296,719 40,000Surplus...... 935,599 1,224,059— V. 106, p. 1690. 1463.

C o l o r a d o P o w e r C o . — Annual Report.— Owing to the fact that the company generates over 9 0 % of its energy by water power, a n unusually large proportion of the increase in gross earnings for 1917, amounting to 16 % , or $1,183,750, as compared with 1916, is reflected in the net operating revenue, which increased 2 0 % to $676,301.

The report for tho late fiscal year is cited at considerable length on other pages of this issue. Notable features are:

(n) Bond interest; earned 3.14 times. (6) Regular dividends o f 7% on preferred and 2% on common stock were paid with $117,243 set aside in reservation for depreciation and $91,161 added to surplus, (c) Total profit and loss surplus, $619,960 Doc. 31, exclusive o f $324,584 accrued reserves, (d) N o changes in outstanding securities other than tho Issuance o f a note for $24,500 and an increaso or $145,000 in pref. stock, against an increase o f $427,628 in assets. ns*

“ Continued increase o f mining operations throughout tho territory served,” ic is pointed out, “ characterize tho period. The estimated annual gross rovonuo from contracts signed during tho year less revenuo from disconnected customers was about $240,000, while on Doc. 31 the com pany had under contract, not yet connected, retail power business estimated to produce additional gross operating revenue o f $152,400.

‘ ‘Tho continued substitution o f retail for wholesale servico has automatically increased the com pany’s revenuo per kilowatt hour sold as a whole, this unit having increased from 0.941c. for 1915 to 1.067c. for 1916 and to 1.134c. for 1917.”

Bonbright & C o., Incorporated, Leo Higginson & C o. and Electric Bond & Share C o. are interested in tho com pany.— V. 106, p . 1690, 1347.

C o n n e c t i c u t L i g h t & P o w e r C o . — Status.—See United Gas Improvement Co. under “ Reports” above.— V. 105,

p. 1423, 719.C o p p e r R a n g e C o m p a n y .

Cal. Years— 1917. 1910.Total income.. .$13,097,933 S13,910,036 Net, alt. taxe3_ x7,366,202 S8,Sll,443yProiits of—

Atl. Ref. Co. 16,052 17,225Copper Range

R R ................ 109,657 202,600

,— Earnings.—1917.

T ota l........ ........87,491,911Deduct— A of

profit of Champion Copp.Co. 2,525,086

Dividends____ 3,913,913

1916.89,031,268

2,953,0783,941,648

Surplus........ x81,022,9l2 $2,130,542 y Profits

T otal_______$7,491,911 $9,031,268 .x Before deducting Federal Incomo and excess profits taxes,

before deducting taxes.The company in 1917 produced 45,043,301 lbs. o f copper, against

54,747,498 lbs. In 1916, and sold at average o f 28.735 cts. per lb. In 1917, against 25.28 cts. in 1916.— V. 106, p. 604.

Corn Products Refining Co.— Lease to Govt.— Larnings.A Chicago report states that this company has loasod 12 buildings with

500,000 ft. o f floor space in Waukegan, 111., to the Government for warehouse purposes.

3 Months ending March 31— 1918. 1917. 1916.Net profits available for pref. d iv s ...*$3 ,3 4 2 ,029 $2,972,009 $1,055,634Froferred dividends paid____________ 521,971 521.971 372,836Rate o f % ................................................. ( 1 K % ) (1K%) (1 M % )

Balance, surplus, for M ar. 31 quar. $2,820,058 $2,450,038 $682,798* After deducting yearly interest, depreciation, & c., $570,814 for first

quarter In 1918, against $701,206 for corresponding quarter o f 1917 and also-for period In 1918, estimated amount for excess profits tax, A c.— V. 106, p. 1464. 1347.

C o s d e n & C o . — Reported Refinery Acquisition.—This company was recently reported to liavo purchased for $2,500,000

tho property o f tho Panhandle Refining C o., comprising a plant at Wichita Falls with a refining capacity o f 100,000 bbis. monthly and a production o f 1,200 bbls. daily, in the Burkbumett and Culbertson districts In Wichita County, Texas.— V. 106, p . 1464. 1228.

D o m i n i o n G l a s s C o . , L t d . , M o n t r e a l . — Initial Dividend.The directors have declared an Initial dtvldond o f 1% on the $4,250,000

common stock for tho quarter onding June 30 1018. Tho dividend is payablo July 1 to stockholders o f record Juno 15.— V. 104, p. 75.

D o w C h e m i c a l C o . , M i d l a n d , M i c h . — Extra Dividend.—An oxtra dividend o f 6 M % has been declared on tho common stock, along

with tho regular quarterly 1 % % , both payablo M ay 15 to holders o f record


A p r . 27 1918.] THE CHRONICLE 1799M ay 5. The company has been paying this 32% per annum on the com mon since Feb. 1917.— V. 106, p. 926, 300.

( E . I . ) d u P o n t d e N e m o u r s & C o . —New Powder Plant.It is announced that a contract has been awarded by the Government to

tho Foundation Co. o f N . Y . for the construction o f an explosives plant at Seven Pines, near Richmond, Va., to be operated by the du Pont company on behalf o f the Government. Tho plant, it is said, will cost $3,000,000 and employ 3,000 operatives.— Y. 106, p . 1581, 1464.

E a s t B a y W a t e r C o . , O a k l a n d , C a l . — Notes.—This com pany has applied to tho California UR. Commission for a sup

plemental order authorizing an issue o f $200,000 notes to meet expenditures on the San Pablo Dam project from Jan. 1 to April 18, which tho company shows have been $197,132.— V. 106, p. 1690, 1347.

F o r t h W o r t h ( T e x . ) P o w e r & L i g h t C o . — Earnings.—Calendar Gross Net (after Interest Preferred Balance,

Years— Earnings. Taxes). Charges. Dividends. Surplus.1 9 1 7 ........... $1,015,938 $552,003. $121,163 $77,000 $353,8401 9 1 6 ______ 846,482 499,370 116,941 77.000 305.429

See American Power & Light Co. abovo.— V. 106, p . 818.F r e e p o r t T e x a s C o . — Dividend, &c.—

A quarterly dividend o f $1 50 per share has been declared on tho stock (500,000 shares o f no par value), payable M ay 15 to holders o f rcc. M ay 10.

In M ay 1917 the stock was converted from $3,500,000 (par $100) to its presont status (compare V. 104, p. 1804). N o bonded debt.

E. P. Swenson is Pros., S. A. Swonsou, Treas., and F. M . A ltz, Sec.— V. 105, p . 392.

F u l l e r - L e h i g h C o . ( M a c h i n e r y , & c . ) . —Successor Co.— Sale of Bonds.— F r a z i e r & C o . a n d C a s s a t t & C o . h a v e

s o l d a t a s u b s c r i p t i o n p r i c e o f 9 2 a n d i n t e r e s t , a n i s s u e o f

. $ 6 0 0 , 0 0 0 F i r s t ( c l o s e d ) M t g e . 2 0 - y e a r 6 % S i n k i n g F u n d g o l d

b o n d s , d u e 1 9 3 8 , b u t c a l l a b l e a t 1 0 2 ] ^ a n d J u t , o n a n y i n t e r

e s t d a t o o n 3 0 d a y s ’ n o t i c e ."Passed as not incompatible with tho interests o f the United States, but

without approval o f tho merits, security or legality. Opinion N o. A160. (Signed) Capital Issues Committee o f tho Federal Reserve Hoard.”

Authorized, $600,000; outstanding, $600,000. Int. A .& O . Denom. $1,000 c*. Trustee, Northern Trust C o., Phiia. Free o f Penna. State tax and normal Federal Income tax.

Capitalization, Authorized and Outstanding.First M ortgage bonds________________________________ _____________8600,000Capital stock-------- ----------------------- ------------------ ---------- ---------------------- 600,000Data from Letter o f Pres. J . VV. Fuller, C ntasauqua, Pa., Alar. 22 1918.

New Company.— Will bo a Penna. corporation, organized to tako over, as going concerns, tho property, &c., o f tho Lehigh Car, Wheel & Axle Works and Lehigh Foundry Co., with no change in management.

Lehigh Car, Wheel & Axle Works is a Penna. corporation organized in 1901 and has never issued bonds or promissory notes. It was organized to tako over the business o f M cK ee, Fuller & C o., a partnership established in 1867, and operated tho "Lehigh Car, Wheel & Axio Works” at Fullerton, l 'a ., continuously until 1901, when it was succeeded by tho corporation. Originally manufactured box and other wooden cars (now discontinued), also car wheels, axles, &c. The company also manufactures pulverizing, crushing and drying machinery for the Portland cement trade, mining industry, &c.

The Lehigh Foundry C o., also a Penna. corporation, was organized in 1898 and conducts a goneral foundry business and specializes in certain types o f castings for tho sugar, chemical and explosive trades. Also manufactures the Lehigh stoker.

Bonds.— Secured by a first lion on all o f tho real estate, buildings, machinery and equipment. A sinking fund o f not less than $20,500 each year, commencing April 1 1919, for the purchase or call o f bonds, is provided. All net earnings in excess o f $48,000 per annum shall apply for extensions or toward the redemption o f bonds.

Valuation.— Tho plants and properties are adjacent at Fullerton, Pa., about 95 miles west o f N . Y . Replacement valuo o f plants, property and equipment o f the combined companies is, conservatively, $1 ,200 ,000 . N ot quick assets aro in excess o f $500,000 (actual audit shows over $600,000 ). With extensions contemplated foundry and machine shop capacity will be greatly increased.

Earnings.— For the calendar year 1917 combined net earnings o f tho two companies wore approximately $290,000, not including depreciation. Average annual net earnings of the Loblgh Car, Wheel & Axle works alone for 17 years from 1901 to 1917, inclusive, woro $76,354.

G e n e r a l P e t r o l e u m C o r p . —Bonds Called.—All tho outstanding ($900,000) First M tge. 6 % 10-year sinking fund gold

bonds, dated Juno 1 1916, have been called for payment Juno 1 at par ($1,000) and int. at Mercantile Trust Co. o f San Francisco, and tho U. S. M tge. & Trust C o., N. Y . Compare V. 106, p. 1039, 301.

G o l d s c h m i d t D e t i n n i n g C o . —Change in Name.—See Metal & Thormit Corp. below.— V. 106, p. 401.G r i f f e n W h e e l C o . — Sale of Old Plant.—

Seo Wilson & Co. below.— V. 106. p . 1679.G u l f S t a t e s S t e e l C o . —Stock Dividend of 2 5 % —Right to

Convert 2d Pref. Shares into Common Stock Till May 1 5 and Thus Participate in This Dividend.— A d i v i d e n d o f 2 5 %

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

C a p i t a l I s s u e s C o m m i t t e e ) , p a y a b l o J u n o 3 t o h o l d e r s o f

c o m m o n s h a r e s o f r e c o r d M a y 1 5 .

A c ir c u la r is s u e d A p r i l 2 5 , s ig n e d b y A le x a n d e r J . H e m p h il l , J o h n W . P la t t e n a n d A lfr e d A . C o o k , V o t in g T r u s t e e s , s a y s in p a r t :

Scrip certificates will bo issued for fractions o f shares. Said scrip certificates will not entitle the holders thereof to tho payment o f dividends thereon, but will bo exchangeable for common stock trust certificates when presented in amounts aggregating at par value $100 or any multiple thereof.

Holders o f second preferred stock trust certificates who convert tho certificates now held bv them respectively into common stock trust certificates on or boforo M ay 15 1918 will be entitled to sharo in said distribution at tho rate aforesaid, but will not otherwise be entitled to any share in said distribution. Second preferred stock trust certificates may bo converted at the office o f Guaranty Trust Co. o f New York, 140 Broadway. The books for tho transfer and conversion o f tho second preferred and common stock trust certificates will not bo closed.— V. 106, p. 1457, 1348.

H a v e r h i l l G a s L i g h t C o . —Rate Advance.—Tho Mass. Commission has authorized this company to increase gas

rates from 80 cents to 9C cents por 1,000 cu. ft .— V . 100, p. 312.H o c l a C o a l & Coko C o . —Merger Co. Chartered.—

Tho merger company was incorporated Doc. 22 1917 under Pennsylvania laws with $5,975,000 capital stock, par $100 ($4,824,700 issued). The now organization is mado up o f tho Ilecla Coal & Coko C o., tho Unitcd-Connells- villo Coko C o ., tho Iiillm an-Noff Coke Co. and tho Bessemer Coke Co.

Directors and officers aro; John II. Hillman, Jr., Ernest Hillman, Arthur IL Sheets (V .-Pres.), Thomas Watson (S ecy ), and John O. N eff o f Pittsburgh, James C. Choplin o f Sewicklcy and George S. Harsh of Unlontown. J. II. Hillman is Pres.; R obt.W . Flem ikenof Pittsburgh, Treas.

I n s p i r a t i o n C o n s o l i d a t e d C o p p e r C o . — New Director.—B. IL Thayer, Vlce-Pres. o f Anaconda Copper Mining C o ., has been

elected a director, increasing the board to 14 members — V.106, p.1581, 1574.I n t e r n a t i o n a l P a p e r C o . —War Service Committee for

Pulp & Paper Industries.—See page 1629 in last wook’s issue.— V. 106, p . 1682, 1348.

I n t e r s t a t e E l e c t r i c C o r p . —Proposed Stock Increase.—The com pany has applied to tho Virginia State Corporation Commission

at Richmond for approval to increase tho auth. 7% cum. pref. stock from $1,000,000 to $1,500,000 (par $100).— V. 106, p. 710, 301.

J o n e s B r o s . T e a C o., I n c . — Sales.—1918-----March----- 1917. Increase. I 1918— 3 Mos.— 1917. Increase.

$1,109,172 $942,466 17.68% $3,152,572 $2,603,719 21.07%— V . 106, p . 1234, 719.

K a n s a s G a s & E l e c t r i c C o . — Earnings.*—Calendar Gross Net after Interest Preferred Balance,

Years— Earnings. Taxes. Charges. Dividends. Surplus.191 7 ....... $1,767,642 $487,360 S275.321 $133,000 $79,0391916 -------- 1,597,882 598,785 218,012 133,000 247,773

See American Power & L t. C o. above.— V. 106, p. 818.L a k e S u p e r i o r C o r p o r a t i o n . — Quarterly Report.—Secretary Alex. Taylor, Toronto, Apr. 10, wrote in substance:The report now presented covers nine months’ period ending Mar.31 1918.

Algorna Steel Corporation Comparative Tonnage Output for Nine Months. 9 Mos. (tons)— Magpie Ore. Helen Ore. Coke. Pig Iron. Steel Ingots1918 .......- .......... .116,806 63,515 288,993 220,352 362,9051917 .... ................. 141.550 78,763 309,807 263,713 303,515

There wero produced for the 9 months 211,452 tons o f finished materialas compared with 170,076 tons for the nine months in 1916-17.

Operations were Interfered with in January and February through extremely cold weather and heavy storms. Unfilled orders M ar. 31 approximated 392,795 tons.

The new by-product coke ovens referred to In the last report and the new coal bridge will probably bo completed by the contract dates. The new N o. 4 blast furnace started operating about M ar. 15 and is giving very satisfactory results.

Output of Subsidiaries of Algorna Steel Corp. for 9 Months ended Mar. 31.9 Months (tons.)— 1918 1917 I 9 Months (tons).— 1918 1917

Canneiton coal------ 552,350 637,122 L im estone................207,585 230,973Lake Superior c o a l.187,673 169,9421 D olom ite ............... .. 13,574 6,465

Algorna Central A Hudson Bay By .— Algorna Eastern By.— Earnings for the nine months show a substantial increase, but the cost o f labor and material has been proportionately high. However, conditions have considerably improved and there is good prospect otherwise for still further increased earnings. A considerable benefit will also bo derived from the increase o f 15% in freight rates recently passed bv the Railwav Commission. (As to payment o f interest on bonds o f Algorna Central Terminals, L td ., at tho rate o f 3% per annum for period from Aug. 1 1915 to June 30 1917, see that company under “ Railroads” above.— Ed.]

Voting Trust Ends for Algorna Steel Corp.— The voting trust for the stocks o f tho Algorna Steel Corp. having expired on M ar. 1, the stocks referred to have been re-transl'erred to the Lake Superior Corporation, with the result that tho latter is again in full control o f its main subsidiary com pany.

Total Earnings.— The total net earnings o f the subsidiary companies show a substantial increase for the nine months’ period o f the last fisca year.— V. 106, p. 611.

Ludlow Manufacturing Associates.— Special Dividend.’A special dividend o f $1 per share has been declared on the stock along

with tho regular quarterly $1 50 per share, both payable June 1 to holders o f record M ay 1. A like amount was paid in Feb. last and also quarterly in 1916.— V. 106, p . 927, 402.

Magma Copper Co.— Earnings for Calendar Years.—Calendar Gross Net Other Depreci- Dividends Balance,

Years— Revenue. Earnings. Income, alion. Paid. Surplus.1 91 7 ..........$3,235,071 $1,151,123 $11,136 $94,273 (42)$504,000 $563,9861 9 1 6 _____ 2,555,936 1,178,968 796 82,431 (40)480,000 617,333

The net production for 1917 after deducting concentrating, smelting and refining losses was 10,148,632 lbs. o f copper, 537,994.84 ozs. o f silver and 5,978.699 ozs. o f gold.— V. 106, p. 927.

Magnolia Petroleum Co.— Stock Control.—See Standard Oil C o. o f Now York below.— V . 106, p . 504, 303.Mallory Steamship Co.—New Director.—See Atlantic Gulf & W . I. SS. C o. above.— V. 106, p . 1581.Merchants* Heat & Light Co., Indianapolis.— Stock.—

This company has increased its authorized capital stock from $2,000,000 to $2,500,000.— V. 105, p. 1109.

Merritt Oil Co.— Vice-President — Director.—It is reported that J . R oby Penn has been elected Vice-President and

director.— V. 105, p . 502.Metal & Thermit Corp., N. Y .— New Name.— Director.—

The Goldschmidt Detinning C o. recently changed its name to the Metal & Thermit Corp. There is no change in capitalization or management, tho business simply being conducted under the now name. Daniel G . Reid has been elected a director to fill a vacancy.

Metropolitan Petroleum Corp.— Committee.—At tho shareholders’ mooting on Apr. 23 a committee was selected con

sisting o f C. C . M a chett, o f Markoe, Morgan & C o ., Howard Wilson and Judge Delavan A. Holmes to examine into the com pany’s books and report to another stockholders’ meeting on M ay 7, when steps will be taken to meet tho com pany’s debts and continue the development o f its Mexican holdings.— V. 106, p. 1691, 1581.

Mexican Telegraph Co.—Death of President.— ;See Central & South Amer. Telegraph C o. aoovo.— V. 106, p, 1348.Milwaukee & Chicago Breweries Co.— Dividend.—

A London dispatch reports a 3% dividend for the half-year, paid March 28, making 6 % for tho fiscal year.— V. 105, p. 1424.

Montreal Light, Heat & Power Co.—Power Arrangement—Rates for Gas Increased.—

An arrangoment between this company and tho Montreal Tramways Co. (V . 106, p. 715) has been entered into by which the power company will furnish tho tramways company with additional hydro-electric power for its service's, relieving the tramways company o f the necessity o f any large use o f coal in connection with tho operation o f its steam-power plants.

This company lias announced an increase from 80 cents to 85 cents per 1,000 cu. ft. o f gas for consumers o f between 7,000 and 13,000 cu. ft. monthly, and from 70 to 80 cents for over 13,000 cu. ft .— V. 102, p. 2258.

M o n t a n a P o w e r C o . ( I n c l u d i n g S u b . C o s . ) . — Earnings.3 Months to Gross Oper. Exp. Net Int. A Balance,

March 31— Earnings. A Taxes. Earnings. Bond Disc. Surplus.1918____________ $1,891,628 $535,374 $1,356,254 $380,774 $975,4801917____________ 1,876,017 459,305 1,416,712 342.949 1,073.7631916____________ 1,426.319 343,515 1.082,805 335,228 747.577— V. 106, p. 1341. 1131.

N a t i o n a l A c m e C o .— Quarterly Results. —Three Months to March 31— 1918. 1917. Decrease.

Shipm ents....... ........................... ................$3,483,789 $4,765,280 $1,281,491Net profits................................. *1,225,970 1,331.951 105,981Dividends (W%%)___________________ 375,000 375,000 ______

Balance, surplus__________ $850,970 $956,951 $105,981♦Exclusive o f Federal income and excess profits taxes.— V. 106. p . 1465.

N a t i o n a l F u e l G a s C o . ( o f N . J . ) , N . Y . — Ann. Report. —

Earnings for Calendar Years— 1917. 1916. 1915.Number o f consumers______________ 180,378 175,092 166,438Percentage owned by N . F. G . C o ___ 157,866 152,719 145,303From sales o f gas..... ........................... $8,166,924 $7,043,151 $6,263,238From miscellaneous_________________ 437,699 235,540 153,494

Total earnings.................................. $8,604,623 $7,278,691 $6,416,732Expenses and taxes. __................... $2,883,548 $2,244,058 $2,090,703Gas purchased_______ _____ _________ 1,274,5S0 1,105,802 1,062,888

N ot earnings______________________ $4,446,495 $3,928,230 33,263,141Tito abovo earnings include only the proportion o f the business o f the

underlying companies owned.



BALANCE SHEET DEC. 31.1917.

S1916.

$Assets—Stocks & bonds of

underlying cos.27,308,024 27,335,432 Sec.f& accts. rec.. 3,089,997 1,045,046Cash---------------- 2,320,465 695,060Office equipment- 829 860

1917. 1916.L ia b ilitie s— s S

Capital stock___18,489,825 14,803,900Accounts payable- ______ 864,801IMv. pay. Jan. 15. 462,246 370,098Capital stock pre

mium account.- 355,300 355,300Surplus_______ 13,4 1,943 12,682,300

T ota l............... 32,779,314 29,076,398 Total................32,779,314 29,076,398Percentage of Capital of Underlying Cos. Owned Directly or Indirectly. Controlled Companies— Capital Stock. Ownership.

United Natural Gas C o _____________________________ $15,000,000 100.00%Iroquois Natural Gas C o ................................................... 8,032,500 100.00%Pennsylvania Gas C o ...................................... ................. .. 7,200,000 50.81%Provincial Natural Gas & Fuol C o. o f Ont., L td____ 600,000 58.71%Iroquois Building Corporation______________________ 255,500 100.00%Clarion Gas C o ....... .......... 1__________________________ 125,000 100.00%

The principal places supplied with natural ga saro: (1) In N . Y . State, Buffalo, Jamestown, Olean, Salamanca, Lackawanna, Lancaster, Depew, Hamburg, East Aurora, Angola, Springfield; (2) in Pennsylvania, Erie, Oil C ity, Bradford, Warren, Meadvillo, Sharon, Du Bois, Franklin, Titusville, Corry, Clarion, Brookville, Roynoldsviile, Tidioute, Youngsville, M ercer, Greenville, Sheffield; (3) in Canada, Niagara FalLs, i>Welland, Bridgeburg, Fort Erie. Shorkston.— V. 106, p. 605. "

26,800

N e b r a s k a P o w e r C o . -Calendar Gross Net (after

Year— Earnings. Taxes).1917-------- *1.676,288 *615,9351916-------- 1,566,234 652,639 ______

See American Power & Light C o. above.-N e v a d a C o n s o l . C o p p e r C o . — Earnings

1917. 1916.8 S

20,279,722 24,366,291 8,644,347 14,370,268 1,293,251 1,065,0919,937,599 15,435,359

Earnings.—Other Interest Preferred

Income. Charges. Dividends.*29,780 *177,957 *122,500 *375,258

113,807 -V. 106, p. 818.

Balance,Surplus.

*375,2.565,632

-New Directors.C alen d ar

Y ea r—Gross earnlngs.Net earnings__Other Income.. Total Income__

1917. 1916.Total Income........ 9,937,599 15,435,359Dividends paid ...*8,297,747 7,497,963

do per cent paid * (75%)Balance, surplus.. 1,639,852 7,937,396

* Includes *7,298,018 dividends and *999,729 capital distribution.Copper produced in 1917, 82,040,508 lbs. at 23.75 cts. averago price,

against 90,735,287 lbs. at 25.83 cts. \v : ^ i,ir-II. O. Havemoyer and W . P. Hamilton have been elected directors to succeed H. F. Guggenheim and E . A . Guggenheim, resigned.— V. 106, p. 1691. 1039.

N e w E n g l a n d C o . P o w e r S y s t e m . — Earnings.—Cal. Gross Net (after Bond, &c. -Accrued Dividends- Balance,Years. Earnings. Taxes). Interest. 1 slPref. 2d Pref. Surplus.1917. .*2,645.974 *1.144,195 *597,744 *278,412 *108.800 *159,2391 9 1 6 ., 2,068,437 1.311,133 599,463 237,102 108.800 365,768— V. 106. p. 1039, 710.

N e w Y o r k T e l e p h o n e C o . — Slock Increase.— •This company has applied to the Now York P. S. Commission for

authority to issuo *25,000,000 additional stock, the proceeds to reimburse tho parent com pany, tho American Telephone & Telegraph Co. (V. 108, p.«S134G) for advances mado. A hearing will bo hold M ay 3.— V. 106, p. 1226, 1039.

N o r t h e r n S t a t e s P o w e r C o . — Power Contract.—See Wisconsln-Minnesota Light & Power Co. under “ Railroads” above.—

V. 106, p. 1582, 1349.P a c i f i c P o w e r & L i g h t C o . — Earnings.—

Calendar Gross Net, after Interest Preferred Balance,Years— Earnings. Taxes. Charges. Dividends. Surplus.

1917...........................*1,647,401 *863,683 *434,387 *175,000 *254,2961916---------------------- 1,461,699 709,987 400,883 175,000 134,104

See American Power & Light Co. above.— V. 106. p. 818.P a c i f i c T e l e p h o n e & T e l e g r a p h C o . — Rate Case.—This company has submitted to tho California R R . Commission its

statement o f valuation o f such properties as are involved In tho rate litigation, placing the amount at *31,000,000. A California paper states that with tho other properties in Los Angeles, & c., a total valuation o f *55,000,- 000 is indicated.— V. 106, p. 826, 602.

P e n n s y l v a n i a C o a l & C o k e C o . — Extra Dividend.—The directors havo declared an extra dividend o f 1 y2 % on tho stock

(par *50), in addition to tho usual quarterly dividend of 14$%. both payable M ay 10 to holders o f record M ay 6 . An extra dividend o f 1 % was paid Dec. 10 last. Compare V. 105, p. 2189.

P e o p l e s G a s L i g h t & C o k e C o . , C h i c a g o . — Rates.—This company has applied to tho Illinois P. U. Commission for permission

to increase its rates by 30% instead o f 22% , as previously sought, Tho com pany’s presont rato contract with tho city expires Aug. next. Compare V. 106, p. 1691, 1235.

P o r t l a n d G a s & C o k e C o . — Earnings —Calendar Gross Net, after Interest Pref. Divs. Balance,

Years— Earnings. Taxes. Charges. (7 % ). Surplus.1 9 1 7 ........................ *1,361,150 *607,752 *336,015 *140,000 *131,7371916........................... 1,274,140 614,746 323,227 140.000 151,519

Sco American Power & Light Co. above.— V. 106, p . 819.P r a i r i e O i l & G a s C o . — Balance Sheet Dec. 3 1 . —

1917. 1916.A evf tv___ Q <£

Real estate......... 403,647 3,175,393Personal property.26,725,212 22,934,428Merchandise........34,800,058 37,345,391Securities............. 712,500 _____Cash on hand___ 5,137,988 5,942,892Bills receivable.. . 6,500,000 6.701,673 Accts. receivable.28,326,005 8,350,926

1917. 1916.L ia b ilitie s— *

Capital stock paidup.............. 18,000,000 18,000,000

Bonded debt____ 4,000,000 4,000,000Bills payable........ 3,000,000 3,000,000Accounts payable.23,8 6 1 ,952 12,262,570Surplus................ 53,743,458 47,107,133

T ota l............. 102,605.410 84,459,703— V. 106, p. 1691, 1582.

T otal..............102,605,410 81,450,703

R i c a B e l t M i l l i n g C o . o f N e w O r l e a n s . — Bonds Called.—Forty ($4,000) First Mtgo. 6 % bonds, numbered between 41 and 200,

and forty-ono ($41,000) bonds, numbored between 421 and 758, havo been drawn for redemption on M ay 1 at tho Whitney-Central Trust & Savings Bank, trusteo, Now Orleans, La.— V. 104, p. 1707.

R i o r d a n P u l p & P a p e r C o . , L t d . , M o n t r e a l . —Charlos G. Bancroft has been olectod a director.— V. 108, p. 1132, 613.

R o c h e s t e r & L a k e O n t a r i o W a t e r C o . — Note Payment.—Noteholders are advised that the first series o f 6 % gold coupon secured

notes, dated May 1 1916 (Nos. I to 25, inclusive), amounting to *25,000, will bo paid M ay 1 at tho Union Trust C o.. Rochester, N . V.— V. 91, p.1777• S e a r s , R o e b u c k & C o . — Charges Denied.—"T his company has filed a general denial o f chargos brought against it

by tho Federal Trade Commission, which averred that tho company was selling sugar at less than cost; that discrimination betwoon customers was made and that catalogues infer that competitors’ goods aro inforlor.— V. 106, p. 1466, 934.

S h o v e ( C o t t o n ) M i l l s . — Dividend Increased.—A quarterly dividend o f 3% has boon doclarod on tho stock, payablo

M ay i to stock o f record April 20. This is an increase o f 1% over tho last quarterly 2% paid Feb. 1.— V. 105, p. 1715.

S l o 3 S - S h o f f i e l d S t e e l & I r o n C o . — Resumption of Dividends on Common Stock with Quarterly 1 )^ % Payable May 10 — Status— Earnings.— Relative to the dividend situation and

tho improved position of the company’s affairs, tho following has been issued by tho directors:

In April o f last year, when it was decided to dofer payment o f tho dividend on the common stock, the company was not in a strong cash position. M any o f its accounts payablo were overdue. Thcro was outstanding a demand loan secured by pledged pig iron amounting to approximately $800,000 ; tho company was expending substantial amounts to maintain tho plants in operating condition, and *2 ,000,000 o f the com pany’s mortgage bonds matured on April 1 1918.

Since that time tho com pany’s cash position has been greatly improved, tho demand loan has been paid and tho pig iron released; all accounts aro now paid when duo; all improvements and developments have been made which the board o f directors havo deemed wiso during this period; tho bonds which matured on April 1 1918 have been paid, and in addition to this tho company had on hand April 15 *681,000 in cash and had *300,000 o f Liberty bonds in its treasury fully paid.

It also has accounts receivable o f approximately *2,000,000. inventories and raw materials o f approximately *1,500,000, and total quick assets o f approximately *4,400,000. Its only indebtedness, othor than current operating indebtedness, is *2,000,000 o f mortgage bonds maturing Feb. 1 1920, and *1,275,000 o f notes payablo.

Tho earnings for the first quarter o f tho current year exceeded *1,250,000, after sotting aside approximately $500,000 for taxos and after making full charges for depreciation and depletion o f mineral resources. In view o f these conditions, tho board o f directors have decided that it was consistent with conservative policy to resume tho payment o f dividends on tho com mon stock [by paying a quarterly l'A % on M ay 10 to holders o f record April 30]. , . , ____ _

[The dividend o f \ lA % paid on Feb. 1 last year was tho first slnco 1910, when 3 % was distributed.) See V. 106, p. 1692, 1473, 1455.

S o u t h e r n C a l i f o r n i a E d i s o n C o . — Proposed Increase in Bonded Indebtedness.— Stockholders will voto M ay 31 on increasing tho authorized bonded indebtedness from $136,000,000 to $272,000,000.

Chairman John B . Miller, in circular of M ar. 28, says:The U. S. Fuel Administration and the Railroad Commission of California

havo urged as a war measure that this company at once proceed with tho development of additional hydro-electric plants and their appurtenant lines, which will involve tho expenditure o f approximately *15,000,000.

Your board o f directors feels that every effort should bo mado to assist tho Government in the release o f fuol oil and its by-products for war purposes, through the utilization o f water power now going to waste. Such development will also result in the substitution o f hydraulically generated power at low operating cost for that generated by steam at constantly increasing costs, subject to fuel oil prices, labor conditions, &c.

Flans aro being perfected to secure the necessary funds to permit o f tho development of those water powers, and in order to save time, it has been deemed advisable at onco to initiate proceedings to authorize the issuanco o f such bonds as may be hereafter determined.

Notico of call o f stockholders meeting is therefore being sent you herewith from which you will note that it is proposed to increaso the authorized bonded debt in tho amount o f *136,000,000. This is being done to conform with tho requirements o f law, but is not tho measure o f bonds that it is proposed to issuo at this timo. It is planned that *15,000,000 o f bonds will bo issued for hydro-electric dovelopmont as outlined above, and from timo to timo additional bonds will bo issued to refund maturing obligations. The maximum figure has been placed at *136,000,000. so as to permit, in timo, o f refunding tho entiro present authorized debt o f tho com pany, if

uch a need should arise.— V. 106, p. 1692, 1365.

S o u t h w e s t e r n P o w o r & L i g h t C o . — Earmngs.—Calendar Gross Earns. Net Earns. Interest Preferred Balance,

Years— Sub. Cos. S.W.P.&L. Charges. Dividends. Surplus.1917........................ *4,677,378 *S79,793 *259,603 *169,610 *450,5801916....................... 4,193,265 1,091,884 220,861 157,360 713,663

Tho abovo statement shows the earnings o f all properties now owned by tho sub. cos., irrespective o f the dates o f their acquisition.

Seo American Fower & Light C o. above.— V. 106, p. 819.S t a n d a r d O i l C o . o f C a l i f . — Receivership Denied.—

U. S. District Court Judge R. S. Bean o f Fortland, Oro., sitting in tho caso at Los Angeles, has denied tho receivership sought by tho Government in its suit to recover 15 quarter sections o f land in Kern County from tho Standard Oil Co. o f Calif., the Associated Oil Co. and others. A restraining order asked by tho Government to prevent development work or salo o f tho proportios, and requiring operating reports and accountings periodically, was granted. Compare V. 106, p. 1583, 1143.

S t u d e b a k e r C o r p o r a t i o n o f A m e r i c a . — History of Enterprise.— President A . R . Erskino has prepared “ for the information of the 3,000 stockholders, the 12,000 dealers in its products living throughout tho world, its 15,000 employees, and numberless friends,” a “ History of tho Studebaker Corporation,” which covers tho entiro 65 years of the “ House of Studebaker” from its humble beginning in tho year 1852, with capital of $68, two forges and an output for tho first year of two wagons, to tho close of 1917. From 1868 to 1910 tho sales aggregated $119,249,403, the net profits were about $16,000,000, and tho dividends $6,758,088; while from 1911 to 1917 tho sales amounted to $317,512,400 and tho net profits to $30,126,600.

Tho handsome little book, in closing says in part:A review o f tho results o f tho business o f tho corporation for tho sovon

years ending Dec. 31 1917 discloses many interesting facts, o f which tho following aro [some o f the] mast important:

Its seven plants at South Bend, Detroit, Chicago, and Walkervillo, Ont., cover 167.89 acres, contain 4,704,118 sq. ft. o f floor spaco, and, after charging o ff *2,193,048 for depreciation, roprosent an investment of *15,477,186.

Acres. Sq. ft. South Bend plants. 131.90 2,642,581 Detroit plant No. L 6.01 518,757

“ “ No. 2 . 1.88 112,171“ Nos. 3 & 4 . 16.66 883,241

Acres. Sq. ft.Detroit plant No. 10___3.24 140,630Chicago plant No. 8 ___4.84 304,400Walkervillo, Ont..plant 2.70 102,338

Tho annual capacity o f these plants is 100,000 automobiles. 75,000 lior,so- drawn vehicles, and about * 10,000.000 worth o f automobile and vohiclo sparo parts and harness. Tho products include a complete lino o f passenger automobiles with a line o f trucks in contemplation, and complete linos o f farm wagons, dump wagons, heavy servlco wagons, sprinklers, flashers, buggies and harness. Thero wero 277,035 automobiles and 466,962 horse- drawn vehicles sold in tho seven yoars.Application of the Total Net Profits of $30,126,600 for 7 Years 1911 to 1917.Regular 7% preferred dividends______________________19.2% o f *30,126,600Dividends paid on common stock [1915, 5% ; 1916 to

Juno 1918, 10% p. a.; since then, 4% p. a . ) . ................21.5% do doFaid to retiro *2.535,000 preferred stock________________8 .4% do doKept in tho business and used to discharge debt and

finance g row th _____________________________________ 50.9% do doComparison of Balance Sheets of Dec. 31 1917 and Dec. 31 1910.

Not tangiblo assets (excluding trado namo and good-will),*39,012,453; increase......................... *15,319,729

Working capital (difference botween total quick assets and allliabilities), *23,535,267: increase__________________ 9,654,534

Total capitalization, *40,965,000; docreaso (duo to retirement o fpreferred stock )______________________________________________ 2,535,000

Floating debt is *7,400,000, a docreaso o f______ ________________ 2,857.237Ratio o f quick assets to all liabilities is 317% , an increase o f____ 56.1%Flant and property account is *15,477,186, an increaso com

pared with Dec. 31 1910 o f *5,665,196 or............................... .. 57.7%This increase o f 57.7% in plant and property account compares with

increases in tho volumo o f output or sales ovor 1910 amounting to 164.1% in 1916 and 113.6% In 1917. Comparo V. 106, p . 1121, 1349, 1466, 1692.

For o th er Investm ent News, seo page 1809.


A p r . 27 1918.] THE CHKONICLE 1801

Hkporls and JpocmuimtSoNOVA SCOTIA STEEL AND COAL COMPANY

( L I M I T E D )

SE V E N TE E N TH A N N U A L REPORT— FOR TH E FISCAL Y E A R E N D E D D E C E M B E R 31 1917.

To the Stockholders of theNova Scotia Steel & Coal Company, Limited:

Tho Board of Directors submits herewith its Seventeenth Annual Report of operations for tho fiscal year ending December 31st 1917, togothor with the Financial Statement, and a general roport on tho condition of your property at tho close of tho year.

