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0nr 81918 °NiIV. Of «<r.Y^«rwq SECTIONS—SECTION ONE w Dmmatia INCLUDING Bank & Quotation Section Railway Earnings Section •OfVmaHTCO IN 191* BY WILLIAM 8. DANA COMPANY, NEW YORK. Issued Weekly $10.00 Per Year VOL 107. Railway & Industrial Section Electric Bankers* Convention Section State and ENTERED AS 8CCOND.CLAS* MATTER JUNE S3, 187*, ATTHE POST OPPICE AT NEW YORK, NEW YORK, UNOERTHE AOTOP MAROM S, 1ST*. NEW YORK, OCTOBER 5, 1918. .tfinatufal Jftnanctal THE FARMERS* LOAN & TRUST HARVEY FISK & SONS COMPANY 32 Nassau St Wi,,iS^0®vPucth6r#’ NO. 2780. ^financial THE LIBERTY NATIONAL NEW YORK Foroftgh Exchange, Cable Transfers, BANK OF NEW YORK Travelers' Letters of Credit The Company Is a legal depositary for moneys paid Into Court, and Is author¬ ised to act as Executor. Administrator. Trustee, Guardian, Receiver, and In all other fiduciary capacities. Acts as Trustee under Mortgages made Railway Section City Section BROADWAY and CEDAR ST UNITED STATES BONDS NEW YORK CITY BONDS AND OTHER CHOICE INVESTMENT SECURITIES nepjfrd • Surphe A by Railroad and other Corporations, and us Transfer Agent and Registrar of Stocks $3JBOQ,Q6&06 4jQOQjoea^e and Bonds. Receives deposits upon Certificates of or subject to check, and allows Interest on dally balances. Manages Real Estate and lends money ea bond and mortgage. Will act as Agent hi the transaction of any approved financial business. Depositary Ids Legal Reserves of State Banks and also tor moneys of the City of New York. Ftsoal Agent fits States, Counties and Cities. Deposit, 16-22 WILLIAM STREET,NEW YORK Brandi: 475 Fifth Avenue, at 41st Street c LONDON The National Park Bank of New York Organized 1856 Capital Surplus & Undivided Profits Deposits (Aug. 31,1918) - - - - - $5,000,000 00 17,900,000 00 168,000,000 00 President RICHARD DELAFIELD Vice-Presidents GILBERT G. THORNE WILLIAM O. JONES GEORGE H. KRETZ PARIS JOHN C. VAN CLEAR MAURICE H. EWER SYLVESTER W.LABROT Cashier Itu&cf limiik. and New York Clearing House Pine Street* Corner Wtftlmm NEW YOrtK 27 Austin Assistant fhiHtrs WILLIAM A. MAIN FRED'S O. FOXCROFT J. EDWIN PROVINE WILLIAM E. DOUGLAS HENRY L. SPARKS BYRON P. ROBBINS Established 1874. HARRIS* FORBES A CO.* Ine. BOSTON Act as fiscal agents for munici¬ palities and corporations and deal in Government, munici¬ pal, railroad and public utility BONDS FOR INVESTMENT GARFIELD NATIONAL BANK Fifth Avenue Building Corner Fifth Ave. and SSrd St., Naw York. Capital, $1,000,000 , Surplus, $1,000,006 HOTEL W. POOR, President. HORACE F. POOR. Vice-President. ARTHUR W. SNOW, 2d V.-Pres. Sc Cashier. RALPH T. THORN. Asst. Cashier. JOHN W. PEDDLE. Asst. Cashier. THE* BANKERS Established 1810 The Mechanics and Metals National Bank of the Capital Surplus and Profits... $11,000,000 Deposits Aug. 31,1918 - Capital Surplus and Profits - Deposits (Juns SO, 1918) $188,000,000 Foreign Exchange Department EDWIN A. LEE. WILLIAM E. PtfRDY. CHARLES D. SMITH, WILLIAM P. HOLLY. GEO. H. SAYLOR, M. HADDEN HoVfELL, S. FRED TELLEBN. ROBERT I. BARR. BE WALL 8. SHAW. LEON H. JOHNSTON, $150,000,000 Francis Ralston Welsh, Philadelphia, Pa. BONDS OF RAILROAD, GAS AND ELECTRIC LIGHT AND POWER COMPANIES CHARTER NO. I ACCOUNTS Digitized1for FRASER INVITED PHILADELPHIA - - . sio.eoo.eoe 11,861,009 144,744,000 Aset. Cashier Amt. Cashier Aset. Cashier Cashier Cashier Cashier Cashier Aset. Aset. Amt. Aset. Amt. Asst. Aset. Cashier Cashier Cashier DIRECTORS Henry W. Cannon 109-111 SOUTH FOURTH STREET - OFFICERS A. BARTON HEPBURN. Chr. Advisory B4. ALBERT H. WIGGIN. Chairman EUGENE V. R. THAYER. President SAMUEL H. MILLER. Vice-President EDWARD R. TINKER, Vice-President CARL J. SCHMID LAPP, Vice-President GERHARD M. DAHL, Vice-President ALFRED C. ANDREWS. Cashier CHARLES O. SLADE. Aset. Cashier Letters o4 Credit First National Bank Nuw Ytflx The Chase National Bank of the City of New York $6,000,000 ...... NEW YORK over 1411 Ohbsthvt Stbxxt, Philadblphia City of New York NATIONAL BANK Resources Members New York and Philadelphia Stock Exchanges 30 PlNU STRUT AMERICAN EXCHANGE Foreign Exchange Application Established 18f ‘ •truer 8th and Main Streets MIDDENDORF, WILLIAMS A OO., InSo on Cable Address SABA, NEW YORK BANKERS RICHMOND, VA. w, Edward B. Smith & Co John L. Williams & Song Baltina** Correspondents: Friars, LONDON, E. List ERNEST V. CONNOLLY hMuber Harris, Forbes . A. Barton Hepburn Albert H. Wtggia John J. Mitchell Guy E. Tripp Samuel H. Miller Edward R. Tinker Henry B. Badtoott Edward T. Nichole Newcomb Carlton Frederick H. Bckee Eugene V. R. Thu Jamm N. Hfll, Daniel O. JackUng Frank A. Saylee Carl J I Charles M. Schwab Gerhard M. Andrew Fletcher THE CHRONICLE a [Vol. 107 3nt)f«tmfitt JfamSti anb 3Bratoens of ^ottfgn Cxrijange I. P. MORGAN & CO. Maitland, Wall Street, Corner of Broad i NEW YORK DBXXXL & 00., PHILADELPHIA Corner of 5th and Chestnut Streets Coppell & Co. 52 WILLIAM STREET NEW YORK Orders executed for all Investment Securities. Act as agents of Corporations and negotiate and issue Loans. ■ORGAN, ORENTELL&CO., LONDON No. 22 Old Broad Street BtUg of Exchange* Telegraphic Letters ■ORGAN, HARJES & 00., PARIS N- 1 William Street Tha National Provincial Sc Union Bank of BROWN BROTHERS'&TCO. Bo*tok And its Branches. Agents for the Bank of Australasia. TRAVELERS’ LETTERS OF CREDIT Available throughout the United States August Belmont & Co. tf'Urn r«t MMtlpiiu tmd Bottom Stock KxckomfOt 43 EXCHANGE PLACE, NEW YORK. Members New York Stock Exchange. Investment Securities Foreign Exchange Deposit Accounts Commercial Credits 33 Pine Street, New York Investment Securities ISSUE LETTERS OF CREDIT for Travelers Members Draw bills of Exchange and make Telegraphic Transfers to EUROPE, Cuba, and the other West Indies, Mexico and California. /-"V BROWN. SHIPLEY & CO. LONDON Execute orders for the purchase Bonds and Stocks. and sale of 64-66 Wall Street, New York Investment securities bought and sold on com. mission. Travelers’ credits, available through¬ out the United States, Cuba. Puerto Rloo, Mexico. issue Joint Tientsin, Haiphong, Yunnan Fu Stock Paris Bankers:—Banque Francaise—Heine & Co. Investment Securities Winslow, Lanier & Co. HEIDEIBACH, ICKELHEIMER & 60. N. Y. STOCK EXCHANGE. Execute orders for purchase and Stocks and Bonds. sale of Foreign Exchange Bought and Sold. NEW YORK Issue Commercial and Travelers’ Credits available in all parts of the world. Subject to Draft. Interest Deposits. Securities Bought and Sold on Commission. on Cretiifc Schulz & Ruckgaber 27 Pine Street, • • • ■ New York ■ Members New York Stock Exchange Execute Orders for purchases and sales of stocks and bonds. Foreign Exchange bought and sold. Issue Kean, Taylor & Co. commercial Dollars New York Exchange Bank Pro 244 Fourth Ava. PITTSBURGH in credits available in China, Japan and East Indies. Investments 5 Nassau Street NEW YORK 435 Chestnut Street PHILADELPHIA 37 William Street. 59 CEDAR STREET BANKERS. Graham, Parsons St Co. BANKERS MEMBERS 105 So. La Salle St. CHICAGO Ltd., London Paris Russo-Asiatic Bank, Hong Kong Banque Industrielle de Chine, Paris Shanghai, Peking, Hong Kong, Saigon, Jordaan Sc Cie, drafts and oable transfers on above countries. London Bankers:—London Bank, Limited. 10 Pine Street, New York Bonds for Letters of Credit for Travelers Pentral America and Spain. Make collections in and TAILER4CD Foreign Exchange, Letters of Exchange London Provincial Sc South Western Bank. T. fluffem Taller Grenville Kane James G. Wallace Allowed New York Stock Correspondents of Is Lawrence Turnure & Co. Deresits Received UtahMiHteCii Agents and Correspondents of the Messrs. ROTHSCHILD, London and Paris. Available in all parts of the world. Travelers’ Credits NEW YORK Messrs. Mallet Freres Sc Cie, Paris, Banco Nacional de Mexico, and sold on Commission. NEW YORK gf Creait England, Ltd., London, Foreign Exchange, Commercial Credits. Cable Transfers. Circular Letters for Travelers, available In all parts of the world. Seligman & Co. Transfers, on 31 Boulevard Haussmann Securities bought J. & W. Municipal Bonds Securities of Railroads, Electric Railways, Gas and Electric Light and Power Companies Government and of established Oable Address, ♦‘Graco,” Philadelphia. BOISSEVAIN & CO. S4 BROAD STREET, NEW YORK Members of the New York Stock Exchange. INVESTMENT SECURITIES COMMERCIAL DEPARTMENT FOREIGN EXCHANGE MESSRS. PIERSON & CO. (Successors toAdolphBoissevain &Oo.) Amsterdam, Holland. BERTRON, GRISCOM & CO., INC. INVESTMENT SECURITIES Broadway, Corner BEAVER ST. 40 Wall Street Capital .... 51,000,000 Surplus and Undivided Profits 1,000,000 NEW YORK Foreign value. Land Title Building PHILADELPHIA Exchange bought and sold. Cable Travelers’ Letters of of the world. ACCOUNTS INVITED. Transfers. Commercial and Credit available in all parts John Munroe & Co. M/W YORK BOSTO: H. AMY & CO. Letters of Credit for Travelers 3o—inrrlal Credits. Foreign Exchange Members N. Y. Stock 24 Exchange Place New York 44 AND 46 WALL ST. Cable Transfers. ■UNROE a CO.. Paris Exchange ALDRED & CO. Transact a General Investment and Stock Exchange Business FIsca’ Agents for Public UtU* / an i Hydro-Electtfe Cor mantas The financial | ommettictl | 1 07 V/YT VvfJLi.JLU# nPrrn'RT?P Uvy 1 CLEARINGS—FOR New York. Philadelphia Pittsburgh Baltimore Buffalo Albany Washington Rochester Scranton Syracuse Reading Wilmington Wilkes Barre Wheeling Trenton Harrisburg York Erie Greensburg Binghamton Chester Altoona Franklin Frederick Lancaster Beaver County, Pa.. Norristown Montclair 3 ,587,345 1 ,810,100 2 ,328,500 9 ,971,596 2 ,837,487 3 ,162.100 1 ,419,260 3 ,382,216 2 ,387,082 Total Middle.. Springfield Worcester Fall River New Bedford Lowell v Stamford Total New England Chicago Cincinnati Cleveland Detroit Milwaukee Indianapolis Columbus Toledo Peoria Grand Rapids Dayton Evansville Soringfield, Ill Youngstown For. Wayne Akron Rockford Lexington Quincy Bloomington Canton Springfield, Ohio South Bend Decatur Mansfield Danville Jackson Jacksonville, Ill Ann _________ Arbor!...!.!!!! Adrian »_ Lansing Owensboro Gary Flint Lorain New Albany Paducah Hamilton Aurora Total Mid ./Western 3 .019,295 1 ,600,481 1 ,843.187 9 ,138,546 2 ,982,960 2 ,595,244 1 ,889,593 3 ,708,959 1918. 1917. —1.6 129,353,067,006 132,233.853,556 +20.4 14,276.449,469 12,546,160,406 + 68.3 3,992,711,399 2,989,299,240 +65.2 2,305,748,120 1,666,747,426 +40.8 827,928,371 711,512,342 —0.3 184,183,528 514,362.499 287,544,370 147,168,472 173,497,100 104,271,919 122,002,378 81,596,983 154,297,784 106,054,379 115,461,234 50,722,500 79,126,472 44,452,842 33,026,360 58,732,732 29,460.551 16,653,134 20,699,357 106,974.793 26,629,346 27,982,939 15,991,829 36,485,400 27.138,079 + 37.7 + 12.4 + 17.6 + 2.5 + 3.0 + 3.2 + 9.5 + 6.0 + 11.1 +31.9 "t6-2 + !f6.4 —11.9 —7.4 + 54.6 + 18.8 + 13 +26.3 + 9.1 —4.9 +21.8 16,463,456,135 16.022,358,093 + 2.7 187,596,410 409,360,735 265,968,398 134,048,446 162,535.303 101,643,048 123,257,594 75,248,101 144,190,824 98,022.200 92,621,547 47,176,398 67,065,805 39,052,807 35,964,200 52.490.562 26,836,940 17.377.563 17,405,199 88,269,796 27,419,053 23,188,486 19,170,363 36.318,173 24,682,706 153,320,421,345 152,464,483,627 —2.2 3,336,970 692 396,358, 475 136,000, 000 73,804, 381 24,989, 588 —1.8 4,418, 846 + 13.8 +33.6 +38.3 + 16.4 + 25.7 + 8.1 + 9.8 + 6.7 + 2.0 —1.0 + 8.4 + 7.0 + 8.2 +24.8 + 7.5 + 18.0 + 13.8 —2.9 + 20.7 —16.6 + 0.5 + 9.9 12,876,330.152 10,722,957,191 + 20.1 + 7.6 + 45.4 + 17.9 + 28.8 + 17.6 + 11.7 + 4.9 + 3.2 + 11.0 + 15.1 + 48.6 + 27.7 + 11.6 + 20.5 19,173 759,312 2,078 740,339 3.121 936,471 2,250 ,362,607 1,071 410,202 590 465,000 404 828,600 389 499,964 18,506,862,830 1,529,289,502 +3.6 + 35.9 + 16.4 + 9.2 + 14.2 + 15.4 + 3.2 8,187,843 12,005,416 7,984,679 4,759.015 «7,500,000 3.304,796 3,907,104 a3,500.000 «S,700,000 0,987,677 2.968,264 Ogden Long Beach Bakersfield 1,101,485,335 ern 2,682,044,297 2,060,923,260 937,978,918 511,552,764 392,407,400 401,306,234 201,209.501 182,902,621 134.413.457 103.623.457 74,770.755 ,134,012,764 Inc. or Dec. 1910. % S 2,434,996 2,995.908 1,904,155 3,708.299 2.252,831 + 23.3 + 12.9 —3.6 1,035.770 +23.8 1,404,667 ,055,987,968 245,187,883 67,858,377 35,949,820 12,654,691 3.840.184 7.630,437 5,563,974 3.014,132 3,853.858 1,968,200 2,804,630 1,410,907 2,312,844 2,090,789 * '840,650 2,300,000 2,278,627 + 0.9 1,802,375 1,945,698 371,364 435,516 —14.7 494,140 '369',960 3,517,272 3,400,000 2,035.833 1,651,838 1,081,099 800.000 519,268 —13.6 ,773,699 ,213 263,964 ,694 69,092 ,721 30,448 ,180 18,273 .032 4,282 .191 7,965 681 5,560 485 3,239 003 3,515 194 2,097 042 3,403 669 1,609 932 2,773 893 1,861 ,534 913,633 267,549,924 10,389,200 7.443.311 5,224,090 2,331,944 —2.5 + 1.8 —6.0 —8.0 0.8 + 17.0 + 13.6 + 10.7 —13.9 +9.0 —4.4 + 23.7 +62.1 + 70.4 +33.2 + 11.9 + 33.9 + 17.6 + 14.8 —10.6 + 3.7 + 12.0 + 20.6 + 8.2 +36.9 1915. 18.2 —12.7 + 59.8 + 5.6 928,998 — 779,900 1,159,015 678,104 1,123,851 1,000,362 660,600 897,633 539,201 + 0.4 4,204,069,433 3,449,512.555 227,869,405 + 17.4 8,695,300 + 19.5 8,759,440 —15.0 4,185,424 + 24.8 —3.0 2,405,000 —2.5 3,609,845 + 5.8 3,213,978 1,329,566 + 53.1 + 41.4 1,167,729 983,733 + 10.0 —3.1 825,499 636,716 —18.4 192,004,402 9,360,400 9,479,134 4,285,736 2.400,000 3,526.574 3,555,975 1,503,655 1,258,710 928,623 918,074 738.175 168,763,810 7,777,800 9,729,874 3,036,204 2,232,805 3,363,774 2,894,613 1,200,950 980,425 816,802 800,342 435.000 + 0.1 —2.9 —9.9 + 7.2 + 14.7 305,943,779 263,681,635 + 16.0 229,957,458 202.832,405 508.137,961 53,360,228 89,621,750 64,892,430 29,134,813 14,377,000 10,000,000 9,359.129 467.731,403 37,560,128 74.168,11.3 + 8.6 + 41.7 + 20.8 + 33.9 + 23.2 + 12.0 + 3.1 409,967,897 33,222.500 52,510.421 328,953,130 27.314,700 2®. ,138,742 47.523.085 19.226.071 .300,596 *+052.924 8,615,695 7,130,000 6,387,800 3,100,000 3,779.390 1,915.806 1,724,182 993,174 1,084,827 1,252,810 2,312,000 788,994 867,621 721,691 088,340 48,455.926 23,658,700 12,835.000 9,701,800 9,038,504 3,459,804 10.396.199 —2.9 9,629,800 8,182.685 +35.8 3,000,000 + 5.7 +42.3 + 26.5 + 10.0 + 14.4 + 2.8 3.798.084 2,773.579 2,068,426 1,450,000 3,079,973 1,624,778 4.454.000 1.277,048 501,183 + 28.1 +42.0 181 260,706 195 997,962 154 123,393 144 266,470 80 879,147 141 970,705 49 776.827 208 747,000 71 775,124 49 011,088 52 86/,243 53 487,586 114 532,066 48 015,060 48 182,232 41 159,282 41 714,846 24 286,913 40 195,911 22 123,463 35 260,931 12 791,674 3 697,100 37 994,945 34 315,618 34 263,868 58 302.827 9 517,334 5 048,425 51 368,933 15 034,828 28 ,001,426 + 12.2 31,177,553,428 28,997,340,547 + 7.5 821,903,494 725,072,235 + 13.3 625.237,083 477,408,558 389,294,953 + 15.7 105,180,000 + 15.3 98,205,111 + 77.0 66,743,769 + 87.8 27,481,000 + 39.1 54,875,241 + 2.6 14,724,582 + 52.0 21,326,499 +34.3 15,469.677 + 18.5 —6.3 8,736,507 9.241,730 + 30.0 + 9.3 7,304,856 +4.6 4,550,550 8,334,280 —10.0 3.752,052 —11.9 3,077,369 + 27.0 3,141,102 + 11.4 8,457,990 +2.9 2,860,742 +39.4 3,180.441 —6.7 4,018 ,259,787 1,123 ,439,000 1,311 856,179 + 16.0 —0.1 + 63.5 + 53.2 + 29.3 —0.7 + 56.2 + 20.0 +34.3 —9.7 +28.3 + 17.2 + 21.2 + 1.7 —15.2 + 23.0 + 11.8 + 4.9 + 45.9 + 19.3 108,731,774 30.828,000 40,202,305 30,519,407 9.282,614 12,742,035 4,766,704 7,353,781 4,618,793 2,614,289 74,281,670 25,.9. ,703 16,543,593 14,315.801 6,223.924 10,631,537 2,168,720 +42.9 3.932.491 1,998,228 1,073,890 97,900,339 25,543,000 22,856,136 16,200.073 6,800,000 13,631.537 3,190,827 5,146,383 3,604,739 2,144,602 2,480,697 1,913,019 1,067,628 + 11.1 + 20 7 + 75.9 + 88.4 + 36.5 480 ,450,770 173 ,864,483 236 ,874,491 142 ,792,517 80 464,471 84 917,350 74 353,071 39 919,605 56 336,255 37 722,101 29 168,138 23 279,684 68 497,534 38 807,031 33 238,427 3,465 194,468 1,125 079,900 802, 382,453 581, 937,570 231, 536.270 483, 900,756 111, 290,094 197, 469.754 106, 305,708 89, 132,000 66, 165,512 63, 417,076 32, 936,245 55, 413,663 44, 469,875 23, 628,339 20, 822.271 65, 282,078 26, 603,104 27, 858,592 + 28.1 + 21 9 + 22.3 + 4.4 + 0.6 2,468,729 2,082,170 1,364.945 1,415,850 l,200,e33 57,306,798 18,715,700 11,617,618 11.790,810 3,816,443 6,818,108 1,741,055 3,530,606 1.930,034 1,670,312 1,129,515 960.467 792,711 761,795 819,885 650,000 937,353 947,268 480,000 —18.8 —13.5 + 35.4 937",353 648,766 30,0000 695,208 461,532 225,000 825,801 619,349 + 33.3 611,432 421,557 +28.7 9,245,115,056 7,620,825,728 + 21.3 260,823,680 205,463,010 + 26.9 153,825.317 123.629.474 3,418,530,665 3,045,862,669 450,587,820 121,051,000 173.804,381 125,334,599 38,225,567 56,305,604 22,383,375 28,652,139 18,336,056 ' 414,436 957,205 883,278 329,807 ,492,020,260 320,357,552 83,887,356 42,716,858 18,755,998 3,948,021 9,763,743 6,920.439 3,394,739 4,606,297 + 0.6 4,026,272,873 4,008,399,868 + 18.0 184,607 561,252 1917. 1,249,172 1,702,521 1,310,405 801,500 1,089,499 805,176 1,740,480 + 21.2 1,915 ,897,614 163 ,469,318 306 .517,025 207 ,929,859 102 ,496,417 55 ,941,000 42 ,155,100 42 ,845,242 17 ,504,188 18 ,338,719 11 ,769,529 12 ,867,424 7 ,790,930 14 ,222,344 5 ,220,730 25 ,388,000 7 ,405,114 3 ,702,796 4 ,781,635 5 ,066,109 14 ,417,616 5 ,647,311 4 ,349J,384 3 ,609,015 4 ,111,325 2 ,321,943 4 ,358,314 1 ,868,589 3 ,553,871 1 ,569,417 381,508 4 ,462,799 2 ,292,331 3 ,485,167 7 ,230,931 957,834 750,547 ,235,016 ,545,861 ,394,797 28, 294,373 75, 073,600 21, 354,096 331,092 967,370 576,119 413,834 1,204,013 2,107,391 1,071,781 699,000 —4.2 + 18.9 1,107,104,406 + 53.5 + 12.2 + 13.2 105 158 140 70 62 41 33 25 86 21 6,964, 463 3,897, 138 4,119, 181 2,524, 534 3,354, 159 2,296, 509 4,011, 905 3,084, 188 —8.2 1,306,456,191 197 ,167,212 98 ,978,521 146 ,312,792 139 ,497,436 82 ,383,894 70 ,671,314 46 992,193 28, 755,406 —1.9 +2.7 +0 9,075 ,907,901 387 ,750,300 318 ,919,543 193 680,447 13,070, 550 + 11.9 + 9.8 2,060 .690,075 237 ,632,062 361 ,376,839 267 ,765,588 120 ,574,616 62 ,498.000 44 ,224,500 44 ,197,261 19 ,436,516 21 ,142,287 17 ,487,233 16 ,426,424 8 ,692,718 16 .635,528 5 ,150,557 19, ,282,000 7, ,782.798 3, ,968,581 5 ,610,257 ,575,384 10 ,175,000 4, ,549,992 4, ,451,050 4 ,580,735 4 ,691.354 2 ,310,009 4, ,474,002 2, ,248,878 3, ,924,055 1 ,043,572 358,648 3, ,754,516 2, ,873.746 •3 ,600,000 •7, ,000,000 1, ,412,886 558,144 ,000,000 ,979.855 ,400,000 11,193 064,576 438 ,008,600 310 ,776,139 1918. % —6.2 —17.6 —8.4 —0.5 + 19.8 + 15.6 +2.9 + 9.6 ENDING SEPTEMBER 28 Week ending Sept. 28. 947,326.208 36,574.300 30,809,925 19,325,206 11,097,245 14,656,410 13,847,898 5,476,648 6,669,645 4,268,833 3,056,043 3,011,022 8,652,800 2,332,223 Salt Lake City Tacoma Oakland Sacramento San Diego Fresno Stockton San Jose Boise Pasadena Yakima Reno Addresses of botb, Office of the Company. Inc. or Dec. 1,135.160.376 42.292,300 31,695,690 21,183,655 10,882,064 15,057,834 13,864,922 8,407,750 7,480,322 4,840,537 2.867,043 2,480,559 7.923,500 2,319,639 Spokane Details of Other West Secretary. % —24.9 —8.8 —5.5 San Francisco Los Angeles Seattle Portland Total Pacific , Nine Months. Inc. or Dec. 2 ,526,334 Oranges Hagerstown Boston Providence Hartford New Haven Portland 1917. $ S 13,663 ,877,129 13,883 .900,956 1,610 ,611,612 1,337 ,772,768 516 ,004,384 306 .649,653 292 ,228,262 176 ,884,844 104 .344,126 74 ,108,984 18 .334,736 18 ,386,242 57 ,897,970 42 ,036,958 30 ,495,795 27 ,131,743 15 ,985,984 13 ,595,942 18 ,250.365 17 ,808,621 10 .540,264 10 ,234,342 13 ,201,231 12 ,786,733 8 .832,423 8 .063,893 18 ,093,901 15 ,181,692 12 .496,640 11 ,244,067 14 ,203,487 10 ,765,765 5 ,287,839 5 ,634,006 8 ,916,961 7 ,658,538 4 .307,914 4 ,887,080 3 .289,700 3 ,552,100 7 ,369,726 4 ,767,567 . PH.b,i8^ ev®ry Saturday morning by WILLIAM B. DANA COMPANY; Jacob Seibert Jr., President and Treasurer; Arnold O. Dana, Vice-President and <V7CA jNU.a/oU September. 1918. Lima mo 1 A1 Q SEPTEMBER SINCEJAN. 1 AND FOR WEEK CUmrinffs at— Holyoke Bangor Water bury K O JLyio —1.4 —24.1 + 5.1 + 7.2 + 1/.3 + 10.0 —29.4 —19.6 + 2.3 + 26.9 + 14.1 —0.5 + 2.7 + 20.3 + 10.4 —33.5 —6.0 —15.9 + 25.3 + 3.3 —3.2 + 47.5 —25.6 —4.5 891 487.967 299 ,385,595 - 855,938,451 , ' y 58,103,606 227,933,000 59,202,341 32,234.597 42,886,875 45,533,394 132,957,206 47,719,957 —14.3 —8.4 + 21.2 + 52.0 +23,3 + 17.5 25,965,764 792,294 1,301,590 1,274,258 1,601,574 —13.9 29,174,045 62,282,428 7,887,374 5,999,486 46,249,751 14,513,361 23,121,102 33,537,463 35,465,283 23,014,496 41,119,050 16,048,248 31,198,894 13,975,947 3,816,313 43,117,168 4,600,000 3,827,019 3,774,113 1,897,060 4,002,6.50 1,280,962 4,313,000 1,827,599 + 39.2 + 16.2 + 5.9 + 0.6 + 17.6 + 22.7 + 17.6 +5 5 —2.2 +37.9 + 13.0 —8.5 —3.1 —11.9 +32.2 + 17.4 —6.2 + 20.7 —5.9 + 11.1 + 3.6 + 21.1 40,985,278 4,697,096 967,073 1,036,139 1,086,395 993,647 520,570 511,560 775,000 300,000 93,169 900,000 647,415 3.034,379 4,353,974 2,689,979 2,984,307 1,724,461 3,410,738 1,245,944 6,685,000 1,716,224 916,138 1,097.407 1.127,450 2,277,558 1,527,516 1,005,494 799,840 1,102,200 531,957 —35.5 +0.5 —13.5 + 18.6 + 13.0 —29.7 —30.7 + 3.1 +35.9 —9.9 —2.1 881,347 808,969 2,380.827 1,027,940 826,821 614,221 735,002 499,647 1,697,467 793,902 736,279 527,845 506,603 440.908 1,045,770 401,094 + 8.5 +0.7 —20.4 —8.1 —2.2 + 14.0 1,048,191 370,895 274,038 77,783 775,000 279,663 471,448 770,000 377,000 101,358 —6 5 +49.4 279,255 700.000 290,000 82,239 273,030 463,152 " and Southe m on page 135 S4 Total Other Western. 1,909,051,039 1,377,939,828 + 38.5 15,270,565,351 11,389,783,409 + 34.7 444.756.526 338,103,256 +31.3 243.624,534 182,409,016 Total Southern 2,173,973,921 1,620,133.019 +34.2 18,227,647,011 13,767,003.553 +32.4 534.211.882 401,670,370 +31.0 318,809.108 209.370,329 Total al 26.372,958,286 24,029,336,466 i Outside New York... 12,709.081.177 10,145,435,510 +9.7 240,123,632.343 224,912,394,056 +25.3 110.770.565,337 rings by Telegraph and Canadian Clearings on pages 92,678.540.500 +6.8 6,393,912,234 5,942.990.374 -Mfl 5 3.056 941.543 2,450.970.114 « Partly estimated +7.6 5,775.522,933 4.645.222,337 4-24.7 2 <V>1 «2? .790 1 5«9.234.37l THE CHRONICLE 1308 13V [Vol. 107. pointed. THE FINANCIAL SITUATION. campaign for the Fourth Liberty Loan has in progress the present week. While of the subscriptions has not come quite up to expectations, the most unqualified enthusi¬ asm has prevailed. The epidemic of influenza, which appears to be present everywhere through¬ out the country, but particularly in New Eng¬ land, has interfered to some extent with the work of the campaign, since the health authorities are dis¬ couraging large gatherings which would serve to pro¬ mote the spread of the disease. It seems to be thought that the favorable war news, foreshadowing a much earlier closing of the conflict than was thought possible even a few months ago, has caused some The been actively the aggregate relaxation of efforts on behalf of the loan. There are those who profess to see a tendency on the part of the public, because of that fact, to subscribe less liberally for the bonds, on In fact the current situation as officially as looked for, a lowering of the promise in the eastern section of the cotton belt, in part ascribable to insect damage, being a feature of the report, carrying the average condition for the whole territory devoted to the staple below tfye mark set in 1916, which up to now had been the lowest on record. As officially interpreted the con¬ dition of the crop on Sept. 25 was 54,4% of a normal, and comparing with 60.4 at'the same time last year, 56.3 two years ago’, 60.8 in 1915 and a ten-year average of 65. Following its usual plan of fore¬ casting the probable crop from the current data and the average of that for previous years at the same time, the Department stated that a condition of 54.4 on Sept. 25 points to a yield per acre of 154.1 pounds—a moderately higher figure than arrived at a month earlier—and this applied to the Government's estimated area of 37,073,000 acres, allowing l% for abandonment, indicates an aggre¬ gate production of 11,818,000 bales, not including linters, this being some 700,000 bales greater than estimated a month ago, but only about 500,000 bales more than the outcome of the previous season. Most of the States make a poorer showing than on Aug. 25, according to this final report on condition, the deterioration during September in the Atlantic section ranging from 2 points in South Carolina to 4 points in Georgia, along the Gulf from 1 point in Louisiana to 10 points in Florida, in Arkansas and California, 2 points, and in Arizona, 3. In Texas, where condition was already given as very low (43) an improvement of 1 point is reported, and to the outlined is about the'theory that with an early termination of the struggle the Government will have less need for the money. The authorities at Washington have thought it proper to sound a warning, therefore, against undue optimism, inas¬ much as, though the enemy is being everywhere driven back and has suffered enormous losses in ma¬ terial and men, and is rapidly approaching exhaus¬ tion, he has not yet been absolutely and unquali¬ fiedly defeated, and the war can never be permitted to end until he has been reduced to that condition. From one standpoint the prospect of a speedy Conclusion of the conflict ought to stinftilate sub¬ scriptions, rather than retard them. When the conflict is over there will be no further issues of Isame extent the situation is stated to be better in U. S. Government bonds. The moment that Tennessee and Missouri, while in Oklahoma the point is reached the existing issues will rise in value status of the crop remains unchanged at the extremely and the opportunity of getting such a bargain as a low level of 33% of a normal. Contrasted with U. S. Government bond bearing 434% interest last year, the outlook is less favorable in Texas, will be a thing of the past. Secretary McAdoo in South Carolina, Florida, Louisiana, Arkansas, Ten¬ his speech last week touched on the investment features of the offering and that is a point that should not be overlooked. He urged that wages and salaries in America are higher to-day than ever before and that it is the duty of those profiting by this situation to save part of their earnings to provide against the inevitable readjustment of industrial conditions that must then take place. He well said that 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 might find their savings worth twice as much in purchasing power after the war as now. Therefore the Secretary put the question, How can anyone more certainly make money than by saving it now with assurance of its enormous enhance¬ ment in value when normal conditions are restored. This is an appeal that should prove effective with a certain class, for those who cannot be induced to subscribe out of pure patriotism may be moved by considerations of pecuniary return. Cotton, already ruling extremely high in value as a result of the urffortuitous developments of the growing season, which have been interpreted both officially and privately as foreshadowing another short crop, was but little affected by the report on condition for Sept. 25, issued on Wednesday. It had been expected that the report would show stil further deterioration from the very low condition of a month earlier, and anticipation was not disap¬ t Missouri and Oklahoma, but much better in Virginia, North Carolina, Alabama and California. In fact the forecasted yield per acre in North Caro¬ lina is 266 pounds, against only 194 pounds last year, Alabama 164 pounds against 125 pounds, and Cali¬ fornia 418 pounds against 242 pounds. On the other hand, the Texas estimate is only 114 pounds, against 135 pounds, Louisiana 143 pounds against 210 pounds and Oklahoma 91 pounds against 165 pounds. Practically all reports at hand indicate that with weather conditions mainly favorable, the gathering of cotton has progressed rapidly and ginning has been carried on very expeditiously. This latter statement nessee, finds confirmation in the statement of amount of ginned to Sept. 25, issued by the Census on Wednesday, just prior to the announce¬ ment of the report on condition. In all, 3,719,915 bales had been ginned from Aug. 1 to the date men¬ tioned, an amount 1,208,257 bales greater than for the like period of 1917, and second only to the 4,081,989 total of 1916. It is conceivable that with a late frost the estimate of the Department may be more or less exceeded, but in any event the crop will be far short of early expectations. cotton Bureau Bank clearings in the United States for September 1918 make an exhibit differing in no essential par¬ ticular from those for each of a long series of months In fact they register the effect of the continuation of marked activity in the commercial and industrial lines of the country as a whole, notpreceding. Oct. 5 1918.] .. THE CHRONICLE withstanding the extremely high prices at which almost all classes of commodities are now ruling. 1309 of bonds for the month, therefore, reached the total of 176 million dollars—the record high large for a War orders on Government account make up a vast monthly period—against 85 millions last year and volume of business and in these price is in no sense 97 millions in 1916, and for the nine months were a controlling factor; with civilians, however, an 1,200 millions, against 726 millions and 797 millions. enormous inflation of values would, under normal At Boston dealings in stocks in September amounted conditions, mean a contraction of buying but with to 220,160 shares, against 301,189 shares last year, the earning capacity of much the greater number of and for the nine months the contrast is between the wage earners very appreciably increased—in 2,580,330 shares and 4,080,935 shares. many instances in ratio farv above the advance in The clearing house returns for the Dominion of cost of commodities—there has been no perceptible Canada continue of the same quite generally favorable tendency to curtail purchases. This being so, the character heretofore noted. For September the greater outlay for the same quantity this year than totals for Winnipeg and one or two minor points last has in itself served to help swell clearings. The record decreases from last year, but the aggregate decrease in the volume of speculation this year as for the twenty-five cities from which we have com¬ compared with last has been of negligible influence, parative results shows an augmentation of 12.2%. the clearings at New York (where the share sales for nine Consequently, for the months of the current the month showed an appreciable contraction) run¬ calendar year, the excess over a year ago reaches ning only nominally below those of 1917. 5.3%, and over 1916 is 29.5%. Only 36 of the 174 cities included in our statement given on the first page of this issue exhibit any loss The week has witnessed events of stirring import¬ for September, while gains of 40% or more over the ance in conjunction with the war situation. Bul¬ decidedly heavy aggregates of the month a year ago garia having accepted in toto the demands of the are quite common. These latter include Pittsburgh, Allies, the armistice requested last week went into Baltimore, Cincinnati, Omaha, Atlanta, New Or¬ binding effect at noon on Monday. Andrew Bonar leans, Memphis, Dallas, Charleston, Chester, Fall Law, the Chancellor of the British Exchequer, at River, Dayton, Aurora, Fremont, Jacksonville, the Guildhall on Monday explained the convention Little Rock, Columbia, Muskogee, Newport News, signed with Bulgaria. Communication between Vicksburg, Seattle, Portland, Richmond, Buffalo, Germany and the East through Bulgaria had, he Minneapolis, Duluth, Tacoma, Nashville, Birming¬ said, been cut off and the German dream of a ham, Lorain, Aberdeen, Montgomery and Columbus German middle eastern empire had gone forever. (Ga.), and the thirteen last mentioned furnish totals Bulgaria had yielded up completely the control of the heaviest of any monthly period in their history. her railroads, giving the control of the country into Furthermore, two other cities—Houston and Fargo--=- the hands of the Allies. The armistice was purely also present the highest monthly totals on record, a military convention. It contained no provision although exceeding last year by percentages under of a political character. Bulgaria agreed to evacu¬ 40. For the country as a whole the total of clearings ate all the territory she had occupied in Greece and naturally sets a new high mark for September, and Serbia. She agreed also to demobilize her army contrasted with 1917 there is a gain of 9.7%. For immediately and surrender all means of transport the nine months since Jan. 1 the current year’s to the Allies, including her boats and control of aggregate is 6.8% in excess of a year ago and 15.4% navigation on the Danube and conceding to the greater than for 1916. At New York the September Allies unhampered passage through Bulgaria for clearings disclose a slight decline from last year— the development of military operations. All Bul¬ 1.6%—this following a loss in 1917 of 3.3% from garian arms and ammunition are to be stored under 1916. The nine months’* total is, however, only the control of the Allies to whom is conceded the 2.2% less than that of 1917 and 17.3% larger than right to occupy all important strategic points. the aggregate of 1916. Outside of New York, the Press dispatches from London further state that September result is 25.3% better than a year ago, the military occupation of Bulgaria will be entrusted and for the longer period there is an augmentation to British, French and Italian forces, while the evacu¬ of 19.5%. Conspicuous gains for the nine months— ated portions of Greece and Serbia respectively will all running above 50%—are shown at Omaha, be placed in the hands of Greek and Serbian troops. Seattle, Portland, Tacoma, Lexington, Atlanta, The Allies made no stipulation concerning King Dallas, Richmond, Muskogee, Augusta, Newport Ferdinand, his position being considered an internal News, Columbia and Columbus (Ga.). matter—one for the Bulgarians themselves to deal Dealings on the New York Stock Exchange in with. The armistice was signed with Ferdinand’s September, although in excess of those for August, consent. were of much smaller There appears a widespread belief among military aggregate than for the month a year ago. Operations in stocks for the month observers at home and abroad that Turkey will be totaled 7,763,068 shares, against 13,822,775 shares in prompt in following Bulgaria’s lead, as the Ottoman 1917 and 29,992,582 shares in 1916, while for the Government is now for all practical purposes cut nine months they reached 96,869,985 shares, against off from its allies and is in a vulnerable position. 140,676,380 shares and 138,862,182 shares, respec¬ Official statements have been published by the tively. Railroad and industrial bonds also were Turkish Government denying any intention of dealt in less freely during the month, but operations breaking with its allies. But such statements in foreign securities, more particularly the various have in the past not been noted for their uniform French issues and the Anglo-French \5s, showed truthfulness, and there appears in fact a disposition marked expansion compared with a year ago, and to regard the current news as adding to the proba¬ trading in Liberty Loan bonds was very heavy, bility that some independent action is actively in being at 125 million dollars par value—almost three progress. It is known for instance that the Turks times that of 1917. The transactions in all dasses have made direct and insistent demands upon Ber- [Vol. 107. THE CHRONICLE 1310 ===== >"—= If way, while meeting the Kaiser's wishes in part, the not landtag has modified Article 3 of the Electoral unlikely to be made the basis of a complete rupture Reform Bill which caused the rejection of the of relations. Advices on Thursday declared that the measure by the Lower House. This Article provides lin for aid both in the form of troops and loans. such appeals are not promptly granted they are Turkish War Office had recalled all troops from :ror Palestine, Persia, and from the Baku oil districts, thus permitting British troops to regain control of the latter. How long Austria-Hungary can afford to stand out against the new conditions which have thus arisen is an interesting problem. It is under¬ stood that Vienna is already making additional peace overtures through a neutral Power. one vote for each man in Prussia, thus prohibiting olural voters. Latest reports state that Prince Maximilian of !laden has been named German Imperial Chancellor. Vice-Chancellor von Payer will probably remain in :hat office, but it seems unlikejy that General Minister of War. Stein will continue as is described by James W. von The Prince Gerard, former Ambassador Gemany, as “a regular human being." He is well known as a Moderate, more especially because of the speech he made last December at the opening of the winter session of the Upper Chamber of the Baden Legislature, in which he impliedly advocated abandonment of all ideas of conquest and the estab¬ lishment of an Anglo-Saxon peace such as would make the German Empire serve as bulwark to pre¬ vent the spread of Russian Bolshevism over Western Europe. For some years the Prince has been recog¬ nized as leader of the Delbrueck group of German Moderates, and on the fall of Imperial Chancellor Michaelis Nov. 1 1917, was put forward as their candidate for the Chancellorship. However, he is said to have, himself, objected for dynastic reasons, so his name did not go before the Emperor. to Germany itself, it is difficult satisfying conclusion as to the actual situation. The censor is obviously permitting a great amount of matter to cotfie forward, which may or may not be true. Chancellor von Hertling and Foreign Secretary von Hintze early in the week tendered their resignations, which were accepted by the Emperor, who, replying to the resignation of the Chancellor, included the following important As to conditions in to reach a sentence: “You are certain of the thanks of the Fatherland for the sacrifices you made in undertaking the Chan¬ cellor's office in grave times and for the services you rendered. I desire that the German people shall co¬ operate more effectively than heretofore in deciding the fate of the Fatherland." In his letter to Admiral declared that it von Hintze the Emperor his, the Emperor's, will “that the men who have been borne up by the people's trust shall in a wide extent co-operate in the rights was and duties of Government." Meanwhile in a mes¬ to the Fatherland party the Kaiser exhorted people to resist the enemy to the “last breath." sage his He said: “I have the confident hope that the whole German people in these most serious times may resolutely gather around me and give their blood and wealth until the last breath for the defense of the Faherland against the shameful enemy plans. Such a unanimous resolve to exist will and must with God's help succeed in breaking the enemy's will to war and secure for the Fatherland the peace it is the people of the world." Whether sincere or not there is certainly a vast difference in the Emperor's utterances to-day from the bullying arrogance of no longer ago than last spring. He obviously is becoming fearful of the effect of defeat upon the German people and at last is determined to satisfy the latter with some form of representative government. It is, however, diffi¬ cult to repress the thought that the real object of the new move toward equal suffrage is based not so much upon fear of consequences at* home as upon the knowledge which defeat is impressing upon him that it is time to put his house in order for nego¬ tiations for peace. President Wilson, as well as the spokesmen for our allies, has made it clear that there will be no peace negotiations with the military Government of Germany. Therefore, necessity worthy of among arises to create a new in circles where “unconditional surrender" is con¬ sidered the only basis of peace discussions. Wash¬ ington is taking occasion to warn against too great optimism especially so far as expressions in this line may tend to reduce the national incentive for an oversubscription to the war loan campaigns, which are in progress simultaneously in England and France as well as at home here. The military and political phases of the war are undoubtedly highly assuring, but all must agree that this fact in itself imposes responsibilities in the form of redoubled efforts to force the advantages to the point of securing the earliest possible decision. The war must have a whirlwrind will and irresistible close. Another winter that the enemy will have oppor¬ tunities to increase his already elaborate and strong system of home defenses. merely mean Government which will be accepted by the Allied Powers as representative o the German people—possibly with a hope of sweeping it out willy nilly as soon as it has accomplished its The Prussian Upper purpose in this direction. House has already taken action, having passed an “equal rights suffrage measure in accordance with the Government bill, with the addition of an extra vote for persons over fifty years of age." In this uninterrupted progress, taking in virtually all the battlefronts, is to be added to the long list of Allied successes that followed the remarkable counterattack ordered by Marshal Foch in June last. Blow after blow is being struck and no time is allowed the enemy to recover between blows. Germany now is speaking of a defensive warfare. It certainly is beginning to look as though the invaded portions of France will have been cleared of the enemy before the winter, with possibly a substantial portion of Belgium. That the war will be “ended by Christmas" is a view expressed in some important financial circles. But it is a view that certainly is not entertained in responsible military quarters and is not entertained moreover Another week of almost As to the actual fighting, the week's develop¬ ments have been so prodigious that it is possible in a short summary only to speak of the main objec¬ tives that have been attained. The British troops under Meld Marshal Haig on Thursday broke through the last fortified positions of the whole Hindenburg Line between St. Quentin and Cambria, outjinto the^open beyond, the Germans retiring be- Oct. 5 ‘ 1918.] fore them Beaureboir in disorder. some The THE CHRONICLE Fonsomme- the inhabitants of Alsace in expectation of a FrancoAmerican attack on the frontier. The inhabitants line, after a terrific struggle lasting three days, finally is in th,possession of the Allies. These latter positions were first taken on Tuesday, recap¬ tured by the enemy on Wednesday and definitely won on Thursday, when the British gathered some 5,000 prisoners and advanced five miles further. It is becoming apparent that the Germans must now give up Oise Valley and the St. Gobain Massif and retire to the boundary of France, for the British are striking toward the enemy lines of retirement and envelopment threatens. The great German base of Laon seems to be doomed. The British fighting at Montbrehain, nine miles northeast of °St. Quentin. The whole of Le Catelet to the north is in the Allies, hands. are The Germans have given up La Bassee, Armentieres and Lens and still are retiring. Lens is the chief coal city of France, being the centre of a district which produced five million tons the year be¬ fore the war. In a.week on the Western front the Allies have captured 60,000 men and 1,000 guns, which does not include Thursday’s report. From July 15 to Sept. 30 the Allies took 254,000 men on the Western front and in all theatres of war between 350,000 and 400,000 men. It is significant that the rate at which prisoners are being taken is constantly in¬ creasing. Continued progress is to be noted by the French/ and Franco-American forces north of Rheims and eastward in Champagne, the Germans slowly but surely being forced everywhere to give ground, their vital defenses daily continuing to be eaten into, notwithstanding the strong resistance they are show¬ ing in their efforts to nullify the obvious plan of the Allies to close in on all sides of the great battle arc from the North Sea to the Swiss border. In Bel¬ gian Flanders the Belgian, French and British troops keeping up their eastward progress in their en¬ deavors to compel the Germans to give up Ostend and Zeebrugge, their naval bases on the North Sea. Roulers, the important junction, with its railroads radiating to the North Sea and eastward to Ghent, has been entered by the Belgians, as has also Hooglede to the north. King Albert’s men are virtually on the Roulers-Ostend-Bruges railway. To the south, Menin and Courtrai are seriously menaced. Across the border in France the capture of Armentieres brings Lille, capital of the Department of Nord, within striking distance, and the evacuation of Lens places Douai, the fortress northeast of Arras, and all the territory between Arras and Menin vir¬ tually in the hands of the British. In the eastern sectors the successes have hardly been less spectacular than in the West. The col¬ lapse of Bulgaria has of course produced changes of a most radical character. Turkish troops have been ordered by the War Office at Constantinople to retire from Palestine and Persia. Damascus, the capital of Syria, was occupied by Gen. Allenby’s (British) forces on Tuesday morning, more than 7,000 Turks being taken prisoner there. The Austrians are precipitately retiring from Albania pursued by the Italians and are burning towns and depots behind them. Large numbers of prisoners and quantities of war material have been captured. Reports that German troops under Gen. Mackensen are proceeding upon Sofia in an endeavor to prevent Bulgaria’s control passing to the Allies are not con¬ firmed and are not as a rule credited at Washington. German military authorities have begun to move are 1311 of 20 villages have been sent to Bavaria. Fear of disorder prevails throughout Alsace-Lorraine not only among the civilians but also among the mili¬ tary forces. Food is particularly scarce there. An interesting feature of the week has been the receipt by our State Department through the Charge d’Affaires of the Swiss Legation of a protest from the German Government against the use of shotguns by the American The protest calls attention according to the law of war every prisoner found to have in his possession such guns or ammunition belonging thereto forfeits his life. The protest is based upon Article 23(e) of The Hague Convention respecting laws and customs of war on land. Reply by cable was required before Oct. 1 1918. Secretary Lansing delivered a characteristic reply to the Swiss Legation. The provision of The Hague Convention cited in the protest, he said, did not, in the opinion of the Government of the United States, forbid the use of this kind of weapon. Moreover, in view of the history of the shotgun as a weapon of warfare, and in the light of a comparison of it with other weapons approved in warfare, the shotgun now in use by the American army cannot be the subject of legitimate or reasonable protest. “The Government of the United States,” says Secre¬ tary Lansing in his reply, “notes the threat of the German Government to execute every prisoner of war found to have in his possession shotguns or ammunition. shotgun Notwithstanding this threat, inasmuch as the weapon is lawful and may be right¬ fully used, its use will not be abandoned by the American army. Moreover, if the German Govern¬ ment should carry out its threat in a single instance it will be the right and duty of the Government of the United States to make such reprisals as will best protect the American forces and notice is hereby given of the intention of the Government of the United States to make such reprisals.” army. to the view that On the there also have been important develop¬ Wednesday -} the Austrian fleet and naval base at Durazzo, Albania, was destroyed by the Allied navies operating in the Adriatic. The details of the attack have not yet been made public, but it is believed that the destruction was complete. ments. sea On In the Bristol Channel the United States Naval Patrol Boat Tampa with all on board—118 men— was sunk on the night of Sept. 26, having been torpedoed while escorting a convoy. This is the greatest single loss thus far suffered by the American Navy. Announcement of the formation of an inter-Allied economic pool has been made this week. The arrangement has been approved by President Wilson and by the Premiers of the Entente nations. The plan in brief is whereby co-ordination is built Councils—War, Ship¬ ping, Munitions, Food, and Finance. Under these special bodies completion of a common economic and industrial program is now being undertaken, principally in London and Paris, and limited to the following cases: “Where two or more Governments are interested in supplies which must be transported overseas to supplement deficiencies in local produc¬ tion, or where several sources of supplies should be one around the five Inter-Allied [Vol. 107. THE CHRONICLE 1312 together with the allotment and method capital of the company will, in the event of the of their distribution or utilization, or where there new issue succeeding, become £12,000,000 face might without agreement be competition between value. The report states that extensive preparations Governments in procuring supplies or a wasteful lave been made for the carrying out in due time of die post bellum program and foreshadows the ab¬ duplication of productive effort.” sorption of subsidiary concerns, including a number agreed upon, The London markets have ruled firm during the identified with week in response to the remarkably favorable news from the war fronts. The pre-war British Consols, for instance, have advanced to a new high reeded, since the minimum price was removed in 1915, last evening’s final figure being ’62%, comparing with 58% a week ago. Meanwhile the new British 5s have advanced from 95% to 95% and the 4%s from 100% to 100%. This firmness is particularly for¬ tunate, as it accompanies the new war bond cam¬ paign which was inaugurated on Monday. The campaign is merely a drive and is a part of the policy of continuous sale. The Chancellor of the Ex¬ chequer, A. Bonar Law, at the Guildhall on the opening day said that experience had shown that the policy of continuous borrowing was the best, as it caused least disturbance of financial conditions. The only doubt, he added, was whether the system would be fully successful. He confessed that the disadvantage of the continuous system was the difficulty of maintaining prolonged enthusiasm. To date there were no indications pointing to failure. Bonds to the amount of £1,200,000,000 had been raised in the last twelve months, while in the last eight months the sales have been £881,563,000, besides £70,000,000 in war savings certificates. He appealed for a minimum of £25,000,000 weekly, and remarked that it no doubt can be supplied. Deposits in the banks before the last loan flotation in January 1917, he pointed out, totaled £1,400,000,000. The current total was £1,750,000,000. The Chancellor was confident that there would be no further big loan in Great Britain during the war. He added by way of encouragement that since July 12 troops of the British Empire had captured 1,000 square miles of territory, 250 villages and made more than 120,000 Germans prisoner. As is the case at home here the trading in outside investments is being discouraged in the United Kingdom during the progress of the loan campaign. Nevertheless speculative stocks which have recently been notably buoyant were quoted by one London correspondent as having on Wednesday, “boiled over.” The war stocks, such as armament and munition shares, were under selling pressure but were The British case of actual necessity. announces an £238,664,000. The issue of £650,000 5%% debentures at 99, payable in 192^: and 1934 to meet £620,000 4%%s maturing Jan. 1, next. The munition firm of Vickers, Ltd., has just issued its annual report for 1915, the statement having been delayed by protracted negotiations regarding taxation. The directors propose an issue of £1,850,000 shares of 20s par value at 30s. The present price of the £1 shares is 55s. The ordinary bonds sales last week amounted £20,930,000,comparing with £16,259,000 the week preceding and^making the aggregate of sales to Sept. 28 £1,086,389^000 through the banks. The post offices report for/the week ending Sept. 21, sales of bonds amounting to £463,000, bringing the ;Otal under this head up to £38,494,000. The previous week’s sales through the post offices were £400,000. War savings certificates disposed of in die week of Sept. 21 totaled £2,302,000, making the aggregate ultimate indebtedness in this direction and Rumanian oil shares and also mining shares, and prices of these advanced quite sensationally. Russian bonds also displayed strength, while other divisions of the market though showing a gooc undertone were not marked by excessive exuberance. New loan flotations are under full control and are permitted only in war pursuits. to supported by a belief that an active peace trade is in sight. Brokers had large orders, following the gratifying news of Bulgaria’s collapse, to buy Russian Province of Saskatchewan peace - The British Treasury statement for the week ended Sept. 28 made a rather better showing, the Ex¬ chequer balance registering an increase as a result of the week’s operations of no less than £2,919,000. Another favorable feature was the gratifying expan¬ sion in the sales of Treasury bills. The week’s expenses were the week £46,780,000 (against £42,120,000 for ending Sept. 21, while the total outflow, including repayments of Treasury bills and other items, aggregated £340,725,000, compared with £157,362,000 the week before. Receipts from all sources amounted to £143,644,000, in comparison with £155,776,000 last week. Of this total, revenues contributed £13,394,000, against £18,014,000; War Savings certificates were £1,200,000, against £2,000,000, and other debts incurred £8,814,000, against £38,966,000. War bonds totaled £22,182,000, as contrasted with £18,695,000. New Treasury bills issued amounted to £75,549,000, against £68,505,000 a week ago. Treasury bills outstanding aggregate £1,108,504,000, comparing with £1,093,404,000 last week. Exchequer balances total £14,898,000. A week ago the amount was £11,979,000. The revenue for the half-year ending Sept. 30 is reported at £343,420,000, an increase of £88,199,000 over the previous half-year. Expenditure is re¬ ported at £1,356,342,000, an expansion of £28,290,000. Revenues for the past twelve months are shown to have been £842,050,000, and expenditures at £2,973,746,000. Berlin, quoting advices by way of Amsterdam, the Bulgarian crisis produced a panic on the Stock Exchange. On Saturday last several stocks dropped 30 points and more and Rumanian oil stocks were reported to have dropped off 80 points. An article in the “Vossische Zeitung” of Berlin as reported by cable says that what has happened in the last few days on the Berlin Stock Exchange reminds one of what happened at the outbreak of the war. Prices, the paper adds, fell sharply, and for many In quotations could be estab¬ was completely wanting. The German share markets, which only a short time before displayed imperturbable optimism, appear suddenly to have been smitten with pessimism. The first six months of this year the writer said had shown an extraordinarily strong advance in prices. It then seemed as if no price were high enough to of the popular issues lished, as the demand no Oct. 5 1918.] THE CHRONICLE 1313 frighten the capitalists from buying. This continued to liabilities declined to 16.91%, against 17.78% a during the second half of the year, despite all warn¬ week ago and 18.89% last year. The highest per¬ ings, and, notwithstanding the new Stock Exchange centage thus far this year has been 19.71% in the war tax, this tendency persisted unabated except week ending Jan. 10, while the lowest, 15.18%, was in the passing depression of July. Prices rose in the week of July 4th. Public deposits decreased steadily in August and were not even affected by £1,417,000. Loans (other securities) were con¬ the German retirement in the West. The peace tracted £608,000. Threadneedle Street’s gold hold¬ note of Baron von Burian, the Austro-Hungarian ings aggregate £72,157,675. A year ago the total Foreign Secretary, created another situation im¬ was £55,727,381, and in 1916 £54,630,520. Re¬ mediately. The Berlin Stock Exchange’s nerves serves total £28,455,000, as against £32,348,421 in were at high tension and, while already feeling des¬ 1917 and £36,016,190 the year previous. Loans peration, were not tested until the news came from now stand at £99,726,000, which compares with Bulgaria. While this feeling of desperation did £98,371,795 last year and £109,167,555 in 1916. not show itself plainly, capital suddenly abstained Clearings through the London banks for the week from buying and many owners of securities endeav¬ totaled £455,690,000, in comparison with £407,ored to realize on their holdings. Offers fell on a 340,000 last week and £392,260,000 a yearly. Our buyerless market, the result being a considerable special correspondent is no longer able to give details fall in prices. The article adds: “They [the de¬ of the gold movement into and out of the Bank for clines] occurred—it cannot be explained away— the Bank week, inasmuch as the Bank has dis¬ with an abruptness seldom experienced in the whole continued such reports. We append a tabular history of the Berlin exchange.” The writer mor¬ statement of comparisons: alizes on this phenomenon, remarking that important BANK OF ENGLAND’S COMPARATIVE STATEMENT. . considerations connected with German forbid his enumerating “all the ing to the war finance shadowings belong¬ constitution of the exchange.” The second Russian shipment of gold to Germany has arrived at the German frontier and has been taken war by an official of the Reichsbank. amount is not named but dispatches over The early in Sep¬ shipment stated that rubles, one half of which tember reporting on a similar the amount was 250,000,000 in gold and the remainder in notes. On the Budapest Bourse was the (Hungary) the Bulgarian news of responsible for panicky conditions. Sentiment there had already been shaken by the previous Bulgarian defeats. The Bourse was arbitrarily closed earlier than usual on Saturday after the crash of many fortunes in a few minutes. This, coupled with the sudden interrup¬ tion of communication between the Budapest and Vienna Bourses, resulted in a smaller panic in Vienna with several important failures. The Buda¬ pest political clubs are holding a series of meetings to consider the situation whose gravity all admitted, peace move was 1918. 1917. 1916. 1916. Oct. 2. £ 1914. Oct. 3. Oct. 4. £ Oct. 6. Oct. 7. £ Circulation... £ £ 62,252,000 41,828,955 37,064,330 32,876,520 34,828.700 30,525,000 42,512,204 52,235,504 81,375,191 17,852,333 137,127.000 128,744,973 117,402,096 98,301,697 146.646,768 Govt, securities 57,671,000 58,735,220 42,188,051 31,286,061 27.971,087 Other securities 99.726,000 98,371,795 109,167,555 119.266,493 113,894,148 Reserve notes & coin 28.355,000 32,348,421 36,016,190 46,823.273 40,378,212 Coin and bullion... 72,157,675 55,727,381 54,630,520 61,249,793 56,756,912 Proportion of reserve Public deposits Other deposits ,, to liabilities Bank rate 16.90% 5% 18.89% 5% 21.23% 26.06% 6% 5% ’ 24.64% 6% The Bank of France continues to show gains in its gold holdings, the increase this week amounting to 748,250 francs. These gold holdings now aggre¬ gate 5,438,629,000 francs, of which 2,037,108,500 francs held abroad. In 1917 at this time they stood at 5,321,227,363 francs (including 2,037,108,484 francs held abroad), while in 1916 are they totaled 4,840,446,362 francs (including 674,558,075 francs held abroad). Other increases in the various items occurring during the week were as follows: 50,831,000 francs in bills discounted, 12,983,000 francs in ad¬ vances and 18,555,000 francs in Treasury deposits. Silver, on the other hand, fell off 755,000 francs and general deposits declined 77,507,000 francs. A fur¬ to formulate some scheme of action to be laid before ther expansion was registered in note Parliament which will soon be opened. It is circulation, the pointed amount out that Hungary now is isolated between two outstanding being increased by 302,801,000 neutral francs. This brings the total powers, Bulgaria and Russia, with an exposed posi¬ outstanding up to 30,225,175,000 tion to the Entente francs, comparing with 21,420,038,troops. Furthermore anxiety 550 francs in 1917 and for the Magyar army 17,011,143,820 francs in in Albania adds to the com¬ 1916. On July 30 1914, just plication. prior to the outbreak of war, the total was 6,683,184,785 francs. Com¬ No change has been noted in official discount rates parisons of the various items with the statement of last week and at leading European centres from corresponding dates in 1917 and 1916 5% in London, are as follows: Paris, Berlin, Vienna, and Copenhagen; 6% in BANK OF FRANCE’S COMPARATIVE STATEMENT. Petrograd and Norway; 63^% in Sweden and 43^% Changes Status of in Switzerland, Holland and for Week. Oct. 3 1918. Oct. 4 1917. Spain. In London the Oct. 5 1916. Gold Holdings— Francs. Francs. Francs. Francs. private bank rate continues to be quoted at 3 17-32% In France Inc. 748,250 3,401,520.500 3,284,118,878 4,165.888,287 Abroad No change. for sixty days and 2,037,108,500 2,037.108.484 674.558,075 ninety days. Call money in Total Inc. 748,250 6,438,629,000 5,321.227,363 London is still quoted at 3%. So far as can be 4,840,446.362 Silver Dec. 755,000 320,052,000 259,7^2,473 336,105,327 learned, no reports have been received by cable of Bills discounted...Inc. 50,831,000 902,103,000 728,320,202 512,155,325 AdvancesInc. 12,983,000 844,441,000 1,109,958,654 1,185,843,886 open market rates at other European centres. Note circulation...Inc.302,801,000 30,225.175.000 21,420,038,550 17,011,143,82 0 — Treasury deposits..Inc. 18,555,000 The Bank of General deposits...Dec.'77,507,000 as 76,040,000 27,268,926 3,029,352,000 2,899,712,641 ; 59,107,913 2,252,167,90 England reports a further increase £615,315 in its stock of gold, although the total Last week’s statement of New York associated reserve was again reduced, this time £1,141,000, banks and trust companies, issued on Saturday, following an expansion of £1,757,000 in note cir¬ was about as expected. The loan item showed a culation. There was an increase of £3,139,000 in contraction of $14,184,000. Net demand deposits “other deposits” and an expansion of £3,468,000 ip increased $22,020,000 to $3,765,662,000 (Govern¬ Government securities. The proportion of reserve ment deposits of $171,600,000 deducted), although of net time 671,000. [Vol. 107. THE CHRONICLE 1314 deposits declined $1,898,000 to Cash in vaults (members of $151,- the Federal Bank) was increased $536,000 to $99,986,000 (not counted as reserve). Reserves in the Federal Reserve Bank of member banks was reduced $15,934,000 to $526,399,000. Reserves in own vaults (State banks and trust companies) declined $189,000 to $10,960,000, while reserves in other depositories (State banks and trust companies) expanded $275,000 to $7,879,000. Circulation was inseased $134,000 to $35,670,000. There was a loss in aggregate reserves of $15,848,000, which brought down the total to $545,238,000, and compares with $569,066,000 at the corresponding date in 1917. Reserve requirements were expanded $2,861,440, hence sur¬ plus was reduced $18,709,440, and now stands at $46,825,730 (but not counting $99,986,000 cash in vaults held by these banks). Last year the total of excess of reserves on hand was $77,012,120, on the basis in both cases of 13% reserves for member Reserve of $677,362,645, was $560,232,938 was leaving only $117,129,- which secured by Government paper 707 commercial paper. Dealing specifically with rates for money, call changed from 6%, and this was again the high and low for the week, as well as the basis for renewals on each day. This figure covers the rate for mixed collateral, with all-industrials at J4 1% higher. For fixed maturities, the situation remains Unchanged. Nomin¬ ally rates continue to be quoted at 6% for all periods from sixty days to six months, but as a matter of fact, no money is available for fixed-date loans and the market is at a standstill. No improvement is looked for in bankng circles until the distribution of the Fourth Liberty Loan has been completed. A loans this week have not been sixty and ninety days and four, five and quoted at 5%@6%. Commercial paper rates were maintained, with sixty and ninety days’ endorsed bills receivable and banks of the Federal Reserve system. The bank six months’ names of choice character still at 6%, statement is given in greater detail in a subsequent which is also the rate for names not so well known, all differentials having been removed for the time section of the “Chronicle.” being. The volume of transactions was not large. Banks’ and bankers’ acceptances were quiet. The money position shows no important altera¬ tion, rates being held arbitrarily at 6% for both call Dealings involved only small amounts, and here also and time loans. The remarkable and gratifying no increase in activity is looked for until the Govern¬ news from the war has not unnaturally stimulated ment’^ financing is out of the way. Rates were a demand for Stock Exchange securities. This has practically unchanged. Detailed quotations follow: Spot Delivery Delivery not caused any perceptible. increase in the money Ninety Sixty Thirty within Days. Days. Days. 30 Days. strain. Commission houses experienced no difficulty Eligible bills of member banks 4 4 (“4 4 4 4 ("4 4 44« 4 4 4 bid bills of non-member banks -4%@-4% 4%^z 4% 44 @44 44 bid in securing adequate banking accommodation for Eligible 6 bid Ineligible bills. 64@44 54@44 54@44 their customers. In fact, some of the commission The Federal Reserve Bank of this city this week, houses have received semi-official assurances that as noted above, established special rediscount rates there is no intention to interfere with non-specu- for bankers’ acceptances; for maturities up to 15 lative Stock Exchange transactions and that full days the rate is 4%; for 16 to 60 days the rate is confidence may be entertained that funds for such 4}4%, and for maturities from 61 to 90 days, in¬ clusive, the rate is 4}4%* Elsewhere we give the purposes will remain available at 6%. The order announcement made by the Bank. The Boston of the Stock Exchange requiring daily reports of Federal Reserve Bank this week reduced from loans was not promulgated, it is understood, for the 4/4% to 4% its rediscount rate to member banks on purpose of restricting legitimate and conservative customers’ notes running 16 to 90 days, secured by business. The real object was to afford access to Fourth Liberty Bonds, where the bank loan rate to customer is 434% The rate on customers’ notes the undertakings of a number of large housesvwhose the or promissory notes of member banks secured by loans were said to be mounting steadily to unreason¬ Liberty bonds of any issue or by United States cer¬ able limits. This necessitated a general policy, as tificates of indebtedness, running 15 days or less, for obvious reasons individual houses could not remains at 4%. Prevailing rates for various classes of paper at the different Reserve banks are shown very well be singled out. year ago six months’ money was • The Federal Reserve Bank of New York in an in the attempt to broaden the market for acceptances has announced this week the establishment of special rediscount rate for bankers’ acceptances. Matu¬ rities up to 15 days will be rediscounted at 4%, those of 16 to 60 days inclusive at 4 34% and those from 61 to 90 days inclusive at 434% • The official departure explained that “the establishment of special rates for the rediscount of bankers’ acceptances, as distinguished from other forms of eligible commercial paper, under Section 13 of the Act, supplementing the open market transactions of the bank in bankers’ accept¬ ances, will provide another useful element toward the broader development and stabilization of the statement open announcing the new market in bankers’ acceptance.” the Federal Reserve Bank of New Heretofore York has been large buyer of acceptances but has, a rule, limited purchases to acceptances endorsed by a bank. Local banks in their rediscount operations have in the past been relying chiefly upon paper secured by United States obligations. Last Saturday the Fed¬ eral Reserve Bank’s total of rediscounts and advances a its following: DISCOUNT RATES OF FEDERAL RE8ERVE BANK8. * CLASSES OF YNeorwk. Philadep . Clevand. Richmond. Chicago. Louis. e DISCOUNTS AND LOANS 3 Bost n. e ■a * Discounts— Within 15 days. tncl. member 4 4 4 banks’ collateral notes 4M 4 4 16 to 60 days’ maturity 44 4 4 4 4 4 4 5 61 to 90 days’ maturity 44 4% 44 44 6 Agricultural paper over and live-stock 5 90 days 5 5 St. Mineapols. Franciso. 8 8 8 a k 8 * Q San 4 44 44 4 44 4 44 4 4 44 44 54 44 5 5 4 4 44 44 5 54 5 4 5 4 54 5 54 54 54 54 64 54 Secured by U. 8. certificates of Indebtedness or Lib¬ erty Loan bonds— Within 15 days, Including member banks’ collat¬ eral notes 16 to 90 days’ maturity Trade Acceptances— 1 to 60 days' maturity 61 to 90 days’ maturity 4 4 4 4 4 4 44 4 4 44 4 44 44 44 44 44 4 4 44 44 44 44 44 44 4 44 44 4* 44 4i26 44 44 44 44 44 44 44a 44 44 44 4* 4H 44 4 4 44 44 44 44 44 * Rate of 3 to 4*4% for 1-day discounts In connection with tbe loan operations of the Government. On Oct. 1 the following special rediscount rates for bankers’ acceptances were established: Maturities up to 18 days, 4%; 16 to 60 days, 44%; 61 to 90 days, 44%. a 15 days and under 44%. b Rate for trade acceptances maturing within 15 days 44%. Note 1. Acceptances purchased in open market, minimum rate 4%. Note 2. Rates for commodity paper have been merged with those for commercial paper of corresponding maturities. Note 3. In case the 60-day trade acceptance rate Is higher than the 15-day dis¬ count rate, trade acceptances maturing within 15 days will be taken at the lower rate. Note 4. Whenever application Is made by member banks for renewal of 15-day paper, the Federal Reserve paper of the same class. banks may charge a rate not exceeding that for OO-day Oct. 5 1918.] THE CHRONICLE 1315 Sterling exchange presents no new feature of Christiania remittances being quoted at recessions interest, its stabilized character preventing any of from 50 to 90 points. Dutch guilders were weak, formal response to the improved situation. The Saturday, as compared with Friday of last week, was steady with demand still at 4 7545@ 4 75 7-16, cable transfers at 4 76%@4 76 9-16 and sixty days at 4 73@4 73%. On Monday, notwith¬ standing the announcement of the collapse of Bul¬ garia and the subsequent violent fluctuations in neutral exchanges, the situation remained steady tone war on and without essential change; the range w^s again 7545@4 75 7-16 for demand, 4 76%@4 7Bk9-16 for cable transfers and 4 73@4 73% for sixty days; trading was dull. There was no increase in activi on Tuesday and rates, though firm, continued with¬ out variation from the levels of the previous day. Wednesday’s dealings were again restricted in vol¬ ume; changes in rates were trivial; demand bills advanced fractionally to 4 75 7-16, presumably on a better demand; cable transfers, however, were a shade easier, at 4 76%; sixty days was pegged at 4 73@4 73%. Dulness featured trading on Thurs¬ day, though the undertone was a trifle firmer, with cable transfers higher at 4 76%@4 76 9-16; demand ruled at 4 75 7-16 and sixty days at 4 73@4 73%. On Friday the market was firm but quiet and un¬ changed. Closing quotations were 4 73 @4 73 % for sixty days, 4 75 7-16@4 7534 for demand and 4 76%@4 76 9-16 for cable transfers. Commer¬ cial sight bills finished at 4 75%@4 75%, sixty days at 4 72@4 72%, ninety days at 4 7034® 4 70%, documents for payment (sixty days) 4 71% @4 71^4 and seven-day grain bills at 4 74J4@4 74%. Cotton and grain for payment closed at 4 75%@ 4 7524No engagements of gold for either import or export were reported. Movements in the Continental exchanges, so far as the belligerent nations are concerned, were rela¬ tively unimportant. Although fairly substantial ad¬ vances were recorded in French exchange and the general undertone was firm, the narrowness of trad¬ ing operations, as well as-the restrictions imposed by Governmental control, militated against wide¬ spread fluctuations in actual rates. Exchange on 4 but declines here other neutrals. less spectacular than in the Spanish pesetas shared in the general weakness and also established a new low record, representing a drop of 155 points fo/ the week. As a matter of fact, it may be said that were complete demoralization prevailed. These move¬ ments, which are looked upon as highly significant in international banking circles, were taken to indi¬ cate th&t the discount on neutral countries is the American dollar in finally disappearing. A cable dispatch from Amsterdam under date of Oct. 2, states that all foreign currency rates at that centre haver again moved up rapidly. The pound sterling made a record jump for one day, while the dollar advanced from 2.12 to 2.20. Bankers’ sight on Amsterdam was finished at 46 against 47%; cables at 4634, against 48%; com¬ mercial sight at 45 15-16, against 47 11-16, and com¬ mercial sixty days at 45 9-16, against 47 5-16 last week. Swiss exchange closed at 4 66 for bankers’ sight bills and 4 64 for cables. This compares with 4 4334 and 4 4134 the week preceding. Copen¬ hagen checks finished at 28.80 and cables at 29.10, against 29.80 and 30.10. Checks on Sweden closed at 31.70 and cables at 32.00, against 33.30 and 33.60, while checks on Norway finished at 29.00, against 30.70 on Friday of a week ago. Spanish pesetas closed at 21.20 for checks and 21.40 for cables. Last week the close was 22.75 and 22.95, respectively. As to South American quotations, the rate for checks on Argentina declined to 44.60 and for cables to 44.75, comparing with 44.85 and 45.00. For Brazil the check rate was advanced to 23.85 and for cables to 24.00, against 22.85 and 23.00 last week. The Chilian rate has not been changed from 15 13-32, while Peru remains at 57. Far Eastern rates are as follows: Hong Kong, 85%@85%, against 88.85@89; Shanghai, 130@ 130%, against 134%@135; Yokohama, 54%@54% (unchanged); Manila, 50@50% (unchanged); Sin¬ gapore, 56@56% (unchanged); Bombay, 36%@37 (unchanged), and Calcutta (cables), 35.73 (un¬ changed) . The New York Clearing House banks, in their oper¬ ations with interior banking institutions, have gained $2,800,000 net in cash as a result of the currency 4for the week ending Oct. 4. Their re¬ ceipts from the interior have aggregated $8,267,000, Rome continued at the official rates fixed some time while the shipments have reached $5,467,000. Add¬ ago. Francs, as just noted, were strong, moving ing the Sub-Treasury and Federal Reserve operations, up to 5 46 for cables, a rise of 134 points for the which together occasioned a loss of $90,831,000, the week, though reacting slightly before the close. combined result of the flow of money into and out As to Russian rubles, the quotation is still of the New York banks for the week appears to have pegged at previous levels, with no transactions been a loss of $88,031,000, as follows: recorded. The official London check rate on Paris finished at 26.07, the same as a week ago. In New York sight bills on the French centre closed at 547%, movement Week e idi xg Oct. 4. Banks’ interior movement. Sub-Treasury and Federal Reserve operations Into Banks. 1 Out of Banks. Net Change in Ba Jc Holdings. J8.267.000 $5,467,000 Gain 39,462,000 130,293,000 Loss $2,800,000 90,831,000 against 5 4834; cables at 546%, against 547%; com¬ Total S47.729.00Q $135,760.000 Loss $88.031,000 mercial sight at 5 48%, against 5 48%, and com¬ The following table indicates the amount of bullion mercial sixty days at 5 5334> against 5 53% a week in the principal European banks: ago. L’re finished at 6 37 for bankers’ Sight bills October 3 1918. October 4 1917. and 6 35 for cables. Rubles continue to be quoted Banks of, at 14 for checks and 15 for cables. has not been Greek changed from 5 13% for checks and 5 1234 for cables. In the neutral exchanges the news of Bulgaria’s downfall was followed by sharp breaks in rates at practically all of the neutral centres. Swiss francs, which were the weakest feature of the week, broke repeatedly until 4 72 was reached, a total depreci¬ ation since the close of last week of 30 approximately centimes, though a sharp reaction occurred yesterday. All of the Scandinavian exchanges suffered severe declines, Stockholm, Copenhagen and v Gold. exchange £ Silver. Total. Gold. £ £ 72 157,675 72 157,675' 55 727,381 Francea.. 136 060,820 12,792 000 148 852,820131 364,760 117 415,550 Germany 5,907 ,950123 323,500120 200,250 Russia *.. 129 650,000 12,375 ,000142 025,000129 520,000 Aus-Hun c 11 008,000 2,289 ,000 13 297,000 12 978,000 87 805,000 26,088 ,000113 893,000 Spain 422,000 32 728,000! Italy 3,088 ,000 35 816,000 440,000 Netherl’ds 59 129,000 600 ,000 59 ,729,000 398,000 Nat. Bel .h 15 ,380,000 600 ,000 15 ,980,000 ,380,000 Swltz’land 15 ,307,000 .681.000 ,.--1 15 ,307,000 Sweden... 14 ,574,000 ..—I 14 ,574,000 .360,000 Denmark 10 ,366,000 131 ,000 10 ,497,000 ,794,000 6 ,751,000 Norway .—I 6 142,000 England.. - . - . Tot.week. 708,332,045 Prev. week 707,470.SOO ,761,000| Silver. I Total. £ 55 727,381 10:360 ,000141 724,760 5,087 ,800125 288,050 12,370 ,000141 890,000 2,870 ,000 15 848,000 29,367 ,000 105 789,000 2,587 ,000 41 027,000 609 ,200 57 007,200 600 ,000; 15 .980,000 13 681,000 11 ,360,000 157 .000, 10 .951,000 7 .142,000 .... .... .... 63,870,950772,202,995679,407,391 64.008,000743.415,391 6T7<VM>50 771 .047.750677 705 o>2 64,'<.50.650742. 155.872 Gold holalngs of the oank ol j?rance tins year are exclusive of £sl,484,340 held abroad. * No figures reported since October 29 1917. c Figures for 1918 those given by "British Board of Trade Journal" for Dec. 7 1917; figures for 1917 estimated on the basis of the Dec. 7 1917 totals, h August 6 1914 In both years. a > OF BULGARIA. natural sequel to the astounding sideration. The case of Turkey in relation to Allies was not the same as that of Bulgaria; THE SURRENDER It was ,Vol. 107. THE CHRONICLE 1316 a and of Bulgaria’s surrender, that the world’s attention should for the moment have been diverted even from the military campaign to the far-reaching political results which the news from Sofia might be supposed to foreshadow. The first unexpected news the for Bulgaria’s own territorial possessions will un¬ doubtedly be recognized by the Allies, whereas the dismemberment of Turkey is one purpose of the war on which all the Allies have agreed. Nevertheless, Turkey is left, virtually defenseless by the surrender of Bulgaria, and now has to consider not only the request for an armistice had left the character of the Bulgarian move still in some doubt; this was all removed, however, by the present week’s complete and unconditional yielding of the Bulgarian Govern¬ ment to the conditions laid down by the Allies. Those conditions included not only evacuation by Bulgaria of all Serbian and Greek territory occupied by her, but also the demobilization of her army, the surrender to the Allies of all her facilities for preservation of what may be preserved but the deal¬ ing with its own discontented people. If Turkey were to give up, and indeed whether she were to do so or not, the question of the attitude of the two Central Empires, and of Germany in particu¬ lar, becomes a question of immediate and of the very highest importance. This week’s resignation of the Imperial German Ministry was a foregone conclu¬ sion; so was the Kaiser’s public recognition of the the Danube, the delivery to the Allied armies of all Bulgarian arms and ammunition and of important strategic points, and the granting of free passage through Bulgarian territory for military operations by the Allies. Such terms would, perhaps, be regarded as ab¬ normally severe, if they had been proposed as part as an actual treaty of peace. But the condition created by the granting of an armistice to Bulgaria was very different from a treaty. At Paris it was officially stated, this week, that “no diplomatic negotiation is actually in progress with Bulgaria, and consequently no political conditions have been fact that he himself must now navigation on laid down for her.” This is not the situation which existed in connec¬ of peace between Germany Rumania, last May. That agreement was designed for a final political settlement. It provided for cession to Bulgaria of all territory acquired by Rumania after the second Balkan war in 1913; for large grants to the Central Powers of Rumanian territory along the Danube, with radical changes in Rumania’s northern frontier; for very extensive concessions to the Teutonic Powers of trade privileges and use of Rumania’s natural resources, and for maintenance of a Teutonic army of occupation at Rumania’s expense, until all the terms of the agree¬ ment should have been fulfilled. Not one of these subjects was touched in this week’s agreement with Bulgaria, which in fact is purely military, representing only the conditions on which General d’Esperey’s army was allowed to suspend its military campaign against the Bulgarian troops and its operations against the Bulgarian cities. Even so, however, the military surrender is the most complete since Napoleon’s overthrow of Prussia in 1808 and of Austria in 1809. It not only causes what amounts to the physical separation of Turkey from the Central Powers, but it gives the Allied armies immediate access on a wide front to Serbia, and thereby open, full opportunity for an attack on Austria in the flanks It would easily render impossible continued German occupation of Rumania. It was not the question of Bulgaria or Serbia, however, or even the question of the conditions under which the military campaign in the East may henceforth be conducted, which made the foremost appeal to public interest in the news from Bulgaria. Consideration of the political consequences of this enforced withdrawal by Bulgaria from the Teutonic Alliance opened up such possibilities of immediate tion with the treaty and make the broadest concessions to Constitutional Government in Ger¬ many. All the news from the Western front has progressive collapse of the German resist¬ ance, under an attack by the Allied armies on the most extensive front of any campaign in this or any other war. The forced retirement of Ludendorff’s army from Belgium and Northern France has begun to come very definitely in sight. Evidence of panic among part of the German people and of insubordi¬ nation among others, multiply sufficiently to fore¬ shadow a very different situation from any that has heretofore existed. The whole question of the Kaiser’s own position, as a result of a peace settle¬ ment and of subsequent events, was at stake. How and in what way Germany would appeal for peace, was the necessary and immediate question asked in every direction. It was at once assumed that recourse to a Parliamentary Government would be taken, largely on the belief that only in that way could negotiation with the enemy be possible; and steps are already under way at Berlin with such a purpose. Yet even a representative German Gov¬ ernment would have to fulfill certain stipulations. President Wilson’s speech on Friday of last week, ostensibly for the Liberty Loan campaign, was in reality devoted to that question. One sentence of the speech summecLup the actual situation in words which concisely define the issue: indicated 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 Brest-Litovsk and Bucharest. They have convinced us that they are without honor and do not intend justice. They observe no cov¬ enants, accept no principle but force and their own “We are all interest. • “We cannot ‘come to terms’ with them. have made it impossible. The German people They must — by this time be fully 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.” To this plain intimation Mr. Wilson added his positive view that a League of Nations must be “the most essential part of the peace settlement itself;” because, if formed before that settlement, it could be only a league against the common enemy, and because it could hardly be successfully inaug¬ urated after peace terms had been agreed on, when and epoch-making developments in the larger political guarantees would have to be left “to the voluntary situation as to supersede almost every other con¬ action of the Governments we have seen destroy Oct. 5 1918 ] L, a ; THE CHRONICLE Russia and deceive Rumania.” That the peace must be on a basis of “no special or separate interest of any single nation or any group of nations,” that there can be “no special covenants and understand¬ ings” within the League, and that there must be “no discrimination between those to whom we wish to be just and to those to whom we do not wish to be just,” was the further outline of the American conception of peace. Mr. Balfour, overture in 1317 spirit, and at least give a quite apart from any definite proposition and before there is the slightest suggestion of any change of purpose or method on the part of the leaders of the attack, with whom is a generous reasoned answer?” and all this main business. The country has given its answer and the President has spoken with unmistakable emphasis, but it should our commenting be understood that these propositions are simply feelers. Bulgaria’s fall does not change them. They there can are the counterpart of explorative attacks on the many finds herself in a position where all her dreams battle front. The other Allies, either collectively or of world-domination are torn to pieces before her eyes separately, can hardly be expected to be such easy^ and she is left powerful, indeed, as she will be left game as were the Russians. The comedy of Brestpowerful doubtless, prosperous doubtless, and Litovsk, such a dreadful tragedy as it has proved for wealthy, but no longer a tyrant who can use the Russia, cannot be repeated. But all the same, it nations which she is in a position to influence to serve shows the original game, and it would be the height her own dreams of world empire.” of folly to make light of it. Now that America has In this view of the necessary conditions of peace put her strength into the war, and shown her spirit, with Germany, much is implied which is not yet and won her spurs, to which Bulgaria is the indirect expressed in terms. Reparation and restitution response, nothing would be easier than to move her must have a hearing as well as repentance and new through her generosity. She has largeness of soul. purposes for the future. Of all this we shall hear What would be nobler than for her to prove her dis¬ in London Mr. Wilson’s speech, has added that be no such League of Peace “until Ger^ on when the moment arrives to discuss terms with interestedness, and, if will, her truly^Christian spirit, by meeting the first real overtures of a Kaiser’s peace, when they come, with consideratejresponse? THE DAY OF THE (iPEACE OFFENSIVE.” That will be the crucial hour; and there will lie the We have cared little about a “peace offensive,” our supreme peril. It can only be met by keeping firmly attention has been so absorbed since the war opened in mind the real issue over which we are fighting and with the military attack. We had early intimations of the character of the enemy. * an extensive and meti^iftous system of espionage and Germany has entered the war for the sole purpose unscrupulous influence by which Germany had pre¬ of gaining a dominion which she believes can be won pared to open the way for her aggression, but her and held by force. The gauntlet she has thrown down to the civilized world is the right of a army and her submarines were the world’s concern. great But as time went on, disclosure after disclosure State “to do what she wills.” The claim is an amazing came of the persistent plotting everywhere. Greece, one in this twentieth century. Unfortunately, it is Bulgaria, Argentina, even Mexico and many oc¬ the bold reaffirmation of a right belonging to days of currences in our own land, gave evidence of a powerful barbarism, which has come only slowly to be disal¬ In reasserting it Germany has agency at work that did not depend upon the force lowed. only^justified of arms. Then came the Russian debacle. When what Goethe said of her long ago: “We Germans are three years and a half of war had passed and we were of yesterday. No doubt in the last hundred years we have and were been actually in it beginning to feel its pressure, cultivating ourselves quite diligently; and anxiety was growing with the increasing number but it may take a few centuries yet before our of our boys going to the front, we called attention in countrymen have absorbed sufficient intellect* and an editorial in our issue for Feb. 9th last to the ganger higher culture for it to be said of them that it is a which in such circumstances would he in overtures of long time since they were barbarians.” The world peace if they should come to us in the form(of a sud¬ did not know them so well as their own great poet den change of attitude in any one of the hostile States did; therefore the world cannot get over its amaze¬ offering what would appear liberal concessions in her ment when it sees them introducing into warfare an claims, especially if these covered the surrender of appalling barbarism, casting aside every pretense of territory, say Alsace-Lorraine or Belgium, possibly an ethical, not to say Christian, morality, showing a coupled with some financial compensation. The studied contempt for treaties and practicing “a de¬ hour might easily come when any such concession liberate and obscene terrorism in her dealing with would be a small price to pay for a peace that would the small and weak.” leave the enemy in possession of the chief objects for The war is the clash of two antagonistic ethical which he had declared war. codes. It is a contest as old as human history, the To-day, with the surrender of Bulgaria, that prob¬ struggle of brute force with moral right, a contest in ability has greatly increased and the danger become which there can be no compromise. As the victory the more real. Austria’s proposal of a friendly con¬ has for the hour gone one way or the other, man has ference, with Germany’s approval, as is now known, moved upward with civilization or has fallen back had closer relation to the peace offensive than it into barbarism. What of permanent progress has did to the military situation. Its effect upon the been gained has ever been at the price of struggle armies of the Allies in the field is negligible, as was and costly sacrifice. The issue has always to be de¬ well known that it would be; it was intended for moral cided by those who are involved. The gain cannot effect in every Allied country. Such moves are the be imposed from without. The bottom truth is that equivalent of fresh “munitions,” “gas,” and the like, we are not fighting to deliver the Germans from for use by the propagandists and half-converted themselves; that they alone can do; we are fighting to deliver ourselves from the Germans, as happily pacifists. At once discussion was started on “Ought we to also the larger part of the world is doing on its own forgive Germany?” and “Should we not meet the behalf. Germany. you „ . . THE CHRONICLE 1318 [Vol. 107. primarily concerned with their ac¬ our soldiers are offering their lives. What they fear cepted rulers, or the form of government under which most of all is an inconclusive peace, and the Bulgarian they live. However it has come to pass, the fact is surrender brings the danger near. that there is no evidence that there exists in Germany PARTISAN CONSIDERATIONS AND THE any large body of people who desire to free them¬ COMING ELECTIONS. selves from the government of a military autocracy, Four weeks from next Tuesday will be our annual or that does not accept their views of governing and election day, at which,, along with State officers in morality. Our controversy is with their principles, many States, about a third of the Senate and all of so far as those principles are accepted by, and govern the conduct of the nation. For at least two genera¬ the House will be chosen, constituting the 66th tions the whole people has been taught thoroughly Congress. The still-pending revenue bill is not ex¬ the holiness .of war and the righteousness of brute pected to reach completion in less than a month force when it is judged desirable. The war is a more, as the Senate has not yet taken it up in a mortal combat between those ideals and the ideals, determined manner. The loan campaign will be imperfect as they may be, yet absolutely distinct, of finished within the month and will undoubtedly be the Allied nations. Only by the overwhelming de¬ successful, although nobody can do more than guess feat of the German armies can the foundations of the how far the revenue bill, when finished and taking hold, will affect his ability to pay taxes and also German doctrine be destroyed. loan money. It has been unobtrusively said that The disclosures that are coming out from day to day establish the conviction that there can he no probably the electioneering would be tacitly allowed arrangement, no agreement, no parley with/ the to wait until the loan was out of the way, and powers that rule in Berlin. They have committed might, therefore, be compressed into some three themselves to a policy under which any conduct, weeks; perhaps this was an over-statement, for with however false, however brutal, however arrogant, all the excitement of war news and loan news com¬ however defiant of God or man, that they may think bined the elections campaign may be nomrhal, or will promote their own end, is justified. The mere be reduced to a “whirlwind” of not many days. Yet, however the country may ‘Igex’ as indicated power to do a thing is for them its sufficient warrant, and the failure to use that power is to them a mark by the party complexion of the State tickets successof stupidity and cowardice. Their allies have to ful, and however any reader may rate the national break absolutely with them before even they can be importance of haying that part of the result agree with his own party preferences, the Congressional trusted. In the autumn of 1916 President Wilson declared part is of very high importance, and ought not to be that “the people of the United States want to be sure treated perfunctorily or passed over indifferently. what they are fighting about, and they want to be The Congress to be made up by the vote on the 5th will assemble in December of next year, unless sum¬ sure that they are fighting for the things that will bring the world justice and peace.” When a few moned sooner, and we may hope that it will find the months later he summoned the country to war after-war arrangements and readjustments awaiting against Germany he knew that we understood the it. This work will demand statesmanship, and of issue. Thr' experiences of the months that have the kind that neither thinks' nor cares about the followed leave no doubt of the correctness of the con¬ political future of any man or any party; it will need viction. It is the basis of his address in the Metro¬ wisdom, some sagacity of foresight, a firmness in politan Opera House. We know that we are warring standing for justice, a large modicum of common against Germany’s attack upon the liberties of the sense, a controlling conviction of public duty, and world, and that, cost what it may, the war will be an imperturbable coolness of judgment—it will need won. There can be no compromise and there should large, full-grown men. The number of such in the present Congress is de¬ be no misunderstanding. When the enemy finds that he is doomed to defeat in the field, he must meet plorably small. By the test of its action, and even as effective an estopal in the, realm of intrigue. by the shameless admissions of some of its members, It has initiated Pacifism has no place in this contest. As Lord this is a “rubber-stamp” Congress. Macaulay said long ago, “When an extreme case calls little, and in only a very few instances has failed to do for the remedy of war, which is in its very nature as it was bidden; more than one member has declared most violent, and which in such cases is a remedy that a pending proposition was contrary to his judg¬ only because it is violent, it is idle to think of miti¬ ment and he felt anxiety about its results, and then gating or diluting; to act on any other principle is has stultified himself by voting for it. Never has a not to save life and money, but to squander them.” Congress obeyed so iqrplicitly the Executive man¬ If we would save ourselves from the shame which has date, and <never has an Executive pressed so per¬ fallen upon Russia and those who hailed the Bolshe- sistently in the few instances of holding back. In the remarkable of instances, occurring most those viki as leaders for the new day, we must be on our guard against what Virgil called “the Greeks bringing this present week and distinctive in that several of gifts.” The terms which the enemy has intimated the President’s most faithful adherents held out are sure to be renewed, and will be dangerous as the against him, one Senator remarked, apparently with increasing need leads to an increased offering. It a tired indifference, that the Senate has yielded to Exactly; and may suddenly appear to be “very near our price.’’ him before and why not do so now? that was an excellent for reason not doing so, other Pacifism is silenced, but the whisperer is still considerations being equal, for custom hardens into with us. The insistent duty is not “kill or cure”; it is “kil habit and habit becomes control. It is the Execu¬ to cureAnd because the disease is so deep-seated tive’s constitutional duty to “recommend,” but not the cure is difficult. The need of the hour is steadi¬ to entreat and overrule; the constitutionally arranged ness and clear vision. Truth will prevail because it balance is rather in the other direction. The coun¬ insists on justice and enforces judgment. For that try, absorbed in the sight and the stress of the war, We are not Oct. 5 1918.] THE CHRONICLE and necessarily deeming that the immediate and paramount business, has gradually become wonted to this one-sidedness of the Government; but it would hardly be an over-statement to say that in the ordi¬ and intended sense we have not and would it be too much to add that should have one ? nary The present a Congress, we need and Congress, according to the present outlook, is to deal with the remainder of the war, and the next Congress will have before it the pro)>lems immediately following. Ought bear Congress to part, any considerable and controlling pitrt, in handling those problems? Making treaties the part of the Executive, “by and with the consent of the Senate;” those problems will involve more than and reach beyond usual treaty-making. If there is a conceived to exist any room for doubt that Con¬ ought in duty, and for the safety of the country should, bear a part in this work before us, then let us be frank enough and fearless enough to raise and ponder the question whether Congress might not better be abolished, as an expensive and obstructive gress excrescence. The “Chronicle” has ventured to say that in its judgment the welfare of the country and the world will be best furthered by having what is called yet is not in any narrow or factious sense an “Opposition” majority in the next Congress. All of us have some party predilection, and with many this becomes a controlling habit which does not so much as pause to reason why. Yet why? A party cannot be anything more than a convenient and necessary instrument for standing together to carry out cer¬ tain policies; a party is a means, not an end. So is a saw or a hammer, and a good workman, a proverb says, never quarrels with his tools, properly meaning that he has no occasion to, because he takes care to keep them in efficiency; yet a carpenter does not honor his hammer, make his obeisance to it, follow its directions. Why then should a rational Ameri¬ can, male or female, wait only to learn what selec¬ tions are made for office by a gathering of persons called “the party” (boss-directed, despite the device of the primary) and then vote the ticket with the independence and intelligence which a trained dog might use? In his last words to the people, 122 years ago, Washington warned against “the baneful effects of the spirit of party generally,” and why will anybody persist in giving up to party what belongs to the country and to mankind? Why, in the name of genuine reason, should any President be deemed (much more, confess himself) “the leader of his party?” No policy at present; no difference except that set in and want to stay in,and another are get in. Yet this is not quite a fair and full characterization, for the Republicans in Congress seem on the whole rather the more dis¬ posed to what conservatism remains, or (if that be too strong a statement) rather less enthusiastic and ready to rush towards action which tends towards permanent changes in our Governmental structure. Many of us have had occasion to know what a muddle the existing revenue law is and the coming one threatens to be; and many will cordially agree with the very outspoken “Sun” that the head of the House Ways and Means Committee is utterly incompetent for that position; the way to be rid of him in that place (although of course not immedi¬ ately), continues the “Sun,” is to elect a Repub¬ one are out and want to 1319 lican House. Let it stand so; we state the suggestion without enlarging upon it.. “After the States have been robbed of their right to pass upon the question (said Senator Borah of Idaho in a recent letter) there is no longer any State, it is then simply a geographical expression; and you cannot have a big Federal Union without great and powerful commonwealths upon which the Union may rest.” Clearly this seems uncontrovertible, for franchise lies at the very bottom, and unless a State can determine the conditions of this fundamental thing within its own lines, has it any lines, and does it exist? Yet, putting by for the moment this particu¬ lar touchstone suggested by Senator Borah, the trend and progress of abandonment and loss of State independence and State sovereignty (once deemed worth standing for firmly) have gone on, insidiously, until the whole is in question. The ancient “Democracy” has become Federalistic to the extreme. Cast names by as mere tags; it should be plain that we have before us, and not very far distant, problems which reach to the roots of our of franchise Governmental structure and national welfare. We need to make ready for them, and as for the war the country is at one and a party name is no test of loyalty. The “Chronicle’s” belief is that to choose what is called an “Opposition” Congress will not be or be taken to be any retreat from earnest support of the Government in carrying on the war to its end; but that (as things unhappily are) a change in the “party” complexion will make for increased inde¬ pendence and ability in treatment of after-war prob¬ lems; furthermore, that this will really aid and not obstruct the President, by holding up his hands and clarifying his judgment, however disappointing it may be to his personal feelings. The ship of state is not on the even keel planned by the founders; it. need^'^Trhmning,” and the pilot can steer it all the b/tter if it bhTrimmed, although he may not be able, j^st now to realize that. RESTRICTING TRADE In this time which we BY REGULATING IT.. have reached, trade and production are restrained, restricted, impelled (ac¬ cording to intent, at least) in this direction and turned back from that. Once, we had compara¬ tively a minimum of interference by government; at least, there was a tacit admission (for perhaps the extremists did not then speak out their views frankly) that a minimum of this interference Was always to be sought. But, now it would seem that the maxi¬ mum has been reached; at least, one would like to believe that, without feeling certain of it, because each new step, added to the previous steps, is a constant invitation to further movement in the same direction, and a more serious trouble is that it is almost impossible to pick out any one of our novel business conditions and determine exactly what is its hindering or possibly helping effect. Yet it will not harm us—and the day is coming when we shall be compelled to sit down and make a calm study of our operative conditions—to note briefly what was the original intent of what we call “regulation.” Just about seven years ago, while nobody outside of the few who were preparing for it so much as dreamed of any considerable war, Mr. George F. Edmunds, the venerable ex-Senator from Vermont, contributed to the “North American Review” an „ THE CHRONICLE 1320 [Vol. 107. The Clayton law particularly, the Federal Trade article on the origin and purpose of the Sherman or Anti-Trust Act of 1890, a document of which Mr. Commission law, and some others, either profess Edmunds was mainly the author. The originaL^o be amplifications %nd means of enforcement of the Sherman Act or, at least, to be based upon the thought and aim of the founders, in writing the “commerce’1' clause of the Constitution, was to limit authority granted by the commerce clause. The most elastic definition of “regulate” does not cover powers of the States rather than to enlarge powers of the United States. Several years after the docu¬ suppressing; but this is evaded by the claim that to ment was submitted to the colonies, a batch of squeeze out some trade correspondingly promotes amendments was framed, apparently relating to some other trade, just as damming a river does not topics before overlooked or shown by a very brief suppress it but only makes it change its line of flow. time of national existence to need some modifica¬ Production of material, changing or combining material into other forms, trading or exchanges, and tion; but the commerce clause was-4iet\an after¬ thought. It was negative in intent, not positive. transportation—these are parts of one great con¬ The situation of the colonies and the papers in the tinuing process, and it matters little at what stage “Federalist” show that the intent was to prevent the interference is applied; say (which is a most setting up vexatious barriers against trade when plausible and therefore very tempting claim) that seeking to cross State boundary lines; that was all. transportation is a part of the “commerce” that Mr. Edmunds confirms this by saying that “com¬ may constitutionally be “regulated” and apply the mercial war already existed between several of the tourniquet to that, and the changing and deform¬ States and the great fundamental design ing result is attained. The process in the last dozen or more years is so and principle was to make the trade of the people of each State with people of every other State free fresh in mind and still so very much with us that to and equal, as much so as if, for these purposes, the recount any of its steps would harrow up one’s feelings rather than serve any useful purpose. But whole United States were a single sovereignty.” After all discussion in committee and in open ses¬ if some reformer in Congress should introduce a bill sion of the Senate of the 1890 measure, said Mr. Ed¬ to exclude from inter-State transportation all pro¬ ducts of any xState where any restriction upon munds, it was agreed that “the safest and surest way suffrage exists on account of sex, this might seem was to denounce disturbance of it [commerce] in the most extraordinary, yet it would have a pretty close simplest and all-embracing terms, without qualifica¬ . . . The Act is brief, and its lan¬ parallel in the attempt to suppress child labor in the States by putting up a barrier against moving its guage is necessarily general, from which unavoidable necessity has grown the facility with which it could product. This is a giant country, unmatched in .natural and apparently be stretched to cover anything and every¬ thing. The Senate Judiciary Committee, said Mr. geographical advantages, the most powerful poten¬ Edmunds, agreed, after long consideration, “that it tially, if not already, among all nations on the globe; we are now just about to get into our national was quite impracticable to include by specific de¬ stride. This (or something resembling it) we are scriptions all the acts which would come within the of thinking about ourselves, and we more meaning and purposes of the words Restrain’ and rather fond ‘commerce’ or ‘trust,’ or the words ‘restrain or monop¬ or less utter it.. Not worth while to analyze it, to olize,’ by precise and all-inclusive definitions; and justify it, or to criticise it, at present; we are engaged that these were truly matters for judicial con¬ in a task for titans, and this is no time for selfpraise or even for self-laudatory forecasts. But all sideration.” the stories of giants make them somewhat stupid as Certainly; this is reasonable. But restraint of as trading is not necessarily restraint of trade, and that well strong. If our muscles and sinews are mighty, this is no mere quibble upon words Mr. Edmunds they would gain by being less restrained, would sought to show by supposing that two persons are they not? And is it not timely, even now, to ask ourselves whether we have not been putting too many operating gristmills in a community where the grain supply allows them to run only half-time, so that withes upon ourselves under the deceptive pretense they must charge excessive prices, or pay very low of co-ordinating our own movements? Some day— and the day may come soon—we shall need all our wages, or fail; so they agree that one mill shall grind the grist and the other shall turn to sawing strength, all our national resource and sense, and lumber. Here the “restraint” is for both private why not now begin to consider whether we have not been getting in our own way? and public advantage. * In 1890, said Mr. Edmunds, the Senate Com¬ THE FIRST WEEK OF THE LOAN CAMPAIGN. mittee “believed the well-known principles guiding One week of the campaign for the Fourth War the courts in the application and construction of statutes would lead them to give the words of the Loan has passed, and the canvass is now in full Act a beneficial and remedial meaning, rather than swing. For ourselves, it pleases us to dwell upon the inspiring spectacle of millions of our citizens devot¬ an injurious and technical one, hurtful to any honest tion or exception.” the beneficent ing themselves to a common cause with energy, spirit and policy of the whole Act.” And as re¬ zeal and unity, actuated by an exalted love of coun¬ cently as seven years ago, he was ready to dismiss try. For, after all, the imperative need of fighting a war to victory is a less noble motive than unselfish any fear that some literal interpretation of the words “restraint of trade” might lead to the sacrifice of devotion to our Republic because it is engaged in a some just and wholesome business arrangements, great work for the establishment of “liberty under “for if the principle and purpose of the Constitu¬ law” and the consequent good of the world. This is tion and Act have any foundation at all there can not chauvinism, but a pure and refined patriotism. be no such restraint, because such conduct is not We have erected a Government by consent, we have restraining but is promotive of and beneficial to the delegated to it certain powers; acting within its trade as well as out of harmony with public interest.” prerogatives it makes certain heavy demands upon us Oct. 5> —and 1918.] p THE CHRONICLE respond to the best of our ability, and often personal sacrifice. And we do this as a people^ eagerly, generously, steadfastly. Some may work harder than others; but no one bearing the name of “citizen” opposes the fruition of the plan. If we can carry this spirit over itatio the times of peace that are to come, how calmly we may contemplate the problems of “reconstruction.” We do not minimize the appeal that lies in show¬ ing the selfishness and malignity of a militarism fos¬ tered by an autocracy which is making its last des¬ perate effort in a world that loves liberty. The shadow of that picture, like a huge moving cloud shot with terrible lightnings, is before our eyes all the time. It is enough to impel us to do all that is asked. Butwhen that autocracy is overcome, we will need, for the era of “upward and onward” all the personal dedication to the nation and its welfare that we now evince in universally subscribing to this loan. And how beautiful it is that we dwell together in the harmony of brotherly love. What we do in this financial venture is for the Republic of the free, and for ourselves, for we, the people, are the Govern¬ ment and the nation. We sacrifice our own private opinions, if in any degree they ever were at variance, to the common cause, to the prevailing opinion. It is a noble and elevating vision we have of ourselves, moving together as a single unit, to respond to the at we a demands of our own Government because it is our very own. And if any coming generation shall ask why we placed a portion of these huge debts upon it—the answer will be found in the universality of subscrip¬ tions and the merging strength of a free people. We may, then; dwell upon this motive and fact, aside from the other consideration of providing the sinews of war. Doing this, we cannot doubt the time will cone when, in the public estimation, a citizen will be tried by this test of his citizenship—and that a failure now to help his fellows “carry on” the Gov¬ ernment, as well as the war, will be met by the “cold aversion of averted eyes,” the just condemnation of the free and true. If we need a picture to convince us, we have only to imagine the home-coming of a victorious army, and the sense of remorse which will come to him who knows he has done nothing to tie him to his fellow-citizens, has contributed nothing to a common cause. The acclaims of the multitude, as men look upon the glad faces of war-worn troops, back from danger and death • with peace in their grasp, will fall like a secret doom upon him who knows that little, how little it really is to buy a bond, was asked by his fellows and that little left undone. The prosecution of the war our Government has willed, that is enough—but more, far more, it is to respond to that rallying cry which resounds in every hamlet, the cry of those whose devotion to country and Government protects us, who if we do not do our part, do not join the host who buy and work, will fail in a simple duty. We may carry our exposition a little further. A corporation is an “artificial person” with, as we say, perpetual life and limited liability. It, too, has a form of citizenship and a corresponding duty. The duty of corporations to subscribe may be stressed for the very reasons we have assigned to individual citizens. There are others. Corpor¬ ations enjoy the protection of government. In a way they are artificial but potential citizens. Ur¬ gency of need should meet with some form of re¬ 1321 Duty demands consideration of means through which to subscribe. Heavy are taxes levied, and to be levied, heavier than they ought to be, perhaps, though they must be borne. But the total of taxes is not enough, else there were no bond issues. And the more readily bonds are sold, the less the impending weight of taxes. This signifies more of, policy than principle, however. The question is, does not the corporation owe it to the Government, for its privileges and protection, that it buy bonds as well as pay taxes. There is no other way out. And should a corporation, more than an individual, be a “slacker”? Looked at in this light of responsibility, the duty of the corpor¬ sponse. ation seems there are rather than diminish. We know restrictions, interferences, species of “control,” that tend to take from industrial intergers this relation of free “citizenship” which we invoke. That might be regarded as an incentive—arising out of policy. Leave that. We want to continue in business at the old stand in the old way in this country if we can; and as an earnest of goodwill, as a token of appreciation and respect to th° republic, should not every corporation seek to join the masses of men, citizens in their own right, who are consecrating to grow themselves to this cause? Should not the corpor¬ ation endeavor to find some way that will enable it buy bonds, ability, now, and in the will only obtain capital invested to business commensurate to its capital and that it, too, may be found worthy years to come? It has power if it permission. It may be limited in and volume of going business, but it is never poor—as an individual may be. It enjoys “order,” it receives “protection,” it hopes for the insularity of its “liberty under law,” why may it not rise to the heights of sacrifice and service as does an individual citizen? And should it not do so? In “business” is being tried in the fiery furnace of “disorder” and the domination of government, whether in every case that be necessary or not. It submits loyally. May it not go beyond mere submission, and become aggressive in meeting this new demand, in averting every disaster which may befall—and for its own good. Should private ownership fail when the air is full of untried theories of public ownership? many, many ways THE TRIUMPH OF LIFE OVER DEATH—WHAT THE WAR SHALL ACHIEVE. The recent death of eminent dignitary of the church, at a time when brave young men are being sacrificed on the altar of country, bids us all to try to appraise the value of human life. We are* face to face with the soldier and the priest. Of one it may be said he died for liberty; of the other he lived for love. Love in the larger spiritual sense cannot exist without there be liberty; liberty would be of no value to man an without love. And while we are striving to banish tyranny from the world, and its instrument, war, we must believe that the soldier who dies for liberty, dies that others may live for love. When, by the action of our own great nation in this awful conflict, as we fondly hope, war shall be no more forever, then in the freedom thus estab¬ lished, life may flower alone in love in which there is no fighting, and none of the sacrifice of a premature and unnecessary death. Writing under the title “The Great Adventure,” a father who has lost Marne, says: a son * in an air battle at the “Never yet was a country worth living in, its sons and daughters were of that stern stuff unless which need; and never yet was a dying for, unless its sons and bade them die for it at worth daughters thought of life not as something concerned 'only with the selfish evanescence of the individual, country but as a [Vol. 107. THE CHRONICLE 1322 link in the great chain of creation and that each person is seen in his true an essential part of the whole, whose made to serve the larger and continuing causation, so relations as life must be life of the whole.” As we read these words imagination must run out into the past and on into the future. Men have not lived unselfishly for the whole or there would be no “need” for war. And it exalts the capse for which the country now fights that these soldiers of ours die that the priests of the future may live— Though it is better that a man live for country it, he who dies for it lives for it, and by his death contributes all his potential good to the good of the whole. And it will therefore be a crimi¬ nal world that does not erect upon the ruins of this war an everlasting temple of peace. We make the need for sacrifice because we make the conditions of war. The “continuing life” into which these young lives are poured through the awful agency of violent death, is in itself a umi. j Those now living constitute it. And when we place war against peace, we are able to measure the value of that life, which, whether in the priestly robes or only in the priestly character lives for others—and when the unit of the whole life does this there will be no need for any to die on the field of battle. And country (in a sense of true democracy) can have no more right to live for war than has an individual. And the citizen who fails to show the non-need 0} all war fails of duty. We have great lengths to go, and much rubbish of thought to clear away, before we can see this “continuing life” in its^proper perspective. Love is its essence, not liberty; love alone makes liberty worth having. Love of country we must have and follow—but the world is our country when we rightly appreciate the life of mankind as a whole. We sacredly preserve it, when we preserve all hearts from hate, all nations from lust for power, and all Governments from the right in themselves to make war. There would be no war to-day and no more wars if selfsacrificing men everywhere could follow their personal convictions. We know better than to kill each other by wholesale. But one tyrannous than die for the sense of spiritual service shall and not a soldier. We cannot conceive of “need” for the soldier’s death existing in time of universal and lasting peace—we cannot conceive of his country calling for this heroic sacrifice when a “League of Nations” shall bring concord and tranquility everywhere. And as the sins of the fathers who have not lived for love are now visited upon the sons of the present in every land where there is war, so, once victory in its true sense shall come out of this conflict, shall future sons, the fathers of the generations to come, visit war upon the world who do not live for love and peace. The abiding “need” then is that men shall live rightly rather than die nobly. And the loss of thousands whose potential lives might bless the world with the spiritual self-abnegation typified in the priest and soulless and autocratic Government, not amen¬ becomes the irreparable disaster of all the ages, and able, perhaps, to its own people, makes it necessary stands forth in eternal condemnation of war as a for peaceful nations to go to war. We must perfect Governments now warlike, and then need for men national policy. We cannot go on dying that others may live—that to die in battle will pass away. For this the war is presupposes war as a continuing “need” for sacrifice. fought; and for this the future must live. We should go on living that none need die for their ©tivvent 1?xrents and Biscnssions fellows, that the fruition of every life may leave its full influence on “the larger and continuing life of CONTINUED OFFERING OF BRITISH TREASURY the whole.” Man is responsible for this war—and BILLS. he alone will be responsibile for every war that is to J. P. Morgan & Co. this week disposed of the usual offer¬ come. And he who sets the martial spirit over the ing of ninety-day British Treasury bills on the same discount priestly will conduce to the state where war is a basis which has prevailed in recent weeks, namely, 6%. “need” for sacrifice. Our soldiers di§ then to make The bills are dated Sept. 30 and mature Dec. 30. men better, to teach them how to live, and he who DEBTS OF THE PRINCIPAL BELLIGERENTS BEFORE r does not live rightly, freed from the “selfish evan¬ AND AFTER ENTERING THE WAR. escence of the individual” will negative their heroic The following table concerning the debts of the Allied sacrifice, and set up anew the selfish forces which Powers before and since their entry into the war appeared in culiminate in final conflict. The priest is, therefore, the “Official Bulletin” of Sept. 27: (In millions of dollars.) exemplar—not because of his particular creed, not A. ALLIED POWERS. -Before Entering War- -At Most Recent Datebecause of certain formal conditions of his priestly Date. Amount. Date. Amount. Increase. Great Britain—Aug. 1 1914 $3,458 July 20 1918 $31,669 $28,211 life, but because of his spiritual service for all Australia June 30 1914 93 Mar. 31 1918 1,212 1,119 that every man in become a priest ^ mankind. There can be no question that these abstractions are concerned with mankind as a whole. War is now embraced as a means to an end by our own country, so we as an believe. July 31 1918 Mar. 31 1917 Dec. 31 1917 1,172 611 22,227 Italy. June 30 1914 2,792 Mar. 31 1918 United States...Mar. 31 1917 1,208 May 31 1918 B. CENTRAL POWERS. 10,328 11.760 Canada New Zealand end in itself by an enemy we oppose, or We cannot conceive of “the larger Prance Mar. 31 1914 Mar. 31 1914 July 31 1914 11913 Austria Oct. July 1 1914 Hungary July 1 1913 Germany 336 446 6,598 $1,165 2,640 1,345 Apr. 30 1918 July 1918 July 1918 __ __ $28,922 15,422 6,316 836 165 15,629 7.536 10,552 $27,757 12,782 4,971 NEW CREDIT TO BELGIUM. ^ and continuing life” always calling for war to defend An additional credit of $9,000,000 was extended to it. When it is lived rightly by all there can be no Belgium by the United States on Oct. 3, making the total war. And we fail in our broad contemplation if we credits established for that country $166,020,000. The do not see that this colossal struggle is demanding total credits to the Allies established by the United States of every country that it, too, live not for self but for since this country’s entry into the war now amount to the world. We must relinquish much of our chau¬ $7,215,476,666, apportioned as follows: Great Britain, $3,745,000,000; France, $2,065,000,000; Italy, $860,000,000; vinism; we must see that we are now fighting for a Russia, $325,000,000; Belgium, $166,020,000; Greece, $15,form of internationalism; we must sense the good 790,000; Cuba, $15,000,000; Serbia, $12,000,000; Rumania, to flow from an agreement signedJby all. $6,666,666; Liberia, $5,000,000. Oct. 5 1918.] THE CHRONICLE COMPARATIVE FIGURES OF CONDITION OF CANADIAN BANKS. In the following we compare the condition of the Canadian hanks, under the last two monthly statements, with the 1323 for the issuance of Federal Reserve notes of higher denomi¬ nation than $100, and the provisions extending the penal features to officers, employees, &c., of Federal Reserve banks. The following is the full text of the law as passed by Congress and approved by President Wilson. return for June 30 1914: ASSETS. [H. R. 11283.] Aug. 31 1918. July 31 1918. June 30 1914. $ $ $ 56,393,697 55,612,205 28.948,841 18,828,682 20,966,054 17,160,111 Gold and subsidiary coin— In Canada Elsewhere Total Dominion notes 75,222,379 186,256,488 76,578.259 186,520,172 Deposit with Minister of Finance for security of note circulation Deposit in central gold reserves 5,845,902 5,848,099 88,870.000 91,470,000 Due from banks 167,497,018 166.098.305 Loans and discounts 1,086,096,829 1,065.911.371 Bonds, securities, &c 456.758.268 487,469,502 Call and short loans In Canada. 