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firtantia1
,
The
INCLUDING
Bank & Quotation Section
Railway Earnings Section
VOL. 107
ijratude
Railway & Industrial Section
Bankers' Convention Section
Electric Railway Section
State and City Section
SATURDAY, AUGUST 24 1918
Pt Tim nide.
Clearings at
PUBLISHED WEEKLY.
For One Year
$10 00
For Six Months
6 00
European Subscription (including postage)
13 00
European Subscription six months (including postage)
Annual Subscription in London (including postage)
22 14%.
75
Six Months Subscription in London (including postage)
21 11,
it
Canadian Subscription (including postage)
$11 50
Subscription includes following Supplements
BANK AND QUOTATION (monthly) I RAILWAY AND INDUSTRIAL(3 times
yearly)
RAILWAY EARNINCIS (monthly)
ELECTRIC RAILWAY(3 times yearly)
STATE AND CITY (semi-annually) BANKERS' CONVENTION (yearly)
cJ
.....N.W W.N$AWMA..NW.W..4,7160
W
W.401 ,
100;41A."4,1...W.
W1.4003".Y. p.
.
03P...0,1
OMOW..00.,...71.0000
,,c00000.A.OW,04.00OW
.0000
0 1 4.CO C.00
,
CJ,•••1
1918.
Terms of Subscription-Payable in Advance
NO. 2774
Week ending August 17.
1917.
Inc. or
Dec.
1916.
1915.
om-lowoocoo...wocowa
j 1 -1 1-41+
s000....0,-.000
0004,o,C.W0000.W.w.c10000
1+++M -r- W - 1
1-
l,M 1
++1
WN.W.100
4 4 1-1 +++
--
83
CILOON ,
-.M.Q0.N.W,
DOercOCO,MN.OMCMNNht
$
$
$
Chicago
456,910,178
382,973,509 289,852,033
Cincinnati
41,303,710
31,906,100
24,017,700
Cleveland
79,021,165
47,690,094
28,056,736
Detroit
64,529,357
49,138,081
30,293,926
Milwaukee
26,078,961
19,092,554
14,164,503
Indianapolis
13,957,000
10,936,210
8,191,044
Columbus
11,484,400
8,640,000
5,796,900
Toledo
11,817,544
9,845,042
6,842,404
Peoria
6,000,000
3,900,000
3,600,000
Grand Rapids_ _ _
4,776,725
4,033,697
3,513,857
Dayton
3,044,974
2,789,869
1,843,613
Evansville
2,897,086
2,108,811
1,683,810
Terms of Advertisind-Per Inch Space
Springfield, Ill
2,514,276
1,427,274
1,092,268
Transient matter per inch space(14 agate lines)
Fort Wayne __ _ _
1,301,153
$4 20
1,530,866
1,059,515
Two Months
Youngstown
(8 times)
4,540,781
23
2
2,331,003
1,725,295
Three Months (13 times)
Lexington
Standing Business Cards
900,000
516,578
540,538
six Months (26 times)
Akron
6,535,000
60 00
4,397,000
2,199,000
Twelve Months(52 times)
1,542,688
87 00 Rockford
1,157,513
835,805
Canton
CHICAGO OFFICE-39 South La Salle Street, Telephone Majestic 7396.
2,744,211
2,435,977
1,899,233
South Bend
1,056,917
LONDON OFFIcE-Edwards & Smith,1 Drapers' Gardens, E. C.
914,743
636,362
Springfield, Ohl
1,247,175
910,933
981,523
Bloomington _ _ _ _
WILLIAM B. DANA COMPANY, Publishers,
1,202,998
923,912
728,745
Quincy
964,038
Front. Pine and Deperster Ste., New York.
766,207
645,982
Decatur
960,323
618,931
543,217
Mansfield
810,542
691,804
490,196
Published every Saturday morning by WILLIAM B. DANA
1,152,230
COMPANY. Lansing
987,349
588,078
Jacob Seibert Jr., President and Treasurer; Arnold G. Dana, Vice-President
Lizna
625,000
575,000
and
513,047
Secretary. Addresses of both. Office of the Company.
Danville
500,000
477,253
450,409
Jacksonville, Ill_
568,506
299,812
278,621
Ann Arbor
277,175
CLEARING MOUSE RETURNS.
275,000
229,293
Adrian
132,801
86,303
35,071
The following table, made up by telegraph, &c., indicates that the total
730,509
351,842
bank Owensboro
283,190
clearings of all the clearing houses of the United States for the week ending to-day
Tot. Mid.West 848,675,856 752,127,423 +11.5 594,779,267 433,611,914
have been $6,203,696,544, against $6,253,965,350 last week and
$5,196,017,334
the corresponding week last year.
San Francisco___ 119,766,428 103,608,637 +15.5
70,434,770
54,435,298
Los Angeles
31,530,000
28,462,000 +10.8
25,384,919
19,515,927
Clearings-Returns by Telegraph.
Seattle
38,562,541
24,023,345 +60.5
Per
15,122,587
12,075,138
Week ending Aug. 21.
1918.
Portland
27,323,456
1917.
15,432,920 +77.0
11,726,698
Cent.
8,898,635
Salt Lake City11,583,863
12,786,442 -9.4
9,127,995
6,343,319
New York _
$2,681,740,388 $2,460,347,075
Spokane
8,282,771
6,000,000 +38.0
4,895,937
+9.0 Tacoma
3,358,829
Chicago
434,906,214
5,686,421
378,835,491
3,300,018 +72.3
2,298,862
+14.8
1,778,221
Philadelphia
337,789,836
7,058,550
5,400,068 +30.7
242,162,203 +39.5 Oakland
4,150,589
3,362,468
Boston
234,560,253
4,441,423
3,966,906 +12.0
165,630,283 +41.6 Sacramento
2,835,102
1,977,455
Kansas City
166,769,444
2,592,078
2,244,352 +15.5
116,385,547 +43.3 San Diego
1,942,029
1,778,549
St. Louis
126,994,438
Stockton
1,986,102
2,424,569 -18.1
105,977,321
1,392,906
+19.9
901,395
San Francisco
96,646,462
San Jose
1,302,173
900,608 +44.6
72,973,423 +32.4
679,093
725,000
Pittsburgh
117,619,720
2,151,375
1,953,335 +10.1
68,068,985 +72.8 Fresno
1,204,055
803,518
Detroit
48,000,000
918,991
998,087 -7.9
40,634,000 +18.1 Pasadena
855,292
737,168
Baltimore
60,281,131
North Yakima _ _
750,017
590,089 +27.1
32,243,358 +87.0
437,540
320,225
Now Orleans
45,146,918
500,000
460,000 +8.7
30,475,672 +48.1 Reno
410,113
367,337
Long Beach
1,023,641
742,505 +37.9
566,644
485,421
Eleven cities, 5 days
$4,350,463,804 $3,713,722,358
Total Pacific
+17.1
265,459,830 213,383,881 +24.4 153,465,131 117,863,811
Other cities, 5 days
800,467,923
590,288,917 +35.6'
Kansas City__ _ 220,728,435 140,258,859 +57.4 104,890,427
Total all cities, 5 days
66,923,924
$5,150,931,727 $4,304,011,275
28,627,647
+19.7 Minneapolis ____
24,410,639 +17.3
27,827,207
All cities, 1 day
16,244,703
1,052,764,817
892,006,059 +18.0 Omaha
53,421,949
29,815,211 +79.2
25,492,375
17,699,385
St. Paul
13,878,050
12,339,945 +12.5
Total all cities for week
13,859,259
10,691,383
$6,203,896,544 55.196.017.334
-I- In 4 Denver
22,659,377
16,867,833 +34.3
13,840,041
8,623,449
St. Joseph
18,705,462
13,398,771 +39.6
The full details for the week covered by the above will be given
9,871,745
6,674,260
9,283,354
7,361,097 +26.1
cannot furnish them to-day, clearings being made up by the next Saturday, Des Moines
5,234,928
We
4,756,544
clearing houses Sioux City
8
783
324 +51.1
5
at noon on Saturday, and hence in the above the last day of the
705
874
inortonAto
'
161,
nolAn2A
'
402,
week has to be in Wichita
J_KA A
3' ,
r0700,r
730,
0nic,nn
2,
846,
all cases estimated, as we go to press Friday night.
Duluth
4,791,989
4,292,279 +11.6
Detailed figures for the week ending Aug. 17 show:
5,674,989
3,267;437
Topeka
3,500,000
3,013,254 +16.2
1,683,456
1,595,685
Lincoln
3,820,386
4,016,722 __AL9
3,197,338
1,905,329
Davenport
Week ending August 17.
2,449,144
1,934,108 +26.6
1,812,402
1,151,135
Clearings at
Cedar Rapids_
1,998,493
2,156,576 -20.6
1,686,739
1,325,235
Colorado Springs
944,264
inc. or
1,084,396 -12.9
766,133
728,904
Fargo
1918.
1,650,000
1917.
Dec.
1,693,328 -2.6
1916.
1,556,622
081,327
1915.
Pueblo
781,174
723,751
+7.9
619,644
346,442
Fremont
710,975
$
643,645 +10.4
$
%
606,958
$
309,862
$
New York
Waterloo
3,260,803,846 3,180,644,755 +2.5
1,529,285
2,438,108 -37.3
1,883,652
1,425,344
Philadelphia ..-- 388,747,727 302,626,245 +28.5 2,522,825,778 2,088,647,605 Helena
1,733,1941
1,927,664 -10.1
1,599,375
227,911,566 151,554,692
1,114,351
Pittsburgh
Aberdeen
123,359,088
1,245,095,
70,791,751 +74.3
924,765 +34.6
54,791,273
834,652
565,853
49,688,862 Hastings
Baltimore
74,019,144
44,032,205 +70.1
500,0001
497,865 +0.4
448,511
37,949,744
203,341
27,090,383 Billings
Buffalo
21,839,571
18,601,990 +17.9
1,050,000'
1,133,911 -6.4
14,941,264
654,023
432,459
10,505,198
Albany
4,470,611
4,747,010 -5.8
4,724,084
Tot. 0th. West 412,838,104 283,509,965 +45.6 232,949,456 153,725,326
4,646,041
Washington
13,050,145
10,515,491 +24.1
8,009,057
6,878,021
Rochester
7,669,482
7,133,273 +7.5
5,697,017
167,963,011 129,811,529 +29.4
94,897,025
4,107.167 St. Louis
Scranton
64,649,107
3,866,659
3,467,278
+5.7
2,884,028
41,677,193
2,824,276 New Orleans
32,411,585 +28.6
20,355,480
13,715,984
Syracuse
5,310,877
4,759,141 +11.6
3,596,897
21,716,879
18,897,403 +14.9
2,704,356 Louisville
15,738,435
14,258,038
Reading
2,899,362
2,632,880 +10.5
1,969,433
15,142,802
11,000,000 +37.6
1,590,046 Houston
7,938,508
Wilmington
6,000,000
3,516,943
2,910,023 +20.8
2,549,813
4,024,087
4,500,000 -10.6
1,801,752 Galveston
4,819,454
Wilkes-1iarro
2,042,848
1,970,186
1,733,307 +13.7
1,741,011
46,375,930
26,234,443 +76.8
1,886,158 Richmond
16,358,862
8,697,063
Wheeling
4,535,738
3,568,648 +27.1
2,523,174
36,347,269
23,443,906 +55.0
1,860,445 Atlanta
14,764,889
10,764,509
Trenton
2,040,911
2,315,969 +27.0
1,081,849
8,705,503
9,059,326 -3.9
1,806,485 Memphis
5,559,224
3,471,111
1,334,893
York
1,171,340 +14.0
972,951
14,289,788
876,071 Nashville
9,023,590 +58.4
6,381,279
5,192,893
2,334,672
Erie
1,941,192 +20.2
1,423,181
10,856,793
9,504,796 +14.2
1,071,666 Fort Worth
7,897,006
6,291,736
Chester
1,863,085
1,282,253 +45.3
1,220,466
5,384,510
5,626,323 -4.3
758,368 Savannah
4,194,651
3,282,188
Greensburg
870,572
742,000 +17.3
Norfolk
700,01110
7,023,888
5,091,012 +38.1
574,878
3,909,147
Binghamton
3,248,393
796,200
860,500 -7.4
755,400
5,518,002
3,203,802 +72.3
627,000 Birmingham
2,306,133
1,933,481
Altoona
683,237 +29.0
887,689
580,572
2,687,738
2,619,202 +2.6
498,993 Knoxville
1,827,868
Lancaster
1,487,718
2,495,741
1,934.369 +29.0
1,592,118
4,718,084
3,960,591 +19.1
1,276,136 Chattanooga..._ _
2,620,650
Montclair
2,282,609
386,988
498,066 -22.5
358,448
5,360,626
3,729,864 +43.7
358,670 Jacksonville __
2,967,045
2,208,098
Total Middle_ 3,930,670,130 3,669,583,923 +7.1 2,901,697,124
1,443,046
1,378,991
+4.6
1,140,765
942,551
2,364,623,969 Mobile
Augusta
2,465,468
1,590,162 +55.0
1,455,931
937,158
Boston
300,150,186 242,135,074 +24.0 161,681,144
Little Rock
4,635,341
2,970,527 +56.1
2,340,194
1,866,408
135,501,344
Providence
12,054,300
9,650,200 +24.9
2,500,000
2,158,418 +15.9
1,315,762
9,350,100
1,204,830
6,646,500 Charleston
Hartford
7,528,327 -0.06
7,523,798
Oklahoma
8,000,000
7,408,000 +8.0
6,605,890
4,635,217
2,361,000
6,073,698 Macon
New Haven
4,729,717 +29.6
6,128,503
1,450,000
1,247,000 +16.3
4,116,680
3,636,832
2,134,798
3,654,258 Austin
Portland
2,500,000 +5.4
2,635,505
3,000,000,
2,600,000 +15.4
2,200,000
2,000,000
1,084,712
1,847,160 Vicksburg
Springfield
4,065,229 -9.1
3,697,606
290,3961
212,164 +36.9
3,352,924
173,250
155,286
2,800,000 Jackson
Worcester
4,339,718
3,991,717 +8.7
500,00W,
489,374 +2.2
3,608,745
389,574
347,960
2,491,825 Muskogee
River
Fall
2,381,107
1,753,472 +35.8
3,962,5741
1,701,140 +132.9
1,194,905
1,014,879
695,443
.965,109 Tulsa
gew Bedford
2,114,716
10,090,1551
1,724,782 +22.6
5,928,671 +70.2
1,392,661
3,175,885
1,380,237
041,741 Dallas
Lowell
1,250,000
1,122,748 +11.4
14,500,000
11,000,000 +31.8
1,027,019
6,450,238
822,381 Shreveport
Holyoke
685,706
806,286 -15.0
2,166,249
1,431,859 +51.3
916,803
685,472
Bangor
564,973
667,266 -15.3
612,335
Total Southern _452,795,312 338,233,618 +33.9 240,264,273 _162,716,159
388,643
TotaiNew Eng. 343,526,118 280,674,818 +22.4
106,029,206 162,818,131
Total all
8,253,965,350 5,537,513,628 +12.9 4,3197144357 3.395,259,316
-For Canadian clearings see '.'Commercial and
Note.
Outside N. Y.. 2,903,161,604 2,358,868,873 +27.0 1,796,318,679 1,306.6115
Miscellaneous News."
720
THE CHRONICLE
[VOL. 107.
situation, however, would be entirely changed if a
TION.
huge new issue for several billions were put out.
THE FINANCIAL SITUA
,
New York The bonds would then be in overabundant supply
'The First Liberty•Loan 33/2s sold on the
and weakness would
es,
2
Stock Exchange this week at 1023/, the highest price even for tax exemption purpos
has happened
and closed yesterday at 102.42, an ad- develop as they dribbled out, just as
on record,
the 434s—all of which is important
vance for the week of 2.30%. At the same time the with the 4s and
Secretary of the Treasury
Third Liberty Loan 434s have been weak, closing mainly as showing that the
on has no easy problem ahead of him if he adheres to his
yesterday at 95.10, against 95.60 at the close
the rate of interest above
Friday of last week. The reason why the lower-rate determination not to raise
Secretary thinks that with
issue commands a better price than the higher rate 434%. To be sure, the
higher than before
issue is supposed to be that the 33's enjoy greater the normal tax fixed so much
of), Government bonds not
privileges of exemption from taxation than do the (10@15% is now talked
taxes will be in greatly in4s or the 434s. The 3s are exempt from all taxa- subject to these normal
d, but the Fourth Liberty Loan will •
tion except estate or inheritance taxes, while the 4s creased deman
this respect over the existing
and 434s, besides being subject to estate taxes, are possess no advantage in
from liability for the normal
also subject to "graduated additional income taxes, 434s, which also are free
nt of 5%. There is concommonly known as surtaxes, and excess profits and taxes, and yet sell at a discou
the Secretary proposes
war profits taxes, now or hereafter imposed by the siderable speculation as to how
of the situation.
phase
United States upon theincome or profits ofindividuals, to deal with this
tions or corporations." As with
partnerships, associa
Building operations compilations for the United
the framing of each new revenue bill, the surtaxes and
being States continue to reflect the effect of the various
the excess profits and war profits taxes are
to check activity in this important
raised to higher and still higher figures, the complete influences acting
The high cost of labor and material,
2
freedom from such taxes which the 33/s'enjoy is get- industry.
and the scarcity of the latter in practically all lines
ting to be an increasingly valuable privilege.
are, of course, the clearly visible
It is, nevertheless, open to ,question whether this except lumber,
that have had to be contended with,
immunity from taxation is in itself alone sufficient adverse factors
l upward tendency of prices making
to account for the disparity in the market price of the quite genera
difficult to figure safely upon conthe 3s as compared with the 4s and the 434s. it extremely
over and above this, operations have
It would seem that there must be other factors en- tracts. But,
hindered by the desire to do nothing
tering into the consideration. If the greater tax been greatly
any way be considered as hampering
exemption alone explained the difference in price, that could in
in its war building program. On
the course of the Secretary of the Treasury with the Government
Service Daily Building Reports
reference to the impending Fourth Liberty Loan this point the Dow
far the building interests have been
would be plain and easy. He has announced his remarks "so
in the dark with regard to the
intention of not making the rate of interest in the kept more or less
in what probably will prove
coming loan more than 434%. But why offer 434% part they are to take
phase of the world war, but followwhen 332% bonds can be sold at a premium? The to be the final
ences wherein the plant capacity,
i
saving of Y of 1% on an issue of, say, $5,000,000,000 ing recent confer
ution methods, labor situation and
bonds would mean a saving of $37,500,000 per annum costs, distrib
have been tabulated, it has been
and this continued for a period of ten years (the life stocks on hand
of found that a much greater share in the war program
of a ten-year issue), would mean a total saving
months will be given to the building
375 million dollars. In order to effect such a huge of the next few
professions allied with them." Insaving, the Secretary would be justified in offering industries and
aid the Government is to extend to
full tax exemption on the coming loan, and let the dicative of the
called upon to assist in the carrying
multi-millionaires get what advantage they could those industries
out of the war program are the steps being taken
out of that circumstance.
te fuel supply.
As a matter of fact, however, there is no reason to to insure an adequa
very many years since the building permits
It is
think that an issue of 3s for so big an amount as
for so meagre an estimated
$5,000,000,000 could be held at par even if the issued in July called
month of the current year, and
bonds were given entire immunity from taxation of outlay as in the
last year is shared in by much
every description. With a loan of such great mag- the falling off from
of the cities included in our
nitude the bonds would be in practically unlimited the greater number
estimated cost covered by the
supply from the day of their issue. It is supply compilation. The
in Greater New York is only
that counts for as much as anything else in deter- contracts entered into
so $5,708,837, against $5,514,753 in 1917, but these
mining market values. The 3s have risen
8,435 in 1916—the latter a
sharply because in all probability there are very compare with $54,47
by the hurried filing of
few of them on the market. No information on total inordinately swelled
escape the restrictions of the
that point is available. The debt statement does plans in order to
went into'effect July 25 of that
not show how many unconverted 3s remain out- Zoning Law which
York the work contemplated
standing. The First Liberty Loan was originally year. Outside of New
into any under the permits issued involves an approximate
for $2,000,000,000, but being convertible
1,342, or 1534 millions less
future issue bearing a higher rate of interest, it is safe expenditure of $37,93
exhibits a decrease of 253/ milto assume that the bulk of the whole amount was than in 1917, and
Conspicuous losses are recorded
exchanged for 4s when the Second Liberty Loan was lions from 1916.
cities, including Philadelissued at the increased rate. Such bonds as were not at many of the larger
Pittsburgh, Detroit, Boston, Washexchanged are probably closely held. Hence when phia, Cleveland,
Baltimore, San Francisco, New
an order for a few hundred thousand dollars is given, ington, Milwaukee,
priv- Orleans, Kansas City, St. Louis, St. Paul, Hartthe purchaser buying by reason of the special
Syracuse, Rochester, Omaha,
ilege which the bonds enjoy, a quick rise ensues. The ford, New Haven,
AUG. 24 1918.]
THE CHRONICLE
721
Peoria, Wichita and Akron. On the other hand, fall before the advance of French and British in
gains worthy of mention appear.in the returns from Picardy. Noyon is already so successfully flanked
Chicago, Denver, Seattle, Minneapolis, Indianapolis, that its capture is regarded as a matter of hardly
Jersey City, Des Moines, Atlanta, Tacoma, Nor- more than hours. The British in the north are exfolk and Oklahoma City. Including New York ecuting a similar flanking movement above Bapaume,
the aggregate for 145 cities is $43,640,179, this and are making daily progress in spite of the despercontrasting with $58,701,808 in July 1917 and ate resistance of the enemy. It is the belief in mili$118,071,227 in 1916.
tary circles at Washington that both cities are essenFor the seven months of 1918 the projected out- tial to the enemy if he wishes to avoid further retirelay at the identical 145 cities is, of course, decidedly ment. Chaulnes, which has held out against the
less than last year and consequently makes a sorry Allied forces so far, will be involved should either of
comparison with the record total of 1916. The the foregoing cities fall. This is an important juncresult, as we compile it, is an aggregate of but tion point supplying the German forces to the south
$291,899,977, against $482,138,961 for the period as well as those immediately to the west. Yesterin 1917 and no less than 626 millions in 1916. Greater day's British official bulletin announces that fightNew York's operations at 39 1-3 million dollars, ing is continuing on practically the whole front becompare with 72 millions And 16831 millions re- tween Lihons, south of the Somme, to the Cojeul
spectively one and two years ago, and for the out- River (four miles south of Arras). One of the
side cities the total at 2523/ millions is 157% greatest battles of the war seems to be developing.
millions under 1917 and 205 millions below The Germans are organizing new defensive lines
1916.
far in the rear of the present German positions in
Returns from Canada indicate a little more ac- Picardy. More than fifty villages have been
tivity in construction work this year than last but occupied by the French. Considerable significance
a condition of comparative dulness contrasted with is attached to the arrival of a Hungarian division
the period before the breaking out of the European on the western front. Thousands of prisoners,
war. Twenty-seven cities in the Eastern Provinces numerous large guns and machine guns and large
furnish for July this year a total of intended outlay stores of war supplies have been added to the
of $5,102,873, against $4,005,935 last year, and stocks already in Allied hands as trophies for
for 11 Western cities the comparison is between their excellent work since the tide of battle turned
$903,435 and $431,232. The aggregate of all (37 against the enemy by the commencement of Gen.
cities) is, therefore, $6,006,308, against $4,437,167 Foch's offensive on the Marne July 18. The British
in 1917, but in 1914 the total was over 10 millions. during the last two days report more than 5,000
For the seven months the contemplated outlay prisoners. In a new offensive begun on Wednesday
shows a moderate gain over either 1917 or 1916, by Field Marshal Haig from the north of the Somme
but a very heavy decline from 1914. In the East to Albert, an advance of nearly two miles eastward
a total of $17,500,224 contrasts with $17,146,167 already has been reported over a six-mile front.
and 42 millions, and in the West $5,174,709 with The town of Albert on the Ancre, which is the key$3,497,302 and 24 millions. In all the 37 cities stone of the German offensive, protecting the Gerhave arranged to expend $22,674,933, against mans north of the Somme, has been taken. The
$20,643,469 a year ago and 64 millions in 1914.
Ancre River to the south of Albert was crossed by the
British in their drive, thus forming a serious menace
The week's war news has consisted of a succession to the enemy around Bray, where at last reports
of successful attacks by the British and French and Americans were in the battle line. Desperate re.
American troops on the western front. The Allied sistance has been offered to the further eastward
offensive, quoting a press dispatch from the front, advance of the British in the sector immediately
is now at its greatest height since July 18, not only south of Arras, where the important railroad town of
in Accomplishment but in possibilities. The rapid Bapaume seems to be the immediate objective.
advance of the French between the Oise and the Particularly heavy fighting occurred at Achiet-leAisne, is creating a salient in the German posi- Grand and Miraumont, but although these towns
tions and increasing the necessity for the early have changed hands several times, they were at
withdrawal from the Vesle to the old Aisne line. last accounts in the hands of the British.
With the constant Allied attacks, the Germans are
Under the further progress of the French armies
showing extreme nervousness in all sectors where from the vicinity of Lassigny to Soissons, a huge
they have not yet been attacked. This was demon- wedge seemingly has been driven in between the
strated during the raids by American troops in the armies of Gen. von Boehn and the German Crown
Vosges region. In contrast to the German method Prince. Field Marshal Foch now apparently has the
of conducting an offensive with long waits between initiative entirely in his own hands, and purposes
blows, the hammering by the Allies has been constant to press his advantage for the little more than two
for more than a month, and, quoting the dispatch in months of good fighting weather that remains before
question, "the limit of their pushing power has not the winter season sets in. Even the German newsyet been reached." The French battleline, it is now papers are now accepting as true the statement of the
understood, extends from St. Mard west of Roye, American Secretary of War concerning the strength
southward through Beuevraignes, east of Lassigny, of the American forces in France. Allied successes
through Evriscourt, Cannectancourt, and Ville, on the Marne, in Picardy and in Flanders in recent
South of Ponti l'Eveque, across the Oise Canal near operations have resulted in a contraction of the westVaresnes, through Bretigny and Quierzy, and south- ern battlefront by more than 50 miles, according to
ward through Champs and Guny to Pommiers.
Gen. March, Chief of American Staff. Thirty-two
In military circles at Washington it is expected American divisions have arrived in France, General
that Noyon on the south and Bapaume on the north March says.
will be the next important German strongholds to
722
THE CHRONICLE
Our State Department's advices from Russia are
somewhat discouraging. Vice-Consul Robert W.
Imbrie at Petrograd reported in a delayed dispatch
that members of the Bolshevik Government at the
former Russian capital had issued a pronunciamento
declaring that a state of war existed between Russia
and the United States. In view of the Bolshevik
declaration, Mr.Imbrie reported that he had lowered
the United States flag over the Consulate and,following the recent action of Consul-General Poole at
Moscow, closed the consulate and turned over the
affairs of the United States to the Norwegian Consul. Americans in Petrograd, believed to number
about 20, were warned to leave, Consul Imbrie's
dispatch says, although the Consul indicated that
he would remain at his post until he had received
instructions from the State Department. Dispatches
by way of London declare that the critical moment
has arrived in the transformation of Russia. The
Bolshevik power is said to be breaking up and the
Allied troops have entered Russia by three gateways
that still remain, namely, in the north, in the Caucasus and in Siberia. One correspondent describes
the situation as characteristic of the anomalies of
the war that, whereas in the north the Bolsheviki
are fighting the Allies and describing them in their
military bulletins as the enemy, yet in the south
British troops have come to the rescue of other
Bolsheviki who, with Armenian volunteers, are defending Baku against a Turkish force. Up to date
the Allies' operations in Russia are in their initial
stage.
While naval authorities of the Allied countries
agree that the submarine activities of the enemy
no longer are a real menace, it still is evident that
very severe damage is taking place daily. A dispatch from Paris quotes Franklin D. Roosevelt,
Assistant Secretary of our Navy, as declaring that
"as everybody now knows, the submarine has ceased
to be a menace and it has dropped down into the
category of accidents so far as the marine transportation of the Allies is concerned. The loss of a
ship by submarine now is like an accidental explosion
in a munitions factory or a chance hit of an enemy
shell on an ammunition dump ten miles back of our
lines. Such accidents will happen, but they are
not a menace. That is the true appraisal," Mr.
Roosevelt says, "of the submarine danger now.
For three years the submarine was a real menace.
It has ceased to be such because of the change in
Ally methods. In the beginning the policy was to
avoid the submarines, to following nothing but preventive and defensive methods. That has all been
changed in the last year by the introduction of new
factors in the situation. One of these factors of
course is the American navy. Now, instead of
trying to avoid the submarine, the Allies are all
the time in pursuit of it, destroying it by effective
devices. Because of this change in method the submarines are forced to co-operate only far out at sea
in the Atlantic and the Mediterranean. They can
no longer wait at harbor mouth to take their pick
of the many outgoing and incoming ships. The
coasts and course are practically free of them."
Notwithstanding this roseate view, the British
Admiralty announces that British shipping losses
during July were 176,479 tons and the losses of
Great Britain's allies and neutrals amounted to
136,532 tons. The British losses exceeded ihitish
[VoL. 107.
construction by 34,531 tons. Vessels aggregating
7,718,898 tons sailed from British ports during the
month. Compared with the adjusted May losses,
the July shipping casualties register a decrease in
British vessels lost of 55,300 tons and an increase
in Allied and neutral vessels of 3,829. Compared
with the July figures of 1917 the combined British,
Allied and neutral losses show a decrease of 262,938
tons. The enemy submarines continue to show
activity along our own Atlantic Coast, although as a
rule these activities are confined to operations
against small vessels. One of the most interesting
of the recent developments in this direction has been
the capture of the steam trawler Triumph in Canadian waters by a U-boat and the turning of the trawler
into a raider manned by a crew from the submarine
which captured it. This raider promptly sank four
fishing vessels and probably more, as the Triumph
has not yet been captured. A crew of 16 men was
placed on board and lost no time in arming her with
two guns and beginning their work of havoc among
the fishermen. A rather sensational story has been
printed this week of an officer of an enemy U-boat
having been seen in New York, having been recognized by one of the officers of a ship he sank. The
recognition was said to be mutual and the captain
promptly disappeared. If the incident is true, it
suggests that communication is being very freely
carried on with the enemy underwater craft.
Evidence is accumulating of the beginning of
another peace drive by Berlin. This suggests that
the military offensive for 1.918 has been completed,
so far as the German organization is concerned,
and the peace movement which would have been one
of the natural incidents of the approaching winter
has thus been started well ahead of schedule time.
Dr. W. S. Solf, German Secretary of State for the
Colonies, in a speech before the German Society
on Wednesday declared that the German Government is fully resolved "Not to misuse the protection
which had been asked for and which had been
granted" to Russia, "because forcible annexation
would bar the way now open to oppressed peoples—
the road to freedom, order and mutual tolerance.
The Imperial Chancellor," said Dr. Solf, "declared
last month in the Reichstag that we do not intend
to retain Belgium in any form whatever. Belgium
shall rise again after the war as an independent
State, a vassal to no one. Nothing stands in the
way of the restoration of Belgium but the enemy's
will to war." The speaker added that German
working classes were becoming conscious of the fact
that the retention of Germany's colonies was a vital
question. Germany desired to compromise regarding colonial questions on the basis that these
possessions should correspond to the economic
strength of the nation. The speaker referred to the
recent address by A. J. Balfour, British Secretary
of State for Foreign Affairs, who had "formally
announced Great Britain's claim for the annexation
of our colonies and did not hesitate to advance, on
moral grounds this claim for annexation He [Mr.
Balfour] notonly concerns himself as to our colonial
methods, but goes into high politics with all sails
set. Mr. Balfour in his speech announced the British
creed which amounts to representing Britain's right
to world domination as something self-evident and
morally annihilating Germany's- claim to be a great
Power." Referring to Mr. Balfour's "second
AUG. 24 1918.]
THE CHRONICLE
723
charge," Dr. Soil said it was directed against Ger- ounce, to 493/d„ following the advance in the price
2
many's Eastern policy. To this he replied that the of the white metal in New York. The advance was
Brest-Litovsk peace came about by agreement be- not due, according to London advices, to any firmtween the Russian and German Governments, that ness in the China exchanges. A fusion of the Anglothe frontier peoples of Russia after centuries of Egyptian Bank and the National Bank of India is
oppression should be permitted to live their own understood to be in process of negotiation. The
national life for which object they have been striving. Australian Commonwealth loan of £4,750,000, bear"The economiè distress in the territories occupied by ing 532% interest and offered recently at 993/2, has
us is undoubtedly great. But it is cynicism when been fully subscribed. The bonds are redeemable
England laments this, because her hunger blockade in 1922 and 1927. The Russian 5s issued in Lonis directed against the occupied territories just as it don in 1906 and due in 1956 have this week touched
is directed against us, against neutrals and against 61, after having been down as low as 42 earlier in the
the whole world."
year. This is considered a practical demonstration
It certainly is evidence of the complete control of of the improvement which is gradually taking place in
the military machine even over the more educated the general situation. These bonds stood at 503/i
classes in the Fatherland that a German official at the close of 1917 and at 75 in 1916. Early in the
could seriously make such statements as the fore- latter named year they were quoted at 913 and sold.
4
going before such an important body as the German as high as 1043/i before the war in 1914.
Society. But German military leaders, to quote
The sales of British war bonds under the cona press dispatch from British headquarters in France,
are becoming distinctly worried over the prospects tinuous sale plan last week reached a total of £21,of the revolution in Germany. General Ludendorff 868,000, which compares with £17,024,000 the week
in a captured secret order has taken steps to employ preceding. • The aggregate of sales•through the banks
the assistance of his commanding officers and the now is £975,170,000. Including the Post Office
various governmental agencies to help him stamp totals, £1,000,000,000 sterling was reached last
out the first sparks of this revolution. The order week. The post offices report for the week ending
states that it has come to his knowledge through a Aug. 10 sales of bonds amounting to £364,000,
letter addressed to the Royal Prussian Minister of bringing their total up to £35,913,000. The preWar that men on leave have spoken f•ublicly of a vious week's record through the Post Office was
revolution which is to break out after the war. A £610,000. No previous war loan has thus far
soldier said to have come from the industrial region placed so enormous a sum of new money at the disof Rhenish Westphalia declared in a train that in posal of the State. Hitherto the world's record was
his home district men were going on leaves, taking held by the British war loan of 1917, which yielded
weapons with them for the aforesaid object and that £948,459,000 in cash received. It will be of interest
it was easy to take home German or captured re- to see how our own forthcoming war loan will comvolvers as well as hand grenades separated into two pare with these figures. It has taken the British
parts. Ludendorff concluded by ordering that the Treasury from October 1917 to accumulate the
clothing of men going home on leaves be searched present large total of £1,000,000,000. War savings
at set places before their departure. General Luden- certificates of £1 each disposed of in the week of
dorff wished to impress upon all superior officers who Aug. 10 totaled £1,509,000, bringing the total of the
happened to hear such objectionable talk or who ultimate indebtedness under this head to £224,hear of it through others that they must deal with 246000.
it at once and without hesitation. The home authoriThe July record of foreign commerce issued by
ties and the Director of Military Railways have been
the British Board of Trade this week shows an indirected to take corresponding measures.
crease of £19,067,181 in imports and a decrease of
markets continue to display buoy- £6,189,635 in exports. These figures are represenThe London
ancy with some improvement in activity. As an tative of conditions which have been current for
influence for this improvement, ideal weather for about two years. In exports the falling off was very
the harvests has been added to the uninterrupted suc- largely in cotton goods, of which 288,648,000 yards
cession of favoring reports from the war zones. went abroad, against 469,088,000 yards for the corFinancial correspondents in London in their dis- responding month of 1917. The exports of gray
patches cabled to this side continue to report confi- goods, for instance, declined from 101,241,000 yards
dence in the final victory in the war as a development in July last year to 53,469,000 yards this year;
of midsummer of 1919. There appears no wide- bleached cottons decreased from 167,824,000 yards
spread belief at the British centre that serious peace to 90,813,000 yards and printed cotton from 92,negotiation's will be undertaken this year. A demand 381,000 yards to 63,168,000 yards and dyed cottons
for Baku oil securities has been stimulated during from 107,642,000 yards to 81,198,000 yards. We
the week by the news that a British detachment has append comparisons of the total trade for the month
landed at Baku. Russian securities have ruled dull, of July and for seven months ending with July:
July—
Jan. 1 to July 31though speculative stocks such as those of tin mining
1918
1917
1918
1917
companies have been more active. Rubber plantaImports
109,249,000 90,182,430 761,930,868 591,048.563
tion shares, which had been enjoying a rather pro- Exports
43,644,000 49,833,635 290,476,649 300,983,179
tracted period of favor, have come under selling Excess of imports.._ 65,605.000 40,348,795 471.454,219 290,065,384
pressure due to the absence of shipping facilities for
the products of the plantations, which is resulting
The British Treasury statement for the week ended
in an accumulation of stocks in Singapore, where Aug. 17 indicated a further reduction in revenues,
prices are said to be barely above production costs. while expenditures were substantially increased.
The British Treasury has raised the maximum price Treasury bills outstanding showed an increase of
of silver, which it recently fixed at 48 13-16d. per more than £8,000,000 for the week. Sales of new
724
VoL. 107.
THE CHRONICLE
Treasury bills continue to exceed the amount repaid,
and this week registered a substantial gain over the
amount sold a week ago. The week's expenses were
£57,026,000 (against £37,029,000 for the week ending Aug. 10), while the total outflow, including repayments of Treasury bills and other items, was
£136,679,000, against £144,019,000 the week previous. Repayments of Treasury bills amounted to
£65,370,000, comparing with £56,013,000 last week.
Receipts from all sources equaled £136,187,000, in
comparison with £106,945,000. Of this total, revenues contributed £14,547,000, as compared with
£15,379,000; war savings certificates totaled £1,500,000, against £1,900,000, and other debts incurred
£8,614,000, against £9,024,000. War bonds sold
amounted to £23,096,000, against £23,239,000, while
advances were £15,000,000, against £8,750,000 last
week. New issues of Treasury bills totaled £73,280,000. A week ago the amount was £48,528,000.
Treasury bills outstanding aggregated £1,055,327,000, which compares with £1,047,240,000. The
Exchequer balance is £12,032,000, a decline of £492,000 for the week.
France is displaying energy in railroad building
which may be compared to some extent with our own
shipbuilding activity. Advices by cable state that a
railroad more than 130 miles in length behind the
French front was on Friday of last week opened for
traffic, having been constructed in less than 100 days.
Its purpose is to improve communication between the
northern and southern parts of the Northern Railway system. The construction of the line involved
the building of two important bridges and a tunnel
of more than 1,000 feet in length. Trading on the
Paris Bourse has been active and at advancing prices
—a response to the uninterrupted advance of the
Allied troops. The French Premier, M. Georges
Clemenceau, is quoted by a press dispatch as expressing the belief that a complete triumph will be
won during the present year by the arms of the Entente Powers and that the war will have ended before another year has passed. The Premier declared
that the work of the American troops on the battle
field did more to terrorize Germany than any other
thing the enemy had met. During a recent debate
in the Chamber of Deputies it developed that 500,000,000 francs had been advanced by the Bank of
France on behalf of the Government, free of commission or interest, to 75 French houses which were
creditors of the Russian Government.
tion of reserve to liabilities was advanced to 17.90%,
against 17.45% a week ago and 19% last year. Pub.
lic deposits decreased £398,000, while other deposits
were reduced £1,730,000 and Government securities
declined £1,280,000. Loans(other securities) showed
a contraction of £1,237,000. Threadneedle Street's
gold holdings aggregate £68,664,678, as against
£54,152,640 a year ago and £57,146,914 in 1916.
Reserves total £30,366,000, which compares with
£39,933,315 in 1917 and £40,060,519 the year previous. Loans now stand at £98,950,000. A year
ago the total was £100,889,240 and in 1916 £89,047,403. Clearings through the London banks for the
week amounted to £403,360,000, in contrast with
£431,740,000 last week and £326,980,000 a year ago.
Our special correspondent is no longer able to give
details by cable of the gold movement into and out of
the Bank for the Bank week, inasmuch as the Bank
has discontinued such reports. We append a tabular
statement of compatisons:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1914.
1915.
1916.
1917.
1918.
Aug. 26.
Aug. 25.
Aug. 23.
Aug. 22.
Aug. 21.
56,748,000
Circulation
33,697,000
Public deposits
135,996,000
Other deposits
Government securs_ 58,422,000
Other securities_ _ _ _ 98,950,000
Reserve notes dr coin 30,366,000
Coin and bullion.._ 68,664,678
Proportion of reserve
17.90%
to liabilities_
5%
Bank rate
39,933,515
44,700,857
127,244,116
56,483,328
100,889,240
39,933,515
54,152,640
35,530,395
51,428,269
101,751,917
42,187,602
89,047,403
40,060,519
57,146,914
31,803,255
134,054,324
89,465,037
45,655,382
142,137,266
53,947,511
67,300,766
35,571,436
23,886,766
123,892,659
29,778,971
109,904,670
26,351,977
43,473,412
19%
5%
20.10%
6%
24.13%
5%
17.87%
5%
The Bank of France reports another rise in its gold
item, this week's gain being 757,000 francs. The
Bank's gold holdings now aggregate 5,434,831,575
francs, of which 2,037,108,500 francs are held abroad.
At this time last year the gold holdings aggregated
5,309,717,466 francs (including 2,037,108,484 francs
held abroad), while in 1916 the amount was 4,808,057,817 francs (including 472,885,788 francs held
abroad). During the week increases were recorded
in the silver item, general deposits and Treasury deposits, the gains being 3,545,000 francs, 30,003,000
francs and 62,468,000 francs, respectively. On the
other hand, bills discounted declined 55,812,000
francs and advances fell off 758,000 francs. An
expansion of 15,800,000 francs in note circulation .is
also reported. The total amount of notes now outstanding is 29,423,825,000 francs, comparing with
20,468,567,725 francs in 1917 and with 16,376,066,310 francs in 1916. On July 30 1914, the period just
preceding the outbreak of the war, the amount was
6,683,184,785 francs. Comparison of the various
items with the statement of last week and correNo change was noted in official discount rates at sponding dates in 1917 and 1916 are as follows:
leading European centres from 5% in London,
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
Paris, Berlin, Vienna and Copenhagen;6% in Petrofor Week. Aug. 22 1918. Aug. 23 1917. Aug. 24 1916
Francs.
Francs.
Francs.
Francs.
grad and Norway; 63/2% in Sweden, and 432% in Gold Holdings-757,000 3,397,723,075 3,272,608,981 4,335,172,029
Inc.
In France
472,885,788
Switzerland, Holland and Spain. In London the Abroad
No change 2,037,108,500 2,037,108,484
private bank rate has been advanced to 3 17-32%
5,309,717,466 4,808,057,817
757,000 5,434,831,575
Inc.
Total
339,326,384
260,330,833
319,173,000
for sixty and ninety days from 3 7-16% last week. Silver
Inc. 3,645,000
424,837,850
567,412,135
887,123,000
Bills discounted_ _ _Dec. 55,812,000
Call money in London remains at 3%. So far as we Advances
840,688,000 1,126,450,944 1,180,577,215
758,000
Dec.
have been able to learn, no reports have been received Note circulation_ _ _Inc. 15,800,000 29,423,825,000 20,468,567,725 16,376,066,310
158,514,70
17,901,390
162,078,000
Treasury deposits_ _Inc. 02,468,000
by cable of open market rates at other European General deposits.. _Inc. 30,003,000 3,715,698,000 2,715,609,911 2,240,313,01
centres.
In its weekly statement, issued as of Aug. 15,
The Bank of England in its statement for the week the Imperial Bank of Germany shows the following
announced a further important accession to its stock changes: Total coin and bullion increased 90,000
of gold, namely, £430,562. Note circulation in- marks, gold increased 132,000 marks, Treasury notes
creased £58,000; hence the total reserve indicated gained 54,179,000 marks, notes of other banks exan expansion of only £373,000. There were declines panded 671,000 marks, bills discounted showed2:a
shown in the deposit items, and as a result the propor- large increase, viz., 118,218,000 marks,'"._ advances
AUG. 24 1918.]
THE CHRONICLE
increased 2,740,000 marks. There were also increases of 1,417,000 marks in investments, 8,871,000
marks in other securities and the large expansion of
143,377,000 marks in note circulation. Deposits
were substantially reduced, the amount of the reduction being 208,610,000 marks, while other liabilities
expanded no less than 251,419,000 marks. The
Bank reports its stock of gold as being 2,347,761,000
marks, which compares with 2,402,450,000 marks
last year and 2,468,570,000 marks in 1916.
725
is "no money for speculation." Early in the week
the Committee of the New York Clearing House
declared itself by resolution in entire sympathy with
the suggestion of the Federal Reserve Board that
the banks curtail credit to all borrowers not engaged
in essential industries or in activities neededifor the
health and necessary comfort of the people. The
committee commended the Board's suggestions to
the earnest consideration of the business public.
There has been some suggestion that loans:connected
with Stock Exchange transactions may be ruled
Last week's statement of New York Associated as occupying a position in the non-essential class.
banks and trust companies, issued on Saturday, But no formal decision on this point has been proshowed a further reduction in reserves. The loan mulgated. Such an order necessarily would tend
item, however, recorded a fairly considerable con- to still further contract the already small business
traction, namely $31,333,000, which might be taken being transacted from day to day on the Stock
to reflect the policy of the banks in curtailing loans Exchange, but it hardly seems probable that an
and credits as a result of the Federal Reserve Board's arbitrary ruling will be made to this effect, more
suggestion that these be limited to essential enter- especially when the important functions ofi
;the Stock
prises. As a matter of fact, the total of the loans Exchange in the direction of relievingimoney strain
still remains high. Other changes were not impor- by its facilities for the sale and purchase of securities
tant. Net demand deposits increased $5,974,000 to are taken into consideration. J. P. Morgan & Co.
• $3,611,636,000 (Government deposits of $442,949,- sold this week the usual weekly amount of British
000 deducted), while net time deposits gained $2,- ninety-day Treasury bills on a 6% discount basis,
910,000. Cash in vaults (members of the Federal which is the same rate paid on recent issues. The
Reserve Bank) declined $2,489,000 to $97,191,000 same bankers on and after Monday next will make
(not counted as reserve). The reserve in the Fed- advances on call against eligible acceptances to dealeral Reserve Bank of member banks decreased $10,- ers and discount houses at rates based, on the dis804,000 to $489,122,000. Reserves in own vaults count rate of the Federal Reserve Bank, which will
(State banks and trust companies) increased $424,- be 43'%. This action is taken iii order to encourage
• 000 to $11,540,000. Reserves in other depositories the development of a free and active market for
(State banks and trust companies) expanded $571,- acceptances eligible for discount at the Federal
000 to $8,222,000. Aggregate reserves registered a Reserve banks on the lines of similar markets in
reduction of $9,809,000 to $508,884,000, which com- London and Paris.
pares with $562,754,000 a year ago. There was a
Referring more specifically to :detailed rates for
loss in surplus of $10,765,300, this bringing the total money, call loans have ruled all week at 6%, that
of excess reserves down to $30,074,080, on the basis being the only figure quoted on each day of the week
of 13% reserves for member banks of the Federal and the rate at which renewals were negotiated.
Reserve system (but not counting $97,191,000 cash This compares with p, range of 5%@6% last week and
in vaults held by these banks). At the correspond- applies to mixed collateral, since loans on all-indusing date last year the surplus on hand amounted to trials are now quoted M of 1% higher. For fixed
$76,455,990 on the same basis. The bank state- maturities very little business is passing. Nominally
ment is given in fuller detail in a subsequent section rates continue to be quoted at 5%@6% for all perof the "Chronicle."
iods from sixty daysto six months, but as a matter of
fact loanable funds are practically unavilable for all
Money in New York now is virtually on a perma- but the shortest maturities, and even these are a matnent 6% basis. There is reason to believe that the ter of negotiation. Opinion in banking circles is
intention is to stabilize it at this figure, not alone that under existing conditions imposed by the war,
in the matter of demand and definite term borrow- supplies of money for non-essential industries are
ings, but likewise in the matter of commercial paper. likely to lessen rather than increase and that the
The last-named feature is a matter of distinct interest, activity in Government operations precludes any
as it removes all discrimination in the matter of let-up to the demand for money for some time to
names well known and not well known, and leaves come. Last year sixty day funds were quoted at
a single rate available for all. The explanation is 4@43' %, ninety daysat 432%, four months at 43/i
1
that being at war, war-time conditions must be @4%%,and five and six months at 4Y@5%.
1
accepted and that the bankers recognize the obliCommercial paper rates are now quoted nominally
gation of seeing that all legitimate borrowers must at 6%, both for sixty and ninety days' endorsed
have equal consideration. With a new war loan of bills receivable and six months' names of choice charprobably $5,000,000,000 soon to demand attention, acter, and also for names less well known, against
there is slight incentive to expect any substantial 5%@6% and 63/2%, respectively, last week. As
easing in the general banking position. The British 6% is now the formal rate, previous differentials
Government on Sept. 1 will pay off through J. P. have been abolished, and whatever transactions are
Morgan & Co. $195,000,000 out of a total of $250,- being successfully negotiated are at the fixed rate.
000,000 two-year 5% secured notes which mature
Banks' and bankers' acceptances were in rather
on that day. The $55,000,000 already paid off better demand, but trading only reached small profollowed the changing of the collateral and was in portions. This is not surprising in view of prevailaccordance with the agreement that in the event of ing high rates for money. It is asserted that arthe collateral being reduced notes would be corre- rangements are now being discussed which if put
spondingly paid off to keep the proper balance. In through will result in a material broadening of the
banking circles the view is freely expressed that there open market in this country. The undertone was a
V
THE CHRONICLE
726
[VoL. 107.
1
1
Minneapolis.
Kansas City.
1
New York.
Boston.
j
I
1
firm one with rates showing only slight net change for at 4 73@4 733-i. Trading was dull on Tuesday with
the volume of transactions small; the undertone was
the week. Detailed quotations follow:
Delivery
Spot Delivery
somewhat easier but actual rates remained at the
within
Thirty
Sixty
Ninety
Wednesday's dealings showed
30 Days. previous day's levels.
Days.
Days.
Days.
4% bid
4%©4% 4%@4% 4%©4
Eligible bills of member banks
no increase in activity and there was a slight recession
4% bid
/
4@44 47 6©4% 4% €44 A
Eligible bills of non-member banks
bid in demand bills, which declined to 4 7545@4 7532;
6
5%©4% 531©44 5%04%
Ineligible bills
in rates, so far as our knowledge goes, other quotations were not changed from 4 7655@
No changes
have been made the past week by the Federal Re- 4 7660 for cable transfers and 4 73@4 733 for sixty
serve banks. Previaling rates for various classes of days. Notwithstanding continued dulness on Thurspaper at the different Reserve banks are shown in the day, a firmer tone became apparent and demand was
following:
advanced to 4 75 7-16@4 7555; cable transfers ruled
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
at 4 7655@4 7660 and sixty days at 4 73@4 733-i;
i
news of the brilliant successes attained in the latest
0
1
CLASSES
Franco-British-American advance on the western
i "i
ca ,
. ..
• P.
OF
.
4
DISCOUNTS AND LOANS
1 Q
battlefront exercised a sentimentally favorable ink
fluence. On Friday the market ruled firm, though
*
Discounts—
without important change. Closing quotations were
Within 15 days,incl. member
4% 4 4
banks' collateral notes____ 4 4 4 4% 4% 4 4 4 4
4 73@4 733I for sixty days, 4 75 7-16@5 7555 for
16 to 60 days' maturity__ 434 4% 434 434 5 434 4% 434 4% 534 434 434
61 to 90 days' maturity__ 4% 4% 4% 4% 5 4% 4% 4% 5 5% 5 434 demand and 4 76 9-16@4 765
4 for cable transfers.
Agricultural and live-stock
5 5% 5% 434 5% 5% 534 5% 534 534
5 5
Paper over 90 days
Commercial sight bills finished at 4 75@4 753,sixty
by U. B. certificat,,
Secured
of incebtedness or Lib%
days at 4 71%@4 71 8, ninety days at 4 70@4 703 ,
erty Loan bonds—
Within 15 days, including
documents for payment (sixty days) at 4 71@4 713-i,
member banks' collat4 4 4344 4 4 4 4344 4
4 4
eral notes
3
Cotton
4% 434 434 4% 4% 434 434 434 434 4% 454 434 and seven-day grain bills at 4 74%@4 74%.,
16 to 90 days' maturity
Trade Acceptances
4% 4% 434 4% 4% 434 434 434 434 4% 4% 412a and grain for payment closed at 4 75@4 753. No
1 to 60 days' maturity
4
4&, 4t4 4;4 4&4 44i 4S4 4k4 4t4 4% 41 4% 4%
61 to 00 days' maturity
engagements either for the importation or shipment
*Rate of 3 to 454% for 1-day discounts in connection with the loan operations
of the Government.
of gold were reported.
under 4%.
a 15 days and
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.
-day dis-day trade acceptance rate is higher than the 15
Note 3. In case the 60
count rate, trade acceptances maturing within 15 days will be taken at the lower rate.
-day
Note 4. Whenever application is made by member banks for renewal of 15
-day
Paper, the Federal Reserve banks may charge a rate not exceeding that for 90
paper of the same class.
Sterling exchange rates have been maintained but
have notfurther advanced. What appears to be really
happening is that the French and Italian exchanges
are adjusting themselves more completely to the
stabilized position of ste ding and triangular transactions at large profits s re not so freely obtainable.
A special dispatch frori/ London to the "Evening
Post" explains that at sharp movement of the
neutral exchanges in favor of London, coming as it
does along with the further depreciation of the German mark, is a resporme to. the military developments. The appreciaticn of sterling and of French
exchange, however, is due primarily, the dispatch
adds, to the increasing numbers of Americans in
France. The conditiont. are artificial because, without America's advancev to the Allies, the sterling
market would undoubtedly slump again. As it is,
America's purchases in France in connection with
the American troops are sufficient to affect exchange.
This influence will in the nature of the case increase
steadily.
The higher money rates in New York are of course
attracting funds from London and are encouraging the payment of maturing indebtedness. It is
announced from London that the $6,500,000 of
Metropolitan Water Board bills maturing Sept. 18
will be paid off. We have already referred in our
remarks on the money situation to the payment of
the $250,000,000 United Kingdom two-year notes
which mature on Sept. 1.
Dealing with day-to-day rates, sterling exchange
on Saturday, in comparison with Friday of a week
ago, was steady and practically unchanged; demand
was still quoted at 4 7560@4 75623/ and sixty days
at 4 73@4 7331,. while cable transfers were frac2
.
tionally lower at 4 7660@4 76623/ On Monday
weakness developed and there were declines to
4 7555@4 7560 for demand and to 4 7655@4 7660
for cable transfers; sixty days, however, continued
Dulness has been the main feature of operations
in the Continental exchanges. Quotations, however, have been well maintained and francs ruled
strong and higher, closing well above the high levels
recently attained. Lire also were firm, closing at
the rate fixed last week by the Division of Foreign
Exchange. Cable advices indicating the extent
and scope of the progress made in Gene* Foch's
counter-offensive in the West and elsewhere created
a highly favorable impression on market sentiment,
and it is likely that rates would have responded
appreciably were it not for the arbitrary control
exercised over foreign exchange quotations by the
various Governments. Russian exchange remains
deadlocked and apparently unaffected by current
momentous events in that battle-torn republic,
the explanation being that all trading has long been
discontinued in that class of exchange. The official
London check rate on Paris finished at 26.76,
comparing with 27.10 a week ago. In New York
sight bills on the French centre closed at 5 62, against
2
5 653; cables at 5 61, against 5643/; commercial
against 5 71%, and commercia I
sight at 5 62%,
2
sixty days at 5 683/, against 5 773% last week.
Lire finished at the official rates of 7 51 for bankers'
sight bills and 7 50 for cables. This compares with
7 51 and 7 50 the week before. Rubles continue
to be quoted nominal at 14 for checks and 15 for
cables. Greek exchange has not been changed from
%
5 133 for checks and 5 123/ for cables.
In the neutral exchanges a further decline in rates
resulted from the encouraging developments in the
war situation. A decisive blow by the Entente
armies calculated to shorten the duration of the war
would naturally result in a sharp upturn in the Allied
exchanges and at the same time serve to depress
neutral rates. Swiss francs broke sharply, declining
to 4 22, a new low point on the current movement.
The Scandinavian: exchanges moved irregularly and
closed at small recessions. Guilders were lower,
while Spanish pesetas continued heavy.
Bankers' sight on Amsterdam finished at 513.,
against 50 8;cables at519,against 513%; commercia
AUG. 24 1918.]
THE CHRONICLE
727
sight at 513/, against 51 1-16, and commercial dorff's line, with capture of 10,000 German
s
sixty days at 51, against 51 5-16 on Friday of a prisoners and great stores of material, is the complete
week ago. Swiss exchange closed at 4 21 for bank- vindication of the policy adopted
under stress of
ers' sight bills and 4 19 for cables, in comparison Allied defeat last spring of entrusting direction
of the
with 4 00 and 3 98 last week. Copenhagen checks campaign wholly to a single commander. The
one
finished at 31.10 and cables at 31.50, against 31.10 outstanding fact in the strategy of Marshal
Foch,
and 31.40. Checks on Sweden closed at 34.70 and during the past few weeks, is that the Allied
armies
cables 35.00, against 35.25 and 35.75, while checks in the West have been directed as a unit, co-operating
on Norway finished at 31.30 and cables at 31.70, or alternating in repeated attacks, in response
to a
against 31.40 and 31.80 the preceding week. Span- comprehensive plan and under the immediate
orders
ish pesetas closed at 23.30 and cables at 23.50. The of one directing mind.
final quotations of a week ago were 24.55 and 24.70.
It is perhaps only in the past week that the miliAs regards South American quotations, the rate for tary genius and strategic methods of the great French
checks on Argentina is now quoted at 44.50 and cables General have fully unfolded themselves.
How
44.75, which compare with 44.50 and 44.65. For slowly the world has learned the nature of his strategy
Brazil the check rate has been advanced to 24.75 has been forcibly illustrated by the conclusion,
and cables to 25, against 24.50 and 24.75 last week. reached and expressed both by ordinary readers
and
The Chilian rate continues to be quoted at 15 13-32 by military critics after each conspicuous forward
and for Peru at 57. Far Eastern rates are as follows: movement in Foch's offensive, that a long pause
of
Hong Kong, 849@85, against 84@84.25; Shanghai, inactivity, of "stabilizing of the front," was now
120@1203/, against 1193/2@120; Yokohama, 543' about to occur. Precisely such a pause, lasting for a
1
2
@
,543/2, against 54@543'i; Manila, 497 @50 (un- considerable period, had occurred after each
4
succhanged); Singapore, 5631@563/ (unchanged); Bom- cessive capture of enemy territory in the German
bay, 36%@37 (unchanged), and Calcutta (cables), drive between March 21 and July 18; it is precisely
at 35.73 (unchanged).
what has not occurred in General Foch's offensive.
On every occasion of the sort, the German comThe New York Clearing House banks, in their mand had already utilized the full force of
its dioperations with interior banking institutions, have visions, had converged them on a single
objective
gained $2,033,000 net in cash as a result of the cur- point, and had conducted the attack with
entire
rency movements for the week ending Aug. 23. disregard to loss of men. At a certain
stage in each
Their receipts from the interior have aggregated of these operations, the Allies were enabled
to mass
$7,518,000, while the shipments have reached $5,- reserve troops behind
the threatened line. With
485,000. Adding the Sub-Treasury and Federal Re- their counter-attack, the German
advance would
serve operations, which together occasioned a loss cease. The procedure was almost of a routine
charof $79,774,000, the combined result of the flow of acter. Two or three weeks would then be
occupied
money into and out of the New York banks for the in restoring to a fighting
basis the depleted German
week appears to have been a loss of $77,741,000, as divisions, and only after such period
of rehabilitation
follows:
would the offensive be resumed. In every case,
moreover, its resumption was characterized by loss
Into
Week ending August 23.
Out of
Net Change in
Banks.
Banks.
Bank Holdings.
of driving power as compared with the preceding
Banks' interior movement
$7,518,000
$5,485,000 Gain $2,033,000
Sub-Treasury and Federal Reserve
attacks.
operations
36,899,000 116,673,000 Loss 79,774,000
During all this time, people in the Allied countries
Total
$44,417,0001 $122,158,000 Loss $77,741,000
were asking, with mingled perplexity and apprehenThe following table indicates the amount of bullion sion, how this alternation
of retreat when the enemy
in the principal European banks:
was attacking with inertia when the enemy had
Aug. 22 1918.
paused, could be harmonized with Foch's reputation
Aug. 23 1917.
Banks of
Gold.
Gold.
Total.
Silver. I
(confirmed in all his military writings and in his
Silver. I
Total.
£
£
I 68,664,678, £
£
achievements of 1914) as an aggressive fighter, whose
£
I £
England__ 68,664,678
54,152,640
i
I 54,152,640
Frances._ 135,919,203 12,160,000 148,079,203 130,904,358 10,400,000141,304,3
58 theory of strategy was that of the continuous and
Germany- 117,388,050 0,007,050 123,395,100 120,142,700 4,586,100124,728,800
Russia
29,650,000 12,375,000 142,025,000 129,490,000 12,699,000
The answer is beginning to
Aus-Ifun c 11,008,000 2,289,000 13,297,001) 14,400,000 3,320,000 142,189,000 unlimited offensive.
17,720,000
Spain ____ 85,747,000 27,021,000112,768,000 69,652,000 29,566,000: 90,218,000
appear. The drawing of the Germans from their
38,987,000 3,091,000 42,078,000 33,385,000 2,629,000
Italy
36,014,000
Netheri'ds 59,643,000
600,000 60,243,000 54,728,000
591,400 55,319,400 base, the depletion of Ludendorff's men
and supplies
Nat. Bel.h 15,380,000
600,000 15,980,000 15,380,000
600,000 15,980,000
Switz'land 15,305,000
15,305,000 13,750,000
13,750,000 in battle while conserving to the uttermost
Sweden___ 14,312,000
14,312,000 11,365,000
the
11,365,000
Denmark 10,49:3,000
131,000 10,624,000 10,964,000
138,0001 11,102,000 Allied strength—th
6,763,000 7,151,000
Norway _ _ 6,763,000
ese were Foch's first preparations
7,151,000
Tot.week..709,259,931 64,274,050773,533,981 665,464,698 64,529,5001729,994,198 for his own initiative. Blunders and surprises there
Prey.week 708,792,089 64,276,150773,068,239660,581,980, 84,904,800725,486,780
were on the Allied side, such as the trapping of
a Gold holdings of the Bank of France this year are exclusive of £31,434,340
held abroad.
General Gough's Fifth British Army in March.
* No figures reported since October 29 1917.
c Figures for 1918 these given by "British Board of Trade Journal"
for Dec. 7 They undoubtedly complicated Foch's problem. But
1917; figures for 1017 estimated on the basis of the Dec. 7 1017 totals.
h August 6 1014 in both years.
they were certainly a result of conditions now entirely
past, when unity of command had not been estabTHE RETREAT OF THE GERMAN ARMY. lished.
As the week closes a battle of the first magnitude,
Having resumed the offensive at the strategic
in which the Allied and German forces are engaged moment, employing both his own reserves and the
on one of the widest fronts since the war began, is American reinforcements, Foch struck his crushing
being fought in Picardy. Whether or not it is blow on the Marne. The Prussian Crown
Prince's
destined to be a decisive engagement, it is a sequel army was thrown into disorder; during two
weeks it
to a memorable military week. The series of was only a question of how much of men and supplies
heavy blows dealt by the Allied armies to the could be saved from the wreck of the campaign
on
Germans this week, enforcing a more or less con- the Eastern sector of the German line. At
the most
tinuous retreat of ten miles or more in Luden- critical moment, troops were called for from
the
728
THE CHRONICLE
[VOL. 107.
the enemy from one position after
Bavarian Crown Prince's army in the Western sec- tive is to dislodge
re- another, turn his flank in a narrow sector, capture
tor. These reinforcements strengthened German
of prisoners, and then force a local
sistance around Soissons; whereupon, however, while a due amount
either necessitates retirement of the
continued attacks by the French were keeping this retreat which
leaves a new "Salient," which in
part of the German command still busy, General whole line or else
be flanked.
Haig's British army dealt a heavy blow in the itself can in -turn
The campaign may be settled in a single battle,
West.
strength of both armies is engaged
With the whole line thus in action, Foch's strategy in which the full
measured, or this process may go on until
of the past two weeks, and especially of this week, and
considerable retreat of
has been to direct his offensive now at one point in a far more general and
long ar- the Germans—to the old Hindenburg line or
the line, now at another; sometimes with
take up strongly fortitillery preparation, sometimes without; at one mo- beyond—will enable them to
their whole line. But
ment on the German army's front, at the next on its fied natural positions along
of Foch in the present
flank. The results have been apparent in the utter the really great achievement
campaign has been his capacity for
confusion of the German plans. No sooner have re- stage of the
so constantly occupied
serves been shifted to one threatened section of the keeping the enemy reserves
wn and at the front that no such orderly withdrawal as that
front, than they have had to be withdra
possible. This week the
hurriedly transferred to another. The situation thus of Hindenburg in 1917 is
became disorderly. If, as
created has been forcibly illustrated by the sending retirement constantly
morale of the German
home of the Bavarian Crown Prince, under plea of seems not improbable, the
impaired by its series of
illness and the replacing of him in command by the army has been gravely
of men, then it is difficult
General traditionally known as the "retreat spe- defeats and its heavy loss
exactly what limit can be placed to the camto say
cialist" of the German Staff.
long as the active campaignIt is already plain to any one familiar with military paign of manoeuvre so
fulness ing season lasts.
history, how greatly the method and resource
Meantime Germany is now confronted with a very
of General Foch surpass the qualities of the comproblem in the East; where, as
manding German Generals. It was in short the match- serious military
boldly declares in his German
ing of alert, daring and original genius against the Maximilian Harden
while denouncing the stupidity of the
application of military text-book rules by the German newspaper,
"enemies are arrayed
martinets. That the Allies should already have re- German policy in Russia,
German against us almost everywhere from Kola to the
covered most of the ground between the
the face of that condition, all
advanced positions of July and the original line of lower Danube." In
is required to hold its position
German trenches on the Somme, and fully half the of the Austrian army
front, in sequence to its defeat by
distance to the Hindenburg line of 1917; that their on the Italian
ahead, it is at least possible
prisoners should have reached 100,000, with enor- the Italians. Looking
picture the military "iron ring" closing in before
mous capture of material, and that, at the end of to
reality on Germany, in place
five weeks of the Allied offensive, the confusion in very many months as a
than of the imaginary political "iron ring" to which the
German plans and strategy should be worse
of referring as the reason why
after the second Battle of the Marne in July, is a Kaiser was so fond
record of tangible achievement, certainly not matched Germany went to war.
at any previous period in the war.
It has been recognized ever since 1914 that the
MEMORIAL DAY, SEPTEMBER 1 1918.
strategy of battle on the present scale could not be
Mayor Hylan is to be commended for his proclathe same as in past military history. If the German
ad- mation designating Sept. 1 as a memorial day for
High Command anticipated, during the first
war. The
vance to the Marne, another Sedan which should soldiers fallen in battles of the present
surrender of a great gigantic conflict has settled down into a contest
mean the envelopment and
government,
enemy army (Von Kluck's ill-fated manoeuvre of between two systems or forces of
that are now as clearly
September 1914 strongly indicated such expecta- accentuated by motives
contradictory.
tion) all probability of just that kind of result dis- apparent as they are inimical and
Our armies do indeed fight for "liberty, justice and
appeared when both armies went into the trenches
is no jot of
at the Aisne. During the three succeeding years it humanity," and nothing else. There
standing the Russian selfishness in the cause, there is no promise of
began to be expected—notwith
good fight.
and Rumanian experience—that warfare of fortified material reward to those who fight the
go forth to war, and to die if need
positions was thenceforth to be the rule, and that Heroes all, they
be founded
actual victory could be achieved by either side only be, that war shall come no more, a peace
may endure forever, and that others shall live
through an immense frontal attack in mass, in which that
on of
defeat would follow only when the wholesale slaugh- under the glorious privilege and protecti
m of re- "liberty under law." It is meet that a nation,
ter had reduced one side to a minimu
through its various communities, pause with bared
serves.
"other
This point of view, however, has very greatly head, as they pass by who cross to the
changed with' re-establishment of the "war of open side."
Perhaps we .have just begun to fight. No one
manoeuvre" since the German offensive began in
yonder
March. Ludendorff then expected to win through knows. The shadow is impenetrable. But
in the forefront of the future, glowing and lifting
hurling such a mass of soldiers at a single point as
ideal.
to break the enemy line irrevocably, separate the ever higher and brighter, shines the glorious
enemy To us who ofttimes only "stand and wait," though
English and the French and then crush each
To
army separately. Foch has now so far improved we serve, it is a thing of conscience and reason.
ble courage and
on this strategy that what we are at present witness- the soldier, advancing with indomita
the
ing is a highly scientific warfare, in which the objec- noble consecration, it is the "light that leads,"
AUG. 241918.]