Liko the preceding year, 1917 was ono of groat activity in tho various Departments of tho Company.

Tho character of tho products was very substantially changed during tho last half of tho year. Tho ordinary commercial products constituted nearly 50 % of tho market value, compared with less than 15% tho preceding yoar. This was duo to cancellation of contracts covering Sholl Forgings. Tho Company was compelled to adjust itself as quickly as possiblo to this radically altorod condition, and in doing so found it expedient to intensify plato mill production, beginning in Soptomber.

On account of unusual storm conditions which soriously interfered with tho transportation of Coal and Ingots, the operations during December wore vory soriously affected, the production at tho Opon-Hoarth, Blooming and Finishing Mills boing somewdiat loss than ono-half of tho normal monthly output.

N O VA SCOTIA STE EL & COAL COM PAN Y , L IM IT E D , A N D SU B SID IA R Y C O M PAN IES.

BALAN CE SH EE T, 31ST D E C E M B E R 1917.

ASSETS.Mining Properties, Roal Estate, Buildings, Plant, M achin

ery and Equipment, less depreciation ............ $22 988 438 90Com pany’s Own Bonds Purchased for Sink- ............

ing Fund ................................................................ $109,394 39Deforred Balances Receivable on Houses Sold. 72,780 14

---------‘------------ 182,180 53Current Assets—

Inventories at or below cost________________$5,555,323 79Accounts and Bills Receivable_____________ 4,275,200 50Dominion o f Canada Victory Bonds, First

installment on subscription o f $500,000 00 50.000 00Cash in Banks and on hand________________ 2,103,022 77

---------------------- 12,043,553 00Doforred Charges to Operations—

Commission and Discount on SecuritiesIssued loss amount written o ff___________ $400,000 00

Development Expenditures, & c____________ 180,828 87Insurance and Steamors hiro prepaid______ 71,050 80

---------------------- 652,485 07$35,806,658 22

LIABILITIES.Capital Stock—

Eight per cent Cumulative Preference— Authorized andIssued— 10,000 shares o f $100 each.................................... $1,000,000 00

Ordinary— Authorized and Issued— 150,000 shares o f $100 each........................................................... ......................... 15,000,000 00

Six Per Cent Cumulative Proferonco Stock o f tho EasternCar Company, Limited------------------------------------------------------

Bonded and Debenture Debt—Fivo per cent First Mortgago

Sinking Fund Cold Bonds duo July 1st 1959; Authorized ____________________$6 ,000,000 00

Less— Redeemed by SinkingFund_______________________ 257,577 35

---------------------- 5,742,422 65Six per cent First Mortgago

Sinking Fluid Gold Bonds of Eastern Car C o., L td., dueJuly 1st 1952.............. $1,000,000 00

Loss— Reduced by SinkingFund_______________________ 32,500 00

$16,000,000 00

750,000 00

967,500 00

26,300 00

Six per cent First Mortgago Bonds o f tho Nova Scotia Land C o ., Ltd., duo July 11924 _____ ______________ $50,000 00

Lass— Redeemed by SinkingFund.......................................... 23,700 00

Six per cent Mortgago Debenture D ebt------ 4,478,600 00

Current Liabilities—Bills P ayable ._______ $258,288 58Accounts and VVagas Payable_______________ 915,617 26Interest Accrued on Bonds and Debenture

S to c k ____________________________________ 311,208 45Dividend on Preference Stock Payablo

January 15 1918_________________________ 20,000 00Dividend on Ordinary Stock Payablo Janu

ary 15 1918...................................................... 375,000 00Deforred Credits to Incom e________________________________Reserves—

For Rollning Furnaces, Coko Ovens, Renewals, &c., and for Business Profits andIncome taxes to Decombor 31 1917______ $936,596 02

For car contract and shipping Contingen-cias, & c_ ................................. 719,801 80

General Reservo____________________________ 2,000,000 00

11.214,822 65

1,880,114 29 635,171 00

3,650,457 82Surplus................................................................................................... 1,730,092 46

$35,860,658 22

C O N SO LID A TED S T A T E M E N T OF PR O FIT A N D LOSS ACCOU N TS FOR TH E Y E A R E N D IN G D E C E M B E R 31ST 1917.

Combined Profits from Operations, after providing for maintenance and renewable expenditures but before deductingdepreciation, interest charges, & c_________________________ $3,069,449 23

Deduct— Proportion o f commissions and discounts on securities written off, provision for depreciation, income tax, &c_ 976,113 20

Profits before charging interest.................................................. $2,093,336 03Deduct— Interest—

On tho 5% M ortgago Bonds o f the N ova ScotiaSteel & Coal C o., Lim ited________________ .$287,121 13

On thei 6 % Debenture Stock o f the Nova ScotiaSteel & Coal Company, Lim ited______ . 263 295 87

On the 6 % M ortgage Bonds o f the Eastern CarCompany, Lim ited______ ___________________ 58 401 00

On Bank Loans and Advances______ 144 040 20-------1---------- 752,858 20

Total N et Profits______________Add— Surplus, January 1 1917 $1,340,477 83

3,532,114 63

e d u c t - $4,872,592 46Dividends o f 8 % Cumulative preference stock

o f the N ova Scotia Steel & Coal C o., L t d .. $80,000 00 Cash dividend declared on tho ordinary stock

o f the N ova Scotia Steel & Coal C o., L t d . . . 562,500 00 Stock dividends declared on the ordinary stock

o f tho Nova Scotia Steel & Coal C o., L t d ...2 ,500,000 00-------------------- 3,142,500 00

Surplus Carried Forward.................................................................. $1,730,092 46

P R IC E , W ATERH OU SE & C O M P A N Y .Montreal, March 2 1918.

W e havo audited tho books and accounts of the Nova Scotia Steel & Coal Company, Limited, and Subsidiary Companies, for the fiscal year onding December 31st 1917, and wo certify that, in our opinion, the attached balance sheet is properly drawn up and shows the true financial position of tho combined companies at December 31 19f7 and tho rclativo profit and loss account is a fair and correct statement of the rosults of tho operations for tho year.

P R IC E , W ATERH OU SE & CO.

VO LU M E OF BUSINESS.Year ending December 31 1 9 1 7 ...Yoar ending December 31 1916 - _ "Year onding December 31 1 9 1 5 .. . ....................................

IN V E N TO R IE S.

$12,359,113 93 . 11,425,439 64

7,896,374 59

The total valuo of tho inventories is shown below, and also a comparison with the previous two years, from which it will bo noted that a reduction of 8562,395 84 has been offected.IN VEN TORIES D E C E M B E R 31 1917 (N. S. S. & C . Company Only).O re ------------- 1. ............ ............................... ........................................... $393,027 65C oko............... 2,706 00Pig Iron, Iron and Steel S cra p .................................... 251,186 50Ferro Manganese and Ferro Silicon_____ ____________________ 57,770 00Moulds and Stools_________________________________ 60,782 00Finished Steel products__________________________________ 357 362 00Billets, Blooms, Slabs, etc_______________________ ___ . 175 595 00R olls................................................................. 21,087 38Ingots.......................................................... 250,521 70Plant Stores............... 1,259,998 52Merchandise Department____________________________________ 131,865 73Lumbering Department_______________________________________ 20,323 77Shipbuilding Department____________________________________ 472,194 50Goods in transit.................................................... 5,851 01

Total 1917....................................................... .............. ...................$3,460,271 76Year onding December 31 1916_____ _________ _______________ $4,022,667 60Year ending December 31 1915______ _______________________ $2,358,688 11

N E W CO N STR U CTIO N A N D PRO PER TY A D D IT IO N S.

Tho additions to Property Account during the year amrregated 81,380,937 67.

ORE— W A B A N A .Tho continuance of tho war further accentuated tho un

satisfactory markot and shipping conditions prevailing in 1916, with tho result that operations at Wabana during 1917 were further reducod. Due to this fact and tho comparatively largo ore rosorvo on hand at tho end of 1916, it was found nocossary to mino only about one-third of the furnace requirements during this period.

About 15,000 tons of ore were taken from the submarine mines in tho early part of the year while extending tho main lovols easterly on development work. With tho view of producing tho requirements for 1918, mining was again resumed on tho 22d October, and, although tho mining force has boon disorganized for a long period, tho results achieved wore satisfactory in view of all the circumstances.

Tho number of foot of excavation accomplished in the submarine area during tho year is as follows;On tho West S u lo ______________________________________________ 1,235.4 feetOn tho East S id e_______________________________ _______________ ’461.5 foot

Making a total o f ..................................................................................1.69G.9 feetTho average analysis of the Oro, as determined by tho

Wabana Laboratory, indicated a content of 51 .78% of Iron and 11 .82% of Silica.


1802 THE CHRONICLE [V o l . 106.

Tho tonnage mined during the year amounted to 60 ,3 10 tons and shipments to North Sydney totalled 123,830 tons. Comparative figures for the last three years are as follows:1915.1916.1917.

136,731 tons .221,787 tons . 60.375tons

showing that tho production of Ore for tho year is the lowest recorded since- 1897. Furnace requirements for 1918 are now being provided..

It was found that N o. 2 Stock-pile contained a tonnage considerably in excess of tho estimate. .

A Battery of two 231 h.p. Stirling Boilers equipped with chain grate stokers, together with auxiliary equipment, including feod pumps and oil filter, was completed during tho year. This places tho boiler plant in oxcellont shape.

A Saw Mill was erected at N o. 3 Slopes, which permits tho salvage of a large quantity of waste pit timbor that has been lying around tho different mines. These were sawed into sleepers which are needed in tho mining operation.

A numbor of small items for N o. 3 Slope, chargoable to plant operation, have been installed, including ventilator fans, changes to electric cables and switches, electrification of stago hoists, laying of piping in tho new slopes, concrete stoppings in cross-cuts, and a drill sharpnor in tho Blacksmith Shop. Preparatory work is now under way for tho now Headframe at this Slope.

N O . 3 SLOPE.Tho progress made in tho very important work of sinking

N o. 3 Slopes was satisfactory, thoro having been driven on the Wost Slope:Downhill U phill___

.2,556.3 feet

.1 ,110.2 feet

Making a total of. Compared w ith_____

.3,666.5 feet

.2,713 feet in 1916This Slope moasures ton feot by seventeen feot in tho cross

sootion. . .Tho East Slopo, of similar dimensions, was driven as

• follows:D ow nhill....................U phill.........................

Making a total of. Compared with_____

.2,519 feet

. 379 feot

.2,898 feot

.2,194 feet during 1916

In addition to which 196 foot of nine by twolvo feet crosscuts wore driven. .

On Docomber first the West Slopo connection was made in a very satisfactory manner, tho alignment proving vory accurate. Work is now proceeding with the connection of the East Slopo, and it is oxpected that this will bo accomplished before it is nocessary to discontinue tho mining operations in order to move our plant to N o. 3 Slope.

Every precaution was taken to investigate the ground ahead of the slope by diamond drillings, and fortunately no difficulties from wator were experienced. The zone of heavy faulting where water might havo boon expected was passed without difficulty other than tho slow progress resulting from tho broken naturo of the strata.

LIM E STO N E .Your Point Edward Quarries producod 76,659 tons of

Limestone during the year, most of which was for use at the Blast Furnace, Sydney Minos. Thero was a very marked labor shortage experienced throughout the year, which still continues. For tho convenience of the workmen a kitchen and sloeping quarters wore providod at the Quarry site. As a result of tho improved conditions tho situation has latterly been much relieved.

D O LO M ITE .Tho main road from tho Quarry to tho railroad siding was

improved by topping with slag and ashos. Tho production for the year was 6,573 tons.

SH U B E N A C A D I E C L A Y D EPO SIT.On account of tho great difficulty in securing refractory

material from the United States an effort has been made to placo the Company in a more self-contained position, and following this policy tho Shubonacadie deposit was acquired and development work continued, placing the Company in possession of a largo tonnage of Firo Clay, which seems to be tho most satisfactory available in tho Province.

A numbor of clay deposits were investigated during the year, but none of importance were found asido from Shubonacadie.

M A N G A N E SE DEPOSITS.Several Manganese deposits of seeming promise were in

vestigated, but the results did not warrant further consideration .

COAL.The Coal production for the year showed a further decline,

duo to the closing down of Queen Mine on account of exhaustion of territory. There was also an appreciable decrease at Scotia, while Princess and Florence increased about fivo per cent each. The labor shortage and tho irregularity of the working forces were further contributing factors affecting production. .

On account of the greater development at Jubilee this operation showed a very substantial increase. Considerable progress has been made in development, but this coal is not equal to the Main Seam as a Metallurgical coal.

PRINCESS C O L L IE R Y .The most important work of the year was the development

of the main deops in Princess Colliery, which are being steadily pushed forward. At the beginning of tho year oyer5,000 feet of the main roadway were uncompleted. During tho first six months not more than 1,200 feot were completed, and in order to expedite this work preparations were made for more rapid completion early in August, resulting m tho completion of the work by the end of October.

Marked improvement was made in the condition of the air courses, which greatly increased the quantity of air available.

The Bankhead at‘ Princess is a wooden structure which has long done duty, and is now being replaced by a modern steel structure, which will afford immunity from fire, anil offer greater flexibility in the handling of all grades of coal for metallurgical and market purposes. It is proposed to push development work at this operation, with a view of increasing production, in which case the now rl ippio will easily handle the increased output. .

On October 24th a fire occurred at Princess Colliery, destroying the Washed Coal Tower and causing consideiable damage to the Haulage Engine, Compressor and Power House. Due to the efficient work of the Plant I iro Department, the firo was confined to a comparatively small area. The amount of adjusted damages was 813,430.

The Coal production for tho past threo years is as follows:Year ending December 31 1917. Year ending December 31 1916. Year ending December 31 1915.

.580,310 tons .

.605,999 tons

.611,923 torn?

PIG IRO N — BLAST F U R N A C E .The new Number Two Blast Furnace, erection of which

was started in 1916, was finished during the present year. Rail connections with the plant aro completed, and with the exception of a few details the furnace is ready to go into blast at short notice. , „ ,

In the case of N o. One Furnace threo of tho four stoves were given a general repair, being rebuilt and tho doine plate work renewed. This furnace with the present lining has produced 259,600 tons to date, and continues in satisfactory operation, with no apparent indication of failuro.

COKE O VEN S.In order to provide an adequato coke supply, an additional

battery consisting of 40 Ovons of the Bernard retort type was completed and placed in operation during the latter part of September. A now waste heat Stirling Boiler was also installed at tho Bernard Ovons in order to utilize waste heat. While all the ovens are of the retort typo, none are equipped to recover by-products.

M A C H IN E SHOP.In order to take care of tho constantly increasing demands

made upon tho machine shop additional equipment consisting of lathes and drill presses has been provided.

O PEN -H EA R TH D E P A R T M E N T .In the Open-Hearth Department ono of the original fur

naces has been rebuilt, as a result of which the capacity has been increased by twenty per cent. rI he two remaining original open-hearth furnaces havo been pushed to their limit during the period covered by tho war, and will receive similar treatment during tho coming yoar. This should not only incroase production but should result in a decreasedropair cost. . . . ,

The scrap-handling facilities will bo greatly improved upon the completion of an Open-TIearth Yard Crane and Runway, upon which work was started during tho lattor part of the year. .

A new waste heat boiler was installed in connection with N o. 5 Open-Hearth Furnace last September, and is giving very satisfactory results. The steam generated from waste gases by this unit is estimated as 300 b.h.p.

E LE CT R IC PO W ER .In order to meet the increasing demands for electric power

a 2,000 k.w. Generator was installed during tho year, but the unit is not fully available pending an extension of water lines and a new condensor now under way.

B R IC K P LA N T.During the year additional facilities for drying and hand

ling tho brick were completed. A now spur and additional track put through the plant.

T R E N T O N W O R K S.General improvements effected at tho Tronton Plant

during tho year wero as follows: .A new tile block Carpenter Shop, with tho necessary

machinery equipment, was completed. . .Boiler plant improvements wero completed permitting the

use of crushed coal to bo fed to tho boilers direct ftom overhead hoppers. .

A tile block building was erected over tho old woodon Smith and Finishing Shop and blacksmith fires rearranged.

A Sprinkler System was installed in tho storeroom, works office, N o. 1 machine shop, forgo boiler house and part of tho shipping room. Tho fire line was extonded to tho west side of the plant with four additional hydrants.

Tho 4.5-inch shell-finishing shop was taken over and converted into N o. 3 Machine Shop and fitted up foi makingtools, etc. „„ , , ,

A continuous heating furnaco for 18-pounder shrapnel shells was erected in tho shell forging department.


A p r . 27 1918.] THE CHRONICLE 1803A ten-ton gantry crane was installed in the Ingot Yard

for handling ingots from cars and stocking finished products under the gantry runway.

A ten-ton electric crane was purchased and installed over the 20-inch M ill.

A Bladwin Locomotive for yard switching was purchased and placed in service.

Modern plate shears for shearing plates up to 1 x/i inches thick wore installed in the Shipping Room.

A Plate straightening machine was provided for the purpose of producing a more satisfactory finished plate.

A motor drive was installed to operate the N o. 2 Mill conveyor table.

T R A N SP O R TA TIO N .Throughout the year the SS. Flawl and Benwood were

engaged in the transport of cars to France. The Flawl’s charter expiring, the vessel was returned to her owners Juno 21st. The Benwood is still engaged and is expected to make several trips to Franco in 1918.

During the year the SS. Peter Jebsen was wrecked near Bordeaux, and the Themis was torpedoed in the Mediterranean.

Two charters expired during the year, viz., Bergsdalen and Flawl, loaving the Wagama, Wascana and Benwood. The Wascana was engaged four months in the transport of Company ore from Wabana to Sydney.

. SH IP BU ILD IN G .Work at the shipyard was started in M ay 1910 and the

keol of tho War Wasp was laid August 1916, this vessel being launched July 9 1917. The keel of the War Bee was laid March 23 1917, and with favorable weather conditions will be launched some time in M ay 1918.

The keel of Hull N o. 4 was laid August 27 1917 on the berth vacated by tho War Wasp. This ship is practically a duplicate of the War Bee. Work on this ship was stopped in October in order to rush completion of tho War Bee before the river closed, but this was found to bo impossible. This vessel will probably be completed in November 1918.

E A STE R N CAR C O M P A N Y , L IM IT E D .The Company built and shipped complete during the year

4,190 standard railway cars, as compared with 1,742 the year previous.

The physical condition and efficiency of the plant has been fully maintained, and very considerable additions made to the plant. Tho most important installation was a 940 k.v.a. A . C. Westinghouse Turbine Generator and Ingersoll-Rand Air Compressor, with a capacity of 1,080 cubic feet per minute. Work was also commenced on the installation of a 600 h.p. Edgemoore Boiler with Green Chain Grate Stoker.

A contract was placed covering the remodeling of the Dry Kiln from the progressive systom to the box system, and insuring the drying of lumber for an output of 25 domestic cars per day.

Additional machinery in tho Punch and Shears, Forge and Machine Shop was installed, further balancing the plant equipment.

ORDERS.Ordors on hand as of Decembor 31 1917 were 25,133 tons.

Under existing conditions it is probable that there will be no difficulty in obtaining sufficient tonnage to engage tho capacity of the plants during the year. Costs of production have greatly increased due to increased wages, higher cost of supplies and to decreased efficiency in labor. ’ This is more especially true of the ore and coal mines.

R A W M A TE R IA LS.Your properties have been examined by several well-

known Geologists and Mining Engineers. Theso reports hold a very great interest for tho shareholders of the Company, but on account of their length are not here reproduced. Perhaps oxcerpts from tho roport made by the well-known Engineer, M r. Edwin C. Eckel, will, without imposing many technical considerations entering into an examination of this sort, bo most illuminating to tho casual reader.

The following excorpts aro submitted:“ In making a valuation of the extensive and important

raw material deposits of tho Nova Scotia Steel & Coal Company, it is necessary to proceed with much more caro than in attempting to place a value upon smaller deposits. As will be later seen, the iron ore properties of this company represent what is perhaps the most important single iron- oro holding in tho world, and tho coal properties are second only to tho ore holdings in tonnage and value.

‘rIt will bo later stated, in discussing the iron ore and coal holdings separately, that in each case the properties have been examined by a number of geologists and mining engineers, and that tho reports agree in placing tho ore and coal holdings at several thousand millions of tons each. What such figures really moan can only be understood by comparison. Wo can say, for example, that at the prosent rato of use tho ore and coal would each last for over a thousand years; and that at any probable future rate of use they will probably last for soveral hundred years. Putting the matter on a compotitivo basis, tho Nova Scotia Steel Company will in all probability bo mining iron ore at Wabana for a hundred years after tho Lake Superior ore beds havo been exhausted; and it may bo shipping coal from Sydney Mines at a timo when Wales and Westphalia aliko have become unworkable.

“ The main iron ore holdings of the Nova Scotia Steel and Coal Company are located at Wabana, in Conception Bay, Newfoundland. They consist of fee simple grants from the Newfoundland Government, aggregating eighty-two and a half (82HD square miles in area, on Bell Island, and under the adjoining waters of Conception Bay, in southeastern Newfoundland.

“ The portion of the ore territory which is on Belle Island has been opened up by a number of open cuts and slopes; while the submarine areas have been proven by a pair of slopes approximately two miles in length, with rooms opened off to east and west so as to develop a block half a mile wide. Ample and very economical hoisting capacity, surface haulage, and pier facilities aro already in operation. So far as mining methods and possibilities are concerned the record of the past ten years leaves nothing uncertain.

“ The Wabana holdings of the Scotia Company are of groat geologic as well as commercial interest, and have been studied at various recent dates by many ominent geologists and mining engineers. Among those to whose reports or personal opinions I have had access aro Dr. Hayes, of the Canadian Geological Survey, Professor Van Ingen of Princeton University, M r. E . E . Ellis of the Tennessee Coal, Iron & Railway Company, and M r. Kilburn Scott. All are in substantial agreement as to the character, origin, and extent of the ore deposits; so that the summary of tho matter here presented does not represent merely my own opinion but that of a group of exceptionally competent geologists and engineers who have carefully studied various parts of the problem.”

After further discussion M r. Eckel states:“ Taking all these facts into consideration, it is probable

that the Wabana ore holdings of the Nova Scotia Steel and Coal Company contain in excess of three thousand million tons of iron ore. This tonnage is larger than that believed to remain in tho Lake Superior region; it is on the same scale as the total reserve tonnage of the entiro Alabama and Lorraine-Luxemburg regions.”

N O T E .— Sinco tho preparation o f M r. Eckel's report it may bo interesting to bserve at this point that the ore o f the Scotia Company is also fairly well proved by tho continuation o f the same slopes and by the levels and workings o f the Submarine Mines. Tho work done during tho last few years has, so far as carried, confirmed the previous idea as to tho extent o f the oro. Tho driving o f N o. 3 Slopes has confirmed the results obtained by boring in tho Dominion bed, and the extension o f the levels has proved tho continuation of the ore as far as they have been carried.

COAL.Referring to tho Coal properties M r. Eckel states:“ The Nova Scotia Company owns holdings in two dis

tinct coal fields in tho Province of Nova Scotia. One of these, a relatively small property, lies in Pictou County. It covers an area of two square miles, contains three known and worked coal seams, ranging from three to four feet in thickness; and may contain two other seams at lower levels. This Pictou County tract is operated by lessees, and as it probably contains some ten to twenty million tons of coal, it will for a long time supply a small annual revenuo to the Scotia Company. It will never become a large annual producer, and its value is not taken into account in the present report.

“ The main coal holdings of the Nova Scotia Company are located near Sydney Mines Cape Breton. The holdings hero aggregate ninety-one and one-half square miles in area, of which about one-fifth is land territory and four- fifths are submarine coal areas. The coal beds have, in this district, been worked out under the water for many years at various points, so that there is no question as to the submarine extent or workability of the seams.

“ The Coal holdings summarized are underlain throughout their extent by five and in places six workable seams of coal. On tho land areas these beds range from four to eight feet in thickness, while in some of the submarine areas, seams up to ten or twelve feet in thickness will be found. Tho average total thickness of coal over the entire area is in excess of thirty feet. Detailed estimates of the coal tonnages in the Nova Scotia holdings place them at 2,500 million tons.”

With such rosorvo one can better appreciate the possibilities the future holds for your Company in tho way of plant extensions and the establishment of a large and permanent steel business. That the material possessed by your Company can be satisfactorily converted into steel products of a superior grade has been amply demonstrated by the results obtained at the Blast Furnace, Open Hearth furnace, and Rolling Mill.

Tho manufacture of steel in Cape Breton has virtually just emerged from the pioneer period, and compared with other important iron and steel centres, it may be truly said to bo in its infancy. As in all pioneer work there were many problems which had to be satisfactorily solved, and to-day it may be stated that as a result of these efforts there are no fundamentally serious metallurgical factors which will interfere with quantity production.

The development of wider markets will come with further diversification of the finished products, which necessarily must be produced by plants possessing all of tho economic features characterizing modern mills. In forwarding such plans it would seom desirable to await the re-establishment of normal conditions.

Submitted on behalf of the Board of Directors,Yours respectfully,F R A N K H . C R O C K A R D ,

President.



UNITED LIGHT & RAILW AYS COMPANY

REPORT FOR TH E FISCAL Y E A R E N D IN G D E C E M B E R 31 1917.

To the Stockholders of the United Light & Railways Company: The 'Directors submit this Annual Report for the fiscal

year ended December 31 1917.C O M P A R A T IV E CO N SO LID A TED E A R N IN G S S T A T E M E N T ,

U N ITE D L IG H T & R AILW A YS C O M P A N Y A N D SU B SID IA R Y C O M PA N IE S, T W ELV E M O N TH S E N D E D D E C . 31.

1917. 1916.♦Gross Earnings (all sources)......... ..................... $7,853,909 18 $6,922,559 63♦Operating Expenses (including Maintenance,

General, Income and Excess Profits Taxes). 5,046,907 45 4,219,386 15Net Earnings_______________________________ $2,807,001 73 $2,703,173 48

Interest on Subsidiary Company Bonds ownedby public___________________________________ 714,357 64 731,793 64

Dividends on Subsidiary Company PreferredStocks hold by Public_______________________ 171,719 00 181,077 00

Earnings o f Subsidiary Companies applicableto Common Stocks held by Public__________ 13,304 19 18,389 68B a la n ce____________________________________ $1,907,620 90 $1,771,913 16

Interest on First and Refunding 5% Bonds,United Light Sc Railways Com pany......... ...... 434,301 80 403,723 88B a la n ce ..................................................... .............$1,473,319 10$1.368,189 28

Interest on Ten-Year Convertible Gold Debentures, United Light & Railways C om p an y ..

Interest on Tw o and One-Half Year Bond-Secured Notes, United Light & Railways C o ._

Interest on Three and Fivo-Year Notes,United Light & Railways Com pany_________

Interest on Commercial Loans, United Light & Railways Company

116,816 66

4,246 44 134,447 50

13,237 49

7,262 49

135,000 00 32,653 97

Balance Available for D iv idends................... $1,204,571 01 $1,193,272 82Dividends— First Preferred Stock— 6 % _____ . 605,557 50 595,792 50

Surplus Earnings__________________________ $599,013 51 $597.480 32♦ Note.— The Gross Earnings and Operating Expenses o f the Subsidi

ary Companies includo Inter-company transactions to the amount of $)25,110 45, o f which $256,522 54 represents Electric Power sold to Subsidiary Railway Properties.

From the Surplus Accounts of Subsidiary Companies, $309,161 08 were transferred to their Depreciation Roservos (seo Statement of Consolidated Surplus annexod) and in addition the Subsidiary Companies expended, or set aside, for Maintenance $521,065 73, which was charged diroetly to Operating Expenses; making the total expended, or set aside, for Maintenance and Depreciation of property, $830,226 81, or over 12.88% of Gross Earnings received from the sale of gas, olectrieity, heat and transportation. In oompliance with the terms of the “ Depreciation Fund” agreement as set up in the Trust Deod, securing tho First and Refunding 5 % Bonds of United Light & Railways Company, there was expended during the calendar year 1917, the further sum of $246,342 40 for extensions, betterments and additions to the properties of the Company, against which no bonds can be certified; making a grand total of $1,076,569 21 of monoys expended, or set aside, for either maintenance or depreciation, or additions and extensions of physical property, against which no bonds can be certified.

The Operation Expenses of Subsidiary Companies include $395,460 09 accrued for payment of general and Federal taxos, including excess profit taxes, an increase of $100,028 71 for the fiscal year. Large increases in the cost of materials, wagos and salaries also materially affected operating expenses.

There were outstanding in the hands of tho public on December 31st 1917 the following amounts of capital securities of your Company:First and Refunding Mortgago 5% Bonds, due June 1 1932____$8,677,400Ten-Year Convertible Gold Debentures, due N ov. 1 1926------ 2,000,000Tw o and Ono-half Year Bond Secured Notes, due M ay 1 1920 .. 1,179,500Fivo-Year Bond Secured Notes, due Jan. 1 1920------------------------- 1,500,000Three-Year Bond Secured Notes, duo Jan. 1 1918_____________ 621,000First Preferred 6 % Stock_________________________ ______________ 10,131,500Common Stock__________________________________________________ 6,878,000

Following the established practice of your Company, it has acquired during the yoar, in exchange for its securities, or by purchase, $238,180 of the outstanding bonds and stocks of its subsidiary companies, and on April l 1917 retired all of tho outstanding bonds ($257,500) of Citizens Railway & Light Company (Muscatine, Iowa) and tho Mortgage was canceled. The continuation of this policy will result in the gradual elimination of all subsidiary companies’ bonds and stocks.

Through sinking fund operations, additional bonds of tho Tri-City Railway & Light Company, Iowa City Gas & Electric Company, and Chattanooga Gas Company, aggregating $171,000, woro purchased and canceled. During the year there were also retired certificates of indebtedness of the Cedar Rapids & Marion City Railway Company, in amount, $8,454.

The proportion of bond and stock issues of subsidiary companies, owned by your Company, as of December 31st 1917, can bo ascertained by a review of tho annexed Consolidated Balance Sheet.

During tho yoar your Company issued and sold an additional $500,000 of Ten-Year Convertible Gold Debentures duo November 1 1926, and also arranged for the sale of $1,500,000 Two and One-Half Yoar Bond Secured Notes. These notos being datod November 1 1917 and maturing M ay 1 1920; and are secured by a trust agroomont, under tho terms of which First and Refunding Mortgago 5 % Bonds of Uni tod Light & Railways Company are pledged, as collateral, at the rate of 133 1-3% of tho par amount of notes secured thereby outstanding. As will bo noted above, $1,179,500 of these notos were issued and outstanding on December 31 1917, and tho remaining $320,500 woro issued and sold after that date.

The proceeds from the salo of notos wore usod to retire $750,000 of Three-Year Bond Seemed Notes, which matured January 1 1918, and to refund your Company’s treasury, in part, for moneys expended for additions and betterments to the physical properties of your Company.

The gross earnings of your Company’s subsidiaries show material increases in all departments, but, due to increased cost of materials and labor, as well as increased general and Federal taxes, the net earnings do not show a proportionate increase. Your operating officials have made special efforts to operate economically but had to contend with many factors, such as increased wages and taxes, which they could not control.

The gas sales in cubic feet for the twolvo months endod December 31 1917 were 1,670,310,600, an incroaso of 230,330,800, or 16% . The electric salos in kilowatt hours were 132,204,323, an increase of 21,702,422, or 19 .64% ; while the revenue passengers of all classes carried on the railways were 43,777,903, an increase of 5,764,828, or 15.16% .

The following comparative statement indicates tho sources of revenue of subsidiary companies, both gross and net, and the percentage each class of service bears to the total:

GROSS E AR N IN G S.% of % o

1917. Total. 1916. Total.Gas.......................................... .$1,539,844 76 19.99 $1,353,805 11 19.66Residuals_________________ . 126,787 59 1.65 92,709 05 1.35Electric___________________ . 2,786,411 49 36.13 2,587,459 39 37.58Railway— C ity___________ . 2,090,648 73 27.14 1,806,218 76 26.23Railway— Interurban____ . 910,322 40 11.82 868,601 09 12.61Heat______________________ . 121,365 91 1.58 86,215 18 1.25Miscellaneous____________ . 129,888 05 1.69 90,770 75 1.32

T ota l.................................. .$7,705,268 93 100.00 $6,885,779 33 100.00N E T E AR N IN G S.

Gas_______________________ . $481,588 77 18.12 $564,160 03 21.16Electric___________________ . 1,054,814 72 39.68 1,152,546 23 43.22Railway— C ity___________ . 737,668 33 27.75 571,968 49 21.45Railway— Interurban------- . 284,726 73 10.71 300,693 10 11.28Heat................ ....................... . 303 68 .01 10,745 22 .40Miscellaneous____________ . 99,259 25 3.73 66,280 11 2.49

T o ta l__________ ________ .$2,658,361 48 100.00 $2,666,393 18 100.00During the year $1,903,053 09 woro oxpended for additions

and extensions to properties. Of this total $220,990 20 were oxpended on gas properties, $779,282 62 on electric properties, $817,303 97 on railway properties and $85,476 30 on heating properties. .

Expenditures for construction were genoral in nature and became necessary duo to the growth of tho communities served. A very large proportion of tho above-mentioned sum was oxpended on the properties of tho Tri-City Railway & Light Company, serving Davenport, Iowa; Rock Island, Moline and East Molino, Illinois; where tho expenditures were made to satisfy tho requirements of tho United States Government and industries employed on important Government contracts. It became a patriotic duty to provide tho necessary funds, even at a high cost, in order to properly serve tho industries so engaged. That your Company has provided the proper service is evidenced by tho many expressions of satisfaction convoyed to your operating officials by representatives of tho United States Government and the manufacturers. Further expenditures will bo necossary as these activities increase, but your officers will use their best endeavors to avoid expenditures of capital for non-essential purposes.

As will be noted from the annexed Balanco Sheet, your Company had among its Assets on December 31 1917 $122,350 of Liberty Bonds, which investment, as of February 28th 1918, has increased to $146,100. A very large proportion of the employees of your Company and its Subsidiaries are subscribers to and holders of Liborty Bonds of tho 3 J£% and 4 % issues, which your Company assisted them in financing. In some instances, the number of employees of Subsidiary Companies subscribing was 100% . Tho responso of the employees to contributions for Red Cross Funds and other war activities was also most gratifying.

Business conditions in all of the communities served by your Company have been and are very satisfactory, and, as has been noted, are exceptionally active in those served by the Tri-City Railway & Light Company, your Company’s principal Subsidiary. _ _ _

The relations of tho Subsidiary Companies with tho public they serve are cordial, while tho servicos rendered are satisfactory and have been continued at very low rates until recently. Upon proper showing being made by your Operating Officials, several rate increases have been granted and others are pending. #

During the year, tho Fort Dod^e Gas & Electric Company, one of your Subsidiary Companies, whose existing Electric Franchise would expiro in 1921, obtained a now 25-year Franchise at a special election, by a vote of 3 to 1. Recently, the Cadillac Gas Light Company, one of your Subsidiary Companies, surrendered its 15-year Franchise, which limited the Company to a chargo of $ 1 00 net per thousand feet for gas. The Company then applied for a now 30-year Franchise, providing for $1 25 gas, which Franchise, at a special election, was granted by a voto of nearly 10 to 1. These results, wo believe, reflect a fooling of confidence on the uavt


Apr. 27 1918.) THE CHRONICLE 1805of the Public served, in the Local Management of your Subsidiaries, as well as in tho Management of your Company as a whole.

Your Board of Directors wishes to acknowledge with appreciation tho hearty support given to the Officers of the Company during the past year by the employees of tho Company and its Subsidiaries, who have shown a splendid spirit of co-operation and service. Tho good results obtained are in a large measuro duo to this good feeling and co-operation.

During tho year regular dividends at tho rate of 1 ^ % quarterly were paid on tho First Preferred Stock, and at the rate of 1 % quarterly on the Common Stock of your Company.

Tho total number of Stockholders on December 15th 1917 was 3,082, an increase during the year of 155, which has been increased as of March 15th 1918 to 3,202. Of tho total number of Stockholders, 967 are residents of the communities served.

Appended is a Consolidated Balance Sheet of United Light & Railways Company and its Subsidiary Companies as of December 31 1917, and Statements of Profit and Loss and Surplus Accounts for the year. Tho Certificate of Messrs. Barrow, Wado, Guthrie & Company, Chartered Accountants, who have audited the books and accounts of your Company and its Subsidiary Companies, is hereto annexed.

By Order of tho Board,F R A N K T . H U L SW IT , President.

April 16th 1918. ____________

U N IT E D LIG H T & R A IL W A Y S C O M P A N Y A N D SU B SID IA R Y CO M PAN IES.

C O N S O L ID A T E D D A L A N C E S H E E T AS ON D E C E M B E R 3 1S T 19 17. A S S E T S .

P la n t, C on stru c tio n , In vestm en t A c c o u n t , cSc., Aggregate ofBook V a lu e .. . .................................................................... ...$4 9,221,9 50 79

Brought fo rw a r d .......................................................................... $47,825,826 76C u rren t L ia b ilit ies—

Accounts Payable......... .............................. ........ $732,214 16Notes Payable._____ _______________ _____ 660 000 00Notes Payable (Issued for purchase of Liberty

Bonds)................................ 86,314 75Paving Taxes duo within one year_________ 31 ’775 54Other Current Liabilities________________I 12,869 57

A ccru ed L ia b ilit ies— 1,523,174 02Interost Accrued_________________________ $377 593 18Taxes Accrued (General, Federal and War ’

Excess Profits) ...................... 335,382 62Dmdends Accrued....................... 199,000 00Other Accruals__________________________ 992 77

D eferred L ia b ilities— ' . 9 12'968 57Tickets Unredeemed___ ______ $7,793 25Motor and Service Deposits______________ 91,317 63Doferred Paving Taxes.............. 120,886 07

I tem in S u sp en se a n d O pen A c c o u n ts _____________________ ^47’5 l 5 44S u rp lu s o f S u b -C om p a n ies A v a ila b le f o r D iv id en d s to M in o r i ty

S to ck h o ld ers____ _________________ n c i n r,nR eserve— _ ...........................