73,509,571 74,382,762 Call and short loans elsewhere than in Canada Other assets Total 160,544,990 89,554,051 167,112,836 91.432.524 46.108,952 92,114,482 6,667,568 3.050.000 123,608,936 925.681,966 102,344.120 67,401.484 137,120,167 71,209.738 2,423,466,730 2.379,512,596 1,575,307,413 LIABILITIES. Capital authorized... Capital subscribed Capital paid up % 183,866,666 111,781,466 111,451,963 Reserve fund 114,141,248 % 183.866,666 111,780.366 111,450,680 114,140.148 200,839,660 107,431,124 779,030,934 1,014,711,865 38,942,068 1,817,891 26,709,969 187.865.833 109.924,975 765,072,455 992,015,137 41.340.016 1,953,595 29,647,456 Circulation Government deposits Demand deposits. Time deposits Due to banks l 192,866,666 115.434.666 114,811,775 113,368,898 An Act to amend and re-enact Sections four, eleven, sixteen, and twenty-two of the Act approved December twenty-third, nineteen nineteen hundred and thirteen, and known as the Federal Reserve Act, and Sections fifty-two hundred and eight and fifty-two hundred and nine. Revised Statutes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That Section four of the Act approved December twenty-third, nineteen hundred and thirteen, known as the Federal Reserve Act, be amended and re-enacted by striking out that part of such section which reads as follows-^ “Directors of Class A and Class B shall be chosen in the following manner: “The chairman of the board of directors of the Federal Reserve bank of the district in which the bank is situated or, pending the appointment of such chairman, the organization committee shall classify the member banks of the district into three general groups or divisions. Each group shall contain as nearly as may be one-third of the aggregate number of the memoer banks of the district, and shall consist, as nearly as may be, of banks of similar capitalization. The groups shall be designated by number by the chairman. “At a regularly called meeting of the board of directors of each member bank in the district it shall elect by ballot a district reserve elector and shall certify his name to the chairman of the board of directors of the Federal Reserve bank of the district. The chairman shall make lists of th$ district reserve electors thus named by banks in each of the aforesaid three groups and shall transmit one list to each elector in each group. “Each member bank shall be permitted to nominate to the chairman one candidate for director of Class A and one candidate for director of Class B. The candidates so nominated shall be listed by the chairman, indicating by whom nominated, and a copy of said list shall, within fifteen day's after 99,138,029 44,453,738 495,067,832 its completion, be furnished by the chairman to each elector. 663,650,230-1 “Every director shall, within fifteen days after the receipt of the said 32.426,404 list, certify to the chairman his first, second, and other choices of a director Bills payable 20,096,365 of Class A and Class B, respectively, upon a preferential ballot, on a form Other liabilities. 12,656,085 furnished by the chairman of the board of directors of the Federal Reserve bank of the district. Each elector shall make a cross opposite the name not Total, including capital of the first, second and other choices for a director of Class A and for a or reserve fund 2,169,483,511 2,127.819,467 1.330,488.683 director of Class B, but shall not vote more than one choice for any one Note.—Owing to the omission of the cents in the official reports, the candidate,” and by substituting therefor the following: footings in the above do not exactly agree with the total given. “Directors of Class A and Class B shall be chosen in the following manner: “The Federal Reserve Board shall classify the member banks of the district into three general groups or divisions, designating each group by ENACTMENT OF PHELAN BILL AMENDING FEDERAL number. Each group shall consist as nearly as may be of banks of similar capitalization. Each member bank shall be permitted to nominate to the RESERVE ACT GRANTS FIDUCIARY POWERS TO NATIONAL BANKS, &C. The so-called Phelan bill, which materially amends the Federal Reserve Act, has become a law, President Wilson having affixed his signature to the bill on Sept. 26 after Congress had disposed of it. The bill just written on the statute books is identical with that passed by the House of Representatives on April 24 last. On July 2 the Senate, after striking out a considerable part of the House bill, passed the measure. With the refusal of the House to ac¬ cede to the Senate amendments the bill went to conference, and it was not until Sept. 18 that the conference report, in which the Senate receded from its amendments, was agreed to by both the Senate and the House. The action of the conferees in recommending to their respective houses that the Senate recede from its amendments, resulted in the adoption of the bill by Congress in exactly the same form in which it had passed the House in April. The bill as then passed was given in our issue of May 4, while the bill passed by the Senate July 2 was published in our issue of July 13. As originally passed by the House and finally enacted, . the new law extends to national banks fiduciary powers exercised by State banks. Before exercising such powers, however, a bank must obtain a permit from the Federal Reserve Board and must have a capital and surplus re¬ quired by the State laws. The Act just passed also amends requirements of the Federal Reserve Act in the case of banks of outlying districts of Reserve or Central Reserve cities. Under the newly enacted measure also the Federal Reserve Board is given discretion in the grouping of member reserve banks in each District for the selection of Class A and B directors of Reserve banks so as to give a fair representation to both large and small member banks. The bill further¬ more authorizes the issuance of Federal Reserve notes in denominations of $500, $1,000, $5,000 and $10,000. The largest Federal Reserve note heretofore authorized under the law was $100. In amending Section 22 of the Federal Reserve Act the new law clarifies the language which stipu¬ lates that no officer, director, employee or attorney of any member bank shall be a beneficiary or-receive directly or indirectly any fee, commission, gift or other consideration for or in connection with any transaction or business of a bank. The new legislation also extends penal provisions for embezzlement and other offenses against banks to offi¬ cers, directors, agents or employees of Federal Reserve banks. The Senate in amending the House bill on July 2 had struck out of the latter everything except the provision chairman of the board of directors of the Federal Reserve bank of the district one candidate for director of Class A and one candidate for director of Class B. The candidates so nominated shall be listed by the chairman, indicating by whom nominated, and a copy of said list shall, within fifteen days after its completion, be furnished by the chairman to each member Each member bank by a resolution of the board or by an amend¬ bank. ment to its by-laws shall authorize its president, cashier, or some other officer to cast the vote of the member bank in the elections of Class A and Class B directors. “Within fifteen days after receipt of the list of candidates the duly authorized officer of a member bank shall certify to the chairman his first, second, and other choices for director of Class A and Class B, re¬ spectively, upon a preferential ballot upon a form furnished by the chair¬ man of the board of directors of the Federal Reserve bank of the district. Each such officer shall make a crass opposite the name of the first, second, and other choices for a director of Class A and for a director of Class B, but shall not vote more than one choice for any one candidate. No officer or director of a member bank shall be eligible to serve as a Class A director unless nominated and elected by banks which are members of the same the member bank of which he is an officer or director. “Any person who is an officer or director of more than one member bank shall not be eligible for nomination as a Class A director except by banks in the same group as the bank having the largest aggregate resources of any of those of which such person is an officer or director.” Sec. 2. That Section 11 (k) of the Federal Reserve Act be amended group as and re-enacted to read , as follows: “(k) To grant by special permit to national banks applying^blmreforJ when not in contravention of State or local law, the right to act as trustee* executor, administrator, registrar of stocks and bonds, guardian of estates assignee, receiver, committee of estates of lunatics, or in any other fiduciary capacity in which State banks, trust companies, or otner corporations which come into competition with national banks are permitted to act under the laws of the State in Which the national bank is located. “Whenever the laws of such State authorize or permit the exercise of any or all of the foregoing powers by State banks, trust companies, or other corporations which compete with national banks, the granting to and the exercise of such powers by national banks shall not be deemed to be in contravention of State or local law within the meaning of this Act. “National banks exercising any or all of the powers enumerated in this subsection shall segregate all assets held in any fiduciary capacity from the general assets of the bank and shall keep a separate set of books and records showing in proper detail all transactions engaged in under authority of this subsection. Such books and records shall be open to inspection by the State authorities to the same extent as the books and records of corpor¬ ations organized under State law which exercise fiduciary powers, but nothing in this Act shall be construed as authorizing the State authorities to examine the books, records, and assets of the national bank which are not held in trust under authority of this subsection. “No national bank shall receive in its trust department deposits of current funds, subject to check or the deposit of checks, drafts, bills of exchange, or other items for collection or exchange purposes. Funds deposited or held In trust by the bank awaiting investment shall be carried in a separate account and bHaII not be used by the bank in the conduct of its business unless it shall first set aside in the trust department United States bonds or other securities approved by the Federal Reserve Board. “In the event of the failure of such bank the owners of the funds held in trust for investment shall have a lien on the bonds or other securities so set apart In addition to their claim against the estate of the bank. “Whenever the laws of a State require corporations acting in a fiduciary capacity, to deposit securities with the State authorities for the protection of private or court trusts, national bankB so acting shall be required to make similar deposits and securities so deposited shall be held for the pro¬ tection of private or court trusts, as provided by the State law. A “National banka in such cases shall not be^required to execute the bond usually required of individuals if State corporations under similar circum¬ stances are exempt from this requirement. “National bank* shall have power to execute such bond when so required by the laws of the State. “In any **** in which the laws of a State require that a corporation acting as trustee, executor, administrator, or in any capacity specif! t-Ma section, shall take an oath or make an affidavit, the President, Vi President. Cashier or Trust Officer of such national bank may take the necessary oath or execute the necessary affidavit. “It «haii be unlawful for any national banking association to lend any officer, director, or employee any funds held in trust under the powers conferred by this section. Any officer, director, or employee making such loan, or to whom such loan is made, may be fined not more than $5,000, or imprisoned not more than five years, or may be both fined and imprisoned in the discretion of the court. “In passing upon applications for permission to exercise the'powers •enumerated in this subsection, the Federal Reserve Board may take into consideration the amount of capital and surplus of the applying bank, whether or not such capital and surplus is sufficient under the circum¬ stances of the case, the needs of the community to be served, and any other facts and circumstances that seem to it proper, and may grant or refuse application accordingly: Provided, That no permit shall be issued to national banking association having a capital and surplus less than the capital and surplus required by State law of State banks, trust com¬ panies, and corporations exercising such powers.” Sec. 3. That the ninth paragraph of section 16 of the Federal Reserve Act, as amended by the Acts approved September 7 1916 and June 21 1917 be further amended and re-enacted so as to read as follows: “In order to furnish suitable notes for circulation as Federal Reserve notes, the Comptroller of the Currency shall, under the direction of the Secretary of the Treasury, cause plates and dids to be engraved in the best manner to guard against counterfeits and fraudulent alterations', and shall have printed therelrom and numbered such quantities of such notes of the denominations of $5, $10, $20, $50, $100, $500, $1,000, $5,000, $10,000 as may be required to supply the Federal Reserve banks. Such no: es shall be in form and tenor as directed by the Secretary of the Treasury under the provisions of this Act and shall bear^fee distinctive numbers of the several Federal Reserve banks through which they are issued.’ Sec. 4. That paragraphs (b) and (c) of section 19 of the Federal Reserve Act, as amended by the Acts approved August 15 1914 and June 21 1917, the any be further amended and re-enacted to read “(b) If in [Vot. 107 THE CHRONICLE 1324 a reserve city, as now or as follows: hereafter defined, it shall hold and maintain with the Federal Reserve bank of its district an actual net balance =t= their affirmative vote or written assent: Provided, however. That nothing inis subsection contained shall be construed as authorizing member banks to purchase or sell securities or other property which such banks in not otherwise authorized by law to purchase or sell. “(e) No member bank shall pay to any director, officer, attorney, or employee a greater rate of interest on the deposits of such director, officer, attorney, or employee than that paid to other depositors on similar de¬ posits with such member bank. “(f) If the directors or officers of any member bank shall knowingly ite or permit any of the agents, officers, or directors of any member to violate any of the provisions of this section or regulations of the made under authority thereof, every director and officer participatinAin or assenting to such violation shall be held liable in his personal and individual capacity for all damages which the member bank, its share¬ holders, or any other persons shall have sustained in consequence of such are vilation.” Sec. 7. That section 5208 of the Revised Statutes as amended by the Act of July 12 1882, and Section 5209 of the Revised Statutes as amended by the Acts of April 6 1869 and July 8 1870, be, and the same are hereby, amended and re-enacted to read as follows: “Sec. 5208. It shall be unlawful for any officer, director, agent, or employee of any Federal Reserve Bank, or of any member bank as defined-, in the Act of Dec. 23 1913, known as the Federal Reserve Act, to certify any check drawn upon such Federal Reserve bank or member bank unless the person, firm, or corporation drawing the check has on deposit with such Federal Reserve bank or member bank, at the times such check is certified, an amount of money not less than the amount specified in such check. Any check so certified by a duly authorized officer, director, agent, or employee shall be a good and valid obligation against such Federal Reserve bank or member bank; but the act of any officer, director, agent, ok employee of any such Federal Reserve bank or member bank in violation of this section shall, in the discretion of the Federal Reserve Board, subject such Federal Reserve bank to the penalties imposed by Section 11, subsection (h), of the Federal Reserve Act, and shall subject such member bank if a national bank to the liabilities and proceedings on the part of the Comptroller of the Currency provided for in Section 5234, Revised Statutes, and shall, in the discretion of the Federal Reserve Board, subject any other member bank to the penalties imposed by Section 9 of said Federal Reserve Act for the violation of any of the provisions of said Act. Any officer, director, agent, or employee of any Federal Reserve bank or member bank who shall willfully violate the provisions of this section, or who shall resort to any device, or receive any fictitious obliga¬ tion, directly or collaterally, in order to evade the provisions thereof, or who shall certify a check before the amount thereof shall have been regu¬ larly entered to the credit of the drawer upon the books of the bank, shall be deemed guilty of a misdemeanor and shall, on conviction thereof in any equal to not less than 10% of the aggregate amount of its demand deposits and 3% of its time deposits: Provided, however. That if located in the out¬ lying districts of a reserve city or in territory added to such a city b” tin j ” tri.t court of the United States, bs fined not more than $5,000, or extension of its corporate charter, it may, upon the affirmative vote >/f | --null be imprisoned for nor more than five year.-,, or both, in the discretion five members of the Federal Reserve Board, hold and maintain the res>r\ < : of the court. ' “Sec. 5209. Any officer, director, agent, or employee of any Federal balances specified in paragraph (a) hereof. Reserve bank, or of any member bank as defined in the Act of DbC. 23 “(c) If in a central reserve city, as now or hereafter defined, it shall boM and maintain with the Federal Reserve bank of its district an actual net 1913, known as the Federal Reserve Act, who embezzles, abstracts, or balance equal to not less than 13% of the aggregate amount of its demand willfully misapplies any of the moneys, funds, or credits of such Federal Reserve bank or member bank, or who, without authority from the direc¬ deposits and 3% of its time deposits: Provided, however, That if located in tors of such Federal Reserve bank or member bank, issues or puts in cir¬ the outlying districts of a central reserve City or in territory added to such dty by the extension of its. corporate charter, it may, upon the affirmative culation any of the notes of such Federal Reserve bank or member bank, vote of five members of the Federal Reserve Board, hold and maintain or who, without such authority, issues or puts forth any certificate of the reserve balances speciiicd in paragraphs (a) or (b) thereof.” deposit, draws any order or bill of exchange, makes any acceptance, Sec. 5. That section 22 of the Federal Reserve Act, as amended by the assigns any note, bond, draft, bill of exchange, mortgage, judgment, or Act of June 21 1917, be further amended and re-enacted to read as follows; decree, or who makes any false entry in any book, report, or statement “(a) No member bank and no officer, director, or employee thereof shall of such Federal Reserve bank or member bank, with intent in any case to injure or defraud such Federal Reserve bank or member bank, or any hereaiter make any loan or grant any gratuity to any bank examiner. Any bank officer, director, or employee violating this provision shall be deemed other company, body politic or corporate, or any individual persen, or to deceive any officer of such Federal Reserve bank or member bank, or the guilty of a misdemeanor and shall be imprisoned not exceeding one year or fined not more than $5,000, or both; and may be fined a further sum Comptroller of the Currency, or any agent or examiner appointed to examine the affairs of such Federal Reserve bank or member bank, or the equal to the money so loaned or gratuity given. Federal Reserve Board; and every receiver of a national banking associa¬ “Any examiner accepting a loan or gratuity from any bank examined by him or from an officer, director, or employee thereof shall be deemed tion who, with like intent to defraud or injure, embezzles, abstracts, pur¬ guilty of a misdemeanor and shall be imprisoned one year or fined not loins, or willfully misapplies any of the moneys, funds, or assess of his more than $5,000, or both, and may be fined a further sum equal to the trust, and every person who, with like intent, aids or abets any officer, money §o loaned or gratuity given, and shall forever thereafter be dis¬ director, agent, employee, or receiver in any violation of this section shall be deemed guilty of a misdemeanor, and upon conviction thereof in qualified from holding office as a national bank examiner. “(b) No national bank examiner shall perform any other service for any district court of the United States shall be fined not more than $5,000 or shall be imprisoned for nor more than five years, or both, in the discre¬ compensation whiie holding such office for any bank or officer, director, tion of the court or employee thereof: “No examiner, public or private, shall disclose the names of borrowers “Any Federal Reserve agent, or any agent or employee of such Federal or the coallteral for loans of a member bank to other than tl^ proper officer Reserve agent, or of the Federal Reserve Board, who embezzles, abstracts, of such bank without first having obtained the expross permission in writing or willfully misapplies any moneys, funds, or securities entrusted to his from the Comptroller of the Currency, or from the board of directors of care, or without complying with or in violation of the provisions of the Buch bank, except when ordered to do so by a court of Federal Reserve Act, issues or puts in circulation any Federal Reserve competent juris¬ diction, or by direction of the Congress of the United States, or of either notes shall be guilty of a misdemeanor and upon conviction in any district court of the United States shall be fined not more than $5,000 or imprisoned House thereof, or any committee of Congress, or of either House duly for not more than five years, or both, in the discretion of the court.” authorized. Any bank examiner violating the provisions of this sub¬ section shall be imprisoned not more than one year or fined not more than Approved, Sept. 26 1918. $5,000, or both. “(c) Except as herein provided, any officer, director, employee, or JOHN SKELTON WILLIAMS ADVISES NATIONAL attorney of a member bank who stipulates for or receives or consents or agrees to receive any fee, commission, gift, or thing of value from any BANKS AS TO LAWGIVING LATTER TRUST POWERS. person, firm, or corporation, for procuring or endeavoring to procure for letter hes been addressed to national banks by Comp¬ such person, firm, or corporation, or for any other person, firm, or cor¬ troller of the Currency John Skelton Williams calling their poration, any loan from or the purchase or discount of any paper, note, draft, check, or bill of exchange by such member bank shall be deemed attention to the law just enacted by Congress conferring guilty of a misdemeanor and shall be imptisoned not more than one year trust powers on national banks. In his advices written under or fined not more than $5,000, or both. date of Sept. 27 Comptroller Williams says: “(d) Any member bank may contract for, or purchase from, any of its I am pleased to advise you that, under the authority of an Act of Con¬ directors or from any firm of which any of its directors is a member, any gress, approved by the President on Sept. 26 1918, enlarged powers have securities or other property, when (and not otherwise) such purchase is been conferred upon national banks which are now authorized (under the made in the regular course of business upon terms not less favorable to the limitations prescribed in the Act) to open trust departments, and to act bank than those offered to others, or when such purchase is authorized by a majority of the board of directors not interested in the sale of such as trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, committee of estates of lunatics, and securities or property, such authority to be evidenced by the affirmative vote or written assent of such directors: Provided, however. That when any “In any otber fiduciary capacity in which State banks, trust companies, director, or firm of which any director is a member, acting for or on behalf or other corporations which come into competition with national Danks are permitted to act under the laws of the State in which the national bank is of others, sells securities or other property to a member bank, the Federal located.” Reserve Board by regulation may, in any or all cases, require a full dis¬ As a condition precedent to the exercise of these new powers, it is neces¬ closure to be made, on forms to be prescribed by it, of all commissions or sary to obtain a permit from the Federal Reserve Board. National banks other considerations received, and whenever such director or firm, acting obtaining such permits must have capital and surplus required by the In his or its own behalf, selis securities or other property to the bank the State law governing State banks, trust companies and corporations exercis¬ Federal Reserve Board, by regulation, may require a full disclosure of all ing such powers. profit realized from such sale. The letter f also gives in full that section of the newly "Any member bank may sell securities or other property to any of its directors, or to a firm of which any of its directors is a member, in the enacted measure (Section 2) empowering national banks regular course of business on terms not more favorable to such director or to act in a fiduciary capacity. firm than those offered to others, or when such sale is authorized by a The full text of the law will majority of the board of directors of a member bank to be evidenced by be found elsewhere in to-day’s issue of our paper. . r - ' • Oct. 5 1918.] THE CHRONICLE 1325 ANNUAL MEETING OF NEW YORK CLEARING HOUSE —YEARLY FIGURES. In referring to the action of the Federal Reserve Bank, the New York “Times” of Oct. 2 said: At this week’s annual meeting (on the 1st New York Clearing House Heretofore, if a member bank desired to rediscount bankers’ acceptances having a maturity of 16 to 90 days, it had to pay 4%%, the rate charged inst.) of the Association, Gates W. McGarrah, President of the Mechanics & Metals National Bank, was re-elected President, and Theodore Hetzler, President of the Fifth Avenue Bank, was re-elected Secretary of the Associa¬ tion. Walter E. Frew, President of the Corn Exchange Bank, retired from the Clearing House Committee, and is succeeded as Chairman of that body by Albert H. Wiggin, Chairman of the Board of the Chase National Bank. James A. Stillman, Chairman of the Board of the National City Bank, and Otto T. Bannard, Chairman of the Board of the New York Trust Company, were elected members of the committee, succeeding Mr. Frew and Seward Prosser, President of the Bankers Trust Company. The Clearing House Committee, with these changes, now consists of Mr. Wiggins; Francis L. Hine, President of the First National Bank; Lewis E., Pierson, Chairman of the Board of the Irving National Bank; and Messrs. Stillman and Bannard. William J. Giplin and Clarence E. Bacon continue as Manager and Assistant Manager, respectively, of the Association. The total Clearing House transactions for the year ended Sept. 30 1918 amounted to $191,779,241,670, this comparing with last year’s total of $193,681,822,820; for the year ending Sept. 30 1916 they aggregated $155,742,333,909, while for the twelve months to Sept. 30 1915 they amounted to but $96,183,554,464. The following details regarding the transactions in the year just ended (Sept. 30 1918) are taken from the report presented by the Manager: The Clearing House transactions for the Exchanges year __ Balances Total transactions The average daily transactions: Exchanges : Balances have been as follows: __,___$174,524,179,028 72 17,255,062,671 27 $191,779,241,699 99 „ J $575,987,389 53 56,947,401 55 Total ,$632,934,791 08 Total transactions since organization of Clearing House (65 years): Exchanges $3,103,115,668,654 89 Balances 161,102,465,549 29 Total _.$3,264,218,134,204 Largest exchanges on any one day during the year 2 (July 1918)---$928,176,124 Largest balnces on any one day during the year (Nov. 21 1917) 143,091,142 Largest transactions on any one day during the year (July 2 1918) 1,015,850,789 Smallest exchanges on any one day during the year (Jan. 28 1918) 329,824,441 Smallest balances on any one day during the year (Jan. 28 1918) : 28,374,886 Smallest transactions on any one day during the year (Jan. 28 1918) 358,199,328 Largest daily transactions on record, Feb. 6 1917. Exchanges $1,218,586,762 „ 18 98 68 04 92 35 27 rediscount of commercial paper. In case of paper not having more than 15 days to run, the rediscount rate has been 4%. It is generally recognized that bankers’ acceptances having the indorsement of a member bank are a higher grade security than commercial paper bearing a similar indorsement, and consequently it has been felt that the rediscounting of bankers’ acceptances should be done at preferential rates. It is expected that with the estaDlishment of the special rates many of the banks will be willing to indorse acceptances purchased oy them from brokers and re discount the bills at the reserve bank. In this way, it is expected that banks will be more inclined to make investments in bankers’ acceptances and thus the market for the paper will be broadened. The Federal Reserve Bank of New York has been a large buyer of ac¬ ceptances in the open market, but with few exceptions it has limited its purchases tto three-name paper; that is, acceptances indorsed by a bank Its rate for these bills vary, the minimum being 4%. DEATH OF G. W. F. GAUNT, DIRECTOR FEDERAL RESERVE BANK OF PHILADELPHIA. Hon. George W. F. Gaunt, an ex-member of the New Jersey Senate and a Director of the Reserve Bank of Phila¬ delphia, died at his home at Mullica Hill, N. J., on Sept. 24. Ex-Senator Gaunt, who was fifty-three years of age, was born in Gloucester County, N. J., and resided there until 1901, when he removed to Mullica Hill. He devoted much farming and was the sponsor in the New Jersey Sen¬ ate of considerable legislation in the interests of that industry. For the past fifteen years he was Master of the State Grange of New Jersey. He was also an officer of the National time to Grange. CAPITAL ISSUES COMMITTEE NOT TO INTERFERE WITH BANKING RELATIONS BETWEEN BANKS AND CUSTOMERS, ACCORDING TO J. B. FORGAN. * Concerning the conference held in Washington on Sept, 18 between members of the Federal Reserve Board and the Federal Reserve Advisory Council, James B. Forgan, one of the members of the latter, and Chairman of the Board of the First National Bank of Chicago is credited in the Chicago “Herald and Examiner” of Sept. 24 with stating that contrary to the belief that the Capital Issues Com¬ mittee will supervise all bank loans the committee has.no intention of interfering with the private relations between bankers and their customers. According to the paper quoted the committee “asks no enlargement of its power. It but seeks further co-operation of the banks of the nation in aiding it to conserve credits for war purposes.” We also take the following from the paper referred to: The committee, Mr. Forgan declared, wants to stop corporations from using capital, materials and labor on improvements and exten¬ sions before the financing of such projects has been submitted to the Capital Issues Committee. The Committee has found that a large num¬ ber of applicants for security issues already have started their improve¬ ments, and in 17 47,171,287 45 Balances.. for the plications instances have half completed them, before their ap¬ have been submitted. some “In other words,” Mr. Forgan said, “a firm intending to make a $300,000 going ahead and financing $100,000 or $150,000 of the improvement out of its cwn funds, then applying for a security issue or a bank loan to complete the work. “This puts the Capital Issues Committee members in the difficult posi¬ tion of having to say whether the unfinished construction shall be aban¬ doned or completed. It has to determine, if the construction is not en¬ tirely essential, if it is less harmful to go ahead with the work or stop it summarily, regardless of contracts and the material that may be on hand.” The Capital Issues Committee made its first plea for co-operation of the banks before the Advisory Council of the Federal Reserve Board. The Council adopted a resolution recommending that the Federal Reserve Board send letters urging closer co-operation in this direction to all the member extension has been in the habit of Total Largest baances, Nov. 21 1917---. Transactions of the U. Debit Exchanges Credit Exchanges Debit Balances Credit Balances.., Excess of Debit Balances ^ $1,265,758,049 62 $143,091,142 68 S. Assistant Treasurer at New York: j $1,602,603,711 1,031,520,035 661,954,238 90,870,562 571,083,675 00 35 12 47 65 The report also s&ys: The Association is composed of 28 national banks, 13 State banks The Federal Reserve Bank of New York and the Assistant Treasurer U. S., at New York, also make their exchanges at the Clearing House. 1 he Clearing House Collection Department also Ex¬ changes at the Clearing House, making 59 clearing institutions. There are 19 banks and trust companies in the city and vicinity, not members of the Association, which make their exchanges through banks that are members, in accordance with constitutional provisions. and 15 trust now companies. banks of the Federal Reserve system. On Wednesday [the 18thJ last the bankers’ conference was held. At this meeting a committee of fi ve was created to take the necessary steps to se¬ the desired co-operation. A. II. Wiggins, Chairman of the Chase National Bank of New York, was named Chairman and directed to select the remaining four members. “The committee gave positive assurance it has no intention of cure seeking ordinary banking relations between banks and their cus¬ tomers,” Mr. Forgan said. “It is not asking control in any manner over ordinary bank loans, as distinguished from borrowing for capital purposes in excess of $100,000. “Any firm intending improvements of $100,000 and upward would do well to consult its banker before going ahead. It is then the duty of the banker to submit the matter to the Capital Issues Committee. If the project is compatible with national interest a license for it will be issued.” The Capital Issues Committee also warns that business enterprises seek¬ ing to expand will be unable to obtain labor or material until a license has to interfere SPECIAL REDISCOUNT ERS' RATES NAMED FOR BANK¬ ACCEPTANCES BY NEW YORK RESERVE BANK. The creation acceptances was of special rediscount rates for bankers’ announced by the Federal Reserve Bank of New York on Oct. 1. In its statement issued in the matter on the 1st the bank said: The Federal Reserve Bank of New York announces to-day the estab¬ lishment for the first time of special rediscount rates for bankers’ accep¬ tances as follows: Maturities up to 15 days Maturities 16 to 60 days, inclusive Maturities 61 to 90 days, inclusive 4 It is believed that the establishment of rates for the rediscount of bankers' acceptances, as distinguished from other forms of eligible commercial paper under Section 13 of the Act, supplementing the open market transactions of the bank in bankers’ acceptances, will provide another useful element toward the broader development and stabilization of the open market in bankers’ acceptances. , been secured. THE 4% 4lA% in WAR REVENUE BILL—SECRETARY McAD00}S LETTER URGING MORE SPEED. In*urging that the Senate Committee dite its work the Bending war revenue on Finance expe¬ bill, Secretary of Treasury McAdoo, in a letter this week to Chairman Simmons of the Committee, states that failure"promptly to report and pass the bill will “disorganize and endanger the national finances)” We quote the letter herewith: the on [Vol. 107 THE CHRONICLE 1326 money borrowed to buy tax free bonds of the First Liberty loan. The limitation, however, would not, it is stated, apply to bonds of succeeding: issues. On the 2nd inst. the Committee agreed to a slight change in the method of computing deductions on account of in¬ come from oil and gas wells. In place of the provision in the House bill the Committee decided upon the following 1917 became law. Acting terest TREASURY DEPARTMENT, on 1918. My Dear Senator. I am writing In deep solicitude to ask your co-opera¬ tion and that of the Committee on Finance in averting a grave peril to the successful financial conduct of the war. I cannot disguise nor refrain from directing your attention to the fact that failure promptly to report and pass the new Revenue bill will disorganize and endanger the national Washington, D. C., Oct. 3 finances. One year ago to-day the Revenue Act of thereafter with the greatest practicable dispatch, ment was unable to frame the regulations essential the Treasury Depart¬ to its proper interpre¬ tation, prepare the necessary forms, have them printed and properly dis¬ tributed, acquaint taxpayers wlch their duties and responsibilities under tha law and regulations, and develop the machinery necessary to secure returns on March 1 1918, the date normally appointed by law. The new revenue bill when enacted into law will impose a heavier bur¬ den upon a far larger number of objects than the Revenue Act of 1917. Its administrative problems will be multiplied in number and necessarily in¬ creased in complexity. Payment of income and profits taxes will begin three months earlier than in past years if the provisions of the House bill relating to installment payments eventually becomes law. The Department will make every effort to improve the administrative record of last year, and it is undoubtedly in a better position to handle the administrative tasks imposed by new tax legislation than it was in the autumn of 1917. But it would be idle to deceive ourselves or you by hold¬ ing out the expectation that the new income and profits taxes can be put into effect in a materially shorter time than was required last year. After the blank forms and schedules are drafted, printed, and distributed, and the regulations adopted and promulgated, a considerable interval of time must be given the taxpayers of the country to make out their returns and to familiarize themselves with the requirements of the laws under which they are taxed. I shall not encumber this letter with any statement of views as to the character of the tax legislation to be adopted. My opinions on this sub¬ ject have been fully set forth in my testimony before the Committee on Ways and Means of the House of Representatives. It seems unnecessary also to repeat the financial estimate which I have already furnished to the Ways and Means Committee. I have on several occasions in the past cited estimates to the effect that the actual expenditures of the Government during the present fiscal year will be at least $24,000,000,000. The actual disbursements of the Treasury since those estimates were made confirm my belief that if that estimate errs it understates rather than overstates the actual expenditures which the Government will be called upon to make during the year ending June 30,1919. No such burden can be borne, no such financial program carried out, unless every dollar to be raised by the new revenue bill is actually col¬ lected at the time or times appointed by law. The demands of the situa¬ tion are such that it would be impossible to postpone the installment dates fixed in the House bill, and if through Administrative delay the collection of the income and profits taxes should be deferred beyond those dates, it would mean financial disaster. The necessity for revenue legislation at an early date was called to the attention of the two houses of Congress by the President on May 27 1918. At this time the urgency of the situation has become such that I am impelled to take the liberty of urging the gentlemen of the Committee on Finance to take promptly whatever steps may be necessary for the expeditious enactment of the Revenue bill, in view of the solemn truths uttered by the President in hit address on that occasion.: “Definiteness, early definiteness, as to what its tasks are to be, is abso¬ lutely necessary for the successful administration of the Treasury; it cannot frame fair and workable regulations in haste, and it must frame its regula¬ tions in haste if it L not to know its exact task until the very eve of its performance. “I cannot assure the country of a successful administration of the Treas¬ ury In 1918 if tljjQ question of further taxation is to be left undecided until 1919.” Yours very truly, W. G. McADOO. It is stated that upon receipt of Secretary McAdoo’s letter Chairman Simmons and his committee agreed to work with all possible speed ; he is said to have stated, however, that he did not see how it was possible to report the bill before Oct. 25. The effect of Secretary McAdoo’s letter was to upset plans for an adjournment of Congress for a month beginning Oct. 20. The adjournment program had been announced on the 3rd by Majority Leader Martine, who is said to have stated that it was framed on the assump¬ tion that the bill could not possibly be disposed of before the elections. To expedite revision of the bill the Senate Finance Committee decided the 3rd to meet daily at 10 o’clock, earlier than usual, to cut short the luncheon period and work later each day. Considerable progress is reported to have been made on the bill by the Committee on the 3rd. The House provisions for individual credits in computing income taxes, including the exemption limits of $1,000 for single and $2,000 for married persons, with an additional allowance of $200 for each dependent person un¬ der eighteen years of age, was adopted. Broad principles to govern taxation of oil producers and prospectors so as to encourage production and of amortization allowances for war plants which may be wholly or partially useless after the war were likewise adopted on the 3rd. On amortiza¬ tion allowances for war plants, the Committee adopted the Treasury’s suggestion and struck out the maximum allow¬ ance of 25% provided in the House bill to be deducted in computing income taxes. As revised, the Treasury De¬ partment would be left with discretion to make allowances deemed proper for amortization. Amending the provisions for deductions in assessing incomes taxes, the Committee approved House provisions for deductions of interest, paid or accrued, but added a clause to prohibit deduction of in¬ on substitute: In the case of mines, oil and gas wells, other natural deposits and tim¬ ber, a reasonable allowance for depreciation and for depreciation of im¬ provements according to the peculiar conditions of each case, based upon cost plus costs of development. Provided that in the case of such-proper¬ ties acquired prior to March 1 1913, the fair market value of the property (or of the taxpayer’s interest therein) on that date, shall be taken in lieu of the cost; such reasonable allowance in all of the above cases to be made under rules and regulations to be prescribed by the Commissioner with the approval of the Secretary. In the case of a non-resident alien, indi¬ vidual deduction under this paragraph shall be allowed only as to prop- (123)For within the United States. The revision of the bill was undertaken by the Senate inance Committee on Sept. 24, after the bill had passed Sept. 20. In our issue of Sept. 7, pages 962 975, inclusive, we gave the text of the bill as reported to the House on Sept. 3 by Chairman Kitchin, of the Ways and Means Committee. The bill as passed by the House on the 23 ult. is essentially the same as that reported to the House earlier in the month; the comparatively few differences between the two represent for the most part verbal changes and do not essentially alter the taxation features. Among the changes made by the House are the insertion of a phresa in Sections 210 and 211, governing the normal and surtaxes of individuals, making a specific declaration that the pro¬ posed taxes are in lieu of the taxes imposed by subdivisions (a) and (b) of Section 1 of the Revenue Act of 1916 and by Sections 1 and 2 of the Revenue Act of 1917. Another difference between the bill reported to the House and that .he House on 230, relating red by the latter is contained in Sectionreprint, to corporations. This section showing tax we on in italics the new matter inserted by the House. PART III.—CORPORATIONS. Tax on Corporations. Sec. 230. That in lieu of the taxes imposed by Section 10 of the Revenue Act of 1916 as amended by the Revenue Act of 1917 and by Section A of the Revenue Act of 1917, there shall be levied, collected and paid for each taxable year upon the net income of every corporation a tax as follows: domestic corporation 18% of the amount of the net income in excess of the credits provided in section 236: Provided, That the rate shall be 12% upon so much of this amount as does not exceed the sum of (1) the amount of dividends paid during the taxable year, plus (2) the amount paid during the taxable year out of earnings or profits in discharge of bonds and other interest-bearing obligations outstanding prior to the beginning of the taxable year, plus (3) the amount paid during the taxable year in the purchase of obligations of the United States issued after Sept. 1 1918; and (b) In the case of a foreign corporation 18% of the amount of the net income in excess of the credits provided in section 236: Provided, That the rate shall be 12% upon so much of this amount as does not exceed the rum of (1) the amount of dividends paid during the taxable year to citizens or residents of the United States or to domestic corporations or partner¬ ships, plus (2) the same proportion of the amount paid during the taxable year out of earnings or profits in discharge of bonds or other interebtbearing obligations outstanding at the beginning of the taxable year which the amount of gross income of the corporation from sources within the United States bears to che amount of its gross income from all sources within and without the United States, plus (3) the amount paid during the taxable year in the purchase of obligations of the United States issued after Sept. 1 1918. (a) In the case of a We also give herewith the provision carried in the House bill relating to the allowance on account of depletion in oil and gas wells, the matter shown in italics indicating the part added by the House: new „ PA^T V.—NET INCOME. purpose of this title the net income of a corporation shall bp ascertained and returned— M the calendar years 1911 and 1912 upon the same basis and in the same manner as provided in Section 38 of the Act entitled “An Act to provide revenue, equalize duties and encourage the industries of the United States, and for other purposes,’’ approved Aug. 5 1909, except that taxes imposed by such section and paid by the corporation within the year shall be included; > the calendar year 1913 upon the same basis and in the same manner as provided in Section II. of the Act entitled “An Act to reduce tariff duties and to provide revenue for the Government, and for other purposes,’’ approved Oct. 3 1913, except that taxes imposed by Section 38 of such Act of Aug. 5 1909 and paid by the corporation within the year shall be included, and except that the amounts received by it as dividends upon the stock or from the net earnings of other corporations subject4to the tax imposed by Section II. of such Act of Oct. 3 1913, shall be deducted; Sec. 320. (a) That tqt the and the taxable year upon the same basis and in the same manner provided for income tax purposes in Title II. of this Act, except that in the case of oil and gas wells there shall be deducted (in lieu of the deduction provided in clause (a) of paragraph (9) of subdivision (a) of Section 234) a reasonable allowance for depletion (■including in the case of producers or prospectors a reasonable allowance for hazard not to exceed 10% of the value in the ground of the oil withdrawn during the taxable year) such deduction to be made under rules and regulations to be prescribed by the Commissioner with the approval of the Secretary. (b) The average net income for the pre-war period shall be determined by dividing the number of years within that period during the whole of which the corporation was in existence into the sum of the net income for such years, even though there may have been no net income for one or as more of such yean. \ Oct. 5 1918.] THE CHRONICLE As stated in our issue of Sept. 21, perhaps tant alteration made by the^House was in the most impor¬ eliminating the provision which, if retained, would have operated to nullify the tax-exempt feature of United States bonds, Federal Farm Loan obligato ns and State and municipal issues. The objectional clause was contained in Sections 214 and 234 of the measure (the one section applying to the return of the in¬ dividual taxpayer and the other„to the returns of corpora¬ tions), both sections have been altered so as to free them the two succeeding issues (Sept. 21, page 1144, and Sept. 28, 1237) we indicated the changes which the bill had under¬ gone in the various stages through which it passed until its final enactment. With regard to its principal features, we take occasion to restate that the bill exempts from the pro¬ visions 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 corpora¬ tions, and provides for a like exemption in the case pf inter¬ est on a total of $45,000 bonds of previous Liberty Loan is¬ sues, where a taxpayer holds $30,000 of the Fourth Liberty page from the menace embodied in the same. In other words, the House amended Sections 214 and 234 of the bill so as to permit the deduction of all interest paid or accrued by an individual or corporation in computing net income subject to the income tax. In the original form the provision in the bill relative to the deduction of interest limited the amount of the deduction to the interest paid by the taxpayer or cor¬ poration on his or its indebtedness over and above the amount received by him Loan bonds at the time his tax return is made. Where a less amount of Fourth Liberty Loan bonds is held, the ex¬ emption for the old bonds is 1 ^ times the amount of new bonds. The bill also authorizes an increase in the issue of W&r Savings stamps from'$2,000,000',000 to $4,000,000,000. It also empowers the Secretary of the Treasury to make ar¬ 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 it from tax-free securities. As amended, the two sections now read—the changes being in the omis¬ sion of the words we have put in black-faced type: or rangements in as deductions: (1) All the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business, including a reason¬ able allowance for salaries or other compensation for personal services actually rendered and including rentals or other payments required to be made as a condition to the continued use or possession, for purposes of the trade or business, of property to which the taxpayer h!hs not taken or is not taking title or in which he has no equity;, (2) All interest paid or accrued within the taxable year on indebtedness (or, in the case of a non-resident alien individual, the proportion of such interest paid which the amount of his gross income from sources within the United States bears to the amount of his gross income from all sources within and without the United States) in excess of interest received free from taxation under this title. IH. R. 12923.] and the or corporation, shall be exempt from graduated additional income taxes, commonly knojm as surtaxes, and excess profits and war-profits taxes, now or hereafter imposed by the United States, upon the income or profits of individuals, partnerships, associations, or corporations; (2) The interest received after Jan. 1 1918 on an amount of bonds of the First Liberty Loan converted, dated either Nov. 15 1917 or May 9 1918, the Second Liberty Loan, converted and unconverted, and the Third Liberty Loan, the principal of which does not exceed $45,000 ha the aggregate, owned by any individual, partnership, association, or corpora¬ tion, shall be exempt from such taxes: Provided, however, That no owner of such bonds shall be entitled to such exemption in respect to the interest on an aggregate principal amount of such bonds exceeding one and one-half times the principal amount of bonds of the Fourth Liberty Loan originally subscribed for by such owner and still owned by him at the date of his as (2) Ail interest paid or accrued within the taxable year on its indebted¬ (or, in the case of a foreign corporation, the proportion of such in¬ terest paid which the amount of its gross income from sources within the United States bears to the amount of its gross inebine from all sources tax return; and ness A statement in the work on the ^he/interest bill be hastened was issued Committee. The Committee without exception are as anxious to hasten the Revenue bill as the Secretary, but we cannot perform impossibilities. The bill was four months in the Ways and Means Committee and in the House. We have had the bill twelve days, including two Sundays and four days spent on the suffrage resolution, which made committee meetings impossible, so that we have only had thus far six days to devote to the bill We have been working very hard on it, but there are many questions of the greatest im¬ portance which we must consider, questions which are . TEXT OF LIBERTY BOND EXEMPTION BILL AS ENACTED INTO LAW. We give below the text of the bill, signed by President on Sept. 24, designed to stimulate the sale of Liberty bonds by exempting from the supertaxes and from war excess profits taxes interest on a certain amount of Liberty bond holdings. This bill, as heretofore noted, was passed at the instance of Secretary of the Treasury McAdoo; the latteFs letter recommending the legislation and the bill proposed by him were publishedjn our issue of Sept. 14, page lO^T.j^ln Wilson ( on an , received brought before us by business interests from ail parts of the country. The representatives of the Treasury before the Committee have a series of perfecting amendments, some of great importance and so numerous that one is offered every few pages. If the Treasury itself wishes to perfect the bill and feels that it requires further amendment it is not to be wondered at tpdt the Committee is strongly of the opinion that it would be a mere dereliction of duty to throw it before the Senate undigested, unconsid< and unrevised. We shall do the very best we can, but the bill is an enormous one; The Secretary himself did.not approve the enormous rates placed by the House upon excess profits and war profits; they are so large that it seems inevitable they will tend to reduce profits to a point which will dry up the sources ot income taxes as applied both to corporations and indi¬ viduals and leave the business organizations of the country in a position where they will have little money for dividends, no money for proper reserves, and their funds to take Liberty bonds will be so depleted as to have a very serious effect on placing the loans. The Committee is sitting ah day long but the bill is an enormous one. It puts an amount of taxation on the country such as has never been equaled in our history and never been attempted by any other country. The responsibility of the Committee on Finance of the Senate is quite as great as that of the House or of the Department and they cannot neglect their duty by negotiating or hurrying the bill to such an extent that it would not receive the consideration that it ought to have and which the country demands. amount ©f bonds, the principal of which does not exceed.$3p,000, owned by any individual, partnership, association, or corporation issued upon conversion of 3 MS % bonds of the First Liberty Loan in the exercise of any privilege arising as a consequence of the issue of bonds of the Fourth Liberty Loan, shall be exempt from such taxes. The exemptions provided in this section shall be in addition to the exemption provided in Section 7 of the Second Liberty Bond Act in respect to the interest on an amount of bonds and certificates, authorized by such Act and amendments thereto, the principal of which does not exceed in the aggregate $5,000, and in addition to all other exemptions provided In the Second Liberty Bond Act. Sec. 2. That Section 6 of the Second Liberty Bond Act is hereby amended by striking out the figures “$2,000,000,000,” and inserting in lieu thereof the figures “$4,000,000,000.” Such section is further amended by striking out the words “The amount of war savings certificates sold to any one person at any one time shall not exceed $100, and It shall not be lawful for any one person at any one time to hold war savings certificates to an aggregate amount exceeding $1,000,“ and inserting in lieu thereof the words “It shall not be lawful for any one person at any one time to hold war savings certificates of any one series to an aggregate amount exceeding yesterday, the 4th inst., by Senator Lodge, Republican leader and member of the Senate Finance Senator Lodge says: . (3) The interest reply to Secretary McAdoo’s request that war revenue fixed by proclamation of the partnership, association, of"j>roperty of as (1) The interest on an amount of bonds of the Fourth Liherty Loan the principal of which does not exceed $30,000, owned by any individual, (1) All the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business, Including a reason¬ able allowance for salaries or other compensation for personal services actually rendered, and including rentals or the payments required to be made as a condition to the continued use or possession to which the corporation has not taken or is not taking titlq^Or in which it has no equity; excess Imperial German Government, President— deductions: within and without the United States) in free from taxation under this title. The following is the text of the AN ACT to supplement the Second Liberty Bond Act, as amended, and for other purposes. Be it enacted by the Senate and Mouse of Representatives of the United States of America in Congress assembled, That un«il the expiration of two years after the date of the termination of the war between the United States Deductions Allowed—Corporations. Sec. 234. (a) That in computing net income there shall be allowed or to one-tenth of the capital. bill as enacted into law: Deductions Allowed—Individual Taxpayer. Sec. 214. (a) That in computing net income there shall be allowed 1S27 $1,000.’’ Sec. 3. That the provisions of Section 8 of the Second Liberty Bond Act, as an/ended by the Third Liberty Bond Act, shall apply to the proceeds arising from the payment of war-profits taxes as well as income and excess profj/s taxes. lec. 4. That the Secretary of the Treasury may, during the war and for two years after its termination, make arrangements in or with foreign countries to stabilize the fbreign exchanges and to obtain foreign currencies and credits in such currencies, and he may use any such credits and foreign purpose of stabilizing currencies for the and he may designate or rectifying the foreign exchange?, depositaries in foreign countries with which may be determine all or any part of the avails of any foreign deposited as he may credits foreign currencies. or Sec. 5. That subdivision (b) of Section 5 of the Trading-with-the-Enemy Act be, and hereby is, amended to read as follows: 0 * (b) That the President may investigate, regulate, or prohibit, under regulations as he may prescribe, by means of licenses or otherwise, any transactions in foreign exchange and the export, hoarding, melting, or earmarkings of gold or silver coin or bullion or currency, trans¬ fers of credit in any form (other than credits relating solely to transactions to be executed wholly within the United States), and transfer • of evidences of indebtedness or of the ownership of property between\the United States and any foreign country, whether enemy, ally of enemy, or other vise, or between 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, of preventing frauds upon the holders thereof, and of pro¬ tecting such holders, he may investigate and regulate, by means of licenses or otherwise (until the expiration of two years after the date of the ter¬ mination of the present war with the Imperial German Government, as fixed by his proclamation), any transactions in such bonds or certificates by or between any person or persons: Provided, That 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 Uniced 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, con¬ tracts, letters or other papers, in connection therewith in the custody or such rules and [Vol. 107 THE CHRONICLE 1338 completed.” control of such person, either before or after such transaction Is Sec. 6. That Section 5200 of the Revised Statutes, as amended, be, and hereby is, amended to read as follows: “Sec. 5200. The total liabilities to any association, of any person, or of any company, corporation, or firm for money borrowed, including in the liabilities of a company or firm the liabilities of the several members thereof, shall at no time exceed 10% of the amount of the capital stock of such association, actually paid in and unimpaired, and 10% of its unimpaired surplus fund: Provided, however, That (1) the discount of bills of exchange drawn in good faith against actually existing values, (2) the discount of commercial or business paper actually owned by the person, firm, negotiating the same, and (3) the purchase notes secured by not less than a like face amount of bonds of the United States issued since April 24 1917, or certificates of indebtedness of the United States, shall not be considered as money bor¬ rowed within the meaning of this section; but the total liabilities to any association, of any person or of any company, corporation, or firm, upon any note or notes purchased or discounted by such association and secured by such bonds or certificates of indebtedness, shall not exceed (except to the extent permitted by rules and regulations prescribed by the Comptroller of the Currency, with the approval of the Secretary of the Treasury) 10% of such capital stock and surplus fund of such Association.” Sec. 7. That the short title of this Act shall be “Supplement to Second company, corporation, or or discount of any note or commonly known as surtaxes, and excess profits war-profits taxes, now or hereafter imposed by the United States, upon the income or profits of individuals, partnerships, associations, or additional income taxes, ftnd corporations; (2) The interest received after Jan. 1 1918 on an jSaes^ntj>f bonds of the First Liberty Loan Converted, dated either Nov. 15 1917 or May 9 1918, the Second Liberty Loan, converted and unconverted, and the Third Liberty Loan, the principal of which does not exceed $45,000 in the ag¬ gregate; owned by any individual, partnership, association, or corporation, shall be exempt from such taxes; provided, however, that no owner of such bonds shall be entitled to such exemption in respect to the interest on an aggregate principal amount of such bonds exceeding one and one-half times the principal amount of subscribed for by such owner oonds of the Fourth Liberty Loan originally and still owned by him at the date of his tax return. Receivable for Federal Inheritance Taxes.—Any of the bonds which have been owned by any person continuously for at least six months prior to the date of his death, and which upon such date constitute part of his estate, shall, under rules and regulations prescribed by the Secretary of Treasury, be receivable by the United States at par and accrued in¬ terest in payment of any estate or inheritance taxes imposed by the United States, under or by virtue of any present or future law, upon such estate the the inheritance thereof. < Purchase^Fund.^fThe Secretary of the Treasury is authorized, from time to time, until the expiration of one year after the termination of the war, to purchase bonds of this issue at such prices and upon such terms "knd conditions as he may prescribe. The par amount of bonds of this TREASURY DEPARTMENTS CIRCULAR OUTLINING issue which may be purchased in the 12 months’ period beginning on the date of issue shall not exceed one-twentieth of the par amount of such bonds DETAILS OF FOURTH LIBERTY LOAN BONDS. originally issued, and in each 12 months period thereafter, shall not exceed We give below the Treasury Department’s circular, one-twentieth of the amount of the bonds of such issue outstanding at the describing in detail the Fourth Liberty Loan offering of beginning of such 12 months’ period. The average cost of the bonds of $6,000,000,000. Subscriptions to the new loan were opened this issue purchased in any such 12 months’ period shall not exceed par or Bond Liberty Bond Act." Approved Sept. 24 1918. Sept. 28 and will close Oct. 19. As stated in these col¬ umns last week, the bonds will be dated Oct. 24 1918 and will mature Oct. 15 1938. They will bear 434% interest; the first interest payment, for 173 days, will be made April 15 1919, Thereafter the semi-annual interest periods will be April 15 and Oct. 15. Both coupon and registered bonds will be issued; the coupon bonds will be issued in denomina¬ tions of $50, $100, $500, $1,000, $5,000 and $10,000; the registered bonds will be put out in denominations of $50, $100, $500, $1,000, $5,000, $10,000, $50,000 and $100,000. The Government reserves the right to redeem the bonds in fifteen years, namely in 1933. Subscriptions to the bonds will be payable 10% with the application on or before-Oct. 19; 20% on Nov. 21; 20% Dec. 19; 20% Jan. 16 and 30% Jan. 30 1919, with accrued interest from October 24 on the four deferred installments. While subscriptions to $6,000,of bonds 000,000 the are asked the right is reserved to allot additional bonds up to the full amount of any over¬ subscription. The following is the Treasury Department’s circular presenting the offering: and accrued interest. on TREASURY DEPARTMENT. 1918 Department Circular No. 121 Office of the Secretary, Washington, Sept. 28 1918. - Loans and Currency The Secretary of the Treasury invites subscriptions, at par and accrued interest, from the people of the United States for $6,000,000,000 of United States of America Four and One-Quarter Per Cent. Gold bonds of 1933-38, of an issue authorized by'an Act of Congress approved Sept. 24 1917, as amended by the Acts of Congress approved April 4 1918, and July 9 1918, and supplemented by an Act of Congress approved Sept. 24 1918, full amount the right being reserved to allot additional bonds up to the of any oversubscription. Description of Bonds. Denominations.—Bearer bonds with interest coupons attached will be issued in denominations of $50. $100, $500, $1,000, $5,000, and $10,000. Bonds registered as to principal and interest will be issued in denomi¬ nations of $50, $100, $500, $1,000. $5,000, $10,000, $50,000, and $100,000. Provision will be made for the interchange of bonds of different denomi¬ nations and of coupon and registered bonds and for the transfer of regis¬ tered bonds, without charge by the United States, and under rules and - regulations prescribed by the Secretary of the Treasury. Rate of Interest, Date of Bonds, Maturity, and Redemption.—The bonds will be dated Qct. 24 1918 and will bear interest from that date at the rate °f 4J£% per annum, payable on April 15 and Oct. 15 in each year. The interest payable on April 15 1919 will be for 173 days. The bonds will mature Oct. 15 1938, but this issue may be redeemed at the pleasure of the United States on and after Oct. 15 1933, in whole or in part, at par and accrued interest, on any interest day or days, on six months’ notice given in such manner as the Secretary of the Treasury shall prescribe. In case of partial redemption the bonds to be redeemed will be determined by such method as may be prescribed by the Secretary of the Treasury. From the date of redemption designated in any such notice, interest on bonds called for redemption shall cease. The principal and interest of the bonds are payable in United States gold coin of the present standard of value. Tax Exemption.—The bonds shall be exempt, both as to principal and interest, from all taxation now or hereafter imposed by the United States, any State, or any of the possessions of the United States, or by any local taxing authority, except (a) estate or inheritance taxes, and (6) graduated additional income taxes, commonly known as surtaxes, and excess profits and war-profits taxes, now or hereafter imposed by the United States, upon the income or profits of individuals, partnerships, associations, or corporations. The interest on an amount of bonds and certificates author¬ ized by said Act approved Sept. 24 1917, and amendments thereto, the principal of which does not exceed in the aggregate $5,000, owned by any individual, partnership, association, or corporation, shall be exempt from the taxes provided for in clause (6) above. In addition to the foregoing exemptions, until the expiration of two years after the date of the termination of the war between the United States and the Imperial German Government as fixed by proclamation of the President— (1) The interest , of bonds of the Fourth Liberty Loan the principal of which does not exceed $30,000, owned by any individual, on an amount partnership, association, or corporation, shall be exempt from graduated Applications. Official Agencies.—The agencies designated by the Secretary of the Treasury to receive applications for the bonds now offered are the Treasury Department in Washington, D. C., and the Federal Reserve banks in Bos¬ ton, New York, Philadelphia, Cleveland (with branches at Cincinnati and Pittsburgh), Richmond (with branch at Baltimore), Atlanta (with branches at New Orleans, Birmingham, and Jacksonville), Chicago (with branch at Detroit), St. Louis (with branches at Louisville and Memphis), Minneapolis, Kansas City (with branches at Omaha and Denver), Dallas (with branch at El Paso), and San Francisco (with branches at Salt Lake City, Portland, Seattle, and Spokane). The Federal Reserve banks have been designated as fiscal agents of the United States, to receive applications, to receive payments, and to make delivery of the bonds allotted. Sub¬ scribers may send their applications, accompanied by the required pay¬ ment, direct to any of said banks or branches. % Subscribers’ Agencies.—Large numbers of national banks, State banks, and trust companies, investment bankers, express companies, news¬ papers, department stores, and other corporations, firms and organiza¬ tions have patriotically offered to receive and transmit applications for the bonds without expense to the applicants. The Secretary of the Treasury appreciates the value of these offers, and will have application blanks widely distributed through the Federal Reserve banks, to these institutions throughout the country. Subscribers’ agencies must transmit or cover by their own subscriptions all applications received by them. No commissions will be paid upon subscriptions, and those who receive and transmit applications are therefore rendering the service to subscribers as a patriotic duty. Only the Federal Reserve banks are authorized to act as fiscal agents of the United States in connection with the operations of selling and delivering bonds of the Fourth Liberty Loan.' Form of Application.—Applications must be in the form prescribed by the Secretary of the Treasury and be accompanied by payment of 10% of the amount of bonds applied for.» Applications must be for bonds to an amount of $50 or some multiple thereof. At the option of the subscriber payment in full may be made with the application without rebate of in¬ terest, in which case bonds as described herein, dated and bearing interest from Oct. 24 1918, will be delivered to the subscriber as soon as possible after the application, accompanied by such payment in full, is received. If registered bonds are desired the subscriber should fill out the required form appearing on the application blank, in which case registered bonds, dated and bearing interest from Oct. 24 1918, will be issued as promptly as possible, after payment in full, and mailed to the address given. Time of Closing Application Books.—Applications accompanied by pay¬ ment as aforesaid must reach the Treasury Department or a Federal Reserve Bank, or one of said branches, or some incorporated bank or trust company within the United States (not including outlying territories and possessions), not later than the close of business on Oct. 19 1918, the right being reserved by the Secretary of the Treasury to close the subscrip¬ tion on any earlier date, to reject any applications, and to allot less than the amount of bonds applied for. Applications received by any incor¬ porated bank or trust company on or before Oct. 19 1918, must, by such bank or trust company, be transmitted to, or covered by its own subscrip¬ tion to, Federal Reserve bank of the district In which it is located, reaching such Federal Reserve bank not later than the close of business on Oct. 24 1918, accompanied by payment as aforesaid, Payments. of Payment.—Unless payment in full is made with application, payment for bonds allotted, in addition to the first installment of 10% on application on or before Oct. 19 1918, must be made so as to reach a Federal Reserve bank or a branch thereof, as follows: 20% on Nov. 21 1918; 20% on Dec. 19 1918; 20% on Jan. 16 1919; 30% on Jan. 30 1919. with accrued interest from Oct. 24 1918, on the four deferred installments. Receipt of installment payments made to official agencies prior to payment in full will be acknowledged by the several Federal Reserve banks. Pay¬ Terms ments must be made when and as herein provided under penalty of for¬ feiture of any and all installments previously paid and of all right and in¬ terest in the bonds allotted. Payment for bonds allotted may be sooner completed, but only so as to reach a Federal Reserve bank, or a branch thereof, on Oct. 24 1918, or, with accrued interest from Oct. 24 1918 (the previous installment or installments having been duly paid), on Nov. 21 1918, Dec. 19 1918, or Jan. 16 1919. Payment in United States Treasury Certificates of Indebtedness.—Payment of the first installment of 10% or payment in full with application on or before Oct. 19 1918, or completion of payment on Oct. 24 1918, may be made in United States Treasury certificates of indebtedness of Series IV of any maturity, but not in certificates of the Tax Series of 1919. Payment on other installment dates may be made in United States Treasury certificates of indebtedness of the issues, if any, maturing or called for redemption on said installment dates, respectively. Such cer¬ tificates will be received at their face value. The accrued interest thereon (which, in case of payment of the first installment or payment in full on Oct. 5 1918.] THE CHRONICLE 1339 before Oct. 24 1918 will be computed to Oct. 24), will be paid to the While enthusiastic reports of the progress of the subscriber. Fourth Liberty! Loan Treasury certificates thus presented must not be of a larger campaign are being received from many parts of the face value than the amount then to be country, subscriptions paid on the subscription: and sub¬ filed with the incorporated banks and trust companies and reported tk> the scribers should obtain certificates in appropriate denominations in advance. Treasury Department for the first four business days How to Make Payments.—It is of the campaign strongly recommended that subscribers total only $626,506,000. avail themselves of the assistance of their own banks and trust companies, In order that the full amount of in which case they will, of course, make $6,000,000,000 may be taken, subscrip¬ payment through such institu¬ tions must be received at the average rate of over $315,000,000 for each tions. In cases where they do not do so, subscribers should make payment, of the nineteen business days in the campaign, and yet up to date sub¬ either to the Treasury Department in Washington or to a Federal Reserve scriptions are being received at only about one-half this necessary rate. bank or branch thereof in cash, or by bank draft, certified check, post While I am confident that the American office money order, or express company people will in the end complete money order, made payable to the enormous task now before them, I desire to urge every one not only to the order of the Secretary of the Treasury if the application is filed with the subscribe to the utmost of his ability, but to subscribe at the earliest pos¬ Treasury Department in Washington (thus: ‘‘The Secretary of the Treas¬ sible moment in order that his subscription ury, Fourth Liberty Loan Account”), or, if the may serve as an inspiration to application is filed else¬ others. where, made payable to the order of the Federal Reserve bank of the dis¬ The campaign is handicapped trict in which the application is filed by two factors, the first being the un¬ (thus: “Federal Reserve bank of fortunate spread of influenza throughout many of the Eastern States, Fourth Liberty Loan Account”). Incorporated banks and necessitating the cancellation of public meetings, parades and other demon¬ trusteompanies in the United States duly qualified as special depositaries strations in behalf of the loan. This condition of public moneys under Department Circular makes it necessary for the No. 92, as amended and people to come forward with their subscriptions without supplemented Sept. 21 1918, may make payment by credit waiting to be for bonds called upon. subscribed few for themselves and their customers up to the amount, for \ The second unfavorable factor, and which such depositaries, by far the most serious one, is the respectively, shall be qualified in excess of then feeling which is prevalent in some communities that the glorious news from existing deposits, when so notified by Federal Reserve banks; but the-right ythe battlefronts reflects a is reserved to require that military situation which warrants a slackening qualified depositaries make payment by crecmK of our efforts here at home. No more insidious propaganda than this could only to the extent that they cannot make such payment An J>e Treasury certificates of indebtedness maturing or by the enemy. called for redemption on the date is ripe for the final stroke which shall lead to complete victory the payment on bond subscriptions is due at Federal Reserve banks. and enduring peace, but that stroke cannot be delivered in a day or a week. Germany is not yet crushed. She has millions of strong Delivery. fighting men still on the battle lines and with invasion Bonds affdescribed in the circular, dated Oct. 24 of their own territory facing them they 1918 and bearing interest will even more fight from that date, will be delivered desperately than heretofore. promptly after due completion of pay¬ The strength of our military efforts must be multiplied. Our ment therefor, and may be delivered fighting prior to Oct. 24 1918, to subscribers forces must feel behind them the steadying who make payment in full in cash on or before support of the American people. Oct. 19 1918. In making The supply of American arms and deliveries before Oct. 24, the right is reserved to deliver ammunition must not be interrupted or bonds of the diminished. Now is the time for speed—speed and the maximum largest denomination or denominations, not exceeding of force $1,000, contained at the present time mean an in the respective amounts of bonds subscribed earlier return of our boys from the bloody for. Bonds will be delivered by the several Federal Reserve banks as fiscal agents of the United States battlefields—mean the saving of American lives and the winning of a glorious and conclusive victory. as far as practicable in accordance with written instructions given by the subscribers, and, within the United States, its territories and insular Iowa was the first State to report to the possessions, at the expense of the United States. or , . . circulated X^he]time ” Interest. As the bonds dated Oct. 24 1918, no accrued interest will be due on subscriptions for bonds paid for in full on or before that date. No rebate of interest will be allowed, either on account of full payment in advance of Oct. 24 1918, or on account of the first installment of are 10%. pletion of payment for the bonds Upon com¬ Nov. 21 1918, Dec. 19 1918, Jan. 16 1919, or Jan. 30 1919, the subscriber will be required to pay accrued interest from Oct. 24 1918, on the deferred installment or installments at the rate of 434 % per on annum. Further Details. The bonds will be receivable as security for deposits of public money, but will not bear the circulation privilege. The bonds are not entitled to any privilege of conversion into bonds bearing a higher rate of interest. Coupon bonds will have four interest coupons attached, covering interest payments up to and including Oct. 15 1920. On or after that date holders of these bonds should surrender the same and obtain a new bond or bonds having coupons attached thereto covering semi-annual payments from April 15 1921 to Oct. 15 1938, both inclusive. This is to avoid the in¬ convenience, both to the United States and to subscribers, incident to the delivery of interim receipts, and to allow sufficient time for the engraving and printing of bonds with the full number of coupons attached. The Secretary of the Treasury may make special arrangements for sub¬ scriptions for the bonds at not less than par from persons in the military or naval forces of the United States. Further details may be announced by the Secretary of the Treasury from time to time, information as to which as well as forms for may be obtained from the Reserve bank. Treasury Department W. G. or through application Federal any McADOO, Secretary of the Treasury. THE FOURTH LIBERTY LOAN CAMPAIGN SUBSCRIPTIONS. While the Fourth Liberty Loan campaign had an aus¬ picious opening on Saturday last, Sept. 28, its progress up to Thursday did not come up to the expectations of the Treasury Department, which ascribed this to the prevalence of Spanish influenza and the slackening of efforts as a result )of the reassuring accounts of developments on the battlefronts. Subscriptions of $626,506,000 were reported by the Treasury Department up to the close of business on the 2d^ this\ included all of the Federal Reserve districts except' Kansas City, which will not begin its campaign until Oct. 7. The following were the subscriptions reported by the Treasury Department up to the 2d: Boston New York Phlladelpnia Cleveland Richmond Atlanta ; Chicago. St. Louis. - - Minneapolis Kansas City Dallas San Francisco Total Quotas. $500,000,000 1,800.000,000 500,000,000 600,000,000 280,000.000 192.000.000 870.000,000 260.000.000 Subscriptions. $121,094,000 210,000.000 260,000.000 126,000,000 402,000,000 183.346.000 45.775.250 35,471.450 18,330.400 2,153.850 72,927,850 83,014.350 18,648,750 No report 7,788,150 37,955,950 $6,000,000,000 $626,506,000 Early yesterday the subscriptions officially reported to the Treasury Department reached a total of $727,383,950. In the New York Federal Reserve District the total yester¬ day morning was announced as $215,219,050. The Secretary of the Treasury—in pointing out on the 3rd that the bond sales must average more than $315,000,000 daily during the campaign if the $6,000,000,000 goal is to be reached, said: officially Treasury Department that it had oversubscribed its quota of Fourth Liberty Loan bonds. According to the Treasury Depart¬ ment, a telegram from Chicago said that C. H. McNider, Federal Reserve Director of Sales for Iowa, reported that at 8:10 p. m. on the 1st $148,920,500 in subscriptions had been reported, coming from virtually every county in the State. Iowa’s quota was $147,900,000, about twice its quota for the Third Liberty Loan. In furtherance of plans to enlarge its activities, the Lib¬ erty Loan Committee of the Federal Reserve District of New York decided on Thursday upon the appointment of a special committee which has been delegated to make an in¬ tensive and exhaustive canvas of wealthy persons of this dis¬ trict. In announcing the appointment of the special com¬ mittee, the Liberty Loan Committee stated that an analysis of subscriptions in past loans had convinced it that “there is a large number of prosperous people in this city who have not taken as many bonds as they ought, probably because their re¬ sponsibilities have not been made sufficiently clear to them.” The special committee named on Thursday consists of Sew¬ ard Prosser, President of the Bankers Trust Co.; James S. Alexander, President of the National Bank of Commerce, and Mortimer L. Schiff of Kuhn, Loeb & Co. Members of the New York Stock Exchange, in response to a request, have supplied 240 workers who will aid in the canvass. It is estimated that about 7,000 persons of means will be approached. A meeting of these volunteers was held yester¬ day at the Chamber of Commerce, when an appeal that they put forth their best efforts in the drive was made by J. P. Morgan. LIBERTY LOAN TAX-EXEMPTION FEATURES. The Liberty Loan Committee of the New York Federal Reserve District on the 22d inst. issued a statement regard¬ ing tax-exemptions on the bonds of the Second, Third and Fourth Liberty Loans. The committee points out the great value of these exemptions in view of the taxes proposed in the pending revenue bill. At headquarters the exemption provision in the amendment to the Second Liberty Bond Act is regarded as one of the principal features making for a successful subscription throughout the district to the Fourth Liberty Loan. The following statement issued by the committee shows how the return on a purchase of $30,000 of Fourth Liberty Loan bonds compares with the yield on taxable bonds: As regards individuals subject to income tax, including partners in business, bonds of the Fourth Liberty Loan, up to $30,000 principal amount, are exempt from all income taxes. This exemption gives a clear advantage in income, as contrasted with taxable investments bearing the same face rate of interest, in the case of individuals subject to income tax, ranging from 16% in the case of those subject to the proposed lowest rate of surtax to 334% in the case of those subject to the proposed highest rate of surtax. In other words, 4)4% tax-exempt income is equivalent to taxable income ranging from 4.94% when subject to the lowest rate of surtax to 18.48% when subject to the highest rate of surtax. This com¬ parison as applied to the various steps of income, based upon the income taxes proposed in the pending revenue bill, is shown in the following table: Interest from an investment of $30,000 in Liberty bonds of the Fourth Loan is equal to a yield of taxable income: 4B2%| $4.000 5 BOO 7B00 10.009 15,000 20,000 30.000 [Vol. 107. THE CHRONICLE 1330 4.94% 5.00% 6.25% 6.45% 140.000 60 B00 60 BOO 70,000 80,000 90,000 00,000 *11.19% 6.25% $200,000 300,000 11.81% 6.75% 12.60% 7.69%, 600,000 14.16% 8.60% 1,000,000 16.18% 9.24% 6,000,000 10.12% Over $6,000,000 18.48% . — 10.62% taxe8 Exemption from all Income taxes and excess profits or war profits Second and Third liberty Loan bonds in the hands of original subscribers to Fourth Liberty Loan bonds to an amount equal to one and is extended to Standing here, as on Piagafc's Heights, and like Moses of eld, looking down into a Promised Land, which I cannot hope at my ago to enter, yet „ my eye can perceive how in times now will bear rich fruit in making own to oonse, the sacrifices we are bringing this a happier world, will aasure to our posterity and to mankind in general great blessings, because the brotherhood of man shall have become n reality, selfish strife and rises hatred shad have disappeared Should we for so lofty a purpose not gladly again and again come for¬ ward to furnish with open hands the great sums needed by the Govern¬ ment? And, withal, no sacrifice is involved in this. We are not asked to surrender anything we possess—as we would readily do, were it neces¬ sary—but only to lend to our Government at good interest with partial freedom from taxation. 4 Billions do not frighten us—six billions—what of it, we shall find them— and when the nineteenth of October comes around, we shall surely have bonds, but not exceeding ownership of Fourth Liberty Loan bonds at the date of tax return. Making the Second and Third Liberty Loftn bonds tax-exempt Is equivalent 'to increasing the interest return therefrom. Heretofore only $6,000 aggregate principal amount of Liberty gone ovef\the top. Loan bonds have been tax-exempt. The amendment provides additional exemption on $76,000 principal amount. Thus, an individual, partner¬ ADWCE TO LIBERTY BOND BUYERS CONCERNING ship or a corporation may now hold $80,000 Liberty Loan bonds—$30,000 NEW YORK SAVINGS BANKS WHICH WILL HOLD Fourth Loan and $50,000 Second and Third Loans—exempt from all in¬ come taxes and excess profits or war profits txaes. Such holdings, yield¬ LIBERTY BONDS FOR SAFE KEEPING. ing 4H% on the subscription price, are, during the period of the war and Half a million copies of a pamphlet entitled “Stick to Your for two years thereafter, on a parity, with respect to taxation, with the Liberty Loan ZlA* now selling above par. Trench” are to be issued by |he Liberty Loan Committee The exemption from all income taxes which is obtained by subscribers of the New York Federal Reserve District. This booklet to the Fourth Loan (up to $30,000) on the proportionate amount of their contains a list of institutions in this district that have agreed holdings of the Second and Third Loans (up to $45,000), is equivalent to an additional return on the investment in the Fourth Loan. With this to accept Liberty bonds in small denominations for safe¬ additional return the subscriber obtains a return on the proportionate keeping. During the second and third loan campaigns, a amount of investment in the Fourth Loan equivalent to income from number of trust companies, safe deposit companies and taxable securities yielding rates ranging from 6-09%, when subject to the proposed lowest rate of surtax, to 36.50%, when subject to the proposed national and^State banks offered to care for Liberty bonds highest rate of surtax. This comparison as applied to the various steps of small denominations. Important progress has been made of income, based upon trie income taxes proposed in the pending revenue bill shown in the following table: in the last few weeks in the Government’s campaign to pro¬ Interest from an investment of $30,000 in Liberty bonds of the Fourth Thirty-nine savings banks tect the small investor from loss. Loan is equal to the following yield from taxable bonds (allowing for in Greater New York have been added to the list. a^^utage to previous holding of $45,000), taxa one-half times the amount of Fourth Liberty Loan $45,000, provided subscribers retain _________________ $7,600 10,000 15,000 20,000 30,000 40,000 5.09% $50,000 60,000 70,000 80,000 7.13% 90,000 8.13% 100.000-.-. —5.23% 5.80% 6.27% 19.57% 9.28% $200,000 300,000 21.01% 11.23% 500,000. 22.63% 13.35% 26.49% 15.06% 1,000,000. 28.84% 17.10% 5,000,000 18.28% Over $5,000,000 36.50% This advantage to holders of Second and Third Loan bonds is a com polling inducement to subscribe to bonds of the Fourth Loan. As regards corporations subject to income taxes and excess profits or war profits taxes, bonds of the Fourth Liberty Loan, up to $30,000 prin¬ cipal amount, are exempt from the proposed 18% tax on undistributed profits. In other words, the 4\i% income from Fourth Liberty Loan bonds purchased with undistributed profits is equivalent to 5.20% return from taxable securities purchased with the same funds. In addition, these bonds are exempt from excess profits or war profits taxes, so that, in the case of a corporation subject to the proposed highest rate of excess profits tax, the income from Fourth Liberty Loan bonds is equivalent to a return from taxable securities yielding over 14%, and. in the case of a corporation subject to the proposed war profits tax, the income is equivalent to a return from taxable securities yielding over 21%. i—*—, JACOB H. SCHIFF PREDICTS LOAN WILL OVERSUBSCRIBED. [BE Billions do not frighten us and when Oct. 19 comes we shall have overtopped the six-billion-dollar mark, was the assurance given on Wednesday by Jacob H. Schiff to a crowd of several thousand at the Liberty Loan rally at the Sub-Treasury steps. Mr. Schiffs speech was as follows: this same spot, I had the privilege of addressing my fellow-citizens with a view to encouraging Buoscriptions to the Third Liberty Loan. I then told those to whom I was speaking, that my uniform answer to the question frequently put to me as to my opinion when the war will be over had been “When we have won it.” How much nearer have we since come to this and how proud have we a right to be because of what our gallant Allies, in Unison with our own brave boys, PRESIDENT WILSON’S LIBERTY FOURTH LOAN ADVERTISEMENT. A full page advertisement in the fac simile of President Wilson’s handwriting was one of the features of the opening of the Fourth Liberty Loan campaign. The advertisement which was an appeal to the people to respond more gener¬ the invest¬ ously than ever to the Government’s request for ment of their money inLiberty bonds, appeared in papers of Saturday last, Sept. 28. the daily It said: WHITE HOUSE, Washington. Again the Government comes to the people of the country with the request that they lend their money, and lend it upon a more liberal scale than ever before, in order that the great war for the rights of America and the liberation of the world may be prosecuted with ever-increasing vigor to a victorious conclusion. And it makes the appeal with the greatest confidence becaose it knows that every day it is becoming clearer and clearer to thinking men throughout the nation that the winning of *he war is an essential investment. The money that is held back now will be of little use or value if the war is not won and the selfish masters of Germany are permitted to dictate what America may and may not do. Men in America, besides, have from the first until now dedicated both their lives and their fortunes to the vindication and maintenance of the great prin¬ ciples and objects for which our Government was ser- up. They will not fail now to show the world for what their wealth Was intended. WOODROW WILSON. Five months ago, standing on already accomplished. Indeed, even if the Kaiser does not yet know it, the war is in effect already won by our allies and ourselves, or our foes would not again and agam Bue for the opening of peace negotiations; the fact remains, Germany’s allies have already begun to lay down arms, the rats are leaving the sinking ship. We must, however, continue to battle until we shall become as¬ sured of a peace on terms entirely dictated by ourselves and our allies— not a peace made in Germany, but a peace that shall be lasting, because of the justness of its terms to ail. The Kaiser so frequently has insisted that the “good German sword” will, with the help of his special God, win the war. What a blasphemy and how little does he know his bible, or he would better appreciate what have America, at least, is fighting for. The American sword has been drawn to teach the lesson that right and might must henceforth govern the nations, that the peace we are contending for cannot be brought about by “give and take” negotiations, through which the strong are to gain aggrandizement at the expense of the weak, but rather to bring nearer the time the Prophets of old have visu¬ alized: “When the sword shall be turned into plow-shares, bayonets into pruning hooks, all strife shall cease and war shall be no more.” Thanks to the wonderful organization that has been built up almost over-night, thanks to the willingness of our people, may their eagerness, to meet every sacrifice, to foot the bLl without limit, we now have an army of almost two millions in Europe, and this by next spring will have grown to double its present size. With the bravery, the courage and the intelligence of the American soldier, with his eagerness to do his duty in its entirety, can there be any doubt as to the outcome? But you and I and the America ? people in general must likewise do our duty in full, must supply the large means needed to fight the successful battles which shall Insure victory over the relentless foe, who knows no other purpose than aggrandizement and conquest. It Is not true that the American people are—as our enemies have so not APPEAL TO HOLLANDERS TO SUPPORT LIBERTY LOAN. The Holland Liberty Loan sen Committee, consisting of repre¬ tativeHollanders active in Dutch mercantile and banking interest^in America, has issued an appeal to all United States citizens of Holland descent, and to all Hollanders in this country to support the Fourth Liberty Loan and thus show their appreciation of advantages enjoyed here. The cir¬ cular issued by the committee is headed by an appeal of Prince William the Silent of Holland to his people made in during the war against Spain. This begins: “Let not of gold be so dear to you that for its sake you will sacrifice your lives, your wives, your children, and all your descendants, to the latest generations, that you will bring sin and shame upon yourselves, and destruction upon us who have so heartily striven to assist you.” The committee consists of the following: L. I. Dubourcq, Manager of the Netherlands Life Insurance Co.; N. C. M. Luykx, A. S. van Wezel, H. Luden, A. O. Corbin, E. J. Daniels, G. L. Boissevain, S. Metz, H. R. Jolles, Charles D. Van Rijn, Joh. H. Duijs and C. van der Hoeven. ’ 1572 a sum BRITAIN’S ENVOY SPEAKS FOR LIBERTY LOAN ON BRITISH DAY. The ceremonies for the celebration of British Empire Day in connection with the Liberty Loan campaign began last Monday with a reception to Sir Henry Babbington Smith, British Acting High Commissioner and Minister Plenipoten¬ frequently claimed—materialists, devoted solely to the acquisition of tiary, at the Waldorf-Astoria. The reception was followed wealth. To tne contrary: In contrast with the Central Powers, we seek not aggrandizement and domination, we do not desire to gain anything by a parade from Thirty-Third to the Altar of Liberty, at from this war, except the security of the nations and the freedom of the Madison Square, where Sir Henry delivered an address. peoples of the earth. To attain this, our soldiers are shedding their blood The reception at the Waldorf began at 11:30, and^was and we ourselves are ready, if need be, to sacrifice all our possessions. Oct. 5 1918.] THE CHRONICLE attended by British and American officers. On the recep¬ tion committee were Martin Vogel, Assistant U. S. Treasurer, with a 1331 remittance for their value without regard to whom they have been issued. The detailed accounting necessary for the third loan will not be required of the banks, as bonds will be delivered to the bearer of a book upon its surrender George T. Wilson, Vice-President of the Equitable Life Assurance Society, R. A. C. Smith, and Major W. G. Eliot. Sir Henry Babbington Smith spoke as follows: after the I stand here to-day at the Altai1 of liberty to make a solemn offering of the Flag of Britain, that it may take its place beside the Stars and Stripes and the flags of the allied nations. This offering of our flag, is a sign that we have dedicated long since, in the common cause in which we stand completion of payments. have and EVERY LIBERTY LOAN CANVASSER WILL HAVE CRE¬ DENTIALS AND GIVE RECEIPT FOR PAYMENTS, nothing—a piece of gaily colored bunting—but in its meaning, in its symbolism, it is everything. It fo the gathering point for A new feature of the Fottrth Liberty Loan campaign ili the New York Federal Reserve district is an army of 10,000 can¬ united, all that the flag signifies—that is, nothing less than we are. The flag itself is each supplied with an identification card which is authority to accept cash for first payments upon subscriptions. All workers who are authorized to take cash vassers, some of the noblest feelings of the human mind—for love of country, for love of liberty, for dignity, for discipline and self-sacrifice. For this flag men have lived, have fought, have died. If we look more closely, we see that above all the flag is a symbol of unity. “Old Glory,” by its very stars and stripes, marks the union of the several States in this great country—In the United States of America. The British flag, the Union Jack, tells by its name and by its design— the conjoined crosses of St. George for England, St. Andrew for Scotland and St. Patrick for Ireland—of the United Kingdom. That was its history, and now ft stands not for the British Isles only, but for the whole British Empire. his official Liberty Loan receipt books. The public is re¬ quested to ask all agents who say they can take cash to show their identification cards and to obtain receipts for payments. Under this new system subscribers will be relieved of the necessity of going to a bank to make their first payments. The banking institutions, the staffs of which are under great pressure of work during Liberty Loan drives, need not get j year in touch with these subscribers and collect first payments as in previous campaigns. The identification card which is issued to authorized agents reads as follows: of the war, we Belgian, British and French forces playing their part, and the gallant American army, full of energy and determination, magnificent in material and In promise, is already showing it is no less magnificent in performance are and in results. * Nor is It on the West front alone that success follows success. In Pales¬ tine, the Turkish armies are dissolved, and a large part of them are prisoners, while such remnants as remain will hardly make good their escape. In Macedonia, the Bulgarian army is in rout before the Serbian, British, French and Italian forces, and the Bulgarians not only are suing for peace, but have immediately surrendered. Therefore, victory, we hope, is in Bight, but the road to it may still be long, and this is a moment not to re¬ lax, but to redouble our efforts. You are asked to subscribe to the Liberty Loan. America is making good with her men. It is inconceivable that she should net make good with her ^dollars. The cost is heavy, and you have assumed the honorable charge of bearing a part of the burden cf the allied nations as well as your own; but for one who sees the spirit in Vhich the people of this country have set themselves to win the war, there cannot be a doubt that the vast sum which you are asked to provide will be readily forthcoming, and that, so far as money can do it, nothing will be wanting to secure the final victory which will restore peace and insure liberty for the world. fcii NEW PARTIAL PA YMENT PLAN FOR LIBERTY LOAN. The Liberty Loan Association of Banks and Trust Com¬ her carry The ceremony of to-day and those other national days which have pre¬ ceded and will follow it, speak for a larger union still—of union in the great aims for which we are fighting. But at last, in this fifth begin to see the enemy lines crumbling. On the Western front, unity of command under Marshall Foch is bearing its fruits. The hammer strokes have followed one another in ordered sequence, giving the enemy no respite and no time for recovery, and now we are striking on almost the whole line at once—in Flanders, in Picardy, in Champagne and in the Argonne. or LIBERTY LOAN COMMITTEE. Second Federal Reserve District. , The bearer of this card signature hereon, is whose an agent duly authorized to accept the initial subscription for bonds of the Fourth Liberty Loan uhder appears payment on a Plan B or C and to issue therefor an official receipt of the Liberty Loan Committee during the period of the campaign beginning Sept. 28 1918 and terminating midnight Oct. 19 1918. Plan B is the Government plan of five payments. weekly payments. Plan C provides for The card is tee or a countersigned by the Chairman of a commit¬ department manager, as well as by Benjamin Strong, Chairman of the Central Committee. In connection with the drive which is to be conducted by these 10,000 agents, the Liberty Loan Committee points out that persons who wish to buy $50 and $100 bonds on an- installment basis should buy the books issued by the Liberty Loan Associa¬ tion of Banks and Trust Companies. Although the sub¬ scriber to a small denomination bond is not prevented from making use of the Government plan, the purchase of the book is recommended. It was pointed out that those who cannot buy outright can make their payments on practically the same basis as the Government plan by using the book and its adhesive receipts. panies of New York City on Sept. 30 made public the new method of handling partial payment subscriptions to the Fourth Liberty Loan. Through the banking institutions DEPARTMENT STORES TO GIVE PRIZES TO of the city the association will sell $50 bonds to subscribers EMPLOYEES WHO SELL BONDS. who make an initial payment of $4 and $100 bonds to those Several of the larger department stores, headed by James who pay $8 down. Subscribers will agree to continue weekly McCreery and Son, Lord & Taylor's, and James A. Hearn payments of $2 for $50 bonds and $4 for $100 bonds for a & Sons, have worked out a plan by which prizes of Thrift period of twenty-three weeks. A book of the same size and stamps will be distributed among their salespeople and other shape as that which has become familiar to purchasers of Third Liberty Loan bonds on the installment plan, will be employees who sell Liberty bonds. Each of these stores has used. iDstead of a detachable coupon as before, an adhesive appropriated $1,250 which will be divided into 100 prizes, the largest of which, $250 of War Savings stamps (maturity receipt will be issued whenever a weekly payment is made. One of these receipts must be attached to each white sheet value) will be given to the employee who does best in the Fourth Liberty Loan. The plan is so arranged that points in the book. The book and the contents will be bearer will be awarded, on which basis the prizes will be given. obligations, and in case of loss no duplicates can be issued. Each individual subscription will bring five points, while The book and its receipts, therefore, must be kept in a safe one point will be scored for each $50 subscribed. The stores place until turned into a bank or the headquarters of the hope to be able to encourage a policy by which employees association in return for a bond. The book will be on sales will strive to sell bonds first, in preference to other wares. at three hundred booths, at all the precinct headquarters Other stores which will utilize the plan, though not offering of the Metropolitan Canvass Committee and through 10,000 such large prizes are Best & Co., Bloomingdale Bros., and authorized canvassers. In addition to the banking insti¬ Koch & Co. Still others are likely to adopt the plan. This tutions that will sell the books and receive weekly payments, action by the stores is in addition to this patriotic offer to there will be more authorized agencies for this work than turn over to the Loan Committee practically all of their there were in the last campaign. These agencies will be show window space, for what is expected to be the greatest found in all parts of the greater city. display of Loan advertising that has ever been Liberty A letter sent to banking institutions by the association seen, and to permit the placing of Liberty Loan booths in explains the new system and also outlines the part the banks the most prominent places in their buildings. will play in the campaign. The letter says in ' part: The books will be delivered to banks on consignment. Each bank will be charged with books delivered at the value of the initial payment, and credited for cash received and for unissued books returned at the same value. Books will be available for distribution on or before the opening day of the campaign, Sept. 28 1918, and in order that the distribution may be made promptly, you are asked kindly to furnish the following information: Estimated total number of each kind of books required for the campaign, based on your experience with the Third Loan. Number of books desired in initial delivery estimated to meet your requirements for the first four or five days. The association also states in this letter that the work required of the banks will be simple, being confined to a report of the number of adhesive receipts received from' the association, the balance on hand and the number issued, LIBERTY LOAN PENNANTS FOR BUSINESS HOUSES. The Industrial Honor Pennant of the Fourth Liberty Loan will be displayed only by business houses or organizations where 75% or more of the employees or members have sub¬ scribed to the Fourth Liberty Loan. It is a development from the Community Honor Flag. The business house or organization winning a cardboard emblem for window dis¬ play, showing that 75% or more of its organization has sub¬ scribed, will be permitted to display at the end of the loan campaign the Industrial Honor Pennant. The field of the pennant is red, with a blue border and four blue stripes. THE CHRONICLE 1333 Those entitled to display it can procure one through their local liberty Loan Committee. Each pennant will bear the percentage mark of the firm's final standing. J. H. Burton of New York originated the pennant idea? Mr. Burton planned the Honor Flag campaign. He is connected with the Liberty Loan Committee of the Treasury Depart¬ ment in Washington. He has trade-marked the pennant at the Patent Office and has assigned all rights thereto to the This was done so that it may reproduced or used without permission from the Liberty Loan Executive Committee of the Federal Reserve districts. The Community Liberty Honor Flag, used in the Fourth Loan, will be similar to that of the Third, with the exception that it will bear four stripes instead of three. It will be awarded to all communities exceeding their quota, and a blue star will be given for each 50% oversubscription. Secretary of the Treasury. not be APPEAL TO RAILROAD EMPLOYEES TO SUBSCRIBE TO FOURTH LIBERTY LOAN. An appeal to railroad employees to co-operate in securing 100% result oa every railroad in the matter of subscriptions among officials and employees in the Fourth Liberty Loan campaign was issued by Director-General of Railroads Mo* Adoo under date of Sept. 18. With regard to payments by railroad employees, Mr. MeAdoo states that payments on subscriptions to the Fourth Liberty Loan may commence with the moiith of January, 1919, when the subscriber is also making payments on subscriptions to the Third Liberty Loan; in cases where employees are not making payments on subscriptions to Third Liberty Loan bonds, payments on the Fourth Liberty Loan are to begin with the pay-roll for the last half of October 1918. The following is Mr. MeAdoo’s a circular: CIRCULAR NO. 56. The was patriotic support of railway employees to the Third Liberty Loan more than gratifying. On some railroads practically every employee became a subscriber for one or more of the^e bonds. Now that the Fourth Liberty Loan is about to begin. I earnestly urge all railroad officials and employees to co-operate in securing a *‘100 per cent” result on every railroad. 1 believe that where the officials and employees unite in a patriotic support the response will be even more gratifying than that to the Third Liberty Loan. 1 realize that there are many instances where railroad employees are not financially able to assume additional obligations. In such instances there should be no criticism of the failure of an employee to subscribe to the Fourth Liberty Loan. 1 believe, however, that when the urgency of the need is presented to employees that few will fail in their financial support of the Government. « My attention has been called to the fact that in the past loans many employees have subscribed through their banks and through other agencies than the railroads. No criticism should be made against employees for subscribing to bonds in this way, but it is a matter of pride to the Railroad Administration that the employees on each railroad shall receive the credit for all subscriptions they make. Government bonds are the safest investment in the world, and in making such an investment railroad employees at the same time have an opportu¬ nity to help win the war and give needed support to our noble sons and brothers who are risking and giving their lives upon the battlefields and upon the seas. I hope that 100% of the railroad employees will subscribe to the bonds of the Fourth Liberty Loan. I can think of nothing more inspiring than the great body of railroad employees effectively banded together to wore for the success of the Fourth Liberty Loan, and 1 urge upon each railroad employee patriotically to do his share. In this way we can shorten the war, save many lives, and bring a glorious victory to America and to democracic principles everywhere. W. G. McADOGv Director-Ge^erai of Railroads. FOURTH LIBERTY LOAN DETAILS. , The Fourth Liberty Loan campaign will begin on Sept. 28 and close Oct. 19, and in order to encourage employees to subscribe thereto, Federal Man¬ agers are authorized to take such amount of the bonds as may be necessary to care for Such subscriptions, and current Federal funds may be used as far as necessary in paying for such bonds. Final details of the bonds have not yet been determined, but the law which authorizes an additional issue of bonds provides that they shall be of the Bame general character as the bonds of the Third Liberty Loan. The rate of interest will be 4)4 %, but the maturity of the bonds will be later determined by the Secretary of the Treasury, as will also the dates on which in¬ terest payments will be made. The bonds will be issued in denominations of $50, $100, $500, $1,000, and upwards, and may be obtained in either registered or coupon form. Interest on registered bonds is paid by check from the United States Treasury and interest on coupon bonds is represented by detachable coupons, collectible through any post office Department, or bank. Officers and employees will be permitted to in installments covering a period of not exceeding eight months, provision being made so that such installments may be paid by deduction on the pay-roll. In connection with the Third Liberty Loan it was permitted that pay¬ ments on new subscriptions might begin at the expiration of the period cov¬ ering installment payments on subscriptions to the Second Liberty Loan, in order to avoid making payment on both subscriptions at the same time. For that reason payment to the Third Liberty Loan in many cases will not be completed until June, 1919. Since the last loan, however, employees generally have received substantial increases in wages, and therefore it is unnecessary to avoid the making of payments on two subscriptions at the same pay time. Payments on subscriptions to the Fourth Liberty Loan may, however, when the subscriber is also making payments on subscriptions to the Third Liberty Loan, commence with the month of January. 1919. the period of eight months running therefrom. In cases where employees are not mak¬ ing payments on subscriptions to Third Liberty Loan bonds, payments shall begin with the pay roll for the last half of October, 1918. [Vol. 107. Employees will be credited with interest on bonds during the period of in¬ stallment payments, and will be charged interest on deferred payment both at 4 K %. When the last installment payment is made the bond will be delivered to the subscriber. Adjustment of interest will be made in the last month's installment payment. Coupon (covering interest which matures during the period of installment payments) will be detached by the Federal Treasurer and the interest collected. Subscribers will, however, receive proper proportionate credit on account of such coupons in the adjustment of interest to be made in the last installment payment, as described above. Should employees leave the service before completion of the payments, the amount paid will be refunded without interest. Employees may pay for bonds in full at the time of subscription; or, if they subscribe on the installment plan, they may at any time pay up the unpaid installments in full and receive the bonds. Employees should not hesitate to place their subscription with the Fed¬ eral .Treasurer of the road on which they are employed, for fear that their local district may not receive credit for subscriptions, for arrangements are being made bo that the subscriptions of railroad employees will be reported according to their homes and the local district will in each case receive cor¬ responding credit to apply toward its quota. \ Instructions are being issued to Regional Directors relative to the forma¬ tion of committees, Ac., to organize and promote this work, with which committee when appointed all railroad employees are urged to cooperate. While bonds are being issued in both coupon and registered form, I ad¬ vise and urge that employees subscribe for registered bonds, which in case of loss or destruction by fire will be replaced by the United States Treasury. (3). AGRICULTURAL ADVISORY COMMITTEE'S RECOM¬ MEND A TIONS CONCERNING HOG AND CORN BRICES. Recommendations concerning the prices of hogs and com by the Agricultural Advisory Committee, were made public in the “JOfficial Bulletin” of Sept. 28. The committee recommends that the “average cost per bushel of com” for the purpose of deter¬ mining the price of hogs be considered as the average “farm value of com” or the average selling price of com at local railroad stations, as determined by the Department of Agri¬ culture, and that the general com figures be arrived at by taking these averages and weighing them, according to production over the eight leading hog and com producing States for a period of five months preceding the month the hogs are marketed or prior to the month for which directions are given to the packers. The committee further recom¬ mends that the price of hogs should be calculated on the average of packers’ droves at Chicago. The following is the official announcement concerning the recommendations of made to the U. S. Food Administration the committee: The following members of the subcommittee of the National Agricultural Advisory Committee on Live Stock, to wit, Messrs. F. J. Hagenbarth, Spencer, Idaho; H. C. Stuart, Elk Garden, Va.; Eugene Funk, Blooming¬ ton, Ill.; N. H. Gentry, Sedalia, Mo.; W. L. Brown, Kingman, Kans.; Isaac Lincoln, Aberdeen, S. Dak.; John Grattan, Broomfield, Colo.; C. W. Hunt, Logan, Iowa, and together with the following gentlemen, invited by the Chairman, Mr. H. C. Stuart, to sit with them, Jto wit, Messrs. J. H. Crockett, Wytheville, Va.; J. H. Mercer, State Hbuse, Topeka, Kans.; W. H. Tomhave, State College, Pa.; J. G. Brown /Monon, Ind.; J. C. Crawley, Lawson, Mo.; Prof. J. H. Skinner, La Fayette, Ind.; S. P. Houston, Malta Bend, Mo.; A. Sykes, Ida Grove, Iowa, and Prof. John Eward, Ames, Iowa, offer the following report: The committee has been asked by the Agricultural Advisory Board to meet in conference with the Food Administration in consideration of the commercial methods to be pursued by the administration in the interpreta¬ tion of the policy outlined on Nov. 3 1917 with regard to the price of hogs, which was as follows: “The prices so far as we can effect them will not go below a minimum of about $15 50 per hundredweight for the average of packer’s droves on the Chicago market until further notice. ... As to the hogs farrowed spring (1918), we will try to stabilize the price so that the farmer can on getting for each 100 pounds of hog ready for market 13 times the Let there be no mis¬ average cost per bushel of com fed into the hogs. understanding of this statement. It is not a guarantee backed by money. It is not a promise by the packers. It is a statement of the intention and policy of the Food Administration which means to do justice to the farmer.” net count The recommendations of the committee were: (1) It is recognized that the Food Administration has no power to fix price of hogs or com, and can only influence the hog price so far as the volume of controlled orders for the army, navy, allies, and export trade will absorb the surplus production. If prices should go so high as to curtail consumption at homeland abroad, then in this event the stablization of prices during the next winter would be likely to fall, with disaster to the producer. On the other hand, it must be recognized that the costs of production are necessarily greatly increased, and that to maintain produc¬ the tion fair returns must be assured to the farmer. It is, therefore, in the fun¬ damental interest of the producer and consumer that both extreme high and low prices should be guarded against. (2) In order to effectually carry out the above policy of the Food Ad¬ ministration, it is recommended that in dealing with the packer in respect to the co-ordinated purchase of pork products that directions should if price basis in advance from month to month hogs, upon which such orders will be based. It is recommended by the committee that the “average cost per bushel of com” for the purpose of determining the price of hogs be considered as the average “farm value of com,” or the average selling price of com at local railroad stations, as determined by the Department of Agriculture, and that the general com figures be arrived at by taking these averages and weighing them according to production over the eight leading hog and com producing States for a period of five months preceding the month the hogs are marketed, or prior to the month for which directions are given to the packers. The price of hogs should be calculated on the average of packers' droves at Chicago. (4) To illustrate: Based upon the prices of com figured on'the above basis during the last five months, and a general survey of market and con¬ sumption conditions, it was agreed that a fair price interpretation of the ratio for the month of October would be an average price, for the average packers’ droves, of about $18 50 per hundred pounds at Chicago. It n not be expected that the day-to-day market prices, with the fluctuating w of demand and supply, can be maintained at any fixed and definite necessary include a definite for the packers’ purchase of Oct. 5 1918.] THE CHRONICLE figures, but that it should be the aim to maintain about an average the month. dining (5) The indication of war demands are that the supply of pork products for the future should be kept up to the present level of production. The producers have responded magnificently and are placing at the hands •f the Government the hogs with which to carry over the allied and domestic necessities for the next twelve months. It is obvious that after peace the world demand for pork products will be greatly increased over the present 5 large demands. The Food Administration should endeavor during the war to maintain prices for hogs that will be profitable to the producer and fair to the consumer, and to give this assurance to the producer, the committee recommends that the Food Administration should at once announce its intention to maintain the minimum price of not less than $15 50 war continuously during the war. ' Special subcommittee: Eugene D. Funk, John M. Eward, John H. Skinner, A. Sykes, N. H. Gentry. It 1333 Public highway improvements and street pavements when expressly approved in writing by the United States Highway Council. No building projects not falling within one of the foregoing classes shall be undertaken without a permit in writing issued by or under authority of the Chief of the Non-War Construction Section of the Priorities Division of the War Industries Board. A local representativeJ of the Council of National Defense will report to the War Industries Board on each proposed project requiring permits. While it is not the policy of the Government, says the War Industries Board, to interfere unnecessarily with any legitimate business, industry, or construction project, it must be borne in mind that there is an imperative and constantly increasing demand for labor, material and capital for the production and distribution of direct and indirect war needs, to satisfy which much non-war construction must be deferred. Manufacturers and dealers may continue to supply materials for buildings or constructions started and partly completed. was stated yesterday that the plan for stabilization hog prices was discussed at a conference of the five big packers and 40 smaller firms with the Food Administration PUBLISHERS OF FARM PAPERS REQ UIRED TO RED UCE PRINT PAPER CONSUMPTION. officials, the packers opposing the plan but agreeing to support the administration by leaking an effort to maintain A reduction of 15%, beginning Oct. 1, in the consump¬ the minimum of $15 50 per 100 for average droves over the tion of print paper by agricultural periodicals is called for heavy packing season. This average, it is stated, is not under regulations for the conservation of print paper to include the usually excluded cripples, boars, stags, little adopted by the War Industries Board. Concerning the pigs and old sows. The packers agreed to maintain the regulations B. M. Baruch, Chairman of the Board, says: October price but to make it more-workable it The Pulp and Paper Section of the War Industries Board, of which was^aced Thomas E. Donnelley is chief, has agreed with a committee representing on a basis of $18 average minimum which is expected to the publishers that the saving should come out of the industry as a whole work out at the figure proposed by the producers of about and has accepted recommendations to that end made by the committee. Included in these recommendations are use of lighter body $18 50. ' paper, dis¬ of ** ill. RULING ON PRICES OF SOUTHERN OR YELLOW PINE LUMBER. / Thd^War Industries Board on Sept. 27 announced that hearing of the manufacturers of Southern or yellow pine lumber before the price-fixing committee of the War Indus¬ tries Board on Sept. 23, it was agreed that the ruling of June 14 1918, fixing maximum f. o. b. mill prices on Southern or yellow pine lumber should remain in effect from midnight Sept. 23 to midnight Dec. 23 1918, inclusive. It was also decided by the price-fixing committee and the representatives at a of Government departments that inclusive within these dates, timber prices on the lumber schedule should apply to all shipments to Government departments, including the Emergency Fleet Corporation. It was decided by the price¬ fixing committee that the interpretation of the terms of sale should be as follows: The usual trade practices shall continue, including 2% off for cash within days from date of invoice, to be applied to United States Government purchases as well as all others (except in special cases where former trade practice has well-established net cash terms and except as to export ship¬ ments to foreign countries). In transactions where purchasers do not avail themselves of cash discounts, the terms shall be 60 days net from date of invoice, and in such transactions the accounts may be converted into trade acceptances which do not bear interest before maturity. As regards the requirement by the Railroad Administration that shippers shall bulkhead the ends of open freight cars, it was decided that an extra charge for lumber and labor for constructing bulkheads may be made by the shipper and invoiced to consignee, irrespective of whether or not for ten Government or civilian use. Readjustment of Item Prices. On the readjustment of item prices, it was decided that the director of lumber, in conference with the war service committee of the manufacturers, should have discretion to make certain minor changes and corrections i^ the item prices, which, however, should not affect the average base price. As to price concessions made by manufacturers to wholesale distributors, it was decided to incorporate in the present announcement a former state¬ ment, to wit: That in cases where manufacturers make reductions from the maximum prices to wholesale dealers, the reductions should be considered in the nature of an allowance to cover the expense and profit of sales by wholesale dealers and should not be interpreted as constituting a general reduction in the market price of lumber to the trade. F. W. TAUSSIG, Acting Chairman, Price-Fixing Committee REGULATION ALLOWING NEW FARM CONSTRUC¬ TION WHEN COST DOES NOT EXCEED $1,000. B. M. Baruch, Chairman of the War Industries Board, regulation controlling non-war construction for the period of the war, adopted by the War Industries Board, which authorizes new constructions for farm purposes without permit where the aggregate cost involved does not exceed $1,000. Mr. Baruch’s statement says: announces a new The exceptions from the general regulation laid down by the priorities division of the War Industries Board that all non-war construction shall be done on special permit, include: Structures, roads and other construction projects falling within the following classifications: Undertakings, cleared and approved by the War Industries Board, directly by or under contract with the War Department or the Navy Department. Shipping Board, Emergency Fleet Corporation, the Bureau of Industrial Housing and Transportation of the Department of Labor, or the United States Housing Corporation. Repairs of or extensions to existing buildings involving in the aggregate a cost not exceednig $2,500, and new construction for farm purposes in¬ volving in the aggregate a cost not exceeding $1,000. Roadways, buildings and other structures undertaken by or under con¬ tract with the Railroad Administration or a railroad operated by such administration. Those directly connected with mines producing coal, metals and ferro¬ alloy minerals. continuance of subscriptions in arrears, free exchanges to be cut off and free copies to advertisers and advertising agencies to be restricted, aban¬ donment of sales at nominal or exceedingly low price, of prize contests for subscriptions and special or holiday numbers, except such as have been regularly issued in the past. Establishment of new papers during the war is prohibited unless the necessity for them can be shown, and combinations of two or more agri¬ culture periodicals must be reported to the Pulp and Paper Section for a ruling as to paper tonnage that will be allowed. The following is the text of the regulations: To Publishers of Agricultural Periodicals. The Priorities Board of the War Industries Board has listed paper mills as an essential industry, and has rated them in fourth class for coal, priority for on the use the distinct understanding that the greatest possible economy ig of paper be exercised, and that the reduction in the use of paper by the agricultural periodicals shall be 15%. Each paper mill will be put upon the priority list for coal, conditional upon their signing a pledge that they will furnish no paper to any con¬ sumer who will not also sign a pledge in duplicate that he will exercise the greatest possible economy in the use of paper, and will observe all rules and regulations of the conservation division and of the Pulp and Paper Section of the War Industries Board. The war committee of agricultural periodical publishers feels that the necessary saving of 15% should come out of the industry as a whole, and in order to accomplish this purpose made the following recommendations, which have been accepted by the Pulp and Paper Section of the War In¬ dustries Board and are to be effective Oct. 1 1918. Should, on Nov. 2, it be apparent that these regulations do not accomplish the desired reduc¬ tions, further consideration will be given to the question at that time. The period upon which the combined tonnage of all agricultural periodi¬ cals will be figured is the year July 1 1917, to June 30 1918. Any periodical publications combined between the dates of July 1 1917, and Aug. 31 1918, shall take as the annual tonnage of the combined publication the average monthly consumption prior to Aug. 31, multiplied by twelve. The individual publisher will fulfill the present demands of the Pulp and Paper Section of the War Industries Board if he follows the regulations printed below and makes the reports promptly as from time to time re¬ quired by this section. Wasteful Practices to Be Eliminated• 1. No publisher shall use for body stock paper heavier than supercalen- dered, 25 by 38 inches, 50 pounds; machine finish, 25 by 38 inches. 