THE CHRONICLE
729
flaming symbol of a world made free. Death has flower of honest tribute as a memorial and an appreno sting and the grave no victory to those spirits ciation. This we shall humbly do, who feel the
who press on and on, though they die by shot or majesty of their giving, and who know the worth
shell or sabre stroke in the fearful wrestle of ma- of their devotion. Heroes! Yes, heroes all—saved
terial forces. The soul of a Soldier of the Republic, in their service, absolved in their sacrifice, redeemed
dedicated to the cause for which our nation fights, in their release, immortal in their mortality. So,
can never be conquered. And while our citizens to these, our sacred dead, let the nation bow its
meet together to mourn the loss of those who fighting head in reverence and remembrance. And if a
fall, we do well to ask that the benediction of their tear shall fall, through its shining lens we shall see
lives descend now upon us, who send them forth the new day of promise that dawns for all men who
upon the most sublime crusade ever undertaken love the right and would walk in righteousness.
in "human history."
'Rest in peace, Soldiers of the Republic, as ye have
For, as we have put aside, as a people, the intricate conquered, so may we be consecrate!
questions of national relations and duties; and following only the lines of dignity and devotion have
A SYSTEM OF ALTERNATIVE TAXES.
entered this conflict for the consummation of an
It is too early to attempt to discuss, with any
ideal, so to them we must concede, now and ever,
the sacrifice for country and citizens that transcends satisfaction, the details of the pending tax bill. The
all that we may do and all that we may say. Silently, draft now being formed by the Ways and Means
from unknown parts, they go forth in the great ad- Committee is subject to change by the House in
venture, and we see them no more. When death Committee of the Whole, and must, when passed by
comes they lie in foreign soil, to hallow it with the that body, go to the Senate where it will be comdust of heroes. If liberty hoped for and fought for pletely overhauled. And only the final decisions
shall sometime bless the whole world, there in France of a conference committee will really fix the prowill he the shrine of the ages; and the Soldiers of visions of the law.
And yet though this well known procedure must
the Republic will wear, in their "windowless palace
obtain, it is probable that the main principles
of rest," the everlasting wreaths of an immortality
in the honor and affection of mankind. Shall we woven into the bill at this stage of its progress will
remain. The Senate is not likely to offer a subnot pay them a little of their due now?
stitute for the whole measure which would change
As one by one our beloved pass into the beyond
we gather in little groups about an open grave. its main intent and purport. We may, therefore,
A prayer is said, and the clods fall, as they were even at this time consider these principles in the
dropping into an anguished heart. Then life claims light of their equability and justice to all interests
us, and we cherish only a tender memory, knowing concerned.
One thing we now have, as a result of the Comthat love has paid its last debt, and nature has
claimed its own. Yonder in old Trinity churchyard mittee's preliminary effort, we have not had bethey do not hear the hoarse cries of Broad Street fore—a clear definition. Secretary McAdoo, as
or the stony tread of.a million feet toiling endlessly. everywhere noted, has said:
Ingersoll standing by the bier of his brother saying
"By a war profits tax we mean a tax upon profits
life is a "barren peak between two eternities," did in excess of those realized before the war. By an
not catch the golden glow that falls from heaven excess profits tax we mean a tax upon profits in
when a good man dies and is gathered to his fathers. excess of a given return upon capital. The theory
of a war profits tax is to tax profits due to the war.
He saw only the sorrow; he knew not the satisfaction. The theory of an excess profits
tax is to tax
He felt the grief; he did not sense the joy. And so over and above a given return on capital." profits
shall a nation bury its dead—with infinite sadness
"A war profits tax finds its sanction in the conviction of all patriotic men, of whatever economic
but with jubilant triumph.
This day set aside for memorial is also a day of or political school, that no one should profit largely
burial. And these soldiers dead in a foreign land by the war The excess profits tax must rest upon
wholly
are buried by those who love and honor them in thetaxation indefensible notion that it is a function
of
to bring
the bosom of the State. And from their ashes shall with relation to the all profits down to one level
amount of capital
grow new laws and liberties, new creeds and civili- and to deprive industry, foresight, and invested,
sagacity
zations and there, as Rupert Brooks said of that of their fruits. . . ."
sacred spot in France that is "forever England,"
There has been a great deal of press comment
shall be a spiritual glory, in the world's heart, that upon this statement. And
certain inherent conis forever America.
tradictions have been pointed out. There has been
How little, in these mad years of slaughter, seems talk of a compromise between
the Chairman of the
a single human life. A something that was, and Committee and the Secretary of
the Treasury. But
is not; a shout between two silences; a candle blown according to last accounts it
seems clear that the
by the winds of night; a red leaf on an autumn flood. two kinds of taxes are to remain in
the bill, affording
And yet how supremely great it is to conquer one's an alternative by which,
presumably, the Governown soul, in which is all there is or is to be. This ment in its choice, may obtain the
highest revenue
farmer lad who never before saw the sea, this young returns. We do not, for the
moment, consider the
longshoreman who never saw a gorgeous prairie right or reasonableness of an 80%
flat tax on "war
sunset, but who, visioning the splendor of a future profits" or an "excess profits"
tax of from 40 to
world at peace, meet death without a murmur in 60%, a rate higher than that
now operative. But
No Man's Land; they have conquered, they have why should there be an alternative
tax at all, and
compassed in a single ineffable moment, the work what effect will it have upon
the business of the
of a lifetime of drudging duty, the wisdom of three country? We do not believe the
Secretary has by
score and ten of patient thought. And, honoring his own analysis and definition
established a warthemselves, they honor us, who can but lay:a simple rant for accepting an alternative
tax.
730
•
THE CHRONICLE
[vol.. 107.
In the first place we do not recall in the history
LIFE: A NIGHT BOMBARDof taxation a parallel to this proposal. Always the LITERATURE AND
MENT OF PARIS.
citizen has a right to a definite law—one that he
In a critical sense we do not see the events of
can understand, and one that is not susceptible
is
of any "interpretation" other than that of its letter which we are a part. History, "in the making,"
about us; yet we unconsciously look backward to
strictly enforced; or, in doubt, by the adjudication all
yet
of a court. As a rule where taxation depends upon find it. Literature is constantly being written,
by Boards of we look forward to some supreme creation which shall
valuations there is a way provided
war."
Equalization that finally adjust differences be- constitute an immortal epic of the "great
The amateur is told to wait "until you have a story
and the citizen taxed.
tween the taxing officer
division of
Once this valuation is fixed (there may still be an to tell." All appreciate the well-known
and of power—reflecappeal to a court) then the levy goes on, and takes literature into that of thought
from every man alike in proportion to his wealth tion and action, reason and emotion. But whatin property. And when we affix internal revenue ever it is, "literature is life." And what varied and
tax or tariff taxes rates may vary upon different innumerable pictures are flashing before us as the
classes and kinds of property, but once the base is struggle goes on. These, mere passing sketches
fixed, there is a direct application of the law, and though they be, are the base and substance of the
there is nothing else to settle. Now we have a vast panoramic "history" which is to come. They
blackproposition to place in the hands of an Internal do not concern themselves with the brooding,
deter- ening clouds of two "civilizations," which, seething
Revenue Collector the right arbitrarily to
plains of
mine the plan of taxation under which an individual, and soaring and clashing above the quiet
and he shall the Twentieth Century, at last engender the lightfirm or corporation shall be taxed,
very earth itself.
supposedly consider nothing but securing to his ning stroke of war that rives the
They are rather bits of description, narratives of
Government the largest returns.
he variManifestly this is a power never before exercised participation, stories of simple service—t
intensely dramatic events and episodes of
by a Ministerial officer, and one that increases the colored,
usly become at once
burdens of taxation—since he shall elect that which the world's agony, and unconscio
money. literature of thought and of power. They inform us,
will cost the taxpayer the highest amount of
thrust of technique
If it were left to the firm or corporation to say which and move us. There is the sharp
he might attempt —for where the writer lives the story, it is truth,
plan shall be placed upon him
avoid artistic exto so shape his business as to evade the higher— emotion, tragedy, and cannot
or, if not this, be thrown into confusion in attempt- cellence.
In the "New York Times Magazine" of Aug. 11
ing to decide We suppose the principle will re1918, Winifred Holt tells of a night in Paris during a
main in the bill. But if all "schools" of thought
for the blinded
are agreed that a man should not profit "largely" bombardment. Of her personal work
take a certain portion soldiers of war everybody knows, a devoted conseby reason of the war, why not
This sketch, like an
of profits regardless of their supposed origin (all cration efficiently carried out.
all—a splendid self-sacrificing,
profits are to some indeterminable extent due to etching, reveals it
it is the literature of
war conditions) and stop there? Why confuse heroic work. Incidentally
men by using this phrase, or word, of "excess," for life.
"I listened"—she writes—"the weird, unearthly,
after all a flat "war profits tax" is based on an
also based low, rising wail of the siren, repeated and repeated.
"excess," while an "excess profits tax" is
The alertel I seized
on an "excess"? Secretary McAdoo's definition Then the boom of the cannon.
flung her arms
is clear, far more clear than the right of an alterna- my coat and umbrella. My hostess
to keep me from leaving. I
tive tax to exist. But the contradiction lies in around me and tried
streets." It is not easy
this—that a tax which "must rest upon (a) wholly rushed out into the darkened
a motor, but a passing one is found.
indefensible notion" should be allowed to exist at to obtain
could take me to the
all; and that "a tax upon profits in excess of those Then—"I don't suppose you
Russian Church, to the Phare de France, the French
realized before the war" can justly become a flat
rate on all profits, whether set apart by compaiison Lighthouse, just the other side?"
refuses. I have
with a pre-war period, or which, failing of this, "'No madame.' The chauffeur
profits of an ordinary kind not due to give him all my worldly goods to get to the Avenue
must include
with three
a
to war, as well as those scrambled in and due to Victor Hugo, where / must rescue woman
babies, who lives on the top floor of a tall building.
small
war.
But what right has any Government to set a plan 'I am extremely sorry,' said the Phantom, 'but you see,
wee. I
to get the most out of business that it can—to catch her husband is at the front and the baby is very
and agoin"? If all would do anything I could for you.'"
the honest taxpayer "acomin'
Persuasion is of no avail. She can get only
"schools" look upon it as an evil that a business
to a halt in the
should "largely" profit by war, why should a Gov- part of the way. "We came
had nearly run over a little handernment seek to profit "largely" by taxation, that darkness. We
to
is get the most it can in an alternative way? Not truck propelled by a valiant peasant. According
strict police regulations the few lights on the Champs
only do we seem to be losing sight of all the facts
blue. The headlights
(a main one that with "control" and "price fixing" Elysees were dim and mostly
"largely," if it of the occasional motors and taxis were also painted
a business cannot profit unduly
weird,
would, and cannot prevent certain profits already blue. The fog filled with smoke gave a
the goggle-blue eyes of careestablished for it) but we are accepting a sentiment watery effect, pierced by
the sensation of pausing
of patriotism as an excuse and warrant for penalizing fully moving motors. I had
sea with marine monsters with great eyes
the very "business" we should sustain, and which in a huge
of
is entitled to meet a fixed and unequivocal levy, by occasionally coming to the surface. The booming
cannon was frequent."
setting aside a fixed portion therefor.
AUG. 24 1918.]
THE CHRONICLE
731
Then—the Arc de Triomphe! "From the top of good. The darkness is more than real, it is typical.
that great monument the cannon were doing their The heart of humanity rushes to rescue and restore.
best to protect it." Two officers are aiding a little From the darkness of death and destruction a new
French woman to obtain shelter. "The shadow trio calm shall settle down on the old and cherished things
disappeared into the blackness. It was so intense at of liberty and love. The cannonade shall sometime
the Place de l'Etoile that I wondered if a small barrage cease—may it be forever! And there will remain
was not protecting the Arc de Triomphe. Like a blind "the deft ten eyes of this blind youth" to teach the
man I tapped the pavement with my parasol to prevent world humility and tenderness and helpfulness.
too hasty lurches from the curbstone. Round the curve
of the Avenue Hoche the halted cars of the tram, their
lights painted blue, .looked like giant caterpillars." INIIERITANCE TAXES AND THE RIGHT TO
DEVISE PROPERTY
. . "At last I found another taxi. The driver,
In course of the work in Washington at constructa wounded soldier, was struggling with his machine,
homeward-bound, but when I told him I wished to ing still another revenue law, inheritance taxes are
join blind soldiers who were waiting in the cellar notfar not to escape revision—revision upward. Every
estate of $50,000 or more is now taxed by the Federal
away he took me to them."
We italicize certain passages that to us are moving Government, and most estates are now subject to
and thrilling. Once inside the retreat, her charges such taxes in several jurisdictions. No State having
are found safe. "They sat under the arches of the such taxes, unless possibly Rhode Island, touches
cellar in our iron garden chairs and on boxes. Some the proceeds of life insurance when those are made
were asleep, others humming and smoking." And payable direct to a named beneficiary and not to
the whole scene is before us in one vivid flash: "The the insured's estate, and under the Federal statute
cannonading had become intense. Once or twice as it stands now such proceeds going direct to a
we thought that bombs had fallen on the house above beneficiary are "not a part of the gross estate" and
us. The noise echoed through the tortuous windings need not be returned for tax purposes. Of course,
of the cellar. Taking my little electric torch, I searched the Federal Constitution debars any change in this
into the remote nooks and crannies. In one I found a respect as to insurance already taken out, and the
good-looking boy, in smart blue and red uniform, life insurance men are taking full advantage of this
wearing the Croix de Guerre with palms and a star, existing line of escape as an argument, as well as
and the Medaille Militaire. He was reading, with his urging special insurance as a means of providing
seeing fingers, a Braille book. He said it was a very the cash demanded for the inheritance tax at the
interesting novel by Anatole France. It was an im- death of every man who leaves an estate up to the
pressive sight, as in the complete darkness the deft ten line of exposure.
The genesis of inheritance taxes is the fact that the
eyes of this blind youth extracted entertainmentfrom the
dotted words to the accompaniment of dropping shells State needs money- and an estate is too temptingly
handy a resource to be neglected. The theory of
and booming cannon."
What historian in the far future will more clearly this tax is that when property passes from a dead
and fully portray this war—its ruthlessness, bom- hand to living ones, the State has a right, with
bardment of the innocent and afflicted under cover regard to its own constant needs, to be present at
of night, its heroic disregard of danger to help and the transaction and take toll as it passes. The
succor those who drained its last dregs of suffering, theory is further that heirs receive that which they
the bravery and cheer of those who will walk in dark- have not labored for and to which they have no title
ness all their days and whose chief anguish is that except the accident of being related to the one who
they can fight no more; the succor of a friendly nation disposes of what he can neither hold nor carry with
that helps a beautiful soul build this lighthouse in him to the other country.
One of the contributed patriotic advertisements on
a cellar, and the quiet calm of those who help and
behalf of the National War Savings Day (June 28)
those who suffer in a belief in the right and majesty
of a cause, that, through what odds may yet come, contained a good practical suggestion about systemshall achieve "victory," and bring plenitude and love atic saving by opening "a war account in your bank
to a weary and chastened world. We have quoted book," arguing very cogently that thereby saving,
copiously, but one more paragraph closing the either in the stamps or the Liberty bond form, will
become surprisingly easy. But there were also a few
sketch must be given.
"The bombardment had ceased, the horn of the sentences in this full-page advertisement which
retraite had died away. I returned alone after mid- present with an unwonted force the idea of an indinight through the Arc de Triomphe, pausing in the vidual duty to the State, thus: "Is not the real truth
church-like stillness of the great Arch to rest in the of the matter that in time of war you can't do as
restored quiet of the night. In the shadow I could you like with your income? You receive it in trust,
see the massed sandbags buttressed high in irregular every dollar of it, subject to the superior war
needs
lines covering the side of the wall. It suggested some of the Government.
What is necessary for your
giant deity—perhaps Nemesis—guarding in immortal
calm. What France loves so dearly, her chiseled health and efficiency you must spend; the balance
Marsellaise. And as I looked I imagined that the belongs, until victory is won, to the men at the front.
heroic sculpture thrust aside its war coverings. It You cannot fail in that trust. You must put your
sprang forth. To the shout of the Marsellaise responded expenditures on a budget basis and save cheerfully,
the tread of the Allied troops. Weary, but in triumph, systematically, as a point of honor, for the winning
they came, bringing at last victory, democracy and peace of the war."
t the world."
Good counsel, but its value, pertinence, and conThis is life—and it is literature of a high order sistency depend on its being taken home
for following
because it is life. The real and the spiritual are by everybody, Government included.
there. One sees the drama; and one feels in a moThis, however, is by way of prelude to mention of
ment that seems almost participation, the surging a very remarkable case involving
inheritance taxes
emotions that now sweep the world for evil and for which seems to have gone almost
unnoticed, by lay
732
THE CHRONICLE
[VoL. 107.
pays his just and apportionate share
men at least. The law of North Dakota agrees with the citizen who
ts to those of the public burdens."
others in putting a heavier tax on beques
Before a social state, man got and held what he
not closely allied by'blood to the decedent than on
allied, and an appellant was enabled to get and hold by the power of his arm,
those to others very closely
weight of his
went to the Supreme Court of that State to complain the thickness of his skull, and the
e man dimly
of this discrimination in his own case. He did not club. A social state began becaus
tute the
quarrel with the classifications, but did claim that realized that might could not always consti
ws sole right and that association would confer more
it is unreasonable to deal more severely with nephe
some concessions
and nieces than with uncles and aunts, since the than it took away. It involved
the latter' he and surrenders, and to this hour man has not sucformer are as near to the deceased as
nment free from
also insisted that a cousin is farther "removed" than ceeded in evolving a scheme of Gover
he contended that certain glaring defects and wrongs. The thing the civilized
a nephew or niece. So
to the nth
provisions of the North Dakota and the Fourteenth world is now banded to destroy pushes
State is everything, the
Amendment of the Federal Constitution are infringed. power the doctrine that the
it cannot
The title of the case was Strauss vs.the State,and the citizen nothing; that he has no right which
1917 [North- take, that it owes him only what it chooses to give
decision was handed down last May 11
him, while he can claim nothing beyond protection
western Reporter, V. 162, p. 908.]
the lower court in denying the under an accepted servitude. This exalts the State
The Court affirmed
leaves the individual
action for recovery of the tax, and all which concerns into a separate entity, and
that the institution of
us here is the extreme position taken by Judge Bruce, nothing. Is it not clear
to define and preserve
who said the tax is not strictly an inheritance tax, human society, founded solely
heirs may individual rights, is capable of destroying those
but only a permission by the State that
e of holding that the
take bequests less certain portions retained. Said he: rights, if pushed to the extrem
citizen gets his rights and status, not by the natural
"In other words, it is a declaration that the State, fact of being born,but only through a gracious giving
instead of claiming all of the estate of a decedent,
will only retain a certain portion thereof, and will by the State?
These are not mere academic questions. In a state
allow the legatees to receive the remainder and acbut less certain of war we surrender some rights, for the sake of
cording to the wishes of the testator,
sums which itself reserves. It says, 'this property is finally confirming them by the terrible agency of
ours, but we will allow you certain legatees to take a war; otherwise, for what are we fighting? Even the
certain portion thereof and under certain conditions.' man who goes farthest in exalting the power of govOne thing, indeed, is certain, and that is that none ernment over the person and the property of the
of the heirs or legatees have any vested interest in
to us, to at least perceive that
the property of a deceased person, and that the State citizen ought, it seems
t government is only an imperfect means to an end,
can do away with the right of inheritance or beques
altogether. [Here followed mention of sundry cases.] not an end in itself; that, in the words of the dissen
If it can do this, it can place any limitation which is tient in this remarkable case, "it is merely a corporate
not purely arbitrary on the right that it desires. entity which we,the people, have devised and created
The heirs are purely donees, and take by the bounty for the purpose of protecting our natural rights."
of the State. What right have any of them to complain of that which is allotted to them, if only they
receive the same share as others in the same class? FIRE DESTRUCTION AS AN AID TO THE
Has not the lord of the vineyard the right to do with
ENEMY.
his own as he pleases, and even to give to one at the
denying it, or
a convention of the National EdiSpeaking to
eleventh hour his full penny, while
W. F.
merely giving a similar amount, to one who has torial Association, held in Little Rock, Mr.
day? It is a Mallalieu, general manager of the National Board
borne the burden and the heat of the
matter which is purely of legislative discretion. It is of Fire Underwriters (some of whose results and
not one of personal right.'
whose public activities have lately been sketched
pronounced this the anti- in the "Chronicle") took as his topic the proposition
One dissenting judge
quated law rule which came from the Norman con- that preventable fires are definitely and seriously
quest and not in accord with the first section of the hindering the country's efficiency in the war and
State's Bill of Rights, which is substantially the same there must somehow be produced a realization of
as in Jefferson's Declaration of 1776, and he said "the this menace. If unnecessary fires could be elimiinheritance tax shows on its face that it is a thief nated during the next year, he firmly believes that
and a robber."
would be equivalent to adding hundreds of thousands
certainly be impossible to go farther in of trained men to our forces at the front, thereby
It would
extreme doctrine than to declare judicially that heirs appreciably and perhaps largely hastening the
are mere donees and take only by the bounty of the victory.
State; that is, even if the right to acquire and dispose
The Board has now a special Bureau which gathers
natural individual right it information concerning fires as they occur, tabuof property exists as a
ceases at death; everything then reverts to the lating them, recording them, trying to find their
State, which may fling some bits to relatives causes, and seeking in every way to make this
or others, and all should accept with quiet thanks knowledge useful. A few cases taken at random
whatever they get. On the contrary, says the from one day's grist read thus:
dissentient:
"Defective flue in a Missouri farmhouse, $4,081
g waterpipes in a Connecticut
"The State does not stand in the place of William damage; thawin
ount. It is hotel, $10,750 damage; overheated stovepipe in a
the Conqueror. It is no lord param
molten
merely a corporate entity which we, the people, Massachusetts drugstore, $3,450 damage;
e of protecting glass in a Pennsylvania factory, $80,957 damage;
have devised and created for the purpos
our natural rights. It has no kingly prerogatives. defective heater in a Massachusetts department
It does not exist by divine right. It is not the store, $54,604 damage; unknown but suspicious
natural heir of any person, and it has no right to rob
AUG. 24 1918.]
THE CHRONICLE
733
cause in a New York chemical plant, $165,768 enemy as truly as if they were working to earn a
damage; careless smoker in a half dozen scattered decoration from him.
places, with damage from $13,200 to $56,413,
During the harvest months of last year, the numand so on.
ber of fires (of which the burning of Dows Stores
This seems commonplace, and perhaps ordinary in October was the most spectacular of a number
or inevitable and not worth making any fuss; but that occurred here) was suspiciously large, and it
the Bureau is receiving an average report of 1,500 did not seem reasonable to ascribe to mere haste
fires a day, just a little over one a minute; "there and the habit of carelessness such an extraidestrucprobably never is a day when the aggregate destruc- tion of material so especially precious in the contion does not run well up into hundreds of thousands duct of the war. The National Board has sought
of dollars and there are days when it reaches into to ally the suspicion that most or very much of this
the millions." Indeed, we all know that there came directly from enemy activity; the "Chronicle"
are such days.
is not quite convinced that the suspicion went
Food will win the war. Thrift will win the war. much too far, yet quite agrees with the deduction
Save and win the war. Buy Liberty bonds and that "the number of fires that are working directly
War Savings Stamps and win the war. So we are and effectively for the Kaiser can easily be stated
told, and while such slogans are only half-truths and they amount to 1,500 a day."
as related to the entire situation before us each of
They are almost all preventable. In 1916, the
them is entirely true by itself and as a part of the latest year for which the Board's returns are comwhole. We are exhorted hourly to save and to plete, of the 97 to 98% covered 28.9% were from
pinch, and we are doing it. There is not one of us causes wholly preventable, 47.8% from causes
all,from the richest to the poorest, who does not feel partly preventable, and the remaining 23.3% were
the pressure upon indulgences, and even upon neces- "unknown" but were deemed to be, probably,
saries; and yet we are wastefully and heedlessly "largely" preventable. As an illustration, the daily
consuming at the rate of hundreds of thousands a average of fires analyzes something thus: 115 came
day. Last year's fire loss was about 250 millions, from careless use of matches, 100 from electric
which is equivalent to the interest on nearly six smoothing-irons and other household attachments,
billions of Liberty bonds at 431%.
85 from defective chimneys, 74 from sparks on roofs,
The serious fact, often stated yet very dimly 52 from careless smokers, 25 from natural and artirealized, is that this a case of wealth destroyed, not ficial gas, and so on. Very commonplace because
of wealth transferred. The lately sunk Carolina it is all so very common. Americans are brave,
was bringing, inter alia, some sugar up from Porto intelligent, enterprising, industrious, and generous,
Rico. Anybody can see that this sugar is irre- declared Mr. Mallalieu, with an appreciation which
trievably gone and if a transport laden with food is no more than just; and then he said that "if they
is sunk that food is gone. Of course, matter is could also become careful, if they could learn the
indestructible, and the changes continually oc- value of conservation and the efficiency that goes
curring are changes in form; but when material is with such a point of view, they would be worldsunk in deep water or is burned, the consumption beaters."
is "unprofitable," because the lost material cannot
We need not flatter ourselves; we have faults
be converted into another form that can be available, enough, but we have virtues enough to lay upon
in present time, for any human need. Some of ourselves an unanswerable challenge to begin to
the barley which remained as debris after the de- do better. There is some excuse in the overwhelmstruction of Dows Stores in October last was gath- ing abundance of natural endowment which has
ered up and utilized for some minor purpose; but misled us, and the ready distribution of loss through
that did not change the fact of its destruction for insurance has blinded us to the fact that the loss
the larger and intended purpose—it was gone, it is not changed one whit in character. But now
was destroyed.
we are going through an experience that is new to
Upon this fact of actual loss and final substrac- us. We cannot get wheat; we have bought sugar
tion Mr. Mallalieu forcibly dwelt. We must deny by the single pound; we struggled through a severe
ourselves our ordinary use of wheat that we may winter with scant fuel; we do without this, we must
save it for the men who are defending us; "but pinch on that; instead of having a market overshould we not also deny ourselves the expensive flowing with luxuries which had come to seem
folly of burning wheat and other grain elevators?" necessaries, we have official administrators to
He told his audience that they probably do not measure out quantities and tell us what we can have
begin to imagine the waste in this direction and that to eat, as though we were children who need to
single elevator fires have wiped out the grain product be told when they have had enough. Children we
of tens of thousands of acres. Over the country, have been in our recklessness, and now the lesson has
factories are driven, in day and night shifts, making come; it will not be a brief lesson, for at the very
shells, machine guns, automobile trucks, airplane best we shall be pursued for some years by scarcity
motors, plates for ships, or some other of the in- at once novel and unpleasant.
numerable articles without which the men at the
War is like earthquake in being a plough that
front would be helpless, and yet there is hardly a goes in very deeply. It forces people to stop and
day in which one or more of these plants is not think; it makes them see and do that from which
destroyed or crippled by fire. The workman who they had persistently turned away. It stimulates
will smoke, regardless of everything; the thoughtless inventions; it creates new processes; it is at once
foreman who does not report unsafe conditions; destroyer, constructor, and revealer. The conthe manager who allows visibly unsafe litter to re- servation which has been preached to indifferent
main; the stingy owner who will not instal a sprink- listeners who thought insurance cheaper than preler—these persons, said the speaker, may ware caution and correctly deemed it less troublesome,
Liberty buttons but their conduct is aiding the is now commended to us by a situation too stern
734
THE CHRONICLE
[Vol,. 107.
houses for the storage of agricultural commodities,
receiving licenses therefor from the Department of
Agriculture. Licenses, so issued, bring the warehouses under the direct supervision of this department and the licensee is required to give bond in a
sum fixed by the department for the faithful discharge
of his obligations to the owners of the commodities
placed in his custody. The inspection service
includes an examination of the warehouse before the
license is issued, and periodically thereafter, to
determine whether it is suitable for the purpose and
the competency of the warehouseman to classify,
weigh, grade and certify the goods in store.
Being under strict Government supervision and
inspection the negotiable bonded warehouse receipts
for goods stored therein at once become prime
evidence of ownership, grade and deliverability.
The negotiable receipts for cotton, certified as to
grade and weight, stored in such a warehouse will
be the best kind of evidence upon which to base
bank loans. For this reason banks throughout the
country are falling in line with the warehouse idea
and are looking forward to their establishment in
the near future.
THE ECONOMIC FEATURES OF COTTON
In planning for a co-ordinated scheme of cotton
WAREHOUSING.
In will be but a short time before the new cotton warehousing there are several factors whose interests
first
crop is ready to market. In the financing of this must be recognized and taken care of. The
is facing a interest is in the South and the first interest in the
crop and of its movement the country
South is the cotton grower.
problem of national importance.
In the cotton belt there already exist large facilities
many more or less radical
During the past year
the physical and financial methods of for warehousing. These are located at the important
changes in
Unfortunately, however,
handling the staple have been under discussion by concentration centres.
many of them are conducted in such a manner that
the various cotton interests and associations and by
the Federal departments at Washington, and, in receipts for cotton stored therein are not looked upon
certain directions, definite progess has been made. as the prime evidence of grade,.weight, and physical
It seems probable, too, that a portion, at least, of the safety that should obtain in order to make loans
1918 crop will be handled, marketed, transported based thereon always desirable. The chain developand financed by methods departing somewhat from ment contemplates remodeling such of these as do
not measure up to requirements, and of operating
the time-honored practices heretofore obtaining.
It is not our purpose to comment on the past them under the United States law.
Being widely separated, however, they avail little
methods employed in handling thc cotton drop,
there is room towards taking care of cotton grown and ginned at
known to be wasteful. The fact that
for
for reforms that would make bettered economic the more remote interior points. While waiting
too freely exploited to bear transportation to the concentration centres the bales
conditions has been
repetition. But changes in long established practices of cotton are "stored," usually, out in the open,
action of the
are never easy to bring about even though they be suffering badly from the deteriorating
t plan contemplates,
elements. Thee developmen
self-evident necessities.
adChief among the self-evident necessities is the need eventually, the erection of bonded warehouses
jacent to such interior points, located as near as
of more and beter facilities for storing cotton.
large
This necessity, it is expected, will shortly result in possible to the centre of an area that produces
chain of co-ordinated ware- amounts of cotton. For such facilities there is a
the establishment of a
large
houses in the cotton producing centres of the South demand from the cotton grower, direct, for
te hundreds of thousands
and in the cotton using sections of the North. The storage space to accommoda
cotton to
need of such added facilities is evident enough in of bales. The grower can here store his
super- his own personal account and a negotiable warehouse
normal times. War conditions have made it
receipt will be issued to him, direct, thus eliminating,
evident.
in manufacturing mach- in a great measure, the charges of the middleman.
Congress has done its part
of each
inery to aid in cotton handling and financing. With the correct weight, grade, and value
negotiable receipt
One piece of this machinery is the United States bale represented on the face of his
Warehouse Act, approved Aug. 11 1916. Another he will be able to sell his cotton to the consumer,
the interim he can
is the Federal Bill of Lading Act, approved Aug. direct, if he chooses to do so. In
hypothecate his warehouse receipt at the local bank,
29 1916. These two Acts, coupled with the Harter
so obtained can
Act of 1893 which fixes and defines the responsibility and with the proceeds of a loan
their charge, proceed with his planting or other business requiring
of ocean carriers of merchandise while in
way the farmer
will, if made use of by cotton merchants and manufac- the use of these funds. In this
in both the physical and will have a much better control of the market and
turers, materially assist
can hold his cotton for a price. The existence, and
financial handling of cotton.
will obviate the
The United States Warehouse Act makes it possible use too, of such central warehouses
necessity of throwing cotton in large
for individuals to form themselves into warehouse now existing
corporations; to buy, build, own and operate ware- quantities on the market at disadvantageous times.
to permit indifference. The time has come, Mr.
Mallalieu urged, to give care "its rightful place
with Liberty bonds, food supply, shipbuilding and
other outstanding features of the war situation and
seriously to undertake the vast increase in fighting
efficiency which must result from a reduction in
this appalling waste."
He appropriately addressed his remonstrance to
the press, because the press has long fallen in with
the popular notion that insurance covered all needs
and the only difficulty lay in the greed of the insurers. The burden of distribution of waste is to
be reduced by reducing the waste to be distributed;
there is no other way. And so the speaker urged
the editors to "consider the possibility of a vast
campaign whose deliberate purpose is nothing less
than inducing a new point of view towards life for
our characteristically careless nation." Not merely
a busy, an energetic, an enterprising, but a thrifty
and a careful America, is an ideal worth striving
for. That must be reached. The striving for it
should not be delayed.
AUG. 24 1918.]
THE CHRONICLE
735
The second interest in the South is the cotton Act, and held for the account of the spinners,
the
factor. There is a demand for more and better exporters and the members of the New York
Cotton
warehouse facilities for use by the factor, or com- Exchange, would accomplish several things not
now
mission merchant. Cotton belonging to these fac- attainable. Such a state of affairs is impossible
tors is usually received by them to be sold for the under present methods because of the cost of carrying
account of their clients who are the growers or the such a large amount of cotton. It would be easily
country merchants, who, in turn, buy from their possible under the bonded warehouse system,
the
respective towns from the grower direct, either for negotiable receipts making it so. The
presence,
cash or in trade in their stores. With a bonded too, of such a large quantity of spot cotton always
warehouse receipt in his possession for cotton so in the North would make for much in stabilizing
stored the factor is then in an independent position, the price of the staple.
knowing well the banking value of his document.
The Northern mill men and the Southern producers
The third interest in the South is the buyer who and shippers of cotton have had the matter of acceptbuys cotton either for his personal account for specu- ances under discussion for a long time. The spinners
lation or, more usually, to fill orders entrusted to want to be relieved, in part, from the burden they
him by the mill men or the exporters. At all con- now carry of paying cash for their cotton long
before
centration points the existing warehouses carry large it reaches them. To this the Southern men
agree,
quantities of cotton of this character for the account in part, or rather, they agree to make use of
the
of the buyer. During the past two or three years trade and bankers' acceptances of the spinner in
the accumulation of cotton of this kind has been lieu of cash, wherever and whenever possible,
to
particularly large, owing to abnormal freight con- supplement present methods. Both interests
see,
ditions, and the warehouses have been, and are now, however, that caution must be exercised in the
use
severely taxed in consequence. With improved and of acceptance methods in dealing with a commodity
added warehouse facilities, this condition will be that fluctuates in price as widely as cotton.
greatly relieved. The buyers, too, will be relieved,
According to reports the Government has been
financially, from the burden of carrying cotton considering fixing the price of raw cotton but,
as
stored outside of constituted warehouses where yet, has done nothing. Many prominent men, both
negotiable receipts are unavailable.
North and South, are advocating this as a necessary
The shortage of cotton warehouse facilities is measure. The necessity, however, of a Government
more strongly accentuated in the North than in the fixed price on a commodity in which there is no
South. One may see, at almost any time, on the shortage, nor is there likely to be any, is doubtful
piers and storage yards in and about New York economics. Yet acceptances, based on a commodity
thousands and thousands of bales of cotton "stored" with a fixed value, will be a safer form of
credit
out in the open. Little of this is for New York than on cotton under present price conditions.
consumption, for this city spins no cotton. It is
The warehouse proposition as applied to cotton
halted en route either to the Northern mills or for is by no means a new idea. At one time or another
export. It gives mute testimony of the fact of the it has been to the fore repeatedly within the
past
shortage of New York's warehousing capacity; a ten years. The compelling influence of war has now
fact still further accentuated by the recent theft brought it forward again, and the movement is being
of $250,000 worth of cotton so "stored."
fostered by the National Association of Cotton
Much the same conditions exist at Boston and at Manufacturers.
all the large spinning centres of the East, the differUnless augmented before cold weather sets in
ence being the close proximity to the large domestic they see the certainty of a warehouse shortgage,
users. Most of these cities have bonded ware- for, with existing houses practically up to capacity;
houses operating under State laws or otherwise, a new crop coming on; a "carry over" of from 3,000,but their capacity is inadequate to store any con- 000 to 4,000,000 bales from last year to be provided
siderable amount of cotton, and their management for, and an estimated consumption considerably
is not always in accord with the best United States below probable supplies, it would appear that several
practices. The mills are thus obliged to rely upon millions of bales must remain practically
without
their own yards to make up the deficiency.
covering during the coming winter. Under such condiThe spinners pay cash for their cotton and finance tions thefinancial carrying ofitwill be most severe,and
themselves through their Northern banks. This is its physical condition will be by no means improved.
a practice that has always obtained. With the
Last month a committee from the Texas Bankers
establishment of adequate warehouses at New York, Association met at New Orleans and passed
resoluBoston, Fall River, New Bedford, Providence and tions to the effect that the President and
Congress
other central points, operated under the new United be petitioned to organize "The United States Cotton
States law, the manufacturers and exporters can Corporation" with power to buy, for the account
afford to buy, singly or in concert, vastlj larger of the Government, all such cotton as may be
quantities of cotton, taking advantage of the mar- offered for sale without other available buyers, at a
ket and of favorable transportation conditions to price to be fixed by the Government. No action
augment their supplies. Warehouse receipts, being has been taken on this resolution, and the President
negotiable and prime evidence of ownership, grade and Congress have not yet been petitioned to go into
and weight, would render the financial operations the cotton business at a fixed price.
of the mill men much more simple and banking
As an offset to this move and resolution of the
operations much easier and safer than where loans Texas men, which savors rather strongly of socialism,
are made on cotton indiscriminately stored.
the warehousing proposition is being worked out by
The presence at all times of a supply of from a the National Association of Cotton Manufacturers,
half a million to a million bales of cotton in New and a company is now being organized to carry cotton
York, Boston and other Northern centres, stored warehousing into effect, and, it is hoped, in time to
in warehouses operated under the United States have some appreciable influence on this year's crop.
736
THE CHRONICLE
[VOL. 107.
chosen friends. One of these confidential copies
BRINGING was lent to an old officer of the staff of General von
GERMANY'S RESPONSIBILITY FOR
Moltke. This noble officer, Captain von Beerfeld,
ON THE WAR—FINAL DISCLOSURES.
notwithstanding his rank in the Prussian Guard and
It may be assumed that the various belligerent
his having been actively engaged in the war, had
Powers are busily gathering the documentary evibeen greatly troubled by the violation of Belgian
dence that will need to be in hand when the Peace
neutrality and the atrocities which followed. The
Council shall meet. At that council the cards will
memorial was a revelation to him. His country
all be on the table. The day of "understandings"
culpable and would inevitably suffer. It was
and secret agreements has passed. It will be no was
perhaps not too late to change her course and to
Congress of Berlin or Council of Verona. The repthe carnage which the people had been made
resentatives of the various nations will be perfectly stop
to believe was in self-defense.
informed. As in no previous council, they will have
Without seeking permission, he had some copies
behind them the whole world looking on. As never
gave them in particular to some men
before the world has joined in "paying the piper," made and
thought would be moved to action. They
who he
and will insist on "calling the dance."
, but a copy fell into the hands of a
It is of the utmost consequence, therefore, that did nothing
reform association, the Neues Vaterland, which
the important facts be widely and definitely known.
d it as a pamphlet. One of these went
As the war has advanced moral issues have come reprinte
Stockholm, where in March 1918 it was issued
more and more to the front. They cannot then be to
in full in the "Politiken," a Socialist organ.
debated. They will be settled beforehand. It is serially
acy of silence was no longer possible.
very important, therefore, that the exact facts The conspir
into history. We have it before us
which fix responsibility be widely known and the It has passed
English and French. The latter edition* sums
evidence indisputable. The day of inspired state- in
up the testimony in this way:
ment and bold assertion is fast passing.
"1. You assert everywhere that England wanted
For this reason the statements of Prince Lichthe war. This is not true.
nowsky and the circumstances under which
"2. You declare that England was jealous of our
"memorial" was written and eventually became
commerce. That is not true.
public ought to be widely known. At the risk there"3. You describe Sir Edward Grey as the instifore of repeating some quotations from it that we gator of the war. This is not true.
gave in our issue of July 20 in connection with the
"I, Prince Lichnowsky, German Ambassador at
confirmatory statements of Dr. Muhlon, the former London, in a better position than any other to
Director of the Krupp works, we call attention to it know the truth, declare—
"1. England has done all that was possible to
again.
relations with Germany before the
A Prussian noble of the highest rank, a diplomat of settle friendly Government in Berlin, prevented it.
war,and you,the
long experience, the Prince was summoned from his
"2. England in the hour of the threatening crisis
retirement in 1912 and sent to represent Germany in did all she could to effect a mediation which would
a critical hour at the Court of St. James, which was prevent the outbreak of a conflict, and you, the
then the most important and most critical position Government in Berlin, thwarted it.
"You seek to cover your responsibility by declaring
for his country in Europe. He remained at his post
was declared that you had to support, even by war, the policy
as the German Ambassador until war
of Austria, and it is Russia which forced the issue.
in 1914.
I reply that—
In August 1916, burdened with the thought that
"1. It is you who pushed Austria on to attack
though he had persistently protested against the Serbia.
"2. It is you who, when Austria recognized that
policy directed from Berlin, he might possibly have
more than he did to change it, now that the she had gone too far and wished to turn back, suddone
war seemed desirable
war has proved so long and so terrible, he is moved to denly declared war because the world justly holds
d and the hour propitious. The
tell the story of the two critical years as it unfolde
you responsible."
in London. He saw clearly what was impending,
Looking back after two years, he concludes that all
would be the conseand made no mistake as to what
An agreequences. He was entirely successful in winning all might have been put right in July 1914.
at with England which, if it
the influence he needed with the British Govern- ment had been arrived
Germany all
ment and the Foreign Minister, Sir Edward Grey, had been acted on, would have given
room for development she could desire. In no
whom he found more than willing, eager to forward the
in her way. But
his plans and to gain the co-operation of Germany single direction did England stand
of Europe on a firm basis, Germany insisted on forcing the war and the Amin establishing the peace
ed to support a
even by forwarding Germany's desire for colonial bassador found himself compell
recognized:and for the
expansion. All this he faithfully reported to Berlin, policy the heresy of which he
at. On the
only to have his policy repudiated, his work dis- consequences he was made the scapego
after Germany's rejection of the British
credited, the important treaty he finally secured 30th of July,
the Czar had agreed
left unsigned until it was too late, while he was proposals of mediation which
steadily to accept, promising not to move a soldier while
forced to see Berlin's purpose of forcing war
Count Berchtold,
advance until an opportunity should arise for hurling negotiations were proceeding and
the pretense that the Austrian representative, wanted to come to
it upon an unprepared world with
terms, Germany sent an ultimatum to Petrograd
it was done in self-defense.
the world
With no thought of its publication, but to set him- and declared war the next day. [As
a lying telegram.] Conself right in the eyes of his children and a few con- knows now, on the basis of
fidential friends, and, we may believe, to justify cluding, he says:
his own course, he writes his little "memorial."
"Have not they proved to be right who declared
Six typewritten copies were made. He kept two that the spirit of Treitschke and Bernhardi governed
for his family and gave the remaining four to * "Les Revelations du Prince Lichnowsky.". Payot et Ole. Paris.
AUG. 24 1918.]
THE CHRONICLE
the German people, that spirit which glorified war
as such, and did not loathe it as an evil, that with
us the feudal Knight and Junker, the warrior caste,
still rule and form ideals and values? . . . After
two years fighting it is obvious that we dare not
hope for an unconditional victory, or reckon on
being able to wear our enemies down. We can
obtain a peace by compromise only by evacuating
the occupied territory, the retention of which would
in any event be a burden and cause of weakness to
us, and would involve the menace of further wars.
Our policy, the policy of the Triple Alliance, is a
return to the past, a turning aside from the future,
from imperialism and a world policy. 'Middle
Europe' belongs to the Middle Ages. Berlin-Bagdad
is a blind alley and not the way into the open country, to unlimited possibilities, to the world mission
of the German nation. As I predicted years ago,
the Latin States of Europe will enter into the same
relations with the United Kingdom that their Latin
sisters in America maintain with the United States.
The Anglo-Saxon will dominate them. The German
will remain alone with Austria and Hungary. His
rule will be that of thought and of commerce, not
that of the bureaucrat and the soldier. He made his
appearance too late, and his last chance of founding
a Colonial Empire was annihilated by the world
war."
RAILROAD GROSS AND NET EARNINGS FOR
THE SIX MONTHS ENDING JUNE 30.
In reviewing the earnings of United States railroads, gross and net, for the first half of the current
calendar year, the point which will impress the reader
most is the exceedingly unfavorable showing made
by the net results in comparison with the correspond-.
ing six months of 1917. The loss is of prodigious
dimensions, aggregating no less than $275,205,583,
or 50.88%. This is on an increase in the gross earnings for the half-year of $181,848,682, or 9.63%.
The falling off in the net, therefore, has followed directly as a consequence of the great augmentation in
expenses. These expenses were $457,054,265 heavier
than in the first six months of last year, the ratio of
addition having been 34.65%. Stated in .another
way, gross earnings increased from $1,889,489,295
in the first half of 1917 to $2,071,337,977 in the first
half of 1918, but net earnings dropped from $549,911,505 to $265,705,922, owing to a jump in expenses
from $1,348,577,790 to $1,805,632,055.
Jan.1 to June 30—
(193 Roads)—
Miles of road
Gross earnings
Operating expenses
Net earnings
—Inc. -1—)
Dec.(7„:.
1917.
1918.
233,133
231,712
$2,071,337,977 $1,889,489,295
1,805,632,055
1,348,577,790
8265,705,922
+1,421 0.61
+$181,848,082 9.63
+457,054,205 34.05
$540,911,505 —$275,205,583 50.88
As the great loss in net earnings here disclosed
has been coincident with the period of operation of
the roads by the U. S. Government, the conclusion
would be natural that the poor showing made must
be ascribed to this change in administration—that is
from private control to Government control—and
that the latter is less efficient and more expensive
and costly than private management. All experience
teaches that this is the case, but in the present instance it would be erroneous and altogether unfair
to accept the exceedingly unfavorable showing for
these six months as a basis or test by which to judge
of Government management. It must be admitted
that the result is so extremely bad, the falling off
being of such great magnitude both in amount and in
ratio, that no parallel to it can be found in the past
annals of the railroads, and doubt may well be expressed that any parallel to it will be found in the
future, the present extremely ,bad showing standing
737
as a record for all time to come. But while the Government must take its share of responsibility for the
unfortunate result, it is simple truth to say that conditions affecting the operation and running of the
roads, entirely outside of and apart from Government control, were inordinately unfavorable, and
that a poor showing for the six months could not
have been avoided even though the properties had
remained under private management, though in that
case we must suppose the shrinkage in net would not
have reached so large a figure, since it is inconceivable
that wages would have been pushed up to any such
extent under private operation as has been done under
Federal operation.
In a word, if the outcome in the matter of net is
the worst of which there is any past record or likely
to be any future record, the conditions governing the
operation of the roads were likewise without a parallel,
and this was entirely apart from the change in management. The Government took over control of
the roads at noon on Dec. 28, but the President's
proclamation provided that "for the purposes of
accounting, said possession and control shall date
from 12 o'clock midnight on Dec. 31 1917." As
far as fiscal results, therefore, are concerned, Government operation commenced with the beginning of
the new year. January was the first month of Government operations. It was also, as said in our review of that month, a period of extraordinarily unfavorable conditions wholly without parallel or
precedent. The month opened with the railroads in
the eastern half of the country, north of the Ohio
and Potomac rivers, particularly at New York and
in lesser degree at other points on the North Atlantic
seaboard, congested as never before in the history of
railroading in the United States. The weather during the month was of such severity as had not been
experienced before in a generation, and possibly never
before. The temperature most of the month ruled
exceedingly low, many previous records in that respect being broken. Indeed, the cold was so intense
that outdoor operations in the running of trains and
in the clearing away of the mass of accumulated
freight were rendered extremely difficult. Then
there were repeated snow storms in the territory between Chicago and the seaboard, several of which
took the nature of veritable blizzards and were reported as altogether unprecedented. In addition there
was a coal famine which extended all through the
Eastern and Middle States,this scarcity of coal becoming so acute that on Jan.17 the Fuel Administrator
had to resort to the desperate expedient of issuing
orders denying the use of fuel to manufacturing establishments in the whole of the eastern half of the
country for the five-day period beginning Jan. 18
and ending Jan. 22, involving therefore a shut-down
for these days, and.denying also the use of fuel not
only to manufacturing establishments but to office
buildings, retail stores and nearly all other activities
for several successive Mondays thereafter. It became necessary likewise to place embargoes on different classes of freight and to route special kinds of
freight over special lines for the purpose at once of
getting coal through and for clearing the tracks of
the accumulated freight which the intense cold and
recurring snow storms had served to increase, notwithstanding the heroic methods employed for providing relief. Some of the most prominent systems
in the territory east of the Mississippi and north of
the Ohio and Potomac rivers failed to earn even their
738
THE CHRONICLE
[VoL. 107.
ordinary operating expenses during the month in tesy and politeness upon railroad employees he
railquestion. This was true, for instance, of those two figures the aggregate increase in wages given
road employees at not less than $475,000,000 per
great railroad systems, the Pennsylvania and the
New York Central. In brief, then, the situation annum.
Accepting these figures as correct, 50% of the
was an abnormal one and the conditions also were
together producing a state $457,054,265 increase in expenses for the six months
wholly abnormal, the two
of things such as had never before been encountered. may be said to have been du3 to the increases in
This abnormal situation continued into February, wages made under Government control of the rail$237,but the latter half of that month a decided change roads, since half of $475,000,000 would be
500,000. It was part of this wage award that the
for the better occurred. The last Monday during
which the fuelless order was in effect was Feb. 11, increases granted should be retroactive to Jan. 1
the next day, Feb. 12, being Lincoln's Birthday 1918. Mr. McAdoo issued instructions that the
and a legal holiday. There had been some expec- railroads in their accounting must include these
tation that Monday Feb. 4 might prove the last wage increases, retroactive feature and all, in the
of the fuelless Mondays, but very low temperatures returns for the month of June. This will explain
continued to rule, Tuesday Feb. 5 proving in this why the climax of unfavorable results was reached
city the second coldest day on record, the in that month. By reason of that circumstance
thermometer standing at 7 degrees below zero expenses increased for this single month $182,at 7 o'clock in the morning; the previous Dec. 340,983,or84.35%,resulting in a loss in net of $142,30 (1917) the mercury had dropped to 13 degrees 338,571, or 134.06%. Because of this great inbelow, prior to which date New York's coldest day, crease in expenses the roads failed to earn their
according to the recorts of local Weather Bureau expenses in amount of $36,156,952, as against net
(which was established in 1871), had been Dec. 30 earnings above operating expenses in the correspond1880 when the official thermometer recorded 6 ing month of 1917 of $106,181,619. We add here
degrees below. After Feb. 5, however, there was a summary of the comparative monthly totals of
decided amelioration in weather 'conditions, with gross and net, showing how pronounced and conthe result that much traffic, which had been delayed tinuous were the losses in net during this six months
during January, came forward; and by the end of period:
February the long continued freight congestion had
Net Earnings.
Gross Earnings.
been considerably relieved and freight embargoes Mth. 1918.
1917. 1 Inc. or Dec.
1018.
Inc. or Dec.
1917. 1
greatly modified.
1
$S
$
$
1
$
%
294,002,7911-11,608,126 3.95 17,038,70483,475,278,-66,436,574
In these circumstances it is not surprising that in Jan 282,394,6651260,627,752 +25,148,451 9.6527,305,808 56,250,6281-28 944 820
Feb.285,776,203
16.22 82,561,336 87,309,806 —4,748,470
Alch 362,761,238
January there should have been a loss even in gross Apr.369,409,895 312,276,881;+50,484,357 15.7080,982,415 91,678,605 —1,690,280
319,274,9811+50,134,914
May 374,237,099 342,463,442 +31,773,655 9.28 91,995,194 106454218-14,459,024
earnings and that the falling off in net earnings June363,165,528,323,163,116 +40,002,412 12.38 df36156952 1061816101-142,338,571
above
should have reached no less than $66,436,574, or Note.—Percentage of increase or decrease in net for the March,months has been:
5.36% decrease;
January, 79.59% decrease; February, 51.42% decrease;
decrease;
79.59%, while in February, though the gross earn- April, 1.85% the lengthMay, 13.58% decrease; June, 134.06% decrease. 239,885
of road covered was 240,046 miles in 1918 against
In January
230,336
In February,
ings now recorded an increase as compared with miles in 1917;228,835 miles;238,891 miles against 237,463 miles; In•March,in May,
in April, 233,884 miles against 231,755 miles;
miles against
against 228,892 miles; In June, 220,303 miles against 219,294 miles.
the previous year (the increase being $25,148,451, 230,355 miles
To furnish compensation for the great addition
or 9.65%), the net earnings should have continued
losses, the falling off for the month reaching to the annual payrolls of the railroads and for the
to show
$28,944,820, or 51.42%. Succeeding months all enhanced cost of fuel, materials and supplies and all
registered increases in gross earnings of varying the other items entering into the operating accounts
amounts and percentages, but such was the rising of the roads, the Director-General of Railroads,
cost of operations that the augmentation in expenses Mr. McAdoo, at the end of May ordered a sweeping
consumed the whole of these gains, leaving the net increase in rates, both passenger and freight. In
earnings in each month smaller than in the corre- the freight schedules the increase was 25%, while
sponding month of the preceding year. In the final passenger rates were advanced to three cents a mile
month of the half year came the crowning loss of from the prevailing basis of two and one-half cents.
It was estimated that these higher rates would
all in a shrinkage in net of startling proportions.
In the whole of the first five months the ques- yield between $800,000,000 and $900,000,000 more
tion of the wage increases of the employees had re- revenue per annum to the railroads. But the
mained open and unsettled. On May 8, however, increased rates did not become operative until
the report of the Railroad Wage Commission, which towards the latter part of June and therefore counted
Mr. McAdoo, the Director-General of Railroads, for practically nothing in swelling the gross revenues
had appointed the Previous January for the inves- of the half year. Mr. McAdoo ordered that the
tigation of the matter was made public, recommend- new freight rates, covering both Inter-State and
ing large and general increases in the wage schedules Intra-State traffic, become effective on June 25 and
—these wage increases in the case of the employees the increases in passenger fares June 10. It follows
receiving the lowest wages running in some cases that the roads had the benefit of the advanced
as high as 50%—and these recommendations the schedules for only twenty days in the case of the
Director-General accepted; he even went further, passenger schedules and Tor no more than five days
and in some instances extended and enlarged the in the case of the freight schedules.
To state the situation for the half year in a nutproposed increases. A little later some other
classes of employees not covered by the general shell, then, the unprecedentedly bad results were
increase were also given higher pay. The addition the work of unprecedentedly bad conditions, of
to the annual payroll of the railroads was estimated the nature already described, to which tremendous
at about $300,000,000 when the Wage Commission wage increases unaccompanied by offsets in the
made its report, but, as just said, subsequently shape of higher transportation charges came as a
there were other increases, and we see in the order final climax. • As far as the ordinary traffic conjust promulgated by Mr. McAdoo enjoining cour- ditions are concerned, the movements of the leading
THE CHRONICLE
AUG. 24 1918.]
staples were.generally of larger volume than in the
first six months of 1917. The grain movement
towards the Eastern seaboard was much smaller
than in either of the years immediately preceding;
but while it is true that, at least in the case of wheat,
supplies were practically exhausted, leaving nothing
to come forward, it is likewise true that the trunk
lines to the seaboard for the whole of the early part
of the year were so congested with freight accumulations, and such were the imperative requirements
for fuel which had to be given precedence over
everything else by the roads, that the latter were
in no condition to handle grain in any considerable
volume, and as a consequence some grain traffic
was diverted to other ports. According to the
figures compiled by the New York Produce Exchange the receipts of wheat at the eastern seaboard in the first 26 weeks of 1918 were no more
than 13,977,000 bushels, as against 128,758,000
bushels in the same period of 1917 and 200,448,000
bushels in the 26 weeks of 1916, while the total
grain receipts at the seaboard (including wheat)
were only 93,080,000 bushels this year, against
249,969,000 bushels in the 26 weeks of 1917 and
349,452,000 bushels in 1916, as will be seen by the
following:
RECEIPTS OF FLOUR AND GRAIN AT SEABOARD JAN. 1 TO JUNE 30.
1916.
1915.
1914.
1917.
Receipts of1918.
bbls_12,948,000 11,006,000 13,771,000 13,652,000 10,506,000
Flour
Wheat
Corn
Oats
Barley
Rye
Total grain
bush_13,977,000 128,738,000 200.448,000 135,441,000 68,077,000
13,811,000 35,322,000 30,374,000 38,509,000 13,288,000
55,796,000 70,851,000 95,051,000 81,848,000 13,961,000
5,893,000
6,760,000 8,794,000 16,162,000
7,057.000
7,417,000
6,272,000
2,736,000 6,264,000
1,980,000
93,080,000 249,969,000 349,452,000267,965,000 104,373,000
To get, however, a really accurate idea of the grain
movement it is necessary to take the receipts at the
Western primary markets. Here we find that,
while there was a tremendous shrinkage in 1918 in
the wheat deliveries, on the other hand there were
large gains in the case of all the other cereals. The
wheat receipts in the 26 weeks of 1918 were only
41,709,000 bushels; against 124,551,000 bushels in
the 26 weeks of 1917;'but the corn receipts were
168,929,000 bushels, against 117,772,000; the oats
receipts 143,341,000 bushels, against 106,197,000;
the barley receipts 32,090,000 bushels, against
26,530,000, and the rye receipts 7,810,000 bushels,
against 5,405,000 bushels. Altogether the receipts
of the five cereals in the 26 weeks of 1918 aggregated
393,879,000 bushels, against 380,455,000 bushels in
the 26 weeks of 1917 and 488,036,000 bushels in
the same weeks of 1916. The Western grain movement in our usual form is set out in the following:
Jan. 1 to
June 29.
Chicago
1918
1917
Milwaukee
1918
1917
St. Louis
1918
1917
Toledo
1918
1917
Detroit
1918
1917
Cleveland
1918
1917
Peoria
1918
1917
Duluth
1918
1917
Minneapolis
1918
1917
Kansas City
1918
1917
Omaha
1918
1917
WESTERN FLOUR AND GRAIN RECEIPTS.
Wheat.
Corn.
Oats.
Flour.
Barley.
(bush.)
(bush.)
(bush.)
(this.)
(bush.)
Rye.
(bush.)
4,260,000 1,877,000 52,582,000 55,426,000 8,660,000 1,313,000
5,562,000 19,845,000 44,931,000 51,991,000 10,022,000 2,131,000
809,000 8,043,000 13,654,000 5,147,000 1,193,000
464,000
470,000 5,693,000 7,419,000 11,746,000 6,640,000 782,000
1,455,000 3,016,000 15,354,000 16,838,000
1,885,000 16,472,000 13,395,000 12,534,000
532,000
323,000
205,000
155,000
486,000 1,645,000 2,829,000
1,217,000 1,749,000 1,297,000
907,000
150,000
262,000 2,840,000 1,423,000
65,000
155,000 1,243,000 2,115,000 1,721,000
3,000
1,000
3,000
244,000 1,851,000 2,571,000
389,000 1,362,000 1,797,000
36,000
35,000
23,000
98,000
668,000 19.693,000 10,267,000
986,000
517,000
995,000 1,176,000 18,769,000 6,055,000 1,063,000
234,000
142,000
314,000
357,000
1,278,000
6,353,000
167,000
10,000
337,000
890,000
286,000 1,384,000
86,000
417,000
26,682,000 12,142,000 20,954,000 15,398,000 4,603,000
29,000 40,121,000 5,886,000 8,473,000 7,062,000 1,680,000
3,182,000 22,370,000 7,183,000
17,778,000 7,797,000 3,343,000
3,205,000 32,142,000 11,859,000
8,264,000 14,339,000 6,945,000
Total of All
1918
7,544,000 41,709,000168,929,000143,341,000 32,090,000 7,810,000
9,453,000124,551,000117,772,000 106,
197,000 26,530,000 5,405,000
1917
Western roads also had the benefit of a larger live
stock movement. At Chicago the deliveries of live
stock for the six months ending June 30 1918 comprised 144,024 carloads, against 122,904 carloads in
1917; at Omaha 67,123 cars, against 57,354 cars,
and at Kansas City 63,623 cars, against 56,974.
739
In the South the cotton movement, while small, ran
a little heavier than that of the previous year. The
gross shipments overland reached 1,255,570 bales
in the six months of 1918, against 1,106,698 bales
in 1917 and 1,308,994 bales in the six months of
1916, while the receipts at the Southern outports
aggregated 2,082,877 bales in the six months of 1918,
as against 1,909,205 bales in .1917, but comparing
with 2,800,697 bales in 1916 and 5,605,173 bales in
the six months of 1915, as may be seen from the
following:
RECEIPTS OF COTTON AT SOUTHERN PORTS FROM JAN. 1 TO JUNE 30.
Since January 1
1918.
Ports1917.
1916.
1914.
1913.
1915.
Galveston____ba1e5_ 527,980 846,706 975,058 2,013,802 1,228,673 918,855
68,371
61,529 176,173 396,449 217,969 262,871
Texas City, &c
783,992 486,633 567,515 1,164,757 828,560 462,602
New Orleans
39,101
Mobile
29.915
88,341
76,117 129,516
68,853
25,711
Pensacola, &a
24,333
48,075
85,550
54,885
41,072
406,700 164,674 359,386 912,561 422,287 287,724
Savannah
41,100
65,670
Brunswick
80,400 154,700
67,900
43,929
45,908
Charleston
39,341
63,617 182,330
41,137
49,132
Georgetown
101
1,857
110
Wilmington
35,081
9,009
78,116 164,300
69,971
47,540
Norfolk
105,900 177,657 314.496 371.079 206,726 159,776
3,738
Newport News,dye_
3,033
49,419
81,671
97,540
59,195
Total
2,082,877 1,909,205 2,800,697 5,605,173 3,365,164 2,402,659
The mineral traffic was heavier than in 1917. A
few figures only are available in substantiation of the
statement. Thus the shipments of Lake Superior
iron ore by water from the upper to the lower Lake
ports to June 30 in the season of 1918 were (notwithstanding the later opening of navigation) 18,949,730
tons, against 16,135,135 tons in 1917,..but comparing
with 19,615,567 tons in 1916. The anthracite coal
shipments to tidewater were 38,850,540 tons in
the six months of 1916, against 37,667,093 tons in
the first half of 1917 and 33,421,665 tons in the same
period of 1916. Perhaps the best indication of all of
the larger coal movement is found in the fact that
bituminous coal production (including coke), except
in the early months of the year, ran from 100,000
to 200,000 tons per day heavier than in 1917.
In considering the great increase in the expenses
of the roads, it is well to remember that the rise
in operating costs was already a feature of the returns in the previous year-so much so that a gain
of $205,066,407 in the gross earnings of the first
six months of 1917 was attended by an augmentation in expenses of $212,222,155, leaving an actual
foss in net of $7,155,748. On the other hand, our
compilation for the first six months of 1916 registered an increase of $328,012,578 in gross and of
$166,151,387 in net. This, though, did not reflect
new growth to that extent, but in great measure
represented merely a recovery of previous losses or
previous absence of growth. In 1915 conditions for
the railroads were very unfavorable, and our compilation for the half year recorded a loss in gross
earnings of $39,998,560. Expenses were cut in a
most drastic fashion, as the outlook then for the roads
appeared very dismal; consequently in the net earnings for these six months of 1915 there was actually
an increase of $47,615,341. Comparison then, however, was with very poor results for 1914. Our compilation for this last-mentioned year registered a
decrease of $85,033,426 in the gross, or 5.72%, and
a loss of $50,660,208, or 12.82%, in the net. For
the two years combined there was a falling off in the
gross of $125,031,986 and of $3,044,867 in the net.
When the comparisons are carried still further
back, additional examples of unfavorable results are
obtained. In the first six months of 1913 the volume
of traffic was still satisfactory, and as a consequence
a substantial addition to gross earnings was then
recorded, it amounting to $136,168,743, or 9.97%;
but such was the augmentation in expenses that
only $26,799,669 of this gain in gross was carried
forward as improvement in net. In 1912 the show-
THE CHRONICLE
740
ing was still[poorer.% Thelincrease in gross was only
$56,349,506, me-this was converted into a loss in
net of $2,037,477ibecause of the increase in expenses.
In 1911 there wasifor the half year a loss in both
gross and net-$28,958,798 in the former and $25,717,377 in the latter. In the first half of 1910
business was veryractive and gross earnings showed
a gain of no less than $179,089,522; but augmented
expenses consumed $142,271,707 of this, leaving
an increase in net of only $36,817,815. In 1909
the showing was much better. The railroads were
then recoveringTpart of the large loss in gross earnings sustained after the panic of 1907, but were still
practicing rigid economy in every direction; as a
consequence, in the six months of that year there was
a gain of $120,332,208 in gross and of $76,640,239 in
net. But. this succeeded tremendous losses in 1908,
the latter beindthe period of industrial depression
following the panic of 1907. At that time large numbers of roads withheld their figures, the returns being
so very bad. Our compilations then embraced an
aggregate of only 168,839 miles of road reporting both
gross and net. On this mileage the loss in gross for
the six months of 1908 aggregated $172,868,595.
Over 30,000 miles of road, however, had made reports of gross withoutljurnishing the figures of net;
hence, in the case of the gross alone we had a footing
covering 202,172 miles, on which the loss in gross
reached no less than $197,085,791. That still left
about 30,000 miles of road unrepresented, and careful
computations which we made showed that for the
whole railroad mileage of the country the loss in
gross must have reached $235,000,000. In the net
we estimated that for the full railroad mileage the
amount of the loss then must have been about
$85,000,000.
Going back to 1907, prior to the panic of that
year, we find that atIthat time, too, rising expenses
were the most pronounced feature of the returns.
For, while the addition to gross revenues in the first
half of that year, according to the roads making retures, was $114,656,528, the increase in net was no
more than $19,273,550. In the following we furnish
the half-yearly comparisons back to 1897. We give
the results just as registered by our tables each year,
and it should be borne in mind that in 1908 and
prior years a portion of the railroad mileage of the
country was always unrepresented in the totals,
owing to the refusal of some of the roads in those
days to furnish monthly figures for publication.
Net Earnings.
Gross Earnings.
Year
Year
Given.
Year
Preceding.
Increase or
Decrease.
Year
Given.
Increase or
Year
Preceding. Decrease.
$
Jan.]. to June 30.
1897 405,003,731 407,164,468 -2,160,737 121.059,320115,427,318 +5,632,002
1898 460,528,130 410,596,441 +49,931,689 139,585,717 121,895,682 +17,690,035
189 489,509,765 461,993,058 +27,516,707150.599,074 140,545,535 +10,053,539
1900 577,149,664 506,366,345 +70,783,319 180,718,437 155,591,468 +25,126,969
1901 638,334,794 580,421,956 +57,912,838206,218,320 179,495,140 +26,723,180
1902 670,398,926 631,494,280 +38,004,646209.973,703202,250,797 +7,722,906
1903 727,932,367 637,699,839 +90,232,528218,024,056 198,256,82 +19,767,230
1904 731,774,531 744,860,135 -13,085,604 198,807,547224,157,420-25,349,873
1905 847,334,204 790,321,750 +67,012,454234,333.810215,417,468 +18,916,342
1906 923,554,268 815,486,025 +108,068,243272,101,047226,345,855 +46,755,192
+114,656,528280,697,496 261,423,946 +19,273,550
1907 999,082,691„
1908 863,860,965 1036,729,560-172,868,595231,254,071294,738.973-63,484,902
19091172,185,403 1051,853,195 +120,332,208371,591,341294,051,102 +76,640,239
19101351,570,837 1172,481,315 +179,089,522408,380,483371,562,668 +36,817,815
1911 1310,580,765 1339,539,563 -28,958,798378,852,053404.569,430-25.717,377
1912 1365,355,859 1309,006,353 +56,349,506373,370,171 375,407,648 -2,037,477
19131507,472,942 1366,304,199 +136,168,743 400,242,544373,442,875 +26,799,669
1914 1401,010,280 1486,043,706 -85,033,426343,835,677394,495,885-50,660,208
19151407,465,982 1447,464,542 -39,998,560394,683,548347.068,207+47,615,341
1916 1731,460,912 1403,448,334 +328,012,578559,376,894393,225,507 +166151387
1917 1946,395,684 1741,329,277 +205,066,407555,683,02. 562.838,773 -7,155,748
19182071,337.977 1889,489,295 +181,848,682265,705,922540,911,505-275,205,583
-In 1897 number of roads included in the total is 170; in 1898, 179; in
Note.
1899, 165; In 1900, 170; in 1901, 172; in 1902, 154; In 1903, 159; In 1904, 136; in
1905, 148; in 1906, 143; in 1907, 148; in 1908 the number of miles represented was
168,839; in 1909, 233,902; in 1910, 239,652; in 1911, 241,923; in 1912, 237,698; in
1913, 239,983; in 1914, 245,312; In 1915, 247,745; in 1916, 249,249; in 1917, 249,799
In 1918, 233,133. Neither the Mexican roads nor the coal-mining operations of the
these tables.
anthracite coal roads are included In any
[VoL. 107.
