Full text of Commercial and Financial Chronicle : September 28, 1918, Vol. 107, No. 2779

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

financial

The
INCLUDING

bronirk

Electric Railway Section
State and City Section

Railway & Industrial Section
Bankers' Convention Section

Bank & Quotation Section
Railway Earnings Section

NO 2779

SATURDAY, SEPTEMBER 28 1918

VOL. 107

The

Thranicle.

Week ending September 21.
Clearings at
1918.

PUBLISHED WEEKLY.

Terms of Subsvription-Payable in Advance

1917.

Inc. or
Dec.

1916.

1

1915.

$
$
1
418,957,526 302,500,594
24,735,050
35,140,200
28,143,988
54,827,401
28.300.586
50,515,599
13,456.106
21,580,152
7,621.609
10,877,062
8,285,800
9,864,500
6.669,830
9,782,004
4,050,000
3,850,000
3,072,807
4,433,958
1,991,868
3,281.439
1,702,966
2,183,031
1,036,278
1,562,172
1,492,266
3,642,670
1,234,389
1,502,130
2,431,000
3,826,000
951.127
1,200,028
552,342
538,541
689,611
703,311
688,493
819,735
1,620,774
2,497,974
848,014
999,692
681,520
900,911
509,527
662,918
570,100
744,074
432,417
516,579
232,882
254,887 •
471,601
600,000
184,520
237,431
51.016
58,444
613,572
1,057,291
34.5.E58
250.285
647,996,806 443,445,921

$
%
$
535,818,524 490,220,227 +9.3
Chicago
42,253,103 +40.4
59,345,315
Cincinnati
73,141,093 +28.8
94,230,579
Cleveland
55,290,479 +34.3
74,259,731
Detroit
32,463,458
28.934,731 +20.5
Milwaukee
16,441,000
13,811,000 +19.0
Indianapolis _ _
10,812,500
10,040,900 +7.7
Columbus
+1.2
10,792,711
10,863,441
Toledo
4,600.000 -8.5
4,300.000
Peoria
4,223,484 +31.0
5,532.937
Grand Rapids_ _ _
2,951,765 +43.7
4,240,193
Dayton
3,043,983 +30.5
3,972,374
Evansville
1,768,771 +16.2
2,054,729
Springfield, Ill_
Terms of Advertisind-Per Inch Space
2,762,346 +44.2
3,982,111
Youngstown _ _
(14
space
20
agate
inch
lines)
$4
per
Transient matter
1,297,497 +1.4
1,315,198
Fort Wayne _
2wo Months
22 00 Akron
(8 times)
6,743,000 -24.0
5,124,000
29 00 Rockford
Three Months (13 times)
1,773,663 +4.3
1,850,000
Standing Business Cards
5
Months
00
(26
0
times)
Six
857,388 +10.9
950.000
Lexington
Twelve Months(52 times)
87 00 Quincy
1.345,421
1,152,386 +16.8
1,113,562 +17.4
1,307,699
Bloomington
CHICAGO OFFICE-39 South La Salle Street, Telephone IfaiPstio 7396.
3,803,781 -45.9
2,058,318
Canton
LONDON OFFICE-Edwards & Smith,1 Drapers' Gardens, E. C.
1,198,959 -15.9
1,008,321
Springfield,0
1,055,785 +3.9
1,098,079
South Bend
WILLIAM D. DANA COMPANY, Publishers,
757,810 +42.4
1,078,712
Decatur
New
Deveyeter
Su..
and
York.
/Front. Pine
1,082,310 +14.4
1,238,532
Mansfield
+4.9
505,000
530,000
Danville
by
morning
II.
DANA
WILLIAM
COMPANY.
Published every Saturday
422,574 +18.8
493,483
Jacksonville, Ill_
Jacob Seibert Jr., President and Treasurer; Arnold G. Dana. Vice-President and Lima
606,000 +61.7
979,955
the
of
Company
Office
both.
of
Addresses
Secretary.
336,647 -5.0
320,000 •
Ann Arbor
106,856 -6.7
100.000
Adrian
1,722,131 -20.7
890,000
Lansing
CLEARING HOUSE RETURNS.
+29.1
580.766
750,000
Owensboro
by
&c.,
up
telegraph,
that
bank
indicates
the
total
made
The following table,
Tot.Mid.West 880,681,878 768,221,418 +14.9
clearings of all the clearing houses of the United States for the week ending to-day
against
last
$6,580,106,542
week
and
$6,531,098,349,
$5,946,154,096
have been
52,581,165
99,433,505 +32.0
73.525.368
San Francisco_ _ _ 131,268,823
the corresponding week last year.
18,557,380
25,040,512
28,645,000 +25.7
33,484,000
Los Angeles
12,026.951
17,583,709
26,763,814 +41.5
47,870,043
Seattle
Per
Clearings-Returns by Telegraph.
10,358,872
14,031,982
16,992,484 +89.9
32,261,315
Portland
1918.
Cent.
1917.
Week ending Sept. 28.
3,767,435
5,108,362
7,250,000 +41.4
10,255,162
Spokane
6,966,618
11,095,183
13,986,978 +5.3
14,711,590
-1.2 Salt Lake City
$2,745,891,546 32,780,172,695
New York
2,045,718
2,446,732
+71.2
3,430,289
5,871,712
Tacoma
429,708,285
+8.5
398,115,954
Chicago
3,216,002
1,750.730
5,589,461 +26.9
7,093.520
332,869,292
266,663,247 +24.8 Oakland
Philadelphia
2,032,434
3,005,920
4,104,987 +42.5
5,847.945
222,677,814
185,200,315 +20.2 Sacramento •
Boston
1,753,855
1,936,986
2,126,486 -5.9
2.000,000
171,039,024
134,427,935 +27.2 San Diego
Kansas City
1,107,172
1,626,961
2,449,787 +24.4
3.047,476
135,770.913
122,657,360 +10.7 Fresno
St. Louis
900,057
1,466,336
1,919,502 +30.3
2,501,000
93,221,849
+12.9 Stockton
82,540,071
San Francisco
789,672
+18.3
1,009,107
1,145,069
1,194,456
Jose
San
121,855,836
+75.5
69,438,721
Pittsburgh
681,707
769.754
850,025 +28.4
1,091,672
+36.3 Pasadena
55,776,583
40,908,241
Detroit
387,589
800,000 +9.5
592,808
876,157
60,532,058
34,928,872 +73.3 Yakima
Baltimore
325,000
411,053
550,000 +29.3
711,475
54,197,536
40,520,631
+33.7 Reno
New Orleans
470.898
539,516 •
697,667 +68.5
1,175,841
Long Beach
$4,423,540,716 $4,143,572,042
+6.8
117,948,480
165,086,981
+40.4
214,579,072
Pacific__
301,262,177
Eleven cities, 5 days
Total
902,788,692
698,979,467 +29.2
Other cities, 5 days
75,082.654
Kansas City-- 204,902,332 159,991,537 +28.1 109,406,782
$5,326,329,408
+10.0
26,478.393
27,561,279
days
$4,842,551,509
41,035,181 +54.6
5
83,448,540
cities,
Total all
Minneapolis ____
1,204,768,941
20,122,910
+9.2 Omaha
39,442,035 +52.1
28,493,690
1,103,602,587
60,000,000
All cities, 1 day
10,085,221
13,825,365
+3.5
18,794,419
16,221,451
St. Paul
-1-0 R Denver
$6.531.098.349 SS 0411 IAA MR
8,551,163
20,242,284 +28.6
15,489,107
Tot.' col citing for week
26,024,030
7,042,288
+2.8
15,113,676
10,113,787
15,536,971
Joseph
St.
the
by
above will be given next Saturday,
The full details for the week covered
5,128,085
5,875,013
8,205,483
+8.4
8,893,641
Moines
Des
We cannot furnish them to day, clearings being made up by the clearing houses Sioux City
3,118,935
4,727.715
7,202,717 +20.1
8,850,984
above
the
the
last
in
day
of
hence
in
be
to
has
the
and
week
a cad lita
K Qa0 MT
7 210 172 1.129
0 199 Sacs
at noon on Saturday,
. .
Wichita
all cases estimated, as we go to press Friday night.
,,
7,268,469
11,166.728:
19,937,057
Duluth
Sept.
21
ending
show:
week
the
for
figures
• Detailed
2,048,663
2,846,679
3,762,000 +9.0
4,100,000
Lincoln
1,501,463
1,940,025
2,913,733 --2.9
2,828,699
Topeka
Week ending September 21.
Davenport*
1,721,551
2,848,631 --14.7
1,795,996
2,119.054
Cedar Rapids_
Clearings at
1.473.649
1,588,123
2,317.883 -9.4
2,100,000
Inc.or
Fargo
648,330
979,934 -29.2
1,139,143
693,307
Dec.
1917.
Colorado Springs
1916.
1915.
1918.
369,632
541,599
621,601 +18.3
735,556
Pueblo
339,532
32.6
622,544
558,748
,
742,034
1
$
Fremont
%
$
$
$
177,867
523,765
601,777 -1.1
595,000
3,377,528,085 3,337,139,352 +1.2 3,337,798.044 2,251,892,477 Ilawings
New York
797,909
-I-48.3
842,394
1.534,499
2,245,805
346,809,970
Aberdeen
+16.7
404,624,985
176,083,987
267,930,973
Philadelphia __ _
997,868
1,622,823
1,886,135 1-20.8
2,278.884
82,415,239 +51.4
124,774,758
56,750,010 Helena
69,609,871
Pittsburgh
1,676,214
1,713,691
2,107,747 -33.9
1,394,003
45,743,764 +62.9
74,537,918
36,427,682
30,087.515 Waterloo
Baltimore
587,122
752.576
1,171.888 ---10.3
1,050,000
18,896,471 +52.5
10,888,856 Billings
28,218,007
16,082,338
Buffalo
4,819,582 -6.6
4,500,000
4,885,522
5,632,762
Albany
Tot. 0th. West 454,192,989 347,414,644 +30.7 243,852,582 180.093,075
10,568,336
+38.3
14,618,060
7,101,265
8,436,135
Washington
6,830,568 +16.7
7,974,290
4,018,584 St. Louis
6,197,907
77,240,829
Rochester
186,625,532 139,288,872 +19.6 112,832.505
3,934,553
3,167.858 +24.2
2,901,162 New Orleans
3,145,551
19,053,050
24,443,451
Scranton
52,092,786
37,287,792 +39.7
4,000,000 -10.6
4,112,306
3,166,295 Louisville
13,727,928
3,487,786
21,300.564
16,885,278
Syracuse
18.626,687 +14.4
2,613,044
2,446,569 +6.8
1,595,990 Houston
2,066,306
9,800.000
14,453.674
20,337,352
15,800,000 +30.4
Reading
3,484,765 -8.8
3,178,036
2,136,927 Galveston
5.337.790
3,184,552
5,411.600
Wilmington
8,340.000
6,500,000 +28.3
2,096,041
+3.1
2,162,064
1,599,506 Richmond
1,806,885
9,436,235
19.014,107
30,919,994 +66.5
Wilkes-Barre-51,496,923
4,071,038 +14.3
4,657,208
1,761,675 Savannah
3,040,733
6,869,804
10,672,105
12,881.053 --12.0
11,341,272
Wheeling
2,825,344
4,280,411 -33.7
1,689,891 Fort Worth
1,924,270
8.042,852
10,775.801
13,802,771 +20.8
16.670,943
Trenton
1,128,218 +17.4
1,324,750
853,606 Atlanta
14,232,102
1,082,038
22,973,026
34,285,492 +69.1
57,962,349
York
1,957,825 +21.6
1,004,515 Memphis
2,379,974
1,403,121
4.537.382
9,855,873
8.371,557 +60.4
13.428,033
Erie
1,113,269 -49.9
532,907 Nashville
557,298
886,761
6,870,000
7.741,684
10,020,119 +69.8
17,014,027
Greensburg
834,100
894,100 -6.7
691,800 Norfolk
926,900
3.825,966
4,046,945
5,341,299 +53.3
8.190,099
Binghamton ---1,136,085 +71.4
955,803 Birmingham _ _
1,947,691
1,173,458
2,405,583
3,033,451 +116.0
2,768,502
8,551,335
Chester
522,644 Augusta
737,298 +15.5
851,258
711,683
2,457,150
4,071,727 +52.2
3,893,387
6,197,423
Altoona
2,327,226 +2.6
1,421,973 Knoxville
2,387,876
1,772,551
1,743,961
2.011,361
2,312,977 +24.0
2,868,329
Lancaster
320,787 Jacksonville*
529,768 -28.3
379,160
409,047
Montclair
2,125,563
2.398,594
4,706,874 +5.2
4,949,124
Total Middle. 4,069,171,665 3,887,173,545 +4.7 3,775,117,334 2,562,818,697 Chattanooga--_ 959,978
1,082.694
1,479,875 +11.5
1,643,932
Mobile
1,640,087
3,668,819
3,924,178 +80.4
8,295,086
298,812,166 242,365,934 +22.5 184,113,083 130,833,153 Little Rock
Boston
2,315,264
2,211.125
2.341,562 +36.7
3.200,000
9,251,200 +17.2
6,590,500 Charleston
10,843,100
8,788,600
• Providence
2.316,300
5,500,168
7.858,115 +49.5
11,671,159
7,705,676 +19.5
6,600,579 Oklahoma
9,269,250
9,204,830
Hartford
3,870,539
7,205.826
2,100,000
2,000,000 +5.0
3,418,903 Macon
4,813,840 +25.8
4,833,493
6,054,588
New Haven
1,578,400
2,300.000
2,679,535
2,000,000 +34.9
1,905,065 Austin
3,000,000 -10.0
2,408,428
2,700,000
Portland
242,272
+36.9
267,975
400,270
292,380
2,891,133
3,806,014
Vicksburg
+0.07
3,808,895
3,808,479
Springfield
347.077
518,454
625,000
654,000 -4.4
3,747,035 -1.8
2,416,835 Jackson
4,336,726
3,680,641
Worcester
1,403,055
+18.5
3,489,252
8,397.423
7,087,645
1,150,548
+70.3
1,333,157
Tulsa
1,607,468
2,270,794
Fall River
820,292
1.622.328
+83.8
2,881,741
1,759,387
Muskogee
1,477,496
933,608
+26.0
1,354,308
1,861,771
New Bedford_
16,475,724
28,198,653
18,645,067 +51.2
779,851 Dallas
9:36,826
1,067,583 +11.2
1,187,599
Lowell
1.300,000 +24.6
1,620,000
647,641 Shreveport
800,485 -11.3
884,711
710,498
Holyoke
367,382
727,521 -20.3
703,473
579,497
Bangor
Total Southern 535.083,870 _396,392,874 +35.0 313,630,258 203,199,459
TotalNewEng. 339.713.963 280,095,741 +21.3 223.015.261 158.535.196
8,580,106,542 5,891,877,297 +11.7 5,369,878,914 3,666,039,821
Total all
Vote.-For Canadian clearings see "Commercial and Miscellaneous News"
Outside N. Y_ 3.202.578.457 2.554.737.945 -I-25.4 27032,080.820 1.414.14
',Omitted from table as returns are compiled on new basis which destroys comparison.

*10 00
For One Year
600
For Six Months
13 00
European Subscription (including postage)
7 50
European Subscription six months(including postage)
£2 14a.
Annual Subscription in London (including postage)
11 11 a.
Six Months Subscription in London (including postage)
$11 50
Canadian Subscription (including postage) .
Subscription includes following SupplementsBANK AND QUOTATION (monthly) RAILWAY AND INDUSTRIAL(3 times yearly)
ELECTRIC RAILWAY(3 times yearly)
RAILWAY EA II,INOS(monthly)
STATE AND CITY (semi-annually) BANKERS' CONVENTION (yearly)




•

1214

THE CHRONICLE

[VoL. 107.

only $513,789,000 is made up of discounts in the ordinary way. In some measure the war paper ought
to displace the mercantile paper, and this process appears to be going on, for, whereas, in the
latest week the holdings of war paper increased
about 75 million dollars, other discounts on hand
THE FINANCIAL SITUATION.
fell off 28.1 millions. Even after this reduction,
Last Saturday's statement of the Federal Reserve however, the total of the "other discounts" at $513,banks embraced a highly desirable new item. For 789,000 is considerably heavier than at the corresthe first time the weekly return segregated war paper ponding period in 1917, when the aggregate of bills
from other discounts. The return itself defines the discounted stood at only $183,758,000, including
distinction between the two classes of paper. War any paper which may then have been out on war
paper, we are told, "includes member banks' notes obligations. With the Federal Reserve Bank of New
and customers' paper secured by Liberty bonds and York the displacement of mercantile paper by war
Treasury certificates," while the term "other dis- paper has been actively in progress in recent weeks.
counts" is meant to include "holdings of all other On July 19 1918, when the segregation of the two
secured and unsecured paper discounted by the Fed- classes of paper was begun, the amount of mercaneral Reserve banks." The Federal Reserve Board tile paper in the discounts was $214,520,000, and the
has always dealt frankly with the public, furnishing amount of war paper only $194,650,000. The latter
periodic returns in comprehensive form regarding has since run up to $517,616,000, while the former
the operations of the banks under its direction, and has decreased to $139,772,000. It is plain to see
the present is a further step in the right direction. that with the Government putting out such large
The Federal Reserve Bank of New York began the amounts of certificates of indebtedness, considerlatter part of July to make the segregation of loans able borrowing at the Reserve Bank necessarily folhere referred to.
lows.
There was never greater need than at the present
Now that the Reserve Board has begun to give
moment of a close and careful analysis of the loans full information on the subject it would seem inof our banking institutions. Notwithstanding the cumbent upon the New York Clearing House
herculean efforts put forth by the Reserve and the banks also to classify their loans in their weekly
member banks to curtail credits and restrict loans, returns. Here the classification ought to go a
the discounts of the Reserve banks are steadily step further and show separately the loans resting
mounting higher, the volume of Federal Reserve on Stock Exchange collateral as well as the loans
notes in circulation is expanding in a most striking supported by war paper and those based upon
fashion, and the loan item of our New York Clear- commercial paper. In the case of the Reserve
ing House institutions is assuming dimensions that banks no further subdivision, of course, is necesmakes it plain there can be no relaxation in the en- sary, since these do not discount notes based on
deavor to enforce conservation of credit. This last Stock Exchange securities. On the other hand,
furnishes the explanation of the repeated warnings in the case of the New York Clearing House inin recent weeks against employing the facilities of stitutions loans on Stock Exchange collateral
the member banks with undue freedom or without constitute an important part of the total and it
needed restraint. At such a time it is of the utmost will be remembered that only a few weeks ago the
importance to know the character and composition Chairman of the Liberty Loan money pool felt
of the loans and discounts of the country's banking called upon to issue a notice, pointing out that
institutions. With Government war financing be- "any disposition to indulge in speculative coming conducted on an unprecedented scale, a certain mitments based on borrowed money, must of
degree of expansion is inevitable and unavoidable. necessity lead to an increase in money rates that
Yet with loans and discounts lumped, and no means will prove corrective." Yet Stock Exchange specuof distinguishing between the two, there is no way of ation has been on an exceedingly small scale for
determining whether the expansion follows directly a long while.
and alone as the result of war financing, or is due to
The situation of the New York Clearing House
the imprudent extension of mercantile loans, or may- institutions at this time is attracting much attenhap to the encouragement of Stock Exchange specu- tion. Though the creation of the twelve Federal
lation.
Reserve banks is supposed to have greatly lessened
The segregation of the loans into classes in the the dependence of the remoter parts of the country
way now done by the Reserve Board is, therefore, upon the Eastern monetary ceiltres, New York is
decidedly enlightening. As was to be expected, still the point upon which the whole financial structhis segregation shows that by far the greater part ture rests—and pressure here is quickly reflected
of the discounts of the Reserve banks consists of thence to all other parts. It, is of no little moment,
war paper—that is, member banks' notes and cus- therefore, that these New York institutions are far
tomers' paper secured by Liberty bonds and Treas- from being in a plethoric condition. As a matter
ury certificates of indebtedness. To that extent, of fact, they are what might be called in the vertherefore, there is. nothing that furnishes occasion nacular of the day, exceeding well loaned up. A
for worry of alarm. The expansion is the direct good test of the condition of the banks is usually
outgrowth of the abnormal situation created by the seen in the relation of the loans to the deposits, and
war. Of the total discounts of all the Reserve banks an excess of the former over the latter is not generally
of $1,660,146,000, $1,146,357,000 consists of dis- regarded with favor. But all through the year the
counts secured by Government war obligations, and loans of the New York banks have been running
ELECTRIC RAILWAY SECTION.
With to-day's issue of the "Chronicle" we send to
our subscribers a new number of our "Electric Railway Section," revised to date.




SEPT. 28 1918.1

THE CHRONICLE

away ahead of the deposits. Here is a table we
have prepared to bring out that fact.

1215
Excess of
Loans
Over
Mercantile
Deposits.

RELATION OF LOANS TO DEPOSITS OF NEW YORK
CLEARING HOUSE INSTITUTIONS.

United States
Government
Deposits.
.

Excess of
Loans Over
both Mercantile and
Govt. Dip.

Loans,
Discounts,
&c.

Demand and
Time
Deposits.

Jan 5
12
19
26

$
4,117,433,000
4,067,462,000
4,034,919,000
14,113,882,000

$
3,837,605,000
3,941,237,000
3,865,493,000
3,871,016,000

Feb. 2
9
16
23

4,225,260,000
4,209,306,000
4,215,449,000
4,260,691,000

3,885,501,000
3,902,362,000
3,804,122,000
3,776,295,000

Mar.2
9
16
23
30

4,312,361,000
4,348,139,000
4,266,425,000
4,347,211,000
4,335,461,000

3,735,034,000
3,835,847,000
3,895,679,000
3,901,922,000
3,935,710,000

April6
13
20
27

4,201,827,000
4,459,533,000
4,486,730,000
4,515,657,000

3,947,959,000
3,951,632,000
3,932,657,000
3,914,928,000

May 4
11
18
25

4,500,972,000
4,598,721,000
4,579,426,000
4,549,411,000

3,970,622,000
3,821,436,000
3,821,376,000
3,872,469,000

June 1
8
15
22
29

4,505,528,000
4,493,719,000
4,597,312,000
4,460,445,000
4,393,554,000

3,884,238,000
3,893,182,000
3,981,619,000
3,830,842,000
3,858,213,000

$
279,828,000
126,225,000 May 4
530,350,000
294,696,000
235,654,000
11
169,426,000
777,285,000
524,874,000 252,411,111
18
242,866,000
758,050,000
514,178,000 243;872,i i i
25
676,942,000
364,015,000 312,927,000
339,759,000
306,944,000 June 1
621,290,000
328,028,000 293,262,000
411,327,000
8
600,537,000
272,147,000 328,390,000
15
484,396,000
615,693,000
321,439,000 294,254,000
22
629,603,000
371,786,000 257,817,000
577,327,000
29
535,341,000
506,930,000
28,411,000
512,292,000
370,746,000 July 6
614,695,000
366,540,000 248,155,000
13
445,289,000
598,839,000
358,909,000 239,930,000
399,751,000
20
521,775,000
283,003,000 238,742,000
27
642,415,000
424,563,000 217,852,000
343,868,000
507,901,000 Aug. 3
615,742,000
399,696,000 216,046,000
10
554,073,000
782,185,000
522,310,000 259,875,000
600,729,000
17
741,968,000
442,949,000 299,019,000
24
662,237,000
303,351,000 358,886,000
530,350,000
31
586,501,000
216,255,000 370,246,000
777,285,000
758,050,000 Sept.7
623,574,000
231,947,000 391,627,000
676,942,000
14
630,572,000
181,016,000 449,556,000
21
691,811,000
253,218,000 438,593,000
621,290,000
600,537,000
Thus it appears—taking the latest return for illus615,693,000
629,603,000 tration—that last Saturday the banks had all their
535,341,000 mercantile deposits loaned out, all their Government

July 6
13
20
27

4,378,088,000
4,440,943,000
4,262,891,000
4,381,257,000

3,763,393,000
3,842,104,000
3,741,116,000
3,738,842,000

614,695,000
598,839,000
521,775,000
642,415,000

Aug. 3
10
17
24
31

4,394,524,000
4,546,751,000
4,515,418,000
4,460,004,000
4,428,325,000

3,778,782,000
3,764,566,000
3,773,450,000
3,797,767,000
3,841,824,000

615,742,000
782,185,000
741,968,000
662,237,000
586,501,000

Sept.7
14
21

4,548,164,000
4,516,374,000
4,589,022,000

3,924,590,000
3,885,802,000
3,897,211,000

623,574,000
630,572,000
691,811,000

Excess of
Loans Over
Deposits.

It will be seen that last Saturday with deposits of
$3,897,211,000, the New York Clearing House institutions had outstanding an aggregate of lodns of no
less than $4,589,022,000. Of course, the difference
is in part accounted for, but only in part, by the
Government deposits which the banks hold and
against which they are not obliged to hold any reserves. But the volume of the loans is of such
dimensions that even with the Government.deposits
taken into the calculation, there is a heavy and
steadily growing excess on the side of the loans. To
make this plain we have prepared a second table,
which we now present.
Excess of
Loans
Over
Mercantile
Deposits.

United States
Government
Deposits.

Excess of
Loans Over
both Mercantile and
Govt. Dep.

Jan. 5
12
19
26

$
279,828,000
126,225,000
169,426,000
242,866,000

$
241,469,000
126,248,000
139,930,000
243,546,000

$
38,359,000
—23,000
29,496,000
—680,000

Feb 2
9
16
23

339,759,000
306,944,000
411,327,000
484,396,000

302,891,000
309,206,000
359,478,000
438,825,000

36,868,000
—2,262,000
51,849,000
45,571,000

Mar.2
9
16
23
:In •

577,327,000
512,292,000
370,746,000
445,289,000
R00 751_000

438,146,000
433,418,000
244,251,000
332,954,000

139,181,000
78,874,000
126,495,000
112,335,000




201 415 000

lOR 2

(100

April6
13
20
27

$
343,868,000
507,901,000
554,073,000
600,729,000

$
228,903,000
358,447,000
302,870,000
358,469,000

$
114,965,000
149,454,000
251,203,000
242,260,0(Z

deposits, and no less than $438,593,000 in addition;
furthermore this excess and the similar loan excess
of $449,556,000 the previous week were by far the
heaviest of the year. The important fact is whether
this excess•of loans is due to the extra accommodation
that has had to be extended to the holders of war
paper. Only a segregation of the loans into their
respective classes can relieve apprehensions on that
score.
The foreign trade figures of the United States for
August 1918, despite the apparent shortage of tonnage (the demands for transportation of troops, supplies and munitions appreciably reducing the supply
for ordinary purposes) and the various embargo and
other restrictive measures in force by Government
edict, make an exceedingly satisfactory exhibit. In
value the total of the exports, while moderately less
than for May the present year and exceeded by
several months in 1917, is the heaviest on record for
the particular month covered, and, by a small
amount, the same is true of the imports for August.
Needless to 'say, high prices have been a more or less
potent factor in these and all recent aggregates.
Passing specific comment on the extent to which
the totals have been augmented by the steady upward trend of prices of almost all classes of goods,
we note that the export total for the country for
August at $529,000,000 compares with only $488,655,597 in 1917 and $510,167,438 in 1916—the latter
the previous high record for the period. This result
combined with that for July gives for the elapsed
portion of the current fiscal year (two months) an
aggregate of 1,037 million dollars, which not only
establishes a new high mark for the period by 176
millions, exceeding 1917 by that amount, but is
almost double the total of 1915 and falls but little
short of quadrupling that of 1914. For the eight
months of the calendar year, on the other hand, the
shipments of merchandise, as expressed in value, do

1216

THE CHRONICLE

[VoL. 107.

not quite reach those of 1917, the comparison being 000, or a decrease of 209 million dollars—a decline
between $4,012,000,000 and $4,149,441,847, but of 86 millions in grain and 139 millions in manufacgreatly exceed 1916 or 1915, and are more than three tures being offset only to a slight extent by gains in
times the 1914 total. The decrease in the outflow mine and fisheries products. Imports for the like
of brass products alone is more than sufficient to period were $613,227,796 and $716,721,000, respecaccount for the decline from last year.
tively, leaving the export balance for the eight
Imports of merchandise for the month, while ex- months of this year $121,051,906, against $227,286,ceeded in April and May of the current year, were 000 in 1917 and $190,454,000 in 1916.
.of full volume,'and at $273,000,000 ran ahead of
August of any preceding year, the increase over
That the Fall River cotton mills are enjoying a
1917 being some 6.million dollars. The total for the period of unprecedented prosperity seems to be
two months of the fiscal year at 514 million dollars is clearly attested by recent dividend declarations,
also'a high record, as is the aggregate for the eight and the latest statement, that for the third quarter
months since Jan:. 1, which, reaching $2,060,000,000, of 1918, reflects even more fully than did the returns
contrasts with $2;046,097,605 last year, $1,667,136,- immediately preceding, the very satisfactory condi054 in .1916 and $1,150,858,760 in 1915. The net tions that have prevailed and are still in evidence
'result of 'our foreign trade in August is an export in the country's leading cotton manufacturing centre.
balance of $256,000,000, thil3 comparing with $220,- In fact, notwithstanding the considerable increase
800,830 hi 1917 and $310,850,958 in 1916. For the in the cost of operation, due to higher wages and
eight months the favorable balance is $1,952,000,000, inflated prices for mill supplies, the shortage of hands
a total falling only 108 million dollars below the im- through the draft and voluntary enlistments, and
riorts fiatthe period and contrasting with $2,102,000,- the taking of a considerable share of the output
000 last year, Th768,365,891 in 1916 and $1,080,- by the Government on a price basis well below that
628;442 in. 1915.. os'
X'
ruling in the general market, dividends of high record
The moveinenecif goldc-iii either direction in August proportions have been, and are still being, paid., In
was of small proportions, but netted a loss to our the latest quarter, for instance, the aggregate amount
stock of $1,700,000. The inflow of the month slated to be distributed among the shareholders in
reached $1,500,000, and, thi3. outflow $3,277,000. the corporations is, by a considerably sum,the largest
. For the eight months since Jan. 1 our net gain of the in the history of Fall River, running over 67%
metal reached only $22,000,000, this following net ahead of the total paid out in the final quarter of
import balance of $206,524,789 and $202,744,207 1917, the record aggregate up to now. The showing,
and $212,925,875, respectively, for the period in moreover, is not in any important degree due to the
1917,1916 and 1915. During the fifty months since payment of what are called extra dividends out of
the breaking out of the war in Europe, our gain in accumulated profits, those totaling less than $170,000
gold has closely. approximated 1,050 million dollars. of the increase of $863,000 shown by comparison
Silver exports continued comparatively large during with a year ago. On the contrary, it is quite evident
the month, reaching $23,000,000 (against which that the increased rates of distribution find full
there was an import offset of $7,265,000, leaving the warrant in the profitable business transacted, recent
net efflux $15,000,000), increasing to $157,600,000 advices to us indicating that never before have the
the aggregate outflow for the eight months. Im- mills been in as good financial condition, and availports for the eight months were 7,600,000. The able surpluses have been largely increased by the
net silver exports since Jan. 1 total $110,000,000, more modern mills.
against $24,516,000 in 1917.
Comparing the third quarter of 1918 with the
corresponding time in 1917, we find that all but 7
Canada's foreign export trade has recently shown of the 37 corporations have increased the regular
a marked decrease as compared with a year ago, and rate of distribution—very appreciably in some cases—
during -the latest month (August) there was even a and in all the stockholders will receive for the period
moderate decline from the movement for the like an aggregate of $2,039,406 or an average of 6.19%
period in 1916. Moreover, with the price bases so on the capital invested, as against $1,176,375 or
much higher now than in the earlier years, it is ob- 3.65% for the same time a year ago, $798,425 or
vious that the falling off has been much greater quan- 2.63% in 1916 and only $268,542 or 0.89% in 1915.
titatively than the values indicate. The contraction For the nine months of the current calendar year
in exports in August is most noticeable in agricultural the aggregate distribution of $4,151,402 and the
products, the outflow of which covered a value of average of 12.60% contrasts with but $2,997,475
only $16,581,308, against $60,146,810 a year earlier or 9.62% in 1917 (a gratifying result in itself) and
and $19,434,676 two years ago, with the loss from no more than $1,550,517 or 5.11% in 1916. It
1917 most largely in grain. Manufacturer's ship- hardly seems necessary to add that this year's outments also were less to the extent of about 15 million come is by a very appreciable amount the best on
dollars, and in animal product a slight decline is to record. Between this percentp,ge of 12.60 and the
be noted. In all, the domestic commodity exports 1.33 (the lowest mark) of 1898 the contrast is striking
for the month reached but $90,153,888, against indeed.
$146,387,596 in 1917. Imports, too, showed diminuThe week's dispatches,, which the German and
tion, but in very 'much less pronounced degree—
$79,652,526 comparing with $91,931,000; conse- Austrian censors have permitted to come freely
quently the export balance for the latest month is forward (and which for that reason may be regarded
only $10,501,362, against no less than $54,456,000 in as presenting what it is desired the people of the
the preceding yehr. Reflecting the progressive de- Entente countries shall read, leave no doubt that
cline in exports the past few months, the value of the a "peace offensive" of a highly ingenious character
outflow of goods for the eight months of the calendar has been planned by the enemy. Speeches by highest
year 1918 was but $734,279,702, against $943,988,- officials of both countries, at once boastful and



SEPT. 28 1918.]

THE CHRONICLE

1217

defiant and at,the same time containing whimpering Von Ilertling said he favored the formation of a
comp'aints that they are not rece ving fair treat- League of Nations, the promotion of universal sucment, have been delivered in Berlin and Vienna. cessive disarmament in equal proportios, the
There seems convincing evidence that this feature establishment of obligatory courts of arbitration,
will continue at any rate until there has, from the the freedom of the seas and the protection of small
military standpoint, been some recovery from the nations. Discussing the military situation he desensational reverses of the last three months. It is dif- clared that the submarine warfare was slowly, but
ficult to dispel the conclusion that these speeches have surely diminishing Allied tonnage. "Above all,"
a sole object, namely, the desire to meet a threaten- he said,"it is restricting the transportation of reining situation at home by spreading the belief that forcements of men and material from the United
the peace aims are real and that the Entente countries States." He did not add that despite that restricare wholly responsible for the coming winter's tion nearly 2,000,000 American troops had already
hardships which the German people at any rate crossed the Atlantic.
had been led to believe would be avoided. The
Continuing the Chancellor said: "We have never
German leaders who were so prompt in disavowing concealed the fact that all thoughts of conquest were
responsibility for, or knowledge of, the Austrian far from our minds. But how do things stand on the
peace note .seem now content to acknowledge co- opposite side? If one credits the utterances of the
operation in the plan to invite negotiations. Berlin enemy,official and unofficial,they only desire to repel
has gone so far as to declare formally through its a Germany which in criminal arrogance is striving
Ambassador that the Imperial Government is ready for world hegemony; to fight for freedom and justo participate in the proposed exchange of ideas.
tice against German Imperialism and Prussian
Meanwhile in an interview published in an Aus- militarism. We know better." The speaker then
trian newspaper Baron Burian,the Austro-Hungarian referred to the French Premier's latest speech which
Foreign Minister, argued that his recent note has he said "Seemed in its fanatical hatred and the
had the subsidiary effect of driving into the light of coarseness of mind displayed, to surpass anything
day the situation in the opposition camp. Its non- hitherto achieved." Of course the Chancellor did
success, he adds, "will not prevent me from further not refer to the decoration presented to the author
following the road entered upon. We shall take the of the Hymn of Hate a year or so ago. As to the
next step when the time seems suitable and always United States he deplared that "The wildest war
in the fullest accord with our allies."
fury is at present raging." Our people he said
Count von Hertling, the German Imperial Chan- were intoxicated with the idea that America must
cellor, in addressing the Main Committee of the bring the blessings of modern liberal culture to the
Reichstag, delivered a long, carefully prepared enslaved peoples of Central Europe while at the
address on Tuesday. In the main it was pacific in same time "they are rejoicing at the many millions
character, sandwiched between covers of the usual of dollars which the war armaments are causing to
bombast. At Washington the interpretation accorded flow into the pockets of the business men." The
to it was that its chief purpose was to secure the Entente countries, he said, never tired of consupport of the Socialists. One of the most interest- demning the German march into Belgium, but they
ing features in the address was the explanation of the passed over the oppression of Greece, the interferstatement that has been reiterated from the begin- ence with that country's internal affairs and the
ning of the war that Germany was fighting a war of enforced abdication of its King as if they were matdefense and that she had been attacked. The Chan- ters of course. They asserted that they are fighting
cellor declared, for instance, that the "world war to protect oppressed nations. But the century-old
was prepared years ago by the well known encircling sorrows and the justifiable grievances of Ireland
policy of King Edward. In France there had arisen nowhere found a hearing, not even in America where
extensive war literature which referred to impending the people are acquainted with them through the
war with Germany. Austria-Hungary's influence numerous Irish immigrants. The British Governin the Balkans was to be eliminated. The Russian ment, which was especially fond of talking of righting
expansion Movement and the Pan-Slovaks idea justice recently found it compatible with those
demanded it. The match was not put to the powder principles to recognize the conglomerate rabble of
by the Prussian military party, but while the German Czecho-Slovaks as a belligerent power. "How
Emperor was up to .the last moment endeavoring to will the German people have to meet that?" the
preserve peace the Russian military party put speaker asked. "Will it forsooth beg for mercy in
through the mobilization against the will of the weak fear and trembling? No, gentlemen, remembering its
Czar and thereby made war unavoidable." Of great past and its still greater mission in the future
course, this remark completely loses sight of the fact it will stand -erect and not cringe or grovel. The
that Germany thus claims the exclusive right to situation is serious, but it gives us no ground for
mobilize, and what was a cause of war if performed deep depression. The iron wall of the Western
by Russia was without criticism if the work of front is not broken and the U-boat is slowly but
Germany.
surely fulfilling its task of diminishing tonnage,
The speaker complained of the lack of attention thus above all increasingly menacing and restricting
Austria's acquiescence in the four points laid down reinforcements of men and material from the United
by President Wilson as peace essentials had met States. The hour will come because it must come
from the American Executive. He asserted that when our enemies will see reason and be ready to
on Feb. 22 he declared in the Reichstag his agree- make an end of the war before half the world is conment in principle with the possibility of discussing verted into a heap of ruins and the flower of its
a general peace on the basis of the four points of manly strength lies dead upon the battle field."
Virtually all German leaders are joining in the
President Wilson's message of Feb. 11, but that
President Wilson neither at that time nor since peace cry, "Germany maintains her readiness for
had taken notice of the Chancellor's declaration. peace despite repeated rejections of peace offers,"




1218

THE CHRONICLE

[voL. 107.

declared Admiral von Hintze, the German For- taken to support the Bulgarian front. According to
eign Minister. Speaking of the recrnt Austrian statements from Sofia by way of Jassy, a counterpeace proposal, the Foreign Minister declared that movement against the action of the Premier has althe German Government's attitude toward peace ready been set on foot. This would seem to indicate
had been manifested to the whole world in repeated that a revolution is in progress in Bulgaria, On the
appeals. "We maintain this appeal for peace, our other hand, it is suggestive of a desire on the part of
readiness for peace," he • continued, "despite the the Bulgarian Government to preserve its dignity in
partly jeering, partly sneering, rejections which we the event of the offer being refused, in which event
have experienced from our enemies. In this we are the Premier would be made the scape-goat and
in full accord with our allies."
charged with making an unauthorized offer. The
Vice-Chancellor von Payer defended his own recent Bulgarian reply to the Austrian peace note, as pubStuttgart speech, in which he declared the treaties of lished early in the week, declared that Austria's
Bucharest and Brest-Litovsk must stand. It would initiative corresponded entirely with the aspirations
be a mistake,• he argued, to abandon those treaties of the Bulgarian Government And people, and added:
in so far as they regulate the relations between the "The Bulgarian Government hasten to express their
signatories. He added, however, obviously as a readiness to send delegates to such a conference.
premise for future discussion: "If one day we are able We seek neither conquests nor the estarblishment of
to display so much insight, self-control and unselfish- hegemony over our neighbors." The note concludes
ness that we can without injury to our interests per- with an expression of sympathy with President
mit our enemies to colloborate in questions which Wilson's views on the settlement of Balkan conflicts
only affect them indirectly if at all, we can after all in accordance with the rights of nationalities. Should
come to an understanding with those who with us are the Bulgarian appeal prove successful it can hardly
concerned, whether we shall discuss on the basis of fail to exert a desire for similar action on the part of
reciprocity these questions also with our enemies." Turkey, which would find itself cut off from its alThe , Vice-Chancellor's speech was almost entirely lies.
concerned with: explanations about the Baltic Provinces. He said it was not intended to allow CourIn its military operations the week may be classed
land, Livonia and Esthonia to continue as indepen- as one of the most important of the war. Serious
dent States. They must, and he believed they disaster has overtaken the Teutonic allies on sevdesired to be, combined into a single State, especially eral fields, and in all the theatres of the war the
as partitioning based on ethnographical considera- Allied Powers have the initiative in their hands and
tions, was practically impossible. The treaties al- are taking full advantage of their position. From
ready made, he added, were merely preliminary, and north of Jerusalem to the Sea of Galilee in the terria definite conclusion was impossible until the Gov- tory lying between the River Jordan and the Mediterernment of the new State had been formed. Von ranean Sea, the Turkish forces have been caught by
Payer admitted that opinion regarding the form of a swift drive of the British armies under Gen. Althe future government of the Baltic Provinces was lenby and have virtually, been annihilated. Aside
as divergent in Germany as in the provinces them- from the heavy casualties suffered by the Turks,
selves, and was a question for the future to decide. many thousands of them have been taken prisoner
With reference to the Brest-Litovsk and Bucharest and many more are said to be wandering, bewildered
treaties, these must be upheld during the war. To and without leaders, in the hills, eventually to be
meddle with them while the war lasted would bring brought in to swell the great total. The' British
the Fatherland directly into danger. He also op- General reports more than 45,000 prisoners and 265
posed the idea of submitting existing peace treaties guns have been captured. The British forces operto a world peace conference.
ating east of the Jordan apparently are in a favorable
position to cut off the Turks retreating northward
But'evidence is accumulating that pressure from along the Hedjaz Railway. The British now are
the outside, as well as the inside, is being exerted approaching Ammon on that railway. Arab forces
on both'Berlin and Vienna to induce a really serious are pressing the retiring enemy northward from
move- for peace. The French Commander-in-Chief Malan. A dispatch from Switzerland reports that
in Macedonia yesterday officially reported to his Young Turk officials are making heavy deposits in
Government that the Bulgarians had asked for a Swiss banks, thus indicating their misgivings over
meeting to arrange the conditions of an armistice the stability of affairs in Germany. Turkey is reand eventual peace. The French commander re- ported to be on the point of seeking a separate peace.
fused to suspend operations but said he would receive
The explanation of the Bulgarian peace offer is
duly qualified delegates of the Bulgarian Govern- contained in the important defeats that have been
ment. The Bulgarian Minister of Finance, Liapt- administered. Cut into a number of independent
.cheff, and Gen. Oukoff, commanding the Bulgarian groups, the Bulgars are fleeing east of the Vardar.
Second Army, are on their way to the French Head- The Serbians have captured Veles, an important base
quarters with the assent of King Ferdinand to ar- on the Uskub-Saloniki railroad, from which a branch
range the conditions of the armistice and eventually line eastward connects with Ishiid, on the Bregalthe terms of peace. There appeared at first some nitsa River. Veles is only 25 miles southeast of
doubt as to the Bulgarian peace offer being anything Uskub, the principal railroad centre in Lower Serlike unanimous. Press dispatches by way of London bia, with direct connection to Sofia. The Serbians
announced that the Bulgarian Premier made an offer are reported to have crossed the Vardar River northof an armistice but did not have the support of other west of Tradsko. They are advancing along the
members of the Cabinet or King Ferdinand. A mes- Bregalnitsa River, which flows into the Vardar about
sage from Berlin received at Copenhagen says that the 4 miles northwest of Gradsko, and have cut the main
Premier's offer has created great dissatisfaction in Bul- road from Krivolak to Ishtid. The Bulgarians have
garia and that' strong military measures have been left behind them an enormous amount of war ma-




SEPT. 28 1918.]

THE CHRONICLE

1219

terial. Their army is estimated to have aggregated ernment; M. Astorf, former Mayor of Moscow and
300,000 men, and is in a very dangerous position, but member of the Constitutional Democratic Party;

in the opinion of military experts the victory will not
be decisive until Uskub, the centre of all the enemy's
communication lines, is captured. If that is accomplished, it is believed the victory will be numbered
among the few decisive ones of the war.
Meanwhile Marshal Foch has suddenly started
another major operation on the Western front in
the form of a terrific new blow in the Champagne
and the Argonne. The excpnt of the new offensive
reaches from the Suippe River 15 miles east of Rheims
to Verdun, a total of about 40 miles. It includes the
Argonne forest and is being conducted on the left
of the forest by the French and on the right by the
Americans. In the first day of the attack (on
Thursday) General Pershing reported that the American advance had attained the maximum of 7 miles
and he had captured 5,000 prisoners. The new thrust
carries a direct threat to the Germans. If the French
and Americans are able to carry their advance forward perceptibly it will mean a successful flanking
movement against the Hindenburg zone on the
Allies' right, thus forcing the Germans back without the necessity of a succession of frontal attacks,
which necessarily would be slow and costly, against
the famous German defense zone. It is reported
that the German heavy artillery was caught in the
act of withdrawal and was unable to operate or
reply satisfactorily. The French in their part of
the attack succeeded, according to latest reports,
in penetrating the German positions to a depth of
3 miles. Furthermore, they have taken 7,000
prisoners. Later advices place the total of the prisoners taken by the French and Americans at 16,000.
Meanwhile, the British have not been idle on the
Western front. Yesterday morning they attacked
on a wide front south of Sensee River and reports
thus far to hand indicate satisfactory progress. On
the Cambrai front Haig began a new offensive yesterday morning on a thirteen-mile line and penetrated the enemy lines more than three miles in the
direction of Douai. The Hindenburg line and a strip
of five miles of the Canal du Nord were crossed.
As to Russia, the news this week has been in some
measure encouraging. A conference attended by
many members of the Pan-Russian Constituent Assembly and presided over by the Socialist Revolutionary leader Avskentieff,former Minister of Agriculture
in the Russian Provisional Cabinet, is in progress at
Uffa, in European Russia. It was organized and supported by President Masloff of the National Czech
Council. I he object is to form in Russia a single Government with a controlling power vested in the Constituent Assembly. Bolsheviki and members of the
Social Revolutionary Left Party are not represented.
This plan seems to be acceptable, it is said, to the Siberian Duma and to the Governments at Omsk and
Samara. The Uffa Conference has been recognized by
all the provisional Russian Governments opposing
the Bolsheviki, including the Siberian Government,
and it has authorized a Committee of Five to be the
lawful authority for all Russia. This committee
will be responsible to the Constituent Assembly of
all Russia which will convene Jan. 1 provided 250
members attend. The Committee of Five set up
as the sovereign authority is composed of M. Tchai-:
kovsky of the Government of the North at Archangel,
M. Vologodsky, head of the Western Siberian Gov-




Lieut.-Gen. Boldireff, one of the foremost men of
Russia, and M. Avksentieff.
British shipping losses in August show a slight
decrease from July, but the destruction of Allied
and neutral shipping was somewhat higher. The
figures total 327,676 gross tons, an increase of 3,940,
divided as follows: Allied and neutral losses 161,275,
an increase of 10,027; British losses 176,411, a
decrease of 6,123 tons. So far as the British are
concerned, this was better than for any month
since Sept. 1914.
The London markets have given evidence of some
nervousness this week as a result of what seemed
during the earlier days evidence of increasing seriousness of the railroad strike. This influence counteracted in large measure the favoring news from
the battlefields. The situation finally was found
to be so bad among the railroad employees that Sir
Albert Stanley, President of the Board of Trade, announced on Wednesday afternoon that the Government had called on the naval and military authorities to assist the railways in carrying on the services
necessary to the transportation of munitions and
supplies for the Entente armies and navy. It was
estimated that the strike' affected between 30,000
and 40,000 railway employees and a similar number
of mine workers were idle as a consequence. The
appearance of the troops was promptly followed
by the collapse of the strike, 3,000 men resuming
work immediately.
Oil shares were in demand, a fact which was attributed by cable correspondents to favorable postwar prospects. Fears of a general election seemed
to be passing. Business interests are strongly
deprecating an election during the war unless one
is politically necessary for prosecuting the war,and
they see no such necessity now. The British Cotton
Control Board is extending spinning to full time
after this week. The spinning mills applying for
the' necessary license may work the same number
of spindles already licensed, namely 5532 hours a
week until Oct. 26. Beginning on Monday next
looms using American yarns must reduce the percentage to 60% of the total from 65% of the present
figure. Egyptians or fine counts are not affected.
The Chancellor of the Exchequer, A. Bonar Law,
has been consulting this week with financial authorities preparatory to next Monday's new campaign
initiating the third half-yearly series of bonds. It is
not expected that there will be any change in the
terms or policy, but it is urged that an arrangement
should be made whereby the bonds would receive
preferential treatment as collateral to approved borrowers. This suggestion is based on the belief
(quoting the special correspondent of the "Journal
of Commerce") that large deposits in the.banks are
left there by depositors who will need absolutely
liquid money after the war. It is believed that this
money will go into bonds if the holders are assured
of the liquidity of their capital which will be attainable if special loan terms are arranged. The continuous loan policy has proved an undoubted success,
as is testified by the £1,100,000,000 secured in less
than 12 months through the sale of these bonds.
Some London authorities believe that our own

1220

Government will find it advisable to give the continuous loan plan a trial.
The sales of war bonds decreased slightly last
week, the banks reporting takings of £16,259,000,
which compares with £16,478,000 the preceding
week. The aggregate of sales through the banks
to Sept. 21 is £1,065,469,000. The post offices
report for the week ending Sept. 14 sales of bonds
amounting to £400,000, bringing the total up to
£38,031,000. The previous week's record by the
post offices was £437,000. War savings certificates
of £1 each for the week of Sept. 14 totaled £2,325,000,
making the aggregate ultimate indebtedness under
this head £286,362,000.
The Chairman of the Transvaal Chamber of
Mines, in a speech in London on Thursday, outlined
the serious situation resulting from the decline of
the gold output. The latest figures to hand, he
said, showed a drop of £1,316,000 in the last eight
months from the same period last year, while costs
have increased £469,000. He pointed out that of
forty-nine companies six were running at a loss and
fifteen were making a small profit, which standing
charges would turn into a net loss. It would be a
pity, the Chairman continued, if it were found necessary to close down the mines to bring home the real
position to the public and the Government.
British revenues in the week ending Sept. 21
again increased. Treasury bills outstanding continue to mount, having reached the large total
of £1,093,404,000, against £1,077,805,000 last week.
Expenditures for the week totaled £42,120,000
(against £51,527,000 for the week ended Sept. 14),
while the total outflow, including repayments of
Treasury bills and other items, equaled £157,362,000,
against £127,541,000 the week previous. Receipts
from all sources were £155,776,000, as contrasted
with £129,244,000 a week ago. Of this total, revenues contributed £18,014,000, which compares with
£11,865,000 the week before; war savings certificates
totaled £2,000,000, against £1,800,000, and other
debts incurred £38,966,000, against £9,024,000.
War bonds amounted to £18,695,000, comparing
with £13,367,000, and advances to £9,636,000,
against £9,784,000 last week. Sales of Treasury
bills were £68,305,000. This compares with £83,254,000 in the week preceding. Exchequer balances
are now £11,979,000, against £13,565,000 a week ago.
Subscriptions to the new French loan will be
opened on Oct. 20 and will close on Nov. 24. The
issue price is 70 francs 80 centimes per 100 francs
and the bonds will bear 4% interest. Louis Klotz,
the Minister of Finance, laid before the French
Parliament on Wednesday proposals seeking appropriations aggregating 8,926,000,000 francs for civil
expenditures in 1919, which is an increase of 965,000,000 francs over the current year, due chiefly to
the interest on the national., debt, which will be
713,000,000 francs more than in 1918. In a memorandum dealing with the budget the Minister explained that of the 116,000,000,000 francs cash
raised by the Government since Jan. 1 1916, 18,000,000,000 francs was secured from taxation and
98,000,000,000 francs by loans. Of the loans
73,000,000,000 francs came from within the country
and 25,000,000,000 francs from abroad. From the
beginning of the current year the proportion of




[Vol,. 107.

THE CHRONICLE

foreign loans to domestic had decreased, being 24%
as compared with 37% for 1917. The Chamber of
Deputies has adopted by a vote of 467 to 4 a credit
of 12,200,000,000 francs for military expenses and
exceptional civil expenses for the fourth quarter of
1918.
Official discount rates at leading European centres continue to be quoted at 5% in London, Paris,
Berlin, Vienna and Copenhagen; 6% in Petrograd
and Norway; 63/2% in Sweden and 432% in Switzerland, Holland and Spain. In London the private
bank rate has not been changed from 3 17-32%
for sixty days and ninety days. Money on call in
London remains as heretofore at 3%. On foreign
balances 432% is being paid, which with the present
depreciation in sterling is preventing the withdrawal of foreign funds. No reports have been
received by cable of open market rates at other
European centres, as far as we have been able to
ascertain.
Another gain in gold was shown by this week's
statement of the Bank of England, the amount being £546,633. This, however, was offset by an increase of no less than £1,097,000 in note circulation,
which brought about a reduction of £551,000 in the
total reserve. The proportion of reserve to liabilities is now 17.78%, as compared with 17.88% last
2% a year ago and 22%% in 1914. The
week, 193/
year before the outbreak of the war it was 5331%.
Public deposits declined £6,191,000, although other
deposits increased £4,032,000. Government securities declined £2,365,000. Loans (other securities)
expanded £788,000. The Bank's stock of gold on
hand now stands at £71,542,360, as against £55,096,601 in 1917 and £53,552,248 the year preceding.
Reserves aggregate £29,496,000, which compares
with £32,364,856 a year ago and £35,466,693 in 1916.
Loans total £100,335,000, in comparison with £93,593,721 and £95,386,643 one and two years ago, respectively. Clearings through the London banks for
the week were £407,340,000, against £402,560,000
the week previous and £330,770,000 last year. Our
special correspondent is no longer able to give details
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.
1914.
1915.
1917. • 1916.
1918.
Sept. 27.
Sept. 25.
Sept. 29.
Sept. 26.
Sept. 30.
60,495,000
Circulation
31,942,000
Public deposits..
Other deposits
133,987,000
Govern't securities_ 54,202,000
Other securities
100,335,000
Res've notes & coin 29,496,000
71,542,360
Coln and builion
Proport'n of reserve
17.80%
to liabilities
Bank rate
5%

41,181,745
44,284,907
121,702,542
58,189,220
93,593,721
32,364,856
55,096,601

36,535,555
53,371,842
101,483,434
42,187,627
95,386,643
35,466,693
53,552,248

32,700,985
116,216,656
76,688,867
31,286,742
132,314,524
47,658,906
61,508,891

34,074,625
22,243,798
137,287,173
24,732,087
116,819,709
36,391,079
52,916,604

19.50%
5%

22.90%
6%

24.75%
5%

22.81%
5%

The Bank of France in its weekly statement continues to show gains in the gold item, the increase
for the week being 461,150 francs. The Bank's
gold holdings, including 2,037,108,500 francs held
abroad, now amount to 5,437,880,750 francs. In
1917 at this time they totaled 5,319,381,522 francs
(including 2,037,108,484 francs held abroad), while
in 1916 the amount was 4,832,751,285 francs (including 674,553,075 francs held abroad). During
the week silver gidned 797,000 francs, bills discounted
advanced 27,050,000 francs and general deposits rose

SEPT. 28 1918.]

THE CHRONICLE

101,209,000 francs. On the other hand, Treasury
deposits fell off 298,671,000 francs and advances
decreased 6,353,000 francs. Note circulation was
further augmented to the extent of 134,225,000
francs. The total of notes now outstanding is 29,922,374,000 francs, which compares with 20,994,828,800 francs in 1917 and with 16,714,063,075
francs in 1916. On July 30 1914, just prior to the
outbreak of the war, the total was 6,683,184,785
francs. Comparisons of the various items with the
statement of last week and ticorresponding dates in
1917 and 1916 are as follows:
BANK OF FRANCE'S
Changes
for Week.
Francs.
Gold Holdings—
461,150
Inc.
In France
No change
Abroad

COMPARATIVE STATEMENT.
Status as of
Sept. 26 1918. Sept. 27 1917. Sept. 28 1916.
Francs.
Francs.
Francs.
3,400,772,250 3,282,273,037 4,158,198,210
674,553,075
2,037,108,500 2,037,108,484

461,150 5,437,880,750 5,319,381,522 4,832,751,285
Inc.
Total
330,840,232
260,286,022
320,807,000
797,000
Inc.
Silver
574,859,604
410,958,370
851,272,000
Bills discounted Inc. 27,050,000
1,107,811,719
831,458,000
1,176,804,749
Dec. 6,353,000
Advances
20,994,828,800
29,922,374,000
16,714,063,075
134,225,000
Note circulation Inc.
38,606,549
57,484,000
36,322,047
Treasury deposits_Dec. 298,671,000
General depositsInc. 101,209,000 3,106,859,000 2,910,210,757 2,248,055,901

In its weekly statement as of Sept. 14 the Imperial Bank of Germany shows the following changes:
Total coin increased 43,000 marks, Treasury notes
increased 75,061,000 marks, notes of other banks
expanded 722,000 marks, bills discounted showed
the large gain of 486,252,000 marks, advances increased 1,977,000 marks, investments 4,879,000
marks. There was a large expansion in deposits,
viz., 221,347,000 marks, while increases were also
shown of 6,578,000 marks in other securities, 239,909,000 marks in note circulation, and of 113,779,000 marks in other liabilities. The Bank's holdings of gold are reported as 2,348,311,000 marks,
which may be compared .with 2,403,600,000 marks
in the corresponding week of 1917 and 2,470,200,000
marks the year previous.
Saturday's statement of New York Clearing House
banks, which will be found in more complete form
on a later page of this issue, again reflected Government operations. The position of the banks was
greatly improved through an increase in Government
deposits from $181,016,000 to $253,218,000. Loans
expanded $72,648,000. Net demand deposits increased $22,362,000 to $3,743,642,000 (Government
deposits deducted). Net time deposits, however,
were reduced $10,953,000 to $153,569,000. Cash
in vaults (members of the Federal Reserve Bank)
declined $1,017,000 to $99,450,000 (not counted as
reserve). The reserve in the Federal Reserve Bank
of member banks showed a gain of $42,935,000 to
$542,333,000. Reserves in vaults of State banks
and trust companies decreased $206,000 to $11,1'49,000, although reserves of these institutions in other
depositories increased $347,000 to $7,604,000. Circulation is now $35,536,000, a decrease of $122,000.
Aggregate reserves registered an expansion of $43,076,000 to $561,086,000, against $569,707,000 last
year. The gain in surplus reserves totaled $40,580,950, there having been an increase in reserve
requirements of $2,495,050, and excess reserves now
stand at $65,535,170, as compared with $24,954,220
last week and $82,754,520 at this date in 1917. This
is on the basis of 13% reserves for member banks of
the Federal Reserve system (but not counting $99,450,000 cash in vaults held by these banks.)
The money position, in view of the opening of
the formal campaign for distributing the new war




1221

loan, promises to remain one of considerable strain
throughout the full three weeks' period of the drive.
Lenders will scrutinize all loans severely and will
recognize no applications for funds which are not
considered absolutely necessary. Bankers seem to
expect somewhat of an easing up in the general
banking situation at the end of the campaign,especially as the Treasury will undoubtedly pursue
its previous plan of permitting the bond subscriptions to remain with the banks. However, the
preparations for New Year disbursements will not
be far ahead and there does not appear any really
certain prospect of ease in money circles during
the remainder of the war period. The subscriptions to the new loan will necessarily cut very deeply
into bank reserves. It seems fair to assume
that the loan will be oversubscribed, but counting
merely on a $6,000,000,000 subscription the first
10% which must be paid will call for $600,000,000,
which will constitute a heavy drain on available
funds. Besides this,as is well known,the tendency
will most probably as in the case of previous issues,
be for investors to pay for their bonds in full at the
earliest opportunity. One source of relief of course
will be the fact that the banks have already subscribed to an extent exceeding $4,000,000,000 to
the certificates of indebtedness issued by the Treasury in anticipation of the new loan. The sixth biweekly issue of these certificates was .oversubscribed
to the extent of $25,216,000, making total subscriptions to that issue $625,216,000, bringing the
total for all issues up to $4,024,251,000. In addition a block of $500,000,000 will be offered on Oct. 1.
A development of interest to public utility companies is the organization this week as noted elsewhere of the Essential Industries Finance Corporation. Its purpose is to loan to the utilities
companies and hypothecate their notes, &c., with the
War Finance Corporation. The company will start
with a capitalization of $3,000,000 which will
be increased later on, the organizers planning if
enabling legislation can be secured to increase the
capital to possibly $100,000,000 which in turn would
enable it to borrow correspondingly from the War
Finance Corporation. Such an increase in capital,
however, is dependent upon the amendment of the
War Finance Act eliminating the provision in Section 10 limiting loans to any one individual bank,
banker or trust company to $50,000,000. As
matters now stand it is not considered likely that
the Corporation's capital will reach above $20,000,000, on which basis it will be able to borrow about
$50,000,000 from the War Finance Corporation,
thus making available $70,000,000 as its loaning
capacity. The formation of this corporation appears symptomatic of the widening recognition that
some source of relief must be discovered for the
public utilities companies.
Referring to money rates in greater detail, loans
on call continue at the fixed rate of 6%, which was
the only'rate quoted on each day of the week and
was the basis at which renewals were negotiated.
The above applies to mixed collateral. Loans on
all-industrials are quoted M of 1% higher, or 63/2%.
On bankers' acceptances, the rate for demand loans
is still 432%. In time money the market is as dull
as ever. No larger loans were made;whatever business
is passing being mainly for renewals, and the rate
remains at 6% for all maturities from sixty days to
six months. At the corresponding date last year

1222

THE CHRONICLE

sixty days money was quoted at 531@5%%, with
ninety days,four, five and six months at 53/2@6%.
Mercantile paper rates remain as heretofore at
6% for sixty and ninety days' endorsed bills receivable and six months' names of choice character, and
also for names less well known, without discrimination. Trading was quiet. There has been a falling
off in the demand during the past few days and
transactions were exceptionally light.
Banks' and bankers' acceptances have shown a
fair degree of activity. Local and out of town buyers
were again in the market, but transactions were
limited in volume. The undertone was firm with
quotations unchanged. Rates in detail were as
follows:

[VoL. 107.

from 4 763/2@4 76 9-16 for cable transfers, 4 7545@
1 for sixty
4 75 7-16 for demand and 4 73@4 73%
days. On Friday the market was quiet but steady
and still without change. Closing quotations were
4 73@4 733/i for sixty days, 4 7545@4 75 7-16 for
demand and 4 763/2@4 76 9-16 for cable transfers.
Commercial sight bills finished at 4 75%@4 75 8,
sixty days at 4 72@4.723', ninety days at 4 70%@
4 709'; documents for payment (sixty days), 4 713
@4 71%; and seven-day grain bills at 4 743'@
4 74%. Cotton and grain for payment closed at
1 @4 759'. There were no gold exports or im4 75%
ports reported during the week.

The Continental exchanges have experienced another exceptionally dull week, with operations confined almost exclusively to mere routine business.
As a result, notwithstanding the epoch-marking
events, from a military standpoint, of the week—
No changes in rates, so far as our knowledge goes, the practical expulsion of the Turk from Palestine
have been made the past week by the Federal Re- by General Allenby's forces and the equally spectacuserve banks. Prevailing rates for various classes of lar successes of British, Serbian and Greek troops.
paper at the different R:eserve banks are shown in the in Macedonia—the exchange situation remains without important variation and rates were maintained
following:
at
or near the levels of the week preceding. French
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
exchange continues firm. A sustaining feature, of
I course, in addition to favorable war news, is the
CLASSES
w
j• 4 a
steady and ever-increasing demand for remittances
OF
• 2
DISCOUNTS AND LOANS
a
g 4 3
1
,q
..§ 4 • $ 1q '''a coincidental to payments for American troops in
France. Lire have ruled firm throughout, at the
Discounts—
*
Within 15 days,Incl. member
official
figures recently arranged. Russian exchange
banks' collateral notes____ 4 4 4 434 4% 4 4 4 4% 4% 4 434
16 to 60 days' maturity_ 4% 4% 4% 4% 5 4% 4% 434 4% 534 434 5
remains
upon an entirely nominal basis, with no
61 to 90 days' maturity__ 4% 4% 4% 4% 5 4% 4% 434 5 534 5 5
Agricultural and live-stock
business
being
transacted. As no dealings are be:ng
paper over 90 days
5 5 5 534 53( 5 5% 534 5% 5% 53-4 5%
Secured by U. S. certificates
put through in German and Austrian exchange,
of indebtedness or Liberty Loan bonds—
quotations for reichsmarks and kronen are not availWithin 15 days, including
member banks' collatAt neutral centres the depreeral notes
4 4 4 4 43( 4 4 4 4 4344 4% able in this market.
16 to 90 days' maturity
434 434 4% 434 434 4% 434 4% 434 4% 4% 4%
ciation
of
the
German
mark continues unabated,
Trade Acceptances1 to 60 days' maturity
434 4% 4% 434 4125 434 434 434 4% 434 4%,434a
in
many
cases
new
low records were reached
and
61 to 90 days' maturity
4%
4%
4%
4%
434
4%
4%
4%
4%
434
4%14%
*Rate of 3 to 434% for 1-day discounts in connection with the loan operations subsequent to the Teutonic reverses. The official
of the Government.
a 15 days and under 434%.
London check rate on Paris closed at 26.07 (unRate for trade acceptances maturing within 15 days 434%.
Note 1. Acceptances purchased in open market, minimum rate 4%.
changed).
In New York sight bills on the French
Note 2. Rates for commodity paper have been merged with those for commercial
paper of corresponding maturities.
centre
finished
at 5 483g, against 5 47%; cables at
Note 3. In case the 60-day trade acceptance rate is higher than the 15-day discount rate, trade acceptances maturing within 15 days will be taken at the lower rate. 5 473', against 5 47; commercial sight at 5 48%;
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 against 5 48%, and commercial sixty days at 5 533I,
paper of the same class.
against 5 53% last week. Lire closed without
Sterling exchange conditions remain without new change from 6 37 for bankers' sight bills and 6 35
feature. The changes in rates have been par- for cables. Rubles remain as heretofore at 14 for
ticularly negligible. Even the faborable progress of checks and 15 for cables. Greek exchange conthe war failed to secure a response which is con- tinues to be quoted at 5 13% for checks and 5 123/
for cables.
vincing proof of the entirely arbitrary position.
As to the neutral exchanges, while nervousness and
Dealing with quotations in greater detail, sterling
exchange on Saturday, as compared with Friday of a hesitancy were still in evidence, the violent fluctuaweek ago, ruled without important change; demand tions of a week ago were not repeated. Exchange
bills continued at 4 7545@4 753/ and cable transfers on Sweden was again under pressure and broke to
at 4 763/
2@4 76 9-16, while sixty days declined to another new low point of 33.10. The weakness is
3
4 73, aganist the previous range of 4 73@4 73%.
attributed largely to reports current of an impending
Monday's market was dull and nominal; a slightly Swedish loan to Great Britain. Copenhagen and
easier tone was noted with demand fractionally Christiania remittances moved irregularly. Guilders
lower, at 4 7545@4 75 7-16; cable transfers re- were slightly easier, while pesetas remain without
mained at 4 763/
2@4 76 9-16 and sixty days at 4 73. essential alteration. Swiss francs ,were relatively
Nothing new developed on Tuesday and rates con- firmer. Trading, however, was so restricted as to
tinued at the preceding day's levels. On Wednesday render movements in rates of little or no significance.
no increase in activity was shown; quotations, howBankers' sight on Amsterdam closed at 473,
ever, were maintained, and the range for demand against 483;cables at 483., against 48%;commercial
was still at 4 7545@4 75 746 and cable transfers sight at 47 11-16, against 48 3-16, and commercial
at 4 763'@4 76 9-16; sixty days was a small fraction sixty days at 47 5-16, against 47 13-16 the week prehigher at 4 733/g@4 733j. Dulness proved the most ceding. Swiss exchangefinished at 4 433/ for bankers'
notable feature of Thursday's dealings, the market sight bills and 4 413/
2 for cables. Last week the close
being so dull, in fact, as to be at times almost at a was 4 48 and 4 46, respectively. Copenhagen checks
standstill; as a result, sterling rates were not altered closed at 29.80 and cables 30.10, in comparison with




Kansas City.

New York.

Boston.

I

Spot Delivery
Sixty
Thirty
Ninety
Days.
Days.
Days.
Eligible bills of member banks
4%64% 4%e43j 4%@)4
Eligible bills of non-member banks_-4%,04LA 4'A@4% 4%64
Ineligible bills
5%04% 5%©4% 5%04%

Delivery
within
30 Days.
4% bid
4% bid
bid
6

SEPT. 28 1918.]

THE CHRONICLE

29.80 and 30.20. Checks on Sweden finished at
33.30 and cables at 33.60, against 33.00 and 33.40,
while checks on Norway closed at 30.70 and cables
31.00, against 30.30 and 30.90 on Friday of the
previous week. Spanish pesetas finished at 22.75
and cables 22.95. This compares with 22.80 and
22.95 ast week.
Regarding South American quotations, the check
rate on Argentina was advanced to 44.85 and on
cables to 45.00, against 44.60 and 44.75. For Brazil
the rate for checks has declined to 22.85 and cables
to 23.00, as compared with 23.85 and 24.02 the week
before. The Chilian rate remains at 15 13-32, with
Peru still at 57. Far Eastern rates are as follows:
Hong Kong,88.85@89, against 89@89.15; Shanghai,
134@135, against 132@,1323'; Yokohama, 54
1 (unchanged);
54M (unchanged); Manila, 50@50Y
Singapore, 56®56% (unchanged); Bombay, 363/
2@
37 (unchanged); Calcutta, (cables), 35.73 (unchanged.)

1223

tions as to the time and character of the termination
of the war. To realize how completely the point of
view has changed, it is necessary only to glance back
over what was supposed to be the military situation
at various junctures at the middle of July.
One need hardly recall the successive revisions of
judgment and prediction made necessary in regard
to the Western campaign itself. At the end of July,
even after Ludendorff's defeat at the Marne,the military critics looked for resumption of slow and tedious
military deadlock. A new offensive by the Gqrmans
in the north was considered probable. When He,
struck with complete success against the Bavati
Crown Prince's army in that sector, retreat along th
entire German front became manifestly unavoidable;
but the season was.late, the new German positions
well fortified, and little hope of further achievement
was held out by the critics before 1919.
An Allied offensive in Lorraine, we were told, was
out of the question because it would weaken the Allied front in Flanders. No movement in Macedonia
The New York Clearing House banks, in their would be either wise or probable, because Foch had
operations with interior banking institutions, have drawn heavily on the French forces at Saloniki to
gained $1,187,000 net in cash as a result of the cur- help stop the German offensive in France. The same
rency movements for the week ending Sept. 27. condition applied to General Allenby's British camTheir receipts from the interior have aggregated paign in Palestine. On both of those Eastern fronts
$7,371,000, while the shipments have reached $6,- the Allied forces had not merely been weakened
184,000. Adding the Sub-Treasury and Federal Re- through recall of troops to the West, but the number
serve operations, which together occasioned a loss of of ships which could be spared to provision the armies
$87,317,000, the combined result of the flow of money at those points had been greatly reduced by the coninto and out of the New York banks for the week verging of British and American convoys on transappears to have been a loss of $86,130,000, as portation of a quarter of a million Americans to Eufollows:
rope every month. Therefore, with the close of
August, it was very generally imagined that the camWeek ending Sept. 27.
Into
Out of
Net Change in
Banks.
Banks.
Bank Holdings.
paigns of 1918 were virtually over.
Banks' interior movement
$7,371,000
$6,184,000 Gain $1,187,000
It is only by recalling these perfectly reasonable
Sub-Treasury and Federal Reserve
operations
34,412,000 121,729,000,I Loss 87,317,000
expectations that the full significance of what has
Total
$41,783,000 $127,913,000 Loss $86,130,000
happened in the past two or three weeks can be apThe following table indicates the amount of bullion preciated. Ludendorff's army
has indeed held firm
in the principal European banks:
on the Hindenburg line, although even there the
26 1918.
Sept.
Allies have repeatedly broken his defenses and are
27 1917.
Banks of—
Sitter. I_To_tal. I
Gold.
Gold.
I Sneer.
now engaging in an attack on the German centre.
Total.
.£
I
£
£
£
£
£
But the victory of Pershing's American army over
1 71,542,300 55,096,601
England__ 71,542,360
55,096,601
Francea__ 136,030,890 12,800,000 148,830,800131,290,921 10.400,000 141,690.921 the German left wing in the second week of SeptemGermany _ 117,415,550 5,907,950 123,323,500 120,192,700 5,380,450 125.573,150
Russia •__ 129,650.000 12,375,000 142,025.000 129,500.000 12,370,000 141,870,000 ber not only resulted in the capture
of 25,000 prisAus Hun c 11,008,000 2,289,000 13,297,000 13,178,000 2,900,0001 16,078,000
Spain — -- 87,744,000 25.977,000113,721.000 75,324,000 29,356.000 104,680,000
oners
and
of
munitions,
stores
immense
but immedi3,088,000
35,816,000
32,728,000
Italy
38,440,000 2,587,000 41,027,000
600,000 59,567,000 56,398.000
Notherrds 58,967,000
609,200 57.007,200 ately
Metz,
great
The
stronghold
threatened
of the
600,000 15,980,000 15,380,000
Nat. Bel.h 15.380,000
600,000 15,980.000
15,320,000 13,700.000
Switeland 15,320,000
13.700,000
14,574,000 11,360.000
Sweden__ 14,574,000
11,360,000 middle German frontier, and at the same time men131,000 10,497,000 10,794.000
Denmark_ 10,366,000
157,000 10,951,000
1 6,754,000 7,142,000
Norway.. _ 6,754.000
7,142,000 aced the ore fields of Lorraine, from which, according
Tot.week_ 707,479,800 63.767,050771,247,750677,796,222 64,359.650742.155,872 to the iron trade, Germany draws nearly half its war
Prey.week 711,467,571 63,699.800 775,167,371676,031,9671 64,538,410740,570,377
time supply of iron.
a Gold holdings of the Bank of France this year are exclusive of £81,484,340
held abroad.
Swiftly on the heels of this brilliant achievement,
*No figures reported since October 29 1917.
c Figures for 1918 those given by "British Board
of Trade Journal" for Dec. 7 the Allied armies in Macedonia and
Palestine struck
1917; figures for 1917 estimated on the basis of the Dec. 7 1917 totals.
h August 6 1914 in both years.
the Bulgarian and Turkish armies with overwhelming success last week. In each case the losses and
THE VICTORIES ON THREE BATTLEFRONTS. uncertainties of a frontal attack were replaced by
It is too early, at this writing, to pass judgment strategy of the highest Napoleonic order. The Seras to the probable results of yesterday's appeal of bians and French under that veteran of the first
Bulgaria for an armistice—conceivably with view to Marne campaign, General d'Esperey, turned the
a separate peace. It was not evOn clear from left flank of the Bulgarians while holding the enemy's
Friday's cables, to what extent the request was main force in the centre; with a resultant complete
one which could even be considered, and naturally rout, a disorderly retreat of the enemy toward the
no suspension of military activities could be granted Bulgarian frontier, and loss of more than 12,000
until the nature and scope of the Bulgarian surrender prisoners. In Palestine, two Turkish armies, strongly
(if such it was to be) were known. But even before fortified and commanded by a well-known German
this news was received, the events which followed General, were surrounded by a brilliant manoeuvre
one another so swiftly on the Saloniki front in of the British cavalry. With the capture of 45,000
Macedonia and on the Turkish front in Palestine, soldiers, 265 guns and all the military supplies, and
had created a condition of affairs which had com- with the flight of the German commander, the Turkpelled at least tentative revision of all previous,predic- ish field army ceased to exist.




1224

THE CHRONICLE

[VoL. 107.

This series of extraordinary achievements has against free Russia. The spokesman of the War
occurred in such rapid sequence as to necessitate Department, admitting and endeavoring to excuse
repeated change of inference as to its effect on the the failure of the German offensive in the West,
larger fortunes of the war. The two questions which declared that "we shall yet settle with the Ameriarose to mind were whether these movements rep- cans," and the spokesman of the navy declared that
resented the working out of a concerted plan by the department to be "still convinced that our U-boat
Allied unified command, and, in any case, in what warfare is the sole means for making the Angloposition they would leave the German Government. Saxon race see reason."
It is hardly probable that General Foch should
The tone of German official deliverances must
individually have planned in their details the Balkan obviously be very much changed before any posand Asia Minor campaigns; indeed, experience has sibility will exist for considering peace with Gershown that both campaigns were in the hands of many. Such a change may be long delayed, through
extremely capable generals. But it must un- reluctance of the military party to face its own disdoubtedly have rested with the Chief Command to astrous political sequel, and yet it may come sudconsent to an offensive or to withhold consent, denly. By no means the least striking part of all
and that decision would naturally be based on Foch's speeches lately made by the German civil and military
own knowledge as to how far the recall of Austrian authorities has been their reiterated reference to
and Bulgarian troops from the Balkans to the French the spirit of discontent and insubordination among
or Italian front had counterbalanced or exceeded the people. When the heavy depletion of German
the drafts on the Allied armies in the East for service man power at the front is compelling drastic extenin France.
tion of conscription of German citizens,. when a new
Knowledge on this point, and complete trust in German war loan has had to face the investing
the subordinate commanders, might easily have public, and when the news from Palestine, Macedolent itself to a comprehensive scheme by the central nia, Bulgaria and the Hindenburg line must be
Allied command. In this the alternating blows on known to all Germany, the real situation is too plain
various sectors of the German front, confusing the to be misunderstood.
• movement of reserves, would be supplemented by
Similar alternating blows in both East and West,
whereby transfer and distribution of Teutonic MR. UNTERMYER'S ARGUMENT FOR GOVERNMENT OWNERSHIP OF RAILROADS.
reinforcements might become a matter of extreme
perplexity.
Speaking to the bankers assembled in Chicago,
• The first concrete effect of these Eastern victories, on Tuesday, Mr. Samuel Untermyer, counsel of
following fast on the news of Ludendorff's disasters the National Association of Owners of Railroad
in the West, would naturally be the weakening of Securities, discussed the outlook for such securithe Quadruple Teutonic Alliance. Faith in German ties under the operating contract. The probmilitary prestige would itself be shaken—and what lem must be considered, he said, with avoidance of
that means, even the recent developments in Russia any assumption that the powers delegated by the
have shown. But this was only part of the situa- contract will not be exercised; the status of security
tion. Invasion of Bulgaria from the south has holders "must be judged by what may be lawfully
become a military possibility; and this, if success- done under the contract and not by speculating on
fully achieved, would mean the threatening of what will be done." So viewing, he has to regret
Austria herself on the flank. Turkey and Bulgaria his inability to bring any "very cheerful or enhave in past wars always been ready to ask for the couraging answer."
We can see no clearer summary of the situation
best terms of peace procurable as soon as their armies have been crushed; to that precedent there is than we made two weeks ago: that eminent domain,
no exception. What Austria's attitude is, in regard hitherto confined to taking property absolutely and
to her campaign in Italy or her relations to the war finally and paying its appraised value then and there
in general, the recent speeches of her statesmen has seized a going concern (equivalent to a great industrial plant) for occupancy and operation, prompretty definitely prove. Bulgaria's official request ising_
to return it unimpaired at a future date, and
for an armistice is only one sign of the times.
Germany remains, and the problem of this winter— to pay meanwhile a rental to be ascertained as soon
conceivably the problem of the next few weeks— as may be. The contract draft is the eminent
will be the manner and language in which that power's idea of the'rental and other'points•involved.
guilty Government will confess defeat. No light In form, no individual member of this vast indusis thrown on this question by the present week's trial plant is compelled to accept the terms offered;
speeches of the Imperial Chancellor and of other yet any that declines assent and takes its case to
members of the Government, to the Reichstag. the courts must face indefinite delay, with the preVon Hertling's speech was made up of one long sumption to be taken as against it, and is to have
lament; of renewed protests that Germany was not meanwhile at least 10% "of their just compensation"
to blame either for bringing on the war or for invad- withheld, so that liberty of decision is clearly someing Belgium; of accusations that England's treat- what abridged.— As for those that accept, they
ment of Ireland was worse that Germany's treat- must enter into a blind deal, surrendering in advance
ment of Belgium; of complaint that Wilson did not (as already pointed out) the right to hereafter conreply to Hertling's assent "in principle" to the four test the Government's interpretations of points
American stipulations (at a t'me when Germany which may arise and cannot now.be even foreseen,
was busy breaking faith with Russia), and of the or (as Mr. Untermyer put; it) "where. contracts
assertion that whatever happens, Germany "will are made all doubts are thereby conclusively renot cringe or grovel." The Vice-Chancellor stoutly solved in favor of the Government's construction,
defended the Treaty of Brest-Litovsk. The Foreign since the roads are required by the contract to stipuSecretary charged that, the Allies were conspiring late not to_question either the constitutionality of




SEPT. 28 1918.]

THE CHRONICLE

the law or the interpretation placed upon it by the
Government."
The situation as it presents itself to the cool view
is that Government has undertaken to operate the
plant temporarily under rental and to return it in
every respect unimpaired, and therefore that we
cannot turn away from the main question: return
and non-impairment. The law requires such treatment "that the property of each carrier may be
returned to it in substantially as good repair and in
substantially as complete equipment as it was in
at the beginning of Federal control;" further, full
adjustment and compensation is to be made "for
any loss and damage to its business or traffic by reason of the diversion thereof or otherwise, which has
been or may be caused by said taking or said possession, use, control, or operation."
If this language means anything and binds anything, it covers any depreciation or damage consequent upon the Government's seizure; that is, it
covers the "goodwill" as to which the security
holders (the owners of the taken property) now feel
concern yet the official announcement of the contract draft appears to have least thought of and to
hold in the least regard.
During the interval before the date of return,
Mr. UntermSrer's most "cheering or encouraging"
opinion is that "it may now be assumed with reasonable safety that where interest charges were fully
earned during the test period they will continue to
be paid during Federal control, provided the carrier
is able to re-finance its maturing obligations." Continuance of dividend payments, he frankly says,
"rests upon an entirely different basis." He sees
a few roads whose margin of standard return over
fixed charges "is so generous and whose ability to
finance the onerous Government requirements for
additions and betterments is so unquestioned" that
their future dividends "are reasonably assured" for
so long as continuance is deemed good business
policy; as to the others he frankly guesses that they
will be forced to gradually discontinue, "and that
this will apply to roads that have paid dividends
continuously for many years." As to solvent roads
which have been dividend-paying, and "in any case
in which the contract has been based on the standard
return," Mr. Untermyer sees no prospect whatever
of increased dividends, no matter how largely returns may exceed dividends heretofore paid, unless
such increased payment comes "possibly from
revenues from sources outside the operating properties." And in no case, he adds, are increased
:dividends permissible, even from outside souces,
without special assent of the Railroad Administration, thereby illustrating again the kind of freedom
left for the owners under this renting application of
eminent domain; and he adds that such permission
is unlikely to be given, "in view of the right reserved
to the Government by the contract to use the entire
standard return over fixed charges for additions and
betterments not chargeable againstthe United States,
and of the authority it acquires by the same document to commandeer the entire financial credit and
resources of the carrier for its war and. other purposes."
After following this line of thought a little further
and saying that through such changes as may be
made "some roads will benefit while others will be
virtually destroyed," he thinks the burdens on
thosekthat are,,. benefited may be too heavy to:carry




1225

and he "can see little hope for most of them except
through Federal ownership on almost any .terms
that the Government may impose."
This is the climax of his address, and contains
whatever encouragement he can offer. To pay
outright for the roads at the war's end he thinks
impracticable financially, and neither needful nor
profitable to either party; "the most logical and
proper method would seem to be to guarantee interest and dividends on the outstanding securities
to an amount that would yield a reasonable rate of
return on the value of the properties,or for the Gov4
ernment to issue in exchange its own long-term
securities at rates of interest that would give to
them a par value having regard, to their greater
market and intrinsic value as Government obligations." He supposes that if "a high-class 4%
railroad bond normally sells at 90 a long-term Government bond or guarantee at 23/2% should under
peace conditions have an equal value." If a stock
paying 6% and earning 12% over a long term of
years has commanded par on the average, "shareholders would doubtless be willing to accept a 4% or
even a 3% Government obligation as an equivalent in
market value." This as to the prosperous road,
and for that it seems to him easy; but how of "properties representing capital investment that is out of
proportion to their net operating revenues," that
is, to the more unhappy members of the vast industrial plant? "Will their compensation," asks
Mr. Untermyer, "be regulated by the investment
or by the returns? Probably by a combination of
both elements. Whatever the result, they also eould
be compensated by Government guarantees equivalent
to a return on whatever is found to be the selling or
condemnation value." [The italics in this last sentence are our own.]
At this stage we copy, without comment and as
useful to the reader who will set them over against
Mr. Untermyer, a few sentences from an address
on the same occasion and subject, by Vice-President
Sisson of the Guaranty Trust:
"The future value of railroad securities will not
be determined, even during the period of Government operation, and still less in the period of transition from Government back to private operation,
by the compensation which the Government may
pay the companies nor by the way in which it may
maintain the properties. As the prospect of the
return of the railways to their owners, as the act
contemplates, becomes more imminent, the ratio
between earnings and expenses will become a more
and more important factor in determining the value
of the securities. It seems reasonably certain that
after the contract has finally been executed by the
roads the railroad stocks will be placed in about the
same class as railroad bonds, since with their earnings definitely limited and guaranteed, speculative
possibilities will be largely eliminated from them
and their prices should not greatly fluctuate. . . .
"There are three ways in which the railway system
of the country can be handled at the end of Government operation. The first is the present plan of
returning the roads to their individual companies;
the second is that of providing for complete Government ownership and operation; while a third plan
is possible, that of modifying the old system of individual companies into one of regional railways
under private ownership, which will secure all the
advantages that would come from retaining private
ownership and private enterprise in the management
of the roads with Government co-operation and
guaranty. The security holder is vitally interested
in all of these possible solutions, and the future of

1226

THE CHRONICLE

railway securities is dependent upon the course
taken.
Returning to Mr. Untermyer's suppositions, they
are suppositions only and seem quite doubtful ones.
A long term to run is a factor towards high market
value for a bond, but only one factor, and the difference between a Government issue at 237
0 and
"a high-class" 4% is large. The notion figured out
by Mr. Untermyer that Government might substitute, as a means of payment for the roads, a
mass of long-term guaranteed bonds at 23/2% to
33/2% interest for a larger mass of bonds of privatelyowned roads at 4% and get out of the operation a
net annual "profit of 190 millions" or something
like that, seems to us too fanciful. And underlying this, perhaps unrealized by the speaker, is
there not a thought about what the private investor
may deem the best open to him in certain circumstances, that is, "through Federal ownership on
almost any terms the Government may impose?"
• Mr. Untermyer's penchant for Government ownership, which he says for him "has no terrors," would
be suspected, did he not frankly avow that he has
long been an advocate of it. His views are rightfully his own, as he remarks incidentally; but the
publicist has equal right to his, and the "Chronicle"
cannot follow Mr. Untermyer, but must adhere
to its long-held belief that Government is the most
imperfect of all inventions or sufferances of mankind, an admittedly unavoidable evil but one of
which the very least we can get on with is to be
chosen. What are we doing now but fighting
Government—a Government based on the most
archaic notion of a divine establishment handed
down perpetually through one dynasty, but causing
a graual destruction of individuality and initiative,
exalting the State (personified, of course, by the
dynasty) and making the citizen an inconsequential atom, related to the whole as the grain of sand
is to the mass along the seaside?
Mr. Untermyer's sketch of errors and sins of
long ago in railway development following the
Civil War and of the great error, in reaction, by
which the country fell blindly upon the victims after
the offenders had made their effectual escape is
correct, and not untimely now. He justly flays
the mistaken "policy of keeping the roads on the
verge of starvation." He is entirely right on the
persistent mistake of imagining that the rich own
the roads. In his apparent belief that all this was
"a mistaken conception of public sentiment" we
hope he is also right; but one conclusion is sure:
the country must not take an immoral course nor
tend towards a wrong merely because it has the
power. The return of these properties, and such
treatment as will permit and lead to their return
unimpaired in every respect by the interval of possession, is the conclusion to which the reason and
conscience of the country should bend. Tampering
with conscience by casuistry is dangerous for the individual monitor always, and if a national conscience exists outside of rhetoric it must be just the
aggregate of individual consciences. Tamper with
that, make plausible excuses for doing the thing
which is questionable yet seems to agree with present
convenience or with what we may easily persuade
ourselves is an unavoidable necessity, and we may
gradually rub the edges off the right until right and
wrong are almost indistinguishable. In calculating
now upon what will be done with and for individual




[VoL. 107.

owners of these roads, we must not turn our eyes
for a moment from this question: What is morally
right? To speculate upon what the security owner
may consent to do, at some future time, when Governmental action meanwhile has presented to him
a choice of evils, is to tamper with conscience; the
real question is what the security owner will do
when left to a free choice under such normal conditions as will arise when Government returns seized
property as agreed, after dealing justly therewith
meanwhile, and not what he will do when faced by
"Federal ownership on almost any terms that the
Government may impose." To put it compactly,
the owner now thrust aside and bid to wait and take
what is offered him is morally entitled to a free
action, and not to have his hand forced for him.
In what we call a "hold-up," is the action of the
subject thereof free, or is it under compulsion?
The seizure of the roads is said to have been under
necessity. The "Chronicle" did not concede that,
but the step was taken, and is beyond recall. What
is open and is not yet beyond recall is a fair and honest fulfilment of the assurance that accompanied
the step. This great country, in this great stress
and juncture in the world's affairs, can afford to
gird itself mightily and to suffer whatever may be
asked of it by the issue. The one thing it cannot
afford, and must not even contemplate, is to do
a wrong. Having power to do that only heightens
the obligation to refrain.
THE RESPONSIBILITY OF LABOR IN THE WAR.
Labor still makes trouble and seems most interested in its opportunity. At the end of last week
we were told from Bridgeport that because of the
wide conflict of opinion as to interpreting the decision of the War Labor Board the case would be
re-opened and Messrs. Taft and Walsh would be
there on Monday to try to straighten out the knots,
and that labor officers in Bridgeport believed this
action meant the virtual abolition of the Eidlitz
award. On Tuesday the report was that the Board's
local examiner had received full authority to rule
on all questions involving the 60,000 workers in 66
plants included in that award, although Mr. Taft
was quoted as saying that appeal from the award
could be made only to Mr. Eidlitz, the Board disclaiming jurisdiction over so much of the case. This
reads like a discrepancy, for if the award is to stand
and yet the local examiner is to have a free hand
"on all questions" nothing can be deemed positively
settled.
And yet one thing may still be taken as settled)
that the work shall not stop; the tongue may perhaps
be permitted to go on wagging its mischief, but the
hands shall not cease. If the country has reached
any decision on this plaguesome matter which its
own long easy submission has been fostering for its
embarrassment (as this journal has so often pointed
out, but without apparent effect), the decision is
that the battling at the war front shall not be halted
or hindered by industrial slackers at home. We
are not alone in having to deal with labor selfishness,
for London reports, this week, that "the strike of
the Welsh railroad men is seriously imperiling the
coal supplies of the British navy, of the South Wales
munitions factories and of the ocean transports
waiting to go to sea"; and now the strike seems to
be meeting collapse by the Government sending
soldiers to the point of trouble and arranging to

SEPT. 28 1918.]

THE CHRONICLE

use motor transport service if required. A week
ago Mr. P. B. Noyes, Director of Conservation in
the Fuel Administration, was speaking in Uniontown, Pa., to a meeting of mine workers and operators, and he sought to bring the situation home to
them personally. "We cannot increase the steel
output without more coal than you are mining now;
get that in your heads," said he. "You will never
hear definitely of the disaster if it comes," he went
on,"because the drive abroad will go on just the same
and will be successful just the same, but the disaster will be buried in the casualty lists." When
the date for the big offensive arrives, General Pershing
will sit down and figure out (and he can do it accurately) just how much he lacks of the ideal lifesaving supply of munitions. "So many shells short,
so many extra deaths." The more coal got out before
Christmas, the fewer casualties next spring. Then
he brought it home: "Many of you mine 6 tons per
day; that will make one ton of steel, which will make
25 3-inch shells. Every day unnecessarily laid off
means 25 shells lacking on the pile. Lay off one
day a week until March, and you can figure that
your pleasure has cost General Pershing at least
500 shells, and that loss will mean at least one young
man killed who might have come back."
These figures need not be studied critically, for
at least the argument is correct. And on Monday
Secretary Daniels expressed the industrial responsibility when he said to an assembly of munition
workers that the acid test for the men of America,
after the war, will be "did you give everything you
had to your country in its trial?" This was said
for all Americans, not in criticism of those before
the speaker, and if we substitute "go to the clear
limit of your duty" for the over-literal "give everything you had," it may stand as a challenge to every
American in every place. Perhaps it would be
unjust to accuse organized labor of not caring about
the war or of not realizing that it is their war and
they have a personal stake therein; perhaps the trouble is that they have for so many years been getting
obsessed with the falsehood that they are under
a slavery to capital and an irreconcilable conflict
exists between employer and employee that all they
can see now is that war has brought them a day of
emancipation and has put everything, at last, in
their power. Possessed by this false notion, it is
not hard for reckless talkers to persuade them that
when they slack and rebel they do not impede the
war materially but only put their enemy, capital,
where it must and will yield, and then, with all
demands enforced, matters will go on successfully
and labor will come into its own.
The day's news furnishes something in the other
direction. Just before a labor trouble was taken
as the immediate occasion for seizing the telegraph
and telephone, an organization within the Western
Union's forces distinct from the outside domination which has so often been a disastrous interference, was in process of forming, and now we read
that it seems to have been completed, for the general
officers of an "inside" union of over 30,000 employees
arrived here on Sunday night to confer with the
company officers about a wage increase and all other
questions of working conditions that may arise.
Displeased at the methods of the Commercial
Telegraphers' Union whose head was stirring up a
strike when the seizure of the lines by the Government occurred, the inside movement began with




1227

some 1,200 members, and it bases itself on the proposition that employers and employees can and should
occupy a ground of mutual interest, that the strike
is a bad instrument and workers should keep on
working while they arrange their differences, seeking arbitration only when they, must and never
having use for interested interveners from the
outside.
It is encouragingly interesting, also, that the
Woman's Land Army, Incorporated, headed by the
wife of Governor Whitman, has taken official headquarters, its purpose being to gather colonies of
young women anxious to do their bit (a potentially
large bit) in the war through farming. Proper
housing and equipment being necessary, a membership drive has begun for funds, wherewith to provide
for the physical needs and comfortable conditions
of a force for temporary call. The ten-day drive to
enlist a million women for farm needs began last
week; the booths, methods and speakers that have
been used in the stamp drives are turned to this
movement in an interval of rest, and the returns
already received are favorable.
Women are wanted for almost everything, and are
answering the want. So declared a forceful and
excellent speaker, Mrs. Pankhurst, to a women's
meeting on Monday. Stirred by disquieting reports
that the Hog Island yards are not likely to reach
the expected output of ships, she said that at first
the English women who wanted to go into munition
shops and shipyards (when the first reverses on the
Western front were from shortage of ammunition
and that was from labor shortage) met all sorts of
objections, and Lloyd George had his hands full in
dealing with those. Employers had a prejudice
against women in factories, the trade unions put
their backs up, and then women of all ranks rose
and demanded entry to the shops. Now, said
Mrs. Pankhurst, women make 90% of the shells
and in shipyards are doing whatever men do, the
women of wealth and leisure disregarding the one
and giving up the other while they work side by
side with those who are bred to labor. "Our English
women workers don't strike," she said, and more
and more "your country will be depleted of men,
as England is, and you women must take hold."
The woman in business is known and accepted,
and the woman in industry is following her. There
is nothing in this to cause uneasiness; the change will
adapt itself to all the other changes of our day, and
only a few things which men do are beyond the
ability and willingness of woman. Do not set her
at the labor of the stevedore and the handler of
heavy truck, for her equality with man in brain
does not imply equality with him in brawn. If due
care is taken to safeguard her physical structure
by fitting to it her conditions of employment, we
need not worry over her future and that a her mate.
It is already told from Bridgeport that women
are coming in large numbers to take the work abandoned by the men. So give the woman her way,
but keep the party boss and the union organizer
away from her if possible. Leave her to do her own
organizing, in the hope that she will show more
independence and sense than the males have shown
in that; but with her might stand the miner John
Mullins, reported as having made a world record by
mining and loading over 25 tons of coal a day in the
month ending on the 14th, he might not shrink from
leading the women, and they need not disdain his

1228

THE CHRONICLE

company, for no slacker is he. One good at least
the women can do, and a good of no light value now:
they can shame the men by sticking pluckily and
patriotically to work.

[VOL. 107.

need more than exists now. Colossal war credits
increase the number and volume of remainders, international banking machinery breaks down, hence,
more gold to settle remainders. At present we
are not settling—we are issuing more credits,
ENCOURAGING GOLD PRODUCTION.
increasing the need against the days of "reconIt is a very interesting and important matter that struction."
is brought to public attention by the recent conferThere are 23.2 grains pure gold in a dollar coin;
ences of gold producers, and which received con- $20.6718 in an ounce. Before the war there were
sideration at this week's meeting of the American grains enough, ounces enough, for the world's needs.
Bankers' Association. The inevitable scramble for Bars were shipped in preference to coin. Weight,
gold after the war is a vital, if not a threatening, grains and ounces paid any debt, because no debtor
problem of the future.
refused, and remainders were certainties—the "standThere need be no alarm over a possible recurrence ard" was physically as well as theoretically sufficient
of agitation in favor of bimetalism. The "standard for commerce, trade. Now that electrically charged
of value" was never more firmly fixed in the world barbed wires, great guns, submarines and bombing
than it is to-day. All this vast indebtedness of war airplanes divide the nations, the translating process,
is payable in terms of gold—and any other form of international exchange, breaks down, while the
payment will constitute plain repudiation. As to the basis of settlements, the volume of debts, increases
suggestion of a return to the"double standard,"silver to almost•inestimable proportions, and, as we have
may have an enhanced marked value, due to increased said, the settlements, final, are not made, they await
use because of war's circumstances affecting certain the resumption of trade, the offsets between nations
countries—but that market value of silver is meas- as well as individuals. These are to come, and with
ured in terms of gold, and any attempt to remonetize them an attempted renewal of trade on a grand scale,
it at war prices would present again the old uncer- causing, if it comes, increased remainders. But no
tainty of a shifting scale. Twenty-five or thirty matter what comes, the standard is secure—the
million Government bondholders in the United grains in a dollar—and the corresponding computed
States, and a similar number in other commercial grains in every other coinage. You may put the
countries, will hardly desire to take payment in English pound in place of the dollar if you choose—
silver, instead of gold as provided, only.to find that an unchanged standard of value.
precious metal dwindle in their hands. A dead
Therefore, we need more gold. Every nation does.
delusion is hard to revive. The standard of value is Some of them will buy it, if they can. Some may
not dependent for its effectiveness as a standard on order (legal-tender) their subjects toitake payment in
the amount of gold in the world. Goldfatlarpremium other metals, and internally fix a price thereon, and
would not destroy the measuring value of a standard thus repudiate debts. The "standard" will stand,
fixed by world-wide commercial experience and nevertheless. Mark—the history of the world is
sanction.
being written in gold, as well as blood. We do not
But we do need more gold, and every nation needs specially need ,more gold now. We already have
more gold. Why? Well, here is one illustrative more than our share, some think more than is good
answer—for the same physical reason, in character, for us. That is a fallacy—and it should not be fornot in kind or extent, that we need more yard-sticks gotten that we are steadily adding to our debt
to measure ten'million bolts of cloth than ten thou- based on gold. But we may need more gold—when
sand. Cold (lees not "circulate." It is not adapted the war is over and democracy opens the gates of
to this—paper based on gold dollar for dollar is trade over the seven seas. An ounce of precaution is
better—there is no abrasion and loss. Gold is used also worth a pound of cure. If it is a good monetary
to pay balances. When credits have reduced them- and financial policy to sequestrate all our gold in the
selves by cancellation to mere remainders, there vaults of the Federal Reserve Board and banks,
must be something to pay the differences in, some- where it will be hard to get when we mayhap shall
thing that does not change, and it is by consent of need it to pay commercial balances incident to our
common use, gold. By its world-adoption this gold assumed coming dominence in world trade (gold
as a standard of value, though recognized by Govern- does not rigidly follow the balance of trade as bements as a legal tender for convenience of the people, tween two peoples or nations),then it would be good
is really independent of legal-tender qualities which policy to get more now, if we can. It is here, in
can never operate beyond national boundaries. mountains and valleys, but hard to find. It is
Gold pays the debt anywheie and everywhere— probable, if failures to find it were counted, it never
commerce says so—and commerce is wider and longer did pay a comparative cost of prodUction in any
than political governments. Coinage values dis- country, not excepting the fabled sands of Alaska.
appear, apd a given commercial value, a standard, It is a very simple proposition, that, with new proappears when we cross from country to country. cesses alone making possible • the ,utilization of lowAll moneys decreed by Governments translate into grade ores, and with labor soaring in wages all the
the denomination-weight of that coinage which has time, the cost of production now will diminish the
the most widespread recognition, by virtue of extent amount of production. It is the amount we want,
of commerce, in the marts of the world. At present and may need. The standard will take care of itself.
it is probably the American gold dollar. Out of this We would not change it if we could, and could not if
translation grows international exchange—now mud- we would. Yes we could—with the result of tumbdled by war. If we had a complete effective system ling credits over the whole world down like a house
of international exchange, an international clearing of cards, and spreading a commercial ruin more
house acting in the cancellation of indebtedness as disastrous than the physical destruction of "the
our Federal Reserve or city clearing agencies do, we greatest war in history." But that is inconceivable
would not need any[morergold, the world would not folly. Why, then, is there not a duty incumbent




SEPT. 28 1918.]

THE CHRONICLE

here to study the question of how to increase the
output of gold?
Meanwhile, our great banks are establishing
branches in foreign countries. If all nation's would
do the same, not only would world-trade be facilitated, but the need for volume-of-gold would be
diminished. Some day, perhaps, we will have a
perfect international system of inter-related banks,
with an international clearing house for all, and then
we will have attained true economy in the use of
gold. A perfvt "democracy" will tend to insure
this—but it has not yet come. Dangers are often
imaginary, and panics come from imaginary causes
on occasions. At all events, why not encourage
gold production, as a mere precaution, while we are
encouraging everything else from fixed double prices
on wheat to a spoonful of sugar a meal for saving.
It is an open question. But gold will be a live
question when the dynasties are dead and autocracies
no more forever.
THE FOURTH WAR LOAN—DRAFTING
CIVILIANS.
To-day begins the largest loan "drive" "in history." For three weeks the books of the Government will remain open for subscriptions. To-day
is self-registration day, for one hundred million
population. No one will be turned away emptyhanded. From fifty dollars to fifty millions, applications will be received. More than thirteen millions, within restricted age-limits, recently registered, under orders, for oversea service. More
than twenty-five millions should register under this
call, which is to a voluntary stay-at-home service,
with no discrimination as to sex, no limitation as
to age. The need for the sale of these "Liberty
Bonds" is absolute. Good citizens must exert themselves to meet it.
A long pull, a strong pull, a pull all together,
will accomplish the task. We do not know what we
can do as individuals with our potential credit
power until we try it. Credit converts easily into
credit. If one man owe another one hundred dollars due in a few months or a year and the creditor
believes the debt is good he may convert it into a
hundred dollar bond of this Fourth Loan now. This
is where the aid of the bank comes in. The bond
and the note together may be pledged to the bank.
When the note is due and paid it pays the bank and
releases the bond. One form of credit has supplanted
another. If we think of this process as a sort of
endless chain we see that individual credit is transforming into national bonds. Suppose we were to
convert all our individual indebtednesses due in the
next year into Liberty Bonds—what a vast subscription that would be. Debts between individuals
would be paid and canceled. We would not collectively have any more money than we have now.
We would have converted note-of-hand, or other,
individual credits into credits to the Government.
And this is one way only by which without any
money or fixed capital we can buy bonds.
There are many other ways. Suppose there are
a thousand bushels of wheat in the granary. It is
worth $2 20 a bushel, $2,200. But it may take
until Christmas to deliver it at market. One
thousand dollars may safely be spared, supposedly.
If the miller will not make an advance, the bank
will. Such a subscription is safe beyond perad-




1229

venture. The only determination the farmer has
to make in the premises is whether he can meet all
his obligations, tide himself over until the next
harvest, and spare a proportion of his income as
indicated by the figures given in the example.
And if he should over-subscribe a little, he has a
potential continuing credit in his honesty, energy,
and, if he is owner, his realty, which are good for
a reasonable remainder at the bank. Suppose it is
possible to convert one dollar of every two-twenty
thus—and there are eight hundred millions of bushels
of wheat available—what a considerable portion
of six or seven billions the farmers can absorb out
of a single crop! Actually, we have no idea such a
proportion is available for the one purpose, but
coupled with practical individual credit the sum is
possible.
Take salaries and wages. What millions, at the
highest rates, are here available. Unfortunately
salaries are not enhanced as are wages—unfortunately for salary earners who must pay the high
cost of living and the high toll of income tax. When
advances come equally to all men, and taxes rest
equally on all, we will be within sighting distance
of the millenium. But without disturbing what
has been saved, there are great possibilities here.
No man can measure the future. But the probabilities are that labor will be consumed and paid for
at near the *Present average rates for another year.
The problem of the individual is to estimate what he
can do without in the next year, what he can save,
what margin of investment in bonds he can meet.
Here, short-time credit at a bank changes into longtime credit in the shape of bonds—the individual becomes creditor and the Government debtor. Some
other toiler, some time in the future, by means of
taxes levied, will finally pay the debt.
All these suppositions fall short of the mark unless
every citizen according to his actual and potential
powers subscribes for a part of this huge issue now
being floated. Money cannot measure patriotism—
but money talks, it is a good index to loyalty and
a desire for service, and by money we mean credit—
credit-power. And there is one thing we should
all recognize and remember. One hundred million
fifty dollar bonds even are not possible—that would
mean a bond for every man, woman and child.
And if a fifty dollar bond were each person's share
we would have to scale down the number of persons
who can buy. Doing this we find by previous
statistics that a very small portion of the population
actually subscribes for a very large proportion of the
loan. This relieves no one. On the contrary it
makes imperative the duty of each to do all he or
she can. But when we forget ourselves and talk
about the "selfishness" of the very rich we should
then remember that it takes a large number of small
bonds to equal a million dollar subscription. And
the only real test of individual interest in such an
enterprise is not in the amount, but in the effort
put forth. And here perhaps, in justice, the credit
for a duty, if there is one, falls on the side of the poor
man who does his best, all that he can, all that he
dare, do—for his small subscription means notably
more personal deprivation than comes to the rich,
or well-to-do, man. The only way is for every man
to lend a hand where help is needed. Each must
work out his individual problem. The call is to
every citizen. The war is on, the money is spent
or appropriated—and the;bonds must be sold.

1230

THE CHRONICLE

After three loans few arguments are new. But
the old must be reiterated. What is always pressing home upon us as a people is that the indubitable
"need" is cumulative. And to him who is blessed
by fortune his self-analysis must concern itself
with the way he strives to meet this cumulative
need. Others may not be able to do more this time
than they did before. Is this so with the man
who has means, and who also has an increasing
prosperity? True, he must pay a ratable increase
(unless we have a straight war tax) or a flat increase
in taxation. And this serves to prevent him in a
measure from increasing his subscription in proportion to his increased profits or power. The
fault, if it be one, then, of failure to meet this proportionate increase demanded, will not be his. But
the question remains for his personal determination.
And it would seem ethically just that he take account of his personal fortune, his ability, in determining the amount of his subscription. And not
only is this ethical, it is advisable. It is questioned
whether or not "wealth" has been justly treated in
taxation. Here it may show its essential patriotism
by an effort to do its ratable share in buying bonds.
Largely speaking we believe it has, heretofore.
The demand still continues, and in proportion as it
meets this in the present urgency will it hurl back
the charge of selfishness on those who make it.
IMMIGRATION AND EMIGRATION IN 1917-18.
The effect of the war in Europe is seen no more
decidedly in any direction than in the flow of ocean
-travel to and from the United States. Aside from
the fact that the supply of ocean tonnage has been
greatly reduced there have been many influences
tending to cut down the volume of trans-Atlantic
passenger traffic. In this country every effort has
been made to discourage it unless necessitated for
business or other good reason, in order that space
may be conserved for the carrying of supplies for
the use of our own men . abroad or for our allies.
On the other hand travel in this direction has been
entirely impossible from some countries from which
we had been drawing considerable numbers before
the war began, while from others lack of shipping
or restrictive measures have kept the flow down to
a minimum. And, finally, the extra hazardous
nature of the sea voyage in these times is not to be
dismissed as of negligible effect. The result of all
influences combined is that during the fiscal year
ended June 30 1918 the movement of aliens into the
United States was of smaller volume than in any
year since 1844 only excepting 1861 and 1862,
when this country was in the throes of the Civil
War. At the same time departures of aliens from
the country, although also much below normal,
were sufficiently heavy to hold down the net gain
in foreign-born population to a very meagre total.
The alien arrivals at the various ports of the
United States in the twelve months ended June 30
1918 aggregated only.211,853 (made up of 110,618
immigrants and.101,235 non-immigrants), this contrasting with 362,877 in 1916-17 and 366,748 in
1915-16 and with no less than 1,403,681 in 1913-14,
just before the war. Coincident with this diminished inflow in the latest year there was an augmentation in the volume of departures, the emigrant and
non-emigrant efflux reaching 193,268, against 146,379 a year ago. Consequently, the net increase in




[VoL. 107.

foreign-born population in the latest year, at 18,585,
was not only decidedly below normal magnitude
but the smallest of any fiscal year in over half a
century at least. The 18,585 net arrivals compare
with 216,498 in the previous fiscal year, 125,941
in 1915-16 and 815,303 in 1912-13. Another important fact is that, as in 1916-17, nearly one-third
of the 1917-18 arrivals came across the Canadian
border and the inflow from Mexico was quite free.
A reversal in the trend of travel between Italy and
the United States is in evidence, the latest fiscal
year witnessing a net reduction of this nationality
in the foreign-born population of the country,
whereas in 1916-17 there was an addition.
Aside from the movement of aliens over the northern and southern boundaries of the country, referred
to above, the inflow of several European nationalities was in excess of the efflux in the late fiscal year,
but not to as great an extent as a year earlier. For
instance Dutch net arrivals were only 943, against
4,844; Finnish 192, against 4,468; French 2,651,
against 21,788; German 1,516, against 9,086; Hebrew 3,227, against 17,195; Irish 1,683, against
14,879; Scandinavian 4,515, against 13,012; Scotch
2,168, against 11,335, and Spanish 4,004, against
12,256. On the other hand, in some cases a net
outflow contrasts with a contrary trend a year ago;
this being true of the English, Greeks, Italians,
Polish, Portuguese, Russians and Slovaks. With
the alien movement so decidedly limited little or
no interest attaches to its distribution among the
various States or to the trades of the arriving immigrants, so we dismiss any reference thereto except
to state that there has been a moderate net influx
of those in seagoing occupations—mariners and
stokers—and of servants, but a loss of machinists,
miners, textile workers and ordinary laborers.
A CANADIAN MERCHANT MARINE IN THE
MAKING.
Ottawa, Canada, Sept. 26 1918.
Whether the Canadian Government will operate
the fleet of freighters now under construction, or
lease them to private persons, is as yet an undetermined point upon which the Minister of Marine
will shortly commit himself. The United States
Shipping Board long ago made it plain that the
operation of vessels would be undertaken by the
Government only if private auspices failed to do so.
To your correspondent the Deputy Minister of
Marine at Ottawa stated that the Government was
immediately concerned in hurrying along ships to
handle Canadian trade, and that the question of
Government operation was yet to be determined.
A few of the freighters on Government order would
probably be delivered before the close of navigation
this year, including one vessel of over 8,000 tons.
The last of thirty wooden ships ordered through
the Imperial Munitions Board has left the stocks
at Vancouver. That brings to an end, temporarily
at least, the British or Canadian Government's
wooden ship orders. This branch of the industry,
however, is not to pinch out without another few
years of activity, for the French Government will
purchase from Pacific Coast Canadian yards between thirty and forty wooden freighters, while on
private order in British Columbia and Maritime
Province shipyards are at least fifty more wooden
hulls. British Columbia ships will be utilized almost

SEPT. 28 1918.]

THE CHRONICLE

wholly in lumber carrying, while those turned out
in the Maritime Provinces will enter the CanadaWest Indies trade, keeping to southern routes in
the severe winter weather. The need for large
numbers of slow-speed, general purpose carriers on
both coasts has been keenly felt, but with no likelihood of a remedy, until the present scramble for
ship production. A noteworthy feature of Canada's
effort to retain ships already under Canadian registry
is the successful working out of an amendment
passed in 1915 whereby the area for which coasting
certificates were issued was increased from 5 degrees
north latitude to 40 degrees south latitude. Ships
that formerly were able to make the barest living
the narrow zone can now engage in South
American coasting trade during winter, months
'American
without being dropped from the Canadian records.
After many grievous experiences in the application
of shipping regulations, concessions are now appearing by which the egress of tonnage may be stayed.
During 1916, for example, 42 vessels transferred
from Canadian register because the Canadian Shipping Act required vessels of over 100 tons burden
to carry certificated masters and mates.
From 1900 to 1914 Canadian vessels carried only
about 10% of Canada's imports by sea and not more
than 12% of Canada's overseas exports. An official
estimate of this country's freight bill paid to foreign
shipowners in that period places the amount at
$60,000,000. Canada, therefore, stands in about
the same position as the 'United States in respect to
the small percentage of imports and exports carried
in bottoms of American construction or registry.
The tonnage of all vessels on the registry books of
the Dominion at Jan. 1 1915 stood at 932,422,
including 4,054 steam vessels with a tonnage of
744,783. In 1898 Canada held fifth place as a
maritime nation; she is now tenth in the line.
Three forms of encouragement have been directed
towards an increase of the merchant marine: (1) the
subsidizing of dry docks whereby 3 to 314% of the
cost of construction is paid for from 20 to 35 years
from the Dominion Treasury;(2) postal subventions;
(3) drawback regulations on ship construction
amounting to from 65 cents to $1 15 per gross ton,
the effect of which is claimed to be insignificant and
quite unequal to the inherent disadvantages of
Canadian construction. In fact, none of these
official encouragements has been anywhere near the
mark, for the Canadian shipbuilder was under a
40% handicap before the war, as compared to British
yards, and most builders in this country anticipate
an even heavier disadvantage under peace time conditions. The stimulation of a Canadian marine is
one of the major problems of the Unionist Government to which much -study is now being given in
official quarters.
JAPAN'S GROWING ACTIVITY AND
PROSPERITY.
After making all reasonable allowances for the
significance of the recent food riots, there is no
doubt that Japan has profited thus far very greatly
in financial and economic respects from the European
war. Of this general fact the large increase in the
reserve of specie offers one form of evidence The
amount of specie held by Japan on the last day of
June aggregated 1,210,000,000 yen. Of this amount
the nation held 484,000,000 yen, and the Bank of
Japan 726,000,000 yen. The amount held at home




1231

was 457,000,000 yen and the amount held abroad
was 753,000,000 yen. Perhaps a more convincing
form of evidence is the increase in the State revenues.
Japan's State revenue for the last fiscal year, as
entered up to the close of March, amounted to
803,948,400 yen, being an increase of nearly 220,000,000 yen as compared with the fiscal year reported
up to the same date of the year before. The bulk
of the revenue comes from the "ordinary account,"
but more than half of the increase from various indirect taxes. On the other hand, the increases of
revenue from the land taxes and the business tax
are relatively small, and, since in Japan the power
to legislate rests with the moneyed classes, and
through its system of taxation the Treasury is made
so largely to depend on the poorer classes for its
revenues, there has recently been much bitter complaint against the "war-born commercial kings" for
their success in avoiding a fair share of the State's
need of increased revenues. These gentlemen have
responded with the complaint that the Government
has been unduly hard upon them. Of the different
indirect taxes, those on imports show a large increase.
Whichever of the two classes of complainants has
the better right of way,the Government has grounds
of satisfaction in the fact that the taxes for the last
fiscal year exceed the estimates by more than
120,000,000 yen. The publication of the budget for
the year of 1918 seems to show that the Government
does not intend to surrender this advantageous state
of its fiscal affairs; for it has provided for a new
war-profit tax law which will apply to the Provincial
budget and hit foreign firms as well. The Provincial
budget for Korea is fixed for the year 1918 at revenue
and expenditure 5,894,000 yen, respectively, an increase of 1,311,000 yen over the last fiscal year. Of
this amount 1,976,000 yen comes by way of subsidies from the national coffers; the increase in expenditure is chiefly due to increased expense for engineering undertakings. It seems fair to interpret these
items as showing the growing economic prosperity
of Korea under Japanese control.
The growth of the foreign trade of Japan affords
a very interesting subject of reflective study—perhaps
especially for us Americans. According to the
"Japan Advertiser," the record of the last six months
is the "best ever," "the largest recorded in the history of the nation." The total value of the foreign
trade of the last six monthsis placed at 1,735,473,000
yen, in round figures; this is an increase of 578,900,000 yen over the same period of last year. It is
significant, however, that the imports have increased much more than the exports, so that the
balance of trade for the last six months has only
been a little more than one-fifth of that of the corresponding period last year. To be more precise, it
is, in round numbers, 56,000,000 yen, as compared
with 269,000,000 yen. In the export trade, rice,
sulphur, camphor, copper, zinc, braids, leather
goods, woolen cloth, cotton hosiery, hats and caps,
have all fallen off; coal and cotton yarns have increased. Much of the tabled increase in values is,
of course, due to increases in price. ,The imports of
raw cotton, steel shapes, and machinery have more
than doubled; while wool, oil cake, beans, sugar
and paper have also registered a substantial increase
on account of their being shortin the Japanese market.
The increased importation of machinery into
Japan during recent months is particularly signifi-

1232

THE CHRONICLE

cant. It is the more noticeable because this line of
trade has been one of those most restricted by the
belligerent Powers; almost all sorts of machinery
have been embargoed by one or other of them.
This renders it necessary to regard increase in value
of the imports largely as a matter of increase of cost.
For example, gas, hot-air and petroleum engines
were imported, up to May, to the extent of 110,297
pounds weight, but at a valuation of 182,464 yen;
for the same period in 1916, 154,456 pounds more
of this stuff were imported at a cost of only 111,038
yen. On the other hand, there has been a large
increase in the number of pounds of dynamos, electric motors, transformers, converters and armatures;
and also, of course, in value as estimated by cost.
This is, in spite of the rather rapid development of
electrical engineering in Japan itself. There has
also been "a strikingly large increase" in all classes
of machine tools, both of metal and of wood. The
effect of the limitation of spinning-mill equipment
has been very severely felt in Japan, because this
line is one of its most important industries and its
expansion has been earnestly desired.
By far the larger portion of this increasing trade
has been done with the United States, the aggregate
of the first five months of this year more than
trebling that of last year. It is also a notable fact
that, while the imports from England for these two
periods fell from 4,086,326 yen to 3,751,904 yen,
those from the United States rose from 4,667,090 yen
to 15,312,852 yen.
It is also noteworthy that the City of Yokohama
has formed a new trade bureau, the purpose of which
is thus defined: "To give prompt and careful attention to inquiries concerning Japanese products,
industries and business opportunities," and it
promises, since it is in direct touch with exporters,
importers and manufacturers, "to furnish you all
the necessary information concerning any business
you are interested in," and adds: it will be "a great
pleasure to have you avail yourself of the services
of the bureau."
Our business men have been frequently exhorted,
and by no means always in a fair,not to say a polite,
way, to keep a sharp eye on Japan in its efforts to
increase its economic control over China. The
rather uncomplimentary warning has been returned
by some of the press and business men of Japan.
But what is needed for the conservation of the best
interests of all three nations concerned—the United
States, Japan and China—is not the fostering of
suspicions which inevitably lead to
but the
-spirit born of mutual understanding and leading to
the best and lasting advantage of all. China has
the advantage of enormous undeveloped resources
and of an unlimited supply of cheap labor; but she
cannot develop these resources without foreign help,
and she cannot continue to reap the benefits of this
development without first stabilizing her government.
Japan has the advantage of proximity, great ingenuity and rapid growth in the spirit of enterprise,
and of, what is quite as important, superior knowledge of the Chinese language, institutions and
character. But she has the disadvantage of being
hitherto suspected and disliked by the Chinese.
The United States has the advantage of unlimited
resources, the spirit of enterprise, and the special
good-will and confidence of the Chinese, but it has
suffered hitherto through indifference to the conditions of successful foreign commerce, and an almost




[VoL. 107.

total lack of the business training on the part of its
agents which is necessary to success in the Far East.
It was just the possession of those qualities which we
have lacked, that was giving Germany its remarkable
growth of success in those quarters. But the prospect now is that at the close of the war, and even
before its close, both Japan and the United States
will have largely forestalled Germany in commerce
with, and manufacturing, mining and other enterprises within, Chinese territory.
An important document just circulated by the
Finance Department gives a detailed account of the
achievements of the present Government in carrying
out its plan of "promoting cordial relationships between China and Japan," and in helping to "establish its financial influence in China." The work thus
undertaken is divided into several heads, the most
important of which is the adjustment of "investment
organs." This includes the establishment of banks
and the unification of the currency throughout Manchuria, Mongolia and other parts of China.
Among the more important items of recent arrangements between China and Japan are the following: The transfer of the Nanking iron mine—
the largest single deposit of ore yet discovered in
China, and the one most suitable for the manufacture
of munitions of war, since it contains a smaller
amount of sulphur—has been authorized by vote of
the Chinese Cabinet to the Ministry of War; and an
agreement has been perfected for a joint operation
by Chinese and Japanese of this mine and the erection of a steel plant. A special loan of 3,000,000
yen, contracted for the readjustment of the reserve
of the Provincial Government Bank of Manchuria,
has been secured by all the shares of the Fen Psi
Colliery Company. The concession secured some
years ago by the Standard Oil Company of the oil
fields of Yenchang in the Shansi Province, which
has been forfeited by lapse of time, after an exploitation expenditure of $1,200,000, borne equally by the
company and the Chinese Government, has been
transferred to a recently organized Sino-Japanese
Development Company. The contract for the
Japanese loan to China of 30,000,000 yen, with the
forests of Amur and Kirin as security, was signed
on July 3 by the representatives of the contracting
parties. The opposition which has been roused in
Kirin will probably quiet down in time. Negotiations, which have been in progress for some time, for
the building of the Kirin-Hoyliong Railway with a
loan from a Japanese syndicate, have now come to a
successful issue and the contract has been signed at
Peking. On the other hand, not all attempts at
drawing the two countries into closer trade relations
are moving with perfect smoothness. In particular,
there is much indignation expressed in Japan at the
proposal of the Chinese to make a heavy incrasee in
the provisional tariff on cotton goods, of which
Japan is the heaviest exporter to China.
We have already said that in Japan, as here, some
parties are inclined to regard our progress in trade
in the Far East with eyes of unfriendly jealousy.
But that is probably not the prevailing sentiment.
The establishment of the Asia Banking Corporation,
which has as its principal promoter the Guaranty
Trust Company of New York, and a number of banks
on the Pacific coast, is cordially welcomed by some
of the more important Japanese papers. One of
them goes so far as to say: "In the last ten years
America, economically and philanthropically, has

SEPT. 28 1918.]

THE CHRONICLE

invested an enormous amount of her money in the
Far East, and she is going to establish her financial
position more firmly than ever in China."
One of the more interesting combinations of
American and Japanese industry is illustrated by the
rapid expansion and prosperity of the Nipponophone
Company, Ltd., near Tokyo. Here Japanese workmen, under the direction of American brains, are
manufacturinephonographs—all the material used,
with the exception of the brass and copper, being
imported from the United States. This plant is the
most prominent organization of its kind in Japan.
It would seem that, since the price of a telephone instrument in Tokyo ranges at anything from 1,000
to 2,000 yen, there is call for a similar industry in
another direction. It is not without significance in
this general direction that the address delivered at
the Fifth National Foreign Trade Convention,
Cincinnati, Ohio, April 19, by Mr. M. A. Oudin,
of the General Electric Company, has been copied in
full by the "Japan Advertiser."
Considering the utterly upset condition of Russia,
it is noteworthy that Russians of large means are
now in Japan working hard to form a joint business
concern with the Japanese. There are already a
goodly number of American and Russian joint concerns in Russia, and the plans of our Government
are well known to favor increasing this number.
But the interests more closely touching Japan in its
future relations with Russia are numerous and important, the largest, perhaps, being forestry.
Of the home developments which vitally affect
the economic prosperity of Japan, that of the steel
industry is probably most important. There has
been of late a veritable steel famine in Japan. Very
few steel shapes are coming from America, and the
supply for home use has been further diminished
by the increased exportation from Japan to the
South Pacific. Under these conditions the new mills
which have lately cropped up in large numbers in
the country are having a busy time of it, arid their
profits are reaching enormous figures. This is occasioning increased difficulty to the shipbuilders.
The first-rate shipbuilding plants have largely
overcome this difficulty by their contracts with
our Government, but the second-rate plants have
been refused this relief. They are therefore building small craft with shapes supplied by domestic
steel plants, but they are kept very anxious by the
prospect that this source of supply will soon be
exhausted.
The manufacture of various kinds of paper, in
Japan is being successfully developed. The paper
pulp industry in the colony of Kabafuto is being
developed and it is calculated that the total annual
output of pulp will soon reach 100,000 tons. This
supply, with that from other interior sources, it is
calculated, will soon render the Japanese paper mills
independent of foreign supplies. The recent profits
of all the spinning concerns in Japan have been
something remarkable. The receipts of the thirtythree cotton mills reported at a recent convention
aggregated 41,315,000 yen, and the average of dividends was 41.1%. Besides this, these companies
carried forward the sum of 20,330,000 yen, absorbing in this way practically one-half of the total
net gain. In Korea good progress is being made in
the cultivation of cotton, especially of the upland
variety. In Korea also the cultivation of some
three hundred varieties of medicinal plants is being




1233

undertaken by the farmers under the direction of an
expert botanist and therapeutist selected by the
Government. Is there not here a suggestion of
value to us in our legitimate resolve at independence
of foreign nations, likely to take the position of
hostility in commercial relations, in the future?
Among the more interesting plans for developing
the internal resources of the country, or rather for
importing wholly new measures for adding resources
not hitherto naturalized, is the starting of sheep
raising in Japan. In the past it has been considered
impossible to raise sheep in Japan, and the woolen
industry has been wholly dependent on importation,
chiefly from Australia. On July first of this year
the Japanese Government took definite measures
to remedy the situation. Besides importing breeders
from America and Australia, it has started a model
farm in connection with the Government Agricultural School in Hokkaido, where instruction will be
given to numbers of students who, at the end of a
year, will be scattered all over the rural districts,
giving practically free instruction to the farmers
in sheep farming and wool clipping. In general, the
condition of the farmers and agricultural class has
been greatly improved of late in Japan. The increased prosperity of the rural parts has been notable
throughout the Empire. In proof of this is the fact
that the rural banks have had a very slack business,
in advancing money on security for farms and rural
estates; while, on the contrary, the greater portion
of the small debentures which these banks have
issued have been taken up by the farmers. Another
item bearing in the same direction is the fact that
Japan is fast freeing itself from dependence on China
for the hemp and flax from which the linen yarns
are made that are now being so much sought after
by England, Australia, British India, the Dutch
East Indies and other places.
Another not unimportant industry which is flourishing greatly is the fishing industry. In 1916
480,000 cases in round numbers of canned red salmon
were exported, but this last year the number reached
nearly 800,000 cases. Canned mackarel also occupy
a prominent place in the export market. Dried
codfish and sardines in oil have recently been put
upon the European market.
It is as yet more impossible to tell how the expedition recently sent into Russia will affect the financial
condition of Japan than to tell how it will affect us.
But if it and the other contributing causes should result in reducing Russia to some kind of order, and to
freeing it from the baleful domination of Germany,
there seems abundant reason to hope that all four
countries—China, Japan, Russia and the United
States—may share in the economic as well as other
kinds of increased prosperity and improved civilization which will follow in the Far East the close of
the European war.

Current

uruts and piscusstons

NEW CREDIT TO BELGIUM.
An additional credit of $2,770,000 was extended to
Belgium by the United States on Sept. 25, making the total
credits established for that country $157,020,000. The
total credits to the Allies established by the United States
since this country's entry into the war now amount to
$7,206,476,666, apportioned as follows: Great Britain,
$3,745,000,000; France, $2,065,000,000; Italy, 60,000,000;
Russia, $325,000,000; Belgium, $157,020,000; Greece, $15,790,000; Cuba, $15,000,000; Serbia, $12,000,000; Rumania,
$6,666,666; Liberia, $5,000,000.

1234

THE CHRONICLE

CONTINUED

OFFERING OF BRITISH TREASURY
BILLS.
J. P. Morgan & Co. this week disposed of the usual offering of ninety-day British Treasury bills on a 6% discount
basis. The bills are dated Sept. 24 and mature Dec. 23.

[VOL. 107.

The rosiest of the Bank of Finland for 1917 shows clearly the effects of
the Russian revolution. The most astonishing thing about the balance
Is the decrease of the capital stock from 25,000,000 to 4,700,000 Finnish
marks (Finnish mark=S0.193), and the total disappearance of the reserve
fund of 62,000,000 marks. Thus about 82,000,000 marks has been used
to cover losses. The cause was the unprecedented fall in Russian exchange,
whereby the outstanding accounts in Russia were decreased in value by no
less than 158.938,909 marks. The exceptional profit made by the bank on
other foreign transactions has reduced this loss to 90,893,054 marks. The
Finnish Government has now voted 350,000,000 marks for strengthening
the balance of the bank, whereby its position is again secured.
The paper currency of the bank on Jan. 11917. was 416,300,000 marks,
compared with 766,700,000 marks in 1918, which is an increase of 86%
in one year. At the same time the amounts on deposit increased from
146,000,000 marks to 249,000,000 marks, while inland bills of exchange,
loans, and cash credits have been but slightly changed. The reduction
of the metal reserve covering the paper money is very great. In the third
week of December the reserve was 1,068,000,000 marks. while one week
later it was only 945,000,000 marks.