45 pounds; newsprint, 24 by 3®4n«fies, 36 pounds. For cover stock no paper heavier than has been used during the past year. All stock on hand may be used regardless of weight. 2. Discontinue all subscriptions in arrears as follows: After Oct. 2, all subscriptions in six months; after Nov. 2, all subscriptions in subscriptions in arrears over four months; and after Jan. 2 and thereafter, all subscriptions in arrears over arrears over arrears over five months; after Dec. 2, all three months. 3. No publisher may give free copies of his periodical except for actual service rendered, except to camp libraries and huts or canteens of organiza¬ tions recognized by the Government, such as the Red Cross, Y. M. C. A., Knights of Columbus; except to the Library of Congress and other or libraries which will agree to bind for permanent keeping; except for Gov¬ ernment departmental libraries which use said publications in their work; and except to agricultural institutions, experimental stations, employees of national and State departments of agriculture, and then only when said publications are for public service. 4. Discontinue free copies to advertisers Or one copy for checking advertising agencies except purposes. Stop to All Exchanges. 5. Discontinue all free exchanges. 6. Discontinue printing or circulating free copies except for the above purposes and except for advertising or subscription purposes. The total number of free copies for all purposes shall not exceed the quantity so used during the past year, and under no circumstances shall exceed more than 5% of the paid-up circulation. (The paid-up circulation includes only subscriptions that are not in arrears at all.) 7. Discontinue selling publications at an exceedingly low or nominal rate. 8. Discontinue selling publications to anyone below the subscription price except in subscription clubs or when clubbed with other publications, when in either case the price shall not be less than 75% of the regular price. 9. Discontinue selling premiums with subscriptions for periodicals unless a price is put upon the premium for sale separately and the combined price is at least the full price of the premium and 75% of the published subscrip¬ tion price of the periodical. 10. No new prize contests for subscriptions shall be started hereafter. 11. Discontinue issuing holiday and other special numbers except as have been regularly issued in the past. cash sales and , Additional a [Vol. 107 THE CHRONICLE 1334 Regulations. Discontinue selling advertising with a guaranty of circulation requiring rebate if circulation falls below the guaranteed amount. Because of the absolute necessity of curtailing the use of paper no new publications may be established during the period of the war be shown that such publication is an absolute necessity. Mr. Donnelley, Chief of the War Industries Board, says: unless it can Pulp and Paper Section of the Any contemplated combination of two or more agricultural publications after Aug. 31 1918 must be referred to the Pulp and Paper Section of the War Industries Board for a ruling as to the tonnage that will be allowed. Publishers shall as far as possible procure paper and all their materials from the nearest available source of supply, provided it is consistent with the price, quality and service. , A sworn statement will be required each month, giving culation figures. Blanks will be sent from this office. last year. This Anthracite mines is an increase of approximately 16H%. 2,030,000 tons week, as compared with 1,909,000 tons in the same period last year. This is an increase of approximately 6 1-3%. In the preparation of the working basis for carry¬ ing to success the weekly quota plan, it is asked that mini¬ mum-production figures be set for the various mining dis¬ tricts, and the district managers have been requested by James B. Neale, production director, to apportion, in con¬ sultation with their local mine committees, the share of each mine in supplying the required tonnage of coal each week. are called upon to produce per tonnage and cir¬ Mr. Garfield’s message says: To all persons engaged in the mining of coal: growing requirements of the nation’s military program and the essential domestic demands for the coming winter can be met only by a large increase in the average weekly production of coal during the next six months, as compared with the coal mined during the corresponding period of a year ago. Both the bituminous tonnage between now and March 31 next must average 12,234,000 tons per week, and the anthracite tonnage 2,030,000 tons per week. During the same period lad; year the weekly production of bituminous was 10,503,000 tons and of anthracite 1,909,000 tons. I recognize, as you know, that through your patriotic efforts the pro¬ duction of coal during the past three months has far exceeded our earlier expectations. The practical response you have made to the urgent appeals of our pro¬ duction director, Mr. James B. Neale, has been particularly gratifying because the number of miners and the facilities available have naturally been restricted by other war activities. Under the circumstances, your increase to date has been splendid, but the figures now show that, if all necessary demands are to be met, the time has come when there must be a further intensification of effort on the part of all of us. In fact, I believe that the time has come for a definite The STORES REQUESTED TO DISCONTINUE UNNECESSARY WRAPPING OF MERCHANDISE. RETAIL retail store to discontinue the wrapping of merchandise and to reduce its consumption of wrapping paper, bags, paper boxes, office stationery, &c., was issued as follows on Sept. 26 by the An order directing every unnecessary War Industries Board: Paper conservation is essential as a war measure. Every retail store is, therefore, directed to discontinue the unnecessary wrapping of merchandise, and to reduce its consumption of wrapping paper, bags, paper boxes, office stationery, &c., to that which is absolutely necessary. The officials of the War Industries Board feel confident that the public will co-operate with the stores in making this order effective. Economy in the use of paper will release chemicals, fuel, cars and men—all necessary to win the war—and will also enable the Government to secure its require¬ which are increasing rapidly. The necessity for this order became apparent this week when it was realized that the Government would soon be obliged to divert to the am¬ ments of paper, a large quantity of chemical pulp formerly used in making wrapping, tissue, book and other Btrong papers. The increasing production of anvmunH'on and the short cotton crop make this necessary. The administn.' ju of this order has been placed in the hands of the munition manufacturers section and Dr. E. O. Merchant, in charge of the economy has prepared a set of instructions for retail merchants and de¬ placard, which will be of assistance to them in complying with the pulp and paper program, signed a Government’s order. v , allotment of individual responsibility. If each one of us will get under the load, voluntarily carrying his portion of it, there will be no difficulty in reaching our goal. The mines are an essential part of the nation’s battle line. It is only by attaining our objectives at the mines that we can attain completely our objectives elsewhere. I have therefore requested the Director of Produc¬ tion, in consultation with the district managers, production committees, miners, and operators, to figure out and establish weekly production quotas for each individual mine quota which, added together, will give us 1 all the coal needed this winter. be assured only by the definite pledging of each miner equitable portion of his mine’s allotment. It will greatly hearten our forces abroad to learn that every miner has volunteered to carry out his part in this definite program and has personally assumed responsibility for a weekly coal production representing his proper individual contribution toward the winning of the war. These quotas can to assume his PROPOSED LEGISLA TION LIMITING TIME FOR BRING¬ ING WAR CLAIMS AGAINST UNITED STATES. According to the “Official Bulletin” of Sept. 26 a limita¬ tion of time for the bringing of certain suits against the United States for property taken for war purposes has been recommended to Congress by the Secretary of War, with a dr^ft of a bill for that purpose. the “Bulletin”: We quote Several of the emergency acts provide that in case to the value of as follows from of disagreement as property taken the Government shall pay a certain per¬ centage of the estimated value and that the owner may sue the United States for Buch sum as 8hall represent the difference between the amount thus paid and the reasonable value of the property. The Secretary points out that some of these claimants who are now reluctant to press their claims in the court, owing to the fact that they would be open to criticism as exorbitant, would have no such feeling at the end of the war. Another reason stated is that such suits ought to be brought while the Government is able to secure necessary witnesses who are now temporarily in Government service but will scatter at the end of the war. Four months from notice of the amount awarded is the time limited in the proposed bill for the bringing of suit. It was ascertained to-day from Assistant Attorney-General Huston Thompson, in charge of the defense of suits against the United States, that the docket of the Court of Claims is in such condition that prompt action may be had by plaintiffs. Although there are many cases pending, there are none in which the plaintiff must await action by the Government. This is a realization of a condition for which the court and the Government REPORTS OF ISSUANCE OF ORDER DENYING USE OF OF COAL FOR DOMESTIC HEATING DENIED. In denying reports of the issuance of an order prohibiting the use of coal for domestic heating before Nov. 1, U. S. Fuel Administrator Garfield, in a statement issued on Sept. 27, said: Neither the United States Fuel Administrator nor the Federal Fuel Administrator for New York has issued any order that coal be not used for domestic heating before Nov. 1. We are advised that a letter has been sent out over the name of the National Retail Coal Merchants’ Association asking consumers to refrain from using coal in furnaces or stoves at speaks the co-operation of the public, it does not insist upon unreasonable re¬ quirements or that its request for conservation be complied with when compliance would be unreasonable or would result in sickness or injury to health. KEROSENE OIL PRODUCERS URGED attorneys have been making special effort. The Civil War cases have been finished within the last few years. Two cleared of the last of the French spoliation claims. In the present year the last of the Indian depredations cases was disposed of. With the passing of these various historical classes of cases the way is clear for prompt action upon current matters. least until Nov. 1. It is recognized that during the coming winter every reasonable effort must be made to conserve fuel if the available supply is to meet the necessary needs. While the Fuel Administration strongly urges conservation and be¬ TO INCREASE OUTPUT. of increasing the production of kerosene possible is pointed out by M. L. Requa, Director of the Oil Division of the U. S. Fuel Administration, in a letter addressed to all refineries throughout the country with a view to forestalling an impending shortage. The FUEL ADMINISTRATOR GARFIELD CALLS FOR IN¬ made letter public Sept. 27 says: CREASED OUTPUT OF COAL. years ago the docket An appeal has been made upon operators and miners for an increased output of coal for the next six months by U. S. Fuel Administrator Garfield. Mr. Garfield directs atten¬ tion to the enlarged requirements of the country, due to the necessity of meeting the needs of domestic consumers and keeping pace with the constantly enlarging fuel demands due to the expanding military program. The maintenance of an established set of weekly quotas from now until March 31 is called for by the Fuel Administrator. Each mine being asked to produce its equitable share of the weekly quota. This share is based on present conditions and previous results at that particular mine. Each miner will be expected to mine his proper proportion of his mine’s quota. It is stated that the necessity for an enlarged supply is particu¬ larly pressing in the bituminous fields. The output re¬ quired of the soft coal mines between now and March 31 next is 12,234,000 tons per week, as compared with a pro¬ duction of 10,503,000 tone per week for the same period of The necessity was to the fullest extent I am convinced it is absolutely necessary that the kerosene production of the country should be materially increased. Statistically, kerosene is in a more unsatisfactory position than gasoline or fuel oil. We have not heretofore felt the acuteness of this situation because of the summer season through which we have just passed. Now, however, we are approaching the season of maximum kerosene consumption and unless steps are taken Immediately to provide increased supply we shall undoubtedly this winter face a shortage much more acute than we have as yet experienced in any of the petroleum products. The statistics now in hand of your subcommittee show dearly the de¬ in the percentage output of kerosene The situation as a whole shows decrease in crease by practically all refineries. barrels produced and a very large increase in domestic consumption which fortunately has been offset by decrease in exports due to lack of tonnage for overseas movement. This export movement is now increasing, and the winter will soon be upon us. I request, therefore, that you communicate with each refinery, forwarding them a copy of this letter, and urge upon them the absolute necessity of Increasing their kerosene production to the fullest extent possible, at least to a percentage amount equal to that of last year. Will you please act upon this promptly, and forward me a detailed report as to the replies you receive? Yours very truly, M. L. REQUA, General Director, OH Division, United States Fuel Administration. Oct. 5 1918.] OIL AND THE CHRONICLE GASOLINE SITUATION DIRECTOR REQUA. OUTLINED BY Before a public meeting at Copper Union, New York Sept. 28, held under the auspices of the United States Fuel Administration, M. L. Requa, Director of the Oil Division, presented some interesting facts as to the shortage of gasoline. His plea was for as great a conservaion and lack of waste of gasoline as possible: He said: City, on We will need this year, to meet only a normal Increase In consumption, 25,000,000 barrels of crude oil, more than we used last year. We used only 16,000,000 barrels in 1897. This grew to 166,000,000 barrels in 1907 and to 340,000,000 barrels in 1917. If we are to meet this normal rate of growth we must have not less than 365,000,000 barrels in 1918. This is 66% of the total production of the wo^ld, and yet it is not not less than enough. According to a statement of the Fuel Administration, Mr. Requa spoke of the difficulties-transportation and said that, although the pipe lines bringing oil from Oklahoma had been largely increased, no more oil could be carried than was carried at present, unless new pipe lines were built. Speaking more directly of gasoline, he said: In the first half of 1918 our gasoline production has increased more than consumption has more th«.n kept pace with this. Our stocks of kerosene are 2,000,000 barrels less than on the first of this year, and our stocks of crude oil are 12,000,000 barrels less. All demands for exports will continue to be met from the 350,000,000 barrels of crude oil, the 80,000,000 barrels of gasolene, the 40,000,000 barrels of kerosene, and the 170,000,000 barrels of fuel oil, that will probably be produced this year. 8,000,000 barrels, but our With regard to what has been accomplished through the “gasolineless Sunday” he said: “Gasolineless Sunday” is a magnificent success, in that it has made it possible to load for France 10 cargo boats of gasoline, of 50,000 barrels each, which otherwise could not have been shipped—and that has been done by voluntary effort of a free people on the mere request of the Fue. Administration. SUSPENSION OF AUTOMOBILE AND MOTOR RACES DURING WAR REQUESTED. A request that all automobile, motorcycle, and motorboat racing and speed contests be suspended for the period of the war is made by United States Fuel Administrator Garfield. A statement in the matter made public Sept. 27 says: The request comes as a result of the growing need for the conservation of gasoline and because of the demand for skilled automobile drivers and mechanics for war service. A strict compliance with the request is earnestly desired. The American Automobile Association is co-operating in the movement and has assured the Fuel Administration that It Is prepared to observe the request. Chairman Richard Kennerdell of the Association’s Contest Board, reports that he has practically suspended operations and will issue sactions for race meets or speed contests. Sanctions have been previously given, however, for races to be held at Trenton, N. J., Danbury, Conn., Tucson and Phoenix. Ariz., and at Los Angeles, Cal., within the next 2 months, but it is expected that the promoters of these contests will call the events off in order to comply with no more the wishes of the Fuel Administration. Besides the saving of gasoline the cessation of race meets will serve to supply expert operators and mechanics for service in the army transport and aeronautic branches of the army. 1335 possible, and therefore these who so desire maty donate platinum to the collection agency established by tile Red Gross or sell to the Government at the fixed price of $105 per ounce, troy, either course being recognised as patriotic, and supplies from this source will be of distinct help to the Government. Through these channels the platinum section hopes to incretee its reserve stock by the addition of platinum scrap and platinum jewelry of little in¬ trinsic or sentimental value. But the Government’s need for platinum at this time is not so pressing as to call for or justify the sacrifice of platinum heirlooms or modern platimnn jewelry and ornaments, or of the manu¬ factured platinum jewelry stocks now in the tends of jewelers. The latter may sell their stocks freely without subjecting themselves to the suspicion of unpatriotic action. The War Industries Board announces that it will be its policy to disturb little as possible, consistent with the administration of the license System and the objects to be accomplished, the trades, industries, institutions and as affected by the regulations. The *wo main purposes to be effected a complete survey of the supplies of platinum, irridium and palladium of the country through inventories of these metals, which must be furnished with applications for licenses; and (2) to assist the Government in developing an adequate supply of these metals necessary for war purposes and other essential uses. The regulations prohibit the use 6f platinum or platinum'scrap, palla¬ dium or palladium scrap, irridium or irridium scrap, and compounds, in the further manufacture, alteration or repair of any ornament or article of Jew dry; and the manufacture for tee in dentistry or any metal dr metal parts, or alloys containing more than 20% by weight of platinum or 40% by weight of platinum, irridium or palladium combined, or supplies persons are: (1) The securing of therefrom. The license is broadly framed to cover every miner of, dealer in and manufacturer of platinum, irridium and palladium and their compounds; all chemical laboratories and manufacturing Industries whofce products contain one or all of these metals or their compounds. Authority for the action taken is found in the explosives Act 6f July 1 1918 authorizing the Director of th£ Bureau of Mined, under rules and regulations approved by the Secretary of the Interior, to limit the sale, possession and use of platinum, irridium and palladium and compounds thereof. The Secretary of the Interior and the Director of the Bureau of Mines have authorized the platinum section of the War Industries Board as the agency to carry out the rules and regulations governing the use of xhese metals, which were prepared by a committee consisting of Hennen Jennings and C. L. Parsons, of the Bureau of Mines; C. H. Conner, Chief of the platinum section of the War Industries Board; J. M. Hill, of the United States Geological Survey; and W. F. Hildebrand, of the United States Bureau of Standards. Explaining the uses of platinum, Mr. Conner says: “Few people realize the importance of nlatfnum in the War program. Platinum is one of the agencies employed nn very large quantities m the {reduction of sulphuric and nitric arid, necessary ingredients of explosives, t Is also used in the manufacture of scientific and surgical Instruments, such as cautery tips, hypodermic needles, Ac.; electrical measuring Instru¬ ments; X-ray tubes; fuses for firing the charges in guns of large caliber; contacts for telephone, telegraph and wireless systems; thermocouples for the regulation or furnaces in the heat treating of shells, guns, Ae.; and winding electric furnaces. Iridio-platinum contact points are absolutely essentia] for magnetos operating aeroplane engines; also for the successful operation of trucks, tractors and tanks on the battlefield. Chemical laboratories are dependent on platinum In making analyses and in further¬ ing scientific development. The dental Industry, which vitally affects the public health, requires a large amount of platinum and palladium. “Russia has been the principal source of supply in the past. The chaotic conditions there have practically cut off that source. It therefore becomes necessary to develop an internal source of supply. Large quantities of platinum have been brought into the country fin the past and have found their way into trades, industries, chemical laboratories, Ac. It is from these sources that the Government must largely depend for its require¬ ments In the future.” WAR INDUSTRIES CAMPAIGN TO EFFECT CONSERVATION OF TIN. With regard to campaigns proposed by the War Industries Board to effect the conservation of tin by reductions in alloys and substitution of other material and mineral, B. M. * Baruch, Chairman of the Board, says: SALES OF UNMANUFACTURED PLATINUM EXCEPT UNDER LICENSE PROHIBITED—GOVERNMENT RESTRICTIONS. In announcing that definite action has been taken by B. M. Baruch, Chairman of the War Industries Board, with reference to the control of platinum and to clear away the confusion existing throughout $he country with respect to the Government’s need of supplies of this metal and plans for its conservation and the procurement of reserve* stocks, the War Board has issued a statement saying: On and after Oct. 1 the use of platinum, irridium and palladium will be restricted to war purposes and the essential uses, such as in dentistry and the sciences, and its use will not be permitted in the arts. Palladium is used extensively by dentists as an alternative for platinum and irridium is used in the hardening of platinum. Manufacturers and dealers in platinum, irridium and palladium, and compounds thereof, are to be licensed by the platinum section of the War Industries Board. Without such a license no person, other than an auth¬ orized agent of the United States, may purchase, sell or deal in these metals or possess for more than 90 days after Oct. 1 one ounce troy or more of unmanufactured platinum, irridium or palladium, or compounds of these metals. Platinum jewelry not worn by the owner, or platinum jewelry in the stores and not sold are not brought within the license regulations. Such jewelry is not affected by the Government’s action. The platinum sec¬ tion of the War Industries Board leaves open to jewelers the opportunity to sell their present stocks of made-up platinum jewelry. But after Oct. 1 there will be no sales by the metal manufacturers of unmanufactured plati¬ num, Irridium and palladium, and their compounds, except under license, nd, as a consequence, no manufacture of platinum jewelry. Last February the platinum section took control of 75% of the unmanu¬ factured platinum in the hands of the manufacturers and has since been administering the distribution of this proportion of the stock to war pur¬ poses. The remaining 25% of unmanufactured platinum was left to the manufacturers to fill civilian orders and supply general trade. Under the proposed license system the entire stock of unmanufactured platinum, irridium, palladium and their compounds is taken over. While the restrictions now being put in force are expected to build up a serve, the scarcity of the metals requires the reserve to be as large as Centralizing efforts for the conservation of tin as a prime war essential, the War Industries Board has campaigns on throughout its subdivisions for reductions in alloys and suostltutlons of other material and mineral tor tin wherever such Is possible. The pulp and paper section has undertaken Its part of this campaign along two lines—saving of pulp and paper by reduction of supplies to lesser essential Industries, and encouragement of the greater use of pulp and paper In the manufacture of cardboard substitutes for containers heretofore made from tin plate. It is hoped to have the results of these lines of en¬ deavor balance each other, with the effect of making better provision tor the soldiers fighting the war, and of protecting and preserving the many industries dependent on the use of containers to carry products to civilian consumers. In their efforts the officials of the pulp and paper section are meeting with gratifying success through the single plan of bringing together the users of containers and the makers of paper and cardboard boxes tor con¬ sultation as to the needs of the former. In the character of container re¬ quired, and the ability of the latter to supply such a container from their material. Whys and methods of substitution are progressing rapidly. Complete reports covering all details of their business have been re¬ quested by the Pulp and Paper Section from set-up box manufacturers, folding-box manufacturers and manufacturers of medical, drug and chemical boxes, fiber container manufacturers, corrugated container manufacturers, manufacturers of fiber cans, manufacturers of egg cartons, fiber specialists, private or consumer plants, and consumers of cardboard not otherwise classified. The purpose Is to gain accurate knowledge of the uses to which the cardboard is put by the box manufacturers. Board mills are called on also to report complete statistics for the current and previous month of tonnage shipped and percentage of total tonnage bn file under this classification: Bg Class 1.—Board or board fabricated into containers, boxes, or other products for shipment to the War and Navy Departments, the Emergency Fleet Corporation, or the equivalent of Allied Governments. Class 2.—Board or board fabricated Into containers, boxes, and other products for shipment to other branches of the United States Government, Liberty Loan committees, War-Savings Stamp committees, and for war work of the Red Cross, Y. M. O. A., Knights of Columbus, the Salvation Army, and other Institutions recognized by the Government in connection with overseas or other war work. Class 3.—Board or board fabricated Into containers, boxes, or other products used for the operation of or transportation of materials required by railroads, merchant marine, public service companies, coal or other Vs mines, oil wells and refineries producing material required surgical instruments, medical,drug and chemical, foodstuff, seed concerns. Class 4.—Board or board fabricated into containers, for war work, feed and food boxes or other products used in the manufacture and transportation of commodities re¬ quired for the winning of the war or for the public welfare during the war, such as soaps, laundry supplies, necessary wearing apparel, &c. fc Class 5.—Board or board fabricated into containers, boxes or other products required for all other purposes. Priorities certificates will be issued to the board mills based on these classifications in the order given as measuring essentiality and shortage which determines preference treatment by the Priorities Division of the War Industries Board. Each mill will report also whether all freight cars leaving its plant have been loaded to utmost capacity consistent with good delivery; whether the board machines are supplemented with standard save-all systems kept in reasonably good condition, and what conservation has been effected in fuel, labor and raw materials. These reports are to be made monthly under the ruling of the Priorities Division placing board mills provisionally on the preference list for coal and supplies. CONSERVATION PROGRAM FOR BICYCLE 4 MANUFACTURERS. In announcing a conservation program to be put in force by bicycle manufacturers on Oct. 1, B. M. Baruch, Chair¬ man of the War Industries Board, said: The Conservation Division of the War Industries Board, after con¬ ferences with the manufacturers, has outlined a conservation program for the bicycle industry to go into effect Oct. 1. This will result in the saving during the next year of 2,500 tons of steel, one-third of the quantity used by the industry in the last 12 months. Additional savings will be made in other essential materials, production will be simplified, and large amounts of capital now tied up in manufacturers’ and dealers’ stocks will be released. These results [Voi.. 107 THE CHRONICLE 1336 are to be secured through^ substantial reduction in the number of types and models of bicycles and saddles, handle bars, rims, tires, sprockets, pedals, &c. The manufacturers are to discontinue, whereever possible, the use of metal, rubber, and leather for all purposes. The production of racing and juvenile models is to be discontinued. Drop-side steel guards, metal stands, metal tanks, and tool boxes are no longer to be made and tool bags and tools are not to be supplied by the bicycle manu¬ facturers. There will be no more rubber grips and nickel finish on frames or forks during the war. These plans for conservation are very similar to those that the division has put into effect in many other industries in order to facilitate the war program. The manufacturers of bicycles may continue to use partly fabricated materials, &c., until present stocks are exhausted, providing that no bicycles are made or equipment used later than Dec. 31 1918 for the manufacture of models or equipment which are to be dropped in accordance with the program now announced. Following is the program in full: SCHEDULE FOR BICYCLE MANUFACTURERS Bicycles. 1. The manufacture of racing models, including the so-called light roadster models of %-inch tubing, to be discontinued. 2. The manufacture of juvenile models to be discontinued. 3. Each manufacturer to reduce his line of bicycles to the following: Two single bar men’s models '^itheither straight or bend top tube, in two 15. Each manufacturer to confine his line of sprockets to the following: Front, 26 by 3-16—1 inch pitch; rear hub coaster brake, 8, 9, or 10 tooth, 3-16 inch width—1 ^8-inch chain line—1-inch pitch. 16. Each manufacturer to confine his use of chains to not more than two qualities block chains—3-16 inch wide—1-inch pitch. SULPHURIC AND NITRIC ACID MAXIMUM PRICES IN EFFECT TO DEC. 30. Price-Fixing Committee of the War Industries Board that, subject to the President’s approval, the following maximum prices were agreed upon at a meeting between the manufacturers of sulphuric and nitric acid and the Price-Fixing Committee, held on Sept. 26, these prices taking effect Sept. 30 1918 and expiring Dec. 30 1918: The announces Sulphuric acid, 60 deg. Baume, $16 per ton of 2,000 pounds; sulphuric acid, 66 deg. Baume, $25 per ton of 2,000 pounds; sulphuric acid, 20% oleum, $28 per ton of 2,000 pounds, f. o. b. at manufacturers’ works in sellers’ tank cars. All strengths less than 66 deg. Baume for 60 deg. Baume. strengths above 66 deg. Baume (93.2% H2S04) shall be calculated price for 66 deg. Baume. In carboys, in carload lots, one-half cent per pound extra. In carboys, in less than carload lots, three-fourths cent per pound extra. In drums, any quantity, one-fourth per cent per pound extra. Nitric acid, 42 deg. Baume, 8cents per pound, f. o. b. manufac¬ turers’ works in carboys. In carboys in less-than-carload lots, one-fourth cent per pound extra. There shall be no additional mixing charge for mixed acids, same being figured on the acidity content. All from the THE SHIPPING SITUATION AFTER FOUR shipping situation was summarized in a state¬ by the United States Shipping Board on Sept. 21, which revealed that after four years of warfare the net ton¬ nage losses (Allied and neutral) from submarines and marine hazaids aggregated only 3,362,088 deadweight tons. Total lossr were 21,404,913 tons; total construction, 14,247,825 ton excess of destruction over construction, 7,157,088 tons; enemy vessels seized totaled 3,795,000 tons; leaving, as stated, a net loss to Allied and neutral nations of 3,362,088 tons. In peace times, however, there is a normal yearly increase in the world’s total tonnage; with this increase (estimated for the four year period at 14,700,000 tons) taken into account, the world’s tonnage to-day shows a net deficit due to the war of 18,062,088 tons, a sufficiently im¬ pressive figure, in spite of the encouraging improvement, both in new construction and in combating the submarine The world’s ment issued , menace. discontinued. 7. The manufacture of metal tanks or tool boxes to be discontinued. Manufacturers to discontinue supplying tool bags and tools. 8. Each manufacturer to restrict his line of colors or finishes to not more than six. Nickel finish on frames or forks to be discontinued. Other construction over 1,000 gross Bicycle Equipment. use of handlebars to the following types: Regular forward extension, regular straight adjustable stems. Tops may be supplied in either of the following styles: 22-inch wide, 6-inch drop, no forward bend, or 20-inch wide, 3J^-inch drop, 2>2-inch forward bend. 10. The use of rubber grips to be discontinued. The use of grips con¬ sisting in part of nickel, aluminium, or having other metal ferrule to be discontinued. Wooden-core leather-wound grips without metal ferrules may be continued. 11. Each manufacturer to confine his use of pedals to the following: One type men’s pedal, rubber; one type men’s pedal, rat trap; one type ladles’ pedal, rubber. Styles in Saddles. 12. Each manufacturer to confine his use of saddles to the following: One full-size men’s saddle, padded top with truss spring, tilting clamp; one medium-size men’s saddle, padded top with truss spring, standard clamp; one ladies’ saddle, padded top with truss spring, writh two small spirals, standard clamp. The tree or base of all the above to be made of wood. The use of steel for this purpose to be discontinued. The use of the so-called all-spring saddles to be eliminated. 13. Each manufacturer to confine his use of rims to the following: One clincher type, 28 by 1 9-16; one single-tube type, 28 by 1 7-16; both types to be drilled 36 holes for spokes. Rims to be supplied only in the following finishes: Full enamel black, double fine line gold stripes; enamel black base with red centre, edge with fine line gold stripe; aluminium with double fine line black stripe; enameled olive-drab with double fine line black stripes. Front and rear hubs to be drilled 36 holes for spokes. The Use of Tires. 14. Each manufacturer to confine his use of tires to the following: One clincher type in two sizes, either 28 by ty* or 28 by 1%; one single¬ tube type, 28 by 1or 28 by 1 Y%. Manufacturers may use the different markings, treads, &c., which are provided by the rubber tire manufacturers In accordance with their conservation schedule. YEARS OF WAR. sizes, 20 and 22 inch frames only; one ladies’ model—20-inch frames only; one heavy service model with one extra bar only; each manufacturer to adopt one type of the latter in one size and frame only—20 inches. This type to be either motorcycle construction, arch bar, double bar, or such other reinforced or heavy service construction as may be selected; each manufacturer to announce the type adopted which in design and construc¬ tion consumes the least practicable amount of steel. 4. The use of the truss-type fork to be discontinued. Forks to be sup¬ plied with single sides only. 5. The manufacturer of drop-side steel guards to be discontinued en¬ tirely and plain guards only continued. Double-guard braces may be used on rear wheel, but single brace only to be supplied on front wheel. No steel heavier than 24-gauge to be used for mud guards. 6. The use of metal stands, including spring steel clips, and rivets to be 9. Each manufacturer to confine his shall be calculated from tbs price To overcome this situation there has been an enormous increase in shipbuilding facilities, especially in the United States. Allied monthly construction, the Shipping Board’s report states, exceeded destruction for the first time in May of this year. By August, the new construction in the United States alone exceeded the total Allied and neutral The figures for August are losses for that month. follows: Gross Deliveries to the as (actual) Tons. 244,121 16,918 Shipping Board *261,039 Total (Allied and neutral) America alone surpassed losses for month by 259,400 1,630 Losses The statement issued given by the Shipping Board further shows: jurisdiction of the U. S. Shipping Board at the present time (Sept. 1 1918) there are 2,185 seagoing vessels, totaling 9,511,915 dead¬ weight tons. Of these, 1,294 totaling 6,596,105 deadweight tons, fly the American flag. Under charter to the Shipping Board and to American citizens there are 891 foreign vessels, totaling 2,915,510 deadweight tons. At the time the tTnited States entered the war the American merchant marine included approximately only 2,750,000 deadweight tons of seagoing vessels of over 1,500 deadweight tons. The expansion of the fleet within the jurisdiction of the Shipping Board has come about for the most part during the last year. The fleet lists as follows on Sept. 1 1918: Within the ^ Deadweight B Number. Requisitioned American ships Ex-German and ex-Austrian ships taken New ships owned by Shipping Board 449 100 256 „ over. Old Lake steamers transferred ships not yet requisitioned (of 1,500 deadweight tons) Dutch steamers requisitioned Foreign ships chartered to Shipping Board Foreign ships chartered to American citizens American merchant 31 Tons. 2,900,525 644,713 1,465,963 117,800 over 377 81 291 600 980,459 486,945 1,208,411 1,707,099 Total 2,185 9,511,915 to-day expanding more rapidly than any other in the world. In August of this year the United States took rank as the leading shipbuilding nation in the world. It now has more ship¬ yards, more shipways, more shipworkers, more ships under construction, and is building more ships every month than any other country, not except¬ ing the United Kingdom, hitherto easily the first shipbuilding power. Prior to the war the United States stood a poor thira among the shipbuilding The American merchant marine is nations. August 1917 more seagoing tonnagf has been launched from Ameri¬ shipyards than was ever launched befrre in a similar period anywhere. The total, as of Sept. 1 1918, 574 vessels» f 3,017,238 deadweight tons, is Since can Oct. 5 1918.] THE CHRONICLE nearly- four times all the seagoing tonnage (of over 1,500 deadweight tons built in the United States in any four pre-war years. The total launchings since the first of this year, 482 vessels, of 2,392,692 deadweight tons, are more than eight times the seagoing tonnage (of over 1,500 deadweight tons) produced in this country in any pre-war year. (In the four pre-war years, 1913-1916, according to the Bureau of Navi¬ gation of the Department of Commerce, this country built 107 sea-going steam vessels of over 1,500 dead-weight tons, totaling 805,037 dead-weight tons. The high mark of pre-war production in the United States of sea¬ going vessels of over 1,500 dead-weight tons was reached in 1916, when there were built 38 vessels of 285,555 dead-weight tons.) M ore than 2,000,000 dead-weight tons of new ships have been completed and delivered to the Shipping Board during the past year. The first deliv¬ ery was made on Aug. 30 1917 by the Toledo Shipbuilding Co. of Toledo, O. The first million tons of completed ships were obtained in May; the second million in August. The deliveries to the Shipping Board in August broke all world’s records in the production of ocean-going tonnage and established the United States as the leading shipbuilding nation of the world. They totaled 349,783 dead-weight tons. Those from American shipyards to the Shipping Board in August totaled 324,180 dead-weight tons, exceeding the previous world’s record for any month, which had been made by British shipyards in May 1918, by 28,669 dead-weight tons. The deliveries to the Shipping Board by American shipyards from Aug. 30 1917 to and including Aug. 31 1918 totaled 327 sea-going vessels of 1,952,675 dead-weight tons. Adding eight vessels of 66,357 dead-weight tons delivered by Japanese shipyards, the grand total of deliveries to the Shipping Board up to Sept. 1 1918 was 335 vessels of 2,019,032 dead-weight tons. The deliveries to the Shipping Board from American shipyards in 1918 to date (Sept. 1) in comparison with the output for the sarnie period by British shipyards show up as follows: Month— United States. January February United Kingdom. 88,300 123,042 161,226 171,413 254,413 278, lW 236,079 324,180' L March April May Jun* July August 87,852 150.057 242,511 169,000 295,511 201,238 212,973 187,019 Total 1,636.852 1,546,161 To date American shipyards lead by 90,691 tons. Note.—The foregoing table is in dead-weight tons. The deliveries to the Shipping Board do not embrace all construction in the United States. They deal only with sea-going vessels of over 2,500 dead-weight tons built under requisition or contract for the Shipping Board. The figures of pro¬ duction which properly correspond with those of the British Admiralty are compiled by the Bureau of Navigation, which, like the British, lists all vessels of over 100 gross tons. When the present Shipping Board began its work in there August 1917 only 61 shipyard* in the United States. There were 37 steel ship¬ yards, with 162 ways. About three-quarters of their capacity had been pre-empted by the naval construction program, while private orders over¬ flowed the remaining ways. In the 24 wood shipyards there were only wer« 73 ways. The largest shipyards in the world in September 1918 are those of the United States. The Clyde River in Scotland, historically famous as the greatest of all shipbuilding localities, is already surpassed by two ship¬ building districts on the Atlantic Coast and by two on the Pacific Coast— by Delaware River and Newark Bay in the East and by Oakland Harbor and Puget Sound in the West. One yard, Hog Island, on the Delaware, is equipped to produce more tonnage annually than the pre-war output shipyards of the United Kingdom. It has 50 ways. There are now 203 shipyards in the United States. The list comprises 77 steel, 117 wood, 2 composite and 7 concrete shipyards. Of thjse, 155 are completed, 35 more than half completed, and only 13 less than half completed. The great plant at Hog Island is 95% completed—built in one year. Its site, when the United States entered the war, was a swampy of all the marsh. Every month of the last yoar has added to the number of American ship¬ ways, until to-day the impressive total is 1,020—more than double the total of shipways in all the rest of the world. Of the 927 shipways that are for the Emergency Fleet Corporation of the Shipping Board, 810 are listed to¬ 410 completed ways for the construction of steel ships, 400 completed ways for the con¬ struction of wood, composite and concrete ships. The records of the United States Shipping Board Emergency Fleet Cor¬ poration show that there are now approximately 386,000 employees in the shipyards. There were less than 50,000 shipworkers in July 1916. The weekly pay-roll of the shipyards building ships for the United States Shipping Board is $10,500,000. Here is the program of ship construction which the Shipping Board has day as completed and only 117 are to be added. There are placed with the rapidly expanding shipyards of the country: • Dead-weight Tons. 2,24f contract ships, totaling _i 13,212,712 ;■ 42 concrete ships, totaling. : ' 301,500 402 requisitioned ships, totaling 2,790,792 ' 1337 Whereas the existence of state of between the United States and the it essential to the public safety that character which would aid the enemy or its allies a war Imperial German Government makes no communication of shall be had. a Therefore, by virtue of the power vested In me under the Constitution and by the joint resolution passed by Congress on April 6 1917, declaring the existence of a state of war, it is ordered that all companies or other persons owning, controlling, or operating telegraph and telephone lines submarine cables are hereby prohibited from transmitting messages to points without the Uillted States or to points on or near the Mexican bor¬ or der through which messages may be dispatched for the purpose of evading the censorship herein provided and from, delivering messages received from such points, except those permitted under rules and regulations to be es¬ tablished by the Secretary of War for telegraph and telephone lines, and by the Secretary of the Navy for submarine cables. To these departments, respectively, is delegated the duty of preparing and enforcing rules and regulations under this order to accomplish the purpose mentioned. Thisi order shall take effect from date. WOODROW WILSON. The White House, Sept. 26 1918. DRAFT LOTTERY COMPLETED—24,000,000 MEN NOW STAND IN LINE OF DUTY. With the drawing by President Wilson, at noon on Sept.30, of the first number—322—the greatest draft lottery ever conducted was initiated, and when, twenty hours later, the last of the 17,000 capsules in the great glass bowl was drawn, order numbers had been given to all of the 13,000,000 men registered for service men enrolled on on Sept. 12. With the 9,000,000-odd June 5 1917,' and the additional million 21-year olds enrolled on June 5 this year, approximately 24,000,000 American citizens have been enrolled for service and given an order number. The system used was the same as that which worked so successfully in the first draft a year ago last June. Each enrolled man was given a number by his local draft board. The numbers drawn in the draft lottery at Washington were key or series numbers. Thus, when 322 was drawn first at Washington, No. 322 on every became No. 1 for service. local board’s list automatically Every precaution was taken to check up the numbers as As fast as announced, they were telephoned to the Government Printing Office and put in type. At hourly intervals the numbers, as far as drawn, were printed and mailed to the local draft boards, to be released simultaneously at an agreed time. This was done to relieve congestion on telegraph wires, which, it was said, would have been com¬ pletely monopolized for hours, if the lists had been tele¬ graphed. As a check on the figures, each number as drawn was posted on blackboards and the boards photographed, so they could be compared with the lists as printed at the Government Printing Office. The only speech made on the occasion was delivered by General Crowder, who, as Provost Marshal-General, has been primarily responsible for the wonderful success of the drawn. whole draft mechanism. When President and Mrs. Wilson entered the big Republican caucus room in the Senate Office Building, where the drawing was held, a little before noon, arose and explained the function about to begin. He said: General Crowder If proceeding in historical method we would be conductimg in drawing of actual names. That was the Civil War method. It was received throughout the nation with ill grace. Eachfof these capsules represents a number. For example, if 150 is drawn first, the man who has that number in each of the districts will be given his priority of obligation, and if passed will be called to a training camp. This method has worked successfully. It needs no explanation. We shall now v.'e were each of the districts a . 2,693 ships ^...16,305,004 The Shipping Board has also contracted construction of 170 wood barges, 279 steel, wood and concrete*00 trawlers and 25 harbor oil barges, totaling 50,000 dead-weight tons. fajgjlfb NEW RESTRICTIONS AFFECTING TELEPHONE, TELE¬ GRAPH AND CABLE MESSAGES. An Executive order issued Sept. 26 prohibits the transmis¬ sion of telephone, telegraph or cable messages “to points without the United States or to points on or near the Mexi¬ can border through which messages may be dispatched for the purpose of evading the censorship except those . . . permitted under rules and regulations to be established by the Secretary of War for telegraph and telephone lines and by the Secretary of the Navy for submarine cables.” The fol¬ lowing is the or dsn EXECUTIVE ORDER. as follows: The President was then blindfolded with a cloth taken from the covering of one of the chairs used at the signing of the Declaration of Independence, the paper seal on the now historic glass bowl was broken, and the President drew out the first number. Vice-President Marshall drew the second number, and various Senators, Representatives and puLlic officials followed. Relays of army officers worked steadily after that till the whole number was drawn, at 8 o’clock the following morning. The drawing consumed twenty hours, which was six or eight hours less than had been estimated. PRESIDENT WILSON CALLS FOR DRAFTED MEN TO CHOOSE THE SEA. With the object of meeting the urgent need for experienced officers and seamen for our rapidly expanding merchant marine, President Wilson Oct. 1 issued an appeal to filling out their draft questionnaires, to give full information if they have had experience at sea or in any line of work that would make them available for on enrolled men, in Censorship of Submarine Cables, Telegraph and Telephone Lines. Tha Executive order of April 28 1917, No. 2604, relating to the censorr ship submarine cabNa, telegraph and talaphone lines, is hereby amended to raad proceed. that calling. The United States is breaking all records in building ships, it is pointed out, but is seriously handicapped by the lack of experienced men to man them. proclamation reads dent’s as The Presi¬ follows: American seamanship is a glowing record of patriotism, cwirsge achievement unsurpassed by any people anywhere. I, there¬ fore, confidently call upon all and all men engaged in other occu¬ pations who have heretofore been seamen to give, in connection with the questionnaires they submit to the local draft boards, full information about their rating experience at sea to enable the boards to place them in their proper classification and to give to the Government a knowledge of where seamen may be secured when their services are required. The MM of skill that makes an efficient seaman can only be obtained at sea. There can be no safe, efficient management of vessels that does not indude a large proportion of officers and crew having skill and experi¬ ence. It Is indispensable in emergencies such as we must be prepared to The history of meet in times of war. - patriotic duty of young men who join in the merchant service to every effort to learn their work in the shortest possible time, and of the skilled men to assist these young men in their efforts. It is the duty of owners and managers of vessels to co-operate in this work and to give to the young men such shipmates and such treatment as will cause them to respect the service and build up within them a desire to make it their It is the life work. The work of the seamen is so vitally important to the conductfbf the war that it has become necessary for the Government to provide deferred classi¬ fication for them in its efforts to secure a sufficient supply of skilled men for the maintenance of speed and safety. Having in mind the brilliant record of the American merchant marine, the honorable position it occupies in economic affairs, and the important part it plays in winning the war, every seaman should give to the service th® best there is in him, and should not hesitate to accept deferred classi¬ fication when the Government has decided that such deferred classification is necessary, no matter how eager he may be to join the fighting forces of the army or the navy. AGREEMENT REACHED WITH GERMANY AS TO CAPTIVE OFFICERS' PAY. Washington dispatches on Sept. 28 announced that the United States and Germany, through negotiations con¬ ducted by the Spanish Ambassador at Berlin, have agreed to pay stated monthly sums to officers held as prisoners of war. This agreement may be revised by the conference on the general subject of prisoners of war how in progress at Berne, Switzerland. The dispatch further stated: The agreement followed negotiations lasting nearly a year. Germany declined to pay American officers Buth salaries as they received from the United States, while the American Government was not willing to accept for Its officers the relative paltry pay of the Germans. The compromise finally agreed upon provides that first and second lieu¬ tenants and officers of corresponding grade in the German army shall be paid 350 marks, or $83 35 a month, and captains and officers of higher grade of either army shall be paid 400 marks, or $95 25 a month. Officers not included in either of these two classes shall be paid $56 56 a month. German officers held prisoner by the United States were paid regularly until November 1917, when the Government learned that American offi¬ cers held prisoners by Germany were not being paid. MONEYjORDERS FOR MEN IN OVERSEAS FORCES. fFThet[ following^ notice ■ regarding^the sending i ofjnoney orders^ to the! Uni ted [States'forcesabroad has been issued by the Post Office Department: r OFFIOe'oF THIRD ASSISTANT POSTMASTER-GENERAL. I Washington, Aug. 281918. Postmasters are advised that the instructions printed on page 77 of the United States Official Postal Guide for July are not intended to prohibit the issue on domestic form of a money order in favor of a member of the American Expeditionary Forces in France when the remitter furnishes as the payee’s address the name of an office established under the jurisdiction of the foreign Government. These instructions apply to cases where the order is purchased in favor of (1) a civilian resident, or (2) a soldier of one of the Allied armies fighting on French soil, but a person connected with any branch of the United States military or naval forces in France in what¬ ever capacity is entitled to benefit from having remittance sent to him by . means of domestic orders. A. M. DOCKERY. Third Assistant Postmaster-General. VOLUNTEER ENLISTMENTS RESUMED FOR SPECIAL SERVICE IN NAVY. It was announced at Washington on Sept. 14th that volun¬ teer enlistment or induction into the navy of men with special qualifications will be re-opened under an agreement reached to-day between Secretary Daniels and Provost MarshalGeneral Crowder regarding the procedure by which the navy will obtain its personnel under the new draft law. It is understood the plan provides that the navy shall select the men needed for its special branches, the remainder to come through the regular draft process. Navy recruiting stations will be reopened to co-operate with local boards in obtaining skilled men men and to serve as mobilization centres for drafted allotted to the navy. THE TREMENDOUS PRODUCTION OF WAR MATERIALS. “The most tremendous program in the history of man¬ kind has been successfully carried out by the War Depart¬ ment in the last seventeen months,” declared Representa¬ tive George R. Lunn in reviewing in the House on Oct. 1 the production of [Vol. 107 THE CHRONICLE 1338 war supplies since the United States entered the war. “Germany’s vaunted efficiency,” Mr. Lunn said, “has nothing to compare with this achievement.” As quoted in on that date a special dispatch to the New York “Times” Representative Lunn said: We had in the Regular Army of the United States in April 1917, 127,588 If the nation at that time had said to the War Department: "We men. to take your Regular Army of 127,588 men divide them into companies of ten each, and, by September, shall expect you and. In effect, 1918, we shall expect each of these companies to be recruited up to full strength of 250 men, giving us an army of 3,200,000 men; and, further, we shall expect these men to be thoroughly equipped with rifles and other munitions, thoroughly trained as fighting forces, well clothed, sufficient food pro¬ vided; shelter in the form of great cantonments; arrangements for medical service, with hospital accommodations for thousands; the development of an air service; the development of ocean transportation, that we may send hundreds of thousands of troops to France”; I say that if such an order had been given to the War Department at the declaration of hostilities it would have seemed an impossible task. But the nation went further, saying, in effect, to the War Department: “We shall expect you to have a fighting force of 3,200,000 men by Sep¬ tember, 1918; and between April, 1917, and August, 1918. we shall expect you to furnish the following articles: Shoes, marching and field, 27,276,000: coats, cotton and wool, total 19,537,000; breeches, cotton and wool, total 29,820,000; shirts, cotton and flannel, total 25,487,000; undershirts, cotton and winter, total 83,971,000; drawers, cotton and winter, total 83.042,000; stockings, cotton and wool, total 156,672,000; hats, service, 7,779,000, and blankets, 21,005,000. We shall expect you to furnish be¬ tween April 1917, and September, 1918, the following quantities of six staple food articles: Bacon, 11,451,670 pounds; flour, 625,461,392 pounds; dry beans, 102,894,742 pounds; rice, 38,421,256 pounds; tomatoes, 72,274,529 cans; sugar, 186,582.316 pounds. “We shall expect you to purchase 1,064,231 tons of hay and 592,749 tons of oats. We shall expect you to purchase 278,732 horses and 131,917 mules. As a necessity for the transportation of materials and men By land we expect you to provide 106,000 motor trucks, 10,700 passenger cars, 54,400 motor cycles, 11,500 bicycles, and 15,000 cargo and tank trailers. “In air service we shall expect you to increase your officers from 65 to 7,465, we shall expect an enlargement of your enlisted force from 1,120 to 147,434. Instead of your three small aviation fields we shall expect you to provide twenty-nine flying fields, thoroughly equipped for the training of America’8 flying forces. This will be in addition to the American aero¬ dromes and assembly fields In France and England. We shall expect you, by September, 1918, to produce 6,931 training planes, 1,440 De Haviland planes, 7,647 Liberty motors, and 12,500 ^training engines. By Septem¬ ber, 1918, we shall expect you to have 8,000 aviators training in the United States, besides 4,000 awaiting assignment to ground schools, and that out of the total registration up to Sept, 1 1918, we shall expect the fighting forces under arms to number 3,200,000 men.” If the nation had called upon the War Department at the declaration of war to meet this colossal program it would have seemed too staggering for achievement, and yet it has been done. If the nation had said to the War Department In April, 1917, “we shall expect you to transport more than 1,800,000 troops for foreign service by Oct. 1 1918,” it would have sounded like the weird tale of the Impossible, and yet it has been done. The figures I have given are not the figures of estimates, but the figures ~ of accomplishment. The most tremendous program in the history of man¬ kind has been successfully carried out by the War Department in the last seventeen months. Germany’s vaunted efficiency has nothing to com¬ pare with this achievement. WATER POWER LEASING BILL, PASSED BY HOUSE, SENT TO CONFERENCE BY SENATE. After a spirited discussion, the Senate on Sept. 23 voted 42 to 9 to send the Administration Water Power Bill passed by the House to conference for consideration in as con¬ nection with the Senate bill for which the House substi¬ tuted the measure as drawn by the Secretaries of War, In¬ terior and Agriculture. Three members each of the Com¬ mittees on Commerce and Public Lands were named as the Senate managers. Several Senators declared during the debate that House and Senate differences on policies of water¬ development are so pronounced that a compromise in impossible without another vote by the Senate. A motion to accept the House bill was defeated, 48 to 2. The Water Power Leasing Bill was passed by the House on Sept. 5 after the decisive rejection of two amendments designed to carry out a request by President Wilson that a “fair value” instead of the “net investment” be paid by the Federal or municipal Governments in taking over power plants at the end of the fifty-year lease. The pres¬ ent bill is in effect a substitute for the bill covering the same subject passed by the Senate on Dec. 14 1917. It provides for the creation of a Federal Power Commis¬ sion composed of the Secretaries of War, Interior and Agriculture, whose work shall be carried on as far as practic¬ able by and through their respective Departments. The Commission is empowered to collect and publish data con¬ cerning the power industry and its relation to other in¬ power conference is dustries and to issue licenses for the construction of power plants and transmission lines on or along navigable rivers or on public lands and reservation. Such licenses are to be issued for a period not exceeding 50 years, but may be extended in the discretion of the Commission. In issuing licenses, the Commission “shall give preference to applica¬ tion therefor by States and municipalities, provided the plans for the same are deemed by the Commission adapted to conserve and utilize in the public interest the navigation Oct. 5 resources of the region;* * and as between other applicants the Commission “may give preference to the applicant the plans of which it finds and determines are best adapted** to that end. No transfer of a license may be made without approval of the Commission. A clause in Section 10 provides that any earnings in excess of the rate of return specified in the license shall be set aside as an amortization fund, to be either held until the termination of the leases or applied in reduction of the net investment. Compensa¬ tion to the Government is provided, to be fixed by the Com¬ mission and readjusted at 10-year intervals. ( The “recapture** provision, in regard to which President Wilson intervened with a letter to Representative Sims, urging the substitution of the “fair value** instead of the “net investment** as the basis of payment in case the power project should eventually be taken over by the Government, and water is contained in Section 14. This section in full is as follows: Sec. 14. That upon not less than two years' notice in writing from the commission the United States shall have the right, upon or after the ex¬ piration of any license, co take over and thereafter to maintain and operate any project or projects, as defined in section three hereof, and covered in whole or in part by the license, or the right to take over upon mutual agreement with the licensee all property owned and held by the licensee then valuable and serviceable in the development, transmission, or dis¬ tribution of power and which is then dependent for its usefulness upon the continuance of the license, together with any lock or locks or other aids to navigation constructed at the expense of the licensee, upon the condition that before taking possession it shall pay the net investment of the licensee in the project or projects taken, plus such reasonable damages, if any, to property of the licensee valuable, serviceable, and dependent as above set forth but not taken, as may be caused by the severance therefrom of property taken, and shall assume all contracts entered into by the licensee with the approval of the commission. The net investment of the licensee in the project or projects so taken and the amount of such severance dam¬ ages, if any, shall be determined by agreement between the commission and the licensee, and in case then can not agree, by proceedings in equity instituted by the United States in the district court of the United States in the district within which any such property may be located: Provided, That such net investment shall not include or be affected by the value of any lands, rights of way, or other property of the United States licensed by the commission under this Act, by the license, or by good will, going value, or prospective revenues: Provided further. That the values allowed for water rights, rights of way, lands, or interest in lands, shall not be in excess of the actual reasonable cost thereof at the time of acquisition by the licensee: Provided, That the right of the United States or any State or municipality to take over, maintain, and operate any project licensed under this Act at any time by condemnation proceedings upon payment of just compensation is hereby expressly reserved. received by the Government for power leases, 50% is to be set aside and used for the development of na¬ Of the money parks and forests, reclamation work and the improve¬ ment of navigable waters, except that all proceeds from any Indian reservation shall be placed to the credit of the tional Indians of the reservation. Public utility corporations obtaining licenses are to re¬ main subject to regulation by State commissions where such have been established, otherwise to be regulated direct by the Federal Power Commission. President Wilson’s letter to Representative Sims in regard to the recapture clause touched upon the point which has been largely responsible for the wrecking of all previous the available water power of the country Four times previously, the President pointed out, the House had passed a water power bill with a recapture clause practically identical with that in the present bill as originally introduced—that is, providing for the payment of the “fair value’* at the time of taking over. The President’s letter, addressed to Representative Sims as Chairman of the special Committee on Water Power, read as follows: efforts to open up for development. of the special Water I am taking too great a liberty in saying, namely, that inasmuch as the House of Representatives has four times passed a water bill, each time with a recaptute clause prac¬ tically identical with the pending water power bill as it was originally pro¬ posed by the Administration and agreed upon in informal conference, I am very much in hope that it will be the judgment of the House to reject the amendment and recur to the original bill in the form in which was I am going to venture to say to you as Chairman Power Committee what I hope that you will not think delivered introduction and con¬ Congress. concerned about this feature of the bill, and have had to Mr. Pou of the Rules Committee for sideration by the I am very much the privilege of being so intimately associated with those who have from time to time conferred about it that I am venturing to make this earnest suggestion. 1339 THE CHRONICLE 1918.] Sincerely yours, WOODROW WILSON. In presenting the President’s letter to the House, Chair¬ man Sims explained that he had informed the President that the changes in the bill had been made after O. C. * Notwithstanding the President’s objections, however, on Sept. 4 rejected by a vote of 96 to 71, an amend¬ ment offered by Representative Ferris of Oklahoma embody¬ ing the change urged, and a substitute covering the same ground but somewhat broader in scope met a similar fate* Chairman Sims and Mr. Ferris in urging adoption of the ‘fair valuation’* clause based their argument on the ground the House that the “net investment** feature would make so onerous that private interests would have recapture virtually a perpetual franchise. In financial circles, however, it is felt that even with the present more favorable recapture provisions the Water Power bill is not likely to attract capital in sufficient amount to bring about the desired development* On this point a special dispatch from Washington to the “Wall Street Journal’* on Sept. 8 said: The belief that the provisions of the Water Power bill now before the Hpuse are not sufficiently attractive to interest capital, has been expressed by some members who are anxious to see the latent power possibilities of the nation brought into use as quickly as possible. This same situation was encountered in previous water power measures and contributed to their defeat, and it is feared that if the Administration measure now pending is enacted in its present form, the development will be on a much smaller scale than would follow the passage of a bill offering greater inducements to capital. While the Government may more com¬ pletely safeguard the water power sites, and may save money by putting through the Sims bill, the loss through this excessive caution will be greater than the sum saved if it results in discouraging capitalists anxious to utilize the opportunities which lie in power improvements. If a more liberal policy had been adopted earlier on the question of water power the Government would already have gained thereby, while vast advantages and profits would have accrued to the nation in a manner par¬ ticularly desirable during the present emergency. In the industrial districts the question of more power for the shipyards and war plants is now serious, and has resulted In the new emergency power bill providing an appropriation of $200,000,000 for the erection of new plants and the enlargement of those existing. This lack ,of power at a critical time, it is widely believed, can be attributed to the short-sighted policy of the Government on the matter of water power legislation in the past. The “Wall Street Journal’’ in a Philadelphia dispatch dated Aug. 28, also gave the following in regard to the" available water-power awaiting development, discussing the subject in connection with Secretary McAdoo’s suggestion electrifying United States railroads. for Mr. McAdoo’s suggestion as to electrifying a large part of the United States railroad mileage, which is regarded by railroaders as feasible only in certain districts, calls attention anew to the great water power resources of North America. Canada’s water power is incalculable, much of it being in unsettled areas, but all over the Dominion available water power is found in abundance where most needed or most likely to be needed. In the United States the maximum potential water power is estimated at 60,713,200 h. p., of which only 5,321,699, or 8.8%, has been developed. The far West, especially the Pacific States, are very much in the lead in maximum potential water horsepower, the State of Washington being first on the list, with 9,990,000, followed by California, with 8,865,000 and Oregon with 7,505,000. The percentage of development in those three States are 3.2, 8.2, and 2.1 respectively. Montana ranks fourth with 4,290,000, of which only 4.1 % has been developed. Then comes the State of New York, with 4,242,000, of which 18.8% has been developed. Other States exceeding the million mark are as follows: Idaho, 2,910,000: Arizona, 1,930,000: Colorado, 1,928,000: Utah, 1,490,000; Wyoming, 1,470,000; Alabama, 1,070,000. North Carolina has an even 1,000,000, and Maine falls below the million mark by 84,000, but is 15,000 ahead of the combined total for New Hampshire, Vermont, Massachusetts, Rhode Island and Connecticut. Montana’s water power is peculiarly adaptable to transportation pur¬ of poses, and it was the St. Paul’s successful electrification of 440 miles its mountain divisions, with proposed extension of the electrified system to the Pacific Coast, and a similar project by the Great Northern, which impressed the Director-General of Railroads with the possible utilization of the country’s latent water power for general electrification of all systems more or less. Railroad operators say that the water power is not dis¬ tributed throughout the country in proportions suitable to complete elec¬ trification, and that in many section's where it is the cost would be pro¬ hibitive. The oil burning locomotives of the Southern Pacific and Santa Fe for illustration, they say, are more economical and, under the circum¬ stances, more effective. However that may be, there is running to waste 16,000,000 water horse power in excess of the entire steam engine horse power, including loco¬ motives, or nearly enough, one enthusiast says, to operate every mill, train, boat and municipal lighting plant in the country—“and then some.’ William H. Hodge of the H. M. Byllesby & Co. says: “If one-fourth of the estimates of the Government officials are true with respect to the undevel¬ oped water powers of the United States, the development of that quarter alone would save an amount of coal and transportation and labor, that are annually represented by a coal train of 50-ton cars which would reach It saves the labor of 499.000 men.” around the earth. The Water Power Leasing bill should not be confused with the Emergency Power bill now pending before Congress* providing $175,000,000 to enable the Government to contro* and extend electric power plants supplying power to war industries. __________ Merrill, Chief Engineer of the Forestry Bureau, as the EMERGENCY POWER BILL WOULD GIVE GOVERN¬ MENT CONTROL OF POWER PLANTS DURING WAR. representative of Secretaries Baker, Houston and Lane, had submitted amendments said to be in the interest of simplicity The Emergency Power Bill was passed by the House of and clarity. Mr. Sims said he supposed the changes had Representatives on Oct. 1 without a roll call, after efforts to the approval of the President and had the amended bill limit the President’s control over power plants to less than printed without even reading it. Representative Sims said five years after the termination of the war had been defeated. it was now evident that the three Secretaries had not thor¬ The measure, which was passed in the same form that it was eported out of committee, authorizes Government control oughly considered the amendments. 1340 and extension THE CHRONICLE of electric plants and appropriates purpose. The measure was introduced in the House on Aug. 19. It was prepared after a series of conferences between representatives of the Administration and of the great power companies, and is entirely distinct from the Water Power Leasing bill recently passed by the House. The Emergency Power bill was made necessary by the shortage of power in the districts where war work and shipbuilding are concentrated. The uncertainty re¬ garding the continuance of war industries and the great cost of making extensions to existing power plants or build¬ ing new ones under war time conditions, has made it econom¬ ically impossible for manufacturing plants and power com¬ panies to meet the situation. The Government proposes, therefore, to establish electric power plants in the vicinity of coal mines, where,, by utilizing low grade coal, it will not only be possible to furnish electrical power economically to supplement local supplies, but to save the transportation of large amounts of coal. In addition, by equipping the proposed plants with the most modern coking and other facilities, large quantities of by-products will be^ produced, power $200,000,000 for the [Vol. 107 ably increase after the war when the country will return to normal condi¬ tions, and can and will compete for the trade of the world. The plan adopted to solve any one of these problems should primarily include conservation of transportation and increased production of coal products and power. The authority and application required for all these purposes are provided in the bill introduced to-day. On Aug. 23 Secretary of War Baker, testifying before the House Inter-State Commerce Committee, explained the necessity of the Government intervening with financial assistance in the power situation. He said that private concerns were reluctant to enlarge their plants to meet war needs because the great expense involved would make a financial loss almost inevitable, inasmuch as the increased facilities could be used only during the war period and after the war ended would be useless. Continuing, he said: It is a question of having the Government pay to the power companies the difference between the cost now and its value when the war is over. In illustration: power companies have shown that improvements which to-day will cost $100 can be installed in normal periods for about $60. The companies suggest that the Government should extend them financial aid by paying the difference, which in such a case would be $40. The matter of final adjustment could then be left until after the war, to bi determined by proper appraisement. Incidentally, Secretary Baker let it be known that he making explo¬ personally favors permanent Government ownership of I power plants. “I do not share the prejudice against Gov¬ The measure provides that the appropriation/ may be ernment ownership of enterprises of this kind,” Mr. Baker used “for the purpose of construction, acquisition, main¬ was quoted as saying, “and my natural disposition would tenance and operation of plants, transmission lines and be to encourage rather than to discourage Government owner¬ other material and property which the President is hereby ship.” Replying to a question from a member of the empowered by the provisions of this Act to construct or committee who opposed Government ownership, Mr. Baker acquire.” The President is empowered either to take over said: i The hands of the Government privately owned power plants or to advance funds from should not be tied to prevent the develop¬ the appropriation to assist in their private operation. The ment of a subsequent peace policy. It should be left within the power of the Government to determine at a future time what the permanent policy measure specifies further that the power to construct or will be. acquire any power plant, transmission lines or incidental Secretary of the Navy Daniels and Chairman Bernard M. property shall terminate at the end of the war, and that Baruch of the War Industries Board also appeared before the power to operate and maintain the plants shall continue the committee in favor of the bill. only for such time as the President shall deem necessary for the public interest. Compensation when the plants are UNITED STATES SENATE DEFEATS SUFFRAGE taken over is to be fixed by the President. In the event of AMENDMENT—THE PRESIDENTS ADDRESS. a dispute, 75% of the amount fixed by the President shall Notwithstanding the appeal of President Wilson on behalf be paid, and the owner has the right to sue for the remainder of suffrage as a war measure, made in the United States Sen¬ in dispute. ate on Sept. 30, and personal letters sent out In introducing the measure in the House on Aug. 19, by him to doubt¬ ful Senators, the Senate on Oct. 1 defeated the woman suf¬ Representative Sims explained its purpose as follows: frage amendment by 53 affirmative to 31 negative votes We are facing a power shortage which is and for some time past has been The South stood solid on the States’ rights issue and not a acute and is hampering our program of essential war production. So vote was changed as a result of the urgent this measure, authorizing the President to erect super-power stations at appeal of the Presi¬ the coal mines and at other points where he may deem them dent. It is the first time since the declaration of war by the necessary or to extend financial aid to persons or corporations about to do so, and there¬ United States that the President has failed in obtaining what fore designed to secure results of tremendous immediate and ultimate value he asked for from Congress. to America, is introduced with the endorsement of the Administration. The vote was as follows: It has been most carefully prepared, has been considered in conferences at¬ 27 “for” Republicans, to 10 “against”; Democrats, 26 “for” tended by representatives of the Administration, by representatives of the to 21 “against.” great power companies and by economists who attack the problems pre¬ such as toluol and other chemicals used in sives. , sented from various viewpoints, and is endorsed by all of them. This bill mu^t not be understood as in anywise taking the place of the "Water Power lull now before the House. That is in its very nature a Senator Jones of New Mexico . peace time measure, and the provisions for the two do not conflict. What is planned is to confer upon the President all necessary power to deal with our urgent power situation promptly and effectively and to place at his disposal adequate funds with which to begin operations. At present at least the four following pressing military needs nized: ' , » are recog¬ (1) Increased production of power available for war industries and ship¬ yards. (2) Economy in the consumption of fuel. (3) Reduction in the railroad freight load, especially in the fuel load. (4) Increased production of metallurgical coke, toluol and ammooiacal liquor, all recovered from coal. The greatest immediate need is perhaps that of the munition factories and shipyards for additional power, which can be supplied by the existing supply companies: but the most economical and efficient means of pro¬ ducing power will decrease the amount of fuel to be transported by the railroads and, in turn, make possible at an early date the electrification of congested railway lines, which Director-General McAdoo declared for only a few days ago. Further, the developments of the proposed super¬ power stations will directly promote the production of explosives, as the proper utilization of coal will yield by-products which are wasted in the ordinary method of steam production, by burning coal under the boilers. Nearly every department of the Government is in some way interested, either in the power it self or in one or more of the commodities the production of which under present circumstances may be secured as by-products in the economic development of power, or which in their manufacture give as by-products the requisites of power production, such as the waste gases from by-product coko ovens. I may say that I am informed that tests of certain by-product ovens designed to make metallurgical coke from high volatile bituminous coals which the Government has been conducting for some time, with a view to increasing the supply of coking coals of the country, considerably less than 10% of our total coal supply, to between 40 and 50%, are proceeding satisfactorily. When it is considered that the quantity of by-products recovered from high volatile coals is greater than that yielded ly the heretofore recognized standard coking coals, such as" those of Connellsville and Birmingham districts, and that the final success of these would mean coke-coal areas within easy access of nearly every populous section of our country, our industrial possibilities loom large. In addition to war needs there is a widespread demand for increased production and adequate distribution of fuel, light, heat and power for Gties, rural communities and industries, many not conveniently located as to existing or possible water power sites, which will continue and inevit¬ Oct. 3 moved that the on by which the proposal was defeated on Tuesday be Although the amendment may now be called up at any time, it is practically assured, it is thought, that no move will be made by the suffrage advocates until after elec¬ vote reconsidered. tion. A two-thirds vote is required to pass the amendment, but under the parliamentary rules it requires only a majority vot« to restore it to the calendar. This the Senate did on Thurs¬ day by adopting Senator Jones’s motion for reconsideration. In his address to the Senate urging it to adopt the suffrage amendment, President Wilson said: * Gentlemen of the Senate. The unusual circumstances of a world war in which we stand and are judged in the view not only of our own people and our own consciences, but also in the view of all nations and people, will, I hope, justify in your thought, as it does in mine, the message I have come to bring you. I regard the concurrence of the Senate in the constitutional amendment, proposing the extension to the suffrage to women, as vitally essential to the successful prosecution of the great war of humanity in which we are en¬ I have come to urge upon you the considerations which have led gaged. me to that conclusion. It is not only my privilege, it is also my duty t« apprise you of every circumstance and element involved in this momentous struggle which seems to me to affect its very processes and its outcomo. It is my duty to win the war and to ask you to remove every obstacle that stands in the way of winning it. I hail assumed that the Senate would no concur disputable principle is involved, but only which the suffrage is to be extended to a in the amendment, because question of the method by women. There is and can be ne Both of our great national parties are pledged, party issue involved in it. explicitly pledged, to equality of suffrage for-the women of the country. Neither party, therefore, it seems to me, can justify hesitation as to the method of obtaining it, can rightfully hesitate to substitute Federal in¬ itiative for State initiative, if the early adoption of this measure is neces¬ sary to the successful prosecution of the war, and if the method of State action proposed in the party platforms of 1916 is impracticable, within any reasonable length of time, if practical at all. And its adoption is, in my judgment clearly necessary to the successful prosecution of the war and the successful realization of Ihe objects for which the war is being fought. That judgment, I take the liberty of urging upon you with solemn earnestness, for reasons which I shall state very frankly, and which I shall hope will seem as conclusive to you as they seem to me. , * 1918.] THE CHRONICLE ' '1 This is a people’s war and the people’s thinking constitutes its atmo¬ sphere and moralq, not the predilections of the drawing room or the politi¬ cal considerations of the caucus. If we be indeed Democrats and wish to lead the world to democracy, we can ask other peoples to accept in proof of our sincerity and our ability to lead them whither they wish to be led, nothing less persuasive and convincing than our actions. Our professions will not suffice. Verification must be forthcoming when verification is asked for. And in this case verification is asked for—asked for in this particular matter. You ask by whom ? Not through diplomatic channels; by foreign ministers. Not by the intimations of parliaments. It is asked for by the anxious, expectant, suffering peoples with whom we are dealing and who are willing to put their destinies in some measure in our hands, if they are sure that we wish the same things that they do. I do not speak my conjecture. It is not alone the voices of statesmen and of neswpapers that reach me, and the voices of foolish and intemperate agitators do not reach me at all. Through many, many channels I have been made .aware what the plain, struggling workaday folk are thinking, upon whom! the chief terror aiad suffering of this tragic war fall. They are looking to the great, powerful! famous democracy of the West to lead them to the new day for which they kave so long waited; and they think, in their logical simplicity, that democracy means that women shall play their part in affairs alongside men and upon an qqual footing with them. If we re¬ ject measures like this in ignorantT'defiance of what a new age has brought forth, of what they have seen, but we have not, they will cease to believe in us; they will cease to follow or to trust us. They have seen their own Governments accept this interpretation of democracy—seen old Governments like that of Great Britain, which did not profess to be democratic, promise readily and as of course this justice to women, though they had before refused it; the strange revelations of this war having made many things new and plain to Governments as well as to ✓ peoples. not Are we alone to refuse to learn the lesson ? Are we alone to ask and take the utmost that our women can give—service and sacrifice of every kind— and still say w e do not see what title that gives them to stand by our sides in the guidance of the affairs of their nation and ours? We have made partners of the women in this war. Shall w e admit them only to a part¬ nership of suffering and sacrifice and toil and not to a partnership of privi¬ lege and right? This war could not have been fought, either by the other nations engaged or by America, if it had not been for the services of the women—services rendered in every sphere—not merely in the‘fields of efforts in which we have been accustomed to see them work, but wherever men have worked, and upon the very skirts and edges of the battle kself. We shall not only be distrusted, but shall deserve to be distrusted, if we do not enfranchise them with the fullest possible enfranchisement, as it is now certain that the other great free nations will enfranchise them. We cannot isolate our thought and action in such a matter from the thought of the rest of the world. We must either conform or deliberately reject what they propose and resign the leadership of liberal minds to others. The of America too noble and too intelligent and too devoted give or withhold this thing that is mere jus¬ tice; but I know the magic it w'ill work in their thoughts and spirits if you give it to them. I propose it as I would propose to admit soldiers to the suffrage, the men fighting in the field for our liberties, and the liberties of the world, were they excluded. The tasks of the women lie at the very heart of the w'ar, and I know how, much stronger that heart will beat if you do this just thing and show our women that you trust them as much as you in fact and of necessity depend upon them. Have I said that the passage of this amendment is a vitally necessary war measure, and do yetflobed further proof? Do you stand in need of the trust of other peoples anjd of ohe trust of our own women? Is that trust an asset, or is it not? /I tell you plainly, as the Commander-in-Chief of our armies and of the men in our fleets, as the present spokesman to be women slackers, whether are you ga(lant of this dealings"with the men and women throughout the world who are now our partners, as the responsible head of a great Govern¬ ment which stands and is questioned day by day as to its purposes, it prin¬ ciples, its hopes, whether they be serviceable to men everywhere or only to itself, and who must himself answer these questionings, or be shamed, as the guide and director of forces caught in the grip of war and by the same token in need of every material and spiritual resource this great nation possesses—I tell you plainly that this measure which I urge upon you is vital to the winning of the war and to the energies alike of preparation and of people in our battle. And not to the winning of the war only. It is vital to the right solution of the great problems which we must settle, and settle immediately, when the w'ar is over. We shall need them in our vision of affairs, as we have never needed them before, the sympathy and insight and clear moral instinct of the women of the world. The problems of that time will strike to the roots of many things that w'e have not hitherto questioned, and I for one believe that our safety in these questioning days, as well as out compre¬ hension of matters that touch society to the quick, will depend upon the direct and authoritative participation of women in our councils. We shall need their moral sense to preserve what is right and fine and worthy in our system or life, as w ell as to discover just what is is that ought to be purified and reformed. Without their counsellings we shall be only half wise. That is my case. This is my appeal. Many may deny its validity if they choose, but no one can brush aside or answ er the arguments upon The executive tasks of this war rests upon me. I ask that you lighten them and place in my hands instruments, spiritual instru¬ ments, which I do not now possess, which I sorely meed, and which I have which it is based. daily to apologize for not being able to employ. COMMITTEE * TO STUDY PEACE PROBLEMS BY SENATOR WEEKS. URGED The creation of a special Congressional committee to study the problems which will arise with the coming of peace is proposed in a resolution introduced in the Senate on Sept. 27 by Senator Weeks of Massachusetts. It is proposed in the resolution that the committee consist of three Republicans and three Democrats from either House. was specific as The resolution to the subjects which should be scrutinized and studied by the joint committee, which, as given in a special dispatch to the New York “Sun,” includes the fol¬ lowing: Labor, capital and credit, public utilities, demobilization of industrial and military resources, foreign trade, continuance of existing industries and establishment of new industries; tariff, agriculture, production and distribution of coal, gasolene and other fuels; shipping, housing co ditions 1341 ' Oct. 5 and disposition of temporary structures erected by the Government; war legislation with reference to its repeal or extension and all activities result¬ ing from the change of war activities to pursuits of peace. In as introducing his resolution Senator Weeks saying: was quoted At the end of the war we are likely to have a merchant fleet larger than that of any country in the world. We have constructed some of the greatest shipbuilding plants in the world, and it is probably safe to say that those will have a capacity under after-war conditions sufficient to build and repair the merchant fleets of the civilized world. What are we going to do with these shipyards? What are we going to do with all the manufacturing plants and other establishments created for war purposes, the machinery for which may or may not b’e available for after-war production? What are we going to do with the millions of war workers now employed and who will find them¬ selves out of employment at once when peace has been declared? The Government must take some action to protect these war workers. The manufacturing capacity of the country has been increased enor¬ mously since the beginning of the war. If it is to bo operated at its full capacity, especially when the demand for munitions of war ceases and this army of workers and vast amount of machinery enter the field of industrial production, the United States will quite likely have an additional produc¬ tive capacity of from 25 to 50%. Markets must be found for this surplus production and they must be foreign markets. If these markets are not obtained there necessarily will be a slackening in every productive industry in the United States, a con¬ sequent reduction of employees, unemployment and hard times. THE CANDIDACY OF HENRY FORD FOR THE MICHIGAN SENATORSHIP. In campaign in which both sides are calling for the “adjournment of politics” and the fullest support of Presi¬ dent Wilson’s war policies, the candidacy of Henry Ford, the Detroit automobile manufacturer, for United States Senator from Michigan, has usurped the centre of the stage, and furnished a number of incidents unprecedented in American politics. Last June the Democratic State Com¬ mittee of Michigan called upon the Republicans of the State to nominate Mr. Ford for Senator, and offered to endorse the nomination. This the Republican committee refused to do. At the primary election, however, Mr. Ford’s name was placed on the Republican ballot by petition, along with that of Truman H. Newberry, ex-Secretary of the Navy, the official candidate of the party. The Democratic State Committee endorsed the Ford candidacy. Running thus as a candidate on both tickets, Mr. Ford was over¬ whelmingly nominated by the Democratic voters, but was beaten by Mr. Newberry for the Republican nomination. Mr. Ford, who had never evinced any interest in politics, consented to enter the race for the Michigan Senatorship at the personal request of President Wilson. Although nominally a Republican, he allowed his name to be placed upon the ballots of both parties, but declined to make a personal campaign. When informed of his probable elec¬ tion on*the?Democratie ticket, and asked what he would do if he won both nominations Mr. Ford is said to have replied: a I would pitch a penny to decide which nomination I would accept or leave to my secretary to decide. I would give a million dollars to be out of the matter, and I would not have been in it but for President Wilson’s request. * On Sept. 25 Mr. Ford sent a letter to the Democratic meeting at Detroit, in which he informed that, although nominally their candidate, he did not intend to be bound by any party considerations, Democratic or Republican. “I hold myself free to support such measures, whatever their origin, as commend themselves to my judgment for the best interests of all the people,” Mr. Ford wrote. He added that he had not spent a dollar to win the nomination at the August primaries and did not intend to spend a cent to win the election. Mr. Ford did State convention the party leaders not attend the convention. His letter was as follows: behalf of your committee, you state: ‘‘They are anxious for advice and instructions.” I do not feel myself entitled or competent to give either, but your very kind letter affords me the opportunity to say two or three things to the committee and through them to the public. ThingB which in all good faith should be plainly spoken. When your committee, some time last June, passed resolutions at Lansing urging the Republicans of Michigan to nominate Henry Ford for United States Senator and stating that the Democrats would endorse the selection and thus make the election non-partisan, I was not consulted. I had no knowledge or hint of your proposed action, and when 1 learned of it I had no thought of consenting, but when soon afterwards President Wilson sent for me to come to the White House and requested that I accept a nomination, I took his words as practically a command from the leader of our whole country in this time of war, and consented to serve if elected. And now, having been nominated on the Democratic ticket, it Is only fair that the people who vote for me should understand explicitly that I am not a party man and do not accept this nomination with any specific obligation or pledge except to support President Wilson’s war measures while he continues his present and past wise course in the conduct of the war, and that I do not bind my&elf to vote for any measure because it is labeled Democratic or Republican, but that I hold myself free to support such measures, whatever their origin, as commend themselves to my judg¬ ment for the best interests of all the people. This war and the great upheaval it has brought about will bring forth at its conclusion an entirely new order of things—new questions and new issues. These must be dealt with, as they arrive, in the broadest ari most liberal spirit for the good of all mankind. Speaking on 1342 THE CHRONICLE One other thing: Not a dollar was expended by me or on my behalf, directly or indirectly, for the nomination. It is only just to the committee to say (I have not been asked to do so and I shall adhere to this policy)* I will not expend a penny to be elected. A purchased place would be a tainted, worthless bauble. It must be the free choice of a free people. Despite Mr. Ford’s statement that he had accepted the Senatorial nomination without specific obligations of any kind, the convention adopted resolutions pledging complete support to his candidacy. At the Republican State convention, held at Grand Rapids on Sept. 26, Mr. Ford’s candidacy came in for severe criticism. William II. Hays, Chairman of the Republican National Committee, and Senator Townsend joined in denouncing Ford as a pacifist who disbelieved in war and thought soldiers were murderers. Charges of the improper use of money in behalf of the candidacy of Mr. Newberry, running on the Republican primary ticket in opposition to Mr. Ford, resulted on Sept. 17 in the introduction in the United States Senate of a resolution by Sei(ator Pomerene, of Ohio (Democrat), calling for an investigation of campaign expenses of candidates in various States. Direct reference was made to the campaign of Truman H. Newberry against the automobile manufacturer for the Republican nomination in Michigan, but it is under¬ stood that the Democrats plan broadening the investigation to include the campaign expenditures of the successful Re¬ publican candidates in West Virginia and Illinois, where Davis Elkins and Medill McCormick, respectively, were the winners on the Republican ticket. Republican leaders were incensed, and described the resolution as a purely political move. In offering his resolution Senator Pomerene filed a copy of the expense account of Mr. Newberry in his cam¬ paign, which showed total contributions of $178,856, and a total expenditure of $176,568. Contributions to the fund, according to the report, ranged from $1 to $99,000. INFORMATION BUREAUS TO BE ESTABLISHED IN EUROPEAN CITIES BY AMERICAN SOCIALIST PATRIOTS. The establishment of commissions in Milan, Paris and other European cities to disseminate correct information in regard to the attitude of the working men of the United States toward the war, was proposed by Charles Edward Russell and the other members of a committee who have just returned from an extensive tour of the Allied countries, as representatives of the Social Democratic League of the United States. Plans for this educational campaign were approved by President Wilson, according to Washington advices, after Mi*. Russell had made a personal report of the results of his trip. Members of the commissions, it is said, are now being selected, subject to the approval of the State Department. Mr. Russell’s party was made up of prominent American Socialists who withdrew from the Socialist party because of its attitude in opposition to the war. They went abroad to combat the influence of the anti-war Socialists with the [Vox,. 107 Uttering language intended to incite, provoke, and encourage resistance promote the cause of the enemy. to the United States and to The only count left to the discretion of the jury on which guilty” was the tenth, charging “opposi¬ it found Debs “not tion to the cause of the Judge, the jury 6 and 8, charging the United States.” At the direction of returned “not guilty” verdicts to counts defendant with “uttering language in¬ tended to bring the form of government, Constitution, military and naval forces, the flag, and the uniform into contempt, scorn, contumely, and disrepute,” and with “urging, inciting, and advocating the curtailment of the production of war necessaries.” The four remaining counts of the ten originally contained in the indictment had pre¬ viously been nolled on ad\dce of Federal officials. Debs’s sole defense consisted of a lengthy address by him¬ self in which he explained that he was working for the good of the whole world, but as to the charges he said: “I deny nothing; I repudiate nothing; I retract nothing.” Continu¬ ing, he said: I have no dispute with the evidence presented by the Government, no criticism for the counsel for the prosecution. I would not take back a word of what I believe right to save myself from the penitentiary. I am accused of crime, but I look the Court in the face, I look the jury in the face, I look the world in the face, for in my heart no accusation of wrong festers. Debs said that history showed that minorities had always right on great questions, and recounted the martyrdom of men who, like Socrates, thought in advance of their time. Lincoln and Webster, he said, bitterly opposed the Mexican War, and criticised the Administration of President Polk. In imposing sentence, Judge Westenhaver said: been I do not regard the idealism of the defendant as expressed by himself as than the idealism of thousands of young men I the streets of Cleveland to defend our country. I cannot accept the attitude of mind cf any one who claims any right to dispense anybody from observing the laws of our land for the protection of peace and safety while thousands of young men are defending the country against the common enemy. Any one who strikes the sword from the hand cf these young men or causes another young man to refuse to do his duty when called to serve, or any one who obstructs the recruiting service, does just as much injury and wrong to our country as if he were a soldier in the ranks of the German any nigher, purer, nobler have seen marching down army. Pending appeal bail on on a writ of error, Debs t^as admitted to condition that he return to his home at Terre Haute, Ind., and remain there. When infornroa that a movement on foot by Debs’s followers to circulate his address to the jury as a pamphlet, Judge Westenhaven said he would call the matter to the attention of the proper authorities. Debs first came into prominence in connection with the railroad strikes precipitated by the American Railway Union in 1893. As a result of his efforts to tie up the rail¬ roads of the country, Debs served a term in jail, after which he transferred his activities to politics and the Socialist Party. was GERMAN WOMEN MUST SECURE PERMITS UNDER NEW BARRED ZONE RULING. By an order issued by Attorney-General Gregory on Sept. 24,-taking effect as of Oct. 5, German women are placed under the same restrictions as men, and must secure a permit in pacifist elements in the French, Italian and British labor order to reside in or pass through the half-mile zone sur¬ Ip newspaper interviews granted since his rounding forts, camps, arsenals, aircraft stations, Govern¬ return Mr. Russell reported that pacifist and “defeatist” ment or naval vessels, navy yards, factories or workshops sentiment among Allied workingmen which at one time as¬ for the manufacture of munitions of war or any products sumed serious proportions, is now a negligible factor, due for the use of the army or navy, or places of mobilization or in part to the recent Allied successes and in part to the entrainment of troops. whole-hearted co-operation of the United States in the war. The announcement of the Department of Justice states There is now a general disposition, Mr. Russell said, to trust that it is not intended to disturb unnecessarily the residence the motives and accept the leadership of President Wilson, or occupation of German alien women. Permits to continue and to stand out for a peace along the lines he has laid down. to reside or to work within the prohibited areas will be granted The commissions now proposed are to further this concord wherever this may be done consistently with the welfare and and prevent future misunderstandings. safety of the country and the successful prosecution of the movements. war. EUGENE V. DEBS, SOCIALIST LEADER, CONVICTED UNDER ESPIONAGE ACT. Eugene V. Debs, four times candidate of the Socialist Party for President, and accounted the most eloquent and influential of the Socialist leaders in this country, was sen¬ tenced to ten years’ imprisonment by Judge Westenhaver in the Federal Court at Clevealnd, Ohio, on Sept. 14, fol¬ lowing his conviction on three counts of an indictment charging violation of the Espionage Act. The offense charged was committed during the course of an address before the State convention of the Socialist Party of Ohio on June 16, and the counts of the indictment on which Debs was found guilty charged: Attempting to incite insubordination, disloyalty, mutiny, and refusal of duty in the military and naval forces. Obstructing and attempting to obstruct the recruiting and enlistment service. Issuance of the order makes it unlawful for any German alien female 14 years of age and upward to be found within one-half mile of any of the places mentioned, except on pub¬ lic carriers, without a proper permit from the United States Marshal. Those who are natives, citizens, denizens or subjects of Germany and not actually naturalized as Ameri¬ can citizens are affected. Applications for permits may be made in the same manner as applications for similar permits by German alien enemy males. Failure to comply with the regulations by refusing to leave the prohibited area or to procure a permit to remain may result in the arrest and detention of the person and the possible internment for the duration of the war. The new restrictions are said to have been adopted in or¬ der to bring dangerous German women aliens under closer supervision, and stop espionage by German women spies. Oct. 5 1918.] THE CHRONICLE 1343 IT,. CENSORSHIP OVERRULED BY PRESIDENT IN CASE INVOLVING VILLARD’S “NATION.” Following a meeting of the Cabinet on Sept. 17, at which President Wilson is said to have expressed unqualified disap¬ proval of the action of Postmaster-General Burleson in barring from the mails an issue of Oswald Garrison Villard’s paper “The Nation,’* an order was issued lifting the ban against the paper and permitting the circulation of the ber which had been held up. Similar action the case of “The World To-morrow,” a was num¬ taken in , PACIFIC NATURE OF FRAN CO-RUSSIAN ALLIANCE REVEALED IN NEW FRENCH “YELLOW BOOK.” Documents establishing the pacific and purely defensive nature of the alliance between France and Russia were made “Yellow Book” distributed by the French Gov¬ ernment in the Chamber of Deputies on Sept. 19. The early negotiations showed that both Emperor Alexander public in a of Russia and Gen. Boisdeffre, the French representative, insisted upon the pacific character of the convention. Em¬ peror Alexander hesitated somewhat at the outset, fearing that partisans, out of revenge for the war of 1870, might paper representing Reconciliation, of which Jane Addams is president, which paper had been virtually ordered to cease precipitate a new conflict. The first conversations becom¬ publication. By the President’s direction, the Post Office ing known in Berlin, the German Emperor became con¬ Department issued an order permitting it to continue. cerned. He is reported in one document as “regretting not The article in “The Nation” that caused Mr. Lamar to having attacked France in 1887.” issue the order is said to have been an M. Montebello, the French Ambassador to editorial, criticizing Russia, the selection of Samuel Gompers as the representative of the finally announced the agreement in a dispatch to M. Ribot, United States to the labor organizations of England and Foreign Minister, on March 6 1892, saying, “The principle France. The fact that Gompers has led laboring men of this of reciprocal assistance and simultaneous mobilization is country to support the war solidly, it was held by Mr. Burle¬ accepted.” It was stipulated that France and Russia would son, entitled him to protection from criticism. Assistant mobilize their forces only if the triple alliance mobilized Postmaster-General Lamar had taken the position that if first. The convention was finally concluded on Dec. 18 the objectionable editorial was cut out of “The Nation” the 1893, and was preceded by the famous reception to the edition would be the Fellowship of passed. ANHEUSER-BUSCH PLANT TAKEN OVER FOR WAR PURPOSES. Following negotiations lasting several days, the War Department on Sept. 24 took over one of the plants of the Anheuser-Busch Brewing 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, it is said, is to pay a rental at the rate of approximately 34 cents a foot, this rental to include heat and light. Russian marines in Paris. The principal document in the work was the text of the convention between the two nations, which emphasized the strictly defensive character of the alliance. It foll6Wsv: France and Russia, being animated by an equal desire to preserve peace, and having no other aim but to provide for the necessities of a defensive war provoked by an attack of the forces of the Triple Alliance against either the one or the other, have agreed tor the following resolutions: 1. If France is attacked by Germany, or by Italy supported by Ger¬ Russia will employ all the forces at her command in attacking Germany. If Russia is attacked by Germany, or by Austria supported by Germany, France will employ all the forces at her command in fighting many, Germany. 2. In the case the forces of the Triple Alliance or of one of the Powers belong to it should mobilize, France and Russia, upon the first inti¬ mation of the event and without any preliminary meeting being necessary, will immediately and simultaneously mobilize the whole of their forces and will place them near their frontiers. 3. The available forces which can be used against Germany on France’s which J. W. DAVIS TO SUCCEED WALTER HINES PAGE AS \AMBASSADOR TO GREAT BRITAIN. The resignation ill-health of Walter Hines Page, American Ambassador to England, announced on Aug. 27, has been accepted by President Wilson, and on Sept. 18 Secretary of State Lansing announced that John William Davis, at present Solicitor-General of the United States, had been selected as the new Envoy to the Court of St. owing to James. Ambassador Page was appointed to his post in April 1913. When he assumed office he was entirely without diplomatic experience or training, his activities previous to that time having been in the publishing line. With the out¬ break of the war, in the year following his assumption of office, Mr. Page was called upon to fulfill difficult and trying tasks. * , , - Under the stress of these tasks the health of Mr. Page, robust, showed signs of impairment, and nearly a year ago he sought to resign his office, but was prevailed upon to continue on the understanding that his work would be lightened. Mr. Page was editor of “The World’s Work” and a mem¬ ber of the firm of Doubleday, Page & Co. before he was appointed to the Court of St. James in 1913. Mr. Davis, who is to succeed Ambassador Page at Lon¬ don, is now abroad, having gone as head of the American delegation to attend the sessions of the American-German Prisoners of War Conference which opened at Berne, Switz¬ erland, on Sept. 23. It is not proposed to interrupt Mr. Davis in carrying out his present mission, and, as he is ex¬ pected to return to Washington before taking up his new duties at London, several months will probably elapse be¬ fore Ambassador Page is relieved. Mr. Davis was serving his second term in Congress when President Wilson appointed him Solicitor-General of the United States in August 1913. He is a lawyer of wide reputation, and has represented the Government in a num¬ ber of important cases before the Supreme Court, including those involving the constitutionality of the Selective Service Act and the Adamson eight-hour law. The Government won both cases. Among the anti-trust suits which he has argued for the Government were the International Harves¬ ter, United States Steel, and the Anthracite Coal cases. Other notable Supreme Court cases defended by Mr. Davis were the railroad mail pay and import customs suits, several cases involving the constitutionality of the 1913 income tax law, and the so-called pipe line cases, involving the con¬ stitutionality of the Inter-State Commerce Commission Act. never very part to 1,300,000 men, and on Russia’s part to 700,000. 4. Ways and means of corresponding in time of war will be studied and provided for In advance. 5. France and Russia shall not conclude a separate peace. 6. The present convention shall continue in force as long as the Triple Alliance. 7. Ail the clauses enumerated above shall be kept strictly secret. It is the determination of France and Russia to unite solely for all speed and haste so that Germany must fight in the east and west at the same time. 8. The headquarters staffs of the armies of the two countries will hold the counsel together from time to time in order to prepare and facilitate the execution of the measure stated above. They will communicate to each other in times of peace all the information relating to the armies of the Triple Alliance. ADVANCES TO RAILROADS BY GOVERNMENT. A total of $294,845,170 has been advanced April 1 to Oct. 1 by the Railroad Administration to the railroads under Government control. For the month of September the advances amounted to $52,993,750. Of the total disbursed during the six months $209,347,910 was taken from the Revolving Fund of $500,000,000, while $85,497,260 came from the surplus earnings of the various roads whose re¬ ceipts exceeded thei meeds. It is announced that in addition to the sums advanced to the railroad companies directly the Director-General has provided the further sum of $30,660,255 on account of orders placed for the standard locomo¬ tives and under construction. The following is the by the Railroad Administration’s Divi¬ Finances and Purchases concerning the advances to cars now announcement made sion of Oct. 1: Since April 1 1918 the Director-General has advanced to all railroads in the aggregate sum of $294,845,170, exclusive of the current earnings of the roads applied directly by the individual roads to their current expenses and This amount went to 85 different roads or systems. These advances, by months, have been as follows: corporate needs. April May June July .