For Depreciation and Maintenance______________________ 1 354 866 31S u rp lu s , as per Statement annexed_____________ I I I I I I I I 645,152 09

______ $52,543,010 73* Those Notes have since been paid.

C O N S O L ID A T E D P R O F IT A N D LOSS S T A T E M E N T FO R Y E A R E N D E D D E C E M B E R 3 1S T 1917

Gross Earnings of Subsidiary Companies. _ 47 70 oaq 09Operating Expense including Maintenance, General”'income '

and Excess Profits Taxes._^ 046 907 45Net Earnings of Subsidiary Companies__ rkq 40

Interest and Dividends on Bonds, 1 deferred Stocks""and' ’ 4SNotes of Subsidiary Companies in hands ofP u b lic ----------------------------------------------------------------------S886.076 64

Profit duo M inority Stockholders_____________ 13,304 19--------:------------ $899,380 83

Not Profit of Subsidiary Companies due U . L . & Rys. Co $1 758 980 65 Interest and Dividends Receivable: Ob

On Bonds and Stocks of Other Companies___ $2,168 25On Bank Balances and Certificates of Deposit. 13,267 88

Miscellaneous Earnings______________________________ 280 477 15T ota l C a p ita l A s s e t s ________________________

C u rren t A s s e ts —Cash on hand and in Banks_____________Accounts Receivable, less Reservo for Bad

D ebts________________________________Bills Receivable_________________________Liberty Bonds ( 3 H % and 4 % ) ___________Stocks and Bonds of other Companies_____Interest and Dividends Receivable________Supplies (Coal, Coke, Oil. Pipo and Ap

pliances) ______________________________Prepaid Accounts________________________

C ash a n d S ecu rities in H a n d s o f T ru stees—Bond Interost duo January 1 1918_________Cash hold as Collateral to Bond Secured Notes Sinking Funds___________________________

W o rk m en ’s C o m p en sa tio n F u n d _____________

.$49,221,950 79$1,226,578 05

500,622 52 20,352 13

122,350 00 53,151 00

3,622 12900,782 03

42,875 56$2,870,333 41

$208,225 00 211,500 00

27,744 07447,469 07

3,257 46$52,543,010 73

L I A B I L I T I E S .C a p ita l Stock—

Unitod Light & Railways Company:1st Pfd. 6% Cum ., Auth. $12,500,000 00

Issued______________________________Less amount held by U. L . & Rys. Co.

Common, Authorized $12,500,000, Issued. Lass amount in Treasury_____________

Cedar Rapids & Marlon C ity Railway Co.:Common, Issued----------------------------------------------

Lass amount held by U. L . & Rys. C o ..

Chattanooga Gas Company:Preferred 6% Cumulative, Issued---------------

Lass amount held by U. L . & Rys. C o ..

T r i-C ity Railway & Light Company:Preferred 6% Cumulative, Issued-------------

Loss amount held by U. L . & Rys. C o ..

Common, Issued----------------------------------------------Less amount held by U. L . & Rys. C o __

$10,131,700 00 200 00

$7,193,900 00 315,900 00

$650,000 00 584,801 24

$500,000 00 478,100 00

$3,000,000 00 173,800 00

$9,000,000 00 8,915,900 00

$10,131,500 00

6,878,000 00

65,198 76

21,900 00

2,826,200 00

84,100 00

$16

Total Capital Stock in hands of p ub lic..F u n d ed D eb t—

United Light & Railways Company:First and Refunding 5s Issued— ...............$12,713Treasury Bonds:

Deposited as Collateral toBond Secured Notes___ $4,000,000 00

In Treasury_____________ 35,900 00—4,0356 % Convertible Gold Debentures duo

November 1 1926----------------------------------------$2,000Two and one-half year Bond Secured Gold

Notes duo M ay 1 1920------------------------------- 1,179Five-Year Bond Secured Notes duo Janu

ary 1 1920............... ............, - - - - ----------- 1.500♦ Three-Year Bond Secured Notes duo

January 1 1918------------------ $750,000 00Lass amount purchased _______

by Co ___________ 129,000 00-Cedar Rapids & Marion C ity Railway Co.:

Ccrtificatesoflndebtednass.duoSept. 11919 Loss amount hold by U. L . & Rys. C o ..

Chattanooga Gas Company:First 5s Outstanding_________ - — - - — $544

Loss amount hold by U. L. & Rys. C o .. 6, Grand Rapids Grand Haven & Muskegon R y. Co.:

First 5s Outstanding_______________ $1,500Loss amount held by U. L . & Rys. C o .. 2,

Iowa C ity Gas & Electric Company: __First 6s Outstanding___________________ $238

Loss amount field by U. L . & Rys. C o .. 1,Mason C ity & Clear Lake Railroad Company:

General Mortgago 6s Outstanding_______ $316Less amount held by U. L . & Rys. C o .. 8,

Peoplo's Gas & Electric Company:Genoral Mortgago 6s Outstanding_____________

T r i-C ity Railway & Light Company:First & Refunding 5s Outstanding________$8,329.

Loss amount held by U. L . & Rys. C o .. 5,123,Collateral Trust 5s Outstanding________________

T r i-C ity Railway Company:First 5s Outstanding-------------------------------------- $54

Loss amount hold by U. L . & Rys. C o .. 13,

-$20,006,898 76

,300 00

900 00—8.677,400 00 ,000 00 ,500 00 000 00

621,000 00—5,908 00 380 00—

000 00 000 00—000 00 000 00— 1500 00 500 00-000 00 500 00-

300.500 00

16,528 00

538.000 00

498.000 00

237.000 00

307.500 00

370.000 00000 00 000 00— 3

7,000 00 000 00—

206,000 00 627,000 00

41,000 00Total Funded Liabilities in hands of public................... $27,818,928 00

Total Capital Liabilities...................................................... $47,825,826 76

I e s s * ^ ^ rOSS ® arn*n8s United Light & Railways C o___ $2,054,893 93General Expenso, including Taxes, United Lt.

& Rys. C o ________________________ . $147 273 03Intorost on First and Refunding 5% Bonds, ’

United Light & Railways C o ____________ ’ 434 301 s oInterest on Ton-Year Convertible Gold Deben

tures, U. L . & Rys. C o___ ______________ 116,816 66Interest on 2H -Y o a r Notes, U. L . & Rys. C o .. 4,246 44 Interost on Three and Five-Year Notes, U . L .

& Rys. C o . . .................................................. __ 134,447 50Interest on Commercial Loans, U. L . & Rys. Co. 13,237 49

Total Expenditures......... .................................. ................ .. $850,322 92Balance, being Profit for tho Year Ending December 31st

1917, carried to Surplus Account......... ...................... ...........$1,204,571 01

C O N D E N S E D C O N S O L ID A T E D SU R PLU S S T A T E M E N T AS ON D E C E M B E R 3 1S T 1917.

Balanco as on December 31st 1916....................... $744,853 59Loss Adjustments pertaining to period prior to

January 1st 19 17--------------------- ---------------------------- 59,609 65Adjusted Surplus as of December 31st 19 16 ..Profit for year 1917 as per Consolidated Profit and Loss

Statoinont____________________________ _685,243 94

1.204,571 01Total Surplus to Account for. $1,889,814 95Dividends Paid During Year 1917:

On Preferred Stock, 6 % ___________On Common Stock, 4 % ____________

Bond and Note Discount Written Off.♦ Credit to Depreciation Reserve____Balanco as on December 31st 1917___

605,557 50 275.964 00

881,521 50 56,404 10

306,737 26 645,152 09

Total Surplus Accounted for_____________________________ $1,889,814 95

* N o le .—Tho Credit to Depreciation Reserve set aside by Subsidiary Companies for 1917 was $309,161 08. of this amount $306,737 26 as above stated, is tho proportion chargeable to tho Consolidated Surplus due to tho fact that small amounts of the Common Stocks of two of the Subsidiary Companies are not owned by tho United Light & Railways Company.

C LAU D E M . H U R D ,____________Treasurer.

C H A R TE R E D A C C O U N TA N TS’ C E R T IF IC A T E .New York, March IG//1 1918.

Wo havo examined the books and accounts of the United Light & Railways Company and its Subsidiary owned and controlled Companies for tho year onded Decomber 31 1917, as follows:

The Cadillac Gas Light Company, Cedar Rapids Gas Company, Cedar Rapids & Marion City Railway Company, Chattanooga Gas Company, Fort Dodge Gas & Electric Company, Grand Rapids, Grand Haven & Muskogon Railway Company, La Porte Gas & Electric Company, Mason City & Clear Lake Railroad Company, Ottumwa Gas Company, Peoples Gas & Electric Company, Tri-City Railway & Light Company and its Subsidiary owned and controlled Companies and wo have compiled therefrom the foregoing Balance Sheet with Rovenuo Account and Surplus Account annexed. W e find that beforo the deduction of Depreciation and Discount on Funded Debt the Net Earnings for the year amount to 81,204,571 01 as shown. A sum of 8306,737 26 has been chargod against Surplus Account to cover Depreciation, and a further sum of $56,404 10 to cover tho proportion of Discount on Funded Dobt applicable to the year 1917.

In our opinion tho foregoing Consolidated Balance Sheet as at Docombor 31 1917 correctly sets forth the position of tho United Light & Railways Company and its Subsidiaries.

B A R R O W , W A D E , G U T H R IE & C O M P A N Y .C hartered A cco u n ta n ts .



THE COLORADO POWER COMPANY

A N N U A L R EP O R T— 1917.

Symes Building, Denver, Colorado.■ March 18 1918.

To the Stockholders of the Colorado Power Company:The Treasurer’s report for the year 1917, annexed, shows

in comparison with 1916:Gross Operating Revenuo_______________Increased $163,440 08Net Operating Revenuo________________ Increased 113,519 18Other Incomo_________________________Decreased 5,221 92Total Corporate Incomo________________Increased 108,297 26

The books and accounts of the Company have boen audited for the year by Messrs. Haskins & Sells.

Bond Interest was earned 3.14 times. Operating expenses were charged with 8138,672 for reserve for maintenance, uncollectible accounts, injurios and damages, and against depreciation of property. The net increase in these reserve accounts for the year was 880,739. Tho principal charges against the accrued reserves in 1917 consisted of 821,149 charged depreciation roservo for renewals and replacements of physical property and 829,505 charged against uncollectible accounts reserve in settling a long standing dispute as to the contract of one of the principal retail power customers.

Actual bad debts written off in tho period amounted to but 86,940— less than 0 .6 % of the gross operating revenue.

Regular dividends, amounting to 7 % on the preferred and 2 % on the common stock, were paid.

After meeting all prior charges and sotting aside 9 .9 % of the gross operating revenue for depreciation, the remainder of earnings was at the rate of 2 .8 9 % on the outstanding common stock. In addition to the net increase of 880,739 in reserves, tho Company increased its surplus by 891,161.

Of the increased gross operating revenue approximately830.000 was derived from increased wholesale business permitted by favorable water conditions in tho latter part of the year and freedom from such operating difficulties as were mentioned in the report to stockholders of March 21 1917. The remainder of the increase in gross operating revenue, amounting to 8133,440, was contributed by retail service.

As of September 1st, the Company acquired all the electric business and franchise rights of the Gem Electric Company of Idaho Springs. During tho year the Company also acquired all the outstanding bonds of its subsidiary, the Monte Vista Light, Heat & Power Company, and transferred all the property and business of tho Monte Vista Company directly to property account. These two transactions and additions and improvements to physical property increased property account 8371,484 during the year.^ Likewise, the account “ Investments” was decreased by 825,761 by the above mentioned transactions, although 825,000 of United States Liberty Bonds were purchased in the period.

The Principal expenditures upon additions to and improvements of property were:

For Lands, rights of way and buildings_______________________ $14,322Equipment of steam power plants---------------------------------------------------------30,175Central transmission system, including insulation and substation

equipment added_________________________________ _______17,085Distribution system including transformers and meters for cus

tomers’ services__________________________________________202,760Eliminating the purchase of Liberty Bonds (against which

the Company gave tho notes shown outstanding on the balance sheet), net increase in proporty and investments for the period is 8320,722, compared with an increase of but8145.000 (representing par value of additional preferred stock) in outstanding securities. Liability to power customers for advances by such customers for line construction, repayable in power service, increased by 834,537 in the year. The remainder of 8286,185 represents investment of surplus in tho property.

Continued increase of mining operations throughout the territory served, characterized tho period. Productive mining operations upon the unwatered mining territory at Leadville, mentioned in previous reports, has served to a considerable degree to offset tho decrease in use of power for pumping purposes upon completion of the original recovery projects. During tho year arrangements have been made for unwatering the last of the three large flooded mining basins at Leadville, but this work will probably not becomo sufficiently active to use tho Company’s servico in an appreciable amount for some several months to come. Mining results in the unwatered territory wero reported to have been somewhat disappointing until rocently, when important discoveries in the two basins now unwatered gavo a very favorablo turn to tho affairs of the mining companies operating therein.

By tho end of 1917, use of tho Company’s service in electrometallurgical processes at Utah Junction, as mentioned in the last Annual Report, had developed to 1,600 h. p. At the time of this report, this load has further increased by 100% , and there is every prospect that tho present requirement will be doubled before the end of the current year.

Comparison between tho number of customers served between the ond of 1916 and the ond of 1917 is as follows:

Statistics of production during 1917 compared with 1916 are as follows:

1917. 1916.Output, all stations, kwh_____________________123,000,000 109,900,000Maximum hourly ioads, kw___________________ 23,900 23,900

Favorable water conditions throughout 1917 onabled the Company to generate approximately 14,000,000 kwh. on tho main central system in excess of normal production. This, in turn, enabled it to maintain its normal delivery of about 50,000,000 kwh. to the Denver Gas & Electric Light Company but the additional retail load already under contract, in conjunction with that immediately prospective, will requiro the Company to arrange for a withdrawal of this wholesale service during tho next twelve months as permitted by the contract. _

The estimated annual gross revenuo from contracts signed during the year less revenuo from disconnected customers, was about 8240,000, and December 31st the Company had under contract not yet connected, retail power business estimated to produce additional gross operating revonue of 8152,400 yearly.

Taxes increased 848,954 and account for practically all the increase in operating exponses. Material increases in the cost of operation of tho several small steam plants in the outlying properties were offset by economies on tho main system. . .

If the cost of steam power continues to advance it will probably be necessary to ask for rate increases on somo of tho outlying properties served by steam plants, but tho continued substitution of retail for wholesale service has automatically increased the Company’s revenue per kilowatt hour sold as a whole, this unit having increased from 0.941c. for 1915, to 1.067c. for 1916 and to 1.134c. for 1917.

The Company has recognized the increased cost of living by granting the employees of junior grade an excess wage of 15% paid by separate check, with tho understanding that the excess wage may be terminated whonover tho Directors are of the opinion that tho cost of living has returned to the basis prevailing prior to tho war.

Tho employees Salary Dividend and Welfare Plan arrangement has worked out very satisfactorily since its inception on January 1 1916. Since adopting this plan the Company has paid its employees 85,238 in cash distribution and the Managers have accumulated and hold in trust for the employees 85,342 as of December 31 1917.

The outlook for tho Company is one of continued prosperity. The physical properties are in good operating condition. The amount of business which the Company has in sight at the present time is sufficient practically to assuro application of all of its resources to its retail market and corresponding increaso in revonue without increase in plant.

A development of importance to tho Company is tho proposed mining of tho rare mineral molybdenum upon a very large scalo in tho vicinity of Fremont Pass, botween tho Company’s Leadvillo and Dillon substations. This mineral is used as an alloy for steel and its functions are reported to bo similar to those of tungsten. Tho Company already has under contract 1,050 h. p. in the territory and every prospect of a very substantial increaso in tho requirement.

L. P . H A M M O N D ,President.

Rotall power customers. Lighting customers. Wholesale <i customers.

1917.362

7,0988

1916.361

6,2417

TR E A SU R E R ’S R EP O R T.Denver, Colorado, March 18 1918.

L. P. Hammond, President:I s u b m it tho fo llo w in g o n the f in a n c ia l c o n d it io n of tho

C o m p a n y :C O N S O L ID A T E D O E N E R A L B A L A N C E S H E E T , D E C E M B E R 31

1917 A N D 1916 A N D C O M P A R IS O N .A S S E T S .

I n c r ea se ( + ) ,C a p ita l A s s e ts — D e c . 31 1917. D e c . 31 1916. D ecrea se (—) .

Property, plant equipment,franchises and securities _ _____ ______of subsidiary companies. .$16,421,821 18 $16,050.337 61 +$371,483 57

C u rren t A s s e ts — _________Cash................ $212,252 25 $164,485 05 +$47,767 20Accounts and notes recciv- ____ ___

a b le ........... ........................ 153,840 61 172,174 34 — 18,333 73Special deposits__________ 9,796 63 9,480 53 + 3 16 00

Total current assots......... $375,889 39 $340,139 92 +$29,749 47B u sin ess Ass€ts~~~~

Matcriafand supplies.......... $175,147 67 $120,363 19 +$54,784 48Prepaid taxes, insurance and .

rents.................................... 4,920 76 4,410 00 + 5 10 76

Total business assets___ $180,068 43 $124,773 19 +$55,295 24O ther 8S€ts~~~~

Investments.................... $398,200 04 $423,961 41 —$25,761 37Sinking funds—uninvested. 1,100 00 5,550 00 —4,450 00Treasury securities_______ 15,300 00 15,300 00 ---------

Total other assets............. $414,600 04 $444,811 41 —$3 0 .2 113 7D efe r red D eb it I tem s—

Operating expenses hold in _ . . .su sp en se.......................... $7,964 36 $ 17 .0 7 117 —89,106

Discount on bonds and stock 20,600 78 10,088 50 + 10 ,4 18 28

Total deferred debit items $28,471 14 $27,159 67 + $ 1 .3 1 1 4 7Total....................................$17,420,850 18 $16,993,221 80 +$427,628 38


Apr. 27 1918.] THE CHRONICLE 1807L I A B I L I T I E S

C a p ita l L ia b ilit ie s—Capita] Stock—

Common—Outstanding..$11,063,200 00 $11,063,200 00 _____Capital Stock—

Preferred—Outstanding . 750,000 00 605,000 00 +$145,000 00First Mortgage 5 % Gold

bonds, duo M ay 1 1953—4,241,200 00 4,241,200 00

Total capital liabilities__ $16,054,400 00 $15,909,400 00 +$145,000 00C u rren t L ia b ilit ie s—

$24,500 00 +$24,500 00 + 8,536 79Accounts payable________ 46,711 57 $38,174 78

Matured interest on bonds 7,387 50 7,536 00 — 148 50Unclaimed dividends_____ 2,409 03 1,944 53 + 464 50Accrued intcrost on bonds.- 38,783 33 39,533 33 —750 00Accrued interest on notes

122 50 + 1 2 2 50 +40,369 03Accrued taxes___________ 126.694 24 86,325 21

Total current liabilities. - $246,608 17 $173,513 85 +$73,094 32D efe r red L ia b ilit ies—

Motor deposits--------------------- $14,643 52 $12,204 48 +$2,439 04Advances by consumers—

Payablo in power------------- 105,339 12 70,144 30 +35,194 82Dividends Accrued—

Payable Jan. 15 1918------- 55,316 00 55,316 00

Total deferred liab ilities.. $175,298 64 $137,664 78 +$37,633 86R eserve A cc o u n ts —

For maintenance_________ $6,677 65 $6,677 65For Depreciation________ 302,454 55 206,360 74 +$96,093 81For uncollectible accounts.. 6,614 60 25,270 96 — 18,056 36For Injuries and damages-. 8,837 24 5,535 36 + 3 ,3 0 1 88

Total reservo accounts— 3324.584 04 $243,844 71 +$80,739 33Surplus.........— ..............— $619,959 33 $528,798 46 + $9 1,16 0 87

T o t a l . . . ................... ..........$17,420,850 18 $16,993,221 80 +$427,628 38

C O N S O L ID A T E D S T A T E M E N T O F IN C O M E A N D P R O F IT A N D LOSS FO R T H E Y E A R E N D E D D E C E M B E R 31 1917 A N D

1916, A N D C O M P A R ISO N .--------Y e a r en d ed D e c . 31-------- In c r ea se ( + ),

1917. 1916. D ec r e a s e (—).Gross operating revenue...........$1,183,749 85 $1,020,309 77 +$163,440 08Operating expenses (including

Other income.

507,449 23 457,528 33 +49,920 90$676,300 62

32.284 32$562,781 44

37,506 24+ $ 113 ,5 19 18

—5.221 92$708,584 94 $600,287 68 +$108,297 26

$225,475 00 117,242 79

8,212 23$217,408 89

101,266 45 4,647 68

+$8,066 11 + 15,976 34

+3,564 55

$350,930 02 S323.323 02 +$27,607 00$357,654 92

528,798 46$276,964 66

634,367 50+ $80,690 26 — 105,569 04

$886,453 38 $911,332 16 + $24,878 78

$21,982 00 —$21,982 00

5 11 72 44,718 33

48,971 70 35,000 00

—48,459 98 + 9 ,718 33

/a

221,264 00 276,580 00 —55.316 00$619,959 33 $528,798 46 + $9 1,16 0 87

Deductions from Income—♦ Interest on bonds________Reservation for depreciation. Other deductions_________

Adjustment of charges to Denver Gas & Electric Light Co. under contract (amount inexcess of accrued reservo)__

Amortization of discount onbonds and stock__________

Dividends on preferred stock. _ Dividends on common stock

(Including dividend of one- half of one per cent payable

♦ Including interest on bonds of subsidiary corporations.The following comparative statement shows the results

of operation of The Colorado Power Company. The earnings for the year 1913 include the operations of the predecessor in title for the first three months of that year.

1913. 1914. 1915. 1916. 1917.Gross operating rev

enue----------------------------$692,585 $746,869 $869,224 $1,020,310 $1,183,750Operating expenses... 229,286 268,157 328,576 457,528 507,449

N o t e — Included in the above outstanding securities aro the following, which aro held by J. R . McKee, L . P . Hammond and G . H . Walbridge,' Trustees, for the benefit of the Company:Common Stock............... ........................ .............. .......................... $446,212 50Preferred Stock............................................... .................. .............. 94,838 37First Mortgage Bonds......... .............. .................................... ........ 10,547 50

Net operating revenue.$463.299 $478,712 $540,648 $562,782 $676,301Other income--------------- 19,980 29,827 28,330 37,506 32,284Total corporate in

com e. ....................... $483,279 $508,539 $568,978 $600,288 $708,585JOHN C O N N ELL,

Treasurer.

GENERAL ELECTRIC COMPANY

T W E N T Y -S IX T H A N N U A L REPORT— FOR TH E Y E A R E N D E D D E C E M B E R 31 1917.

Schenectady, N. Y., April 15 1918.To the Stockholders of the General Electric Company:

In the year 1917 tho volumo of your Company’s businoss far excooded that of any provious yoar. Tho valuo of orders received, compared with those of tho preceding four years, was:

E lectr ica l an d M e ch a n ica l.

1 9 1 7 ........................................ $246,778,4911916 ............. - ........................ 167,169,0581915 ..................................... 98,385.8911914 ............... - ...................... 83,748,5211 9 1 3 ........................................ 111,819 ,14 2

W a rM u n it io n s .

$2,416,00033,980,000

T ota l. $246,778,491

169,585,058 132,365.891

83.748.521 111,819 ,14 2

A substantial portion of tho largo incroaso for the past yoar consisted of orders for ship propulsion and other apparatus placod by and for the United States Government; but tho incroase extended to noarly every lino of tho Company’s product. Higher pricos, duo to incroasod cost of material and labor, wero also a factor in tho largor total valuo of ordors.

Tho amount of salos billed was 8190,926,317 79, an incroaso of 802,684,027 80, or 47 por cont ovor tho provious yoar.Tho not result was a profit o f . . --------- -------------------------------- $29 004 539 93To which was added income from other sources amounting to 4,512,289 93

Total not incomo__________________________Less: Interest on debentures--------------------------------

Interest and discount on notes payablo.. $571,644 96 541,356 84

$33,516,829 86

1,113,001 80

Avallablo for excess profits tax and dividendsExcess profits tax, estimated----------------------------D iv id e n d s______________________________

; - - - - ......... --$32,403,828 06$5,500,000 00 11.165,882 00 ------------------------ 16,665,882 00

Surplus for tho yoar. .$15,737,946 06

Tho large increase in sales during tho last two years has inado it necossary to add to manufacturing facilities to an extent ontiroly without procedont. During tho yoar $22,320,895 06 was oxpondod for land, buildings and othor structures, tools, machinery and smallor equipment and fixtures. In viow of tho prevailing high pricos of all material and othor unusual conditions, tho sum of $13,287,249 25 has boon chargod against incomo and goneral rosorvo as depreciation and additional plant rosorvos, resulting in a not incroaso in tho book value of plant and oquipmont of $9,033,645 81.^Although provious roports to tho stockholders have only shown tho not book valuo of tho plant account, it has boon tho Company’s practice for yoars to maintain a record of tho cost of property investments, confirmod by a caroful

appraisal. Tho difference betwoen tho gross and net book values has been carried on tho genoral ledger in a “ General plant reservo.” It is now deemed desirable to sot forth both items in the published report and tho amounts will bo found in tho balance sheet below.On Jan. 31 1893 the book value of the manufacturing plants

w as................. ................................ .......................... .............. $3,958,528 21During tho twenty-four years ended Dec. 31 1916, addi

tional expenditures were made aggregating_____________ 88,634,909 55Expended during the year 19 17............. .................. .................. 22,320,895 06

T o ta l........................................................................................ .$114,914,332 82Written off or carried to "General plant reserve” during tho

twenty-five years................. ..................................................... 75,975,922 69

Book valuo of all plants Doc. 31 1917. $38,938,410 13

G ross B ook G en era l P la n t N e t B ook V a lu e . R eserve. V a lu e .

Real estate and buildings. ..$40,533,721 82 $15,061,826 05 $25,471,895 77Machinery......... .......... 31,274,744 37 17,808,232 01 13,466,512 36Patterns---------------------------------- 1,991,110 92 1,991,109 92 1 00Furniture and fixtures--------- 3,229,331 60 3,229,330 60 1 00

T o t a l..................................$77,028,908 71 $38,090,498 58 $38,938,410 13

In addition to the $22,320,895 06 expended last year, it has been necessary to authorize expenditures for further plant extensions amounting to $13,000,000, which will be completed during 1918.

The total factory floor space in recent years has been as follows:

1908.1909.1910.1911.1912.

Syiua re f e e t .■,000,000

7.180.0008.530.000

. 9,770,000 12,160,000

1913.1914.1915.1916.1917.

S quare f e e t . .13,900.000 .14,840,000 .14,830.000 .15,300,000 .17,573.000

Tho largo increase in tho volumo of orders naturally involved corresponding increases in merchandise inventories and in customers’ notes and accounts receivable.

After deducting reserves which are regarded as ample, the merchandise in factories, district warehouses and elsewhere is shown at a not book valuo of $81,851,310 76, an increase of $30,690,671 59 for the year.

Customers’ notes and accounts receivable, after deducting adoquato reserves, aro carried at a net book value of $38,406,993 08, which is $11,590,695 80 more than the balance outstanding at tho close of 1916.

The additional capital absorbed in plant extensions, inventories and customers’ accounts amounted to $77,602,262 45, in order to provide for which, in part, tho Company issued short torm notes during tho year, tho balance outstanding at Dec. 31 being: .


1808 THE CHRONICLE [ V o l . 1 0 6 .

Issue of July 2 1917, three-year 6 % notes......................... .Issue of Dec. 1 1917 two-year 6 % notes. - - - - - - - - - - - - -Temporary notes, maturing in February and M ay 1918

.$15,000,000 00

. 10,000,000 00

. 2 ,757.721 00

$27,757,721 00

It is expected that with the return of normal business conditions, sufficient cash will be released by a reduction in inventories and customers’ notes and accounts to provide for the two note issues aggregating $25,000,000.

As was stated in the letter to the stockholders, issued under date of December 10 1917, no increase in the share capital of the Company had been made since 1912. The growth of the Company’s businoss during the period is shown by the following figuros:

1917. 1912.Orders received_____________________________________ $246,778,491 $102,934,788Sales billed.......... ......... ................................. — ........... - 196,926,318 89,182,185Not incomo (after all taxes) applicable to in- co„

terest and dividends_____________________________ 28,016,830 13,110,823Total surplus (after payment of interest and

dividends) represented by investments in manufacturing facilities, working capital andother assets_______________________________________ 49,898,699 12,031,145At a special meeting of tho stockholders of tho Company

hold on January 3 1918, it was voted to increase the authorized capital stock of the Company from $105,000,000 to $125,000,000. Your Directors, at a meeting hold January 4 1918, voted to offer to tho stockholders of record as of January 14 1918 tho right to subscribe at par for one sharo of additional stock for each ten shares thon outstanding, subscriptions to bo made on or before February 15 1918. Tho now stock has since been offered to the stockholders and all subscribed.

On November 24 1917 tho Board of Directors doclared, in addition to the regular cash dividend, a semi-annual dividend of 2 per cent, payable in stock of the Company at par.

This action was takon in view of the largo surplus from accumulated earnings covering a poriod of years, invested in manufacturing facilities, working capital, and other assets, against which no stock had been issuod.

Your Directors preferred, rather than to increase tho rate of cash dividends, to adopt tho policy of paying semi-annual stock dividends at tho rate of 4 per cent por annum, payable in January and July, in addition to the regular 8 per cont cash dividends.

The dividends declarod by tho Directors for tho year 1917 were, therefore:Cash dividends. 8 % , paid quarterly...........“ lied Crass” dividend, 1% cash----------------Initial stock dividend, @ 4 % per annum.

$8,120,648 00 1,015,078 00 2,030,156 00

$11,165,882 00

The Federal taxes for 1917, including the incomo tax at 6 per cent, $1,789,508, which was absorbod in Cost of Salos, and the estimated excess profits tax of $5,500,000, will amount to $7,289,508.

Several changes in tho form of tho published balance shoot will be found, in addition to that relating to tho gross and net book values in the plant account. For a number of years it has been tho practieo of tho Directors to provide against contingencies by sotting aside substantial rosorves. An examination of these reserves makes it cloar that a proportion of them is unlikely to bo usod for tho purpose originally intended and such proportion, estimated at about $12,000,000, lias therefore boon sot apart and shown as a general rosorve against all assots of the Company othor than its plant investment. ,

In past years it has been the Company’s practice to stato its patent account at $1, but a rocord has boon maintained showing the serial number, dato and cost of those patonts. That proportion of tho cost which represents tho unoxpirod life of the patonts, viz.: $3,097,444, is carriod as an investment on tho Company’s books, being offset by a reserve of like amount, and both accounts are now shown in full in tho published balanco sheet.

The usual certificate of tho chartorocl accountants, confirming the correctness of tho published financial statomonts, will be found below.

On M ay 8 1917 M r. Anson W . Burchard, Vico-Prosidont, was elected a Director of tho Company.

The Board of Directors desires once moro to testify to its doop appreciation of tho admirable response of tho employees in all departments to tho demands mado by the difficult and pressing problems of tho past year.

By order of the Board of Directors,C. A . C O FFIN ,

Chairman of the Board.

C O N D E N SE D PR O FIT A N D LOSS A C C O U N T D E O . 31 1917.N et sales billed_________________________________________________$196,926,317 79Lass: Cost of sales billed. Including all operating, malnto- _

nance and depreciation charges____________________________ 167,921,777 86

Sundry income:Interast and discount-. Income from securities. Sundry rovenuo________

$29,004,539 93

$1,433,317 11 . 2 ,661,150 47 . 417,822 35

4,512,289 93

N et income________________________________Less: Interest on debentures___________________

Interest and discount on notos payablo.$571,644 96

541,356 84

$33,516,829 86

1,113,001 80

Lass: Excoss profits tax, estimated.$32,403,828 06

5.500.000 00

Profit available for dividends. Lass: Dividends on stock:

8 % cash_______________________1% cash “ Red Cross” ________2 % sto ck ______________________

$26,903,828 06

$8,120,648 00 . 1,015,078 00 . 2,030,156 00

11,165,882 00

N et surplus for the year. Surplus, Jan. 1 1917----------------

$16,737,946 0634,160,753 43

To ta l surplus. $49,898,699 49

C O N D E N S E D B A L A N C E SH E E T D E C . 31 1917.

A S S E T S .Fixed investm ents:Manufacturing plant, includ

ing land, buildings and ma-ciiTnery___________________ $77,028,908 71

Less: General plant reserve.. 38,090,498 58Net book valuo___________________________$38,938,410 13Real estate, buildings, warehouses, &c.,

other than manufacturing plants------------ 794,210 blFurniture and appliances (other than in fac

tories)............................................................. 1 00Patents and franchises______$3,097,444 00Less patent reserve_________ 3,097,443 00

----------------------- $39,732,622 74Investm ent secu rities: . . . .Stocks, bonds and other securities--------- --------- .................... 37,348,608 46C urren t assets:Merchandise— „ ________ _

At factories______________ $71,490,866 43At district offices, in tran

sit, on consignment, &c, 10,360,444 33^ ggl glQ 7fiInstallation work in progress--------------------- 6,244,690 56Notes and accounts receivable------------------- 38,406,993 08Advances to subsidiary companies-------------- 5,578,518 37Deferred charges to incom o--------------------------- 1,277,062 78

------------------------ 133,358,575 55C a s h .............................................- .............- ................. ........ ........... 21,190,675 33

$231,630,482 08

L I A B I L I T I E S .D ebenture bonds:

3 Y i % series of 1902............................................ $2,047,000 005 % “ “ 1907...........- ..................... ......... 500 005 % " “ 1912................................ ............ 10,000,000 00

/0 -------------------------- $12,047,500 00N otes payable:

6 % notes, maturing July 2 1920-------$15,000,000 006 % notes maturing Dec. 1 1919------- 10,000,000 004 % notes maturing Feb. 13 and 17 1 9 1 8 -- 2,507,721 005 y $ % notes maturing M ay 19 1918- 250,000 00

-------------------------- 27,757,721 00C urrent Liabilities: ____ _ ___ _ „ „

Accounts payable_____________________$8,009,909 97Accrued taxes, estimated____________ 7 ,855,748 37Accrued interest payable____________ 254,210 72Dividend payable Jan. 15 1918--------- 2,030,150 00

-------------------------- 18,150,025 06Advance paym ents on co n tra cts ------------------------------------------ 8,233,880 53Dividend payable in sto ck --------------------------------------------------- 2 ,030,156 00Capital stock issued--------------------------------------------------------------- 99G eneral reserve______________________________________________ 12,000,000 00

SlAt>Jan. 1 1917.......................- ...............................$34,160,753 43Added during year___________________ 15,737,946 06

-------------------------- 49,898,699 49

$231,630,482 08

M A R W IC K , M IT C H E L L , P E A T & C O M P A N Y .Chartered Accountants.

79 Wall Street, New York, April 1 1918.To the Board of Directors of the General Electric Company,

120 Broadway, New York.Dear Sirs:

Wo havo oxamined tho books and accounts of tho Goneral Electric Company for tho year ondod Docombor 31 1917, and hereby certify that tho Condensed Profit and Loss Account and Balance Sheet appearing on pages 11-13 of this report aro in accordance with tho books and, in our opinion, correctly record tho results of tho operations of tho Company for tho year and the condition of its affairs as at December 31 1917. . .

W e havo verified tho cash and socuritios by actual count and inspection or by certificates which wo havo obtained from the depositaries. The valuations at which tho investment securities aro carried havo been approved by a Committee of tho Board of Directors, and, in our opinion, aro conservative. Our audit has not included the examination of the accounts of

companies which aro controlled through stock ownership, but Balance Sheets of those companies havo boon submitted to us.

W e havo scrutinized tho notos and accounts receivable and aro satisfied that full provision has boon mado for possible losses through bad and doubtful debts.

Certified inventories of work in progress, merchandise, matorials and supplies havo boon submitted to us and wo havo satisfied ourselves that theso invontorios havo boon takon in a careful mannor, that tlioy havo boon valued at or below cost price, and that full allowanco has boon mado for old or inactive stocks. Provision has also boon mado for possible allowances or additional expenditures on roeontly complotod contracts and on installation work in progross.

Expenditures capitalized in tho Proporty and Plant accounts during tho year woro proporly so chargoablo as representing additions or improvements. Amplo provision has beon mado in the oporating accounts for ropairs, ronowals and depreciation, as also liboral rosorvos for contingencies.

Yours truly, .M A R W IC K , M IT C H E L L , P E A T & C O M P A N Y .


Ape. 27 1918.1 THE CHRONICLE 1809

Spring Valley W ater Co.— Decision.—Tho U 8. Supreme Court has upheld tho order o f tho Federal Court In

San Francisco directlnf? tho payment o f moro than $220,000 In taxes on money Impounded In San Francisco banks by the com pany pending determination o f tho legality o f a water-rato ordinance. V. 106, p, 1692, lo82.

Standard Oil Co. of N. Y .—Annual Report.— Complaint.1917. 1916. 1915.

Total earns aft exp. doprec. & res-*$30,000,673 $36,638,495 $15,761,663 Cash d ir Wend. - - - - - ............(11)8,250,000 (8)6,000,000 (8)6,000,000

Total surplus Doc. 31_____________ $21,750,673 $30,638,495 $9,761,663* After deducting oxpensos incidont to operation, sundry reserves, de

preciation and Federal taxes.• Balance Sheet December 31.

1917.$

1910.SAssets—

Roat eat., raaeh. & ______vessels________ 07,297,723 01,825,470

Invent’y of mdae.oi,684,853 04,801,907 Cash & accts. reo.00,014,527 41,077,904 Liberty bonds___ 15,075,000 - - - - - Deferred assets---- 205,031 297,485

1917. 1910.Liabilities— 3 S

Capital stock____75,000,000 75,000,000Current accounts.20,407,575 22,590,142 Res’ve for lns'ce,

and bad debts.. 3,108,541 2,437,051Res. for Fed. taxes 9,375,372 ...........Surplus.................90,380,240 08,035,573

Balance,Surplus.