As far as the separate roads are concerned, this
year's great increase in expenses is reflected in numerous striking losses in net earnings. Thus the Pennsylvania Railroad on its lines directly operated, east
and west of Pittsburgh, with a gain of $16,082,773
in gross, suffered a loss of no less than $40,772,487
in net, and the New York Central (without the
auxiliary and controlled roads), though having added
$10,249,241 to gross, falls $16,353,650 behind in the
net. Scores of similar instances might be cited. In
the following we show all the changes for the separate
roads for amounts in excess of $500,000, whether increases or decreases, and in both gross and net. In
the gross there are only two decreases above that
amount, namely that of the "Soo" and that of the
Great Northern, both ascribable no doubt to the
shrinkage in the spring wheat movement, while in
the case of the net earnings the list is entirely made
up of losses, except that the Duluth Missabe &
Northern on its larger ore movement is able to report
an improvement in net of $788,393.
PRINCIPAL CHANGES IN GROSS EARNINGS FOR SIX MONTHS.
Increases.
Increases.
Pennsylvania Syst (3)..a.$16,082,773 Duluth Missabe & Nor__ $1,427,201
12,680,056 St Louis Southw Syst(2),
Southern Railway
3
New York Central_b_ _ 10,249,241 Buffalo Roch & Pittsb__ 1,249,84
Union Pacific System (3) 8,082,467 Colo & Southern Syst (2) 1,230,257
7,821,269 Chicago & Eastern 111___ 1,202,918
Baltimore & Ohio
Southern Pacific Syst (8) 7,312,200 Delaware & Hudson-- 1,141,403
1,106,036
Louisville & Nashville- 7,098,453 Texas & Pacific
1,000,701
5,901,958 Georgia
111incis Central
881,852
A tch Top & SF Svst (3). 5,652,'.89 NY Chicago & St Louis..
830,910
4,724,216 Wheeling & Lake Erie_ _ Cleve Cin Chi &
783,412
4,413,043 Chic St P Minn & OmMichigan Central
780,556
4,167,489 Pere Marquette
Norfolk & Western
721,558
4,104,991 Kanawha .8 Michigan_ _ _
Atlantic Coast Line
689,683
4,008,761 Spokane Portl & Seattle_
Chesapeake & Ohio
666,460
St Louis-San Fr Syst (3). 3,819,915 New York Ont & West__
623,582
ChicIt I & Pac Syst (2)- 3,776,777 Alabama Great Southern
599.855
Missouri Kansas & Texas 93,506,706 Toledo & Ohio Central__
594,118
._ 3,228,392 Internet & (It Northern_
Chicago Burl & Quincy
582,115
Philadelphia & Reading_ 3,217,902 New Orleans & No East..
576,892
3,020,882 Wabash
Erie System (2)
575.614
N Y New Haven & Hart.. 2,926,223 Chicago Great Western..
574,714
Chicago Milw & St Paul_ 2,789,772 N Y Phila & Norfolk_ _ _ _
545,182
2,570,351 Duluth & Iron Range_ _ _
Missouri Pacific
2,401,643 Western Pacific
9511,802
Seaboard Air Line
2,374,3k2
Central of Georgia
Representing 76 roads
2,315,879
Long Island
in our compliation.$173,482,995
2,201.038
Boston & Maine
2,109,868
Delaware Lack & West
Decreases.
Chicago & North West_.. 2,055,714
1,938,978 Minn St Paul & S S M__ $2,463,319
Nashville Chatt & St L
945,060
Pittsburgh & Lake Erie_ y1,764,483 Great Northern
1,759,704
Lehigh Valley
Representing 2 roads
Yazoo & Mississippi Val_ 1,600,502
In our compilation__ $3,408,379
1,526,753
Central RR of NJ
-All the figures in the above are on the basis of the returns filed
Note.
Commission. Where, however, these
with the Inter-State Commerce
returns do not show the total for any system, we have combined the
separate roads so as to make the results conform as nearly as possible to
those given in the statements furnished by the companies themselves.
The figures in parenthesis Indicate the number of roads so combined.
a This is the result for the Pennsylvania RR., together with the Pennsylvania Company, end the Pittsburgh Cincinnati Chicago & St. Louis, the
Pennsylvania RR. reporting $13,337,694 increase, the Pennsylvania Company $1,248,874 gain and the P. 0. C. & St. L. S1,496,205 gain.
S These figures cover merely tho operations of the New York Central
itself.
y These figures are for five months only.
PRINCIPAL CHANGES IN NET EARNINGS FOR SIX MONTHS.
Decreases
Increases.
Duluth Missabe & Nor__ $788,393 Chic St Paul Minn & Om. $1,651,888
Mobile & Ohio
1,588,663
Union Pacific System (3) 1,577,315
Representing 1 road in
1,514,400
our compilation_ .._ _ $788,393 Atlantic Coast Line .
Decreases. Chicago Great Western_ 1,287,978
Pennsylvania Systema(3)$40,772,487 Buffalo Roch & Pittsb._ 1,263,295
New York Centrel_b_.__ 16,353,650 Minneapolis & St Louis_ 1,237,191
15,383,021 Los Angeles & Salt Lake.. 1,210,688
Baltimore & Ohio
1,147,268
Chicago Milw & St Paul_ 12.419,139 Virginian
1,064,902
Southern Pacific Syst (8) 11,910,069 Pere Marquette
Erie System (2)
10,738,353 Indiana Harbor Belt_ _ - 1,060,219
10,537,208 Grand Trunk Western-.
977.322
Great Northern
10,316,128 Hocking Valley
937,042
Chicago Burl & Quincy
915,703
Chicago & North West__ 9,128,691 Colo & Southern Syst (2)
Cinc New On & Tex Pac_
897,561
N Y New Haven & Hart_ 8,320,827
877,192
Northern Pacific
8,040,579 Texas & Pacific
854,938
Illinois Central
6,530,688 Chicago Ind & Louisville
840,747
Philadelphia & Reading_ 5,779,371 Wheeling & Lake Erie_ _ _
811,576
5,440,575 Central New England_ _ _
Norfolk & Western
781.341
Minn St Paul & S S M. 4,980,302 Lake Erie & Western.4,902,651 Term RR Assn of St L__
753,507
Missouri Pacific
718,157
Boston & Maine
4,738,363 N Y Ontario & Western704,075
Lehigh Valley
4,702,646 Cleveland CM Chi & St L
696.118
Atch Top & S Fe Syst (3) 4,323,792 Internet & Great North_
662,973
Chic R 1 & Pac Syst (2). 4,237,541 Detroit Toledo & Ironton
659,094
St Louis-San Fr Syst (3). 4,154,180 Toledo & Ohio Central__
3,869,206 Florida East Coast
656,199
Wabash
616.853
St Louis Southw Syst (2) 3,755,336 West Jersey & Sea Shore_
598,722
Louisville & Nashville... 3,107,704 Central Vermont
562,613
3,008,782 El Paso & Southwestern_
Central RR of N J
551,195
.
2,966,383 Bangor & Aroostook__ _
Delaware Lack & West
544,596
2,653,182 Chic Terre Haute & 13 FL.
Chesapeake & Ohio
541,159
.
Delaware & Hudson.. _ 2,538,881 Norfolk Southern
538,962
2,066,013 Can Pac Lines in Maine..
Maine Central
536,117
1.964,470 Elgin Joliet & Eastern__
Chicago & Alton
510,550
1,813,442 Yazoo & Mississippi Val_
Seaboard Air Line
1,770,243
Western Maryland
Representing 89 roads
Denver & Rio Grande._ _ 1,683,661
in our compilation.$277,336,562
1,078,403
Chicago & Eastern Ill
a This is the result for the Pennsylvania RR., together with the Pennsylvania Company and the Pittsburgh Cincinnati Chicago & St. Louis. the
Pennsylvania RR. reporting $27.553,983 decrease, the Pennsylvania Company $6,562,125 loss and the P. C. C. & St. L. $6,656.348 loss.
S These figures merely cover the operations of the New York Central
itself.
When the roads are arranged in groups or geographical divisions according to their locations, it/is
AUG. 241918.1
THE CHRONICLE
found that though every division shows an improvement in gross every division also reveals a contraction in net, the losses being of large magnitude.
Our summary by groups is as follows:
SUMMARY BY GROUPS.
Gross Earnings
Jan. 1 to June 301918.
1917.
Inc.(+):or Dec.(-)
Section or Group$
$
Group 1 (8 roads), New England_ 90,363,306
85,034,219 +5,329,087 6.27
Group 2 (35 roads), East dc Middle 563,823,015 513,182,6
52 +50,640,363 9.89
Group 3(29 roads), Middle West_ 244,295,710
224,408,604 +19,887,206 8.86
Groups 4 & 5 (35 roads), Southern 292,912,533
245,890,005 +47,022,528 19.12
Groups 6 & 7(29 roads), Northw_ 428,315,218
406,078,118 +21,637,100 5.32
Groups 8 & 9(46 roads), Southw_ 324,049,168
295,245,178 +28,803,990 9.78
Group 10 (12 roads), Pacific
127,579,027 119,050,619 +8,528,408
7.14
Total (194 roads)
2,071,337,977 1,889,489,295+181,848,68
2 9.03
-Mileage
Net Earnings
1918.
1917.
k1917.
1918.
Inc.(1-) or Dec.(-).
$
Group No. 1
7,385
7,528
3,658,874 20,965,063 -17,308,189
82.56
Group No. 2
28,242 27,900 29,960,957 125,004,703
-95,037,746 76.03
Group No. 3
21,228 21,233 24,971,468 53,803,395
-28,831,929 53.95
Groups Nos.4 & 5- 38,015 37,810 59,489,65
6 79,755,527 -20,205,871 25.54
Groups Nos.6 & 7_ 65,939 65,755 50,978,02 123,507,6
9
74 -72,529,645 58.72
Groups Nos.8 & 9_ 55,814 55,065 65,873,80
0 91,749,634 -25,875,834
28.20
Group No. 10
16,510 10,421 30,769,140 40,125,509
-15,356,369 33.29
Total
233,133 231.712 265,705,922 540,911,505 275,205,583 50.88
NOTE.
-Group I. includes all of the New England States.
Group II. includes all of New York and Pennsylvania
except that portion
of Pittsburgh and Buffalo; also all of New
Jersey, Delaware and Maryland,west
the extreme northern portion of West Virginia.
and
Group III. includes all of Ohio and Indiana; all of
Michigan except the northern
peninsula, and that portion of New York and Pennsylv
ania west of Buffalo
Pittsburgh.
and
Groups IV. and V. combined include the Southern States
south of the Ohio and
east of the Mississippi River.
Groups VI. and VII. combined include the northern
peninsula of Michigan, all of
Minnesota, Wisconsin, Iowa and Illinois; all
and Missouri north of St. Louis and Kansas of South Dakota and North Dakota
City:
and Nebraska, together with Colorado north of also all of Montana, Wyoming
a line parallel to the State
passing through Denver.
line
Groups VIII. and IX. combined include all of Kansas,
Oklahoma, Arkansas and
Indian Territory, Missouri south of St. Louis and
of Denver, the whole of Texas and the bulk of Kansas City; Colorado south
Louisiana; and that portion
New Mexico north of a line running from the northwest
of
Santa Fe and east of a line running from Santa Fe to corner of the State through
El Paso.
Group X includes all of Washington, Oregon,
.
Idaho, California, Nevada,
and Arizona and the western part of New Mexico.
Utah
We now give our detailed statement for the
half
year. It shows the results for each road
separately:
Group III (Con.)
741
Gross
1918.
N Y Chic & St Lou.. 9,068,351
Newburgh & So Sh_
525,597
Pennsylvania System
Pennsylvania Co- 37,743,308
Pitts C C & St L_ 37,150,968
Pere Marquette.... 12,193,644
Pitts & Lake Erie_ _ y11,300,622
Tol & Ohio Central 4,009,039
Tol St L & West_ _ _ 3,062,917
Wabash
19,860,030
Wheeling & L Erie_ 5,532,740
1917.
8,180,499
470,471
1,231,960
37,393
Net
1917.
Inc. or Dec.
1,695,193
def8,332
-463,233
+45,725
36,494,434
def93,806
6,468,350 -6,562,156
35,654,763
1,574,110 8,230,458 -6,656,348
11,413,088
1,652,996
2,717,898 -1,064,902
y9,536,139 y3,382,780 y2,923,491
+459,289
3,409,184
def35,666
623,428 -659,094
3,291,292
027,782
883,378 -255,596
19,283,138
1,890,805
5,760,011 -3,869,206
4,701,830
617,618
1,458,365 -840,747
Total (29 roads)_244,295,710 224,408,504 24,971,46
6 53,803,395-28,831,929
Gross
Net
Groups IV & V
1918.
1917,
1918.
1917.
Inc. or Dec.
Southern
Alabama & Vicksb_ 1,083,551
957,597
178,862
236,983
-58,121
Alabama Gt South_ 3,904,446
3,280,864
988,622
1,027,581
-38,959
Atlanta & West Pt- 1,104,953
792,747
334,518
211,014 +123,504
Atl Birm & Atl__ _ _ 2,004,769
1,895,815
311,395 -472,392
Atlantic Coast Line 26,226,235 22,121,244 def160,997
6,035,225
7,549,625 -1,514,400
Birmingham South_
708,871
568,692
58,837
25,703
+33,134
Caro Clinch & Ohio 2,056,680
1,987,616
483,961
862,340 -378,379
Central of Georgia_ 9,551,095
7,176,773
2,169,835
1,933,272 +236,363
Charleston & W Car 1,320,552
1,078,234
57,813
328,186 -270,373
Ches & Ohio
30,040,974 26,032,213
5,018,191
7,671,373 -2,653,182
Cin N 0 & Tex Pac 6,604,119
6,313,486
1,149,554
2,047,115 -897,561
Coal & Coke
642,573
634,959
def42,962
80,695 -123,657
Florida East Coast_ 5,030,538 4,863,286
1,967,414
2,623,613 -656,199
Georgia
2,742,676
1,741,975
774,251
437,592 +336,659
Ga South & Florida 1,684,797
1,360,314
237,307
248,514
-11,207
Gulf & Ship Island_ 1,215,806
973,787
269,726
295,244
-25,518
Gulf Mobile & Nor_ 1,118,495
1,020,487
203,698
301,443
-97,745
Louisv & Nash_ _ _ _ 42,994,794 35,896,341
8,026,436 11,134,140 -3,107,704
Loulsv Hend & St L 1,259,193
1,037,118
294,529
386,588
-92,059
Mississippi Central_
570,737
347,671
138,229
77,766
+60,463
Mobile & Ohio
6,685,586
6,642,284
216,018
1,804,581 -1,588,563
Nash Chatt & St L.. 9,054,654
7,115,676
1,472,723
1,679,663 -206,940
New Orl Grt North 1,007,589
833,679
318,607
290,199
+28,408
New Orleans & N E 2,876,992
2,294,877
686,885
774,064
-87,179
Norfolk Southern
2,636,356
2,691,507
339,038
880,197 -541,159
Norfolk & Western_ 34,969,428 30,801,939 6,237,526
11,678,101 -5,440,575
Rich Fred & Potom 2,844,885
2,374,741
1,103,745
1,050,806
+52,939
Seaboard Air Line
17,437,963 15,036,320
2,831,056
4,045,098
1,813,442
Southern Ry
54,134,611 41,454,555 13,971,338 13,511,962 +459,376
South Ry in Miss
623,300
564,078
29,052
103,958
4.-74,904
Tennessee Central
1,236,347
854,408'
129,745
187,193
-57,448
Virginian
5,067,655
5,060,079
1,151,104
2,298,372 -1,147,268
Washington South_ 1,581,606
1,185,974
692,980
558,394
+134,586
West Ry of Ala_ _
1,135,486
744,350
308,613
174,426 +134,187
Yazoo & Miss Vall_ 9,754,221
8,153,719
1,817,777
2,328,333 -510,556
Total (35 roads)_292.912.533 245,890.005 59.489.05
6 79.755.527-20,265,871
Gross
Groups VI & VII 1918.
1917.
Northwest
B &0 Chic Term__
821,776
980,179
Belt Ry of Chicago 1,824,342
1,887,502
Chicago & Alton... 10,118,751
9,730,862
Chic & East Illinois 11,250,237 10,047,319
Chic & North West 51,859,520 49,803,800
Chic Burl & Quincy 62,097,596 58,869,204
Chic Great West... 8,410,491
7,834,877
Chicago Junction__ 1,731,297
1,606,891
Chic Milw & St P.. 55,072,130 52,282,358
Chic Peoria & St L_ 1,038,032
1,043,379
Chic St P M & Out 10,652,859
9,869,447
Duluth & Iron R__ 2,806,854
2,261,672
Dul Missabe & Nor 5,591,886
4,164,685
Dul So Shore & All 1,975,204
2,059,846
Dul Win & Pac___
848,928
1,122,717
East St L Connect
490,611
505,363
Elgin Joliet & East 8,061,735
7,639,440
Great Northern_ _ _ _ 39,057,427 40,002,487
Illinois Central_ _ _ _ 47,521,121 41,619,163
Ind Harbor Belt___ 2,450,630 2,653,306
Mineral Range_ _ _ _
538,086
586,835
Minn & St Louis_ _ _ 5,365,419
5,140,875
Minn St P&SSM 13,537,588 16,000,907
Minnesota & Inter_
537,164
575,913
Northern Pacific.._ 42,023,234 42,148,323
Peoria & Pekin Un_
613,308
590,916
St Jos & Gr Island_ 1,291,731
1,193,898
Tol Peoria & West_
698,601
627,376
Union Pacific
40,028,600 33,828,572
EARNINGS OF UNITED STATES RAILWA
YS JAN. 1 TO JUNE
30.
GNU-Net
Group I.
1918.
1917.
1918.
1917.
New England.
Inc. or Dec.
$
Atlantic & St Lawr_
986,133
926,429 det349,868 def2t10,2
Bangor & Aroostook 2,233,051
25
-:13,643
2,395,247
273,077
824,272
Boston & Maine__ 30,250,657 28,049,619
652,169 5,390,532 -551,195
Can Pao in Maine__ 1,316,704
-4,738,383
1,511,094 def133,757
405,205 -538,902
Central Vermont___ 2,332,945
2,113,522 def194,488
404,236 -598,722
Maine Central
7,068,158
6,824,690 def307,336
1,758,677
NYNH& IIartf
44,075,901 41,149,678
3,672,871 11,993,698 -2,066,013
Rutland
-8,320,827
2,099,757
2,063,940
44,204
454,668 -410,404
Total (8 roads)._ 90,363,306 85,034,219
3,656,874 20,905,063-17,30
8,189
Gross
Net
Group II
1918.
1917.
1918,
1917.
East & Middle.
Inc. or Dec.
$
$
$
Atlantic City
$
• $
1,500,854
1,202,220
194,963
187,695
Bait & Ohio
+7,268
68,991,617 61,170,348 def936,399
Bait Chess & Atl_ _ _
14,446,622-15,383,021
.
481,337
467,386
det52,981
34,457
Buff Roch & Pitts
-87,438
8,033,382 6,783,539
09,895
1,333,190 -1,263,295
Central Now Eng
2,688,169
2,718,234
191,703
Cent RR of N J
1,003,279 -811,578
19,080,174 17,559,421
2,335,335
5,344,117 -3,008,782
Cumberland Valley_ 2,259,956
Total (29 roads)..428,315,218 400,678,118
2,289,623
675,730
1,110,929 -435,19
Delaware & Hudson 15,125,207 13,983,80
4
487,704 3,026,585 -2,538,8 9
Del Lack & West
81
29,848,437 27,738,569
-Gross
6,847,968
Erie
9,814,351 -2,966,383
Groups VIII & IX 1918.
1917.
Fonda Johns & Giov 36,088,083 33,397,404 def4,095,992
5,211,912 -9,307,904
Southwest
518,989
511,100
200,234
Lehigh & Hud Riv_
210,790
-10,556 Atch Top & San Fe 72,422,361 67,198,184
1,106,374
144,374
Lehigh & New Eng_ 1,029,227
378,030 -231,656
Gulf Colo & S Fe 8,873,413 8,027,072
1,752,602
1,700,008
389,975
Lehigh Valley
029,036 -239,081
Panhandle & S Fe 2,851,654
27,195,521 25,435,817
3,269,383
1,015,008
Long Island
5,717,654 -4,702,646
I & Pac___
7,063,908
2,066,382
Maryland Del & Va 9,379,787
1,617,740 +448,642 Chic RRI & Gulf 43,830,983 40,340,759
Chic
_ 2,124,956
355,663
, 7 det74,220
1,838,403
Monongahela Ry
42,316 116,536 Colorado & South__ 5,733,138
1,348,319
1,047,877
5,091,808
352,832
462,305 -109,473
Monongahela Conn 1,057,204
Ft Worth & D C_ 3,511,951
987,998
2,923,024
112,922
N Y Central
190,673
-77,751 Colorado & Wyom_
540,792
607,937
N Y Ont & West.. 122,729,354 112,480,113 12,377,873 28,731,523-16,353,650
Crk & Col Spgs
Crip
4,776,097 4,109,837
462,388
611,286
280,198
N Y Phila & Nor
998,355 -718,157 Denver & Rio Cr...
3,068,346
2,493,632
N Y Susq & West
358,705
588,109 -229,464 Denver & Salt Lake 13,519,245 13,490,305
1,848,691
877,257
1,749,079
897,581
52,277
Pennsylvania
438,215 -385,938 Ft Smith & Western
151,368,048 138,030,954
598,127
488,048
2,511,603 30,065,646-27,553,983
Phila,& Reading
35,572,544 32,354,642
519,366
598,233
4,686,201 10,465,572 -5,779,371 Galveston Wharf..
Pitts & Shaw
617,831
Internet & Gt Nor_
556,623
5,640,444
Pitts Shaw & North
33,568
146,315 -112,747 Kan City Mex & Oct 0,234,562
661,291
623,205 def218,187
570,754
555,946
Port Reading
det93,986 -124,201 K C Mex &0 of Tex
1,046,721
927,182
580,838
658,203
202,931
South Buffalo
202,360
-59,429 Kansas City South_ 7,216,264
760,427
662,139
5,887,647
217,904
StatenJel Rap Tran
230,243
-12,339 Louisiana & Arkan_
703,126
706,305
850,013
695,411
53,941
Ulster & Delaware_
140,212
-86,271 Louisiana RY & Nay
414,259
431,250
1,083,945
det46,766
Union RR of Penn_ 2,849,010
64,991 -111,757 Midland Valley_ - __ 1,381,519
2,634,851 def212,097
1,322,875
West Jersey&Sea Sh 3,974,575
07,998 -280,095 Mo & No Arkansas 1,598,487
3,538,465 def203,236
682,823
682,528
413,617 -616,853 Mo Kan & Texas__
Western Maryland_ 6,630,967
6,318,958
def59,451
1,719,792 -1,779,243 Mo Okla & Gulf.. 419,680,427 y16,173,721
La. o.44 1
_
860,047
910,974
Total (35 roads).563,823,015 513,182,052
29,966,957 125,001,703-95,037,746 Missouri Pacific... 40,098,953 37,528,602
New Orl Tex & Mex 1,047,946
664,381
-Gross
Beau Sour L & W
743,079
478,308
Net
Group III •
St L Browns & M 1,810,591
1918.
1917.
2,074,402
1918.
1917.
Inc. or Dec. St Louis-San Fran__ 30,161,16 26,607,26
Middle West
8
4
AnnlArbor
1,512,521
Ft Worth & R C.
1,528,218
520,074
407,190
53,945
326,807 -272,862
Bessemer & L Erie_ 4,987,917
St L & 1E1 F of Tex
4,869,138
721,479
508,352
875,535
1,182,801 -307,266 St L Mer Br Term_
Erie System
1,607,973
1,492,741
a..,Chlcago & Erie
St Louis Southwest_ 6,185,591
4,538,315 4,208,112 def245,107
5,489,402
1,185,342 -1,430,449
Chi Det & Can G T
St L S W of Tex_ 3,168,774
637,369
626,278
2,483,148
def33,602
79,874 -113,476 San An & Aran Pass 1,908,809
Chl,Ind & Louisv_.. 4,573,208
4,392,228
1,777,358
541,993
1,396,931 .-854,938 Southern Pacific System
Chi Terre II & S E.. 1,993,380
1,730,984
det92,626
451,970 -544,596
Cin Ind & West.... 1,450,300
Gal Har & San An 9,940,672
1,349,210
9,462,119
26,229
301,944 -275,715
C C „C & St L
Houston & Tex C 4,135,967
29,301,568 24,577,352
3,597,711
5,876,938
6,581,013 -704,075
Cincinnati North
Hotta E di W Tex
976,203
1,166,097
884,733
93,747
1,120,516
249,330 -155,583
Detroit dc Mackinac
Louisiana West__ 2,014,679
711,254
1,654,001
637,538
43,116
140,505
Det & Tol Sh Line_
morg L&T RR&SS 3,796,253
97,389
3,168,134
946,394
935,821
411,909
505,640
Det Or Hay & Milw 1,493,467
-93,731
Texas & New Orl 3,527,203 2,980,580
1,640,556 def157,792
111,038 -268,830 Term RR of St L__ 1,745,399
Det Toi & Ironton_ 1,044,436
1,920,076
1,268,393 def533,041
129,932 -662,973 Texas & Pacific.... 11,649,27
Grand Rap & Ind
0 10,543,234
3,129,087
3,072,015
185,575
453,873 Grand Trk Western 4,880,801,
268,298 Texark & Ft Smith
579,368
528,170
4,954
, 1
982,276 -977,322 Trinity & Bras Vail
Hooking Valley_ _ _ _ 5,178,058
544,871
462,742
4,716,200
496,163
1,433,205 -937,042 \ricks Shr & Pac___ 1,171,509
Kanawha & Mich
979,082
1,039,803
593,181
431,952
Lake'Erie & West... 2,301,361
+161,229 Wichita Falls & NW
471,974
499,731
4,084,316
4,018,579
439,573
1,220,91.4 -.-781,341
Michigan Central L29,358,6
67 24,945,024
5,504,804
5,885,808 -381,004
Total (46 roads)-324,049,168 295,245,178
1918.
1918.
Net
1917.
Inc. or Dec.
def320,269
def12,659 -307,610
79,830
504,575 -424,745
845,292
2,809,762 -1,964,470
509,463
2,187,866 -1,678,403
3,219,778 '12,348,469 -9,128,691
10,560,814 20,876,942-10,316,128
520,948
1,808,926 -1,287,978
def139,102
181,456 -320,558
1,257,493 13,676,632-12,419,139
def126,603
190,310 -316,913
982,745
2,634,633 -1,651,888
658,332
477,370 +180,962
2,185,386
1,396,993 +788,393
def75,071
391,949 -467,020
94,988
361,540 -266,552
def111,201
114,493 -225,694
1,476,880
2,012,997 -536,117
1,304,760 11,842,058-10,537,298
5,602,468 12,133,156 -6,530,688
def409,675
650,544 -1,060,219
15,489
def6,758
+22,247
200,290
1,437,481 -1,237,191
270,966
5,251,268 -4,980,302
64,928 .215,277 -150,349
9,092,479 17,133,058 -8,040,579
def65,957
48,288 -114,245
92,653
183,522
-90,869
def55,417
55,307 -110,724
13,245,342 12,602,219 +643,123
50,978,029 123,507,674-72,529,645
1918.
Net
1917.
Inc. or Dec.
21,413,433 24,982,812 -3,569,379
2,038,352
2,095,194
-56,842
530,932
1,228,503 -697,571
5,321,020 9,589,114 -4,288,094
596,993
566,440
+30,553
1,367,850
1,872,477 -504,627
661,771
1,072,847 -411,076
134,591
247,564 -112,973
175,877
312,074 -136,197
2,734,759
4,418,420 -1,683,661
de1285,053
def91,953 -193,100
44,001
33,016
+10,985
198,301
257,339
-59,038
887,498
1,563,610 -696,118
def195,037
def38,928 -156,109
def41,387
def30,887
-10,500
2,243,598
2,281,677
-38,079
212,175
107,915
+44,260
270,605
272,350
-1.745
490,972
321,856 +169,116
40,592
139187
-98,595
y2,483,260 y2,787,682 -304,416
def190,662
140,656 -331,318
6,821,310 11,723,961 -4,902,651
311,419
202,242 +109,177
272,738
161,865 +110,873
'399,808
856,506 -456,698
4,645,867 8,946,964 -4,301,097
15,482
4,820
+10,662
168,344
32,089 +136,255
def8,843
408,301 -417,144
2,236,307
2,438,908 -202,601
def43,578
129,357 -172,935
def137,513
44,565 -182,078
2,911,756
3,470,181
1,063,874
1,182,392
250,681
356,146
955,148
829,736
1,358,122
1,300,811
971,455
1,087,612
231,924
985,431
2,183,994
3,061,186
156,476
244,916
def124,322 def200,417
266,715
310,448
def147,811
def17,357
-558,425
-118,518
-105,465
+125,412
+57,311
-116,157
-753,507
-877,192
-88,440
+76,095
-43,733
-130,454
65,873,800 91,749,634-25,875,834
THE CHRONICLE
742
Net
Inc. or Dec.
1917.
1918.
1917.
$
$
893,345 —165,272
728,073
1,512,858
7,258,286 2,963,750 3,526,363 —562,613
6,289,148 1,292,785 2,503,473 —1,210,688
—88,466
690,536
602,070
1,179,748
+59,308
598,541
657,849
2,112,027
66,361,167 12,757,664 23,558,719-10,801,055
851,892 1,245,964 —394,072
2,352,170
+40,35%
3,116,264 1,675,746 1,635,387
+34,017
114,803
148,820
422,892
Gross-
1918.
G'roup X
Pacific Coast
Bingham & Garfield 1,597,914
El Paso & So West_ 7,311,963
Los Ang & Salt Lake 6,559,555
Nevada Northern__ 1,212,986
Northwestern Pacific 2,400,215
Southern Pacific__ 71,202,273
Arizona Eastern.. 2,179,565
Spok Port ac Seattle 3,805,947
468,309
Spokane Internat__
Union Pacific System
Ore Short Line._ _ 15,155,307
Ore-Wash RR&N 11,628,748
94,056,245
Western
[VOL. 107.
The following table sets forth the sales of Canadian municipal securities
made during the past five years:
Total Issued -Sold in Canada- Sold in Great 13riI. —Sold in U. S.—
%
Amount.
%
Amount.
%
Amount.
and Sold.
Year—
$115,761,923 $25,850,053 22.33 $67,775,510 58.55 $22,135,760 19.12
1913
29.75 33,723,563 39.96 25,559,548 30.29
84,388,431 25,105,320
1914
32,455,396 48.80
66,508,073 34,052,677 51.20
1915
35,798,749 63.77
56,138,577 20,339,828 36.23
1916
5,831,365 19.87
29,354,075 23,522,710 80.13
1917
It should be noted that the six millions of Canadian municipal debentures
sold in the United States in 1917 were practically all placed here in the
first four months of the year.
The value of Mr. Bradshaw's report lies primarily in the wholesome
,027 119,050,619 30,769,140 46,125,509 —5,356,369 criticism it contains (and although we will call attention to these criticisms,
Total (12 roads).127,579
we wish to emphasize that a considerable portion of the report is given over
to favorable comment on the city's financial affairs). For instance, the
Grand total (194
2,071,337,977 1889489,295 265,705,922 540,911,505 -275025,583 extent to which the city may incur debenture indebtedness is limited by
roads)
of the first hundred million of assessed value of its ratable
statute to 12
y The figures are for five months only.
property, and 8% of amounts beyond that sum, but in determining this
limit, certain "exempted debts" are not to be counted as forming part
of such debenture indebtedness.
THE TENDENCY TOWARDS
PERILS AHEAD—
Mr. Bradshaw maintains that only those debts should be exempted which
AUTOCRACY IN GOVERNMENT.
are revenue producing, while, as a matter of fact, tho Legislature permitted the city's share of local improvement debts (Doc. 31 1917, $9,349,[From "The Argonaut" of San Francisco, Aug. 17 1918.1
and the debt incurred for war purposes ($2,630,743) to be classed as
Murray Butler in an address before 817),
"Let us beware," said Dr. Nicholas
"exempted debts," a practice which Mr. Bradshaw questions.
Club in this city last week, "that in the concentration
the Commercial
At one place in his report, Mr. Bradshaw states that the view is someof authorities and powers essential to combating Prussianism in the realm times expressed that, relatively, Toronto's debt is greater than that of like
of ideas." Further
of force we do not establish Prussianism in the realm
cities in the United States. He rightly contends, however, that in making
and in phrases of equal solemnity he sounded a warning against tendencies a comparison it is essential to bear in mind that the city's debt figures comin our own country, promoted under the exigencies of war, similar to those prise the debts for annexed districts, and for all civic undertakings, such as
that have made havoc and tragedy in Russia. These are pregnant sug- hydro-electric, street railway, water-works, sewers, schools, parks, etc.
gestions. They reflect an apprehension that is shared by many thought- And he observes quite correctly:
ful minds. None too soon there comes from a source of high intellectual
"Many of the large United States cities not only have their own debts,
authority a prompting to caution.
but are more or less responsible for debts contracted by school districts
No distemper of the human mind is more insidious, more destructive within their bounds, or for a share of the indebtedness incurred by the
weak,
of moral fibre in men, than lust of power. It seizes alike upon the
authority of the county in which they are situated: or they may be saddled
under- with a portion of the debt of a Metropolitan Park or a Sanitary District,
the strong, the vicious, the virtuous. It befools and corrupts the
difficult to arrive at a uniform basis of comparison."
standing and as history instructs us transmutes good men into tyrants. and, therefore, it is
of
Happily we have in our national history—very notably in the case
This observation is extremely ad rent. It would, indeed, be a great imGeorge Washington—inspiring examples of patriotic resistance to the provement in the publication of circulars offering municipal bonds in this
contagions of ambition. But Washingtons are rare, and this a day of country, if the statement of funded debt of the municipality be accomevery
lesser men and of more impelling forces. It would be folly to hope in
panied by a statement showing the debt of the school districts covering
ilemergency for tho powers of restraint and the nobility of character
the same area, and the proportion of county debt that may reasonably be
term in the Presidency and of considered to bear on the city, and furthermore, any statement giving
lustrated in Washington's refusal of a third
proposals for a dynastic establishment. Men possessed under whatever the debt of a county also ought to show the debt of the principal cities
circumstances of unrestricted power come by progressive degrees, and in that county. Without this information any statement of debt, although
own interests with the fortunes of the technically correct, fails to convey a true picture of the debt carried by
almost certainly, to identify their .
State. Under the intoxications of authority they lose their sense of prothe inhabitants of the city or county whose bonds are offered for sale.
portion, their sense of values. With perverted vision they see shemselves
Returning to Mr. Bradshaw's report, it is interesting to note that he
to the efficiencies of government and easily find justification for does not fail to point out that the surplus revenue from Civic Street Railessential
extension and continuance in subsequent times of that which was assumed way, Civic Abattoir and Canadian National Exhibition, for which bonds
We
only under stress of special occasion and for a temporary purpose.
have been issued, has been insufficient to meet the charges on those debts,
make no application of these principles to present conditions. But we do though they have been classed as revenue producing undertakings.
say that there is in our national situation that which should inspire the
Mr. Bradshaw holds that a revenue from a service shall not only cover
vigilance which long ago was declared to be the price of liberty.
the operating expenses, &c., but should also meet the annual interest and
than Dr. Butler's warning against Prus- repayment of principal involved in the debt on the service before these
Not loss timely and impressive
sianism in the sphere of ideas is his suggestion with respect to tendencies debts should be deducted from the gross debt of a city in arriving at the
to social demoralization under misconception of the democratic principle. amount of net debt outstanding. He also is against the practice of issuing
True democracy respects the equities essential to social order. But there bonds whose time of repayment exceeds the life of the. work upon which
is a false conception of democracy which rejects restraint of any kind. The the borrowed funds have been expended.
chaos in Russia is a logical product of a principle, if it may be so called,
Those in this country who are responsible for creating road bonds,
which defines all government and any limitation upon human action as running forty years or oven longer, should read and take to heart the folexemplification of lowing comment appearing in Mr. Bradshaw's report:
infringement of human rights. We have practical
of
this doctine not only in the creed of the I. W. W., but in the practice
"There was no justification in issuing debentures for thirty-five years
certain elements and organizations which employ the public stress as a for equipment for the Civic Abattoir, the lifetime of which would probyears for equiplever to enforce demands out of equity, out of reason, minus patriotism, ably not exceed fifteen years; or for twenty-five and thirty are retired the
ment for the Civic Car Line. Long before these debts
minus morality. .
been scrapped, new equipment purchased,
equipment purchased will have
Without questioning the patriotic spirit and the good intentions declared and new debts for them established."
by the present Administration of our Government, without questioning
is
The acquisition and operation by municipalities of non-profitable enthe purposes and aims as consciously represented in unionism of labor, it
in for sound rebuke as will be seen by the following
still perinent to say that in the sphere of ideas and tendencies two great terprises comes also
dangers lie before the republic. One is the aggrandisement of official au- quotation:
"I am thoroughly convinced that not only is a serious and grievous imthority. The other is the possibility of a development of selfishness and
at large, by perpetuating the conduct of
a spirit of arrogance in the multitude, yet not so much in the multitude position placed upon taxpayers a non-self-supporting basis, but that the
of industry. Verily any civic owned enterprise uponfor them, under such circumstances, conas in those who seek to make themselves masters
debts which have been incurred
it is time for caution, for sober thought, for restraint on the part of all who stitute an improper use of the city's credit. The continuance of this
burdens upon the
have to do with the ordering of Government or with directing the policies method of operation imposes additional direct taxationbenefit. It is also
affording compensating service or
taxpayers,
of industry and trade. It is a time for careful survey, not only of the au- responsible without
for a growing suspicion which, under present conditions, is
of industry and of
thorities and powers of office, not only of the interests
most unfortunate, that the same Improper system will be permitted in
trade, but of their moral responsibilities and obligations under that very the operation of the Street Railway after it has been taken over by the
city."
in whose behalf we are striving in the realm of force.
principle
In discussing the relation between assessed valuation of ratable property
and net bonded debt, Mr. Bradshaw remarks that this relation "indicates
ING AND VALUABLE MUNICIPAL the extent to which such property has been mortgaged, inasmuch as the
AN INTEREST
entire debenture debt of the city is a charge upon its entire resources, a fact
REPORT.
which, it may be remarked in passing, constitutes unquestionable security
the Editor of the "Commercial and Financial Chronicle," New York City' to investors in the city's bonds. If, under ordinary circumstances, the
To
Dear Sir.—May I call your attention to an interesting municipal report debt increases more rapidly than assessed valuation, a situation arises
issued by Mr. T. Bradshaw, Commissioner of Finance of the City of Toron- which demands, and should receive, most careful consideration. In such
to, Canada. This annual report, dealing with the funded debt and sinking a condition either assessed valuations must be increased to meet the infund situation of that city, may well serve as an example of what constitutes creasing debt charges, or else the tax rate must be steadily raised each
excellent practice in keeping the public and the investors informed of the year."
financial status of a large municipality.
While we could quote more admirable comment embodied in this report,
We almost wish that a copy of this report be studied by every comptroller we trust that the above will be quite sufficient to show the valuable service
of any city in the United States, having several issues of bonds outstanding performed by Mr. Bradshaw in rendering his report, not only to the City
In the hands of the public. For the manner in which Mr. Bradshaw in of Toronto, but also to all of those who have sound conduct of municipal
his annual report treats the financial arrangements of the city which is financing seriously at heart.
RUDOLPH DIAMANT,
fortunate enough to have him as its Finance Commissioner, is well worth
being emulated.
Statistician Bond Department, The Prudential Insurance Company.
The body of the report covers thirty-four pages, but it is accompanied
by complete tables of outstanding debts and accumulated sinking funds
pertaining to each of them, as well as by complete statements showing in
detail the sinking fund investments.
In reading Mr. Bradshaw's report one is repeatedly impressed by the
commonsense suggestions and observations, many of which have a striking
application to municipal financial matters on this side of the border.
OF BRITISH TREASURY
As a matter of interest I may, perhaps, state that Mr. Bradshaw lays CONTINUED OFFERING
BILLS.
stress upon the great importance of the United States market for Canadian
municipal issues, and he ascribes the steady decline in the prices of Canadian
The usual offering of ninety day British Treasury Bills
municipal bonds in the recent past to the practical closing of the United
& Co. on a 6%
States market to Canadian municipal Issues, following the entry of our were disposed of this week by J. P. Morgan
country into the war, as well as to the fact that the domestic investment discount basis. The bills aro dated Aug. 20 and mature
field has been almost exclusively occupied with the assimilation of the
Nov. 18.
Dominion War Loans.
14,477,375 5,191,627 6,463,074 —1,271,447
10,424,241 2,619,151 3,568,142 —948,991
—47,449
'y3,544,443 91,279,713 91,327,162
(,11tvrent `gtents and
ptscusstons
AUG. 24 1918.]
THE CHRONICLE
743
ARRANGEMENTS MADE FOR PAYMENT OF BRITISH
(a) To define the particular securities the exportation
of which from
France is strictly prohibited to all destinations
NOTES.
without special authorization from the Commission des Changes of the
Ministry of Finance;
Arrangements have been made for the payment at ma(b) To likewise strictly prohibit the exportation,
without special authoriturity on Sept. 1 of the outstanding amount of the $250,000,- zation, of bank notes of the United States, France and Russia, except they
be carried by traveler provided with a proper
passport, up to Francs 1,000—
000 United Kingdom of Great Britain and Ireland two-year per person.
5% notes which were issued in this country in August 1916
(c) And confirms, by a general derogation, the provision
of the law
to raise funds for the purchase of munition and other supplies of the 3rd April 1918 which allow, notwithstanding the absolute prohibition
under decree of the 29th May 1917, the exportation,
under certain condifor the Allies. These notes were the first secured obligations tions, of capital or moneys other than
those referred
above,and 'without
of the British Government to be sold in this country follow- special authorization; nevertheless the requirementstowith regards to the
,
ing the flotation the latter part of 1915 of the unsecured production of the "Pink Form," which accompanies the import license,
still hold good.
$500,000,000 Anglo-French Loan, Of which the British GovMention was made of the decree in our issue of July
13,
ernment received one-half the proceeds.
page 122.
It is said that approximately $55,000,000 of the maturing notes have already been retired by the sale of part of
ITALIAN EMBARGO ON GEMS.
the collateral, leaving $195,000,000 to be paid off. At the
In reporting that an embargo has been placed by Italy
offices of J. P. Morgan & Co. it was stated that all notes on the exportation of gems, the
Springfield "Republican"
presented on and after Sept. 1 would be paid.
of Aug. 19 said:
This issue of notes, details concerning which were given
The exportation of diamonds, rubies, sapphires, pearls and other
precious
in these columns on Aug. 19 1916 (page 624), is a direct stones from Italy has been prohibited. The reason for this action is that
the depreciated value of Italian money has made it possible
for dealers in
obligation of the British Government and was secured Switzerland, France, or Spain to buy these
stones in Italy at
by the deposit of bonds, stock and other securities with the price in lire and yet get a handsome bargain, really paying for athe market
set of diaFarmers' Loan & Trust Co. of New York, having a value of monds worth 100,000 lire not more than 60,000 to 70,000 lire. As there
has been accumulated in Italy for many centuries past large
quantities of
at least $300,000,000, or 120% of the par value of the notes, valuable stones, many of which, since the war,
have
marcalculated on prevailing market prices. The pledged se- ket by needy owners, the fear has been expressed thatbeen put on thelosing
Italy has been
much of this form of her national wealth, through
curities consisted of:
exportations, particuarly to Switzerland.
Group 1.—Stocks, bonds and other securities of American
corporations of the aggregate value of not less than
$100,000,000
Group 2.—Bonds or other obligations of the Government of tho
Dominion of Canada, either as maker or guarantor, and
stocks, bonds and other securities of the Canadian Pacific
Railway Company, of the aggregate value of not less than
100,000,000
Group 3.—Bonds or other obligations of the several following
Governments, either as maker or guarantor, to wit: of
Argentina, Chile, Norway, Sweden, Switzerland, Denmark
and Holland, of the aggregate value of not less than
100,000,000
• FRENCHIPECREWERMITTING EXPORT OF
PRECIOUS STONES.
According to the "Financial America" of Aug. 20, by a
decree of the French Minister of Finance, dated July 20,
Ipermission is given for the exportation, re-exportation, &e.,
without special authorization, of cut artificial precious
stones to the United Kindgom, uninvaded portion of BelThe pledge agreement provided that if the securities de- gium, Italy,
and countries outside of Europe. ••
preciated in value because of change in market price or in
rate of exchange, so that the 20% margin would have beCANADA HAS RECEIVED $1,300,000,000 GOLD FROM
come impaired, Great Britain was to deposit additional seENGLAND'.
curities with the trust company, so that at all times it would
Press dispatches from Ottawa under date of Aug. 21
securities of a value in New York City equal to
be holding
stated that since the outbreak of war gold coin and gold
120% of the amount of the loan unpaid, and not covered by bullion
to the value of $1,300,000,000 had been received at
cash deposits.
Ottawa by the Department of Finance as trustees for the
The loan was underwritten by a syndicate, of which J. P.
Imperial Government and the Bank of England. The
Morgan & Co. were managers, at 98 and interest and offered
work of the Royal Mint at Ottawa has, in consequence,
to the public at 99 and interest. Several prominent New
been heavily increased. When these deposits of gold were
York City bankers were associated with J. P. Morgan & Co.
received by the Department of Finance it was necessary
in handling the notes.
that their value should be ascertained and that a certain
quantity of gold bullion should be• refined. The heavy
REPORTS OF NORWEGIAN LOAN TO GERMANY.
demand on the gold refinery at the Mint led to the conThe New York "Times" published the following special struction of a second plant with a monthly output of a milcable from Copenhagen on Aug. 17:
lion ounces of fine gold. Through this extension the reAccording to a special dispatch to the "Extrabladet," there are rumors finery has developed, it is stated, the largest
capacity of any
in Christiania of a renewal of the Norwegian loan to Germany and for
a gold refinery in the world. The special work
of the regreater amount.
The "Norgos Sioefartstidende" thinks there is reason why the loading finery, due to the war, is shown by the following figures:
financial circles should hesitate to increase foreign loans, and urges that
all the circumstances demand an increased guarantee.
Gold .bullion received for refining, 15,992,770 ounces gross.
Total gold bars produced, 14,048,803 ounces fine, value $290,414,547
.
Fine silver recovered, 1,175,500 ounces fine.
RECENT FIGURES ON JAPAN'S GOLD
ACCUMULATIONS.
Commerce Reports of Aug. 17 prints the following advices
from Consul-General George H. Scidmore, at Yokohama,
concerning Japan's gold holdings:
As the war made it impossible for the Newfoundland Government to get its supplies of coin from England, coinage for
Newfoundland was carried out by the Ottawa Mint in 1917
and 1918 as follows: 1,670,000 silver pieces; 700,000 bronze
pieces.
On July 17, according to the Japan Advertiser, it was announced by the
CANADA'S EXCHANGE SITUATION.Wr
Japanese Government that the stock of gold to the account of Japan
had
reached 1,235,000,000 yen ($615,030,000) up to the close of the previous
In a recent announcement of Sir Thomas White, Canadian
week, that being an increase of 25,000,000 yen ($12,450,000) on the
close Minister of Finance, reference is made, "The
Monetary
.
of the previous month. The Advertiser continuos:
Times" of Toronto for Aug. 16 says, to the exchange relaThis gain in Japan's specie holdings only means the accumulation
of tiedup gold abroad and the further inflation of the issues of notes at home. tions between Canada and the United States
which should
Of the total, the official announcement said 503,000,000 yen ($252,984,00
0)
is to the credit of the Japanese Government while 727,000,000 yen ($362,- satisfy those who have been arguing in favor of some measure
046,000) is owned by the Bank of Japan. In the former there is an increase to adjust the situation. Continuing the paper says:
of 24,000,000 yell and in the latter a gain of 1,000,000 yen.
For some time past New York funds have been at a premium of about
The holdings at home show no change and stand at 457,000,000 yen 2% and quotations have occasionally
exceeded this amount. To remedy
($227,586,000). All the gain in the fortnight, 25,000,000 yon ($12,450,000), this situation it has been suggested
that a Canadian loan should be floated
is soon in the holdings overseas, which thus have reached 778,000,000 yen.
there, which would set up a flow of money in this direction, or that some
similar arrangement should be made which would bring the cost of United
States money more nearly to par.
DECREE LIMITING AMOUNT OF MONEY WHICH
The Finance Minister points out that this premium on United States
exchange acts as a very efficient influence towards restricting Canadian
MAY BE TAKEN OUT OF FRANCE.
imports from that source. This is, he points out, a very desirable conThe following with reference to the French decree prohibit- dition in view of the necessity for
economy here. There. is, of course,
ing any one person from taking more than 1,000 francs in the objection that in addition to restricting the importation of luxuries,
handicaps the importation of such necessities as are required.
French, Russian or American money outside of France, it also
However, if the latter are really necessities, they will continuo to be imappeared in the "Fortnightly Information Leaflet" of July ported regardless of the premium
which it is required to pay, the only
31 published by the American Chamber of Commerce in difference being that they will cost more. This again reduces the amount
income available for expenditure upon less essential commodities, so
of
Paris:
irt A supplementary decree, with regard to the exportation of species, that the ultimate reduction in imports must take effect upon articles which
paper monoy and securities from France was promulgated on the 3rd July, are unessential.
These effects not only are felt in the case of trade in mercantile comfor full particulars of which see "Journal Officiel" of the 6th July. The
modities, but also in dleaings in securities across the border. The premium
purport of thislsupplementary decree is:
i
restricts the purchase by Canadians of securities in New York and at the
744
THE CHRONICLE
same time encourages the sale of securities which may be readily sold
there. That the net effect is considerable is illustrated by the comparative
prices of Dominion of Canada bonds in Canada and New York. Dominion
of Canada 5% bonds, due in 1931, were quoted in New York on Monday,
the 5th instant, at nearly a 6% basis. Bonds maturing in 1926 and in 1921
were quoted at still more favorable prices. In Canada war bonds have
/
been selling for several weeks past at about a 55é basis, and, while the
issues are not the same, there is practically no difference between them.
were restored to par by some financial
Obviously, if New York exchange
measure, there would be practically no sale for the bonds being offered
here so long as the external issues quoted in New York could be secured at
their present quotations. The effect would be, therefore, an immediate
drop in the values of domestic issues and the exportation of considerable
money for purchases in New York, which funds we desire to retain here to
assure the success of the next war loan. The same thing would be the case
as regards merchandize and securities other than our war bonds. The
premium on United States funds, therefore, is quite desirable in view of the
present campaign for economy here; it would, in fact, be very inconsistent
for the Canadian Government to adopt a measure to restore the situation
to par and at the same time to be endeavoring to restrict imports through
the War Trade Board, and to encourage the production and export of food
through the Canada Food Board.
[VoL. 107.
Other requirements aro set out in the official announcement
of the Treasury Department, which we print herewith:
Under the authority of the Act of Congress approved April 23 1918,
silver has been sold by the Secretary of the Treasury at a price which will
permit the Treasury from new purchases of a corresponding amount of
silver at the price of $1 per fine ounce to recoin the silver purchased into
silver dollars without loss. In order to provide for the various items of
expense involved it was found necessary to fix the price for which silver
was sold at $1 01% per fine ounce, and it was made a condition of sale
that the purchaser should not pay a higher price for silver in other markets
than in those of the United States.
Up to the present time the Federal Reserve Board has freely granted
licenses for the export of silver. In order, however, to conserve the use
of silver, export licenses for silver will hereafter be granted only for civil
or military purposes of importance in connection with the prosecution of
the war and only in cases where the exporter certifies that the silver to be
exported has been purchased at a price which does not directly or indirectly
exceed $1 (11134 per ounce one thousand fine, at the point where silver is
refined in the case ofsilver refined in the United States or at the point of
importation in the case of imported silver.
Applications for licenses to export silver should also state from whom the
silver was purchased, the point at which silver was delivered to purchaser,
for whose account and by whose order and for what purpose the silver
is to be exported.
MEXICAN FINANCES.
In commenting upon the action of the Government in
The following relative to financial affairs in Mexico was
fixing the price of silver at $1 01M, the "Journal of Compublished in the "Wall Street Journal" of August 21:
last (Aug. 17)said:
Mexico's Treasury Department recently gave out in Mexico City a merce" on Saturday
Announcement on the part of the Treasury that it had fixed the price of
statement that Government income from ordinary sources of revenue was
licenses for silver would be granted only
10,000,000 pesos a month and that the monthly deficit was about 800,000 silver at $1 0134 and that export
and on condition that the maximum
pesos. The peso is now worth about 57 cents, American money. Fore- for essential civil or military purposes
had been expected in the trade,
casts were made that by the end of October income would equal disburse- price was not exceeded'by the purchaser,
news was taken as indicating the
mernts and that money from the Tehuantepec Railway deal would tide the although not in this precise form. The
arrival of a new stage in the effort to stabilize the price of silver in relation
Government over.
of the operation. Important
By the Tehuantepec deal, the long-time lease of S. Pearson & Son of Lon- to gold and as testimony to the difficulty
don for the operation of the Tehuantepec Railway was canceled. As pro- effects on Oriental trade are looked for.
Congress in the measure passed last spring provides for the breaking up
vided in the original concession, the railroad property reverted to the
certificates and the sale of bullion
Government, which held 51% of the common stock, the operating com- of the silver dollars held behind silver
About 100,000,000 of silver
pany owning the remainder. On the basis of common stock holdings resulting therefrom to would-be exporters.
shows no signs of slackening
,there was a division of the cash on hand of the railroad and of a large hold- dollars have thus been retired, but the demand
alarm in the trade as well as,
ing of shares in the American-Hawaiian Steamship Co. The Mexican and the situation has for some time past caused
It was supposed that the
Government obtained about 7,000,000 pesos in cash and 11,500 shares of it is understood, to officials of the Government.
production from home mines
the steamship stock. Five thousand shares of this have been hypothe- measure of last spring coupled with the regular
their product to the United States,
cated in New York for $2,500,000, according to a Mexican Government and from the mines of countries sending
would suffice to furnish all the requirements of business on the restricted
statement.
Acting upon this belief, it is
Carranza's income is largely in excess of that of the best years of Gen. basis allowed by the present regulations.
been liberal in the granting of perPorfirio Diaz. Rafael Nieto, Sub-Secretary of the Treasury, in summing stated, the Federal Reserve Board has
there has been a large moveup Government revenues, reported for the nine months' period from Sept. 1 mits to ship silver abroad, and in consequence
to some degree to South America as well.
1917 to May 31 1918 as follows: Customs receipts, 33,372,223; stamp ment of silver to the Far East and
forecasts to miscarry has been
A phase of the situation which has caused
taxes, 58,669,099; Treasury receipts, 1,875,392; consulates, 3,248,121
United States to fall off. As the
income from property taken over by the Government, 1,624,443; total, the tendency of silver production in the
cost of mining measured in gold has gone up, both silver and gold miners
98,789,279 pesos.
ton have found that they
This showing gives the Mexican Government a monthly income of over who were operating properties of low yield per
basis, and have been letting their
10,900,000 pesos, exceeding the Treasury estimates of present monthly dis- could not afford to continue upon the old
them on a limited basis,
bursements. It brings up the question of why there is a deficit now of mines go out of operation or have been operating
miner in discussing
800,000 pesos a month. The Mexican Treasury statisticians are evident working only the best deposits of ore. A largo silver
better off before
careless. First, the general statement is made public that the Government the situation makes the broad statement that he was much
of silver as measured in gold that then existed,
income is 10,000,000 pesos a month and the disbursements 10,800,000, the war with the low prices
prevailed heretoand that by the end of October, due to an indicated increase in revenue and than he is to-day with the price of $1 per ounce which has
the Treasury in advancreduced expenditures, the monthly deficit would have disappeared. A fore. This condition is recognized in the action of
being intended as an aid to
week later the Tresaury gives out figures to show a monthly income of ing the price of silver a cent and a half, this step
10,900,000 pesos plus, showing that no deficit should exist now. Private the miners who are disposed to cease producing.
The coupling of a restricted export policy with the advance in the official
reports from Mexico City, however, speak of unpaid school teachers, soland Chinese exchanges, and
diers and Government employees, and not only support the theory that the price will have a direct effect on the Japanese
still more than in the past.
Government is not living on its income from ordinary revenues, but that will tend to limit trade with those countries
circles to be influenced by it are
even extraordinary sources of income have not been able to furnish the Gov- Among the lines which are expected in trade
the silk business and the tea trade,as well as businss in general Eastern roads.
ernment with ready cash.
only for essential purMexico City newspapers, however, comment on the wonderful Govern- The statement that silver will be allowed to go abroad
the few lines of internament showing and compare the figures for the nine months' period given poses, if strictly interpreted, will partly close one of
to revoluabove with General Diaz's banner annual income of 106,328,485 pesos col- tional trade in which restrictions have not been of a character
of silver had been as
lected in the prospbrous twelve months of the centennial year of 1910. tionize business. In payments to the Far East the use
leaves nothThey point out that, on the basis of the nine months' showing, the income satisfactory as gold, but the shutting down on export permits
ing to settle debts with, and the United States has been regularly indebted
for the year ending Aug. 31 1918 should total 131,719,039 pesos.
Prospects of
Carranza has doubled and trebled his internal taxation. As a result of to most of the Far Eastern countries for some time past.
securities are not good.
the world war with hitherto unknown prices for raw materials, he has levied establishing credits there by the sale of American
Experts are doubtful whether even with the limitations upon the export
export taxes which have produced millions, an item of revenue which Diaz
the price of silver, while
never had. Taxes on the oil industry, which gave Diaz nothing or virtually permits it will be possible for very long to stabilize
Treasury, the advance imposes still another obstacle to the replacement at an early
nothing, are placing 12,000,000 pesos a year in the Carranza
that plan be
according to his official data. The Government is operating the National date of the silver behind the former silver certificates should
to indicate
Railways of Mexico and is paying no interest on common or preferred stock adhered to. It is expected that further announcements designed
fully, will necessarily be
or on bonds, the interest of which is guaranteed by the Mexcian Govern- the policy of the Government more clearly and
railroads' earn- forthcoming within a short time.
ment; yet Carranza has taken eight millions of pesos ofthe
ings and applied them to meeting the general expenses of his administration.
We also quote the following, which appeared in the
After the collapse of his paper money issues, he was forced to place his
has Montreal "Gazette" of Aug. 17:
Government on a coin basis in December, 1916. Since that time he
The recent action of the Treasury Department in advancing the price
put the banks of issue out of business, taking over in the form of a loan their
per ounce, thereby overriding the Pittman Bill
gold and silver reserves, totaling 58,000,000 pesos, according to his own of fine silver to $1 0134
$1 an ounce, was taken because Canada has been
Treasury statement. The Tehuantepec Railway deal has given him cash or which fixed the price at
purchases of the metal in this country at a reported price of
securities of an aggregate valise of about 20,000,000 pesos. He has taken making heavy
an ounce. This higher figure has attracted large quantities of this
8,000,000 pesos in earnings of the National Railways of Mexico. This $1 0234
Dominion; in fact, to such an extent that it was necessary for
gives an extraordinary income of 86,000,000 pesos since the beginning metal to the
the United States to thwart these exports.
of 1917.
Local silver people believe that when the United States Government
Recently there were wholesale reductions in the number of employees of
$1 per ounce similar action should have been taken
the Government departments and of the National Railways. No interest fixed the price at
authorities, so that competition would have been eliminated.
has been paid on the national debt since the time of Madero, and there are by Canadian
Action of the Federal Reserve Board in issuing export licesnes for silver
still deficits and unpaid troops.
the metal will be used for military and civil purposes necessary
Carranza estimates the income from the new oil taxes, which the com- only where
of the war, and then only when the exporter certifies
panies are fighting, and regarding which Secretary of State Lansing sent for the prosecution
has been bought at a price of $1 0134 an ounce, undoubtedly
a sharp note to Carranza through Ambassador Fletcher, at 1,000,000 pesos that the silver
reported large shipments to Canada.
a month. In addition, there is talk of an income tax and other forms of di- bears out the
Since the Pittman Bill was passed in April 1218, the local assay office
rect taxes. Even these, however, will be far from putting the country on a
has melted approximately 14,000,000 sliver dollars into bars and shipped
sound financial basis.
have
from time to time to Calcutta, India. Large consignments of silver
at
also been shipped from this country by the other assay offices, located
DEPARTMENT'S ANNOUNCEMENT CON- Philadelphia and San Francisco.
TREASURY
CERNING PRICE FIXED FOR SILVER.
Last week we noted the fact that a price of $1 013' per
MAXIMUM PRICE OF SILVER INCREASED IN
fine ounce had been fixed for silver by the United States
ENGLAND.
Treasury. The announcement of the Treasury Department
:
According to London cables of Aug 21 announcement was
also made known that export licenses for silver would only be made officially that the maximum price of silver in England
granted for civil or military purposes and on condition that has been increased to 493/i pence—an upward turn, it is said,
the maximumTprice was not exceeded by the purchaser. of 11-16 pence.
AUG. 24 1918.]
THE CHRONICLE
RELEASE OF SILVER BY UNITED STATES AIDED IN
PREVENTING CURRENCY CRISIS IN INDIA.
That India was this year helped by the United States
over one of the most serious currency crisis in the history
of the British Empire is disclosed in a statement made by
Sir James Weston, Finance Member Designate of the
Viceroy's Council, in a statement given out at London on
Aug. 22 to the Associated Press. The dispatches of the
latter quote him as saying:
•
Probably few people in America realize how vitally important to India
and to India's share in the war was the legislation passed in Washington
releasing large quantities of silver for use in alleviating the currency situation
there. For this action India, as well as the British Empire and the Allies,
owe a debt of gratitude to the United States which it is hard to overstate.
The first cargo of American silver arrived in July, and more is on
the
way. This act of the United States has stabilized the whole currency
situation in India, and came just in the nick of time when things
looked
very critical.
India has been doing well in the war for the past four years, but the
crisis
which we faced a year ago, owing to the silver situation was acute, and
for
a time the future looked dark, with the possibility of serious unrest,
difficulty in recruiting, the shut-down of war-work and the cutting off of
those
highly valuable raw material exports for which the Allies are so largely
dependent on India.
At the height of the crisis came the United States and helped us.
Now
we shall be able to get on better than ever. Thanks to the United States,
India to-day is ready to fulfill all demands upon her for assistance in
the
war.
Further facts bearing on the matter are contained in a
special copyright cable to the New York "Times" from
London on the 22d, and we annex its account herewith:
745
$101,000,000 in 1915 to $84,000,000 in 1917, with still
greater decrease now taking place. The resolution further
declares that the increased cost of production with no increase in the market price has forced many mines to ceaes
operations, while many others, now running at a loss, are
about to be closed down or abandoned, threatening a large
portion of the gold mining industry with extinction. From
first to last, we are advised, the conference 'confirmed proposals of sound money and rejected all propositions to alter
the unit of weight of gold in a dollar or to change the official
"price" of gold. The following is the resolution in full
adopted at the conference:
Whereas, gold production in the United States has declined
from $101000,000 in 1915 to $84,000,000 in 1917, with a still greater decrease
now
taking place, the production of California alone having declined
$3,000,000
in the first six months of the present year; and
Whereas, this decrease is principally due to the increased cost
and shortage of labor and material, the price of gold, as our standard of
value, being
fixed by law at the invariable figure of $20.6718 per ounce,thus being
the
only important product which has not obtained an increased market
price
due to the present war conditions; and
Whereas, under present conditions capital cannot be
obtained for gold
mining, but is generally being withdrawn wherever possible
from the said
industry; and
Whereas, on account of the increased cost of production
with no increase
at all in the market price of their product, many mines have been
forced
to cease operations in the last six months, many others are now running
at a loss, and are about to be closed down or abandoned, and, from
the
nature, will require years to be reopened, so that a large portion of the
gold
mining industry is now threatened with extinction; and
Whereas, a war emergency exists, which we are advised by our own
Government necessitates the maintenance, and if possible the
increase of
gold production of the United States, as of next importance after food and
war munitions, being of vital importance as a basis for our continually
expanding credits, which are necessary both for the financing of the
war
and for reconstruction after thewar; and
Whereas, the gold resources of the United States are adequate to maintain
our former production, and to afford under proper encouragement
a substantially increased production; now therefore, be it
Resolved, That it is the sense of this meeting that of all the various measures which have been suggested, the following will be most effective
in
maintaining and encouraging the production of gold in the United
States.
namely:
Relief by the United States to the gold producers of this country to correspond with the increased cost of production, the extent of such relief to be
fixed from time to time to meet changing conditions.
That nothing contained in these resolutions as passed is to be
construed
as meaning an intention to alter the amount of gold in the dollar,
nor to
place a premium upon gold.
The enormous value of the services which the United States rendered
to India by releasing $200,000,000 of her silver reserve was detailed for
the first time to-day by Sir James Meston, Finance Member Designate
of the Viceroy's Council.
As a result of her archaic currency system. India became last spring
a
victim of her own wartime prosperity, and if Congress had not heeded
the
representations of Lord Reading, she might have met with financial disaster. Normally, India has an adverse trade balance of about £18,000,000
,
but as the war has cut off most of her imports and has increased the value
and number of her exports, the balance in her favor is now about four
times as great as her former deficit. This, of course, sent Indian exchange
up, and the value of the rupee in London, normally 1 shilling 4 pence, rose
steadily to 1 shilling and 7 pence. Things began to look serious for Indian exporters, who feared the high rate would drive purchsers away;
and the Government took steps to fix the exchange artificially.
But this did not meet the internal situation in India. There was an
absolute lack of rupees. Sir James pointed out that Indian financiers
have
always been faced by the difficulty that the Indian masses do not
understand any modern currency systems. Numbers of them do not
Permanent organization of the conference was effected by
know
what checks or paper money are. They want actual hard cash, and
they the appointment of the following committees:
have an incorrigible habit of taking silver and gold coins and beating
them
General Committee—I. Pett, Utah; Buckley Wells, Colorado;
into bangles and other ornaments for their wives. This is one form
J. A. Burof sav- gess, Arizona; Robert N. Bell,
Idaho; George T. McGee, Montana; B. L.
ing, but the result is that India for years has been known as the
"sink of Thane, Alaska; H. N. Lawrie, Oregon;
metals."
precious
E. H. Clark, South Dakota; S. J.
Kidder, New Mexico; J. G. Hirchen, Nevada, and Professor
Under the peculiar circumstances of the war this almost resulted
Milner
in dis- Roberts, Washington.
aster. Prices were rising, but there was actual lack of currency to
carry
Executive Committee—Governor Emmet D. Boyle, W.J Loring, Buckon business. The Government tried to meet the situation by issuing oneley Wells, Whitman Symmes and George W. Starr.
rupee notes, but the people were suspicious of them. They
thought it
Finance Committee—Eugene Davis of Nevada, G.
meant the Government could not meet its liabilities, and last
Starr of CaliMarch a seri- fornia and G. M. Taylor of
Colorado.
ous run on the currency reserves developed. People from the country
districts were hurrying to cash their notes, and for a few weeks
the Government had a very anxious time. It was faced with the danger
of having GOLD MININGIAN ESSENTIAL WAR INDUSTRY,
to declare its notes inconvertible, and it knew if there was a lack of
silver
Gold mining is characterized as an essential war industry
at any one centre the result would be most serious. Unrest would
increase
enormously, recruiting would cease just when it was most
needed, the in a resolution adopted by the Priorities Board of the War
manufacture of munitions would bo interrupted, and exports of
wheat, Industries Board. Information to this effect was conveyed
jute, cotton, and other necessaries for the Allies would stop.
to the American Gold Conference at Reno, Nev., on Aug. 13
It was the United States that saved the situation. By passing
the Pitman Act, Congress gave India an opportunity to obtain silver
and, more- by Edwin B. Parker, Priorities Commissioner, who made
over, fixed the price at which the Washington Treasury was
to buy sil- known the adoption of the reoslution as follows:
ver from the American mines to replenish its reserve.
It has been resolved by the Priorities Board that gold mining is an
Some of this silver is now reaching India, and, with the
rate of silver essential war industry and the powers of this
fixed, the Indian Government believes its currency
Board shall be so exercised
difficulties are over. as to accord to such industry preferential
treatment in the supply, not only
Sir James also laid stress on the necessity of the Allies coming
to a de- of tools, machinery and equipment, but in the
cision as to raw materials, of which they control the supply.
transportation service, fuel
Germany, and labor supply.
he pointed out, was already preparing a commercial campaign
for the
period after the war, and from the Indian and Allied point
of view it was COMMITTEE NAMED
most important for the Allies to agree on a policy that would
TO PROTECT AMERICAN INHuns from capturing the very valuable raw materials which prevent the
VESTORS IN FOREIGN SECURITIES.
can be obtained in India, and sometimes in India alone.
w.
RECLINE IN GOLD INDUSTRY PROMPTS PRODUC
ERS
TO SEEK GOVERNMENT RELIEF.