INCREASED URUGUAYAN LOANS FOR ALLIES.
According to press advices from Montevideo, on Sept. 25
the Government of Uruguay has added 15,000,000 francs
to the credit it has in France for the purchase of war material
and will further increase its credit in Great Britain. Tho
arrangement under which those credits are made, it is stated,
provides that Uruguay shall loan to France and Great
Britain until the war ends the money that they spend for
Uruguay products.
THE JAPANESE COMMISSIONER ON THE ALLEGED
LOAN TO CHINA.
NEW FRENCH MILITARY HOME CREDIT—
In view of the information imparted in it, we give the
FINANCIAL AFFAIRS OF GOVERNMENT.
following letter with reference to the Chinese Loan, which
The proposed military credit of 12,200,000,000 francs for was addressed to the Editor of the New York "Times,"
military expenses and exceptional civil expenses for the and was printed in that paper Sept. 15:
fourth quarter of 1918 was stated on Sept. 21 as hav- To the Editor of the New York "Times":
In the New York "Times" of Aug. 13 I read the following special cable
ing been adopted by the French Chamber of Deputies dispatch
from Peking:
by a vote of 467 to 4. Concerning the financial affairs of
The contract with Japan for a loan of 80,000,0000 yen in gold has been
after hesitation by the President. . . .
the Government the cablegrams to the daily press from signed
The 80,000,000 yen in gold borrowed from the Japanese will be used by
Paris on Sept. 25 said:
the Chinese as a reserve for the issue of 40,000,000 yen notes. . . .
The scheme is adversely criticised as selling the country to Japan. MoreLouis Klotz. Minister of Finance, asked Parliament to-day to appropriate over, it violates the loan agreements
with America and the Consortium.
8.926,000,000 francs for civil expenditure in 1919, an increase of 965,000,000
The following day the same paper published a statement, running thus:
francs over the current year, chiefly due to the interest on the national
Financiers representing American banking interests in the four-power
debt, which would be 713,000,000 more than in 1918.
group loan negotiations said that they felt, quite certain that Japan would
In a memorandum deallag with the budget the Minister explained that not have arranged to make independent
advances of funds to China after
of the 116,000,000,000 cash raised by the Government since Jan. 1 1915, it had agreed to join the United States, Great Britain and France in the
18,000.000,000 was raised by taxation and 98,000,000,000 by loans. Of current undertaking to finance the Republic of China.
the loans 73,000,000,000 came from within the country and 25,000,000,000
As I entertained some doubt concerning the truth of the said cable report.
from abroad.
I applied to my Government for further information regarding the matter,
Since the beginning of the current year the proportion of foreign loans whereupon the authorities answered as follows:
to domestic had decreased, being 24% as compared with 37 in 1917.
No negotiations were made between Japan and China to advance 80,M. Klotz, discussing exchange, said: "The result of our military suc- 000,000 yen in gold for the purpose of reconstructing the Chinese monetary
cesses has been felt beyond our frontiers, and our money rates have im- system. The loan for the improvement of the Chinese monetary system
must be negotiated by the banking syndicate of the four-power group, In
proved in the markets abroad."
accordance with their agreement, and it cannot be contracted by Japan
'‘The pound sterling and dollar, the rates of watch have been stabilized alone. However, an understanding has been established between
China
by agreement with our allies, have fallen appreciably in the last few weeks, and the other Powers concerned, to the effect that as the highest adviser
to 26.08 and 5.47, as compared with 27.15 and 5.70. Although premiums regarding the project of monetary reconstruction, a citizen of Japan should
chosen.
be
on these moneys continue, important progress has been made, which ought
The aforementioned Peking dispatch seems to have been based on some
to be maintained, as it gives us in our external settlements a monthly econ- misunderstanding concerning the gold note ordinance, which was recently
issued by the Chinese Government. The ordinance was enacted absoomy amounting to several tens of millions of francs.
"Relative to other foreign moneys, despite speculation, which contribuies lutely by the Chinese Government's own plan for the purpose of facilitating the settlement of the balance of her foreign trade, as well as for the
to maintain their rates at an exaggerated level, they could not remain un- preparation of the gold monometallism of that country.
It provides that
touched by the improvement in our general situation and, in the course a certain bank, which is to be designated by the Government, should issue
a certain amount of gold notes for the reserve of the gold accumulated in
01 August 1918 foreign rates diminished ten to twenty points."
several exchange markets in and out of the country, and that these gold
notes can be used for the purchase of the bills of exchange and can also
be converted into gold when the gold basis is adopted for the Chinese
system. Such being the case, this is only a tentative plan. It
monetary
OPENING OF NEW FRENCH WAR LOAN.
cannot be regarded as an embarkment upon an adoption of the gold mosometallism, and no loan whatsoever has been extended by Japan for this
It was announced on Sept. 26 that subscriptions to the enterprise.
The above plan is quite independent from the loan for the
new French loan will open on Oct. 20 and close on Nov. 24. improvement of the Chinese monetary system.
middle
In
of June of this year some of the papers in this city published
the
The issue price of the new loan (4%) is fixed by a decree
a statement which informed us that Japan has the intention of advancing
published on the 26th at 70francs,80centimes the 100francs. a certain amount of money to China on the condition
that all leaf tobacco
In a special cable to it from Paris on Sept. 26 the New York used in China would be supplied by Japan, and they criticised the situation
"open
to
door"
the
menace
a
policy. But, according to the information
"Times" had the following to say with reference to the loan: as
I received from the Japanese Government, no loan of this kind has ever
It is announced this morning that the Fourth French War Loan will be been made between the two countries, and it is quite impossible for
Japan
opened for subscription from Oct. 20 until Nov. 24, and will he issued at to supply all leaf tobacco to be used in China because of the
insufficiency
7080. The yield at the issue price therefore will be something like 54%. of its production in Japan.
Subscriptions may be paid outright or by four installments of 12% on appliAKIRA DEN,
cation. and 20%, respectively, the middle of January, the first of March,
Japanese Financial Commissioner.
and the middle of April. The amount of issue will be unlimited.
New York, Sept. 9 1918.
The Ministry of Finance is now busily engaged in organizing a far-reaching
campaign of intense publicity for he loan on the same lines as those adopted
in America for the Liberty Loan. The whole of France is preparing with FRANK C. MORTIMER ON "THE PEOPLE AND THE
the utmost good will to meet such an onslaught on the traditional woolen
BANKS."
stocking as the country has never before experienced.
There is an enormous accumulation of money awaiting investment and
Frank C. Mortimer,Assistant Cashier of the National City
the general belief is that the response to the forthcoming appeal of the State
Bank of New York in addressing the American Institute of
will result in the offer of an amount that will place all previous efforts in
Banking at Denver on Sept. 17 referred to the occasional
the shade.

misunderstanding of the true functions of a bank, based
largely on the public's failure to comprehend the aims and
BONDS OF CITY OF FRANKFORT, GERMANY,
methods of banking institutions. In part he said:
STRICKEN FROM STOCK EXCHANGE LIST.
There appears to be a lack of thorough, understanding between the
The 332% bonds of the City of Frankfort, Germany, were public
and the banks. We all know how this is reflected occasionally in
ordered stricken from the Stock Exchange list at a meeting legislation and in public utterances. In what I have to say I am not
of the Governors of the Exchange On Wednesday. The concerned with the extent to which the public itself may be charged with
misunderstanding. The thing that I do wish to speak about is the share
bonds were admitted to the list in 1901; of the amount sold of blame that may be attached
to us. For, although the public does not
in the United States, 12,930,000 marks, 10,668,000 marks fully understand the bank, it may be equally true that the banker does
not fully understand the public, and so I shall take the liberty of drawing
were listed on the Exchange. It is stated that in consequence attention
to some things that I believe the bankers of the
of a sinking fund arrangement, only about $40,000 of the in order to win the public and bring it closer to the banks.nation should do
It seems to me that we may fairly ask ourselves the question: Do we as
bonds remain outstanding. No transactions in the bonds
public? Are we alive to the opportunities
have ever been reported, and there has been no interest bankers fully understand the
constantly arising to be of greater service to our respective communities?
payment on them since September 1917.
conception
the public function of a bank?
of
Have we a broad
BANK OF FINLAND'S REPORT FOR 1917.
The following, credited to the Svensk Handelstidning, and
transmitted to the Department of Commerce at Washington
by Commercial Attache Erwin W. Thompson, Copenhagen,
Denmark, under date of Aug. 5, appeared in "Commerce
Reports" Sept. 6:




The answer varies for different communities. In some localities we
find the banks keenly interested in all matters of public welfare, and there
banks are usually popular. In other places, where but little interest in
public affairs is taken by tho banker, the sort of misunderstanding to
which I refer has gradually grown up.
When we approach the question we find that there are many ways in
which the banker, attending to the duties which it is his legitimate part to
perform, is distinctly serving the public. Yet there are ways in which
some bankers appear not to be fully alive to their civic responsibility.
There are some things that all banks should do, as far as local conditions

SEPT. 28 1918.]

THE CHRONICLE

will permit, which are now being done by many in,stitutions throughout
the country in the way of rendering distinct public service. As an example
of what has been done in some communities, let me enumerate various
types of activity in which banks are doing things which win greater confidence on the part of the public.
The banks of a community may (1) take a keener interest in agricultural
development; (2) encourage the establishment of school savings; (3) cooperate with credit organizations; (4) engage more actively in the work of
chambers of commerce, boards of trade, and domestic and foreign trade
clubs; (5) participate more extensively in movements for public betterments; (6) endeavor in every reasonable way to foster local industries and
encourage them.
Those are some of the ways in which a bank, while carrying on its normal
operations, may well be considered to be ministering directly to public
interest and advancement. Not all of our banking institutions are as
active as they should be in carrying on those lines of endeavor. These
activities should consistently be promoted.
Yet it is not enough for the banks merely to do or desire to do these
things. It is equally essential that they keep the public informed as to
what things the banks are doing and as to how they are doing them. This
is a side of their public function that many banks have thus far overlooked. There has been no sustained effort on their part to stimulate the
public interest in banking activities. There has been no general attempt
to make clear to the people the place of the bank in the community. When,
as we know, the bank stands at the very centre of all important achievements in society; when, as we know, without the assistance of the banker,
agriculture would be hampered, manufacturing impeded, and commerce
could not go on; when, as we know, the bank is the vital intermediary in
all important community operations, why should we rest content with the
apparent opinion that the average uninformed person has about the banks?
Why should we allow the impression to exist to the extent that it does,
that the banker is actuated only by the desire to gain—and never by the
desire to serve public ends? Why should we tolerate all this when the
main reason for it is largely our own failure to bring the public to understand the bankers? The burden rests on us. It is for us to dispel this
false impression. It is for us to so inform the public that they shall become
the staunch supporters of the banks.
We bankers should participate more freely in public affairs. We should
attend more regularly public gatherings, show more interest in the general
activities of the community, in campaigns for better roads, in plans for
civic beautification, in agitation for bettor schools. Not only should we
have a passive interest in these things, but we should, through overt acts
on our part, manifest this interest. Let a representative of the local bank
be seen at every public meeting of importance. Thousands of our vocation
to-day are scarcely seen outside of their offices. It is not to be wondered
at then that their interest in public affairs is doubted.
This, then, is the general course that I suggest: that bankers participate
more widely in community affairs. But I have another and more specific
recommendation to make. Let each banking institution make sure that
it has upon its staff at least one man whose primary work it is to popularize
the bank. Many of our larger banks have long since recognized the importance of this. Many institutions already have a man who could be
used for this purpose. But those who have not such I advise most strongly
to employ ono. For there are many things that such a man could do aside
from representing the bank in public gatherings.
*
*
*
*
*
*
*
Once more an important step in our financial mobilization is about to
be takes. Again an opportunity is presented to bankers to gain still
further the confidence of the public. It is very clear. Never before
was the fact brought more sharply into relief that the banker performs a
public service. In times of stress and panic, public attention has always
centred on the banks, but now, especially, when money and credit furnish
the sinews of war, we realize the essential dependence of the nation upon
the banker. We find him in the centre of that current of trade which must
be unimpeded if it is to carry to all of the varied activities of the community that strength upon which our military force depends. And the
bankers of the United States are not unmindful of their great public responsibility. They realize that they must calmly, aggressively, and
patriotically take their part, for the performance of their function will
make pcissible the correlation of all the diversified forces of American
society, will assure the concentration, for the waging of its splendid purpose, of the nation's strength.
*
*
*
*
*
*
So much for the banker's part. His duty is manifest. He must convince the people that it is they, as well as bankers, who are to carry through
successfully these issues of the nation's bonds. The army of business
men, bankers, professional men, and bond salesmen, who gladly volunteered to carry this message will continue at their task untiringly.
There is a final important consideration. We must, with all the strength
of which we are capable, impress upon the'people the responsibility that
rests upon each of us as a citizen to bear his part in carrying out the purposes of the nation. For we, as individuals, have profited beyond ordinary
measure from the peace and prosperity that have for so many years been
assured to us by a beneficient government. Through the strength that
comes from union; through the power that is generated from the energies
of many with a common aim; through the strengthening ideals that have
been fostered by our Government, we citizens, as Individuals, have,
beyond the ordinary lot, received the benefits of organized society; and
as we have prospered. so we must meet responsibility. The nation has
given us freely and abundantly, and now we must in turn reward her.

TRIP OF SECRETARY OF AGRICULTURE IN DROUGHT
STRICKEN AREA OF WEST.
The following Washington advices concerning the results
of a trip made by the Secretary of Agriculture in the drought
stricken areas of the West and Northwest, appeared in the
"Wall Street Journal" of Sept. 2.04
The Secretary of Agriculture has jt! fawned from a ten-day trip
through certain drought-stricken region (p tr.° West and Northwest. He
had an opportunity to see crop conditions through parts of Missouri,
Nebraska, Montana and North Dakota, and made a special inspection of
the sections of Montana and western North Dakota which have suffered
from two successive droughts.
The President some time ago made available the sum of $5,000,000 to
aid farmers in these and other similar sections who could not otherwise
secure funds to purchase seed and who might have to sacrifice their farms
and homes. Provision was made for loans to farmers of not to exceed
$300 on not more than 100 acres, taking a lien on their crops as security.
The Secretary found conditions in the Northwest, on the whole, less unsatisfactory than had been pictured. Certain sections, however, have
suffered greatly. This is especially true of a few of the northern counties
in Montana. The situation in North Dakota had improved since July
and larger crops are being secured than were expected early in the season.




1235

The spirit and determination of the farmers in the stricken sections are
admirable, according to the Secretary: they are hopeful in spite of the
experiences of the past two years. Many of them will arrange to meet
their own needs partly by reason of the fact that they have made sufficient
wheat to bupply their own seed and forage for their crop. A considerable
number will supplement their means by working during the winter on the
railroads or with private industrial establishments, or in the shipyards of
the Northwest, securing funds to meet their living expenses, to provide feed
for their stock and to secure seed for the spring planting, returning in the
spring in time to resume farming operations.
The banks are doing what they can to take care of their customers who
have collateral. Many of them have utilized their resources liberally but
some of them have found it difficult to extend further accommodations.
The relief furnished, therefore, by the special fund made available by the
President will result in a number of the farmers continuing their operations
and adding to the food supply. The Department has not asked the people
in these regions to extend their acreage, or even to plant a normal acreage,
but merely to do what they can in the circumstances. The farmers seem
fully determined to do everything possible.

FUND TO BE RAISED BY TEXAS BANKERS TO RELIEVE DROUGHT STRICKEN AREAS.
Ready response has been made, it is said, to a call for
funds to be loaned by bankers to relieve the drought stricken
areas of Texas. According to the Dallas "News" of Sept.
20,all of the clearing house banks of that city have subscribed
the 5% of their capital and surplus asked of all the banks in
the prosperous sections of Texas, and the Fort Worth
Clearing House banks have agreed to subscribe 8%. Letters
to banks in the more favored section of the State requesting
the contributors to the fund have been sent out by John
N. Simpson, Vice-President of the American Exchange
National Bank of Dallas, and is printed as follows in the
"News" of that city.
At a largely attended meeting of the bankers of this State, held at Dallas.
Texas, on Saturday, Sept. 7 1918, it was determined to raise from banks
in the more favored sections of Texas a sum of $5,000,000 or more to be
loaned for a period not longer than Nov. 11919. This fund is to be loaned
to State and national banks in the drouth-stricken areas of the State at 6%
per annum interest on security approved by and deposited with an executive
committee, consisting of John N. Simpson, Vice-President American Exchange National Bank of Dallas; W.F.Skillman, Vice-President First State
Bank of Dallas, and W.E. Connell, President First National Bank of Fort
Worth. All subscribing banks will be expected to subscribe to this fund
at least 5% of their capital and surplus and are requested and urged to
subscribe as much more as is possible. The subscriptions received up to
this time have gone beyond this limit and one bank has subscribed an
amount equal to 100% of its capital.
On account of the fact that this fund will be loaned to banksand bankers
secured to the satisfaction of the executive committee handing the fund
it is not thought probable there will be any loss, but should a loss be incurred, the amount of such loss will be pro-rated among all subscribing
banks in proportion to their subscriptions. Proper legal receipts will be
issued to subscribing banks. Subscriptions will be called as needed in as
nearly equal installments as possible. It is not probable that the entire
sum subscribed will be called for some little time, although the need is
unquestionably urgent.
By subscribing to this fund you will obtain what is believed to be a thoroughly well secured investment and will aid the committee to render
a real service to the Western people of our State. These are our own
people and we want to give substantial evidence to them and to the world
that Texas is willing to aid her own flesh and blood and thus enable a great
section of our country to come back and do the things necessary to win this
war.
No member of the committee will receive any compensation whatsoever.
The absolutely necessary expenses of the trust, which will be nominal,
will be paid ratably from the interest received from such deposits.
We are inclosing blank subscription, which please fill out for the largest
amount you feel able to subscribe and mail promptly to John N.Simpson,
Chairman, Dallas, Texas.
You are earnestly requested to give this matter your early and special
attention.

The meeting of Sept.7 was called by Judge W.F. Ramsey,
Chairman of the Board of Directors of the Federal Reserve
Bank of Dallas, at the suggestion of J. M. Murchison,
President of the First National Bank of Athens, Texas. In
his letter "to the banks and forward looking men and women
of Texas," fixing the date for the meeting, Judge Ramsey
said in part:
On Saturday I received from J. M. Murchison, President of the First
National Bank, Athens. Texas, the following letter:
"It has suggested itself to me that additional relief for the drouth-stricken
district of the State might be secured by having the banks in the more
favored sections of our State to make deposits of their funds in the banks
of the dry district, such deposits to be made for the term of one year and
to draw, say. 5% interest. The local banks, knowing where assistance
could be best rendered, could make loans to deserving citizens and enable
them to tide themselves over the time of stress.
"Should you think the plan worthy of consideration, we would be pleased
to co-operate in carrying it out."
This letter has led me to believe that there is an opportunity to do something more than has yet been done for the people in the drouth-stricken sections of this State. Believing that my efforts toward alleviating conditions
in the West, would be pardoned even if not approved, I have called, and do
call, a meeting of the bankers and other patriotic and forward-looking
people of this State at Dallas on next Saturday, Sept. 7, to take counsel
together and devise ways and means to see if a very substantial sum cannot
be secured from the more favored districts for the purpose of being deposited
In banks, both State and national, in the drouth-stricken district, with
a view of enabling these banks to take care of the admitted serious conditions.
This movement is not in any sense in opposition to, but in aid of what is
being done under the plan recently adopted at Austin. nor will the aid thus
extended conflict with the plans of the Government to extend financial aid
by direct loans and by advances to banks. This aid I am endeavoring to
secure will, I am sure, be welcomed by the Government and encourage them

1236

THE CHRONICLE

to further efforts to help a people who are willing to help themselves.
This movement is worthy of the highest praise and should go on to abundant
success. However, the aid thus to be secured should be supplemented.
I have many times been asked in Washington and elsewhere why it was not
possible, in a great State like Texas, where fine crops had been raised in
many sections at very high prices, for the people of Texas to do something
for themselves. I believe they can do it.
I believe we should be able to secure from $10,000,000 to $20,000,000 to
be deposited in the banks of this State where such aid could be returned
next year about one hundredfold. The situation is serious and critical.
No braver and more patriotic people live in the world than in this drouthstricken section. We must save the West, and we must do it both from
consideration of sympathetic benevolence and enlightened self-interest.
I therefore invite and urge every banker in the State of Texas to attend
this meeting. I invite the Governor of this State to lend his aid to this
great enterprise by his presence and leadership there. I invite the State
Council of Defense and the executive committee of the Cattle Raisers' Association. I invite the officials of the Federal Loan Bank of Houston, and
all others interested in the welfare of our State, to attend a meeting with
the officers and directors of this bank at Dallas on next Saturday, Sept. 7,
with a view of taking counsel from those entitled to speak,and who are expected to make this movement a success.

BALTIMORE CLEARING HOUSE COMMITTEE RECOMMENDS SETTLEMENT OF CREDIT BALANCES
THROUGH RESERVE BANK.
The recommendation that future credit balances be
settled by check through the Baltimore branch of the Federal
Reserve Bank has been made by the Executive Committee
of the Baltimore Clearing House Association. The Baltimore "Sun" of Sept. 14 in reporting this said:
This will obviate the necessity of the banks sending large sums in cash
through the city streets when they happen to be debtors at the Clearing
House. There is no intention of doing away with the quarters of the
National Union Bank as a meeting place for the Clearing House members
or as the place for the daily clearings between the banks. The only purpose of the change is to have balances settled by transfer of the differences
between the banks on the books of the Federal Reserve branch. This
change of policy will have to be acted on by the entire membership, though
it meets with general approval. Therefore the ratification of the recommendation is only a matter of form. This new policy may become effective
Oct. 1.
It is not generally known,but the runners of the several clearing house
banks frequently carry through the city streets sums aggregating hundreds
of thousands of' dollars in actual cash. This makes a strong temptation
for sneak thieves, who may become aware of this movement. It is a risk
which the banks seek to avoid and for which the change is suggested. It
would be rather difficult for any one outside the banks involved to know
when this money was moving and to what amounts. But the practice
is a dangerous one and the means to obviate it has been under consideration
for a long time.

CHICAGO CLEARING HOUSE NAMES COMMITTEE TO
HANDLE EXEMPTION CLAIMS OF BANKS.
At a meeting of the Chicago Clearing House Association
on the 16th inst. the question of securing deferred classification for essential employees of clearing house banks was
taken up and a committee was named to present the claims
of those institutions to the draft boards. This committee
consists of E.D.Hulbert, President of the Merchants' Loan
& Trust Co.; Arthur Reynolds, Vice-President of the Continental & Commercial National Bank; Howard H. Hitchcock, Vice-President of the First National Bank, and William
R. Dawes, Vice-President of the Central Trust Co. This
procedure, it is stated, does away with individual claims for
exemption on industrial grounds by the men. The committee will take up the cases of only essential officials and
employees of banks and will present them in a uniform
manner.
OFFERING OF $300,000 FARM LOAN BONDS BY THE
LIBERTY JOINT STOCK LAND BANK AT
SALINA, KANSAS.
Bonbright & Co. are offering $300,000 5% Farm Loan
bonds, issued under the Federal Farm Loan Act by The
Liberty Joint Stock Land Bank. They are dated May 1
1918 and due May 1 1938, but redeemable on any interest
date after five years from date of issue at 100 and interest.
Coupon bonds may be exchanged into registered bonds of
any amount and re-exchanged into coupon bonds at the
option of the holder. Denominations $1,000,$500 and $100.
Principal and semi-annual interest (May 1 and November 1)
payable at the Liberty Joint Stock Land Bank,Salina, Kan.,
or at agencies to be appointed by the Bank in Chicago and
New York, at the option of the holder. Registrar and trustee an official of the United States Government. Under the
Federal Farm Loan-Act Farm Loan bonds are termed instrumentalities of the United States Government, and as
such are exempt from all Federal, State, municipal and local
taxation.
Farm Loan bonds are a lawful investment for all fiduciary
and trust funds under Federal jurisdiction and may be
accepted as security for all Government deposits, including
Postal Savings deposits. The bonds are offered at 1013i




[VOL. 107

and interest, to yield 4.65% to optional period, and 5%
thereafter.
The Farm Loan Act of July 17 1916 creates two classes
of land banks, both of which are under the supervision of
the Federal Farm Loan Board. The Federal Land banks
constitute one class and the Joint Stock Land banks the
other. The latter, chartered by and under the supervision
of the Federal Farm Loan Board, must each have a capital
stock of at least $250,000, and such banks cannot issue any
bonds until the capital stock is entirely paid in. As in the
case of shareholders of national banks, holders of Joint
Stock Land Bank stock are liable for twice the par value of
the stock owned by them. Each bank is permitted by law
to make, under Government supervision and approval,
farm loans equal to fifteen times its capital stock and to
issue Farm Loan bonds secured thereby. Each bank is
restricted in its loans to the State in which it is located
one contiguous state. No Joint Stock Land Bank is liable
for loans made in any other district or by any other banks
of the Federal Farm Loan System. The Act provides that
each of these banks is to be examined by a Farm Loan Board
examiner at least twice each year. They may be appointed
Government depositaries and financial agents for the
United States.
Joint Stock Land banks may loan on first farm mortgages
not in excess of 50% of the value of the land mortgages and
20% of the value of the permanent insured improvements
thereon. This value is to be ascertained by a Federal Farm
Loan Board appraiser. The Joint Stock Land Bank bonds
are secured by approved first farm mortgages and the credit
instruments accompanying them and (or) United States
Government bonds deposited with the registrar appointed
by the Federal Farm Loan Board equal in amount to the
bonds to be issued. Before bonds are issued the original
application of the borrower and the appraiser's report on
each loan must be submitted to the Federal Farm Loan
Board at Washington for final approval. The terms of the
farm loans securing these bonds require repayment upon
the amortization plan with consequent automatic reduction
of the principal of the loan. The Federal Farm Loan Board
may at any time call upon any land bank for additional security to protect the bonds issued by it. The bonds are
prepared and engraved by the Government Printing Office
under the supervision of the Treasury Department.
The following information concerning the Liberty Joint
Stock Land Bank at Salina, Kan., is contained in the prospectus offering the $300,000 bonds for sale:
This Bank, of which Mr. Walter Cravens is President, was organized
with a capital of $250,000, and received its charter from the Federal Farm
Loan Board Jan. 9 1918. Its charter restricts its loans to the States of
Kansas and Missouri, two of the richest farming States in the country.
The farm loan organization which is conducting the affairs of this Bank
was started by Mr. R. P. Cravens, Vice-President of the Bank and father
of the President, forty-eight years ago. These gentlemen and their
associates being intimately acquainted with the territory in which they
operate are able to secure for the bank the choicest loans. Mr. Cravens
states that loans are made only in the best agricultural districts; those
sections of the two States which have for years past been recognized as
the best by large Eastern insurance companies and other discriminating
farm loan investors.
The Stated of Kansas and Missouri rank very high among agricultural
States of the country. Kansas has long been one of the largest producers
of winter-wheat and this year's crop is estimated at over 100,000,000
bushels. While the crops of Missouri are more diversified it is no less
important as an agricultural State.
Passed by the Capital Issues Committee as not incompatible with the
national interest, but without approval of legality, validity, worth or security. Opinions Nos. A-1548, A-1789 and A-1790.

PROPOSED CORPORATION TO FINANCE PUBLIC
UTILITIES.
The plans looking to the creation of an organization to aid
in financing public utilities and industries essential to the
war have reached a stage where it is possible to announce
that a company is shortly to be organized under the name
of the Essential Industries Finance Corporation, having for
its object the making of loans to the industries indicated.
The details of the proposed movement are made known ail
follows:
A company to be known as Essential Industries Finance Corporation
is shortly to be organized by a group of bankers and others to aid in the
financing of public utilities and industries essential to the war. It will
be a New York corporation with an initial capital of $3,000,000, represented_by
$1,800.000 Ten-Year debentures,
1,000.000 stock,
200,000 paid in surplus.
It is intended that the Essential Industries Finance Corporation, as
loans are made by It to public utilities and other industries essential to
the war, shall avail itself of the provisions of the War Finance Act by
borrowing money from the War Finance Corporation, re-hypothecating
the notes and securities received by it in respect of advances made. It is
also the intention_that the capital of the Essential Industries Finance

SEPT. 28 1918.1

THE CHRONICLE

Corporation shall be increased from time to time as the business of the
company expands. The capital in all probability will ultimately reach
$20,000,000, on which basis it will be able to borrow about $50,000,000
from the War Finance Corporation, thus making available $70,000,000
for loans to public utilities and other essential industries. If Congress
should amend the War Finance Act so as to do away with the provision
in Section 10 limiting loans to any one individual bank, banker or trust
company to $50,000,000, the business of the Essential Industries Finance Corporation may ultimately reach or even exceed the amount
contemplated by the Committee appointed by Governor Harding of the
Federal Reserve Board some months ago to suggest plans for aiding public
utilities. It will be remembered that the committee at that time contemplated the formation of a company with a capital of $100,000,000
which in turn could borrow $300,000,000 additional, making a total of
$400,000,000 which would have been available for the purpose.
In organizing this company it has been thought bast to begin in a comparatively small way and then with increase of business to increase the
capital from time to time until the limit feasible under the War Finance
Act is reached.
The interests connected with the new company that will be represented
on the board of directors are the following: Chase Securities Co., Guaranty
Trust Co., Central Union Trust Co., First National Bank, J. P. Morgan
& Co., J.& W.Seligman & Co., E. W.Clark & Co.(Philadelphia), General
Electric Co., Westinghouse Electric & Mfg. Co., United Gas Improvement
Co., Philadelphia.

Last June, it will be recalled, announcement was made
of the appointment of a committee to investigate the financial
needs of public utility corporations and determine upon
plans for supplying whatever capital might be needed.
James N. Wallace, President of the Central Union Trust
Co., was made Chairman of the committee which .was
named at the instance of W. P. G. Harding, Governor of
the Federal Reserve Board. Those designated to serve with
Mr. Wallace on the Committee were Charles H. Sabin,
President of the Guaranty Trust Co.; Thomas W. Lamont
of J.P. Morgan & Co.; and Frederick W.Strauss of J. & W.
Seligman & Co. At that time it was reported that the
committee had under consideration the organization of a
$100,000,000 corporation the function of which would be to
purchase the securities of public utilities, in turn discounting its paper with the War Finance Corporation. Early in
August following an informal conference in New York
between Governor Harding and local bankers it was announced that the plans had been upset as a result of a ruling
by U. S. Attorney General Gregory. After the conference,
which took place Aug. 2, Governor Harding was quoted in
the New York "Sun" as saying:
The plan originated by New York bankers and strongly supported by
Chicago bankers appeared to be faulty and Attorney-General Gregory
was asked for a ruling. He decided that section 10 of the War Finance
Act, limiting loans to any one corporation to 10% of the War Finance
Corporation's capital, or 850,000,000, applied to the corporation proposed
as an intermediary. In consequence the utmost amount that such a orporation could receive from the War Finance Corporation is $50,000,000.

With the announcement of the Attorney-General's decision, the bankers undertook to develop other plans to carry
out the desired financing with the result above.
SUBSCRIPTIONS TO SIXTH OFFERING OF TREASURY
CERTIFICATES OF INDEBTEDNESS.
Total subscriptions of $625,216,500 were received in response to the sixth offering of Treasury certificates of indebtedness issued in anticipation of the Fourth Liberty
Loan. The amount of the offering was $600,000,000,
making an oversubscription of $25,216,500. The following
are the quotas and the subscriptions by districts:
District—
United States Treasury
Boston
New York
Philadelphia
Cleveland
Ricamond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
San Francisco
Dallas
Total

Quota.
$52,000,000
203,200,000
42,400,000
54,400,000
20,800,000
17,600,000
84,000,000
24,000,000
20,800,000
24,000,000
14,400,000
42,400,000

Subscription.
83,000,000
54,710,000
216,264,500
45,778,000
59,321,500
18,449,000
15,872,000
88,878,500
24,178,500
17,700,000
22,816,000
11,898,500
46,350,000

$600,000,000

- $625,216,500

SEVENTH OFFERING OF TREASURY CERTIFICATES
IN ANTICIPATION OF FOURTH LIBERTY LOAN.
The seventh offering of Treasury Certificates of Indebtedness in anticipation of the Fourth Liberty Loan was announced by the Treasury Department on Sept. 24. The
offering is for $500,000,000; the certificates will be dated
Oct. 1 and will mature Jan. 30. They will bear 43% interest and will carry the same terms as similar past issue3.
SubAription books will close Oct. 8. The present will make
about $4,500,000,000 of Treasury certificates to be redeemed
out of the proceeds of the Fourth Liberty Loan.




1237

LIBERTY BOND EXEMPTION BILLISIGNED BY
PRESIDENT WILSON.Vd
President Wilson on Sept. 25 signed the bill designed to
stimulate the sale of Liberty bonds by exempting from the
super-taxes and from war excess profits taxes, interest on a,
specified amount of Liberty Loan bond holdings. The House
had passed the bill on Sept. 13, and in a somewhat changed
form the bill passed the Senate on Sept. 18. The Senate
had stricken out the provision giving the President authority
to regulate or prohibit transactions in Liberty bonds and
other securities. This section was fought in the Senate on
the ground that it gave too much power to the Executive
and would establish a dangerous precedent, Secretary of the
Treasury McAdoo conferred with the conferees on the 20th
inst. to urge the re-insertion of the provision or the adoption
of a compromise. The conferees reached an agreement on
the 23d; under the compromise agreed to the section authorizing the President to prohibit all transactions in Liberty
bonds was so amended that there will be no prohibition
against the sale of Liberty bonds by the holders for cash or
offered as collateral for loans. All improper use of the
bonds, however, are provided against, and the Treasury is
given full power to stop the practice of exchanging these
bonds for merchandise and their use in ways that manifestly
would tend to reduce their value as an investment. Both
the Senate and the House agreed to the conference report
on the 23rd. The bill exempts from the provisions of the
income surtax and war excess profits taxes until two years
after the war the interest on Fourth Liberty bonds not exceeding $30,000, held by individuals or corporations, and
provides for a like exemption in the case of interest on
• 5,000 bonds of previous Liberty Loan issues. Where a
taxpayer holds $30,000 of the Fourth Liberty Loan bonds at
the time his tax return is made. The bill also authorizes
an increase in the issue of war savings stamps from $2,000,000,000 to $4,000,000,000. It also empowers the Secretary
of the Treasury to make arrangements in or with foreign
countries to stabilize foreign exchange, and it modifies the
law limiting the amount of loans which national banks may
make to any one borrower to one-tenth of the capital. We
expect to print the bill another week. Below we give the
section, as finally enacted into law, authorizing the President
to prohibit and regulate transactions in Liberty bonds and
other securities.
Sec. 5. That subdivision (B) of Section 5 of the Trading-with-the-Enemy
Act be, and hereby is amended to read as follows:
"(B) That the President may investigate, regulate or prohibit, under
such rules and regulations as he may prescribe, by means of license or
otherwise, any transactions in foreign exchange and the export, hoarding,
melting or earmarking of gold or silver coin or bullion or currency, transfers
of credit in any form (other than credits relating solely to transactions to
be executed wholly within tne United States), and transfers of evidences
of indebtedness or of the ownership of property between the United States
and any foreign country, whether enemy, ally of enemy, or otherwise, or
Detween residents of one or more foreign countries, by any person within
the United States; and for the purpose of strengthening, sustaining and
broadening the market for bonds and certificates of indebtedness of the
United States, or preventing frauds upon holders tnereof, and of protecting
such holders, he may investigate and regulate by means of licenses or otherwise (until the expiration of two years after the date of the termination
of the present war with the Imperial German Government as fixed by'is
proclamation), any transactions in such bonds by or between any person
or persons, provided, nothing contained in this subdivision (B) shall be
construed to confer any power to prohibit the purchase or sale for cash,
or for notes eligible for discount at any Federal Reserve bank, of bonds
or certificates of indebtedness of the United States; and he may require
any person engaged in any transaction referred to in this subdivision to
furnish, under oath, complete information relative thereto, including the
production of any books of account, contracts, letters or other papers, in
connection therewith in the custody or control of such person, either
before or after such transaction is completed."

DETAILS OF THE FOURTH LIBERTY LOAN OFFERING.
The opening subscriptions to the Fourth Liberty Loan
occur to-day (Sept. 28). The campaign was formally
launched last night with President Wilson's speech in New
York, a preliminary feature being the address of Secretary
McAdoo last Tuesday night (also in New York) in which he
announced certain features of the loan, and which we give
in full elsewhere in to-day's issue of our paper. Coincident
with Secretary McAdoo's speech details of the loan were
made public at Washington. The amount of the offering
has been fixed at $6,000,000,000. The interest is to be
the same as in the case of the Third Liberty Bonds, viz.
43%. The bonds will be dated Oct. 24, five days after
the close of the subscription period, and the:first interest
payment will be made April 15 1919 and will be for the
173 days intervening. Thereafter, semi-annual payments
will be made on Oct. 15 and April 15. On_a_$50 bond the
first interest coupon will be worth $1 01; on,.$100, $2 02,
and higher multiples accordingly Both coupon and registered bonds will be issued in denominations of $50, $100,
$500, $1,000, $5,000 and $10,000. The $50,000 and $100,000 bonds will be registered only. The_bonds_will mature
in twenty years (1938), the Government,yeserving the right

THE CHRONICLE

1238

[VOL. 107.

The speech in full is as follows:
to pay them in fifteen years. Ten per cent of the subCitizens:
scription will be required as the initial payment on the iLfyI Fellow
am not here to promote the loan. That will be done—ably and
Fourth Loan. Twenty per cent will be due as installments enthusiastically done—by the hundreds of thousands of loyal and tireon Nov. 21, Dec. 19 and Jan. 16 and 30% on Jan. 30. The less men and women who have undertaken to present it to you and to our
fellow citizens throughout the country; and I have not the least doubt
initial payment, although due at the time of pledging, need of
their complete success; for I know their spirit and the spirit of the counperiod
subscription
the
of
end
the
19,
Oct.
until
paid
not be
try. My confidence is confirmed, too, by the thoughtful and experienced
not
of the bankers here and everywhere, who are lending their
will
dates
co-operation
and the loan campaign. The installment
aid and guidance. I have come, rather, to seek an opportunity
interfere with the practice by which many subscribers invaluable
to present to you some thoughts which I trust will serve to give you, in
have bought bonds through banks or other agencies and perhaps fuller measure than before, a vivid sense of the great issues involved
the
paid 10% a month for approximately ten months. That in order that you may appreciate and accept with added enthusiasm
grave significance of the duty of supporting the Government by your
arrangement, Government officials explained, is a trans- men and your means to the utmost point of sacrifice and self-denial. No
action between the banks and its customers and the Treasury man or woman who has really taken in what this war means can hesitate
to give to the very limit of what they have; and it is my mission here tois not involved.
really means. You
In announcing on the 24th that the amount of the Fourth Liberty Loan
would be $6,000,000,000, making it the greatest loan in all history, and the
rate of interest 43(1%, the Treasury Department also gave out the quotas
which each Federal Reserve District will be expected to subscribe. These
quotas are as follows:
Amount.
Percentage.
District—
$500,000,000
8.33 1-3
BoAon
1,800,000,000
30.00
Now York
500,000,000
8.33 1-3
Philadelphia
600,000,000
10.00
Cleveland
280,000,000
4.o6 2-3
Richmond
192,000,000
3.20
Atlanta
870,000,000
14.50
Chicago
260,000,000
4.33 1-3
St. Louis
210,000,000
3.50
Minneapolis
260,000,000
4.33 1-3
Kansas City
126,000,000
2.10
Dallas
402,000,000
6.70
San Francisco
Totals

100.00

$6,000,000,000

THS PRESIDENT'S ADDRESS ON THE OPENING OF
THE FOURTH LIBERTY LOAN CAMPAIGN.
The utmost enthusiasm marked the delivery of President
Wilson's address at the Metropolitan Opera House last
night to set the ball rolling for the Fourth Liberty Loan
campaign, the formal opening of which begins to-day.
The President did not undertake to say anything about the
loan. He left that for others. He dealt with the war, and
with the terms and conditions upon which peace could be
obtained—the only conditions. He declared it was of capital
importance that we should be explicitly agreed that no peace
shall be obtained by any kind of compromise or abatement
of the principles we have avowed as the principles for which
we are fighting. "If it be in deed and in truth the common
object of the'Governments associated against Germany and
of the nations whom they govern, as I believe it to be,"
he said, "to achieve by the coming settlements a secure and
lasting peace, it will be necessary that all who sit down at the
peace table shall come ready and willing to pay the price,
the only price, that will procure it; and ready and willing,
also, to create in some virile fashion the only instrumentality by which it can be made certain that the agreements
of the peace will be honoured and fulfilled." That price,
he declared, is impartial justice in every item of the settlement, no matter whose interest is crossed; and not only
impartial justice but also the satisfaction of the several
peoples whose fortunes are dealt with. "That indispensable
instrumentality is a League of Nations formed under covenants that will be efficacious. Without such an instrumentality, by which the peace of the world can be guaranteed,
peace will rest in part upon the word of outlaws and only
upon that word. For Germany will have to redeem her
character, not by what happens at the peace table but by
what follows."
But these general terms do not disclose the whole matter,
he said. Some details are needed to make then sound less
like a thesis and more like a practical program. He then
went on as follows:
These, then, are some of the particulars, and I state them with the
greater confidence because I caa stato them authoritatively and representing this Government's interpretation of its own duty with regard to peace:
First, the impartial justice meted out must involve no discrimination
between those to whom we wish to be just and those to whom we do not
wish to be just. It mast be a justice that plays no favorites and knows no
standard but the equal rights of the several peoples concerned:
Second, no special or separate interest of any single nation or any group
of nations can be made the basis of any part of the settlement which is not
consistent with the common interest of all;
Third, there can be no leagues or alliances or special covenants and understandings within the general and common family of the League of Nations;
Fourth, and more specifically, there can be no special, selfish economic
combinations within the League and no employment of any form of economic boycott or exclusion except as the power of economic penalty by
exclusion from the markets of the world may be vested In the League of
Nations itself a.- a means of discipline and control. .
Fifth, all international agreements and treaties of every kind must be
made known Ic. their entirety to the rest of the world.
Special alliances and economic rivalries and hostilities have been the
prolific source in the modern world of the plans and passions that produce
war. It would be an insh_core as well as an insecure peace that did not
exclude them In definite and binding terms.




night to try to make it clear once more what the war
will need no other stimulation or reminder of your duty.
At every turn of the war we gain a fresh consciousness of what we moan
to accomplish by it. When our hope and expectations are most excited
we think more definitely than before of the issues that hang upon it and of
the purposes which must be realized by moans of it. For it has positive and
well-defined purposes which we did not determine and which we cannot
alter. No statesman or assembly created them; no statesman or assembly
can alter them. They have arisen out of the very nature and circumstances
of the war. The most that statesmen or assemblies can do is to carry them
out or be false to them. They were perhaps not clear at the outset; but
they are clear now. The war has lasted more than four years and the
whole world has been drawn into it. The common will of mankind has
been substituted -for the particular purposes of individual States. Individual statesmen may have started the conflict, but neither they nor their
opponents can stop It as they please. It has become a people's war, and
peoples of all sorts and races, of every degree of power and variety of fortune, are involved in its sweeping processes of change and settlement. We
came into it when its character had become fully defined and it was plain
that no nation could stand apart or be indifferent to its outcome. Its challenge drove to the heart of everything we cared for and lived for. The
voice of the war had become clear and gripped our hearts. Our brothers
fpm many lands, as well as our own murdered dead under the sea, were
calling to us, and we responded, fiercely and of course.
The air was clear about us. We saw things in their full, convincing
proportions as they were; and we have seen them with steady eyes and
unchanging comprehension ever since. We accepted the issues of the
war as facts, not as any group of men either here or elsewhere had defined
them, and we can accept no outcome which does not squarely meet and
settle them. Those issues are these:
Shall the military power of any nation or group of nations be suffered
to determine the fortunes of peoples over whom they have no right to rule
except the right of force?
Shall strong nations be free to wrong weak nations and make them subject to their purpose and interest?
Shall peoples be ruled and dominated, even in their own internal affairs,
by arbitrary and irresponsible force or by their own will and choice?
Shall there be a common standard of right and privilege for all peoples
and nations or shall the strong do as they will and the weak suffer without
redress?
Shall the assertion of right be haphazard and by casual alliance or shall
there be a common concert to oblige tho observance of common rights?
No man, no group of men, chose these to be the issues of the struggle.
They are the issues of it; and they must be settled—by no arrangement or
compromise or adjustment of interests, but definitely and once for all and
with a full and unequivocal acceptance of the principle that the interest
of the weakest is as sacred as the interest of the strongest.
This is what we mean when we speak of a permanent peace, if we speak
sincerely, intelligently, and with a real knowledge and comprehension of
the matter we deal with.
We are all agreed that there can be no peace obtained by any kind of
bargain or compromise with the Governments of the Central Empires,
because we have dealt with them already and have seen them deal with
other Governments that were parties to this struggle, at Brost-Litovsk
and Bucharest. They have convinced us that they are without honor and
do not intend justice. They observe no covenants, accept no principle
but force and their own interest. We cannot "come to terms" with them.
They have made it impossible. The German people must by this time be
hilly aware that we cannot accept the word of those who forced this war
upon us. We do not think the same thoughts or speak the same language
of agreement.
It is of capital importance that we should also be explicitly agreed that
no peace shall be obtained by any kind of compromise or abatement of the
principles we have avowed as the principles for which we are fighting.
There should exist no doubt about that. I am, therefore, going to take
the liberty of speaking with the utmost frankness about the practical implications that aro involved in it.
If it be in deed and in truth the common object of the Governments
associated against Germany and of the nations whom they govern, as I
believe it to be, to achieve by the conning settlements a secure and lasting
peace, it will be necessary that all who sit down at the peace table shall
come ready and willing to pay the price, the only price, that will procure
it; and ready and willing, also, to create in some virile fashion the only
Instrumentality by which it can be made certain that the agreements of
the peace will be honored and fulfilled.
The price is impartial justice in every item of the settlement, no matter
whose interest is crossed; and not only impartial justice but also the satisfaction of toe several peoples whose fortunes are dealt with. That indispensable instrumentality is a League of Nations formed under covenants
that will be efficacious. Without such an instrumentality, by which
the peace of the world can be gaaranteed, Peace iIl rest in part upon the
word of outlaws and only upon that word. For Germany will have to
redeem her character, not by what happens at the peace table but by what
follows.
And, as I see it, the constitution of that League of Nations and the clear
definition of its objects must be a part, is in a sense the most essential
part, of the peace settlement itself. Ic cannot be formed now. If formed
now, it would be merely a now alliance confined to the nations associated
against a comthon enemy. It is not likely that it could be formed after
the settlement. It is necessary to guarantee the peace; and the peace
cannot be guaranteed as an afterthought. The reason, to speak in plain
terms again, why it must be guaranteed is that there will be parties to the
peace whose promises have proved untrustworthy, and means must be
found in connection with the peace settlement itself to remove that source
of insecurity. It would be folly to leave the guarantee to the subsequent
voluntary action of the Governments we have seen destroy Russia and
deceive Rumania.

SEPT. 28 1918.]

THE CHRONICLE

1239

But these general terms do not disclose the whole matter. Some details are
needed to make them strand less like a thesis and more like a practical pro- SPEECH OF SECRETARY McADOO IN CONNECTION
gram. These, then, are some of the particulars, and I state them with the
WITH FOURTH LIBERTY LOAN CAMPAIGN.
greater confidence because I can state them authoritatively as representing
Details of the Fourth Liberty Loan were made public
this Government's interpretation of its own duty with regard to peace:
First, the impartial justice meted out must involve no discrimination by the Treasury Department coincident with Secretary of
between those to whom we wish to be just and those to whom we do not the Treasury
McAdoo's address to a mass-meeting last
wish to bq just. It must be a justice that plays no favorites and knows
Tuesday night at Carnegie Hall, New York. It was then
no standard but the equal rights of the several peoples concerned;
Second, no special or separate interest of any single nation or any group that the first official statement was
made regarding the size
of nations can be made the basis of any part of the settlement which is
of the loan. The amount of bonds to be offered is $6,000,not consistent with the common interest of all;
Third, there can be no leagues or alliances or special covenants and under- 000,000, and New York's allotment is $1,800,000,000, or
standings within the general and common family of the League of Nations; 30% of th& entire loan. These
facts were made known
Fourth, and more specifically, there can be no special, selfish economic
both in Secretary McAdoo's speech and in the statement
combinations within the League and no employment of any form of economic boycott or exclusion except as the power of economic penalty by issued by the Treasury Department; and elsewhere we indiexclusion from the markett4 of the world may be vested in the League of cate the various district
allotments. The bonds are to
Nations itself as a means of discipline and control;
Fifth, all international agreements and treaties of every kind must be bear 43 % interest and will mature in twenty years (1938)
unless the United States exercises its reserved right to
made known in their entirety to the rest of the world.
Special alliances and economic rivalries and hostilities have been the redeem them in fifteen
years. Secretary McAdoo, in pointprolific source in the modern world of the plans and passions that produce
war. It would be an insincere as well as an insecure peace that did not ing to the importance of every one subscribing to the new
exclude them in definite and binding terms.
loan, declared that "this money is needed to carry on the
The confidence with which I venture to speak for our people in those war;
we cannot lick the Kaiser without it." "Now that we
matters does not spring from our traditions merely and the well known
principles of international action which we have always professed and have the Kaiser and his brutal hordes on the run, let us not
followed. In the same sentence in which I say that the United States will relax effort, but intensify effort," said Mr.
McAdoo. "Keep
enter into no special arrangements or understandings with particular nahitting hard and smashing harder," he continued. "That,"
tions lot me say also that the United States is prepared to assume its ful
share of responsibility for the maintenance of the common covenants and he added, "is the way to win surely and quickly. That is
understandings upon which peace must henceforth rest. We still read the way to eliminate the
Rhine; that is the way to open an
Washington's immortal warning against "entangling alliances" with full
comprehension and an answering purpose. But only special and limited American parade on Unter den Linden." Stating that he
alliances entangle; and we recognize and accept the duty of a new day in had been asked long ago what argument could be made for
which'we are permitted to hope for a general alliance which will avoid the Fourth Liberty Loan, Mr.
McAdoo said that he had
entanglements and clear the air of the world for common understandings
replied: "Pershing and our heroes in France." "No other
and the maintenance of common rights.
I have made this analysis of the international situation which the war argument," he said, "is necessary. The American people
has created, not, of course, because I doubted whether the leaders of the know and feel the
need of those men and are prepared to
great nations and peoples with whom we are associated wore of the same
mind and entertained a like purpose, but because the air every now and go the limit to supply that• need." Secretary McAdoo
again gets darkened by mists and groundless doubtings and mischievous referred to the fact that the interest on $30,000 of bonds
perversions of counsel and it is necessary once and again to sweep all the
of the Fourth Liberty Loan is exempt until two years after
irresponsible talk about peace intrigues and weakening morale and doubt
ful purpose on the part of those in authority utterly, and if need be un- the termination of the war from surtaxes, excess profits and
ceremoniously, aside and say things in the plainest words that can be war profits taxes, a like exemption of interest on $45,000
of
found, even when it is only to say over again what has been said before,
bonds of previous Liberty Loans being accorded to taxquite as plainly if in loss unvarnished terms.
As I have said, neither I nor any other man in governmental authority payers who subscribe to $30,000 of bonds of the Fourth
created or gave form to the issues of this war. I have simply responded Liberty Loan and who hold them at the time
they make their
to them with such vision as I could command. But I have responded
gladly and with a resolution that has grown warmer and more confident tax return. Before the opening of his speech Mr. McAdoo
as the issues have grown clearer and clearer. It is now plain that they are made the remark that "when I saw the Stars and Stripes
issues which no man can pervert unless it be willfully. I ant bound to fight coming down the aisle
here to-night, I knew a name had
for them, and happy to fight for them as time and circumstance have
revealed them to me as to all the world. Our eethusiasm for them grows been.inscribed on that banner—St. Mihiel." The New York
more and more irresistable as they stand out in more and more vivid and "Times" quotes him as adding: "There will be two other
'unmistakable outline.
names there soon, and they will be Metz and Berlin. If we
And the forces that fight for them draw into closer and closer array,
organize their millionr into more and more unconquerable might, as they eliminate the Rhine, as we propose to do, and if we enter
become more and more distinct to the thought and purpose of the peoples Berlin and march down Unter den Linden, as we propose to
engaged. It is the peculiarity of this great war that while statesmen have
do, then we must keep the home push up for Pershing."
seemed to cast about for definitions of their purpose and have sometimes
Mr. McAdoo was introduced at the meeting by Benjamin
seemed to shift their ground and their point of view, the thought of the
mass of men, whom statesmen are supposed to instruct and lead, has grown Strong, Governor of the Federal Reserve Bank of New York,
more and more unclouded, more and more certain of what it is that they
are fighting for. National purposes have fallen more and more into the and the latter's 'remarks are given further below. The
background and the common purpose of enlightened mankind has taken following is Secretary McAdoo's speech:
their place. The counsels of plain men have become on all hands'more
It Is aeat pleasure to meet the Liberty Loan workers of this important
simple and straightforward and more unified than the counsels of sophisti- Federal Reserve District, the greatest in population and in resources of any
cated men of affairs, who still retain the impression that they are playing Federal Reserve district in the country, and therefore responsible for the
a game of power and playing for high stakes. That is why I have said largest part of every Liberty Loan required of the American people.
that this is a peoples' war, not a statesmen's. Statesmen must follow
The Fourth Liberty Loan is the greatest yet offered—$6,000,000,000,
the clarified common thought or be broken.
a colossal sum in itself—a sum so great that it is difficult for the human
I take that to be the significance of the fact that assemblies and asso- mind to measure it or to conceive of its vast power when transmuted into
ciations of many kinds made up of plain workaday people have demanded, American might and thrown into the battle scale in France.
almost every time they came together, and are still demanding, that the
Now York's allotment is $1,800,000,000, or 30% of the entire loan.
loaders of their Governments declare to them plainly what it I. exactly You have the privilege, the opportunity, of a glorious service in connection
what it is, that they were seeking in this war, and what they hInk the with this work. It is no less an essential part of war operations than the
items of the final settlement should be. They are not yet satisfied with actual fighting on the front, although it involves no similar measure of
what they have been told. They still seem to fear that they are getting sacrifice and carries with it no comparable share of labor and suffering.
what they ask for only in statesmen's terms—only in the terms of terriNo great army can fight in the field under modern conditions of warfare
torial arrangements and divisions of power, and not in terms of broad- unless it is supported by other groat armies at home, equally strong for the.
visioned justice and mercy and peace and the satisfaction of those deep- various parts they must perform, and equally co-ordinated and synchronized
seated longings of oppressed and distracted mon and women and enslaved in effort with the fighting forces. Those home armies must be
organized
peoples that seem to them the only things worth fighting a war for that for every part of essential war work. We must have
an effective army of
engulfs the world. Perhaps statesmen have not always recognized this transportation, an effective army of war industries, ttn
effective army of
changed aspect of the whole world of policy and action. Perhaps they food and fuel production, and we must have and maintain all the
time an
have not always spoken in direct reply to the questions asked because effective army for Liberty Loans.
they did not know how searching those questions were and whal, sort of
While no one thing will win this war, certain things are basic to the war,
answers they demanded.
and, therefore, are of outstanding importance. The Treasury of the United
But I, for one, am glad to attempt the answer again and again, in the States is basic to the war. There is no activity of the Government
engaged
hope that I may make It clearer and clearer that my one thought is to in war work, and there are'few activities of private enterprise
engaged in
satisfy those who struggle in the ranks and are, perhaps above all others, war work, which do not ultimately transmute their requirements into deentitled to a reply whose meaning no one cap have any excuse for mis- mands upon the United States Treasury. The Treasury must at all times
lissesstseding, if he understands the language in which it is spoken or be prepared to meet those demands, which invariably
take the form of
can get someone to translate it correctly Into his own. And I believe money payments. Unless the Treasury is strong enough to answer every
that the leaders of, the Governments with which we are associated will call instantly and in full, the essential war Industries of the nation may be
speak, as they have occasion, as plainly as I have tried to speak. I hope arrested or slowed down,the vital prosperity of the people may be imperiled
that they will feel free to say whether they think that I am in any degree and the fighting power of the armies in the field may be gravely reduced,
mistaken in my interpretation of the issues involved or in Illy Purpose with with serious possibilities of disaster.
regard to the means by which.a satisfactory settlement of these issues may
Our great national army of Liberty Loan workers, composed of men and
be obtained. Unity of purpose and of counsel are as imperatively neces- women alike, spreading over every State of the Union and responding each
unity
of
was
command in the battlefield; and with time to the call to the colors, is, therefore, basically one of the most imporsary in this war as
perfect unity of purpose and counsel will come assurance of complete tant of all the armies in the field. As I review the work they have done in
victory. It can be had in no other way. "Peace drives" can be effectively the past eighteen months, the unselfish patriotism with which they have
neutralized and silenced only by showing that every victory of the nations responded to each call, and their splendid achievements in the three Libassociated against Germany brings the nations nearer the sort of peace erty Loans already subscribed and oversubscribed, I am proud to be a memwhich will bring security and reassurance to all peoples and make the ber of that army, and more than proud to be its commander. No historian
recurrence of another such struggle of pitiless force and bloodshed forever who writes in the future the record of these times can exaggerate the imimpossible, and that nothing else can. Germany is constantly intimating portance and effectiveness of the work done by the Liberty Loan army of
the "terms" she will accept; and always finds that the world does not want the United States, and by the bankers of America who constitute so large
terms. It wishes the final triumph of justice and fair dealing.
a part of that army.




1240

THE CHRONICLE

The Treasury of the United States asks the American people to subscribe
to the Fourth Liberty Loan $6,000,000,000. This money is needed to carry
on the war. We cannot lick the Kaiser without it. We cannot restore
peace to the world and re-establish liberty and democracy without it. The
money is required for food and clothing and munitions for our army and
navy; for the ships that must transport these supplies to them;for airplanes
to blot out the vision of the Huns in the skies; for the support of the de-.
pendent wives and children of our gallant soldiers and sailors, who have gone
to the front; for the payment of the life insurance which the Government
issues to its heroic men; for the construction of wharves and docks and facilities at home and in France for the military and naval operations; and
for loans to our gallant comrades who are fighting shoulder to shoulder with
us in this war—the Belgians, the Serbians, the Greeks. the Italians, the
British, the French, and every other nation which has espoused with us the
cause of liberty and humanity.
The huge amounts expended by America in this war are not wholly used
for destructive purposes. Great sums are used for constructive work,
which will be of permanent value to the American people.
We are building a great merchant marine. Upon completion it will be
the largest, most efficient and modern merchant fleet in the world. The
wharves and terminal facilities we are constructing in America for the accommodation of this merchant marine are an essential part of it. Our commerce after the war will be facilitated by these great national undertakings,
and the money used for these purposes is an investment of immeasurable
value to the American people. The loans to the Allied Governments are
represented by obligations of great nations who will in time repay them.
Out of the $30,000,000,000 of appropriations made by the Congress for the
fiscal year 1919, it is probable that $8,000,000,000 to $9,000,000,000 will
represent loans to the Allied Governments and expenditures for ships, shipyards, docks, wharves and other facilities which will be salvaged to the
American people.
The bonds of the Fourth Liberty Loan bear 45 % per annum. They will
mature on Oct. 15 1938, unless the United States should exercise its reserved
right to redeem them on or after Oct. 15 1933.
The interest on $30,000 of bonds of the Fourth Liberty Loan is exempt,
until two years after the termination of the war, from surtaxes and excess
profits and war profits taxes. The taxpayer who subscribes for $30,000
of these bonds and still holds them at the time of making his tax return will
also receive an exemption from such taxes for a like period as to the interest
on an aggregate amount of $45,000 of bonds of previous Liberty Loans,
and subscribers in lesser amounts will receive a proportionate similar exemption. Those bonds of the Fourth Liberty Loan are also permanently
exempt from all other Federal, State and municipal taxation, except estate
and inheritance taxes.
These bonds are an investment of unquestioned security, and no man who
lends his money to his Government by buying Liberty Bonds need evesr fear
that the principal will not be paid in full at maturity, or that the interest
will not be paid punctually every six months. Every purchaser, therefore,
of a Government bond is doing the wisest possible thing for his own welfare
and prosperity, is contributing to the success of our armies in the field, to
the restoration of peace and the security of liberty and democracy for the
future, and, at the same time, is aiding in the constructive work of creating
a great merchant marine with all of its auxiliaries, which will have a permanent effect upon the prosperity and destiny of the American people.
Who should buy Liberty bonds? Everybody. The laboring men and
women, the salaried men and women of the country, and the people of
moderatl means and of large means particularly should buy Liberty bonds.
They should save money and put it away now where neither moth nor
rust can corrupt, nor thieves break through and steal. A Liberty bond
complies with these conditions, especially if it is registered with the United
States Treasury, because if registered, the Treasury will replace it if the
owner should lose it or if a thief should steal it.
Wages and salaries are higher in America to-day than ever before in its
history. Those who spend everything they earn are not only living in a
fool's paradise, but they are doing a grievous injury to their country:
They are living in a foci's paradise because the same degree of prosperity
cannot be expected to continue upon the return of peace, when the inevitable readjustments of all industries must take place; and they are doing
their country a grievous injury because it is only by saving that we can
provide our Government with the money which it must have to buy the
essential supplies for our military forces.
Every dollar saved now and invested in Liberty bonds will be worth
much more when peace comes again. Every provident man and woman
in the United States may find their savings worth twice as much in purchasing power after the war as now. How can any one more certainly make
money than by saving it now with assurance of its enormous enhancement
in value when normal conditions are restored?
The improvident men and women who fail now to save money may find
themselves unprovided for if a rainy day accompanies the return of peace,
and every one who fails to make provision for this time will add to the
difficulty of readjusting the industrial and commercial situation so as to
preserve prosperity under peace conditions; whereas everyone who has
saved and provided for that readjustment will ease the process and contribute to the continued prosperity of the nation as well as to the individual
welfare of every citizen.
The highest duty of every man and woman in the land, therefore, is to
save to protect themselves and their children against the possibilities of
the future, to say nothing of the fact that by such saving they are bringing
peace that much nearer and are making that much more certain the saving
of thousands of American lives which, otherwise, will have to be destroyed
as the price of victory.
The same obligation to save money and lend it to the Government
rests upon the men of larger means—the men of comfortable incomes, and
the men of large incomes. The laboring men and the salaried men and
women have been appealed to and have responded nobly to the call to buy
Liberty bonds on the installment plan. Why should not the men of moderate and large means buy bonds also on the instalment plan? If they have
not the ready money in hand, they should anticipate the future, just as
thelaboring men and the salaried men do,by obligating themselves to take
all the bonds they can and to pay for them in installments. The GovernMent offers bonds payable in installments in order that every class of citizen
may make purchases within their present and reasonably future income.
The business men and the men.of comfortable means and incomes who
fall to buy to the limit of their ability, even though it involves the payment
for their Liberty bonds on the installment plan, are not only failing to do
their full duty, but they are negligent of their own and their country's
interest. Their business and welfare depend upon the success of America's
army,and they must omit no duty to support that army.
In the Third Libertr Loan, 18,000.000 Americans subscribed for Liberty
bonds. It is a very remarkable fact that of this vast number of patriotic
Americans, all but 22,500 bought bonds in amounts ranging from $50 to
$10.000. Only 22,500, including corporations, bought Liberty bonds of
the Third Loan in excess of $10,000. It would be preposterous to say
that there are only 22,500 men, women and corporations in America, able
to lend more than $10,000 each to their Government on Liberty bonds.




[VOL. 107.

Tho record of the Third Liberty Loan conclusively shows that the great
mass of the American people, the men and women of small and moderate
means, were highly patriotic and did their duty splendidly, whereas only
22,500 persons and corporations among America's wealthier classes bought
bonds above the $10,000 mark. I would not intentionally draw any inferences from those facts which would do injustice to wealthy corporations
and to the men and women in America of large means and easy circumstances; but these figures at least indicate that they did not respond to the
call of the Government in the Third Liberty Loan commensurately with
their ability to help. An earnest appeal should be made to them to do
more in the Fourth Liberty Loan, not only for their own good, but for the
welfare of the nation. We must largely increase the number of subscribers
to the Fourth Loan between $10,000 and $100,000.
We must continue our efforts to impress upon people who buy Liberty
bonds that it is the very essence of patriotic duty to keep them to the
utmost limit of their ability to do so. In no other way can we meet the
colossal demands of the future. Every patriotic American must realize
that service to the country is not satisfied by the mere purchase of a Liberty
bond to be sold at the first opportunity, but service, genuine service, patriotic service, consists in holding that bond to the limit, making it a sacred
duty not to part with it unless adversity or necessity, which cannot be met
in any other way, forces him to sell it.
This brings up the point ofa more effective and intelligent organization
of the bankers and Liberty Loan committees of the country for the purpose
of securing a secondary distribution of Liberty bonds after the completion
of each loan and of stabilizing their value. We must provide the machinery
and the means through which those who have to sell their bonds may do so
and get the highest possible price for them,while at the same time protecting
the innocent investor against swindlers and unscrupulous and unpatriotic
people, who, contrary to the earnest request of the Treasury Department,
have induced holders of Liberty bonds to exchange them for stocks or investments of doubtful value. The effect of these operations is to force
the Treasury to buy the Liberty bonds which these unscrupulous or unpatriotic people acquire and throw upon the market. The Treasury,
therefore, must take a part of the money it has borrowed from the American
people after so much difficult and patriotic work on the part of bankers
and Liberty Loan organizations and buy back these Liberty bonds in order
to protect the market and the credit of the Government. Thus the Treasury's available resources from the loans are depleted and forced into unworthy channels oftentimes in wildcat enterprises, to the injury of the
American people and to the detriment ofthe war. We must create a healthy
public opinion which will reprehend such practices. I have made frequent
appeals to Liberty bond purchasers to resist the efforts of unscrupulous
and designing persons; to refuse to exchange their bonds upon the advertisements of selfish promoters, merchants or manufacturers who tempt holders
of Liberty bonds to give them up in exchange for stocks or bonds of questionably value or for goods at higher prices than cash prices, and then, in
turn, sell the bonds at less than par value on the stock exchanges, with
all of the evil consequences I have described.
I have repeatedly said that no objection could or should be raised to the
sale of Liberty bonds where imperative necessity or adversity make such
sales unavoidable; but we should constantly appeal to the intelligent selfinterest and patriotism of those who buy Liberty bonds to keep them to
the utmost limit of their ability as one of the sacred duties they have to
perform in this war.
The amount allotted to the New York District is $1,800,000,000. We
must not be content with a subscription merely of our allotment. No
district must be content with that. We must, from one end of the country to the other, make it a point to surpass our allotments. It is necessary.
to do that because some sections of the country have suffered grievously
from drought and other causes and may not be able to reach their full
quota in this loan. Therefore, it is that those sections of the country which
have prospered most shall do most in order that the country as a whole
may not fail to meet the pressing demands of the nation.
There is hard work before you before success can be secured, but it is
glorious work. Every dollar you provide brings us nearer to victory and
to a righteous and enduring peace. Success moans life to thousands of
our brave men, who, if we fall, must pay the price of that failure with their
blood and find their final resting places far from their native soil in foreign
lands across the seas.
I was asked not long ago what argument could be made for the Fourth
Liberty Loan. I replied immediately, "Pershing and our heroes in
France." No other argument is necessary. The American people know
and feel the need of those men and are prepared to go the limit to supply
that need.
Who can measure the wonderful morale of great and glorious America—
this unparalleled democracy of ours, which military despots have heretofore
amused and deluded themselves by describing as incapable of organized
effort and too cowardly to fight. In eighteen months we have given the
most inspiring and conclusive proof, not alone of the spirit and ideals of
democracy, but of its power to organize and face successfuly any foe,
however unscrupulous and brutal. The despots who threaten democracy,
the ideals it represents, and the liberties of the world, will be vanquished
by the sword of democracy.
What marvelous strides this great democracy has made since the Civil
War. One has only to contrast the two periods to realize the splendor of
our achievements. In the Civil War, rich men hired substitutes to fight
for them at the front, and stayed at home to make money out of war
activities. In this war, a draft law of impartial and universal application
throughout the country has been passed and no substitutes are allowed.
Wealth and poverty are leveled to precisely the same plane. The rich
men fights beside the poor man in the ranks and the burden of taxation,
although borne by all the people and distributed widely, is imposed more
heavily upon those most able to carry the load. The greatest tax bill in
the history of the world has just been passed by the House of Representatives unanimously. All honor to the men of both parties for this superb
exhibition of patriotism.
Democracy in America is pregnant everywhere, and the discipline of
democracy and the organization of democracy, as exemplified by America,
have been an example to an amazed world. But more than all, the sons
of democracy upon the field of battle have vindicated the noblest traditions
of our country and the highest Ideals of our nation.
Who is not thrilled by what Pershing and his glorious men have done
already upon the field of battle? These untrained freemen of democracy
have met the veteran fighters and the best trained soldiers of autocracy
and have vanquished them, not by foul means, but by fair fighting. They
have already demonstrated that the power of righteousness and of democracy is irresistible; that the doom of autocracy is sealed and the day of
reckoning near at hand.
What we must do in America is to keep tho pressure high. Now that
we have the Kaiser and his brutal hordes on the run, lot us not relax effort
but intensify effort. Keep hitting hard and smashing harder. That is
the way to win surely and quickly. That is the way to eliminate
the Rhine; that is the way to open an American parade on Unter den
Linden.

SEPT. 28 1918.1

THE CHRONICLE

We must maintain steadfastly the standards we have already set and
surpass those standards whenever it is necessary to do so. By self-abnegation and sacrifice we must match, as far as we possibly may, the deeds of
our sons upon the field of battle and thereby contribute to the victory
which we are determined to secure regardless of the time required or the
price paid, either in blood or in treasure, because without that victory
there is neither security for the world nor hope for the future.
One cannot fail to do his duty in this supreme time and expect to save
his soul in the eternity before us. No man can shirk his duty without
Incurring the just reprehension of public opinion. The acid test will be
applied and the shirker, whether from military service or in the field of
labor or in the ranks of the wealthy, will be unable to withstand the finger
of scorn which will be unerringly pointed at him. We must rise to the
sublimest heights of patriotism, of sacrifice, of devotion, or love of country, if we would not deserve to be cast into the depths of defeat and oblivion.
Glorious America, glorious for what she has already done, more glorious
for what she is now doing, and glorified she shall be for what she is determined to and will achieve.

GOV. STRONG OF N. Y. RESERVE BANK EXPLAINS
MODIFIED LIBERTY BOND TAXATION.
Governor Strong of the New York Federal Reserve Bank
in addressing the mass meeting at Carnegie Hall last Tuesday night, held preliminary to the floating of the Fourth
Liberty Loan, offered a lucid explanation of the modification of the tax provisions applying to .Liberty bonds as
embodied in the measure signed by President Wilson this
• week and referred to elsewhere in to-day's issue of our paper.
In part Mr. Strong said:
The magnitude of the task of financing the creation and maintenance
of our military army is indicated by the size of this financial army. But
the importance of the work must be measured by other standards.
Success will be another battle won and failure will be a retreat.
These are not days, however, when American armies are retreating.
During the next four weeks, we are about to undertake the greatest
transaction in the history of finance and it is important that certain general
rules which must govern our work should be frankly discussed and understood. These have been deliberately adopted in this district after careful
consideration, and, in the opinion of experienced men, are best designed
to bring success.
We believe that sucessful sales of bonds of the amount required must
be based upon a thorough understanding by the public of the war; of the
purposes for which we are fighting; and that this loan will be successful
in proportion as the patriotism of the people is stirred and aroused.
Impetus must, therefore, be given to the campaign by publicity of the
highest order, designed to reach the mass of the people through every
possible avenue. It is upon this preparatory work of education that a
campaign for voluntary subscriptions rests.
Every person who subscribes by free choice, for patriotic reasons, is a
better subscriber, more satisfied with his investment, and more contented
to keep his bonds than one who purchases bonds under duress and whose
first impulse, once the bonds are paid for, is to sell them. Our program,
therefore, contemplates an intensive, dignified and impressive publicity
to reach every person, no matter what may be his means or what the
country of his birth.
You are aware that bonds of previous loans, bearing the same rate of
interest as those now to be sold, are selling at less than par in the market.
I shall repeat, with less fear of contradiction now than when I made the
same statement at our last meeting—that with over a million and a half
of our American boys in the fighting line in France, whose victory depends
upon the success of those loans, the American people will not subject their
patriotism; their resolution to support that army, to be measured by a rate
of interest or by a premium or discount on the bonds of their Government.
But an important change has just been made in the investment position
of Liberty bonds by Act of Congress, to which I must refer in some detail.
Since the last bond sale, Con -ress has been asked and doubtless will
increase revenues from taxation from $4,000,000,000 to $8,000,000,000 a
year. As the income from all but the 3%% bonds of the first issue is
liable for surtaxes and for war profits and excess profits taxes, an increase
in these taxes, naturally, reduces the net return on the bonds now to be
issued. Congress, has, therefore, passed a law increasing tax exemptions,
the provisions of which should be brought to the attention of every intending subscriber, as well as to the attention of every subscriber to the first
three issues.
I shall read a summary of the Act, which it is important that all should
understand. All of the exemptions originally applying to the earlier issues,
of course, remain unchanged.
1. The interest on not exceeding $30,000 principal of bonds of the Fourth
Liberty Loan shall be exempt from graduated additional income taxes,
commonly known as surtaxes, and excess profits and war profits taxes,
now or hereafter imposed.
2. The interest received after Jan. 1 1918, on an amount of bonds of the
earlier loans, excepting the nis of the first issue, the principal of which
does not exceed $45,000 in the aggregate, shall be exempt from such taxes;
Provided, however, that no owner of such bonds shall be entitled to such exemption on an aggregate principal amount exceeding one and one-half
times the principal amount of bonds of the Fourth Liberty Loan originally
subscribed for and still owned by him at the date of his tax return. The
old bonds to which the exemption applies are all of those outstanding,
including those arising from conversions, excepting, of course, the 33. %
bonds of the first issue.
3. The exemptions provided in the bill are to continue during the period
of the war, and for two years after the date of the termination of the war,
as fixed by proclamation of the President.
To summarize: In addition to all tax exemptions now provided by law,
any original subscriber to bonds of the Fourth Liberty Loan will be exempt
from surtaxes and excess profits and war profits taxes on the incomes
from not exceeding $30,000 principal of bonds of the Fourth Loan and,
if he retains his bonds may gain similar exemption on the income from
one and one-half times that amount of the old bonds; the exemption to
continue for the period of the war and for two years thereafter.
You will observe that the passage of this law will have the following effect,
provided it is thoroughly and widely understood:
First: As to a holder of the existing bonds who is now liable to income
surtax. lie may only enjoy,the exemptions from taxation provided in
this law in .case he purchases and retains bonds of the new issue in the
proportion provided by the law. Therefore, every holder of bonds of the
Second and Third Loan, and of those received through conversions will
find it absolutely essential, in order to enjoy this exemption, that he shall
buy and retain now bonds.




1241

Next: As to an intending subscriber to the Fourth Loan. It is plainly
to his advantage, if he does not already own the necessary proportion
to purchase such an amount of bonds of the old issues as will enable him 6
enjoy the maximum tax exemption allowed.
One may suggest that it is not desirable for an intending subscriber to
purchase the old bonds, when he might, in fact, be induced to purchase
only the new bonds. It must be borne in mind, however, that the holder
of the old bonds who sells them does so in order to subscribe to the new
issue and thereby gain tax exemption on the bonds which he still has left.
The effect of this new plan of exemption from taxation should, therefore,
as it becomes generally understood, bring about a large subscription from
holders of existing bonds. It should, likewise, provide buyers of bonds of
the old issues which their holders may feel required to sell in order to subscribe for the new issue.
Advices have been sent to the Chairmen of all committees throughout
the district that they will, upon request made to their DiEtrict Chairman,
be furnished with lists of subscribers to former loans. These subscribers
are so obviously interested in the terms of this tax exemption that it is
desirable for local committees to obtain the lists aad bring the matter
personally to the attention of each subscriber to former issues.
So few people read the details of statutes passed by Congress that the
effect of this most important modification of the tax provisions applying
to Liberty bonds will not be fully felt, nor will the Government enjoy all
of the benefits which it should enjoy from the adoption of this new program
unless it is brought by you to the attention of everyone. Too great
emphasis can not be given to the matter in connection with this campaign.
As in the case of former loans, a description of the terms of the Fourth
Loan, including a description of this tax exemption, will be furnished to
all committees at an early date, together with tables illustrating the income
value of bonds of the Fourth Loan when considered in connection with the
tax exemption. But we must not overlook the urgent injunction which
has now been spread broadcast for all owners of the Government's bonds
to retain them.
Emphasis should be laid upon the necessity of making no sales of present
holdings of bonds unless it is imperative for the holder to do so in order
to secure the benefits of the tax exemptions now provided. We can not
expect to have the bonds of the Government sell at their real value if large
numbers of people are induced, or even dragooned into buying them with
the expectation of immediately selling them in the market.
The question is repeatedly asked, how may subscriptions be made by
those who are pressed to subscribe but who have not sufficient ready cash.
There is but one answer:
Those who must borrow money to make their purchase should do so in
the expectation of paying their loans out of funds accumulated by the
practice of rigid economy, rather than by selling their bonds. The greatest
difficulty now encountered by our organization in selling bonds is caused
by the failure of the people of the country to practice thrift sufficiently.
I am confident that the only thing now needed is that everyone should
know specifically and definitely what he is expected to do in this matter;
what his patriotic duty is, and he will promptly do it.
We were told that the Government needed gasoline for war purposes
and that we should not drive automobiles on Sundays. Hardly an automobile is to be seen on the streets of New York City, or in the country, on
Sundays. The response was a fine exhibition of patriotism. But, after
all, a Sunday drive is not ersential to health or war efficiency, so we must
not overvalue the self-denial.
We are told by Mr. Hoover that the economies practiced by the American people released food supplies sufficient to meet the recent crisis abroad.
People were told what to do and they did it. We are now asked to economize in sugar, and the result will, doubtless, be a relief in the sugar shortage.
If we are told definitely and specifically what to do; if what we are told
to do is shown to be necessary; and if it applies alike to rich and poor, it
will be done,and the time hascome to tell people definitely and to get it done.
I shall not burden you with the details of the mechanical operations required to prepare and deliver the millions of bonds which are issued for
these huge loans. Most of the delay and consequent inconvenience in
delivering bonds in the earlier loans was due to the universal demand for
coupon bonds. The machinery of the Treasury Department and of the
Reserve banks is now developed to meet an enlarged demand for registered
bonds, and for effecting prompt transfers of ownership.
It will be a great economy to the Government, a saving of labor and
material, if those subscribing to the Fourth Loan are, generally, induced
to take registered, instead of coupon, bonds. The organization throughout the district should ask subscribers to indicate on the subscription
blanks that they are willing to accept registered bonds. In this form
bondholders receive a greater protection against theft and loss than in the
case of coupon bonds, and they avoid the inconvenience of collecting coupons, as chocks for the interest will be mailed to them.
Looking toward a greater and more efficient development of the two
financial machines which have been created by the Treasury Department,
Secretary McAdoo has undertaken to bring about a closer relationship
between the Liberty Loan and the War Savings Organizations throughout
the country. This is a new task which will confront us when this loan
is sold. In the meantime, all branches of the two organizations in this
district have been asked to join hands in a great partnership to make the
Liberty Loan a success.
I am hopeful that it will be possible to create in our district, through the
agency of these two organizations, the greatest and most efficient army
for financing a Government in time of war that has even been created.
Its purpose will be two in character—one to broaden the foundation for
raising money for the Government• by developing organized savings, as
the War Savings Organization is now doing—the other, to effect the sale
of all forms of Government securities so that these savings, as accumulated,
are swept into the Government's treasury. We must reach the rich and
the poor—the corporation and the individual.
It must be remembered that while commonly described as a draft law,
the statute is, in fact, entitled "The Selective Service Act." The purpose
of the Act is to insure that the men needed Mr military service are promptly
available, but equally important, that those needed in their present occupations shall be retained. We have felt that it was required of the members
of our organization to claim, or waive claim of exemption on personal
grounds according to their own consciences.
We have also felt that it was our duty, as an organization, to see that
the question of exemption on occupational grounds for the organization
as a whole was fairly and intelligently presented to the proper authorities.
That has been done and a policy has been adopted which is designed to
protect the integrity of an organization essential to the prosecution of the
war, and, at the same time, which will not deprice the military branch of
the Government of the services of those who are needed,and can be spared,
for the army and navy.
I have referred at some length to the possible effect of the draft upon our
organization for the purpose of emphasizing one thing in your minds.
There is but one American Army. A part of it is privileged to fight in
France. Another, and an essential part, must work at home. Each
depends upon the other. We are of the home army.

1242

THE CHRONICLE

[VoL. 107.

Committee before the second campaign was started, and
thus• have co-operated for almost a year with the Liberty
Loan organization. The Central Committee keeps in close
touch at all times with the Secretary of the Treasury and
other officials of that department, including Lewis B.
Franklin, Director of the War Loan Organization in Washington. The Central Committee co-operates with the Federal Reserve Board in Washington and with the officer of
the Federal Reserve Bank of New York, which is the fiscal
agent of the United States in the metropolis. Benjamin
Strong, Governor of the Federal Reserve Bank of New York,
who was appointed Chairman of the Central Committee
CO-ORDINATING LIBERTY LOAN AND WAR SAVINGS before the first campaign, will occupy
that important post
EFFORTS.
in the fourth campaign. The other fourteen members are:
Following a meeting held at the Federal Reserve Bank at
James S. Alexander, President of the National Bank of Commerce;
the request of the Secretary of the Treasury the following George F. Baker, Chairman of the board of directors of tho First National
Bank; Allen B. Forbes, President of Harris, Forbes & Co.; Walter E. Frew,
communication was sent out by those in attendance to all President of the Corn Exchange Bank; Gates W. MeGarrah, President of
Liberty Loan and War Savings organizations throughout the Mechanics & Metals National Bank; J. P. Morgan, head of J. P. Morthe New York Federal District, with a view to co-ordina- gan & Co.; Seward Prosser, President of the Bankers Trust Co.; Charles
H. Sabin, President of the Guaranty Trust Co.; Jacob II. Schiff, of Kuhn,
tion of effort in placing before the public the advantage of Loeb
& Co.; Frank A. Vanderlip, President of the National City Bank;
investment in war Government securities:
Martin Vogel, Assistant Treasurer of the United States; James N. Wallace,
Do you realize the significance of what is now taking place in France
and what these dollars which our army is raising are really doing? The
first wholly American Army is facing the German frontier; that frontier is
opposite Metz. Metz stands on soil that was French until 1871. My
conception of the mission of the American army in France is that of a victorious army marching through Alsace-Lorraine, and never leaving until
those provinces are French soil again.
I can not believe that the people of this country, much less our home
army of finance, will tolerate the return to Germany of any part of Franco,
the soil of which is made sacred to us with American blood and our soldiers'
graves.
When the work of that army is accomplished (and you will have had a
part in it) there will be Illustrious American names as sacred to the memory
of the French as with us are the names of Rochambeau and Lafayette.

At the request of the Secretary of the Treasury a meeting was held at President of the Central Union Trust Co.; Albert II. Wiggin, Chairman
the Federal Reserve Bank of New York on Wednesday, Sept. 111918, for of the board of directors of the Chase National Bank, anti WiUlan Woodthe purpose of discussing plans for a closer association between tho Liberty ward, President of the Hanover National flank.
Loan and War Savings organizations, which was attended by the underThese men represent every variety of financial interest
signed.
The decision of the Tieasury Department to bring together the War in the Second Federal Reserve District. Six of them are
Savings and Liberty Loan organisations into a closer alliance, as parts
heads of national banks, three of them are spokesmen for
of one Governmental War Loan Organization, under the general direction
of the several Federal Reserve banks, was heartily indorsed by the repre- private banking houses, three are Presidents of trust comsentatives of both organizations who were dresent at the meeting.
panies, one represents the State banks, and the other two
When definite plans are concluded one War Loan organization will direct
the various activities created to promote most effectively the sale of all are Government officials—one from the Treasury Departforms of Government war securities in every community and to every ment and the other from the Federal Reserve Bank of New
Individual and corporation in rcs-ponse to the needs of the Government: York. Two of these men are familiar from actual experithe energies of both organizations will be directed in complete harmony
into all of the various fields which have heretofore been covered, and it is ence, with the Civil War financing. They have a historical
hoped in such a way as to conserve and utilize economically all the energy background. Others on the committee are much younger.
and ability of both. The War Savings campaign will be continuous in its All are constantly in touch with the economic, industrial
effort to inculcate the habit of thrift and saving of materials and labor
and to develop regular purchases of the various Government securities and financial situation and thus are able to guide tho course
by those who develop these habits, thus constituting a permanent and of a Liberty Loan campaign with firm hands.
Important part of the Government's plan for financing the war.
The Secretary of the Treasury has requested the Congress to authorize
an additional issue of War Savings Stamps in order to provide the supplies CORPORATIONS ADVISED HOW
TO DIVIDE LIBERTY
required for the year 1919.
LOAN SUBSCRIPTIONS.
Plans are being developed by those representing both organizations to
conduct all Liberty Loan and War Savings campaigns as a united effort
Benjamin Strong, Governor of the Federal Reserve Bank
toward the successful sale of Government securities.
It is desZrcd that the War Savings organizations in every community of New York, and Chairman of the Liberty Loan Committee,
shall associate themselves with the local Liberty Loan organizations from has sent a letter to 2,500 or more corporations in New York
now until the conclusion of the Liberty Loan campaign and that the LibCity that carry on inter-State business, in which he points
erty Loan committees shall make the most effective use possible of the
War Savings organization as an associate and partner in the work. Chair- out that, if they have deposits in more than one city, they
men of Liberty Loan and War Savings committees are, therefore, requested should file their subscriptions to the Fourth Liberty Loan
to confer at once and arrange glans by which this community of effort
either with their principal banking institution, or with the
may be promptly brought about.
In a telegram, dated Sept. 7, the Treasury Department has given the Federal Reserve Bank of the.district in which their principal
following direction in regard to the general work of these organizations:
banking connection is located.. In either case they also
Far from suggesting any diminution of the activities of the War Savings
.organization, it is the intention of the Treasury Department to enlarge should file a memorandum as to the institutions in the
these activities and the State directors should assure their organizations various cities to which credit for the subscriptions should
that even greater and more important work is before them. For the immediate present, they should continue their work particularly in the ac- be given. Accompanying Mr. Strong's letter, is a comtivities of the War Savings societies and should enlist the whole-hearted cooperation of the entire organization in the Liberty Loan drive which munication to him from R. C. Leffingwell, Assistant Secrestarts Sept. 28th.
tary of the Treasury, concerning the allocation of these subIt is, therefore, desired that there shall be no discontinuance of sale,
scriptions by inter-State corporations. The text of the
of War Savings and Thrift Stamps, and particularly that efforts shall be
continued to organize War Savings societies, and to maintain the efficiency letter to the corporations follows:
of those already organized.
On Aug. 20 I took occasion to write you a short letter dealing in part
Copies of this communication have been plazed in the hands of the dis
with the wishes previously expressed by the Treasury Department about
trict chairmen of both the Liberty Loan and War Savings organizations. the method to be followed by Inter-State corporations in filing subscripInquiries in regard to any detail of the work where further or more explicit tions to Liberty Loan bonds. The Treasury Department has just made
instructions are required, relative to the Liberty Loan drive, should be an explicit expression of its views on this subject, which is quoted below.
addressed to the chairmen of both the men's and women's Liberty Loan
I am enclosing a copy of Assistant Secretary Leffingwell's letter to the
committees.
Governors of all the Federal Reserve banks, under date of Sept. 11, to the
Let us, therefore, unite in making the next Liberty Loan a success be- effect that inter-State corporations having deposits in more than one city
yond anything heretofore accomplished in Government finance and a vic- should file their subscriptions either with their principal banking institutory comparable to those now being won by our army in France. Very tion or with the Federal Reserve Bank of the District in which their printruly yours,
cipal banking connection is located, in either case witn a memorandum
BENJAMIN STRONG,
as to tae institutions in toe various cities to which credit for the subscripGovernor Federal Reserve Bank of New York, Chairman Liberty Lean Com- tions should be given, this credit to be ratable to the deposits ordinarily mainmittee.
tained by such corporations with their depositary institutions.
FRANK A. VANDERLIP,
This has been followed by a telegram from Assistant Secretary LoftingLiberty Loan Committee. well as follows:
WILLIAM J. TULLY,
"Referring to my letter of Sept. II relative to Allocation of subscriptions
FREDERIC W. ALLEN,
of inter-State corporations, please instruct all Liberty Loan committees
State Directors for New York, War Savings Committee. in your district tnat they are to observe the spirit of this letter absolutely
and refrain from soliciting subscriptions from inter-State corporations
VERNON MUNROE,
except in accordance with the principles therein set forth."
Acting Directer for New Jersey, War Savings Committee.
This beak is prepared to give every facility to enable corporations to
The proposal to unite the War Savings and Liberty Loan comply
with the wistes of the Treasury Department in this rehect, and
organizations was referred to in our issue of Sept. 14, page I am writing to suggest that your subscription be filed through your own
banks or with this bank, with a memorandum attached, prepared in
1048.
accordance with the Treasury Department's recommendation.
This bank will then allocate credit either to the banks which may be
THE LIBERTY LOAN'S "GENERAL STAFF" IN THE located
in this district or to the Federal Reserve banks of such other
• NEW YORK FEDERAL RESERVE DISTRICT.
district as may contain institutions in which you carry funds, with into such Fetleial Reserve bank, to see that duo credit is in turn
The advent of the Fourth and greatest of the Liberty Loan structions
given. As a practical working method, I suggest that no allocation of
campaigns finds fifteen Liberty Loan veterans in command credit should be given in amounts other than $1,000.
You will notice that this allocation, based on normal balances, is to be
in the New York Federal Reserve District. These fifteen
made even though you expect to make payment only from New York
tacticians are the members of the Central Committee. All funds.
It is .strongly urged, however, that payment be made in the same
but two of them have served continuously since the outbreak ratio that credit is given—in other words, that if a portion of your subscripbelongs to Chicago and the balance here, payment for bonds
tion
properly
of war between the United States and Germany almost
which you subscribe should be made by your banks in Chicago and
eighteen months ago. The other two joined the Central to
your banks in New York in the proper relative proportion.




SEPT. 28 1918.]

1213

THE CHRONICLE

Finances—Donald G. Geddes, Chairman; George 13. Post and James B
Mabon; Partial Payment Plan—Albert McClave, Chairman; Edward C
Hartshorne and James A. Fayne; Employees' Activities—A. J. Miller,
in.
held
of
Loan
Executives
Liberty
Chairman; Henry H. Wehrhane and Walter T. Rosen.
My Dear Governor.—At a conference
this
to
given
was
thorough
discussion
1918,
18
On the General Committee are: William H. Remick, Chairman; J. S.
and
17
July
Washington
subject, and as a result you are hereby urged to perfect arrangements Bache, Herman B. Baruch, Wm, J. Berg, George Blagden, Benjamin B.
whereby subscriptions of inter-State corporations may be allocated in such Bryan, Winthrop Burr, S. B. Chapin, S. L. Cromwell, R. A. Drysdale,
Goo. A. Ellis Jr., Albert J. Erdmann, James A. Fayne, Herbert I. Foster,
a manner that due credit will be given to the proper community.
You are fully aware that the principal factor in determining quotas for Michael Gavin, Donald G. Geddes, Oscar L. Gubelman. A. C. Gwynne,
the Federal Reserve Distiicts is the gross banking resources, modified where Edward C. Hartshorne, John II. Holden, Buell Hollister, C. J. Housman,
Walter L. Johnson, James Lees Laidlaw, Arthur Lipper, S. Duren Lonnanecessary by special conditions.
Inasmuch as the quotas are assigned mainly on the basis of banking bery, J. B. Mabon, Albert McClave, Robert E. McDonnell, George P.
resources, it seems only proper that subscriptions by inter-State corpora- Mellick, A. J. Miller, Harry H. Moore, Alfred H. Newburger, John R.
tions should be credited to various communities in the proportion that the Ogden, George B. Post, Walter W.Price, Felix T. Rosen, Walter T. Rosen;
average bank deposits of the corporation bear to the total subscription of Arthur J. Rosenthal, Arnold L. Scheuer, Richard Sutro, Moses Taylor;
the corporation. For example, a corporation having its principal office Erastus T. Tefft, Henry H. Wehrhane, George M. Woolsey.
in the city of X, with an av4iage deposit since the termination of the
Third Liberty Loan of $900,000 in the city of Y and an average deposit of
$100,000 in the city of X,should properly arrange its subscription so that LIBERTY LOAN BOND ORDERS TO BE UNDER CONthe city of Y will receive credit for nine-tenths of the total subscription,
TROL OF LIBERTY LOAN COMMITTEE.
even though, as above stated, the principal office is located in the city of
Secretary of the Treasury McAdoo has sent the following
X and the major portion of the corporation's business is done in that
community.
letter to Benjamin Strong, Governor of the Federal Reserve
Subscriptions of such inter-State corporations should be filed direct with
the Federal Reserve banks of the districts embracing the communities to Bank, this city:
My Dear Governor.—I want to impress upon you the importance of
which credit is to be given, or through the bank in which the principal
deposit is maintained, or with the Federal Reserve bank of that district, having all activities in the way of solicitation of orders for Liberty Loan
the
and
Federal
their
bank
of
subscription,
Reserve
amount
total
bonds under the control of the Liberty Loan Committee.
to the
While I appreciate the patriotic enthusiasm which inspires many citizens
should be furni.ihed with a list of towns or, communities and the names of
banks in such tosns and communities and the amount of such total sub- with the desire to conduct extensive campaigns for the sale of these bonds,
each.
I know that you will realize that with the wonderful organization which
scription to be statistically allocated to
To continue the example, the corporation maintaining its principal we have now established throughout the cotintry, all efforts must be under
office and doing its principal business in X, making a total subscription of their direction.
Yours sincerely,
$1,000,000, should file a subscription of $900,000 through its own bank, o •
(Signed) W. G. AleADOO.
with the Federal Reserve Bank of the district in which Y is located, and
should file its subscription for $100,000 through its own bank or with the lion Benjamin Strong,
Fedora. Reserve bank of the district in watch X LS located; or it may file
Governor, Federal Reserve Bank, New York City.
the entire subscription throng t its own bank or wit, the Federal Reserve
Bank for tho district in which Y is located, in whicI case instructions should
be given to the Federal Reserve bank to statistically allocate a subscription FOURTH LOAN QUOTAS FOR NEW YORK FEDERAL
of $100,000 for the credit of the city of X and for the credit of any particular
RESERVE DISTRICT.
bank or banks in that city.
The Liberty Loan Committee of the New York Federal
In order to avoid the use of checks or drafts in the transfer of funds
between districts, it is suggested that Federal Reserve banks with whom Reserve District on Thursday announced the Fourth Liberty
such inter-State corporation's subscriptions are filed, arrange the transfer
Loan quotas for Greatkr New York End each of its boroughs,
through Treasurer's account.
Subscriptions of employees of inter-State corporations should in all cases and for each of the counties and sub-districts under its
be filed with the community in which such employees live, or with the jurisdiction. New York City is expected to subscribe at
Federal Reserve bank of the district in which such community is located,
has been
proper instructions being issued so that the Federal Reserve bank will at least $1,334,082,400 out of the $1,800,000,000 that
once give credit i.o the proper local community. Where such subscriptions fixed as the quota for the Second Federal Reserve District
are filed with the Federal Reserve bank, a list of the names and amounts by
the Treasury Department. The twelve northern counof each individual subscription should be furnished.
Employees are entitled to the privilege of having their own communities ties of New Jersey have a quota of $143,850,000. Fairfield
receive the credit for and benefit of their subscriptions, and it is therefore County, Conn., is asked for $18,220,100. Following are the
very important that proper arrangements be made.

Assistant Secretary Leffingwell's letter to Mr. Strong
follows:

quotas for the five boroughs of New York:

NEW YORK CLEARING HOUSE BANKS ASKED TO
LIMIT RATE ON FOURTH LIBERTY BONDS TO 434%.
A recommendation that 90-day loans secured by Government bonds of the Fourth Liberty Loan be made at a rate
not higher than 43.% and that not more than 10% margin
be required, has been made by the Clearing House Committee of the New York Clearing House. The following is
the letter which has been addressed to the banks in the
matter:
NEW YORK CLEARING HOUSE.
New York, Sept. 24 1918.
To the Members of the New York Clearing House Association.
assist
may
banks
to the Fourth Liberty
subscriptions
In order that the
Loan in every way, as in the flotation of the previous issues of Liberty
bonds, the Clearing House Committee recommends that 90-day loans secured by Government bonds of the Fourth Liberty Loan be made at a rate
not higher than 4X% per annum, and that not more than 10% margin
be required.
It is further recommended that loans to customers, secured by bonds
of the Liberty Loan, should not be considered as part of the regular lines
previously granted to them for commercial purposes.
The Liberty Loan is fundamentally one to be taken by the people, and
customers of banks are urged not only to invest their surplus funds and
present savings, but also to borrow freely from their banks, in order to
increase their subscription,.
WALTER E. FREW,
Chairman, Clearing House Committee.
Manager.
GILPIN,
J.
WILLIAM

STOCK EXCHANGE URGED TO MAKE LIBERTY LOAN
PARAMOUNT.
William H. Remick, Chairman of the New York Stock
Exchange Fourth Liberty Loan Committee, sent out on
Thursday a letter to the members of the Exchange, in which
he said:
This will be the largest loan ever floated, and will necessarily call forth
our supreme efforts to make it a success. We should back up General
Pershing and the American Army in France by devoting our entire time,
during the flotation of the loan, to the sale of these bonds. Let the Stock
Exchange keep up its reputation of being ahead of the times, and for being
willing, at all times, to devote its entire energy for the benefit of all.

Meetings of the Executive Committee will be held daily
at the office of the Secretary of the Stock Exchange, between
11 and 12 o'clock. The following committees have been
appointed:
Executive Committee: William II. Itemick, Chairman; Donald G.
Ceddcs, C. J. lIousman, Albert McClave, A. J. Miller and Erastus Tefft.
Sub-Committees: Publicity—Erastus T. Tefft, Chairman; Arthur J.
Rosenthal and James Lees Laidlaw; Ways and Means—C. J. Housman,
Chairman; Walter L. Johnson and S. Durrell Loun.sbery; Loans and




Manhattan
Brooklyn
The Bronx

$1.236,605,800
79,233.800
6,634,200

$2,173,900
Richmond
9,434,700
Queens
Total Greater N. Y$1,334.082,400

LOAN CAMPAIGN IN NEW
OPENING OF LIBERTY *
YORK FEDERAL RESERVE DISTRICT.
The two million prospective subscribers and the other
millions, who it is hoped will subscribe were apprised of
the opening of the Fourth Liberty Loan campaign last
night with a din of noise from sirens, whistles and church
bells, and with a colorful touch from red flares. The campaign was opened formally at night by President Wilson
at the Metropolitan Opera House. The sirens, set up at the
direction of the Police Department to warn the people if
air raids should occur sounded the opening note of the
campaign at 7.55 o'clock. To their proclamation that the
greatest bond selling campaign in history has started were
added the shrieks of factory and steam boat whistles and
church bells. To-day the bond selling will begin immediately following the flag raising exercises at City Hall.
At 9 o'clock, when Mayor Hylan unfurls the American flag
from City Hall, the flags of the Allied nations will be flung
to the breeze in Fifth avenue, and the Liberty Loan parade
will start southward on the avenue from Thirty-fourth
street. Another parade will start northward at 9.45 o'clock
from Bowling Green.
Dedication of the Liberty Altar, in Madison Square Park,
will take place at noon, with speeches by Chief Justice
White of the United States Supreme Court, and Secretary
Lane of the Interior Department. Other exercises at
Madison Square Park include a tribute.to the Belgian flag
by detachments of soldiers and sailors and the presentation
of a Belgian flag to the Belgian Minister. The presentation will be made by a detachment of soldiers at the Belgian Pole, after which the Minister will deliver an address.
Benjamin Strong, Governor of the Federal Reserve Bank,
will introduce the Minister. At 2 o'clock the Belgian
Minister and his staff will be the guests at luncheon of the
Liberty Altar Committee.
The Women's Committee has given special attention to
recruiting bond salesmen from among women workers to
fill the places left vacant by men taken in the draft.
Gov. Whitman spoke last night (Friday) at the Bank

1244

THE CHRONICLE

[Vol,. 107.

of the United States, 77 Delancey street, to the East Side Education, will make the request that every school district
Liberty Loan Committee. Later, the War Mothers of the in the United States arrange for the celebration of the
East Side marched through the principal streets.
discovery of America with an oppropriate Harvest Home
Festival. There is a logical unity between both of these
ALLIED FLAGS AND ALTAR OF LIBERTY FOR FOURTH ideas and the Liberty Loan. When the people of a comLIBERTY LOAN CAMPAIGN.
munity are brought face to face with the Fourth Liberty
When the campaign in the Second Federal Reserve District Loan, they will figure out what share of their summer's
for the sale of the bonds of the Fourth Liberty Loan begins profits they ought to invest in Liberty bonds.
to-day (Saturday morning), New York will witness on
Fifth Avenue such a display of flags as that famous street THINKS NAMES AND AMOUNTS OF LIBERTY LOAN
has never before produced. From Madison Square up to
SUBSCRIPTIONS SHOULD NOT BE DISCLOSED.
58th Street the avenue will lose its identity temporarily,
THE CITIZENS BANK.
becoming "The Avenue of the Allies." For twenty-two
Whtte Plains, N. Y., Sept. 20 1918.
Editor
the
Financial
Chronicle,
New York City.
blocks each block will be devoted to a decorative scheme
Dear Sir-In your issue of the 14th I note that the "Wall Street Journal"
based on the flag of one of the Allied nations in the great of Sept. 4th stated that Federal Reserve banks had received a letter from
war againstithe Central Powers. Carefully worked out by the office of the Secretary of the Treasury, requesting that information be
obtained from the banks relative to the names and addresses of subscribers
a committee of prominent artists and architects, this plan and
amounts of subscription to Liberty Loan bonds, and that the Federal
of flag decorations will be both beautiful and significant of Reserve banks were empowered to authorize local Liberty Loan conunittees
said information from banks in their various localities.
obtain
to
the patriotic ardor which is animating the men who are
In the Third Liberty Loan drive here in White Plains, the situation
fighting in far-flung battle lines against Teuton might. It is arose
as to whether the local Liberty Loan Committee should be informed
the chief feature in the tremendous program of educational by the local banks as to the names and amounts of subscription. This was
to be a confidential matter between the banks and their depositors,
thought
publicity by which the Liberty Loan Committee expects
the names were, therefore, not furnished.
to stimulate the sale of the Government's bonds in this and
All subscriptions were cleared, however, through the Liberty Loan
district.
Committee and then filed with the local banks.
I
submitted the above point in question to the first eight men who
Second only in interest and display to the flag scheme will
happened to call at the office, and each one of them felt that insistence
be the Altar of Liberty. This has been erected at Madison upon this point
by the Treasury Department would have a very unfavorable
Square, opposite the Worth Monument. Taking its name effect in the Fourth and future loan drives.
We
fully
in this opinion, and submit that it would be far better
concur
from the cause for which America's soldiers are fighting
to furnish the Treasury Department through the Federal Reserve banks
with their comrades, this structure is to be a focal point with a list of the names of those persons in the
community who have not
in the various events which are scheduled to take place subscribed to the Liberty Loan, rather than with the names of subscribers.
In
other
I
believe
words,
we
are justified in the belief that our people
during the Liberty Loan campaign-a kind of patriotic In general are buying all the Liberty
bonds that it is in their power to carry,
civic centre for the city. These main features of the cam- and will not take kindly to the rule that would seek to compel the banks to
paign for the Fourth Liberty Loan are intended to stimulate furnish the Treasury Department with the details of their subscriptions.
It is assumed that every American is disposed to do his utmost in the
the sale of bonds through an idealistic appeal to the senti- purchase
of Liberty bonds, and if any names are to go on record in the
ment of fraternity with our Allies in the common cause against Treasury Department for the purpose of stimulating the loan, lot it be the
Germany. The Liberty Loan Committee believes that the names of those who have not subscribed, and let this list be followed up
war thus will be presented in its most impressive aspect- through the proper channels.
Very truly yours,
that of a world crusade-and that the people of New York
JOSEPH H. MEAD.
when it is brought home to them that they are a part, not
of a local movement or a parochial campaign, but of a great
SUBSCRIBERS TO THIRD LIBERTY LOAN.
international army of twenty-two nations, will translate
According to an announcement made by the Treasury
for themselves the emotion thus aroused into its practical Department on Sept. 8, one out of every
six persons in the
manifestation-the purchase of Liberty bonds. In the United States bought bonds of the Third
Liberty Loan.
'Avenue7,of the Allies," devoted to the colorful flag decora- The total number of subscribers was 18,308,325,
or 17.7% of
tions,each block will be marked at each end by a large banner the 103,620,273 estimated population of
the country. The
bearing the name of the country to whose flag it is devoted. loan total, $4,176,516,850, represents an aggregate
subscripMidway in each block the flag itself will be flung in addition tion of 138.61% of the three-billion goal, and every Reserve
to those floating from staffs in the windows of the second district, every State and nearly every city went above
the
and fourth floors of every building. From the third floor 100% mark. In volume of subscriptions the
five leading
windows will fly the banners of the Liberty Loan. This States were New York, with $985,000,000, or
nearly onecolossal decoration plan for Fifth Avenue was made possible, fourth of the nation's total; Pennsylvania,
$467,000,000;
from the artistic standpoint, by a group of the city's best- Illinois, $279,000,000;
Massachusetts, $228,000,000, and
known artists, architects and advertising men, and, from Ohio, $225,000,000. The
highest percentages of quotas
the financial standpoint, by the generosity of the Fifth subscribed were recorded
by Delaware, with 296 per cent;
Avenue Association. The cost of the display is being borne Alaska, 252; Arizona,
234, and the District of Columentirely by subscriptions raised by a special committee of bia, 219. The leading
States in number of bond buyers
the Association headed by Michael Friedsam of B. Altman were New York, 2,456,000; Pennsylvania, 2,032,000;
Illi& Company. Special standards and staffs had to be pre- nois, 1,607,000; Massachusetts, 807,000; Ohio,
794,000,
pared and the flags of such nations as Siam, Liberia, Guate- and California, 759,000. The best showings in
proportion
mala, Honduras and Montenegro specially made, so a fund of population on the subscription rolls were by the
District
of $30,000 raised for this purpose by the Association was of Columbia, with 36%, or more than one in three; Iowa
and
scarcely adequate to meet the cost of the scheme.
South Dakota, with 20% each, and Rhode Island, the
The second feature, the Altar of Liberty, was designed by smallest State, with 26%. New York City
bought $775,Thomas Hastings, who also has supervised its construction. 333,500 of the issue. The total number
of subscribers in
It has been furnished with sculptural designs moulded in the city was 1,456,354, out of an estimated
population of
plaster in the workshops of Raffael and Frank G.Menconi, 5,047,221, or 28.9% of the population.
The totals and aver335 West Twenty-fourth Street. At the Altar will be a ages as subscribed by Reserve bank districts,
are made public
huge colored war-map, showing the daily changes in the by the Treasury Department as follows:
battlefront, a rostrum for public speakers, and spaces for
the seating of bands and guests, making it also a suitable
Per Cent.
Per Cent.
Quota.
Subscripof
Subreveiwing stand for parades. Though the work is of wood
District.
Lions.
Subsced. scribers. Subsced.
and plaster, it is intended to last for the duration of the war,
$
$
and has been treated chemically to withstand the winter Boston
250,000,000 354,537,250 141.81 1,512,555 21.7
New York
900,000,000 1,115,243,650 123.91 3,043,123 23.2
storms. It extends 100 feet along the avenue and has a Philadelphia...._ 250,000,000 361,963,500 144.79 1,670,220 25.2
300,000.000 405.051,150 135.02 1,440,681 15.4
depth of 25 feet. The central' elevation, consisting of the Cleveland
Richmond. _ 130,000,000 186,259,050 143.27
858,358
9.2
Atlanta
__
90,000,001 137,649,450 152.94
war map,is 47feet high. Each of the wings is 18 feet high.
584,196
5.8
Chicago
_ _ _ _ 425,000,000 608,878,600 142.26 3,479,315
OBSERVATION OF LIBERTY DAY.
In connection with the Fourth Liberty Loan campaign,
the plan suggested by the United States Bureau of Education, and indorsed by the President, to designate Saturday,
Oct. 12, which is the anniversary of the discovery of America,
as Liberty Day, has been adopted by the Treasury Department. The Treasury, in co-operation with the Bureau of




St. Louis
Minneapolis _ _
Kansas City_ _
Dallas
San Francisco.. _

Total
Treasury subscriptions
Grand total_

1„186,377
1,221,504
1,190,193
719,210
1,402,584

24.7
12.7
23.6
16.0
12.7
21.1

3.000,000,000 4,158,599,100 138.61 18,308,325

17.7

130,000,000
105,000,000
130,000,000
80,000,000
210,000.000

199,835,900
180,892,100
204,092,800
116,220,650
287,975,000

153.72
172.28
156.99
145.27
137.13

17,917,750
4.176.M11.RA0

The percentage cif population subscribed is based on the estimated population of the United States on July 11917, namely, 103,620,273.

SEPT. 28 1918.1

THE CHRONICLE

PASSAGE OF WAR REVENUE BILL BY HOUSE AND ITS
CONSIDERATION BY SENATE COMMITTEE.
The War Revenue bill, which passed the House on Sept.
20, was formally brought before the Senate on Sept. 23.
The passage of the bill in the House was unanimous; a formal
roll call, demanded by Chairman Kitchin of the House Ways
and Means Committee, resulted in a record vote of 349
to 8, with 81 members not voting. The bill had been in
the House more than three months and had been under
debate on the floor of the House since Sept. 6. It passed
the House practically as reported from the committee.
Only a few minor amendments, and all recommended by
the committee, were made to the bill in the House. One
of the committee amendments adopted on the 20th extends
the depletion allowance to gas and oil wells and mines so as
to include "timber and other natural deposits." On the
20th, Representative Moore of Pennsylvania renewed his
proposal for the creation of a committee to supervise war
expenditures; his motion to recommit the bill with instructions to report it with an amendment providing for such a
committee was ruled out on a point of order that the amendment was not genuine to the subject matter of the bill.
The same fate befell another proposal by Mr. Moore for the
creation of a joint committee to investigate means of preventing wasteful expenditures. An amendment of Representative Good of Iowa, to provide a $3,500 exemption in income taxes for those in the military service overseas was
rejected. Likewise an amendment by Representative
Austin of Tennessee, to exempt from taxation the incomes
of all privates in the military srevice was defeated. In the
interest of the wine growers of California, Representative
Kahn proposed an amendment which would have permitted
them to extract the alcohol from wine and sell nonalcoholic
beverages, but it went out on objection by Representative
Stafford of Wisconsin. This amendment was approved by
the Treasury Department, and will be pressed in the Senate.
The principal change made by the House in the bill
consisted in the amendment to Sections 214 and 234 to permit
the deduction of all interest paid or accrued by an individual
or corporation in computing net income subject to the
income tax. These changes were indicated in our issue
of Saturday last, page 1147.
Senator Thomas, Democrat, of Colorado, member of the
Finance Committee, addressed the Senate at length on the
23d in opposition to some of the features of the War Revenue
measure. Among other things he said:
This bill is obnoxious to the constitution in not less than three important
particulars. They are the proposed taxation on Presidential and AWL:AM
salaries, of State and municipal securities and salaries, and the alternative
method of assessing and levying taxes by the war-profits method or the
excess profits method, which would clothe the Government with authority,
as stated in the bill, to resort to "which of the two methods will yield the
highest amount of taxes." It may be that the constitutional principal of
uniformity in taxation is seriously jeopardized by the restriction of these
taxes to corporations only.
An estimated expenditure of $24,000,000,000 fcr the current year and the
desire of the Administration to realize one-third of the amount by taxation
has necessitated the framing of a measure designed to raise the vast sum of
$8,000,000,000 per annum without seriously disturbing the industries or
menacing the commerce of the nation. These figures are nearly one and a
half times the total supply of our currency, including gold, silver, nickel,
copper and paper. It represents about 4% of our estimated wealth. It
exceeds the combined value of our imports and exports for any year of our
history. It would much more than liquidate the money cost of our Civil
War on both sides. It will subject the industries of the nation to a supreme
test of endurance. It will virtually absorb the annual profits of production,
and must be made to do so, if possible, without discouraging continued
productive energy•
We propose by this bill to raise 33 1-3% of our war expenses by taxation.
This task none of the belligerents has attempted. No nation at war in
the past has over done so, if wo except minor conflicts of brief duration from
the reckoning. We are the first to make the experiment. If we adhere to
it and the war shall endure after 1919, we shall be required to enact other
revenue legislation laying heavier taxes, and continue to do so until it shall
have terminated, because our war expenditures will increase progressively
as the conflict proceeds.
I do not protest against heavy taxation in times like these. On the contrary, we should impose them as fairly as uniformly distributed„ and as
extensively as commerce and industry, as production and consumption
will justify. But we should not,in my judgment, establish a mathematical
percentage, based upon estimated expenditures, and make its realization
the prime goal of our revenue laws. And this, with the most profound respect for the Treasury Department, the Ways and Means Committee, and
some of my colleagues of the Finance Committee, is what we are seeking to
do. The result of our action upon the taxpaying interests necessarily assumes a secondary place in our deliberations. Injustice to them, although
not intended, must flow from such methods in legislation.
Mr. President, I gravely question the effect which an annual tax roll of
$8,000,000,000 will have upon our material interests—agricultural, manufacturing, mining and commercial—especially as this huge burden is to be
distributed by this bill. I question whether after the first year of its operation it will prove efficient or successful. And I am convinced that such
an unduly heavy imposition is not a present necessity. I am satisfied that
many of those upon whom these taxes are to fall entertain this view who will
not express it lest they be reproached with a lack of patriotism and an unwillingness to cheerfully bear their share of the public burdens.
A factor in Federal taxation which can never be overlooked when increases
are proposed, but which at times seems to be disregardbd, is that it consti-




1245

tutes but a part—a large part, of course, but yet only a part—of the burden falling upon the taxpayer. In addition to them he must pay a State,
county,school, and frequently a municipal tax, whose aggregate sum is prodigious. In 1916 the revenues of the States totaled $466,946,748. Those
for other purposes enumerated are very much more. I feel safe in estimating them at $2.000,000,000. These taxes,too,are increasing very rapidly.
They must, like other taxes, be paid from, the incomes and earnings of
the people. To pay them otherwise is to impair capital and reduce the
efficiency. Mr. Kitchin gives the total individual incomes subject to
normal tax in 1917 at $4,700,000,000, and corporation incomes for the
same period he estimates at $10,000.000,000, or a total of $14,700,000,000.
With the enactment of this bill $10,500,000,000 of this income must be
used for purposes of general taxation.

In undertaking revision of the bill on the 24th the Senate
Finance Committee virtually decided to make no substantial
reduction in the aggregate tax levy proposed. Chairman
Simmons said that among members of the committee there
was little opposition to the plan to raise by taxation onethird of the $24,000,000,000 that the Government would
need during this fiscal year. Increased estimated expenditures for the army, Senator Simmons said, have caused
abandonment of most of the sentiment against such a large
tax levy. Whether new or increased sources of taxation
will be provided to meet the prospective revenue deficit due
to prohibition legislation has not been decided, Chairman
Simmons said. He said the committee was ready to fill up
the gap if this should be found to be necessary. The Chairman,suggested that the passage of the bill by the House
without making provision for a prohibition deficit might be
construed as representing House belief that the revenue from
liquor was not needed. On the 24th the committee began
reading the bill by paragraphs and proceeded as far as the
income tax. General definition of the income section, including the definitions of dividends and earnings and the
basis for determining property values were tentatively
opposed.
On the 25th the committee approved the normal income
tax provision, calling for a 12% tax on incomes over ,000
(above deductions), and 6% on incomes under that amount.
The committee also adopted on the 25th the House provisions defining income tax. According to the New York
"Sun" the committee on the 26th listened to arguments
from representatives of the United States Shipping Board
Emergency Fleet Corporation and the Aircraft Production
Board with regard to the effect of the proposed war profits
and excess profits taxes on their industry. The "Sun" says:
It was explained to the committee by Vice-President Pies of the Fleet
Corporation that in the development of plans such as the gigantic work of
the American International Shipbuilding Corporation at Hog Island there
had been of necessity vast expenditures for certain buildings and machinery
which with the cessation of hostilities would be useless.
War time prices also had entered into the construction problem to a
tremendous extent, multiplying the cost of plants. He urged that in the
framing of the administrative features of the proposed new revenue law
adequate authority be granted to the Secretary of the Treasury to consider
in working out problems of profit an extraordinarily high amortization
rate on structures and machinery which in peace times would have negligible or materially less value and which should not be considered otherwise
than as offsets to paper profitc.
The same argument was presented by Mr. Campbell of the Aircraft
Board, who urged that in the instance of the airplane building industry the
situation was even more striking than in the shipbuilding business.
The committee took the arguments under serious advisement and is disposed to yield to the suggestions of the Government officials who presented
the case of the war industries.

BUREAUCRATIC GOVERNMENT.
[From the "Wall Street Journal," Sept. 25 19183
Are we governed too much? The anarchist comes near the truth in at
least one respect, although, of course, he misses it entirely. Government
of any kind is not an end but a means. The simpler its form, the better
the results, not only in the security of life and property, but in the education of the citizen to an intelligent co-operation with the instruments
of government.
But, whether in war time or not, the multiplication of bureaus does not
simplify government. It introduces new complications. A bureau is
started with a definite purpose, with a head enjoying the public confidence.
But after a time, growing like a snowball and forever asking for increased
powers, it develops into a series of departments, each with a minor head of
whose capacity the public knows nothing. The taxpayer is prepared to
trust Mr. McAdoo's good sense. But he is vexed by rulings of minor
officials which seem to be utterly without sense.
Take an instance much in the public mind at present. Who devised
Many of us are working desperately
the questionnaire for the draft?
every night of the week to fill it in for those of limited education, who are
In the large majority. At one station of the Legal Advisory Board an
associate member reported that the only successfully completed quesii
tionnaire passing through his hands in the course of five hours was filed
by a Japanese, who was not a citizen.
Obviously such a document could not have been made too simple.
Yet the same questions are repeated in different parts of many closely
printed pages, and the number of separate signatures on each questionnaire is bewildering, including two affidavits if the registrant is married,
and one in any case. Much of the information desired is superfluous, bred
of mere curiosity, and the whole thing is a hodgepodge where it is plain
that every little bureaucrat had a question of his own.
In no city of Europe where the police "dossier" system prevails is the
information sought nearly as searching, or, it may be said, as humiliating.
This is the result of loosely drawn laws, drafted by lawyers who are only
politicians and administered by minor public officials without real respon•

1246

THE CHRONICLE

sibility. It is the absolute negation of democracy, of that individualism
which is the fine soul of our system of government.
And If this is true of the questionnaire, parallels could be found in practically every department of government. The result is bad, and the allprevailing excuse of the war is only an excuse and not a reason.

EACH ONE'S SHARE OP THE TWENTY-FOUR BILLION
TO BE RAISED.
The Bankers Trust Co. of New York has prepared for use
in connection with the Fourth Liberty Loan campaign a
pamphlet which is intended to set forth how America's
contribution to the fourth year of the war against the Teutonic autocracy may be equitably shared by our 23,500,000
families.
Attention is called to the fact that out of the total estimated
world population of about 1,700,000,000 human beings, there
is scarcely a group which is not materially affected by the
conflict. Nineteen nations, with combined populations of
1,145,000,000 people are fighting for the cause of liberty;
five other nations, with populations aggregating 11,500,000,
have severed diplomatic relations with Germany. On the
other hand, only four nations, with combined populations of
146,000,000, are fighting under the leadership of Germany
for the autocratic principle of government. A roll-call of the
nations as to whether they favor the democratic or autocratic
principle of government, would bring the answer "for liberty"
from the representatives of over 72% of the inhabitants of
the globe, while only 6% would answer "No."
On Aug. 1 four years had elapsed since the beginning of the
war. The trust company's statisticians estimate that the
direct money cost of the war in that period has been about
$145,000,000,000, something over two-thirds borne by the
Allies and about one-third by the Teutonic nations. The
loss of life has been estimated at nearly 8,000,000, and men
permanently disabled so as to be no longer fitted for military
service at over 8,500,000. The casualties are divided in
about the ratio of 58% to the Allies and 42% to the Teutonic
nations. The disproportion between the money cost to the
Allies and to the Teutonic nations is striking-but attention
is drawn to the fact that prior to the war Germany had prepared a vast amount of material, which it had collected over
a period of years, the money value of which-in order to
correctly balance the account-should be added to their expenditures since war began.
It is stated that the present alignment of the nations is
about as follows: Nineteen nations are actively allied for
liberty, having a nominal man-power of over 200,000,000,
of which number about 20,000,000 are estimated to be
actually in service or in training-that is to say, less than
10% of the nominal man-power of the Allies is at present
being utilized. On the other hand, it is estimated that the
Teutonio Allies have possibly as many as 24,000,000 men enrolled,out of a total possible man-power of about 33,000,000-so that our enemies have enrolled about 73% of their possible
man-power. Nor is this all. Included in their total number of men estimated to be available for military service
there are probably very many men who belong chiefly to the
Slavic races, not at all in sympathy with the Teutonic aims,
and ready at the first opportunity which offers to take up
arms against their masters.
The budgets of the Liberty Allies for the fifth year of the
war call for the expenditure of around $50,000,000,000.
Approximately half of this amount, or $24,000,000,000,
must be provided by the United States. The problem for.
which this pamphlet endeavors to offer a solution is, how this
great amount of money can be raised, and how the burden
shall be equitably pro-rated among the 23,500,000 families
of our country.
Taking as a starting point the data upon which the Revenue
bill, which has just passed the House of Representatives by
unanimous vote, was based, it is estimated, that the corporations other than banks will provide $6,000,000,000; the banks
about $5,500,000,000; while $3,000,000,000 to $3,500,000,000, it is estimated, will come from indirect taxation, leaving
over $9,000,000,000 which rilust be provided from individual
incomes. The Revenue bill places a heavy burden of taxes
upon the corporations-an amount aggregating something
over $4,000,000,000-it also places the weight of the personal
income tax on those receiving the larger incomes. Necessarily, therefore, the burden of the bond-buying must be
borne by individuals receiving the smaller incomes.
A striking fact developed in this panphlet is that of the
23,500,000 family groups into which our 106,000,000 population naturally falls, 23,140,000, having incomes of $5,000
or less, receive 76% of the national income, which is conserva-




[VOL. 107.

tively estimated to be sixty billion dollars, and 21,175,000 of
these families, receiving incomes of $2,000 or less, are
credited with receiving over two-thirds of the entire national
income.
In conclusion, attention is called to the fact that the very
destinies of the nation, perhaps of the world, depend upon
the loyal response of each one of us to the call for subscriptions to the Liberty Loans. While the banks and corporations must do their full share, and also the families and the
individuals of wealth and of great wealth, for the great sum
of $6,000,000,000-fully one-fourth of the entire $24,000,000,000 required-the Government will be dependent upon
the recipients of incomes of $10,000 or less; and for over onefifth of the amount required-for nearly $5,000,000,000-it
must look to the members of the families receiving incomes
of $2,000 and under.
The pamphlet is accompanied by a table which gives the
estimated contribution for each family group from those receiving incomes of $1,000 up to those receiving incomes of
$5,000,000' and over.
The most important items are retabulated here:
FINANCING THE WAR FOR THE FISCAL YEAR ENDING JUNE 30 1919.
Estimated Average Share of Yearly Family Incomes Contributable in Taxes
and Bond Purchases.

Family Income
Group.

Aver. %
Contributable by
Each
Family in
Group.

$
$
*1,000-2,000_
*2,001-3,000_
*3,001-4,000_
*4,001-5,000_
*5,001-6,000_
6,001-7,000_
7,001-8,000_
8,001-9,000_
9,001-10,000_
10,001-15,000_
15,001-20,000_
20,001-25,000_
25,001-30,000_
30,001-40,000_
40,001-50,000_
50,001-60,000_
60,001-70,000_
70,001-80,000_
80,001-90,000_
90,001-100,000_
100,001-150,000_
150,001-200,000200,001-250,000_
250,001-300,000_
300,001-400,000_
400,001-500,000_
500,001-1„
_
1,000,001-1,500,000_
1,500,001-2,000,000_
2,000,C01-3,000,000_
3,000,001-4,000.000_
4,000,001-5,000,000_
5,000,001-and over.

11.00
18.50
24.50
28.00
31.50
33.60
36.00
38.00
40.00
43.60
47.75
50.50
52.75
55.50
58.00
59.75
61.25
62.50
63.50
64.50
66.50
69.25
70.80
72.20
73.60
75.30
77.80
80.40
82.50
84.20
85.75
86.75
90.00

Column I.

Average
Amount
IV.
ContribNo. of
amble by Families
Each
in Group.
Family
in Group.

V.
Total Income
of Families
in Group.

V/.
Total
Contribtstable
by Each
Family Group

$
209 21,375,000 40,615,063,560 4,467,657,000
518 1,375,000 3,850,000,000 712,250,000
931
038,454,000 229,921,000
246,950
677,035,000 189,570,000
1,316
144,050
430,008,000 1:35,452,000
1,795
75,440
336,570,000 113,087,000
2,184
51,780
37,021
99,956,000
277,657,500
2,700
87,032,000
229,032,500
26,945
3,230
77,292,000
193,230,000
20,340
3,800
713,500,000 311,086,000
5,450
57,080
27,699
484,732,500 231,460,000
8,356
349,650,000 176,573,000
11,363
15,540
14,506
263,587,000 139,042,000
9,585
415,800,000 230,769,009
11,880
19,425
26,100
295,425,000 171,347,000
6,565
32,862
231,000,000 138,023,000
4,200
39,812
2,930
190,450,000 116,650,000
46,875
152,250,000
2,030
05,156,000
1,600
53,975
136,000,000
86,360,000
1,200
73,530,000
61,275
114,000,000
81,795
392,370,000 260,926,000
3,190
120,495
243,600,000 168,693,000
1,400
159,300
780
175,500,000 124,254,000
89,997,000
199,994
450
124,650,000
253,920
169,050,000 124,421,000
490
337,344
250
84,336,000
112,000,000
531,374
266,370,000 207,236,000
390
88,922,000
889,224
110,600,000
100
63,149,000
45
1,403,325
76,545,000
35
72,416,000
2,070,478
86,005,000
2,966,092
44,401,000
51,885,000
15
3,915,895
10
39,150,000
45,140,000
9,255,000
10
92,556,000
102,840,000

Family Groups-their estimated total Income and required contribution
23,500,000 52,850,000,000 0,342,769.000
Corporations and other business enterprises-their
estimated net income aftet dividend distributions of
say three billion dollars and required contribution__ 7,150,000,000 6,000,000,000
Estimated Total National Income and amount
realizable therefrom
60,000,000,000 15,342,711,000
Banks-the share of the burden of the fiscal year's financing which
they probably must carry, either by direct purchase of Liberty
bonds and (or) certificates of indebtedness, or by loans thereon
5,157,231,000
Estimated receipts from direct taxation and bond sales
20,500,010,000
Estimated receipts from indirect taxes, such as customs, excise
taxes, stamp taxes, including sundry receipts
3,500,000,000
Cost of the war for the fiscal year-estimated

24,000.001,000

How to Use the Table.-Find your income group in Column I. ''Multiply yous
Income by the "Average percentage contributable," Column II. The result i
your family's total quota for the fiscal year. Deduct the amount payable in Federal taxes. The remainder Is your family's quota of Liberty bonds, War Savings
or Thrill stamps.
* Included In these groups is the income of wage earners other than family heads.
x The corporations will contribute four billion dollars in taxes; they are expected
to be able to buy one billion dollars bonds from net profltsluul, for temporary Investment, one billion dollars bonds from unexpendel renewal reserve funds.

FURTHER REDUCTION IN CONSUMPTION OF FOODSTUFFS IN UNITED STATES NECESSARY
TO INTER-ALLIED PROGRAM.
In a statement calling for a reduction in the consumption
and waste of breadstuffs and meats and fats U. S. Food
Administrator Hoover asserts that an increase of 5,730,000
tons of American foodstuffs over the amount shipped during
the year ending July 1 1918 is neeessary to meet the requirements of • the Allied civilians and armies, our owll
armies, the Belgian relief and certain neutrals dependent
on us. Mr. Hoover states that the inter-Allied food program calls for the shipment the corning year of 17,550,000
tons of meats, fats, breadstuffs, sugar and feed grains,
as compared with 11,820,000 tons in the late year. There
is he says no prospect of a proper ending of the war before

SEPT. 28 1918.]

THE CHRONICLE

the campaign of the summer of 1919, and he points out that
to give the final blow in 1919 we have not only to find the
men, shipping and equipment, but must supply ample
food if we are to maintain the strength of the Allied armies
and civil population. The average consumption by our
people of breadstuffs amounts, he says, to about 6 pounds
per week and of meats and fats to about 4 pounds a week
for each person. A reduction in consumption of less than
one-half pound per week per person in each of these groups
of food would, he says, acconliplish our purpose. The
following is Mr. Hoover's statement in full:
There is no prospect of a proper ending of the war before the campaign
of the summer of 1919. To attain victory we must place in France 3,500,000 fighting men with the greatest Mechanical equipment that has ever
been given to any army. While we expect the position on the western
front may be improved, from a military point of view, between now and
then, there can be no hope of a consummation of the end that we must
secure until another year has gone by.
If we are to accomplish this end in 1919 we will save 1,000,000 American
lives that will be expended if we have to continue until 1920. To give
this final blow in 1919 we have not only to find the men, shipping and
equipment for this gigantic army, but this army, the Allied armies, and the
Allied civil population must have ample food in the maentime if we are to
maintain their strength. We can do all these things, and I believe we can
bring this dreadful business to an end if every man, woman and child in
the United States tests every action every day and hour by the one touchstone—Does this or that contribute to winning the war?
The food program is no small part of this issue. To provide ships for
our army we have not only to build all that we can, but we must have the
help of Allied shipping. In order that the Allies may provide this they
must take food ships from the more distant markets and place them upon
the shorter run to the United States. We must decrease our imports of
sugar, coffee and tropical fruits.
Under these conditions, the demand upon us is for larger supplies.
The conferences on food supply and shipping we have held in Europe
enable us to estimate our burden. Compared with the previous years,
the Allied civilians and armies, our own armies, the Belgian Relief and
certain neutrals who are dependent on us require the following round
amounts from us:
Shipped Must Ship Increase
Average
3-Year Year end'g Year end'g This Year
Pre-War
July 1
July 1
over Last
Shipm'ts.
1918.
1919.
Year.
-Tons.
Tons.
Tons.
Meats and fats (beef, pork, Tons.
dairy, poultry & vegetable oil
products)
645,000, 1,550,000 2,600,000 1,050,000
Breadstuffs (wheat and substi1
tutes in terms of grain)
3,320,000, 6,800,000 10,400,000 3,600,000
Sugar (from United States and
West Indies)
618,000 1,520,000 1,850,000 330,000
Feed grain (mostly army oats)_ 950.000 1,950,000 2,700,000 750,000
Total

5,533,000 11,820,000 17,550,000 5,730,000

Even this program means further self-denial of the Allies next year.
They are making this sacrifice in the common cause. We must maintain
the health and strength of every human being among them or they will be
unable to put their full strength alongside our own in the supremo effort.
At the President's direction, I have assured them that "in this common
cause we eat at a common table," and upon entering these conferences in
Europe we promised them that whatever their war food program called
for from us we should fulfill.
If we survey our ability to meet this definite promise to them we find
that while our wheat production this year is better than last year, our
production of other cereals is lass. We have had severe losses through
drouth in many sections. On balance our resources are no greater than
last year. We find, however, that we can give this increase in food supplies, of $5,730,000 tons over last year, and still have a margin over the
amount necessary to maintain our own health and strength.
At best the Allied table will be lass than ours, for the Allied peoples are
denying themselves more in order to transport our soldiers. We can do
no less than fill the ships they send us.
Of our imports, we shall apparently have sufficient sugar to maintain
the present consumption and take care of the extra drain of the Allies from
our markets, instead of compelling them to send their ships to the Far
East. We can secure in sailing vessels the coffes we need, if no one makes
an over-brew. Of our own products we must secure a reduction in consumption and waste in the two great groups of, first, breadstuffs, and,
second, meats and fats—that is, in all bread and cereals, beef, pork,
poultry, dairy and vegetal:old-oil products. The average consumption of
our people of breadstuffs amounts to about six pounds per week and of
moats and fats to four pounds per week for each person. A reduction in
consumption of less than ono-half pound per week per person in each of
these two great groups of foods would accomplish our purpose. We wish
to emphasize, however, that we do not want curtailment in the uso of milk
for children.
Some of our homes by reason of limited income cannot now provide more
food than they should have to maintain health in the family. They cannot
rightfully be asked to make the suggested reduction in consumption. But
the great majority of our homes can do more than suggested.
Wo need even greater simplicity of living than last year among all that
section of the community to whom foodstuffs are a secondary item in
expenditure.
We estimate that nearly 9,C00,000 people eat at our public eating places—
hotels, restaurants, boarding houses, clubs, dining cars, and so forth. The
food consumption in these places is larger than in the average homes. Wo
are asking the proprietors and employees of those institutions to undertake
in many particulars a more strict program than last year, and we are confident that they will willingly do this.
This is not rationing—a thing we will never have, if our people continue
to support us as in the past. We are simply making an appeal to the intelligence in he homes and public eating places of America to work out for
themselves die means and manner of saving.
This year, as last, I believe we can accomplish the necessary ends by
voluntary action of our own people. The willingness to a.ssurne individual
responsibility in this matter by the vast majority is one of the greatest
proofs of the character and idealism of our people, and I feel it can be constantly relied upon. Our simple formula for this year is to further reduce
consumption and waste of all food. We have so arranged the international




1247

food piogram that, except for a moderate substitution of other cereals in
bread, it will not, we hope, be necessary to substitute one foodstuff for
another, nor to resort to wheatless and meatless days. What we need
Is torreduce directly our consumption of all foodstuffs, laying especial emphasis on the staples. The Allies are in need of all the surplus of the great
staples that we can provide.
It is necessary that every family in the United States study its food
budget and food ways to see if it cannot buy lass, serve less, return nothing
to the kitchen and practice the gospel of the clean plate.

HOU.SE PASSES PROHIBITION AMENDMENT TO
NATIONAL FOOD STIMULATION BILL.
The House of Representatives on Sept. 23 adopted by a
vote of 171 to 34 Senator Sheppard's amendment to the
National Food Stimulation bill, passed by the United States
Senate on Aug. 29 and referred to in these columns on Sept.
7, providing that after June 30 1919, there shall be no traffic
in alcoholic beverages of any sort within the United States,
and further that on May 1 1919, the manufacture of all
wines and malt liquors shall cease for the period of the
existing war and until all the American troops are brought
home and demobilized. All attempts to defeat the effect
of the amendment were beaten by overwhelming votes. An
amendment to provide that the sale should cease on Dec.
31 1919, was defeated by a vote of 112 to 52, and another
amendment to compensate the distillers for whiskey in bond
on June 30 was ruled out on a point of order.
Representative Kahn of California led the opposition to
the acceptance of prohibition and succeeded after the bill
reached the House from the Committee of the Whole in
defeating a committee amendment to the prohibition section
which permitted the importation of wines,until May next.
This amendment had been presented through the State
Department by the Governments of France, Italy, Portugal and Spain, which complained that the prohibition upon
such importations placed by the Lever law worked a serious
hardship upon one of their chief industries.
The full text of the amendment just passed follows:
That, after Juno 30 1919, until the conclusion of the present war, and
thereafter until the termination of demobilization, the date of which shall
be determined and proclaimed by the President of the United States, for
the purpose of conserving the man power of the nation and to increase
efficiency in the production of arms, munitions, ships, food and clothing
for the Army and Navy, it shall be unlawful to sell for beverage purposes
any distilled spirits, and during said time no distilled spirits held in bond
shall be removed thererom for beverage purposes, except for export.
After May 1 1919, until the conclusion of the present war, and thereafter until the determination of demobilization, the date of which shall be
determined and declared by the President of the United States, no grains,
cereals, fruit or other food products shall be used in the manufacture
or produetion of beer, wine or other intoxicating malt or vinous liquor for
beverage purposes.
After June 30 1919, until the conclusion of the present war, and thereaftSr until the termination of demobilization, the date of which shall be
determined and proclaimed by the President of the United States, no beer,
wine or other intoxicating malt or vinous liquor shall be sold for beverage
purposes, except for export. The Commissioner of Internal Revenue is
hereby authorized and directed to prescribe rules and regulations, subject
to the approval of the Secretary of the Treasury, in regard to manufacture
and sale of distilled spirits and the removal of distilled spirits held in bond
after Juno 30 1919, until this Act shall cease to operate, for other than
beverage purposes, also in regard to the manufacture, sale and dis'xibtition of wine for sacramental, medicinal or other than beverage uses.
After the approval of this Act no distilled malt, vinous or other intoxicating liquors shall be imported into the United States during the continuance of the present war and period of demobilization.
Any person who violates any of the foregoing provisions shall be punished
by imprisonment not exceeding one year, or by a fine not exceeding $1,000,
or by both such imprisonment and fine.
Provided, that the President of the Uniced States be, and hereby is,
authorized and empowered, at any time after the passage of this Act, to
established zones of such size as he may deem advisable about coal mines,
munition factories, shipbuilding plants and such other plants for war
materials as may seem to him to rewire such action whenever, in his
opinion, the creation of such zones is necessary to and advisable in the •
proper prosecution of the war, and that he is hereby authorized and empowered to prohibit the sale, manufacture or distribution of intoxicating
liquors in such zones, and that any violation of the President's regulations
in this regard shall be punIsSed by imprisonment for not more than one
Year, or by a fine of not loss than $1,000, or by both fine and imprisonment.
in'erfere
Provided further, that nothing in this Act shall be construe!
with the power conferred upon the President by Section 15 of the Food
Control Act, approved Aug. 10 1917.

Only last week President Wilson issued a proclamation
ordering all breweries to be closed down on Dec. 1 next,
and on Sept. 12 he signed a joint resolution passed by Congress authorizing and empowering the President to establshed
prohibition zones of such width as he may deem necessary
around all munition plants, coal mines, shipyards and
plants where essential war industries are in progress. This
latter resolution carries practically the same regulations as
to the declaration of military zones as Senator Sheppard's
amendment given above, but on account of the slow progress
being made by the Sheppard amendment, it was thought
advisable to enact legislaton so as to enable the Government to deal immediately with conditions resulting from
reported sales of intoxicating liquors to war workers.