$214,205393,921

Total ................204,337,733 108002,700 Total------ ....204 ,337 ,733 108002,706Tho Federal" Trado Commission has served a complaint against this

comnanv charging that during the past year It had acquired a largo part of The stock of the Magnolia Potroleum Co. (V . 106, p. 504). Tho com- nlalnt alleges that tho effect of this acquisition of stock may bo to lessen substantially competition between the two companies, to restrain commorco in potroleum and its products ar to tend to create a monopoly in that business.— V . 106, p. 60o, 507.

Texas Power & Light Co.—Earnings.—C a l e n d a r G r o s s N e t , a f t e r I n t e r e s t P r e f e r r e dL Y e a r s — E a r n i n g s . T a x e s . C h a r g e s . D i v i d e n d s .1917 ...$ 2 ,6 0 0 ,8 1 6 $1,011,299 $552,094 $245,0001916 " I I I " " - 2 .253,846 1,007,295 426,707 186,667

See American Power & Light Co. above.— V . 106, p. 819.

(J. V.) Thompson Coal Properties.— Sale Confirmed.—J G Carroll, rofereo In bankruptcy at Unlontown, P a ., has confirmed

the sale of 12,000 acres of coal lands to theill. C . trick interests dismissing finally all oxcoptlons filed and directing that all mortgago creditors of tho 12 000 acres Involved bo paid in full with Interest. Tho referee further ruled that none or tho costs of the transfer bo borne by tho mortgagees. The consideration involved is understood to bo about $6,000,000, of which moro than $3,200,000 comes directly to tho Thompson estate. Compare V . 106, p. 1143, 404.

Tobacco Products Corp — Earnings.—Tlio romnany declines to confirm fclio published stcitemont/ that not

earnings fo r ^ months ended March 31 were 8645 000 which figure is approximately $100,000 in excess of a full year s dividend requirements on $7,948,500 outstanding preferred stock.— V. 106, p. 1692, 1685.

Trumbull Steel Co., Warren, Ohio.— New Stock.—Referring to tho proposed incroaso in the authorized capital stock, Pros.

Jonathan Warner in circular dated Apr. 13 says: „ „ „Tho stockholders will vote on increasing tho capital stock from $12,000,

000 [half each common and preferred, all subscribed and practically all paid for| to $20,000,000, tho proposed Increase to consist entirely of common stock. It is not at present contemplated or Intended to issuo any additional stock of tho company. Your board of directors, howover, after careful consideration, decided that it would bo advisablo to mako tho proposed incroaso at tho present time, so that thero would bo common stock in tho treasury available should it later become necessary or advisablo to issuo additional stock. (Compare V . 106, p. 1692. 1236.)

United Alloy Steel Corp.—New Officers.—J. P. Mosely has been elected Secretary to succeed E . L . Hang who is

Vice-Pros. & Treas.— V. 106, p. 1459, 1371.United Motors Corp.—Acquisition of Rim Company.

' See Porlman Rim Corp. above.— V . 105, p. 1896.United Profit Sharing Corp.—Extra Dividend.—

An extra dividond of 5 % has been declared on tho stock, along with tho regular semi-annual 5 % , both payable Juno 1 to holders of record M ay 10. On Sept. 1 last 10% extra was paid.— V . 106, p . 1143.

United States Lumber Co.— Extra Dividend.—An oxtra dividond of 2 % was paid April 1 on tho stock, along with tho

regular quarterly 2 % . Company paid 17% last year.— V. 105, p .2 5 4 9 .

Utah Copper Co.—Earnings.—C a l e n d a r Y e a r s — 1917. 1916. 1915. 1914.

Total Income........................$48,797,423 $50,280,073 $27,155,943 $16,222,456N et after taxo*................... $23,910,777 $33,747,739 $15,023,834 $5,992,163Other Income..................... 6,074,348 5,990,936 2 ,896,609 2,738,259

Gross incomo.................$29,985,125 $39,738,675 $17,920,443Interest________ ---------------------------------- ----------- $6,962Doprec’n reservo, & c . . . 1,289,630 589,732 546,734Dividends _______ *23,555,105 19,493,880 6,904,082

P e rc e n t.......................... (*)___________ (120% ) (42 K % )

Balanco, surplus_____ $5,140,390 $19,655,064 $10,462,665 $3,326,755* Includes in 1917 $20,712,247 dividends and $2,842,857 capital dls-

trCopper production for 1917 aggregated 206,174,442 lbs., against 197,417,480 lbs. for 1916.— V . 106, p. 1692, 1040.

Victor Talking Machine Co.— Govt. Contract.It is announced that this company has been awarded a contract, said to

bo valued at $15,000,000, for tho manufacture of hydroplanes and airplanes, deliveries to begin during Juno. Tho contract calls for all tho parts except tho motor, gasollno tanks and hulls.— V . 105, p. 2372.

Weetamoo (Cotton) Mills, Fall River, Mass.— Extra Dividend, A c .—

An extra dividond of 3 % has boon declared on tho stock, along with tho regular quar. 2 % , both payable M ay 1 to holders of record April 24.

At last accounts tho stock, auth. and outstanding, was $500,000 (par $100). N o bonded debt. G . II. Eddy Jr. is Pres., E . J. French, Treas.

Westinghouse Air Brake Co.— Change in Fiscal Year.—Shareholders will voto M ay 11 on changing tho fiscal year to conform

with tho calendar year.— V . 106, p. 1583, 1040.Westinghouse, Church, Kerr & Co., Inc.— Earnings.—

C a l e n d a r T o t a l „ N e t F e d e r a l P f - D i v s . C o m . D i v s . B a l a n c e Y e a r —■ I n c o m e . I n c o m e . T a x e s , & c . (6% ). (5% ). S u r p l u s .

1917 .$1,794,305 $1,280,353 $275,000 $192,000 $200,000 $6lJ.353— V, 106, p. 1036.

Westinghouse Electric & Mfg. Co.— New Plant.—Tho “ Electrical W orld" of April 20 in an illustrated artlclo describes tho

company’s now plant at South Philadelphia, started loss than a year ago and now consisting of 7 buildings employing 1,800 people. Tho plant b engaged In tho manufacture of ship-propulsion machinery.— V. 106, p 1040, 935.

Wilson & Co. (Packers).—Acquisition.—This company has purchased, exclusive of machinery, tho whool foundry

property of tho Griffin Wheel Co. (V. 106, p. 1679), northwost corner 43d St. and Hermltago Avo., Chicago, adjoining its present plant, for $200,000,flving to William Iloyo, trusteo, a trust deed to tho property to secure

100.000 for five yoars at 6% .— V. 106, p. 1699, 1120.~ Yale & Towne Mfg. Co.— Special Dividend.—

A special dividond (No. 95) of 5% lias been declared on tho stock out of past earnings, payablo May 1 to holders of record April 26.— V. 106, p. 1143, 509.

$8,730,422$51,931523,851

4,827,885(30% )

^ I x c © m i x m j e r c i a l ’J h m j e s ,COMMERCIAL EPITOME.

Friday Night, April 26 1918.Despite rather unfavorable weather, trade has latterly

been increasing. The crop outlook is in the main favorable, even though warmer weather is desirable. There is every indication of a larger grain acreage and many reports suggest that the cotton area may also bo increased. The feeling in tho West and South is confident. In tho East the prosperity of tho great manufacturing industries is a dominant feature. They are favored by a larger supply of fuel and raw materials, as tho railroad situation improves, even though in this particular there is still much room for further improvement. It is true that much of the business is with the Government and that civilian business in many cases has to wait, and the Government by no means paying as high prices as tho private buyer. The output of steel and iron is increasing. Some establishments, indeed, are now running at practically their full capacity. Cotton has recently fallen 6 to 8 H cts. per pound here the bubble of speculation being pricked by poor exports, big Southern stocks and talk of price regulation by the Government. Tho farmers of the West, who have been hoarding wheat, will be compelled to dis- gorgo by M ay 15 and accept tho Government price of $2 20 por bushel. Canadian farmers aro said to bo perfectly satisfied with 82 21, which shows them in a better light than somo of our farmers. Copper exports and imports for the present fiscal year aro thus far the largest over known. Tho demand for rubber has become so sharp that scrap tiros and worn-out rubber from the battle-fronts is being shippod to Now York for fabrication into new goods. In March this movement reached nearly a million pounds. Tho sales of hides and leather are largo, at much stronger prices, notwithstanding recent talk to tho effect that prices might be regulated. Failures in business aro still far smaller than in recent years. Shipbuilding is to be pushed as never before for 1918, 1919 and 1920, but a project to commandeer 500 houses in Philadelphia for shipworkers has been stopped by Director- Gonoral Schwab. The establishment of a model town for shipworkers near Camden, N . J ., will bo started next week by tho Emergency Fleet Corporation. Thero will be erectod 907 houses, at a cost of $2,500,000, and other improvements will cost $650,000 moro. The Fleet Corporation already has bogun arrangements for housing at Newport News, V a., and Sparrows Point, M d ., and has commandeered some unoccupied houses in Philadelphia. At present the only other places where tho housing problem for shipworkers is pressing for solution aro Bristol and Chester, Pa., and Wlimington, Dol. Haddon Township, a portion of Camden, N . J., as tho now model town will be known, is the most ambitious project undertaken with the $50,000,000 fund provided by Congross for housing shipworkers. It will provide residences for 300,000 workers of the New York Shipbuilding Co., Pennsylvania Shipbuilding Co., and Jersey Shipbuilding Co., which have furnished the land.Tho Floet Corporation and tho City of Camden aro to spend $650,000 for soworago, water plants, street improvements, firo stations, parks, school houses and playgrounds. All this certainly looks liko a prolonged and determined campaign to bring tho shipping supply of tho country up some- whero near where it ought to be. On tho other hand, high prices undoubtedly have a somewhat restraining effect. Tho statistics showing greatly increased values of oxports and bank clearings for example do not necessarily mean increased quantities. Far from it. Tho weather, too, has recently boon too cool and in parts of tho country too wet. Even in tho cotton belt replanting has had to be done, owing to killing frosts. It has been too cool in the corn bolt and in somo parts thore aro complaints of a scarcity of seed. War work largely excludes civilian business in many branches of trado. The woolon and worsted mills, it is said, may have to operate wholly on Government ordors bofore long. Cotton mills are supposed to be devoting 5 0 % of thoir capacity to Government orders. There havo been moro advances in merchandise during tho past week than declines. At the same time the tendency is to incroaso tho scope of Government regulation of production and prices as a war measure.

LAR D lower; prime Western, 25.25@ 25.35c.; refined to tho Continent, 27.25c.; South American, 27.65c.; Brazil, 28.65c. Futures declined with hogs lower and Government allotment of orders for lard and meats smaller than expected. This alone caused considerable selling at one time, especially as there is a steady increase of stocks at the West. The domestic demand is less active. To-day prices were unchanged. Thore is a small decline for tho week.D A IL Y CLOSING PRICES OF L A R D FUTURES IN CH ICAGO.

Sat. M on. Tues. Wed. Thurs. Fri.M ay delivery____ _cts.24.90 24.75 25.15 24.82 24.80 24.77July delivery_____------- 25.20 25.05 25.47 25.17 25.17 25.17

PO RK steady; mess, $53@ 854; clear, $49@ $55. Beef products, firm; mess, $32@ $33; extra India mess, $56@ $57. Cut meats steady; pickled hams, 10 to 20 lbs., 2 5 H e .; pickled bellies, 33c. To-day M ay pork closed at $46.75, showing a small advance for the week. Butter, creamery, 44 Yi @ 4 5 c . Cheese, flats, held, colored, specials, 25 @ 2 5 H e .

' Eggs, fresh, 3 8 @ 3 8 H e•


1810 THE CHRONICLE [Vol. 106.COFFEE lowor; N o. 7 Rio, 8 % c .; N o. 4 Santos, l ie .;

fair to good Cucuta, 11 3 ^ @ 1 2 ^ o . Futures declined, partly, it is believed, because of the clearance from Santos on tho 22d inst. of 109,000 bags, one steamer taking 83,000 bags and a sailing ship 26,000 bags. This was the largest clearance in one day in some time past. Tho future of prices hinges very largely on the question of ocean tonnage. Some think that one steamer will be allotted to New York and another to New Orleans for the Brazilian trade. This idea is mentioned merely for what it is worth. But many believe that the Government will regulate importations through an allotment of tonnage and at the same time will eliminate high freights. Meanwhile, stocks are of course much larger in Brazil than those of a year ago, though in Now York they are roughly 700,000 bags less than then and tho total brought into sight in America is about 1,816,000 bags, or over 1,000,000 bags less than at this time last year. On Thursday prices declined. To-day tho Exchange is closed for Liberty Loan Day. Prices are lower for the week.April — cts_8.04@ 8.09M a y . . .......... - 8 [email protected] u n e . . . .......... 8 [email protected] [email protected]

August -c ts .8 .3 1 @ 8.32 September -.8 .3 6 @ 8.37October......... 8.39 @8.40November___8.43 @ 8.44

December [email protected] 8.53 @ 8.54February____ 8.59 @ 8.60M arch............ [email protected]

SU G AR steady; centrifugal, 96-degrees test, 6.005c.; granulated, 7.45o. Exports of raw sugar from Cuba are larger. Atlantic ports are getting a much greater share than heretofore. The receipts at Cuban ports have decreased, but stocks on tho island are larger than those of 1916. Purchases for M ay have begun. Tho International Committee has arranged for 100,000 bags of Porto Rico sugar, a portion to clear early next month. Refined is still scarce. Old Government orders absorb most of tho production. Cuban receipts last week at all ports wero 128,938 tons, against 137,419 in tho previous week and 137,215 tons two years ago; exports, 91,077 tons, against 64,132 last week and 108,419 two years ago; stock, 1,010,120 tons, against 972,259 in the previous week and 902,128 tons in 1916. Mills grinding, 193 against 162 in 1916 and 193 last year. The exports from six principal ports to Europe wero 2,587 tons, to New Orleans 15,347 tons, to Spain 1,429 tons and to Mexico 710 tons. Exports from other ports, to Canada 1,743 tons. Tho weather conditions in Cuba are unsettled.

O ILS.— Linseed steady; city raw American seed, 81 5 4 @ $1 56. Calcutta, 81 50. Lard, prime, 82 30. Cocoanut, Cochin, 18% @ 19o . Ceylon, 17J^@ 17% c. Soya bean, 1 9 @ 1 9 Ho- Spirits of turpentine, 43@43>^c. Strained rosin, common to good, 86 05. Cottonseed oil, prime crude, Southeast, 17.50c. Closing prices for refined for future delivery aro as follows:M a y - - ...................................................................................................................c.19 .25

P ETR O LE U M firm; refined in barrels, 813 30@ $14 30; bulk, 86 5 0 @ 8 7 50; cases, 816 75@ 817 75. Naphtha, 73 to 76 degrees, in 100-gallon drums and over, 54% c. Gasoline steady; motor gasoline, in steel barrels, to garages, 24c.; to consumers, 26c. Gasolino, gas machine, steel, 41c.; 72 to 76 degrees, 33@ 39c. Refined very firm, with the homo and oxport needs still very large. Some predict an increase of 1 or 2 cents a gallon in gasoline throughout the Eastern section, following an advance of 1}^ cents by the Standard Oil Co. of Indiana and Chicago. Higher prices, it is asserted, are necessary to meet increased cost of refining. In the last few months crude oil has gone up as much as 81 a bbl. Tho present price of 84 for Pennsylvania oil is the highest for moro than 40 years. In addition, labor and other costs havo increased. For several months gasoline has remained almost unchanged. Tho present tank wagon price in Now York is 24 cents a gallon, or 1 cent higher than a yoar ago. A feature of interost in now completions was a well in Goose Creek pool starting at 5,000 bbls. a day.Pennsylvania dark $4 00Cabell_____ ________ 2 77Crichton__________ 1 40C orn ing___________ 2 85W ooster..... ............... 2 68Thrall......................... 2 25Strawn____________ 2 25Do Soto.....................2 15North Lima______ 2 38

South Lim a______ $2 38In d ia n a___________ 2 28Princeton__________ 2 42Somerset, 32 deg— 2 60Ragland__________ 1 25E 'ectra____________ 2 25

; Moran_____________ 2 25j Plym outh__________ 2 33

Illinois, above 30degrees_________$2 42

Kansas and Oklahoma ___________ 2 25

Caddo, La., ligh t. 2 25 Caddo, La., heavy 1 25Canada____________ 2 68Ilea ld ton_________ 1 45Henrietta__________ 2 25

TOBACCO lias been firm but rather quit, owing to a scarcity of supplies. But for that there would bo a good business. Manila binders aro in brisk demand. They sell very readily in the scarcity of domestic. Havana and Sumatra leaf have also been active and strong. A U. S. Government order has been issued shutting off imports of tobacco from the Island of Sumatra.

COPPER consumption continues heavy at 231^c., but production is amplo to meet requirements. Government needs take most of the output. Up to March 1 oxports were665,000,000 lbs., against 592,000,000 lbs. last season. Theso figures aro for a period of eight months. Imports in eight months ending March 1 were 242,000,000 lbs., a high record, against 212,000,000 for tho samo time in tho last fiscal year and 167,000,000 lbs. two years ago. The present fiscal year is expected to show a high record in oxports. Tin strong and much wanted, with none available in any position under 90 cents. One prominent consumer with Government contract work paid 94 cents for 20 tons of spot tin. Total American stocks, 455 tons; afloat from tho Straits, 5,000 tons. Lead scarce, firm and in good demand at 7 @ 7 .1 7 ^ c . Spolter quiet at 7M @ 7 }^ o . Exports during March were 8,273 tons. Stocks in warehouse on Fob. 28 wore as fol

lows: Contents of ore, 22,119 tons; blocks or pigs, 28 tons, and zinc dust, 20 tons.

PIG IRON production in April is expocted to show an increase over that of March. Tho car situation is improving. Things aro, in other words, looking somewhat brighter, although far from being all that could bo desirod. Tho supply of coke is larger. Tho output of pig iron has increased. 1 ho trouble is that although tho railroad situation is hotter it is still far from boing satisfactory. Shipments aro greatly delayed by traffic congestion. Producers are not anxious to accept now business, though plenty of it is offorod They are trying to catch up on their old orders. The Ordnanco Department wants 20,000 tons of Bessemer pig iron for deliveries in France from June to September.

STEEL output is, of courso, hoavy. Mills aro getting ready for a big demand. Government orders will havo to bo spoeded up. Conditions at stoel works, as woll as blast furnaces aro steadily improving. Some companies aro giving war roquiremonts almost 100% of their rolled product; somo qthors 75 to 9 0 % . Steol mills aro not paying much attention to civilian demand. Loss essential linos aro using less steel Pleasure automobiles, for example, aro taking tar less than usual. Thoro is talk that tho output of thoso cars will bo cut down 50 to 7 5 % . Whether it will actually bo dono or not remains to bo seen. Railroad car orders aro likely to bo large when the Government makos up its mind what it will pay. Tho Allies want 110,000 tons of barbed wire, this moans Italy and Franco. There will be a heavy domand for ship as well as railroad stool in this country. Tho war demand is steadily rising. Another large contract for wire for France is ponding, and additional specifications aro oxpocted from Italy. It is estimated that about one-third of tho output of wire mills is now boing utilized for Government work. About half tho production of wire rope is going directly to tho Government, for domestic or foroign ship-, mont. Therefore, domestic consumers find it more difficult to obtain supplies on contracts previously placed. To build 1 00 locomotives for the Paris-Lyons Moditorranoan lty. one company will purchaso about 20,000 tons of forgod, cast and rolled stoel. Another will roquiro 1,200 tons of stool for tho construction of six onginos for tho Contral Railway of Brazil.

COTTONFriday Night, April 26 1918.

TH E M O V E M E N T OF T H E CROP, as indicated by our telegrams from tho South to-night, is givon below. For tho week ending this ovoning tho total receipts havo reached 62,068 bales, against 53,313 bales last weok and 71,337 bales the previous week, making tho total rocoipts since Aug. 1 1917 5,157,182 bales, against 6,118,346 bales for tho samo period of 1916-17, showing a docroaso sinco Aug. 1 1917 of 961,164 balos.

Sat. M on. Tucs. Wed. Thurs. Fri. Total.740 2,810 2,884 417 1,733 2,567 11,151Texas C ity______

Port Arthur_____Aransas Pass, & c.New Orleans____M o b i le . . ..............

3', 105 1*566 2,90412

2*904 1*8874,2873,372

*4,28715,738

12Pensacola_______Jacksonville_____

4*175**38

173

2*759* 1 2

4,762*387

135

2*983*406214

2*287* 2 2365534

2653,8931,000

745

265 20,859

1,000 1,610

887 3,663

173 200

1,017 988 218

Brunswick______W ilmington_____

846 1,194 465 117*200

507173N ’port Nows, &C-

New Y ork______125 41

**69238

**74179 434

988Baltimore_______Philadelphia____ "*75Totals this week. 9.152 8.466 11,659 7.553 7,007 18,231 62,068

Tho following shows tho week’s total rocoipts, tho total since Aug. 1 1917 and the stocks to-night, comparod with last year:

Receipts to April 26.

1917-18. 1916-17. Stock.This

Week.Since Aug

1 1917.This

Week.Since Aug

1 1916. 1918. 1917.Galveston_______Texas C ity............Port Arthur_____

11,151 1,502.75266,948

8,10225,705

1,401,77192,02830,21338,265

1,007,709121,500193,53191,753

281,9695,420

109.53697.90075.925

6,149

20,491121

2,418,019 242,815 35,074 60,083

1,339,736 92,043 31,381 59.231

787,580 113.000 162,337 86,240

475,098 11.794 34,819 80,159 83,607

5,330

281.34441,842

240,88019,505

Aransas Pass. &c_New Orleans____M o b ile __________Pensacola_______

4,28715,738

1219,424

83422,597

12,012326.837

6,084Jacksonville,____Savannah_______Brunswick______Charleston.-_____Wilmington_____N o r fo lk _________N ’port News, &c_Now York______B oston__________Baltimore_______Philadelphia____

Totals_________

26520.859

1.0001,610

8873,663

173200

1,017988218

50 7,501 1,000 1,213

2576.242

262*2*805

7.243 125

13,500260,189

13,00042,79634,43586,478

1*63*50310,54132,618

8,577

9,500147,683

2,40031,69854,478

105,32655*69310,53137,901

4,41562.068 5,157.182 60,817 0,118,346 1.429.432 1.052.931

In ordor that comparison may be mado with othor yoars, wo givo below tho totals^a treading ports for six seasons:









Receipts at—■ 1918. 1917. 1916. | 1915. 1914. 1913.

G alveston___ToxasCity,&c. Now Orloans-

11,1514,287

15,73812

20.8591,0001,610

8873,663

1732,688

20,491121

19,42483

7,5011,0001,213

2570,242

26210.223

32,997 34,167 3,798 5,788

20,117 29,053 4,300 1,214

11,370 19,405 5.000 6,000 4,546 2,828 6,085 5,800 9,752 12,150

764 3,624 1,083 11,646

81,805 1,040

27,512 6,076 9,906

750 345

2,585 3,956 3,540 1,113

18,5179,656

14,2183,8649,851

9673.733

5544,0941,9843,792

Savannah ___Brunswick___Charles ton,&c AVilmington..N ’port N.,&c. All others____

Total this wk. Since Aug. 1-

62.068 66,817 99,812 131,675’ 75,428 71,230

5.157,182 6,118,346 6,208,863 9,694,855 9,972,874 9,280,547

m o UApurts iu i tnu ^ A v' cvv/** ^of 35,680 bales, of which 5,979 wore to Groat Britain, 10,041 to Franco and 19,060 to other destinations. Exports for the woolc and since Aug. 1 1917 are as follows:

E xports fro m —

Mobile Pensacola. . Savannah. Brunswick AVilmingtoNorfolk-----New York..Boston___Baltimore. . l’hlladol’a. Portl’d, Mo Detroit___

Total.

Tot. T6-’l

1re c k ending A p ril 26 1918. Exported to—

F ro m A u g . 1 1917 to A p ril 26 1918. E xported to—

G reatB rita in . F ran ce. Other. T o tal.

GreatB rita in . F ra n ce . O ther. T o tal.

— . . . . . . . . . . . . 444,8758,102

57,780 165,158 667,8138,102

2,557 2,5571,637 9,441 500 11,578 346,356 142,880 50,150 539,3S6

64,624 1,000 05,62430,987 30,987

5,100 5,100 103,808 128,694 127,095 419,59797,936 97,936

7,174 35,989 24,900 68,06965,794 21,000 2,003 88,797

1,400 1,200 588 3,254 425,847 100,531 182,860 709,238119,407 23,164 2,782 145,353

2.87C 600 3,476 81,295 1,367 3,652 86,31728,078 473 28,551" 1,60C ____ 1.600

1,623 1,623- - -- — 12,272 12,272 .......... .......... 465,563 465,563

5,979 10,641 19,060 35,680 1,887,509 511,405 1,028,199 3,427,113

32,48443,139

34,054 5,563 73,001 2,295,310 784,746 1,570,4261,643,619

4,650,48234,847 62,744 140,730 2,097,764 708,966 4,450,349

In addition to abovo oxports, our tolegrams to-night also givo us the following amounts of cotton on shipboard, not clearod, at the ports named. Wo add similar figures for New York.

On Shipboard, Not Cleared for—

April 26 at—Great

Britain. France.Ger- |

many.Other

Cont't.Coastwise. Total.

LeavingStock.

G alveston------Now Orloans*.Savannah ------C harleston___

8",000 17,000

'750

11,6793,000

9,5003.0004.000f .io 5

21,17914.00021.000

1,8 50

260,165408,597239,189

42,79610,162

N o rfo lk ______Now Y ork*___Other p orts* ..

47)554,000

37)651,000

------ j f .o o o1,000

400 4008,0006,000

86,078155,503154,513

Total 1 9 1 8 - Total 1917-- Total 1916--

38.750 4,000 19.505 14.490 51.3251 I t ,808 '165

16,67920,98758,668

18,0008,620

13.42372,429 1,357,003 63,692 989,239

135.324 1,125,333* Estimated.Speculation in cotton for futuro dolivory has beon loss

activo, and though, for ono causo or anothor, pricos at one timo wero stoadior, tlioy have lattorly dropped sharply. Yot, for a timo, recont cold weather, somo advance in Liverpool, moro or loss Liverpool buying and roports that white cotton was as scarco as over, wero sustaining factors, especially as the talk of price fixing died out. Anothor factor was moro favorable war nows. Recont ovonts havo roliovod tho tension hero in this rospect. Of la to, too, thoro havo beon reports that tonnago for something like 95,000 bales would bo allotted by tho British Government for M ay importation of American cotton. And thoro were somo rumors that war risk rates had boon reduced sinco tho reported blocking up of tho Bruges Canal and the submarine bases at Zoobruggo and Ostond. Tho idoa is that tho submarine menace is loss sorious. Apart from that, hovvevor, Liverpool stocks are down to so low a stago that many think that tlioy will havo to bo replenished before long, somohow. Shipbuilding is being speodod up. Tho Government is giving out largo ordors for cotton goods all tho timo. Tlioso goods aro firm, ovon if civilian business is not quite so brisk. Nothing has been dono about price fixing, eithor on cotton goods or raw cotton. Southern Senators in somo cases insist that raw cotton prices will never bo regulated by tho Government. Tho weekly Government weather report on Wednesday stated that frost, cold weather and rains had been adverse to the proper development of tho cotton plant or field work over most of tho belt. Early planted cotton in Texas was injured by cold weather and heavy rains and much replanting will havo to bo dono. In Oklahoma vory little cotton has thus far been planted. In Georgia much cotton has been replanted, and in tho northern part of that State germination is slow. In Alabama rains delayed farm work and planting is progressing somewhat slowly. Recont frosts have necessitated considerable roplant- ing in that State. Damaged cotton has had to bo replanted in Mississippi. Cold weather has rotarded planting in Louisiana; early cotton killed by recont frosts is being gradually replanted. Rainy weather in Tennessee prevented replanting. Not much had been planted howover. In Arkansas it has been too cool and wot and planting was seriously delayod. A good deal will havo to bo replanted. In North Carolina there havo boon heavy to excessive rains in the contral and eastern portions and tho principal rivors wero in flood in tho lattor part of tho weok. Naturally, farm work was

delayed. In fact, only a small portion of the crop has been planted there. Taking the belt as a whole, the season started early, but slowed up, owing to rains, cold and frosts. At times, apart from all this, the technical position of the market here has beon stronger, after recent heavy liquidation and some enlargement of the short interest. This, of itself, caused rather frequent upturns. On the other hand, the general feeling is changed. It is no longer predominantly bullish. The Southern stocks aro too large, exports too small and the belief in an increased acreage too general to admit of the old aggressive tactics in favor of a rise. Low grades aro plentiful and none too easy to sell at the South. Banks seem to have been disposed to urge tho Southern holders to sell in some cases. Certainly the recent decline of 6 to cents must have made banks in some parts of the South a little more solicitous about their loans on cotton. Recent cold weather is supposed to mean very little. April is apt to have such spells. More or less replanting is an incident of every season. And very many believe that the carry-over into next season will be large, even if exports should be stimulated somewhat during M ay and possibly June. The trade demand, too, has not shown the old snap. There is an impression that a good many of the mills are pretty well supplied with cotton for the time being. Of late, Liverpool has declined rather sharply for the reason that indications seemed to point to largor importations. And it has sold at timos rather heavily here. Tho New York stock, morovoor, has boon increasing, and M ay, which was recently some 90 points over July, has lattorly sold even with that month. Some, indeed, are looking for quite a good discount. That would be in sharp contrast with March, which went out at 120 points over July. Somo behove, too, that sooner or later tho cotton goods business is bound to be regulated by the Government in somo way. This, they think, may easily affect raw cotton indirectly, if not directly. Finally, of late the woather has boen warmer at tho South. Georgia reports that chopping has begun in the southern portion. Planting is progressing in Alabama, Mississippi and northern Texas. In oastern and southern South Carolina the stands are good. Beforo long roports on the acreage will begin to appear. The general bolief is that they will show an increase. To-day prices advanced 25 to GO points in a half-holiday session, due to Liberty Loan Day, owing to hotter buying by spot and mill interests and covering. Somo of the crop and weather reports were not altogether favorablo. Spot markets at the South wero said to bo rathor steadier. And in any case, a rally was felt to bo duo after tho recent sharp break. But futures aro about conts lower for the week. Middling uplands closed at 28.15c., or a decline of 210 points for the week.

The following averages of tho differences between grades, as figurod from the April 25 quotations of tho olovon markets, designated by the Secrotary of Agriculture, aro the differences from middling established for deliveries in the New York market on M ay 2:Middling fair_________ -1.51 onStrict good middling____________ 1.17 onGood middling_________________ 0.84 onStrict middling............- ........ — 0.47 onStrict low middling__________ 0.60 offLow middling.................... 1.49 offStrict good ordinary......................... 2.31 offGood ordinary-..........................3.15 offStrict good mid. “yellow” tlnged.0.35 on Good middling "yellow” tinged. .0.03 off

Strict middling "yellow” tlnged.0.30 offMiddling “yeliow” tinged............0.70 offStrict low mid. “yellow” tinged. .1.21 off Low middling "yellow” tinged... 1.93 off Good middling "yellow” stalned.0.75 off Strict middling “yellow” stained.1.10 offMiddling "yellow” stained--------1.63 offGood middling "blue” stained..0 94 off Strict middling "blue” stained.. 1.35 off Middling "blue” stained.............1.86 off

Tho official quotation for middling upland cotton in the Now York market each day for the past week has boen:

April 20 to April 26— Sat. M on. Tries. W ed. T h u rs . Fri.Middling uplands_____________ 30.75 30.45 30.40 29.40 27.55 28.15

N E W Y O R K QUO TATIO N S FOR 32 Y E A R S.Tho quotations for middling upland at New York on

1910.C____ .15.25 1902-C .- . . . 9.691909......... - -10.90 1901____ . . . 8.311908............ .10.10 1900------ . . . 9.811907............ .11.30 1899------ . . . 6.121906........... .11.75 1898____ . . . 6.441905______ . 7.55 1897------ . . . 7.621904............ .13.75 1896____ . . . 8.061903..........- .10.50 1895------ . . . 6.94

1918.C.......... 28.151917.......... — 20.151916...............12.101915...............10.601914...............13.251913.......... ..11 .851912...............11.751911...............15.35

M A R K E T A N D SALES A T N E W Y O R K .

1894.C---------- 7.501893_________ 7.811892............. 7.251891_________ 8 .881890...............11.941889.............-10.941888.............. 9.811887...............10.62

Saturday— M onday — Tuesday — AVednosday. Thursday . . Friday--------

T ota l.

SpotMarketClosed.

FuturesMarketClosed.

Steady, 50 pts. a d v . Steady------------Quiet, 30 pts. d e c . . Steady..............Quiet, 5 pts. d e c . . F irm ................Quiet, 100 pts. d ec . Barely steady.Qulet, 185 pts. dec. AVeak-------------Quiet, 60 pts. adv . F irm -------------

SALES.

Spot. Contract Total

N E W O RLEANS C O N TR A CT M A R K E T — Tho closing quotations for loading contracts in tho New Orleans cotton market for tho past Aveek have been as folIoAvs:

April-------------M a y _________June--------------July--------------August----------O ctober--------D ecem ber___January_____M a rch ----------Tone—•

Spot______Options . . .

Saturday, April 20.

28.5128.5628.5627.9027.8026.8626.5626.4626.41NominalSteady

Monday. April 22.

Tuesday. April 23.

28.18 28.23 28.20-, 27.6127.5126.5326.2926.1926.14-

Wed'day, April 24.

18 2.3-.28 23-.25 71-.73 .61-.63 ,69-.72 ,49-.50 .39-.40 .34-.36

27.30- .27.30- .26.69- , 26.59-,25.69- , 25.5125.4125.36-

Unchang Unchang Steady Steady I

QuietWeak

Thursd'y, April 25.

80-.85 80-.85 15-.18 05-.08 49-.52 .28-.30 .18-.20 .13-.15

Friday, April 26.

.19-.20 19-.21

.44-.51

.34-.36

.75-.80

.55-.58

.4 5-.47 40-.42

Quiet Quiet Blrly s t ’y Steady


1 8 1 3 THE CHRONICLE [Vol. 106FU TU R ES.— The highest, lowest and closing prices at

S atu rd ay , A p ril 20.

M o n d ay , A p ril 22.

T uesday, A p ril 23.

W ed’day, A p ril 24.

Thursday, A p ril 25.

F rid a y , A p ril 26. W eek.

A p ril—Ranee........Closing___ 29.08 — 28.71 — 28.73 — _ _. _

M a y—Range____ 28.80-.30 28.70-.45 28.67-.06 27.87-/00 26.04-/50 26.03-.05 26.03-/30Closing___ 29.23-.25 28.86-.88 28.88-.91 27.80-.90 26.00 — 26.60-.C3Range........Closing___ 28.92 — 28.70 — 28.87 — 27.75 — 26.00 — 26.60 —

J u ly—Range........ 28.46-.00 28.40-.95 28.42-.80 27.64-182 26.00-/45 25.90-.67 25.90-/00Closing___ 28.82-.85 2S.60-.61 28.77-.80 27.65-.75 2G.00-.05 2G.4l-.43

A ugust—Range____ 2S.6S-.71 28.41 — 28.38-.39 27.71-146 26.75-.10 25.85-.98 25.85-171Closing___

Septem ber—■28.68-.70 28.40 — 28.53 — 27.45 — 25.80 — 26.26 —

Range____Closing___ 28.20 — 27.90 — 28.03 — 26.90 — 25.90 —■26.20 —

October—Range........ 27.40-.00 27.40-.87 27.35-.73 26.57-/80 25.55-.50 25.40-.98 25.40-100Closing___ 27.85-.88 27.55-.57 27.68-.70 26.65-.70 25.55-.57 25.80-.82

November—Range____ — — — — — 25.77 — 25.77 —Closing___ 27.69 — 27.37 — 27.50 — 26.49 — 25.48 — 25.75 —•

December—Range........ 27.17-.69 27.12-.50 27.0S-.42 26.35-/51 25.33-.30 25.25-.75 25.25-/69Closing___ 27.57-.59 27.25-.26 27.38-.40 26.35-.45 25.33-.35 25.58-.60

J a n u a ry — ■Range........ 27.10-.54 27.00-.45 27.00-.28 26.48-.27 25.15-.10 25.00-.60 25.00-/54Closing___ 27.48-.50 27.14 — 27.25-.27 26.25-.35 25.15-.20 25.47-.49

F ebruary— ]Range____ -- --------- -- -- -- -- --- -- 27.07 — -- -- -- _ __ _ 2 7 .0 7 —Closing___ 27.38 — 27.04 — 27.15 — 26.15 — 25.05 — 25.37 —

M a rc h —-Range____ — 26.98-. 17 — — 25.38-.63 _______ 25.38-/17Closing___ 27.18 — 26.89 — 27.00 — 26.00 — 24.90 — 25.22 —/29e . I 28c. / 2 7c.TH E VISIBLE SUPPLY OF CO TTO N to-night, as mado

up by cablo and telegraph, is as follows. Foreign stocks, as well as the afloat, are this week’s returns, and consequently all foroign figures are brought down to Thursday evening. But to mako the total tho completo figures for to-night (Friday), we add tho item of exports from tho United States, including in it the exports of Friday only.