A movement to secure the adoption by the Fedora
Government of suitable measures to prevent the decline
of
the gold industry is to be conducted by an organization
made permanent at the American Gold Conference held by
gold-producing interests at Reno last week. The meeting
which covered three days was held at the instance of Emmet
D.Boyle, Governor of Nevada, and was attended by ninetysix representative gold producers whose interests cover a
majority of the important gold mines of America. At the
concluding session on Aug. 14 a resolution was adopted
urging "relief by the United States to the gold producers
of this country to correspond with the increased cost of production, the extent of such relief to be fixed from time to
time to meet changing conditions." It is urged that some
of the larger mines at the present time are actually operating
at a loss, and are endeavoring to continue in the hope of
finally obtaining needed relief. It is recited in the resolution
that gold production in the United States has declined
from
The appointment by the Investment Bankers' Association
of America of a committee to protect the interests of American investors in foreign securities has been announced during
the past week. In explanation of the reason therefor a
statement issued on Saturday last, Aug. 17, by Warren S.
Hayden of Cleveland, President of the Association, said:
In recent years the total holdings in the United States of securities issued
In other countries has vastly increased. Moreover, these foreign securities
are widely distributed, and are really held by the American public rather
than by clients of a few concerns or a small number of investing groups. It
is probable that some time the interests of this public in some of these issues
would be advanced or protected by the wise activity of a broadly representa
tivo committee or council, and,it is believed that such a committee should be
constituted in advance of any urgent occasion.
Such a body could have contact with the American and foreign Governments, with generally similar bodies in other countries, and in proper circumstances, with foreign agencies directly concerned with particular issues
of securities. If there is occasion for readjustment or for enforcement of
obligation, such a body, largely by its mere presence, could prevent exploitation of American investors by those not in position to serve them
most effectively. Such a body might offer to serve directly the holders of a
given issue, or for such service to appoint a committee of its own members
or of non-members, or it might simply give countenance to some committee
which it had no part in choosing. There should be great latitude in order
that the essential purpose be accomplished.
The committee, which has been designated as the Committee on Foreign Securities, is composed of the following:
746
THE CHRONICLE
[Vol.. 107.
reflected therefrom almosz immediately as it would tend to stimulate
T. W. Lamont, of .1. P. Morgan & Co., Now York, Chairman; Moreau bs
the development of a broad and active discount market in :this country
Delano. of Brown Bros. & Co., New York; Allen B. Forbes, of Harris,
wtliCh is highly essential in times like the present.
Forbes & Co., New York; A. W.Kroch,of Equitable Trust Co., New York;
It was pointed out that this should not be interpreted as indicating that
Charles E. Mitchell, National City Co., New York; Mortimer L. Schiff,
Stock Exchange collateral is not acceptable in the call loan market, as such
of Kuhn, Loeb & Co., New York; A. H. Wiggin, of the Chase Securities
is not the case, but the feeling is entertained by bankers that if a free and
Corporation, New York; H. L. Stuart, of Halsey, Stuart & Co., Chicago;
unrestricted discount market can be brought about it will render much
F. L. Higginson Jr., of Lee, Higginson & Co., Boston; II. C. McEldowney,
assistance to the money market situation as a whole, as well as on the
of the Union Trust Co., Pittsburgh; John Evans, of the International Trust
commercial and industrial affairs of the country.
Co., Denver; Lewis H. Parsons, of Graham, Parsons & Co., Philadelphia;
There are many advantages in the utilization of eligible acceptance bills
Herbert Fleishhacker, of the Anglo and London-Paris National Bank of
as collateral for loans and this has prompted the action of the Morgan firm
San Francisco.
whose load is expected to be followed by many other private bankers, as
In addition to Mr. Hayden's statement Mr. Lamont of well as banking institutions generally throughout this and other cities. It
will stimulate the creation of a greater amount of acceptance bills than are
the committee on Aug. 20 gave out the following:
Mr. Hayden's statement as to the purpose of forming a committee made now in existence and eventually this branch of the banking business of
sets forth clearly the the United States, in the oplaion of careful students of the situation, will
up of members of the Investment Bankers' Association
factors which the new committee may have occasion to consider. Prior to form an important part of the business transacted by banking institutions
neces- and dealers in acceptance paper.
1914 the American holdings in foreign issues were negligible, but the
purBefore the war Great Britain and France had a monopoly on the dissity for providing credits in this country as the basis for the enormous
Governments now consti- count business and even in periods of great stress, when money was not
chases of supplies which were being made by the
tuting our allies made it desirable for those Governments, beginning in the easily ontainable in those countries on certain classes of collateral, large
latter part of 1915, to borrow substantial amounts in our market at rates sums were loaned freely on acceptance bills. After the beginning of the
European war steps %sere taken by American bankers to enter the discount
attractive to our investing public.
Investors in all parts of the country participated in these various oper- field up to the present time the busine's has not been developed as broadly
ations, and in view of the great number of holders the Investment Bankers' as had heed hoped notwithstanding that considerable progress along those
Association decided to form a committee made up of members from the dif- lines has been made.
Prominsnt bankers, in discussing the situation this afternoon, said they
ferent sections to represent the nation-wide army of investors who are now
believed we are now on the eve of tno development of a wide acceptance
Interested in foreign securities.
All the members of the committee have been glad to accept a place upon business in this country, so that u hen peace is again restored a considerable
the par of this business will be retained in this country. Some go so far as to
it in the belief that the Investment Bankers' Association can obtain
with predict that the United States will lead in the discount market of the
most effective results through a standing committee equipped to deal
any phase of a given situation which may arise within its sphere of activity, future.
Within the past year two discount companies have been incorporated,
although, as Mr. Hayden has suggested in his announcement,the committee
requir- one of which is now in active operation and the other in course of preparahas not been called into existence by virtue of any existing situation
tion. At the time these companies were formed, it was stated that their
ing protection.
the volume of acceptance business not alone in
It is to be noted that Mr. Lamont gives emphasis to the purpose was zo increase
this country but elsewhere. It is expected that the new concerns will
statement that "the committee has not been called into ex- open branch offices in various parts of the country in order to be in a poin this line.
istence by virtue of any existing situation requiring pro- sition to participate in such business as may be created have conferred with
For sonic time past certain out-of-town institutions
tection." There have, however, been reports that the ap- local bankers on the advisability of the establishment of a discount market
pointment of the committee was primarily determined upon In some of the large interior cities. It is learned that the New York bankthe interior institutions
the
to formulate measures to guard against any untoward de- ers have encouraged such steps onwerepart ofto bring about results of and
this
taken
it would not be surprising if steps
velopments which might arise to affect Russian securities in charac;mr within a comparatively short time.
Americans as a result of the internal changes
by the Morgan firm was accepted as of the highest importance
The action
the hands of
to the money market as it will afford relief to various sources and thereby
in Russia.
also render assistance in connection with the Government's war program.
Two Russian external loans have been floated in the United Money has been firm for some time past but bankers express the belief that
-year 63/2% credit in June no restriction will be imposed on loans sufficient in size to prevent a free
States, namely, a $50,000,000 3
Stock Exchange. It is the desire of
market for
1916, maturing June 18 1919, and an issue of $25,000;000 the money securities on the New York as bankers generally that the stock
market committee as well
-year 532% notes in November 1916, due Dec. 211921. and bond markets be kept as free as possible from upset, particularly in the
5
Arrangements for the placing of both of these were made by a face of the new Government loan that is about to be floated.
syndicate of prominent New York bankers. There have
also been sold in this country internal bonds aggregating PROTEST OF BOSTON CLEARING HOUSE AGAINST
N. Y. CLEARING HOUSE ACCEPTANCE CHARGE.
anywhere between $15,000,000 and $35,000,000, the exact
amount not being definitely known, payable in rubles in
A protest against the action of the New York Clearing
Russia, bearing 532% interest and maturing Feb. 14 1926.
House Association in levying a charge of not less than oneThe National City Bank of this city, as the depository of tenth of 1% "on all notes or other time obligations purthe former Russian Government, has thus far paid regularly chased by member or non-member institutions, payable
and promptly all interest on Russian securities sold through- elsewhere than in Now York City" has been lodged by the
out the United States, including not only the coupons on Boston Clearing House Association. A resolution as folextenalloans,but ruble bonds as well. Only about two weeks lows expressing its opposition to the action of the New
ago the semi-annual interest coupons due Aug. 14 on the in- York body has been adopted by the Boston Association:
ternal 532% issue were paid at the National City Bank. AlWhereas, The New York Clearing House Association, under Section 6
though the bank officials have never made any public an- of its Rules and Regulations regarding collections outside the City of New
placed a charge
effective Aug. 12
York,
nouncement in respect to the source of the funds used in the of not as revised July 29 1918,1% "on all notes 1918, hastime obligations
or other
lees than one-tenth of
payment of interest, it has been generally understood that purchased by member or non-member institutions payable elsewhere than
the payments were made out of balances held here in the name in New York City"; and
This charge, amounting to interest for six days at the rate
of the old Russian Government,each interest payment having of Whereas, be made upon acceptances of Boston banks payable in the
6%, would
been authorized by an agent of the Government. The size City of Boston;
Resolved, That the members of the Boston
of the balance of the account now remaining is not known, hereby protest against such charge as being Clearing House Association
excessive, unnecessary and
but it is presumed that when it is exhausted the National contrary to the tendency everywhere prevailing to reduce charges for exCity Bank will be forced to stop paying the interest on Rue! change to a minimum; and that they instruct the Clearing House ComFederal
send
sian bonds. Unless Russia is politically and financially re- mittee toBoard a copy of these resolutions to the Governor of the Reserve
at Washington, to the Governor of the Federal
Reserve
habilitated before this period of exhaustion is reached, the Bank in Boston and the chairmen of the Clearing House Committees in
newly appointed committee will, it is said, undertake to de- New York City, Philadelphia, Chicago and St. Louis; and to take such
the members
further
vise some plan by which payments will be continued or, if to bringaction as change in theof the Clearing House Committee deem best
regulation above cited.
about a
a default takes place, to bring strong influence to bear so
The revised regulations of the New York Clearing House,
that the period of non-payment of interest shall not be of
adopted July 29, under which the charge is imposed, were
long duration.
printed in these columns Aug. 3, page 446. A special meeting at which the protest of the Boston Clearing House was
P. MORGAN TO MAKE ADVANCES ON
I J.
considered was hold by the Clearing House Committee of
ACCEPTANCES.
announced yesterday by J. P. Morgan & Co. that the local association on the 19th inst., but no announcement
It was
arrived at has been made; there are
on and after Monday next, Aug. 26, they will make advances as to the conclusion
a joint session of committees of the
on call against eligible acceptances to dealers and discount reports, however, that
rate of the Federal two bodies is to be held to effect an amicable adjustment
houses at rates based on the discount
The Boston "Transcript" of Aug. 17
Reserve Bank. The rate for such advances on Monday will of the differences.
J. P. 1Vjorgan in discussing the move, is quoted had the following to say concerning the ruling:
be 432%.
At a time when every effort is being made to widen the market for acas saying:
ceptances, even to the extent of securing legislation which would enable
This action is taken in order to encourage the development of a free and
active market in acceptances eligible for discount at the Federal Reserve
Bank on the lines of similar markets in London and Parts.
The "Financial America" of yesterday commented as
follows on this action:
The action taken by the Morgan firm is regarded as of the highest significance in money market circles and was the subject of favorable comment throughoat the Street. It was believed that beneficial effects would
the savings banks to purchase this class of paper, the action of the New
York Clearing House in levying a charge of 1-10 of 1% on all time paper,
particularly bank acceptances, appears to be lacking in good business
judgment. The low rate of interest borne by such paper renders sales of
such paper in New York and payable in Boston, or any other city of origin,
almost prohibitive, owing to the charge. It discriminates against the
market all over the country for acceptances, to the ultimate benefit of the
New Yorker. Possibly, however, through using Federal Reserve bank
checks, instead of cashier's checks, which go through the Clearing House:
AUG. 24 19181
THE CHRONICLE
the trouble may be overcome, but the whole action appears to be most
unwholesome. The burden is a very severe one and reduces the rate of
interest very materially. If 10 cents per $1,000 is charged on a thirty-day
3% acceptance, or 1-10 of 1%, it is equivalent to six days' interest at 6%
or twelve days' interest at 3%. In discounting the acceptance the bank
gets 3% interest for thirty days, but the collection charge is equal to twelve
days' interest at 3%. Apparently all the holder of the acceptance will
get is eighteen days' interest at 3%, which works out about 1.8% on his
money for thirty days. With the effort which the Federal Reserve Board
is making to create a wide open market for acceptances it is hard to see
how this ruling can stand.
JOHN J. ARNOLD ARGUES IN FAVOR OF THE SMALL
SECURITY HOLDERS AND THE SMALL
LAND OWNER.
In an article entitled "An Economic By-Product of the
World War," John J. Arnold, Vice-President of the Foreign
Exchange Department of the First National Bank of Chicago,
points out that one of the incidental effects of the war,
in fostering a spirit of thrift on the part of the population,
has been to bring into view the importance of the small
investor. He says in the past very little, or no attention,
has been given to the development of a clientele among the
people of small means and in the rural sections in the field
of investment. The placing of our Government bonds,
however, has "now opened our eyes to the possibilities in
that direction, and, in my judgment, has resulted in the
laying of a foundation upon which there should be erected
an entirely new structure in our field of *economics." He
consequently urges that "From now on, standard securities
should be issued in small denominations, beginning with
$10 values;" also that "ownership of something tangible
on the part of every earner should be our slogan." Mr.
Arnold's remarks in full are as follows:
747
She has been more free from strikes and labor trouble than other
European
countries, and the people as a whole do not appear to have been in
sympathy with the strikes which did occur, as is shown by the fact that
very
few strikes were successful. It is the opinion commonly held by
students
of the situation that most of this is due to the fact that the vast
bulk of
the people have had a direct financial interest in maintaining the
credit
of the nation as well as that of the industries, which cannot be done
in the
face of political disturbances and labor strikes.
In 1905, which is looked upon as a most interesting year, France
experienced only 830 strikes, while Germany, in the same period, had
2,403.
Of greater importance, perhaps, is the fact that as a direct result
of the
wide interest of French people in railroads and public utilities, laws
in
France are not passed for the purpose of interfering with the operation
and fair earnings. The French in fact do not understand the attitude
of
our Government and people in this regard. A French financial authority,
Mar de Vallette, writing in "Moody's Magazine" in 1911, sought to
explain
why French investors hesitated to buy American railroad securities, and
stated that "the French investors do not understand the antagonism
between the State and the railroad companies, while, in France.
State
and companies work in close connection, one with the other."
While not all of us will agree that railroad legislation in our country has
been antagonistic to the corporations as such, it would appear nevertheless as reasonable and logical to suppose that legislation affecting our public
service corporations would be likely to be of a more sympathetic character
if our representatives knew that their own constituents were directly interested in the securities of the corporations in question. And, while ownership of stocks or bonds on the part of employees in our industries would not
be likely to eliminate all capital and labor controversy, the tendency undoubtedly would be in that direction, and questions at issue would be
almost
certain to receive more sympathetic consideration on the part, both of the
management and the labor element. In any event, the subject is one
which in my judgment is entitled to consideration and study.
WAR FINANCE CORPORATION RESELLS BETHLEHEM
STEEL NOTES.
The Bureau of Publicity of the Treasury Department
at Washington announces that the 820,000,000 notes of the
Bethlehem Steel Corporation purchased by the War Finance
Corporation have been resold by the latter—and at a profit.
The following is the announcement:
World movements invariably are focused upon the attainment of some
great object. We find, however, quite frequently that the by-products,
A short time ago the Bethlehem Steel Corporation, with the approval
which had not been thought of when the movement started, have proven of the War Finance Corporation
of the Treasury Department, floated a
of greater value than the accomplishment of the prime purpose. Thus, $50,000,000 note issue. As
the Bethlehem company is engaged in an inwhile America has entered the great world conflict for the purpose of making dustry directly contributing to the
prosecution of the war, the War Finance
the world safe for democracy, there are already apparent many elements Corporation not only approved the note
issue, but executed a contract for
in our national life, any one of which in itself, under ordinary conditions the purchase at par of $20,000,000 of the notes,
under an agreement proand in normal times, would have boon looked upon as a movement of great viding for a resale in the event that the
entire issue of $50,000,000 was
importance, although, in comparison with the larger object to be attained, placed with the public. Subsequently
the War Finance Corporation resold
they assume, for the time being at least, a place of secondary importance, its $20,000,000 of notes at above par and therefore
at a profit.
and, on the whole, are given but little attention in the thought-life of our
people.
In the past, very lisle or no attention has been given to the development NEW RECORD IN UNITED STATES MANUFACTU
RE
of a clientele among the people of small moans and in the rural sections
OF MINOR COINS.
in the field of investment. The placing of our Government bonds, however, has now opened our eyes to the possibilities in this direction, and,
The announcement from Washington that 445,000,000
in my judgment, has resulted in the laying of a foundation upon which
one cent pieces were coined by the Government in the fiscal
there should be erected an entirely new structure in our field of economics.
From now on standard securities should be issued in small denomina- year 1918 lends interest to a compilation by the National
tions, beginning with $10 values. Wage earners, as well as farmers, City Bank of New York regarding the
country's growing
throughout our nation should be encouraged to become holders of the stocks
demand for these little coins, of which the 1918 output was
and bonds of our railroads and public utility organizations and these should
be made available through the banks in every hamlet, village, town and the largest on record. The Bank's statement on this subcity. Employees of our industrial organizations, as well as those of or ject shows that the number of one cent
coins manufactured
railroads, &c., should be encouraged to invest their savings in the securities
by the mints of the United States from 1793 to the end of
of the organizations by which they are employed.
In order that the public may be safeguarded, Government supervision of the fiscal year 1918 was 3,463,000, while the number issued
the issuance of securities must become a permanent factor in our national in the last six years is, in round
numbers, one billion. The
life.
Ownership of something tangible on the part of every earner should be number of one cent pieces coined never touched the 100,our slogan. This would naturally include the ultimate elimination of the 000,000 line in any year prior to 1907; the annual average
large land owner and the working of his holdings through tenants.
from that time to 1916 was nearly 100,000,000 per year;
France furnishes us with the most practical illustration as to what can
be accomplished. Guyot tells us that in 1911 there were over eight million in 1917, 213,500,000 and in 1918 445,228,201 pieces. We
owners of lands and houses in Franco. Multiply this by four, the also quote the following from the statement of the
Bank:
number of persons in the average family, and we find that thirty-two
The number of one-cent pieces coined from the beginning of the Governmillion people in France were interested in the ownership of a residence ment to date would, even if all were in
existence and circulation, allow for
or of land, generally both.
each individual about 33 one-cent pieces. Of course, the number actually
The capital of the Bank of France is widely distributed. 182,000 shares available is far less than this, for it is quite probable that
out of the 3,463belong to 32,700 shareholders, while 450,000 shares of the Credit Foncier 000,000 ono-cent pieces coined by the Government
not more than about
are owned by 43,850 individuals. Those of the Credit Lyonnais and of 2,400,000,000 are now in existence, or at least in circulation,
making the
the Comptoir National d'Escompto can be counted by the tens of thousands. present average per capita for all the people of the United
States about
It is impossible to obtain a definite estimate of the number of shareholders 23 one-cent pieces.
of the various French railroad securities, but at the end of 1907 the stocks
Coinage of one-cent pieces began with the first operation of the mints,
of the six larger linos aggregated 17,946,000,000 francs, and all writers the total number coined in the first period for which details are
available
agree that these shares were held by a very largo number of people.
(1793-5) having been 1,066,033. and in that same period there were coined
A similar condition exists with regard to the public debt which did not 142,524 half-cent pieces. The half
-cent piece seemed to gain in popularity
need tho war to cause the small man to entrust his money to the State in the immediately subsequent period, for the number coined
in the period
We find, for example, that on Jan. 3 1913 the 657 million of 3% State 1804-10 was about as great as the number of one-cent pieces coined.
From
funds were divided among 4,443,000 holders. The most numerous among that time on, however, the half
-cent piece apparently lost popularity, for
the certificates are those of 30 francs, numbering 663,747, while the 20
- the mints soon suspended their manufacture, and in 1860 their coinage
franc certificates number 395,613 and the 50-franc certificates number terminated. The number of one-cent pieces coined averaged
less than
-franc certificates number only 79,932, the 1,000-franc 10 millions per annum down to about
278,109. The 300
1855, when there came a rapid in19,457 and the 3,000-franc 7,924. This is not only an interesting but, in crease, the number coined in 1857 being about 18 millions, in
1860 over
the judgment of economists, a most healthy state of affairs.
20 millions, in 1864 53 millions. Following the close of the Civil War
France prior to this war attained a most important position, and in fact the number again greatly declined, being in 1870 less than
6 millions, in
was by some looked upon as the world's banker. "With a commerce very 1880 39 millions, in 189047 millions, in 190067 millions, in
1906 96 millions,
much below that of Great Britain and industrially inferior to Germany, she crossing the 100
-million line in 1907, and making the highest record in
had gained this position through her domestic economy, frugality and 1910-152,846,216; while the total for the fiscal year
1916 was 101,230,317
thrift."
1917, 213,501,000, and in 1918, 445,628,000.
"The poorest peasant in the least productive parish of the republic
All one-cent pieces now issued by the Government are of bronze. In the
managed to put aside a little each year for a competency, and the fishermen very early periods they were of copper, then for a
comparatively short
down on the Brittany coast would have starved a few years ago when the time of nickel, though the proportion which
the copper or nickel coins
catch was almost nothing had they not been able to draw upon the savings formed of the total is very small, the entire number
of copper one-cent
of more fruitful years." There were tens of thousands of small shop- coins issued having been 156,289,000, nickel 200,772,000,
bronze 3,105,keepers, innkeepers and scantily-paid Government employees who were 841,000.
investors and whose combined savings provided the funds to finance not
The "minor coinage" of the United States, including in that term the
only France, but some of the newer nations as well.
half-cent, one-cent, two-cent, three-cent and five-cent coins, aggregates
Prior to this movement France was in a state of almost constant political about 5 billions in number. Of the one-cent coins the
total number as
ferment and unrest, while since its development, which dates practically already indicated, is about 3,463,000.000, of which
about 200,000,000 were
from the time of the Franco-Prussian War, the nation has experienced nickel and 156,000,000 copper; of the two-cent coins
there were issued
internal quiet and peace.
45,601,000;of the three-cent coins 31,378,000 made of nickel and 42,770,000
•
748
THE CHRONICLE
made of silver, and of the five-cent pieces the total number issued has been
of nickel 1,023,000,000 and of silver 97,604,000.
All "token" coin issued by the Government are now of bronze or nickel,
all of the one-cent pieces being of bronze, all of the five-cent pieces nickel.
The use of silver for the manufacture of the minor coins was discontinued
in 1874.
The face value of the "token" coins issued by the Government (the onecent pieces and five-cent nickels) is of course much greater than the value
of the metal which they contain. In fact, the profit on the manufacture
of these coins together with a slight profit on the manufacture of the minor
silver coins (ten, twenty-five and fifty-cent pieces) is more than enough
to pay the running expenses of the mint. The output of five-cent nickel
coins and one-cent bronze pieces in 1918 exceeded in each class that of
any earlier year in the history of the mints.
NUMBER AND VALUE OF MINOR COINS MADE BY UNITED
STATES MINT 1793 TO 1918.
Number of Pieces Coined
Calendar
1 Cent.d
3 Cents.b 2 Cents.c
5 Cents.a
Years—
3. Cent.e
1,066,033 142,534
86,416
1793-1795-6,578,670 446,224
78,757
1796-1800._
8,975,244 1,982,042
100,370
1801-1805_
3,441,388 2,601,572
1806-1810
2,069,355
63,140
1811-1815
18,014,932
1816-1820
5,184,339
63,000
1821-1825
9,261,781 1,327.000
2,470,000
1826-1830_ 14,183,760 417,200
7,b17,700
1831-1835—
19,630,861 398,000
1836-1840_ - 10,875,785
12,702,633
6,509,000
1841-1845_79,676
25,325,612
5,663,500
1846-1850....
27,404,917 389,224
1851-1855_- 28.256,520 37,040,900
75,610
102,029,919
1856-1860.... 22,559,000 4,758,000
5,115,970 12,273,980 33,487,500 176,418,000
1861-1865__
41.609,000
97,270,450 14,947,550 11,377,250
1866-1870__
47,363.500
786,250
23,353,410 3,663,810
1871-1875__
69,792,505
230,505
2,581,405
1876-1880—
158,415,910
47,268,858 1,126,916
1881-1885_ _
206,427,402
74,895
1886-1890_ - 61,455,053
186,460.145
57,297,203
1891-1895__
259,780,497
95,088,678
1896-1900-_
79,611,143
26,480,213
1901
87,376,722
31,480,579
1902,
85,094,493
28,006,725
1903
61,328,015
21,404,984
1904
80.719,163
29,827,276
1905
96,022,255
38,613,725
1906
108,138,618
39,214,800
1907
33,442,987
22,686.277
1908
117,686,263
11,590,526
1909
152,846,218
30,169.353
1910
117,875,787
39,559,372
1911
82,995,060
34,948,714
1912
98,437.352
73,659,239
1913
80.568,432
28,047,738
1914
55,975,120
30,061,770
1915
190,299,677
88,691 ,066
1916
213,501,198
76,389,934
1917*
445,628,201
82,723,278
1918*
[VOL. 107.
As pertinent to the subject we likewise reproduce the
following from the monthly review of business conditions
in the San Francisco Federal Reserve District issued by
the Federal Reserve Bank of San Francisco under date of
Aug. 1:
Gold in possession of a member bank or an individual serves no necessary
purpose which other forms of money would not serve, but in the possession
of a Federal Reserve Bank gives financial protection to the country as
surely as an army gives physical protection. To draw soldiers from the
army or keep them from the army to perform services which others could
perform would weaken our physical defense and invite disaster. Likewise, to hold gold out of the reserve of Federal Reserve banks weakens
our financial defense and invites financial disaster.
Banks of this district, for their own protection and that of all business,
have patriotically co-operated to build up the Federal Reserve Bank's
gold reserve, making more than 2,000 gold shipments during the three
months ending with June, and increasing the total gold held from $99.815,000 on March 29 to $130,963,000 on June 28.
The increasing demand upon the Federal Reserve Bank is shown by
the fact that, although the amount of the gold reserve has increased over
$31,000,000, the proportion of gold to liabilities has decreased approximately 1%.
LL CHANGES IN FEDERAL RESERVE ACT
COMPLETED BY RESERVE BOARD EMBODIED IN PHELAN BILL.
The Federal Reserve Board takes occasion to state in its
August Bulletin that no amendments to the Federal Reserve
Act other than those carried in the Phelan bill as it passed
the House April 24 have been recommended by it. The bill
in that form was printed in our issue of May 4. It was,
however, materially changed by the Senate, which passed
it July 2,and these changes were indicated in the "Chronicle"
of July 13. In its current Bulletin the Board says:
In view of some misunderstanding which seems to have arisen as to the
attitude of the board regarding amendments to the Federal Reserve Act,
it is proper to say that the board has not during the present session of
Congress recommended any changes in the Federal Reserve Act, except
those enumerated on pages 31, 32 and 33 of its annual report to Congress
for the year 1917.
The Phelan bill (II. R. 11283), which is reprinted in this issue in the form
in which it passed the House, embraces all of the recommendations made
by the board, except that it does not include any provision for the Federal
incorporation of banks organized to do a foreign business, or for enabling
national banks in certain cases to establish branches within the corporate
limits of the cities or towns in which they are located, where the State laws
do not prohibit the establishment of branches by State banks or trust
companies.
Section 2 of the Phelan bill, which proposes to amend and re-enact
Section 11k of the Federal Reserve Act, was not recommended by the board
In its last annual report, but this section is not, in the opinion of the board,
deserving of the criticism to which it has been subjected. Whereever
financial institutions of one class, such as trust companies are authorized
to transact a general banking business, it does not appear inequitable
Total pleces1,207,123,219 74,116,556 45,601,000 3,589,683,107 7,985,222 that other banks thus brought into competition, should be allowed the
$60,366,161 $2,470,552 $912,020 835,896,831 $39,926 exercise of reasonable trust powers.
Value
The board has not under contemplation at this time any further recom* Fiscal year ending June 30.
to the Act.
-cent coins began mendations for amendments
a Substitution of nickel for silver in manufacture of 5
in 1866; use of silver terminated in 1873. Total number made of silver.
TWO BIG INSTITUTIONS JOIN THE FEDERAL
97,604,380; of nickel, 890,817,950.
RESERVE BANK OF CHIGAGO.
b Substitution of nickel for silver began in 1865. Total of silver, 42,-cent pieces terminated by
769,566; of nickel, 31,378,313. Coinage of 3
The Illinois Trust and Savings Bank and the Northern
law in 1890.
Trust Company were this week admitted to membership
c Bronze, discontinued by law, 1873.
d Copper, prior to 1857; nickel to 1864; subsequently bronze.
in the:Federal Reserve system. These two large Chicago
e Copper, discontinued 1857.
institutions join,ras a patriotic measure, in response to the
appeals of the Federal Reserve Board to unite all the counRESERVE BOARD DESIRES MORE GOLD SO AS TO try's banking reserves in one great reservoir. The Illinois
Trust & Savings Bank has total resources of $116,445,222,
EXTEND ITS LOANING POWER.
With regard to its efforts to bring about a concentration and the Northern Trust Company has resources of $38,of gold the Federal Reserve Board in its August "Bulletin" 381,927.
says:
DEATH OF M.B. HUTCHISON, DIRECTOR OF FEDERAL
Ever since the establishment of Federal Reserve banks the Board has
RESERVE BANK OF CHICAGO.
endeavored by every legitimate means to increase the aggregate gold
holdings of the banks. Since the entry of the United States into the war
Martin B. Hutchison, a director of the Federal Reserve
the necessity of such effort has been greatly emphasized, while the inclina- Bank for the Seventh District, and an owner of extensive
tion of the public and of the banks to-operate in it has been marked. Very
large quantities of gold and gold certificates have been withdrawn from retail lumber interests in Southern Iowa, died at Ottumwa,
circulation and transferred to the vaults of Federal Reserve banks; but there Iowa, on August 6.
in
still remain in circulation and bank vaults considerable quantities both
gold certificates and coin that can and should be deposited, their place
WAR FINANCE CORPORATION TO MAKE
being taken so far as necessary by paper currency. Of late the Board PLANS OF
DIRECT LOANS TO CATTLE RAISERS PERFECTED.
has received questions from various quarters respecting the reasons of theory
supporting the course which it has urged with respect to gold. The situSupplementing the announcement last week of plans for
ation in this regard is perfectly plain. In proportion as the gold holdings
of the Federal Reserve banks are increased, the ability of such banks to the making of direct loans by the War Finance Corporation
extend accommodation to other banks or to issue notes is enlarged. Tak- to individuals, firms and corporations whose principalbusiing 40% in gold as normally required as a minimum behind every note
raising of livestock, including cattle, sheep and
that is issued, it is clear that in order to lend $100 in Federal Reserve ness is the
notes a Federal Reserve bank must have on hand in its vaults or with hogs, further details were given by Secretary McAdoo this
a Federal Reserve agent $40 in gold. In proportion as its reserve holdings week. In announcing that the plans had been perfected
is curtailed, its lending power is correspondingly reduced. Some question
has also been raised with Keferenco to the practice of hoarding gold. Every he said:
Secretary McAdoo announces that the War Finance Corporation had
dollar of gold that is hoarded is withdrawn not only from reserve use
provisions of Section 9
but also from circulation. It is a net loss of that amount of metal to perfected its plans for making direct loans under the
individuals, firms and corporations
the community. The effect of its concealment is, therefore, to remove of the War Finance Corporation Act to
principal business is the raising of livestock, including cattle.
the possibility of providing the strongest possible gold cover for our grow- whose
ing volume of bank notes and deposits. The desirable condition under sheen, goats and hogs.
The Corporation has decided to create, under authority of the Act, two
existing circumstances is to have every dollar of gold in the Federal Reserve
Dallas. Those agencies will be
banks, while the circulating medium consists of currency based on gold, agencies, one at Kansas City and one at
Money of every kind, whether gold or silver, should be deposited in bank known as the Cattle Loan Agencies of tho War Finance Corporation and
the consideration of applications
and used but not hoarded. Surrender of gold coin and gold certificates their business will be confined entirely to
from banks for advances for
and abstention from hoarding means an increase in the volume of bank for direct loans to cattlemen. All applications
purposes will be received as heretofore by
credit available for the community and increased ability to finance its crop-moving purposes and other
1(t(1\t itils El tirg as fiscal agents for tho corporation.
(tut,
war and other requirements.
•
AUG. 24 1918.1
THE CHRONICLE
Each of the two cattle loan agencies will be conducted by a cattle loan
committee, one with headquarters at Kansas City and the other at Dallas,
of which committees the Federal Reserve Agent and the Governor of the
respective Federal Reserve banks will be members. Five additional members of each committee will be appointed by the War Finance Corporation.
The cattle loan committees will in turn create such local organizations as
may be necessary to carry the plan into execution. All applications for
direct cattle loans must be made through the cattle loan agencies, which
will refer such applications as they approve to the War Finance Corporation for final approval.
Only two cattle loan agencies will be established, and applicants residing
in the Federal Reserve districts of San Francisco, Minneapolis, St. Louis
and Kansas City will send their applications to the cattle loan committee
of Kansas City; and those residing in the Federal Reserve districts of Dallas,
Atlanta and Richmond will send their applications to the cattle loan committee of Dallas. Cattlemen residing in other districts, who may have
occasion to make application, will communicate direct with the War
Finance Corporation at Washington.
In order to expedite the formation of the cattle loan committees and other
details of organization, Directors Clifford M. Leonard and Angus W. McLean, and Counsel S. W. Fordyce, of the War Finance Corporation, will
leave Washington Wednesday evening for Kansas City, where they will
consult and confer with representative bankers and cattlemen in the two
districts concerned.
749
conserve credit to the utmost extent, to meet the Government's needs,
in order that the present war may be carried to a successful conclusion.
Under date of July 6 1918 the Federal Reserve Board addressed a
letter
to all banks and trust companies requesting their "co-operation now
in
the effort to conserve national resources by the exercise of discriminating
judgment in granting credits" "which are clearly not needed for
the prosecution of the war."
Therefore, be it
Resolved, that the directors of the Federal Reserve Bank of Boston,
in
full accord with the views of the Federal Reserve Board, hereby
direct the
officers of the bank to impress in every appropriate wa3a upon
the bankers
and other business men of this district the necessity for a judicious conservation of credits and other resources for purposes not essential
to the war.
By effecting a curtailment of existing loans granted for
purposes not
connected with the prosecution of the war.
By exerting their influence to reduce to a minimum all expenditures
for
improvements and now undertakings wnich are not essential to the
conduct
of the war,and
By endeavoring to divert the activities of industries from the production
of articles for domestic consumption to those needed by the Government.
Concerted action at this crucial time along these lines, on the part of all
the bankers and other business men in this district, will place at the
dispo of the Government increased facilities for bringing the war to a successf issue.
LOANS TO CANNING INDUSTRY IN NEW YORK Bif N. Y. CLEARING HOUSE ENDORSES RESERVE
WAR FINANCE CORPORATION.
BOARD'S SUGGESTION AS TO REDIT RESTRICTION.
The extension of financial aid by the War Finance CorporaThe views expressed by the Federal Reserve Board relation to the canners of New York State was made known by tive to the conservation of credit have been endorsed
by the
the Corporation by a statement issued on Aug. 16. In a Clearing House Committee of the New York Clearing
letter last month addressed by Governor Harding to the House Association. As noted elsewhere the Federal
ReFederal Reserve banks (printed in our issue of July 27), serve Bank of Boston during the past week has
recorded
the need by canning industries of funds with which to pur- itself as in sympathy with the Board's suggestion,
followchase materials and meet pay-rolls was pointed out,Governor ing a similar stand taken by the Federal Reserve Bank
of
Harding adding that it would be desirable to have the New York. The resolution of the New
York Clearing
facilities of the Reserve system made available as far as House was adopted on Monday last, Aug. 19;
it reads as
practicable in the present emergency. Under the arrange- follows:
The Clearing House Committee is in entire sympathy with the sugment of the War Finance Corporation for assisting cannersin
New York,loans will be extended through a newly organized gestion of the Federal Reserve Board as to the general necessity for the
conservation of credit and commends its suggestions to the earnest concanners warehouse company; every canner of the State, sideration of the business public.
it is announced, can avail himself of the facilities afforded,
and no canner will be refused relief if he is worthy of it an
EDERAL RESERVE BOARD ON COTTON FINANCING.
has the required security. The statement issued in the
The conferences bearing on cotton financing which were
matter by the War Finance Corporation follows:
held in Washington last month, and about which little inThe War Finance Corporation announces that it has effected an arrangement for extending financial assistance to the canners of Now York State. formation has been available, is the subject of a paragraph
This action insures the harvesting and preservation of this season's crop in the August number of the "Federal Reserve Bulletin."
of spinach, peas, tomatoes, corn and other vegetables, as well as a great Preliminary reference to the
conference was made in these
variety of small fruits.
A warehouse company has been organized by the canners with paid-in columns July 13, page 129, at which time also we gave concapital of $100,000. This warehousing company issues receipts for goods siderable attention to the conference of cotton State bankers
stored, which receipts to the extent of 125% of cost value of goods form at New Orleans
on July 5. We quote herewith what the
the basis of collateral to secure the respective loans to canners. The warehousing company is managed by 11 of the most representative and well- "Bulletin" has to say:
known canners of New York State. The arrangement provides that every
canner in the State can avail himself of the facilities afforded,• and no
canner will be refused relief if he is worthy of it and has the required
security.
The canning industry of New York State is a large one, partitularly
active in the northern section of the State. In their application for aid
the canners stated that in the last two seasons, when the crops were light,
only a comparatively small amount of funds was required, while the present
season's crop is a large one. Furthermore, in responding to the needs of
the times, the canners have extended their acreage and enlarged their
production. They stated also that the amount of money they have been
able to procure from the banks with which they deal is entirely inadequate
to enable them to continue their business and save these perishable food
products; that the cost of containers and other expenses has increased,
that the situation was precarious and a serious food loss was threatened,
and that aid to be of real value had to come quickly, as otherwise a large
amount of perishable food products would be lost, to the groat detriment
of growers, canners and the consuming public, as well as our soldiers over
seas.
The attitude of the War Finance Corporation has already relieved the
situation and has averted the serious food'loss with which the canning
industry of Now York was confronted.
The comprehensive plan under which this relief is given was suggested
to the canning industry by the War Finance Corporation. Its main
feature is a carefully controlled system of warehousing goods at the respective canning plants so that the necessary adequate security may be
obtained for the money advanced, as required by the War Finance Corporation Act.
BOSTON FEDERAL RESERVE BANK URGES
CONSERVATION OF CREDIT.
In line with the action taken by the directors of the
Federal Reserve Bank of New York serveral weeks ag
looking toward the conservation of credits by bankers, the
directors of the Federal Reserve Bank of Boston have adopted
a resolution similarly calling upon the officers of the Reserve
Bank to impress upon bankers and other business men of the
Boston District the necessity of conserving credit and other
resources for purposes not essential to the war. The action
of the directors of the New York Federal Reserve Bank
was referred to in these columns Aug. 10, page 552, and it was
in accordance with views previously expressed by the Federal
Reserve Board. The resolution of the directors of the
Boston Federal Reserve Bank was adopted on Aug. 15 and
roads as follows:
The rapidly increasing demands of the Government for men, materials
and credit to carry on the present war make it imperative that the fullest
co-operation should exist between the Government and the bankers to
Conferences of bankers, cotton spinners and cotton growers were held
in
New Orleans on July 5 and in Washington July 15 and 16, and various
representatives of the several interests affected consulted informally with
the Federal Reserve Board. The subjects discussed related chiefly to the
financing of cotton for the season of 1918 and to measures of a like kind to
be applied to the crop of 1919. In the "Bulletin" for July reference was
made to the plan to apply the acceptance system in the financing of the
cotton crop, and portions of an address made by Governor Harding before
a conference held in New York during June were printed. The July conferences have related not merely to technical questions of financing, but
also to a variety of topics indirectly influencing the method to be employed
in carrying the crop. In this connection the suggestions made by Governor
Harding in his address at New York, and by the Board itself in past years,
have been repeated. The Board then laid stress upon the necessity of
careful warehousing and upon the desirability of gradual marketing in order
to spread the operation of financing over a considerabe period. Since
the discussion of the cotton question two years ago the only change that
has occurred in the Board's regulations has been the suspension of the
so-called commodity rate applying to all paper protected by warehoused
staples, that rate having been merged with the regular commercial rate.
The essence of Governor Harding's suggestions with respect to the use
of the acceptance plan was expressed in his statement in New York that—
as far as foreign shipments are concerned, we are accustomed to long drafts,
for no one draws a draft on a Manchester mill payable on demand. The
English have had this systematized for many years. Drafts are drawn at
60 days, 3 months, or 4 months time and are accepted by a prime banker.
If a Southern bank wishes to buy the drafts, it can do so; but, as a rule,
they are sold through exchange brokers in Now York, a draft with invoice
and a bill of lading attached being drawn against them, upon payment
of which the foreign bills are delivered. I see no reason why brokers
selling commercial paper and foreign bills can not also seel domestic bankers'
acceptances, so that if a Southern bank which wishes cash has a 90
-day
draft against a lot of cotton accepted by a bank in the East it can arrange
with the broker to buy that draft and draw on the broker with the documents attached, the same as is done with the foreign draft.
EDERAL RESERVE BOARD'S PRONOUNCEMENTS
ON CONSERVATION OF CREDITS.
Supplementing Governor Harding's letter to the banking
institutions of the country last month requesting their cooperation in an effort to conserve essential resources by the
exercise of discriminating judgment in granting credits, the
Federal Reserve Board, in its August "Bulletin," says in
part:
In order that the initial success of the plan of financing may be continued
to the end, it will be necessary that the utmost care be taken with a view
to the conservation of the financial and credit resources of the country.
Much has been said during the past year of the necessity for a conservative
and cautious loan policy on the part of the banks. The time has come
when the application of such a policy in practice has become imperative.
With a view to impressing the necessity of such action upon the managers
of the various institutions of the country, the Federal Reserve Board on
July 6 sent to each Federal Reserve Bank for distribution to all institutions
within its district a general letter relating to the curtailment of unessential
750
THE CHRONICLE
"Bulletin."
credit. This letter is reproduced in the present issue of the
would
In the letter the Board called especial attention to the fact that it
essential
be necessary to distinguish clearly between loans for the support of
of
businesses and those which are clearly not needed for the prosecution
the war or for the health and necessary comfort of the people.
the
Many inquiries have been received by the Board with respect to
definition of the terms "essential" and "non-essential." Such Inquiries
cases. The question must be detercan be specifically answered in but few
business
mined in each case by local bankers after conferring with the
men of their communities and after a careful study of existing conditions.
calculated to
Reasonable discretion should be exercised and drastic steps
be
bring about hardship or embarrassment or to work injustice should
credit
avoided. The banks should endeavor to divert the use of their
in
more and more into productive fields where its employment will result
Issues
augmenting the national resources. The work of the Capital
has furnished general principles
Committee during the past few months
field,
governing the application of the idea of conservation in the investment
matter
and the extension of these principles to banking credit will be a
will
of local judgment and discrimination. Some light upon the matter
of the
be obtained from the action of the various boards and bureaus
material
Government in regulating the importation and distribution of
supply
and commodities and in controlling the division of the available
make a
between consumers. In each locality it will be necessary to
all these standpoints, taking into accareful study of the situation from
industries
count also the question how far labor now employed in existing
can be advantageously diverted without hardship to those whose products
of the war. Consumers can
are necessary for the successful conduct
a
assist in this process of credit curtailment and shifting by exercising
congreater degree of economy and self-control in their purchases and by
use of
fining themselves to those objects of expenditure which involve the
their funds for purposes necessary to the maintenance of the efficiency and
and
comfort of the individual, abandoning those which are unnecessary
can
which can safely and wisely be deferred to the future. The problem
co-operation
be effectually solved only by the general and well-considered
There is printed elfiewhere in the
of all elements in the community.
present issue a resolution on this subject adopted by the Federal Reserve
Bank of New York.
represenThis whole question was carefully discussed with governors and
Washington
tatives of Federal Reserve banks at a conference held in
July 1 and 2 and has since been the subject of further study and investigahad
tion. It was the opinion of the governors of the banks that the time
Gencome for concerted action in the direction of conservation of credit.
were reported as extremely satiseral conditions throughout the country
factory, the crop prospect being excellent, wages high, and banking conin
ditions good. It was not, therefore, with a view to meeting any danger
the existing situation, but rather for the purpose of conserving our economic
preparedness of the country
strength and promoting the general financial
that the Board's letter was issued. Rates of interest at Federal Reserve
facilibanks are very moderate, and the banks are prepared to place their
ties, directly or indirectly, at the disposal of all subscribing institutions
allotments of Treasury
that may legitimately need assistance in taking their
certificates. Commercial rates of interest, although higher than in the
past, are not abnormal, and it was the general opinion both of the governors
and of the Board that no marked advance in rediscount rates was called
for at this time. While such an advance would be warranted in view of the
growth of the necessary demands of Government financing, as already set
forth, it was believed that the conservation of credit would, for the present
a
at least, be more effectively and thoroughly secured by the adoption of
general plan of co-operation rather than by the application of uniform
advances in rates of interest. The results which have been realized in the
conservation of food through voluntary public action rather than through
the adoption of any strict plan of rationing, furnishes a precedent for the
of
successful adoption of a similar plan in the economy and conservation
banking credit. It appeared that in some districts the large production
make,
of agricultural staples and of necessary manufactured goods would
during the coming months, a severe draft upon the credit resources of those
to
districts, and while other Federal Reserve banks, as usual, stand ready
of
assist in those necessary ptoective operations through the machinery
inter-bank rediscounts, it was recognized that in every district the attempt
loan requirements
should be made so far as possible to meet necessary
entirely
through the curtailment of those which are less essential or can be
dispensed with.
The letter referred to above, sent to the Reserve banks
for distribution to the national banks, State banks and trust
companies, was printed in our issue of July 20, page 229.
In transmitting the letter to the Federal Reserve banks
Governor Harding said:
SUBSCRIPTIONS TO FOURTH OFFERING OF TREASURY
CERTIFICATES OF INDEBTEDNESS.
Supplementing last week's announcement of the total subscriptions to the fourth bi-weekly issue of Treasury certificates of indebtedness, the details by districts have been announced by the Treasury Department. The offering was for
a minimum of $500,000,000, and the subscriptions aggregated $575,706,500. The certificates, which bear interest
at 432% and are issued in anticipation of the Fourth Liberty
Loan, are dated Aug. 6 and are payable Dec. 5. Subscriptions were received up to the close of business Aug. 13. The
Treasury Department's announcement giving the results by
districts follows:
Secretary McAdoo announces that tho fourth hi-weekly issue of United
States Treasury certificates of indebtedness in anticipation of the Fourth
Liberty Loan was oversubscribed $75,706,500. The total subscriptions
in
aggregate $575,706,500. The aggregate of subscriptions for certificates
anticipation of the Fourth Liberty Loan to date is $2,759,541,500.
ed their quotas.
Nine of the 12 Federal Reserve districts oversubscrib
The quotas (in round numbers) and subscriptions by districts are as fol lows:
Subscription.
Quota.
Federal Reserve Bank—
$4,581,000
United States Treasury
$49,509,000
$43,300,000
Boston
207,287,000
169,600,000
New York
38,400,000
35,300,000
Philadelphia
52,500,000
45,300,000
Cleveland
14,397,000
17,300,000
Richmond
14,968,500
14,600,000
Atlanta
87,292,500
70,000,000
Chicago
24,056,000
20,000,000
St. Louis
12,260,000
17,300,000
Minneapolis
25,126,000
20,000,000
Kansas City
7,579,500
12,000,000
Dallas
37,750,000
35,300,000
San Francisco
from
Dear Sir.—There is being sent to your bank under separate cover
the office of the Secretary of the Board, a supply of circulars to be addressed
district
to all the national banks. State banks and trust companies of your
indebtedness.
which are being asked to subscribe to Treasury certificates of
their attention
This communication from the Board to the banks draws
credit
to the importance at the present time of a judicious curtailment of
banks to
granted for so-called non-essential transactions, and it urges the
gradual but
do their utmost in co-operating in a policy looking to the
printed
general curtailment of such credits. As you may recall, tho Board
its
in the "Federal Reserve Bulletin" for April last a statement defining
educaviews on this subject. This statement has, no doubt, had some
in the direction of curtional value, but it is evident that effective steps
small
tailing unnecessary credits have been taken by only a comparatively
now
number of banks. The situation as regards credits, however, is
will
better understood, and it is believed that if the Federal Reserve banks
good results may be
follow up the Board's appeal with energy and tact,
achieved at this time.
The recommendations made in the April statement are renewed, and it is
suggested that the Federal Reserve banks organize, each in its own district,
discuss
local groups comprising the leading bankers and business men, and
It
with them the ways and means of bringing about the results desired.
would seem that those industries and enterprises obviously catering to
extravagances and luxuries should be considered first. Upon investigation
it may develop that industries of this kind need not be closed down, nor
their labor thrown out of employment, but that they can be gradually
diverted to essential lines of production and distribution. The War
Industries Board and'the Capital Issues Committee are moving successfully
and energetically along these lines, and with the better knowledge of the
general principles involved it ought not to be difficult now to secure the
effective co-operation of banks throughout the country in dealing with
individual credits.
It may ho well to point out that in the interest of successful Government
financing, it would be much better to hold credit within reasonable bounds
by intelligent co-operation, rather than to attempt to force contraction by
establishing high discount rates.
[VoL. 107.
Total
$500,000,000
$575,706,500
OFFERING OF TREASURY CERTIFICATES IN ANTICIPATION OF TAXES.
An indefinite amount of Treasury certificates of indebtedDesq, bearing interest at 4% and acceptable in payment of
income and profits taxt761 n 1919, is offered by the Treasury
Department. These certificates will be dated Aug. 20 and
are made payable July 15 1919, a few weeks after war tax
payments are due. The certificates will carry 4% interest,
and are similar in terms to those floated in anticipation of
tax collections earlier in the year. The offering was made in
lieu of the regular bi-weekly issue of certificates in anticipation or the Fourth Liberty Loan, announcement of which was
due Aug. 16. The Treasury Department' in announcing the
offering of tax certificates on the 16th said:
The Secretary of the Treasury under the authority of the Act approved
Sept. 24 1917, as amended by the Act approved April 4 1918, offers for subscription at par and accrued interest Treasury certificates of indebtedness
of the United States, tax series of 1919, dated and bearing interest from
Aug. 20 1918, payable July 13 1919. bearing interest at the rate of 4% per
annum.
Application will be received at the Federal Reserve banks. Bearer certificates, with interest coupon attached, will be issued in denominations of
shall be
$500, $1,000. $5.000, $10,000 and $100,000. Said certificates
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 (b) 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 authorized by said
Act approved Sept. 24 1917, or by said Act as amended by said Act approved April 4 1918, or by the Act approved July 9 1918, 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 (b) above.
Certificates of this series will be accepted at par, with an adjustment of
accrued interest, under rules and regulations to bo proscribed by the Secretary of the Treasury, in payment of income and profits taxes when payable
at or before the maturity of the certificates.
The certificates of this series do not bear the circulation privilege and will
not be accepted in payment on bond subscriptions. The right is reserved
to reject any subscription and to allot less than the amount of certificates
applied for and to close the subscription at any time without notice.
Payment at par and accrued interest for certificates allotted must be
made on allotment. After allotment and upon payment Federal Reserve
banks will issue interim receipts pending delivery of the definite certificates. Qualified depositaries will be permitted to make payment by credit
for certificates allotted to them for themselves and their customers up to
an amount for which such shall have qualified in excess of existing deposits
when so notified by Federal Reserve banks.
As fiscal agents of the United States, Federal Reserve banks are authorized and requested to receive subscriptions and to make allotment in full on
the order of the receipt of applications until further notice.
Certificates of Series A, B, C and D will be accepted at par with an
adjustment of accrued interest in payment for any certificates of the series
now offered which shall be subscribed for and allotted not later than
Aug. 30 1918.
No maximum or minimum amount has boon fixed for tho present offering of tax certificates and no quota shave been allotted to the Federal Reserve districts.
The fifth bi-weekly offering of certificates of indebtedness in anticipation of the Fourth Liberty Loan will be omitted.
AUG. 24 1918.]
THE CHRONICLE
INTEREST RATE ON FOURTH LIBERTY
LOAN
FOUR AND ONE-QUARTER PER CENT TO BE
.
The Treasury Department, through its
Bureau of Publicity, confirms the statement referred to
in our issue of
Aug. 10 that the interest rate in the coming
Liberty Loan is
to be 4Y7 The announcement is as follows:
i 0.
Secretary McAdoo
has definitely announced that the
Fourth Liberty
Loan bonds will bear 4% interest.
The Secretary has been insistent that
the Government interest rate
should be stabilized at 4X,%. Ho
points out that a raise in the rate
of
interest of only X of 1% on $10,00
0,000,000 of Government bonds
would
mean an annual increase of $25,00
0,000 in interest charges, and that this
money would have to be raised by
increased taxation and paid by
the
people of the country. It would not
be paid by one class only, becaus
e
there are consumption as well as other
kinds of taxes, and the consumption
taxes reach every class of people.
"As an intelligent people," said Secreta
ry McAdoo during the Third
Liberty Loan campaign, "we should
now make a stand for the financ
ing
of our Government during the period
of this war at a stabilized rate
of
interest, say, at 43% per annum
, so that all business and all invest
ments
may be adjusted to that basis, and
so that we ourselves may protect ourselves against successively increas rates'o
ed
f interest on Goverxunent loans.
"
Neither our patriotism nor our suppor
t of the Liberty Loans are measured in fractions of per cent.
THREE LIBERTY LOAN CAMPAIGNS
PROPOSED.
Three Liberty Loan campaigns within the next
year are
tentatively planned by the Treasury Depar
tment, each
to raise $5,000,000,000 or more, according to
press dispatches from Washington Aug. 17. The first, as
ready been announced, will be from Sept. 28 to has alOct. 19.
The second is planned for January or February,
and the
third in May or Juno. This program will be
necessary, it
is explained, to provide the $16,000,000,000 which
estimate will be required to finance war operationsofficials
the year, in addition to the $8,000,000,000 which during
may be
provided by the Revenue bill now being draft
ed. The
dispatches add:
If Government expenses and loans to Allies fall much
below the $24,000,000,000 estimate, the Government is expected to
try to combine two
loans into ono big campaign for the largest credit ever
sought by any nation.
Such a campaign would be sot for some time late in the
winter.
Money needed between loan campaigns will be provid
ed by the sale of
short-term certificates of indebtedness, as in the past.
In addition, the
Treasury looks for a steady inflow of money from
the certificates, which
banks and corporations probaly will buy in billion
-dollar quantities as a
means of virtually paying thier taxes in advance.
Every effort will be made by the Treasury to make
the number of loans
as few and the time of financial rest between the
campaigns as long as possible. Officials would much rather have only one
dition to the fourth campaign, to start late next more big drive in admonth, than two before
the end of the fiscal year, June 30 1919.
One particular season in which the Treasury wishes
to
ular loans is the Christmas holidays and the followi avoid floating popng weeks of comparative inactivity on account of bad weather. Anothe
r bad time for loans is
In the spring planting season, when farmers are
busy and business men
have less time than usual to devote to the campai
gn. The third period
is June, when huge war taxes will have to be paid.
No plans for future Liberty Loans can be formul
ated definitely many
weeks in advance, owing to the uncertainty of the
volume of Government
expenditures. Consequently the program now in the
minds of Treasury
officials is highly tentative. An example of the
fluctuations of expenditures is the fact that with August more than half gone,
the Allies have called
for only $71,000,000 in loans, a little more than
one-third the usual rate
of borrowings.
FEW CONVERSIONS OF FIRST AND SECO
ND LIBERTY
BONDS.
In announcing on Aug. 18 that few owner
s of First and
Second Liberty Bonds have converted them
into bonds of
the Third loan, which bears higher interest,
Treasury officials called attention to the fact that this can
be done any
time before Nov. 1, but urged action at this
time
rush in the last weeks. There have been few to avoid
a
responses
also, it is announced, to Secretary McAdoo's
appeal to railroad men to have their bonds registered to
avoid loss by
theft or destruction. Plans for developing
self-registering
bonds for the Fourth Liberty Loan, to open
on Sept.28,are
said to have been abandoned.
FINAL PAYMENT IN NEW YORK RESERVE
DISTRICT
ON ACCOUNT OF THE THIRD LIBERTY LOAN.
The following statement concerning the final payme
nt on
the Third Liberty Loan subscriptions, received by
the New
York Federal Reserve Bank on Aug. 16, has been
received
from the bank, under date of the 17th inst.:
Total duo on account of final payment Third Liberty
Loan_ _$72,506,792 50
Accrued interest
1,412,296 00
751
LIBERTY BONDS TO BE ACCE
PTED AS BASIS FOR
CREDIT BY RAILROADS.
The decision of the Railroad Admin
istration to accept
Liberty bonds as a basis for the exten
sion of credit to shippers is made known in the following
Railroad Administration's, Division circular issued by the
of Public Service and
Accounting:
P. S. & A. CIRCULAR
NO. 21.
Washington, D. C., Aug. 8 1918.
Paragraph 2 of General Order
No. 25 makes provision for the extensi
on
of credit for 48 hours after forwar
ding or delivery of freight, when the
consignor or consignee files with
the carrier a satisfactory bond.
For the convenience of the shippi
ng public, it has been decided to accept
Liberty bonds in lieu of individ
ual or corporate surety, as a basis for
the
extension of credit. These
Liberty bonds must be in coupon
form, in
amount required to meet the
credit needs of the customer, and
must be
deposited as directed by the treasur
er of the carrier.
The treasurer's receipt will be
given to the owner of the bonds, and
rangements will be made for their
arsafe-keeping. Coupons will be detach
and paid to the owners on the
ed
semi-annual interest dates.
C. A. PROUTY, Director.
IV. G. McADOO DESCRIBES THOSE
SELLING LIBERTY
BONDS AS "QUITTERS"—RAILR
OAD
A statement that he looked upon peopl PROBLEMS.
"who sell their Liberty bonds as quitte e or institutions
rs and unpatriotic
citizens" was made by William G.
McAdoo on Thursday
during a visit to New York in his
capacity as DirectorGeneral of Railroads. Mr. McAdoo
spent the day in inspecting the Long Island terminals and
was later seen at
the Hotel Vanderbilt by reporter's.
According to the
"Tribune," when asked as to what he
thought of the request
of a New York banker for a ruling by
the Federal Reserve
Board as to the essential or non-essential
character of loans
for Stock Exchange purposes, Mr. McAd
oo replied that he
had not yet been officially informed of such
an inquiry and
therefore was disinclined to make any
comment. With
regard to the subject of credit.he said (we
quote from the
"Times"):
The credit of the United States is
as vital to the people 'of the United
States as health is to the inividual and
as virtue is to woman. Any man
who sells his Liberty bonds deliber
ately, thoughtlessly or unpatrioticall
y
is injuring to that extent the credit
of the United States, and is by that
much adding to the difficulty of the
United States in fighting the war
successfully. If the credit of the United
extent that the war could not be financ States should be injured to the
ed properly, it would be a disaster
comparable to the losing of a great battle.
In reply to a question as to whether Gover
nment control
of the railroads has come to stay, the "Sun
" quoted Mr.
McAdoo as follows:
I can't say. Who can say? Besides,
I am not affected by that consideration at all. Whether what I do
furthers or retards the possibility
of permanent Government control doesn't
mViogany difference to me.
My object is to make the Railroad Admini
stration'as efficient as possible.
The people will settle the matter of
Government ownership or control,
but I hope through Government management
to demonstrate a unified
railroad system is a good thing.
The following remarks are attributed to
him by the
"Times":
I familiarized myself in a general way with
the Long Island terminals
to-day, and I want to say that they are becomi
ng increasingly important
because of the army and navy supplies
handled there. I found the situ ation very satisfactory, and the work on the
storage warehouses is proceeding wonderfully. Splendid progress
has been made. The whole
Long Island situation is good.
Of course we are terribly short of passen
ger cars all over the country.
and particularly on Long Island, but the
pressure on the equipment on
Long Island is so great because of the militar
y camps. It is hard to meet
all the demands for war service, and at the same
time maintain all passenger service up to normal. The purpose of the
Railroad Administration is
to give sufficient and efficient passenger
service consistent with the paramount needs of the war. Wherever
an apparent impairment results, it
springs not from the desire to make the service
inefficient, but because war
demands make it unavoidable.
When the people are inclined to question some
things they must remember that the curtailment of passnger service on the
railroads of the country was a war necessity. They must, remember
that the demands on the
railroads have never been so great and that
the facilities of the country
are taxed as never before. Aside from the movem
ent of troops, there is
of course a supreme demand for themovement
of freight. So that it is
evident that every unnecessary passenger
train would absorb so much man
power, coal, necessary locomotives and
other needs. Then of course
there is a great amount of steel required for
the necessary purposes of war,
so that not so much of it as we might perhaps desire
can be turned to account in the way of passenger trains.
One thing we did was to raise rates, which we
thought would cut down
travel, but the result has not been what we
anticipated. We think it
fair to penalize a man for taking a Pullman and
to eliminate the needless
hiring of sections.
WAR REVENUE LEGISLATION.
The completion of the war revenue bill, which is
being
$73,919.088 50
Of which we received up to the close of business Aug.
drafted by the House Ways and Means Committee,
16:
was reAdvices of credit
$54,757,967 86
ported on the 22d inst. as having been delayed
Cash
pending
7,929,481 08
the approval by the Treasury Department of the exces
s profits and war profits provisions. On the 16th inst.
$62,687,448 94
Total number of banks from Which paymen
the comts are due
mittee tentatively agreed upon an 8% exemption,
607
Total number of banks from which payments have
in addibeen received to
close of business Aug. 16
tion to a specific $3,000 exemption on excess profit
s of cor531
porations, with a tax of 40% on all excess profit
s between
70 8% and 20%, and a tax of 60% on all excess profits exceed
752
THE CHRONICLE
[VOL. 107.
purposes of deduction of pre-war
committee had business into groups for
tion,
ing 20%. It was also announced that the
contended that a maximum 12% deduc
nt's alter- earnings, but
same time adopted the Treasury Departme commit- which the committee had proposed to give to mining and
at the
ts. The
native plan for a flat 80% tax on war profi
s enterprises was too great and that 10%
business for purposes kindred hazardou
reported on the 20th that the
tee agreed to three classifications of
tions for was more equitable. It was
tion from the war profits tax. The deduc
of deduc
probability would write into the bill a
be: Financial and committee in all
s into
pre-war earnings, it was agreed, would
of corporations and other business enterprise tax
acturing, farming division
purposes in the war profits
transportation corporations, 8%; manuf
tion
and kindred hazard- two groups for deduc
it was
and general business, 10%,and mining
basis of pre-war earnings. These groups,
tion
rman Kitchin stated on the 16th on the
ous business, 12%. Chai
d probably be: Financial and transporta
submit further stated, woul
c utilities,8% deduction; manuthe Treasury Department expected to
that
all publi
He said that unless concerns, including
llaneous
suggestions regarding the income tax.
mining, gas and oil well and other misce
the normal income tax rate facturing,
the plan was later changed,
tion. Chairman Kitchin on the 20th
00 and 10% on all business, 10% deduc
would begin with 5% on the first $4,0
issued the following statement:
$4,000 and $5,000, the surtax beginning
for a board which will draft legislaincomes between
The committee adopted a provision
appointed
ule, Chairman Kitchin said, tive matters, the board to be composed of two members,one to be as the preat $5,000. The surtax sched
following per- by the Speaker of the House and the other by the Vice-President to earned
r action as
bly would stand as agreed to with the
proba
taken no furthe
siding head of the Senate. We have
Department to work
centages:
incomes but have asked the Treasury
$10,000 to $15,000, 10%; and unearned
t unearned incomes,
0, 6%;
$5,000 to $7,500, 3%;$7,500 to $10,00
to $30,000, 20%; $30,000 to $40,000,
$15,000 to $20,000, 15%; $20,000
00 to $60,000,40%;$60,000 to $70,000,
25%;$40,000 to $50,000, 30%;$50,0
$80,000 to $90,000, 48%;$90,000 to $100,45%;$70,000 to $80,000, 47%;
$200,000 to $300,000, 55%;$300,000
000,49%;$100,000 to $200,000, 50%;
65%; and $1,000,000 to $5,000,to $500,000, 60%; $500,000 to $1,000,000
000,75%.
d, would pay a
All incomes over $5,000,000, it was state
which, added to the normal tax, would make
surtax of 75%,
85%. Chairman
such incomes taxable to the extent of
in issued the following statement on the 16th: , at the
Kitch
installments
of 3% agains
out a plan for administering the di'fferential ive agreement the other day.
a tentat
on which the committee reached
plan for allocation and for deduction
We want the Treasury to work out a
of an unearned income differential
of credits and other technical details
whether it will be, as a result, a
plan. It will be a 3% differential, but
earned 'and the latter for
e tax of 12 and 15%, the former for
normal incom
ve the 10% normal the committee hereunearned, or 10 and 13%, to preser
tofore has agreed on, I cannot say.
of excess profits, and we will try to
The only main problem left is that
on the bill Friday, but it is
that to-morrow. We may finally pass
agree on
not at all certain.
ittee agreed on
On the 21st the Ways and Means Comm
n in the 80% tax on war profits, based
a flat 10% exemptio
this plan would
on pre-war earnings in 1911, 1912 and 1913;
10 and
ing industries into three classes •tvith 8,
avoid group
case of excess profits taxes the
12% deductions. In the
ion of two procommittee devoted itself to the considerat
in
these would provide for an 8% deduction
posals; one of
ption, and all profits in excess of
addition to a $3,000 exem
the net income of
8% and up to 15% to be taxed 35% of
be
al, all above 15% and not over 20% to
invested capit
e 20% to be taxed 70%. The
taxed 50%, and all abov
de for an
The committee agreed on the 16th to a
person second proposal considered would likewise provi
ey of Illinois that the name of every
sentative Rain
and $3,000 exemption, taxing all profits
be posted in county 8% deduction
ts over 20% being
making returns under the income tax law
who have above 8% and under 20%,40%, all profi
houses in order that the public may know
rman Kitchin as
court
would not taxed 70%. The "Times" reported Chai
was said,
by
not made returns. The amounts, it
of saying that neither of these plans had been suggested
tive Treadway
be posted. The proposal of Representa
nt or would be submitted to it, the
the Treasury Departme
was rejected.
r. On
Massachusetts to put a tax on billboards
e itself deciding as to which was the bette
referred in detail to the views of Secretary committe
Last week we
in was quoted as saying:
to war and excess the 21st Mr. Kitch
of the Treasury McAdoo with regard
the House before the middle of next
I do not think the bill can get into
tax of 80%
Perr may take a week in committee.
taxes, pointing out that he advocated a
profits
ated week. The excess profitse matteonly two brackets. The two schemes are
the retention of the existing gradu
favor the schem with
sonally, I
flat on war profits and
00,000
they
to make it equitable. practically the same, and it is estimatedrate. will raise from $200,0
t
tax on excess profits, with modifications
that Chairman to $300,000,000 more than the presen
ng
of any corporations
The New York "Times" of Aug. 18,in stati Treasury plan,
To guard against the possibility
the
Kitchin was unwilling to accept in toto
se of watered stock, the committee
only from the Treas- escaping taxation becau
upon examipointed out that his proposition varied
from agreed to a "catch" clause. It is reported that
s
dations in that the excess rates were
ury's recommen
returns it was found that nineteen-twentieth
60% on all profits nation of the
40% on excess profits up to 20% and
net incomes were between 50 and
new plan was 40%, of the corporations whose
capital is $50,000 or less.
over 20%. The first bracket in the
60% are corpbrations whose invested
the present law.
as against 20% in
r at first sight that a corporation with
given out on the While it would appea
earnings of
The paper quoted said the impression
ted capital of $1,000,000 or more with
d to the
that the committee had tentatively agree tively an inves 8% would not be liable to tax, the committee has
16th was
less than
e did tenta
on profits of such
latter system, and it added "the committe
the approval made express provision for a tax of 10%ted to have said:
agree to this system provided the plan met with
corporations. Chairman Kitchin is repor
of the Treasury Department."
corporations. On corporations whose
This will got the big, swollen
McAdoo had
of
$25,000, we have limited the amount
It was reported on Aug. 19 that Secretary
invested capital does not exceed
reiterating his in- excess profits or war profits tax, whatever it may be, to 35%. In other
addressed a letter to Chairman Kitchin
On capital stock of
income.
be included in words, the tax will not exceed 35% of its not40% of the net income.
sistence that the present excess profits law
$35,000, the tax would not exceed
with an alternative war tax of 80%. So $25,000 to
the proposed bill
agreement, Mr. Kitchin
not been made
As to the committee's tentative
far as our knowledge goes, the letter has
of Commerce" on Aug. 22 with
the 20th is sponsor was credited in the "Journal
public and the New York `:Times" of
the following statement:
understands, there is
for the following:
it, and I believe tne committee so
to his argument
taxes by
We changed the plan for payment of the
will
ury Department, so that one-third
suggestion and request of the Treas
returns, another third within two
be due when the taxpayer makes his
third two months later. The commonths thereafter, and the remaining
payment of taxes.
mittee decided against a rebate for cash
0,000 requested for the admin
The committee appropriated the $25,00
ssioner Roper, and authorized two
istration of the revenue laws by Commi
al Revenue.
additional Deputy Commissiorers of Intern
es
3% in favor of earned incom
It was decided to make a differential of
10% normal on earned incomes and
as against unearned. The tax will be
net
ned income means that part of the
13% on unearned incomes. Unear
s,
red stock, from interests, rental
income derived from dividends on prefer
ies, and annuities.
royalt
proposal by Repre-
ion of the committee
Secretary McAdoo called the attent
at 40% to 60%,great hardship would
that with the excess profits rate fixed
said the lower rate should not be made
be placed on small business, and
law.
higher than 20%, as in the present
to the Secretary's wishes to
It is txpected that the committee will accede
committee, while agreeing
extent, if not entirely. Members of the
some
not disposed to affront their Chairwith Mr. McAdoo's conclusions, are
e that the committee will increase
man. For that reason there is a chanc
n slightly over 20%.
the lower rate 'lithe excess profits sectio
: the proposed normal tax
In his letter Mr. McAdoo declined to accep.
tentatively fixed the normal
on personal Incomes. The committee had
ned incomes at 13%. Mr.
rate on earned incomes at 10%, and on unear
should be fixed at 12 and 15%, reMcAdoo said he thought these rates
spectively.
the attitude taken by Secretary
Mr. Kitchin appeared provoked at
that there was nothing to give out.