1248

THE CHRONICLE

PRESIDENT'S PROCLAMATIONTROHIBITING USE OF
FOODSTUFFS IN BREWING OF BEER.
In line with the decision that all brewing operations must
cease Dec. 1 reached early in the month at a conference
between President Wilson and Representatives of the Fuel,
Food and Railroad Administrations and the War Industries
Board, President Wilson on Sept. 16 issued a proclamation
carrying into effect the strictures. The proclamation prohibits after Oct. 1 the use of sugar, glucose, corn, rice, or
any other foods, fruits, food materials, or feeds except malt
now already made, and hops in the production of malt
liquors, including near beer, for beverage purposes, and
after Dec. 1 the use of any foodstuffs whatever in the
production of malt liquors, thus stopping brewing altogether
from that date. In announcing the new order Food Administration officials are said to have stated that even after
the breweries are shut down Dec. 1 they will have on hand
in their vats sufficient stocks of beer to last from two to six
months. The sale of this will not be prohibited. The
following is the President's proclamation of the 16th:
BY THE PRESIDENT OF THE UNITED STATES OF AMERICA.
A PROCLAMATION.
Whereas, under and by virtue of an Act of Congress entitled "An Act
to provide further for the national security and defense by encouraging
the production, conserving the supply, and controlling the distribution
of food products and fuel," approved by the President on Aug. 10 1917,
itris pded in section 15, among otherIthings, as follows:
'Whenever tile President shall find that limitation, regulation, or
prohibition of the use of foods, fruits, food materials, or feeds in the production of malt or vinous liquors for beverage purposes, or that reduction of
the alcoholic content of any such malt or vinous liquors, is essential, in
order to assure an adequate and continuous supply of food, or that the
national security and defense will be subserved thereby, he is authorized,
from time to time, to prescribe and give public notice of the extent of the
limitation, regulation, prohibition, or reduction so necessitated. Whenever such notice shall have been given and shall remain unrevoked, no
person shall, after a reasonable time prescribed in such notice, use any
foods, fruits, food materials, or feeds in the production of malt or vinous
liquors, or import any such liquors except under license issued by the
President and in compliance with rules and regulations determined by him
governing the production and importation of such liquors and the alcoholic
content thereof."kift,qr. Eke.,
Now, therefore, I, Woodrow Wilson, President of the United States of
America, by virtue of the powers conferred on me by said Act oi Congress,
do hereby find and determine that it is essential, in order to assure an
adequate and continuous supply of food, in order to subserve the national
security and defense, and because of the increasing requirements of war
industries for the fuel productive capacity of the country, the strain upon
transportation to servo such industries, and the shortage of labor caused
by the necessity of increa.ing the armed forces of the United States, that
the use ofsugar,glucose,corn,rice, or any other foods,fruits,food materials,
and feeds in the production of malt liquors,including near beer, for beverage
purposes be prohibited. And by this proclamation I prescribe and give
public notice that on and after Oct. 1 1918, no person shall use any sugar,
glocuose, corn, rice, or any other foods, &ads, food materials, or feeds,
except malt now already made, and hops, in the production of malt liquors,
including near beer, for beverage purposes, whether or not such malt
liquors contain alcohol; and on and after Dec. 1 1918, no person shall use
any sugar, glucose, corn, rico, or any other foods, fruits, food materials,
or feeds, including malt, in the production of mail liquors, including near
beer, for beverage purposes, whether or not such malt liquors contain
alcohol..
In witness whereof, I have hereunto set my hand, and caused the seal
of the United states to be affixed.
Done in the District of Columbia, this sixteenth day of September
in the year of our Lord one thousAnd nine hundred and eighteen, and of
the independence of the United States of America the one hundred and
forty-third.
(Seal.) WOODROW WILSON.
By the President:
ROBERT LANSING, Secretary of State.

PRESIDENT WILSON'S PROCLAMATION PLACING
Z1
-'4P4CKERSJI UNDER — LICENSE.1.N
KA proclamation, making subject to Federal license the
operations of packers at stock yards in the same manner as
other stock-yard dealers, was issued by Prresident Wilson on
Sept.6 and made public Sept. 13. Regulatory powers under
the proclamation are to be administered by the Secretary of
Agriculture through the Bureau of Markets as are those prescribed by the President's proclamation of June 18(referred to
in our issue of June 22) under which stockyard firms and
dealers were licensed. The proclamation of Sept. 6 provides that all individuals, partnerships, associations and
corporations, except those exempted by the Food Control
Act and those .required to be licensed under the former
proclamation, engaged in the business of handling, buying,
selling or otherwise dealing in live or dead cattle, sheep,
swine or goats, in or in connection with places, establishments or facilities commonly known as stockyards, are now
required to obtain licenses. The following is the proclamation in full:

Riff

BY THE PRESIDENT OF THE UNITED STATES OF AMERICA.
A PROCLAMATION.
Whereas, under and by virtue of an Act of Congress, entitled "An Act to
provide further for the national security and defense by encouraging the
production, conserving the supply, and controlling the distribution of food
products and fuel," approved by the President on the 10th day of August
1917, it is provided, among other things, as follows:




[VOL. 107.

"That, by reason of the existence of a state of war, it is essential to the
national security and defense, for the successful prosecution of the war, and
for the support and maintenance of the Army and Navy to assure an adequate supply and equitable distribution, and to facilitate the movement,
of foods, feeds, fuel, including fuel oil and natural gas, and fertilizer and
fertilizer ingredients, tools, utensils, implements, machinery, and equipment required for the actual production of foods, feeds, and fuel, hereafter
in this Act called necessaries; to prevent, locally or generally, scarcity,
monopolization, hoarding, injurious speculation, manipulations, and
private controls affecting such supply, distribution, and movement; and
to establish and maintain Governmental control of such necessaries during
the war. For such purposes the instrumentalities, means, methods,
powers, authorities, duties, obligations, and prohibitions hereinafter set
forth are created, established, conferred, and prescribed. The President
is uthorized to make such regulations and to issue such orders as are essential effectively to carry out the provisions of this Act."
And whereas it is further provided in said Act as follows:
"That from time to time, whenever the President shall find it essential to
license the importation, manufacture, storage, mining, or distribution of
any necessaries, in order to carry into effect any of the purposes of this
Act, and shall publicly so announce, no person shall, after a date fixed in
the announcement, enago in or carry on any such business specified in the
announcement of importation, manufacture, storage, mining, or distribution of any necessaries as set forth in such announcement, unless he shall
secure and hold a license issued pursuant to this section. The President is
authorized to issue such licenses and to prescribe regulations for the issuance of licenses and requirements for systems of accounts and auditing
of accounts to be kept by licensees,submission of reports by them, with or
without oath or affirmation, and the entry and inspection by the President's duly authorized agents of the places of business of licensees."
And whereas it is essential in order to carry into effect the purposes of
said Act, and in order to secure an adequate supply and equitable distribution, and to facilitate the movement of certain necessaries hereafter in
this proclamation specified, that the license powers conferred upon the
President by said Act be at this time exercised to the extent hereinafter
set forth,
Now, therefore, I, Woodrow Wilson, President of the United States of
America, by virtue of the powers conferred on me by said Act of Congress,
hereby find and determine, and by this proclamation do announce, that it
is essential, in order to carry into effect the purposes of said Act, to license
the importation, storage, and distribution of certain necessaries, to the
extent hereinafter specified.
All individuals, partnerships, associations, and corporations (except as
exempted by said Act of Congress and except those required to be licensed
pursuant to my proclamation dated June 18 1918, under said Act), engaged
in the business of handling, buying, selling, or otherwise dealing in live
or dead cattle, sheep, swine, or goats in or in connection with places, establishments, or facilities, commonly known as stockyards, consisting
of pens or other inclosures, and their appurtenances, in which cattle, sheep,
swine, or goats are received, held, or kept for sale, feeding, watering, or
shipment, are hereby required to secure licenses on or before Sept. 19
1918, which will be issued under such rules and regulations governing the
conduct of the business as may be prescribed under said Act.
The Secretary of Agriculture shall carry into effect the provisions of said
Act, and shall supervihe and direct the exercise of the powers and authority
thereby given to the President, as far as the same apply to the said business,
including the purchase of live or dead cattle, sheep, or swine in or in connection with stockyards, as a part of the business of packing fresh, canned,
or cured beef, pork, or mutton licensed under the provisions of the proclamation of Oct. 8 1917, and to any and all practices, procedure, and regulations applicable thereto authorized or required under the provisions of
said Act, and in this behalf he shall do and perform such acts and things
as may be authorized or required of him from time to time by direction of
the President and under such rules and regulations as may be prescribed
by the President from time to time. All departments and agencies of the
Government are hereby directed to co-operate with the Secretary of Agriculture in the performance of the duties hereinbefore set forth.
Applications for licenses must be made to the law department, License
Division, United States Food Administration, Washington, D. C., upon
forms prepared for that purpose.
Any individual, partnership, association, or corporation, other than as
hereinbefore excepted, who shall engage in or carry on any business diascribed herein, without first securing the license required therefor, will be
liable to the penalties prescribed by said Act of Congress.
In witness whereof I have hereunto set my hand and caused the seal of
the United States to be affixed.
Done in the District. of Columbia this sixth day of September, in the year
of our Lord 1918, and of the independence of the United States of America
the one hundred and forty-third.
WOODROW WILSON.
By the President:
ROBERT LANSING, Secretary of State.

SATISFACTORY WORKING OUT OF PLANS FOR
POOLING OF WOOL CLIPS.
The War Industries Board in announcing, through Chairman B. M. Baruch, the satisfactory working of the plans
calling for the pooling of wool clips by growers in the Middle
West, East and Southwest and the consignment of the same
to distributing centres, says:
The wool regulations concerning the domestic clip for 1918 provided that
the'wool in the Wesc,ern States, referred to as the "territories," could not
be sold at all, except in amounts less than 1,000 pounds, but must,be consigned to approved distributing centres, in which case there would be no
-expense on the part of the grow era, except freight to Atlantic seaboard,
the Government paying the commission of the dealers for handling the wool.
In the Middle, West, East and Southeast, referred to as the "fleece-wool
sections," where the clips are small, the growers were urged to pool their
wools and consign to distributing centres, in which event the growers
would receive the full Government price. The wool growers in the fleecewool section:,, however, were given the privilege of selling their wool if
they so desired, the regulations providing that the local dealer or buying
agent should buy it at a price which would only enable him to make 1 M
cents per pound, which, of coume, would come out of the grower. 'rho
regulations further provided that all dealers should be approved by the
Wool Section of the War Industries Board, and if at the end of the season
an examination of their books should disclose the fact that the country
dealers had made in excess of 13 ce its per pound gros? profit on the whole
sea on's business, or the dealer in approved distributing centre had made
in (ACOS3 of 5% gross profit, exclusive of interest, on the whole season's
business, then such excess would be disposed of as the Government should
decide.
The plan has worked out with apparent satisfaction in the territories, as
there have been no complaints whatever coming into this office. On the
contrary, in the fleece-wool sections wool dealers have in many cases paid
too low a price, with the result that there will be substantial amounts to
be taken over from them by the Government.

SEPT. 28 1918.]

THE CHRONICLE

It is the purpose of the Wool Section of the War Industries Board to
check up the dealers generally, and where possible distribute their excess
profits back to the growers in as fair and equitable a manner as possible.
It is possible in some cases the identity of the grower of the wool may be lost,
but a very earnest effort will be made to do justice to all, and an endeavor
will be made to so modify the regulations as to prevent such a situation
arising in the future.

RESTRICTIONS IN MANUFACTURE OF FOOTWEAR.
Under newly adopted regulations governing the manufacture of rubber footwear 5,500 styles will be eliminated,
and the introduction of new lasts is restricted to Government requirements. B. M. Baruch, Chairman of the War
Industries Board, in announcing on the 16th inst. the saving
which will be effected by the conservation program, said:
Important economies in materials through reductions in patterns, discontinuance of production of various styles in rubber footwear, and regulations as to styles authorized are effected under a schedule worked out by
the Conservation Division of the War Industries Board with representatives of the manufacturers, and made operative Sept. 1 last, as to all canvas rubber-poled shoes, and on Jan. 1 next as to waterproof goods.
It is estimated by the Conservation Division that the program will conserve among other things 29,012,600 cartons; 5,245,300 square feet of
lumber, 1,526,493 square feet of shipping and storage space, 10,742,517
pounds of weight (freight), or 4,795 tons, 2,250,272 pounds of material
that will not have to be dyed, 74,750 pounds of flour starch, 30,380 gallons
of varnish, 125,300 pounds of tissue paper, 49,617 days' labor that may be
diverted to more essential work.
The now schedule eliminates for the period of the war 5,500 styles of
rubber foot's ear, and restricts introduction of new lasts other than as required by the Government or to meet changes in leather footwear styles.
The manufacture of men's hip and sporting rubber boots is to be restricted
to one grade only and all duck boots to be discontinued as far as possible.
Leather insoles in all boots will be discontinued. Women's, boys', and
youths' hip and sporting boots will not be manufactured at all. The manufacture of knee boots will be discontinued.
Reductions in styles include the limiting of rolled-edge arctics and gaiters
to men's sizes; and discontinuance of first-quality all-rubber gaiters.
"Omaha" arctics and excluders, misses' and children's snow excluders,
boys' and youths' jersey-cloth arctics, motormen's gaiters for men, plow
shoes, high-lace lumbermen's duck vamp with gum uppers, all two-buckle
jersey-cloth gaiters, men's one-strap (Instep) sandals, all plain sandals and
self-acting sandals and "croquet" with fleece lining (storm pattens not included), self-acting storm patterns, Russian rubbers, low-vamp Alaskas
(not storm patterns), boys' and youth.' Alaskas, clogs, youths' self-acting
sandals, all self-acting Alaskas.
Buckle gaiters are not to be made higher than the present 4-buckle
height in men's, boys', and youths', and the 3-buckle height in women's
and misses' and children's. The manufacture of jersey-cloth gaiters and
Alaskas authorized is to be restricted to first and extra quality. Use of
flour starch or similar finish is greatly restricted; cashmerette or so-called
heavy arctics or gaiters and canvas rubber-soled shoes are not to be varnished; dyed linings, except where fleece lined, are to be discontinued. All
use of caustic soda in the manufacture of rubber footwear is to stop at
once.

1249

misses', and children's plain sandals and self-acting sandals and "croquet"
with fleece lining. (Storm pattern not included.) (c) Men's, boys',
youths', women's, misses', and children's self-acting storm pattern. (d)
Men's., boys', youth's, women's, misses', and children's Russian rubbers.
(e) Men's, boys', youths', women's, misses', and children's low vamp (not
storm pattern) Alaskas. (f) Boys' and youths' Alaskas. (g) Boys' and
youths', women's, misses', and children's clogs. (h) Youths' self acting
sandals. (i) all self-acting Alaskas, both storm and low pattern.
15. Catalogues, price lists, &c.—All 1919 catalogues are to be condensed
and made as simple as practicable, having in mind the necessity for conserving paper.
16. Flour or starch finish.—The use of flour, starch, or similar finish is
to be discontinued, except that skirts of top boots only may be treated with
whiting or something similar for convenience of manipulation in manufacture when necessary.
17. Varnish.—(a) Cashmerette or so-called heavy arctics or gaiters are
not to be varnished. (b) Canvas rubber-soled shoes are not to be varnished.
18. Cotton net and sheeting linings.—(a) The use of dyed linings in
gum shoes to be discontinued. (b) The use of dyed lining in all boots is
to be discontinued, except that women's, misses', and children's boots
may carry black fleece lining. (c) The use of dyed lining in lumbermen's,
except in fleece lined is to be discontinued.
19. Packing—Cartons.—The packing in cartons of the following goods,
with the exceptions noted, is to be discontinued, and packing is to be in
bulk: (a) All first quality and extra heavy goods and jersey cloth arctics
and gaiters except first quality gum-shoe specialties—specialties include
jersey cloth Alaskas. (3) All second quality goods, except women's gum
shoes. (c) All third quality goods. (d) Canvas rubber soled shoes in
cheap glades, corresponding to Vims, when made with black or red sole.
(e) Factory damaged canvas rubber-soled shoes in grades corresponding
to Champions and cheaper grades. (f) All factory damaged waterproof
goods.
Tissue paper.—The use of tissue paper with canvas rubber-soled shoes
when packed in cartons in grades corresponding to Yachting, Campfire,
Champion and Vim (heeled goods only excepted) is to be discontinued.
Heeled canvas rubber-sole shoes may be packed with tissue only when
necessary to keep them in proper condition. With gum shoes only sufficient tissue paper is to be used to keep in proper condition.
20. Caustic soda.—The use of caustic soda in the manufacture of rubber
foot wear of all types is to be discontinued at once.

RESTRICTIONS IN [FELT SLIPPER MANUFACTURE.
Because of Government needs for feltsfor war uses and a
reduction in the available amount of raw materials, B. M.
Baruch, Chairman of the War Industries Board, has approved a curtailment in the production of the felt shoe and
bedroom slipper industry. Every possible co-operation,
it is stated, will be given the felt mills in the production of
felts for convalescent slippers, hospital slippers,lumbermen's
boots, &c., which are required by the Government and the
Red Cross, and are essential. If allotments of raw material
could be made the felt mills it would be under the condition
The details of the conservation program are announced that the felt should go first for an absolute requirement for
as follows by the Conservation Division of the War In- civilians, such —as in overcoats. The announcement of
Mr. Baruch also says:
dustries Board:
Changes Effective.—The plan outlined in this schedule is to be fully in
effect for all waterproof goods not later than Jan. 1 1919, and for all canvas rubber soled shoes not later than Sept. 1 1918.
1. Lasts.—No new lasts are to be introduced other than are necessitated
by changes in leather footwear styles, or by Government requirements.
2. Third Quality Goods.—This line is to be limited to arctics and gum
shoes. The manufacture of boots, lumbermen's and gaiters, fleece lined
gum shoes and arctics to be discontinued. The use of cashmeretto or
jersey cloth in this grade is to bo discontinued.
3. Boots (a).—The manufacture of all duck boots of all kinds to be discontinued in so far as possible. (b) The manufacture of duck vamp boots,
except in men's sizes only, to be discontinued. (c) The manufacture of
regular dull finish (except in plain edge only) to be discontinued. (d)
Leather insoles in all boots to be discontinued.
4. Hip boots.—The manufacture of the following to be discontinued:
(a) Duck vamp in lower grades than first. (13) Felt lining in duck vamp.
(c) Women's. (d) So-called "fireman's." (e) Boys' and youths'.
5. Sporting boots.—The manafacture of the following to be discontinued:
(a) Duck vamp in lower grades than first. (b) Felt lining in duck vamp.
(c) Women's. (d) So-called "fireman's." (e) Boys' and youths'."
6. Short boots.—The manufacture of the following to be discontinued:
(a) Men's, boys', and youths' pebble leg and bright finish in all styles.
(b) Women's, misses', and children's in either pebble or plain. Each
manufacturer to continue making one way only, as he may elect, either all
pebble or all plain. (c) Women's, misses' and children's "Oyster."
7. Knee boots.—The manufacture of this pattern to be discontinued.
8. Rolled edge arctics and gaiters.—The manufacture of rolled edge
arctics and gaiters to be confined to men's sizes only, all others to be discontinued.
9. All rubber gaiters.—The manufacture of all rubber gaites to be discontinued, in the following grades: (a) Third quality. (b) Second quality,
except as a substitute when castunerette is not available.
10. One-buckle arctics.—The manufacture of the following one-buckle
'arctics to be discontinued: (a) Men's, boys', and youths' "Omaha" arctics
and excluders. (b) Misses' and children's snow excluders. (c) Boys' and
Youths' jersey cloth arctics,
11. Gaiters and lumbermen's.—The manufacture of the following to be
discontinued: (a) Men's motormen's gaiters. (b) Men's, boys' and youths'
plow shoes. (c) Men's Ottawa (high lace lumbermen's duck vamp, gum
upper). (d) Men's, boys' and youths' two-buckle captain. (e) Men's,
boys' and youths' one-buckle corporal. (f) Men's, boys' and youths'
gum ribbed Huron buckle and lace. (g) Men's, boys' and youths' "Lumbermen's" snow excluders and arctics, one and two buckles. (h) Boys' and
youths'duck lace Lumber King. (I) Men's, boys' and youths', women's,
misses' and children's two-buckle jersey cloth gaiters.
12. Heights of gaiters—Buckle gaiters are not to be made higher than
the present 4-buckle height in men's, boys' and youths', and the present
3-buckle height in women's, misses' and children's.
13. Jersey cloth gaiters and Alaskas.—The manufacture of jersey cloth
gaiters and alaskas to be restricted to first and extra quality.
14. Gum shoes.—The manufacture of the following to be discontinued:
(a) Men's one-strap (instep) sandals. (b) Men's, boys', youths', Women's,




The felt section of the War Industries Board, of which Sylvan I. Stroock
is chief, is working in connection with the Conservation Division on a
conservation plan covering the felts now in the possession of the felt shoe
and slipper manufacturers, whereby a much smaller quantity of felt will
be used in each slipper through restrictions in quality, weight, and colors.
This will stretch to some extent their supply of finished merchandise.
But before long this industry will reach a point where it will be unable to
simply the demand.
The Government has not available raw material which can be allotted
to the mill for the manufacture of felt for shoes and slippers for indoor use
beyond the materials which are already ordered. The felt mills are now
producing to capacity for war purposes and can not be spared or diverted
to the manufacture of felt for civilian industries. The probabilities are it
will be a considerable time before the felt mills will be in a position to produce felt for civilian slipper manufacture.
The felt section has decided to grant permits to felt manufacturers to
produce felts for shoes or slippers only on the contingency that the felt
mills produce such felts from the raw materials which they own, and that
the manufacture of such felts will not in any way interfere with or cause
the mills to delay or defer the fulfillment of any Government contracts
direct or indirect, which they now have or which may be placed with them
and which require priority of shipment.
Representatives of the felt shoe and slipper manufacturing industry were
warned at a recent meeting with the felt section to prepare themselves for
the situation that has arisen in their industry. F. E. Young, chairman
of the national association, was advised to have the organization confer
with Charles A. Otis, chief of the resources and conversion section of the
War Industries Board, on arrangements whereby the felt shoe plants can
go into the manufacture of items required by the Government and in this
way possibly keep their plants, or part of the plants, running. Their
stocks in hand will run them through this season, possibly into next season,
and they have time in which to prepare.

REGULATIONS AFFECTING MANUFACTURERS OF
FELT HEEL PADS.
In making known proposed restrictions affecting manufacturers of felt heel pads and inner soles, B. M. Baruch,
of the War Industries Board issued the following statement
Sept. 19:
Box toes in shoes,felt heel pads,and feltinner soles are doomed unless the
felt manufacturers have on hand necessary raw materials to supply the felt
for these purposes, the War Industries Board has ruled.
Based on the decision of the boot and shoe section that felt for box toes in
shoes is essential and for heel pads and inner soles is necessary the felt
section of the War Industries Board will grant permits to the felt manfacturers to produce felts for these purposes for the time being.
But such permits will be issued based on these contingencies:
1. That the felt manufacturers have on hand the raw materials necessary
for the manufacture of felts, for such purposes, as the Government has no

1250

THE CHRONICLE

[VOL 107.

the New Orleans cotton trade. D. S. Murph, Department of Agriculture,
Secretary; .speciadst in cotton marketing and warehousing in the Bureau
of Markets.
The President further stated that during investigation by the Cotton
Committee and in order to avoid stagnation a separate committee would
be set up. with authority to buy cotton for the use of the United States
Government and the Allies, at prices to be approved by the President.
With the approval of the President the following have been appointed
members of this committee, which has been designated the Committee on
BRASS BEDSTEAD CONSERVATION PROGRAM IN Cotton Distribution: Charles J. Brand, United States Department of
Agriculture, Washington, D. C., Chairman. Mr. Brand has oeen chief
EFFECT.
of the Bureau of Markets of the Department of Agriculture since its esThe Conservation Division of the War Industries Board, tablishment, and as such is In charge of all the cotton handling and maraccording to a statement issued on Sept. 13 by B.M.Baruch, keting activities of the Government, including the enforcement of the
United States cotton figures act. William L. Clayton, Houston. Tex.,
Chairman of the latter, announces that there has gone into member
of one of the largo and well-known cotton firms of the Southwest,
out
of
brass
worked
effect the program for conservation
Anderson, Clayton & Co., which operates extensively in Oklahoma and
July 16 by the division with the brass-bedstead manufac- Texas; J. Temple Gwathmey, New York City, member of the firm of
George H. McFadden & Bro., cotton merchants, engaged in the conduct
turers and accepted by the latter. This program con- of
a large domestic and foreign business with headquarters at Philadelphia
templates:
and New York City, and with branches at many points in the United
1. Each manufacturer to reduce his line of brass bedsteads to not more States and at numerous points in foreign countries; Edward H. Inman,
Atlanta, Ga. Mr. Inman was formerly a member of the well-known
than 10 patterns.
2. Each manufacturer of brass bedsteads to restrict his use of tubing for firm of cotton merchants—Inman, Howard & Inman, of Atlanta, but since
posts to 2-inch diameter. The tubing to be used is the iron-lined brass- the declaration of war he has severed his connection with that firm and has
been active as a purchasing agent for' the United States Government.
covered only.
Messrs. Clayton, Gwathmey, and Inman are disassociating themselves
3. The use of head and foot angles larger than 1 by 1 oy ji inches to be
from their business and will remain so disassociated as long as they condiscontinued.
4. The use of side-rail angles larger than 13 by 13,6 by X, inches to be tinue in the service of the Government as members of this committee.
discontinued.
The War Industries Board further announced that after
5. Each manufacturer of brass beds to reduce the height of head ends,
a full discussion of the cotton situation the Cotton Commitof the continuous-post and corner-ball patterns to 45 inches, measured
tee unanimously adopted the following resolution:
to top of bend, not including casters.
Resolved, That the Committee on Cotton Distribution be authorized im6. Each manufacturer to reduce the height offoot ends of the continuouspost and corner-ball patterns to 30 inches, measured to top of bend, not mediately to allot cotton as to quantity and grade to all domestic and
foreign consumers, and that they also be authorized to buy cotton, if and
including casters.
7. Each manufacturer of brass beds to reduce the height of the head when necessary, for the requirements of the United Statse and Allied
end of the Colonial pattern so that the pillars for such patterns shall not Governments.
Resolved further, That the Cotton Committee feels that this will have an
exceed 48 inches in length.
8. Each manufacturer of brass beds to reduce the height of the foot end important effect in stabilizing prices, but in the meantime they will keep in
of the Colonial pattern so that the pillars for such patterns shall not exceed touch with the whole situation, with a view to determining the effect of
this action and whether price-fixing or any other measure will be necessary.
33 inches in length.
9. The number of fillers in beds 3 feet and 3 feet 6 inches wide is not to
Chairman Brand of the Cotton Distribution Committee
exceed three.
on tho 25th issued a statement saying:
10. The number of fillers in beds 4 feet and 4 feet 6 inches wide is not
The Conunittee on Cotton Distribution will establish offices immediately.
,to exceed five.
The committee plans to exorcise its supervision through existing cuttomary
11. No manufacturer to use for fillers, or cross rods, any tubing larger
channels by controlling the quantity and quality of cotton used by domestic
than 1g-inch diameter.
and foreign consumers. This they believe can be done without disturb12. To assist the manufacturers in using up various styles of trimmings
ing to any appreciable extent the existing facilities and organizations for
now in stock, each of the above-mentioned 10 patterns may be trimmed in
marketing and distributing the crop.
two ways, I. e., two different styles of trimmings, but otherwise identical.
The committee will require both domestic and foreign consumers to take
13. No additional material for eliminated styles and sizes shall be a
fair and proper portion of the grades below middling.
ordered after this date, except to even up existing stocks on hand,and under
On the 24th Chairman Page of the Cotton Committee exno circumstances shall any of these eliminated styles and sizes be manufactured after Dec. 1 1918.
pressed the hope that the operation of the Cotton Distributraw materials available which could be allotted to the felt mills for this
.purpose, and2. That the manufacture of such felts will not cause the felt mills to defer
or delay in any way fulfillment of any Government orders, direct or indirect, which they may have on hand at the present time, or any which
may be placed with them at some future time which would require priority
of manufacture.

DEVELOPMENTS GROWING OUT OF REPORTS OF
COTTON PRICE-FIXING.
The appointment of two committees, one to investigate
the entire cotton situation, and the other to control, during
the period of this inquiry, the distribution of cotton by
puchasing all of the staple needed by the United States and
the Allies, at prices to be approved by the President has
been announced this week. The naming of these committees
has followed President Wilson's statement of Sept. 13 that
it was the plan to create, subject to his approval, a cotton
committee to devise methods for (a) broadening the channels of distribution and use of the great stock of low grades
now practically unmarketable, (b) eliminating speculation
and hoarding and (c) apportioning the foreign orders. Besides the committee named for this purpose (designated
the Cotton Committee) it was decided to set up a separate
committee, in order to avoid stagnation, with authority
to buy cotton for the use of the United States Government
and the Allies at prices to be approved by the President.
An announcement made by the War Industries Board on
Sept. 23 in behalf of the Cotton and Cotton Distribution
Committees, and approved by President Wilson said:

tion Committee in purchasing at prices to be approved by the
President all cotton needed by the Government and the Allies would so stabilize the cotton industry that general pricefixing would not be necessary. Chairman Page's committee
began its work on the 24th, but Mr. Page said that no
statement of the progress of the inquiry was to be expected
until the effect of the work of the Cotton Distribution Committee was felt. Protests against the Government fixing the
basic prices for cotton marked the beginning of the deliberations of the Cotton Committee. A delegation from the Cotton States Advisory Marketing Committee appeared before
the committee on the 24th, after conferring at the Capitol
with Senator Smith of South Carolina and other Senators
from the cotton-growing States, who have been active in
opposing price-fixing. J. J. Brown, Georgia State Commissioner of Agriculture, headed the delegation and voiced what
he said was the protest of the cotton growers against the establishment of prices by the Government. He said the
farmers believed the law of supply and demand should govern
A conference of Southern Senators and Representatives
in Congress was held on the 24th, as a result of which, it is
stated, it was agreed to appoint an "informal committee."
The deliberations of the conference have not been divulged,
and various reports as to the purpose of the committee have
appeared. The New York "Commercial" had the following
to say regarding the committee's appointment:

On Sept. 14 the President issued a statement in connection with the
present cotton situation to the effect that a committee would be appointed
to devise methods for (a) broadening the channels of distribution and use
of the great stock of low grades now practically unmarketable, (b) eliminating speculation and hoarding and (c) apportioning the foreign orders;
It is the purpose of the committee to keep in close touch with every
and that it might be a part of this committee's duty to recommend basic
prices on cotton, and that if, after investigation, it be found necessary a phase of the investigation that will lead to recommendations for stabilizing
the price or basic price-fixing and of distribution. Its members will ask to
fair price would be fixed.
With the approval of the President, the following have been appointed be heard fully on all subjects affecting the cotton-growing industry before
members of this committee, which has been designated the Cotton Com- any recommendations are made, and will fight price-fixing to the last.
mittee: Thomas W. Page, Vice-Chairman, United States Tariff ComThe committee consists of Senators Smith of South
mission, Washington, D. C., Chairman; from 1906 to date, professor of
Chairman; Hoke Smith of Georgia, Sheppard of
Carolina,
Tariff
States
United
the
of
member
Virginia;
economics. University of
Board. 1911 and 1912; at present member of the Tariff Commission. W. Texas, Ransdell of Louisiana, and Simmons of North
R. Beattie, Greenville, S. C., President of the Piedmont Manufacturing Carolina, and Representatives Lover of South Carolina,
Co., a large cotton milling concern, and an executive officer in a group
Young of Texas, Lee
of other cotton mills. R. L. Bennett, Paris, Tex., a cotton grower Heflin and Underwood of Alabama,
and seed breeder, formerly connected with the agricultural colleges of Georgia and Chandler of Mississippi.
of Texas and Arkansas. Ward M. Burgess, Omaha, Neb., a retail merOn Sept. 20 when it was announced that President Wilson
chant connected with the Burgess-Nash Department Store and E. M.
declared his intention not only to fix a price for this
cota
Mass.,
had
Boston,
Greene,
Smith & Co., of Omaha. Edward Farnum
ton spinner and former President of the National Association of Cotton year's cotton crop, but also to order Government control
Manufacturers; at present Treasurer of the Pacific Mills. J.0 Redmon,
of its distribution, newspaper reports credited Secretary
St. Mathews, S. 0., a cotton grower and member of the State Legislature
25 cents
of South Carolina. M.P. Sturdivant, Glendora. Miss., an active cotton Houston of Agriculture as recommending that
grower on a large scale, and the executive manager of a cottonseed oil mill would be a fair price for the commodity. In disclaiming
owned and operated by planters. S. W. Weis, Now Orleans, La., a cotton
statement, Secretary Houston on Sept. 23 said:
actor and member of the firm of Julius Weis & Co., one of the oldest in any such




SEPT. 28 1918.]

THE CHRONICLE

1251

A statement concerning cotton price fixing appeared in a newspaper on
Saturday to the effect that it was unders.00d that Secretary Houston
has expressed the opinion that 25 cents would be a fair price for this year's
cotton. This statement, and any other statement that may have been
mado purporting to represent the views of Secretary Houston as co a price
for cotton, if any is to be fixed, is utterly without foundation. The Secretary has expressed no opinion as to a price for cotton.

tance and every-day familiarity with the operations of the banks throughout the district, as well as the usual and universal scale of indebtedness by
farmers, that this crop has been raised and largely financed with reference
to the .above conditions and in what seemed to be the certainty that a fair
return would be received for the product of their labor.
A price fixed too low will utterly paralyze our efforts in many, if indeed
not all, portions of the district to meet the just demands of the Government
On the 26th the War Industries Board issued a statement In the pending Liberty Loan campaign soon to begin. Conditions are hard
enough with us at best, and on the basis of the best prices we can reasonsaying:
ably hope for. As I say, I think you are right in determining to fix a price.
As the stabilization of cotton is a vitally important factor in the stabiliza- This is not the view so generally entertained in the district, but it is my
tion of cotton products, it is hoped that the special committee appointed view, and I give it for what it is worth. Whatever is done should be done
by tne President for the purpose of stabilizing the raw material will greatly quickly. To-day I have been in touch with many widely separated areas
assist the solving of cotton products problems Nov. 16.
of the district. At many points In the district there is to-day no purchaser
According to Associated Press dispatches from Washing- for cotton at any price and there are no buyers in the market.
ton on Sept. 27, the War Industries Board's committee on willLiterally millions of dollars of obligations are maturing and the situation
become serious if action is long delayed. Understand, no one blames
cotton distribution announced sterday that it would not you for this situation, as it was inevitable
in the light of the agitation to
recommend that a price be fixed on raw cotton at the pres- fix the price and became a certainty when you so announced. Whatever
price is to be, it should be announced as quickly as you can, in fairness
ent time, nor .o recommend in any event before sufficient the
to yourself and the country, do it. I do not doubt that these suggestions,
time has elapsed to test the effect as a stabilizing influence which are put tbrward with diffidence, will have occurred to you.
I have
of the work assigned to the committee, unless unexpected been besought from so many sources to lay these views before you that I
in justice to the producers, bankers, and commercial interests
changes of such violence should occur as to threaten the thought
of the district, that I could not refuse to do so. I trust they will receive the
welfare of legitimate interests.
consideration they merit. Whatever you do, this country is for you.
With regard to the Government cotton plans, President They will believe that you can and will do nothing that you do not believe
be right and for the best welfare of the whole country. The South is
Johnson of the New York Cotton .Exchange was quoted in to
not asking any favor, nor does it expect any. It only asks that your inthe "Journal of Commerce" on the 26th as saying:
formed judgment shall truly reflect the wisest course under the circumThe decision arrived at by Washington strikes me as a very reasonable stances. Whatever you do, believe me, Mr. President, we are with you
one, and I believe the plans they propose, to utilize the low grades, will work and for you to the uttermost.
out to the advantage of the trade, the manufacturer and consumer.
Gov. Hobby of Texas also sent a telegram to President
Last year there was an enormous surplus of low-grade cotton which the
manufacturers could not use, because, in many instances, the Government Wilson on the 21st in which he stated that a price should not
specified that cotton of high grade must be used in manufacturing of goods be fixed below 35 cents, his message in part saying:
for their use. In many instances high-grade cotton was used whore cotton
In view of the small yieldiper acre on account of the unprecedented
of much lower grade could have been used to practically as great advantage.
This disrupted and destroyed the parity between the future market and drouth in Texas and the unusual cost of production, for reasons well known
I
would
consider that a price below 35c. would prove extremely hurtful,
spot prices. By the carrying out of the plans proposed by the new committee, as just announced, we hope this disparity between spot and futures and in view of the part Texas takes in winning the war, I feel that I am justified
in
asking
that no price be set below the figure named, if viewed from
will be obviated. This action would practically increase this year's outturn
the standpoint of the national interest, because a blow to Texas' most vital
of cotton by making all the crop available, whereas part of last year's crop
Industry now would weaken Texas in the great war work to an extent that
was not available for the reason aforesaid.
would be felt by our common country.
In view of all those considerations,.1 ask if there Is any thought of putting the price below 35c. that you will cause me to be advised so that a more
DALLAS FEDERAL RESERVE BANK AND TEXAS detailed
knowledge of the situation may be laid before you or your comGOVERNOR OPPOSED TO COTTON PRICE BELOW
mittee.

35 CENTS.
/n telegraphic advices to President Wilson on Sept. 21,
Judge W. F. Ramsey, Federal Reserve Agent of the Federal
Reserve Bank of Dallas, stated that "it is not alone my own
judgment, formed after the most careful reflection, but the
opinion of many of the ablest men in this section, that
under no circumstances should the price (of cotton) be fixed
at less than 35 cents per pound." His telegram,as published
in the Dallas "News" follows:
In view of the announcement carried in the press to-day that you had concluded to fix a price on cotton, I have determined that it was my duty in
the public interest to state briefly my views as to a fair price for same and
the reasons on which they are based, believing that information from any
Informed source would be welcomed. I trust my action in conveying my
views to you will not seem presumptions. I was raised in the cotton belt
and have been familiar with cotton culture, the use of the staple and the cost
of production, both as an actual producer and as an active banker for many
years. As head of the Fedetal Reserve Bank in this district, I should be,
and I believe I am, in fairly close touch with the situation. I believe
It is desirable for many reasons to fix the price of cotain, and on the assumption and belief that the price fixed by you will be both a just and a fair
price.
I am firmly of the opinion that such action will stabilize conditions and
greatly help the financial situation, not alone in the South but in the nation and in its large international aspects,I have such confidence in your fairness, good judgment and fine sense of justice as to give me absolute assurance that whatever you do will be the result of careful rfelection based
on adequate information and springing from a sincere desire to help the
whole country, our allies and our glorious cause. It is not alone my own
Judgment,formed after the most careful reflection, but the opinion of many
of the ablest men in this section, that under no circumstances should the
price be fixed at less than 35c. per pound, basis middling. The crop is undoubtedly one of the shortest of recent years, and follows two successive
short crops. If the price were left to itself, economic conditions and the infallible law of supply and demand would unquestionably in the long run
determine the price rather above than below that suggested above.
Again, cotton can, in a large sense, be secured only in this counay,and
the price fixed applies only to our own farmers and those who look to tho
farm for the support of their business and enterprises. If and when peace
conies, undoubtedly the demands of the Old World and the shipping set
free thereby will create an instant and heavy demand for all the cotton of
the country at a very high price. A fair and liberal price, therefor, cannot,
In the event of peace, cause our Government one penny of loss. Again, it
Is literally true chat it has cost within reasonable approximation talc° as
much to produce this crop as such production usually costs, and with the
price suggested the average farmer will not reap more than the usual return
for his labor and investment. Even with such a price, in a groat area in
this district, as large as New England with New York and Pennsylvania
thrown in, there are literally tens of thousands of as good, brave and
patriotic men as ever lived who will receive for their cotton far less than the
cost of production.
There have probably been ginned to date in this district more than a million bales of cotton, much of which is in the hands of merchants and cotton
buyers, and for and on which the banks of the district have advanced tens
of millions of dollars at a value considerably above 35c. per pound.
ititTo fix a price, therefore, substantially below this would or might cause
great loss, involving, perhaps, the danger of an utter derangement of the
financial situation. Again, the most reliable trade and financial journals
with which I am acquainted have repeatedly stated that the textile trade
has made its'commitments and adjusted its busine-s on the basis of a price
exceeding 35c. per pound. Therefore from every view it seems to me logical that in determining the price co be fixed you would naturally do so with
reference to all the facts. Again, I am sure, based on intimate acquain-




WAR INDUSTRIES BOARD RESTRICTS STRAW HAT
PRODUCTION.
With the announcement that it is the intention of the Government to curtail the output of straw hats to the point
where the production will meet only the essential needs of the
civilian population, the Conservation Division of the War
Industries Board has prepared a conservation program for
the manufacturers of men's straw and body hats restricting
styles, height, width of brim,and trimmings. B.M.Baruch,
Chairman of the Board, in announcing the conservation
program, says:
The industry is asked to consider the program in the light of war conditions, and co-operation is urged as of assistance in the entire industrial reorganization made necessary by the requirements of the war program.
Adoption of the plan will tend to stabilize the industry, it is believed, by
reducing stocks and releasing capital, and by reducing the quantity of
labor so the industry will be better able to maintain the framework of its
organization after meeting -the drafts for military service and for industries
essential to the successful prosecution of the war.
Based on recommendations now submitted, a final program will be issued
soon by the Conservation Division. It is understood, however, that materials not in accordance with those recommendations may be used now, but
no orders should be placed hreafter for materials that do not come within
the recommendations.
Following are the recommendations:
(1) No new blocks to be introduced in yacht, soft braid, body ha'..s, or
any other variety. This moans that no designs are to be used by a manufacturer except designs used by that manufacturer in the selling seasons of
1917 and 1918.
(2) Dimensions:
Inches.
Yacht hats:
3N
Maximum height crown
3%_
Minimum height crown
Maximum width brim
2%
Minimum width brim
2%
Soft braid hats (except harvest hats for farmers):
4
Maximum height crown
33(
Minimum height crown
Maximum width brim
2W,
Minimum width brim
Alpine hats:
side)
the
(measured
on
5
Maximum height crown
2%i
Maximum width brim (measured flat)
Minimum width brim (measured flat)
(3) Band not to exceed 22 lignes in width. Length of band not to exceed
39 inches for a 7 hat, this length to include the material used in the bow.
Colors of bands to be restricted to black, tan, brown, blue and green.
(4) Leathers in hats not to be jiggered or laced. Maximum width to oe
1% unturned.
(5, Na elastics, cords, or button.; to is. used and no eyelets except in
harvest hats for farmers.
(6) For tips for braid hats and for Javas, Porto Ricans, and Manilas, no
material other than lace or net to be used for the sides. Salta, silk, sat'
wood silk used for these tips to be restlicted to strips of not more than 42
lignes in width. No tips or linings to be used in any vaulety of hat other
than tho,e mentioned above.
(7) Six hats to be packed in a carton. (This does not mean that not
more than one style may be packed in a carton.) In order that stocks in
the hands of the hat manufacturers and paper manufacturers be fully
util4ed, no one special color or design of covering paper should be insisted

1252

THE CHRONICLE

upon by any manufacturer. It is suggested that wherever possible uncovered chip-board boxes be used. If a covering paper is used it should
be unbleached.
(8) Salesmen to carry not more than one trunk to a line. (Braid hats
and body hats are to be considered as separate lines.)
(9) Sales of ticket hats to be discontinued.

USE OF AUTOMOBILES ON SUNDAY TO PROMOTE
LIBERTY LOAN PERMISSIBLE.
The use of automobiles on Sunday for promoting the
Liberty Loan campaign is regarded by the United States
Fuel Administration as entirely within the spirit of the
Sunday saving of gasoline request, according to a statement
issued on Sept. 20 by Fuel Administrator Garfield. An
announcement says:
It has been called to the attention of the United States Fuel Administrail( n that tisere is consderabie doubt in the minds of motorists as to the
justification for using automobiles on Sunday, Sept. 29: for the purpose
of attending Liberty Loan meetings or canvassing for the Liberty Loan.
The Fuel Administration realizes that there is nothing of greater national
mportance than the success of this loan, and there is nothing either in the
letter or the spirit of the "Gasolineless Sunday" request which interferes
In any way with the use of automobiles on Sunday to promote the success
of the loan.
The intention ofthe request is that all motor pleasure riding be eliminated,
but that the necessary use of the automobile be not interfered with. Certainly there can be no more necessary use of the automobile than to aid
in the Liberty Loan campaign.
So the use of automobiles to drive considerable distances to church on
Sundays or to enable workers to reach their war gardens, where other
methods of transportation are not available, is in no sense a violation of
the request. It is hoped that those who do make these necessary uses of
automobiles on Sunday make an effort to save sufficient gasoline during
the week days to offset that use, and, even if no gasoline is used on Sunday,
an effort should be made to be as saving in its use as possible during week
days.
It has been suggested that in cases where motorists are using their cars
to promote the loan that such cars be identified by placard or posters as
being on Liberty Loan business. This will not only prevent a public
misconception of the errand but will enhance the progress of the campaign
by advertising it.

[VoL.107.

James A. Campbell, A. C. Dinkey, J. A. Topping, J. A.
Burden, A. F. Huston, L. E. Block and Charles M.Schwab.
The only official announcement of the Washington conference
was the following, made on Sept. 24, indicating the prices
agreed on and approved:
The President has approved the agreement made by the Price-Fixing
Committee of the War Industries Board with the representatives of the
iron ore, pig iron, and steel interests that the maximum p.ices now prevailing on iron ore, pig iron and iron and steel products be continued in effect
for the three months ending Dec. 31 1918 with the following exceptions:
1. Lake Superior iron ore.—Base prices of Lake Superior iron ore delivered to lower Lake ports are increased 25 cents per gross ton on and
after Oct. 1 1918, subject to the following conditions: These increased
prices are based on the rail freight rates now in effect and on the present
Lake rates, and in the event of any increase or decrease in either rail or lake
rates said prices shall be increased or decreased accordingly on all deliveries made during the continuance of.such increased or decreased freight
rates.
2. Pig iron.—The base price on basic iron is increased to $33 f. o. b. furnace. The base price on No. 2 foundry iron is increased to $34 f. o. b.
furnace:. The price of standard Bessemer iron is fixed at $35 20 f. o. b.
furnace. The above prices are subject to the following changes from
previous practice as regards delivery;
(a) Pig iron produced in the Virginia, Tennessee and Birmingham districts and scattering districts south of the Ohio and Potomac Rivers, including furnaces at St. Louis, Mo., but not including furnaces bordering
on the Ohio River, shall be sold on an f.o. b. Birmingham, Ala., basis.
(b) Pig iron produced in the Eastern district, i. e.,from all blast furnaces
located east of the Allegheny Mountains and north of the Potomac River,
shall be sold on an f. o .b. Pittsburgh basis.
(c) Pig iron from all other producing districts or furnaces shall be sold
f. o. b.furnaces as heretofore.
No new contracts calling for delivery of any of the above commodities
or articles on or after Jan. 11919, are to specify a price unless coupled with
a clause making the price subject to revision by any authorized United
States Government agency, so that all deny(ries after that date shall not
exceed the maximum price then in force, although ordered or contracted
for in the meantime. It is expected that all manufacturers and producers
will observe the maximum prices now fixed.

As to the significance of the changes, the following from
this week's issue of "The Iron Age" throws a good deal of
light on the situation:

Price fixing for the fourth quarter, as announced from Washington Tuesday, brought some surprises as to details, but not as to two features—an
advance to the merchant furnaces making basic and foundry pig iron and
a refusal to make any advance on finished steel products.
Lake Superior iron-ore producers asked for 50 cents more and were
granted 25 cents, on the ground that the 45 cents advance given them three
months ago was all absorbed in higher rail freights. Eastern iron-ore producers had expectations of sharing in the ore advance, but this was denied
them and all other ore producers outside the Lake districts.
By adopting Birmingham and Pittsburgh as pig-iron basing points, adThe War Department authorizes relatives or friends of oficers and
irons $1 a ton, and limiting the Pittsburgh basing
soldiers in France to send Christmas packages, which will be of standard vancing basis and foundry
furnaces north of the Potomac and east of the Alleghenies, the Price
to
size and weight, one to each individual in the American Expeditionary
relieved the pinch that has been on the smaller blast
Forces. A standard container to be used will be 9 by 4 by 3 inches, and Fixing Committee
Virginia, Tennessee and eastern Pennsylvania. All basic and
weight limit will be 3 pounds. Standard containers of the size indicated furnaces in
furnaces
get the benefit of the $1 advance. For Tennessee
may be had by application to the local Red Cross chapters throughout the foundry iron
furnaces the advance ranges from $1 25 to $1 75. Virginia furnaces and
country.
l'ennsylvania fare considerably better because of greater
In order to insure the arrival of these Christmas packages in France those in eastern
from the basing points.
and their distribution to the soldiers by Christmas, all such packages distance
in the price decisions is that of the Class 3
disappointment
The chief
must be mailed on or before Nov. 15 1918.
companies, which buy basic pig iron in the market. They must now
In order to insure the limitation of one package per man, which in itself steel
more for their raw material, while their urgent appeals of the past six
will consume a very large amount of tonnage, a plan has been worked out pay
months for higher prices on their finished product are still denied.
by which Gen. Pershing is forwarding to the War Department coupons
Most of the blast furnaces using Lake Superior ores really get only
on which are inscribed the correct names and addresses of the members
advance out of the $1 added to basic and foundry iron prices, as
of the American Expeditionary Forces. These coupons will be distributed, 50 cents
the other half is taken up by the ore producer on all ore shipped after Oct. 1.
and no package will be forwarded without a coupon.
The Pitssburgh and Birmingham basings do not apply to low phosphorus and charcoal iron. These will sell as heretofore on an f. o. b. furnace
basis, regardless of the location of the furnace.
NEW IRON AND STEEL PRICES IN EFFECT UNTIL
The general committee of the Iron and Steel Institute has promptly put
out new prices tables based on the President's proclamation as to pig iron.
DECEMBER 31.
Differentials on foundry and higher silicon irons are raised; cast iron pipe
Announcement of the approval by President Wilson of Is put up $5; cut nails and horseshoes are advanced, and various other remaximum prices on iron ore, pig iron and iron and steel visions upward are made.
Jobbers are put under stricter regulation by the now rulings, maximum
products, fixed by the Price Fixing Committee of the War warehouse
prices being now fixed on a considerable list of iron and steel
Industries Board and representatives of the producers, was products on which the jobbers have been naming their own prices. The
made on Sept. 24. The prices, which are to continue in new schedule makes sharp cuts in prevailing jobbers' margins on some of
these.

WAR DEPARTMENT RULES FOR OVERSEAS
CHRISTMAS GIFTS.
The following statement, embodying the War Department's regulations for the sending of Christmas packages
to members of the American Expeditionary Forces, was
issued by the Chief of Staff on Sept. 21:

effect until Dec. 31, represent an advance of $1 a ton on
pig iron and 25 cents a ton on ore. The basing points are
Pittsburgh and Birmingham. No change a made in
- made
existing steel pices. The price recommendations followed
conferences between the Committee on Steel and Steel
Products of the American Iron and Steel Institute and the
Price Fixing Committee of the War Industries Board in
Washington on the 19th and 20th, which had been preceded
by a meeting in New York on the 16th of iron and steel
manufacturers, at which the urgency of increased prices
was discussed. Increased freight rates and advances in
wages, it was stated, were the factors which made higher iron
prices imperative. According to the "Journal of Commerce" of the 17th, adjustment of the price of pig iron to a
higher level was particularly urged, the small producers
claiming that the Increase of 45 cents a ton granted last
June by the War Industries Board had proved inadequate
to meet rising costs. The meeting resulted in the reference
of the matter to the general committee of the American
Iron & Steel Institute for submission to the Government
officials; tha steel committee in charge of the matter is made
up of Judge E. H. Gary, Chairman, J. A. Farrell, E. A. S.
Clarke, H. G. T. Dalton, Willis L. King, E. G. Grace,




ORDER TO SAVE STEEL ISSUED BY THE WAR
DEPARTMENT.
The following general order concerningtprders issued to the
various branches of the War Department to conserve in
purchases and use of steel, was issued by the War Department on Sept. 20:
Owing to the present acute shortage of steel all bureaus, corps and
departments of the War Department will at once take steps to economize
in the purchase and use of steel. The purchase of, or contracting for,
steel furniture, beds, tables, chairs, containers,filing cabinets, and safes is
forbidden, sinless it can be dearly shown that it is necessary that these
articles be steel and that no other material or article will answer the purpose.
By order of the Secretary of War.
PEYTON C. MARCH,
General, Chief of Staff.
P. C. HARRIS,
Acting The Adjutant-General.

REPORT ON STEEL STOCKS CALLED FOR.
It was announced on Sept. 3 that more than 40,000
manufacturers using steel in their products had been called
upon by the War Industries Board to make complete repdrts
of their steel stocks, down to the smallest holdings.
•

SEPT. 28 1918.1

THE CHRONICLE

PIG TIN UNDER LICENSE CONTROL.
The War Industries Board, in announcing on Sept. 20
that it would take over the control of pig tin under a license
system (brief reference to which was made in our issue of
Saturday last, page 1153), said:
The War Industries Board is to take control of the domestic pig-tin
situation under a license system. The following announcement to consumers of and dealers in pig tin is made by T. C. Cranwell, acting chief
of the tin section of the Board:
"All users and dealers in pig tin will be licensed, and a complete inventory
of stocks on hand and contracts unfilled will be made, and, if necessary,
supplies will be redistributed to equalize same according to essential uses.
Full details of licensing plan will be announced later."
In accordance with this decision of the War Industries Board questionnaires are being sent out to the 2,000-odd individuals and plants effected,
calling for the information, under rth, demanded by the inventory. On
the facts to be thus gathered as to he actual supply of pig-tin stocks and
the unfilled contracts and the manner and quantities in which the pig
tin is being held, the War Industries Board will decide whether essential
uses demand an equalizaiton of such stocks through redistribution and a
matching up among the plants.
The tin section has been informed there is considerable uneasiness in the
trade as to control by the War Industries Board of the pig-tin situation, and
It is the belief of Mr. Cranwell that announcement of positive plans of
control will prove beneficial. He says that the control plan will affect
only the users and dealers in pig tin, and that the public, which uses tin
plate, will be benefited by the licensing system of control.
This action by the War Industries Board was forecast when announcement was made by B. M. Baruch, Chairman of the Board, that an interallied pig-tin pool had been arranged in conferences held in London between the L. I. Summers Commission, representing the War Industries
Board, and representatives of Great Britain and other Allied nations.
Under this pool, which is in the nature of a beneficent monopoly, the world's
supply of pig tin is allocated, and distribution is made among the Allied
countries according to the supply and their needs. The United States
will get about 80,000 tons of pig tin, or approximately two-thirds of tlie
world's production. The War Industries Board will supervize the allowance to this country. All imports of pig tin, tin ores and conceitrates
will be consigned to the American Iron & Steel Institute and will be distributed to the licensees through the United States Steel Products Co.
Prices will be regulated by the War Industries Board and will be uniform
and at a level that will encourage production in the tin-kilning countries,
which are chiefly Great Britain and the Straits Settlements.

BIG ADVANCE IN PIG IRON COSTS.
The "Iron Age" in its issue of Sept. 26 quotes the Matthew
Addy Co. as referring to the incessant advances in the costs
of pig iron production, as follows:
The cost of making iron has been increasing steadily, but in August
cost sheets showed a phenomenal and staggering increase. There has
been a heavy increase in freights. Everywhere labor is being paid more
and more, and there is not an item entering into the cost of making pig
iron but shows a great advance—often 150%. . . . Furnaces which
apparently at the Government fixed prices had a sure margin of profit
are now facing a loss. To show exactly what has happened, one of the
Birmingham furnaces which is singularly favored with cheap raw materials
made iron in 1916 at a cost of $9 the ton. In August its direct costs
exceeded $29, and to this must be added a considerable sum for bond interest. It is essential that every ton of iron the country can make be
produced—that is a patriotic necessity—and the problem of how to keep
running at a loss is facing many iron masters. This is the problem that is
up to the War Industries Board to solve.
The shortage of foundry iron grows more and more apparent. So many
furnaces once making foundry iron are now on basic, and production has
of late so fallen off that there is to-day much more foundry iron urgently
needed than can be supplied. Four of the large furnace companies in
Birmingham, which at one time ran exclusively on foundry irons, are now
running practically 100% on basic for steel mills. In consequence the steel
iron situation is in fair shape, but the foundry situation is desperate.

PRESIDENT WILSON'S PROCLAMATION REQUIRING
IMPORTERS AND DEALERS IN FUEL OIL
AND GAS TO OBTAIN LICENSES.
A proclamation under which licenses are required for
the importation, manufacture, storage and distribution of
crude oil, fuel oil, gas oil, kerosene or gasoline, was issued
by President Wilson under date of Sept. 16. Those whose
gross sales amount to less than $100,000 a year are exempt
from the requirements. The following is the proclamation:
BY THE PRESIDENT OF THE UNITED STATES OF AMERICA.
A PROCLAMATION.
Whereas under and by virtue of an Act of Congress, entitled "An Act
the
national security and defense by encouraging the
for
further
to provide
production, conserving the supply, and controlling the distribution of food
products and fuel," approved by the President on the 10th day of August
1917, it is provided, among other things, as follows:
"That by reason of the existence of a state of war it is essential to the
national security and defense, for the successful prosecution of the war and
for the support and maintenance of the Army and Navy, to assure an adequate supply and equitable distribution and to facilitate the movement
of foods, feeds, fuel, including fuel oil and natural gas, and fertilizer and
fertilizer ingredients, tools, utensils, implements, machinery, and equipment required for the actual production of foods, feeds, and fuel, hereafter
in this Act called necessaries; to prevent, locally or generally, scarcity,
monopolization, hoarding, injurious speculation, manipulations and private control, affecting such supply, distribution, and movement; and to
establish and maintain Governmental control of such necessaries during
the war. For such purposes the instrumentalities, means, methods, powers, authorities, duties, obligations, and prohibitions hereinafter set forth
are created, established, conferred, and prescribed. The President is
authorized to make such regulations and to issue such orders as are essen"
tial effectively to carry out the provisions of this Act.
And whereas it is further provided in said Act as follows:
"That, from time to time, whenever the President shall find it essential
to license the importation, manufacture, storage, mining, or distribution
of any necessaries, in order to carry into effect any of the purposes of this
Act, and shall publicly so announce, no person shall, after a date fixed in
the announcement, engage in or carry on any such business specified in
the announcement of importation, manufacture, storage, mining, or dis-




1253

tribution of any necessaries as set forth in such announcement, unless he
shall secure and hold a license issued pursuant to this section. The President is authorized to issue such licenses and to prescribe regulations for
the issuance of licenses and requirements for systems of accounts and
auditing of accounts to be kept by licensees, submission of reports by them,
with ot without oath or affirmation, and the entry and inspection by the
President's duly authorized agents of the places of business of licensees."
And, whereas, It is further provided in said Act as follows:
"That in carrying out the purposes of this Act the President is authorized
to enter into any voluntary arrangements or agreements, to create and use
any agency or agencies."
•
And, whereas, The President has heretofore designated and appointed
Harry A. Garfield United States Fuel Administrator for the purpose of
carrying into effect the provisions of said Act, relating to fuel, and has
directed that: "Said Fuel Administrator shall supervise, direct, and carry
into effect the provisions of said Act and the powers and authority therein
given to the President so far as the same apply to fuel as set forth in said
Act, and to any.and all practices, procedure, and regulations authorized
under the provisions of said Act applicable to fuel, including the issuance,
regulation, and revocation under the name of said United States Fuel
Administrator of licenses under said Act," and has authorized said Fuel
Administrator to employ such assistants and subordinates as may from time
to time be deemed by him necessary, said Fuel Administrator and such
assistants and subordinates together constituting the Governmental organization called the United States Fuel Administration.
And whereas it is essential in order to carry into effect the provisions ,of
said Act, and in order to secure an adequate supply and adequate distribution, and to facilitate the movement of certain necessaries hereafter in this
proclamation specified, that the license powers conferred upon the President of said Act be at this time exercised to the extent hereafter set forth.
Now, therefore, I, Woodrow Wilson, President of the United States
of America, by virtue of the powers conferred on me by said Act of Congress, hereby find and determine and by this proclamation do announce
that it is essential, in order to carry into effect the purposes of said Act, to
license the importation, manufacture, storage, and distribution of certain
necessaries to the extent hereinafter specified:
All persons, firms, corporations, and a-s. iations engaged in business
as—
(a) Importers of crude oil, fuel oil, gas oil, kerosene or gasoline.
(b) Manufactuers of fuel oil, gas oil, kerosene, or gasoline:
(c) Distributors or marketers of crude oil, fuel oil, gas oil, kerosene, or
gasoline;
(d) Transporters of crude oil, fuel oil, gas oil, kerosene, or gasoline (except those specifically exempted by said Act of Congress);
(e) Producers of natural gas Who also distribute and market their product;
(f) Distributors or marketers of natural gas;
(g) Transporters of natural gas (except those • specifically exempted by
said Act of Congress):
excepting, however, retailers of crude oil, fuel oil, gas oil, kerosene, gasoline, or natural gas, whose gross sales of crude oil, fuel oil, gas oil, kerosene, gasoline, and natural gas do not exceed $100,000 per annum, are
hereby required to secure on or before Oct. 1 1918, a license, which license
will be is.sued under such rules and regulations governing the conduct of
the business as may from time to time be prescribed by the President of
the United States or by the United States Fuel Administrator acting by
virtue of the authority heretofore as aforesaid, or hereby, delegated to
him by the President.
The United States Fuel Administrator shall supervise, direct, and carry
Into effect the provisions of said Act and the powers and authority thereby
given to the President, as the same applies to crude oil, fuel oil; gas oil,
kerosene, gasoline, or natural gas and to any and all practices, procedure,
and regulations authorize' or required under the provisions of said Act, including issuance, regulation, and revocation, in the name of said Fuel Administrator, of licenses under said Act; and in this behalf he shall also do and
perform such other acts and things as may be authorized or required of him
from time to time by direction of the President, and under such rules and
regulations as may be prescribed by the President from time to time.
For all the purposes aforesaid the United States Fuel Administrator any
make use of the said Governmental organization called the United States
Fuel Administration.
Application for licenses must be made to the United States Fuel Ad'Ministration, Oil Division, Washington, D. C., upon forms approved by
the Fuel Administrator for that purpose. The holders of existing licenses
issued by the United States Fuel Administration are not required to secure
a new license.
Any such person, firm, corporation, or association who, without a license, or whose license shall have been revoked, knowingly engages in or
carries on any business for which a license is required under this proclamation, will be liable to the penalties prescribed by said Act of Congress.
In witness whereof, I have hereunto set my hand and caused the seal
of the United States to be affixed.
Done in the District of Columbia, this 16th day of September, in the
year of our Lord 1918, and of the independence of the United States of
America the 143d.
WOODROW WILSON.
(Seal.)
By the President:
ROBERT LANSING,Secretary of State.

PLAN TO STABILIZE WAGES AND AVERT • STRIKES
DURING WAR.
As part of the generaPplan for regulating labor conditions
during the war, the Government is working out methods to
stabilize wages by setting up a nation-wide system of community or industry agreements, in which both employers
and employees ate to participate, and which will be enforced
for stated periods through the Government's priority power,
or pressure exerted through the employment service. A
conference was held at Washington on Sept. 25 between officials of the various Departments and representatives of
manufacturers and labor organizations to work out the
details.
The proposal, which, according to Washington advices,
already has been tentatively approved both by manufacturers and labor spokesmen, is that the War and Navy departments undertake to form three-cornered agreements in each
community or employment group—between the Government and labor and between the Government and employers.

1254

THE CHRONICLE

(Vol, 107.

Labor men would be asked to agree to accept a fixed scale tion. An Associated Press dispatch from Washington on
of compensation for a definite period, probably six months, Aug. 30 gave further details as follows:
and not to demand more within that time. The agreement,
The Board, afti r a hearing, made its recommendation to the company,
according to the present plan, would be enforced through asking it to disconjnue the practice of making individual contracts with
its employees, to reinstate all discharged employees with back pay, to
threat of Government boycott of the manufacturer who paid form committees authorized to present grievances and to mediate
with the
less than the scale or who paid more in an effort to lure work- company, and substitute the de Aston of anexaminer for executive control.
The
company declined voluntarily to do this, and rather than do so
men from other plants or industries. Similarly, the boycott
tendered its plant to the Government, the management at the same time ofwould be applied to workmen who threateneil to strike or fering co-operation to maintain
production. In a letter to Secretary Baker
the company said it had not submitted its rights to the War Labor Board,
demand more than their agreement called for.
did not admit the Board had conducted the brief investigation which preIt is also intimated that a number of Government agencies ceded
its decision in accordance with President Wilson's labor proclamadealing with labor problems—the War and Navy departments, tion, and saw no reason why it should
abandon its "usual and efficient
the Shipping Board, the Railroad Administration, the Labor methods of doing business." In addition to its notict to Secretary Baker
the company also protested formally to the War Labor Board upon the
Department, the Labor Adjustment Board, the War Labor decision
and expressed a refusal to abide by it.
Policies Board, and others—probably would be co-ordinated
In is letter addressed to the War Sccretary the company asserted that its
shortly under a new committee of representatives from each. business history had been "singularly free" from labor troubles, and that its
Board of Trustees saw no reason "why it should abandon methods of doing
A conference of different agencies was held on the 24th to business
proved to be conducive to industrial peace and high efficiency for
discuss methods of eliminating duplication of effort.
the fantastic method outlined by the War Labor Board In its recommendaRapidly rising labor costs, stimulated by competition tions for dealing with employees."
These recommendations, it concluded, in addressing the Board, "would
among industries for employees and by the Government's tend
to lessen if not destroy the morale of the workers; would promote
prime necessity for production, have forced the War and argument and dissension, would impair the general efficiency of workers,
Navy departments to take the lead in promoting stabil zing thereby reducing the production so badly needed by our country."
"It is generally recognized by emplcyers in this part of the country," said
measures, it was explained. In doing this, they hope to the letter
to Secretary Baker, "that since the promulgation of the War
guarantee to employees fair wages,in many cases higher than Labor Board principles labor union leaders look upon that declaration as a
to agitate, and to organize the employees of any or every plant enthey now receive, but always uniform for an industrial dis- license
gaged in war work irrespective of the known conditions under which any
trict or for an employment group, and stable for the period given plant may have been operated,
and irrespective of the legal rights
of employers."
of the agreement.
The decision of the Government to take over the operaEIGHT-HOUR DAY ESTABLISHED IN IMPORTANT tion of the plant followed. The War Department's announcement in the matter, issued on Sept. 13, was as follows:
WAR LABOR BOARD AWARD.
The plant of the Smith & Wesson Company at Springfield, Mass., manuThe eight-hour day as a settled feature of the Government's facturing psitols for the War Department,
has been commandeered, under
Section
120 of the National Defense Act,for the duration of the war, and an
war-time labor policy received additional confirmation in a
officer
of
the
Ordnance
Department
has
been
placed in charge of further
decision rendered by Chief Justice Walter Clark of the Su- operation of this
industry.
preme Court of North Carolina, acting as arbiter in a case
This action Was made necessary by the refusal of the Smith & Wesson
in which the War Labor Board had failed to reach a unani- Company to abide by the award of the National War Labor Board, rendered Aug. 22 1918. This is the only instance of a manufacturer under
mous decision. The case involved a dispute between the contract with the War Department arbitrarity rejecting an award
by the
International Moulders' Union and the Wheeling Moulder agency set up by the President for the maintenance of industrial peace
during
the
war.
& Foundry Co. of Wheeling, W. Va. An agreement beThe War Labor Board's finding in the Smith & Wesson case was made
tween members of the local union and the foundrymen of upon
a recommendation of Joint Chairman Frank I'. Walsh and Frederick
Wheeling and vicinity contained the clause, "Eight hours N.Judson, Acting Joint Chairman in the absence of Mr.Taft, The WalshJudson
report recommended that the company discontinue, for the period
constitute a day's work for all moulders and coremakers."
of the
its practice of compelling employees to sign individial conA controversy arose over the clause. The War Labor Board tracts, war,
one clause of which bound the employee not to join a trade union;
was unable to reach a unanimous decision and the case was that the right to join-trade unions be extended to the workers, and that a
system of collective bargaining be established in the Smith & Wesson
referred to Justice Clark as umpire.
plant.
In the award Justice Clark says that the moulders "shall
Under the operation of such a system the workers elect shop committees
not be required or permitted to work more than eight hours to represent them in negotiations with the employer on all questions of
industrial
relations. Tho demand of the workers for a 25% increase in
within any day of twenty-four hours, except in cases of emerpay was not conceded in the recommendation, it being stated that the quesgency," and then under the following terms and conditions:
tion of wages could best be worked out through the operation of the col1. Overtime will be paid for at the rate of time and one-half, with double lective bargaining system.
rates for Sundays and holidays.
These recommendations were duly approved by the War Labor Board,
2. The qaestion whether or not an emergency exists, together with the and it became the duty of the Smith & Wesson Company, as well as its emlength of time over which such an emergency may extend and the number ployees, to comply. The workers have indicated their willingness to do
of extra hours a day, shall be determined by agreement between the man- so, but the company demurred, on the ground that It had not agreed to
submit any of its legal rights to the War Labor Board for determination
agement and the working moulders in the shop.
3. For the purpose of effectuating the agreement mentioned in Paragraph and that to comply with the award would be to abandon methods upon
2, a permanent committee of four persons is hereby created, two of whom which it had built its business to a high state of efficiency. Further, in
shall be designated by the management of the plant and two by the work- its letter rejecting the War Labor Board's findings it said:
""I'he Smith & Wesscn Company sees no reason why It should abandon
ing moulders of the shops, the assent of at least three of whom shall be
necessary for permission to work more than eight hours in any day of twenty- its lawful and legitimate method of doing business, known and proved by
it to be conducive to industrial peace and high efficiency, for the fantastic
four hours.
For the purpose of securing a proper interpretation of this award, the method outlined by the War Labor Board in its recommendations for dealSecretary of the National War Labor Board shall appoint an examiner, ing with its employees."
A strike at the Smith & Wesson plant involving demands for collective
who shall hoar any differences arising in respect to the award between the
parties and promptly render his decision, from which an appeal may be bargaining, the right to join trade unions, and the elimination of the individual
contract, were the direct cause of Government intervention in
taken by either party to the National War Labor Board. Pending such
the controversy between the company and its employees.
appeal, the decision of the examiner shall be binding.
The language employed by the company in the foregoing paragraph was
Frank P. Walsh, joint Chairman with William H. Taft held
to be calculated to induce other omplyers to avoid the jurisdiction of
of the National War Labor Board, issued a statement re- the War Labor Board and to defeat the object of the President in Its creation, and the company's general attitude toward the reasonable findings
garding the opinion of Justice Clark in which ho said:
of the Board was deemed such as might be expected to disturb industry
The decision, which automatically becomes the award of the National
and to interfere with production.
War Board, is the first step in the application in fact of the national policy
The recommendations contained in the War Labor Board's finding are in
to industry in general and it will serve as a strong precedent in the adjudicathorough accord with the principles and policies to govern industrial retion by the War Labor Board of future controversies involving the question
lations for the period of the war promulgated by the President and made the
of the length of the working day.
constitution of the War Labor Board. These principles and policies were
adopted by duly selected representatives of organized employers and workSMITH de WESSON PLANT COMMANDEERED FOR ers of the United States. It is the policy. of the War Department to give
effect to the deAsions of the War Labor Board in all cases coming under the
FAILURE TO ACCEPT DECISION BY WAR
jurisdiction of the Department.

LABOR BOARD.
.
On Sept. 13, the same day on which President Wilson's
letter was published applying the "work or fight" principle
to striking munition workers in Bridgeport, Conn., the War
Department announced that the President had approved an
order for taking over the Smith & Wesson arms factory at
Springifeld, Mass.
•
For the last fourteen years the Smith & Wesson Company
had run its plant as a non-union shop. Recently the company discharged eight employees who had violated the written
sontract made by every employee of the company that he
would not, while so employed, join a labor union without
giving a week's notice in writing. The War Department
23sked the National War Labor Board to investigate the situa-




"WORK OR FIGHT" ORDER FOR BRIDGEPORT
STRIKERS.
The first application of the "work or fight" principle of the
Selective Service Law to an actual strike situation occurred
on Sept. 13, when President Wilson, in a letter to striking
machinists in munition factories at Bridgeport, Conn., in
effect ordered the strikers to return to work under the terms
of an arbitration award rendered by the National War Labor Board on pain of being debarred for a year from employment on war work in the community in which the strike occurred, and of losing their deferred classification under the
draft. At the same time that this communication was sent
to the striking'workmen, the War Department announced

SEPT. 28 1918.1.

THE CHRONICLE

1255

to the'award with an application for re-hearing to the tribunal.
that President Wilson had approved an order commandeering submission
But to strike against the award is disloyalty and dishonor.
Springfield,
of
Company
Wesson
&
Smith
the
of
the plant
The Smith & Wesson Company of Springfield, Mass., engaged in Govthe mediation of the National War
Mass., because that concern had refused to abide by a de- ernment work, has refused to accept
Labor Board and has flaunted its rules of decision approved by Presicision of the War Labor Board. The Smith & Wesson plant dential proclamation. With my consent the War Department has taken
was turning out revolvers for the army.
over the plant and Imsiness of the company to secure continuity in proand to prevent industrial disturbance.
The strike grow out of a dispute between some 60,000 duction
It is of the highest importance to secure compliance with reasonable
workers in 66 munition plants in Bridgeport and other New rules and procedure for the settlement of industrial disputes. Having exto
England cities. The National War Labor Board was called ercised a drastic remedy with recalcitrant employers, it is my dutyemmoans equally well adapted to the end with lawless and faithless
in, but was unable to reach a unanimous decision. Otto M. use
ployees.
Eidlitz was then called in asuarbiter, and rendered a decision
Therefore. I desire that you return to work and abide by the award. If
the
all
to
increases
wage
you refuse, each one of you will be barred from employment in any war
on Aug. 28. The decision granted
in the community in which the strike occurs for a period of one
workers receiving less than 78 cents an hour; established a Industry
year. During that time the United States Employment Service will deworkers,
male
all
for
hour
an
cents
42
of
minimum wage
cline to obtain employment for you in any war industry elsewhere in the
Navy Departments, the
skilled or unskilled, 21 years of age or over, and a minimum United States, as well as under the War ,and
Board, the Railway Administration and all Government agencies,
wage of 32 cents an hour for all female workers 18 years old Shipping
and the Draft Boards will be instructed to reject any claim of exemption,
or over; granted the basic eight-hour day in all the manufac- based on your alleged usefulness on war production.
to
bargain
right
Sincerely yours,
turing plants of Bridgeport; established the
WOODROW WILSON.
collectively and to join trade unions, and provided that woequal
receive
should
the President's letmen
of
as
publication
work
the
Coincidently with
men performing the same
pay. The wage increases were made retroactive to May 1 ter, the Manufacturers' Association announced that all strikin the case of the Remington Arms-Union Metallic Cartridge ers applying for their old positions would be reinstated withplant, Liberty Ordnance Co. and American & British Manu- out prejudice, and the backbone of the strike was quickly
facturing Co. and 21 contract shops affected in the original broken. The men began to go back to work at once, alcontroversy before the Ordnance Department Board. The though formal action was not taken by the local union until
umpire allowed the companies until Oct. 1 1918 to complete the 16th inst., when a mass meeting of the strikers voted to
the back wages, the award being effective for the duration of return to work and "work out our salvation through the National War Labor Board."
the war.
Although the President's letter had the desired effect of
On the disputed question of classification of skilled men,
the umpire decided against changing present methods on putting an end to the strike, the strikers surrendered with a
the ground that to suddenly order a complete readjustment very bad grace. While protesting their loyalty to the Govof the prevailing working system would be prejudicial to ernment and the war, they declared the President evidently
the interests of the Government, which is directly concerned did not understand conditions in Bridgeport. Following a
in tho output of the Bridgeport industries. The workers de- meeting of the strike committee on the 14th, a statement was
manded that they be classified and that a minimum rate of given out which contained no instructions to the strikers.
It dealt in the first place with a part of the President's letpay be established for each class.
The decision also provided that a local board of six mem- ter which referred to the strikers as "the best paid of the whole
bers be established, three of the members to be chosen by body of workers affected." The committee said that the
the workers of Bridgeport and three to be chosen by the em- best paid of machinists at 50 cents an hour only make $24
ploying companies, the functions of the board being to ad- a week, while machine operators at 42 cents an hour and
piece work make from $50 to $55 a week. The contention
just such future differences as cannot be settled amicably.
The Manufacturers' Association of Bridgeport promptly of the committee was that machinists were entitled to as
accepted the decision of the War Labor Board, but some 5,000 much compensation as workers who were put on machines
machinists affiliated with the International Association of after a few weeks' practice. President Lavit of the BridgeMachinists rejected the award and went on strike. They de- port union was quoted as saying:
It is hard for me to ask men to stay here and return to work when they
manded a somewhat higher scale of wages, but their pringet more money elsewhere. I will reconunend at Monday's meeting
cipal grievance was the alleged failure of the award to re- can
that the machinists go back in a body Tuesday. In the meantime we
the
strike
in
of
was
The
violation
direct
them.
classify
will take up the work of strengthening our organization and planning our
pledge given by the union to abide by the decision of the War appeal for a rehearing of the wage issue.
Lavit also announced that immediate steps would be taken
Labor Board, and the officers of the International union
promptly ordered the strikers back to work on pain of losing to organize a political party on the lines of the English Labor
their membership. President Johnson of the International Party, to "fight for justice in the halls where justice is made."
International Asso• J. J. McEntee, district agent of
explained to the men that while the decision did not of itself
reclassify the workers, it provided the machinery for doing ciation of Machinists, at 116 Nassau Street, in this city, was
so through shop committees. Nevertheless the Bridgeport quoted in the "Evening Post" of this city on Sept. 14 as
strikers voted to defy the International officers and remain saying that the spirit of the workers would be unfavorably
affected by the "general misunderstanding under which
on strike.
pat
on
arbithe
of
stood
their
they are suffering." He added:
acceptance
employers
The
There is nothing else for the men to do, in view of the President's letter.
tration award and the men retaliated by encouraging skilled The
bad feature of the thing A that very little is gained if the men go back
machinists to leave Bridgeport, raising considerable sums to feeling they have been misunderstood. The spirit of the workers unpay transportation expenses. A thousand or more strikers doubtedly will be affected. decision of the War Labor Board, as is generThe men did not reject a
are said to have left town in this way. At this point Presi- ally
understood. They rejected the decision of a Mr. Eidlitz, an arbident Wilson intervened with the letter referred to above.
trator, to whom the War Labor Board shifted the problem after it had
a bad light beThe President's letter, addressed to District Lodge No. failed to solve it. I admit that the organization is placed infact
is that the
it agreed to abide by Mr. Eidlitz's decision, but the
55 of the International Association of Machinists, and other cause
out spaswalked
they
men became so disgusted with his findings that
striking workmen of Bridgeport, read as follows:
officers.
organization
their
consulting
modically without
Briefly, Mr. Eidlitz decided that the rate of from seventy-five to ninety
TIIE WHITE IIOUSE,
cents an hour paid to machinists should be cut to from forty-five to
Washington, Sept. 13 1918.
seventy-eight cents. He established no minimum wage, and failed to
dentlemen: I am in receipt of your resolutions of Sept. 6, announcing
recognize any of the conditions under which the men had been working
strike
against
a
your
Conn.
begun
Bridgeport,
have
in
employers
that you
for years. I don't believe Mr. Eidlitz ever saw the inside of a machine
Union
the
Bridgeport
of
branch
of
the
international
member'
are
You
shop in his life.
of Machinists. As such and with tho approval of the national officers of
The newspapers report that Victor Rybicki, a lay-member of this oryour union you signed an agreement to submit the questions as to the ganization, condemned the Bridgeport strikers in the name of the organitho
to
National
to
employment
abide
and
War
Board
Labor
terms of your
zation at a meeting here last night. He had no authority to make any
the award which in accordance with the rules of procedure approved by statement defining the position of the local machinists' organization in the
mo might bt right.
matter. The organization never had entertained any doubt of the absoThe members of the Board wore not able to reach a unanimous conclusion lute loyalty of the Bridgeport men. The whole trouble is that they have
and
as
the
presented.
quesprovided
in
its
constitution
on all the issues
been called upon to accept the lowest award ever made to labor by the War
tions upon which they did not agree were carried before an arbitrator, the Labor Board or its agents. They are disappointed, aut loyal to the core.
unanimous choice of the members of tee Board.
In other labor circles, however, the Bridgeport strikers
The arbitrator thus chosen has made an award wihch more than 90%
of the workers affected accept. You, who constitute less than 10%, re- were roundly condemned for their failure to live up to their.
fuse to abid? the award, although you are the best paid of the whole body
promises and abide by the decision of the War Labor Board.
of workers affected and are, therefore, least entitled to press a further
York and other reincrease of wages because of the high cost of living. But whatever the The Central Federated Union in New
merits et' the issue it is closed by the award. Your strike against it is a sponsible labor bodies passed strong resolutions of condembroach of faith, calculated to reflect on the sincerity of national organized
nation.
labor in proclaiming its acceptance of the principle and machinery of the
On the 17th President Wilson, on complaint of the offiNational War Labor Beard.
of
a
both
tribunal to which
If such disregard of the solemn adjudication
of the union that certain firms in Bridgeport were refuscers
parties submitted their claims be temporized with, agreements necomo
take back some of the strikers, sent the following letmere scraps of paper. If errors creep into awards, the proper remedy is ing to




1256

THE CHRONICLE

[VOL. 107.

ter, addressed to the Remington Arms Co., the Union Metallic Cartridge Co. and the Liberty Ordnance Co., calling upon
those concerns to reinstate all strikers who sought to return
to work:

the Provost Marshal's office. Complete returns from sixteen States and the District of Coulmbia, as announced on
Sept. 16, showed a total of 3,238,629 men, as against the
estimate of 3,232,267, and it was announced officially that
THE WHITE HOUSE.
they do not justify the assumption that the returns from the
Washington, Sept. 17 1918.
Remington Arms, U. M. C. Plant, Liberty Ordnance Company, And Others, entire country will show an enrollment very greatly in exBridgeport, Conn.:
cess of the estimate of 13,000,000. In six of the States the
My attention has been called to the fact that several thousand machinists
and others employed in connection with war industries in Bridgeport, total registration fell below the estimate, but in ten of them
Conn., engaged in a strike to obtain further conce.sions, because they were it exceeded it. The District of Columbia registered 22%
not satisfied with the decision rendered by the umpire appointed under the more than the number
estimated for it, due, officials beauthority conferred upon the National War Labor Board. On the 13th
Inst. I communicated with the workmen engaged in the strike, demanding lieve, to the influx of war workers. Vermont's percentage
that they accept the decision of the arbitrator and return to work, and of excesss enrollment was the highest among the States,
stated the penalties which would be imposed if they refused to do so.
being 123/2%. Officials said they did not believe any apThe men at a meeting voted to return to work this morning, but I am
informed by their representatives that the manufacturers refused to re- preciable number of men evaded registration and ascribed
instate their former employees. In view of the fact, that the workmen the fluctuations of the actual totals, as compared with
the
have so promptly complied with my directions. I must insist upon the re- estimates,
to industrial conditions brought about by the
instatement of all these men.
war, which have affected the distribution of male populaWOODROW WILSON.
Press dispatches from Bridgeport on the 17th reported tion.
that the managers of the concerns mentioned in the President's letter denied that returning strikers were being dis- INFORMATION REQUIRED BY DRAFT QUESTIO
Ncriminated against, saying that every man was employed if
NAIRES FROM THOSE SEEKING INDUSthere was work for him.
TRIAL EXEMPTIONS.
On Sept. 23 a brief meeting was held in Bridgeport of the
Provost Marshal General Crowder announced on Sept.
section of the War Labor Board handling the Bridgeport 17 that on the next day local
draft boards throughout the
case, under the joint chairmanship of ex-President Taft and country would begin mailing
questionnaires to all men beFrank P. Walsh. Mr. Taft announced that the award of tween the ages of 19 and 36, both
inclusive, who were regisMr. Eidlitz as arbiter was not to be upset. Alpheus Winter, tered on Sept. 12, except British
subjects, who have thirty
local examiner in charge of applying the award, was given days in which voluntarily to enter
the British or Canadian
full authority to rule on all questions affecting its interpreta- armies. The new or third edition
questionnaires, which
tion, and subsequently gave out a series of rulings intended to every new registrant must fill
out and file with his board
make clear to manufacturers and workmen the questions within seven days after it is mailed
to him, is a document
involved. Mr. Taft said that an appeal an the Eidlitz of sixteen pages. No registrant,
however, will be required
award could be made only to Mr. Eidlitz as arbitrator, the to fill out the whole questionna
ire, the third page being the
War Board disclaiming jurisdiction over that phase of the only one which every registrant
must fill out completely
case. He declared the Board was not foreclosing the right and subscribe to.
of either side to appeal for a rehearing of the entire BridgeWhen deferred classification is sought on grounds of industrial
occupaport issue, if the rulings of the examiner do not satisfy both tion the registrant must answer thirty-five questions. In such cases the
claim must be supported by affidavits of the immediate
superior
of the
sides.
registrant and by the executive head of the corporation or other
concern
The first ruling in Mr. Winter's announcement, accord- by which he is employed. If the registrant is a stockholder,
partner, or
ing to the Associated Press dispatches, says that "the in- part owner of the enterprise, his claim must be supported by the affidavit
of his partner or partners, or other stockholders, and by a near
neighbor.
stitution of collective bargaining, including the organization In case he is the sole owner of the business the
affidavits must be made by
of shop committees, is to be established solely under the di- two of his neighbors.
We give herewith the thirty-five questions which will
rection of the Examiner, and no independent action will be
permitted." Another paragraph reads: "The eight-hour govern in granting deferred classification on industrial
basic day provision, so far as compensation is concerned, is grounds:
Q. 1. Are you engaged in an industrial enterprise necessary
to be retroactive to the same dates as increased rates of pay." maintenance
(a) to the
of the military
t, or (b) to the effective operaThe dates were given as May 1, June 26 and July 1 1918. tion of the military forces, orestablishmen
(c) to the maintenance of national interest
Employers are ordered to pay retroactive compensation by during the emergency?
Q. 2. Do you claim deferred classification on the ground that
you are
Oct. 1.
so engaged?
The Examiner has sole power to hear charges of discriminaQ. 3. State the name under which the enterprise is
conducted and its
tion, to investigate and to reinstate the employee if the charges exact location (post office address).
Q. 4. When was the enterprise established?
are sustained. Another ruling reads: "All strikers who reQ. 5. What is produced or what service is
performed by the enterprise?
turned to work at the President's request have the option of
Q. 6. In what respect do you claim the enterprise is necessary (a)
to the
maintenance
of
the
military
establishment, or (b) to the effective operareinstatement in their old positions." Plans for the formation of the military forces, or (c) to the maintenance
of national interest
tion of the local Board of Mediation and Conciliation are also during the emergency?
outlined.
Q. 7. State (a) whether the enterprise is now engaged as contractor
or
THREATENED LABOR TROUBLES AT BETHLEHEM
STEEL WORKS AVERTED.
Threatened labor difficulties at the Bethlehem (Pa.) steel
works have been averted, according to Washington advices
on Sept. 14, by a promise from the company to obey an order from the War Labor Board to put into effect immediately the Board's award in the wage controversy. Eugene C. Grace, Chairman of the Bethlehem Steel Corporation, was directed to apply the award after a committee of
employees had presented a formal complaint that the corporation was delaying action. The dispatch referred to further said:

sub-contractor on work for the United States or a
cobelligerent. (b) If
so engaged, state which Government and the nature
and extent of such
work.
Q. 8. If so engaged as subcontractor, state name and address
of principal contractor.

Group B-Relation of Registrant to the Enterprise.
Q. 9. Aro you (a) an employee, (b) sole owner, (c) part
owner, as a
stockholder or as a partner?
Q. 10. What part of your working time do you give to this
enterprise?
Q. 11. If engaged in other work or business, describe it.
Q. 12. State your education, training, and experience for
the work you
are now doing.
Q. 13. When did your connection with the enterprise you
have described
begin?
Q. 14. Describe the specific work you perform.
Q. 15. How long have you been engaged in this particular
line of work?
Q. 16. What pay do you receive by the day, week, or
month?
Mr. Grace protested to the Board that application of the award would
Q. 17. State (a) whether you have charge or supervision of
other workcost the corporation $2,500,000 a month, and asked for provision for ad- ers; (b) If so, how many?
ditional compensation. The Board declined to pass any resolution on the
Q. 18. How many persons are employed in the entire plant
or other
subject, but individual members said they would not oppose efforts on division of the enterprise in which you work?
Q. 19. How many other persons in such plant or division are
the part of the corporation to obtain additional compensation from the War
engaged in
the same kind of work you do?
and Navy Departments on the Contracts already held.
Q. 20. Are any of your relatives engaged in the enterprise as
Mr. Grace agreed that he would formulate plans at once for a demoexecutives
cratic election among the workmen of committeemen to represent them or owners, (for example, as manager, superintendent,
treasurer, director,
in applying the award, and that these plans be submitted to the Board partner, sole owner, or controlling stockholder)?
Q. 21. If so, state the name, age, relationship to you, and
for its approval.
relation to the
enterprise of each of such persons.
The employees' committee returned to Bethlehem to-day.
Q. 22. State the reasons why you cannot be easily rep aced
by another
person.

REGISTRATION

UNDER NEW DRAFT ABOUT AS
ESTIMATED.
While complete figures have not been announced as yet
of the number registered under the new draft law on Sept.
12, enough returns are in to indicate that the total registration will not vary widely from the estimatesiprepared by




Group C-To Be Answered Only by a Registrant Who
Is the Sole Owner, a
Stockholder, or a Partner in the Above-Described
Enterprise.
Q. 23. State whether the business is conducted as a
corporation, jointstock company, or partnership.
Q. 24. When did you acquire your interest in the enterprise?
Q. 25. Did you originate or assist in orginating the
enterprise?
Q. 26. How many persons are employed in the business?
Q. 27. What is the total capital invested in it?

SEPT. 28 1918.]

THE CHRONICLE

Q. 28. What is the amount of your present investment therein?
Q 29. What were the net earnings of the business for the last twelve
months?
Q. 30. Did you acquire your interest from a relative or relatives?
Q. 31. If so, state the name, age, relationship to you, residence, and
present occupation of each of such persons.
Q. 32. State the name, age, residence, relationship to you, and occupation of each of your partners; or if not in partnership, give such information as to each of your relatives who is a stockholder.
Q. 33. If you have any relatives not already mentioned who have heretofore been engaged in this enterprise in any capacity, state tne name, age
residence, relationship to you, and present occupation of each of such persons and the nature of the interest that they had in the business.
Q. 34. If you claim that none of the relatives or other persons mentioned ih your replies to the foregoing questions can take your place during
your absence, state the reasons.
Q. 35. State any other facts which you consider necessary to present
fairly the industrial enterprise you have described, or your connection
with it, as a ground for deferred classification.

GOVERNOR EDGE'S PROCLAMATION WARNING RENT
PROFITEERS IN NEW JERSEY.
A proclamation warning landlords who are guilty of rent
profiteering to "desist from the practice lest they make
necessary extraordinary measures which would impose'a
hardship upon the innocent as well as the guilty," was issued
by Governor Edge of New Jersey on Sept. 24. We give
the proclamation herewith:

Evidence accumulates that rent profiteering exists in New Jersey
From various parts of the State complaints come from tenants who clairn
that rents have been exorbitant. No protest is made against reasonable
increases justified by circumstances, but there exists ample provication
for indignation among lessees whore rents have been raised as much as 50%
or 100% to meet increases of 4 or 5% in taxes, and in those cases landlords
have given the excuse of increasing because of cost of repairs, when no
repairs of any description have been made.
In normal times this is a problem which might properly be left to the
civil courts, and undoubtedly would be solved evidently on the basis of
supply and demand. But these are not normal times. The country is
engaged in a war, and the population of certain sections of our State,
particularly where the war industries flourish, has increased suddenly and
out of proportion to available housing accommodations. Overcrowding
and a demand for accommodations out of all proportion to the supply does
not justify profiteering on the part of landlords. Where profiteering is
practiced the result has been an undermining of our war spirit at home and
a weakening of the morale of the American people.
It is such a situation calling for assistance on the part of New Jersey
to the Federal Government in the war, as is contemplaced by Chapter 126
of the Laws of 1917, which authorizes the Governor of this State to render
assistance to the Federal Government in the present crisis, and to that end
to organize and employ any and all resources within the State, whether of
men, properties or instrumentalities and to exercise any and all power
convenient or necessary in his judgment to render such assistance.
Therefore, I, Walter E. Edge, Governor of the State of New Jersey, do
hereby issue this, my proclamation, warning landlords who are guilty of
rent profiteering to desist from the practice lest they make necessary
extraordinary measures which would unavoidably impose a hardship upon
the innocent as well as the guilty. In the matters of food and fuel, the
Federal Government has found it necessary to create the offices of administrators and to proscribe certain regulations necessary to secure equitable
distribution and conservation of the food and fuel supply, and at the same
time prevent unlawful manipulation of these necessaries by unscrupulous
persons taking advantage of tho war crisis. It may be that such treatment
of the housing question will be necessary if the war time imposition upon
war tenants is persisted in. New Jersey will not hesitate to take the
initiative, and also to call upon the powers of the Federal Government foe
assistance, If the conditions warrant.

SENATE TO INVESTIGATE BREWER'S RELATIONS TO
PRESS AND POLITICS—BRISBANE CASE
PRECIPITATES WIDE INQUIRY.
Following the revelation by A. Mitchell Palmer, Alien
Property Custodian, that a group of wealthy GermanAmerican brewers had supplied Arthur Brisbane, for years
the chief editor of the Hearst newspapers, with the money
used by Mr. Brisbane in purchasing the "Washington
Times," the whole subject of the relation of the brewing
interests to the press and to politics is to be investigated
by the Senate Judiciary Committee. Incidentally, further
revelations are promised in regard to the efforts of German
propagandists to gain control, of American newspapers.
Mr. Palmer's revelations were made in the course of a speech
delivered before the Pennsylvania State Democratic Committee at Harrisburg on Sept. 14, in the course of which he
declared that he had gathered proof that German brewers
in the United States, in association with the United States
Brewers' Association, furnished several hundred thousand
dollars to buy a newspaper in one of the chief cities of the
nation, which Mr. Palmer declared was fighting the battle
of the liquor traffic "under the shadow of the dome of the
Capitol." The Washington "Herald," published by C. T.
Brainerd, called upon Mr. Palmer editorially to give the
name of the paper to which he referred. Brisbane, who
had purchased the Washington "Times" about a year previously from Frank A. Munsoy, thereupon admitted . in a
signed editorial, that the "Times" was the paper referred
to, and that he had borrowed $375,000 to make the purchase
through a loan arranged for him by C. W. Feigenspan of
Newark, N. J., a brewer, and President of the Federal Trust




1257

Co. of Newark. Subsequently Francis P. Garvan, New
York representative of the Alien Property Custodian, made
public photographic copies of checks, letters and promissory
notes revealing in detail the source of the funds supplied
to Mr. Brisbane. Brisbane's editorial statement was as
follows:
Mr. C. T. Brainard manages Harper & Brothers for.J. Pierpont Morgan,
the owner.
He manages and edits the Washington "Herald" with a brilliancy and
success punctuated during the last year and a half by unsuccessful efforts to
sell the paper to me.
Mr. Brainard's Washington "Herald" expresses interest in the ownership of the Washington "Times" and wants to know if it is owned by the
brewers.
Mr. Brainard will not resent the statement that a question coming from
him would ordinarily deserve little attention. But his questions may interest others. Here are the facts:
The Washington "Times" is 100% my property.
It was purchased from Frank A. Munsey for $500,000, of which sum—as
has been previously.stated in this column—$250,000 is still due Mr. Munsey,
and he holds in his possession the entire stock of the Washington "Times"
as security for the payment of the balance of purchase money due him.
To buy the "Times" and put a losing property on a paying basis, I required approximately half a million dollars.
Mr. O. W. Feigenspan, President of the Federal Trust Company of
Newark, N. J., is a friend of mine and a brewer. As every newspaper
editor in the country knows, I have for more than twenty years advocated
as a temperance measure the suppression of whisky traffic and the encouragement of light wine and light beer.
At my request Mr. Feigenspan agreed that he would arrange for me a
loan of $500,000. It turned out that I required a less amount; $375,000
was sufficient for the expenses involved in putting the Washington "Times"
on a paying basis.
This amount I borrowed from Mr. Feigenspan between June, 1917, and
November, 1917, And the money, in due course, will be repaid with interest.
If I have any further reply to make to Mr. Brainard, I will make it to
Mr. Morgan, who owns Mr. Brainard, or to Mr. H.P. Davison, who manages Mr. Morgan.

On Sept. 19 J. P. Morgan took cognizance of Brisbane's
reference to him in the editorial quoted above in a caustic,
telegram sent to the editor of the Washington "Herald,"
and published in -that paper on the 20th. • In his telegram
Mr. Morgan sarcastically authorized Mr. Brainard to receive in his behalf any answers Brisbane might wish to give,
and, Mr. Davison being absent on Red Cross work in Europe, extended like authorization in his name. Mr. Morgan's telegram was as follows:
C. 7'. Brainard, "The Washington Herald," Washington, D. C..
I notice Mr. Brisbane's statement that he will make further answers
either to "Mr. Morgan, who owns Mr. Brainard, or to Mr. Davison, who
manages Mr. Morgan."
I regret that I do not own you, as I should think you would be an excellent property, but in order to prevent any embarrassment on the part of
Mr. Brisbane, I hereby specifically empower you to receive for me any answers he may wish to give me. '
Mr. Davison having, at the request of the President, given up his job
of managing me, in order to manage the American Red Cross, which he
seems to be doing to the satifsaction of every one, is at the moment abroad
but have power to act for him; under that power I hereby authorize you
to receive any communication from Mr. Brisbane for him also.
J. P. MORGAN.

From information given out by the Alien Property Custodian, it appears that the money turned over to Brisbane
by Feigenspan was made up of a number of contributions
from individual brewers collected by Feigenspan and paid
over through checks drawn on the Federal Trust Co. of Newark, of which the latter was President, the checks being
drawn in such a manner as to conceal the real source of the
money. A statement furnished to the Alien Property Custodian by Mr. Feipenspan says that the money was loaned
without interest,and with the understanding that it was to
be repaid in installments within five years, but only out of
surplus profits not needed for the conduct of the business.
The amount of the loan was fixed at $500,000, but all this
sum not being needed, was subsequently reduced to $375,000.
Feigenspan's statement further says that the only security
for the loan was a note of the Growing Circulation Co. (a
concern organized and owned by Brisbane)for $300,000, and
a memorandum signed by Brisbane. The latter, however,
asserts that the loan without interest was refused by him,
and that the entire loan will be repaid with interest.
Among the documents made public by the Alien Property
Custodian in connection with the transaction, but which
seems to have no direct connection with the transfer of the
"Times" to Brisbane, was a letter from Alexander Konta of
New York, head of the Hungarian Loyalty League, to Dr.
Dernburg, the German propagandist who was expelled from
this country for his activities before the United States entered the war. This letter was in the nature of a confidential report to Dr. Dernburg on the situation, financial and
otherwise, of the New York press. It was prepared by
Konta to enlighten Dernburg at a time when the German
propagandists were laying their plans to buy a chain of newspapers to influence public opinion here in favor of Germany.
and came to light through the discovery among the effects
of Capt. Hans Tauscher, husband of Mme. Gadski, who was

125S

THE CHRONICLE

arrested in connection with the second attempt to blow up
the Welland Canal, of a communication from Konta to
Tauscher, asking the latter's aid in recovering the letters.
Mr. Konta,'s letter to Dernburg was written in 1915 and he
claims to have put it voluntarily at the disposal of the authorities. It is as follows:

[VOL. 107.

Prohibition is seriously occupying the minds of the brewers and distillers of this country. It is not a question of temperance, which they
advocate, but the actual prohibition by law of the sale of beers, wines and
liquors. A paper that would not be hostile to the personal liberty to the
citizen who drinks in moderation what he pleased, could count upon the
powerful support of the brewers and distillers, who command almost illimitable capital, and what is more, means of g:ving the paper in questlen a
circulation large enough to attract advertisers.
Add to this a discreet appeal to every German society in the country
for support by its members and we could easily count upon a national daily
circulation of 500,000 copies. This to be sure would be a circulation among
Germans and German Americans, whereas what is wanted is native American readers, but if this German circulation is built up discreetly as I suggest, the man in the street will only be impressed by numbers.
A large circulation widely advertised would impress the native American
and lead him to take the paper. And meanwhile a deficit would be changed
into a profit to be used for further propaganda. The Interests to which
I refer have repeatedly consulted me on this very subject, of a newspaper
not hostile to their industry, and I know they would be more than ready
to give their support to the plan now in hand.
This is a general survey of the field. Financially the moment is favorable to the plan under discussion. The newspapers have suffered heavily
from the war, and for some of them the load is beginning to be too heavy.
Politically the transaction would have to be handled with the utmost
delicacy. No suspicion of the influences behind it should be allowed to
roach the public. And the newspaper world is like a sounding board.
I
.shall be delighted to keep myself at your Excellency's disposal in case
you should desire further facts.

March 31 1915.
Dr. Bernhard Dernburg, Ritz-Carlton Hotel, New York City.
Your Excellency—In re the purchase and publication of a daily newspaper
in this country in the interests of Germany and the German Government,
I beg leave to submit to your Excellency the following report, in pursuance
of our recent conversation:
The expense of the war news service, combined with a considerable decrease in advertising, owing to business depression, have seriously affected
the financial status of several newspapers in this city, already made sufficiently precarious by the excessive competition of the last fifteen years or
so. With the standard price or the American newspapers down to one
penny they have shown a serious loss on each copy sold, which has had
to be met entirely out of advertising profits.
The consequence has been, and this state of affairs continues, that most
of the daily papers in New York have been published at an annual loss,
which has had to be met by constant loans in Wall Street, which, as a rule,
Is content to take its profits Indirectly, in abstention from hostility to
its doing if not in positive support of them.
In the field of the evening newspapers conditions are better. In fact
the morning papers publishing also evening editions look to the latter to
cover their losses and show a profit. Thus it is the "Evening Journal"
To this letter Konta, claims he received no reply from
that earns much money, whereas the New York "American" is run at a
lass. The morning "World" comes out about even, according to common Dernburg and nothing further was done in the matter.
report, but the "Evening World" prospers. The morning "Sun" has been
Konta also justifies what he characterizes as "my unfora heavy loser for many years. Under its new management it has spent
money so recklessly that it Is seriously embarrassed. But "The Evening tunate letter to Dernburg" by saying that at the time
Sun" is an increasingly sound business proposition.
there seemed to be no chance of the United States becoming
What is true of the morning papers that issues no evening editions is also
true of the independent evening papers; that is,those that have no connec- involved in the wax. Subsequently two additional letters
tion with a morning paper. The "Globe" has cost its proprietors consider- from .Mr. Konta to Dr. Dernburg, written in 1915, were
ably,
more than $1,000,000 already. The "Evening Mail" has borrowed so made public, tending to show close relations with the official
much money that it can never show a real profit. The "Evening Post"is in
debt for its straits. This paper, undoubtedly the ablest newspaper in German propagandist. Konta, however, protests his abAmerica and probably also in the English speaking world, is published at solute loyalty to this country and points out that for the
three cents. Yet the cost of its excellence is so great and its circulation so past eight months he has been in the service
of the Governsmall (19,000 copies daily) that it simply cannot make both ends meet.
Leaving out of the reckoning the "Herald" with its "Evening Telegram," ment as a "dollar-a-year" man, working through the Hunand the "Tribune," which is part of one of the great fortunes of America and garian Loyalty League in favor of the Liberty Loan and
which is the hobby orthe young and energetic son of its chief owner, Mrs.
kindred movements.
Whitelaw Reid; the "Times," which prospers, and the "World," which,
Mr. Feigenspan also entered a general denial in behalf of
like the "Tribune," is part of an enormously rich estate, we have in the
morning field "The Sun," the "Press," the "Morning Telegraph and the himself and his business associates of improper activities. In a
New York "Commercial."
letter to Senator King of Utah, Mr. Feigenspan admitted
Whether '"rhe Sun" is actually for sale I have carefully refrained from
inquiring into before the time for action is right. Certain it is that Mr. that the brewing industry, "in common with every other
Reick made a despairing pligrimate to Europe last summer in the wake of a industry affected by local, State or national legislation"
rich America in search of $1,000,000, which he failed to get.
The drawback of "The Sun" is that it is not a member of the Associated has been represented at the various legislative centres "by
Press, and consequently must rely for its news upon its own news service, gentlemen, usually lawyers of recognized ability and unthe so-called Laffan service. This paper, I need not say, has an excep- questioned integrity," whose business it is to checkmate the.
tionally high reputation for its foreign news.
The "Press" changed hands less than a year ago, and its old owner was activities of the prohibitionists. But the brewers, he deso delighted to get it off his hands that he made his Managing Editor a clares, have only been able to spend pennies in the furtherpresent of $10,000 out of the purchase price. Whether the new ownership ance of their cause, whereas the organized prohibition
forces
has grown tired of its bargain yet remains to be seen.
The "Morning Telegraph" can be bought at any moment. This is a have spent "dollars." Mr. Feigenspan expressed keen
five-cent paper, which has endeavored to be a sort of New York "Gaulois." resentment of insinuations of disloyalty. With the knowlIt has no standing as an authority on foreign affairs; in fact, its field is
edge that his business was about to be destroyed, he says,
local and confined chiefly to the gay life of the town, sports, &c. It would
he and other members of his family purchased Liberty bonds
have to be remodeled from beginning to end.
The New York "Commercial" is a mere skeleton of a newspaper, which and made donations to the Y. M. C. A., the Knights of
has tried for years to compete with the "Commercial Advertiser," It has
Columbus and other war activities to the extent of $772,880.
no Associated Press service and has already lost $1,000,000. In 1907 the
owners were on the point of stopping its publication altogether. I mention "I am well within the draft age," he added,"and am waiting
it only as a last resort.
an opportunity to answer my country's call anywhere and
In the evening field we have, as already said, the "Evening Post," the
at any time. I have a son and a brother who volunteered
"Evening Mail" and the "Globe."
The first of these would give its new management at once an influence immediately when war was declared. The latter is now on
that can hardly be computed. Notwithstanding its small circulation it the firing line in France, which is one of the proudest cirreaches all parts of the country, the editors of the provincial press accepting
it as an unimpeachable authority and following its lead. A change from cumstances in the history of our family."
3 cents to 1 cent per copy would be necessary and a heavy loss would have
On Sept. 19 the Senate adopted a resolution offered by
to be looked for at first.
Senator Jones of New Mexico, ordering an inquiry by the
The price quoted for the "Evening Mall" by its Editor, who controls
the stock, is $1,000,000. Whether control of the "Globe" can be had at all Judiciary Committee or a sub-committee into the facts
is a matter for cautious inquiry. Of course an evening paper can be turned revealed by the Alien Property Custodian. The investigainto a morning paper if preferred. Certain it is that, generally speaking, tion called
for, however, goes far beyond the incident afand with the exception of the "Evening Post," the morning press has far
more influence on political opinion in this country than the evening papers, fecting Brisbane's paper, and will probably result in a searchwhich are held to be more read by women. Hence their superiority in the ing inquiry into the use of money by the so-called "liquor
advertising field.
interests" to influence public opinion and" legislation as
In all this I have assumed that the purpose is to buy a paper already existing, and not to found a new one. The chief advantages of this, aside affecting their business, and the relations of the wealthy
from the invaluable Associated Press franchise, which inheres in the paper, German-American brewers in particular to German propahowever often it changes hands—the chief advantage of the purchase of a
ganda in this country. As sunmmarized in Associated
paper already in existence, however precarious its state, must be obvious.
There is a name already familiar; there is an organization in working order, Press dispatches from Washington, the resolution sets
easily remodelled; there Is a complete plant—all advantages to be had forth that it has been publicly charged against the United
for much less than It would cost to found a now paper, organize its own news
service, finds its editorial and business staff, establish connection with States Brewers' Association that there is evidence in the
Department of Justice that the brewers have made conadvertisers, newsdealers, &c.
It is perhaps little to the purpose now to reflect upon what might have tributions to campaign funds in violations of laws "on a scale
been done twenty years ago. One -6f the most sensible schemes then proposed was the purchase of tile "Staats-Zeitung" and its conversion into an without precedent in the political history of the country."
American paper. The stock of this paper is rapidly changing hands just Mr. Palmer, the Department of Justice and United States
now, but who or what is behind this I have been unable to find out. The District Attorneys are called upon in the resolution to suppresent editor declares that he still has the controlling interest safely in his
hands. Whether the paper would be able to retain the circulation it has ply what documents they may have to support the charges.
regained since the beginning of the war is open to serious doubt. It might Other charges in the resolution include allegations that in
be well to bear the "Staats-Zeitung" in mind for future consideration.
order to control State and Federal legislation the brewers
Some ten years ago there was much talk of the purchase of the "Tribune."
have exacted pledges from candidates, "including RepreThis is now out of the question.
In ordinary circumstances a loss of from $250.000 to $500,000 per year sentatives and United States Senators," such pledges being
would have to be provided for, but I believe that, owing to my connections
on file; that to influence public opinion, the brewing interests
with certain interests in this country, this could be greatly reduced, if not
wiped out altogether from the very first, by a plan which has for a long have subsidized the press, stipulating in advertising contime turned my attention to newspaper management. is
tracts that a certain amount of space be given in editorials,
ihca,




SEPT. 28 1918.]

THE CHRONICLE

The Standard Bank of Canada (head office Toronto) has
declared a dividend for the current quarter ending Oct. 31
1918 at 33 %,being at the rate of 13% per annum upon the
paid-up stock of the bank, and which will be payable on
and after Nov. 1 1918, to shareholders of record as of Oct.
19 1918.
The National Bank of South Africa has cabled from the
head office to R. E. Saunders, New York Agent that the
bank has opened a branch at Broken Hill, northern Rhodesia.

1261

The Shanghai exchange has been dealt in at 5s. 3d., a rate actually 6d.
above the parity of the American price of silver.
The export of silver, except under license, has been prohibited by the
Canadian Government.
INDIAN CURRENCY RETURNS.
(In lacs of rupees)Aug. 7. Aug. 15. Aug. 22.
Notes in circulation
130,09
127.96
124,34
Reserve in silver coin and bullion
22,85
24,29
20,57
(within and without India)
Gold coin and bullion in India
20.12
20,10
20,14
Gold coin and bullion out of India
12
12
12
The stock in Shanghai on the 24th inst. consisted of about 26,700,000
ounces in sycee and 14.300.000 dollars, as compared with about 26,600,000
ounces in sycee and 14,400,000 dollars on Aug. 17 1918.
Quotations for bar silver per ounce standard:
cash_49%d Aug. 29
cash _49M d.
Aug. 23
49%d Average
49.5
Aug. 24
M d. Bank rate
5%
Aug. 2649
49%d. Bar gold per oz. standard_ _77s. Pd.
Aug. 27
49%d. iletiolapAug. 28
me-jogatierw
fixed for oriard
0
The quotation to-day is the same as that fixed a week ago.

The amalgamation of the National Provincial Bank of
England and the Union of London & Smiths Bank, Ltd.,
which has recently been consummated, makes interesting
some reference to the history of these two important institutions. The National Provincial Bank of England was a
pioneer bank, as it is the oldest joiq stock bank now in the
London Clearing House. Although it entered the Clearing
We have also received this week the circular written under
House at a somewhat later date, the bank was established date of Sept. 5 1918:
GOLD.
in 1833. Unlike the other London banks, the National
The Bank of England gold reserve against its note issue shows an in-.
Provincial Bank, as its name implies,- made the provinces crease
of £373,935, as compared with last week's return.
the centre of activity and gradually established branches
The West African gold output for July 1918 amounted to £117,581, as
1917 and £120,273 for June 1918.
in most of the leading towns in England and Wales. It compared with £142,017 for July
The "Times" correspondent cabled from Bombay on Aug. 24 1918 to the
attained its present magnitude not through amalgamations following
effect:
for it absorbed only a few banks of moderate size, and its
"The Government have issued a Rule under the Defense Act prohibiting
of the sovereign
growth is entirely due to natural development and careful dealings in current coins at a premium. The face value
for the purposes of the Rule is deemed Rs. 15. The Government states
selection of localities. The figures for the last 25 years that, with the object of assisting the currency position, they have been
showed continued progress. In 1893 the deposits amounted issuing sovereigns and mohurs for the purchase of wheat, but this object
has been frustrated by the withholding of coins from circulation in the
to £41,800,000, ten years later to upwards of £50,000,000, expectation
of speculative profit. (The Bombay Mint began the coinage
and
at
£67,800,000
the
end
of
1917 to £112,600,- of sovereigns on Aug. 16.)"
in 1913 to
SiLVER.
000, while the branches had increased from 166 to 459.
During the week no change has taken place, either in the tone of the
The Union of London Bank, with the important under- market
or in the price, which remains at 49%d:
takings which have been incorporated with it, such as Smith,
The Shanghai exchange is officially quoted as 5s.
The last three Indian Currency Returns give details in lacs of rupees
Payne & Smiths, and Prescott's, is widely known. The
Union of London was established in 1839,being one of some as follows:
Aug. 15. Aug. 22. Aug. 31.
In Lacs of Rupees24 banks which were founded in the British Isles during the Notes in circulation
130,09
131,41
127,96
twenties and thirties of last century. No amalgamation Reserve in silver coin and bullion
24,96
22,85
24,29
(within
and
without
India).
the
Union
by
importance
Bank
took place until 1900 to
of
20,10
20,33
20,12
Gold coin and bullion in India
1903, when 22 important businesses were taken over. Dur- Gold coin and bullion out of India
12
12
12
ing the last 25 years great progress was made. The deposits
The stock in Shanghai on Aug. 31 1918 consisted of about 26,270,0"0
£12,700,000
compared
with
about
at
dollars,
as
26,700,000
the
ounces
in
sycee
and
end of 1893, had in 1903
14,000,000
which were
in sycee and 14,300,000 dollars on Aug. 24 1918.
Increased to £34,000,000, the increase being in a great ounces
Statistics for the month of August are appended:
measure due to the amalgamations with the various Smiths Highest price for cash
493.d.
48 13-16d.
banks, Prescotts banks, the London & Yorkshire Bank and Lowest price for cash
49.077d.
Average
the Kentish Bank, but ten years later, without any further
Quotations for bar silver per ounce standard:
purchases of banks, the deposits had risen to £41,000,0 0 Aug 30
cash_49 Md.
cash_49%d. Sept. 5
49.5d.
4934d. Average
Aug 31
and at the end of 1917 to £62,818,000, and the number of Sept.
5%
49%d. Bank rate
2
49%d. Bar gold per oz. standard....77s. 9d.
Sept. 3
branches had increased to 227.
49%d.
Sept. 4
the
two
of
banks
amalgamation
under
the
title
of the
The
• No quotation fixed for forward delivery.
National Provincial & Union Bank of England Limited was
The quotation to-day for cash delivery is the same as that fixed a week
consummated in March last, and the bank has now an au- ago.
thorized capital of £36,000,000, a subscribed capital of
ENGLISH FINANCIAL MARKETS-PER CABLE.
£28,284,420, paid-up capital £5,476,884, uncalled and
reserve liability £22,807,536, and a reserve fund (invested
The daily closing quotations for securities, &c., at London,
in English Government securities) of £4,000,000. The as reported by cable, have been as follows the past week:
deposits have reached a total of £175,876,000 and the
London,
Sept. 21. Sept. 23. Sept. 24. Sept. 25. Sept. 26. Sept. 27.
Wed. Thurs. Fri.
Sat.
Mon. Tues.
1Veek ending Sept. 27branches in the United Kingdom number over 700.
49%
49%
d 49%
493
Silver, per oz
4934
4934
_
Holiday 58(
58X
5834
Consols, 234 per cents
5834
5834
Holiday
cents
per
British,
5
9534
9534
95'A
9534
9534
THE ENGLISH GOLD AND SILVER MARKETS.
British, 414 per cents
Holidayl0034
10034
10034
10034
10034
Wo reprint the following from the weekly circular of French Rentes (in Paris). fr_ ____ 63.25 63 . 63
62.75
Samuel Montagu & Co. of London, written under date of French War Loan(in Paris) fr ____ 88.20 88.20 88.25 88.25 _ _ _ _
The price of silver in New York on the same day has been:
August 29 1918:

GOLD.
The Bank of England gold reserve against its note issue shows an increase
of £868,285, as compared with last week's return.
The rupee, hitherto only coined in silver, has acquired a definite gold
status, now that a gold mohur, bearing an inscribed designation of 15
rupees, is minted in India. The gold contents of a rupee may, therefore
be taken as 7.53344 fine grains.
In connection with the Spanish gold currency scheme, it is proposed
that foreign gold coins should circulate provisionally after being stamped
with their Spanish equivalents. This method of providing temporary
currency has not been practised for many years past in Spain or any other
con ntry.
The High Commissioner for Canada states that since the outbreak of the
war gold and bullion to the value of 1,300,000,000 dollars have been received at Ottawa by the Dominion Department of finance acting as trustee
for the British Government and of the Bank of England. The heavy
demand on the gold refinery at the Government Mint necessitated the
construction of a second plant with a monthly output of 1,000,000 ounces
of fine gold. Through this extension the Mint has now the largest capacity
of any gold refinery in the world.
CURRENCY.
An Order-in-Council has been issued prohibiting the exportation of
French and United States notes except to the countries of origin.
SILVER.
No fresh developments have taken place in the market here, and the
price has not moved.
The exchanges in China, which is now unable to secure remittances of
silver (owing, it is said, to the refusal of the U. S. authorities to grant
licenses) are exceedingly firm.




Silver in N. Y., per oz.. _cts_101X

10134

10134

10134

10134

10134

Commercial andMiscellantonsnews
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS FOR CHARTER.
Capital.
For Organization of National Banks:
$25,000
The Puente National Bank, Puente, Cal
25,000
The First National Bank of Woodworth, N.Dak
To succeed the First State Bank.
100.000
The Princeton National Bank,Princeton, W.Va
To succeed the Princeton Banking Co.
$150,000
Total
CHANGE OF TITLE APPROVED.
The Citizens' National Bank of Pella, Iowa, to "The Farmers' National
Bank of Pella."
INCREASES OF CAPITAL APPROVED.
The First National Bank of Coalgate, Okla. Capital increased
$50,000
from 850,000 to $100,000. Amount
The First National Bank of Quitman. Ga. Capital increased from
$100,000 to $150,000. Amount
50,000
The First National Bank of Bristol, Tenn. Capital increased from
$100,000 to $150,000. Amount
'50.000
The First National Bank of Wilmington, Cal. Capital increased
from $25,000 to $50,000. Amount
25,000
The Commercial National Bank of Fond du Lac, Wis. Capital
increased from. 125,000 to $250,000. Amount
$125,000
Total

$300,000

THE CHRONICLE

1262

CHARTERS ISSUED.
r • nal organizations:
Aloe First National Bank of Chagrin Falls, Ohio
$25,000
The First National Bank of Arcadia, Cal
25,000
The First National Bank of Ephrata, Washington
25,000
The First National Bank of Mapleton (P. 0. Mapleton Depot,
Pa.)
25,000
The National Bank of Andes, N. Y
25,000
The American National Bank of Idabel, Okla
30,000
Succeeds the Idabel State Bank,Idabel, Okla.
Total _
$155,000
For conversion of State banks:
The First National Bank of Garden Grove, Cal
25,000
Conversion of the Bank of Garden Grove, Cal.
The First National Bank of Roland,Iowa
30,000
Conversion of the Roland Savings Bank, Roland, Iowa.
The First National Bank of Walden, Colo
25;000
Conversion of the Stock Growers' Bank, Walden, Colo.
The First National Bank of Knapp, Wisconsin
25,000
Conversion of the State Bank of Knapp, Wisc.
Total
$105,000

Breadstuffs figures brought from page 1302.-The
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts al-

Flour.

Total wk. '1:
Same wk. '1
Same wk. '1,

WM

Corn.

Oats.

Barley.

Rye.

pb1s.198l8s.bush. 60 lbs.bush 56 lbs. bush 32 lbs. bush.48lbs. hush.56lbs.
112,030
248,000 4,158,000 2,803,000 2,498,000 310,000
220,000 1,196,000 999,000 636,000
3,822,000
5,472,00
3,
253,001
125,000 340,030
956,001
285,001
8,001
959,000
139,00
64,000
159,0
145,00
198,00
63,000
152,0
126,001
20,001
197,0001
66,000
324,000
75,000
4,000
18,000
55,000 1,388,0001
446,000
765,000
16,000
811,000
188,000
38,001
78,001
40,000
8,000
1,197,0001
355,000
436,000
1 301 000
399,000
957.000i"

Chicago
Minneapolis
Duluth
Milwaukee _ _
Toledo
Detroit
Cleveland __
St. Louis_ _ _ _
Peoria
Kansas City_
Omaha

Since Aug.1
1918
1917

Wheat.

409,001 18,412,000 6,450,000
362,1 I 6,233,0001 2,214,000
359,000 10,669,000 4,384,000

7,339,000 1,850,000 1,177,000
8,500,000 3,866,000 1,164,000
6,450,000 3,368,001
814,000

2,570,000 l44,211,00c 35,059,000 73,336,000 8,871,000 4,488,000
2,204,000 38,804,00f 18,994,000 61,926,00016,034,000 4,676,000
noeS 90 AAR non RA win non in sts9 non A 04S non

2 OSA AAA 01 9522

Total receipts of flour and grain at the seaboard ports for
the week ended Sept. 21 1918 follow:
Receipts at-

Flour.

Corn.

Oats.

Barley.

Rye.

Barrels.
104,000
25,000
31,000

Bushels.
Bushels.
Bushels.
Bushels. Bushels.
3,111
966,000
172,000
6,000
878,000
6,000
128,000
3,000
1,000
588,000
21,001
107,000
4,000
350,000
78,11)
132,000
20,001
47,000
13,000
400,000 1,841,000
6,000
50,000
215,000
87,000
6,000

New York _ _ _
Philadelphia_
Baltimore ___
Norfolk
New Orleans
Montreal__ _ _
Boston
Total wk. '1
Since Jan.1'1

Wheat. I

301,000 3,179,000 1,891,001
897,001 .
1,000
54,000
2,330,000 41,926,000 18,024,001 75,550,000 7,942,001 3,266,000

Week 1917.. _ _
542,000 1,787,0001
SinceJan.1'17 5_043.
155_090 ono

176.001 3,167.000 108,001
404,000
nnn 100 002 nnn 14. 011 non 7 Sin win

44 sno

* Receipts do not include grain passing through New Orleans for foreign ports
-on through bills of lading.

The exports from the several seaboard ports for the week
,ending Sept. 21 1918 are shown in the annexed statement:
Exports front
New York
Boston
Baltimore
Newport News_
Total week
Week 1917

Wheal.

Corn.

Flour.

I Rye.

Oats.

The destination of these exports for the week and since
July 1 1918 is as below:
Flour.
Reports for Week,
and Since
Week
Since
July 1 to'Sept. 21 July 1

Wheat.
Week
Sept. 21

i BaireLs. Barrels.
Bushels.
United Kingdom_! 28,051
223,367 1,419,352
Continent
1 1,392
633,482 4,365,979
'So. da Cent. Amer..1
6,942
,
West Indies
35,102
Brit.No.Am.Cols.
-Other Countries_ _1
13,628
Total
'Total 1917

Corn.

Since
July 1

Week
Sept. 21

Since
July 1

Bushels. Bushels. Bushels.
4,590,496
22,758 1,142,120
7,492,803
542,130
1,220
13,510
2,040

29,443
912,501 2,785,130 12,083,299
21,313 1,434,627
626,441 19,994,677

The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:

22,758 1,701,020
26,000 5,241,356

Corn.

Wheat.
United
Kingdom. Continent.

Total.

I United
I Kingdona. Continent.

Bushels. Bushels. Bushels. Bushels.
Sept. 21 1918_ Not avail able
Sept. 14 1918_ Not avail able
Sept. 22 1917.. Not avail able
Sept. 23 1916_
42,112,000

Total.
Bushels.

Bushels.

19,678,000

The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Sept. 21 1918 was as follows:
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Buffalo
Toledo
Detroit
Chicago
"
afloat
Milwaukee
Duluth
Minneapolis
St. Louis
Kansas City,
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River

GRAIN STOCKS.
Corn.
Oats.
Rye.
Wheat.
bush,
bush,
bush.
bush.
114,000
587,000
14,000
1,861,000
10,000
43,000 110,000
901,000
2,620,000
26,000
439,000
42,000
4,015,000
64,000
372,000
61,000
225,000
435.000
.5.00315.000
110,000
816,000
3,368,000
3,000
19,000
3,631,000
248,000 1,201,000
1,333,000
45,000 1,630,000
88,000
48,000
299,000
25,000
24,000
16,096,000 2,428,000 10,316,000 1,207,000
103,000
667,000
87,000 1,036,000
22,000
1.161,000
8,520,000
9,000
278.000 136,000
10,000 2,482,000 924,000
5,978,000
202,000
35,000
3,413,000
65,000
617,000 2,978,000
32,000
12,837,000
808,000
29,000
197,000
55,000
322,000
559,000
118,000
12,000
4,508,000
509,000 1,352,000
100,000
2,617,000
361,000

Barley.
bush.
31,000
42,000

21.000
127,000
673,000
435,000
134,000
943,000

78,000

Total Sept. 21 1918
79,008,000 5,149,000 26,059,000 2,882,000 2,484,000
Total Sept. 14 1918
67,464,000 5.181,000 24,075,000 2,145,000 2,030,000
Total Sept. 22 1917
6,856.000 1,805,000 12,657,000 1,939,000 5,189,000
Total Sept. 23 1916
56,672,000 4,483,000 36,533,000 1,117,000 2,397,000
* Estimated some as last week.
Note.-Bondel grain not included above: Oats, nil, against 342,000 bushels in
1917; and barley, Duluth, 5,000 bushels; total, 5,000, against 218,000 in 1917.
Canadian853,000
123,000 3,433,000
1,801,000
Montreal
1,937,000
Ft. William & Pt. Arthur__ 303,000
758,000
142,000
Other Canadian
Total Sept. 21 1918
Total Sept. 14 1918
Total Sept. 22 1917
Total Sept. 23 1916
SummaryAmerican
Canadian
Total Sept. 21 1918
Total Sept. 14 1918
Total Sept. 22 1917
Total Sept. 23 1916

2,246,000
2,586,000
5,081,000
11,134,000

123,000
376,000
26,000
656,000

6,128,000
6,572,000
4,443,000
12,079,000

2,000
8,000

353,000
376,000
4,000
300,000

79.008,000 5,149,000 26,059,000 2,882,000 2,484,000
353,000
2,246,000
123.000 6,128,000
81,254,000
70,050,000
11,940,000
67.806,000

5,272,000
5,557,000
1,831,000
5,139,000

32,187,000
30,647,000
17,100,000
48,612,000

2,882,000
2,145,000
1,741,000
1,125.000

2,837,000
2,406,000
5,193,000
2.697,000

Canadian Bank Clearings.-The clearings for the week
ending Sept. 19 at Canadian cities, in comparison with the
same week in 1917, show an increase in the aggregate of
12.00%.
Week ending September 19.
Cleartn s at1918.

Barley, Peas.

Bushels. Bushels. Barrels. Bushels. Bushels. Bushels. Bushels.
244,661
22,758 29,443 404,807
44,640 91,737
68,000
272,469
350,0001
2,785,130
22,758 29,443 754,8071
44,640 91,737
626.441
26.000 21.313 970.961 104.956 381.659

[VoL. 107.

CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
liallfax
Hamilton
St. John
Calgary
London
Victoria
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Mosso Jaw
Brantford
Fort William
New Westminster
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Total Claniuta

1917.

Inc.or
Dec.

1916.

1915.

$
$
$
$
%
90,064,434 73,389,109 +22.7 71,693,046 40,619,515
61,827,129 55,104,461 +12.2 46,794,170 32,205,267
29,731,296 37,715,688 -21.2 34,109,020 26,159,401
13,265,073 9,956,959 +33.2 7,670,526 5,729,039
7,806,619 5,212,514 +49.8 8,112,496 3,621,212
4,345,852 3,754,968 +15.7 3,969,750 3,142,236
4,196,398 3,261,952 +28.7 2,449,260 2,030,819
5,434,586 4,828,448 +12.6 4,460,569 2,894,462
2,269,603 1,811,296 +25.3 1,590,138 1,442,852
6,062,849 5,619,075 +7.9 4,320,586 2.846,622
2,492,095 2,150,247 +15.9 1,800,266 1,622,500
2,111,260 1,615,922 +30.7 2,217,397 1,171,596
3,376.675 2,893,215 +16.7 1,911,727 1,649,900
3,397,096 3,351,518 +1.4 2,619,219 1,525,188
575,110
664,313 -11.9
525,680
492,300
884,926 +17.2
718,474
299,021
1,036,788
1,543,512 1,617,680 -4.6 1,282,001 1,033,276
969,198
732,079
1,612,977 1,275,604 +26.4
828,963 -3.4
643,639
467,673
800,608
451,502
631,997
553,981 +14.1
588,765
432,456 +23.1
267,309
280,397
532,019
527,306 -23.3
223,265
404,149
365,837
593,000 +29.2
346,401
573,206
666,664
708,163 +6.8
563,834
756,582
557,668 +12.9
631,755
475,530
245.574.026 219.309.432 +12.0 200.705.331 1303073.435

Auction Sales.-Among other seurities, the following
The world's shipments of wheat and corn for the week
-ending Sept. 21 1918 and since July 1 1918. and 1917 are not usually dealt in at the Stock Exchange were recently sold
shown in the following:
at auction in Now York, Boston and Philadelphia:
By Messrs. Adrian II. Muller & Sons, New York:
Wheat.
Corn.
.Esports.

al917.
Week
Sept. 21.

Since
July 1.

'• Since
July 1.

1918.
Week
Sept. 21.

Since
July 1.

al917.
Since
July 1.

Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
NortllAmer 5,573,000 40,057,000 73,586,011
4,179,000 8,735,000
137,00
Russia
Danube_ - _
Argentina__ 1,240,000 44,120.000 3.016,00
647,00
4,104,00
4,337,000
Australia__
730,000 9,160,000 16,956,00
India
255,000 3,045,000 6,868,00
Oth.counte
84,III
626,00
478,00
551,00
116,00i
994,000
• 'Dotal

_ 1 7,882,

96,860,C0 100,980,00

900,000r

',9oo,000 14,066,000

*North America.-The Canadian Government has officially prohibited the
Issuance of both manifests and exports until after ten days. This is effective
-during the oontinuance of the war.
a Revised.




Per cent.
Per cent. Shares. Stacks.
Shares. Stocks.
100 Cape Cod Construe., own__ _ 75
545 Broadway Safe Deposit... 25
100 The Allied Fur'rs' Corp..$86,000 lot
55 Cent. Hod.Steamboat,corn. 3
110 Cent. Huci. Steamboat, pref_ 26
Per cent.
Bonds.
7 Am. Indemnity, common,
$35 per sh. $1,000 Norfolk, Va., Atian. 0.
$25 each
Ward,Impt. 4s, 1932
88
50 Chattel Loan Sac. of N. Y__ 10
1,01)0 Danville, Va., refund. 4s.'31 Si)
10
205 Noroton Water
1,000 Winston, N.C., hunt. 5s,'37 967
170
100 Metropolitan Bank
100 Nat. Bank of Commerce_ _ _ _170)I 1,000 Clty & Subur. Ity. 1st Ss,
United Ity., Balt., 1922
96
4 N. Y. Railways. common- - - 31.1
100 Royal Typewriter, corn_ _S100 lot 6,000 Roanoke 'fraction & Lt. 1st
& coll. 5s, 1958
80
11
100 Royal Typewriter, pref
$160 lot 2,000 Conssl. Gas, Baltimore,
20 SchIckel Motor
98
cons. 1st 5s, 1939
6 13klyn. Atheneum & Reading
Room. $25 each.._ _54 per six. 2,000 Boston Cape Cod & N. Y.
Canal let Ss, 1960
85
10 Unite 1 Gas & Elec. Corp.
40
1,000 Durland Co. 2d 55, 1925...25%
(Conn.), 1st pref
.
97 Urns Locom. Wks..Inc., com.44% 2,500 Chamber of Commerce, N.
is
18M
2
Y., non-cum., inc.
1.000 Chic. & East Ills. RR., pref.
2,400 Chic.& East. Ills. RR.,corn_ 174 3,000 Cent. Md.Steamb. 5e,'33 714

$ per sit.
- $ per
Shares. Stocks.
50 Merrimac Chemical, $50 each,
3 Nat. Shawmut Bank, ex-div.-185
99
ex-dividend
135
3 Exchange Trust (Boston)
139
17 Hood Rubber,common
93
5 Esmond Mills, pref
75
pref
Watch,
Waltham
3
92
Woolen
10 Hamilton
25
7334 6 Rockport Granite
2 U.S. Worsted, 1st prof
604
5-20ths U. S. Worsted, 1st prof_ 3.70 10 Bausch Mach. Tool, profpref
6
Equip.,
Products
Metal
6
1594
Cotton
Steam
1 Naurnkeag

By Messrs. Minett, Roe & Hagen, Boston:

$ per sit.
$ per sit. Shares. Stocks.
Shares. Stocks.
994
58 Merrimac Chemical, $50 each
153
5 Greylock Mills
98-984
13-20ths U.S. Worsted, 1st pref. 3.69 20 Hood Rubber, pref
97
Co
Loan
Collateral
5
80
corn
Mfg.,
Falls
Salmon
10
84
1 Fairhaven Mills, pref

By Messrs. Barnes & Lofland, Philadelphia:

$ per sit.
$Iper sit. Shares. Stocks.
Shares. Stocks.
3 Amer. Academy of Music_ _ _ -225
3 13th & 15th Sts. Pass. Ry_ _ _180
66g
30231 50 H. K Mulford, $50 each
1 T. B. Stetson, common
1473-1474 15 United Gas & Elec., 1st pref_ 404
2 J. B. Stetson, prof
531
72 Giant Port. Cement, pref
359 7-10 Breuker-Kessler Co., 550
54
$80 lot 16 Giant Port. Cement, corn
each
Per cent.
Bonds.
116 Rights to subscribe to Penn
Nat. Bank when issuel4831-51 $70,000 Schuylkill Ry.Co. 1st cons.
5s, 1935, Apr. 1909 coupons on.- 10
245
15 Bank of North America
12,250 coupons of Schuylkill Ry.
15 Continental Eqult. Trust, $50
5
Co. 1st cons. 30-year 5s
84
each
500 Plymouth Twp., Luzerne
500
3 Fidelity Trust
100
Co. Sch. Dist. 5s, 1936
5 Peoples Nat. Fire Ins., $25 ea- 1634

DIVIDENDS.
The following shows all the dividends announced for the
uture by large or important corporations.
Dividends announced this week are printed in italics.
Name of Company.

When
Per
Cent. Payable.

Books Closed.
Days Inclusive.