$90,614,000 August : 33,700,000 September 36,195,000 Total. 43,205,000 $38,137,370 52,993,750 $294,845,120 Of the total sum disbursed to Oct. 1 $209,347,910 was taken from the $500,000,000 Revolving Fund and $85,497,260 came from the surplus earnings of various roads which were turned over to the Director-General by the limited number of roads whose receipts for the period exceeded their requirements. The total amount of money turned over to the Director-General for the common fund from April 1 to Oct. 1 by roads reporting surplus earnings was $113,000,000. To this should be added $10,419,944 received from the new American Railways Express Company, making the total receipts from railways and express companies for the period $123,419,944. The receipts from the railroads by months have been as follows: 32,067,829 April $15,120,412 August May 6,157,459 September 50,154,300 June July.... 2,600,000 6,900,000 Total $113,000,000 Of the $113,000,000 turned over by the roads, $64,507,660 went to roads temporarily making the deposits with the Director-General, back these same roads vances subsequently calling upon the Railroad considerably in excess of the deposits which ily turned over. [Vol. 107 THE CHRONICLE 1344 with the Director- McAdoo had indicated that he would decline the request made by Samuel Untermyer on behalf of the National Association of Owners of Railroad Securities that a friendly suit be arranged to test the validity of the contract, and that the 1,000.000 result of the decision of the court be subsequently incorporated in the contract. We referred in our issue of Sept. 21, page Administration foe e d- they had thus temporar¬ The only railroads making deposits General for the common fund during this period which have not asked for the return of any portion of the funds thus deposited by them were the fol¬ lowing: j Pullman Car Lines . Louisv. & Nashville..$10,650,000i Ft. Worth & Denver C ty Duluth Missabe & Nor. 6,400,0001 Spokane Port. & Seattle. 4,600,000 Lehigh & New England. Atchison Topeka & S. Fe Duluth & Iron Range 2,900,0001 El Paso & Southwestern. Northern Pacific 2,500,000j Intemat. & Great Nor.. 2,500,000 i Grand Rapids & Ind Elgin Joliet & Eastern.. Bessemer & Lake Erie. 2,000,000 Staten Island Rap. Tran. 2,000,000 Texarkana & Ft. Smith. Delaware Lack. & West. Atlantic Coast Line and 900,000 600,000 ( :.069, to the adoption on Sept. 11 by the Financial Com¬ mittee of Seventy of the National Association of Owners of Railroad Securities, of a resolution in which it was set out ;hat “in order that there may be no possible disturbance 1,500,000 Central RR. Co. of N. J_ of credit or in the plans of the Government resulting from Pere Marquette 1,500,000! Total $40,850,000 ;he differences that have arisen on questions of law as outThe railroad lines to which advances were made during the month of September by the Director-General were the following: ined in the report, the special committees are hereby re¬ $300,000 $5,000,000 Term.RR.Assn, of St. L_ Union Pacific 300,000 quested through counsel to make to the Director-General St. Louis-San Francisco. 4,490,000 Monongahela Ry 300,000 3,700.000 Denver & Rio Grande.. Southern Pacific a proposal on the lines of said report for co-operation in 300.000 Penna. RR. Lines 3,300.000 Chicago Junction Ry 300,000 sectirmg an adjudication upon the questions at issue, and Chicago & North West.. 3,300,000 Bangor & Aroostook Baltimore & Ohio. 3.000,000 Midland Valley Ry 270,000 250,000 to offer meantime that the contract in its present form be Chicago Burl. & Quincy 2,700,000 Chicago & East. Illinois 200,000 N. Y. Central Lines 2,620,000 Gulf Mobile & Northern Erie RR 200,000 executed by the carriers other than the carrier with respect 2,500,000 Chicago Peoria & St. L_ Ann Arbor RR. 150,000 Southern Ry 2,000,000 to which such adjudication is to be asked.” The report 150,000 Norfolk & Western 2,000.000 Chic. St. P. M. & O 150,000 Portland Terminal 1,700,000 referred to above was adopted at the previous week’s meeting Chicago R. I. & Pac N. Y. N. N. & Hartford 135,000 1,500,000 Belt RR. of Chicago.__ lSO.OOO of the Committee of Seventy; it indicated that while many Delaware & Hudson.— 1,500,000 St. Louis Southwestern. 116,000 Illinois Central 1. 1,325,000 Rutland RR important changes in the contract favorable to the roads Balt. & Ohio Chic. Term. 100,000 Chesapeake & Ohio 1,300,000 Seaboard Air Line 1.100.000 Chicago-& Western Ind. 100,000 and the security holders had been secured through the ef¬ 100,000 Chicago Mil. & St. Paul. 1.000,000 Maine Central . _ 550,000 500,000 450,000 100,000 100,000 100.000 _ ... 1,430,000 Florida East Maryland Chicago & Alton. Western Missouri Pacific Boston & Maine Western Pacific 8. M Kansas City Southern 53,000 50,250 35,000 30,000 I Norfolk Southern 350,000 Ulster & Delaware 350,000 Louisv. Hend. & St. L.. 309,000; Tennessee Central Minneapolis St. Paul & & S. 100,000 60,000 Coast 800,000 Richmond Fred. & Poto. 800,000 j Alabama & Vicksburg 550,0001 Chic. Ter. H. & 8. E__ 430,000 Western Ry. of Alabama _ _ Georgia RR 20.000 17,500 15,000 $52,993,750 . The amounts advanced to all railroad companies April 1 to Oct. 1 1918 were: N. Y. N. H. & Hartford_$48,464,000 Chicago Junction Ry— Penna. RR. Lines 43,600,000 Western Maryland N. Y. Central Lines 42,920,000 Ann Arbor RR $500,000 500,000 488,000 Western Pacific N. Y. Ontario & West.. Gulf Mobile & Northern Minn1. St. P. & S. S. M_ 430,000 400,000 400,000 Chicago Mil. & St. P.Ry. 16,725,000 Baltimore & Ohio RR Illinois Central RR Erie Railroad. l6,500.000 13,775,000 10,900,000 Chicago R. I. & Pac. Ry. 7,700,000 Georgia RR Southern Pacific Lines.. 7,500,000 Bangor & Aroostook Southern Ry. Lines 5,940,000 Central New England Ry Chic. Burl. & Q. RR5,800,000 Kan. C. Mex. & Or. Ry. St. Louis-San Francisco. 5,608,000 Belt Ry. of Chicago Seaboard Air Line 5,450,000 Central Vermont Ry Chesapeake & Ohio 5,050,000 Chic. Ter. H. & S. E__ Union Pacific Ry 5,000.000 Midland Valley RR Denver & Rio Grande.. 4,400,000 Chicago & Eastern Ill.. Missouri Pacific Ry 3,550,000 Detroit Tol. & Iron. Ry 3,500,000 Chic. & West. Ind. Ry__ Lehigh Valley Delaware & Hudson 3,500,000 San An. & Aransas Pass. Chicago & North West. 3,300,000, Chic. Peo. & St. Louis. Wabash RR 3,225,000' Atlanta Bir. & Atl. Ry__ Mo. Kan. &; Texas Lines. 2,645,000! Illinois Southern Ry Buff. Roch. & Pitts.. 2,600,000 Duluth, S. 8. & Atlantic Norfolk & Western 2,000,000 Portland Terminal. Philadelphia & Reading. 1,400,000 Vicks. Shreve. & Pac Chicago & Alton RR 1,400,000 N. Y. Chgo. & St. L. RR. Minneapolis & St. Louis. 1,350,000 New Orleans Gt. No Chgo. St. P. M.&O. Ry. 1,350,000 Rutland RR Chgo. Indpls. & Louiv.. 1,325,000 Pitts. & Shawmut RR... Western Maryland Ry__ 1,099,509 Maine Central Hudson & Manhattan 1,000,000 Balto. & Ohio Chgo. Ter. Kansas Cy. Southern 850,000 Old Dominion SS. Co Ter. RR. Assn, of St. L. 825,000 Alabama & Vicksburg— Central of Georgia. 750,000 Richmond, Fed. & Pot__ Indiana Harbor Belt 720,000 Wash. Br. & Pt. L. RR. Wheeling & Lake Erie 700,000 San Anto. Uv. & Gulf Ry. St. Louis Southwest. Ry. 630,000 Colorado & Southern Ry. Grand Trunk West. Lines 621,000 Franklin & Pittsylv. Ry. Florida East Coast 600,000 Western Ry. of Alabama _ _ . _: Norfolk Southern RR Boston & Maine 570,000 Ulster & Delaware 550,000 Louisville Hend. & St. L_ Chicago Great Western. Hocking Valley 507,660 Tennessee Central 500,000 350,000 309,000 300,000 300,000 300,000 290,000 285,000 279,451 270,000 250,000 238,775 215,000 200,000 200,000 189,000 160,000 150,000 150,000 136,000 132,275 120,000 116,000 110,000 100,000 100,000 95,000 63,000 60,000 50,000 45,000 41,000 35,000 35,000 20,000 17,500 15.000 $294,845,170 All loans made to the railroads to date have been at the uniform rate of 6% per annum. In addition to the above sums advanced the railroad companies directly the Director-General has provided on account of orders placed for the standard locomotives and cars now under construction, the further sum of $30,660,255. The payments shown in the above tables are exclusive of very large were taken out of the earnings of the roads between Jan. 1 1918 and July 1 1918 by the various railroad companies to meet their Interest and dividend requirements and for other corporate purposes. The total funds therefore which the railroad corporations have received since Jan. 1 1918 from the Director-General and from the operations of the amounts whicn properties and current balances will reach approximately ($1,000,000,000) billion dollars. The current operating expenditures and taxes of the railroad lines which the Director-General has also paid during the same nine months period is estimated at between $3,000,000,000 and $3,500,000,000. one ACCEPTANCE BY CHICAGO & NORTH WESTERN AND SOME OTHER ROADS OF GOVERNMENT CONTRACTS. Some of the larger railroads of the country recently indicated their acceptance of the form of contract which the Government has agreed to execute with the carriers under Federal control. The first of the railroads to notify the Railroad Administration of its acceptance of the con¬ tract was the Chicago & North Western RR.;its notification was sent to Washington on Sept. 17. Other of the railroac systems which, it has since been announced, have been authorized by their directors to sign the contract, include the New York Central, the Michigan Central and the Cleveland Cincinnati Chicago & St. Louis. On Sept. 19 it was repor ed that Director-General of Railroads forts of the committees of the association it was still “un¬ satisfactory and unacceptable in certain vital and funda¬ mental particulars.” One of the objections cited in the brief presented by Mr. Untermyer had reference to the acceptance clause; concerning this the brief says: By its sweeping and drastic terms the carrier is required at this time the part of latter to do with the property, to agree to accept the compensation that was intended by the statute for the mere use, possession and control of its property and in advance of any knowledge on its part, or perhaps on the Government of what it will be finally determined by the “in full settlement, satisfactory and discharge” and rights in law or equity which it now has or compensation for the use, (not only “of all claims hereafter can have for control and operation of the property during Federal Control” to which we do not object, but further, to which we do emphatically object) “for any and all loss and damage to its business or traffic by reason of the diversion thereof OR OTHERWISE” (which would include the abandonment of operation so long a3 the road Is has been or may be caused by said taking or by said trol and operation.” maintained) “which possession, use, con¬ WAGES OF RAILROAD EMPLOYEE$ NOT SUBJECT TO GARNISHEE. In order in which it is held that wages of an employees are railroad not subject to garnishee, Director-General of Railroads McAdoo indicates that “if any rules or regulations become necessary to require employees to provide for their just debts, the reads same will be issued hereafter,” The order follows: as Washington. September 5 1918. General Order No. 43. Whereas proceedings in garnishment, attachment, or like paoceas by sought to subject or attach money or property under Federal control or derived from the operation of carriers under Federal control under the Act of Congress of March 21 1918 are inconsistent with said which it is Act, and with the economical and efficient administration of Federal control thereunder; and Whereas such proceedings are frequently commnced, particularly for the garnishment or attachment of amounts payable, or claimed to be payable, as wages or salaries of employees, which practice is prejudicial te the interests of the Railroad Administration in the operation of the lines and systems of transportation under Federal control, and is not necessary for the protection of the rights or the just interests ef employees er ethers; and Whereas if any rules or regulations become necessary to requiro employees to provide for their just debts, the same will be issued hereafter; It is therefore ordered, that no moneys,or other property under Federal control or derived from the operation of carriers while under Federal eentrol shall be subject to garnishment, attachment, or like process in the hands of such carriers, or any of them, or in the hands ef any employee or officer of the United States Railroad Administration. W. G. McADOO, Director-General of Railroads. INSTRUCTIONS RAILROAD ADMINISTRATIONS WITH REGARD TO USE OF PASSES BY RAIL¬ ROAD OFFICERS AND EMPLOYES. Railroad Aministration, through the Division of Operation, has issued the following order, effective Jan. 1, 1919, with regard to the use of annual and time passes by officers and employes of railroads under Government eonThe trol. September 1, 1918. CIRCULAR No. 19. (Effective January 1, 1919.1 ANNUAL AND TIME PASSES. 1. The issuance of annual and time passes will be f the Director General, Director of Operation, the gers on Wnes where there is no confined to the offices several Federal Man¬ Federal Manager and the Federal Manager Pullman Car Lines. 2. Annual and time passes issued over the fac-simile signature ef the Federal Managers (or General Managers on lines where there is no Federal Manager) and countersigned by the person indicated thereon will be Uni¬ ted to— (a) For, or on account of, their own officers and employes who do not require annual or time transportation on lines beyend their jurisdiction. Oct. 5 1918.] THE CHRONICLE (&) For, or on account of, such officers and employes of the corporation may be specifically authorized by the Director General. (c) To officers and employes of the American Railway Express Company whose duties are confined solely to lines under their jurisdiction. 3. Annual and time sleeping or parlor car passes will be issued by the Federal Manager Pullman Car Lines to officers and employes under his jurisdiction. 4. Ail annual and time passes not included in paragraphs 2 and 3 will be issued only by the Director General or Director of Operation. 5. Annual passes bearing the personal signature of the Director General will be good on all lines under Federal control, on all trains, and for seats in railroad operated parlor or chair cars. 6. Annual and time passes bearing the fac-simile signature of the Dir¬ ector General will be issued by the Director of Operation, and will be good on all lines under Federal control or within the territory or over the lines specified thereon, and will bear express limitation as to certain trains upon which the pass will not by honored. Such passes will bear the coun¬ tersignature of C. R. Gray, Director, W. T. Tyler, Senior Assistant Dir¬ ector, or J. H. Keefe, Assistant Director. 7. Annual and time sleeping or parlor car passes, other than for officers and employes of the Pullman Car Lines, and ahnual and time steamship passes, bearing the fac-simile signature of the Director General, will be issued by the Director of Operation with the same countersignature as provided in preceding paragraph. 8. Federal Managers and General Managers on lines where there is no Federal Manager, will forward to the Director of Operation, on or before Nov. 1, a list of annual or time passes (including sleeping car or steam¬ ship passes), required for officers or employes over lines other than those under their control, indicating the lines or territory over which the passes as are desired. TRIP PASSES. 9. Trip passes will be issued over the fac-simile signature of the Dir¬ ector General or of the Federal Managers (or of General Managers on lines where there is no Federal Manager) and the Federal Manager of Pullman Car Lines, and will be countersigned by the person indicated thereon. Trip passes issued by the Federal and General Managers and Federal Manager Pullman Car Lines will be limited to the lines under their respective jurisdiction. 10. Trip passes bearing the fac-simile signature of the Director General, with countersignature of person indicated thereon, will be issued by the Direction of Operation, Regional~~ and District Directors. Such trip passes will be honored for transportaion over the lines indicated thereon. 11. Federal Managers and General Managers on lines where there is no Federal Manager, and the Federal Manager of Pullman Car Lines desiring trip passes for, or on account of, their officers or employes over other lines under Federal control, 'will make request for same to the Fed¬ eral or General Manager of such railroad in the same manner that exchange trip passes have heretofore been handled. GENERAL. 12. Passes will not be issued which include the privilege of free meals in dining cars, at restaurants, or on steamships. 13. The current regulations of the Interstate Commerce Commission covering the issuance and record of passes must be observed. C. R. GRAY, Director, Division of Operation. in 1345 My response, that I send through a Bulgarian officer bearing the letter question, cannot be, by reason of the military situation, other than the following: I can accord neither an armistice nor a suspension of hostilities tending interrupt the operations in course. On the other hand, I will receive with all due courtesy the delegates, duly qualified, of the Royal Bulgarian Government, to which your Excellency alludes in the latter. These delegates to present themselve in the British lines, accompanied by a parlementaire. (Signed) FRANCHET D’ESPEREY. to The Bulgarian delegates, Minister of Finance Iiaptoheff Loukoff, Commander of the Bulgarian Second Army, arrived at Saloniki on Sept. 28, and the armistice was signed the following day, Bulgaria agreeing to all the conditions laid down by the Entente Powers. General d’Esperey signed for the Allied Governments and the Bulgarian delegates for their Government. Hostilities were to cease by noon on Sept. 30. The arrangement thus arrived at is described as a purely military convention, with no provisions of a political character. Territorial readjustments and other like questions are left for the general peace conference. In the meantime, in accordance with the conditions imposed, Bulgaria agrees to evacuate all the territory she now occupies in Greece and Serbia, demobilize her army and turn over to the Entente forces all means of transport, including the railways. Bulgaria also surrenders her boats and control of navigation on the Danube and consents to the passage of the Entente forces through Bulgaria for the development of military operations. All Bulgarian arms and ammunition are to be stored under the control of the Entente, to whom is conceded the right to occupy all important strategic points. The Associated Press dispatches further reported that the military occupa¬ tion of Bulgaria was to be entrusted to British, French and Italian forces, and the evacuated portions of Greece and Serbia, respectively, to Greek and Serbian troops. The armistice remains in effect until the conclusion of a general and General peace. Earlier reports, coming through German sources, strove to create the impression that Bulgaria’s offer of an armistice was made on the initiative of Premier Malinoff, without the consent of Czar Ferdinand and against the popular wishes. It was even hinted by Admiral von Hintze, the German Foreign Minister, before the Main Committee of the Reichs¬ tag, that the Premier’s action might be disavowed, and that some counter action was brewing. Vienna papers reported that the Bulgarian ruler had telegraphed to Emperor Charles BULGARIA QUITS THE WAR— SURRENDERS UN¬ of Austria, assuring him of his loyalty to the Quadruple CONDITIONALLY TO ALLIED COMMANDER. Alliance. The fact, however, that a member of the Bulgarian The unconditional surrender of Bulgaria was the most Cabinet had been appointed as one of the representatives important development of a week crowded with great events, of Bulgaria to negotiate the armistice tended to disprove all favorable to the Entente countries. The overwhelming this German view, and the subsequent publication of an success of the Entente offensive in Macedonia, which in two explanatory statement by the leaders of the Ministerial bloc weeks of furious fighting had smashed the entire Bulgar of the Bulgarian Parliament, demonstrated that, whatever front, captured their principal centres of supply and com¬ might be the attitude of Czar Ferdinand, Premier Malinoff munication, broken their army into three separate fragments had acted in full harmony with the people’s representatives. and hurled the defeated remnants in headlong retreat toward The statement referred to by the Parliamentary leaders and over their own frontiers, brought the end with dramatic read as follows: suddenness. Czar Ferdinand appealed to his Teutonic In accordance with orders of the leaders of the Ministerial bloc, the Allies for assistance, and presumably received an' unsatis¬ Government at 5 o’clock Wednesday afternoon made an official offer of armistice to the adversary. The leaders of the bloc are In accord that factory reply. On Monday, Sept. 23, according to Paris the army and the people must maintain military and public discipline* dispatches, a meeting was held at Sofia attended by all the which is so necessary for a happy issue in these times which are decisive political leaden ef Bulgaria, including ex-Premier Rados- for the recently begun work of peace. Approved: W. •. McADOO, Director General of Railroads. an lavoff, the Liberal leader, and members of the Cabinet. The appeal for an armistice followed. An official Bulgarian statement dated Sept. 24 made the announcement as follows: Parliament has been summoned to meet on Sept. 30. , The Bulgarian Government made an effort to enlist the good offices of the United States in behalf of Bulgaria’s In view of the conjuncture of circumstances which have recently arisen, appeal for an armistice, but the communication arrived after and after the position hod been jointly discussed with all competent author¬ the armistice was signed and so had no influence on the final ities, the Bulgarian Government, desiring to put an end to the bloodshed, result. The note was delivered to the State Department authorized the comtocoder-in-chief of the army to propose to the^generalon Sept. 30 by Stephan Panaretoff, the issimo of the armies of the Entente of Saloniki a cessation of hostilities Bulgarian Minister. and the entering into of negotation for obtaining an armistice and peace. It was undated, but is believed to have been dispatched The members of tha Bulgarian delegation left yesterday evening in order from Sofia on Sept. 24 or 25. It asked for the good offices to get into touch with the plenipotentiaries of the Entente belligerents. of the United States in behalf of Bulgaria, but as the latter This announcement was transmitted through the German semi-official Wolff Bureau, and some delay accompanied its had already accepted the Entente terms and signed the publication. From the Entente side the first intimation armistice, no further action was considered necessary. When that Bulgaria wa» seeking peace came on Sept. 27, when informed of the acceptance by Bulgaria of the terms imposed General Franchet d’Esperey, commander of the Allied by the Entente Powers, Minister Panaretoff said: armies in Macedonia, telegraphed to the French Government that a high Bulgarian officer had presented himself on behalf of General Fereodow, commanding the Bulgarian army, and asked for an armistice for 48 hours to permit the arrival of two authorized delegates from the Bulgarian Government. The French commander replied on his own initiative, refusing suspend hostilities, but agreeing to receive the delegatej Bulgarian Government. The text of the French commander’s reply, as forwarded by him to his Government, to of the read: If my Government has seen fit to take the step which has been taken, of course I feel highly gratified by their action. We have confidence In the just decision of the United States and the associated Governments. The wording of Minister Panaretoff’s reply is interpreted quarters as meaning that the United States is ex¬ pected to take an important part in the ultimate settlement of the Balkan question. Much interest was also displayed in the fact that Dominick J. Murphy, the American ConsulGeneral and acting Charge d’Affaires in Bulgaria, accom¬ panied the Bulgarian delegates to the armistice conference at Saloniki. It is said that he went merely as an observer, in some but because he left his post without permission Secretary of State Lansing cabled to clothed with him an [Vol. 107 THE CHRONICLE 1346 no official powers, order to return to Sofia. No criticism of Mr. Mur¬ phy has been made in connection with this action, but the was ordered back to the Bulgarian capital for having acted without instructions was interpreted as emphasizing the fact that the American Government is not participating in the pour-parlers at Saloniki. As to the general attitude of Bulgaria, Minister Panaretoff had the following to say, according to press dispatches on Sept. 28: circumstance that he The Bulgarian claims are reconcilable wjth the principles which President Wilson has repeatedly expressed. Bulgaria would be willing to allow the decision of these questions to be according to the principles of justice, as announced by President Wilson, in the Lands of a country like the United States, which we know would be perfectly impartial and strictly just to aU rightful claims. For me, Bulgaria is practically out of the war. What I say I know, and it is based on the opinions of the leading statesmen of Bulgaria and the quarters that the Kaiser and von Hindenburg may expect him to be of assistance in saving many of the imperial prerogatives that would be endangered if the country is granted proposed political reforms. Prince Maximilian is heir to the throne of the Grand Duchy of Badfcn. He was born July 10 1867. For some years, according to the Associated Press dispatches, he has been recognized as the leader of the Delbruck group of German Moderates, and upon the fall of Imperial Chancellor Michaelis, Nov. 11917, he was put forward as the Moderates* candidate for the Chancellorship. His name, however, did not go before the Emperor, as Prince Maximilian objected for dynastic reasons. At that time there were, it is said, vague rumors concerning the Prince, to the effect that in Moderate circles there was under way a movement having for its ultimate objective the dethronement of Emperor believed in some William and the choice of Prince Maximilian as his successor. ^ These rumors, however, were never confirmed. Early in In view of present developments, it is being recalled that the present year Prince Maximilian gave a semi-official Bulgarian people. while there have been frequent demands in Congress for a interview in which he outlined his views on Germany’s peace by the United States upon Bulgaria and terms. His statement was a rude shock to the Pan-Germans, Turkey, President Wilson and the State Department have in that he advocated the abandonment of all ideas of con¬ always opposed any such move. No reasons have ever been quest. He favored an Anglo-Saxon peace, in the sense that made public for maintaining the anomalous situation of be¬ the German Empire must serve as a bulwark in protecting ing at war with Germany and Austria and at peace with their the Western nations from the spread of Russian Bolshevikallies, further than vague intimations that there were reasons ism. Prince Maximilian’s wife was formerly Marie Louise, of an important nature. Duchess of Brunswick-Luneburg, and bears the title of That events at home, as well as the military disasters, Princess Royal of Great Britain and Ireland. exercised a large part in determining the Bulgarian Govern¬ In line with the political changes hinted at in Emperor ment to give up the struggle, is indicated in the later dis¬ William’s letter to von Hertling it was reported on Oct. 2 patches. In this regard an Associated Press dispatch from that plans were under consideration for the reorganization Paris dated Oct. 1 said: of both the Imperial German and Prussian Ministries on It was the fear of revolution at home and the failure of Germany and the lines of a parliamentary system. Vice-Chancellor von Austria to send him the military force he required that induced King FerdiPayer received the leaders of all parties on Oct. 1 and dis¬ nand of Bulgaria to turn to the Entente for help, according to the American Consul-General at Sofia (Dominick Murphy), as quoted in a dispatch to cussed the contemplated parliamentarization, which, he the “Matin” from Saloniki. declared, would extent to the Prussian as well as to the The Consul-General, the dispatch states, gave interesting details on his Imperial Ministry. He said, according to the dispatches, arrival at Saloniki from Sofia, in company with the Bulgarian plenipoten¬ tiaries, of the conditions in the Bulgarian capital leading up to the demand that the abrogation of portions of Articles IX and XXI of for an armistice. King Ferdinand, the account declares, assembled the the constitution must be taken in hand as soon as possible. Grand Council on Sept. 23, with the result that a formal demand was made The articles referred to relate to the prerogatives of the mem¬ on Berlin and Vienna for immediate assistance. Despite the urgent tone declaration of war of the demand, Germany and Austria responded with evasive promises for the future. That, the account continues, settled the determination of King Ferdi¬ nand to forsake the Powers which had brought only desolation to Bulgaria, and intrust her destinies to the Entente. But what impelled the King most, the Consul-General’s account indicates, was the fear of revolution. Anarchy was making serious progress in Sofia. Workmen and soldiers had held meetings and passed laws. Bolshevism in its most excessive form became the regular order and manifestations were hOid before the royal palace. VON HERTLING RESIGNS AS GERM AN CHANCELLORMOVE FOR PARLIAMENTARY GOVERNMENT. The growing seriousness of Germany’s external situation has been reflected in an increasing ferment within, culmi¬ Sept. 30 in the resignations of Chancellor von The resigna¬ tions were accepted by Emperor William, and on Friday (Oct. 4) it was announced that Prince Maximilian of Baden had been named as Chancellor in place of Count von Hert¬ ling. Much significance is attached to certain passages in the Emperor’s letter to the retiring Chancellor, which seemed to indicate that the German ruler had decided to yield to the growing demand for a more representative government. The Emperor accepted the Chancellor’s resignation “with a heavy heart,” but said: “I desire that the German people shall co-operate more effectively than heretofore in decid¬ ing the fate of the Fatherland. It is therefore my will that the men who have been borne up by the people’s trust shall in a wide extent co-operate in the rights and duties of gov¬ nating on Hertling and Foreign Minister ^von Hintz. ernmentThe letter in full was as follows: \ Your Excellency has reported to me that you no longer find yourself In a position to remain at the head of the Government. I will not hide from myself your reasons, and must with heavy heart deny myself your further co-operation. : You are certain of the thanks of the Fatherland for the sacrifices you made in undertaking the Chancellor’s office in grave times, and for the ser¬ vices you rendered. I desire that the German people shall co-operate more effectively than hitherto in deciding the fate of the Fatherland. It is therefore my will that the men who have been borne up by the people’s trust shall in a wide extent co-operate in the rights and duties of government, 1 beg of you to terminate your work by continuing to con¬ duct the Government's business and preparing the way for measures de¬ sired by me until 1 have found a successor for you. Prince Maximilian, the new Chancellor, is rated as a man of moderate views, and has in the past publicly expressed himself as being opposed to conquests or annexations and n favor of a peace by understanding. He is known to have considerably influence with the people of the various doms that go to make up the German empire, and it is bers of the Federal Council and the relation of officials to the Diet, and are quoted as follows: Article IX. Each member of the Federal Council shall have the right to in the Diet and shall be heard there at any time when he shall so re¬ quest, to represent the views of his Government, even when the same shall not have been adopted by the majority of the council. Nobody shall be at appear the same time a Article XXI. enter the Diet. member of the Federal Council and of the Diet. Officials shall not require a leave of absence in order to When a member of the Diet accepts a salaried office of the empire, or a salaried office in one of the States of the confederation, or ac¬ cepts any office of the empire, or of a State, with which a high rank or salary is connected, he shall forfeit his seat and vote in the Diet, but may recover his place in the same by a new election. On Oct. 2, also, Berlin advices reported that the Prus¬ sian Franchise Reform bill, which had been hanging fire in the Prussian Upper House for many months, had finally been passed, granting equal and direct suffrage, but with an extra vote for persons over 50 years of age. This fran¬ chise reform, if actually carried out in practice, has possi¬ bilities of far-reaching results on the balance of political forces in Prussia and also in the Empire at large, especially if it is followed by a redistribution of Reichstag districts correspond with the present distribution of population. by an ingenious system of plural voting, threw all the power into the hands of the landed aristocracy and big. business interests, and corre¬ spondingly discriminated against the industrial population of the great cities, which are the strongholds of the Liberal and Socialist elements. A genuine reform of the franchise, therefore, would go far toward breaking the dominating It power of the Prussian Junkers and the military caste. is not thought likely that Emperor William and the Prussian overlords would acquiese in either a genuine parliamentary system or a really democratic franchise unless their hands were being forced by a realization of impending disaster. The long-continued series of German defeats on the west to The former Prussian franchise law, front, however, the Turkish disaster in Palestine and the Macedonian debacle, followed by defection of Bulgaria, have all joined in creating a situation of such grave danger that the German rulers may be more than willing just now to share the responsibility for further developments. A Washington dispatch under date of Oct. 2 discusses that phase of the situation as follows: multiplying in reports reaching the State Department from European countries of the rapid weakening of the despotic control which the military elements in Germany and Austria have imposed upon the civilian population. So extensive and consequential are the events quickly following one another in Berlin and Vienna that AmeriSigns are various agencies in neutral Oct. 5 1918.] THE CHRONICLE can officials are becoming convinced that the Imperial rulers have been forced, however reluctantly, to the conviction tliat if they are to preserve their dynasties from destruction they must yield to the growing demands of the civilian elements for the right of participation in the Government during this crisis. The military parties have retained their control only because of their as¬ serted ability to secure a military decision that would confirm German su¬ premacy over Continental Europe and the British Isles as well. Now that the German armies are being defeated and driven back into Germany and the nation is confronted with the painful certainty of an invasion and retri¬ butive justice for the wrongs inflicted upon the French and Belgians, the influence of pan-Germans and military parties is waning and it is believed that the two Emperors have decided that if they are to retain the support of the people they must turn to the civilian parties that have been demand¬ ing a voice in affairs. It was pointed out to-day that President Wilson has repeatedly declared that, with the military rulers of the Central Powers convicted of broken faith and deceit, there can be no discussion of the peace for which the Ger¬ manic people apparently are clamoring. Hence the belated attempts of the Emperors to erect a structure of real democratic government through, the creation of cabinets responsible to the parliaments, in the hope that with these the Entente statesmen will be willing to confer about peace. In this connection the news to-day that the Austrian Emperor had sum¬ moned to Vienna the three biggest men of Hungary, Counts Tiza, Andrassy and Apponyi, was received here with undisguised interest. This action Was regarded as very significant, although officials were not certain whether it had to do with the Bulgarian withdrawal, from the war, with its direct threat to the Dual Monarchy, or with internal reforms, or was a definite move for a separate peace. naturally he did not suppose that the Entente would straight¬ declare readiness to enter into peace negotiations. Continuing, he said: way “In situation like the present, it is sometimes necessary to clarify things The note was such a re-agent. It has already pro¬ duced remarkable phenomena, and will do so still more in the near future. agree on a program preliminary to forming “I don’t suggest that he is insincere,” said the Foreign Minister, “but could instance many cases where America herself has offended against one the principles he formulates, for example, the treatment of Colombia and the seizure of Texas. But, after ail, large regions were thereby opened to civilization. I will only say that it does not do to be always contrasting our actions with the views expressed by President Wilson’s points.” Baron Burian attributed President Wilson’s haste in replying to his de¬ sire to prevent an agreement between Great Britain and France, and de¬ clared that it would serve no purpose to reply to speeches like Mr. Balfour’s and Premier Clemenceau’s. With regard to the date of dispatching the note he said: “There was complete agreement between us and Germany. There were certain divergences of opinion, but they did not concern the date of dis¬ patch. We do not want to reproach ourselves later with having neglected anything. The note has had the subsidiary effect of dragging into the light of day the situation in the opposition camp, and its non-success will not pre¬ vent me from further following the road entered soon. We shall take the next step when the time seems suitable, and always in the fullest accord a with refusing to agree to the terms of the Socialists, and the latter not be¬ ing willing to assume responsibility for a program they did not approve. Press reports on Sept. 24 outlined the Social¬ as follows: 1. The Reichstag majority’s peace resolution of last year must be “abso¬ lutely adhered to.” 2. Germany must consent to a League of Nations. 3. Germany must make an unmistakable and indisputable statement pledging the restoration of Belgium, Serbia and Montenegro. 4. Germany must agree to indemnify Belgium. 6. The territories occupied by Germany in the east must be evacuated. 7. Autonomy must be granted Alsace-Lorraine. Meantime, the Kaiser is still talking about victory and call¬ upon the people for further sacrifices. In a message to the Fatherland Party, quoted in press dispatches on Oct. 1, ing he said: I have the confident hope that the whole German people in these most seri times will resolutely gather around me and give their blood and wealth ous until the last breadth for the defence of the Fatherland against the shameful plans. Such a unanimous resolve to exist will and must, with God’s help, succeed in breaidng the enemy’s will to war. and secure for the Fatherland the peace it is worthy of among the people of the world. enemy In a similar appeal addressed to a Westphalian patriotic society, the Emperor wrote: Germany is decided to utilize all force 1 war until a to fight this enforced defensive victorious end is secured and the Fatheriand protected for all time against foreign oppression. A glance of the magnificent successes of our heroic sons and their able leaders ought to protect the German people, even - in the changeable fortunes of war, against unworthy discouragement and unjustified doubt. In the face, however, of accumulating difficulties on all fronts, including the “home front,” the press shows a grow¬ ing lack of confidence in the final outcome, and is beginning to i discuss the possibilities that must ensue in case Turkey and Austria also are forced to capitulate. AUSTRIAN PEACE OFFER STILL OPEN. v . From reports S\ received from abroad the rejection of the Austro-Hun¬ garian Government’s suggestion that a preliminary discussion of the peace question be entered into can hardly be longer doubted. The official reply to Foreign Minister Burian’s note has not yet been re¬ ceived, and therefore the reason which prompted the attitude of the Govern¬ ments of the Entente cannot be discussed at present. Only from Secre¬ tary Balfour is an exhaustive discussion of our suggestion available. His arguments show how correctly Baron Burian’s proposal judged the situa¬ tion, and that only the adoption of Baron Bunan’s line of thinking could master the confusion of minds prevailing everywhere until to-day. The peace question as discussed by Secretary Balfour—and the same ap¬ plies to the debates in the French and American Senates—under the pressure of big catchwords and overmastering passion, can naturally make no favor¬ able progress. Especially regarding Mr. Balfour’s speech it must be pointed out that it contains a series of rash conclusions concerning the atti¬ tude of the Central Powers toward concrete peace questions which he would not have arrived at had he entered into a discussion in the spirit of Baron Burian’s proposal. Only if discussed under conditions free from the influences of passion can the peace question make that progress which is in the interest of humanity The Austro-Hungarian Government’s offer is still open. . In an interview with Theodor Wolff in the Berlin “Tage- blatt,” reported in Amsterdam dispatches on Sept. 23, Baron Burian, Austro-Hungarian Foreign Minister, said he was not surprised at the reception of his peace note; our allies.” A renewal of Austria’s peace proposals was predicted in Swiss dispatches on Sept. 28. The new note, according to the Zurich “Journal,” will be along the same lines, as the first, but will contain more precise statements, calculated to modify the terms of the Entente. Amsterdam dispatches dated Sept. 30 reported that a proposal that the Presidents and Vice-Presidents of the Parliaments of belligerent and neutral States be invited to meet for an unbinding discussion of the basis of peace had been introduced in the Lower House of the Austrian Parliament. The motion was said to have been introduced by Herr Neumann, a Liberal Deputy. It would empower the President of the Chamber of Deputies to convey the invitation to the Parliaments of the belligerents and of neutral States. The meeting would be held at a place agreed In upon. communication addressed to all the belligerent Pow¬ the Austro-Hungarian Government on Sept. 14 proposed that the belligerents send delegates to a “confidential and unbinding discussion on the’basic principles for the conclusion of peace,” the meeting'to be held at an early date in a neutral country. Neutral Governments were acquainted with the step taken and a special communication was sent to the Pope. It was proposed[that the delegates to the conference should “make known to one another the conception of their Governments regarding those principles and to receive analogous communications, as well as to request and give frank and candid explanations on all those points which need to be precisely defined.” No armistice was suggested, and the discussions “would only go so far as was considered by the participants to offer a prospect of success.” Although the proposal was put forth solely in the name of Austria-Hun¬ gary, an official communication accompanying the formal a ers, note stated that “the constant close accord which exists Notwithstanding the rejection of the peace overtures made by the Austro-Hunagarian Government on Sept. 14 the invitation is still open, according to an official statement that was issued at Vienna on Sept. 20. The statement said: of re-agents. “Very extraordinary, for instance, was the remarkable rapidity of Presi¬ dent Wilson’s reply. Clearly President Wilson wanted to anticipate the other Entente Governments. He always had the ambition to be a world arbiter, and has not abandoned that ambition.” Baron Burian said President Wilson had entertained that ambition since the United States entered the war as a result of the U-boat warfare; hence he had set out his fourteen points, and, in addition, twice four; that is, altogether, twenty-two, which were to be authoritative for the new arrange¬ ment of the world. coalition Government. The two strongest parties, however —The Socialists and the Centrists, or Clericals—have been unable to reach a working agreement, the Clericals ist demands a means Efforts have been made by the majority parties in the Reichstag to 1347 between the four allied Powers warrants the assumption that the allies of Austria-Hungary, to whom the proposal is being sent in the same manner, share the views developed in that note.” The documents were first made public in Associated Press dispatches from Amsterdam under date of Sept. 15. The official text was not received by the State Department until the afternoon of the next day, when it was delivered by the representative of the Swedish Govern¬ ment, which has been taking care of American diplomatic interests at the Austrian capital. It was cabled from Vienna to Stockholm and thence to Washington. The Austrian communication was in two parts, the note proper being accompanied by an explanatory statement which read as follows: H! objective and conscientious examination of the situation of all the belligerent States no longer leaves doubt that all peoples, on whatever side they may be fighting, long for a speedy end to the bloody struggle. Despite An comprehensible desire for peace, it has not so far been pos¬ sible to create those preliminary conditions calculated to oring the peace efforts nearer to realization and bridge the gap which at present still sepa¬ this natural and belligerents from one another. A more effective means must therefore rates the be considered whereby the re¬ sponsible factors of all the countries can be offered an opportunity to in¬ vestigate the present possibilities of an understanding. The first step which Austria-Hungary, in accord with her allies, under¬ took on Dec. 12 1916. for the bringing about of peace did not lead to the end hoped for. The grounds for this lay assuredly in the situation at that time. order to maintain in their peoples the war spirit, which was steadily In do- application of which is likely to meet with no objection on the part of the Powers of the Quadruple Alliance also, presupposing that this application is general and reconcilable with the vital interests of the States concerned. It is true it must be remembered that an agreement on general principles is insufficient, but that there remains the further matter of reaching an accord upon their interpretation and their application to individual con¬ crete war and peace questions. To an unprejudiced observer there#can be no doubt that in all the belliger¬ ent States, without exception, the desire for a peace of understanding has been enormously strengthened; that the conviction is increasingly spreading that the further continuance of the bloody struggle must transform Europe into ruins and into a state of exhaustion that will mar its development for decades to come, and this without any guarantee of thereby bringing about that decision by arms which has been vainly striven after by both sides in four years filled with enormous sacrifices, sufferings, and exertions. In what manner, however, can the the way be paved for an under¬ standing, and an understanding finally attained? Is there any serious prospect whatever of reaching this aim by continuing the discussion of tho peace problem in the way hitherto followed ? We have not the courage to answer the latter question in the affirmative. The discussion from one public tribune to another, as has hitherto taken place between statesmen of the various countries, was really only a serious of monologues. It lacked, above everything, directness. Speech and counterspeech did not fit into each other. The speakers spoke over one dining, the Allied Governments had by the mcst severe means suppressed even any discussion of the peace idea. And so it came about that the ground for a peace understanding was not properly prepared. The natural tran¬ sition from the wildest war agitation to a condition of conciliation was lacking. It would, however, be wrong to believe that the peace step we then took was entirely without result. Its fruits consist of something which is not to be overlooked—that the peace question has not since vanished from the order of the day. The discussions whicn have been carried on before the tribunal of public opinion have disclosed proof of the not slight differences which to-day still separate the warring Powers in their conception of peace conditions. atmosphere has been created which no longer excludes proolem. least assuredly may be deduced from the utter¬ ances of responsible statesmen that the uesire to reach an understanding and not to decide the war exclusively by force of arms is also gradually be¬ ginning to penetrate into Allied States save for some exceptions in the case of blinded war agitators, which are certainly not to be estimated lightly. The Austro-Hungarian Government is aware that after the deep-reach¬ ing convulsions which have been caused in the life of the people*, by the devastating effects of the world war it will not be possible to re-establish order in the tottering world at a single stroke. The path that leads to the restoration of peaceful relations between the peoples is cut by hatred and embitterment. It is toilsome and wearisome, yet it is our duty to tread Nevertheless an the discussion of the peace Without optimism, it at another’s heads. the publicity and the ground of these discus¬ possibility of fruitful progress. In all public statements of this nature a form of eloquence is used which reckons with the effect at great distances and on the masses. Consciously or uncon¬ sciously, however, one thereby increases the distance of the opponents’ conception, produces misunderstandings which take root and are not re¬ moved, and makes the frank exchange of ideas more difficult. Every pronouncement of leading statesmen is, directly after its delivery and before the authoritative quarters of che opposite side can reply to it, made the subject of passionate or exaggerated discussion of irresponsible elements. But anxiety lest they should endanger the interests of their arms by unfavorably influencing feeling at home, and lest they prematurely betray their own ultimate intentions, also causes the responsible statesmen them¬ selves to strike a higher tone and stubbornly to adhere to extreme stand¬ points. If, therefore, an attempt is made to see whether the basis exists for an understanding calculated to deliver Europe from the catastrophe of the suicidal continuation of the struggle, then, in any case, another method should be chosen wnich renders possible a direct, verbal discussion between the representatives of the Governments, and only between them. The opposing conceptions of individual belligerent States would likewise have to form the subject of such a discussion, for mutual enlightenment, as well as the general principles that shall serve as the basis for peace and the future relations of the States to one another, and regarding which, in the first place, an accord can be sought with a prospect of success. As soon as an agreement were reached on the fundamental principles, an attempt would have to be made in the course of the discussions con¬ cretely to apply them to individual peace questions, and thereby bring On the other hand, it was path—the path of negotiation—and if there are still such responsible factors as desire to overcome the opponent by military means and to force the fill to victory upon him, there can, nevertheless, no longer be doubt this sions which robbed them of the that this aim, even assuming that it is attainable, would first necessitate a further sanguinary and protracted struggle. But even a later victorious peace will no longer be able to make good the consequences of such a States and peoples of policy—consequences which will be fatal to all the Europe. The only peace which could righteously adjust the still divergent conceptions of the opponents would be a peace desired by all the peoples. With this consciousness, and in its unswerving endeavor to work In the interests of peace, the Austro-Hungarian Govern¬ ment now again comes forward with a suggestion with the object of bring¬ ing aoout a direct discussion between the enemy Powers. The earnest will to peace of wide classes of the population of all the States who are jointly suffering through the war—the indisputable rapproche¬ ment in individual controversial questions—as well as the more conciliatory atmosphere that is general, seem to the Austro-Hungarian Government to give a certain guarantee that a fresh step in the interests of peace, which also takes account of past experiences in this domain, might at the present moment offer the possiDility of success. The Austro-Hungarian Government has therefore resolved to point out to all the belligerents, friend and foe, a path considered practicable by it, and to propose to them jointly to examine in a free exchange of views whether those prerequisites exist which would make the speedy inauguration of peace negotiations appear promising. To this end the Austro-Hungar¬ ian Government has to-day invited the Governments of all the belligerent States to a confidential and unbinding discussion at a neutral meeting place, and has addressed to tnem a note drawn up in this sense., This step has been brought to the knowledge of the Holy See in a special note, and an appeal thereby made to the Pope’s interest in peace. Fur¬ thermore, the Governments of the neutral States have been acquainted with the step taken. The constant close accord which exists between the four allied Powers , warrants the [Vol. 107. THE CHRONICLE 1348 about their solution. We venture to hope that there will be no objection on the part of any belligerents to such an exchange of views. The war activities would ex¬ perience no interruption. The discussions, too, would only go so far as was considered by the participants to offer a prospect of success. No dis¬ advantages would arise therefrom for the States represented. Far from harming, such an exchange of views could only be useful to the cause of assumption that the allies of Austria-Hungary, to whom the proposal is being sent in the same manner, share the views developed In the note. peace. What did not succeed has repeated, it The official telegram proceeded to say that the note had 'already at least contributed to the clarification of views. Montains of been drawn up in French, and ran as follows: old misunderstandings might be removed and many new things perceived. The peace offer which the Powers of the Quadruple Alliance addressed Streams of pent-up human kindness would bo released, in the warmth of to their opponents on Dec. 12 1916 and the conciliatory basic ideas of which everything essential would remain, and, on the other hand, much the first time can be and perhaps • which they have never given up, signifies, despite the rejection which it experienced, an important stage in the-history of this war. In contrast to the first two and a half war years, the question of peace has from that moment been the centre of European, aye, of world discussion, and domi¬ that is antagonistic, would disappear. nates it in ever struggle, the entire course of which points to an understanding, it is possible to make an end to the terrible grapple. The Royal and Imperial Government would like, therefore, to propose to the Governments of all the belligerent States to send delegates to a confidential and unbinding discussion on the basic principles for the con¬ clusion of peace, in a place in a neutral country and at a near date that would yet have to be agreed upon—delegates who were charged to make known to one another the conception of their Governments regarding those principles and to receive analogous communications, as well as to request and give frank and candid explanations on all those points which need increasing measure. Almost all the belligerent States have in turn again and again expressed themselves on tne question of peace, its prerequisites and conditions. The line of development of this discussion, however, has not been uniform and steady. The basic standpoint changed under the influence of the military and political position, and hitherto, at any rate, it has not led to a tangible general result that could be utilized. It is true that, independent of all these oscillations, it can be stated that the distance between the conceptions of the two sides has, on the whole, grown somewhat less; that despite the indisputable continuance of decided and hitherto unbridged differences, a partial turning from many of the most extreme concrete war aims is visible and a certain agreement upon the relative general basic principles of a world peace manifests itself. In both camps there is undoubtedly observable In wide classes of the popula¬ tion a growth of the will to peace and understanding. Moreover, a com¬ parison of the reception of the peace proposal of the Powers of the Quad¬ ruple Alliance on the part of their opponents with the later utterances of responsible statesmen of the latter, as well as of the non-responsible but, in a political respect, nowise uninfluential, personalities confirms this impression. While, for example, the reply of the Allies to President Wilson made demands which amounted to the dismemberment of Austria-Hungary, to a diminution and a deep internal transformation of the German Empire, and the destruction of Turkish European ownership, these demands, the realization of which was based on the supposition of an overwhelming vic¬ tory, were later modified in many declarations from official Entente quar¬ ters or in part were dropped. Thus, in a declaration made in the British House of Commons a year ago, Secretary Balfour expressly recognized that Austria-Hungary must itself solve its internal problems, and that none could impose a Constitution upon Germany from the outside. Premier Lloyd George declared at the begin¬ ning of this year that it was not one of the Allies’ war aims to partition Austria-Hungary, to rob the Ottoman Empire of its Turkish provinces, or to reform Germany internally. It may also be considered symptomatic that in Dec. 1917 Mr. Balfour categorically repudiated the assumption that British policy had ever engaged itself for the creation of an independ¬ ent State out of the territories on the left bank of the Rhine. The Central Powers leave it in no doubt that they are only waging a war of defense for the integrity and the security of their territories. Far more outspoken than in the domain of concrete war aims has the rapprochement of conceptions proceeded regarding those guiding lines upon the basis of which peace shall be concluded and the future order of Europe and the world built up. In this direction President Wilson in his speeches of Feb. 12 and July 4 of this year has formulated principles which have not encountered contradiction on the part of his allies, and the far-reaching to which excessive importance is still attrijuted, According to our conviction, all the belligerents jointly owe to humanity after so many years of a costly but undecided to examine w'hether now, precisely defined. and Imperial Government has the honor to request the Gov¬ through the kind mediation of your Excellency, ernment of to bring this communication to the knowledge of the Government of [The names of the intermediary Government and of that addressed in the particular note dispatched are left blam. .] to be The Royal Dispatches from London in announcing the receipt of the Austrian note by the British Government, also stated that a proposal had been received (presumably from Ger¬ many) that the troop3 of all nations be withdrawn from the Russia. This was interpreted in some quarters as part of a German plan to eliminate the Entente Murman region of from Russia in return for concessions in the West. proposal of the Austro-Hungarian Government for had been foreshadowed, in a measure, by an address delivered by Baron Burian, the Foreign Minister, to visiting German newspaper men. In this address the Foreign Minister, as reported in Amster¬ dam dispatches on Sept. 10, said in part: The a conference to discuss peace terms “This question arises,” said the Foreign Minister: “Isn’t it a crime against humanity even to think of completely pulling down a structure which has become historical, and which certainly here and there needs improvement, but is only capable of improvement, in order to found a paradise in future on its ruins? The defect in this, however, is that in accordance with the destructive methods of our enemies it can only be created with a much too great sacrifice. “Count the past hecatombs of this war. Think of those to come and ask whether striving to attain war aims at such a price is justifiable—war aims in which the principle of justice is put foremost—without investigating \ a Oer. 5 whether that “ an 1918.] THE CHRONICLE understanding could not be reached by a fair application of principle. It is unthinkable that even the most confident hopes of final victory could permit the enemy in the long run to avoid considering whether the moat terrific exertions and sacrifices can longer be justified in order to carry through principles which are not the enemy’s monopoly or to regulate the affairs of other peoples who can manage them quite as well themselves. “I believe that careful and sincere investigation would bring many on the other side to realize that they often are fighting for imaginary things. It may be an ungrateful task to want to communicate one’s own percep¬ tions of things to the enemy. “The enemy group can, if it wishes, convince itself that in all questions humanity and justice and of future international relations it will en¬ counter on the part of our group no opposition and will be in line with our existing progressive aspirations. But at the same time it will meet our determination to continue steadfastly to stand up for our good right. “Our adversaries need only provide an opportunity in a calm exchange of views—some sort of direct informative discussions is thinkable which would be far from being peace negotiations—of of discussing and weighing everything which to-day separates the belligerent parties, and no further fighting will, perhaps, be needed to bring them closer together.” AUSTRIA’S APPEAL TO THE POPE TO SUPPORT PEACE CONFERENCE. The Austrian Government’s note to the Pope, calling to his attention the peace proposals being sent to all the bellig¬ erent Powers, was sent on Sept. 14 by Baron Burian, the Austro-Hungarian Foreign Minister, to the Apostolic Nun¬ cio at Vienna, Monsignor di Bonzo, according to a Vienna dispatch. The Austrian note urged the Vatican to support the peace move, and read as follows: After four years of unheard-of struggle and gigantic sacrifices, the war which has been devastating Europe has not been able to bring about a decision. Animated by a spirit of reconciliation, which already has been expressed in its note of Dec. 12 1916, the Austro-Hungarian Government has decided to approach all belligerent States and invite them to pave the way to a peace which will be honorable for all parties by a confidential and unbinding exchange of thoughts. Full of gratitude, the Austro-Hungarian Government hereby remembers that touching appeal which His Holiness the Pope sent to all belligerents last year with the exhortation that they seek an understanding and live again in brotherly concord. Firmly convinced that the Holy Father to-day also longs that suffering mankind will soon again enjoy the blessings of peace, we confidently hope he will sympathize with our note and support it with the moral influence which is recognized all over the world. Animated by this thought I request Your Excellency to submit the enclosed text of the note to His Holiness. A dispatch from Rome on the 16th quoted the semi¬ official Vatican organ, “Corriere d’ltalia” as saying: Austria’s invitation should not create dangerous illusions. It is in¬ teresting as the first official public step taken by any beligerent for peace. But the peace conception of the two belligerents is still too divergent to give hope of conclusive conciliation. The sincere friends of peace prefer that the war should continue rather than a truce should be arranged, leading to new fighting. h 1 PRESIDENT WILSON’S REJECTION OF THE AUSTRIAN PEACE PROPOSALS. President Wilson’s reply to the proposals of the AustroGovernment for a non-binding confidential discussion of peace terms has already been discussed in our editorial columns. It seems desirable to put in narrative form the events connected with the reply. The President’s Hungarian answer was couched in communication consisting of only two sentences made public by Secretary of State Lansing twenty-five minutes after the official text of the note was delivered by the Swedish Minister, W. A. F. Ekrengren. The President’s reply, in behalf of the Ameri¬ can people, was a eurt refusal. The Imperial Government was reminded that the a American Government peatedly, and with entire candor, stated the “has re¬ terms upon which the United States would consider peace, and can and will entertain no proposal for a conference upon a matter concerning which it has made its position and plain.” The purpose so President’s note is understood to have been pre¬ pared in advance of the receipt on Sept. 16, of the official the basis of the press cable¬ grams received the previous day. Secretary Lansing had been notified informally by the Swedish Minister, that the note had been received, was being decoded, and would .be delivered by nightfall. It was 6.20 o’clock when Minister Ekengren entered the office of Secretary Lansing, bearing the translated text. Two minutes later Minister Ekrengren left the State Department. Secretary Lansing received the representatives of the press at 6:45 o’clock and read the statement embodying the reply. Secretary Lansing said the reply, as made public, would be delivered to the Swedish Minister on Sept. 17 to be transmitted via Stock¬ text of the Austrian note, on holm to the Austrian Government. Secretary Lansing’s statement to the reply was as follows: the President’s press embodying I am authorized by the President to state that the following will be the reply of this Government to the Austro-Hungarian note proposing an unofficial eonference of belligerents. 1349 “The Government of the United States feels that there is only one reply which it can make to the suggestion of the Imperial Austro-Hungarian Government. It has repeatedly, and with entire candor stated the terms upon which the United States would consider peace, and can and will entertain no proposal for a conference upon a matter concerning which it has made its position and purpose so plain.” Secretary Lansing Sept. 18 made public the official day before to W. A. F. Ekrengren, the Swedish Minister, in charge of AustroHungarian interests, conveying President Wilson’s rejec¬ tion of the Austrian peace proposal. Except for a para¬ graph acknowledging receipt of the Minister’s note trans¬ mitting the Austrian note, the communication did not on text of the communication he sent the differ from Mr. Lansing’s statement of what the reply would be, issued on the evening of Sept. 16, less than half an hour after Mr. Ekrengren delivered the Austrian posal. The reply tion complete was Sir: pro¬ was as in two sentences. The communica¬ follows: I have the honor to acknowledge the receipt of your note dated Sept. 16, communicating to me a note from the Imperial Government of Austria-Hungary, containing it proposal to the Governments of all the belligerent States to send delegates to a confidential and unwinding dis¬ cussion on the basic principles for the conclusion of peace. Furthermore, it is proposed that the delegates would be charged to make known to one another the conception of their Governments regarding these principles, and to receive analogous communications, as well as to request and give frank and candid explanations on all those points which need to be pre¬ cisely defined. In reply, I beg to say that the substance of your communication has been submitted to the President, who now directs me to inform you that the Government of the Upited States feels that there is only one reply which it can make to the suggestion of the Imperial Austro-Hungarian Government. It has repeatedly, and with entire candor, stated the terms upon which the United States would consider peace, and can and will entertain no proposal for a conference upon a matter concerning which it has made its position and purpose so plain. Accept, sir, the renewed assurances of my highest consideration. ROBERT LANSING, Secretary The peace terms considered of State. fundamental by our Gov¬ ernment were most fully stated in the President’s address before Congress on Jan. 8 last (given in full in our issue of Jan. 12, page 148), and were embodied in fourteen propo¬ as sitions. The four general principles for an enduring peace, referred to in the statement accompanying the Austrian note as having met with no denial in Teutonic countries, incorporated in the speech delivered by President Wil¬ son at Mount Vernon on July 4 (given in full in these col¬ umns on July 6, page 26). The four principles were set were forth as follows: I. The destruction of every arbitrary power anywhere that can separ¬ ately, secretly, and of its single choice disturb the peace of the world; or, if it cannot be presently destroyed, at the least its reduction to virtual impotence. II. The settlement of every question, whether of territory, of sover¬ eignty, of economic arrangement, or of political relationship, upon the basis of the free acceptance of that settlement by the people immediately con¬ cerned, and not upon the basis of the material interest or advantage of any other nation or people which may desire a different settlement for the sake of its own exterior influence or mastery. III. The consent of all nations to be governed in their conduct toward each other by the same principles of honor and of respect for the common law of civilized society that govern the individual citizens of all modern States in their relations with one another; to the end that all promises and be sacredly observed, no private plots or conspiracies hatched, no selfish injuries wrought with impunity, and a mutual trust established upon the handsome foundation of a mutual respect for right. IV. The establishment of an organization of peace which shall make it certain that the combined power of free nations will check every invasion of right and serve to make peace and justice the more secure by affording a definite tribunal of opinion to which all must submit and by which every international readjustment that cannot be amicable agreed upon by the peoples directly concerned shall be sanctioned. covenants may President Wilson’s reply to Austria’s peace proposals met with almost unanimous approval in the press and in the halls of Congress. Senator Lodge, of Massachusetts, the ranking Republican member of the Foreign Relations Com¬ mittee, took the earliest opportunity to endorse the Presi¬ dent’s position. Speaking in the Senate on Sept. 17, Mr. Lodge said the President’s prompt and curt refusal was right and wise, and would receive universal approval. After reviewing the various steps in the Teutonic “peace offen¬ sive,” Senator Lodge said: The President’s reply to this stupid note will meet, I am sure, with approval. His prompt and curt refusal of the Austro-Hungarian offer was not only right, but wise, for it will, I believe, put an end to loose and feeble talk about these Austro-Hungarians offers—a kind of talk which is not only debilitating and confusing, but distinctly helpful to Germany. The President, without entering upon any details or definitions, says the position and purpose of the United States is plain. I think that the purpose and position of the American people are plain and growing plainer, clearer, stronger every day. They are becoming so plain that I think even the Central Powers will soon begin to understand them. I believe that universal they will learn, and the sooner the better, that the American people mean to have complete victory. They must be made to know that we have no intention of arguing with them about terms of peace around a table. When Prussian militarism is crushed and the Germans throw up their hands, then the United States and her Allies will tell them the terms of peace which they are to accept. In no other way can the world be made safe against German wars of conquest. In no other way can we justify our entrance into the war and our sacrifice of our best and bravest. Until complete victory is reached on German soil any negotiations or discussion with our enemies would meau that the war was lost, our sacrifices in vain, defeated. and our high purposes There is much hard fighting yet to be done, many sacrifices still to be made, but the light of victory is shining upon our armies and upon those of our Allies. We shall press on until the only end worthy of attainment is fully reached. Germany has brought unnumbered woes upon an innocent world. She must be put in a position where she cannot s rike again. She has appealed to the iust of conquest, the dread arbitrament of arms. By that she must She shall not now resort to talk and bargain for a decision. abide. We mean to put her in physical bonds. We mean to make the world safe for all free, law-abiding, decent people so that they may live their lives in peace, unthreatened and unalarmed. For shall not ask more. We shall never accept less. Referring to the recent recognition this we fight. We t 200,000,000 for her next war; and the abandonment of her former colonies would be made only with the hope of recoupment in South America on a more favorable occasion. Such a settlement would be a mere truce pending a strife more fierce thereafter. So long as predatory militarism is not wholly destroyed as by the United States slovaks. But it cannot stop there; it will not stop there. We must recognize the Jugo-Slavs, at the head of whom stands Serbia, which has suffered more than any other country in this war, with the sole exception of Belgium. We must recognize the Poles, one of the greatest and most brilliant people of history and they alone can make a great and powerful state in Central Europe which will forever guard the eastern movement of Germany. These are coming; these are involved in the Jugo-Slavs. Senator McCumber, of North Dakota, also a Republican, in strongly endorsing the President’s position, declared if the Kaiser wants peace he can have it, but “he can have just and righteous peace.” Continuing, he said: that is not both righteous and conclusive, a peace that imposes punishment on the perpetrator of the most atrocious crime in the history of the world, a peace that leaves such a criminal with such criminal tenden¬ cies in a position to perpetrate again a like crime, would be worse than a shame—it would be an act of treason against humanity itself. If the Kaiser wants peace, let him say to the world he has outraged and to the nations he has attempted to destroy and enslave: “We now renounce our hypocrisy; we admit our criminal purpose in inaugurating this war and our criminal acts in attempting to effectuate those purposes. We will restore every foot of foreign territory occupied by us. We will pay the cost of restoring the cities, villages and farms we have devastated. We will return to France Alsace-Lorraine and repay the war indemnity we exacted from her in 1870.4 ship We will pay for and cargo sunk by our submarines contrary to the law of nations and humanity. We will surrender for trial those who have wilfully murdered prisoners and civilians, and will meet such indemnity charges as justice will warrant. We will leave the question of the return of our colonies, the right to which we have forfeited by our own acts, to the judgment of the great nations of the world, governed and influenced by the desire of the people of the colonies themselves. “And, finally, we will agree to such a system of disarmament as will nsure our future good behavior, and sign with other nations a solemn compact that will assure every nation, great and small, its territorial and sovereign rights.” A peace no e^ery House leaders of both parties praise of the President’s reply. equally outspoken in Even Meyer London, the were sole Socialist member of the House, expressed approval. quoted in the New York “Times” on Sept. 18, in a Washington dispatch dated Sept. 17, Representative London As said: Representative Meyer London to-day expressed himself as in full accord He said that there could be no real Austria. peace conference until Germany had renounced all the spoils of the sword, and noc having made such an announcement, he believed that it would be unwise to enter into a parley which should not be binding on the partici¬ with the President’s note to London, “until she was ready to renounce all spoils gained by the sword, had withdrawn from invaded territory, and had tom up the Brest-Litovsk treaty.” ENDORSEMENT BY LEAGUE TO ENFORCE PEACE OF REFUSAL OF AUSTRIAN PEACE PROPOSALS. At a special meeting in this city on Sept. 16 of the League to Enforce Peace, of which Ex-President Taft is Chairman, resolutions were adopted strongly commending the Presi¬ dent’s reply to the Austrian Government’s peace proposals, and urging the American people to resist all overtures for a The resolution adopted read as follows* The League to Enforce Peace rejoices in the refusal of the President to accept the invitation of the Austrian and German Governments to a secret conference as to peace. The League is pledged to a peace by victory as the only peace which can achieve the object of the war in the destruction of German militarism and the creation of a League of Free Nations to enforce permanent peace. To take part in a conference with an uncon¬ quered Germany is to confess a failure of our purpose. The following was stated to be the attitude of the League and its ending: with regard to the war Apprehensive of the lure of an inconclusive peace, which would enable masters of Germany to continue their domination of Central Europe and sooner or later to menace again the peace and freedom of the world, the League feels that our people should be forewarned, in case Germany should propose to make peace on terms that might well deceive the unsuspecting. Suppose she should offer to retire from Belgium and France, to cede the Trentino to Italy, even to relinquish all claims to her captured colonies, and to promise some kind of autonomy to the various races of Central and Eastern Europe. Such an offer would be highly seductive, and, if we are not prepared to understand what it means, might well beguile the Allies into a peace which would be delusive; because unless the principle of militarism is destroyed the promises would be kept no better than those broken in the past. Autonomy of other races would mean their organization for the strength¬ ening of Germany, until she had control of the resources of a population of the present ENDORSES BALFOUR WILSON’S VIEWS—VICTORY OVER GERMANY MUST PRECEDE LEAGUE OF NATIONS. Speaking at the Guildhall at London on Sept. 30, Arthur endorsed the princi¬ ples enunciated by President Wilson in his latest address, but emphasized the point that the proposed League of Na¬ tions could only be made to work when Germany had been thoroughly subdued by military defeat. As quoted in a special dispatch from London to the New York “Times” under date of Oct. 1, Mr. Balfour said: J. Balfour, British Foreign Secretary, I understood him, which he developed was this: only to have peace, but is to be sure that it is go¬ ing to have peace, it must come to some arrangement by which the male¬ factors or would-be malefactors are to be kept in order. Justice, as be¬ tween great and small nations, is to be preserved not merely by pious senti¬ ment, not merely by elaborate treaties, but by some machinery which will be effective for carrying out the objects for which it was created. That was his first proposition, a League of Nations, or some machinery such as is contemplated in this scheme for a League of Nations. Some such scheme must be brought into being, if we are to be sure that our labors in the present war are to bear their full fruit. * The second proposition, as I understood it, was that, if you are to carry out this great ideal with all its obvious and immense difficulties, the only time to do it effectually is the moment when peace itself is being forged by the labors of the victorious Powers. Allow that moment to pass, and do you suppose that the world, weary of this tremendous effort, absorbed in the domestic problems which will crowd upon us, neutrals and belligerents alike, when this war is over, will have the patience, endurance and resolu¬ tion really to contrive the international machinery which shall carry out our objects? The main theme, as that if the world is not The President’s opinion is—and personally I am very much of this mind—that to allow this occasion to sink into the past would be to lose on9 of the gteat opportunities given to mankind permanently tional relations on a sound, lasting, and moral footing. These, as I understand it, are the two great pillars of given eloquent expression. to put interna¬ the policy to which he has evidently something yet further is required. Evidently we are see that the labors, the work, which you require your new machin¬ ery to do, shall not be greater than any machinery can be asked to do. In other words, if you are going to bring into existence an international ma¬ chinery for securing peace, you must so arrange the map of Europe and of the world that the great occasions for wars will not overwhelm you. But bound to If you perpetuate the state of things which exists in Central if you render permanent, for example, German domination over Europe, Russia, especially over Western Russia, if you leave no hope to the small peoples along the Baltic, if you refuse to redress the century or more than century of wrong to Poland, and leave Poland where she has been for all these gen¬ erations, a reproach to all civilization—if these subordinated peoples who have for generations been trampled in the Austrian Empire under the heel minorities, if you leave them still in their pres¬ position, if the Balkans are again to be the scene of bloody wars among themselves and the occasion of hostilities among their neighbors, if the Turk is to be allowed to resume his bloody sway over the territories which have been tom from him, if he is still to massacre at will and to plunder at will, if Italy is not to have restored to her and added to her those populations which will really make her indeed Italy Redeemed, if Greece is to be threat¬ ened, as she has been threatened by the domination of the Central Powers, of the German and Magyar pants. “I would not do business with Germany,” said Mr. premature peace. quoted in the New York “Times” making the following comments on the peace note: was No conference of any sort can supply the need for a victory. There are the suggestion for a conference is something utterly contrary to our poll- y It is an armed system we are fighting, and nothing short of the destruction of that system will satisfy us. The Austrian note is merely the beginnin of another peace offensive, which should not be dignified by anythin but a curt refusal to enter into a non-binding, secret discussion. the Massachusetts Senator, after paying a glowing tribute to the achievements of the Czecho¬ slovak army in Russia, said: If any people ever deserved recognition as belligerents it is the Czecho¬ a lasting peace can be made. no Ex-President Taft of the Czecho-Slovaks, only [Vol. 107. THE CHRONICLE 1350 ent if Serbia is nqt to be restored after all her appalling sacrifices, and after all glorious gallantry, if France is not to resume her full place in Western Europe, and if Belgium is not to have restored to her in full measure all that the abominable brigandage of the Central Powers has tom from her— if all those evils are not potentially to recur, then you must do something more than merely establish a League of Nations. her these wrongs right before the League of Nations sets t° give them a clean slate to work upon; you must not bring great reforming machinery, for a great reforming machinery You must put work; you must them in as on a those lines I believe to be impossible. You must bring them in to show that after you have carried out these great reforms, after you have freed Europe arom Prussian militarism, after you have restored Asia as well as Europe to a position in which self¬ development is possible for the various nationalities which occupy them, then, and then only, will your League of Nations work. Therefore, in order to make the League of Nations possible, victory, and complete victory, is absolutely necessary. The dream of the Germans that by merely subscribing their names to a petition for . uch a league they can persuade their enemies that their heart is changed—that is a vain illusion. Germany really seems to suppose that when we, the Allies, talk of a change of heart and the destruction of militarism, all that is required are a few constitutional modifications of the Prussian State and subscrip¬ tion to the admirable propositions which from time to time President Wilson has laid down. superficial changes are of no value whatever if they stand by themselves. Germany can only be a member of the League of Nations These has been reformed by a great and wise and all-embracing peace; and that can never take place until Germany not merely has been obliged to change her profession of faith, but until Germany finds herself in a position when all her dreams of world domination are torn to pieces before her eyes, and when she is left powerful, indeed, as she will be left powerful, doubtless, prosperous doubtless, and wealthy, but no longer the tyrant who can use the nations which she is in position to influ¬ ence to subserve her own dreams of world empire. when the international system Oct. MR. In 519l8i] THE CHRONICLE BALFOUR'S REJOINDER TO AUSTRIAN PEACE PROPOSAL. address Sept. 16 to visiting journalists, Arthur J. Balfour, British Foreign Secretary, took occasion to express his personal view of the Austrian peace proposals. Mr. Bal¬ four’s views were generally endorsed by the London press and were accepted as representative of British opinion. We give the summary of the address as forwarded from London by the Associated Press: an on “It is incredible that anything can come of this proposal.” The Foreign Secretary said he agreed with the Austrian note when its authors pointed out that the whole of civilization was at stake and that the prolongation of hostilities was a risking or sacrificing of a great deal that was really dear to everybody interested in the progress of mankind. The terms of peace and war were so tremendous, and the calamities imposed by the continuation of hostilities so overwhelming, that he would never treat with disrespect any peace proposal. “But,” he went to us as on, “I cannot honestly see, in the proposals now made I have been able to study them, the slightest hope that the goal we all desire—the goal of a peace which shall be more than a truce—can really be attained.” Coming after the recent speech of Friedrich von Payer, the German Imperial Vice-Chancellor, Mr. Balfour continued: ‘‘This cynical proposal of the Austrian Government is not a genuine attempt to obtain peace. It is an attempt to divide the Allies.” No coalition ever had been so strong as the Allied coalition, and the enemy would not succeed in breaking it. Conversations such as were proposed by Austria-Hungary undoubtedly would have great vaule under certain sircumstances. They would serve to smooth out obscurities such as questions of pride, &c but the ques¬ tions now between the belligerents were definitely defined. “I am not taking the proposals of two years ago, or of last year, but of last week,” Secretary Balfour said. “The German Vice-Chancellor, speak¬ ing for the German Government, clearly and without obscure verbiage, showed where Germany stood on the question of Belgium, Alsace-Lorraine, the German colonies, and the Brest-Litovsk and Bucharest treaties.” It could not be more clearly set forth than it was by von Payer last week that Germany intended to pay no indemnity to Belgium. The Vice-Chancellor indicated that Germany did not believe in the principle of indemnities, and yet at the same time she was squeezing millions of , dollars out of Russia. “This,” the speaker went on, “was for the wrongs Russia is supposed to have done Germany. How can those wrongs be compared with the devastation and ruin which Germany is wreaking on Russia now?” Regarding the question of* colonies, Secretary Balfour said: “The colonies are one question on which there is no misunderstanding. We stand on one side and Germany on the other.” Referring to the lack of concerted effort by the Central Powers, as emphasized by the von Payer speech and the Austrian note, the Foreign Secretary commented on the clumsiness of German diplomacy. “The German,” he added, “excels in direct, simple brutality, but when he tries to dress in President Wilson’s clothes, Wilson would act, he is clumsy.” or tries to act as President The Foreign Secretary continued: « "Take Belgium, for example. The phrase von Payer uses is a very curious one, but I suppose it is intended to mean that Germany feels that she really must restore Belgian independence. She does not say what she going to do to restore Belgian prosperity or that indemnities are to be given to the country she wasted, brutalized, and ravaged. “But it seems that if Belgium will consent to make certain modifications in her internal arrangements she is to be allowed to get back her inde¬ pendence. Explicit though it be, it explicitly refuses that which we think obviously just, namely, restoration of and indemnity to Belgium, w'hich has been so monstrously treated. “Von Payer stated that the German boundaries should remain intact, which, of course, means that Germany will keep Alsace-Lorraine. How are conversations going to set that right ? There are no misunderstandings between the belligerents on that score.” Mr. Balfour recalled that von Payer said the Brest-Litovsk and Bucharest treaties should stand, and declared: “There is no misunderstanding there. It is in black and white, without circumspection or fine phrasing. No dexterity of dialogue is going to smooth differences of that kind.” The Secretary said he could hardly conceive of such a note being sent so soon after the German Government, through its Vice-Chancellor, had so definitely laid down its policies on subjects which were uppermost in the minds of all the belligerents. He considered it one of the plainest state¬ ments ever made by a German diplomat and contended that it made impossible a settlement by conversations. “Until the Central Powers are of open mind and are prepared to discuss our views of what we believe to be right and justice and for the uplift of civilization,” continued the Secretary, “mere conversations for practical is of the quadruple alliance and the authorized representatives of the announced. The reception which previous similar steps met with from our enemies was not encourag¬ ing. The Imperial Government, however, follows the new attempt to bring the world nearer to the just and lasting peace which it desires with the sin¬ cere and earnest wish that the statement of the Austro-Hungarian Gov¬ ernment, inspired by profound conciliatory ‘ feeling and noble humanity, men allies’ (Teutonic) peoples have again and again will this time evoke the desired echo. In the name of the Imperial Government the undersigned has the honor to declare that Germany is ready to participate in the proposed exchange of ideas. The summary rejection of Austria’s peace proposals by President Wilson, Premier Clemenceau, Foreign Secretary Balfour and other Allied statesmen called forth gloomy and bitter comment in the German press. A surprising number of papers appear willing that the Russian and Rumanian treaties should be reconsidered, but the general sentiment seems to be that Germany should fight to the bitter end rather than give up Alsace-Lorraine and the German colo¬ nies. In this spirit the “Deutsche Tageszeitung,” dis¬ cussing the colonies and Alsace-Lorraine, said: What does this mean if not that the Entente intends to dismember and crush the German Empire? There is but one thing left for us— . victory or . . destruction. The Socialist “Vorwaerts” of Berlin was bitter and pes¬ simistic. It declared that the American answer and the utterances of Secretary Balfour compelled the conclusion a peace by agreement, that the Entente would not hear of and added i Mr. Balfour’s speech contains two points which a great part of the Ger¬ people are ready to discuss and two others which will evoke powerful opposition from every German. The first two points are Belgium and the man Brest-Litovsk. The other two concern the German colonies and AlsaceLorraine. If Mr. Balfour wishes that these last two points should be fulfilled, which would be possible only through a complete military victory by the Entente, there would be a feeling left among the entire German people that they had been made the victims of a robbers’ warfare. The “Vorwaerts” said that even if the Entente did not admit the justice of the German standpoint its rejection of the Austrian invitation was nevertheless an “act of stu¬ pidity and brutality.” 1 On the 19th Field Marshal von Hindenburg issued a proclamation to the army in the field, alluding to the Austrian peace offer and saying that it did not involve an interrup¬ tion in the war operations. The Field Marshal added that a readiness for peace was not in contradiction with the spirit with which Germany is waging the struggle. It is the army’s duty, he said, to continue the struggle while waiting to see whether the enemy is sincere and ready for peace negotiations. The text of the proclamation read: a The Austro-Hungarian Government has proposed to all the belligerents a non-binding discussion of peace. War operations are conference for not thereby interrupted. Readiness for a peace is not in contradiction spirit with which we are waging the struggle for the homeland. As early as December 1916 the Kaiser, our Supreme War Lord, with his Allies, offered peace to the enemy. The German Government has often since then proclaimed its readiness for peace. The reply of the enemy was scorn and derision. The enemy Govern¬ ments incited their peoples and armies to continue the annihilating war against Germany. We have thus continued our defensive struggle. Our ally has now made a fresh proposal to hold a discussion. The fight¬ ing will not be interrupted. The army’s task is to continue the struggle. In four victorious years of war the German army has energetically pro¬ tected the homeland and proved to the enemy our invincibility. Only by this means do we help break the enemy’s will to destruction. While continuing to fight we have to wait to see whether the enemy is sincere and this time ready for peace negotiations or whether he will again reject peace with us, unless we are prepared to buy it on conditions which would destroy our people’s future. to the results are useless.” He could not help comparing von Payer’s speech with the note and wondering what was the central idea of the culpability of the Allied peoples, adding: “They evidently think they can embitter whatever differences may exist between the Allied countries and counteract the present Allied successes on all fronts. I cannot bring myself to believe that this Is an honest attempt at peace by understanding, but I am driven to the opposite opinion—that it is an attempt to weaken the forces in the field, which are proving too strong for them.” 1351 VON HERTLING'S ADDRESS ON GERMANY'S ATTITUDE TOWARD PEACE. The much discussed address of Chancellor von Hertling (who has since resigned his office), setting forth Germany’s attitude toward peace, was delivered before the Main Com¬ mittee of the Reichstag on Sept. 24. The Imperial Chan¬ cellor declared that all thoughts of conquest were far from Germany’s mind. The world war was prepared years ago, he said, by King Edward’s well-known encircling policy, GERMANY ACCEPTS AUSTRIA'S INVITATION TO the war fervor of France and the growth of Pan-Slavism in PEACE DISCUSSION. Russia. Referring directly to peace, the Chancellor de¬ An official communication issued in Berlin on Sept. 20 clared he had given his adherence to the idea of a League of stated that the German Ambassador at Vienna had that day Nations (with certain reservations), and also accepted “in presented Germany’s reply to the Austro-Hungarian peace principle” the four peace principles laid down by President The German note announced the readiness of Ger¬ note. Wilson, “who, however, has neither then nor since taken many to participate in the proposed discussion of peace In defending Germany’s invasion of any notice of it.” terms, and was given as follows in dispatches from London Belgium, the Chancellor admitted that Germany had trans¬ under date of Sept. 20: gressed the written law, but declared that “as for individuals, The undersigned Imperial Ambassador has the honor to make the fol¬ so is there also for States, another law. That is the law of lowing reply to the highly esteemed note of the royal and imperial Foreign Minister. The summons of the Austro-Hungarian Government to eleven belligerent States to enter into confidential unbinding discussion in a neutral country of the fundamental principles for the conclusion of peace corresponds to the self-defense.” As summarized in Associated Press sterdam dated Sept. 25, the address of spirit of peace readiness and conciliatorin ess which the responsible states¬ ling was as follows: dispatches from Am¬ Chancellor von Hert¬ “W# have never concealed the fact,” said Chancellor von Hertling in the course of his address, ‘‘that all thoughts of conquests were far from our minds. But how do things stand on the opposite side? If one credited the utterances of the enemy, official and unofficial, they only desire to repel a mony, Germany which, in criminal arrogance, is striving for world hege¬ to fight for freedom and justice against German imperialism and Prussian militarism. “Wo know bettor. The world war was prepared years ago by the wellknown encircling policy of King Edward. In France there arose extensive war literature which referred to impending war with Germany. Austria- Hungary’s influence in the Balkans was to be eliminated. The Russian expansion movement and the pan-Slavic idea demanded it. The match was not put to the powder by the Prussian military party, but while the German Emperor was, up to the last moment, endeavoring to preserve peace the Russian military party put through the mobilization against the will of the weak Czar, and thereby made war unavoidable. “The official account of the Sukhomlinoff trial made this clear to every¬ one who desired te see. We can look calmly forward to the judgment of posterity. For the present, it is true, those who are in power in the enemy countries have succeeded by an unparalleled campaign of lies and calumny in obscuring the truth. When a result was not obtained by the spoken or written word it was achieved by pictorial representations—productions of absolutely devilish fantasy, from which one turns with horror and disgust. But the object has been attained. A hatred has been raised amongst the enemy populations against the Central Powers, and particularly against Germany—a hatred which eschews all moderation and chokes off all just judgment. *, “You have all read Premier Clemceau’s last speech, a speech which seemed. In its fanatical hatred and the coarseness of mind displayed, to surpass anything hitherto achieved. But in America it found a many¬ voiced echo, as is proved by the pronouncements that are reaching our ears from across tho ocean. The wildest war fury is at present raging in the United States. Tho people are intoxicated with the idea that America must bring tho blessings of modern liberal culture to the enslaved peoples of Central Europe, while at the same time they are rejoicing at the many millions of dollars which the war armaments are causing to flow into the pockets of the business men. “Theory and practice are two different things. The old proverb of the mote in another’s eye and the beam in one’s own finds constant illustration in the machinations of the Entente. They are never tired of condemning our march into Belgium, but they pass over the oppression of Greece, the interference with that country’s internal affairs, and the enforced abdication of its King as if they were matters of course. They assert that they are fighting to protect eppressed nations, but the century-old sorrows and the justifiable grievances of Ireland nowhere find a hearing, not even in America, whore the people are acquainted with them through the numerous Irish immigrants. The British Government, which is expecially fond of talking of right and justice, recently found it compatible with those principles to recognize tho conglomerate rabble of Czecho-Slovaks as a belligerent Power. “How will the Berman people have to meet that? for mercy in fear and trembling? No, gentlemen, Will it, forsootn, beg remembering its great past and its still greater mission in the future, it will stand erect and not cringe or grovel. “The situation is serious, but it gives us no ground for deep depression. The iron wall of the Western front ii not broken, and the U-boat is slowly but surely fulfilling its task of diminishing tonnage; thus, above all, in¬ creasingly menacing and restricting reinforcements of men and material from the United States. because it must come, when our enemies will see ready to make an end of tho war before half the world is con¬ heap of ruins and tho flower of its manly strength lies dead “The hour will come, reason and be verted into on a the battlefield.” Count von [Vol. 107 THE CHRONICLE 1352 Hertling said it was the business of the Germans to stand to¬ gether, cool, confident, united, and resolute, with their one aim the protec¬ tion of the fatherland, its independence, and its freedom of movement. There was no antagonism, he declared, between the Government and the people. Tho former only desired to work with and for the nation. Al¬ luding to the differences of opinion on political matters, the Chancellor said: It has found eloquent advocates in the Swiss President and Norwegian Premier, Knudsen, both of whom dwell especially on the in¬ terest of neutral States in such an institution. I also do not hesitate to express my opinion again to-day on this question and to indicate publicly the aim and basis of such an association. It is a question of promoting universal equal and successive disarmament, the establishment of ob¬ ligatory courts of arbitration, freedom of the seas, and the protection of action. an the small nations. “Regarding the first point, on Feb. 24 I described the idea of restriction of armaments as thoroughly discussable, adding that the financial position of all the European States after the war would give the most effective support to a solution of this question. Regarding the question of arbitra¬ tion my standpoint has long been history. I will not go into details, but interesting material which I have before me shows that Germany in the past repeatedly suggested arbitration of disputed questions, the carrying out of which in several cases, however, was prevented by opposition raised in Great Britain or America. If an international understanding could be disputed questions of law between various States must always obligatory for members of a league of nations, it would undoubtedly be an important step toward the attainment of the general aim. More precise prescriptions, especially regarding requisite guarantees for the recognition of verdicts made by arbitration, need careful and thorough consideration. “I have expressed myself before this on the question of freedom of the seas, which forms a necessary prerequisite for the unrestricted intercourse of States and peoples. Here, however, the greatest difficulties, naturally, are not raised on our side. On a former occasion I pointed out that there must be unhindered access for all nations to the inland seas, no predominant position of Great Britain at Gibraltar and Malta and in the Suez Canal. An English newspaper has caked this impudence. “Finally, there is a protection of small nations. Here we can forthwith and without reserve state that in this matter we have an entirely clear conscience. May, therefore, a league of nations be no mere dream of the future. May the idea deepen, and may the people in all countries zealously concern themselves with the means for its establishment. The first and most important prerequisite will be an energetic will to champion peace reached that be submitted to arbitration courts, and if this Were made and justice. “Here I will close my remarks. The Foreign Secretary will deal with the political situation in more detail, and discuss especially in that connection the well-known Austrian note, and the reception it has met with up to * this time on the part of the enemy. Those in power in the so-called democratic States have, with precipitance and without consulting their peoples exhibited a curt attitude of rejection. By so doing they once again show where the passion for conquest, where imperialism and mili¬ tarism are in reality to be sought.” In vigorously defending Germany’s action toward Belgium, the Chan¬ cellor admitted that in invading Belgium Germany transgressed the written law, but, he said: “As for individuals, so is there also for States, another That is the law of self-defense.” law. „ fighting, both on the West and the East, the Imperial Chancellor said, it would be solely a question of defense. In all future A GERMAN PLAN FOR THE LEAGUE OF NATIONS. specifications of a constitution for a proposed League of Nations are worked out by Mathias Erzberger, one of the leaders of the German Centrist Party, in a book soon to be published, extended extracts from which, as given in the Berlin “Vossiche Zeitung,” were reported in press cables from Amsterdam on Sept. 23. Erzberger’s ideas have attracted a good deal of notice as being the first attempt from the German side to go into details in regard to what is now universally recognized as the first essential of a peace settlement. As summarized, Herr Erzberger’s plans involve the following: Detailed constitution, dealing with the organization of league, says “any sovereign State can enter the league, which shall be considered to have been formed when the following powers are among those who have announced adherence: Germany, Great Britain, France, United States, and Russia.” . The Hague would be the seat of the league, and there the International Bureau would conduct its business. Each State, with the approval of its Parliament, would appoint one delegate. The International Bureau would be controlled by a permanent administrative council consisting of the The first section of this period after the war will also confront us with new domestic prob¬ lems. I will not speak of these now, but, as I know that the prevailing discontent is net influenced alone by the sufferings and worries of wartime, but also by quite definite cares and grievances of a political nature, I will “The make some brief remarks on the subject. “Since taking on my shoulders the heavy burden of the Chancellorship I endeavored energetically to carry out what was still lacking in have always this respect. I an, of course, alluding to that great reform bill, which, it is such a „ true, does not fall within the jurisdiction of the Reichstag, but neverthe¬ less engages pelitieal circles in Germany far beyond the Prussian fron¬ representatives of the federated powers, with the Dutch Foreign Minister tiers." Dealing with fundamental laws, the second section says: shall guarantee the territorial possessions of each federated Beetling asserted that the Prussian Government was firmly resolved to havo tho bill accepted, and to that end it would not hesitate to Count von He begged his hearers to re¬ any means constitutionally available. member that this question was one of a far-reaching alteration in the his¬ use torical structure of tho Prussian State, and that it would be unfair if the representatives of tho old order were not given the opportunity of defend¬ ing their standpoint in Parliament. There must be no question of pro¬ “Should we, however,” he continued, crastination, the Chancellor said. “not succeed ia attaining our contemplated aim by Parliamentary debate, then another way indicated by the Constitution will be pursued.” Referring to the question of peace, the Chancellor then said that hu¬ manity shudders at the thought that this war may bring others, and the question is engaging the attention of more people as to the possibility of creating an organization among peace-needing nations, which would “set right in tho place of might and a peaceful solution instead of sanguinary battles.” The Chancellor proceeded: “As is known, the President of the United States laid down in fourteen points the guiding lines for a conclusion of peace. On Jan. 24 of this year I discussed in your committee all these points, and, regarding the last, remarked that the idea of a league of nations, as suggested, had my entire sympathy, on tho condition that an honest will to peace and the recogni¬ tion of the equal rights of all States of the league were guaranteed. How necessary was this reservation was shown by the statements of our enemies, who, in a league of nations, thought of an alliance directed against Germany her allies. “President Wilson, and in a message on Feb. 2 (Feb. 11?), took a further step in the same direction and laid down four points or principles which in his opinion should be applied in an exchange of views. In my Reichstag speech of Feb. 22, I declared myself, in principle, in agreement with the possibility of discussing a general peace on such a basis. President Wilson, however, has neither then nor since taken any notice of it. “Meanwhile, the former idealist and zealous friend of peace seems to have American Imperalists. But the plan of a established ia not to be discredited by auch developed inte the head of the league ef *atie*s yet to be as as Chairman. undisturbed possession of colonies.” “The league State, as well Each State would be independent and foreign affairs within the limits of the league’s constitution. States, whose Governments, with the assent of their Parliaments, de¬ clare their permanent neutralization would be recognized by all members in the conduct of its internal of the league as permanently neutral and w ould enjoy tion. All available means would be used against any the league’s protec¬ State outside of the league which attacked a Federal State or took up arms without having applied to the arbitration court or awaited its judgment, or which took up arms, instead of accepting its judgment. Members of the league would mutually undertake to cut down and steadily reduce their land, naval and serial forces, according to a fixed standard to be agreed upon. They would further undertake not to use their forces for any other objects than the maintenance of internal order, defense of their territory against attack and for joint execution of the league’s mandates. Figures showing the annual expenditure for armament, the number of troops under arms, war material in hand and the number of warships in commission would be communicated annually to The Hague Bureau, which would publish them. The constitution provides for economic equality and tor the principle of the open door, all members of the league granting aech other most favored nation reatment. For the first decade after the foundation of the league each State’s sur" plus of raw materials wrould be divided between the other Federal States’ according to a standard to be agreed upon. This would be respective of the imports of the year, the output and the special needs of individual States due to the war. Straits, possession of fortifications retained, guarded by a command consisting of contingents from all the Fed¬ erated States and commanded in rotation every three years by a delegate Members of the league would recognize freedom of the seas. canals and connecting seas, both banks of which were not in the same Federal State, would be internationalized and their of the States. Oct. 5 THE CHRONICLE 1918.] Safety of private property on the high seas would be proclaimed, and the naval prize law and blockade law abolished. Exercise of the right of block¬ ade would be reserved to the league, and only to the league, for use against Federal State which violated the league’s constitution and against any State not belonging to the league which took up arms against the neu¬ tralized State. Ships of the Federated States and their cargo would be treated In each State like its own. Overseas cables would be controlled by a commission of the league. Members of the league would renounce the raising of troops in colonial territories. All States with colonies situated in Africa would be perpetually any Omsk Government, said that 1353 an army of more than 200,000 had been formed in Siberia, by conscription, and that there were 30,000 officers available there to train and lead it. The army is being organized on the basis of strict mili¬ men tary discipline, it was said, and will constitute an increasingly powerful force to co-operate with the Allied and Czecho¬ slovak forces in Siberia. neutral States. The third section, dealing with the league’s executive department, pro¬ vides that, in event of offenses, members shall proceed against the violator of the constitution, first by severance of diplomatic relations; second, com¬ plete isolation of the offender by closing frontiers to imports, exports, postal and railroad traffic, and, third, in given circumstances by blockade. The same measures would be taken against any hostile menace of a Federate State from a non-member. Should the offending State cross its frontiers with hostile intent against one or more members of the league, joint military and marine assistance would be given. Erzberger invites cirticisms of his plan, proposals. as well as practical counter¬ NEW CENTRAL GOVERNMENT FORMED IN RUSSIA, PLEDGED TO EXPEL GERMANS AND RE-UNITE COUNTRY. Encouraging reports from Russia, indicating that order may soon emerge from the present chaotic conditions, was contained in official dispatches received by the Russian Em¬ CONCLUSION OF CONVENTION OF AMERICAN BANK¬ ERS' ASSOCIATION—RESOLUTIONS, &C. Before bringing to a close its annual convention at Chicago last week, the American Bankers’ Association adopted a number of resolutions. All of these will appear in full in the detailed report which will be printed in our special edi¬ tion—the American Bankers’ Convention Section—which will be issued next Saturday, and hence we give here but a brief outline of them as given in the Chicago “Tribune” of Sept. 28; to quote therefrom these resolutions commit the Association: To a pledge of the banking strength of the country to united support of the President and those associated with him in the great task of the hour. To have all members do their utmost in placing the Fourth Liberty Loan, and recommending to members to continue to co-operate fully with the Secretary of the Treasury in all Government financing. To having its members urge elimination of waste and extragavance, that the needed supplies for our armed forces may be made more plentiful and the purchase of Liberty bonds encouraged, thereby adding t« the economic stability of the nation. To urging its members to assist the campaign for the eeven agencies engaged in aiding the nation’s fighting men, which begins Nov. 11. To support, by every means in their power, the development of export trade; to encourage manufacturers to enter upon this field of distribution, and to provide, as rapidly as possible, adequate facilities for financing export operations that the nation’s great merchant marine may be profit¬ ably continued after the war. bassy at Washington and made public on Sept. 26. Pre¬ viously two distinct centres of authority had arisen in the territory outside the sphere of Bolshevist influence, the Pro¬ visional Siberian Government, with headquarters at Omsk, in Siberia, and the so-called Government of the North, at Archangel, on the White Sea, controlling the northern prov¬ inces of European Russia. These two movements have now been consolidated in a single governing body having its seat temporarily at Uffa, and a directorate has been appointed In addition to these purely patriotic resolutions, continues consisting of five men representing all the revolutionary and the Chicago “Tribune,” the resolutions ask the Senate democratic elements, from the Social Revolutionaries to the Finance Committee, in considering the Revenue bill, to left wing of the Cadets. Composing the conference at Uffa allow merchants, in invoicing their stocks of goods on hand which set up the directorate of five were all members of the to determine their incomes, to make reasonable allowance Constituent Assembly who had gathered at Samara except for the rise of prices of commodities. It adds: those belonging to the Bolsheviki or to the Social Revolu¬ They also pledge the support of the association to the Capital Issues tionaries of the Left. The conference was also attended by Committee of the Government to stamp out the sale of fraudulent securities, delegates of the Siberian Government, the Union of Liberty and to prevent the exchange of Liberty bonds for such securities. They urge the Government, in view of the decreasing production of of the People, the Group of the Renaissance, and the So¬ gold, due to the war, to take steps toward maintaining the production of cial Revolutionary and Social Democratic parties. A for¬ gold on at least its pre-war scale. They also urge national, State, and local authorities to recognizn the mal meeting of the Constituent Assembly of All Russia has unusual and onerous conditions with which public utilities are contending, been called for Jan. 1, prov ided 250 members can attend, and and to give prompt and sympathetic hearing to the petitions of such utili¬ to be held if possible at Moscow. ties for relief. The committee of five set up as the sovereign authority The Association has received an invitation from Columbus, is composed of M. Tohaikovsky of the Government of the Ohio, to hold its next annual convention in that city. The North at Archangel; M. Vologodsky, head of the Western invitation was referred to the Executive Council. A move¬ Siberian Government; M. Astorf, former Mayor of Moscow, ment among State bankers to secure representation on the and member of the Constitutional Democratic Party; Lieut.