'McAdoo. He said to newspaper men
r progress. It was learned later
The committee, he said, had made no furthe
ary's letter and that the committhat Mr. Kitchin had received the Secret
keeping silent as to this developtee had been impressed with the idea of
the letter had been received, Mr.
ment. After it had become known that
He declined, saying that the letter
Kitchin was asked to make it public.
o.
should be given out, if at all, by Secretary McAdo
Secretary
Chairman Kitchin on Aug. 20 announced that
t letter agreed to the plan of dividing
MoAdoo in his lates
As I understand
respect to
Department and this committee with
no difference between the
profits method and a war profits
ative methods, that is, an excess
the altern
the higher
ted on the method that would yield
tax method, to be compu
tax.
ten days before
ively decided upon this a week or
aThe committee tentat
am to me insisting on such an altern
t of Mr. McAdoo's telegr
the receip
the comdifference between the Department and
protive method. But the
ion of the
the Departmen., with the except
given
mittee seems to be thus:
percentage, in which the option is
vision as to the general pro-war
in the war profits method shal
ion
corporation, insists that the deduct
the
1912 andl
made in the three pre-war years, 1911,
be the average net profits
as in the existing law,
profits method be the same
1913, and 5% excess
is the
not be increased. I unders.and that
that is, that the rates shall
Department's position 00% of the cortment's position. By the
Depar
Inwar profits method, which inevitably
porations would be taxed by the
law from
corporations over the taxes in existing
creases the taxes of such
ations would be
300%, and 10% of tho corpor
these
50 to in many cases 200 and
method, and if the rates are not raised
penny
taxed by the excess profits
their profits taxes raised or increased a
corporations will not have
amount
$8,000,000,000, but will pay the same
to help raise the required
paying.
the tax
of taxes as they are now
is to have the alternative methods,
The committee's position method would yield the higher tax, but that
ver
to be computed by whiche
AUG. 24 1918.1
THE CHRONICLE
the tax relation between the two methods should be so adjusted that there
would not be such an inequality and discrimination against corporations
falling into the war profits method; and that such corporation, paying under
the war profits method, if they were making in the pre-war period less than
say 10% on invested capital, should have their deduction raised to a reasonable per cent, say 10% on their invested caeital, and that the excess
profits rates should be raised over those in the existing law, so that the few
corporations, the lucky ones, those that were remarkable successful before the war, and equally successful during the war, making subetantially
the same before as during the war, should pay aa increased tax to help win
the war as well as the other corporations not so lucky in 1911, 1912
and 1913.
The committee contends that the Department's plan would snow too
much discrimination against the corporations taxed under the war profits
method, and too much advantage to those taxed under the excess profits
method. It contends that there should be an equalization of tax payments by the two groups of corporations nearer than the department's
proposition will admit; that is, too great a tax burden is thrown upon one
group and not enough on the other group.
Among the thousands of lucky, fortunate corporations that will fall
into the excess profits tax method, and, if the rates remain as they are now
as the Department insists, will pay no increase of profit taxes, are the Ford
Motor Company, Eastman Kodak Co., National Cash Register Co.,
National Biscuit Co., Standard Oil Co. of Indiana, the Standard Oil Co.
of Kansas, United Cigar Stores of America, American Tobacco Co., Liggett
& Myers Tobacco Co., First National Bank of New York, and numerous
other such corporations. The committee thinks and contends that such
corporations should have their profits taxes increased along with other
corporations and, therefore, insists that the excess profits rates be increased
over existing rates. In a nutshell, the difference between the Department
and the committee is on the question of an increase or. no increase in the
excess profits rates, and on the question of deduction for the pre-war
profits method.
753
details and as rules, as formally drawn up, will have to be posted for ten
days before balloted on, it will probably be about three weeks before
trading in barley futures commences. The main object for trading is
to provide heading facilities. The crop is a big one, and maltsters, who
are normally the principal buyers of barley, will only be allowed to take
a moderate percentage of production. The milling demand will also be
cut from last year, as big wheat crop makes substitution unnecessary to a
large degree. Barley will thus be on feeding basis with oats for a big portion
of the yield. The proposition to rescind or modity the present maximum
prices on mess pork, lard and ribs has been put over by the directors for
another week.
CHICAGO BOARD OF TRADE RESTRICTS RYE
FUTURES TRADING.
Speculative trading in rye futures, according to telegraphic
reports from Chicago yesterday, has been limited to 100,000
bushels by the Board of Trade directors. No one operator
it is said, can be long or short more than that quantity at
one time. Hedging sales must be confined to rye or rye
products. Reports of trading are to be made to the Secretary's office regardless of amounts.
WHEAT PRICE GUARANTEED BY AUSTRALIA.
According to the "Official Bulletin" of Aug. 17, the State
Government of Australia has guaranteed 83 cents per bushe
for wheat, and the Commonwealth Government has allowed
In reporting that the committee would on Aug. 20 pass
upon Secretary McAdoo's plan for a 3% differential on an additional 12 cents per bushel for the 1918-19 harvest,
making a total of 95 cents per bushel.
unearned incomes, the press dispatches said:
The Treasury has recommended a normal tax of 12% on earned and 15%
on unearned incomes. The question will be whether to adopt this rate,
which the Treasury has urged on the ground that a high normal rate will
help sell the Liberty bonds, or to retain the 10% on normal incomes above
84,000 annually, as already agreed upon, and place a 13% tax on unearned
incomes. The Treasury has submitted that a high normal tax will promote
the sale of the coming Liberty bond issue, as the income from Liberty
bonds is not subject to the normal tax but the surtax, and by raising the
normal tax the Liberty bonds will be made especially attractive to capital.
RESCINDING OF MEAT RESTRICTIONS.
The restrictions imposed by the U.'S. Food Administration on the use of beef were rescinded on Aug. 9, this action
being prompted by the drought in Texas, Oklahoma and other
sections of the Southwest, endangering the meat herds in
With regard to the normal tax on personal incomes, the these sections, present cattle runs as a result being 50%
Ways and Means Committee on Aug. 17 announced the text heavier than in the corresponding period of last year. At
the time the new meat rationing regulations were put in
of the schedule as follows:
Normal taxes, Section 210. That there shall be levied, collected and force, June 17, it was expected they would remain operative
paid for each taxable year upon the net ineome of every individual a normal until Sept. 15. Under the rationing system then adopted,.
tax as follows:
hotels and restaurants were asked not to serve boiled beef
(A) In the case of a citizen or resident of the United States, 10 per cent
of the amount of the net income in excess of the credits provided in Sec- at more than two meals weekly or beefsteak and roast beef
tion 216, provided that upon the first $4,000 of this amount the rate shall at more than one meal weekly. Householders were requested
be 5 per contum.
(B) In the case of a nonresident alien, 10 per cent of the amount of the not to buy more than one and a quarter pounds of clear beef
net income in excess of the credits provided in Section 216.
per person weekly, or one and one-half pounds including the
bones, per person in the household. There had since been
Section 216, as agreed to, reads:
Credits allowed: For purposes of normal tax only, there shall be allowed two modifications of the regulations, the first effective
the following credits:
June 29, continuing in force until July 14, permitted the use
(A) The amount received as dividends from a corporation which is
at any meal of cuts of beef already aged to the extent that
taxable under the corporation income tax upon its net income.
(B) Amount received as interest upon obligations of the United States, they could not be held until a later period by being frozen;
any State, Territory or political sub-division, or the District of Columbia.
the second, operative July 15, permitted the serving of beef
(C) In the case of a single person a personal exemption of $1,000, or in
the case of the head of a family, or a married person, living with husband by public eating places during one meal of not more than
or wife, a personal exemption of $2,000. A husband and wife living to: four consecutive hours on every day of the week. These
gethor shall receive but one personal exemption of $2,000 against their were referred to in detail in our issue of July 27. The Food
aggregate net income, and In case they make separate returns the personal
Administration's announcement on Aug. 9, while rescinding
exemption of $2,000 may be taxed by either or divided between them.
(D) Two hundred dollars for each person (other than husband and the restrictions, stated that it was desired to continue the
and receiving his chief support from the taxpayer,
wife) dependent upon
same careful regard for economy in beef and in all essential
if such dependent person is under 18 years of age, or is incapable of selffoods. The following is the announcement:
support, because mentally or physically defective.
The extreme drought in Texas, Oklahoma, and other sections of the
The committee was reported on the 17th to have adopted
Southwest, which also affects Montana and certain areas in adjacent States
a provision that in no event shall the excess profits tax of in the Northwest, is endangering the meat herds in these great cattle-procorporations having less than $50,000 capitalization exceed ducing sections. As an immediate result the present cattle runs are 50%
than in
40% of its net income. It was also stated on that day that heavierstock is the corresponding period of last year. The larger part
below the most desirable market weights, and would
of this
in the 10% tax of articles deemed luxuries above a certain mally remain on the ranges until it had attained a larger growth. Sonorfar
price the committee made the tax apply to women's waists as is practicable, these cattle are being moved to sections where conditions
of grass, grain and water are more favorable. The surplus must, however,
in excess of $15, instead of $10, as previously agreed to,
be handled.
and to women's hats at $15, instead of $25. Motor boats
The Food Administration, therefore, is for the present releasing the meat
and canoes were added to the 10% tax on yachts and pleasure restrictions. This is about one month earlier than was originally contemplated. It is desired, however, to continue the same careful regard for
boats, but the committee exempted motor boats and canoes economy in beef and in all essential foods as a measure to safeguard
the
costing $20 or less, the exemption being to protect home- future.
There is always a liberal run of the lighter cattle at this season of the year
built craft.
excessive. Practically
heavier and fatter
but the present
In his report of the committee's deliberations, Chairman cattle are moresupply isfor export purposes for all of the armed forces and
our own
needed
Kitchin. said:
those of our allies, because an account of their thickness and fatty covering
The committee spent the entire day considering administrative provisions of the bill and reached no agreement. The stamp tax schedule of
the present law was left'intact, except that the committee inrcreased the
tax rate on playing cards from 7 cents to 8 cents a pack.
CHICAGO BOARD OF TRADE COMMITTEE TO INQUIRE
INTO BARLEY TRADING FOR FUTURE DELIVERY.
The appointment of a committee of five to look into the
question of barley trading for future delivery was authorized
at a meeting of members of the Chicago Board of Trade on
Aug. 19. In telegraphic advices from Chicago, Aug. 21,
the "Wall Street Journal" said:
The committee having the matter in charge suggested making No. 4
barley contract grade, with premium for better grades. There are many
they are less subject to deterioration during transfer from cars to ships and
freezers, when they are not protected by refrigeration.
In rescinding regulations which prohibited public eating places from serving beef more than once a day and in releasing the householders from their
voluntary agreement to curtail purchases to 1% pounds per week,including
bone, the Food Administration requests that this freer use of beef be restricted so far as practicable to the cattle which dress under 475 pounds.
To achieve this the retail meat markets are asked to specialize in the use of
these lighter cattle, and families and patrons of all public eating places are
requested to patrioticaly accept beef of this weight, even though they have
heretofore been accustomed to using the heavier beef only.
The desire of the Food Administration at present is not primarily to
increase the consumption of beef as a whole, but to induce a preference in
favor of the lighter weight cattle, of which we have an abnormal surplus.
This will bring about a conservation of the heavier cattle needed for our
soldiers and for export to our allies. At the same time it will afford a
measure of protection through increased outlet for cattle raisers lathe
drought-afflicted areas.
754
THE CHRONICLE
STOCK RAISERS' EXCEPTIONAL PROFITS.
The Food Administration in an announcement printed in
the "Official Bulletin" concerning the maximum prices
for September delivery of beef for the army, navy and
Allies, states that "raisers of stock are now receiving exceptional profits, probably higher than at any time since
the Civil War." It is also stated that the average weight
of cattle marketed this year is 30 pounds lighter than last,
40 pounds lighter than in 1916 and 60 pounds below the
1915 average-due in part to excessive marketing of immature
cattle, owing to drought conditions. We quote the announcement herewith:
Following a two-day conference between packers and the Food Administration, attended by officers of the army, navy and marine corps, maximum
prices are announced at which beef will be allotted for September delivery
-excepting on the Pacific Coast
-for the army, navy and Allies.
The following bases are f. o. b. Chicago, per 100 pounds, for steers of
quality and grade, satisfactory to the authorized inspectors, chilled and
unwrapped. These prices average substantially the same as for the
month of August:
475 to 575 lbs_ _ _$21 901575 to 700 lbs_ _ _$22 651700 to 850 lbs_ _ _$23 55
The general meat situation was discussed, conservation programs were
.canvassed, and relief measures were suggested to take care of beef coming
Into the market as a result of drought in Southern and Southwestern States.
The average weight of cattle marketed this year, it was brought out, is
20 pounds lighter than last, 40 pounds lighter than in 1916, and 60 pounds
below the 1915 average. This is due in part to excessive marketing of
immature cattle, owing to drought conditions.
Raisers of live stock are now receiving exceptional profits, probably
higher than at any time since the Civil War. During a part of last winter
and early spring feeders of cattle were less fortunate and suffered a loss
upon their feeding bentures. However, cattle feeders who held their stock
until late spring made a profit, but it has remained for the stock raisers
who are now marketing cattle of a size and quality to be acceptable for
Government use to reap unusual profit.
To utilize cattle below 475 pounds in weight, the minimum now being
supplied on army specifications, housewives and proprietors of public eating
places are asked by the Food Administration to buy cuts from lighter.
weight stock and to urge that meat markets of the country secure a supply
of beef from those lighter cattle.
Packers and their representatives present at the conference were: A. E
Hayes, Hately Bros. Co., Chicago; Frank, W Waddell, Armour & Co.;
Chicago; R. T. Sinclair, T. M. Sinclair & Co. (Ltd.), Cedar Rapids, Ga.;
the Cudahy Packing Co., G. 0. Shapard, Chicago; Edward Morris Jr.,
Morris & Co., Chicago; William Rohe, Rohe & Bro., New York City;
R. Mair, Swift & Co., Chicago; W. J. Russell, Swift & Co., Chicago; Fred
• R. Burrows, Swift & Co., Chicago; S. T. Nash, the Cleveland Provision
Co., Cleveland, 0.; James G. Cownie, Buffalo, N. Y.; Jacob Dold Packing
Co., R. L. Swift & Co., Chicago; J. W. Rath, the Rath Packing Co., Waterloo, Iowa; William Diesing, beef department, Cudahy Bros., Cudahy, Wis.;
W. C. Routh & Co., R. Huggins, Logansport, Ind.; M. T. Morgan, the
Lake Erie Provision Co., Clevealnd, O.; C. J. Roberts, Roberts & Oake,
Chicago; F. T. Fuller, Iowa Packing Co., Des Moines, Iowa; M. T. McClelland, John Morrell & Co., Ottumwa, Iowa; James Hawkinson, Wilson
& Co., Chicago; R. L. James, Swift & Co., Chicago; Lyman J. Craig,
Parker Webb & Co., Detroit, Mich.; Edw. G. McDougall, Libby, McNeil
& Libby, Chicago; Walter H. Miller, D. R. Robertson, Miller & Hart,
Chicago; John S. Munce, Kingan & Co. (Ltd.), Indianapolis, Ind.; Victor
H. Munnecks, Armour & Co., Chicago; Boyd Lunham & Co., W. William
Trotter. Chicago; Fred L. Wilson Provision Co., Peoria, Ill.; S. S. Jensen,
Ogden Packing & Provision Co., Ogden, Utah; W.R. Farrell, Rohe & Bros.,
Now York; Ralph W. E. Decker, Jacob E. Decker & Sons, Mason City,
Iowa; M. Mannheimor, Evansville Packing Co., Evansville, Ind.; A. L.
Eberhart, George A. Hormel & Co., Austin, Minn.; Interstate Packing
Co., Winona, Mimi.; Drummond Packing Co., Eau Claire, Wis.; B. G.
Brennan, Brennan Packing Co., Chicago; James S. Agar, John Agar Co.,
Chicago; William Davies Co. (Ltd.), James S. Agar, Cincinnati; Independent Packing Co., Thomas Brennan, Chicago; and Fry & Co., Seattle,
Wash., William G. Agar.
FOOD ADMINISTRATION'S WARNING CONCERNING
RESALES OF EGGS BETWEEN DEALERS.
In reiterating the strictures against resales of eggs between
dealers the Food Administration, in a statement -issued on
Aug. 16 said:
With the object of keeping fresh poultry and eggs moving from the producer to the consumer in as direct a lino as possible, the United States Food
Administration emphasizes the rules which must be observed regarding resales within the same trade. In the cases of both fresh poultry and fresh
eggs the following classes of dealers are recognized: (1) Original packers
and shippers, (2) commission merchants and wholesalers, (3) jobbers and
suppliers of hotels and institutions. (4) retailers.
With a few exceptions, sales between dealers in any one of the above
classes are prohibited. For the present, sales between wholesalers in
different cities will be permitted when necessary to supply the reasonable
requirements of the buyer's business. However, there must be an actual
shipment of the goods and the movement between cities must be in the
direction of normal crop movement from producer to consumer. In addition to these sales between cities, only two sales between dealers in Class 2
may be made without obtaining the consent of the local Federal Food
Administrator, and then only if such sales are necessary to supply the
reasonable requirements of the buyer's business. Further sales in this class
can not be made without the written consent of the local administrator.
In the other classes only one sale between dealers in the same class can
be made without the consent of the local Federal food administrator, and
such a sale must be for the purpose of supplying the reasonable requirements of the buyer's business. Further sales can be made only after
written consent has been obtained.
No.backward movements of poultry and eggs will be allowed. That is,
no dealer in one class can sell to a dealer in a preceding class. For example,
a jobber is not permitted to sell to a wholesaler, or a retailer to a wholesaler.
Any licensee who violates these rules may expect to have his license
suspended or revoked at once.
[Vol,. 107.
PRICE DIFFERENTIALS ON COTTON PRINT CLOTH,
YARN, ETC.
The War Industries Board announces that in accordance
with the agreement-between the representatives of the cotton
industry and the Price-Fixing Committee, July 1 1918, the
following differentials based on the prices then agreed to
have been fixed by the Price-Fixing Committee, to remain in
effect until Oct. 1 1918:
WIDE SHEETINGS.
The price is 80 cents per pound net cash f.o.b. mill. This price divided
by the weight of the 11-4 brown will give the yardage price of 11-4 brown
and 10-4 bleached; divided by the weight of 10-4 brown will give the yardage price of 10-4 brown and 9-4 bleached, and so on, through the various
widths.
PRINT CLOTHS.
Sley and
Price per
Sley and
Price per
WidthPick. Weight. Yard.
WidthPick. Weight. Yard:
8.20 $O.105j 313- inches_ _56x52
383-i inches_-44x40
7.60 $0.11
6.25
383- inches_ _60x48
8.70
• 9%
.133-i 313 inches_ _48x48
39 inches_ -64x88
4.50
.20
32 Inches.. _64x60
6.20
.13
39 inches__64x104 4.20
36 inches_ _32x28 11.30
.22
.7
39 inches_ _56x44
6.60
7.75
.103(
.123-i 36 inches_ _48x44
40 inches_ -52x40
7.25
.11% 373-i inches_ _64x88
4.70
.193-1
44 inches_ -48x48
6.40
.133- 36 inches_ _22x18
43-i
44 inches_ -44x40
21.00
4.5-16
7.25
.113- 36 inches_ _20x16 19.00.
25 inches_ -56x44 10.55
. 83- 36 inches_ _32x28 13.00 6. 15-16
36"
27 inches_ _56x56
5.9-32
8.70 9.15-16 36 inches_ _24x20 17.00
27 inches_ _64x60
7.60
.11 X 383-i inches_ _64x60
5.35
.15 A
DRI,LLS.
PART WASTE OSNABURGS.
Yards per Sley
Price per
Yards per Sley & Price per
Width. Pound,
Yard.
Pick.
Yard.
Width. Pound.
Pick.
37 inches.. 3.25
68x40 $0.20% 30 inches_
*7
39x30 $0.223
37 inches_ 3.50
68x40
*8
39x34
.253
.19% 30 inches_
34x34
.163-i
293-1 inches 3.33
* Ounces.
Additional price differentials agreed on are made known by
the War Industries Board in an announcement published in
the "Official Bulletin" of Aug. 20:
The War Industries Board authorizes the following:
In accordance with the agreement between the representatives of the
cotton industry and the Price Fixing Cmornittee July 11918, the attached
differentials, based on the prices then agreed to have been fixed by the
Price Fixing Committee, to remain in effect until Oct. 11918.
YARN PRICES.
Prices for carded warp twist yarns made from not better than middling upland
cotton.
Single Yarn.
Count
CountCount
8 and below_ _ _$0.57% 18
28
$0....8877742207
$0.63
.
10
58
20
.64% 30
12
59
22
.66% 32
13
.67
34
,
593.. 23
14
.60
24
.68
35
16
.83%
.613-1 26
.70% 36
For above yarns made of strict to good middling cotton an advance in
price of 23-4 cents per pound is made, making schedule for such yarns as
follows:
Count
CountCount
8 and below_ _ _$0.60
$0:777
5
2
0
8
5
$0 6 A 3
:67
10
.60% 20
12
.80
.613-4 22.69 32
13
.83
62
23
34
.70
14
.62% 24
.71
35
.8431
16
.64
26
.73
36
.86
For above yarns made of staple cotton of strict to good middling grade,
not less than 1 1-16 inches and not over 13-4 inches, an advance in price
of 4 cents per pound is made over above schedule, making prices for such
yarns as follows:
Count
-CountCount
36 and below_ _ _$0.90
42
$0.96
48
38
44
.98
.92
50
40
46
.94
1.00
The basic price is on No. 8 and below, over 8 and not over 10 rise of
X cent per number; over 10 and not over 14 rise of % cont per number;
over 14 and not over 20 rise of X cent per number; over 20 and not over
30 rise of.1 cent per number; over 30 and not over 36 rise of 13-4 cents per
number.
.
On yarns of staple cotton in counts 36 to 50 the rise Is 1 cent per number.
For ply yarns prices are as follows: On yarns made of not bettor than
middling upland cotton for 2-ply to 7
-ply, 1 cent per pound has been added
to the single-yarn prices for twisting counts 8's and below and not over 10.
13/i cents per pound for counts over 10 and not over 14; 2 cents per pound
for counts over 14 and not over 20; 23-4 cents per pound for counts over
2ounc aitd not over 36, making prices as follows:
0 t
Count
Count
8 and below..._80
.58A 18
2
38
$0.....7888743075m
$0 65 m :0
.6
6
10
.59
20
12
.6031 22
13
:7
6
0
9
32
3
4
:61 m 23
61
24
14
.71
35
16
.73
.63% 26
36
.86
On yarns made of strict to good middling cotton, for 2
-ply to 7
-ply 1
cent per pound has been added to the single yarn price for counts 8 and
below and not over 10, 13-4 cents per pound for counts over 10 and not over
14, 2 cents per pound for counts over 14 and not over 20, 23-4 cents per
pound for counts over 20 and not over 36, making prices as follows:
CountCount
Count
$0.77
0
8
8 and below.._ _$0.61
50 67A 320
.0
10
.79
.61% 20
22
.82 2
.63
12
.71% 32
13
.85%
.63% 23
.72% 34
14
.64
24
.73% 35
.87
16
.66
26
.883-4
.753-4 36
Special.
For twisting any of above yarns in counts 8s to 12s in plies 8 to 12 ply
an advance of 1 cent per pound Is made over prices named above for 2
-ply
to 7
-ply, and for twisting them 13-ply to 60-ply an advance of 1% cents
per pound is made over prices named for 2-ply to 7
-Ply.
For Brownell or Haskell-Dawes tube twisted yarn in counts 8 to 12 an
advance is made of 4 cents per pound over the price for singles.
On yarns made of strict to good middling staple cotton, not less than
1 1-16 inches and not over 15-4 inches, for any standard ply, there is added
to the price of the single yarn 5 cents per pound on No. 10, and an additional X cent per pound on each number finer than 10, making the following
prices:
AUG. 24 1918.1
-
-
THE CHRONICLE
Count
CountCount
36
$1.01% 42
48
$1.09
$1.1634
,
38
1.04
1.1134 50
44
1.19
40
1.14
1.0634 46
Form of delivery.
-The prices named above are for commercial skeins,
tubes, cones and section beams of standard put-up.
For ball or chain warps 1 cent per pound extra will be added.
For reverse twist 5 cents per pound advance over regular twist will be
added.
For cabling up to No. 30 a charge of 63i cents per pound will be added
to the price of single yarn.
Terms.
-Prices include the weight of cones or tubes on which yarn is
wound and are net cash from date of shipment and are f. o. b. cars shipping
point. Prices include cost of selling.
Prices for standard carded hosiery and knitting yarns made of white cotton.
For single yarns.
CountCount
Count26
18
$0.66
10 and below__ _30.61
$0.733
.62
.6734 28
20
12
•755
22
.69A 30
.63
14
.77A
.7134
.64% 24
16
For above yarns made of staple cotton, of strict to good middling grade,
not less than 1 1-16 inches and not over 1% inches staple, the following
prices will apply:
CountCount
Count
20
32
10 and below__ _30.65
$0.8354
.73M 34
22
.66
12
.85%
24
.67
.7534 36
14
.87
.773 38
.68A 26
16
.89
.7934 40
28
18
.70
.91 A
.81M
30
The basic price is on 10s and below. Over 10 and not over 14, rise of
34% per number; over 14 and not over 20, rise of X cent per number;
over 20 and not over 40, rise of 1 cent per number.
For ply yarns 5 cents is added to the price for No. 10 single and X cent
per pound additional per single number up to 40s. This charge for twisting
these high-grade yarns is made for the reason that yarns used in the knitting
trade require more perfect manufacture than commercial weaving yarns.
They require inspection and also an extra process called doubling. These
charges are based on actual differential costs of mills making these yarns,
making the following schedule for twisted yarns of standard carded hosiery
and knitting quality made of white cotton:
Count
CountCount26
$0.73
18
10 and below_ _ _30.66
80.82%
.75
28
.6734 20
12
.85
.77% 30
22
.69
14
.8734
.80
.71
24
16
And the following schedule for twisted yarns made of staple cotton of
strict to good middling grade not less than 1 1-16 inches and not more
than 134 inches staple:
Count
Count
Count
20
32
$0.79
10 and below_ _.$0.70
$0.94
.81% 34
.713i 22
12
.4
963
24
.84
36
.73
14
.
99
.86% 38
26
.75
16
1.01%
.89
28
40
.77
18
1.04
30
.913i
-On commercial tubes, cones cops, or skeins in standForm of delivery.
ard put up.
-F. o. b. cars shipping point, net cash from date of shipment,
Terms.
2% allowance to be made for cones. Prices include cost of selling.
755
Count
Count
Count
10 arta below
$0.82
18
26
$0.88
$0.96%
12
.82% 20
28
.90
.99
14
84
22
.92
30
1.0134
16
.86
24
.94
5 cents additional for staple over 1 1-16 inches and not above 1% inches:
CountCountCount
10 and below_ _ _30.86
20
$0.95
30
$1.0634
12
.8734 22
.97
36
1.14
14
.89
24
.99
40
1.19
16
.91
26
1.0134 45
1.2531
18
.93
28
1.04
50
1.31%
Five cents additional for staple over 134 inches and not above 1 3-16 to
13 inches.
CountCountCount
10 and below_ _ ..$0.91
22
$1.02
40
$1.24
12
1.04
45
.9234 24
1.30$
14
.94
26
1.0636 50
1.36
16 __--------- .96
28
1.09
55
1.42
18
.98
30
1.1136 60
1.49
20
1.00
36
1.19
.
Ten cents additional for staple over 1%-inch and not above 1 5-16 to
1% inch:
Count
Count
Count
10 and below_ _ _$1.01
22
$1.12 45
$1.4054
12
1.02% 24
1.14
50
1.4634
14
1.04
26
1.16A 55
1.523(
16
1.06
28
1.19
60
1.59
18
1.08
30
1.21% 70
1.76%
20
1.10
36
1.29
1.94
80
40
1.34
Form of delivery.
-Hosiery and knitting yarns on commercial tubes,
cones, or skeins in standard commercial put-ups.
Warp yarns on commercial tubes, section beams or warps.
All figures are based on prices net cash from date of shipment, f. o. b.
cars shipping point for yarns delivered at net weight, such prices to include
the cost of selling.
Prices for No. 1 quality wrapping twine of 8's or coarser yarn.
Per Lb.
Any ply wound on cones or tubes, packed in barrels or bales or in
cases In bulk
$0.61
Any ply wound in 8-ounce or heavier balls, packed in barrels or cases,
in bulk
.6134
Any ply wound in small balls weighing 5 or 6 to the pound, packed
in barrels or cases, in bulk
.62
Any ply wound in small balls weighing 5 or 6 to the pound, packed
In 5
-pound or 10-pound cotton cloth sacks and 100 pounds in a
bale
.64
Terms.
-Prices are f. o. b. cars shipping point. Net cash from date
of shipment and include cost of selling..
BRITISH COMMITTEE TO FIX COTTON PRICES.
Advices to the effect that the British Board of Trade has
named a committee to fix the daily price of cotton in Great
Britain have been received at Washington in the following
cablegram from Consul-General Robert P. Skinner at
London under date of Aug. 10:
The British Board of Trade issues order creating an Official Values
Committee for dealings in raw cotton this conunittee to fix and notify
Prices for combed cotton single yarns based on basic price for No. 10 and below daily official value of cotton. Spot prices ruling in Southern States
of
grade strict to good middling.
United States and in Alexandria taken as basis of official value, plus
Staple not over 1 1-16 inches:
approximate cost of transportation, insurance, placing in warehouse in
Liverpool or Manchester, and such profits and other charges as the Board
Count
Count
Count$0.81
26
18
10 and below......$O.76
$0.87% of Trade may from time to time allow. Official value of other growths
.82% 28
20
.77
12
.89% shall be fixed by reference to cost in country of origin or by reference to
30
.84
22
.78
14
.913i official value of nearest grade of American or Egyptian cotton. Maximum
.85%
.7944 24
16
prices at which raw cotton may be bought or sold shall not exceed by more
Five cents additional for staple over 1 1-16 inches and not above 1%
than 5% the official value last fixed for cotton. All persons who buy or
Inches:
sell raw cotton of any growth shall make return of every purchase or sale.
Count
Count
Count$0.86
28
18
10 and below__ ..$0.81
$0.94%
.87% 30
20
.82
12
.9634
BRITISH COTTON BOARD TO BE PERMANENT.
.89
36
22
.83
14
1.02
.9034 40
84A 24
16
1.06%
With reference to the plans to make permanent the British
.9234
26
Five cents additional for staple over 134 inches and not above 1 3-16 to Cotton Board, the "Journal of Commerce," in a special
1 X inches:
London cable Aug. 16, said:
Count
Count
CountGreat satisfaction is expressed over the definite statement that tte
$0.94
40
10 and below__ _$0.86
22
$1.1134 Cotton Control Board will bo retained by the Government as an advisory
.9534 45
12
24
87
.
1.16
council or central association when the war is over.
.97A 50
14
26
.88
1.21
.99% 55
16
.
8934 28
When the work of reconstruction begins the Cotton Board will act in
1.26k
1.013i 60
18
.91
30
1.31A an advisory capacity to the Board of Trade, the Ministry of Labor and
1.0734
20
.9234 36
the Ministry of Reconstruction.
Ton cents additional for staple over 1 inches and not above 1 5-16 to
1% inches:
COTTON CULTIVATION IN EGYPT LIMITED.
Count
Count
Count
$1.04
45
10 and below_ _ _30.96
22
31.2634
Cables from Cairo, Egypt, on Aug. 19 state that the Egyp• 1.05% 50
.97
12
24
1.31%
1.0734 55
14
26
.98
1.36
tian Government has decided to limit cotton cultivation to
.9934 28
1.09 A 60
16
1.41
70
1.01
1
30
18
1.5634 one-third of the perennial area. The limitation, it is stated,
1.0234 36
1.17 2 80
20
1.7134
1.2136
40
is to remain in force through 1919.
No. 10 and below: Over No. 10 and not over No. 14, 34 cent
Basic price,
per number above No. 10; over No. 14 and not over No. 24, X cent per PREVAILING PRICE OF COTTONSEED HELD TO BE
number above No. 14; over No.24 and not over No.60,1 cent per number
TOO LOW BY TEXAS COMMISSIONER.
above No. 24; over No. 60 and not over No. 80, 134 cents per number
above No. 60. •
The question of the price which is being paid for cotton-Hosiery and knitting yarns on commercial tubes,
Form of delivery.
cops, cones, or skeins in standard commercial put-ups, suitable for the seed is the subject of a statement issued on Aug. 14 by the
hosiery, underwear and regular knitting manufacturers. Warp yarns on Texas Commissioner of Agriculture, F. W. Davis. Comcommercial tubes, cones, skeins, section beams, or warps.
missioner Davis, it is learned through the Dallas "News,"
Such yarns, if made of higher twist than standard warp twist, or if put
up In other than standard forms for delivery, or if specially made for protests against the prevailing price of $50 a ton for cottonspecial work, or specially inspected for removal of imperfections, shall be seed, asserting that it is at least $20 per ton lower than it
subject to such additional prices to cover additional costs as may be agreed 'should be. His statement is
given as follows in the paper
upon between the buyer and seller.
All figures are based on prices not cash from date of shipment f. o. b. mentioned:
Repeated protests have been made because of the low price being paid
cars shipping point for yarns delivered at net weight, such prices to include
for cottonseed. In the regulation of all industries over which the Governthefcost of selling.
ment has assumed control there is allowed the cost of production and a
Prices for combed cotton-ply yarns based on basic price for No. 10 and below. reasonable profit. Last fall the Federal Food Administration promulgated
Grade strict to middling.
-rules governing cottonseed products. Growers, crushers, dealers, refiners,
(For twisting, 5 cents has been added to No. 10, and X cent additional compounders and all interested parties met in Washington and agreed
per (single) number up to 80s.)
upon a set of rules, which substantially the Food Administration adopted.
Staple, not over 1-1-16 inches:
So far as the handlers of cottonseed were concerned the regulations, based
756
THE CHRONICLE
upon their own statements, were liberal, while the effect upon the growers
was slightly lowered prices. Yet there was no complaint,because regulation
measures did not make any radical changes. Just now Federal control
has been suspended, but it is understood only temporarily. When the
Government again assumes control the dealers in cottonseed and its
products will no doubt'be allowed a reasonable profit on their investments.'
This makes them safe, whether they pay the farmers $50 a ton or $80 a ton.
We would not advocate, however, that those who buy seed should assume
that their profits will be guaranteed, and thereby pay a price which would
cause the various products of the seed to sell to the consumers at unreasonable prices. Neither do we believe they should depress the price of seed to
where it removes all profit from the farmers.
In this absence of regulation the rule which should govern the price of
cottonseed is the price of other commodities which are sold in competition
all
to cottonseed products. The oil should bring its relative value with
other fats, the cake and hulls with other feeds, and so on. These values
can easily be approximately determined, as can the necessary spread, based
upon last year's expenses. On Nov. 14 and Dec. 14, last year (dates selected for comparison only), prime crude oil was quoted at $16 93. Cottonseed on the same dates brought $70 per ton. Prime crude oil is now quoted
at $17 50 and cake and hulls have made no material change. From this
it is very clear that there is good ground for the farmers protesting against
the price of $50 per ton, the price they are now getting for their seed.
According to the figures given above,cottonseed is at least $20 per ton lower
than it should be.
It is claimed that seed is producing a small amount of oil because of the
dry weather, but dry weather conditions prevailed last year also. Because
of the pretty weather the loss in weight is almost nil, there being no accumulation of dirt in the cotton. The crushers have contended that they should
have a wider spread than last year because their operating expenses have
increased. If this is so, the cost of producing the cottonseed has increased
in greater proportion, their average yield being less. Then, upon what
ground can a lower price to the growers this year be justified? I want to
repeat that they are entitled to all their product is worth in a competitive
market, after the proper cost and profits of handling the same have been
deducted. They shouldn't ask for more nor be expected to be satisfied with
less. The farmers in a vast portion of this State have made almost nothing
except their small yield of cotton. It is hardly conceivable that any one
should wish,to do otherwise than pay them full prices for what little they
have to sell.
I wish in this connection to again warn the public that every time they
take away the profits to which the producers are justly entitled they dig a
stone out of the foundation of this Government.
PROFIT MARGIN ON COTTON SEED FOR PLANTING.
An announcement of the Food Administration states
that: "Seedsmen who deal in cottonseed for planting purposes will not be held to the same margin of profit designated for dealers in milling seed, but will be limited to sales
at an advance over cost that will not return more than the
normal average profit realized in their business prior to
July 1 1914." The announcement, which appeared in the
"Official Bulletin" of Aug. 16, also said:
Dealers in milling seed were recently limited to a margin of $3 per ton
in cases where they themselves own their business wholly and assume all
risks of operation. The Food Administration believes that in view of the
greatly increased cost of handling this margin is inadequate for seedsmen
who deal in seed for planting purposes.
Permission to hold cottonseed for planting purposes more than 60 days
must be obtained in advance from the Food Administration. These problems were discussed at a conference last week at Washington, attended
by dealers from all the Southern States, at which recommendations wero
made that margins of profit be increased.
FIXING OF COTTONSEED PRICES DEFERRED.
The adjournment on Aug. 16 of a two days' conference
between manufacturers of lard substitutes with the Food
Administration without the making of recommendations
concerning a price to be fixed for cottonseed oil was announced by the Food Administration with the conclusion
of the conference. The failure to formulate recommendations was laid to the fact that the size of the coming cotton
crop cannot yet be predicted with accuracy. The Food
Administration's announcement also said:
Committees appointed Wednesday made reports on the industry generally, and co-operation to help in winning the war was discussed. The
rules and regulations recently promulgated by the Food Administration
were heartily indorsed.
The War Service Committee, a permanent organization chosen Wednesday, and the 011 Millers' Committee were invited by representatives of
farmers who grow products from which vegetable oils are made to meet in
Washington Aug. 26 for a general discussion of their problems. The Food
Administration has no official connection with this meeting.
Among the organizations that sent representatives by invitation to the
meeting just closed were the National and Southern Wholesale Grocers'
Associations,the Inter-State Cottonseed Crushers'Association, the National
Peanut Cleaners' and Shellers' Association, and tho Wholesal. Bakers
Supply Houses. Soap manufacturers were represented unofficially.
[VoL. 107.
COTTON GIN MANUFACTURERS NOT TO RECEIVE
PREFERENTIAL TREATMENT.
In indicating that it had declined to grant priority to
cotton gin manufacturers for iron, steel and fuel for the
manufacture of new gins, the War Industries Board on
Aug. 17 also reported that an agreement had been reached
with the manufacturers substantially curtailing their normal production of gins for the year ending June 30 1919.
The following is the statement issued by it:
At a meeting with the Priorities Commissioner and other representatives of the War Industries Board, manufacturers of cotton gins have presented their claims for preferential treatment for their supplies of iron,
steel and fuel for the manufacture of cotton gins during the year ending
June 30 1919.
The necessity of producing not only new equipment, but spare and repair parts for the proper maintenance of existing equipment was recognized, but the conclusion was reached that, through strong appeals to cotton ginners, existing plants, which in normal times would be replaced by
new ones, can and in many cases should be so repaired as to last until after
the war.
It was also concluded that there is no necessity for increasing the number
of ginning plants to take care of even an abnormally large crop, as the
existing plants are not now working to capacity.
An agreement was reached under which the manufacturers of cotton
gins will substantially curtail their normal production during the current
year, in order to conserve iron and steel and release labor to other war
industries.
RAILROADS DIRECTED TO SHIP PROMPTLY WOOLEN
RAGS AND SHODDY.
Because of the shortage of wool, necessitating the increased
use of substitutes, the Railroad Administration has directed
that prompt shipment be made of woolen rags and shoddy.
The following is the circular issued to the railroads:
Washington, Aug. 15 1918.
SUPPLEMENT NO. 1 TO CIRCULAR NO. CS 10.
To Railroads:
The shortage of wool makes necessary the increased use of substitutes for
wool, such as woolen rags and shoddy.
As far as practicable, shipments of woolen rags and shoddy should be
accepted and moved promptly on a parity with wool.
The Freight Traffic Committee, North Atlantic ports, is prepared to
issue permits promptly on any such shipments destined to Now York,
Philadelphia and Baltimore.
W. C. KENDALL, Manager Car Service Section.
RULING ON WAR CONTRACTS AS APPLIED TO
TEXTILE INDUSTRIES.
The War Department on Aug. 19 announced the policy
agreed on concerning exceptions to be made to the covenant
to be inserted in all war contracts against the operation of
contract brokers and other illegitimate business agents. The
first ruling of the Board covers manufacturers of cotton,
woolen, and worsted and silk textile industries. The Board
has decided that these manufacturers shall be exempt from
the clause where their products have been handled through
a selling agency prior to and since April 11917. The War
Department's announcement follows:
The President has agreed with the Secretary of War that the covenant
to be inserted in all war supply contracts against the operation of contract
brokers and other illegitimate business agents shall not be used in such a way
as to be harmful to long established business customs or to curtail industry.
In accordance with this agreement the General Staff has ruled that exceptions to the covenant will be allowed only in classes of cases first authorized by the Superior Board of Contract Review after finding that the
best interests of the Government require such exceptions.
The first ruling of the Board covers manufacturers of cotton, woolen and
worsted and silk textile industries. The Board has decided that there shall
be added to the covenant a clause which shall exempt the manufacturer
who handles his products through a selling agency or agencies, which have
handled such products prior to and since April 1 1917.
Manufacturers and dealers who have the required supplies in stock may
make contracts with the supply bureaus. Exceptions to this rule will be
allowed only in classes of cases first authorized by the Board of Contract
Review of the Supply Bureau affected after finding that the best interests
of the Government require such exception. The rulings of those boards are
subject to the authority of the Superior Board.
RUBBER IMPORT REGULATIONS.
In making official announcement of its decision with regard to imports of crude rubber during August and September, the War Trade Board issued the following notice
•
(W. T. B. 197) Aug. 16:
After a study of the situation regarding supplies of crude rubber in this
country, rate of consumption and related matters, and after consultation
with the War Industries Board, the War Trade Board have decided to
permit importation of eruct° rubber during the months of August and
September at the rate tentatively fixed for the quarter ending July 31 1918,
viz.: 100,000 tons per annum (W. T. B. R. 106).
The amount of crude rubber to be licensed for importation from overseas
during the months.of August and September has, therefore, by this ruling
of the War Trade Board (W. T. B. R. 197), been limited to 16,666 tons.
This amount will be allocated by the Bureau of Imports of the War Trade
Board along the general linos of the previous allocation, certain changes
therein having been made to take care of new manufacturers and increased
Government requirements.
EXPORTATION OF COTTONSEED OIL.
The War Trade Board on Aug. 10 announced that it will
now consider applications for the exportation of cottonseed
oil. Applicants should file their applications on Form X.
Licenses issued under this ruling will expire on Oct. 1 1918.
The Board states that inasmuch as applications for renewals
of expired licenses issued under this ruling may not be
granted, exporters should take every precaution to insure
On Aug. 10 we referred to the announcement that the
that the cottonseed oil is exported (W. T. B. R. 152, June 29
allocation of rubber for August and September had been
1918) prior to Oct. 1 1918.
AUG. 24 1918.]
THE CHRONICLE
allowed as previously on the basis of 100,000 tons a year,
the then Government prices remaining in effect.
The following, emanating from Boston Aug. 20, appeared
in the New York "Evening Post" of that date:
Government authorities have decided on a regulation concerning rubber
imports more important than any action yet taken with regard to importations. Hereafter manufacturers who import rubber for Government work
must take not less than 50% from South and Central America. Brazil is
the big producer in this field. The regulation will mean that a manufacturer can secure all his rubber from Brazil, but it cannot be loss than 50%,
with the other 50% obtained from all other sources.
Some of the largest rubber manufacturing companies do not normally
use a pound of Brazilian rubber, which shrinks considerably in weight and
is more expensive than the Far Eastern product.
It is understood this action is connected with the diplomatic situation.
Brazil is one of the nations which has definitely aligned itself against
Germany, and the United States, by taking her rubber, is aiding the financial position of the republic. Furthermore, the order will save tonnage, as
the voyage is shorter than from Ceylon.
APPLICATION OF SOLE AND BELTING LEATHER
PRICES.
Maximum prices for sole and belting leathers fixed by the
Price Fixing Committee of the War Industries Board for
a period of three months beginning Aug. 9 were given in
these columns last week, page 654. Supplementing that
announcemeut, the War Industries Board reports the issunee of the following regulation by the Hide, Leather and
Leather Goods Section of the Board:
These maximum prices are to apply to contracts made or entered into
for the sale or purchase of sole or belting leather, made or executed within
the period for which maximum prices were fixed, except that any contracts
made or entered into to be executed or fulfilled after Nov. 8 shall be made
subject to any future regulation of prices by the Price Fixing Committee.
In its announcement the Leather Goods Section of the
War Industries Board adds this statement in connection
with the action of the Price Fixing Committee in fixing the
maximum prices referred to:
It should be understood that maximum prices do not mean fixed prices.
Maximum prices merely establish a level beyond which commodities or
grades and selections of commodities cannot sell, and are established to
stabilize the industry in order to protect the industry, the Government
and the community at large against a runaway market.
Within the maximum prices the law of supply and demand should have
its influence on trade prices of all commodities, or grades and selections
bf commodities. The Price Fixing Committee does not intend that maximum prices shall obtain unless such prices are justified by the law of supply
and demand.
' In fixing maximum prices on leather, the Price Fixing Committee has
and will endeavor to cover all important kinds, grades and selections, and
provides the means to fix maximum prices for all possible differentials.
In all cases where differential kinds, grades and selections present themselves on the market and an agreement as to their relative value compared
with the nearest kind, grade or selection for which maximums have been
fixed, cannot be arrived at to the satisfaction of buyer and seller, the facts
should be referred to the Hide. Leather and Leather Goods Section of the
War Industries Board for consideration, and if necessary for submis.sion
to the Price Fixing Committee for decision.
WAR INDUSTRIES BOARD RULES THAT SHOE COLORS
ARE TO STAND.
That a medium and dark shade of brown or tan is to be
the only color, exclusive of black, permissible for shoes cut
after Oct. 1 is emphasized in a statement made public by
the War Industries Board on Aug. 16. A previous announcement on the subject was published in our issue of Aug. 3,
page 461. In its latest edict the Board says:
According to a letter sent out to the tanners of upper leather, the War
Industries Board will insist on its ruling that the only permissible colors
for the tanners to make and shoe manufacturers to cut after Oct. 1, exclusive of black, will be a medium and a dark shade of brown and tan.
Other colors will not be permitted, although some tanners seem to prefer
and are insisting on them.
The Hide, Leather and Leather Goods Section of the War Industries
Board advises the tanners, shoe manufacturers, shoe wholesalers and shoe
retailers that:
"Reports continue to come to this office to the effect that 'field mouse'
and 'field mouse brown' are permissible colors for the tanner to make and
the shoe manufacturer to cut after Oct. 1.
"This is absolutely contrary to the rulings of the War Industries Board,
which has provided distinctly that a medium shade of brown and tan and
a dark shade of brown and tan are the only colors that will be permitted,
and it has actually gone so far as to send out samples of those shades to
the tanners.
1, "The War Industries Board looks to the entire industry to live up to
these regulations, both in spirit and in fact."
QUESTIONNAIRE ON CARTONS USED IN SHOE
INDUSTRY.
A questionnaire on shoe cartons, in furtherance of efforts
to conserve the use of paper, has been sent to carton manufacturers, shoe manufacturers, shoo wholesalers and shoe
retailers by the War Industries Board, along with the following letter:
The present situation in the pulp and paper industry makes it essential
that we institute every practical method of conservation in the use of paper.
This division is undertaking, in co-operation with the allied shoe industry,
to bring about economies in the cartons used in the shoo industry. The
elimination of paper coverings on shoe cartons will assist in conserving
the paper supply.
757
—t
In view of the fact that there is a large variety of styles and sizes of shoe
cartons now in use, we wish to ascertain if it would be practicable to standardize the sizes of all shoe cartons. Standard cartons would apparently
yield substantial savings in manufacturing and release a considerable
amount of capital now tied up in stocks on hand.
We are sending copies of the inclosed schedule to shoe manufacturers,
carton manufacturers, shoe wholesalers and shoe retailers in order that all
branches of the allied shoe industry may be consulted.
Will you please give us the benefit of your judgment and experience by
answering the qu tions on the inclosed schedule and return it beforAug. 16 1918?
CONSERVATION DIVISION, WAR INDUSTRIES BOARD.
The following is the schedule enclosed in the communication:
Schedule for Shoe Cartons.
1. Do you manufacture shoe cartons?
Are you a shoe manufacturer?
Are you a shoe wholesaler?
Are you a shoe retailer?
2. Would it be practical for you to confine the size of all your cartons
to the following outside measurements
,
Length. Width. Depth.
Length. Width. Depth.
Men's
12Y,
6%
43-i Worpen's___ 11%
534
3%
Boys'
6
1134
334 Missess'____ 103
434
334
3% Children's _ _
Youths' _ _ _ _ 1034
534
434
834
234
3. If not, fill in below the standard sizes that you are now using. All
figures to be for outside measurement.
Length.
Width.
Depth.
Men's boots
heavy shoes
Men's
Men's light-medium shoes
Boys' heavy shoes
Boys' light-medium shoes
Youths' heavy shoes
Youths' light-medium shoes
Gents'
Women's high-top shoes
Women's low shoes
Missess' shoes
Children's shoes
Infants' shoes
Babies' shoes
Babies' soft-sole shoes
4. Shall all special sizes of cartons be eliminated?
5. Shall the use of string be eliminated?
6. Shall fly sheets be eliminated?
7. Shall all shoe cartons be made of either faced or unfaced chip board?
(If the chip board is faced it should be faced without a bleathed or glazed
facing. This eliminates the paper covering which is now pasted on shoe
cartons. Colored front labels will be permitted.)
8. Shall all paper used for the wrapping of shoes inside the cartons be
of unbleached stock?
9. Shall all printing, fancy decorations, trimming, &c., be eliminated,
except printing that is essential on the top and the front of the carton? _ _
10. Shall all work and service shoes be shipped in bulk, that is, not packed
in individual cartons?
Name,
Address,
City,
PAPER CONSERVATION AS APPLIED TO COUNTRY
•WEEKLIES.
Country weeklies have been brought within the scope of
the regulations designed to effect a conservation of newsprint paper, according to an announcement made by Bernard M. Baruch, Chairman of the War Industries Board on
Aug. 22. The new regulations, it is stated, are expected
to effect a saving of 15% in the use of newsprint paper.
The War Committee of the country weekly publishers is
reported to have worked out the plan as applied to the latter,
and it was accepted by the War Industries Board through
Thomas E. Donnelley, Chief of the Pulp and Paper Section.
Mr. Baruch's announcement of the plan says:
No publisher may continue subscriptions after three months after date
of expiration, unless subscriptions are renewed and paid for.
No publisher may give free copies of his paper, except for actual service
rendered; except to camp libraries and huts or canteens of organization
recognized by the Government, such as the Red Cross, Y. M. C. A. or
IC. of C., except to the library of Congress, and other libraries which will
agree to bind for permanent keeping; except to Government departmental
libraries which use said publications in their work; and except for similar
reasons.
No publisher shall give free copies to advertisers, except not more than
one copy each for checking purposes.
No publisher shall accept the return of unsold copies from newsdealers.
No publisher shall print extra copies, for stimulating advertising or subscriptions, or for any use other than those specified in these regulations,
except not to exceed 1% of his circulation, with a minimum of ten copies.
No publisher shall send free copies in exchange for other publications,
except to such other publications as are printed within the county, or within
a radius of forty miles from his point of publication.
No publisher shall sell his publication at an exceedingly low or nominal
subscription price.
No publisher shall sell his publication to any one below the published
subscription price.
No publisher shall offer premiums with his publication unless a price is
put upon the premium for sale separately and the combined price is at least
75% of the sum of the individual prices.
No publisher shall conduct voting or other contests for the purpose of obtaining subscriptions; subscriptions obtained in this way will not oe considered bona fide subscriptions.
No publisher may issue holiday, industrial, or other special editions.
Publishers of papers of more than eight pages in size will reduce the
pages in excess of eight pages 25%. This reduction shall be an average
reduction over one month's period
758
THE CHRONICLE
No newspaper may be established during the period of the war, except
those for which arrangements had been made and plants purchased previous
to the issuing of this order, or unless it can be shown that a now newspaper
Is a necessity.
A sworn statement will be required from each publisher on Nov. 1 as to
how many of these rules have been put into effect by him, and what results in the matter of reducing paper consumption have been obtained.
[VOL. 107.
Daily want ads carry the story to the miners of tempting, offers as laborers in other industries in excess of those wages. To hold the men in
the mines operators voluntarily increase wages by she payment of bonuses,
which operate to destroy stable working conditions and make for unrest
within the miners' ranks. The practice has become so widespread that
the stability of the entire industry is threatened and the coal operators
themselves are becoming alarmed at their own handiwork.
The Fuel Administration is conducting investigations to find out the
reasons for this condition and the identity of operators who aro bidding
for labor by the payment of bonuses. Various of the operators' associations have petitioned the Fuel Administration to save thorn from the
disastrous results of the bonus system.
If bonuses are eliminated from the pay envelope of miners now receiving
them the industry will lose thousands so necessary to maintain production, to say nothing of the nation's demand for a greatly increased output.
I'wages are not increased to those not now receiving bonuses to the equivalent of the bonuses now being received by other miners, then the industry
faces a sure and certain loss of needed man-power.
We cannot wait until it is too late to provide the remedy.' We must
act now so as to avert loss of man-power resulting in a coal shortage that
will cripple our essential war industries and upset war plans this winter.
For the protection of our entire war program, to keep the wheels of basic
industry going full blast, it is necessary that a wage adjustment be made
on a basis that will put an end to the wholesale competition for men and
hold the miner in the mines where he would like to remain if but given
the equivalent wage possible for him to receive in other industries.
BUTTE WEEKLY PAPER ORDERED NOT TO PUBLISH
A DAILY EDITION.
Advices to the Butte "Weekly Bulletin" that it cannot
proceed with its plans for the publication of a daily newspaper in Butte without the authority of the War Industries
Board have been conveyed to the publication by the Board's
Pulp and Paper Division. Helena press dispatches of Aug.
21 which announce this state that the Montana Council of
Defense issued an order Aug. 12 prohibiting the establishment in Montana of new papers or the conversion of weeklies
of monthlies into dailies during the war. The Butte
"Bulletin," it is said, announced it would pay no attention
to the order of the State Council, which took the matter up
witti the Pulp and Paper Division of the War Industries
According to Mr. Hayes the wage increase "can be met
Board.
and applied by the coal operators without the necessity of
an increase in the selling price of coal to the consuming
COAL MINERS DEMAND DISCONTINUANCE OF
public," and he added that the paying of bonuses'by many
BONUS ANIS CALL FOR FLAT WAGE INCREASE.
mine owners now "is indisputable evidence that the indusFollowing an all day conference of District Presidents try is able to bear an advance in wages."
of the United Mine Workers, held in Washington on ThursAs an indication of the view which is taken of these
day, Aug. 22 with President Frank J. Hayes and other latest demands of the miners, we quote from the "Coal
national officers of the United Mine Workers, it was an- Trade Journal's" comment the following:
nounced that the officials of the latter would appeal to Fue
Despite the fact that the working agreements have been twice modified
Administrator Garfield to order coal operators to discon- since originally entered into and that, when the Federal officials became
tinue the payment of bonuses to miners and substitute party to the latest revision last fall it was solemnly covenanted that the
made—by which wages
both the bituminous and anthratherefor a flat wage increase. Reports from Washington agreement then increased and the minein
prices were subsequently advanced
cite regions were
last night state that Dr. Garfield has replied to the appeal 45 and 35 cents per ton, respectively, to cover such raises—was to con—
by stating that he could not at this time consider the minors' tinue in effect until the termination of the present war, or, at least, unti
beyond that date, the U. M. W.
March 20 1920,
request for an increase in wages. The Mine Workers'officials officials back ofshould hostilities extend seized upon the attempt of the
the present move have
were reported on Thursday as stating that despite the Fuel Fuel Administration and operating associations to discourage bonuses as
Administration's warning to operators to discontinue the justification for an increase to equal the measure of such bonuses alleged
to have been paid.
bonus system, whereby operators competed among them•
selves for mine labor,the operators generally still were paying
bonuses, either in money or foodstuffs. In his warning to APPOINTMENT OF 28 COAL PRODUCTION MANAGERS.
coal operators, issued Aug. 5, Dr. Garfield said
,The appointment of 28 coal production managers was.
Information is reaching me that coal operators are bidding against each
of the U. S. Fuel Adother for labor by payment of bonuses. This evidently causes unrest and announced on Aug. 16 on behalf
shifts but does not increase the production of coal. Maximum production ministration by James B. Neale, Director of Production.
is essential to the successful conduct of the war and for the welfare of the Each of the managers is to have charge of the campaign
boys in the trenches. The democracy we are seeking to establish at home
Announceand abroad demands that maximum production be based on an arrange- for increased production in his own district.
ment fair to all concerned—to all mine workers, all operators and all the ment of their appointment was made as follows:
public.
The payment of bonuses in any form is contrary to the spirit of the wage
agreements made by operators and mine workers with the President of the
United States last November. Those agreements covered the period of
the war. With full confidence therefore that the Fuel Administration
will have the support of all associations and individuals in curbing violations of that agreement, I hereby announce that if any operator hereafter
undertakes to pay a bonus in any form in violation of the terms or spirit
of the agreements above referred to, I shall assume that the mine price of
coal allowed that operator is too high, and I shall accordingly order reduction thereof. Also, I am directing investigation of alleged payments
of bonuses now or since the November agreement, and shall make further
order and regulations as the facts may justify.
The Washington conference of District Presidents was
called, according to an announcement of President Hayes,
made public on Aug. 16, "to avert, if possible, a rapidly
developing labor condition within .the coal industry, which,
if permitted to go unchecked, would undermine coal production plans."
It is contended by the miners that the only logical solution to the labor conditions in the coal mining industry
"is a substantial flat wage increase to be applied to all
classifications of mine labor." President Hayes in his
statement regarding the conference said:
District presidents of the miners' union have been called for conference
to avert, if possible, a rapidly developing labor condition within the coal
industry which, if permitted to go unchecked, would undermine production plans. Competition for miners, and especially for drivers, motormen and other of the more hazardous occupations usually filled by the
younger workers, into the ranks of whom the draft has made such inroads.
is so keen that the wage scale agreement existing between miners and
operators is no longer considered the basic rate of pay.
For months the -international and district officers have been facing
demands from local unions in various districts asking and demanding
an increase.
Hundreds of operators have been paying bonuses in excess of the wage
scale. This the miners rightfully point out is indisputable evidence that
the industry is able to bear an advance.
The cost of living continues to mount upward.
Workers in steel and other industries have been given substantial increases since the wage agreement of the miners was negotiated. In some
States adjacent to mines where Government work is in progress the rate
of pay to common laborers exceeds that received by miners. For example,in the anthracite regions, notwithstanding two increases have been
granted since 1916, the bulk of mine laborers receive less than $3, while
tho highest wages paid skilled helpers is around $3 80. In the bituminous
regions the wages vary from $2 65 to $5, excepting a few occupations that
pay 85 50.
The United States Fuel Administration through James B. Neale, Director of Production, announces the completion of a list of 28 production
managers appointed, one in each coal-producing district.
Each production manager will have charge of the campaign for increased
production in his own district, and to him the production committees,
which are being formed at the groat majority of the soft coal mines throughout the United States, will report.
Each production committee will consist of six members, three to represent the mine management and three to represent the mine workers.
Thus both parties in interest will be represented. In case a mine has
failed to produce the maximum tonnage, it will be up to the production
committee to learn the cause or causes of the failure and to place the blame
where it belongs, either with the mine management or with the men, and
thus point out the way for improvement.
Whenever blame is placed, It will doubtless be accepted in good part, as it
will have been paced by a committee on which both parties are represented. Each week the production committee will post a list showing
the names of the men who have been absent, or who have worked short
hours, or who have loaded less than a fair amount of coal, and the reasons
will be given, setting forth clearly whether in each particular case the
blame lies with the company or with the worker.
The production managers and the fields over which they will exercise
authority are:
Charles O'Neill, central Pennsylvania; F. B. Reiman, western Pennsylvania, north of Pittsburgh; R. W. Gardiner, Pittsburgh and Panhandle
District; James S. Amend, Westmoreland, Irwin, Gas Ligonier, Latrobe
and Greensburg; W. L. Byers, Connellsville region; Howard P. Brydon,
Cumberland, Piedmont and upper Potomac, Md., and W. Va.; F. M.
Lockhart, Somerset-Myersdale; J. J. Itoby, eastern and central Ohio;
William H. Wallace, Michigan; James H. Pritchard, southern Ohio;
H. F. Price, Big Sandy and Elkhorn; A. L. Allah, Hazard; J. W. Dawson, high volatile fields of southern West Virginia; E. E. White, New
River and Winding Gulf; R. D. Patterson, Tug River and Pocahontas
field; 0. D. Kilgore, Clinch Valley and southwestern Virginia; Howell J.
Davis, Harlan field in Kentucky, Tennessee, and Georgia; Judge H. C.
Selheimer, Alabama; W. G. Duncan, western Kentucky; W. J. Freeman,
Indiana; F. C. Honnold, Illinois; Ira Clemens, Iowa, Missouri, Kansas,
Arkansas, Oklahoma and Texas; A. K. Craig, Montana and northern
Wyoming; Thomas Sneddon, Utah and southern Wyoming; J. F. Welborn, Colorado; George T. Brown, New Mexico; Brooks Fleming, Fairmont-Clarksburg, and D. C. Betting, State of Washington.
NEW PRICE REGULATIONS FOR GAS COKE.
New maximum price regulations for gas coke, to supersede
those announced July 8 and published in our issue of July 20,
have been announced by the U. S. Food Administration
and were made effective Aug. 1. We quote the new regulations herewith:
AUG. 24 19181
•
THE CHRONICLE
759
U. S. FUEL ADMINISTRATION.
I. For all special sizes passing over a mesh over q-inch in size, the
Washington, D. C., July 31 1918.
applicable Government mine price for prepared coal at the mine where
Order of the United States Fuel Administration Establishing Maximum such screenings
are produced.
Prices for Gas Coke.
2. For all special sizes passing over a mesh over one-quarter inch and
It appearing to the United States Fuel Administrator that as anthracite under one-half inch
in size, the applicable Government mine price for run
coal is not obtainable in certain districts where gas coke is produced, there- of mine coal at
the mine where such special sizes are produced.
fore various additional regulations should be put in force for the better
3. For all fine sizes from sized coal passing through a mesh one-half
control of distribution of gas coke, and of the prices at which it should inch or smaller in
size, the applicable Government mine price for standard
be sold.
screenings at the mine where such fine screenings are produced,
less 30
The United States Fuel Administrator, acting under authority of an cents per net ton.
Executive order of the President of the United States, dated Aug. 23 1917,
4. If fine screenings or "carbon" passing through one-half inch or smaller
appointing said Administrator, and of subsequent Executive orders, and mesh as the result
of producing special sized screenings are mixed with
in furtherance of the purpose of said orders and of the Act of Congress other coal, whether the
same be mine run, prepared or standard screenings,
therein referred to and approved Aug. 10 1917,
the selling price of the mixture shall not exceed the applicable Government
Hereby orders and directs that until further or other order, and subject mine price for
standard screenings at the mine where such mixture is proto modification hereafter from time to time and at any time, the following duced, less 30
cents per net ton.
regulation additional to those already set forth shall be in effect beginning
II. A. GARFIELD,
7 a. m. Aug. 11918:
United States Fuel Administrator.
(1) The price of coke shall be understood as the price per ton of 2,000
pounds, f. o. b. cars at the plant where the coke is manufactured.
(2) All the maximum prices mentioned herein shall apply to car lots sold
ALUMINUM PRICES CONTINUED IN FORCE.
to consumers or to dealers for wagon delivery; any commissions paid to
Under an agreement between the producers of aluminum
selling agencies, or margins allowed to jobbers, shall be paid by the vendors,
and shall not be added to the prices established hereby.
and the War Industries Board, approved by President Wil(3) In all cases where wagon deliveries are made by the coke producer, son this week,
the alumiaum price remains unchanged.
a reasonable charge for such handling and delivery may be made, subject
to approval of the Federal Fule Administrator for the State in which such The.War Industries Board announced on Aug. 22 that the
delivery is made.
maximum base price had been fixed at 33 cents a pound
(4) In those localities where anthracite coal is not obtainable by dealers
f. o.b.U. S. producing plants in lots of 50 tons or more, of
under the distribution plan of the United States Fuel Administrator, and
In those localities where anthracite is not in general use as a domestic fuel, ingot of a grade of 98 to 99%. This price, which had prethe maximum price of each grade of gas coke, per ton of 2,000 pounds, viously been made effective from June
1 1918 until Sept. 1,
f. o. b. cars at the plans where such coke is produced, shall be the base
continue in force until March 1 1919. Differentials for
price for such grade, plus the lowest published coke freight rate to such will
sheet, rod and wire and for quantity, grade and alloys will
point from any beehive coke district. The base price shall be as follows:
Run of retorts------------------------------------------------35 50 also remain as approved
by the Price Fixing Committee as
Run of retorts screened above s
-inch size
6 00 effective from June 1.
The War Industries Board in anPrepared sizes above %-inch size
3
6 50
Prepared sizes below %-inch size
3
4 50 nouncing that these prices will be effective on deliveries dur(5) Where anthracite coal is obtainable:
ing the period from Sept. 1 1918 to March 1 1919, and on
The maximum prices of various grades of gas coke per ton of 2,000 pounds,
f. o. b. cars at the plant at which it is produced, sold to dealers for dis- contracts made during these periods, also states that, furtribution in less than carload lots, or delivered direct to consumers for thermore, the new prices will be effective on deliveries made
household purposes, shall be as follows:
during this period on existing contracts which specify that
-inch: The same price as that established by
Screened and sized above 4
the United States Fuel Administrator for stove anthracite f. o. b. cars at the price shall be that in force at the time of delivery. Dethe mines in that district which takes the lowest railroad freight rate to the liveries made during the period from Sept. 1 1918 to March!
plant where the coke is produced plus the said freight rate.
Run of retorts screened above $4-inch: 25 cents less than the price of 1919 on other contracts shall be at the price stated in such
contracts, except that on existing "direct and indirect Govabove anthracite plus such freight rate.
Run of retorts not screened: 75 cents less than the price of above ernment contracts" containing a
provision that refund is to
freight rate.
anthracite plus such
The maximum price of gas coke sold for other purposes than those be made of the difference between the price stated in the
heretofore mentioned in this paragraph shall be the prices established in contract and the "Government fixed price, if as and when
paragraph (4) of this order.
made," such difference shall be refunded on deliveries made
(6) The maxitntun price, per ton of 2,000 pounds, f. 0. b. cars at plant at
which it is produced, for breeze shall be one-half the price established by during the period from Sept. 1 1918 to March 1 1919, on prethe United States Fuel Administrator for run of retorts coke unscreoned sentation of proper proof that the purchasing Government
made in the retorts where such breeze is produced.
gets the benefit of the refund. The conditions are as forThe term "breeze" shall be understood to include:
(a) All small coke that is loft after loading coke into cars by means of merly:
forks if shipped without further screening or sizing.