Railroads (Steam).
Atchison Topeka de Santa Fe,corn. (guar.) 4.1;‘ Dec. 2 *Holders of rec. Oct. 31a
50o. Oct. 1 Holders of rec. Sept.20a
Beech Creek (guar.)
2
Sept. 30 Holders of rec. Aug. 31a
Boston & Albany (guar.)
235 Oct. 1 Holders of rec. Sept.20a
(guar.)
Providence
&
Boston
1% Oct. 1 Holders of rec. Sept.25a
Boston Revere Beach & Lynn (guar.)
Buffalo de Susquehanna, corn.(quar.)........Oct. 10 *Hollers of rec. Sept. 30
2
Oct. 1 Holders of rec. Aug. 310
Canadian Pacific, common (quar.)
2
Oct. 1 Holders of rec. Aug. 31
Preferred
Oct. 1 Holders of rec. Sept.. Sr
(qu.).
1A
corn.
Western,
North
Sz
Chicago
t
2
Oct. 1 Holders of rec. Sept. or
t Preferred (quar.)
Cleve. On.Chic.& St. L., pref (quay.).. 1 g Oct. 21 Holders of rec. Oct. 1
5
(quar.)
Oct. 21 Holders of rec. Oct. 5
West.
dc
Lackawanna
Delaware
3
Oct. 15 Oct. 2 to Oct. 14
Georgia RR. & Banking .quar.)
1% Nov 1 Sept.19 to
Oct. 10
Great Northern (guar.)
24 Oct. 1 Holders of rec. Sept.20a
interborougu Rapid Transit (quar.)
1A Sept.30 Holders of rec. Sept.25a
Kanawha & Michigan (guar.)
1
Oct. 15 Holders of rec. Sept.30a
fKansas City Southern, pref. (quar.)._
1ct.
Holders of rec. Oct. 7a
Lackawanna RR. of N. J.(guar.)
Lehigh Valley, corn. & pref. (quar.)__ _ $1.25 Oct. 5 Holders of rec. Sept. 14a
1% Oct. 1 Holders of rec. Sept. 160
Manhattan Railway (guar.)
Oct. 1 Holders of rec. Sept. 16a
Meadville, Conneaut Lake & Linesville_ $1
Minn. St. Paul & S. S. M.corn. & pref.. 34 Oct. 15 Holders of rec. Sept.20a
leased
Oct. 1 Holders of rec. Sept.20a
M.
lines
2
0.8.
&
Paul
Minn.St.
3
Oct. 1 Holders of rec. Sept.21a
Newark & Bloomfield
231 Oct. 2 Sept.15 to Oct. 2
New London Northern (guar.)
14 Nov. 1 Holders of rec. Oct. 8a
RR. (guar.)
fNew York Central
$1 Oct. 1 Holders of rec. Sept. 23a
New York & Harlem, common & pref
1 g Oct. 1 Holders of roe. Sept. 14a
N. Y. Lackawanna & Western (quar.)_
*1
Nov. 19 *Holders of rec. Oct. 31a
Norfolk & Western, adj. pref. (quar.)
131 Nov. 1 Sept.26 to Oct. 25
Northern Pacific ((muar.)
Holders of rec. Sept. Oa
Northern RR. of N. H. (guar.)
d Sept. 15 to Sept.30
Norwich e Worcester, pref. (guar.)
lA Oct. 1 Holders of rec. Sept. 14a
Old Colony (quar.)
24 Oct. 10 Oct. 1 to Oct. 10
Philadelphia Sc Trenton (quar.)
Pittsb. Bessemer & Lake Erie, common_ 750. Oct. 1 Holders of rec. Sept.14
Pittsb. Ft. W.& Chic., ref. gu. (quar.). 13i Oct. 8 Holders of rec. Sept. 10a
13 Oct. 1 Holders of rec. Sept. 10a
Special guaranteed (guar.)
r. 13 Holders of rec. Oct. 25a
l &T.
c.
Reading Company, common (guar.)._ 50$
2nd pref. (quay.)
R eading, Holders of rec. Sept.24a
St. Louis-San Francisco1
Oct. 1 Sept. 25 to Oct. 1
K.C.Ft. Scott de M pl. tr. cgs.(quar.)
Southern Pacific Co.(guar.)(No. 48).... 1A Oct. 1 Holders of roc. Aug. 31a
Southern Railway2
Oct. 1 Holders of rec. Sept. 16a
Mobile & Ohio stock trust cerfiticates_
1
1 Holders of rec. Sept. 26a
Torot.to Hamilton de Buffalo (quar.)_..... 13,
1 Holders of rec. Sept. 3a
Union Pacific, common (guar.)
2
Oct. 1 Holders of rec. Sept. 3a
Preferred
10 Sept. 21 to Sept.30
United N. J. RR. & Canal Cos. (guar.).- r
$ 75
15 Holders of rec. Oct. 5a
Warren RR
El
.25
Oct.
1 Holders of rec. Sept. 14a
Seashore
&
West Jersey
1 Sept. 11 to Oct. 1
Western Pacific RR. Corp., pref. (qu.)- 2135
1 Holders of rec. Sept. 17a
Wisconsin Central, preferred
Street & Electric Railways.
Asheville Pow. & Lt., pf. (qu.)(No. 26) 1( Oct. 1 Holders of rec. Sept. 16
235 Oct. 1 Sept. 16 to Sept.30
Athens Railway & Electric, pref.(quar.)
*1% Oct. 1 *Holders of rec. Sept.20
Bangor Ry. & Electric, pref. (guar.)- _
Oct. 1 Holders of rec. Sept. 16
Brazilian Tray., L. & Pow., pref. (qu.).
1% Oct. 1 Sept. 15 to Sept.30
Capital Traction, Wash., D. C.(guar
1 Holders of rec. Sept. 16
Carolina Pow. & Lt., pf. (qu.) (No. 38) 1% Oct.
Sept.27 to Sept.29
Chicago City By. (guar.)
corn.
(au.)
Sept. 21 to Sept.30
Cincinnati & Hamilton Trac..
Sept.21 to Sept.30
Preferred (guar.)
1114e. Oct.
OSecct
ttt: 3°
11 Sept. 17 to Sept.30
Cincinnati Street Railway (quay.)
4 Oct. 1 Holders of rec. Sept. 14a
Cities Service Co., corn. & pref.(mthly.)
Common (payable In common stock). I% Oct. 1 Holders of roe. Sept. 14a
Nov. 1 Holders of rec. Oct. 15a
Cities Service, corn. Sz pref. (monthly).
% Nov. 1 Holders of rec. Oct. 15a
Common (payable in common stock)._
134 Oct. 1 Holders of rec. Sept. 14a
Cleveland Railway (guar.)
A Oct. 10 Sept.26 to Sept.30
Columbia (S.C.) Ry.,Gas & Elec.,com.(qu)
135 Oct. 1 Sept.26 to Sept. 30
Preferred (guar.)
Oecpt.
t 30
1 Sept. 27 to Sept. 30
Col. Newark de Zanesv. El. RI Pf (guar.) 37145c s
Holders of rec. Sept.20a
Conestoga Traction, common (quay.)
75c. Sept.30 Holders of rec. Sept.20a
Preferred (guar.)
1
Oct. 1 Holders of rec. Sept. 103
Dul.-Superior True., corn. & pf. ((luar.)
13 Nov. 1 Holders of rec. Oct. I
Duquesne Light, pref. (qu.)(No. 15)...
Elmira Water, Light & RR., 1st pref.(qu.) 13j Sept.30 Holders of rec. Sept. 15a
131 Sept.30 Holders of rec. Sept. 15a
Second preferred (quay.)
Oct. 1 Holders of rec. Aug. 3Ia
Frankford & Southwark Passenger (qu.) $4
Georgia Light,Power & Rys., pref.(qu.) 135 Oct. 1 Holders of rec. Sept. 20a
(quar.)...2
Land
Sept.
30 Sept.26 to Sept.30
&
'Fran.
Honolulu Rap.
3
Oct. 1 Holders of rec. Sept. 26a
Houghton County Trac., pref.(No.21)
14 Oct. 1 Hollers of rec. Sept. 16
Illino s Tract on, preferred (quar.)
24 Oct. 1 Sept. 16 • to Sept.21
Louisville Railway, preferred
Oct. 15 Holders of rec. Oct. be
Manchester Trac., Light & Power (guar.). 2
(guar.).
135 Oct. 1 Holders of rec. Sept. 1- a
Corp.
Ltg.
&
Manila Elec. RR.
Monongahela Val. Tract.,common(qu.) 31 gc. Oct. 14 Holders of rec. Sept.30a
37c. Oct. 7 Holders of rec. Sept.30a
Preferred (quar.)
1131 Oct. •1 Holders of rec. Sept.26
Nashville Railway & Light, pref. (guar.)_
Oct.
Holders of rec. Sept. 15a
Ottawa Traction, Ltd.(guar.)
Philadelphia Co., corn. (qu.)(No. 148). 75c. Oct. 31 Holders of rec. Oct. la
$1 50 Nov. 1 Holders of rec. Oct. la
6% preferred (quar.) (No. 12)
$2
Oct. 1 Sept. 11 to Sept. 30
Philadelphia Trenton
Philadelphia & Western Ry., pref. (qu.) 6234c. Oct. 15 Holders of rec. Sept.30a
14 Oct. 15 Holders of rec. Sept.30
Republic fly. & Light, pref. (guar.)- $2 Oct. 1 Sept. 15 to Sept.30
Ridge Avenue Pass. Ry., Philo
Oct. 15 *Holders of rec. Oct. 10
•il
Scioto Valley Trac.,1st pref. & pref
Oct. 1 Holders of rec. Sept.20
Scranton Sc Wilkes-Barre Tree.. pf.(an.)(qu.)
$3
Oct. 1 Holders of rec. Aug. 31a
Phila.
Pass..
Sts.
Second & Third
So. Carolina Lt., Pow. & Rys., pf.(qu.) 135 Oct. 1 Holders of roe. Sept.20a
Springfield(Mo.)Ry. & Lt., pref. Wu.). 134 Oct. 1 Holders of rec. Sept. 16a
Springfield & Xenia By., pref.(quar.).. 134 Sept.30 Holders of rec. Sept.21a
1
Oct. 1 Holders of rec. Sept. 14
Toronto lty. (quar.)._....




1263

THE CHRONICLE

SEPT. 28 1918.]
Co., Boston:
By Messrs. R. L. Day &sit.
Shares. Stocks.

Oct.t 1

c
Oct.
.

Name of Company.

When
Per
Cent. Payable.

Street and Elec. Rys. (Concluded).
Twin City Rap. Tr., Minneap.,pf.(qu.) 1% Oct. 1
135 Oct. 1
Tri-City By. Sc Light, pref. (quay.)
Oct. 1
1
United Lt. & Rya., corn.(qu.)(No. 15)135 Oct. 1
1st preferred (guar.) (No. 32)
50c. Oct. 15
United Rys. & Elec.(Balt.), cont.(quar.)_
1% Oct. 1
Utah Pow.& Lt., pref.(qu.)(No. 23)
$2.5134 Oct. 21
Virginia Railway Sc Power,corn
Wash. Bait. & An. El. RR., corn. (qu.) $1 Sept.30
75e. Sept.30
Preferred (guar.)
1 Oct. 1
Washington Water Pow.,Spokane ((PO
West End Street Ry., Boston. common_ $1.75 Oct. 1
131 Oct. 1
West India Elec. Cs.,Ltd.(qu.)(No.43)
Yadkin River Power, pref.(qu.)(No.10) 1% Oct. 1
134 Sept.30
Youngstown Sc Ohio River, pref.(guar.)_ _

Books Closed.
Days Inclusive.
Holders of rec. Sept.16
Sept. 5 to Sept.19
Holders of rec. Sept.16a
Holders of rec. Sept. 16a
Holders of rec. Sept.28a
Holders of rec. Sept.14
Holders of rec. Sept.30
Holders of rec. Sept.2Ia
Holders of rec. Sept.21a
Holders of rec. Sept. 14a
Sept. 21 to Oct. 1
Sept.24 to Oct. 1
Holders of rec. Sept.16
Holders of rec. Sept.21a

Banks.
4
Oct. 1 Hollers of rec. Sept.24a
Chase National (quar.)
3
Oct. 1 Sept. 20 to Sept. 30
Chatham & Phenix National(quar.)_ _
235 Oct. 1 Holders of rec. Sept.23
Citizens National (guar.)
15 Holders of rec. Oct. la
Oct.
$1.75
(guar.)
(Brooklyn)
National
City,
Oct. 1 Holders of rec. Sept.lie
2
Coal & Iron National (quar.)_
Sept.30 Holders of rec. Sept.20a
3
Colonial (quay.)
24 Oct. 1 Holders of rec. Sept. 20a
Commerce, Nat. Bank of (guar.)
124 Oct. 1 Holders of rec. Sept.30a
Fifth Avenue (guar.)
3
Oct. 1
Fifth National (guar.)
Oct. 1 Holders of rec. Sept.30a
5
First National (guar.)
Oct. 1 Holders of rec. Sept.304
5
First Security Co.(quar.)
Sept.3C Sept.26 to Sept.30
3
Garfield National (guar.)
Oct. 1 Holders of rec. Sept. 30
2
Gotham National (guar.)
Sept. 3(' Holders of rec. Sept. 20a
4
Greenwich (guar.)
4
Sept. 3C Holders of rec. Sept. 20a
Greenwich (quar.)
Oct. 1 Sept.22 to Sept.30
6
Hanover National (quar.)
Oct. 1 Sept.22 to Sept.30
2
Extra
Oct. 1 Holders of rec. Sept.27a
3
Irving National (guar.)
434 Oct. 1 Holders of rec. Sept. 250
Liberty National (guar.)
Manhattan Co., Bank of the (guar.)- _ - $2 Oct. 1 Holders of rec. Sept.26a
50c. Oct. 1 Holders of rec. Sept.26a
Extra
Holders of rec. Sept.21a
Oct.
Mechanics, Brooklyn (qu.) (No. 136). - Si
Oct. 1 Holders of rec. Sept.20
2
Metropolitan (guar.)
Oct. 1 Holders of rec. Sept.23
5
Mutual (guar.)
234 Oct. 1 Holders of rec. Sept. 27a
Nassau National (Brooklyn)(guar.)
Oct. 1 Holders of rec. Sept. 30a
4
New Nethesland
Oct. 1 Holders of rec. Sept. 20a
5
Park, National (guar.)
3
Sept. 30 Holders of rec. Sept.26
Public National (guar.)
Oct. 1 Holders of roe. Sept.24a
3
Seaboard National (guar.)
Oct. 1 Holders of rec. Sept. 300
3
Second National (quay.)
134 Oct. 1 Holders of rec. Sept.25
Sherman National (guar.)
Oct. 1 Holders of rec. Sept. 30a
3
Washington Heights, Bank of(guar.)._
5
Sept.30 Holders of rec. Sept.200
York villa (guar.)
Trust Companies.
Bankers (quay.)
Brooklyn (quay.)
Central Union (guar.)
Columbia (guar.)
Empire (guar.)
Equitable (guar.)
Fidelity (quar)
Franklin, Brooklyn (guar.)
Guaranty (guar.)
Hudson (guar.)
Irving (guar.)
Lawyers Title & Trust (guar.)
Manufacturers. Brooklyn (guar.)
Metropolitan (guar.)(No.87)
New York (guar.)
Peoples, Brooklyn (guar.)
Title Guarantee Se Trust (guar.)
U. S. Mortgage Sc Trust (guar.)

2
6
8
44
5
*6

Fire Insurance.
Hanover Fire (guar.)(No. 148)

$1.25 Oct.

5
5
5A
34
3
5
2
3
5
2
2

134

Oct.
Oct.

1 Holders of rec. Sept.24e
1 Holders of rec. Sept.20

Oct. 1 Holders of rec. Sept. 200
Sept.30 Holders of rec. Sept.20a
Sept.30 Holders of rec. Sept.23e
Sept.30 Holders of rec. Sept.23a
Sept.30 Sept.22 to Sept.30
Sept.30 Holders of rec. Sept.28a
Sept.30 Holders of rec. Sept. 20
Oct. 1 Sept. 28 to Sept. 30
Oct. 1 Holders of rec. Sept.271
Oct. 1 Sept. 15 to Oct. 1
Oct. 1 Holders of rec. Sept.20
Sept.30 Holders of rec. Sept.20
Sept.30 Sept.22 to Sept.33
Sept.30 Holders of roe. Sept.28
Sept.30 Hollers of roe. Sept,21
Sept.30 *Holders of roe. Sept.27
1 Sept. 24

to

Ost.

1

Miscellaneous.
131 Oct. 1 Holders of roe. Sept.20
Abitibi Power & Paper, pref. (euar.)-Adirondack Electric Power, pref.(guar.) 135 Oct. 1 Holders of rec. Sept.20a
Oct. 15 Holders of rec. Sept. 300
$1
Air Reduction, common (guar.)
Corn.(extra pay in 24 L.L.434% bds.)_ 150c. Oct. 15 Holders of rec. Sept. 300
131 Oct. 15 Holders of rec. Sept.3()a
Preferred (guar.)
1% Oct. 10 Holders of rec. Sept.30
Alabama Co., 1st & 2d pref. (quar.)....
14 Oct. 1 Sept. 21 to Sept.30
Alabama Fuel Sc Iron (quar)
131 Oct. 15 Holders of roe. Sept.300
Allis Chalmers Mfg., pref. (guar.)
Preferred (acc't of accumulated dive.) h% Oct. 15 Holders of rec. Sept.300
Oct. 15 Holders of rec. Sept.26a
Am. Agricul. Chem.,com.(qu.)(No.28) 2
134 Oct. 15 Holders of rec. Sept.26a
Preferred (guar.) (No. 53)
75c. Nov. 15 Holders of rec. Nov. la
American Bank Note, corn.(oar.)
75c. Oct. 1 Holders of roe. Sept. 16a
American Bank Note, pref.(quar).__
American Beet Sugar.pref.(qu.) (No.77
134 Oct. 2 Holders of roe. Sept. 14a
134 Sept.30 Holders of rec. Sept.200
Amer. Brake Shoe Sc Fdry., cont.(gnat.)_ _
2
Sept.30 Holders of rec. Sept.20e
Preferred (guar.)
1
Sept.30 Holders of roe. Sept.20e
Preferred (extra)
Oct. 1 Holders of roe. Sept.14a
American Can, preferred (quar.)
Oct. 1 Holders of rec. Sept. 13a
Amer. Car & Fdy. corn.(qu.)(No.64)- 2
1% Oct. 1 Holders of roe. Sept. 13a
Preferred (guar.) (No. 78)
135 Oct. 1 Holders of rec. Sept.20
American Chicle, pref. (guar.)
14 Oct. 1 Holders of reo. Sept. 14a
American Cigar, pref. (guar.)
American Express (guar.)
134 Oct. 1 Holders of rec. Aug. 31a
334 Oct. 15 Holders of rect. Oct. 5a
American Fork & Hoe, preferred
24 Oct. 1 Holders of roe. Sept.20
Amer. Gas & Elec., corn.(qu.)(No. 34).
134 Nov. 1 Holders of roe. Oct. 18
Preferred (guar.)(No.47)
Oct. 1 Sept. 21 to Oct. 1
2
Amer. Hardware Corp. (quar.)
Oct. 1 Sept. 21 to Oct. 1
2
Extra
235 Oct. 1 Holders of roe. Aug. 31a
American Hide & Leather, pre'
Oct. 1 Holders of rec. Aug. 31a
Pref.(extra. Payable In Lib. La. bonds) (2
Amer. Ice, pref. (guar.)
134 Oct. 25 Holders of rec. Oct. 15
1
Oct. 25 Holders of rec. Oct. 15
Preferred (extra)
900. Sept.30 Holders of roe. Sept.16
Amer. Intern. Corporation. corn.& pref.
Am.La France Fire Eng.,Inc.,com.(qu.) 135 Nov. 15 Holders of reo. Nov. 9a
131 Oct. 1 Holders of rec. Sept. 21e
Preferred (quay.)
14 Deo. 5 Nov. 26 to Dec. 5
Amer. Laundry Mach.,common
131 Oct. 15 Oct. 6 to Oct. 15
Preferred (guar.)
American Locomotive, common (quar.).. 1.31 Oct. 3 Sept. 17 to Oct. 15
1% Oct. 21 Sept. 17 to Oct. 15
Preferred (guar.)
American Manufacturing, corn.(guar.). 134 Oct. 1 Sept. 15 to Sept.30
Preferred (guar.)
134 Oct. 1 Sept. 15 to ,„ Sept.30
Amer.Piano, pref.(guar.)
134 Oct. 1 Sept. 26 to Sept. 30
American Pneumatic Service, 1st pref. _ $1.75 Sept.30 Sept. 15 to Sept.22
Amer.Power Sc Sight, pref.(en.)(No.36) 1)4 Oct. 1 Holders of rec. Sept.*
Amer. Public Service, pref. (quar.)_ _ 1% Oct. 1 Holders of rec. Sept. 14
8g134 Oct. 1 *Holders of rec. Sept. 20
Amer. Public Utilities, pref.(guar )
Sept.30 Sept.22 to Sept.30
3
American Radiator. common (gnarl_ _
50c. Oct. 15 Holders of rec. Sept.300
American Rolling Mill, common (guar.)
25c. Oct. 15 Holders of rec. Sept.300
Common (extra)
Preferred (guar.)
134 Oct. 15 Holders of rec. Sept.300
131 Sept. 30 Holders of rec. Sept. 23a
American Screw (guar.)
Sept.30 Holders of rec. Sept.23a
2
Extra
Oct. 15 Holders of rec. Sept.300
Amer. Seeding Mach., corn.(quar.).... 1
114 Oct. 15 Holders of rec. Sept.30a
Preferred (guar.)
1% Nov. 1 Holders of rec. Oct. 15a
American Shipbuilding, coin. (quar.)- Corn.(extra pay.In 3)4% L.L. bds.)_ 110 Nov. 1 Holders of rec. Oct. 15a
n131 Nov. 1 Holders of rec. Oct. 15a
Preferred (guar.)
Amer. Smelters' Securities. pref. A (qu.) 14 Oct. 1 Sept. 14 to Sept.22
Preferred B (guar.)
134 Oct. 1 Sept. 14 to Sept.22
Oc.S. 1 Holders of rec. Sept. 14a
2
American Snuff, common (quar.)
14 Oct. 1 Holders of rec. Sept. 14a
Preferred (guar.)
134 Sept.30 Holders of rec. Sept. 14a
American Steel Foundries (quar.)
1131 Sept.30 ,Holders of rec. Sept. 14a
Extra (payable in L. L. 25 4% bds.)
1
131 Oct. 1 'Sept. 21 to Oct.
Amer. Stores, 1st & 25 pref. (guar.) _
Amer. Sugar Refg., coin.(qu.)(No. 108) 135 Oct. 2 Holders of roe. Sept. 3a
31 Oct. 2 Holders of roe. Sept. 3e
Common (extra)
tg Oct. 2 Holders of rec. Sept. 3m
Preferred (guar.)(No. 107)

134

1264
Name of Company.

THE CHRONICLE
Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

Miscellaneous (Continued).
American Surety (guar.) (No. 117).._ _ _ $1
Sept. 30 Holders of rec. Sept.21a
Amer. Teleph. & Telegraph (guar.)_ _ _ _
2
Oct. 15 Holders of rec. Sept. 20a
American Tobacco, preferred (quar.)_ -- 14 Oct. 1 Holders of rec. Sept. 14a
Amer.Type Founders, corn.(guar.)_ _ _ _
1
Oct. 15 Holders of rec. Oct. 10a
Preferred (guar.)
134 Oct. 15 Holders of roe. Oct. 10a
Amer. Window Glass Mach.,common_ _ m5
Oct. 5 Holders of rec. Sept.20a
Preferred (guar.)
14 Oct. 1 Holders of rec. Sept. 16a
American Woolen, common (quar.)_ _ _ _
13( Oct. 15 Sept. 17 to Sept. 28
Preferred (quar.)
134 Oct. 15 Sept. 17 to Sept. 26
Anaconda Copper Mining (quay.)
$2 Nov. 25 Holders of rec. Oct. 19
Armour & Co., pref. (guar.)(No. 1)
134 Oct. 1 Holders of rec. Sept. 20
Asbestos Corp.of Canada,Ltd., pref.(qu.)
14 Oct. 15 Holders of rec. Oct. 1
Associated 011 (guar.)
134 Oct. 15 Holders of rec. Sept. 301
Atl. Gulf & W.I.SS. Lines, pref. (qu.) _
Oct. 1 Holders of rec. Sept.10a
Autosales Corporation, preferred (qu.)50c. Sept.30 Holders of rec. Sept. 16
Avery Co., common
7
Oct. 1 Holders of rec. Sept.21
Preferred (guar.)
Oct. 1 Sept.22 to Oct. 1
Babcock a, Wilcox (guar.)
2
Oct. 3 Holders of rec. Sept. 30a
Baltimore Tube. corn. & pref. (quar.)... 1% Oct. 1 Sept. 21 to Sept. 30
Barnhart Bros. .3, Spindler—
First and second preferred (guar.)
Nov. 1 Holders of rec. Oct. 26a
Barrett Co.,common (guar.)
Oct. 1 Holders of rec. Sept. 12a
Preferred (guar.)
1,i Oct. 15 Holders of rec. Sept. 26a
Bell Telephone of Canada (guar.)
Oct. 15 Holders of rec. Sept. 30e
2
Bell Telephone of Penn. (guar.)
134 Oct. 15 Holders of rec. Oct. 5e
Bethlehem Steel, common (guar.)
Holders of roe. Sept. 166
234 Oct.
Class B Common (guar.)
234 Oct. 1 Holders of rec Sept 160
Cum.cony. preferred (guar.)
Oct. 1 Holders of roe. Sept. 16a
Seven per cent non-cum. pref. (guar.) 14 Oct. 1 Holders of rec. Sept. 16a
Billings & Spencer Co.(guar.)
Oct. 1 Holders of reo. Sept. 19a
3
Extra
Oct. 1 Holders of rec. Sept. 19a
2
Special
Oct. 1 Holders of reo. Sept. 19a
5
Bliss (E. W.) Co., common (guar.)
5624c Oct. 1 *Holders A rec. Sept.25
Corn. (extra pay. in 4th Iss. L. L. Bds.) *i$5
*Holders of rec. Sept.25
(5)
Preferred (guar.)
.$1 Oct. 1 *Holders of rec. Sept.25
Blumenthal (F.) Co., corn.(qu.)(N0.28) 14 Oct.
Holders of rec. Sept.30a
Preferred (quay.) (No. 33)
14 Oct. 1 Holders of rec. Sept. 30a
Booth Fisheries, common (guar.)
50.3. Oct. 1 Holders of rec. Sept. 16a
Preferred (guar.)
13i Oct. 1 Holders of rec. Sept. 16a
Borne,Scrymser Co
Oct. 15 Sept. 14 to Oct. 14
20
Brandram-Henderson, Ltd., pref.(qu.)- *134 Oct. 1 *Holders of rec. Aug. 31
Brier 11111 Steel, common (guar.)
14 Oct. 1 Sept.21 to Oct. 1
Common (extra)
3% Oct. 1 Sept.21 to Oct. 1
Preferred (guar.)
1% Oct. 1 Sept. 21 to Oct. 1
British-American Tobacco, ordinary-- 6
Sept.30 Holders of coup. No. 68n
Preferred
24 Sept. 30 Holders of coup. No.30
Brooklyn Union Gas (guar.)
1% Oct. 1 Holders of rec. Sept. 14a
Brunswick-Baike-Collender, pref. (qu.)
14 Oct. 1 Holders of rec. Sept. 20a
Bucyrus Co., pref. (guar.) (No. 14).--- 1
Oct. 1 Holders of rec. Sept. 20s
Buffalo Gen. Electric (guar.) (No. 00)- 2
Sept. 30 Holders of rec. Sept. 200
Burns Bros. Ice Corp., 1st pref.(quar.)_ _ g Oct. 1 Holders of rec. Sept. 20a
California El. Generating, pref. (quar.)_
134 Oct. 1 Holders of rec. Sept. 21a
Calif. Packing Corp., pref. (guar.) _ _
Oct. 1 Holders of rec. Sept. 16a
Calif. Petroleum Corp., pref. (quar.)__
Oct. 1 Holders of reo. Sept.20a
134
Cambria Iron
Oct. 1 Holders of roc. Sept. 14a
Canada Cement, Ltd., corn. (guar.)_ _ _
134 Oct. 16 Holders of rec. Sept. 30
Canada Steamship Lines, pref. (quar.)_
13i Oct. 1 Holders of rec. Sept. 15a
Canadian Consol. Rubber, pref. (guar.) 134 Sept.30 Holders of roe. Sept. 20
Canadian Cottons, Ltd.,corn.& pf.(qu.) 134 Oct. 4 Sept.26 to Oct. 3
CanadianCrocker-Wheeler,comatpf(qu)
h Sept.30 Sept.20 to Sept.30
Canadian Gen. Elec., cons.(qu.)(No.77) 2
Oct. 1 Holders of rec. Sept. 14
Preferred (No.45)
334 Oct. 1 Holders of rec. Sept. 14
Canadian Locomotive, corn. (guar.) _
1% Oct. 1 Sept. 21 to Oct. 4
Preferred (guar.)
14 Oct. 1 Sept.21 to Oct. 4
Canadian Westinghouse, Ltd. (quar.)_ _
1% Oct. 1 Holders of rec. Sept. 21a
Carbon Steel, common (guar.)
Oct. 15 Holders of rec. Oct. 10
2
Extra
Oct. 15 Holders of rec. Oct. 10
3
Carbon Steel, first preferred
4
Sept.30 Holders of rec. Sept.28
Cardenas-Amer. Sugar, pref. (quar.)_ _ _
134 Oct. 1 Holders of rec. Sept. 24
Case (J.I.) Thresh.Mach., pref.(quar.)134 Oct. 1 Holders of reo. Sept. 16a
Celluloid Company (guar.)
Sept. 30 Holders of rec. Sept. 16a
2
Cent. Aguirre Sugar Cos., corn.(guar.)_ 24 Oct. 1 Holders of rec. Sept. 24
Central Coal & Coke, common (guar.)- 14 Oct. 15 Holders of rec. Sept.30a
Preferred (guar.)
134 Oct. 15 Holders of rec. Sept.30a
Central Foundry, first preferred (guar.)
Oct. 15 Holders of roe. Sept.30a
Ordinary preferred (guar.)
14 Oct. 15 Holders of rec. Sept.30a
Central Leather, common (guar.)
134 Nov. 1 Holders of rec. Oct. 10
Common (extra)
2
Nov. 1 Holders of rec. Oct. 10
Central Leather, preferred (guar.)._ __ - 14 Oct. 1 Holders of rec. Sept. 10a
Central Petroleum, preferred
2% Oct. 1 Holders of rec. Sept.26
Central ..fe S. A. Teleg.(quar.)
136 Oct. 10 *Holders of rec. Oat. 5a
Central States Electric Corp.pref.(quar.) 134 Oct. 1 Holders of rec. Sept. 10
Certain-teed Products Corporation—
•
First and second pref.(qu.)(No. 7)-- 14 Oct. 1 Holders of rec. Sept.201
Chandler Motor Car (guar.)
Oct. 1 Holders of rec. Sept.20a
3
Charcoal Iron of America, corn.(quar.)_
20e. Sept.30 Holders of rec. Sept. 14
Chicago Pneumatic Tool (guar.)
.14 Oct. 25 *Holders of rec. Oct. 15
Chicago Railway Equipment (guar.)._
14 Oct. 1 Sept.21 to Oct. 3
Chicago Telephone (guar.)
Sept. 30 Holders of roe. Sept.28a
2
Chino Copper Co. (guar.)
Sept.30 Holders of rec. Sept. 181
$1
Citizens Co., Baltimore, pref. (guar.)_ _ *1
Sept. 30 *Holders of rec. Sept. 24
Citizens' Gas efc Fuel, Terre Haute,com_
3
Sept. 28 Holders of rec. Sept. 20
Preferred (guar.)
• 14 Oct. 1 Holders of rec. Sept. 20
Citizens Gas of Indianapolis (No. 18)
Sept. 28 Sept. 13 to Sept. 28
5
City Investing, pref. (guar.)
13-4 Oct. 1 Holders of rec. Sept.25
Cleveland-Akron Bag (guar.)
254 Sept.30 Sept. 22 to Sept. 30
Cleveland Automatic Mach., pref. (qu.) 134 Oct. 1 Holders of rec. Sept. 20a
Cleveland Union Stock Yards (quar.)_ _ 2
Oct. 1 Sept. 20 to Sept. 30
Cluett, Peabody & Co., Inc., prof. (qu.) 134 Oct. 1 Holders of rec. Sept. 20a
Colorado Fuel 5, Iron, corn.(guar.)
34 Oct. 25 Holders of rec. Oct. 5a
Preferred (guar.)
2
Oct. 25 Holders of rec. Oct. 5a
Colorado Power, common (guar.)
4 Oct. 15 Holders of rec. Sept.30a
Colt's Patent Fire Arms Mfg.(guar.)_ _
234 Oct. I Holders of rec. Sept. 14a
Columbia Graphophone,com.(qu.)(No.2) $1.75 Oct. 1 Holders of reo. Sept. Hia
Preferred (guar.) (No. 2)
14 Oct. 1 Holders of roe. Sept. 18a
Commonwealth-Edison (guar.)
*2
Nov. 1 *Holders of rec. Oct. 15
Computing-Taburg-Record. corn. (qu.) 1
Oct. 10 Holders of rec. Sept. 25a
Cons. Gas Elec. L.& P., Baft.,com.(qu.) 2
Oct. 1 Holders of roe. Sept. 14a
Consumers El. L.Sc P.,NewOri.,pf (qu.) 14 Sept.30 Sept. 10 to Sept.30
Consumers Power, pref. (guar.)
14 Oct. 1 Holders of reo. Sept. 19a
Continental Can, Inc., corn. (guar.). _ _
134 Oct. 1 Holders of rec. Sept. 20a
Preferred (guar.)
134 Oct. 1 Holders of reo. Sept. 20a
Continental Relining, pref. (quar.)__ _
20e. Oct. 1 Holders of rec. Sept. 14a
Corn Products Refining, pref. (quar.)__ _ _ .134 Oct. 15 *fielders of rec. Oct. 7
Creamery Package, common (guar.) _ _ _
14 Oct. 10 Oct. 1 to Oct. 10
Preferred (guar.)
14 Oct. 10 Oct. 1 to Oct. 10
Cresson Cons. Gold M.& M.(monthly) 100. Oct. 10 Holders of rec. Sept. 30
Crucible Steel, pref. (guar.)(No.64)_ _ _
154 Sept.30 Holders of rec. Sept. 166
Cuba Cane Sugar, pref. (guar.)
134 Oct. 1 Holders of rec. Sept. 14
Cuban-American Sugar, corn. (guar.).- 234 Oct. 1 Holders of reo. Sept. 14a
Preferred (guar.)
14 Oct. 1 Holders of rec. Sept. Ha
Dayton Power & Light. pref. (guar.)
14 Oct. 1 Holders of rec. Sept. 20a
Delaware Lack. cf, West. Coal (guar.)___ _ $1.25 Oct. 15 Holders of rec. Oct. in
Detroit Edison (guar.)
2
Oct. 15 Holders of rec. Sept. 30a
Detroit Iron & Steel, corn.(quar.)
25c. Oct. 15 Oct. 6 to Oct. 15
Preferred (quar.)
174e. Oct. 15 Oct. 6 to Oct. 15
Distillers Securities Corp. (guar.)
3-4 Oct. 18 Holders of rec. Oct. 2
Extra
134 Oct. 18 Holders of rec. Oct. 2a
Dodge Mtg., common (guar.)
14 Oct. 1 Sept. 28 to Sept. 30
Common (extra)
2
Oct. 1 Sept.28 to Sept.30
Preferred (guar.)
13-4 Oct'. 1 Sept.21 to Sept.30
Dominion Canners, Ltd., pref. (guar.). 134 Oct. 1 Sept.22 to Sept.30
Dominion Glass, Ltd., common (guar.)_
1
Oct. 1 Holders of rec. Sept. 14
Preferred (guar.)
13-1 Oct. 1 Holders of rec. Sept. 14
Dominion Iron & Steel, Ltd.,pf.(No.35) 34 Oct. 1 Holders of rec. Sept. 14a
Dominion Steel Corp..com.(qu.)(N0.18) 14 Oct. 1 Holders of rec. Sept. 5a
Dominion Textile, Ltd., corn. (guar.)._ 2
Oct. 1 Holders of rec. Sept. 14
Preferred (guar.)
134 Oct. 15 Holders of rec. Sept.30
Draper Corporation (guar.)
2
Sept.30 Holders of rec. Sept. 7
Duluth Edison El., p1. (qu.)(No. 50).. 154 Oct. 1 Holders of rec. Sept. 20
duPont(E.I.)deNem..ScCo.,deb.stk.(qu.) 134 Oct. 25 Holders of roe. Oct. 101




Name of Company.

[Vol,. 107.
Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

Miscellaneous (Continued).
du Pont (E.I.)de Nem.Powd.,com.(qu.) •13i Nov. 1 *Holders of rec. Oct. 19
•13.4 Nov. 1 *Holders of reo. Oct. 19
Preferred (guar.)
East Coast Fisheries, pref.(qu.)(No.3)_ _
134 Oct. 1 Holders of rec. Sept. 26
Eastern Steel, corn. (quar.)
234 Oct. 15 Holders of rec. Oct. 1
Eastman Kodak,common (guar.)
24 Oct. 1 Holders of rec. Aug. 310
Common (extra)
234 Oct. 1 Holders of rec. Aug. 310
Preferred (guar.)
14 Oct. 1 Holders of reo. Aug. 310
Edmunds & Jones Corp., pref. (quar.)_ _
13-4 Oct. 1 Holders of roe. Sept.20
Edison Elec. Co.,Lancaster,Pa.(guar.).Sept. 30 Holders of rec. Sept. 20a
Eisenlohr (Otto) Sc Bros., pref.(guar.) _
Oct. 1 Holders of rec. Sept. 200
Elec. Storage Battery, com.&pref.(qu.) 1
Oct. 1 Holders of rec. Sept. 16a
Electrical Securities, common (quar.)_ - 2
Oct. 1 Holders of rec. Sept. 28a
Preferred (guar.)
134 Nov. 1 Holders of rec. Oct. 22a
Elyria Iron & Steel, pref. (guar.)
134 Oct. 1 Holders of rec. Sept. 21a
*13,4 Nov. 1 *Holders of rec. Oct. 18
Emerson-Brantingham Co., prof
Eureka Pips Line (guar.)
Nov. 1 Holders of rec. Oct. 15
5
Everett, Heaney Sc Co., Inc. (quar.)_
50e. Oct. 10 dOct. 1 to Oct. 10
Fairbanks Co., pref. (guar.)
Oct. 1 Sept. 21 to Sept. 30
2
Fairbanks, Morse Sc Co., corn. (quar.)_
3
Sept.28 Holders of rec. Sept.180
Federal Oil, pref. (guar.)
100. Oct. 1 Holders of rec. Sept. 200
Firestone Tire & Rubber, pref.(quar.)_ _ _ _
114 Oct. 15 Holders of rec. Oct. la
Galena-Signal Oil, common (guar.)_ _ _ _
134 Sept.30 Holders of reo. Aug. 31
Preferred (guar.)
Sept.30 Holders of roe. Aug. 31
Gent Amer.Tank Car, 1st Sc 28 pr.(qu.) 13-4 Oct. 1 Sept. 21 to Oct. 1
General Baking, pref. (guar.) (No. 27).. 1
Oct. 1 Holders of rec. Sept.21
General Chemical, preferred (quar.)_ _ _
134 Oct. 1 Holders of reo. Sept. 176
General Electric (quar.)
2
Oct. 15 Holders of reo. Sept. 14a
General Fireproofing, corn. & pref.(qu.)_ _
14 Oct. 1 Sept. 21 to Sept. 30
General Motors, common (guar.)
3
Nov. 1 Holders of roe. Oct. 18
Preferred (guar.)
14 Nov. 1 Holders of gee. Oct. 18
General Petroleum, common (guar.)
2% Oct. 1 Holders of rec. Sept. 156
General Ky. Signal, corn.(qu.)(No. 21) 1% Oct. 1 Holders of rec. Sept. 20
Preferred (guar.) (No. 57)
1% Oct. 1 Holders of rec. Sept. 20
General Tire & Rubber, pref.(guar.)
14 Oct. 1 Holders of rec. Sept. 20
Geneva Cutlery Corp., prof
24 Oct. 1 Holders of rec. Sept. 28a
Gillette Safety Razor (guar.)
$2
Nov.30 Holders of reo. Nov. 1
Extra
Nov.30 Holders of reo. Nov. 1
$1
Globe 011 (monthly)
5134c Oct. 10 *Holders of reo. Sept.20
Gold & Stock Telegraph (guar.)
13-4 Oct. 1 Holders of rec. Sept. 30a
Goodrich (B. F.) Co., common (quar.)
Nov. 15 Holders of reo. Nov. 50
Preferred (guar.)
134 Oct. 1 Holders of reo. Sept. 200
Goodyear Tire Sc Rubber, pref. (guar.)- 134 Oct. 1 Sept. 16 to Sept. 30
Goulds Mfg.,common (guar.)
134 Oct. 1 Holders of rec. Sept. 20
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 20
Gorham Mfg., pref. (guar.)
. 134 Oct. 1 Holders of rec. Sept. 230
Granby Cons. Min.,Sm.Sc Pow.(guar.) 24 Nov. 1 Holders of rec. Oct. 18a
Grasselli Chemical common (guar.)._
14 Sept. 30 Holders of reo. Sept. 15a
Common (extra)
2
Sept.30 Holders of rec. Sept. 15a
Preferred (guar.)
13-4 Sept.30 Holders of rec. Sept. 15a
Great Lakes Towing,common (guar.).- 14 Sept.30 Sept. 16 to Sept.30
Preferred (guar.)
134 Oct. 1 Sept. 19 to Oct. 1
Great Lakes Transit, corn.(in L. L. Bds.)_ *f$2
*Holders of rec. Sept.26
*134
Preferred (quar.)
*Holders of rec. Sept. 26
Great Western Sugar, common (guar.). 134 Oct. 2 Holders of rec. Sept. 15a
Common (special)
10
Oct. 2 Holders of rec. Sept. 15a
Preferred (guar.)
1% Oct. 2 Holders of rec. Sept. 15a
Guantanamo Sugar (guar.)
$1.25 Sept.30 Holders of rec. Sept. 17a
Gulf States Steel, common (guar.)
234 Oct. 1 Holders of rec. Sept. 16a
First preferred (guar.)
1% Oct. 1 Holders of rec. Sept. 166
Second preferred (guar.)
14 Oct. 1 Holders of rec. Sept. 16a
Harbison-Walker Refract., pref. (guar.) 14 Oct. 19 Holders of rec. Oct. On
Harrisburg Light de Power, pref.(guar.)_ _
75c. Sept. 30 Holders of rec. Sept. 18a
Hart, Schaffner Sc Marx,Inc., pt.(qu.)_
Sept.30 Holders of reo. Sept. lfla
Hartford City G. L.,corn. Sc pro!.(qu.). 50e. Sept.30 Sept.15 to Sept.30
Haskell Sc Barker Car (guar.)
Oct. 1 Holders of rec. Sept. 23a
$1
Haverhill Gas Light (guar.) (No. 91)..$1.12 %Oct.' Holders of rec. Sept. 25a
Helme (Geo. W.) Co., common (qu.)_ _ _
2% Oct. 1 Holders of rec. Sept. 13a
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 13a
Hendee Mfg., pref. (guar.) (No. 20)_ _
134 Oct. 1 Holders of reo. Sept. 20
Howe Scale, common (guar.)
1
Oct. 1 Holders of rec. Sept. 24
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept.24
Howe Sound Co. (guar.)
Sc. Oct. 15 Holders of rec. Oct. 1
Huntington Develop. & Gas, pref.(qu.)—
14 Oct. 1 Holders of rec. Sept. 25
Hupp Motor Car, pref. (qu.)(No. 12)-13•4 Oct. 1 Holders of rec. Sept.20
Imperial Tobacco of Canada. Ltd., pf.
-- 3
Sept.30
Indiana Coke & Gas, corn.(guar.)
14 Oct. 1 Sept. 21 to Sept. 30
First preferred (guar.)
1% Oct. 1 Sept. 21 to Sept. 30
Second preferred (guar.)
1% Oct. 1 Sept. 21 to Sept. 30
Indiana Pipe Line (guar.)
$2 Nov. 15 Holders of reo. Oct. 23
Indianap. Water-Works Securities, pref. 34 Oct. 1 Sept.21 to Sept. 30
Inspiration Consol. Copper Co.(quar.)_ _ _ $2
Oct. 28 Holders of rec. Oct. 11
Interlake Steamship (guar.)
2
Oct. 1 Holders of rec. Sept. 160
Extra
2
Oct. 1 Holders of rec. Sept. 16a
Int. Agricultural Corp., pref. (guar.)_ Oct. 15 Holders of rec. Oct. 7a
Inter. Button Hole Sewing Mach.(guar.). 1
Oct. 15 Holders of reo. Oct. 1
International Banking Corporation
3
Oct. 1 Sept.21 to Sept.30
Int. Harvester (new company), com.(quar) 14 Oct. 25 Holders of rec. Oct. 10
International Paper, pref. (guar.)
14 Oct. 15 Holders of reo. Oct. 7
International Salt (guar.)
154 Oct. 1 Holders of rec. Sept. 14a
International Silver, preferred (guar.)._ 14 Oct. 1 Holders of rec. Sept. 17
Island Creek Coal, corn. <S, pref. (qu.)_ _ $1.50 Oct. 1 Holders of rec. Sept. 27a
Jewel Tea, Inc., preferred (guar.)
134 Oct. 1 Holders of rec. Sept.20a
Kansas Gas Sc Elec., pref. (guar.)
1% Oct. 1 Holders of rec. Sept.21
Kaufinann Dept. Stores, pref. (guar.)-- 14 Oct. 1 Holders of rec. Sept. 20
Kayser (Julius) & Co., corn.(guar.)_ _ _
Oct. 1 Holders of reo. Sept. 200
2
First and second preferred (quar.)_ _ _
134 Nov. 1 Holders of roe. Oct. 21a
Kelly-Springfield Tire, pref. (guar.). _
134 Oct. 1 Holders of reo. Sept. 16a
3.4 Oct. 1 *Holders of rec. Sept. 26
Kelsey Co., common (guar.)
Preferred (guar.)
13-4 Oct. 1 *Holders of rec. Sept. 26
Kennecott Copper Corporation (guar.). $1
Sept.30 Holders of roe. Sept. On
Keystone Tire Sc Rubber, corn. (guar.). 30e. Oct. 1 Holders of rec. Sept. 20
Preferred (guar.)
200. Oct. 1 Holders of rec. Sept. 20
Preferred (extra)
3 1-3e. Oct. 1 Holders of rec. Sept. 20
Kirschbaum (A. B.) Co., pref. (guar.). 134 Oct. 1 Holders of rec. Sept. 20a
Kolb Bakery, pref.(guar.)(No.27)_ _
154 Oct. 1 Holders of rec. Sept.21
Kresge (S. S.) Co., pref. (quar.)
134 Oct. 1 Holders of rec. Sept. 140
Kress (S. II.) Sc Co., corn. (guar.)
Nov. 1 Holders of rec. Oct. 19a
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 20a
La Belle Iron Works, corn.(guar.)
Sept.30 Holders of rec. Sept. 16
Common (extra)
2
Sept.30 Holders of roe. Sept. 10
Preferred (guar.)
2
Sept. 30 Holders of rec. Sept. 16
Lackawanna Steel (guar.)
14 Sept.30 Holders of rec. Sept. 10a
Laurentide Co., Ltd.(guar.)
24 Oct. 1 Holders of rec. Sept.24
Lawyers Mortgage (guar.)(No.68)---- 2
Oct. 1 Holders of rec. Sept.20
Lehigh Valley Coal Sales
$2 Oct. 1 Holders of reo. Sept.19
Library Bureau, common (guar.)
1
Oct. 1 Sept.21 to Sept.30
Preferred (guar.)
2
Oct. 1 Sept.21 to Sept.30
Liggett Sc Myers Tobacco, pref. (guar.) 13.4 Oct. 1 Holders of roe. Sept. 16a
Locomodile Co.of America. pref.(quar.)_ _
13-4 Oct. 1 Holders of rec. Sept. 28
Lone Star Gas (guar.)
Sept.30 Holders of rec. Sept. 21a
Loose-Wiles Biscuit, 1st pref. (quar.)_
1% Oct. 1 Holders of roe. Sept. 200
Lorillard (P.) Co., common (guar.)
3
Oct. 1 Holders of rec. Sept. 14a
Preferred (guar.)
13-4 Oct. 1 Holders of rec. Sept. 14a
MacAndrews Sc Forbes, corn. (quar.)... 24 Oct. 15 Holders of rec. Sept.30a
Preferred (guar.)
134 Oct. 15 Holders of rec. Sept.30a
Mackay Companies, corn.(qu.)(No.53) 14 Oct. 1 Holders of roe. Sept. 7a
Preferred (guar.)(No.59).
Oct. 1 Holders of rec. Sept. 7a
1
Magma Copper (guar.)
50o Sept.30 Holders of rec. Sept. 6
Magor Car Corp., common (quar.)_ _ _ _
$1 Sept.30 Sept.26 to Sept. 30
Common (extra)
$2 Sept.30 Sept.26 to Sept.30
Preferred A (guar.)
Sept.30 Sept. 26 to Sept.30
2
Preferred (guar.)
134 Sept.30 Sept.26 to Sept.30
Manati Sugar. preferred (guar.)
1% Oct. 1 Holders of rec. Sept. 14
Manhattan Electrical Supply, com.(qu.) 1
Oct. 1 Holders of roe. Sept.20a
First & second preferred (guar.)
1.4 Oct. 1 Holders of rec. Sept.20a
Manhattan Shirt, pref. (quar.)
1% Oct. 1 Holders of roe. Sept.20a
Manning, Maxwell Sc Moore. Inc.(qu.) 134 Sept.30 Holders of rec. Sept. 300
Manufacturers' Lt. & Ht., PiUsb. (qu.)_ _
Oct. 15 Holders of rec. Sept. 30a
Maple Leaf Milling, Ltd., corn.(quar.)_ _ _ *24 Oct. 18 *Holders of rec. Oct. 3
Common (extra)
Oct. 18 *Holders of reo. Oct. 3
*um
Preferred (guar.)
Oct. 18 *Holders of reo. Oct. 3

1265

THE CHRONICLE

SEPT. 28 1918.]
Per
When
Cent. Payable.

Name of Company.

Books Closed.
Days Inclusive.

Name of Company.

Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

Miscellaneous (Concluded).
Miscellaneous (Continued).
Oct. 10 Holders of rec. Sept.26
Shawinigan Water Sc Power (guar.)._
Nov. 1 *Holders of rec. Oct. 15
__
Massachusetts Gas Cos., cam.(guar
Sept.28 Holders of rec. Sept.15
114 Oct. 15 Holders of rec. Sept 25a Sherwin-Willia.ms Co.of Can., pref.(qu.)
Massachusetts Lighting Cos., pf. (qu.)_
2
Oct. 1 Sept.21 to Oct. 1
75c. Oct. 1 Holders of rec. Sept. 20a Shredded Wheat Co., cam.(guar.)
Mathieson Alkali Works, corn. (guar.)_
Oct. 1 Sept.21 to Oct. 1
(guar.)
Preferred
134
20a
Sept.
rec.
of
Holders
1
1% Oct.
Preferred (guar.)
Oct. 1 Holders of rec. Sept. I9a
1% Oct. 1 Holders of rec. Sept.20a Sloss-Sheffteld Steel dr Iron, pref.(qu.).
May Department Stores, pref.(guar.)._
Oct. 15 Holders of rec. Oct. 10
Paper Mills,Ltd.,pf.(gu.)
(Howard)
10
Smith
Sept.
rec.
of
Holders
1
Oct.
_
(quar.)_
pi%
pref.
1st
Inc.,
Motor,
Maxwell
Sept.30 Sept. 13 to Sept.30
5
South Penn Oil (guar.)
13 Oct. 1 Sept.21 to Sept.30
McCrory Stores Corp., pref.(quar.)Oct. 1 Holders of rec. Sept. 14a
Sept.30 Holders of rec. Sept.26a South Porto Rico Sugar, common (qu.) p5
Merchants Despatch Transportation (qu.)_ 5
(guar.)
Oct. 1 Holders of rec. Sept. 14a
2
Preferred
20
Sept.
rec.
of
*Holders
1
Oct.
_
5p114
(gu.)__
Merchants' Public Utilities, pref.
Oct. 1 Holders of rec. Sept. 16
4a South West Pennsylv. Pipe Lines (qu.)_ 3
Mergenthaler Linotype (guar.)(No. 91) 214 Sept.30 Holders of rec. Sept. 14a
Oct. 1 Holders of rec. Sept. 16a
Southwestern Cities El. Co., pref.(qu.)_
Oct. 10 Holders of rec. Sept.
1
Mexican Petroleum, common (quar.)_ _ _
(guar.)
pref.
2
Oct. 1 Holders of rec. Sept.20
Corp.
Mfg.
14a
Spicer
Sept.
rec.
of
Holders
10
Oct.
Common (payable in Lib. Loan bonds) il
1
Oct. 1 Holders of rec. Sept. 15a
Oct. 1 Holders of rec. Sept. 14a Standard 011 Cloth, corn. (guar.)
2
Preferred (quar.)
2
(extra)
Oct. 1 Holders of rec. Sept. lba
5a
Common
of
Oct.
rec.
*Holders
15
Oct.
*234
(guar.)
Mexican Telegraph
(guar.)
B
Sc
A
Class
Oct. 1 Holders of reo. Sept. 154
Preferred
15
Sept.
rec.
of
Holders
15e Oct. 1
Michigan Drop Forge, corn. (monthly)_
3
Oct. 1 Sept. 17 to Oct. 1
Standard 011 (Kentucky) (quar.)
1( Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
3
Oct. 1 Aug. 31 to Sept.18
(Ohio)
(guar.)
16a
011
of
Sept.
Standard
rec.
Holders
1
Oct.
134
Michigan Light, pref. (guar.)
1
Oct. 1 Aug. 31 to Sept.18
of rec. Sept. 23a
Extra
Michigan State Telep., pref. (guar.).- 134 Sept.30 Holders of
154 Oct. 1 Sept.21 to Sept.30
(guar.)
1
Oct.
preferred
Standard
rec.
Parts,
*Holders
20
Oct.
52e.
(guar.)
Oil
Midwest
6
Oct. 1 Holders of rec. Sept.14
Standard Screw, common (guar.)
Nov. 1 *Holders of rec. Oct. 11
*$2
Mohawk Mining (guar.)
75e. Oct. 1 Holders of rec. Sept.14
IV Oct. 1 Holders of rec. Sept. 14a Stromberg Carburetor (guar.)
Montana Power, corn. (qu.)(No. 24)
Oct.
1 Holders of rec. Sept.14
25c.
14a
rec.
of
Holders
Sept.
1
Extra
Oct.
134
Preferred (guar.)(No. 24)
of rec. Sept. 20a Stutz Motor Car of America (guar.)._ _ $1.25 Oct. 1 Holders of rec. Sept. 16a
Montgomery, Ward & Co., pref. (guar.) 134 Oct. 1 Holders
Oct. 15 Holders of rec. Sept. 30a Subway Realty (guar.)
114 Oct. 1 Holders of rec. Sept.20a
2
Montreal Telegraph (guar.)
114 Nov. 1 Holders of rec. Oct. 15
V Oct. 15 Holders of rec. Sept. 30a Superior Steel, common (quar.)
Bonus
Nov. 15 Holders of rec. Nov. 1
2
114 Sept.30 Holders of rec. Sept.23
First and second preferred (guar.)
Mortgage-Bond Co.(guar.)
214 Nov. 1 Holders of rec. Oct. 1
134 Oct. 15 Holders of rec. Sept. 30a Swan & Finch Co
Mountain States Telep.& Teleg.(guar.)_ _
1 Holders of roe. Aug. 31
2
Oct.
1
of
Oct.
14a
131)
rec.
(guar.)
Sept.
(No.
Holders
Co.
Swift
&
$1
(guar.)
Narragansett Electrie Ltg.,
Oct. 1 Sept.25 to Sept.30
*114 Oct. 1 *Holders of roe. Sept. 20
Taylor-Wharton Iron cfc Steel, corn.(guar.) 2
Nat. Aniline & Chem., pref. (quar.)234 Sept.30 Holders of rec. Sept.120
National Biscuit, corn. (guar.) (No. 81) 1% Oct. 15 Holders of roe. Sept.30a Texas Company (guar.)
134 Sept.30 Oct. 1 to Oct. 4
154 Sept.30 Holders of roe. Sept.19a
Texas Pacific Coal Sc 011 (guar.)
National Casket (guar.)
5
Oct. 30 Holders of rec. Oct. 190
lv Oct. 15 Holders of rec. Oct. 8a
Extra
Nat.Cloak & Suit, corn.(qu.)(No.7)
4
Oct. 1 Holders of roe. Sept.21
134 Sept. 30 Holders of rec. Sept. 10a Thompson-Starrett Co.. preferred
Nat. Enam.& Stamping, pref. (quar.)_
Sept.
30 Holders of roe. Sept. 140
2
15
Oct.
(guar.)
Oil
*
30a
rec.
of
Sept.
*Holders
Water
Tide
234
National Fuel Gas (guar.)
3
Sept.30 Holders of rec. Sept.14a
Oct. 1 *Holders of rec. Sept. 16
Extra
National Glue, corn. & pref. (guar.)._ _ *2
1 Holders of rec. Sept.170
(guar.)._
Oct.
pref.
2
Corp.
Oct.
21
1
to
Oct.
Sept.
1
Products
Tobacco
(guar.)
common
Grocer,
National
50. Sept.30 Sept.10 to Sept.20
114 Sept.30 Holders of roe. Sept. 13a Tonopah Extension Mining
National Lead, common (guar.)
150. Oct. 21 Oct. 1 to Oct. 6
Tonopah Mining of Nevada (guar.)
National Licorice, pref. (qu.)(No. 65). iv Sept.30 Holders of rec. Sept.23
75e Oct. 1 Holders of rec. Sept.21a
Torrington Co. of Maine, corn.(guar.).
National Light, Heat & Power, pl. (qu.)_ •134 Oct. 1 *Holders of rec. Sept. 26
25c Oct. 1 Holders of rec. Sept.21a
*2
Oct. 15 *Holders of rec. Oct. 1
Common (extra)
National 011, pref. (quar.)
2
Oct. 15 Holders of rec. Sept. 30a Transue Sc Williams Steel Forg.(guar.). $1.25 Oct. 15 Holders of rec. Sept.30a
National Paper & Type, corn. (guar.)
Oct. 1 Sept.21 to Sept.30
(guar.)
Oct.
common
15
of
Holders
Steel,
303
rec.
Sept.
13-4
Trumbull
134
Preferred (quar.)
2
)
Oct. 1 Holders of rec. Sept.14a
e turazz?.
(
234 Oct. 1 Sept.21 to Sept.30
Common(
National Refining, pref. (guar.)
Oct. 1 Sept.21 to Sept.30
134
Oct.
2
of
Holders
9
rec.
Sept.
Preferred
(guar.)
Refining
Sugar
National
154 Oct. 15 Holders of rec. Sept.30
3
Oct, 1 Holders of rec. Sept. 20a
Tuckett Tobacco, Ltd., preferred (guar.)_ _
National Surety (guar.)
$1.50 Oct. 1 Holders of rec. Sept. 21a Undeertw
ed Typewriter,common (quar.) 114 Oct. 1 Holders of re°. Sept. 1611
ood
err
National Tool, common (guar.)
134 Oct. 1 Holders of rec. Sept.21a
114 Oct. 1 Holders of rec. Sept. 160
Preferred
Preferred (guar.)
Oct. 1 Sept.21 to Sept.30
2
75e. Sept.30 Holders of rec. Sept. 18a Union Carbide (guar.)
Nevada Consolidated Copper (guar.)._
21.25 Oct': 1 Holders of rec. Sept. 100
134 Sept. 30 Holders of reo. Sept. 18
Union Carbide & Carbon (quar.)••
New England Telep. & Teleg. (quar.)_ _
Oct. 15 Holders of rec. Sept.30a
(guar.)
_
Corporation
Gas
50c.
254
24a
rec.
Natural
(quar.)_
of
Sept.
Oct.
1
Holders
Union
New Idria Quicksilver Min.
Oct. 1 Holders of rec. Sept. 16a
134 Oct. 1 Holders of rec. Sept.21
United Drug, corp.(guar.)(No.7)
Now York Title Sc Mortgage (guar.)_ _ _
Nov. 1 Holders of rec. Oct. 15
8714e.
4
(guar.)
21
preferred
15
roe.
of
Holders
Sept.
First
Oct.
(guar.)
Transit
Now York
13-4 Dec. 2 Holders of rec. Nov. 15
2
Oct. 1 Holders of roe. Sept. 14a
Second preferred (guar.)
Niagara Falls Power (guar.)
134 Oct. 1 Holders of rec. Sept. 140
3
Oct. 1 Holders of rec. Sept. 14a United Dyewood, corn. (guar.)(No. 8)_
Extra
1% Oct. 1 Holders of rec. Sept.14a
25e. Oct. 21 Oct. 1 to Oct. 17
Preferred (guar.)(No. 8)
Nipissing Mines Co., Ltd.(guar.)
Oct. 15 Holders of rec. Sept.20a
2
25c. Oct..21 Oct. 1 to Oct. 17
United Fruit (guar.) (No. 77)
Extra
Oct. 15 Holders of rec. Sept.30a
(guar.)
16a
Improvement
$1
lv,
of
58)
Sept.
Gas
rec.
(No.
Holders
Oct.
1
United
(guar.)
Co.
American
North
15 Holders of roe. Oct. la
Oct.
134
ha
(quar.).._
preferred
25e. • Oct. 28 Holders of rec. Oct.
United Paperboard,
North Butte Mining (qu.)(No.48)
50c. Oct. 5 Holders of rec.. Sept.17
United Shoe Machinery. COM.(quar.)..
Northern Slates Power, preferred (guar.)._ *134 Oct. 21 *Holders of roe. Sept. 30
V
37
Oct.
5 Holders of roe. Sept.17
c
14)
25
1
(No.
to
(guar.)
134
Sept.
Sept.30
Preferred
Oct.
(qu.)
Pref.
Electric,
Northwest
114 Oct. 15 Holders of rec. Sept. 30a United Utilities, preferred (guar.)
134 Oct. 1 Holders of rec. Sept.240
Nova Scotia Steel & Coal, Ltd., ord.(qu.)_
50c. Nov. 1 Holders of rec. Oct. 30
Oct. 15 Holders of rec. Sept.30a United Verde Extension Mining (guar.)
2
• Preferred (guar.)
25e. Nov. 1 Holders of rec. Oct. 3a
Oct. 1 Holders of rec. Sept. 27a
Extra
Ogilvie Flour Mills, Ltd., corn. (guar.)_ _ _ 3
134 Sept. 30 Sept. 12 to Sept.30
15
Oct. 1 Holders of rec. Sept.27a U.S. Bobbin Sc Shuttle,com.(quar.) _
Common (bonus)
Sept. 30 Sept. 12 to'• Sept. 30
5
134 Oct. 1 Holders of rec. Sept. 14a
Common (extra)
Ohio Cities Gas, preferred (guar.)
114 Sept. 30 Sept. 12 to Sept.30
Preferred (guar.)
6254c Oct. 15 Holders of rec. Sept d30a
Ohio Fuel Supply (guar.)
114 Sept.30 Holders of roe. Sept. 15a
*111 Oct. 1 *Holders of rec. Sept. 23
U. S. Gypsum, pref. (guar.)
Ohio Leather, common (guar.)
Oct. 15 Holders of rec. Sept.30a
*134 Oct. 1 *Holders of rec. Sept.23
U. S. Industrial-Alcohol, pref. (guar.).
Preferred (guar.)
*3
Oct. 1 *Holders of rec. Sept. 24
$1.25 Sept.30 Aug. 31 to Sept.23
U.S. Playing Card (quar.)
Ohio 011 (guar.)
*15
Oct. 1 *Holders of rec. Sept. 24
$4.75 Sept.30 Aug. 31 to Sept.23
Special (payable in 2d L.L. bonds)_
Extra
1% Oct. 1 Holders of rec. Sept.200 U.S. Smelt., Ref. & Mining,corn.(guar.) 41.25 Oct. 15 *Holders of rec. Oct. 4
Ohio State Telep., pref.(guar.)
58710 Oct. 15 *Holders of rec. Oct. 4
Preferred (guar.)
Oklahoma Prod. & Refining (quar.)_ _ _ 1254o. Sept.30 Holders of rec. Sept. 18
10c. Nov. 1 Holders of rec. Oct. 18
$1
Sept.30 Holders of rec. Sept. 17a U.S. Steamship (bi-monthly)
Old Dominion Co. (guar.)
5c. Nov. 1 Holders of rec. Oct. 18
50c. Oct. 5 Holders of roe. Sept. 20a
Extra
Ontario Silver Mining (guar.)
154 Sept.28 Aug. 31 to Sept. 3
U. S. Steel Corporation, corn. (quar.)_
134 Oct. 15 Holders of roe. Sept.30
Otis Elevator, common (guar.)
3
Sept.28 Aug. 31 to Sept. 3
Common (extra)
134 Oct. 15 Holders of roe. Sept.30
Preferred (guar.)
25c. Sept.30 Holders of rec. Sept.21
1
Oct. 1 Holders of rec. Sept. 15a Utah Consolidated Mining (guar.)
Ottawa Car Mfg. (guar.)
$2.50 Sept.30 Holders of rec. Sept.18a
I% Oct. 1 Holders of rec. Sept. 20a Utah Copper (guar.)
Ottawa Light, Heat & Pow., Ltd.(qu.)_
g134 Oct. 1 Holders of rec. Sept.200
Owens Bottle-Machine, common (guar.) 75e. Oct. 1 Holders of rec. Sept. 21a Utah Gas & Coke, preferred (quar.)
3
Oct. 31 Holders of rec. Oct. 15
Oct. 1 Holders of roe. Sept. 21a
Vacuum 011
Common (pay. in 4J% Lib. L. bds.) m2
2
Oct. 31 Holders of rec. Oct. 15
114 Oct. 1 Holders of roe. Sept. 2Ia
Extra
Preferred (Minn)
5
Oct. 15 Oct. 1 to Oct. 5
(guar.)._
15
corn.
(guar.)
Oct.
Machine,
to
1
pref.
Oct.
15
Talking
Teleg.,
Oct.
Victor
&
I%
Telep.
Pacific
Oct. 15 Oct. 1 to Oct. 5
Preferred (guar.)
I% Oct. 1 Holders of roe. Sept. 26
Panama Power de U.Corp., pref.(gu.)..._
Pan-Amer. Petrol. & Transp., corn.(qu.) 623-4c Oct. 10 Holders of rec. Sept. 14a Virginia-Carolina ChemicalOct. 1 Holders of roe. Sept.164
Com.(extra pay'le in 451% L. L. bc18) 12
Common (payable in Lib. Loan bonds) 16210. Oct. 10 Holders of roe. Sept. 14a
Nov. 1 Holders of rec. Oct. 15a
Va.-Carolina Chem.,corn. (qu.) (No. 45) 1
154 Oct. 1 Holders of ree. Sept. 14a
Preferred (guar.)
2
Oat. 15 Holders of rec. Oct. 7a
92)
(No.
5
rec.
154
of
Nov.
Holders
15
(guar.)
Nov.
corn.
(quar.)
Preferred
Limited,
Penmans,
750. Oct. I Holders of rec. Sept.23
Warren Brothers Co.,first pref.(guar.)_ _
I% Nov. 1 Holders of rec. Oct. 21
Preferred (guar)
87 V c. Oct. 1 Holders of rec. Sept.23
*15-4 Sept.30 *Holders of rec. Sept. 15
Second preferred (quar.)
Pennsylvania Rubber, corn.(guar.)
Sept.30 *Holders•af rec. Sept.20
*134 Sept.30 *Holders of rec. Sept. 15
*6
Washburn Wire, common (guar.)
Preferred (guar.)
Sept.30 *Holders of rec. Sept.20
$1.25 Oct. 15 Holders of rec. Sept. 30
Preferred (guar.)
Pennsylvania Salt Mfg
Oct. 1 *Holders of roe. Sept.20
(qu.)
*2
19a
corn.
Lt.,
of
Sept.
rec.
Sc
Holders
Power
1
Kootenay
Oct.
West
&
Pow.(qu.)(No.19)
Water
I%
Pennsylvania
Oct. 1 *Holders of roe. Sept.20
of
19a
rec.
114
Sept.
Oct. 1 Holders
Preferred (guar.)
Pettibone, Mulliken&Co.,1st&Mpf.(qu)
$2.50 Sept.30 Holders of rec. Sept.21a
254 Sept.30 Holders of roe. Sept. 18a WesteefrenrrEec
edl (tgruica,rsommon (guar.)
Phelps Dodge Corporation.(guar.)
Sept.30 Holders of rec. Sept.21a
134
18
rec.
334
of
Holders
Sept.
Sept.30
Preferred
Extra
1
Oct. 15 Holders of rec. Sept. 30a
1Vesiern Power Corp., pref. (quar.)
Sept.30 Holders of roe. Sept.18
Extra (payable in L.L.4 % bonds).... m2
Oct. 15 Holders of rec. Sept.200
2
Oct. 1 Holders of rec. Sept. 16a Western Union Tel. (guar.)(No. 198)Pierce-Arrow Motor Car, pref.(guar.)
c.
V
87
Oct. 31 Holders of rec. Oct. 4
(guar.)
cam.
Mfg.,
rec.
of
de
15
Elec.
Holders
Oct.
.)--Westinghouse
$1.25 Nov. I
Pierce-Arrow Motor Car,corn.(guar
873-4c. Oct. 15 Holders of rec. Oct. 4
114 Oct. 25 Holders of rec. Oct. 10a
Preferred (pear.)
Pittsb. Coal ofPa.,corn.(guar.)
$1.25 Oct. 1 Sept. 18 to Oct. 1
134 Oct. 25 Holders of rec Oct. 10a Westmoreland Coal (guar.)
Preferred (guar.)
134 Oct. 25 Holders of rec. Oct. 10a
Extra (pay. in 3(1 4v% L. L. bonds). i$1.25 Oct. 1 Sept. 18 to Oct. 1
M.O.Coal of N.J., pref.(guar.)
Oct. 1 Holders of rec. Sept. 160
ft°
154 Oct. 1 Sept. 15 to Oct. 1
Weyman-Bruton Co., common
Pittsburgh Plate Glass. common (guar.)
Oct. 1 Holders of rec. Sept. 16a
1
Jan. 1 Dee. 21 to Jan. 1
Weyman-Bruton Co., pref. (quar.)___ _
Pittsburgh Rolls Corp., common
Nov. 1 Oct. 22 to Nov. 1
134 Oct. 1 Holders of roe. Sept. 30
Preferred (guar.)
Wheeling Mould & Fdy., corn. (guar.).... 1
3
Nov. 1 Oct. 22 to Nov. 1
50e. Oct. 1 Holders of roe. Sept. 27a
Common (extra)
Pond Creek Coal (guar.)
Oct. 1 Sept.22 to Oct. 1
2
3
Oct. 31 Holders of roe. Sept. 300
Preferred (guar.)
Prairie 011 & Gas (guar.)
2
Oct. 1 Sept. 18 to Oct. 1
2
Oct. 31 Holders of rec. Sept. 30a Wheeling Steel & Iron (guar.)
Extra
Oct. 1 Sept. 18 to Oct. 1
1
5
Oct. 31 Holders of rec. Sept.300
Prairie Pipe Line (guar.)
Extra
Sept.30 Holders of rec. Sept.16a
$1
2
Oct. 1 Sept. 15 to Sept.30
Price Bros. & Co., Ltd. (guar.)
White Motor (guar.)
Oct. 1 Holders of rec. Sept.200
2
Oct. 12 Sept.22 to Oct. 9
Willys-Overland, pref. (guar.)
Procter & Gamble, pref. (guar.)
IV Oct. 1 Holders of rec. Sept.24a
$1
Sept.30 Holders of rec. Sept. 25a
Providence 7'elephone (guar.)
Wilson Sc Co., preferred (guar.)
Oct. 1 Holders of rec. Sept. 140
$1
1
Oct. 1 Holders of rec. Sept.15
Provincial Paper Mills, Ltd.,com.(qu.)_
Wolverine Copper Mining (guar.)
Oct. 1 *Holders of rec. Sept.24
Woods Manufacturing, pref. (guar.)
We Preferred (guar.)
134 Oct. 1 Holders of roe. Sept.15
Oct. 1 Holders of rec. Sept. 10
134 Oct. 1 Holders of rec. Sept. 15
Woolworth (F. W.) Co., pref. (quar.)_ _
Public Utilities Corp., pref. (guar.).
3
Oct. 15 Holders of rec. Oct. la Worthington Pump Sc Mach.,pf.A(qu.).. 134 Oct. 1 Holders of rec. Sept.20a
Quaker Oats, common (guar.)
111 Oct. 1 Holders of rec. Sept.200
1
Oct. 15 Holders of rec. Oct. la
Preferred B (guar.)
Common (special)
IA Nov.30 Holders of rec. Nov. la Yale Sc Towne Mfg. (guar.)(NO.97)._. 234 Oct. 1 Holders of roe. Sept.23
Preferred (guar.)
Oct. 10 Holders of rec. Oct. 1
5
$2
Sept.30 Holders of ree. Sept. Sc YaleSc Twone Mfg., corn. (special)
Quincy Mining (guar.)
234 Oct. 1 Holders of rec. Sept.200
154 Sept.30 Holders of tee. Sept. 16a Young (J. S.) Co.,common (gear.)
Railway Steel-Spring, common (guar.)._
Oct. 1 Holders of rec. Sept.200
(quar.)
18a
rec.
of
Sept.
Holders
Copper
(gear.)
Sept.30
75e.
Preferred
Ray Consolidated
Oct. 1 Sept.21 to Sept.30
2
Youngstown Sheet Sc Tube, corn.
154 Oct. 1 Holders of rec. Sept.20
Regal Shoe, pref. (guar.) (No. 95)___ _
3
Oct. 1 Sept.21 to Sept.30
25e. Oct. 1 Holders of rec. Sept. 14a
Common (extra)
Boo Motor Car, common (guar.)
Oct. 1 Sept.21 to Sept.30
Preferred (quar.)
Reece-Button Hole Mach.(guar.)(No.130) 30e. Oct. 15 Holders of rec. Oct. 1
Sept.30 Sept. 7 to Sept. 8
100. Oct. 15 Holders of rec. Oct. 1
Yukon Alaska Trust (guar.)
Reece Folding Mach., (guar.) (No. 38)
16a
Oct.
8)...
114
rec.
of
Holders
Nov.
1
com.(qu.)(No.
Republic Iron & St.,
134 Oct. 1 Holders of roe. Sept. 18a
•From unofficial sources. a Transfer books not closed for this dividend. b Less
tia, Preferred (guar.) (No. 60)
Oct. 1 .Holders of rec. Sept.20
British income tax. d Correction. e Payable in stock. f Payable in common
Reynolds (It. J.)Tobacco,corn.(quar.). 03
roe.
20
of
Sept.
Oct.
1
Holders
g3
stock. g Payable in scrip. h On account of accumulated dividends. 4 Payable in
Common, Class B (guar.)
114 Oct. 1 Holders of rec. Sept.20
Liberty Loan bonds. 1 Red Cross dividend. m Payable in U. S. Liberty Loan
Preferred (guar.)
114 Sept.30 Holders of rec. Sept. 25
414% bonds. n Transfers received in London on or before Sept. 7 will be in time
Riordon Pulp 4,Paper,Ltd., pref.(qu.)
2
Sept.30 Holders of rec. Sept. 143 to be passed for payment of dividend to transferees. Specialists in the stock have
Royal Baking Powder, coin.(guar.)
134 Sept.30 Holders of rec. Sept. 14a agreed that it shall sell ex-dividend in this city Aug. 26. o Declared 7% payable in
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 14a quarterly installments of
% each on Nov. 1 1918, Feb. 1, May 1 and Aug. 1
Safety Car Heating & Lighting(mum)._
2
Sept.30 Sept.21 to Sept.30
1919, to holders of record on Oct. 15 1918, Jan. 15 1919, April 15 1919 and July 15
St. Joseph Stock Yards (guar.)
1
(qu.)
Oct.
10
in stock of Old Cominion Iron Sc Steel Corp. at rate
30a
Payable
corn.
of
Sept.
rec.
p
Holders
Co.,
Pao.
respectively.
&
Mt.
1019,
Rocky
L.
St.
St. Louis Rocky Mt.& Pao.Co.,pf.(qu.) 154 Sept.30 Holders of ree. Sept.20
of one share of Old Dominion Iron Sc Steel Corp., par value $3, for each share of
15e. Sept.30 Holders of roe. Sept. 14
Virginia Ry. Sc Nay, common gtock.
Savoy Oil (guar.)
8 Payable as soon as certificates for new L. L. bonds are issued.
Sears Roebuck & Co., prof. ((Par.).-- 134 Oct. 1 Holders of roe. Sept. 1.1a
money from the
$1
Oct. 10
Sharon Steel Hoop (guar.)
t Payment of dividend contingent upon the receipt of sufficient
250. Oct. 19 Holders of rec. Sept. 30a U.S. Government. r The New York Stock Exchange has ruled that stock will not
Shattuck-Arizona Copper (guar.)
notice.
until
further
not
and
date
25e. Oct. 19 Holders of rec. Sept. 300 be quoted ex-dividend on this
• Capital distribution (guar.)




.)_

134
134

*13

134
114

114

134

134

134

114

134

134

*13-(
*114

134

114

134

*134
134

134

134
$1

134

•

THE CHRONICLE

1266

[Void. 107.

Member Banks of the Federal Reserve System.-Following is the weekly statement issued by the Federal Reserver
Board giving the principal items of the resources and liabilities of the Member Banks. Definitions of the different items contained in the statement were given in the weekly statement issued under date of Dec. 14 1917 and which was published in the
"Chronicle" of Dec. 29 1917, page 2523.
STATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMS OF MEMBER BANKS LOCATED IN CENTRAL RESERVE
AND OTHER SELEVTED CITIES AS AT CLOSE OF BUSINESS SEPTEMBER 13 1913.
Large withdrawals of Government deposits accompanied by substantial increases in demand deposits are indicated in the Board's weekly statement showing condition on Sept. 13 of 734 member banks in leading cities:
Treasury certificates on hand were 28.4 millions ess than the week before, while U. S. bonds, other than circulation bonds, fell off 16.8 millions.
For the central reserve cities reductions of 12.1 millions in the holdings of certificates and of 3.1 millions in U. S. bonds are shown. Aggregate loans
secured by U. S. war obligations show an increase for the week fo about 2.2 millions, while other loans and investments went up 4.2 millions. Somewhat larger increases of these two items obtain for the central reserve city banks. Of the total loans and investments the combined ratio of U. S.
war obligations and loans secured by such obligations was 16.4%, as against 16.7 the week previous. For the central reserve city banks thLs ratio.
shows a decline from 16.2 to 15.7%.
Government deposits show a reduction of 174.8 millions, all classes of banks reporting substantial withdrawals of Government funds. Net
deposits, on the other hand, went up 136.7 millions, gains under the latter head being more or less commensurate with reductions in Government
deposits shown. Time deposits show a decrease of 14.4 millions, largely outside of central reserve cities. Reserve balances with the Federal Reserve
banks declined 28.9 millions, a larger decline being shown for the banks in the central reserve cities. Practically no change is seen in the totals of vault
cash.
For all reporting banks the ratio of loans and investments to deposits shows a slight increase from 125.7 to 125.8%. For the central reserve city
banks a rise of this ratio from 116.3 to 116.6% is noted. The ratio of aggregate reserve balances (with the Federal Reserve banks) and cash to deposits
declined from 14.9 to 14.7% for all reporting banks and from 16.2 to 15.7% for the central reserve city banks. "Excess reserves" of all reporting
banks work out at 46 millions as against 88.9 millions the week before. For the central reserve city banks a decline of this item from 68.3 to 29.4
millions is noted.
t. Data for all reporting banks in each district. Two ciphers (00) omitted
New York

Boston.

Member Banks.
Number of reporting banks__

42

Philad& '.7leveland. Richm'd. Atlanta.

102

49

85

77

Chicago. St Louis Ilinneap Fran. Citt

45

97

32

Dallas. San Fran.
Total.
52
734
45
3
$
$
3
$
6,382,0 13,930,0 17,929,0 33,980,0
266,831,0
35

73

$
8
8
$
8
$
8
3
U.8. bonds to secure ciroulat'n 14,352,0
50,503,0 11,492,0 42,410,0 24,251,0 15,465,0
18,461,0 17,678,0
Other U. S. bonds. including
.,lberty bonds11,881,0 217,911,0 26,350,0 48,077,0 27,592,0 21,427,0 49,137,0 14,470,0 10,350,0 13,113,0 14,796,0 26,110,0
479,214,0
U. S. certifs. of Indebtedness... 71,973,0 581,591,0 58,613,0 87,411,0 33,884,0 33,980,0 132.037,0 35,117,0 21,567,0 38,656,0 16,925,0 63,384,01,175,138,0
Total U. S. securities
98,206,0 850,005,0 96,455,0 175,898,0 85,727,070,872,0 199,635,0 67,263,0 38,299,0 65,699,0 49,650,0 123,474,0 1,921,183,0
Loans see. by U.S. bonds, &e. 39,164,0 214,312,0 46,338,0 36,707,0 19,717,0 9,182,0
62,168,0 14,904,0 11,821,0 4,656,05,057,0 8,231,0
472,257,0
All other loans & Investments- 748,121,0 4,316,438,0 605,239,0 974,585,0 366,419,0 298,962,0 1,408,732.0 375,439,0 286,033,0 467,347,0 180,130,0 539,789,0 10,567,234,0
Reserve with Fed. Res. Bank- 67,036,0 601,047,0 57,419,0 84,334,0 29,785,0 25,046,0 140,389,0 34,746,0 19,189,0 45,293,0 16,017,0 42,862,0 1,163,163,0
21,897,0 122,640,0 19,461,0 28,828,0 17,214,0 14,190,0
Cash In vault
57,945,0 11,340,0 7,945,0 17,631,0 11,772,0 22,025,0
352,888,0
Net demand deposits
674,935,0 4,470,056,0 607,810,0 721,956,0 304,779,0 210,609,0 1,053,334,0 266,922,0 179,787,0 388,244,0 148,070,0 401,114,0 9,427,616,0
97,131,0 269,325,0 14,282,0 236,774,0 52,969,0 91,849,0 356,555,0 73,744,0 45,225,0 62,746,0 25,139,0 121,208,0 1,446,947,0
Time deposits
39,510,0 221,657,0 22,795,0 53,132,0 10,337,0 10,369,0
Government deposits
37,542,0 14,188,0 8,970,0 18,267,0 4,230,0
29,0
441,035,0,
J

Oats for banks In each Central Reserve city, banks in ail other Reserve cities and other reporting banks.
New York.

Chicago. St. Louis. Total Central Res. Cities.

Other Reserve Cities.

Sept. 13. Sept. 13.

Sept. 13.

Country Banks.

Total.

Two ciphers (00) omitted.
Sept. 13.
Number of reporting banks-

69

Sept. 6.
69

40

Sept. 13.

14

Sept. 6.

123

123

446

Sept. 6.
447

Sept. 13. Sept. 6.
165

165

Sept. 13.

Sept. 6.

734

735
S
$
$
$
$
8
$
$
$
$
2
8
U.S. bonds to secure circulat'n
36,609,0
38,328,0 1,132,0 '10,578,0
48,317,0
47,774,0 170,273,0 170,584,0 48,241,0 48,241,0 268,831,0
266,599,0
Other U. S. bonds, Including
Liberty bonds
'197,773,0 199,445,0 20,118,0 8,706,0 226,597,0 229,718,0 205,284,0 216,378,0 47,333,0 49,932,0 479,214,0
496,028,0
U.S. certifs. of Indebtedness._ 553,266,0 574,985,0 70,559,0 26,954.0 650,779,0 672,874,0 446,424,0 452,052,0 77,935,0 78,577,0 1,175,138,0 1,203,503,0
787,648,0 810.758,0 91,809,0 46,236,0 925,693,0 950.366,0 821,981,0 839,014,0 173,509,0 176,750,0 1,921,183,0 1,966,130,0
Total U. S. securities
Loans see. by U.S. bonds, &c_ 195,468,0 193,479,0 44,297,0 11.915,0 251,680,0 249,126,0 195,109,0 194,503,0 25,468,0 26,445,0 472,257,0
470,074,0
All other loans & investments_ 3,970,040,0 3,956,509,0 849,835,0 272,583,0 5,092,458,0 5,083,379,0 4,658,038,0 4,649,136,0 816,738.0 830,489,0 10567234,0 10,563,004,0
Reserve with Fed. Res. Bank- 572,886,0 611,230.0 97,566,0 26,062,0 697,414,0 730,286,0 407,194,0 408,319,0 58,555,0 53,467,0 1,163,163,0 1,192,072,0
109,364,0 104,982,0 34.010,0 5,735,0 149,109.0 143,494,0 166,215,0 172,235,0 37,564,0 37,077,0 352,888,0
Cash in vault
352,806,0
4,156,256,0 4,127,044,0 697,626,0 192,428,0 5,046,310,0 4,999,457,0 3,700,417,0 3,632,819,0 680,889,0 658,689,0 9,427,616,0 9,290,965,0
Net demand deposits
216,921,0 218,277,0 127,102,0 54,144,0 398,167,0 400,976,0 855,802,0 867,798,0 192,978,0 192,599,0 1,446,947,0 1,461,373,0
Time deposits
203,208,0 262,608,0 24,828,0 11,887,0 239,923,0 310,291,0 172,785,0 267,397,0 28,327,0 38,097,0 441,035,0
Government deposits
615,785,0
Ratio of combined reserve and
16.1
17.5
15.1
15.7
16.2
13.9
14.0
14.7
cash to total net deposits_ _ _
15.5
14.9

The Federal Reserve Banks.-Following is the weekly statement issued by the Federal Reserve Board on Sept. 21:
Further increases in loans supported by Government war securities in connection with the 600 million issue on Sept. 17 of Treasury certificates
also substantial additions to outstanding note circulation are indicated by the Federal Reserve Board's weekly statement issued as at close of business
on Sept. 20 1918.
INVESTMENTS.-The statement for the first time segregates war paper from other discounts. The former includes member banks' notes
and customers' paper secured by Liberty bonds and Treasury certificates, and the latter-holdings of all other secured and unsecured paper discounted by the Federal Reserve banks. It is seen that whereas the holdings of war paper increased about 75 millions during week, other miscounts
on hand fell off 28.1 millions. Acceptances on hand show an increase of 10.3 millions, largely at the New York Reserve Bank. The increase of 8.1
millions in U. S. short-term securities is made up largely of 1-year Treasury certificates deposited by the Reserve banks with the U. S. Treasurer to
secure bank note circulation. Total earning assets show an increase of 64.7 millions.
DEPOSITS.-Net withdrawals of Government funds totaled 37.6 millions, Minneapolis and Boston reporting the largest reductions for the

week. Members' reserve deposits increased 54.9 millions and net deposits--7.1 millions.
RESERVES.-Gold reserves declined about 1 million and total cash reserves-1.7 millions. Considerable shifting of reserves away from New
York and Minneapolis, largely in connection with the transfer of Government funds is noted. The banks' reserve percentage shows a decline for the
week from 53.7 to 52.97_0•
NOTE CIRCULATION.-Federal Reserve note issues during the week totaled 57.3 millions net. The banks report a total Federal Reserve
note circulation of 2,295 millions, an increase for the week of 49.6 millions. Federal Reserve Bank notes have been issued by all Reserve banks,
their aggregate liabilities on these notes amounting to 33.2 millions, an increase for the week of 5.5 millions.
CAPITAL.-An increase of $136,000 in paid-in capital is due largely to payment for Federal Reserve Bank stock by newly admitted banks, the
Chicago Bank alone reporting an increase of $79,000 in its paid-in capital.

The figures of the consolidated statement for the system as a whole are given in the following table, and in addition we
present the *results for each of the seven preceding weeks, together with those of the corresponding week of last year, thus
furnishing a useful comparison. In the second table we show the resources and liabilities separately for each of the twelve
Federal Reserve banks. The statement of Federal Reserve Agents' Accounts (the third table following) gives details regarding the transactions in Federal Reserve notes between the Comptroller and the Reserve Agents and between the latter
and the Federal Reserve banks.
•
FEDERAL RESERVE BANK OF NEW YORK.-The weekly statement issued by the bank sub-divides some certain items that are included
under a more general classification in the statement prepared at Washington. Thus, "13111s discounted for members and F. R. Banks," as of Sept. 21
consisted of "Rediscounts and advances-Commercial paper." $139,771,654 and "Rediscounts and advances-U. S. obligations,"
Similarly, "Other deposits, &c.,' are shown to comprise 'Foreign Government deposits," $90,363,891: "Non-member banks deposits, $4,226,203
and "Due to War Finance Corporation," $1,383,507.
•

p17,615,578.

COMBINED RESOURCES AND LIABILITIES OP THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS SEPT. 20 1918.

Sept.20 1918. Sept. 13 1918. Sept. 6 1918. Aug. 30 1918. Aug. 23 1918. Aug. 16 1918. Aug. 9 1918. Aug. 2 1918. Sept. 21 1917
RESOURCES.
Sold in vault and in transit
Sold settlement fund-F.R. Board
Sold with foreign agencies

16
367,660,000
459,997,000
5,829.000

$
386,214,000
465,298,000
5,82.,000

$
383,228,000
498,531,000
5,830,000

$
384,009,000
520,926,000
5,829,000

$
385,072,000
553,060,000
5,829,000

3
385,017,000
600,083,000
5,829.000

$
395,410,000
606.354,000
9,696,000

$
408,470,000
623,119,000
9,6913,000

S
430,979,000
373,387,000
52,500,000

Total gold held by banks
Sold with Federal Reserve Agents__
Sold redemption fund

833,486,000 857,341,000 885,589,000 910,764,000 943,961,000
1,145,950,000 1,123,132,000 1,087,760,000 1,061,597,000 1,018,787,000
44,122,000
44,086,000
43,634,000
41,433,000
40,323,000

990,929,000 1,011,460,000 1,041,285.000, 856,866,000
961,498,000 940,692.000 902,793,000 536,009,000
40,116,000
38,149,000
36,818,000
9,442,000

Total gold reserves
'..egal tender notes, silver, &c

2,023,558,000 2,024,559,000 2,016,983,000 2,013,794,000 2,003,051,000 1,992,543,000 1.990,301,000 1,980,896.000 1,402,317,000
52,481,000
53,173,000
53,511,000
52,980,000
49,934,000
53,168,000
52,215,000
54,222,000
54,022,000

Total reserves
2,076,039,000 2,077,732,000 2,070,494,000 2,066,962,000 2,055,266,000 2,045.523,000 2,044,523,000 2.034,918,000 1,452,251,000
Sills discounted: Secured by Govern1,146,357,000 1
ment war obligations
513,739,000 11613 247 000 1,541,999,000 1,428,235,000 1,393,795,000 1,285,368.0001,332,473,000 1,270,919,000 183,758,000
All other
250,082,000 239,750,000 233,741,000 232,563,000 236,526,000
212,204,00 208,557,000 209,185,000 161,012,000
hilt bought in open market
1,910,178,000 1,852.997,000 1,775,740,000 1,660,798,000 1,630,321,000 1,497,572,000 1,541,030.000 1,480,104.000
Total bills on hand
29,022,000
34,931,000
29,563,000
31,497,000
36,237,000
30,624.000
J. S. Government long-term securities_
29,768,000
30,350,000
41,878,(00
17,404,000
33,777,000
23,479,000
32,546,000
17,573,000
T. S. Government short-term securities
28,030,000
25,772,000
81,000
84,000
102,000
kll other earning assets
67,000
82,000
101,000
75,000
• 62.000

344,770,000
53,929,000
41,070,000
214,000

Total earning assets
1,981,162,000 1,916,418,000 1,833,613,000 1,716,987,000 1,684,486,000 1.561,697,000 1,593,467,000 1,534,015,000
Tncollected items (deduct from gross
654,843,000 697,225,000 642,377,000 568,655,000 601,983,000 623,495.000 584,758,000 531,558,000
deposits)
2,112,000
1,405,000
% redemp.fund agst.P.R.bank notes
886,000
735.090
1,313,000
1,164,000
496,000
958,000
12,610,000
10,803,000
13,013,000
11.410,000
al other resources
12,076,000
10,551,000
11,787,000
11.294,000

439,983,000

Total rpsumiree9

4.725.756.000 4.703_705

500,000
404,000

non 4 Ann 67/ non 4.556.666 non .t 2,1 067 nnn a 242 PRA 0011 4.254.505 non a iii A/R nun 2.157 179 ono

a Includes amount formerly shown against items due from or due to other Fe, oral Reserve banks net




239,041,000

1267

THE CHRONICLE

SEPT. 28 1918.]

Sept. 20 1918. Sept. 13 1918. Sept. 6 1918. Aug. 30 1918. Aug. 23 1918. Aug. 16 1918. Aug. 9 1918. Aug. 2 1918. Sept. 21 1917
$
$
$
$
$
$
$
$
$
LIABILITIES.
59,354,000
78,163,000
76,876.000
70.518.000
77,750.000
76,960,000
78,359,000
78,553 000
78,689,000
Capital paid in
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
Surplus
25,030,000
95,555.000 179,978,000 161,236.000
169,141,000 206,733,000 197,325,001) 104,729,000 173,027.000
Government deposits
1,465,102.000 1,478,639,000 1,459,480,000 1.464,011.000 1,420,705,000 1,423,532,000 1,151,704,000
Due to members-reserve account _ _ _ 1,524,528,000 1,469,603,000
490,265,000 527,752,000 461,610,000 437,845,000 450,917,000 461,202,000 433,347,000 390.911,004) 164,449,000
Collection items
51,779,000
120,300,000 112,597,000 115,234,000 127,050,000 114,718,000
Other deposits, incl. for. Gov't credits_ 100,173,000 115,302.000 119,960,000
2,234,107,000 2,319,390.000 2,244,027,000 2,141,553,000 2,196,051,000 2,136,002,000 2,161,080,000 2,090.397,000 1,392,962,000
Total gross deposits
670,246,000
2,295,031,000 2,245,429,000 2,180,679,000 2,092.708,000 2,032,837,000 1,985,419,000 1,955,276,000 1,906,465,000
F. R. notes in actual circulation
8,000,000
11,479,000
16,864,000
15,167,000
13,716,000
20,637,000
23,964,000
27,672,000
33,208,000
F.It. bank notes in circulation, net liab.
1,617,000
29,351,000
25,545,000
27,702,000
26,811,000
31,305.000
33,615.000
31,710,000
34,597,000
All other liabilities
4,726,766,000 4,71)5,793,000 4,559,873,000 4,365,555,000 4,353,987,000 4,242,384,000 4,234.893,000 4,111,538.000 2,132,179,000
Total liabilities
74.3%
59.2%
59.5%
66.8%
57.9%
59.2%
51.1%
52.9°7
55.3%
Gold reserve against net deposit liab_ _
81.4%
50.5%
52.1%
50.1%
49.3%
52.7%
51.92
51.9%
51.9%
Gold res. agst. F. R. notes in act. ciren
Ratio of gold reserves to net deposit and
57.0%
56.4%
57.2%
56.7%
52.4%
55.3%
51.6%
53.3%
Pd. Res. note liabilities combined_ _ _
Ratio of total reserves to net deposit and
79.6%
58.5%
57.9%
53.7%
56.4%
58.7%
54.9%
56.7%
52.9%
Fed. Re3. note liabilities combined_ _
Ratio of gold reserves to F. It. notes in
actual circulation, after setting aside
763%
76.4%
73.7%
72.6%
69.6%
67.2%
65.11%
35% against net deposit liabilities_ _
$
Distribution by Maturities946,126.000 901.084,000,1 138,648,000
1-15 days bills discounted and bought_ 1,245,724,000 1,172,359,000,1,159,716,000 1,0.17,516,000 1,006.967,000 901,700,000
2,560,0001
2,085,000
17,235,000
4,660,000
13,161,000
7,182,000'
5,388,000
4,945,000
1-15 days U.S. Govt. short-term secs_
126,000
4,000
10,000
1-15 days municipal wart ants
166,603,0001
63,338,000
16-30 days bills discounted and bought. 194,084,000 184,223,000 144,517,000 141,558,000 169,570,000 151,740,000 178,593,000
750,000
4,414,01)0
298,000
3,722,000
secs_
1
short-term
Govt.
S.
U.
16-30 days
4,000'
34,000
10,000
16-30 days municipal warrants
90,781,000
31-60 days bills discounted and bought _ 285,806,000 294,595,01)0 248,807,000 219,928,000 223,723,000 231,550,000 223,110.000 238,100,0001
3,425.000
3,491.000
4,358,000
901,000
4,685,000
197,000
1,046,000
4,690,000
Sees_
short-term
Govt.
31-60 days U.S.
20,000
51,000
56.000
56,000
41,000
33,000
1,000
41,000
41,000
31-60 days municipal warrants
133,922.000
50,457,000
61-90 days bills discounted and bought 171,718,000 187,668,000 207,398,000 223,655,000 216,473,000 187,526,000 164,347.000
1,669,000
1,984,000
2,123.000
771,000
728,000
1,716,000
secs_
798,000
1,527,000
short-term
61-90 days U.S. Govt.
5,000
1,000
6,000
11,000
11,000
5.000
5,000
10,1)00
61-90 days municipal warrants
1,546,000
40,395,000
28,854,000
25.056,000
22,588,000
12,846,000
14,152,000
28,141,000
15,302,000
Over 90 days bills disc'ted and bought _
9,604.000
9,409,000
8,830,000
13,365,000
27,494,000
19,564,000
15,339.000
secs.
16,347,000
Over 90 days U.S.Govt.short-term
16,000
17,000
20,000
16,000
10,000
16,000
21,000
16,000
Over 90 days municipal warrants
Federal Reserve Notes2,446,194,000 2.388.863,000 2,319,772,000 2,218,938,000 2,163,837,000 2,118,948,000 2,038.473,000 2,023,-180,000 725,397,000
Issued to the banks
55,151,000
151,163,000 143,434,000 139,093,0001 126,230,000 131,000,000 133,529,000 133,197.000 121,715,000
Held by banks
2,295,031,000 2,245,429,000 2,180,679,000 2,092,708,000 2,032,837,000 1,985,419,000'11,955,276,000 1.906,465,000 670,246,000
In circulation
• Fed. Res. Notes (Agents Accounts)3,229,400,000 3,153,080,000 3,057,280,000 2,995,480,000 2,940,240.000 2,895,020,000 2,832,740,000,2,789,700,000 1,145,700,000
Received from the Comptroller
542,126,000 533,070,000 520,568,000 516,032,000 497,152,000 499.862,0001 489,092,000 478,470,000' 195,748,000
Returned to the Comptroller
2,687,274,000 2,620,010,000 2,536,712,000 2,479,418,000 2.443,088,000 2,395,158,000 2,343,643,000,2,311,230,000 949,952,000
241,080,000 231,165,1)00 216,910,000 260,510,000 279.251,000 276,210,000! 255.175,000 283,050,000 224,555,000
1
Issued to Federal Reserve banks _ 2,446,194,000 2,388,845.000 2,319,772,000 2,218,938,000;2.163,837,0001 2,118,948,000 2,088,473,000 2,028,180,0001 725.397,000
---How Secured212,240,000 201,239,000; 278,534,000
217,238,0001
220,239,0001
217,240,000
219,239,0001
217,240,000 219,240,000
By gold coin and certificates
By lawful money
1,300,244,000 1,265,713,000 1,232,012,000 1,157,341,00011,145,070,000 1,157,450,000 1,147,781,000'1,125,387.000 189,388,000
By eligible paper
28,801,000
60,296,0001 59.851,0001
60.959,000
63,419,000
65,788,000
70,608,000
61,690,001 61,708,000
Gold redemption fund
858,102,000 840,104,000 806,830,000 780,650,000 735,109,000 683.301,000 668,156,000; 641,703,000 228,674,000
With Federal Reserve Board

Amount chargeable to Agent
In hands of Agent

2,163,837,000 2,118,948,000 2.038.473,000,2,028,180,000 725,397,000
2,446,194,000 2,388,845,000
_ 2,319,772,000:2.218.938.000
1.573.109.000 1.463.844,000 1.480.179.000'1.425.437.000 198,887,000
Agent_
It.
F.
1,613.814,000
to
1,864,987.000 1,797.546.000 1.719.854,000
Eligible paper delivered
Revise(' ngures
a Net amount due to other Federal Reserve banks. C Ttom <tem inoinaes foreign llourroment entails
V 441 ATENTENT of RESOURCES and LIAM! ITIP,S of EACH of the 12 FF,twn Al. RESPR VP BANKS at CLOSE of BUSINESS Sept. 20 1915
Total

RESOURCES.
Gold coin and certifs. In vault__
Gold settlement fund
Gold with foreign agencies

Tot,i.
Boston
New York Philada. Cleveland. Richm'd. Atlanta. Chicago. Si. Louts Minneap. Kan. Citl, Dallas. San Fran,
-- --S
$
$
I
S
$
$
$
$
i
$
$
$
182,0 7.041,0 10,822.01 367,660,0
3,423,0 272,357,0
186,0 24,898,0 6,294,0 6,712,0 26,345,0 1,223,0 8,177,0
41,391,0 69,605,0 64,220,0 26,392,0 7,783,0 77,541,0 22,430,0 13,115,0 21,932,0 7.257,0 40,281,0 459,997,0
68,050,0
291,0
204,1
321,0
5,829,0
233,0
233,0
408,0
816,0
204,0
175,0
525,0
2,011,0
408,0

Total gold held by banks
Gold with Federal Res. Agents
Gold redemption fund

71,881,0
59,242,0
4,812,0

315,759,0 70,199,0 89,643,0 32,890,0 14,670,0 104,702,0 23,886,0 21,525,0 22,405,0 14,502,0 51,424,0 833,486,0
286,910,0 111,111,0 144,024,0 45,369,0 40,518,0 197,659,0 56,668,0 27,516,0 57,562,0 24,319,0 95,052,0 1,145,950,0
418,0
44,122,0
15,000,0 5,000,0 1,023,0
692,0 3,121,0 5,356,0 2,579,0 2,833,0 1,142,0 2.146,0

135,935,0
Total gold reserves
2,616,0
Legal-tender notes, silver, &c_ _ _

617,609,0 180,310,0 234,690,0 78,951,0 58,309,0 307,717,0 83,133,0 51,874,0 81,109,0 40,967,0 146,894,0 2,023,558,0
272,0
516,0
54,0
169.0
52,481,0
400,0
873,0
44,803,0
159,0 1,707,0
293,0
614,0

Two ciphers (00) omitted.

Total reserves
Bills discounted:Secured by Govt
war obligations
All other
_
Bills bought in open market

1:38,551,0

662,477,0 187,183,0 234,983,0 79,565,6 58,468,0 309,424,0 83,533,0 51,928,0 81,381,0 41.483,0 147,063,0 2,076,039,0

67,555,0
16,504,0
29,311,0

524,966,0 80,609,0 54,158,0 47,726,0 39,650,0 157,717,0 44,763,0 25,873,0 29,108,0 28,504,6 45,728,0 1,146,357,0
132,421,0 21,030,0 :36,7)5,0 18,100,0 28,125,0 80,792,0 23.455,0 44,985,0 42,078,0 23,085,0 46,439,0 513,789,0
695,0 20,364,0 250,032,0
136,0
142,0
131,978,0 9,044,0 30,100,0 4,600,0 4,622,0 17,211,0 1,829,0

Total bills on hand
U. S. long-term securities
U. S. short-term securities
All other earning assets

113,370,0
538,0
1,416,0

789,365,0 110,68:3,0 121,03:3,0 70,426,0 72,397,0 255,720,0 70,047,0 71,000,0 71,322,0 52,284,0 112,531,0 1,910,178,0
116,0 8,867,0 3,977,0 3,461,0
29,022,0
1,448,0 1,348,0 1,791,0 1,23:3,0
581,0 4,509,0 1,153,0
902.0 1,008.0
41,878,0
991,0 4,112,0 1.321,0 1.035,0 1,324,0
22,270,0 3,220,0 2,760,0 1,510,0
18,0
84,0
66,0

115,324,0
Total earning assets
Uncollected items (deducted from
49,198,0
gross deposits)

813,092,0 115,251,0 125,584,0 73,169,0 74,035,0 264,341,0 72,521,0 72,151,0 81,513,0 57163,0 117,018,0 1,981,162,0

5% redemption fund against Federal Reserve bank notes
All other resources

924,0
2,023,0

:14,0
885,0

150,0
1,452,0

42,0
673,0

895,0

48,0
794,0

280,0
1,429,0

10,0
542,0

211,0

402,0
908,0

138,1
1,622,1

654,843,0

84,0
1,176,0

2,112,0
12,610,0

303,992,0 1,647,434,0 365,013,0 409,127,0 21)0,771,0 163,683,0 652,827,0 211,769,0 139,904,0 216,814,0 119,936,0 295,496,0 4,726,766,0

Total resources

LIABILITIES.
0,557,0
Capital paid in
75,0
Surplus
17,391,0
Government deposits
1)ue to members-Reserve acc't_ 91,972,0
36,307,0
Collection items,
Oth. deposits Incl. for Gov't cred.
Total gross deposits

F. R. notes in actual circulation_
F. It. bank notes in eire'n--Net_
All other liabilities
ernt.I Ilfthilltlesi _

168,918M 60,977,0 47,845,0 47,142,0 30,338,0 77,353,0 55,163,0 15,614,0 52,610,0 19,530,0 30,155,0

__

148,670,0
145,576,0
608,0
2,500,6

.
78,689,0
20,173,0 7,351,0 8,768,0 3,988,0 3,142,0 10.890,0 3,731,0 2,890,0 3,600,0 3,076,1 4,523,0
1,134,0
•
38,0
216,0
40,0
649,0
116,0
18,792,0 15,682,0 15,996,0 7,330,0 10,08:3,0 24,748,0 12,047,0 12,242,0 7,645,0 10,129,0 17,056,0 169.141,0
677,909,0 89,017,0 107,351,0 45,442,0 34,112,0 201,018,0 54,020,0 41,424,0 70,865,0 35,502.0 72,866.0 1,524,528,0
116,804,0 53,522,0 52,502,0 40,258,0 22,72:3,0 56,475,0 42,797,0 9,587,0 29,188,0 10,818,0 19,284,0 490,265,0
2,258,0 100,173,0
26,0
207.0
95,974,0
30,0 1,456,0
222,0
909,479,0 158,251,0 176,071,0 03,030,0 66,948,0 283,697,0 109,071,0 63,279,0 107,698,0 56,449,0 111.464,0 2,284,107,0
693,083,0 106,028,0 221,084,0 102,00:3,0 92,294,0 347,805,0 97,294,0 72,207,0 95,386,0 56,398,0 175,813,0 2,295,031,0
33,208,0
39,0 8,023,0 2,872,0 1,680,0
320,0
288,0 5,685,0
40,0
11,244,0 1,640,0
769,0
34,507,0
971,0 4,534,0 1,353,0 1,391,0 2,107,0 1,141,0 2,016,0
12,806,0 1,743,0 2,435,0 1,594,0

302 009 n 1 8t7 434 11 365 013.0 409_127 n 900 771 0 163 653 0 R52 827 0 211.769 0 139.904.0 216.314.0 119.936.0 295.496.0 4.726 766 0
vt 11,14,
own,
1i)
ant000t44
1,410's,1 itti,sif% a batik, S -"(Cl 41.1,1111 due
,. Sept. 20 0H.
AGVNTs AccflONTS AT CI OSP or mistNi,,
41 Op EIMER AI '(ES 4'..111/8
,
,
,
rikTP.111

111.111,.. 11,111
011e.(MAW.... Mit .111.11,
,
1.1111.
.

Two ciphers (00) omitted.

1 Boston

New York

Philadel Cleveland Richm'd. Atlanta. Chicago. St. Louis. mosnrap. Kan. City

$
;
$
$
$
$
Federal Reserve notesReceived from Comptroller_ _.210,300,0 1,108,280,0 267,780,0 271,040,0 1,17,280,0 148,340,0 438,440,0 127,800,0
255,904,0 47,922,0 23,596,0 29,541,0 22,566,01 30,346,0 22,415,0
Returned to Comptroller,
'170,323,0! 852,376,0,219,858,0 247,444,0 117,739,0 125,774.&408,091,0 105,385,0!
Chargeable to F. R. Agent
; 20,060,0
91,800 01 8 920 0 12,:340,0 7,210,0 30,26.5,0 45,260,0 2,400,01
In hands of F. It. Agent
1
'1 ' '
149,365,01 760,576,0 210,9:38,0 235,104,0 110,499,0 95,509,0,362,834,0 102,985,0
Issued to F. R. Bank
!
Held by F. R. Agent1
!
2,504,0
21,813,0
Gold coin and certificates_ .. _ _ 1 5,000,0 163,7.10,0,
' 8,242,0: 13,170,0' 10,874,0 12,211,0 1,:369,0 2,744,0' 2,240,0 3,037,0
(Sold redemption fund
46,000,0, 110,000,0 100,237,0 110,000,0 44,000,0 35,270,0 195,419,0 53,631,0
Gold Sett. 10,1., F. It. Board
Eligible paper, min. req'd.„.• 90,123,01 473,666,01 99,827,0 01,080,0 65,130,0 54,991,0165,175,0 46,317,0,
149,365,0' 760,576,0 210,938,0 235,104,0 110,490,0 95,509,64362,834,0 102,985,0
Total
Amount of eligible paper deny
113,370,0 789,365,0 104,061,0119,385,0 69,306,0 64,105,0 255,720,0 62,138,0
erect to F. R. Agent
149,365,0 760,576,0 210,9:38,0 235,101,0 110,499,0 95,509,0 362,834,0 102,985,0
F. It. notes outstanding
67,493,0 14,910,0 14,020,0 8,496,0 3,215,0, 15,029,0 5,691,0
3,789,0
F. It. notes held by banks
10. it. notes in netnal eirenla'n 14.5,576,0




Dallas. San Fran

Total

$
93,080,0 129,700,0 86,860,0 200,500,0 3,229,400,1)
16,398,0 21,425,0 18,294,0 13,744,0 542,126,0
68,566,0 186,756,02,687,274,0
76,682,0
241,080,0
3,130,0 7 320 0 11,445,0!
I 108,275,0' '
73,552,0'100,955,0 57,121,0186,756,0 2,446,194,0
1
1 217,240,0
11,081,0
13,102,0,
70,008,0
1,114,0! 2,202,0'
;
13,300,0' 55,360,0 10,184,01 84,701,0' 858,102,0
46,036,0; 43,393,0 32,802,01 91,704,0,1,300,244,0
01

0

f

1

73,552,0 100,955,0 57,121,0,186,756,02,446,194,0
64,490,0 71,322,0 52,284,0' 99,441,0 1,864,087,0
73,552,0 100,955,0 57,121,0 186,756,0 2,446,194,0
723,0 10,943,0, 151,163,0
1,285,0 5,569,0

093,083,0 196,028,0 221,081,0 102,00:3,0 92,291.0 347,805,0 97,294,0 72.267,0 95,386,0 56,398.0 175,813,02,295,031.1)

1268

THE CHRONICLE

[VOL. 107.

Statement of New York City Clearing House Banks and Trust Companies.-The following detailed statement
Shows the condition of the New York City Clearing House members for the week ending Sept. 21. The figures for the sop.
arate banks are the averages of the daily results. In the case of totals, actual figures at end of the week are also given.
NEW YORK WEEKLY CLEARING HOUSE RETURN.
CLEARING HOUSE
MEMBERS.
Week Ending
Sept. 21 1918.

Capital. I

Net
Profits.

Loans,
Discounts,
Investments,
&c.

Nat. Banks June 29
State Banks June 20
Trust Co's June 20J

1

Members of Federal
Reserve Bank.
Bank of N Y. NB A..
Bank of Manhat Co_
Merchants' National_
Medi As Metals Nat_
Bank of America___
National City
Chemical National
Atlantic National _
Nat Butch & Drovers
American Exch Nat_
Nat Bank of Comm_
Pacific
Chat & Phenix Nat
Hanover National..
Citizens' National...
Metropolitan
Corn Exchange
Importers& Trad Nat
National Park
East River National_
Second National
First National
Irving National
N Y County National
Continental
Chase National
Fifth Avenue
Commercial ExchCommonwealth
Lincoln National___
Garfield National_
Fifth National
Seaboard National
Liberty National___
Coal & Iron National
Union Exchange Nat.
Brooklyn Trust Co
Bankers Trust Co_
17 8 Mtge & Trust Co
Guaranty Trust Co.._
Fidelity Trust Co
Columbia Trust Co
Peoples Trust Co_
New York Trust Co..
Franklin Trust Co
Lincoln Trust Co..
Metropolitan Trust
Nassau Nat, B'klyn_
Irving Trust Co
Farmers Loan & Tr_..

$
2,000,000
2,500,000
2,000.000
6,000,000
1,500,000
25,000,000
3,000,000
1,000,000
300,000
5,000,000
25,000,000
500,000
3,500,000
3,000,000
2,550,000
2,000,000
3,500.000
1,500,000
5,000,000
250,000
1,000,000
10,000,000
4,500,000
1,000,000
1,000,000
10,000,000
200,000
200,000
400,000
1,000,000
1,000,000
250,000
1,000,000
3,000.000
1,000,000
1,000,000
1,500,000
11,250,000
2,000,000
25,000,000
1,000,000
5,000,000
1,000,000
3,000,000
1,000,000
1,000,000
2,000,000
1,000,000
1,500,000
5,000,000

$
5,267,600
6,769,400
2,630.400
10,526,100
6,744,200
49,578,000
9,222,500
850,700
95,900
5,753,000
22,187,700
1,055,300
2.735.100
17,710,700
2,861,200
2,207,700
7,892,800
7,698,300
17,544,900
74,800
3,886,300
30,492,500
5,609,700
342,600
669,000
12,863,300
2,347,800
880,700
811,700
1,969,300
1,337,600
421,700
3,607,600
3,985,400
932,100
1,247,100
2,227,500
14,842,300
4,791,000
26,725,700
1,288,600
6,693,200
1,274,400
10,510,700
1,106.900
552,100
4,312,600
1,170,100
1,100,700
10.965.200

Average.
$
45,894,000
55,605,000
27,726,000
173,268,000
30,078,000
565,365,000
84,856,000
17,549,000
3,688,000
124,033,000
367,289,000
15,412,000
95,664,000
133,652,000
42,575,000
31,092,000
116,809,000
36,821,000
200,897,000
2,854,000
18,830,000
274,206,000
94,824,000
10,440,000
6,323,000
315,414,000
17,398,000
5,847,000
6,581,000
17,734,000
12,041,000
7,841,000
44,843,000
67,254,000
13,716,000
14,761,000
36,400,000
248,036,000
62,171,000
489,519,000
11,078,000
87,506,000
25,647,000
90,730,000
19,240,000
15,385,000
55,683,000
13,651,000
39,738,000
144,987,000

Gold,

Legal
Tenders.

Average. Average.
$
$
25,000
85,000
309,000
310,000
74,000
81,000
7,651,000
129,000
260,000
169,000
8,235,000 3,055,000
171,000
289,000
84,000
125,000
12,000
50,000
582,000
170,000
114,000
232,000
48,000
269,000
577,000
478,000
4,132,000
242,000
110,000
31,000
637,000
206,000
758,000
178,000
464,000
70,000
352,000
26,000
2,000
122,000
60,000
14,000
10,000
514,000
1,032,000
366,000
57,000
31,000
29,000
23,000
2,600,000 2,240,000
101,000
52,000
53,000
28,000
40,000
32,000
122,000
275,000
1,000
9,000
42,000
19,000
345,000
263,000
163,000
28,000
6,000
99,000
12,000
35,000
61,000
40,000
112,000
140,000
343,000
61,000
1,778,000
120,000
90,000
42,000
21,000
34,000
44,000
75,000
49,000
1,000
77,000
33,000
13,000
13,000
114,000
42,000
115,000
4,000
107,000
274,000
3,777,000
22,000

Silver.

National
Bank
and
Federal
Reserve
Notes.

Average.
$
94,000
442,000
221,000
2,103,000
331,000
854,000
257,000
196,000
63,000
436,000
555,000
297,000
851,000
541,000
644,000
470,000
2,011,000
44,000
266,000
15,000
232,000
748,000
1,837,000
144,000
14,000
1,581,000
406,000
76,000
181,000
196,000
187,000
103,000
111,000
162,000
110,000
281,000
128,000
83,000
78,000
311,000
48,000
222,000
256,000
14,000
166,000
63,000
81,000
218,000
485,000
60,000

Average.
$
135,000
832,000
143,000
536,000
364,000
1,631,000
702,000
103,000
8,000
732,000
1,474,000
292,000
2,932,000
651,000
298,000
664,000
3,944,000
254,000
1,006,000
35,000
480,000
602,000
1,189,000
497,000
106,000
1,068,000
491,000
86,000
130,000
1,092,000
153,000
140,000
376,000
400,000
459,000
186,000
462,000
624,000
340,000
3,044,000
167,000
675,000
515,000
237,000
179,000
305,000
535,000
129,000
1,942,000
228,000

Reserve
with
Legal
Depositarget.

Additional
Deposits
with
Legal
Deposilanes.

Average.
Average.
$
$
5,026,000
6,678,000
2,761,000
20,873,000
3,751,000
97,443,000
8,451,000
1,941,000
•
510,000
11,754,000
40,783,000
1,607,000
12,810,000
19,399,000
4,615,000
3,796,000
14,263,000
3,156,000
20,410,000
592,000
2,158,000
18,434,000
12,794,000
1,553,000
787,000
39,265,000
2,224,000
768,000
1,154,000
2,602,000
1,354,000
895,000
6,812,000
9,025,000
1,888,000
2,091,000
3,843,000
29,322,000
7,061,000
49,521,000
1,251,000
7,358,000
2,366,000
8,223,000
•
'2,030,000
1,936,000
4,197,000
1,237,000
5,084,000
15,984,000

Average for week__ 192,900,000 338,372,600 4,438,952,000 35,081,000 12,195,000 19,273,000 33,573,000 523,836,000
-Totals, actual conditi on
Totals, actual conditi on
Totals, actual conditi on
Totals, actual conditi on

Sept. 21
Sept. 14
Sept. 7
Aug. 31

Totals, avge for wk

3,750,000

Totals, actual conditi on
Totals, actual conditi on
Totals, actual condlti on
Totals, actual conditi on
Trust Companies.
Title Guar & Trust__
Lawyers Title & Tr__
Totals, avge for wk

3,868,300

Sept. 21
Sept. 14
Sept. 7
Aug. 31

Net
Time
DepotUs.

Average.
$
34,521,000
51,346,000
21,657,000
139,840,000
25,535,000
568,396,000
57,342,000
14,423,000
2,354,000
84,434,000
304,071,000
12,511,000
76,400,000
127,964,000
29,728,000
24,976,000
111,051,000
23,614,000
154,465,000
2,988,000
14,557,000
136,624,000
93,809,000
10,384,000
5,199,000
272,792,000
17,426,000
5,225,000
6,818,000
18,008,000
9,287,000
6,193,000
44,229,000
60,929,000
14,006,000
12,395,000
27,475,000
208,053,000
47,510,000
369,529,000
8,595,000
62,850,000
22,845,000
55,546,000
14,435,000
12,398,000
32,268,000
9,514,000
36,913,000
114,084,000

Average.
Average.
$
$
1,756,000
765,000
395,000 1,849,000
12,069,000 3,763,000
12,117,000 1,445,000
4,228,000
444,000
648,000
144,000
291,000
5,779,000 4,910,000
5,169,000
50,000
7,570,000 2,229,000
200,000
268,000
980,000
51,000
3,835,000 4,961,000
,
50,000
650,000
1,726,000 8,369,000
849,000
600,000
185,000
200,000
11,561,000 1,100,000

101,000
24,000
196,000
40,000
2,197,000
422,000
408,000
4,886,000
15,754,000
7,071,000
21,916,000
465,000
11,480,000
1,640,000
3,376,000
1,741,000
1,808,000
1,200,000
726,000
1,124,000
0,706,000

200,000 1,141,000
11,000
263,000
393,000
531,000
385,000
962,000

595,000
272,000
1,192,000
1,607,000

95,000
53,000
37,000

15,039,000
4,529,000
21,035,000
30,377,000

29,000

71,552,000 4,278,000 1,238,000

989,000 2,897,000

3,666,000

185,000

70,980,000

38,000

1,167,000
978,000 2,870,000
1,190,000
930,000 3,012,000
1,284,000 1,053,000 3,060,000
1,034,000 1,041,000 2,986,000

3,876,000
3,333,000
4,047,000
4,210.000

249,000
183,000
288,000
250,000

70,857,000
71,767,000
75,658,000
74,030,000

38,000
38,000
42,000
38.000

4,285,000
4,361,000
4,457,000
4,460,000

50,000

4,000
5,000

Not Mem bets of Fed era' Reserve Bank.
5,000,000 11,834,800
91,000
39,882,000
4,000,000 5,205,300
450,000
23,811,000

144,000
185,000

162,000
60,000

618,000
159,000

2,628,000
1,269,000

343,000
177,000

24,120,000
15,000,000

627,000
385,000

9,000,000 17.040,100

Totals, actual count' on Sept. 21
Totals, actual conditi on Sept. 14
Totals, actual conditi on Sept. 7
Totals, actual condit on Aug. 31

210,000
398,000
248,000
70,000
800,000
414,000
398,000

3,634,803,000 152,496,000 35,536.000
3,609,812,000 163,567.000 35.658,000
3,651,278,000 158,526,000 35,613,000
3,569,520,000 158,424,000 35,705,000

140,000
23,000
497,000
578,000

72,350,000
71,183,000
76,219,000
73,570,000

National
Bank
Circulalion.

3,617,512,000 154,546,000 35,595,000

4,453,785,000 34,975,000 12,072,000 19,086,000 33,317,000 542,333,000
4,381,872,000 35,160,000 12,650,000 19,206,000 33,451,000 499,398,000
4,409,882,000 35,196,000 11,896,000 18,081,000 30,725,000 537,906,000
4,292,323,000 34,792,000 11,516,000 18,909,000 29,986,000 523,628,000

Not Mesa hers of Fed erai Reserve Bank.
State Banks.
500.000 1,403,400
Greenwich
14,451,000
799,000
250,000
810,900
4,865,000
279,000
Bowery
N Y Produce Exch- 1,000,000 1,159,800
20,046,000 1,199,000
d 2,000,000
State
d434.200
32,190,000 2,001,000

Net
Demand
Deposits.

63,693,000

541,000

329,000

222,000

777,000

3,897,000

520,000

39,120,000

1,012,000

62,887,000
63,319,000
62,063,000
62,432,000

541,000
543,000
537,000
544,000

330,000
321,000
332,000
323,000

204,000
262,000
258,000
169,000

774,000
736,000
620,000
730,000

3,728,000
3,924,000
3,927,000
4,167,000

191,000
58,000
713,000
470,000

37,982,000
39,701,000
38,168,000
38,205,000

1,035,000
917,000
918,000
941,000

Grand aggregate,avg 205,650,000 359,281,000 4,574,197,000 39,900,000 13,762,000 20,484,000 37,247,000 531,399,000
705,000 83,727,612,000 155,598,000 35,595,000
Comparison prey wk
+53,789,000 -271,000 -381,000 +21,000 -483,000 +20836000 -120,000 +12,786,000 -6,447,000 -11,000
Grand ag'gate. actual condition on Sept. 21 4,589,022,000 39,801,000 13,569,000 20,268,000 36,961,000 549,937,000
440,000 b3,743,64'2,000 153,569,000 35,536,000
Comparison prey wk
+72,648,000 -263,000 -592,000 -130,000 -238,000 +43282000 +199,000 +22,362,000 -10,953,000 -122,000
Grand ag'gate, actual condition Sept. 14
4.516,374.000 40.064.000 14,161,000 20,398,000 37,199,000 506,655,000
241,000 3,721,280,000 164,522,000 35,058,000
Grand ag'gate. actual condition Sept. 7...... 4,548,1134,000 40,190,000 13,512.000 19,392,000 34,405,000 545,880,000
3,705,104.000 159.480.000 35,613,000
Grand ag.gate, actual condition Aug. 31..... 4,428,325,000 39,796,000 12,873,000 20,119,000 33,702,000 532,005,000 1,001.000
720,000 3,682,421,000 159,403,000 35,705,000
Grand ag'gate. actual condition Aug. 24.... 4.460.004.000 40.618.000 13.364.000 20.794.000 34.993.000 530.232.000
702.000 3.637.169.000160.508.nm 'A5 Ann.000
a U. S. deposits deducted, $238,233,000. b U.S. deposits deducted, $253,218,000. c Includes capital set aside for foreign branches,$6,000,000.
d As of Aug. 31 1018.
STATEMENTS OF RESERVE POSITION.
Averages.
Reserve
Cash
Reserve
in
its Vault. Depositaries
Members Federal
Reserve Bank_
State Bank
Trust companies*
Total Sept.21Total Sept. 14Total Sept. 7_
Total Aug. 31_

Total
Reserve.

a
Reserve
Required.

Actual Figures.
Surplus
Reserve.

Inc. or Dec.
from
PreviousWeek

a
$
$
$
$
$
a
523,836,000 523,838,000 474,912,940 48,923,060 +19,430,870
9,402,000 3,666,000 13,068,000 12,776400
291,600
-3,540
1,869,000 3,897,000 5,766,000 5,868,000 def102,000
-63,300
11,271,000 53,1,399,000 542,670,000 493,557,340
11,2Z3,000 510,563,000 521.836,900492,006.370
11,601,000 545,880,000 557,481,000 498,765,560
11.401.000 516.542.000 527.943.000 483.126.310

49,112,660 +19,373,030
29,739,630 -18,708,340
58,715,440 +3,387,690
44.816.690 +3.887.780

Cash
Reserve
Reserve
in
in Vault. Depositaries

Total
Reserve.

b
, Reserve
Required.

Surplus
Reserve.

Inc. or Dec.
from
PreviousWeek

$
$
3
$
$
$
b
542,333,000 542,333,000 477,099,270 05,233,730 +40,018,300
9,300,000 3,876,000 13,176,000 12,754,260
421,740
+513,800
1,849,000 3,728,000 5,577,000 5,697,300 def120,300
+48,850
11,149,000 549,937,000 561,086,000 495,550,830
11,355,000 506.655,000 518,010,000 493,055,780
11,320,003 536,495,000 547,815,000 109,367,030
11.287.000 532.005.000 543.292.000 487.964.250

65.535,170 +40,580,950
24,954,220 -33,761.220
48,447.970 +3,631.280
55.327.750 -4.027.480

*Not members of Federal Reserve Bank.
a This Is the reserve required on net demand deposits in the case of State banks and trust companies, but in the case of members of the Federal Reserve Banks.
Includes also amount of reserve required on net time deposits, which was as follows: Sept.21,$4,636,380; Sept. 14, $4,832,580: Sept. 7, $4,748,700; Aug. 31, $4,713,690.
b This is the reserve required on net demand deposits In the case of State banks and trust companies, but In the case of members of the Federal
Reserve Bank includes
also amount of reserve required on net time deposits, which was as follows: Sept. 21, $4,574,880; Sept. 14, $4,907,010; Sept. 7, $4,755,780; Aug. 31, $4,752,720.
C Amount of cash in vault, which is no longer counted as reserve for members of the Federal Reserve Bank, was as follows:
Sept.21,$100,122,000; Sept. 14, $101,234,000: Sept. 7, $95,898,000; Aug. 31, $98,622,000.
d Amounts of cash in vaults, which Is no longer counted as reserve for members of the Federal Reserve Bank, was as follows:
Sept.21,$99,450,000; Sept. 14, 5100,467,000; Sept. 7. $95,898,000; Aug. 31, $95,203,000.




THE CHRONICLE

SEPT. 28 1918.]

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.
Differences from
(Figures Furnished by State Banking Department.
Sept. 21.
previous week.
$720,086,600 Inc. 7,317,400
Loans and investments
10,088,100 Dec.
316,500
Specie
14,530,300 Dec.
539,300
Currency and bank notes
64,566,500 Inc. 9,103,800
Deposits with the F.R.Bank of New York
771,365,300 Inc. 2,152,900
Total deposits
Deposits, eliminating amounts duo from reserve depositaries and from other banks and trust companies in N. Y. City,exchanges and U.S.deposits 699,431,300 Dec. 3,092,500
128,904,100 Inc. 3,631,500
Reserve on deposits
Percentage of reserve, 20.8%.
RESERVE.
- -Trust Companies
-State Banks
$75,127,700 15.25%
$14,057,200 11.19%
Cash in vaults
24,234,600 4.92%
Deposits In banks and trust cos_..__ 15,484,600 12.33%
$29,541,800 23.52%

Total

$99,362,300 20.17%

STATE BANKS AND TRUST COMPANIES IN NEW YORK CITY.
State Banks.

Week
BodedMay 25
June 1
June 8
June 15
June 22
June 29
July 6
July 13
July 20
July 27
Aug. 3
Aug. 10
Aug. 17
Aug. 24
Aug. 31
Sept. 7
Sept. 14
Qr.,. 01

Loans
and
Demand
Investments Deposits.

Specie.

$
$
5,335,545,7 4,365,620,5
5290.958,74,422,114,8
5.255,139,0 4,454,909,7
5,293,378,3 4,473,288,6
5.242,919.0 4,433.580,1
5,147.055,5 4,401,117,1
5,107,950,8 4,335,634,9
6.143,094,6 4,328,256,7
5,089.497,1 4,308,018,7
5,058,802,7 4,239,295,8
5.137,088,5 4,295,324.2
5,231,510.0 4,297,646,1
5,281,003,9 4,317,718,7
5,230,921,4 4,314,490,2
5.173.081,5 4,406,150,0
5,249,106,5 4,475,183,9
5.233,177,2 4,418,249,8

$
87,653,3
85,129,9
81.594,4
82,148,6
80,450.7
80,119,9
78,499.8
78,372,1
76.008,0
75,037.7
74,037,6
73,349,2
72,650,0
72,410,2
71,853,1
70,700,1
71,038,6

n 904 902 (1 4.427.043_3

70.472.1

•
Legal
Tenders.

Total Reserve in
Cash tu DeposiVault.
larks.
$
$
$
86,740,1 174,393,4 570,237,7
84,442,7 189,572,6 575,891,0
87,724.4 189,318,8 570.049,4
86,257,3 168.403,9 581,941,7
88,787,6 169.238,3 594,047,9
89,726,9 189,846,8 669,593,9
88,676,0 167,175.8 586,136,5
89,309,8 167,681,9 570,048.4
87.138,5 163,146,5 563,383,2
87.536,0 162,573,7 561,439,9
88,453,1 162,490,7 578,552,0
87,040.8 160,390,0 557,064,2
90,058.1 182,708,1 549,748,1
80.569,3 158,979,5 551,742,5
86,335,2 158,188,3 558,574,4
87,712,1 158,412,2 583,554,8
88,345,3 159,383,9,554.898,2
nil.ri20 a 1 ni not o•c71 11Q 0

*Included with • Legal Tenders" are national bank notes and Fed. Reserve notes
URI 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 "Chronicle," V. 98, p. 1661.
The provisions of the law governing the reserve requirements of State banking institutions as amended May 22
1917 were published in the "Chronicle" May 19 1917 (V.
104, p. 1975). The regulations relating to calculating the
amount of deposits and what deductions. are permitted in
the computation of the reserves were given in the "Chronicle"
April 4 1914 (V. 98, p. 1045).

Trust Companies.

Week ended Sept. 21.
Sept. 21
1918.
Capital as of June 20
Surplus as of June 20
Loans and Investm'ts
Specie
Currency & bk. notes
Deposits with the F.
R. Bank of N.Y_ _
Deposits
Reserve on deposits_
P. C. reserve to deP-

Differences from
previous week.

Sept. 21
1918.

Differences front
previous week.

$
23,718,700
99,050,000
163,387,000
41,842,100
482,208,600 Inc. 9,566,500 1,949,962,300 Inc. 14,131,100
11.443,700 Dec.
14,189,700 Dec.
355,200
153,3'10
17,612,500 Dec.
23,991,800 Dec. 1,654,000
283,000
37,747,400 Inc.
429,100 203.682,100 Inc. 12.430,900
562,135,500 Dec. 2,857,900 1,934,266,200 Inc. 11,955,600
95,448.500 Dec. 2,285,400 290,772,100 Inc. 8,442,200
21.1%IDec.
0.9%
18.7% Inc.
0.5%

Boston Clearing House Banks.-We give below a summary showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:

The averages of the New York City Clearing House banks
and trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK. (Two ciphers omitted.)

1269

BOSTON CLEARING HOUSE MEMBERS.
Sept. 21
1918.

Change from
Precious week.

Sept. 14
1918.

Sept. 7
1918.

$
S
$
$
Circulation
4.750,000 Dec.
8.000 4,758,000 4,763,000
Loans, diso•ts & investments- 503,099,000 Inc. 12,932.000 490.167,000 494,005.000
Individual deposits, inci.U.S. 443,955,000 Inc. 15,465,000 428,494,000 429,883,000
Due to banks
116,516,000 Inc. 2,314,000 114,202,000 112.822,000
Time deposits
15,037,000 Dec. 645,000 15.682,000 15,914,000
Exchanges for Clear. House_ 14,549,000 Dec.
270.000 14,819,000 16,161,000
Due from other banks
83,288,000 Inc. 11,128,000 72.160,000, 72,100,000
Cash in bank & In F.R. Bank 64,371,000 Inc. 2,344,000 62,027,000, 58,496,000
Reserve excess in bank and
Federal Reserve Bank_.
17,656,000 Inc. 1,671,000 15,985,000 12,574,000

Philadelphia Banks.-The Philadelphia Clearing House
statement for the week ending Sept. 7, with comparative
figures for the two weeks preceding, is as follows. Reserve
requirements for members of the Federal Reserve system
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in
vaults" is not a part of legal reserve. -For trust companies
not members of the Federal Reserve system the reserve
required is 15% on demand deposits and includes "Reserve
with legal depositaries" and "Cash in vaults."
Week ending Sept. 21 1918.
Two ciphers (00) omitted.
Memb'rs of
F. R. Syst.
Capital
Surplus and profits
Loans, dise'ts & investm•ts
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
U.S.deposits(not included)
Res've with Fed. Res. Bk_
Res've with legal deposit's
Cash in vaults
Total reserve &.cash held_
Reserve required
Exctsi res. & cash In vault

$27,975,0
75,887,0
599,010,0
23,206,0
140,402,0
172,179,0
450,645,0
5,103,0
627,927,0

Trust
Cos.
$3,000,0
7,439,0
25,250,0
272,0
14,0
438,0
15,639,0
16,077,0

50,639,0
16,487,0
67,126,0
46,074,0
21,052,0

Sept. 14
1918.