A pril 2 6 -- 1918. 1917. 1916. 1915.Stock at Liverpool............. -balos. 386.000 650.000 830.000 1.524,000

nd u*Li........................... 20.000 24.000 50.000 22.000Stock at Manchester....................... 58.000 48,000 77,000 134,000Total Great Britain----------------- 464,000 722,000

Stock at Hamburg_______________ ______ *1 QOOStock at B rem en________________ ______ *l'000Stock at Havre .............. ............. 128,000 252[000Stock at M arseilles______________ 1 ,000 8 000Stock at Barcelona ..................... 10,000 *06,000Stock at G e n o a ............................... 7,000 26,000Stock at Trlesto_________________ ______ *1,000

957,000 1,680,000 *1,000 *23,000*1,000

294.00015.00079.000

127.000*1,000

*482,000312.000

17.00035.000

511.000 *4,000

Total Continental stocks............ 146,000 395,000 518,000 1,384,000

1.475.00044.000

371,75423.00086.000

1.110.0001.260.657

909,61316,518

Total European stocks------------ 610,000 1,117,000India cotton afloat for Europe___ 32,000 37,000Amor, cotton afloat for E u rop o .. 128,000 215,000Egypt,Brazil,&c.,afloat for Eur'po 87,000 50,000Stock In Alexandria, E gypt.......... 316,000 135.000Stock in Bombay, India--------------- *610,000 870,000Stock n U. S. p o r t s --------------------1,429,432 1,052,931Stock in U. S. Interior towns____1,154,082 957,090U. S. exports to-day..................... 11,578 12,722

Total visible) supply— . _ --------4,378.092 4,446.743 5,296Of tho above, totals o f American and other descriptions A m e r ica n —•

Liverpool stock----------------- bales. 216,000 537,000Manchester stock________________ 23,000 43 000Continental stock---------------------------*127,000 *324.000American afloat for Europe_____ 128,000 215,000U. S. port stocks..............................1,429,432 1,052,931U. S. interior stocks..........................1,154,082 957,090U. S. exports to-day......................... 11,578 12,722

3,064,000139.000 660.599

53.000213.000905.000

1.374,426752,927

28,827

61464

*414391

.,260909

16

.542 7.190,779 aro as follows:,000 1,237,000 .000 111,000 ,000*1,204,000 ,754 660.599,657 1,374,426 .613 752,927,518 28,827

Total American .................3,089,092 3,141,743 3,650,542 5,368,779E a st In d ia n . B ra z il, & c .—

Liverpool stock__________________ 170,000London stock___________________ 20,000Manchester stock________________ 35,000Continental stock............................ *19,000India afloat for Europe__________ 32,000Egypt, Brazil, &c., afloat.............. 87,000Stock in Alexandria, E gypt_____ 316,000Stock In Bombay, India__________*610,000

113.00024.000

5,000*71,00037.00050.000

135.000870.000

216,00050.00013.000

*104,00044.00023.00086.000

1,110,000

287.00022,00023.000

*180,000139.000

53.000213.000905.000

Total East India, & c..................1,289,000 1,305,000 1,646,000 1,822,000Total A m erican...........................3,089,092 3,141,743 3.650,542 5,368,779

s u p p ly .- . ..............4,378,092 4,446,743 5,296,542 7,190,779S l s a t S S . * : : : : x m - «■ «*«.Egypt, Good Brown, L iverpool-. Peruvian, Rough Good, LiverpoolBroach, Fine, Liverpool_________Tinnovolly, Good, Liverpool____

10.50c. 8.70d. 9.50d. 5.40d.

' 5.52d.

28.15c. 20.40c. 12.15c.32.55d. 27.76d. 11.27d.39.00d. 20.00d. 13.25d.20.98d. 12.45d. 7.75d.21.23d. 12.63d. 7 .7 7 d .'

•^Estimated.Continental imports for past wook|havo beon-'46,000Jbalos.

The above figuros for 1918 show a decrease from last week of 119,256 bales, a loss of 68,651 balos from 1917, a decline of 918,450 bales from lOlGj^and [a [falling off of 2,812,687 bales from 1915.1® fflMmmm * * ?Q UOTATIONS FOR M ID D L IN G CO TTO N A T O TH ER

M A R K E T S .

W eek en d in g A p r i l 26. Saturday. M o n d a y . T u esd a y . W ed ’day . T h u rsd ’y.] F r id a y . T

G alveston_____New Orleans...M obile________Savannah _____Charleston_____Wilmington___N o rfo lk _______B altim ore_____Philadelphia__Augusta_______M em phis______D a lla s________Houston_______Little R ock___

C losin g Q u ota tion s f o r M id d lin g C olton o n —

32.0033.0032.5032.5032.5032.5032.5031.0031.0032.5033.5030.6533.25

Holiday33.0032.5032.5032.5032.5032.5031.00 30.7032.0033.50 Holiday Holiday 33.25

31.0033.0032.5032.5032.5032.5032.5031.5030.6531.5033.50 29.8530.65 33.25

30.5032.0032.5032.5032.5032.5032.5031.5029.65 31.7533.00 28.8529.65 33.25

29.2530.5031.5032.5032.5032.5032.5031.00 27.8031.2532.00 28.85 28.1532.25

29.2530.5031.00n o L .32.5032.5032.5030.0028.4031.002878528.4032.25

A T TH E IN T E R IO R TO W N S tho movemont— that is, tho receipts for the week and since Aug. 1, tho shipments for the week and the stocks to-night, and tho samo items for the corresponding period of tho previous year— is set out in detail below.

M ovem ent to A p ril 26 1918. M ovem ent to A p ril 27 1917.

T o ta l, 41 towns 9 0,4707 .028 .833I133,491I1I54082I 6 0 ,IS oV ,464,720 104,600957,090

T ow ns. Receipts. Shipm ents.Week.

SlocksA p r .26.

Receipts. S hip-

W eek. Season. W eek. Season. Week.

Ala., Eufaula.. 3 4,399 83 2,745 73 9,649Montgomery_ 100 48.19C 15f 6,493 209 42,014 962Selma_____ 17 33.95C 65 U 607 62 21,319 231Ark., Helena.. 315 41,042 2.01S 8,000 250 72,100 957Llttlo Rock.. 3,227 224,441 8,181 34,744 1,959 223,354 3,783Pino Bluff__ 1.00C 137,752 6.00C 47,500 627 148,512 4,460Ga., Albany__ 1 12,382 1,666 4 19,142 68Athens_____ 1,250 120,068 2,832 28,908 250 98,963 800Atlanta.......... 3,537 314,896 4,742 43,691 4,287 295,312 7,148Augusta........ 1,756 428,402 5,352 125,394 2,256 359,900 4,818Columbus___ 450 36,239 200 8,000 98 61,103 649Macon_____ 1,869 162,129 1,246 23,352 1,378 156,969 1,659Rome............ 165 53,993 10,665 372 55,670 725La., Shroveport 374 194,012 2,775 30,008 567 144,617 1,931Miss.,Columbus 1C 9,940 73 884 186 6,005 45Clarksdale *.. 34C 104,140 1,182 30,800 200 55,902 100Greenwood__ 1,179 127,076 2,473 35,662 500 108,554 1,0 0 0Meridian___ 235 34,103 798 9,206 219 20,524 177Natchez____ 3 51,256 5,874 30 33,771 133Vicksburg___ 61 29,693 1,169 5,836 58 15,969 123Yazoo City.. ___ 37,978 1,428 13,572 19,064 167Mo., St. Louis. 18,729 894,653 18,570 16,518 15.902 874,843 16,755N.C.,Gr’nsboro 400 51,542 400 11,000 1,895 70,797 1,970Raleigh_____ 48 10,521 275 40 11,049 25O., Cincinnati. 2,728 115,377 4,657 18,012 529 165,881 1,507Okla., Ardmore ___ 13,750 2 62,002 46SChlckasha__ 2,188 60,525 2,147 4,283 779 78,596 1,305Hugo.... ......... 137 34,233 388 4,133 249 29,312 609Oklahoma__ 600 43,995 959 3,000 337 37,620 190S.C.,Greenville 4,082 123,335 5,114 24,000 2,717 130,826 3,118Greenwood__ ___ 13,266 5,175 16,432 3*13Tenn.,Memphis 32,311 1,191,813 36,196 367,242 14,990 1,186,097 22,009Nashville___ 95 1,820 87 1,188 14 1,717Tox., Abilene.. 1 26,992 648 165 68,731 48Brenham___ 52 21,140 34 799 23 23,817 22Clarksville__ 84 53,378 578 3,870 42,065 39Dallas______ 700 126,205 1,200 13,000 941 116,117 2,789Honey Grove. 4 61,267 1,506 6,100 39,432Houston........ 12,213 1,845,375 20,632 186,421 12,910 2,385,390 20,854Paris______ 200 103,409 235 14,800 1,192 132,029 1,627San Antonio.. — 30,141 15 11 4 43,503 1,016

StocksA p r .27.8,040

25,1104,145

17,50028,55630,352

1,57419,06173,77591,27914,28716,4276,727

13,1731,476

17,47022,0005,4238,4782,8394,753

32,3436,545

9018,4501,5113,0352,8281,147

25,7244,987

13,723517

1,5172,2281,9895,442

97309,8595,569

168

* Last year’s figures are for Greenvlllo.The above totals show that tho interior stocks havo de

creased during tho week 43,024 balos and aro to-night 196,992 balos more than at tho samo timo last year. Tho rocoipts at all towns havo been 24,284 balos moro than tho samo week last year.

O VER LAN D M O V E M E N T FOR TH E W E E K A N D SINCE A U G . 1.— Wo give bolow a statoinont showing tho overland movement for tho week and sinco Aug. 1, as mado up from telegraphic reports Friday night. Tho rosul ts for tho week and since Aug. 1 in tho last two yoars aro as follows:

A p r i l 26. ------- 1917- i ? ------- ------- 191&- 17S h ipp ed— W eek .

Via St. Louis_____ _______________ i s 570Via M ounds, &c_________________ i 7 15Via Rock Island_________________ 1,226Via L ouisville_________________ 3 075Via Cincinnati................... 010Via Virginia points________________ 3,682Via other routes, &c______________ 12,758

W eek .•16,755

7,8301,790

809,686

12.413

S in ce A u g . 1 .

a854,627 237,196

5,827 102,178 60,837

279.033 658,243

D ed u ct S h ipm en ts— -41,636 2,112,779 48,554 2,197,941. 2,423 - 1,998 .19,452

289,51684,523

721,67210,1732,748

10,710203,915136,739328,869

-23,873 1,095,711 23,631 670,523.17,763 1,017.068 24,923 1,527,518

* Including movement by rail to Canada, a Rovlsod.The foregoing shows tho wook’s net overland movomont

has been 17,763 bales, against 24,923 balos for tho wook last year, and that for tho soason to date tho aggrogato not ovorland exhibits a docroaso from a year ago of 510,450 balos.

I n Sight a n d S p in n ers ’T a k in gs. W eek .

Receipts at ports to April 26____ 62,068Not overland to April 26_________ 17,763Southern consump n to Apr. 26_a 86,000

Total marketed_____________Interior stocks in excess______

-1916-17-S in ce

W eek . A u g . 1 . gO.817 6,118,346 24.923 1,527,418 90,000 3,146,000

Came Into sight during weok._ 122,807

N orth’n spinn’s’ takings to A pr.26 61,470

.165,831

.*43,0249.334,250

799,590181,740*38,414 10,791,764

603,356.122,807 143,326

10,133,840 11,395.120> 61,470 1.741,389 60,979 2,553,450

* Docroaso during wook available.

Movement into sight in previous yoars

a Theso figuros aro consumption; takings not

S in ce A u g . 1— B ales22..............10 ,775,475

W eek—1 tia les.1916— April 28........................168,102 m v 7 fi, 7 .19}5— A prf 30.........- ............. 203,777 1914-15— April 3 0 " I " 1 1 13184? 0711914— M ay 1.............................112,815 1913-14— M ay 1.................13;826[244

WEATHER REPORTS BY TELEGRAPH.— Our re- _ 3rts by telegraph from tho South this evening indicate the provalenco of fairly favorablo woathor during the week. Texas advices are to tho effect that bonoficial precipitation has occurred in nearly all sections but that cold weather has retarded germination and growth. Mobilo roports that less cotton was killed than reported and replanting is about finished.

Galveston, rex. Bonoficial precipitation occurrodin nearly all sections but was not needod in northoastorn and central portions. Recent cold woathor has rotardod growth and



rapid germination of seed. Some replanting necessary, due to frosts and excessive precipitation. In the southwestern district the plant is up to a stand and is doing nicely. Rain has fallen on three days during the week to the extent of two inches and fifty-sevon hundredths. Average thermometer 65, highest 78, lowest 52.

Abilene, Tex.— It has been dry all the week. The thermometer has averaged 67, the highest being 92 and the lowest 42.

Brenham, Tex.— W o liavo had rain on ono day of the past woelc, tho rainfall being eighty hundredths of an inch. The thermometer has averaged 66, ranging from 46 to 86.

Brownsville, Tex.— It has been dry all the week. Average thermometer 74, highest 90, lowest 58.

Cuero, Tex.— Wo have had rain on one day tho past week, tho rainfall being fifty-four hundredths of an inch. The thermometer has averaged 66, tho highest being 88 and the lowest 44.

Dallas, Tex.— W e have had rain on ono day of tho past week, the rainfall being sixteen hundredths of an inch. Tho thermometer has averagod 62, ranging from 40 to 84.

Fort Worth, Tex.— Rain has fallen lightly on ono day during tho week, to tho extent of sixteon hundredths of an inch. Minimum thermometer 40, maximum 86, mean 63.

Henrietta, Tex.— Wo have had no rain tho past week. Tho thermometer has averaged 61, the highest boing 86 and the lowest 36.

Huntsville, Tex.— W o havo had rain on one day of tho past week, the rainfall being ono inch. Tho thermometer has avoraged 61, ranging from 38 to 84.

Iierrville, Tex.— Dry all tho wook. Averago thermometer 62, highest 86, lowest 38.

Lampassas, Tex.— There has been rain on ono day during tho week, tho precipitation reaching throe hundredths of an inch. The thermometer has averagod 64, tho highest boing 88 and tho lowest 40.

Longview, Tex.— Rain has fallen on ono day during tho week, the precipitation reaching eighty-eight hundredths of an inch. Tho thermometor has avoraged 57, ranging from 30 to 84.

Luling, Tex.— W e havo had rain on one day during tho week, to the extent of ono inch and fivo hundredths. Averago thermomotor 68, highest 90, lowest 46.

Nacogdoches, Tex.— Tho week’s rainfall has boon ono inch and four hundredths on ono day. The thermomoter has averaged 60, ranging from 38 to 82.

Palestine, Tex.— It has rainod on one day of tho weok, the rainfall roaching fifty-six hundredths of an inch. Minimum tliormometer 42, maximum 80, mean 61.

Paris, Tex.— It has rained on ono day of tho wook, tho rainfall reaching ono inch and eight hundredths. Tho thermometer has averaged 59, ranging from 36 to 82.£. '• San Antonio, Tex.— It has rained on ono day of tho week, tho rainfall reaching sixty-two hundredths of an inch. Minimum thermomoter 50, highest 86, averago 68.

Taylor, Tex.— It has rained on two days of tho week, the procipitation being sovonty-fivo hundredths of, an inch. Minimum thermomoter 44.

Ardmore, Okla.— Rain has fallen on ono day during the week, the precipitation reaching seven hundredths of an inch. Tho thermometer has avoraged 61, ranging from 35 to 87.

Muskogee, Okla.— Wo havo had rain on four days during tho week, the rainfall being thirty-six hundredths of an inch. Tho thermomoter has ranged from 32 to 80, averaging 56.

Oklahoma City, Okla.— Dry all tho week. Minimum thermomotor 35, maximum 80, moan 58.

Brinkley, Ark.— The week’s rainfall has been ninoty-two hundredths of an inch, on ono day. Tho thormometor has averagod 62, ranging from 40 to 85.

Eldorado, Ark.— Thoro has been rain on ono day during tho weok, tho rainfall boing twenty hundredths of an inch. Tho thermomoter has ranged from 38 to 85, averaging 61.

Little Rock, Ark.— Wo havo had rain on ono day during tho week, to the extent of twenty-ono hundredths of an inch. Average thermomoter 60, highest 80, lowest 40.

Alexandria, La.— It has rained on three days of tho weok, the rainfall reaching sovonty-oight hundredths of an inch. Tho thermomoter has averaged 63, ranging from 42 to 84.

New Orleans, La.— It has rained on tlireo days of tho weok, the procipitation being two inches and ten hunrdodths. Avorago thermomoter 66. . ’

Shreveport, La.— Wo havo had rain on two days of tho week, tho rainfall reaching fifty-threo hundredths of an inch. The thermometer has averaged 62, ranging from 40 to 84.

Columbus, Miss.—It has rained on ono day of tho weok, tho rainfall reaching twelve hundredths of an inch. Minimum thermometer 42, maximum 82, moan 62.

Greenville, Miss.— W e havo had rain on ono day of the past wook, tho rainfall being forty-nine hundredths of an inch. Tho thormomoter has averaged 63, ranging from 43 to 83.

Vicksburg, Miss.— Tho week’s rainfall has been twelve hundredths of an inch on two days. Avorago thermometer 63, highest 82, lowest 44.

Mobile, Ala.— Weather more favorablo. Less cotton killed than reported and replanting uplands about finished. It has rained on three days of tho wook, tho rainfall reaching eighty-two hundredths of an inch. Tho thermometer has

oragod 67, the highest being 79 and tho lowest 51.

Montgomery, Ala.— W e have had rain on two days o f ’the past week, the rainfall being ninety-one hundredths of an inch. Tho thermometer has averaged 64, ranging from 49 to 79.

Selma, Ala.— There has been rain on two days the past week, to the extent of fifteen hundredths of an inch. The thermometer has ranged from 45 to 80, averaging 64.

Madison, Fla.— W e have had rain on two days during the week, the rainfall reaching one inch and eighty-eight hundredths. Minimum thermometer 46, maximum 88, mean 67.

Tallahassee, Fla.— W o have had rain on one day the past week, the rainfall being eighty-six hundredths of an inch. The thermometer has averaged 66, the highest being 82 and the lowest 49.

Atlanta, Ga.— W o have had rain on three days of the past week, the rainfall being one inch and fifty-five hundredths. The thermometer has averaged 65, ranging from 43 to 78.

Augusta, Ga.— W e have had rain on three days during the week, the rainfall reaching two inches and sixty-three hundredths. The thermometer has ranged from 50 to 82, averaging 66.

Savannah, Ga.— Rain has fallen on two days of the week, to the extent of twenty-four hundredths of an inch. Minimum thermometer 51, highest 82, average 69.

Charleston, S. C.— W e have had rain on four days of the week, the rainfall reaching eighty-six hundredths of an inch. Thermometer has averaged 75, highest being 83 and lowest 66.

Spartanburg, S. C.— W e have had rain on three days of the past week, the rainfall being one inch and seventy-five hundredths. The thermometer has averaged 64, ranging from 44 to 84.

Charlotte, N. C.— There has been rain on three days during the week, to the extent of three inches and three hundredths. The thermometer has ranged from 42 to 80, averaging 61.

Memphis, Tenn.— W e have had rain on three days during the week, to the extent of two inches and forty-eight hundredths. Average thermometer 61, highest 77, lowest 42. Weather has been too cool. Some replanting of cottonnecessary.

Tho following statement we have also received by telegraph, showing the height of the rivors at the points named at 8 a. m. of the dates given:

A p r i l 26 1918. A p r i l 27 1917. Feet. Feet.

New Orleans_________________ Above zero o f gauge.M em phis______ ________ Above zero o f gauge.Nashville_____________________Above zero o f gauge.Shreveport__________________ Above zero o f gauge.V icksburg___________________ Above zero o f gauge.

11.025.118.616.931.7

18.027.3

9.66.6

44.6

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 of cotton for tho week and since Aug. 1 for the last two seasons, from all sources from which statistics aro obtainable; also the takings, or amounts gone out of sight, for the like period.

C otton Takings. Week and Season.

1917-18. 1916-17.

Week. Season. Week. Season.

Visible supply April 19--------------Visible supply Aug. 1---------------American in sight to April 26—Bombay receipts to April 25------Other India ship'ts to April 2 5 -- Alexandria receipts to April 24- Other supply to April 24 * --------

Total supply_________________Deduct—

Vislblo supply April 26-------------

4,497,348122,807660,000

62,000625,000

63,000

2,814,77610,133,840

1.390,00070,000

748.000156.000

4,598,300143,326103,000

3.0006.000 8,000

3,198.25111,395,1202,101,000

202,000652.000151.000

4,710,1554,378.092

15,312,616 4,861,626 4,378,092 4,446,743

17,699,3714,446,743

Total takings to April 26 a--------O f which American__________Of which other_______ _______

332.063249.063

83,00010.934.5241 414.883 8,564,524! 289,883 2,370,000 125.000

13.252.62810.341.628 2,911,000

* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c. a This total includes the estimated consumption by Southern mills,

3,160,000 bales in 1917-18 and 3,146,000 bales in 1916-17— takings nof being available— and tho aggregate amounts taken by Northern and foreign spinners, 7,774,524 bales in 1917-18 and 10,106,628 bales in 1916-17, o f which 5.404.524bales and 7,195,628 bales American.

b Estimated.

RECEIPTS FR O M TH E P L A N T A T IO N S — The following table indicates the actual movement each week from the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that part of the crop which finally reaches the market through the outports:

W e e ken d 'a .

R eceip ts at P o rts . S locks at In te r io r T o w n s . R eceip ts f r o m P la n ta tion s

1918. i 1917. i 1910. 1918. | 1917. | 1916. 1918. 1917. 1916.

M a r8..

15 -22-.29--

April5 -.

12 ..19..20--

109,187104,36393.74976,020

74,681 71,337 53,313 02,068

65.06S 94,383 74,958! 91,252 80.970 101,806 83,041 109,90375,3721 93,455 64,264102,550 71,799 113,603 60,8171 99,812

1,168,932 1,126,179 1,272,7971,110,691 1,277,931 1,038,650 1,283,5961,064,8011,270,7581,061,258 1,238,5221,026,113 1,197,106! 995,504 1,154,082! 957,090

1,128,5621,100,0441,090.3781.032,6441,060.1781,013,861

966,013909.613

82,191108,22898,88382,28561,84333,10111,89719,044

49,51959,47058,92959,19261,84329,11941,19028,403

59,67602.73492,140

102,22980,98956,23365,75543,412

Tho above statement shows: 1.— That the total receipts from the plantations sincoAug. 11917 are 5,956,772 bales; in 1916-17 wore 6,721,702 bales, and in 1915-16 were 6,641,299 bales. 2 .— That although the receipts at the outports the past week were 62,068 bales, the actual movement from plantations was 19,044 bales, the balance being taken from



stooka at interior towns. Last year receipts from the plan tations for the week were 28,403 bales and for 1916 they were 43,412 bales.

D O M E STIC E XP O R TS OF C O TTO N M A N U F A C T U R E S — Wo give below a statement showing the exports of domestic cotton manufactures for February and for the eight months ended Feb. 28 1918, and for purposes of comparison, liko figures for the corresponding periods of the previous year are also presented:

Manufacturesof

Cotton Exported.

Piece g o o d s . . .................................valueW earing apparol, knit g o o d s ..v a lu eW earing apparol, all o th er____ valueW aste ootton , A c ______________valueY a r n ......................................... ......... valueA ll o th e r______________ value

Month ending Feb. 28. 8 Mos. ending Feb. 28.

1918. 1917. 1917-18. 1916-17.

43,461.32056,889,667

1,014,024754,926490,684502,431

1,526,837

51,897,30855,613,365

996,365931,151390,746366,007

1,523,766

504,489,890570,697,452

10,587,5637,071,8617.679,9335,134,967

13,889,967

453,117,840$45,013,010

13,510,9148,622,8134,094,2703,415,064

14,638.796

$11178,569 59 ,8 2 1 .4001 $115061,74.3 $89,294,867

B O M B A Y CO TTO N M O V E M E N T .— The receipts of India cotton at Bombay for the week onding April 4 and for the season from Aug. 1 for three years have been as follows:

April 4.Receipts at—

1917-18 . 1916-17 . 1915-16 .

Week.Since

Aug. 1. Week.Since

Aug. 1. Week.Since

Aug. 1.B o m b a y __________________ 47,000 1212,000 80,000 1,815,000 85,000 2 ,456,000

A L E X A N D R IA R ECEIPTS A N D SH IP M E N TS OF C O TTO N .— The following are tho receipts and shipments for the week ending April 3 and for the corresponding week of tho two previous years:

Alexandria, Egypt, April 3.

Receipts (cantors)—•This week_______Since Aug. 1_____

1917-18.

127,3115,257,730

1916-17.

56,3234,747,714

1915-16.

25,174 4,487,116

Exports (bales)— Week.Since

Aug. 1. Week.Since

Aug. 1.Since

Week.'Aug. 1.T o L iv e rp o o l___________T o Manchester, &c_____T o Continent and India. T o America _______

Total exports_________

19',706 16~220

151,068181,31904,41538,763

------ 1172.6265,422 115,528------ 1 97,9871------ i 105,215

5,718 187,276------118,803

9,423 150,895 2,510 182,583

35,986'435,505 5,422 491,086117,651 639.557The statement shows that tho roceipts for tho week onding

April 3 wero 127,311 cantars and tho foreign shipments woro 35,986 bales.

M A N C H E S T E R M A R K E T .— Our report received by oablo to-night from Manchester states that the market is very stiong. All spinnings are scarce and the British Government is still purchasing cloth. W e give prices for today below and leave thoso for previous weeks of this and last year for comparison:

Mur8

152220

Apr5

121926

1918. 1917.

83* lbs. S hirt- C ot’n 8 3* lbs. Shirt- C ot'n6 2 3 COV ings Common MU1. 32s Cop in g s. Common M id .

T iclst. to f in e s t. U p 's . T w ist. to f in e st. U p 's .

<i. d . s. <1. S. (1. r t . <1. (1. 3 . (1. 8. (1. d .40 403* 18 4 3* @ 2 6 9 23.59 153* © 163* 9 43* @ 1 2 0 11.9441 © 4 3 18 43* @ 2 6 9 23.63 153* © 17 9 5 @ 1 2 13* 12.0841 H 44 X 18 43* @ 2 6 9 24.10 16 @ 173* 9 5 @ 1 2 13* 12.4711 3* @ 44 X 18 4 3 * @ 2 6 9 24.32 163* @ 18 9 4 @ 1 2 43* 12.77 *42 J* @ 453* 19 103* @ 2 8 13* 24.95 163* © 18 9 4 @ 1 2 43* 12.69 C44 © 4634 20 03* @ 2 8 6 24.83 163* @ 18 9 9 @ 1 3 0 13.08433* © 46 21 6 @ 2 8 6 22.79 16 3* © 18 9 4 3 *@ 1 2 73* 12.26 A44 3* © 46 34 22 0 @ 2 9 0 21.98 163* © 18 9 4 3 * @ 1 2 73* 12.88 ^

LIVERPOOL.— By cable from Liverpool wo liavo tho following statement of tho week’s sales, stocks, &c., at that port:

29,000 16,000 20,000

7,000

_ . , , Apr 11 5. April 12. April 19. April 26Sales o f tho week______________ _ 20,000 " — ---------- — - - O f which speculators took____ ______Of which exporters took______ __

Sales, American_________________ 10,000Actual export___________________ _F orw ard ed _____________________I 60,660Total s t o c k .._____ ______________ 467,000

Of which American................. 290,000

13,000 7,000

Total Imports o f tho week_____ 1. 64,000O which American.................. .. 46,000

73.000463.000277.000

78.00049.000

124.00051.000

81,000417.000246.000

33.00026.000

106.000 33,000

70.000386.000216.000

36.00016.000Amount a floa t .______ __________ 129,000

Of which American.................... 64,000Tho tono of tho Liverpool market for spots and futures

each day of tho past week and the daily closing prices of spot cotton have been as follows:

M a rk et, 12:15 P. M . (

G ood M id U plands

Futures.M arket

opened

M ark et 1 closed I

The prices of futures at Liverpool for oach day aro given below. Prices aro on the basis of good middling upland for new contract and middling upland for old contract, unless otherwise statod.

A p r il 20 t o

A p r il 26.

S a t. M o n . T u e s . W e d . T h u r s . F rl.

12M p . m .

12H p . m .

12 X p. m .

4p. m .

12M p. m .

4p. m.

12M p . m .

4p . m .

12M p . in.

4p. in.

123*| 4 p. m . p . m .

New Contracts.A pril___________M a y ....................

d. d. d.2 2.85 22.36 21.98 21.65 21.35

21.86 21.78 21.70 21.62

d.23.1922.5722.19 21.81 21.46

21.6621.58 21.50 21.42

d.23.2922.69 22.25 21.84 21.44

21.8621.7821.70 21.62

d.23.4622.9122.4922.0621.61

21.8621.7821.7021.62

d.23.0022.5422.1921.8421.44

21.4621.3821.3021.22

d.23.0522.6022.2621.8921.51

21.4621.3821.3021.22

d.22.3821.8621.5121.1320.73

21.0120.9420.8620.78

d.22.2121.6921.3620.9620.52

120.6220.5420.46120.38

d. | d. 22.01 22.20 21 .4121 .65 21 .0 62 1 .3 0 20.68 20.92 20.26 20.63

20 .6 32 0 .9 5 20.55 20.85 20.47 20.73 20.39 20.6

J u ly ....................A u g u st...............

Old Contract. A pril__________

H O L ID A Y .

A p r il-M a y ____M a y -J u n o ____J u n e -J u ly ____

Saturday. Monday. Tuesday. Wednesday. Thursday.------------------- C

Friday. v

Q uiet. Q uiet. Q uiet. Q uiet.

n

Quiet. 1p

23.01 23.01 22.61 22.17 21.98 ^23.53 23.53 23.13 22.69

022.50 g

H O L ID A Y 3,000 3,000 4 ,000 4 ,000 4 ,000 tSteady

1 8@ 32 pta. advance.

Irreg. 4 pta. d ec . to 4

pta. a d v .

Easy6 @ 1 1 pta.

d ccllno.

W eak 7 9 @ 9 9 pta.

dccllno.

i fSteady at

41 @ 6 0 C pta. d e c . r|

Firm5 0 @ 8 0 pta.

a d v . on new ,

22 pta. on o ld .

Q uiet1 5® 3 4 pta.

a d v . on new,

20 pta. on o ld .

Quiet10@ 41 pta.

d ec . on new ,

40 pta. on old .

Barely a’dy 84 0 9 9 pta.

dec . on now ,

84 pta. on o ld .

Steady a t ft l p t .a d v . t o n 6 pta. dee. i on new , 31 pta. adv .on 1(

o ld . s

BREADSTUFFS.Friday Night, April 26 1918.

Flour has continued quiet. Wheat flour, as woll as corn meal and other substitutes, meanwhile are very plentiful. Tho receipts aro largo and buyers are said to bo well supplied. On the 23d inst., for instance, tho receipts at Now York for domestic use were about 1,300 barrels and 22,300 sacks of flour, not to mention nearly 8,000 barrels of com meal. In other words, the pendulum has swung to the opposite extreme. From having too little, tho market is now having rather too much, at least comparatively speaking. Tho big supply of substitutes is due to tho fact that during tho winter very heavy purchases wero made when the Food Commission mado their use compulsory. Tho big flour receipts mean that the railroad situation is improving. In fact, stocks here of flour and substitutes aro tho largest for many months past. It is true that new offerings of flour are on only a moderate scale, but that fact mattors little at the moment. Mill agents aro beginning to find it moro easy to get cars. Buyers no longer 'purchase regardless of price. They aro beginning to think twico beforo paying anything that is asked. They aro scrutinizing quotations moro closely. Beforo long the available supply of flour, howovor, may bo largely absorbed. This may lead to a hotter trado in substitutes, which just now aro less favored. American flour stocks on April I wero 1,065,000 barrols, as against 2,614,000 barrels last year. Tho increase in March was 84,000 barrels.

Wheat has naturally continued firm, owing to tho very general scarcity. Tho receipts have been light and the visible supply in the United States last woek decreased 266,000 bushels, leaving a total of only 3,199,000 bushels, against38.254.000 a year ago. Tho Canadian visible supply is only7.768.000 bushels, against 30,853,000 a year ago. According to some of the newspapers, tho seizure of tho wheat crop in this country held by farmers will begin by M ay 15. Tho Government will pay $2 20 per bushel, and soizuros will continue, it is averred, until all tho crop has been put on tho market except the quantity needed for personal and seed use of the farmers. The holding back of wheat in this country by farmers has caused sharp comment. Meanwhile the crop in this country needs warmor weather. In Argentina tho weather has been good and plowing is making progress. Tho movemont of wheat from tho interior of that country continues to bo liboral, and offerings are largo at gradually declining prices. A t tho same timo, however, exporters have been buying protty freely. The available supply of ocean tonnage thero is fair and is slowly increasing. In Canada prospects aro very promising as the weather thero has boon on tho wholo very favorablo. A good increaso in tho acreage is expected. Somo reports say it will be fully 2 0 % . In India recent rains in tho Punjab greatly benefited the crop, and the yiold of wheat is expected to exceed the average which is about 10.8 bushels per aero. Tho wheat acreage has been officially reported for all India as 1,500,000 acres larger than that of last year. Thero has been some complaints of drought thoro, but on the whole conditions aro satisfactory. In the United Kingdom the weather has been generally good for spring sowing, and it is making progress. The indications point to an increase in the acreage of about 1,000,000 acres. In North Africa prospects aro generally favorablo after good rains in Morocco and Algeria, but moro rain is needed. Russia on tho other hand reports tho weather generally bad for sowing and many reports indicate a largo reduction in the acreage. Tho outlook for tho crops generally thero ia unfavorable. In France the condition of tho wintor

1 progress. Tho French acreage, r. In Australia good rains have ad though stocks there aro largo, it mild bo vory little reduction in tho In Italy prospects aro generally


Apr. 27 1918.] THE CHRONICLE 1 8 1 5favorable. Spain has had abundant and beneficial rains and snow, but in some parts of that country the condition of the plant is poor. In Scandinavian countries the crop outlook is bettor, but native supplies are small. On the Pacific Coast agricultural conditions aro satisfactory. Moderate quantities of Australian wheat aro arriving there. Tho surplus for export and carry over in the United States on April 1 is estimated by the Chicago “ Trade Bulletin” at 64,000,000 bushels. This was somowhat larger than many had supposed it to bo.

D A IL Y CLOSIN G PR ICE S OP W H E A T IN NEW YORK.Sat. Mon. Tues. Wed. Tliurs. Fri.

N o. 2 red....................................... cts.226 226 226 226 226 226N o. 1 spring....... ....................... .......... 229 229 229 229 229 229

Indian corn advanced on cold weather and indications of a smaller crop movement. At the same time tho market has been oversold. Tho receipts, it is predicted, will be moderate until farmers have finished planting the now crop. Country offerings have been light. Western cash markets have been rather firmer. Even low-grade is said to have been in better demand. Industrial concerns have been good buy- ors, although against ono of them thero has been an embargo on shipments. Reports that Argentine corn was offered at $1 40 at New York had little effect. Many think that Argentine corn shippers will not bo ablo to get ocean tonnage in any largo amount. Still, thero aro reports that tho ocean tonnage situation in Argentina is improving. In that country tho gathering of tho crop is making rapid progress and tho favorable prospects are maintained. The visible supply last week decreased 101,000 bush, in this country, but tho total is still 17,258,000 bush., against 9,506,000 bush, a year ago. Somowhat warmor weather at the South and Southwest has caused a certain amount of selling of late, but offerings on the whole have been rathor moderate. One report is that 8 5 % of plowing for corn in Illinois is finished and that with favorablo weather planting will begin noxt week. The bolt generally needs warmer weather. Some scarcity of seed is complained of. Distillers are buying up the low grades it is said. To-day prices advanced and they aro much higher for tho week. It was a half holiday at the Exchange owing to Liberty Loan Day.

D A IL Y CLOSING PRICES OP CORN IN NEW Y O R K .Sal. Mon. Tues. Wed. Tliurs. F ri.

N o. 3 yollow..................................cts.160 160 165 167 170 172

D A IL Y CLOSING PRICES OF CORN FU TU RE S IN CHICAGO.Sat. Mon. Tues. Wed. Thurs. Fri.

Juno delivery in olovator (nowcon tract)....................................cts.146)^ 148 1 5 0 H .......................1&1%

July delivery In olovator (nowco n tra c t)--------------- --------------------14544 147 H 14944 149 44 15044 15344Oats advanced somewhat, partly owing to exporters’

buying and rather unfavorable weather. It has been too oold over tho larger surplus States. Higher temperatures in fact aro everywhere needed. Tho seaboard has been buying cash oats at Chicago and 11 }4 cents over M ay has boon paid. Premiums in the sample market have been well sustained. No. 3 white has been 4}4 to 5 cents over M ay, or even at times a shade better. A smaller crop movement is expected. Country notices of consignments aro smaller. Yet many beliovo that ultimately pricos must doclino as tho crop prospects improve. In Argentina thero is only a moderato demand and holders are offering freely. In this country tho dominant factors have been cold weather, fears of frost, loss disposition to sell and as already intimated a European domand. The visiblo supply increased for the week it is true 1,118,000 bushels in this country as against a decreaso in tho same week last year of 1,431,000 bushels. But even so tho total in tho United States is only 21,388,000 bushels, against 33,769,000 a year ago. In Canada tho total is 10,386,000 bushels, against 15,774,000 at this timo last year. Tho short interest at Chicago and elso- wlioro it is believed to have been latterly increased. Today pricos advanced. They show a moderato rise for the week.

D A IL Y CLOSING PRICES OF OATS IN NEW YORK.Sat. Mon. Tues. Wed. Thurs. Fri.

Standards------- cts.9644-9744 97-98 9744-9844 97-98 9644-9744 9644-9744N o. 2 white.............9644-9744 97-98 9744-9844 97-98 9644-9744 9644-9744D A IL Y CLOSING PRICES OF OATS FUTURES IN CHICAGO.

Sat. Mon. Tues. Wed. Tliurs. Fri.Juno dolivory In olovator nowcontract)_____________ - — cts. 8044 8044 8144 8144 ____ 8144July dolivory in elevator (nowcontract)................ - ................. 7344 7344 7444 7444 7444 7444The following aro closing quotations:

FLOUR.Spring............................ *10 750*11 25W inter............................ 10 85© 11 15K ansas.......................... 10 90© 11 25Ryo flour____________ 12 9 0© 14 00Corn goods, all sacks 100 lbs.W h ite ................................ *5 40Bolted......... ................ 4 80Corn flour_____________________ 5 65Corn starch------------per lb. 7 © 7 H c.Rico flour, spot and to

arrive.................. per lb. 10@ 1044c.