- Association’s Administrative and Legislative Committee Gen. Boldireff, one of the foremost men of Russia, and M. resulted in the creation of a second vice-presidency, to which Avksentieff. post the State bank candidate, John S. Drum, President ef The dispatch to the Russian Embassy telling of the results the Savings Union Bank of San Francisco, was eleeted. of the Pan-Russian conference came from the Chief of the Representation of the State bankers on the Administrative Department of Foreign Affairs of the Uffa Government, and Committee was accorded by the adoption of an amendment was summarized in the following statement: to the constitution increasing the membership from three t© As the separate provinces of Russia are being delivered from the yoke of seven, and making the Presidents of the various section* ex¬ Bolshevikism, the temporary organs of legal authority are reconstituting official members. The Chicago “Tribune” also notes that and reuniting themselves. On the territory of European Russia they are a further concession to State bankers was the acceptance ef ooncentrating under the authority of a committee of members of the Con¬ stituent Assembly of All Russia, while in Siberia they are rallying under the a constitutional amendment permitting a section to act provisional Government of Siberia. independently of the main body in matters of legislation. The committee of the members of the Constituent Assembly of All Rus¬ sia consists of all the members of the Con* tituent Assembly which have Richard S. Hawes, Vice-President of the Third National gathered in Samara, except those who belong to the factions of the BolsheBank of St. Louis, was elected First Vice-President of the viki and of the Social Revolutionists of the Left, members of such factions Robert F. Maddox, President of the Atlanta being considered as having renounced their titles of members of constitu¬ Association. ent assemblies and therefore having lost their right to join the committee. National Bank of Atlanta, is the new President of the Asso¬ ft The committee of the members of the Constituent Assembly united political parties which (1) remain loyal to the Allies; (2) reject any idea of separate peace; (3) do not recognize the treaty of Brest-Litovsk; (4) have decided to continue the war against the Bolsheviki and Germans in alli¬ with the Czecho-Slovaks. The committee of the members of the Constituent Assembly, in its aims to create a united and powerful Government, represents itself as the source ef authority and considers itself as successor to the late provisional Govern¬ ment of all Russia. ance Being deprived until lately of means of communicating with institutions abroad, the committee was i?ot able to inform in time the Governments of western Europe and of the East and America of its formation and of the development of events in Russia. In Uffa is taking place a “State Conference,” constituted of members of the Constituent Assembly, delegates of organs of provincial authorities and ef the Siberian Government, of representatives of the Social Revolutionist and Social Democratic parties, and of delegates of the Union of Liberty of the People and of “Group of Renaissance.” The State Conference has set as its aim to create a united Government to represent the one lawful authority for all of Russia. The efforts of the conference have attained success. The sovereign au¬ thority has been vested in a body of five persons, responsible to the Con¬ stituent Assembly of All Russia, the convocation of which is deferred to Jan. 1 1919 on condition that 250 members will be present. A dispatch to the Russian Embassy on Sept. 26 frojn M. Golovatcheff, Assistant Minister of Foreign Affairs of the The other officers of the Association are James D. Hoge, President of the Union Savings & Trust Co., Seattle, Treasurer; F. E. Farnsworth, New York, General Secretary; W. G. Fitzwilson, New York, Assistant General Secretary; and Thomas B. Patton, New York, general counsel. The Executive Council decided at its meeting on the 27th to abolish the publicity bureau of the Association, the Depart¬ ciation. ment of Public Relations. BANKS, TRUST COMPANIES, AC. Nine shares of bank stock were sold at the Stook Exchange ITEMS ABOUT this week. No sales of bank or trust company stocks were made at auction. Extensive tables reporting bid and asked quotations, deposits, surplus, &c., of banks and trust eompanies in all important cities in the United States are pubished monthly in the “Bank and Quotation” Sootion, the October issue of which accompanies to-day’s “Chroniele.” Bid and asked quotations for all New York City bank and trust company stocks are also published weekly in another THE CHRONICLE 1354 department of this paper, and will be found to-day on page 1374. Shares. BANK—New York. Low. High. National Bank of Commerce-- 171M 172 9 Close. Last previous sale. Sept. 1918— 170M 172 The officers and directors of the Battery Park National Bank, 2 Broadway, this city, were the guests at a luncheon at the Whitehall Club Tuesday afternoon to commemorate the growth of the institution which has necessitated several increases in capital since its incorporation. The bank began business in October 1904 with a capital and surplus of $300,000,'which was raised in July 1916 to $600,000 and last Tuesday the capital was again increased to $1,500,000, surplus to $1,400,000, with undivided profits of $125,000, making combined capital, surplus and profits over $3,000,000. and The officers success were felicitated for their effective efforts in building up the institution’s business to its present proportions. The deposits are now $10,000,000, and resources over $15,000,000. The bank is in the centre of the shipping and export district. The President, Elias A. de Lima, and the Vice-President, Edwin B. Day, formerly Cashier, have been identified with the institution since its inception. The executive staff includes: Richard C. Cor¬ ner and Edward R. Qarhart,Vice-Presidents; Arthur H. Merry, Cashier; Arthur S. Baiz and Robert A. McNiehol, Assistant Cashiers. • Henry J. Schuler, formerly loan clerk of the Franklin Trust Co. of this city, has been appointed Assistant Treas¬ urer of the company. « The directors of the Citizens National Bank of this city have voted to the employees of the bank an extra compen¬ sation for the quarter ended Sept. 30 1918 of 10% and for the quarter extra ended Dec. 31 1918 20%, making a total of 40% compensation paid on their salaries during the current year. » .., George F. Baker Jr., Vice-President of the First Nationa Bank, of this city, has enlisted as a private in the artillery branch of the army, and is to report for duty at Camp Zachary Taylor, Ky. At the special meeting of the stockholders of the Public National Bank of this city on Sept. 30, mentioned in these columns in our issue of Sept. 7, the proposition to increase the capital from $750,000 to $1,000,000 was ratified. « Eugene J. Fabens, Manager of the New York office and member of the firm of Blake Brothers & Co., of Boston and New York, and President and director of the Naumkeag Trust Co., of Salem, Mass., died in Salem on Sept. 26 of pneumonia, following an attack of Spanish influenza. Mr. Fabens, who wa3 only thirty-five years of age, was a native of Salem. His banking career began when as a young man he entered the employ of Lee, IJigginson & Co., of Boston. Later he became a partner in the firm of Edgerly & Crocker of that city, which was subsequently merged with Blake Brothers & Co. In addition to the activities enumerated above, Mr. Fabens at the time of his death was a trustee of the Salem Savings Bank and a director of the Hood Rubber Co,, the Holyoke Mutual Fire Insurance Co., the Towle Manufacturing Co., C. G. Gunthers Sons, Gray & Davis and the Associated Dry Goods Co. The Mercantile Bank of the Americas announces the opening of a branch of its affiliated bank, the Banco Mercantil Americano de Colombia at Cali. Cali is the com¬ mercial centre of the Pacific Coast and Cauca Valley sec¬ tions of Colombia. ' ♦ The New York office of the Anglo-South American Bank, Ltd. (John Cone, Agent), recently announced the opening of branch in Santa [Vol. 107. columns in our issue of June 29) we are advised that at special meetings of the stockholders of both institutions, held on Sept. 30, the proposed consolidation wa3 approved and ratified. We are also advised, however, that the merger cannot go into effect until after the enactment of necessary legislation by the Connecticut State Legisla¬ ture which convenes in January 1919. As no difficulty is anticipated on that score the merger will in all probability be carried through early next spring. Frank C. Sumner is President of the Hartford Trust Co. and Meigs H. Whaples, President of the Connecticut Trust & Safe Deposit Co. ♦ On Sept. 25 the First National Bank of Hartford, Conn., declared a quarterly dividend of 2% payable Oct. 1 instead of its usual semi-annual declaration. ment of a seflii-annual Previous to its pay¬ dividend 4% on July 1 1918 the bank had declared 3lA% semi-annually for the past five or six years. This is the first quarterly dividend, it is said, de¬ clared by the First National in forty years. The capital of the bank is $1,150,000 with surplus and undivided profits of $1,092,997 and total resources as of Aug. 31 of $11,927,517. James H. Knight is President. F. Abbot Goodhue, Vice-President of the First National Bank of Boston, has been accorded a temporary leave of absence by the directors of the bank, in order that he may devote all his attention during the remainder of the war to the service of the United States Government. He will assume his new duties at once. After about two weeks at the Treasury Department in Washington Mr. Goodhue will sail for London, where with Mr. Crosby, Assistant Secretary of the Treasury, and Paul Cravath of New York he will represent the United States on the Inter-Allied Com¬ mittee of Finance and War Purchases. ♦ At a meeting of the directors of the Philadelphia National Bank of Philadelphia on Sept. 24 S. Pemberton Hutchinson, President of the Westmoreland Coal Co. and G. Colesberry Purves, President of the Philadelphia Saving Fund Society, were elected members of the board. « The formal opening, of the new building at 6324 Woodland Avenue, which is to be the new home of the West Philadel¬ phia branch of the Logan Trust Co., of Philadelphia, took place yesterday, Oct. 4. Exceptional facilities for the transaction of business have been provided by the Logan Trust Co. for their clients in that section of Philadelphia. The main office of the company is at 1431 Chestnut Street. ♦ The voluntary liquidation of the First National Bank of Georgetown, Del. (capital, $30,000) is reported by the Comptroller of the Currency. The institution has been absorbed by the Delaware Trust Co. of Wilmington, Del. L, Scott Townsend, a Vice-President of th8 Security Tract & Safe Deposit Co. of Wilmington, Del., and prominent political and business circles of that State, died in Balti¬ more on Sept. 28 after a protracted illness. Mr. Townsend was bom in Odessa, Del., in 1867. At the age of twentyone he began his banking career as a clerk in the Security Trust & Safe Deposit Co. and rose to be a Vice-President in of the institution. Mr. Townsend was also at the time of his death President of Laird & Co. of Wilmington and a Vice-President of the Peoples’ National Bank of Middle- town, Del., besides being prominently identified as director other interests. with Announcement of the resignation of Rudolph A. Koehler, Vice-President and a director of the Union Savings Bank & Trust Co. of Cincinnati, was made on Sept. 23 by the President of the institution, Clifford B. Wright. Mr. as Cruz, Argentina. This makes twenty-three branches of the Anglo-South American Bank, Ltd., in South America, besides numerous agencies. The Koehler had been an officer of the Union Trust Co. since its organization in 1890. head office of the bank is in London. The Citizens National Bank of Norwalk, Ohio (capital, $100,000), has made application to the Comptroller of the Currency for a charter. The proposed institution will represent a conversion of the Citizens Banking Co. of Nor¬ walk, Ohio. a new On Sept. 25 Thomas C. Moffatt was elected a director of the Newark Trust Co. of Newark, N. J. Mr. Moffatt is President of T. C. Moffatt & Co., Inc., President of the New Jersey Fire Underwriters’ Association and Treasurer of the Salvage Corps of Newark. * With reference to the proposed amalgamation of the Hart¬ ford Trust Co. of Hartford, Conn., with the Connecticut Trust & Safe Deposit Co. of that city (referred to in these — The proposal to take Savings Bank & ♦ the business of Chicagoans has been made by the Central Trust Co. of Illinois, at Chicago. With regard to this move, W. T. Abbott, Manager of the institution’s trust department, is quoted as saying: <• serving in the over army or navy Oct. 5 1918.] THE CHRONICLE 1355 The Central Trust Co. of Illinois will, without profit to itself and purely. a patriotic measure and one of its contributions toward helping win the war, take over the business in which any soldier or sailor is engaged We learn that in Austria there is such an abundance of paper money that their currency is quite discredited, and in certain localities gqpds can only be obtained by barter. From a Reuter message of Aug. 27 it and who may on account of his war service be forced to abandon the same without other opportunity to arrange for its continuance or liquidation. appears as troleum that peasants at Cracow are offering butter in exchange for pe¬ or sugar, but they refuse to accept paper money declaring that they want “no such rubbish.” Frank E. Peabody, a member of the banking house of Kidder, Peabody & Co. of Boston and this city, died suddenly Sept. 28 at his summer home at Marblehead Neck, Mass. Peabody, who was a son of the late Francis H. Peabody, one of the founders of the banking house, was in his sixtythird year. In addition to his interests in the firm of Kidder, Peabody & Co. he was a director of the Boston Elevated Railway Co., the Scotia Worsted Mills and the Northern on Mr. Traction Co. « At the regular monthly meeting on Sept. 25 of the directors of the Liberty Bank of St. Louis, Randolph P. Titus was elected an Assistant Cashier of the bank. Mr. Titus has been connected with the bank for several years as Secretary to the President, Manager of the Credit Department, and, since the war began, Manager of the Liberty Loan Depart¬ ment. Mr. Titus is twenty-eight years old. He received his education in Washington, D. C., and at Columbia University in New York City. After leaving college in 1911, he became connected with the New York jewelry concern of Howard & Co. as Manager of their Washington, D. C., branch store, until the organization of the Federal Reserve Board in 1914, at which time he took up im¬ portant work in the office of the Governor of the Board. He left the Federal Reserve Board in 1915 to come to the Liberty Bank. ♦ In order to provide for the rapid expansion of its business with the consequent need of larger quarters and greater facilities, the Houston National Exchange Bank of Houston, Texas, on Sept. 11 purchased the property on Main Street, near Franklin Avenue, that city, which adjoins the building now occupied by the institution. On the enlarged site'thus obtained it is planned to erect a modern bank building, but not, however, we understand, until after the close of the war. The Houston National Exchange Bank was founded as a private institution in 1876 by Henry S. Fox, Sr. In 1889 it became a national bank and still later, in 1909, the word “Exchange” was added to its title. Henry S. Fox, Jr., the present Chief Executive of the bank, and under whose management its business has steadily developed, has been active in its affairs since 1891, becoming its Vice-President (active) in 1909 and President in 1913. The capital of the Houston National Exchange Bank is $400,000 with surplus and undivided profits of $492,470 and gross deposits of over $9,500,000. i, A, , - The stock brokerage firm of H. O’Hara & Co. of Toronto made an assignment on Sept. 12. The immediate cause of SILVER. There is again nothing fresh to report on silver. The tone of the market remains firm at the maximum price. The British trade demand is fairly large, but not being considered unreasonable is met at 49%d. The official Shanghai exchange has not varied during the week and remains at 5s. 0d. The last three Indian Currency Returns give details as follows—that of Sept. 7 shows a substantial improvement: (In Lacs of Rupees—) Aug. 22. Aug. 31. Sept. 7. Notes in circulation 131,41 132,73 ^ 130,09 Reserve in silver coin and bullion • 24,29 24,96 26,30 (within and without India). Gold coin and bullion in India 20,10 20,33 20.32 Gold coin and bullion out of India 12 12 12 The stock in Shanghai on Sept. 7 consisted of about 26,270,000 ounces in syCee and 14,000,000 dollars, the same held on Aug. 31. Quotations for bar silver per ounce standard: Sept. 6 cash .49 % d. | Sept. 12 cash_49%d. Sept. 7 49%d. | Average 49.5d. Sept. 9 49Hd.IBank rate 5% Sept. 10 49%d.|Bar gold per oz. standard._77s. 9d. Sept. 11 • 49%d.| ’ No quotation fixed for forward delivery. The quotation to-day for cash delivery is the same as that fixed a week ago. ENGLISH FINANCIAL MARKETS—PER CABLE. The as daily closing quotations for securities, &c., at London, reported by cable, have been as follows the past week: Sept. 28. Sept. 30. Oct. 1. Oct. 2. Mon. Sat. Tues. Wed. Silver, per oz d. 49% 49% 49% 49% Consols, 2% per cents Holiday 58% 59 60% British 5 per cents ..Holiday 95% 95% 95% British 4% per cents Holiday 100% 100% 100% French Rentes (in Paris).fr 62.50 62.50 62.50 London, FrenchWarLoan(inParls)_fr. the failure is said to have been the death a business, Henry O’Hara. In order to while its assets are reported as liabilities $182,410, $88,472. reprint the following from the weekly circular of Samuel Montagu & Co. of London, written under date of September 12 1918: We GOLD. The Bank of England gold reserve against its note issue shows an increase of £783,255. as compared with last week’s return. For the first time since the beginning of 1915 the gold reserve has touched £70,000,000, and approaches the highest amount held since the commencement of the war, namely, £72,570,142, held on Nov. 19 1914. The lowest held during the same period was £49,845,650 on Aug. 2 1917. The Transvaal gold output toi August 1918 amounted to £3,144,211 as compared with £3,214,079 for August 1917 and £3,127,174 for July 1918. Under date of May 8 it was reported from Tokyo that the inflow of gold having ceased the»national gold holding amounted to 1,076 million yen, of which 457 were held in Japan, and the remaining 619 million yen abroad. The issue of notes by the Bank of Japan amounted to 654 million yen, An issue of against which a reserve of 644 million yen was held in gold. 50, 20 an 1 10-sen notes, some sixty million yen in all, has been made in order to remedy the scarcity of small change. Prices of commodities continue to mount upward, especially that of rice, rendering the demand for such currency acute. .... 88.35 101% 101% 101% 101% GOLD. Liabilities— $ 773,209,179 60 Gold eertfs outstand’g1,758,203,415 92 Gold settlement fund. Gold ooin Gold bullion 937,438,804 0# Fed Reserve Board. 1,316,345,376 0T Gold reserve. 152,979,025 63 Avuil gold in gen’l fund 124,649,389 82 Total 2,531,412,595 52 Total 2,531,412,595 52 .». Note.—Reserved against f346.6Sl.0l6 of U 3 notes and f 1,831,358 of Treasury notes of 1890 outstanding. Treasury notes are also secured by silver dollars In the Treasury. SILVER DOLLARS. Liabilities— Alien— SUver dollars. 361,302,136 00 Silver certfs. outstand’g Treasury notes of 1890 outstanding ... Available silver dollars In general fund 361,302,136 00 Total Total 330,701,417 00 1,831,358 0# 28,769,381 00 361,302,136 00 . GENERAL FUND Liabilities— Alien— Avail, gold (see aboVe). Aval), silver dollars (see above) ... Federal Reserve notes.. Fed. Res. bank notes National bank notes... Cert checks on banks.. Minor coin Silver bullion (available for 8Ubeld'y coinage) Unclassified (unsorted . . Ac.) Deposits In Fed'l Land currency. banks 124,649,389 82 Treasurer’s cheeks 224 605 20,989 884 38 158 5,991 ,787 00 87 31 16 1,555 ,472 38 15,437,120 51 3,101,320 51 tem (5% reserve).. 8,346,105 68 Comptroller of the Currency, agent for creditors of insol¬ vent hanks Postmasters, clerks of courts. &e_. of Fed¬ Reserve notes f6% fund)., Redemption of Fed’l Redemption eral 260,914,614 44 950,488 22 34,692,33# 46 117,085,15# #• Reserve bank notes (5% fund) Redemption 606,976,000 00 tional 2,118,080 •# of bank na¬ notes 25,581,054 S# (5% fund) Deposits in Foreign De¬ positaries: Total 26,489,032 01 Board of Trustees, Postal Savings Sys¬ Deposits tor: 830,000 00 and certificates of in- To credit of Treasurer United States He posits In nat. banks: To credit of Treas U S To credit of otherOovemment officers... Deposit* In Philippine treasury: To credit Treas U.8. To credit other Gov¬ ernment officers— 1,194,07# 77 28,769 361 00 Deposits of Government officers: 8,271 404 00 Post Office Dept 38,370 746 00 Deposits in Special De¬ positaries account of sales of Liberty bonds Indebtedness out¬ standing Deposits In Fed. Reserve banks THE ENGLISH GOLD AND SILVER MARKETS. 101% $ Assets— Subsidiary silver coins.. concern are 62.25 88.35 CURRENT ASSETS AND LIABILITIES. resented the firm The liabilities of the failed Fri. 49% 62% 95% 100% The cash holdings of the Government as the items stood Sept. 30 are set out in the following. The figures are taken entirely from the daily statement of the U. S. Treasury for Sept. 30. United States notes Seymour <VHara, the sole surviving mem¬ ber of the firm, advises us that his fatberV-death* combined with other matters having no connection whatever with the Toronto Stock Exchange, necessitated the assignment. 49% 62% 95% 100% TREASURY CASH AND CURRENT LIABILITIES. The firm of H. O’Hara & Co. has done very little business on the Toronto Stock Exchange for years, during which period the firm has had no member on the floor of the exchange representing it, though up to the death of H. R. O’Hara in the Empress of Irelaikl disaster many years ago, he rep¬ the floor. 88.30 Oct. 4. Thurs. The price of silver in N6w York on the same days has been: few months ago obviate a false impression being formed as to the assignment the Secretary of the Toronto Stock Exchange was authorized to make the following statement: on 88.30 ... Silver in N.Y., per oz..cts..101% „ of the founder of the Ocl.Z. Week ending Oct. 4. 1,267,836 95 45,924,082 69 Retirement of addi¬ tional circulating notes. Act May 30 1908 Exchanges of curren¬ cy, coin. &c 653,495 0# 13,060,124 28 7,855,532 57 6,257,414 67 * Vet balance. 3,114,878 38 1,180,539,609 26 230,181.730 72 960,357,878 54 Total 1,180,539,609 26 ♦The amount to the credit of disbursing officers to-day was $1,530,196,658 56. Book credits for which obligations of foreign Governments are held by the United States amount to $220,790,000. , Under the Acts of July 14 1890 and Dec. 23 1913 deposits of lawful money for the retirement of outstanding national bank and Federal Reserve bank notes are ... paid into the Treasury as miscellaneous receipts, and thes ©obligations are made The amount of such obliga¬ under the Acts mentioned a part of the public debt. tions to-day was $43,524,822. [VOL. 1U7 THE CHBONICLE oompilation, made up from the daily Government state¬ ments, shows the currency holdings of the Treasury at the beginning of business on the first of July, August, Septem¬ ber and October, 1918. 267,152,371 47,408,351 6,194,520 23,474,180 48,402,865 161,505 13,294,197 8,171,781 245.602,753 51,701.811 6,744,783 20,068,477 29,982,400 100,025 14,940,804 6,270,616 Net gold coin and bullion. Net silver com and bullion Net United States notes. Net national bank notes.. Net Fed. Reserve notes.. Net Fed. Res. bank notes Net subsidiary sliver Minor ooln, <fco _ .... Oct. 1 1918. $ 277,628,415 44,206,482 8,271,404 20,989,885 38,370,746 224,605 5,991,787 4,694,951 261,241,260 52,245,028 6,286,424 22,824,090 34,502,755 247,635 10,592,279 9,642,544 Total cash in Sub-Treas Less gold reserve fund... 375,411,689 152,979.026 414,259,770 *397,582,015 152,979,026 152,979,026 Cash balance In Sub-Treas 222,432,644 261,280,744 *400,378,275 152,979,026 244,602,989 247,399,249 11473 727 000 1,193,085,000 Liberty Loan deposits. / Cash in Fed. Res. banks. 26,369,250 219,595,645 Cash in Fed. Land batiks 430,000 830,000 Cash in national banks: To credit Treas. U. 8. To credit dlsb. officers. . Total Cash In Philippine Isl’ds. Dep’s. In Foreign Depts. Ex¬ Im¬ ports. ports. 782,584,000 606,976,000 213,242,751 830,000 260,914,615 830,000 44,405,337 9,343,074 37,737,160 7,666,139 41,720,401 6,082,558 45,924,083 7,855,532 53,748,411 6,826,539 7,831,223 45,403,299 6,668,371 3,039,492 47,802,959 8,257,410 227,375 53,779,615 9,372,293 1,267,837 l Excess | Im- Ex¬ ports. of Exports. ports. | Ex¬ ports. of Export* 14 Im¬ ports. i $ ! $ 1918.4,011,5602,060,4101,951,150 31,979 53,892/21,913157,620 47,619110,001 1917.4,149,442 2,046,598:2,102,844 317,636524,161/206525 51,769 27,253 24,516 1916.3,435,5021,667,13611,768,366 87,581290,325/202744 41,194 20,355 20,83* % $ % $ % 1 % 1915.2,230,887:1,150,859; 1,080,028 10,903223,828/212925: 32,193 22,549 9,64* 40,988135,770 37,180 98,5901 33,090 15,927 17,16o Jl,311,3491,270,361 1913.1,515,182 1,156,300i 358,882 73,583 41,573' 32.010; 43,166 24,332 18,83, 1914 /Excess of Imports. Similar totals for the month of July for six years make the following exhibit: Gold. Merchandise. i(ooo*: Slirer Mo. Dep. In special depos’ries: Account certs, of Indebt 1 Excess (000* ted.) Aug. 1 1918. Sept. 1 1918. $ $ Silver. Gold. Merchandise. omit¬ July 1 1918. $ Sub-Treasuries. 8 o mu¬ ted.) .. Im¬ 1 ports. ! . | Excess i 1 Excess * Holdings in gold and silver for eight months: Totals for merchandise, following TREASURY CURRENCY HOLDINGS.—The 1 135633 of Exports. Exports. ; Im¬ $ I $ of j Exports] \ ports Excess Ex- Im- P'lr'f. ports Of j Ex ports 1 i ! $ 1918. 1,037,333 1917. 861,414 1916. 954,8811 1915. 529,078 1914 J 264.506, 1913.1 348,900 1 % $ 514,406 493,781 282,039 i $ $ 235.049 289,445 276,713 t $ 12.480 9,101 4,943 6,807 3,338 6,200 6,709 63,343 522,927 10,477 3,768 367,633115,101 45,996 69,105 13,042 672,842 21,175103,346/82,171 10,152 7,344 244,029 3,320 78.904 Z75.584 7,580 24,939 51,795 6,437 45,358 9,844 72,187 9,843' 13,663 /3.315 41,363 3,941 5,209 537 4,242 3,644 /Excess of Imports. Net cash In banks, SubTreasuries 1,791,365,066 1,729,902,551 1,297,547,484 1,180,539,609 Deduct current liabilities. 206,358,215 222,620,576 214,942,284 230,181,730 1.585.006.851 1.607.281.975 1,082,605,200 Available cash 950,357,879 ^Includes Oet. 1, $li,437,120 51 sliver bullion and $$4,694,951 20 minor Ac., not included in statement “Stock oi Money.” coin IMPORTS AND EXPORTS FOR AUGUST. Clearings by Telegraph—Sales of Stocks, Bonds, &c. subjoined table, covering clearings for the current week, usually appears on the first page of each isue, but on account of the length of the other tables is crowded out once a month. The figures are received by telegraph from other leading cities. —The The Bureau of Statistics at Washington has issued the statement of the country’s foreign trade for August and from it and previous statements we have prepared the following interesting summaries: Clearings—Returns by Telegraph. Week e idixg October 5. 1917. $3,115,384,729 San Francisco Pittsburgh Detroit.. Baltimore New Orleans $3,183,528,175 444,874,763 366.448,703 266,749,363 170,737,729 135,430,965 98,199,036 118,618,463 55,000,000 67,512,589 49,010,275 Eleven cities, 5 days.. Other cities, 5 days $4,956,108,054 887,642,983 $4,630,810,829 791.014,276 + 7.0 + 12.2 Total all cities, 5 days All cities, 1 day $5,843,751,047 1,105+18,297 $5,421,825,105 1,009,778,7 (5 + 7.8 + 9.5 $5,949,169,344 $6,431,603,890 + 8.0 New York Chicago Philadelphia Boston Kansas City St. Louis FOREIGN TRADE MOVEMENT OF THE UNITED STATES. (In the following tables three ciphers (000) are in all oases omitted.) MERCHANDISE. Imports. Exports .r _ _ 1917. 1918. January February March April May $613,325 467.648 553.986 529,928 $504,797 411,362 522.900 ... 500.443 550.925 „ June July August September.. $330,036 401.784 410,742 398,569 474,804 464,686 444,714 510.167 614,924 492,814 516.167 523,234 549.674 573,467 483,799 508,054 529.2T8 372.758 488.656 454,607 642,101 487,328 600,135 _. October November.... December 1917. 1918. 1916. $23^,942 207,715 $241,794 199,480 212,162 278,981 322,853 270.257 253,936 280,727 306,623 225.926 267,855 236.197 221.227 220,535 227.911 260.350 241,463 272,943 1916. $184,351 193.935 213.590 218.236 229.1.89 245,795 182,723 199.316 164.039 178.659 176.968 i Per Cent. 1918. Total all cities for week The following compilation covers the since Jan. 1 1918 and 1917: 439,035,752 313,855.899 213,766,936 142,020,462 119,878,330 87,033,837 67,970,555 44,101,818 46,090,149 41,672:362 + 2.2 + 1.3 + 16.8 + 24.8 + 20.2 + 13.0 + 12.8 + 74.5 + 24.7 + 47.3 + 17.6 clearings by months MONTHLY CLEARINGS. 204.834 ‘ Total $6,233,513 $5,482,641 $2,952,468 $2,391,635 Clearings, Total All. Clearings Outside New York. Month. GOLD. Exports 1918. January February $3,746 5,084 2,809 March April May 3,560 3,599 8,704 June July August.. 1917. 1916. $20,720 22.068 17.920 16.965 67,164 69,052 46.049 31,333 11.154 7.223 4.538 $10,213 13.685 10.774 11.503 11.919 8.312 9.395 11,780 0.849 7.054 26,335 27,974 $371,884 $155,793 57.698 7,199 ‘ Imports. $.277 September.... October November.... December .... 1917. 1918. 1916. $58,926 $4,404 2.549 $15,008 6.016 9,776 6,122 27,322 122.735 62,108 41,239 92.562 103.766 139.499 32.372 52.262 1.912 2.746 6,621 31,892 2,213 1,555 91,339 27.304 18.692 4.172 4.150 2.906 17.066 97.509 46.973 158.620 $552,454 $685,990 1917. 1916. $ $ % 1915. 1916. $ $ % Jan... 26,538,574,018 25,640,505,506 Feb 22,257,358,866 21,629:473,389 Mar.. 26,084,799,579 24.792,414,566 + 3.6 11,819,506,488 10,513,139,790 + 12.6 + 2.8 9,998,002,811 8,835,386,145 + 13.2 +4.2 12,244,518,193 10,563,287,30ft + 15.9 1st qu. 74,880,732,462 72,062,393,360 + 3.9 34,062,027,497 29,911,813,241 + 13.0 26,485,086,036 25,012,249,100 28,269,235,579 20,316,501,561 June.: 27,341,671,217 26,734,347,702 + 5.9 12,391,579,089 10,360.027,203 + 19.6 + 7.4 12,709,535,909 10,733,053,558 + 18.4 + 2.2 12,457,025,697 10,635,269,435 + 17.2 2d qu. 82,068.992,832 78,063,107,363 + 5.1 37,558,140,895 31,728,350,196 + 18.4 6 +4.6 71,620,168,192 61,640,163,237 + 16.2 .. April May. . . mos. 156949,725,294 150125,500,723 July.. 28.644,789,823:25,664,326,634 + 11.6 13,243,532,672 10,479,033,048 +26.4 Aug 28,156,158,940,25,093,230,233 + 12.2 13,197,733,316 10,413,908,705 + 26.7 9.7 12,709,081,177 10,145,435,510 +25.2 Sept.. 28,372,958,296j 24,029,336,466 ._ Total SILVER. Exports 1918. January February April May * 12.251 ^46,381 8.566 June July August September. 1916 $5,887 7,694 $6,628 6,5t9 13.432 March Imports. 1917. 40.665 23.178 ... October November.... December Total 5.556 4,353 6,272 8,965 5.538 7,504 1918 $4,636 4.947 5,748 4,856 6.212 4,044 4,336 5.815 1917 1916 $5,998 $3,346 4,449 6.963 5.081 7,298 5,351 2.478 2.977 2.376 4.741 2.235 5.214 7,265 3,420 5.681 2.426 $1,852 2.596 2.880 2,176 2.725 3d qr. 83,173,907,049|74,786,893,333 9 240123632.3431224912,394,058 mos. 10.465 6.983 4,789 10.125 0.530 6,016 7.847 9.008 5.796 5.050 9.086 6.155 2.880 $84,131 $70,595 $53,341 $32,263 2.892 2.583 3.553 1917. Number $ $ . April .. May June July Aug Sept ... ... + 203.647 +280.738 + 221,462 +223,072 +223,449 + 256,335 266,331 — Oct,.... Nov Dec + 371.531 + 268.168 + 283.729 + 275.992 +268.947 +266.844 + 146.832 + 220.801 + 218.310 + 320 874 + 266.793 +372,224 Gold. 1916. Shares. + Exports, . — Imports. Par. Actual. j 1 Par. j Shares. Actual. | $ $ t $ Jan 13,616,357 1,279,740,700'1,175,427,682 16,939,440 1,537,971,930 1,465,687,290 Feb. 11,418,079 1,083,216,900 996,548,28913,588,465 1,219,280,130 1,170,969,988 Mar. 8,419,477 1,654,197,470 1,588,437,263 1 Silver. 1918. 1917. 1918. * $ $ $ 4145.685 —658 —38.206 +630 —81 698 + 207,849 + 2,535 +2,070 + 187,152 + 8.916 —121.579 + 6,469 + 180.333 + 814 —15.407 + 7.170 + 245.615 —3.022 + 5.436 + 39.083 + 218,891 —29.188 —24,175 + 3,215 + 261.991 +4,936 + 41.748 +35,451 + 310.851 + 1,722 + 27.357 + 15,913 + 350.885 427.161 4314.155 47,004 + 339.199 + 4,317 + 318.400 —12.528 +3,281,045'+ 3.091,008 Total Values. of April +270,855 1 Number« Values. . Merchandise. Jan.... Feb.... March 1914. Mth. lstqr 1917 19.5 SALES OF STOCKS AT THE NEW YORK STOCK EXCH4NGB. EXCESS OF EXPORTS OR IMPORTS 1918. 6.8 110770 555,357-92,673,515,^57 + The volume of transactions in share properties on the New York Stock Exchange each month since Jan. 1 in 1918 and 1917 is indicated in the following: 3.183 2.517 11.2 39,150,397,165 31,038,377,263 +26.1 V —1S0.57O 1917. $ + 2.54! + 5.216 + 2.579 + 1.977 + 1,531 +6,730 + 2,118 + 1.623 + 4.669 + 1.933 —4,297 + 3,970 +30.790 772,475,950: 710,581,417|18,658,267 33,453,913.3,135,433,550j2,882,557,388 49,186,172 4,411,449,530 4,224,694,541 7,401,174! 687,371,800! 631,497,81414,258,1621,289,483,9501,237,415,208 May 21,139,092 1,984,405,90011,826,464,91719,354,400 1,780,716.4501,709,948,702 June 11,772.2611,087,605,150; 1,010,478,462j 19,092,653 1,787.372,0751,712,444,206 2d qr 40,315,527 3,759,382,8503,468,441,220;52,705,2154.857,572,475 4,659,808,116 6,894,816,400j6,350,998,600101891387 9,269.022,0058.884,502,657 8,449,888 771,723,8901 718,468,917l13,325,3651,273,055,300 1,197,403,416 6 mos 73,769,440 July. Aug. Sept. 6,887,589 7,763,068: 651,885,275! 727,457,350' 600.499,81811.636,853 1,109,321,950 1,053,240,109 681,746,982 13,322,775 1,298,464.450 1,158,262,097 3d qr.23,100,545 2,151,066,5152,000,715,717 38,784,993 —_— ! ! ; 3,6S0,841,700 3,388,905,622 9mos96,869,9859,045,882,915 8,351,714,325140676380 12949863 ,701 12253408 ,279 Our usual monthly detailed statement of transactions on the New York Stock Exchange is appended. The results for the nine months of 1918 and 1917 are given below: , Oct. 5 1918.] THE CHRONICLE 1357 -=*r Nine Jtenths 1918. D tier iplien. Par Value Actual Value. Euanlitg. or Nine Months 1917. Aeer. Price. Stock fSh’s 96,859,§53 \Tal. $9,045,882,915 $8,351,714,325 RR. bonds 203.111.00C 176,092,580 U.S. bonds 823.153.50f 795,123,073 State, city* for’n bds. 174,578,50( 162,942,054 Bank stks. 30,692 15.S0C Total Par Value or Actual Value. Euanlity. 140,676,380 92.3 $12949,863,705 $12253,408,279 94.6 86.7 383.644.500 349,587,309 91.1 96.6 99,692,250 99,683,582 99.9 93.3 200.6 242.658.500 82,400 234,336,864 96.6 153,104 185.8 The course of bank clearings at leading cities of the coun¬ try for the month of September and since Jan. 1 in each of the last four years ia ahown in the subjoined statement: CLEARINGS — (000,000s omitted.) 1911 $ New York 1916. $ Boston Philadelphia St. Louis 024 Pittsburgh 510 451 201 San Francisco,, Cincinnati Baltimore Kansas City Cleveland New Orleanj _ Minneapolis Louisville Detroit Milwaukee Los Angeles Providence Omaha Buffalo St. Paul _ _ 208 855 381 204 2S4 SO 200 lit 1*1 42 250 104 08 82 .. Indianapolis Denver Richmond 100 212 00 174 02 50 Memphis Seattle Hartford.. Salt Lake City _ Total Other cities. LEADING 1915. $ 13,604 13,884 14,356 2,001 1,916 1,722 947 775 1,105 1,611 1,333 1,077 Chicago . AT September— 1917. 0 537 307 389 163 177 614 307 145 162 72 208 102 105 37 150 442 272 311 144 160 449 224 74 59 56 79 123 35 66 59 45 61 76 37 72 36 45 109 124 70 1918 $ CITIES. Jan. 1 to Sept. 301917. 1916. $ $ 9,624 129,353 132,234 110,280 1,314 18,507 19,174 14,596 575 11,193 9,076 7,644 737 14,276 12,546 9,206 322 5,737 4,915 3,740 219 3,993 2,989 2,453 227 4,013 3,465 2,420 103 2,079 1,529 1,263 131 1,667 2,306 1,640 311 7,360 5,148 3,365 127 3,122 2,682 1,659 79 1,913 886 1,305 109 1,239 997 1,141 61 125 63 82 29 84 48 50 36 39 41 18 51 30 29 203 88 108 33 114 93 31 55 1918. 1917. $ S 1915. $ 73,664 11,666 5,721 6,051 2,946 1,902 1,927 978 1,282 2,692 1,033 872 748 689 678 870 524 2,250 1,071 1,123 2,061 1,585 1,120 438 388 2,105 1,288 828 563 590 861 712 541 512 581 963 384 802 319 484 1,642 507 1,312 311 480 938 1,125 733 924“ 385 .897 569 559 402 469 625 282 546 303 335 606 762 290 702 432 452 320 350 352 227 448 253 235 24,81* 22,170 21,283 14,669 220,716 209,050 169,037 118,533 2,054 1,859 1,572 1,094 19,403 15,862 12,984 9,437 Total all 20,870 24,029 22,855 15,763 240,124 224,912 utsldeNew York. 12,700 10,145 8,499 6,139 110,771 92,678 182,021 127,970 71,741 54,305 Kansas City 202,045,706 61,955,603 55,000,000 16,470,692 24,828,051 15,465,170 22,024,201 8,534,235 8,129,704 Clearings brought for¬ September 1918. 1917. Inc. or Dec. S S % $ % i City.. 855,040,017 613 ,877,080' + 39.3 7,360,229,638 5,147,717,775 + 43.0 Minneapolis 234,392,195 161 ,585,350' + 45.1 1,239,227.314 1,140,998,393 + 8.6" Omaha 255,950,790(149 ,976,2591 + 71.3 2,104,807,603 1,288,344,305 + 63.4 St. Paml 68.201,849) 59 .003,1941 + 15.6 563,493,219 540,784,600 + 4.2 Denver 109,053.169 79 ,349,228 + 37.4 >•60,533,199 580,887,626 + 48.1 St. Joseph 64,684,853 58 ,203,299 + 11.1 672,295,781 559,811,336 + 20.1 Des M nines. 38,20 i,,39! 32 ,608,537 + 17.2 377,184,.543 306,854,172 + 22.9 Sioux City... 35*370,776 27 ,864,999' + 30.5 323,276,787 230,353,940 + 42.5 Wichita 38,685,000 30 ,188,717: + 28.1 351,459,527 237,420,459 + 43.8 Duluth 71,793,320 37 ,047,849 + 93.8 224,598,325 211,941,054 + 6.0 Lincoln 17,646,432 15 ,796,492! + 11.7 173,214,307 146,554,809 + 18.2 Topeka 12,838,640 11 ,610,504 + 11.4 130,355,068 101,323,173 + 28.6 ] all,500.000 9 >,231,661 Davenport 9 ,970,579; + 15.3 91,658,270 + 8.3 Cedar Rapid? 8,144,931 ,608,7481 —15.2 76,676,090 91,167,935 —18.6 Fargo ,800,989! + 13.5 14,527,0701 79,482,782 66,768,180 + 19.0 Sioux Falls...] 8,488,095i ,814,190 + 24.0 76.984,891 59,304,291 + 29.8 Colorado SprgF 3,139,609 ,884,267 —19.2 29,889,764 34,059,149 —12.2 Pueblo 3,060,405 ,532,017 + 20.9 26,592,865 23,727,706 + 12.1 Fremont 3,139,735 ,209,413 + 42.1 31,494,431 24,052,457 + 30.9 Hastings a2,395,090 .112,857 + 13.4 22,052,533 19,308,378 + 14.2 Aberdeen 9,297,000 ,753,039 + 61.6 48,558,129 35,285,503 + 37.6 Helena 8,309,820 ,271,642: + 14.3 69,081.410 70,012,763 + 1.3 Waterloo ,956,038 —32.6 —8.6 6,037,014 81,371,131 89,036,885 Billings —6.3 40,000,749 39,075,631 + 2.4 .984,818; ] 4,671,000 —3.6 Joplin 8,544,*s9 ,866,270 —0.7 72,654,236 73,133,371 Grand Forks.. 5,745,000 ,911,000! —2.8 44,168,000 43,188,000 + 2.3 Lawrence 1,541,808 ,409,801' + 9.4 15,935,527 11,846,349 + 34.5 Iowa City 1,674,440 ,387,717 + 20.7 15,6*9,070 13,705,094 + 14.5 Oshkosh 1,908.175 ,012,239: —5.2 19,211,197 18,124,929 + 6.0 Kansas City. a2,000,000 ,675,4461 + 19.4 20,061,3.53 17,975,007 + 15.0 Lewistown —13.2 ,667,240: + 14.9 3,063.1M 20,209,807 23,288,159 Kansas .... —15.5 —3.1 + 40.0 + 22.0 —35.2 —6.0 + 63.1 —2.5 —15.0 Total other West. 444,756,526 338,103,256 + 31.3 243,624,534 182,409,016 St. Louis New Orleans Louisville Houston Galveston Richmond Savannah Fort Worth Atlanta 152,138,540 53,645,937 20,895,660 23,031,583 8,004,302 52,378,248 8,851,505 15,945,917 57,795,954 18,278,570 17,141,601 133,381,942 + 14.1 40,065,105 + 33.9 17,250,372 + 21.1 15,500,000 +48.6 6,200,000 + 29.1 30,437,148 + 72.1 14,232,155 —37.8 15,787,777 + 1.0 32,566,063 + 77.5 8,431,351 + 116.8 10,212,807 + 67.8 5,447,813 +42.0 107,615,901 26,729,598 16,601,740 15,820,210 5,903,710 17,843,524 10,048,559 11,966,061 24,721,173 10,596,353 8,009,549 77,889,852 18,977,346 14,519,602 9,640,114 5,466,780 9,687,547 6.827,403 7,995,274 16,070,402 5,031,061 6,125,204 3,747,232 2,719,254 2,628,018 1,756,091 2,406,965 2,043,679 1,047,022 1,879,025 2,677,453 2,373,900 3,667,758 1,437,593 241,636 344,934 1,378,575 790,609 Pueblo Fremont Waterloo Helena Aberdeen Hastings Billings Memphis Nashville Norfolk Birmingham Augusta - 7,737,050 7,777,482 4,349,362 2,600,000 5,629,803 .... Knoxville Jacksonville Chattanooga.... 3,722,814 Vicksburg Jackson Tulsa Muskogee Shreveport a +38.5:15,276,50535l!ll,339,783,409 + 34.7 + 16.7 + 46.6 + 16.5 + 22.4 + 2.7 + 70.5 + 8.0 + 15.8 + 80.2 + 17.9 + 48.2 + 40.5 + 35.9 + 56.4 + 14.5 + 30.0 + 31.6 + 11.0 + 48.1 + 25.0 + 35.0 + 37.9 + 68.5 + 15.5 + 18.6 + 55.1 + 38.5 + 44.6 + 5.5 + 9.2 + 45.7 + 57.7 + 51.7 + 60.8 + 45.2 + 21.9 + 32.3 + 31.2 + 37.8 534,211,^82 _ ... ! ... ToC. Sm 2173973921 1620133019 + 34.2 18.227.647.01113,767,003,551 + 32.4 4,193,404 + 10.9 + 28.8 + 21.2 + 80.5 + 34.1 + 15.8 + 31.4 + 21.5 +41.7 + 34.2 + 35.5 + 23.4 2,428,462 3,872,140 1,950,000 2,700,000 2,053,423 1,150,000 3,984,142 2,263,272 5,934,241 7,867,514 0,750,000 304,438 374,147 3,308,411 1,902,598 401,670,370 +31.0 compiled are 15,914,538 on 318,809,108 209.370,329 basis, which destroys new Partly estimated. Canadian Bank Clearings.—The clearings of the Cana¬ dian banks for the month of September 1918 show an increase over the same month of 1917 of 12.9%, and for the nine months the gain reaches 5.3%. . September. , Nine Months. Clearings at— 1918. , $ 388,004,868 200,979,193 Winnipeg 133,585,533 Vancouver 52,006,202 Ottawa 27,932,454 Quebec. 18,589,274 Halifax 16,910,383 Hamilton 21,188,578 St. John 9,314,347 Calgary 25,424,094 London 9,986,936 Victoria 8,714,852 Edmonton 13,498,110 Regina 13,797,739 Brandon 2,200,000 Lethbridge 3,923,088 Saskatoon 6,587,699 Moose Jaw 5,750,429 Brantford 3,363,884 Fort William., 2,764,434 New Westm’er 2,183,178 Medicine Hat. 1,744,211 Peterborough 2,700,443 Sherbrooke 3,548,501 Kitchener 2,536,875 Total Canada Inc. or Dec. 1917. $ Montreal Toronto .... .. + 25.4 4,349,362 2,145,000 3,119,854 4,186,543 1,239,826 3,998,490 2,717,352 8,043,704 1,912,455 2,700,000 333,368 739,271 —14.5 6,058,866 + 24.9 1,815,971 + 50.3 21,914,888 + 32.3 + 1.0 3,160,073 5,613,492 1,435,162 5,254,087 3,300,000 11,399,758 2,568,258 3,658,001 411,332 632,150 7,568,303 2,728,767 29,000,000 3,190,181 Mobile Little Rock Charleston Oklahoma Macon Austin . St. Louis..... 624,285 ,762 537 ,115,137 + 16 .25,737,343,9584 915,383, 105 New Or leans 204,310 .•58 144 731,052 + 41 .211,912,507,141 1, 304,876, 041 Louisville 87.613 518 71 ,610,557 + 22 .3 871,829,734, 748,252, 652 Houston 87.614 995 64 ,078,924 + 36 71 567,218,977 463,390, 426 Galveston 32,337 688 26 ,746,643 + 20 9] 192,085,329 186,995, 227 Richmond 212,319 .446 122 ,866,999 + 72 .8,1,642,426,543 963,278 261 Savannah 44,686 .398 50 .811,717' —12 .1: 270,313,485 250,250, 692 Fort Worth.. 60,482 .585 54 ,630,339 + 10 ■7i 506,666,912 437,681, 572 Atlanta 217,074 781 129 ,734,456 + 67 .311,671,35+744 927,565, 149 Memphis 55,894 637 35 ,198,059 + 58 .8; 452,658,105 383,959, 249 Nashville 66,788 .164 40 ,357,458: + 65 516,964,970 348,781, 765j Norfolk 30,453 946 23 ,422,240; + 30 305,869,350 217,627, 926 Birmingham 28,133 480 13 ,786,34lj +104 177,892,725 130,876 516 20,763 110 15 ,444,837; +34 Augusta 133.175.952 85,161 657 9 ,416,904; +21 Knoxville. 11,415 458 104.206.952 91,039 355 Jacksonville 24,527 716 14 ,560,890! +69 191,013,617 146,886 ,777! 16 Chattanooga.. 19,891 918 ,995,409: +17 184,726,610 140,386 ,263: Mobile 5 ,405,324! +25 6,805 630 57,698,117 51,974 014| Little Rock 22,300 585. 15 ,497,493. +43 186,519,434 125,903 ,363. 9 ,999,0501 + 45 Charleston 14,573 298 121,747,655! 97,436 ,671 Oklahoma City 44,549 6.50 32 ,362,875' + 37 338,612,446! 250,345 ,950 Macon 8 ,283,003! + 17 9,750 ,723 77,206,331! 57,650, 200 Columbia 6 ,078,262; + 75 10,648 ,701 44,342 ,968 74,697,765! a 12.600 ,000 12 165,646! Austin +3 150,241,134' 130,047 ,471 4 ,14o,924! + 23 Beaumont 5,098 ,026 49,810,333! 41,993 ,791 2 ,090,8021+114 Columbus. Ga. 4,481 .951 27,930,451! 18,005 ,909 3 ,476,483! +12 Wllm’ton.N.C.. <z3,9Q0 .000 32,410,49 4 23,399 ,226 1 ,159,631 1,833 ,402 + 58 Vicksburg 14,486,802;! 10,017 ,789 El Paso. 19,524 ,935 16 ,108,1911 + 21 162,748,257! 154*202 ,661 2 ,555,868; + 28 Jackson 3,282 ,547 21,343.229! 19,538 ,818 Tulsa 32,157 ,153 26 ,031,370! + 23 358,923 248,340 504 7 ,293,335 + 42 10,387 ,000 Muskogee 95,738 60,723 ,264 Dallas 107,789 ,194 69 ,66 4,280; + 54 727,237,711; 479,469 001 2 ,727,373 + 05 Newp’t News. 04,600 ,000 35,790,333 22,251 755 5 7,922 ,609 ,049,273 + 57 Montgomery.. 57,527,555 39,356, 542 3 Tampa +37 5,327 ,363 ,878,522 53,410,998 43,809, 654 Texarkana | 3,282 ,914 2 ,834,871 + 15 24,141,512 18,246, 258 2 .816,481 Raleigh + 30 3,684 ,582 32.965,675 25,132, 033 9 ,000,000 + 22 Shreveport 011,000 ,000 88.199,151 64,02?, 088 2,323,599 1,363,518 1,509,343 1,852,766 450,000 323,180 309,345 1,585,516 1,130,454 811,030 222,348 490,537 2,713,866 2,076,645 1,604,668 1,823,456 750,000 532,311 508,380 1,854,562 1,507,914 875,473 460,340 818,333 . . + 9.0 —8.2 0 4,035,644 2,887,451 2,233,516 2,062,170 700,000 557,648 581,686 2,166,827 1,865,815 1,271,885 461,704 1,243,958 Topeka Fargo Cedar Rapids Colorado Springs comparison, Nine Months. Inc. or Dec. 75,379,250 28,064,109 20,174,705 11,117,334 10,185,027 6,590,324 5,183,313 5,493,371 3,702,001 3,539.046 4,400,000 2,651,325 2,800,000 1,742,123 678,351 780,816 709,486 1,403,997 1,758,470 2,073,526 450,000 1,057,370 Davenport* Lincoln Total Southern Clearies al- Tot.oth.Wcst 1909051019 1377939 828 1915. $ 108,849,221 30,984,353 26,581,399 14,757,610 14,589,539 9,545,867 6,734,785 5,795,293 4,772,620 5,487,899 9,803,000 Omaha St. Paul.. Denver St. Joseph Duluth Des Molne3 Sioux City Wichita ♦Omitted from table, as returns 1917. 1916. % + 28.8 + 56.6 + 39.1 + 18.5 + 18.2 + 4.8 + 106.0 + 12.8 + 20.3 + 32.4 156,844,907 39,563,342 39,543,068 13,898,579 21,005,232 14,758,926 10,693,225 7,564,362 6,759.290 7,404,021 Minneapolis Dallas Other Western and Southern ward from first page: mi. Inc. 'or Dec. * $10246,741,215 $9,485,902,724 92.6 $13675,941,355 $12937,169,138 94.6 BANK Week ending Sept. 28. Clearings at— Aver. Price. 319,972,597 228,809,207 160,202,884 39,130,527 22,558,701 15,953,035 11,900,985 19,532,783 7,377,827 23,657,230 8,900,572 7,225,051 10,715,366 13,609,369 2,476,644 3,544,189 7,159,430 4,688,660 3,370,882 2,456,348 1,641,990 2,250,895 2,550,818 2,626,427 2,357,895 1037235305924.679.372 191 + Inc. or Dec. 1917. $ •S % % + 21.3 3,294,734,907 3,097,016,142 + 6.4 + 14.1 2,418,895,071 2,222,359,874 + 10.2 —16.6 1,469,156,713 1,710,810,519 —14.1 + 32.9 391,731,608 292,866,149 + 33.8 + 23.8 241,242,321 214,370,204 + 12.5 + 16.5 167,189,520 155,915,194 + 7.2 + 42.1 156,395,081 110 ,909,469 + 41.0 + 8.5 190,950,097 177,456,817 + 7.6 + 26.3 80,272,358 78,307,007 + 10.2 + 7.5 231,114,347 224,256,205 + 3.1 + 12.2 90,472,229 82,709,823 + 9.4 + 20 6 74,523,279 61,272,745 + 21.6 + 26.0 122,663,358 96,777,500 + 26.8 + 1.4 118,464,861 108,316,213 + 9.4 —11.2 2i ,304,090 19,025,326 + 8.6 + 10.7 —1.6 29,617,716 30,098,855 —8.0 61,864,738 —0.8 62,385,011 + 22.7 47,589,088 41,883,531 + 13.6 —0.2 34,605,359 30,441,142 + 13.9 + 12.5 25,387,184 22,615,288 + 12.3 + 33.0 16,692,619 12,310,641 + 35.6 —22.5 17,216,136 25,841,056 30,905,890 23,138,633 + 5.5 + 35.1 + 7.6 21,522,852 —20.0 23,516,867 + 9.9 24,987,746 + 23.7 22,015,596 + 5.1 + 12.2 9,418,0 i8,259 00 CO 4* +1 4k Si +1 (O to + 5.3 The clearings for the week ending Sept. 26 in comparison with the same week of 1917 show an increase in the aggre- gate of 7.2%. Week 1918. Canada— Montreal Toronto $ Winnipeg Vancouver Ottawa Quebec 4,323,568 Halifax 3,778,178 5,581,855 2,222,094 7,496,685 2,380,661 1,931,662 3,529,945 3,679,779 523,557 1,148,054 1,737,875 1,492,274 878,205 707,842 Hamilton St. John Calgary London Victoria 1917. $ 91,798.313 61,872,214 36,885,049 11,986,045 5,742,623 - . Edmonton Regina - Brandon Lethbridge Saskatoon Moose Jaw Brantford Fort William New Westminster Medicine Hat __ Peterborough 75,328,374 56,829,091 48,667,674 10,146,943 5,329,025 4,173,325 2,676,927 4,704,284 1,907,189 6,853,266 1,822,625 1,827,475 2,670,873 3,717,537 581.500 1,040,077 1,889,038 1,294,532 750,655 635,262 495,990 708,421 Total Canada. —24.2 + 18.1 + 7.7 + 3.6 + 41.2 + 18.6 + 16.5 + 9.4 + 30.9 + 5.7 + 32.2 —1.0 —10.0 $ * 72,711,118 48,339,996 36,503,409 7,410,833 5,730,796 3,440,990 2,015,022 3,958,727 1,734,564 3,689,992 1,667,598 1,520,920 1,948,105 2,926,597 487,894 + 10.4 656,472 —8.0 1,322,531 1,153,542 + 15.3 + 17.0 + 11.3 + 17.8 —28.4 702,595 —0.9 547,653 +9 8 + 16.5 235,901,931 + 7.2 200,591,806 507,183 695,972 252,781,388 % + 21.9 + 8.9 1916. 691 650 478,121 638+00 September 26. Inc. or Dec. 603.430 546,311 296.415 407,152 555,600 519,654 438,132 759 668 Kitchener ending '» 1915. $ 49,316,236 33,881,818 32,719.468 5,664,801 5.461,703 3,073,467 1,811,684 3,239,106 1.301,200 2,785,316 1,401,630 1,170,492 1,750,291 1,800,783 410,138 332,728 1,134,286 707,187 509,803 373,534 285,483 322,616 376,833 149,916,603 / [Vol. 107 THE CHRONICLE 1358 Commercial atidllXiscellaueoits |Jems Breadstuff8 figures brought from page 1396.—The tatements 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: Bariev. Oat*. Corn. Wheat. Flow. Receipt* Rye. bbls.l96lbs. bush. 60 lbs. bush 56 lbs. bush 32 lb* bushASlbs bush.&Qlbs. 220,000 315,000 2,297, ,000) 1,656,000 3,564, ,000 273,000 Chicago 1 634,000 375, ,000 1,693,000 1,200,000 4,462,,000 Minneapolis 144,000 402,000 244,000 3, ,000 7,058,,000 Duluth 40,000 650,000 751,000 197, ,000 1,208,,000 Milwaukee 17,000 000 59, 160,000 126,,000 Toledo 000 ,000 163, 80.000 43, 7,000 Detroit 3,000 2,000 75, ,000 77,000 61, 000 16,000 Cleveland 1,000 240,000 10,000 280, ,000 411, 000 St. Louis 64,000 38,000 8,000 188,000 111, ,000 39, 000 Peoria 76,000 157, ,000 310,000 258,,000 Kansas City. 534, ,000 276,000 264, ,000 Omaha 630 ,000 ,000 360,000 196, Indianapolis . . National Banks.—The following information regarding -national banks is from the office of the Comptroller of the Currency, Treasury Department: APPLICATIONS FOR CHARTER. 442,000 17,680,000 6,898,000 341,000 334,000 11,442,000 Same wk. *16 Since Aug.11918 1917 1916 5,934,000 2,460,000 1,308,000 7,849,(8X5 3,869,000 1,291,000 7,729,000 3,745,000 1,064,000 4,781,000 2,402,000 3,891,000 3,012,000 161,891,000 39,840,000 79,270,00011,331,000 5,796,000 2,545,000 45,702,000 21,396,000 69,775,000 19,903,000 5,967,000 3,289,000 102,725,0001 33,699,000! 68,519,000!20,577,000 6,009,000 Total receipts of flour and grain at the week ended Sept. 28 1918 follow: - CHARTERS EXTENDED. Bushels. Barrel*. New York-.. Philadelphla . Baltimore 83,000 26,000 43,000 2,109,000 1,068,000 776,000 93,000 13,000 47,000 98,000 477,000 235,000 Bushel*. Bushels. 8,000 3,000 63,000 672,000 107,000 197,000 70,000 58,000 752,000 63,000 N’port NewsNew Orleans* Montreal.... Boston Barley. 29,000 6,000 Bushels. 55,000 22,000 6,000 88,000 4,000 4,000 175.000 1,909,000 18,000 109,000 4,763,000 305,000 Since Jan.1’18 12,635,000 46.689,000 18,133,000 77,459,000 7,960,000 3,441,000 Total wk. *18 199,000 528,000 158,000 4,134,000 1,569,000 426,000 Slnce Jan.ri71 16,069,000 157,568,0001 44,967,000 113,136,000 14,210,000 8,344,000 Week 1917-. * •n Receipts do not Include grain passing through New Orleans for foreign ports through bills of lading. The exports from the several seaboard ports for the week ending Sept. 28 are shown in the annexed statement: Reports from Rye. Wheat. Corn. Flour. Oat*. Bushels. Bushels. Barrels. Bushels. 335,671 551,013 184,704 458,722 New York Boston Baltimore Peas. Barley, Bushels. Bushels. Bushels. 479,907 37,985 549,907 37,985 68,674 1,075,311 665,747 138,415 335,571 171,391 1,194,439 1,076,538 Total week Week 1917 The destination of these exports for July 1 1918 is as the week and since below: Wheat. Flour. Corn. ' Export* for Week, and Since July 1 to— Since Week Since Week Since Week Sept. 28 July 1. Sept. 28 July 1 Sept. 28 July 1 Barrels. Barrels. Bushels. Bushels. Bushels. Bushels. , 4,895,954 8,381,784 335,571 1,477,691 542,130 1,220 13,510 950,486 1,194,439! 13,277,738 1,503,301 1,076,538! 21,071,215 335,571 171,391 20,36,591 5,412,747 United Kingdom. Continent So. A Cent.Amer. West Indies Brit.No.Am.Cois. Other Countries.. 13,339 24,646 236,706 658,128 6,942 35,102 Total Total 1917 37,985 68,674 305,458 888,981 Amount. The Lee County National Bank of Marianna, Ark., capital in¬ creased from $50.000..to $80,000 $30,000 The Battery Park National Bank of New York, N. Y. capital Increased from $400,000 to $1,500.000 1,100,000 The National Bank of Orange, Va. Capital increased from $75,000 to $100,000 25.000 The First National Bank of Brainerd, Minn. Capital increased from 50.000 $50,000 to $100,000 2,040 13,608 The world’s shipments of wheat and corn for the week ending Sept. 28 1918 and since July 1 1918 and 1917 shown in the following: are VOLUNTARY LIQUIDATIONS. Capital. Dela The First National Bank of Georgetown, --- $30,000 Absorbed by the Dela¬ Liquidating agent: Harry R. Dobler. ware Trust Co. of Wilmington. securities, the following Auction Sales.—Among other usually dealt in at the Stock Exchange were recently at auction in New York, Boston and Philadelphia: By Messrs. Adrian H. Muller & Sons, New York: not Shares. Stocks. ' Per cent. 50 Hlrsch Lumber, 1st preferred..100 5 United Gas & Elec. (Conn.), 1st preferred i 40 2 Guardian Life Ins. of Am_$68per sh. Stocks. Shares. 1 Clinton Hall Association sold Per cent. $34 100 Finance A Trading Corp., com., $5 per $50 each sh. By Messrs. Millett, Roe & Hagen, Boston: Shares. Stocks. 20 North Boston Lighting erties, preferred $ per sh. Prop¬ 77 X Shares. $ per sh. Stocks. 25. Hood Rubber, preferred 97 X 50 Merrimac Chemical, $50 each__ 99 By Messrs. R. L. Day & Co., Boston $ per sh. 186 X 160 199 181X 156 70 Stocks. $ per sh. 52 Merrimac Chemical, $50 each.. 99 10 Glnter Grocery, pref., $10 each- 10 5 Draper Corporation 107 X 10 Hood Rubber, preferred 99X 13-20ths U. 8. Worsted, 1st pref 3.66 Shares. By Messrs. Barnes & Lofland, Philadelphia: Per cent. Shares. Stocks. $ per sh. Bonds. $2,000 Caddo Oil & Ref. Co. 1st 6s, 15 Real Estate Trust, pref 96 1927 81X 12 National Bank, Germantown.-14034 5,000 Falrmount Coal Co. 1st 5s, 24 Germantown Trust Co 217 X 1931--.'. 90H 10 Franklin National Bank 481 5,000 Augusta-Alken Ry. & Elec. 15 Kensington National Bank.... 105 Corp. 1st 5s, 1935 59 X 10 Middle City Bank 52 H 2,000 Laurentide Power Co., Ltd., 10 Quaker City National Bank—130 X 1st 5s, 1946 80 X 1 Land Title & Trust 499 X 5,000 Metro. Edison Co. 1st 5s,’22 86X 4 Fidelity Trust 500 1,000 Mississippi Vail. Gas. & Elec 315 Penn Bank warrants 68H-69J4 Co. coll. 5s, 1922 79M 15 Finance Co., first preferred 100 4,000 Beech Creek RR. 1st 4s, 2 Finance Co., second preferred.105X 1936 --.80K-81J* 15 Colonial First 105 1,000 Peoria Gas & Elec. Co. 1st 10 Guarantee First 117 5s 1923 88 yi 20 Lansdowne Dally Sav. Fund.-151 1,000 Syracuse Gas Co. 1st 58,1946 81 X 30 First National Bank, Darby...230 1,000 Columbus A Toledo RR. Co. 3 Union Gas & Elec., 1st pref 40 1st 4s, 1955. 72 X 4 Philadelphia Bourse. 6X 1,000 Ches. A Ohio Grain Elevator 40 People's National Fire Insur__ 16 Co. 1st 4s. 1938 76X 18 Phlla. & Darby Passenger Ry__ 32 1,000 New York A Richmond Gas 4 Balt. & Phlla. Steamboat 28X-30 Co. 1st 5s, 1921 72X 2 Delaware RR 42 X 3,000 Market St. Elevated Pass. 42 Westlnghouse Airbrake 46 X Ry. Co. 1st 4s, 1955 80>* 1 Library Co 10 1,000 Mahoning A Shenango Ry. A Light Co. 1st 5s, 1920.. c— Wheat. $1,205,000 - - Shares. Stocks. 2 Nut’l Shawmut Bank 20 Naumkeag Steam Cotton 1 Pepperell Manufacturing 4 Androscoggin Mills 10 Farr Alpaca 6 Pemlgewassett Valley RR 70,000 Newport News. INCREASES OF CAPITAL APPROVED. » Rye. Bushels. 7,000 3,000 4,000 Charter extended until Va. The First National Bank of Abingdon, close of business on Oct. 4 1938. Total Oats. Corn. Wheat. Flour. Receipt* at— the seaboard ports for $100,000 CHARTERS ISSUED. Original organizations: The First National Bank of Conyers, Ga 75.000 The First National Bank of Longville, La 25,000 For conversion of State banks: The American National Bank of Longmont, Colo 50,000 Conversion of The Emerson & Buckingham Bank & Trust Co., Longmont. Total $150,000 — Total wk. *18 Same wk. *17 Capital. For conversion of State banks: The Citizens National Bank of Norwalk, Ohio Conversion of the Citizens Banking Co., Norwalk. Corn. 86H Exports. 1918. , 1918. al917. Week Since Since Week Sept. 28. July 1. July 1. Sept. 28. Bushels. Bushels. Bushels. Bushels. al917. Since July 1. July 1. Since DIVIDENDS. The following shows all the dividends announced for future by large or important corporations. Dividends announced this week are printed in italics. Bushels. Bushels. 366,000 4,545,000 9,038,000 3,06S',655 1,059",566 5,163‘,666 4,484,666 704,000 1,078,000 8,771,000 105,631,000 107,362,000 1,503,000 10,412,000 14,600,000 Railroads (Steam). Atch. Topeka A Santa Fe, com. (quar.) Bell RR. A Stk. Yds. Ind., com. (quar.).. North America.—The Canadian Government hds officially prohibited the issuance of both manifests and exports until after ten days. This is effective during the continuance of the war. a Revised. Buffalo A Susquehanna, common (qu.)_ Cleve. Cln. Chic. A St. L.,pref. (quar.). Delaware Lack. A West, (quar.) North Amer* 5,783,000 45,840,000 78,414,000 Russia Danube Argentina Australia India Oth.countr’s Total 2,104,000 640,000 180,000 64,000 46,224',000 9,800,000 17,982,000 3,225,000 7,330,000 542,000 568,000 ' 7§,000 • The quantity of wheat and mentioned was as afloat for Europe corn ' — " Wheat. Corn. United Kingdom. 28 21 29 30 1918191819171916. dates follows: 1 Sept. Sept. Sept. Sept. on United Continent. Bushels. Bushels. Not avail able Not avail able Not avail able Total. Kingdom. Bushels. Bushels. Continent. Bushels. Total. Bushels. i > 45.472.000 19.576.000 Name of Company. Preferred (quar.) Fitchburg, Pref. (quar.) Georgia RR. A Banking (quar.) Great Northern (quar.) tKansas City Southern, pref. (quar.).. Lehigh Valley, com. A pref. (quar.) Maine Central, com. (quar.) Minn. St. Paul A S. S. M. com. A preftNew York Central RR. (quar.) Norfolk A Western, adj. pref. (quar.).. Northern Pacific (quar.) Philadelphia A Trenton (quar.) Pittsb. Ft. W. A Chic., ref. gu. (quar.). Reading Company, common (quar.).. Reading. 2nd pref. (quar.) United N. J. RR. A Canal Cos. (quar.). Warren RR Per Cent. When Books Closed. Payable. Day* Inclusive. Dec. Oct. ix Oct. 1X Oct. IX Oct. Oct. 5 IX Oct. Oct. 3 IX Nov. 1 Oct. $1.25 Oct. IX Oct. 3X Oct. IX Nov. Nov. 1 IX Nov. 2X Oct. IX Oct. $1 Nov. Oct. 50c. 2X Oct. $ 1.75 Oct. ix 3 2 1 1 10 21 21 1 15 1 15 5 1 15 1 4 to Oct. 2 to Oct. 14 Sept. 9 to Oct. 10 Sept. 26 10 10 15 <r Sept. 10 Sept. 1 8 14 31a Holders of rec. Sept. 30a Holders of rec. Oct. la Holders of rec. Oct. 5s 19 b Holders of rec. Oct. Holders Holders Holders Holders Holders Holders 10 the of of of of of of rec. Sept. rec. Sept. rec. Sept. rec. Sept. rec. Oct. rec. Oct. to 30a 14a 14a 20a r8a 31a Oct. 25 1 Oct. to Oct. Holders of rec. Sept. Holders of rec. Oct. Holders of Tec. Sept. Sept. 21 to Sept. Holders of rec. Oct. 10 10a 25a 24a 30 5a Oct. 5 1918.] Name of THE CHRONICLE When Per Cent. Company. Payable. Books Closed. Days Inclusive. Name of 25c. x X X 1X 1X 92 62KC. 2 31*c. 37Hc. *1H 75c. 91.50 62*0. 1H 1 IX Scioto Valley Traction, common..... <1 United Rys. A Elec. (Balt.), com. (qu.). 50c Virginia Railway A Power, common..? 92.51 X York (Pa.) Rys., pref. (guar.) *1X s Banks. Atlantic National (quar.) City, National (Brooklyn) (quar.) Mechanics A Metals National (quar.).. Produce Exchange, New York Miscellaneous. Air Reduction, com. (quar.) (No. 6.) Com. (extra pay in 2d L.L.4X % bds.) Preferred (quar.) Alabama Co., 1st & 2d pref. (quar.).. Alliance Realty (quar.) Allis Chalmers Mfg., pref. (quar.)... Preferred (acc’t of accumulated dlvs.) Am. Agricul. Chem.,com. (qu.) (No.28) Preferred (quar.) (No. 53) American Bank Note, com. (quar.).. Amer. Beet A Sugar, com. (quar.) American Fork A Hoe, preferred Amer. Gas A El. pref. (quar. (No. 47)Amer. Ice, pref. (quar.) Preferred (extra) Am. La France Fire Eng.,Inc..com.(qu.) Amer. Laundry Mach., common Preferred (quar.) Amer. Light A Tract., com. (quar.) Common (payable in common stock)... Oct. Oct. IX Oct. Oct. Oct. Oct. Oct. Oct. Oct. 75c Nov. Oct. 2 3X Oct. IX Nov. IX Oct. 1 Oct. IX NOV. IX Deo. IX Oct. 2X Nov. 91 450c. $ *8 \x f2X IX IX 3 IX IX 2 Ordinary preferred (quar.) IX Central Ills. Public Service, pref. (quar.). IX Central Leather, common (quar.) IX Common (extra) 2 Central A S. A. Teleg. (quar.) * ix Chicago Pneumatic Tool (quar.) IX Colorado Fuel A Iron, com. (quar.) X Preferred (quar.) 2 Colorado Power, common (quar.) X Commonwealth-Edlson (quar.) *2 Commonwealth Light A Pow., pref. (qu.). IX Computing-Tabul’g-Itecord.. com. (qu.) 1 Consol. Interstate-Callahan Min. (quar.). 75c. Continental Motors Corp., pref. (quar.).. IX Cora Products Refining, pref. (quar.).. IX Creamery Package, common (quar.) IX Preferred (quar.) IX Cresson Cons. Gold M. & M. (monthly) 10c. Delaware Lac. A West. Coal (quar.) 91-25 Detroit Edison (auar.) 2 Detroit Iron & Steel, com. (quar.) 25c. Preferred (quar.) 17XC. Distillers Securities Corp. (quar.) X Extra IX Dominion Textile. Ltd., pref. (quar.).. IX duPont (E .1.) deN em ACo. ,deb .stk. (qu.) IX 'du Pont (E.I.)de Nem.Powd.,com.(qu.) *IX Preferred (quar.) *IX Eastern Steel, com. (quar.).. 2X Edison Elec. 111., Boston (qu.) (No. 118). 3 Electrical Securities, preferred (quar.).. IX Electrical Utilities Corp.pf. (qu.)(No.34) IX Emerson-Brantingham Co., pref *ix Eureka Pipe line (quar.) 5 Everett, Heaney A Co., Inc. (quar.).. 50c. Fajardo Sugar (quar.) 2X Finance A Trading Corp., pref. (quar.).. IX Firestone Tire A Rubber, pref. (quar.).. IX General Electric (quar.) 2 General Motors, common (quar.) 3 Preferred (quar.) IX Gillette Safety Razor (quar.) 92 — . Extra Globe Oil (monthly) 91 •lXc IX Globe-Wernicke, pref. (quar.) Goodrich (B. F.) Co., common (quar.). 1 Granby Cons. Min., Sm. A Pow. (quar.) Harblson-Walker Refract., pref. (quar.) Hotly Sugar Corp., pref. (quar.) HomestaXe Mining (monthly) (No. 530) Houston Gas A Fuel, pref. (quar.) Howe Sound Co. (quar.) Indiana Pipe Line (quar.) Inspiration Consol. Copper Co. (quar.) Int. Agricultural Corp., pref. (quar.)_r 2X IX IX — — 9 Holders of 15 Holders of 15 ♦Holders of 15 Holders of Oct. Oct. *4 4 Preferred (quar.) American Locomotive, preferred (quar.) American Rolling Mill, common (quar.) 50c. Common (extra) 25c. Preferred (quar.) IX Amer. Seeding Mach., com. (quar.) 1 Preferred (quar.) IX American Shipbuilding, com. (quar.).. IX Com. (extra pay. in 3X % L. L. bds.). <10 Preferred (quar.) oix Amer. Teleph. A Telegraph (quar.) 2 Amer. Type Founders, com. (quar.) 1 Preferred (quar.) IX Amer. Window Glass Mach., common.. mb American Woolen, common (quar.) IX Preferred (quar.)... IX Anaconda Copper Mining (quar.). 92 Asbestos Corp. of Can., Ltd., pref.(qu.) IX Associated Oil (quar.) IX Atlas Powder, pref. (quar.) IX Barnhart Bros. A Splndler— First and second preferred (quar.) IX Barrett Co., preferred (quar.) IX Bell Telephone of Canada (quar.) 2 Bell Telephone of Penn, (quar.) IX Borne, Scrymser Co 20 Brown Shoe, pref. (quar.) IX Bush Terminal Bldg., pref. (quar.) *1X Canada Cement, Ltd., com. (quar.) IX Carbon Steel, common (quar.) 2 Extra Central Coal A Coke, common (quar.). Preferred (quar.): Central Foundry, first preferred (quar.) Oct. 15 Oct. 3 to Oct. 15 Nov. 1 Holders of rec. Oct. 15a Nov. 1 Holders of rec. Oct. 15a Oct. 10 Sept. 26 to Sept. 30 Nov. 1 Holders of rec. Oct. 1 Oct. 20 Holders of rec. Oct. 10a 30 Sept Sept. 26 to Oct. 16 to Oct. 16 Sept 30 Sept. 26 Oct. 15 Holders of rec. Oct. la Oct. 14 Holders of rec. Sept. 30a 7 Holders of rec. Sept. 30a Oct. Oct. 15 •Holders of rec. Sept. 30 Oct. 31 Holders of rec. Oct. la Nov. 1 Holders of rec. Oct. la Oct. 15 Holders of rec. Sept. 30a 1 Holders of rec. Sept. 20 Oct. Oct. 15 Holders of rec. Oct. 10a 15 Holders of rec. Sept. 30a Oct. Oct. 16 Holders of rec. Oct. 10 Oct. 15 Holders of rec. Sept. 28a Oct. 21 Holders of rec. Sept. 30a Oct. 31 ♦Holders of rec. Oct. 21a 2X Oct. 91.75 Oct. ♦50c. %lX 5c. 92 92 IX 15 15 15 10 16 15 15 15 15 15 31 15 25 25 15 5 15 Nov. Nov. 1 Oct. 21 Oct. Oct. Oct. Oct. 15 15 15 Oct. Nov. Nov. Nov. Oct. Oct. Oct. Oct Oct. Oct. Nov. Oct. Oct. Nov 15 15 1 1 1 15 15 15 Holders of Holders Holden Holden Holden Holden Holders Holden Holden Holders Holden Holden Holders 15 15 25 15 15 Sept. 17 Sept. 17 1 Holden Holden Holden Holden — Kress (S. H.) A Co., com. (quar.) Lake of the Woods MUling, com. (quar.).. Common (extra) Preferred (quar.) MacAndrews A Forbes, com. (quar.)— Preferred (quar.). Manufacturers’ Lt. A Ht., Pitts, (qu.). Maple Leaf Milling,Ltd.,com. (quar.).. Common (extra) Preferred (quar.) Massachusetts Gas Cos., com. (quar.).. Massachusetts lighting Cos., pf. (qu.). Mexican Petroleum, common (quar.) Common (payable in Lib. Loan bonds) Mexican Telegraph (quar.) Michigan Limestone A Chem, pf. (qu.).* Midvale Steel A Ordnance (quar.) Midwest Oil, pref. (quar.) Midwest Refining (quar.) (No. 16) Mohawk Mining (quar.) Montreal Telegraph (quar.) 7 la 8 10 Sept. Sept. Sept. Sept. 30a 30a 30a 30 Oct. 10 New York Transit (quar.). Sept. Sept. Sept. Sept. 30a 30a 26a 26a Nipissing Mines Co., Ltd. (quar.) Nov. Oct. Oct. Oct. Oct. Oct. Nov. Dec. Oct. Oct. Oct. Oct. Oct. la 11 5a 18 15 15 9a 5 15 27 27 27 15 Sept. Sept. Sept. Sept. Sept. 30a 30a 30a 30a 30a rec. Oct. Oct. Oct. 15a 15a 15a rec. Sept. 20a rec. Oct. Oct. rec. rec. rec. rec. to of of of of of of of of of of of of Kayser (Julius) A Co., 1st A 2d pf. (qu.) Kelly-Springfield Tire, com. (quar.) Oct. Oct. Oct. Oct. rec. Holders of rec. Holders of rec. Holders of rec. Holders of rec. Holders of rec. Holden of rec. Holden of rec. Holden of rec. Holden of rec. Holders of rec. Holden of rec. Holders of rec. Holden of rec. Holden of rec. Holden of rec. Nov. 26 to Oct. 6 to Oct. 12 to to Oct. 12 Oct. 12 to Sept. 17 Per Cent. Company. Miscellaneous (Concluded). Inter. Button Hole Sewing Mach.,(qu.) Int .Harvester (new company) .corn. (qu.) International Paper, pref. (quar.) Jones Bros. Tea, Inc. (quar.) Street Jc Electric Railways. Brooklyn City RR. (quar.) Cities Service, com. A pref. (monthly). Common (payable in common stock). Columbia (S .C.) Ry.,Gas* El. .com. (qu.) Duquesne Light, prel. (qu.) (No. 15)— Georgia Ry. A Power, 1st pref. (guar.).. Lancaster Co. Ry. A Light, common— Preferred c Manchester Trac., light A Power (qu.). Monongahela Vai. Tract., common (qu.) Preferred (quar.)— Ottumwa Ry. A Light, pref. (guar.) Philadelphia Co., com. (qu.) (No. 148) 6% preferred (quar.) (No. 12) Philadelphia A Western Ry.. Pref. (qu.) Porto Rico Rye., Ltd., pref. (guar.) Public Service Corp. of N. J. (quar.).. Republic Ry. A light, pref. (quar.) 1359 rec. rec. rec. rec. rec. rec. rec. rec. rec. to to Holden of rec. Holden of rec. Holden of rec. Oct. 20 to Bonus National Biscuit, oom. (quar.) (No. 81) Nat. Cloak A Suit, com. (qu.) (No. 7).. National Fuel Gas (quar.) National Oil, pref. (quar.) National Paper A Type, com. (quar.).. Preferred (quar.) Nevada-California Elec. Corp Penmans, Limited, Preferred (quar.) com. (quar.) Preferred (quar.) Pittsb. Coal of N. J., pref. (quar.) Pittsburgh Rolls Corp., common Prairie Oil A Gas (quar.) Extra Prairie Pipe Line (quar.) Procter A Gamble, pref. (quar.) Quaker Oats, common (quar.) Common (special).— Preferred (quar.) Reece Button-Hole Mach.(qu.)(No.130) Reece Folding Mach, (quar.) (No. 38).. Republic Iron A St., com.(qu.)(No. 8) Russell Motor Car, pref. (quar.) St. L. Rocky Mt. A Pac. Co., com. (qu.) Sharon Steel Hoop (quar.) Sbattuck-Arizona Copper (quar.) Capital distribution (quar.) Shawinigan Water A Power (quar.) Smith (Howard) Pap. Mills, Ltd. ,Df. (qu.) Spring Valley Water (quar.) Standard Underground Cable (quar.) .... 10a 10a Sept. 26 — 19a 1 Sept. 30a Oct. 31 ... Nov Oct. Oct. Oct. Oct. Nov. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct.1 Nov. Nov. Oct. Oct. Oct. Oct. Oct. . \l of of of rec. Oct. 26a rec. Sept. 26a Sept. 30a rec. of rec. Oct. 5a to Sept. 14 Oct. 14 Holden Of rec. Oct. 21 Holden of rec. Sept. 30 Holders of rec. Sept. 30 Holders of rec. Oct. 10 Holders of rec. Oct. 10 Holders of rec. Sept. 30a Holders of rec. Sept. 30a Holders of rec. Sept. 30a Holden of rec. Sept. 30a Holders of rec. Sept. 30a Holders of rec. Oct. 101 Holders of rec. Oct. 10a Holders of rec. Oct. 5a Holders of rec. Oct. 15 Holders of rec. Oct. 5a Holders of rec. Oct. 5a Holden of rec. Sept. 30a ♦Holden of rec. Oct. 15 Holders of rec. Sept. 27 Holders of rec. Sept. 25a Holden of rec. Oct. 14a Holden of rec. Oct. 15 Holden of rec. Oct. 7a Oct. 1 to Oct. 10 Oct. 1 to Oct. 10 Holden of rec. Sept. 30 Holders of rec. Oct. la Holders of rec. Sept. 30a 6 Oct. to Oct. 15 Oct. 6 to Oct. 15 Holders of rec. Oct. 2a Holden of rec. Oct. 2a Holden of rec. Sept. 30 Holden of rec. Oct. 10a 15 15 15 15 15 15 1 1 10 25 25 25 15 Nov. 1 1 Oct. Oct. 10 Oct. 21 Oct. 15 Oct. 15 Oct. 10 Oct. 10 Oct. 10 Oct. 15 Oct. 15 Oct. 15 Oct. 15 Oct. 18 Oct. 18 Oct. 15 Oct. 25 Nov. 1 ♦Holders Nov. 1 ♦Holden Oct. 15 Holden Nov. 1 Holders Nov. 1 Holden Oct. 15 Holden Nov. 1 ♦Holders Nov. 1 Holden 1 Oct. 10 Oct. Nov. 1 Holden 1 Holders Oct. Oct. 15 Holden Oct. 15 Holden Nov. 1 Holden Nov. 1 Holden Nov. 30 Holden Nov. 30 Holden Oct. 10 ♦Holden Oct. 15 Holders Nov. 15 Holden Nov. 1 Holden Oct. 19 Holden Nov. 1 Holden Oct. 25 ♦Holden Sept. 30 Holden Oct. 15 Holden Nov. 15 Holden Oct. 28 Holden Oct. 15 Holders of rec. Oct. of rec. Oct. of rec. Oct. of rec. Oct. of rec. Oct. of rec. Oct. of rec. Oct. of rec. Oct. to of of of of of of of of of 19 19 1 15 22a 5 18 15 10 19 rec. Oct. Oct. rec. Sept. 30a rec. Oct. rec. Sept. 14a rec. rec. rec. rec. rec. la Oct. 18a Oct. 18 a Nov. 1 Nov. 1 Sept. 20 of rec. Sept. 30 of rec. Nov. 5a of rec. Oct. 18a of rec. Oct. 9a of rec. Oct. 15 of rec. Oct. 19 of rec. Sept. 27 of rec. Oct. 1 of rec. Oct. 23 of rec. Oct. 11a of rec. Oct. 7a Extra Steel Co. of Canada, com. (quar.) Preferred (quar.) Superior Steel, common (quar.) First and second preferred (quar.) • Swan A Finch Co Texas Pacific Coal A Oil (extra) Tonopah Mining of Nevada (quar.) Transue A Williams Steel Forg. (quar.). Tuckett Tobacco, Ltd., pref. (quar.) Union Natural Gas Corp. (quar.). Union Oil of California (quar.) Extra United Alloy Steel Corp. (quar.) United Cigar Stores, com. (quar.) (No. 24) United Coal Corp., pref. (quar.) United Drug first pre. (quar.) (No. 11) Second preferred (quar.) United Fruit (quar.) (No. 77) United Gas Improvement (quar.) United Paperboard, preferred (auar.).. United Shoe Machinery, com. (quar.).. Preferred (quar.) United Verde Extension Mining (quar.) Extra.. U. S. Industrial Alcohol, pref. (quar.). U. 8. Rubber, 1st pref. (quar.) U. S. Smelt.,Ref.AMinlng.com. (quar.). Preferred (quar.) • U. S. Steamship (bi-monthly) Extra Vacuum Oil Extra.. Victor Talking Machine, com. (quar.).. Preferred (quar.) Va.-Carollna Chem.,com.(qu.) (No. 45) Preferred (quar.) (No. 92) Western Power Corp., pref. (quar.) Western States Gas A Elec., pref. (qu.) Western Union Tel. (quar.) (No. 198). Westinghouse Air Brake (quar.) Weating house El. A Mfg., com. (quar.). Preferred (quar.) Wheeling Mould A Fdy., com. (quar.).. Common (extra) Willys-Overland Co., common (quar.) Yale ATowneMfg., com. 1 special).. * From unofficial 1 Oct. 15 Holders of rec. Oct. 1 Oct. 25 Holden of rec. Oct. 10 Oct. 15 Holden of rec. Oct. 7« 50c. Oct. 15 Holden of rec. Oct. 1 IX Nov. 1 Holden of rec. Oct. 21a 91 Nov. 1 Holden of rec. Oct. 15 1 Nov. 1 Holders of rec. Oct. 19a *3 Dec.- 2 ♦Holden of rec. Nov. 23 *2 Oct. 14 ♦Holden of rec. Oct. 9 •IX Dec. 2 ♦Holden of rec. Nov. 23 2X Oct. 15 Holden of rec. Sept. 80a IX Oct. 15 Holders of ree. Sept .80a 2 Oct. 15 Holden Of rec. Sept. 30a 2X Oct. 18 Holden of rec. Oct. 3 1 Oct. 18 Holders of reo. Oct. 3 IX Oct. 18 Holders of reo. Oct. 3 IX Nov. 1 Holden of ree. Oct. 19 IX Oct. 15 Holden of reo. Sept 25a 1 Oct. 10 Holden of rec. Sept. 14a il Oct. 10 Holden of ree. Sept. 14a 2X Oct. Holden of rec. Oct. 5a 43tfc Oct. 91.50 Nov. 1 Holders of rec. Oct. 15 *2c. Oct. 20 ♦Holden of rec. Oct. 1 *91 Nov. 1 ♦Holders of rec. Oct. 16 *92 Nov. 1 ♦Holders of rec. Oct. 11 2 Oct. 15 Holders of ree. Sept. 30a X Oct. 15 Holden of rec. Sept. 30a IX Oct. 15 Holders of reo. Sept. 30a IX Oct. 15 Holders of rec. Oct. 8a *2X Oct. 15 ♦Holders of ree. Sept. 30a •2 Oct. 15 ♦Holden of rec. Oct. 1 2 Oct. 15 Holden of rec. Sept. 30a IX Oct. 15 Holden of rec. Sept. 30a IX Oct. 30 Holden of rec. Sept. 30 4 Oct. 15 Holden of rec. Sept. 21 25c. Oct. 21 Oct. 1 to Oct. 17 25c. Oct. 21 Oct. 1 to Oct. 17 25c. Oct. 28 Holden of rec. Oct. 11a Oct. 21 *1X •Holden of reo. Sept. 30 IX Oct. 15 Holders of rec. Sept. 30a 2 Oct. 15 Holden of rec. Sept.30a 62Xc Oct. 15 Holden of rec. Sept 30a 50c Oct. 5 Holden of rec. Sept. 20a IX Oct. 15 Holden of rec. Sept. 30 IX Oct. 15 Holden of rec. Sept. 30 IX Oct. 15 Oct. 1 to Oct. 15 62 He Oct. 10 Holden of rec. Sept. 14a 162 HO. Oct. 10 Holden of rec. Sept. 14a 1H Nov 15 Holden of rec. Nov. 5 1H Nov Holden of ree. Oct. 21 91.25 Oct. Holders of rec. Sept. 30a 91.25 Nov Holders of rec. Oct. 15a 1H Oct. Holden of rec. Oct. 10a Holders of rec. Oct. 10a IX Oct. IX Oct. Holden of rec. Oct. 10a 1 Jan. Dec. 21 to Jan. 1 3 Oct. Holden of rec. Sept. 80a 2 Oct. Holden of ree. Sept. 30a 5 Oct. Holden of rec. Sept. 30a 2 Oct. 9 Oct. Sept. 22 to 3 Oct. Holden of reo. Oct. la 1 Oct. Holders of rec. Oct. la IH Nov. Holders of rec. Nov. la 30c. Oct. Holden of rec. Oct. 1 100. Oct. Holden of rec. Oct. 1 1H Nov. Holden of rec. Oct. 16a IX Nov. Oct. 11 to Oct. 31 1 Oct. Holden of ree. Sept. 30a Oct. 91 25c. Oct. Holden of reo. 8ept. 80a 25c. Oct. Holden of rec. Sept. 30a IX Oct. Holden of rec. Sept. 26 Holders of rec. Oct. 10 IX Oct. 1 Sept 8ept. 18 to Sept. 30 •3 Oct. ♦Holden of rec. Oct. 4 •3 Oct. ♦Holden of rec. Oct. 4 IX Nov Holden of reo. Oct. 10 IX Nov Holden of rec. Oct. 10 IX Nov Holden of rec. Oct. 15a 2 Nov Holden of rec. Nov. la 2X Nov Holden of rec. Oct. 1 5 Oct. Holden of rec. Oct. 19a 15c. Oct. Oct. to 1 Oct. 6 91.25 Oct. Holders of rec. Sept. 30a Oct. IX Holden of rec. Sept. 30 2X Oct. Holden of rec. Sept. 30a *1H Oct. ♦Oct. 10 to Oct. 19 •1 Oct. ♦Oct. 10 to Oct. 19 Oct. *91 ♦Holden of rec. Oct. 9 Holders of rec. Oct. 30a 2X Nov, Oct. *1X ♦Holden of rec. Oct. 15 87Hc. Nov. Holders of rec. Oct. 15 1H Dec. Holden of rec. Nov. 15 2 Oct. Holden of rec. Sept. 20a Oct. 91 Holden of rec. Sept. 30a 1H Oct. Holden of reo. Oct. la 50c. Oct. Holders of rec. Sept. 17 37Hc Oct. Holden of rec. Sept.17 50c. Nov, Holden of rec. Oct. 3a 25c. Nov. 3a Holden of rec. Oct. Holden of rec. Sept. 30a IX Oct. 2 Oct. Holders of rec. Oct. 15 91.25 Oct. 4 Holden of rec. Oct. 4 Holders of rec. Oct. 87Hc Oct. 10c. Nov. Holden of reo. Oct. 18 5c. Nov, Holden of rec. Oct. 18 3 Oct. Holders of rec. Oct. 15 2 Oct. Holden of rec. Oct. 15 5 Oct. Oct. to 5 1 Oct. Oct. IX Oct. to 5 1 Oct. 1 Nov Holders of rec. Oct. 15a 2 Oct. Holders of rec. Oct. 7a 1 Oct. Holden of rec. Sept. 30a Oct. ♦Holders of rec, Sept. 30 *1X Holders of rec, Sept.20a IX Oct. 91.75 Oct. Holders of rec, Oct. 10 87 He. Oct. Holden of rec, Oct. 4a 4a Holders of rec. Oct. 87Hc. Oct. 1 Nov to Nov. 1 Oct. 22 3 Nov Oct. 22 Nov. 1 to 25C. Nov Holden of rec. Oct. 21 5 Oct. 10 Holden of rec. Oct. 1 IX IX \l . Transfer books not closed for this dividend, b Less d Correction, e Payable In stock. /Payable in common sources, British Income tax. Book* Closed. Days Inclusive. . Pennsylvania Salt Mfg Pierce-Arrow Motor Car, com. (quar.) Pittsb. Coal of Pa., com. (quar.) Sept. 20a Sept. 26 Oct. Oct. ; Extra North Butte Mining (quar.) (No. 48). Northern States Power, pref. (quar.) Nova Scotia Steel A Coal,Ltd.,ord.(qu.) Preferred (quar.) Ohio Fuel Supply (quar.) Ontario Silver Mining (quar.) Otis Elevator, common (quar.) Preferred (quar.) Pacific Telep. A Teleg., pref. (quar.).. Pan-Amer. Petrol. A Transp., com. (qu.) Common (payable in Lib. Loan bonds) When Payable. a stock, g Payable in scrip, h On account of accumulated dividends, i Payable in Liberty Loan bonds. I Red Cross dividend, m Payable in U. 8. Liberty Loan 4 X % bonds, o Declared 7 % payable in quarterly Installments of 1X % each on Nov. 1 1918, Feb. 1, May 1 and Aug. 1 1919, to holders of record on Oct. 15 1918, Jan. 15 1919, April 15 1919 and July 15 1919, respectively, p Payable In stock of Old Dominion Iron A 8teel Corp. at rate of one share of Old Dominion Iron A Steel Corp., par value 93, for each share ol Virginia Ry. A Nav. common «*tock. t Payment of dividend contingent upon the receipt of sufficient money from the U. 8. Government, r The New York Stock Exchange has ruled that stock will not be quoted ex-dividend on this date and not until further notice. s i Erroneously reported last week as on 1st pref. and pref. stock. [Vol. 107 THE CHRONICLE 1360 Member Banks of the Federal Reserve System.—Following is the weekly statement issued b> Board giving the principal items of the resources and liabilities of the Member Banks. Definitions of the tained m the statement were given in the weekly statement issued under date of Dec. 14 1917 and which "Chronicle” of Dec. 29 1917, page 2523. STATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMS OF MEMBER BANKS blAlfcmtwi anU AND OTHER SELECTED CITIES AS AT CLOSE OF BUSINESS SEPTEMBER he Federal Reserve different items con* s published in the LOCATED IN CENTRAL RESERVE 20 1918. holdings following the 600 million dollar issue of Treasury certificates dated Sept. 17 and in Government deposits accompanied by some curtailment of other loans and investments are indicated by the Board’s consolidated weekly statement showing con¬ dition on Sept. 20 of 738 member banks in leading cities. United States bonds on hand show but little change, while Treasury certificate holdings show an increase for the week of 272.3 millions, of which 180 9 millions represents the increase at banks in the three central reserve cities. Aggregate loans secured by United States war obligations went wo it 9 millions, largely outside the central reserve cities. All other loans and investments fell off 16.5 millions, liquidation being confined however to Greater New York banks. Of the total loans and investments the combined share of United States war obligations and loans secured by such obli¬ gations constitutes 18.2%, as against 16.4% the week before. For the central reserve city banks a rise in this percentage from 18 to 20.1% is noted. Government deposits show a gain of 198.9 millions, of which 108 millions represent the Increase at central reserve city banks, and 77.7 millions the increase at banks in other reserve cities. Net demand deposits declined about 2.3 millions, though the New York bank reports a decrease under tfcia head of about 33 millions. Time deposits went up 32.2 millions, all outside of the central reserve cities. Reserve balances with the Federal Re¬ serve hanks increased 54.6 millions, largely in Greater New York, while cash in vault gained 8.9 millions. For all reporting banks the ratio of investments to deposits remained unchanged at 125.9%, while for the banks in the central reserve cities this ratio shows a rise from 116.7 to 117.5%. The ratio of combined reserve balances and cash to deposits shows an increase from 14.7 to 15% for all reporting banks and from 15.8 to 16.3% for the banks in the central reserve cities. “Excess reserves” of all reporting banks work out at 100.9 millions, as against 46.1 millions the week before. For the central reserve city banks an increase in this item from 29.7 to 77.7 millions is noted. Largo Increases in Treasury certificates . ....... 1. Data for aU 42 102 U. 9. bonds to secure cireulat’n Other U. 8. bonds, including 14,352,0 % 50,873,0 Liberty bonds V. 8. cert Ifg. of Indebtedness.. 11,625,0 91,900,0 117,877,0 Nambor of reporting banks... S Total U. 8. securities.. Loans sec. by U. 8. bonds, Ac. ) 77 45 98 24,251,0 $ 15,465,0 $ 18,461,0 85 51 S S S 11,492,0 42,489,0 St. LouU. M inneap. Kan. City Chicago. 46,022,0 102,122,0 62,709,0 6,382,0 . Chicago. St. LouU. Total Central Ret. Cities. 73$ 53 $ $ 13,730,0 Total. 17,929,0 $ 34,480,0 267,580,$ 479,334,$ 7,876,0 13,211,0 14,914,0 23,620,0 22,121,0 44,831,0 19,806,0 76,450,0 1,449,010,$ 36,379,0 71,772,0 52,649,0 134,550,0 2,195,924,$ 486,039,$ 4,948,0 8,477,0 12,231,0 5,985,0 285,881,0 463,780,0 183,886,0 533,916,0 10,584,569,$ 19,797,0 49,495,0 16,380,0 45,141,0 1,221,158,$ 363,853,$ 8,910,0 15,844,0 12,571,0 21,525,0 187,646,0 369,289,0 150,606,0 407,370,0 9,449,274,$ 45,939,0| 62,521,0 25,097,0 123,247,0 1,494,325,$ 639,948,$ 6,748,0 11,252,0 24,183,0 — Data for hanks In each Cenrral Reserve city, hanks In all other Reserve cities and other Sew York. * San Fran 45 $ S 17,676,0 Dallat. 73 35 32 S 47,333,0 14,026,0 220,089,0 30,010,0 47,683,0 26,842,0 22,105,0 164,965,0 42,620,0 727,662,0 73,440,0 105,611,0 39,339,0 40,265,0 230,759,0 74,322,0 998,624,0 114,942,0 195,783,0 90,432,0 77,835,0 9,785,0 62,620,0 14,824,0 218,038,0 46,995,0 36,400,0 19,714,0 4,291,147,0 615,145,0 972,363,0 366,955,0 300,885,0 1,431,992,0 374,704,0 146,321,0 35,059,0 644,923,0 57,299,0 80,147,0 31,505,0 24,188,0 57,790,0 12,053,0 124,359,0 20,848,0 33,499,0 17,087,0 14,353,0 4,441,477,0 613,710,0 728,200,0 308,457,0 217,935,0 1,077,299,0 265,143,0 371,656,0 75,213,0 288,407,0 16,554,0 237,183,0 54,686,0 91,700,0 69,130,0 20,943,0 316,892,0 37,897,0! 63,313,0 12,771,0 14,110,0 All other loans A investments. 763,915,0 Reserve with Fed. Res. Bank. 70,903,0 Cash In vault *. 25,014,0 Net demand deposits 682,142,0 Time deposits Government deposits.. Atlanta. .... , Two ciphers (00) omitted. reporting banks In each district. Phttodel. Cleveland. Richtn’d. Neva York. Boston. Member Banka. „ reporting banks Total. Country Banks. Other Reserve Cities. Tree ciphers (00) emitted. Sept. 20. Number of reporting banks... Sept. 13. $ V. 8. bonds to secure drculat’n Other U. S. bonds, including Liberty bonds V. S. eertifs. of Indebtedness.. Sept. 20. 68 69 $ Sept. 20. Sept. 20. Sept. 20. Sept. 13. $ t $ 48,241,0 36,679,0 36,609,0 1,132,0 10,576,0 48,387,0 48,317,0 170,573,0 170,773.0 48,620,0 198,722,0 690,314,0 197,773,0 553,266,0 19,701,0 88,858,0 8,665‘;0 32,848,0 227,088,0 812,020,0 227,030,0 651,153,0 205,187,0 542,732,0 205,803,0 447,642,0 47,333,0 77,935,0 173,509,0 25,468,0 816,738,0 58,555,0 37,564,0 680,889,0 192,978,0 41,515,0 28,327,0 47,079,0 94,258,0 288,642,0 203,208,0 42,218,0 17,061,0 347,921,0 239,923,0 250,512,0 172,785,0 16.3 15.5 17.2 14.6 16.3 15.8 13.9 13.9 Ratio of combined reserve and Oftsh to total net deposits Sept. 13. 737 738 $ Total U. S. securities 918,472,0 824,218,0 189,957,0 925,715,0 787,648,0 109,691,0 52,089,0 1,087,495,0 926,500,0 Loans sec. by U. S. bonds, Ac. 255,906,0 195,408,0 39,703,0 199,291,0 195,468,0 44,817,0 11,798,0 252,260,0 199,430,0 All other loans A investments. 3,949,669,0 3,970,040,0 873,646,0 270,467,0 5,093,782.0 5,118,249,0 4,668,073,0 4,666,101,0 822,714,0 Reserve with Fed. Res. Bank. 744,803,0 615,371,0 572,886,0 102,842,0 26,590,0 700,169,0 415,172,0 407,841,0 61,183,0 Cash in vault 111,638,0 109,364,0 34,084,0 5,708,0 151,430,0 150,566,0 174,513,0 166,777,0 37,910,0 Net demand deposits 4,156.256,0 5,038,124,0 3,722,791,0 123.290,0 723,213,0 191,621,0 5,063,089,0 3.707,554,0 688,359,0 Time deposits 406,415,0 210,801,0 216,921,0 141,377,0 54,237,0 410,138,0 868,^45,0 859,020,0 219,165,0 Government, deposits Sept. 20. 165 165 $ $ Sept. 13. Sept. 20. 449 449 123 $ $ $ Sept. 13. 124 14 41 $ 276,580,0 267,331,0 4/9,334,0 480,166,$ 1,449,010,0 1.176,730,$ 2,195,924,0 1,924,227,$ 473,136.$ 486.039.0 10584 569,0 10,601,088,$ 1,221,158,0 1,166,565,$ 363,853,0 354,907,$ 9,449,274,0 9,451,532,$ 1,494,325,0 1,462,126,$ 441,035,$ 639,948,0 14.7 15.0 The Federal Reserve Banks.—Following is the weekly statement issued by the Federal Reserve Board on Sept. 28: Oontinuing borrowing by member banks in connection with the 6th issue* of Treasury certificates in anticipation of the Foutrh Liberty Loan, as at close of business on September 27 1918. INVESTMENTS: Holdings of war loan paper, i. e., member banks’ notes secured by Treasury certificates and Liberty bonds also customers alsa considerable purchases of acceptances are indicated by the Federal Reserve Board’s weekly bank statement issued Sapor similarly 75.2 millions, banks except Minneapolis substantial tounder their oldings of this secured class of went discountsall millions, the New York and and Kansas ChicagoCity, banksshowing reporting the largestadditions decreases paper.up Other on the hand fell off 21.9 Cleveland, this head. Acceptances of hand gained 38;4 millions, New York alone reporting an increase of 23.6 millions of bills purchased in open market .Am increase of 8.2 millions in Government short-term obligations represents largely 2% Treasury certificates deposited with the U. S. Treasurer secure Federal Reserve bank note circulation. Total earning assets show a combined increase for the week of 99.4 millions. DEPOSITS: Government deposits were 22.5 millions larger than the week before. Member banks’ reserve deposits show an increase for the week of about 11 millions, while net deposits work out at about 37.8 millions in excess of the previous week’s total. RESERVES: The week saw considerable shifting of reserves through the Gold Settlement Fund from New York to banks in the interior. Total reserves show a decrease of 3.9 millions, of which 2.7 millions represents a decrease in gold. The banks’ reserve percentage shows a decline for the week from 52.9 to 51.6%. NOTE CIRCULATION: Federal Reserve Agents report a net addition of 48 millions to the total of Federal Reserve notes outstanding. The banks show an increase for the week of 54.3 millions of Federal Reserve notes in circulation besides an increase of 2.6 millions in their aggregate lia¬ bilities on Federal Reserve bank notes in circulation. CAPITAL: Payment for Federal Reserve bank stock by newly admitted members, largely in the Boston, Cleveland, Chicago and Dallas districts is mainly responsible for an increase of $113,000 in the total paid-in capital shown in this week’s statement. 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, thu« furnishing a useful comparison. Federal Reserve banks. In the seoond table we show the resources and liabilities separately for each of the twelve The statement of Federal Reserve Agents* Accounts (the third table following) gives details re¬ garding 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, mider a more general classification in the statement prepared at Washington. Tims, “Other deposits, &c., as of Sept. 27, consisted of “Foreign Govern¬ ment deposits,” 892.435.070; “Non-member banks deposits.” $4,469,223; and “Due to War Finance Corporation,” $2,103,061. Combined Resources and Liabilities of the Federal Reserve Banks at the Close of Business Sept. 27 1918 Sept. 27 1918 Sept. 20 1918. Sept. 13 1918. Sept. 6 1918. Aug. 30 1918. Aug. 23 1918. Aug. 16 1918. Aug. 9 1918. Sept. 28 1917 RESOURCES. Gold in vault and In transit.. Gold settlement fund—F. R. Board Gold with foreign agencies $ 370,220,000 437,319,000 5,829,000 $ 367,660.000 459,997,000 5,829,000 $ 386,214,090 465,298.000 5,82^,090 $ 383,228,000 496,531,000 5,830,000 $ 384,009,000 520,926,000 5,829,000 $ 385,072,000 553,060.000 5,829,000 S $ $ 395,410.000 606.354.000 9,696,000 445,597,0$$ 342,337,00$ 52,500,00$ 990,929,000 1,011,460.000 940,692,000 961,498.000 38.149,000 40,116,000 840,434,000 558,227,000 9,809,000 385,017,000 600,083,000 5,829,000 Total gold held by banks Gold with Federal Reserve Agents Gold redemption fund 813,368,000 833,486,000 857.341,000 885,589,000 910,764,000 943,961,000 1,161,731,000 1,145.950.000 1,123,132,000 1.087,760,000 1,061,597,000 1,018,767,000 45,714,000 44.122,000 44,086,000 43,634,000 41,433,000 40,323,000 Total gold reserves Legal tender notes, silver, Ac 2,020,813,000 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 1,408,470,000 51,363,000 49,089,000 52,481,000 53,173,000 54.222.000 53,511.000 53,168,000 52,215,000 52,980,000 Total reserves 2,072,176,000 2,076,039,000 2,077,732,000 2.070.494,000 Bills discounted: Secured by Govern¬ ment war obligations 2,066,9Q2,000 2,055,266,000 2,045,523,000 2,044,523.000 1,457,559,000 1,221,533,000 1,146,357,000 \ 491,897,000 513,789,000 /1613 247 000 1,541.999,000 1,428,235,000 1,393,795.000 1,285,368,000 1,332.473,000 288,391,000 208,557.000 212,204.00 250,032,00q 239,750.000 233,741,000 232,563,000 236,526.000 233,539,000 176,169,000 Total bills on hand 2,001,821,000 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 IT. S. Government long-term securities. 28,545,000 29,022,000 29,563,000 34.931,000 29,768.000 30,350,000 30.624.000 31,497,000 U. S. Government short-term securities 50,098,000 41,878.< 00 33.777,000 25,772,000 28,030.000 17,404.000 23.479.000 32.546.000 AU other earning assets 102,000 81,000 84,000 102,000 75,000 67,000 62,000 82.000 409,708,000 55,129,000 39,876,000 224,000 Total earning assets 2,080,566,000 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 Uncollected items (deduct from gross 649,448,000 654,843,000 697,225,000 584.758.000 642.377.000 568,655,000 deposits). 601.983,000 623,495,000 504,937,000 All other Bills bought in open market 5% rederap. fund agst. F. R. bank notes Alt other resources. Total resources. 2,447,000 12,858,000 2,112,000 12,610,000 1,405,000 13.013,000 4,817,495,000 4,726,766,000 4,705,793,000 735.000 11.410.000 500,000 *4,559.873.000 4,365.555.,000 4.353.987.000 4.242.384.000 4.234.893.000 2.203,673,000 1,313,000 12,076,000 1,164,000 11,787.000 Includes amount formerly shown against Items due from or doe to otner Federal Reserve hanks not 240,290,000 958,000 11.294,000 866.000 10,803,000 387,000 Oct. 5 1918.] THE CHRONICLE 1361 Sept. 27 1918. Sept. 20 1918. Sept. 13 1918. Sept. 6 1918. Aug. 30 1918. Aug. 23 1918. Aug. 16 1918. Aug. 9 1918. Sept. 281917 LIABILITIES. 8 8 8 8 8 8 8 8 78,802,000 78,689,000 78,553.000 78,359,000 78,168,000 77,750,000 76,960,000 76,876.000 1,134,000 1,134,000 1,134,000 1,134,000 1,134,000 1,134,000 1,134,000 1,134,000 191,623,000 169,141,000 206,733,000 197,325,000 104,729,000 173,027,000 95.555,000 179,978,000 Due to members—reserve account 1,535,490,000 1,524,528,000 1,469,603,000 1,465,102,000 1,478,639,000 1,459,480,000 1.464,011.000 1,420,705,000 Collection Items 485,059,000 490,265,000 527,752,000 461,640,000 437,885,000 450,947,000 461,202,000 433,347,000 Other deposits, incl. lor. Gov’t credits. 104,385,000 100,173,000 115,302,000 119,960,000 120,300,000 112,597,000 115,234,000 127,050,000 Capital paid in Surplus Government deposits Total gross deposits F. R. notes in actual circulation F. R. bank notes In circulation, net liab All other liabilities 2,316,557,000 2,284,107,000 2,319.390.000 2,244,027,000 2,141,553,000 2,196,051.000 2,136,002,000 2,161,080,000 2,349,326,000 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 35,819,000 33,208,000 27,672,000 23,964,000 20,687,000 16,864,000 15,167,000 13,716,000 35,857,000 34,597,000 33,615,000 31,710,000 31,305,000 29,351,000 27,702,000 26,811,000 Total liabilities 4,817,495.000 4,726,766,000 4,705,793,000 Gold reserve against net deposit liab 48.8% 51.1% 52.9% Gold res. agst. F. R. notes in act. clrc’n 51.4% 51.9% 51.9% Ratio of gold reserves to net deposit and Fd. Res. note liabilities combined 50.3% 51.6% 52.4% Ratio of total reserves to net deposit and Fed. Res. note liabilities combined.. 51.6% 52.9% 53.7% Ratio of gold reserves to F. R. notes in actual circulation, after setting aside 35% against net deposit liabilities.. 63.4% 65.6% 67.2% 4,559,873,000 4,365.555,000 4,353,987,000 4,242,384,000 4,234,893,000 55.3% 57.9% 59.2% 59.2% 59.5% 51.9% 52.7% 52.1% 50.5% 60.1% 71.289.666 ,136,936,666 157,524,666 68.433.666 700,212,666 8,606,666 1,966.666 70.4% 81.1% 53i3 % 55.3% 56.7% 57.0% 56.4% 74.4% 54.9% 56.4% 58.7% 58.5% 57.9% 77.0% 69.6% 72.5% 73.7% 76.4% Distribution by MaturitUs— 8 8 8 8 8 5 1-15 days bills discounted and bought. 1,323,052,000 1,245,724,000 1,172,359,000 1,159,716,000 1,047,516,000 1,006,967,000 1-15 days U. S. Govt, short-term secs. 14,300,000 13,161,000 7.182,000 5,388,000 4,945,000 4,660,000 1-15 days municipal warrants 10,000 10,000 16-30 days bills discounted and bought. 192,414.000 194,084,000 184,223,000 144,517,000 141,558,000 169,570,000 16-30 days U. S. Govt, short-term secs. 10,000 298,000 4,414,000 3,722,000 16-30 days municipal warrants 31,000 34,000 10,000 31-60 days bills discounted and bought. 302,709,000 285,806,000 294,595,000 248,807,556 219,928,666 223,723,666 31-60 days U. S. Govt, short-term secs. 467,000 197,000 901,000 1,046,000 4,690,000 4,685,000 31-60 days municipal warrants 9,000 1,000 33,000 41,000 41,000 41,000 61-90 days bills discounted and bought 171,434,000 171,718,000 187,668,000 207,398,000 223,655,000 216,473,000 61-90 days U. S. Govt, short-term secs 669,000 728,000 1.716,000 1,527,000 798,000 771.000 61-90 days municipal warrants 11,000 11,000 11,000 10,000 .5,000 5,000 Over 90 days bills disc’ted and bought. 12,212,000 12,846.000 14,152,000 15,302,000 28ML000 22,588,000 Over 90 days U.S.Govt .short-term secs. 34,652,000 27,494,000 19,564.000 16,347,000 13,365,000 Over 90 days municipal warrants 10,000 10,000 16,000 16,000 21,000 16,000 Federal Reserve Notes— Issued to the banks ^ 2,494,205,000 2,446,194.000 2.388.863,000 2,319,772,000 2,218,938,000 2,163,837,000 Held by banks 144,879,000 151,163,000 143.434,000 126,230,000 139,093,000 131,000,000 76.3% 8 8 901,700,000 17,235,000 946,126.000 2,085,000 4,000 178,593,000 750,000 178,321,666 23*1,550",666 2*23,11*0*,666 97,625,666 4,358,000 56,000 187,626,000 2,123,000 6,000 25,056,000 8,830,000 20,000 3,491,000 56,000 151,740,000 146,666 63,663,666 164,347,000 69,614,666 1,669,000 1,000 28,854,000 9,409,000 16,000 5,666 1,468,666 2,118,948,000 2,088,473,000 133,529,000 133,197.000 754,088,666 54,745,666 2,349,326,000 2,295,031,000 2,245,429,000 2,180,679,000 2,092,708,000 2,032,837,000 1,985,419,000 1,955,276,000 699.343.666 isSBftoo In circulation 59,379,6(6 73*666 3,286,140,000 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 1,167,326,666 546,315,000 542,126,000 533,070,000 520,568,000 516,032,000 497,152,000 499,862,000 489,092,000 197.957.666 In hands of Agent. *1 How Secured— By gold coin and certificates By lawful money By eligible paper Gold redemption fund 969,363,066 215,275,660 2,494,205,000 2,446,194,000 2,388,845,000 2,319,772,000 2,218,938,000 2,163,837,000 2,118,948,000 2,088,473,000 754,088,606 214,239,000 With Federal Reserve Board 06 2,739,825,000 2,687,274,000 2,620,010,000 2,536,712,000 2,479,448,000 2.443,088,000 2,395,158,000 2,343,648,000 245,620,000 241,080,000 231,165,000 216,940,000 260,510,000 l 279,251,000 276,210.000 255,175,000 Total 217,240,000 217,240,000 219,240,000 1,332,474,000 1,300,244,000 1,265,713,000 73,363,000 70,608,000 65,788,000 874,129,000 858,102,000 840,104,000 1,232,012,500 219,239,000 220,239,000 1,157,341,000 1,145,070,000 61,690,000 61,708,000 63,419,000 806,830,000 780,650,000 735,109,000 217,238,000 212,240,000 1*1^.4*50,660 1,1*47,7*81,666 60,959,000 60,296,000 276.645.666 198,649",666 683,301,000 668.156,000| 28,046,066 250.554.666 2,494,205,000 2,446,194,000 2,388,845,000 2,319,772,000 2.218,938.000 2,163,837,000 2,118,948,000 2,088,473,000j 754,088,666 1,699,364.000 1,864,987,000 1,797,546,000 1,719,854,000 1,613.814,000 1.573.109.000 1,463,844,000 1,480.179.000 t Revised figures. 204,467,066 ] WEEKLY STATEMENT of RESOURCES and LIABILITIES of EACH of the 12 FEDERAL RESERVE BANKS at CLOSE of BUSINESS Sept. 27 1918. Two ciphers (00) omitted. Boston. New York. RESOURCES. Gold coin and certifs. In vault.. Gold settlement fund Gold with foreign agencies 8 8 3,630,0 67,241,0 408,0 273,296,0 14,760,0 2,011,0 27,862,0 70,877,0 525,0 6,198,0 28,088,0 204,0 6,733,0 17,042,0 175,0 26,109,0 72,022,0 816,0 1,067,0 16,812,0 233,0 8,179,0 22,804,0 233,0 216,0 27,783,0 291,0 Total gold held by banks Gold with Federal Res. Agents.. Gold redemption fund 71,279,0 58,925,0 5,017,0 290,067,0 58,329,0 99,264,0 286,671,0 110,208,0 153,479,0 14,893,0 5,500,0 1,231,0 34,490,0 47,293,0 614,0 23,950,0 98,947,0 36,340,0 206,111,0 3,259,0 5,577,0 18,112,0 56,615,0 2,820,0 31,216,0 29,378,0 2,900,0 28,290,0 57,489,0 1,247,0 691,631,0 174,037,0 253,974,0 791,0 310,0 82,397,0 628,0 63,549,0 310,635,0 183,0 1,272,0 77,547,0 705,0 63,494,0 64,0 87,026,0 142,0 685,562,0 174,828,0 254.284,0 83,025.0 63,732,0 311,097,0 78,252,0 63,558,0 87,168,0 38,674,0 143,376,0 2,072,176,0 50,597,0 34,382,0 32,016,0 48,751,0 18,921,0 4,586,0 45,133,0 169,044,0 31,051,0 72,618,0 6,104,0 20,272,0 50,293,0 26,888,0 2,000.0 25.262,0 41,940,0 133,0 28,344,0 45,460,0 136,0 30,815,0 25,193,0 1,300,0 122,632,0 538,0 1,416,0 832,937,0 115,806,0 116,995,0 1,410,0 1,348,0 1,291,0 26,099,0 4,257,0 3,760,0 72,258,0 1,233,0 1,510,0 82,288,0 261,934,0 631,0 4,519,0 1,991,0 5,112,0 79,181,0 1,153,0 1,321,0 67,335,0 974,0 73,940,0 8,868,0 1,344,0 57,308,0 119,157,0 2,001,821,6 3,977,0 3,461,0 28,545,0 1,152,0 1,162,0 60,098,6 31,0 102,6 Total earning assets...., 124,636,0 Uncollected items (deducted from 860,446,0 121,411,0 122,046,0 75,001,0 84,981,0 271,565,0 81,655,0 68,425,0 84,152,0 62,437,0 123,811,0 2,080,566,6 40,973,0 155,649,0 71,399,0 56,364,0 45,540,0 32,643,0 73,153,0 50,483,0 17,884,0 54,521,0 17,328,0 .33,511,0 34,0 1,052,0 1,024,0 2,000,0 200,0 1,643,0 62,0 569,0 50,0 920,0 47,0 789,0 305,0 1,300,0 22,0 565,0 .50,0 186,0 412,0 945,0 Total gold reserves Legal-tender notes, silver, &c 135,221, 2,589,0 Total reserves 137,810,0 Bills discounted: Secured by Govt war obligations 71,246,0 All other 15,594,0 Bills bought In open market.... 35,842,0 gross 8 266,0 57,655,0 408,0 v. 564,288,0 -113,074,0 155,575,0 86,718,0 21,112,0 7,976,0 Richm'd. Atlanta Chicago. X S X f \ 43,931,0 w Total bills on hand— U. S. long-term securities. U. S. short-term securities All other earning assets Philadel. Cleveland S S 116,0 Dallas. t 71,0 * deposits) St. Louis. M inneap. Kan. City San Fran. X % 7,097,0 4,392,0 204,0 f 11,693,0 24,286,0 2,146,0 9,567,0 37,843,0 321,0 Total. 9 370,220,6 437,319,0 5,829,6 47,731,0 813,368,6 94,936,0 1,161,731,0 510,0 45,714,0 38,125,0 143,177,0 2,020,813,0 549,0 199,0 51,363,6 51,042,0 1,221,533,0 45,664,0 491,897,0 22,451,0 288,391,0 649,448,0 5% redemption fund against Federal Reserve bank notes All other Total *.. resources 144,0 1,635,0 97,0 1,254,0 2,447,0 12,858,6 304,505,0 1,654,681,0 369,481,0 433,325,0 204,536.0 182,192,0 658,230,0 210,977,0 15Q,103,0 227,198,0 120,218,0 302,049,0 4,817,495,0 resources * LIABILITIES. Capital paid In Surplus Government deposits— Due to members—Reserve acc’t. Collection Items Oth. deposits incl. for Gov’t ered. 6,580,0 75,0 22,388,0 92,044,0 32,062,0 Total gross deposits 146,494,0 F. R. notes in actual circulation. 148,053,0 F. R. bank notes In clrc’n—Net. 684,0 All other liabilities 2,619,0 Total liabilities 20,184,0 649,0 24,645,0 666,021,0 119,441,0 99,007,0 7,353,0 8,785,0 14,020,0 22,586,0 98,008,0 109,992,0 46,436,0 59,982,0 295,0 3,996,0 116,0 8,103,0 49,827,0 35,198,0 909,114,0 158,464,0 192,855,0 93,128,0 699,650,0 199,772,0 228,082,0 105,499,0 11,777,0 2,109,0 1,083,0 151,0 13,307,0 1,783,0 2,520,0 1,646,0 3,143,0 10,906,0 40,0 216,0 12,370,0 22,513,0 39,284,0 202,039,0 27,720,0 50,972,0 34,0 2,026,0 3,732,0 9,560,0 52,234,0 43,011,0 412,0 79,408,0 277,550,0 105,217,0 97,941,0 358,816,0 100,170,0 615,0 6,060,0 436,0 1,045,0 4,682,0 1,422,0 2,896,0 38,0 14,587,0 44,971,0 9,722,0 21,0 3,600,0 3,104,0 11,433,0 75,658,0 29,070,0 10,338,0 34,424,0 11,006,0 STATEMENT OF Two ciphers (00) omitted. Boston. FEDERAL RESERVE AGENTS’ New York. • Net 78,802,0 1 134 6 69,301,0 116,161,0 76,421,0 97,350,0 73,0 7,927,0 1,374,0 2,160,0 amount due to other Federal 19,080,0 19L623.0 70,988,0 1,536,490,0 20,439,0 485,059,0 2,590,0 104,385,0 55,768,0 113,097,0 2,316,657,0 57,191,0 180,381,0 2,349,326,0 2,969,0 1,935,0 35,819,0 1,186,0 2,113,0 35,857,0 304,505,0 1,654,681.0 369,481,0 433,325,0 204,536,0 182,192,0 658,230,0 210,977,0 150,103,0 227,198,0 120,218,0 'Difference between net amounts due lrom and net amounts due to other Federal Reserve banks. 4,523,0 302,649,0 4,817,495.0 Reserve banka. ACCOUNTS AT CLOSE OF BUSINESS Sept. 27 1918. Philadel. Cleveland. Richm'd. Atlanta. Chicago. St. Louis. M inneap. S S X X Federal Reserve notes— % % % 9 Received from Comptroller— 210,300,0 1,121,520,0 268,500,0 276,400,0 149,780,0 151,340,0 447,680,0 132,920,0 Returned to Comptroller 40,292,0 256,143,0 48,825,0 24,141,0 29,617,0 22,743,0 31,515,0 22,483,0 % Kan. City Dallas. San Fran. Total % * t X 97,040,0 133,700,0 16,586,0 21,638,0 91,020,0 205,940,0 3,286,140,0 18,472,0 13,860,0 546,315,0 Chargeable to F. R. Agent In hands of F. R. Agent 170,008,0 18,960,0 865,377.0 219,675,0 252,259,0 120,163,0 128,597,0 416,165,0 110,437,0 95,200,0 8,920,0 14,900,0 6,600,0 27,255,0 45,180,0 3,120,0 80,454,0 112,062,0 2,440,0 8,720,0 72,548,0 192,080.0 2,739,825,0 14,325,0 245,620,0 ® IssuedF.to R.F. R. Bank 151,048,0 770,177,0 210,755,0 237,359,0 113,563,0 101,342,0 370,985,0 107,317,0 78,014,0 103,342,0 58,223,0 163,740,0 18,813,0 12,931,0 10,744,0 14,666,0 110,000,0 99,464,0 120,000,0 483,506.0 100,547,0 83,880,0 13,102,0 1,976,0 14,300,0 48,636,0 11,081,0 3,020,0 10,185.0 Held by Agent— Gold coin and certificates Gold redemption fund Gold Sett. Fd., F. R. Board.. Eligible paper, min. req’d F.[R. notes held by banks 2,985,0 53,630,0 50,702,0 3*, 12*9,6 54,360,0 45,853,0 33,937,0 78,014,0 103,342,0 58,223,0 192,080,0'2,494,205,0 10,235.0 214,239,0 73,363,0 84,701,0) 874,129,0 97,144,0^,332,474,0 192,080,0*2,494,205,0 151,048,0 770,177,0 210,755,0 237,359,0 113,563,0 101,342,0 370,985,0 107,317,0 122,682,0 151,048,0 2,995,0 832,937,0 105,528,0 114,792,0 71,158,0 66,433,0 261,933,0; 58,598,0 61,582,0 73,940,0 57,308,0 107.480,0 1,699,364,0 770,177,0 210,755,0 237,359,0 113,563,0 101,342,0 370,985,0 107,317,0, 78,014,0 103,342,0 58,223,0 192,080,0 2,494,205,0 * 70,527,0 10,983,0j 9,277,0 8,084,0 3,401,0 12,169,0] 1,593,0 7,147,0 5,992,0 1,032,0 deliv¬ F. R. notes in actual drcula’n. 148,053,0 1,293,0 46,000,0 66,270,0 2,503,0 2,567,0 1,892,0 31,270,0 204,219,0 65,002,0 164,874,0 ll,699,0j 144,879,0 699,650,0 199,772,0 228,082,0 105,499.0' . ' Total Amount of eligible paper ered to F. R. Agent F.*R. notes outstanding 5,000,0 7,925,0 46,000,0 92,123,0 97;941,0 358,816,0 100,170,0 76,421,0 97,350,o' 57,191.0 180,381,0 2,349,320,6 [Vol. 107. THE CHRONICLE 1363 York City Clearing House Banks and Trust Companies.—The following detailed statement the New York City Clearing House members for the week ending Sept. 28. The figures for the sep¬ the averages of the daily results. In the case of totals, actual figures at end of the week are also given. Statement of New shows the condition of arate banks are NEW YORK WEEKLY CLEARING Net CLEARING HOUSE MEMBERS. Week Ending Sept. 28 1918. Loans, Discounts, Investments, Ac. Profits. Capital. (Nat. Banka June 29 State Banka June 20 Trust Co’s June 20 Members of Federal Reserve Bank. Bank of N Y. N B A. Bank of Manhat Co. Merchants’ National. Mech A Metals Nat. Bank of America.... National City Chemical National.. Atlantic National Nat Butch* Drovers American Exch Nat. Nat Bank of Comm.. Pacific Chat A Phenlx Nat.’. Hanover National— Citizens' National... Average. % 97,000 293,000 81,000 125,000 169,000 Average. $ Average. % 104,000 24,000 43,425,000 476,000 55,852,000 305,000 262,000 27,539.000 75,000 169,283,000 7,743,000 2,096,000 337,000 260,000 30,123,000 839,000 672,023,000 8,221,000 3,055,000 302,000 288,000 171,000 82,248,000 209,000 116,000 17,795,000 85,000 55,000 55,000 12,000 3.843,000 441,000 151,000 556.000 123,783,000 555.000 133,000 229,000 369,716,000 279,000 304,000 49,000 15,292,000 929,000 476,000 455,000 95,700,000 515,000 240.000 133,531,000 4,133,000 644.000 30,000 42,742.000 110,000 466,000 220,000 643,000 28.553,000 754,000 186,000 2,075,000 118,531,000 47,000 411,000 70,000 37,142.000 285,000 373,000 31.000 203,313,000 122,000 16,000 2,000 2,789,000 271,000 13,000 19,035,000 58,000 705,000 623,000 11,000 282,702,000 373,000 2,162,000 990,000 96,975,000 140,000 36,000 50,000 10,618,000 14,000 23,000 29,000 6,296,000 318,966,000 2,600,000 2,284,000 1,616,000 418,000 160,000 63,000 16,500,000 76,000 36,000 50,000 5,717,000 172,000 40,000 39,000 6,732,000 245,000 278,000 123,000 16,851,000 174,000 1,000 4,000 12,060.000 63,000 22,000 43,000 7,697.000 112,000 338,000 271,000 45,898,000 14,000 151,000 19,000 68,503,000 128,000 6,000 48,000 13,474,000 288,000 41,000 15,217,000 12,000 134,000 31,000 53,000 36,331,000 157,000 100,000 99,000 240,459,000 84,000 350,000 76,000 61.482,000 312,000 121,000 492,948,000 1,777,000 60,000 41,000 11.074,000 90,000 210,000 18,000 33,000 85,460,000 46,000 72,000 256,000 25,730,000 17,000 52,000 88,614,000 159,000 76,000 34,666 19,140,000 15,000 15,000 61,000 15,490,000 70,000 55,379,000 114,000 40,000 184,000 70,000 13,430,000 4,000 292,000 482,000 40,737,000 109,000 22,000 61,000 142,302,000 3,750,000 5.267.600 2.000.000 6.769.400 2,600,000 2.630.400 2.000.000 6.000,000 10.526.100 6.744.200 1,500,000 25.000.000 49.578.000 9.222.500 3,000.000 850.700 1,000,000 — Silver. Tenders. Gold. Average. $ 8 $ Legal 300,000 95,900 5,753,000 5,000.000 25.000,000 22.187.700 1,055,300 500,000 2.735.100 3,500,000 3,000,000 17.710.700 2.861.200 2,550,GOO 2.207.700 2,000,000 Metropolitan 3,500,000 7.892.800 Corn Exchange 7.698.300 1,500,000 Importers A Trad Nat 17.544.900 5.000.000 National Park 74,800 250,000 East River National. 3.886.300 1,000,000 Second National 10,000.000 30.492.500 Pint National 4,500,000 6.609.700 Irving National .342,600 1,000,000 N Y County National 669,000 1,000,000 Continental 10,000.000 12.863.300 Chase National.... 2.347.800 200,000 Fifth Avenue 880.700 Commercial Exch.. 200,000 811.700 Commonwealth 400,000 1.969.300 Lincoln National 1,000,000 1.337.600 1,000,000 Garfield National.. 421.700 250.000 Filth National 3.607.600 1,000,000 Seaboard National.. 3.985.400 3,000.000 Liberty National.... 932.100 Coal A Iron National 1,000,000 1.247.100 Union Exchange Nat. 1,000,000 2.227.500 1,500,000 Brooklyn Trust Co. 11,250,000 14.842.300 Bankers Trust Co.. 4,791,000 2.000.000 U S Mtge A Trust Co 25,000.000 26.725.700 Guaranty Trust Co. 1.288.600 1.000,000 Fldelity Trust Co.. 6,693,200 6,000.000 Columbia Trust Co.. 1.274.400 1,000,000 Peoples Trust Co New York Trust Co. 3,000,000 10.510.700 1,106,900 1,000,000 Franklin Trust Co 652.100 Lincoln Trust Co. 1,000,000 4,312,600 2,000,000 Metropolitan Trust.. 1.170.100 1,000.000 Nassau Nat, B’klyn. 1.100.700 1,600,000 Irving Trust Co 6,000,000 10,965,200 Farmers Loan A Tr_. ... HOUSE RETURN. National Bank and Federal Additional Reserve with Deposits Legal with Reserve Notes. Deposi¬ Legal Deposi¬ taries. taries. Average Average. % Average. $ . $ actual condltl on actual condltl actual condltl actual condltl on on on 600,000 250,000 Bowery N Y Produce Exch.. 1,000,000 d State 2.000.000 avge on Totals, actual condltl on Totals, Totals, Totals, Totals, actual actual actual actual 34,113,000 33,317,000 33,451,000 30.725,000 526,399,000 542,333,000 499.398,000 537,906,000 of Fed oral Reserve Bank. 1,403,400 14,864,000 800,000 280.000 810,900 4,978.000 1,159,800 19,948,000 1,122,000 d434.200 32,123,000 2,005,000 130,000 24,000 519,000 686,000 225,000 9,000 395,000 391,000 1,120,000 259,000 644,000 978,000 585,000 277,000 1,259,000 1,672,000 for wk oondltl oondltl condltl oondltl Grand ag'gate. actual 398,000 11,057,000 1.832,000 3,755,000 11,353,000 4,359.000 650,000 1,445,000 439.000 149,000 290,000 4,938,000 t 788,000 5,763,000 5,099,000 50,000 7,604,000 2,217,000 200,000 983,000 258,000 51,000 3,850,000 4,952,000 50.000 3,102,000 650,000 14,271,000 142,169,000 1,550,000 8.355,000 770,000 866,000 95,008,000 174,000 199,000 10,304,000 5,217,000 283,285,000 11,661,000 1,100,000 17,054,000 5,251,000 6,953,000 210,000 101,000 16,344,000 399,000 24,000 9,358,000 248,000 194,000 6,152,000 70,000 43,776,000 26,000 800,000 2,202,000 60,801,000 415,000 424,000 13,955,000 399,000 12,792,000 475,000 4,906,000 26,445,000 16,278,000 204,843,000 7,013,000 45,871,000 371,951,000 21,084,000 465,000 8,565,000 61,856,000 11,652,000 1,656,000 22,711,000 3,454,000 52,217,000 1,682,000 14,376,000 1,733,000 12,557,000 1,199,000 32,520,000 50,000 705,000 9,714,000 1,127,000 36,504,000 8,970,000 115,398,000 3,636,778,000 151,831,000 35,754,000 3,655,672,000 3,634,803,000 3,609,812,000 3,651,278,000 150,564,000 152,496,000 163,567,000 158,526,000 67,000 148,000 109,000 15,388,000 4,608,000 20,843,000 30,456,000 4,000 5,000 34,666 4,207,000 1,259,000 1,020,000 2,901,000 3,693,000 324,000 71,295,000 43,000 71,989,000 72,350,000 71,183,000 76,219,000 4,172,000 4,285,000 4,361,000 4,457,000 1,137,000 1,167,000 1,190,000 1,284,000 985,000 978.000 930,000 1,053,000 2,917,000 2,870,000 3,012,000 3,060,000 3,945,000 3,876,000 3,333,000 4.047,000 315,000 249,000 183,000 288.000 71,983,000 70,857,000 71,767,000 75,658,000 43.000 6.000,000 4.000.000 Bank. of Fed eral Reserve 11,834,800 96,000 38,807,000 6,205,300 450,000 23,936,000 144,000 189,000 163,000 66,000 497,000 170,000 2,536,000 1,261,000 346,000 160,000 22,915,000 14,694,000 604.000 435,000 9,000,000 17,040,100 3,868,300 Sept. 28 Sept. 21 Sept. 14 Sept. 7 on on on on on on Sept. 28 Sept. 21 Sept. 14 Sept. 7 condition on condition condition oondltlon condition Sept. 21. Sept. 14. Sept. 7. Aug. 31. Comparison prev wk. n Average. ■ 156,360,000 35,670.000 35,536.000 35.658,000 35.613.000 38,000 38,000 42,000 62,743,000 546,000 333,000 229,000 667,000 3,797,000 506,000 37,609,000 1,039,000 62.735,000 62,887,000 63.319.000 62,063,000 545,000 541.000 643,000 537.000 328,000 330,000 321,000 332,000 216,000 204,000 262,000 258.000 660,000 774,000 736,000 620,000 3,934,000 3,728,000 3.924,000 3,927,000 224,000 191,000 58,000 713,000 38,007,000 37,982,000 39,701,000 38,168.000 1,064,000 1,035,000 917,000 918,000 830,000 a3,745,682,000 152,913,000 35,754,000 + 18,070,000 —2,683,000 + 159,000 + 125,000 Grand aggregate.avge 205.650.000 359,281,000 4,579,336,000 39,693,000 13,887,000 20,969,000 38,245,000 525,810,000 Comparison prev wk + 5,139,000 5,589,000 -207,000 + 125,000 +485,000 +998,000 Grand Grand Grand Grand Average. f 1,769,000 Not Mem bers Tract Companies. Title Guar A Trust.. Lawyers Title A Tr__ avge 18,439,000 19,086,000 19,206,000 18,081,000 Average. 71,913,000 3,750,000 for wk Totals, actual oondltl Totals, actual oondltl Totals, actual condltl Totals, 12,536,000 12,072,000 12,650,000 11.896,000 4,440,114,000 4,453,785,000 4,381,872,000 4,409,882,000 Deposits. Not Mem bers State Banks. Greenwich Totals, 34,898,000 34,975,000 35,160,000 35.196.000 Sept. 28 Sept. 21 Sept. 14 Sept. 7 Deposits. 31,441,000 50,956,000 21,559,000 136,227,000 25,319,000 572,772,000 59,807,000 14,197,000 2,234,000 85,218,000 316,769,000 12,608,000 77,014,000 126,655,000 30,840,000 23,899,000 107,047,000 24,536,000 Average for week.. 192,900,000 338,372,600 4,444,680,000 34,940,000 12,295,000 19,720,000 34,677,000 518,320,000 Totals, Totals, Totals, Totals, Net Time % 4,667,000 130,000 6.553,000 838.000 2.901,000 141,000 497,000 20,722,000 3,388,000 315,000 1,767,000 99,543,000 8,491,000 715,000 1,940,000 111,000 565.000 4,000 11,560,000 887,000 1,613,000 40,229.000 1,601,000 295,000 3,207,000 11,853,000 617,000 18,808,000 4,608,000 296,000 3,440,000 724,000 4,112,000 14,285,000 3,395,000 250,000 1,234,000 21,091,000 608,000 37,000 2,090,000 463,000 16,667,000 469,000 1,479,000 12,333,000 1,360,000 552,000 811,000 108,000 1,011,000 40,335,000 2,128,COO 533,000 697,000 112,000 1,079,000 130,000 2,367,000 728,000 1,278,000 172,000 804,000 168,000 6,449,000 408,000 8,902,000 570,000 1,968,000 516,000 1,811,000 169,000 3,391,000 348,000 654,000 27,858,000 5,860,000 340,000 2,964,000 50,261,000 1,192,000 165,000 8,996,000 673,000 2,345,000 523,000 7,428,000 227,000 2,031,000 177,000 1,613,000 292,000 4,070,000 547,000 1,324,000 106,000 4,632,000 2,028,000 255,000 15,992,000 National Bank Circula¬ tion. Net Demand ag'gate. actual ag’gate, actual ag'gate, actual ag’gate, actual 539,000 b3,765,662,000 151,671,000 35,670,000 + 22,020,000 —1,898,000 + 134,000 +99,000 Sept. 28 4,574,838,000 39,615,000 14,001,000 19,640.000 37.690,000 534.278,000 -14,184,000 -186,000 +432,000 —628,000 + 729,000 —15659000 U. 8. deposits deducted, $218,755,000. 4,589,022,000 39,801,000 13,569.000 20,268,000 4.516.374.000 40.064.000 14.161,000 20.398,000 4,548.164,000 40,190,000 13,512.000 119,392.000 4,428.325,000 39.796.000112.873,000120,119.000 b U. 8. deposits deducted, $171,600,000. c 36,961,000 37,199.000 34,405.000 33,702,000 440.000 241,000 1,001.000 549,937,000 506,655.000 545,880,000 532.005,000 720.000 3,743,642,000 153,569,000 35.536,000 3,721,280,000 164,522,000 35,658,000 3,765,104.000 159.486.000 35.613.000 3.682.421.000 159.403.000 35.705.000 Includes capital set aside for foreign branches, $6,000,000. d As of Aug. 311918- STATEMENTS OF RESERVE POSITION. Actual Figures. Averages. Members Federal Reserve Bank. State Bank Trust companies* Total Total Total Total • Sept. 28. Sept. 21. Sept. 14Sept. 7. Cash Reserve In Vault. $ Reserve in Reserve Surplus from Depositaries Required. Reserve. PreviousWeek $ $ $ 518,320,000 518,320,000 477,336,070 9,387,000 3,693,000 13.080,000 12,833,100 1,775,000 3,797,000 5.572,000 5,641,350 11,162,000 11,271,000 11.273,000 11,601,000 Inc. or Dee. a Total Reserve. 525,810,000 531,399,000 510.563.000 545,880,000 536,972,000 495,810,520 542,670,000 493,557,340 521,836,000 492.096,370 557,481,000 '498,765,560 $ $ 40,983,930 —7,939,130 246,900 def.69,350 —44,700 + 32,650 41.161.480 —7,951,180 49,112.660 + 19,373.030 29,739,630 —18,708,340 58,715,440 +3,387,690 Cash Reserve in Vault. $ b Reserve Surplus Depositaries Required. Reserve. $ $ $ 528,399,000 526,399,000 479,754,280 3,945,000 13,156,000 12,956,940 9,211,000 3,934,000 5,701,050 1,749,000 5,683,000 b 10,960,000 11,149,000 11,355,000 11,320,000 Inc. or Dee. Total Reserve. Reserve in 534,278.000 549,937.000 506,655.000 536,495,000 545,238,000 561,086,000 518.010,000 547,815,000 from PreviousWeek $ $ 46,644,720 —18,689,010 199,060 def.18,050 —222,680 + 102,250 498,412,270 46.825.730 —18,709,440 495.550.830 65,535,170 +40,580,950 493.055,780 24.954.220 —33,761.220 499,367,030 48.447,970 +3,631,280 Not members of Federal Reserve Bank. 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. Indudes also amount of reserve required on net time deposits, which was as follows: Sept. 28, $4,554,930; Sept. 21, $4,636,380; Sept. 14, $4,832,580; Sept. 7, $4,748,700. a b This Is the reserve required on net demand deposits In the ease of State banks and trust companies, but In the case of members of the Federal Reserve Bank also amount of reserve required on net time deposits, which was as follows: Sept. 28, $4,516,920; Sept. 21, $4,574,880; Sept. 14, $4,907,010; Sept. 7, $4,755,780. c Amount of cash In vault, which la no longer counted as reserve for members of the Federal Reserve Bank, was as follows: Seot. 28, $101,632,000; Sept. 21, $100,122,000; Sept. 14, $101,234,000; Sept. 7. $95,898,000. d Amounts of cash In vaults, which Is no longer counted as reserve for members of the Federal Reserve Bank, was Sept. 28, $99,988,000; Sept. 21, $99,450,000; Sept. 14, $100,467,000; Sept. 7, $95,898,000. 4 as follows: " Includes Oct. 5 1918.] THE CHRONICLE 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: 1363 STATE BANKS AND TRUST COMPANIES IN NEW YORK CITY. State Banks. Sept. 28 SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER NEW YORK. NOT INCLUDED IN CLEARING HOUSE STATEMENT. CFigures Furnished by State Banking Department. 767,634,800 Differences from previous week. Dec. 92.462,500 Inc. 65,900 Inc. 359,700 Dec. 2,288,400 Dec. 3,730,500 704,530,900 129,085,400 Inc. Inc. Sept. 28. 6717,624.100 Loans and investments Specie Currency and bank notes : Deposits with the F. R. Bank of New York Total deposits Deposits, eliminating amounts due from reserve de¬ positaries and from other banks and trust com¬ panies In N. Y. City, exchanges and U. S. deposits Reserve on deposits Percentage of reserve, 20.9%. 10,164,000 14,890,000 62,278,100 Specie Currency A bk. notes Deposits with the F. R. Bank of N. Y__ State Banks Cash in vaults cos Total 314,319,700 13,777,900 11.19% 10.77% $28,099,600 21.96% Trust Companies $73,002,400 14.91% 27.983,400 5.72% $100,985,800 20.63% COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN GREATER NEW YORK. (Two ciphers omitted.) — Loans and Demand Investments Deposits. . 5.290.958.7 6,255,139.0 5.293.378.3 5.242,919.0 4.422.114.8 4.454,909,7 4.473.266.6 4.433.580.1 4.401.117.1 4.335.634.9 4.328.256.7 4.308,018,7 4.239.295.8 4.295.324.2 4.297.646.1 4.317.718.7 4.314.490.2 4,406,150,0 4.475.183.9 4.418.249.8 4,427,043,3 4.450.212.9 5,147,055,5 6.107.950.8 5.143.094.5 5,089,497,1 5,058,802,7 5,137,068,5 5,231.510,0 5,281.063,9 5.230.921.4 5,173,081,5 5.249.106.5 5.233,177,2 5.294.283.6 5,296,960,1 July July July July Aug. Aug. Aug. Aug. Aug. Sept. Sept. 6.. 13.. 20.. 27.. 3.. 10.. 17.. 24.. 31.. 7.. 14.. Sept. 21.. Sept. 28_. Total Cash in VattU. Reserve in 169.572.6 169.318.8 168.403.9 169.238.3 169.846.8 167.175.8 167.681.9 163.146.5 162.573.7 162.490.7 160,390,0 162.708.1 158.979.5 158.188.3 158.412.2 159.383.9 167,004,9 165,439,1 575,891,0 Legal Specie Tenders 9 June 1 June 8.. June 15.. June 22.. June 29.. 85.129.9 81.694,4 82.146.6 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 70.472.1 70,816,0 9 84.442.7 87.724.4 86.257.3 88.787,6 89,726,9 88,676,0 89.309.8 87.138.5 87,536,0 88.453.1 87,040,8 90.058.1 86.569.3 86.335.2 87.712.1 88.345.3 96.532.8 94.623.1 Deposi¬ taries. 570.049.4 581.941.7 594.047.9 669.593.9 586.136.5 570,046.4 563,383.2 561.439.9 578,552,0 557,064.2 549.748.1 551.742.5 558,574,4 583.554.8 554.898.2 571.118.2 567.573.3 •included with "Legal Tenders** are national bank notes and Fed. Reserve notes «eid by State banks and trust cos., but not those held by Fed. Reserve members. In addition to the returns of “State banks and trust 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 made up, see “Chronicle,” V. 98, p. 1661. The provisions of the law governing the reserve require¬ ments of State banking institutions as amended May 22 1917 were published in the “Chronicle” May 19 1917 (V. 104, The regulations relating to calculating the p. 1975). amount of deposits and what deductions are permitted in the computation of the reserves were given in the “Chronicle” April 4 1914 (V. 98, Differences from previous week. 9 % 99,050,000 163,387,000 6,718,400 1,934,322,300 Dec. 15,640,000 149,400 14,195,200 Inc. 5,500 468,200 17,526,700 Deo. 85,800 36.728.700 Dec. 1,018,700 555.493,400 Dec. 93,311,100 Dec. 1 198,799,000 Deo. 6,642,100 1,913,618,400 2,137,400 0.3% 20.8% Dec. 4,883,100 Dec. 20,647.800 288,743,100 Dee. 2,029,000 18.8% Inc. 0.1% Boston Clearing House Banks.—We give below a sum¬ showing the totals for all the items in the Boston Clearing House weekly statement for a series of weeks: p. BOSTON CLEARING HOUSE MEMBERS. Sept. 28 Change from Sept. 21 1918. Sept. 14 previous week. 1918. 1918. 9 S S t Circulation i 4,763,000 Inc. Loans, dlso’ts A investments. 504,912,000 Inc. Individual deposits, inel.U.S. 437,001,000 Dec. Due to banks. 115,754,000 Dec. Time deposits 14,717,000 Dec. Exchanges for Clear. House 13,846,000 Dec. Due from other banks 79,140,000 Dec. Cash in bank A in F.R. Bank 61,604,000 Dec. Reserve excess In bank and Federal Reserve Bank 15,186,000 Dec. 13,000 4,750,000 4,758,000 1,813,000 503,099,000 490,167,000 6,954,000 443,955,000 428,494,000 762,000 116,516,000 114,202,000 320,000 15,037,000 15.682,000 703,000 14,549,000 14,819,000 4,148,000 83,288,000^72,160.000 2,787,0001 64,371,000 62,027,000 2,470.000* 17,656,000 15,985,000 Philadelphia Banks.—The Philadelphia Clearing House ending Sept. 28, 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 statement for the week not members of the Federal Reserve system the reserve demand deposits and includes “Reserve legal depositaries” and “Cash in vaults.” required is 15% wifh Two ciphers on Week ending Sept. 28 1918. (00) omitted. Memb’n of F. R. Syst. com¬ panies in New York City not in the Clearing House” furnished are 9 Sept. 28 1918. mary 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: Week Ended 9 23.718.700 41.842.100 475,490,200 Dec. 11.593.100 Inc. 24,460,000 Ino. Loans and investm’ts Reserve on deposits. P. C. reserve to dep. 1918. Differences from precious week. RESERVE. , Deposits in banks and trust Capital as of June 20 Surplus as of June 20 Deposits..- 5,099,600 181,300 Trust Companies. Week ended Sept. 28. Capital Surplus and profits Loans, dlso’ts A investm’ts Exchanges for Clear .House Due from banka Bank deposits Individual deposits Time deposits Total deposits U.8. deposlts(not Included) Res've with Fed. Res. BkRes’ve with legal deposit’s Cash In vault*.. Total reserve A.cash held. Reserve required Exoees res. A cash In vault 1045). ___ 927,975,0 75,991,0 605,274,0 22,777,0 130,235,0 168,431,0 454,007,0 5,007,0 627,445,0 51,634,0 67,716,0 47,092,0 20,624,0 93,000,0 7,464,0 25,217,0 484,0 12,0 438,0 . 15,562,0 16,000,0 787,0 2,515,0 2,325,0 190,0 as reserve Sept. 21 Sept. 14 1918. 1918. Total. ’"1,728,6 16,082,6 *Caah In vault la not counted Trust Cos. 930,975,0 930,975.0 930,975,0 83,455,0 83.326,0 83.183,0 830,491,0 624,260,0 612,420.0 23,261,0 23,478,0 22,138,0 130,247,0 140,416,0 133,320.0 168,839,0 172,617,0 168,097,0 469,569,0 466,284,0 459,395,0 5,007,0 5,103,0 5,096,0 643,415,0 644,004,0 632.588.0 23,347,0 30,977,0 21.516.0 51,634,0 50,639,0 50,355,0 1,728,0 1,843,0 1,911,0 16,869,0 17,263,0 16,800,0 70,231,0 69,745,0 69,066,0 49,417,0 48,442,0 48,147,0 20,814,0 21,303,0 20,919,0 for F. R. bank members. Non-Member Banks and Trust Companies.—Following is the report made to the member institution* which are not inoluded in the “Clearing House return? on the Clearing House by clearing preceding page: non- RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE. Net CLEARING NON-MEMBERS. Week ending Sept. 28 1918. Members of Federal Reserve Bank. Capital. • [Nat. banks June 29 State banks June 20 [Trust cos. June 20 9 Battery Park Nat. Bank 400,000 New Netherlund Bank W. R. Grace A Co.’s bank... YorkvHle Bank. First Nat Bank, Brooklyn. Nat. City Bank, Brooklyn Flrsi Nat. Bank, Jersey City Hudson Co Nat.. Jersey City 200.000 500,000 . Total State Banks. Not Members of the Federal Reserve Bank. Bank of Washington Heights. Colonial Bank Columbia Bank. International Bank Mutual Bank Mechanics’ Bank. Brooklyn. North Side Bank. Brooklyn.. Total Trust Companies. Not Members of the Federal Reserve Bank. Bam on Trust Co..Brooklyn Mechanics’ Tr Co.. Bayonne Total Grand aggregate Comparison previous week. Grand aggregate Sept. 21... Grand aggregate Sept.14 Grand aggregate Sept. 7 Grand »erw»*i> Anar. 31.. a U. 8. deposits Loans, Discounts, Investments, ' <kc. QOld. Average. Average. 9 Additional Deposits Legal Deposi¬ with Legal Deposi¬ Net Demand Net Time taries. taries. Deposits. Deposits. Average. Average. 9 39,000 103,000 55,000 48,000 58,000 67,000 136,000 308,000 146,000 64,792,000 178,000 422,000 360,000 1,085,000 5.928.000 2,488,000 10,077,000 13,526.000 5,632,000 8.257,000 25,202,000 204.600 5,489,000 71,000 366,000 664,000 150,000 1,000 122,000 14,000 6,000 65,000 257,000 337,000 43,000 133,000 137,000 413,000 633,000 417,000 327,000 569,000 1.286.000 2,450,000 6,366,200 100,000 500,000 478,000 1,040.300 1,000,000 627.100 168,800 554.600 833.900 600,000 200,000 1,600,000 200,000 Reserve with 1,000 81,000 59,000 250,000 400.000 Silver. National Bank A Federal Reserve Notes. Average. 9 31,000 9 10,865,000 3,771,000 6.176.000 7,859,000 7,763,000 5,981,000 8,655,000 4.722.000 100,000 300,000 300,000 Legal Tenders. Average. 9 15,000 6,000 2,000 170,000 17,000 23,000 185,000 4,000 9 561,000 204,600 664,500 573.900 665,000 603.900 1,308,200 785,100 4,100,000 - Profits. 8,907,300 12,000 14,000 3,000 ”8,000 319,000 11,000 83,000 347,000 15,000 Average. 9 143,000 164,000 Average. 9 Average. 9 114,000 217,000 962,000 640,000 ‘620,000 989,000 723,000 809.000 468,000 736,000 616,000 890,000 2,641,000 929,000 282,000 9 Nationa Bank Circula¬ tion. Average. S 7,320,000 4,064,000 3,304.000 4,609,000 6,939,000 5,874,000 7,671.000 3,660,000 76,000 102,000 720,000 3,569,000 603,000 429,000 514”,666 120,000 398,000 196,000 5,708,000 42,441.000 5,913,000 1,202,000 13,000 274,000 366,000 ,106,000 283,000 127,000 637,000 755,000 279,000 937,000 1,548,000 267,000 47,000 61,000 167,000 2,234,000 10,623,000 12,579,000 6,092,000 8,135,000 25,802,000 4,967,000 351,000 417,000 114,000 76,000 419,000 26,000 12Y.000 70.671,000 1,388,000 780,000 1,510,000 3,396,000 4,540,000 928,000 69,432,000 1,377,000 8,154,000 193,000 295’,666 ::::: — 500,000 200,000 1,012,400 368,600 8,088,000 364,000 16,000 11,000 24,000 18,000 80,000 62,000 87,000 282,000 525,000 365,000 117,000 5,649,000 4,772,000 1,300,000 3,287,000 700,000 1,381,000 16.242.000 380,000 35,000 98,000 149,000 807,000 482,000 10,421,000 4,587,000 7,250,000 10,654,500 141,705,000 + 764,000 9380,010 decrease 7,250,000 10,654.600 140.941,000 7,696.000 11,569,700 139.583,000 7.595.000 11,466,300 138.220.000 1,946,000 —48,000 1,237,000 1,968,000 + 53,000 —253,000 4,630,000 11,275,000 7,118,000 al22.294.000 11,877,000 + 532,000 —76,000 -1,344,000 + 3,731,000 + 10,000 1,202,000 + 59,000 1,994.000 2,259,000 2,249,000 1,184,000 1.111.000 1.164.000 2.221.000 2.775.000 2,798,000 2.255.000 4,098,000 11,351,000 4.336.000 10.989.000 3.987,000 10,676.000 8,462,000 7,392,000 7,113,000 1.089.000 2.793.000 3.957.000 10.675.000 7.309.000 1,143,000 1.202.000 1,204.000 1,200,000 7 fiQ* non It 466 300 deducted, $4,663,000. 137.300.000 118,563,000 122,701.000 121,648,000 121,174,000 1,867,000 8,241,000 7,958,000 7,809.000 —-— fiktnh ers' Money Market and freely sold e. Wall Street, The [Vol 107 THE CHRONICLE 1364 . on a declining scale and other few have been bid from on a movement which has steadily carried them up 2 to nearly 10 points, according as these are to be affected by an end of the war. Among the former for likely shares Friday Night, Oct. 4 1918. Financial Situation.—The week-end news from abroad, including that of the uncondi¬ tional surrender of Bulgaria to the Allies and further im¬ portant advance of the Allied and American armies all along the line from near the British Channel to almost the Swiss border, was to most people a great and glad surprise. It are Baldwin Locomotive, Beth. Steel, Cruc. Steel, and U. S. Steel and in the latter class are Can. Pac., Gen. Motors, Inter. Mer. Mar. and Studebaker. The motor companies, it is easy to see, can improve their earnings when restrictions are removed from raw material and coal and, equally obvious, the profits on steel will diminish when the demand ceases to be abnormal. With the exception of Canadian Pacifie, mentioned above, the railway list has been steady, with a purely logical effect in Wall Street, where, as else¬ tendency to firmness. For daily volume of business see page 1372. where, it was regarded as a matter of vital importance at The following sales have occurred this week of shares «ot the present juncture. That this surrender will be followed represented in our detailed list on the pages which follow: by similar action on the part of other allies of the Central 1 Powers is regarded as probable, and thus the ultimate out¬ Sales Range since Jan. 1. Range for Week. STOCKS. had a struggle assured. Business at the Stock Exchange has reflected this general belief, and securities which will be benefited by the return of peace have substan¬ tially advanced, while those which have profited by the war come of the great have declined. Perhaps the most convincing evidence of public feeling in this matter is seen in the advance in values of French na¬ tional and municipal bonds, dealt in on this market, and of British Consols in London. All other events of the week have attracted meagre atten¬ tion, otherwise the widespread activities of the Fourth Liberty Loan Committee would have stood out more conspic¬ uously than they now do. These activities far exceed any¬ thing before attempted and are sure to jiroduce the desired result. If there is any change the direction of slightly in the local money market it is in easier conditions. At least it was reported on one day of the week that call loans were a little more freely offered, but rates therefor have remained un¬ changed at the long-established 6 to 6% per cent. The Bank of England’s weekly statement shows addition to its gold holdings so that the latter are very near the largest ever reported. Foreign Exchange.—Sterling exchange remained pegged The neutral exchanges have contin¬ the influence of the improved outlook Belligerent exchanges (Continental) at recent quotations. ued to decline under for ending the war. Spanish pesetas were especially weak. To-day’s (Friday’s) actual rates for sterling exchange were 4 73 @4 73% for sixty days, 4 75 7-16@4 75% for checks and 4 76%@4 76 9-16 for cables. Commercial on banks, sight 4 75 % @4 75%, 60 days at 4 72 @4 72%, 90 days at 4 70% @4 70%, and documents for payment (sixty days) 4 71%@4 71%. Cotton for payment 4 75%@4 75% and grain for payment 4 75% ©4 75%. To-day’s (Friday’s) actual rates for Paris bankers’ francs were 5 53%©5 53% for long and 5 48%©5 48% for short. Germany bankers’ marks were not quoted. Amsterdam bankers’ guilders were 45 13-16@45 9-16 for long, and 46 3-16@45 15-16 for short. Exchange at Paris on London, 26.07 fr.; week’s range, 26.07 fr. high and also 26.07 fr. low. Exchange at Berlin on London, not quotable. The range for foreign exchange for the week follows: have ruled steady. High for the week Sixty Days. 4 7334 Checks. 4 75% Cables. 4 76 9-16 4 7634 High for the week 5 52 % 5 47 5 46 5 4734 Sterling Actual— Low for the week 4 73 Paris Bankers’ Francs—■ Low for the week 5 53% Amsterdam Bankers' Guilders— High for the week___ Low for the week 4713-16 45 34 4 7545 5 4834 47 % 46 Domestic Exchange.—Chicago, par. 48 % 46 % Boston, par. St. San Francisco, par. Louis, 25c.© 15c. per S1,000 discount. Montreal, $21 45 per $1,000 premium. Cincinnati, par. State and Railroad Bonds.—Sales of State bonds at the Board include $175,000 Virginia 6s, def., tr. rects., at 69 to 71, and $10,000 New York 4%s, at 107%. The bond market has participated in the general activity and strength which has characterized other departments at the Stock Exchange. United States bonds and the various foreign issues dealt in on this market have quite over¬ shadowed all others, in the matter of volume, but railways and industrials have broadened and in some cases made quite an exceptional record. Among these are Am. Tel. & Tel. 6s, which show a net gain of 2% points. Inter. Mer. Mar. 6s, and Inter. Rap. Transit are between 1 and 2 points higher and New York Central, Northern Pacific and Reading have been strong features, while none of a list of 16 prominent issues has declined. United States Bonds.—Sales of Government bonds at the Board include: $10,000 4s, reg., at 106%; Liberty Loan 3%s, at 100.20 to 100.94; L. L. 1st 4s, at 95.60 to 96.50; L. L. 2d 4s, at 95.48 to 96.60; L. L. 1st 4%s, at 95.56 to 96.58; L. L. 2d 4%s, at 95.40 to 96.64; and 3rd 4%s, at 95.66 to 96.98. For to-day's prices of all the different issues and for the week's range see third page following. for Week ending Oct. 4. j Week. Par. Shares 650 100> Adams Express Am Smelters Securities: pref series A American Snuff 100i Am Sumatra Tob pf.100 Am Teleg A Cable 10C Associated Oil 100 100 20 100 Barrett, pref Batopilas Mining Bklyn Union Gas 100; Brunswick Terminal. 100: Butterick 100 Calumet A Arizona 10; Chic Pneumat Tool. 100: Chic St PM AOm_.100 Cluett, Peab’y A Co. 100 100, Preferred Brown Shoe Inc Comp-Tab-Record’g 100 100 100 200 10 100 100 200 100 45 $ per share. Oct 3 8934 Oct 4 1 1 52 85 82% Oct 55 _ r Savage Arms Corp.. 100 Sloss-Sheffield pref..100 So Porto Rico Sugar. 