Sept. 7
1918.

$30.975,0
83.183.0
612,420,0
22.138,0
133,320,0
168.097,0
459.395,0
5,096.0
632.588.0
21,516,0
50,355,0
1,911,0
16,800,0
69,066,0
48,147,0
20,919,0

$30,975,0
83,308,0
615.163,0
26,008.0
128,458,0
166,866,0
454,761,0
5,090,0
626,717,0
32,293,0
49,117,0
2,055,0
16,500,0
67,672.0
47,658,0
20,014,0

Total.

1,843,0
776.0
2,619,0
2,368,0
251,0

$30,975,0
83,326,0
624.260,0
23,478.0
140,416,0
172,617,0
466,284.0
5.103.0
644,004,0
30,977,0
50,639,0
1,843,0
17,263,0
69,745,0
48,442,0
21,303,0

*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 House return" on the preceding page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE.
i
Net
Capital. I Profits.

Loans,
Discounts,
Nat. banks June 29 Investments,
&c.
Week ending Sept. 21 1918. IState banks June 20
Trust cos. June 20
CLEARING
NON-MEMBERS.

Members of
Federal Reserve Bank.
Battery Park Nat. Bank_ __ _
New Netherland Bank
W.R. Grace & Co.'s bank....
Yorkville Bank
First Nat. Bank, Brooklyn
Nat. City Bank, Brooklyn
First Nat. Bank, Jersey City
Hudson Co. Nat., Jersey City
Total

71,000
377,000
664,000
150,000
1,000
127,000
26,000

4,100,000 3,907,300 69,781,000 1,416,000

Total
Trust Companies.
Not Members of the
Federal Reserve Bank.
Ham on Trust Co.,Brooklyn
Mechanics' Tr. Co., Bayonne
Total

500,000 1,012,400
200,000
368,600

8,260,000
8,023,000

387,000
15,000

700,000 1,381,000 16,283,000

382,000

7,250,000 10,854,500 140,941,000 1,994,000
+1,358,000 --265,000
$163,340 decrease
7,250.000 10,654.500 139.583,000 2,259.000
7,595.000 11,569,700 138.220.000 2.249,000
7.595.000 11.466,300 137,300.000 2.255.000
7.595.000 11.466.300 140,801.000 2,261,000
deposits deducted, $5,186,000,

Grand aggregate
Comparison Previous week..
Excess reserve
Grand aggregate Sept.14
Grand aggregate Sept. 7
()rand aggregate Ang.31-.....
Grand aggregate Aug.24----




Silver.

National
Bank
& Federal
Reserve
Notes.

Reserve
with
Legal
Deposilanes.

Additional
Deposits
with Legal
Deposilanes.

Average.
Average, Average. Average. Average. Average. Average.
$
$
$
$
$
$
$
$
$
400,000
561,000 10,438,000
12,000
16,000
32,000
181,000 1,232,000
208,000
200.000
204,600 3,684,000
28,000
6,000
98,000
98,000
205,000
649,000
500,000
664,500 5,504.000
3,000
2,000
728,000
100,000
573,900 7,773,000
2,000
179,000
44,000
844.000
111,000
778,000
300,000
665,000 7,809,000
11,000
6,000
122,000
80,000
793,000
423,000
300,000
603,900 6,292,000
1,000
20,000
52,000
121.000
728,000
532,000
400.000 1,308,200 8,738,000
81,000
219,000
51,000
168.000
890,000 2,935,000
250,000
785,100 4,639,000
58.000
4,000
62,000
133.000
269,000
905,000
2,450,000 5,366.200 54,877,000
196,000
452,000
461,000
892,000 6,133,000 5,986,000

State Banks.
Not Members of the
Federal Reserve Bank.
100,000
478,000 2,411,000
Bank of Washington Heights_
500,000 1,040,300 9,921,000
Colontal Bank
. 1,000,000
627,100 13,724,000
Columbia Bank
500,000
International Bank
168.800 5,545,000
200,000
554,600 8,255,000
Mutual Bank
833.900 24,846,000
Mechanics' Bank, Brooklyn. 1.600.000
200,000
204,600 5,079.000
North Side Bank, Brooklyn__

a U. B.

Gold.

Legal
Tenders.

5,000
219,000
11,000
98,000
355,000
14,000

69,000
135,000
130,000
402,000
250,000
609,000
381,000
435.000
713,000
47,000
403,000
310,000
125,000
260,000
879,000
528,000 1,306,000 1,477,000
122,000
270,000
241,000

105,000
322,000
760,000
18,000
12,000
391,000
390,000

702,000 1,674,000 3,059,000 4,359,000 1,998,000

n
Net
Demand
Deposits.

Net
Time •
Deposits.

ps•-• 'A
Nationa
Bank
Circutalion.

Average.
Average. Average,
$
$
$
7,846,000
63,000
195,000
90,000
4,004,000
3,338.000
720,000
4.423,000 3,557,000
5,824.000
546.000
298,000
5,478,000
425,000
120,000
7,408,000
335,000
3,464,000
512,000
195,000
41,785,000 5,913,000 1,143,000

2,170,000
10,154,000
11,888,000
5,143,000
7,963,000
24,617,000
4,424,000

351,000
394,000
114,000
96,000
419,000

66,359,000 1,374,000

11,000
19,000

17,000
69,000

62,000
85,000

280,000
579,000

378,000
100,000

5,596,000 1,300,000
4,823,000 3,280,000

30,000

86,000

147,000

859,000

478,000

10,419,000 4.580,000

1,184,000 2.221,000 4,098.000 11,351,000 8,462,000 a118.563,000 1,867,000 1,143.000
+73,000 --554,000 --238,000 4-362,000 4-1070000 ---4.138,001 +3626000 ---59,000
1.111.000
1,164,000
1.089.000
1,390,000

2,775.000
2.798,000
2,793,000
2,794,000

4,336.000 10.989,000
3,987,000 10,676,000
3.957,000 10,675,000
3.964.000 10.712.000

7,392.000
7,113,000
7,309,00)
7.543.000

122,701.000
121.648,000
121,174,000
120.345.000

8.241.000 1.202.000
7,958,000 1.204.000
7,809.000 1,200,000
7.750.000 1.203.000

[VOL. 107.

THE CHRONICLE

1270

33alarm" Oazette.
Wall Street, Friday Night, Sept. 27 1918.
The Money Market and Financial Situation.—Those
who have been curious to know why the security markets
have completely ignored the progress recently made by the
Allied and American armies, will not be surprised to find
in the stock market records of to-day just what they have
been looking for, viz, a liberal response to the exceedingly
favorable news which the cables brought over-night. As
the "Money Committee" is still sitting on the lid, so to
speak, and no funds are available for stock speculation, the
purchasers of to-day are reported to have been investors
who are looking into the future.
Doubtless the money market will continue to dominate
the situation in Wall Street, however, until the close of the
new Liberty Loan campaign. The latter will be opened in
this city to-night, Friday, by President Wilson and will be
a great success. The splendid record our boys are making
in France will surely be an inspiration to every loyal citizen
to buy bonds and thus keep our brave soldiers supplied
with everything needful until their mission is accomplished.
The German Chancellor's speech, earlier in the week,
seemed to be chiefly an effort to convince the people of
that country that Germany had long been willing to discuss
peace terms with her enemies and that her overtures in that
direction have been ignored. If his effort was intended to
make an impression outside the Empire it evidently failed
of its purpose.
Domestic news of the week has been meagre and generally
unimportant.
The weekly crop report refers to corn as practically out
of the danger of early frost and to be of superior quality, at
least superior to that of last year.
The Bank of England reports another addition to its gold
holdings which are now about $10,000,000 more than on
Sept. 1.
The New York money market is unchanged in all essential features.
Foreign Exchange.—The situation in sterling exchange
remains without noteworthy change. There is also little
passing at the moment in Continental remittances.
To-day's (Friday's) actual rates for sterling exchange were
4 73@4 733/i for sixty days, 4 7545@,4 75 7-16 for checks
and 4 763/2@4 76 9-16 for cables. Commercial on banks
sight, 4 753'@4 75%, and documents for payment (sixty
days) 4 713@4 71%
3 . Cotton for payment, 4 753@
3
4 75%, and grain for payment 4 753'@4 75%.
To-day's (Friday's) actual rates for Paris bankers' francs
were 5 53Y2@5 53% for long and 5 4832@5 483/i for short.
Germany bankers' marks were not quoted. Amsterdam
bankers' guilders were 47 5-16 for long and 47 11-16 for
short.
Exchange at Paris on London, 26.07 fr.; week's range,
26.07 fr. high and 26.08 fr. low.
Exchange at Berlin on London, not quotable.
The range for foreign exchange for the week follows:
Sterling Actual—
Sixty Days.
High for the week_ 4 7331
Low for the week-- 4 73
Paris Bankers' Francs—
High for the week__ 5 53%
Low for the week_ _ _ 5 53%
Amsterdam Bankers' Guilders—
High for the week___
47 13-16
Low for the week__
47 5-16

Checks.
4 7531
4 7545

Cables.
476 9-16
4 76%

5 47%
5 4831

5 46%
5 47%

4831
4731

4831
4831

Domestic Exchange.—Chicago, par. Boston, par. St.
Louis, 25o. ®15c. per $1,000 discount. San Francidco, par.
Montreal,$21 874 per $1,000 premium. Cincinnati, par.
State and Railroad Bonds.—Sales of State bonds at the
Board include $3,000 New York 44s at 1073/2, $2,000 N. Y.
Canal 43's at 1073/2, $313,000 Virginia 6s, tr. nets., at
59 to 70M.
The market for railway and industrial bonds has been
broader and somewhat more active than for several weeks
past, while prices moved within a narrower range. Of a list
of 16 usually prominent issues 6 are unchanged, 5 are fractionally higher and 5 are correspondingly lower.
The notably active features have been Am. Tel. & Tel.,
Ches. & Ohio, Burlington, Rock Island, Inter. Mer. Mar.,
Lehigh Valley, Mo. Pao., N. Y. Cent., Union Pac., Rubber
and Steel issues.
United States Bonds.—Sales of Government bonds at
the Board have been on an enormous scale and include 4s,
reg., at 1063
4; 4s, coup„ at 1064; Panama Canal 3s at 89,
Liberty Loan 33/2s.at 100.06 to 100.98, L. L. 1st 4s at 95.84
to 96.10, L. L. 2d 4s at 95.38 to 95.86, L. L. 1st 43s at
95:86 to 96.30, L. L. 2d 43s at 95.36 to 95.84, and L. L.
3d 4Wis at 95.32 to 96.16. For to-day's prices of all the different issues and for the week's range see third page following.
Railroad and Miscellaneous Stocks.—The chief characteristic of this week's stock market is well illustrated by the
fact that the volume of business averaged only about 300,000




shares per day and variations from the average have been
very slight during the week until to-day. Fluctuations in
values have been correspondingly narrow and the number of
exceptional features exceptionally small. To-day's market
is the only one in which the transactions were above the
average, or the trading spirited. Practically the entire list
advanced, but few stocks made a gain of as much as a full
point.
As result of the week's operations St. Paul and Bait. &
Ohio of the railways and Sumatra of the industrials are the
only active stocks which show a net loss. The former was
influenced by the fact that no action was taken by its directors in the matter of dividend at their regular meeting on
Thursday and Sumatra is evidently seeking its proper level
after a series of more or less violent fluctuations in the recent
past.
The advance scored by the entire active list averages between 1 and 2 points. U. S. Steel has covered a range of
34 points and closes % below the highest. Baldwin Locomotive is 33% higher than last week and Cruc. Steel 24.
For daily volume of business see page 1278.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Sales
Week ending Sept. 27. fo We lc.

Range for Week.
Lowest.

Highest.

Range since Jan. 1.
Lowest.

Highest.

Par. Sha -es $ per share. $ per share. $ per share.$ per share.
Adams Express
100
Sept 80
Jan
100 50 Sept 21 50 Sept 21 48
American Express_..100
200 7731 Sept 25 7831 Sept 26 7731 Sept 90 June
Am Smelters Securities
pref series A
May 9431 Mar
50 9031 Sept 24 9031 Sept 24 89
Jan 103 June
Am Sumatra Tob, pf.100
100 93 Sept 27 93 Sept 27 81
300 6231 Sept 27 63 Sept 25 54
Ap 65
Aug
Associated Oil
100
July 1031 June
Atlanta Birm & Atl_ _100
300 9 Sept 23 9 Sept 24 8
Barrett, pref
100
100 101 Sept 23101 Sept 23 9931 June 102 June
Jan 131 Mar
Batopllas Mining_ _ _ _2
100 1 Sept 25 1 Sept 25 1
Ja 94
100 94 Sept 23 94 Sept 23 90
Sept
Bethlehem Steel, pref100
Au. 85
Feb
Bklyn Union Gas__ _100
200 80 Sept 24 80 Sept 24 78
July
Brown Shoe, Inc.._ ill
501 67 Sept 24 67 Sept 24 62 Jun: 68
Brunswick Terminal..ii 1,100 1131 Sept 21 1331 Sept 26 631 Jan 1631 June
Butterick
100
800 9 Sept 24 11 Sept 27 731 Ma 1131 Feb
May
600 67 Sept 23 6731 Sept 25 6331 Jan 71
Calumet & Arizona___1
Ap 10 May
300 731 Sept 26 731 Sept 26 7
Chicago & Alton..
1 II
Sept 74
July
200 69 Sept 25 69 Sept 26 69
Chic St PM & Om_ _100
Jan 56
Feb
Cluett,Peabody & Co100
1 20i 54 Sept 27 54 Sept 27 45
Jan 9931 Mar
100i 98 Sept 25 98 Sept 25 95
100
Preferred
Jan 39
July
Computing-Tab-Rec.100 2001 35 Sept 26 35 Sept 26 30
Cons Interstate Call_ _10 80
731 Sept 23 931 Sept 27 735 Sept 13 June
Fe 5331 July
Continental Insur _ _ _ _25
50 52 Sept 27 52 Sept 27 44
July
100 631 Sept 25 631 Sept 25 431 Ma
8
DulSS & Atian, pref 100
Jan 3031 Aug
100 2831 Sept 25 2831 Sept 25 22
Elk Horn Coal
Ja 4331 Aug
90 39 Sept 21 41 Sept 26 27
Federal M & S. pref..100
Jan 43 June
2
Fisher Body Corp.no par
3531 Sept 21 3531 Sept 21 26
July
1
Preferred
100
8231 Sept 26 8231 Sept 26 7031 Jan 91
4531 Sept 23 4631 Sept 24 34
Jan 58
June
General Cigar, Inc...100 1,1
Ma 48
Sept
Hartman Corp'n__ _ _100
20 46 Sept 25 46 Sept 25 37
500 6231 Sept 23 6331 Sept 23 53
Int Harvester Corp...100
Mar 72
Feb
May 10631 Sept
Preferred
100 5 10431 Sept 2510431 Sept 25 95
10 6131 Sept 21 6131 Sept 21 53 May 6131 Sept
International Salt__ _100
Kings Co Elec L & P.100
17 90 Sept 27 90 Sept 27 87
Aug 94
Feb
Liggett & Myers..
100 400 170 Sept 2717031 Sept 27 16431 Aug 19531 Feb
100 2 14531 Sept 27140 Sept 25 14431 Aug 200
Mar
Lorillard (P)
3 100 Sept 27 10031 Sept 27 98
100
Preferred
Jan 105
Mar
200 95 Sept 24 95 Sept 241 94
Manhat (Elev) Ry_ _100
Ma 100
May
Merlin-Rockwell voting
Sept 87. Sept
70 85 Sept 25 87 Sept 21 85
trust certits__ _ .no pa
7D 3031 Sept 27 31 Sept 26 2631 Jan 33 May
National Acme
5
Aug
Sept 60
1 DO 58 Sept 24 58 Sept 24 55
Natl Cloak & Suit_ _ _100
Jan 103
Sept
1 0 100 Sept 25 100 Sept 25 100
Preferred
1
431 Sept 27 5 Sept 23 431 May 731 Jan
60
Nat Rys Mex 2d pf_ _100
9D 21 Sept 23 2331 Sept 26 17 Apr 2431 May
NOTex&Mexvtc_100
Ma 21
Feb
1 DO 1731 Sept 23 1731 Sept 23 16
Norfolk Southern_ 100
Sept 79
Mar
2X) 71 Sept 24 71 Sept 25 69
Norfolk & West. pref 100
Aug
3D 65 Sept 21 65 Sept 25 5631 July 70
Nova Scotia S & C_ _100
Owens Bottle Mach..25 2)(:t 5S31 Sept 26 59 Sept 27 5531 Ja 7031 Aug
Pond Creek Coal
1 1 1731 Sept 26 1731 Sept 26 1731 Sept 20 June
Apr 30
Jan
St L-S Fran pref A __100
2D 2731 Sept 25 2731 Sept 26 21
Jan 8034 May
1
Savage Arms Corp__1
63 Sept 27 63 Sept 27 53
Mar
Tidewater Oil
1
i 188 Sept 27 186 Sept 27 178
Jan 190
4)t 6 Sept 23 6 Sept 23 4 Jun, 734 Aug
Tol St L & West tr rec....
Aug
1
11 Sept 26 11 Sept 26 834 Mar 16
Preferred trust rects__
Apr 105
July
1 30 10431 Sept 2510431 Sept 25 100
Underwood
1
Sept 61
May
1)0 58 Sept 24 58 Sept 24 58
United Dyewood
100
Mar 1731 July
1 )0 1431 Sent 27 1431 Sent 27 8
U S Realty & Impt 100

Outside Market.—Trading in the "curb" market this
week was more active on the whole, and strength was displayed in a number of issues. Prices generally moved to
higher levels though with considerable irregularity. Burns
Bros., Ice., corn. was the most promineat feature and on
heavy buying advanced from 353' to 43, a new high record.
The close to-day was at 423
%. The motor stocks also displayed considerable strength, Chrevolet Motor moving up
about 12 points to 130, with the final transaction to-day at
128. United Motors improved from 283' to 31% and ends
the week at 313
%. Aetna Explosives corn. lost about half
7 . Submarine
a point to 11% and finished to-day at 11 4
Boat improved from 163 A to 16%,but reacted finally to 163'.
Wright-Martin Aircraft sold up almost a point to 814, the
final figure to-day being 8. Oil shares were generally quiet.
Midwest Refining was conspicuous for a rise of 7 points to
%
114 with a final reaction to 112. Merritt Oil rose from 193
to 21% and closed to-day at 21. Houston Oil corn., after
an early advance from 78 to 81, dropped to 77 and sold
finally at 77 8. Royal Dutch Co.', new stock, sold up from
60 to 66 then down to 623/2, with the final transaction to-day
at 64. Midwest Oil corn. advanced from 91o. to $1, but
sold back subsequently to 95o. Oklahoma Prod. & Ref.
eased off from 6% to 6%, recovering finally to 6%. Glen5 the close to-day
rock Oil fluctuated between 33 and 3%,
being at 33/9. Island Oil & Transport advanced from 3%
to 3% and ends the week at 33/2. Mining stocks dull with
few important changes. Bonds quiet and about steady.
Russian Govt. 63/2s lost about 53/i points to 55, but moved
back again to 604, with transactions to-day at 60. The
548 improved a point to 55.
A complete record of "curb" market transactions for the
week will be found on page 1279.

New York Stock Exchange-Stock Record, Daily,

eekly and Yearly

1271

0-:CUPYING TWO PAGES
For record of siele• during the week of stocks usually inactive, see preceding peg.,
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
Sept. 21.

Monday
Sept. 23.

Tuesday
Sept. 24.

Wednesday
Sept. 25.

Thursday
Sept. 26

Friday
Sept. 27

Salesfor
the
Week
Shares

STOCKS
NEW YORK STOCK
EXCHANGE

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

Highest.

PER
for Previous
Year 1917
Lowest.

Highest.

Railroads
Par $ per share. $ per share. $ per share' $ per share
2,751) Atch Topeka & Santa Fe._ 100
81 Mar23 88 May15
75 Dec 107.1 Jan
pref
100
1,257
Do
80
Jan30 85 June26
75 Dec 10012 Feb
200 Atlantic Coast Line Ra_100
8938 Apr22 9834 Sept 3 x7973 Dec, 119
Jan
100
3,900 Baltimore & Ohio
49
Jan24 5734 Sept 4
3814 Decl 85
Jan
pref
Do
600
100
53
Apr25 5712 Jan 5
4814 Deel 7678 Jan
36 June26 4814 Jan 2
3,800 Brooklyn Rapid Transit36 Dec' . 82
Jan
100 135 Mar25 1727s Aug24 126 Dec 16738 Mar
5,100 Canadian Pacific
100
4934 Jan15 5038 Mar14
800 Chesapeake & Ohio
42 Nov 6534 Jan
Chicago Great Western.
6 Apr 9
834 Jan 2
6 Dec
1418 Jan
prof
Do
100
1813 Apr 9 251s Aug29
300
1712 Dec 4134 Jan
10,000 Chicago Milw & St Paul..100
3714 Apr22 5414 Sept 7
35 Nov 92
Jan
100
prof
6614 Aprll 8112 Sept 3
2,900
Do
6212 Dec 12513 Jan
8912 Ma,-25 9514 Sept 5
600 Chicago Az Northwestern.
85 Dec 12414 Jan
100 125 July15 137
prof
Do
100
Jan29 13712 Dec 17212 Feb
Apr22 2712 Sept 5
18
3,500 Chic Rock lid & Pac temp etfs.
16 Dec 3813 June
5634 Jan15 8214 Sept 5
680
7% preferred temp ctfs____
44 Dec 8414 Apr
46
Jan15 6914 Sept 3
6% preferred temp ctfs____
500
3534 Dec 71
Apr
Cloy Chi, Chic & St Louls__100
Feb2I 38 May14
26
24 Nov
51
Jan
5334 May 7 67 Aug28
100
Do
pref
6134 Oct 80
Jan
Apr22 2314 May29
18
100
200 Colorado & Southern
18 Nov 30
Jan
47 Apr 3 51 Sept 3
100
Do 1st prof
100
4478 Nov 5712 Jan
Do 2d pref
40 Apr 4 45 Mar14
100
41 Sept 46 Mar
100 10012 April 1151sIFeb 1
100 Delaware & Hudson
87 Nov 15178 Jan
100 Delaware Lack & Western_50 160 Apr17 185 Sept 4 16712 Dec 238 Mar
Denver Az RIO Grande__ -100
214 Jan 4
6 Jan 3
5 Dec 17
Jan
pref
Do
600
100
5 Apr23 1358 Jan 2
978 Dec 41
Jan
2,400 Erie
14 Apr17
100
1738May15
1318 Dec 3434 Jan
2313 Jan16 35 May14
1,600
Do 1st pref
__100
1834 Dec 4914 Jan
Do 29 pref
1812 Jan25 2434 May14
_100
100
151s Dec 3934 Jan
1,960 Great Northern prof
Jan15 0312 Aug27
86
Leo
7914 Dec 11814 Jan
(3,100
Iron Oro propertles_N p,
2513 Jan15 3438 May16
2233 Nov
3813 Mar
i _0
92
Jan 7 9818 Aug13
200 Illinois Central
8534 Dec 10638 Jan
614 Sept20
3,800 Interboro Cons Corp__No par
912 Jan 3
534 Dee, 1718 Jan
29 Sept16 4712 Jan 3
prof
3912 Dec' 7214 Jan
Do
10 I
400
151s Apr17 20 May16
1312 Nov
800 Kansas City Southern.... I
2578 Jan
45
Jan 5 5513 Aug14
Do
10 I
prof
40 Nov 5812 Jan
712 Aug22 1012 Feb19
100 Lake Erie & Western
100
812 Nov
2514 Jan
Apr23 23 Sept 4
13
23
prof
Do
100
Oct 5334 Jan
Jan15 6273 Marll
55
200 Lehigh Valley
50
503s Dec 7913 Jan
Jan 2 118 Mar14 103 Dec 13334 Jan
170 Louisville & NashvIlle____100 110
678 Dec 3214 Jan
800 Minneap Az St I. (new)___100
712 Apr17 1178 Sept 3
1,400 Missouri Kansas & Texas.100
312 Dec 11
612 Jan 2
433 Jan 5
Jan
prof
Do
612 Jan29 12 Sept 4
7 Novi 20,2 Jan
100
100
20 Jan15 2618 Sept 5
197s Novi 34
3,800 Missouri Pacific tr etfs
100
Jan
41
Jan15 5934 Sept 4
Do prof tr etfs
100
3712 Dec 61
100
Jan
100
6712 Jan15 7512 Sept 3
7,400 New York Central
6212 Dec 10358 Jan
.19,900 N Y N II & Hartford
27 ADM
100
4573 May29, 2112 Sept! 5278 Jan
1814 Jan22 23 July 9' 17 Nov! 2914 Jan
400 N Y Ontario Sc Western...100
Jan24 10338 May14
1,300 Norfolk & Western
100 102
9253 Dec' 13853 Jan
1,600 Northern Pacific
811s Jan24 9112 Sept 3
75 Dec 11014 Jan
100
43l4 June27 4714 Jan 2
50
4014 Dec 5738 Jan
3,800 Pennsylvania
912 May 1
12 Dec 3634 Jan
______ Pere Marquette v t c ____100
1614June27
5212 Apr 3 61 Sept 3
Do prior prof v t c____100
45 Nov
7312 Jan
30 Apr 5 40 Aug13
Do pref v t e _
ioo
37
100
Oct 57 June
2,100 Pittsburgh & West Va
2253 Jan 2 3812June21
100
1834 Dec 3584,11mo
JanI0 81 Aug13
Do
61
prof
1(10
5358 Apr 68
Jan
701s Jan15 95 June27
6018 Nov 1(1414 Jan
44,200 Reading
50
JanI2 39 May15
Do 1st prof
35
34 Nov 45
50
Jan
5
35 Mar30 40 July 6
3378 Dec 4512 Jan
Do 2d prof
Jan 2, 12 Dec 2633 June
038 Apr 3 14
30.0 St Louis-San Fran tr ctfs_100
1915 Mar12 2314 May15
22 Dec 32
St Louis Southwestern__ __100
Jan
3314 Aug13 4012 Jan 31
34 Dec 53 Jan
Do
100
prof
918 Sept 31
100
7 Apr17
714 Dec
300 Seaboard Air Line
18
Jan
100
1518 Apr19 23 Sept 3
1678 Dec 3912 Jan
100
Do pref
8012 Jan24 8938 Aug28
100
7534 Dec 9812 Mar
5,757 Southern Pacific Co
2033 Apr30 2838 Sept 4
2112 Dec 3338 Jan
14,000 Southern Railway
100
57
Jan21 6914 Sept 4
5158 May 7012 Jan
100
prof
Do
1,900
100
14 May 4 1971, Feb20
200 Texas Sc Pacific
1151, Nov
1934 Jan
62 Dec 95
Twin City Rapid Transit..100
3918 June13 6514 Jan31
Jan
10,900 Union Pacific
100 10934 Jan15 129 Aug31 10114 Dec 14913 Jan
507
Jan 3 7414 Marti, 6914 Dec 85
prof
Do
69
Jan
100
United Railways Invest_100
414 Dec
434 Jan15 12 June27'
1138 Jan
1114 Dec 2334 Jan
pref
Do
1012 Apr 9 20 May 7
100
' 700 Wabash
7 Nov
7 Apr26 1134 July 8
100
1534 Jan
2,400
37 Aug 2 4412 Jan 2
3614 Dec 53
Do pref A
100
Jan
18 Dec 3013 Jan
Do prof 13
20,4 Jan15 2612 June26
100
100
4,100 Western Maryland (now).100
12 Dec 23 Apr
13 Jan15 1734 Feb15
100
20 Jan29 32 June22
20 Dec 41 Mar
1,000
Do 2d pref
1012 Dec 1812 May
13 Jan 2 2412 June20
Western Pacific
100
Jan 3 64 June27
46
3512 Dec 48 July
600
Do preferred
100
100 Wheeling Sc Lake E Ry_100
712 Dec 2278 Jan
8 Apr22 1014 Jan 2
1658 Nov
1712 Apr17 2234 Feb18
100
Do
100
5058 Jan
preferred
34 May 2 3912 Jan 3
33 Dec 5414 Jan
200 Wisconsin Central
100
Industrial & Miscellaneous
•1558 16
16
*155g 16
•1558 16
1618
1612 1612 17
100
1738 1,100 Advance Rutnely
11
Jan19 18 July18
712 Nov
1312 Jan
4514 46
45
45
46
4112 4412 *44
46
4734 43
493
257s Jan 91 4934 Sept27
3,100
19
Do prof
100
Oct 3718 Jan
_
55
55
Jan 2 65,4 JulyI8
49
RubberIne
4513
Ajax
100
50
Dec 80
Jan
4 -518 --31.; 314 314 --5- --3-1-4 --5r4 --3-1-4 3,700 Alaska Gold Mines
-54 ii --iiiil --11Apr27
458 July 5
114
1
10
Dee
1112 Jan
2
2
178 2
*158 2
*158 2
178 2
134
178
1,200 Alaska Juneau Gold Mln'g_10
112 Apr 1
134 Dec
312 June21
81s Mar
2912 2912 2912 2958 29t2 2958 3012 3114 3,700 Allis-Chalmers Mfg v t(3_100
.
3034 2912 30
30
1734 Jan15 37 May24
15 Dec 3258 May
.8312 8414 8414 3414 *8334 8414 *8414 8412 8412 8413 8414 8412
7214 Jan 4 8613 May24
65 Dec 8673 Mar
900
Do preferred v t e____100
9934 100
*98 100
0912 9978 9912 100
*96 101
*96 100
Jan 2 100 Sept18
78
72 Dec 9512 May
2,300 Amer Agricultural Chem..100
*92
93
*92
93
*92
93
.92
93
*90
93
*9012 92Do prof
91 Dec 10312 Jan
8913 Jan17 101 Aug27
100
73
5
70
6812 5812 :6
70
*68
0
75
70
0
:6
78512 0
75
0
64 June10 84
*T2 7_0_
Feb27
63 Dec 10212 Feb
_ 22? American Beet Sugar
100
100 z82 Sept13 9112 May 3
7812 Dec 98
Jan
1
8 443s 45
2 -4412 -471Fg 143-3 -:171- -45
3458 Jan15 503415.1ay17
4418 441 -4434 -453-4 -12,620 American Can100
2912 Nov
53 May
*9112 9212 *9113 9212 *9112 9212 92
0214 92
92
*9112 9134
8914 Jan23 07
Apr30
700
100
87 Dec 11112June
prof
Do
8538 8638 8512 8612 5512 8678 8514 8518 8614 8814 8734 8858 15,700 American Car & Foundry.100
6814 Jan1.4 8853 Sept27
57 Feb 8038 June
_
11012 11012
Jan 3 11034 May 1 100 Nov 11834May
100
prof
Do
100 105
8 -423s 4238 -il. iiitt -4212 I212 -4512 -421; 4258 433s 4,600 American Cotton 01
71/3.8 12-3Jan16 4334 Aug29
25
100
21 Dec 5012 Jan
.75
90
.78
00
90
*75
*78
00
*81
00
*81 90Do prof
78 Maylf 84 May22
100
80 Dec 10112 Jan
2014 2014 2014 2038 .1934 2013 20
20
*19
20
20
2078 2,600 American hide Sc Leather_100
1173 Jan10 221s Sept. 4
10 Feb
1714 Mar
8934 8958 9014 8914 8912 83
89
88
88
50
883s 8834 92
Jan 2 9473 Aug24
100
4314 Dec 75
9,300
prof
Jan
Do
23
2814 29
29
2734 28
2912 3838 33 1 353s 3412 3618 20,500 American Ice
1112 Jon 2 3613 Sept27
100
87s July
1673 Aug
4912 *43
4912 4912 *47
4912 50
too
51,4 52 t 5314
3834 Jan16 5334 Sept27
5318 5334 3,800
35 Dec 55 July
preferred
Do
5312 5334 53
5318 51
5338 *53
5312 5378 54
5112 Sept13 5812 Feb 1
5353 5418 2,600 Amer International Corp_100
46
Oct 6234 Aug
4114 41
41
4012 4078 41
41
4134 4134 4134 4134 4212 4,000 American Linseed
1534 Feb
27 Jan 7 43 Aug10
100
291s Aug
78
.77
771s 7714 •77
78
77
7734 77
100
6914 Jan 7 8112 June13
774 774
77
48 Feb 75 Nov
1,500
prof
Do
65's 6514 6578 0533 67
65
6512 684 6512 67
5312 Jan15 7134 May16
67 i . 674 12,800 American Locmotive
100
4653 Dee 8234 Jan
9812 9812 0812 9812 9812 9812 9834 93121.9812
981. *97
.97
100
x95
Jan 4 100 Feb18
700
93 Dec 1067s Jan
prof
Do
*334 42
334 3
334
4
4
%3,4 34
,
18 _ :43_ 1_2 _414
3 Sept27 1312 Feb 6
3_ I, _312 1,500 American Malting
100
814 Dec
1934 Mar
*3434 44
100
39 Sept25 584 Feb 6
100
50 Dec 7112 July
Do 1st prof
.133 140 *iii- 116- *Fiiii.2 116- *12613 140 *12612114012 *135- 1-40
00 Feb21 144 May,14
100
88 Nov 93 Nov
American ShipbuildIng
4
77
783
783
, 76
7838 7838 t7834
77
76 4 7658 7614 78
73 May28 8612 Feb19
15,070 Amer Smelting Az Reflning.100
6738 Dec 11234 June
10338 10334 103 103
•103 101 *103 104
103 1.103
103 103
100 103 Sept25 10634 Mar 2 x9918 Nov 11718 Jan
prof
Do
800
8638 86
8034 813s ,r,8134 82,2 8213 8534 85
9112 91 . 9234 30,800 Amer Steel Foundries._._100
Jan15 9234 Sept27
58
5018 Dec 75 June
10714 10734 10712 10712 *1071
10312 10812 10734 103
10712 10812 2,700 American Sugar Refining_100
93 Jan16 116 May15
4108
891s Nov 12638 June
.15712 10912 *107 109 *107 109 *103 109 *108 109
109 109
Do
100
prof
100 10314 Mar23 1131! May 8 106 Dec 12112 Jan
11212 11414 11134 1141., 10312 11112 10812 10934 109 11012 11018 11112 36,800 Am Sumatra Tobacco
6034 Jan 5 145 May24
100
30 May 6212 Dee
9814 98
.
9612 9712 .9512 9712 97
08,4 98
9812 98
983s 4,900 Amer Telephone Sc Teleg_100
9038 Aug 5 10914 Feb 1
9534 Dec 12812 Jan
160 161
152 162
160 160
•158 163
162 163
163 j 163900 American Tobacco
100 14012 Jan 5 170 .May13 123 Dec 220 Mar
05
.90
.90
95
*90
95
90
*90
*92
95
921s Sept14 99 Feb23
*92
95
100
89 Dec 10934 Jan
Do pref (new)
5412 5434 6112 5514 5412 5534 55
55
*54
55
5534 5612
100
4153 Jan15 607s May24
371s Feb 5334 June
9612 9514 9514 5,400 Am Woolen of Mass
*94
95
05
95
9512 95
*94
9512 *94
Jan 4 9573 Mar12
92
prof
300
100
87 Nov 100 June
Do
36
36
36
36
36
36
36
36
.
3512 37
36
36'2
i,
iet daps,
er8pret 100 2014 Aprll 3933 Aug28 17 Nov 5412 Mar
ni s/irnIctin:
1534 1534 1512 1512 1558, 1558 1,12 14 ziii
•1614 1612 ___ ___- 4.45t2 1614
12711 Jan18 213s July 3
25
1012 Dec 413a Jan
53
53
*50
.
51
47
5018 5018 *50
51
Jan 2 5314 July 1
41
prof
Do
100
25
3912 Dec 7212 Jan
6734 6838 6818 6812 63
6858 8778 6812 88
6812 6314 6933 24,600 Anaconda Copper MinIng_50 x5913 Jan18 7112 May16
5118 Nov 87 May
104 105 *1041210512 10158
105 10512 *104 105 *104 105
105
9734 Jan 5 12014 Feb18
1,700 Atl Gulf Sc W 155 Llne___100
8758 Sept 12112 Jan
6313 631s *53
65
*63
65
*64
65
*64
65
*63 . 65100
Jan 5 65 July 9
58
100
54 Feb 66
prof
Do
Jan
8878 8914 8812 8912 8834 9014 8014 9038 8938 9153 0178 9258 82,200 Baldwin Locomotive Wks.100
5618 Jan15 10134 May18
43 Feb
7612 July
93 Jan 2 102 Sept 7
100
93
10212
Dec
Jan
.i.- -AR& -641Wii- -611-2 `52
4 ---2
-57
1- -01- ;55- -6.
85T3 -0
61- ---1165 BaD
Jan 4 95 June%)
85
100
82 Dec 136
proof(The)
Jan
rroett C
8214 ----___
82
Jan15 96 May16
7414
Corp
100
Steel
6614
Bethlehem
Jan
515
300
Dec
81.24
8278 817g 8212 -Ai- I1-78 -Ai- 1114 8134 8234
-A533 12-7g
723s Jan15 94 May16 x6613 Dec 156 June
20,300
Do class B common. 100
.10212 104 *102 104
10312 10312 *103 104 *103 104
10334 104
9612 Jan15 1067s Apr29
93 Dec -1_0_1_12 Oct
400
Do cum cony 8% pref.__
2(111 2612 .253i 2712 2512 253, *2512 2633 .26
27
.26
27
Jan21 281.2 Sept .5
21
400 Booth Figheries
..No par
IDId and asked orlon; no Wei on this day. $ Ex-ilstite. I Less than 100 sham. 4
ni-dly. and rights. •Ex-dividend. 6 Before payment of first installment.

$ per share $ per share $ per share $ per share $ per share $ per share
86
857s 8618 8518 8512 8514 8534 8512 8512 8534 8614
86
81
81
8073 81
81
81
81
81
81
81
82
*81
36
96
*94
9612 *9112 99
9612 *95
0512 95,2 *9514 99
537g
5312
5312
5312
5358
54
5312
51
537
8
s
537
5378 5373
5112
5412 5138 5138 5418 5413 *54
51
54
5412 *51
*51
39
3912 3934 404 40,4 4072 39,2 3912 3914 3912 3912 4014
16218 16218 16238 151
16112 183
16212 16414 163 163
163 161
5712 5712 *57
5778 *5714 5778 *5714 5778 5712 5712 5712 5734
712
*7
8
*7
8
*7
*7
8
*7
734
8
*7
*22
*22
24
24
2213 2218 *22
24
*2213 2334 2218 23
4812 4814 4878
4812 4714 48,2 43
4914 4912 48
4978 48
7714 7712 77
7758
77
7734 7612 774 7714 7734 708 7738
9412 9412 *94
95
*9112195
91
94
91
94
9334 91
127 127 *120 140 *120 140
•125 130 *124 127 *124 127
2512
25
2514 253s 253s 2518 2518 2134 247s *2434 2514 25
76
76
77
77
77
7812 77
*77
78
78
78
•77
6634
6612 6612 6612 6612 6612 861.j 6618 6613 *66
57
*66
35
*30
*31
35
35
*30
35
*31
35
*30
35
*30
*6218 80
*60
80
75
80
*60
*50
75
*60
75
*50
22
22
22
_ *21
*21
22
*21
22
*21
22
*21
*4313 50
50
*49 -52
60
52
*49
5212 *49
*49
52
*42
*42
48
43
*42
48
48
*42
48
.42
48
*42
103 103 *103 110 *103 110 *103 110
•10734 11012.105 110
170 170
*160 182 *1135 135 *170 185 *160 180 *170 130
*412 5
*412 5
(1
*4
*412 6
0
*4
51
*4
*718 8
*718 812
*74 811
8
8
812 9
914
IN
1513 151s
1514 1512
1512 1512 154 154 1512 1514
•1514 151
*3012 3114 31
3133 3113 3178 *3014 3134 3034 31
3112
.31
*2113 2212 *2112 2212
2212 *21
22
*21
.22
22
22
23
9014 9018 901: 9014 9012 9034 91
9912 00
8912 8912 90
31
3114 3114 3178
3114 3138 3112 3112 3112 3134 3118 313t
953s 95
*95
*9412 9634 *9112 97
961: *9134 9614 *9434 9614
*612 7
7
614
634 7
734
.613
614 614
653 634
321;
31
31
32
*27
3212 3212
2914 29,4 2978 2378 *29
1713 1758 18
18
1734 1734 1832 1838 *1712 133i *1712 1811
*52
55
55
55
*53
*5212 55
*52
*53
65
*53
54
9
*7
9
*7
9
0
*7
9
9
*7
0
*7
22
*20
*20
*20
23
23
23
*18
*20
22
•18
22
5912 5912 *59
*5914 60
60
60
594 *5812 5931
*59
60
•1144 116 §115 115 *11478 115
11512 1151; *11478 116 *11478 116
93
914
91 2 912 *9
10
912 912 *914 1014
912
*9
514
5,2 5,
53
5,2 512 *538
*538 534
*5,4 512
5l2
1114
*10
1053 10s *10
1114 *10
1014 *10
1114 *10
1034
2358 2358 2338 2114
24
24
2378 2438 2378 2378 2312 233
5712 5712 *5512 571 *50
.55
59
*5612 59
5712 *513
5712
731
73
7318 7313 7314 7314
7234 7314 4.73
7234 7314
7312
3938 3934 3934 4058 3934 4014 3878 393
3873 3912 13938 4033
*2038 21
*2033 21 P2033 2012
*2,14 21
2034 2034 *2014 21
10312 10312 10312 10312 10312 10312 *103 104 *103 101
10312 10312
.8713 871 *87
.8758 8814 8812 3812 8812 89
88
88
88
4378 44
4373 41
4378 437
4378 44
4378 4378 4312 4334
--_- --_- --_-_- ------- ---_ ___
___ _--- ---- ------- ---:1812 3813
57
4 -57134 14374 -5:ir4 "3414
35
134 14-335
.i5i 1E
--- -551.2 -i --438
*77
83
80
*77
.77
80
*77
80
80
*77
80
*77
8734 8812 8712 8834 8812 8912
8734 884 8814 8914 8812 89
*3512 37
*3512 37
*3512 37
*3512 37
*3512 37
*3512 36
*35
38
*35
38
*35
371s *35
371s *35
38
*37 . 3312
1058 105g *1012 1112 1114 1114 *1034 1114
*1012 11
*1034 12
*19
23
*19
23
*19
23
*19
23
23
*19
23
*19
.3112 4912 *3112 3712 *3112 3712 *3112 3712 *3112 3712 *3112 ,3712
*734 8
*734 8
*734 8
8
8
8
814
*734 8
*2014 2034 *20
201 2 2034 2014 *20
2034 4'1934 2034 *20
21
8614 87
8578 86
8658 37
8612 861 8 8573 8612 86
87
2631 267s 2612 2678 2612 2658 2614 261 8 2633 2612 2618 271 i
*6612 (3634 6612 6634 07
6634 6634 6678 671s
671, 6634 67
*15
16
16
1612 *15
16
15
15
*15
15'8
*4212 45
.4213 45
.4212 45
45
.43
*43
4.4212 45
45
12334 124
12372 12412 124 12438 12378 1241 4 12378 12412 1241412514
*5912 7014 *6912 7014 *6912 7014 16978 60 8 6958 695s 70
70
---- ---*8
812 *8
812 *8
$12
812 *8
8 2 .PS
*1312 15
_-- - _- *1312 1412 *1313 15
*1312 15
*1312 15
*9
-912 *9
912 *9
912
912
913 918 *9
913 9 2
39
39
3812 3914 3858 3834 3834 33,4 3812 3834 39
39
*2312 24
*2334 2414 *2312 2412 *2312 24'2 2314 2314 *2334 24
1312 14
134 1358 .1314 1414 *1314 14'2 13
1314 .1338
1312
*24
25
30
25
.24
.24
30
30
*24
30
*24
30
1834 .18
1834 *18
1834 *13
181 4 .18
•18
19
1918 *18
6012 6012 *6012 61
*6012 61
50
*6012 61
61
60
60
833 838 *314 8,4 *84 84 *814 84
.814 834 *314 834
20
*17
19
*16
18
*17
18
18
*17
20
*17
20
*3412 38
*3412 37
.3412 38
•3412 33
3434 3134 *3-112 3612




New York Stock Record-Concluded-Page 2

1272

For record of sales during the week of stocks usually inactive, see second page preceding.
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday
Sept. 21.

Monday
Sept. 23.

Tuesday 'Wednesday
Sept. 24.
Sept. 25.

Thursday
Sept. 26

Friday
Sept. 27

Salesfor
the
Week
Shares

STOCKS
NEW YORK STOCK
EXCHANGE

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

Highest.

Industrial&Mise.(Con.) Par $ per share. $ per share.
$ per share $ per share $ per share $ per share ' $ per share $ per share
12,400 Burns Bros
100 108 Feb 5 154 Sept27
151 15214 151 15212 15112 15313 15214 1537 15338 154
15014 152
700 Butte Copper & Zinc v t c__5
87s Apr 25 127g July10
1012 1038 1012
978 1014 1014 1014 *10
*10
1034 1014 1014
1612Jan 2 3312 May14
700 Butte & Superior Mining_ 10
2634 2634 *2512 2612 *2614 2612 2534 2614
27
27
*26
27
100 California Packing____No par
3612Jan 3 4512 May10
4,401.3 4114 *4038 4034 4034 4034 *4058 4034 *4014 4112 *4012 4114
12 Jan 7 2138 June17
100
1913 20
197 20
1912 1912 19
1934 2058 4,200 Californal Petroleum
19
19
19
36 Jan 5 6438 Sept 5
100
Do pref
62
6334 2,400
6238 *6034 62 I *6034 62
*6034 6218 6114 6114 62
61'z Jan 15 733 Feb 27
6912 7034 27,300 Central Leather
100
6812 6812 6812 6814 7038 6934 70531 6934 70
68
Do
100
pref
100 10212 Mar14 x107 Mar 8
*10234 105 *10212 105 *10234 104 *10234 105 I 10278 10278 *10234 105
294 Mar 6 3512 May16
700 Cerro de Pasco Cop ___No par
3414 *3414 3412 *3414 3412 3458 3458
34
*3314 3334 337 34
6814 Jan2 95 Feb 25
100
86
*85
854 8514 1,100 Chandler Motor Car_
85
86
8514 8514 858 *85
86
*84
1413 Apr 4 1758Jan 2
25
*1534 16
*1534 16
1534 1534 *1538 1534 1534 1612 1638 1634 3,700 Chile Copper
3638 June10 4714 May16
4078 4,300 Chino Copper
5
40
3934 40
3853 3918 3938 3912 3912 40
3912 40
343 Jan 29 5412 May24
2,400 Colorado Fuel & Iron
48
100
4634 4634 47
*4512 47
4614 47
4653 4678 4678 47
2834 Mar25 3718 Aug 21
100
2,100 Columbia Gas &Elec
3412 3438 3438 3418 3418 3538 36
3412 34
*34
34
35
4,600 Consolidated Gas( N Y)_..100
8234July15 9212Feb 7
8878 89
86
86
8638 8734 8814 8934 8834 8834 *8712 89
300 Continental Can, Inc
6634 Sept13 95 Feb 19
100
67
69
*65
*6612 69
*67
67
67
70
70
67
*65
2978Jan 15 457 July18
44
4434 27,500 Corn Products Refining _100
4334 434 4378 4312 44
4234 4234 4234 4314 43
Do pref
800
100 29013 Jan 7 10234 Sept25
102 10234 *10112 103 *102 103
*101 102
10138 10158 *10112 102
6712 10,100 Crucible Steel of America_100
52 Jan 12 7478 May16
6578 6434 6512 6334 6478 64
6514 66
6514 6512 65
_
Do pref
*8814 90
86 Jan 31 9134June 4
90
100
*8814 91
*8814 90
-_- - __
*89
2712 Apr 10 337 Feb 20
30
3014 3014 3038 3014 3012 3014 3114 -3078 -31-14 -30- -3-0.7-8 12-,i)80 Cuba Cane Sugar____No Par
Do pref
7914 7918 7914 *79
80
100
7913 7918 1,365
7818 Mar25 83 Feb 18
7914 7933 *79
7912 79
5434 27,200 Distillers' Securities Corp_100 x33 Jan 2 6434 May24
537s 5434 5334 5434 524 5334 5112 53
5212 5318 53
10
4,600 Dome Mines, Ltd
6 Junel9 1014 Sept 9
*834 918 *834 914 *834 914
9
911 *834 914
918 10
2634 June19 39 Feb 13
2912 2814 2812 28
2812 2814 2878 2,000 Gaston W & W Inc-No Par
*29
2912 2812 2834 *28
- 100 12734Jan 7 153 May16
14512 147 *145 14712 146 146
14614 14614 1,050 General Electric
147 147
5,215 General Motors Corp
100 10634Jan 15 164 Aug.:1
117 11912 11712 119
117- 118 - 118 11918 119 120
11814 119
200
77 Sept17 88 Feb 1
100
Do
pref
*7778 7812 7814 7814
78
*7712' 7812 7812 7812 *7734 7812 78
38 Jan 2 x5014 Feb 5
46
100
*45
4678 4678 1,400 Goodrich Co (II F)
4612 *4513 4612 4612 4714 4614 4634 46
96 Jan 10 10012 Sept 5
*98 l 01
*98 101Do pref
*9714 10012 *9714 10012 *98 101
*98 101
100
-i85 Granby Cons M 9 & P
74 Jan 25 84 Sept 5
8438 *83
845. *83
100
8438
8438 *83
*8312 8438 83
8312 *81
3812 Jan 17 5038 Sept27
4612 50
46
4858 5058 4,000 Greene Cananca Copper .100
45
46
45
4514 4514 4512 46
7834 79
80
*78
764 Sept20 11112 Apr 25
7934 2,556 Gulf States Steel tr ctfs 100
78
7934 7934 77
7934 80
80
Do 1st prof tr ctfs
9912 Aug 1 102 Jan 10
100
0918
•---- 9914 *---- 66,2 *---- 9914 *..___ 994 •---- 991s *--34 Jan 5 4914July30
45
-52i1 Haskell & Barker Car_ _No par
44
45
§44
46
46
47
*4514 49
____ ____ *44
12,100 Inspiration Cons Copper 20
4253 Jan 15 5634 May1()
5358 54
54
5418 5378 5414 5313 5418 5334 5418 5414 55
*1512 17
200 Internat Agricul Corp_ -- _100
10 Jan 8 19 June20
16
16
17
*15
*15
*15
17
17
*1512 17
Do pref
38 Jan 5 65 June18
100
800
61
6118 6112
62
62
6134 6012 6012 *6012 62
*59
*59
600 Intern Harvester of N J 100 11112Jan 2 13134May 8
12614 12658 *12518 127
12634 12634 *12612 128 *12612 12712
*12518 128
21 Jan 15 314 Feb 23
27
2712 2758 2714 2734 27
2634 2858 2814 2958 2734 2814 30,700 lot Mercantile Marine. 100
8333Jan 2 10912 June 1
100
Do pref
10453 10658 10338 10434 152,500
10338 10414 10358 10434 10233 10414 10134 106
27 Jan 15 3158July 8
6,201) International Nickel (The)25
3018 3014 3018 3038 3018 3033 2973 3013 2934 2978 30
30
2412Jan 15 4512 May15
3314 34
100
34
3512 6,000 International Paper
*3113 3214 *32
3234 3334 3312 34
33
58 Jan 22 6512Jan 3
62
100
Do stamped pref
6134 6134 *60
6212 6234
700
61
4160
*60
6013 62
61
41 Apr 2 5134 July30
___ Kelly-Springfield Tire_ ___25
*46
47
47
*46
48
*46
*46
*46
48
47
*46
48
29 Mar25 3478 May16
3334 3334 3378 3414 6,800 Kennecott Copper____No par
334 3378 3378 34
3373 3418 3358 34
100
7334Jan 12 9138 May16
8212 82
8234 1,900 Lackawanna Steel
8214 *81
8212 *81
8214 82
82
12 Apr 2 2234 July30
*19
19
100 Lee Rubber & Ttre___No par
20
20
19
ii181.2 -1 12 *19
*18
20
1912 *18
1712Jan 8 31 Aug 1
*26
*27
2758 2738 *27
100 Loose-Wiles Biscuit tr ctfs_ 100
29
29
28
*27
*27
29
28
53 Feb 15 7712 Sept13
100
*78
*78
81
81
81
81
*78
*78
*78
*78 81Do 2d prof
81
7134 Junel8 7812 Feb 28
100
*7212 79
*72
79
79
*72
*7213 79
-lob
. Mackay Companies
7258 7258 *7212 79
57 Jan 4 65 May28
Do pref
64
100
64
64
400
64
6518 *64
65
64
*64
*64
64
65
2312Jan 15 32's Feb 19
100
27
27
2734 2834 2812 2834 2814 2814 2734 2734 *2712 2812 2,100 Maxwell Motor, Inc
0 51 Apr 24 8434 Feb 8
Do 1st pref
59
5712 5712 *5613 58
58 5810
500
59
*57
5734 58
58
19 May27 26 Feb 5
100
Do 2d pref
*2012 2112 2178 221.1 *2134 2214 *21
*21
400
22
2178 *21
22
79 Jan 5 11212 Sept27
100
10434 10538 1053g 10634 10638 10734 10538 10678 10512 10658 10634 11212 112,500 Mexican petroleum
Do prof
87 Jan 15 9618 SePt18
_
100
26's Juno 7 331s Jan 31
-ii- -ii- -2778 -2-8 - -2734 18 - -2734 Wig -2734 -2-773 -ii'itt /8;
5
4,150 Miami Copper
1
434 M ar23 61 May16
12,100 Midvale Steel & Ordnance_50
52
5113 52
5158 52
5238 53
5238 5178 5238 5178 52
64 June25 73 Jan 4
6818 6818 *68
70
70
70
70
100
*67
*67
*67
*6812 6934
200 Montana Power
. Do prof
95 NI ar19 1014 July26
*98 ---- *98
____ *97 ____ *97 ____ 4198 103
*97
100
1312Apr 8 2138July 5
*1714 1734 *1714 1712 *1613 17
16
1612 1612 1-,566 Nat Conduit dr Cable No par
1714 16
16
3714 Jan 7 5412 May20
5034 5034 5034 51
51
61
5158 2,600 Nat Enam'g & Stamp'g__ _100
5034 5034 5114 5114 51
92 Sept25 9912 Feb 20
Do pref
100
4191
400
95
92
95
*93
*91
*92
94
92
97
95
95
4314Jan 7 6134 Apr 4
400 National Lead
100
*57
4157
*57
57
58
58
58
57
58
58
*57
*57
_
Do pref
9934 Mar 2 10512 May18
100
410113 ____ *10114 ____ *10114 ____ *10114 ____ *10114_
_ _ _ *10114 __-_
1734 Mar25 2178 May16
1,iio() Nevada Consol Copper __5
2014 *20
2014 1978 20
2018 2038 *2018 20'12 2013 2014 20
100 117's Jan 12 139 May22
120 120
123 12414
1,000 New York Air Brake
12012 121 *120 123 *120 12414 122 122
37,2 Aug16 4612 Feb 23
4212 4114 4114 *4113 4213 4141
4140
100 North American Co
43
4212 *40
4213
100
*40
354 Mar25 4234 May16
9,400 Ohio Cities Gas (The)
25
3714 3714 38
3733 3738 3738 3712 3714 3758 3714 3738 37
24
314
2 Jan 22 13 June17
712 712
712 7,2 1,700 Ontario Silver Mining___ -100
712 713
734 734
734 734
712 713
21 3314 Aug 3
*3112 3212 *3113 3212
400 Pacific Mail SS
32
5
3214 3238 *3113 3234 3134 3134 32
86 Jan 8 96 Feb 27
9212 9212 *9212 9314 9314 94
900 Pan-Am Pet & Trans. pref_100
93
*9234 93 . *9234 93
93
3958Jan 2 55 Jan 31
4538 4538 4538 4912 4712 5034 4612 4712 4713 4713 4813 49
10,000 People's G L & C (Chic)_100
21 Apr 12 31 May24
2712 2712 *27
2753 2734 2712 273.1 2,300 Philadelphia Co (Pittsb)_50
2712 2713 28
*2712 28
34 Jan 16 434 Mar 1
3933 39
*38
39
40
39
3933 4,700 Pierce-Arrow M Car--No Par
3858 39
39
39
39
89i Jan 26 984 Sept 6
100
Do prof
100
*96
98
98
98
*9514 98
*95
*96
*96
98
98
98
15 Sept13 1734 Sept23
25
15,700 Pierce Oil Corporation
167s 17
1614 1734 1658 1678 1633 1634 1612 1634 1658 17
42 Jan 15 58s Feb 28
*4812 49
4912 4934 4934 5114 4,100 Pittsburgh Coal of Pa......100
49
*4812 4912 49
49
49
7934 Jan 2 84 Feb 19
Do pref.
400
83
100
8314 8314 *8212 8312 8234 8234 83
8314 8314
*8212 83
5678 May28 73 Aug13
7114 7012 7012 7114 7112 72
7278 3,800 Pressed Steel Car
100
70
70
707s 7078 71
*9413 99
*9413 99
*95
93 Apr 27 100 Aug 5
99
100
*9412 99
*95 99Do pref
*9412 99
89 Aug 13 10912 Mar 5
*92
97
97
97
*92
*92
97
9812
*92
*92
-565 Public Serv Corp of N J 100
97
97
100 10018Jan 7 119 May10
113 113
11212 11212 11158 11213 *11158 11212 11178 11178 11212 11212 1,015 Pullman Company
4513 Jan 7 7112 Sept27
100
68
7014 70
7113 16,600 Railway Steel Spring
6658 6634 67
67
67
6813 6712 68
95 Jan 2 10212 Aug 29
100
10138 10138 *100 102
Do prof
*10113 10212 *10112 10212 102 102
*98 10113
200
223sJan 15 264 May16
2312 2358 2338 2312 2338 2312 2313 2358 2338 2312 2338 2334 3,000 Ray Consolidated Copper.10
9158 9078 9138 9113 9318 16,700 Republic Iron & Steel___ _100 x7258Jan 15 96 May16
9112 9114 9134 91
9118 91
91
925sJan 2 10212 Sept17
100
Do prof
100 100
*9912 100
800
100 100
*99 10012 100 100
9978 100
9814 9814 0634 9712 95
9512 2,811 Royal Dutch Co etts dep_- 704 M ar23 117 June17
9312 9558 9612 9812 99
90
434 Aug22 11 Jun 31
100
*534 612 *534 64 *534 714
400 Saxon Motor Car Corp
638
6
6
6
6
6
100 13334June 8 156 Feb 15
200 Sears. Roebuck & Co_
140 140 *13812 142
14112 14112 *140 142 *140 142 *139 142
15 Sept 7 1814 Feb 19
500 Shattuck Aros Copper_ _ __10
*1434 15
*1478 15
15
*154 ---- *154 1538 1518 154 15
254 Apr 11 39 Feb 5
3114 3112 3112 3114 3314 12,600 Sinclair 011 & Rerg___No par
3114 3134 31
314 32
3112 32
39 Jan 24 7114 May24
62
61
700 Sloss-Sheffield Steel & Iron100
62
*59
60
62
62
60
*60
*60
*5912 61
3378 Apr 24 5612 Feb 19
36,300 Studebaker Corp (The)_ 100
5012 4813 4958 4814 4958 4914 50
46
4738 4714 4938 49
Do pref
0 8012July 3 95 Feb 6
100
96
*85
*86 0610
92
90
96
92
4185
*88
90 .85
3414 Mar25 45% May 3
100
100 Superior Steel Corp'n
42
43
*41
*41
*41
*4112 4213 *4112 43
42
43
43
100 Sept27
95 Feb 16
Do 1st pref
100
*9712 100
100
*95 100
*95 100
4195 100
*95 100
100 100
127sJan 2 21 July 6
1758 1758 1758 1758 1758 1734 *1713 18
1733 1778 1634 1778 5,300 Tenn Copp & C tr etta..No par
21,100 Texas Company (The)
100 13612Jan 7 175 Sept27
162 165
16134 163
163 16434 16312 165
164 165
165 175
4812 Mar25 727s Aug14
6612 6538 6612 6513 657s 6612 6738 10,400 Tobacco Products Corp 100
6618 67
6613 6718 66
100 x8714 M ar19 08 Aug 1
*94
96
95
95
95
4193
*92
*04
*94
4194 95Do pref
96
65 Jan 24 80 May13
70
-77158 Union Bag & Paper Corp_100
72
72
72
70
70
*70
*70
*70
*70
70
75
37 Jan 2 4412 May10
1,000 United Alloy Steel_ __No par
38
38
*364 374 37
374 374 *37
37
38
37
37
8334 ar28 10512 June24
10034 10034 10038 10138 100 10012 99 100
9914 9934 101 10173 7,000 United Cigar Stores....._ 100
Do pref
100 10114Jan 5 110 July18
*101 107 *101 107 *101 106 *100 107 *100 107 *100 107
160 116's Jan16 133 Feb 18
*128 134
131 131 *130 137
-ioo United Fruit
111s Apr 6 19 May 7
*1213 14
*13
-ii- -1-4-14
;iii8 -1-i- ;Hi-3 -f4:- *1213 14
100 US Cast! Pipe & Fdy
100
41 Mar26 4734 Feb 1
*4138 44
41
41
Do pref
*39
*39
41
41
41
41
100
*39
4139
100
116 11612 117 11734 11414 11712 11234 11412 114 11412 11413 11578 16,100 U S Industrial Alcohol 100 109 Sept13 137 May24
9414 Sept17 99 Mar21
100
Do prof
*93
*93
9412 9412
100
96
96
96
96
96
*93
4193
*93
51 Jan 15 6438 Aug 29
100
60
60
6012 6012 6012 6138 2,400 United States Rubber
60
6058 60
604 6018 60
100 z95 Jan 15 10618July13
Do 1st preferred
10238 10238 *10258 10312 1.0314 10314 *10258 104 *10238 104
10234 10278
500
3213 Apr 12 484 Feb 19
50
4338 4338 *4212 4338 4134 4213 *4178 4212 *4134 4212 4214 4213
700 US Smelting Ref &M
42% Apr 12 4534Feb 1
4412 *43
4413 *43
4412 *43
4412 *43
Do pref
50
*4238 4412 *43
_
441
8612 Mar25 11612 Aug 28
United States Steel Corp_100
211012 11118 11078 11134 11078 111% 10934 11034 10934 11114 11114 11312416,i(50
Do prof
11078 11078 11034 11034 110% 110% 1103 11012 11012 11012 1103 11034 1,925
100 108 Mar25 11258Jan 31
7634 Mar25 875s May16
8214 8213 8334 4,500 Utah Copper
10
*8112 82
8238 82
8212 82
*8112 82
82
11 Sept16 1512 Feb 18
11
*10
4110
11
*10
*10 11_ Utah Securities v t o
*912 11
11
11
100
*10
3334Jan 2 5612 Aug 26
*53
55
5312 5312 5334 5334 5513 5412 5558 5458 55
5558 8,700 Virginia-Carolina Chem _100
98 Jan 16 10912July 6
*10713 108
10713 1074 108 108 *10712 10912 *10713 10912 *108 110
pref
100
Do
200
50 Jan 5 7313 July27
73Virginia Iron C & C
72
74 .71
74
72
100
*70
*71
*71
74
74 .71
7714 Aug 2 95% Apr 15
82
82
*81
*8114 83
83
82
*814 82
*8114 83
82
-566 Western Union Telegraph-100
3812Jan 17 4712 May16
4334 434 4334 4338 4334 4338 4434 10,710 Westinghouse Elec & Mfg_50
434 4313 4318 4378 43
59 Jan 11 03412Feb 20
1158
63
63
63
63
Do 1st preferred
50
*58
*58
*58
*60
65
*60
65
3634Jan 2 4678 Aug 28
50
*4413 46
*4514 46
46
4612 46
46
4145
46
4612 4612
- Z15 White Motor
152 Jan 15 22 Jan 3
20
2018 20
2038 2018 2012 20
2012 20
2014 2018 2038 10,500 Willys-Overland (The)_.. 25
8012 8012 81
75 Jan 3 83 July23
83
*80
80
418012 83
80
81
§8113 8112
100
Do pref (new)
310
4514 Jan 2 6612 May24
52
52
53
52
52
5114 514 .51
52
1,800 Wilson & Co, Inc, v t o
53
100
53
55
11112 11112 11112 1 , 113 .111 113
*11113 113 *11113 113 *11112 113
100 110 Mar25 12012Jan 3
200 Woolworth (F W)
*110 114 *110 114 *110 114 41110 114 41110 114 *110 114_
100 11334June13 115 Sept 9
Do prof
34 Jan 4 69 Aug 28
6412 6214 6278 6212 63
6414 6514 *6434 6512 6334 6412 *63
1,6(50 Worthington P&MVI.3_100
4189
8538 Feb 5 9112 Apr 6
91
91
.85
*85
91
91
*85
*85
91
*85
91
100
Do pref A
59 Jan 18 7038 July26
*6612 68
*6612 68
66
66
*654 67
*13612 68
*6412 68
100
-iO8
Do pref B
*BM and asked price& no sales on this day.
x Ex-dividend.




§ Less than 100 shares.

Z Ex-rights.

a Ex-cUv. and rights

b Par $10 per share.

PER SHARE
Range for Previous
Year 1917
Lowest.

I

Highest.

$ per share $ per share
89 Jan 12514 Apr
- - - - -1234 Dec 5214 Jan
3334 Nov 4214 Aug
1014 Dec 3013 Jan
2913 Nov 6214 Jan
55 Dec 10112 June
97 Dee 11578 Jan
25 Dec 41 Feb
56 Nov 10434 Mar
1114 Nov 27% Mar
3512 Nov 6334 Mar
2934 Nov 58 June
2558 Nov 4778 Apr
7612 Dec 13458 Jan
76 Nov 10314 June
18 Feb 3714 July
8812 Nov 11238 Jan
4534 Dec 9178 July
83 Dec 11734 Jan
2478 Nov 5.,14 Jan
7478 Dec 9413 Jan
1154 May 4414 Oct
2434 Jan
612 Nov
28 Feb 4112 Aug
118 Dec 17134 Jan
7413 Nov 14618 Jan
7234 Dec 93 Jan
3214 Dec 6114 Jan
Jan
z9138 Dec 112
65 Nov 9238 Jan
34 Nov 47 Jan
77 Nov 137 Jan
10112 Nov 110 June
2712 Nov 40 June
38 Nov 6613 June
714 Nov 2178 May
2614 Nov 6013 July
10034 Nov 123 Jan
1718 Dec 3()% Mar
6258 Feb 10612 Oct
2413 Dec 4738 Mar
1812 Nov 4958 Jan
5014 Nov 7712 June
3678 Dee 6412 Jan
26 Nov 5018 May
08 Nov 10378 June
1038 Nov 30 Jan
1214 Nov 2718 Jan
Jan
55 Jan 64
70 Nov 8934 Feb
574 Dec 6713 Jan
194 Nov 6134 Jan
49 Dec 7412 Jan
13 Nov 40 Jan
67 Dec 10613 Jan
8478 Nov 9778 June
25 Nov 4314 Apr
3912 Dec 671 June
x5831 Dec 1094 Jan
9512 Dec 11712 Mar
1312 Dec 39 June
24 Feb 4634 Oct
9012 May 9934 July
3778 Dec 634 Mar
Jan
99 Dec 114
16 Nov 2638 June
98 Nov 156 Mar
39 Dec 7238 Mar
3178 Oct 14378 Apr
3% Nov
734 Sept
18 Feb 3013 June
87 Nov 98 Jan
35 Dee 10614 Jan
2413 Dec 42 Jan
25 Dec 4134June
88 Nov 9812 Aug
3712 Dec 5412 Sept
74 Dec 90 Aug
49 Dec 834 Jan
x90 Nov z107 Jan
Jan
99 Deo 131
10614 Deo 16712 Jan
3614 Nov 58 June
Jan
8812 Dec 101
1912 Nov 3214 Apr
60 Feb 9412 June
89 Dec 10578 May
59 May 734 Nov
478 Nov 68 Jan
12312 Dec 23814 Jan
15 Dec 2934 Mar
2514 Dec 5934 Mar
3313 Nov 7434 Mar
33% Nov 11013 Jan
85 Nov 108% Jan
3014 Nov 5134 June
06 Dec 10212 July
191k June
11 Nov
11434 Dec 243 Jan
4212 Dec 8058 Aug
x86 Dec 105 Mar
59% Deo 112 Jan
3412 Dec 4938June
8113 Nov 12778 Aug
9814 Dec 12034 Mar
x105 Dee 15438 Jan
10 Nov 2412 June
42 Dec 63 Jan
984 Nov 17l1 Juno
88 Nov 106 June
45 Dec 67 Aug
91 Dec 11434 Jan
40 Dec 6734 Jan
4338 Nov 5214 Jan
7912 Dec 136% May
10234 Dec 12114 Jan
7014 Dec 118' May
94 Dec 2434 Jan
26 Nov 46 May
97 Dec 11214 Jan
46 Feb 77 Mar
x7O Dec 9934 Jan
3334 Dec 56 May
5214 Dec 7018 Jan
3334 Nov 5213 Jan
15 Nov 384 Jan
69 Nov 100 Mar
42 Nov 844 Mar
Jan
9973 Dec 151
113 Dec 12613 Jan
234 Feb 3738 June
88 Nov 9714 June
50 May 133 June
13 Par

$100 per share

New York Stock Exchange-Bond Record, Friday, Weekly and Yearly

1273

In Jan. 1909 the Exchange method of quoting bonds was changed and prices are now-"and interest"-except for interest and defaulted bonds.
BONDS
N. Y.STOCK EXCHANGE
Week Ending Sept. 27.

Prize
Friday
Sept. 27

Bangs
Since
Jan. 1

Week's
Range or
Last Sale

High No. Low High
Ask Low
Bid
U. S. Government.
5946 97.20 102.50
100.98
Sale
100.06
100.94
II 9 334s Liberty Loan__1932-47 J D
U 13 4s converted from let Lib242 93.00 98.40
96
10
95.84
Sale
95.95
J
D
1932-47
erty Loan
3367 93.00 98.00
U S 4s 2d Liberty Loan 192742 MN 95.76 Sale 95.38 95.86
43is converted from let
1932-47 J D 95.88 Sale 95.86 96.30 528 93.90 97.10
Liberty Loan
U 13 434s converted from 2d
1927-42 MN 95.72 Sale 95.36 95.84 11303 93.10 98.00
Liberty Loan
96.16 15490 94.78 99.10
U S 434s 3d Liberty Loan_1928 MS 96.00 Sale 95.32 It
97
99
9834 Aug'18
98
S 2s consol registered...41930 Q
Aug'18
8
97I8 9878
987
98
d1930
Q
U13 25 consol coupon
99
9912
9912 May'18
k1918 Q F
S 38 registered
9918 May'18
9878 9934
k1918 Q F
US 38 coupon
25
107
10634
1063
4
105
=Q
F
106G
1925
U S 4s registered
2 105 107
106
1925 Q F 10612 -- 106
U S 4s coupon
98
98
U S Pan Canal 10-30-yr 2s_k1936 Q F 98 ---- 98 June 18
July'18
99
9713 99
U S Pan Canal 10-30-yr 2s reg '38 Q N 98 ---85 85
- 85 June 18
S Panama Canal 38 g
1961 Q M 85
2 83 89
89
Bale 89
1961 Q M 89
Registered
- -- 100 Feb '15
U S Philippine Island 48_1914-34 Q F
Foreign Government.
176
98
Sale 9714
1919 F A
Amer Foreign &cur 55
94% 1574
Sale
9113
9
e 94
Anglo-French 5-yr 53 Eater loan.. A
Aug'18
854
87
84
1909___.
Argentine Internal 5s of
9918
9918 Sale 97%
Bordeaux (City of) 3-yr Os. 1919
7112 70 Sept'18
t 68
Chinese(Hukuang Ry) 5s of 1911
9512
9512-15
9414
1901..
Cuba-External debt 5s of
9212 9214 July'18
A
Exter dt 5s of 1914 ser A 1949
A ____ 82 84 Apr '18
1949
External loan 434s
9512 56
9514 Sale 9514
Dominion of Canada g 58.-1921 A
94% 17
94% Sale 9112
1026 A
do
liDo
9412 13
944 Sale 9412
1931 A
do
iDo
1195
10114
Sale
101)%
101
French Repub 534s secured loan_
4
8734
t 8514 8912 8734
Japanese Govt-£ loan 4349_1925
Sept'18
-85
96%
86
1925
t
Second series 434s
8012
8012
5
Do do "German stamp"18 --3 / 7418 - 73% June9918
1931
Sterling loan 4s
739
8
973
Sale
,..
9918
1919
Lyons (City of) 3-yr is
99-8 656
9913
e 9734
Marseilles (City of) 3-yr Os.
4012 June-18 --.
.0
s4010
375
13
142 5
4
t9
Mexico--Exter loan £ 5s of 1399
33;8 Dec '17 1954
Gold debt 40 of 1904
9,05
9734 965
Paris (City of) 5-year 5s.....,_1921 A
80
80
2
7918 80
Tokyo City fis loan 01 1912
99% Aug'18 -UK of Gt Brit & Irel 2-yr 5s 1918
-687; -Sale 9331
9918 163
1919 15/1
3-year 534% notes
9634 602
e 9614
99693584
1921
5-year 534% notes
Sale 9912
9934 615
Convertible 514% notes 1919 P A
$5105
of
basis
the
prices
on
_These are
State and City Securities.
N Y City-4f48 Corp stock 1960 MS
1904 MS
43is Corporate stock
AO
4345 Corporate stock..-1966 J
D
1955
434s Corporate stook
1963 MS
434s Corporate stock
1959• N
4% Corporate stook
1958 MN
4% Corporate stock
1957• N
4% Corporate stook
4% Corporate stook reg 1956 MN
1957 MN
New 4345
434% Corporate stock-__1957• N
334% Corporate stock-1954 MN
1961 MS
N Y State-to
Canal Improvement 4s.._ .1961 J J
J J
-1902
4e_
Improvement
Canal
1930 J J
Canal Improvement 4s
Canal Improvement 4343.1964 J J
Canal Improvement 4340.1965 J
Highway Imurov't 4348_1033 MS
Highway Improv't 434s_1965 MS
Virginia funded debt 2-3e-1901 J J
is deferred Brown Bros ctfs-

9412 98;(4
8814 9534
854
78
9918
84
534 70
904 100
/
4
9014 941
84
80
4
93/
1
4 95,
90% 95/
1
4
8878 95
94 10114
8013 9212
8318 92%
81
77
73% 76
994
84
84
9918
40 42%
8113 9734
68
8212
97 100
9314 9912
9138 9718
97% 100

Sale 94
9412 29 8734 9613
94
9418 9412 94%
9412
8772 0034
90 9412 9412 Sept'18
8778 96(4
100 Sale 100
100:8 288 9314 101%
100 100:8 9914 1004 59 93 101%
ti5le 90
90
91
20 85
9118
9012
90 9034 9012
5 85
9138
90 - - 90
91
5 85
9118
88 89% 8914 Aug'18
_ 85
9034
100 Sale 9934
10018 27 9353 101%
9978 1008 99%
99%
9312 10118
8034 81% 8113 Sept'18
8218
76
07 -- 99 July'18
99
99
9712 101
984 July 18
9414 984
99 ---- 9811 Aug'18
934 9812
97
- 05 Mar ia
9414 96
1074 Sale 10712 10712
105 10812
98 - [0412 June 18
10118 10113
10712 ---- 10712 1071z
10413 10715
100 -- . 1004 June 18
10018 10114
78% 74 Dec '17
69 Sale 59
7014
4
44 -51-

BONDS
N. Y.STOCK EXCHANGE
Week Ending Sept. 27.




Week's
Range or
Last Sale

1%!

Range
Since
Jan. 1

High No. Lew High
Bid
Chesapeake & Ohio(Con)Ask Low
75
75%
2 72
General gold 434s
1992 hi s __
76
78
8634 Mar'17
Registered
*75
20-year convertible 434s.1930
76% 19 6512 7712
76 _F 538 76
9 "
192
30-year cony secured 5s 1946 A 0 7918 Sale 794
82%
7938 54 76
Big Sandy 1st 48
84 Apr '17
1044, D 66'4 78
---Coal River Ry 1st gu 4s.._1945 J D
-- 851z Nov'16
------Craig Valley let g 53
1940 .7 j
- ---- - 9634 Feb '16
Potts Creek Br 1st 4s
_
1946 j j
8434 Jan '13
----____
R & A Div 1st con it 4s
1989 J J 7
83
2,2 --2
8-12 73 Nov'17
2d consol gold 4,3
1989 j j
71 Oct '17
_ Greenbrier Ry let gu g 45_1910 7,,7 N 654 73
8812 Sept'16
Warm Springs V let it 5s 1941 Mg
_
54
9
712 11314 Fee '15
51 Sept'18
Chic & Alton RR ref g 3s
52
50
1919 A 0
374 39
Railway 1st lien 334s
37
37% 12 3514 4718
Chicago Burlington & Quincy
19
92
52
9
Denver Div 48
99% July'18
9758 9978
F A
j
j 9934 100
113 72
72
Illinois Div334s7
8 71% 78
72
1949 j j
794 8012 80%
4
Illinois Div 4s
8018
Iowa Div sinking fund 53..1
8
90
8 9
89
74
1
194
19A
9 Jr Oj 9878 9934 98 May 18
Sinking fund 48
98
97
A 0 9778 9934 9734 Sept'18
Joint bonds. See Great North.
9
Nebraska Extension 4s
89% 94%
1927 m N 8814 904 897 Sept'18
91 Mar'18
91
Registered
1927 88 N
84
14
General 4s
7814
78
91
•
1953 M s 78 Sale 78
Chic & E 111 ref & Imp 4s g....1955 J j
30
25
294 30 Aug'18
U S Mtg & Tr Co Ws of dep.
--- _2912 29 Sept'18
30
9
28
2 101
let consol gold 138
100 June'18
"A- -6 100
72 Aug'18
General consol 1st 5s
72 72
U S Mtg & Tr Co etts of d
70
70
ie
9
e3p347
- M N
;
3'2 70 Feb '18
-_- 75
76 July'17
Guar Tr Co Ws of dep
---Punch money 1st coal 53_1942
-4i 56 --• - 9734 Feb '13
---- ---12 __ 32 Mar'17
Chic & Ind C fly 1st 5s___1936 J
Ch cago Great West let 4s__1959
i 56
0i8 ;
00
661i2
5613 29 -6
S .
(
1
6
)
Chic Ind & Loulev-Ref 68_1947 J .1 1
1(16;42 100 Sept'18
10012 Apr '17
Refunding gold 58
1947 j J 80
844 Apr '17
Refunding 4s Series C
1917 .j J ---70 Nov.14
Ind & Loulev 1st gu 4s_1956 J J
2 -fi 964 Jan '17
Chic Ind & Sou 50-yr 4s___ _1956 J J fo-1Chic L S & East 1st 434s__ _1969 J D -- -- 97% Dee '16
Chicago Milwaukee & St Paul7114
7118 Bale 71%
4 70% 79
Gen'l gold 48 Series A.... e1989 J J
9213 Feb '16
Registered
e1989 Q J
81
82
6.
8112
8112
Permanent 48
1925 J D
4 686
4612
674
7
50
34 6
Gen & ref Ser A 434s___a2014 A 0 67% Sale 67
76438
9 74
70
79
Gen ref cony Ser B So__ _a2014 F A 79 Sale 7834
75 66 Sept'18
Gon'l gold 334o Ser B___e1989 J J --- 794 7838
7818 20
General 434s Series C. _.e1939 J J 7712
70 Sale 70
'1, 66% 74
25-year debenture 4,
70
76
4 71% 78
Convertible 434s
193
932
4 -1
.1 D
j 76 Sale 76
9413
98
97
Jan
'18
Chic & sup Div g 59
97
97
.-1021
92 July'18
Chic & Mo Riv Div 5s
92 94
1926 .1 J 8912 92
pips 98%
97
Chic & P W 1st if 5s
1921.0 J 96% 9912 97
; 744
7418 74%
CM dr Puget Sd 1st gu 48_1949 J J 7014 _ - _ - 741
99
971
(Aug'18
97121 99%
Dubuque Div let s f 68_1920 J
Fargo & Sou aisum g (16_1924 J J 9814 108 1014 Sept'17
- 10314 98 Jan '18
98
La Crosse dr D 1st 58
98
1919 J J
964 95 Sept'18
Wks & Minn Div g 5s
95 100
19213 J 95
97% NW.'I s
97% 977s
Wle Valley Div let 65._ 1920 J J
Milw & Nor let ext 4 is 1934 J D 82 _
85 July'18
85
5
36
81
85
85114
:
11
8114 Fob '18
78
Cons extended 4 yie
:
14 839
11
1934 J
8
8,93971
Chic & Nor West Ex 4s 1886-1926 F A 89 - - 89 Sept'18
8458
854
Aug'18
Registered
1836-1926 F A
6
General gold 3340
67%
1987 M N 6778 _ _ 6734
Ji 8113 Oct '16
Registered
p1987 Q F _
83
4 -ii7; WI;
General 48
1987 M N 6s-8 sale 8213
Stamped 48
0
04
21
3
,2 118
1987 M N ---- 80 8018 Sept'18
9
89
018
- 10413 101
101
General 53 stamped
1987 M N
104 May'18
Sinking fund (Is
104
1879-1929 A 0 101
1094 Apr •16
Registered
1879-1929 A 0
94lg
9113 July'18
Sinking fund 5s
941
1879-1929 A 0 9414 tun
Registered
1879-1929 A 0 93_ 1031z Apr •I6
9518 May'18
Debenture 55
1921 A 0 9618 i5V
-66"
Registered
loo 100
1921 A 0 __ 97 100 Jan '18
Sinking fund deb 59
1933 M N gi 96 93 Aug'18
93
97
97
9413 May'14
9413 94%
Registered
1933 M N 92
77
'16
1014 Oct
Des Plainee Val let gu 434s '47 M S
MC105
Frem Elk & Mo V let 68_1933 A 0 1031z 104 103 Apr'13
Man GB&NW let 3iis_1941
2 53 ____ 88 jA3
---Milw & S L lst gu 3jis
1941
J
-tic' DU;
Mil L S & West let g 623_1921 M S 166; ...... lOO't Aug'18
954 _--- 96 Aug'18 -- 9618 98
Ext dc Imp s f gold 5o
1929
1117 De* '15
Ashland Div 1st g 6s.....1925 M S 102
Mich Div let gold(is_1921 J J 100 ..... 1024 May'1/11
lO2'i 1021$
89
74 Sept'18 ..-. 73
Mil Spar & N W let gu 45_1947 M S 74
764
92
92 Aug'18
St L Peo & N W Ist gu 50_1948 J J
92
93
Chicago Rock lel & Pac73% 72
Railway general gold 4s._.1988.0 J 71
70 7734
18
7
1 71% 71%
Registered
1983 J J --- -- 71% M -0
69
37 6212 6914
Refunding gold 4s
1934 A 0 69 -Sale 9413
- 8018 Aug'18
20-year debenture 58
fiii
801a
1932 J J
66
6512
6612-it 42
RI Ark & Louts let 450_1934 M 8 •
674
93
95 Feb '18 -- 96
Burl C R & N 1st g 5e
1934 A 0 85
96
CRIF&NW 1st gu 5s 1921 A 0 .8312 ---_ 971z June'll -95 100
Choc Okla & G gen g 58-01919 J J 921497 May'18
9
63 s
Meapyt:1
18
51
Consol gold .54
1952 M N
Keok & Des Moines lst, 5s 1923 A 0
6812 Sept'18 -St Paul & K C Sh L 1st 4 qs'41 F A 67 68
190
_9 l
:
55
Chic St P M &0cons 65...._1930 J D 10378 10.534 10434 Aug'18
:
it0600
6.
1 :
!
79 -- 88
88
Cons 6s reduced to 334s...1930 J
8113 33
8812
Debenture 58_
1930 IN S 83 884 88
85% 9078
118 Nov'16
North Wlsamsin 1st 6s.._1930 J J 1005*
St P & S City
g 6s
1919 A 0 9934 100 9934 Sept'18 -Superior Short L 1st 5s g.e1930
S 86,4 98 95 May'18 _- 45
95
58 July'18
Chic T H & So East let 53_1960 J D 53% 67
50
63
Chia & West Ind gen g 6s_i1932 Q M 1005* 103 105 July'18
66
11
4 10518
5314 621z 6518 Sept'18
Consol 50-year 48
Cin II & D 2d gold 434s.,
152
1937
9 j
J j
J
8
98
9 N1.118
e,YA
0 Find & Ft W let gii 4s g 1923 1M N
75 -- 94 Jan '17.....
Day & Mich let cons 434s 1931 J J
66
63 Sept'18
545*
Cloy CinCii & St L gen 45...1993 J D 61
59
20-year deb 434s
J
1931
6514 7732
7
77
6
7
84
.81z 4
76
71
'
4 Aug'18.....
27
General 5s Series B
80
88%
6134
4 81:
834
2 .
8
6
,3
4
i7e JN
N:1:
,
:e..1.6
10
7
Cairo Div let gold
)
9
39
3j
JJ
D 65:
li9
im 1 S
Cin W & M Div 1st g 48_1991 J J 6218 63% 132 J'
2 "65
63
N
St I. Div let coil In g 43_1990
Sur & Col Div 1st g 4s____1940 M S 8314 __ _ 7313 Jiine'17
W W Val Div 1st it 413_1910 J
10
99
4 119
C 1 St L &0°ousel 6J. _ 1920 M N -SW - 19-1; 99
lot gold _
-k1935 Q F 77% ...... 87 Dee '17
884 May'15
3
Q F
Registered
33
5j
192
g 58 k1
-85/
1
4 ...-- 10213 Jan '17
Cin S & Cl eons lit
C & I gen cono g 6.1_1034 J J 104 __ 1074 Apr '17
94 July'08
Ind B & W 1st pref 48.___1940 A 0 634
0 Ind & W 1st pref 5e_d1938 Q
4
e Aug'18...... 40 -613Peoria & East let cons 4s.1940 A 0 5212 6) -5011112 1212 1212
12131
1212 13
Income 4e
1990 Apr
8312 90
Cleve Short L 1st gu 4 As_195 II A 0 8134 85 8312 Sept'18
9 8334 8614
1923 F A 8513 Sale 837
Colorado & Sou let g 4s
855*
Sale 71
711
0 65
's
1935 141 N 71
734
Refund & Ext 434i
97 Sept'18,----; 96
98
1921 J D 97
g 6s
Ft W & Den C
9812
Conn & Pao Rive lot a 45.._ _1943 A 0 85
---- 85
94 Fen '16 ____1
Cuba RR. 1st 50-year 58 g__ _1952 J
Del Lack & Western71
74% 7413 Sept'18 ____. 734 WS
Morris & KIN 114 gu 334s_2000 J
100%
103
101 Sept'18
100% 102%
1921 J J
fie
N Y Lack & W
96
98
96
95 Angels __
1923 V A 95
Construction 154
ggig
_ 9334Jan 'IS
9334 9334
M N
Term & Improvt
102% t?«..b '08 ---1
Warren lot ref go g 334s-2050

Railroad.
514 July'18
31995• J 5118 56
5118 59
Ann Arbor 1st it 4s
Atchison Topeka Jr Santa FeSale 79
8018 36 79
1995 AO 79
8533
Gen it 4s
8012 Apr 18
1995 AO
- 79
7912 80
Registered
72
7413 Aug'18
69
31995 Nov
7134 76
Adjustment gold 4s
7313 June 18
111995 Nov
7313 7312
Registered
70 Sept'18
7112 73
31995
70
78
Stamped
2 7158 87
7138 Sale 7158
711's
1955
Cony gold 4s
82 90 84 Sept'18 7_2 8'2
1960
8734
Cony 4s issue of 1910
9113 Aug'18
8218 91
9113 9112
East Okla Div 1st g 40-1928
79 June 18
1965 .1
79
79
Rocky Mtn Div 1st 48
4 77 Sept'18
77 -517613 8012
Trans Con Short L 1st 40-1958
8313 July'18
85
79
Cal-Ariz Lit A ref 434s' A"1982
1 991
66
0:
/
4 July 17
2
.
7
58 18
-7
g8
8 Fe Pres & Ph 1st g 53-.1942
8
1 77"-Ho;
'78%
78%
Atl Coast L let gold 4s__ ...31952
76
76
1 75
76
1964
8212
Gen unified 434s
9618 93
9534 Aug'18
9.5% 9534
Ala Mid let gu gold 55___1928
7634
78
35
Sept'17
_
1311.1113 44; W 1st gu gold 48_1938
129% Aug '15
108
Cheese & Say let gold 78-1936
6978 70
3 70 -'578
6913 ---708
01952
L & N coil gold 4s
July'17
115
101
Say F & W 1st gold 5s____1934 A
---9612 105 July 15
1934 A
1st gold 58
-- - 994 May•te
Sli Sp Oca & gu g 48_11)18
-id- -641i
87
8813
5 854 8912
Belt & Ohio prior 334s
-87
89
1925
Registered
857 -- 9012 Sept'17
31925
734 12 -518-Sale 7314
let 50-year gold 48
31948 A
7314
8785
9234 Mar'17
Registered
31948
*7214
8 -5377
77 la; 761z
10-yr conv 430
1933
4763i
8 7713 8312
15 7712 78 7712 78
Refund & gen Sc Series A.-1995
112 Jan '12
Pitts Juno 1st gold 6s
1922
9718
8113 -;73-1;
P Juno & M Div 1st g 330 1925
804 -8112 8218 Aug'18
721s 7334 73%
73%
P L 113 & W Va.Sys ref 4s 1941
72
76
80
Southw Div 1st gold 3348.1925
80
85
80 Sale 80
Cent Ohio It 1st o g 4 34a....1930
8312
-- 100 Apr 17
con
1st
58._1933
Aug'18
A
.1z
W
9312
it
Cl Lor
1i13 -66;
9034 ---A ___ _ 10114 Nov'16
Monon River 1st go it 58-1919
/
4 Oot '17
Ohio River RR. 1st g 50-.1936
914
- 991
1937 A
General gold 5s
88 May'18
44
88
83
85
Pitto Clev & Tot let g Os. 1922 A
9918 9913
99
- 994 Mar'IS
9973 June'18
gels
99 934
Buffalo R A P gen g 5e_ -__1937
1957
Consol 4 sis
85 874 994 Oct '17
All & West 1st g 4s it". _ 1998 A 0 74/
1
4 -_ 97 Nov'16
10313 Feb '16
Clear & Mah 1st gu g 55._1943
A 10118 ___ 101 May'18
itii
Roch & Pitts 1st gold Os__1921
tof
1922
1001
/
4 101 10018 Sept'18
Consol 1st g 13e
9912 10312
8412 8612 85
Canada Son cons gu A 5s- _1962
9134
85% 21 85
78 84
'34 De,o 17
Car Clinch & Ohio 1st 30-yr 5a'38
A 9812 9912 9914
Central of Ga 1st gold U..- p1945
-6114
5
9914
1945
86
87 87 Sept'18 -- 85
Consul gold 6s
10
80
78 Aag 17 __
Chatt Div pur money g 48 1951 J 13 65
1946
8314 _-_- 90 May 13
Mao & Nor Div let it 59
-66- -id1947
85/
1
4 ___ 9713 Juue'17
Mid Ga & All Div 55
1946
844 87 8412 Aug'18
Moblie,Div 1st g 5e
-ii;
-ii;
83 June 11 ---- 13 83
c''t5LR& i3ofGaoollg5s1937
8213 84
101 Ilitite3
13(113 11 11) 104
Cent of N J gen gold 58.-1987
31937
100
Registered
8 150 104
97.1 1004 0812 Sept'18
9)18
Am Dock Ali Imp gu
OS
Leh & Had Riv gen gu fie '20
9513 10118 100 Apr '18 ---, 100 100
93 _-- 10013 I in '13
N Y& Long Br gou it 48_1941
66 --__ 66 Sept'18
Cent Vermont IsI Ku e 4s --e1920
67i
8.0
.7A:
9.
'
51
117
8
8
Oben & 0fund dr Impt 58 _1929
du
04
i09
9513
1939
let eonsel gold 55
5 9413 10018
1939 ti
Registered
'
*No'price Friday;latent tkla week. eDizelea, d DIM April. e Due Mal. gDusJnno. 3 Duo July. k Due Aug. o
--441

Price
Friday
•
27

697211

Oet. yDueNov. q Due Deo. sOpsioneale

1274
BONDS
N.Y.STOCK EXCHANGE
Week ending Sept. 27

New York Bond Record-Continued-Page 2

z„

Week's
Range or
Last Sale

Price
Fridati
Sept. 27

a
j

Range
Since
Jan. 1

Bid
High No. Low High
Ask Low
Delaware & Hudson4 9314 94
94
lst lien equip g 4345
1922 J J 94 97 94
41 79
7938 7934 7913
7958
8613
1943M N
1st & ref 49
4i 8513 90
20-year cony 5s
8614
1935 A 0 8611 Sale 8814
7214
Aug'18
703
Alb & Susq cony 330_
76
4
71
1916 A 0
7214
10113 10112
Renss & Saratoga let 78-1921 M N 10212 10338 10112 Aug'18
Denver & Rio Grande25 6013 69
64
1st cons g 45
1938 J J 6378 6413 63
3 68
7113 71
71
72
Congo' gold 430
1936 J J 69
7053 Sept'18
Improvement gold 5s
7614
70
1928 1 D 71
99
58 4814 56
55
56
let & refunding 5s
1955 F A 55
37 Aug '17 -Rio Gr June 1st gu g 55_1939 J D 65 90
4,
114 JA4d
ory
.Rio Or Sou let gold 4s
1940 J J
-Guaranteed
1940 J J
Rio Or West let gold 4s 1939 J J 83 Sale 63
64
63 6713
51
55
Mtge & con trust 43 A_1949 A 0 50
51
2 50
55
Det & Mack-let lien g 4s..1995 J D ---- 70 82 Dec '16 --89
751z July'18
Gold 4s
1995J D
75
73
73
Det Riv Tun Ter Tun 430._1961 M N 73
73- 7712
Dul Mlssabe & Nor gen 5s 1941 J J 9214 _ _ 9634 June'18 --- 9634 9713
97 May'18
Dul & Iron Range 1st 5s
97 97
1937 A 0 --_- 88
10512 Mar '08 ---Registered
1937 A 0
Dul Sou Shore & Atl g 5s..-1937 J J
87
---- 87 Mar 18 ---- 82
Elgin Joliet & East 1st g 5s 1941 M N 8718 ____ 93.3 June'18
9312
90
10012
2
10012
Erie 1st consol gold 75
100 101
1920 M S 100
N Y & Erie lst ext g 45.-1947 M N 781s _-__ 78 Apr '18 -- 78 178
/
4 June'18
2d ext gold 5s
961
/
4 9614
1919 M S 9314 ____ 961
9313 Jan '18 ---- 9313 95
3d ext gold 430
1923 I'd S 84
9912 July '17 --4th ext gold 5s
1920 A 0 0478 99
-_
9134 Nov'15
5th ext gold 48
1928 J D
NYLE&Wlstgfd75_1920 M S
1001 1 1003s July'18 - -- Imps 10038
684 31 65 69
Erie 1st cons g 48 prior-1998 1 J 6613 Side 66
84 Deo '16 -Registered
1996 J J
523 -iii; -E711st consol gen lien g 45_1998 J J 53 Sale
4
5
73
234 Juiie'3116
2
Registered
1996 J J
7813
7 7514 79
7813
Penn coil trust gold 4s 1951 F A
4813 18 42 50
50-year cony 4s Ser A 1953 A 0 4713 Sale 4712
48
48
do Series B
9 4212 49/
1
4
1953 A 0 4758 48
5114 51
(Mn cony 4s Series D___1953 A 0 50
5113 74 4812 56
90
82
Chic & Erie let gold 5s___1982 al N
82
1 82 93
101378 Jan '17 Clev & Mahon Vail g 58_1938 J J
100 May'18
Erie & Jersey 1st s f
'fish 100
J J
1
4 96 Aug '18 ---- 98 96
Genesee River lets f 6s___1957 J J -90 103/
Long Dock consol g Os__ _1935 A 0 10018 __ 11012 Noy'17 -Coal & RR 1st cur gu 6.1_1922 Psi N 00 __:_ 103 in,. '18 ---- i(1:1 idiDock & Impt let ext 53.-1943 J J 821s -___ 10212 July'17 ---N Y & Green L gu g 58-1946 Psi N 80 ____ 85 J91. '18 ---- "85
85
N Y Susq & W 1st ref 55_1937 S J 70 80 75 July'18 -- 74
80
2d gold 430
_ 10014 Deo '06 ---1937 F A _--General gold 5s
59 60 June*18 - -- -id - 61
1940 F A _
hir4
_ 108 Jan '17 ---Terminal let gold 58_1943 M N
108 J89 '17 -Mid of NJ let ext. 5.s___ _1940 A 0 gp
Wilk & East let gu g 5s...1942 J D 6412 67
6512 Sept'18
86
62
Ev & Ind 1st cons gu g 64.._1928 J J ---2312 Jan '17 ------Evanav & T if 1st cons 64_1921 J
90
94
97 Nov'17 - ---- ---1st general gold 5s
1942 A 0
10
88
Mt Vernon 1st gold 6s
51a juo
N:
n :1117
1923 A 0
---95 June'12 --Sull Co Branch 1st g 58_1930 A 0
Florida E Coast 1st 430_1959 J D 78
82 8112 July'18 ---- 81
8112
Fort St U D Co 1st g 430_1941 J J ____
92 Aug '10 --Ft Worth & Rio Or 1st g 46_1928 J J 55 _
5613 Oct '17 ---Galv Hous & Hen let 5s
8.512 June'1 6 ---1933 A 0 ____ 1.78
Great Nor C B & Q coil 4s 1921 J J 933s Sale 9312
9334 151 -di- -114.1;
Registered
9313 Aug '18 -- 9134 9334
A1921 Q J
let & ref 434s Series A _1961 J J -gill .11E4-4 85
864
7 85
90
96 June'16
Registered
1901 5 J
-- St Paul M & Man 45
8912 Apr '18 -- 8618 8912
19333 J 844
1st consol g 6s
1933 J J 1021s 113 108 Apr 'If ---- 108 108
Registered
1933 J J 9918 110 118 Apr '17 -Reduced to gold 430_1933 J J 9114 92
9134 Aug'18
9114 95
Registered
1933 J J 8558 99 10213 MaY'16 -Mont ext 1st gold 4s
8158 89
8158
8158
1937 J
2 8112 IsS
Registered
19375 D 8018 ____ 9512 Mar'16
---Pacific ext guar 48 E
85.: Nov'15 _
1940 J J
---E Minn Nor Div lst g 4s 1918 A 0 7414 -. 801s Dee '17
Minn Union 1st g Os
-1922 J J 1001s ___ 10(1 14 May'is
Mont C 1st gu g 6s
2 104/
1937 J J 105 _.. 10438 105
1
4 10518
1361
Registered
/
4 May'08
1937 J J
let guar gold 5s
1937 J J 92 _--- 95 Sept'18
9258 95
WIll & S 1st gold 5e._1938 J D 9233 95 10934 Am:'16
---Green Bay & %V deb etre "A"____ Feb
7914 6934 Dec '16
--_Debenture Ws"B"
712 813 712 Aug '18
Feb
7
918
Gulf & S I 1st ref & t g 5s__81952 J J 7212 76
76 Aug'18
83
75
Hocking Val let cons g 430 1999 J J 76 Sale 76
76
74/
1
4 78
Registered
7312 June'18 -1999 J J
7313 7313
Col & II V 1st ext g 4s
1948 A 0 7212 ---- 8414 Aug 17
Col & Toilet ext -Is
1955 F A 7034 ____ 75 Feb '18
6713 70
Houston Belt & Term 1st 5E1_1937 S J 807s 95 901s Apr '17
Illinois Central let gold 4s._1951 J J 90
93 89 Sept'18
-Si- -figRegistered
1951 J J 69
93
92 Se pr'17
let gold 330
10515 J 70 90
77 July'18
-ff -ff
Registered
1951 3 J 015a ___ 84 Nov'15
8318
Extended let gold 330
80 June'17
1951 A 0'
Registered
1551 A 0 6188 _
let gold 3s sterling
1951 M S
Ju
Registered
1951 M S
Collateral trust gold 4s.....1952 A 0 75
76
778 July'18 - -fit; -5
;
1
Registered
95/
1
4 Sept'12 -1952 A 0
let refunding 4s
22 -ii;
7713 Sale 7712
1955 M N
78
3 -EPurchased lines 334s
84
1952
67
71 May 18
P) -L N 0& Texas gold 48.-1953 M N 7334 Sale 7212
4 71 18 761
/
4
7334
Registered
72 Feb '18
1953 M N 70
84
72
72
Cairo Bridge gold 49
1950 J D 7058 ____ g9 Apr '17
Litchfield Div let gold 33_1951 1 J 58 ..
79 Feb 'II
Loulsy Div & Term g 3345 1953 J
1334 ___ 6411
6414
-Ws71
Registered
83 Aug 12
19:53 J
Middle Div reg 5s
1921 F A -iTZ;5-8
_ 102 June'ie
Omaha Div let gold 35...1951 F A Silt .
5814
584 os.s
584
St Louts Div & Term g 33_1951 J
60 62
82 Marl.
62
62
Gold 334s
1951 J
64.1 8313 6534 Aug'18 -- 63
6534
Registered
6412
1951 J
'41) Ju ite'16
Spring( Div 1st g 330
1951 J
7914 8053 Nov'16
Western lines 1st g 4s
1951 F A __ 7831 7834 Aug'18 -- 78.13 79
Registered
02 NOV II)
1951 F A
Bellev & Car let 6s
11712 May'10
1923 J
garb & Shaw let gold 4s 1932 M
PO J39 P7
Chic St L & N 0 gold 5s..1951 J
94/
1
4 Sept'18
_. 98
-di Registered
1951
I 1 Feu 'ii
Gold 3345
1951 .1
6358 -- -- 654 July'18
6512 0512
Registered
1951 J
Joint 1st ref 5s Series A_1963 J
8434 87 8513 Sept'18
8512 91
Mernph Div 1st g 48_1951 J
6834 ---- 701s Noy'17
---Registered
1951 J 13
65 Noy'17
St Louis Sou let go g 43..1931 M
89 Feb '18
763s _
80
80
Ind Ill & Iowa 1st g 40
7412 93 89 Apr '17
1950 J
lot & Great Nor let g 65.......1019 M
1
4 9313 May'18
94 95/
90
9312
James Frank & Clear 1st 48_1959 J
90 824 June'17
76
--Kansas City Sou 1st gold 3s.1950 A
59
58
5914 Sept'18
5s
8212
' Registered
1959 A
_ 63 Oct '09
Ref & impt 5s
Apr 1950 J
7334 80
7512
7514 75'2 75
Kansas City Term let 4a....1960 J
7153 7134 711
/
4
711g 78
7134
Lake Erie & West 1st g 58_ _1937 J
8313 85 85 Sept'18
78
92
2d gold 5.5
1041 J .1 ____ so
8058 Feb '17
North Ohio 1st guar 85s 1945 A 0 __ 80 894 Mar'17
Leh Val N Y let gu g 434s..1940 J
84
8412 8478 Sept'18
847 -9434
Registered
1940 J
/
4 93
89
791
Oct'17
Lehigh Val (Pa) eons g 43..2003 M
77
76
75
76
-fi
General cons 430
2903 SI
811
/
4 85
88 Aug'18
87
0012

BONDS
N. Y.STOCK EXCHANGE
Week ending Sept. 27

Price
Friday
Sept. 27

-

• No price Friday; latest bid and asked this week




Week's
Range or
Last Sale

4 I

Range
Since
Jan, 1

Bid
Ask Lot°
High No.' Low High
Leh V Term Ry 1st gu g 56._1941 A 0 98 100 98 Sept'18
96 102
6s-nlig281
113 Mur'17
Registered
94 A 0
Leh Val RR 10yr coil
98 WI; 9778
9814 478 9724 pp
Leh Val Coal Co 1st gu g 58_1933 3-3 9738 102
99 Aug'18
9614 101
Registered
19332 J --_- -- 105 Oct '13
let lot reduced to 4s
1933 1 J 7714_ 1
4 ___ -.id- July'18
Leh & N Y let guar g 4s
1945 M S 72/
7
-fd - 70
Registered
Long Isld let cons gold 5s...51
8 -61- -di- Apr
1
993
S
J -86145
---- 9134 95
1st consol gold 4s
51931 Q J 8018 87
9414 Junele
General gold 4s
1938 J D
lleutg:0
9
79
18
1:o
8 --- 7158 7213
Ferry gold 430
1922 NI S 85
98
85 Sept'18 ---- 85 85
Gold 4s
1932 J D
Unified gold 4s
1949 M S 70
71
7118 Aug'18 -- 71
7118
Debenture gold 55
1934 J D __-- 8613 97
'18 --- 97 97
20-year p m deb 5s
8858 7312 70 Sept'18 - 70
75
Psi N
Guar refunding gold 45_ 19
S 7113 85
7M
94
°9
..7_218 7913
7218 Aug '18
Registered
---- -- 95 Jan '1
NY B&M B 1st eon g 502194
S 95 ___ 10314 Apr 'IS ---A O
935
9"
NY&RB 1st gold 58.-1927 M S 95 98
4212 Apr '1. ---- 9213 9213
Nor Sh B let eon g gu 59-01932 Q 3 82
9314 100 Aug '16 --_
Louisiana & Ark 1st g 58.-1927 M S 8512 88
90 Aug'18 -- 8714 90
Louisville & Nashv gen 68_1930 J D 10672 114 111172 July'18 ---- 109 11072
Gold 5s
N
M
1937
91_3_
93
96
3:JJaunl'
18
7
8
y4
Unified gold 4s
1940 J J 811
/
4 8312 81
8811
8
°3
1%"
Registered
Collateral trust gold 5s-1931
S 11i1M N
4° s1
3 -954 93 Sept'18 -- 93
90
E H & Nash 1st g 68
1
4 ____ 1(101
1919J D 100/
/
4 Aug'18
10018 100/
1
4
L Cm & Lee gold 430_1931 M N 9314 9512 87 Apr 'I..- 87
87
2d
N0
gold
1930 J J 10034 104 101
101
2 101 101
as
dEcoN41.116sst
1930 J J 93/
1
4 --_- 1041
/
4 Feb '17 ---.Paducah & Mem Div 48_1946 F A 721
/
4 89 9013 Ap. '12
St Louis Div let gold 65-1921 M S 10014
/
4 10112.
-- 10112 Aug'18 ---- 1001
2d gold 3s
57 ---- 571s July'18 ....-- 57/
1
4 5814
All Knox & Cin Div 48-119
S 7433 77
M N
98°
55 I"
78 Aug'18
- 7.1
8013
All Knox & Nor 1st g 55_11146 J D
1 ___ 951s July'18 ---- 0518 951
/
4
Hendee Bdge 1st s f g 6s 1931 M S 1011
/
4 1034 10312 Sept'18 --- 102 10312
Kentucky Central gold 45_1987 J J 75 Sale 75
75
I! 73
75
Lox & East 1st 50-yr Se go 1965 A
90/
1
4 Sept'18 ---- 90
93
90
96
L&N&M&Mlstg4301945 M S 8014 85
831
/
4 Atuel8 ---- 83/
1
4 831g
L & N-South M joint 45..1952 J J
9
65
714 SF
ee
,
pt:0
15
8 ---- 6714 684
Registered
51952 Q J
N Fla & S 1st gu g 5s
1937 F A 8918 ____ 95 Aug'18 -- 95
068
N & C 13dge gen gu g 430_1945 J .1 7934 __- 9774 May'16
__
Pensae & All let gu g 68_1921 F A 1003h 10813 101,3 July'18 --- 10113 102.5
& N Ala cons gu g 5s_1936 F A 9314 101) 99 an,'18 ---- 99
99
es
Gen sd
L &J
e
consec
1945 m O 84/
auogug
:
_ 3A
e5a
1
4 9412 9312 Jan '18 ---- 9312 914
50-year
611
/
4 ___ 80 July'18 -..- 60
80
Manila RR-Sou lines 44_1936 Psi N
Mex Intermit let cons R 43.-1977 M S
77 Mar In
Stamped guaranteed
1977 M S
Midland Term-lets f g 58_1925 J D
75
112 JNunve:117)1---- -------- 9
Minneapolis & St Louis1st gold 7s
101
101 July'18 --. 101 104
Pacific Ext 1st gold 6s__-192
AO
D
927
1S
--.- 103 Oct '16
1st consol gold 5s
7114 Sept'18
70 74
711 7934
1st & refunding gold 4s
45
44.3 46
45 i 10 41
133
949
4M
N1
46
Ref & ext 50-yr 5s Ser A._1962 Q F ---- 4514 41 Sept'18 -- 40
46
Des M & Ft
60
1st gu 48_1935 S J
Feb'15 -Iowa Central let gold 58-1938 5 D -ff- 80
7812 Sept'18,
Refunding gold 4s
1951 al S 4514 4534 45 Sept'18
4ch 4814
MStP&SSMcong4sintgu_1938 J J 78
80 I
2 80
80 80
861g
let Chic Terms f 4s
92 Jan '17 -1941 M N
MSSM&A late 4sintgu.'26 J
_
1
4 N.. '17
88
- 85/
Mississippi Central let 59.-1949 J J
95
Dec'18
-- 171:7
---- -Missouri Kansas & Texas1st gold 4s
1990 J D 62% 65 62 Sept'18 -.- 60/
1
4 6418
2d gold 4s
32
A
g1990 F
31
3412
32 I
1 28
35
let ext 501(1
d 58
32 Sept'18.... 32
- 32
32
& refunding 43
40 Aug'18'
id
' 40
45
40
Trust Co cents of dep _ 2_1°G4'
9
-i14- MM NS 3812 4912 42 M.0'18,-- 41
42
Gen sinki
2612 Sept'18'.
fund 434s-1936 33
30
- -ng 27
2514 34
St Louis Div 1st ref g 4s 2001 A 0 - - 3712 40 Noy 1.3
5% secured notes "ext"..'16
id
40
Dall & Waco let gu g 55..1940 M -143
6912 Apr '17
Kan City & Pae 1st g 48_1990 F A ------ 60
58 Jtin '18 - .- 58
58
Mo K & Ist gu g 5s
36
1942 A 0 Stitt 50
Apr'18 -.- 36
37
St IC & Okla let guar 153_1942 M N 59 62 60 Sept'18 -- 60 60
M K & T of T 1st gu g 5s-1912
S 4913 5212 4913 Aug '18 ---- 49
5634
Sher Sh & So 1st gu g 5s 1942 J D
51
Dee'16 -Texas & Okla let gu g 5s 1943 M S _ - - 50
40 Jan '18 - -id - -id Missouri Pacific (reorg Co)
1st & refunding Sc Ser A..1965 F A - - 8334 81
1 79
81
86
let & refunding 5s Ser 134.1923 F A Eta go
8978 Sept'18 -- 8978 92
let & refunding 5s Ser 0_1
A 85
F s
25
6 si
2 8514 90
10
97
8713 8514
8512
General 45
5634 Sale 56
5718 227 5518 5934
Missouri Pao let cons g 68-1920 M N 9812 9834 9813
8 98
9812
9913
40-year gold loan 43
1945 M S ---- 60 60 July'17
---ad 78 extended at 4%
82 Apr '17
1938 M N ------Boonv St L & S 1st 58 911_1951 F A
100 Feb '13
---Cent Ile U P Ist g 48
19482 D 63 -id
9712 Dec'13
PaottofMolstextg4s.1938F A 79
83
7913 July'18 --- -fit; -id2(1 extended gold 5s___ _1938 J J 85
-- 10034 Apr '18 ---St L Ir M & S gen con g 58_1931 A 0 9314 -Sale 9314
3 9O' 951g
9312
Gen con stamp sit g 55_1931 A 0
- - 102 July Is -Unified & ref gold 1s
1929 J J 7538
751
/
4
7613 12 7212 763.m
-- 8078 Oct 17 ---Riv
nerG
steD
red
ly 1st g 45
j 671 0913 70 Sept'18 -- -661151 N
33
3.9
192
3 72
Verdi V I & W let g 58_1926 Psi S 80
_ 78 Sept'15 -Mob & Ohio new gold 63-A
J 101 Mi
J D
1,
927 Q
. 10113 Sept'18 -- 101 1E1;
let ext gold 6s
9212 108/
1
4 95 Ma)
,'18 -- 92
95
General gold 4s
65 Aug '18 ---- 65
61
6512
Montgomery Div 1st g 543.1
is'I A
S .8314 ---- 93 July '17 -- - - - -19
9187 F
St Louis Div 5s
8333 87 90 Aug '17 ---- St L & Cairo guar g 4s....-192
77 Dee '17 -7314 78
1937
1 .;
S 1
Nashv Chatt & St L let 55..1928 A 0 9518 95/
1
4 9813 June'18 -iof
Jasper Branch let g 68_1923 S J 9012 10312 11014 Mar •I 7
Nat Rye of Mex pr lien 410_1957 J J ---- 30
30,, May'17
Guaranteed general 4s
35 Atig '16 ---1977 A 0 _-- 30
Nat of Min prior lien 4A3-1926 1 J
96/
1
4 Feb '13 -1st consol
JA
21
21 Aug'18 -- -tif -tif
New Orleans
489
Term 1st 4s
1195.531
64 63 Aug '18 ---- 60
64
N 0Tex & Me8lco 1st 83_1925 J D 91- 92
92
92
2 92
9414
Non-cum income 5s A
1935 A 0 5012 51
17 40
51
50
51
New York Central IIRCony deb 6s
A 9313 Sale 93
5 IN
F N
12
,
938
9312 144 9113 95
Consul 4s Series A
___- 69 69
17 69
69
75
Ref & imp 430"A"
2013 A 0 77
Sale 77
10 77
77
85
New York Cent & Hod 11.1vMortgage 330
J 6812 0913 70
1997 J
3 69
70
7434
Registered
Register
1907 J J 8658 _ -- 66/
1
4 Aug '18
665s 7114
1934 M N 7714 79
Debenture gold 4s
7714 Sept'18
7434 814
Registered
92 Der '16
Lake Shore coil g 330.-19
A 611
F N
0
91
9
9 al
1
4
3 Ill
611
/
4 654 61/
/
4
851k
Registered
-_- 61
61 May'18
81
81
Mich Cent roll gold 330_1998 F A _. 02
63.2 Aug'18
8213 6878
Registered
6918 75 Mar'17
Battle stred
Cr & Slur let gu 38_1199
A
F D
989
8J
- - •Beech Creek let gu g 413_1936 J
-gra Apr '17 -•Registered
1936 J J
9534 Nov'16
- -2d guar gold 5s
1936 J J -ii38 92 104 May'18 Registered
_
Beech Cr Ext iseg 345_61
A 0
5
936 j
1951
•Cart & Ad let gu g 4s
1981 J D 65e
"id N(Wi4
•
Gouv & Oswe 1st gu g 58_1942 J D
-_ Mob & Mal 1st gu g 4s
1991 St S 7214 76 -fti72 -fit;
N J June R guar let 4s._1986 F A 68 _
8912 Feb '16 -N Y & Harlem g 3SO....2000 M N 6414 -- 80 May'17
N Y A Nnrthern IqIg 56.1923IA 0 9234 --- 0513 June'18
-684 -diss
a Due Jan. 0 Due Feb. g Due J.MJ, h
is JOY. C D ie Sept. •Due Oct. a OptJon sale.

8

-7813 -7913

[Vol,. 107.

2.3_ _8_1_38..

SEPT. 28 1918].
BONDS
N. Y. STOCK EXCHANGE
Week Ending Sept. 27.

New York Bond Record-Continued-Page 3
Price
Friday
Sept. 27

Week's
Range or
Last sad

Range
Since
Jan. 1

Bid
Ask Low
High No. Low High
N Y Cent & H R RR (Con.)7218 7412
N Y & Pu 1st cons gu g 48_1993 A 0 6812 ___ 7412 Mar'18
Pine Creek reg guar 68__1932 J D 101 ---- 113 May'15
2 9514 98'4
9512
R W & 0 con let ext 58-01922 A 0 9512 Sale 9512
6714 8714
Rutland let con g 4%8_1941 J J 69 --- 6714 June'18
60 63
Og& L Chain 1st gu 4s g _1918 J J 60 ---- 60 June'18
55 -- 70 Jan 18
70
70
Rut-Canada let gu g 413-1949 J
82 101 Nov'10
.1 .1
St Lawr & Adir let g
1996 A 0 ___-- 103 Nov'10
2d gold 136
92 -947;
Utica & Bik Itly gu g 48_,1922 .1 J 9114 --- 94 Apr '18
1 70
71
7012
75
7012
Lake Shore gold 3348_11997 J D 70
71
73 May'18
7212 73
1997 .1 D 65
Registered
8712
1928 M S 8512 Sale 8514
8513 11 82
Debenture gold 48
817e 84 Sept'18
8134 8612
1931 M N
25-year gold 48
_ 8418 837s Nov'17
1931 M N
Registered
1938.1
KaA&GRlstgue5s
154 Em70-ii
1934 J J
Mahon C'l RR let 58
103 May'17
Pitts & L Erie 2d g 58-a1928 A 0 91 18
13018 Jan '09
._
Pitts McK &A'1st go 83._1932 J J 10112 _
_ 12314 Mar'12
1934 J J 10114
2d guaranteed (3s
9912 Aug '17
1931 MI S 8818 __
Michigan Central 5s
1931 Q M --_- 93 92 Apr '18
92
92
Registered
1940.3 J
1212 -.. 7412 Aug '18
48
7412 75
-- 87 Feb 14
Registered
1940 J J
90 June'08
J & 8 1st gold 3348
1951 M S .
let gold 334s
1952 Nil N 70 ---- 7973 July'17
8 7234 80l
7812
7858
20-year debenture 48_ 1929 A 0 7712 80
2 7512 82
77
N Y Chic & St L let g 4s _1937 A 0 7658 77 77
Registered
1937 A 0 7512 -..- 85 Nov'17 -7 61
6312
65
Debenture 4s
1931 M N 62 6434 63
3 7112 80
7112
72
76
West Shore 1st 43 guar...2361 J .1 72
7078 71 Sept'18 - 71. 7834
Registered
2361
.1 69
100 10012 Jan '17
N Y C Lines eq tr 56_ _1918-22 M N
9818 July'17
Equip trust 4 30_1919-1925 .1 J
81
81
7718 88
N Y Connect lst gu 4348 A_1953 F A 7612 81
NYNH& Hartford58 Sept'17
1947 M S
Non-cony deben 46
"bi55 55 Sept'18
55
Non-cony deben 3346._ 1947 M S 51
59 Sept'18
5012 62
- 61
1954 A 0
Non-cony deben 3348
1 52
6118
59
59
1955 J J ---- 59
Non-cony deben 4s
19543 M N ---- 59 60 Sept'18
55% 61
Non-cony deben 4e
5118 60
1958 J J
54% 60 Sept'18
Cony debenture 3346
82
90
1948 J J 8718 8818 88% Sept'18
Cony debenture 88
50 Oct '17
____ -___
Cons IV non-cony 4s__1930 F A
- 00
9112 Jan '12
Non-cony deben 48___.1954.3 J
60 July'18
1955 J J
id - -idNon-cony deben 4e
--1955 A 0
Non-cony &ben 48
_
Non-cony deben4s....1956.3 J ____
- "fi" A4
1It3
-66 73
Harlem It-Pt Cites 1st 48_1954 M N 7178
7918 Dee 17
B & N Y Alr Line 1st 48_1955 F A
-idCent New Eng 1st gu 48_1961IJ J 50 74 60 Sept'13
---Hartford St fly 1st 4s__ _1930 M $
idEq
Housatonic It cons g 5s..-1937IM N 89
N
87 July'14
Naugatuck itit 1st 4s...1954
83 Aug '13
N Y Prov & Boston 48..._1942IA 0
8 45 -665412
5434
NYW'chos&B Istser 14%61946;J J 54 5
_
1939I A 0
Boston Terminal let 4s
New England cons 56-....1945;J .1 81 --fd- &Rif
1945'J J 68 Consol 45
Providence Secur deb 45 1957 M N ---_ if 57 Apr 16
9978 Dee '13
Prov & Springfield let 58_1922 J J
88% Feb '14
Providence Term let 48...1956 M B
W Con East let 4346.- 1943 J J
631k 657 -iira sefai
-6318
N Y0& W ref 1st g 4s____g1992 M
83 _ 9212 June'12
Registered $5,000 only_g1992 M
1955.3 D 50
gg 80 Apr '11, ---- -id- -41;General 4s
F
A
65% ____
312 Sept'18 ---- 60 65
6
Norfolk Soil 1st & ref A 58..1961
,
8
1941 M N 82%
8158 June'18
Nonf & Sou let gold 58
1931 M A 10512
106 Sept'18
81114
105
2 10
84
612
Nonf & West gen gold 68
Improvement & ext g 68_1934 F A 10512
122 82ov'16
1932 A 0 105 106 10718 Oct '17 ---- ---- -New River 1st gold 6s
7952 79
791g
685
-f6"
N & W Ry 1st cons g 48_1996 A 0 79
1998 A 0
- -- 9312 Dee '16 ---Registered
7612
DWI 1st lien & gen g 48_1944 J J 7134 -- 7612
-fit;
D
J
1932
48
cony
123
,
8
10..e5 year
May'17
--1932 M S
11714 May'17 10-20-year cony 46
1043 Sept'18 - 10312.10512
10-25-year cony 434s___1938 M S fa%
D
J
4s___1941
7612 18
Penh C & C joint
10
76
311 S431)7116
2 .1 7612 "is
C C & 1' 1st guar gold 58_1922 J J 9534
7712 Aug '18 ---- 7712 79%
7134 77
Solo V & N E 1st gu g 48-1989 M N
Northern Pacific prior lien
7978 80% 793
8414
8018 44 79
railway & land grant g 48_1997 Q
1997 Q J 7878 79
7814 July'18
Registered
a2017 Q F 5712 Sale 57
5712 15 7
58
64 8
General lien gold 38
60
1.1s
02047 Q F 56
6114 Jilt,,,'1;....
59
Registered
_ 8212 83 July'18 --- 83 85%
2047J J
Ref & imp 4%e ser A
75
St Paul-Duluth DIY g 48_1996 J D fi 8112 74 Aug '18 - 74
St P & N P gen gold f5s_ _1923 F A lows 105 1011g July'18 --- 100% 103
Registered certificates_ _1923 Q A 108% 104 103% Sept'17
____
, ..
St Paul & Duluth let 58 1931 F F 9312 -.. 107 Oct
D 6714 -1968
887 Mar'17
let consol gold 48
59 83
3612 Der '16
Wash Cent let gold 43_1948 @
10514 10812 10634 July'18 ----I 1063 10818
Nor Pao Term Co let e 68-1933
Sale 70
7158
4 70
75
Oregon-Wash let & ref 4s_ 1981 J J 70
J D ..-- 8378 8412 May'18
82 95
Pacific Coast Co 1st g
100 100% Feb '17
Paducah & Ills lets f 446..1955 J J
Pennsylvania RR let e 4S-1923 M N 95 - -- 9312 July'18
; 931
731
99
1919 M
100 Aug '18
loo 100
Consol gold as
1919 Q M 9712 Registered
1943 131 N 8312
88 July'18
Consul gold 48
88 -88
1948 Al N
83 Sept'18
90
Consul gold 4s.
83
1960 F A 93%
8312-Sale 93%
3' 92% 99
Consul 434s
9378
1965.3 D 8512 8572 8578
8612 39 8578 92
General 448
8458 8912 Nov'17
Alleg Val gen guar g 48_1942 ai S 82
8412 Sep '18
D R RR & B'ge let gu 48g-1936 F A 8118
Phila Halt & W let g 4s. _1943 NI N 821s ---- 92 Aug '17
---102 Jan '93
Sothis Bay & Sou let g 58_1924 J J -Sunbury & Lewis let g 43_1938 J J
_
-51- ne-e- *17
N J RII. & Can gen 48._1944 M S 8612
Pennsylvania Co1921 J J 9712
9678
9712 18 961 985s
Guar let gold 4348
1921 J J 95
Registered
9712 July'18
9554 9712
Guar 3346 coil trust reg A.1937 3/1 S 78. 87 Feb '17
78
Guar 3348 coil trust ser 13.1941 F A 7312 -/i12 78 July'18
70
1942 J D 74 -._ _ 15 114 July'17
-Guar 3348 trust ars C
D 7412 79
1944
3784 Dee '16
Guar :330 trust etre D
-- ---8218 July'18
Guar 15-25-year gold 4s_ _1931 A 0 821g 88
82's 84
84 June'18
81
84
40-year guar 43 Ufa Ser E.1952 M N 78 .
8731 86 Ott '17
Cin Leb & Nor gu 48 g......1942 11/1 N 80
9(314 May'17
C1& Mar 1st gu g 430_1935 M N
J
.1
A.1942
-08% May'18
93
"ti(ii -613;
Cl & P gen gu 434e ger
1942 A 0 891*
104 Dee 'lb
Series B
9614 Feb '12
Int reduced to 330_1942 A 0 8612
1948 M N 8012 ,..... eolg Oct '12
&dee C 3%8
Rot.
,
1950 F A
8s12 Feb '17
Series D 3548
Erie & Pitts gu g 3348 13_1940 J J 7238 _- 88 Apr '17
1940.3 J 72%
901a July'12
Series C
8114
81 Aug '18
81
81
Cr It & I ex 1st gu g 4348-1941
1943 M S 7414 --_- 93 M ay'14
Ohio Connect 1st go 48
Pitts Y & Ash 1st cons 58-1927 H N 9314 -- 93 May'l0
---Tol W V & 0 gu 4 3-51; A-1931 J J 8712 _- 9854 Apr '17
---- ---1933.3 J 8712 -- 92 Dec '17
Series 13 4348
---- ---1942 M S 7712 -- 8818 Sept'17
Series C 48
0
A
A-1940
92 937; 9112
9312 25 9012 0312
P C C & St gu 4%6
1942 A 0 92
9312 9112 June'
9112 9112
Series 13 guar
1942 M N 92 99
99 June'17
- Series C guar
1945 NI N 9114
90%
91
88
91
Series D 4s guar
91
93 9012 Sept'18
87 9012
Series E 33-4s guar gold_1949 F A
91 • Sept'18
91
91
Series F guar 4s gold...1953J D 9114
----

----

----

----

• No price Friday; latest bid and asked. a Due Sao. S Due Feb. g Due June.




1275
Price
Friday
Sept. 27

BONDS
N.Y.STOCK EXCHANGE
Week Ending Sept. 27.

Week's
Range or
Last Sale

/n I
cAi
co i

Range
Since
Jan. 1

Ask Low
High No.i lLozo High
Bid
P C C & St L (Con.)
9114 9612 91 Sept'18
8872 91
Series G 4.) guar
1 93
93
93 93
93
U N
A 92
Series I cons gu 4546-1
67 P
19
683
6
rat, ;
7012 Nm
80)
100 10012
0St L & P lat cona g 56-1932 A 0 9712 10412 10
June
Peoria & Pekin Un let 66 g 1921 Q F
2d gold 4348
01921 M N
793
3
Pere Marquette let Ser A 56_1956 -_- -- 7912 80
80
1 62.8 88
65
6412 ___ 65
1st Series B 4s
1956
44
60
45 July'18
Philippine Ry 1st 30-Yr a f 481937 i -.I1 ---- 50
99
Pitts Sh & L E let g 5s
99
1940A 0 9212 _ __ 99 Jan '18
let consul gold 63
9714 Dee '17
1943 J J
Reading Co gen gold 48
35 8014 86
1997 J J 7812 8312 88011342
June'18
8112 8112
Registered
13972 2
8278 8112 Sept'18
Jersey Central coil g 48__ _1951 A 0
8114 85
Atlantic City guar 4s g
1951 J J --_- -St Jos & Green Isl lat g 4s 1947 J J 60 _-_- 63 Aug'18
St Louis & San Fran (reorg Co)48 5512 81
Sale 573
Prior Ilen Ser A 48
585
1950 J J 58
70
Prior lien Ser B 53
72
33 66
76
713* 71
69
Cum adjust Ser A Os-516
A O
S 68 69
6 60 70
683*
951 j
54
73 44
., 52 Sale 51
Income Series A 6s
6s.1931.1Oct
1*1960
101 ____ 1003* Sept'18
St Louts & San F
100% 10114
Fran gen
96% 95
1 91
95
9712
General gold 56
1931 J 1 85
78 May'
616
St L & S F RR eons g 4s-1996 J J
Southw Div let g 5s
1947 A 0 80 ____ 90 May'17
2
-0-43* i17111K C Ft S & M cons g 88_1928 MI N 100 10158 993* Sept'18
K'C Ft S & M Ry ref g 451938 A 0 643* Sale 643*
647s 11 62 69
86% Aug '18
8518 851g
K C & M R & B let gu 58_1929 A 0 87 92
884
837
8
1
66
St LB W 1st g 4s bond ctts 1989 M N 65 66
86
2d g 4s income bond etta_p1989 J J ____ 5478 55 Aug '18
Nit 55
5918 Sept'18
Consol gold 4s
1932.3 D 5914 61
57
64
58
4 52 5912
5712
5814
1st terminal & unifying 53_1952 J J 57
98% Jan '14
Gray's Pt Ter let gu g 5s....1947 J D
19
66
58
S A & A Pass 1st gu g 4s__ _ _1943 J J
- 100 June'18
13 F & N P 1st sk fd g 5s
100 100
1919 .1 .1
7112
67 July'18
Seaboard Air Line g 48
67
1950 A 0 --- 80
Gold 4,4 stamped
88% 7112
1950 A 0 6714 7214 70 Sept'18
5412 5414
8718
5412 '27 49
Adjustment 6s
o1949 F A 54
5712
3 6138 5778
Refunding 48
1959 A 0 5714 Sale 5714
75 Mar'18
76
75
Atl Birm 30-yr let g 48._e1933 M S 70
73
77
Caro Cent 1st con g 4e
75
1349 J J ---- 6678 75 June'18
9914 June'17
Fla Cent & Pen 1st g 51-1918 J 1
1st land grant ext g 58..1930.3 J 90 _ _ _ 101 Dee '15
2 -9218 -171;
9212
Consol gold 5s
1
19432 J 9213 Sale 9212
Ga & Ala Ry let con 5.1_01945 J J 88.4 100% 9012 June'18
9012 9012
94 June'18
Ga Car & No 18t gu g 5.3 1929 J .1 8714 94
94
95
95 9114 June'18
Seaboard & Roan let 53_1928 J J 87
9114 9114
Southern Pacific CoGold 4s (Cent Pao coll)...k1949 J D 7014 7178 701 Sept'18 -- 70
7$
k1949 J D 6914 ____ 90 Feb '14 -Registered
-78
30 7512 -801;
20-year cony 46
g19'29 M S 7754 Sale 7734
Sale 9014
20-year cony 5s
9114 53 8612 95
1931 J 13 91
75
7614 76
Cent Pac let ref gu g 4s_ 1949 F A
82
8712 Sept'
7616
31
Registered
1949 F A
6
3, _76 _
87 85
Mort guar gold 3348._k1929 J D 85
85
85
88
7478 Sept'18 -- 71
Through St L let au 4s-1954 A 0 7012 75
96
GH&SAM&Plst56_1931131 N 90 -- _ - 100 Oct '17 ---2d exten 58 gnar
-96% -Ws;
1931:3 1 -- 97 9634 Jan '18
95 10014 Jan '18 -Gila V G & N 1st gu g 56_1924 M N
8512 July'18 ----, 8512 8512
Hous E & W T 1st g 5s._.1933 IS1 N 8418 95
let guar 5s rod
1933,M N 85 92 103 Oct '16
H & T C lst g 5s Int gu
J 9214 -_- 10312 Aug '17
1937
Gen gold 4s Int guar
9212
1921IA 0 8914 92 92 May'18 ---- 87
10912 Noy'15
Waco & N W div lst g 88'30 M N
-93 10112 Dec '16
A &N W lstgug 5.1
1941 J 1
Louisiana West let 68.._ _ _1921 .1 .1 -981; ___- 10014 Oct '17
- - 1043* 100 Apr 'IS ---- 100 100
Morgan's La & T let Os 1920 I J
No of Cal guar g 58
19.8 A 0 -91-14 97 1021$ Oct '17
Ore & Cal lst guar g 5s
1927 J J 9018 ____ 9614 Fell '18 ---- 9338 9612
So Pee of Cal-Gu g 5s
I937 M N 9018 96 10712 Sept'16
_
So Pac Coast 1st gu 4s g._1937 J .1 90 _--- 9312 Aug '17
7114
San Fran Termi 1st 4s
7134 13 - 1178 8112
1950 A 0 7112 72
94 Nov'16
Tex & N 0 con gold 56
1943 J J __ _ 85
- Sale 7558
So Pac RR 1st ref 48
76
1955.3 J 7514
24 7552 823*
Southern-let cons g 53_.--1994 J .1 8712 Sale 8718
8712 57 867e 9314.
10014 Aug '16
1994 J 1
Registered
Sale62
62
6212 80 59
1956 A 0
64
Develop & gen 4s Ser A
Mob & Ohio colt tr g 4s...1938 114 S 6312 65 6512 Aug '18 ---- 65
68111
Mem Div 1st e 4 49-58-- -1905 J J 8414 --_
92 July'18 ---- 87
92
8 6412 Aug'18 _-- 641s 6912
St Louis d1v 1st g 4,4
1951 J J 6434 667878 Mar'18 ---, 8778 87111
Ala Gt Sou let eons A 56_1343 J 0
87
8212
At!& Chad A L let A 4%81944 J J 80
821*
3 8212 82%
911.1 91 Sept'18 --- 91
let 30-year 59 Ser B
1944 J J
95
7014 Mar'IS ---- 7014 7014
Atl & Deny 1st g 48
19483 1
_8_0_ 8112
75 .6.
2d 48
11b
ar4
1948 3 1
-All & Yad 1st g guar 49_1949 A 0
E T VA & GR Div g 5s. _ _1930 J 1 928 9912 90 Mar'18 __-- -96 - 'eV
Cone let gold 5s.
1956 M M 8934 9178 9218 Sept'18
9114 9712
E Tenn reorg lien g 5s
86 Aug '18.... 86
86
1938 Al S 831g 88
()a Midland let 38
1916 A 0 45 ____
_-- 51
83
Gs Pac Ry let g es
1922 J J 993* 103 100 Sept'18 ..-. 100 10013
Knoxv & Ohio let g 6s.. 1925.3 J
08
614 Sei,r116
Mob & Bin prior lien g 56_1945 J 1 9814 "Kg 19
4
9811 11111
_ -- 7212 68 Jan
Mortgage gold 4s
1945 J J
--- -68 -68
Rich & Dan deb Sc strapti_1927 A 0 893*..-_ 95 Jan '1,---- 95
95
73 Sept'12
Rich & Meek 1st gu 46_1948 M N
981s Aug '18 ---- -96% -9134
So Car & Ga 1st g 51
1919M N 98 99
93 ....-- 10212 June'll
Virginia Mid Set D 4-53_1921
92 ____ 93 Apr '18 _--- 93 -931926 M
Series E 58
91 ___ 10412 D.
,'16
Series F 5s
1926 M
91 July'18
General be
1936 M
-98 -1412
Va & So'w'n 1st gu 53_2003 1 J 8214 --- 813* Sept'18
815g 811s
let cons 50-year 5s_1958 A 0 61 ___ 6714 Sept'18 ---- 6714 nl:
9378 Mar'17 _- _ .
WO&WIstcygu 4s
1924 F A ____
9534 Mar'17
Spokane Internet 1st g 5,1_1955
1
:I
.:: 80 July'18 -------Term Amn of St L lst e'4 46.1992 A 0
1st cons gold 5s
95 Felt '18
1894-1944 F A 8258 89
95
95
Gen refund s f g is
61
1953.3 J 6318 8876 61
2 81
8214
St L Al Bridge Ter gu g 56_1930 A 0 -7
81
058
7 -4
.
-9 7954.867,
7'
6
-:
3
1 July
891
0,
;9
-9-34 9
Texas & Pac let gold 58__ .20003 D
45 41 Sept'18 __. 41
461
2d gold income 5s
awe MA! 41
93
s6 May'ls
La Div B L 1st g 56
_
86
86
1931 J J
10612 N.W04
W Mm W & N W Istgu 581930 FA
93 Am''18
Tol & Ohio Cent let gu 5s._1935 .1 .1 8818 90
93
:90
98 100 Jan '17 .
Western Div let g 56
1935 A0
90 Feb '17 --•
General gold 5s
1935 3D 731; 80
Kan & M let gu g 4s
6712
1990 A0 _6_7_ 69
671
671z 69
2d 20-year Se
85
U1,
4 Dec 17. ............
1927 Si
Tol P & W 1st gold 46
-.
1917 J J 35 __ 52 Aug '17
76
8
22
0
77_12
.
Tol St L & W pr lien g 33.46_1925 J
-4
112 8
50
3
...
71_2 49
49
50-year gold 48
49
1950 AO ..4
32
185s Mar'013
Coll trust 4s g Ser A
1917 FA
Trust co etre of deposit__ _
- - ---Tor Ham & Buff let g 4s__01946
87 -80 Apr '17
Ulster & Del 1st cons g 58_1928 J
---_ 85
88 Sept'18 -_-_-_-_ -88 -8-8
70
58 Kepi
1st refunding R 411
-1952 A0
Union Pacific let g 48
1947 J J 8434 Sale 8412
8518 45 -1i4- -1;6.Registered
1947 J J 80'8 8512 83 Aug '18 ---- 83
86
20-year cony 48
1927 J J 8412 Sale 3412
8412
5 3234 89
1st & refunding .is
92003
S 77 Sale 77
78
20 75
803*
Temp secured 61 July._.1928
1023* Sale 102
10314 101 101% 1033*
Ore RR & Nay con g 4s...1946
79 Sept'18
78% 79
78% 821z
Ore Short Line 1st g 6s_.1922 FA 100 101 1003* 10056
3 1003* 104
98
1st consul g 58
9412 9712
1946 J J 92
953* July'18
8112 81
Guar refund 4s
1929 3D 81
817s 32 81
854
Utah & Nor gold 5e
1926 J J 9012 98
98 Dec '17
let extended 4s
1933 J J 80's 89
89 Feb '18
vandaiia eons g 4$ Ser A__ A955 FA
80 Jan '18
Console 4s Series B
1957 MN 7912 ____ 8018 June'IS
0i1s -8
8i0
j01;
-8
860
Vera Cruz & P let gu 434e..1934 J J
35 Sept'17

54i 60l

"fir

i"

1-13

Dia lily. k Due Au4. o Due Oct. sr Due Nov. iDue Dec.