Tapioca flo u r .....................1001014c.Hominy (100-lb. sacks)......... *5 50Yellow granulated.............. . 4 85Barley goods— Portage barloy:

N o. 1...........................................§9 25Nos. 2, 3 and 4 . .......... 8 90Nos. 2-0 and 3-0-----------9 25© 9 40No. 4-0____________ o 55Coarso, Nos. 2, 3 and 4_____ 6 55

Oats good— Carload, spot delivery ........................................ io 75

G R A IN .W h e a t -

N o. 2 red ......................................*2 26N o. 1 spr in g---------------------------- 2 29N o. I Northern------------------------ 2 28

Corn—N o. 3 m ix e d .................................-No. 2 yo llow _____________ _____No. 3 ye llow _______ _ 1 7 2 0 1 73N o. 4 ye llow _____________ 160Argentine_________________ nom.

Oats—S ta n d a rd .................... 9644 09744N o. 2 w h ite ................ 9644 09744N o. 3 w h ite ................ 9644 (<i)9744N o. 4 w h lto_________ ____® ____

Barley—Feeding.........................$1 6 0 0 * 1 65M alting........................ 1 70© I 85

Ryo—W estern__________________ 2 60

The statements of the movement of breadstuffs to market indicated below are prepared by us from figures collected by the New York Produce Exchange. The receipts at Western lake and river ports for the week ending last Saturday and since Aug. 1 for each of tho last three years have been:

Receipts at— Flour. Wheat. Corn. Oats. Barlep. Rye.

Chicago_____Minneapolis . Duluth_____

bbls.lOOlbs.188,000

bush. 60 lbs.48.000

761.00034.00013.00013.000 6,000 5,000

97.00022.000 81,000

106.000

bush. 56 lbs. 2,266,000

382,000bush. 32 lbs.

3,127,000560.000 24,000

430.000107.000129.000123.000926.000536.000466.000634.000

bushASlbs.323.000260.00063.00069.000

133,000

bush.bOlbs.94,000

157,000Milwaukee__ 21,000 120,000

27.00083.00032.000

735.000775.000505.000

1,168,000

11,00019,000Detroit_____

Cleveland___St. Louis___

8,00063.00043.000

24.00013.000

9.0008.000Kansas Clty.

Oraaha_____Total wk. ’ IS Same wk. ’17 Same wk. ’ 16Since Aug.l—

1917-18___1916-17___1915-16___

323.000433.000336.000

1,180,0005.131.0006.394.000

6.093.0003.176.0003.591.000

7.262.0005.191.0004.196.000

885,0001,010,0001,204,000

298.000305.000205.000

12.271.00014.393.00015.759.000

148.348.000299.499.000136.050.000

187.238.000165.400.000179.782.000

260.968.000217.937.000154.434.000

45.462.00074.032.00096.735.000

21.715.00019.136.000120.002.000

Total receipts of flour and grain at the seaboard ports for the week ended Apr. 20 1918 follow:

Receipts at— Flour. Wheat. Corn. Oats. Bariev. Rye.

New York__Philadelphia .Baltimore__N’port News. New Orleans*Montreal___Boston...........Total wk. ’ 18 Since Jan.1’ 18Week 1917... Slnco Jan.1’ 17

Barrels.148,00042.00091.000

Bushels.3,000

85.00022.000

Bushels.242.000189.000174.000

Bushels.104.000588.000

1,007,000789.000 54,000

124.000350.000

Bushels.129,000

5,000Bushels.

3,00033.00016.000

54.000 8,000

62.00018,000

2S3.0001,000

37,00042,0004,00071,000 6,000

405,0008,038,000

412,00010,050,000

713,0008,006,000

3,016,00029,803,000

ISO,000 2,968,000

58,0002,125,000

455,0006,527,000

4,266,00064,229,000

1,149,00027,667,000

2,566,00034,176,000

257,0006,426,000

234,0003,786,000

on through bills of lading.

Tho exports from the several seaboard ports for the week ending Apr. 20 are shown in the annexed statement:

Wheat.Bushels.

Corn.Bushels.

Flour.Barrels.

Oats.Bushels.

Rye.Bushels.

BarievBushels.

Peas.Bushels.

140,612 440,731 28,284 175,310357,419361,724789,000

113,923 43,806Boston_____ _____Baltimore.............. 17,327 98,925 42,906 9,928Newport News___

157,9393,086.638

519,656808,306

28,28495,883

1,683,453495,000

42,90652,000

123,849273,892

43,80654,692Week 1917...........

Tho destination of these exports for tho week and since July 1 1917 is as below:

Exports for Week, and Since July 1 to—

Flour. Wheat. Corn.Week

Apr. 20 1918.

Since July 1 1917.

Week Apr. 20

1918.Since July 1 1917.

WeekApr. 20

1918.Sines July 1 1917.

United Kingdom.Barrels.28,284

Barrels.1,955,0112,594,875

233,159355,486

5,25068,680

Bushels.140,61217,327

Bushels.23,443,78026,201,062

20,7547,282

Bushels.440,73178,925

Bushels.7,898,0784,723,006

447,436170,055

Other Countries.. 32,190 6,184Total................ 28,284

95,8835,212,461

10.792,637157,939

3,068,63849,705,068

206,908,603519,656808,306

13,244,75043,382,230Total 1916-17___

The world’s shipments of wheat and corn for tho week ending Apr. 20 1918 and since July 1 1917 and 1916 are shown in tho following:

Exports.

Wheat. Corn.1917-18. (Z1916-17. 1917-18. al916-17.

Week April 20.

Since July 1.

Since July 1.

Week April 20.

Sines July 1.

Since July 1.

North Amer*Bushels.4,222,000

Bushels.223,381,000

Bushels.275,555,000

6.352.00056.340.00025.064.00026.492.000

3.008.000

Bushels.1,170,000

Bushels.24,259,000

Bushels.42,802,000

Danubo____Australia__India...........Oth.countr’e

Total___

4.020.000560.000210.000 72,000

31.668.00034.051.00012.822.000 2,752,000

271,000

98,000

16,827,000

3,143,666

92,534,000

4,848,6669,084,000 304,674,000 102,811,000 1,539,000 44,229,000 140,184.000

* North America.—The Canadian Government has officially prohibited the Issuance of bot-. manifests and exports until after ten days. This Is effective during the continuance of the war. a Revised.

The quantity of wheat and corn afloat for Europe on dates mentioned was as follows:

Wheat. Corn.Unitej

Kingdom. Continent. Total.United

Kingkm. ContlLent. Total.Bushels. Bushels. Bushels. Bushels. Bushels. Bushels.

April 20 1918.. Not avail ableApril 13 1918.. Not avail baleApril 21 1917.. Not avail ableApril 22 1916.. 63,832,000 9,784,000

Tho visible supply of grain, comprising tho stocks in granary at principal points of accumulation at lake and soaboard ports Apr. 20 1918 was as follows:



United States—GRAINW h ea t .

b u sh .Now York........ ........... ___ 69,000Boston......................... ___ 4,000Philadelphia_______ ___ 396,000Baltimore....... - ........... ___ 55,000New Orleans............... ___ 107,000Galveston.................... ___ 27,000Buffalo.... ................... ___ 881,000Toledo____________ ___ 16,000Detroit........................ ___ 124,000Chicago ................... ___ 781,000Milwaukee. . ______ ___ 144,000Duluth........................ . . . . 229,000Minneapolis................. ___ 212,000St. Louts.................... ___ 8,000Kansas City................. ___ 49,000Peoria............: ........... ___ 28,000Indianapolis . . . . . . . 39,000Omaha......................... ___ 30,000

STO C K S.C orn . O ats . Rye. B a rley .b u sh . b u sh . b u sh . b u sh .

499,000 914,000 98,000 666,000217,000 1,000,000 6,000 1,000331,000 1,204,000 9,000 71,000648,000 2,268,000

991,0001,796,000

33,000 2,000394,000 1,937,000172,000 860,000

1,112,000 633,000 5,000 164,000164,000 36,000 336,000132,000 173,000 40,000

4,915,000 4,707,000 532,000 669,0001,154,000 1,120,000 76,000 232,000

63,000 40,000 1,000 568,000963,000 1,134,000 139,000 1,301,000689,000 1,426,000 11,000 22,000

3,450,000 1,834,000 10,00081,000 419,000 7,000

714,000 258,000 4,0001,620,000 1,290,000 22,000 81,000

Total April 20 1918........ 3.199.000 17,258,000 21,388,000 1,022,000 0,920,000Total April 13 1918........ 3,465,000 17,359,000 20,270,000 1,124,000 0,898,000Total April 21 1917........ 30,257,000 9,506,000 29,766,000 1,841,000 4,320,000N o t e .—Bonded grain not Included above: O ats ,_____New York; to ta l,______

bushels, against 4,003,000 In 1917: and barloy, 32,000 in New York, 12,000 Duluth; total, 44,000, against 597,000 In 1917.

Canadian—Montreal................. .......... 413,000 49,000 614,000 .......... 76,000Ft. William & Ft. Arthur.. 3,493,000 _____ 8,209,000 _____ _____

“ afloat..................... 2,862,000 ....................... .......................................Afloat and Other Canadian. 1,000,000 ........ . 1,563,000 .......... . ____

Total April *0 1918....... 7,768,000 49,000 10,386,000 76,000Total April 13 1918___ 8,117,000 41,000 9,347,000 109,000Total April 21 1917....... 30,853,000 448,000 15,774,000 43,000 206,000Summary—

America*........ .......... 3,199.000 17,258,000 21,388,000 1,022,000 692,000Canadian.......................... 7,768,000 49,000 10,386,000 70,000

Total April 20 1918........ 10,967,000 17,307,000 31,774,000 1,022,000 768,00Total April 13 1918____ 11,582,000 17,403,000 29,617,000 1,124,000 7,007,00Total April 21 1917____ 61,119,000 9,954,000 45,510,000 1,884,000 4,526,00

EXP O R TS OF BR EAD STU FFS, PROVISIONS, COT-o TO N A N D PET R O LE U M .— The oxports of those articloso during the month of March and the nine months for the past three yoars have been as follows:

Exvorls from

U. 3.

1917-18. 1916-17. 1915-16.A {arch. 9 Months. March. 9 Months. March. 9 Months.

Quantities. Wheat -bu Flour.bblsWheat *bu Corn.._buTotal bush

Values. Breadst’ffs ProvisionsCotton__Petrol.,Ac. Cot’s’d oilTotal val.

1,637,5382,337,823

32,274,85214,951,492

7,884,9061,011,981

108,435,092 S,678,862

17,293,5151,506,074

136,292,36211,463,725

12,207,7417,658,166

99,556,56625,279,353

12,438,82010,833,771

147,489,97149,700,158

24,070,8484,837,452

187,879,12423,172,065

19,865,9078

65,295,279111,892,22650,280,13428,892,844

1,766,533

121,835,919s

147,549,385 386,380,777 539,523,437 213,113,125

8,461,395

23,272,591S

43,987,21643,824,31231,988,22616,739,6171,919,017

197,190,129s

384,886,359 273,113,083 154,760,955 161,955,605 11,999,481

28,908,300S

43,839,94019,590,46730,281,06816,272,4723,150,178

211,051,189S

313,554,563182,027,325268,611,180116,085,30371,533,501

858,127,016 1595028119 138.458,488 1286715 483 113,134,125 S97,811,877* Including flour reduced to bushels,

W E A T H E R B U LLE TIN FOR TH E W E E K E N D IN G A P R IL 23.— The general summary of the weather bullotin issuod by the Department of Agriculture for the week ending April 23 is as follows:

C O R N .— The planting o f corn Is somewhat behind the averago In tho Central States, but tho soil is in excellent condition and much ground has been prepared and is ready for seed, with tho approach o f moro favorable weather. Some damago was dono by frost to the growing crop in Oklahoma and it continued too cool in the lower Mississippi Valley; cultivation was delayed in tho last-named region also. Tno condition o f corn is good to excellent in Texas, except where too dry in the western portion, and the warm weather that prevailed in the Southeastern States was favorable for germination.

C O TTO N .— It was too cold during most o f the week for the proper development o f cotton in tho central and western cotton-growing areas and rains delayed work in tho fields in most central and eastern cotton States. Very little cotton has been planted in Oklahoma and planting was delayed in tho other northern cotton States, thus making this work in the northern area later than normal. Early planted cotton was damaged in Toxas by cold weather and heavy local rains. Planting is under way in tho northern portion o f this State and chopping was begun in tho southern counties. Tho cotton crop is in poor condition in Arkansas, whore considerable replanting is necessary and where the weather has been unfavorable for this work. The plants aro coming up in Mississippi, and there is a good stand in eastern and southern South Carolina, although the crop is backward in the northwestern portion o f this Stato. Chopping was begun in southern Georgia, but tho germination was slow in northwestern counties. The rainfall was ample and well distributed throughout the cotton belt, except in western Toxas. There were some local areas in tho Mississippi Valley and in parts o f North Carolina and South Carolina whore the fall during tho week was 4 inches or moro.

W IN T E R W H E A T .— The weather conditions during the weok wero generally favorablo for tho growth o f winter wheat in practicaily all Statos where the crop is grown extensively. Some damage is reported from winterkilling In tho western Lake region, and tho growth was retarded in tho North Pacific States, but tho stand in tho iattor section is generally good and the crop in a satisfactory condition. Winter wheat improved during tho week in South Dakota and Nebraska, and is now generally good to excellent in Oklahoma. Tho crop is stooling satisfactorily in Kansas, and soaking rains in central and eastern portions and sufficient moisturo in tho western part o f tho State wero highly beneficial. Tho plants have a strong, vigorous growth In south-central and eastern Kansas, where they wero soveral inches high; jointing has begun in oxtremo southern Kansas. The stand is excellent in Missouri and tho plants aro stooling well; heads aro forming in tho southwestern portion. The condition is good to excellent in Illinois and Kentucky and in most o f Indiana. There was only slight improvement in Ohio.

OATS.— The seeding o f oats was general in practically all o f the northern tier o f Statos and the conditions were favorablo for germination and growth in most sections. Winter oats are from fair to good in tho Gulf States and aro hoadlng in tho extreme southern counties. Tho seeding o f spring wheat is nearing completion, except in tho upper R ocky Mountain States. The ground Is in good condition and tho seed is germinating and growing well, except in tho North Pacific States, where cool nights early in the week and a lack o f moisturo in the eastern counties caused unfavorable conditions.

SPUING W H E A T .— Tho early-sown spring wheat is 3 to 4 inches high in North Dakota. M uch ground has been prepared in M ontana and somo seeding has been done.

R Y E .— Tho seeding o f spring rye and barley is also progressing well and the conditions have been favorablo for germination and growth, except in tho North Pacific Coast States. Winter ryo continued to improvo in most sections.

R IC E .— The planting o f rice was delayed in Arkansas, and it was too cool for the best growth o f this crop in tho lower Mississippi Valley.

POTATOES.— Potato planting progressed satisfactorily in contral and northern districts, and good rains were beneficial In many scctious whero the crop is up. Heavy rains did considerable damage in eastern Virginia

and also in parts o f Florida, whero harvesting was delayed. In tho other Southern States tho outlook continues good, although more sunshine would bo beneficial in Tennessee, and drought has damaged tho crop in western Texas. In Oklahoma potatoos aro recovering from tho recent freeze. Shipments are increasing rapidly from Florida and Toxas and have begun from Louisiana, while the harvost has begun in tho southern portions of Goorgia and Alabama. Tho setting o f sweet potatoes is programing in tho Southern States.

THE DRY GOODS TRADE.New York, Friday Night, April 26 1918.

All branches of the dry goods trade aro becoming moro and moro under the influence of war orders. Business in woolons and worsteds for ordinary account is boing neglected in order to allow manufacturers to devote as much time as possible to tho turning out of goods for army and navy use. Tlioro is also loss competition in the markot. Tho War Trado Board has ruled that Red Cross and Government buying aro to be co-ordinated so that ordors for tho Red Cross will bo givon priority the same as othor business in connection with tho war. Demand for civilian account continues quiet, as many buyers havo providod for thoir requirements far ahead, while others are moving cautiously owing to tho many uncertainties surrounding the situation. Furthermore many fabrics are no longer available for civilian account as they are being hold subject to ordors from the Government. It is also reportod that many linos ordorod from manufacturers by regular buyers will have to bo diverted to tho Government, and as a result cancellations are increasing. It has been estimated that fully 5 0 % of the machinery of the cotton mills of tho country will bo neodod for war purposes with a much largor porcontago of woolen and worstod output necessary. Uncertainty as regards Government price-fixing still prevails, though tho trado is bocoming moro convinced that official action in this direction will bo taken within tho noar futuro. Lato roports from Washington stato that tho Government has fixod the price of raw wool, but in viow of the rocont sharp doclino in tho cotton market it is believed that thoro is loss likolihood of a price being fixod for tho raw staplo. Pricos for cotton goods for war purposes, howovor, in many cases havo already boon adjusted and it is expectod that the same will bo done on supplies for tho Red Cross. In order to solvo many of the porploxing problems imposed by tho war, a joint convention of tho National Association of Cotton Manufacturers and the American Cotton Manufacturers’ Association will be hold in this city during tho early part of M ay. A moderate inquiry is noted for export account, but tho high prices, railroad embargoes and scarcity of ocoan tonnago continue to restrict business.

D O M ESTIC CO TTO N GOODS.— Markets for staple eot- tons continue quiot with most of tho trading confined to war orders. Prices remain firm dospito tho sharp decline in raw material, and the growing belief that prices will be fixed by the Government has caused considerable uneasiness among second hands who have been selling more freely at concessions. No weakness has developed, however, as the supply and demand situation continues very acute. While the sevore decline in raw cotton has not been reflected in cotton goods it has encouraged many buyers to hold off for a better buying basis. Cloths for prompt dolivory aro very scarce, especially printed fabrics and ginghams. Various napped goods aro being purchased by tho Red Cross, and their requirements for such goods are roported to bo extromcly large. Wide sheetings, twills and drills have been in fair demand, but buyers have only been ablo to place small orders with mills and for remote delivery. Jobbers have been doing but very little of late though some are beginning to show more inclination to enter tho markot for fall requirements. Second hands havo been offering gray goods at slight concessions and the quantities so available havo been readily absorbed. Gray goods, 38j/>-inch standard, aro quoted unchanged at 193^c.

W O O LEN GOODS.— Attention in woolon markets has been confined chiefly to Government prico fixing of tho raw material, which according to Washington advices will be governed by prices which prevailed at Boston on July 30 1917. Mills are actively engaged in turning out goods for the Government, and consequently are neglecting ordinary trado. Clothing manufacturers in order to consorvo stocks are reported to havo advanced prices. They want to be ablo to carry over a surplus into next soason. In the dross goods division, many fancy fabrics have boon eliminated by mills. Worsted spinners are roported to bo disposing of various odd lots of dress fabrics, but generally, selling agonts are accepting very little businoss.

FO R EIG N D R Y GOODS.— Linen markets have ruled quiot and featureless. Importers aro not accepting any new business as they do not know when thoy will rccoivo any more goods from abroad while thoir stocks are steadily growing smaller. Distributers and retailers continuo to cncourago the use of cotton substitutes of domestic make, demand for which is increasing owing to high prices for pure linons. A moderato inquiry has been noted for goods for summer hotels. While importers aro still very pessimistic as regards the immediate future of the linon trado in this country, thoy are hopeful of a few small shipments arriving from time to time. Mail advices from abroad indicate that tho planting of the new flax crop is progressing under favorable conditions. Markets for burlaps aro quiot but owing to tho scarcity of supplies prices aro firmly maintained. Light weights are quoted unchanged at 19.75c. and hoavy weights at 24.50c.



NEWS ITEMS.Canada (Dominion of).—Interest Payment* on “ Victory

Loan”— Reference to this was made in our editorial columns last week (page 1619).

Cost of Floating “ Victory Loan”—What War is Costing Canada.— See reference to these this week in our editorial columns.

Hagerstown, Md.— Water Co. Ratifies Sale of Plant to City—Bonds to be Issued.— Stockholders of the Washington County Water Co. formally ratified April 12, according to the Baltimore “Sun,” the sale of the waterworks to the city for $1,150,000 the price set by the Maryland Public Service Commission.

No steps have been taken by the city to finance the proposition, it being feared, the “Sun” states, that failure to ratify the sale by.tho company might in some way affect the legality of the bonds. The city will now proceed to raise.the money to pay for the property.— V. 106, p. 1257.

Idaho (State of).—Attorney-General Rules Against Investment of Certain State Funds in Highway Bonds.—A recont ruling by the Attorney-General's offico prohibits, according to “The Idaho Statesman” of Boise, the loaning of any of the permanent educational funds of the State on highway district bonds.

It is provided in the State Constitution that “the permanent educational funds other than funds arising from the disposition of univorsity lands belonging to the State, shall be loaned on first mortgage on improvod farm lands within the State; State, United States, or school district bonds, or State warrants, undor such regulations as the Legislature may provido.” In 1913 the Legislature passed an Act containing the same provisions as the Constitution, but oxtending such investments to bonds issued by highway districts. The Attorney-General in his ruling says:

It it our view that the Constitutional enumeration o f securities Is exelusive. and that the Legislature Is powerless to add to or subtract therefrom, but that a Consituttonal amendment Is necessary to warrant investment o f the educational trust funds in highway district bonds.

He stated further that he did not question the advisability of investing the educational funds in the highway bonds if the law would permit.

It appoars that two highway districts in Idaho County had anticipated selling their bonds to the State permanent educational funds.

New York State.— Continuation of Direct State Tax Predicted by State Comptroller.— In reviewing tho war appropriations of the 1918 Legislature which ended its session on April 13, State Comptroller Travis expressed the opinion that the war’s enormous demands will necessitate the continuance of Now York’s direct.Stato tax. He said:

We have Just passed through another legislative session especially notable for tho generous responso with which it has met all requests for Stato moneys to finance the war.

Since tho declaration o f hostilities more than $17,000,000 o f tho public money has been made available for war purpose during a period when certain revenues like tho stock transfer and exciso taxes have been failing

This extraordinary condition o f tho State’s finances made it apparent very early in the year that a direct tax with a rate similar to that o f tho prosent year was inevitable in order to meet the mandatory charges for sinking funds. At tho samo time these war emergency appropriations, which were made directly out o f tho treasury without resorting to special bond issues, as was tho case in the last great war, did not require any additional increase in tho direct tax.

The decision to levy this tax, howover, always leads to a controversy o f a partisan character, and although former Governors and State Comptrollers have repeatedly pointed out that this measure is essential to meet such mandatory chargos as have been incurred by tho direct votes o f tho people, no substitute has been devised whereby this tax may bo avoided Moreoever, such a condition is always exaggerated by the want o f thorough understanding by tho taxpaper.

And by the taxpayer roferenco Is mado particularly to tho owners o f real and personal property who aro usually called upon to contribute tho direct State tax, as distinguished from Individuals ancf business organizations who as producers o f indirect rovenuo havo for years borno almost entirely tho financial burdens o f the State.

For some years past tho taxpayers havo observed that tho Stato has been embarking on mammoth and costly public enterprises, such as the barge canal, forest preserve and highway improvements, and they havo encouraged such measures by their votes. Tho Legislature has broadened tho scope or governmental functions and the taxpayers looked on with complaisance as tho arm o f State Government spread out for tho bettor protection o f labor, tho improvement o f health, tho advancement of agriculture and tho promotion o f education. W ith them some o f these perhaps was a hobby and in providing for it the Legislature was yielding to their desires. . . . . . ,

Prosperity was upon tho land and therefore why worry about tho cost o f government, especially whiio tho producer o f indirect revenue was footing the bills. But tho war emergency appropriations and tho fixed chargos incurred by the people havo already informed tho taxpayer that thero is a relationship between himself and tho Stato’s finances which he should understand. . . . .But no matter wliat improvement takes place in public financo or how clear the subject may become taxation will never bo popular. History tells us that the feud between tax and taxpayer is as old as civilization. Mon will never got over tho idea that taxation involves imposition and bunco and that a gold brick comes wrapped up in every tax bill; that even if you do not sco it it is there. B o you remember any particularly pleasant personal impression you over had on tho subject.?

—Bill Signed by Governor Providing for Investment by Savings Banks in Bankers' Acceptances and Bills of Exchange.— Soo roforonee and full text of bill in our editorial columns this weok.

“ Torrens” Land Title Registration Law Amended by Legislature— In our editorial columns last week (pages 1647 and 1648) wo published a very interesting article by Edward Polak, Register of Bronx County, concerning tho “Torrens” systom of land registration in general and the changes made by the 1918 Legislature. Tho new Act is now before the Governor.

Legislature Fails to Ratify National Prohibition Amendment —We referred to this in our editorial columns last week (page 1648).

Rhode Island (State of).— Legislature Adjourned.—The regular session of the Rhode Island General Assembly adjourned April 19.

Legislature Makes Changes in Savings Bank Law.—See reference to these in our editorial columns this week.

Virginia— West Virginia.— U. S. Supreme Court Renders Opinion in Bond Judgment Case But Postpones Action Until February 1919.— The U. S. Supreme Court on April 22 in an opinion rendered by Chief Justice White decided that the Stato of West Virginia should pay the judgment obtained against it by the State of Virginia in the matter of the old debt of Virginia to be assumed by West Virginia. The amount of this judgment was fixed by the U. S. Supreme Court in its decree of June 1915 as $12,393,929 50, including interest amounting to $8,178,307 22. See V. 100, p. 2037 and 2099. In June 1916 the State of Virginia applied for a writ of execution of judgment, but this the U. S. Supreme Court denied on the ground that the West Virginia Legislature, which meets biennially in odd years, had not mot in regular session since the judgment was rendered. Tho Legislature met in regular session in January 1917, but took no action in the matter.— V. 104, p. 975.

The debt controversy came before tho U. S. Supreme Court again on a petition from Virginia for a mandamus to compel, the West Virginia Legislature to levy a tax for the purpose of raising tho money to meet tho judgment, but the Court, howover, held that “it would not force” payment now believing that, as a sovereign State, West Virginia would take steps to meet the judgment. But if West Virginia refuses to pay voluntarily, and if Congress, which under the circumstances involved in this case has authority, the Court says, to compel payment of the judgment, refuses to take action, Chief Justice White makes it plain that the Court will find a way to enforce the judgment. He, therefore, restored the case to the docket of the Court for tho purpose of hearing argument as to the ways and means of compelling West Virginia to pay. This hearing will be hoard aftor the February 1919 rocoss, if before that time West Virginia does not settle with Virginia. He also stated that tho Court reserved the right to appoint at an early date, if it thought necessary, a master to go to West Virginia for the purpose of making an investigation as to the amount and method of taxation to put into effect in the event the Court is forced to take compulsory action. Chief Justice White’s opinion, in part, follows:

The vesting in Congress o f complete power to control agreements between States, that is, to authorize them when deemed advisable and to refuse to sanction them when disapproved, clearly rested upon the conception that Congress, as the repository, not only o f legislative power, but o f primary authority to maintain armies and declare war, speaking for all the States, and for their protection, was concerned with such agreements, and, therefore, was virtually endowed with the ultimate power o f finai agreement, which was withdrawn from State authority and brought within the Federal power. It follows as a necessary implication that the power o f Congress to refuse or to assent to a contract between States carried with it the right, if the contract was assented to, and hence became operative by the will o f Congress to see to its enforcement. * * *

Having thus the power to provide for the execution o f the contract, it must follow that the power is plenary and complete, limited, o f course, as we have just said, by the general rule that the acts done for its exertion must be relovant and appropriate to the power. This being true, it further follows, as we have already seen, that h y the very fact that the national power is paramount in the area over which it extends, the lawful exertion of its authority by Congress to compel compliance with the obligation resulting from tho contract between the two States which it approved, is not circumscribed by the powers reserved to the States. Indeed, the argument that tho recognition o f such a power in Congress is subvestive o f our constitutional institutions, from its mere statements, proves to the contrary, sinco at last it comes to insisting that any one Stato m ay, by violating its obligations under the Constitution, take away the rights o f another and thus destroy constitutional government.

Obviously, if it be conceded that no power obtains to enforce against a State its duty under the Constitution in one respect, and to prevent it from doing wrong to another State, it would fo 'Iow that the samo principle would have to be applied to wrongs done by ot ler States, and thus the Government under the Constitution, would not be an indissoluble union o f indestructible States, but a Government composed o f States, each having the potency with impunity to wrong or degrade another— a result which would inevitably lead to the destruction o f the union between them.

Besides, it must bo apparent that to treat the power o f Congress to legislate to secure tho performance by a State o f its duty under the Constitution, that is, its continued respect for and obedience to that instrument, as coercion, comes back at last to the theory that any one State may throw o ff and disregard without sanction its obligation and subjection to the Constitution. A conclusion which brings at once to the mind the thought that to maintain the proposition now urged by West Virginia would compel a disregard o f the very principles which led to tho carving out o f that State from tho territory o f Virginia; in other words, to disregard and overthrow the doctrines irrevocably settled by the great controversy o f the Civil War. which, in their ultimate aspect, find their consecration In the amendments to the Constitution which followed. * * *

Tho remedy sought, as wo have at the outset seen, is an order in the naturo o f mandamus commanding the levy by the Legislature o f West Virginia o f a tax to pay the judgment. In so far as the duty to award that remedy is disputed merely because authority to enforce a judgment against a Stato may not affect State power, the contention is adversely disposed o f by what wo have said. But this does not dispose o f all the contentions between’ tho parties on tho subject, since, on the one hand, it is insisted that tho existence o f a discretion in the Legislature o f West Virginia as to taxation precludes the possibility o f issuing the order, and, on the other hand, it is contended that the duty to give effect to the judgment against the State, operating upon all State powers, excludes the legislative discretion asserted, and gives tho resulting right to compel. But we are o f the opinion that wo should not now dispose o f such question, and should also now leave undetermined the further question, * * * whether there is power todirect tho levy o f a tax adequate to pay the judgment and provide for its enforcement, irrespective o f State agencies. W e say this because * * *tho right judicially to enforce by appropriate proceedings as against a State and its Governmental agencies having been determined, and the constitutional power o f Congress to legislate in a two-fold way having been also pointed out, we aro fain to believe that if we refrain now from passing upon tho questions stated, we may be spared in the future the necessity o f exerting compulsory power against one o f the States o f the Union to compel it to discharge a plain duty duly resting upon it under the Constitution. Indeed, irrespective o f these considerations, upon the assumption that both the requirements o f duty and the suggestions o f self-interest may fail to bring about the result stated, we are nevertheless o f the opinion that we should not now finally dispose o f the case, but because o f the character o f the parties and the nature o f the controversy, a contract approved b y Con-



gress and subject to be by it enforced, wo should reserve furthor action in ordor that full opportunity m ay bo afforded to Congress to exercise tho power which it undoubtedly possesses.

Giving effect to this view, accepting tho things which aro irrevocably foreclosed— briefly stated, tho judgment against tho Stato operating upon it in all its Governmental powers and tho duty to enforce it viewed in that respect— our conclusion is that the case should bo restored to tho docket for further argument at tho next term after tho February recess.

Such argument will embrace tho threo questions left open:First— Tho right undor conditions stated to award tho mandamus prayed

for.Second— I f not tho power and duty to direct the levy o f a tax.Third— If means or doing so bo found to exist, the right, if necessary,

to apply such other and appropriate equitable remedy by dealing with tho funds or taxable property o f West Virginia or tho rights o f that Stato as m ay secure an execution o f the judgment.

In saying this, however, to tho end that if on such futuro hearing provided for, tho conclusion should bo that any o f tho processes stated aro susceptible o f being lawfully applied, * * * and occasion for a further delay maynot exist, we reserve tho right if doomed advisablo at a day hereafter beforo the end o f tho term or at the next term before the period fixed for the hearing to appoint a master for tho purpose o f examining and reporting concerning the amount and method o f taxation essen dal to bo put into effect whether by way o f order to the State Legislature or direct action to secure tho full oxecution o f the judgment as well as concerning tho means otherwiso existing In the Stato o f West Virginia, if any, which by exercise o f tho equitable powers in tho discharge o f tho duty to enforco payment may bo available for that purpose.

BOND CALLS AND REDEMPTIONS.H o l l y , C o l o .—Bond Call.— Holders of $ 4 0 ,0 0 0 6% wator

works bonds, dated July 1 1908 and due July 1 1923, optional July 1 1918, aro notified that tho samo are called for paymont July 1 1918, and on which day interest will cease. Interest coupons duo on that dato and bonds will bo paid if presented at either tho Colorado National Bank, or at tho office of Boswortli, Chanute Co., both of Donvor.

The official notice of this bond call will be found among the advertisements elsewhere in this Department.

NEGOTIATIONSBOND PROPOSALS ANDthis week have been as follows:

ACA D IA PA RISH (P. O. C row ley ), La.— NO ACTION YET TAKEN. — N o action has yet been taken looking towards tho holding of an election to vote on the question o f issuing tho $350,000 road bonds mentioned in V . 106, p. 1596.

ALLEN TO W N SCH O OL D IS T R IC T (P. O. A llen tow n ), L eh igh C o u n ty , Pa.— BOND SALE.— 'This district on N ov. 1 1917 sold $98,000 4 % school bonds. Denom. $500. Dato N ov. 1 1917. Duo in 5, 10, 15, 20. 25 and 30 years from dato, subject to call in 20 years. Int. M . & N .

ALLEN T O W N SH IP SCH O OL D IS T R IC T (P . O. Now W eston ), Darke C ou n ty , O h io .— BOND OFFERING.— Proposals will bo received, it is reported, until 12 m. M ay 11 by Porry Garrison, Clerk o f Board o f Education, for $5,000 6% 514-year avorago school bonds. Interest semiannual. Certified check for 5% required.

ALLIAN CE C IT Y SCH O OL D IS T R IC T (P. O . A llia n ce ), Stark C ou n ty , O h io .— BIDS.— The following bids wero received for tho $40,000 5 )4 % 1-20-yoar serial school bonds offered on April 22 (V . 106, p._1378):

Premium.Whitaker A C o., St. Louis___$718 40Sitnoy Spltzor A C o., T oledo- 120 00 Ohio Nat. Bank, C olum bus.. 427 85 F. O. Hoehler A C o., T oledo. 726 25 C ity Savings Bank, Alliance. 100 00Pruddon & C o., T oledo-------- 256 00Davies-Bertram C o., C in e .. 420 00 W oil, Roth & C o., Cine.......... 560 00

Premium. A . E . Aub & C o., C incinnati.$425 50Stacy A Braun, T oledo-------- 92 32Providont Sav. Bank, C in e .. 564,00 W m. R . Compton C o., C ine. 512 50 Spitzer, Rorick & C o., Toledo 687 50 Field. Richards & C o., C lovo. 540 00 Rudolph Kioybolto C o., C in . 671 45

ALTAM O N T, A lb a n y C ou n ty , N. Y .— BOND OFFERING.— Additional Information is at hand relative to tho offering on M ay 4 o f tho $48,000 5-28-year sorial registered sewer bonds (V . 106, p. 1708). Proposals for theso bonds will be received until 2 p. m. on that day by C. Martin, Village Clerk. Denom. $1,000. Dato M ay 1 1918. Int. annual. Bonded debt, Incl. this Issue, April 19 1918, $56,000. Assess, val. 1917, $585,062.

ANDREW COUNTY (P. O. Savannah), Mo.— BOND ELECTION CALLED OFF.— Tho election which this county had intended holding to vote on the question o f issuing $1,000 road bonds has been called o ff (V . 106, p . 1152).

BARK CAMP SCHOOL DISTRICT NO. 40 (P. O. Kennett), Dunklin County, Mo.— BOND SALE.— An issue o f $1,700 614% school bonds recently voted was awarded to E . A . Gessler o f St. Louis. Duo $100 yearly for 9 years and $200 for 4 years.

BARNSTABLE COUNTY (P. O. Barnstable), Mass.— NOTE OR BOND OFFERING.— It is reported that Benjamin F. Bourne, Chairman o f County Commissioners, will receive proposals until 2 p . m. M ay 9 for $25,000 1-10-year serial infirmary notes or bonds.

BELLAIRE, A ntrim C ou n ty , M ich .— BOND ELECTION.— Reports stato that an election will bo hold on M ay 13 to vote on tho question o f issuing $6,000 lighting-plant dam-raising bonds.

BENSON, Sw ift County, Minn.— BOND OFFERING.— Sealed bids will bo received until 7:30 p. m. M ay 1, it Is stated, by L . M . Pederson, C ity Clerk, for $30,000 5% 4-18-year serial funding bonds.

BERN ALILLO C O U N TY SCH OOL D IST R IC T S, New M exico.—BOND OFFERING.— Proposals will bo received until 3 p. m . M ay 25 by O. A . M atson, County Treasurer (P. O. Albuquorquo), for tho following 6% 10-20-year (opt.) coupon tax-freo school bonds: $4,000 School Dist. N o. 11 and $7,000 Consolidated School Dist. N o. 28 bonds. Denom. $500. Date Apr. I 1918. Int. A . & O., payable at Kountzo Bros., N . Y . Cert, chock for 10% o f tho amount o f bid, payable to tho abovo Treasurer, required. N o proposals will bo entertained for any o f the above bonds for a sum less than 90% o f tho par value thereof and accrued interest on tho samo to dato o f delivery. Bonded debts: School Dist. N o. 11, nono; School Dist. N o. 28, April 4 1918, $450. Assess, val. 1917, School Dist. N o. 11, $238,635, and School Dist. N o. 28, $234,545.

BINGHAM CO U N TY SCHOOL D IST R IC T NO. 68 (P . O . T a W ? . Ida .— BOND SALE.— An issuo o f $1,500 5% school building bonds offered on Aug. 20 1917 was awarded to tho State o f Idaho at par. Duo serially until July 1 1927. Int. J. & J.

BOW DLEY, Edmunds County, So. Dak.— BONDS VOTED.— At a recent election a proposition to Issuo $40,000 school house bonds was favorably voted, it is stated.

BOW MAN C O U N TY (P. O. B ow m an), No. D ak.— BOND SALE.— On Mar. 18 an Issue o f $75,000 6% seod-gram and feed bonds was awarded to tho Minnesota Loan A Trust Co. o f Minneapolis at par and int. D enom. $500. Date M ay 1 1918. Int. M . Sc S. Duo M ay 1 1923.

BRADFORD, McKean County, Pa.— BOND SALES.— An Issuo o f $80,000 4)4 % Improvement bonds was awarded on July 1 1917 at par as follows: $40,000 to local invostors and $40,000 to tho city ’s own sinking fund. Denom. $500. Dato July 1 1917. Due 1927, subject to call. Int. J. A J.