100' Stutz Motor Car no pari Third Avenue Ry 100 Tidewater Oil lOOj Underwood 100 Preferred 100, United Drug 1st pref.50; Wells, Fargo Express 100 Weyman-Bruton pf.100 Oct 61% Oct 101 1 90 65 1,500 12 % 100 11 600 66 100 68 100 71 200 51 100 99 300 3314 9 J4 700 Cons Interstate Call. .10; 200:100 Continental Can pref 100 3 J4 100 Duluth S 8 A Atl 100 100 2834 Elk Horn Coal... 50 300 39 3* Federal MAS pref. 100 300 35 Fisher Body Corp no par General Chemical 100 20017734 General Cigar Inc 100 1,200 46 100 46 Hartman Corp. 100: 54100 Helme (G W) pref...100 200 75 Homestake Mining. .100 100406 Int Harvester N J pf 100 300 66 Int Harvester Corp. .100 100 Iowa Central 100! 4% 100 28 Jewel Tea, Inc 100 100 86 Kelsey Wheel pref 100 75 8734 Kings Co EILt A P..100 140102 34 Kress (S H) A Co pf.100 400171 Liggett A Myers 100 300103 Preferred 100 100 8534 Loose-Wiles 1st pref. 100 Lorillard (P) 100 7,700145 125101 Preferred •. 100: 800 94 Manhattan (Elev)RylOO 53 300 May Dept Stores 100 100 31 National Acme. 50 400 9134 Natl Biscuit j 100 100 106*4 Preferred 100 250 100 Nat Cloak A Suit pf.100 5 Nat Rys Mex 2d pref 100 2,300 500 2334 N O Tex A Mex vtc. 100 200 1334 N Y Chic A St Louis. 100 100 2034 New York Dock 100 100 47 Preferred 100 100 16 Norfolk Southern 100 100 71 Norfolk A West pref. 100 100 6234 Nova Scotia S A C..100 200 40 Ohio Fuel Supply 25 900 5634 Owens Bottle-Mach.,25 Pacific Tel A Tel 100 500, 20 200 28 St L-S Fran pref A.. 100 . Oct Oct 1,000 85 87 55 Oct Oct 134 Oct 89 85 81 634 Jan 734 May 6334 Jan 1634 June 1134 Feb 71 May 2 68 69 45 95 30 June 70% June Sept 74 56 2 68 Oct Sept 30 71 Sept 30 2 3 4 1 51 99 Oct Oct Oct Oct 1334 Oct Oct Sept 30 Sept 30 11 1 Oct 2! 6734 Oct Oct Oct Oct 3 3 May 9434 Oct 100 Jan 103 Jan 60 Apr 65 51 54 May June Feb Aug June 9934 June 102 Jan 1 1% Mar 78 62 Aug June Jan Jan Jan 90 68 Oct . July July Feb 99% Mar 39 July 35 Sept 28 Oct June 2 10 Oct 734 Sept 13 Oct Mar 105 99 July 100 Sept 30 Sept 28 Feb 3 2 34 3 34 Oct 434 May 3 Oct 3 22 Jan 30% 3 28 34 Oct Aug Oct Jan 43 34 Aug Sept 30 27 Sept 30 40 43 June Jan 2 26 3 3534 Oct Oct 4 165 Jan 185 Aug 4180 Oct Oct June Jan 58 3 34 1 4734 Oct Oct Mar 48 2 37 Sept Oct Oct 2 46 - Oct 4100 Sept 28; 80 Sept 30106 Oct 4 100 2 68 Oct Sept 30 104 Oct 1! 6834 Oct Oct 1 1 434 Oct 1 1 1 53 234 28 Sept 28 81 Sept 28 3 87 Oct Sept 30 3 100 310234 Oct Oct 3 164 34 Oct Sept 30180 2 10034 2 103 Oct Oct 2 2 8534 Oct 8234 Oct 3 14434 Sept 3015634 Oct 4 98 4101 Oct Oct 4 94 Oct Sept 30 96 4 47 3 54 Oct Oct 1 1 31 Oct Oct 26% 1 90 3 9134 Oct Oct Oct 28 86 90 Sept 28106 Sept 28 100 2 Oct 734 1 24 Oct 4 13 34 Oct 4 2034 Oct Oct Oct 1 1 Sept 30 2 Oct Oct 2 4 Oct Sept 28 Oct Oct 1 2 3 47 16 71 Oct Sept 28 106% Sept 30 100 4 4% Sept 30 17 4 13% Oct 4 1834 Oct Oct Oct Oct 1 1 Sept 30 2 6234 Oct 3 4134 Oct 60 22 Oct Oct 1 3 1 2834 Oct 6234 Sept 30 90 Oct 3 42 16 69 Oct 100 Oct 89 Jan 112 July Sept Feb Mar 72 Oet Jan 4% Feb Oct 40 Mar Jan 90 Feb Aug 94 Jan 103 34 June Feb Aug 195% June 107 34 Mar Jan 87 Aug Mar Aug 200 Mar 105 Jan Mar 100 May Jan 54 34 Sept Jan 33 May Jan Aug 100 Mar Sept 114 Feb Jan 102 34 May 7% Oct June Apr 24% May Oct Jan Jan 16 27 48 21 79 70 May Sept 5634 July 40 55% 18% 21 53 81 Oct Oct 49 Oct Oct 6434 Oct Oct 3 2 2 3 2 4 190 106 106 49 65 100 Oct Oct Oct Oct 3 178 2 100 2 104 3 46 Sept 28 Oct Feb Mar Aug 4634 June 70% Aug Apr 30 Jan Feb 8034 May 93% July 26 Jan 190 Apr 106 July 112 Jan 63% Sept 4 100 Jan May May Oct Jan Feb Sept 162 Sept 30 120 Sept 30 120 Oct 47% 4 37 4 3834 Oct Oct 4 4 1934 Oct 15% Sept 21% 1734 Oct 62100 Mar 4 1 2 3 1 2 1 4 4 2 90 65 40190 100106 25; 106 100 200 8934 Oct 4 4 1 Oct Oct Highest. $ per share. $ per share. S per shore. Jan 3 55 Oct 48 Sept 80 3 Oct 1 6134 Oct 1 101 Oct Sept 30 1.100; 59% Oct 200 90 100 120 820j 37 Lowest. Highest. Lowest. 50 83% Oct 100 Feb Jan Jan Feb Jan Mar Oct Feb Mar Jan Oct “curb” market this mixed character, strength and weakness being shown in different parts of the list at the same time. Aetna Explosives com. was under pressure and dropped from 11% to 9, closing to¬ day at 9%. Burns Bros. Ice in the fore part of the week gained about three points to 44% but reacted subsequently, the final figure to-day being 43. Chevrolet Motor sold up from 128 to 135, down finally to 134. United Motors was erratic and sold as low as 30% and up to 32%, the close to-day being at 31%. Standard Motor Const, went down from 13% to 10. Curtiss Aeropl. & Motor Com. was up over two points to 36% and sold finally at 35. Submarine Boat lost 3 % points to 13 with the close to-day at 13 %. Wright-Martin Aire. Com. receded from 8 to 6%, finishing to-day at 6%. Oil stocks were generally firm. Houston Outside Market.—Trading in the week while Oil com. on a after an somewhat broader scale was of a early advance from 77% to 79%, dropped final reaction to 78. Midwest Refining was active and sold up some seven points to 119, the close to-day being at 117. Royal Dutch Co. new after early loss, from 64 to 61% jumped to 69, the final transaction being at 68. Mining stocks dull. One of the principal features in the trading was the heavy demand for Russian Government bonds which rose to new high figures, the 6%s advancing from 60 to 70 and the 5%s from 55% to 64. The close to-day for the former was 68 and for the latter at 62. Elsewhere in this department prices were to 77, then sold up to-day to 81% with a QgRailroad and Miscellaneous Stocks.—The stock market ha3 been decidedly irregular under the influences noted fractionally higher. A complete record of “curb” market transaction for the above. The volume of business has been larger than for several months past, chiefly because a few issues have been week will be found on page 1373. New York Stock Exchange—Stock Record. Daily, Weekly and Yearly OCCUPYING J 1365 TWO PAGES p— r*cord *h« w««k of stocks usually Inactive, sas prscsdlny pays. HIGH AND LOW SALE PRICES—PER SHARE, NOT PER CENT. Saturday Sept 28 Monday Sept 30 Tuesday Wednesday Thursday Friday Oct 1 Oct 2 Oct. 3 Oct. 4 5 per share % per share 8 per share 86 *81 9534 534 *54 86 814 9534 534 544 405s 401a 16314 164 6778 58 *7 74 *22 48i2 773s *94 *120 251a *76i4 *66 *32 *6218 *2U2 *49 *42 *108 *149 *4 *7 154 314 24 4834 7778 95 140 86 *81 *95 53 66l2 35 80 23 52 48 110 180 5i2 8i2 154 31*8 24 91 *31*4 •944 7*8 3178 7 23 7 23 484 77l2 94i2 485s 787g 95 97V. 66i2 *31 *60 *22 *49 *42 *107 *53 *7 *20 55 9 22 *52 *7 *20 *11478 116 116 10 *9 10 *5U 5i2 *36 *11 *19 19 54 9 22 60 1164 10 41 1U2 20i2 21 10378 1044 87i2 87i2 4334 4378 134 134 23 *31l2 8I4 21i8 8634 2612 67i2 *1434 *42i2 37l2 8I4 21i8 8678 27i8 6784 15i2 45 125U 70i4 84 34 80 88 37 80 *354 36 *36 394 1134 *19 *314 83s 21 87 27 674 *1434 *42i2 125 70 *8 8978 23 374 878 2134 884 28i4 684 1512 45 1274 70 84 *134 94 394 •23*4 *134 94 394 244 144 *24 *18 30 19 *59 604 13 *24 *18 59 84 18 37 *17 35 20 36 17*8 494 *16 49 17 49 15 84 *15 *344 *164 *48 34 1*4 314 84i2 984 *904 34 1*4 314 844 984 92 69 95 69 *85 *134 94 384 *234 *84 3 1*4 304 x8234 9838 *904 68l2 *85 15 94 39 24 13 30 20 59 84 34 24 314 82*4 983s 92 454 4478 454 92 92 92 92 *81 90 205s 9134 344 2078 934 35 54 *53 534 424 774 674 5334 42U 774 6778 99i8 *98 2*8 25g 138* 138" „ . 774 78 •102l2 103 904 92 108 •108 108 111 1104 11034 *974 984 *160 *92 164 95 *554 56*4 *95 96 36i2 15>4 •50 365s 1534 52*4 693s 8712 884 1114 11U2 424 43 *81 .90 204 214 92i4 9434 343s 35 53i2 54 *5314 54 42 424 774 774 6634 675s 994 99i8 2l2 2*4 1394 774 103i2 884 107*4 10914 1074 974 163i8 *92 554 *94l2 35*4 153s 140 79 103l2 91*4 10734 1094 1104 984 165 94 55*4 95l2 36 154 68*4 ’684 105 1047g 10478 *102 •63 90*4 *99 94<4 65 923s 102 96 "82* 8278 •251”* 2fll2 1878 *55 *7 *20 60 *63 89 *99 35 194 65 9 22 6034 11534 II6I4 *9 5i2 *10 24 11 54 1034 25 574 7538 40 4214 21 214 104i2 10514 89 9014 4334 4378 13i2 144 574 7412 3634 80 89 36 *36 1134 *19 *314 84 22 877g 60 41 384 807g 914 36 3912 1178 23 69 45* 1284 70 84 14 94 393s 100 964 964 79*4 814 787g 82*8 103U 1034 *254 28 907g 304 9614 *7 334 183s *52 *7 *20 24 913s 314 964 74 334 19 55 9 22 604 1164 §94 94 *54 578 59*4 116 10 24 57 74 404 *20*4 10 244 57 744 41 *50 36 794 884 *354 *36 11 19 60 344 53 54 414 774 6614 *99 3 90 205s 94 39 *24 13 *20 *18 *584 *84 *184 *34 34 14 28 34 14 294 9934 *904 6812 6834 *80 95 83 94 444 455s 92 92 5212 53i2 4H8 *76 66I4 *99 *25g 77 66I4 100 3l2 22 400 91 30 304 964 83s 38 184 5.100 7.100 *33 *18 *52 9 *20 35 19 56 9 *52 *8 *20 22 60 116 *94 11 594 *58i2 116 54 *10 24 *56 744 404 116 54 1034 244 59 744 41 *59 40 *912 *514 *10 24 *55 94*4 334 154 514 69 104 95 55 94*4 36 1578 514 704 106 *93 54 *94 68 *15 51 3078 15ig 74U 39i2 74l2 40i2 21’>4 10414 104U 88U 8812 43*8 4334 21 353s 15ig 52*4 7014 104l2 105U *51 69 80 *3512 *37i2 1034 37 39 *20 *30 21 *63 *8i2 2078 374 834 2078 87 88 284 *15 *47 28 20 62 84 174 494 174 ^ M 34 14 284 _ _ 34 14 2834 824 *81 *91 100 *904 93 68 68 *80 95 44 44U 92 92 90 18l8 18*4 89 33 90 33l4 5234 5434 4214 77l2 66l2 99i2 5234 533* 41 *76l2 66 9912 *25g 867g 99U 8912 99U 95 96l2 78i2 7812 77*8 79 103ig 103*4 8514 *94 75 69*4 104l2 64l2 84*4 96 75 *94 75 7414 78 103i2 103*8 26 261« 1034 68 16 52 344 65 88 8834 68 *34 *15 *51 357g *77io 88 2734 16 51 *47 3 1264 127 70 84 14 858 384 Clev Cin Chic A St Louis.. 100 Do pref 100 Colorado A Southern 100 Do 1st pref 100 Do 2d pref 100 Delaware A Hudson 100 Delaware Lack A Western..50 Denver A Rio Grande..-.100 Do pref 100 Erie 100 Do 1st pref 100 Do 2d pref 100 Great Northern pref 100 Iron Ore properties..No par Illinois Central 1 -0 Inter boro Cons Corp No p°r 9,500 Do 1,200 pref 1,620 Kansas City Southern Do pref 100 Lake Erie A Western pref 2.500 Lehigh Valley 1,000 Louisville A Nashville 525 Mlnneap A St L (new) 400 100 10.300 13,600 1,200 2.500 6.100 7,380 95i2 75 73*8 75ig 103*8 103*4 26i4 26l4 94 16 9 38*8 700 47,900 100 100 800 22.300 500 300 1.600 2.100 4,175 25 200 13 2,700 *22 *18 60 *8 *17 *34 28 20 604 *47 55 49 55 84 20 38 33s 34 2 2 284 2834 83 *97 *91 70 *75 44 *914 854 83 100 94 71 95 400 377 100 700 544 424 774 664 414 774 66 53 100 100 Texas A Pacific 100 Twin City Rapid Transit. .100 Union Pacific 100 Do 100 pref United Railways Invest.. 100 Do 100 pref 100 Wabash Do pref A 100 Do pref B. 100 Western Maryland (new). 100 Do 2d pref 100 Western Pacific 100 Do preferred. 100 ... Wheeling A Lake E Ry__100 Do preferred 100 100 American Can Do 8534 54 100 100 100 50 50 preferred v t c 100 Agricultural Chem_.100 100 pref American Beet Sugar 100 Do pref 100 93 354 100 pref v t c Pittsburgh A West Va Do pref Reading Do 1st pref Do Amer Do 100 pref American Car A Foundry. 100 111 *41 *79 324 524 prior pref v t c Wisconsin Central 100 Industrial & Miscellaneous 1,800 Advance Rurnely 100 800 Do pref 100 450 Ajax Rubberlnc 60 15,525 Alaska Gold Mines 10 4,300: Alaska Juneau Gold Min’g.10 7.100 Allls-Chalmer8 Mfg v t O..100 444 111 43 90 174 18 864 90 50 100 62.200 Southern Railway 3.600 Do pref Do 15,000 19.100 9,000 1,700 10,400 7.200 400 5,400 ■’..100 pref 100 American Cotton Ol Do pref 100 American Hide A Leather. 100 Do 100 pref American Ice 100, Do preferred 100 Amer International Corp. 100 American Linseed 100 Do 100 pref American Locmotlve 100 *983s 100 53*8 *944 *32 154 *51 694 107 *63 85*8 *93 74 734 1034 26 300 Do pref 100 1,700 American Malting 100 Do 1st pref 100 145" "‘"425 American Shipbuilding 100 7934 22.100 Amer Smelting A Refining. 100 104 300 Do pref 100 87 100 21,000 Amer Steel Foundries 11034 6,600 American Sugar Refining.. 100 110 300 Do 100 pref 1103s 30,000 Am Sumatra Tobacco.... 100 104*4 12,356 Amer Telephone A Teleg.100 172*4 100 1.200 American Tobacco 95 Do pref (new) 100 53*4 2.800 Am Woolen of Mass 100 200 954 Do pref 100 3434 2,700 Am Writing Paper pref 100 154 1,400 Am Zinc Lead A 8 25 52 100 Do 25 pref 704 77,250 Anaconda Copper Mining.60 1104 22,500 Atl Gulf A W I 88 Line... 100 100 644 Do pref 100 867g 105,600 Baldwin Locomotive Wks.100 100 Do pref _.__100 96 1,600 Barrett Co (The) 100 74 1,600 Bethlehem Steel Corp.... 100 744 165,985 Do class B common.. 100 10341 1.500 Do cum oonv 8% pref 900 264 Booth Fisheries .No par 3 § Uu tnan loo thane, . e Wi-41t, ... and rlghta. i 49 53 36 135 Jan24 Apr25 June26 Mar25 49*« JanlS 6 Apr 9 184 Apr 9 374 Apr22 664 April 894 Mar25 125 JulylS 18 Apr22 56*4 Janl5 46 26 JanlS Feb21 58*4 May 7 18 Apr22 47 Apr 3 40 Apr 4 1004 April 160 Aprl7 24 Jan 4 5 Apr 2 3 14 Aprl7 234 Janl6 184 Jan25 86 Janl5 254 Janl5 92 Jan 7 64 Sept20 Septl6 154 Aprl7 74 Aug22 18 Apr23 Do 2d pref 5 1,625 St Louls-San Fran tr ctfs. 100 100 St Louis Southwestern....100 800 Do pref 100 100 2.100 Seaboard Air Line 1.500 Do pref 100 13,100 Southern Pacific Co 100 1278 *93 9512 34*4 15i2 52*4 7014 107*4 64l2 86*s 70 28.400 89*s Apr22 45 100 t c Mar23 Jan30 lOO New York Central ..100 N Y N H & Hartford 100 N Y Ontario A Western 100 Norfolk A Western 100 Northern Pacific 100 v 81 80 lOO 100 Do $ per share. 29 Missouri Kansas A Texas. 100 Pennsylvania 800 Pere Marquette Highest. lOO lOO 100 50 Do *234 3 95 54 S Kwignva. Par Atch Topeka A Santa Fe._ 100 Do 100 pref Atlantic Coast Line RR..100 Baltimore A Ohio 100 Do pref .100 Do pref 100 2414 ‘11,600 Missouri Pacific tr ctfs._ .100 58 300 Do pref tr ctfs 100 28 20 53U *94l2 343g 96 33 10*8 578 1034 6S4 *84 *184 *93 59i2 116 200 PER SHARE Range for Previous Lowest. E|o 1264 1274 *694 70 *8 84 1434 1434 *9 94 384 384 *234 25 *1234 1334 55i8 22 2,800 300 364 84 95 55 10 60 40 354 *22 *18 .*58 *944 734 354 184 *1264 138*2 *12612 145 *126l"2 145 *1264 775s 793g 77i2 78U 7714 79 784 1035s 10412 *103l2 104 *103l2 104 *103 87 84 894 87i4 85i2 87l4 864 107*4 10812 108tg 10812 108 109 1094 111 *108 111 1094 1094 *108 110 107i2 110 107ig 110*8 11018 11212 109 9812 995s 100 102l2 102U 104l2 1044 *164 170 171 16512 165i2 170 172 *93 55 100 100 100 100 4.350 22 91 *78 33 200 91 304 964 734 *81 19 19l2 9U4 3458 53i2 5414 4U2 2314 22 8514 8534 11U2 11H2 41 42i4 90 *22i2 500 9078 304 96i8 73s 84l2 86l2 nu2 nn2 41l8 4134 893s 100 3 4 84 20 38 *81 99 34U 53*4 4218 77i2 66i2 13 28 20 62 80 PER SHARE Range since Jan. 1. On basis 0/ 100-share lots. 6.800 2.400 16.200 Brooklyn Rapid Transit.. 100 17,000 Canadian Pacific 100 3.500 Chesapeake A Ohio 100 800 Chicago Great Western. .100 600 Do pref 100 16,700 Chicago MUw A St Paul..100 9,000 Do pref 100 700 Chicago A Northwestern. .100 Do 100 pref 7,700 Chic Rock Ial A Pac temp ctfs. 1,000 7% preferred temp ctfs 2,200 6% preferred temp ctfs.... 31 22 874 274 94 33 550 400 153s 3078 883g 394 244 33 *624 5.500 154 3078 374 834 2134 884 284 2584 774 6634 STOCKS NEW YORK 8TOCK EXCHANGE Railroads 154 31i8 21 68 16 *15 50*4 51 1264 128 *694 70 *8 84 *134 15 91 55 15U 314 9 135 253s 77*8 6634 52 *50 *42 48 10934 10934 *108 110 *173 185 *173 180 5 5 *4i2 512 *75s 8 8 8 214 174 4234 52 48 21 48 55 417g *49 *42 *30 17 *81 19 90 33 *18 55 86 *126 264 774 665s 104 474 46 924 874 135 104 55 44i2 92i4 48 7678 9414 11 19 1778 494 30 *81 834 98l2 100 *90i2 92 464 754 944 38 55 29l8 494 773s 9438 68 2314 884 *354 174 484 2 24 394 19 36 378 33 24 *6212 *22l2 90 37 19 36 35s 2534 774 665s 24 80 89 37 38 *584 84 2 *126 *77 61 84 76l2 944 374 794 24 13 30 194 *23 48 21 21 214 105 104 10434 *104 884 884 884 8884 434 434 434 434 •UK and awed petmk no tales on tbit day. 1534 3H2 24 13 *20 *18 65 914 *22 28 684 94 3834 154 314 *84 214 874 274 674 28 126 70 *8 14 52 *42 48 *108 111 *173 185 5 *4l2 *7 8 37l2 8912 294 -45‘ *49 9 22 69 95 454 874 88 1104 1104 424 4234 *33 *58 40 1034 78 67i4 23 52 48 40 36 39 135 26 77i8 66i2 23 *49 *42 52 48 744 893s *126 26 23l2 7314 88l2 *35i2 944 80 234 73i2 3934 80 78 944 35 57 343s 76 *31 1878 *10 49 *62l2 *224 33 54 484 35 57 34 *77 68 24 80 61 41 *38l2 674 24 *624 59 21 *58 •8 8 2378 49 7878 *32 2334 *10312 104 88 88I4 4334 4334 *1234 13i2 70U *7 2334 48i2 774 the Week Shares $ per share % per share • $ per share 863s 867g 863s 865s 864 8634 82 82 814 814 (82 82 96 96 *95i2 964 9578 9578 53 535s 534 533s 533s 53i2 53 534 535s 54 5378 54 42 4034 4134 404 4134 43 165 166 166U 16778 16734 169*4 574 6734 57i2 5734 574 574 8 8 74 77g *714 8 35 80 5U 1034 245* 1034 24i8 21 6634 33 5934 125 96 110i2 17278 1727g *175 185 5 *4l2 5 *44 8 8 8 *7i8 15i2 1534 154 1534 3114 3134 314 32 22i2 22i2 22i2 224 91 90i2 92 923g 3H2 3U2 3078 3H2 *94i2 96i2 *944 964 *7 7i8 75s 74 *1734 2378 *56l2 733s 395s 874 814 96 53 53i2 534 5378 5412I 534 5378 41 405s 4U2i 414 16234 17012 166i2 1694 58 5712 58 5384 7*4 35i2 18i2 *10 86i2 814 *93 95 *120 140 *120 125 253s 26 2514 2634 27 77 77 77i2 7838 79 •22 91 *31 87 83 96 Salesfor Jan 55 110 Janl5 Jan 2 74 Aprl7 44 Jan 6 64 Jan29 20 41 Janl5 JanlS JanlS April 184 Jan22 674 27 102 814 434 94 524 Jan24 Jan24 June27 May Apr 3 30 224 Apr 5 Jan 2 61 JanlO 704 JanlS 35 35 Janl2 Mar 30 9*8 Apr 3 19 28 7 Oct 2 Oct 2 Aprl7 154 Aprl9 804 Jan24 204 Apr30 57 14 Jan21 May 4 394 Junel3 109*4 Jan 15 69 Jan 3 S per share: 88 Mayl5 85 June26 98*4 Sept 3 57*4 Sept 4 574 Jan 5 484 Jan 2 17278 Aug24 604 Marl4 8*4 Jan 2 254 Aug29 544 Sept 7 814 Sept 3 954 Sept 5 137 Jan29 274 Sept 5 824 Sept 5 694 Sept 3 38 Mayl4 67 Aug28 234 May29 51 Sept 3 45 Marl4 1154 Feb 1 185 Sept 4 6 Jan 3 134 Jan 2 17*8Mayl5 35 Mayl4 24*4Mayl4 934 Aug27 34*8 Mayl6 98‘8 Aug 13 94 Jan 3 474 Jan 3 20 Mayl6 554 Augl4 104 Feb 19 23' Sept 4 6278 Mar 11 118 Marl4 1178 Sept 3 64 Jan 2 12 Sept 4 264 Sept 5 59*4 Sept 4 764 Sept 3 4578 May29 23 July 9 108*8 Mayl4 914 Sept 3 474 Jan 2 164 June27 61 Sept 3 41 Oct 1 384 June21 81 Aug 13 95 39 40 14 June27 MaylS July 6 Jan 2 234 MaylS 404 Jan 3 94 Sept 3 23 Sept 3 894 Oct 1 294 Oct 1 694 Sept 4 1978 Feb20 654 Jan31 129 Aug31 744 Mar 11 4*4 JanlS 104 Apr 9 7 Apr26 37 Aug 2 204 Janl5 1278 Oct 4 12 20 June27 20 13 46 8 Jan29 Jan 2 Jan 3 32 June22 11 Janl9 Apr22 174 Apr 17 34 May 2 2578 Jan 9 49 Jan 2 14 14 17*4 724 Apr27 Apr 1 JanlS Jan 4 Jan 2 78 894 Janl7 64 z82 JunelO 106 25 78 Jan 3 Janl6 Septl3 344 JanlS 894 Jan23 684 Janl4 Maylp 1178 JanlO Jan 2 114 Jen 2 38*4 Janl6 514 Septl3 50 27 Jan 7 694 Jan 7 534 JanlS z95 Jan 4 2*8 Sept28 Sept25 39 90 73 103 58 98 May28 Sept25 1084 60*4 904 1404 924 444 Mar23 Jan 5 Aug 5 Jan 5 Septl4 JanlS 92 Jan 4 Feb21 JanlS Janl6 204 April 127g Jan 18 May 7 11*4 July 8 444 Jan 2 264 June26 17*4 Feb 15 244 June20 64 18 49*4 654 4*8 34 June21 May24 864 May24 100 Septl8 101 Aug27 84 Feb27 914 May 8 60*4 Mayl7 97 Apr30 88*s Sept27 1114 Sept30 43*4 Aug29 84 May22 224 Sept 4 9478 Aug24 364 Sept27 54 Sept30 684 Feb 1 43 Aug 10 814Junel3 71*4 Mayl6 100 Feb18 134 Feb 6 684 Feb 6 144 Mayl4 864 Feb 19 106*4 Mar 2 92*4 Sept27 MaylS 1134 May 8 145 May 24 116 1094 Feb 1 172*4 Oct 4 99 Feb23 607s 9578 39*8 21*8 534 714 1204 Jan 2 z594 97*4 Janl8 Jan 5 58 Jan 6 65 664 Janl5 101*4 93 85 74 Jan 2 Jan 4 Oct 4 102 72*8 964 94 JanlS JanlS 10678 Jan21l 284 21 Julyl8 Sept27 Julyl8 July 5 37 41 Ra-dividend. June27 104 Jan 2 22*4 Febl8 394 Jan 3 964 96 Year 1917 Lowest. $ per share Dec 107* Jan Deo 1004 Feb 75 76 *7978 Deo 384 Dec 484 Dec 36 126 42 6 Dec Deo Nov 35 Nov Dec 174 Dec Jan Jan 119 85 767s Jan 82 Jan 167*8 65*4 144 41*4 Mar Jan Jan Jan 92 Jan r 624 Dec 1254 Jan 85 Dec 1244 Jan 1374 Dec 1724 Feb 16 Dec 384 Jnna 44 Dec 844 Apr 35*4 Dec 71 Apr 24 Nov 51 Jan Jan 61*4 Oct 80 18 Nov 30 Jan 447g Nov 574 Jan 41 46 Mar( Sept 87 Nov 15178 Jan 1674 Dec 238 Mar 5 Dec 17 Jan 97g Deo 41 Jan Dec 134 34*4 Jan 18*4 Dec 494 Jan 154 Dec 39*4 Jan 794 Dec 1184 Jan 22-4 Nov 384 Mar 85*4 Dec 106*8 Jan 5*4 Dec 394 Dec 134 Nov 40 Nov 84 Nov 23 Oct 50*8 Dec 103 Dec 678 Dec 34 Deo 7 Nov Nov Dec Dec 1978 374 624 214 Sept 17 Nov 92*8 Dec 75 Deo 404 Dec 12 45 37 Dec Nov Oct IDs 724 2578 684 254 53*4 794 133*4 3214 Jan Jan Jan Jan Jan Jan Jan Jan Jan 11 Jan 204 Jan 34 61 Jan Jan 103*8 527g 294 138*8 1104 57*8 36*4 734 Jan Jan Jan Jan Jan Jan Jan Jan 57 June 18*4 Dec - 35*4 June 53*8 Apr 68 Jan 604 Nov 1044 Jan 34 Nov Jan 45 337g Dec 454 Jan 12 Dec 26*8 June 22 Dec 32 Jan 34 Dec 83 Jan 18 Jan 74 Dec 1678 Dec 394 Jan 75*4 Dec j984 Mar 214 Dec 3*8 Jan 61*s May 704 Jan 11*8 Nov 19*4 Jan 62 Dec 95 Jan 1014 Dec 1494 Jan Jan 694 Dec 85 44 Dec 11*8 Jan 114 Dec 23*4 Jan 7 Nov 15*4 Jan 364 Dec 58 Jan 18 Dec 304 Jan 12 Dec 23 Apr 20 Dec 41 Mar 104 Dec 184 May 354 Dec 48 July 74 Dec 227S Jan 164 Nov 50*8 Jan 33 Dec 544 Jan 74 Nov 19 Oct 454 Dec 1 Dec 1*4 Dec 15 65 72 91 63 Dec Dec Dec Dec Dec 784 Dec 294 Nov 87 Dec Feb 57 Nov 100 21 Dec Dec 80 10 Feb 434 Dec 87g July Dec Oct 35 46 15*4 Feb 48 Feb 46*8 Dec 93 Dec 84 Dec 50 88 67*8 *994 604 894 106 30 Dec Nov Dec Nov Dec Nov Dec May 95*4 Dec 123 89 May24 374 Marl2 87 17 Aug28 July 3 July 1 Mayl6 Feb 18 July 9 Mayl8 Sept 7 Sept30 Mayl6 Mayl6 Apr29 Sept 5 Highest. % per share Dec Dec Feb Nov Nov Dec Dec Nov 104 394 514 87*s Sept Feb Feb Dec Dec 664 Dec Dec *664 Dec 93 54 43 93 82 b Before payment of first 184 Jan 374 Jan Jan 80 114 Jan 84 Mar 324 May 8078 Mar 954 May 1034 Jan 1024 Feb 98 Jan 63 May 1114 June 80*8 June 118*4 May 504 Jan 1014 Jan 174 Mar 75 Jan 167g Aug 55 July 62*4 Aug 294 Aug 75 Nov 82*4 Jan 1064 Jan 19*4 Mar 714 July 93 Nov 112*4 June 1174 Jan 75 June 126*8 June 1214 Jan 624 Deo 1284 Jan 220 Mar 109*4 Jan 58*4 June 100 June 544 Mar 41*s Jan 724 Jan 87 May 1214 Jan 66 Jan 764 July 1024 Jan 136 Jan Jan 515 156 June 1014 Oct Installment. Record—Concluded—Page 2 New York Stock 1366 For foot'd of ooloo daring tbo v««k ot ttock< ur/<?H and row falf Saturday Stpt 28 Monday Sept 30 « mr thara X nor share 153 155 154 *1014 10*4 •26 " *4012 20% •62 ’ 70% *ito ~ 10% 25% *40% 20% 27 41% 20*8 63% 71% 154% 10*4 26% 41% 20% 65 69% 71 105 63 in* Tuesday Wednesday Oct 1 Oct 2 t per *10% 26 *40% 20% 6412 69% *103 34*4 88% 17% 39% 34% 89% 17% 45 36 94 89% 89*4 70 *67 *67 " 68 43% 44% 44% 44% 103 103 *102 *102 67 64 66lg 67% 35*4 93% 46% 36% 94*4 47 •36 ’ 34*4 34% 86 17 40 47 36 86 16% 40 46*8 35*4 89% 89% 30% *79 63% 10% 30 79 30% 79*4 54% 10% 53% 9% 28 147 118 78 29 146% 146% 119 117 281?. 78% 46% 78% 46% 46% *98 •98 83% 48% *78% * 54*4 16% 61*4 *49 78 80 99% 46 83% 83% 49% * 54% *15% 16% 62% 127 127% 27% 2812 104*4 ioe% 30 36 *62 28 81 79 65 *64 *27% *57% •21 *61 46 64 *27 *78 33% 80*4 83 19 28 *78 19% *72% *64 28 28% 59 59 22 28’% 52*4 53% *68 *98 *16 50*4 *92 57*8 *101% 20% 124 *41 70 95 57% *101% 20% *20% 121 124 94% 95% 48 48 27*8 27% 39% 42% 48% 27*4 39% *98 99 17 17% 51*8 83% 72% 51% 83% 71 *95 95 113 99 119" 6934 70% 71*4 100% 23% 24% 92% 93 *99% 100 *98 24 *100 32% 49% 96 43% 67% 100 94 6 28 ‘ 81 79 65 *27 *78 *73 *64 19% 29% 59% 29*4 60 23 48% 42 §98 16% 98 17 174 *9434 96 75 39 *66 *66% *37% 101% 101*4 *93 58% *101% 20% 20*4 122 42% 38% 7% 31*4 97 50% 27*4 40% 98% 17% 51% 83% 71*4 99 96% 114 71% 101% 24% 93 100 94 31% 97 49% z26% 40 *98 16% 51 *83% 69% *95% 87 114 67*4 *98 23% 90%‘ 100 98 6% 30 79 60% 63% 89 89 29% 79% z47*4 53% 11 10 28% 28% * 46 56 49% 34% 81% 19% 61*4 89% 29*4 79% 49% 10% 63 49% 33% 79 20 *27 *78 *72 *64 20 29 81 79 65 * 71 62% 23% 116% 123% 98 98% 28 28% 49% 50?g 71% 71% 17% 17 28 497g 70% 95 58% *92 *57% *101% *101% 20 32% 97% *31*4 97% 49 51 *25*4 27% 40% 99 . 17% 51% 16*4 48*4 95 59 69 *95% 85 117 67 *99 24 237$ 91% 89 104 *6 147 6% 56% 96 41% 100 16% 179% 188 69 *68 43% 43% 40% 98 17 98 98 167g 50 96 *86 147 70% 95 75 16% 68*4 94*4 71 104 44% 43% 109% 112% 147g 33 59 38*4 41% 186 71% 947g .71 37% 101*4 107 140 14% 44 112 94% 92 39 108% 109 *93% 98 62% 63% 104% 104% 617g 44% *46% 20*8 *80% 55 20% 81% 55 •111% 113 *110 63 *86 *66 114 63% 68 65 *59 46% 20% 46% 21% 82 82 46% 20*4 21% *81% 83% 56% 56% 113% 115 *60 55% 56% *111% 113 *110 62 *85 66 114 91 61% *85 63*4 66% •Bid and *3feed prices. Ex -dividend; *110 62% uo 65 47 114 61*4 91 63*4 dated oa *59 47 20% 82 56 65 47% 21% 82 79% 50 72 • 1 55% *14 61 134 72 45 55% 16% 61 134 28% 29% 110% 112% 30 35% *63 50 34 78 *19 27% *78 *72 *64 30% 35% 64 5034 34% 78*4 20 27% 81 79 65 29% 31% 61% 62 23% 24% 119% 123 *99 28*g 49*4 73% *16% 44% *92 *57% *101% 100 28% 50% 74% 44 44 *42% 44% 110% 110% 110*4 84% ?4 117g 13% 109 *59 47 65 47 20*4 *81% 21% 83% *52 56 95 59 20% 11734 11734 *45 40 7% *31 *98 *98% 53 28 40% 16% 50% *83 69 88 50 41 7% 32 99% 55 30% 41% 98*4 17% 51 83% 69 89 121% 121% 68 68% *98% 101% 24 24% 893g 90*4 *9934 101 106 110 7 6% 149 152% 32 57 58% *91 39% 106 *93 63% 104% *43% *41% 108% 110*8 83% 13% 54*4 109% 70 84 *43 *59 _ 20*4 p«« PER SHAMT /or Yoar 1017 PER SHARE Rang* tinea Jan 1. 0» ftarii o/ 100-fAarg lota. STOCKS NEW YORK STOCK EXCHANGE Lowest Highest. Lowest. 39,000 Midvale Steel A Ordnance.50 100 4,000 Montana Power Do pref 100 800 43% M ar23 64 95 June25 Mar 19 13% Apr 8 7 37% Jan 92 Sept25 43% Jan 7 99*4 Mar 2 Nat Conduit A Cable No par 9,600 Nat Enam’g A Stamp’g 100 Do 1,000 2,600 1,000 400 pref 100 National Lead :__100 Do pref 100 Nevada Consol Copper 6 New York Air Brake 100 North American Co 100 Ohio Cities Gas (The).... 25 Ontario Silver Mining 100 Pacific Mall SS 6 Pan-Am Pet A Trans, pref. 100 17*4 117% 37*2 35% 4% 23% 44,600 1,200 1,700 3,400 17,310 People's G L A C (Chic).. 100 8,200 Philadelphia Co (Plttsb).. 50 14,500 Pierce-Arrow M Car...No par 100 Do pref 100 26,500 Pierce Oil Corporation 25 3,100 Pittsburgh Coal of Pa 100 400 Do pref 100 100 2,150 Pressed Steel Car Do pref 100 1,000 Public Serv Corp of N J..100 1,600 Pullman Company 100 10,100 Railway Steel Spring 100 Do pref 100 4,410 Ray Consolidated Copper. 10 31,000 Republic Iron A Steel....100 400 Do pref 100 6,270 Royal Dutch Co ctfs dep Saxon Motor Car 1,100 Corp 100 3400 Sears. Roebuck A Co 100 900; Shattuck Ariz Copper 10 28,700 Sinclair Oil A Ref’g No par 8 Jan 39% Jan 2 21 Apr 12 34 Jan 16 86 89*4 Jan 26 15 SeptlS 4001 64% t Ex-rights Dref A _ . _ _ a Sx-dtv gad rights. 13 Junel7 33 U Aug 99% Oct 55 31 43% 98% 17*4 68*4 84 73 100 3 3 Jan 31 May24 Mar 1 Sept 6 8ept23 Feb 28 Feb 19 Augl3 Aug 5 39% Dec *58*4 Dec 13% Dec 24 Feb 90% May 37% Dec 99 i6 98 39 Dec Nov Nov Dec 31% Oct 3% Nov 18 87 35 Feb Nov Dec 25% Dec 33% Nov 33% Nov 48% Mar25 *87% Mar 19 65 Jan 24 37 Jan 2 83*4 Mar28 101% Jan 5 116% Jan 16 11% Apr 6 41 106 94% 51 *95 Mar26 Oct 4 Septl7 Jan 15 Jan 15 32% Apr 12 42% Apr 12 86% Mar25 Mar25 108 76*4 M ar25 11 Septl6 33*4 Jan 2 Jan 16 Jan 5 98 50 77% Aug 2 38% Jan 17 59 Jan 11 36*4 Jan 2 15% Jan 15 75 45% 110 111 34 3 Jan Jan 2 Mar2 5 Oct 2 4 Jan 85*8 Feb 5 59 Jan 18 • Par Junel7 Jan 31 Feb 15 Feb 5 71% May24 60% Oct 4 j 106% Dec 36% Nov 88% Dec 19% Nov 60 89 59 Mar21 65% Oct 4 106% Julyl3 48*4 Feb 19 45*4 Feb 1 116% Aug 28 112% Jan 31 87% Mayl6 15% Feb 18 56% Aug 26 109% July 6 73% July27 95% Apr 15 47^2 May 16 64*2 Feb 20 47% Oct 2 22 Jan 3 July23 66% May24 120% Jan 3 115 Sept 9 69 Aug 28 91% Apr 6 70*8 July26 83 610 par snare. Feb Dec May 4% Nov 123% Dec 95 Feb 6 85 45% May 3 30% 100 Sept27 96 21 11 July 6 188 Sept30 114*4 72% Aug 14 42% 98 Aug *86 1 80 Mayl3 59% 44% May 10 34% 105% June24 81% 110 Jutyl8 98% 145% Oct 3 *105 19 10 May 7 42 47*4 Feb 1 137 98% May24 99 Jan Jan Jana Jan 41 Feb 104*4 Mar 27% Mar 63% Mar June 477* Apr 58 134% Jan 103% June 37% July 112% Jan 91% 117*4 55% 94% 44% 24*4 41% 171*4 146% July Jan Jan Jan Oct Jan Aug Jan Jan 93 Jan 61% Jan Jan 112 92% Jan Jan Jan June June 47 137 110 40 66% June 21% May 60% July Jan 36% Mar 106% Oct 47% Mar 123 49% Jan 77% June 64% Jan 50% May 103% June 30 Jan 27% Jan Jan 64 89*4 Feb 67% Jan 61% Jan 74% Jan 40 Jan 106% Jan 97% June 43% Apr 671s June 109% Jan 117% Mar 39 June 46*4 99*4 July 63% Mar Jan 114 26% June 156 Mar 72% 143% 7*4 3012 Mar Apr Sept June 90 Aug Dec Dec 83% Jan Jan Nov *107 Jan Dec 131 39 117 11 156 Jan Aug 62% 42% 30is 62% 101% 115% 54% Sept 74 49 *90 99 15 10212 Sept 17 share 37% Dec 25 88 18% Feb 19 May 16 per 125% Apr Dec Nov 24% Dec *14*4 Sept30 25% Apr 11 96 | 98 Jan 106% Jan 42 Jan 41*4 June 9812 Aug 109% Mar 5 121% Oct 4 71*4 Sept28 102% Aug 29 26% May 16 Jan 24 33% Apr 24 80% July 3 34% Mar25 95 Feb 16 12% Jan 2 136% Jan 7 , Mayl6 74% Oct 4 101% July26 21*8 July 5 54% May20 99% Feb 20 61*4 Apr 4 105% Mayl8 21% May 16 139 May22 46% Feb 23 42*4 Mayl6 85 Oct 2 100% Jan 7 45% Jan 7 95 Jan 2 22*8 Jan 15 *72%Jan 15 92%Jan 2 70% Mar23 4*4 Aug22 133*4 June 8 39 100 pref B....100 15 79*4 Jan 2 56% May28 93 Apr 27 .. Do Do Jan 42 fe 90 Mar25 Jan 12 Augl6 Mar25 Jan 22 Jan 21 61 Biyhy*. | 1 32% 900 Bloss-Sheffleld Steel A IronlOO 57% 60% 110,900 Studebaker Corp (The)..100 96 Do 100 pref 39% 1,600 Superior* Steel Corp’n 100 100 150 Do 1st 100 pref 17 7,100 Tenn Copp A C tr ctfs.No par 186 6,360 Texas Company (The)....100 71 33,700 Tobacco Products Corp.. 100 95 200 Do pref 100 75 300 Union Bag A Paper Corp .400 500 United Alloy Steel 37% No par 103 18,100 United Cigar Stores 100 On 107 100 pref 2,200 United Fruit 100 142% 15 U S Cast I Pipe A Fdy 100 44 370 Do pref .100 109*4 27,400 U S Industrial Alcohol.. 100 96 200 Do pref 100 100 65% 11,300 United States Rubber 500 104% Do 1st preferred 100 43% 1,600 U S Smelting Ref AM 50 100 Do 42% 50 pref 109*4 788,400 United States Steel Corp.100 Do 110% 3,500 pref 100 84% 9,500 Utah Copper 10 13*4 2,800 Utah Securitiesvtc 100 55% 10,300 Vlrglnla-Carollna Chem..l00 100 109% Do pref 100 70 600 Virginia Iron C A C 100 88 1,900 Western Union Telegraph. 100 44 11,100 Westlnghouse Elec A Mfg_50 65 Do 1st preferred._ 50 50 1,900 White Motor 21% 60,600' Wlllya—Overland (The).. 25 500* 83% Do Dref (new) 100 55 1,300 Wilson A Co, Inc, v t e 100 117 1,900 Wool worth (F W) ...100 117 300 Do pref 100 57% 2.300 Worthington P A M v t c.100 1 Lead tnan 100 dnared preceding. t per share $ per share ; IndustrialJtMlac. (Con.) Par $ per share. 89 Jan 5 158% Oct 4 108 Feb 100 15,100 Burns Bros 12% July 10 900 Butte Copper A Zinc v t c..5 8% Apr 25 12*4 Dec 33% Mayl4 16i* Jan 2 2,600 Butte A Superior Mining.. 10 33*4 Nov 45% May 10 100 California Packing....No par 36% Jan 3 12 Jan 7 22% Oct 1 10% Dec 100 14,300 CallfomaJ Petroleum 36 Jan 5 29% Nov Do 65% Oct 1 4,500 pref 100 55 Dec 73% Feb 27 100 61‘2 Jan 15 23,800 Central Leather.. 97 Dec Do pref 100 102% Marl4 *107 Mar 8 25 Dec 35% Mayl6 Cerro de Pasco Cop...No par 29% Mar 6 2,100 95 Feb 25 56 Nov 100 68% Jan 2 5,600 Chandler Motor Car 20 Oct 4 11% Nov 14% Apr 4 31,700 Ch.Ie Copper 25 35% Nov 47% Mayl6 36% JunelO 6,100 Chino Copper 5 54% May24 29*4 Nov 34*4 Jan 29 5,300 Colorado Fuel A Iron....100 25% Nov 37% Oct 4 100 28*4 Mar25 7,050 Columbia Gas A Elec 101 4 Oct 82*4 76% Dec July 15 17,400 Consolidated Gas (NY).. 100 95 Feb 19 76 Nov 500 Continental Can, Inc 66*4 8eptl3 100 18 Feb 45% Julylx 29% Jan 15 26,900 Corn Products Refining.. 100 88% Nov Do 1,100 pref 100 *90*2 Jan 7 103 Oct 3 52 Jan 12 74% Mayl6 45*4 Dec 47,900 Crucible Steel of America. 100 86 Jan 31 91*4 June 4 83 Dec Do 500 pref 100 33% Feb 20 Cuba 24% Nov Cane 271* Apr 10 12,250 Sugar....No Par 83 Feb 18 74% Dec Do 78% Mar25 pref 100 1,400 2 *33 Jan 64*4 May 24 11*4 May 36,800 Distillers’ Securities Corp.100 11 Oct 1 6 Junel9 6% Nov 10 12,100 Dome Mines. Ltd. 39 Feb 13 28 Feb 26*4 Junel9 4,025 Gaston W A W Inc..No par 153 Mayl6 118 Dec 100 127*4 Jan 7 3,250 General Electric 164 Aug.ll 74% Nov General Motors 106*4 Jan 15 15,500 Corp 100 88 Feb 1 77 Do 72*4 Dec Sept17 2,330 pref 100 38 Jan 2 52% Oct 4 32% Dec 100 12,075 Goodrich Co (B F) 96 Jan 10 100% Sept 5 *91% Dec Do pref 100 84 65 Nov Sept 5 74 Jan 25 1,500 Granby Cons MSA P 100 52% Oct 1 34 Nov Greene Cananea 381* Jan 17 2,900 Copper. .100 Nov 77 Gulf tr ctfs__100 111% Apr 25 States Steel 70*4 Oct 3 1,800 Do 1st pref tr ctfs 99% Aug 1 102 Jan 10| 101% Nov 100 34 Jan 5 49% July30 27% Nov 1,100 Haskell A Barker Car..No par 56*4 May 16 38 Nov 42% Jan 15 33,200 Inspiration Cons Copper..20 19 June20 300 Internet Agrlcul Corp....100 10 Jan 8 7*4 Nov 65 Junel8 5 Do 38 Jan 26% Nov 4,900 pref 100 100*4 Nov 111%Jan 2 135*4 Oct 1 2,515 Intern Harvester of N J..100 21 Jan 15 31*4 Feb 23 17% Dec 39,900 Int Mercantile Marine.. 100 Do 62% Feb 83*gJan 2 112% Oct 4 302,100 pref 100 27 Jan 15 31% July 8 24% Dec 9,100 International Nickel (Tbe)25 45% Mayl5 24% Jan 15 1812 Nov 9,700 International Paper 100 Do 300 58 Jan 22 65% Jan 3 60% Nov stamped pref 100 41 51*4 July30 Apr 2 36% Dec 2,800 Kelly-Sprlngfleld Tire 25 26 Nov 29 Mar25 34% May 16 16,000 Kennecott Copper No par 68 Nov 100 73*4 Jan 12 91% Mayl6 5,500 Lackawanna Steel 500 Lee Rubber A Tire 12 No par Apr 2 22*4 July30 10% Nov 31 Aug 1 200 Loose-Wiles Biscuit tr ctfs. 100 17%Jan 8 12% Nov Do 2d pref 53 Feb 15 77% Septl3 100 70 Nov 78% Feb 28 71*4 Junel8 Mackay Companies 100 65 May28 Do 57 Jan 4 pref ..100 67% Dec 32% Feb 19 23% Jan 15 12,100 Maxwell Motor, Inc. 100 19% Nov 49 Dec Do 1st pref 51 Apr 24 64*4 Feb 8 5,600 100 Feb 5 26 19 13 Nov Do 2d pref May27 4,325 100 Jan Oct 2 Mexican 79 5 123% 67 Dec 296,400 100 petroleum 600 Do 87 Jan 15 98% Oct 2 84% Nov pref 100 25 Nov 26% June 7 33% Jan 31 4,130 Miami Copper 5 17 47% 20 *82 55 56*4 114*4 114*4 114% 115% 116 111 113 *111 114 *112 56 59 59% 59% 56 *85 91 *85 91 *84 *63% 66 *63% 66 64% tnid day 79% 50% 99% 45 100 *96 16% 17 16% oc 181% vH $ 183 70 72 70 *93 94% *92 *71 75 *71 37 37% *37% 102 103% 101% *100 107 *100 142 145% 142% *13 15 *13 *41 44 *41% 16% 108% 110% 30% 79% 50% 10% ♦95 100 103% 104 43% 44 *42% 67*4 101% 57*4 7% 179 69 99 237g 24 89% 91 100% 100% 107 113% *6 7% 146*4 147% 147g 14% 31% 32% 58*4 58% 57% 5934 106 29% *9934 101 17% 68% *96% *98 24 90 9*4 27% 28 148% 151% 123% 125% 78% 78% 50% 52% 51 83% 67% 68% 32 59 54 *86 39 *95 ' *83 8634 86*4 120 118 101% *3712 104 40% 99 85 117 147g 16% *94*4 50 27 91% 100% 100% 100 107 52*4 50 27 32% 99% 54% 28% 41% 51*4 83% 69% 83% 69*4 101% 60 41% 40 98 51%' 84 70 99 92 116 *31% 98% 32% 98% 90 79 49 74 20 20 35 88*4 90*4 18% 20 3934 40 *43% 43% 36*g 37% 97% 101 *65 67% 43*g 44% 102*4 103 58% 60 28% 50% 17 47% 95 59 697* *98 *98 17 17% 49% 49 *93 *58 107 *99 *98 50% 80 20 29 81 79 65 30% 61 61% 23 23% 119% 1217* 23 28% 51*4 34% 297g 30% 60*4 64 50 110*4 H0*4 110*4 110% 110% 110*4 110% 110*4 84 85% 83% 84% 83% 85 83% 83% 11 13 13% *10% 11 *9% 11 13% 55 54 54*4 55% 55 54% 55*4 54*4 55% 55% *108 *109 109 110 110 *109 110 *108% 109% *108 70 *71 73 73 71 *68 73 72% 72% *71 82 82 82 82 82% 84 84 83*4 85 82% 44 44 44 44*4 43*4 43% 44*4 43*4 44% 43% 65 47 35 *45 80% 38% 37% 101 * 102% 101 *100 107 *100 *100 107 *100% 107 134 134 *131 134 137% 139 138% *13 *12% 14% *12% 14% *12% 15 *42 44 43% 43% *41 43% 43% 112 116 *115 116 110% 114 108% *93 96 95 95 *92% 96 94% 61 61% 62*4 60*4 61% 61% 61% *60 68% 25 *1031? 108 28% • 63 50 34 *19 *27 *78 *73 *64 29 65 31 61 23% 33% *95 *103 104 104 4212 42% 43% 43% *43 44% *43 44*4 112% 113% 111% 113% 43% 103 99% 46% 56 55% 55% 16 *15 16 16% 62 63 61% 61% 131 134% *131% 134 27 29 27*4 28% 106 108** 106% 111% 30 30 30% 30% 33 35 34 34*4 33*4 79*4 29 81 79 60 98 *103 34% 88% 18% 39% 44% 36% 97*4 67 *78% 47*4 10 28 99% 45% *61 *46 63 32% *86 *37% 101% 102% 70% 59% 89% 29% 29*4 79% 50% 10% 28*4 45% 65% 147 *14% 15 53% 95 75 39 89% 142 96 42 17% 691* 20 20% 120 121 *112% 120 *112% 120 *44 44 50 50 44% *43 377g 40 37*4 38% 37*4 38 7 7% 6% 7% 7% 7% 6% 174% 188 67*4 70 68% 16% 49% 58*4 142 2:14*4 15 32% 34 *60 62 *85 70 *98 16% 95 21 64 93 67 43 103 43% 102% 102% 116% 121% 50% *140 50 *41% *94 90% 33% 62% •86 98 16 172 80 28 96 *61 34 82% 19% 49% 57% 97 6 141 15 48% 33*4 53 70 16 50 *92 7*4 *94 6 *139 15 *61 46% *98 16% 61% 35*4 93% 67% 93 67 427. 16% 63 63% 133*4 135*4 27*s 28% 104% 108 30 30% 33% 34% 28% 32 16% 54% 16% 27% 51% 68% 32 51% 55'4 63 21 *61 347* 88% 17% 39% 43% 35% 40 45 35% 99% 97 38 *83 72 *96 *92 *112 * 97 37*4 39 *98 46% 100% 17 631? 21 64 25 149 *148 148% 1487* *145 127 122% 125% 123% 124 79 77% 78% 777g 78% 78% 47 49*4 51% 48% 50 49% *996. ini *993* 101 *98 101 79 80 80% 80*4 82% 82*4 49 50 50 49% 52% 507g 77 73 76 70*4 72 76% 149 124 78 22% 112% 121% 42% 37*4 *7% 31% * 10 28 149 122 10% 28% 22 110*4 112% 28 79 54% 128% 132i2 27*8 27% 103% 106% 30 30% 34% 35% 36% 46% 34% *72% 63 30 46% 33% 82% *18% . 89% 29% 78% 51% 21 64 *1031? 110 347g 89% 17% 44 68 44 43 102% 102% 62 64% 46 47 55 40 68 89% 30% 83% 50 78% 99% 34*4 88% 17% 39*4 158*4 10% 10% 41% 10% 25 70*4 6912 *103 105 105 155 *40% 10% 257* 41% 21% 64% 70% 64 % per thare 407* 10% 25 *407* 20% Oct. 4 107g 25% 407g 10*4 26 41% 22% 65% the Week Shares Friday Thursday Oct. 3 t ver share S per share 148 155% 15H2 155 share 150% 154 34*4 89% 17% 40% 47% 34s4 86% 16*4 397, Saltafor prices—per share, hot per cent. Mcond asaally inteti**, 88 45 91 40 43% Dec Nov Nov Dec Nov 32% 9412 105% 73% Apr June May Nov 68 Jan 238% Jan 29*4 Mar 59*4 74*4 110% 108% 51*4 102% 19% 105 112 Dec Nov Dec Nov Nov Dec Dec Dec 26 97 46 *76 Nov Dec Feb Dec 33*4 Dec 52% Dec 33*4 Nov Nov Nov Nov 99% Dec 113 Dec 15 69 42 23% Feb Nov May Mar Mar Jan Jan June July June Jan 80% Aug Mar Jan 49% June 1277s Aug 120*4 Mar 154% Jan 2412 June 243 Nov Dec Dec Dec Dec ■ June Jan Dec Dec Dec Nov Dec Jan 58 101 Dec Dec 79% 102*4 70% 9% 88 50 16712 Jan 63 171% June 106 June Aug 67 Jan Jan Jan May Jan May Jan May Jan Mar 99% Jan 56 May 70% Jan 5212 Jan 38% Jan 100 Mar 84% Mar 151 Jan 126% Jan 37% JunA 97% Jun® 114*4 67% 52% 136% 121% 116% 24*4 46 112% 77 63 Par f 100 per Jun® share New York Stock BONDS N. Y. STOCK EXCHANGE Week Ending Oct. 4. H Exchange—Bond Record, Friday, Weekly and Yearly 1387 now—"and interest”—except for interest and defaulted bonds. of guotine bonds mas changed and prices In Jan. 1909 the tetom method Price Week's Fridas Oct. 4. Range or Last Sale U|Sj4a converted from 1st Lib- erty Loan 1932-47 J U 8 4s 2d Liberty Loan.. 1927-42 M U 8 434s converted from 1st Liberty T-oan 1932-47 J U 8 434s converted from 2d liberty Titian 1927-42 M O 8 434a 3d Liberty Loan.. 1928 M IT ft 2a rainanl rwlfftfTWi.. <11930 Q _ coupon No. Low Wash Ending djc. 4. 1 D 100.08 Sale 100.02 D N 96.50 96.54 Sale 95.60 Sale 95.48 96 50 449 93.00 98.40 95.60 2687 13.00 98.01* D 96.50 Sale )5.Si 96.58 1319 N 96.50 S 96.90 98 J 98 J Bale 15.40 Sale 95.66 9834 98% 99% 99% <11930 Q Q F Q F Q F Q F Q F Q N Q M 1961 Q M Registered U 8 Philippine Island 4s. 1914-34 Q F IT ft 2« ftnnanl Jan. Ask Low U 0 U U U 8 3s registered *1918 8 3a coupon *1918 8 4s registered 1925 8 4s coupon 1925 8 Pan Canal 10-30-yr 2a.*1936 U 8 Pan Canal 10-30-yr 2s reg ’38 U 8 Panama Canal 3a g 1961 .... .... ... 85 85 100.94 4282 .... .... .... High 17.20 102.5<> 93.90 97.10 Chesapeake A Ohio (Con)— General gold 4J4s.. 199 4 Registered 19' 2 4 20-year convertible 4)4s__193 r 30-year conv secured fie..194 % ■ Big Bandy lot 4a 104 Co il River Ry 1st gu 4S..194 1 97is 99' 98% May’13 98 99 85 89 June 18 100 Feb ’15 ---- 10 105 105 98 — July’18 Sept’18 107 107 98 .... June 18 — .... 98% 99% 9934 97% 99 85 83 85 89 Foreign Government. Foreign Secur 5s 1919 Anglo-French 5-yr 5s Ex ter loan. Argentine Internal 5a of 1909.... Bordeaux (City of) 3-yr 6s._1919 F A 975s A O 95 M 8 84 M N 93*4 J D X 67 Cuba—External debt 5e of 1904. M S v A Exter dt 59 of 1914 ser A. .1949 F External loan 4U{a 74 .1949 F A TVtmlninn nf Canada g 5a 95% 1921 A O Do do ~ ..1926 A O 9478 DO ..1931 A O 94 do French Repub secured loan. 101% F A t 8512 J t 86% Second series 4V$s .1925 J Do do "Gennan stamp”. 8134 J t 7412 fttM-lln); loan 4a 1931 3 M N Lyons (City of) 3-yr 6s 1919 98% Marseilles (City of) 3-yr 69.. 1919 M N 9834 Mexico—Exter loan £ 5s of 1899 Q J J 52 D Gold debt 4s of 1904 35i2 1954 J 97 Paris (City of) 5-year 6s 1921 A O M S Tokyo City 5s loan of 1912 76t2 UKofGt Brit A Irel 2-yr 5s 1918 M S M N 99% 3-year 5 34 % notes 1919 97 5-year 5 34% notes 1921 M N A Convertible 5H% notes.. 1919 F 9978 _These are prices on the basis of $5to£ ' _ State and'Clty Securities. N Y City—4^s Corp stock 1960 M 434t Corporate stock 1964 M 434s Corporate stock....1966 A 434s Corporate stock....1965 J 434s Corporate stock....1963 M 97 Sale 86 94% 95t4 85% Aug’18 Sale 70% 98% 96% 9212 95% 92% 82 " Sale 70 84 95% 94 Sale 94 101 Sale Sale 89>2 Sale Sale 75 Sale Sale 40 Sale 79% 98 99% Sept’18 Sept’18 July’18 Apr ’18 95 (4 94% 94% 101% 85% 86% 81% 85% 86% 80% 73's June 18 98% 99% 98% 99% 49% 50 33% Dec 17 97 30 .... ... 30 23 93% 100 36 89 9018 90l2 19; 88% 892; 100 87 Sale 9934 100 89% Sale 102 101% 92% 92% 77 804 73% 76 84' 99% 84 99% 291 263; 12 1 -«* 441 40 m 81% 68 97 80% 802 80% 99 96l2 97i2 101 98% 98% 96l2 9612 ---- 95 107)2 10612 108 10 •% 98 ~ 107 107% 100 100% 787s 74 6978 Sale 69 — .... .... ... .... v 11 10 2 100 80% July’18 July IS Aug’18 .... .... May |s Sept’18 June 18 98 82% 100 99 99 94% 98*2 94% 98% 98% 96 108% 101% 104% 10 104% 107% 100% 101% 105 .... 107% June 18 Dec ’17 71 _ 8734 96% 87% 96% 87% 96% 93% 101% 93 101% 85 91% 85 91% 85 91% 85 90% 93% 101% 93% 101% 76 82% 1 4 2 7 5 3 89 4 90% 89 ‘4 Aug’18 94% 100 ^ 95% 99% 91% 97% 97% 100 7 QO, 50 . .... 100 95 80% 83% -1 89% 90% 100 96% 94 2 1 12 93 891* 84 19i 90% 95% Sept’18 99% Aug’18 ----1 Sale 98% 99ig 500 399 Sale 96% 97 635 100 3ale 99% 9934100 ' .... 1 _ 170 71 44 Railroad. Ann Arbor 1st g 4a 51995 Atchison Topeka A Santa Fe— Gen g 4s." 1995 Registered 1995 Adjustment gold 4s 51995 .51995 Registered Conv gold 4s 1955 Conv 4s Issue of 1910 1960 East Okla Dlv 1st g 4s 1928 1965 Rocky Mtn Dlv 1st 4s Trans Con Short L 1st 4s 1958 £ Cal-Arts 1st A ref 4 34s‘ A” 1962 8 Fe Pres A Ph 1st g 58...1942 Atl Coast L 1st gold 4s....51952 Gen unified 434s 1964 Ala Mid 1st gu gold 5s 1928 Bruns A W 1st gu gold 4s. 1938 Charles A Sav 1st gold js.1936 L A N coll gold 4s 01952 8avF*W 1st gold 5s 1934 1st gold 5s 1934 811 Sp Oca <fc G gu g 4s....1918 Balt A Ohio prior 3349 1925 Registered 51925 1st 50-year gold 4s 51948 Registered 51948 10-yr conv 4 *4s 1933 Refund A gen 5a Series A. 1995 Pitts June 1st gold 6s._-.1922 P June Ar. M Dlv let g 3 34s 1925 P L E A W Va 3ys ref 4s~ 1941 Southw Dlv 1st gold 334s 1925 Cent Ohio R 1st c g 4 343. .1930 Cl Lor A W con 1st g 5s..1933 Monon River 1st gu g 5s. .1919 Ohio River RR 1st g 5s...1936 General gold 5s 1937 Pitts Clev A To! 1st g 6S..1922 Buffalo RAP gen g 5s.... 1937 Consol 4 34* .1957 All A West 1st g 4s gu.__.1998 Clear A Mah 1st gu g 5e__1943 Roch A Pitts 1st gold 6s. .1921 Consol 1st g 6s .1922 Canada Sou coos gu A 5s 1962 Car Clinch A Ohio 1st 30-yr 5s *3$ Central of Ca 1 at gold fie pl945 Consol gold 5s 1945 Chatt Dlv pur money g 4s 1951 Mac A Nor Dlv lBt g 5S..1946 Q Registered Sale 71 72 80% Apr 18 Aug’18 June 18 71% Sept’18 85% Aug’18 June 18 77 b 72 73 7012 72 82 83 90 91 79% 80% 74% 73% 71% 71% 85% 91% 76% 79 77 79 * 7612 82% 100 80*8 Sale 76% .... 110 69i4 102% 8578 73*2 J J M J J M J J J 9 Q F J M J M •No price Friday; latest Mm week N N a 88 87 O l3 9612 83% July’18 99% July 17 80% '80s 76 Sept’lS 95% Aug’18 35 Sept 17 129% Aug 15 69% 69% 115 July’17 105 July 15 99% May 1 \ i Sale .... J j 98 78 957g 76i2 Q .51987 Q Registered”1939 7978 A O A O Nov Nov M N J D D J M 8 i J J J M 8 M S M 8 i D M N J J J J M N A O A O J J J J - Am Dock A Imp gu 5s...1921 Leh A Hud RIv gen gu 5s ’2C N Y A Long Br gen g 4s..1941 Cent Vermont 1st gu g 4s __el920 Cheea A O fund A Impt 5s ..1929 51% July’18 60s J N M N J J M S A O A F J D A O A O M S M N A O J J F A D J A O D J F A M N i D 1 J Mid Oa A Atl Dlv 5s 1947 J J Mobile Dlv 1st g 5s J 1946 J RR A B of Ga coll g 5s. 1937 M N j j ' 56 J .... Sale * Sale Sale 767s 7634 97i2 8CP8 Sale 7flU 7*1 fil 85 ... s 55 .... ..... 5 io 3 92-4 Mar’17 76% 77 75% 77% 112 Jan 12 80'* 80 2 Ralfl 81 100 Apr 59 85% 79% 7134 73% 80 76 73% 70 78 71% 82 87 87% 91% 91% 79 79 76% 80% 85 „ 84% 82% 9534 77 75 «... 95% .... .... 33 .... 1 . 90 99% 89% ,73% 78% 12 21 '75% 80% 83% _ 75% _ ail* am* 20 31 17 73% 24 3 <> 69% 85% / <5 t "r an fit* 93% .... .... 88 88 99% 99% 99% ' 99 _. ‘ 96% ~ - — — - — .... 101 innia M’rt.v’ik inni« 101 85 78 ggi« 86 65 1 J 70% 62% 65% 1949 v 195< i Chicago Burlington A Quincy— o J 52% 38% Denver Dlv 4s 192'. F Illinois Dlv 344s 194' r Illinois Dlv 4«_ 194*' f Iowa Dlv sinking fund 58.1919 \ A j J o o 99% 100 198'. Chic A Alton RR ref g 3s Railway 1st lien 3*$s _ __ 85% 85% 841* 81% 101 Registered General 4s . 1919 \ 1927 M 1927 14 195* 14 Chic A E Ill ref A Imp 4s g_.1955 r U S Mtg A Tr Co ctfs of dep.. 1st consol gold 6s 1934 \ 85 Sept’18 84 9914 87 «4 n»n QQIi Aont*1S 80 .... .... i 84% Aug’18 87 84 83 Juoe 18 J Mllw A Nor 1st ext 4)^8.. 1934 Cons extended 4^8.... 1934 Chic A Nor West Ex 4s 1886-1926 Registered .1886-1928 General gold 3>4s 1987 Registered pl987 General 4s 1987 102% 82% 80% .... .... 81% 90 79 28 28 100 J 96% 99% O Ind A W lnt nref Sa 85 90 90 90 84% 84% 83 83 Peoria A East 1st cons 4S.194C Income 4s 199C Cleve Short L 1st gu 4V4S...1961 Colorado A Sou 1st g 4s._._ 1929 Refund A Ext 4 4a 1935 Ft W A Den C 1st g 6s...1921 104 inn 2 97% 9»% 100 100 67% 65 80 .... .... K 94 Cifba RR 1st 50-year 5a g 1052 Del Lack A Western— Morris A Ess 1st gu 34s.200( N Y Lack A W 1st 6s 1921 Construction 5s ..1923 A Term Improvt 4s....1923 94% 100% 89% Sept’18 Sale 30 .... O .1 A 0 n 0 C J J J F M F D J A N * 78% 79 Aug’18 Sept’18 d Dm Apr.L « Due 47% ....I 97% 70* 99% 76 80 98 97 87% 99% 98 89% 94% 7! 3 5 ---- 4 ____ _ _ _ 70 91 84% 30 30 101 72 70 54 98 60% 100% 91 78 25 22 98 72 _ Mart 7 83 .... .... m ^ 70 ^ Ntvifi 76*2 78 96% Jan ’17 97% Deo ’16 71 Sale 71 81 81% 67% Sale 78% 75 /8 * 7 734 64 a 79 71 Sale 98 92 98 75% 94% 89% 96 8 70% 99 .... 98% 108 103% 95 96% mm am mm 71%! 92% Feb ’16 81% Sept’18 673s 6734 78% 79 66 Sept’18 77% 79 % 70 43 75% .... 12 17 9 ! Jan ’18 92 July’18 Sept’18 97 74% Sept’18 97*2 Aug’18 101% 8ept’17 98 95 19 75% 97 -- - - .... 85 *89 84 >8 68 - .... 69 83 80 80 89 101 85 81 89 July’18 4 85*a Auv’18 67% 67% 81 4 904 96 a 2 2 82% 6 79 <4 80 1 104% 101 Sept’18 10 .... 92 100 .... 100 104 May 18 10*412 91% 10312 95% 4nr 97 97 92 95*2 97 94 j 98% 74% 991* 98 100 85** 671* 85 -i 81% 89 i 85** 73% 79 85% 1 , 821* 99% 103 79% .... 104 104 .... )0 July’18 A ir 16l M iy’18 Jan ’18 100 92% 93 Aug’18 92 97 94% May’ 1 77 101% Oct ’16 103% 104 105 Apr is 53 88 Jan ’ 1 * .... 84% 74 78 89 .... 82% 98% 771* 66% 71% 81% .... Oct ’16 Sale 80 66 1 85 Fab ’18 Sept’18 70 74 66 ‘98 95 .... 977« M iv’ I S! 82 81 64*4 71% 97*2 .... Jan ’18 Sept’18 79 70% ---J 76% 83% Sept’18 .... 94% 94% .... 92 96% 95 100 93 100 97 94% 94% .... .... 105 101 .... ---- 100% 101 95% 102 ____ .... 74 7234 Sale - 69 • - - . 10012 Aug’18 98 Aug’18 111% Dec 15 72% 71 - ■h Sale 68% 6534 67*8 86 96 80 66 96 95 .... 92 64 67 —_ 102% Mav is 74 Sept’18 92 Aug’18 89 92 .... _ 67% 72% May’18 » 69 Aug 18 97% Feb ’18 June’17 97 May’0 93 63 Mavis .... It- 99% 100 86 ... j 102% .... 98 .... 95*8 '73 12 77% 72 71% .... 21 76% 93 92 713, 69% 62*2 ! 66 80% 67% 96 62 98 .... .... 100 93 63 69 106% 95 93 57 59 |0*> .... i 88 90% 81*2 85% .... 1 Nov’16 9934 98 102% 102% .... 6 Sept’18 68 68*2 Sept’18 103% 105% 103% 103% 79 88 Sept’18 88 88^2 88 88 100 >8 . 66 . 1 9934 _ _ 95 67 100% 103 58 .... 58 58 105 .... 103 105 .... 64 61 ‘ 62% 1 - July’18 July’ 18 65% Sept’18 69% 90 M »v' 17 75 65 88 96 64 Mr’11 Jan 17 64 .... 66 77% 78% 75 * 1 65% 81% 6334 83U 62% 66% 63% 77*2 Sept’18 86% Aug’18 83% M ’17 63% 63% 68% Jun« 18 73% June’17 ■s4 Nov* If 99% 99 Sept’18 87 Dec ’17 88% Mav 15 102% Jan ’17 107% Apr *17 94 July’08 52% 11% 60 12ij 83 85 84% 71% 85'i Salt ____ 99 77% 85*4 104 A Mav 97 85 w —... _ 99% 100% 96 4 53* 95 U5 „ 6 .... 66% 59 64% 65% 80 77% 86% 62 63 65 68 . 1 .... 1 _ J 99 ---- 99 .... .. ...» .... 98 50% Aug’18 12% Sept’18 83% Sept’18 85% Sept’IS 71% 71% 97 Sept’18 40 ♦0 51% 12% 83% 82% 13 90 86% 66 96 73% 981* .... 85 94 Feb ’16 71 74% 74% 8ept’18 101 Sept’18 100% 103 95 96 95 88% .... Aug 18 93% Jan *18 102% Ker. ’08 .... .... .... — 73% 75% 100% 102% 95 98 93% 93% - May. ? Diw Juae. A Due July. * Due Aug. o Due Oct * Due Nov. * Due Dec. « Option tale t b b 6 52 35% ’18! Sale 56% 57 100% 100 Sept’18 100% Apr 17 84% Apr ’17 104% J.n *i7 Due Jan. 50 Aug’18 32 56)2 _ 32 June’18 Feb _ July’17 97% Feb ’13 .... 100 80 Apr A 0 F m J A J Mar 18 _ .... mm — — 91 30 29% 29 101 100 84% 72 73" 70 75 76 56 12 i J 0 Nox’17 Oct ’17 99% July’18 72 71% 8)% 80% 99 >4 9934 9734 Sept’18 Sale 79% 99% 98% 73 71 73 88% Sept’16 97% 113% Feb T5 51 53 Sept’18 Sale 37% 39 72 J J F C C C A I gen cons g 6s..1934 J Ind B A W 1st pref 4s 191f A .... os?, ---. J D D A F A M N Q F M N Stamped 4s 1987 M N General 5s stamped 1987 M N Sinking fund 6sl 1879-1929 A O Registered 1879-1929 A O Sinking fund 5s 1879-1929 A O Registered .1879-1929 A O Debenture 5s ** 1921 A O Registered n 1921 a Sinking fund deb 5a 1933 M N Registered 1933 M N Des Plaines Val 1st. cm 4 Us *4.7 M S Frem Elk A Mo V 1st 6s.Il933 A O Man G B A N W 1st 3^8 1941 J J Mllw AS L 1st gu 3 34s' J 1941 J MU L8 A West 1st g 6s... 1921 M S Ext A Imp s f gold 5s... 1929 F A Ashland Dlv lat g 6s 1925 M S Mich Dlv lnt gold 6s 1924 J 3 MU Spar A N W 1st gu 4s. 1947 M S St L Peo A N W 1st gu 5s.1948 J J Chicago Rock Lsl A Pac— J Railway general gold 4s 1988 J Registered ’ J 1988 J Refunding gold 4s 1934 A O 20-year debenture 5s 1932 J J R I Ark A Louis 1st 44S..1934 M S Burl C RAN lat g 5s....1934 A O CRIFANW 1st gu 58..1921 A O Choc Okla A G gen g 5a__<;1919 J J Consol gold 5s 1952 M N Keok A Des Moines 1st 5s 1923 A O St Paul A K C Sh L 1st 4V*s *41 F A Chic St P M A O cons 6s D 1930 J Cons 8s reduced to 3Ma.. 1930 J D Debenture 5s s 1930 rvi North Wise.main 1st 6s J J 1930 St P A S City 1st g 6s 1919 A O Superior Short L 1st 5a g el930 M 8 Chic T H A So East 1st 5S..1960 J o Chic A West Ind gen g 6s..?1932 Q M Consol 50-year 4s J 1952 J Cln H A D 2d gold 4t$s j 1937 j M N J J Clev Cln Ch A St L gen 4s.. 1993 3 D J 20-year deb 4*^s 1931 J General 5s Series B E 199/ J Cairo Dlv 1st gold 4s J J 1939 Cln W A M Dlv 1st g 4s. .1991 J J St L Dlv 1st coll tr g 4s 199(] m n Spr A Col Dlv 1st g 4s.__.194C M S J J C I St L A C consol 6 < 1920 M N 1st gold 4s *1930 Q F Q F 2 100 flept’18 97% 99 97% 97% 96% 100% 100 Apr 18 *93 100% Jin *13 66 66 Sept’18 80 90% Aug’18 o High No. Low High 25 72 78 74*4 75 1 8634 Mar’17 28 76% 76% 65% 771* 79 155 80 76 82% 84 Apr ’17 85% Nov’16 96% Feb ’16 84*4 Jan ’13 _ .... 904 85 17 86 86 78 Aug 17 90 May 18 97% June’ 17 N N S j U S Mtg & Tr Co ctfs of dep. fiiiftp Tr Co et.fa f}f dep Purch money 1st coal As 1942 F A Chic A Ind C Ry 1st 5p J 1936 J Chicago Great West 1st 4s__1959 M S Chic Ind A Loulsv—Ref 6s. 1947 J J Refunding gold As 1947 J J T | Refunding 4« Series C 1947 Ind A Loulsv 1st gu 4s ..1956 j j Chic Ind A Sou 50-yr 4s 1956 j j Chic L S A East 1st 4 yin 1969 J D Chicago Milwaukee A St Paul— Gen’l gold 4s Series A el989 j j Registered el 989 Q J Permanent 4a 1925 J D Gen A ref Ser A 4 9$ 8 u'2014 A O Gea ref conv 3er B 5s a2014 F A Gen’l gold 3 4 * Ser B el9S9 J J General 49$s Series C____el989 J J 25-year debenture 4a 1934 J J Convertible 4 >43 1932 J D Chic A L Sup Dlv g 5s....1921 J J Chic A Mo Riv Dlv 5s.. .1926 J J Chic A P W 1st g 5s 1921 J J C M A Puget Sd 1st gu 4s. 1949 J J Dubuque Dlv 1st s f 6s... 1920 J J Fargo A Sou assum g 6s 1924 J J La Crosse A D 1st 5S...I.1919 J J Wl8 A Minn Dlv g 5s 1921 J J QQIa IftfiU 86i2 78 “ .... >0 .... 51% 79 79 88% 88% 90% Sept’17 ' 73% 73% 93% Aug'18 101% Nov’16 99% Oct ’17 8918 88 85 " 88 May’18 99 99% Mar’13 99% June 18 991* 107 85 87% 99% Oct '17 97 Nov’16 7434 103% Feb ’16 8012 90*4 .... 66*4 D . 1 Sale T Sinking fund 4a_ 85% 99% 53% 70 90% 100 90% 94% 237 Sale 80 j 2d consol gold 4s Range Since Jan. 1 mmmm 76% fl _ 78 84 .... .... iy| 73 n or Ask Low 741* 76 r 194' _ 94% 98%i 88% 9534 2053j 94 93i2 94% 94 94% Sept’18 93i2 93% 93i2 Sale 93% 99% 100 4 100% 100 8 S 8 O D 8 N 4% Corporate stock 1958 M N 4% Corporate stock 1957 M N 4% Corporate rtock reg..1956 M N New 4 34s. 1957 M H 434% Corporate stock 1957 M N 3Vf% Corporate stock 1954 M N N Y'State—is 1961 M 8 J Canal Improvement 4s 1961 J J Canal Improvement 4s 1962 J J Canal Improvement 4s 1960 J Canal Tmorovemcnt 414s i964 J J Canal Improvement 4 34s. 1965 J J Highway Improv’t 4 34s 1963 M S Highway Improv’t 4)4s._1965 51 8 J .1931 J Virginia funded debt 2-3s 6s deferred Brown Bros ctfs 219 Sale Last Sale r Potts Creek Br 1st 4s Nebraska Extension 4s Amer Oct. 4. * _____ Aug’18 Range Bid S S A O tl West’s Friday ■ 96.64 12077 93.10 98.00 96.98 12873 94.70 99.10 97 99 Aug* 18 Mav’18 106% 106% 106 Sept’18 106% 1061* 98 98 High Pries ■BONDS N*Y|flTnQ1C EXCHANGE Bid U. S. Government. U 8 ZHb Liberty Loan.. 1932-47 X 3l art New York Bond 1368 BONDS Y. STOCK EXCI Week ending Oct. GE 4. Price s? Week's } Delaware A Hudson— 1st A ref 4s. Denver A Rio Grande— 1st cons g 4s , .1922 1943 1935 1946 1921 J M A A M J N 1936 .1936 .1928 1955 .1939 .1940 1940 J J J F J J J J A J J M J A J J D O O N A D J J J 1939 O Mtge A coll trust 4a A. 1949 D 1995 D 1995 N Det RJvTun Ter Tun 4*48-. 1961 J 1941 1937 O 1937 A O Registered. 1937 J J 1941 M N 1920 M S 1947 M N 1919 M S 1923 M S 1920 A O 1928 J D 1920 M S Erie 1st cons g 4s prior. 1996 J J 1996 J J Registered 1996 J J 1996 1 j 1951 F A 1953 A O do 1953 A O 1953 A O Chic A Erie 1st gold 5s. 1982 l¥l N 1938 J J 1955 J J 1957 J J 1935 A O Coal A RR 1st cur gu 6s. .1922 M N 1943 J J .1946 M N .1937 J J A 1937 F .1940 F A Terminal 1st gold 5s.. .1943 M N 1940 A O .1942 J D .1926 J J .1921 J J 1942 A O .1923 A O .1930 A O .1959 J D .1941 J J .1928 J J .1933 A O Great Nor C B A Q coll 4s...1921 J J M921 Q J .1961 J J .1961 J J 1933 J J 1st consol g 6s. 1933 J J .1933 J J .1933 J J 1933 J J .1937 J D .1937 J D Pacific ext guar 4s .1940 J J .194* A O 1922 J J 1937 J J .1937 J J .1937 J J .1938 J D Green Bay A W deb ctfs "A”__ Feb Debenture ctfs “B”__ Feb Gulf A S I 1st ref A t g 5s..61952 J J 1st Hocking Val cons g 4^s 1999 J Registered i 1999 J Col A H V lstext g 4s 1948 A Col A Tol 1st ext 4s 1955 F Houston Belt A Term 1st 6s. 1937 J Illinois Central 1st gold 4s.. 1951 J Registered 1951 J 1st gold 3 *4s 1951 J Registered 1951 J Extended 1st gold 3*4s._.1951 A Registered 1951 A 1st gold 3s sterling 1951 M Registered .1951 M Collateral trust gold 4s... 1952 A Registered 1952 A 1st refunding 4s 1955 M Purchased lines 3V4s 1952 J L N O A Texas gold 4s...1953 M Registered. ...1953 M Cairo Bridge gold 4s... 1950 J Litchfield Dlv 1st gold 3s. 1951 J Loulsv Dlv A Term g 3 Ha 1953 J Registered 1953 J Middle Dlv reg 5s 1921 F Omaha Dlv 1st gold 3s 1951 F St Louis Dlv A Term g 3s. 1951 J Gold 3*4s 1951 J Registered 1951 J Sprlngf Dlv 1st g 3Hs.__.1951 J Western lines 1st g 4s....1951 F Registered 1951 F Bellev A Car 1st 6s ..1923 J Carb A Shaw 1st gold 4s.. 1932 M Chic St L A N O gold 5s 1951 J Registered 1951 J Gold 3*4s 1951 J Registered 1951 J Joint 1st ref 5s Series A. 1963 J Mempb Dlv 1st g 4s._.1951 J Registered 1951 J St Louis Sou 1st gu g 4s..1931 M Ind Ill A Iowa 1st g 4s 1950 J Int * Great Nor 1st g 6s 1919 M James Frank A Clear 1st 4s. 1959 J Kansas City Sou 1st gold 3s. 1950 A Registered 1950 A Ref A Impt 5s Apr 1950 J Kansas City Term 1st 4s... 1960 J Lake Erie A West 1st g 5s..1937 J 2d gold 5s 1941 J North Ohio 1st guar g5 S..1945 A Leb Val N Y 1st gu g 4*4s..l940 J Registered 1940 J Lehigh Val (Pa) cons g 4s_.2003 M General cons 4 *4 a 2003iM * 94 94 79 96% 79% 86% 72% 86 69 102% 56% Sale 65 90 94 79 86% 85% 90 76 Registered I 60% 68 70 ---- 9 48% 39 62 50 63% 63% 55 51 82 70 75 73% 92% .... 92 85 % • Dec T6 1! IIIJ 69 72 Long laid 1st 76% 56% 87 i Mar’18 93*2 June’ 18 87% 100% Sept’18 100% 101 78% Sale 78% 78% 96% June 18 94% 93% Jan 18 84 99% July’17 94% 96 94% Nov'15 100% 100% July’18 65% 66% 66% Sept’18 79"% 78% 47% 47% 49% 48% Sale 51% 84 86 96 105 73 80 70 78% 48 47% 51% Sept’18 50 82 Jan .... 102% July’17 76% 86 Jan '18 100% 06 June 18 Jan T7 Jan ’17 .... .... 64% 90 78% 96% 95 69 65 49% 60 108 108 1 16 17 22 75% ‘57% 79 50 42% 48% 49% 56 82 93 July’18 100 96 96 103 103 85 74 85 80 67 65% Sept’18 23% Jan ’17 94 97 ~ 66 62 Nov’17 85% June* 17 108 95 1 1 1 1 Nov’11 June’12 81% July’18 92 Aug'10 56% Oct ’17 82% 78 85% June‘16 93% Sal® 93% Sale 93 93% 85% 8£% 85% 96 June’16 89% Apr ’18 108 113 Apr ’18 118 Apr ’17 91% Aug’18 92 81 81% 85 i 105 99% 91% 85% 81% 80% 1 1 1 89 —— 75 127 11 1 _ 102% 81% 95% 85% .... 85 90 89% 108 91% 95 81% 85 Mar’16 Nov’15 80% Dec ’17 100% 100% 104% 105% .... 92% 95 7212 71 'a 80% 91 69 70 61% 63>4 615s 75 --- .... .... 93 .... .. —- ... 74 75 76 77% 78 64 67 73% Sale 70% 58 63% 95% 58% 62 64% 64% .... .... 76 ‘ 73% 67% 75 89 92 77 84 80 87 95 77 77 Sept’18 Sept 17 July’181 Nov’15 June’17 July’09 77% July’18 95% Sepi’12 77% 77% 71 May’18 73 73% Feb ’18 .... 89 Apr ’17 .... 79 Feb ’ 14 .... 9% 83 78 73% 72 70 7 75 74 73% June’18 82% Aug 17 75 Feb ’18' 90% Apr ’17| 80 12 64% Sept’18 .... 72% 78% 77% 83 70 71 71% 76% 72 72 64% 71 58% 58% 62 63 62 65a4 .... 7834 Aug’18 92 78% 79 Nov’10 117% May'lO 90 96 84% 68% ---■ 87 .... ’17 94% Sept’18 114 63% Jan 65% 65% 86 85% 91 80 80 90 93% 58 62% 86 70% Nov’17 Nov’17 Feb ’18 Apr ’17 93% May’18 82% June’17 95% 58% 61% 59% Sept' 18 78 Sale 78 78 71% Sale 71% 85 Sale 80 80 89 85 79% 75 77 81% 85 98 65% July’18 94 76 84 94% Feb’ll 65 89 89 76% 64% Oct ’09 78 71% 85 80% Feb ’17 80% 84% 89 76 88 80% 84% 3 41 3 73»4 71% 78 80 78 92 1 80% 84% 80% 9434 20 Sept’18 74% 78 Aug’18 87 90% Jan. s 71% Aug’18 97 Sale 74% 74% 72% Aug ’18 — 95 95 95 82 85*2 J N D N 98 88 100 90 _ _ _ — _ IDu rife, g g , ft Due July, _ ... .... 95 95 85 71 97 70 71% 72% 79% 92% 92% 87% 109 93 81 90 110% 94% 88% 93 99 97 75 100% 100% 87 100 87 101 100% 101% 571* 58% 74 80% 95% 95% 102 103% 73 90 75 96 83% 67% 83% 68% 95 96*4 1101% 102*2 I 99 .... 99 93% 931* 60 60 101 104 "4 77 75 101 — — 70 .... 98 74 101 103 72 44*2 45% 45% 42 45 41 60 70 46 78 July’18 Oct ’16 72 71% 79*4 41 40 46 46 7 5*4 80 81% 46% 86% Sept’18| 60% 641* Mav’18 28 32 40 41 35 32 45 42 34 45% Sept’18 Feb’15 78% Sept’18 45% 46% 76% Sale 81 80 92 4012 Sept’18 Jan ’17i. 85% N<*' ’ 17t- 88 .... Mar’ 10 Nov’10 91% June’17 80 95 90 64 65 31% 34% 30 32 40 Dec’16i. Sept’18 Sept’18---Aug’18' 38% 27 30 26% Sept’18: 27% 31% 40 30 40 25% Nov’16 69% Apr ’17 59 62 58 36 60 49% 52% 49% Aue ’18 50 51 40 .... 60 36% 82 ’so" 57 98% 63 79 85 90 75% 68% 86 101 92% 61 J 84 90 Jan *18 J A J A J J A Sept’18| Dec’16— Jan ’18 61*4 F F .... .... 81 84% 40 79 90 90 89% 85% 55% 86 92 90 .... 85% Sept’18 56% 57% 9834 98% Sept’18 60 60 july’17 82 Apr *17 100 Feb ’13 70 97% Dec’13 80 79% July l8 100% Apr ’18 93% 93 93% 102 Jiily’14 75% Sept’18 77 80% Oct ’17 69% 68% 68% 78 Sept’15 102 101% Sept’18 106% 95 May’18 65 Aug ’18 93 July’17 90 87 Aug ’17 68 93% 69 78 69 78% 94 69 78 70 Sept’18 66% Aug ’18 77% Sept’18 81 65% 61*4 61 60 61 98 59*4 9912 at£ 78% 16 80 "90*2 "95% 72% 76*4 66% 72 69% 75 .... 92 102% 95 65% 95% 101 13 14 153 5 4 21 60 92 40 21 64 91% 95 75 85 69 77 69 94% 51 66% 74*4 74*4 71% 81% 61 61 61 62% 68% 72 79% 95% 95% 65% Marl 7 96% Apr ’17 95*4 Nov’16 104 May’16 89 Nov’16 72 Sept’18 89% Feb ’16 80 May* 17 95% Jone’18 76 .... Dae Oot. 101 92 65 Deo ’16 61*4 May’18 63** Aug’18 64% 92*4 0 107 .... 70 72*4 56*4 40 92 F 58 37 60 83*4 87% 70 *66% 77% 58 36 60 49 8334 Sale 94 ’ Sale "77“ .... Apr’18 83% 77 73% 78 Dec ’17 93% 95% 95% 95% 99% 103% 110% Mar 17 30 30 May’17 35 30 Aug’16 967* Feb ’13 21 21 Aug’18 63 Aug ’18 91% 92% 92 92 48 48% 49 50% J A J Sept.* 72% 85 .... 5s. 1947 F Dae 71% | Feb’05 89% Aug’18 83% 97% May’16 100% 108% 101*2 July’18 99 Apr ’18 93% 100 93% Jan ’18 84% 60 61% July’18 1949jJ n Aug’18; .... Registered 1998 F Battle Cr A Stur 1st gu 3s. 1989 J Beech Creek 1st gu g 4s..l936 J Registered 1936 J 2d guar gold 5a 1936 J Registered 1936 J Beech Cr Ext 1st g 3 *4s.ftl951 A Cart A Ad 1st gu g 4s....1981 J Gouv A Oswe 1st gu g 5e._1942 J Moh A Mai 1st gu g 4s 1991 iM N J June R guar 1st 4s...l986;F NY4 Harlem g 3 Ha 2000 M N Y A Northern 1st g 5s. 1923 A Doe June, 95 Au« ’16 _ 1941 M St Louis Dlv 5s 1927 St L A Cairo guar g 4s....1931 Nashv Chatt A St L 1st 5s..1928 Jasper Branch 1st g 6s._. 1923 Nat Rys of Mex pr lien 4 *4s. 1957 Guaranteed general 4s 1977 Nat of Mex prior lien 4 H s_:_ 1926 1st consol 4s 1951 New Orleans Term 1st 4s 1953 N O Tex A Mexico 1st 6s 1925 Non-cum Income 5s A 1935 New York Central RR— Conv deb 6s 1935 Consol 4s Series A 1998 Ref A Imp 4*$s “A” 2013 New York Cent A Hud Rlv— Mortgage 3 4s 1997 Registered 1997 Debenture gold 4s 1934 Registered 1934 Lake Shore coll g 3 Ha 1998 Registered 1998 Mich Cent coll gold 3 Hs._1998 91*4 Jan ’ll 103% Apr ’18 92% Apr ’18 __ 1951 M f 4s Jan ’18 106% 107% 110% July’18 93 93 92% 82% Sale 81 83% 96% Jan ’17 95 95*4 93 Sept’18: 100% Aug’18j 100% 93% 95% 87 Apr ’18 100 100 104 100 93% 104% Feb ’17 72% I 90% Aor ’12! | 101% Aug’18 100% 57 57% July'18 74% 77% 74% 74%' 2 91% 95% July'18 —J 101% 103% 103% Sept’18 78% 77%, 75 8eptT8, 90% Sept’18 90% 93 1 83% 85 80% Aug’18 68 67% Sept’18 N J Missouri Kansas & Texas— 1st gold 4s 1990 J 2d gold 4s 01990 F 1st ext gold 5s 1944 M 1st A refunding 4s 2004 M Trust Co certfs of dep Gen sinking fund 4t$s 1936 St Louis Dlv 1st ref g 4s. .2001 6% secured notes “ext”.*16 Dali A Waco 1st gu g 5s. .1940 M Kan City <fe Pac 1st g 4s__1990 F Mo K A E 1st gu g 5s 1942 A M K «fe Okla 1st guar 5s.. 1942 M K A T of T 1st gu g 58.1942 M Sher 8b A So 1st gu g Texas A Okla 1st gu g 5s._1943;M Missouri Pacific (reorg Co)— 1st A refunding 5s Ser A__1965,F 1st A refunding 5s 8er Ba.l923 F 1st & refunding 5s Ser C..1926 F General 4s 1975 M Missouri Pac 1st cons g 6s__1920 M 40-year gold loan 4s 1945 M 3d 7s extended at 4%._..1938|M Boonv St L A 8 1st 5s gu. 1951:1 F A Cent Br U P 1st g 4s 1948! J D Pac R of Mo 1st ext g 4s_.1938|F A 2d extended gold 5s..._1938;J J St L Ir M A S gen con g 5s. 19311A O Gen con stamp gu g 5s. .19311A O Unified A ref gold 4s... 1929JJ J J 1929 J Registered Rlv A G Dlv 1st g 4s...1933 M Verdi V I A W 1st g 5s...1926 M Mob & Ohio new gold 6s 1927; J 1st ext gold 6s ftl927 Q General gold 4s 1938 M Oct’17 a Das 71 MSSM<feAlstg4s lntgu.’26 J Montgomery Dlv 1st 83 Aug 12 102 June'16 58% Sept’18 Sale 62 62 65 6534 Aug’18 80 June'16 79% 80% Nov 16 78% 74% 78 86% 5s._1942|J .... 74 1st Chic Term — ^ Pensac A Atl 1st gu g 6s..l921|F 8 A N Ala cons gu g 5s 1936IF Gen cons gu 50-year 58.1963! A L A Jeff Bdge Co gu g 4s 1945 M Manila RR—Sou lines 4s 1936 M Mex Internat 1st cons g 4s__1977 M Stamped guaranteed 1977 M Midland Term—1st s f g 58.1925 J Minneapolis A St Louis— 1st gold 7s 1927 J Pacific Ext 1st gold 6s..-.1921 A 1st consol gold 5s 1934 M 1st A refunding gold 4s.__1949,Hil Ref A ext 50-yr 5s Ser A..1962|Q Des M & Ft D 1st gu 4s..1935; J Iowa Central 1st gold 5S..1938 J Mississippi Central 1st 5s \1av'!6 100% May’18 105 105 Sept’18 104 136% Mav 06 95 92 Sept’18 109% Aug '16 92% 95 79% 69% Dec ’16 7% 71* 10 7% 73 Aug’18 7578 76 100% 94% 93% 108 Sept’18 70 D N S S O s J s D MStPASSMcong4slntgU-1938 J 92 91% 86% 1 .... 1949, M Refunding gold 4s 88 93*4 93% 1934 J 1937 W 1949 M Apr '18 94% June’16 71% Aug’18 85 8ept’18 99% Oct ’06 Bdge 1st s f g 6s__193l!M Kentucky Central gold 4s. 1987 i J Lex A East 1st 50-yr 5s gu 1965'A L<fcN<kM<feMl8tg4**9 1945 M L A N-South M Joint 4s. .1952 J Registered ft 1952 Q N Fla A S 1st gu g 5s 1937 jF N A C Bdge gen gu g 4*^3.1945 J 61 60 Since Jan. 1 95 93 87 801* 72 85 Hender Dec Last Sale 91 _ 42 '98% ’18 Jan 85 75 69 101 J J J S s J J 1932 J D 1949 M S N Y A R B 1st gold 5s....1927 M Nor Sb B 1st con g gu 5s.ol932 Q Louisiana A Ark 1st g 5s 1927 M Louisville A Nashv gen 6a..1930 J Gold 5s 1937 M Unified gold 4s 1940 J 1940 J Registered Collateral trust gold 5s 1931 M E H A Nash 1st g 6s 1919 J L Cin A Lex gold 4**s___i931 M N O <fe M 1st gold 6s 1930 J 2d gold 6s 1930 J Paducah A Mem Dlv 4s_.1946iF St Louis Dlv 1st gold 6s._192l|M 2d gold 3s 1980 M Atl Knox A Cin Dlv 4s... 1955 IB Atl Knox A Nor 1st g 5s. 1946 J 17 103 80 87 93% 100* 100% May’18 Aug T8 Nov’17 .... .... 97 96% 93% 53% 78% 47% 47% .... 82% 97 Oct. 4 or — gold 5s._ftl93l Q ftl931 Q 1938 J D 1922 j Hi S NYBAMBlstcong 56.1935 A June’lG 106% 99% 100 103% 96 110% 99 96*4 77*2 97% Deo T6 52% Sale cons Registered 73 j 90 i 100 2 78 .... 53% 67% 55 82 ___ .... 84 63 50 Range Range Ask Low High No.\ Low High 99 96 96 102 Sept’18 113 Mar 17 99‘% Sale 97% 99% 1039 97% 99% 99 97% 102 Aug’18: ! 96% 101 105 Oct ’13 79 70 72% 70 70 July’18 OO 1941 1st consol gold 4s General gold 4s Ferry gold 4 *4 s !■ Gold 4s Unified gold 4s Debenture gold 5s 20-year p m deb 5s Guar refunding gold 4s 1 75% July*16 73 Sept’18 96% June’18 97 May’18 105% Mar '08 .... _ July 17 63% Sept’18 5s..1941 Leh Val RR lOyr coll 6s__*1928 Leh Val Coal Co 1st gu g 58.1933 1933 Registered 1st lnt reduced to 4s 1933 Leh A N Y 1st guar g 4s.__.1945 Registered 1945 M 61% Apr ’11 No price Friday; latest bid and asked this week. i) 93% WeeXs Fridag Bid Leh V Term Ry 1st gu g 3! 5 23 64% Sept’18 70% Sept 18 56 56's 37 Aug ’17 .... High l! 71 10 101% 103% 64 71 Sale 71% 69 *71 94 79'2 86U 86% 72U Aug’18 103% 103% .... 64*4 No: Low High Price BONDS N. Y. STOCK EXCHANGE Week ending Oct. 4, Since Jan. 1 £ Last Sale Ask Lout Bid Range Range or Friday Oct. 4 [Voi.. 107. Record—Continued—Page 2 3 Option sale. Oct. 5 1918.] New York Bond BONDS N. Y. STOCK EXCHANGE Week Ending Oct. 4. N Y Cent ft H R RR (Con.)— N Y ft Pu 1st cone gu g 4a.1993 Pine Creek reg guar 6s....1932 R W ft O eon 1st ext 5a A1922 Rutland 1st con g 4 He 1941 Og A LCham lat gu4ag-1948 Rut-Canada 1st gu g 48.1949 St Lawr ft Adir 1st g 5a—1996 2d gold 6s 1996 Utica ft Blk Rlv gu g 4s..1922 Lake Shore gold 3)48 1997 Registered Debenture gold 4s 26-year gold 4s Registered Week's Range Range or Oct. 4 Last Sale iSince Jan. 1 113 95H 691* A 60 55 .... .... 70 65 71 71 85% 8212 90 911* 10U* IOOI4 88*s 4s 1940 J Registered 1940 J 1947 Non-conv deben 4s Non-conv deben 3 Ha 1947 Non-conv deben 3 Ha 1954 Non-conv deben 4s 1955 Non-conv deben 4s 1956 Conv debenture 3Ha 1956 Conv debenture 6s 1948 Cons Ry non-conv 4s 1930 1954 Non-conv deben 4s 1955 Non-conv deben 4s Non-conv deben 4s 1955 Non-conv deben 4s 1956 Ches 1st 4s. Harlem R-Pt 1954 B ft N Y Air Line 1st 4s.. 1955 Cent New Eng 1st gu 4s. .1961 Hartford St Ry 1st 4s 1930 Housatonlc R cons g 5s 1937 IN ... .... ... 98 70 781* Sale 76is 80 751* "64*4 62 72 70 73 71 77 IN A .... J IN .... .... J .... 8578 J J .... J A J IN F 59 59 57 Sale 92 70 944 724 73 874 864 75 82 81*4 8378 Nov’17 1041* Deo ’15 103 May’17 130i8 Jan '09 123% Mar’12 991* Aug’17 92 Apr ’18 741* Aug T8 92 92 744 75 72*4 754 804 82 Feb 14 June’08 79% July’17 78i2 781* 76 85 6312 78 Nov’17 64i2 61 65 714 80 76*4 72 70 56 55 59 59 55 60 8578 70 774 Sept’17 Sept’18 Sept’18 Sept’18 55 55 504 62 614 52 55 55 Sept’18 857s 88 61 514 82 60 Aug’18 794 Dec 17 74 '89* IIII Sale 55 60 73 7178 55 Oct ’17 9112 Jan ’12 60 July’18 60 90 60 May" 15 87 83 55 July’14 Aug ’13 73 60 '60 ’ Sept’13 1064 69 55 60 60 45 A 81 68 J J IN N .... 4478 J IN General 4s 1955 J Norfolk Sou 1st ft ref A 5s. .1961 F Norf ft Sou 1st gold 5s 1941 IN Norf ft West gen gold 6s.... 1931 IN Improvement ft ext g 6s..1934 F New River 1st gold 68....1932 A N ft W Ry 1st cons g 4S..1996 A 1996 A J Div’l 1st lien ft gen g 4s. 1944 10-25 year conv 4s 1932 J 1932 M 1938 M J J M Q Q Q Q J J F Q F J Q J J J J IN M Q IN IN F J IN F M J J 70 57 Sept’17 Apr 16 994 Deo ’13 884 Feb ’14 634 Sept’18 924 Juue’12 60 50 65 Apr ’18 654 65*4 Sale 654 814 June’18 82*4 10512 106 106 Sept’18 122 Nov'16 10512 105 105 1024 106 79 794 794 Sale 9312 Dec ’16 73 764 Sept’18 1234 May’17 1174 May’17 1044 Sept’18 1044 764 Sept’18 761* 78 103 95*4 Sept’16 72 774 Aug ’18 77 631* 654 79 Sale Sale Sale 59 7934 80% 79 58 79 594 614 June'17 824 83 July’18 "734 814 74 Aug ’18 101 1014 July’18 102 103*4 Sept’17 1005s 104 107 Oct *16 934 887s Mar’17 674 59 364 Dec T6 83 105*8 1084 106*4 July’18 594 56 71 ”65” Sale 71 834 844 1004 934 100 July’18 Aug ’18 88 83 July’18 Sept’18 100 95 99 684 60 60 60 834 94% 864 Sale 82 84*4 964 81*s 824 784 71 1034 105*2 764 854 29 4 8 774 794 79 844 78*4 564 80 614 854 83 74 75 1004 103 .... 71 106*4 108*8 1 75 95 70 82 May’18 Feb ’17 934 88 4 39 934 100 100 934 94*4 854 864 894 Nov’17 844 Sep ’16 92 Aug *17 102 105 85 105 79 97*2 83 65*4 84*2 105% 106 .... 804 634 81*2 .... ” “88'" 83 90 924 854 99 92 794 86 92 J J M F J J A M M M J 97 95 76 974 Sept’18 974 July’18 A 894 864 804 K04 724 72*8 814 734 A M F J 744 824 784 79 86 80 85 93 87*4 84 86 June’18 Oct 17 964 96*4 104 964 904 884 May’17 May’18 J 88 78 78 93 No prlee Friday; latest bid and asked 90*4 894 894 70 84 82% 96*4 984 971* 78 84 84 96*4 Deo '15 Feb ’12 Oot ’12 Feb 17 Apr ’17 904 July’12 81 Aug *18 934 824 824 774 *92 964 95*4 .... Keb ’17 July’18 814 July’17 37*4 Deo *16 824 July’18 74 754 754 87 78 Dec *17 81 78 78 81 78 May i0 98*4 Apr ’17 92 Dec ’17 934 884 Sept’17 931* Sept’18 934 914 June’18: June’171 99 99 921* 904 90*8 Sept’18 901* Sept’18 91 Sept’18 a Doe Jaa. ._ 9 Due Feb. g 904 914 934 914 88 87 91 91 904 91 Du* June. 1369 BONDS N. Y. STOCK EXCHANGE Week Ending Oct. 4 P C C ft St L (Cim.) Series G 4s guar 1957 Series I cons gu 4HS...1963 O St L ft P 1st oons g 5S..1932 Peoria ft Pekin Un 1st 6s g..l921 2d gold 4Ha 61921 Pere Marquette 1st Ser A 5s. 1956 1st Series B 4s 1956 Price Week’s Range Friday Range or Oct. 4 Last Sale Since Jan. 1 Bid M F A Q M Ask Low 91 93 93 89*2 N A O F N 79*8 65i8 80 Mortgage gold 4s 1945 Rich ft Dan deb 5s stihpd.1927 Rich ft Meek 1st gu 4s 1948 So Car ft Ga 1st g 5s 1919 Virginia Mid Ser D 4-5S..1921 Series E 5s 1926 Series F 5s 1926 General 5s 1936 Va ft So’w’n 1st gu 5s. .2003 1st cons 50-year 5s__1958 W O ft W 1st cy gu 4s 1924 g 5s.. 1955 Term Assn of St L 1st g 4 Hs-1992 1st cons gold 5s 1894-1944 Gen refund s f g 4s 1953 St L M Bridge Ter gu g 5s. 1930 Texas ft Pac 1st gold 5s....2000 2d gold Income 5s 02000 La Dlv B L 1st g 5s .1931 W Min W ft N W lstgu 5s 1930 Tol ft Ohio Cent 1st gu 5s.. 1935 Western Dlv 1st g 5s 1935 General gold 5s 1935 Kan ft M 1st gu g 4s 1990 2d 20-year 5s 1927 Tol P ft W 1st gold 4s 1917 Tol St L ft W pr lien g 3 H8-1925 O s J J J J J J J D D S D A A D O N J N N N J O N J J J O J N J O J J J J o 50 831* 83 J 50-year gold 4s 1950 Coll trust 4s g Ser A 1917 Trust 00 ctfs of deposit Tor Ham ft Buff 1st g 4s..61948 Ulster ft Del 1st oons g 5s..1928 1st refunding g 4s 1952 Union Pacific 1st g 4s 1947 Registered 1947 1927 20-year conv 4s 1st ft refunding 4s 02008 Temp secured 63 July 1928 Ore RR ft Nav con g 4s..1946 Ore Short Line 1st g 6s 1922 1st consol g 5s 1946 1929 Guar refund 4s Utah ft Nor gold 5s....1926 1st extended 4s.....1933 Vandalla oons g 4s Ser A...1955 Consols 4s Series B 1957 Vera Cruz ft P 1st gu 4He.. 1934 * Die faly. * Due Aug. i 0 Sale Sale Due Oot. 45 Jan ’18 52 Aug’18 57*4 59 71 71*2 69*4 52*2 Sale Sale 48 42 14 105 68i2 4578 100*8 Sept’18 95 93 Sept’18 78 May’16 90 May’17 101*2 99*8 Sept’18 Sale 65 Sale 5478 61 59*8 57*4 98*2 5578 Sale Sale 66 Aug ’18 59*4 57*4 Jan ’14 56*2 100 67 72*4 70 Sale 54 80 79*8 82% 62 44 99 66 50 99 80*4 81>s 8U4 86 81*2 86 63 63 55*2 61 66 60 44 75 70 54 99*8 1061* 65 66 55 100*2 100*2 101*4 91 97*s 85<s Aug ’18 .... 62 69 85*s 637s 50*2 85*8 68** 57 52 31 55 64 59*2 54*2* 60*2 June’18 100 100 67 58i2 July’18 Sept’18 5478 57*2 57*2 51*4 76 75 75 75 7H* 7U* 57*8 57% 7* 75 75 77 86 >4 100*8 92*2 Sept’18 90*2 June’18 92*2 90*2 93*4 90*2 87*4 94 94 94 95 87 95 91*4 91*4 70 76 58 70 90 __ 92*2 9578 72 72*4 78 Sale Sale Sale 91*2 75*2 84*8 85 95 92 49 June’18 91*4 June’18 72 90 72 Feb ’14 77*4 78 53 85 37 90*4 91*2 75 76*8 87*2 8ept’16 85 Sept’18 74% Sept’18 '85'“ 87 7012 75 90 101 97 95 68*2 Mar’18 June’18 99U June’17 101 Dec ’15 75** 86% 75 85 71 80% 95 82 ' ’88” 96 100 Oct 17 96*4 Jan 18 100*4 Jan ’10 96*4 96*4 85** July’18 85*2 85*2 87 92*2 100 Oct ’16 103*2 Auk 17 9214 104 8914 92% 92 May’18 109*2 Nov’15 93 101*2 Deo '16 98% 100*4 Oct ’17 104% 100 Apr ’18 91*4 93*2 102*8 Oct ’17 90% 96*4 Feb ’18 107*2 Sept’16 91*2 96 90 s 93** Aug ’17 71*2 Sale 71*2 72 —— .... 94 85 76*2 88*2 62% 84*4 65 79 70 75*4 87*2 100*4 Sale 62 65 65*2 92 66% 64*2 87% 8212 92*4 92 70 80 81*2 Sale Sale .... ... 75 O J IN S o J J J J J A o N M IN N IN S W S IN s IN N J J A O F A J J A O A F J J A O J D Mar J J June‘17 Mar'16 80 63 ... 91 93 93 100 Sept’18 , High 887s 97U Dec ’17 80*4 81*8 81*2 June’18 8H2 Sept’18 Sale 63 J J D J J J 65 45 99 .... . 1959 A 79*8 .... .... Atl Birm 30-yr 1st g 4s._el933 M Caro Cent 1st con g 4s 1949 J Fla Cent ft Pen 1st g 5s 1918 J 1st land grant ext g 5S..1930 J Consol gold 5s 1943 J Ga ft Ala Ry 1st con 5s._ol945 J Ga Car ft No 1st gu g 5S..1929 J Seaboard ft Roan 1st 5s_. 1926 |J Southern Pacific Co— Gold 4s (Cent Pac coll)..*1949 J Registered *1949 J 20-year conv 4s 01929 M 20-year conv 5s 1934 J Cent Pac 1st ref gu g 4s 1949 F Registered 1949 F Mort guar gold 3He..*1929 J Through St L 1st gu 4s. 1954 A QHASAM&P 1st 58..1931 IN 2d exten 5s guar 1931 J Gila V G ft N 1st gu g 5s 1924 IN Hous E ft W T 1st g 5s...1933 IN 1st guar 5s red 1933 IN H ft T C 1st g 5s Int gu._.1937 J Gen gold 4s int guar 1921 A Waco ft N W dlv 1st g 6s *30 IN A ft N W 1st gu g 5s 1941 J Louisiana West 1st 6s.... 1921 J Morgan’s La ft T 1st 6s__1920 J No of Cal guar g 5s 19a8 A Ore ft Cal 1st guar g 5s 1927 J So Pac of Cal—Gu g 5s 1937 M So Pac Coast 1st gu 4s g__1937 J San Fraa Terral 1st 4s... 1950 A Tex ft N O con gold 5s 1943 J So Pac RR 1st ref 4s 1955 J Southern—1st cons g 5s 1994 J Registered 1994 J Develop ft gen 4s Ser A 1956 A Mob ft Ohio coll tr g 4s 1938 M Mem Dlv 1st g 4H8-5S...1996 J St Louis dlv 1st g 4s 1951 J Ala Gt Sou 1st oons A 5s__1943 J Atl-ft Chari A L 1st A 4Hal944 J 1st ,30-year 5s Ser B 1944 J Atl ft Danv 1st g 4s 1948 J 2d 4s .*1948 J Atl ft Yad 1st g «uar 4s..1949 A E T Va A Ga Div g 6a...1930 J Cons 1st gold 5s 1956 M E Tenn reorg lien g 5s 1938 IN Ga Midland 1st 3s. 1946 A Ga Pac Ry 1st g 6s 1922 J Knoxv ft Ohib 1st g 6s 1925 J Mob ft Blr prior lien g 5s. 1945 J No. Low Sept’18 Sept’18 100 87 Philippine Ry 1st 30-yr a f 4sl937 Refunding 4s High 92 97*2 104*8 1001* May’18 Pitts Sh ft L E 1st g 5s 921* 1940 1st consol gold 5s 1943 Reading Co gen gold 4s....1997 8H2 Registered 1997 751* 75 Jersey Central coll g 4s...1951 Atlantic City guar 4a g 60 1951 St Jos ft Green Isl 1st g 4s.. 1947 617s St Louis ft San Fran (reorg Co) — Prior lien Ser A 4s 59 J 1950 71 Prior lien Ser B 5s J 1950 Cum adjust Ser A 6s 61955 A O 68*4 Income Series A 6s 61960 Oct 46i2 St Louis ft San Frah gen 6s. 1931 J J 101 J General gold 5s 90 1931 J St L ft S F RR cons g 4s..1996 J J 80 Southw Dlv 1st g 5s 1947 A O K C Ft 8 ft M cons g 63.1928 IN N 100 65 K C Ft S ft M Ry ref g 4sl936 A O 87 K C ft M R ft B 1st gu 58.1929 A O St L S W 1st g 4s bond ctfs«ul989 M N 66 2d g 4s Income bond ctfs.pl989 J J Consol gold 4s D 59% 1932 J 1st terminal ft unifying 5s. 1952 J J 57*4 D Gray's Pt Ter 1st gu g 5S..1947 J S A ft A Pass 1st gu g 4s....1943 J 56 J S F ft N P 1st sk fd g 5s....1919 J J Seaboard Air Line g 4s ..1950 A O Gold 4s stamped 67*4 1950 A O 54*2 Adjustment 5s ol949 F •A Spokane Intemat 1st Jan ’93 M Gr R ft I ex 1st gu g 4H&.1941 J Ohio Connect 1st gu 4s—1943 M Pitts Y ft Ash 1st cons 58.1927 M Tol W V ft O gu 4Ha A..1931 J Series B 4 Ha .1933 J Series C 4s 1942 M P C C ft St L gu 4Ha A..1940 A Series B guar , 1942 A Series C guar 1942 M Series D 4s guar 1945 M Series E 3 Hs guar gold-1949 F Series F guar 4s gold 1953 J 82 674 63 70 60 70 May’18 85U 82% 81 F J M Registered $5,000 only..01992 M * 73 "984 50 NYW,chesftBlstserI4Hal946 J 10-20-year conv 4s 10-25-year conv 4Hs Pocah C ft C Joint 4s 1941 C C ft T 1st guar gold 5s. 1922 Solo V ft N E 1st gu g 4s..1989 Northern Pacific prior lien railway ft land grant g 4s. 1997 Registered 1997 General lien gold 3s a2047 Registered a2047 Ref ft Imp 4 Ha ser A 2047 St Paul-Duluth Dlv g 4s. .1996 St P ft N P gen gold 6s... 1923 Registered certificates.. 1923 St Paul ft Duluth 1st 5s._ 1931 1st consol gold 4s 1968 Wash Cent 1st gold 4s.... 1948 Nor Pac Term Co 1st g 6s..1933 Oregon-Wash 1st ft ref 4s—1961 Pacific Coast Co 1st g 5s....1946 Paducah ft Ills 1st s f 4H8..1955 Pennsylvania RR 1st g 4s.. 1923 Consol gold 5s 1919 Registered 1919 Consol gold 4s 1943 Consol gold 4s 1948 Consol 4 Ha I960 General 4 Ha 1965 1942 Alleg Val gen guar g 4s D R RR ft B'ge 1st gu 4s g. 1936 Phi la Balt ft W 1st g 4s.. 1943 Sodua Bay ft Sou 1st g 58.1924 Sunbury ft Lewis 1st g 4s. 1936 U N J RR ft Can gen 4S..1944 Pennsylvania Co— Guar 1st gold 4Ha 1921 Registered 1921 Guar 3 Ha coll trust reg A. 1937 Guar 3 Ha coll trust ser B.1941 Guar 3Ha trust ctfs C—1942 Guar 3H8 trust ctfs D—1944 Guar 15-25-year gold 4s..1931 40-year guar 4s ctfs Ser E.1952 Cin Leb ft Nor gu 4s g 1942 Cl ft Mar 1st gu g 4H8...1935 Cl ft P gen gu 4 Ha ser A. 1942 Series B 1942 Int reduced to 3H8..1942 Series C 3 Ha 1948 Series D 3 Ha 1950 Erie ft Pitts gu g 3 Ha B..1940 Series C 1940 101 103 94 71 98% July’17 81 Sept’18 58i2 954 674 June’18 Jan 18 N0VI6 Nov’16 Apr T8 71 100 N Y Prov ft Boston 4s.-.1942 A Registered 60 70 72 70 10012 Jan ’17 55 52 J M M Naugatuck RR 1st 4s....1954 M Boston Terminal 1st 4s... 1939 New England cons 5S....1945 Consol 4s 1945 Providence Secur deb 4s..1957 Prov ft Springfield 1st 5s. 1922 Providence Term 1st 4s 1956 W ft Con East 1st 4Ha... 1943 N Y O ft W ref 1st g 4s 01992 95i2 9512 67U June'18 87 90 1931 M J J M J F 83*8 84ig 72i2 3H8...1951 M 1952 M 20-year debenture 4s 1929 A N Y Chic ft St L 1st g 4s .1937 A Registered 1937 A May’15 85% ... .... J L ft S 1st gold 1st gold 3Hs 2361 Registered 2361 NYC Lines eq tr 5S..1918-22 Equip trust 4Ha..1919-1925 N Y Connect 1st gu 4Ha A..1953 N Y N H ft Hartford— 82 91% A J J M 1931 Q Sale .... J Registered High No. Low High 741* Mar’18 724 744 Asft Low 70% 101 J J J J A J J 1997 J 1928 M 1931 M 1931 IN 1938 J Ka A ft G R lat gu o 6s Mahon C’l RR 1st 5s 1934 Pitts ft L Erie 2d g 58...01928 Pitts McK ft Y 1st gu 6s 1932 2d guaranteed 6s 1934 Michigan Central 5s 1931 Debenture 4s West Shore 1st 4s guar Pries Friday Bid A J Record—Continued—Page 3 92*8 89*4 83i2 45 99 99*2 91% 88 103 98*2 100 -s .... 95 98 .... 99 .... 102 82 83% 82% 95 66 60 ~80 41 99*2 80*2 45 93 90*2 76 96 80 70 88 50 80 49 49*4 *73*8 69 ':?5 " 32 22 87 85 70 86*4 80 84 79*2 103*2 78*8 100 92 81 90** 80*s 96*2 17j 71*4 81** 62 92 75% 86% 82% 93*4 ‘65 59 65 87 Aug’18!.... Mar’18| Sept’18 92 70 Mar 18 Feb 17 Mar’18 "64” 68** 92 64*8 87% 82*2 69*2 87% 82*2 91 70 95 96 96 70*4 .___ 68 95 73 l»j *l*j Jau Jan 95 68 95 96% 98*2 93 93 94*2 81% 68 Sept’12 98*8 Aug *18; 102*2 June’lll 94 July’18l... 98 81% 67% 93% 95% Sept’18; 81% 67*4 Sept’18 80*2 85*2 _ 80*2 Sept’18:. 86 May’lal. 100 90 95 61 86 95 82*4 _ 41 93 72*2 Mar’17 Mar’17 86 July’18 Keh ’18 95 61 Sept’18; 95*2 July'17 106% 88% 76*2 88*4 Aug ’16 62% Aug ’18 July’18 93*8 93 Apr ’ 18] 101*2 n«* ’161 82*4 61 Nov’16 100 92% Sept’18 91*4 97*t 86 86 Aug 18 86 51 Mar 181--.51 63 100 100 Sept’18 100*2 98*4 Sept’18 98*4 101*4 106 Sept’16 72*2 89*8 102 98 93 92 91 100 41 86% 46% S6 86 90 93 67*2 69 79% j Suv’04 Apr ’18' Jan ’17 Feb *1 r! 67*2 Sept’18 91 ;,4 Dec 171 52 Aug’17 77*2 July’18' 49 Sept’18 18% Mar’06 1 i 671* Ml A pr 88 >8 85 83 flept’18' Sept’17!.... 86*2! 31 45 80 53 88 88 17 84 89 Sale 86 83 Aug ’18 85*2 25 89 Sale 83% 84*2 15 75 80% Sale 77*2 79% 166 Sale 102*8 101% 103% 103% 78% 82** 79 78% 78% | 101 100*2 100*2 1; 100% 104 98 <.»5% July’18; j 94% 97*i Sale 80% 81*4' 44; 80% 85*2 9* Dec 98 *17j 89 89 Feb ’18 i 89 89 80 80 Jan *18...J 80 79*2 ! 80% June’18!.. 35 9 Due Nov. Sept’17 * Due Dec. | 80% 80*s jo s Option sal • New York Bond 1370 BONDS N. ¥. STOCK EXCHANGE Week ending Oct. 4. Pries West's Fridas Banos or Last Sals Oct. 4 Ask hue Hidi 88 85*2 86*2 Sale 91 91 Sale 80 80U 90 Aug *18 98 98 Sept’18 65 Sept’18 Bid N N A J 8 J j j o 8 A 054 A 84 O J O 5712 M M F j M 1921 1954 J Wabash let gold fie Sd gold fie Debenture series B let lien equip e fd g fie let Lien 50-yr g term 4a I J Om Dlv let g 3 He. 1941 Tol * Ch Dlv let g 4a 1941 Wash Term I let gu 3 He 1945 let 40- yr guar 4s 1945 West Maryland 1st g 4s 1952 West N Y A Pa 1st g fie 1937 Gen gold 4s 1943 Income 5e pi943 Western Pac 1st ser A fie—1946 Wheeling A L E 1st g fie 1926 Wbeel Dlv 1st gold 5s 1928 Ex ten A Impt gold fie....1930 A M F F A J A 864 91 80 96 96 s 87U 105! Sale LOO 85*s 45 Sale 98 81 s o J J F A Refunding 4 He series A..1966 M s RR 1st consol 4s.. 1949 M s J Winston-Salem 8 B let 4s..I960 J J Wis Cent 50-yr 1st gen 4s 1949 J Sup A Dul dlv A term 1st 4s ’36 M N M A 88is ' Dw *17 57*8 Aug* 18 68'4 Jap *18 76 82 " 93 60 mmmrn 99 60 36 80 24 . 578 90 60 _ _ Afig’18 Oct 17 82 82 62 99 70 82 mmmm 22 100*4 Apr *17 99*4 100 ' Feb 17 98*4 995g Mar* 17 60 60 52 Sept’18 Sale 604 6012 6012 67i2 82 67U Aug *18 71*4 Sept’18 724 76 09ia 73 May’18 — - - • - _ i _ .... _ . . _ _ _ 60 60 5512 674 694 604 074 72 774 73 Street Railway o J J J J A J J J J Brooklyn Rapid Tran g fie..1945 let refund conv gold 4e 2002 6-year secured notes 5a 1918 Ctf* 3-yr sec 7% notes op A1921 Ctfs3-yrsec7%no,esop B1921 3-yr 7% secured notes..*1921 Bk Cty 1st cons 4s..1916-1941 j J Bk Q Co A 8 con gu g fie..1941 M N Bklyn Q Co A 8 1st 5e J 1941 J F A Bklyn Un El 1st g 4-5e._. F F F J F J J J 81*4 _____ 79“ 81 J 61 5fil2 A 804 86 86 M F A 5912 204 Metropolitan Street Ry— F A J A A I.M A O J O O s |lj D S s M M F F J VOUO § UD. J Montreal Tram 1st A ref fie. 1941 J J J J A M Portland Ry 1st A ref 5s. M F J M J J A MO *r*'~®* yj. uuuuuu i A J Income 6s 1948 United Rys Inv 5a Pitts lss..l926 M rnlted Rys St L 1st g 4gr..1934 J St Louis Transit gu 5a 1924 A A J Gas and Electric Light Atlanta G L Co 1st g fis 1947 Bklyn Un Gas 1st cons g 5s. 1945 Buffalo City Gas 1st g 5s... 1947 Cindn Gas A Elec lstAref 5s 1956 Columbia G A E 1st 5s 1927 Columbus Gas 1st gold 5s.. 1932 Consol Gas conv deb 6a 1920 Cons Gas ELAP of Balt 5-yr 5s '21 Detroit City Gas gold 5s... 1923 Detroit Edison 1st coll tr 5s. 1933 1st A ref 5s ser A ftl940 Eq G L N Y 1st cons g 5s..1932 Gas A Elec Berg Co c g 5s.. 1949 Havana Elec consol g 5s 1952 Hudson Co Gas 1st g fis Kan City (Mo) Gas 1st g 5s. Kings Co El L A P g 5s Ed Elec Ill 1st 5s..l g 5s.1 Pacific O A El Co—Cal G A Corp unifying A ref 5s...1 Pacific G A E gen A ref 5s..l Pac Pow A Lt 1st A ref 20-yr cons g NYAQ El LAP 1st con Mu Fuel Gas 1st gu g fis. *No price Friday, * J M A A J J Q F M A M J J M M F M J J J M M M J F J J J 75i8 76 _ 21*2 60 55 55 _ 93U o J 85 88 D _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 1 8 _ _ _ 99 47 19 63 76 56 69 _____ .... _ 96 * 734 98 8912 92*8 9512 91*2 Mar’18 Aug’18 Aug ’18 July’18 15 28 _ _ _ _ 87 68 98 , _____ 87 100 75ia _ _ _ _ 8912 . 100 9612 85 Sale 78 91 80U 70 _ _ 674 85 804 80 82 80 764 $5 77 _ 1 33 __ __ _ _ _ _ _ _ _____ _ . 92 latest oid and asked. « Dus Jan. 814 ---- 1 Mtge Bond (N Y) 4s ser 2.. 10-20-yr 5s series 3 N Y Dock 50-yr 1st g 4s Niagara Falls Power 1st 5s.. Ref A gen fis.. a Niag Lock A O Pow 1st 5s.. Nor States Power 25-yr 5s A 624 68 17*4 _ _ _ _ 384 91 71 66 58 95 96 80 60 60 5012 654 _ 25 77 85 _ _ _ 804 95*4 263 _ _ _ _ _ _ _ _ 80 99 103 914 93*4 894 914 924 954 94 94 98 924 __ 1 6 _____ 3 _____ _____ 1 8 73 994 85 734 984 944 864 86 68 90 73 944 947s 974 884 86*4 76*s 924 80*4 July *17 100 3 984 100 714 81 Apr *17 Mar’17 _____ 91 Mar’17 2 _ 78 90 84 91 _ ___ 824 94 _ 80 _ 914 974 1 80 84 824 83 1094 79 80 79 94 94 85 100 1940 1941 1943 _ 854 75 1939 1966 1932 66 1951 1932 1932 1954 1941 Ontario Power N F 1st 5s... 1943 Ontario Transmission 5s 1945 Pub Serv Corp N J gen 5S..1959 Tennessee Cop 1st conv 6s._ 1925 Wash Water Power 1st 5e__1939 Wilson A Co 1st 25-yr s f 6s. 1941 _ _ _ _ High 824 •*| *18 vi. _ _ 704 90*4 91 _ _ _ _ _ Sale 90 93 83 754 8412 74 81 58 90 2 62 1024 1094 137 73 804 20 77 904 784 83 98 91 97 91 904 94 1261 90 1024 11 854 92 75 75 85 80 80 8ept’l8 Sept’18 Sept'18 Sept’18 100*4 874 _ Sept’18 Air 14 June’16 874 90 68 86 _ 1094 ____ 8ept’18 Sept’18 84 954 _ _ 81*« 7U _ 65 91 67 83' 874 87*2 98*2 _____ _ _ 2 _ 95 77 95 _ _ |h 1004 105‘2 Oct ’10 934 894 Oct ’ 17 84*4 85 Sept’ 18 86 s 864 864 _ _ 80 88 894 _____ _ High 66*4 18 38 83 924 Sept’18 83 Sept’18 804 Sept’18 81 Sept’18 58 85 85 Sale 107 Sale 774 Sale 79 83 804 94 984 97 90 93 Sale 974 Sale 854 794 75 83 94 69 67 91 92 Sines Jan. 1 No. Lorn 7 60 8 18 60 25 25 98 83 83 Ju*i< 1 76% 77 95 8ept’18 854 > 13 | 1 90*4 Aug *18 914 91 38 734 82*2 88 96 90*4 904 904 964 I Manufacturing A ! Industrial Am Ag Cbem 1st c 5s 1928 Conv deben 5s 1924 Am Cot Oil debenture 5s 1931 Am Hide A L 1st » f g 6s 1919 Am 8m A R 1st 30-yr 5s ser A d '47 Am Thread 1st coll tr 4s....1919 Am Tobacco 40-year g 6«...1944 Gold 4s... 1951 Am Writ Paper 1st s f 5s...1919 Baldw Loco Works 1st 5s..1940 Cent Foundry 1st s f 6«. j__ 1931 Cent Leather 20 year g 6s.. 1925 Consol Tobacco g 4s 1951 Corn Prod Ref s 1 g 5s 1931 1934 ()lst 25-year s f fis Distil 8ec Cor conv 1st g 5s. 1927 E I du Pont Powder 4H»--. 1938 General Baking 1st Jfc-jr fis. 1936 Gen Electric deb g 3 He 1942 Debenture 5s 1952 Ingersoll-Rand 1st 5s 1935 J Int Agrlcui Corp 1st 20-yr fis 1932 Int Paper Co— Consol conv s f g 5s 1935 J Liggett A Myers Tobac 7s.. 1944 6e 1951 Lorillard Co (P) 7s 1944 6b 1951 Mexican Petrol Ltd con fis A 1921 1st lien A ref fis series C..1921 Nat Enam A 8tpg 1st fie 1929 J Nat Starch 20-yr deb 5s 1930 J National Tube 1st 5s 1952 M N Y Air Brake 1st conv fis.. 1928 M Pierce OJ 5-year conv fis.01920 10-year conv deb fis 51924 Railway St Spring 1st s f fis. 1931 A Sinclair OH A Refining— 1st s f 7s 1920 warrants attach do without warrants attach .‘. Standard Milling 1st 5e 1930 M The Texas Co conv deb fis.. 1931 " Union Bag A Paper 1st 5s. .1930 Stamped 1930 J Union Oil Co of Cal 1st 5s.. 1931 J U 8 Realty A I conv deb g fis 1924 J U S Rubber 10-yr col tr fis.. 1918 J 1st A ref 5e series A 1947 J U S Smelt Ref A M conv fis. 1926 F V-Car Cbem 1st 15-yr 5e...l923 J Conv deb fis el924 A West Electric 1st fis Dec 1922 J 944 984 82 100 Coal, Iron A Stool Beth Steel 1st ext s f 5s 1st A ref 5s guar A 864 714 864 99 1004 864 Sept’18 1174 Sept’18 864 99 74i8 944 Sale 82 Sale .84 Aug ’18 934 v 944 65 804 81 994 994 994 Sept’18 994 994 874 87 874 994 104 Ma> *17 _ 85 _ _ _ 664 72 96 80 974 754 Sale 75 73 96 100 86 109 84 _ _ _ _ _ 96 Oct ’13 _ _ 924 904 994 _ 85 87 864 54 100 80 95 Sale 94 90 944 964 96 Sale Sale 97*4 954 75 71 94*4 _ 2 88 .... _ 75 74 100 1 ... 9 75*2 08*2 . 1 934 99 10 107*4 117 5 95 86 115 11 107 1 834 93 23 105*4 122 120 8 106 98 E 914 924 93 97*2 934 109 95*4 . _ ----j 1 Qrtl« 85 1047s 974 944 93*4 86 37| 84*2 39 904 101*8 88 83 83 56 45 4 100 101 113 81 76 13 924 98 2 90 974 54 11 1004 80 95 94 ! 141 June’18 994 82*4 auk ’17 83 Aug ’18 54 97*4 100 984 1 95*4 149 1 83 904 924 92 98 99 1004 100 Sale 79*4 . __ _■ 97 Sale 98 Sale 95 75 7 _ 99*8 994 974 !J 974 Sept’18 974 Sept’18 Sale 83 844 1044 8ept’lH 96 _ i 16 754 974 994 101 83 1014 84*2 974 I Mu' ’18 754 87 79 99 80 93 29 _ _ _ 3 6 86 _ _ Mai’18 July’18 83 80 _ _ 99 Sale 864 Sale 1084 109 85 8312 834 125 * 116 122 115 117 120 98 97 M>. *18 94 934 Aug ’18 974 974 97 Sept’18 _ _ 924 100*2 904 100 98*4 101 844 89*2 964 994 10 117 1174 71 744 _ 934 Sale 934 1074 109 1084 944 944 964 Sept’18 944 95*8 i 984 94*4 944 6 98 j 92 1926 J 1942 M 904 804 A imp s f 5s... 1936 J Buff A Susq Iron s f 5s....1932 J p m Telegraph A Telephone Terep A Tel coU tr 4s 1929 J Convertible 4a_. ...1936 M 20-yr convertible 4 He 1933 M 30-yr temp coll tr 5s 1948 J Sub recta full pd com fis. 1925 J Cent Diet Tel 1st 30-yr 5s..1943 Q Commercial Cable 1st g 4a..2397 Q Registered 2397 |J CumbT AT 1st A gen 5s. ..1937; J Keystone Telephone 1st 5e._1935 F Micb 8Late Telepb 1st 5s._. 1924! M N Y A N J Telephone fie g..l92oj M N Y Telep 1st A gen s f 4 H«-1939 M Pacific Tel A Tel 1st 5s 1937. J South BeU Tel AT lets f fis. 1941' j West Union coUtr cur fis ...1938 j Fd and real est 8 4 H> 1950 m Mut Un Tel gu ext 5s 1941 M Northwest Tel gu 4Hs g —1934, J Am 864 994 1174 774 714 864 864 9 21 3 9 30 95 99 82 82 994 117 _ 944 984 Sale ---- J N J D Debenture fis al926 M S Cahaba C M Co 1st gu fis.. 1922 J D Col F A I Co gen s f 58. J'...194 F A Col Indus 1st A coll 5s gu..l934 F A Cons Coal of Md lstAref 5s. 1950 J D Elk Horn Coal conv fis 1925 J D Gr Rlv Coal A C 1st g fis..51919 A O Ill Steel deb 4 Hs 1940 A O Indiana 8teel 1st 5s 1952 M N Jeff A Clear C A I 2d 5s 1926 J D Lackaw Steel 1st g 5s 1923 A O 1st cons 5s series A 1950 M S Midvale Steel A O conv s f 5sl936 M S Pleasant Val Coal 1st s f 5s. 1928 ,J J Pocah Con Collier 1st s f 5s. 19571J J Repub I A S 10-30-yr 5s s f.1940 A O St L Rock Mt A P fis stmpd.1955 J J Tenn Coal I A RR gen 5s..1951 J J U S Steel Corp— 1 coup...dl963 M N s f 10-60-yr 5s reg dl963 M N Utah Fuel 1st s f 5s 1931 M N Victor Fuel 1st s f 5s 1953 J J Va Iron Coal A Coke 1st g 5s 1949 M S 20-yr Sale Sale Sale 1004100 904 75 97 824 794 .. 25 23 Ask Low Sale 60 30 23 25 25 90 79 77 .. 59 524 274 904 Last Sals Range |i or 90 85 _ _ _ _ Sale Sale Sale 96 914 92 90 90 844 734 93i2 744 85 95 90 82 92 Sale Sale 11 6 22 94 904 814 804 May’18 8ft4 July’18 101 _ _ _ ' 90 85 90 83 73 83 95 94 81 92 86 76 90 95 94 94*4 88 96*2 96*2 80*2 92 864 [W ’14 Feb 1 * 824 924 14 8 10 5 11 95 95 894 854 764 864 92*4 894 864 894 g5 90 86 864 77 81 94 Sale 924 974 934 83*t 784 _ 834 July’18 734 Sept’18 87 Aug’18 05 Allg ’18 94 82 92 99 92 86 _____ 85*2 97 1 954 94 ..._ 90 864 864 944 94 80 95 1 3 Apr ’18 954 8ept’18 96 98 180 974 Sept’18 ! _ _ _ _ 87*s 984 85*2 924 j _ 80 80 92*2 97*2 96 96 100 994 87 75 Jao ’17 84 105 54 24 70 46 894 87*4 774 July’17 994 Nov’15 78 Sept’18 91 03 _____ 747s Sept’18 90 Sept’17 100 89 94 Great Falls Pow 1st s f 5s... Int Mercan Marine s 1 fis Montana Power 1st 5s A Morris A Co 1st s f 4 He—.. Bangs Oet. 4 254 _ Apr’17 87 974 Mav .7 July’17 98*s Oct *17 92*4 84 10158 Nov* 16 9812 92 Aug’18 83 814 814 101 June IT 96 Aux *17 89H 75*s 82 . 87*4 92 95 90 100 Sale 100 * . 25 90 Feb *15 684 Sept’18 947s Sept’18 964 Aug ’*7 88 Sale 87i2 7712 _ 624 73*2 744 Alaska Gold M deb fie A 1925 Conv deb fie series B 1926 Am 83 of W Va 1st fie 1920 Armour A Co 1st real est 4 He *39 Booth Fisheries deb s f fie 1920 Braden Cop M coll tr s f fie. 1931 Bush Terminal 1st 4s 1952 Consol fie 1955 Bldgs fis guar tax ex I960 Chic C A Conn Rys s f fis.. 1927 Chic Un Stat’n l«t gu 4 He A 1903 Chile Copper 10-yr conv 7s. 1923 Recta (pirt pa<d) conv fis ser A Coll tr A conv fis ser A__ 1932 _ 87 June’13 Imi* ’18 Feb ’ 18 Fer ’13 9058 924 No' ’17 95 904 Deo ’17 904 D«* ’16 90 D« ’17 97 100 Aug 18 100 110 JU!>* 77 734 734 Sale 93 98 90'4 89 Aug’18 84 854 June 18 86 _ 77 . Sept’18 103 994 914 Aug *18 93*4 Sept’18 90 Sept’18 914 Ap. ’18 1044 _ 85 68 814 2U2 794 Sept’18 80 Sale _ 854 86i2 _ 654 864 854 85*4 804 854 1948 West’s Fridas Bid 60 Miscellaneous Adams Ex coll tr g 4s .. May’17 48 Sept* 15 95 >8 85 _ 66 ii 94 100 _ 874 854 66 55 _ __ _ 784 98*4 Aug *17 97*2 July’17 74 Aug 'P 103 '91 ' 87 54 9U2 90 91 _ 78 _ -1 May’17 8ept'17 Ma»’14 Sept’18 , J J N N A N D D J S s N J A J J _ • 63 77 _____ _ . - 784 Aug *18 97 _ , • ....1 July’17 J une* 17 May’ll 79lg N J o s 71 84 59 96 _ 4 81 Mayio 51 50 25 1024 _ . . 8078 Sept’18 85*4 Sept’18 95 80 30 69 50 67 29 80 22 ig 77 _ 964 148 87 76 D N O A S May 12 May 13 Sept’18 884 Nov*16 07 ' Aug ’18 9012 Feb 17 95 95 July'17 10‘/4 Mar'12 Sale 564 66-8 504 33*4 Sals 304 34 90 84 104 Aug’18 91 91 92 Sept’18 _ 964 944 _ 8U2 July’18 7112 _ 97 90 48 77*8 75 78 94 Sale Sale 63 99 72 " 47 O J F N J 96 1001* June’17 8712 _ 9812 484 14*4 *8112 N J O o J 120 69 924 69 53 *92 * _____ Oct ’17 05 59i2 18*8 20 8 July 18 92*2 i 90 Sale 5012 55 Sale 7812 80’s 7312 Sept’18 74i2 70 76 Sept’18 80 July'18 77 85 75 , N N A J M J J J M 8 M S J D F A M N A O A o A o M 8 J J Q F A O M N O J J D A F J J F A M J 73 ••• • 83*4 73 Jan *14 Sale Sale 804 J J O J O J jJ Sept 18 96U Aug '18 96ia July’18 94*4 95*8 797$ 13 Sale 55’ J J J J J N _ 1. A A J • 96 ,tm _ 724 r N Y A Jersey 1st fie. ' J J J 8 8312 Sept’18 65 Sept’18 977$ Sale 94 92 80 90 101 90 80 821$ Sale 80 70i2 60 72*4 78 63 63 81 8012 88 8512 95U A A A 69 82i2 _ 95^4 Pries Computing-Tab-Rec s f 65.. 1941 Granby Cons M 8 A P con fis A *28 Stamped 1928 84 794 [Vol. 107. BONDS N. Y. STOCK EXCHANGE Week Ending Oct. 4. Sines Jan. I No. Low High 6 844 93 954 0, 90 5 80 864 90 90 96 1004 65 65 " ^ Rants ]l 99ly Sept’17 80 ~ Aug *12 75 Apr *17 844 Jan 17 77 70 80 80 Nnv Record—Concluded—Page 4 J S S D D 8212 894 794 Sale 81 Sale Sale Sale 87 904 97*4 80 86 Dec’16 Sept’18 41 84 90 11 87 66 90*4 984 1615 794 854 Feb ’18 954 994 May’18 684 73 J 86 90 A N 87’ 684 ■»•*»* ’18 86 Sept’18 98 Apr ’16 Sale N 95 N J j j N N 8512 Sale 88*4 904 87 874 89 89ia 784 804 _ _ __ 964 99 -— 78 J J J 964 _ 87 97 Nov l7 _ _ _ _ _ _ _ _ 1 _J Aug *18 854 854 89 89 87*2 87*2 89*2 89*a 80 68 4 1 3 1 80 1014 Sept’17 _ 774 814 834 85*2 91*2 954 98*4 99*2 93*4 984 — — 684 87 _ 86 82 86 ■V _____ _ 83 85 _ _ _ _ 684 934 854 90 97 84 87 86 98 89 874 93*2 80 88 924 95 —-1 J 4 Dos April, e Dim May. # Dos June. 5 Due July, t Due Aug. • Due Oet. 9 Dim Mot. « Dim Dee. s Optica cale V Oct. 61918.] BOSTON STOCK EXCHANGE—Stock Record SHARE PRICES—NOT PER CENTUM PRICES. Saturday Monday Sept 30 Sept. 28 •125 69 85 Tuesday Oct 1 126 125 691* 69i2 85 331* 34 169 169 • 3 •14 30 *85 33*4 *160 * *14 •271* *137 •83 •105 *52 *105 *72 80 *1*4 12U 4014 •27 •137 *83 145 .... * 115 55 109 54 •105 •72 79 80 2 *1*4 12i2 4014 12 4012 i *80 *80 94 *22 *83 *931* *21 471* *531* 981* 92 .95 4 23 471* 4712 53ig 54 99 92 .95 412 *10714 IO8I4 109 975* *55 95U *79 *79 *14 *104 *63 251* 137g 12i2 *4*4 145 109 9814 56 9512 81 82 15 106 64 •881* * . _ 87 *64 *112 2512 13V 12i2 512 363* *13 110 *51 CEXLCOHASNEGD .... 106 54 109 79 2 STOCK Oct. 4. 125 69*4 85 34i2 *160 •ii *27 *137 *83 * *15g 4012 92 1 109 24" 96 48 4712 5312 99l2 92 1 *4 108 *80 *79 *63 26 64 *63 148 *30*4 *412 *1512 3*8 8812 89 84 64 84 •63 115 11312 90 *8812 * 89U 1 1 86*4 *62 *115 36*4 112 1 76 *.60 *75 1 76 4 .40 .30 497g *15i2 497g *.15 *49 50 16 *155s I6I4 48iz 53*4 *54 9912 99 100U *90l2 92 92 1 *.80 *4 41z 3 *82 50 11*4 47 3 514 97g 4U 84 51 *60 *.60 .80 5312 7912 *2512 *5*4 5312 *2512 *5*4 .80 55 80 26 6 *.80 VAs *.99 *.50 *.75 *39 *53 17 65 *24 48lg .60 *312 .50 *.12 5 3 4 2*4 3 5512 20U U2 *20 15 15 75 *14 *12 *68 *8*8 13*4 14 .80 1 41 55 17 66 *.50 *.75 *39 *5212 I6I2 *65 *2312 48 *.60 4 *1 *.12 .60 4 .50 .16 5 4*4 3 .94 3 .94 42iz 4212 •1H 9i* *841* 1*4 43i2 42*4 l7* 91* 84** 1*4 21* H* 4*8 4*8 25s .95 43 43 *1*4 97| 85*8 1*1 *21* •1 23 •1* *1V 812 *4l2 4U *2 *1 23 *5 *2i2 *3i2 412 2U *2l2 5512 4l2 24U 481s 227* *1* *4 price*, 110 IIOI2 llOlz HOI2 104 104*4 *53 54 5312 53l2 95 9512 94*4 95 81 Last Sale 81 Sept’18 82 Last Sale 80 Sept’18 15 14*4 1484 105 *106 107 1073s 108 64 Last Sale 62*4 July’18 26i4 2612 26i2 2512 26*8 135s 1384 1378 135, 14 12 12 12i2 12i2 1212 5 5 5U 10912 10912 10214 10412 e Amoskeag Manufacturing Do pref 11212 11312 140*4 143 40is 41 26*8 2612 26*8 263g IO8I2 HOI4 10918 llOig 110*4 110V *11014 in 7*8 7*4 75g 7*4 *.60 76 *33g *.15 *49U 1512 1 76 3*4 .30 50 15i2 — — T* 1081, 109V 110V 110U 7*4 77g Last Sale 60 Sept’18 *75 76 -■*75 76 . *3U 80 2612 6 1'A 6 3 4*2 412 214 3 *24i2 67 450 3*4 *3V 3V Last Sale .25 Sept’18 *4914 50 4914 49U 15V 15i2 15V 15V Sent,’IS 450 *1H2 12 *46 47 3 *2*4 *5 5U 10 10 *3*4 *80 50 *514 *.60 *54 *80 *25 *5*4 *1 *5 *2l2 *3l2 *4 *2 27g 55*8 55l2 20*8 *20 2 15 15 75 *14 *12 *68 8*4 14 .60 1*2 41 55 17 66 24 48 .75 4 *DZ 414 84 50 584 .80 56 8Uz 26 6 ivr. 5lz 3 41z 5 *23l2 *3lz 5 10V *495g *5*8 *55 *80 Last Last Last Last Last Last *4 214 *2i2 •1*2 14 5,995 50 75 12 47 3 iou lOV 505s 5*4 56 82 Sale Sale Sale Sale 55 55 *80 82 25 Sept’18 5*4 ,90 5 Sale 3 Sale 3 V 5 *4 *2 Sept’18 Sept’18 Sept’18 Sept’18 Sept’18 5 214' 2V 3 l7s 14 1 •IV 2 13U 13V Aug’18 68 Sept’18 8V 8V •13V 14 .25 Sept’18 *4 Aug’18 Last Sale 83s 1312 8*s 13*4 Last Sale Last Sale 39 3912 40 39 52 39 52 16V 16V 52l2 1612 6512 53 I 16V 651z *46 *60 48 i .70 46 *.60 65 H-* 00 46 .70 3iz 4U! *3V 4 65 toto .17 *4l2 414 212 414 21z .95 .95 .95 44ig 43 U 178 9Vg 85*8 1*4 212 IV 227* *4 *43l2 4312 *1*4 912 *83*2 1*4 •21$ 437g 43i2 Vt 9iz 8414 1*4 21z IV 43*4 4312 *1*4 97, •84U 1*4 IV *1 _ 1 pref Adventure Con 30 Ahmeek 110 Alaska Gold 25 25 10 Algomab Mining 25 35 Alloues 25 180 Amer Zinc, Lead A Smelt. 25 Do pref 25 1,530 Arizona Commercial 5 200 Butte-Balaklava Copper.. 10 Butte A Sup Cop (Ltd)... 10 270 Calumet A Arizona 10 38 Calumet A Hecla 25 83 Centennial 25 315 Copper Range Co 25 335 Daly-West 20 525 Davie-Daly Copper 10 2,175 East Butte Copper Min 10 Franklin 25 10 Granby Consolidated 100 82 Greene Cananea 100 40 Hancock Consolidated 25 Indiana Mining 25 20 Island Creek Coal 1 24 Do pref 1 Isle Royale Copper Kerr Lake Keweenaw Copper Lake Copper Co La Salle Copper Mason Valley Mine 210 Mass Consol 130 Mayflower-Old Colony... 100 Michigan 371 Mohwak Nevada Consolidated 55 New Arcadian Copper.... 67 New Idrla Quicksilver.... Do 100I1 75|1 6,20511 212 25, 5 4V 2*4 *.95 .97 *.93 .97 1,950’ 44*4 *42*4 42*4 44 Z42V 43 1*4 1*4 l7s 9V 9V 97, 85 *84*, 85 2 17, 2V 2U 2U) *2V 2V Last Sale 1 Sept’18 435 1 448 2001 210, 1001 e » Ex 821* Aprl8 104 53 106 70 Febl9 Jan22 Septl9 Oct 3 77i*Junel8 lt« Sept 6 81* Jan22 27 Feb26 90 JanlO z88V Junel4 20 80 37 47 Jan 2 Aug 6 Feb20 JanlO 781* Jan 2 885* Jan 2 .40 July 1 4 8ept30 99 107 Jan 2 June 4 90*4 Aug 5 451* Jan 8 90 Jan 3 76 11 98 Jan 7 Feb21 JanlS 681* Janl7 21 Jan25 IOI4 Mayl8 12 4 134 Jan29 Jan31 June21 271* June27 128 Janl6 27 Aug29 5 Apr 12 Apr23 135 100 40 170 3 15 30 147 85 120 65 81 85 Highest July 9 Aug 9 Mar25 Mar25 Jan 2 15 150 Dec Deo 2 July 9 June Mar 6 30 148 Aug Aprl7 Jan30 Mar 6 Jan 3 Feb25 Jan 3 Nov 83»* Deo 1021* Nov 44 116 83 78 1 6 Dec Dec June Dec Deo Dec pref *47 Junel4 12*8 Mar23 41 Jan 2 11 Jan 5 .22 Sept 3 17 Mar25 621* JanlS 427 Feb28 10*4 June27 43*8 Mar25 11* AprlO 5 Jan 2 51* Mar25 3 June21 7312 June14 39 Janl7 6*8 June21 .40 July23 50 Jan14 7912 Oct 1 191* Janl4 5 Jan 2 .80 Septll 5 Mar25 2 Jan 2 25 25 25 5 25 25 25 25 5 25 5 .100 31* Sept20 3*4 Septl7 .65 Mar26 .40 June28 55 Aug 20 Copper Do pref 3701 OR Jan Mar 781* Mar 133 Jah 21*4 Sept 901* Oct Sept 3 921* Jan 1001* Mar 6*b June 311* July 62*4 Jan 105 Apr 85 135 Jan 8 Oct 4 16i* Dec JanlO Deo Jan 84i* Feb 110 1001* Aug27 951* May21 21* Mar 2 15*8 Mar 4 73 88 1 Dec Dec Dec 94*4 May 1031* Jan 2*8 Jan 115i2Mayl5 90 105 96 July 5 Apr 1 113*4 May 9 109 Feb 5 60*8 May24 96*4 Mar 12 84 Septl8 82 18 Jan 3 Jan31 891* May 16 Jan 3 Jan 2 1191* Mayl6 Oct 3 137s Marl6 146U Apr 9 521* Aug 7 145 Oct 3 60 75 6 88 May28 Aug28 July 17 Aug 9 Dec Dec Dec Sept 55i* Feb 9 Dec 54 Feb27 2D4 July 3 54 July 6 16>4 Aug24 .45 Jan 7 33 May 14 731* Mayl6 465 May27 141* Febl9 50 May 16 3 Sept30 678 Mar 8 101* Jan 2 6 Feb 18 83*4 Sept 5 51 Oct 1 10i8 Jan 2 1 70 84 29 6 Feb 19 1*4 MaylS 8*4 Mayl4 314 Mar 5 6 7 Febl3 Jan 2 3i* July 8 3 SeptlO Mayl6 Mayl4 July 1 Mar 7 6612 201* 21* 1714 58 June 100U June 75 July 971* Jan 14*4 Deo 1211* Jan 66 Jan 20tg June 170V Jan 4 10 Dec Dec 92i* Dec 71 63 110 35 60 93 *59 107 29 10 116 40 *105 Dec Dec Dec Jan Jan Dec Nov Dec Dec Dec Nov Nov Dec 371* Dec 25 Oct 79** Dec 103*4 Dec 4U Dec * 1 70 1 Oct Dec Dec 14 Sept 45 11 40 Dec Dec Nov 8*8 Nov .25 Dec 12*8 Dec 65 411 11 Dec Dec Dec 39U Dec li* Apr 314 Nov 8U Dec 4 66 35 7 Jan 3 Mayl5 Febl8 July 3 Mar 126U June 12H* Jan 128U Jan 118*4 Deo Jan 412 July 5 .45 Mayl3 14 Jan 10 226 1*4 Jan25 83 74 37* Dec 133is Dec 48i2Mayl6 26*2 1161* H2I4 8*4 Nov Dec Dec 387| Nov *87U Dec June July 8 120U Febl6 64 Julyl9 28i* Sept 5 141* Augl9 17i* May 1 6*4 MaylS 15412 Jan 2 58*4 Oct 3 151*4 Mayl6 35 Aug30 61* Feb 6 18 Julyl9 5V Marl8 921* Feb28 91 Mayl6 39 712 Dec Jan 561* Mar Dec Dec Nov Dec *4 Dec 62 80 20 Nov Nov Dec 4U Apr 114 June 5 Oct 1U Dec 4ig Nov 5 1 Nov Nov 1*8 Aug 57 16 Jan Jan 18i* Jan 33i* Jan 102 Jan 1001* Mar 81 169 95 Mar Jan Mar 921* Aug 1241* Mar 112 Jan 166U Jan 46 16 Jan Mar 1627* Apr 68 June 155i* Jan 581* Jan 30ig Mar 135 May 121 Jan 87g Jan 414 Jan 108 Jan 111* Jan U4 Jan 70 Mar 411* Jan 73 Jan 15U June 214 Jan 52 Jan 85U Jan 590 Feb 27U Jan 68 3 Jan Jan 7t* Jan 16 9 92 Jan Mar Jan 461* Jan 20i* Jan 4 Mar 761* June 94 36 6 Apr 18 5 Jan Jan Jan Aug 4*4 Jan 8*8 Aug 15i* Jan 3 May 51* Mar Jan31 1312 Aprl7 6*4 July 11*4 Oct .25 Feb 14 .95 Marl9 i* June21 U* Mar30 45i* Jan 3 .30 Nov .98 Dec 33 Nov 65 9214 9*8 2414 2*4 27g 67*4 531* Dec 95 16 60 20 48 .68 28*4 June 94i* Feb 32ig Apr 89*4 Mar May28 20 80 Jan 2 Jan 9 21*4 Mar22 20U Feb20 78 Mayl6 25*4 May23 46 57 65 Lake. Feb Jan 97s April 17*sMayl6 Janll 4612 Junell 16i2Oct 1 10 25 10 10 25 5 25 10 25 1 50 50 5 5 10 1 July July Dec Nov 11* Dec 10 Nov 22 Jan 65 Dec 181* Jan30 U4 Aug29 13U Jan 2 12 Aug29 65 Aug29 39 280’ 4,715ii lOOh Junel3 1*8 Apr25 .15 July 11 38 150 108 140 Jan Jan Mar Mar Jan Dec Dec Dec 100 69 Jan29 Janl7 Aug 9 175 79 133 45 213 3 30 83 34 z45 July30 July 5 Aug30 Sept 9 Dec Dec 70i* Deo June 5 Junel7 71* May 16 Mayl6 May29 33 46 90 99 25 90 50 62 120 27 Jan 2 116U Jan 9 70 124 Jan 7 Jan 3 Jan29 June24 761* May29 Junel7 Junell JanlS i*June27 71 S'As 145 100.1 151 2001 .12 23 23 23 Tiost X-’g’* Sent’18 July 19 July 2 5 290 145 172 140 *4*8 23 Jaa23 Aprl5 25 71 610 *.10 *4 Lowest Mining 5 4U 25g 23 July 11 25 138 ... .12 4 Jan 2 Jan26 10U Mar 1 ^ .12 *4 37 80 19 150 2 31* Aug23 88 Sept30 i77U JanlS ■a U2 1221* Aprl7 36 Me El wain (W H) 1st pref. 100 893 Massachusetts Gas Cos...100 121 Do 62 pref 100 102 Mergenthaler Linotype 100 107 New Eng Cotton Yam 88 100 Do pref 100 300 New England Telephone.. 100 821* Nova Scotia Steel A C 56 100 2 Pullman Company 100 102 1,085 Punta Allegre Sugar 29 50 11 10 3 Reece Bu ton-Hole 3,346 Swift A Co 100 102 50 Torrington 45 1. 25 1,228 United Fruit 100 1151* 1,885 United Shoe Mach Corp._ 25 381* 105 Do pref 25 24*4 4,349 U S Steel Corporation....100 87 5 Do pref .100 108 2,035 Ventura Consol Oil Fields. 5 5 *412 .17 5 Ex-dividend and rights, Do 2,755 Last Sale 12 4*8 45s 25* •1 23 *lt •11V 46*4 *2*4 12 46*4 3 5U 10U 3 | * *2V 55 55U 55U 55*8 Last Sale 19*4 Aug’18 *1 *.12 IV 460 *49*4 505s 5V 5V Last Sale .80 Sept’18 IV 55 17 66 24 48 .70 4 460 67V Last Sale 4 Sept’18 *80 84 *79 83 15 75 .80 *46 *.60 *2*4 17S 1512 *.50 *.75 40 17 65 46 5512 2012 8iz 1334 460 *1U2 214 27g *8*8 13*4 *52l2 455 67V 67i2 Banff* for Prestons Year 1917 Highest. 601* Jan 2 105 Art Metal Construe Inc 10 45 Atl Gulf A W I 8 S Lines..100 Do 100 pref 980 Booth Fisheries no par 815 Century steel of Amer Inc. 10 400 Cuban Port Cement 10 150 East Boston Land 10 169 Edison Electric Ilium....100 6,215 Fairbanks Co 25 10 General Electric 100 i 6712 978 *3*4 4 83 50 _ 4ig 108L *108U 109 ■ 67l2 *5 514 10V 92 1 15 15 15 '15U .35 .35 *.25 .35 Last Sale 26 V Sept’18 512 x8*s 13*4 92 *.80 1 .45 26 512 U* 99*4 100 15i2 11*4 46i2 *2*4 46i2 4712 1514 512 *14 *12 *68 4712 *.35 *5U *20 49 .... .50 *25i2 27 67 67 457 455 15U *35 *412 *2i2 *312 3*4 *2l4 *2i2 55i2 41 1*4 10*4 40>8 15i2 1512 *79 40U 1*4 101g Last Sale 49 .35 .35 *25 26i2 67 67*4 450 460 12 12 * l7g IU2 Georgia By A Elec stampd 100 8 Do pref 100 129 Maine Central 100 200 Mass Electric Cos ioo 1,726 Do pref stamped 100 830 N Y N H A Hartford 100 Northern New Hampshire. 100 30 Old Colony 100 J Rutland, pref 100 70 Vermont A Massachusetts. 100 407 West End Street 60 332 Do pref 60 Miscellaneous 460 Amer Agricul Chemical 100 168 Do pref .100 200 Amer Pneumatic Service. 25 65 Do 60 pref 240 Amer Sugar Refining 100 65 Do 100 pref 3,753 Amer Telep A Teleg 100 15 American Woolen of Mass. 100 115 Do 100 pref 40 Last Sale 90 Jftn’18 *96 99 Last Sale 21 Sept’18 *82 91 90 90 Q 83 *49 Aug’18 38V *.15 10 Sebt’18 .... *3l2 *334 Sept’i8 , 312 46U 2*4 5U 14i2 July* 18 4i£ Nov’16 28 Sept’18 *115 119 119 *38 38 39 38*2 *13 1312 *13 13l2< 13 13 110l2 11212 111 1127g 11212 11312 *51 53 62 52 *61 52 142 13412 139 145 13812 143 39i2 40U 40 3912 40 40*8 3612 1312 100 100 10 Boston A Lowell 100 463 Boston A Maine 100 25 Boston A Providence 100 Boston Suburban Elee_.no par Do pref no par Boston A Wore Eleo no par Do pref no par Chic June Ry A U 8 Y____100 Do pref 100 Connecticut River ioo 42 Fitchburg pref 100 2612 26l4 137g 137* 1212 *12 5l2 5U 151 150 150 1497s 149 152 152 54*4 58 55U 57U 58*4 5612 6712 *146 148 14812 *14712 14812 149U 14914 31 30 31 31 325s 325, 33 5 5 5 *412 5 *412 5 16 16 16 *1512 I6I2 3%, 3*8 38g 3*8 312 3V 314 *88 88l2 *88i8 84. *83 8312 8312 84 83*4 86' 64 63 63 63 63 6312 63*4 115 115 115 117 115 117 117 95 Last Sale 89 *88i2 95 Sept’18 Last Sale 92V Aug’17 8914 * 89U 87 87 88 90 1 90 91 88I2 66 *62 65 Last Sale 64 Sept’18 3ig 15*8 10 Lowest. 3,459 Boston Elevated June’18 138 83 110 Banpe Sinee Jan. 1. 151 72 87 34 55 *1*4 IO8I2 10912 9912 102 *53l2 5412 95U 9512 81 82 15 3 12512 Last Sale 108 Sept’18 70 70 *78 80 I2I4 4012 *83 34l2 53*4 80 2 *22 *79 *79 *14 53*4 3312 •160 170 Last Sale Last Sale Last Sale Last Sale Last Sale Last Sale Last Sale *80 *95 99U 5512 9514 149 34l2 88 STOCKS BOSTON STOCK EXCHANGE th§ Week Shares. 1371 Railroad* 125 71 87 34 72i2 *85 106 54 109 *52 *105 *72 *78 126 7Uz _ 42 4712 5312 125 145' 11V 94 24 96 125 72 85 170 3 30 • 1214 13112 135 3912 40 *2614 261* 26*8 26*8 1113s 113 10912 1123s *11012 111 *11014 110*4 7*8 714 7U 7*8 *.60 76 Oct. 3. 9814 *5414 94*4 137g 12l2 *4*4 145 87 66 114 Oct 2 1414 1055* 1055s *104 5U2 5414 *14612 14712 301* 31 5 •41* *1512 16i2 3% 3*8 88 84 64 113 145 4lg 41g 10812 IO8I2 109 Friday 34*4 99l4 100 92 *.80 Wednesday 126 70 88 170 3 30 Salesfor Thursday BONDS Bee Next Pat* 3 Sept30 Oct 4 Jan 2 i* June21 AprlO 1U Feb21 5*4 Jan 2 1* Sept30 2 .20 .11 Jan23 4 Feb 19 1U Augl3 212 Sept23 .85 May 1 36 AprlS 42 July24 Nov Nov Nov Dec Dec 5*8 Oct 98 Jan 261* Mar 6 Jan 171* Apr 30 2 19 Mar Mar Sept Mar Jan Jan Mar Mar Jan Jan Jan 3 Jan 8 .89 Dec .10 Deo 6I4 Jan 6i*Mayl5 4*4 Sept27 41* Feb 13 3U Dec 3*8 Dec 16** Mar 8U Jan 1% Aug20 1<4 May31 8*4 June25 771* Mar23 1*8 June 6 2i* Aug26 49U Feb 19 46 Jan 2 2** Feb 8 12 Janl6 85*8 Oct 1 3J4 Apr 8 3 Jan 3 1 JanlO 22 Augl6 40Mav19 2 Jan 3 36 Jan 3 1Mar 7 dividend, h Ex-rights. # Kx-dtWJend. w Half-paid. 3 1 Nov May 40'g Dec 431* Nov 17* Mar 91* Dec 71 Dec 21* Dec 2 2 « 31 .15 Oct Oct Deo Aux .31 Jan 8i* July 2*/£ Jan 67*4 Jan 52i* Jan 87* Sept 2U* Feb 118** May 6** Jan 6 Jan 5i* Jan 58t* Mar 218 Jan Outside Stock Exchanges Record.—Transactions in bonds at Bos¬ Stock Exchange Sept. 28 to Oct. 4, both inclusive: Bonds— Week’s Range Sales of Prices. Low. High. for 98 75 83 95 91 i". 96.52 Jan 93 June 92.84 June 93.64 July 93.04 July 94.54 Aug 77* Aug 94* Sept 74* Sept 77 91 93 Stocks— High. Low. Week. May Jan July 102.50 Aug Jan 98 97.90 Mar 97 Sept Oct 96.44 101 May 83 Jan Oct 98 79 Jan Oct 83 95 July 97* June Jan 96* 8ept 99* 80 94 May 90* Mar Jan 82* June Stock Exchange.—The complete record of transactions at the Chicago Stock Exchange from Sept. 28 to Oct. 4, both inclusive, compiled from the official sales lists, is given below. Prices for stocks are all dollars per share, not per cent. For bonds the quotations are per cent of par value. Chicago Sales Friday Last Sale Price. Par. Stocks— Amer Shipbuilding....100 Preferred 100 Armour A Co pref Booth Fish com Preferred (no par 100 Chic City A C Ry pt sh— Preferred Chic Pneumatic Tool. .100 Chic Rys part ctf “2” Commonwealth-Edlson 100 new 138 97* ) 26 Cudahy Pack Co com.. 100 Deere A Co pref.. 100 Diamond Match Hartman Corp. Hart Shaf A Marx Illinois Brick. Week’s Range of Prices. Lindsay Light. Mid West Util com Preferred Mitchell Motor Co 86* 97* 87 26 79 26 82 14* 14* 67* 97* , 11 100* 105 116* 111 95 107 46 100 46 57* 45 45 21* 15* 21* 16* 21* 40 30 41 30 49* 54* 41 54* 100 100 100 151 Sears-Roebuck com Shaw W W common Stew War Speed com.. 100 63 Swift A Co 100 112* Union Carb A Carb (no par ) 56* United Paper B’d com. 100 Ward, Mont A Co pref Wilson A Co com 55 100 83* Liberty Loan 2d 4s 1927-42 Liberty Loan 2d 4*s Liberty Loan 3d 4*s Pub Serv Co 1st ref'g 5s '56 Swift A Co 1st g 5s... 1944 82 245 95 152 62* 62* 57* 64* 108* 113* 55 57* 19* ‘20 103 55 103 56 94 93 .100 Bonds— Armour A Co 4*s Chic City A Con Rys 5s '27 Chic Rys 48 ser “B”_ 45 82 235 95 142 91* 83* 55* 55* 430 100 200 70 93 30 420 75 510 1,741 117 95 100 100 Peoples’ G L A Coke. 100 Pub Serv of No Ill pref .100 Quaker Oats Co. 100 Preferred 139 107* 46* 57* 57* 100 .100 Preferred 133 105 10 Week. High. Shares. 68 11 100 com. Low. Range since Jan. 1. for 83* 55* 55* 95.20 95.34 95.30 95.30 95.54 95.76 77 77 91 91* 84* 96* Sept 18* Jan 79 86 Oct 12 47* 8 100 107* 92 102 30 53 45 2,221 133 50 75 23 95 47 <1,000 41,000 11,000 2,100 50 4,100 1,000 19,500 144 * May 93* May 98* Sept 28 Sept Jan Mar 10 15 76 25 85 150 227 216 30 667 5 44 6 4,688 11,179 4,842 High. Low. 87 June Jan Jan June Jan June Jan Jan Jan Oct 15* Sept 18 Sept 40 Sept 30 Feb 40* Apr 79 235 Sept Oct 92* 53* 47 102 Aug 18* 71* 16 108 117 Sept 146 59 Feb Jan Sept 83 Apr 52 Jan 50 Jan 93 June 93.76 Sept 94.70 Aug 77 Aug 90 Sept Jan May Sept 69 64* Feb Jan Jan Jan Jan Oct Jan Jan Mar Jan Feb Mar Oct Apr July 22* May 110 Stocks— Par. American Sewer Pipe. .100 Am Wind Glass Mach. 100 Preferred 100 Columbia Gas & Elec. .100 Crucible Steel, pref 100 Harb Walker Refrac pf 100 Last Sals Price. Feb 85* 90 99 1* 4* 189 47* 42 * 29 Pittsburgh Coal com.. 100 Pittsburgh Jerome Cop__l Pitts & Mt Shasta Cop 1 Pittsburgh Oil & Gas.. 100 Pittsb Plate Glass com. 100 Ross Mining & Milling. 1 San Toy Mining 1 100 US Glass U S Steel Corp com 100 Preferred 100 West’house Air Brake..50 West’house Elec & Mfg.50 . 62 74 36, Indep Brewing com....50 Preferred 50 Lone Star Gas. 100 Mfrs Light & Heat 50 Nat Fireproofing pref. .50 Ohio Fuel Oil 1 Ohio Fuel Supply 25 Oklahoma Natural Gas.25 Pittsb Brewing com....50 Week. of Prices. High. Shares. 17c 108 . "‘8c’ 74 36 90 99 1* 5 178 189 48 47 * 10 * 10 * 14 Vs 14* 42 ^ *40 % 29 29 * 2* 2* 50 17c 28c ”_6* 13* 63* 6* 108 7c 7c 34 51* 20c 29c 6* 108 7c 9c 92 43 * 3,042 45 285 10 457 991 100 260 16,625 4,000 100 50 1,000 9,800 93 100 210 10 462 44* 742 34* 109* 113 110* 110* 43 * 100 490 25 25 20 115 185 55 12* 62* 59* 97.52 Jan Jan 98.10 Mav 96.20 Sept 81* Jan Jan 95* 40 99 28* 89 99 95 15* 68 101 36* 92 Sept •102* 1* Jan 4* Sept 3* 9* Jan Sept Feb Jan Aug 53 Jan 13* Aug 23 1* 45 17c 21c 5* 107 7c 7c 31 87* July Mar Jan Oct Jan Jan Sept Aug Aug Sept Mar 110 May 92* Aug 39 Jan 1943 Indep Brewing 6S....1955 Pitts June RR 68 1922 97 34 97 34 100 97 34 100 <5,000 6,000 4,000 97 34 100 Oct Apr Sept 63* 108* 1930 * 16 7* 117 16c 16c 90* 95 56 80* 95* 81* 56 56 92* 92* Jan Jan Jan Jan 23* 100 2,500 16,650 1,000 4,000 1,000 1,000 4,000 64,000 3,000 1,000: 1,000; 15,000 21,000 | 1,800 Jan 21* July 70 63 July Mar 59* May 75 85 Sept 90* Feb Jan Mar 47* Jan Apr 30 Oct Mar June Mar 34 26 30 May May •Jan Sept Sept 71* Feb 4* Jan 94* June 3* Mar 21* <100 95 76 91 9 Aug 29 24 Oct z65* 2 71 Jan 86* 7* 4 Jan Jan Jan Apr 42* 72* 116* 8* Mar Jan 95* June Mar 74 93 June 92.80 June 94.44 Sept 94.3( Sept 98* Sept 67 Sept 101* May 36 July Jan 47* Aug 97.90 Jan 97.60May 95.90 Sept 98.52May 101 May 73* May 102* Aug * 42 Jan 59* Aug 98* Sept 97* Sept 101* Apr 101* Oct 96 Apr 94* Oct 95 Sept 85* Feb i 73 82 May Apr ! Jan 89* Sept 96 11,0001 10,000' 2,000 93 July 1 80* 54 91 Sept Apr i Feb May 97 85 Jan Jan 60 95* June Ex-divldend. Baltimore Stock Exchange.—Complete record of the transactions at the Baltimore Stock Exchange from Sept. 28 to Oct. 4, both inclusive, compiled from the official sales lists, is given below. Prices for stocks are all dollars per share, not per cent. For bonds the quotations are per cent of par value. Sales Friday Stocks— Par. Preferred 100 Consol G E L & Pow__100 Consolidation Coal 100 Cosden & Co 5 Davison Chemical.no par Elkhorn Coal Corp 50 Preferred 50 Houston Oil pref tr ctfs 100 Merch & Min Trans 100 Mer & Min Trans V T.100 Mt V-W’b’y Mills v t r. 100 Preferred v t r 100 Northern Central 50 Penn Water & Power. .100 Poole Engineer & MachlOO United Ry & Elec 50 Wash B & Annap 50 Preferred 50 > Week. Shares. of Prices. Low. High. 103 * 72* 82* 72* 5 82* 103* 82 94 44 72 67 67 17 72 70 15 194 71 226 210 450 25 100 18 10 10 15 50 74* 364 60 53 85* 6* 85* 6 37 29 44 36* ^37* 29 29* 6 44 72 ' 67 67 17 72 70 72 62 20 5 62 20* 1,850 5 3 3 224 33 100 Ala Cons C & I 5s 1933 Consol Gas gen 4*s..l954 Consol G E L & P 4*sl935 86 84 78 92 95 79 91 86 84 78 <2,000 1,000 3,000 92* 96* 96* 88 80 88 80 72 52* 5,000 16,000 3,000 1,000 1,000 1,000 1,000 4,000 29* 29* 39* ...... 80 85 85* 20 30 Low. 85 102 72* Range since Jan. 1. for Week’s Range Last Sale Price. Atlan Coast L (Conn). 100 Baltimore Tube 100 5% notes 6% notes. Monon V Trac 5s United Ry & E 4s Income 4s 30 39* High. May Oct 72* Sept Jan July 83* 5* Sept 30 Jan Jan Mar 22* 39* 64 56 106 8* 39* 30* 44 80* 92 90 Oct Jan Jan Aug Aug Oct June Jan Mar 17* Sept July 76 74 June Apr Oct 74* 63* June 24* Feb 31* Sept 41* Jan Jan 3* Jan 86 Jan May 17* June Jan 35* June 3 Apr 103* Jan Aug 14* June Jan 68 69 Aug 24 May Apr 62* ■ Jan 90 87 86 95 1942 1949 71* 1949 52 95 79 91 3.000 79* 84 78 90 94 77 95* 87* 80 71 52 Feb Feb 88* Oct June 84 95 Sept 97* June 82* Feb 92* Apr 98* June June Oct 91 Sept Sept Apr Jan Sept Sept Aug 92 85 77* 58* Jan Feb Feb Feb Jan Feb Mar Mar Jan Feb Feb Volume of Business at Stock Exchanges TRANSACTIONS AT THE NEW DAILY. Week ending WEEKLY YORK STOCK EXCHANGE AND YEARLY Shocks Oct. 4 1918 Shares 37* Sept 116 90* Oct 72* 27* July Jan 46* June 31* Aug 4* Aug 58* Feb 1 48c 76 95 76 37 Feb Oct 80* 43* June 70 100 Mar Jan 55* July Jan Jan 67 80 10,000 98* 101* 101* 94* 94* 43 136 47 24 7 12 850 1 15-16 Sept 430 2* July 232 36* Aug Oct 798 z62* 68 102 36 57 100* May 101 Sept 14* May 43* 1,224 77 99* Jan Mar 55 495 7 80 99* July 61* 2,247 27 67 95.50 95.20 95.72 96.68 102 36 ioi* Penn RR PW&B ctfs 4s ’21 Phila Co 1st 5s stpd..l949 Cons & coll tr 5s stpd ’51 Phila Elec 1st 5s 1966 do small 1966 Welsbach Co 5s 245 8 95.50 95.20 95.72 95.30 57 98 1997 j 1926 30 33 2 91 68 68 102 Reading gen 4s. United Rys Inv 5s 1,964 77 96.68 Kirby Lumber Contr 6s ’23 Md Electric Ry 1st 5s 1931 197 June 2* 37* Bonds. U S Lib Loan 4s. .1932-47 2d Lib Loan 4s.. 1927-42 2d Lib Loan 4*s 1927-42 Feb Aug Jan 7 1 44 88* 2* 2 5-16 2* 2* 37* 37* z62* 63* 108* 113* 8* 8* „ Union Traction 50 United Gas Improvt 50 U S Steel Corporation. 100 Warwick Iron & Steel.. 10 Wm Cramp & Sons 100 465 133 92 110 3 37 24* 67 2 88* 1 3,580 80* 24* 26* 27 67 320 250 80 33 24* 456 6,367 1,618 18* 69* 60* 51* 70* 80* 43* 27* 30 33 Cosden & Co ser A 6s. 1932 Ga Sou & Florida 5s. .1945 Par Value Railroad. Ac., Bonds Stale, Mun A Foreign Bonds V S. Bonds Aug 111* June 97* May 47 May t Bonds— Cent Dist Telep 5s Tonopah Mining 68 60 50 70 80 44 Philadelphia Traction..50 Railways Co General 10 1 50 Reading Tono-Belmont Devel 68 70 80 Aug May 46* Sept 13* Sept z40* Sept 50 50 17* 38 115 48 12 26 7 Jan Jan 58* 95* Jan Feb 89 80 Aug Oct Bonds— High. Jan Jan June Mar Mar .... 17* 50 58 8 179 72* 7 7 50 100 50 50 91* 101 38 130 54 37 65* 25* . Phila Electric of Pa....25 Phila R T vot tr recta..50 Wayland Oil & Gas Low. 35 70 50 Pennsylvania Salt Mfg..50 Pennsylvania 50 Phila Co (Pittsb) 50 Pref (cumulative 6%) 50 Range since Jan. 1. Low. 13* 62 * for M id vale Steel & Ord Northern Central North Pennsylvania Feb Aug Sales Week’s Range Keystone Telephone Lake Superior Corp Lehigh Navigation Lehigh Valley 53* 65* May 99* Mar Pittsburgh Stock Exchange.—The complete record of transactions at the Pittsburgh Stock Exchange from Sept. 28 to Oct. 4, both inclusive, compiled from the official sales lists, is given below. Prices for stocks are all dollars per share, not per cent. For bonds the quotations are per cent of par value. Friday 50 Cambria Steel Elec Storage Battery. .100 General Asphalt 100 .100 Preferred A 10 Insurance Co of N July Apr 97 114 49 67 58 28 28 65 30 55 90 290 100 Aug Apr Aug 84* High. Low. 6 22 400 54 58 100 38 130 53 29 38 June Feb 157 100 46 92 58 Feb June Jan Jan 47* 14* 54 58 American Gas of N J..100 American Rys, pref 100 Baldwin Locomotive.. 100 Preferred 100 50 Cambria Iron Range since Jan. 1. for Week. of Prices. Shares. Low. High. Week's Range Last Sale Price. Par. Range since Jan. 1. 99.84 100.14 <40,100 95.44 95.98 31,200 95.44 96.04 71,850 95.44 96.20 25,950 95.44 96.44 24,050 95.54 96.90 63,100 78 3,000 78* 98 98 2,000 75 75 1,000 79 83 19,000 95 95 1,000 95 95 5,000 97 97 2,000 91 91 1,000 83 83* 4,000 US Lib Loan 3^0-1932-47 1st Lib Loan 4s_ 1932-47 2d Lib Loan 4s. .1927-42 1st Lib Loan 4*81932-47 2d Lib Loan 4*s 1927-42 3d Lib Loan 4*s_..1928 Am Tel A Tel coll 4S..1928 Convertible 6s 1925 AtlGA W I S3 L 58. .1959 Punta Alegre Sugar 6s 1931 United Fruit 4*s._..1925 U S Smelt RAM conv 6s. U S Steel Corp 5s 1963 Ventura Oil conv 7s. .1922 Western Tel A Tel 5s. 1932 Sales Friday Friday Last Sale Price. Philadelphia Stock Exchange.—The complete record Philadelphia Stock Exchange from Sept. 28 to Oct. 4, both inclusive, compiled from the official sales lists, is given below. Prices for stocks are all dollars per share, not per cent. For bonds the quotations are per cent of par value. of transactions at the Boston Bond ton [Vol. 107. THE CHRONICLE 1373 98* June 40 Jan 100 Sept Saturday Monday. Tuesday. Wednesday Thursday Friday Total 78,721,000 60,035,800 51,625,250 53,737,750 <522,000 1,006,000 1,439,000 1,353JMX) 2,333,000 2,483,500 <■3,568,488 3336,491,550 <9,136,550 228,375 752,220 847,950 625,652 540,835 573,456 <21,471,000 70,900,750: <851,000 1,308,000 1,613,000 1,304,000 743,000 561,000 <3,174,000 5,795,000 5,636,000 6,658,000 6,250,000 5,991,000 $6,380,000 <33,504,000 Oct. 5 1918.] THE CHRONICLE sale* at Week ending Oct. 4. Friday Jan. 1 to Oct. 4. Last Sew York Stock Exchange. 1918. Stocks—No. shares $33,504,000 6,380,000 9,136,500 _ Total bonds DULY 1917. 1918. 3,568,488 3.644,155 $336,491,550 $342,621,950 $900 $3,800 Par value Bank shares, par Bonds. Government bonds State, man., Ac., bonds RR. and misc. bonds. TRANSACTIONS Other Oil Stocks (.Con.) 1917. $847,688,500 188,799,500 210,720,000 $109,642,250 245,629,500 388,546,500 $1,247,208,000! $20,707,000 THE AT | 99,457,878 144,113,335 $9,289,502,315 $13,272,753,155 $16,700. $86,200 $12,244,000 3,100,000 5,363,000 $49,020,500 BOSTON. $743,818,250 PHILADELPHIA AND BALTIMORE EXCHANGES. Boston. Week ending Oct. 4 1918. Shares, Saturday Monday Tuesday. Wednesday Thursday Friday Philadelphia. HOLI DAY 12,473] 16,400! 3,000 4,982 7,791 7,807 4,561 6,254 $77,400 81,150 57,750 79,800 10,000 15,590. 17,090' 15,775 77,328! $306,1001 Total Baltimore. 1 Bond Sales Shares j Bond Sale* 34,395 Shares. $21,000 22,200 31,100 30,000 32,350 23,000 Bond Sale*. 162 664 758 910 229 $159,6501 $4,000 1,000 12,100 10,900 1,588 16,000 4,3111 $44,000 New York “Curb” Market.—Below we give a record of the transactions in the outside security market from Sept. 28 to Oct. 4, 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 New 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 transac¬ tions may creep in, or even that dealings in spurious securi¬ ties may be included, should, hence, always be kept in mind, particularly as regards mining shares. In the circumstances, 1t is out of the question for any one to vouch for the absolute trustworthiness of this record of “Curb” transactions, and we give it for what it may be worth. Week’s Range Sales for of Prices. Low. High. Week. Shares. Friday Week ending Oct. 1. Stocks— Par. Aetna Explo-t.r (no par) Amer & Brit Mfg com. 100 Brit-Am Tobac ord £1 Ordinary bearer £1 Bumrite Coal Briq.r 1 Burns Bros Ice com r 100 Carbon Steel com.r 100 Car Ltg & Power.r 25 Chevrolet Motor 100 Cities Service com.r 100 Curtiss Aeropl & M com (f) General Asphalt com.r. 100 Gillette Safety Razor r (t) Grape Ola common 1 Preferred 1 Intercontinental Rubb.100 Hntemat Harvester new Keyst Tire & Rub com.. 10 LakeTdrpeio Boat.r 10 Lima Locom com.r 100 . Last Sale. Price. „i 18 % 5 Wayne Coal r Wrlght-Martln Alrc r..O) Preferred r. 43 2 118 1% 128 216 18% 18% 3% 44% 16 3 17,700 300 700 7,900 3,400 14,700 120 60 2 135 216 1,500 6,600 33% 3 5% 102 25 36% 2,100 5,600 102 11-16 13-16 2 5-16 2 7-16 11 10 99 99 16 17 4 4% *44 41 250 300 300 350 100 500 500 310 3% 16,000 36% 29 101 % 3% 3% 43% 3% 12% 50 12% 44 400 3% 50 2,900 12% 2,350 5,800 5,825 5,000 28,000 " 7-16 10 % % 10 13 13% 31% . 30% 1% 5% 6 3 3% 6% 6% 63 100 ... 11% 18% 17% 3% 41% 18% 3% __ Marconi Wirel Tel of Am.5 N Y Shipbuilding (no par) North Am Pulp A Pap (t) Penn Seaboard Steel (+) Relc Equipment r 10 Smith Motor Truck r 10 Standard Mot Constr.r.10 Submarine Boat v t o..(t) United Motors r..(no par) U S Lt & Heat com ....10 U 8 Steamship 10 9 1 9% . 13% 16% 32% 1% 6 3% 8 63 400 600 10,800 13,600 15,800 100 Range since Jan. 1. Low. 6% 1 14% 14%. 1% 18% 77 1% 100 200 25 High. Feb Oct 16% May Apr Apr 18% 18% 5 Aug June 8 98 133 Oct Jan 144 3% Jan June 11 99 Aug Sept Oct 2% July 39 2 43 Feb Apr May 10% July % Sept 8% Jan 11% Mar 19% Jan 1 Mar Jan 4% 3% Sept 6% Jan 45 Feb Jan Sept 20% June 6 May 50% May 3% Mar 47% Aug 4% Aug 56% June Jan Apr June Mar June 219% Jan 42 June 37 July 102 Oct 15-16 Aug 2 7-16 Sept Feb 41 Oct 44% Sept Jan 12% 2% Aug 5% Sept 23% June 77% Mar % June 1% Feb ’ 12% Oct 2% Apr 13% June 20% May 34% June 2% May 7% May 3% Sept 11% May 69 June Oil £1 Eureka Pipe Line r Illinois Pipe Line.r Indiana Pipe Line r ' 100 100 50 Ohio Oil.r. .25 Penn-Mex Fuel r 25 Prairie Oil & Gas r 100 Prairie Pipe Line.r 100 Southern Pipe Line r South Penn Oil r 100 Standard OH of N J.r.100 Standard Oil of N Y.r.100 Other Oil Stocks. Amer Ventura Oil r 1 Barnett Oil A Gas r 1 Boston-Wyoming Oil.r..1 Coeden A Co common r._5 Crystal OH A Ref r 1 37 168 262 Houston OH 100 com r X ------ 6% 4c 2% 3X 78 X Imperial Con OH 1. r....l Tnt.prn at. Petrol £1 r Island OH A Trans r Merritt OH Corp.r 10 10 Metropolitan Petroleum.5 Midwest Oil com r Midwest Refining.r l Northwestern Oil com _ 50 r 3% 21 * _1 117 — 15 190 147 91 303 38% 506 253 170 256 522 265 7C 6c 3-16 X 17c 18c 6 6% 7C Elk Basin Petroleum r—5 Esmeralda OH Corp r____l Federal Oil r 5 Glenrock OH r 10 Globe Oil r 1 14% 190 146 91 299 26 498 249 167 250 512 252 1% 5% 1% 5% 3c 2 4o 2% 3% 3% 15-16 1 77 81% 7-16 % 13% 13% 3% 3% 20% 21% 1 1% 93c 112 48c 96c 119 52c 1,800 20 50 15 201 6,080 120 130 33 82 270 320 5,000 3,900 7,500 2,300 115 1,800 12.200 3.800 10,700 2,300 4,900 2,100 1,100 8,600 3,000 3,800 3,200 7,020 7,500 Sale* Wesk’t Oklahoma Prod dc Ref...5 Okmulgee Prod A Ref 5 Pan Amer Petrol com.r.50 Royal Dutch Co new r 7% 2% 6% 5 6% 5 1 1 1 1 1 7-16 34c 1% Southwest Oil r 8 tanton Oil.r Texana OH A Ref.r Tuxpam Star Oil.r United Western Oil, new.r Victoria Oil.r— 10 Wayland Oil A Gas com. .5 Atlanta Mines .1 Big Ledge Copper 5 Boston A Montana Dev..5 Butte-Det Cop A Zinc...] Caledonia Mining 1 Calumet A Jerome Cop.r 1 Canada Copper Co Ltd..5 Candal&rla Silver.r 1 Cash Boy. 1 Cerbat Silver M A M_r_.l Consol Arizona Smelt....5 Consol Copper Mines 5 Consol-Homestead r 1 Cresson Cons Gold MAM 1 Denbigh Mines.r 1 Dundee-Arizona Copper. 1 East Butte 10 Eureka Croesus Min r 1 First Nat Copper 5 Conii'r. _ Louisiana % r Consol 2% 3 3 3 41c 85c 40c 81c 43c 85c 5% 3%c % 5% 6% 3%c 3%c 13-16 15-16 41c 47c 4c 7c 49c 45? 1 % 1 % 1 15-16 2 44c 43c 45c 3c 4c 3%c 1 1% 1% 1% 1% 1 9-16 5 5 5% X 4% % 1% 1% 2% ------ 21c Mother Lode.r Mutual Min A Leas pf r 1 Nat Zinc A Lead.r 1 5 Nlpisslng Mines Nixon Nevada 1 Ohio Copper.r ....1 Onoudago. Mines.r 1 Pacific Tungsten r 1 Ray Hercules Mining.r_.5 Red Warrior Mining.r. 1 Rochester Combined r 1 Rocnester Mines.r 1 San Toy Mining 1 63c 4% ------ 49c 34c 2 14c % 2% % 11 % 88" Feb Mar 138 90 290 Sept Sept Sept 26 Oct Jan 418 249 167 245 490 248 6o Sept Oct Sept Sept Sept Jan Aug Sept 5% Sept 15c 1 June 5% July Sept 1% Aug 2% Sept 3c 15-16 Aue Jan 39% X June 12% Feb Jan 1% 17% Mar H Jan 870 Apr 97 420 Mar Sept 17% Jan " May 200 192 99 365 38% 526 279 182 290 579 285 35c 33c 8c 10% 12% 1 12 73c 71c 74c Silver King of Arizona Silver Pick Cons.r Standard Sliver-Lead Stewart Success Mining 1 % 3-16 % 15c 14c lie 12c 1 7-16 1 7-16 1 9-16 1 1% 3 11-16 U S Lead A Zinc i r_ ...1 Ward Min A Milling.r...l 13c 12c 12c 10c Washington Gold Quartz. 1 West End Consolidated..5 Western Utah Exten i r_. 1 White Caps Mining 10c 77c 96c 18c 73c 94c 14c 9c Bonds— Am Tel A Tel 1-yr 6s r 1919 Armour & Co deb 6s r. 1919 Debenture 6s r 1920 Debenture 6s.r 1921 Debenture 6s.r 1922 Debenture 6s r 1923 Debenture 6s.r 1924 ser Beth Steel 7s.r...l920 Serial 7s.r 1921 8erial 7s.r 1922 Serial 7«.r 1923 l%c Oct Feb 28c 98 97 97 100% 99 % 99 " 100 Canada (Dom of) 5S..1919 Cities Service deb 7s r i ’66 Cudahy Packing 7s w 1 *23 Federal Farm Loan 5s Gen Elec 6% notes.. 1920 6% notes 1919 Interboro R T 7s 1921 Phlla Electric 6s..._ 1920 Russian Govt 6%s r._1919 5%s r 1921 — 98% 97% 97% 102 % July 99% $31,000 99% 51,000 98% 3,000 8,000 97% 97% 29,000! 98 2,000 97% 3,000 100% 10,000 100 18,000 99 5,000 100 139,000 97% 76,000 5,000 68,000 22.000 104% 104% 99% 100% 27,000 99% 100 16,000 98 98% 107,000 98% 98% 2,000 655,000 60% 70 56 64 330,000 100 99% 98 68 62 Oct Jan % 3% 3-16 July 35c Aug 27c Jan 7c 6% Jan 56o Apr 2% Sept 38c Feb 9 May IX Mar . l*As July July 2% July 4% Jan % Mar 43c July 54c May 6 18c Jan 7% 60c Sept X Mar 7-32 Apr 12% May Sept 74c 1 Aug % June 7c Jan 7o 1% Jan 2% Sept, 70 Sept 3 July 9c 4o % X Aug Ang % lie * Feb 42 Aug X Jan 25o 1 Feb 13c July # 31c Oct % June Jan 2 100 102 102 97% 98% 98% Jan Jan 16c 1% 4 24c 5% Feb 60c May 25c Oct Jan 76c Sept 23c 73c 65c 13c 8%c Sept Feb Apr Jan Apr Jan Jan May Feb Mar June Sept 1% June Sept % Jan , 99% 99% 98% 97% 96% 97% Tati % July % May 27 3 Jan 11.1 A 90c 24c 9c 62c Tulv S, 99% nr 7-16 July 47c Sept 6,000 4,000 8,500 8,000 4,400 6,400 14,900 16,800 Tulv 33o June Jan 2% 3,900 3% 16c 13c 77c 1-32 19c 10c 30c 1% Aug % June 3-16 June 2%c Sept A Mar 19c Feb 1% July Jan 2% *7% May % Mar 5% Jan 2% July 16-16 June inu Feb 2% June 2% 46c 3 Sept 1 Sept 7-16 Jan 10c Feb 1 860 Sept Aug Feb Feb ?U1fi Feb 1% Mar 2% Jan 460 Sept % 7-16 July 7 1K May Sept Aug H Mar Feb Mar Oct 4% 700 2% 2% 10c" 10c' 10c Aug 800 % 15-16 15-32 % X 56o June Mar Mar Mar Feb Mar Feb 1% Mar Oct 4% 9,400 1,000 4,700 15,500 7,800 6,700 2,000 2,300 8,500 2Uc SWii 1 1 1 Tonopah Extension 1 Tonopah Mining 1 1 Troy-Arizona r United Eastern Mining. .1 98% Aug 99 June 97% July 96 95% Aug July 95 95 June June 98% July 98 97 96% 94% July July July Jan 102 Oct 97% Aug 101 W June 98% Jan Jan 99 98 Sept 97% 38 32 ' Aug Mar Apr 99% May 100% July 98% Sept 97% Oct 97% 98 Oct Oct 97% Sept 100% Sept 100 99% 100 97% 102% 98% 106% 101% 100% 98% 99% 70 64 Aug Aug Oct Aug Sept Oct Aug May Apr Sept May Oct Oct * Odd lots, t No par value. . i Listed as a prospect. I Listed on the Stock Exchange this week, where additional transactions will be found, o New stock, Jan r Unlisted, Apr c Ex-rlghts. Ex-cash and stock dividends, 2‘Ex-stock dividend. u Jan Oct June CURRENT w When Issued, x Ex-dlvidend. NOTICE May Feb Jan Feb Feb 21o June Jan 1 3-16 Jan 330 8% Feb 1% % 3% 1% 4% 34c 960 40 390 22c 8,500 3,100 9,500 2,300 5,500 7,700 7,600 6,500 2,600 1,600 8% X 70o 85c 6 13o 6-16 Apr a*< July * July 3C July H Jan 38c Sept Oct Jan Feb 100 300 33c 4 4% ------ 2% 6% 3% Feb 3c 42o 1 6-16 5,600 2,000 4,000 3,850 2,000 3c 34c 2 16c % 2% % ' 1% 22o May *% Sept 1% Api 37o Aug 100 4 8% 15-16 900 1,500 2,000 2,900 56c % 34 31c 2% 450 3,000 4,400 4,050 10ft 14c W H-A O 68o 1* Sept 3 % 450 1% 9% Jan X Sept 1% Mar June Aug q i/i 4,910 % 10 % 9,900 % 7-16 50c 34 4 33c Oct Oct 10% May 69 Oct 100 4% % 4 8 May 11% Mar 54% % Sept H Sept 250 Sept % Sept 30c July 4,600 5,900 1,300 % 7-16 48c 53c 6 6 600 200 4% 1%C 53c 1 6,500 3,300 65c 9c 2%c par) July Sept 14,400 10,450 2,100 1,000 19,100 52,300 62,000 12,400 44,500 2,400 14,200 5,500 2%c 2%c % % 65c Beneca Cop Corp (no Sliver Canon j. Silver Tissue Sliver 56 100 1 22c 5-16 35c 35c 8c .. 