First, the producers of aluminum will not reduce the wages now being
(b) Any portion of this coke that is left after removing prepared sizes.
paid; second, aluminum shall be sold to the United States Government. to
(c) Any undersized coke that is left after removing the metallurgical the public in the United States and to the Allied Governments at the
same
coke, the foundry coke, or the prepared sizes by screening.
maximum base price; third, they will take the necessary measures, under
In any district whore a maximum price established by this regulation the direction of the War Industries Board, in the distribution of
aluminum
appears to be unreasonable on account of local conditions, the United to prevent it from falling into the hands of speculators who might
increase
States Fuel Administrator at the request of the Federal Fuel Administrator the price to the public, and fourth, they will pledge themselves
to exert
for the State in which such district is located, will investigate local conditions every effort necessary to keep up the production of aluminum
so as to insure
and establish such maximum prices for gas coke as appear reasonable.
an adequate supply so long as the war lasts.
The regulation contained in the above order supersedes the regtilation
contained in the order dated July 8 1918, and all previous orders or regulations establishing prices for gas coke.
IINEW FREIGHT RATES,ON MANGANESEf ORE.
H. A. GARFIELD,
Announcement of a new schedule of freight rates on manUnited States Fuel Administrator.
ganese ore was made by the Railroad Administration, as
FUEL ADMINISTRATION ANNOUNCES NEW PRICES follows on Aug. 17:
U. S. Railroad Administration,
FOR SIZED SCREENINGS.
Washington, Any. 17 1918.
Director-General McAdoo has authorized the following rates on manA new regulation fixing the prices of sized screenings has
ganese ore. These rates are much lower than the prevailing rates carried
been issued as follows by the U. S. Fuel Administration:
in current tariffs:
U. S. FUEL ADMINISTRATION.
Manganese Ore CL per Ton of 2,000 Lbs., Minimum CL Weight 60,000 Lbs.
IVashington, D. C., July 311918.
United States Fuel Administrator having by a regulation promulThe
Group Group Group
Grow)
gated May 27 1918, and contained in Publication No. 25, defined the term
From Stations in—
D. a
2. b B and C. c A.d
"slack or screenings" and "prepared sizes" as used in the Executive
Oregon
$11 00 $12 50 $12 50 $15 50
Order
of the President dated Aug. 21 1917, and in the orders of the United Washington
11 00
12 50
12 50
13 50
States Fuel Administrator fixing the prices for bituminous coal, and it hav- California
11 00
12 00
12 50
13 50
ing been provided in section 4 of such regulation that the United States Montana
8 00
9 50
9 50
10 50
Fuel Administrator upon application from producers and consumers in Arizona
9 00
9 00
10 50
11 50
any district might establish prices for any special sizes different from those Colorado
7 00
7 00
8 50
9 50
defined in said regulation, or for any mixture of sizes required for the proper Nevada
10 00
11 00
11 50
12 50
distribution of coal from such district, and application having been made Utah
9 00
10 00
10 50
11 50
from producers and consumers in various districts of the United States Now Mexico
7 00
7 00
8 50
9 50
for the establishment of prices for special sizes of bituminous coal passing
a Group D: Chicago, Indiana Harbor and Erie.
over 3d-Inch or larger mesh and over )4-inch and under %-inch mesh, and
b Group 2: Points in Alabama and Tennessee taking Group C rates.
it having been determined by said United States Fuel Administrator that
c Group B and C: Youngstown, Pittsburgh. Buffalo and points in Ohio.
the establishment of prices for such special sizes and for the resultant screend Group A: I'oints in Seaboard territory, including Goshen, Va., Graings whether sold separately or mixed with other coal is required for the ham, Va.,
Reusens, Va., and Roanoke, Va.
proper distribution of coal throughout the various districts of the United
States;
The United States Fuel Administrator, acting under authority of an STEEL MEN CONFER WITH GOVERNMENT REPRESENExecutive order of the President of the United States dated Aug. 23 1917,
TATIVES ON GOVERNMENT STEEL REQUIREMENTS.
appointing said Administrator, and of subsequent Executive orders and in
furtherance of the purpose of said orders and of the Act of Congress therein
A meeting between the Steel Committee of the American
referred to and approved Aug. 10 1917.
Iron & Steel Institute and the War Industries Board was
IIereby makes and establishes the following regulation, effective Aug. 1
1918, until further or other order and subject to modification hereafter held in Washington on Aug. 22 at the instance of Steel
from time to time and at any time.
Administrator Replogle to determine means to meet, in full,
Regulation Fixing the Prices of Sized Screenings.
if possible, the steel needs of the Government and the Allies.
The prices of sized screenings shipped on and after the effective date of
this regulation are hereby fixed f. o. b. cars at the mine per net ton as These demands for the last six months of this year already
follows:
amount, it is stated, to more
than 23,000.000 tons and are
760
THE CHRONICLE
rapidly approaching the 25,000,000 mark. At the conclusion of Thursday's secret conference it was announced by the
War Industries Board that the railroads of the country will
consume the largest amount of steel required by the Government; shipbuilding requirements come next, with the War
Department's program third and the Navy fourth. To
remedy the shortage of steel which is so acute that actual
requirements cannot be met unless drastic action is taken by
steel producers and the Government, according to officials,
the following measures were determined as urgent:
First, greater conversion of mills to the production of steel required in
the war program. This will necessarily entail the elimination of many
kinds of steel now being made for the non-war industries.
Second,increase in the coal supply, particularly bi-product coal, available
for mills engaged in war work. Further curtailment of non-war industries,
commandeering of hoarded coal, and diversion of bi-product coal from war
if this
industries that could use poorer grades may have to be resorted to
situation is to be met. Shortage of this grade of coal is serious and declared
to be crux of the admittedly alarming steel shortage.
Third, shutting off of further steel shipments to industries other than
those engaged in meeting war needs. Steel Administrator Replogle virtuthan
ally has cut off this supply, refusing even a pound of steel for other
war purposes. In addition, where large stocks were obtained prior to the
essential industries, the Government
restrictions being placed on the lesser
may commandeer their stocks.
Fourth, more rigorous conservation in the handling of steel in the mills
is demanded of the steel industry.
[VOL. 107.
manufacturers finally agreed to make no advance if the Government would
get them a $5 reduction on bars. The steel men were appealed to and the
reduction was granted.
It remains to be seen how far complications in other bar-consuming
trades will result from 2.65c. bars for agricultural purposes. But no other
industry heretofore has been able to secure the preference given to implement makers and the odds are even greater now with the Government
thrown into the agricultural scale.
High heat and humidity cut down pig iron and steel outputs last week,
estimates for the Pittsburgh district running from 10 to 15%, while losses
at some eastern Pennsylvania plants were considerably higher.
A factor to be counted on as the American army in France grows is the
spirit of the steel workers, particularly in mills supplying the chief essentials, as plates, shell steel and latterly rails. There are some signs of the
same effort to get output that has been seen at shipyards, but they might
be more general.
The estimated July production of steel ingots, based on the compilations
of the American Iron & Steel Institute, is 3,531,600 gross tons. The daily
rate fell off about 2.9% from that of June, and while the estimated annual
production rate on the July figures (counting 26 days) is only 41,984,000
the last five months, or since the
tons, the rate on the actual output of.
winter and railroad handicaps of January and February, is 42,496,000 tons.
A meeting of the special committee of steel manufacturers with the Director of Steel Supply will be held at Washington next week. The decisions
to be made, having to do with the recent more pressing demands from
abroad, are regarded as among the most important in the present effort
of the War Industries Board to meet the situation.
The action of the War Industries Board in denying steel for passenger
automobiles is in line with what has been plainly indicated for months
as to the narrowing of the channels of steel uses. Some mills, as in sheet
and wire lines, are tending to a steady 60% operation.
The steel conferees are said to have been told that the
Capital Issues Committee, as a means of saving steel, has
adopted the policy of scanning with special severity applications for issuance of securities intended to finance enterprises
in which iron or steel would be used. This applies emphatically to all steel building construction work on which the
Capital Issues Committee, acting upon principles previously
enunciated by Secretary McAdoo and the Federal Reserve
Board, has frowned consistently. By calling on banks to
submit applications for bank loans for capital purposes involving use of steel, the Capital Issues Committee will
contribute to the steel economy program, the committee
was informed.
The steel representatives promised their utmost co-operation in meeting the Government's demands, and virtually
pledged themselves to so increase their output as to guarantee
meeting the war program. Judge Gary, head of the Steel
Committee, was accompanied by the following members:
James A. Farrell, John A. Topping, E. A. S. Clarke, A. C.
Dinkey, and E. G. Grace. In addition to the steel men,
those attending the meeting were Fuel Administrator Garfield, Carl Gray, Director of Operations of the Railroad
Administration, and Felix Frankfurter, Chairman of the
War Labor Policies Board, representing the Department
of Labor.
WAR INDUSTRIES BOARD'S ANNOUNCEMENT ON
CURTAILMENT OF AUTOMOBILE OUTPUT.
The War Industries Board on Aug. 17 in announcing that
the War Service Committee of the National Automobile
Dealers' Association has agreed, in order to effect economies in the use of steel and rubber, to recommend ways and
means to stop the unnecessary use of passenger cars and
increase their utilitarian uses, said:
At a meeting of the War Industries Board Aug. 10 with a committee of
twenty-five automobile dealers from various cities in the United States as
representatives of the National Automobile Dealers' Association, these
facts were developed:
' 1. While no order has been issued by the War Industries Board canceling
motor-car production, and no definite order of curtailment could be given
until the automobile manufacturers had submitted inventories of present
stocks, the Board has suggested to manufacturers of automobiles that they
undertake to get war work, even up to 100%, if possible, by Jan. 11919.
Automobile manufacturers have already accepted war orders aggregating
between $800,000,000 and $900,000,000.
2. The War industries Board realizes the importance of a continuation
of all possible industrial activity, so far as it can be brought about without
interference with the war program.
3. All automobile dealers, however, should put themselves as rapidly as
possible on a war basis, in order to be ready for whatever curtailment may
become necessary.
4. The War Industries Board has not classed the automobile or any other
industry as non-essential, and in determining the standing and position
of any and every industry it will be guided solely by the war requirements
and the needs as distinguished from the wants of the civilian population.
5. In view of the fact that the war requirements of stool and rubber exceed'
the supply and make automobile curtailment necessary, the War Service
Committee of the National Automobile Dealers' Association has agreed
to recommend ways and means to stop the unnecessary use of passenger
cars and increase their utilitarian uses.
REQUEST TO STEEL INTERESTS THAT SHIPMENTS
OF BORINGS BE TEMPORARILY DISCONTINUED.
A request that steel users discontinue for a period of thirty
We referred last week (page 660) to the fact that the
days from Aug. 19 shipments. of borings to blast furnaces
automobiles would be discontinued
on Aug. 12 by Judge Elbert H. Gary, Chairman making of passenger
was made
Products of the Iron & Jan. 1 1919. We likewise made mention of the fact that
of the Committee on Steel and Steel
resolutions had been adopted by automobile manufacturers
Steel Institute, as follows:
in Detroit on Aug.6 under which they voluntarily agreed to
that rolling mills manufacturing bar iron, and also open-hearth
In order
it is curtail the production of passenger cars 50% beginning
steel plants, may secure shipments of wrought iron and steel turnings,
hereby recommended that for a period of 30 days, commencing Monday, Aug. 1. It was reported this week that the War Industries
turnings
Aug. 19, and expiring Sunday, Sept. 22, no wrought iron or steel
consideration measures to enforce a 75%
of any character be shipped to blast furnaces for the manufacture of pig Board has under
iron, with the exception of turnings that are being used strictly for the curtailment from Sept. 1 to Jan. 1 next.
manufacture of low-phosphorous pig iron by the following interests:
Midvale Steel & Ordnance Co., Coatesville, Pa.; Robesonia Iron Co.,
Co.,
Robesonia, Pa.; Northern Iron Co., Standish, N. Y.; Northern Iron
Port Henry, N. Y.; Cranberry Furnace Co., Johnson City, Tenn.; DelaCo., Milwaukee,
ware River Steel Co., Chester, Pa.; The Thomas Furnace
Wis.; Eastern Steel Co., Pottstown, Pa.
In the event of the turnings being of such nature that they cannot be
used by rolling mills or steel plants, on presentation of these facts to W.
PennVernon Phillips, Chairman sub-committee on scrap iron and steel,
sylvania Building, Philadelphia, Pa., a special permit may be issued for
such shipment.
on
In cases where parties desiring to comply with this recommendati
are now under contract for shipments of borings or turnings to blast furnaces it is believed that cancellation of pro rata portions of such contracts
Ran be arranged on application to the Chairman of the sub-committee on
scrap iron and steel.
It is hoped that all interests concerned will rigidly follow this request
an it is of vital necessity at this time.
BICYCLES AND MOTOR CYCLES REASONABLE
ESSENTIALS.
While bicycles and motor cycles have been put in the
category of reasonable war essentials representatives of these
industries in conference with representatives of the War
Industries Board pledged themselves to effect a conservation of materials. Announcement of this was made as
follows by the Board on Aug. 18:
Representatives of the bicycle and the motorcycle industries appeared
on Wednesday before the Priorities Commissioner and other representatives
of the War Industries Board.
It was developed in the meeting that, in recent years, bicycles have come
to be used, particularly in industrial centres, as a method of transportation to and from places of employment and that their pleasure use, formerly
relatively unimportant. It was shown that It
REDUCTION IN PRICE OF STEEL BAR SHIPMENTS so prominent, has become users of bicycles of this privilege.
would be unwise to deprive
FOR AGRICULTURAL MACHINERY.
In the case of motorcycles it. was shown that the output of the factories
Government purchases and that
was absorbed
A reduction of $5 a ton on steel bar shipments granted to the remainder almost entirely by direct
was devoted largely to essential commercial purposes.
ers of agricultural machinery brought forth the
manufactur
It was decided, however, that in the manufacture of both bicycles and
motorcycles there were opportunities for substantial savings in the use of
following in the "Iron Age" of Aug. 15:
steel and rubber, and representatives of both industries pledged themThe fact that makers of agricultural machinery have secured a reduction
widely selves to effect those savings through a program of conservation to be
of $5 a ton on steel bar shipments in the second half of the year is
out with the Conservation Division of the War Industries Board.
commented on in the steel trade. A concession to this interest on its bar worked
Subject to those pledges and the carrying out of the conservation plan
has been no uncommon thing for years. Government price
purchases
It was considered necessary to recognize these industries as entitled to their
fixing promised to be the end of it. But there was pressure at Washington
requirement of materials.
to prevent any advance in implements to the farmer. The implement reasonable
•
AUG. 24 1918.]
THE CHRONICLE
FUEL SUPPLY FOR CEMENT PRODUCTION
CURTAILED.
An order curtailing the supply of fuel for the production
of cement 25% was issued by the U. S. Fuel Administration
on Aug. 16. In its announcement the Administration said:
The United States Fuel Administration has issued an order curtailing
the supply of fuel for the production of cement 25%. The cement industry
uses a very large quantity of coal, approximately 8,000,000 tons a year,
and while a large quantity of cement is now being used for Government and
other necessary construction, a careful study of the cement industry by
the Building Section of the War Industries Board and by the Fuel Administration has shown that considerable quantities of cement are still being
manufactured for use in non-war construction, which could be postponed
until later.
Provision is made whereby cement manufacturers may make cement in
excess of their 75% allotment, if this excess production is required by the
necessities of the Government.
This order restricting the use of cement for non-war purposes will make
available thousands of tons of coal for war use.
761
nearest his last place of residence. Aliens living east of the Mississippi
shall make such application not less than fourteen days nor more than
twenty-eight days before'the date of the proposed sailing. Those living
west .of the Mississippi shall make application not less than eighteen days
nor more than twenty-eight days before date of sailing.
Each alien must
also submit a passport issued, renewed or vised within ten days prior to
the date of his application, and must bring with him as witness an American citizen who can testify to the truth of the facts stated in his application.
Permits to depart will be granted only if it shall affirmatively appear
that there is reasonable necessity for the journey and that such departure
is deemed not to be prejudicial to the interest of the United States. Provision has been made under the new law for the travel of American citizens
to and from our insular possessions on citizens' identity cards, to be issued
by immigration officials in lieu of regular passports, and similar provision has been made for citizens and aliens living on either side of the MexiSuch cards will
can border within the ten-mile limit for border crossings.
be issued by immigrant inspectors.
No passports or permits of the kind mentioned above will be required
of persons going to Canada, but male persons of draft age will be required
to carry permits issued by their local boards.
The entry and departure of all seamen, both citizen and alien, will be
controlled under the new law, through the issuance of seamen's identity
.cards. Seamen's identity cards will be issued to incoming seamen by the
immigration officials and to outgoing seamen by the customs officials,
both immigration and customs officials acting in this capacity under the
jurisdiction of the Department of State.
Permits to depart, when issued, should be presented to the control officer of the port of departure not less than twenty-four hours before the proposed date of sailing. Tae departure of enemy aliens and allies of enemy
aliens will be governed by existing regulations until Sept. 15.
DYNAMITE GLYCERIN PRICES.
Prices agreed upon for dynamite glycerine for the Allied
Governments and domestic consumers for the remainder of
1918 were announced by the U. S. Food Administration on
Aug. 16. Allied requirements will be furnished at 60 cents
a pound in August and September; 58 cents in October and
We give below the President's proclamation and ExecuNovember and 56 cents in December f. o. b. production
points in drums. The Official announcement al3o states that tive order in full:
soap makers manufacturing soap containing more than 1% BY THE PRESIDENT OF THE UNITED STATES OF AMERICA—
A PROCLAMATION.
of glycerin reduce it at once to that percentage. The folWhereas by Act of Congress approved the 22d day of May 1918, entitled
lowing is the announcement:
Act to
war departure from and entry
Prices at which dynamite glycerin is to be furnished to the Allied Governments and domestic consumers during the remainder of 1918 have been
settled by joint agreement between the Food Administration and makers
of soap and candles.
Allied requirements, estimated at 7,000 long tons, will be furnished at
60 cents a pound in August and September; 58 cents in October and November; and 56 cents in December, f. o. b. production points in drums—
drums included in price—deliveries to be divided into quotas of aiiproximately one-third for each of three periods. Sales to domestic consumers
will be made on the same basis, and It is suggested that they accept the same
deliveries, as nearly as possible.
It is assumed that the price of crude glycerin and chemically pure glycerin
will be stabilized to market conditions to a basis conforming to the prices
specified for dynamite glycerin.
The price agreement was entered into for the manufacturers by a Soap
and Candle War Committee which held its first meeting at the Food
Administration Juno 3. This committee was appointed by the trade and
its personnel is as follows:
Sidney M. Colgate of Colgate & Co., New York, Chairman; Samuel S.
Fels of Fels & Co., Philadelphia; W. E. McCaw of Procter & Gamble,
Cincinnati; W. 0. Thompson of N. K. Fairbanks Co., Chicago; L. II.
Waltko of William Waltice & Co., St. Louis; N. N. Dalton of Peet Bros.
Manufacturing Co., Kansas City; Sidney Kirkman of Kirkman & Son,
Brooklyn, and George B. Wilson of the Globe Soap Co., Cincinnati, ex
officio Chairman.
The committee and Food Administration recommend that all soap makers
who manufacture soap containing more than 1% glycerin take steps at
once to reduce it to that percentage. Glycerin is especially in demand at
present in Great Britain and Italy, where it is used to make cordite, a
smokeless powder, and in Canada for explosives.
PRESIDENT WILSON'S PROCLAMATION AND RULES
AFFECTING ENTRANCE AND DEPARTURE
OF ALIENS.
proclamation and Executive order issued by President
A
Wilson putting into effect the alien control law enacted in
May not only places additional restrictions on the entry
of aliens into the Unitedl States but requires aliens desiring
to leave the country to obtain permits beginning Sept. 15.
The proclamation dated Aug.8, together with the Executive
order embodying regulations governing the issuance of
permits, was made public Aug. 16. It is stated that one
result which is expected to be effected through the new restriction will be to render less ea'sy of accomplishment attempts to evade the draft through departure from the country which it is thought may increase with the passage of
the bill extending the draft ages. A statement issued by
the State Department on the 16th says:
Heretofore, American citizens have been required to make applications
for passports in order to go abroad and to explain to the satisfaction of the
Department of State the necessity of their trips, while aliens have been
permitted to depart freely without making applications for or explaining;
their trips. The new law now places aliens in this respect on a basis similar to that of citizens.
It Is believed that many aliens have been leaving the United States as
German agents, carrying information abroad for the use of the enemy.
The nest law is designed to prevent the departure of all such enemies of
the United States. There have been numerous instances of the operations
of such German-paid agents and spies who have left the country because
there was no law to prevent tbeir departure.
As instances the Department pointed out the freedom with
which such persons as Robert Fay, organizer of German
bomb plots; Franz von Rintelen, and Fay's associate, Dr.
Walter R. Scheele, have:been able to escape. The new
law, according to ,thol
.StatelDepartment statement, will
operate as follows:
Aliens desiring to leavethe:United States will be required to make appli.
cation to the Immigrant Inspector or United StateaDistrict
.
Attorney
"An
prevent in time of
into the
United States contrary to the public safety," it is provided as follows:
"Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled, That when the United States is at
war, if the President shall find that the public safety requires that restrictions and prohibitions in addition to those provided otherwise than by this
Act be imposed upon the departure of persons from and their entry into
the United States, and shall make public proclamation thereof, it shall,
until otherwise ordered by the President or Congress, be unlawful—
"(a2 For any alien to depart from or enter or attempt to depart or enter
the United States except under such reasonable rules, regulations, and
orders, and subject to such limitations and exceptions as the President
shall prescribe;
"(b) For any person to transport or attempt to transport from or intoth .3
United States another person with knowledge or reasonable cause to behove that the departure or entry of such other person is forbidden by this
Act;
"(c) For any person knowingly to make any false statement in an application for permission to depart from or enter the United States with intent
to induce or secure the granting of such permission either for himself or for
another;
"(d) For any person knowingly to furnish or attempt to furnish or assist
In furnishing to another a permit or evidence of permission to depart or
enter not issued and designed for such other person's use;
"(e) For any person knowingly to use or attempt to use any permit or
evidence of permission to depart or enter not issued and designed for his
my;
'(f) For any person to forge, counterfeit, mutilate, or alter, or cause or
procure to be forged, counterfeited, mutilated, or altered, any permit or
evidence of permission to depart from or enter the United States;
"(a) For any person knowingly to use or attempt to use or furnish to
another for use any false, forged, counterfeited, mutilated, or altered
permit, or evidence of permission, or any permit or evidence of permission
which, though originally valid, has become or been made void or invalid.
"Sec. 2. That after such proclamation as is provided for by the preceding section has been made and published and while said proclamation is in
force, it shall, except as otherwise provided by the President, and subject
to such limitations and exceptions as the President may authorize and prescribe, be unlawful for any citizen of the United States to depart from or
,enter or attempt to depart from or enter the United States unless he bears
a valid passport.
"Sec. 3. That any person who shall willfully violate any of the provisions
of this Act, or of any order or proclamation of the President promulgate,
or of any permit, rule, or regulation issued thereunder, shall, upon conviction, be fined not more than $10,000, or, if a natural person, imprisoned
for not more than twenty years, or both; and the officer, director, or agent
of any corporation who knowingly participates in such violation shall be
punished by like fine or imprisonment, or both; and any vehicle or any
vessel, together with its or her appurtenances, equipment, tackle, apparel,
and furniture, concerned in any such violation, shall be forfeited to the
United States.
"Sec. 4. That the term 'United States' as used in this Act includes the
Canal Zone and all territory and waters, continental or insular, subject
to the jurisdiction of the United States.
"The word 'person' as used herein shall be deemed to mean any individual, partnership, association, company, or other unincorporated body
of individuals, or corporation, or body politic."
And whereas other provisions relating to departure from and entry into
the United States are contained in Section 3, subsection (b), of the Tradingwith-the-Enemy Act, approved Oct. 6 1917, and in Section 4067 of the
Revised Statutes, as amended by the act of April 16 1918, and Sections
4068, 4069, and 4070 of the Revised Statutes, and in the regulations prescribed in the President's proclamations of April 6 1917, Nov. 16 1917,
Dec. 11 1917, and April 19 1918;
And whereas the Act of May 20 1918, authorizes me to co-ordinate and
consolidate executive agencies and bureaus in the interest of economy and
more efficient concentration of the Government;
Now, therefore, I, Woodrow Wilson, President of the United States of
America, acting under and by virtue of the aforesaid authority vested in
me, do hereby find and publicly proclaim and declare that the public
safety requires that restrictions and prohibitions in addition to those provided otherwise than by the Act of May 22 1918, above mentioned, shall
be imposed upon the departure of persons from and their entry into the
United States; and I make the following orders thereunder;
1. No citizen of the United States shall receive a passport entitling him
to leave or enter the United States unless it shall affirmatively appear that
there are adequate reasons for such departure or entry and that such
departure or entry is not prejudicial to the interests of the United States.
2. No alien shall receive permission to depart from or enter the United
States unless it shall affirmatively appear that there is reasonable necessity
for such departure or entry and that such departure or entry is not prejudicial to the interests of the United States.
3. The provisions of this proclamation and the rules and regulations
promulgated in pursuance hereof shall not be held to suspend or supersede
in any respect, excopt as herein expressly provided the President's proclamations of April 6 1917, Nov. 16 1917, Dec. 11 1917, and April 19 1918.
above referred to; nor shall anything contained herein be construed to
suspend or supersede any rules or regulations issued under the Chineseexclusion law or the immigration laws except as herein expressly provided
762
a
THE CHRONICLE
[VoL. 107.
"(a) No passports or permits to depart from or enter the United States
shall be required of persons other than hostile aliens traveling between
ports of the continental United States on vessels making no intermediate
calls at foreign or non-continental ports. Hostile aliens must obtain permits for all departures from and entried into the United States.
"(b) No passports or permits to depart from or enter the United States
shall be required of persons other than hostile aliens traveling between
points in the continental United States and points in Canada or Bermuda,
or passing through Canada on a trip between two points in the continental
United States, except as provided and required by title 3 of these regulations. This exception is not applicable to persons going from the continental United States via Canada to other places outside of the continental
United States. Persons other tnan hostile aliens starting from Newfoundland for the United States shall not be required to obtain visas or verifications from the American Consul in Newfoundland. (As to hostile aliens,
see 9 (a), supra.)
'(c) No passports or permits to depart from or enter the United States
shall be required of persons in or attached to the military or naval forces of
the United States or of any nation associated with the United States in the
prosecution of the war: Provided, That such persons when in or attached
to the military or naval forces of a nation so associated with the United
States shall be identified and vouched for to the Secretary of State by a
duly authorized representative of such nation: And provided further, That
when persons in or attached to such military or naval forces travel separaately or otherwise than in regular commands they shall bear certificates
issued by the War of Navy Department of the United States or by a duly
authorized representative of an associated nation,. adequately establishing
the identity of the bearers and their connection with the military or naval
forces aforesaid. Nothing herein shall be construed to prevent a citizen
of the United States, if' a member of or attached to the military or naval
forces of any country, from entering or leaving the United States provided
he bears a valid passport in lieu of the certificate of identification above
described. All such departures shall, however, be subject to the requirements of title 3 of these regulations. The limitations and exceptions
aforesaid are subject to the provisions of Section 38 hereof."
Sec. 10. The following limitations upon and exceptions to the application of Section 1, subsection (a) of the Act of May 22 1918, are prescribed:
"(a) A lens need not present permits in the usual form for travel across
the Mexican border provided that they bear valid permits to cross and rocross the border at specified points issued by an immigrant inspector. In
applying for these border permits they shall fill out such forms, furnish
such photographs, and answer such inquiries as tho immigrant inspector
shall require. The special permits so issued shall be valid for travel across
the Mexican border for such limited period and for passage across the border at such specifically defined points as the Issuing inspectors shall note
on the permits. Except as otherwise provided by the Secretary of State,
such permits shall be issued only to persons residing within 10 miles of
the border and shall be valid for travel only to points not more than 10
miles beyond the border. Aliens entering Mexico with border permits
must have such permits visaed by a diplomatic or consular representative
of the United States in Mexico before returning to the United States unless
the Secretary of State shall otherwise provide. Hostile aliens shall not be
given permits to cross the Mexican border without special authorization
from the Secretary of State.
"(b) Hostile aliens residing in Canada or the United States may secure
special permits allowing them to cross the border between the two countries
EXECUTIVE ORDER.
by making application therefor to the representative of the Bureau of
Immigration of the Department of Labor stationed nearest their place of
RULES AND REGULATIONS GOVERNING THE ISSUANCE OF residence. In applying for such permits they shall fill out such forms, furPERMITS TO ENTER AND LEAVE THE UNITED STATES.
nish such photographs and answer such inquiries as the official receiving
Supplemental to the Presidential proclamation of Aug. 8 1918, and by the application shall require. The special permits so issued shall be valid
at such specifically
period,
virtue of the authority set forth therein, I hereby prescribe the following for such limited and fof• for passage across the border the issuing officials
such number of crossings as
defined points,
rules and regulations governing departure from and entry into the United shall note on the permits.
States:
"(c) Aliens who are seamen on vessels arriving at ports of the United
Section 1. The present system of controlling entry into and departure States and who desire to land in the country shall apply to an immigrant
such immigrant inspector satisfactory
by alien enemies and other persons, as administered inspector. They shall submit to furnish such photographs and execute
from the United States
evidence of their nationality and
by the Department of State, the Department of the Treasury, the Do- such forms and applications as the immigrant inspector shall require. The
partmont of Justice, the Department of Commerce, and the Department immigrant inspector may thereupon issue identity cards authorizing such
directs
of Labor, Is hereby confirmed and established by virtue .of the authority seamen to land In the United States, unless the Secretary of State
be kept on their vessels.
vested in me as aforesaid, and shall continue in full force and effect in the that they
"(d) Alien seamen desiring to sail from the United States shall submit
continental United States as defined herein until 6 o'clock in the forenoon satisfactory evidence of nationality to the United States customs inspeclanded
of Sept. 15 1918, and in the outlying possessions of the United States until tors stationed at the port of departure. If such applicants have became
after the date on which these regulations
such time or times as the Secretary of State shall designate, when the fol- in the United States of arrival they shall further submit the identity cards
at their port
effective
lowing rules and regulations shall become operative and shall supersede issued by the immigrant inspector permiAing them to land in the country.
all rules, regulations, and orders of the present system inconsistent with Said identity cards shall be stamped by the customs officials, if permisto the sion is given the applicants to depart, and such cards so stamped shall be
them; but the Secretary of State may direct at any time:subsequent
such permission. In case an applicant for permission to
date hereof that seamen be kept on their vessels. (See Sec. 10 (c), infra.) the evidence of paragraph has not entered the United States since these
sail under this
The Secretary of State is hereby authorized, in his'discretion, to:prescribe regulations became effective, he shall apply to a collector of customs for
exceptions to these rules and regulations governing the entry into and an identity card and permission to sail. In making such application he
and furnish such phodeparture from the United States of citizens and subjects of the nations shall submit satisfactory evidence of his nationality as the collector of custographs and execute such forms and applications
associated with the United States In the prosecution of the war.
toms shall require.
"(c) Identity cards issued to alien seamen as provided by the foregoing
Title I.—Definitions.
paragraphs (c) and (d) shall be retained by the seamen to whom they are
Issued and used by the holders from time to time as they land in and sail
Sec. 2. The term "United States" as defined in the Act of May 22 from the United States. An alien seaman bearing such card shall have
1918, and as used herein includes the Canal Zone and all territory and the same validated for landing or sailing by the immigration or customs
waters, continental and insular, subject to the jurisdiction of the United authorities respectively on each occasion when he applies for permission
to land at or sail from a United States port.
States.
"(f) Aliens passing through the United States en route between two
Sec. 3. The term "continental United States" as used herein includes foreign points and not remaining in the United States more than 30 days
United States and Alaska.
the territory of the several States of the
shall make application for permission to depart through the immigration
Sec. 4. The term "departure from the United States" as used herein official acting as control officer at the point where they enter the United
States. Such permission, if granted, will be given by the official acting
includes, in addition to any entry whatever upon foreign territory or as control officer at the designated point of departure. Nothing herein
waters, any trip or journey on or over (1) the7Great Lakes or their con- shall be construed as requiring a permit for departure from a transient alien
necting waters, (2) any rivers or other waters coinciding with or covering in case such permit would not have been necessary if the journey to his
A transient will
the boundary of the United States, or (3) tidal waters beyond the shore final destination had commenced in the United States. earliest date pracbe required to depart from the United States at the
line being hereby defined as the line of seacoast and the shores of all waters ticable. He shall submit to the immigrant inspector his itinerary to the
of the United States and its territorial possessions connected with the high port of departure, which shall be by the most direct route reasonably availseas and navigable by ocean-going vessels; Provided, however, That no able, and upon obtaining approval of the same he shall proceed immediately
arrival at said port he shall report forthtrip or journey upon a public ferry having both termini in the United to the port of departure. UponFor all deviations and delays special perwith to the customs officers.
States and not touching foreign territory or waters shall be deemed a de- mission must be obtained from the Secretary of State.
parture from the United States.
"(g) No permits to depart from or enter the United States shall be reSec. 5. The term "passport" as used herein includes any document in quired of officials or representatives of foreign countries duly accredited
friendly country, provided that such persons
or
the nature of a passport issued by the United States or by a foreign Gov- to the United States andaprovided further that the Department of State
bear valid passports,
ernment, which shows the identity andlnationality of the individual for is notified in advance of their intended entry or departure and consents
whose use it was issued and boars his signed and certified photograph.
thereto. Such officials, however, when desiring to enter the United States
the
Sec. 6. The granting of a "permit" or "permission" to leave or enter the shall have their passports visaed by a diplomatic or consular officer of
United States in the country from which they come and in the country
United States as the terms are used herein shall be construed to include the from which they embark for or enter the United States; and such officials
granting of a license under Section 3 (b) of the trading-with-the-enemy Act desiring to depart from the United States shall have their passports visaed
whenever such license is essential to the lawful transportation of the person by the Department of State."
to whom the permit is granted. Wherever it is provided explicitly or by
Nothing in the foregoing paragraphs (a) to (g), inclusive, shall be conimplication that any person may depart from or enter the United States strued to prevent the entry or departure of an alien at the Mexican or
without a permit or permission under those regulations, such'provision of Candian border, of an alien seaman at a United States port, or of a tranitself shall be construed as a license under said Section 3 (b) authorizing sient alien at any point, provided he bears a valid permit for such entry
the transportation of such persons within the limits covered by the pro- or departure issued in accordance with title 6 or title 7 hereof.
vision.
Sec. 11. The following limitations upon and exceptions to the applicaSec. 7. The term "seaman" as used herein includes, in addition to the tion of Section 2 of the Act of May 22 1918, are authorized and prescribed:
and all owners,
persons ordinarily described thereby, seagoing fishermen
"(a) Citizens of the United States traveling between United States ports
masters, officers, and members of crows and other persons employed on not within the continental United States, or between such ports and ports
vessels which for purposes of business or pleasure cruise on tidal waters within the continental United States, on vessels making no intermediate
calls at foreign ports other than those of Canada or Bermuda shall not be
beyond the shore line or on the GreatiLakes.
to boar passports, provided that they have received from the imSec. 8. The term "hostile aliens'.',includes (a) all persons who are alien required inspector at the port of departure United States citizens' identity
migrant
enemies as now or hereafter defined by statute, or by proclamation of the cards. Applicants for such cards shall supply such photographs and exePresident; and (b) all subjects or citizens of enemy or ally of.enemy nations. cute such forms and applications as the immigrant inspectors require.
When applications for such cards are made in dependencies of the United
Title 2.—Limitations Upon and Exceptions to the Application of the Act of States where no immigrant inspectors are stationed they shall be made to
the governors of such dependencies or their representatives duly appointed
May 22 1918.
for the purpose, provided that employees of the Panama Canal and the
Sec. 9. The following general limitations upon and exceptions to the Panama Railroad Co. and members of their families, civilian employees
application of the Act of May 22 1918, are authorized and prescribed:
of the United States and members of their families, and the families of
but the provisions hereof shall, subject to the provisos above mentioned,
be regarded as additional to such rules and regulations. Compliance with
th1s7proclaniation and the rules and regulations promulgated in pursuance
hereof shall not exempt any individual from the duty of complying with
any statute, proclamation, order, rule, or regulations not referred to herein.
4. I hereby designate the Secretary of State as the official who shall
grant, or In whose name shall be granted, permission to aliens to depart
from or enter the United States; I reaffirm Sections 25. 26 and 27 of the
Executive order of Oct. 12 1917, vesting in the Secretary of State the
administration of the provisions of Section 3, subsection (b), of the tradingwith-enemy Act; I transfer to the Secretary of State the Executive administration of regulations 9 and 10 of the President's proclamation of
April 6 1917; of regulation 15 of the President's proclamation of Nov. 16
1917, and of regulations 1 and 2 of the President's proclamation of Dec
1 1917, and the executive administration of the aforesaid regulations as
extended by the President's proclamation of April 19 1918, said executive
administration heretofore having been delegated to the Attorney-General
under dates of April 6 1917, Nov. 16 1917, Dec. 111917, and April 19 1918.
The Rules and Regulations made by tho Secretary of the Treasury, as
authorized by Title II, Section 1, of the Espionage Act approved June 15
1917, and the Executive order of Dec. 3 1917, shall be superseded by this
proclamation and the rules and regulations promulgated in pursuance
hereof in so far as they are inconsistent therewith.
I hereby direct all departments of the Government to co-operate with
the Secretary of State in the execution of his duties under this proclamation
and tho rules and regulations promulgated in pursuance hereof. They
shall upon his request make available to him for that purpose the services
of their respective officials and agents. The Secretary of the Treasury,
the Secretary of War, the Attorney-General, the Secretary of the Navy,
the Secretary of Commerce, and the Secretary of Labor shall, at the request of the Secretary of State, each appoint a representative to render
to the Secretary of State, or his representative, such assistance and advice
as he may desire respecting the administration of this proclamation and of
the rules and regulations aforesaid.
In witness whereof, I have hereunto set my hand and caused the seal
of the United States to be affixed.
Done in the District of Columbia, this 8th day of August, in the year of
our Lord one thousand nine hundred and eighteen, and of the independence of the United States the one hundred and forty-third.
WOODROW WILSON.
By the President:
ROBERT LANSING,
Secretary of Stale.
AUG. 24 1918.]
THE CHRONICLE
members of the Army and Navy traveling between the continental United
States and the Panama Canal Zone may carry identity certificates issued
by the Panama Canal in lieu of passports or identity cards issued by immigration officials.
'(b) Citizens of the United States traveling across the Mexican border
shall not be required, unless otherwise ordered by the Secretary of State,
to bear passports provided that they have received citizens' identity cards
from immigrant inspectors at the points where they depart from or enter
the United States. Such identity cards shall be applied for in accordance
with the preceding paragraph (a). Except as otherwise provided by the
Secretary of State, such identity cards shall be issued only to persons residing within 10 miles of the border and shall be valid for travel to points
not more than 10 miles beyond the border. Citizens entering Mexico
without passports and with identity cards must have such cards verified
by a diplomatic or consular representative of the United States in Mexico
before return to the linked States, unless the Secretary of State shall
otherwise provide.
"(c) Citizens of the United States who are seamen upon vessels entering
or leaving ports of the United States shall not be required to bear passports
provided that they bear seamen's certificates of American citizenship
Issued by collectors of the ports of the United States as provided for in.
Section 4588 of the Revised Statutes. Citizens applying for such certificates shall apply such photographs and execute such forms and applications as the collectors shall require. No identity card other than a passport or a seaman's certificate shall be issued to a seaman who is a citizen
of the United States."
Nothing in the foregoing paragraphs (a) (b), and (c) shall be construed
,
to prevent the use of a valid passport by any seaman or other citizen referred to in said paragraphs in lieu of a seaman's certificate or identity card
as described therein.
Title 3.
-General Regulations-Persons Liable to Military Service.
Sec. 12. No person registered or enrolled or subject to registry or enrollment for military service in the United States shall depart from the
United States without the previous consent of the Secretary of War or such
person or persons as he may appoint to give such consent. The Secretary
of State shall issue no passport or permit entitling such person to depart
without securing satisfactory evidence of such consent. Reference should
be had to Section 156, Selective Service Regulations, and amendments
thereto.
Title 4.
-American Citizens-Departure and Entry.
ISSUE OF PASSPORTS.
Sec. 13. The "Rules governing the granting and issuing of passports in
the United States," as established on Jan. 24 1917, are continued in force
without change.
VERIFICATION OF PASSPORTS IN FOREIGN COUNTRIES.
Soc. 14. Passports are not valid for return to the United States unless
verified in the country from which the ,holder starts on his journey to tho
United States and further verified in the foreign country from which he
embarks for or enters the United States. No foe shall be collected by
diplomatic or consular officers of the United States for or in connection
with such verification.
-Permit Agents.
Title 5.
ALIENS' PERMITS TO DEPART AND ENTER.
Sec. 15. The officials designated in the appendix hereto are hereby
appointed permit agents for the purpose of receiving from aliens applications for permits to depart from the United States. No permit agents
have been designated in Tutuila; Manua, Guam, or Wake Island, as it
Is believed that travel from these points will not necessitate such appointments. For the time being persons desiring to leave any of these insular
possessions may do so without securing permission hereunder.
Sec. 16. Representatives of the Bureau of Immigration of the Department of Labor, stationed in Canada or on the Candian border, and all
diplomatic and consular officers of the United States in foreign countries
are hereby appointed permit agents for the purpose of receiving from aliens
applications for, permits to enter the United States.
Sec. 17. The Secretary of State is authorized to designate and appoint
additional permit agents from time to time as he may deem advisable,
and to revoke their appointments or the appointments of any permit
agent aforementioned. All permit agents hereby or hereafter appointed
are hereby authorized to administer any oath or affirmation required in
these rules and regulations or in any amendment hereof or addition hereto.
All persons empowered to issue special permits referred to in Sections 10
,and 11 hereof are hereby authorized to administer to applicants any oaths
or affirmations doomed necessary in connection with their applications.
-Permits to Depart.
Title 6.
Sec. 18. Except in cases for which special regulations are hereinbefore
provided, any alien desiring to depart from the United States shall apply
for a permit to the permit agent located nearest to the last residence of the
applicant. Any permit agent is authorized to receive an application to
depart if it appears that the applicant would be caused unreasonable hardship or delay if required to apply to the permit agent nearest his last residence.
Sec. 19. Each applicant shall submit to the permit agent, for transmission to Washington, if required, a passport issued for his use by the
Government to which he owes allegiance or by a duly authorized diplomatic or consular officer thereof, or of the country representing in the
United States the interests of his country. Such passports must have
been issued, renewed, or visaed by a duly authorized representative of
said Government, or of the country representing its interest in the United
States, within 10 days prior to the time of the application. Aliens who
by reason of doubtful nationality, lack of nationality, or any other cause,
are unable to secure passports may be granted permission to depart in the
discretion of the Secretary of State.
Sec. 20. If the application is made to a permit agent located oast of the
Mississippi River, the application shall be made at least 14 and not more
than 28 days before the date set for departure. If the permit agent is
located west of the Mississippi River, the application shall be made at
least 18 days and not more than 28 days before the date sot for departure.
In special cases additional time will be required for adequate investigation.
Sec. 21. Applications for permission to depart from the United States
shall be made upon forms provided for the purpose by the permit agents
and shall be executed by applicants according to the instructions printed
thereon. Substantial copies of such forms and instructions are contained
in the appendix to these regulations.
Sec. 22. Applications shall be executed in triplicate. All copies shall be
personally signed and sworn to by the applicant before the permit agent.
The permit agent shall fill in the name of the applicant on the loft-hand
margin of the application, and also the blanks for applicant's
The remainder of the application need not be filled out by or,
of the permit agent. If the applicant has conscientious scrup es against
taking an oath he may make affirmation to the truth of his statements
and answers in the application.
Sec. 23. ,Each application shall be accompanied by four unmounted
photographs of the applicant, not smaller than 2 by 2 inches nor larger
than 3 by 3 inches in size, on thin paper with a light background. If the
applicant is able to write, he shall sign all four photographs across the front
thereof so as not to obscure the features.
763
Sec. 24. A married woman accompanying ;herlhusband, or a child or
children under 14 years of age accompanying either parent, may be included in the permit granted to the husband.or parent and in such case will
not be required to make a separate application. Photographs of persons
so included in a husband's or parents application must be furnished.
Group photographs may be used in such cases.
Sec. 25. Every applicant shall furnish to the permit agent, in answer
to the printed questions on the application blank, any information which
may reasonably be required for the purpose of passing upon his application
or for ascertaining the correctness of the particulars stated thereon or otherwise.
Sec. 26. Upon complying with these regulations, an applicant shall
receive from the permit agent a card showing that the application for
permission to depart has been filed. This card and is not a permit to depart
from the United States but is merely a receipt for the application, and
for the passport if that has been retained.
Sec. 27. Within seven days prior to the proposed date of departure
from the United States, the applicant shall again appear before the permit
agent who received his application. At this time, or as soon thereafter
as his case is decided, he shall receive back his passport and, ir permission to depart from the United States is granted, the permit agent shall
affix applicant's photograph to the receipt card previously issued and
shall note thereon the fact that such permission has been given. The card
then becomes a provisional permit to depart from the United States and
must be preserved carefully for presentation to the proper officials at the
point of departure. Such provisional permit is subject to revocation at
any time without notice.
Sec. 28. An applicant desiring to leave the place where he makes application for permission to depart before receiving notice of the final action
may arrange with the permit agent at the time of application that the provisional permit to depart, it' granted, shall be given through a permit agent
at some other point. The application receipt card, in such case, shall contain a note to the effect that final action is to be taken by another designated permit agent. In such case, the applicant shall apply to the permit
agent thus designated for notice of decision.
Sec. 29. A similar request for a change of permit agent may be made
subsequently to the filing of the application. A request so made may be
received by an permit agent, but will not be granted without express authorization from the Secretary of State.
Sec. 30. Permits to depart from the United States will be granted to
applicants by or under the authority of the Secretary of State when it shall
appear that there is reasonable necessity for such departure and when,
upon investigation, such departure is deemed to be not prejudicial to the
interests of the United States.
Title 7.
-Permits to Enter.
Soc. 31. Subject to the exceptions and limitations hereinbefore set forth
no alien shall be allowed to enter the United States unless he bears a passport duly visaed in accordance with the terms of the joint order of the Department of State and the Department of Labor issued July 26 1917. Said
joint order and the amendments thereto and instructions issued thereunder are hereby confirmed and made part hereof by reference, so far as
their provisions are not inconsistent with those rules and regulations or
with the President's proclamation of August 1918. A copy of said joint
order is inserted in the appendix to these regulations.
Sec. 32. In accordance with the provisions of the Presidential proclamation of August 1918. a visa will be granted only when it shall appear that
there is reasonable necessity for entering the United States and when, upon
investigation, such entry is deemed to be not prejudicial to the interests
of the United States.
Sec. 33. As a restriction additional to those provided by said joint order
hostile aliens shall not enter the United States from Canada unless they
either secure visas in the manner prescribed by the joint order or secure
permits in the manner prescribed by title 2, Section 10, paragraph (b) of
these regulations.
Sec. 34. An alien's passport duly visaed, together with a copy of the
declaration required by said joint order, shall constitute a permit to enter
the United States within the meaning of the Act of May 22 1918.
Sec. 35. Diplomatic and consular officers of the United States are authorized to collect the following fees:
For visaing each foreign passport (not including passports of officials)-$1 00
For preparing visa declaration and administering oath
1 00
For certifying to a copy of a visa deciarationsreviously taken
1 00
Title 8.
-Control at Point of Entry and Departure.
Soc. 36. The actual control of persons deaprting from the United States
at all seaboard and lake ports shall be exercised by the representatives of
the customs service of the Department of the Treasury, who shall act as
control officers for this purpose. The actual control of persons departing
from the United States by land and of all persons entering the United States
shall be exercised by the representatives of the Bureau of Immigration of
the Department of Labor, who shall act as control officers for this purpose. The Secretary of State may from time to time designate other
persons to act as control officers at any place. In all cases where passports or permits to enter or depart are required under these regulations
each traveler before entering or departing from the United States shall
present his passport or permit to the control officer at the point of entry
or departure. He shall also answer such questions and undergo such
examination as the control officer shall direct. If, as the result of such
questioning and examinations, the control officer decides that the entry
or departure of the holder of the passport or permit would be prejudicial
to the interests of the United States, such person shall not be allowed to
enter or depart. Under such circumstances the control officer shall tinmodiately notify the Secretary of State by telegraph of his decision and shall,
as soon as practicable, and in no case later than two days after such decision, forward to the Secretary of State a full report giving the reasons for
detention and a full transcript of any testimony or information bearing on
such a decision.
Soc. 37. If the control officer shall be satisfied that the permit and
passport are valid and regular and have been properly visaed, and that
the holder presenting them is the person described therein, that neither of
them has been altered or tampered with, and that the holder's departure
or entry is not prejudicial to the interests of the United States, he shall
allow the holder to depart from or enter the United States.
Sec. 38. In addition to the control as above set forth of persons genrequired to secure permission to depart from or enter the United
, control may be exercised over individuals belonging to classes of
persons generally allowed to depart or enter without permits or passports.
A control officer may temporarily prevent the departure or entry of any
such individual, in case he considers such departure or entry prejudicial
to the interests of the United States. Such action shall be immediately
reported to the Secretary of State with a full statement of the reasons
therefor. An individual so prevented from departing or entering shall not
be entitled to the benefit of any of the limitations or exceptions contained
in Section 9 hereof, and his departure or entry is forbidden unless, if an
764
THE CHRONICLE
alien, he obtains permission from the Secretary of State, or, if a United
States citizen, he obtains a valid passport.
Title 9.—Additional Regulations.
Sec. 39.—The Secretary of State is authorized to make regulations on
the subject of departure from and entry into the United States additional
to these rules and regulations, and not inconsistent with them.
WOODROW WILSON.
The White House, Aug. 8 1918.
NEW ORDER PROHIBITING SALE OF INTOXICATING
LIQUORS TO MEN IN NAVY.
A new order, prohibiting the selling or serving of intoxicating liquors to officers and enlisted men of the Navy,
was issued by Secretary of the Navy Daniels on Aug. 16.
In addition to the previous regulations issued, covering restricted zones around naval camps and stations, the new order, which becomes effective Aug. 30, contains the following
provision:
Outside of said zones alcoholic liquor, including beer, ale, and wine,
either alone or with any other article, shall not, directly or indirectly, be
sold, bartered, given, served, or knowingly delivered to any officer or
member of the naval forces within the United States, their territories or
possessions, or any place under their control, except when administered
for medical purposes by or under the direction of a regularly licensed physician or medical officer of the United States.
The order reads:
NAVY DEPARTMENT.
Washington, D. C., Aug. 16 1918.
General Order No. 412.
1. Section 12 of the selective-draft Act, approved May 18 1917 (Public,
No. 12), reads as follows:
"That the President of the United States, as Commander in Chief of the
Army, is authorized to make such regulations governing the prohibition
of alcoholic liquors in or near military camps and to the officers and enlisted
men of the army as he may from time to time deem necessary or advisable:
Provided, That no person, corporation, partnership, or association shall
sell, supply, or have in his or its possession any intoxicating or spirituous
liquors at any military station, cantonment, camp, fort, post, officers'
or enlisted men's club, which is being used at the time for military purposes
under this Act, but tha Secretary of War may make regulations permitting
the sale and use of intoxicating liquors for medicinal purposes. It shall be
unlawful to sell any intoxicating liquor, including beer, ale or wine, to any
officer or member of the military forces while in uniform, except as herein
provided. Any person, corporation, partnership, or association violating
the provisions of this section or the regulations made thereunder shall
unless otherwise punishable under the Articles of War, be deemed guilty
of a misdemeanor and be punished by a fine of not moro than $1,000 or
imprisonment for not more than twelve months, or both."
2. This section Is amended by the Act approved Oct. 6 1917 (Public,
No. 77), which reads as follows:
That in construing the provisions of sections 12 and 13 of the SelectiveDraft Act approved May 18 1917, the word "Army" shall extend to and
include "Navy; the word "military" shall include "naval;' "Articles
of War" shall include "Articles for the Government of the Navy;" the
words "camRs, station caontonment, camp, fort, post, officers' or enlisted
men's club, in section 12, and "camp, station, fort, post, cantonment,
training, or mobilization place," in section 13, shall include such places
under naval jurisdiction as the President may prescribe, and the powers
therein conferred upon the Secretary of War with regard to the military
service are hereby conferred upon the Secretary of the Navy with regard to
naval service.
3. Under the authority of section 12 above, as amended, the following
regulations are established by the President, to continue during the present
emergency:
(1) There is hereby established a zone 5 miles wide, circumjacent to the
boundaries of every place under naval jurisdiction specified below. Alcoholic liquor, including beer, ale and wine, either alone or with any other
article, shall not, directly or indirectly, be sold, bartered, given, served, or
knowingly delivered by one person to another within any such zone, or
sent, shipped, transmitted, carried, or transported to any place within
any such zone: Provided, That this regulation shall not apply to the giving
or serving in a private home to members of the family or bona fide guests,
other than officers or members of the naval forces, any of such liquor as
was on hand in such private home on the 2d day of April 1918 at 4 o'clock
postmeridian: Provided also, That this regulation shall not apply to the sale
or gift of such liquor by registered pharmacists to licensed physicians or
medical officers of the United States for medical purposes, or to the administering of such liquor by or under the direction of such physicians or
medical officers of the United States for medical purposes, or to the sending,
shipping, transmitting, carrying, or transporting of such liquor to registered
pharmacists,licensed physicians, or medical officers of the United States for
use as aforesaid.
(2) Until otherwise ordered, the places under naval jurisdiction referred
to above are specified as follows: Naval station, Key West, Fla.; Naval
Academy, Annapolis, Md.; naval training station, Newport, R. I.; naval
training station, Norfolk, Va.; naval training station, Great Lakes, Ill.;
naval training station, naval operating base, Hampton Roads, Va.; training
camp, navy yards, Mare Island, Cal.; marine barracks, Paris Island, S. C.;
marine barracks, Quantico, Va.
(3) Outside of said zones, alcoholic liquor, including beer, ale and wine,
either alone or with any other article, shall not, directly or indirectly, be
sold, bartered, given, served, or knowingly delivered to any officer or
member of the naval forces within the United States, their Territories or
possessions, or any place under their control, except when administered
for medical purposes by or under the direction of a regularly licensed physician or medical officer of the United States.
(4) Nothing contained in these regulations shall be construed to prohibit
or restrict the procuring or use of wine by any religious congregation or
church for sacramental purposes in the usual religious exercises of its
denomination.
(5) The words, "station, cantonment, camp, fort, post, officers' or enlisted men's club," as used in the proviso to Section 12 above quoted, shall
include all places under naval jurisdiction. The use of intoxicating liquor
in such places, by or under the direction of licensed physicians or medical
officers of the United States, for medicinal purposes, is authorized by the
Secretary of the Navy.
(6) General Order No. 373. Navy Department, March 5 1918; General
Order No. 380, Navy Department, April 1 1918; and General Order No.
384, Navy Department, April 6 1918, are superseded by this order.
(7) All prior violations of former regulations and all penalties incurred
thereunder shall be prosecuted and enforced in the same manner and with
the same effect as if these superseding regulations had not been established.
(8) This order shalt take effect Friday, Aug. 30 1918, at 4 o'clock postmeridian.
JOSEPHUS DANIELS, Secretary of th4
elosit
HENRY FORD TO REFUND WAR PROFITS
GOVERNMENT.
Announcement is said to have been made by Henry Ford
on Aug. 21, through his private secretary, that he would
return to the United States Government all the profits he
makes personally on war contract work. He is said to have
[VOL. 107.
added that he thought several other stockholders of the
Ford Motor Company would follow his example. The
contracts awarded by the Government to the Ford Motor
Company amount to several million dollars. No profits
have been paid yet because none of the contracts has been
completed. What the profits will amount to or just how
they will be returned to the Government was not stated.
CALLING OFF OF PROPOSED STRIKE OF GREAT
LAKE SEAMEN.
The threatened strike of seamen and firemen on the Great
Lakes, set for Monday last, July 29, was ordered called off
by Victor A. Olander, Secretary of the Sailors' Union of
the Great Lakes and other union leaders, following conferences with Chairman E. N. Hurley of the U. S. Shipping
Board. On Aug. 1 it was announced that a working agreement between unions of Great Lakes seamen, firemen and
stewards and virtually all independent lake ship owners
was signed by representatives of the unions and the companies meeting in conference at Washington with the Shipping Board's labor adjustment commission. It is stated
that the lake unions were recognized by the shipowners,
who agreed to grant access to their docks and vessels to the
union representatives. Wage questions will be left to the
Shipping Board for adjustment. It was also agreed that
boys and ordinary seamen should be trained as able seamen
and coal passers as firemen. The shipowners and men
expect this working agreement to remove disputes causing
strikes. No special machinery for adjusting controversies,
it is said, was set up, other than that the Labor Adjustment
Commission of the Shipping Board was designated to act
on wage questions. The shipowners and union men will
continue their conferences with the commission regarding
wages. Increases of $20 a month for seamen and firemen
and $10 for stewards are being considered, and it was said
that no vigorous opposition has been made by the owners.
The Great Lakes Transit Company is said to have been the
only company represented at the conference which did not
sign the working agreement, its representative announcing
that he desired to rder it to the company's Executive
Board.
On July 25 in a statement reviewing the strke
situation, Mr. Hurley stated that in view of the facts outlined the Board did not feel that there were any grievances
of such nature as to justify a strike at this time. The statement follows:
The attention of the Shipping Board has been called to a joint strike
resolution which has been voted upon by members of the Sailors' Union of
the Great Lakes and of the Marino Firemen Firemen, Oilers and Watertenders' Union. • The resolution calls for a strike effective July 29 1918,
against the Lake Carriers' Association, which transports the bulk of the
iron ore, wheat and coal on the Great Lakes. The Shipping Board issues
this statement because the resolution is so worded as to make the Board
indirectly a party to the controversy.
The first reason given in the resolution for striking is to compel the Lake
Carriers' Association to co-operate with the Government in the training
and recruiting of seamen on the lakes. The Board has not decided to use
the Great Lakes for training and recruiting mariners, as it has used the
coast, but has left that field largely to the United States Navy. It is the
fully
understanding of the Board that the Lake Carriers' Association have
co-operated in the training of men with the Naval Auxiliary Reserve.
may be, it can
However patriotically conceived this part of the resolution
not constitute a ground for a strike.
The second ground in tho resolution is that the Lake Carriers' Association refused to attend the National Marino Conference in May 1918. This
statement is true. Shipping interests and representatives of marine labor
from all over the nation attended the National Marine Conference in May,
at the invitation of the Board; to discuss ways and means of bettering
water transportation through the co-operation of employer and employees.
The Lake Carriers declined to attend on the ground that such attendance
would be a recognition that organized labor represented their employees,
which they denied, and accordingly met the Shipping Board in separate
conference. For a number of years the Lake Carriers' Association has not
dealt with representatives of organized labor on their vessels. The Shipping Board regrets the attitude of the Lake Carriers in this respect; but
in view of the national labor policy promulgated by the President's proclaforcing
mation of April 8 1918, it did not feel that it would be justified in
the Lake Carriers to meet with representatives of the unions.
an award of the
The next point raised in the strike resolution refers to
Book. This issue
Shipping Board relative to the Welfare Plan Discharge
both parties on Sept.
was referred to the Shipping Board for decision by
were to the pro28 1917. At that time the chief objections of the men
of the seamen
vision for recording in the book the continuous discharge
and to the provision permitting the master to enter a personal opinion of
these features were used
the seaman's service. The unions claimed that
to "blacklist" union men. After a thorough investigation the Shipping;
Board in November 1917 issued a decision abolishing the continuous dis. With the opening of navigation in the spring the Lake Cardon issued new welfare books, omitting the discharge and
op o eatures. The unions made strenuous objections to the issuance
of these books, stating that they were still used to discriminate against
union men.
After repeated conferences the Shipping Board, through two communi16, recations to the Lake Carriers' Association, dated June 14 and July
be abolished.
spectively, ruled„that the welfare books should altogether
to
The last decision stated that if a simple certificate of membership were
he icsi ed in 'lace of the welfare book which had been abolished, such cer,
AUG. 24 1918.]
THE CHRONICLE
tificate "should not be in book form nor accompanied by a container, and
should state on its face that it is the property of the man to whom it is
issued. The holder of such certificate should not be required at any time
to dispose of his certificate or to deposit it. nor should he be required to
produce it at the time of hiring." The decision also stated that "It is the
intent of this finding that seamen should be employed solely with reference
to their fitness for the work, and not with reference to membership in the
welfare plan, nor with reference to affiliation with, or activity in, any
union. With the foregoing modification in force, tee Shipping Board
believes that the welfare plan will not be open to the charge of being an
Instrument for discrimination against union mon."
The Lake Carriers' Association have taken steps to comply with the
above award.
By tnese decisions the Shipping Board considers it has met the reasonable objections of the unions concerning the discharge book feature of the
welfare plan.
The strike resolution also contains certain demands for increases in wages
and payment for overtime. As suggested in the resolutions, this question may be left to arbitration by any impartial tribunal agreeable to both
sides. In September 1917, when the question of wages was referred to the
Shipping Board for decision, an order was issued within three days granting
In full the scale requested by the unions.
On the question of overtime the Board has recently issued a ruling to the
effect that there shall be no overtime work on Lake carrier vessels. The
Shipping Board will shortly appoint representatives on the principal Lake
ports to investigate and adjust complaints arising with respect to the
overtime ruling, alleged violations of the seamen's act, and generally such
difficulties as may arise between seamen and the vessel operators.
The Shipping Board has heard that in the event of a strike against the
Lake Carriers' Association It is the intention of the union to call out seamen
on boats of other lines which afford the union fullest recognition and against
whom no demands have been filed. The Shipping Board does not believe
that the leaeders of the unions involved contemplate this step, which can
have no bearing on their issues with the Lake Carriers' Association other
than to harrass this Government into taking further action favorable to
them.
In issuing this statement the Shipping Board has gone fully into the
grievances mentioned in the joint strike resolution because of the grave
menace to the national safety involved in a strike on the Great Lakes. A
stoppage of the movement of the Lake Carrier vessels 'Would cut off the
supply of ore needed in the manufacture of plates for shipbuilding and many
other essentials of war, and would jeopardize the movement of wheat to
our army abroad and to our Allies. No strike should be called which
• might be based upon a misunderstanding of what has happened or which
is capable of a different solution. In view of the facts above outlined the
Shipping Board does not fool that there are any grievances of such nature
as to justify a strike at this time.
EDWARD N. HURLEY,
Chairman of the U. S. Shipping Board.
At the conclusion of a conference, held in Washington on
July 27, and attended by Mr. Hurley, ex-Governor Robert
P. Bass of New Hampshire, Chairman of the Shipping
Board's Labor Adjustment Commission; Andrew Furuseth,
President of the International Seamen's Union and Mr.
Olander, the Shipping Board issued a statement as follows:
Mr. Furuseth admitted that the Shipping Board had settled to their
satisfaction the question of the welfare plan discharge book, which the
Board had ordered the Lake Carriers' Association to abolish. The question of overtime, which had been placed before the Shipping Board, was
settled by an order issued to the Lake Carriers' Association to the effect
that the hours Of work on the Lake Carriers' vessels should not exceed
those prescribed in the Seamen's Act.
The demands of the men concerning wages will be promptly considered
and adjusted by the Shipping Board as soon as they aro submitted fqr this
purpose.
The only remaining question at issue, which was covered in the strike
resolution (Wed at Buffalo, N. Y., Juno 25, was the statement that the
Lako Carriers' Association declined to co-operate with the United States
Shipping Board in the nation's appeal for men to man its merchant ships
and in training recruits to be placed on their vessels for service in order to
Insure a sufficient supply of seamen to man our merchant ships.
The Lake Carriers' Association has agreed to sign the call to the seamen
with the modification of tho last paragraph, specifying that the agreement
entered into last August between the ship owners, tho Government, and
the seamen applied to the Atlantic and the Gulf.
As a result of to-day's conference the Shipping Board issued the following
order to the Lake Carriers' Association and the indepont steamship companies of the Great Lakes:
United States Shipping Board desires to have the ships now operated by
your associations co-operate with our training service, which has been
established on the Great Lakes by Captain Irving L. Evans, Guardian
Building, Cleveland, Ohio. You will be called upon to place the recruits
from this service on your vessels and to give them every facility to obtain
the necessary training needed to make them able seamen. In order to do
this it will be desirable to work them watch and watch with the experienced
seamen on the vessels.
Those men from our training service will be placed on your vessels in the
following proportion: Where eight able seamen are now carried there will
be carried six able seamen and four recruits. The wages of these recruits
will be detrmined by the Government in so far as possible in accordance
with our present practice.
The Board also advised Captain Irving L. Evans, Section Chief, Cleveland, Ohio, to established a school to put this training service into effect.
The foregoing action meets the legitimate grievances specified in the
strike resolution.' Furthermore, we have provided a uniform training
service for seamen on all American waters. We rely upon the operators of
the vessels and the officers and crews who man them to assist the Government in every way to make this service successful in order that our rapidly
increasing merchant marine may be promptly and safely manned by civilian
crews.
The Shipping Board feels that it is entitled to the full co-operation of
both the ship owners and the seamen on the Great Lakes during this national crisis to insure the uninterrupted movement of lake shipping, which
is so essential to the war activities of the Government and to the supplies
for our armies in France.
The decision on the 28th to call off the strike followed
a two hours' conference between the union leaders and officers of the Shipping Board. It was again pointed out
that a tie-up of lake shipping would interrupt food ship-
765
ments to the soldiers overseas, in addition to hampering
war operations through interference with the movements
of coal and ore. The union men protested against any
modification of the nation's appeal, which the Lake Carriers' Association on July 27 had agreed to sign if changed
to apply to the Atlantic and the Gulf. Mr. Olander asserted that such modification would exempt the lake ship
owners, and insisted that a change would make the strike
situation more serious. The insistence by union leaders
that ship owners and their association sign the appeal, was
met by Mr. Hurley sending to William Livingstone, President of the association, the following telegram:
United States Shipping Board hereby directs the members of the Lake
Carriers' Association and the Lake Carriers' Association as an association
to sign the nation's appeal for men to man its merchants' ships as originally
drafted and without any changes.
The other complaint of the men, that the registration of
seamen at the .association's shipping offices or assembly
rooms permitted the ship owners to discriminate against the
men and compel them to join the association's welfare plan,
was met by Mr. Hurley asking that the practice be suspended
pending further negotiations. At the close of the conference
Mr. Olander declared, "There will be no strike." He
added that it might happen that the orders calling off the
strike might not reach all locals in time to prevent some delay in shipping, but he was confident that but few men
would refuse to work. Besides Mr. Hurley, the Government was represented at the conference on the 28th by Mr.
Bass. The union representatives were Secretary Olander,
Mr. Furuseth, Thomas Conway of Buffalo, N. Y., Secretary of the Marine Firemen's Union, and Patrick O'Brien
of Tonawanda, N. Y., and John W. Ellison, Ashtabula,
Ohio, business agents of the sailors' and firemen's unions.
I. W. W. LEADERS FOUND GUILTY OF INTERFERING
WITH WAR WORK.
After a trial lasting for upwards of four months, 100 members of the Industrial Workers of the World were found guilty
by a jury in the Federal Court at Chicago on Aug. 18 on
four counts of an indictment charging violation of the
Espionage Act, of the section of the criminal code prohibiting interference with the civil rights of citizens, of the Selective Service Act and of the conspiracy statute. A fifth
count in the indictment, charging violation af the postal
laws, was withdrawn by the Court before the case went
to the jury. Among the defendants were many of the most
prominent leaders and organizers of the I. W. W.,including
William D. Haywood, its General Secretary. Conviction
renders the defendants liable to imprisonment for 27 years
and $10,000 fine. Arguments for a new trial were to be
heard this week.
The specific charges in the case had to do with an alleged
nation-wide campaign to cripple the war preparations of the
Government, especially by interfering with the production
of spruce lumber for airplanes in the Northwestern forests.
But the case gained added importance from the fact that the
general principles of the I. W. W. were called in question.
The constitution and by-laws of the organization, as well as
many samples of its propaganda literature, were shown in
evidence, to prove that the organization habitually advocated
sabotage and violence in industrial disputes, and sought to
subvert the institutions of the country by other than legitimate political means. On its part, the defense sought to
prove that the organization was the victim of misunderstanding and prejudice and that its officers and members
had frequently been subjected to mob viloence, particularly
specifying the mass deportations during the copper strikes
at Bisbee, Ariz., a year or so ago. The verdict of the jury
was unanimous and included all the defendants. The trial
began on April 1 and was one of the longest criminal cases on
record in this country. The record contains 30,000 typewritten pages, or 7,500,000 words.
The conviction of its principal leaders is expected to exercise a powerful and perhaps decisive restraining influence
on the future career of the I. W. W.,especially as regards all
forms of war work. It was partly on account of the revelations brought to light in connection with this trial that Congress in May last passed a measure (the Sabotage Bill),
frankly aimed against the I. W.W.,outlawing any organization which uses or advocates violence to bring about "any
governmental, social, industrial or economic change" during
the war.