On Sept. 9 1917 local Investors wore awarded $25,000 4 )4 % refunding bonds at par. Denom. $500. Date Sept. 1 1917. Duo 1942, subject to call 1939. Int. M . A S.

B RA W LEY SCH OOL D IS T R IC T , Im perial C o u n ty , C a lif .— BOND OFFERING.— Proposals will be recolvod until 2 p. m. M ay 6 by M . S. Cook, Clerk Board o f County Supervisors (P. O. El Centro), for tho $70,000 6% school bonds voted on M ar. 6 (V . 106, p . 1378). Denom. $1,000. Dato

Apr. 5 1918. Prin. and seini-ann. int. payable at tho County Treasurer’ s offico. Duo $4,000 yearly on April 5 from 1923 to 1939 incl. and $2,000 on April 5 1940 and 1941. Cert, check (or Cashior’s check) for 5% of amount o f bid, payable to tho Chairman Board o f County Supervisors, required. Purchaser to pay accrued interest.

B R IST O L , B ucks C ou n ty , Pa.— BONDS AUTHORIZED.— Reports state that an issue o f $52,000 filtration-extension and pumping-plant bonds has been authorized by tho Borough Council.

B R IS T O W SCH O OL D IS T R IC T (P. O. B ristow ), C reek C ou n ty , O kla .— BOND OFFERING.— Sealed bids will bo received until M ay 1 by tho Clerk, Board o f Education, for tho $35,000 5% 20-year school bonds authorized at an election held April 8 by a vote o f 242 to 25. V. 106, p . 1597.

BUFFALO CO U N TY SCH O OL D IS T R IC T NO. 7 (P. O . K earn ey), N eb.— BOND OFFERING.— Proposals will be recotvcd until 8 p . m. M ay 6 by G. E. Haase, Secy. Board o f Education for $30,000 5% 10-30- year (opt.) bonds. Auth. vote o f 266J.to 42 at eloction held Apr. 2 1918. — V. 106, p .841. Intcrost semi-annual. Certified check for $300 required.

BU TTE, Silver B ow C o u n ty , M on t.— BOND OFFERING— E . G. Griffin, C ity Auditor, will sell at public auction at 2 p. m . June 1 tho following two issues o f coupon bonds, aggregating $40,000, at not exceeding 6% interest: .$25,000 com fort station bonds. Duo $2,500 yearly on Jan. 1 from 1924

to 1933, inclusive, subject to call Jan. 1 1928.15.000 city market bonds. Duo $1,500 yearly on Jan. 1 from 1924 to

1933, inclusive, subject to call Jan. 1 1928. ____Authority, election held April 2 1918 (V . 106, p. 1597). Denom . $1,000.

Date June 1 1918. Principal and semi-annual interest (J. A J.) payable at tho City Treasurer's office, or at the National Park Bank, N . Y . Certified check (or cash) in the sum o f $10 for each $500 bond bid on, payable to the C ity Treasurer, required. Bonded debt April 1 1918, $690,000. Floating debt (additional), $588,633. Total debt, .$1,270,633. Sinking fund, $24,938. Assessed valuation 1917, S I,265,125.

CABLE SCHOOL D IS T R IC T , C ham paign C ou n ty , O h io .— BONDS DEFEATED.— At a recent election $4,000 school addition bonds were defeated by a voto o f 67 to 45, it is stated.

CALHOUN C O U N T Y (P. O. R ockw ell C ity ), Iow a .— BOND SALE. — An issue o f $35,000 0% drainago bonds was awarded to tho Bankers Mortgago Co. o f Des Moines for $35,281 75, equal to 100.805.

CALHOUN C OU N TY (P . O. M arshall), M ich .— BOND SALE.— Ot tho $100,000 4)4 % 1-9-year serial bonds (unsold portion of an issuo of $180,000)— (V. 106, p. 1597) $5,000 havo been sold ’ovor the counter” to local investors at par.

CAMDEN SCHOOL D IS T R IC T (P. O. C am den), P reble C ou n ty , O h io .— BOND ELECTION PROPOSED.— It is reported that tho $15,000 school bonds defeated on Mar. 28— V. 106, p. 1597— will bo voted on again In tho near future.

C A R R O L L T O N , C arroll C ou n ty , G a .— BOND SALE.— Nowspapers state that W m. M . Davis A C o., M acon, havo purchased $50,000 5% street bonds.

CASCADE C O U N TY (P. O. G reat F alls), M on t.— BONDS VOTED.— A proposition to issue $500,000 bridge bonds carried, it is stated, at a recent election.

CEN TERVILLE, B ibb C ou n ty , A la .— DESCRIPTION OF BONDS.— Tho $100,000 (not $80,000 as first reported) 5% 30-year refunding bonds awarded on Doc. 12 1917 to Steiner Bros, o f Birmingham at par and int. (V. 106, p. 1709) aro in denom. o f $1,000 and aro dated Jan. 1 1918. Int. J. A J.

CH ARLESTO W N SCHOOL TO W N SH IP (P. O. C harlestow n ), C lark C ou n ty , In d .— BOND SALE.— On April 20 tho $36,000 4 )4 % 15-year school bonds— V. 106, p. 1488— woro awarded to tho Bank o f Charlestown at par. Denom. $600. Dato M ay 1 1918. Int. J. A J. Duo 1933.

CH OU TEAU CO U N TY SCH OOL D IS T R IC T NO. 49 (P . O . M ontag u e), M ont.— BOND SALE.— Tho $1,800 6% 5-10-yoar (opt.) schoolbuilding bonds offered on March 23 (V . 106, p. 1258) wore awarded on April 20 to tho State o f Montana at par.

C LAIR TO N SCH OOL D IS T R IC T (P. O. C la irton ), A llegheny C ou n ty , Pa.— BOND OFFERING.— Proposals will bo received by F. M . Gealy, Secretary of Bd. o f Education, until 7 p. m. to-day (Apr. 27) for $120,000 4 )4% 22-year aver, schoo bonds, it is reported. Oort, chock for $500, required.

C LARIN DA, Page C ou n ty , Iow a.— BOND SALE.— An issuo o f $15,000 city-liall bonds authorized at an election held April 18 by a voto o f 628 to 94 has been sold.

C L A R K C O U N T Y (P. O. S pr in g fie ld ), O h io .— BOND SALE.— Seasongood A Mayer o f Cincinnati wero awarded on April 18 $13,000 6% sewer bonds for $13,163 (101.253) and int. Denom. $500. Dato M ar. i 1918. Int. M . A S. Due $2,500 yearly from 1919 to 1922 incl. and $3,000 1923. Other bidders were:Feibol-Elischak C o., Cincinnati______________________________ $13,067 50F. C. Koehler A C o., T oledo......................................- ....................... 13,078 25Rudolph Kleybolto C o., Cincinnati------------------------------------------- 13,133 33Seasongood A Mayer, Cincinnati______________________________ 13,163 00Spitzer, Rorick A C o., Toledo___________________________________ 13,114 00Stacy A Braun, Toledo__________________________________________ 13.131 57

C LA Y TO N , U n ion C ou n ty , N. M .— BOND OFFERING.— Proposals will bo received until 8 p. m. M ay 20 by A. J. Mahon, Village Clerk, for $75,000 6% 20-30-year (opt.) water-works bonds. Date M ay 1 1918. An unconditional certified check on a national bank for 10% o f the amount o f bonds bid for, required. Purchaser to pay accrued interest.

CLINTON SCHOOL D IS T R IC T (P. O . C lin ton ), H enry C ou n ty , Mo.— BOND SALE.— An Issue o f .$16,000 6% 5-20-yr. school bonds has been purchased, it is stated, by tho W m. R. Compton Co. o f St. Louis for $16,264, equal to 101.65.

CLOVIS SCHOOL D IST R IC T (P. O. C lov is), C urry C ou n ty , N. Mex.— BOND SALE.— On Jan. 4 tho $75,000 5% 10-30-year (opt.) school bonds (V . 106, p . 206) wero awarded to tho Stato o f Now M exico at par. Donom. $500. Date Fob. 1 1918. Int. F . A A.

COSH OCTON , C osh octon C ou n ty , O h io .— BOND SALE.— Roports stato that o f the threo Issues o f 6% 1-10-ycar serial bonds, aggregating $14,900, offered on April 22 (V . 106. p. 1597). tho $5,500 intersection and $5,000 street-improvement bonds, wero awardod to tho Providont Sav. Bank A Trust C o. o f Cincinnati for $5,630 25 (102.35) and $5,112 (102.24). respectively. Breed, Elliott A Harrison, o f Cincinnati, wero awardod tho $4,400 paving bonds for $4,470, equal to 101.59.

C R A W F O R D C O U N TY (P. O . B u cyru a ), O h io .— BOND OFFERING. — Proposals will be received by A . G . Flickingor, County Auditor, until 12 m. M ay 9 for $40,000 5 )4% coupon Children’s Homo bonds. Auth., Secs. 3077-79. Gen. Code. Denom. $500. Dato April 10 1918. Prin. and semi-annual intorest(A. A O.) payablo at tho County Treasurer's office. Duo $2,000 each six months from April 10 1919 to Oct. 10 1928, inclusive. Certified chock on somo solvent bank in Crawford County for $100, payablo to abovo Auditor, requlrod. Bonds to bo delivorod and paid for within ton days from time o f award. Purchaser to pay accrued intorost.

C R O C K E T T CON SOLIDATED SCHOOL D IS T R IC T , T ato C ou n ty , Miss.— BOND OFFERING.— Proposals will bo received until 2 p. m. M ay 6 by J. A . W ooten, Clerk Board o f County Supervisors (P. O. Senato- bia), for tho $5,000 6% coupon (with privilege o f registration) school bonds, dated Mar. 1 1918, offeree! without success on Apr. 1.— Y. 106, p . 1598. Cort. check for $250 required.

C R O SB Y, C row W ing C ou n ty , M inn .— BOND OFFERING.— Further details aro at hand relativo to tho offering on Apr. 30 o f tho two Issues o f 6% coupon improvement bonds, aggregating $130,000— V. 106, p 1709. Proposals for theso bonds will bo received until 8 p. m . on that day byH . L. Nicholson, Villago Clerk. Tho abovo bonds answor tho following description:$76,000 water, light and sewer bonds. Duo $4,000 yearly on M ay 1 from

1920 to 1938, incl.54.000 water-works bonds. Duo $3,000 yearly on M ay 1 from 1921 to

1938. incl. ,Denom. $1,000. Dato M ay 1 1918. Int. seml-ann. Cert, chock for

1% of tho amount o f bonds bid for payablo to tho Villago Troasuror required. All bids must bo unconditional. Purchaser to pay accruod intcrost.


Apr. 27 1918.] THE CHRONICLE 1819DADE C IT Y , Paoco C ou n ty , F la .— BOND OFFERING.— Sealed bids

will be received until 7 p. m. M ay 7 by Jas. E. Turner, C ity Clerk, for tho $5,000 5% coupon street-paving bonds recently authorized. V. 106, p. 949. Int. seml-ann. Due Mar. 1 1938. Cert, check for $2,500 required.

D A K O TAH C IT Y SCHOOL D IS T R IC T (P. O. D akotah C ity ), H u m b old t C ou n ty , Iow a.— BOND SALE.— Tho $24,000 school bonds recently authorized (V . 106, p. 1598) havo been sold.

DES MOINES, P olk C ou n ty , Iow a.— BONDS TO BE OFFERED SHORTLY.— Uoports state thatE . A. Elliott, Supt. o f Finance, will offer for sale shortly $300,000 deficit bonds.

D I L L O N V A L E V I L L A G E S C H O O L D I S T R I C T (P . O . D i l l o n v a le ) , J e f f e r s o n C o u n t y , O h io .— BOND OFFERING.— Proposals will be received by N . A . Smith, Clork o f Board o f Education, until 12 m. M ay 4 for $6,500 6% coupon refunding school bonds. Auth. Secs. 5656-5658 Gen. Codo. Denom. $500. Date M ay 4 1918. Prin. and semi-ann. int. (M . & N .) payablo at tho First National Bank o f Dillonvale. Duo $500 each six months from Apr. 20 1933 to Oct. 20 1938 and $500 Apr. 20 1939. Cert, chock for $100 payable to tho above Clerk, required. Purchaser to pay accrued int. A similar issuo of bonds was advertised to be sold Apr. 20. V. 106, p. 1709.

DO U G LAS C O U N TY SCHOOL D IS T R IC T NO. 11, W ash .— BOND OFFERING.— J. F. Irwin, County Treasurer (P. O. Watervtlle), will receive bids until to-day (April 27) for $6,500 6% 10-year school bonds, t is stated.

KANSAS C IT Y , M o.— NO ACTION YET T A K E N — No action has yet been taken looking towards the issuanco o f the $1,250,000 water works bonds, voted on Apr. 2.— V. 106, p . 1598.

KEN TON , H ardin C o u n ty , O h io .— BOND OFFERING.— Proposals will be received by Charles C . Stevenson, C ity Auditor, until 12 m . M ay 15 for $28,000 6% coupon refunding bonds. Denom. $1,000. Date Apr. 11918. Prin. and semi-ann. int. (A . & O .), payable at the C ity Treasurer s office. Due S1.000 each six months from Apr. 1 1928 to Oct. 1 1941. Cert, check for 5% o f amount o f bonds bid for, payable to above Auditor, required.

K L IC K IT A T C O U N TY SCH O OL D IS T R IC T NO. 63, W ash .—BOND OFFERING.— Proposals will be received until to-day (April 27) by John A. Miller, County Treasurer (P. O. Goldendale), for $7,000 6% 1-20- year school bonds, it is stated.

LAFAYETTE INDEPENDENT SCH O O L D IS T R IC T , H ardin C ou n ty , Iow a.— BOND SALE.— Recently the Bankers Mortgage C o. o f Dos Moines purchased $5,000 5% school bonds at par and interest.

LAKE C O U N TY (P. O. P a inesville), O h io .— FINANCIAL STATEM ENT.— W e are in receipt o f tho following financial statement in connection with the offering on M ay 6 o f tho $91,000 5% coupon road-improvement bonds (V. 106, p. 1710). Total debt (including the issuo advertised), $1,070,960. Debt fund, cash on hand, 352,909. Assessed valuation o f taxable property 1917, $65,501,860. Estimated value o f taxable property, $100,000,000.

D Y E R SB U R G , Dyer C ou n ty , T en n .— BONDS VOTED.— B y a voto o f 35 to 25 tho proposition to issue $25,000 funding bonds at not exceeding 6% int. carried at the election held Apr. 16. V . 106, p . 1598. Tho bonds will be offered for sale some time in M ay.

ERIE , Erie C ou n ty , Pa.— BONDS PROPOSED.— Reports state that this city is contemplating Issuing $50,000 grade-crossing elimination bonds.

EUCLID, C uyahoga C ou n ty , O h io .— BOND SALE.— Reports state that tho seven issues o f 6% 1-10-yoar serial coupon streot-improvement bonds, aggregating $66,735 (V. 106, p. 1709) were awarded to Sidney Spitzer & C o., o f Cleveland, for $67,822, equal to 101.621. There were a number o f other bidders.

F A IR P O R T (P. O. F airport H arbor), Lake C ou n ty , O h io .— BOND SALE.— Oh Apr. 16 tho $5,000 5% 2-11-year serial coupon rovenue deficiency bonds (V. 106, p. 1379) wero awarded to W . L. Slayton & Co. of Toledo at par and int. There were no bidders.

F A L K (P. O. B agley), C learw ater C ou n ty , M inn .— BOND OFFERING.— Sealed bids will bo received until 11 a. m. M ay 7 by M . J. M oon, Town Clerk, for $45,606 6% bonds.

FOLEY, B en ton C ou n ty , M inn .— BONDS NOT SOLD— N E W BOND ELECTION.— N o sale was made o f the $20,000 4% 20-year water-works bonds offered on April 18 (V. 106, p. 1598). Another election will be held to voto on the question o f issuing $22,500 to take tho placo o f tho above bonds, at not exceeding 6% interest.

FRAM INGH AM , Mass.— NOTE OFFERING.— Proposals will bo received by tho Town Treasurer until 12 m . April 29 for $7,800 5% school land purchaso notes, it is stated. Date M ay 1 1918. Duo $975 yearly from 1919 to 1926, inlcuslve.

FRAN KLIN VILLAG E SCHOOL D IS T R IC T (P. O . F ra n k lin ), W arren C ou n ty , O h io .— BOND OFFERING.— Proposals will bo received by II. W . Null, Clerk o f Bd. o f Education, until 12 m. M ay 13 for $6,506 6% school sito purchasing bonds. Denom. $560. Duo $500 each six months from Mar. 1 1925 to M ar. 1 1931, inch Int. M . &3. !&psr F U L L E R T O N , N a n c e C o u n t y , N e b .— BOND SALE.— Tho $31,000 6% 5-20-year coupon street-paving bonds recently authorized (V . 106. p. 1488) wero awarded to the National Roofing Co. o f Omaha. Denom. $500. Dato March 6 1918. Principal and semi-annual interest (M . Sc S.) payable at office o f County Treasurer.

G A L E N A , C h e r o k e e C o u n t y , Kan.— DESCRIPTION OF BONDS.— The $100,000 5% coupon tax-free water-works-impt. bonds voted on April 2 (V . 106, p. 1598) are described as follows: Denom. $1,000. Dato M ay 11918. Int. semi-ann. (M . & N .), payablo at Kansas Fiscal Agency, Topeka. Bonded debt (including this issuo) Apr. 22 1918, $234,,>00. Floating debt (add'l). $5,724 67. Sinking fund, $5,688. Assess, val., $2,520,000. W . B. Clement is City Clerk.

G E A R Y , B la in e C o u n t y , O lt la .— BONDS VOTED.— At a recent oloction propositions to Issuo $10,000 water-works and $40,000 sewer 6% bonds carried b r a voto o f 120 to 27. Date April 1 1918. Due serially ono-flfth each five years. Tho bonds will probably bo offered for sale M ay 1. II. H. Summers is C ity Clerk.

G E R A L D I N E , C h o u t e a u C o u n t y , M o n t .— BONDS VOTED.— B y a voto o f 43 to 5 a proposition to issue $23,000 water bonds carried at a recent election, it is stated.

G L O U C E S T E R , E s s e x C o u n t y , M a s s .— TEMPORARY LOAN.— Gloucester Safe Deposit Sc Trust Co. o f Gloucester was awardod a temporary loan o f $100,000, dated April 29 and maturing April 1 1919 at 5.50% discount plus $5 promium.

Disct. Prem.Gloucester National Bank, Gloucester------------------------------ 5.52 ____Capo Ann National Bank, G loucester................................... 5.56 $6 00Arthur Perry & C o.. Boston-----------------------------------------------5,64 ’ ____Old Colony Trust C o., Boston------------------------------------------- 6.74 ____Charlestown Five Cent Savs. Bank, Boston_____________ 5.75 ____S. N . Bond Sc C o., Now York---------------------------------------------5 .90 ____Goldman, Sachs Sc C o., Now Y ork------------------------------------5.97 ____

G R A N G E V I L L E H I G H W A Y D I S T R I C T (P . O . G r a n g e v i l le ) , I d a h o C o u n t y , I d a .— BOND SALE.— On M ar. 36 the $35,o6S (dated July 1 1917) and $15,000 (dated Apr. 1 1918) 10-20-yoar (opt.) iinpt. bonds (V. 106, p. 1379) wore awarded to the State o f Idaho at par and Int.( ^ G U A D A L U P E C O U N T Y S C H O O L D I S T R I C T S , N . M ax.— BOND OFFERING.— Proposals will bo received until 10 a. m. M ay 6 (postponed from Apr. 13— V. 106, p. 1598) by J. M . Casaus, County Treasurer (P. O. Guadalupo), or tho following 10-20-yoar (opt.) school bonds at not exceeding 6 % interest: $10,000 School District No. 2, $2,006 School District N o. 4, $5,000 School District N o. 5 and $3,000 School District N o. 9 bonds. Dato April 1 1918. Interest semi-annual. N o proposals will bo ontertalned or any o f tho abovo bonds or tho sum loss than 90% o f tho par valuo thereof and accrued interest on same to dato o f delivery. Certified check for 10% o f tho amount o f bid required. Purchaser to furnish blank bonds.! C ". t » i « !F H A M I L T O N C O U N T Y (P . O . N o b le s v i l lo ) , I n d .— BOND OFFERING .— It is stated that proposals will bo recolvcd by I. B. Austin, County Treasurer, until 11 a. m . M ay 2 for $7,200 4 H % 10-year highway-hnpt. bonds .1

H A N C O C K C O U N T Y (P . O . F i n d l a y ) , O h io .— BOND OFFERING.— Proposals will bo rocoived by F. N . Price, County Clerk, lupil 12 m. M ay 7 It is stated, for $117,800 5% 5H~yoar aver, highway bonds. Int. semi- ann. Cert, chock for $500 required.

H U R O N C O U N T Y (P . O . N o r w a lk ) , O h io .— BOND OFFERING.— Proposals will bo received by W . II. Griffin, County Auditor, until 10 a. m . April 29 for $18,300 5% coupon road bonds. Auth. Sec. 6929, Gen. Codo. Denom. 36 for $500 and 1 tor $300. Dato Apr. 1 1918. Int. (A. Sc O.)Eayablo at tho County Treasurer's office. Duo $500 each six months

•om Apr. 1919 to Oct. 1936 and $300 Apr. 1 1937. Cert, check for $915 required. 1

I O N A , M u a r r y C o u n t y , M in n .— BIDS REJECTED.— All bids received for $10,600 6 % bonds offorod on April 19 wero rejected. 4

J A C K S O N T O W N S H I P S C H O O L D I S T R I C T , S a n d u t h , C o u n t y . O h io .— BOND ELECTION.— It is stated that an election will bo hold M ay 8 to vote on tho question o f Issuing $75,000 school-building bonds.

J E F F E R S O N S C H O O L W A R D T O W N S H I P (P . O . R id g e v i l l e ) , R a n d o l p h C o u n t y , I n d .— BOND SALE.— It is reported that J. F. Wild Sc C o., o f Indianapolis, woro awardod $13,700 school-building bonds fo$13,721 75, equal to 100.158. . __

J U N I A T A , A d a m a C o u n t y , N e b .— BOND OFFERING.— Proposals will be received until 7:30 p. m . M ay 15 by B. F . Smith, Villago Clork. for $0,800 6 % bonds. Denom. $680. Dato Juno 1 1918. Duo $686 yearly on Juno 1 from 1919 to 1928 inch

LA K E W O O D , C uyahoga C ou n ty , O h io .— BOND OFFERING.— Proposals will bo received by A . O. Guild, Director o f Finance, until 12 m . M ay 13 for $66,000 5'A% street-impt. (city ’s portion) bonds. Do- nom. $1,000. Date day o f sale. Prin. and semi-ann. int. (A . & O .), payable at Cleveland Trust C o., Cleveland. Due $1,600 Oct. 1 1925 and $5,000 yearly on Oct. 1 from 1926 to 1938 inch Cert, check for 5% o f amount o f bonds bid for, required. Purchaser to pay accrued int.

LA N SIN G , Ingham C o u n ty , M ich .— BONDS TO BE SOLD "OVER TIIE COUNTER. — The City Treasurer will sell “ over the counter” on M ay 4 and for 21 days thereafter tho $12,700 5% tax-free paving bonds recently voted (V . 106, p. 1599). Denom. $ l60 . Date June 1 1918. Annual int. (June 1) payablo at the C ity Treasurer’s office. Due $2,540 on June 1 from 1919 to 1923 Incl.

LEW IS AND C L A R K C O U N TY SCH O OL D IS T R IC T NO. 9(P. O. East H elena), M on t.— BOND OFFERING.— Proposals will b8 received until M ay 13 by E. B . Richardson, Clerk, for $8,000 school bonds at not exceeding 6% interest. Denom. $100. Date M ay 1 1918. Interest semi-annual. Due as follows: $2,000 1921, subject to call 1920: $2,000 1922, subject to call 1921; $2,000 1923, subject to call 1922; and $2,000 1924, subject to call 1923. Certified check for $500, payable to the above Clerk, required.

LO R A IN , L orain C ou n ty , O h io .— BOND OFFERING.— Proposals will be receivod, it is stated, by Chas. L. Patterson, City Auditor, until 12 m . M ay 10 for $58,572 34 5 'A % 6-year aver, refunding paving bonds. Int. M . & S. Cert, check for 2% o f amount o f bonds bid for required.

L O U D O N V I L L E , A s h l a n d C o u n t y , O h io .— BOND OFFERING.— Proposals will bo received by W . A . M cDowell, Village Clerk, until Apr. 30, It is stated, for $18,000 6 % 1- 10-year serial street impt. bonds.

L Y N C H B U R G , H ig h la n d C o u n t y , O h io .— BOND SALE.— On April 22 tho two issues o f 6 % 11-13-year serial coupon bonds, aggregating $3,060 (V. 106, p. 1599), were awarded to John Fritz for $3,080 (102.333) and interest. Other Didders were:Otis & C o., Cleveland____$3,055 00 M erch. Nat. B k ., IU]lsboro$3.010 40Seasongood Sc Mayer, C in . 3,Ol6 2 6 1W. L . Slayton & C o., T o __ 3,003 90

M c M I N N V I L L E , Y a m h i l l C o u n t y , O r e .— BOND SALE.— Recently Morris Bros., Inc., o f Portland purchased $6,130 81 6 % impt. bonds. Denom. $500. Date M ar. 15 1918. Prin. and seml-ann. Int. (M . & S.) payable at C ity Treasurer’s office or at Morris Bros., Inc., Portland. Due M ar. 15 1928, subject to call M ar. 16 1919.

Financial Statement.Actual value o f property (estimated)____________________________ $3,500,000Assessed valuation, 1917________________________________________ 1,868,165Total bonded debt_____________________________________ $288,l60Less water and light bonds___________________________ 236,500N et debt_________________________________________________________ , § i ’§89Improvement bonds_____________________________________________ 146,694

Water and light bonds issued for purposes o f the combined water and light plant, operated as one. Principal and interest o f water and light bonds payable out o f earnings o f water and light plant. Population 1910 (Census), 2,400; 1918 (estimated), 4,000.

M A N S F I E L D C I T Y S C H O O L D I S T R I C T (P . O . M a n s f ie ld ) , R ic h land C o u n t y , O h io .— BOND OFFERING.— Proposals will be received, it is stated, by John II. Bristor, Clerk o f Bd. o f Education, until 12 m . M ay 15 for $20.066 6 % school impt. bonds. Denom. $1,000. Int. M . Sc S. Duo $1,000 each six months from M ar. 1 1919 to Sept. I 1928, lncl. Cert, check for 10% required.

M A R I O N C O U N T Y (P . O . I n d ia n a p o l is ) , I n d .— BOND OFFERING. — Reports state that Ed. G . Sourbier, County Treasurer, w ill receive bids- until 10 a. m . M ay 2 for $73,000 \ A % 20-year highway-impt. bonds.

M A R I O N C O U N T Y (P . O . M a r io n ) , O h io .— BOND SALE.— On April 18 tho $66,500 5 lA % 1-10-year serial coupon road-improvement bonds (V. 106, p. 1710) were awarded to the Rudolph Kloybolte Co. of Cincinnati for $66,772 15, equal to 100.409. Bids wore also received from tho Ohio National Bank, Columbus; Provident Sav. Bank & Trust C o ., Cincinnati, and Breed, Elliott Sc Harrison, Cincinnati.

M E R I N O S C H O O L D I S T R I C T (P . O . M e r in o ) . L o g a n C o u n t y , C o lo .— BOND ELECTION.— Reports state that this district will hold an election M ay 6 to vote on the question o f issuing $16,000 school-building bonds.

M IA M I, D a d e C o u n t y , F l a . — BONDS PROPOSED.— Reports s ta te that steps are being taken to issue $65,000 sanitary-sewer, $40,000 s tre e t, $40,000 bridgo and $30,000 harbor and termlnal-lmpt. bonds.

M IA M I C O U N T Y (P . O . P e r u ) , I n d .— BOND OFFERING.— P ro p o sa ls will bo received, it is stated, until 2 p. m . M ay 8 by Henry K n a u ff , C o u n ty Treasurer, for $9,600 4 H % 10-yoar highway-impt. bonds.

M I L L A R D C O U N T Y D R A I N A G E D I S T R I C T N O . 3 , U t a h . — BONDOFFERING.— Proposals will bo received until 2 p. m . to-day (April 27) by M . A. Abbott, Clerk o f Board o f Dist. Supervisors (P. O. Delta), for tho $1,250,000 drainage-system bonds recently authorized— Y. 106, p . 1489. Int. (not to exceed 7% ) semi-ann.

.M I N G O J U N C T I O N S C H O O L D I S T R I C T , J e f f e r s o n C o u n t y , O h io . — BOND SALE.— On April 16 Seasongood Sc M ayer o f Cincinnati, Sidney Spitzer & Co. o f Toledo and Prudden Sc C o. o f Toledo were awarded, jointly, tho $175,000 5 A % 1-18-year serial school bonds— V . 106, p . 148 9— for $176,411— 100.806— and int. Other bidders were:Spitzer,Rorlck& Co..Tol.$176.173 OOJProvident Savs. & Trust ______R udolphK loybolte& C o., ( C o ., Cincinnati-----------$175,210 00

C in cinnati__________ - 175,767 171M I S S I S S I P P I ( S t a t e o f ) .— BOND OFFERING.— Additional informa

tion is at hand relative to tho offering on M ay 10 o f tho $3,0( 0,000 tax- free coupon State bonds at not exceeding 6% int.. Issued for the purposo o f taking up outstanding notes o f the State issued under authority o f the Legislature, aggregating $1,425,000, and for the purpose o f meeting appropriations made at the 1918 session thereof. V . 166, p. 1710. Sealed or oral bids for these bonds will be received until 11 a. m . on that day by Theodore G . Bilbo, Governor (P . O. Jackson). Denom. at option o f State. Dato Apr. 1 1918. Prin. and semi-ann. int. (A . Sc O.) payable at tho State Treasury, or at such placo in the United States as may be designated by tho Governor, with the advice and consent o f the State Treasurer and Auditor. Due yearly on Apr. 1 as follows: $100,000 Class “ A ,” 1920; $100,000 Class “ B, 1921; $106,000 Class “ O ,” 1922; $100,000Class “ D ,” 1923; $200,000 Classes “ E ” and “ O ,” both Inclusive, 1924 to 1933 IncI., and $600,OOj Class "O ,” 1934. Classes “ E ” and “ O ,” both inclusive, may bo called or redeemed by the State at its option or any interest dato after Apr. 1 1923. Cert, check for $20,000, payablo to the State o f Mississippi, required. The approving opinion o f John O. Thom son o f Now York will be furnished to the purchaser at the oxponse o f the Stato. Bonds are to be lithographed or engraved at the expense o f the purchaser. Bonded debt Jan. 1 1918, $3,050,000. Receipts from ordinary sources for tho fiscal year Oct. 1 1916 to 1917 were $4,638,590 73. It Is estimated that the receipts for the period Oct. 1 1917 to Oct. 1 1918 will bo about tho same as the above, and for the fiscal years Oct. 1 1918 to



Oct. 1 1919 and Oct. 1 1919 to Oct. 1 192J, It Is estimated the receipt3 will b* Increased $900,000 on account o f Increase In advalorem tax levy.

M O N R O E C O U N T Y (P . O . M o n r o e ) , O h io .— BOND ELECTION.— A n election will be held M ay 6 to vote on a proposition to Issue $200,000 road bonds. Fred K . Cronenwott is County Sheriff.

M O N T C L A I R , E s s e x C o u n t y , N . 3.— BOND OFFERING.— Proposals will bo received by Harry Trippot, Town Clerk, until 8 p . m. M ay 2 for $32,000 4>4% coupon school bonds. Denom. $1,000. Date April 15 1918- Int. A . & O. Due $2,000 yearly on April 15 from 1919 to 1934, incl. Certified check on a solvent bank or trust company, payblo to tho Town Treasurer, for 2% o f the amount o f bonds bid for, required.

M O R I A H (T O W N ) U N IO N F R E E S C H O O L D I S T R I C T N O . 5 ( P . O . P o r t H e n r y ) , E s s e x C o u n t y , N . Y .— BOND OFFERING.— Proposal will bo received by R. A. Hull, Clerk o f Bd. o f Education, until 7 p. m. M ay 7 for $24,000 5% school bonds. Denom. $1,000. Date M ay 1 1918. Due $1,000 yearly on Dec. 1 from 1918 to 1941 incl. Int. payablo ann. at the First National Bank, Port Henry, to holder In Now York exchango. Cert, check for 10% o f amount o f bids required. Purchaser to pay accrued int.

M U S S E L S H E L L C O U N T Y S C H O O L D I S T R I C T N O . 55 (P . O . R o u n d u p ) , M o n t .— BOND OFFERING.— Proposals will bo received until S p. m . April 30 by O. R . M cVay, Clerk, for $28,000 10-15-year opt. coupon school-building bonds at not exceeding 6% Int. Denom. $1,000. Int. ann. on Juno 1 at County Treas. o ffice. Certified check for $1,500, payable to the abovo Clerk, required. Bonded debt (incl. this issue) April 20 1918 $55,600. Sinking fund $687. Assess, val. 1917, $1,941,450.

N A V A J O C O U N T Y S C H O O L D I S T R I C T N O . 10 , A r i z .— BOND OFFERING.— Sealed bids will be received until 2 p. m. M ay 6 by R. C. Teeple, Clerk o f Board o f County Spuervisors (P. O. H olbrook), for $5,500 6% 10-40-year opt. school bonds. Denoms. 5 for $1,000 and l for $500. Date M ay 6 1918. Int. M . & N . An unconditional certified check on a national bank for $500, payablo to tho County Treasurer, required. Purchaser to pay accrued interest.

N E W B E D F O R D , B r i t o l C o u n t y , M a s s .— BOND SALE.— narrls, Forbes A C o., Inc., o f Boston were recently awarded $100,000 highway and road bonds for $100,500, equal to 100.50.

TEMPORARY LOAN.— A temporary loan o f $100,000, dated April 24 and due Jan. 15, was also awarded to Harris, Forbes & C o., Inc., o f Boston at 5 )4% discount.

N E W C O N C O R D , M u s k in g u m C o u n t y , O h i o . — BOND OFFERING. — Proposals will be received by W . C. Traco, Village Clerk, until 12 m. M ay 9 for tho following 6% street-lmpt. assess, bonds: $4,601 74 Liberty S t ., $2,498 08 Collego St., $1,919 90 Maple A ve., $1,316 68 Depot St. and $5,417 28 M ontgomery St. bonds. Date Mar. 1 1918. Int. somi- an n . Due part yearly on M ar. 1 from 1919 to 1928 incl. Cert, check for 5% o f amount o f bonds Did for, payablo to the Village Treasurer, required. Bids must bo mado separately on each issue o f bonds. Bonds to be delivered and paid for within 10 days from timo o f award. Purchaser to pay accrued interest.j

N E W R O A D S , P o i n t o C o u p e e P a r is h , L a . — BOND OFFERING.— Joe Lejoune, M ayor, will receivo proposals until 12 in. Apr. 30 for $25,000 i % public Impt. bonds, it Is stated. Int. semi-ann.

N O R F O L K C O U N T Y (P . O . D e d h a m ) , M a s s .— NOTE SALE.— On April 24 Merrill. Oldham & C o., o f Boston, were awarded $15,000 5% notes, dated M ay 1 1918 and maturing $3,000 1919 to 1923, Inclusive, at 100.319, it Is stated, * . . . . - •

N O R T H C A R O L I N A ( S T A T E O F ) .— BONDS AWARDED IN PART. — Of the $500,000 4% 10-year tax-freo permanent-impt. bonds offered on April 1— V . 106, p. 1055—$62,000 were disposed of. The remainder will be on hand for sale after July 1.First National Bank, Rocky M ount______________________________ $10,000Murchison National Bank, W ilmington................................................... 13,000First National Bank, Wilson_______________________________________ 20,000First National Bank, Asheboro______ _________ ____________________10,000Peoples Savings Bank, W ilmington________________________________ 9.000

Int. J. Sc J.O M A H A S C H O O L D I S T R I C T (P . O . O m a h a ) , D o u g la s C o u n t y ,

N e b .— BONDS VOTED.— According to reports, the proposition to issuo $1,000,000 30-year High School o f Commerce bonds carried at the election held April 9 (V . 106, p. 627). The vote is reported as 12,408 “ for” to 5 ,7 6 6 against.” ■ ,,j

O W E G O , T i o g a C o u n t y , N . Y . — BOND SALE.— On April 25 tho $18,000 5% l-9-year serial coupon funding bonds— V. 106, p. 1710— were awarded to G e o . B. Gibbons & Co. o f New York for $18,100— 100.556— and int. Int. annual in September. |

’‘ P A C I F I C C O U N T Y S C H O O L D I S T R I C T N O . 22 (P . O . S o u t h B e n d ) , W a s h .— BOND SALE.— On Apr. 13 the State o f Washington purchased $6,000 5% 5-10-ycar (opt.) school-bldg, bonds at par. , ,j

P E M B R O K E S C H O O L D I S T R I C T (P . O . P e m b r o k e ) , C h r i s t a i n C o u n t y , K y .— BONDS VOTED.— It is stated that an issuo o f $14,000 school bonds has been voted. . • . ■ .■rt P E N S A C O L A , E s c a m b ia C o u n t y , F l a .— BOND SALE.— Tho $6,000 6% 1-10-year serial improvement bonds, mentioned in V. 106, p. 1600, were awarded to John Gerkens, contractor, as part payment for work performed. Denom. $500.__Dato April 1 1 9 1 8 .__

P O R T L A N D , O r e .— BOND SALE.— Tho $55,000 6% clty-irapt. bonds! mentioned in V. 106, p. 1490, have been purchased by tho Sinking Fund o f the city o f Portland. . . . . . . . .,i , . . , .... •

P O R T S M O U T H , V a .— BOND SALE.— On Apr. 22 tho $150,000 5% 30-year tax-free gold coupon land-purchaso and school bldg, bonds, dated M ay 1 1918— V. 106, p. 1600— wero awarded to R . M . Grant & Co., N . Y ., for $143,340 (95.58) and interest. ■ y : ■■ , ; 4 ,

P U R V I S , L a m a r C o u n t y , M is s .— BONDS VOTED.— Newspapers stato th a t an ordinance has been approved by tho City Council providing for th e Issuance o f $10,000 electric-light-plant bonds.