3,100 1,550 7,900 2% 20c 2%c 1 Jan 44,000 6,000 4,210 45c' 1% % 6% Apr 1% Sept 270 1% 1% High. 40 2,500 16,200 3,950 15,500 X 5 4% % 13-16 11-16 % 10 10 1% Low. 100 X 13-16 5 5 1 — 2% 44c 4c 48c 11-16 1 Magma Copper Mason Valley 2c 1 % 1% 43c Gibson Cons Copper.r__l Golden Rule Mines r 1 Goldiield Consolidated .10 Great Bend.r 1 Green Monster r._ 50c Hartie Gold Mln.t.r 1 Hecla Mining 25c Iron Blossom _r. 10c Jerome-Verde Copper 1 Jim Butler.r 1 Jumbo Extension .1 Kewanus r 1 Liberty Silver (prospt) 1% X 2c 1 . 38c 1% % Mining Stocks. Alaaka-Brit Col Metals.. 1 America Mines.r 1 Arizona Bing Cop 5 Fortuna 34c 2c 1 1 6% 6% X % % % ...... Rang* since Jan. I. 6,600 12,200 69 6 6 5 7% 2% 54% 2 64% 61% 6% ...... .. Sapulpa Refining_r Savoy Oil Security Prod A Refg Sequoyah Oil A Ref Range for of Price*. Week. Low. High. Shares. Sal*. Par. Price. . & Former Standard Subsidiaries. Anglo-Amer Oil.r 1373 July 7 Feb Jan 6-16 4 Feb 5 Jan *1% June 86% June % Sept 14% July 5% Mar 29% June 1% July 1.24 Jan 120 June 89o Feb INVESTMENT Nichols of this city, COPPER who for , STOCK STATISTICS.—William E. past has made a specialty of copper stock statistics, has sent the “Chronicle” an elaborate table corrected to Aug. 30, covering for a long list of leading copper companies t .e amounts of their some years outstanding share capital, dividends, earnings, output and other 1917 and the first half of 1918. data for the year —Robert Garrett & Sons of Baltimore have prepared convenient and permanent source of reference regarding of Fourth Liberty Loan bonds and a comparison of Its bonds of a pamphlet as a the pending issue features with the It is their view that from a casual glance the easily and satisfactorily to obtain the desired information than can be done from any other available data on the subject. The pamphlet is ready for distribution and the firm will be glad to supply copies upon request to inquirers. —Haliburton Fales Jr. of Hartshorne & Picabia, members of the New York Stock Exchange, 7 Wall Street, this city, has prepared a letter en¬ titled “Victory Markets—Then and Now,” in wJch he discusses the pres¬ ent stock market in comparison with the victory markets of the Civil and Russo-Japanese wars. ' preceding issues. Investor will be able more [Vol. 107 THE CHRONICLE 1374 that their business —John Burnham A Company of Chicago announce heretofore conducted as a corporation, will hereafter trust, under a trust agreement. tion will be unchanged. be carried on as a The name and personnel of the Investment Bankers, 60 Broadway. N. Y., in Indicator” of Sept. 16 1918. describe various issues of terminal bonds, such as Boston Terminal. Birmingham Terminal, Ac. —Morris Brothers. Inc., of Portlahd, Ore., announce their removal on Sept. 30 to their new building, 309 and 311 Stark Street, Portland. —J. B. Harris & Co.. EXPENDITURES. —Through the courtesy of the Secretary of the Treasury, we are enabled to place before our readers to-day the details of Government receipts and disbursements for September 1918 and 1917 and for the three months of the fiscal years 1918-19 Alliance R’lty Amer 8urety. Bond A M G. Casualty Co. City Investing Preferred.. Sept. 1917. *3 Mos. 1918. 3 Mos. 1917. Sept. 1918. $ S I Receipts. Ordinary— Customs Interna! revenue: Income and exc. prof. tax. Miscellaneous Miscellaneous revenue $ 12,719,024 15,201,389 42,732,717 46,908,775 36,308,166 89,005,938 6,026,475 41,265,394 12,967,317 564,600,209 278,690,127 19,753,448 13,757,135 Total 151,790,263 Panama Canal— 94,391 Tolls. Ac Public Debt— First Liberty Loan bonds.. 0361,650 Second Liberty Loan bonds 01,448 5,087,024 Third Liberty Loan bonds. Fourth Liberty Loan bonds 1,639,500 Certificates of Indebtedness: ,367,392,200 97,614,582 War savings A thrift st'ps. Postal Savings bonds Lawyers Mtge Mtge Bond.. 82 80 4ft 87 85 Nat Surety.. N Y Title A 180 188 55 65 Bid 4 9k 65 59 1»3 75 Mtge 19 14 65 944,399.998 233,128,578 648,788 1,613,824 1,404,951 146,459.249 2,664,306 499,689,394 All hood price* are Deposits for the purchase of 1-year Treas. notes (sec. 18, Fed. Res. Act, ap¬ proved Dec. 23 1913)-.. Deposlts for retirement of Standard Oil Stock* Pi Fai r Share Angio-Amerle&n Oil new. £1 Borne-Scrymser Co Buckeye Pipe Line Co... Crescent Pipe Line Co... Preferred old Preferred new.. Illinois Pit/' me Indiana Pip^ Line Co International Petroleum. £1 Prairie Oil A Gaa. Prairie Pipe Line. Southern Pipe Line Co.. national bank notes and Fed. Reserve bank notes (Acts of July 14 1890 and 412,198 1,328,550 1,078,497 11,510,067 Total 1,472,698,758 652,213,447 5.214,761,351 1,561,613,691 Grand total receipts 1,624,583,412 728,322,809 6,160,775,174 1,796,147.221 Disbursements. Ordinary— Checks and warrants paid (less bals. repaid, Ac.). .1,258,983,690 Int. on public debt paid... 15,522,155 Washington Oil 828,869.927 5,880,410 348,579,259 4,006,955,507 52,234,715 434,046 282,150,000 396,000,000 4,896,169 3,447,612 904,885,000 1,326,500,000 Babcock A Loan bonds: Accrued interest. Total Public Debt— Bonds. Int .-bearing notes and certificates retired.. One-year Treas. notes re¬ deemed (sec. 18, Fed. Re¬ serve Act approved Dec. 23 1913) National bank notes and Fed. Reserve bank notes retired (Acts of July 14 1890 and Dec. 23 1913). 282,758,440 397,364,980 total e 282,916,111 4,785,000 4,785,000 2,090,875 4,860,277 7,469,770 16,293,460 1,824,363,984 295,170,881 2*310,382 6,795,424,147 2,461,317,377 disburse¬ ments over total receipts Carbon Steel common 100 let preferred 100 2d preferred 100 Colt a Patent Fire Anna 132,247,321 34,348,937 665,170,156 634,648,973 •Receipts and disbursements for June reaching the Treasury in July are Counter entry (deduct). All price* now Banks—N. Y America* Amer Exch.. Atlantic Battery Park. Bowery • Bronx Boro*. Bronx Nat... Bryant Park* Butch A Drov Chase Chat A Phen. Chelsea Ex *. Chemical.... Citizens City Bid. 485 215 167 190 400 125 150 DO 18 345 235 120 385 212 378 205 1400 155 _ 175 165 23 ■*60 245 395* 222 385 215 Coal A Iron.. Colonial* Columbia*.. 115 Commerce tl71«8 tm 410 Comm’l Ex*. 390 Common180 190 wealth • |O0 106 Continental • Corn Exch*.. 305 315 95 86 Coamoptitan • Cuba (Bk of). 177 187 16 East River... 18 Firth Ave*... 11800 2200 216 230 Fifth First 890 915 IK5 170 Garfield 200 Gotham 225 350 Greenwich*.. 830 Hanover 660 245 Harrtman 235 490 Imp A Trad.. 475 ... t Irving (tr certificates) Liberty • Lincoln Manhattan •_ Mech A Met. Merchants*.. 160 287 123 165 Mutual* 376 New Neth*.. 200 New York Co 130 New York... 425 Pacific * 135 Park 495 Prod Exch*.. 200 Public 200 450 Seaboard 400 Second Sherman 125 State* 100 23d Ward*... 115 Union Exch.. 145 United States* 500 Wash H'ts*.. 275 Westcb Ave* 160 York vllle • 1275 Metropolitan* .... .. Brooklyn Coney Island* First Flatbush Greenpoint .. Hillside • Homestead *. Mechanics’ •_ Montauk •__. Nassau.... National City North 81de*._ People’s 270 390 Bid. 280 Trust Co’s. New York. Bankers Trust Central Union Columbia... Commercial.. 215 Empire Equitable Tr. 140 Farm L A Tr. . Fidelity Fulton . 510 4*7*0* 425 135 108 130 155 Irving 57 87 200 133 175 130 275 405 Bid. Ask 350 380 240 90 290 325 350 205 225 309 360 385 245 100 too 335 360 215 255 314 145 135 Hudson Trust jSee Irving \Nat Bank Ijiw Tit A Tr 90 95 Lincoln Trust Mercantile Tr 07 Deposit Metropolitan. 105 Preferred 60 Amer Lt A Trao oom 100 Preferred 100 Amer Power A Lt com.. .100 Preferred 100 Amer Public Utilities oom 100 Preferred 100 Cities Service Co oom 100 Preferred 100 Com’w’ltb Pow Ry A L. 100 Preferred 100 Elec Bond A Share pref..l00 Federal Light A Traction 100 Preferred 100 Great West Pow 6s 1948. JAJ Mississippi Rlv Pow oom. 100 Preferred 100 First Mtge 56 1951... JAJ North’n States Pow oom. 100 Preferred 100 North Texas Elec Co oom 100 Preferred.. UK) Paoiflc Gas A Elec oom. .100 17*5 825 155 270 165 120 110 62 95 207 138 200 140 . Preferred Mutual (West- Chester) 105 125 590* 900 600 Title Gu A Tr 265 212 222 Transatlantic U 8 Mtg ATr United States Westchester.. 400 875 130 410 900 485 Franklin 225 Hamilton 240 Kings County 620 Manufacturers 160 People’s 270 Queens Co... 65 500 235 260 650 N Life Ins A Trust N Y Trust... Y 175 Brooklyn. Brooklyn Tr. t Sale at auction t Includes one-third share Irving Trust Go. 140 75 Stock Ex¬ I New stock or at Equipment 4Hs.. Equipment 4s Hocking Valley 4s Equipment 5s 6.251 6.25 6.30 6.30 7.00 6.22 6.50 6.40 7.50 7.50 7.00 7-00 6.50 6.50 6.60 6.25 6.20 6.20 6.20 7.40 7.40 7.00 7.00 6.40 6.70 7.00 Equipment 4 Ha Kanawha A Michigan 4Ha Louisville A Nashville 6s. Michigan Central 5s Minn StPASSM 4Hb... Missouri Kansas A Texas 5a. Missouri Paoiflc 5s Mobile A Ohio 5s Equipment 4Ha New York Central Lines 5s Equipment 4Ha N Y Ontario A West 4H>Norfolk A Western 4Ha.. Equipment 4s Pennsylvania RR 4H»--Equipment 4s St Louis Iron Mt A Sou 5e St Louis A San Franctsoo fc Seaboard Air Line 5« Southern Paoiflc Co 4H>Southern Railway 4H« Toledo A Ohio Centra! 4s. Tobacco Stocks—Per Ska 108 97 70 103 93 67 9712 51 280 410 30 625 55 100 Republic Ry A Light....100 Preferred 100 South Calif Edison com.. 100 Preferred 100 Standard Gas A E! (Del). 60 Preferred... 60 Tennessee Ry L A P oom 100 Preferred 100 United On* A Elec Corp. 100 1st preferred 100 2d preferred 100 United Lt A Ry* com 100 1st preferred loo Western Power common. 100 Preferred.... 100 80 187 93 43 75 18 40 223 225 73 72 21 23 41 39 92 d88 10 7 Oft 41 71*4 73 15 12 46 42 72 46 43 80 82l2 57 62 75 Z70 34 35 79 77 12 15 43 46 16 18 58 56 76 72 95 92 6 •4 *20 2112 3 2 10 13 5 7 38 40 _ ___ 7 28 60 12 49 10 100 100 100 100 Bid. 97 *0 60 *18 *18 180 60 155 80 275 220 101 95 94 110 90 Ask. 103 90 70 18*4 19 210 90 170 90 300 |250 104 98 98 140 95 Short-Term Notes—Per Cent. Am Cot Oil 5s 1919 ...MAS 9712 977* AmerTelATel 6* 1919 .FAA 9912 99*4 Balto A Ohio 6s 1Q10 JAJ Betb Steel 5s 1919 FAA D. Canadian Pac 6s 1924.MAS 2 Del A Hudson fie 1920 FAA 97U 97*4 96 A-O Erie RR 5e 1919 9612 96 97 Fed Sug Rfg 5s 1920...JAJ Gen Elec 6s 1920 99’s 1001* JAJ 99*4 100 6% notes (2-yr) ’19. JAD 995* 997* General Rubber 5s 1918.JAD 9634 9714 Great Nor fie 1920 MAI _ Hocking Valley 6e 1918 MAN K C Term Ry 4H« '18-MAN JAJ 4Hs 1921 Laclede Gas L 5s 1919. FA A 18 N Y Cent 5s 1919...MAS15 Penn Co 4H« 1921.. JAD 16 Pub Ser Corp N J 6s ’19.MAS Rem Arms U.M.C 5s’19PAA Southern Ry 5s 1919 M-S 2 Utah See Corp 6s ’22 M-S 15 W’house El A M 6s ’19.FAA Winches RepArms7s’l9.MAS MorganAWright 6s Dec 1 Industrial and Miscellaneous American Brass American Chicle oom Preferred American Hardware Amer Typefounders oom. Preferred Borden’s Cond Milk com Preferred Celluloid Company _ 95 100 36 80 92 94 143 100 mm ®a _ _ _ 97 97*4 98*4 9“1* 98** 821* 84 991? 9934 9914 9958 212 33 58 100 100 100 «• 99*8 99*4 99 99*8 93«2 95 98 981* 9912 985* 991* 95*4 96** 100 100 100 100 125 218 36 63 127 40 85 95 98 148 Columbia Graphoph Mfg (t) Preferred 100 Freeport Texas Co (♦) Havana Tobeooo Co 100 Preferred 100 1st g 6e June 1 1922.. J-D Rubb oom. Interoontinen 100 Internet Banking Co.... 100 International Salt 100 1st gold 6e 1961 A-O International Silver pref.100 *6U* 641* Lehigh Valley Coal Sales. 50 *85 50 74 29U Otis Elevator common... 100 Preferred —100 6H* 13 53 6.00 5.75 5.75 5.60 5.60 6.60 6.60 6.50 6.50 6.00 6.00 6.00 •• *3912 4012 — £) 100 Johnson Tin Foil A Met. 100 Mac Andrews A Forbes. .100 Preferred 100 Reynolds (R J) Tobacco. 100 A dividend scrip B dividend scrip Young (J 8) Co Preferred 185 91 39 70 _ bearer B oom stock Preferred 45 78 230 109 121 *76 Ordinary, Conley Foil 6.00 6.20 6.50 6.00 6-00 6.50 7.00 7.00 6.20 6.00 6.00 6.00 6.40 6.20 6.20 6.20 5.90 5.90 6.00 6.00 6.25 6.00 6.00 6.00 6.50 6.50 6.00 6.00 re. Pa American Cigar common. 10* Preferred 1(0 Amer Machine A Fdry..lOt> British-Amer Tobao ord..£! Public Utilities 1st preferred 100 Puget Sd Tr L A P oom. 100 195 305 Chicago R I A Pac 4H*-~Colorado A Southern 6s.. Erie 5s Illinois Central 5s 66 6 35 170 89 112 350 58 , A Scandinavian 140 260 150 150 110 Bank* marked with a (•) are State banka, change this week, sRx-rlghla. Ask. 300 167 295 128 175 6.5C 6.70 7.50 6.75 6.75 7.25 7.40 7.40 7.00 6.25 6.50 7.00 6.90 6.80 6.80 6.80 Chic Ind A Louisv 4Hs Chic St Louis A N O 5s Chicago A N W 4Ha 305 38 505 255 315 172 260 93 ill 560 465 310 425 523 264 410 95 96 333 36 I Bid. Ask. 6.50 6.00 6.50 6.00 - •13U 13*4 13 *12 185 190 103 li'8 285 89 92 25 Amer Gaa A Elec oom... 50 and Trust Companies Equipments—PerCt Bas\s Equipment 4Ha Chicago A Alton 4a Chicago A Eastern £21 5H» Equipment 4Hs 92 *54 Included, dollar* per share Banks. Ask. 495 222 175 200 40 duPoot (E I) de Nemours A Co common 100 Debenture stock 100 100 Eastern Steel ... Now York City Banks 170 _ 415 38 140 190 92 115 105 152 280 88 90 35 Empire Steel A Iron oom. 100 74 Preferred 100 Hercules Powder oom 100 225 Preferred 100 mo Niles-Bement-Pond oom. 100 119 95 Preferred 100 Penn Seaboard Steel (no par) *48 Pbelpe-Dodge Corp 100 270 Soovill Manufacturing 100 400 Thomas Iron 60 *22 Winchester Repeat Arms.100 575 50 Woodward Iron 100 Mfg Grand total disbursements.1,756,830,733 762,671,746 of 911,869,941 1,331,396,159 13,983,078 1,814,718,707 197,475,573 199,566,448 Total Excess 37,329 - 150 Canadian Pacific 4 Hs. Caro Cllnchfleid A Ohio C? Central of Georgia 5s. 2051s 20612 3,500,000 Principal 65 190 40 15i2 Baltimore A Ohio 4H«-. Buff Rooh A Pittsburgh 4 H Equipment 4s 20 167 87 110 *300 •75 Preferred. 1,364,980 RR. 960 440 90 330 3 Special— 608,440 60 176 35 Equipment 4Ha Panama Canal: Checks paid (less bals. repaid, Ac.).. Purchase of obligations of foreign Governments Purchase of Federal Farm 15 940 420 *88 315 10 390 *34 130 185 88 105 95 148 *90 Bare. 60 Ordnance Stock*—Per 834,750,337 1,274,505,845 349,013,305 4,059,190,222 Total Aft Atk Bid 300 *36 495 250 305 167 250 90 213 550 445 300 410 618 260 400 90 94 328 *32 4,785,000 Dec. 23 1913) 0 8T1 tie Guar West A Bronx Title A M G Bid “and interest” except where marked “f', 0486. 933,008,359 1,639,500 3,827,664,700 1,055,342,000 605,342,000 438,076,725 718,800 198,180 Realty Assoc (Brooklyn) U S Casualty. 70 136,083,952 30,382,403 58,376,945 75,460,575 _ Bid 65 54 178 Quotations for Sundry Securities GOVERNMENT REVENUE AND and 1917-18. prices now dollars per share. All organiza¬ their “Investment Realty and Surety Companies New York City Remington Typewriter— Common 1st preferred 2d preferred... ... 100 100 100 Royal Baking Pow eom..l00 PreferM'd. .... —100 Singer Mfg 10O TexTar Coal A Oil 100 62 •30 1 2 /38 10 160 60 66 25 95 78 120 88 157 880 65 32 3 5 43 11 621* 681* 70 87 54 76 27 98 80 125 90 162 920 •Per share. I Baals. d Purchaser also pays accrued dividend, a New stock. Flat price. ■ Nominal, a Ex-dlvIdend. y Ex-rights, (tt Without par value Oct.5 THE CHRONICLE 1918.] 1375 1 \nmz\mm\ and jifoitoaxl JuMIigetw*, 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 rail¬ ways are brought together separately on a subsequent Latest Gross Earnings. ROADS. Week or Month. Alabama Sc Vicksb- August Ann Arbor 2d wk Sept Atcb Topeka & S Fe August Gulf Colo & S Fe August Panhandle Sc S Fe August Atlanta Birm Sc At! August Atlanta Sc West Pt_ August Atlantic City July Atlantic Coast Line August Atlantic Sc St Lawr_ June Baltimore Sc Ohio.. August B&OChTer RR July page. Jan. 1 to Latest Date. Latest Gross Earnings. Jan. 1 to Latest Date. ROADS. Current Year. S' 213,537 62,790 Previous Year. S 175,326 56,976 Current Year. Previous Year. % S 1,518,520 2,274.471 1,300.998 2,223.220 15461214 12374162 102780780 91,263,165 1,647,095 1,381,397 12,900.290 10.834.487 530,198 630,842 3,880,693 4,524,160 420,373 318,227 2,843,681 2.539,976 213,123 160,037 1,538,464 1,688,739 496,692 1,978.178 1.698,912 477,324 5,444,024 3,355,674 36,526,374 28,618,672 197.384 122,364 986.133 926,429 19559118 12869706 106225192 85,960,497 189,446 171,459 1,011,222 1.151.638 Bangor Sc Aroostook August 430,640 297,104 3,037,841 2,962,004 Belt Ry of Chicago. August 350.520 2,604.763 2,563,756 395,027 Bessemer Sc L Erie. August 1,589,825 1,524.039 8,297,340 7,942,889 Bingham Sc Garfield July 360.848 280,867 1,958,761 1,793,724 Birmingham South. August 94.085 1.049.811 757,793 128,713 Boston & Maine ‘August 7,674,120 5,599.912 44,825,716 38,867.210 Buff Roch Sc Pittsb. 4th wkSept 440,527 13,618,150 11,084,802 594,978 Buffalo & Susq RR. July 146.701 1,284,058 205,056 977.012 Canadian Nor Syst- 3d wk Sept 916.100 770.200 30.957.500 29,100.600 Canadian Pacific. 4th wkSept 4,210,000 3,631,000 109097883 107418646 Caro Clinch Sc Ohio August 466,756 386,553 2.965.102 2,677,049 Central of Georgia. August 1.888,066 1,318,030 13,204,681 9,837,343 Central RR of N J_ August 4,913,656 ,3520.261 28,842,129 24.476*974 Cent New England. August 612,573 490,707 4,004,845 3,635,058 Central Vermont.. August 401.200 3,258,982 2,904,583 457,971 Charleston Sc W Car July 234,677 180,234 1,555,228 1,258,467 Ches Sc Ohio Lines. August 7,546,976 4,735,959 44,506.790 35,209,723 Chicago Sc Alton August 2,752,476 1,910.441 15,234,094 13,421,541 Chic Burl Sc Quincy August 14592194 10956606 90,015,508 79,935,814 Ch Det Sc C G Trk. July 163,436 748,485 122,207 800,805 Chicago Sc East Ill. July 2.599.950 1.813.348113.850.186 11,860,667 Chicago Great West Aumist 10,682.061 2,092,818 1,469.080,12.216,138 Chic Ind Sc Louisv. August 1,199,781 822,096 6,860,861 5,961,596 Chicago June RR.. August 325,474 283,116 ! 2,393,649 2.152,290 Chic Milw & St P__ August 13308111 10500802 80.980.099 72,978,913 Chic Sc North West. August 13334147 10153 927i78,082.132 69.432.152 Chic Peoria Sc St L_ August 196,480 163,573! 1.234,512 1.206.951 Chic R1& Pacific. August 10154796 7,519,819 62,861,462 54,790,108 Chic R I Sc Gulf. August 417,351 298,963 2,865,265 2,421,284 ChicStPM& Om_ Au ust 2,367,356 1,916.079 15,332,700 13.569.152 Chic Terre H Sc S E August 557,255 344,096 3,105,900 2,409,211 Cin Ind Sc Western. August 311,295 218,324 2,027,500 1,779,921 Coal Sc Coke August 858,361 149,424 109,794 913,606 Colorado Midland. July 127,930 126,522 920,402 Colorado A South. 31 wk Sept 252,356 212,033 8.697,818 7,654",360 Ft W Sc Den City August 722,018 566,747 4,819,947 4,001,116 Trin Sc Brazos Val July 637.828 531,711 93.057 68,969 Colo Sc Wyoming.. July 705,728 97.791 634,231 93,439 Crip Crk Sc Col Spgs July 546,700 647,887 36,602 84,312 Cuba Railroad July 1,078,676 743,774 8,172.257 4,029,958 Delaware Sc Hudson August 3.817,632 2,946,281 22,276.983 19,6h0,o91 Del Lack Sc West.. August 6,900,082 5,097.696 43.195.651 37,775.422 Deny Sc Rio Grande August 3,096,025 2.438,395 19,061,497 18,033,832 Denver Sc Salt Lake August 237,144 230,785 1,374,932 1,344,172 Detroit Sc Mackinac 3d wk Sept 946,423 24,953 1,022,588 29,211 Detroit Tol Sc Iront July 252.341 1,586,334 1.675,407 377,254 Det Sc Tol Shore L. August 166,554 159,358 1.269,091 1,252,705 Duluth Sc Iron R August 1,561,640 1,128,599 6.061,025 4,423.645 Dul Missabe Sc Nor August 3,757,830 2,518.205 13.327,616 8,933,556 Dul So Shore Sc Atl. 3d wk Sept 85,430 3,290,301 3,111,971 102,161 Duluth Winn Sc Pac August 164,800 162,606J 1,141,833 1,445,916 East St Louis Conn July 590.488 91,933 597,295 99,877 Elgin Joliet Sc East. August 2.073,588 1,498,266 12.233,195 10,583.460 El Paso Sc So West. August 1,262,876 957,037 9,844,866 9,300,262 Erie August 9,818,517 6.426,236 53,857,115 46,141,826 Chicago Sc Erie August 1,093,307 767.792 6.643,206 5,785.805 Florida East Coast. August 595,607 475,858 6,214,149 5,864,948 Fonda Johns Sc Glov July 607.305 97.963 616.952 96,205 Ft Smith Sc Western August 665,080 114,806 810,688 93,626 Galveston Wharf. August 51,705 717,612 763,769 87,064 569,709 Georgia Railroad. August 371,886 3.946,947 2.405.639 Grand Trunk Pac__ 1st wk Sept 105.334 3,819,582 3,651,638 112.848 Grand Trunk Syst- 4th wkSept 2,126,177 1,855,133 52,096,659 45,980,789 Grand Trunk Ry 1st wk Sept 1.248,116 1,059,640 39,171,708 34.900.487 Grand Trk West. July 1,051,756 856.801 5,332,557 5.549.902 Det G H Sc Milw. July 265,944 274,888 1.759.411 2.015,444 Great North System August 9,087.418 8,175,031 57,598,909 56,377,774 Gulf Mobile Sc Nor. August 228,292 247,723 1,546,856 1,495,002 Gulf Sc Ship Island. August 258,668 246,739 1,748.488 1,430,773 August Hocking Valley 1,606.675 1,093.533 8,332,765 6.841.351 Illinois Central.... July 10654111 7.334.961 58.175.231 48.954,124 Internat Sc Gt Nor. August 1,172,264 1,037,152 8,449,386 7,563,735 Kan City Mez Sc Ori August 118,827 112,839 781,861 805,321 K C Mez Sl O of Tex June 550,160 92,227 119.671 498,893 Kansas City South. August 1,226,967 1,066,863 9,561.842 7,954,675 Texark Sc Ft Sm. August 108,999 790,354 724,203 93,880 Kansas City Term. June 107.593 557,812 91,135 575.883 Lehigh Sc Hud Riv. August 237,030 221,485 1,521,320 1,520,403 Lehigh Sc New Eng. August ‘ 607,294 360.302 2,831,071 2,405,005 7,051.975 4.866.857 40.977.960 35.261.606 Lehigh Valley August Los Ang Sc Salt L August 1,309,734 1,043.699 9,196.874 8,342,635 Louisiana Sc Arkan_ August 145.428 160.287 1,127,259 990,760 Louisiana Ry Sc Nav July 286,162 182.727 1,667,681 1,266,762 Louisville Sc Nashv. August 10873686 6,771,278 63,377,202 49,244,083 Lou Hend Sc St L__ August 270,708 203.304 1,760,713 1.435.639 Maine Central 1,728,257 1,292,510 10,481,258 9,329,582 August Midland Valley 292.907 270.247 1.891.394 1,593.122 July Mineral Range.... 3d wk Sept 27,355 22,339 821.776 886,263 M inneap Sc St Louis August 1,127,144 961,371 7,481.419 7,027,206 Minn St P *S8M. August 3.529.864 3.088,470 20,311,451 22,320,179 Mississippi Central. July 148,207 71.673! 718.944! 449.344 Missouri Kan Sc Tex August 3.175,057 2,371,388 20.307,283 16.627.308 Mo KAT Ry of Tex August 1.769,621 1,350,871 12,294,465. 9.636.927 Mo Sc North Arkan. August 154,953 934,222 963,994 934.222 Mo Okla Sc Gulf... July 170,070 170.623 1.030.117! 1,081,597 Missouri Pacific— August 8.507.547 6.894.566 56.334,002 50,978,116 _ _ _ _ _ _ Week or Month. Current Year. % 299.928 ,181,738 July Monongahela Conn. July 130,386 245.127 Nashv Chatt Sc St L August 2,264,739 1,305,209 6.761 10.521 Nevada-Cal-Oregon 2d wk Sept Nevada Northern-_ August 290,685 212,024 92.624 Newburg Sc Sou Sh_ July 149,394 New Orl Great Nor. July 226.939 195,747 New Orl Sc Nor East August 697,620 395,237 N O Texas Sc Mex.. I August 145,890 108,800 Beaum S L Sc WJ August 121,610 77,780 St L Browns & M August 560,593 269,607 New York Central- August 31102238 21634298 Monongahela Current Year. Previous Year. Previous Year. 8 $ 1,648,246 1,229.615 1,302,331 1.118.385 13,438,395 9.615.385 244.946 188.421 1,720,016 674,992 1,234.528 4.155,303 1,313,236 948,627 2,714,349 Norfolk Sc Western. August Norfolk Southern. July Northern Pacific August Minn Sc Internat. July Northwest’n Pacific, August Pacific Coast Co August 1,599.921 563.095 1,029,425 3,062.408 894.884 627,235 2.583.844 180114566 155306443 2.045.392 1,872,719 6.997.425 6,755.467 942,297 724,957 5,925,172 7,111,090 4.643,172 42,920.224 33.889 7,933,327 5,014,065 44,319.039 34,054,367 287,477 237,490 1,722,699 1,561,579 3,415,464 2,470.518 20.660.672 16,659,945 1,116,479 831,227 6,315,509 5,032,099 649,354 364,175 3,663,733 2,329,339 2,341.173 1.532,528 13.403,856 11,169,521 11113939 7,600,871 65,695,038 56,045,098 1,303,077 1,113,636 7.393.590 6.181,345 344,724 316,830 2,193,415 2,065.908 8,610,301 6,021,972 51,310,742 42.645,801 508,532 428.294 3,144,887 3,119,801 9,804,525 7,533,664 60,302,799 57,340.415 107,079 85,123 644,243 661.035 682,398 501,636 3,732,457 3,117,913 497,111 528,405 Pennsylvania RR 36975640 26908690 226180291 190686863 Boston Sc Albany April Lake Erie Sc W__ August Michigan Central August Cleve C C Sc St L August Cincinnati North August Pitts Sc Lake Erie August Tol Sc Ohio Cent. August Kanawha Sc Mich August N Y Chic Sc St Louis August N Y N H Sc Hartf. J August N Y Ont Sc Western August N Y 5.427.17<J . Susq Sc West-_ July _ August Balt Ches Sc Atl. August 'Cumberland Vail August 197,934 699,904 2,628,653 139,603 775,211 1,291,458 9,832,456 744,922 8,806,666 - Long Island August Mary’d Del Sc Va July N Y Phila Sc Norf August W Jersey Sc Seasn July Penn Western Lines August Grand Rap Sc Ind August PRts O C Sc St L. August Penn System— Lines East May Lines West May Lines E Sc W__ May Peoria Sc Pekin Un. July Pere Marquette August Pitts Sc Shawmut-- July Pittsb Shaw Sc Nor. July Pittsb Sc West Va July Port Reading July Reading Co— Phila Sc Reading. July Coal Sc Iron Co_. May Total both cos May 189,732 857,014 811,673 441,218 3,484,422 3,197.182 1,993,966 14,742.531 10,928,221 495,266 510,062 108,135 537,363 4,631,075 3,607.107 1,072,328 5,266,033 4.610,793 7,714,591 57.670,586 51,397,150 676,300 4,607,411 4,324,650 6,557,430 54,856 567 48,657,920 34178634 28200869 137033977 126673981 15109144 14030228 62,878.383 61,431,347 49287779 42231 098 199912360 188105327 112.575 105.007 695.922 725.882 __ 2.756,665 2,087,351 17,624,281 157403,002 136.095 100,622 753,926 657.245 782,080 120,788 97,618 720,822 140,463 1,065.307 208,591 255,032 172,428 1.301.753 1.0997610 8,836,862 £.692,192 44.409.406 38,046,834 .757.138 4.543,357 4,175,608 21,411.789 11462818 10062833 50,263,813 45.511.853 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 Rutland •_ August 452,079 403,450 2,948,242 2.843,225 St Jos Sc Grand Isl. August 165,793 1,744,759 1.542.070 217.851 St Louis-San Fran. August 6,791,512 5.252.903 43,462,857 36,715,480 Ft W Sc Rio Gran July 486,617 94,489 614,563 79,427 St L S W of Texas August 650,561 472,613 4,496,880 3.405.648 St Louis Southwest. 3d wk Sept 359,000 364.000 13,969,000 11,764,000 St L S W of Texas August 650,561 472,613 4,496,880 3.405.648 San Ant Sc Ar Pass. August 365,223 375,702 2,599,812 2,493,798 Seaboard Air Line. August 3,724,774 2.293.844 24,633,261 19,447,605 South Buffalo 150,680 835.925. August 85,731 1,050.791 Southern Pacific 15745887 11619281 96,710.305 83,323,27$ August Arizona & East.. August 273,878 2,930,806 2,947.934 352,414 Galv Hous Sc S A_ August 2,062,184 1,664,765 13,829,624 12,580,115 Hous Sc Tex Cent August 944,616 645,808 5,812,721 4.838.238 Hous E Sc W Tex. August 203,726 149,016 1,318,480 1,174.989 Louisiana West-- August 420,858 300.599 2,833,058 2,214,754 703,376 Morgans La Sc Tex July 497,431 4,499.629 3.665,564 Texas Sc New Orl August 680,612 550,318 4,871,424 4,037,993 13218912 7,853,628 79,715,755 56.477,775 Southern Ry Syst August Ala Great South. August 997,653 631,833 5.749,576 4,518,443 Cin N O Sc Tex P. August 1,761,597 1,163,125 9,819,043 8,590.088 New Orl Sc Nor E July 580,690 372.295 3.457.683 2,667,171 Mobile Sc Ohio. July 1,353,270 1.148.904 8.038.856 7,791,188 308,201 231,281 2,283,024 1,805,004 Georgia Sou Sc Fla August South Ry in Miss July 730.595 663.277 107,460 99.199 651,523 87,345 88,323 591,872 Spokane Internat!. August 738,963 645,712 4,544.909 3.765.975 Spok Port Sc Seattle July Staten Island R T 980.091 865.995 July 216,965 159.631 Tenn Ala Sc Georgia 3d wk Sept 97.194 3,569 2.769 91,281 Tennessee Central. August 384,427 165,349 I,924,890 1,158.514 Term Assn of St L. July 316.852 322,767 2.062,252 2.242.842 251.624 1,942,049 1,744,366 St L Mer Bdge T July 334,076 Texas Sc Pacific 3d wk Sept 577,969 425,858 18,069,012 15.282.445 Toledo Poor Sc West August 117,103 1,014,278 163.281 843,268 Toledo St L Sc West August 897,769 657,521 5,244,516 4.593,357 Ulster Sc Delaware. July 550,505 556,116 136,246 124,866 10570269 6,874,184 59.330,927 47,141,945 Union Pacific. August 3,306.089 2,598,091 21.334,801 19,545^290 Oregon Short L.. August Ore-Wash RRAN August 2,726,068 1,801,087 16,685,085 14,039,112 482.099 Union RR (Balt) 173.599 March 476.971 178.987 Union RR (Pa) 595.388 3.631.410 3.230.239 781,801 July Utah 890,382 159,079 August Vicks Shreve Sc Pac August 169,259 1,617,166 1,298,213 219,983 967,754 7.499,158 6,931.895 1,256,449 Virginian RR August Wabash RR 5,160,001 3,526.219 29.801,084 26.179.859 August Western Maryland August 1,507,616 1,205,505 9.614,107 8,733,445 Western Pacific.... August 1,286,680 1,002,909 7,311,475 6,270,577 Western Ry of Ala. July 127,365 1,319.203 871,715 183.718 Wheel Sc Lake Erie. August 1,446,966 1,146,957 8,558.730 6,949.404 Wich Falls Sc N W_ August 653,236 667,929 86,803 104,353 Yazoo Sc Miss Vail. July 9,628,579 1,914,784 1,474,860 II.669.005 , . _ AGGREGATE OF GROSS EARNINGS—Weekly and Monthly. Current * Weekly Summaries. |S gS il l • Method 17 roads) 19 roads) 11 roads) 12 roads) 15 roads) 14 roads) 14 roads) 16 roads) 15 roads). 14 roads) 6 roads) of reporting t Year. 9,723.974 9,777.522 8.716,679 5.812.844 6.168.850 6.102.758 9.306.598 7.102.544 6.484.655 7,230.476 6,931,155 Previous Year. % 8.778.254 8.935.100 7.973.165 5.045.973 5.610.287 5.299.050 7.916.611 5.908.578 5.564.164 6.251,935 5.926.660 Increase or Decrease. 8 +945.720 + 842.422 +742.514 +766.871 +565.260 +803.708 + 1.389.987 + 1.193.966 +920.491 +978.541 +1,004,495 Current % 10.77 9.43 8.17 15.19 9.96 15.17 17.56 20.21 16.54 1565 16.95 * Monthly Summaries. Year. Previous Year. Increase or : Decrease, j % Cur. Yr. Pres. Yr. Mileage. October .247.048 245.967 November. .242.407 241.621 December. .247,988 247.265 .240.046 239.885 January .230.336 228.835 February March.... .238.891 237.463 _ _ April May.. June iZa:::: .233.734 .230.355 .220.303 .231.700 .. 32,766 389.017.309 345.079.977 +43.937.332 12.73 360.062.052 326.757.147 +33.304,905 10.19 343.875.052 317.836.386, +26.038.666 8.18 282.894.665 294.002.7911 —11.608.126 8.95 362.761.238 312.276.881 +50.484.357 16.22 285.776.203 260.627.752 + 25.148.451 9.65 232.255 369.409.895 319 274.981 +50.134.914 15.70 228.892 374.237 097 219.294 363.165.528 342.146.096 + 32.091.001 9.88 23.163.161 +40.002.412 12.38 230,570 463,684,172 346.022.857 +117661315 34.00 82,271 28,574,242i 24,810,154 +3.764.088 15.17 Ranged figures are now for the Colorado St Southern Railway Company only. [Vol. 107. THE CHRONICLE 1376 Latest Gross Earnings by Weeks.—In the follows we sum up separately the earnings for the fourth week and shows 16.95% September. The table covers 6 roaas increase in the aggregate over the same week of year. 4,210,000 440.527 3.631,000 % 154,451 579,000 2,126,177 1,855,133 271,044 594.978 Buffalo Rochester & Pittsburgh Canadian Pacific Grand Trunk of Canada. Grand Trunk Western Detroit Gr Hav Sc Milw Canada Atlantic. last Increase. 1917. 1918. Fourth Week of September. Gross Current table which Decrease. Earnings Year. % Roads. Colorado & Southern ...Aug 1,208,248 Jan 1 to Aug 31. 7,987,598 Ft Worth & Den Clty.Aug Jan 1 to Aug 31 722,018 4,819,947 Net Earnings Previous Current Previous Year. % Year. % Year. % 1,008,220 7,017,555 566,746 4,001,110 Delaware & Hudson ...Aug 3,817,632 2,946,280 Jan 1 to Aug 31 22,276,983 19.630,590 402,252 2,047,724 256,840 1,078,431 1,109,957 2,521,517 1.861,246 Aug 6,900,082 5,097.695 43,195,651 37.775,422 11,291,154 Del Lack & West Jan 1 to Aug 31 Denver & Rio Grande..Aug 3,096,024 2,438,394 Jan 1 to Aug 31 19,061,497 18,033,831 251,043 3,447.400 444,112 2,675,451 220,125 1,496,433 1.066.862 4,829,274 1,952,400 13,531,790 722,747 5,761,348 , 6,931,155 Total (6 roads) Net increase (16.95%) Jan For the third week of September our final statement covers 14 roads and shows 15.65% increase in the aggregate over the same week last year. Third Week 5,329,355 24,953 85,430 22,339 % 805,425 4,258 16,731 5,016 364,000 425,858 152,111 6,251,935 983.541 978.541 S $ 6,134.780 Previously reported (9 roads).. Detroit & Mackinac Duluth South Shore & Atlantic Mineral Range St Louis Southwestern Texas & Pacific ' 29,211 102,161 27,355 359,000 577,969 7,230,476 Total (14 roads) Increase. Decrease. 1917. 1918. of September. Net increase (15.65%). % 5,000 5,000 Net Earnings Monthly to Latest Dates.—The table following shows the gross and net earnings with charges and surplus of STEAM railroad and industrial companies re¬ ported this wreek: -Gross Current Year. Roads. Alabama & Vicksburg..Aug 213,537 Jan 1 to Aug 31. 1,518,520 Ann Arbor Jan 1 to 348,013 2,193,738' Aug Aug 31 -Net EarningsCurrent Previous Year. Year. EarningsPrevious Year. 175,325 1,300,998 $ 55,193 288,706 $ 49,424 340,485 293,093 2,100,266 82,263 208,335 102,589 530,729 Aug 15,461,214 12,374,162 6,015,893 4,828,392 102,780,780 91,263,165 34,119,316 34,509,076 363,290 Gulf Colo & Santa Fe.Aug 1,647,094 351,595 1,381,396 Jan 1 to Aug 31 12,090,288 10,834,485 2,921,318 2,939,060 Panhandle & Santa Fe.Aug 295.568 80,928 530,198 630,842 Jan 1 to Aug 31 738,445 1,806,429 3,880,693 4,524,161 Atch Top & Santa Fe Jan 1 to Aug 31 Atlanta & West Point. .Aug Jan 1 to Atlanta Birm & Atlantic.Aug Jan 1 to 213,122 1,538,464 160,036 1,088,739 420,372 2,843,680 318,227 2,539,977 Aug 31 Aug 31 Atlantic Coast Line Jan 1 to Aug 31 Aug 5,444,023 3,355,674 36,615,395 28,618,672 Baltimore & Ohio Jan 1 to Aug 31 Aug 19,559,118 12,869,705 106,225,193 85,960,496 ■ 69,543 484,771 53,419 302,737 defl6,387 defl57,203 398,031 39,114 1,899,759 9,333,727 823,893 8,999,857 5,471,207 3,066,878 9,709,853 20,596,287 Bangor & Aroostook Jan 1 to Aug 31 Aug 430,640 3,037,841 297,103 2,962,004 90,275 397,539 73,972 943,495 Belt Ry of Chicago Jan 1 to Aug 31 Aug 395,026 2,604,762 350,520 2,563,756 59,290 209,001 106,334 716,006 Bessemer & Lake Erie._Aug 1,589,825 Jan 1 to Aug 31—.*— 8,297,341 1,524,038 7,942,889 804,532 2,648,678 651,741 2,510,846 Birmingham Southern__Aug 128,713 Jan 1 to Aug 31 1,049,810 94,084 757,791 71,834 227,329 def6,282 22,866 2,615,746 4,881,109 1,617,823 8,334,897 Boston & Maine—„ Jan 1 to Aug 31 Aug 7,674,120 5,599,912 44,825,716 38,867,209 , Buffalo Roch & Pittsb..Aug 1,985,119 Jan 1 to Aug 31 11,879,395 1,455,186 9,616,378 424,011 850,075 388,815 2,068,517 Canadian Northern July 1 to Aug 31 Aug 3,933,300 7,672,700 7',250,100 3,405,200 499,600 776.300 1,498,100 Canadian Pacific 3,817,538 Augl3,109,753 12,414,537 3,208,630 97,496,204 97,149,174 20.085,627 28,574,994 Jan 1 to Aug 31 593,200 Oar Clinch & Ohio Aug 466,755 Jan 1 to Aug 31.1 2,965,101 386,553 2,677,049 140,634 723,433 Central of Georgia Jan 1 to Aug 31 13,204,581 1,318,029 9,837,343 554,260 3,221,021 1,155.840 334,544 2,662,982 Central New England..Aug 612,572 Jau 1 to Aug 31 4,004,844 490,707 3,635,058 144,359 581,764 184,826 1,342,680 Aug 4,913.656 3,520,260 28,842,119 24,476,975 1,867,717 6,152,653 1,265,937 7,850,348 401,199 7,401 2,904,583 defl40,813 52,656 534,357 Aug 1,888,066 Central RR of N J Jan 1 to Aug 31. Central Vermont. Jan 1 to Aug 31 .Aug Chesapeake & Ohio Jan 1 to Aug 31 Chicago & Alton Jan 1 to Aug 31 457,970 3,258,981 182,011 Aug 7,546,976 4,735,959 3,071,361 1,578,319 44,560,789 35,209,723 10,496,795 10,417,376 Aug 2.752,476 1,910,441 642.251 951,737 15,234,094 13,421,541 2,628;048 4,046.851 Chic & North Western. Aug 13.334,147 10,153,927 2,579,397 3,055,839 Jan 1 to Aug 31 78,082,132 69,432,153 10.194,032 18,159,104 Chic Burl & Quincy...Aug 14,592,194 10,956,605 4.882,776 3,870,895 Jan 1 to Aug 31 90,015.508 79.935,814 20,209,461 27,988,575 _ Chic Great Western Jan 1 to Aug 31 Aug 2,092,818 1,469,080 12,216,138 10,682,061 594,929 1,423.153 363,833 2,524,054 Chic Ind & Louisville.__Aug 1,199,781 Jan 1 to Aug 31 6,860,861 822,096 5,961,597 348,280 1.043,262 233,558 1,840,973 Chicago Junction. Jan 1 to Aug 31 283,115 def79.257 2,152,289 defl86,443 54,674 279.568 Aug 325,474 2.393,649 Chic Milw & St Paul...Aug 13,308,110 10,500,802 Jan 1 to Aug 31 80,980,098 72,978,913 Chic Rock Isl & Pac.__Aug 10,154,796 Jan 1 to 7,519,819 62,861,462 54,790,107 Aug 31 Chic Rock Isl & Jan 1 to Aug Gulf.Aug 417,350 31 2,865,264 298,962 2,421,284 Chic St Paul Minn & O.Aug 2,367,356 1,916,079 Jan 1 to Aug 31 15,332,700 13,569,153 Chic T H & So East Jan 1 to Aug 31 Aug Cine Ind & Western Jan 1 to Aug 31 Aug 557,225 3,105,899 344,096 2,409,211 311,295 2,027,500 218,323 1,779,922 Cin N Orl & Tex Pac —Aug 1,761,597 Jan 1 to Aug 31 9.819.044 1,163,124 8,590,037 Coal & Coke. Jan 1 to Aug 31. Aug 149,424 913,606 3,552,992 2,819,765 7,535,668 19,714,501 973,205 1,956,893 8,556,459 13,145,585 100,318 769,896 103,532 764,744 677,358 2,412,596 488,681 3,665,173 188,541 78,251 635,789 293,445 Aug Denver & Salt Lake 5,926,660 1,004,495 def50,746 defl6,258 470,820 2,048,508 418,989 2,874,164 109,793 def3,306 858,360 defl40,530 13,051 116,762 44,557 391,516 1 to Aug Aug Detroit & Mackinac Jan 1 to Aug 31 1 to Aug 159,081 1,016,062 Detroit & Toledo Shore.Aug Jan 237,143 1,374,931 31 31 166,554 1,269,091 def8,186 19,149 1,344,172 def281,619 def53,952 26,054, 195,379 230,785 125,892 883,401 159,358 1,252,705 1,128,598 4,423,645 38,228 109,198 62,738 537,475 1,561,640 1,088,927 6,061,025 2,972,290 Duluth Missabe* North Aug 3,757,830 2,518,205 2,916,010 Jan 1 to Aug 31 .13,327,615 8,933,556 8,214,648 Duluth Winnipeg & Pac.Aug 164,799 162,605 38,009 Jan 1 to Aug 31 1,141,833 1,445,916 133,506 Elgin Joliet & Eastern._Aug 2,073,588 1,498,266 819,265 Jan 1 to Aug 31 12,233,195 10,583,460 3,276,406 El Paso & Southwestern Aug 1,262,875 957.036 630,081 Jan 1 to Aug 31 9.844,865 9,300,261 4,162,005 Erie 6,426,235 741,404 Aug 9,818,517 Jan 1 to Aug 31 53,857,115 46,141,825def2583.550 767,791 226,096 Chicago & Erie Aug 1,093,306 Jan 1 to Aug 31 6,643,206 5,785,804 211,821 Florida East Coast Aug 595,607 475,857 47,898 Jan 1 to Aug 31 6,214,149 5,864,947 2,097,218 Fort Smith & Western..Aug 114,806 T9,783 93,625 Jan 1 to Aug 31 80,131 810,688 665,080 Duluth & Iron Range—Aug Jan 1 to Aug 31. Galveston Wharf Jan 1 to Aug 31 Aug 51,705 717,612 87,064 763,768 defl6,907 271,986 Georgia. Aug 569,708 3,946,947 371,885 2,405,638 243,412 1,375,126 Jan 1 to Aug 31 Great Northern Jan 1 to Aug 31 Aug 9,087,418 8,175,030 57,598,908 56,377,773 Gulf & Ship Island Jan 1 to Aug 31 Aug 246,739 1,430,772 55,310 434,718 228,291 1,546,855 247,722 1,495,001 29,633 264,520 Aug 1,606,675 8,332,765 1,093,532 6,841,350 Internat Great North.._Aug 1,172,264 Jan 1 to Aug 31 8,449,385 1,037,151 7,563,734 653,499 1,808,664 214,489 1,222,549 Hocking Valley Jan 1 to Aug 31 Kan 112,839 def28,914 781,860 def230,734 City Mex & Orient .Aug 1 to Aug 31 118,827 805,321 Kansas City Southern..Aug Jan 1 to Aug 31 1,226,966 9,561,841 1,066,862 7,954,673 2,708,173 Kansas City Southern System— Texarkana & FtSmith.Aug 108,998 Jan 1 to Aug 31 790,355 93,880 724,203 34,993 231,042 607,294 2,831,071 360,302 2,405,005 320,468 953,882 Lehigh & Hudson River.Aug 237,030 Jan 1 to Aug 31 1,521,319 221,485 1,520,403 37,028 .264,387 1,757,830 4,649,824 Jan Lehigh & New England Aug Jan 1 to Aug 31 Lehigh Valley Aug 7,051,975 .40,977,960 Los Angeles & Salt Lake.Aug 1,309,733 Jan 1 to Aug 31 9,196,874 Louisiana & Arkansas. .Aug 145,428 Jan 1 to Aug 31 1,127,259 Louisville & Nashville..Aug 10,873,686 Jan 1 to Aug 31 63.377,202 Louisv Hend & St Louis.Aug 270,708 Jan 1 to Aug 31 1,760,712 Maine Central Aug 1,728,257 Jan 1 to Aug 31 10,481,258 Minneapolis &! St Louis.Aug 1,127,144 Jan 1 to Aug 31 7,481,419 Minn St Paul & S S M__Aug 3,529,864 Jan 1 to Aug 31 20,311,451 Missouri Kan & Texas..Aug 3,175,056 Jan 1 to Aug 31 20,307,283 Mo Kan & Tex of Tex._Aug 1,769,620 Jan 1 to Aug 31 12,294,464 Missouri & Nor Arkan..Aug 154,953 Jan 1 to Aug 31 963,994 Missouri Pacific Aug 8,507,546 Jan 1 to Aug 31 56,334,001 Nashv Cliatt & St Louis.Aug 2,264,738 Jan 1 to Aug 31 13,438,395 Nevada Northern Aug 290,684 Jan 1 to Aug 31 1,720,015 New Orl & Northest ...Aug 697,620 Jan 1 to Aug 31 4,155,302 Beaumont S L & West Aug 121,609 Jan 1 to Aug 31 948,626 St L Brownsv & Mex.Aug 560,593 Jan 1 to Aug 31 2,714,349 New Orl Tex & Mex Aug 145,890 Jan 1 to Aug 31 Jan 1 to Aug 31 1,313,235 New York Central Aug31,102.237 Jan 1 to Aug 31 180,114,566 Cincinnati Northern._Aug 287,476 Jan 1 to Aug 31 1,722,698 Cl Cin Chi & St L Jan 1 to Aug 31 4,669,787 37,588 425,122 596,363 3,094,740 396,208 4,396,145 1,261,178 7.719,591 170,864 1,603,275 138,342 2,914,648 15,186 56,922 39,786 327,469 120,667 627,993 2,151,588 3,086,462 6,667,342 18,008,622 258,667 1,748,487 Gulf Mobile & Northern. Aug Jan 1 to Aug 31 85,031 670,677 697,180 1,687,795 1,788,396 231,949 4.866,856 35,261.606 1,043,698 ‘345,834 8,342,634 2,121,746 160,287 defl7,504 990,759 201,322 6,771,278 4,072,617 49,244,092 15,164,491 203,304 97,596 1,435,639 476,209 1,292,510 366,080 9,329,582 429,463 961,370 defl41,300 7,027,205 163,613 3,088,469 1,127,576 22,320,178 2,330,988 2,371,388 270,724 16,627,308 2,466,461 1,350,870 212,196 9,636,926 512,281 138,224, 34,107 934,222 97,934 6,894,565 2,414,012 11,158,061 1,305,208 640,721 9,615,384 2,906,519 212,023 165,303 1,599,921 873,078 395,237 154,514 3,062,409 1,001,631 77,780 27,443 308,090 627,234 236,654 269,606 741,037 2,583,843 def5,728 108,799 894,883 315,038 21,634,297 8,399,895 155306,442 29,142.265 25,536 237,490 1,561,579 212,029 5.014,064 3,505,033 34.054,367 12,346,186 447,798 25,333 3,518,097 def335,709 364,174 238,368 2,329,337 1,134,707 724,956 170,135 5,421,170 767,937 4,643,172 1,940,973 33,889.492 9,923.323 2,470,518 1,508,475 16,659,945 6,593,047 113,860 491,851 88,746 469,108 427,581 2,267,337 327,367 2,117,842 7,744 def22,297 418,522 3,072,049 48,245 344,916 159,670 934,671 85,473 525,765 1,268,650 8,490,303 417,182 3,298,123 57,494 267,995 2,133,668 15.274,819 73,005 521,911 362,754 2,445,507 272,645 1,990,599 1,047,323 7,541,552 814,967 4,989,965 392,918 834,800 40,403 194,968 2,321,021 308,827 2,232,102 123,915 935,569 74,239 946,339 23,552 202,495 89,527 1,010,299 24,993 263,505 6,484.133 41,927.859 95,363 399,193 1,732,338 Aug 7,933,326 44,319,038 9,625,977 Ind Harbor Belt Aug 527,282 127,344 Jan 1 to Aug 31 3,523.862 883,516 Kanawha & Michigan.Aug 649,353 137,369 Jan 1 to Aug 31 3,663,731 683,986 Lake Erie & Western.Aug 942,296 175,103 Jan 1 to Aug 31 5,925,171 1,573,978 Michigan Central ...Aug 7,111,089 1,457,027 Jan 1 to Aug 31 42,920,223 8,630,489 Pittsb & Lake Erie...Aug 3,415,464 981,498 Jan 1 to Aug 31 20,660,673 5,790,419 N Y Central System— Toledo & Ohio Cent..Aug 1,116,478 831,226 382,310 299,217 Jan 1 to Aug 31 776,226 1,201,537 6,315,508 5,032,097 N Y Chicago & St Louis.Aug 2,341,172 928,644 448,204 1,532,527 Jan 1 to Aug 31 13,403,856 11,169,520 2,763,212 2,518,450 N Y New Hav & Hartf.Aug 11,113,939 7,600,871 3,672,016 2,301,511 Jan 1 to Aug 31. 65,695,038 56,045,098 10,888,935 16,156,361 ... Oct. 5 1918.] THE CHRONICLE -Gross Current Roads. -Net EarningsCurrent Previous Year. Year. Eamings- Year. Previous Year. % $ * Aug 1,303,077 1.113,635 391,034 7,393,590 6,181,345 1,183,756 Aug 8,610,301 6,021,972 3,418,865 51,310,742 42,645,800 12,315,230 Aug 9,804,524 7,533,664 3,806,046 60,302,798 57,340,415 15,785,199 Aug 682,398 501,636 303,346 Jan 1 to Aug 31-3,732,457 3,117,913 1,276,379 Pennsylvania RR Aug36,975,639 26,908,690 8,600,124 Jan 1 to Aug 31 226.180,290 190686,863 22,129,407 Cumberland Valley.-Aug 699,903 441,218 360,783 Jan 1 to Aug 31 3,484.421 3,197,182 1,256,641 Grand Rapids & Ind__Aug 744,922 676,300 192,338 Jan 1 to Aug 31 4,607,411 4,324,650 585,276 Long Island Aug 2,628,652 1,993,966 1,149,502 Jan 1 to Aug 31 14,742,531 10.928,221 4,490.746 N Y Phila & Norf ...Aug 775,210 537,363 234,380 Jan 1 to Aug 31 4,631.075 3,607,106 851,572 Pennsylvania Co Aug 9,832.455 7.714.590 1,802,506 Jan 1 to Aug 31 57.670,585 51,397.149 4,997,439 Pittsb Cin Chi & St L_Aug 8,806,666 6,557,429 2,142,412 Jan 1 to Aug 31 54,856,567 48,657,919 6,396,055 Pennsylvania System— Balt Ohes & Atl Aug 197,934 189,731 47,714 Jan 1 to Aug 31 857,014 811,673 30,528 Toledo Peoria & W--_Aug 163,281 117,102 30,457 Jan 1 to Aug 31 1,014,279 843,267 3,529 Pere Marquette Aug 2,756,665 2,087,351 138,3 59 Jan 1 to Aug 31 17,624,281 15,403,002 2,594,191 Rutland Aug 452,078 403,449 96,292 Jan 1 to Aug 31 2,948,241 2,843,225 207,391 St Louis-San Francisco-.Aug 6,791,511 5,252,903 1,068.260 Jan 1 to Aug 31 43,462,857 36.715,580 8,046,000 St Louis Southwestern..Aug 1,246,813 938,701 514,587 Jan 1 to Aug 31 7,339,919 3,132,752 8,520,941 St Louis S W of Tex..Aug 650,560 472,613 123,060 Jan 1 to Aug 31 4,496,880 3,405,649 168,279 San Antonio A Aran PassAug 365,223 375,702 defl22,514 Jan 1 to Aug 31 2,599,811 2,493,797 def275,327 Seaboard Air Line Aug 3,724,774 2,293,843 251,329 Jan 1 to Aug 31 24,633,261 19,447,605 3,943,696 Southern Pacific Augl5,745,886 11,619,281 6,659,557 Jan 1 to Aug 31 96,710,305 83,323,277 24,268,179 Arizona Eastern Aug 352,414 273,877 103,981 Jan 1 to Aug 31 2,930,806 2,947,934 1,019.284 Galv Harris & San Ant Aug 2,062,184 1,664,735 911,487 Jan 1 to Aug 31. 13,829,623 12,580,114 4,591,478 Hous & Texas Cent__Aug 944,615 645,807 517,601 Jan 1 to Aug 31 5,812,720 4,838,238 1,823,274 Houston E & W Tex..Aug 203,726 95,838 149,016 Jan 1 to Aug 31 1,318,480 1,174,989 386,206 Louisiana Western Aug 420,857 300,599 246,285 Jan 1 to Aug 31 2,833,057 2,214,753 1,417,166 Texas & New Orleans.Aug 680,612 550,317 292,064 Jan 1 to Aug 31 4,871,423 4,037,992 1,515,685 Southern Railway Augl3.218,911 - 7,853.628 3,387,477 Jan 1 to Aug 31 79,715,755 56,577,775 22,012,473 Alabama Gt South 997,653 Aug 631,833 293,640 Jan 1 to Aug 31-5,749,575 4,518,444 1,549,931 Georgia Sou & Fla—Aug 308,200 231,280 22,626 Jan 1 to Aug 31 2,283,023 1,805,003 295,208 Spokane International._Aug 87,344 88,322 34,900 Jan 1 to Aug 31 651,522 591,871 224,723 Tennessee Central Aug 384,426 165,348 138,099 Jan 1 to Aug 31 1.924,890 1,158,513 * 351,767 Texas & Pacific...Aug 2,522,194 1,793,602 405,065 Jan 1 to Aug 31 16,437,768 14,029,170 3,268,424 Tol St L & Western Aug 897,678 657,521 348,554 Jan 1 to Aug 31 5,244,515 4,593,356 1,225,475 Union Pacific Aug 10,570,268 6,874,183 4,806,551 Jan 1 to Aug 31 59,330,927 47,141,944 22,371,599 Oregon Short Line Aug 3,306,088 2,598,090 1,429,654 Jan 1 to Aug 31 21,334,800 19,545,290 7,831,902 St Joseph & Grand Isl.Aug 217,851 165,792 def23,302 Jan 1 to Aug 31. 1,744,759 1,542,068 109,788 Union Pacific System— Ore-Wash RR & Nav.Aug 2,726,067 1,801,087 1,060,003 Jan 1 to Aug 31 16,685,085 14,039,111 4,424,761 Utah .Aug 159,079 89,276 Jan 1 to Aug 31 890,382 477,489 Vicks Shreve & Pac Aug 219,982 169,258 defl3,118 Jan 1 to Aug 31 1,617,166 1,298,212 304,895 Virginian Aug 1,256,448 967,753 480,856 Jan 1 to Aug 31 7,499,156 6,931,894 2,044,622 Wabash Aug 5,160,000 3,526,218 1,345,306 Jan 1 to Aug 31——29,801,083 26,179.859 4,857,833 Western Maryland Aug 1,507,616 1,205,504 84.223 Jan 1 to Aug 31 9,514,107 8,733,444 232,641 Western Pacific Aug 1,286,679 1,002,908 632,402 Jan 1 to Aug 31 7,311,474 6,270,576 2,499,016 Wheeling Sc Lake Erie__Aug 1,446,966 1,146,957 215,375 Jan 1 to Aug 31 8,558,729 6,949,404 1,434,538 Wichita Falls Sc N W__Aug 104,353 86,802 def7,213 Jan 1 to Aug 31 653,235 667,929 defl92,380 N Y Ontario A West Jan 1 to Aug 31 Norfolk 9c Western Jan 1 to Aug 31 Northern Pacific Jan 1 to Aug 31 Northwestern Pacific — - — — ^ ... —— Net after Earnings. Taxes. I I Buffalo Rochester & Pittsburgh— , 8 Aug ’18 1,985,119 390,357 77 1,455,186 355,656 ’18 11,879.395 ’17 9,616,378 581,837 1,820,314 mos Other Income. Gross Income. % 26,906 121,538 681,969 861,017 Fixed Charges. % % 417,263 477,194 1,263,806 2,681,331 % 486,663 1,866,941 2,376.894 16.106.857 3,050,606 23,179,215 239,203 1,076.930 7,397,246 44.432,947 205,414 1,549,479 233,309 819,984 949,896 3,460,208 165,010 980,565 2,448,889 11,047,757 1,949,986 12,169,003 46,629 105,119 10,684 68,742 699,201 3,994,187 122,427 696,393 2,106,805 12,879,361 438,453 3,234,110 95,791 276,923 81,038 163,026 599,336 5,686,201 5,030,862 32,035,734 101,201 1,497,416 721,092 4,716,923 245,208 1,634,324 66,438 467,154 172,796 1,136,414 238,061 1,563,517 2,448,821 18,226,398 196,984 1,445,086 38,119 318,863 38,275 181,406 48,067 261,245 531,802 4,061,529 227,994 1,355,618 2,898,465 18,210,493 1,265,035 8,838,334 def51,664 140,643 519,870 4,683,829 - 56,655 413.752 482,869 3,242,147 1,074,756 7,895,828 387,912 2.502,500 400,392 2,435,443 405,839 2,263.963 15,301 10,167 Balance, Surplus. Name of Road or Week or Month. Company. Alabama Power Co. August Amer Power A Lt Co June Atlantic Shore Ry July _ Bangor Ry A Electric July Baton Rouge Elec Ry August Blackstone VGA El_ August Brazilian Trac, LAP July Brock A Plym St Ry_ August Bldyn Rap Tran Syst May Cape Breton Elec Co August Cent Miss V El Prop. July Chattanooga Ry A Lt Juiy Cities Service Co August Cleve Palnesv A East July g Columbia Gas A El August Jan. 1 to Latest l^Ue! Current Year. Previous Year. Current Year. Previous Year. 269,049 1029,205 20.097 77,978 23,413 197,612 186,070 860.265 23,326 71,350 18,122 158,136 1,884,557 6,410.710 1,313,352 5,541.570 152,547 487,735 150,814 1,267,446 98.600 519,099 171,235 1,529,918 or Week or Month. Company. July July July August July Cumb Co (Me) PAL July Dayton Pow Sc Light August Q Detroit Edison August (/Detroit United Lines August Duluth-Superior Trac August East St Louis Sc Sub- July Eastern Texas Elec. July El Paso Electric Co_. July a Federal Lt & Trac. July _ . . July August June July July Harrisburg Railways. July Havana El Ry, L Sc P July Honolulu R T & Land June Houghton Co El Co_ [August Houghton Co Tr Co.!August b Hud Sc Manhat RRIMay Illinois Traction I August Interboro Rap Tran. May Jacksonville Trac Co. August Keokuk Electric Co_ August Key West Electric Co August Lake Shore Elec Ry. July Lewist Aug Sc Waterv July Long Island Electric. May Louisville Railway-. May Manhat Bdge 3c Line May Milw El Ry Sc Lt Co. August Milw Lt Bit & Tr Co August Nashville Ry Sc Light July Newp NAH Ry.GAE July Nevada-Cal El Corp. August N Y & Long Island May N Y & North Shore.. May N Y & Queens Co May New York Railways. May Niag Lockp't Sc Ont. June Northampton Trac__ July Northern Ohio Elee__ North Texas Electric Ocean Electric (L I)_ Pacific Gas Sc Electric Pacific Pow & Light. o Paducah Tr & Lt Co Pensacola Electric Co Phila Rapid Transit. Phila Sc Western Portland Gas & Coke Port(Ore) Ry.LAPCo. Porto Rico Railways. Puget Sd Tr, LAP (/Republic Ry A Light g Richmond Lt A RR_ Rocky Mt A Pac St L Santiago El Lt A Tr. Savannah Electric Co Second Avenue (Rec) Southern Boulevard Southern Cal Edison. Staten Isl Midland.. Tampa Electric Co._ /9465000 /7795000 /59158.000 /52441.000 12,290 15,509 73,105 85,683 2761,039 2607,401 12,466.574 12.201.995 44,716 39,683 323,175 292,145 28.981 26,196 190.036 173.802 145.541 139.345 1,010.368 714,164 1696,060 1366,660 14,961,561 12,552,768 57,657 56.773 313,850 300,094 185,153 135,193 1,482,307 1,163.355 Previous Year. Jan. 1 to Latest Date. Previous Year. Current Year. % I 97,806 87,492 689,834 321,805 320,953 2,446.337 1793,536 1586,891 12,132.535 86,563 72.222 626,688 519,544 443,626 3,573,081 313,326 308,571 1,780.017 779,688 719,936 7,660,976 1011,279 901,576 8,763,624 1700,390 1544,248 12,393,560 143,302 139,688 1,132,868 377,497 314,202 2,293,437 105,879 84,332 644,000 99,958 103,172 730,202 278.321 222,773 2,006,798 100,550 79,980 254,354 183,598 1,743,374 95,163 589,417 81,960 109.280 113,390 736,752 409,300 320,959 2,475,841 _ Ft Worth Pow Sc Lt. Galv-Hous Elec Co. Georgia Lt Pow & Rys Grand Rapids Ry Co Great West Pow Sys Current Year. % Columbus (Ga) El Co Colum (O) Ry, P Sc L Com’w’th P, Ry Sc Lt Connecticut Power Co Consum Pow (Mich) June August May August July August August August May July July July August August May August July August May May August May August July July May May May May May Tenn Ry, Lt A P Co_ Texas Power A Lt Co Third Avenue Ry D D E B A B RR. 42dStMAStNA Ry Union RyCo(NYC) Yonkers Railroad. N Y City Inter Ry(May Belt Line Ry Corp. [May Third Avenue System .July Twin City Rap Tran. August Virginia Ry A Power. I August Wash Balt A AnnapJJuly Westchester Electric. May York Railways August Youngstown A Ohio. July 597,191 1,240.299 10,859,627 556,468 3,199.885 1,715,554 7,150,015 7,776.363 11,654,834 1.042,867 2,058,696 542,399 744,877 1.568.505 1,298,706 509,480 758,634 2,282,646 665,607 3,826,484 346,942 270,301 231,321 118,677 105,457 742,445 694,089 575,442 4,614,173 67.737 60,182 348.658 32,234 29,991 267,837 27,544 29.134 221.658 421,724 366,582 2.073.755 1,858,718 1267,346 1114,511 9,550,762 8,677,624 3524,432 3511,496 17,539.100 17.585,883 84.255 53,176 584,972 453,054 23,330 21,480 172,068 160,525 17,970 12,405 123,998 92,071 220.269 171,234 1,179,111 985,156 94,087 99,449 480,889 498,716 19,131 21,111 80,330 88,297 326.156 268.675 1.465.288 1.271.788 12,417 10,542 57.575 50,817 720,070 609,745 5,741,843 5,107,470 286,606 205,708 1,885,237 1,438,220 248.491 197,671 1,560,222 1,400,846 204,947 125,358 1,149,795 679,005 196.206 185,726 1,481,894 1,335.700 40,928 36,654 166,154 159,837 13,618 14,525 54.141 60,954 83,921 97,584 358,846 490,349 1017,842 1045,802 4,679,714 5,042,054 251,264 192,839 1,497,502 1.134.729 21,578 19,059 130,577 122,831 593,513 527.232 3,468,309 3,121,605 224,382 210,459 2,036,848 1,465,566 11.854 10.134 36.896 34.856 1991,397 1614,988 14,536,535 12,980,396 154.809 139,597 26,280 23,298 204,534 198,993 48,779 34,399 319,921 226,042 2725,191 2436,681 20,864,946 19,570,543 52,109 47,778 144,119 117,812 659,379 511,624 4,317,018 3,374,684 87.255 84,791 594,001 529.771 1000,340 586,369 6,608,432 5,136,058 *145.649 426,115 3,707,282 3,043,584 39,705 36,881 167,111 563.598 467,825 377,990 3,484,371 2,489,142 57,590 51,390 382.668 31-8,380 103,477 86.570 756,682 616,608 77,890 69.222 312,004 31T.010 18,639 18,841 83,010 86,764 834,007 700,165 5,200,496 5,260,176 25.600 29,128 104,205 122.195 89,567 79,321 693,673 672,895 533,025 471,941 234.491 185,971 330,733 350,327 1,593,223 1,706,118 40,461 37,730 189,439 180,225 149,763 150,474 658,863 715,193 237,919 250.676 1,047,046 1,165,959 72.069 72.489 323,046 315,513 60,725 64,502 280,371 307,661 54,282 60,290 250,417 287,556 888,579 983,315 3,907,722 4.187,820 808,224 848,477 6,472.755 6,882,599 665,656 592,903 5,245.663 4.221,470 272,987 113,622 1,472,655 608,611 50.632 44.570 217,326 204,998 85.985 93,253 38,607 31,835 233,112 195.806 a Now covers only the lines east of York Beach, Me.; in the first four months of 1917 covered also the lines west of York Beach. Me. b Repre¬ c These figures are for consolidated com¬ sents income from all sources, pany. / Earnings now given in milreis. g Includes constituent companies. Electric Railway and Other Public Utility Net Earn¬ ings.—The following table gives the returns of ELECTRIC railway and other public utility gross and net earnings with charges and surplus reported this week; Gross Net Earnings. Earnings. $ Harrisburg Rys July ’18 7 Detroit United Lines mos 8 * ’17 *18 ’17 Aug ’18 mos % 196,485 220,778 188,296 288,898 1,569,661 def305,855 1,443,627 1,237,704 ELECTRIC RAILWAY AND PUBLIC UTILITY COS. Latest Gross Earnings. Latest Gross Earnings. Name of Road — Gross 1377 *17 ’18 ’17 118,677 105,457 742,445 665,607 1,700,390 1,544,248 12,393,560 11.654.834 % 34,873 32,877 238,120 226,337 245.894 201,740 Balance, Surplus. 12,513 14,548 71,701 91.366 *145,520 *182,281 1,802,930 *1,376,141 1,589,033 *1,734,235 After allowing for other income received. Gross Earnings. Adirondack El Pow Aug ’18 157,000 *17 133,795 12 mos ’18 1,758,539 '17 1.583,079 Milw El Ry A Lt Aug ’18 720,070 ’17 609,745 8 mos ’18 5,741,483 •17 5,107,470 Milw Lt Ht A Trac Aug '18 286,606 *17 205,708 8 mos '18 1,885,237 *17 1,438,220 Phila Rapid Trans Aug '18 2,725,191 '17 2,436,681 2 mos '18 5,451,454 '17 4,874,075 Santiago El Lt A Tr July’18 57,590 51,390 mos '17 ’18 *17 Wash Balt A Annap July [18 7 7 * 47,386 47,425 309,821 317,703 361,072 339,069 2,905,381 3,074,743 Fixed Ctigs. & Taxes. After mos 382,668 318,380 272,987 113,622 ’18 1,472.655 *17 608,611 Net after Taxes. * Fixed Charges. $ 539 9,691 21,124 21,103 318,136 449,923 130,132 163,117 1,090,211 1,188,910 54,447 59,977 337,111 323,964 255,941 256,958 881,951 1,031.714 1,927,666 2,039,634 23,917 18,335 154.033 99.342 72,793 51,807 633,335 230,868 allowing for other income received. Balance, Surplus. 108,032 90,738 811,019 634,091 50,209 40,144 349,899 312,740 818,358 812,440 1,632,645 1,623,771 12,264 12,864 85.947 88,604 24,613 22,962 160,024 157.642 def20,585 defll,412 62,195 192,965 *32,211 *79,560 *355,549 *616,193 *4,533 *20,032 *defl2,089 *11,754 63,593 219,271 295,021 415,863 11,653 5,471 68,086 10.738 *48,774 *30,054 *482.996 *81,217 1,269.424 100,339 1,137,337 61,603 727,600 t 59,151 633,263 Aug 1,267,346 1,114,511 8,677.624 335.042 2,619,237 347,432 3,019,963 Colorado Power.a Aug 1 to Aug 31 Aug Illinois Traction.a Jan 1 to Aug 31 Northampton Trac_a Jan 1 to July 31 July % S $ 107,470 9.550,762 9,078 7,894 21,578 19,059 54,206 51,350 130.578 122,831 283.538 287,036 Utah Securities Corp—Aug 572,652 554,841 Jan 1 to Aug 31--- 4,597,102 4.221.735 2,495,908 2,250.562 1,402,135 1,875,624 Western Union Tel.a_.-Aug 7,102,098 6,444.690 Jan 1 to Aug 31 48,824.798 42,157,081 10,856,139 12,759,187 1918. * 1917. $ 1918. $ Baton Rouge Electric Co— 23,413 August.. 12 mos 252,385 1917. % 1917. $ 1918. f 12 August 12 mos 48,687 678,848 48,585 671,158 26,554 415,492 27,417 418,789 Plymouth Street Ry. Co.— 670 15,509 12,290 125,442 defl0,005 111,736 3,904 3,989 def770 def26,262 2,651 defl0,085 18,122 225,493 Gas A Electric Co— 158,136 197,612 2,254,316 1,885,275 „ . 10,970 139,076 13,016 170.943 4,434 60,692 ,6,464 92,225 Connecticut Power Co.— 86,563 August 12 mos 940,842 21,555 364,632 27,866 402,422 1,192 131,439 10,271 202,181 16,206 255,732 4,548 196,686 11,849 .227,147 72,222 839,780 Edison Electric Illuminating Co. of Brockton— 10,960 57,492 63,209 772,002 mos 266,699 693,538 Electric Light A Power Co. 21,497 August 12 mos 217,931 of Ablngton and Rockland205,743 5,205 51,001 2,849 45,759 4,572 44,805 2.520 43,038 Galveston-Houston Electric Co.— August 254,354 183,598 12 mos—.. 2,532.790 1,976,953 89,788 885,469 66,883 663,010 50,640 417,578 28,975 218,390 3,098 34,026 3,446 79,829 2,777 30,875 3,441 79,211 3,172 121,072 18,203 Haverhill Gas Light Co.— August 26,096 12 mos 318.368 24,484 304.047 32.234 29,991 418,088 416,752 9,113 146,570 9,454 194,572 2,276 66,068 Houghton County Traction Co.— 29,134 27,544 August.... 333,469 339,876 12 mos 9,381 113,619 9,891 136,363 2.362. 29,108 2,807 51,228 Jacksonville Traction Co.—■ 84,255 53,176 August.... 663,524 12 mos 830,039 20,079 240,8^6 16,194 218,811 3,493 46,219 31,327 5,108 65,311 5,559 74,169 2,385 34,191 3,240 48,494 7,580 68,721 4.323 45,220 5,081 39,350 1,844 15,158 16,700 247,717 17,261 269,182 15,312 234,066 16.568 260,522 158,383 1,731,332 144,792 1,517,913 37,872 282,596 22,856 215,832 Keokuk Electric Co.— 23,330 August. 260,090 12 mos Key West Electric Co.— 17,970 August. 178,013 12 mos 12,405 132,090 Lowell Electric Light Corporation— August 80,543 55,287 805,002 690,145 12 mos Mississippi River Power Co.— . ... 173,467 192,703 August 12 mos 380 ‘ 21,480 242,987 ... 2,156,539 1,899,217 Northern Texas Electric Co.— 210,459 August 12 mos 224,382 August 12 mos 26,280 23,298 310,221 305,834 Pensacola Electric Co.— August 48,779 12 mos.... 443,339 319,398 3,153,395 2,178,387 Paducah Traction A Light Co.— 34,399 Savannah Electric Co.— August 103.477 12 mos 1,108,248 12 mos 86,570 914,212 64,066 58,960 720,668 660,587 Tampa Electric Co.— August 12 mos 89,567 79,321 1,022,091 1,006,862 76,357 1,435,446 86,921 906,711 48,185 1,093,769 57,772 556,772 6,357 78,796 4,636 77,952 defl ,994 del 17,263 def2,911 def9,937 15,876 157,332 14,468 134,060 7,475 60,969 40,838 6,635 32,640 359,188 28,990 308,777 7,147 61,011 4,621 21,150 35,262 386,236 29,790 368,428 28,375 303,242 23,005 287,201 36,223 426,614 31,015 454,949 31,129 364,755 26,364 402,468 United Qas & Electric Corporation. Gross Earnings— Current Previous Year. Year. Companies. Citizens' Gas & Aug ’18 Fuel Co (Terre '17 Haute, Ind) 12 mos '18 ’17 " Colorado Springs1 Aug ’18 .LtHtAPowCo *17 12 mos ’18 ’17 Aug '18 Columbia (Pa) Gas (Jo 12 mos Conestoga Trac Co Aug (Lancaster, Pa) ’17 '18 ’17 '18 ’17 12 mos *18 ’17 Aug '18 '17 12 mos *18 Consumers El Lt & Pow Co (New •^Ori, La) 23,677 22,399 312,127 288,525 54,877 53,136 593.290 559.591 3,683 3,329 35.584 29.464 129.876 115.152 1,244.488 1,183,703 31,019 29,954 380.884 364,174 65,875 54.673 ’17 Aug '18 Edison Elec Co (Lancaster, Pa) ’17 12 mos ’18 ’17 772,162 Elmira (N Y) Aug '18 W. L A RR Co *17 12 mos *18 ’i7 114,177 102.189 1,344,828 1,243.465 68,425 60,816 976,946 852,674 46,557 38,172 643,018 566,301 2,908 2,665 31,954 28.940 Aug '18 Harrisburg Lt A '17 Power Co Houston Gas A 12 mos ’18 \ >17 \Aug ’18 I Fuel Co *17 12 mos '18 *17 Houston Hts Wat A Lt Aas’n , Aug ’18 *17 12 mos *18 *17 Richmond (Va) ‘ Aug 682,835 7 12 mos Net Earnings Current Previous Year. S 8,525 9,529 135,276 124,462 24.101 19.408 215,325 146.527 207,531 149,516 828 981 337 312 4,021 7,190 6,479 54.504 51,467 489.802 535,368 8.489 14,410 157,741 175,315 29,006 21,510 351,753 323,070 37,702 44,366 455,561 514,884 24,613 30.247 401,051 470,204 10,305 13,244 204.484 236,719 1,389 1.430 15.784 14.613 Aug (Bloomington, Ill) '17 '18 ’17 ’18 '17 *18 *17 ’18 '17 ’18 *17 ’18 ’17 ’18 '17 *18 ’17 ’18 ’17 '18 ’17 12 mos '18 8,163,948 25,909 20,149 ' 272,584 239,176 17,795 17,998 255.945 227,189 28,711 25.126 426,631 362,477 9,040 8.293 181,423 185,361 16,770 13,786 203.330 179,436 71,859 54,857 918,776 778,626 ’17 Wilkes-Barre (Pa) Aug ’18 '17 Co 12 mos ’18 '17 Total Aug ’18 1,477.552 ’17 1,375,503 12 mos ’18 16,558,583 ’17 15,935.893 Year. % 38,161 170.730 208,891 310,922 1,819.673 3.065,089 8,343 6.846 79,987 96,139 def 451 2,765 14,991 52,318 11,203 8,124 99,474 103,429 1,659 1,599 56,023 50,223 5,649 3,064 56,440 59,774 28.385 25.974 354,342 381,521 463,150 565,894 4,914,903 6,417.144 164,209 146,713 2,071,340 def251.667 1,833,253 1,231.836 6,078 2,265 4,754 2,092 53,653 26.334 70,901 25.238 def3.263 2,812 def 47 2,812 , 34,608 34,595 5,319 5.670 82,832 66,908 3,748 3.931 55,445 57,220 2.558 def 19.617 17.723 5,884 2,454 16,642 36,521 def2.089 def2,332 577 def6,997 3,091 2,752 312 42.822 42,019 21,432 20,407 254,174 241.462 13,618 17.755 6.953 5,567 100,168 140,059 155,851 287.004 307.299. 278.890 3.800,223 3,490,757 1,114,680 2,926.387 FINANCIAL REPORTS Annual Reports.—An index to annual reports of steam railroads, street railways and miscellaneous companies which published during the preceding month will be given the last Saturday of each month. This index will not include reports in the issue of the “Chronicle” in which it is on published. The latest index will be found in the issue Sept. 28. The next will appear in that of Oct. 26. of Baltimore & Ohio" Railroad. (Eight Years' Development—Balance Sheet Dec. 31 1917.) President Daniel Willard in the annual report for 1917 (V. 107, p. 1283), summarizes substantially as follows the development of the company’s system during the eight years between Jan. 1 1910 and Dec. 31 1917, in which period there was expended $139,000,000 for additions, bet¬ terments, extensions and new equipment. Locomotives.—During these eight years we added 813 heavy locomotives, with a total tractive capacity of 42,933,660 lbs., to the company's equip¬ ment, while 366 of obsolete type, having a combined tractive capacity of 6.868,130 lbs., were dismantled. The net Increase in tractive capacity of locomotives owned by the company was 37,964.350 pounds, or 65.5%. New Cars, Ac.—Within the same period 44.641 freight cars, of all-steel or semi-steel construction, having a total carrying capacity of 2.297,348 tons, were purchased, and 16,961 freight cars, of an average age of 19.5 years, were dismantled because unfit for modern service requirements. owned by the com¬ The net increase in carrying capacity of the freight cars Sierra Pacific Electric Co.— August 12 mos have been Houghton County Electric Light Co.August 12 mos Aug Union Gas A ElCo Cape Breton Electric Co., Ltd.— 39,683 44,716 August.... 437,604 12 mos.... 495,112 12 Leavenworth (Kan) Aug L H A P Co 12 mos 4,744 72,089 7,488 77,090 August Aug 12 mso L H A P Co 8,350 114,522 mos Brockton A Lancaster (Pa) G L A F Co H 11,396 122,174 .... 12 mos L H A P Co Blackstone Valley August 8ystem (Buffalo, N Y) 766,386 752,803 7,964,608 Aug *18 Internat —Surp. after Chges.— -Net- Gross Year. $ Companies. Lockport (N Y) after the deduction of taxes. Net earnings here given are -Net EarningsPrevious Current Year. Year. $ $ -Cross EarningsPrevious Current Net Earnings Previous Current Year. Year. Gross Earnings— Current Previous Year. Year. Companies. a [Vol. 107 THE CHRONICLE 1378 Year. 4.938 5.796 90,257 77,796 13,323 7,992 65,798 58,015 3,587 3,733 45,019 46.666 10,788 11,416 491 669 3,169 2.596 27.561 24,539 163.907 211,505 1.720 3,883 26,943 26,928 325.895 323.863 6,769 6,635 81.733 79,853 9,613 8,888 114,759 103.084 16,927 7,775 15.979 243.449 234.200 16,687 13,771 184,474 164,892 6.657 6.714 - 82,230 82,578 130 130 1,560 1.529 t 76.008 95,462 19,393 12,622 236,994 219,986 20,775 28.387 212,112 280,684 7,926 16,476 216,577 305.312 3,648 6.530 122.254 154.141 1,259 1,300 14,224 13.084 pany was 1.098.695 tons, or 34.9%. stant betterment program under which The company also pursued a con¬ 13,488 cars of original wooden con¬ struction were rebuilt and strengthened with steel underframes, draft gear. Ac., to meet modern service requirements. On Jan. friction 1 1918 93% of the freight-car equipment owned by the company was either of all-steel construction or was equipped with steel underframes or centre sills and thoroughly adapted to present service requirements. Passenger equipment purchased included 400 pieces, all steel, while many cars originally of wood construction were strengthened by steel ends and centre sills. About 74 % of the total passenger business on the system is now carried in cars of all-steel construction. Other additions embraced new electric motors in Baltimore, new tugs, Ac. Road, Ac.—Eight milas of 4th main track. 47 miles of 3d main track, 152 m. of 2djnain track and 111 m. of 1st main track were constructed. double-track line from Philadelphia 100-lb. steel rail, and the remaining portion with rail weighing not less than 90 lbs. per yard, all in good, ser¬ Approximately 72% of same has stone ballast. viceable condition. In the aggregate, 610 miles of main track have been equipped with mod¬ ern electric automatic signals, and an additional section of 129 miles of double track is now being similarly equipped and will be finished during 1918, and on the entire system, including branch lines all passenger trains are now being operatei under positive block, manual or otherwise. Two long, double-track, low-grade tunnels have been built at the main crossings of,the Allegheny Mountains, and the Magnolia Cut-Off on the Cumberland Division was completed at a cost of approximately $6,000,000, giving a four-track line for 13 miles where the tonnage density is the great¬ est on the entire system. These particular improvements, together with The company now has a continuous to Chicago, 82% of which is laid with the eastbound third track constructed over the mountain grades on the end of the Cumberland Division, have increased the carrying capacity of the line from the West Virginia and Connellsville regions east fully 40%. Much has been done in the way of providing addi.ional passing tracks and terminal facilities where needed, and 330.5 mile* of track have been constructed for such purposes. During the eight-year period 837 miles of main track were relaid with 90-lb. and 1,729 miles with 100-lb. steel rail, and the average weight of all rail in B. A O. main line tracks to-day is 95.6 lbs. per yard, compared with 87.5 lbs. per yard in 1910. Commercial Development Department.—This department aided in estab¬ lishing 2,443 new industries along the line of road, exclusive of new coal developments. Estim ites prepared by our traffic officers at the time when these industries were located showed that the gross earnings expected therefrom would in the aggregate amount to more than $32,000,000 per annum to the B. A O. RR. Co. To serve these industries, 232 miles of new side tracks have been constructed. west Cumulative Effect of Improvements and Development.—As a result, the total ton miles (including company's material) carried by the company, which during the fiscal year ended June 30 1910 was 12,675,482,892, for the year ended Dec. 31 1917 was 18,053,294,172, an increase of 5,377,811,280 ton miles, or 42%. During the eight-year period the average total freight-train load was raised from 466 tons in 1910 to 818 tons for the year 1917. an increase of 350 tons, or 75%. This improvement enabled the company during the last fiscal year to handle 42% more ton miles with an actual decrease of 5.081.681 train miles, a reduction of 19%. To have handled the business of 1917 with the train-load of 1910 would have necessitated the operation of over 16,000,000 more train miles than actually were run. Earnings.—Exclusive of the Toledo Division, which did not become a part of the system until the last half of the last fiscal year, the company earned during the years 1917 and 1910 the following amounts: Years ending— Dec. 31 ’17. June 30 *10. Freight earnings $98,189,800 $69,408,113 Passenger earnings.i earnings Express earnings Mail Miscellaneous Gross earnings 19,380.634 1.553.857 14,485.585 1.176.844 6.865.819 2.115.553 $128,164,355 $88,901,252 3,174.245 1.715,157 Oct. 5 1918.] THE CHRONICLE The freight and passenger rates remained substantially stationary from 1910 until 1916, when there was an increase of about 3% on freight rates, ana in 1917 a further increase of 15% on about 50% of the freight traffic handled, but effective during only a short portion of the year. It is esti¬ mated that these increases added about $7,000,000 to the gross freight earn¬ ings in the fiscal year 1917. Wages.—The average wage paid labor in 1917 was fully 40% higher than In 1910, and the total wage payments of the company in the last fiscal year, due to wage advances only, were approximately $18,000,000 greater than they would have been on the 1910 basis. During the same period all ma¬ terial increased greatly in prices. A test on 43 principal items showed an increase of more than 76% above the prices in 1910, while the price of fuel increased more than 100%. The comparative income account, Ac., were given in V. 107i p. 1283. TRAFFIC STATISTICS (x 000 omitted.). ' Years ended— Miles operated Dec. 31 *17. Dec. 31 T6. June 30 ’15. June 30 ’14. 4,724 4,712 4,535 Operations— 4,515 Tonsfrt. carr. (rev.only) 87.435,160 87,785,876 64.375,595 72,267.060 xTonsfrt. carr’d 1 mile. 17,163.579 17,004,704 12.970.895 14.054.422 Av. rate per ton per mile 0.562 cts. 0.596 cts. 0-546 cts. 0.544 cts. Passengers carried. 23.798.314 23.194.347 20.581.992 22.748,070 Pass, carried one mile..950.274,669 833,567,192 714,368.423 827.278.616 Av. rate per pass, 2.009 cts. 1.968 cts. 1.921 cts. per m. 2.104 cts. Average train-load (tons) (revenue only) Earns, per pass. tr. mile Earns, perfrt. tr. mile (revenue only) Gros earnings per mile, incl. outside opera’s.. 777 $1.4552 760 $1.1872 692 645 $0.8943 $0.9716 $4.6318 $4.2722 $3.7781 $3.5082 $28,285 $25,848 $20,245 $21,961 (a) Staten Island Rapid Transit Co. (Including Staten Island Ry.). Calendar Grass Net after Other Interest, Balance, Years— Tates. Income. Earnings. Rents, Ac. Sur. or Def. 1917 .$1,493,513 $223,173 $13,734 $284,083 def.$47.176 1916 1,554.480 359,074 18.770 290.452 sur.87.392 1915 1,584.955 536,443 32,659 275,799 sur.293.302 (&) Sandy Valley A Elkhorn Ry. $318,622 $13,135 $602,048 $252,514 sur.$362.668 1917 1916 1915 318,946 265,432 52,358 80,013 375,448 262,905 272.729 206.896 sur.155.077 sur.136,023 (c) Baltimore A Ohio Chicago Terminal RR. $1.940.093def$318,916 $1,522,211 $1,614,083 def.$410.788 1,862.357 90,264 1,493,061 1,608.595 def.25.269 1,608.528 286,167 1,429,514 1.472.211 sur .243.470 1917 1916 1915 GENERAL BALANCE SHEET DEC. 31. 1917. $ Assets— Road and 1916. $ equipment, $362,793,348; investments below), $343,683,714; miscel. physical prop., $8.50(3,202: sk. fds., Ac., $577,450; total x715.554,714 669,021,541 Cash, $11,539,369; special deposits, Ac., $3,445,861; total 14,985,230 15,490,091 Traffic, Ac., bal., $2,652,738: agts. A conductors, $9,613,735; miscellaneous, $11,313,516; total... 23,579,989 15,094,338 Materials and supplies 14.677,747 11,024,997 Secur. of carriers’ own issue, $391,000; other de¬ ferred, &c.. assets, $335,694; total. 726.690 1,631,527 Other unadjusted debits 2,640,953 1,676,019 Unpledged securities in treasury—bonds, $430,350; stocks, $1,508,670: total 1,939,020 3,682,143 Pledged secur. Wash. Branch stock (contra), $1,650,000; bonds, $10,000,000; total 11.650.000 1,650.000 (see Total x 785,754,343 719,270,658 assets Liabilities— Common stock, $152,317,468; preferred stock, $60,000,000: and separate stock Wash, branch (contra), $1,650,000; total.. 213,967,468 213,967,468 Funded debt—Equip, obligations, $26,700,000; mortgage bonds, $311,119,180: collateral trust bonds, $71,250,500; miscellaneous obligations, $66,384,993: total ..475,454.673 425,942,573 Loans and bills payable 7,656,215 Traffic, Ac., bal., $3,357,400; accounts and wages, $11,797,767: miscellaneous, $3,670,689; total.._ 18,825,856 11,911,609 Matured int., divs., &c., $3,560,281; unmatured int., divs., Ac.. $4,198,733: total ; 7,759,014 6,725,745 Accrued depreciation. $22,199,745; insur. reserve, $623,292; tax liability. $1,039,039; unadjusted credits, $2,504,612; total 26,366,688 22,076.957 yards, shops, engine-house. Sec., have been located at Alturas, Cal., and a some general office building erected. An apportionment of earnings and expenses between tne line retained and that disposed of, prepared for the Cal RR. Comm., shows that what¬ ever loss of business may result from the sale of the portion of the line above mentioned will be more than made up by tne consequent decrease in oper¬ nan ating 3,765,292 and surplus, $7,105,257; profit and loss, $24,853,880; total.. 31.959,137 Total x liabiiities RESULTS FOR FISCAL YEARS. Years ended— Dec. 31 ’17. Dec. 31 ’16. June 30 ’15. June 30 ’14. Miles oper. end of year. 273 254 . 275 238 _ Operations— Tons carried 88,388 Tons carried one mile 7,252.802 Revenue per ton per mile 3.554 cts. Passengers carried 22.524 Passengers carried 1 mile. 1,734,326 Rev. per pass, per mile.. 5.008 cts. Earnings— Freight... $257,741 86,851 Passenger Mail, express and misc__ 35.081 Incidental Total oper. revenues__ Maintenance of way. Ac. Maintenance of equip’t.. Traffic expenses Transportation General Total oper. expenses.. Net earnings Other income Total net income Interest Pledged. Unpledged. Investments— $ $ Stocks 10,312,547x14,745.840 Bonds 710,748 Notes 35,944 Advances 176,735 Miscellaneous. 307,227 Pledged. $ 55,587.975 199,165.830 Unpledged. Sinking fund Other interest. &c Extinguishment of count $ 2.946.826 Total $ 58.534,801 2,918,151 202,083.980 15,015,409 41,760,484 56,775,893 Total 10.312,547 1 5,976,493 269.769,214 47.625.46 ’ 317.394,674 The stocks owned other than those deposited with trustees of mortgages securing mortgage debt for the year ended Dec. 31 1917 had an aggre¬ gate ledger value of $29,513,883, and a total par value of $57,633,359, the latter figure including chiefly the following: B. & O. RR. Co. preferred, $371,850; Calumet Grain & Elevator Co.. $200,000; $10,000,000, common, $8,960,900; ConnellsRR. Co., $750,000; Reading Co. 1st pref., $6,065,000; 2d pref., $14,265,000; common. $10,002,500; RiehmondWashington Co., $445,000; 8andy Vahey & Elkhorn Ry. Co., $500,000; Union Stock Yards Co. common, $400,000; and Valley RR. Co. of Virginia, $1,704,800. The bonds owned other than those deposited with trustees of mortgages securing mortgage debt for the year ended Dec. 31 1917 had an aggregate ledger value of $14,059,249, and a total par value of $15,251,800, the latter figure including chiefly the following: B. & O. RR. Refunding and General Mortgage bonds, $10,000,000; Toledo-Cincinnati Division 1st Lien and Refunding Mortgage bonds, $276,500; Chesapeake & Ohio Canal Co. bonds of 1844. $1,329,500; Sandy Valley & Elkhorn Ry. Co. 1st M. bonds, $2,200,000; and Valley RR. Co. of Virginia 1st M. bonds, $750,000.— V. 107. p. 1283. $1,136,821; common, Coal & Coke Ry. Co. pref., ville Uniontown A Wheeling Nevada^California-Oregon Railway. (24th Annual Report—Year ended Dec. 31 1917.) President Charles Moran, writing from the American Legation, Lima, Peru, May 20, says in substance: Sale of Portion of Road.—The sale to the Western Pacific RR. of 103.82 miles of your road, comprising all of the line south of Hackstaff, Cal., including the Sierra Sc Mohawk branch, reduced the mileage of the road from 275.11 to 171.29 miles. The mileage disposed of was carried on the books at $1,161,429. The purchase price obtained was $700,000- The line lost much of its usefulness to us through the completion of the Western Pac. RR. and the Fernly and Lassen branch of the Southern Pac. *o Westwood. The two connections thus offered to your company enable it to excnange freight on very favorable terms, while avoiding the haul from Hackstaff or Wendel to Reno. The main value of tne property ceded to the Western Pacific lay In the Reno terminals, and it is believed that not only was a good consideration obtained for this property but also for whatever value the entry into Reno had for the purchasers. New an 1 spacious terminals. on 50.496 5.471,643 46,703 5,672,215 4.061 cts. 3.877 cts. 23,173 1,931,196 5.639 cts. 23,747 2,028.039 $258,968 $222,212 108,897 41,049 5,590 $219,886 Total deductions 5.910 cts. 4,201 $383,873 $70,637 68,192 6,050 160,610 37,518 3,283 $391,726 $107,410 51,040 8,689 127,623 26.702 1,885 $377,749 $15-4,425 $372,510 48,758 8,091 54.489 10,629 103,613 3,605 26,639 2,846 $346,290 $323,349 $68,377 4,171 $367,559 $10,190 2,578 $302,421 $70,090 4,098 $72,548 $64,009 $12,768 $55,527 $74,188 $50,508 $37,583 4.643 119.852 27,430 5,343 $104,206 129,475 23,204 762 441 212 23,697 21,615 13,795 3,018 20,988 13,940 4,313 790 83 $95,185 $82,417 $90,044 6,780 507 1,729 dis¬ bonds Balance, deficit $87,435 , $45,209 $95,755 $23,207 $15,856 BALANCE SHEET, 2>6C.31’17 June30’16 Dec.31’17 J«ne30’16 Assets— LiaMtities— $ $ $ $ Road & equipment..;3,198,616 4,236.789 Stock, common .1,450,000 1,450,000 Notes 14,178 16,133 Stock, preferred 750,000 750.000 Investment stocks._ Bonds 24,997 853,000 1,277,000 Misc. phys. property 16,447 Accrued interest 8,525 10,642 Accounts 180 & wages.. Sinking fund 47,129 35.467 Cash 35,690 24.849 Traffic balances 14,250 10,640 Due trom agents,Ac. 6.002 4,068 Miscellaneous 12,217 22,184 Material A supplies. 42.070 24,936 Accrued deprec’n 190,404 217,347 Traffic balances 7,546 10,321 Appropriated surplus 418,189 418,189 Matured interest 185 Special deposits 43,350 Loans Sc. bills recelv. 500 Deferred liabilities.. 1,904 Int. A divs. recelv.. 476 Funded debt retired Deferred assets thru.inc.&surp.. 98,870 1,287 98,870 Rents Sc ins. prepaid 565 Sinking fund reserve 6,980 Profit and los s—deb .431,900 Unadjusted deben 6,143 52,533 Miscell. accounts... 16,130 31,353 .. Total —V. 104, ...3,412,773 4,349,851 p. 3.412.773 4,349,851 Total 2184. United Railways Investment Company. (16th Annual Report—Year ended June 30 1918.) 34.773.282 of All. on 70,457 6,419,394 4.034 cts. 23.869 1,765,631 4.919 cts. 86,851 40,613 5,294 $42,226 $59,440 1,316 24,950 bonds Rents paid, Ac Taxes, Ac Pres. Mason B. Starring, Sept. 5, wrote 785,754,343 719,270,658 -In Other Companies- In Constit. A Affil. Cos. expenses. expenses Miscellaneous operations. 3,873,023 Investments at book value as of Dec. 31 1917, included: expenses. Another result of the negotiations which brought about the sale under consideration was the refunding of the bonded debt due May 1 1919. In view of the present state of the money market, the result obtained was particularly ortunate, the Increase In the interest charge to 6% being in conformity with the prevailing rate and more than offset by the reduction of the amount outstanding to $850,000, due May 1 1967. The present world conflict is having a disturbing effect on the earnings and expenses of your property, the attitude of the Director of Railways towards short lines has not been as helpful as might have been wished, but the management is doing all that can be expected to harmonize what it considers its duty to the security holders, with its duty to the nation in the present war. [While the sale of 103.82 miles of the company’s road was consummated in June 1917, the company continued to operate over the entire line until early in 1918.] Liability for provident loan, $3,433,047; other de¬ ferred accouots, $332,246; total Additions to property through income 1379 in brief: Financial.—During the year the trustee acquired for the sinking fund an additional $479,000 bonds, being by far the largest.amount so acquired during any similar period, so that the trustee holds in the sinking fund $2,226.000 face value of said bonds, leaving outstanding $15,924,000 out of an original issue of $18,150,000. * The loans and notes payable have been reduced by $375,000. The last of the “6% Serial Notes of 1908” was paid in August 1917. United Railroads of San Francisco has paid the last $50,000 of its equip¬ ment notes which were guaranteed by United Railways Investment Co., and said obligations have been ended. Contingent Obligation Ceases.—The agreement of April 24 1917 between the California Railway & Power Co. and the reorganization committee of United Railroads of San Francisco is no longer an actuality on account of the changes which the comittees find it necessary to make in the reor¬ ganization plan, owing, amongst other things, to the drain up9n the rail¬ roads’ cash resources caused by a four months’ strike on its lines during the latter part of 1917; therefore, this company’s contingent obligation of $100,000 in connection therewith similarly has ceased. The reorganization committees of the United Railroads of San Francisco bondholders are now considering the changes necessitated with regard to the plan. (Compare California Railway & Power Co. below.) Special Reserve.—The reserve account, amounting to $714,803, started last year, toward meeting the loss which your company has sustained through the United Railroads of San Francisco, has been augmented by the addition of $540,715 set aside for this purpose during this fiscal year; at June 30 1918 “reserve for losses on securities owned” amounted to $1,255,518. Income Account.—Similarly, as in the previous fiscal year, no interest on United Railroads of San Francisco’s $1,695,000 notes, nor on the company’s 6% gold bonds of 1910. has been taken into the company’s accounts. [The remainder of President Starring’s report consists of extracts from the annual reports of the company’s principal subsidiaries, as separately published and cited in the “Chronicle. ’ Compare Philadelphia Company in V. 106. p. 2656; Duquesne Light Co., V. 106, p. 2657; Pittsburgh Rail¬ ways. V. 107, p. 77; California Railway & Power Co., including United Railroads of San Francisco and other companies, in this issue.] , INCOME ACCOUNT FOR YEARS ENDING JUNE 30. 1917-18. 1916-17. 1915-16. Dividends on stocks owned $1,534,687 $1,718,850 $1,590,686 Interest on bonds, loans, Ac 168,821 172,733 175,540 - Total income Deductions— Directors’ fees, taxes, Ac Interest on bonds Interest on 6% notes -Interest on 5% notes Interest on dividend certificates Interest on loans, Ac Prov’n toward losses on secure, owned. Total Net income for year ,703,508 $1,891,583 $90,270 907.500 $84,441 935,150 15,000 20,833 80,242 41,114 750 50.000 80.227 34.046 540.715 714,803 $1,703,508 $1,891,583 None None $1,766,226 $73,743 954,900 39,000 80.240 41,181 $1,189,064 4577,162 I July 31 1918-.- 368,325 50,000 65,122,365 65,098,559 ♦Investments Include 16,000,000 20,400,000 16,403.000 790,000 100,000 1,000,000 712,500 750,000 900,000 12,944 714,803 190,194 Interest 184,946 50,000 69,402 287,874 1,130 Miscellaneous.... 7,264,236 <17,055,715 19,770 Profit and loss 2,194 2,207 Unadjusted accts. Common stock...20,400,000 Coll.tr. sk.fd. 5s.15,924,000 6% conv.bds. 1910 790,000 6% notes of 1908. 14,801 4-year 6% notes.. 1,000,000 35,800 Pref. stk. dlv. ctfs.: 6% 712,500 5% 750,000 Loans Sc notes pay. 525,000 Coupons due 28,291 Res’ve for losses on securities owned 1,255,518 429,712 Accrued bond,dec.. Phlla.Co.com. stk. dlv. of lJi % de¬ clared J'ne 17’18 for quar. ended June 30, payable Unlted RRs .of San Francisco Other companies.. Liabilities— Preferred stock...16,000,000 1,695,000 1,695,000 14,521 Sinking fund 18,776 Interest accrued.. 35,800 notes receivable. Phlla .Co.notes rec. 1917. % 1918. % 1917. 1918. $ AtHU— S Investments *....62,787,665 62,687,665 164,679 Cash 147,878 Un. RRs. of San F. Total CO. JUNE 30. UNITED RAILWAYS INVEST. BALANCE SHEET 65,122,365 65,098,559 Total stock; (1) Philadelphia Co., $24,555,000 com. Co., $5,134,400 pref., $34,160,700 com.; and (3) Railroads & Power Development Co., capital stock, $5,500,000; total, $61,726,439; other securities, $1,061,227. (2) California Ry. Sc Power California Railway & Power Co., Inc. (5th Annual Report—Year ended June 30 1918.) Pre3. Mason B. Starring, Sept. 5, wrote in substance: Reorganization Plan to Be Modified.—The agreement of April 24 1917 between tne California Railway Sc Power Co. and the reorganization com¬ mittee of United Railroads of San Francisco (see plan, V. 104, p. 1144, 2012] is no longer an actuality on account of the changes which the com¬ mittees find it necessary to make in the reorganization plan, owing, among other things, to the drain upon the United Railroads’ cash resources causea by a four months’ strike on its lines during the latter part of 1917. The reorganization committees of the United Railroads of San Francisco bond¬ holders are now Considering the changes necessitated with regard to the plan. No Income from United Railroads of San Francisco.—The inability of United Railroads of San Francisco to pay, during the pending reorganiza¬ tion, either interest or dividends to this company has continued, rendering necessary a continuance of the policy of not taking into the company’s accounts the interest on United Railroads’ notes. The decrease in the net income of the United Railroads for the year as compared with the previous year is due principally to the loss in passenger receipts occasioned by the strike and the heavy expenditures incident thereto. track and roadway. This amount ($225,953) has been charged to reserve for depreciation as heretofore. Sierra & San Francisco Power Co.—The annual gross earnings, amounting to $1,694,474, were a record for the companv, showing an increase over the previous year of $256,428, or 18%. Operating expenses and taxes in¬ creased $218,464, or 47%, the large increase in expenses being due pricipally to the greatly increased consumption of oil for fuel for steam generating purposes which was occasioned by a failure throughout Central California of an adequate supply of water for hydro-electric generating purposes. This shortage of water was the greatest recorded in tnat State during the past 49 years. Increases in cost of labor and materials and supplies added substantially to the increased operating cost; taxes increased nearly 15%. on the largest of $55,275, Coast Valleys Gas & Electric Co.—The gross earnings were in the company’ s history, amounting to $326,190, an increase or 20%, over the previous year. There was an Increase in operating expenses and taxes of $37,013, or 21 %, over previous year; taxes increased nearly 20%. Rates.—In view of the large Increases in expenses all along the line, seems inevitable that the companies must be permitted sooner or later it to CALIFORNIA RAILWAY & POWER 1917-18. $222 June 30 Years— Total income 10,278 Expenses, taxes, &c_ on were 1916-17. 1915-16. 1914-15. $92,425 73,881 $203,328 36,947 $141,268 x$28,000 ,, $166,380 x$196,000 , $127,196 x$199,500 deducted by the company from profit and loss surplus. 1918. 1917. Assets— $ $ a Securs. owned..47,739,469 47,739,469 Notes rec., United 1,925,000 RRs. of San Fr. 1,925,000 Coast Valley Gas Sc Electric Co.. 7 bll,783 Cash on deposit.. 1,394 37,572 41,982 Un. RRs. of S. Fr. 60 Accrued lnt., Sec.. 60 117 Sierra Sc S.F.P.Co. Profit Sc loss, def.. 5,498 Total 49,713,527 49,713,885 1918. 1917. Liabilities— $ $ Prior pref. stock.. 2,800,000 2,800,000 Preferred stock.._ 6,874,400 6,874,400 Common stock 40,000,000 40,000,000 RRs. Sc Power De¬ 5,000 34,127 velopment Co__ Unadjust, credits. Prior pref. stock for redemption. Profit and loss Total 34,127 800 4,558 49,713,527 49,713,885 a Includes (1) United RRs. of San Francisco stock, $5,000,000 first pref., $20,000,000 pref. and $7,950,000 com.; (2) Sierra & San Francisco Power $19,999,000 capital stock; (3) Coast Valleys Gas & Elec. Co. stock, $2,000,000 pref. and $2,999,500 com.; (4) San Francisco Elec. Rys., $9,997,500 capital stock; and (5) other securities, $1,240. *iVofe.—Pursuant to the .terms of the certificate of incorporation, prior June would be redeemable at reference 30 1918, stockplusof accumulated the par value of $460,000 dividends thereon, providing the surplus of the company were adequate for such purpose. SUBSID. COMPANIES' INCOME ACCT. FOR YEARS END. JUNE 30. Sierra & S.F.P.Co.- Coast V. G. A El. 1916-17. 1917-18 1916-17 $$$$$$ earnings.6,261,999 7,458.142 1.694,474 1,438,047 326,190 270,914 —U. RRs. of S. F. 1916-17. 1917-18. Op.exp.A taxes.6,006,823 5,252,202 684,364 1917-18. Gross earnings..$2,330,509 $2,757,171 $3,289,357 $3,430,219 $3,514,374 7,686 xl0,783 12,329 3,232 21,426 — $3,437,905 $3,535,800 depr. Sc divs.$2,341,292 $2,769,501 $3,292,589 Excluding interest, $39,435, and sinking fund earnings, $128,307. x OF SAN FRANCISCO—BALANCE SHEET UNITED RRS. Railroads, proper¬ ties Sc franchlses.81,247,341 Trust equipment700,468 sinking Mortgage funds Investment In se¬ curities. Funds for redemp¬ tion of bonds For acquirement of outstdg. stks. of underlying cos.. Cash Notes receivable.. Accounts receiv’le. M Iscellaneous Discount on fund. debt Materials & supp. Accrued Interest.. Profit & loss, def. _ 2,318,870 799,925 26,400 81,354,539 860,468 1917. Liabilities— % First pref. stock.. 5,000,000 5,000,000 Preferred stock 20,000,000 20,000,000 Common stock 17,948,600 17,948,600 Mortgage bonds.c36,152,000 36,152,000 200,000 2,172,870 Equipment trusts. 120,000 1,000,000 5% promls’y notes 1,000,000 Indome derd notes 740,000 740,000 855,700 Notes payable Cal. 1,925,000 Ry. Sc Pow. Co. 1,925,000 26,400 Notes payable... 15,120 95,120 Accounts payable. 376,147 649,492 90,406 108,512 1,834 Wages* salaries. 495,688 458,215 1,076,085 Accrued Interest._ 169,380 191,371 5,231 Accrued taxes 348,218 Bond Interest due 960,665 and unpaid 1,914,160 53,507 64,490 Deposits rec’d, &c. 62,792 500,587 733,065 Mtge .sk.fd .res’ve. 523,677 500,557 Depres’n reserve 1,400,996 1,313,413 104,992 129,048 44,622 Other reserves 992,091 Profit and loss.. _ 1,834 428,437 5,408 433,231 26,002 661,307 451,826 64,047 1,269,368 _ 88,434,465 88,033,096 Total JUNE 30. 1918. % 1917. $ 1918. $ Assets— .88,434,465 88,033.096 Total c Includes sinking fund 4% bonds, $23,854,000, assumed, $12,298,000. Note.—The company guarantees San Francisco Electric Rys. bonds -Sierra A S. F. Pow. Co.1917 1918 Property Mtge. “B” bonds and scrip in treasury and underlying bonds both principal and interest of $1,416,000 and $45,000 Gough Street Co. bonds. BALANCE SHEETS JUNE 30 OF OTHER Assets— SUBSIDIARIES. -Coast Va 1918 . G. A E .Co.- 1918 $5,868,350 $5,810,567 72,753 5L046 19,204 29,240 39,852 24,885 246,667 13,173 11,000 247,341 19,225 $6,282,193 $6,171,110 $20 000,000 $20,000,000 k$5, 000,000 $36,574,726 $35,652,599 Net earnings. Other income.. 255,176 2,205,940 1,010.110 170,408 163,121 20,831 465,899 215,128 178.115 972,147 111,062 30,086 1,335 92,799 112,397 93,656 Gross income. 425,584 2,369,061 1,030,941 1,002,234 Bond interest.bl,591,863 1,594,364 857 334,519 176,700 *859,357 845,778 58,546 59,440 Bal., sur.def. 1,677,692sr.263,479 171,584 156,456 53,851 34,216 Otherint.,&c_. Rentals & leases 333,813 177.600 b Includes in 1917-18 interest on and on underlying bonds. $651,863, United Railroads 4% bonds, $940,000, against $941,454 and $652,910, respec¬ tively, in 1917-18. * Interest charges in 1917-18 Include interest on First Mortgage bonds, $375,000, against $358,333; interest on 2d Mtge. Series “A” bonds, $60,000 yearly; interest on 2d M. Series “B” bonds. $423,150, against $423,150; and miscellaneous deductions, $1,207, against $4,294. f 2d M. “B” bonds & scrip for matured int. on 2d Mtge. “B” bonds 37,000 37,000 50,084 183,937 52,459 1,106,307 413,408 191,364 143,174 147,995 1 410,909 Notes & accts. receiv Materials and supplies. _ Unamortized discount & expense on securities. Miscellaneous 382,721 Cash 53,483 Sinking fund 34,301 263.938 Profit and loss $37,836,034 $37,899,372 Total Liabilities— Capital stock First Mortgage bonds.. 2d M. bonds, Series “A” 2d M. bonds, Series “B” Accounts payable, &c__ Mat’d int. pay. in cash. Accrued int., taxes, Ac. Mat’d int. 2d M. “B” Miscellaneous Profit and loss 7 500,000 1 ,000,000 8 ,500,000 174,746 263,675 190,326 50,084 156,242 960 7,500,000 900,000 $5,000,000 900,000 1,000,000 8,500,000 110,488 260,110 193,943 146,267 92,847 480 32,297 28,913 84,269 63,799 118.879 84,891 $6,282,193 $6,171,110 52,459 279,492 2,880 — $37,836,034 $37,899,372 Total 14,072 CALIFORNIA RY. & POWER CO.—BALANCE SHEET JUNE 30. Co., Net Other income... Total available for int., s. f., k Includes $2,000,000 pref. stock p. 1299.—V. 105, p. 2542. 660 and $3,000,000 com.—Compare V. 103, Montreal Tramways Co. def.$9,456 def.$29,620 def.$72,304 Balance, sur. or def__def.$10,056 Dividends CO.—INCOME ACCOUNT. $18,544 def.$10,056 prior pref._ Net income x SAN FRAN. (.Inserted by Ed.) [As compiled by public accountants for reot'g. purposes, v . 103, p. 1299]. 1914-15. 1912-13. 1912. June 30 Years. 1915-16. 1913-14. Operating rev...$7,751.743 $8,030,998 $8,515,894 $8,589,248 $8,173,114 Operating exp... 4,905,234 4,757,827 4,722.737 4,705,829 4.256,739 Taxes 516,000 516,000 503,800 453.200 402,000 payable in bonds Deprec’n, &c., reserves. substantially increase their rates. Dividend EARLIER EARNINGS OF UNITED RRS. OF 2d Assets, Ac., of United Railroads of San Francisco.—During the year there has been a decrease of $107,197 In “railroads, property and franchises,” due to sundry sales of property, See. On the other hand, additions and betterments to property were made, amounting to $225,953, notably $158,532 [Vol.107. THE CHRONICLE 1380 (Report for Fiscal Year ended June 30 President E. A. Robert says in substance: 1918.) Results.—It will be noticed that the gross earnings of the company from July 1 1917 to Feb. 9 1918, the date of the termination of the old contract [amounting to $4,652,748], are shown separately from the allowance [of $874,049] made to the company under the new franchise. The gross items aforesaid amount to $5,526,796; the surplus carried over from June 30 1917 was $856,449, making the total credits $6,383,245. The total charges against this sum aggregate $5,830,787, leaving a balance to, the credit of surplus account of $552,458. a reduction from 1917 of $303,991. New Contract with City.—On Jan. 28 191$ a contract was executed with the City of Montreal, and later assented to by an Act of the Legislature of the Province of Quebec, granting the company a 35-year franchise on the Island of Montreal. Under this contract the rates of fare to be charged are to be fixed by the Tramways Commission, appointed by the Lieutenant-Governor in Council to administer the contract, and must oe sufficient to produce a viz.: (a) Operating expenses renewals; (6) 6% per annum by the contract: (c) 7% per annum on additional capital supplied during the continuance of the present world war, and for two years after its close, to be received over a period not exceeding five years beyond the close of the war; (d) 6% per annum on worn ,ng capital furnished by the company for the operation of its system; (e) H of 1% per annum on the sum or $36,286,295, or $181,431, for the purpose of covering the expenses incurred by the company in pro¬ curing additional capital; (f) a rental of $500,000 per annum to be paid to the city during the period of the contract; la) a sum equal to 1% per annum of the gross revenue to be paid annually into a contingent reserve revenue that will meet the following allowances, and taxes, operating profit, maintenance and on the amount of $36,286,295, as established fund, until such fund shall amount to $500,000. All gross revenues remaining after the payment of said charges sha constitute the divisible surplus, and shall at the end of each year be dis¬ tributed as follows: To the city, 30%; to the company, 20%, and to the tolls reduction fund, 50%. The tolls reduction fund shall be held in trust for the patrons of the 1 _ company for the reduction of tolls, and shall be administered by the the end exceed $1.000.000, Commission as provided for under the contract. Whenever at of any year the amount in the tolls reduction fund shall the Commission may, and whenever the amount in said fund shall exceed $2,500,000, the Commission shall reduce the fares on the Tramways system. Land.—We purchased land on Mount Royal Ave. for car barns, and also sold unneeded land in the Parish of Pointe aux Trembles. Contract.—An exclusive 36-year franchise was granted us in St. Laurent. Wages.—A general demand from our employees for an increase m wages was acceded to after many deliberations, including meetings with the Tramways Commission and the representatives of the City of Montreal, Ac. Munitions.—During the past year the company received an additional contract for the machining of shells. This is proceeding satisfactorily. Dividend Deferred.—The Board decided to defer the declaration of the regular quarterly dividend of 2H% on the common stock, payable Aug. 1 last, owing to the fact that the new fares and allowances provided for under the contract had not as yet become operative, an appeal having been taken to the Quebec Public Utilities Commission. Oct. 5 THE CHRONICLE 1918.] CONSOLIDATED BALANCE SHEET JUNE 30. RESULTS FOB YEARS ENDING JUNE 30. Passengers carried 1 153,576,271 Not /179.974.549 passenger! reported. \ 4.10 cts. 156,408,303 $7,725,499 $6,609,765 53,416.530 $6,525,232 $5,526,797 $7,725,499 $6,609,765 $6,525,232 3,148,004 4,601,772 3,707,053 3,713,996 $2,378,793 $3,123,727 $2,902,712 $2,811,235 $250,509 940,242 $491,431 858,542 800,000 $418,083 $414,149 825,415 Car earns, per Transfers Gross earnings Allowance under contract. Ac j $4,652,748 l 4.012 cts. 55,542 397 4.13 cts. . 63,451,272 new 874,049 Total income.. Operating 1914-15. 1915-16. 1916-17. 1917-18. expenses Net earnings Deduct— City percentage Bond and loan int., Ac_ 806,721 Int. on debenture stock800,000 800,000 Taxes 92,474 98,400 93,600 Dividends_(7H%)254,638 (10)337,881 (10)323,871 Prop’n disc, bonds sold. 223,112 106,808 Contingent account War tax (estimated) Amt. pd. 1st Tram.Oom. Balance, sur. or Previous surplus 800,000 92,800 “275,666 “275,666 $856,449 $849,602 equipment 1918. 1917. LiabUUies— $ $ Common stock *3 ,403,330 3,394,300 Debenture stock.*16 ,000,000 16,000,000 Bonds and mtges.19 613,996 19,618,996 Accounts Sc wages. 1 461,114 570,530 Accrued interest.. 231,206 230,814 Acer, tax on earns. 129,693 377.848 Unred’m’d tickets. 168,487 239,738 Suspense account 517,710 90,921 Dividend Aug. 1-84,871 39 ,052,875 37,543,386 New construction- 1 ,946,677 1,509,489 Investments 276,588 341,588 Accounts receiv’le. 311,238 553,352 Stores 814,441 480,911 Cash'on hand and on loan 349,917 764,465 Underlying securi¬ ties redemption Capital reserve fund.. 3,550 Contingent acc’t.. 3,550 War tax Cash on special de¬ posit 1,063,985 Miscellaneous Balance due under Surplus new contract 343,535 _ . . Total 43,098,820 42,260,725 . 600,000 291,882 105,686 23,257 552,458 600,000 24,241 147,581 24,440 856,449 43,098,820 42,260,725 Total *Includes amount due on shares not yet exchanged.—V. 107, p. 1287. American Ship Building Co., Cleveland, Ohio. {Report for Fiscal Year ending June 30 1918.) President M. E. Farr says in substance: just closed has been very active in new construction The gross earnings have been large and derived princi¬ pally from contracts entered into with private interests before our entry Into the war. The policy of the company, fixed before any contracts were entered into with the U. S. Shipping Board Emergency Fleet Corporation, limits the profit on ships contracted directly with any Government depart¬ ment or agency to an amount that is fair and equitable to the Govern¬ Earnings.—The year and repair work. ment and to the company. Construction.—During the fiscal year 45 cargo ships 168,800 gross tons carrying capacity, and two special steamers for the U. S..Navy, were com¬ pleted and delivered. The company has contracts with the U. S. Shipping Board Emergency Fleet Corporation for the delivery of 172 standard type ocean cargo ships, of 678,700 gross tons carrying capacity, between July 1 1918 and the close of Lake navigation (Nov. 15) in 1919. Construction work is now well ahead of schedule. Additions.—During the year appropriations for plant extensions, equip¬ improvements necessary to obtain increased production, aggre¬ gating $6,125,058, were authorized and $4,781,993 expended. The cost of plant extensions has been abnormally high, due to prevailing high labor and material costs, excessive costs for quick delivery of equipment and com¬ pletion of buildings, and construction during the winter months of 1917-18. ment and conditions has been unavoidable. Provision to be Made for Return of Normal Conditions.—These additional facilities are for the purpose of assisting in carrying out the vast national Waste under such program for ocean cargo ships, and are not necessary for the construction of vessels intended for service on the Great Lakes. Such extensions may eventually prove liabilities rather than assets. The operation of plants under high pressure has resulted in a marked increase in the cost of main¬ tenance and greater wear and tear. The time will come when our present organization must be decreased, plants reduced to normal capacity for Lake business and values of materials on hand adjusted to normal prices. Proper and adequate provision will be made to meet these contingencies. No Encumbrances.—The property is free from encumbrances and there are no known contingent liabilities. All indebtedness shown in the annual balance sheet is current. Inventories.—These have been taken on the basis of actual net cost at the time of purchase, but not in excess of prevailing market prices and standard ship steel at prices fixed by the War Industries Board. Liability Insurance Department.—The company is now carrying its own compensation and public liability insurance. Liberty Bonds.—The company has, during the year, participated in loans1 to the Government as follows: Second Liberty Loan, 4%, $1,713,700; Third Liberty Loan, 414%, $2,000,000.. Our workmen subscribed for $603,750 of these issues. The sum of $410,000 also has been distributed by your company among the patriotic war funds in the communities where our plants are located. The contributions of workmen in three of these plants where campaigns were conducted aggregated $127,000. War Taxes.—The high Federal income tax has added an increased burden, which should be borne cheerfully, even though the greater part or all of the company’s earnings are absorbed. workmen’s CONSOLIDATED RESULTS FOR FISCAL YEAR ENDING JUNE 30. 1917-18. Net earns, all properties after deducting mfg. exp_$16,206,662 Add—Divs. from outside investments, $38,500; interest earned, $375,681; profit on secure, sold, $3,543; miscellaneous (net), $442,806 1916-17. $4,866,012 751.973 Total income.. $17,067,191 Deduct—General, Ac., exp., incl. insur., Ac 1,931,641 State, county and miscellaneous taxes 207,924 Federal taxes in excess of previous appropriation. 1,736,240 Depreciation 693,847 Maintenance of buildings and docks, $220,051; of machinery and equipment, $1,246,367; miscel. maintenance, $257,041 1,723,459 Special allowance for excess profits taxes, est 4,000,000 Amortization of permanent assets to pre-war val_ 147,815 Interest on bonds and notes payable $5,617,985 424,310 150,110 122.308 603,040 750,876 400,000 _ Net income for year ending June 30 $6,626x266 PROFIT AND LOSS ACCOUNT FOR Net income Previous surplus $6,626,266 5,147,564 $9,947,830 19.301 $3,148,040 YEARS ENDING JUNE 30. 1916-17. $3,148,040 3,361,024 1915-16. $579,307 3.058,217 Total $11,773,830 $6,509,064 $3,637,524 Preferred dividends-.-(7%)553.000(10M)829500(3H)276,500 Common dividendsT (16^)1,273,000 (7)532,000 Balance, forward 60,230,770 33,661,243 $148,752, for construction, contingencies, Ac., $252,913; for profits taxes (est.), $4,000,000; for workmen’s compensation in surance, $100,516; and for scrap and inventory adjustments $85,741.— V. 107, p. 1289. $5,147,564 $3,361,024 American Water-Works & Electric Co. {Results for Fiscal Years ended June 30.) The pamphlet report will be cited another week. An adbertisement on a preceding page shows results as follows: 1917-18. Co.’s proportion of the net earns, sub. cos. 1916-17. (excl. of West Penn Trac. $688,357 $618,953 Divs. declared on pref. stock of West PennTrac. A Wat. Pow. Co. (9mos.) 861,426 Inc. from bonds, pf. stks., Ac., owned Total. $1,480,379 Expenses A taxes, less proportion con¬ tributed by sub. cos. for admin, exp. and incl. in oper. exp. of such cos. 84,120 Collateral trust notes Balances due subsidiary cos Bank loans of cefaulting coal and companies Miscellaneous $653,156 139,266 710,393 $1,538,016 713.655 $1,366,811 75.434 67,720 $1,396,259 $1,462,582 $1,299,091 $787,144 $746,508 $719,341 12,000 29,930 _ Net earn Interest on- power 1915-16. of 12,000 19,133 26,933 4,119 19,676 9,231 677 28.688 $585,185 $648,235 $509,133 dividends of 1 % % each paid on the 1st pref. stock from Aug. 25 to May 15 1918, both inclusive, called for $381,500.—V. 106,p.2124. Net income Four quarterly Royal Dutch Co. for the Working of Petroleum Wells in Netherlands, India. (Report for Fiscal Year ending Dec. 31 1917.) The Managing Directors, H. W. A. Deterding, General Managing Director; Jhr. H. Loudon and Dr. A. J. Cohen Stuart, The Hague, July 1918, wrote in substance: Business Returns.—The financial returns for 1917 are very satisfactory. The Bataafsche Petroleum Maatschappij distributed 43,000,000 florins, equal to 30 5-7% on its capital of 140,600,000 florins. The Anglo-Saxon Petroleum Co. will probably distribute for dend of £860,060, or %. on its capital of £8,000,000. * As in 1916, owing to 1917 a divi¬ prevailing conditions and the slow postal commu¬ nications resulting therefrom, the balance sheet of the Anglo-Saxon Petro¬ leum Co. and likewise those of the Russian companies, could not be closed so that the figures of profit entered in our balance sheet are again based on estimates. The total profit of our company for 1917 amounts to 44,373,569 florins. This profit allows of the payment of a dividend of 4% on the preference shards, 4f4% on the priority shares and 48% on the ordinary shares, of which 30% has already been paid as interim dividend. A balance is then left of 737,716 florins, which we propose to carry forward to new account. War Conditions.—During 1917 the war had a very disturbing effect. Whereas in 1916 part of our producing fields, notably those in and Rumania, had been drawn into the war zone, causing great damage to the business, this year our Russian interests have likewise undergone the bur¬ den of prevailing conditions. Nevertheless up till now no actual destruc¬ tion worth mentioning has befallen our oil business in Russia, but the in¬ ternal conditions of that country are of a nature to damage seriously the prosperity of Russian business houses. The lack of tonnage made itself felt constantly and seriously. Another prejudicial effect has arisen through the impossibility of devel¬ oping certain valuable oil territories during the war. This applies notably to our interests in Mexico where there is a very promising future, but where, owing to lack of facilities for export, our production nas had to be con¬ siderably curtailed. Our constantly increasing cash resources of foreign moneys must not be regarded in too favorable a light. Our withdrawals of pounds sterling and dollars to Holland, result in a considerable loss when compared with the normal rate of exchange. As against the damage due to the war, there has been one outstanding advantage derived therefrom and which will probably be maintained in the future. This is the substitution of liquid fuel for coal. Capital Stock.—During 1917 the share capital of our company remained unaltered at 150.066,000 florins—divided brio 1,600 preference shares, 28,560 priority shares and 120,000 ordinary^shares of 1,000 florins each. In Jan. 1917 ordinary shares to an amount of 7,400,000 florins, divided into 74,000 sub-shares, were sold to the firm of Kuhn, Loeb A Co. in New York. (V. 107, p. 1105 ) The value of the shares at present unissued amounts to 34,472.800 florins. „ JThe company recently offered to its ordinary shareholders the right to subscribe at par for an amount of new ordinary stock to the extent of 50% of their present holdings. See V. 107, p. 1105.] Sunk Holdings.—Our holding of shares in the Shell Transport A Trading Co., Ltd., was increased by £120,933 nominal on account of the issue in June of 1,006,066 shares of £1 each at par, with a preferential right for shareholders of 4 old shares to 1 new share; payment could be effected by which was exactly 25%. We thus increased holdings in the Shell to £604,665 ordinary shares. No delivery has as yet been passible of the Astra Romana shares, which formed part of the dividend for 1915. In Jan. 1917 our company and the Shell transferred their holdings in the Russian companies to the Bataafsche Petroleum Maatschappij at cost price. Owing to this the shares in the Mazout, Standard Russe, Bnito and Participants (the latter formerly mentioned under the heading “shares in various companies’’) no longer appear in our balance sheet. Sumatra.—The production of oil in North Sumatra increased as a result of oil being struck on May 5 1917 in a newly discovered oil strata in the Pangkalan Soesoe field, which until then had only yielded gas, and where a well started with an initial production of 1,200 tons per day of 24 hours. On Dec. 31 1917 this well still yielded about 175 tons per day of 24 hours, the total oil production of the well up to that date being about 185,000 tons. Borneo.—The smaller production in Borneo is solely due to the fact that for some time past it has had to be curtailed owing to shipping difficulties, which were largely overcome towards Dec. 31. Egypt.—The extension of the refinery at Suez was completed, as was also an installation for converting the thick residues of Hurghada oil into fuel. Russia.—Notwithstanding great difficulties, the production of our Rus¬ sian cos. amounted to 1,561,186 tons as against 1,539,681 in 1916.viz.: retaining the final dividend, 860,529 1917-18. Total hand and on on deposit, $6,250,476, and interestbearing certificates of deposit, $4,050,000. b Includes in 1918; fire in¬ $664,166 BALANCE SHEET JUNE 30. 1917. $ 60,230,770 33,661,243 Includes in 1918 cash excess def_def.$303,990 sur.$77,473sur.$185,436sur.$124,991 856,449 778,976 664,166 539,175 1918. $ Total 1918. 1917. LiabUUies— S $ $ 9,635,298 Stock, preferred.. 7,900,000 7,900,000 5,489,516 Stock, common 7,600,000 7,600,000 550,000 Accounts payable- 3,129,892 1,011,018 Interest 1,091,177 Accrued 12,000 taxes, Ac 127,714 199,468 Unpaid pref. divs. 138,250 138,250 do com. stock. 240,510 513,000 418,000 1,693,441 Adv. rec’d oh constre. contracts. .26,286,163 10,573.595 1,375,546 8,194,756 Reserve funds b4,587,922 673,348 Surplus 9,947,830 5,147,564 502,336 4,683,116 193,546 surance, 15,000 $552,459 Assets— Cost of road and Good-will, patents 5,492,166 Scott SS. Go. stk550,000 Liberty bonds, Ac. 4,989,711 Securities owned.. 63,454 Unp’d bal. on ship construction 170,435 Inventory 4,814,984 Accts. & notes rec. 2,946,186 Cash. al0,300.476 U. 8. Treasury cer¬ tificates, Ac Work under const. 16,790,045 Def., Ac., accts.. 5,145,874 1917. (10)278,880 110,000 Total surplus 1918. Assets— $ Plants, prop., Ac. 8,967,439 a “350,566 1381 1914-15. $5,406 2,965,829 $2,971,235 $2,971,235 our 1917. 1916. 752,555 tons 662,685 tons Baku territory 689.311 tons 744,340 tons Ural territoryi: 119.326 tons 132,056 tons The lack of materials and means of conveyance, the shortage of labor and the entire dislocation of traffic resulting from the political troubles Grosny territory have rendered operations almost impossible. The prices of various ma¬ terials have increased to ten times those paid formerly. Wages are about five times as high as before the war, and the demands of laborers are becom¬ ing more and more unreasonable. For some of our companies the taxes amount to 90% of the net profit. All this. and. the general uncertainty attending legal matters threatens to destroy the basis of economic life in Russia. The so-called “nationalza- iion”ofbnk*.iniistrial establishments, steamship companies, Ac., with¬ out indemnification to shareholders, is a menace to all industry in Russia. The maximum price of crude oil at Baku was increased in 1917 from 60 copeks per pood but in many cases this increase was not sufficient to No financial results for 1917 are yet to hand, but the to 89 cover expenses. prevailing circumstances will prevent results from approaching those obtained hitherto. Owing, too, to lack of communication with Russia since late in 1917, we are unable to determine the amount of damage which establishments have sustained. The Netherlands Bank has expressed its our willingness to compile statements regarding the position of Dutch interests in Russia so as to be able to pro¬ tect them in due time and place. We immediately furnished them with all data pertaining to our own interests. Rumania.—Late in 1916 the installations of the Astra Romana were working under British control. the occupying force in Rumania to start restoration. Whilst we were originally under the impression that In addition to our properties on the surface, all our existing wells had been almost irreparably destroyed, the production was re-established more quickly than anticipated, so that by Dec. 31 1917 it had already reached 700-750 tons daily, i. e., about 60% of the normal output. The crude oil produced had to be sold to the German military authorities, and the prices paid for it were satisfactoirAt frequent intervals, however, our business was hampered by the requisition of materials, including drilling pipes, for German oil concerns. For the destruction wrought in Dec. 1916 a provisional claim was lodged by us with the British Government, and we are assured that our claim thoroughly destroyed by In April 1917 instructoins a commission were given by will be de? It with in the same manner as those of other non-German cos. The stocks of oil products In Rumania, belonging to the Astra at the time «f the German invasion, were seized. These products represented a value of about 9.350.000 lei. In spite of our repeated efforts we have not yet succeeded In receiving payment for same. Mid-Continent of North America.—In 1917 the Roxana Petroleum Co. acquired various exploration territories, and is now vigorously proceeding with exploration work. The production (in bbls.) amounted in 1917 to 3,410,000, against 4.684.000 in 1916 and 1,784,000 in 1915. The decrease in 1917 is due to a considerably lower output from our Cushing territories. There was an increase in the production'of the Yale and Healdton fields. In 1917 the pipeline from Healdton to Cushing (134 miles) became oper¬ ative, and 1,483,250 bbls. were pumped through it. It" was resolved to extend the capacity of this pipeline to 12,000 bbls. daily. The pipeline from Cushing to St. Louis will be put into operation in 1918. Many new tank cars were purchased. • In March 1917 the refinery at Cushing became operative, and now treats 5,000 to 6.000 bbls. daily. The refinery at 8t. Louis will be completed this ye-’r. The storage facilities for crude oil and its products now aggre¬ gate 2.127.000 bbls. ^ California.—The Shell Co. of California, acquired in 1917 certain oilbearing territories in the Coalinga field, adjoining their exploitations, and also exploration territories in Santa Barbara County. On the Ventura properties 4 wells were drilled, 2 being producers with 20 to 25 bbls. daily. This oil has a larger percentage of benzine than most California oil. The production compares as follows, the increase in 1917 being due to extensive drilling on the Coalinga fields: 1917. V 1916. 1915. Barrels produced .___6.357.000 4.809,000 3.187.000 The pipeline from Coalinga to the refinery at Martinez transported in 1917 6,399,900 bbls. as against 5,266,550 bbls. in 1916. Some new tank ears were purchased. Railway traffic diff kilties fifeGfd tli] n erls. The capacity of the refinery at Martinez was increased to 24,000 bbls. daily. The storage facilities for crude oil and products of the Shell Co. now aggregates 4,525.000 bbls. Mexico.—On account of certain provisions of the new Mexican Constitu¬ tion which came into force on Feb. 5, we floated a company on May 11, the Campania Mexicana de Petroleo, La Corona, to hold and acquire proper¬ ties and concessions on behalf of the Dutch Co. bearing the same name. The original capital of 100,000 pesos has since been increased to 1,000,000 pesos: all shares are held by the Dutch Co. “La Corona.” The statutes of the Tampico Panuco Petroleum Maatschappij, whose foundation was mentioned last year, have since been approved, and the definite agreement has been closed with the Tampico Panuco Oilfields* Ltd., and the “Chyoles Oil, Ltd.” Well Panuco 5, which in Jan. 1914 struck oil and the production of which was then estimated at about 100,000 bbls., gave a production of 38,000 bbls. per day of 24 hours during a trial made in July 1917. In well Topila 14, oil was struck with a production of about 14,000 bbls. daily. The last trial in Jan. 1918 yielded 20,000 bbls. This year as in 1916 production had to be artificially curtailed as a result of the export difficulties. Owing to war conditions the amount to The 5,000 bbls. daily, but a 10-inch, pipe line laying of capable of an extension to 20,000 bbls. from Panuco to Tampico was started. were sold and delivered by the Corona. The stock on Dec. 31 1917 amounted to 1,467,145 bbls. The storage facilities in Mexico in steel tanks now amount to 1,550,000 bbls.: storage in earthen tanks, 1,543,000 bbls. This year has not seen the end of the political troubles in Mexico, and a was particularly experienced in connection with the in¬ tended exploration work in the southern oil lands. By decree of the President of the Mexican Republic, instead of the ex¬ isting duty on production of Pes. 0.60 per ton. an export duty of 10% ad valorem was instituted on crude oil and liquid fuel, while for petroleum dis¬ tillates the export duty was fixed at 3 to 6% ad valorem. The assessable value of the products is-fixed every 2 months by Government decree. Curacao.—The completion of the refinery of the Curacaosche Petroleum Maatschappij has been unavoidable delayed. The Curacaosche Scheepvaart Maatschappij has been organized to work the fleet for the transport of the crude oil from Venezuela; of the share capital of 2,000,000 florins, 500,000 florins was issued to the Curacaosche Petroleum Maatschappij for lighters and tugs. Venezuela.—The examination of our vast concessions was systematically continued. Owing to the fact that the various treating and distributing facilities were not completed, the production had to be cut down to 575 bbls. daily. The products of our refinery already supply nearly half the requirements of Venezuela. The refinery at San Lorenzo, on Lake Maracaibo, was brought into oper¬ ation, its capacity being increased to 2,500 bbls. daily. The storage capacity was increased from 165,000 bbls. to 330,000 bbls. some , ■ W Fleet and Freights.—Since the beginning of the war we have lost approxi¬ mately 68,000 tons of shipping. In addition, vessels with a loading acpacity of approximately 58,000 tons were torpedoed or mined but could be salved and repaired. In 1917 no new keels were laid down for us, though a few vessels already chartered became our property by purchase, while by buying various sail¬ ing vessels equipped with motors the decreased tonnage was to some ex¬ tent replaced. Prices.—The high cost of material, transport and insurance in many cases necessitated an increase of prices. In cases where these items were of no great importance prices of kerosene and benzine were only raised to a small extent, and in some cases remained unaltered. Prices of liquid fuel, however, had to follow those of coal, as sufficient of the former product cannot be produced fully to replace the latter. We were even obliged to refuse contracts for supply of liquid fuel. Insurance.—The insurance fund on Jan. 1 1917, including the fund for amortization of war risk, amounted to 27,000,000 florins. In 1917 we only entered an amount of 537,300 florins inder fire and sea damages, while as regards war risk, owing to our reinsurances, the damage only amounted to 1.725,000 florins, making together about 2,262,300 florins. During the year under review the risk was considerably increased, bring¬ ing the amount Insured on Dec. 31 last to over 450,000,000 florins. In con¬ nection herewith 4he whole balance of premium was transferred by us to the insurance fund, so that on Dec. 31 this fund amounted to approximately 38,200,000 florins. Trotylfactory Hembrug.—For account of the Dutch Government, we erected and have been operating a factory near the Hembrug Zaandam for the manufacture of trinitrotoluol (trotyl). The contracted quantity of Of trotyl has already been delivered to the Government. PETROLEUM PRODUCTION OF ROYAL DUTCH CO. AND SUBSID'S. 1916. 1917. 1915. Calendar Years— No. Tons. No. Tons. No. Tons. (1) Nether lands-India284,522 240,396 266.050 (a) South-Sumatra 206,024 223,958 317,334 (&) North-Sumatra 957,025 893,674 869,123 Borneo 228.025 235,424 232,636 Java 3,263 1,101 2,248 (e) Ceram , U 1,687,391 1,678,859 (2) Serawak (tons).. 76,738 (3) Egypt (tons) 134,700 (4) Russia (tons) i_^__ 1,561,186 (5) Astra Romana (11 mos. each year) See text (6) North America— (bbls.) (ai Roxana Petroleum Co., Okla— 3,410,000 (6) Shell Co of California... 6,357.000 89.000 Total all___ <6 56,800 1,539,081 x366,000 1,594.553 67,000 34,961 1,520,064 311,000 4,684,000 1.784,000 3,186,800 4,809.403 (7) Mexico (bbls.) 737.200 552,495 564,828 x Only 11 months in 1916, owing to German invasion of Rumania. ROYAL DUTCH CO—PROFIT AND LOSS ACCOUNT. 1917. 1916. 1915. Dividends from Shares— In Florins. In Florins. In Florins. 20,400.000 Bataafsche Petr. Mij 21,000,000 a41,793,125 1,968,118 919,502 Shell Transportation & Trading Co_. 2,181,297 5,559.120 4,021,842 Anglo-Saxon Petroleum Co. (est.)— Shares Shell Co. of Calif, and Roxana Petroleum Co 1,447,853 2.323,826 Other companies (est.) 3,063,270 140,878 1,916,239 Interest and difference in exchange.. 724,808 4,050,675 39.735 48,195 Exploitation of office buildings 616,088 641,092 126,246 Sundry revenues Income from investments, &c 49,740,074 32.823.126 30,418,709 193,201 439,791 Administration, &c., expenses 5,366,505 32,629,925 60,000 1,282,500 4,687,632 706,951 29,978,918 60,000 37,899,437 25,892,843 24,699,126 35.246,477 5.131,632 24,080,344 4,687,632 201,332 825,714 22.970,187 3,398,724 810,702 777,965 44,373.569 Preference shares (4%). 60,000 Priority shares (4 Ordinary shares (6%) Government income tax 1,282,500 5,131,632 Available on above— for Ordinary Dividends- — 106,685 Undivided surplus carried forward— yl,305,978 Commissaries’ excess Total Ordinary dividend _ 1,282.500 3.398,724 538.567 41,790,772 29,795,021 27,957,578 (48 % )41,053,056 (38) 29688336 (49) 2775624 6 201,332 106,685 737,716 Undivided balance... The report for 1917 says that on account of the above dividend an Interim dividend of 15% was distributed on Jan. 15 and May leaving 18% still to be paid on dividend coupon No. 39. a Includes dividends on Anglo-Saxon Petroleum Co., Petroleum Co.. Ltd. Note.—In 1917 the Dutch florin had an average as of 48% 6 1918, Ltd., and Asiatic value of about 46 rents, against 40.2 cents, the normal rate of exchange. BALANCE SHEET DECEMBER 31. 1917. In Florins. ' Assets— Unlssuel shares 34.472,800 Sh's foreign cos. 105,231.081 Sh’s Amer’n cos 36,279,806 Office bull lings. Cash 36,187,665 Securities 4,494 561 Debtors 73,645,763 Interest account Dlv.priority stk. Claim on new 641,250 sh’i 9 Astra Romana 179.651 1916. In Florins. 41,872.800 127,781,633 34,653,834 1917. 1916. In Florins. Liabilities— In Florins. Share capital 120,000.000 120,000,000 Pref. share cap. 1,500,000 1,500,000 Priority sh. cap. 28,500.000 28,500,000 Creditors 6,979,247 30,468,697 Relief fund 48,877 Unclaimed div.,^ 182,175 32,306,185 4,704,067 349,871 33,986,703 priority stock 41,777 Unclaimed divs. 14,241,339 Undivided div_. 106,685 641,250 Interest acct... 58,149 179,651 Reserve....... 75,023.716 Prof. & loss acct 44,373,569 257,742 9,522,680 201,332 53,220,821 32,629,925 Total 291.132 577 276,350,075 : 291,132,577 276,350,075 Includes in 1917 shares in the Bataafsche Petroleum Maatschappij, 84,000,000 florins; Anglo Saxon Petroleum Co. (£4,800,000), 57,600,000 florins; Shell Transport & Trading Co., Ltd. (£604,665), 7,255,980 florins; Asiatic Petroleum Co., Ltd. (£600,000), 7,200,000 florins; Societate Anonima, Astra J’omana (Lei 4,110,300), 1,972,944 florins, and other petroleum Total x companies, 1,969,357 florins; total all shares, 159,998,281 florins, less 54,767,200 fl wins reserved difference between par and book values; bal¬ ance as above, 105,231,081 florins. BATAAFSCHE PETROLEM MIJ—BALANCE SHEET DECEMBER 31. 