766
THE CHRONICLE
CHILD LABOR BILL INTRODUCED IN CONGRESS.
Congressman Edward Keating of Colorado stands sponsor
for a new war measure which would directly prohibit the
labor of children under the age of 14 years at any time and
of children between the ages of 14 and 16 years for more than
eight hours a day or at night, and of children under 16 years
of age in mines and quarries. These are the standards of
the Federal Child Labor Law recently declared unconstitutional by the Supreme Court. The new bill seeks to restore
and maintain these standards during the warby direct prohibition under the war power of Congress, as there is no
question of the authority of Congress to meet the present
emergency in this way. It is believed by child welfare workers that prompt action by the Federal Government is needed,
since it is known that many children went back to work
immediately upon the decision of the court, and that the
lure of high wages on the one hand and the high cost of living
on the other are inducing many others to keep out of school
in the States which have not enacted these standards. The
new bill was drawn by Thomas I. Parkinson of the Legislative Drafting Research Fund of Columbia University, and
has been approved by a joint committee of the National
Child Labor Committee and the American Federation of
Labor, which are actively supporting it. Edward N.
Clopper, acting Secretary of the National Child Labor
Committee, says:
[VOL. 107.
ate committee, and designed to give the Government specific
power to prevent or break up strikes. The sentiment of
the Houso committee seemed to be that the clause was unnecessary and aroused needless antagonism among the labor
element. General Crowder assured the committee that he
already had ample power under the original Draft Law to
carry out the "work or fight" principle; in fact, such an order
has already been in operation for several weeks without
arousing any general opposition. But there is decided opposition on the part of organized labor to erecting such a principle into terms of specific law. This opposition,as expressed
before the committee on Tuesday by Frank Morrison, Secretary of the American Federation of Labor, is partly on
the ground that the proposed amendment amounts to conscription of labor, and partly because it casts an undeserved
reflection on the loyalty of American labor. Said Mr. Morrison:
I am here in the name of the American Federation of Labor to protest
against the incorporation in the draft law of the Thomas labor conscription
amendment, which the author admits is aimed at strikes. Its clear intent
is the conscription of labor. There is no necessity for such legislation.
Furthermore, it is an attack on the loyalty of the workingmen of the United
States which will be bitterly resented by them If enacted into law. It will
make the world believe, and especially our allies, that our workers are slackers, that they are not giving their best to win the war.
The Draft bill was submitted by the War Department. It did not raise
any issue between the Government and labor. Not a sign of discontent
with the labor situation is apparent in any department of the Government.
Secretary Baker is authority for his department. When asked by the
Senate Committee on Military Affairs what he thought of the amendment,
This proposed exercise of the war power of Congress is not only to protect he said, "I think it is unfortunate to add that."
the children from excessive hours of labor and premature employment, but
It is therefore a fact that the Government is not exercised over the inalso to conserve national health and vigor. Children who lose their chance dustrial situation. But some one is. He is hidden somewhat.° in the dark,
for education and normal growth to-day will make poor citizens to-morrow. engineering a movement to conscript labor. When the war was declared,
Those who aresiow children will have to bear the burdens arising from the the workers of the nation willingly fell into line, ready to go where needed to
war, so every opportunity must be given them to become strong and in- save the country for the world and the world for democracy. It is the
telligent. The passage of the bill as a war measure will give the National same democracy we are fighting for in protesting vigorously against this
Child Labor Committee and the American Federation of Labor and others amendment.
interested in permanent child labor legislation time to study the best
Assuming this law is eacted and carried out to the letter, and 2,000 memethods of meeting the objections of the Supreme Court to the old law chanics in a war plant strike, what then? How can their places be filled?
and to frame a bill for times of peace calculated to pass the test of consti- Will the Government become a strikebreaking agency, using the soldiers who
tutionality. In the meantime the exploitation of children will be prevented. seek to save democracy to defeat workingmen who are also fighting for
When the old law was declared unconstitional it was insisted by those who democracy in the industrial field? If soldiers are not used, where will the
were opposed to such Federal legislation that the States would each take strikebreakers be found?
care of their own problems satisfactorily. The opportunity soon came—
We have no hesitation in declaring that conscription of labor in this
the Legislature of Georgia, from which State strong disapproval of the old covert way will be met with suspicion in every corner of the country. The
law had come, convened a few weeks after the decision of the United States Government has not asked for it. Its representatives say things are moving
Supreme Court was handed down. A child labor bill embodying the stand- satisfactorily, so far as labor is concerned. There is not a whisper from any
ards of the Federal law was introduced in the lower House, but was roundly Government official that conscription is needed. Then who does come here
denounced on all sides and promptly rejected by a vote of nine to one in by stealth and ask the representatives of the people to do something the
the committee to which it had been referred. This shows only too clearly Government does not ask and does not want? That is the question which
that the remedy lies in Federal legislation rather than in an appeal to the millions of workingmen will ask, and they believe they know the answer.
States.
We do not ask favors. We ask that this and any other bill to surrepThe new bill has been presented to President Wilson and titiously conscript labor be defeated. Drag out the conspirators from
behind conscription, and you will find that they are the most prolific
he is reported to have given it his unqualified approval.
war profiteers in the United States. To-day, if that amendment is enacted
into law, it will be used by unfair profiteers against labor. It is being used
by the Bethlehem Steel and other corporations. They ask for exemption
for their men and if tAe men receiving exemption protest against conditions.
HOUSE COMMITTEE AMENDS MAN-POWER BILL— they are threatened with being sent to fight.
MAY DROP "WORK OR FIGHT" CLAUSE.
Debate on the Administration's Man-Power bill was begun
in both House and Senate on Thursday and final action is
anticipated before the close of the week. The Military
Committee of the House reported favorably on the bill on
Wednesday, after adopting by a vote of 9 to 7 the McKenzie
amendment classifying registrants by ages. This amendment, which provides that youths of 18 shall be called last
and that 19-year-old registrants shall not be called until
after the men from 20 to 45 years have been taken, read as
follows:
Provided, however, that registrants of the age of 19 and not over 20 shall
be designated as the 19 class and shall be drafted subsequent to the registrants of 20 and over 20 years, and registrants of the age of 18 years and not
over 19 years shall be designated as the 18 class and shall be the last called
for service; those registrants above the ago of 20 shall be called prior to the
classes hereby designated.
Opposition to this provision developed, however, from
members who favored leaving the whole matter to the discretion of the War Department. Secretary Baker on Thursday evening issued a statement emphasizing the purpose of
the War Department to keep men of 18 in the deferred class
"as far as pracitcable," but urging that Congress do not tie
the hands of the Government with any provision calling them
last. The Secretary's statement said:
It is the policy of the War Department to call last, as far as practicable,
the men from 18 to 19, as I told the Senate Committee, and I hoped that
the Congress would not make the law so inelastic as to make it impossible
for us to call the 18-19 men until we could certify definitely that we had
• exhausted the other ages, because the long-drawn-out process s of classifying and deferring men take so long that we can never roll when we have
absolutely finished with the other ages. My plan was to defer the call of
'the 18-19 men as far as practicable, and I hoped that the Congress would
not make their law any more inelastic than that.
According to General Crowdeeg figures, it will not be possible to have
eighty divisions abroad by July 1 without using the 18 to 19 men. General Crowder's figures are, of course, estimates.
No change in the work or fight regulations is at present contemplated.
No action was taken by the House committee on the
"work or fight" clause inserted as an amendment by the Sen-
Senator Cummins introduced an amendment to the Senate bill providing that the "work or fight" provision should
no tapply to strikes provided the strikersare willing to submit their dispute to the decision of a board appointed by
the President.
Senator Wadsworth introduced an amendment to make the
new draft law available for the needs of the Navy and Marine Corps as well as the Army, pointing out that the new
age limits of 18 to 45 practically put an end to voluntary
recruiting, and that the Navy and Marine Corps will need
300,000 men in the next year or so.
With regard to the status of married men under the new
draft, it is understood that no change in the present policy
is contemplated. In other words, the test is to be dependency, and not merely the fact of marriage. This means
that the War Department will continue to put into Class I
and call for service those men who do not support their wives
and families, those who are being at present supported by
the work of a wife or children and are physically fit, those who
are engaged in non-essential occupations and have made no
successful effort to engage in essential occupations, those
whose wives have an income of their own and can get along
without the earnings of the husband if he is called to the
colors, and, finally, those husbands who waive exemption
or deferred classification and who have no children.
Regarding the intention of the War Department to so
arrange the questionnaires so that every married man will
determine automatically his right to exemption, Secretary
Baker said:
We wanted to arrange the regulations so as to save a married man who
ought to be exempted from the humiliation of claiming exemption, by making the process as automatic as possible. The theory upon which we want,
to work the draft is that no married man whose wife and children are dependent upon the continuity of his earnings, and who will not be able to
live on his soldier's wages, will be drafted. The draft will apply to those
married men whose incomes are adequate to provide for their families, those
whose families have independent incomes, and those whose families provide
for them.
AUG. 24 1918.]
THE CHRONICLE
767
ESTABLISHMENT OF NAVAL PATROL FOR ATLANTIC
FISHING GROUNDS.
To prevent destruction of fishing vessels by German
submarines, the establishment of a patrol of certain fishing
grounds off the Atlantic Coast by the Navy Department
was announced as follows by the Food Administration on
Aug. 16:
to the new conditions to the end that no boy or girl shall have loss oppor
tunity for education because of the war and that the nation may be strengthened as it can only be through the right education of all its people. I
approve most heartily your plans for making through the Bureau of Education a comprehensive campaign for the support of the schools and for
the maintenance of attendance upon them, and trust that you may have
the co-operation in this work of the American Council of Education.
As a food conservation measure and to prevent destruction of fishing
vessels by German submarines, the Navy Department has established a
patrol of certain fishing grounds off the Atlant'c coast, after discussion of
the situation with the Food Administration.
Recent raids by undersea pirates have done little actual damage to fishing
fleet taken as a whole, but much uneasiness among the men has resulted.
Wives and families in some cases have induced them to remain on shore.
But the American fisherman is not easily kept from the sea, and it is expected that his courage and the knowledge that tho jackies are on guard
will keep the fish catch up to normal.
The naval patrol will be accomplished without weakening the convoy
system that has made it possible for troops and supplies to voyage in safety
to Europe. Submarines recently have sunk vessels engaged in cod fishing
and have committed depredations among smaller craft after sword fish.
All the European nations allied against Germany have striven, in the
face of like difficulties, to keep their fishing fleets at work, because of food
shortgage, particularly meat.
PLANS FOR COLLEGE STUDENTS ENLISTING IN
ARMY RESERVE CORPS.
Young men in Indiana, who enter colleges this fall which
have qualified for United States student army reserve corps,
may enlist in the corps on entering the institutions, be furloughed immediately•and may continue their studies until
the Government deems it necessary to call them for active
war service. The Indianapolis "News" of Aug. 14 is authority for this statement; it further says:
An announcement to that effect has just been received by the authorities of Wabash College here (Crawfordsville) and by other educational institutions in the State, which have taken steps to have student reserve
corps. In addition to Wabash, these include Purdue University, Notre
Dame University, DePauw University, Indiana University, Culver Military Academy and others.
The importance of this plan for combined military and collegiate train PRESIDENT WILSON DESIROUS THAT MEN WITHIN ing, if we are to meet in the future the urgent needs of the Army for highly
trained men, is so great that the War Department earnestly requests the
NEW DRAFT AGES REMAIN IN RED CROSS.
colleges, councils of defense, and other patriotic societies to co-operate in
The hope that Red Cross workers within the proposed bringing it to the attention of the young men of the country and urging
them to do their part to make it a success,
new draft ages—from 18 to 45—would "continue to render
The purpose of the plan is to provide for the very
service unless and until specifically called to other and Army for highly trained men as officers, engineers,important needs of the
doctors, chemists and
more important duty" has been expressed by President administrators of any kind. The importance of this need cannot be too
strongly emphasized. The plan is an attempt to mobilize and develop
Wilson in a letter addressed to Henry P. Davison, Chair- the brain
power of the young
country,for these services, which
man of the War Council of the American Red Cross. The demand special training. Itsmen of theto prevent the premature enlistobject is
President's letter was written in response to one from Mr. ment for active service of these men who could by extending the period
their college
Davison, in which the effect of the proposed new draft ages ofThe boy whotraining multiply manifold their value to the country.
enlists in the students'
corps will be a
personnel was indicated. The fol- ber of the Army of the United States.army trainingprovided by thememupon the Red Cross
He will be
War
Department with uniform and equipment, but will be on furlough status
lowing is President Wilson's letter:
and will not receive pay. He will undergo regular military training as a
The White House, Aug. 14 1918.
part of his course during the college year. will attend a six weeks' camp for
Mr. Henry P. Davison, Chairman Red Cross War Council, Washington, D. C.: rigid
and intensive military instructions at private's pay, and will be
My Dear Mr. Davison: I hope that the action we have taken in the
subject to the call of the President for active service at any time, should
matter of voluntary enlistment will help a little in the solution of the the
exigencies of the military situation demand it.
difficulties created for the American Red Cross by the probable extension
The policy of the Government, however, will be to keep members of this
of the draft ages. If the Government does the selecting it can select with corps in college
until their draft age is reached, and the War Department
a duo regard to the interests of all services, whether within the Government will have
the power to order such men to continue in college even after their
or without, whereas if we permitted men liable to be drafted to rush in draft age
is reached whenever their work is such that the needs of the
and apply for and obtain commissions there would be chaos indeed.
service, e. g. for doctors, engineers, chemists and the like, are such as to
As the American Red Cross is such an important auxiliary to our armed make that
course advisable.
forces and is also extending relief not only to our people at home but to the
Peoples of the nations associated with us who are suffering as the result of
the war, I hope that every man connected with the work, either at home
or abroad, will have a full appreciation of its importance, and will if pos- TAXING MUNICIPAL BONDS UNCONSTITUTIONAL.
sible continuo to render service, unless and until specifically called to
Confirming their oral opinion to the American Bankers'
other and clearly more important duty. Cordially and sincerely yours,
Association of America as to the lack of constitutional power
WOODROW WILSON.
In his communication to the President Mr. Davison in Congress to tax the income from municipal bonds, Reed,
stated that "at the time the War Council was formed we McCook & Hoyt of New York City, attorneys for the
adopted a principle that we would not accept for service association, recently wrote as follows:
•
abroad men within the draft age, as we did not wish to be
May 31 1918.
in any degree open to the charge of being a 'shelter pit' ". Iloward F. Beebe, Esg., Chairman Municipal Bond Committee, Investment
Bankers' Association of America, New York City.
He added:
Dear Sir:—You have asked us to confirm to you our oral
Owing to the increased demands for personnel and our difficulty in securing it, we modified, about two months ago, our ruling, accepting men
with obvious disability in Class 5-G, as we were informed that this class
might reasonably be regarded as exempt from military liability.
As the proposed law would probably cover 80% of our male personnel,
we would, I fear, immediately upon its enactment, find men resigning, so
that our problems of securing additional personnel now called for in
Europe
and perhaps later in Russia would not only be greater but indeed the
problem of maintaining our present organization would become a serious one.
I am sure you know that!would ask for nothing except your consideration
of steps which would enable us to continue our work, the importance
of
which I believe is established, and you have given me reason to
know of
your own appreciation of its value. Whatever the solution of the
problem may be, I am sure I express the sentiment of the entire organization
when I say that no one could or would ask for exemption from
military
service on the ground of his work for the Red Cross.
PRESIDENT WILSON URGES GENEROUS SUPPORT
OF SCHOOLS DURING WAR.
Generous support for schools of all grades during the war
is urged by President Wilson. The Department of the
Interior has made public the following from a letter which
he has addressed to Secretary Franklin K. Lane approving
the Bureau of Education's plan for an educational campaign
the present summer and fall:
*in
I am pleased to know that despite the unusual burdens imposed upon
our people by the war they have maintained their school and other agencies of education so nearly at their normal efficiency. That this
should
be continued throughout tho war and that, in so far as the draft law will
permit, there should be no falling off in attendance in elementary schools,
high schools, or colleges is a matter of the very greatest importance,
affecting both our strength in war and our national welfare and efficiency
when the war is over. So long as the war continues there will be
constant
need of very largo numbers of men and women of the highest and
most
thorough training for war service in many lines. After the war
there will
be urgent need not only for trained leadership in all lines of industrial,
commercial, social, and civic life, but for a very high average of
intelligence and preparation on the part of all the people. I would
therefore
urge that the people continue to give generous support to their
schools
of all grades and that the schools adjust themselves as wisely as possible
opinion as to
the constitutional power of Congress to impose an income tax on interest
received on municipal bonds.
The power of Congress to levy an income tax was Included in the general
taxing power given by Article 1, Section VIII, of the Constitution when
adopted. The question raised with respect to it in the Pollock case
was
as to whether in its application to income derived from real and personal
property an income tax was subject to the constitutional restriction
requiring direct taxes to be apportioned among the States according to
population. (Const. Art. I, Section 2.) It was held that it was subject to this
restriction and the 1894 income tax law was held unconstitutional because
the tax was not apportioned. (Pollock vs. Farmers' Loan & Trust Co.,
157 U. S., 429, rehearing denied, 158 U. S., 601.)
The Sixteenth amendment was adopted to remove this restriction
It reads as follows:
"The Congress shall have power to lay and collect taxes on incomes,
from whatever source derived, without apportionment among the several
States, and without regard to any census or enumeration."
Former Governor and since Justice Hughes, in his message to the New
York legislature recommending the rejection of the income tax amendment
to the Constitution, to which we shall refer later, called attention to the
danger that the use of the words "from whatever source derived" might
have the effect of bringing within the Federal income taxing power, the
income of State and municipal officials and income derived from State and
municipal bonds. But for this important suggestion at that time, there
would, we believe, have been no thought in the minds of any one that
the
proposed amendment was intended to change the proposition, firmly
established by earlier decisions, that the property and revenues,
agencies
and instrumentalities, including the borrowing power, of the State and
its municipalities are not constitutionally subject to an income or any other
tax by the Federal Government (United States v. Railroad Co., 17 Wal.,
322; Collector v. Day, 11 Wal., 113; Mercantile Bank v. New York, 121
U. S., 138; Brockton v. Tennessee, 117 U. S., 151; Pollock v. Farmers'
Loan & Trust Co., supra).
This proposition is a counterpart to the proposition that the State cannot
tax the property and revenues, agencies and instrumentalities of the
Federal Government (Dobbins v. Commissioners, 16 Peters, 439; Weston
v. Charleston, 2 Peters, 449)•
The principle established by all these cases is that there is a positive implied constitutional prohibition against the interference by the Federal Government or its agencies with the government or agencies of the State and by
the State Government or its agencies with the Government or agencies
of United States, except, of course, in the necessary instance where the
exclusive or dominant power of one is especially established by the Constitution.
768
THE CHRONICLE
While any view expressed by Mr. Hughes necessarily commands most
serious attention, it is, we believe, evident that the view expressed by him
Governor was primarily the precautionary view of in executive official
rather than the reasoned or final conclusion of a judicial official or advising
counsel.
This view was based on the insertion of the words from "whatever source
derived" in the then proposed constitutional amendment. Had the constitutional amendment, in fact, given an entirely new taxing power to
Congress and had these words had no plain independent purposes, the doubt
expressed by Governor Hughes would certainly have been accepted by
everyone as an extremely serious doubt.
The conclusive answer to it, however, lies in two considerations which
seem to have been overlooked by Governor Hughes and were brought out
at the time in a published letter of Senator Root.
The first consideration was that the amendment was not intended to
confer any new taxing power. The power of Congress to levy a general
income tax had not been questioned in the Pollock case. The thing that
had been questioned was whether such a tax was a direct tax and subject
to apportionment among tho several States. The question of the taxation
was
of income on municipal bonds was involved in the decision, but it
unanimously held that this question had been settled by earlier decisions
and that such income was not taxable, nor was there any protest against
this view or public demand for a constitutional change with respect to it.
The constitutional amendment was demanded to authorize an income tax
"without apportionment among the several States." The amendment
need not, therefore, be construed as conferring any now taxing power on
Congress, and in the absence of an affirmative intent to confer such new
power, would not be so construed.
The second consideration was that in the Pollock case the Supreme
Court had held the tax to be direct with respect only to income derived from
a single source, to wit,from real and personal property. This consideration
completely explains the reason for and the meaning and effect of the words
from whatever source derived" In connection with the words "apportionment among the several States."
The constitutional amendment must, of course, be read and construed
In the light of the situation intended to be cured and as applying to such
situation and not to have any ulterior purpose, unless the same is clearly
expressed. Manifestly it would require very strong evidence of affirmative
intent to confer a new taxing power over the instrumentalities of the States
and to destroy so fundamental a principle as that of the exemption of the
State and agencies and instrumentalities from taxation by the Federal
Government. The need for this exemption is as great to-day it as was when
the Constitution was adopted, if the States in times of peace are to stand
on anything like a parity with the Federal Government in their ability to
finance their Governmental requirements.
Reading the amendment in the light of the situation intended to be cured,
its purpose Is plain and complete, and there is, in our opinion, no suggestion
of a purpose to extend the subject of taxation, but only to extend the discretion as to the method of taxation by removing the restriction held by
the Pollock decision to exist.
It has been repeatedly said and in effect held by the Supreme Court since
the Constitutional Amendment was adopted that it "conferred no new
power of taxation" (Stanton vs. Baltic Mining Co., 240 U. S., 103, 112;
I3rushaber vs. Union Pacific RR. Co., 240 U. S., 1, 17, 19). And in the
very recent decision of Peck vs. Lowe, decided May 20 1918, the Court
used very significant language, indicating, we think, very clearly what
would be its view of the present question, when it said that the amendment "do .s not extend the taxing power to new or excepted subjects,"
and that an income tax "cannot be applied to any income which Congress
• has no power to tax.1
We are of the opinion that the principle established by the earlier cases
cited has not been affected by the XVIth Amendment, and that the income
from Sta e and municipal bonds cannot be subjected to a Federal tax.
But very brief reference need be made to the so-called South Carolina
excise tax case (South Carolina vs. United States, 190 U. S., 437).
In this case it was held that the agencies and dispensaries of the State
engaged in the sale of liquor were subject to the payment of the Federal
revenue tax. The case was decided by a divided court, Justices White,
Peckham and McKenna concurring in a very strong dissent.
The majority opinion recognized quite clearly the fundamental principle
not
established by the earlier decisions, but hold that this principle would
be extended so far as to make it possible for the State by taking over and
necessary taxing
monopolizing one or more private businesses to defeat the
power of the Federal Government.
if
This decision does not touch the general principle, but establishes,
adhered to, a limit to the application of the principle. It raises no quesinstance, raise a
tion as to the principle itself, but might, in a particular
question as to whether or not a specific State or municipal activity, by
reason of its predominantly private business character, would be outside
of the protection of that principle.
In conclusion, it cannot be too strongly emphasized that the fundamental
or
principle applies with all its force to the municipality, as a subdivision
for a
instrumentality of the State, nor is there, in our opinion, any room
for a
distinction in its application between securities issued by a State
public purpose and securities issued under its authority by one of its municipalities or subdivisions for a public purpose.
"A municipal corporation is the representative of the State and one of
the instrumentalities of the State Government. It was long ago determined that property and revenues of municipal corporations are not subLoan &
jects of Federal taxation" (Fuller, C. J., in Pollock vs. Farmers'
Trust Co., supra).
taxation
The one is as completely and conclusively exempt from Federal
as...the other.
Very truly yours,
REED, McCOOK & HOYT.
[VOL. 107.
any attempt to nullify the tax-exempt features of outstanding bonds.
This meant that bonds of municipalities and States already issued would
sell at a premium and that the constantly diminishing floating supply
would materially benefit their market. Secretary McAdoo put a "crimp"
in this idea when he stated before the Committee on Friday that he hoped
the suggestion of the Treasury Department, "to the effect that the exemption whether in respect to bonds heretofore or hereafter issued, should be
spread over all the brackets in the surtax and not, as now,in effect deducted
from the highest bracket," would be adopted.
Mr. McAdoo has had his way in every bit of taxation and financial legislation that has come before Congress in the past year and a half. It is
quite likely that what ho recommends now as to taxes on outstanding
municipal bonds will be incorporated in the bill which the House sends to
the Senate. Even should that body reject this particular request the subject will have been widely agitated and the entering wedge established for
what may be a long-drawn-out controversy on a highly techincal question.
The investor, therefore, who in the future considers municipals is faced
with the question whether the difference to him of income is great enough
to warrant taking a low rate municipal that may be taxed or a higher yielding
corporation bond about which there is no question as to taxation. The
status of municipals as to taxation cannot for some time to come be as
clear and definite as it has been heretofore. The liability as to taxation,
°nee raised, muddies up waters. That this is a very important question
to municipalities is indicated in the protest that has already boon entered
by Comptroller Craig to the Ways and Means Committee. It means
higher borrowing rates for cities. There is a compensation for this in compelling cities to move very cautiously and spend very considerately when
the cost of their capital advances.
What is the holder of municipal bonds to do under the circumstances?
Should he sell or hold? This is very largely an individual problem and
closely identified with the individual income requirements. Whether municipals are to be tax-free or taxable will not mean very much relatively
as to their price. This may be measured in a few points either way from
par. Ordinarily the holder of municipals would not be likely to exchange
them for other bonds, say those of corporations, even were the difference
in yield 3 to 1% in favor of the corporation issues and with both classes
of bonds taxable. To-day, however, there are extraordinary conditions
prevailing.
Take the case of New York City 4%s at par, now tax-exempt but open to
the possibility of taxation, and the Third Liberty 43(s selling at 951i and
definitely removed from the tax area on amounts tip to $5,000 per individual.
Is there any question as to what should be the attitude of the holder ofsay one
6
,
or two municipal bonds in this situation? The municipal yields 43 %
and the income from it may ba taxed. The Government 43s yield 4.80%
and cannot be taxed within the field suggested.
The different status of the two bonds is more clearly defined when the
proposals as to normal taxes on incomes of 10 to 12% and on unearned
incomes of 15% are introduced into the discussion. It is incumbent on
those with unearned incomes of say $4,000 and $5,000 to so readjust their
investments that they pay the smallest amount of tax. For them, if they
,
are eligible, the Liberty bonds at the present 416% discount are most
attractive.
It is the frank purpose of Secretary McAdoo, in making old municipal
issues taxable, to assist the market for Liberty bonds. This applies not
only to the bonds outstanding but those of the future. Probably Mr.
McAdoo is overestimating the effect of this on Liberty bonds. They are
moved more by their quantity than by their quality. Small issues may be
moderately affected by the establishing of artificial conditions as to price
but not those that come out steadily in $3,000,000,000, $4,000,000,000 and
$5.000,000,000 units.
In opposing the proposed taxing of municipal bonds by
the Federal Government, Comptroller Craig of this city in a
telegram to the Congressional Ways and Means Committee
on Aug. 19, in part said:
The City of Now York has aided the Federal Government in every way
in the prosecution of the war. Largo and valuable properties have been
turned over without charge for army and navy purposes. The co-operation
of the municipal authorities is continued and unreserved. A tax direct or
indirect upon municipal bonds is in effect a tax upon the Government of
the City of Now York. It is a tax upon public schools, hospitals, charitable
and correctional institutions, and upon fire and police protection, and upon
water supply, rapid transit and waterfront improvements. A certain
amount of such improvements are vital under war conditions.
The power to tax is the power to destroy. It is inconceivable that Congress should prostrate the credit and cripple the functions of a great and
devoted municipal government. The gain cannot possibly offset the
injury of a tax that so clearly appears to be unconstitutional. I earnestly
urge that no tax be laid directly or indirectly upon municipal bonds.
Director Archibald of the Department of Revenue and
Finance of the City of Newark is preparing, according to
the Newark "News," to protest to the Congressional Ways
and Means Committee in the belief that the proposal to
place a Federal income tax on municipal bonds, now pending before that body, is improper in its present form. He
holds the view that such a tax would be unconstitutional.
It was his intention to ask the City Commission at its meeting on Wednesday last to concur in his decision to make
the protest and further to request Mayor Gillen of Newark
to ask the League of New Jersey Municipalities to make
a similar objection by adopting a resloution to be sent to the
Congressmen on the Committee.
Reed, McCook & Hoyt, attorneys of New York City,
TAXING MUNICIPAL BONDS.
Association of Amerupon and counsel to the American Bankers
The following article, by Charles F. Speare, bearing
Ca, have been retained as counsel to the New York State
the proposed tax by the Federal Government on municipal League of Mayors.
bonds, appeared in "The Evening Mail" of this city on
Tuesday last:
to
URGES FEDERAL CONTROL OF THE RATES OF
The several issues of New York City 4M% bonds, which advanced
days the
ELECTRIC RAILWAYS.
about 102 last month, are now offered at par. In the last few
this and
market for local municipals, as for municipals of high quality in
is reExecutives representing practically every important
adjoining States, has been soft with an abundance of offers. There
and New electric railway system in the United States met at the call
ported to have been considerable soiling for the account of local
England institutions.
in the Encon- of the American Electric Railway Association
The tax.nuestion surrounding municipal bonds has become a most
at least gineering Societies' Building, 29 West 39th Street, New
fused one. Opinion is quite strongly held that all future issues,
taxation,
for the period of the war, will be taxed. The retroactive factor of
on Aug. 22, to consider the action of the National
of York,
however, is in dispute. It seemed to be the sentiment of the Chairman
Board in increasing on an average of some 40%
Committee that the law and courts would not sustain War Labor
and Means
the Ways
AUG. 24 1918.]
THE CHRONICLE
769
of this character, and nothing
the wages paid to electric railway employees in connection could be more reprehensible than statementsRailroad Administration or to
could be more hurtful to the success of the
with the necessity of increased fares on electric railways. the welfare of railroad employees themselves. No doubt, those who have
The meeting was addressed by P. H. Gadsden, a member of made them have done so thoughtlessly in most instances, but the harm is
the Association's War Board, who presented a statement just as great if a thing of this sort is done thoughtlessly as if it is done
deliberately.
which indicated that unless relief was afforded in some
There are many people who for partisan or selfish purposes wish Governway, that the increase in wages awarded by Messrs. Taft ment operation of the railroads to be a failure. Every employee who is
discourteous to the public or makes excuses or statements of the kind I
and Walsh would bring the street railways to the verge of have described is helping these partisan or selfish interests to discredit
bankruptcy.
Government control of railroads.
Recently the wages of railroad employees were largely increased, involvStatistics presented showed that in 1916, the net income
an addition to railroad operating expenses of more than $475.000,000
of the 1,260 electric railways in the United States amounted ing annum. In order to meet this increase the public has been called upon
per
to about $70,000,000, with a gross income of $672,000,000. to pay largely increased passenger and freight rates. The people have
that
For 1917 the net income had decreased to 35,000,000 dol- accepted this new burden cheerfully and patriotically. The leastfaithevery employee can do in return is to serve the public courteously,
lars, and statistics of the 154 represented companies showed fully and efficiently.
A great responsibility and duty rest upon the railroad employees of the
a decrease in not income for the first three months of 1918
patriotism depends in
of 9438%. The awards of the National War Labor Board United States. Upon their loyalty, efficiency andthe Kaiser and all that
large part America's success and the overthrow of
if applied generally throughout the country would mean he represents. Let us not fail to measure up to our duty, and to the just
said Mr. Gadsden an increase of over $100,000,000 a year demand of the public that railroad service shall not only be efficient but
in the pay-rolls of the companies—sufficient to wipe out the that it shall always be courteously administered. G. McADOO,
W.
entire net income and to absorb over 50% of the money now
Director-General of Railroads.
paid for fixed charges. Ths meeting was addressed, among
UNIFORM PENSION PLAN UNDER CONSIDERATION
others, by:
BY RAILROAD ADMINISTRATION.
T. N. McCarter, President, Public Service Railway Company, of New
Jersey.
The advisability of establishing a uniform pension system
H. G. Bradles, President, Stone and Webster Management Corporafor superannuated railroad employees is being considered by
tion, operating electric railway properties all over the United States.
Frank W. Frueauff, Vice-President, Henry L. Doherty Company, New the Railroad Administration, and with a view to aiding it in
York.
reaching a conclusion, the railroads under Government conP. J. Kealy, President, Kansas City Railways Company, Kansas City,
trol have been instructed to furnish details of the system in
Mo.
Horace Lowry, President, Twin City Rapid Transit Company, Min- effect among their employees. Preliminary reports, it is
and St. Paul, Minn.
neapolis
stated, show a wide variety of pension provisions, some of
C. N. Clarke of the E. W. Clarke Company of Philadelphia.
C. L. S. Tingley, Vice-President, American Railways Company, Phila- which, because of the lack of system, work.injustice on the
delphia.
older employees. A circular calling for the desired informaM. C. Brush, President, Boston Elevated Railway Company, Boston.
tion has been issued as follows by the Administration's DiviP. F. Sullivan, President, Bay State Street Railway Co., Boston.
Charles L. Henry, President, Indianpolis & Cincinnati Traction Co.
sion of Pubilc Service and Accounting:
H. C. Abell, San Antonio, Texas, Public Service Company.
C. B. Wilcox, of the Bonbright Company, representing the Public Securities Committee of the Investment Bankers' Association.
J. D. Mortimer, President, Milwaukee Electric Railway and Light Co.
T. W. Wilson, President, Wilmington and Philadelphia Traction Co.
Rankin Johnson, President, Trenton and Mercer County Traction Co.,
Trenton, N. J.
L. J. Wolf of the Aurora, Elgin and Chicago Railway.
John J. Stanley, President of the Cleveland Railway
Company and of the American Electric Railway Association presided. The meeting approved of the action of the
War Board of the Association in its effort to secure Federal
control of electric railway rates. The War Board has made
this recommendation to the National War Labor Board,
which in turn has given its approval and has recommended
to the President that he take control of the electric railways
in so far as their rates are concerned. The meeting expressed the belief, that in the crisis which confronts electric
railways at this time Federal action must be had in order
not only to preserve the companies from financial failure
but to insure the continuance of service to the public.
RAILROAD EMPLOYEES ORDERED TO SHOW
COURTESY TO PUBLIC.
An order calling upon railroad employees to render not
only efficient but courteous service to the public has been
issued by Director-General of Railroads W. G. McAdoo.
In deprecating excuses offered by employees for their own
shortcomings that "Uncle Sam is running the railroads
now," or "these are McAdoo's orders," the Director-General
announces that "the public be damned" policy will in no
circumstances be tolerated on the railroads under Government control. The following is the order:
GENERAL ORDER NO. 40.
Washington, D. C., Aug. 18 1918.
Employees in the Railroad Service of the United States:
To AU
Complaints have reached me from time to time that employees are not
treating the public with as much consideration and courtesy under Government control of the railroads as under private control. I do not know how
much courtesy was accorded the puolic under private control, and I have
no basis, therefore, for accurate comparison. I hope, however, that the
reports of discourtesy under Government administration of the railroads
are incorrect, or that they aro at least confined to a relatively few cases.
Whatever may be the merits of these complaints, they draw attention to
a question which is of the utmost importance in the management of the
railroads.
For many years it was popularly believed that "the public be damned"
policy was the policy of the railroads under private control. Such a policy
is indefensible either under private control or Government control. It
would be particularly indefensible under public, control when railroad
employees are the direct servants of the public. "The public be damned"
policy will in no circumstances be tolerated on the railroads under Government control. Every employee of the railroad should take pride in serving the public courteously and efficiently. Courtesy costs nothing and
when it is dispensed it makes friends of the public and adds to the selfrespect of the employee.
My attention has also been called to the fact that employees have sometimes offered as an excuse for their own shortcomings, or as a justification
for delayed trains or other difficulties the statement that "Uncle Sam is
running the railroads now," or "These are McAdoo's orders," &c. Nothing
UNITED STATES RAILROAD ADMINISTRATION.
W. G. McAdoo, Director-General of Railroads.
DIVISION OF PUBLIC SERVICE AND ACCOUNTING.
Washington, D. C., Aug. 10 1918.
P. S. & A. CIRCULAR NO. 22.
The chief accounting officers of all carriers under Federal control are
requested to at once prepare and forward to the undersigned, not later
than September 15th, a statement giving a concise and brief outline of the
pension system or plan, if any,in effect Dec. 311917. If no regular system
or plan was in effect and payments were made in the nature of pensions,
outline the method of calculating such payments and the method of selection of the pensoiners. In addition to the foregoing, fully answer the
following questions:
1. Was the system or plan continued after Dec. 31 1917, and is it in
effect at the present time? If discontinued after Dec. 31 1917, advise
when and why discontinued.
2. Are the payments to pensioners being made on account of the DirectorGeneral and treated as part of operating expenses?
3. Has the rate of payment for pensions been increased or decreased since
Dec. 31 1917? If so, give particulars and authority therefor.
4. State the total amount of increases or decreases caused by changes in
in.rates of pensions paid from Jan. 1 to June 30 1918.
5. Does the corporation or do the employees contribute to the pension
fund, or to the payments that were made to pensioners subEequent to
Dec. 31? If so, to what extent and how wore these contributions made
and accounted for?
6. State the number of retired employees (not including officers) that
were being paid pensions in the month of December 1917.
7. State for each month separately for the period Jan. 1 to June 30 1918
the number of employees (not including officers) that were paid pensions
and the aggregate monthly amount paid, and the amount thereof that was
charged to operating expenses.
8. State the number of retired officers that were paid pensions in the
month of December 1917 and the aggregate amount of pensions paid.
9. State for each month separately for the period Jan. 1 to June 30 1918,
the number of retired officers that were paid pensions and the aggregate
monthly amount paid, and the amount thereof that was charged to operating expenses.
10. Submit a list of the names and designations of retired officers to whom
pensions have been paid during the peroid from Jan. 1 to June 30 1918, and
state the monthly amount of salary paid at the date of retirement and the
monthly rate of the pension paid at Juno 30 1918.
11. State for the month of December and separately for the months
January to June 1918, inclusive, the number of employees and officers, not
included in any of the foregoing answers, that are carried on the regular
pay-rolls, who perform little or no service or a different service than when
regularly employed, and who receive full or partial rates of compensation
formerly paid, but who, because of the absence of a pension plan, or because
of the belief that pension plans might be discontinued, are not carried on
the pension rolls.
12. State in reference to Question 11 separately, for each mouth, the
total amounts paid, and show the accounts charged therewith and the
amount distributed to each account, showing, in addition, the name of
each person so appearing on the pay-roll for the month of June 1918, and
the amount payable to such person for that month.
13. What portion, if any, of the amount charged to operating expenses
for pensions paid during the period Jan. 1 to June 30 is chargeable to the
C. A. PROUTY, Director.
corporation?
L. G. SCOTT ACTING TREASURER OF RAILROAD
ADMINISTRATION.
The United States Railroad Administration has announced
that, effective July 26, L. G. Scott was appointed Acting
Treasurer of the United States Railroad Administration,
vice A. D.'"McDonald (Vice-President and Controller of the
Southern Pacific Co.), Acting Treasurer, resigned.
770
THE CHRONICLE
[Vol,. 107.
PUBLIC REQUESTED TO REFRAIN FROM TRAVELING
UNNECESSARILY ON RAILROADS.
The duty to refrain from unnecessary traveling is described
by Director-General of Railroads McAdoo as among the
patriotic duties of the American public at this time. Mr.
McAdoo makes this observation in a statement to the public
issued on Aug. 20, in which he points out the demands upon
track and terminal facilities for the transportation of the
various requirements for military and naval operations,as
well as for the support of the civil population, and urges
that every man, woman and child who can avoid using
passenger trains at this time should do so. His statement
in full follows:
REVISION OF ORDER RELATING TO DUTIES OF
FEDERAL TREASURERS OF RAILROADS.
A change in the Railroad Administration's General Order
No. 37, dated July 19 1918, relating to the duties of Federal
Treasurers is announced by the Administration. The
changes are indicated in a new order (General Order 37-A)
which is identical with the original (published in our issue
of July 27, page 369) save for Section 4, which has been
made to read as follows, the new matter being shown in
italics:
(4) Federal Treasurers shall draw on the new accounts thus to be
Secondly, the increased demands upon track and terminal facilities for
the transportation of the tremendous amounts of coal, food supplies, raw
materials, and other things required for military and naval operations, as
well as for the support of the civil population of the country, force the
largest possible curtailment of passenger train service. The movement
of troops and war materials are, of course, of paramount importance and
must be given at all times the right of way.
It was hoped that the increase in passenger rates recently made would
have the wholesome effect of reducing unnecessary passenger traffic
throughout the country. The smaller the number of passengers who
travel, the greater the number of locomotives and cars and the larger
the amount of track and terminal facilities that will be freed for essential
troop and war material movements. Engineers, firemen and other skilled
laborers will also be released for service on troop and necessary freight
trains.
Among the many patriotic duties of the American public at this time is
the duty to refrain from traveling unnecessarily. Every man, woman and
child who can avoid using passenger trains at this time should do so. I
earnestly hope that they will do so. Not only will they liberate essential
transportation facilities which are necessary for war purposes, but they
will save money which they can Invest in Liberty bonds and thereby help
themselves as well as their country; and the fewer who travel, the more
ample the passenger train service will be.
I may add that consistently with the paramount demands of the war,
every possible effort is being made by the Railroad Administration to
supply the largest possible amount of comfortable and prompt passenger
train service.
The following announcement relative to the weekly cash
report of the Federal Treasurer was issued by Director-General McAdoo on Aug. 13:
opened and subject to their check only for (a) the payment of materials
and supplies purchased since Dec. 311917; and also of materials and supplies
purchased prior to Dec. 31 1917; (b) the payment of operating expenses
(including approved claims for personal injuries and loss and damage),
Complaints have reached me from time to time of overcrowded trains
and also equipment and joint facility rents, traffic balances, overcharges and
and unsatisfactory conditions prevailing in some sections of the country in
taxes (other than the war income tax and the excess profits tax) accrued
passenger-train service. I feel certain that there are grounds for some of
since Dec. 31 1917; arid also all items clearly applicable to the period prior
these complaints, but I am sure the public will be interested to know that
to Jan. 1 1918 commonly called "lap-overs," which are required to be set up
the reasons are twofold:
on the Federal books pursuant to Order No. 17; (c) the payment of such addiFirst, the great number of troops now being handled over the various
tion and betterment costs as may be approved by the Federal Manager
railroads between the homes and the cantonments, between the different
(or General Manager appointed in lieu of the Federal Manager).
cantonments and then to the seaboard, is making extraordinary demands
Federal Treasurers shall not draw on such accounts for any other purupon the passenger car and sleeping car equipment of the country. This
has caused a scarcity of day coaches and sleeping cars, which it is impos- poses except when expressly authorized to do so by the Director of the
Division of Finance and Purchases.
sible to remedy immediately.
Pursuant to the authority vested in me by the President of the United
States in his proclamation of July 22 1918, you are notified that during the
period of Federal control, and unless and until otherwise advised by me,
all telephone companies operating in the United States are directed:
1. To confine extensions and betterments to imperative and unavoidable
work to meet war requirements and the vital commercial needs of the country. All companies should at once adopt and enforce such rules and regulations as may be necessary and proper to accomplish this result because of
the difficulties, incident to war conditions, of securing adequate supplies,
labor and transportation.
2. To proceed as expeditiously as possible with the plans heretofore
Instituted for consolidating and unifying the telephone plants and properties. Plans for consolidating the plants and properties where consolidation
is manifestly desired by the public, whore it can be effected on fair terms
and in accordance with law, should be formulated as: soon as practicable
and submitted to this department.
3. Whenever two telephone systems are operating in the same area, the
managements concerned should co-operate in making extensions and betterments, in order that unification and the elimination of waste in money,
man power, and materials may be brought about as expeditiously as
possible, in an orderly way, and with due regard to the rights of the owners
of the properties and the convenience of the public.
4. This order is not intended to direct any action, course, or policy which
In the judgment of the owners of any property involved will result in damage
or injury to their business or property. In any case of contemplated action
hereunder, where in the judgment of the owners damage or injury may
result, the company in interest before acting will bring the matter to the
attention of the department, and await further instructions.
The following is Form T-5.
UNITED STATES RAILROAD ADMINISTRATION.
W. G. McAdoo, Director-General of Railroads.
(Name of Railroad.)
STATEMENT alt CASH RESOURCES AND REQUIREMENTS.
, 191
(Date end of week.)
(Cents omitted.)
Code.
0 tt4 ClOW.
TELEPHONE COMPANIES DIRECTED TO LIMIT EVTENSIONS, BUT TO UNIFY AND CONSOLIDATE.
An order to telephone companies directing them to confine
extensions and betterments to imperative and unavoidable
work to meet war requirements and the vital commercial
needs of the country, was issued as follows by PostmasterGeneral Burleson on Aug. 15:
SUPPLEMENT NO. 1 TO "GENERAL ORDER NO. 23."
Effective with the report for the week ending Aug. 17 1918, the following instructions shall govern the rendering of the Weekly Cash Report,
Form T-5.
(1) Where Federal Treasurers have been appointed their reports shall
include only transactions affecting the cash controlled by them, in accordance with the provisions of General Order No. 37. Reports as to
transactions affecting other (Corporate) cash will not be required.
(2) As and when Federal Treasurers are appointed they shall commence
to render the reports to include only transactions affecting the cash controlled by them, in accordance with the provisions of General Order No.
37' Reports as to transactions affecting other (Corporate) cash may then
be discontinued.
(3) Otherwise the reports shall continue to be made up as at present.
(4) These instructions also, of course, apply to all Acting Federal Treasurers, as well as to the Treasurers whose nominations have been confirmed.
A supply of revised forms will be sent you.
K
I
Amount.
Cash on hand and in banks (as defined in I. C.0. an,
count 708), including demand loans and deposits
(I. C. C. account 709), less amount of any outstanding chocks:
In New York
In Chicago
In St. Louis
In other cities and towns
Total Cash
Estimated amount of other cash receipts during remainder of current month
Estimated amount of cash receipts during month
subsequent to current month
Total Cash Resources
Unpaid vouchers outstanding, approved prior to
1st instant
Unpaid vouchers outstanding, approved subsequent to 1st instant
Unpaid pay-rolls or pay-roll checks
Other liabilities due and payable during current
month, estimated
Estimated amount of additional obligations due
and payable during month subsequent to current
month
Total Requirements
Excess of Resources over Requirements
Excess of Requirements over Resources
I hereby certify that the above statement is correct:
(Place and Date) 191
Manager.
Federal Treasurer.
INSTRUCTIONS.
' This statement shall be rendered as of the end of each week and shall be
mailed as quickly as possible thereafter to—
TREASURER,UNITED STATES RAILROAD ADMINISTRATION,
Inter-State Commerce Building, Washignton, D. C.
Particulars of any large or unusual items included in items "L" or "M'
should be given in memorandum and attached to statement. If requested
to relegraph statement, give name of company, form number and date of
statement, code, and amounts, and mail copy of telegram and statement
In confirmation.
FIELD MARSHAL YON EICHHORN, GERMAN COMMANDER IN UKRAINE, ASSASSINATED AT KIEV.
SALE OF LIQUOR ON TRAINS OR IN RAILROAD
Attention was again drawn to the serious situation which
PROHIBITED.
STATIONS
Director-General of Railroads McAdoo has issued the confronts Germany in both Russia and the Ukraine, by the
following order barring the sale of liquor on trains or in assassination at Kiev on July 30 of Field Marshal von
Eichhorn, the German commander in Ukraine, and Capt.
railroad stations:
von Dressler, his Adjutant. The assassin was a young
Washington, Aug. 12 1918.
Russian only 23 years old, who said after his arrest, that
GENERAL ORDER NO. 39.
The sale of liquors and intoxicants of every character in dining cars. he had been sent from Moscow for the purpose by a Comrestaurants, and railroad stations under Federal control shall be discon- munist Committee. The deed is generally attributed to
tinued immediately.
the Social Revolutionaries of the Left, the same faction that
W. G. McADOO,
engineered thelkilling, earlier in the month, of Count von
Director-General of Railroads.
AUG. 241918.]
THE CHRONICLE
771
Mirbach, the German Ambassador to Russia, and is taken tions under which we are prepared to make peace. Unless I am mistaken,
as evidence of the deepsoated resentment on the part of at we are pretty well in agreement upon them.
There must
least some of the Russian people against the domination of are not wagingbe no hugger-mugger peace. It must be a real peace. We
war for the sake of killing or of being killed, but for the sake
their country by the Germans.
of establishing a just and durable peace for the world
: You cannot make
Von Eichhorn, according to all accounts, had made him- peace unless it is both just and likely to endure.
We in this country, who have lost hundreds of thousands, have had
self particularly hated because of the harsh measures he millions maimed, and you in Canada, whose casualties
have amounted to
put into effect in carrying out the terms of the peace treaty scores of thousands, and Australia, who has also played her share in these
with the Ukraine. That treaty provided, among other things—we are not making these sacrifices in order to establish a fraud on
this earth, and anything loss than a real peace will be defrauding not
things, that Ukraine was to- furnish a largo amount of generation, but the next generation; it will be defrauding humanity. this
Germany has waged three wars, and each time she has added through
grain to the Central Powers, in return for which they were
those wars to her strength,
to receive money and much-needed manufactured goods. and each successive war sheto her power, to her guidance, to her influence,
has waged
her
As things turned out, there was no very largo surplus of the next. If she had had one check inevitably has encouraged thison to
you would not • have had
war.
grain in the country, and what there was the peasants, for If this war succeeds in adding one square yard to her territory, of adding one
cubit to her stature, of adding a single iota to her strength, it will simply
reasons of their own, did not seem willing to part with. Some raise their idea of militarism for which the world
is being sacrificed at the
reports say that the Germans had no manufactures avail- present moment.
The god of brute force must this time forever be broken and burnt in its
able with which to carry out their part of the bargain, and
insisted on paying for grain in paper promises to pay in own furnace.
the future. At any rate, there have been frequent stories
HONDURAS DECLARES WAR UPON GERMANY.
of friction, with open resistance on the part of the peasants
Secretary Lansing received formal notification on July 22
to the German soldiery sent to seize grain and other food- that the Republic of Honduras had declared war on
stuffs. There have been pretty circumstantial accounts Germany. It is reported in Washington dispatches
of large bodies of armed peasants marching on Kiev to re- that all German commercial houses in Honduras have been
dress their grievances.
closed and all German subjects are being interned under susIn April 1918 von Eichhorn was sent to the Ukraine by picion. Up to this time, it is said, German interests have
Germany for the purpose of supervising the establishment controlled the greater part of the import and export business
of a government for the new republic. Upon his arrival of Honduras. The Honduran Government will operate such
there, he placed the whole Republic under German martial enterprises as were formerly controlled by Germans. Honlaw and arrested members of the Ministry who, lie said, duras broke off diplomatic relations with Germany some time
were conspiring against the Central Powers. This was ago as a result of her submarine warfare. The text of the
followed by a request to Berlin from the Ukrainian Rada official decree reads as follows:
Francisco Bertrand,constitutional President of the Republic of Honduras.
that he be recalled, but he was retained in the Ukraine as
Considering
virtual dictator. He brought about the overthrow of the matic relationsthat the motives which originated the severing of the diploof this Republic with
Ukrainian Government in May and succeeded in placing in centuated, being characterized every the German Empire have become acday by greater gravity for the interauthority General Skoropadski, who thereafter operated national life of all the peoples:
Considering that continental solidarity imposes upon the States of Amervirtually under the orders of General von Eichhorn.
ica the duty to contribute according to the measure of its
When it was found that the peasants of the Ukraine had triumphi of the cause of civilization and of right, which, abilities toward the
with the Allied nasecreted their stores of grain, Gen. von Eichhorn put into tions, the United States of America defends, and consequently demands
definite attitude in the present conflict of the world:
operation strong measures, which amounted to the con- a Therefore, the Council of Ministers decrees:
fiscation of all stores of food held in the country. It has
Article 1. It is declared that there exists a state of war between the Rebeen reported that ruthless measures were adopted against public of Honduras and the Government of the German Empire.
Article 2. Account shall be rendered to the National Congress at its
peasants who organized to oppose the forcible looting of next sessions.
their possessions. Late in May he sent an urgent appeal to
Given in Tegucigalpa July 19 1918.
Berlin, asking that troops be sent him to meet the menace
The "Official Bulletin" of July 25 had the following to say
of an insurrection. It was announced later that a large in regard to the action of Honduras in declaring war upon
number of troops were hold subject to his call. Then fol- Germany:
Upon receipt of a note from the Minister from Honduras, officially inlowed a general strike of railroad men in the Ukraine, and
of his Government's
to the declarGon. von Eichhorn asked that engineers, firemen and forming the Department with Germany, the action in regard State has inarion of a state of war
Department of
laborers be sent to him so that the railroads could be kept structed the American Minister at Tegucigalpa to inform the Government
running. Gon. von Eichhorn was born on Feb. 13 1848 at of Honduras that it ig with deep satisfaction that the Government of the
United States learns
Honduras has
Breslau. He received his education at Breslau and in the existence of a state ofthat the Government ofand Germany. decreed the
war between Honduras
The Government of the United States considers this action against the
Military School at Berlin. He entered the army in 1866,
of civilization
being assigned to the artillery. During the period between common foedemocracy, a further proof that Honduras firmly espouses
and tenders its congratulations to its sister Repubthe cause of
1900 and 1914 he held commands at numerous places, lic upon the noble and high-minded position it has assumed in placing Itself on the side of the other free nations which are championing the cause of
notably at Saarbrucken and Frankfort.
humanity.
RIGHT OF BRITISH DOMINIONS TO PARTICIPATE IN
PEACE NEGOTIATIONS RECOGNIZED BY LLOYD
GEORGE.
Speaking at a dinner given recently to Canadian editors
visiting London, Premier Lloyd George expressed his opinion
that the Dominions of the British Empire have a right to
a voice in settling the terms of peace at the end of the war.
The Empire was committed to the war, the Premier said,
without consulting the Dominions, and at a time when there
was no opportunity for consultation. Henceforth, however,
the Dominions have a right to be consulted beforehand,
"and this is the change which has been effected by the war."
The British Premier's remarks were further quoted as follows:
This is a war in which we engaged tho Empire when we had no time to
consult the Dominions as to policy, and it is perfectly true that the policy
which we adopted, to protect small nations in Europe, was a policy embarked upon without any consultation with the Dominions. But you approved of it. Henceforth you have the right to be consulted as to the
policy beforehand, and this is the change which has been effected as a result
of the war.
The contributions which you have made to enforce these treaties have
given you the undeniable right to a voice in fashioning the policy which may
commit you, and for that reason an Imperial War Cabinet is a reality.
Another point in which you must have a voice is the settlement of the
conditions of peace. We have discussed war aims and the conditions under
which we are prepared to make peace at the War Cabinet.
We arrived at an agreement on the subject last year, with the representatives of the Dominions, and we shall reconsider the same problems in the
light of events which have occurred since—and we shall reconsider the whole
of these problems, I have no doubt, in the course of the next few weeks.
Canada and Australia and Now Zealand, yes, and Newfoundland—they
have all contributed their share of sacrifice and they are entitled to an equal
voice with the representatives of these islands—will determine the condi-
FORMER RUSSIAN CZAR EXECUTED BY ORDER 01?
MINOR SOVIET OFFICIAL.
Nicholas Romanoff, the former Czar of Russia, was executed on July 16, without any form of trial, by order of the
President of the Ural Regional Council. This announcement was contained in dispatches sent out by the official
Russian wireless from Moscow, on July 20, which further
stated that the execution had been ordered because of the discovery of a counter-revolutionary plot to wrest the ex-Emperor from the control of the Soviet authorities. The
former Empress and Alexis Romanoff, the young heir, have
been sent, it is asserted, to a place of security. Later dispatches, so far unconfirmed, stated that the young Grand
Duke had "died from exposure."
The wireless dispatch announcing the death of the former
Czar read as follows:
At the first session of the Central Executive Committee, elected by the
Fifth Congress of the Councils, a message was made public that had been redelved by direct wire from the Ural Regional Council concerning the shooting of the ex-Czar Nicholas Romanoff.
Recently Yekaterinburg, the capital of the Red Urals, was seriously
threatened by the approach of Czechoslovak bands and a counter-revolutionary conspiracy was discovered which had as its object the wresting of
the ex-Czar from the hands of the Council's authority. In view of this
fact, the President of the Ural Regional Council decided to shoot the exCzar and the decision was carried out on July 16.
The wife and son of Nicholas Romanoff have been sent to a place of security.
Documents concerning the conspiracy which was discovered have been
forwarded to Moscow by a special messenger. It had been recently decided to bring the ex-Czar before a tribunal to be tried for his crimes against
the people, and only later occurrences led to delay in adopting this course.
The Presidency of the Central Executive Committee, having discussed
the circumstances which compelled the Ural Regional Council to take its
decision to shoot Nichoals Romanoff, decided as follows:
772
THE •CHRONICLE
"The Russian Central Executive Committee, in the person of its President, accepts the decision of the Ural Regional Council as being regular."
The Central Executive Committee has now at its disposal extremely important documents concerning the affairs of Nicholas Romanoff—his diaries, which ho kapt almost up to his last days, the diaries of his wife and his
children, and his correspondence, among which are the letters of Gregory
Rasputin to the Romanoff family. These materials will be examined and
published in the near future.
.•
[VOL. 107.
cultural and financial men to Siberia to work westward,
organizing and aiding and giving help to the people. Organization of the commission and selection of men to head
it and its units has been somewhat delayed, but will go
ahead so that the Government will be ready to move at any
time the right opportunity presents itself
Further contingents of American troops have been landed
at Vladivostok, and large quantities of supplies and amunition, including heavy artillery, have been forwarded to the
Czecho-Slovak forces inland, but no important military
movements have been reported.
Colonel George H. Emerson and his party of American
railroad men and engineers, for whom grave fears were felt
because no tidings had been received from them for over
two months, are now co-operating with the Czecho-Slovak
troops near Irkutsk, according to a telegram recently received from Colonel Emerson. The party is engaged in
repairing bridges destroyed by the Bolshevist forces.
BOLSHEVIK GOVERNMENT HAS DECLARED WAR
ON UNITED STATES—ENTENTE COUNCILS TO
DIRECT ECONOMIC RELIEF IN RUSSIA.
Definite word was received by the State Department at
Washington on the 22d that the Bolshevik Government of
Russia on Aug. 2 had notified the American Vice-Consul at
Petrograd, Robert W. Imbrie, that a state of war existed
between Russia and the United States. The Vice-Consul
thereupon lowered the flag from over the consulate and
turned over the interests of the United States to a representative of the Norwegian Government. Official notification of the action taken by the Bolshevist regime did "RICE RIOTS" IN JAPAN—HOMES OF WEALTHY
not reach Secretary Lansing and the Washington GovernBURNED—GOVERNMENT SEIZES FOOD STORES.
ment until Thursday, when the State Department received
Rioting of a serious nature, directed principally against
a dispatch from Vice-Consul Rubric) filed on Aug. 2 and
and other foodstuffs, and accompanied
delayed twenty days in transmission. In it Mr. Imbrie the high cost of rice
by incendiarism and extreme violence, swept over the larger
stated that on that date he had been informed by the Bolthe week beginning Aug. 12, and reshevist Government that a "state of war" existed between cities of Japan during
sulted in numerous clashes with the military and police and
Governments.
the two
few deaths. The movement appears to have been
After lowering the American flag the Vice-Consul notified not a
entirely economic and social and to have had no political
all Americans to leave. He informed the State Departexcept as it was directed against the Japanese Minment that on Aug. 2 there were only twenty American citi- aspect
istry, which,it is said, is popularly regarded as beuraucratic.
zens in Petrograd. One of them was under arrest and
the prohibitive price of Japan's suba
another was in hiding. For ten days prior to Aug. 2, the From protest against
stitute for bread, however, an anti-wealth demonstration
Vice-Consul reported, Americans had been subjected to
The property of the rich especially was attacked.
persecution by the Bolsheviki. Their homes had been developed.
residences of a number of millionaires were burned to
without pretext, ransacked, and some of their prop- The
entered
the ground and immense damage was done to the property
erty destroyed.
of merchants dealing with the people, and in particular those
State Department officials, the press dispatches state, are
of excessive profiteering. Not a single instance of
inclined to the opinion that the report transmitted by Vice- suspected
anti-foreign manifestations was reported.
Consul Imbrie was coincident, or nearly so, with the visit
While the war has created millionaires and increased the
of Allied and American officials at Moscow to the Bolluxuries of the rich, it also, it is said, has increased the misery
shevist Foreign Office to demand an explanation of statepoor, because of insufficient wages being paid. Facments made by Premier Lenine before the Soviet when he of the
hands especially are stirred up by the ringleaders of
declared that a state of war existed between Russia and the tory
riots, which are the first of the kind to occur isnce
Allied Powers, and that the action taken by the Bolshevist the
Japan was open to Western civilization.
authorities at Petrograd was in consequence of Lenine's
Disorders broke out in Tokio on the night of Aug. 13.
declaration. Tchitcherin, the Bolshevist Foreign Minister
A crowd of 5,000, which was prevented from congregating
at Moscow, when called upon for an explanation of Lenine's
the park, marched to the Ginza, the great retail thoroughstatement, said it was not a declaration of war, but of "a in
fare of the city, where they stoned and damaged 200 stores
state of defense" that the Premier had made.
restaurants, raided rice depots and unsuccessfully atWhether the American in Petrograd will be able to escape and
tacked the Ministry of the Interior. Ninety arrests were
is considered doubtful, despite the recent agreement with
made and twenty policemen were injured. Troops were
the Finnish Government whereby Americans leaving Ruscalled out in nearly every important city in Japan. At
sia might have safe passage through Finland. Officials
Nagoya, noted for its manufactures of porcelains, a mob estiat Washington pointed out that the Finns would be unable
mated to aggregate 30,000 persons rioted. At several places
to protect Americans against German officials and soldiers
the soldiers fired on the disturbers. At Kobe the soldiers
who are now in control in Finland.
and police also were obliged to use sabres and bayonets
An official cablegram from Paris on Thursday announced
against the rioters. The disturbances at Kobe resulted in
that in order to co-ordinate the efforts of the Allies in Rusthe burning of a great rice warehouse and several factories
sia, it had been decided that two councils should be Created,
and houses and a large number of rice stores.
one at Archangel, which will include the Entente AmbasThe seriousness of the situation led to a special meeting of
sadors under the presidency of their senior member, Mr.
the Cabinet, which decided to appropriate $5,000,000 for
Francis, the American Ambassador; the other at Vladivopurchasing stores of rice for distribution among the people
stok, composed of the high commanders. Great Britain
at a moderate price. The Emperor, moved by the distress,
has designated Sir Charles Eliot to represent her at this
3,000,000 yen to the national rice fund. Several
council. Japan has chosen Mr. Matsuuaira. The French contributed
millionaires have contributed $100,000 each to purchase rice
Government is to send M. Regnault, former Ambassador
for the poor. The Mitsu and Iwaskifamilies each contributed
• to Tokio.
$500,000 to this fund. Street cars were utilized in Tokio
These councils, it is understood, will act as diplomatic
by soldiers to distribute rice in districts where suffering was
representatives in dealing with the independent Russian
reported.
Government in Siberia and on the Murmansk coast and
There is said to be abundant food in Japan, but the specupave the way for the great economic and industrial comlators got hold of the crop and the price is out of reach of the
missions organizing to aid in the rehabilitation of Russia.
poorer classes. Proof of the plenitude of rice is seen in the
They will relieve the military leaders operating from Vladifact that for a period of a year after the United States envostok and in the Archangel territory of all non-military
tered the war, 109,000 tons of rice was brought to this counwork. Their chief duty at first will be to aid in the re-estabtry in Japanese vessels as the result of an agreement requested
lishment of civil Government in regions now entirely disby the Japanese. An Imperial order issued on Aug. 16
of Bolshevism.
organized as a result
authorized the Government to requisition all stocks of rice.
The sending of an American economic mission to Siberia
Arrangements have also been made with China, according to
to assist in the rehabilitation of the civil life of the country
Peking dispatches, to raise the embargo on exports of rice
has in the meantime been postponed indifinitely. After
from that country to Japan.
talking over the entire situation with his official advisers,
A special dispatch from Washington on the 20th, discussing
Wilson, it is said, has decided to call off sending
President
the situation in Japan, said:
the commission pending further developments. The PresiProfiteering on a great scale is the cause of the unrest and rioting in
dent has not, however, it is stated, abandoned the idea of Japan, according to an explanation in official quarters here. Not only
sending a. large commission of business, commercial, agri- wholesalers and middlemen dealing In food products, and especially rice.
AUG. 24 1918.1
THE CHRONICLE
but even the Japanese farmers have been holding back their stores and demanding greatly inflated prices.
Now that the Japanese Government has seized these stores of rice preparatory to distributing them to the people at reasonable prices, it is believed
hero the popular discontent will be allayed.
There also has been some difficulty in the matter of transportation,
Japan sharing with the Allies In the need for sufficient ocean bottoms.
Consequently the procurement of rice from the usual sources in British
India and Siam has been obstructed.
REPORTS OF MODIFICATION IN MEXICAN OIL
DECREE.
Following the representations of the United States and
Great Britain against the Mexican oil decrees, it was re-'
ported in press dispatches from Washington on Aug. 17 that
a modification by President Carranza had apparently averted
a threatened crisis in the relations of Mexico with the Allies.
Later reports from Washington yesterday (Aug. 23) state,
however, that no amicable arrangement has yet been
reached between oil interests in this country and the Carranza Government of Mexico. On Aug. 3, page 471,
we alluded to reports of a modification on July 31 of the
oil decree of February last, the changes, it was_said, having
been agreed on at a Cabinet meeting in Mexico. City on
July 27, after negotiations had been carried on with Nelson
Rhoades Jr. and James R. Garfield Jr., representing foreign
interests. In referring to the action of the United States
and Great Britain joining in diplomatic representations
against the decrees, on the ground that the same amounted
virtually to confiscation, the press dispatches from Washington on Aug. 15 said:
The American and English oil companies have united in an agreement to
refuse to meet the terms of the decrees, which they contend would take
the properties from them, and have agreed among themselves to depend
upon their Governments for protection of their interests.
These two developments mark the progress of a situation in Mexico
which is generally regarded as growing in its possibilities of embarrassment
for the nations engaged in the war against Germany.
Representatives of the American oil companies, in support of their contention that Mexico's action is of advantage to Germany, quote Manager
Bailin of the Hamburg-American Line, who recently said publicly that
"after the war is over we are assured of extensive oil possessions overseas."
The Allies need this year 430,000,000 barrels of crude oil, for which they
depend entirely upon the United States. The United States can produce
not more than 315,000,000 barrels. The Mexican fields can supply 130,000,000 barrels. All the oil in Mexico is owned by American and British
companies.
Under the newest decree Mexico attempts to make oil the property of
the nation. Mexican petroleum then would become a nationally owned
contraband and as such might not be sold by a neutral country to a belligerent under international law. To endow petroleum with that charac,
ter and prei ent shipment of it to the Allies is said to be the purposes' of
German propaganda in Mexico.
With regard to reports of the modification of the decree,
Washington press disptaches of Aug. 17 had the following to
say:
It was learned to-day that on Aug. 12 Carranza in effect cancelled provisions of the decree of July 31 under which undeveloped oil lands might
be seized by the Mexican Government upon failure of their owners to make
declarations and submit to what they regarded as excessive taxation.
The decree of July 31 was an amendment of one issued last February,
which had given scrims concern to the officers of the British and American
navies because of its interference with the supplies of crude oil upon which
their battleships and destroyers were dependent.
In addition to representations through diplomatic channels from Washington and London, the American oil producers in Mexico appointed a
committee to confer with the Mexican Government to seek an equitable
adjustment of the points at issue. They were willing to pay any reasonable increase in the rate of tax on oil produced and exported, but feared
that the new decree would put them out of business and amount to virtual
confiscation of their properties.
The modification made now hardly will be wholly satisfactory, but it
was said to-day that it appeared to make concessions paving the way for
clearing up the situation between the Governments concerned.
•
773
diplomatic protests against the high contributions that the war has caused
him to decree in all his dominions, and which should weigh equally, not
only upon British subjects and subjects of conquered nations, or those
subjected in any form to his dominion, but upon foreigners alike.
In virtue of its freedom of fiscal legislation it is opportune to declare
that the Mexican Government does not recognize the right of any foreign
country to protest against acts of this nature coming from the right to
exercise interior sovereignty, and in consequence cannot accept the responsibility which it is pretended will be charged to her account as supposed
damages as a consequence of this legislation. Such a decision is founded
upon the equality which the Mexican Government desires should exist
between Mexicans and foreigners regarding contributions decreed in its
territory, because it is deemed that, conceding the preferences to which
all diplomatic intervention tends, such a decision is fair to Mexico in its
strictest terms.
The course to be taken by foreigners and nationals alike to free themselves from impositions which are deemed confiscatory consists in submitting the case before tribunals, which are always found ready to administer
justice, applying the law, which justly guarantees individuals against confiscation of property. Furthermore, it is generally admitted that diplomatic representation should be tne last recourse taken, and only when the
last resources have been exhausted.
If the provisions of the de3rea are openly against the laws and in violation of contracts previously made, according to the concept of his Britannic
Majesty, such could not rationally constitute an obstacle to the free development of Mexican property, and this development can demand, as has
happened, certain changes of legislation beneficial to the country. This
is evident when It is considered that the modern concept is that it is a
social function bound closely to the prosperity of the State.