$ Option sale

1276
Zs,
BONDS
N.It. STOCK EXCHANGE
.
11
;
Week ending Sept. 27.
Virginian 1st 50 series A.....1962• N
Wabash 1st gold 53
1939• N
2d gold 58
1939 FA
Debenture series B
1939 J J
let lien equips fd g 5,9-1921 MS
1954 J J
1st lien 50-yr g term 4s
Del & Ch Ext let g 59_1941 J J
Des Moines Div 1st g 4s-1939 J J
Om Div 1st g 310
1941 AO
Tol & Ch Div 1st g 4s
1941• S
Wash Torml 1st gu 3As
1945 FA
1st 40-yr guar 4s
1945 FA
West Maryland 1st g 48-1952 AO
West N Y & Pa 1st g 53
1937 J J
Gen gold 4s
1943 AO
Income 5s
p1943 Nov
Western Pao 1st ser A 59_1946• S
Wheeling Sc L E 1st g 59-__1926 AO
Wheel Div 1st gold 5s____1928 J J
Eaten & Impt gold 5s..___1930 FA
Refunding 410 series A__1966 MS
RR 1st consol 45
1949 MS
Winston-Salem S B 1st 49-1960 J J
Wle Cent 50-yr 1st gen 4s
1949 J i
Sup & Dui div & term 1st 45'36 MN
Street Railway
Brooklyn Rapid Tran g 5.9-1945 A 0
let refund cony gold 49_2002 J J
6-year secured notes 5s___1918 J J
Ctfs 3-yr sec 7%nates op A1921 J J
Otis 3-yr sec 7% notes op B1921 J .1
3-yr 7% secured notes.._h1921
Bk Cty 1st cons 4s__1916-1941 1- "i
Bk Q Co & S con gug 50_1941 M N
Bklyn Q Co & S let 5s____1911 J .1
Bkiyn On El 1st g 4-53-1950 F A
Stamped guar 4-59
1950 F A
Kings County 5 lot g 43-1949 F A
Stamped guar 4s
1949 F A
Nassau Elea guar gold 19.1951 J J
Chicago Rys let 5s
1927 F A
ConnRy&List&refg4sl95lJ J
Stamped guar 410
1951 J J
Dot United 1st cons g 4;49_1932 J J
Ft Smith Lt & Tr 1st g 5s..._1936 M S
Hud & Manhat 5s ser A.......1957 F A
Adjust income 55
1957
N Y & Jersey let 5.9
1932
Interboro-Metrop coil 410_1956 A 0
Interboro Rap Trim 1st 58_1966 J J
Manhat Ry(N Y) cons g 49_1990 A 0
Stamped tax-exempt
1990 A 0
Manila Eleo Ry &
f 5,s__1953 M
Metropolitan Street RyBway & 7th Av isle g 59.1943 J D
Col & 9th Av 1st gu g 5s__1993 NI S
Lox Av dtP F let gu g 59-1993 NI S
Met W S El (Chia) lot g 4s__1933 F A
Milw Eleo Ry & Lt cons g 50 1926 F A
Refunding & eaten 41is__1931 J J
Minneap St 1st cons g 6s___1919 J 3
Montreal Train lot & ref 59_1941 .1 J
New On Ry & Lt gen 410._1935 J J
N Y Mtmlcip ay 1st s f 53 A 1956 J J
Y R.ya 1st R E & ref 4s__ _1942 J J
30-year adj inc 5s
a1942 A 0
N Y State Rya 1st cons -11is..1962 NI N
Portland Ry 1st & ref 5s____1930 NI N
Portld ay Lt & P let ref 59..1942 F A
-'Portland Gen Elea lot 59_1935 J J
St Joe Ry L H & P lot g 59..1937 NI N
St Paul City Cab cons g 5s.._1937 J J
Third Ave 1st ref 4s
1960 1 3
Ad) income 59
a1960 A 0
Third Ave Ry 1st g 5s
19375 J
Tr -City Ry & Lt lots f 59_1923 A 0
Undergr of London 4 As1933 J J
Income (Ss
1048 - -United Rys Inv 5s Pittsiss_1920 M N
United Rys St L lot g 4s__ _1934 J 1
St Louis Transit gu 59.....1924 A 0
United Ras San Fr a f 4s......1927 A 0
Va Ry & Pow 1st & ref 59_1934 J J

New York Bond Record-Concluded---Page 4
Prue
Friday
Sept. 27

Week's
Range or
Last Sale

Range
Since
Jan. 1

High No, Low High
Ask Lou)
88 8638
3 8414 93
87
95%
8 90
91
91
9114
1 80
80
8612
81% 80
90 Aug'18
90 90
96 10014
9618 93 98 Sept'18
65 65
96 ---- 65 Sept'18
991 Sept'17
8712
_------ 77 80 Aug '12
75 Apr '17
70
------- 80 8414 Jan '17
6512
76 Dee '17
82
82
84
- 82 Aug'18
5714
5712 5758 5714
5714 62
90
99 Jan '18
99
93% 100
60 70
60 ____ 60 Aug'18
36 Oct '17
---.. 45
8012 Sale 80
8012 "ii -fit; 84
8318 98 10034 Apr '17
_-- 9934 100 Feb '17
--- 9834 99% Mar'17
60 -565614 62
60 Sept'18
551z 60
5912
5912 Sale 5912
67% 6714
6712 82
6714 Aug '18
72
7134 Sale 7134
7 69% 73
72
6912 73
76 May'18
7714

Bid
85
--80

8312 Sept'18
65
65
1
96 Sept'18 -96% Aug '18
96% July'18 -34
95
9134
95
92 94 Oct '17
90 80 altry'12
00 101 May'13 .
82 8218 Sept'18
79% July'18
84
7012 66 May'18
7214 78 July'17
63 63 Sept'18
81
-1
81
81
8512 Sept'18
88
8534
8534
7412 Sept'18
_ 84 Jan '14
5912 5914
5012 20
1812 16
Sale 1812
92% 90 July'18 - _
Sale 49
5012 60
Site 7818
7812 47
76,2 7312 Sept'18 -7612 76 Sept'18
80 July'18

8212 8312
72
9534 9778
---96 ____
9434
---_5
79
..-„.
*5612
*61
_--578
8978
71
5914
1812
_
‘012
7812
7314

7534

7973
65
9214
96
91312
9434

8334
69
9812
97
9612
96
----

---78
781
66

8512
66

55
81
8512
85
63

65%
8612
8512
8534
77

8712

437 -64
1414 25
90 90
48
5712
77% 85
7312 8012
74% 82
80
80

7614 85
76
77
788 Aug '18
--_- 85 95 NIay'17
---80 Soot'17
75
---30 Mar'll
92 -- 10012 Sum'17
8hz 8112
8112
8112 July'18
9834 Aug '17
9712 July'17
74 Aug '17
-- 78
8i 91
99 MaY'17
54
4712
47
5 48
48 46
19
l7"4 24
19 Sale 19
24 173
60 63 63 Sept'18
70
63
71
99 88t2 Nev'16
---- -6212 63
---- 72
67 Aug'18
9012 Feb '17
---95 July'17
95
---- 102% Marla
54
59
521
53 Sopt'18
55
3014 Sale 2978
31
193 2712 3812
90's 95
81 104
90 Aug'18
91
93
91
9214 91 Sept'18
80
71
70 Mar'18
60
56
55 - 50 Aug'18
60
58
55 69
59 Aug'18
__ 52
50% 5514
51 July'18
_ _ 57
50 J ane'17
25 May'18
25
25
-2218 28
80'8
77 80 77 Sept'18
77

BONDS
N. Y.STOCK EXCHANGE
Week Ending Sept. 27.

[VoL. 107.

Price
Friday
Sept. 27

Week's
Range or
Last Sale

Range
Since
Jan. 1

Miscellaneous
Bid
Ask Lose
High No, Low High
Adams Ex coil tr g 48
60 63 60
6634
1948 M
61
3 60
Alaska Gold M deb 68 A
24
30
2 18
1925 MS 24 Sale 22
Cony deb (is series B
1926 MS 2312 25
25 Aug'18
28
18
Am SS of W Va lat 58
1920 MN
Armour & Co lot real est 414s '39 J D 83 Sale Ws; --"8-3"- -55 -511-3 8714
Booth Fisheries deb s f 68.__ 1926 A0
90 Feb '18
Braden Cop NI colt In s f Os_ 1931 FA 90 9312 9212 Sept'18
93
9
3
43ls
8
9
7759
9
8
Bush Terminal 1st 49
1952 AO 79% ---- 83 Sept'18
79
Consol 5.9
1955 J J 77
80 80
8034
Bldgs 5s guar tax ex
32% 81 Sept'18
1960 A0 79
Chic C & Conn Rya s f 53 _ 1927 A0
9
8
50
1
8
- 58 Mar'IS
5
7
48
5
4
Ohio Un Stat'n lot gu 448 A 1963
86 86
86
J 85
Chile Copper 10-yr cony 7s_ 1923• N 105% 107 10412 1057s 24 10238 10814
Reels (part paid) cony Os ser A A0 77 Sale 70
77
13 73 8034
Coll In & cony Os ser A 1932 A0 75
77
9012
7812 77
1 77
ComputIng-Tab-Rec a f 65-1941 J J 79 83 803* Sept'18
7812 83
Granby Cons MS&P con 03 A '28• N 93% -- 94
94
98
91
Stamped
1928
9312 9814 97 Sept'18
Great Falls Pow let s f 5s
04
88 90
1940
93 Sept'18
Int Mercan Marine s f 6s... 1941 A
9
02
2
7%
9334 Sale 98%
8
:
1 10
89
1113
9912 528 9
Montana Power 1st 58 A
1913 .1
8638 8712 8738
8712
Morris & Co let s 410._ 1939 J J 75
7018 75 Sept'18
Mtge Bond (N Y)43 ser 2._ 1966 A0
_-_- 83 Apr '14
10-20-yr 5s series 3
1932 J J ---- 94 June'18
N Y Dock 50-yr lot g
67 Sept'18
67
1951 P A 66
Niagara Falls Power 1st 58._ 1932
-66
91 -9112
J ---- 9218 91 Sept'18
Ref & gen 6s
a 1932 AO 98 10012 10512 Oct '16
Nlag Lock &0 Pow let 5s__ 1954 MN ---- 9314 8912 Oct '17
Nor States Power 25-yr 59 A 1941 AO 83
85 85
85
1 83 "gf1-2
Ontario Power N F let 5s...... 1943 FA ---- 80 86 Sept'18
8512 8712
Ontario Transmission 5s____ 1915 MN --- 95
84 June 17
Pub Serv Corp N J gen 5.3...1159 A0 7612 Sale 76
77
49 7312 -82.12
Tennessee Cop 1st cony 69_1925 NI N 95
9512 95 Sept'18
88
9034 90
534
Wash Water Power tot 58_1939 • .11 9014 _ 9034 Aug '18
Wilson & Co 1st 25-yr ti I 63_1941 A0 91'2 Sale 9118
9112 25 9078 9634

o

Manufacturing & Industrial
Am Act Chem let c 59
19213 A0
Cony deben 53
1921 FA
Am Cot 011 debenture 59_19'31• N
Ara Hide & L 1st afg as
1919 M
AmnSm& It lat 30-yr 59ser A d'47
Am Thread lot coil tr 4s......_1919 Y
Am robacco 40-year g 6s_ 1944 A0
Gold 4s
1951 FA
Am Writ Paper lot s f 59_1913 J J
Baldw Loco Works 1st 58_1910• N
Cent Foundry 1st s f Os_ _1931 P A
Cent Leather 20-year g 59..1925 A0
Consol Tobacco g 4s
1951
A
Corn Prod Ref s t g So
1931
lot 25-year s I 58
1931
Distil Sec Con cony lot g 59_1927 A
E [du Pont Powder 410.__19313
General Baking lot 26.r 65_1935
Gen Electric deb g 310
1912
A
Debenture So
1952 NI
Ingersoll-Rand lot 5s
1935
Int Agricul Corp 1st 20-yr 50 1932
lust Paper CoConsol cony f g 5s
193'
Liggett & Myers Tobac 78_1911
0
5s
1951
A
Lorillard Co (P) 7e
1944 A 0
5s
1951
A
Mexican Petrol Ltd con (38 A 1921 A
let lien & ref 69 series C...1921 A
Nat Enam & Stpg 1st 5s........1929
Nat Starch 20-yr deb 5s
1930
National Tube tot 5s
1952
N Y Air Brake let cony (18...1924
Pierce 0.1 5-year cony 6841920
10-year cony deb 6s___111924
Railway St Spring Islet 59_1931
Sinclair 011 & Refining1st s I 78 1920 warrants attach
do without warrants attach
Standard Milling tot 59_ _1930
The Texas Co cony deb 63_1931
Union Bag dr Paper lot 59_1930
Stamped
1930
Union 011 Coot Cal 1st 59_1931
US Realty& I cony deb g 5s 1921
U S Rubber 10-yr col tr 69_1918
lot dc ref 5s series A
1917
U S Smelt Ref & NI cow/69_1926
V-Car Chem let 15-yr 5s___1923
Cone deb 68
el924
West Electric 1st 5s Dec ..,.1922

0

0
0

A"-ti

95
95
96
2 9212 10012
96
98 Sale 93
19 9014 100
99
80 82
82 Sept'18
1131) 10012 100 Sept'18
101
8512 Sale 8612
.
i2_. .
.
8612 .
8
4.
984
.i8071'48.4 6
80
6.
34
12
99
9938 9914 Sept'18 ---- 1 9672 99%
11712 117 Sept'18
71%
512 7114
85
8612
8612 8612
99
9934 9912 Aug '18
79
84 Aug'18
82
9312 Sale 9312
94 -55
11119
897199
3
0113 11 98°8717477411:144
32
65
-- 81 Mar'18
9958
99%
995s
991s _
9914
1 95
99% 32
9958
87% -Sale 87
88
8712 14 75
75 __ _ 104 Msy'17 •- - - - - - • •
75 May'18
---6614 73
73 July'18
9714 Sale 9714
9714
•30-- . 100 Oct '13
73
fr;2
7512
75'4 75

I

--1 agi

96144 99
9112 95
9614 June'18
18812 109 10818 Sept'18 -----'
:
-.7-- :
9
0
774
5
7
1'
:
4 177
:
13571
86
95
8612 8878 Sept'18 -- 107
86 115
5
10712 109 10913
7
10934
83 84 84
93
84
1 84
10712 112 108
2 10534 108
108
10712 10934 10712 Sept'18
106 108
08
97 98 May'18 ---I 95
0
-378
94 Aug'18 .....
9
848
2:8
12
s
:
14 190
9
99 53
1.0._.
.
i)1 :
97 98
97
97
9712
3 93
9614 9714 9714
5
8,7114
4 100
1 0
9714 59
9712 Sale 9712
98%
8312 Sale 8312
8412
104%
1047e Sept'18
95%
96% 61
9214
9318 44
98 June'18 -..'
9878
24
99
824 Aug '17
83 Aug'18

£03
9712
8413 941
88
9314
0612 10158

9514
9214
90
99
89
87

9612
9338
93
Sale
9034
94

Di

53
53
54
5 45
10018 11 100
Sale 100
Sale 80
8012 43 76
95 95 Sept'18 ....-, 9218
9338
3 90
91% 9333
9612;
9734 9612
2 9414
055 •
9618 9514
6 95

10018
80
91
9318
9612
9512

oo

56
101
81
98
9714
9834
98

Gas and lectrIc Light
Atlanta 0 L Co 1st g 5,9_ _1947
D 9318 ____ 103 Sept'15
Bklyn Un Gas lot cons g 5s_1945
86
95's
N 86 88
5 85
86
Buffalo City Ga.9 lot g 58_._1947 A
51 June13_Clnein Gas & Elec lst&ref 5s 1955 A O 85 9112 90 June'18 -- -561; -661
;
Coal, Iron & Steel
Columbia 0& E let 5s
J1 78
5 75
1927
80
7912
7912
80
Columbus Gag 19t gold 59_1932
Both Steel lot eat a f 5s
1926
___
97 Fob '15 ---9312 Sept'18
---- 911s 8
93% 09
tot & ref 5s guar A
Consul Gas cony deb 6s.._ _1920
F 0912 Sale 99
1942
9958 182 09 102
9318
89
89
9018
2 86
20-yr p
Cons Gas EL&P of Balt 5-yr 53'21
&imp I
N,*._ _ 93
1936
9112 Aug '18 ---- 9112 9212
8012 8138 8012
8138
8 7812 8312
ess4 U512
Detroit City Gas gold 58_1923
Buff & Susq Iron a I 53_1932
85
_ _ 00 May'18 _- 90
-,-- 9512 9334 Sept'18 _
90
Detroit Edison tot coil tr 59_1933
Debenture 5s
al926 NI
J1 91
2 8978 93
90
_; 9112 8514 July'18
958 8978
85
8614
Cahaba C NI Co let gu 69_1922
Ist & ref 59 ser A
h1910 NI E31 ____ 9112 Ol% Apr '18,-. 9112 9212
101 Dec '14 _Eq GLNY lot cons g 59_1932 ra
CoiF'&ICogonsflo
1913
94
94 Feb '18;-.. 94
87 July'18
A 8412 9312 8312
y:i
18
83 -56Col Indus lot & coil 53 go. 1934
Gas & Eleo Berg Co o g 59...1949
100 Vet,. '131....
A 73 2 74% 73%
76
7318
73
Havana Bloc consol g 5s____1952
Cons Coal of Md lstAcret 59_1950
9218 No-'17-....
"tii"
85
00
9512
83
Hudson Co Gas 1st g 58_ _ _ _1949 • ____ 95
bait dual Coal cony 69
9618 Dec '171
1925
0 95 _ _ _ _ 95 AUg '13 .-- 95
95
---Kan City(Mo) Gas 1st g 59_1922 A O 813*
Or My Coal & C 1st g 69.../41919 A
04 Feb Ii
9113* Dee'16 - ---94
04
Kings Co El I. Sc.P g
Ill Steel deb 410
A 0 8612 ____ 90 Ds--'171 ___
8212 83
1910 A
8212
8212 10 81
8512
Purchase money 68
Indiana Steel 1st 5s
1997 A O 9412 100
1952
97 -6514
97 Aug'18
93
92
92
93
15 93 97
Convertible deb 68
Jeff & Clear C Sc I 211 59
S ____ 100 LIII tuaie•i71
1925
1926
9518 _ _
Ed El III Bkn 1st con g 48.1939
Lackaw Steel 1st g 5s
J 73
1923 A
77
73 Sept'18,-- 73 -fS9112 9512 95
95
10 9434 0612
1st eons 58 series A
Lao Gas L of St L lot g 5,9_e1919
F 93
907
93121 17 tai, 931:1
1950
9818 98
8914 9012 9012
15 88
9612
Ref and ext let g 58
Midvale Steel dle 0cony a f 631936 NI
1934 A O 8912 95
887, 9138
89 Aug'18
8612 Sale 86
8718 31' 8012 92
Milwaukee Gas L 1st 4s
Pleasant Val Coal lot s f 59_1928
N
8618
1927
8412 8512 June 18
85
76% -Newark Con 02.9 g So
O
Pocah
Con
10412 Apr'17
Collier lets f 59_1957
1943
8638 90
87 Sept'18
-8-51; -13
.
715
NYGELII&Pg 5s
Repub I & S 10-30-yr 5s s 1_1940
8718 8718
D 86
1943
8714
7 -A-- -46'05 Sale
9214 9914
Purchase money g 48.......1949
St L Rock Mt & P 5s stmpd-1955
A ___ 69
73
1 77
68
6812 Sept'18
8
90
5 Apr'
81
9618
80
3 80
Ed Elea Ill let cons g 59_1995
Veen Coal I de RR gen 5a__1951 J J 9218 9435 9512 Sept'18 -- 9212 9712
93 943* Sept'18
'9473 94%
NY&Q El L&P let con g 53_1930
U S Steel Corp-icoup ___419133 MN 9678 Sale 96
A
101
---- -98 Aug '17
97% 116 96 100
Pacific G & El Co-Cal G & Es f 10-60-Yr 59 reg ____d1963 MN
913
99%
1 96
96
Corp unifying & ref 5s_ 1937 NI N 8778 92 83 Sept'18
Utah Fuel 1st s f So
1931 MN 8614
8634 92,2
Pacific 0 & E gen & ref 59_1942
vi,
tor Fuel lot a 1 5's
1953 J J --- 75 80, Dec'16
1 76% 8034
7638
76%
• 7614 77
Pao Pow dr Lt let & ref 20-yr
Va Iron Coal & Coke lit g 5a 1919 MS 8212 86
86 Sept'18
86
83
58 International Series_ _1930
A ____ 92
95 Jett '17
Pat & Passaic GI & El 58._ _1949
Telegraph & Telephone
. _ 90 100 July'17
Peop Gas & C lot cons g 08_1913
Are Telep & Tel coil tr 4s
1929
O 100
9312 100
100 July'18
• 78
19, 77% 831s
78
Sale 7712
Refending gold 5s
Convertible 4s
1947
1936
S 7512
747 Sept'18
7112 81
S ____ 82
85% Feb '18 -_, 8134 85.2
Ch G-L & Coke let gu g 5,9 1937
1933
20-yr convertible 410
S 8258 84
9578 96 Sept'17
J
9112
3 82
8213
8218
Con G Co of Ch 1st en g 60936
30-yr temp coil tr 58
D 90
1940
..--•--- 100 Apr '17
90% 897s
0012 90 86
951s
Ind Nat Gas Sr Oil 30-yr 5919311
Sub rects full pl com 68_1925
D 9518 Sale 9478
89 Mar'17
9518 430 9334 9518
Mu Fuel Gas let gu g 59_1947
Cent DLit Tel 1st 30-yr 59-1943
J
94 July'17
90% 9918 Nia}.18 -__; 9818 9912
Philadelphia Co cony 50.....1919
Commercial Cable let g 48._2397
A 111312 ___ 9914 Note15
J 6814 ___ 73 Noy'47
Cony deben gold 5s
1922
Registered
N 78
2397
85
78 Sept'18
84
78
6818 Jan '18
Stand Gas & El cony s I 69 1926
• 8714 91
Cumb T &T lot & gen &; 1937
90 June'18
90
41
80
• 86 90
86
9318
1 85
Syraeusa Lighting lot g 5s__1951
Keystone Telephone lot 58_1935
D 8014 ____ 9712 'vt‘r'17
A
---903* 93 apt '16 --;
Syracuse Light & Power 59 1954
5s..._1924
Mich
Teleph
J '70 • 7518 84 July'17
State
let
N 8534 90
---- --8514 Aug '14
Trenton G & El lot g 59...J949
NYANJ Telephone Sag _1920
14 95 ___ 97 Aug '18
---- ---9338 Oct '17
97 98
Union Eleo Lt & P lit g 59 1932
S
448_1939
N Y Telep lat & gen
N 86 Sale 8438
9234 8o1)t.'1;
---89
86% 113 84
Refunding & extension 59_1933
N ____ 85 10158 No*'16
Pacific Tel & Tel lot 5.9
1937
5
3 88
334 0
-9258
80
0 87
8912;
7118
21 8
87
9
United Fuel Gas lot s f 68_19313
_ 9912 92 Aug'18
South Bell Tel Sc T 1st s f 58_1941
J
9114 97t2
95
1, 86
87 (
Utah Power & Lt lot 5s
1914
A 80ls Sale 8013
1933
West Union coil tr cur 58
8112
84
6 80
J 8918 90
8718 Sept'18 1----1 8718 9312
Utica Eleo L & P 1st g 5s___1950
lot Jitnel.
Fd and real est g 41is
1950
N 7814 81
88
8114 Sept'18 --I 80
Utica Gas & Elec ref 5.9____1957
J
Mut (In Tel gu ext 5s
1941
_
---891w 96 Auer?
---- 99 10112 AAD.' 7!----'
Westchester Lts gold 5,9_ _ _1950
• ____ 92 '105 Mar'17
Northwest Tel gu 414s g 1934
94 Nov'16
---*No Prise Friday;latest bid and asked. a Duo Jae, el Due Aprll, 41 Due May, g Duo Jule, hI Die July. 4 Due Aug. 0 Due Oat. p Due Nov. Due Deo. e Option sale




BOSTON STOCK EXCHANGE-Stock Record

SEPT.28 1918.1

SHARE PRICES-NOT PER CENTUM PRICES.
Saturday
Sept.21

Tuesday 'Wednesday , Thursday
Sept. 24
Sept.25 1 Sept. 26.

Monday
Sept. 23

Friday
Sept. 27.

Salesfor
the
Week
Shares.

STOCKS
BOSTON STOCK
EXCHANGE

Railroads
1
100
50 Boston dc Albany
125 126
128 '4'126 128
125 126
12512 12512L126
12512
*125 128
100
1,800 Boston Elevated
69
69
6714 6734 6712 6812 68
6812 6734 6812. 6812 69
100
10 Boston & Lowell
85
88
*85
88 I 85
*85
87
*85
*80
87
100
60 Boston & Maine
-3312 IA
34
3414 3414 3312 3312 3312 3312 *___. 34
34
Boston & Providence
100
Last Sale 165 Sept'18
*155 175 *160 170 *160 170 *160 170
Boston Suburban Eleo_no par
412
3
Last Sale 3 June '18
412 *____
412 *____
no par
Do pref
Last Sale 1412 July'18
30
*18
Boston & Wore Eleo__no par
____
Last Sale 412 Nov'16
no par
*27
_ 27
28
____
- *2712 ___ *27
---- ;17"iiii2
Po
reR
t y & U S Y--100
icoJun
10 ChD
LasSle 1
St'1
*137 fib *137 145 *137 145 *137 fig:
100
*8212
45 Do pref
_- -----_
*8212 ------ ---83
8312 *8112 83
83
_
100
Connecticut River
Last Sale 110 Aug'18
*1135- 115 *105 115 *105 115 *105 1-1-5
100
21 Fitchburg Pre
____ ._*50
56
56
56
55
*55
56
*55
56
55
12 Georgia Ry & Eleo stampd 100
____ *108 *108 _____ 107 108 *108
____ *Ivo
__ *108
100
pref
Do
Sept'18
Last Sale 75
_ *72
_
*72
_
*72
100
Maine Central
80
*79 -81- *80 17848
81
80 -gii *80 -81-- 80
100
300 Mass Electric Cos
1-7
18
-9
138
7.8 -4-0
39
2,8 -3
178 _ 1_7
.
: *8309
13
14 39234
*134 173 *134
100
220 Do pref stamped
1214 1214
13
1214 1214 *12
*12
1234 *1234 -1-2-78 *7
1212
2
13
100
692 N Y N H & Hartford
3918
39
3912 3912 40
40
40
40
Northern New Hampshire_100
Jan'18
Last Sale 90
*80 __-_ *80 ____ *80
____
Old Colony
100
*0314
Last Sale 9314 Sept'18
*9314 _
*93,4
*9314
100
*22 -23. *22 /3-13 22 -2/ *22 /3 - 21 2147Rutland, pref
Vermont & Massachusetts_100
Last Sale 81-.Sept'18
90
*81
90
90
90
*81
*81
*81
19
84
2 West EndEnpdreSfStreet
50
4713 4712 4738 4738
4612 4634 47
48
4712 4712 48
48
54
50
54
5312 5312
*5312 54
*5313 54
*5312 54
*5312 54
Miscellaneous
255 Amer Agricul Chemical
98
98
98
100
9913 9934 x98
9978 9973 9978 100
100 100
92
92
92
86 Do pref
x91
100
03
9314 9314 93
93
9213 9213 93
1
1
50 Amer Pneumatic Service_ 25
*.75 1 ' '1%85 1
*.90 1
*.90 1
'
1%90 1
Last Sale 5
Sept'18
Do pref
50
*413 5
*413 5
*413 5
*413 5
-__ _-35 Amer Sugar Refining
100
*108 109
10784 10734 108 108 *10714 108 *10714 108
109 10935 Do pref
100
*10812 1094 109 109 *10812 109 *10812 109
6814 -Wig '
-981-4 1,096 Amer Telep & Teleg
100
9814 9712 9814 93
9678 07
9612 9714 97
Last Sale 553g Sept'18
American Woolen of Mass.100
*5412 5512
*54
55
*5412 55
*54
55
9412 95
124 Do pref
100
9512 9412 95
95
95
*9438 9513 95
95
95
83
81
81
*81
9 Amoskeag Manufacturing__
83
*79
83
*81
83
*80
83
*79
8113 80
*80
80
5 Do pref
83
8112 *80
*80
82
*80
82
*80
14
14
14
*13
30 Art Metal Construe Inc__ 10
15 *____ 14
15
15
__
50 Atl Gulf & W I S S Lines_100
*10412 106 *104 105 *103
_- 10412 10334 10334 *104 106
Last Sale 6234- July'18
64
Do pref
*63
100
64
*63
64
*63
64
*63
2573 2578 2513 2534
110 Booth Fisheries
no par
2534 2534 *2513 26
*2614 2634 *2534 26
1,313 Century Steel of Amer Inc_ 10
134 14
1378 1378 1378 1378 1372 1372 1333 1378 1378 14
1218
--1218
1213
10 Cuban Port Cement
1212 *12
10
*12
13
*12
13
*12
Last Sale,478 Sept' 18
East Boston Land
10
*434 512 *434 513
*434 5
*438 5
14114 142 *14114 14212' 14114 14114
73 Edison Electric Illum
100
142 142
*14014 141
142 142
51
5112 52611 Fairbanks Co
5114 5114 51
25
5134 5184 5112 52
5112 52
146 146
146 145
146 147
15 General Electric
100
*14614 14714 *14512 147 *14512 147
31% 3114 *3034 31
3018 3014 3014 3012 31
892 Gorton-Pew Fisheries
3012 3078 30
50
Last Sale 5
*412 5
Aug'18
Internat Port Cement____ 10
*413 5
*412
_
*413 5
Last Sale 1612 Sept'18
Do pref
*1512 1612 *1512 1613
50
*1512 -1-6 - *1513 16
770 Island Oil & Trans Corp
33s 358
10
338 338 *33s 3121
338 338 *314 312
312 312
*90 ___
89
90
14 McElwain(W II) 1st pref_100
_
_ __ *90 ___ - *90
*90 __.
84
84
- 84
84
8373 -8378
62 Massachusetts Gas Cos_100
84
*83
84 *90*83 -84
*83
6314 *63
64
63
63
100
63
128 Do pref
64
64
63
63
*63
64
___ ____
113 113 *112 113
10 Mergenthaler Linotype___100
*112 113 *112 113 *112 113
Last Sale 89 Sept'18
New Eng Cotton Yarn___100
*884 *8812 ___ *884 ---- *8812 -8014 *_ _ _ _ 8914
Last Sale 924 Aug'17
Do pref
100
-89-1-4
-89-1-4
87 t 87
87
95 New England Telephone_ _100
87
8638 8712 8714 8712 *8612 8713 87
87
Last Sale 64 Sept.18
*64
66
66
Nova Scotia Steel & C___100
66 j *64
*64
*64
66
Last Sale 111 Sept'18
____:*111 112 *11113 11213
Pullman Company
100
*112
*112
3633 3614 3614 +36
3612' *36
3638 3638 3638
150 Punta Allegro Sugar
50
*36 -3612
-- +36
Last Sale 1313 Sept'18
Reece Button-Hole
10
*1212 1312 *1213 1313 *1213 1312 *1213 1313
10413 107
10712 10878 2,410 Swift & Co
100
10438 10478 10413 105
10334 104
10334 104
____
52
52
*52
52
52
52
52
52
52
96 Torrington
25
52
52
131 13113 131 13212
537 United Fruit
100
129 12912 129 12912; 130 13212 13012 132
40
40
25
539 United Shoe Mach Corp
3912 3912 39% 3978i 3912 3912 3912 3978 3912 40
2612 26
2612 26
26
44 Do pref
26
26
*2534 2614; *26
25
11138 1-1-3-14 4,002 U S Steel Corporation
100
111 11184 111 11138 10938 11034 10978 111
11014 111
111 111 *1101411128 Do prat
100
*11012 111
11038 11038 *11012 111
*7
7
*7
738 *74 74 *7
733 --/ --i3.2;
978 Ventura Consol Oil Fields_ 5
71
71
*.60 1
*75
77
*3
312
.25 .45
*49
50
*1534 1612
51
*47
*1514 1512
*.25 .45
*26
2712
66
6634
+460 465
*12
1214
46
4614
212 212
*5
514

«97, 10

4
*37
82
*79
4438 4433
eJ34 6
*.60 .80
*5512 56
81
81
*25
2512
*534 6
*111
/
4
*5
512
3
3
*313 413
*334 4
214 214
214 214
55
56
*20
2034
*112 I%
+1412 1512
15
*12
75
+68
9
9
1334 1334
.25 .25
*34
1
40
*39
5214
*51
18
18
6573 6578
*23
2334
50
*49
*.65 .75
*312 334
.95
+.12 .18
412 413
*314 3i2
*234 3
'.90 .94
4212 4212
*4213 4314
*178 2
934 934
*8114 82
*134 2
' *218 213'
ei
1i2
23
23 '
75
+.55

*.60 1
*.60 1
76
*75
76
*75
3,8 318
313 34
*.15 .30
*.30
50
*49 16- *49
*1512 1612 *15'4 1.612
•
- 18i8 -111-8 T61-8 -1-e1-2
*.25 .40 *.35 .45
2713
*26
*2613 28
6634 6634
6618 67
457 457
467 460
1212
1214 *12
*12
4614 4614
4534 46
212 212
*212 234
5
5
512 514

*978 10

*978 10

4
*81
*45
*631
*.60
5512
81
*25
534
*1
*44
*24
*312
4
*214
*213
5514
*20
*112
*1412
*12
*68
*873
*1312
*.50
*34
*39
51
18
*05
*23
48
*.65
*312
'
0.50
*.12
*414
312
212
*.93
43
*43
*134
912
*8114
*134
212
*1
24
'
1..55

4
86
4534
6
.80
56
81
2512
534
14
1
5
3
412
4
234
3
5514
203.1
134
1512
15
75
9'
1378
.80
1
40
51
1812
66
2334
48
.75
334
.95
.14
434
358
234
.95
43
4313
I%
938
82
2
212
112
24
.75

418
*80
*4512
*534
*.60
5613
*80
*25
*534
.90
*412
*212
*312
*378
*214
*213
5512
*2018
112
*14
*12
*68
834
*1334
*.50
*84
*39
52
18
*65
*2314
*48
4%65
*312
'
3.50
*.12
5
334
*212
.93
42
4213
*134
9,2
*8112
*134
*218
*1
*24
*.55

Range Since Jan. 1.
Lowest.

Highest.

*978 10

418 *4
414
84 1 *80
84
4612 *4512 4613
6 I *512 6
.80: *.60 .80
57 1 57
57
81
80
80
2513 25
25
6 I *584 6
.90, *.90 11
4
5 I *4% 5
3
*212 3
412 *312 412
4
*378 4
2341
214 214
2341 *212 234
55121 5512 5534
2038; *1978 2018
112i
112
112
1512 *14
1512
15
*12
15
75
*68
78
87
0
9
14
*1334 14
.80 +.40 .60
1
*34
1
40
40
4013
52
52
5214
18
18
18
66
66
66
2312 *2314 2312
50
+48
50
.75 *.60 .75
334 *312 384
.95 *.50 1
.14 4%12 .10
*412 5
5
334
3/
9 s 334
212 212
258
.95 41.93 .94
42
42
4212
43
4212 43
17
*134 178
912
912 9,2
8214 *8314 8334
2
*134 214
3218 213
212 '
112 r1
114
24
25
24
1
.75 +.55

1277
Range for Prettolit
Year 1917
Lowest

I

Highest

12213 Apr17 135 June24
37 Jan 2 7612 May29
80 Julyll 100 Jan 2
19 Jan23 40 Sept 9
150 Apr15 170 Aug 9
2 Jan26
3 June 5
1014 Mar 1 15 June17

120 Dec 175 Jan
27 Dec 79 Jan
7012 Dec 133 Mar
15 Dec 45 Mar
150 Dec 213 Jan
2 July
3 July
9 June 80 July

25 July19 30 Mar 6
138 July 2 147 Apr17
8212 Apr18 85 Jan30
104 Feb19 120 Mar 6
53 Jan22 65 Jan 3
106 Sept19 11614 Jan 9
75 Sept10 81 Feb25
774Junel8 85 Jan 3
134 Sept 6
74 May16
812 Jan22 33 May16
27 Feb25 46 May29
90 Jan10 90 Jan10
x8812June14 99 Sept 3
20 Jan 2 25 Jan 8
80 Aug 6 88 Apr18
37 Feb20 50 July 5
47 Jan16 62 Apr 1

30 Aug
148 Nov
8312 Dec
10212 Nov
44 Dec
116 Dec
83 June
78 Dee
1 Dec
6 Dec
2134 Sept
9013 Oct
85 Dec
1612 Dec
83 Dec
34 Dec
x45 Dec

7812 Jan 2
8838 Jan 2
.40 July 1
412 July13
99 Jan 2
107 June 4
9034 Aug 5
4513 Jan 8
90 Jan 3
6012 Jan 2
76 Jan 7
11 Feb21
98 Jan15
5812 Jan17
21 Jan25
1014 May18
12 Jan29
4 Jan3I
134 June21
2712 June27
128 Jan16
27 Aug29
5 Apr 3
12 Apr23
318 Aug23
89 May28
x7714 Jan15
62 June17
107 Junell
88 Jan15
8212 July30
56 July 5
102 Jan 7
29 Jan 3
11 Jan29
102 Aug30
45 Jan29
11512 Jan17
3812 July 9
2434 Aug 9
87 Mar25
25
108 Ma,
5 Jan 2

38 Feb
150 Jan
108 Jan
140 Mar
7812 Mar
133 Jan
9212 Jan
10018 Mar
638 June
3114 July
5234 Jan
105 Apr
135 Jan
8412 Feb
110 Jan
5612 Mar
74 Jan

10012 Aug27
73 Dec 9454 May
9513 May21
88 Dec 10312 Jan
213 Mar 2
1 Dec
238 Jan
1538 Mar 4
713 Dec 14 Mar
11512 May15
90 Nov 1204 June
11334 May 9 105 Dec 12112 Jan
109 Feb 5
96 Dec 12814 Jan
6038 May24
3878 Nov 58 June
9634 Mar12 x8714 Dec 1004 June
84 Sept18
60 Dec 75 July
82 June 5
75 Dec 9712 Jan
18 July 8,
6 Dec 1434 Dec
12014 Feb16
88 Sept 12112 Jan
64 July19. 5512 Feb 66 Jan
281i Sept 5
1412 Aug19.
9 Dec 2018 June
1712 May I
37 Dec 10 Jan
534 May15
15412 Jan 2 13318 Dec 226
Jan
5514 Aug30
15134 May16 11834 Dec 17014 Jan
35 Aug30
613 Feb 6
4 Dec 1812 Jan
18 July19
10 Dec 334 Jan
51s Mar18
921202
Feb28
921 Dec
Jan
91 May16J
71 2 Dec 10012 Mar
70 Jan 3
63 Dee 81 Mar
124 Jan31; 110 Dec 169 Jan
35 Jan 95 Mar
8912 May16
60 Jan 9213 Aug
100 Jan 3
93 Dec 1244 Mar
69 Jan 2 x59 Nov 112 Jan
11912 May16 107 Dec 16614 Jan
3612 Sept 6
29 Dec 46 Jan
1378 Mar16' 10 Dec 16 Mar
14614 Apr 9: 116 Nov 16278 Apr
524 Aug 7
40 Nov 68 June
133 Feb18 x105 Dec 1554 Jan
4813 May16
3713 Dec 5814 Jan
2612 May28
25 Oct 3018 Mar
11612 Aug28
7938 Dec 135 May
11214 July17 10334 Dec 121 Jan
834 Aug 9'
414 Dec
Vs Jan

*.60 1
Last Sale .60 Sept'18
Last Sale 7512 Sept'18
*75
76
312
3
314
318 318 *3
*.15 .30 *.20 .35 *
4.
9
15 4.
9
430
4
4978 4978 49
49
1614 1614 *15
1534 1512 1512
Last Sale 49 Sept'18
-T6r4 -1.,1-2 1514 1514 1514 1514
4%35 .45
Last Sale .32 Sept'18
*26
2713
Last Sate 2612 Sept'13
6614 6612 6612 6612 6612 6612
457 460
450 460
452 452
*12
1214 *12
1214 12
12
46
46
*4534 4612 4513 4614
*212 234
234 234 *234 3
e5
5,4
5% 518

12June27
134 Jan25
Adventure C
1
Mo
in
ning
25
Oct
414 Jan
Ahmeek
70 Dec 108 Jan
25 71 June13 83 Jan 3
412 July 5
1 Dec 1113 Jan
133 Apr25
245 Alaska Gold
10
.45 May13
.15 Julyll
25 Algomab Mining
114 Jan
Sept
25
14
45 Dec 70 Mar
130 Alloue2
25 x47 Junel4 54 Feb27
11 Dec 41% Jan
30 Amer Zinc, Lead & Smelt_ 25 1258 1,,lar23 2114 July 3
40 Nov 73 Jan
Do pref
25 41 Jan 2 54 July 6
560 Arizona Commercial
818 Nov 1514 June
5 11 Jan 5 1614 Aug24
.45 Jan 7
.25 Dec
.22 Sept 3
214 Jan
Butte-Balaklavo. Copper__ 10
1238 Dec 52 Jan
Butte & Sup Cop (Ltd)___ 10 17 Mar25 33 May14
55 Dec 8514 Jan
236 Calumet & Arizona
10 6212 Jan15 7312 May16
25 427 Feb28 465 May27 411 Dee 590 Feb
80 Calumet & ecla
11 Dec 2714 Jan
25 1034 June27 1412 Feb19
90 Centennial
3914 Dec 68 Jan
25 4338 Mar25 50 May16
268 Copper Range Co
234 Sept 3
112 Apt10
113 Apr
1,035 Daly-West
20
3 Jan
678 Mar 8
314 Nov
435 Davis-Daly Copper
5 Jan 21
714 Jan
10
513 Mar25 10% Jan 2
*978 10 -io" -1-6814 Dec 16 Jan
10
100 East Butte Copper Min
6 Feb18
*4
414
3 June2I
4 Dec
9 M
Mar
4
4210 Franklin
25
Last Sale 8314 Sept'18
66. Dec 92 Jan
Granby Consolidated
100 7312 June14 8334 Sept 5
35 Nov 4613 Jan
*4512 47
100 39 Jan17 4912 Sept27
8 Greene Cananes.
4912 49,2
7 Dec 2013 Jan
538June21 101s Jan 2
*534 6
10 Hancock Consolidated__ 25
534 531
1 Jan 3
Last Sale .80 Sept'18
.40 July23
4 Mar
Indiana Mining
34 Dec
25
52 • Nov 7612June
1 60 Jan14 70 May15
*56
57
221 Island Creek Coal
x544 5412
80 Nov 94 Apr
1 80 Jan24 84 Feb18
*80
81
__ _
17 Do pref
20 Dec 36 Jan
25
25
60 Isle Royale Copper
25 1912 Jan14 29 July 3
*25- -2-66 Feb19
414 Apr
5 Jan 2
6 Aug
5
110 Kerr Lake
*534 6
534 534
134 May15
114 June
.80 Sept 11
434 Jan
*.80 1,
25
A, '0.80 1 ,1 f,
50 Keweenaw Copper
884 May14
5 Mar25
5 Oct 18 Jan
Last Sale 5
25
Lake Copper Co
Sept'18
314 Mar 5
*213 3
114 Dec
2 Jan 2
5 Jan
*213 3
25
55 La Salle Copper
5
312 Sept20
6 Feb13
Last Sale 312 Sept'18
44 Nov
Mason Valley Mine
838 Aug
7 Jan 2
*378 4
334 Sept17
5 Nov 1513 Jan
*37
4
500 Mass Consol
25
*214 234 *214 234
312 July 8
1 Nov
135 Mayflower-Old Colony_ 25 .65 Mar28
3 May
3 Sept10
.40 June28
5 Michigan
Pa Aug
*212 278 *212 3
25
54 Mar
*5514 5513 55
5512
269 Mohwak
57 Dec 98 Jan
25 55 A ug20 664 May16
Last Sale 1934 Aug'18
Nevada Consolidated
16 Nov 264 Mar
5 184 Jan30 2013 May14
530 New Arcadian Copper
112
212 July 1
112 112
112
114 Aug29
112 Dec
25
6 Jan
Last Sale 1412 Sept'18
10 Nov 1712 Apr
New Idria Quicksliver____ 5 1314 Jan 2 1714 Mar 7
22 Jan 30 Mar
Last Sale 12 Aug'18
100 12 Aug29 20 Jan 2
New River Company
65 Dec 9214 Mar
Last Sale 68 • Sept'18
Do pref
100 65 Aug29 80 Jan31
7
5 81
,4 Janll
9 Aprll
914 914
634 July
938 Sept
878 94 1,246 Nipissing Mines
1134 Oct 2414 Mar
14
14
45 North Butte
15 1312 Apr17 1738 May16
14
14
284 Jan
.95 Mar19
.30 Nov
7 North Lake
.25 Feb14
*.50 .80 '
25
1..50 .80
27 Jan
113 Mar30.
12June21
Last Sale 84
0Jibway Mining
.98 Dec
25
Aug'18
41
33 Nov 6734 Mar
4114
250 Old Dominion Co
25 39 May28 4513 Jan 3
*53
54
125,0sceola
534 Dec 95 Mar
-.81 -54 25 4612June11 65 Jan 9
16 Nov 2834June
*1712 18
152 Pond Creek Coal
10 17 Sept 4 2014 Feb20
17
17
66
66
66 66160 Quincy
25 6578 Sept21 78 May16
60 Nov 9413 Feb
Last Sale 2278 Sept'18
20 Nov 324 Apr
Ray Consolidated Copper_ 10 2114 Mar22 2534 May23
*48
50
48 Dec 8934 Mar
14,St Mary's Mineral Land__ 25 4612June11 57 Jan 2
48
48
Last Sale .70 Sept'18
12June21
.58 Dec
114 Feb21
2 Jan
Santa Fe Gold & Copper__ 10
518 Oct 19 Jan
3 AprIO
534 Jan 2
200,Shannon
10
334 334
34
3
.89 Dec
.75 .75 ------.75 Septa
2 Jan 3
614 Jan
200 South Lake
25
5
.11 Jan23
.20 Jan 8
.10 Dec
.31 Jan
Last Sale .16 - Aug'18
South Utah M & S
*414 5
*412 5
612 May15
314 Dec 1638 Mar
4 Feb19
45,Superior
25
334 334
434 Sept27
358 Dec
338 434 4,470,Superlor & Boston Copper_ 10
114 Aug13
814 Jan
*212 258
412 Feb13
3
3 Nov
3
275'Trinity
25
212 Sept23
812 July
*.94 .95
1 May 23
.94 .95
1
.85 May 1 1% Aug20
,4 Jan
700 Tuolumne Copper
*4112 42
4233 4238
4018 Dec 6734 Jan
161 U S Smelt Refin & Min
50 36 Apr13 494 Feb19
42
4213 43
434 Nov 5212 Jan
43
148 Do pref
50 42 July24 46 Jan 2
37 Sept
Last Sale 178 Sept'18
5
114 May31
232 Feb 8
178 Mar
Utah-Apex Mining
5
834June25 12 Jan16
913 Dec 214 Feb
3201Utah Consolidated
938 912
913 912
Last Sale 8118 Sept'18
10 7712 Mar23 85 Feb19
71 Dec 11838 May
Utah Copper Co
17
134 17
24 Dec
1
138 June 5 31/(4 Apr 8
658 Jan
1711
145 Utah Metal & Tunnel
*213 212 *218 212
25
218 Aug26
3 Jan 3
2 Oct
6 Jan
1001Viotoria
1
1
Jan10
2 Jan 3
*1
1
112
25
2 Oct
51s Jan
1501
23
23
23
31 Dec 5312 Mar
23
25 22 Aug16 36 Jan 3
301 Wolverine
e
.40Msiv1,
1
1'.6 Mar 7
.15 Ann.
Wvarylntr ._ __ .
___. 95
L'iqf N'i,is Sent'18
91. Jan

*Bid sod mind prises. di Ex-dividend and rights. s Assessnitat void, bEx stook dividend. 3 Ex-rights.




BON
See BN--tpPage

w Hall-paid.

THE CHRONICLE

1278

[VOL. 107.

Philadelphia Stock Exchange.-The complete record
of transactions at the Philadelphia Stock Exchange from
•
Sept. 21 to Sept. 27, both inclusive, compiled from the
Boston Bond Record.-Transactions in bonds at Bos- official sales lists, is given below. Prices for stocks are all
dollars per share, not per cent. For bonds the quotations
ton Stock Exchange Sept. 21 to Sept. 27, both inclusive:
are per cent of par value.

Outside Stock Exchanges

Friday
Last Week's Range Sales
Sale
ofPrices.
for
Price. Low. High. Week.

BondsUS Lib Loan 3345_1932-47
1st Lib Loan 48_1932-47
2d Lib Loan 45.._1927-42
1st Lib Loan 43451932-47
2d Lib Loan 43451927-42
3d Llb Loan 434s...,1928
AUG&WISSL 55_1959
C B & Q-Denv Ext 48.1922
ME Telephone 5s__.. _1932
Oregon Short Line 58_1946
Punta Alegre Sugar 68.1931
Swift& Co 1st 5s
1944
United Fruit 434s
1923
U S Steel Corp 5s_ _ _ _1963
Ventura 011 cony 7s__1922
Western Tel & Tel 55_1932

•

99.84 100.30 $52,850
95.34 96.04 8,100
95.24 95.70 18,250
95.54 96.50 3,000
95.24 95.74 9,900
95.24 96.00 292.450
7434 7534 21,500
993 9934 2,000
2,000
85
85
85
1,000
96
96
1,000
79
79
3,000
0034 9034 91
9534 9534 1,000
9634 9634 1,000
90
90
5,000
90
83
83
8334 6,000

Range since Jan. 1.
Low.

High.

96.52 Jan 102.50 Aug
Jan
93 June 98
92.84June 97.90 Mar
93.64 July 97 Sept
93.04 July 96.04 Sept
May
94.54 Aug 101
Jan
74% Sept 79
Feb
99% Sept 100
84% Aug 91;4 Feb
Sept
Sept 96
96
Apr
May 81
77
90% Sept 9534 Feb
93
Jan 95% Feb
96% Sept 99% Jan
Jan 94
May
80
8235 June 90% Mar

Chicago Stock Exchange.-The complete record of
transactions at the Chicago Stock Exchange from Sept.21
to Sept. 27, 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-

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

Armour preferred
American Radiator_ ___100
Amer Shipbuilding_ _ _ _100
Preferred
100
'Booth Fisheries, common
new
(no par)
Chic City&C Ry pt sh com
Preferred
Chicago Elev Ry common_
Preferred
Chic Pneumatic Tool_ _100
Chicago Title & Trust..100
Commonwealth-Edison 100
Cudahy Pack Co com_ _100
Deere & Co, pref
100
Diamond Match
100
Hart,Schaff&Marx,com100
Illinois Brick
100
Lindsay Light
10
Mid West Utilities corn 100
Nat Carbon pref
100
Page Woven Wire Fence 20
People's G L & Coke_ _100
Pub Serv of N Ill, com_100
Preferred
100
Quaker Oats Co
- 100
Preferred
100
Sears-Roebuck com_ _ _100
Stewart-Warner Sp com100
Swift & Co
100
Union Carbide & Carbon Co
(no par)
United Paper Bd com_ _100
Ward, Montg,& Co, prefWilson & Co, corn
100
Preferred
100
BondsArmour & Co prof deb 68'24
Booth Fisheries s f d 13s '26
Chic City&Con Rys 55 '27
Chic Gas Lt & C 55 1937
Chic Rys 48 series "B"_ _ _
Chic Ry Ad Inc 4s.._1927
Commonw-Edison 58_1943
Liberty Loan 334s_ ;32-'47
Liberty Loan 2d 48.'27-'42
Liberty Loan 2d 4345
Liberty Loan 3d 4345
Met W S El ext g 4s._1938
Northwestern Elev 55
South Side Elev 4345_1924

97%
238
135
138
8534 85%
97%

9734
238
138
87

200
25% 2534
452
34 1
14%
154
14
27
1
1
18
33
18
30
69% 6934
55
162 163
162
100 102
787
100
20
110 110
95
114
94
95
10
107% 10734
57
57
20
48
49
28
105
1534 17
16%
18
29
18
14
114 114
5% 5%
125
46
49%
48
837
7534 75%
10
79
2
79
20
245 245
96%
06
95
75
140 142
142
765
5934
59% 59
12,030
10834 103% 109
5634

55
2034
103
52
92

5634
20%
103
53
9334

Low.

18%
34
12
1
12
4734
162
100
10734
92
102
53
48
1534
18
107
5
40%
70
79
238
92;4
133
47
102

2,283 47%
20 1434
130 100
60 46
40 92

Jan
Aug
June
Sept
June
Jan
Sept
June
Jan
June
Jan
Jan
Apr
Sept
Sept
Mar
Mar
Apr
June
Sept
Aug
Aug
June
Jan
Aug

Sept
Feb
May
May

28
2134
1834
4
20
71%
175
108
115
97
114
67
58
28
28
115
7
55
77
90
290
100
157
60
146

Sept
June
July
Feb
Sept
Apr
Jan
Feb
June
Jan
May
Feb
Jan
Jan
Jan
Sept
May
Jan
Feb
Jan
Mar
Jan
Feb
July
Apr

Apr 59
Feb 2234
Aug 110
Jan 65%
Sept 99%

July
May
Feb
May
Mar

55

9734 9734
88
88
55
5534
87
87
55
55%
35
35
8734 8734
99.90100
95.20 95.40
95.20 95.32
95.20 95.60
50
50
70
70
90% 91

$1,000
5,000
8,000
6,000
4,000
1,000
12,000
350
15,350
3,000
23,400
1,000
1,000
9,000

96
Sept 97% Sept
Apr 90
88
Feb
52
Jan 62% Aug
Sep
Sept
87
87
50
Jan 59% Jan
Jan 35
Aug
27
87% Sept 94% Mar
94
Aug 101.22 Sept
93 June 97.52 Jan
93.76 Sept 98.10May
94.70 Aug 96.20 Sept
Apr 55
Jan
45
Sept
Sept 70
70
Sept
7834 May 91

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

Range since Jan. 1.
Low.

Am Wind Glass Mach_100 6334 6234 6314
Preferred
100 74
74
74
99
Amer Wind Glass, pref_100
99
Harb-Walk Refrac, pf_100
99
99
134 134
Indep Brewing, com_ _ _ _50
Preferred
434
50
494 534
La Belle Iron Wks,com100
10834 10834
11434 11434
Preferred
100
Lone Star Gas
100 18334 17934 186 .
Mfrs Light & Heat
48
48
50 48
494 434
Nat Fireproofing, com_ _50
434
Preferred
10
10
50 10
Ohio Fuel Oil
1 14
1334 1434
42
Ohio Fuel Supply
42
25
Oklahoma Natural Gas_25 2934 2834 2994
Pittsburgh Coal, pref._190 8334 83
8334
Pittsb Jerome Copper_ _ _1 200
20c 23o
Pittsb & Mt Shasta Cop_ _1 29c
28c 29c
Pittsb Plate Glass,corn 100
107 107
San Toy Mining
7c
7c
1
Union Natural Gas_ _ _.100
13534 13534
U 13 Glass
32
31
100
U S Steel Corp, com..-100 11334 110 11334
West'house Air Brake_ _50 9334 9334 9394
West'house Elec & Mfg_50 4434 4334 4434
Preferred
50 60
60
60

935
50
50
10
380
55
20
20
250
70
110
150
130
60
4,425
75
28,800
3,500
42
2,000
10
60
780
406
302
24

40
74
99
99
134
494
106
11434
95
4634
3
7
1394
41
23
7934
200
21c
107
7c
135
31
8734
9234
39
59

Bonds.
Indep Brewing 6s_.._.1955
PIttoth TAniC .1,(Inn Ag 1031




34

Jan
Sept
June
Sept
Jan
Sept
Mar
Sept
Jan
Sept
Jan
June
Sept
Mar
July
Apr
Sept
Jan
Sept
Aug
Aug
Sept
Mar
Aug
Jan
Apr

High.
68
9634
101
10234
334
934
115
11934
197
53
534
1334
16
463-4
3134
84
1
480
117
16o
151
3734
110
9734
47
63

Sept
Jan
Feb
Feb
Aug
Jan
Feb
Mar
Aug
Jan
Aug
Aug
Jan
June
Aug
May
Feb
Mar
Jan
Feb
May
Sept
Aug
May
May
Mar

34

34

MOM

34

Apr

40

Jan

57

57

2000

RR

Alicr

01

.Titne

Range since Jan. 1.
Low.

High.

Jan
Aug 89
20 50
130 58% Jan 10034 May
Mar
July 43
30 38
140 48
Mar 6534 July
560 1434 May 36% July
July
Jan 71
62 47
194 24
Jan 27% July
2,125 12
Jan 21% July
July
63 6134 Jan 70
Mar
72 55
Jan 63
20 43% Jan 59% May
Mar 51% Jan
13 50
Feb
2 67
Sept 75
8 82
Jan 00% Mar
1,904 4334 June 4734 Jan
50 21% Apr 29% July
20 29
May
Mar 34
1,153 24 June 26
May
275 2334 Mar 30 Jelin
5 x65% Sept 71% Feb
Jan 94% June
170 71
1,457 1 15-16 Sept
334 Mar
1,414
4
Jan
2% July
205 3634 Aug 4234 Jan
11 182% Aug 195 Feb
708 6234 Sept 7234 Jan
4,185 86% Mar 11634 Aug
Mar
May 48
65 39

Bonds.
US Lib Loan 3548_1932-47
2d Lib Loan 45_1927-42
3d Lib Loan 4%5.-1928
Amer Gas Oz Elec 55__2007,
40_19451
Elec & Poop tr
1945'
small
do
Equit Blum Gas Lt 5.9.1928i
Lake Superior Corp 5319241
Leh C & N cons 434s_ _1954!
Lehigh Valley (Is ctfs_1928
1923
Consol 63
Annuity 6s
Lehigh Val Coal 1st 5s 1933
Penn RR consol 4345-1960,
1948
'
Consol 4s
Phtla Electric 1st 5s.. _1966
small
1966
do
1997;
Reading gen 4s
Uni Rys gold tr ctf 48.1949
United Rys Invest 5s_19261
Welsbach Co 5s
1930

Jan 102.40 Aug
$450 97
99.88 99.88
350 92.80June 97.60May
95.10 95.50
95.30 96.00 9,700 94.30 Sept 98.52May
Jan
2,000 7634 Sept. 82
7634 76% 77
Sept 73;4 May
9,000 67
67
67
67
Jan
Sept; 74
500 68
68
68
10234 1023410294 7,000 101% Mayi 10234 Aug
3,000 47% Jan - 59% Aug
57
57
57
Jan
1,000 8834 Sept 95
89
89
9834 98% 3,000 97% Sept 98% Sept
101% 101% 2,000 101% Apr 10134 Sept
May
4,000 115% Sept 120
116 116
9934 9934 8,000 99% Sept' 101 May
Septl 9831 Jan
9334 93% 5,000 93
8434 8434 3,000 8434 Aug, 89% Jan
Jan
30,000 8934 Sept! 96
91
90
91
May
July 97
100 93
05
95
Jan
81
81% 5,000 80% Sept 85
Feb
July 60
1,000 56
56% 56%
Jan
Apr 60
4,000 54
56
56
56
Feb 95% June
1,000 91
9234 0234

z Ex-dividend.

Baltimore Stock Exchange.-Complete record of the
transactions at the Baltimore Stock Exchange from Sept.21
to Sept. 27, 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-

Pittsburgh Stock Exchange.-The complete record of
transactions at the Pittsburgh Stock Exchange from Sept.21
to Sept. 27, 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 Gas of N J__100 53
53
53
89
Baldwin Locomotive_ 100
90
38
38
Cambria Iron
50
Elec Storage Battery_ _100 5234 52% 53
29%
General Asphalt
100 2935 29
64
66
Preferred
100
25%
Insurance Co of N A...10 2534 25
Lake Superior Corp_ _ _100 1834 17;4 18%
69
Lehigh Navigation
69
50 69
59% 60
Lehigh Valley
50 60
52% 52%
Midvale Steel & Ord_ _50
50
Minehill & S H
50
50
67
67
Northern Central
50 67
8234 8234
Pennsylv Salt Mfg
50
50 4334 4334 44
Pennsylvania
2734 27%
Philadelphia Co(Pitts)-50
33
33
Pref (cumulative 6%).50 33
Phila Electric of Penn_ _25 24% 24;4 24%
Phlia R T vot trust rects.50 2634 26% 27
66
66
Philadelphia Traction_.50 66
8731 8894
Reading
50
2 3-16 2 7-16
Ton-Belmont Devel
1
2% 2%
Tonopah Mining
1
234
50
37% 3731
Union Traction
182% 18234
United Cos of N J._ _ _100
United Gas Impt
50 6334 6334 64
U S Steel Corporation_ 100 11334 109% 11334
41
41
W Jersey & Sea Shore_ _50

High.

153 96% Sept 98%
50 235 June 265
Jan 144%
624 87
45 84% Mar 9334

1434
1
18

103

Range since Jan. 1.

Stocks-

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

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

Arundel Sand & Gravel 100
Baltimore Tube pref.. 100
Consol Gas EL & Pow_100
Consolidation Coal_ _ _ _100
Cosden & Co
5
Preferred
5
Davison Chemical_.no par
Elkhorn Coal Corpn_...50
Houston Oil trust ctfs_ _100
Preferred trust ctfs_ _100
Mer & Miners Trans_ _100
Mer & Min Trans V T.100
MtV-Woodb Mills v t r 100
Preferred v t r
100
Northern Central
50
Pennsyl Wat & Power_100
Symington (T H) pref_100
50
United Ry & Elec
Wash Bait & Annap_ _50
Preferred
50
Wayland Oil & Gas
5

39
82
100
85%
5%
334
394
36
28
29
78
72
67
67
6634
17
72
72
70
72% 71%
110
20
30
39% 39%
3

BondsCity & Suburb 1st 58_1922
Consol Gas gen 434s _1954
Cons Gas E L & P5% notes
6% notes
Cosden & Co ser A 63_1932
1932
Series B 6s
Elkhorn Coal Corp 65_1925
Houst Oil div cas.1923-25
Kirby Lumb Cont 68_1923
Norf & Ports Trac 5s_1936
Seab'd Air L 4s stpd_ 1950
United Ry & E 4s_ _ _ _ 1949
1949
Income 4s
1936
Funding 53
1936
Small
Wit & Weldon 5s
1935

97
84
92%
94
79
79
95
100
9634
78
69
71
52
7434
74 •
99%

Range since Jan. 1.
Low.

High.

105
10
5
40
50
38
325
10
85
330
12
100

313.4
82
94
8334
5%
354
30
22%
40
64
56
6234
14%
68
69
60
110
17%
24
35%
3

Jan 40
Sept 88
Jan 103
July 106
834
Sept
4
Jan
Jan 39%
Jan 30%
Jan 86
Apr 80%
Jan 92
Aug 90
June 1734
Jan 76
Aug 74
Jan 73%
Sept 120
June 2434
Jan 3134
June 4154
Apr
334

Sept
Apr
Sept
Jan
Jan
Jan
Aug
Aug
June
June
Jan
Mar
Sept
July
June
Sept
Mar
Feb
Sept
Jan
Jan

97
$1,000
1,000
84
92% 22,000
1,000
94
8,000
79
79
1,000
95
2,000
2,00(1
100
96% 1,000
2,000
78
1,000
69
71
13,000
3,000
52
74% 1,500
600
75
1,000

96%
84
90
94
77
78
93%
88
9534
78
69
71
52
7331
7334
99

Sept 100
Sept 88%
June 95
Sept 9734
June 82%
June 83%
Aug 0834
Jan 102
Apr 98%
Sept 80
Sept 70
Sept 77%
Aug 5834
Aug 80
Aug 82%
Jan 0094

Feb
Feb
Jan
June
Feb
Jan
Jan
Aug
June
Feb
Jan
Feb
Jan
Feb
Feb
Ap

39
82
103
85%
6
334
37
29
78
72
67
66%
17
7234
70
7334
110
2034
3034
39%
3
•

10
10
349
10
450
105
203
145

Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY
Week ending
Sept. 27 1918.

Stocks.
Shares.

Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total

Par Value.

144,910 $13,548,500
224,770 21,074,000
300,235 28,826,500
296,416 28,691,100
254,162 24,342,200
523,417 49,636,700
1,743,910 8165,119,000

Railroad,
stc..

State, Nun
slt Foreign
Bonds

$584,0001
928,0001
1,197,01)01
1,196,0001
778,500
814,500,

U. S.
Ponds.

$696,000 $3,079,1300
1,405,000. 6,584,000
1,229,000 6,888,000
1,508,000 6,095,000
1,184,000 6,169,000
2,258,000 7,753,000

$5,498,000 58,280,000 $37,468,000

THE CHRONICLE

SEPT. 28 1918.]
Week ending Sept. 27.

sales at
New York Stock
Exchange.

1918.

Jan. 1 to Sept. 27.

1917.

Other Oil
Stocks (Con.)

1917.

1918.

1,743,910
3,359.192
95,839,3901
140,469,180
Stocks-No.shares__ _
$165,119,000 $319,611,250 $S,953,010,76&$12,930,131,205
Par value
$500
$15,800
$82,400
Bank shares, par
Bonds.
$814,184,500
$97,398,250
Government bonds_ _ _ 837,408,000 $15,932,000
182,419.500
242,529,500
8,280,000
3,507,500
State,mun &c.,bonds
5,498,000
201,583,500
383,183,500
RR.and misc. bonds
$51,246,000 $25,857,500 $1,198,187,500

Total bonds

$723,111,250

DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE E1XCFIANGES.
-Boston.
Week ending
Sept. 27 1918.

I

Philadelphia.

Baltimore.

Shares. 1Bond Sales. Shares. Bond Sates. Shares. Bond Sales.

Saturday
Monday
Tuesday
Wednesday
Thursday
Friday

2,597
3,972
5,555
5,903
4,7531
11,0241

$19,850
42,200
210,300
96,550
48,500
10,000

1,820
4,265
2,632
1,513
2,500
2,666

$13,050
25,200
19,350
12,800
19,200
12,000

111
410
633
606
543
303

$15,900
14,000
18,000
10,100
8,600

Total

33,804

$427,400

15,396

$101,600

2,606

876,600

New York "Curb" Market.-Below we give a record of
the transactions in the outside security market from Sept.21
to Sept. 27, 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.
Friday
Sales
Last Week's Range
for
Sale.
of Prices.
1Veek.
Par. Price. Low. High. Shares.

Week ending Sept. 27.
Stocks-

Aetna Explos_r___(no par)
Brit-Am Tobao ord bear Ll
Burnrite Coal Briq..r..___1
Burns Bros Ice corn r _100
100
Chevrolet Motor
Columblaville Woolen.r_10
1
Cuprite Sulphur r
Emerson Phonograph__ _ _5
1
.- Grape Olin common
1
Preferred
Hall Switch & Signal r_100
Hen.ee Mfg,coin r_ _ _100
Intercontinental Rubb _100
Internat Harvester new.. _ _
Keyst Tire & Rub corn...10
Marconi \Mel Tel of Am.5
Maxim Munitions_ r_ _10
N Y Shipbuilding (no par)
North Am Pulp & Pap (t)
Penn Coal & Coice_r_ _50
10
Rein Equipment r
Roanoke Ore & Iron_ r_ _ _1
Smith Motor Truck
Standard Mot Constr_ r _10
Submarine Boat v t o__(t)
_5
Thiogen Co of Amer
United Motors r_ _(no par)
S Lt & Heat com-r_ _10
10
U S Steamship
5
Wayne Coal r
Wright-Martin Aire r_ At)
Former Standard Oil
Subsidiaries.
El
Anglo-Amer 011_r
Buckeye Pipe Line_r_ _50
Crescent Pipe Liner. _50
Galena-Signal Oil corn r100
Illinois Pipe Liner__ _100
Northern Pipe Line_r_ _100
25
Ohio Oil_r
Prairie Pipe Liner_. _100
100
South Penn Oil r
Standard 011 of N J_r_100
Standard 011 of N Y_r_100
100
Vacuum 011 r
10
Washington Oil_ r
Other Oil Stocks.
1
Amer Ventura Oil r
Barnett Oil & Gas r
Boston-Wyoming 011_ r _ A
Cosden & Co common r_.5
1
Crystal 011 & Ref r
Esmeralda 011 Corp r...- -I
5
Federal 011 r
10
Glenrock Oil r
Houston 011 corn r____100
Imperial Con Oil t r__ __I
El
Internat Petrol r
Island 011 & Trans r___ _10

11% 12%
11%
1734 17%
17%
334
3
334
42% *37% 43
118 130
128
11
1134
11
%
34
114
154
1%
13-16 11-16 13-10
2 7-16 2 5-16 2 7-16
234 3%
16
16
8
9
98%
98
16
16
334
334
334
34
54
4431 44%
4434
2% 3
3
26% 2834
1234 12%
12%
15-16 1 1-16
7-16 %
34
1334 13%
16% 16%
5.4 5%
2834 31%
3131
1%
I%
5:4 6
3%
3%
351
7% 834
8

102
298
252
255




70
18e
:lo
2%
:334
77%
33.4

14%
85
37
92
145
102
298
250
245
512
252
325
32

15
86
37
93
147
102
300
252
245
512
255
325
32

7e
Oc
3-16 31
18c
15e
534 6%
1%
154
3e
4c
I% 234
354
3%
77
81
7-16 54
13% 13%
3% 3%

Range since Jan. 1.
Low.

High.

24,300
634 Feb
16%
1,800 14% Apr
18%
4,700
1% Aug
534
23,150 1834 June 43
2,200 100
Jan 144
1,820 10% Sept 11%
3,440
% Sept
231
1,500
1
Aug
4%
1,700
% June 15-16
1,900
1% June 2 7-16
400
1
Sept
7%
100 14
Sept 16
700
8
Aug
11
200 98
Sept 98%
200 12% Jan 20%
3,000
2% July
3%
2,000
I
94 June
600 39
Feb
47%
1,800
2
Apr
414
550 26% Sept 34
1,600 10% July
12%
9,500
% Sept
1%
9,900
54 Sept
2%
500
13%
855 Jan
1,500 11% Mar 2031
1,875
4
Mar
6%
31,500 19% Jan 34%
500
1
Mar
2%
15,000
4% Jan
7%
24,300
331 Sept
3%
15,500
634 Jan
ng
1,800
30
20
29
20
10
50
25
10
10
65
5
20

11%
85
36
92
138
100
290
250
245
490
248
317
32

6,500
3.300
18,000
2,800
260
14,100
7,000
11,600
1,000
3,000
400
11,4:38

6o
'Xti
15o
5%
1
30
134
2%
39%
31
1231
I%

Feb
Sept
May
Sept
Sept
Jan
Sept
Sept
Sept
Sept
Sept
Sent
Sept

May
July
Sept
Sept
June
Sept
Feb
Jan
Aug
Sept
Jan
Sept
Jan
Sept
June
Mar
Jan
Aug
Aug
July
Sept
Sept
Apr
June
May
July
June
May
May
Sept

May

17%
100
37
145
192
113
365
279
290
579
285
357
32

Jan
Feb
Sept
Jan
Jan
May
Jan
May
Jan
Feb
Feb
Feb
Sept

Jan
210
Aug 1 3-16
Sept
33e
Sept
8%
June
194
Sept
5-1(3
Aug
4
Sept
5
Jan
8054
June
54
Feb
1431
Jan
534

June
Jan
Jan
Feb
July
Jan
Feb
Jan
Juno
Sept
July
Mar

1279
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price.
Low. High. Shares.

Kinney Oil r
1
100
%
%
Merritt Oil Corp_r
10
21
19% 21%
2,100
Metropolitan Petroleum_5
131
1 1-16 1% 10,500
Midwest Oil corn r
91e
1
12,200
Preferred r
1
1%
1%
500
Midwest Refining_ r
111
_50
114
1,725
Northwestern Oil corn r_-1
46e
49e
53e 20,200
Oklahoma Prod & Ref__ _5
3,000
654
694 6%
Okmulgeo Prod Ar Ref___5
2
5,400
251
Omar Oil & Gas corn
250
1
26e
2,000
Royal Dutch Co new r _ _
64
6234 66
2,410
Sapulpa Refining_ r
651
5
634 6%
900
Security Prod & Refg_ _ _ _5
34
% 3,000
A
Sequoyah Oil & Ref
1
5,500
%
Southwest Oil r
37e
37c 4,620
25e
1
Stanton Oil_ r
1%
1
% 1% 24,000
Texana Oil dr Ref _r
11-16 % 17,700
1
9-1
2c
Tuxpam Star 011 r
2c 105,000
134c
United Western Oil, new_r
4,150
%
1
2
Victoria 011_ r
1%
2
10
3,150
Mining Stocks.
42e
Alaska-lint Col Metals_.1
37e
5,500
84c
America Minos_ r
78e
8,550
81e
1
Arizona Bing Cop
5%
534 5%
3,100
5
4c
Atlanta Mines
4e
331e
8,500
1
Big Ledge Conner
31 15-16 21,100
5 13-16
Boston & Montana Dev.
45c 26,000
42e
_ _5 42e
Butte-Dot Cop & Zino_ _
8c 60,800
7e
5e
Caledonia Mining
45e
48c 13,400
x44e
1
Calumet & Jerome CoP-r
15-16
% 15-16 32,100
1% 1 15-16 2,400
Canada Copper Co Ltd _5
Candalaria Silver_r
1 44e 430 45e 16,100
Cerbat Silver M &
4,200
%
1
Consol Adzona Snielt_-_
1% 1% 1 11-16 5,800
534
5
Consul Copper Mines_ _5
850
4% 5
5
Cresson Cons Gold M&M 1
4,300
Denbigh Mines_ r
1 13-16 00 1% 12,800
9-16 9-16 1,000
9-16
Dundee-Arizona Copper _l
Eureka Croesus Min r
1%
1% 6,900
I
134
First Nat Copper
1%
2
1,600
45e 7,700
43e
Fortuna Cons r
44e
1
Gibson Cons Copper_r 1
234
2% 4,500
2
Golden Rule Mines r___ _1
5-4
3-4
% 13,050
Goldlield Consolidated _10
20e
20e
500
3c 1,000
Great Bend _ r
30
1
65e
Ilit•tte Gold Min_i_r____I
72c
65c
1,800
Hecht Mining
25e 411-16 4 11-10454
2,190
Jim Butier..r
50e
51e 8,400
48e
1
Kerr Lake
6
6
5
500
53c 4,600
52e
Liberty Silver (prospt) r 1 53e
34
31
Magma Copper
1,500
5
3%0 4c 1,700
3%c
Marsh Mining _ r
1
3%
4
434
Nlasen Valley
800
5
4Ic 1,000
41e
NIcKinley-Darragh-Say_ 1
35c 12,800
33e
Mother Ledo_ r
34e
1
2
Mutual Min & Leas pf r I
I%
2
1,300
16e 7.800
15e
Nst Zinc & Lead_r
15c
1
NipissIng Mines
8% 9%
9%
5,500
5
42e 6,100
Nixon Nevada
36c
36c
1
13-16 % 3,200
Ohio Copper _ r
1
Onomiago Minrsr
334
3
354
1
7.300
1%
Pacific Tungsten r
1%
1
135 12,500
434
Ray Hercules Mtning_r 5
4% 4%
1,700
Red Warrior Mining_ r
5-16 5-16
500
1
36e
35c
Rochester Combined r_ _1
1,300
35e 10,400
35e
32e
Rocnester Mines
1
11
11
Seneca Cop Corp (no par)
400
74e 5,100
720
74c
Sliver Canon
1
Silver Mame Silver_r
% 15-16 19,500
1 15-16
Silver King of Arizona_ I
34 15-32 17-32 12,000
31 5-16 2.300
Standard Silver-Lead
1
12e
15e
15c 37,500
Stewart
1
12e 11%c 1134c 2,500
Success Mining
1
2%
2 3-16234
Tonopah-Belmont Dev_r 1
200
Tonopah Extension
1 7-16 134
1%
3,400
1
234 2%
Tonopah Mining
325
1
10c 6,000
10e
Troy-Arizona r
10e
1
United Eastern Mining_ A 311-16 3 11-16354
6,780
19c 8,500
We
TJ S L6ad & Zino i
160
_I
12e 8,000
10e
lie
Ward Mink Milling_
_1
76e 5,400
74e
Washington Gold Quartz 1
134
1
West End Consolidated„5 1 1-32
5,600
23e 19,000
17e
18c
Western Utah Eaten i r_ _I
8%c 1434c 73,100
Wnite Caps Mining___10c
9e
Wilbert Mining
6c 2,000
5e
BondsAm Tel & Tel I-yr Os r 1919 9954 9934 9931 $21,000
Armour & Co deb 6s r_ 1919 9931 99% 9931
3,000
98
Debenture 6s r____1920 98
98%
3,000
97
97%
Debenture Os _
8,000
Debenture Os r__ _ _1923 96:1 96% 96% 10,000
97
Debenture 6s_ r____1924
97
1,000
10031 100% 15,000
Beth Steel ser 78_ r_ _ _1919
Serial 7s r
1920
10034 10054 10,000
Serial 7s _ r
1921 9954 9934 99% 70,000
9834 98% 70,000
Serial 7s..r
1922 98%
Serial 73_ r
1923 0814 9834 98% 120,000
9734 9734 107,000
Canada (Dom of) 5s...1919 1)734
79
Cosien & Co Os ser A r '32
79% 15,000
79
es series 13_n
1932
7935 50,000
Cudahy Packing 73 w 1 '23 97% 9734 977A 12,000
Federal Farm Loan 59.._ _ 10151 10434 101% 101,000
Gen Else 6% notes..1920 9934 99% 100
26,000
6% notes
1919 99% 99% 9931
7,000
interboro R T 7s w 1_1921
98
9851
9831 137,000
Phlia Electric 6s
1920 9834 98% 9334
5.000
55
Russian Govt 634* r...1919 60
60% 46,000
55
1921
54
534s r
3,000

1

Range since Jan. 1.
Low.
17%
87o
1
97
420

64

134
21c
55
6
3-4
250
74
30c
10
34
134

5-16 Apr
340 July
July
5
30 July
34 Jan
3Se Sept
.5e Sept
390 May
*34 Sept
134 Apt
370 Aug
Jan
420
1 5-16 Feb
434 Aug
4% Mar
3)4,, Sept
7-16 July
34 Feb
131 Apr
300 June
1% Aug
a% June
3-16 June
23-4c Sept
33c June
2% Jan
470 Sept
Jan
5
280 Feb
May
27
334eJune
:IX Aug
Apr
37e
Jun
2.5e
Feb
1
13c July
Jan
8
33e Sept
34 June
Jan
2
I 3-16 June
3% Jan
3-16 July
350 Aug
Jan
27c
734 Jan
60c Sept
31 Mar
7-32 Apr
31 Aug
lie Aug
Jan
7c
1% Sept
1% Jan
2% Sept
70 Sept
3
July
90
Feb
40 May
74e Sept
Jan
650
13e Sept
834c Sept
40 Sept
9554
99
9731
96
95
95
98%
9834
98
97
96%
94%
79
79
9734
10154
98%
99
98
97%
38
32

High.

May
Apr
1
Mar 29% June
Jan
Apr
1129 jJualn
y
Apr
14 Jan
Mar 120
June
Sept 890
Feb
Apr
May
8
Sept 11: s
Itelp
atr
Apr 6
Jan
46
00
Sept
July
Sept
1031 May
Sept
Sept
1% Mar
Sept 58e June
Sept
2% Mar
July
194 May
June 22e Mar
231 Feb
Aug
Sept
6% Mar

Aug
June
July
Aug
June
June
July
July
July
July
July
Jan
Sept
Sept
Aug
June
Jan
Jan
Sept
Aug
Mar
Apr

700
84c
6
130
134
96c
34
56c

May
Sept
Aug
Feb
Mar
Mar
Mar
Jan
Mar

2131
450 Sept
1% July
2% Jan
*74 May
5% Jan
231 July
lNJ:anye
15-t3
,Ai

2231

46c
3

jJ
ua
nti
e
Aug
Sept

7
10e
16 Feb
860 Sept
Aug
5
Jan
90e
634 Jan
62e July
42
Jan
830:Mar
6% Jan
Jan
60c
Apr
136e
2% Sept
Feb
38e
9 May
134 Mar
1 541 July
July
6
234 July
434 Jan
54 Mar
43c July
540 May
12% May
74c Sept
Aug
34 June
34 Apr
11 Jan
1)3c
Apr
3% Mar
Jan
4
Jan
240 May
Feb
000 Mar
25e June
76c Sept
154 June
23c Sept
Jan
Jan
14s
99%
100%
98%
9731
9634
97
101
100%
100
0934
091
97Ii
7934
83
98 10654
10134
100%
98%
9934
, ,6
6“
62

May
July
Sept
Sept
Sept
Sept
Aug
Sept
Aug
Aug
Aug
Aug
Sept
Aug
July
Aug
May
Apr
Sept
May
Aug
Aug

* Odti lots. t No par value. I Listed as a prospect. I Listed on the Stock
Exchange this week, where additional transactions will be found. o New stock.
r Unlisted. u Ex-cash and stock dividends. lc When issued. x Ex-dividend.
c Ex-rights. z Ex-stock dividend.

CURRENT NOTICE
-Announcement was made this week of the retirement from the firm
of C. D. Barney & Co. of this city and Philadelphia on Jan: 1 next of J.
Horace Harding, Jay Cooke and Henry Sanderson as active partners.
The firm will be continued under the same name with Mr. Harding and Mr.
Sanderson as special partners and Henry E. Butler and John P. Grier, bah
members of the Stock Exchange, who have been connected with the firm
twenty and ten years, respectively, as active partners in the New York
house, and with Edward H. Levis and Philemon Dickinson as resident
partners in Philadelphia. Mr. Harding and Mr. Sanderson will devote
more time to the corporations in which they are interested. Mr. Cooke
has devoted the last year to Governmental work, having been Food Administrator for the Eastern District of Pennsylvania, to which he will
give his entire time.
-Andrew W. Ralston. formerly Assistant Manager, has been appointed
Manager of the Statistical Department of the Standard Statistics Co., Inc.,
to succeed Robert Lee. Hovey, who has gone abroad in the service of the
Red Cross. Prior to his connection with the Standard Statistics Co.,
Mr. Ralston was Associate Editor of "Moody's Manual," in charge of the

[VOL. 107.

THE CHRONICLE

1280

Public Utilities Section, and from 1901 to 1907 he assisted in editing the
”Electric Railway Section" of the "Commercial St Financial Chronicle."
-A timely pamphlet entitled "Taxation of Personal Property in the
State of Now York," and another giving the text of the Tax on Investments Law, with explanatory questions and answers by State Comptroller
Eugene M. Travis, have just been issued by the Bankers Trust Company of
New York and may be had upon request.
FOREIGN TRADE OF NEW YORK-MONTHLY
STATEMENT.
-In addition to the other tables given in
this department, made up from weekly returns, we give the
following figures for the full months, also issued by our

New York City Realty and Surety Companies
All
_
_
•
Bid
Ask
65
Alliance R'ity 55
Amer Surety. 54
59
Bond& M 0_ 178 183
Casualty Co.
75
CityInvesting 14
19
70
Preferred__ 65

prices now dollars per share.
Bid
Ask
Bid
Lawyers Mtge 82
87 Realty Assoc
(Brooklyn). 60
85
Mtge Bond__ 80
Nat Surety.. 180 188 US Casualty. 175
US Title Guar 35
N Y Title &
Mtge
55
05 West & Bronx
Title & M G 150

.4 rk
65
190
40
170

Quotations for Sundry Securities
All bond prices are "*nd interest" except where marked "f".

New York Custom House.
RR. Equipments--PerCt. Basis
Bid.I Ask.
6.40 6.00
Baltimore A Ohio 434e
Buff Roos & Pittsburgh 4344 6.40 6.00
Exports.
Imports.
Month.
6.40 6.00
Equipment 45
6.60 6.00
Canadian Pacific 434s
1918.
1917.
1917.
1918.
1917.
1918.
8.00 7.00
Caro Clinclifield & Ohio Si
6.00
7.00
Central
of
Georgia
5s
3
$
$
3
s
$
7.00 6.00
Equipment 4431
January_ 88,164,970 128,344,239 243,203,724 303,906,525 7,488,551 13,494,316
6.50
7.50
Chicago
&
Alton
4s_
_
.
February 94,303,999 o7,s34,8s 168,713,182 223,464,135 8,177.7S0 10,800,297
7.50 7.00
Chicago & Eastern III 5345
March __ 93.360,412 147,941,883 251,325,06% 258.020,408 9,870,168 13.395.986
7.50 7.00
Equ1pment 4
April
•>1.561.991 120,801,1(V) 191,711)439263,873,019 10,525,971 14,052.313
7.00 6.00
Chic
Ind
&
Loulev
4145_
May-- 49,434,134 118,850,750 219,019.748 245,998,346 12,162,731 18.823,305
6.25 5.75
()Me St Louis & N Olin12,622,429:14,001,984 205,313,999 274,287,250 10,665,910 10,256,450
Juno
6.10 5.70
Chleago & N W 43Se_
.
06,101,747 95,713,12:3 237,731,667 210,181,903 9,215,233 11,190,704
July
50
0
Chicago It IA Pao 4 5‘
- 7.50 6.0
August_ . 22,452,147 122,231,660 209,108,295 274,627,773 8,589,023 10,684,750
Colorado & Southern 81 ..
Erle 5s
76..17)0
5 6• .00
83,904,829092,579,6961931135 122 2054359 389 76,695,367 102,608,211
600
00
65
75 6:
6:7
Equipment 443Equipment Is
6.50 6.00
Hooking Valley 4s
Imports and exports of gold and silver for the 8 months:
6.50 6.00
Equipment Si
Illinois Central Si.........
1
75
6
25 5.
6
6.26
Equipment 4 WI
Saver-New York.
Gold Movement as New York.
7.00 6.00
Kanawha A Michigan 4344
6.25 5.75
Louleville & Nashville 51..
Imports.
Imports. I Exports.
&ports.
Month
00
6
6.50 6:0
MIchlgen Central 5s
Minn St P&SSM4
_
1918.
1918.
1917.
1918.
1917.
allesourl Kamm & Texan be.
Missouri Pacific Si
a
a
1
$
3
1
•
.0
770
56
770
56
6
66:
6
77...6
Mobile & Ohio Is
January_
657,940 10,491,074 1,409,524 2,746,717
1,070,279 1,930,781
6.60 6.00
Equipment 410
February.
994,103 1,635,8013 3,170,387 14,129,717 1,444.351 2,186,324
New York Central Lines Si
6:5
50 6.00
606.260 3,294,034
March __
301,073 9,819,730
623,514 1,074,962
Equipment 44s
518,140
877,460
726.467 3,944,455
April_ _
223.177 3.017.151
N Y Ontario & West 43411...
May.-660,277 1,084,038 1,302,420 17,629,499 1,317,371 3,910,742
70
6...6
75 5
Norfolk & Western 434s.,.•
6..2
Juno....
534,406 1,194,622
203,500 13,564,850 1.115,157 5,596,300
5.6
70
0
1100
05
6
66.:2
Equipment 15
627,829
904,838 3,903,713 19,179,282 1,803,038 2,435,000
July --Pennsylvania
11R
430_
688,89' 1,245,038
268,600 12,337,532 2,421,116 2,985,275
AugustEqulpment Is...
St Louis Iron Mt & Son Si
Tote& 5,722,44d 9,397,5451 72,827,334 100,171,855 10,843,283 27,008,847
.5
.• 50
7..5
50
0 6.
St Louis & RAO Francisco Sr.
7
0 6.50
7:50
Seaboard Air Llne Is
Equipment
44a
STOCK OF MONEY IN THE COUNTRY.-Tho follow55
6..2
Southern Pacific Co 434s
Ordnance Stocks-Per S re.
6..3
78
ing table shows the general stock of money in the country, as Aetna Explosives pref. _100 64 68 Southern Railway 43.1s _
3
6 Toledo A Ohio Central 45
American
re.
7.00 6.00
A British MIg.100
well as the holdings by the Treasury and the amount in cirPreferred
Tobacco Stocks-Per She
100 20 35
culation on the dates given.
par 7
0.
Atlas Powder oommon__ 100 165 170
8
Preferred
17
71 10
Ask. 1312
-Stock of Money Sept. 1 '18- -Money in Circulation100 87 89 American Cigar oommon.10e 9
PreCerred
Babcock & Wilcox
.100
in U. S. aHeld in Treas. Sept. 1 1918. Sept. 1 1917.
100 110 112
13118e (E W)Co common. 60 •325 375 Amer Machine & ydrY-100 60 70
$
Brithei-Amer Talmo ord. _ £1
50 *75
'Preferred.
Gold coin (including bullion
Ordinary, bearer
Cl *1712 1812
In Treasury)
3,079,300,229 261,241,260b1,062,558,390 754,270,172 Canada Fdys & Forgings-100 200 iin""
0
10971500
181) 2
754,811,369 1,656,691,819 Carbon Steel common. 100 120 125 Conley Foil_
100 1686050
Gold certificates
98
92
Johnson Tin Fell k Afet-1(143
72,508,484
lit preferred
79,480,190
Standard silver dollars
460,253,959 34,242,617
100
Forbes_100
344,6915,913 472,300,768
25 preferred
Silver certificates
100 67 72 MaeAtairewe
Preferred ....... _ ....._ 100
Subsidiary silver
231,874,845 10,592,279 221,282,566 197,076,174 Colt s Pateut Fire Arms
1,946,466
M fg
1,834,233
25 *56 60 Reynolds (n J) Tobaeoo_100 270 290
Treasury notes of 1890_
2
14
00
11 corn stock
) 2
140
6,280,424 340,394,592 340,039,967 duPout it: I) de Nemoure
346,681,016
United States notes
-100 2
Preferred
& Co common.
100 284 288
Federal Reserve notes_ ___c2,225,838.710 34,592,755 2,090,318,055 595,638,014
100
A dividend scrip
12,481,220
247,635
24,440,325
Debenture stook
100 8814 8834
95 98
Federal Reserve bank notes 24,687,960
11 dividend scrip
04 98
_100 87 03
724,318,652 22,824,000 701,494,562 696,370,762 Eastern Steel .
National bank notes
Empire Steel A Iron oom 100 35 45 Young (J 8) Co
100 110 1:35
Total
7,092,955,371 369,937,060 5,621,311,201 4,799,323,846
Preferred
Preferred
100 74 78
100 90 105
Population of continental United States estimated at 106,156,000. Circulation Hercules Powder Qom_ __100 225 231
Short-Teem Notes-Per Cent.
Preferred
100 106 109
per capita, $52 95.
Am Cot Oil Si 1919 ....MAS 9712 9778
a 'Phis statement of money held in the Treasury as assets of the Government Nilea-Bement-Pond oom_100 118 121
Amor Tel&Tol es 1919_F&A 99la 993a
Preferred
.100 95 98
does not include deposits of public money in Federal Reserve banks and in national
Salto & Ohio 51. 1019
Ida 61338 981s
banks and special depositaries to the credit of the Treasurer of the United States, Penn Seaboard Steel (no Par; *48 51
Beth Steel As 1919. _F&A It
Phelps-Dodge Corp... ._ .100 270 '280
amounting to 51,043,857.086 26.
b Includes $521,811,585 Federal Reserve Gold Settlement Fund deposited with Boort!' Manufacturine...100 400 415 r3anadlait Pao es 1924 .M&H 2 -His 98
Thomas Iron.......
50 .22 30 Frei & Hudson Os 1920 FAA 9714 9734
Treasurer of the United States.
Winchester Repeat Arms 100 575 625 Erie ItIt 5s 1010 . . _A-0 0614 9612
c Includes own Federal Reserve notes held by Federal Reserve banks.
100 50 55 Fed Sue lidg 5s 1920...Ma 9612 97
Note.-On Sept. 1 1918 Federal Reserve banks and Federal Reserve Agents held Weodward Iron
IAJ 9934 100
tlen Else Os 1920 .
against Federal Reserve notes $795,775,890 gold coin and bullion, 3204,913,320
tielo notes (2-yr) '10. J.tn 9934 100
gold certificates and $101,017,900 Federal Reserve notes, a total of $1,101,707,110,
Yes* lIc
General Rubber 5s 1918.M1) 993s 9934
against $468,210,600 on Sept. 11917.
Amer Gam & Elea °oat- 60 *76 79 Groat Nor 54 1920...
MA S 9034 9714
39 41
Preferred
Hooking Valley Os 1918 MAN 9938 995a
. 60 .
Amer Lt & Tree cont _ 100 179 181
K 0 Term Ry 4 kes '18 _MAN 99 0938
Preferred
44s 1921.... _
_ .JAJ 9312 95
190 91 93
AMC'Power & Lt emu._ .100 40 44
Laclede (las T. Oe 1910 _FAA 9734 9812
All prices now dollars per share
Preferred
Morzan&Wright 55 Deo I 'ir 991*
100 69
17
Amer Pubic: Utilities cowItit
N Y Cent 5s 1919_ __M&315 983s 983s
Banks-N.Y Bid. Ask.
Batiks.
Bid. Ask. Trust Co's. Bid. Ask.
Preferred
10e 34 37 Penn Co 434e 1921... MD 15 9534 9614
Ameriea _
480 495 Lincoln
280 300 1 New York.
Cities Service Co oora__ 100 210 212 Pub Ser Corp NJ Is'19.MA8 95 071
Amer Exch. 215 222 Manhattan •.. 160 167 Bankers Trust 350 360
Preferred
100 7112 73 Rem Arms U.AI.O 51019FAA 9734 08341
Atlantic
_
167
175 Medi & Met_ 287 295 Central Union 380 385
ConVw'Ith Pow Ry L.100 20 21.2 Southern IV 5rt 1919-M-S 2 9512 9834
Battery Park. 100 200 Merchants _ _ _ 123 .128 Columbia_ _ _ 237 245
Preferred_
_
..109 36 38 Utah See Cory Os '22 NI-S 15 8512 87
Bowery •__ _ 400
Metropolitan* 1170
Commercial__ 90 100
Hie() Bond & Share prof .100 d88 90 w'itottse El& M as '19_E&A 9012 9(J34
376
Bronx Boro• 125 ffiC Mutual*,
Empire
290 300
Federal Light A Traetlon 106
7 10
WInahes ftepArms74'19.31AS 9914 9912
Bronx Nat._ 160 165 New Neth•_ _ 200 215
Equltable Tr_ 327 332
Preferred
.100 36 41
Bryant Park 160
New York Co 130 140
& Tr_ 350 360
Industrial
Great West Pow 6e 1946 J&J 71 74
205 215
Butch & Dro
18
23 New York,,_ 425
Fidelity
and Miscellaneous
Miesissit)PiRly Pow eons 100 12 14
Chase
345 360 Pacific •
Fulton
225 255
135
american firms
Preferred_
.100 213 217
100 42 46
Chat & Phen. 240 250 Park
495 510 Guaranty Tr_ 308 312
Sanerioan Chicle com
First Mtge 54 1951_ JdrJ 71 73
100 30 34
120
Chelsea Ex
People's •_ _ _ 95
Hudson
135 145
Nortb'e States Pow corn .100 44 47
Preferred. _
58. 63
Chemical _
385
Prod Exch•._ 200
Irving Trust 15cc Irving
Preferred.
100 125 127
100 81 83 American Ilerdware
Citizens ._
212 222 Public
200
Nat Bank
Amer Type(ounders sorn 100 36 40
North Texas Eleo Co cow 100 60 65
City
380 385 Seaboard _ _ 450 470 Law Tit & Tr 90
97
Preferred
Preferred..
100 70 75
Coal & Iron. 205 215 Second
400 425 Lincoln Trust 95 105
86
5
80
2 9
Pacific Gas & Elee corn. 100 33 34
Sorden'm Conti kink eom 1100
00 0
Colonial'_ _ _ 1400
Sherman _ _ _ _ 125 135 Mercantile Tr
78 79
lit preferred_
Preferred. .. -__IQ() 06 100
Colueubia•_ _ 155 165 State*
& Deposit 195
100 108
15 Celluloid Company ... 100 143 148
Puget Sci Tr L A P 0002 100 11
Coramerce _
23d Ward',,. 115
130 Metropolitan_ 300 310
17014
Preferred
10e 42 46 Columbia (Iraphoph Mfg (t) .02 65
Comm'i Ex' 390 410 Union Exch_ Hs 153 Mutual(West100 42 65
,'Preferred
Republic Ry A Light__- _100 15 18
CommonUnited States' 500
chester)
105 125
Preferred
100 54 5612 Freeport 'Poxes Co
N Y Life In
wealth•180 190 Wash IPts• . 275
3
8) '30 32
South Calif Edlson own- 100 74 76
Havana Tobacco Co.....10O
Continental* , 100 106 Westch Ave_ 160 175
& Trust_,_ 875 900
100
2
5
Preferred
Preferred
100 94 96
Corn Exch.
310 315 Yorkville•
1275 325 N Y Trust.._ 590 600
let g 55 June 1 1922_ _J-D f38 43
Standard Gas A El (Del) oo .4
6
05
Cosmoplitttn
85
Scandinavian 265
7
8
Preferred
ao *21 23 intereonttnen Rubb corn.100
Cuba (13k of) 177 187
Brooklyn.
Title Ott & Tr 218 225
1
Tennessee Ry LA Poem 100
3 Internet Flanking Co.__ _100 160
East River
16
18 Coney Island' 140 155 Transatlantic
175
100 ---- 60
Preferred
100 10 12 International Salt
Fifth Ave•
1800 200 First
260 270 USMtg &Tr -168 410
A-0 66 681s
5
7
let gold 5e 1951.
United Gas A Elec CorD-100
Fifth
215 230 Fiatbush
_ 150
__ United Scat
875 900
let preferred.
100 38 40 International (Silver pref_100 -- 70
First
150 165 Westcheater,.. 130 140
890 915 GrecnpoInt
Id preferred
Lehigh Valley Coal Sales, 60 *84 86
7 In
100
185 Hillside •_ _ 110 120
Garfield _ _ _ _ 170
Brooklyn,
United Lt & Rye Qom.- _100 27 29 Otis Elevator commit_ __IGO 48 52
Gotham _ _ _ _ 200 225 Holnestead S.
110 Brooklyn Tr_ 485 500
Preferred
lit preferred
100 74 76
100 59 61
Greenwich*_. 830 350 Mechanics'•_ 57
225 235
62 Franklin
13 Remington TypewriterWestern Power common-100 11
Hanover
Montauk'... 87
660
95 Hamilton
240 260
22
131)
3 8
21, 0
COMIDOD
Preferred
100 49 51
Harriman
235 245 Nassau
200 207 Kings County 620 650
1st preferred
Imp & Tried... 475 490 National City 133 138 Manufacturers 140
100 74 76
2d preferred
:Irving (Cr
North Stde•_ 175 200 People's
270
B
Riintg
ya
eri Staking
51
Pow com 100 118 123
certificates 270 275 People's
130 140 Queens Co_
65
75
1Q0 89 92
Preferad
,it..
390 405
Liberty
100 157 161
100 870 890
Tex Pee Coal & 011
• Banks marked with a (9 are State banks. 1 Sale at auction or at Stock Er.
change this week. 2 Includes one-third share Irving Trust Co. t New stock.
*Per share. 3 Basis. 4 Purchaser also pays accrued dividend. 5 New stock
Ex-rights.
Flat price. a Nominal. s Ex-dividend. y Ex-rights. (t) Without par value.
Merchandise Movement at New York.

Customs Receipts
at New York

Now York City Banks and Trust Companies




Standard Oil Stocks PelirShare
Ask
Par Bid
Anglo-American 011 new.. /1 1414 1434
Atlantic Refining
100 935 955
.4
42
80 440
Borne-Sorymser Co
87
Buckeye Pipe Line Co
150
66
100 315 330
Cbeeebrough Mfg new
100 10 40
Colonial Oil
415
Continental Oil
35
Crescent Pipe Line Co_ _ _ 160'31
00 3
Cumberland Pipe Line_100 130 140
Euteka Pipe Line Co
WO 175 185
G alena-Stenai 011 eons-100 90 95
100 105 !15
Preferred old
95 105
Preferred new
100 145 150
11111201i PlIN
h() *90 92
Indiana Pipe Uft.
International Petroleum_ £1 *1314 1312
National Transit Co__ _12.50 *1112 1212
Now York Transit Co...100 180 190
Northern Pipe Line Co__100 103 107
300
Ohio 011 Co
26
27
Penn-Mex Fuel(3o
100,x
x2
44
85
0 400
Prairie 011 & Gaa
100x245 255
Prairie Pipe Line
310
Solar Refining
16
00 165
3
Southern Pipe Line Co_101
1
4
1/6
0
1 250
South Penn 011
Southwest Pa Pipe Llues..100 88 92
Standard 011 (California) 100 212 216
0 550
Standard Oil (Indiana)...100
540
1(8.) 4
450
Standard 011 (Kansas).Standaed Oil (Kentucky) 100 295 305
Standard 011 (Nebraska) 100 420 440
Standard Oil of 'S ew Jer.100 510 514
Standard 011 of New Y'k 100 253 257
410
Standard 011 (Ohio)100
95
'mobSwan& te
95
Union Tank Line Co.- 1
100 320 325
Vacuum 011
Washington Oil_ _„ 10 *32 36

1231

THE CHRONICLE

SEPT. 28 1918.]

kurtstutent anti
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
can be obtained. The first two columns of figures give 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. The returns of the electric railways are brought together separately on a subsequent page.
-------Latest Gross Earnings.
ROADS.
Week or
Month.

Jan. 1 to Latest Date.

Current , Previous
Year. I Year.

Current
Year.

Previous
Year.

$
$
$
1
201.750 178.326 1,461,033 1,311,862
Alabama & Vicksb_ August l t
56,976 2,274.471 2,223,220
2d wk Sept
62,790
Ann Arbor
14897206 11690820 87,319,566 78,889.003
Atch Topeka & S Fe July
1,569,782 1,426,017 10,443,195 9,453,090
Gulf Colo & S Fe July
Panhandle & S Fe July
498,841 623,936 3,350,495 3,893,318
418,5391 325,935 2,423,308 2,221,749
Atlanta Birm & Atl July
928,702
Atlanta & West Pt.. July
220,3881 135,956 1,325,341
July
Atlantic City
477,324' 496,692 1,978,178 1,698,912
Atlantic Coast Line July
4.945,137 3,141,755 31,171,372 25,262,998
926,429
Atlantic & St Lawr_ June
986,133
197,384 122,364
Baltimore & Ohio July
17674458 11920443 86.666,074 73,090,791
B & 0 Ch Per RR July
189,446 171,459 1,011,222 1,151,638
Bangor & Aroostook July
374,150 269,653 2,607,201 2,664,900
Belt By of Chicago.. July
385,393 325,734 2,209,736 2,213,236
Bessemer & L Erie.. July
1,719.599 1,549,713 6,707,515 6,418,850
Bingham & Garfield July
360,848 280,867 1,958,761 1,793,724
921,098
663,708
Birmingham South.. July
95,015
212,227
Boston & Maine_ July
6.900,939 5.217,679 37.151.596 33,267,298
Buff Roch & Pittsb_ 3d wk Sept 389,943 342,632 13,013,765 10,965,313
977,012
Buffalo & Susq RR _ July
205,056 146.701 1,284.058
Canadian Nor Syst_ 3d wk Sept 916,100 770,200 30,057,500 29,100,600
Canadian Pacific 3d wk Sept 3,114,000 2,964,000 104887883 103787646
Caro Clinch & Ohio July
441,666 302,880 2,498,346 2,290,496
Central of Georgia_ July
1,765,420 1.342,540 11,316,515 8,519,313
4,842,290 3,397,293 23,928,463 20,956,713
Central RR of N J_ .luly
629,262 426,116 3,392,272 3.144,351
Cent New England.. July
468,066 389,862 2,801,011 2,503,383
Central Vermont
July
Charleston & W Car July
234,677 180,234 1,555,228 1,258,467
6,972,840 4,441,551 37,013,814 30.473,764
Ches & Ohio Lines_ July
Chicago & Alton_ _ _ July
2,362,867 1,780,238 12,481,618 11,511,100
13325718 10110005 75,423,314 68,979,208
Chic Burl & Quincy July
800,805
748,485
163,436 122,207
Ch Dot & C G Trk_ July
2,599,950 1,813,348 13,850,186 11,860,667
Chicago & East Ill_ July
1,712,830 1,378,105 10,123,320 9,212,982
Chicago Great West July
1.087,873 747.272 5,661,080 5,139,500
Ohio Ind & Louisv_ July
336,878 262,283 2,068,175 1,869,174
Chicago June RR.. July
12599858 1019754 67,671,988 62,478.111
Chic Milw & St P..- July
12888465 9.474,420 64,747.985 59,278,225
Chic & North West July
8,875.684 6,929,530 52,706,666 47,270.289
Chic Peoria & St L. July
196,480 163,573 1,234,512 1,206,951
Chic R I & Pacific_ July
322,958 283,919 2,447,914 2,122,321
Chic R I & Gulf.._ July
2,312,485 1.783,627 12.965,344 11,653,073
Chic St P M & Om, July
555,285 334,131 2,548,645 2,065,115
Chic Terre H & S E July
265,986 212,388 1,716,205 1,561,597
Cin Ind & Western.. July
July
764,182
121,609 113,607
748,567
Coal & Coke
920,402
127,930 126,522
Colorado Midland. July
Cobra.o & South.._ 3 wk Sept 252,356 212,033 8,697,818 7,654,360
585,978 511,340 4,097,929 3,434,365
Ft W & Den City July
93,057
Trin & Brazos Val July
531,711
68,969
637,828
97,791
93,439
634,231
Colo & Wyoming July
705,728
84,312
36,602
546,700
Orip Ork & Col Spgs July
647,887
_
July
Railroad_
1,078,676 743.774 8,172,257 4,029,958
Cuba
3,334,144 2,700,505 18,459,351 16,684,310
Delaware & Hudson July
6,447,132 4,939,157 36,295,569 32,677,726
Del Lack & West_ _ July
2,446,227 2,105,132 15,965,472 15,595,437
Deny & Rio Grande July
Denver & Salt Lake July
260.530 215.806 1.137.788 1,113.387
Detroit & Mackinac 2d wk Sept
27,364
28,459
921,470
993,377
377,254 252,341 1,586,334 1,675,407
Detroit Tol & Iront July
156,143 157,526 1,102,537 1,093,347
Dot & Tol Shore L. July
1,692,531 1,033,375 4,499,385 3,295,046
Duluth & Iron H..... July
3,975,900 2,250,666 9,567,786 6,415,351
Dub Missabe & Nor July
85,562 3,188,140 3,026,541
Dui So Shore & Atl_ 2d wk Sept 105,392
128,106 160,594
Duluth Winn & Pac July
977,033 1,283,310
99,877
91,933
East St Louis Conn July
590,488
597,295
2,097,872 1,445,755 10,159,607 9,085,195
Elgin Joliet & East. July
1,270,027 1,084,939 8,581.990 8,343,225
ElPaso & So West_ July
July
7,950,515 6,318,186 44,038,598 39.715.590
Erie
Chicago & Erie- July
1,001,585 809,901 5,549,899 5,018,013
588,004 525,803 5,618,542 5,389,090
Florida East Coast_ July
97,963
Fonda Johns & Glov July
96,205
616,952
607,305
97,756
83,406
Ft Smith & Western July
695,882
571,454
146,541
Galveston Wharf__ July
78,471
665,907
676,705
634,562 291,779 3,377,238 2,033,753
Georgia Railroad... July
Grand Trunk Pac_ _ 4th wk Aug 109,444 124,047 3.706,734 3,546,304
Grand Trunk Syst_ 3d wk Sept 1,458,812 1,037,721 49,970,482 44,125,656
Grand Trunk By 4th wk Aug 2,226,576 1,656,483 37.923,592 33,840.847
1,051,756 856,801 5,332,557 5,549,002
Grand Trk West.. July
265,944 274,888 1,759,411 2,015,444
Dot G H & Mllw_ July
9,281,590 8.200,256 48,339,016 48,202,743
Great North System July
200,069 226,792 1,318,564 1,247,279
Gulf Mobile & Nor_ July
274,014 210,246 s 1,489,820 1,184,034
Gulf & Ship Island_ July
1,548,034 1,031,618 6,726,090 5,747,818
Hocking Valley____ July
10654111 7,334,961 58,175,231 48,954,124
Illinois Central_ _ July
1,042,560 886,139 7,277,122 6,526,583
Internet & Grt Nor July
115,740 113,076
Kan City Mex & On July
686,494
669,022
92.227 119.671
KO Mex &0 of Tex June
498,893
550,160
1.118,610 1.000,164 8,334,875 4,887,812
Kansas City South.. July
101,987 102,153
Texark & Ft Sin_ July
681,355
630,323
107,593
Kansas City Term.. June
91,135
575,883
557,812
255,063 192,544 1,284,290 1,298,918
Lehigh & Hud Riv. July
Lehigh & New Eng. July
471,175 344,695 2,223,777 2,044,703
July
Lehigh Valley
6,730,464 4,958,932 33,925,985 30,394,749
Los Ang & Salt L July
1,327,585 1,009.787 7,887,140 7,298,936
Louisiana & Arkan_ June
127,065 133.848
850.013
695,411
Louisiana Ity & Nay July
286,162 182,727 1,667.681 1,266,762
Louisville & Nashv_ July
9,508,722 6,576,474 52.503,516 42,472,815
Lou [lend & St L.July
230,812 195.218 1,490,005 1,232,335
July
Maine Central
1,684,843 1,212,382 8,753.001 8.037,072
Midland Valley..- _ July
292,907 270,247 1,891,394 1,593,122
Mineral Range.._ _ _ 2d wk Sept
23,065
21,027
794,421
841,924
Minneap & St Louis July
988,856 924,960 6,354,275 6,065,835
Minn St P & 85 M.. July
3,243,999 3,230,802 16,781,587 19,231,709
Mississippi Central_ July
148,207
718,944
71,673
449,344
M!mond -Kan & Tex July
2.939,907 2.152,045 17,132,226 14,255,920
MoK&T Ry of Tex July
1.775,074 1,258,958 10,524,844 8,286,056
July
126,218 113,470
809,041
Mo & North Arkan
795,997
170,0707 1,081,597
Mo Okla & Gulf.... July
July
Missouri Pacific
7,727.501 6.554:94847;826.4 55 44,083.550

Latest Gross Earnings.

Jan. 1 to Latest Date.

ROADS.
Week or
Month.

Current
Year.

Previous
Year.

Current
Year.

Previous
Year.

$
July
299.928 181,738 1,648,246 1,229,615
Monongahela
Monongahela Conn. July
245,127 130,386 1,302,331 1,118,385
2,119,002 1,194,500 11,173,656 8,310,176
Nashv Chatt & St L July
188.421
10,521
6,761
Nevada-Cal-Oregon 2d wk Sept
244.946
216,345 208,149 1,429,331 1,387,897
Nevada Northern.... July
92,624
674,992
149,394
Newburg & Sou Sh_ July
563,095
New Orl Great Nor_ July
226,939 195,747 1.234,528 1,029,425
580,690 372,295 3,457,683 2,667,171
New Orl & Nor East July
N 0 Tex & Mexico_ July
786,084
119,400 121,703 1,167,346
827,017
71,146
549,455
83,938
Beaum S L & W.. July
343,165 239,835 2,153,756 2,314.237
St L Browns & M July
26282974 21192032 149012328 133672145
New York Central_ July
Boston & Albany April
2.045,392 1.872,719 6,997,425 6,755.467
Lake Erie & W July
898,560 679,634 4,982,975 4,696.213
Michigan Central July
6,450,467 4.300,696 35.809,134 29,246,620
7,084,144 4,462.951 36,385,712 29,040,302
Cleve 0 C & St L July
Cincinnati North. July
269,125 203,574 1,435,222 1,324.089
Pitts & Lake Erie July
3,265.198 2,352.774 17,245,208 14,189.427
Tol & Ohio Cent July
1.189,991 791,687 5,199,030 4,200,872
653,017 325,361 3,014.379 1,965.164
Kanawha & Mich July
NY Chic & St Louis July
1.994,332 1.450.494 11.062,683 9.636,993
10048099 7,294,550 54,581.099 48,444.227
NYNH& Hartf_ _ July
N Y Out & Western July]
1.314,416 958,072 6,090,513 5,067.709
344,724 316,830 2,193,415 2.065,908
N Y Susq & West_ July
Norfolk & Western_ July
7,731,013 5,821.890 42,700,441 36,623,829
Norfolk Southern.. July
508,532 428,294 3,144,887 3,119.801
July
Northern Pacific
8,475,040 7,658,428 50.498,274 49,806,751
Minn & Internet_ July
644,243
661,035
85,123
107,079
Northwest'n Pacific July
649,844 504,250 3,050,059 2,616.277
Pacific Coast Co-_ _ June
239.267 • 338.059
Pennsylvania RR July
37836003 25747219 189204651 163778173
Bait Ches & Atl_ _ July
659,080 ' 621,941
177,744 154,555
Cumberland Vall. July
524,562 466,342 2,784,518 2,755,964
Long Island
July
2,734,092 1,870.347 12,113,878 8,934,255
Mary'd Del & Va July
510,062
495,266
139,603 108,135
N Y Phila & Nod July
787,518 576.112 3,855,864 3.069,744
W Jersey & Seasn July
1,291,458 1,072,328 5,266,033 4,610,793
Penn Western Lines July
10094822 7.188,125 47.838,130 43,682,559
Grand Rap & Ind July
733,402 576,335 3,862,489 3,648,350
Pitts C 0 & St L.. July
8.898,933 6,445,727 46,049,901 42,100,940
Penn SystemLines East
May
34178634 28200869 137033977 126673981
Lines West
May
15109 144 14030228 62,878.383 61,431,347
Lines E & W__
49287 779 42231 098 199912360 188105327
May
Peoria & Pekin Un_ July
725,882
695,922
112,575 105,007
Pere Marquette_ -- July
2,673.972 1,902,563 14,867,616 13,315.651
Pitts & Shawmut__ July
753,926
657.245
136.095 100,622
Pittsb Shaw & Nor.. July
782,080
720,822
97,618
120,788
Pittsb & West Vs__ July
208,591 140,463 1,065,307
Port Reading
July
255,032 172,428 1.301,753 .1,099,610
Reading Co8,836,862 5,692,192 44,409,406 38,046,834
Phila & Reading_ July
4.543,357 4.175.608 21.411.789 18,757.138
Coal & Iron Co May
May
11462818 10062833 50,263.813 45.511.853
Total both cos
Rich Fred & Potom June
642.089 430,967 2.844.886 2,374.740
Wash Southern.... July
314,677 212,055 1,896,283 1,398,028
July
Rutland
396.406 375,836 2,496,163 2,439,775
St Jos & Grand Isl. July
235,177 182,378 1,526,908 1,376,276
St Louis-San Fran_ July
6,510.177 4,855,413 36,671,345 31,462.677
Ft W & Rio Gran July
94,489
79,427
614,563
486,617
St L S W of Texas July
112,183
92,894
833.662
661,246
St Louis Southwest_ 2d wk Sept 356,000 334,000 13.610.000 11.400,000
July
St L S W of Texas
687,546 449.888 3,846,319 2,933.035
San Ant & Ar Pass_ July
353.150 340,738 2,261,959 2.118,096
Seaboard Air Line.._ July
3,470.525 2,117,441 20,908,487 17.153.761
South Buffalo
150.680
85,731 1,050,791 835,925P
August
Southern Pacific... July
14064272 11165053 80,964,418 71.703,997
Arizona & East... July 398,827 321.887 2,578,392 2.674,056
Galv Hous & SA.. July
1,826,768 1,453,231 11,767,440 10,915,350
Hous & Tex Cent July
732,137 594,720 4,868,105 4,192,430
-nous E & W Tex.. July
138,551 141,240 1,114,754 1,025,973
Louisiana West.... July
397,522 260,153 2,412,200 1,914,155
Morgans La& Tex July
703,376 497A31 4.499.629 3,665,564
Texas & New Orl July
663,608 507,095 4.190,812 3,487,675
Southern By Syst_ _ July
12362233 7.269,592 66,496.843 48,724.147
Ala Great South_ July
847.477 605,747 4,751,923 3,886.610
Cin N 0 & Tex P July
1,453,328 1,111,427 8,057,446 7,426,913
New On & Nor E July
580,690 372,295 3,457,683 2,667,171
Mobile & Ohio July
1,353.270 1,148.904 8,038.856 7,791,188
290,026 213,408 1,974,823 1,573,723
Georgia Sou & Fla July
South By in Miss July
107.460
99,199
730,595
663.277
Spokane Internat'l_ July
95.870
80,657
564,179
503.549
Spok Port & Seattle July
738,963 645,712 4,544.909 3,765.975
Staten Island R P... July
216,965 159,631
980,091
865,995
Tenn Ala & Georgia 3d wk Sept
3,569
2,769
97,194
91,281.
Tennessee Central.. July
304,116 138.757 1,540,463
993.165
Term Assn of St L._ July
316,852 322,767 2.062,252 2,242,842
St L Men Bdge T July
334,076 251,624 1,942.049 1,744,366
Texas & Pacific.. _ _ _ 1st wk Sept 570,978 406,112 16,883,356 14,435.283
Toledo Poor & West July
98,788
152.397
850.997
726.165
Toledo St L & West July
783,920 644,543 4,346.837 3,935.836
Ulster & Delaware.. July
136.246 124,866
550,505
556,116
July
Union Pacific
8.732.058 6,439.189 48.760.658 40,267.761
Oregon Short L.. July
2.873.405 2,469.824 18,028.712 16.947.199
Ore-Wash RR&N July
2,330,270 1,813,784 13.959,017 12,238,025
Union RR (Balt)-- March
178.987 173.599
482.099
476.971
Union RR (Pa)_
July
781,801 595.388 3,631,410 3,230,239
July
Utah
129.024
731,303
_
Vicks Shrev & Pac_ August
202.432 172,053 1,546,348 1,3-07.636
Virginian RR
Julyi
1.175.053 903.463 6,242,709 5.964,141
Wabash RR
July
4,781.053 3,370,503 24,641,083 22,653.640
Western Maryland_ July
1,415,524 1,208,962 8.046.491 7,527.940
Western Pacific_ _ July
1.042,517 820,588 6.024,795 5,267.668
Western By of Ala_ July
183,718 127,365 1,319.203
871.715
Wheel & Lake Erie_ July
1,559.024 1.100.618 7.091.764 5.802.447
Wich Falls & N W.July
76,909
81,395
548,883
581.126
Yazoo & Miss Vail.. July
1,914,784 1,474,860 11,669,005 9.628,579

AGGREGATE OF GROSS EARNINGS-Weekly and Monthly.
* Weekly Summaries.

vurrent
Year.

Previous
Year.

Increase or
Decrease.

%

* Monthly Summaries.

Current
Year.

Previous
Year.

Increase or I
Decrease. I %

$
Mileage.
Cur. Yr. Prey. Yr.
$
IS
$
I
week July (18 roads).- 9,109,887 8.722.454
+387,433 4.44 October -247,048 245.967 389.017.309 345.079.977 +43.937.332 12.73
week July (17 roads)____ 9.723.974 8,778,254
+945.720 10.77 November__242.407 241.621 360.062.052 326.757.147 +33.304.905 10.19
week July (19 roads)._ 9,777.522 8,935.100
December.
_247.988
247.265
+842.422 9.43
343.875.052 317.836.386 +26,038,666 8.18
week July (11 roads)---_ 8,715.679 7,973,165
+742.514 8.17 January_ ___240.046 239.885 282.394.665 294,002,791-11.608,126 3.95
week Aug (12 roads).- 5,812.844 5.045.973
+766,871 15.19 February..__230.336 228.835 362,761.238 312.276.881 +50.484.357 16.22
week Aug (16 roads)____ 6,168,850 5,610.287
238.891 237.463 285.776,203 260.627.752 +25.148.451 9.65
+565,260 9.96 March
week Aug 14 roads).... 6,102,758 5,299,050
233.734 232,255 369.409.895 319.274.981 +50.134.914 15.70
+803,708 15.17 April
week Aug 14 roads).... 9,306,598 7,916,611 +1.389.987 17.56 May
230.355 228.892 374.237.097 342.146,096 +32,091.001 9.38
week Sept 16 roads).... 7,102,544 5.908,578 +1.193,966 20.21 June
220.303 219.294 363.165,528 323.163,161 +40.002.412 12.38
week Sept (15 roads)..... 6,484,655 5,564,164
+920,491 16.54 July
231.700 230.570 463,684,172 346,022.857 +11766131534.00
week Soot ( 0 roads).- 6.134.789 5.329.355
+805.425 15.11 August
32.766 32.271 28,574,242 24,810,154, +3.764,088 15.17
IC Method of reverting changed figures are now for the Colorado & Southern Railway Company only.
1st
2d
3d
4th
1st
2d
3d
4th
1st
2d
ad




1282

THE CHRONICLE

Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the thifd week
of September. The table covers 9 roads and shows 15.11%
increase in the aggregate over the same week last year.

Name of Road
or Company.

[VoL. 107.
Latest Gross Earnings.
Week or
Month.

Current Previous
Year.
Year.

Jan. 1 to Latest Date.
Current
Year.

Previous
Year.

$
$
$
$
b Hud & Manhat RR May
421,724 366,582 2,073,755 1,858,718
Illinois Traction_ _ _ _ July
1159,276 1073,653 8,283,416 7,563,113
Interboro Rap Tran_ May
3524,432 3511,490 17,539.100 17,585,883
s
$
$
Jacksonville Trac Co July
$
71,731 54,322
500,717
399,878
Buffalo Rochester & Pittsburgh
389,943
342,632
Keokuk Electric Co.. July
47,311
23,086 21,442
148,738
139,045
Canadian Northern
916,100
770,200 145,900
Key West Electric Co July
18,423 12,092
106,028
79,666
Canadian Pacific
Lake Shore Elec Ry_ July
3,114,000 2,964,000 150,000
220,269 171,234 1,179,111
985,156
Colorado & Southern
252,356
Lewist Aug & Watery July
212,033
40,323
94,087 99,449
480,881
498,716
Grand Trunk of Canada
Long Island Electric.. May
19,131 21.111
80,331
88,297
Grand Trunk Western
1,458,812 1,037,721 421,091
Louisville Railway__ May
326.156 268,675 1,465,288 1,271,788
Det Grd Haven & Milw_ __ _
Manhat Edge 3c Line May
12,417 10,542
57.575
50,817
Canada Atlantic
Milw El Ry & Lt Co_ July
700,671 614,717 5,021.413 4,497,725
Tennessee Alabama & Georgia_
3,569
Milw Lt, Ht & Tr Co July
2,769
800
281,950 210,455 1,598.631 1,232.512
Nashville Ry & Light July
248,491 197.671 1,560,222 1,400,846
Total (9 roads)
6,134,780 5,329,355 805,425
Newp N&H Ry,G&E July
204,947 125,358 1,149,795
679,005
Net increase (15.11%
Nevada-Cal El Corp_ August
196.206 185,726 1,481,894 1,335,700
N Y & Long Island._ May
40,928 36,654
166,154
159,837
For the second week of September our final statement N Y & North Shore._ May
13,618 14,525
54.141
60.954
Y & Queens Co_ __ May
83,921 97,584
358,846
490,349
covers 15 roads and shows 16.54% increase in the aggregate N
New York Railways_ May
1017,842 1045.802 4,679,714 5,042,054
over the same week last year.
Niag Lockp't & Oat.. June
251.264 192,839 1,497,502 1,134.729
Northampton Trac__ April
17.678 17.334
70,687
68,193
Northern Ohio Elec__ June
593,513 527.232 3.468,309 3,121.605
Second Week of September.
1918.
1917.
Increase. Decrease. North
Texas Electric June
259.163 179,406 1,560.931 1,064.226
Ocean Electric (L D.. May
11.854 10.134
36.896
34.856
$
$
$
$
Pacific Gas & Electric August
1991,397 1614,988 14,536.535 12,980.396
Previously reported (8 roads).- 5,898,264 5,026,256 872,008
Pacific Pow & Light.. July
154.809 139,597
Ann Arbor
62.790
56,976
5,814
p Paducah Tr & Lt Co July
26,548 25,180
178,254
175,695
Detroit ex Mackinac
28.455
27,364
1,095
Pensacola Electric Co July
44,388 32,947
270,142
191,643
Duluth South Shore & Atlantic..
105,392
85,562
19,830
Phila Rapid Transit.. July
2726,263 2437,394 18,139,755 17.133,862
Mineral Range
23.065
21.027
2,038
Phila & Western_ ___ May
52.109 47.778
Nevada California Oregon
10,521
6,761
3.760 Portland Gas & Coke
July
144,119 117,812
St Louis Southwestern
356,000
334,000
22,000
Port(Ore)Ry,L&PCo. July
659,379 511,624 4,317,018 3,374,684
Tennessee Alabama & Georgia_
3,924
2.458
1.466
Porto Rico Railways_ July
87.255 84,791
504,001
529.771
g
Puget
Sd
Tr, L & P June
939,382 755,872 5,608,092 4.549.689
Total (15 roads)
6,484,655 5,564,164 924.251
3,760
Republic
Ry
&
Light
August
445.649
426,115
3,707,282
3,043,584
Net increase (16.54%)
920.491
Richmond Lt & RR_ May
39,705 36,881
167,111
563,598
L Rock Mtn & Pac July
468,150 326,752 3,016,546 2,111,152
Net Earnings Monthly to Latest Dates.-The table St
Santiago El Lt & Tr_ June
55,718 47,040
325,078
266.990
following shows the gross and net earnings with charges and Savannah Electric Co July
97,977 78.073
653,205 .530.038
Avenue (Rec) May
77.890 69,222
312.004
313,010
surplus of STEAM railroad and industrial companies re- Second
Southern Boulevard May
18,639 18.841
83,010
86,764
ported this week:
Southern Cal Edison_ August
834,007 700,165 5,200,496 5,260,176
-Gross Earnings--Net Earnings
- Staten Isl Midland__ May
25,600 29,128
104,205
122,195
Tampa Electric Co__ July
Current
Previous
Current
Previous
86,826 78,624
604,106
593,574
Year.
Tenn Ry, Lt & P Co. July
Roads.
Year.
Year.
Year.
533,025 471,941
Texas Power & Lt Co July
234.491 185.971
$
$
$
$
Grand Trunk Ry
Julycl,188,600 c1,000,700 c293,700 c249,600 Third Avenue Ry___ May
330,733 350,327 1,593,223 1,705.118
DDEB&BER_Mayi
Jan 1 to July 31
40,461 37.730
c6,560,700 c5,963,550 c356,650 c1,267,800
189,439
180,225
42dStM&StNA
Ry
May
149,763 150,474
658,863
715,193
Aug 150,679
South Buffalo_b
85,730
47.096
10,246
Union RyCo(NYO) May i
237,919 250,676 1,047,046 1,165,959
Jan 1 to Aug 31
835,925
1,050,790
244,867
253,364
Yonkers Railroad.. May 1
72.069 72,489
323,046
315,513
N Y City Inter Ry May.1
60,725 64,502
280,371
307,661
b Net earnings here given are before the deduction of taxes.
Belt Line Ry Corp. May 1
54,282 60,290
250,417
287,556
c Figures here given are in pounds (£).
Third Avenue System July'
888,579 983,315 3,907,722 4,187,820
EXPRESS COMPANIES.
Twin City Rap Tran_ August
808,224 848,477 6,472,755 6,882,599
665,656 592,903 5,245,663 4,221.470
-Month of April- -Jan. 1 to Apr. 30- Virginia Ry & Power_ August
Wash Bait & Annap_ June
242,955 93.503 1.199,668
494,989
1918.
1917.
1918.
.1917.
Westchester Electric.. May
50,632 44,570
Southern Express Co.217,326
$
$
204,998
$
s
August
Total from transportation __ 2,022.497 1,709,741 7.669.412 6.681,597 York Railways
8
.9,P,,30, . .2n
----1.1
Express privileges-Dr ____ 1,046,264
876,243 3,862,413 3,460.675
a Now covers only the lines east of Yor c Beach. Me.; in the first four
Revenue from transport'n
976,233
833,498 3,806,999 3,220.922
Oper. other than transport'n
32,880
32.167
119,108
144,087 months of 1917 covered also the lines west of York Beach, Me. b Represents income from all sources. c These figures are for consolidated comTotal operating revenue.._ 1,009.113
885,665 3,926.107 3,365.009 pany. f Earnings now given in milreis. g Includes constituent companies.
Operating expenses
988,867
669,023 3,541,895 2,655,872
Third Week of September.

Net operating revenue_ __ _
Uncollec. rev, from trans
Express taxes
Operating income

1918.

20,246
145
36,064

1917.

196,642
213
17,240

Increase. Decrease.

384,212
557
124.226

709,137
867
64,543

loss 15.963
179,189
259,429
643,727
Jonth of April
--Jan. 1 to Apr. 301917.
1917,
1918.
1918.

Wells, Fargo & Co.Total from transportation __ 5,779,872 4,856,118 21,996,049 18,017,730
Express privileges-Dr ____ 3,076.900 2,517,972 11,479.070 9,338,355
Revenue from transport'n 2,702,972 2.338,146 10,516,979 8,679,375
Oper. other than transport'n
96.751
111,517
396,208
440,055
Total operating revenue__ 2,799,723 2.449,663 10,913.187 9,119,430
Operating expenses
2,997,525 2,231,866 11.309,043 8,803,652
Net operating revenue.._ loss 197,802
Uncollec. rev, from trans __
2,365
Express taxes
50,650
Operating income

loss 250.817

217,797 1oss395,856
1,356
7,449
47,401
163,082

515.778
4.960
162,726

169.040 loss566,387

348,092

ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Week or
Month.