Q U IN C Y , G adsden C ou n ty , F la.— BOND OFFERING.— Proposals will be received by J. P . Smith, City Clerk, until 11 a. m . M ay 13 for $18,000 5% serial bonds. Denom. $500. Int. M . & N . Duo M ay 1 1936. Certified check for 10% of amount o f bonds bid for required. A like amount o f bonds was offered on April 1.— V. 106, p. 951. , .

R A V E N N A , P o r t a g e C o u n t y , O h io .— BOND OFFERING.— Proposals will bo received by W . A. R oot, City Auditor, until 12 m. M ay 20, it is stated, for $50,000 6% 17 5-6 year aver, water bonds. Int. semi-annual. Certified chock for $500 required,

R I C H L A N D C O U N T Y (P . O . M a n s f ie ld ) , O h i o . — BOND SALE.— The Richland Sav. Bank C o. o f Mansfield was awarded on Feb. 14 tho following 5% 1-5-year serial road bonds:$15,250 Mansfieid-Millersburg bonds. Denom. $1,000.

14,513 Shiloh-Oliversburg bonds. Denom. $1,000.2,329 Lexington-Frcdorickstown bonds. Denom. $500.

: Dato Feb. 4 1918. Int. A . & O.„ R I D G E T O W N S H I P R U R A L S C H O O L D I S T R I C T , V a n W e r t C o u n t y , O h io .— BOND OFFERING.— Proposals will be received by F. A. Poling, District Clerk, at office o f S. E . Walters, 1071-3 East Main St., Van Wert, until 12 m . M ay 22 for $40,000 5 )4% coupon school bonds. Auth., Sec. 7625-27, Gen. Codo. Denom. $500. Dato April 15 1918. Interest semi-annual (M . & S .), payable at tho First National Bank of Van W ert. Duo $2,000 each six months from March 1 1927 to March 1 1929, $5,500 each six months from Septl 1 1929 to March 1 1932, and $3,000 each six months from Sept. 1 1932 to Sept. 1 1934, inclusive. Certified check for 5% o f tho amount o f bonds bid for, payablo to abovo Clerk, required.„ R I V E R S I D E S C H O O L D I S T R I C T (P . O . F o r t W o r t h ) , T a r r a n t C o u n t y , T e x .— BONDS PROPOSED.— Reports stato that this district is contemplating the issuanco o f $12,000 school bonds.

R O C K C O U N T Y S C H O O L D I S T R I C T N O . 5 ( P . O . M a g n o lia ) , M in n .— BOND ELECTION.— An election will bo held M ay 7 to voto on the question o f issuing $45,000 4% school bonds. F. B . Pettonglll is District Clerk.

R O C K F O R D T O W N S H I P (P . O . R o c k f o r d ) , W i n n e b o e o C o u n t y ,IJL— BOND OFFERING.— Proposals will be received by James G. M anlovo, Township Clerk, until 10 a. m. April 29 for $95,000 5% road impt. bonds. Auth. Sec. 112, Road and Bridge Laws, A ct o f 1913, and amendments

thereto; approved by tho Supremo Court o f tho State o f Illinois. Denom. $1,000. Date M ay 1 1918. Prin. and ann. int. (M ay 1) payablo at the office o f tho Township Treasurer. Duo $19,000 on M ay 1 from 1923 to 1927 incl. Cert, check for $500 (or its equivalent) roquirod. Tho Town Clork and Commissioner o f Highways m ay, if they deem it advisable, call for auction bids and award tho bonds to tho highest bidder.

R U T H E R F O R D , R u t h e r f o r d C o u n t y , T e n n.— BONDS NOT TO BE OFFERED A T PRESENT.— Tho electric light bonds recently voted— V. 106, p . 1490— will not bo offered until after tho war, wo are advised.

S A L E M , C olum biana C ou n ty , O h io .— BOND OFFERING.— Proposals will be received by Geo. Holmes, City Auditor, until 12 m. M ay 20 (date changed from Apr. 23, V. 106, p . 1382) for tho following 5 )4% bonds: $35,000 sowago-disposal works bonds. Auth. Sec. 3939, Gen. Codo

Denom. $1,000. Dato M ay 1 1918. Duo $5,000 yearly on Mar.1 from 1919 to 1925 incl.

11,814 debt-extension bonds. Auth. Secs. 3916-17, Gen. Code. D enom . 1 for $314 and 23 for $500. Date Apr. 15 1918. D u o$l,81 4 Apr. 1 1929 and $2,000 yearly on Apr. 1 from 1930 to 1934 incl.

Each issuo must bo bid for separately. Cert, check for 2 % o f amount o f bonds bid for, payablo to C ity Treas., required. Purchaser to pay accrued int. Bonds are to be delivered and paid for within ten days from time of award.

S A L U D A , P o l k C o u n t y , N o . C a r o .— BONDS VOTED.—-Reports s ta te that an ordinance has been passed authorizing tho issuance o f $3,000 6% 20-40-year water-works bonds.

S A L E M , E s s e x C o u n t y , M a s s .— TEMPORARY LOAN.— Goldman, Sachs & C o., o f New York, were awarded on April 24, it is stated, $100,000 bonds in anticipation o f taxes, maturing Feb. 20 1919, at 5 )4% discount, plus $1 premium. Other bidders wero:

Discount.Naumkoag Trust C o., Salem ..5 .55%R . L. Day & C o., Boston____5.55%Blake Bros. & C o., Boston___5.65%

Discount. Arthur Perry & C o .. B o s to n ..5.72% Old Colony Trust C o.. Boston.5.74% S. N . Bond & C o ., New Y ork .5.90%

S A N F R A N C I S C O , C a l i f . — BONDS NOT SOLD— TO BE OFFERED OVER COUNTER.— N o salo was mado o f the $50,000 5% 5-year school bonds, offored Apr. 13— V. 106, p. 1600. Tho bonds, w e are a d v is e d , w ill probably bo sold "over the counter” at a later dato.

SEATTLE, W a s h .— BONDS AUTHORIZED.— According to report* ordinances havo been passed authorizing tho issuanco o f $570,000 general bonds.

S H A R P E C O U N TY (P . O. H a r d y ) , A r k .— BOND SALE.— An Issue or $45,000 Road District N o. 1 bonds was awarded, it ia stated, to M . W . Elkins o f Sheridan.

S H E R I D A N C O U N T Y S C H O O L D I S T R I C T N O . 1 (P . O . S c o b e y ) , M o n t .— BOND OFFERING.— Proposals will bo rocoivod until M a y 1 b y It. T . Cookingham, Clerk, for $21,800 15-20-year opt. school bond*, at not exceeding 6% int., auth. at an election hold April 6. Int. semi-ann.

S K A G I T C O U N T Y S C H O O L D I S T R I C T N O . 33 (P . O . M t. V e r n o n ) , W a s h .— BOND SALE.— On Apr. 13, $6,000 5% school bldg, bonds w ere

Jurchased by the State o f Washington at par. Denom. $1,000. Date uno 1 1918. Duo June 1 1925, subject to call $1,000 yearly after second

year.S P E N C E R , C l a y C o u n t y , I o w a .— AM OUNT OF BONDS SOLD.—

W o learn that o f the $19,500 5)4 % 10-year funding and fire bonds reported sold in V. 106, p. 1601 that only $10,500 was awarded to G. M . Bechtel& .C o. o f Davenport at par. Dato M ar. 1 1918. Denom*. $1,000 and$2,000.

S P R I N G F I E L D , C la r k C o u n t y , O h io .— BOND OFFERING.— Inaddition to tho offering on M ay 13 o f tho $33,333 5% 5 1-3 year aver, bonds.— V. 106, p. 1711— proposals will also bo received until 7 p. m. on that day by W . J. Barrett, City Auditor, for tho following 5% 1-10- year serial coupon special assess, and paving bonds:$29,480 bonds. Denoms. 20 for $1,000, 10 for $940.

42,830 bonds. Denoms. 40 for $1,000, and 10 for $283.37,197 bonds. Denoms. 30 for $1,000. and 10 for $719 79.

Auth. Sec. 3914 Gen. Code. Dato Alar. 1 1918. Prin. and semi-ann. int. (M . & S.) payable at tho C ity Treasurer’s office. Bids must be mado separately on each issue o f bonds and bo accompanied by a cert, check for 5% ot tho amount o f bonds bid for. Purchaser will be furnished with a certified transcript o f tho proceedings relating to this issue, promptly after salo thereof. Purchaser to pay accruod int.Tax duplicate 1917, full valuation___________________________$67,258,650 001% 1917 tax duplicate.............................................. .......... ............. 672,586 502 )4 % 1917 tax duplicate............................................ ..................... 1,681,466 255% 1917 tax duplicate.................... ............................................. .. 3,362.932 50General bonds outstanding___________________ $2,141,887 93Special assessment bonds outstanding, includ

ing these issues____________________________ 537,765 12Total bonds outstanding___________ _______________________ $2,679,1568 05

E x e m p t io n s U n d e r S e c t io n 3949, G e n . C o d * .Bonds issued prior to Apr. 29 1902___________ $117,000 00Emergency and epidemic bonds_______________ 24,000 00Special assessment bonds______________________ 537,765 12Water-works bonds____________________________ 373,000 00Bonds authorized by vote o f people_____________ 202,425 00Sinking fund cash and investment______________ 249,559 91

---------------------- $1,603,750 03Net bonded indebtedness under 2 )4% limitation____________ 1,175,903 02Net bonded indebtedness under 5% limitation_______________ 1,378,328 02City sharo bonds Issued during year 1918:

B y vote o f people__________________ _____ __________ ______ $15.425 00Sans voto o f pcoplo________________________________________ 16,025 00All water works bonds aro deducted under Section 3949 Gen. Codo

as tho incomo received from tho municipal water-works plant is sufficient to cover the cost o f operating expense and interest charges and to pass a sufficient amount to tho sinking fund to retiro tho bonds a* thoy mature, and no taxes aro lovled either for general operation, interest or sinking fund purposes in connection with tho city water works.

Population, 1910, 46,921; 1918 (est.), 62,000.BOND SALE.— On April 15 tho $7,500 5% 1-8-year coupon *crial

storm-sower bonds, mentioned in V. 106, p. 1601, wero sold to the Sinking Fund Trustees at par and Interest. Denom. $500. Dato March 1 1918. Interest somi-annual (M . & S .), payablo at the C ity Treasurer’s office.

S T E U B E N V I L L E , J e f f e r s o n C o u n t y , O h io .— BOND OFFERING.— Proposals will be received by Russell P. Price, City Auditor, until 12 ni. M ay 18 for $123,312 17 6% bonds for refunding outstanding bonds and certificates o f indebtedness. Denom. $500. I for $312 17. Dato April 1 1918. Due $3,312 17 April 1 1919 and $6,000 yearly on April 1 from 1920 to 1939, incl. Int. A. & O. Certified check for 3% o f amount o f bonds bid for, payablo to the City Treasurer, required. Total bonded debt (incl. this issue), $964,178. Cash valuation o f sinking fund, $15,892 23. Assossod valuation (latest appraisement), $37,890,490. Population,27,000. Tax rate, 1.460 mills.

S T O R Y C I T Y S C H O O L D I S T R I C T (P . O . S t o r y C i t y ) , I o w a .—BONDS VOTED.— A proposition to issuo $5,000 school-building bonds carried, it is stated, at a recent election.

S T R A Y H O R N C O N S O L I D A T E D S C H O O L D I S T R I C T , T a t e C o u n t y , M is s .— BOND OFFERING.— J. A. W ooton, Clerk o f Board of County Supervisors (P. O. Senatobia), wiil receive proposals until 2 p. m . M ay 6, It is stated, for the $20,000 6% bonds mentioned in V. 106, p. 1382. Certified check for $250 required.

S U G A R C R E E K S C H O O L T O W N S H I P (P . O . N e w P a le s t in e ) , H a n c o c k C o u n t y , I n d .— BOND OFFERING.— Proposals will bo recolved, it Is stated, by Scott Bradenburg, Trustee, until 1 p. m . M ay 13 for $57,000 5 )4% 15-yoar school bonds.

S U P E R I O R , D o u g la s C o u n t y , W is e .— BIDS.— Tho following b id swero received for the $80,000 5% gold 20-year serial bonds dated M ay 1 1918 and offered on April 22 (V. 106, p . 1711):Elston & C o., Chicago, discount o f $1,928; thoy to furnish bonds.Rudolph Kleybolto C o., Cincinnati, $78,088 88.Edmunds Bros., Boston, $991 80 each.Halsey, Stuart & C o., Chicago, par and interest, lass a charge o f $540. Hornblower & Weeks, Chicago, par and interest, less a charge o f $247. Harris Trust & Savings Bank, Chicago, par and interest and $131 promium.


Apr. 27 1918.] THE CHRONICLE 1821S W I F T C O U N T Y (P . O . B e n s o n ) , M in n .— BOND SALE.— During

the month o f April the Swift County Bank o f Benson was awarded $2,000 5% gold coupon Judicial Ditch No. 10 bonds at par. Denom. $500. Dato April 1 1918. Prin. and semi-ann. lnt.— A . & O.— payablo at the Merchants’ Loan & Trust C o., Chicago. Duo yearly on April 1 as follows $500 1927. $500 1930, $500 1933 and $500 1936.

T A C O M A , W a s h .— OFFICIAL VOTE.— The official vote polled on Apr. 5 upon the proposition to issue the $4,000,000 electric power bonds was 2,884 “ for” to 11,505 “ against.” — V. 106, p. 1711.

BOND SALE.— During tho month o f March $766 45 6% Local Im provement District N o. 1141 bonds were sold. Date March 23 1918, duo March 23 1918, subject to call yearly in March.

T E T O N , F r e m o n t C o u n t y , I d a .— BOND ELECTION.— An election will bo held Apr. 29, It is stated, to voto on a proposition to Issue $15,000 coupon water bonds.

T H R E E R I V E R S ( C I T Y ) A N D L O C K P O R T T O W N S H I P S C H O O L D I S T R I C T N O . 1 , S t . J o s e p h C o u n t y , M ic h .— BOND OFFERING.— Proposals will be received by B. E. Androws, Secretary o f Board o f Education, until 12 m. M ay 7 for the $50,000 5% school bonds mentioned in V . 106, p. 1155. Dato July 1 1918. Int. J . & J. Duo $3,000 yearly on Jan. 1 from 1919 to 1928, incl., and $4,000 yearly on Jan. 1 from 1929 to 1933, incl. Certified check for 2% required.

T I P P E C A N O E C I T Y S C H O O L D I S T R I C T (P . O . T ip p e c a n o e C i t y ) , M ia m i C o u n t y , O h io .— BOND OFFERING.— It Ls reported that proposals will bo received by Fred M . Grant, Clerk o f Board o f Education, until 12 m. to-day (April 27) for $9,000 5% 5 ti-year aver, school-building bonds. Certified check for 5% required. Interest semi-annual.

T O L E D O , O h io .— BOND OFFERING.— Proposals will bo received until M ay 15 for $100,000 5% 30-year park bonds, it is reported.

T O O L E C O U N T Y S C H O O L D I S T R I C T N O . 3 1 , M o n t .— BOND OFFERING.— James Skelton, District Clerk (P. O. Sunburst), will receive proposals, it is stated, until M ay 6 for $1,000 5-8-year opt. bonds at not exceeding 6% int. Certified check for $250 required.

TU CK AH O E, W estch ester C ou n ty , N. Y .— BOND OFFERING.— Proposals will be received, it is stated, by C . II. Bohrmann, Village Clerk, until 8 p. m. M ay 1 for $7,600 streot-improvoment bonds at not exceeding 5% Interest. Interest semi-annual. Certified check for $250 required.

V E R O S C H O O L D I S T R I C T , S t . L u c ie C o u n t y , F la .— BOND OFFERING.— J . W . Ilodge, Supt. o f Board o f Public Instruction at Fort Pierce, will recoive proposals until 1 p . m . M ay 4, it is stated, for $25,000 6% 20 1-3 year aver, bonds.

W A S H B U R N , B a y f i e ld C o u n t y , W is e .— BOND SALE.— Tho $18,000 5% 1-18-yoar serial streot lmpt. bonds, dated N ov. 1 1917, offered without success on Feb. 1— V. 106. p. 629— were awarded on Feb. 9 to C . H . Coffin o f Chicago at par lass expenses.

W A S H I N G T O N C O U N T Y S P E C I A L S C H O O L D I S T R I C T N O . 1 . F la .— BOND OFFERING.— J. H . Varnum, Supt. Board o f Public Instruction at Chiploy, will reccivo proposals until M ay 7, It is stated, for $35 000 6% coupon 20-year bonds. Interest semi-annual.

W E S T E R N , S a l in e C o u n t y , N e b .— BOND OFFERING.— Tho Western State Bank o f Western will receive bids until M ay 15 for $10,000 5% electric-light bonds. Denom. $1,000. Date Sopt. 1 1917. Int. M . & S. Duo Sept. 1 1937. Purchaser to pay accrued interost.

The official notice of this bond offering will be found among As advertisements elsewhere in this Department.

W E S T P A L M B E A C H , P a lm B e a c h C o u n t y , F l a . — BOND SALE.— O nApril 18 issues o f $52,000 6% refunding bonds (dated April 1 1918) and $16,000 5 H % canal bonds (dated N ov. 1 1918) were awarded to F. C. Hoehler & C o., Toledo, for $69,060, equal to 101.558. Danom. $500. Interest semi-annual. JJ

W E S T U N I T Y , W i ll ia m s C o u n t y , O h io .— DESCRIPTION OF BONDS. — The $3,500 bVZ% 5-9-year serial coupon fire-dept. bonds, awarded on Apr. 1 to Edwin A . Langley, at par— V. 106, p . 1491— are described as follows: Denom. $500. Date Apr. 1 1918. Int. A . & O. Due $500 yearly on Apr. 1 from 1922 to 1926, Inch, and $1,000 A pr. 1 1927.

W E Y M O U T H , N orfolk C o u n ty , M a s s .— TEMPORARY LOAN.— O n April 25 Arthur Perry & C o., Boston, were awarded, it is stated, a temporary loan o f $150,000, issued in anticipation o f taxes, maturing N ov. 13 1918, at 5.42% discount. Other bidders were:

Discount. I Discount.Goldman, Sachs & C o., N . Y . .5 .4 4 5 1R. L . D ay & C o., B o s to n _____ 5.4 6

W H I T E B I R D H I G H W A Y D I S T R I C T (P . O . W h i t e B ir d ) , I d a h o C o u n t y , I d a .— BOND SALE.— On Apr. 1 the State o f Idaho was awarded the $7,500 10-20-year (opt.) highway impt. bonds offered on that date— V . 106, p . 1263— at par.

W H I T M A N C O U N T Y S C H O O L D I S T R I C T N O . 5 7 ( P . O . C o l f a x ) , W a s h .— BOND SALE.— An issue o f $7,000 5 % 1-15-year (opt.) school bldg, bonds was purchased on Apr. 13 by the State Board o f Finance at par. Denom. $250. Int. ann.a' " 'W O L S E Y , B e a d le C o u n t y , S o . D a k .— BOND OFFERING.— Proposals will bo received until 8 p. m. M ay 3 by W . W . Howe, C ity A u d ito r , fo r $17,500 5% 10-20-year (opt.) water works bonds. Denom. $500. Date Aug. 1 1918. Cert, check for $2,000 required.

W O R C E S T E R , W o r c e s t e r C o u n t y , M a s s .— NOTE BALE.— I t ‘Isstated that R. W . Pressprich A C o. o f New York were awarded $200 000 notes, maturing N ov. 6, issued in anticipation o f taxes.

Y A K I M A C O U N T Y S C H O O L D I S T R I C T N O . 8, W a s h .— BONDOFFERING.— Proposals will be received until 10 a. m. to-day (April 27) by J. F. Peters, County Treasurer (P. O. Y akim a), for $1,800 1-5-year op*, bonds. Int. (to be named in bid) payable semi-annually.,

YU M A, Y um a C ou n ty , A riz.— BOND SALE .— On April 19 KeelerB ros., Denver, were awarded $13,900 6% funding flood district bond* at par and int. and $750 to bo paid by property owners within the district to cover attorney’s fees, fiscal agent's fees, cost o f bonds. &c. Denom S100 Date Feb. 1 1918. Due Feb. 1 1921. *

CANADA, its Provinces and Municipalities.B A T T R A M S C H O O L D I S T R I C T N O . 3 0 75, S a s k .— D E B E N T U R E

SALE.— An issue o f $450 school debentures was recently awarded to the Saskatchewan Life Insurance C o. o f Regina.

B E B L O S C H O O L D I S T R I C T N O . 3962, S a s k .— D E B E N T U R E SAUTHORIZED.— An issue o f $1,500 10-year school debentures at not exceeding 8% interest, has been authorized. James Carson (P . O. Ebeneer Valley) is District Clerk.

BOND CALL

$40 ,000Town of Holly, Colorado,

6% WATERWORKS BONDSDated July 1. 1908. Due July 1. 1923. Op

tional July 1, 1918.Principal and interest payable at Kountzo

Brothers, Now York City, N . Y .The holders o f these bonds are notified that

same are called for payment on July l , 1918. Interest will cease on that date. Interest coupons duo on that dato and bonds will bo paid IfEresented at eicher the Colorado National Bank,

•onver, Colorado, or at tho office o f Boswortli, Chanuto A Company, Century Building, Denver, Colorado.

NEW LOANS

$ 1 0 , 0 0 0

VILLAGE OF WESTERN, NEBRASKA,Electric Lighting Bonds

The Western State Bank o f Western, Nebraska, will recoivo sealed bids until tho 15TII D A Y OF M A Y , 1918, for $10,000 issue o f Electric Lighting bonds, dated Sept. 1st, 1917, and due Sept. 1st, 1937, issued by village o f Western, Nebraska. Denominations $500. Interest 5 % , payable Sept, and M arch. Purchaser to pay accrued Interost. Right reserved to reject any or all bids.

L . I I . JONES,Cashier.

FINANCIAL

ENGINEERS.

THE

J ' G W H I T E C O M P A N I E S

Financier*Engineers

Operators

Purchasers Contractors

Managers

of Public Utility and Industrial Properties

R E PO R TS— V ALU A TIO N S— ESTIM ATK8

43 EXCHANGE PLACE; NEW YORKLONDON CH IC A G O

O li i i o i s 'r n i s t & S a v I n ^ s B a i i l sCHICAGO

Capital, Surplus and Undivided Profits - - $16,400,000

Pays Interest on Time Has on hand at all times a variety of exDeposits, Current and Reserve eeileat securities. Buys and sellsAooounts. Deals In Foreign Ex- Government, Municipal andchange. Transacts a General Trust Business. Corporation Bonds.

G i r a r d T r u s t C o m p a n yPHILADELPHIA

C h a r t e r e d 1 8 3 6

CAPITAL and SURPLUS, $10,000,000M ember o f Federal R eserve System

E . B . M o r r i s , P r e s i d e n t

A c t s a s E x e c u t o r T r u s t e e , A d m i n i s t r a t o r , G u a r d i a n , R e c e i v e r , R e g i s t r a r a n d T r a n s f e r A g e n t .

Interest allowed on deposits.

WILLARD CASE & COMPANYC O N SU L T IN G EN G IN EERS

D e v e lo p m e n t o f

I n d u s t r i a l P l a n t s & E q u i p m e n t sR e p o r t s o n

O p e r a t i n g M e t h o d s & C o n d i t i o n sD e t e r m in a t i o n s o f

W o r t h o f E s t a b l i s h e d P r o p e r t i e s

17 B A T T E R Y PLACE NEW Y O R K

Ates. O . Humphrey* Alien 8. M l’ lei

HUMPHREYS* MILLER, Inc■N G IN M JB 8

Power— Light—Gas65 B R O A D W A Y NEW Y O R K

F. M . Chadbourne & Co.Investment Securities

7 8 6 B r o a d S t . N e w a r k , N . J .


1832 THE CHRONICLE [Vol. 10G

B R A D F O R D , O n t .— DEBENTURE SALE.— It is reported that W . A. Mackenzie & Co. o f Toronto wero awarded the $15,600 5H % 10-year hydro debentures recently offered.— V. 106, p. 1263.

B R A M P T O N , O n t . — DEBENTURE SALE.— Brent, Noxon & C o., o f Toronto, were recently awarded the following % debentures: $60,000, maturing 1919 to 1948, inclusive; $20,000 30 installment; $10,000 20 installment, and $5,000 10 installment debentures.

C A R A D A C T O W N S H I P (P . O . S t r a t h r o y ) , O n t . — DEBENTURE SALE.— On Apr. 22, $2,250 6% 5-year Christiana drain debentures wero awarded to Chas. Campbell o f Strathroy for $2,275, equal to 101.11. Denom. S534 14. Dato April 22 1918. Int. ann. in April.

C A V E N D I S H S C H O O L D I S T R I C T N O . 3 8 4 1 , S a s k .— DEBENTURE SALE .— An issue o f $1,500 debentures was recently awarded to the Great W est Lifo Assuranco Co. o f Winnipeg,

C H A T H A M , Ont.— DEBENTURE OFFERINO.-Ua.vry Collins, City Auditor, writes under date o f April 22 as follows concerning the offering to local investors o f $80,000 local improvement, $45,000 hydro-electric and $50,000 patriotic grants debentures.

“ In reply to your inquiry re sale o f City o f Chatham debentures, I beg to state that we are selling these locally. During the past year or more we havo sold over $160,000 to local purchasers, and wliilo our present issues have only been on the markot a week, we havo sold about $10,000 worth. The current prices o f bonds are so low that we feel there Is no use putting them on the market. This is a fairly prosperous county and tho pcoplo o f this city and county took 2 XA millions o f tho last issue o f Victory Bonds, and we feel Hite trying to sell them locally at 6% par, and are already, as stated above, meeting with considerable success. ’

DEBENTURE SALE.— Brent, Noxon & C o., o f Toronto, wero recently awarded an issue o f $74,863 6% ten installment debentures.

E D E N V I E W S C H O O L D I S T R I C T N O . 3953, S a s k .— DEBENTURE SALE .— An issue o f $2,000 school debentures was recontly awarded to Kerr, Flomlng & C o. o f Regina.

E D M O N T O N , A l t a . — DEBENTURE SALE.— Tho Sinking Fund has purchased $316,000 6% 5-year debentures, it is stated.

E S S E X C O U N T Y (P . O . W in d s o r ) , O n t . — DEBENTURE SALE.— Roports state that A. E. Ames & Co. o f Toronto recently purchased $60,000 6% 20-installment debentures.

H I P P O W A N S C H O O L D I S T R I C T N O . 3984, S a s k .— DEBENTURE SALE.— Tho Canada Landed & National Investment C o ., o f Winnipeg, recently purchased $2,000 school debentures.

L I N C O L N C O U N T Y (P . O . S t . C a t h e r i n e s ) , O n t — DEBENTURE SALE.— W ood, Gundy & C o. o f Toronto havo been awarded $50,000 5J4 % 10-year debentures, it is stated.

M A D I S O N S C H O O L D I S T R I C T N O . 398 7, S a s k . — DEBENTURE SALE.— Kerr, Fleming & C o. o f Regina wero recontly awarded $2,500 school debentures.

M E L A V A L S C H O O L D I S T R I C T N O . 3983, S a s k . — DEBENTURE SALE .— The W aterman-Waterbury M fg . C o. o f Regina was recently awarded $2,800 school debentures.

M O R R I S S C H O O L D I S T R I C T N O . 3989, S a s k .— DEBENTURE SALE.— Tho Waterman-Waterbury M fg . C o. o f Regina recently purchased $2,500 school debentures.

O A K H I L L S C H O O L D I S T R I C T N O . 1208, S a s k .— DEBENTURE SALE .— Tho Canada Landed & National Investment C o. o f Winnipeg recently purchased $900 school bonds.

P E T A I N S C H O O L D I S T R I C T N O . 3982, S a s k .— DEBENTURE SALE .— An issue o f $2,200 school debentures, was recontly awarded to tho Waterman-Waterbury M fg . C o. o f Regina.

S A S K A T O O N , Sask.— DEBENTURE SALE.— It is roportod that on Apr. 15 W . A . Mackenzie & Co. o f Toronto wero awardod $100,263 5% 30-year coupons (with privilege o f registration) sinking fund debentures, issued to cover cost o f constructing certain water mains as local improvo- monts. Denom. $1,000. Date Jan. 1 1914. Prin. & soml-ann. int. payablo at New York, Montreal. Toronto or Saskatoon. Tho issue is an obligation on tho city at largo, tho entire assets o f the municipality being pledged to securo repayment o f the loan.

Financial Statement.Total debonturo debt, including local improvement deben

tures______________________________________________________ 8,281,265r68Sinking fund................................................................ - ............... . . . 5,360,267 97

N et debenture debt-------------------------------------------------------------- $2,920,997 71Floating debt............................................ - ......................................... 78,456 07Value o f corporation’s assets, as per annual statement, Dec.

31 1917---------------------- 10,774,773 08Estimated population now___________________ 25,000Estimated population 5 years ago____________18,096 ^

Assessed valuation for taxation (1917)_____________________$36,290,839 00Exemptions not included in above_________________________ 2,710,240 00Real property Is assessed at actual valuo and Improvements

at 25% o f valuo.Total tax rate, 1917—

Public school supporters_________________________ 21.80 millsSeparate school supporters______________________ 21.80 mills

Current rovonuo, 1917---------------------------------------------------------- $667,891 38Current expenses, 1917_____________________________________ 668,447 11

D e fic it ............................. ......................... - ..................................... 555173Surplus from operation o f following utilities during 1917: !„ b.; : .

Electric light & power; waterworks and street railway, aftor paying all charges, Including interest, sinking fund and depreciation----------------------------------------------------------------- $20,041]17T R E N T O N , O n t .— DEBENTURE ELECTION.— It Is roported that

an election will bo held M ay 6 to vote on $21,000 water-system and $14,000 firo-dopartment debentures.

V A L L E Y C I T Y , S a s k .— DEBENTURES AUTHORIZED.— An issue o f $2,000 20-year debentures at not exceeding 8% interest has been authorized. L. L. Brown (P. O. Fisko) is District Clerk.

V E R D U N , Q u e.— DESCRIPTION OF DEBENTURES.— 'Tho $450,000 6% debentures recently awarded to Versailles, Vidricatro and Boulais, L td ., o f M ontreal, for $410,850, equal to 96.70— V. 106, p. 1602— aro described as follows: Dcnoms. $100 and $500. Dato M ar. 1 1918. Int. M . & N. Duo March 1 1923.

V I C T O R I A , B . C .— DEBENTURE SALE.— Roports state that an issue o f $1,000,000 6% 10-year debentures has been sold to local investors. »

V I E W L A N D S C H O O L D I S T R I C T N O . 3 997, S a s k . — DEBENTURES AUTHORIZED .— An issue o f $23,000 10-year school debentures, at not exceeding 8% Interest, has been;authorized.js,Chas. Dlobel (P. O. Grenfell) is District Clerk.

FINANCIAL

ATLANTIC M UTUAL INSURANCE COMPANYNew York, January 25th, 1918.

The Trustees, in conformity with the Charter of the Company, submit the following statement of Us affairs on the31 st of December, 1917.

The Company’s business has been confined to marine and inland transportation insurance.Premiums on such risks from tho 1st January, 1917, to tho 31st December, 1917_______§11,105,619.48Premiums on Policies not marked off 1st January, 1917___________________________ 1,135,785.43Total Premiums___________________________ . __ . __ . . . . . __ _________________ $12,241,404.89Premiums marked off from 1st January, 1917, to 31st December, 1917________________ $J 1TI7X855JDInterest on the Investments of the Company received during tho year $404,411.15Interest on Deposits In Banks and Trust Companies, etc_______ 126,991.53Rent received less Taxes and Expenses_________ ____________ 93,474.66 $ 624,877.34Losses paid during tho year___________ ________________________ ____ $3,513,653.20

Less: Salvages________________ $336,896.32lie-insurances____________ 503,857.68 $ 840,754.00

$2,672,899.20Re-Insurance Premiums and Returns of Premiums.... ............ ..... ................... $1,913,710765'Expenses, including compensation of officers and clerks, taxes, stationery,

advertisements, etc____________________________________________ S 857,596.09A dividend of Interest of Six per cent, on the outstanding certificates of profits will bo paid to th*

holdera thereof, or their legal representatives, on and after Tuesday tho fifth of February next.The outstanding certificates of tho Issues of 1915 and of 1916 will be redeemed and paid to tho holders

thereof, or their legal representatives, on and after Tuesday the fifth of February next, from which dato all Interest thereon will cease. Tho certificates to bo produced at tho tlmo of payment and canceled.

A dividend of Forty per cent. Is declared on tho earned premiums of tho Company for the year ending 31st December, 1917, which aro entitled to participate in dividend, for which, upon application, certificateswill bo Issued on and after Tuesday the seventh of May next. ____ _______ _____

By order of the Board, G. STANTON FLOYD-JONES, Secretary.TRUSTEES.

HERBERT L. GRIGGS SAMUEL T. HUBBARD,LEWIS CASS LEDYARD,WILLIAM H. LEFFERTS,CHARLES D. LEVEHICH,NICHOLAS F. PALMER,WALTER WOOD PARSONS*CHARLES A. PEABODY,WILLIAM R. PETERS,JAMES H. POST,

EDMUND L. BAYLIES,JOHN N. BEACH.NICHOLAS BIDDLE,JAMES BROWN,JOHN CLAFLIN,GEORGE C. CLARK,FREDERIC A. DALLETT,CLEVELAND H. DODGE,CORNELIUS ELDERT,RICHARD H. EWART, »*. * ,G. 8TANTON FLOYD-JONES. CHARLES M. PRATT, PHILIP A. 8. FRANKLIN. DALLAS B. PRATT,

ANTON A. RAVEN,JOHN J. RIKEIt,DOUGLAS ROBINSON.JUSTUS RUPERTI WILLIAM JAY SOHIEFFELIN. SAMUEL SLOAN,WILLIAM SLOANE,LOUIS STERN,WILLIAM A. STREET, GEORGE E. TURNUItE, GEORGE C. VAN TUYL. Jr. RICHARD H. WILLIAMS.

A. A . RAVEN, Chairman of the Board. CORNELIUS ELDERT, President.WALTER WOOD PARSONS, Vice-President. CHARLES E. FAY, 2d Vice-President. WILLIAM D. WINTER, 3rd Vice-President.

ASSETS.United States and State of New York

Bonds............................................... $ 1,185,000.00Stock of tho City of New York and

Stocks of Trust Companies & Banks 1,445,550.00Stocks and Bonds of Railroads______ 3,287,129.85Other Securities____________________ 305,410.00Special Deposits In Banks and Trust

Companies . . ___________________ 3,000,000.00Real Estate cor. Wall Street, William

Street and Exchange Place______ 3,900,000.0uReal Estato on Staten Island (held

under provisions of Chapter 481,Laws of 1887).................................. 75,000.00

Premium Notes____________________ 1,009,577.74Bills Receivable.............................. . . . 1,038,460.86Note Receivable............................... 6,122.26Cash in hands of European Bankers

to pay losses under policies payabloIn foreign countries____ _________ 598,675.67

Cash In Bank and in Office................ 2,187,198.87Statutory Deposit with the State of

Queensland, Australia............. 4,765.00$18,041.890.25

LIABILITIES. . Estimated Losses and Losses Unset

tled In process of Adjustment____ $ 4Premiums on Untcrmlnatcd Risks__ 1Certificates of Profits and Interest

Unpaid_________________________Return Premiums Unpaid__________Taxes Unpaid___________________ -Re-Insurance Premiums on Termi

nated Risks------------------------------ -Claims not Settled, including Com

pensation, etc___________________Certificates of Profits Ordered Re

deemed, Withheld for Unpaid Premiums__________________________

Income Tax Withheld at tho Source.. Certificates of Profits Outstanding... 5,

432,959.00069.550.96301,406.75121.989.96 500,000.00365.667.87183,517.10

22,750.103,135.96

,722.590.00Balance . . . . __ . . . . . . . . . . . . . . . . . . 5,318,322.55

$18,041,890.25Balance brought down-------------------- ------------------------------------------------- ------------------------------- $5,318,322.55Accrued Interest on the 31st day of December, 1917, amounted to----------------------- ---------. . . $ 75,724.00Rents due and accrued on the 31st day of December, 1917, amounted to--------------- -------------$ 22,201.50Re-lnsuranco due or accrued, In companies authorized In New York, on tho 31st day |of

December, 1917, amounted to______________________________________________________$ 683,467.92Note; The Insurance Department has estimated the valuo of the Real Estato on Staten Island

In excess of the Book Value given above, at_________________________________— $ 63,700.00The Insurance Department’s valuation of Stocks, Bonds and other Securities exceeds the

Company’s valuation b y . .____________ ___________________ ________ _— . . . ___. . . . . . $2,303,887.87On the basis of these Increased valuations the balance would be__ ________________________$8,367,303.84

FINANCIAL

THE NEW 4*4% LIBERTY LOAN

Y o u r C o u n t r y Simply A sks You to L o a n Y o u r M oney to help W i n th e W a rD o your duty to your country. D o your duty to tho soldiers and sailors who will fight for you. Your country needs your money to carry on successful warfare— the only kind o f warfare your country has ovor waged. Subscribe to tho now 4>£% Liberty Loan to-day. Tho Union Trust Company invites you to subscribe at any o f its offices.

U N IO N T R U S T C O M P A N YO F N E W Y O R K

E i g h t y B r o a d w a y ]425 Fifth Avc. 786 F ifth Ave.

Capital and Surplus - $8,500,000

( R E A D Y I N M A Y )

1918 ISSUE

THE FINANCIAL REVIEW400 PAOE8

ISSUED A N N U A LLY B Y TH E

Commercial & Financial Chronicle138 Front St.( New York*


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