1917. capacity of the refinery will for the present During 1917 about 225,000 bbls. of crude oil retarding effect [Vol. 107 THE CHRONICLE 1383 In Florins. Assets— 123,937,210 117,276,792 Properties and rights Shares—Geconsolideerde Hollandsche Petrol Mij. 5,317,001 do Dord <che Petroleum Mij 31,650,000 do Nederlandsche-Indische Industrie & Han¬ del Mij 20.000,000 do Nederland.-Indische Tank-stoomboot Mij 10.000,000 Pe roleum-Mij, La Corona do 20,000.000 do Curacaosche^Petroleum Mij 4.000,000 do Go ernment (Dutch) bonds 57,015 New office b’dgs., F.l .768,821; office fur., F. 161,810 1,930,631 149,987 Ca^h in bank and at bankers Debtors 101.309.583 Materials ashore and afloat 7,967,110 Products in s ock on Dec. 31 8,400.218 Netherlands -India administrations 19.824,011 Interest in Russian companies o3.0O6.456 Interim dividend 40,000.000 ... 5,317,001 31,650,000 20,000,000 10,000,000 10.000,000 4,000,000 57,015 1,097,786 23,598,328 64,678,963 12.094,880 13,301,038 14,784,505 17",500.000 447 549,222 345.356,308 Total Liabilities— Share capital 140 000.000 140,000,000 18 ,000,000 8 ,705.147 56 ,681,452 5% debentures Advances on consigned products Creditor^ 1916. In Florins. . Insur. fund (own risk) in 1917: Ordinary, F.27,200.000: war risk, F.l 1,000.000 38 200,000 Provision for losses on Russian interests, loss of exchange, Ac 47 500,000 Provision for local charges, taxes, tantiemes and bonuses to staff, &c 8 701,498 Depreciation since 1907 86 533.003 Dividend 43 000,000 Carried forward 228,121 19,000,000 9,256,755 21,321,171 27,000,000 , Total —V. 107, 13,602,987 80.788,236 34,000,000 387,159 .447,549,222 345.356,308 p»1197. Poole Engineering & Machine Co. of Delaware. Covering Operations of Poole Eng. & Machine Co. of Maryland. (Report for Fiscal Year ended June 30 1918.) Brady, as of Aug. 31, wrote in substance: Pres. S. Proctor The company started the year with its contracts for foreign governments practically completed, and with a considerable volume of unfilled contracts with the U. S. Government for ordnance, of a similar nature to that wnich we had been producing. Due to the necessity of increasing equipment and enlarging our organiza¬ tion, and due to delays caused by the acts of the U. S. Government in changing specifications and in supplying material, &c., we were not able to feel the full benefit of these contracts until early in 1918. The last six months of 19i7 was largely a preparatory period. ,, In view of the large amount of contracts on hand, all of which are for work similar to that which we are carrying to a successful conclusion, it is desirable that our working capital be augmented, and the directors are at this, time considering a plan to accomplish this. As soon as a definite plan can be formulated, you will be advised. ‘ Oct. 5 Your company has been able materially to assist the Maryland Pressed Steel Co. during the past year, by using its facilities for the part execution of contracts taken by the company, but it would be a great advantage to both companies if a still closer application could be consummated. We have secured the manufacturing rights on a straight line reduction drive, which is now being satisfactorily produced, and which has been standardized by the Navy Department for the propulsion of its smallersized destroyers. It is our belief that this will prove very valuable for after-the-war business. Organization and equipment are being provided with the end in view of working into its manufacture, a*nd the manufacture of gears, as we work out of our ordnance lines after the war. entire outstanding capital stock of the operating company [and itself has out¬ standing $3,000,000 capital stock v. t. c., par $100 each, on which dividends have been paid as follows: April 2 1917 to July 1918, both incl., 1 % quar. (6% p. a.), with extra 3H% in April 1917.1 POOLE E. & M. CO. OF MD—INCOME ACCT. YEAR END. JUNE 30. (Maryland Co.’s $500,000 stock is owned by the Delaware Co.) 1917. , 1918. The Delaware company owns the Poole Co. of Maryland, which is the $674,515 $2,279,778 $55,406 180,000 $337,261 200,000 55,202 $439,109 2.243,497 $1,687,315 556,182 $2,682,606 • for war taxes, year 1916-17437,142 Adjustment of accounts with foreign countries 154,861 $2,243,497 $2,090,603 $2,243,497 Net income Income and excess Dividends- profits taxes Goodwill and transportation contract written off - Surplus income for year... Surplus at beginning of year. _ Gross surplus Additional provision Balance, surplus POOLE ENG. & MACH. CO. OF MARYLAND 'BAL. SHEET JUNE 30. 1917. 1918. 1918. 1917. Liabilities— $ $ Assets— $ $ 500,000 500,000 Plant, equipm’t, Ac.2,677,913 2,181,633 Common stock 498,000 Organization 10,483 10,483 First mortgage bonds 495,000 500,000 Securities ownei 75,784 1st Ref. Mtge. 6s... 500,000 85,644 Vouchers and wages. 913,295 247,622 Cash sinking fund-. 4,000 1,424,320 Sink, fund for bonds 66,000 33,000 Notes payable Accounts payable... 139,187 384,601 Bonds in treasury 100,000 KK838 Supplies, Ac 1,674,809 1,470,548 Liberty I,oan bonds. Dlv. pay. July 12 45,000 40,000 Cash in banks, &c__ 394,704 302,501 int__ Matured bond 25,770 27,450 Cash for bond coup. 25,770 27,450 72,564 11,019 Notes & accounts 911,968 Accrued taxes, &c._ 1,617,803 Advance collections. 25,600 Liberty bonds, &c._ 171,540 — — Deprec., taxes, Ac., Advance payments.. 63,761 reserves 786,904 691,741 Insurance premiums. 37,445 12,278 Deferred charges 112,494 129,556 Deferred credit items Profit and loss 2,090,603 2,243,497 , Total —V. 106, p. ___7,004,920 5,180,368 Total 7,004,921 5,180,368 928. Marlin-Rockwell Corporation, New York. {Official Statement to N. Y. Stock Exchange Sept. 5 1918.) The statement made to the N. Y. Stock Exchange upon the listing of the capital stock (v.t.c.) affords substantially the following data: Organization.—Incorporated in N. Y. Dec. 8 1915 as Marlin Arms Cor¬ poration; name changed as now in Mar. 1917; charter perpetual. Is en¬ gaged, among other things, in the manufacture of iron and steel articles and particularly machine guns, ball and roller bearings, wire wheels and automobile and airplane radiators. Stock.—Voting Trust.—The entire capital stock is deposited under the voting trust agreement, dated Dec. 10 1916. This voting trust agreement was to expire Dec. 1 l9l7, but on Mar. 14 1917 was extended to continue so long as any of the two-year convertible- 6% notes, due Mar. 1 1919, shall remain outstanding, but not beyond Mar. 14 1922, subject to termin¬ ation by the voting trustees at any time before that date. Voting trustees, O. B. Willcox, A. F. Rockwell and G. Hermann Kinnicutt. In Dec. 1916 the authorized capital stock included $3,500,000 pref. stock; also 60,000 shares of common stock of no par value, all issued and outstanding. The $3,500,000 pref. stock was retired at par and divs. out of the earnings by Jan. 1 1917. Subsequently on Mar. 13 1917 the author¬ ized capital stock was increased from 60,000 to 81,136 shares, all of common stock of no par value. Trust certificates representing 13,636 shares of the increased stock were deposited with the Bankers Trust Co., as against the conversion of two-year 6% Convertible notes. Of this amount 12,991 shares are still in the hands of the Bankers Trust Co., and 645 shares have been delivered in exchange for $71,000 of notes converted: 7,500 suares v.t.c. were used for the acquisition of additional properties,. &c. No dividends have yet been paid on the common shares (v.t.c.) Fundeo Debt o1 Corporation.—This includes: (t) Standard Roller Bearing Oo. 5% mortgage $64,000, date Nov. 15 190*, maturing 1922—annual redemption $12,000. (2) Mayo plant at New Haven $140,000 6% mortgage dated J917, due.Feb. 2 1920; and two notes, viz.: $50,000 Feb. 2 19’9; $50,000 Feb. 2 1920; (3) $1,500,000 Marlin two-year 6% convertible notes of 1917, due Mar. 1 1919; Bankers Trust Co., trustee. Sinking fund pay¬ ments ot $225 000 each Sept. 1 1917 and Mar. 1 1918 have been used Li the edemption of $435,000 notes and a further $225,000 will be similarly used after Sept. J 1918; $71,000 also have been converted, leaving out¬ standing as of Mar. 31 1918, $994,000. I. The Marlin Plant.—At organization, Dec. 8 1916, the entire capita] stock ($3,500,000 pref.) and 60.000 shares of common was issued in exchange ior (a) the total capital stock of the Marlin Fire Arms Co., incorporated in 1881 (b) a patent license permitting the new corporation to manufacture Colt machine guns: (c) a contract with the British Government for the manufacture of 12,000 Col* machine guns; (d) $1,300,000 cash. All of the assets of the Marl n Fire Arms Co., including its plant, goods in process, raw material, good will, &c., were thereupon conveyed directly to MarlinRockwell Corporation, and at the same time its liabilities were assumed. The Marlin Fire Arms Co. has since been dissolved and its stock cattceled. The Marlin plant greatly extended by the Marlin-Rockwell Corporation, consists of 7H acres land in New Haven, Conn., practically covered with buildings carried at a nominal value of $547,545. It is devoted principally to the manufacture of machine guns and accessories for army, navy and aircraft uses. About 2,500 men are employed there. During 1917 the company devoted a large part of its efforts to equipping itself to manufacture machine guns on a large scale in view cf the anticipated requirements of the U. 8. Government—and towards the latte.- part of the year the company employed its efforts in the production of machine guns and accessories, so that the total output amounted for the year to $9,437,904. During the first six months of 1918 the volume of business on machine guns and accessories of the corporation amounted to $13,252,301, and it now has upon its books orders for machine guns and accessories valued at $23,233,654. The unfilled orders comprise largely the contracts for light Brown in and heavy Browning guns. (II) The Philadelphia Plant.—Early in March 1917, desiring to extend our business into other branches of manufacturing and particularly into the business of manufacturing automobile accessories, we acquired at a receivership sale the business and substantially the entire assets of the Standard Roller Bearing Co. (without assuming its liabilities) paying there¬ for $1,995,000 cash and 2,000 shares of its common stock v.t.c. The Standard Roller Bearing Co. was one of the largest producers of roller bearings and ball bearings in the United States; it also manufactured wire wheels for automobile and other uses. Its manufacturing plant at West Philadelphia, Pa., now operated by Marlin-Rockwell Corporation, com¬ prises approximately seven acres in extent, on the Pennsylvania RR., It employs about 2,500 men. substantially covered with factory buildings. Its output for the year 1917 was valued at $3,091,215. V. 104, p. 458, 869. (III) The Plainville Plant.—In March 1917 we acquired the entire capital stock of the Rockwell Drake Corporation of Plainville, Conn., giving in payment $270,000 in cash and 1,350 shares of Marlin stock v.t.c. The Slant and Corporation. assets were shortly thereafter directly to Marlinlock well The plant consistsconveyed of 18 acres with 75-6/feet of railroad frontage. The two factory buildings, both of brick and steel construction, are utilized for manufacturing ball and roller bearings. This Output for calendar year 1917, roller and ball $109,364. ,The capacity L» being largely extehded. plant employs 315 men. bearings, valued at 1383 THE CHRONICLE 1918.] (IV) The Mayo Plant.—As part of the plan for extension into other lines automobile accessories, we purchased in $190,000 the entire capital stock of the Mayo Radiator Co. at New Haven, Conn., manufacturers of nigh quality radiators for automobiles and also for airplanes. This business has been increased and continued by Marlin-Rockwell Corporation, which has taken over all the assets. Early in 1918 it was deemed advisable to move the business from New Haven to a building at 143rd St. and Southern Boulevard, N. Y. City, where under a five-year lease, with privilege of renewal, the Mayo Radiator business is now being carried on occupying a floor space of about 80.000 sq. ft. and employing 250 men. During the year ending Mar. 31 1918 the value of its output, consisting entirely of automobile and airplane radiators, was $282,390, and its production is of business, and particularly Mar. 1917, for approximately (VI)Braebun rapidly increasing. (V) Hamden Plant.—The Mayo plant at New. Haven (now called the Hamden plant), having been altered and extensively developed for the manufacture of Browning machine guns, is to-day equal in capacity for producing machine guns and accessories to the original Marlin plant at New Haven. It employs 2,500 to 3,000 workers. (VI) Norwich Plant.—About Aug. 24 1917 we entered into an agreement with the Belgian Government respecting the completion of a certain con¬ tract between the Belgian Government and Hopkins & Allen Arms Co. of Norwich, Conn., for 140,000 rifles and 10,000 carbines, of which approxi¬ mately 12,000 had been delivered. Under the terms of this contract the Belgian Government had advanced large sums of money to Hopkins & Allen Arms Co., partly secured by mortgages on the Hopkins & Allen Co., giant and financially partly on unsecured The Hopkins & Allen ecoming involved, notes. was unable to complete theArms contract. arrangement was made whereby Marlin-Rockwell Corporation on completion of this contract and the repayment of the various advances made by the Belgian Government to Hopkins & Allen Arms Co. will receive the entire plant of the Hopkins & Allen Arms Co. at Norwich (hereinafter called the Norwich plant) together with all machinery. This agreement became effective Nov. 3 1917 when the sale of the Norwich plant was authorized by the U. S. District Court on the terms above described. 11 J,024 rifles had been delivered to the Belgian Govern¬ ment by Marlin-Rockwell Corporation up to Aug. 26 1918. and the re¬ mainder of tne contract is being rapidly completed. Upon the completion of the Belgian contract it is contemplated that the Norwich plant will be turned over to the manufacture of Browning machine guns. On each rifle or carbine delivered the Belgian Government credits a sufficient part of the purchase price so that upon completion of the contract the entire amount of its advances will have been repaid. The balance ot the purchase price is paid to Marlin-Rockwed Corporation in cash. An Marlin-Rockwell Corporation, however, assumes no liability for the pay¬ above-mentioned advances or the completion of the rifles and carbines other than its agreement to use its best endeavors to complete said deliveries on or before Nov. 2 1918, after which the Norwich plant will be absorbed in the Marlin-Rockwell Corporation’s assets subject to an underlying mortgage of approximately $200,000 The Norwich plant consists of about 2 Vx acres of land, with a modern ment of the building thereon of reinforced concrete construction, fully equipped with tools, machinery, &c., capable of accommodating 5.000 workmen. The replacement value is conservatively estimated at $2,500,000, which amount will not appear in our assets until the Belgian contract has been completed. The floor space and equipment will be equal to the capacity of the Marlin Division and the Hamden Division for the manufacture of machine guns and accessories. Plant.—During the spring of 1918, in continuance of its plan for extension into lines of business other than the manufacture of war munitions, the stock of tne Braeburn Steel Co. (a Pennsylvania cor¬ poration, organized April 12 1897, duration of charter, 99 years) was acquired through purchase by the Marlin-Rockwell Corporation. The plant, located at Braeburn, Pa., in the Pittsburgh district, has a total tonnage of about 30 tons per day of high grade steel suitable for tool and bearing manufacture, and will be a valuable adjunct to the roller and ball bearing business of the Marlin-Rockwell Corporation. The Braeburn Steel Co. is still operating its properties^ under Marlin-Rockwell control. CONSOL. INCOME, PROFIT & LOSS ACCOUNT FOR HALF YEAR ENDED JUNE 30 1918 AND ENTIRE YEAR Income from sales Cost of goods sold: material .labor and supplies. do Departmental burden 1917. ,§mos. 1918. Year 1917. -$13,252,301 $12,525,291 _1 9,519,416/ 5,555,235 / \ 3,676,078 $3,732,885 $3,293,978 1,067,443 Gross income, partly estimated in 1918 $2,989,087 Net additions to income 35,209 Net charges to profP and loss none shown Provision made for 1917 inc. & excess profits tax., none shown $2,226,535 Gross profit on sales Administrative, selling and general Net profit (for end of year) 743,797 expenses^ 12,884 564,921 700,000 1918 subject to adjustment at $3,024,296 $974,498 MARLIN-ROCKWELL CORPORATION CONSOLIDATED BALANCE SHEET AS OF JUNE 30 1918. (Subject to adjustment at end of fisca] year. Assets— ' ,, June 39 ’18. Dec.31 ’17 $ $ Prop’ty & plant._x7,900,534 U. S. Lib. L. bds. ,723,685 Patent* Exp.Corp. 103,185 Seubert Bear’g Co. 50,206 5,746,763 1,341,476 92,647 2,779 415,900 Shares in oth. corp. Norwich division. Braeburn Steel Co. 759,351 Cash 331,506 *Notes and accts. receivable a3,094,858 Accrd. int. receiv. 18,663 Mat’l, supp’l’s, &c. 5,634.153 Patent rights 83,436 Deferred charges. 148,212 Developt. expens. 2,949 221,565 June 30 ’18. Dec. 31 ’17. $ S 405,680 337,200 due Mar. 1919848,000 Real estate mtges. xl40,071 Notes secured 3,950,205 Notes unsecured.. 3,170,000 U. S. advances 444.496 agst. contracts Accounts payable- 1,468 579 70,000 Royaltles accrued. 1.190.900 186,371 3.196.900 440,000 __ shares, par value) (81,136 no 103,185 50,047 2-year 6% Marlin-Rockwell Loading Co Liabilities— Declared capital notes, . 2,819,744 taxes, 56,633 Interest, 208,992 4cc., accrued 4,387,838 369,383 82 207 Reserve for taxes. 146,618 Liberty Loan— 98,805 Employees 4 11,948 Approx, surplus.. 9,184,902 1,000,000 1,300,977 255,163 69,299 846,125 .... 6,148,041 20.359,114 14,970,975 20.359,114 14,970.975 buildings, $2,558,149; machinery, $3,876,938, tools, $1,863,633; and equipment, $435,007; less reserve for depreciation, $1,298,900. * After deducting $170,012 as reserve for doubtful items. b Since the date of this balance sheet, the sinking fund payment of $225,000 due Sept. 1 1918, has been made and arrangements are being effected to reduce tne outstanding amount of notes accordingly. Officers.—Albert F. Rockwell, President: Edgar Park, Louis E. Stod¬ dard, and Errol Kerr, Vice-Presidents; Thomas W. Farnam, Treasurer; Albert Newcombe, Secretary. Principal office, 347 Madison Ave., N. Y.C. Directors.—Albert F. Rockwell, Bristol, Conn.; Edgar Park, Larchmont, N. Y.; Louis E. Stoddard and G. Hermann Kinnicutt, .N Y. City; Errol Kerr, Pelham Manor, N. Y.; C. H. Conner, Port Chester, N. Y.; Alfred L. Ferguson, Greenwich, Conn.; E. E. Neall and F. M. Germane, Phila., Pa.; Hugh M. Rockwell and George L. 8anford, New Haven, Conn. Transfer Agent (v. t. c.), Bankers Trust Co., 14 Wall St., N. Y. Regis¬ trar (v. t. c.). Guaranty Trust Co., 140 Broadway, N. Y.—V. 107, p. 1104. x Includes land, $465,707; GENERAL INVESTMENT NEWS ROADS. Roads.—Opening Postponed.— RAILROADS, INCLUDING ELECTRIC Alaska Government Owing to severe storms the opening of this recently completed railway between Seward and Anchorage, Alaska, has been postponed. Compare V. 107, p. 1098. Atlanta & West Point RR.—President. Charles A. Wickersham, Federal Manager Western Railway of Alabama, has resigned and corporate interests of both companies. of this company and the been made President of the V. 107, p. 400, 179. THE CHRONICLE 1384 Baltimore & Ohio RR.—Notes Extended.—The following has been approved officially: This company on Sept. 30 arranged for a four-month ex¬ tension of $22,500,000, made up of two issues of notes, Georgia Railway & Power Co.—Decision.— Judge Z. A. Littlejonn in the Superior Court at Atlanta on Sept. 27 handedf down the ruling denying the order restraining the company from enforcing the 33 1-3% increase In rates for electric light, gas and power. The court held that the Railway Commission had the right to instruct such increase.* and to change rates even where a contract existed.—V. 107. d. 1003, 905. $10,500,000 and $8,000,000, and bank loans totaling approxi¬ mately $4,000,000. On June 26 it was announced that the Baltimore & Ohio had sold $10,500,000 three-month notes to a syndicate Grand Trunk Ry. of Canada.—Issue of 3- Year 6% Notes.—Announcement has already been made of the sale at 99 and int. of this company’s new issue of £3,000,000 Three-Year 6% Secured Notes which are dated Oct. 1 1918, headed by Kuhn, Loeb & Co. and Speyer & Co. The $8,000,000 issue was originally dated July 29, but was ex¬ tended. The same syndicate purchased and later extended repayable at par Oct. 1 1921 and issuable for the purpose redeeming £2,000,000 of 5% Secured notes falling due Oct. 11918, and of providing additional funds for the general An advertisement in London purposes of the company. dated Sept. 14 says: of that issue. In announcing on Oct. 3 that bankers had extended the $22,5(0,000 short-term collateral notes due Oct. 1 at 6% without the usual bankers’ commission. Director-General McAdoo issued the following: “My duties as Secretary of the Treasury and Director-General of Railroads, involving as they do the raising of enormous sums of money, have been greatly lightened by the reliance that I have come to feel upon the wholesome public spirit of the American banking fraternity. With but few exceptions they have shown themselves willing and eager to help in distributing the financial bu den of the war that is now being carried with an ease that surprised the world.”—V. 107, p. 1283, 1002. Advances by Government.— preceding See pages In this issue.—V. 107, p. 1002, 1283. Bay State Street Ry.—Coupons Paid.— Judge Martin in tae U. S. District Court on Oct. 4 authorized Receiver Donham to pay certain coupons representing interest on the bonds of the Brockton Street Ry. and bonds of the Newport Illuminating Co. and also to pay dividends at the rate of 6% on the stock of the Chelsea a Boston RR.—V. 107, p. 1286, 1191. Boston Elevated Ry.—Fare Schedule.— In order to meet the requirements of the statute providing for the public operation of the railway, which calls upon the trustees within 60 days after the establishment of the original rate of fare under the Act to adopt and publish a schedule of eight grades of fare containing four rates above and four rates below the existing rate, the trustees have established the following schedule of grades of fare, but wish the public clearly to under¬ stand that the action involves merely a literal compliance with the provi¬ sions of the statute and does not change the present seven-cent fare: 1st grade below 6c. 14th grade below 3c. 13rd grade above 10c. 2nd grade below. 5c. 11st grade above 8c. 14thgrade above 11c. 3rd grade below 4c. [2nd grade above 9c. | —v. 107, p. 500, 400. Boston & Lowell RR.—Refunding of Maturing Notes.— We are officially informed that this company’s 4% bond issue of $214,000 due in Oct. 1918 is to be taken care of by a demand note at 6% dated Sept. 26 1918. provided for by a The $200,000 6% bonds issue due 8ept. 18 1918 was demand note for $200,000 at current rates, the new note Issue being dated Sept. 18 1918.—V. 107, p. 1191. 1098. The would be filed immediately.—V. 107, p. 1191, 1099. Canadian Northern Ry.—Officers.— The officers of this company are as follows: . granted for dealing in the notes. Interest payable A. & O. Denominations (to bearer) £500, £200 and £100 (c*). To be secured by deposit with the trustee of £5.000.000 Grand Trunk Perpetual 4% Consolidated Debenture stock. Trustee, National Provincial and Union Bank of England. Ltd. The holders of the existing 5-Year 5% notes maturing on the Oct. 1 may convert the whole or any part of their holdings into a like amount of the 6% notes now offered, receiving in addition a cash payment of £1%, on application to Secretary of company, 9 New Broad St.. London. E. C. 2. Chairman Alfred W. Smithers Sept. *0 1918 wrote: “The company during 1917 and for the first hplf-year of 1918 was compelled to work under un¬ paralleled conditions. The working expenses owing to the war were enormously increased, and, notwithstanding the most strenuous and con¬ tinued efforts on the part of the company, no increase in rates could be obtained to meet the increased expenses. This position has now changed. On the 15th March 1918 an increase of 15% in rates was granted, and on The working receipts for the last ten days of August, that being the first period in which the 40% increase was fully effective.’’ Compare V. 107, p. 1287, 1192. Not to Pay Dividends A cable from London states that the company will not pay any dividends for the half-year ended June 30 on its guaranteed and preference stocks. Tne net earnings of the road for that period decreased £955,000, but current results Mgr. Canada Cement Co.; Vice-Chairman of the War Trade Board. E. R. Wood, Pres. Dominion Securities Corporation, Lts.; Pres. Central Canada Loan & Savings Co.; Director Canadian Bank of Commerce, Toronto. R. T. Riley, V.-Pres. & Chmn. Exec. Comm. Great West Life Assurance Co.; Director Union Bank of Canada. Mt. Royal Tunnel Opened.— The Mount Royal tunnel at Montreal, the last link of the Canadian Northern Ry. system between that city and Vancouver, was officially declared open to traffic Sept. 21. The tunnel, which is double track and three miles long, was six years under construction.—V. 107, p. 1286, 1191. Carolina Clinchfield & Ohio Ry.—Vice-Pres. & Treas. I. McQuilkin, Vice-Pres., has been elected Vice-Pres. and Treas. of the corporate organization, and E. C. Bailly, Sec.—V. 107, p. 290. Central RR. of Pennsylvania.—Discontinuance.— In connection with the recent notice of discontinuance of operations of this company's property, it is stated that motor bus lines operating in com¬ petition with the railroad were responsible for a falling-off in passenger rafficn. Some years ago mail, express and passenger revenues amounted to $18,000 a year. This has dwindled to $4,000 or $5,000 annually, the motor bus lines having taken the passenger business, freight trucks having sup¬ planted the express service, and rural delivery route extensions having absorbed the mail revenues. Compare V. 107, p. 1286, 694, 603. Chicago, Burlington & Quincy RR.—Advances by Govt. See preceding pages in this issue.—V. 107, p. 802, 1003. Chicago Indianapolis & Louisville Ry.— F. S. Wynn has been appointed Sec. & Asst. Treas.—V. 107, p. 1191. Chicago Local Transportation Co.—Ordinance Data.— A statement issued by Alderman Capitain, Chairman of the Chicago City Council Committee on Local Transportation, in support of the trustee traction and subway ordinance, is published in pamphlet form. For de¬ tails of ordinance see V. 107, p. 1292, 1286. Chicago & North Western Ry.—Advances by Govt.— See preceding pages in this issue.—V. 107, p. 1003, 1191. Chicago Rock Island & Pacific Ry.—Advances by Govt.— See preceding pages in this issue.—V. 107i p. 180, 603. Chicago & West Towns Ry.—Rate Advance.— This company Has applied to the Illinois P. S. Commission for an in¬ crease in interurban fares from 5 to 7 cents.—V. 106, p. 2345. City Lt. & Trac. Co. of Sedalia, Mo.—Gas Rate Increase. This company has been authorized to increase its 20%. effective Oct. x.—V. 99, p. gas 1299. rates by about Connecticut Company.—Rate Increase Granted.— The Massachusetts P. S. Commission has granted this company permis¬ sion to increase its freight rates. The company’s petition proposed an increase such a^ w< uld produce a surplus of about *180,000, after allowing 5% for depreciation and 8% for interest on investments.—V. 107, p. 1099. Davenport Rock Isl. & Northw. RR.—Fed’l Manager.— The jurisdiction of Federal Manager C. G. Burnham has been extended over all departments of this company.—V. 104, p. 1898. Delaware & Hudson Co.—Dividend Paid.— The dividend declared by this company, payable Sept. 20 to holders of record Aug. 28, subject to release of funds by the U. S. Government, has been paid. Advances by Government.— See preceding pages better. company calls attention to the fact that “every Obliga¬ tion of this company for the past 63 years has been paid when due, and that the company has never been through a receivership.” In order to show the excellent credit enjoyed by the Grand Trunk, he mentions the aforesaid issue in London of £3,000,000 3-Year 6% notes at the price of 99, the issue having been oversubscribed.]—V. 107, p. 291, 802. preceding pages in this issue.—V. 107, 901, 1003. p. 1287, 1192. Green & Coates Sts. Pass. Ry., (Phila.)—Reduction.— A quarterly dividend of $1 30 share has been declared, payable per Oct. 7, as registered Sept. 21. The regular payment is $1 50 quarterly and the 20c. a share is deducted for payment of Federal taxes. Hartford & Springfield Street Ry.—Receiver Appointed. Judge W. S. Case In the Superior Court at Hartford, Conn., on Sept. 30 appointed Harrison B. Freeman receiver for this company. Compare V. 107. p. 1287. ^ Holyoke Street Ry.—Fare Petition.— This company on Oct. 2 filed with the Massachusetts P. S. Commission petition for the right to substitute for the present zone-fare system, one based on mileage calling for 2c. a mile by the use of tickets and 2 He. a mile cash fare with a minimum charge of 5c. The zone system has been in operation for less than six months. The proposed change would take effect NoV. 1.—V. 107, p. 291. a Huntington & Broad Top Mtn. RR.—Coupons Not Paid. The funds to pay about $46.000 interest on the company’s First Mfcge. 4s and about $22,000 interest and principal of 5% car trusts of the company, due Oct. 1, are not in the uands of the trustees and will not be paid until a later date. President Carl M. Gage is quoted as saying that the company has been advised from Washington that there is no objection to the company bor¬ rowing the month outside or the Government will loan it to the company at the rate of 6% per annum. The delay is stated to be due to the Govern¬ ment not turning over the funds until all accounts are in and adjusted, which may require 30 or 60 days. It Is expected that tne company will borrow the necessary funds of the Government.—(Philadelphia “News Bureau.”)—V. 1Q7, p. 696. Illinois Traction Co.—Earnings of System.—- Earnings of Operating Companies for August and the 8 Mos. ended Aug. 31. (1) August— 1918. 1917. 1916. 1915. 1914. Gross earnings..$1,267,346 $1,114,511 $971,934 $892,805 $891,542 Yearly increase. 13.70% 0.15% 14.67% 8.86% 1.31% Net over exp. & taxes $335,042 $347,432 $333,437 $339*085 $351,725 (2) 8Mos. to Aug. 31— Interurban rys_.$3,081,251 $2,946,285 $2,569,593 $2,259,823 $2,412,168 City properties— Electric lighting. 3.455.419 2,713,280 2,375.433 2,128,917 1,914,369 8team heating.. 236,881 214,896 160,950 197,381 186,791 City rail ways.. 1,868,472 2.092.527 2,051,245 1,911.012 2,038,965 Gas 823.475 648,101 598,646 586,917 564.824 Ice 14,198 10,648 9.992 7,456 4,135 _ Water Miscellaneous _. 10,191 60,875 9,885 42,002 9.539 9,477 20,810 5.848 9,358 15.425 Tot. city prop.$6.469,511 $5,731,339 $5,263,047 $4,836,418 $4,708,026 Tot. gross earns_$9.550,762 $8,677,624 $7,832,640 $7,096,241 $7,120,194 Yearly increase. 10.06% 10.79% 10.38% dec.0.34% inc.5.81% Expenses $6,524,159 $5,295,001 $4,637,271 $4,113,194 $4,107,742 Taxes, Federal._ __t 64,211 Taxes, local 343,155 362,661 296.085 294,152 281,527 T— Tot.exp.& tax.$6.931,525 $5,657,661 $4,933,356 $4,407,346 $4,389,269 $2,619,237 $3,019,962 $2,899,284 $2,688,895 $2,730,925 Yearly increase-dec.13.25% inc.4.16% inc.7.82% dec.1.56% Inc.1.47% —V. 107, p. 1287. Net earnings Interborough Rapid Transit Co., N. Y.—Explanation of Items in Income Account—“Accruals■” on New Lines.— The company’s income account which was published in the “Chronicle” last week (p. 1284) contains credit items of $2,508,50s for 1917-18, of $217,296 for 1916-17 and $178,688 for 1915-16. In the official report for the last named this item appeared under the heading “Queensboro Sub¬ way” as repeated in last week’s issue of the “Chronicle.” The company, however, now uses the more general appellation “Accruals under contract year No. 3 and related certificates.” These accruals under the agreements with the city are payable from future earnings, together with interest thereon and they represent, we learn, the amounts bv which the revenue of the new lines has thus far fallen below the preferential to which the company is entitled before any benefits under the agreements insure to the city. Compare V. 107, p. 1284. paragr&pn headed “Subway contract —city deficits,’ and full statement in this issue.—V. 107, Erie RR.—Advances by Government.— See are [An official of the p. m. D. B. Hanna, Pres. A. J. Mitchell, V.-Pres. of Finance and Accounts. Robert Hobson, Pres. Steel Co., Ltd. Frank P. Jones, V.-Pres. & Gen. [British] Treasury has been consulted under the notification of Jan. 18 1915 and raises no objection to this issue. The special permission of the Committee of the Stock Exchange has been Brooklyn Rapid Transit Co.—Commutation Rates.— The counsel for this company has informed the New York P. S. Com¬ mission that the cancellation of the commutation rates to and from Coney Island from Sept. 15 to May 15 had been due to a misunderstanding, ana that the new tariff restoring the 5c. fare between 6 and 9 a. m. and 2 to 8 [Vol. 107 V. 107, p. 1284. International Railway, Justice Marcus in as to contract No. 3 in V. 97, p. 453.— Buffalo.—Litigation—Strike.— a special term of the Supreme Court on Sept. 23 granted an order discontinuing the action started by the company against Freight Rates.—Canadian Freight Tariffs Filed.— the city of Buffalo more than a year ago in which the company sought to The Canadian Board of Railway Commissioners on Aug. 31 ordered restrain the P. S. Commission from taking jurisdiction of tne complaint of approved the standard freight tariffs of maximum charges for Canadian the city against the company, in proceedings started by the city, to get the railroads, such tariffs having been filed July 27 last.—V. 107, p. 501, 82. 1 reduction of the 5-cent rare charged by the company. p. l i t it Oct. 5 1918.] THE CHRONICLE The New York P. 8. Commission on Oct. 3 adopted a resolution calling proceed in the Supreme Court to compel the company to of its can. Motormen. conductors and electricians employed by this company on Oct. 3 struck for increased wages. The company takes the stand that it cannot increase wages unless the increase in fares is allowed. The voters of Buffalo recently voted down a proposition to increase fares from 5c. to 6c. Compare V.- 107, p. 398. Under police protection a few cars were operated here yesterday on the lines of the company.—Y. 107, p. 395. on its counsel to resume operation Interstate Railways of See United Power Sc Philadelphia.—Bond Data.— Transportation Co. below.—V. 106, p. 2757. Joliet & Eastern Traction Co.—Rate Increase.— The P. S. Commission of Illinois has granted this company an increase In passenger and freight rates, effective Sept. 16, to continue until 6 months after the dose of the war.—Y. 99, p. 1832. Kentucky Traction & Term. Co.—Wage Adjustment.— This company and its employees have arrived at an agreement on the wage question, by which a new scale is to be effective from July 1 last until 6 months after the conclusion of peace. The agreement represents an advance of 5c. per hour, and the union employees authorized the com¬ pany to buy bonds of the Fourth Liberty Loan in multiples of $50 with the money due the men for back pay from July 1.—V. 107, p. 696. Las Vegas & Tonopah Ry.—Abandonment.— According to the announcement of the Nevada RR. Commission, this company, operating between Las Vegas and Beatty, Nev., has made arrangements to remove its tracks and retire from business. The com¬ pany, it is understood, claims that the Railroad Administration in routing all freight over the adjusting line makes the operations of this property unprofitable.—V. 99, p. 538. Louisville (Ky.) Ry.—Common Dividend Omitted.— Press reports state that the directors have omitted the quarterly dividen d of IH%, due Oct. 1 on the common stock. The wage increase, recently granted amounted to $450,000 a year and is probably the cause of the omission.—V. 107, p. 1101. Marshall & East Texas Ry.—Status.—Receiver Bryan Snyder, Marshall, Tex., answering the “Chronicle,M says: The road passed into the hands of a receiver on Jan. 25 1917, on which date the undersigned was appointed by the U. S. District Court for the Eastern District of Texas and is still incumbent. There is no Federal * Manager or General Manager, the road having been relinquished from Government control on July 1 1918. Operation of that portion of the line between Marshall and Winnsboro was discontinued under a decree of the U. 8. Court on Aug. 15 1917, and that portion of the line between Marshall and Elysian Fields on Aug. 3 1918. Application has now been made to the Federal Court for authority to dismantle the property and sell such material and appurtenances as may be possible, and a hearing with that end in view will be had at an early date.—V. 107, p. 1101. Memphis Dallas & Gulf RR .—Government Control.— This company has been placed under Federal control and is added to the jurisdiction of Fed’l Mgr. A. Robertson, of St. Louis, Mo.—V. 97, p. 887. Midland Valley RR .—Dividend.— The directors have declared a dividend of 4% out of earnings of the year ended June 30 on the adjustment mortgage, series “A” bonds, payable on and after Oct. 4 at the Fidelity Trust Co., trustee.—V. 107, p. 182. Missouri & No. Ark. RR.—Federal Control—Wage Settled. This company has been placed under Federal control. Prior to this action the company’s shopmen had struck for higher wages, but afterwards resumed work and agreed to abide by the decision of the Government’s Wage Board.—V. 105, p. 1209. National Railways of Mexico.—Meeting.— The ordinary general meeting of the shareholders, current year, convened in the Dec. 4.—V. 107, p. 802. corresponding to the city of Mexico yesterday and adjourned until the usual of the Director-General of Railroads. Charles T. Lewis, a director of ths company, passed away on Sept. 29. in this issue.—V. 107, p. 1004, 1192. New York New Haven & Hartford RR.—Advances. preceding pages substantially correct: This company will be one of the first companies that will be financed under the provisions of the charter of the Essential Industries Finance Cor¬ poration. The company has $4,000,000 of notes which mature on Nov. 1 next. These notes matured on May 1 of this year but an extension was obtained for 6 months at 6%. Originally they matured on May 1 1917, but at that time were extended for one year. It is not the intention of the organizers of the new corporation to take any steps looking towardfthe financing of corporations until after the present Loan Liberty In the meantime, the various details in campaign is over. connection with the formation of the concern will be worked out and whipped into shape for active operations as soon as the Government loan work is completed.—V. 107, preceding pages Portland Terminal Co.—Notes Extended.— “Chronicle” is informed officially that this company’s issue of $750,000 5% 1-Year notes due Sept. 15 1918 has been extended to March 15 1919 at 7% per annum.—V. 106, p. 1462. Public Service Corp. of N. J .—Dividend Cut in Half.— A quarterly dividend of 1% on the $29,999,600 capital stock declared by the directors on Monday, Sept. 30. In referring to the action taken, Pres. Thomas N. McCarter said: was [The company has been paying 8% per annum on its capital since June 1916. The dividend record follows: Year— 1907. 1908. 1909. 1910. 1911-14. 1915. 1916. 1917. 1918. Per cent 4 3 4M 5 6 6# 7^ 8 2.2.2.1 “In declaring the dividend of 1% the board was governed by existing and conditions by a desire to conserve the resources of the corporation to as great an extent as possible in these unsettled times. The corporation depends upon the earnings of tne electric, gas and railway companies, together with smaller revenues from certain other sources, for funds to meet dividend payments, and while all three of the operating companies have been showing increases in the gross amount of business done, the steadily increasing cost of labor and materials have made the operating expenses unusually heavy. This, together with the fact the railway company has not been able to contribute one dollar toward payment of dividends this year, prompted the directors to meet the present situation in a manner which, in their judgment, was dictated by Dusiness prudence. “The dividend will be paid Oct. 15 to holders of record Oct. 10. This makes 5% paid thus far this year. The action of Monday covers the past quarter only; the future will be dealt with as conditions warrant.”— V. 107, The R. I. Co. on Sept. 28 paid into the City Treasury of Providence, R. I., the sum of $30,642, its quarterly payment on its franchise tax for the quarter ending July 1. The payment was due July 1 but time extension was granted to date.— V. 107, 1193, 906. This company has secured from the city of Mansfield, O., a 25-year traction franchise providing for the straight 5c. fare until Jan. 1 1920, at which time, if fare regulation is deemed necessary, such action can be taken by mutual agreement.—V. 106, in this issue.—V. 107, p. 697, 1004. The United States Philadelphia Stock Exchange on Sept. 27 struck off the regular list $20,000 1st M. Guaranteed S. F. 4% gold bonds, purchased and canceled for the sinking fund, leaving the amount listed $1,907,000, Nos. 1 to 2,000 tncl. for $1.000 each, excepting $93,000 redeemed by sk. fd.—V. 82. p. 752. Ry.—Rate Increase.— mile Pennsylvania Company.—Reduced by Sinking Fund.— Philadelphia Stock Exchange on 8ept. 17 struck off the regular list $62,000 3H% Guaranteed Trust Certificates, Series “A,” retired and can¬ operation of the sinking fund, leaving the amount of said certifi¬ $4,095,000 (Nos. 1 to 5,000, incl.), excepting num¬ bers of $905,000 retired and canceled by operation of the sinking fund to Sept. 1 1918.—V. 107, p. 1288. Rockford (Ill.) City Traction Co.24 -Fare Application s P. U. Commission 1for applied to the Illinois permission to raise street railway fares in Rockford from 5c. to 6c.- V.107, p. 604. This company on Sept. St. Louis Rocky Mtn. & Pacific Co.—Annual Figures.— The company’s fiscal year has been changed to conform with the preceding pages in this issue.—V. 107, p. 906, 1004. Pere Marquette Ry.—Officers—Dividends.— formerly General Auditor, has been elected Vice-Presi¬ dent, E. M. Heberd Secretary, and W. E. Martin Treasurer. Mr. Sikes will be located in Detroit and Mr. Heberd and Mr. Martin in New York. No action has been taken in regard to the dividend on the prior prefer¬ ence stock, or the Government contract.—V. 107, p. 1004. Clarence S. Sikes, Philadelphia Co.—Addition to Philadelphia List.— The Phila. Stock Exchange has added to the regular list $10,000 additional Cons. M. & Coll. Trust 5% bonds, due 1951. stamped under sinking fund and redemption plan, dated July 10 1917, making the total amount so stamped and listed at this date $13,484,000 and bonds listed to $1,330,000.—V. 107. p. 604, 291. reducing the unstamped Philadelphia Electric Co.—Government Aid.— It is understood that the U. S. Shipping Board has determined that $20,000,000 from the $150,000,000 revolving fund in the Power Plant Bill shall be used to aid this company, which with power.—V. 107, p. 408, 186. is serving the Hog Island shipyard Pittsburgh Rys.—Wage Settlement.— employed by this company have accepted the proposal to increase wages from the maximum of 45c. to 48c. an hour, and changes in working conditions during the period of the war. Compare V. 107, p. 1288, 1193. Motormen and conductors I calendar No report has been issued for the 12 mos. ended Dec. 31, but the “Chronicle” has been favored with the following for the last five calendar 1913 years to 1917, inclusive: year. 1917. 1916. 1915. 1914. 1913. $ $ $ $ $ earnings. 3,783,642 2,279343 2,317,333 2.371,327 2,050,604 Cost, expenses &taxes.2.860,030 1,890,868 1,840,871 1,804,843 1,572,718 Calendar Years— ~923,612 162,408 388.975 290,262 476,462 235,188 268,408 Total net income...1,086.020 Deduc., int. chgs., &c. 372,906 679,237 312,534 711,650 834,892 713,114 350.000 366,703 250,000 363,114 1,905 235,787 116,703 4,782 14,843 Net earnings. Other revenue 566,484 Net income.. Less dividends Balance, surplus... P. & L., surp. credits. P. & L. surp. debits.__ 477,886 342,289 408,586 * 466,775 820.175 638,427 303,064 200,000 368,117 150,000 181,748 100,000 103,063 1,232 18,091 218,116 3.029 2,186 81.748 2,950 21,357 at that date Pennsylvania RR.—Advances by Government.— See Housing Corp. has purchased for $118,148 the prop¬ Compare V. 106, p. 191. Gross The I.-S. C. Commission has authorized an increase to 2H cents per between points on the company’s lines.—V. 107, p. 604, 402. listed 1582, 1132. erty of this company. ( The cates p. Richmond & Seven Pines Ry.—Transfer.— Ohio Connecting Ry.—Reduction in Bonds Listed.— The 1288. Rhode Island Co.—Rentals Not Paid.— Oakland Antioch & Eastern Ry.—Note Renewal.— celed by p. In testimony before the Rhode Island P. U. Commission, Treasurer of the Board of Federal Trustees John Ames on Sept. 30 stated that on Sept. 24 the trustees voted not to pay rentals, and that on Sept. 26 three of the leased lines made formal demand for payment. These three companies are the United Traction & Electric Co. (see below)* the Union Street Ry. Co. and the Pawtucket St. Ry. Co. Compare pages 74 and 75 of “Electric Railway Section.” Mr. Ames is quoted further as saying that unless the rentals are paid within 30 days from the date of suen notice, or on Oct. 26, the properties will revert to those companies in accord with the terms of the leases, and the transportation system be disrupted. Mr. Ames also said that he was of the opinion that the Rhode Island Co. can borrow more money from tne New Haven road only if an increase in fare is allowed. And if such fare increase is given before Oct. 26 by the theory worked out, the New Haven would probably loan enough money at once to pay rentals before Oct. 26, thus preventing the violation of the lease and keeping the Rhode Island Co. intact. in this issue.—V. 107, p. 604, 906. This company has applied to the California RR. Comm, for permission to issue a note at 7% for $40,000 for not less than one year, in order to renew the 90-day note bearing the same interest when due at the California Nat. Bank. The money was used in the construction of the company’s railway. —V. 106, p. 1127, 822. Ohio Electric 803. The Norfolk & Western Ry.—Advances by Government.— See p. Richland (Public Service) Co.—Franchise.— Advances by Government.— See Portland (Ore.) Ry. Light & Power Co.—Note Maturity. The following published statement has been pronounced Rental Not Paid—Tax.— quarterly dividend of 1H%, payable Nov. 1 to stockholders of record Oct. 8, conditional upon approval —V. 107, p. 1192. See preceding pages Pittsburgh & West Virginia Ry.—General Manager.— This company and the West Side Belt Line RR., beginning Oct. 1, will be under the Jurisdiction of General Manager J. B. Yohe of the Pittsburgh & Lake Erie RR.—V. 107, p. 402. See United Traction & Electric Co. below. New York Central RR.—Dividend—Obituary.— The directors have declared 1385 Balance 129,232 86,204 218,958 106,642 Tot. p. & 1. sur., Jan.1.1,397,217 1,290,575 1,204,370 985,412 do do Dec.31.1,526,449 1.397,217 1,290.575 1,204,370 The dividends here include $50,000 paid on $1,000,000 5% 63,340 922,071 985.412 non-cum. Sref.1915, and1% in 1917 3%and on $10,000,000 in 1916, in 1914 105, p.2% 2461. H of 1% in common, 1913.—V.against 2370. 114% \ St. Louis-San Francisco RR.See preceding pages dvances by Govt.— in this issue.—V. 10V, p. 1005, 1288. San Antonio & Aransas Pass Ry.—General Manager.— H. F. Anderson has been appointed General Manager of this company and the San Antonio Uvalde & Gulf RR., succeeding J. S. Peter, resigned, to accept service with the corporate interests.—V. 107, p. 604. Schenectady Railway.—Fare Situation.— This company has filed with the New York Public Service Commission a proposed schedule of increased rates, which it seeks permission to put effect Nov. 1.—V. 107, p. 502. Seattle & Rainier Valley Pres. Marshall E. Sampsell, It the sale of the property to the Traction, Light ac Ry.—Sale Negotiations.— into is stated, has commenced negotiations for oity of Seattle. (Compare Puget Sound Power Co. in V. 107. p. 1193.)—-V. 102. p. 2343. Second Avenue RR.—Interest—Receiver's said certificates shall bear interest coupons and the terms of the certifi¬ cates shall be properly modified so as to refer to such coupons. Exchange may be effected at the Guaranty Trust Co., N. Y., on and after Oct. 1 1918. —V. 106, p. 1578. Power & Rys.—Description of Leach & Co., Inc., who, it is understood, will shortly make an offering of the issue at about 97% and int., have issued a circular describing the company's new $450,000 3-year 7 % gold notes dated Sept. 1 1918, due Sept. 1 1921. The circular shows: “Passed by the Capital Issues Committee as not incompatible, &c. South Carolina Light, Three-Year Notes.—A. B. Redeemable, all or part, on any interest day at 103 in 1918 102 In 192C and 101 until June 1 1921. Int. Q.-M. in N. Y. and 1919, Denom. Trustee, The New York Trust Co., N. Y. Financial Statement— First Mortgage 5% bonds, ‘ Authorized. $5,000,000 due 1937 Outstanding. 750,000 3-year 7% notes (this issue) Preferred stock (6% cumulative) 3,500,000 its transmission lines. Properties.—These include a large modern hydro-electric power plant a generating capacity of 12,000 h.p., auxiliary steam plant with gen¬ erating capacity of 4,500 h.p., 70 miles of transmission lines. 9 sub stations with a combined capacity or 14,100 k.w., complete gas-manufacturing plant and distribution system, city and interurban street railway system com¬ prising 21 track miles of standard gauge road, together with ample rolling stock, undeveloped lands and riparian rights, &c. Statement of Earnings for the 12 Months ended July 31 1918. Gross earnings $640,5051 Int. on 1st M. 5s .$174,850 Net, after taxes 288,0531 Int. on 7% notes requires.. 31.500 Franchises.—These are favorable, running beyond the life of the bonds. -Y. 107, p. 1288. or being of unlimited duration. with Southern Pacific Co. -Advances by Government.- preceding pages in this issue.—Y. 107. p. 1005, 1194. Southern Ry.—Advances by Governments— pages p. See preceding in this Tennessee Valley issue.—V. 107, The following notice has been sent to this company’s “Your ljoard of directors regrets to announce that because of This company’s service will be resumed after the passage of the ordinance by Mi* City Council in which the city agreed to tne terms by which the six tickets Toledo & Ohio Central RR.—Joint Construction.— This company and the Kanawha & Michigan have started construction of a 5-mile cut-off along Leading Creek in Gallia County, which will make accessible a number of coal areas.—V. 106, p. 2758. Union Pacific RR.—Advances by Government.— 107, p. 1194, 1102. United Gas & Electric Corporation.—Earnings.— v Summary Statement of Earnings for tfie 12 Months ended Aug. 31 1918. Aug. 31. July 31. June 20. Balance of subsidiary operating cos. $1,365,012 $1,368,008 $1,406,013 Deduct—Res. for renewals & repl’ts. 237,820 233,230 404,750 Earnings applicable to stock of sub. 297,259 392,936 owned 294,407 companies by public _ . Balance net Net income from bond investments and other sources .Total..Deduet—1 nterest on the United Gas and Electric Corporation bondsInt. on the United G. & El. Corp. Certificates of Indebtedness Amortization of debt discount $832,785 $837,519 $608,317 $204,412 $177,828 $208,117 $1,037,197 $1,015,347 $816,434 $558,000 $558,000 $558,000 135,150 57,488 135,209 57,125 135,948 56,750 Balance for 12 months $286,558 $265,013 $65,736 For sub. co. earnings, see “Earnings Dept, above.—V.107,p.1288,1102. United Power & Transportation Co.—Reduction on List. The Stock List Committee of the Phila. Stock Exchange has stricken from the regular list $222,200 Gold Trust Certificates 4s and $27,700 Dela- County Rys. Gold Trust Certificates 4s acquired by purenase by the United Power & Transportation Co., and canceled by the tri stees, pursuant to the terms of agreement dated July 26 1917 between Interstate Ry. Co. (Y* i06jP* 2757), the United Power & Transportation Co .and the Real Estate Title Insurance & Trust Co., for the withdrawal of 9,975 shares of stock of Scauylkill Valley Traction Co. and 1,600 shares of stock of the Media Glen Riddle & Rockdale Electric Street Ry. Co., which shares, so withdrawn, are in the treasury of the United Power & Transportation Co. This leaves the amount or United Rys. Gold Trust Ctfs. listed at this date $5,383,600 and the amount of Delaware County Gold Trust Ctfs. listed at this date $931,800.—-V. 107, p. 1102. sare United Rys. Co. of St. Louis.—August Income, &c.— I*1*®®* Richard McCulloch has issued the following showing the earnings insufficient for stockholders: failure on the since made, be forfeited to the United Traction Sc are not paid within 30 days after written Compare Rhode Island Co. in V. 105, p. 2090; V. 106, p. 1689; 803, 906. 1193.—V. 105, p. 2095; V. 99. p. 1599. with all improvements Electric Co., if rentals demand.] V. 107, p. in default Washington Ry. &4 Electric Co.—Fare Application.— This company has applied to the P. U. Commission of the District of Columbia for an increase in fares from the present rate of 5c. or 6c. tickets for 25c. to a straight 5c. fare. A hearing has been fixed for Oct. T.— V. 107, p. 1288, 803. INDUSTRIAL AND MISCELLANEOUS. . Air Reduction Co., Inc.—Extra Liberty Bond Dividend.— The directors have declared an extra dividend of 50c. per share in Liberty bonds of the 2nd issue along with the quarterly dividends of $1 per share on the common stock and IX % on the preferred stock, all payable Oct. 15 to holders of record Sept. 30.—V. 106, p. 926. - American Brake Shoe & Foundry Co.—Annual Meet¬ ing—Statement, &c.— This company anounces that the fiscal year beginning with the present year will end Dec. 31 instead of Sept. 30, and that annual meeting will hereafter be held on the 4th Tuesday of March. The meeting in De¬ the cember of this year is to be dispensed with. Stockholders also are notified that the statement fiscal year ended Sept. 30 last will not be mailed in but that a report for the 15 months ending Dec. 31 of the company- for the December of this year, 1918 will be distributed immediately preceding the annual meeting in March. President William G. Pearce in his notice to “In the year 1916 a Federal tax statute was the stockholders says: enacted, on Sept. 8, retro¬ actively taxing the net income of the company for the 9 months of the fiscal year then ending. In the year 1917 a similar statute was enacted on Oct. 3, retroactively taxing the same period of the net income of our previous fiscal year, and there is now in course of preparation another Federal tax statute whose provisions will not become definitely known for several weeks, but which will undoubtedly tax our net income for the fiscal year just ending. The continued enactment of these statutes about or after the close of each fiscal year has made it exceedingly difficult for your officers to determine before the close of each such fiscal year what provision should be made for Federal taxes, in computing net profits for that year.”—V. 106, p. 1128. American Can Co.—Pig Tin, far* is raised from a 5-cent straight fare to a 10-cent cash fare, or for 40 cents, for a trial period of 90 days.—V. 107, p. 1102. p. 907. part of the Rhode Island Co. to pay the rentals due Sept. 24 1918, it be¬ comes necessary to defer consideration of the usual Oct. dividend. In accordance with the leases, a written formal demand has been made upon the Rhode Island Co. for payment of the rentals in default." [Under the terms of the lease of the United company to the Rhode Island Co., made in 1902 for 999 years, the property so leased shall, together Ii02, 1288. Tiffin Fostoria & Eastern Ry.—Service Resumption.— S** preceding pages in this issue.—V. inaugurated the six-cent fare.—V. 107, Deferred—Rental Due From Rhode Island Remains Unpaid.— Govt. Control.— 1253 in last week’s issue.—V. 107, p. 907, 503. See p. Iron & Railroad Co.—Receivers.— Judge E. T. Sanford in the U. S. District Court at Nashville, Tenn., on Sept. 24 appointed John H. De Witt, of Nashville, and W. H. Matthews, of Memphis, Tenn., as receivers for this company. It is stated that the company has a contract with the Federal Government involving the erec¬ tion of a blast furnace and an alcohol plant to cost $1,000,000, the status of which will in no way be affected. Compare Y. 107, p. 1291. 1288. United Traction & Electric Co., Providence.—Dividend 2,500.000 obligation of the company, were provide funds for the payment of floating indebtedness (created through expenditures made for additions and betterments to the company’s properties) and for new working capital. Business.—The company does the entire electric light and power, gas and street railway business in Spartanburg, S. C., and supplies electric light and power in Gaffney, Cowpens, Woodruff. Blacksburg, Pacolet, Among the principal con¬ See., serving a population of at least 60,000. sumers are large cotton mills in or near places served. There is located also near Spartanburg Camp Wadsworth, to which the company has extended p. Electric Co. of Balto.—Fare Increase.— This company on Oct. 1 700,000 Purpose of Issue.—These notes, a direct & Power Co. under “Reports” above.—V. 107, United Rys. & 450,000 issued to See See California Ry. $3,497,000 1,500.000 Common stock United RRs. of San Francisco.—Annual Figures.— Certificates.— The receiver for thi-, company is authorized to pay the interest on $3,140,000 outstanding of receiver’s certificates at the rate of 6% per annum for the 6 months’ period ending Oct. 1 at the Guaranty Trust Co. of N,. Y. The receiver is also authorized to issue new certificates to such holders of the old certificates as desire to exchange. New certificates will be dated Oct. 1 1918 and due Oct. 1 J919, but will be redeemable at option of re¬ ceiver on April 1 1919 at par and int. If the receiver finds it advisable, $l,000c. [Vol. 107 THE CHRONICLE 1386 American Felt Co.—Government Restrictions.— 1249 in last week’s issue.—Y. 107, p. 503. American Ice Co., New York.—Status.—President See p. is quoted as Oler saying: This extra dividend [of 1%, payable Oct. 25] is declared to as to bring the total amount paid to stockholders in the present fiscal year up to 6%, the rate to which the stock is entitled., During the first three-fourths of the year the company paid IX % quarterly or at the rate Qf 5% per annum. The company has shown steady progress in earnings for a number of years and its returns are now entirely satisfactory. During the so-called transition in which the company was bring brought up to its present stand¬ ard of efficiency it was necessary to take the stockholders’ money to effect the necessary changes. The stockholders are now reaping the benefit of the conservative policy You will note that during the past five years pursued during that period. between $500,000 and $600,000 have been allowed for maintenance and charged to operating expenses. Our business Is not a war business. As a matter of fact the war has hurt rather than benefited us. We are a strictly The outlook for the peace proposition. —V. 107*, p. 1289. American is highly favorable. company Pipe &Construction Co.—Receivership toOct. End. Vice-Chancellor Lane in the New Jersey Court of Chancery on issued an order to show cause why the New Jersey receiver should 1 not be discharged. The receiver appointed by the Pennsylvania courts has already been discharged contingent upon the discharge of the receiver in New Jersey. Compare V. 107, p. 1194, 1103. American Steel Foundries Co.—No Plan for New Stock— Referring to reports of this company’s proposal to issue new shares of in exchange for the present stock, in ratio of 3 shares and to pay $4 per share annually on the new issue. Acting President R. H. Ripley is quoted as saying: “No such plan has been considered by officers and directors. It is possi¬ ble that interests in the company, outside the directorate, think it would be a good thing to do, but if so, I have heard nothing of it. We have not even informally discussed any recapitalization plan. I do not know who is do¬ ing present buying of the stock, but it appears to be based on recognition that it has been selling below its value. • “Later on, but not this year, some plan of recapitalization may be deemed advisable. The company’s position has improved greatly, as offi¬ cial statements show and its prospects continue to improve, althougu there is nothing special to report at this time beyond what is generally stock of no par value of new for 1 of old, known.—V. 107, p. 1006, 504. Amoskeag Manufacturing Co., Boston.—Report.— May 31 ’16. May 31 ’15. Years ending— June 1 ’18. June 2 ’17. Cotton & worsted cloth: 171,515,440 202,872,976 200,576,754 213,983,728 183,694.346 200,223,653 201,552,242 217,683,396 1,491,042 1,713,339 1,227,102 1,203,335 1,487,466 1,715,817 1,199,868 1,209,553 Cotton bags produced do do sold Results— . Increase in inventory . $49,458,081 $30,439,215 $20,684,294 $19,124,682 17,856,943 19.354.641 43,922,956 29,569,372 $5,535,125 —482,443 $869,843 +463,767 $1,329,653 —150,472 $1,267,739 $5,052,681 $518,400 518,400 $1,333,609 $518,400 518,400 $1,179,181 $518,400 $1,079,413 —188,326 , interest: Operating revenues of the company for Aug. were $1,249,435, an increase of $135,622 over last year. Operating expenses and taxes were $1,194,315, an increase of $344,710. The net earnings available for the payment of Interest charges were $65,170, an amount which is $207,471 less than Aug. 1917. The company failed to earn its interest charges of $210,760 per month by $145,590. Included in operating expenses for Aug. are $116,920 of back wages for May, payable in accordance with the recommendation or the P. S. Commission and the agreement made with the employees. For the eight months of the year to date the company failed to earn its Interest charges and accumulated a deficit of $389,624. The decrease in the amount available for the payment of interest charges for the eight months compared with last year is $896,185. The net earnings for the eight months of the current year to date were or about 2% upon the valuation of $60,000,000. August is a month of large earnings as a rule, but this year the net earnings for the month were equivalent to about l-10th of 1% upon the ^ $1,295,267, valuation of $60,000,000. This company has refused to accede to the proposal made by the carmen’s union that the wage scale now in existence be abrogated, and that a hearing be held before the War Labor Board to determine if the men are entitled to am increase in salary.—V. 107, p. 1298, 1194. Net profits 518.400 $518,400 518,400 def.sur$4,015,881 sur$296,809 sur$142,381 sur$42,613 Preferred divs. ($4X)-~ Common divs. Balance, ($3) sur. or GENERAL Assets— Real estate and BALANCE SHEET. June 1 ’18. June 2 ’17. $3,000,000 machinery Merchandise, cash and accounts receivable 20,417,358 $3,000,000 15,952,545 Total Liabilities— Notes and accounts payable Profit and Loss and reserves $23,417,358 $18,952,545 Total —V. 107, p. $23,417,358 $18,952,545 $515,130 22,902,228 21,800,000 13.543.603 1289. Anaconda Copper Mining Co.—Output 1918- $5,408,942 -September- -1917. 1918- 2.800,0001229,884,000 (in Lbs.).- -9 Months- Itl7. 189,025 .#00 Oct. 5 1918.) THE CHRONICLE The decrease in output in September was due to I. W. W. disturbances, labor conditions have improved since, it is stated. In 1917 mines were shut down for the greater part of the month.—V. 107, p. 1103, 1006. Crex Carpet Co.—New Director.— Walter E. Edge has been elected a director to succeed Stanly G. —V. 107. p. 1097. .Atlantic City Gas Co.—July Coupon Paid.— This company has deposited with the Girard Trust Co.. as trustee, funds with which to pay interest coupons which matured July 1 1918 on its First Mortgage 5% Gold bonds. The Bondholders’ Committee will shortly mail to depositing bondholders checks for the July coupon. Over 80% of the 5% bonds have been de¬ The total issue outstanding is $3,374,000. posited with the committee. the semi-annual interest on which is $84,350. Compare V. 107. p. 504, 404. A circular signed by A. A. Jackson, Chairman of the bondholders’ Com¬ mittee Sept. 30 reports: “While the earnings for the past six months have not been sufficient to meet the operating expenses and all the fixed charges, the company, through the efforts of Mr. Geist, its President, has obtained the necessary financial assistance to pay the interest due July 1. “The Public Utility Commission of New Jersey has now before it the application of the company for an increase in rates and we nope for such favorable action on the part of the Commission as will place the company in a position within the next# six months only to meet its operating expenses, but also to earn its mortgage interest. Its condition may also be improved by a possible reduction in the cost of supplies. In view, how¬ of the uncertainty prevailing, the Committee has decided not to terminate the deposit agreement at this time.”—V. 107. p. 504, 404. ever, 1387 Mtter. Cuban Ports Co.—New Certificates—Official Quotation.— Klein wort. Sons & Co., London, give notice tftat holders of certificates of deposit relative to the 5% First Mortgage 25-Year gold bonds, $6,000,000 (London issue) should present same at their offices, 20 Fenchurch Street, E. C., to be exchanged for temporary certificates representing the Republic of Cuba 5% Treasury bonds, which have been delivered in Havana in provisional form. The certificates will be in denominations of $500, new and will bear numbers corresponding to the definitive bonds. The London Stock Exchange Committee has admitted to the quotation interim certificates for the aforesaid 5% financial Cuban Treasury bonds, in lieu of certificates of deposit of 1st M. bonds (London series) of the Cuban Ports Co.—Y. 106, p. 2013. Curtiss Aeroplane & Motor Corporation.—Order.— It is reported that this company has received a contract from the Federal Government for the manufacture of 4,000 De Haviland planes with 80% spare parts. This is equivalent to a direct order for 7,200 planes.—▼. 107, p. 406. Daly-West Mining Co.—Stock Increases.— The shareholders at their adjourned meeting on Sept. 12 voted to in¬ the capital stock from 180,000 shares to 250,000 shares. An official circular at Salt Lake City on Aug. 1*6 said in substance: “The proposed increase in the capital stock from 180.000 to 250,000 shares the most feasible plan for raising money at this time, as outlined in our circular report of April 4, was made with the full sanction of the protective committee, who voted the present management into power last February (E. W.) Bliss Co.—Extra Liberty Bond Dividend.— crease Borden’s Condensed Milk Co.—Prices Advanced.—- without cost to the company, and the proceeds will not only provide means The directors have declared an extra dividend of $5 a share in Liberty bonds of the fourth issue along with the quarterly divid 'uds of 1W % on the common and of 2% on the preferred stocks, all payable to holders of record Sent. 25. The cash dividends will be paid on Oct. 1 and the Liberty bond distribution about Nov. 1.—V. 106, p. 2759. See previous pages in this issue.—V. 106, p. 1798. 1918 1918—9 Mos.—1917. Sept. 1917. 9,500,000 11,000.000 112.500,000 93,615.000 180,000 210,000 2.070.000 1,713,000 California Wine Assn.—Dividend Declaration—Decision. The directors at their meeting on Aug. 29 last declared a dividend of $20 per share from the surplus profits of this corporation on the common stock, payable on Sept. 3 1918 to holders of record Aug. 29. Judge George E. Crothers on Sept. 23 handed down a decision denying an injunction restraining the Association from proceeding with the dis¬ bursement of this dividend. The payment, therefore, was made forthwith. The San Francisco “Chronicle” quotes the decision as follows: “Two questions are involved in the suit. The first is whether the Asso¬ ciation is in the process of dissolution or winding up. If so, the preferred stockholders should receive their entire capital stock before the common stock receives any regular or special dividends. “It does appear that the Association contemplates having to go out of the wine-making business in the near future and has sold some of its un¬ profitable wine properties: but it has added about $100,000 to its wine warehouse at Winehaven and has added extensively to its investment in raisins and table grapes and Zante currants, and has perfected a grape juice which is being widely advertised and sold. At present these are minor activities of the Association, but if prohibition should prevail they will become major operations. “As the bonded debt is not due until 1925, and the California law does not permit a corporation voluntarily to dissolve until all debts are paid, and It has been held in California that the mere sale of property does not affect the status of the corporatiin, it is held that the Association is not in a process of dissolution or winding up in any' legal sense.” As to the question whether after tne payment of this dividend there would remain a surplus sufficient to take care of the preferred shares and all obligations, the Court, after analyzing the company’s assets, decided in the affirmative.—V. 107, p. 179. Corporation.—Plan Ratified.— The shareholders of this company on Oct. 1 ratified the plan calling for the reduction of the company’s capital stock from $7,060,000 to $6,400,000. T *e stock of the company is now composed of 400,000 shares of common stock, having no par value and 44,000 shares of preferred stock par $100. Compare V. 107, p. 1194, 609. t Charlestown (Mass.) Gas & fciec. Co.—Rate Increase. The Mass. Board of Gas & Electric Light Commissioners on Oct. 3 authorized this company to charge $1 10 net per 1,000 cubic feet for gas delivered for the duration of the war.—V. 86, p. 796. *“Chesapeake""&"’belaware Announcement is made that Canal.—Govt. Purchase.— steps are being taken by the U. 8. Govern¬ ment for the purchase of this property so that it can be converted into a deep free waterway for military and commercial purposes.—V. 107, p. 504, 406. Chino Copper Co.—Approximate Output {in Lbs.).— 1918—Sept.—1917. 7,936,000 7,719,496 —V. 107, p. 1195, 699. Increase. I 1918—9 Mos.—1917. 216,504159,602,412 61,659,094 Coast Valley Gas & Decrease 2,056,682. Elec. Co.—Annual Figures.— See California Ry. & Power Co. under “Reports” above.—V. 105, p.1423. Columbia Gas & Electric Co .—Gasoline Production.— Gasoline production of this company, as reported by A. B. Leach & Co., Inc., shows a total output for the week ended Sept. 20 of 220,710 Sallods, 1 to compared gal. ingallons, 1917. compared Total production from with 181,582 Sept. 20 amounted to 8,367,130 with 7,650,080 an. gallons for last year.-—V. 107, p. 1290, 1195. W> Consol. Gas, Elec. Lt. & Pow. Co. of Results for Fiscal Years ended Gross income Operating expenses and taxes Net earnings Fixed charges Preferred dividends.x Common dividends.. June 30. 1917-18. Balance, available for deprec’n, &c. x 1915-16. $7,431,769 6,415,684 $4,203,904 $2,071,340 $4,018,644 $1,672,223 $3,583,692 1,150,864 1,079,158 $1,580,058 246,225 885,578 $981,700 $1,040,675 $871,831 226,588 — Preferred stock retired April 2 1917.—V. 106, p. 3,848,076 1194. Consol. Interstate-Call. Min. Co.—Div. Raised to 75c.— The directors have declared a quarterly dividend of 75 cents per share the $4,649,900 outstanding capital (par $10) stock, payable Oct. 21 to holders of record Oct. 14. In June and January last 50 cents per share on was paid. Corn Products Refining Co.—Bonds Called.— has called for payment on Nov. 1 114 of its 25-year 5% sinking fund gold bonds due Nov. 1 1931, ranging in number from 5 to The company '■ImwTitle Guarantee & Trust Co., N. Y.—V. 107, p. 505. (Wm.) Cramp & Sons Ship & Engine Building Co.— Note Renewal—Redemption.— Replying to our inquiry, we are advised that the $1,500,000 5% notes to which we referred were due for payment or renewal on June 27 1918. At that time the company redeemed $500,000 of the notes and renewed in accordance with the agreement $1,000,000 for another term of 6 mos. —V. 107. p. 77 The new stock will be subscribed Dy the shareholders Lambourne: The property is situate in the Park City, Utah, mining district, and em¬ braces In all about 275 acres of patented lode mining claims, covering ap¬ proximately 3,100 feet on the strike of the veins, and located between those of the Daly Mining Co. and the Judge Mining & Smelting Co. on the other. The ore contains silver, lead, some gold, copper and zinc, and includes a shipping grade with sufficient values to be sold dircet to the lead smelters and a milling grade requiring treatment in a concentrating mill. The milling grade ore yields both lead and zinc concentrates which are sold to the lead and zinc smelters. At the annual meeting in Denver on Feb. 18 1918 there were represented 134,000 shares out of a total issue of 180,000 shares; 4,903 shares rep¬ resented by proxy were not allowed to vote because of irregularities in probate papers and improper signatures. Of the remaining 129,097 shares, 128,772 shares were voted for and elected the following directors: H. Otto Hanke, George G. Brooks, G. W. Lambourne, Harry M. Stonemetz and O. N. Friendly. The directors have since elected H. Otto Hanke, Pres.; some George G. Brooks, V.-Pres.; G. W. Lambourne', Treas. & Gen. Mgr.; A. H. Peabody. Sec.; O. N. Friendly, Gen. Supt. The affairs of the company and the mine were turned over to the new management March I 1918.—V. 106, p. 1464. Dayton Power & Light Co.—Application to List.— This company has made application to the New York Stock Exchange far the listing of $535,500 additional cum. pref. stock.—V. 107, p. 1195, 104. Denver Reservoir Irrigation Co.—Status.— Through the courtesy of Mr. Robert G. Dill, financial editor of Mae "Denver Post," the “Financial World” has the following: “Early this summer a committee was formed in Chicago to take steps W collect the Denver Reservoir & Irrigation Co. debt, amounting to about $2,300,000, and which is now due. Recently a committee of Denver bank¬ ers, headed by Harold Kountze of the Colorado National Bank, John C. Mitchell, President of the Denver National, and John Evans, President of the International Trust Co., and others, was formed in the belief that being closer to the property, it could effect a plan which was more readily apt to bring about a proper and satisfactory settlement. There is no conflict between this committee and the Chicago committee, but every effort is be¬ ing made to work in close harmony with the Chicago committee. “Under the direction of both committees an appraisement of the lands of the company is being made by one of the most competent experts on farm values in the irrigated West. It is hoped that when his report is received, in a few weeks, the committees will be able to agree upon a valuation which will sell this land, which has hitherto been too high in price to be attractive. When this appraisement has been made, the committees will foreclose on the collateral, which consists of bonds of various municipal irrigation dis¬ tricts embraced in the project, and proceed to sell the land. This will not afreet the bonds. [The bonds in question are $2,000,000 of Denver-Greeley Valley Irrigation District. $400,000; North Denver Municipal Irrigation District, and $1,250,000 Denver-St. Vrain Municipal Irrigation District. The Denver Reservoir Irrigation Co. also issued $1,306,200 bonds.”] “It is believed that most of these bonds can be sold to purchasers of the land, the coupons to be used in payment for their water. If this plan is carried out, the committees will be able to give title to the land, something which the Chicago Title & Trust Co., which has been trying to sell the land, has never been able to do. This inability to give clear title has ham¬ pered the Chicago Title & Trust Co. in its extremely vigorous efforts even more than the high price at which the lands were held. “The company’s notes are scattered all over the ocuntry. Itisbelievea that when the titles are cleared and the prices fixed at a fair figure, it will be possible to sell the land to farmers who will promptly cultivate themj and that the proceeds will be sufficient to retire the notes, if not at par, at least at a slight discount. Frank N. Bancroft, trust officer of the Colorado National Bank, is handling the negotiations for the local com¬ mittee.” (Compare V. 101, p. 925; V. 99, p. 471; V. 97, p. 368, 889.)" Balt.—Earnings. 1916-17. $8,498,809 4,480,165 $10,619,588 400;. fully to develop and improve the property, but hasten the time when proper earnings can be made. Operations are practically at a stands til because of lack of funds for essential improvements. “Conclusions reached, we believe, can be satisfactorily put into effect regarding the cancelation of the lease given by the former management, which encumbers certain parts of your mining property for a period ending in January 1922.. With this lease out of the way we shall have a free hand to operate the mine for the exclusive benefit of the shareholders. At pres¬ ent, under this lease, we receive only royalties on the ore sold. “[Signed: H. Otto Hanke, President, and G. W, Lambourne, Gen. Mgr4*’ The aforesaid report of April 4 contains a statement by mining engineers regarding the property and substantially the following from Gen. Mgr. Canada Cement Co., Ltd.-—Proposals—Orders.— The Royal Trust Co. of Montreal, as trustee, up to Sept. 18 received tenders from the holders of the 6% First M. bonds for purchase on account •f the sinking fund, as an investment, for the sum of $216,695. The company, it Is stated, has received from the U. 8. Government an order for munition business to the value of about $10,000,000.—V.106.p.931. Chalmers Motor p. more Butte & Superior Mining Co.—Production.— Zinc (in lbs.) Silver (in ounces) —V. 107, p. 1194, 805. (V. 106, Distillers Securities Corporation.—Sale Postponed.— plants of this company, scheduled for Oct. 1, The sale at auction of 19 at Louisville, Ky., has been postponed for a few weeks, it is stated, pending readvertisement of sale. The date of the forthcoming sale announced.—V. 107, p. 1289, 1195. Dominion Steel Corporation.—Extension Plans are under way for the enlargement of this has not yet been of Plants.— company’s plants at Sidney, N. S., involving thp expenditure of about $15,000,000 and several These plans include a plate mill, coke ovens and plants foe from by-products, such as benzol, toluol and sulphate of ammonia, and the Wabana iron ore mines will be more fully developed. The construction of the new plate mill, which has been guar¬ anteed orders by the Canadian Government for five years, is well under way, and it will be in a position to furnish plates for Canadian shipbuilding before the end of 1919. The cost of this plant alone will be in the neigh¬ borhood of $5,000,000 and the building will be a quarter of a mile long. One of the newer products of the company is benzol, the output of which now runs about 50,000 gallons per month. This is now used extensively as motor fuel in Nova Scotia, and is claimed to give 33% more mileage than gasoline. Sulphate of ammonia is also produced at the plant as a fertilizer. (“Iron Age”).—V. 107, p. 85. years’ time. the manufacture of coal gas E. I. du Pont de Nemours & Co.—Transfer Agent.— The Mercantile Trust & Deposit Co. has for this company’s stock.—V. 107, p. 1103, East Butte Copper 1918—Sept.—1917. 2,203,300 5,134.776 —Y. 107 .D. 1006. 608. been appointed transfer ageht 294. Mining Co.—Production {in Lbs.).— Decrease. \ 1918—9 Mos.—1917. 68,524119.239,134 14,025,340 5,21$,Tt4 [Vol. 107. THE CHRONICLE 1388 Fairbanks Company, General Motors Jewel Tea Co., Inc.—Sales—4 Boston.—Sales, &c.~ -A press report from Boston states gross sales were nearly $10,000,000. $3,500,000 over the same period of that for the eight months since Sept. 1 which represents a gain of practically 1917.—V. 106, p. 2563. $6,3371 $10,445,539 $1,125,169 $1,131,506 107, p. 1290, 609. —V. Decrease. $45,153 $10,490,693 Kansas Electric Utilities Co.—Dismantlement.— Corporation.—Government Work.— All of this company’s plants, it is on Government orders.—V. 107, p. and 36 Weeks to Sept. 7.— 1918—36 Weeks—1917. Increase. 1 1918—4 Weeks—1917. stated, are now working to capacity 1195, 1006. Goodyear Tire & Rubber Co.—Status—Business.— Application has been made to the Kansas P. U. Commission asking authority for the junking of the entire property of the company at Parsons, Kansas. A hearing .ias been called ror Oct. 8.—V. 107, p. 1004. Kentucky Distilleries & Warehouse Co.—Purchase.— This company, said to be the second largest manufacturer of rubber goods in the world, is expected to do a business in the current fiscal year, which closes Oct. 31. of better than $150,000,000, according to press reports. Sales in 1917 amounted to about $111,000,000. A published statement says in part: “The company is building immense dirigibles at a cost of This company is reported to have negotiated the purchase of the Globe Distilleries of Pekin, Ill., for $635,000. The plant, which was recently closed owing to the ban on whiskey manufacturing, will be opened for the manufacture of denatured alcohol.—V. 70, p. 378. war work includes besides these dirigible ballons, which are used to patrol coasts and harbors, kite balloons, tires and ruboer bumpers for aeroplanes, tire equipment for motor truck transports, dispatch bearers and machine Lake Superior Corporation.—Annual Meeting.—Chair¬ J. Fra ter Taylor, at the annual meeting in Camden, N. J., on Oct. 2, it is reported, said in part: 42 miles an hour. $50,000 each and capable of attaining a speed of Other motorcycles, thousands of gas masks, air-hose for pneumatic riveting gun hammers used in the construction of ships, bridges and docks, and mechan¬ ical rubber goods which have many war uses. To take care of its immense war orders. Goodyear is now running on a 24-hour schedule.” [A detailed statement of the company’s growth for the 10-year period 1908-1917 incl. may be found in V. 106, p. 293.] Regulations Governing the Manufacture of Rubber Footwear. See p. 1249 In last week’s issup.—V. 107, p. 699. Granby Consol. Mining, Smelting & Power Co.— Results Fiscal Years ended June 30. for 1917-18. 1916-17. $1J ,644,310 $12,259,185 Gross income Operating expenses 7,519,491 Depreciation, Ac 6.909,854 582,195 324,079 2,015,491 1,256,267 Interest, Ac 1915-16. 1914-15. $9,299,337 $4,086,441 5,191,717 2,745,883 411,393 288,325 $929,165 $2,919,384 $929,165 3,402,326 $2,616,248 230,320 6,587,471 3,668.087 2,738,921 $3,429,417 $9,434,039 $6,587,471 $3,668,087 $27,091 Balance, surplus. Profits 1916 Figures.—The results for the fiscal year to June 30 last indicate a high-water mark of progress and hold out still furtner encouragement. Tne better results obtained must not blind us, however, to the fact that the foundation of the present-day prosperity is largely due to the war and taat there will come a time when orders for munitions of war will cease. It is uoped and believed that an effort will be made, with Government co-operation probably, to insure that basic industries, suc.i as tne steel industry, shall emerge from the war in such shape that they can carry on. Algoma Central Ry.—The results for July and August compared wita the same two months of 1917 show a substantial improvement; in fact, after deducting full bond interest and depreciation, the Algoma Central Ry. in these two months shows a clear surplus of over $50,000. There are un¬ certainties to face, but traffic* independent of our associated industries, is developing, notably in lumber products and in ore. The great demand Record new for 94,564 tons of ingots were produced, as against 73,985 tons for the same period of 1917. August alone contributed practically 49,000 tons, which is a tonnage within 1,000 tons of the maximum. The liquid position generally is strong. As the balance sheet snows, current assets amounted to over $11,000,000, while current liabilities were slightly in excess of $3,000,000. The present program of new construction on nand entails expenditures of roughly $800,000. ' The order book is filled up well into the middle of next year. Great Western Power System.—Earnings.—Bonbright Co., Inc., N. Y. City, report as follows: Comparative Income Account for August and the 12 Months ended Aug. 31. 1918-v4uflr.-1917. Inc. % 1918-12 Afos.-1917/*c% $331,825 36.6 $4,319,432 $3,932,063 9 8 Gross earnings $449,509 Oper. exp. & taxes... 175,002 Net earnings Other income Total income. Int. on funded debt 121,997 43.5 $269,324 $208,332 29.2 $2,621,194 $2,595,411 ... applicable to depreciation, Ac 1,664,410 1,684,200 $956,784 $911,211 15C^000 150,000 $806,784. $761,211 1.0 ... 5.0 5.9 ing last winter, is somewhat limited. The foregoing statement includes, with intercompany business eliminated, Great Western Power Co., California Electric Generating Co., City Elec¬ tric Co., Great Western Power Co. of California and Consolidated Elec¬ tric Co.—V. 107, p. 1286. 1917. following is official: The directors have declared an extra dividend of 5% along with the regular payment of 5%, both payable Oct. 15 to holders of record Sept. 20.—V. 106, Lone Star Gas Listed on Pittsburgh p. 927. Co., Fort Worth, Tex.—New Stock Stock Exchange—Earnings.— Pittsburgh Stock Exchange on Aug. 31 authorized the listing of the new stock offered at par to shareholders of record July 2. and all subscribed for, increasing the issue to $6,000,000. The dividend rate was increased from 1H% to 2% quarterly in June 1917. Year 1917. Year 1916. 6 Mos. T8. Earnings Calendar Years— Gross earnings $1,519,386 These $1,913..503 Details 577,114 377,960 Details Expenses, taxes and interest Not Gas purchased 33,471 Not Shown. 590,710 525,823 Depreciation and canceled leases Shown. The ... 1915. 1916. $4,906,350 $1,277,088 210,630 _ . .. Other 4,465 30,996 $732,872 200,000 $772,630 400.000 $517,720 325,000 $532,872 .-$1,414,184 $372,630 $881,312 $192,720 $508,682 charges .J Dividends paid . Surplus for period Hercules Powder Co.—Half Yearly Earnings.— $26,692,312 $27,720,650 $3,351,117 $9,824,659 187.250 187,250 Lanett Cotton Mills.—Extra Dividend.— The $1,000,000 Note.—“Other income” shows a decrease as compared with last year, due to the elimination of “Interest charged to constructkm.” The increase in operating expense in August as compared with previous months, it is stated, is due to present excessive use of fuel oil in the conser¬ vation of water, which, owing to unprecedented weather conditions dur¬ 6 Mos. to June 30— 1918. Gross receipts ..$19,880,967 Net earns, (all sources). $2,624,050 Bond Int. A pref. div... 187,250 806, 902, 1007. p. T ie directors nave declared an extra dividend of 2% on the common stock, payable Oct. 14 to holders of record Oct. 9 This stock has been placed on a 12% basis with the declaration of aquar. div. of 3%, payable Dec. 2 to holders of record Nov. 23. That compares with the 10% rate in effect through 1917-18, and the 8% rate in effect for seven years prior to that.—V. 107, p. 610. 1,428,768 18.2 ... Net income Accrued divs. on C. E. Q. preferred stock Balance 1,686,084 .$274,507 $209,828 30.8 $2,633,348 $2,503,2951 5.2 deb5,183 debl,496 deb 12.154 92,116 Compare V. 107, Lake of the Woods Milling Co.—Extra Div.—Increase.— ther income.-—V. 107, p. 1104, 407. A pyrites is working out to the distinct advantage of the railway. Algoma Steel Corporation.—For the two months ending Aug. 31 last $3,819,295 899,911 $1,527,133 x$3,966,210 1,349,962 1,500,042 man Total surplus as per —V. 107, p. 85. - balance sheet. Luckenbach Steamship Co., Inc.—Merger Co. Incorp.— incorporated under Delaware laws on Sept. 21 with capital stock of $25,000,000 as the merger of the Luckenbach SS. Co., Inc., and the Luckenbach Co., Inc. The capital stock which is all of one class is also all outstanding. Compare V. 107, p. 1196. This company was a Available for impts. or for common divs... $2,436,800 $3,163,867 $9,637,409 $1,066,458 The net earnings, as above, are stated after deducting all expenses incident to manufacture and sale, ordinary and extraordinary repairs, maintenance of plants, accidents, depreciation, Ac. From the earings of the six months ended June 30 1918 provision has been made for war taxes under existing laws. The company during the present calendar ha3 been paying on its $7,150,000 common stock 4% quarterly (2% regular and 2% extra) with a further 1 % for Red Cross in May, amounting in the aggregate for the six months to $643,500. The balance sheet of June 1918 shows relatively small changes, as com¬ pared with March 31 1918 outside of an Increase in “Reserves and contract advances” (presumably by U. S. Govt.) from $1,885,912 to $11,602,448, offset among assets by an increase in “plants and property” from $14,467,000 to $17,764,266 and in cash from $1,438,214 to $7,061,604. Profit and loss surplus June 30 1918, $17,048,697, against $16,203,838 March 31 1918. —V. 107, p. 1007, 295. v year Hollinger Consol. Gold Mines.—Dividend.— The following is pronounced substantially correct: “The directors have declared a dividend of 1 %, payable Oct. 7 to shareholders of record 8ept.25. Generally speaking, the winter months have always found a better labor supply at tne mines than during the summer. This, with the Hol¬ linger mine, having been sufficiently prosperous to pay two dividends during the summer months, having previously built up a surplus of not far under $2,000,000, the outlook for the immediate future, when improve¬ ment in working forces may be experienced, may be considered satisfac¬ tory."—V. 106, p. 2563. 1 International Harvester Co.—Common Dividends.— In connection with the declaration of the dividend of $1 50 per share payable Oct. 25 on the common stock of this new consolidated company, this company announces that it is planned that future dividends declared on the common stock will be payable on the 15th days of January, April, July and October.—V. 107, p. 1290, 1195. Island Oil & Transport Co.—Notes.—A. B. Leach & Co., Inc., early in 1918 brought out an issue of $750,000 2K-year 7% gold notes, dated Mar. 1 1918, due Sept. 1 1920. Auth. issue, $1,500,000. A circular shows: Int. M. A 8., in N .Y. Denom. $1,000 and $500 c*. Callable, all or part, on 60 days’ notice at 110 and int. N. Y. Trust Co.. N. Y., trustee. Company.—Incorporated in Va.: was formed for the purpose of producing and transporting oil from the fields bordering on the Caribbean Sea and in Mexico. Through stock ownership it owns and controls large acreages in Mexico, Cuba, Colombia and Venezuela. Purpose of Issue.—The sale of these notes will provide funds for the pur¬ chase of. towboats, barges and other equipment for the purpose of trans¬ porting oil to market and for the further development of co’s properties. A sinking fund of 5 cents per barrel of all oil sold is provided by the terms of the note indenture. A description of this co’s property, Ac., may be found in V. 106, p. 301. Operations, &c.— This corporation announces that 3 whaleback tank barges with a carry¬ ing capacity of 16,000 barrels each, recently purchased, are expected to be In full operation not later than Nov. 1. The barges are expected to average three trips each per month. The corporation reports that Its well now drilling on lot 162, Chinampa, has reached a depth of 1,760 ft. and has shown oil at different points. Its well on lot 1, at Comales, has reached a depth of 1,730 ft. ana is showing oil at this depth of 300 barrels daily of 22 deg. B. or better.—V. 107, p. 1007. 11 Lukens<Steel Co.—Second Preferred Stock to Be Retired.— This company on Oct. 30 will redeem all outstanding 7% cum. second (now first) pref. stock at $103 per share and dividends. The Commercial Trust Co., Phila., as trustee, will receive tenders for this stock at not ex¬ ceeding $103 per share and div. The outstanding amount is $6,000,000. See V. 106, p. 2014. Manufacturers* Light & Heat Co.—Govt. Control.— dispatches on Oct. 1 stated that the control of this company, which supplies fuel to West Virginia, western Pennsylvania and eastern Ohio cities, on Oct. 1 was taken over by the U. S. Government.—V. 107, p. 506. Press Mason Tire & Rubber Co.—Government Contract.— This company, it is stated, has received a contract for rubberized rain¬ coats, and, it is stated, expects tosfae turning out 1,000 coats per day by Jan. 1 next.—V. 106, p. 91. ^ Massachusetts Gas Cos.—New Director.— Cnarles S. Davis has been elected a director of this number of others, namely Boston Consol. Gas Co., New company and a England Fuel A Transp. Co., New England Coal A Coke Co., and New England Mfg. Co. On tne latter board Mr. Davis succeeds the late C. Minot Weld, and on the preceding ones succeeds Robert C. Pruyn, resigned.—V. 107, p. 909. Maxwell Motor Co.—Income Statement.—The following statement stands approved: Net income of this company for the fiscal year ended July 31 1918, be¬ fore providing for excess profits tax or for corporation income tax in excess of 6%, will be in the neighborhood of $2,400,000, and that the final figures should not vary more than $100,000 in either direction from this amount. The full balance sheet of the company, it Is understood, will be published within the next ten days or two weeks.—V. 107, p. 1007, 909. Miami Copper Co.—Output (in Output— Monta of September.__ Nine montns —V. 107, p. 1918. 5.012.865 44,273,450 Lbs.).— 1917. 1,900,000 32,061,611 1916. 4,381.367 38,843,159 1915. 4.081.444 30.782,736 1007, 506. Midway Gas Co.—Dividend Record.— has favored the “Chronicle” -with the following data, cover¬ ing dividends Nos. 1 to 6 on pref. stuck and Nos. 1 to 5 on common stock Dividends Pref. Divs.— —Com. Dips.— Per Sh. Total. Total. Per Sh Payable. Period Covered. July 15 T7 June 30 ’15 to June 30 T7 $14 00a $96,929 Oct. 15 T7 July 12,116 $1 50a $34,896 1 75a 1 T7 to Sept. 30 T7 The company - Jan. 15 T8 Oct. Apr. 15 ’18 Jan. July i5 ’18 Apr. Oct. 15 T8 July 1 ’17 to Dec. 31 T7 1 T8 to Mar. 31 ’18 1 ’18 to June 30 T8 1 ’18 to Sept. 30 T8 a Earned in 1917; b earned M —V. 106, p. 1235. 1 1 1 1 75a 75b 75c 75c 12,116 12,116 12.116 12,116 50a 50c 50c 50c 11,632 11,632 11,632 11,632 in 1917 and % in 1918; c earned in 1918. Midwest Oil Co.—No Action Taken.— Announcement Is made that the directors have not taken any action on the common stock dividend due in the near future. The quarterly dividend on the preferred stock payable Oct. 20 to holders of record Oct. 1.—V. 107, p. 178. qf 2% has been declared Oct. 5 1918.] THE CHRONICLE Minneapolis General Electric Co.—Rate Increase.— This company has placed in effect an increase in the electric rates of about 10%.—V. 105. p. 2099. Moline Plow Co.—Sale to Willys Organization.—Pres. Stephens in a letter to the common shareholders of the Moline company is quoted as follows: The Stepnens interest, except F. O. Allen and family and F. G. Allen remaining in charge of the business, have sold their holdings.in common stock to John N. Willys for $150 per share and will receive in payment therefor, stocks paying 7% cumulative preferred dividends quarterly, in following proportions of the following companies: Willys-Overland, 55%; Electric Auto-Lite, 30%; Curtiss Aeroplane & Motor Corp., 15%. The Stephens family has arranged with the purchaser of their stoCk that the opportunity is offered to all holders of Plow Co. common stock to exchange their stock for tne above stocks in the proportion mentioned and to receive the above stocks in the ratio of 1H % for their common stock. The Willys-Overland Co. reserves the rignt in the case of fractional shares to pay either scrip or cash. It is part of this agreement tnat dividends on the three preferred stocks mentioned shall accrue from the date of agree¬ ment, Sept. 6. We are advised that the policy of the new management will not be to pay cash dividends on the common for a period of years in order to permit improvements of plants, to take care of the largely increased output and the building up of sufficient reserve and to safeguard this ex¬ tended business. See Willys-Overland Co. below.—V. 107, p. 1290, 806. National Ice & Cold Storage Co. of Cal.—Bonds.— A meeting of the nolders of the First M. 6% 30-year gold bonds was on Sept. 30 for the purpose of authorizing the execution of a supple¬ mental trust deed under which (a) the company will be authorized up to and including Dec. 1 1922 to expend for any of the purposes for which bonds may be authenticated the whole or any part of any sums which otherwise would have been payable by tne company to the sinking fund: (ft) to author¬ ize the trustees to pay over to the company the sum of $40,608, which about Dec. 1916 was deposited by the ocmpany with the trustees. (London “Stock Exchange Weekly Official Intelligence.”)—V. 107, p. 1104. other than the usual current accounts. The balance sheet as of Oct. 1 is expected to show net liquid assets of approximately $5,000,000 and net tangible assets of about $75 per share on the $10,000,006 capital stock, exclusive of patents, trade marks and good will. More than 50% of the output is now devoted to Government work, which is being materially increased as the volume of regular business is being anticipated.—V. 107, p. 1008, 508. Sullivan Machinery Co.—Extra Dividend.— The directors have declared an extra dividend of 1% on the $4,862,900 outstanding capital stock, along with the quarterly payment of 114%, both payable Oct. 15 to holders of record Oct. 1.—V. 107, p. 178. (T. H.) Symington Co.—Dividend.— Holders of the preferred stock have received another distribution of 2% to be National Utility Co. (of Delaware).—Merger.— Nevada Consol. Copper Co.—Approx. Output (in Lbs.). 1918—Sept.—1917. 6.670,415 —V. 107. p. Increase. I 1918—9 Mos.—1917. 59,887,350 Decrease. 356,935 146,063159,530,415 6,524,352 1196, 700. applied to accumulated dividends. This deferred dividend, which declared, in addition to the regular quarterly dividend of 2%, for the period ended June 30 last, covers the quarter ended Dec. 31 1912.—V. 107, p. 576. was Tennessee Copper Co.—No Dividend Action.— The directors nave again the $5,000,000 outstanding have been made about Oct. have been paid since April deferred action on the quarterly dividend on capital stock (par $25). The payment would 20 had any action been taken. No dividends 15 1916.—-V. 107, p. 409. Tennessee Copper & Chem. Corp.—Acid Prices Continue President Wilson has approved the prices fixed for sulphuric and nitric acid, which were announced Sept. 26 and will continue in force until Dec. 31.—V. 106, p. 2226. Texas Co.—Pipe Line Construction.— held A certificate was filed on Sept. 28 in Delaware of the consolidation of this company and the Oil & Gas Utility Co. under the name of National Utility Co., with an auth. capital stock of $5,000,000.—V. 104, p. 2016. 1389 • This company’s 8-inch pipe line from Ranger to Dallas is completed as far as Fort Worth and has been tested; Pipe for the balance or the dis¬ tance to Dallas has been laid, and it is expected that the line will be running oil by Oct. 15. From Ranger, or, to be exact, Tiffin, the company is building a 6-in. spur to Breckenridge. and a 4-in. connection With tne spur from Cado, in Stephens County. It already has a 3-in. line from Brecken¬ ridge to Moran. The company has a 6-in. line from the Electra fields running into Fort Worth, and an 8-in. line from Fort Worth to Dallas.. It will Increase the capacity of its tunk line from Dallas to Port Arthur by connecting up the loops, putting in 225 miles of new 8-in. between Dallas and Garrison and 10-in. from Garrison to Port Arthur. When completed this will give the company a daily capacity of about 34,000 bbls. a day from Dallas South. At Dallas, the company will have crude converging from three divisions— Oklahoma, Wichita Falls and Ranger. At Garrison, the main line will be receiving crude Oklahoma, North Louisiana, Vinton, La., and the North Texas and South Texas fields at the rate of over 50,000 bbls. per day. (“Oil Trade Journal,” Oct.).—V. 107, p. 1096. * United Cigar Stores Oklahoma Natural Gas Co.—To Build New Line.— This company has authorized the expenditure of $2,000,000, entirely taken care of by the stockholders, to finance the construction of a new sys¬ tem of pipe lines into the new gas territory south of Chickasha. It is stated that no bonds will be Issued.—V. 107, p. 1291, 1007. Phelps Dodge Corp.—Copper Output (in Lbs.)— 1918—Sept.—1917. 15,500,623 i5,93i.435 —V. 107, p. 1104, 1008. Decrease, f Increase. 1918—9 Mos.—i9i7. 430.8l21164,094,265 149,902,886 14,191,379 published a story to the capital for this company being informally discussed and that this accounted for the rather active trading in the stock. It is said that the company’s financial policy has called for a dollar of capital for each dollar of business and that If this policy were now followed out it would result in doubling the present stock issue to conform more closely with current sales. An officer of the company, when questioned by the “Chronicle” in this regard, declared that he was not informed on the subject.—V*, 107, p. 1292, A financial news agency during the past week effect that plans for a possible readjustment of were 1198. Public Service Co. of No. HI .—Rate Increase Asked.— This company has applied to the Illinois P. S. Commission for to increase gas rates from 95c. to $1 14.—V. 107, p. 1197. permission Ray Consol. Copper Co.—Approx. Output (in Lbs.).— Decrease. I 1918—9 Mos.—1917. Decrease. 163,881166,397,559 70,256,679 3,859,120 1918—Sept.—1917. 7,250,000 7,413.881 —V. 107, p. 1197, 700. River Plate Commercial Co.—Initial Dividend.— The directors have declared an initial dividend on the $75,000 outstand¬ ing common stock (par $5), amounting to $1 per share, along with the regular semi-annual dividend of 4% on the $300,000 outstanding preferred stock (par $100), both payable Nov. 1 to holders of record Oct. 1.—V. 106, p. 302. Royal Dutch Co.—Purpose of New Stock.—Report.— The issue of the new ordinary shares is made in order to increase the cash resources in Holland, which is desirable because the products sold are paid for in pounds sterling, and at the present rates or excnange on London the withdrawals would cause a considerable loss in excnange. In accord¬ ance with tie desire of the Treasury the company has agreed to invest, In British Government bonds, the proceeds of the London subscriptions. Compare report on a proceeding page and |see V. 107, p. 1197, 1105, 807. Sears, Roebuck & Co., Chicago.—Sales.1918—Sept.—1917. $ $ 15,218,036 11,231,442 —V. 107, p. 1008, 508. 1918—9 Mos.—1917. Increase $ $ $ 3,986,594 131,148,356 119,155,827 Sh&ttuck-Arizona Copper Co,. Inc., N. —Month of September— 1918. 1917. Copper (lbs.)... Lead (lbs.) Silver (ozs.)_ Gold (ounces) —V. 107, p. 1197. 1105. 711,924 686,844 325,496 8,261 105.09 41,362 3,631 84.76 Sierra & San Francisco Power Increase. $ 11,992,529 Y.—Output.— Nine Months 1918. 1917. 7,247.903 9,722.571 969,961 108,721 924.60 1,840,795 124.478 1,286.89 Co.—Report.— See California Ry. & Power Co. under “Reports” above.—V. 106, p.2763. South Porto Rico ^Sugar Co.—Production.— This company’s production for the season just ended is reported to be about 575,000 bags, against 585,000 bags for preceding year.—V.107.P.910. Spring Valley Water Co.—Water Rates.— On Sept. 5 a new schedule of rates based on metered service was put into effect in San Francisco under the authority of the California RR. Com¬ mission. The new rates require the payment of a service charge from 65c. a month for each % -in. meter to $40 a month for 8-in. meters. The charge for the water delivered is fixed at 24c. per 100 cu. ft. up to 3,300 cu. ft., 21c. up to 33,300 cu. ft. and 18c. per 100 cu. ft. for all above 33,360 cu. ft. —V. 107, p. 1008. Standard Oil Co. (N. J.).—Wage Advance.— This company announces a further increase of 10% in wages for its em¬ ployees. This makes the sixth increase in wages whicn the company has put into effect since the outbreak of the war.—V. 107, p. 808, 409. Standard Sanitary Mfg. Co.—Secretary-Treas. This company announces the election of Samuel H. Moon as SecretaryTreasurer of the company, succeeding the late W. A. Myler.—V. 106, p. 1905. Standard Steel Car Co.—New Plant, &c.— company’s subsidiary, the Baltimore Car & Foundry Co., it is stated, is planning an immediate establishment of a new steel fabricating plant at Curtis Bay, Md., to cost about $1.000,,000. The plant, it is understood, will specialize in steel plates for shipbuilding. The “Railway Age” in its issue of Sept. 28 published an illustrated article describing the construction, in 51 days, of a fire-proof paint shop, 1,250 feet long and 80 feet wide for this company.—V. 107, p. 1008. This Standard Underground Cable Co.—Extra Dividend.— The directors have declared dividend of 3% an extra on the outstanding capital stock along with the quarterly payment of 3%, both payable Oct. 10 toholders of record Oct. 4.—V. 106, p. 2763. Stewart-Waraer Speedometer Co.—Notes Liquidated.— John Burnham & Co., Chicago, state that all of the remaining notes of this company have just been liquidated, leaving the stock free or all debts Co.—Possibility of Readjustment.— United Cigar Stores, Ltd., Canada.—Earnings.— Results for Fiscal Years ended June 30. 1917-18. 1916-17. 1917-18. 1916-17. Gross sales—$1,566,493 $1,309,451 [Increase in taxes $15,000 Net bef. taxes 64,285 48,749[Customers 8,702,740 7,762.811 President W. B. Reid, writing Aug. 19, says: “Notwithstanding the difficulties we have had to contend with since we presented our last re¬ port, the net earnings of the various subsidiray companies are more than enough to pay tne dividends for the year, and we feel that, provided no serious changes occur in conditions as they stand at present, we see no reason why the payment of dividends should not be resumed at the be¬ ginning of 1919.” Dividends previously 7% pit a. on the $1,450,000 (paid up) pref. stock, were, it is understood, suspended after the quarterly payment Oct. 15 1917. There is also $2,000,000 common stock. The Cigar Store Operating Co. reports “that the number of branch in operation has increased from 114 to 124.”—V. 104, p. 1806. stores United States Steel Corp.—New Iron & Steel Prices in Effect Until Dec. 31 —Other Data.- See p. 1252 in last week’s issue.—V. 107, Utah Copper p. 1298, 1105. Co.—Approximate Output (in Lbs.).— 1918—Sept.-—1917. 17,785,000 17,839.378 —V. 107, p. 1198, 702. Decrease.) 1918—9 Mos.—1917. 54,378 148,898,596 154,052,325 Decrease. 5,153,729 Vacuum Oil Co.—Extra Dividend.— The directors have declared an extra dividend of 2%, along with the regular semi-annual payment of 3%, both payable Oct. 31 to holders of record Oct. 15. Record of dividends follows: Dividends— 1912. 1913. 1914. 1915. 1916. 1917. 1918. Since 1911 6 6 6 6 6 6 3 3 Extra in May 2 2 2 2 (Oct.)2 The company has paid $2 extra in the first half of the year since 1915, but this is tne first time it has paid an extra dividend in the final period. The total distribution for 1918 therefore is $10 a share, compared with $8 in the three previous years, and $6 in the first three years succeeding the dissolution—V. 106, p. 2127, 2121. — Wages.—Adjustment of Wages for Anthracite Miners— An adjustment of the wage scale of anthracite coal miners will be made with the approval of the General Wage Board of the Department of Labor, conferences having already been called.—V. 107. p. 910, 702. Western States Gas & Electric Co.—Rate Increase.— This company has been authorized to increase and readjust its rates for Humboldt and Trinity Counties so as to produce a sufficient amount to make up for the deficit caused by increased costs, &c.—V. 107, p. 1009, 612. Willys-Overland Co.—Acquisition of Moline Plow.— Referring to the notice in these columns last week of the sale of the con¬ trol of the Moline Plow Co. to the Willys-Overland organization, an official notice states that the Willys-Overland Co. has simply purchased control of the common stock and that no merger is thought of and no change in the financial status of the Moline Co. is contemplated. At last accounts the common stock outstanding of the amounted to $9,996.090.—V. 107, p. 1292, 1105, 1009. Moline Plow Co. Wisconsin Gas & Electric Co.—6lA% Five-Year Notes. This company, a subsidiary of the Wisconsin Edison Co., has sold to the public by direct advertising $276,150, face amount of 6 Yx % Five-Year notes, secured by collateral deposit of First Mortgage bonds. These notes were sold to the public at par and were taken by investors not or¬ dinarily reached in the sale of public utility securities.—V. 106, p. 2458. Wright-Martin Aircraft Corp.—Business.— meeting Oct. 2. adjourned for 4 weeks due to lack of a stated that Government orders on the company’s books totaled between $40,000,000 and $50,000,000. This constitutes large numbers of 150 and 180-horse-power motors at the New Brunswick plant and 300-h. p. motors at Long Island City. Under terms of the agreement with the Government, the company bor¬ rowed $7,500,000 for working capital from the War Finance Board, the Government paying tne interest on the loan. The $2,000,000 expected to be collected by the company under the cross-license af-reement with other manufacturers has been cut to $1,500,000, with the balance collectible after the war. Practically all of this amount has already been collected. Before making allowances for taxes, the company has turned its deficit How much will be needed to meet taxes, how¬ into a substantial surplus. ever, remains for the future to determine: hence preferred dividends do not At the annual it was quorum, _ appear as an immediate possibility.—V. 107, p. 87. 7 i i [Vol. 107. THE CHRONICLE 1390 $hx (^uimtuemal Times COMMERCIAL EPITOME Friday Night, Oct. 4 1918. Everything still bends to Government orders in a wide sweep of trade activity. Civilian work, necessarily, is rele¬ gated to the background. Here in the East the big Loan campaign hurts general trade to some extent, as it arouses great popular interest. Influenza has also curtailed business on the Atlantic seaboard, especially in war industries. But despite the preponderance of Government business, civilian trade is brisk at the West and the South, which, needless to say, are favored by very high prices for their products. Even the drought at the Southwest, which was supposed to have hurt business, it turns out, has had less effect than was supposed. The buying power of the agricultural community of this country is probably greater than ever before in American history. Meanwhile there is some ameliora¬ tion of prices of food and other crops, owing to the favorable war news and the possibility of peace The high cost of living is still one of the outstanding facts of the times. The Bureau of Labor reports that the cost in the New York District is 62.07% greater than in December 1914, and 17.39% greater than in December 1917. Clothing 103.39% here since December 1914; food 65.40%; furniture and furnishings 104.65%; fuel and light 25.20% and housing 5.52%. Reports show that living costs had advanced 67% in Philadelphia during the same season and 65.24% in Boston. The War Industries Board has has advanced agreed with shoe manufacturers on a standardization of shoes as to quality and style, at prices ranging from $3 to $12 a pair for men and women. The new schedule will begin Oct. 15. The scarcity of labor, of course, continues; that is to be expected. The draft threatens, equally, of course, to make it more acute. Women are being more and more extensively employed. Now there are even women lumberjacks at Philadelphia; 75 Polish women are now loading cars for one company there. And now cotton manufacturers want the immigration laws relaxed so as to increase the supply of labor. They have already been suspended as regards Mexican labor for the duration of the war. But this, the cotton companies think, is not enough. They consider the labor situation critical. As regards restaurant prices, the Food Administration has intimated to a chain of popular restaurants in Washington, at an earlier date than has heretofore seemed prob¬ also well known in New York, that because of an alleged able. The United States Government authorities deprecate increase in prices of from 59 to 109% the Government was undue optimism on the subject, however, as it is likely to likely to take over the places unless the prices were lowered. They were largely patronized by war workers, especially have pernicious effects in more ways than one, including a women and girls. The Food Administrator at Washington possible slowing up of the Fourth Liberty Loan campaign. has declared that no attempt to raise prices of food unjustly Prices of corn and cotton have declined sharply. The South there would be permitted. It is significant that under the apparently has given up hopes of getting $200 a bale for threats that the Government could commandeer these ootton. Corn has fallen 10 cents per bushel within a week, places they quickly returned to their old scale of prices. cotton falling nearly 2 cents per pound. Not only the high LARD declined; prime Western, 27.25@27.35c.; refined prices for grain and cotton, however, but the high wages to the Continent, 28.75c.; South American, 29.15c.; Brazil, which workmen are receiving all over the country help re¬ 30.15c. Futures advanced at one time on covering of shorts, tail and wholesale trade. Already there is activity in Christ¬ but reacted sharply later with com on the war news and mas goods at the West. Spring trade is also larger, at both heavy liquidation. The stock of contract grade at Chicago the West and the Northwest. Railroad cars, it is hoped, on Oct. 1 was 15,193,446 lbs., against 16,098,492 on Sept. 1 will be more plentiful in the future to facilitate the movement and on Oct. 1 1917. The stock of all kinds on of merchandise from congested points of the West. The Oct. 40,637,327 1 was 33,228,966 lbs., against 34,722,929 on S8pt., 1 crop news is good. The winter wheat acreage is the largest and 47,165,658 on Oct. 1 last year. To-day prices ad¬ on record, and for the most part it looks well, although vanced. They are a shade higher for the week. The fixing here and there more rain is needed. Collections are good. of a minimum price for hogs at $15 50 per cwt. and some Failures are remarkably few. Merchants are in¬ note that terested to the stock market on the good buying to take off hedges caused a rally in lard after an early decline. whole has been more active and latterly firmer and DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO. that there has been a significant advance in foreign bonds. Fri. Thurs. Tues. Wad. Sat. Mon. 26.65 26.75 26.60 26.57 26.40 In the great manufacturing centres of the country retail October delivery._cts_26.55 26.07 25.95 26.12 25.82 25.70 26.12 trade is good, on the whole, although trade in mens goods November delivery suffers from the draft. PORK lower on the war news and lower hogs; mess, An epidemic of Spanish influenza in this country has spread, and affects camps, munition $44.50@45; clear, $44@$52. Beef products steady; mess, plants, shipyards and colleges. It has invaded 36 of our 48 $35@$36; extra India mess, $58@$59. Cut meata firm; In Boston the question of closing the churches is pickled hams, 10 to 20 lbs., 29J^@30^gC.; pickled bellies, States. being discussed as a means of checking the epidemic. In 37@39c. At a conference with the Food Administration Pennsylvania all places of public amusement, schools, packers agreed to use their efforts to maintain $15.50 per churches and all saloons have been ordered closed until cwt. for hogs in an effort to stabilize prices. To-day No¬ further notice. No closing orders has been issued here. vember pork closed at $37.30. Pork has declined sharply Both in Philadelphia and Boston examination of draft during the week: at onetime to-day November was $35 80, registrants has been postponed indefinitely in order to pre¬ against $41 a week ago,lTdrop of $5.20. Covering caused vent crowding. Eighty-three towns and cities in Massa¬ a rally on to-day’s late business. chusetts report over 7,800 cases. The new cases in army COFFEE firm; No. 7 Rio, 9Mc.; No. 4 Santos, 13M to camps number 12,000. The total number of influenza 13Me.; fair to good Cucuta, 12M@13c. Santos has been cases in camps since the epidemic began on Sept. 13 is 113,scarce. Futures have naturally been more or less affected 737; pneumonia 8,575 and deaths, 2,479. At Camden, New by the war news, August coffee is up to the maximum price Jersey, 2,600 ship workers are ill with the influenza. The permitted. September, in fact, is now the only month Surgeon-General of the United States has issued a notice to selling below the permitted maximum. There has been •top any more nurses being sent to army hospitals in France. quite a little switching from December to July. Europe Some 85,000 cases have been reported in Massachusetts alone. bought July to a fair extent. The Revenue Bill as passed In New York City 5,000 cases have developed since Sept. 18, by the House of Representatives makes no mention of a when the pest became noticeably prevalent here. About duty on coffee or tea. The War Trade Board and the Food 10% of the people who contract influenza here develop Administration have a plan, it seems, for the formation of a pneumonia, and about 50% of pneumonia cases are fatal. coffee corporation similar to that which controls sugar. Medical authorities here say the disease is spreading very There is to be some delay in the matter, but it is believed that slowly in the metropolis and that the situation is well some such project will eventually be carried out. The aim in hand. But in Boston and Philadelphia the sit¬ is understood to be to stabilize the price of Brazilian coffee uation is considered serious. In Philadelphia 22,000 and finance and control the movement of the crop from cases are reported. A serum and a vaccine are being Brazil to the United States. It appears that the United tried, but they are not infallible. To-night Surgeon- States Government is to lend Brazil a hundred million dollars General Blue of the Public Health Service at Washington or more—or at least such is the report—against green coffee t •ays that the only way to stop the spread of the to be used as collateral security. The coffee, it seems, will epidemic is to close schools, churches, theatres and public be sold to American consumers through an agency of the institutions in every community where it has developed. United States Food Administration. It will largely, or Shipbuilding is still being pushed with feverish energy. wholly, eliminate speculation. To-day prices closed un¬ Slackers among workmen find that their lines are not cast changed. They are for the week on March in these times in pleasant places. A wooden ship has just but higher on July. slightly lower beeh built in 17 M working days at Aberdeen, Wash., a ship I May _cte_8.50® cts_9.55(i February cts 9.10@ of 4,000 tons deadweight, which is a new record for the October 8.65 @ March November 9.25® 9.70(< I June world for this type and tonnage of vessel, either steel or December. ..8.80® 9.8o<* I July April 9.40® lAugust 10.00( 9.95® wood. The vessel in this case is ready for launching and is January SUGAR firm; centrifugal, 96-degrees test, 7.28c.; granu¬ 96% complete. The Reading, Penn., plant of the Bethle¬ hem Steel Co. has also just established a world’s record in lated, 9c. Business has been rather quiet in raw sugar, rivet making. It is turning out an average of 1,000,000 though a larger trade in refined is expected before long. The riveta per day. A new record has been made in driving distribution of October certificates has begun. Local dis¬ rivets by 57 gangs of riveters at Port Newark shipyard of tributors have only small stocks. It is of interest to note the Submarine Boat Corporation, who put 27,820 rivets that plans are being made to import 25,000 ton3 of Philipinto seven ships, an average per gang of 488 rivets, an aver¬ as new concerned, y all the partiessoon it is believed that there will bo age per hour of 3,477 rivets and an average per gang per of 61 hour rivets. worked eight hours. a brisk business in raw Cuban sugar. It is understood that They interfered Tat influenza has with shipwork. the Philippine sugar mentioned will be Muscovado at 6 JMe. for Eine sugar. As / L the Cuban contract is ratified Oot. 5 1918.] THE CHRONICLE 1391 96-degrees test and 1 cent differential for 88 degrees, and a deduction of 3-16c. for each degree below 88 degrees, and will remain in force until new prices established for producers go into effect. These prices makfe allowance for high freight rates. OILS.—Linseed lower; city, raw, carloads, SI 85@$1 86; five-barrel lots, SI 88@$1 90; Calcutta, SI 95. Lard, prime edible, $2 50. Cocoanut, Ceylon, barrels, 16 H@ 16%e.; Cochin, 17H@17^c. Soya bean, 18H@18Hc. Corn oil, crude, barrels, 17%@18c. Spirits of turpentine, 65@653^c. Strained rosin, common to good, S15 15@ $15 20. Prime crude, Southwest, S17 50. PETROLEUM firm; refined m 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, 24He.; to consumers, 26He*; gas ma¬ chine, 41 H<?. The estimated conservation of gasoline as the result of the four “gasless Sundays” is placed at 500,000 barrels, according to the Director of the Fuel Administra¬ tion. Present prospects for the continuance of motorless Sundays until at least the middle of October. The total saving is expected to be about 1,000,000 barrels. The cooler weather and shorter days have stimulated the use of kero¬ are for heating and lighting purposes. of kerosene is urged the sene use by feared that a Meanwhile no Fuel shortage new may occur for winter requirements. field developments are reported. Pennsylvania dark $4 00 South Lima Cabell-.Crichton Corning Wooster Thrall Strawn De Soto North Lima 2 1 2 2 2 2 2 77 40 85 5S 25 25 15 2 38 Conservation in the Administration, as it is $2 38 Illinois, Indiana Princeton 2 28 2 42 Somerset, 32 deg.. 2 60 Ragland 1 25 E'ectra Moran 2 25 2 25 2 33 Plymouth above 30 degrees -.%2 Kansas and Okla¬ homa 2 Caddo, La., light. 2 Caddo, La., heavy 1 Canada. ; 2 Healdton 1 Henrietta 2 __ 42 25 25 55 78 45 25 TOBACCO has been quiet but firm. Buyers think prices asked are too high. They are therefore buying the new crop domestic leaf rather sparingly, especially as every indication points to a big crop. Some think, too, that the war news points to some falling off in the army demand, with peace apparently nearer than was generally supposed a short time ago. Following the recent distribution Sumatra tobacco has been quiet. On Oct. 15 the next allotment, amounting to 12,000 bales, all of which is now at New York, will be made. Havana leaf is in brisk demand and strong, with an upward tendency of prices. The harvesting of tobacco has made rapid progress. The bulk of the crop has been cut in Kentucky, and it is mostly harvested in Virginia; the quality of the crop in Virginia is said to be excellent. COPPER unchanged, with supplies somewhat larger,4 Production is said to have increased, and exports have decreased, leaving a balance for home use. Still, however, the supply of labor cottinues short. A conference, it is said, will be held between Oct. 15 and 20 by the price-fixing committee of the War Industries Board and representative of the copper companies, as to the price to be fixed after Nov. 1. The present agreement, calling for 26-cent copper, expires at the end of this month, and whatever bookings have been made beyond that time have been stamped “prices fixed by Government to rule at time of delivery.” Tin con¬ tinues dull at 82H@83c., pending actual Government con¬ trol, which includes distribution and price regulation. Lead continues scarce and firm at 8.05 @8.90c. The production is far short of outside demands. Only those who are work¬ ing on Government contracts can secure supplies. Spelter easier at 9.35 @9.50c. Large speculative holders are credited with being anxious sellers. On the whole, however, the market is neglected. Production is COTTON Friday Nighty Oct. 41918. 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 159,431 bales, against 156,587 bales last week and 139,756 bales the previous week, making the total receipts since Aug. 1 1918 854,772 bales, against 1,103,756 bales for the same period of 1917, showing a decrease since Aug. 1 1918 of 248,984 bales. Galveston Texas City Pt. Arthur, &c__ New Orleans. Mobile Pensacola _ _ ___ Sat. Mon. Tues. 8,151 11.625 16,178 Wed. 6,374 7,778 56 3,637 50 464 5,870 7,064 6,947 Thurs. 8,577 4,911 123 Fri. 8,537 8,118 61.186 4,620 160 138 5,610 543 32,930 1,396 100 100 7,781 6,476 39,922 2,000 2,000 6,291 Savannah Brunswick Charleston 775 179 462 l,77l 1,149 1,326 845 Wilmington Norfolk Newp’tNews,&c. — 5,784 1,251 1.656 1,049 2,032 2.275 445 1,918 1,631 322 Philadelphia — Totals this week. — 22,876 "80 51 179 522 136 — 28,827 Oct. 4. This Week. 30,072 23,100 26,758 27,798 159,431 Galveston Texas City Port Arthur, &c_ New Orleans Mobile Pensacola 61,186 Savannah Brunswick _ Norfolk. New York Boston 285 2,900 193,500 13,300 23,661 18,465 42,516 6,000 10,639 4,342 7,946 Baltimore we 8.168 854,772 208,398 1,103.756 1,005.316 575,494 comparison 1918. Galveston Texas City,&c New Orleans. Mobile Savannah Brunswick Chari eston,&c 15,979 39,982 827 13,412 34,218 18,951 402 6,683 may at 1917. 61,186 72,996 2,419 35,352 25,295 2,528 be made with other leading ports for six 1916. 1915. 139,735 8,918 67 2.028 23,759 5,455 100,082 20,331 34,546 2,144 55,508 4,000 18,770 13,376 20,441 132 13,445 Tot. this week 159,431 208,398 324.221 282,775 Since Aug. 1. 854,772 1,103,756 1,574,596 1,314,813 Wilmington. _ Norfolk N’port N.,&c. All others 138 32.930