Alabama Power Co__ July
Amer Power & Lt Co June
Atlantic Shore Ry___ July
Bangor Ry & Electric July
Baton Rouge Elec Ry July
Blackstone V G & El_ July
Brazilian Trac, L & P July
Brock & Plym St Ry_ June
Bklyn Rap Tran Syst May
Cape Breton Elec Co July
Cent Miss V El Prop_ July
Chattanooga Ry & Lt July
Cities Service Co_ _ _ _ August
Cleve Painesv & East July
g Columbia Gas & El August
Columbus(Ga) El Co Juno
Colum (0) Ry,P & L July
Com'w'th P. Ry & Lt July
ConnecticutPowerCo July
Consum Pow (Mich)_ July
Cumb Co(Me)P & L July
Dayton Pow & Light August
g Detroit Edison......
_August
gDetrolt United Lines July
Duluth-Superior Trac August
East St Louis & Sub.. July
Eastern Texas Elec__ June
El Paso Electric Co__ Ally,
a Federal Lt & Trac__ July
Ft Worth Pow & Lt_ July
Galv-Hous Elec Co._ July
Georgia LtPow & Rys June
Grand Rapids Ry Co July
Great West Pow Sys July
Harrisburg Paiiways. June
Havana El Ry,L & P July
Honolulu R T & Land June
Houghton Co El Co.. July
Houahton Co Tr Co_ July




-Gross Earnings--Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
$
Appalachian Power Co__Aug 106,137
77.575
43.649
43.014
Aug 1 to Aug 31
1,155.028
880.494
465,575
513.572
Pacific Tel & Tel b...... July 1,869,251 1.714,006
582,999
418.247
Jan 1 to July 31
12,252,820 12,210,949 3,585.258 3,297,160
Postal Tel Co of N Y b June 168.224
152,280 def22.134
def4,156
Jan 1 to July 31
1,088,727 1,041,843 def46,461 def37.058
Southern Calif Telep b July 343,606
377,336
4,930
119,792
Jan 1 to July 31
2,554,894 1,119,664
372.311
355.501
Sou Canada Power Co_ _Aug
44,519
36,665
20,558
16,177
Oct 1 to Aug 31
439,151
361,317
196,469
165.483
Weitern Power of Can.._July
35,389
39,453
23,990
25,190
409,832
July 1 to July 31
451,355
313,262
308,876
Companies.

b Net earnings here given are before the deduction of taxes.
Gross
Net after
Fixed
Balance,
Earnings.
Taxes.
Charges.
Surplus.
$
Current Previous Current
Previous
Aurora Elgin &
July '18
216.072
44.259
35,840
8.419
Year.
Year.
Year.
Year.
Chicago
'17
220.803
77,341
35,790
41.551
7 mos '18 1,179.532
157,754
250.928 def93,174
$
$
$
$
'17 1,218,890
333.840
250,385
83,455
262,596 174.952 1,615,508 1.127,282
Aug '18
143,302
29,307
15,075
z16,007
1029,205 860,265 6.410.710 5.541.570 Duluth-Superior
Traction
139,688
'17
42,446
14,923
z29.496
20,097 23,326
98,600
152.547
7 mos '18 1,132.868
225,116
118.978 z119.741
77,978 71,350
519,099
487,735
'17 1,042,867
319.447
117.138 z217,553
21,578 19,993
147,822
132,692
Federal
Lt
&
Trac_
_July
'18
278,321
56.427
50.365
6.062
201,055 155,180 1,332,306 1,109,310
'17
222.773
62,238
49.129
13.169
1946500017795000159158,000152441,000
7 mos '18 2,006,798
629,907
352.812
277.095
54.614
9.918 11.103
48.849
'17
1,568.505
489.120
342,463
146.657
2761,039 2607,401 12,466.574 12,201,095
278,459
252,462 Nevada-Calif
Aug '18
196,206
44.532 40,500
102,312
54.250
x48.858
'17
185,726
28,981 26,196
190,036
173,802
Elect (Denver)
412,546
46,188
z67,222
145,541 139,345 1,010,368
8 mos '18 1.481,894
714,164
755,229
420,633 x337,184
1696,060 1366,660 14,961,561 12,552,768
'17 1,335,700
734,218
353,358 x385,274
57,657 56,773
313,850
300,094 New York Dock
Aug '18
470.221
197,250
102,241
95.009
185,153 135,193 1,482,307 1,163,355
'17
425,174
207.007
111,342
95,665
95,152 83.127
592.028
509.699
8 mos '18 3,529.075 1,510,781
749,448
761,333
321,805 320.953 2,446.337 1,240,299
'
17 3,096,172 1,565,440
777.651
787,789
1793,536 1586,891 12,132,535 10,859,627 Pacific Gas & Elec Aug '18 1,991,397
358.958 z220,230
546.556
78,499 68,636
540,125
484,245
'17
1,614,988
505.016
356,768
z195.463
519,544 443,626 3,573,081 3,199,885
8 mos '16 14,536.535 4,826,869 2,873.467 z2,274.598
313,326 308,571 1,780,017 1,715,554
'17 12,980.396 4,797,203 2,844,830 z2,305,062
779,688 719,936 7,660.976 7,150,015
103,645
Aug '18
108,589
445,649
z39,644
1011,279 901,576 8,763,624 7,776,363 Republic Ry &
85,283
151,401
Light
Co
426,115
'17
z73,168
1680,380 1557,665 10693,170 10110,586
12 mos '18 5,552,609 1,591,113 1,143,063 z563,450
143,302 139.688 1,132,868 1,042.867
939,531 z701,590
'17 4,444,722 1,596,772
377,497 314,202 2,293,437 2,058,696
102,080 80.026
507.588
538,121
458,067 Southern Calif
834,007
249,706
Aug '18
257.882
99,958 103,172
457.106
730,202
744,877
Edison
205,010
252.096
'17
700.165
278.321 222,773 2,006,798 1,568.505
12 mos '18 8,497.201 5,420,113 2,823,184 2.596,929
100,550 79,980
'
17 8,294,679 5,231,291 2,302.686 2,928,605
251,824 175,144 1,489,020 1,115.108
95,163 81,960
589,417
509,480
z After allowing for other income received.
109,280 113,390
736,752
758.634
Gross
Net
Fixed Chgs. Balance,
409,300 320,959 2,475,841 2,282.646
Earnings. Earnings. & Taxes. Surplus.
117,572 99.664
623,768
560,149
3
694.089 575,442 4.614,173 3,826.484
166,595
808,224
Aug '18
232,483
65.888
67,737 60,182
346,942 Twilln City Rapid
348.658
162,412
'17
Transit
848,477
276,051
113,639
30.779 29,667
235,603
240.310
551,885
8 mos '18 6,472,755 1,821,547 1,269,662
29.510 31.927
194.114
282.1g7
'17 6.882,599 2,334,495 1,180,095 1,145,400

Latest Gross Earnings.
Name of Road
or Company.

Electric Railway and Other Public Utility Net Earnings.-The following table gives the returns of ELECTRIC
railway and other public utility gross and net earnings with
charges and surplus reported this week:

Jan. 1 to Latest Date.

SEPT. 28 1918.1

THE CHRONICLE

FINANCIAL REPORTS
Annual, &c., Reports.-The following is an index to all
annual and other reports of steam railroads, street railways
and miscellaneous companies published since Aug. 31.
This index, which is given monthly, does not include
reports in to-day's "Chronicle."
Full-face figures indicate reports published at length.
Page.
Stearn Roads902
Algoma Eastern RR
1186
Ann Arbor
1094
Cuba RR
Minneapolis & St. Louis RR
999
1094
Norfolk Southern RR
1102
United Gas & Electric Corp
1186
Western Pacific Co
Electric Roads1187, 1191
American Cities Co
Interborough Rapid Transit Co__ __1100
Northern Ohio Trac. & Light Co__ 906
Philadelphia Rapid Transit Co___ 907
Quebec Ry., Lt., Heat & Pow. Co_1187
1188
United Traction Co
Miscellaneous Companies1097
Ajax Rubber Co., Inc
904
Algoma Steel Corp
American Agricultural Chem. Corp_ 902
1189
American Express Co
American Factors Co. Ltd
1005
1096
American Locomotive Co
American Public Utilities Co-_ _ _907,999
American Sumatra Tobacco Co_908,1103
1002
Arkansas Natural Gas Co
1103
British Columbia Packers' Assn_
Canadian Locomotive Co__ __1163, 1189
1001
Casein Co. of America

Miscellaneous Cos.(Con.)Page.
Central Foundry Co.(6 mos.)
909
Certain-teed Products Corp
1000
Chicago Ry. Equipment Co
1002
Columbia Gas & Elec. Co
1195
Cosden & Co
1097
Crex Carpet Co
1097
General Petroleum Co
1006, 1097
Hupp Motor Car Corp
1007, 1097
Internat. Mercantile Marine Co___1095
International Textbook Co
1190
Lake Superior Corp
902
Laurentide Co., Ltd
1188
Maple Leaf Milling Co
1190
Mathieson Alkali Works
909
Mining Corp. of Canada
1001
Otis Elevator Co
1189
Pierce Oil Corp
905
Ptocter & Gamble Co
1105
Royal Dutch Co
197
Spanish River Pulp & Paper Co_ _ _ -1105
Stewart Manufacturing Co
1198
Stutz Motor Car Co
1009, 1097
Taylor Wharton Iron & Steel Co..__1001
Texas (Oil) Co
1096
Thomas Iron Co
1190
Turners Falls Power & Elec. Co_
II98
United States Glass Co
910, 1189
Wells Fargo & Co. (Express)
1188

Baltimore & Ohio Railroad.
(92d Annual Report-Year ended Dec. 31 1917.)
Pres. Daniel Willard, Baltimore, July 31, wrote in sub.:
Road-Comparison of Earnings.-During the year there was an increase
of 403.03 miles of first main track, due mainly to the acquisition on July
19 1917, through the agency of the Toledo & Cincinnati RR Co., all the
stock of which is owned by the company, of the line of road from Cincinnati to Toledo and from Dayton to Wellston, with branches, formerly part
of the Cincinnati Hamilton & Dayton Railway system,
The returns given in this report include the operations from July 19
1917 of the line now owned by the Toledo & Cincinnati RR Co. above
referred to, and In order to afford an accurate basis for comparison, the
figures given herein for the year 1916 have been restated so as to include
the operations of that line for a like period.
Results.-The increase in operating revenue of 9.7% was more than
offset by an increase in operating expenses of 17.37%, due to shorter working hours and higher wages paid to employees, and to the increased cost
of coal and other essential supplies, resulting in a diminished net revenue
of 10.07%. Transportation expenses alone, in which are included the
wages of trainmen and the cost of coal, were equal to 42.34% of the gross
revenue in 1917, compared with 34.78% for the same items in 1916.
The net income after deducting charges for sinking and reserve funds,
amounted to $8,029.375, out of which preferred dividends wore paid of
4% p. a. ($2,354,527), leaving a balance of $5,674,847 to be transferred to
Dividends at the rate of 5% per annum, aggreProfit and Loss Surplus.
gating $7,597,148, were declared on the common stock and charged against
the accumulated surplus, leaving the same $24,853,880 after snaking
sundry adjustments amounting to $928,565.
Statistics.-Rovenue from freight traffic increased 86,768,486 or
7.08%. The total revenue freight moved decreased 350,716 tons, but
the average distance each ton was carried increased 2.59 miles. The
revenue freight train load was 776.61, an increase of 16.68 tons per train
mile above 1916, while the total train load averaged 817.95 tons, an increase of 2.54%. The decrease in tonnage moved was principally in
grain, coke and ores, but coal, which was 43.68% of the total tonnage
carried, increased 681,786 tons for the year. The average earnings per
ton mile were 5.96 mills, an increase of .34 mills over last year, due to
rate increases made effective at various times during the year.
Revenue from passenger transportation increased $3,216,547, or 19.39%.
The total number of passengers carried one mile was 950,274,669, an increase of 116,707,477. The average earnings per passenger per mile were
2.104 cents, an increase of .095 cents.
Additions to Property Account.-The increase in book value of $46,533,173 includes the following items:
Road notably (net): Bridges, trestles, &c., $825,341; sidings
and spurs, $1,786,894; new main track, $996,801; signals, &c.,
$344,1.61; grade crossings, $423,150; stations, &c., $775,992;
coal and ore wharves, $756,786
$8,194,948
Equipment, chiefly 32 locomotives, 100 passenger cars, 4,511
freight cars, &c.,$9551,552; less $1,193,375 for 47 locomotives
and 2,070 cars retired
$8,357,777
Expenditures for real estate
1,104.623
Advances to affiliated companies for road and equipment
2.853,255
other
companies
Purchase of securities of
2,905,552
Miscellaneous
523,312
Additional investment in the Toledo & Cincinnati RR Co.
through reorganization
22,593,705
Treasury Securities.-Socuritles of the company's own issue held as
Treasury Assets increased $8,256,877, due mainly to the issue during
the year of $10,000,000 Refunding & General Mortgage 5s Series "A".
Long Term Debt.-This shows an increase of $49,512,100 as follows, viz.:
Ref. & Gen. Mortgage 5% Series "A" Bonds in Treasury_ _ _ _$10,000,000
One and Two-Year Notes, issued July 1 1917
15,000,000
Equipment Trust 434% Certificates of 1917
10,000,000
Pittsburgh Lake Erie & West Va. System 4% Mtge. Bonds__
715,400
Ground Rent Liens
88,200
Securities issued or assumed In acquisition of Toledo & Cin.RR 17,090,500
Those items aggregating $52,894,100 were offset to the extent of $3,382,000 by the retirement of (a) Equipment Trusts of 1912, 1913 and 1916
$2,_500,000 (b) Car Trusts $150,000 (c) Underlying Mortgages $732000.
The entrance of the United States into the world war rendered it inopportune to sell the Refunding & General Mortgage and other long-term
bonds as proposed, and it was deemed advisable to finance the company's
needs through the issue of short-term notes dated July 1 1917 and maturing
$7,500000 each on July 1 1918 and July 11919, using the bonds and other
securities as collateral. (V. 104. P. 2640.)
On April 2 1917 certificates of interest In the Baltimore & Ohio Equipment Trust of 1917 for $10.000.000 were Issued to provide funds for 810%
of the cast of new and additional equipment.
The Pittsburgh Lake Erie & West Virginia system bonds were Issued In
exchange for a like amount of bonds of properties underlying that mortgage
and prior in lien thereto, which matured during the year.
(In June 1918 the company sold (V. 106, p. 2755) $10,500,000 ThroeYear 6% discount notes, secured by common and pref. stock of the Reading
Co., the proceeds to meet the $7,500,000 One-Year notes falling due July
1 the $3,000,000 bank loans maturing on the same date.
The Director-General also in June 1918 made the company a $9,000,000
6% demand loan, secured by collateral (V. 106, p. 1860, 2010) and had
sanctioned improvement outlays of $16,022,171; equipment, $27,336,132;
extons., $450,000, with further $651,632 on Staten Island R. T. By.
Toledo & Cmcinnati RR.-In the reorganization of the Cincinnati Hamilton & Dayton (per plan in V. 102, p. 1059; V. 105, p. 715, 908), the
Adjustment Mortgage bonds and capital stock of the Toledo & Cincinnati
RR. Co. became the property of the Baltimore & Ohio RR. Co., in consideration of its participation in the reorganization, and will remain in its
treasury. The $11,250,500 First & Ref. Mtge.4% bonds, Series "A," were
issued to the Baltimore & Ohio RR. Co. and pledged as collateral In support
of its $11,250,500 Toledo-Cincinnati Division First Lien & Refunding Mtge.
4% bonds, Series "A," which latter bonds were issued in exchange for outstanding underlying prior liens in accordance with the provisions of the
plan of reorganization. The $5,000,000 Series "B" 5% bonds of the




1283

New Company were issued to recoup our company for advances for construction, to pay the expenses of reorganization and for other corporate purposes.
and support a like issue of Baltimore & Ohio RR. Co. 5% bonds, which
latter bonds, on account of financial conditions, have not been sold, the
cash requirements of the new co. having been met from other sources.
The ultimate net cost to your company of its Investment in the Toledo &
Cincinnati RR. Co. is approximately as follows:
Payment of guaranteed obligations of C. H. & D. By. Co.,
settlement of claims, contracts in 1909, advances on account
of deficits in income; expenses of reorganization, &c. (net
without interest), $29,713,506; less $10,892,323 charged to
profit and loss; balance
$18,821.183
Advances for construction and equipments (without interest)
9.767,392
Toledo-Cincinnati Div. 4% bonds exchanged for underlying
and guaranteed obligations
10,974,000
Underlying bonds (incl. C. H.& D.2d M.434s, $2,000,000, and
Gen. Mtge. 5s, $3,000.000), and equipment notes outstand'g 5,840,000
Obligations upon leasehold properties: Dayton & Mich. 434%
bonds, $2,728,000, and its guaranteed stocks. $3,608,200;
Home Ave. RR.5% guar. stock $100,000
6,436,200
Total approximte net investment and outstanding obligations $51.838.775
The propert7Thus acquired includes 397.06 miles of main line, of which
75 miles are double track, the total length of all tracks being 808.78 miles;
159 locomotives, 115 passenger cars, and 6,020 freight and other cars,
and valuable terminals at Cincinnati, Hamilton, Lima, Dayton and Toledo.
Expert engineers before the Ohio P. U. Commission valued these 'properties,
excluding miscellaneous assets, at over $52,800,000. Since July 19 1917
the property has been operated as a part of the B. & 0. system, and it
shows a higher ton-mile density, a higher revenue train-load and larger
grass earnings per mile with a lower ratio of cast than on the Baltimore &
Ohio proper. There is every reason to believe that the mileage so acquired
will 'wove equally as valuable from an earning standpoint as the remainder
of the B. & O. system.
Coal de Coke Railway.-On Feb. 1 1917 the B. & 0. RR. Co. acquired the
entire capital stock of this railway, extending from Elkins, W. Va., to
Charleston, W. Va., with branches to Belington, Mabie, and Sutton, a total
of 197.30 miles with sidings, &c., in all 239 miles of track, equipped with
34 locomotives, 30 passenger cars and 2,066 freight and work cars, and
valued, excluSive of coal properties, in excess of $8,900,000. The purchase price was $2,508,552. subject to a First 5% Mortgage of $5,000,000,
and underlying bonds and equipment trusts amounting to $90,595. The
income of the road available for fixed and other charges for the preceding
five years averaged $337.000. The road crosses through sections of nnportant veins of coal for its entire length, except about 25 miles.
West Virginia Coal & Coke Co.-In connection with the acquisition of the
railroad, close working agreements were entered into with the West Virginia Coal & Coke Co. for the development and routing of coal from 130,000
acres of coal formerly owned by the Coal & Coke Railway, and there is
additional coal tributary to the road aggregating not less than 170,000
acres. The total marketable coal in the above acreage is estimated as not
less than 1,800,000.000 tons, and a large additional tonnage can be made
tributary to the road by the construction of short branch lines. The coal
tonnage handled by the Coal & Coke By. for the year ended June 30 1916
was about 1.900,000, of which there was delivered to the B.& 0. RR.about
400,000 tons. A study indicated that of the tonnage originating upon the
line at least 1,000,000, tons per an. could go over the B. & 0.
A new connection from Hampton, on the B. & 0. RR., to a point near
Adrian, on the Coal & Coke By., is being constructed which will enable the
exchange of tonnage between these roads at a favorable point and save 31%
miles of haul over heavy grades, with corresponding reduction in costs.
Long Fork Railway Co.-The capital advances to this company, which is
controlled through ownership of all the stock, for construction and equipment to Dec. 31 1917, amounted to $2,035,594. This is a new line, the
construction of which was begun in August 1916 for the purpose of reaching
and developing a large acreage of heretofore inaccessible coal lands on
the left fork of Beaver Creek, in Floyd and Knott Counties, Kentucky.
The road, which extends from Alphoretta to Weeksbury, 28.57 miles, was
placed In operation on March 1 1918. The coal in this territory is of high
quality, especially adapted for by-product purposes and a substantial
traffic therefrom is assured.
Rates.-Order No. 28 of the Director-General. issued on May 25 1918,
authorizes new freight rates which will apparently mean an increase of
approximately 25% on all freight charges, and an increase of passenger
rates generally, to three cents per mile. The freight increase so authorized
will be in addition to the full 15% increase requested by the Eastern railroads in April 1917. The new rates so ordered should, when fully in effect,
yield additional revenue sufficient to offset the increased basis of costs
previously referred to and restore thp realtion formerly existing between
gross revenue and net operating income, assuming that wages and prices
paid for material remain substantially as at present.
Federal Control-Development of Property.-(In view of the Federal Government taking over the management as it did on or about Jan. 1 1918,
President Willard outlines in detail the extraordinary development of the
property effected from Jan. 1 1910 to Dec.31 1917 through the expenditure
of$139,000,000 for additions, betterments, extensions and new equipment,
INCOME ACCOUNT CAL. YEARS 1917 AND 1916 (RESTATED)
YEARS ENDED JUNE 30 1915 AND 1914.
Years endingDec. 31 '17. Dec. 31 '16. June 30'
4.5
513
5. June 30:1
45
5 14.
Av e. mileage operated
4,724
4,712
iierating ncome$
$
Freight
102,365.163 95,596,677 70,780,809 76.398,717
Passenger
19,990,255 16,743,708 14,059,940 15.889.991
Mail
1,692.279
1,346.802
1,236,077
1.214.343
Express
3,252.976
2,638,798
1,818,453
1,850.214
Other transp'n revenue_ 2,213,507
2,308,003
1,691,386
1,735,724
Rev, from sources other
4.189.140
3.159,853
than transportation
2,229,133
2.075.021
Total oper. revenues_133.613,320 121,793.842 91,815,798 99,164,010
Operating ExpensesMaint. of way & strue__ 14,182,963 15,481,190
8,985.627 12,418.435
Maint. of equipment_ _ _ 25,874.279 24,265,452 16,002.589 17,149,775
1,905.496
2,405,776
2.194,149
Traffic
2.152,826
Transportation
56.574,351 42,354,316 34,254,572 39,985,497
Miscell. operations
908,607
840,141
557,613
561,246
2,228,274
General
2,723,621
3,096.026
2,135,609
8,663
Transp'n for invest.--Cr
17,789
78,716
Total oper. expenses 103,024,213 87,780.154 63,925.508 74,403.389
(77.11)
(72.07)
(69.62)
(75.03)
Ratio of exp. to earns
30,589.107 34,013.688 27,890,289 24,760,621
Net rev,from ry. oper
Railway tax accruals._ 4,455,820
4,167.845
3,289.611
3,236,881
Uncollectible railway rev
21.219
41.756
18,981
Railway oper. income 26.112,068 29,804,087 24,581,697 21,523,741
Rent from equip. other
than freight cars
319,472
293,960
245.296
289,550
Joint facility rent income
831.146
786.042
660,363
657.203
491,854
414.633
402.914
Misc. rent income
388.054
1.947,681
Dividend income
1,940,309
1,852.250
1,849.978
Income from fund. sec.__ 1,908,978
1,588,178
1,465.346
1,288,623
Income from unfunded
securities & accounts_
460,245
867,732
418,027
1,556,638
Misc. inc. (all oth items)
473.926
307,743
216.652
103.372
5.260,848
Total non-oper. inc
6,425,928 6,205.969
6,133,418
Gross income
32.537,997 36,010,056 29,842,545 27,657,158
Hire of freight carsdebit balance
3,101,574
1,121,665
1,812,097
847,210
Rent for equip. other
169,663
than freight cars
356,160
354,598
218,777
1,179,914
1,173.289
1,210,983
Joint facility rents
1,226,366
435.614
194,865
201,175
Miscellaneous rents_ _
210,764
Misc, tax accruals
244,180
237,842
213,463
206,267
Interest on funded debt_ 18,473,948 18,452.060 14,480,288 14,344,311
Int. on unfunded debt
349,068
259,177
1,583,580
1,404,214
Misc. income charges(all
111,915
other items)
271,239
288,660
2,301
Income applied to sink,
89,315
57,633
and other res've funds
65.856
49,457
2,354,527
Divs.on pref. stock(4%) 2,354,527
2,354,521
2,354,634
Divs. on corn. stock_(5%)7.597.148(5)7,597.226(5)7,597,253(6)9.118,762
Total deductions_ ___ 34,460,297 32,866,733 29,071,071 29,929,987
Balance, sur. or def__def.1,922,300 sr.3,143,323 sur3771,474 df.2,272,829
The comparative balance sheet will be published in this column another
week.-V. 107. p. 1002.

•

Virginia Railway & Power Co., Richmond;Va.
(Earnings for Fiscal Year ending June 30 1918. )
1914-15.
1915-16.
1916-17.
Years end. June 30- 1917-18.
82,645,749 69,807,331 67,226,456 62,271,603
Fare passengers
771.537
699,156
714,733
645,950
Free passengers
16,508,244 17,151,090 16,281,570 13,934,578
Transfers
99,799,943
Total passengers
K. W.hrs. output,com'1108,620,075
Gas sold, cubic feet _ _ _ _475,881.800
$7,457,530
Gross earnings
4,100,492
Operating expenses__
Net earnings
Other income

87,673,154
95,068,363
426,911,700
$6,044,495
2,941,293

84,207,182
75,409,277
394,961,300
$5,645,158
2,676,179

76,977,718
58,044,703
401.026,000
$5,109.622
2,469,074

$3,357,037 $3,103,202 $2,968,979 $2,640,548
80,919
96,610
98.391
115,865

$3.472.902 83.201,593 $3,065.589 $2,721.467
Net income
$1,924,378 $1.817,057 $1,742.668 $1,636.418
Taxes, interest, &c
0 476,352(6%)472,752(6 472,752
(69 )479.952 67
Preferred divs
Common dividends..(13i%)179,243 3% 358,482 3 0 358,482(3 358.482
253.815
491,687
$549,702
$889,330
year
for
Surplus
62,546
68,804
192.448
120.077
Direct charges to P. & L
100,000
100,000
*359.904
469,802
Depreciation reserve..

01

Bal. to profit & loss__
-V.107, p. 503.

$299,451

def.$2,650sur.$322,883 sur.$91,269

Interborough Rapid Transit Co., New York.
(Report for Fiscal Year ending June 30 1918.)

Extracts from the annual report, together with the
full income account and balance sheet, will be found on a
subsequent page.
President Shonts Sept. 1 1918 further wrote in substance:
Mileage.-The length of road operated on June 30 1918 was 85.16 miles
[against 81.48 miles on June 30 19171, and the total track in operation
aggregated 276.49 tulles .contrasting with 266.29 miles]. The lines put
in operation in year 1917-18 include [tabulated figures inserted by Editor]:
Miles Road. Tot.Track.
0.72
0.72
Single track added to Queensboro Subway
0.50
0.50
West Farms Subway connection opened July 2 1917
2.73
1.35
Queensboro Bridge line opened July 23 1917
0.42
4th track added to 2d Ave., Manh.[Hy.,on opening Q.B.line -162d St. and 8th Ave. connection opened to Sedgvvick Ave.
0.21
0.36
March 1 1918
Fourth track added to 9th Ave., Manh. Div., on opening
0.08
162d St.-8th Ave. connection
4.83
Jerome Ave. line Kingsbridge to Woodlawn April 15 1918-1.62
Results.-The gross operating revenue for the year was $40,497,728, an
increase over last year of $631,582, or 1.58%, the gain on the Subway
Div. being $385,555, or 1.80%;on Manhattan Ry., $246,027, or 1.33%.
Operating expenses increased $2,530,043, or 15.25%, of which $1,041,580
was on the Subway Division, caused by an increase of 1,433,721 in the car
mileage operated, an increase of 1.62 in the number of miles of road operated June 30, and the increased cost of labor and materials. On the
Manhattan Division the increase of $1,488,463 reflects the continued increase in cost of labor and materials, also operations over the Jerome Ave.
line for the full year against partial operation in 1916-17; the opening of
the West Farms branch, Queensboro Bridge line and the 8th Ave. and
162d St. connection, and the increase of 4,043,450 in car miles operated.
The net operating revenue shows a decrease of $1,898,461, or 8.15%,
the result of a loss on the Subway Division of $656,025, or 4.92%, and on
the Manhattan Ry. Division of $1,242,437, or 12.49%.
Taxes.-The taxes aggregated $3,758,583, an increase of $887,199, or
30.89%; the Subway increase of $847,900, or 105.79%, resulted from an
Increase in the rate of the Federal income tax, the Federal capital stock tax
and the excess profits tax. Manhattan Ry. increase was $39,298.
Sinking Fund Begins.-The sinking fund of M of 1% semi-annually on
the 1st & Ref. M. 5% bonds of 1913 did not commence to accrue until
Jan. 1 1918, the first payment ($438,821) becoming due July 1 1918.
Bonds and Notes.-On July 23 1918 the P. S. Commission authorized the
issue of additional First & Ref. Mtge. 5% bonds as follows:
To provide funds for completion of equip. under Contract No.3$33,098,500
For additional tracks on the lines of Manhattan By. Co. and
for equipment of elevated extensions built under Interborough certificate, and for Manhattan By. power house im28,489,000
provements
On the same date the Commission authorized the sale at 95% of $39,416.000 3-Year 7% notes to be secured by the pledge of said First & Refunding bonds. The notes are redeemable all or part at 103%, 102% and
101%, and interest each year, respectively, and are convertible into said
57 bonds at 87%% of the face value of the bonds. An issue of$33,400,000
of°these notes has been sold at 953 to cover construction and equipment
required under the contracts with the city, except construction work estimated to cost $6,000,000, which is to be deferred until after the war.
(V. 107, p. 1100, 1003).
Additions and Betterments.-Expenditures on these accounts were made
during the year, including the company's contribution toward the construction and equipment of new lines, to the amount of $28,267,877, viz.:
ADDITIONS AND BETTERMENTS ON CAPITAL ACCOUNT.
A.-On Existing Lines of Manhattan Ry. and Subway.Manhattan By. Credit, $114,433, less subway division exCr.$74,933
penditures, $39,500; net
B.-$28.342,811 Expended on New Subways, Elevated Impts. & Extens
Contract No. 3: Construction, $6,054,619; equip., $18,020,119_824,074,738
Manhattan By. third tracking: Plant and structure, $1,190,624;
1,262,114
equipment, $71,490
Elevated extensions: Plant and structure, $1,444,586; equip2,071.723
ment,$627,137
899,750
Manhattan power plant improvements
34,485
Additions to co.'s lines under extension certificate
The new elevated station at 151st St. and the reconstruction of the 155th
been
has
progress
St. station on 8th Ave. have been completed. Good
made in the installation of interlocking plants and signals and in sectionalizing the contact rail on the elevated lines. The connection between
the 211 Ave. line at 59th St. and Queensboro Bridge has been completed
and placed in operation. The 8th Ave. and 162d St. connection with the
Jerome Ave. line at River Ave. has also been placed in operation. The
system generally is being improved preparatory to larger operation by the
extension of station platforms and stairways, the installation of additional
electrical safety devices and the construction of emergency exits; 344 additional cars have been purchased and placed in service, and all of the Manhattan Division motor cars have been equipped with trip devices automatically stopping the trains should the motorman pass the danger signal.
New Subway Construction.-During the year the 7th Ave. Line from its
connection with the present Subway at Broadway and 45th St. to South
Ferry. and to Wall and William Streets on the Clark St. tunnel branch,
was practically completed, except station finish. On that portion of the
Clark St. tunnel line from Wall St. to a connection with the present Subway
east of Borough Hall. Brooklyn, the construction work is about 93% completed, except station finish. Track installation is progressing. The equipment of this line except the Clark St. tunnel portion is nearly completed.
The construction of the Eastern Parkway Line from terminus of present
Subway at Atlantic Ave. to Buffalo Ave., including Nostrand Ave. branch,
is about 90% completed. The Livonia Ave. extension is about 25% completed. The station finish work is under way. The only equipment work
started is drainage, which is 35% completed.
The construction of Lexington Ave. line from its connection with present
Subway at 38th St. and Park Ave. to its terminus at Woodlawn Road,
Jerome Ave., including station finish, is practically completed. The equipment work is practically completed, except ventilation system. The construction of the Pelham Bay branch from Lexington Ave. Subway at 135th
St. and Park Ave. to Bancroft St. and Whitlock Ave., is about completed
and the equipment work is progressing. The elevated portion from Bancroft St. to Pelham Bay Park terminus is not erected.
Description of Enlarged System.-When the above lines are completed
the system will consist of a line from 242d St. and Broadway (Van Cortlandt
Park) via Broadway to a connection with the 7th Ave. Subway at 45th St..
Times Sq., there being two and three tracks above 96th St. and four tracks
below 96th St.; also a line from 241st St. and White Plains Road, consisting
of a 3-track viaduct structure via White Plains Road to 179th St. and




[VoL. 107.

THE CHRONICLE

1284

Boston Road, West Farms, where it Joins the West Farms Branch of the
present Subway which connects with the Broadway Subway at 96th St.,
and thence to Times Sq., where it connects with the 7th Ave. Subway.
The new Seventh Avenue Subway is a four-track.road extending under
7th Ave., Varick St. and West Broadway to Chambers St.; thence as a
two-track road under Greenwich St. and Battery Park to South Ferry,
where it connects with South Ferry loop of old Subway. Also a two-track
subway from Chambers St. and West Broadway under Park Place, Mail,
Beekman and William Streets, Old Slip and through Clark St. Tunnel and
under Clark and Fulton Streets, Brooklyn, to a connection with old subway (which is a four-track line), just east of Borough Hall, and to Atlantic
Ave. (Flatbush Ave. station of Long Island RR.).
At this point a junction is made with Eastern Parkway Line, which is
four-track double deck subway, under Flatbush Ave. and Eastern Parkway to Buffalo Ave., where it curves into East 98th St. and will continue
as an elevated two-track structure (with provision for an additional track),
along East 98th St. and Livonia Ave. to terminus at New Lots Ave. and
East New York. At Nostrand Ave. a two-track subway extends from
Eastern Parkway Line southerly under Nostrand Ave. to terminus at
Flatbush Ave. (Vanderveer Park).
The Jerome Ave. line runs from Woodlawn Road and Jerome Ave. as a
3-track viaduct structure, on Jerome and River Avenues to 157th St., continuing as a 3-track subway under Mott Ave. to a point south of East 138th
St., where it becomes a 2-track subway Joining the Lexington Ave. Subway
at 135th St. and Park Ave.
The Pelham Line starts at Pelham Bay Park and Westchester Ave. as a
3-track viaduct structure, runs along Westchester and Whitlock Avenues
to portal at Aldus St.. there becoming a 3-track subway, running under
Southern Boulevard and 138th St. to Rider Ave. and 138th St.. where it
becomes a 2-track structure and joins the Lexington Ave. subway at 135th
St. and Park Ave. The 4-teack subway formed by the junction of the
Pelham and Jerome Ave. lines continues south through the Harlem River
tunnel and on a double-deck structure under Lexington Ave. to junction
with old subway at 38th St. and Park Ave., over which line it connects
with South Ferry and the old Brooklyn Subway via Bowling Green.
A shuttle under 42d St. will connect the East and West Side subway lines.
The Queensboro lines consist of a 3-track viaduct structure from Corona
along Roosevelt Ave. and Queens Boulevard to a point west of Skillman
Ave., and two tracks to Queensboro Plaza where it is joined by Astoria
Line, which is a three-track viaduct structure from Ditmars Ave. on 2d and
Jackson Avenues to a point south of South Washington Place, and two
track to Queensboro Plaza, from which point a 2-track connection is made
with 2d Ave. elevated line by means of Queensboro Bridge. From this
point also a 2-track viaduct structure extends on Ely Ave. and Davis St.
to portal at Hunters Point Ave., continues as a 2-track subway from Hunters PoLit Ave., usder 4th St. and East River and under 42d St., Manhattan, to Grand Central Station.
Subway Contracts-City Deficits.-At the time the new subway and elevated contracts were made, it was impossible to foresee a world war and
the enormously increased costs of constructing and operting new lines,
and of operating the ones already built. The most careful calculations
then made, based on a 5-cent fare and pre-war conditions, indicated that
under normal circumstances the preferentials and the interest and sinking
fund on the company's investment would be quickly met, and soon thereafter the city's return upon its investment.
The war negatived these calculations. The city had on Dec. 31 1917 an
investment of approximately $60,000,000 in new subways to be operated
by this company. This city investment will approximate $100.000,000
by the time the lines shall have been completed, the interest on which must
be met either from the earnings of the subway lines or through taxation.
Large deficits have arisen and it is now estimated that unless the 5-cent
fare is increased the city will face on its total Dual Subway investment
an annual deficit, varying according to the exigencies of the war, of from
$12,000,000 to $20.000,000. An increase in fares would require 500,000,
or 600,000 non-residents to pay their Just share of the added war costs,
whereas the continuance of the present 5-cent fare would result in increasing
the burden upon taxpayers of the city of New York through an increase
of the tax rate to meet the current deficits.
The company's contract with the city provides that from the gross revenue of the combined Subway system the company shall first receive a
specified preferential for co-ordinating the old and new leases and interest
and sinking fund upon its newly invested capital,after which the city is to
receive a return on its investment. This preferential is cumulative and
draws compound interest: therefore, any surplus resulting from an increased
fare would inure to the benefit of the city, enabling it to liquidate any
Subway preferentials already accrued, save interest on subsequent accruals,
and by applying the balance to the interest on its bonds reduce to that extent
the amount to be raised by taxation. Substantially the same advantages
would accrue to the city from an increase in fare upon the elevated lines.
Your company would not, it will be noted, derive any,additional compensation over that secured under the contract with the city, but a proper
Increase would enable It to earn its preferentials currently, meet the just demends of its men for higher wages and to properly maintain its property.
INCOME ACCOUNT FOR YEARS ENDING JUNE 30.
1914-15.
1915-16.
1916-17.
1917-18.
64.86
65.00
81.48
85.16
Miles of road June 30_ 205.87
217.79
266.29
276.49
Miles of track June 30_ 770,998,335 763,574,085 683,752,114 647,378,266
Passengers carried
Gross open revenue_..$40,497,728 $39,866,146 $35,891,528 $33,433,743
Operating expenses_.._,.19,113,336 16,583,293 14,008,166 12,941,314
2,133,980
2,341,606
3,758,583 2,871,385
Taxes
Operating income_
Other income

_$17,625,808 $20,411,468 $19,541,756 $18,358,449
623,631
580,831
559,077
593,600

$18,219,408 $20,970,545 $20,122,587 $18,982,080
Gross income
Int. & s. f. on city bonds $2,384,538 $2,375,715 $2,380,620 $2,360,066
3,043,630 2,632,573
3,572,515
Int. on Co. 1st & ref. 5s.. 4,327,177
438,821
S. F. on Co. lst&ref. 5s..
1,591,080
1,604,556
1,627,360
Int.onManh.Ry.Con.4s_ 1,627,360
129,876
180,453
309,597
578,753
Other interest, &c
Guar. div. 7% on Man4,200,000 4,200,000 4,200,000
hattan By. stock.. _ _ _ 4,200,000
$13,556,649 $12,085,187 $11,409,260 $10,913,596
Total deductions_
Net income
$4,662,759 $8,885,358 $8,713,327 $8,068,484
5,663
178,688
217,296
Add Queensb. subway.._ 2,508,508
Total
Dividends

$7,171,267 $9,102,654 88,892.015 $8,074,147
(17A %)6,125,000(20)7000,000(20)7000,000(20)7000,000

Balance, surplus
$1,046,267 $2,102,654 $1,892,015 $1,074,147
RESULTS FOR YEARS END. JUNE 30, Subdividing Foregoing Items.
1917
1918-Manhat'n Ry. Subway Manharn Ry. Subway
Division.
Division.
Division.
Division.
352,660,669 418,337,666 349,380,093 414,193;992
Passengers carried
Gross oper. revenue_ __ _$18,657,280 $21,840,448 $18,411,254 $21,454,893
Total operating expenses $9.954,154 $9,159,182 $8,465,691 $8.117,602
801,512
2,069.873
1,649.412
2.100,172
Taxes
Income from oper'n
Non-operating income

$6,593,954 $11,031,854 $7,875.689 $12,535,779
483,487
75,590
495,425
98.175

$6,692,130 $11,527.270 $7,951,279 $13,019,266
Gross income
$2,375,715
$2,384,538
Int. & sk.fd., city bonds
Sink. fd. on I. R. T. Co.
326,986
111,835
1st & ref. M 5s
Int. on I. R. T. Co. and
2,886,340 3,249,117 2,546,180 2,834,615
Manhat. By. bonds
18,897
35.625
39,341
35,665
Miscel. rentals, &c_
Guar. div. on Manhat.
4,200,000
By. cap. stock (7%).. 4,200,000
37,550
50
80,407
42,907
Int. on unfunded debt
13,310
23,244
12,420
187,093
Other rent deductions.._
Total deductions.... _ _ $7,463,840 $6,002,809
def.$771,711 $5,434,470
Net income
Add accruals and related
201,690
2,306,819
certificates
$1,535.108 85,636.159
Total
Divs.onI.R.T.Co.stock -(173•5%) 6,125,000Surplus

-31,048,267-

$6,805,099 $5,280,087
$1,146,180 *7,739,178
" 217,296
$1,148,180 $7,956,474
-(20%) 7,000,000
112.102.854----

SEPT. 28 19181

THE CHRONICLE

1285

Liabilities (account aggregating $9.310.215) offsetting assets as above:
GENERAL BALANCE SHEET JUNE 30.
Capital stock: Common, $7,000,000; preferred. $1,000,000-- 48,000,000
1917.
1918.
1918.
1917.
Preferred
stock of subsidiary outstanding
120,000
Mobil.(Cond.)
$
Assets$
The Torrington Co. (of Maine): Bonds outstanding, due Sept.
Fixed capital_ _176,724,460 148,268,768 Manhattan Ry.
1 1918
38.000
divs. July I__ 1,050,000 1,050,000 Accounts
Investments -__ 26,388,902 25,275,936
payable
276.464
Adv.to assoc.cos. 3,870,307 3,300,307 I. R.T.Co.div.
for income and excess profits taxes
510,898
1,947,525
601,331
July 1
875,000 1,750,000 Reserve
Cash
Net profit for year, not including foreign corporations,$1,517.326;
Int.on 1st & ref.
Cash Manh. 3d
less: Dividends paid: 8 1-16% on common stock, $564,375;
M.5s,July 1_ 4,014,625 4,014,625
track (contra) 8,325,000 7,125,000
7% on pref. stock,$70,000;6% on subsidiary preferred,$7,200;
302,196
490,182
Due for wages
Cash for Manh.
less: Reserve for income and excess profits taxes,$510,898-_ _ 364,853
Accounts pay'le 3,809,631 1,935,817
Power plant
A Boston financial paper on Sept. 23 1918 said:
2,377,655 1,030,436
950,000 Accrued taxes
impts.(contra) 1,800,000
"Only a sufficient amount of the earnings of the Torrington Co.(of Conn.)
Accts.&bills rec. 6,098,872 3,565,770 3d tracking cash
drawn down in shape of dividends to the Maine company to pay 16%
was
598,195
755,062 liab. for adv.
Int.& divs. rec_
on its common stock. The company has set aside $510,898 as a reserve
Material & supp 3,864,952 2,999,445 from general
income and excess profits taxes, leaving a balance of $364,852 carried
Special deposits a6,380,493 7,229,265 fund (contra) 8,325,000 7,125,000 for
surplus.
Manhat. power
Construction &
Ty reason of some objections from Washington-which objections
house cash liaequipm't cash
bid fair to be overcome-The Torrington Co. (of Maine) has been unable
adv.
bility
for
b4,940,341
25,984,527
funds
to
distribute
to its common stockholders the $7,000,000 common stock of
Prepayments. _
320,747
998,239 from general
950,000 the Torrington Co.(of Connecticut), the operating concern. The preferred
fund (contra) 1,800,000
Items awaiting
stock
has
been
thus exchanged. The company is trying to rid itself of the
amortien
distribution
15,599
159,177 Accr.
1,532,918 1,578,017 holding company structure.
of capital_ _
Scour.for volun"The Torrington Co. has to-day orders on its books covering all it can
58,365 Manhattan
tary relief fd _
53,258
150,752
143,460 produce for the next 12 months. One of its primary sources of income is
equip. reserve
Unamort. debt
the manufacture of machine knitting needles, for which the war has develdisc't & exp_ _ 9,242,242 9,873,826 Int. on invest.
oped an extraordinary demand."
142,528
of deprec.res_
-V.
106, p. 2565.
Total
250,570,891 237,145,018 M.Ry.Co.2dM.
bd dia.&exp.
LiabilitiesAmerican Smelting & Refining Co., New York.
1,620
_
amortien_
35,000,000
Capital stock _ _ _ 35,000,000
lst&ref. M.5s.160,585,000 160,585,000 Depr. res. under
(Semi-Annual Report-Six Months ended June 30 1918.)
280,151
El. Ex. Cert_
Manhattan Ry.,
802,925
377,323 S.F.lst&ref. 5s..
377,323
lease account_
President Daniel Guggenheim says in substance:
104,142
Miscellaneous _
Accr.int.& rents
Operations.-The disouragements unaer which the company was labor1,377,350 1,280,017 Items awaiting
not due
ing
during the year 1917 became even more aggravated during the first
1,187,689 1,334,938
900,000 distribution
Bills payable__ _ :7,620,000
Profit and loss 18,662,977 17,615,944 half of this year. The costs of operating our various works continued to
Coupons due,
increase, and our contract charges to mines remained fixed. Many of our
68,045
107,500
not presented
principal smelting and refining works were actually running at a loss, but
Manhattan Ry.
250,570,891 237,145,018 we decided that the war situation would not permit the closing of these
58 Total
65
divs. unpaid..
works, as the various metals produced, and especially copper, were in.
by the U. S. Government, and the various Allied Governa Includes in 1918 special deposits to meet coupons due, not presented, urgent demand
We were obliged, therefore, to lay the situation before the various
$107,500, to meet uncollected dividends on Manhattan Ry. stock, $65; to ments.
mining
companies
with which it had long-time contracts, with a view to so
Ry.
Manhattan
stock,
on
$1,050,000;
to
1918
July
1
due
meet dividend
amending the contracts as to allow the company a living return for the
meet dividend due July 1 1918, Interborough Rapid Transit Co., $875,- services
rendered.
mtge. 5s, $4,014,625;
000; to meet interest duo July 1 1918 on 1st &
Contracts Adjusted.-An adjustment has been agreed upon, since June 30
deposit to meet
ref.
Guaranty Trust Co., trustee 1st & ref. mtge., $333,301;
mining companies, in some
refund of 1917 and 1918 income tax collections, $2. b Includes in 1918 1918, with most of our important contractingwith
the improving situation
subway contribution cash, $2,249,172; Manhattan third-tracking cash, cases dating back to April 1, which, together
earnings
equal to our usual divithe
company
to
report
in
Mexico
permits
$8,919; elevated extension cash, $2,665,682, and Manhattan power house
requirements.
cash, $16,568. x Of this amount $4,000,000 is for equipment contract dend
smelting,
refining
and mining properties,
income
from
Results.
-The
net
1100.
No. 3.-V. 107, p.
together with miscellaneous earnings for the six months' period, amounted
decrease from similar earnings for the first half of
being
a
to
$9,745,526,
Company,
Torrington
Torrington,
Conn.
The
1917 of $9.012,374. From these earnings the various general expenses,
including $1,250,000 estimated Federal taxes, have been deducted, leaving
(Report for Fiscal Year ending Aug. 31 1918.)
applicable to dividends, $4,068.821. Regular dividends were paid on the
John F. Alvoort, President of the Torrington Company pref. stocks outstanding, and at the rate of 6% per annum on the com.
stock, amounting in total to $3,954,949. This left for transfer to credit of
(of Maine) under date of Sept. 10 writes:
surplus account $113,872.
Following the transfer of the assets of The Torrington Co. (of Maine)
Property Account.-DurIng this period there has been credited to the
organized
under
the
laws
of
company
Connecticut, we present property account the following amounts:
to the now
herewith the consolidated balance sheet and consolidated profit and loss For depreciation, charged operating income
$1,949,689
accou t of all the operating companies, omitting, however, the American For ore depletion, charged operating income
637,872
Supplies Co., Ltd. and the Coventry Swaging Co., Ltd., both British For transfer from reserve for enlargement and extension set up
' Fabricantes Unidos, which operates in Buenos Ayres,
corporations, and Los
3,000,000
in 1917
South America. The reports of these companies have not yet been re- Less-Charged to prop. acc't for new construction & improv'ts
2,695,926
ceived and their profits-the first two subject to heavy war taxes-cannot
yet be determined. Metalwaaren Gesellschaft, a German corporation, is Leaving net credit to property account for the period
$2,891,635
omitted.
also
The charge to property account amounted on June 30 1918 to $133,905,The preferred stock of The Torrington Co.(of Maine) has been exchanged 841, or a reduction during the 12 months of $4,850,704.
for preferred stock of The Torrington Co. (of Connecticut) except for 57
Bonds.-The 5% 30-year bonds outstanding with public on June 30
shares.
amounted to $32,149.200, or an increase during the 12 months period of
The Maine company still holds $6,999,000 par value of The Torrington $2,050,600; all of which was issued in exchange for pref. stocks, Series A
Co. (of Connecticut) common stock with a small bank balance of $2,710, and B of the American Smelters Securities Co.
•
against its own common stock of $3,500,000.
INCOME ACCOUNT OF THE TORRINGTON CO. (OF MAINE) FOR CONSOL. INCOME ACCOUNT SIX MONTHS ENDING JUNE 30.
(Incl. Amer. Smelting 8e. Refining Co. and Amer. Smelters Securities Co.)
YEARS ENDED AUG. 31.
1917.
1918.
1916.
Net earnings1917-18.
Receipts1916-17.
1914-15.
1915-16.
Smelt'g & refin'g plants & industries
$888,430
Dividends from sub. cos. x$566,855 y$287,069
$340.448
thereon..
$7,360,025
$14,627,018
$10,132,101
dependent
immediately
287
Miscellaneous income__
49,806
9,652
12,778
1,133,457
2,304,098
1,635,284
Mining properties
82,500
Rentals
110.100
110,000
Accounts receivable_ _3,200
$8.493.482 $16,931,116 $11,767,385
3,775
1,000
Total net earnings
repaid
subsid's
140,000
Loans to
1,826,783
1,461,674
10,000 Int., rent, divs. rec'd. com'ns.&c.(net) 1,252,043
23,000
$9,745,525 $18,757,899 $13_,229,059
Gross income
$567,142
Total receipts
$562,575 $1.037,983
$471,100 Administrative expenses
3529,027
$452,380
$461,718
Interest paid on bonds
$28,025 Research and examination expenses
$15,300
86,052
106,484
67,446
2,560
70,000
Divs. on pref. (7%)_ _ _ _
70,000
70,000
111,024
taxes (incl. est. exc. prof. teal_ 1,313,338 3,889,561.
Divs. on common_ __ _(16%)560,000 (16)560,000 (8)280.000 (8)280,000 Corp.
__-25,451
368,987
deb.
bonds
Sec.
Co.
Am.
Sm.
Int.
on
22,414
Salaries & directors' fees
31,690 •Int. on Am. S. & R. Co. 1st M.5s
31,816
377,480
812,902
31,000
Torr. Co. bds. purchased
32,000 Employees' life insurance fund
396,000
500,000
75,000
Investments
105,772
17,500 Miscell. profit and lass charges
752,033
358,738
140,000
Loans to sub. cos. repaid
23.000
25,000
Amortization of discount on bonds
1,872
90,879
8,771
Other expenditures
42,959
889,972
2,396,1741
1, 2,587,562
Depreciation
I
129,517
of ore reserves
$914,292
$467,994 Depletion
Total payments_ _ _ _ _ $564,432
$964,848
1,750,000
1,750.000
Sm.& Ref. Co. pf. divs.(3%%) 1,750.000
Balance, sur. or deficit_ sur.$2,710def.$351,717 sur.$73,135 sur.$3,106 Am.
419,889
290,409
499,494
Sm. Secur. Co. pf. A divs.(3%)
$86,018
$278,582 Am.
$351,717
Cash bal. end of year__ 427,240
84,600
750,000
Am.Sm. Sec. Co. pf. B divs.(23%)_
divs__(3%)1,829,940 x2,439,920 (3)1,503,240
Co.
com.
Sm.
&
Ref.
Am.
from
subsidiary,
received
The
Torrington Co. (of Connectix Dividends
$9,631,653 $13,592,828 $6,586,099
Total deductions
cut), viz.: Common stock 8 1-16% on its common stock, $564,294 and
$113,872 $5,165,071 $6,642,960
7% on pref. stock remaining unexchanged, $2,560; total, $566,855.-See Balance, surplus, for 6 mos. period
text above.
x Included in 1917 are two quarterlyj dividends of 1%% each and
y Includes dividends on stocks of subsidiary companies which in 1917 a special Red Cross dividend of 1%.
were turned over to and are now held by the Torrington Co. of Connecticut.
CONSOLIDATED BALANCE SHEET JUNE 30 1918 AND DEC. 31 1917.
THE TORRINGTON CO. (OF CONNECTICUT) AND SUB. COS.' CONS.
(American Smelting de Refining Co.and American Smelters Securities.)
PROFIT AND LOSS ACCOUNT FOR YEAR ENDED JUNE 30 1918.
June 30'18. Dec. 3l'17.
June 30'18. Dec. 31'17.
Net oper. prof. of The Torrington Co. and its sub. cos., incl. the
Liabilities$
$
$
Assets$
Canadian Co., not incl. the English and South American Cos.,
Property acc't_ _133,905,841 136,797,476 Capital stockwhose net results cannot yet be determined
$1,565,238 Investments ___
60,998,000
com_
60,998,000
1,057,313
Smelt.
Co.
963,909
Dividends from other corporations
7,726 Metal stocks_ _ _x42,366,986 36,339,500
do
pref_ 50,000,000 50,000,000
Material & supp 8,423,709 7,478,121 Sec. Co. pf."A" y9,867,500 9,992,000
Total income
$1,572,964 Prepaid taxes,
do
pt.
"13" z3,539,500 3,682,500
Deduct-Administration salaries and expenses including
531,113 Am.S.dc R.Co.
614,209
insurance,&o.
organization expenses
$53,563
10,901,718
1st M.5s__ __a32,149,200 31,881,400
8,186,851
Cash
Torrington
The
Co.
on
(of
paid
Maine) outInterest
Liberty bonds_ _ 3,533,385 6,419,250 Accts., drafts &
standing bonds
2,075
55,638 Loans sec.byStk
wages payable 24,364,452 20,819,671
Ex. coll., &c_ 2,065,457 1,829,892 Interest on bds.
year
Net profit for
$1,517,326 Copper
404,492
407,270
accrued
proin
Less: Dividends paid; common 8 1-16%
$564,375
1,999,779 1,986,373
211,292 Divs. payable
381,198
cess of refln.
Preferred 7%
70,000 Advances to atInterest & dive.
•
Subsidiary preferred 6%
7,200
unclaimed
123,922
108,882
fillated cos- _ 1,008,168 1,091,781
Reserve for income and excess profits taxes
510,898 Accts. and notes
Accrued taxes.. 2,610,830 4,372,670
17,826,875 Eniarge't & ex19,087,543
received
Total deductions
$1,152,473 Cash with trustension res've. 3,000,000 (t000,000
Balance,surplus
$364.853
9,820 Employees' ben.
7,120
tees of sk.fd884,679
pension ree've 1,001,192 1,004,207
884,679
THE TORRINGTON CO. (OF CONN.) AND ITS SUB. CORPORATIONS Pension fund_
478,924 Empl.death ben.
478,923
CONSOLIDATED BALANCE SHEET, JUNE 30 1918.
Life insur.fund_
609,424
551,463
reserve
$837,465;
machinery
buildings,
and
equipment,
and
Real estate
43,149
40,948
Safety & welfare
$1,825,543
$1,303,005; less reserves for depreciation, $314.927
412,121
412,121
Fire insur.res've
1,942,538
Good-will, patents, &c
reserves__
3,717,352
2,642,353
Misc.
incl.
bal.
due
subsidiaries,
on
current acct., not
Invest, in foreign
Profit and loss__ 27,069,266 26,955,394
1,072,913
including profits for year
95,315
Investments in other corporations
221,907,978 221,857,754
Total
221,857,754
221,907,978
Total
product:
Raw
material
&
supplies on hand 2,150,521
Inventories offinished
x Consists of (June 30 1918) ore, bullion and factory product on hand
Bills and accts. rec. less res. for bad debts, discts. and allowances.. 1,040,581
treatment
charges, $9,673,641,
unearned
less
$101,553.881,
transit,
bonds
in
and
Liberty
464,179
United States
205,000 and approximate value of metals purchased and on hand, payment for
United States certificates of indebtedness
9,887 which is to be made in refined metals, not cash, $49,513,253; balance.
Canadian Victory bonds
449,599 $42,366,986. y After deducting $6,388,900 held in treasury and $743,600
Cash _ ___..- .- - -_ ,---- --10,436 deposited with trustees for redemption under stock retirement agreement.
-rep-aid insurance)
Deferred charges (p
and
bonds
accrued
outstanding
interest
43,703 z After deducting $26,460,500 held in treasury. a After deducting $490,for
Cash reserve
000 held by trustees in sinking fund and $210,200 held in treasury.-V.107.
$9,310,215 p. 1579, 1463, 1456.
Total assets




1286

THE CHRONICLE

Great Western Power Co.
(Report for Fiscal Year ending Dec. 31 1917.)
Mortimer Fleishhacker, President of Great Western Power
Co. of Calif., San Francisco, Aug. 1, wrote in substance:
Operating Results.-Sales in 1917 increased over 1916, 30,412,494 k. w.
hours, or approximately 10%. The average selling price was 11.36 mills
per k. w. hour. The number of consumers connected increased 3.117, and
the connected load increased 15,000 k. w.• Dec. 31 1917 figures showed
26,742 consumers, with 193,616 k. w. connected load. Water power and
steam stations produced during the year 1917 457,998,905 k. w. hours, of
which 432,858.640 k. w. hours, or 94.5% of the total, was generated by
water power.
Consolidation.-The work of consolidating the various operating companies into one company is steadily progressing, and it is hoped to soon
have this organization completed.
Construction Curtailed.-Due to general financial conditions, we were
unable to enter upon any new construction work on a large scale.
Rates.-Early in 1918 application was made to the Railroad Commission
of California for an increase in rates. During the past month the Commission granted us a substantial increase in rates to all classes of consumers,
except of other power companies, electric railroads and municipal street
lighting. This advance consists of one cent per k. w. hour on all energy
used for lighting purposes, and 2-10 of a cent per k. w. hour on all energy
used for power purposes.
The rate order requires us in future to set aside $30,000 monthly as a
special depreciation reserve. As the actual increase in revenue provided
by this order should amount to about $75,000 per month, this provision
can easily be complied with.
By mutual agreement the company has also advanced its rate almost
30 7 for electric energy sold under the large contract in force with the
Pacific Gas & Electric Co.
Contracts.-In 1917 numerous contracts were entered into, covering the
sale of largo blocks of power to various manufacturing concerns, aggregating
more than 20,000 k. w., with a view of substituting this power for the
energy formerly supplied to the United Railroads of San Francisco under
the 10-year contract which contract expired in Nov. 1917. This new
business is of a widely diversified and permanent nature.
Similar plans are being followed in substituting new contracts for that
under which power is now supplied to the Pacific Gas & Electric Co.,
hereinbefore referred to, which contract expires in July 1919. Sufficient
business is in sight and much of It is already contracted for to take the
place of this contract, and at better rates.
In this way we shall overcome the disadvantage of having two large contracts for service, the income from which aggregated in tno past almost
25% of its cash receipts, and which absorbed about 37% of its output
Considerable new business has also been obtained from shipyards, electrometallurgical plants, chemical factories and powder works in the San
Francisco Bay region. Shipyards now being supplied, as well as those to be
supplied in the near future, have contracts covering the construction of'
ships which run for several years. The majority of the new contracts
taken in 1917 have been for enterprises other than war industries. The
use of power on farms in San Mateo County and in the Sacramento Valley,
for irrigation and reclamation purposes, is likewise constantly growing.
Your company is supplying all of the large mines now operating in Piumas
County. The present load in this county is approximately 3.000 k. w.
Income From the sale of water for Irrigation purposes, through the large
canal extending from near Oroville. on the Feather River, in a westerly
direction, has increased, and will steadily grow as the country becomes
more settled. The land served by the canal has been found suitable for the
cultivation of rice, and one tract of 1,500 acres Is now planted to cotton and
Is being irrigated by water from this canal.
Construction Activities.-While no new construction work of any extent
has been entered into, considerable surveying and engineering has been
done, and the management has been constantly working on plans for developing the remainder of the 500,009 h. p. which your company owns and
controls on the Feather River, below the large reservoir at Big Meadows,
Plumas County, now known as Lake Almoner. The storage capacity of
this reservoir now 300,000 acre feet of water, will, with the expenditure of
$100.000, be increased to 380.000 acre feet before the next run-off season is
past. Our plans contemplate the building of a power plant at a point about
8 miles below the Big Meadows Reservoir, where there is an effective drop
of about 1.100 feet, and an ultimate output of 120,000 k. w. can be developed. The first installation advisable is of 40,000 k. w. capacity.
The 100,000 volt substation at Valona is now in operation and is destined
to be of growing importance on account of its location in the centre of this
apidly growing Industrial region.
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
Western Power Corp. and Sub. Cos.-Inter-Co. Items Eliminated.]
1917.
1916.
1917.
1916.
Electric revenue $3,814,i81 $3,575,904 Deduct-Int. on
notes. &c____ $13,182
140,016
151,579
$6,424
Steam revenue___
Rentals, &e..___
34,433
43,344
52,534
47,842
Water revenue___
Uncollect. accts.
deb.551 deb.7,007
20,396
19,630
Other
Amortiz'n bond
discount, &c_
$4,008,53 $3,743,346
Q8,067
50,770
Total
$408,372 $370,586 Interest on funded
Production
1,557,694 1,475,961
234,152
debt (net)
Transm.& distrib. 275,604
102,350
201,108
Commercial
Tot.deductions.$1.711,873 $1,606,627
17/,377
171.234
Steam service__
'29.985
11,499 Net Inc. for year_ $804,299 $985,538
Water service_ ...._
Dividends
on
166,000
154,806
General & miscell_
Pref. Stocks283,586
219,288
Taxes
(Inserted
by
Editor)T ital
$1,533,274 $1,362,674
$2,475,279 $2,380,672 Cal. Elec. Gen.
Net earnings
$27,283
Co_
Add-Interest
$13,654
6% $150,000 $150,000
282.920
18,931 W. P. Corp. 4% 282,609
Rentals & leases
27,239
Other deductions
(?)
Profit on secure.
(?)
165.279
(net)

[VOL. 107.

GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
Government Lease Contract for Railroads Under the
United States Railroad Administration.-The contract
between the United States Railroad Administration and the
companies operating thereunder will be found in full on
page 1157 in last week's issue.
The list of railroads under the Federal control as of July 13
was published on p. 147 of the current vol. of the "Chronicle."
Ala. Tenn. & Northern Ry.-Plan Declared Operative.The reorganization committee, George C. Van Tuyl Jr., Chairman, gives
notice as of Sept. 26 that the properties of the railway have been purchased
at foreclosure sale in behalf of the reorganization committee for the purposes of the plan of reorganization, dated April 24 1918, and that the
reorganization committee has declared said plan and agreement operative.
See plan. V. 106, p. 2558.-V. 107. p. 400, 290.

Arizona Eastern Ry.-General Manager.C. M. Scott has been appointed General Manager under the U. S. Government with headquarters at Phoenix, Ariz.-V. 103, p. 1209.

Atchison Topeka & Santa Fe Ry.-Contract.The directors on Sept. 25 voted to recommend to the stockholders on
Oct. 15 the acceptance of the contract offered by the RR. Administration
for the operation of the property during the war.
S. D. Beld.soe and E. D. Engel were elected directors to succeed Walker
D. Hines, now in the service of the RR. Administration, and the late
Homer A. Stillwell. Mr. Engel was also elected a Vice-President of the
company.-V. 107. p. 1191, 1002.

Bay State Street Ry.-Bond and Note Data.-In reply
to an inquiry the "Chronicle" is informed as follows:
(a) The $57,000 serial notes of the Bay State Street Ry. were not
retired on Aug. 15 1918.
(b) The $131,000 equipment notes due Aug. 1 1918 were purchased by
the Receiver.
(c) 1. The $150,0130 1st Mtge. bonds of the Providence & Taunton
Street By. which matured Sept. 1 1918, were not paid.
2. The $120,000 plain 5% bonds of the East Middlesex Street By.,
which matured Sept. 1 1918, have been paid and canceled.
(d) The $240,000 1st Mtge. bonds of the Newport & Fall River Street
Ry., due Aug. I 1918, have been purchased for the account of the Receiver.
(e) The interest on the equipment notes due in Aug. 1918 was paid.
(1) No Receiver's certificates are outstanding.-V. 107, p. 1191, 1003.

Boston & Maine RR.-Plan Revisions.It is understood that a meeting of the reorganization committee was held
Sept. 23 at which a number of corrections and revisions of the reorganization plan were agreed to. The plan was then forwarded to the Railroad Administration authorities at Washington. After the plan is finally
approved by the Railroad Administration the nece.s.sary meetings of the
leased lines and other parties at interest will be called to vote on it. (Boston "News Bureau").-V. 107, p. 801, 200.

Bristol County (Mass.) Street Ry.-Dismantlement.In response to an inquiry Swift-McNutt Co., Boston, write. "We have
dismantled the property of the railway and its line running from Hebronvine. Mass. to Taunton, Mass., which is the whole of the company's
property witla the exception of the 3M mile branch from Briggs Corner to
Attleboro. This branch was purchaSed from us by the City•of Attleboro
in whom the title rests. The city is operating this line under the name of
the A B C Street Ry., and we believe under some working agreement with
the Inter-State Street Ry.-V. 105. p. 2183, 1707.

Calumet & South Chicago Ry.-Merger Plan.See Chicago Local Transportation Co. under "Reports and Documents"
on a subsequent page.-V. 100, p. 1831.
•

Canadian Northern Ry.-New Construction Completed.-

This company on Sept. 21 completed the last link in the Transcontinental
line when the section between Hawkesbury and Montreal was declared
ready for traffic. A passenger service will begin Oct. 13.-V. 107, p. 1191.
1003.

Central RR. Co. of Pennsylvania.-Discontinuance.President W. H. Gephart on Sept. 16 gave out the following:
This company will discontinue all freight and passenger service and will
cease operation on Sept. 28 1918, on which date a decree of dissolution of
the company will be made effective and all tariffs canceled and concurrences revoked under special permission No. 47322 of the Inter-State
Commerce Commission.-V. 107, p. 694, 603.

Chicago & Alton RR.-Standard Return.The amount of the "Standard Return" under the terms of the Government contract is reported to the "Chronicle" as being $3,181,341 97 for
this company, this figure, however, not being final.-V. 107, p. 694,603.

Chicago City & Connecting Rys.-Merger Plan.See Chicago Local Transportation Co. under "Reports and Documents"
on a subsequent page.-V. 106, p. 2755.

Chicago City Ry.-Div. Reduced to 1%-Merger Plan.-

The directors have declared a quarterly dividend of 1% payable Sept.
Bal., surplus___ $371,600 $552,618 30 to holders of record Sept. 26. The holders of this stock have received
Gross income _A$2.516,172 $2,592,165
8% per annum s:nce 1915.
CONSOLIDATED BALANCE SHEET DECEMBER 31.
See Chicago Local Transportation Co. under "Reports and Documents"
(Western Power Corporation and Sub. Cos.)
on a subsequent page.-V. 106, p. 1223.
1916.
1917.
1916.
1917.
(Corat.ued)Assets$
Chicago Elevated Railways.-Merger Plan.Plant, prop &Iran.47.457,158 45,523,757 let M.5% s.f.bds.:
Chicago Local Transportation Co. under "Reports and Documents"
G. W. P. Co__e21,444,000 21,548,000 onSee
Invest. In secur___ 558,866
464,050
a subsequent page.-V. 105, p. 2269.
City
Elec.
4,097
1,008
Co__I1,630.000 1,663,000
Cash in sink.funds
Cal.ELGen.Co.,
Materials & suet). 390,361
292,353
Chicago & Oak Park Elevated RR.-Merger.Series "A"___ 1,001,000 1,085,000
Insur. premiums_ _,
4,781
5,158
See Chicago Local Transportation Co. under "Reports and Documents"
Cent. Oakl. L.
Expense funds and
on
a subsequent page.-V. 105, p. 2271.
101,757
& P. Co..___
prepaid taxes... 115,044
39,335
630,178 Cons. L.& P.Co.
158,000
228,000
Cash
Chicago
Railways Co.-Merger Plan.615,148 1,258,853
Gen. M. 6%
Special deposits
See Chicago Local Transportation Co. under "Reports and Documents"
492,371
s. f.
_
Accounts recely'le 532.978
on a subsequent page.-V. 107, p. 500. 82.
146,818
99,513 G. W.P. Co. Cal_
10,211
Notes receivable
Gt. W. Pow. Co.
Unamortized disc.
Chicago St. Paul Minn. & Omaha Ry.-Gen. Manager.
686,145
of Cal.6% cony.
onsets. & exp_ 597,172
Secretary
94,232
88,605
debs
4,990,300 5,000,000
Sundry
West. Pow.Co.6%
J. J. O'Neill has been appointed Gen. Manager of this company.
John D. Caldwell has been appointed Secretary and Assistant Treasurer.
50,555,990 49,643,747
notes
Total
500
-V. 107, p. 1003, 905.
Cons.El. Co.Gen.
Lid :finesM.5% s. f.bds_g1,673,150 1,901,150
Chicago Local Transportation Co.-Suits.-Election.Accounts payable_ 438,674
West'n Pow.Corp.
396,473
Judge F. A. Smit'i in the Circuit Court at Chicago on Sept. 14 was to
Preferred stock.a7,067,492 7,067,492 Notes payable
738,750
50,000
Common stock_b3,657:900 3,657,900 Miscellaneous...
145,078
117,946 have heard two suits brought to prevent a referendum on the traction
Accrued int., &a_ 807,319
West'n Power Co.:
684,592 ordinance at the election In November.
10,600 Reserves
Judge Smith in the Circuit Court at Chicago on Sept. 20 ruled that the
Preferred stock_ c10,600
d1,665,254 1,430,147
38,900 Surplus
Common stock_ c38.900
2,578,862 2,264.546 allegations of certain opponents of the Chicago traction ordinnace which
appears under "Reports and Documents" on a subsequent page, were
Cal. El. Gen. Co.:
Preferred stock_ 2,500,000 2,500,000
Total
50,555,990 49.643,747 insufficient to warrant the issuance of an injunction restraining the city
a Includes pref. 3% cum. stock, $7.062.536. and to be issued against and the election board from placing the traction question on the ballot
certificates of deposit. $4.956. b Includes common stock without par to be voted upon Nov. 5.-V. 107. p. 802, 695.
value. $3,613,775. and to be issued against certificates of deposit, $44,125.
Chicago & Western Indiana RR.-Tenant Companies
c After deducting $5.989,400 pref. and $14.631.100 corn. stock held in
treasury. d Includes in 1917 reserve against appreciated value of property Meet Interest on Collateral, but No Interest Paid on Notes.
held for future development, $1,436.867; liability insurance, $124.361;
income invested in fixed capital since Dec. 31 1912, $83,520. and misc.. An officer of one of the tenant companies writes:
In your Issue of Sept. 7, page 1001, referring to the default in the payIncludes $665.000 pledged with trustee of the California Elec$20.506.
tric Generating Co. bonds and not bearing interest, but not $3,108,000 ment of the notes of the Chicago & Western Indiana due Sept. 1, you make
held in treasury. f After deducting $1,038,000 held in treasury. g After this statement, "no funds having been received with which to meet either
the principal or semi-annual interest on this obligation."
deducting $401,850 held In treasury.-V. 107, P. 185.




SEPT. 28 1918.]

THE CHRONICLE

1287

It is true that there were no funds paid in to take care of the principal,
So far as street car patrons are concerned, the situation as to fares is
but there were funds on hand to pay the semi-annual interest due Sept. 1. unc .anged. The company will ask 5-cent fares and 1 cent for a transfer.
This issue of $15,000,000 of notes is secured by a pledge of $21,000,000 of Those who do not pay will not be ejected from cars. See V. 107, p. 1192,802.
Mtge.
bonds of the company. The interest on
the First and Refunding
Cuba RR.—Action Deferred on Common Div. Due Nov. 1.
this $21,000,000 of First & Ref. bonds is provided for by the Joint and
several undertaking in leases of the five owner lines to pay the interest on
The directors have deferred action on the quarterly dividend due
these bonds or provide a sum sufficient to do so as rental for the use of Nov. 1 on the $15,550,000 outstanding common stock, all of which is
the Western Indiana common property. There are also sinking fund pro- owned by the Cuba Co. It is said that during the past year gross expanded
visions in this mortgage requiring the payment of a stated sum each year from $6,452,108 in 1917 to $11,645,097, while net increased from $1,922,Into a sinking fund for the purpose of retiring these bonds.
145 to $3,860,243.—V. 107, P. 1095.
Both the interest and sinking.fund provisions of these bonds have been
Denver Union Terminal RR.—General Manager.—
fully complied with and the payments have been made by the owner lines,
as they are obligated to do each six months;so that there was on hand on
The jurisdiction of E. L. Brown, General Manager of the Denver & Rio
Sept. 1 six months' interest on the $21,000,000 of bonds, which was sub- Grande RR., has been extended to cover this company.—V. 106, p. 2756.
stantially more than the interest on the notes, and the trustee had authority
Des Moines City Ry.—Strike Vote.—
under the trust agreement to apply the interest thus held in the payment
of the interest on the notes. There would have been an excess, which,
Because no reply has been received to their request for higher wages, the
under normal conditions, would have been returned to the Western Indiana. employees of this company on Sept. 17 voted to strike, no date, however,
Ss However, the trustee elected, ats it had a right to do, to retain all of this having been set.—V. 107, p. 802, 401.
money as additional collateral.
Detroit United Ry.—Litigation.—
I only write this for the purpose of calling attention to the error in your
statement that there were no funds on hand to meet the semi-annual interJudge Dingeman in the Circuit Court at Detroit on Sept. 24 denied the
est, as that carries the implication that the owner lines are not complying motion of attorney for the company for a dissolution of the injunction rewith their agreement with reference to the $21,000,000 First & Refunding straining the company from violating the Kronk ordinance. The ordinMtge. bonds. Compare V. 107, p. 1003, 1191.
ance forbids a fare higher than five cents and orders the company to sell
Cincinnati Indianapolis & Western RR.—President.— tickets at six for a quarter.—V. 107, p. 1192.
has
been
Worthington
elected
President, succeeding John Henry
B. A.
Detroit Grand Haven & Milwaukee Ry.—Litigation.—
Hammond, resigned. F. J. Gebel has also been elected Treasurer.—
Judge J. S. McDonald in the Circuit Court at Grand Rapids, Mich..
V. 107, p. 1099, 397.
on Sept. 24 handed down a decision by the terms of which the company
wins the action brought by the State to secure a new interpretation of
Cincinns,bi Traction Co.—New Franchise in, Effect.—
charter which would compel it to pay a higher tax. The
The operation of the street car system in Cincinnati on Sept. 23 came the company's
tax under the States'construction amountto about $5.000,000.
under the effect of the new franchise revision enacted 30 days 'previously accumulated
—V.
2122.
106,
p.
by the City Council. For details, &c., see V. 107, p. 1191, 1003, 905.

Coal & Coke Ry.—Acguisition by Baltimore & Ohio.—

See Baltimore & Ohio RR. under "Reports' above.—V. 197, p. 82.

• Colorado Midland RR.—Discontinuance—Argument, &c.

El Paso Union Passenger Depot.—General Manager.—
The Jurisdiction of G. F. Hawks, General Manager of the El Paso &
Southwestern RR., has been extended over this company's property.
—V.82. p. 1496.

Issues leading up to the discontinuance of service on the Colorado MidGeorgia Southern & Florida Ry.—Federal Manager.—
land RR. and the proposed dismantling were presented to the Supreme
The jurisdiction of Federal Manager E. T. Lamb has been extended
Court in oral argument on Sept. 17 by counsel representing the owners, the
receiver, A. E. Carlton, the shippers and the Colorado Title & Trust Co. over this company's property and the Hawkinsville & Florida Southern RR.
Represented, also, were the Colorado P. U. Commission and the Attor- —V. 107, p. 291.
ney-General's office. The case has been taken under advisement. The
Grand Trunk Ry.—Note Issue.—
Denver "News" further says:
This company's issue of £3,000,000 6% three-year Secured notes which
The argument was directed to an application for supersedeas making
permanent a temporary stay order until the case could be hoard in detail. were reported sold in last week's issue will replace £2,000,000 of 5% 5-year
The stay went into effect Aug. 5, after the service had been discontinued, notes maturing for repayment on Oct. 1, the balance of £1,000,000 being
and had the effect of preventing the dismantling until all the issues were new money.
The old notes were issued in 1913. £1,500,000 in July at 98 and the baldetermined.
All interested parties agreed by stipulation to let the argument go toward ance later at 983,6. The last issue of Secured notes by the Grand Trunk
the final conclusion in the case. The Court ordered the stipulation filed was £1,000,000 of Six Per Cents, at 98Si in Dec. 1917, to meet 5%
and proceeded with the matter as originally cbcketed. It Is the opinion notes maturing last January. .jt is noteworthy,that the company is now
of counsel, however, that the Court may decide to consider all the phases borrowing on better terms than in Dec. last and the provision of new money
at this Juncture is interesting in view of the negotiations for Government
and write an opinion early in October.
0. C. Dorsey, of Hughes & Dorsey, representing A. E. Carlton and the purchase. (London "Statist.") Compare V. 107. p. 1192, 1100.
owners of the railroad, told how, when the U. S. RR. Administration was
Hartford & Springfield Ry.—Receiver.—
created, the Midland, along with other roads, went into Government
Application has been made to Judge Willard S. Case in the Supreme
control.
Later the question of compensation came up. The owners believed that Court at Hartford, Conn. for the appointment of a receiver for the
8300,000 yearly rental was fair and equitable, but the McAdoo adminis- company.—V. 106, p. 2345%
tration would not give more than $100,000. He said the Railroad AdminisHawkinsville & Florida Southern RR.—Federal Mgr.—
tration not only refused to pay compensation for the six months that the
midland was supposed to be under Federal control, but refused also to
See Georgia Southern & Florida Ry. above.—V. 97, p. 1757.
shoulder the operating losses.
Humbolt (Nev.) Transit Co.—Fare Increase.—
Only 15% of the railroad's business is local, the balance being transThe Nevada RR. Con-unission has authorized tais company to increase
continental service shipments. To put the railroad on a paying basis It is
estimated that the local freight rates would have to be Increased 500%• its rates of faro to 6c.—V. 84, p. 804.
Much of this local business is open to competition.
Illinois Traction System.—Rates.—
I. B. Melville. counsel for the shippers, declared that the jurisdiction lies
Judge English in the U. S. District Court at Danville, Ill., on or about
with the State I'. U. Commission. Clarence 0. Hamlin, of Colorado
Springs, represented the Midland bondholders.—V. 107, p. 905, 695.
Sept. 15 granted a permanent injunction restraining the State of Illinois
interfering with the company in the proposed increase of passenger
Columbus Ry., Power & Light Co.—Offering of Two- from
rates above 2c. a mile with 3c. as the maximum that may be charged.
Year Notes.—E. W. Clark & Co. have offered at 98M and This places the electric and steam lines on an equal footing as to rates.
—V. 106, p. 2456.
int. $2,500,000 Two-year 7% Secured

gold notes, dated
July 1 1918, due July 1 1920. Authorized, $3,000,000;
issued, $2,500,000.
Passed by the Capital Issues Committee (opinion No. A-926) as not
incompatible, &c.
Company.—Owns and operates the street railway and commercial electric
light and power systems in Columbus, 0., and vicinity, serving a population of 275,000. The sytem consists of 149 miles of track on singletrack basis and 395 passenger, freight and work cars; steam power plants
with an aggregate capacity of 40.560 k.w. and 14 sub-stations; electric-light
and power distribution system serving approximately 28,500 customers.
Security.—These notes, in addition to being a direct obligation of the
company. will bo secured by pledge of $1,175,000 1st Refunding & Extension
Sinking Fund M. 5% gold bonds, and $2,700,000 General M. 6% gold
bonds. Any additional Ref. & Ext. bonds certified must be substituted
under this pledge for General M. bonds.
Bonds Pledged.—The 1st Ref. & Ext. 5.si pledged as security are secured by
a First M. on the electric light, power and heating properties. For the lass
12 month-s the light and power department supplied about 45% of the gross
and 48% of not earnings. These bonds are also a mortgage on the street
railway system. subject to prior liens, secured by closed mortgages, for
the retirement of which bonds of this issue are reserved.
The Genersl M. bonds are a mortgage on all of the properties of the company, subject to the let Ref. & Ex. M. bonds and the underlying railway bonds mentioned.
Appraisal.—The physical property has been appraised at $20,158,680
without the usual allowance for going "also, franchises and other intangible
values. Against this valuation there is a total bonded and other indebtedness of $14,033.000, including this issue of notes from the proceeds of which
over $500,000 will be used for impts. and extensions to the property.
Earningsfor Five Calendar Years and Year ending June 30 1918.
1913.
1915.
Cal. Years—
1916.
1917.
1917-18.
Grass earnings__$3,003,454 $3,113,175 $3,537,400 $4.024,186 54.229.372
Net earnings_ _ _ _$1,063,934 $1,266,738 $1,432,275 $1,080,257 $1,145,148
dt_
fund.
Int. on
530.086
Bal.for note int.
$609,062
notes
Ann. Int. on
$175,000

New Note Issue—Refunding.--

Replying to our inquiry, we are informed that only $677,000 of the
notes of the company, which matured on Aug. 1 1918 were ever sold.
These notes were paid off at maturity out of the proceeds of some of
the notes above described. No dividends have been paid on the Prior
Preference stock or on the "A" preferred stock since April 1918.

Suit Dismissedfrom Fed. Court.—Contract and Fare Situat'n.
Judge Westenhaver in the U. S. District Court at Columbus, 0., on
Sept. 21 dismissed the injunction suit of the company against the city to
enjoin it (the city) from compelling the company to live up to its franchise
except on lines in streets where rights in perpetuity are claimed, the action
of the Court being based on lack of jurisdiction. TLIO Court suggests that
the present emergency calls for "some kind of accommodation or temporary
compromise between the parties."
The decision as reported in the "Ohio State Journal" of Sept. 22 is
In part as follows:
'lime contention of the company that it had a right to terminate the franchise contract on account of the war and the increased cost of operation
duo to the war is held not to be pertinent.
The contract features of the franchise are hold to be binding on both city
and the company for the full specified period of 15 yiars. It will not expire
until 1926. The stipulated rate of fare to be ,hsrged during that term.
says the Judge, is "mutually binding and unalterable, except by the consent 01 both parties."
The Court stated that the company has not the right to refuse to operate
a street railway line nor remove its tracks at will. Furthermore, the company is not a tenant of the streets under a franchise contract of Indefinite
duration, much lass a tenant merely by sufferance.




Interborough Rapid —Transit Co.—Shuttle Service OR
Resumed.—
See Rapid Transit in New York City below.—V. 107. p. 1100. 1003.

Interborough Consolidated Corp.—Loan Reduced, &c.
The $2,000,000 loan of this company first due April 1 1917 has been re.duced to $700,000, and is now due Jan. 2 1919. See also Interborough
Rapid Transit Co. under "Reports" above.—V. 106, p. 2345.

Long Fork Ry.—New Coal Line.—
See Baltimore & Ohio RR. under "Reports" above. ,

Louisville & Nashville RR.—Secretary.-E. S. Louche has been appointed Secretary and Acting Treasurer,
—V. 106. p. 2645.

Manhattan Railway.—Annual Earnings.—
See Interboro. Rap. Transit Co. under "Reports" above.—V.106.p.822.

Metropolitan West Side Elevated Ry.—Merger.—
See Chicago Local Transportation Co. under "Reports and Documents"
on a subsequent page.—V. 107. p. 1004.

Minneapolis St. Paul & Sault Ste. Marie RR.—Treas.
Secretary U. W. Webster has been also appointed Treasurer, succeeding
C. F. Clement, who is now Federal Treasurer.—V. 107. p. 697.

Monongahela Valley Traction Co.—Further Data.—
The offering of this company's $5,500,000 General Mtge.
7% bonds by the National City Co. was noted in these columns recently.
"Passed by the Capital Issues Committee as not incompatible with the
national interest, but without approval of legality, validity, worth or
security. Opinion No. A-1550."
Principal and interest payable in New York or Paltimore 'at option of
holder. Denoms. $1,000, $500 and $100c. $1,000c*. Central Union
Trust Co. of N. Y., Trustee. The company agrees to pay the interest
without deduction for any normal Federal Income tax in an amount not In
excess of 4%.
Digest of Letter Pres. Jan-es 0. Watscn, Faiincrt, W. Va., Aug. 30
Company.—Incorporated in W. Va., May 18 1912. and prosides one Or
more public service to Fairmont, Clarksburg. Mannington, and a number
of other cities and towns in the Monongahela 1, alley of West Virginia,
In addition, owns over 95% of the stock of the Kanawha Traction & Electric Co. (now known as the Parkersburg-Marietta Livision), which serves
Parkersburg, W. Va., Marietta. Ohio, &c.
Capitalization Upon Completion of Present Financing.
Authorized Outstanding.
Common stock (paying 5%)
$12.000.000 *$S,288,861
Preferred,(3% cumulative stock
4,000,000
*3.431.730
General Mortgage 7% Five-Year gold bonds,
1923 (this issue)
$15,000.000
$5,500,000
Monongahela Valley Traction Co. 1st (& Ref.)
x4.250.000
5s, 1942 (V. 102, p. 1346: V. 94. p. 1508)_ _ 15,000.000
Fairmont & Clarksburg 1st Mtge. gold 5s, 1938_
Closed.
2.500.000
Kanawha Traction & Electric Co. (three issues
of underlying bonds)
Closed.
700,000
Kanawha Tract. & El. Co. 1st & Ref. 5s, 1936_
5.000,000
1.700.000
* Including $10,700 common and $78.300 preferred reserved to exchange
for minority stock outstanding of Kanawha Traction & Electric Co.
x Excluding bonds deposited as security for General Mortgage 7% bonds.
Security.—A mortgage on the entire property owned in fee, subject to
underlying liens, and will be further secured by the pledge of about 99%

1288

THE CHRONICLE

of the common stock and about 93% of the preferred stock of the Kanawha
Traction & Electric Co. Through the deposit of $5,500,000 out of $9,750,000 of bonds issued or presently to be issued under the 1st(& Ref.) Mtge.,
these bonds will share ratably, to the extent of the bonds so deposited,
in the lien of the 1st (& Ref.) Mtge. As further 1st (& Ref.) Mtge. bonds
are issued, they will be pledged under the General Mortgage.
1st (& Ref.) Mtge. 5% bonds are a first mortgage on 76.2 miles of street
and interurban railway, and on the company's power plant at Hutchinson,
the plant now under construction at Rivesville, and on all the gas and coal
properties. In addition, they are a mortgage on the balance of the property, subject only to $2,500,000 Fairmont & Clarksburg Traction First
Mortgage 5% bonds, to retire which, 1st (& Ref.) M. bonds are reserved.
A further shares of stock of the Kanawha Traction & Electric Co. are
acquired from time to time, they shall be deposited, and no additional
Kanawha Tr. & El. Co. 1st & Ref. Mortgage bonds may be issued (except
for refunding underlying bonds) unless deposited as additional security
under the General Mortgage.
The aggregate amount of underlying securities outstanding with the public
may not be increased.
Equity.—This is represented by $3,431,730 of 6% cumulative preferred
stock and $8,288,861 of common stock upon which dividends are being paid
at the rate of 5% per annum.
Escrow bonds may be issued for not exceeding 75% of the cash cost of
extensions, provided net earnings are at least 1% times bond interest incl.
underlying bonds and those applied for. The above does not apply to the
first $600,000 of escrow bonds issuable, the proceeds from which the company will require in connection with the purchase of coal properties under
contract.
Depreciation, Depletion, Sinking Fund.—There shall be included in operating expenses a depletion charge of 20 cents per gross ton of coal mined and
3 cents per M.cu. ft. of natural gas sold, to be paid into a sinking fund for
the purchase or redemption of the General Mortgage 7% bonds. The
company will also expend or reserve annually for maintenance and depreciation equal to 20% of railway gross earnings and 15% of gross earnings
from the sale of electricity.
Rates.—With the consent of the West Virginia P. S. Commission, the
rates on the interurban lines of the Fairmont-Clarksburg Division were
Increased an average of 20%, effective April 1 1918, and increases in the
rates for natural gas and in railroad rates for the Parkersburg-Marietta
Division are expected.
Property.—Owns 116.57 miles of street and interurban railways in and
between Fairmont, Clarksburg, Mannington and other cities and towns in
the northern part of West Virginia. Also does the entire gas and electric
light and power business in Fairmont and several other communities.
The Kanawha Traction & Electric Co. now known as the ParkesburgMarietta Division, owns 60.84 miles of street and interurban railways and
does the entire electric light and power business in Parkosburg, W. Va.,
Marietta, Ohio, and in a number of other towns in the northwestern part
of West Virginia and southeastern Ohio.
Replacement Value.—Based on the consulting engineers' estimate, the
replacement value of the property will be over $21,000.000, against which
there will be outstanding $14,650,000 bonds, incl. this issue.—V. 107,
p. 1004, 1192.

Montreal Tramways Co.—New Car Fare.—
The Quebec P. U. Commission has announced its decision in this company's rate case allowing it to charge a 6-cent fare in the daytime, or sell
five tickets for 25c., making a 5-cent fare. Between 6 and 8 a. m. and
and 7 p. m.six tickets will be sold for 25c. School children tickets will be
seven for 25c. Night tariff is 15c. cash. Free transfers continue.
• The former rates were 5c. cash fare or six tickets for 25c. The special
privilege for workingmen in morning and afternoon was seven tickets for
25c. and ten children's tickets for the same. There will be no change in
the free transfer privilege although the local tramways commission in its
original pro osal charged lc. for transfers.—V. 107, p. 603 501.
•
tzse

Northwestern Elevated RR., Chicago.—Merger Plan.—

See Chicago Local Transportation Co. under "Reports and Documents"
on a subsequent page.—V. 107, p. 1104.
MI ill WM INS

Oregon-Washington RR. & Nay. Co.—Gen. Mgr.—
M. J. Buckley, General Superintendent, has been appointed General
Manager under the U. S. Government both for this company, the Southern
Pacific lines north of Ashland, Ore., and the Pacific Coast RR., with headquarters at Portland, Ore., effective Sept. 12.—V. 107, p. 697. 10.1$74s1
04114
PaCifie &
This company has been relinquished from Government control and the
jurisdiction of J. P. O'Brien as Federal Manager has been discontinued.
—V. 101. p. 846.

Pacific Gas & Electric Co.,San Fran.—Bonds Called.—
One hundred ($100,000) General Mtge. Sink. Fund 4%% gold bonds,
dated 1903 of the San Francisco Gas & Elec. Co., ranging in number from
2 to 3959 incl., have been called for payment Nov.1 at 105% of their par
value at the Union Trust Co. of San Francisco.—V. 107, p. 906.

Quebec & Saguenay Ry.—Payment—Wages.—
Referring to the sale of this property to the Canadian Government,
Pres. Sir Rodolphe Forgot states that $247,000 has already been received
in payment and the balance will be forthcoming shortly.
Wage increases of about 20% were recently granted.—V. 107, p. 182.

Rapid Transit in New York City.—Service Resumption.
The New York P. S. Commission has authorized the Interborough Rapid
Transit Co. to resume shuttle service between the Grand Central and Times
Square stations on or before Oct. 5. This service forms the connecting
link of the rapid transit "II" system.—V. 107. p. 1005, 502.

St. Louis-San Francisco RR.—Federal Manager.—
The jurisdiction of Federal Manager Le Rev Kramer has been extended
over this company's lines east of the Mississippi River, succeeding E. T.
Lamb, Federal Manager.—V. 107, p. 1005, 604.

San Francisco-Oakland Terminal Rys.—Coupon Pay't.
F. W. Frost, Sec.-Treas. of this company, announces that funds for payment of coupon 23, due July 2 1917, of the San Francisco Oakland & San
Jose Terminal Ry. 2d M. 5% gold bonds have been deposited with the
Wells-Fargo Nevada Nat. Bank, San Francisco. Coupons will be paid
upon presentation at the bank.—V. 107, p. 906, 697.

South Carolina Light Power & Ry.—Bonds Offered.—
A. B. Leach & Co. are offering anew issue of $450,000 3-year
7% gold notes, due Sept. 1 1921. The issue is to provide
funds for payment of floating indebtedness incurred for
additions and betterments.
A. B. Leach & Co. report that earnings for the 7 months from Jan. 1
to July 31 were more than 33% times the pref. dividend requirements and
more than 1%
3 times interest charges. Gross earnings for July showed
an increase of 36.9% over those of July 1917, and net earnings an increase
of 80.4%. The company has declared the regular dividend of 13%% on
the pref. stock, payable Oct. 1 to holders of record Sept. 20.—V.106,p.1124.

Southern Ry.—Vice-President.—

•

C. F. Steel, a director, has been elected as a Vice-President.—V2 107.
p. 1102, 1008.

Southern Street Railway.—Merger Plan.—
See Chicago Local Transportation Co. under "Reports and Documents"
on a subsequent page.

Terminal RR. Association of St. Louis.—Rates Reduced.
The U. S. RR. Admin. has instructed this company to modify the new
freight tariff between St. Louis and East St. Louis, which became effective
June 25. and which provided for radical advances.—V. 107. P. 605.

Trans-Mississippi Terminal RR.—Officers.—
O. L. Wallace has been elected President to succeed J. L. Lancaster
and A. Robertson has been succeeded by J. G. Drew as Vice-Pres.—V.
107, p. 803, 403.

Trenton & Mercer County Traction Co.—Fare Increase.
The New Jersey P. U. Commission has granted this company an increase
in fares as follows: The order allows the withdrawal of the sale of tickets
of six for 25 cents, and also orders that the 5-cent fare be discontinued
during the war. It grants the right to collect 6 cent fares.—V.106.p.2758.

Tr -City Ry. & Light Co.—Rates.—
The Illinois P. U. Commission issued the following orders: "The proposed advanced increase in street railway rates in Moline, East Moline,
Rock Island, Silvis and Milan, filed by the Moline Rock Island & Eastern
Traction Co. and the Tr -City Railroad Co., is ordered suspended until
Jan. 29."—V. 81, p. 728.

Union Elevated Railroad.—Merger Plan.—
See Chicago Local Transportation Co. under "Reports and Documents"
on a subsequent page.—V. 97, p. 522.

Union Consolidated Elevated Railway.—Merger Plan.
See Chicago Local Transportation Co. under "Reports and Documents"
on a subsequent page.

United Gas & Electric Corp.—Sub. Co. Redemption.—
Replying to our inquiry regarding the Lockport Light, Heat & Power
Co. $350,000 6% notes which matured July 16 1918, we are informed that
these one-year notes are to be redeemed by an issue of $350,000 Gen. M.
7% bonds, dated July 16 1918, due Jan. 16 1920, with interest payable
semi-annually. This mortgage is secured by a third lion on the property,
together with all the stock of the International Power & Transmission Co.
These bonds are callable at 101 and int. at 30 days' notice. At the present
time there are no circulars covering this issue.—V. 107, p. 1102, 503.

United Rys. Co., Havana.—Bonds Subscribed.—

Pennsy vanta o.—Reduced on Philadelphia List.— "P

A dispatch from London states that the £1,000,000 issue of 5% bonds
offered at 82 by the company has been fully subscribed.—V. 107, p. 1194.

Pittsburgh Railways Co.—Wage Appeal to War Board.—

In answer to our inquiry regarding the ordinance which was passed by
the Municipal Assembly of St. Louis on March 29 1918 and signed by the
Mayor on April 10 1918, we are informed that a petition was made to refer
the same to the registered voters at the next election, which will be on
Nov. 7 of this year. There is, however, some doubt whether this matter
can legally be referred to the voters or the subject matter put on the ballot
of a regular election. This will have to be decided by the legal departments.—V. 107, p. 1194, 1102.

The Philadelphia Stock Exchange on Sept. 17 struck off the regular list
% Guaranteed Trust Certificates, Series "A" retired and
$62,000
canceled by operation of the sinking fund, leaving the amonnt of said
certificates listed $4905,000, excepting $905,000 retired and canceled
by operation of the sinking fund to Sept. 1 1918.—V. 107, p. 291, 284.
This company's employees on Sept. 24 rejected the latest offer of the
receivers and voted to ask the War Labor Board to take jurisdiction of
their demand for an increase of wages.
The offer of the receivers contemplated a scale of 43, 46 and 48 cents an
hour, the first rate being for three months, the second for nine and the
third for men who had Jerved a year. It was coupled, however, with the
condition of an increase of 25% in the swing runs and trippers, which would
have increased the number of men so employed from about 25 to about
60% of the total. The receivers offered also a bonus of three cents an
hour above the scale rate to all men working swings and trippers.
The pre-sent scale is 37, 39, 41 and 45 cents, but three years' service is
required to obtain the maximum rate.
The rates proposed are satisfactory, but the men do not like the conditions.
The Union Trust Co. of Pittsburgh, before Judge Charles P. Orr in the
U. S. District Court on Sept. 24, filed a petition asking the Court to
require the receivers to pay $37,775 fixed charges due July 1 on the mortgage of the Mast End Traction Co. Judge On'signed an order requiring
the race vers to show cause on or before Oct. 7, why the prayer should
not be granted.—V. 107, p. 1193, 1101.

Public Service Corp., N. J.-7-Cent Fares Granted.—The
New Jersey Board of Public Utility Commissioners on
Sept. 27 authorized this company to increase fares from
5 cents to 7 cents, effective Oct. 15. The following was
announced in yesterday's dispatches:
The 7c. charge is to continue until March 31 1919. Beginning April 1
next the fare of 6c. is to be charged until a further order of the board. The
increase is in addition to the lc. now exacted for initial transfers, and follows
the recommendation of the War Labor Board that the company be permitted to obtain additional revehlue to meet the advance in wages given
to the employees following the award of the Labor Board raising wages in
excess of the amount allowed by the Utility Board. The company has
until Oct. 10 to file its acceptance of the rates.
The Board will retain jurisdiction of the emergency or war surcharge as
approved for the purpose of modifying or abrogating it as the conditions
change. It is anticipated by the Utility Commission that it may be possible to adopt some plan before April 1 next. The plan with its schedule of
rates when adopted will be substituted for the then existing rate.
The wage award made to the employees by the War Labor Board is
retroactive to Juno 7 1918. This makes it imperative for the railway
company not only to pay the increased wages as they become due, but in
addition wages in excess of those already paid, accruing since June 7 last
ccordance with the same scale.—V_. 107, p. 502, 402.
,•

[VOL. 107.

Quebec Ry., Lt., Ht. & Power Co.—Sub. Co. Sale.—
See Quebec & Saguenay Ry. below.—V. 107, p. 1005.




United Rys. of St. Louis.—Ordinance.—

United Railroads of San Fran.—New Line—Earnings.
Under an agreement wall the Emergency Fleet Corp., which is to lend
the city of San Francisco $450,000 for the construction of a railroad to
Hunter's Point, initial work has been instituted and it is said that the lino
will be ready for use in 90 days. For a time the United Railroads' cars will
use the municipal track. The Emregency Fleet Corp., in advancing the
money, stipulates that the system may be used by the United Railroads
onzvaeynirueNyof
u:ke pro
aolf
ways
maintenance
%
avcost.
st.
Municipal Railways
direct connection with this
new line on Hunter's Point. The city has the option of taking over the
entire construction two yrs. after the war at not less than 75% of total cost.
Results for Fiscal Years ended June 30.
Gross
Interest, Rentals Balance for
Net (after Other
Fiscal
Earnings. Taxes). Income. Chgs., &c. & Leases.'Sk. Fd. &c.
Year$
1917-18
6,261,999 255.176 170,408 1,925,676 177,600 df.1,677.691
1916-17
7,458,142 2,205,940 163,121 1,928,882 176,700 sur.263,479
1915-16
7,751,743 2,337,709 178,525 1,943,096 176,400 sur.396,738
—V. 107, p. 1102, 182.

Virginia Ry. & Power Co.—Dividend.—
The directors have declared a dividend of $2 513% on the common stock,
payable Oct. 21 to holders of record Sept. 30. It is payable only in stock
of the Old Dominion Iron & Steel Corp. at the rate of one share of stock of
the old co. of par value of $3 for each share of common stock of the Virginia Co.—V. 107, p. 503.

Ware & Brookfield Street Ry.—Dismantlement.—
Replying to our inquiry, Swift-McNutt Co., Boston, write: "We are
dismantling the railway, which has ceased to operate and will be dismantled
in its entirety."—V. 106, p. 1902.

Washington (D. C.) Ry. & Elec. Co.—New President.—
William F. Ham, former Vice-Pres. and Comptroller, has been elected
President of this co. and the Potomac Elec. Power Co.—V.107, p. 803, 698.

Western Ohio Ry.—Interest Payment.—
Answering our inquiry we are informed that the May interest on the
company's ($2,500,000) First Mortgage 5s was paid on Sept. 1 and interest on all other issues has been paid when due.—V. 107, p. 403, 83.

Winnipeg Electric Ry.—Wage Demand Refused.—
The "Monetary Times" is in receipt of the following (in part) from the
manager of the company, referring to the demands of the company's employees for higher wages:

SEPT. 28 19181

1289

THE CHRONICLE

s.
Appalachian Power Co. (N. Y. & W. Va.).-Earning
"We are in receipt of a demand from our motormen and conductors for
1917.
1918.
1918.
1917.
Aug. 31 Yrs.
a very large increase in pay. The demands they make upon us, effective
9 Gross earnings_$1,155,028 $880,494 Interest charges_ 3507,300 $470,865
Sept. 15, are as follows: For the first 3 mos., 47c. per hour; for the next
def.$40,030 sr$44,090
467,270 514,955 Balance
Net income_ _
mos. 55c. per hour; thereafter, 60c. per hour. And overtime to be paid
by
Increase in operating cost was due in part to extra steam expense. Infor at the rate of time and one-half. Their present rate of pay, as fixed
terest charges ($507,000) are stated after charging $26,097 to construction.
existing agreement, is as follows: First 6 mos., 30c. per hour; second 6 mos.,
and 39c. -V. 107, p. 1006, 804.
32c. per hour; second year, 33c. per hour; third year, 35c. per hour
The
per hour for fourth year and succeeding years of continuous service.refuse
to
obliged
is
it
that
is
Art Metal Construction Co.-Special Dividend.this
demand
to
reference
in
position
company's
The directors have declared a special dividend of 1M% or 15 cents
the same.-V. 106, p. 2646.
payable Nov. 30 to holders of record Nov. 15 along with the quarterly
Worcester & Warren Strget Ry.-Dismantlement.dividend of 1 3 %, payable Oct. 31 to holders of record Oct. 11. Like
Replying to our inquiry, Swift-McNutt Co., Boston, write:"We are dis- amounts were paid three months ago.-V. 102, p. 1251.
mantling the railway, which has ceased to operate and will be dismantled
Asbestos Corp. of Canada.-Dividend Increase.- •
in its entirety.'-V. 105, p. 2457.
The directors have increased the dividend on the preferred stock by
declaring a dividend of 1%%,payable Oct. 15 to holders of record Oct. 1.
Youngstown & Ohio River RR.-Div. Resumed.
Three months ago a dividend on the preferred stock was increased from 4%
The directors have resumed dividends on the preferred stock by declaring
issue, payable Sept. 30 to holders of record Sept. 21. Ac- to 5% and the present declaration will bring the rate up to 6%.-V. 107.
I 3 % on thatamount
p. 504.
to only 1% %.-V. 107, p. 2459.
cumulations
Bitter Root Valley Irrigation Co.-Sale.-

A. J. Vioiette of Missoula, Mont., Special Master, on or about Sept. 19
sold at public auction the property of this company for $100,000 to a representative of Louis Boisot of Chicago. The property includes about 20,000
acres, the irrigation system and $250,000 in contracts for land sold by the
Suit was filed in the Circuit Court at St. Louis on
company to settlers. This sale, it is stated, represents an important step
pointment of a receiver for this company, the petitioner, a stockholder, toward the reorganization of the company.-V. 102, p. 1252.
alleging mismanagement and diversion of funds and property.
Burroughs Adding Machine Co.-Pistol Manufacture.The petition recites that the company has an authorized capitalization
7% pref.
This company, it is reported, is building a new plant at Detroit, which
of $500,000 in 5,000 shares of $100 each, of which $125,000 is
the
pref.
of
$60,000
that
and
will be devoted to the manufacture of Colt's automatic pistols for the
stock, and the balance, $375,000, common;
U. S. Army.-V. 104, p. 364.
and $280,000 of the common stock has been issued.-V.81, p. 728.

INDUSTRIAL AND MISCELLANEOUS.
-Receiver.Allan-Pfeiffer Chemical Co., St. Louis.
Sept. 18 for the ap-

Aluminum Co. of America.-Sub. Co. Power Plan.-

See St. Lawrence River Power Co. below.-V. 107, p. 907.

American Agricultural Chemical Co.-Reconstruction-Obituary.This company has commenced work on a new $300,000 reinforced concrete building in Jacksonville, Fla., being erected on the site of a building
destroyed by fire some months ago.
It has been announced that William Whitely Baker, Vice-President of
this company, passed away on Sept. 22.-V. 107, p. 1194.

American Ice Co.-Extra Dividend of 1%.

The directors have declared the regular quarterly dividend of 1%% on
the preferred stock and in addition an extra payment of 1%, making a full
6% for the current year. Both dividends are payable Oct. 25 to holders
of record Oct. 13.-V. 106, p. 2452.

American International Corp.-New Vice-President.-

This company announces that the directors on Sept. 26 elected Matthew
C. Brush, formerly Pres. of the Boston Elev. RR,., as Vice-Pres. of the
corporation.-V. 107, p. 804, 503.

American Malting Co.-Liquidation Status.-

Commenting on the Government order stopping the manufacture of
malt for use in beer, W. Forbes Morgan. Chairman of the Stockholders'
Liquidating Committee, is quoted as follows:
"Latest rulings of the Government prohibiting further manufacturing of
malt and closing of breweries on Dec. 1 have fully justified the view of the
committee as to immediate necessity of liquidating. It is to the interest
of every preferred stockholder to see that this is brought about as soon
as possible. Figures previously given in regard to the amount of cash
on hand when bills receivable have been collected still hold good, namely,
$40 a share in cash ?n the preferred stock. This is after payment of about
'
$700,000 in bonds.

Dividend Omitted.-

The directors have voted to discontinue dividends on the first pref. stock
which had been at the rate of 1%% quarterly since November 1917. The
dividend is due Nov. 1.
It. H. Lansdale, Vico-President, had the following to say:"In view of the
conditions brought about by the orders of the United States Food and Fuel
Administrations, prohibiting the making of any malt and the use of malt
after Dec. 1, the directors have determined not to declare the quarterly
dividend of 1%% due on the preferred stock."-V. 107, p. 1103.

American Screw Co.-Extra Dividend of 2%.

The directors have declared an extra dividend of 2%, along with the
regular quarterly payment of 1%%,on the capital stock, payable Sept. 30
to holders of record Sept. 23. With these payments the company will
have disbursed to its stockholders $11 25 per share for the three quarters
of 1918. In March an extra of 4% was declared, but in June only the
regular dividend was paid, as expected. The final payment for the year
will fall due in December.-V. 106, p. 1346.

American Shipbuilding Co.-Earnings.--Income Account for Years ending June 30.
1916-17.
1916-17.
1917-18.
1917-18.
Deduc's(Con.)Net earns. after
mfg. expenses_$16,206,662 $4,866,012 Other deduc'ns__ $2,981,227 $1,046,651
400,000
751.973 Belmar tax.(est.) 4,000,000
860,529
Other income___
Pref. divs. (7%)553,000(1014)829,500
Total income_ _S17,067,191 $5,617,985 Corn. divs_ (16 h)1,273,000 (7)532,000
Deduct272,418
Balance, Burp_ $4,800,265 $1,786,540
War taxes (add'i) x1,736,240
750,876
Maintenance_ _ 1,723,459
x Federal income, war and excess profits taxes for the 12 months ended
Dec. 31 1917 in excess of provision at Juno 30 1917.-V. 107, p. 1194.

American Tobacco Co.-Prices Advanced.-

This company on Sept. 27 advanced the prices of several of its largest
selling brands of cigarettes from 15 to 20%.-V. 107, p. 1006, 606.

6 Amoskeag Mfg. Co.-31 Declared on Common.-

A dividend of $1 per share has been declared on the common stock, payable Oct. 2 to holders of record Sept. 24. Dividends at the rate of $3 a
share per annum on the common stock and $4 50 on the pref. shares have
been regularly paid since the organization of this now association in October
1911.-V. 108, p. 2759.

Anheuser-Busch Brewing Assn.-Plant Taken Over.The War Department on Sept. 24 took over one of the plants of the
association in St. Louis for the storage of ordnance supplies. The plant
has a total area of about 250,000 sq. ft., for which the Government is to
pay, it is stated, a rental at the rate of approximately 34 cents a foot, this
rental to include heat and light.

Arizona Power Co.-Earnings.-

Canadian Pneumatic Tool Co., Ltd.-Stock Increase.-

Notice is given, dated Sept. 14, under the Canadian "Companies Act" of
an increase in the authorized capital stock from $50,000 to $150,000, such
increase to consist of 2,000 shares of $50 each.

Carbon Steel Co.-Extra Dividend of3%.

The directors have declared an extra dividend of 3% on the outstanding
($3,000,000) common stock, payable Oct. 15 to holders of record Oct. 10,
In addition to the regular quarterly dividend of 2%. In April last 2%
extra was paid.-V. 107. p. 294.

Cayuga Steel Co.(Auburn, N. Y.).-Further Bids.-

At the hearing on the confirmation of the sale of'this property to R. C.
Uihlein of Milwaukee a further bid for 8170,000 was made for the plant
by a representative of A. E. Hopkins, who in turn is understood to represent other interests. Final hearing on the sale has been adjourned until
Oct. 1.-V. 107, p. 1194, 606.

Central Leather Co.-Extra Div. of 2% on Common.-

BosideS the regular quarterly disbursement of j3% on the $39,701,030
Issued common stock, the directors have declared an extra dividend of
paid
2%, making a total of 7% disbursed so far this year, including 1X%each,
on Feb., May and Aug. 1. In 1917 9% was paid Feb. ,St May 1%% payand in Aug. & Nov. 1%% and 2% extra each. Both dividends are
able Nov. 1 to holders of record Oct. 10.-V. 107, p. 403.

Central Manufacturing District, Chicago.-Bonds,41c.

See Chicago Junction Railways & Union Stock Yards Co. under "Annual
Reports" abovo.-V. 107, p. 698.

Central Power & Light Co.-Earnings.Results for the Year ended July 31.
1917.
1918.
1917.
1918.
$51,270 $48,126
Gross
$483,073 $306,805 Bond interest
90,169 59,546
Net, after taxes__ 141.439 107.672 Balance
The large increase is not due entirely to the growth of business of the
plants reporting in 1917 as some additional properties had been acquired
in the meantime, and their earnings are incorporated in the 1918 report.
-V. 107, p. 606.

-Est. Earninps.
Central & South American Teleg. Co.
June30'18. Mar.31 18.

Quarter endedGross receipts
Not, after ordinary taxes
Other income
Total income
Dividend (13- % guar.)
Repairs, &c
War tax

Sept. 30'18.
$1,176,000 $1,050,000 $1,006.000
756,000
790,000
877.000
38,000
55,000
59,000
$794,000
$845,000
$936,000
209,871
209,871
209,871
51,000
66,708
66,708
180,000
220,000

$533,129
$388.421
$439,420
Surplus
finally
President John L. Merrill says: "Until war tax legislation ispositive
more
a
make
to
Impossible
be
will
it
enacted at Washington,
provision for the war taxes of 1918..
Total est. surplus Sept. 30 1918, $2.618,646.-V. 106, p. 2759, 2454.

Century Coke Co.-Bonds Called.-

This company has called for payment on Oct. 1 at 105 and int. 25 of its
bonds, ranging in number from 16 to 239, incl., at the Fidelity Title &
Trust Co. of Pittsburgh, Pa.

Chestnut Ridge Land Co.-Bonds Called.-

This company has called for payment Oct. 1 at par and int., ten of its
First Mtge. 20-year 5% gold bonds due Oct. 1 1927, at Girard Trust Co.

Chevrolet Motor Co.-Dissolution Plan.-

Referring to the vote to be taken Oct. 11 on the dissolution of the company and the exchange of its stock for that of the General Motors Corp.,
an official circular dated Sept. 17 says in part: "Upon such dissolution
the assets and property of the company, after the satisfaction of all debts
and liabilities, (shall) be divided among the stockholders and that there be
distributed to each shareholder, upon surrender of the stock certificates, duly endorsed in blank, for cancelation, 1 1-7 shares of the common
capital stock of General Motors Corp. in respect of each share of the capital
with Genstock of Chevrolet Co., except that pursuant to an arrangement
eral Motors Corp. fractional shares will be purchased by said General
Motors Corp. at the rate of $112 a share for General Motors Corp. common stock." Compare V. 107, p. 1194, 1006.

Chile Copper Co.-Copper Production (in Lbs.).1918-August-1917.
8,036,000
8,496,000
-V. 107, p. 805, 406.

1918-8 Mos.-1917.
Increase.
460,000165,484,512 59,204,000

Increase.
6,280,512

Cliff Electrical Distributing Co.-Merger Plan.-

See Niagara Falls Power Co. below.-V. 106, p. 2454.

Results for Month of June and 12 Months ended June 30.
Coast Counties (Cal.) Gas & Electric Co.-Rates.- add
[Combined statement, including the Arizona Steam Generating Co.]
The Cal. RR. Commission has granted this company permission to
1918-Junc-1917 Inc. 1918-12Mos.-1917 Inc.
existing rates surcharges sufficient to bring earnings to a normal basis.
its
to
$37,052
$47,618
28.5%
$588,652 $397,829 47.9%
Gross earnings
permitted are: For domestic, commercial and metered
°per. expenses & taxes_ 21,208 16,708 26.9% 279,407 135,387 --- - The surcharges
1.5c. per k.w.h.; for power service, Sc.;for municipal street lighting,
service,
46.411
bill; for electric railways, 20% of municipal bills. The
municipal
of
$26,410 $20,344 29.8% $309,245 $262,442 17.8% 10%
Not earnings
15
surcharges are applicable to readings taken on and after Sept. 20 1918.
____
214
261
3,063
Other income
614.
p.
101,
-V.
;k9,414
$26,671 $20,359 30.9% $312,308 $262,656 18.9%
Total income
Cohoes (N. Y.) Co.-Merger Approved.$125,110 $125,244 - - -Bond & note interest_ _$10,238 $10,488 Under an order issued by the New York 1'. S. Commission on Sept. 19
31,500
Int. on A.S.G.Co. 1st as 3,500
Gas Light Co. into the Cohoes
- --901
1,322
12,138
8,636 - - the merger of this company and the Cohoes
General interest
Power & Light Corp. is authorized.-V. 101,p. 1809.
1,867
37,051
19,919 Deproc. & replace. res.. 4,550
rsko
Colorado Power Co.-Development.$7,061 $7,103
$106,509 $108,857 --Net income
The $763,269 net earnings for the year ended July 31 1918 are reported
e
$19,400 the gross earnings of the
34.3% 2.1% by Bonbright & Co., Inc., to exceed by
47.5%
---44.0% 45.1%
Operating ratio
for the calendar year 1914, while securities of the company and
Bonbright & Co., Inc., remark: "If the company had charged the same company
the public compared as follows
of
hands
the
in
outstanding
subsidiaries
the
not
for
income
Mounts ff f r depreciation in 1918 that it did In 1917
period, while the additional charge for interest and dividends
Id have shown a gain of $2,640 and the net income for the for the aggregates
use
annum, viz.:
per
$47,051
only
thereon
1311.
p.
105,
2 months a gain of $14,783."-V.




1290

THE CHRONICLE

Dec.31'14. July31'18. Increase. Addl Chge.
1st M. 5s, due May 1 1953__$4,127,278 $4,247,800 $120,522
$6,026
Bonds of subsid. cos., 6% _ _
None
172,000
172,000
10,320
Preferred stock. 7%
424,590
845,500
420,010
29,463
Common stock, regular 2% _10,988,916 11,051,000
62,084
1,242
-V. 107, p. 607.

Columbia Gas & Electric Co.-Gasoline Production.-

This company's gasoline production for the week ended Sept. 6 amounted
to 182,025 gallons, as compared with 160,702 gallons for the corresponding
week of 1917, an average per day for the week of 26,003, compared with
22,957, according to a statement by A. B. Leach & Co., Inc. Production
since Jan. 1 1918 amounted to 7,938,300 gallons, compared with 7,277,239
for 1917, and the average per day since Jan. 1 was 31,880, compared with
29,109 in 1917.-V. 107, p. 1195, 805.

[VOL. 107.

in exchange for temporary interchangeable certificates of the
or
outstanding certificates of International Harvester Co. of N. company
J. or International Harvester Corp. Compare V. 107, p. 1195, 1104.

Exchange of Certificates.-The merger having been consummated with the same capitalization ($80,000,000 corn.
and $60,000,000 7% pref.), as prior to the separation in
1913, the shareholders of the constituent companies are
notified by circular of Sept. 19 to send their certificates at
once to the First Trust & Say. Bank, Chicago (or optionally
to the Guaranty Trust Co. of N. Y., as agent), for exchange
for the new certificates, as per plan V. 107, p. 608, 699.

The old stocks are exchangeable as follows: (a) The old preferred, share
Damascus Brake Beam Co.-Dividends.The directors have declared the quarterly dividends of 1 % on preferred for share for the new preferred. (b) Two shares of tho new common for
one
share of common stock of International Harvester Co. of N. J. plus one
stock and 2% on common stock. payable Oct. 4 to holders of record Sept.
25. It was stated that this company is working 100% on Government .common share of International Harvester Corporation. (c) One and onethird
shares of new common for each share of common stock of the Intercontracts and is all booked up.-V. 106, p. 1464.
national Harvester Co. of N. J. (d) Two-thirds of one share of new common stock for each common share of International Harvester Corp. (e)
Distillers Securities Corp.-Properties.Following the disposition of the 19 distilleries to be sold Oet. 1, the No fractional shares will be issued; all fractions will be united into whole
company,it is stated, will have five large distilleries in and about Louisville, shares and sold and the proceeds paid to the stockholders entitled thereto.
Ky., alone, one of Which is now producing commercial alcohol.-V. 107, p. -V. 107, p. 1195, 1104.
1195, 1103.

International Mercantile Marine Co.-Sale Status.-

Eastern Steamship Lines.-Lower Fare.-

With reference to the published report that this company contemplates
only the disposition of its holdings in Frederick Leyland & Co. in the negotiations for the sale of the British subsidiaries, official denial is made.
It is understood that there is no change in the situation, and that the terms
of the proposed transaction still provide for the transfer of the entire
assets of the British cos. to an English syndicate.-V. 107, p. 1095, 909.

A special fare of $4 between New York and Boston, good only for occupants of cabin berths, will go into effect Monday on the Metropolitan
Steamship Line, a subsidiary of this company. The regular first-class fare
will remain unchanged at $5 65, including the war tax. Under the new
arrangement the cabin berths are free.-V. 106, p. 1347.

Edison Electric Ilium. Co. of Boston.-Earnings.-

Internat. Schools of Latin America.-Report.-

Soo International Textbook Co. under "Reports" last week, page 1190.
Results for Years ending June 30.
YearGross.
Net.
0th. Inc. Int. &Tax. Div.(12%). Bal., Sur.
Jewel Tea Co.-Sales.1917-18__$9,623,606 $4,792,335 $89,606 $1,643,843 $2,703,360 $534,738
1918-August-1917.
Increased 1918-32 Weeks-1917. Decrease.
1916-17.. 9,235,778 4,851,467 197,967 1,429,624 2,703,066 916,744
$1,131,985
$1,111,950
$20,0351$9.314,033
1915-16__ 8,302,815 4,677,397 124,051 1,230,995 2,702,184 868,269
$9,365,424
$51,391
-V. 107, p. 609.
-V. 107, p. 1195.

Electric Storage Battery Co.-Note Payment-Orders.-

In connection with the announcement that this company proposes to
pay off its $1,000,000 6% one-year notes maturing Oct. 1, without any
financing, it was further stated that the company had about $12,000.000
unfilled orders on its books.-V. 107, p. 1195, 184.

Kern River Oilfields of Calif., Ltd.-Agreements.-

See Tampico Oil Co. below.-V. 96, p. 206.

Kerr Lake Mines, Limited.-Earnings.-

Results for Fiscal Years ended Aug. 31.
-Kerr Lake M. Co., Ltd.- -Kerr Lake Mines.
1918.
1917.
1918.
1917.
directors have declared a dividend of 1 % on the 7% cumulative Total income
2,394,218 $1,909,465
$650,182
$666,441
preferred stock, payable Nov. 1 to the holders of record Oct. 18. The last Balance after taxes
1,672,316
1,343,475
595,141
630,266
dividend on this issue was paid on Aug. 1 1914. Announcement has been Dividends
650,000
666,000 (20)600,000
690,000
made that the company has acquired the Osborne Hues of harvesting maBalance, surplus_ _sur.$1,022,316 sur.$667,475
chinery from the International Harvester Co. In accordance with the plan
def$4,859 def$59,734
of dissolution of the Harvester Co. Ti,ere are back dividends amounting -V. 106, p. 604.
to 28% yet to be paid.-V. 107, p. 607.

Emerson-Brantingham Co.-Dividend Resumed.The

Lockport Light, Heat & Power Co.-Redemption.-

Foster Building Corporation.-Reports.-

See United Gas & Elec. Corp. under "Railroads" above.-V.106, p. 1131.

See International Toxtboo Co. under "Reports" last week, page 1190.

Great Western Sugar Co.-Special Dividend of 10%.-

The directors have declared a special dividend of 10% on the $15,000,000
outstanding common stock along with the quarterly payments of 15 %
on the pref. and com. stocks, all dividends are payable Oct. 2 to holders
of record Sept. 15. Like amounts have been paid since May 10 1917.
(unconfirmed).-V. 107, p. 185.

--Gulf States Steel Co.-Earnings.-

Month of August1918.
Decrease.
1917.
Net operating income
$72,240
$444,747
$372.507
The directors have authorized the following statement: "In order to
meet the requirements of the United States Government the company has
suspended its large export business as well as its domestic barbed wire
business and has substituted therefor other business at an operating loss
largely due to fixed prices, to recent increases of over 100% in freight rates
on furnace raw materials to the increased cost of labor and the loss of many
of its most experienced employees."-V. 107, p. 908.

Hillcrest Collieries, Ltd.-Initial Dividend.-

The directors have declared an initial dividend of 1% on the $1,000,000
outstanding common stock, payable Oct. 15 to holders of record Sept. 30.
Earniegs of the company aro satisfactory, but there has been no change
in the company's position in that respect. The declaration of this
dividend, however, was influenced by the fact that the company has practically
completed the monthly payment of $3,000, which has been going as an indemnity to families of victims of the mining disaster in 1914.-V. 06. p.
1091

General Petroleum Corporation.-Stock Increase.-

The stockholders on Aug. 29 voted to increase the authorized capital
stock from $16,702,400 to $25,000,000, but no portion of the additional
stock, we learn, has teen issue nor has any offering been made to date.
Compare V. 107, p. 1097, 1006, 295.

Geneva Cutlery Corporation.-Dividend on Pref. Stock.

Announcement is made of the declaration of a dividend of $2 50 per share
on the pref. stock, payable Oct. 1 to holders of record Sept. 28.
Checks
will be mailed. A. D. Converse & Co. are interested.-V. 107, p.805.
•
...4111MMINI

Hydraulic Power Co., Niagara Falls.-Merger Plan.-

See Niagara Falls Power Co. bolow.-V. 107, p. 699.

• Illinois Brick

o.-Divtdert
• • -d ()nutted.•
..)

The directors have omitted the regular quarterly dividend
due at this time. An official statement says the company isofin134%,
good
condition but the directors deem it inadvisable to make further disbursements to stockholders during the war period.-V. 106, p. 1348.

International Agricultural Corp.-Div. Status.This company

has declared a quarterly dividend of 134% on the 7%
cumulative prekerred stock. Dividends were resumed on
this issue and
at this rate three montas ago, after a lapse of about five years. The dividend is payable Oct. 15 to stock of record Oct. 7.
John J. Watson, Jr.. Vice-President, is quoted as saying: "The directors
feel that regardless of the improved condition of the company and the
satisfactory earnings shown, it is best to pursue a conservative policy in
regard to dividends." No report has been made, but the
of recommending an adjustment of back dividends is still in the matter
hands of the
committee.-V. 107, p. 85.

International Educational Co.-Report.-

See International Textbook Co. under "Reports" last week, page 1190.

Maple Leaf Milling Co.-Extra Dividend of 1%.
-

The directors have declared an extra dividend of 1% along with the
usual quarterly dividends of 2 % on the corn, stock and of 134% on the
preferred stocks all payable Oct. 18 to holders of record Oct. 3. A like
amount was declared three months ago.-V. 107, p. 1190.

Mexican Telegraph (30.-Earnings (Partly Est.).-

Quarter endedOs•oss
Net after ordinary taxes
Other income
Total income
Mexican Government charges
Dividend (234% guar.)
Repairs. replacements, &e
War tax

Sept. 30'18.
$407,000
'274,000
68,000
$342,000
16,250
124,880
25,175
60,000

June30'18. Mar.31 '18..
$375,
,
255,000
26
47
2:0
000
56,387
$311,387
$30
19
2:0
50
00
16,250
124,880
124.880
11,457
4
25,0
10
75
7

Surplus
$115,695
$100,075
$160,163
President John L. Merrill says: "Until war tax legislation is finally
enacted at Washington, it will be impossible to make a more positive provision for the war taxes of 1918."
Total est. surplus Sept. 30 1918, $3,787,299.-V. 106, p. 2762, 2564.

Midvale Steel & Ordnance Corp.-Wages.--

Recognizing the right of wage earners to bargain collectively with their
employers, this company has posted the following notice: "We recognize
the right of wage earners to bargain collectively with their employers, and
we hereby invite all employees to meet with the officers of their respective
companies for the purpose of considering and, if practicable, adopting a
plan of representation by the employees, which shall be thoroughly democratic and entirely free from interference by the companies, or any official
or agent thereof. It Ls hoped that every employee will respond to this
invitation and meet with the officers of the company in the spirit of fair
dealing and mutual helpfulness."-V. 107, p. 1196, 1007.

Missoula (Mont.) Gas Co.-Foreclosure Proceedings.-

Thomas N. Marlow, acting as trustee for the holders of this company's
$500,000 (authorized) First Mtge. 6% bonds dated 1909, alleging that
neither principal nor interest has over been paid, on Sept. 20 filed foreclosure proceedings in the District Court against the company. There
were outstanding at last accounts $150,000. Mortgage trustee, Continental & Commercial Trust & Savings Bank, Chicago. George P. Smith,
Missoula, Mont., is President.

Moline Plow Co.-Sale to Willys-Overland.-

See Willys-Overiand Co. below.-V. 107, p. 806.

Murray-Kay Ltd.-Plan Approved.-

The shareholders of this company voted Sept. 16 to approve the reorganization plan of this company, the directors being authorized to proceed
with developments with new capital being provided. Soo V. 107, p. 1007.

National Aniline & Chemical Co.-Allied Co. Notes.-

See Rollin Chemical Co., Inc., below.-V. 107, p. 610.

New Bedford Gas & Electric Light'Co.-Gas Rate.-

The Massachusetts Gas Commission has authorized' this company to
charge $1 10 net per 1,000 cu. ft. for gas sold after Sept. 1 and for the
duration of the war.-V. 106, p. 611.

Newburyport Gas & Electric Co.-Rate Increase.-

The Massachusetts Gas Commission has authorized this company to
increase the price of gas from $I 40 per 1,000 cu ft. to $1 80 after Sept. 1
and for the duration of the war.-V. 105, p. 2370.

International Harvester Co.-Dividends7--:The directors of this new company have declared the initial quarterly
Nevada California Electric Corp.-Further Data.-Redividend on the common stock of $1 50 (13/2%) payable ferring to the offering noted in these columns last
week of
Oct. 25.to holders of record $10. An exchange journal says: this company's 6% First Lien gold bonds, series "A,"
the
Under the exchange common holaers of the International Harvester
circular
issued
by
Messrs.
Boettcher,
Co. received one and one-third shares of new common for each share of
Porter & Co. shows:

common turned in. Thus the holder of 30 shares
old common formerly
received $210, in dividends per annum. When heof
exchanged
stock he
received 40 shares of new common, and a $6 annual rate onhis
that stock
would return him $240 a year in dividends. This would be equal
to $8
a share per annum on his 30 share: of old stock in the case of International
Harvester Co.

Admitted to List.Tho N. 16. Stock Exchange has admitted to list temporary
able certificates for $60000,000 7% cumulative prof. stock andinterchange$80,000,000
common stock on official notice of issuance in exchange for
and
common stocks of International Harvester Co. of N. J. and preferred
International
Harvester
with authority to substitute prior to July 1 1919 permanent engravedinterch
Corp*
angeable certificates on official notice of issuance




Security.-The outstanding 6% First Lien gold bonds, series "A," of the
corporation are secured by deposit of $8,581,000 bonds, viz.:
First M.6% bonds ($4,969.000):
Cain Co. 1st M
$1,650,000
Nev.-Cal. Power Co. 1st 5_$456,000 Pacific Power Corp. 1st M. 935,000
Hillside Water Co. 1st M__ 500,000 Coachella Vali. Ice & EllstM.300,000
Southern Sierras Pow. 1st M 675,000 Imperial Ice & Dciv. 1st M.. 140,000
Interstate Telegraph 1st M_ 250,000
*Ist&Rof.6%M.bds.($3,612,000):
Bishop Lt. & Pow. 1st M.._
4,500 Nov.-Cal. Power Co
2,577,000
Corona Gas & El. Lt. Co.. 58,500 Southern Sierras Power Co.1,035,000
*As the 1st M. bonds onthe Nevada-Callfornia Power Co. and the Southern Sierras Power Co. are retired, there will be issued in lieu thereof and
pledged under these First Lion gold bonds First & Refunding M. bonds of
the respective companies.

THE CHRONICLE

SEPT. 28 1918.[

In addition, a total of $15,341,575 (over 99%) of the capital stock of
underlying companies has been deposited as further security for these
6% First Lien bonds.
Earnings for Calendar Years and 12 Months ending May 31.
•
-Calendar Years- -12 Mos. Ended
1916.
1917. May31 '17. May 31 '18.
Total operating earnings_ _ _ _$1,526,897 $1,985,150 $1,677,729 $2,095,506
601,868
914,583
695,334
969,469
Opor. expenses & taxes_ ___
Net earnings
Miscellaneous income

$925,029 $1,070,567
55,989
119,692

$982,395 $1,126,036
117,529
102,794

$981,018 $1,190,260 $1,099,924 $1,228,830
Total net
Int. on bds. in hands of public295,504
240,856
328,075
248,588
On bonds of underly'g cos_
298,862
241,145
120,128
311,932
On 6% First.Lien bonds__
Balance
*Depreciation charge
*Pref. dividends

$532,816
95,370
265,850

* Supplied by Ed. Other deductions,
bond offering, V. 107, p. 1196.

$642,810
110,547
352,006

lig

$563,275 $676,042
Not reported
Not reported

any, not known. Compare

(The) Niagara Falls Power Co.-Merger Plan.The consolidation of the Niagara Falls Power Co., Hydraulic Power Co.
and Cliff Electrical Distributing Co., which the War Department is
urging as a war measure for the most advantageous utilization of Niagara
power, is proposed under terms of a plan dated Sept. 20 1918, on tie
adoption of which the shareholders of the Niagara halls Power. Co. will
vote Oct. 15, as authorized by special acts of the New York Legislature,
approved May 10 (V. 106, p. 2455, 2564).
ThenIan provides for the incorporation for 50 years of the "The Niagara
Falls Power Company" under the laws of New York State with $26,000,000
of authorized capital stock (in $100 shares), which amount, in compliance
with the terms of the aforesaid State law, "does not exceed the aggregate of
stocks and the surpluses and undivided profits of
,
the outstanding capital
said corporations.
Proposed Capitalization of New Company.
Common Stock in $100 shares, total authorized
$14,484,600
Preferred Stock, in $100 shares, entitled to (a) cumulative dividends from
Oct. 1 1918 at rate of 7% p. a. and no more, payable quarterly when
declared by the board out of surplus profits; (b) to preferential payment
of par value and accrued dividends in case of liquidation, whether voluntary or involuntary. No increase shall be made in the preferred stock
without the affirmative vote of 66 2 3% of the outstanding pref. shares
and a majority of the common stock, voting separately. In case of
any increase of capital stock, either common or preferred, both classes
shall have the right to subscribe therefor on equal terms pro rata. The
pref. stock will be subject to call for payment at $110 a share and ac
crued dividends as an entire Issue on any dividend date after duo notice.
Total authorized
$11,515,400
New Mortgage to be made within one year from Incorporation of the new
company, covering subject to existing liens all the physical properties,
plants, water rights and other rights, of the company, together with all
bonds and shares of capital stock (excepting directors' shares) of Canadian
Niagara Power Co. This mortgage will secure an issue of bonds for an
aggregate principal sum not exceeding $75,000,000 nor less than the total
bonds of the constituent companies issued or issuable, as below stated,
Said underlying bonds are to be exchangeable at option of holders for the
bonds of the new issue for like principal sums and bearing interest at not
less than 5% per annum.
The underlying bonds are (a) Niagara Falls Power Co. 1st M. 5% bonds
of 1891, due .Tan. 11932, $10,000,000, all outstanding (V. 106, p. 2341, for
annual report). (b) Niagara Falls Power Co. Ref. & Gen. Mtge.6% bonds
of 1909, duo Jan. 11932; authorized, $20,000,000; issued, $8,266,000; still
issuable. $11,774,000 (V. 88, p. 1316; V. 90, p. 240, 632, 1299). (c) Hydraulic Power Co. 1st M. 5% bonds of 1910, due July 1 1950 (but callable
at 110 and int. after July 1 1920), $3,500,000, all outstanding (V. 107, p.
295, 699; V. 92, p. 1639). (d) Hydraulic Power Co. Ref. & Impt. Mtge.
5% bonds of 1916, due Oct. 1 1951 (but callable after Oct. 1 1021 at 105
and int.), $10,000,000 authorized; issued, $4,500,000; reserved to retire
1st 58 of 1951, $3,500,000; balance, $2,000,000, still issuable for additions
and improvements (V. 103, p. 2432).
Terms of Exchange of Existing Shares for New Stock.
Will Be Exchanged for
Amount
Present Capital
New Common.
Outstanding. New Preferred.
StockNiagara Falls Power Co_ $5,757,700 200%411,515,400 17.1%4984,566.7
108%- 540,000
540,000
Cliff Electrical Distrib.Co
108%-12,960,000
Hydraulic Power Co____ 12,000,000
$18,297,700
$11.515,400
Total
$14.484,567
As above stated, the new capital stock is limited under the State law to
an amount not exceeding the aggregate amount of share capital, surpluses,
undivided profits and unimpaired reserve funds of the present companies.
(V. 106, p. 2455)•
The directors of the now company are as follows:
Edward D. Adams, N. Y.; Nicholas Biddle, N. Y.; Frederick Chormann;
Morris Cohn Jr., Niag. Falls; L. G. S. DeGraff, Nor. Tonawanda;.C. 1).
Dickey, N. Y.; Frederick L. Lovelace, Niagara Falls; Ogden Mills, N. Y.;
Victor Morawetz, N. Y.; George W. Olmsted, John Olmsted and William
D. -Olmsted, Buffalo; Jefferson Penn, Buffalo; Robert W. Pomeroy, Buffalo; DeLancey Rankine, Niagara Falls; Gustave A. Reuss, Milwaukee,
Wis.; Stacy C. Richmond, N. Y.; Hans Schmidt, Buffalo; C. P. Hugo
Schoellkopf, Buffalo; Jacob F. Schoellkopf, Buffalo; Jacob F. Schoellkopf
Jr., Buffalo; Paul A. Schoellkopf, Niagara Falls; Julius Schwill, Chicago,
III; Carlton M. Smith, Buffalo; Francis Lynde Stetson, N. Y.-V. 107,
p. 909, 408.

1291

The notes are the direct obligation of the largest manufacturers of wooden
dishes in the United States, baying a successful business history under the
same management for 35 years. Further details and a description of the
company's business, &c., should appear another week. Compare offering
of bonds, &c., V. 105, p. 1003. A description of the property, &c., appeared in V. 107, p. 1007.

Pacific Mills.-Special Dividend of $6 in Liberty Bonds.At a meeting of the directors it was voted to make a subscription of
$1,500,000 to the Fourth Liberty Loan. A special dividend of $6 a share
was also voted to be paid Nov. 1 to holders of record Sept. 23. This will
enable the individual stockholders also to make liberal subscriptions to
tho Liberty Loan.-V. 107, p. 408.

Pierce Oil Corp. and Subsidiaries.-Earnings.Results for Seven Months ended July 31.
1918.
1917.
1918.
Trading prof..$3,193,731 $1,770,357 Deductions __ $889,538
Other income_
339,119
536,749 Interest
575,512

1917.
$808,941
526,736

Total Inc __$3,532,850 $2,307,1061 Bal., surp_$2,067,800 $971,428
This company, it is reported, has brought in a well in Mexico with an
estimated capacity of 30,000 barrels of oil a day.-V. 107, p. 910, 903, 611.

Pressed Steel Car Co.-No Merger at this Time.The company informs us that they "have no merger plan in contempla
tion at this time" involving the Western Steel Car & Foundry Co.
V. 107, p. 1197, 507.

Riverside Light, Power & Gas Co., Abilene, Kan.At a special election Sept. 17 this company's franchise was extended for
20 years. The company served electric current to 32 towns. Jacob'
Brown is President.

Rollin Chemical Co., Inc.-Note Issue-Stock Increase.
The shareholders of this company will vote Oct. 11 on the following:
The execution of a mortgage to secure an issue of bonds with which to take
care of $1,100,000 maturing on Dec. 31 1922; a proposed loan to the company of $800,000 from the War Finance Corp. and the arranging of the
necessary collateral therefor; the issuance cf $600,000 6% notes or bonds
with which to finance an indebtedness to the National Aniline & Chemical
Co. of $600,000; a proposal to increase the capital stock of the company
from $2,000,000 to $2,180,000, par $100; the election of directors, amending of by-laws and various other matters.-V. 105, p. 2297.

St. Lawrence River Power Co.-Power Rights Granted.The International Joint Waterways Commission has granted this New
York corporation permission as an interim measure to put in a submerged
weir in the South Sault Rapids of the St. Lawrence River from the mouth
of the company's power canal on the main land to Long Sault Island.
The weir is to go in for five years, or till the end of the war, whichever
Is the latest date. It must then be removed. But the applicants can approach the Commission a year before the period is up, and ask that it
remain in. Before the Commission will give a decision on this, more evidence will be taken and more arguments submitted as to the effect of the
Ashburton Treaty, and whether the treaty of 1909 supersedes this.
A press dispatch states that the power company which is a subsidiary
of the Aluminum Co. of America has already commenced construction of
t'vein in the hope of completing it before the river freezes.-V.92, p.601.

Shawinigan Water & Power Co.-Note Retirement.The company announces that its issue of $2,500,000 2-year
5% notes which mature Oct. 1 will be paid at the office of
the New York Trust Co. Inside interests say:

The retirement of these notes not only indicates the prosperity of the
company, but materially contributes to the strength of its financial position.
The remaining note issue, namely $4,500,000 of 2-year 6% notes, which
mature in Dec. 1919 and which notes are convertible into common stock,
has already been reduced by conversion to the extent of something in
• excess of $500,000. Inasmuch as the prosperity of the company is bound
to be sooner or later reflected in its common shares, it is to be expected
that a large proportion if not all of this issue will be retired by conversion '
prior to its maturity.-V. 107, p. 1198, 1236.

Standard Oil Co. of California.-Wage Increase.-This
company has issued the following:
Effective Oct. 1 1918, the wages of all employees in all departments of
the company, other than those whose wages were adjusted in Sept. 1918,
and those aboard floating equipment, will 'e increased 10%, except that
no increase shall bring the wage above $4.000 per year, and except further
that those who come within the scope of the shipbuilding labor adjustment
board (so-called Macey Award Committee), will receive an adjustment in
accordance wit' the finding of that committee, which will be effective as
of Aug. 1 1918, and which ruling we anticipate will be announced prior
to Oct. 1 1918.-V. 107, p. 186.

Tampico Oil Co.-Agreenzents with the Kern River Oilfields of California, Ltd.- •

The London "Stock Exchange Weedy Official Intelligence" Sept. 7
says in substance:
The shareholders were to vote Sept. 12 on approving three agreements
made between tne Kern River Oilfields of Calif., Ltd.. and this company
to the following effect:
No. 1. (a) Agreement of Feb. 29 1916 to ne canceled; (b) the Kern Co.
to retain the Prior Lien Debenture stock of the company already issued
to it in satisfaction of an ads anse and (c) is to retain 1-5 of the royalties
payable by it to this company and apply the same in payment of advances
mado by the Kern company and interest thereon and in payment of interest
Oceat. Steamship Co., Savannah.-Officers.on the Prior Lien Debenture stock; (d) the company is not whilst any of
At a meeting of the directors on Sept. 23 Walter C. Askew and Herschel the
Prior Lien Debenture stock is outstanding in the name of the Kern
service
accepted
with
having
U. S. RR. Administration, reV. Jenkins,
company or its nominees to issue or reissue any Prior Lien Debenture
signed respectively as Treas. and Asst. Treas., and Charles F. Groves was stock
without the consent of the Kern company; (e) any Prior Lien Deelected Treasurer of the corporatiion.
stock outstanding on June 30 1921, and held by the Kern company
The officers of the company now are as follows: Chairman, Charles A. bentureperson
on its behalf saall not be payable earlier than June 30 1928,
or any
Peabody; Pres., W. H. Ploasants; Sec. & Treas., Charles F. Groves.
This company is controlled by the Central of Georgia Ry. through own- unless the security of the Prior Lien Debenture stock becomes enforceable
an
earlier
date.
at
ership of 19,992 out of the 20,000 shares of the outstanding capital stock (par
No. 2. The company's undertaking is to be worked by the Kern comvalue, $10). Its $1.000,000 First M. 5% 30-yr. ($1,000) gold bonds are
of a royalty of 7;4% payable to this company in
duo July 11920, interest is paid J. & J. 1 at tho Guaranty Trust Co. of pany inofconsideration
all oil and other hydro-carbon substances (including gas) produced
respect
N. Y. The Central Trust Co., New York, is trustee.
any part of this company's lands, such royalty being payable in cash
The passenger and freight lines are operated from Now York to Savan- from
or kind. The Kern company may sell this company's lands and retain the
nah and from Boston to Savannah.-V. 106, p. 1131.
proceeds provided the above royalty be reserved in favor of this company.
The Kern co. Is to have two representatives on the board of this company.
Ogilvie Flour Mills, Ltd.-15% Bonus on Common.agreement may at any time be terminated by the Kern company on
The
have
declared
a
bonus
directors
of
15% on the $2,500,000 common
The
notice.
stock, along with the quarterly dividend of 3%, botn payable Oct. 1 to six months'
No. 3. The Kern co. to advance to this company for the purpose of the
holders of record Sept. 27. 0. Alfred Morris is Secretary. V.105. p.2461. London
office expenses not exceeding £750 a year for the first year and
thereafter not over .Co00 a year and for the repayment of such advances.
Oklahoma Natural Gas Co.-Rate Increase.This agreement may be terminated by the Kern company contemporaneThe Oklahoma Corporation Commission has authorized this company to ously
with or at any time after Agreement No. 2.
increase its rates beginning Oct. 1, by 61-6c. per 1,000 cu. ft., with 25c. the
minimum charge on a graduated scale.-V. 107. p. 1007.
Technical Supply Co.-Report.See International Textbook Co. under "Reports" last week, page 1190.
Old Dominion Steamship Co.-New President.W. L. Woodrow has been elected President, succeeding H. B. Walker,
Tennessee Valley Iron & RR., Collinwood, Tenn.resigned, the latter having accepted position as Federal Manager, CoastA press dispatch from Nashville, Tenn., states that Judge Sanford in
wise. Steamship Lines, United States Railroad Administration. C. G. the United States District Court has placed this company in the hands of
Ahlstrom is Secy.-V. 105, p. 76.
a receiver. The company, it is stated, has a contract with the Government to erect a blast furnace and alcohol plant costing $1,000,000. The
Oval Wood Dish Co., Tupper Lake, N. Y.-Offering of company's
authorized capital stock is $1.500,000.

Collateral Trust Gold Notes.-Lyon, Gary & Co., of Chicago,
have offered, at 98.67 and interest, yielding 73'2%, a new
issue of $450,000 (total authorized and outstanding) 7%
Collateral Trust gold notes dated July 1 1918, due Aug. 21
1921, but subject to redemption on any interest date upon
30 days' notice at 101 and interest.

"Passed by the Capital Issues Committee as not incompatible with the
national interest, but without ,approval of legality, validity, worth or
security. Opinion No. A-835.'
Interest F.& A. at the Corn Exchange National Bank,Chicago. Denom.
$1,000 and $500 c*.




Texas Pacific Coal & Oil Co.-Extra Dividend.An extra dividend of 5% on the $5,000.000 outstanding capital has been
declared, payable Oct. 30 to holders of record Oct. 19, along with the
quarterly distribution of 15,6%, which is payable Sept. 30 to holders of
record Sept. 19. Dividends have been paid at the rate of 6% per annum
from 1910 to July 1918.-V. 106, P. 2015.

-Tidewater Power Co.-Government Financing-Impts.This company will expend $340,000 financed by the War Industries
Board for improving its transportation facilities between Wilmington and
shipyards and to furnish ample electric current to the shipyards and construct double tracking, &c. (Official, superseding last week's item.)V. 107, p. 1194, 83.

1292

THE CHRONICLE

[VOL. 107.

to be listed $5,520,000 7% non-cumulative pref. stock and $5,520,000
common stock.
Since the last listing application the company has purchased several
parcels of real property at Nashville, Tenn., and the P. B. Gravely Tobacco
Co.,
the Kentucky Leaf & Transit Co. and the De Voe Snuff Co., all subU. S. Playing Card Co.—Special Dividend.—
The directors have declared a special dividend of $5 per share on the sidiaries of and all of whose stocks are owned by this company, have
also
purchased
for cash various parcels of real estate.
outstanding capital stock along with the regular 12% per year dividends,
payable in Second Liberty bonds on Oct. 1, to holders of record Sept. 24.
Earnings, &c.—For six months 1918 and entire year 1917:
—V. 104, p. 1708.
Income Account—
6 Mos. 1918. Year 1917.
Net earnings
$1,238,153 $1,471,528
United States Smelting, Refining & Mining Co.— Preferred
dividends
161,000
322,000
Earnings, &c.—New Director—Dividends.—
Common dividend
x
(20)920,000
In connection with the declaration of the regular quarterly dividends of
Balance, surplus
$1,077,153
$229,528
$1 25 a share on the common and 87Mc. a share on the preferred stocks,
both payable Oct. 15 to stock of record Oct. 4, the company has issued the
Balance Sheet— June30'18. Dec.31'17.
June 3018. Dec.31'17.
following:
Assets—
"The earnings of the company in the first nine months of 1918 will show Plant,good-will,&c 5,912,938 5,838,504 Preferred stock_ _ _ 4,600,000 4,600,000
approximately $3,674,331, with September earnings estimated, after cre- Supplies, &c., at
Common stock- _ _ 4,600,000 4,600,000
ating reserves amounting to $1,997,413 for depreciation, depletion, ex3,634,502 2,908,699 Pref.div. payable_
cost
80,500
80,500
ploration. Federal taxes and other purposes.
Securities of subCom. div. payable
230,000
"These earnings are at the rate of 7% per annum on the preferred stock,
sidiary,&c.,cos. 1,363,126 1,095,740 Provision for adv.,
plus $6 83 per share for the nine months on the common stock, or at the Cash
997,353
996,047
Ins,, disc., &c__ 2,603,697 2,315,685
rate of $9 11 per share per annum-18.2%--on the common stock.
4,070,2571 3,344,270 Bills payable
2,713,6161 1,380,392
Bills receivable
"Operations have continued with practically no interruptions both in Accts. receivable_ 778,1641
Accts. payable_ _ _
104,690J
this country and in Mexico.
Surplus
2,053,837
976,683
"The output of coal for the first nine months of 1918, September estimated, will show approximately 989,000 tons, an increase over the corre16.756,340 14,183,260
16,756,340 14,183,260
sponding period of the year 1917 of 333,000 tons, or 50%. This could be
x In March 1918 a stock dividend of 20% was declared on the common
stock, payable Oct. 1 to holders of record Sept. 16, to take the place of the
still further increased but for the labor shortage."
Edwin P. Browne, Pres, of the United Shoe Machinery Co., was elected quarterly distribution usually paid April 1, July 1 and Oct. 1. V.106, p.1040.
to fill a vacancy on the board of directors.—V. 106, p. 2764.
—V. 107 p. 1105.
•io

United Cigar Stores Co.—Prices Advanced.—

This company has advanced the prices of leading cigarette brands from
10% to 15%.—V. 107, p. 1198, 1009.

United States Steel Corp.—Eight-Hour Day Granted.—
This company has adopted the 8-hour day as the basis for calculating
wages and working period for its employees.
The following announcement was made by Chairman E. H. Gary on
Sept. 24: "The Finance Committee of the United States Steel Corporation
to-day unanimously approved the recommendation of the Chairman and
President of the corporation and of the Presidents of the subsidiary companies to adopt the 13-hour basic day, to become effective Oct. 11918. The
open-shop plan heretofore in force throughout the works will be continued."
Steel workers are now getting 42 cents an hour for common labor, or an
average of $4 20 a day for ten hours' work. The hourly rate of pay will
remain the same after Oct. 1, but time and a half will be paid for overtime,
so that a common laborer working the same hours as he now does will
receive 42 cents an hour for eight hours and 63 cents an hour for two hours,
or a total of $4 62. This will be equivalent to an increase of 10% over
present wages for ton hours.—V. 107, p. 1105,1009.

Victor Typewriter Co.—Report.—
See International Textbook Co. under "Reports" last week, page 1190.
—V. 105. p. 395.

Wells Fargo & Co. (Express).—No Dividend Yet.—
The company has given out the following:
At a meeting of the board of directors, consideration of the payment of a
regular quarterly dividend was deferred until the results of the company's
operations are available for the period prior to July 1, the date of the company's retirement from domestic express business.
George G. O'Brien was elected Secretary of the company to succeed
0. H. Gardiner, resigned. Mr. O'Brien is at present Treasurer of the company and will hereafter act as Secretary and Treasurer.—V. 107, p. 1198.

West Virginia Coal & Coke Co.—Contract, ctc.—
Seo Baltimore & Ohio RR. under "Reports" above.
Western Electric Co., Ltd.—Stock Increase.—
Notice is given, dated Sept. 18, under the Canadian "Companies Act"
of an increase in the capital stock of this company from $7,500,000 to
$10,000,000, such increase to consist of 25,000 shares of $100 each.—
V. 104, p. 78.

Western New York Utilities Co.—Rate Increases.—
This company has filed with the New York P. U.Commission increases in
Is rates for power and light to become effective Oct. 1.—V. 103, p. 156.

Weyman Bruton Co.—Stock Listed—Earnings.—
The N. Y. Stock Exchange recommends that on and after Oct. 1 1918
$920,000 7% non-cumulative pref. stock be added to the list on official
notice of issuance and payment in full and $920,000 common stock on official
notice of issuance as a stock dividend, making the total amounts authorized

wmys-uverianu uo.—Acquisition of Moline Plow Co.—
Announcement is made of the acquisition by this company
of the control of the Moline Plow Co. with plants at Moline,
Chicago, Rock Island, and Freeport, Ill.; Soughton, Wis.;
Minneapolis, and Poughkeepsie.
In announcing the closing of the negotiations, Pres. John N. Willys is
quoted as saying:
"With the present shortage of man power and of horses on the farm
and the acute war necessity, abroad and at home, of increased food production, the farmer Is confronted with the problem of increasing his crops with
less help. The tractor with power-drawn fanning implements solves the
need by enabling one man, woman, boy or cripple to do the work formerly
required of two or more men and six to eight horses. With it, ono man can
plow an acre an hour at a fuel cost of only two gallons of gasolene.
"In the purchase of the Moline Plow Co. I find not only an opportunity
for the Willys-Overland Co. to lend its maximum manufacturing strength
to legitimate war work, but the best and quickest way for it to attain a
lead in a field which offers the greatest 'possibilities with the return of peace
and into which motor companies In this age of power farming, it seems to
me, must sooner or later enter.
"The Moline organization will remain Intact and the company will be
operated under the same management as herefore. F. G. Allen, now
Vice-President and General Manager, will become President and General
Manager."
Details of the purchase were unobtainable late yesterday.

Government Business.—
A press report states that this company is negotiating for a largo order
for Liberty motors of the 12-cylinder engine type said to be valued at between $25,000,000 and $30,000,000. With this contemplated business
it is said that the company will have about $75,000,000 inunfilled Government contracts.—V. 107, p. 1105, 1009.

Wisconsin-Minnesota Light & Power Co.—Earnings.—
June 30 Yrs.— 1918.
1918.
1917.
1917.
Gross earns_ _$1,784,280 $1,526,248 Interest charges_ _$331,918 Not staOp.exp.&taxes 921,596
744,462 Preferred dividend 350,000 ted for
Net earnings_
781,786 Surplus
862,684
180,766 1017.
—V. 107, p. 1009, 516.

Women's Institute of Domestic Arts & Sciences, Inc.
See International Textbook Co. under "Reports" last week, page 1190.

Yale & Towne Mfg. Co.—Special Dividend of 5%.—
The directors have declared a special dividend of 5% on the common
stock, payable Oct. 10 to holders of record Oct. 1. A notice sent to stockholders said that the dividend was declared in view of the forthcoming
Liberty Loan and in the belief that it might help them in making their
subscriptions.—V. 106. p. 2339.

CHICAGO LOCAL TRANSPORTATION CO.
DIGEST OF ORDINANCE AUTHORIZING (A) THE MERGER SUBJECT TO REFERENDUM VOTE NOV. 5
OF THE EXISTING STREET RAILWAYS AND ELEVATED RAILROADS IN CHICAGO, INTO
A COMPANY NOT ORGANIZED FOR PROFIT,AND (B) THE OPERATION BY IT
OF SUBWAYS TO BE CONSTRUCTED BY THE CITY.
mortgages, trust deeds or equipment trusts now existing thereon as may
be then outstanding and unpaid; provided that tho aggregate amount of
all liens and claims shall in no event then exceed the original capital account
of the company herein authorized.
The amount by which the said original capital account exceeds the said
aggregate amount of said liens and claims (which excess amount shall not
Organization.—Authority to acquire, construct and operate a local trans- be more than 40% of said original capital account) shall be represented by
portation system in Chicago and the suburban territory in Illinois extend- debentures or other obligations of tho new company; but neither said
ing not more than 20 miles distant from the corporate limits of said city is debentures nor other obligations shall have any right of foreclosure or bear
hereby granted to a corporation formed under statutory authority enacted any due date or time of redemption. They shall, however, be subject to
by the General Assembly of Illinois, and to be named the Chicago Local be called for payment under the provisions of this ordinance and shall be
Transportation Co. or other name—a corporation not operating for pecu- entitled to payment (subject to the rights of lienors) upon the distribution
niary prfit. This corporation shall be managed by nine trustees or directors, of the property out of the proceeds of sale to the city of the local transporall of them residents in the district served, with compensation of $5,000 a tation system of the company. The owners or holders of said debentures
year and no other financial interest in the property. The first board shall or other obligations shall be entitled to receive an annuity or interest thereon
be selected by the City Council, and shall hold office without classification at the rate of 8%, per annum (payable quarterly) from and after the effecuntil Dec. 31 1927 and thereafter the term of three of the same shall expire tive date of this ordinance, until July 1 1932, and thereafter at the rate
of 7% per annum (payable quarterly).
each Dec. 31, their successors to be nominated by the city.
Said local transportation system shall Include the lines of street railways
Terms on 1Vhich the Existing Properties Shall Be Acquired.
and elevated railroads in the City of Chicago and within 20 miles of the city
1. Surface Lines (Except Chicago Railways).—Tho company may acquire
limits of the.following cos. (as described in Exhibit A of ordinance):
the
franchises and rights of the Chicago City fly. Co.. Calumet &
properties,
Chicago Railways Co.
Metropol. West Side Elevated RR.Co. South Chicago fly.
Co. and The Southern Street fly. Co. (including all moneys
Chicago City Railway Co.
Northwestern Elevated RR. Co.
and securities in the special funds created under the previous traction
Calumet & South Chicago By. Co. South Side Elevated RR. Co.
applicable
to said companies, respectively), and may pay for
ordinances
Southern Street Ry. Co.
Chicago & Oak Park Elev. RR. Co. the same a purchase price
equal to but not exceeding the aggregate amount
Union Consolidated Elevated By. Co.
of the capital account of the said companies as said capital account is
The company shall construct no new line or extension without compliance determined as of the effective date of this ordinance by the board of superwith the frontage consent laws of Illinois nor acquire by condemnation or vising engineers under said traction ordinances, respectively.
otherwise a right of way exceeding in width 55 ft., except at curves and at
The said purchase price shall be paid (a) by the taking over by the comor approaching termini, stations or platforms. No part of the local trans- pany of the said properties, franchises and rights subject only to such
portation system shall be used for any purpose but the transportation of liens under the mortgages or trust deeds now existing thereon under the
passengers except as herein expretsly provided.
provisions of the traction ordinances as shall then be outstanding, provided
that the interest payable thereon shall not exceed 5% per annum, and that
Acquisition 'of Existing Traction Properties.
the aggregate amount of all liens and claims shall in no event exceed 65%
Soc. 2. On or before the effective date of this ordinance the company of the said capital account on said effective date; and (b) by the issuance
shall acquire and on said date shall own,free and clear of all liens and claims and delivery to the said companies of the debentures or other obligations
except those herein expressly authorized, the street railway and eievated of the company of the character hereinabovo described to an aggregate
railroad systems, franchises and equipment of the surface companies and amount (par value) equal to the remainder of said purchase price, which
the elevated companies. These properties may be acquired subject to the remainder, however, shall in no event exceed 40% of said purchase price.
leases and operating agreements set out in Exhibit C [in pamphlet], &c.
In case the total amount of said liens, subject to which the company
shall take over said properties, etc., shall exceed 60% (but In no case to
Limitation on Underlying Liens—Debentures to Be Issued for Excess of exceed 65%)of said purchase price, the company, as a further consideration
Capital Accounts.
for such acquisition, may agree to pay annually, In equal quarterly Install.
The title of the company on said effective date to the said properties, ments, to such corporation, corporations, person or persons as may be
franchises and rights may be subject only to such liens or claims under the designated by the Chicago Title & Trust Co., trustee, from said effective

The ordinance, which on Aug. 23 was passed by the
Chicago City Council over the Mayor's veto, provides in
part as follows, the entire ordinance, with exhibits, forming
a pamphlet of 133 pages:




SEPT. 28 1918.1

THE CHRONICLE

date until July 1 1932, a sum equal to 3% on such excess, and from July 1
1932 during the remainder of the life of this ordinance to 2% on such excess.
2. Elevated Lines.—The company may acquire the properties, franchises
and rights of the Elevated Companies (including all land and buildings owned
by the Elevated Companies or any of them on the date of the passage of
this ordinance) at the purchase price of $70,943,020 (to which shall be added
or from which shall be subtracted, as the case may be, the amounts which
are to be added or subtracted under the provisions of paragraph 2, Sec. 24,
of this ordinance).
1111The said purchase price shall be paid (a) by the taking over by the
company of the said properties, franchises and rights, subject only to such
liens and claims under the mortgages, trust deeds and equipment trusts
now existing thereon, as shall be then outstanding and unpaid, provided
that the aggregate amount of all lions and claims shall in no event exceed
the sum of $46,500,000; and (b) by the delivery to the trustees under the
Chicago Elevated Railways Collateral Trust of 1911, of debentures or other
obligations of the company of the character hereinabove described, to an
aggregate amount (par value) equal to 'the excess of said purchase price
over and above said liens.
In case there shall be included within said liens any bonds of any issue
bearing a rate of interest less than 5% per annum, the company, as a further consideration, may agree to pay in equal quarterly installments to
such persons as may be designated by said trustees of said Chicago Elevated
Railways Collateral Trust until the specified date of maturity of such issue,
an additional annual sum equal to the difference between the total annual
Interest on all such bonds at the time of said purchase and an amount equal
to 5%; and in case the total amount of said liens shall exceed 60%, the
company, as a further consideration may agree to pay annually until
July 1 1932, a sum equal to 3% of such excess, and annually from July 1
1932, during the remainder of the life of this ordinance a sum equal to 2%
of such excess, such payments to be made in equal quarter installments.
Provided, however, that if there shall be included within said liens any
bonds of any issue bearing a rate of interest more than 5%, there shall be
deducted from the interest payments tobe made by the company, an annual
amount (deductible quarterly) equal to the excess over 5%.
3. Chicago Railways Co.—The company may acquire the properties,
franchises and rights of the Chicago Railways Co. (including all special'
funds created under the traction ordinances) for a purchase price equal to
(but not exceeding) the amount of the capital account of the said Chicago
Railways Co. as said capital account is fixed as of the effective date of this
ordinance by the Board of Supervising Engineers under the previous traction ordinances applicable to said company, subject to these conditions:
(a) The company shall take over the said properties, subject only to
such liens or claims under the mortgages or trust deeds now existing thereon
as shall then be outstanding, provided that the aggregate amounts of such
liens and claims shall have been reduced to an amount which does not
exceed the capital account on said effective date.
(b) The company shall, after the taking over of said properties, pay to
the Merchants Loan & Trust Co., as trustee under mortgage dated Feb. 1
1907, the sinking fund installments of $250.000 per annum for the retirement of certain '0" and "A" bonds, specified in said mortgage.
(c) The company shall enter into an agreement with the said Chicago
Railways Co. providing that from the effective date of this ordinance and
until July 11932, the new company shall pay annually (in equal quarterly
Installments) to the Chicago Title & Trust Co., as trustee, a sum equal
to 3% upon an amount equal to 40% for disbursement by the said trustee
as the directors of the Chicago Railways Co. shall direct.
(d) The company shall further agree with the Chicago Railways Co.
that from July 1 1932, and until said agreement ceases, as hereinafter
provided, the company shall pay annually (in equal quarterly installments)
to the Chicago Title & Trust Co., as trustee, a sum equal to 2% upon
an amount equal to 40% of the said purchase price, for use by the trustee,
first, as interest (at nob to exceed 5% per annum) upon such obligations as
may be given by the Chicago Railways Co. in exchange for bonds or other
liens or claims retired by it on or before the effective date of this ordinance,
in pursuance to the requirement in the foregoing paragraph (a) for the
reduction of the liens and claims, provided that the aggregate amount of
said obligations shall not exceed the total amount (par value) of the bonds,
lions or claims so retired, and shall in no event exceed $6,500,000; and
second, any residue shall go to the amortization or payment of said obligations. Upon the retirement of all said obligations, the agreement in this
,
rms.
paragraph shall cease and determine. 'swot, •
_Prcisioror
for carry ng out the provisions of
`711
this ordinance (including the refunding or payment of the liens or claims
herein authorized) and not paid out of the amortization fund provided
for in Section 14, shall be secured by the sale of bonds, debentures or other
obligations of the company after public advertisement, on the most_advantageous terms available to...the company.
Company to Proceed with Betterments, Extensions, ettc.
Sec. 5. The company shall proceed at once to provide the betterments
and extensions as described in this ordinance, and shall at all times construct such extensions of both the rapid transit and surface lines as may
be required for furnishing adequate local transportation service under
the provisions in this ordinance and in Exhibit B set forth.
City Promptly to Construct Subways as Far as Funds Pertnit.
Soo. 7. The city shall proceed promptly, after the effective date of this
ordinance, to construct the subways described in Exhibit B and required
by Exhibit B to be constructed and completed during the six-year initial
construction period, to the extent that the said subways can be constructed and paid for out of the City Traction Fund, or out of other moneys
which the city may in its discretion provide for this purpose. Specifications and estimates of cost for such subways shall be prepared by the
trustees and the construction thereof shall be under the supervision of
the trustees, but the contracts for all work done or to be done and the
payment of all moneys shall be made by the city as may be provided by
ordinance under and in accordance with the laws of the State of Illinois
applicable thereto.
If at any time the City Traction Fund is not sufficient to pay for any
of such additional subways or such extensions herein provided for, the
company, after the city shall have expended its Traction Fund in the
construction of such additional subways or extensions, or for other purposes authorized by this ordinance, shall furnish to the city out of the
Capital Account Fund at such times as the city may provide, the money
necessary to enable the city to pay for such construction. Without the
consent of the city by ordinance hereafter passed for that purpose, no sub.
ways or additions or extensions of subways shall be constructed in any
street or public way or portion thereof in the city, except the subways
expressly provided for in Exhibit B, to be constructed during the six-year
initial construction period.
If the city by ordinance shall so authorize, the plans and specifications
for any of said subways shall provide for passageways, galleries or other
facilities for the use of public utilities belonging to the city or authorized
by the city, but in no event shall the company be required to advance to
the city any money to be used for such facilities, and no public utility or
other party shall have the right to Use any portion of the same without
express authority by city ordinance.
The city may, by ordinance, provide for or authorize the payment of
the cost (or any part thereon of constructing subways, by special assessment upon private property specially benefited thereby, to the extent
that this may lawfully be done.
Rental to Be Paid to the City for Use of Subways.
The company shall pay to the city as rental for the use of such subway
a sum equal to 6% per annum (payable Q.-J.) from the
thereof
or portion
date of commencement of the operation thereof, upon the cost of the said
subway or portion or section thereof as certified by the trustees to the
City Comptroller of the city, including in such cast 3% per annum on the
Payments for subway construction made by the city (otherwise than out
of money advanced by the company or secured by special assessments)
from the dates of such payments respectively, until commencement of
operation, but not including in such cost the amounts of money secured
by special assessments or furnished to the city by the company for subway
construction, as provided in this section.
The company shall also, out of the receipts of the transportation system,
maintain, repair and renew all such subways or portions or sections thereof,
occupied and used by it.
Maintenance, Repairs, Renewals and Depreciation.
See. 8. The company agrees fully to maintain the local transportation
system, including subways, and to this ond shall make thereon the following expenditures or appropriations:
(1) At least 6% of the gross receipts of the local transportation system
for that year.




1293

(2) To a Renewal and Depreciation Fund a sum equal to 8% of the
gross receipts of the local transportation system for the preceding month.
or such larger sum as the trustees shall deem necessary, as a reserve fund
for taking care of renewals and depreciation of the local transportation'
system and subways.
If and so long as the company shall purchase electrical energy there shall
be charged to renewals such part of the cost thereof as in said cost represents the allowance, if any, for renewals and depreciation of the plant or '
plants producing such energy.
Capital Investment Limitation Dependent on Company's Earnings.
Sec. 10. The company shall not at any time be required to furnish to the
city any money for constructing additions to or extensions of the subways
specifically provided for in Exhibit B, or to provide or furnish any betterments or extensions to its local transportation system other than those
specified in Exhibit B to be provided during the six-year initial construction
period, unless the gross receipts of the company for the previous fiscal
year shall have been sufficient to meet the payments mentioned in Items
First, Second, Third, Fourth and Fifth of Sec. 16 of this ordinance.
Two Mortgages to Be Made by the New Company.
Soo. 11. The company shall place upon its properties and rights a First
and Refunding Mortgage to secure bonds or interest-bearing obligations to
be issued by it, for or on account of capital expenditures, which mortgage
may also secure bonds or interest-bearing obligations %sued by the company,(a) for refunding or retiring its outstanding bonds or interest-bearing
obligations; and (b)for raising the Emergency Fund hereinafter provided for.
The company may also place upon its properties a mortgage subordinate
in lien to said First & Refunding Mortgage, but only for the purpose of
refunding or retiring (through payment or exchange) bonds or interestbearing obligations which now constitute a lien on the property.
The company shall not place upon its property or rights any lien other
than said two mortgages or trust deeds.
Said First & Refiinding Mortgage or trust deed shall provide that there
shall be no fixed limit upon the amount of bonds or interest-bearing obligations to be issued thereunder, and that bonds or interest-bearing obligations may be issued thereunder with different due dates and different
rates of interest. (See further limitation in Section 12.—Ed.1
No bonds, debentures or other obligations shall be issued without providing therein that the same shall be callable on any annuity or interestpayment date before maturity at par.
Capital Account Fund—Limitation on Funded Debt.
Sec. 12. The proceeds of the sale of all bonds, debentures and other
obligations (except such as are sold or disposed of for the Emergency Fund
or for the purpose of refunding) shall be used exclusively for capital expenditures and shall be deposited in the "Capital Account Fund." All
commissions, etc., paid in connection with the issuance, sale or refunding
of any bonds, etc., shall be considered capital expenditures, and shall be
paid out of the Capital Account Fund. All interest derived from this
fund shall constitute a part of the gross revenue of the local transportation
system.
The total amount (par value) of all bonds, debentures, or other obligations issued or sold by the company or outstanding and constituting a
lien on the property, shall never exceed the amount of its capital account
established under this ordinance, with appropriate reductions therein on
account of amortization.
City Traction Fund for Construction of City's Subways, Etc.
Sec: 13. This fund, which shall consist (1) of all city moneys (and
investments thereof) derived or to be derived from the receipts of street
railways under the provisions of the traction ordinances, and (2) subway
rentals paid to the city under this ordinance.
The moneys in the City Traction Fund shall be used only for the following purposes, in the order stated: (a) For the construction of the local
transportation subways provided to be constructed during the six-year
initial period. (b) For the construction in connection with said subways
of passageways, galleries or other facilities for the accommodation and
use of public utilities belonging to or authorized by the city as provided in
Section 7 hereof. (c) For the portion of the public benefits assessed
against the city for the opening and extension of Robey St. and Division
St. (d) For the construction of additional subways, or for extensions and
improvements of subways. (e) Such facilities as mentioned under(b) above.
Amortization Fund to Provide for Betterments or Bond Redemption.
Sec. 14. For the purpose of providing money which may be used as a
substitute for now and additional capital to be furnished by the company
in carrying out the provisions of this ordinance, for betterments or
extensions; or at the option of the trustees for the amortization of its
capital account by retirement of the outstanding bonds and debentures
(the company's own debentures, however, only on redemption of all other
obligations), there is to be paid annually out of the receipts of the local
transportation system to an .Amortization Fund: (a) During the first five
years the amount required under the sinking fund provisions of the mortgages or trust deeds, subject to which the surface and elevated properties
shall have been acquired under this ordinance. (b) During the second five
years 34 of 1% of the amount of the then outstanding capital account of
of 1%. (d) For the
the company. (c) For the following five years
(e) and thereafter to 1%, but the amount
succeeding five years 54 of
thus paid in any year shall never be less than the amount paid in the
previous year.
(c) There shall also be paid into the Amortization Fund annually the
"surplus receipts," provided to be so paid by Sec. 16 hereof.
Damage Claim Fund.
Sec. 15. Out of the grass receipts derived from the operation of the local
transportation system the trustees may set aside such part as they see fit.
including the same in operating expenses, to meet the damages arising
out of the operation of the properties, including all lawful claims against
the surface companies for damages, arising out of the operation of their
properties, subsequent to Feb. 1 1907.
Annual Report and Accounting to Cover Results for Calendar Years.
Sec. 16. Annual reports for the preceding calendar years shall be filed
with the City Comptroller on or before March 10 in each year.
Deductions Which Company May Make from Gross Receipts.
From the gross receipts of the local transportation system from all
sources for each year there shall be deducted by and allowed to the company the following items in the order of priority herein stated:
Item First.—(a) All expenses of operation including maintenance, repairs and renewals, including all payments required under any lease or
operating agreement. (b) All amounts payable under this ordinance to
the special funds for maintenance and repairs, renewals and depreciation,
and for damage claims. (c) All amounts paid in such fiscal year for
taxes, assessments and other governmental charges, including franchise
taxes, excise taxes and income taxes and city license fees, if any.
Item Second—The interest on the outstanding bonds and other obligations secured by liens recognized or authorized by this ordinance.
Item Third.—The rentals to the city for the use of subways.
Item Fourth.—The payments required to the Amortization Fund.
Item Fifth.—The amounts payable during said year by way of annuity
or interest on the outstanding debentures and other obligations or agreements of the company issued or made under the provisions of this ordinance and not secured by dens on the properties and franchises.
In case in any fiscal year the gross receipts shall not be sufficient to pay
in full the Items First to Fifth, inclusive, then the deficit shall be cumulative and shall be paid out of the grass receipts of the subsequent fiscal
year or years in order of priority as above stated. After making the
deductions from the gross receipts hereinbefore in this section provided, the
amount remaining shall be deemed "surplus receipts" and shall be deposited as a part of the Amortization Fund.
Rates of Fare and Transfer Charges.
Sec. 17. Rates of fare shall be as follows:
(a) For a continuous trip in one general direction within the present or
future limits of the city over the local transportation system covered by
this ordinance and all extensions thereof within said limits (whether owned,
leased or operated by the company) 5 cents for each passenger 12 years
of age or over, and 3 cents for each passenger under 12 years of age, children
under seven years of age accompanied by a person paying fare to be permitted to ride free; provided that such other rates, if any, as are lawfully
in force on the effective date of this ordinance shall continue unless and
until changed pursuant to the provisions of this ordinance.
Provided further that until changed as hereinafter authorized, the company may charge passengers (if in the judgment of the trustees such charge

1294

THE CHRONICLE

is necessary) the sum of not exceeding 2 cents for each and every transfer
between any of its rapid transit lines (including lines in rapid transit subways) and any of its surface lines (including lines in surface line subways)
or the reverse; but in no event shall any charge be made for a transfer given
under the provisions of this ordinancefrom a surface line to a surface line
or from a -rapid transit line to a rapid transit line.
("Rapid Transit Lines" are defined as "that part of the local transportation system hereby authorized consisting of the railroad lines now
owned or operated by the Elevated Companies described in Part II of
Exhibit A hereto, together with all equipment thereof and apputtenances
thereto, and all extensions thereof and additions thereto hereafter made."
In Exhibit B, however, the proposed subways are included in the same
category, and that is, no doubt, the intention here.-Ed.]
(b) For trips over the lines of said local transportation system outside
of the present or future limits of the city, such reasonable rates of fare
(Including transfer charges) as may be authorized by law; provided that
such rates as are now lawfully in force shall continue until changed pursuant to this ordinance and of the statutes applicable thereto.
In case upon any annual accounting it shall appear that the surplus
receipts are sufficient in the judgment of the trustees to justify the reduction or discontinuance•of any transfer charge then in effect, such reduction
or discontinuance shall be made upon the order of the trustees. Whenever
the Emergency Fund hereinafter provided for is reduced through the
payment of any deficits under the provisions of Sec. 18 of this ordinance
below $1,000,000, it shall be the duty of the trustees immediately to put
into effect such increase or increases in the transfer charge or rates of fare
or both as shall be necessary to restore not later than Dec. 31 next following the amounts withdrawn from said fund and to avoid a recurrence
of any such deficit during the following year.
Provided, however, that whenever all such deficits have been made up,
then it shall be the duty of the trustees, if in their judgment a new deficit
will not thereby be created, to order such reduction of the rates of fare
or such reduction (or abolition) of the charge for transfers or both as they
may deem proper. Any increase or decrease of fares for trips covered by
paragraph (b) of this section shall, however, be subject to such control or
regulation as shall be prescribed by law.
All rates of fare and transfer charges for trips within the present or future
limits of the city shall be uniform. Subject to the provisions of this section, every passenger may demand, and upon such demand shall receive,
a transfer slip or ticket entitling him within 15 minutes from the time he
alights to ride upon any other line of the local transportation system which
connects with, intersects or comes within 200 feet of the line upon which
the passenger first took passage and paid his fare; provided that a transfer
slip or ticket for a transfer between a surface lino and a rapid transit line
(or the reverse) shall be given only when the surface line connects with
or comes within 200 feet of the station of the rapid transit line to which
the passenger desires to transfer. If necessary to enable a passenger to
reach his destination, traveling always in the same general direction,
there shall be issued without additional charge, except as herein otherwise
provided, a transfer slip or ticket upon such transfer slip or ticket.the
same as required upon payment of a cash fare.
Emergency Fund of $2.000,000 from Proceeds of Bonds to Meet Deficits.
Sec. 18. The company shall establish and maintain an Emergency
Fund of $2,000,000 by the sale of bonds in accordance with the provisions
of Sec. 11 hereof. In case the receipts at any time shall be insufficient
to meet any expenditures (other than capital expenditures) required under
any of the provisions of this ordinance, the deficit thereby created shall
be paid out of said fund, and the amount so withdrawn shall be restored
out of the receipts of the company as soon as practicable.
No Passes; Employees, Policemen and Firemen Free.
Sec. 19. No passes shall be issued and no person except employees or
the company, and when in full uniform, health inspectors, policemen and
firemen of the city, respectively, shall be permitted to ride upon the local
transportation system without the payment of fare.
Express Matter and Package Freight.
Sec. 20. The company may carry and handle express matter, baggage,
mail, milk, parcels and such other package freight as may be designated
by the trustees, and at rates to be fixed and regulated by the trustees,
but only in such manner as shall not interfere with the passenger service.
Insurance, Paring, Maintenance of Bridges and Viaducts, &c.
Secs. 21, 22 and 23. Sections 21 and 23 provide for keeping the property
fully insured against loss by fire and for the repair by city and company of
all bridges and viaducts.
Section 22 provides that the company shall pave, repave and keep in
repair the pavement of that part of any street or portion thereof occupied
by its surface line tracks, and shall clean and sprinkle the same, but whenever it shall appear that a deficit has been created, to meet which an increase in the transfer charges or rates of fare would otherwise be required.
then the company shall, for the time being, be relieved from said obligations with respect to sprinkling and cleaning of streets.
Right of the City to Purchase at Any Time by Paying the Capital Account.
Sec. 24. Tho company, by the acceptance of this ordinance, grants to
the city the right on Jan. 1 or July 1 of any year, upon six months'notice
in writing, to purchase all of the property, plant and equipment then constituting the local transportation system, and all moneys and securities
belonging to any of' the aforesaid Special Funds, and all receipts of the
local system not provided to be deducted by the company under Sec. 16
hereof.
The purchase price shall be a sum equal to the capital account of the
company at date of purchase as determined under the provisions of this
ordinance; loss, however, the amount of any then outstanding liens (not
including liens then callable for payment at par on any interest date,
which liens shall be called and paid out of the purchase price), subject to
which the company acquired any of the properties as in this ordinance
provided; and the city shall take over the said system subject to any such
outstanding liens.
Capital Account Fixed at $220,114,428, Plus Additions, &c.
1 .& 2. Upon the effective date of this ordinance the capital account
of the company shall consist of $220,114,428, subject to any additions to
or deductions between June 30 1916 and said date as determined for the
surface companies by the Board of Supervising Engineers, and for the
elevated companies by the trustees.
3. There shall be added to the capital account as hereinabove fixed,
from time to time, the par value of the bonds, debentures or other obligations issued for now capital funds or other capital expenditures authorized
by this ordinance.
4. There shall also be added to the capital account any excess in the
par value of any securities issued to refund or pay outstanding bonds,
debentures or other obligations (recognized by this ordinance) over the
par value of the securities refunded, less the amount, if any, by which
the par value of any securities refunded exceeds the securities so issued.
5. The capital account shall from time to time be reduced to the extent
that payments are made out of the Amortization Fund to the holders of
its bonds, debentures or other obligations.
New Company's Obligations to Be Payable Out of Proceeds of Sale to City.
In the event of such purchase the lien of any mortgage, trust deed or
other instrument
be given 13y the company upon thelocal
an
transportation
system, shall
discharged and shall attach to
d be payable out of
the proceeds of the sale thereof; and any debentures or other obligations
issued under this ordinance for the purchase of the properties of any of
the existing companies or for capital expenditures, shall be paid out of the
proceeds of the sale, subject to all liens payable out of the said proceeds.
Referendum and Acceptance of This Ordinance.
Sec. 34. This ordinance shall not take effect unless; (1) It shall have
been approved by a majority of the votes cast at the election of Nov. 5
1918. (2) The Legislature of Illinois shall have passed statutes validating
this ordinance, and permitting the organization of the new corporation.
(3) The company Shall have been organized and the entire control and
management vested in a board of trustees or directors selected by the
City Council. (4) The City Council shall within 60 days pass a resolution declaring the said statutes are then in effect. (5) The company
within six months, or such further period as shall be granted, shall acquire
all of the properties, franchises and rights which, by this ordinance, it is
obligated to acquire, and shall file with the City Clerk of the city its
written acceptance hereof.
The effective date of this ordinance shall be the date on which said
acceptance by the company is Clod, as aforesaid.




[VOL. 107

EXHIBIT "B".-(Exhibit "A" describes the lines In initial purchase.)
This exhibit lays down the general principles and specifications to be
followed in improving the city's transit facilities and in providing new
rapid transit lines, "particularly by means of elevated and subway development." It also gives a long list of rapid transit and surface lines which
it is proposed eventually to construct. All subways are to be constructed
and owned by the city and operated by the company as aforesaid. It is
provided, however, that no subways other than those included in the following tabulation shall be constructed without the adoption of a further
enabling ordinance by the City Council.
Lines, &c., to Be Begun Promptly and Completed during First 3-Year Period.
1. Two-track subway in State St., from the South Side Elevated at
22d St. north to Chicago Ave. and thence west in Chicago Ave. to the
Northwestern Elevated.
2. Two-track surface car subway from oast end of Washington St.
tunnel (reconstructed), in Washington St. to Michigan Ave., south in
Michigan Ave. to Jackson St., west in Jackson St. to Franklin St., south
to Van Buren St. tunnel, reconstructed, with terminals under Grant Park.
3. Lengthen platforms on elevated stations.
4. Extend the elevated structure in Wells St., south from Van Buren
St. to Polk St., with grade separation; thence east in Polk St. to South
Side Elevated.
5. Fourth track to South Side Elevated from 22d St. to 43d St., and
third track from 43d St. to 63d St.
6. Three-track elevated trunk line from the Metrolopitan West Side
Elevated By. at Robey St. and Milwaukee Ave. in Milwaukee Ave. (or
within 500 ft. therefrom) to Oak Park Elevated ER. at Lake St.
7. Third track to Douglas Park branch of Metropolitan Elevated from
20th St. to new Central Park Ave., giving third track between 20th St.
and Crawford Ave.
8. Third track connection on Northwestern Elevated from Wilson Ave.
to north of Argyle station.
9. Third track to Oak Park Elevated RR. structure (reconstructed),
from the Union Loop at Wells St., west to Talman Ave., including grade
separation of the elevated structures at Lake and Wells streets.
10. Third track to Garfield Park Branch of Metropolitan Elevated from
Marshfield Ave. to Crawford Ave.
11. Two-track elevated line in or near Milwaukee Ave. from Logan
Square to Irving Park Boulevard, with terminal and yards.
12. New two-track elevated lino within 500 ft. from North Ave. as an
extension of Htunboldt Park branch of Metropolitan Elevated to Grand
Ave., with terminal yards.
13. Two-track elevated line in Ashland Ave. (or within 600 N. therefrom) north from a terminal at 71st St. to 20th St., with connections to
the Englewood and Stock Yards brandies of the South Side Elevated; and
at 20th St. a connection with the Metropolitan Elevated, and also with
the Blue Island Ave. elevated when built.
14. New two-track elevated between said Ashland Ave. elevated lino
and the Englewood and the Stock Yards branches of South Side Elevated.
15. Elevate the tracks of Oak Park Elevated from Laramie Ave. to
Forest Park Station.
16. For maximum use of the four-track north and south rapid transit
line, between 63d St. on tho south and Wilson Ave. on the north, two
additional tracks at not to exceed four passing points, to permit express
service on local service tracks.
• 17. Extend the Division St. surfacu line from Mozart St. west through
Humboldt Park to Grand Ave.
18. Extend the Ashland Ave. surface lino from Cortland St. north to
Olybourn Ave.
19. Double track surface lino extensions: (a) in 31st St. from Crawford
Ave. to Kedzie Ave.; in 18th St. from Leavitt St. to Western Ave., and in
47th St. from Kedzie Ave. to Archer Ave.
20. Single-track surface line in Burley Ave. from 123d St. to 126th St.,
and Brandon Ave.; thence from 126th St. to Brainard Ave., in Hogewisch.
21. Two-track surface line extensions: (a) In Devon Ave. from Western
Ave. to Kedzie Ave.;(b) in Belmont Ave.from Cicero Ave. to Central Ave.; •
(c) in Diversey Ave. from Crawford Ave. to Cicero Ave.; (d) in Fullerton
Ave. from Long Ave. to Central Ave.; (e) in 87th St. from State St. to
Ashland Ave.; and in 87th St. from Cottage Grove Ave. to State St.
22. Connect (a) the surface line on Harrison St. now terminating at
State St. with that between State St. and Wabash Ave.; (b) the 18th St.
surface line from State St. to surface tracks on 18th St., and extend the
same from Indiana Ave. to the Illinois Central right-of-way; and on 22d
St. from Indiana Ave. east to Illinois Central right-of-way.
23. Provide for terminal transfer facilities from surface to elevated lines;
also ample rolling stock for rapid transit lines; additional tracks, ample
rolling stock, power, substations and equipment required for surface linos.
Lines to Be Begun and Completed During Second Three-Year Pence.
1. Surface car subway from 18th St. and Indiana Ave., connecting with
the proposed Illinois Central Station at 12th St., to and under Grant Park
or Michigan Ave. to connect with the other surface car subways, hereinbefore described in Item 3 under the heading "Surface Line Improvements."
2. Two-track extension of the North Water St. terminal tracks east to
State St. and south over State St. to the Loop station over Lake St., including a new river bridge on State St., two-thirds of the cost of such
bridge to ,he paid by the city.
3. Two-track elevated lino from the elevated in Milwaukee Ave. near
Lake St., to be built over Clinton St. to the Metropolitan Elevated.
4. Realignment of Northwestern Elevated at Halsted St. and North
Ave. reducing heavy curvature.
5.'
Elevate the surface tracks of Northwestern Elevated from Western
Ave. to Kimball Ave. yards.
6. Reconstruct the Belmont Ave. junction of Northwestern Elevated
separate track grades, &c.
7. Fourth track to South Side Elevated from 43d St. to 63d St.
8. Three-track elevated line from the Metropolitan Elevated at Van
Buren between Desplaines and Halsted streets; thence south and west
to Blue Island Ave., Harrison and Halsted streets; thence southwestwardly
near Blue Island Ave. to the proposed Ashland Ave. line at 22d St. and
Ashland Ave. Also frqm Blue Island Ave. line to Douglas l'ark branch
of Metropolitan Elevated between 20th and 21st streets.
9. Third track to Logan Square branch of Metropolitan Elevated from
Robey St. to Logan Square.
10. Two-track elevated line in or near Roboy St. from Northwest
branch of Metropolitan Elevated to the Ravenswood branch of Northwestern Elevated at or near Cornelia St., with grade separation at Robey
St. when required.
11. New two-track surface line connecting the Oak Park Elevated and
the Garfield Park branch of Metropolitan Elevated boyond their present
western terminals, including storage yards in Forest l'ark.
12. Reconstruct tracks and station at or near Marshfield Ave. junction
of Metropolitan Elevated, extend the station, &c.
13. Two-track elevated structure in Van Buren St., from Metropolitan
Elevated at Van Buren St. near Halsted, east to a connection with the
elevated in Van Buren St. at Market St., with new bridge over the river
at Van Buren St., two-thirds of the cost of such bridge to be paid by city.
14. Reconstruct and realign the tracks, &c., of the Northwestern ilevated just south of Division St.
15. Two-track elevated line in or near'Halsted St. from the South Side
Elevated at 63d St. and Halsted St. to 89th St. 16. Two-track elevated line extension from elevated terminus at 63d St.
and Stony Island Ave., south in or near Stony Island Ave., to 73d St. or
79th St., and thence southeasterly to and into South Chicago near 95th
St. and Commercial Ave.
17. Two-track elevated line from 63d St. branch of the South Side
Elevated, between Indiana Ave. and South l'ark Ave., south to 87th St,
at a point between Indiana Ave. and South l'ark Ave.
Lines to Be Built in Subsequent Period.
After the expiration of the second three-year period hereinabove referred
to, the remaining improvements, extensions, &c., as specified in the ordinance[but omitted here for lack of space] and as directed by the trustees.
Power Contracts to Be Transferred to New Company.
The power contracts under which the surface companies and the elevated
companies have been securing power for the operation of their respective
properties since 1013 shall be transferred to, inure to the benefit of, and
be carried out by the company, but said contracts shall not be modified,
extended or renewed without the consent of the city, hereafter given by
ordinance, and no now contracts for supplying power shall be entered into
by tho company without the consent of the city hereafter given by ordinance.
Compare also explanatory data under name "Chicago Traction Co."
(previously proposed name) In V. 107, p. 500, 695, 802; and Chicago Rapid
Transit plans in V. 107, p. 180, 291; V. 106, p. 2756.

SEPT. 28 1918

THE CHRONICLE

1295

gevrts ana pocumtnts.
INTERBOROUGH RAPID TRANSIT COMPANY
ANNUAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30 1918.
No. 165 Broadway, New York, September 1 1918.
To the Stockholders:
Your Board of Directors, submits herewith its report of
the operations of the Interborough Rapid Transit Company
for the fiscal year ended June 30 1918.
The comparative income account for the years ended
June 30 1918 and 1917, is:
COMPARATIVE STATEMENT OF INCOME
ACCOUNT.
Increase (+) or
Year ended June 30-'
1918.
1917.
Decrease (-)•
Gross Operating Revenue_$40,497,728 18 $39,866,14044
+8631,581 74
Operating Expenses
19,113,336 36 16,583,293 18 +2,530,043 18
Net Operating Revenue_821,384,391 82 $23,282,853 26 -$1,898,461 44
Taxes
3.758.583 38
2,871.384 83
+887.19855
Income from Operation_$17,625,808 44 $20,411,468 43 -$2,785,659 99
Non-Operating Income..
593,599 98
559,076 73
+34.523 25
Gross Income
$18,219,408 42 $20,970,545 16 -$2,751,136 74
Income Deductions
13.556,64950 12,085,186 64 +1,471,46286
Net Corporate Income
for the Year
$4,662,758 92 $8,885,358 52 -$4,222,599 60
Add Accruals under Contract No. 3 and Related
Certificates
2.508,508 26
217,295 86 +2,291,212 40
$7,171,267 18 $9,102,654 38 -$1,931,387 20
AddSurplus June 30 1917 and
June 30 1916
$17,615,944 28 $17,530,977 89
+$84,966 39
Other Credits
137,296 65
53,264 81
+84,031 84
•
$24,924,508 11 $26,686,897 08 -$1,762,388 97
Totals
• Appropriated for:
Amortization, Capital Retirements, Strike Expen$136,530 86 $2,070,952 80 -$1,934,421 94
ses and Other Charges
6,125,000 00
Dividends
7,000,000 00
-875,000 00
Total Appropriations.. $6.261,530 86 $9,070,952 80 -$2,809,421 94
Profit and Loss-Surplus $18,662,977 25 $17,615,944 28 +$1,047,032 97

STATEMENT OF OPERATIONS FOR THE YEAR
ENDED JUNE 30 1918.

LOW COST FOR SERVICE.
The Interborough Rapid Transit Company is the largest
passenger transportation company in the world. It carries
more passengers than all of the railroads in the United
States combined, at an average of less than one-third their
rate per mile. The maximum haul, after the system is
completed, will be over twenty-six miles for five cents.
This single fare for all distances was established primarily
to relieve conditions in the heart of the city and aid in the
development of outlying districts. It involved construction
during a period of normal prices, whereas the necessities of
the present situation require construction under war prices,
and these increased costs must be capitalized against the
property. -This handicap could be borne until traffic devoloped, were it not coupled with abnormally high operating
costs in every other direction.
These burdens imposed upon the Company as a direct
result of the war, while temporary in their nature, it may
be hoped, are crushing while they last. They should be
met by emergency measures, and should not be allowed to
affect the movement of population, and permanently injure
property values and the business interests of our people.
The Company's problem, therefore, is one of temporary
relief, and in support of the justice of such relief, its case is
overwhelming.
GENERAL BALANCE SHEET JUNE 30 1918.
..ASSETS

FIXED CAPITAL
$176,724,459 59
IN VESTMENTS
26,388,901 69
ADVANCES TO ASSOCIATED COMPANIES
3,870,306 73
CURRENT ASSETS
29,015,036 90
C'ash
$1,947,525 25
Cash advanced from General Fund for
Manhattan Third Tracking (See Contra) 8,325,000 00
Cash advanced from General Fund for
Manhattan Power Plant Improvements
(See Contra)
1,800,000 00
Accounts Receivable
6,058.871 52
Bills Receivable
40,000 00
Interest and Dividends Receivable
598,195 27
Material and Supplies
3,864,952 51
Special Deposits:
To meet Coupons due not presented_ _ _ _
107,500 00
To meet Uncollected Dividends on Manhattan Railway Co. Capital Stock
64 75
To meet Dividend due July 1st 1918 on
Manhattan Railway Co. Capital Stock 1,050,000 00
To meet Dividend due July 1st 1918 on
Interborough Rapid Transit Co. Capital Stock
875,000 00
To meet Interest due July 1st 1918 on
First and Refunding Mortgage 5%
Gold Bonds
4,014,625 00
Deposit to meet refund of 1917 and 1918
Income Tax Collections
2 00
Guaranty Trust Co., Trustee, First and
Refunding Mortgage
333,300 60
.CONSTRUCTION AND EQUIPMENT CASH FUNDS_
4,940,340 95
Subway Contribution Cash
$2,249,172 16
Manhattan Third Tracking Cash
8,918 67
Elevated Extension Cash
2,665,682 60
Manhattan Power House Cash
16,567 52

Gross Operating Revenue
$40,497,728 18
Operating Expenses
19,113,336 36
Net Operating Revenue
$21,384,391 82
Taxes
3,758.583 38
Income from Operation
$17,625.88 44
Non-Operating Income
593,599 98
Gross Income
$18,219,408 42
Interest and Sinking Fund on City Bonds
$2,384,537 57
Interest on Interborough Rapid Transit Com-pany First and Refunding Mortgage 5%
Gold Bonds
4,327,177 34
Sinking Fund on Interborough Rapid Transit
Company First and Refunding Mortgage
5% Gold Bonds
438,821 42
Interest on Manhattan Railway Consolidated
Mortgage.4% Bonds
1,627,360 00
Interest on Manhattan Railway Second Mortgage 4% Bonds
180.920 00
Manhattan Railway Rental (Organization)_
35,000 00
Guaranteed Dividend-7% on Manhattan
Railway Company Capital Stock
4,200,000 00
Interest on Unfunded Debt•
123,314 67
Other Rent Deductions
199,512 70
Interest on Investment of Depreciation Reserve
39,340 55
Amortization of Debt Discount and Expense
on Manhattan Railway Second Mortgage
4% Bonds
665 35
320,747 40
•
Total Income Deductions
13,556,649 50 PREPAYMENTS
Insurance
$281,226 99
Not Corporate Income
$4,662,758 92
Taxes
30,720 66
Add Accruals under Contract No.3 and Related Certificates 2,508,508 26
Rents
8,799 75
$7,171,267 18
.Dividends on Interborough Rapid Transit Company Stock
6,125,000 00 ITEMS AWAITING DISTRIBUTION
15,597 82
Surplus
81,046,267 18 SECURITIES IN TRUST FOR VOLUNTARY RELIEF
FUND
53,257 50
Per Cent, Expenses to Earnings
47.19 DEFERRED CHARGES
9,242,242 00
Passengers Carried
770,998,335
Unamortized Debt Discount and Expense.
TOTAL
$250,570,890
58
TRAFFIC.

The number of passengers carried was 770,998,335, compared with 763,574,085 last year, an increase of 7,424,250,
or .97%, the result of a gain on the Subway Division of
4,143,674, or 1%, and a gain on the Manhattan Railway
Division of 3,280,576, or .94%.
The gain on the Subway Division was the result of an increase of 15,002,257 in passengers carried over the line sconstructed and equipped under Contract No. 3, and a decrease of 10,858,583 in the traffic over the old Subway lines.
The increase on the Manhattan Division was due principally to the opening during the year of the West Farms
Branch, Queensboro Bridge line and the Eighth Avenue
and 162d Street connection of the Elevated extensions.
INCREASED FARE.
Application has been made to the Public Service Commission and the Board of Estimate and Apportionment for an
increase in fare to meet the increases in wages and cost of
materials due to war conditions.
We delayed taking this action in the face of constantly
advancing prices until a point was reached where adequate
service and proper maintenance could not much longer be
continued without an adequate increase in the fare. Probably no other essential industry has been more adversely
affected by the war than electric railways. For while their
fares have been fixed, their expenses for all materials and
supplies, for taxes and for labor have advanced to heights
never before attained.
It has been impossible to meet these added expenses by a
summary increase of charges for service, as is done in all
ordinary forms of business.




LIABILITIES
CAPITAL STOCK
$35,000,000 00
FUNDED DEBT
160,585,000 00
First and Refunding Mortgage 5% Gold Bonds.
MANHATTAN RAILWAY CO. LEASE ACCOUNT
377,322 73
CURRENT LIABILITIES
31,847,007 38
Interest and Rentals Accrued, not due.___ _81,377,350 06
Coupons due, not presented
107,500 00
Dividends April 1st 1909 to April 1st 1918,
inclusive, on Manhattan Railway Com64 75
pany Capital Stock, unpaid
Dividends due July 1st 1918 on Manhattan
Railway Company Capital Stock
1,050,000 00
Dividends due July 1st 1918 on Interborough Rapid Transit Co. Capital Stock
875,000 00
Interest duo July 1st 1918 on First and Refunding Mortgage 5% Gold Bonds
4,014,625 00
Due for Wages
490,181 85
Bills Payable (of which $4.000,000 is for
equipment Contract No. 3)
7,620,000 00
3,809,630 58
Accounts Payable
Taxes Accrued
2,377,655 14
Third Tracking Cash Liability for Advances
from General Fund (See Contra)
8,325,000 00
Manhattan Power House Cash Liability for
Advances from General Fund (See Con1,800,000 00
tra)
RESERVES
Accrued Amortization of Capital
$1,532.917 99
Manhattan Railway Equipment Reserve
150,752 50
Interest on Investment of Depreciation Reserve
142,527 71
Manhattan Railway Co.2d Mortgage Bond
1,620 15
Discount and Expense Amortization_ _ __
Depreciation Reserve under Elevated Ex280,150 88
tension Certificate
Sinking Fund on First and Refunding Mort802,925 00
gage 5% Bonds
ITEMS AWAITING DISTRIBUTION
PROFIT AND LOSS SURPLUS
TOTAL

2,910,894 23

1,187,688 99
18,662,977 25
$250,570,890 58

THE CHRONICLE

1296

gite

Teannternal Times
COMMERCIAL EPITOME

Friday Night, Sept. 27 1918.
As heretofore, the enormous Government business throws
everything else into the shade. The civilian business is good
so far as it goes. People on fixed incomes, however, are
practicing economy. Working people, male and female,
and the farming community are spending more money than
any other class of the population. A new Liberty Loan
campaign for $6,000,000,000 is about to start, and in the
East this may affect trade to some extent among people with
fixed salaries. The draft, moreover, the drawing for which
will begin Monday, Sept. 30, has more or less of a tendency
to restrict certain lines of business. As hundreds of thoussands of young men will soon be in uniform, it is easy to see
that this restrictive effect is bound to occur. There is a big
business in women's goods; women are spending as perhaps
never before in the history of the country, as they are getting
high record wages. Liquor dealers are trying to get rid of
their stocks as rapidly as possible. Some breweries may be
converted into Government war plants. Vermont's granitecutting works, it is said, may also be utilized by the Government. Non-essential trades are being pushed further and
further into the background. An epidemic of Spanish influenza has checked business to some extent, but is not expected to be lasting. The Department of Health of this city
has just voted $25,000 to fight influenza, which it calls pneumonia in epidemic form. It is said to be in reality the oldfashioned grippe. Meanwhile, the war news has been generally favorable and public sentiment is partly reflected in
greater activity and higher prices on the Stock Exchange.
Hopes are rising that peace will come next year, and possibly
at an earlier date in 1919 than has been generally expected.
The war news has had a tendency to put down prices of grain.
Corn prices are the lowest thus far this season. The movement of grain has become so large that embargoes have had
to be declared for the time being on shipments from the interior to big Western terminal points, notably on corn. The
storage capacity of many of these centres is severely taxed.
At Chicago they want the Government to withhold wheat
for a time and allow more room for corn and oats. The visible supply of wheat has within a week increased over 12,000,000 bushels, which is something unheard of. The total
visible supply has seldom been exceeded in the history of the
grain business in the United States. It is now nearly 80,000,000 bushels, or about twelve times as large as it was a
year ago. Profits of cash grain handlers in this country will
be limited to 2 to 3% on the annual turnover. Profits are
also regulated on other grain and also on feed and flour.
The rice crop has been taken over by the Government. The
corn crop is safe from frost. The lumber trade is restricted
by embargoes. At the West and the South there is an evident desire to replenish stocks, but goods are often scarce.
There is a brisk demand for money. Collections are good.
One thing that holds back trade and speculation to a noticeable extent is the tightness of money. Labor grows scarcer.
The price of some kinds of food keeps going up. It advanced
on the average last year, according to Mr. Hoover, 33/2%.
The Department of Labor puts the rise at 15% in the last
twelve months and 70% in the last five years. Fruit, butter, eggs and pork are all higher. Steak of various cuts and
Rualities has risen 28 to 30% within the year, and bacon and
rice 26%, but on the other hand some decline is noted in
the prices of beans, flour, bread, coffee and sugar. Butter
has been rising so rapidly-now 63 cents-that the Federal
Food Board thinks that the dairy industry is likely to suffer
through a decrease in the consumption of dairy butter and increased consumption of margarine. It would
seem that the consumption of margerme will increase
in any event, as butter is up to unheard of prices.
While the Government has been and is fixing prices on
various commodities, it is of interest to notice that, according to Washington dispatches, it is about to adopt measure:;
to enforce stability of wages during the war. Plans under
discussion between representatives of manufacturers and
labor, on the one hand, and officials of the War and Navy
Departments on the other, charged with letting enormous
contracts provide for a nation-wide system of community,
or industry agreements in wheih both employers and employees will participate and which will be enforced one way
or another by the Government. Rapidly rising labor costs
and the necessity of big production have forced the War and
Navy Departments to take the lead in stabilizing wages.
It was time. Shipbuilding is making good progress, but it
might be faster. Only 13,422 rivets were driven in the sides
of vessels at Hog Island a week ago Wednesday,or an average
of 14 an hour, as compared with 20 at the Submarine Boat
Newark plant and 21 at Merchants Shipbuilding Plant at
Bristol, on the same day. At Hog Island on that day only
121 gangs reported for work, as against the high record of
512. In such cirdumstances only 20 ships may be built
there by Jan. 1 instead of 48 expected. General Crowder
will take the matter in hand, as Vice-President Piez of the
Emergency Fleet Corporation attributes the delay to draft
dodgers who neglect their duties. General Crowder will
organize a roundup of the shirkers. But even as it is.
American shipyards delivered 610,779 deadweight tons of
shipping to the Government in July and August. This




[VoL. 107.

more than offset the U-boat sinkings of American vessels
since the war began, submarines having accounted for
541,925 tons. American shipyards in the twelve months
ended Sept. 26 established a new world's record for ship construction. The returns, as compiled by the Bureau of
Navigation of the Department of Commerce, total 1,956,455
gross tons. The previous world's record was made by British shipyards in 1913. It was 1,932,153 gross tons. Added
to the United States total for twelve months of 1,956,455
gross tons, the United Kingdom built in eleven months
ended Aug.31,completed tonnage to the amount of 1,512,640
gross tons. Altogether, 3,469,095 gross tons were completed, and this exceeds the world's record, 3,332,882
Launched by all nations in the calendar year 1913. Latterly
the weather has been noticeably cool in this part of the country. It has been as low as 46 degrees. In twenty-four
hours it dropped 20 degrees. Up the State and in Vermont
it has been 44. This tends to stimulate fall retail business.
A snowfall of 4 inches covered lower Adirondacks to-day.
The War Industries Board will fix the price on all importations of tin. This is something new. About two-thirds of
the world's production, or, say,80,000 tons, of pig tin will be
used in the United States under plans adopted by the Board.
Two committees have been appointed to look into the question of cotton trade regulation; one to allot cotton to domestic and foreign consumers and the other to investigate
the situation with a view of fixing prices if necessary. One
good effect will be to utilize the large and burdensome
stocks of low grades irithis country which with the plans to
distribute the crop may obviate the necessity of formal
fixed prices. The scarcity of white cotton had much to
do with the high prices which have prevailed. Southern
members of Congress are making strenuous opposition to
anything like price fixing, although prices have been fixed
on wheat, steel, pig iron, copper, &c. The enormous expansion of the chemical industry was revealed at the opening of the Chemical Exposition in New York this week,
when Dr. Charles H. Herty said that since Aug. 1 1914 the
aggregate capital invested in new chemical enterprises had
been $386,967,000, of which $59,164,000 represented industries started in the last eight months. These figures
do not include Government investments in chemical plants,
whose output is used solely for war purposes. Exports of
sulphuric acid, have increased from 12,000,000 pounds in.
1913-14 to 68,000,000 pounds in 1917-18. The dye industry in this country now produces fast colors of quality
equal to German dyes.
LARD lower; prime Western 27.30@27.40c.; refined to
the Continent, 28.75c.; South America, 29.15c.; Brazil,
30.15c. Futures declined and then rallied. Exports of
both lard and meats last week were much larger than in the
same week last year. Prices for hogs declined. Also they
show a falling off in weight. Last week they averaged 243
pounds, as against 251 in the previous week. But on declines September shorts have covered and there has also
been a pretty good demand for November. In Great
Britain fair quantities of lard have been released and the
demand is tending toward improvement. Arrivals are in
good volume, with stocks liberal. To-day prices advanced;
hogs were 10 to 200. higher. There is a small advance in
lard for the week.
DAILY CLOSING PRICES
Sat.
cts_26.80
Sept. delivery
26.30
October delivery
November delivery_-_ _25.72

OF LARD FUTURES
Wed.
Tues.
Mon.
26.70 26.75
26.75
26.42
26.50
26.50
25.85
25.95
25.90

IN CHICAGO.
Thurs. Fri.
26.75
26.72
26.40 26.42
25.80
25.87

PORK steady; mess $46@$46 50; clear $44@$53. Beef
products continue strong; mess $35@$36; extra India mess,
$58(059. Cut meats higher; pickled hams, 10 to 20 lbs..
3@30%c.; pickled bellies, 37@39o. In the United
/
297
Kingdom bacon is being allocated in moderate quantity.
The lower grades are meeting with a better sale, but at reduced prices, while the more expensive cuts continue in
brisk demand with offerings limited. Arrivals of meats are
in good volume. The generally moderate demand prevailing
for some time past has permitted of a liberal increase in
the stocks of meats and the supply situation appears satisfactory with the outlook optimistic. November pork closed
at Chicago at $41, a slight decline for the week. Butter,
creamery, 62M @,630. Cheese, flats, 26@303'c. Eggs,
fresh, 54@55c.
4(0)10o.• No. 4 Santo;
COFFEE steady; No. 7 Rio 97
13 N @,13 Wic.; fair to good Cucuta, 12Yi613c. Futures
advanced slightly. Brazilian markets also were higher.
There has been steady liquidation of December by those
who are going into later months. On the whole, the market
has lacked striking features. Mild coffee has been rising.
Cost and freight Brazilian prices have at times been somewhat easier. Really, it is largely a waiting market, pending
further developments. Naturally, the war news is a more
or less encouraging factor. Also, there are rumors that the
Government will regulate the trade in green coffee much as
that in sugar. This tended to brace prices. To-day prices
closed unchanged to 8 points lower. They aro a trifle
higher for the week. Recently the Government is said to
have bought at least 100,000 bags.
Sept_ ___cts..8.501 _-_ January_cts.9.100 _ __ May _ _ cts-9.41 9.42
8.65
Otober
November __8.80
December...._8.95

February
Februa
_-_ March
-_- April

June
9.2004
9.3009.32 July
9.36589.37 August

9.47 9.48
9.53589.56
9.60589.62

SUGAR firm; centrifugal, 96-degrees test, 7.28c.; granulated, 9c. Trading has been rather light. The scarcity

SEPT. 28 1918.1

of ocean tonnage retards the movement of sugar to consuming markets from Cuba. It is believed, however, that this
drawback will be remedied shortly. It is planned to move
90,000 tons of Hawaiian sugar to the Atlantic ports. It is
believed it will be shipped between now and Dec. 1. The
Western beet root crop is expected to be harvested early,
and the yield, judging from present indications, will be liberal. Refined is in light home demand. A better trade is
expected, however, as soon as certificates begin to be issued
against October allotments. The trade is not supposed to
be well supplied. Meanwhile refiners are doing a steady
business for export.
OILS.-Linseed firm; City, raw,„ carloads, $1 88@$190;
five-barrel lots, $1 88@$1 90. Calcutta, $1 95. Lard, prime
@16%c.;
edible, $23. Cocoanut, Ceylon, barrels, 163 Corn
oil,
Cochin, 17@173/2c. Soya bean, 18@183/2c.
®650.
crude, barrels, 17 VI ®18c. Spirits of turpentine, 643/2 Prime
Strained rosin, common to good, $14 50@$14 60.
crude, Southwest, 17.50c.
PETROLEUM steady; refined in barrels, cargo, $15 50®
$16 50; bulk, New York, $8 25@$9 25; cases, New York,
$19 25@$20 25. Gasoline steady; motor gasoline, in steel
barrels, to garages, 243/2c.; to c9nsumers, 263/2c.; gas machine, 41 Mc. With a further saving by the fourth gasless
Sunday it seems probable that the gasoline ban may be
lifted in October. Moreover, cooler weather and shorter
days are expected to bring about a certain saving. The
demand for kerosene is increasing and stocks for heating and
burning purposes are said to be satisfactory; at the close of
June they were said to be 426,285,676 gallons. Exports of
gasoline from Jan. 1 to Sept. 12 were 83,428,613 gallons,
against 24,246.491 during the same time last year. Meanwhile field work is being pushed with all possible vigor. The
shortage of labor is hampering it, however. An interesting
development has been the completion of a well in the Salt
Creek field in Wyoming whieh was credited with flowing in
excess of 10,000 barrels daily. Other developments have
been noted in North Texas, Oklahoma and the Gulf Coast
regions.
Pennsylvania dark $4 00
2 77
Gabel'
1 40
Crichton
2 85
Corning
58
2
Wooster
2 25
Thrall
2 25
Strawn
2 15
De Soto
2 38
North Lima

1297

THE CHRONICLE

South Lima
$2 38 Illinois, above 3(1
2 28
Indiana
degrees --------$2 42
Princeton
2 42 Kansas and Okla2 25
2 60
homa
Somerset, 32 deg
Ragland
1 25 Caddo, La., light_ 2 25
Electra
2 25 Caddo. La.. heavy 1 55
2 78
Moran
2 25 Canada
1 45
Plymouth..
2 33 Healdton
2 25
Henrietta

regard to the trade in general. Old schedules of prices will
prevail until Jan. 1. Naturally, the Government orders
still overshadow everything else. It is a difficult matter
under such circumstances, of course, for civilians to be accommodated. Mr. Baruch says there is a shortage of 4,000,000 tons. That is to say, instead of Government requirements for the latter half of the present year being 23z000,000 tons, they are 21,000,000 tons, as against an estimated production of 17,000,000 tons. There is some disappointment as to the pig iron price-fixing. Companies in
Class 3, which buy their basic pig iron in the market, must
pay more for raw material without any compensating increase in the price of steel.

COTTON
Friday Night, Sept. 27 1918.
THE MOVEMENT OF THE CROP, as indicated by our
telegrams from the South to-night, is given below. For,the
week ending this evening the total receipts have reached
156,587 bales, against 139,756 bales last week and 104,110
bales the previous week, making the total receipts since
Aug. 1 1918 695,341 bales, against 895,358 bales for the
same period of 1917, showing a decrease since Aug. 1 1918
of 200,017 bales.
Mon.

Sat.
Galveston
Texas City
Port Arthur, &c_
New Orleans_ _ _ _
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Wilmington
Norfolk
N'port News.
New York
Boston
Baltimore
Philadelphia

Tues.

Wed.

Thurs.

Fri.

Total.

9,995

9,697 20.812 10,254

6,795

7,397 64.950

4.057
10

6.260
548

5.118
57

7,742
292

6,785
30

226
226
7,387 37,349
1,598 2,535

5,846

6,714

7,015

5,271

794
788
512

808
764
602

2,141
1,130
795

691
726
551

7
10

36

Tntms this week_ 22 niQ 95 202 27104 95 A271

35
35
3,873 ,.4,33i 33.050
2,000 2.000
675 •1,217 6,326
1,166 1.166 5,740
925 4.100
715
108
108
85
78
46
37
37
---2n.nRQ 9R Atm IAR AR',

The following shows the week's total receipts, total since
Aug. 1 1917 and stocks to-night, compared with last year:
1918.
Receipts to
Sept. 27.

1917.

This Since Aug This Since Aug
Week. 1 1918. Week. 11917.

Stock.
1918.

1917.

TOBACCO.-Everything shows that the crops of tobacco
64,950 325,955 76,931 325,592 257,780 178.136
Galveston
are very large. And there is a scarcity of labor. Will this Texas
90
6,504
1,614
City
8,346
398
1,413
226
effect the factory consumption? Some are afraid so. They Port Arthur, &c_
88,226
Orleans_ _ _ _ 37,349 128,733 26,556 127,447 228,018
think the production of cigars is bound to be reduced simply New
15,209
20,962
13,578
16,726 2,792
2,535
Mobile
110
1,155
for the lack of labor. October 15th is the date for the second Pensacola
6,000
10,009
5.268
185 2,398
&c..
35
allotment of 12,000 bales of Sumatra tobacco to the American Jacksonville.
33,050 153,578 43,991 242,925 166.676 110.805
Savannah
6,000
4,100
37,000
trade. Of course that will be a big event. It is certain to Brunswick
11,300 3.000
2,000
15,563
22,167
34,288
17,370 9,590
6,326
attract buyers from many parts of the country. Meanwhile Charleston
38,446
11,637
35.934
4,739
13,910
Wilmington
5,740
31.587
32,036
56.173
there is a moderate business in progress. Havana leaf is Norfolk
12,788 5,061
4,100
690
113
113
News, &c_
108
in fair demand and firm. Recently the harvesting and N'portYork
20,806
77,230
62.990
3,155
1,608
85
New
curing of American tobacco has made good progress. General Boston
9.164
18,549
12,390
540
8,964
46
14,406
5,051
18,612
576 5,899
37
rains improved late tobacco in the Ohio Valley. It has been Baltimore
5,331
4,925
2.166
267
somewhat too cool and cloudy, however, for the best de- Philadelphia
1M.587i 805 241 185.430 895.358 015.588 582.042
velopments. Some damage was done by frost in the Ohio
Totals
Valley. Late tobacco has been improved by rains in TennesIn order that comparison may be made with other years,
see; cutting continued, except where delayed by rain in the
leading ports for six seasons:
Ohio Valley, and is nearing completion in the Atlantic Coast we give below the totals at
States. The Pennsylvania cigar leaf crop is reported to be Receipts at- 1918.
1913.
1914.
1915.
1916.
1917.
the largest ever grown and probably the best in quality.
79.867 149.165
120.854 105.716
76,931
64,950
___
of
Galveston
supply
the
depends
upon
production
largely
• COPPER
21.395
2,092
3,661
14,805
398
226
Texa.sCity,&c
13.899
26,749
,41,019
labor, which seems to have increased somewhat. The New Orleans_ 37.349 26,556 49,876
15,684
3,565
4,214
993
2.792
be
2.535
to
Mobile
taken
up
be
conference
at
a
again
will
price
subject of
106.294
61,532
33,999
49,304
43,991
33,050
Savannah
1.200
14,110
9,800
5,000
3,000
2,000
held in Washington Oct. 15. Latterly there has been some Brunswick.....
32,919
28,532
11,087
11,857
9,590
6,326
inquiry for October, November and December delivery. Charleston,&c
27,811
5,626
21,899
8.596
4,739
5,740
Wilmington
10.559
17,335
5,601
4,091
13,563
4,100
Tin unsettled at 82c. for spot at New York. Traders hold Norfolk
287
315
268
113
l08
aloof awaiting the effect of Government control. There is N'port N.,&c.
2,480
1,783
11.336
10.713
12,259
203
others_ _ _ _
All
Meanlater
on
may
acute.
more
which
become
shortage
a
while, however, London has declined somewhat. Lead un- Tot. this week 156,587 185.430 285.561 306,456 158,124 416,299
changed at 8.05©8.90.c. The scarcity seems to be more Since Ana. 1_ 805.541 805.558 1.250.575 1.052.058 440.502 1_724.421
pronounced. Meanwhile production is hampered by a
scarcity of labor; ores are also scarce. Spelter quiet at . The exports for the week ending this evening reach a total
of 51,793 bales, of which 29,901 were to Great Britain,
9.60@,9.750.
and 9,929 to other destinations. Exports
PIG IRON prices have been increased on basic iron to 11,963 to Francesince
Aug. 1 1918 are as follows:
the basis of.$33 f. o. b. furnace, as against $32 previously. for the week and
The base price on No. 2 foundry iron is increased to $34, as
From Aug. 1 1918 to Sept. 27 1918.
Week ending Sept. 27 1918.
Exported toagainst $33 formerly. That of standard Bessemer iron is
Exported toExports
fixed at $32 20 f. o. la. furnace, but there are certain changes from
Great
Great
Lake
Total.
in the matter of making deliveries. Base prices on
Britain. France. Other. Total. Britain. France. Other.
Superior iron ore delivered to lower Lake ports are increased
50,355
128,534
78,179
500
500
•
_
Galveston_
to
25 cents per gross ton 9n and after Oct. 1 1918, subject
12,200 12.200
Texas City.
these conditions:"The increased prices are based on the rail PortArthur,
130
130
dec
freight rates now in effect and on the present Lake rates, NewOrleans
425 16,778 64,410 48,318 26,953 139,681
16,353
11,866
11,866
and in the event of any increase or decrease in either rail or Mobile
_ 5,000 8,600 8,498 22,098 15,000 33,600 56,228 104,828
Lake rates said prices shall be increased or decreased accord- Savannah.
9,026
9,026
Brunswick
11,411 48,224 22,072 59,232 129,528
ingly on all deliveries made during the continuance of such New York. 8,048 3,363
4,240
4,240
Boston
increased or decreased freight rates."
5,367
5,367
Baltimore
970
970
STEEL prices have not been changed. An eight-hour Philadel'Ia..
22,240
22,240,
1,006 1,006
day has been adopted by the United States Steel Corporation, Pacific ports
effective Oct. 1. It is supposed that this new plan is for the
Total.... 29,901 11,963 9,929 51,793 237,282 103,990 227,338 568,610
purpose of speeding pp the outturn. Workmen will receive Total 1917_ 80,628 25,114 11,599117,341 494,035 122,541 145,097 761,673
what amounts to a rise of 42 cents per day for ten hours. Total 1916_ 50,511 33,316. 43,732127,559 383,508 126,216 297,728 807.852
They will get time-and-a-half for overtime, making wages
In addition to above exports, our telegrams to-night also
$4 62 a day if they work 10 hours. Other companies, it is give us the following amounts of cotton on shipboard, not
understood, may follow this lead. There is nothing new in




1298

THE CHRONICLE

[VOL. 107.

cleared, at the ports named. We add similar figures for get half the men's
pay in the army plus an equal amount
New York.
from the Government which puts them in comparatively
affluent circumstances from their point of view. Then,
On Shipboard, Not Cleared forwhy work? Many of them are not doing anything at all,
Great
Ger- Other CoastLeaving and will not while the wax lasts or as long as the money
Sept. 27 at- Britain. France.I many.
Cont't. wise. I Total. Stock. holds out. Of course it is a familiar fact that the munition
Galveston _ _ 28.690
18.000 9,000 55,690 202,090 works are drawing off hundreds, and even thousands, by the
New Orleans*_ 12,000 8.000,
5,000 5,000 30,000 198.018 lure of wages that the negroes cannot resist. It is evident,
Savannah _ _ 1,000
3,000 4.000 162,676 then, that the labor question is going to figure
Charleston
largely in the
2,000 2,000 32,288 raising
Mobile
354
of the next crop; more so than it has for the last
354 13,224
I
Norfolk
200
200 55,973 two seasons. At the same time,
New York *__ _ 4,000 3.000
the
successes
of the
4.000
11.000 66,230 Allies over a vast
Other ports*__ 6,000
1,000
front extending down into Palestine
7,000 72,623
may
open
up
the
prospect
of
peace
Total 1918__ 52.044 11,000
next
year,
with every
28,000 19,200 110,244 803,122
Total 1917_ _
29,357
39,841 11,877 168.018 414,025 likelihood of an enormous consumption, and none too much
Total 1916.... 86.943
75,756 18,475
60,541 17,477 172,249 656,742 likelihood of an adequate supply. Liverpool
and trade
*Estimated
interests have been good buyers. Now and. then Southern
hedge
selling
has
increased,
but,
on
the
whole,
it has not
Speculation in cotton for future delivery has still kept
within the limits imposed by these restrictive times, and been burdensome, even in a narrow market. Crop news of
late
has
been
unfavorable
.
The
last
weekly
Governmen
prices, on the whole, have risen, though at one time they
t
were about a cent lower than at the close of last Friday. weather report said that conditions had been too cool. The
daily
weather
records
showed
that
to
be
true.
On
Thursday
That was in the fear of price-fixing by the Government. It frost
was predicted for Texas and other parts of the Western
was announced early in the week that the Administration
had determined to fix a price on cotton. All sorts of re- belt. To-day prices advanced on favorable war news,
ports have recently been current. Of course absolutely strong cables and good trade buying for home and foreign
nothing is known about the matter. It was admitted that account. The French Commission was said to be buying
a committee would be appointed to look into the whole December rather heavily. And heavy rains were reported
question and make extensive investigation in various parts in the Eastern and Central sections of the belt, ranging from
of the country. Its findings would then be reported back 1 to 4 inches. Chairman Page of the Government Comto the War Industries Board. This body, in turn, would mittee of Inquiry which is to hold hearings over the cottonreport to the President, and in this way a price might be growing States, was quoted to-day as warning the cotton
announced. But all this lies in the future. The mere men- trade against giving credence to unauthorized reports purtion, however, of possible price fixing undoubtedly caused porting to come from the Cotton Committee or the Coma good deal of selling at one time. Two committees, it mittee on Cotton Distribution. The Committee, he said,
has been announced, will control the question of cotton will not recommend a price to be fixed on raw cotton at
prices and distribution. One, as already intimated, is to present, nor will it so recommend in any event before suffiinvestigate with a view of possibly fixing a price; the other cient time has elapsed to test the effect of a stabilizing influis to control during the period of this inquiry the distribu- ence of work assigned to the Committee on Cotton Distribution of cotton by purchasing all of the staple needed by the tion, unless in the meantime unexpected changes occur in
• United States and the Allies at prices to be approved by the the cotton market of such violence as to threaten the welfare
.President. Meanwhile exports have, generally been light, of legitimate interests. Middling upland closed at 35.15c.,
receipts have been increasing, and everywhere there has an advance of 120 points for the week.
The official quotation for middling upland cotton in the
been a disposition to proceed cautiously. For a time at
least the weather was considered rather more favorable. New York market each day for the past week has been:
Sept. 21 to Sept. 27Sat. Mon.
English advices take the ground that the longer the war con- Middling
Wed. Thurs. Fri.
uplands
32.65 33.25 Tues.
32.75 33.35 33.95 35.15
tinues the more likely it is that consumption will gradually
NEW YORK QUOTATIONS FOR 32 YEARS.
decrease. It is also argued that even at the end of hostilities
35.15 1910_c
13.60 1902_c
the reduction in Government orders should more than offset 1918_c
0.00 1891..c
6.50
1917
25.20 1909
13.55 1901
8.25 1893
8.12
any increase in civilian consumption. It is further con- 1916
15.95 1908
9.40
1900
10.75
1892
7.56
12.00 1907
11.75 1899
tended that a return to normal activity will be but gradual: 1915
6.88 1891
8.69
1914
1906
0.70 1898
5.38 1890
10.38
that otherwise general business might be more or less 1913
14.30 1905
10.90
1897
6.62
1889
11.12
11.55 1904
10.90 1896
disorganized; that buyers would in any case expect lower 1912
8.44 1888
10.44
10.45 1903
11.25 1895
8.88 1887
9.62
prices, even if they did not go down to the pre-war level. 1911
And even many who do not subscribe to this way of thinking
MARKET AND SALES AT NEW YORK.
have certainly become wary. Some well-known people here
The total sales of cotton on the spot each day during the
have been advising their customers to do simply nothing, week at New York are indicated in the following statement.
or, in other words, to take an even position on the market. For the convenience of the reader we also add columns which
On the other hand, however, there has of late undoubtedly show at a glance how the market for spot and futures closed
been a more cheerful feeling in regard to the question of on same days.
fixing a price by the Government on cotton. The other day
there were rumors from Washington that members of the
Spot
Futures
SALES.
Market
Market
War Industries Board had said that owing to the fact that
Closed.
Closed.
Spot. Contract Total.
the Government purposed to utilize the low grades and to
Quiet 130 pts dec..__ Barely steady
attend to the distribution of the crop, at least for a certain Saturday..__
Monday
60 pts adv__ Easy
period, actual price fixing would probably be unnecessary. Tuesday ___ Steady
Quiet 50 pts dec...._ Easy
300 300
Wednesday.. Quiet 60 pts
adv_ Steady
It is significant that the lower grades are going to be con- Thursday
Quiet60 pts adv_ Steady
sumed on a larger scale. Buyers for home and foreign ac- Friday
Quiet 120 pts adv.. Barely steady
count are not to pick out white cotton exclusively and leave
Total_
300 300
growers and merchants saddled with the low grades. It is
announced officially that the Committee on Cotton DistribuQUOTATI
ONS
FOR
MIDDLIN
COTTON
G
AT OTHER
tion will establish offices immediately. The committee MARKETS
.-Below are the closing quotations of middling
plans to exercise its supervision through existing customary cotton at Southern
and
other
principal
cotton
markets for
channels by controlling the quantity and quality of cotton each day
of the week:
used by domestic and foreign consumers. This it believes
can be done without disturbing to any appreciable extent
Closing Quotations for Middling Cotton onthe existing facilities and organizations for marketing
Week ending
Sept. 27. Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
and distributing the crop. And it makes the significant announcement that "The committee will require both domestic Galveston
33.35 33.35 33.35 33.34, 33.50 34.25
and foreign consumers to take a fair and equitable portion New Orleans.._ _ 32.75 32.75 32.50 32.25 32.25
32.50
Mobile
30.50 31.25 30.75 31.25 32.00
of the grades below middling." Everybody knows that the Savannah
32.00
31.50
31.25
31.50
32.00
33.00
big stock of low grades at the South has been more or less Charleston
32.00
31.50 31.50
32.00
Wilmington...._ _ 30.50 32.00
30.75 30.75 30.75
30.75 30.75
of a burden. Last year's crop was a low-grade rather than a Norfolk
31.50
31.38
32.00
31.50
32.00
32.50
high-grade crop. In the past mills have naturally been Baltimore
33.50 32.50 32.50 32.50 32.50 33.00
32.90 33.50 33.00 33.60 34.20 35.40
averse to buying the low grades. The Government was Philadelphia
Augusta
30.87 31.37 31.75 31.50
32.06 32.75
strict in the matter of its specifications for goods. Naturally Memphis
33.50 33.00 32.50 32.50 32.50
33.00
32.05 31.60 32.15 32.50 33.65
a mill did not want its goods rejected. Therefore it bought Dallas
Houston
32.90 32.50 32.50 32.60 33.00 34.25
white cotton. And white cotton being scarce the price Little
Rock.. 33.50 33.50 33.00
33.00 33.00 33.50
mounted. It pulled other cotton with it. The equilibrium
will be restored, it is believed, if a fair proportion of the low
NEW ORLEANS CONTRACT MARKET.-The closgrades is used for both home and foreign account. It will ing quotations for leading contracts in the New Orleans
have to be. Meanwhile- very many think that there is cotton market for the past week have been asfollows:
little likelihood of any lasting decline; the crop is too
small. For the fourth time in succession it is almost a
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
failure and next year's crop may suffer from the scarcity
Sept. 21. Sept. 23. Sept. 24. Sept. 25. Sept. 26. Sept. 27.
of labor and the high cost of production in other September
29.74
-30.47-.50 30.05
ways. There is nore and more talk about the scarcity of October
29.69-.72 30.47-.48 30.00-.04 30.67 -31.12-.15 32.20-.-December
29.55-.60 30.40-.46 30.05-.12 30.60-.63 30.95-.01 32.00-.18
labor at the South as time goes on. The army is taking January
29.55-.60 30.44-.46 30.11-.14 30.62-.64 30.97-.99 31.96-.04
hundreds of thousands of negro laborers in various parts of March
29.71 -30.55-.57 30.15-.30 30.74 -31.01-.12 32.05-.15
29.74-.78 30.59-.61 30.19-.22 30.78-.80 31.06-.09 32.10-.15
the country. It may be necessary to adopt unusual measures May
Tone
to pick the crop in some sections. Negro female labor is Spot
Quiet
Dull
Quiet Steady Steady 1 Steady
nniAnna
Steady Steady Steady Steady Steady Steady
said to be not so readily available as formerly; the women




FUTURES.-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
Sept. 21. Sept. 23. Sept. 24. Sept. 25. Sept. 26. Sept. 27.

Week.

SeptemberRange
Closing__ - 31.25 -31.89
October31.20-.00 31.55-.08 31.50-160 31.65-.25 32.50-.00 32.75 118 31.20 /18
Range
--31.35-.50 31.99-02 31.50-.63 32.05-.10 32.72-.75 33.80
Closing
November31.20 -31.05-.10 32.25 -31.65-.70 32.65 --- -31.20 j65
Range
Closing
31.11 -31.53 -31.20 -31.68 -32.19 -33.50 ---December30.70-.35 31.15-.68 31.20431 31.25-.87 32.03-.50 32.25c161 30.70 161
Range
Closing--- 30.96-.05 31.53-.61 31.20-.28 31.68-.75 32.14-.16 33.30 .42--t
January30.50-.25 30.93-.56 31.00-120 31.12-.72 31.89-.35 32.15c0.5 30.50 115
Range
--Closing__ 30.75-.85 31.44-.55 31.00-.20 31.60-.63 31.96-.99 32.99
FebruaryRange
30.67 -31.40 -31.00 -31.55 -31.91 -32.94 ---Closing
March30.42-.20 30.92-.52 31.04-110 31.05-.75 31.80-.10 32.10 .05 30.42 105
Range
Closing_ 30.60-.70 31.38 -31.00-.05 31.55-.60 31.89 -32.85 .88--AprilRange
Closing
30.60 -31.35 -31.00 -31.50 -31.85 -32.80 ---MayRange
30.42-.00 30.94-.49 31.00-100 31.20-.75 31.82-.08 32.04 .00 30.42 100
Closing__- 30.60-.70 31.35-.39 31.00-.15 31.45-.50 31.82 -32.75 .80--July30.60-.90 30.99-.50 31.90-.93 31.50-.55 31.80-.00---30.60 j0C
Range
Closing_
30.52 -31.35 -31.00-.05 31.40-.45 31.77 -32.70 ---August29.85 eV'
31.70
Range
29.85
Clinging
30 15 -30.00 -30.80 -31.05 -31.37 -32.30 --- -

.00

.00

a 31c. 1 32c. I 33c. i 34e.

THE VISIBLE SUPPLY OF COTTON to-night, as mado
up by cable and telegraph, is as follows. Foreign stocks, as
well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
Sept. 27Stock at Liverpool
Stock at London
Stock at Manchester

bales_

Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Ilavre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
'
Total Continental stocks

1918.
145,000
19,000
39,000

1917.
266,000
10,000
31,000

1916.
564,000
32,000
24,000

203,000

316,000

132,000
1,000
14,000
23,000

149,000
4,000
74,000
12,000

620.000 1,113,000
*1,000
*1,000
*1,000
*3.000
191,000 195,000
8.000
3,000
74,000
42,000
140,000
89,000
*1,000
*1,000

170,000

239,000

384,000

1915.
983.000
71.000
59,000

366,000

373,000 555,000 1,004,000 1,479.000
Total European stocks
17,000
31,000
9,000
76,000
India cotton afloat for Europe..
207,000 306,000 346,778 408,592
Amer. cotton afloat for Europe
48,000
16,000
16,000
Egypt Brazil,&c.,afloat for Eur'po 82,000
168,000
66,000
43,000 137.000
Stock in Alexandria, Egypt
*680,000 *820,000 400.000 495,000
Stock in Bombay, India
913,366 582,043 828,991 989,980
Stock in U. S. ports
808.094 355.449 693,690 650,579
Stock in U. S. interior towns....
16,778
25,549
23.400
9,705
U. S. exports to-day
Total visible supply

3,265,238 2,789,041 3,351,164 4,275,551

Of the above, totals of American and other descriptions are as follows:
Americanbales. 44,000 172,000 430,000 743,000
Liverpool stock
14,000
25.000
47,000
23.000
Manchester stock
*153,000 *202.000 *294.000 *294,000
stock
Continental
207,000 306,000 346,778 408.592
American afloat for Europe
913,366 582.043 828,991 989,980
U.S. port stocks
808,094 355,449 693,690 650.579
U. S. interior stocks
16,778
25,549
23,400
9,705
U. S. exports to-day
Total American
East Indian, Brazil, &c.Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, &c
Total American

2,156,238 1,668,041 2,626,164 3,156,551
101,000
19,000
25,000
*17,000
17,000
82,000
168,000
*680,000

94,000
19.000
6,000
*37.000
31.000
48,000
66.000
820,000

134,000
32,000
1.000
*90.000
9.000
16,000
43.000
400.000

240.000
71.000
12.000
*72,000
76,000
16.000
137,000
495,000

1,109,000 1,121,00
' 725,000 1,110,000
2,156,238 1,668,041 2,626,164 3,156,551

3,265.238 2,789.041 3,351,164 4,275,551
Total visible supply
23.23d. 18.62d.
9.47d.
6.97d.
Middling upland, Liverpool
.York
New
upland,
35.15c.
11.90c.
Middling
25.30c.
16.00c.
Egypt, good brown, Liverpool_ _ _ 33.13d. 29.00d. 14.83d. 10.25d.
Peruvian, rough good, Liverpool_ 28.50d. 27.50d. 13.75d. 10.10d.
24.50d. 18.70d.
6.55d.
9.00d.
Broach, fine, Liverpool
24.75d. 18.88d.
6.67d.
6.02d.
Tinnevelly, good, Liverpool
* Estimated.

Continental imports for past week have been 37,000
bales.
The above figures for 1918 show an increase over last week
of 119,336 bales, again of 476,197 bales over 1917,a decrease
of 85,926 bales from 1916 and a loss,of 1,010,313 bales from
1915.
AT THE INTERIOR TOWNS the movement-that is,
the receipts for the week and since Aug. 1, the shipments
for the week and the stocks to-night, and the same items for
the corresponding period of the previous year-is set out
in detail below.




1299

THE CHRONICLE

SEPT. 28 1918.]

Movement to Sept. 28 1918.

Movement to Sept. 27 1918.
Towns.

Ala.,Eufaula__
Montgomery Selma
Ark., Helena
Little Rock
Pine Bluff
Ga.,Albany
Athens
Atlanta
Augusta
Columbus
Macon
Rome
Shreveport
Miss.,00lumbus
Clarksdale
Greenwood
Meridian
Natchez
Vicksburg__.
Yazoo City
Mo.,St. Louis_
N.C.,Gr'nsbor
Raleigh
0., Cincinnati_
Ardmor
Chickasha __
Hugo
Oklahoma_
S.C.,Greenvill ,
Greenwood_ •
'renn.,Memphi
Nashville_
Tox., Abilene_
Brenham ___
Clarksville__
Dallas
Honey Grove
Houston
Paris
San Antonio_

Receipts.

Ship- Stocks
meats. Sept.
Week. I Season. Week. 27.
4671
6,025
4,5351
600
4,204
1,796
1,134
3,787
7.219
24,935
2,900
7,293
1,786
5,449
989
3,000
6,765
900
2,515
581
1,693
3,285
679
486
1,356
1,373
1,405
1,500
694
19.081
104
1,200
1,066
3,451
635
58,948
2,635
1,140

Receipts.
Week.

Season.

1,549
2,890
353 1,493 1,200
23,542 4,130 13,615 3.853
15,669
19,585 2,505 11,201 2,870
11,065
1,623
400 1,370
500
1,208
15,381 1,654 13,350 1.777
2.699
2,580
3,224
____ 15,296 2,049
3,345
602 2,363 1.190
7,505
10,797 3,124 15,991 4,705
8,926
18,262 4,242 20,227 3,868
17,537
70,276 12,185 82,656 29,190
98,179
9,900 2,100 6,850 1,110
2,948
22,960 4,400 15,062 8,012
31.517
4,193 1,070 6,488
647
2,435
21,389 2,815, 18,996 10,225
22,581
3,631
680 2,471
394
838
5,700 1,000 18,500 3,676
7,412
10,745
491 22,274 3,636
7,604
3,473
500 4,5
1,191
4,457
8,996 1,531 5,319 3,588
7,872
2,622
404 3,192
970
2,056
5,566
620 10,578 2,015
4.025
82,007
20,147 3,392 10,377 10,741
4,028
803 4,376
900
4.16
381
1,068
400
263
117
8,042
928 12,923
607 22,651
1,000
1,250
4,014
1,689
75 6,179 1,033
4,73
944 2,904 1,869
2,579
2,000
800 1,500
4,002
500 10,460 2,500
9,565
94!
1,946
411 3,161
478
31,529
55,391 17,580225,278 3,810
28431
1,360
4,068
6.5
1
760 2-,0
15,747
11,214
700 4,207 1,345
4,078
5,894 1,301 2,929 2,672
16,625 4,159 9,921 12.553
26,502
6,165
621 3,876 3,603
7,362
391,714 35,201207,142 88,216 447,941
17,075 2,862 7,123 3,043
5,401
15,623 2,033 3,336 1,196
11,813

.

Total, 41 town

Ship- 1Stocks
merits. Sept.
Week.
28.
901
2,320
2,612
4
374
283
954
1,167
3,149
3,502
728
5,906
367
5,783
41
587
786
353
2,000
387
748
12,359
600
100
930
500
933
595
500
1,600
37
6,207
--2:527
1,636
1,386
11,457
3,137
75.538
2,215
1,606

1,542
14,365
3,327
2,156
4,774
5,848
2,422
6,374
12,372
46,683
3,030
8,717
2,364
15,384
1,245
6,690
6,444
6,092
3,849
1,548
3,184
1,182
1,248
38
23,607
2,066
302
1,947
1,308
6,515
872
40,496
95
584
2.030
2.617
7,981
2,925
96,313
2,158
749

V.SU.75ZZ Sal.043 330.44V

OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for the
week and since Aug. 1 in the last two years are as follows:
Sept. 27.
Shipped,-

-1917

-1918
Aug. 1.
23,465
20,514
748
20.273
4,478
20,246
62,159

Week.
a12,359
5,919

Since
Aug. 1.
a90.178
48,006

1,261
148
9,641
10,409

6.717
10,626
37.573
60,662

151,883

39,737

253,762

11,148
8,958
59,429

9.861
2,416
4,760

60.133
14.729
49,352

79,535

17,037

124,214

Leaving total net overland*__ 18,231
72,348
22,700
* Including movement by rail to Canada. a Revised.

129,548

Via St. Louis

Via
Via
Via
Via
Via
Via

Mounds, &c
Rock Island
Louisville
Cincinnati
Virginia points
other routes, &c

Since

Week.
3,392
2,749
2,109
601
3,218
10,481

Total gross overland
22,550
Deduct ShipmentsOverland to N. Y.. Boston, &c__ _
168
Between interior towns
1,833
Inland, &c., from South
2.318
Total to be deducted
4.319

The foregoing shows the week's net overland movement
has been 18,231 bales, against 22,700 bales for the week last
year, and that for the season to date the aggregate net overland exhibits a decrease from a year ago of 57,200 bales.
1918
1917
Since
In Sight and Spinners'
Since
Aug. 1.
Week.
Takings.
Week.
Aug. 1.
Receipts at ports to Sept. 27
156,587
695,341 185.430
895.358
Net overland to Sept. 27
18.231
72,348
22,700
129.548
Southern consumption to Sept.27a 86,000
701.000 88,000
751,000
Total marketed
Interior stocks in excess

260.818 1,468.689 296,130 1,775,906
71.190
111,478 68,306
507

Came into sight during week_ _ _332,008
364,436
Total in sight Sept. 27
1.580,167
1,776.413
North.spinn's' takings to Sept. 27 33,958
189,518 30,964
a These figures are consumption; takings not available.

217,784

Movement into sight in previous years:
Week1916-Sept. 29
1915-Oct. 1
1914-Oct. 2

Blies.
Since Aug. 1530.989 1916-Sept. 29
455.430 1915-Oct. 1
316,269 1914-Oct. 2

Bales.
2,351.295
1.815.775
1,190,227

WEATHER REPORTS BY TELEGRAPH.-Advices to
us by telegraph from the South this evening indicate that
while, in the main, the weather conditions during the week
have been favorable for the gathering of the crop, the maturing of late cotton has been checked by low temperature.
Texas reports that warm, dry weather
now needed to
make an appreciable top crop. Picking has been active as
a rule.
Galveston, Tex.-Unseasonable temperatures prevailed
during the week being entirely too cool for plant development, showers occurred in a number of localities and in
some places damaged open cotton: Warm, dry weather
is now needed to make an appreciable top crop. It has
rained on two days of the week, the rainfall being seventyfour hundredths of an inch. Average thermometer 73,
highest 86 and lowest 60.
Abilene, Tex.-It has rained on one day during the week,
the rainfall having reached one hundredths of an inch. The
thermometer has averaged 72, the highest being 88 and the
lowest 56.
Brenham, Tex.-There has been no rain the past week.
The thermometer has averaged 72, ranging from 53 to 90.
Brownsville, Tex.-It has rained on one day of the week,
the precipitation being four hundredths of an inch. The
thermometer has ranged from 62 to 98, averaging 80.

THE CHRONICLE




[VOL. 107.

Memphis, Tenn.-With the exception of one day-Thursday-picking has been active. We have had rain on one
day during the week, the rainfall being one inch and fiftysix hundredths. The thermometer has ranged from 45 to
84, averaging 64.
The following statement we have also received by telegraph, showing the height of the rivers at the points named
at 8 a. m. of the dates given:
Sept. 28 1917.
Feet.
6.6
5.6
11.7
*3.9

Sept. 27 1918.
Feet.
5.5
6.4
7.3
5.7
7.6

Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
Above zero of gauge..
Above zero of gauge..

NewrOrleans
Memphis
Nashville
Shreveport
Vicksburg
* Below.

7.9

WORLD'S SUPPLY AND TAKINGS OF COTTON.The following brief but comprehensive statements indicate
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or amounts
gone out of sight, for the like period.
1917.

1918.

Cotton Takings.
Week and Season.

Week.

Season.

Wen.

Season.

Visible supply Sept. 20
2.640,105
3,145.902
.Z111,116
3,027.450
Visible supply Aug. 1
American in sight to Sept. 27_ _ _ 332,008 1,580,167 364,436 1.776,413
144,000
5,000
Bombay receipts to Sept. 26._
620,000
335,000
1,000
19,000
2,000
Other India ship'ts to Sept. 26..
37,000
20,000
35,000
Alexandria receipts to Sept. 25..
62,000
23,000
3,000
19,000
Other supply to Sept. 25*
b1,000
3,500,910 4,998,617 3,033,631 4.814,189

Total supply
DeductVisible supply Sept. 27

3,265,238 3,265,238 2,789,041 2.789,041

Total takings to Sept. 27_a_ _ _ _1 235,672 1,733,379
Of which American
215,672 1,373,379
360,000
Of which other
20,000

244,590 2,025,148
210,590 1,628,148
34.000
397,000

* Embraces receipts in Europe from Brazil, Smyrna. West Indies, &c.
a This embraces the total estimated consumption by Southern mills,
701,000 bales in 1918 and 751.000 bales in 1917-takings not being available
-and the aggregate amounts taken by Northern and foreign spinners,
1,032,379 bales in 1918 and 1,274,148 bales in 1917, of which 672,379
bales and 877,148 bales American. b Estimated.

BOMBAY COTTON MOVEMENT.-The receipts of
India cotton at Bombay for the week ending Sept. 5 and for
the season from Aug. 1 for three years have been as follows:
1918.
Sept. 5.
Receipts at-

Week.
29,000

Bombay

1917.

1916.

Since
Since
Aug. 1. IVeek.1Aug. 1.
170,000 16,000

Since
Week. Aug. 1.

120,$300 14,000

68,000

ALEXANDRIA RECEIPTS AND SHIPMENTS OF
COTTON.-The following are the receipts and shipments for
the week ending Sept. 4 and for the corresponding week
of the two previous years:
Alexandria, Egypt,
Sept. 4.

1917..

1918.

Receipts (cantars)This week
Since Aug. 1

1915.

30,811
74,420

9,810
90,543

28,577
80,315

I

Since
Since
Since
Week. Aug. 1.1 Week. Aug. 1. Week. Aug. 1.

Exports (bales)-

17,158
I 3,447 1
895 18,9131
I
8951 39,518 ;

To Liverpool
To Manchester
To Continent and India..
To America
Total exports
Note.-A cantar is 99 lbs

8,147
4,882
3,997

3,762' 9,824

17,026

4,414' 13,998

652

3-,(541
1,133

Egyptian bales weigh about 750 lbs.

The statement shows that the receipts for tho week ending
Sept. 4 were 9,810 cantars and the foreign shipments were
895 bales.
MANCHESTER MARKET.-Our report received by
cable to-night from Manchester states that the market is
strong but inactive, traders awaiting developments. We
give prices for to-day below and leave those for previous
weeks of this and last year for comparison:
1917.

1918.
32s Cop
Twist.
Aug. d.
2 4934
9 51
16 52
23 523
30 53A
Sept
6 54%
13 54%
20 5534
27 5534

83i lbs. Skirt- Cot'n
ings, Common Mid.
Upi's
to finest.

328 Cop
Twist.

s. d. d. d.
d. s. d.
52 25 1%033 1% 29.39 24
4033 13'i 21.46 25
53 25 13,
54 253 @333 23.09 2534
54% 260 @346 23.97 2534
55% 300 @387 25.10 25,4
56% 30 3 038
50% 30 3 038
56( 30 3 038
56X 30 3 038

103. 24.68 24
10% 25.10 2334
1014 23.34 24
1014 23.23 2534

(DSO@ OCCee

Cuero, Tex.-We have had rain on two days during the
past week, to the extent of sixty-eight hundredths of an
inch. Average thermometer 71, highest 92, lowest 50.
Dallas, Tex.-It has rained on two days during the week,
the rainfall having reached one hundred and eighty-six
hundredths. The thermometer has averaged 70, the highest
being 87 and the lowest 52.
Henrietta, Tex.-There has been no rain the past week.
The thermometer has averaged 68, ranging from 42 to 93.
Huntsville, Tex.-Dry all the week. The thermometer
has ranged from 40 to 86, averaging 63.
Kerrville, Tex.-Dry all the week. Average thermometer 62, highest 83, lowest 40.
Lampasas, Tex.-There has been rain on two days of
the past week, the rainfall being eleven hundredths of an
inch. The thermometer has averaged 70, the highest being
98, and the lowest 42.
Longview, Tex.-There has been rain on one day of the
past week, the rainfall reaching eighty-three hundredths
of an inch. The thermometer has averaged 68, ranging
from 48 to 89.
Luling, Tex.-It has rained on one day during the week,
the rainfall reaching six hundredths of an inch. The thermometer has ranged from 51 to 92, averaging 72.
Nacogdoches, Tex.-We have had rain on one day during
the past week, to the extent of seventy-two hundredths of an
inch. Average thermometer 68, highest 91, lowest 45.
Palestine, Tex.-There has been no rain during the past
week. The thermometer has averaged 68, the highest being
88 and the lowest 48.
Paris, Tex.-There has been rain on two days the past
week, to the extent of one inch and thirty-seven hundredths.
The thermometer has averaged 66, ranging from 40 to 92.
San Antonio, Tex.-Rain has fallen on one day of the week,
the rainfall being one hundredth of an inch. The thermometer has ranged from 54 to 90, averaging 72.
Weatherford, Tex.-Rain has fallen on one day during the
week, the rainfall being two hundredths of an inch. Highest
thermometer 89, lowest 46, average 68.
Ardmore, Okla.-We have had rain on two days of the
week, the precipitation reaching one inch and ninety-eight
hundredths. The thermometer has averaged 66, the highest
being 89 and the lowest 42.
Muskogee, Okla.-It has rained on one day during the week.
the precipitation being eighty-five hundredths of an inch.
The thermometer has averaged 60, ranging from 40 to 81.
Brinkley, Ark.-We have had rain on two days during the
week, the rainfall reaching three inches and thirteen hundredths. The thermometer has ranged from 40 to 89,
averaging 65.
Eldorado Ark.-We have had rain on two days of the week,
the precipitation being one inch and twenty-five hundredths.
Average thermometer 65, highest 89,lowest 40.
Alexandria, La.-There has been no rain during the week.
The thermometer has averaged 67, the highest being 87 and
the lowest 47.
New Orleans, La.-There has been rain on two days during
the week, the rainfall reaching one inch and nineteen hundredths. The thermometer has averaged 71.
kin Shreveport, La.-There has been rain on two days of the
week, the rainfall reaching thirty hundredths of an inch.
The thermometer has ranged from 46 to 85, averaging 66.
Greenwood, Miss.-We have had rain on one day of the
week, the precipitation being forty hundredths of an inch.
Average thermometer 68, highest 88,lowest 39.
Vicksburg, Miss.-There has been rain on one day of the
past week, the rainfall being seventeen hundredths of an
inch. The thermometer has averaged 66, the highest being
84 and the lowest 45.
Mobile, Ala.-Weather continues favorable and picking
and ginning are progressing satisfactorily. There has been
rain on three days during the week, the rainfall reaching
two inches and nineteen hundredths. The thermometer
has averaged 68, ranging from 51 to 85.
Selma, Ala.-It has rained on three days of the week,
the rainfall reaching thirty-five hundredths of an inch.
The thermometer has ranged from 43 to 85, averaging 63.
Madison, Fla.-It has rained on one day of the week,
the rainfall reaching one inch and forty-eight hundredths.
Average thermometer 72, highest 91, lowest 53.
Augusta, Ga.-There has been rain on one day of the past
week, the rainfall being forty-one hundredths of an inch.
The thermometer has averaged 67, highest 86, lowest 48.
Savannah, Ga.-There has been rain on two days during
the week, the rainfall reaching sixty-seven hundredths of
an inch. The thermometer has averaged 68, ranging from
53 to 89.
Charleston, S. C.-.It has rained on two days of the week,
the rainfall reaching one inch and four hundredths of an inch.
The thermometer has ranged from 54 to 88, averaging 71.
Greenwood, S. C.-It has rained on one day during the
week, the rainfall being twenty-eight hundredths of an inch.
Average thermometer 62, highest 81, lowest 42.
Charlotte, N. C.-There has been rain on two days of the
past week, the rainfall being seventy-two hundredths of
an inch. The thermometer has averaged 62, the highest
being 81 and the lowest 43.
Weldon, N. C.-We have had rain on two days during the
week, the rainfall being one inch and thirty-two hundredths.
The thermometer has averaged 60, ranging from 40 to 80.

GDTSS 60006

1300

81.i lbs. Skirt- Cot'n
ings. Common Mid.
to finest.
Upl's

d. s .d.
s. d. d.
25% 131034018 0 19.35,
2634 140 @186 20.15
26;4 1411%019 0 19.80
2634 140 @186 18.90
26)4 140 @180 18.25
2534 13 9 0171034 17.20
25 136 @179 16.95
2534 13 734 0171034 17.82
140 @18014 18.62

LIVERPOOL.-By cable from Liverpool we have the following statement of the week's sales, stocks, Cm,at that port:
Sales of the week
Of which speculators took..
Of which exporters took
Sales, American
Actual export
Forwarded
Total stock
Of which American
Total imports of the week
Of which American
Amount afloat
Of which American

Sept. 6. Sept. 13. Sept. 20.
11,000
11,000
6,000

Sept. 27
9,000

4,000

3,000

2,000

4,000

40,000
204,000
82,000
26,000
21,000
135,000
89,000

47,000
188,000
68,000
21,000
112,000
186,000
125,000

41,000
161,000
60,000
16,000
14,000
228,000
165,000

35,000
145,000
44,000
13,000
13,000
____

SEPT. 28 1918.]

THE CHRONICLE

1301

The tone of the Liverpool market for spots and futures smaller proportions. This is
attributed to the economy in
each day of the past week and the daily closing prices of time of loading wheat,
as compared with the loading of flour,
spot cotton have been as follows:
and the saving in tonnage, effected indirectly, adds to the
available supply of freight room. As to foreign crops French
Saturday, Monday.
Soot.
Tuesday. Wednesday. Thursday.
Friday.
advices report threshing operations proceeding rapidly and
•
Market,
the results quite satisfactory, especially for wheat and rye.
12:15 {
Quiet.
Quiet.
Quiet.
Quiet.
Quiet.
In the United Kingdom harvesting is near completion under
P.M. I
generally favorable conditions and the outturn of wheat is
Mid.Upds
22.90
22.87
23.02
22.93
23.23
satisfactory; new samples are now upon the market in
Good Mid.
moderate
Uprnds*
quantity. Steady general rains in Argentina,
23.53
23.50
23.65
23.56
23.86
HOLIDAY
Sales
2,000
2,000
2,000
2,000
which were well distributed, have benefitted crops. Prices
2,000
for
wheat there have been under pressure, owing to the
Ftaures.
Bar.steady
Quiet
Steady
Steady
Steady,
Market 5
72090 pts. 86412 pts. 451547 pts. 91519 pts. 25035 pts. excellent crop prospects
andtheiuncertainty regarding the
opened I
decline,
advance,
decline,
advance. advance.
future tonnage situation. All reports from North Africa
Market (
Steady
Steady
confirm a satisfactory harvest and threshing has made
Easy
Quiet
Steady,
467071pts. 40043 pts. 245431 pts. 28034 pts.
251529 pts. favorable progress, even though
the yields in some parts,
P. M. 1 .
. u advance,
decline.
advance. advance.
are slightly disappointing. In Italy harvest returns
*Spot trading value.
regarded as satisfactory, but despite the good returns,are
a
The prices of futures at Liverpool for each day are given substantial quantity
of wheat will have to be imported
below.
because of the added requirements of the army. Reports
are to the effect that the combined total of this year's wheat,
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
barley and rye crops is 11,000,000 bushels less than last
Sept. 21
to
1234 1234 1234 4 1234 4 1234 4 1234 4
year. In Portugal drought and heat greatly reduced the
1234 4
Sept. 27. p. m.p. m.p. m.p. m.p. m.p. m.p. m.p. m.p. m.p. m.p.
m.p. m. outturn of the crops. It is expected
that supplies of wheat,
Contrads
d.
New
d.
d.
corn and other cereals will be short during the current
d.
d.
d.
d.
d.
d.
d.
d.
d.
September__ _ _
23.0223.1823.2623.61 23.41 23.3723.77 23.6524.0023.94
October
HOLI- 22.74 22.8822.9523.31 23.0723.06 23.47 23.3723.7223.64 season. From Denmark, official reports confirm average
November
DAY. 22.5 22.6822.7523.0822.8422.8223.20 23.1323.4823.38 crops of wheat and rye, but barley and oats, it is claimed,
December
22.4422.5522.6222.9722.69 22.6623.0623.0023.35 23.26 are below
the average. Advices from Australia state that
January
22.34 22.4522.5222.8522.58 22.5622.9522.89 23.2322.14
the outlook for growing crops remains very favorable, as
recent beneficial rains have fallen over a wide area. Reports
of the wheat crop are satisfactory, although the acreage is
BREADSTUFFS
believed to be somewhat less than last year. A considerable
Friday Night, Sept. 27 1918.
Flour remains quiet. When the market will wake up is quantity of wheat remains to be shipped, but construction
purely a matter of conjecture. It is certain that the trade of storage facilities has been pushed actively. Fair amounts
hero is overloaded now. Naturally it is not buying much. have been shipped to the American Pacific coast: Moderate
Also the Goverrment is not giving shipping directions improvement in the tonnage supply is noticed, but the
promptly. In the West they are buying barley flour to available freight room, as a whole, is limited. In India
some extent. Here the situation has not been relieved by conditions are now favorable for the sowing of wheat and
the recent Government buying; stocks are too large. Be- oilseeds crops. As a result of generally good rains the drouth
sides, the Government has not bought on a very big scale. in western and northwestern regions of India has been
Some think the general drift of price is towards a lo wer level. fully relieved. Recently there have been rather liberal
The mills are so anxious to sell that they are seeking a foreign arrivals at shipping ports and there appears to be a tendency
market through the Government. They are offering flour for shipments to improve. However, the supply of tonnage
very freely. The situation here is to a certain extent a remains moderate. ,
DAILY CLOSING PRICES OF WHEAT IN NEW
mere reflection of conditions in other parts of the country.
YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
Nobody knows what the Government paid for its flour, No.2 rod
cts_23731 23754 23754 23754 23754 23754
aside from those immediately concerned. Some do not look No. 1 spring
24054 24054 24054 24054 24054 2'1054
for much improvement in the condition of affairs here in
Indian corn declined to new low levels for the season. The
less than a month. Yet in some quarters they believe that weather has
good. Cuttisig has made rapid progress.
the worst is over. The congestion, It ia contended, is not Buying has been
been
largely
confined to shorts. Of course
likely to increase. It is expected slowly t.) improve. It is this meant a
not believed that there is much flour in transit to New York. The favorable steady weakening Of the technical position.
war
news,
too,
has not been without its effect.
Some jobbers even report a slight increase in the distribution The war being
a bullish factor, anything pointing to an earlier
of flour here. Nobody denies, however, that the trade as a peace than heretofore
seemed
likely to depress prices.
whole is stagnant. In the United Kingdom the general A rumor that
the Kaiser was ill had -ome effect in the same
demand for home-milled flour remains quiet. Fair quantities direction.
Also,
receipts
at
the
primary. ports have been
of Americaa and Australian have been released to millers liberal, in spite of the permit
system now in vogue in regard
and bakers. The percentage of admixture of "other cereals" to shipments
in Government regulation flour has been officially reduced because of . Cash prices at the West weakened supposedly
the discontinuance of September trading. It
from 25 to 20%. Sufficient supplies of foreign wneat are will be remember
ed that last wcek the Chicago Board of
being received there by millers. These allocations consist Trade stopped all
trading in September corn for delivery
mostly of new American winters and Plate together with •in store by grade alone.
some Australian. Arrivals of American wheat have been crop is too far advanced It is believed that the bulk of the
to be seriously harmed by frost.
of good quality and unusually hard. Offerings of English Crop prospects in
Italy are described as promising, but
wheat show a fair increase.
this crop
has been requisitioned by the
Wheat receipts are still large, especially at spring wheat Governme in itsInentirety
Argentina corn continues to sag,
points. The visible supply continues to increase rapidly. owing to nt.
the absence of a sustaining export demand. In
Last week it was the largest increase ever known in a single the United
corn, it is said, is a, fair crop.
week, i. e., 12,067,000 bushels. This makes an increase in On the other Kingdom
hand, there are fears of smaller receipts at our
four weeks of 37,356,000 bushels, incredible as that sounds. Western markets. The
Food Administration has suspended
And the total is now 79,531,000 bushels in this country, as permits
shipments of grain to Chicago. This embargo
against 6,856,000 bushels a year ago. In the corresponding may be on
only temporary. That remains to be seen. But
week last year, by the way, the increase was only 1,096,000 for the moment,
at any rate, it had a more or less bullish
bushels. The increased movement is, no doubt, due to the effect. It
strengthen spot quotations noticeably.
fact that there is a fixed price. The farmer gains nothing At one timemight
cash prices in Chicago were steady, while at the
by holding back his wheat. He is getting a big price and is Southwest they
were easier. Also some think the technical
turning his wheat into cash. It is of interest to glance at position has latterly
become stronger, owing to recent short
the question of world's supplies. On this subject the "Daily selling and heavy liquidatio
n. The visible supply decreased
Trade Bulletin" of Chicago report discloses a total on Sept. 1, 17,000 bushels and is
now 5,149,000 bushels, against 1,exclusive of holdings in Russia and the Central Powers, of 805,000 a year ago.
At the West the tracks are congested
329,364,000 bushels, against 267,097,000 a month previous. at eight leading
markets. It is uncertain how soon this can
This increase of about 62,000,000 bushels in August follows be relieved. For
time being it is natural to suppose
a gain of some 14,000,000 bushels in July, and the present that a restriction the
of the new movement is unavoidable.
figures are 96,700,000 bushels above the 232,676,000 To-day
prices declined on good weather, the war news,
bushels of Sept. 11917. Comparing with last year, United larger farmers'
and expectations of larger receipts.
States stocks alone are larger by fully 74,500,000 bushels- Prices were thedeliveries
lowest of the season. They are about 7
97,328,000 bushels, against 22,790,000 bushels-and only cents lower for the
week.
14,4 i,
in the quantity afloat for Europe and in stocks in Canada is
:z.-ns.$11112
DAILY CLOSING PRICES OF CORN IN NEW
YORK.
there any reduction from the earlier period. But of the
Sat. Mon. Tues. Wed. Thurs. Fri.
world's total of 329,364,000 bushels on Sept. 1 of this year, No. 3 yellow
cts_174% 170% 171% 17131 17431 1733(
no less than 140,000,000 bushels were held in store in DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
Australia, and the bulk of this Australian wheat, because Sept. del. in elev.(new
_158
157
of existing shipping conditions, is unavailable for European Oct. del. in elev.(new contr't)_cts
contract)_--148% 14634 14731 14834
14754 142K
Nov.
del.
in elev. (new contract)- -14531 14431 145
consumption. As to the freight situation advices from
14654 14434 140%
Great Britain state that owing to the close official control
Oats have fluctuated with very close limits. Trading for
of tonnage, conditions remain practically unchanged. Al- the most part has been quiet. Some think the market
is
though rates aro firm, they, are mostly nominal in the overbought. Too much stress may have been laid on recent
absence of any definite business. A considerably larger large export sales and on purchases by the Governme
ntamount of wheat is going to make up the weekly clearances Also perhaps the relative cheapness of oats has
over.
from America, and consequently, shipments of flour are of emphasized. Certainly the market has latterly been
been slug-




1302

THE CHRONICLE

gish. This has naturally encouraged the belief that it is
rather heavily "long." Of late export buying, moreover,
has, to all appearance, fallen off, though recently it is said
to have reached as high as 5,000,000 bushels, mostly for
Europe. The visible supply here increased last week 1,984,000 bushels, against an increase in the same week last
year of 1,839,000 bushels. This brings the total up to 26,859,000 bushels, against 12,657,000 a year ago. Late rains
in the United Kingdom have improved the oats crop, but
the yield is slightly below the average. In France the
oats crop is expected to be about medium, although the
potato crop will probably be short. Argentine advices
state that oats are being offered and in quantities sufficient
to depress values, notwithstanding a fairly good
export business. In the United Kingdom allocations of
foreign oats have increased somewhat, but the demand still
continues active with supplies generally limited. New
English oats are being offered in moderate quantity, but
samples shown have been of fine quality and in good condition. French reports of the completion of harvest mention
the fine quality, but it is also stated that supplies we limited
as the needs of the army are large. American clearances
continue satisfactory and shipments from the Argentine
have been fair. On the other hand, exporters are still
buying; so is the Government, even if apparently not on so
large a scale as recently. Europe will have to import a
large quantity; that is the general belief. If that is so, it is
evident that the export trade must continue to be a leading
factor from time to time in the general situation, even though
it may die down now and then. Buying by cash houses has
at times absorbed the offerings. Country offerings to arrive
have been small. Tile market has shown strength in spite
of the break in corn. Its stubbornness has occasioned comment. Apart from this the Grain Corporation here is now
buying barley. It will pay $1 13 for A grade, $1 11 for B
grade and $1 09 for C grade. Also it announces the price
of rye for No.2at New York as $1 74. To-day oats declined
in sympathy with corn. Government and export buying
checked the decline. Prices are slightly lower for the week.

VoL. 107.

damage has resulted in that section from sprouting in the shock. Buckwheat continues promising in the Lake region and in the Northeast but
harvest was delayed somewhat by rain in New York, and considerable
damage by frost resulted to late buckwehat in Pennsylvania. Rice harvest
is progressing rapidly in the lower Mississippi Valley, but this work is being
delayed in Texas by lack of labor. The cool, wet weather is causing rice
to ripen slowly and unevenly in Arkansas and growth was retarded in California by low temperatures.

THE DRY GOODS TRADE

New York, Friday Night, Sept. 27 1918.
There has been no change of importance in conditions
surrounding the dry goods markets during the past week.
Business continues to move along very conservative lines,
with all interests devoting the major part of their time to
war work. Not only is demand from the Government for
fabrics being filled as quickly as possible, but merchants
are beginning their drive for the next Liberty Loan. While
the War Service Committee of the cotton goods trade held
a meeting during the week to consider prices for the period
commencing with Oct. 1, no decision was reached, the matter
having been postponed until Nov. 16. The appointment of
a committee by the President to investigate the cotton
situation and ascertain whether or not actual fixing of a price
for the staple would be necessary was welcomed. The
various rumors which have recently been in circulation
regarding the question of fixing prices for raw cotton caused
considerable irregularity in the cotton market and was disturbing to manufacturers. It is not certain that the price
of cotton will be fixed, but distribution will be regulated by
the Government,and it is generally believed that such action
will make it unnecessary to fix the price. However, as
prices for the manufactured product are regulated by the
War Trade Board, most manufacturers would welcome the
fixing of prices for the raw staple, at least for the duration
of the war. It is expected by many that official distributioñ of raw material will have the same effect on the production of cotton goods as it did on the production of woolens,
and some uneasiness has been caused among manufacturers
who are not engaged on war work. Mills not engaged with
war work are said to be anxious to secure official business,
as they fear there will be a further curtailment of the producDAILY CLOSING PRICES OF OATS IN NEW YORK.
Thurs. Fri.
Mon. Tues.
Wed.
Sat.
tion of non-essentials. The majority of mills have already
Standards
•
cts_ 85-85% 853i-86 85%-86 85%-86 85%-86 85
been reducing their output of fabrics that were classed as
No. 2 white
85-85% 85%-86 85%-86 853-86 85%-86 85
non-essential and have been diverting their machinery to
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
the manufacture of staple goods. The reduction of civilian
Sept. del. in elev.(new contr't)_cts_ 72% 73
73
73% 731
73
consumption is growing more pronounced, as the high prices
Oct. del. in elev. (new contract)... _ 73% 733
74
733
73/
8 73
Nov. del. in elev.(new contract)__ 743
74% 74% 75
75
73% are being felt in retail centres, while it is also evident that
the high cost of food will make it impossible for many to
The following are closing quotations:
purchase goods as freely as usual. In the export division
FLOUR.
Bpring
$10 75@$11 25 Barley flour (to arrive)- $8 5009 00 of the market a large inquiry is reported from South American
Winter
nom.
10 35
10 50 Tapioca flour
countries. Merchants, however, are reported as being adKansas
$4 50 verse to selling goods for export at the same prices they sell
10 75
11 25 Hominy
Rye flour
4 50
8 50
9 50 Yellow granulated
Barley goods—Portage barley:
Corn goods, all sacks 100 ins.
for domestic account as they are unable to control the profits
6 00
White
No. 1
$4 50 Cr 75
Bolted
525 on sales for shipment to foreign countries.
Nos 2, 3 and 4
400
4 25
DOMESTIC COTTON GOODS.—Although business in
Corn flour
Nos 2-0 and 3-0
500 0 525
6 0006 15
Rice flour, spot and to
No. 4-0
625 staple cottons has not been active, mills have been showing
arrive
per lb. 10010%c• Oats goods—Carload,spot delivery
10 40 more willingness to sell for the next quarter at prices named
by the Government. There continues to be a steady receipt
GRAIN.
of orders from the Government and mills are well occupied
Oats—
Wheat—
Standard
No. 2 red
85% with this class of work. A number of buyers for civilian
$2 37%
85%
No. 1 spring
2 40%
No. 2 white
No. 1 Northern
No. 3 white
84©85 account are also in the market, but they are not seeking
2 393
84
No. 4 white
Corn—
larga quantities of goods as they are uncertain as regards
No. 4 mixed
Barley—
1 12 the retail trade, which appears to be falling off. Second
Feeding
No. 2 yellow
1 80%
Malting
1 15 hands are only doing a very moderate business, and very
No. 3 yellow
1 73X
No. 4 yellow
1 69( Rye—
Western
nom.
1 72 few concessions are being otfored in order to move stock.
Argentine
Spot merchandise is becoming more difficult to obtain, and
For other tales usually given here, see page 1262.
holders in many cases are asking premiums. Mills manufacWEATHER BULLETIN FOR THE WEEK ENDING turing fine goods are selling lets freely as they expect a large
SEPT. 24.—The influences of weather on the crops as sum- demand from the Government for their line of goods. Colmarized in the weather bulletin issued by the Department of ored cloths rule quiet, although prices are firmly held.
Agriculture for the week ending Sept. 24 were as follows:
Many mills manufacturing ginghams are reported to have
COTTON.—The temperature for the week averaged considerably be- completely sold their output up to next April. Some fair
low the normal and moderate to fairly heavy rains were general throughout
most of the cotton belt. Light frosts occurred in the northern portion of transactions in print cloths for October delivery have been
the region, but no material damage resulted. The generally cool weather, made during the week.
however, retarded the development of late cotton and the advance during
WOOLEN GOODS.—As Government control of the marthe week was mostly unsatisfactory, except that intermediate and late cotton made fairly good growth in South Carolina and satisfactory progress kets for woolens and worsteds is now virtually complete,
was reported from Arkansas. There is little or no improvement reported
from Texas,although a small top crop is indicated in some sections of that there have been few new developments of interest. New
State. Some damage was done by wind and rain to open cotton in Texas business in primary markets for civilian account is practically