The Mexican Government has a firm purpose in respect to foreign interests. It gives them guarantees facilitating their development and believes
that its program can only be realized through the laws and institutions of
the republic by applying dispositions equally.
Esteeming that it is the best guarantee it can impart, the Mexican
Government cannot see a way to accept the diplomatic protests from his
Britannic Majesty, which would have the effect of giving English citizens
unequal preference over Mexican nationals.
The reply, it is said, was signed by General Candido Aguilar, Minister of Foreign Affairs.
CARRANZA OPPONENTS DEFEATED IN MEXICAN
ELECTION.
Through press dispatches from Mexico City Aug. 4, it
was learned that complete returns from the Federal District
and scattering figures from the States indicated a virtually
complete sweep by the candidates of the National Liberal
Party for Senators and Deputies at the elections held July
28. These advices added:
The managers of the Constitutional Liberal Party, which gave the
strongest opposition, admit their defeat and the loss of a working majority
in the upper House of the National Legislature. The Constitutional Liberals were opponents of President Carranza at the last session. The candidates of the National Liberal Party made their campaign on the issue
of Government support.
Among the Senators elected from the Federal District was Rafael Martinez, editor of "El Democrata." Another editor, Rafael Alducin of
"El Excelsior," was elected to the lower House.
WARNING AGAINST INCREASING CAPITAL TO
EVADE GOVERNMENT TAXES.
A warning to corporations against accepting advice to
increase their capital in an effort to cover surplus and undivided profits to evade Government taxation, has been
issued by Commissioner of Internal Revenue Daniel C.
Roper. The Commissioner in his warning, made public
this week, says:
It has come to the attention of the Bureau of Internal Revenue that eor
porations in different parts of the country are being advised to increase thei
capital stock to cover surplus and undivided profits.
Corporations who act on advice of this kind in the belief that they can
thus place themselves in a more favorable position with respect to the excess
profits tax, will incur needless expense without securing any advantages
whatever in the matter of taxation.
It should be borne in mind that the present excess profits tax is based upon
the retarns from capital actually invested in the business, in the determination of which surplus and undivided profits are included. An increase
in capital stock to cover these items does not result in an increased invested
capital, and therefore will not change the status of the corporation with
respect to the excess profits tax. It is also pointed out that an increase in
the amount of capital stock outstanding to cover such items as good-will,
value of patents, trade-marks, copyrights, Sr.c., not previously capitalized,
must under the law be excluded in determining the invested capital of a
corporation under the excess profits tax law.
Corporations should not undertake any reorganization to increase their
capital stock to cover items already included in their assets without first
assuring themselves that they thoroughly understand the law and regulations pertaining to income and excess profits taxes. No special advantage
with respect to taxation should accrue to any business because of its form of
organization, whether individual, partnership or corporate. It is believed
that any inequities of this character that may have resulted from the operations of the present law will be fully guarded against in the revenue measure now before Congress.
According to telegraphic advices to the daily papers from
Mexico City Aug. 14, the Mexican Government in replying
to a protest from Great Britain against the provisions of the
oil decree of February, avers that it does not recognize the
right of any foreign Government to protest against decrees
of this nature. The British Government not only held the
decree to be confiscatory, but in violation of the rights of
English companies holding oil claims. The Mexican Government contended that by virtue of its sovereign rights the
Mexican Government is free to adopt such fiscal legislation
as is necessary. It suggests that recourse to the Courts
would be the proper method of determining whether the oil
land decree is unjust and confiscatory. T.he Mexican reply
as made public in the Mexico City adviccs of Aug. 14,follows:
Without judging the exactnes.s or inexactness of the qualifications of RULING BY INTERNAL REVENUE COMMISSIONER
ROPER REGARDING STAMP TAXES
established taxes, the Mexican Government can only express the surprise
caused by the note and protest of his Britannic Majesty, for in the capacity
ON STOCK TRANSFERS.
of an independent nation in the legitimate exercise of her sovereignty,
A comprehensive interpretation of the stamp taxes as
Mexico issued a decree against which the only recourse that Mexican laws
concede is when they judge onerous and confiscatory taxes decreed by they apply to certificates and transfers of stock was conpublic power,
The surprise of the Mexican Government is legitimate, as would be that tained in a communication which was rceeived on Aug. 19
of any other Government of a free country, including that of his Britannic by William H. Edwards, Internal Revenue Collector for
Majesty, if it found that acts of interior legislation such as the right of the Second or Wall Street District, from Daniel C. Roper,
imposing contributions were called into queStion by the diplomatic protests
of the countries or subjects affected by the imposition. The Mexican Commissioner of Internal Revenue. The communication
Government is sure that the Government of his Majesty would not permit said in part:
774
THE CHRONICLE
By Schedule A of Title VIII of the Act of Oct. 3 1917 stamp taxes are
imposed as follows:
3. Capital stock, issue—On each original issue, whether on organization
or reorganization, of certificates of stock by any association, company, or
corporation, on each $100 efface value or fraction thereof, 5 cents: Provided,
That where capital stock is issued without face value, the tax shall be 5
cents per share, unless the actual value is in excess of $100 per share, in
which case the tax shall be 5 cents on each $100 of actual value or fraction
thereof . . .
4. Capital stock, sales or transfers—On all sales, or agreements to sell,
or memoranda of sales or deliveries of, or transfers of legal title to shares or
certificates of stock in any association, company, or corporation, whether
made upon or shown by the books of the association, company, or corporation, or by any assignment in blank, or by any delivery, or by any paper
or agreement or memorandum or other evidence of transfer or sale, whether
entitling the holder in any manner to the benefit of such stock or not, on
each $100 of face value or fraction thereof, 2 cents, and where such shares
of stock are without par value, the tax shall be 2 cents on the transfer or
sale or agreement to sell on each share, unless the actual value thereof is
In excess of $100 per share, in which case the tax shall be 2 cents on each
$100 of actual value or fraction thereof. . . .
(1) The tax on the issue of capital stock attaches to the issue of certificates
of stock representing stock never before issued, no matter when authorized.
If a corporation issues preferred stock in place of common, or one kind of
preferred stock in place of another kind of preferred stock, or stock without
par value in place of stock with par value, the tax applies, even though the
total outstanding stock is not thereby increased. The tax applies to the
issue of certificates of shares in so-called Massachusetts trusts and other
unincorporated associations. The tax does not apply to the issue of voting
trust certificates representing stock certificates already issued, nor to the
mere issue of new certificates in place of old certificates for stock previously
outstanding.
(2). The tax on the transfer of capital stock attaches to sales or transfers
of stock, whether or not represented by certificates. It applies to the
transfer of stock to or from voting trustees or other trustees, to the transfer
of voting trust certificates, to the transfer of shares in so-called Massachusetts trusts and other unincorporated associations, to the transfer of the
right to receive a stock dividend already declared, and to the transfer of
the interest of a subscriber for stock, however such interest may be evidenced or conditioned upon further payments. The tax does not apply
to the transfer of "rights" to subscribe for stock, prior to exercises of the
right and actual subscription. It does not apply to the surrender of certificates in exchange for other certificates representing the same or new
stock, provided they are issued to the same holder, nor to the surrender of
stock certificates for retirement and redemption for cash. If, however,
the corporation buys some of its own stock stock and transfers it to itself,
whether or not it intends eventually to cancel it, the transfer to the corporation is subject to the tax. The test is whether the immediate transaction
'
results in the extinction of the stock of investing title to it in the corporation.
The following instances of the application of these principles are illustrative:
(3) The tax on the issue of capital stock attaches to the issue of preferred
and common stock, whether or not exchanged for old stock, upon a reorganization of a corporation under Section 24 of the New York Stock
Corporation Law for the purpose of issuing stock without par value, but the
tax on transfers of stock is inapplicable to the surrender of old stock in
exchange for new stock pursuant to such reorganization.
(4) The tax on the issue of capital stock attaches to the issue of stock of
either corporation in addition to its already existing stock upon a merger
or trust companies under Section 487-496 of the New York Banking Law
but the tax on transfers of stock does not attach to the exchange of stock
certificates of the merged corporation for stock certificates of the merging
corporation at the time and as part of the statutory merger, and neither
tax attaches to the substitution of now certificates for certificates representing old stock of the merging corporation. Where, however, as under
Section 15 of the New York Stock Corporation Law, providing for the
merger of ordinary corporations, the acquisition of the stock of the corporation to be merged is a condition precedent to the merger, then the transfer
of such stock to the merging corporation prior to the actual merger is
taxable
(5) The issue of stock by a consolidated corporation in exchange for the
stock of the consolidating corporations is a taxable original issue, but the
surrender of the stock of the consolidating corporations in exchange for
stock of the consolidated corporation is not a taxable transfer.
(6) The tax whether on issue or an transfer is measured, not by the
amount paid in on, or for, the stock, but the face or par value in the case
of shares having a face or par value, and by the actual value determined
by the market price or otherwise in the case of shares having no face or
par value but an actual value in excess of $100 a share.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
No bank or trust company stocks were sold this week
either at the Stock Exchange or at public auction.
Dwight W. Morrow of J. P. Morgan & Co., who returned
to the United States the latter part of Juno after an absence of
some months abroad, has again left for Europe. Mr. Morrow acts in an advisory capacity for the Allied Maritime
Transport Council.
I Vol- 107.
Shaw as general partner. The firm is now constituted as
follows: Oscar L. Gubelman, Rollin C. Newton, James F.
Shaw and Mrs. Mary Whitman Knauth, Knauth, Nachod
& Kuhne is one of the oldest private banking houses in New
York, having been established in 1852. They have correspondents all over the world and do a large international
banking business. They are also members of the New York
Stook Exchange and dealers in investment securities. Mr.
Shaw was actively engaged for some years in the construction and operation of street railways in New England, where
he was also active in commercial and banking circles. He
was President of the American Electric Railway Association
for two years and for three years represented the North
Shore District in the Massachusetts Senate. Mr. Shaw
has been associated with the firm for the past two years and
enjoys the confidence of some of the most prominent bankers in New York.
John G. Scattergood has been appointed Vice-President of
the Gotham National Bank of this city. Mr. Scattergood
had heretofore been an Assistant Cashier of the National
City Bank of this city.
At a meeting of the Board of Trustees of the New York
Trust Co. of this city on Aug.21,John A.Garver was elected
:
a trustee to fill a vacancy
A series of talks with the Secretarial Department of the
Equitable Trust Company of New York is being issued.
The first of these—"America—The Economic Link Between Three Continents" was made public Aug. 19. Succeeding talks will appear as follows: Sept. 2, "Necessity to
Acquaint Ourselves With Foreign Business Conditions,
Mentality and Customs;" Sept. 16—"Organizing Our
Shipping Resources for After-War Trade;" Sept. 30—
"Creation of Free Ports With Up-to-Date Harbor Facilities."
Benjamin M. Anderson, Jr., Assistant Professor of Economics, Harvard University, and a writer of national note
on the theoretical and practical financial subjects, has been
added to the service department of the National Bank of
Commerce in New York. This appointment is in keeping
with the bank's policy of rendering informative and advisory
service on the broadest possible business lines to its customers.
The service department prepares and makes available for
the bank's customers economic and commercial information.
Professor Anderson is the author of "Social Value," 1911,
and "The Value of Money," 1917. He is also the author of
numerous magazine articles on money, commerce and other
economic subjects.
Seward Prosser, President of the Bankers Trust Co.,
New York, announces that George B. Mallon has become a
member of the company's staff. Mr. Mallon was city editor
of "The Sun" for twelve years and for five years was associated with Erman J. Ridgway in editing the group of five
Butterick magazines and as Secretary and Treasurer of the
Ridgway Co., publishers of "Everybody's Magazine" and
"Adventure." He has been State Publicity Director for the
National War Savings Committee for Now Jersey and editor
of "War-Thrift," published in Newark twice a month to
help along the War Savings Campaign. Mr. Mallon is
President of Amherst Alumni Association of New York and
of the Sun Alumni Association.
Alverton H. Aseltine, who has been connected with the
Equitable Trust Co. for the past year, and previously for
fifteen years was one of the traveling representatives of this
paper, is now on the staff of the Chase National Bank of this
city. During the time Mr. Aseltine was with the "Chronicle" he made a very extensive acquaintance of bankers
throughout the. United States, Canada and Europe. He
has many friends in the banking fraternity, in this country
particularly, having represented the "Chronicle" at the
various bankers' conventions for many years.
While there were reports on Thursday that control of
the New York County National Bank of this city had passed
to new interests, it has not been possible to obtain any information in the matter in the absence from the city of
President Oscar H. Cooper. One report has it that the
controlling interest has been acquired by a group of financial
men headed by President Cooper, this report had it that the
syndicate had purchased the stock of the Francis L. Leland
estate, the Metropolitan Museum of Art and Liggett &
Drexel. It was added that Mr. Cooper would remain at
Percy W. Shepard, who was recently appointed Assistant
the head of the institu.tion. Another report is to the effect
Secretary of the Fulton Trust Company of this city, was
that controlling interest had been taken by the Goelet
for a number of years connected with the National Bank of
Estates and Vincent Astor.
Commerce, New York City, which institution he left to
Knauth,Nachod & Kuhne have announced the withdrawal become identified with .the Mount Vernon Trust Company,
of Wilhelm Knauth and the admission of Mr. James F. Mount Vernon, N. Y. Mr. Shepard has been with that
AUG. 24 1918.]
THE CHRONICLE
775
company for the past fifteen years, for the last six as Secretary and Treasurer. In connection with his official duties
of the company he was for one year Chairman of Group 6,
Now York State Bankers Association and now is Secretary
of the Trust Company Section of said association.
to succeed Mr. Merritt and in addition a new Assistant
Cashiership was created in the same institution and the
'position filled by B. C. Yancy,formerly an Assistant Cashier
of the Farmers' & Mechanics' Bank of Spokane, Wash.
C. L. Le Sourd, who has served in many departments of the
Dexter Horton Trust & Savings Bank since 1905 was elected
At a special meeting of the directors of the Schenectady Trust Officer and Assistant Cashier of that
institution..
Trust Co. of Schenectady, N. Y., July 22, Gerardus Smith
was elected Chairman of the Board and H. B. Boardman,
F. L. Kerns,for the past ten years Teller and Manager of
formerly Vice-President and Treasurer, was elevated to the the Collection
Department of the American Savings Bank
Presidency. Henry A. Allen Jr. was made Secretary and & Trust Co. of Seattle,
has been elected Assistant Cashier
Treasurer.
of the institution in recognition of his faithful and efficient
services. J. H. O'Neill, a former General Superintendent of
J. Frank Black has resigned as President of the Chester the Great Northern
Railroad at Seattle, but at present
National Bank of Chester,Pa., after serving in that capacity connected with the
Government Railroad Administration,
for 25 years. Mr. Black continues with the institution and-L. E. Meacham,of
the shipbuilding firm of Meacham &
as Chairman of the Board of Directors; he is succeeded as Bancock, have been added
to the directorate.
President by Richard Wetherill. Samuel H. Seeds, for 35
years Cashier of the bank, has been made Vice-President,
ENGLISH_FINANCIAL MARKETS
-PER CABLE.
and B. Hillyard Sweney has been made Cashier.
The daily closing quotations for securities, &c., at London,
At the annual convention of the Illinois Bankers' Asso- as reported by cable, have been as follows the past weeks:
London,
Aug. 10. Aug. 12. Aug. 13. Aug. 14. Aug. 15. Aug. 16
miation, to be held at Springfield Sept. 4, 5 and 6, W.P. G.
Week ending
Sat.
Mon.
Tues.
Harding, Governor of the Federal Reserve Board, will talk Silver, per oz Attu. 16. d. 48 13-16 48 13-16 48 13-16 Wed. Thurs. Frt.
48 13-16 48 13-1648 13-16
on some of the War Problems in Finance. Peter W. Goebel, Consols, 2% per cents
Holiday 57
57
57
57
57
"
94%
94%
94%
94%
former President of the American Bankers' Association, British, 5 per cents
94%
British, 434 per cents
" 100%
and President of the Commercial National Bank of Kansas French Rentes (in Paris)_ fr. Closed 61.90 100% 100% 100% 100%
61.95
61.95
City, Kans., will also address the convention. The title of French War Loan in
Paris)
Cr. "
87.65
87.65
87.85
his subject will be "Carry On" and it is pointed out that
The price of silver in New York on the same days has been:
that his message, coming from a citizen of foreign birth, is
of special interest. Jerome Thralls, Assistant Secretary of Silver in N. Y., per oz___cts. 99% 99% 99% 99% 99% 99%
London,
Aug. 17. Aug. 19. Aug. 20. Aug. 21. Aug. 22. Aug. 23
the American Trade Acceptance Council, and Secretary
Week ending Aug. 23.
Sat.
Mon.
Tues.
Wed. Thurs.
Frt.
of the National Bank and Clearing House sections of the Silver, per oz
d. 48 13-16 48 13-1648 13-18 49%
49%
49%
American Bankers' Association will speak on Trade Ac- Consols, 2% per cents
Holiday 57
56%
56%
56%
56%
British, 5 per cents
"
94%
94%
94%
94%
94%
ceptances. The program also contains the names of Judge British, 4% per cents
" 100%
100%
100%
100%
100%
Bon B. Lindsey, of Denver, Colo., head of the Juvenile French Rentes (in Paris)__fr. Closed 62.70 62.70 62.80 62.80
Court, who has just returned from the battle front; Orrin French War Loan (in
Paris)
Cr. "
87.75
87.75
87.75
87.75
N. Carter, Chief Justice of the Illinois Supreme Court and
The price of silver
on the
Chairman of the Campaign Committee on constitutional Silver In N. Y., per ozcts.in New York101% same days has been:
99%
101%
101%
101%
101%
convention; F. N. Shepherd, Manager of the Field Division
Chamber of Commerce; C. H. McNider, Presiof the U. S.
dent of the First National Bank of Mason City, Iowa, and CiDommerciali avoiggisceliantroasRem
J. C. Thompson, Vice-President of the American Institute
Breadstuffs figures brought from page 820.
-The
of Banking and Assistant Cashier of the Northwestern
statements below are prepared by us from figures collected by
National Bank of Minneapolis.
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
Herman S. Gottlieb has been elected Vice-President of the since Aug. 1 for each of the last three years have been:
West Side Trust & Savings Bank of Chicago. Mr. Gottlieb Receipts al- Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
was formerly Assistant Cashier of the Bank of the United
bbls.1961bs.bush.60 lbs.bush 56 lbs.bush 32 lbs. bush.481bs
.bush.561bs
.
City.
States of Now York
Chicago
133,000 7,377,000
660,000 5,173,000 386,000
152,000
Walter S. Eddy, for twenty-four years a director, and
eighteen years Vice-President, of the Second National Bank
of Saginaw, died on Aug. 4.
George W. Brown, Active Vice-President of the Guaranty
Bank & Trust Co. of Beaumont, Texas, has been elected
Vice-President of the Beaumont Chamber of Commerce
and will head the Agricultural Bureau of that organization.
Minneapolis
Duluth
Milwaukee___
Toledo
Detroit
Cleveland __
St. Louis_ _ _ _
Peoria
Kansas City_
Omaha
Indianapolis
Total wk.1918
Same wk.1917
Same wk.1916
Since Aug.11918
12,000
3,000
83,000
66.000
2,796,000
35,000
577,000
287,000
53,000
167,000
3,524,000
760.000
3,928,000
1,484,000
525,000
297,000 21,513,000
254,000 4.821,000
331,000 11,978,000
793,000 209,000
154,000
10,000
170,000 1,064,000
99,000
20,000
603,000
48,000
152,000
403,000
405,000
3,000
153,000
652,000
8,000
495,000
430,000 • 20,000
261,000
664,000
675,000
419,000
237,0001
618,000
I
3,276,000, 10,983,000
725,000
3,450,000' 7,651,000 927,'''
2,396,0001 12,640,000 1,152,000
I
140,000
27,000
23,000
3,000
5,000
1,000
351,000
260,000
196,000
I
834,000 58,006,000 10,139,000
24,632,000 1,740,000 1,047,000
At a recent annual meeting of the Security Savings Bank
1917
871,000 13,506,0001 9,895,000; 16,197,000 1,758,000 470,000
nnn Qe no. nnn, n
.
nnn qn int Ann
ana nnn
r.An nnn
of San Francisco, John F. Brooke, formerly Vice-President
Total receipts of flour and grain at the seaboard ports for
and Manager of the San Jose Safe Deposit Bank of San Jose,
Cal., was elected Vice-President and Director of the institu- the week ended Aug. 17 1918 follow:
tion,S. L. Abbot,former Vice-President having been elevated Receipts al- Flour.
Corn. 1
Oats.
Wheat.
Barley.
Rye.
to the Presidency. Mr.Brooke has already assumed his new
Barrels.
Bushels. 1 Bushels.
Bushels.
Bushels. Bushels.
duties.
New York _ _ _
84,000 1,303,000
154,000
134,000
60,00
3,000
MIR
Philadelphia _
Baltimore ___
0,7
g
26,000
22,000
g
g
806,000
1,528,000
941
go
6,000
25,000
g
g
112,00'
105,000
R
g
g
g
6,000
13,000
New Orleans*
59,000
68,000
45,000
61,000
N. H. Latimer, President of the Dexter Horton Na- Montreal_ ___
9,000
23,000
3,000 1,198,000
19,000
tional Bank of Seattle and W. II. Parsons, Vice-Presi- Boston
123,000
11,000
98,000
44,000
dent of the Dexter Horton Trust & Savings Bank (an Total week'18 323,00 3,826,000 244,000[ 1,711,000 79,000 22,000
affiliated institution of the former) on July 30 announced Since Jan.1'18 15,980,000 25,934,000 15,506,000 68,211,000 7.654,000 2,904,000
Week
the following changes in the personnels of their respective en...,. 1917... 12 288,000 i A 1,689,000 AI 326,000, 1,536,000 695,000 21,000
1,
17
all nnn
A an, nnn
Ok9 'Ina 0.1 n74 110011 R27 0001 R faRR MIA
institutions, following a meeting of the board of trustees of
Receipts do
include
each bank on that day: C. E. Burnside, for many years on*through bills not lading. grain passing through New Orleans for foreign ports
of
Cashier of the Dexter Horton National Bank ,was elected
The exports from the several seaboard ports for the week
Vice-President of that institution, retaining at the same time ending Aug. 17 are shown in the annexed statement:
the Vice-Presidency of the Dexter Horton Trust & Savings
Exparts from
Corn.
Wheat.
Flour.
Oats.
Rye. Barley, Peas.
Bank; H. L. Merritt, formerly Assistant Cashier of the
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels. Bushels.
Horton National Bank, was promoted to the Cashiership New York
387,213 188,298 76,993 422,918 14,860 145,837 32,496
to succeed Mr. Burnside; C. W. Karner, who has only lately Boston
93,671
Baltimore
447,200
452,452
been identified with the Dexter Horton National Bank, but Newport News_
57,000
who has served for the past seven years in the State Banking
Total week
834,413 188,298 76,993 1,026,039 14,860 145,837 32,496
1.639.034 358.190 190.159 1.844.152
Department of Washington, was elected an Assistant Cashier Week 1917
30.000
inn
[VOL. 107.
THE CHRONICLE
776
CHARTERS EXTENDED.
The National Union Bank of Rock Hill, S. C. Until close of business
Aug. 18 1938.
The First National Bank of Eldora, Iowa. Until close of business
1938.
Aug.
INCREASES OF CAPITAL APPROVED.
Amount.
to
The Citizens National Bank of Antlers, Okla., from
The destination of these exports for the week and since
July 1 1918 is as below:
Flour.
Exports for Week,
Since
Week
and Since
Aug. 17 July 1
July 1 to-
21
Corn.
Wheat.
Since
July 1
Week
Aug. 17
Since
July 1
Week
Aug. 17
Bushels. Bushels.
Bushels.
643,036
346,608 188,298
542,130
1,060,318
1,200
9,020
Bushels.
Barrels. Barrels.
211,692
137,197
United Kingdom.. 29,792
622,721
620,430
47,201
Continent
5,546
So. & Cent.Amer_
30,084
West Indies
Brit,No.Am.Cols.
7,882
Other Countries
$25,000
$15,000
$50,000 $100,000_ 50,000
$50,000 to
10,000
$75,000
$40,000
to
The Hugo National Bank, Hugo, Okla.,from
The Citizens National Bank of Orange, Va., from
$60,000
Total
1,840
-Among other securities, the following
Auction Sales.
not usually dealt in at the Stock Exchange were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
and corn for the week
The world's shipments of wheat
Stocks.
Stocks.
ending Aug. 17 1918 and since July 1 1918 and 1917 are Shares.Fact. Prod. Exp. Corp.$10,645 02 Shares.Northwest 011, $1 ea..56c. per eh.
100
100
shown in the following:
43% Amer. Spelter Corp'n_ _55,325 83 2,175 Internat. Petroleum, corn_ _1$500
188,298 1,197,226
358.190 3.433.220
834,413 1,406,926
801,139
853.119 1.639.034 12.919.811
76,993
190.159
Total
Total 1917
Exports.
Week
Aug. 17.
Since
July 1.
Since
July 1.a
1917.
1918.
1917.
1918.
48,104 Autom. Clerk, corn., $1 enk$3,450
2,300 Autom.Clerk, 2d pf.,$5 eaf
Corn.
Wheat.
Week
Aug. 17.
Since
July 1.
Since
July 1.a
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
267,000 2,932,000 7,002,000
North Amer* 3,580,000 19,493,000 50,539,000
Russia
Danube_
3,344,000 32,934,000 1,752,000 806,000 1,134,000 2,589,000
Argentina
760,000 5,460,000 10,638,000
Australia _ _ _
280,000 1,930,000 4,560,000
India
598,000
250,000
30,000
228,000
246,000
40,000
0th. countr's
Total ____ 8,004,000 60,063,000 67,717,000 1,103,000 4,316,000 10,189,000
-The Canadian Government has officially prohibited the
* North America.
issuance of both manifests and exports until after ten days. This is effective
during the continuance of the war. a Revised.
Tne quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Corn.
Wheal.
United
Kingdom. Continent.
Aug. 17 1918__
Aug. 10 1918_ _
Aug. 18 1917__
Aug. 19 1916_
Total.
United
1Kingdom. Continent.
Bushels.
Bushels.
Bushels.
Not avail able
Not avail able
Not avail able
Bushels.
Total.
Bushels.
Bushels.
21,361,000
47,672,000
2,200 Internat. Petroleum, pref_f.
By Messrs. R. L. Day & Co., Boston:
$ per sh.
Shares. Stocks.
200
1 National Union Bank
80
20 Athol(Mass.) National Bank
10 Central Trust, Cambridge__ 400
125-12534
45 Arlington Mills
138
5 Lincoln Manufacturing
25 Great Falls Manufacturing...._ _182
8034
1 Mass. Mills in Georgia
92
1 Hamilton Woolen
273
6 Bates Manufacturing
25 Manchester & Lawrence RR_ _10034
20 Sullivan Machinery_ __ _13634-13734
10 New Hampshire Fire Instil. _ _.20834
$ per sh.
Shares. Stocks.
10
274 Commercial Realty Trust
10
50 Harrison Bldg. Trust, pref
120 Merrimac Chem., $50 ea_ _99 34-9934
85
1 Boston Storage Warehouse_ _
13534
14 Sullivan Machinery
1334-1334
11-10 Sullivan Machinery.
148 Turners Falls P.& E. war$2 31-$2 70
2-3 Turners Falls P. & E. warr_76c.-860.
Bonds.
$7,000 Gila Copper Sulphide 68,
$2,907 for lot
1918
By Messrs. Millett, Roe & Hagen, Boston:
$ per sh.
$ per sh. Shares. Stocks.
Shares. Stocks.
13534
6 Sullivan Machinery
138
2 Lyman Mills
Per Cent.
Bonds.
140
4 Lincoln Manufacturing
Falls P.&E. warrants 70e $5,000 Quincy Mkt. Realty Trust
2-3 Turners
92
5s, 1964
100 Merrimac Chemical, $50 each. 9934
By Messrs. Barnes & Lofland, Philadelphia:
$ per sh.
Shares. Stocks.
5 Central Trust dr Say., $50 each. 80
8 Phila. Bourse, com., $50 each. _6-634
1 First Nat. Bank, Philadelphia_ _215
33034
10 Penn National Bank
53 Philadelphia National Bank_ _ _ .34034
49034
3 Fidelity Trust
40 Media Title & Trust, $25 each.. 55
100
10 United Security L. I. & T
3 Frank. & So'wark Pass. Ry__ _ _284
10 Philadelphia City Pass. Ry_ _ _ _115
$ per sh.
Shares. Stocks.
200
2 20 & 3d Streets Pass. Ry
__
50 H. K. Mulford, $50 each..._56-57
5 United Gas & Electric, let pref_ 40
35
5 Mutual Trust
Per cent.
Bonds.
$1,000 Crane Iron Works 1st Os,'39 9131
$1,000 Hestonv. Man.& Fair. Pass. 1
9
Ry. cons. 55, 1924
$1,000 Wildwood-Del. Bay Short
60
Line RR. 1st 5s, 1940
-The clearings for the week
Canadian Bank Clearings.
The visible supply of grain, comprising the stocks in
with the
granary at principal points of accumulation at lake and ending August 15 at Canadian cities,in comparison
same week in 1917, show an increase in the aggregate of
ports Aug. 17 1918 was as follows:
seaboard
9.3%.
GRAIN STOCKS.
United StatesNew York
Boston .
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Buffalo
Toledo
Detroit
Chicago
'
afloat
Milwaukee
Duluth
Minneapolis
St. Louis
Kansas City
Peoria
Indianapolis
Omaha
On Lakes
Wheat.
bush,
1,702,000
52,000
1,346,000
2,637,000
852,000
256,000
1,034,000
757,000
21,000
11,079,000
1,252,000
88,000
7,000
55,000
3,045,000
5,438,000
31,000
237,000
2,527,000
300,000
Oats.
Corn.
bush.
bush,
376.000 1,486,000
57,000
33,000
306,000
85,000
669,000
212,000
421,000
504,000
135,000
3,000
386,000
579,000
336,000
53,000
108,000
57,000
2,775,000 4,070,000
754,000
674,000
280,000
3,000
520,000
27,000
107,000
66,000
360,000
806,000
425,000
237,000
288,000
534,000
636,000
494,000
Rye.
bush.
2,000
1,000
5,000
29,000
Barley.
bush.
178,000
61,000
5,000
17,000
63,000
0,000
539,000
37,000
127,000
4,000
1,000
11,000
12,000
23,000
109,000
24,000
360,000
4,000
8,000
390,000
6,000
32,756,000 6,752,000 12,110,000 725,000 1,297,000
W.Total Aug. 17 1918
23,461,000 8,630,000 8,555,000 726,000 1,108,000
i: Total Aug. 10 1918
I Total Aug. 18 1917
4,843,000 2,644,000 6,236,000 522,000 2,134,000
50,996,000 4,589,000 15,530,000 429,000 1,857,000
Total Aug. 19 1916
-Bonded grain not included above: Oats, nil, against 1,449,000 bushels in
Note.
1917: and barley, 1,000 Duluth, against 574,000 in 1917.
Canadian
731,000
126,000 2,017,000
1,006,000
Montreal
3,500,000
39,000
Ft. William .4v Pt. Arthur.. _
1,564,000
2,258,000
Other Canadian
Total Aug. 17 1918
Total Aug. 10 1918
Total Aug. 18 1917
Total Aug. 19 1916
Summary
American
Canadian
Total Aug. 17 1918
Total Aug. 10 1918
Total Aug. 18 1917
Total Aug. 19 1916
3,303,000
2,327,000
4,026,000
18,701,000
126,000
109,000
8,000
957,000
7,081,000
8,032,000
10,644,000
12,290,000
32,753,000 6,752,000 12,110,000
126,000 7,081,000
3,303,000
30,059,000
25,788,000
8,819,000'
69,697,090
6,878,030
5,739,000
2,652,000
5,516,000
19,191,000
16,587,000
16,880,000
27,820,000
2,000
94,000
731,000
717,000
183,000
427,000
725,000 1,297,000
731,000
725,000
726,000
524,000
523,000
2,028,000
1,825,000
2,317,000
2,254,000
i
-The following information regarding
National Banks.
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS FOR CHARTER.
Capital.
For conversion of State banks:
The First National Bank of Barnwell, S. C. Conversion of the
$50,000
,..,1 Barnwell Banking Co
CHARTERS ISSUED.
Original organizations:
The Farmers & Merchants National Bank of Benton, Ark____
60,000
The First National Bank of Hastings, Pa
The First National Bank of Magna, Utah
The First National Bank of Ayoca, Minn. Succeeds the Avoca
State Bank
•
Conversion of State banks:
The First National Bank of Parshall, N. Dak. Conversion of
the First State Bank of Parshall
$25,000
25,000
25,000
25,000
Total
Week ending August 15.
Clearings al
$150,000
1918.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John
Calgary
London
Victoria
Edmonton
Regina
Brandon
Saskatoon
Moose Jaw
Lethbridge
Brantford
Fort William
New Westminster
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Total
•
1917.
tnc.or
Dec.
1916.
1915.
$
$ •
%
$
$
88,558,457 80,866,747 +9.5 69,935,063 52,232,179
61,214,719 53,742,774 +13.9 42,975,867 33,503,589
29,720,701 33,737,893 -11.9 44,622,032 14,719,492
12,110,289 8,452,399 +43.3 5,904,465 5,022,170
5,215,656 5,252,974 -0.7 4,480,683 3,368,780
4,515,884 3,445,202 +31.1 4,114,028 3,403,419
3,930,096 2,653,231 +48.1 2,273,801 2,187,763
4,710,953 5,137,699 --8.3 4,027,296 3,127,656
2,345,024 1,764,749 +32.9 1,836,202 1,499,315
+3.3 4,191,906 2,535,906
5,838,901 5,654,766
2,050,795 2,139,097 -4.2 1,858,357 1,750,666
2,283,041 1,647,861 +38.6 1,478,290 1,328,728
3,364,764 2,475,493 +35.9 4,055,099 1,720,073
3,032,456 2,499,066 +21.3 2,277,233 1,477,138
384,631
619,690
474,231 +19.6
567,701
780,406
1,660,121 1,577,607 +5.3 1,228,281
631,491
958,730
947,923 +28.9
1,221,155
324,271
670,009
972,185 -20.5
773,259
451,972
457,330
+6.7
775,501
827,033
414,699
612,037
577,639 +5.2
607,387
219,931
301,566
335,578 +65.6
555,879
192,245
352,190
483,711 -12.2
424,287
365,202
519,575
586,168 -6.0
551,347
582,079
626,940 +21.2
759,406
453,275
521,252 +0.2
522,522
237.361.824 217.248.686
+9.3 200.785.094 131.641.731
DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations.
Dividends announced this week are printed in italics.
Name of Company.
When
Per
Cent. Payable.
Railroads (Steam).
Alabama Great Southern, preferred.... $1.50 Aug. 28
134 Sept. 3
A tch.Top.&SantaFe.com.(qu.) (No.53)
Sept. 3
Baltimore & Ohio, preferred
Sept. 30
2
Bogon & Albany (guar.)
Oct. 1
Canadian Pacific, common (guar.)
Oct. 1
2
Preferred
75e. Sept. 4
Chestnut 11111 (guar.)
134 Aug 31
0. & Tex. Poe.. pref. (guar.)._
Ctn. N.
Cleveland & Pittsburgh, reg. guar.(qu.) 87;0 Sept. 2
50o Sept. 2
Special guaranteed (quar.)
Sept. 1
1
Cripple Creek Central, preferred (quar.)_ _
8734c. Sept. 10
Erie & Pittsburgh (guar.)
134 Sept. 3
Illinois Central (quar.)
131 Sept. 2
Maine Central, pref. (quar.)
- 131 Sept. 19
Norfolk dv Western, common (quar.).
Aug. 26
$1
(quar.)
North Pennsylvania
750. Aug. 31
Pennsylvania (quar.)
Phila. Germantown & Norristown (qu.). $1.25 Sept. 4
1 34 Aug. 31
Pittsburgh & West Virginia, pref. (qu)
Reading Company. 1st preferred (quar.) 500 Sept. 12
Pacific Co. (guar.) (No. 48).. 1% Oct. 1
Southern
2% Oct. 1
Union Pacific, common (quar.)
Oct. 1
2
Preferred
Books Closed.
Days Inclusive.
Holders of reo. July 20a
Holders of rec. Aug. 9a
Holders of reo. Aug. 10a
Holders of rec. Aug. 31a
Holders of reo. Aug. 31a
Holders of rec. Aug. 31
Aug. 21 to Sept. 3
Holders of reo. Aug. 24a
Holders of 'eo. Aug. 100
Holders of reo. Aug. 10a
Holders of rec. Aug. 15a
Holders of rec. Aug. 31a
Holders of roe. Aug. ba
Holders of rec. Aug. I6a
Holders of rec. Aug. 310
Aug. 15 to Aug. 19
Holders of reo. Aug. la
Aug. 21 to Sept. 3
Holders of rec. Aug. 154
Holders of reo. Aug. 270
Holders of rec. Aug. 31a
Holders of rec. Sept. 30
Holders of reo. Sept. 3a
THE CHRONICLE
AUG. 24 1918.1
When
Per
Cent. Payable.
Name of Company.
Books Closed.
Days Inclusive.
When
Per
Cent. Payable.
Name of Company.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Int. Harvester Corp.. pf. (qu.) (No. 22) 1% Sept. 2 Holders of rec. Aug. 10a
Int. Harvester of N. J., pf.(qu.) (No.46) 134 Sept. 2 Holders of rec. Aug. 10a
Sept. 3 Holders of rec. Aug. 15a
$1
International Nickel, corn. (guar.)
1% Sept. 1 Holders of rec. Aug. 26
Interstate Elec. Corp., pref. (guar.)
25c. Sept. 16 Holders of rec. Aug. 31a
(guar.) (No. 4).
Kerr Lake Mines, Ltd.
Sept. 3 Holders of rec. Aug. 21a
Kings Co. El. Lt. & Pow.(qu.)(No.71) 2
1
Sept. 1 Holders of rec. Aug. 20a
Kirschbaum (A. B.) Co., corn. (quar.)......
*15-4 Sept. 30 *Holders of rec. Sept. 10
Lackawanna Steel (guar.)
Lake of the Woods Mill'g, Ltd.,com.(qu) 2% Sept. 2 Holders of rec. Aug. 24
1% Sept. 2 Holders of rec. Aug. 24
Preferred (quar.)
15-4 Aug, 31 Holders of rec. Aug. 21
Lawton Monotype Machine (quar.)
Aug. 31 Holders of tee. July 31a
Lehigh Coal&NavigatIon (qu.)(No. 159) $1
Sept. 2 Holders of rec. Aug. 15a
corn. (quar.) 3
Liggett & Myers Tobacco,
Aug. 31 Holders of rec. Aug la
5
Lindsay Light, common (quar.)
1% Aug. 31 Holders of tee. Aug. la
Preferred (quar.)
*134 Oct. 1 *Holders of rec. Sept. 7
Mackay Companies, common (guar.)
Oct. 1 *Holders of rec. Sept. 7
*1
Preferred (guar.)
Sept. 2 Holders of rec. Aug. 23
3
Mahoning Investment
I
234 Sept. , Holders of rec. Aug. 15
Manati Sugar, common (guar.)
Sept. 3 Holders of rec. Aug. 19a
1
Manhattan Shirt, common (quar.)
1% Aug. 30 Holders of rec. Aug. 15a
May Department Stores, corn.(guar.) _ _
Banks.
2% Sept.30 Holders of rec. Sept. 4a
Mergenthaler Linotype (guar.)(No.91) _ _
Sept. 16 Holders of rec. .fuly 22
25
Battery Park National (special)..
Sept. 1 Holders of rec. Aug. 15
2
Michigan Sugar, common (guar.)
2% Sept. 1 Aug. 26 to Sept. 1
Chemical (bi-monthly)
2% Sept. 1 Hollers of rec. Aug. 15
Minnesota Sugar, common (guar.)
1)4 Sept. 1 Holders of rec. Aug. 15
Preferred (guar.)
Trust Companies.
13.4 Sept. 1 Hollers of rec. Aug. 17a
Moline Plow, 1st pref. (guar.)
1% Oct. 1 Sept. 15 to Oct. 1
Lawyers Title & Trust (quar.)
134 Oct. 1 Holders of rec. Sept. 14a
Montana Power, corn.(guar.)(No. 24)._ _
134 Oct. 1 Holders of rec. Sept. 14a
Preferred (guar.) (No. 24)
Miscellaneous.
75c Aug. 31 Holders of rec. Aug. 15a
Sept. 1 Holders of rec. Aug. 20a National Acme (guar.)
Acme Tea, first preferred (quar.)
194 Oct. 15 Holders of rec. Sept. 30
National Biscuit, corn. (quar.) (Na. 81)
1% Sept. 1 Holders of rec. Aug. 20
Acme White Lead & Color, pref. (quar.)
134 Aug. 31 Holders of rec. Aug. 170
Preferred (quar.) (No. 82)
$1.50 Sept. 14 Holders of rec. Aug. 30a
Ajax Rubber, Inc. (guar.)
(No. 17). 134 Sept. I Holders of rec. Aug. 21a
Nat. Cloak & Suit, pref. (qu.)
*31.50 Sept. 25 *Holders of rec. Sept. 11
Allouez Mining (guar.) (No. 13)
134 Aug. 30 Holders of rec. Aug. 10a
75c. Oct. 1 Holders of rec. Sept. Ma Nat. Enam. & Stamping, corn. (quar.).
pref.(quar)
American Bank Note,
dOct. I Holders of rec. Sept. d20
2
National Grocer, common (quar.)_
*1% Oct. '2 *Holders of rec. Sept. 14
American Beet Sugar, pref. (guar.) _ _
13.4 Sept. 30 Holders of rec. Sept. 13a
National Lead, common (quar.)
$2.50 Sept. 3 Holders of rec. Aug. 31a
American Coal
1% Sept. 14 Holders of rec. Aug. 23a
Preferred (guar.)
1
Sept. 3 Holders of rec. Aug. 15a
(quar.)_ _
American Cotton Oil, common
Oct. 2 Holders of rec. Sept. 9
1% Oct. 1 Holders of rec. Aug. 31a National Sugar Refining (guar.)
American Express (quar.)
Oct. 1 Holders of rec. Sept. 20a
3
2% Oct. 1 Holders of rec. Aug. ma National Surely (guar.)
American Hide & Leather, pref
134 Sept. 1 Holders of rec. Aug. 20
Oct. 1 Hollers of rec. Aug. 31a Nebraska Power, pref. (guar.)
12
Pret(extra, payable in Lib. La. bonds)
1% Aug. 28 Holders of rec. Aug. 17a
(No. 18). _
17 to
Oct. 15
Oct. 3 Sept.
New River Co., Pref. (quar.)
American Locomotive, common (quar.)Sept. 20 Holders of rec. Sept. 3a
5
Oct. 15
1% Oct. 21 Sept. 17 to
New York Air Brake (guar.)(No.63)__
Preferred (quar.)
Oct. 15 Holders of rec. Sept.21
4
Sept. 16 Holders of rec. Aug. 15a New York Transit (guar.)
g5
American Machine & Foundry
Sept. 20 'Holders of rec. Sept. 3a
1
Sept. 1 Holders of rec. Aug. 23a Niles-Bement
-Pond, corn.(qu.)(No. 65) 3
Amer. Power & Light, corn. (guar.)_-,- -16
3
Sept. 30 Sept. 22 to Sept. 30
North American Co. (guar.) (No. 58)- -- - .134 Oct. 1 *Holders of rec. Sept.21
-American Radiator, common (guar.)
194 Sept. 3 Holders of rec. Aug.
1% Sept. 16 Aug. 24 to Sept. 2
Ogilvie Flour Mills, preferred (quar.)_ _
Amer.Smelting & Refining, corn.(guar.) I% Sept. 3 Aug. 13 to
$1.25 Sept. 1 Holders of rec. Aug. 15a
Aug. 21
Ohio Cities Gas, corn. (quar.)
Preferred (quar.)
*$1.25 Sept. 30 *Holders of rec. Aug. 30
1% Oct. 2 Holders of rec. Sept. 3a Ohio Oil (guar.)
Amer. Sugar Refg., corn. ((5u.)(No. 108)
414.75 Sept. 30 *Holders of rec. Aug. 30
% Oct. 2 Holders of rec. Sept. 3a
Extra
Common (extra)
Oct. 2 Holders of rec. Sept. 3a Owens Bottle-Machine, common _(guar.)_ _ *75c. Oct. 1 *Holders of rec. Sept. 22
Preferred (quar.) (No. 107)
Oct. 1 *fielders of rec. Sept. 22
lept 2 Bolters of rev Aug. I a
34y ,
Common (pay. in 4)4% Lib. L. bonds) *m2
American Sumatra Tobacco. pref
Oct. 1 *Holders of rec. Sept. 22
Oct. 15 Holders of rec. Sept. 20
2
Preferred (guar.)
Amer. Teleph. & Telegraph (guar.)
1% Sept. 14 Sept. 7 to Sept. 15
Sept. 3 Holders of rec. Aug. 15a Pabst Brewing, preferred (guar.)
in scrip)_ g5
American Tobacco, corn. (paypreferred_
1% Sept. 1 Holders of rec. Aug. 5a
3 Aug. 25 to Sept. 2
Pacific Mall SS., preferred (guar.)
35. Sept.
American Window Glass Co.,
__ _
$2
Aug. 26 Holders of rec. July 20a Packard Motor Car, preferred (guar
13.4 Sept. 15 Hollers of rec. Aug. 30a
Anaconda Copper Mining (guar.)
Sept. 16 Holders of rec. Aug. 31
4
1% Aug. 31 Holders of rec. Aug. 12a Paton Manufacturing
Associated Dry Goods, lira pref. (au.) 1% Aug. 31 Hollers of rec. Aug. 12a
Sept. 16 Holders of rec. Aug. 31
2
Bonus
Second preferred (quar.)
5
Sep.d14 Holders of rec. Aug. 20,/ Pennsylvania Rubber (guar.)
*134 Sept. 20 *Holders of rec. Sept. 15
Atlantic Refining (quar.)
Sept. 10 Sept. 1 to Sept. 9
*134 Sept. 30 *Holders of rec, Sept. 15
2
Preferred (guar.)
Atlas Powder, common (guar.)
433.4c Sept. 14 Holders of rec. Aug. 20s
3
Sept. 10 Sept. 1 to Sept. 9
Philadelphia Electric (guar.)
Common (extra)
50e. Sept. 14 Holders of rec. Sept. 1
*1% Oct. 1 *Holders of rec. Sept. 12
Pittsburgh Brewing, common
Barrett Co., common (guar.)
*87 tic Aug. 31 *Holders of rec. Aug. 20
15 *Holders of rec. Sept. 26
*1% Oct.
Preferred (quar.)
Preferred (guar.)
1% Sept. 1 Holders of rec. Aug. 15a
2% Oct. 1 Holders of rec. Sept. 16a Pittsburgh Steel, pref. (quar.)
common (quay.)
Bethlehem Steel,
Sept. 5 Holders of rec. Aug. 15a
2% Oct. 1 Holders of rec. Sept. 16a Porto Rican-American Tobacco (quar.) g3
Class B common (guar.) (qu.)
Sept. 4 Holders of rec. Aug. 14a
Sept. 3 Holders of rec. Aug. 22a Pressed Steel Car, corn. (qu.) (No. 32) 2
Blackstone Val. Gas & El., coin.(guar.) _ _ - $1
1% Aug. 27 Holders of rec. Aug. 60
_ *1% Sept. 15 *Holders of rec. Sept. la
Preferred (quint.) (No. 78)
Milk, pref.
Borden's Condensed
Oct. 15 *Holders of rec. Oct. 1
*3
*1% Oct. 1 *Holders of rec. Sept. 20
(guar.)
Quaker Oats, common (guar.)
Brier Hill Steel, common
Oct. 15 *Holders of rec. Oct. 1
*1
*3% Oct. 1 *Holders of rec. Sept. 20
Common (special)
Common (extra)
*1% Oct. 1 *Holders of rec. Sept. 20
*154 Nov. 30 *Holders of rec. Nov. 15
Preferred (guar.)
Preferred (quar.)
10
49
Nue. 31
Holders et rue in mg
6
Sept. 30 [folders of coup. No. 68n Quaker Oats. prefer red (quar)
ordinary
British-American Tobacco,
lq Sept.30 Holders of rec. Sept. 16a
*2% Sept.
Railway Steel-Spring, common (guard_ _
Preferred
*1% Oct. 1 *Holders of rec. Sept. 14
13-4 Sept.20 Holders of rec. Sept. 7a
Preferred (guar.)
(guar.)
Brooklyn Union Gas
15-4 Nov. 1 Holders of rec. Oct. 16a
1% Sept. 1 Holders of rec. Aug. 20a Republic Iron & St., corn. (qu.) (No.8)_ _
Brown Shoe, Inc., common (quar.)
13.4 Oct. 1 Holders of rec. Sept. 18a
2
Sept. 14 Holders of rec. Aug. 24
Preferred (guar.) (No. 60)
Buckeye Pipe Line (quar.)
$3.09 Aug. 24 Holders of rec. Aug. Ma
*$2 Sept. 23 *Holders of rec. Sept. 16
Royal Dutch Co
Iftiming (guar.)
Calumet & Arizona
1% Sept. 15 Holders of rec. Aug. 31a
75e. Sept. 14 Holders of rec. Aug. 31a Savage Arms Corp., corn. (quar.)
Cambria Steel (quar.)
1% Sept. 15 Holders of rec. Aug. 31
75e. Sept. 14 Holders of rec. Aug. 31a
First preferred (quar.)
Extra
1% Sept. 15 Holders of rec. Aug. 31
1% Oct. 1 Holders of rec.Sept.d15a
(quar.) _
Second preferred (quar.)
Canada Steamship Lines, pref.
25c. Oct. 19 Holders of rec. Sept. 30a
3% Sept. 1 Holders of rec. Aug. 20
Shattuck-Arizona Copper (quar.)
Century Steel of America
25c. Oct. 19 Holders of rec. Sept. 30a
Aug. 31 Holders of rec. Aug. 23a
• Caplial distribution (quar.)
(quar.) (No. 11) $1
Cerro de Pasco Copper
Sept.30 *Holders of rec. Sept. 12
*5
25c. Aug. 31 Holders of rec. Aug. 23a South Penn 011 (quar.)
Extra
Sept. 3 Holders of rec. Aug. 15
5
3
Sept. 20 Holders of rec. Aug. 310 Southern Pipe Line (quar.)
Chesebrough Mfg. (quar.)
500. Sept. 20 Holders of rec. Aug. 310 Southwestern. Power & Lipid, pref. (guar.) 1% Sept. 3 Holders of rec. Aug. 26a
Extra
Aug. 31 Holders of rec. Aug. 210
5
Sept. 28 Sept. 13 to Sept. 28
is).
Standard Milling, corn. (guar.) (No. 7) 1
Citizens Gas of Indianapolis (No.
Aug. 31 Holders of rec. Aug. 210
1
2% Sept. 30 Sept. 22 to Sept. 30
Common (payable in common stock).
Cleveland-Akron Bag (guar.)
15-4 Aug. 31 Holders of rec. Aug. 21a
1% Sept. 16 Holders of rec. Aug. 31
Preferred (quar.) (No. 35)
Colorado Power, preferred (quar.) 22)
Sept. 16 Holders of rec. Aug. 15
39)_ _
25-4
(No.
*134 Sept. 3 *Holders of rec. Aug. 22a Standard Oil (Calif.) (quar.) (No.
Connecticut Power, pref. (qear.)
Sc. Sept. 14 Holders of rec. Aug. 31a
Extra (pay. in L. L. 45-4% bonds)... m2% Sept. 16 Holders of rec. Aug. 15
Consolidated Arizona Smelting
to
Sept. 2
3
Aug. 31 Aug. 6
1% Sept. 16 Holders of rec. Aug. 7a Standard 011 (Indiana) (guar.)
Consolidated Gas (guar.)
Sept. 2
to
3
Aug. 31 Aug. 6
Sept. 16 *Holders of rec. Aug. 26
*3
Extra
Continental Oil (quar.)
Sept. 14 Sept. 1 to Sept. 15
3
---- $1.50 Sept. 14 Holders of rec. Aug. 21a Standard Oil (Kansas) (guar.)
Copper Range Co. (quer.) (No. 47)
Sept. 14 Sept. 1 to Sept. 15
3
58%c. Sept. 1 *Holders of rec. Aug. 17
Extra
Cosden & Co., prof. (guar.)
Oct. 1 *Sept. 17 to Oct. 1
*3
75c. Sept. 14 Aug. 21 to Sept. 15
Standard Oil (Kentucky) (guar.)
Crescent Pipe Lino (quar.)
5
Sept. 16 Holders of rec. Aug. 20a
(miittily)
100 Sept. 10 Holders of rec. Aug. 31
Standard 011 of N. J. (guar.)
Cresson Cons. Gold Min.& Mill.
3
Sept. 16 Holders of rec. Aug. 230
1% Sept. 30 Holders of rec. Sept. lea Standard 011 of N. Y.(quar.)
Crucible Steel, pref. (qu.)(No.64)
Sept. 18
Oct. 1 Aug. 31 to
3
1% Oct. 1 Holders of rec. Sept. 14
Standard 011 (Ohio) (guar.)
(quar.)
Cuba Cane Sugar, pref.
Oct. 1 Aug. 31 to Sept. 18
1
2% Oct. 1 Holders of rec. Sept. 14a
(guar.) _
Extra
Cuban-American Sugar, common
194 Sept. 1 Holders of rec. Aug. 15a
1% Oct. 1 Holders of rec. Sept. 14a Steel Products, preferred (guar.)
Preferred (guar.)
Aug. 31 Holders of rec. Aug. 20a
*1)4 Sept. 16 *Hoidens of rec. Sept. 6
Studebaker Corporation, corn. (quar.).. 1
Cudahy Packing, common (guar.)
1% Sept. 2 Holders of rec. Aug. 150
194 Aug. 31 Holders of rec. Aug. 20a
Preferred (quar.)
Deere & Co., pref. (quar.)
Sept. 3 Holders of rec. Aug. 1
2
'2
Sept. 16 Holders of tee. Aug. 310 Swan & Finch (extra)
Diamond Match (quar.)
Oct. 1 Holders of rec. Aug. 31
2
) 3% Oct. 1 Holders of rec. Sept. 14a Swift & Co. (quar.)(No. 131)
Dominion Iron & Steel, Ltd.,pL(No.35
4
Oct. 1 Holders of rec. Sept. 21
(No.18) 1% Oct. 1 Holders of rec. Sept. 5a Thompson-Starrett Co., preferred
Dominion Steel Corp.,com•(TITI.)
Sc. Sept.30 Sept. 10 to Sept. 20
2% Oct. 15 Holders of rec. Oct. 1
Tonopah Extension Mining
Eastern Steel, coin. (guar.)
I% Sept. 16 Holders of rec. Sept. 2
194 Sept. 14 Holders of rec. Aug. 31
Bros., Ltd., preferred (guar.)
Tooke
First and second preferred (quar.)
254 Oct. 1 Holders of rec. Aug. 31a Underwood Typewriter,common (guar.) 154 Oct. 1 Holders of rec. Sept. 160
Eastman Kodak,common (quar.)
1)4 Oct. 1 Holders of rec. Sept. lea
Preferred (guar.)
254 Oct. 1 Holders of rec. Aug. 31a
Common (extra)
154 Sept. 16 Holders of rec. Sept. 6
Oct. 1 Holders of rec. Aug. 31(1
1%
Union Bag & Paper Corp.(guar.)
Preferred ((mar.)
23-4 Sept. 25 Holders of rec. Aug. 30a
$1
Sept. 10 holders of rec. Sept. 2
Tinton Tank Line
Horn Coal Corporation, common
Elk
134 Sept. 16 Holders of rec. Aug. 300
1% Sept. 1 Aug. 22 to Sept. 2
United Cigar Stores, pf. (qu.)(No. 24)_
_
Fairbanks, Morse &Co., pref. (guar.).
1% Sept. 15 Holders of rec. Aug. 26
UnitedDrug,2d preferred (quar.)(No.10) 134 Sept. 3 Holders of rec. Aug. 15a
Federal Mining & Smelt., pref. (quar.) _
13-4 Oct. 15 Holders of rec. Oct. ha
1)4 Sept. 16 Holders of rec. Sept.
United Paperboard, preferred (quint.)....
Sugar Refg., common (guar.)
Federal
39-4 Sept. 3 Holders of rec. Aug. 17a
U. S. Envelope, common and preferred.... _
is. Sept. 3 Holders of rec. Aug. 15
Federal Utilities, Inc., pref. (quar.)__.
*I% Sept. 30 *Holders of rec. Sept. 15
11.25 Sept. 20 *Holders of rec. Sept. 10
U. S. Gypsum, pref. (guar.)
Firestone Tire & Rubber, corn. (guar.)_ _ 4
4
Sept. 16 Holders of rec. Aug. 30
Sept. 20 *Holders of rec. Sept. 10
U. S. Industrial Alcohol, corn. (guar.)._
551
Common (special)
100. Sept. 3 Holders of rec. Aug. 16
150. Aug. 26 Holders of rec. Aug. Ou U. S. Steamship (bi-monthly)
First National Copper Co
5c. Sept. 3 Holders of rec. Aug. 16
1% Sept. 3 Holders of rec. Aug. 15a
Extra
Asphalt, pref. (guar.) (No. 45)_
3
General
Oct. 1 *Holders of rec. Sept. 17
(guar.)
S. Steel Corporation, corn. (quint.)... 134 Sept. 28 Aug. 31 to Sept.
General Chemical, preferred (quar.)_ _ _ *15-4 Sept. 3 Holders of rec. Aug. 210 U.
Sept. 28 Aug. 31 to Sept. 3
3
2
Common (extra)
General Chemical, common
August 6
134 Aug. 30
I% Sept. 3 Holders of tee. Aug. 24a
Preferred (quar.)
Inc., preferred (quar.)_ _
General Cigar,
730. Sept. 3 Holders of ITO. Aug. 15a Virginia-Carolina ChemicalGeneral Development (quar.)
Oct. 1 Holders of rec. Sept.16a
Oct. 15 *Holders of rec. Sept. 14
*2
Com.(extra pay'le in 454% L. L. bds) 12
General Electric (guar.)
10c. Sept. 10 Holders of rec. Sept. 1
$2
Aug. 31 Holders of rec. Aug. 1
Way/and Oil & Gas, corn. (guar.)
(guar.)
Gillette Safety Razor
I Hitler. cr re. Sept 16a
Tart
rto
Nov.30 holders of rec. Nov 1
Co., common
$2
Weyman-Bruton
Gillette Safety Razor (guar.)
Nov.30 Holders of rec. Nov. 1
$1
White (JO.) Co.,Inc., pf.(qu.) (No. 61) 134 Aug. 31 Holders of rec. Aug. 15
Extra
*15-4e Sept. 10 *Holders of rec. Aug. 21
White (J.G.)Eng.Corp., pf.(qu.) No. 22) 1% Aug. 31 Holders of rec. Aug. 15
Globe OR (monthly)
Nov. 15 Holders of rec. Nov. 5(1 White J.G.)Mgmt.Corp.,pf.(qu.)(No.22) 1% Aug. 31 Holders of rec. Aug. 15
1
Goodrich (B. F.) Co., common (quar.)_
Sept.30 Holders of rec. Sept. 16a
$1
1% Oct. 1 Holders of rec. Sept. 200 White Motor (guar.)
Preferred (quar.)
Aug. 31 Aug. 24 to Sept. 1
*3
Sept. 1 Aug. 21 to
3
Aug. 31
Wilmington Gas Co., preferred
Goodyear Tire & Rubber, corn. (quar.)
*134 Sept. 1 *Holders of rec. Aug. 19
(guar.)
2
Aug. 26 Holders of rec. Aug. 9a IVoods Mfg., Ltd., common
Greene Cananea Copper (quar.)
Sept. 1 Holders of rec. Aug. 10a
Woolworth(F.W.)Co.,com.(qu.)(No.2 5) 2
*254 Oct. 1 *Holders of rec. Sept. 16
Gulf States Steel, common (guar.)
1% Sept. 2 Holders of rec. Aug. 20a Woolworth (F. W.) Co., pref. (quar.) _ _ *1% Oct. 1 *Holders of rec. Sept. 10
Harbison-Walker Refract., corn. (guar.)
254 Oct. 1 Holders of rec. Sept. 23
Yale & Towne Mg,(quar.) (NO. 97)-134 Oct. 19 Holders of rec. Oct. Pa
Preferred (guar.)
Aug. 31 Holders of rec. Aug. 20a
Hart, Schaffner & Marx, Inc., com.(qu.) 1
1% Sept. 3 Holders of ree. Aug. 20a
Hartman Corporation (quar.)
Holders of rec. Aug. 20a
50c
* From unofficial sources. a Transfer books not closed for this dividend. b Less
Homestake Mining (monthly)(No. 528) *3A Aug. 26
in common
British income tax. (1 Correction. e Payable in stock. f Payable t
Imperial Tobacco
Payable in
*Holders of rec. Aug. 30
stock. g Payable in scrip. h On account of accumulated dividends. Liberty Loan
Independent Brewing, common (quar.)- *500. Sept. 14 *Holders of
rec. Aug. 21
.8754c Aug. 31
bonds. 1 Red Cross dividend. m Payable in If. S.
Liberty Loan
Preferred (guar.)
of rec. Aug. 10a 434% bonds. n Transfers received in London on or before Sept. 7 will be in time
Sept. 3 Holders
2
Inland Steel (guar.)
Specialists in the stock have
Aug. 31 Holders of rec. Aug. 22
$1
to be passed for payment of dividend to transferees.
Int. Cotton Mills, common (quar.)_
1% Aug. 31 Holders of rec. Aug. 22
agreed that it shall sell ex-dividend in this city Aug. 26.
Preferred (quar.)
Street & Electric Railways.
of rec. Aug. 15a
Cent. Ark. Ity. & Lt., pf. ((pi.) (No. 22) 1% Aug. 31 Holders
% Sept. 1 Holders of rec. Aug. 15a
Cities Service, COM. & pref. (monthly)_
of
Common (payable in common stock). f% Sept. 1 Holders of rec. Aug. 15a
rec. Sept. 14
% Oct. 1 Holders
Cities Service Co., corn. & pref. (monthly) _
fx Oct. 1 Holders of rec. Sept. 14
Common (payable in common stock) _ _ _
Sept. 1 Holders of rec. Aug. 16.1
2
Detroit United ay. (quar.)
of rec.
Eastern Wisconsin Elec. Co., pref. (guar.) 1% Sept. 2 Holders of rec. Aug. 21
Aug. 20
_ 51% Sept. 3 *Holders
Northern Ohio Elec. Corp., pref. (guar
Sept. 3 Holders of rec. Aug. 19a
Northern Tex. Elec., corn. (qu.) (No.36) 2
3
Sept. 3 Holders of rec. Aug. 19a
Preferred (No. 26)
$1.25 Sept. 1 Holders of rec. Aug. 10a
Philadelphia Co., 5% pref
1% Sept. 3 Holders of rec. Aug. 26a
_
Rochester By. d.7 Light, preferred (guar
1% 'Sept. 3 Holders of rec. Aug. 26a
Preferred B (guar.)
1% Sept. 14 Holders of rec. Aug. 31
San Joagul a Light & Power, pref. (qu.) _Sept. 1
3
!Sept. 1 Aug. 20 to
Haute Traction & Light, pref
Terre
1% ;Sept.15 Holders of rec. Sept. 1
West Penn Rys., pref. (qu.)(No. 5)_ _
1% :Sept. 15 Holders of ree. Sept. 1
West Penn Tr.& W.P., pt.(qu.)(No. 15)
ISept. 2 [Iolders of rec. Aug. 21
Wisconsin-Minn. Lt. (fe P., pref. (guar.)_
.)_
.)_
13
134
13
*194
.)_
778
THE CHRONICLE
[Vol,. 107.
/ Member Banks of the Federal Reserve System.
-:-Following is the weekly statement issued by the Federal Reserve
Board giving the principal items of the resources and liabilities of the Member Banks
and dated Aug. 17. Because of the
large number of banks for which returns are furnished the statement is not issued
until a week later than that for Federal
Reserve banks of the same date. Definitions of the different items contained in
the statement were given in the weekly
statement issued under date of Dec. 14 1917 and which was published in the "Chronicl
e" of Dec. 29 1917, page 2523.
STATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMS OF MEMBER
AND OTHER SELECTED CITIES AS AT CLOSE OF BUSINESSBANKS LOCATED IN CENTRAL RESERVE
AUGUST 9 1918.
Largo increases in the holdings of Treasury certificates
showing condition on Aug. 9 1918 of 722 member banks in and further gains in Government deposits are indicated in the Board's weekly statement
Total U. S. securities on hand increased 203.6 millions, leading cities.
U. S. obligations, namely Liberty bonds. For the central the larger increase in certificate holdings being slightly offset by decreases shown for other
reserve city
Treasury certificates are shown. Total loans secured by U. S. war banks increases of 113.5 millions in total U. S. securities and of 117.8 millions in
obligations fell off 31.5 millions, largely at central reserve
loans and investments declined 54.6 millions, notwithstand
city banks. Other
reserve cities. For all reporting banks the ratio of U. S. ing an increase of 46.6 millions shown under this head by the banks at the three central
for the central reserve cities this ratio went up from 16.2war obligations and loans secured by such obligations shows a rise from 14.6 to 15.8%, while
to 17.2%.
The week witnessed an increase of 148.4 millions in Government
deposits at the central reserve city banks, as against an increase
at all reporting banks. Aggregate net demand deposits declined
of 126.7 millions
21.6 millions, while total time deposits increased 22.8 millions.
city banks decreases of 16.4 millions in net demand deposits
For the central reserve
and of 3.3 millions in time deposits are noted. Total reserves
cash in vault about 2.3 millions.
fell off 8.6 millions, and
For all reporting banks the ratio of investments to
larger decline from 115 to 114.7% is seen. The ratio deposits shows a decline from 124.9 to 124.7% while for the central reserve city banks a slightly
,
from 15.6 to 15.1% for the central reserve city banks. of aggregate reserve and cash to deposits declined from 14.6 to 14.4% for all reporting banks and
Total excess reserves show a further decline from 90.7 to 74.2
city banks this item shows a decrease from 64.9 to 52.6
millions. For the central reserve
millions.
1. Data for all reporting banks In each district.
Member Banks.
Boston.
Two ciphers (00) omitted
New York. PhiladeI. Cleveland. Richra'd. Atlanta.
Chicago. St. Louis. Minnectp. Kan. City Dallas. San Fran.
Total.
42
102
49
85
73
44
95
32
35
73
42
50
722
$
$
$
$
$
$
$
$
73
$
U.S. bonds to secure circulat'n 14,351,0
$
$
$
51,247,0 12,770,0 40,350,0 24,660,0 15,465,0
18,507,0 16,995,0 6,469,0 13,901,0 17,644,0 33,905,0
Other U. S. bonds, including
266,264,0
Liberty bonds
13,720,0 239,867,0 26,112,0 54,719,0 28,113,0 24,080,0
79,319,0
U. S. certifs. of indebtedness
553,510,0
67,294,0 516,120,0 50,551,0 74,036,0 23,858,0 27,538,0 110,204,0 20,134,0 11,397,0 16,963,0 15,650,0 23,436,0
Total U. S. securities
95,365,0 807,234,0 89,433,0 169,105,0 76,631,0 67,083,0 208,030,0 29,255,0 18,512,0 31,686,0 13,800,0 50,910,0 1,013,764,0
66,384,0 36,378,0 62,550,0 47,094,0 108,251,0 1,833,538,0
Loans sec. by U.S. bonds, &c. 42,654,0 225,342,0 43,732,0 37,311,0
18,444,0 4,800,0
58,707,0 13,616,0 7,349,0 4,581,0 5,291,0 8,180,0
All other loans & investments_ 791,068,0 4,441,781,0 602,695,0
470,007,0
Reserve with Fed. Res. Bank_ 63,289,0 593,661,0 54,294,0 977,703,0 347,050,0 275,063,0 1,437,514,0 382,095,0 161,447,0 475,459,0 168,547,0 517,535,0 10,577,957,0
79,759,0 28,146,0 24,598,0
Cash in vault
26,005,0 123,107,0 18,627,0 27,996,0 15,355,0 15,205,0 137,133,0 36,814,0 17,338,0 44,008,0 14,344,0 44,103,0 1,137,577,C
54,526,0 11,564,0 8,503,0 14,709,0 10,216,0 19,393,0
Net demand deposits
657,434,0 4,257,384,0 558,704,0 670,972,0 275,569,0 191,953,0
345,206,C
Time deposits
98,330,0 273,035,0 14,071,0 268,031,0 47,983,0 83,081,0 1,015,965,0 263,612,0 166,135,0 369,957,0 133,238,0 374,494,0 8,935,412,0
Government deposits
66,129,0 618,441,0 43,579,0 57,841,0 14,649,0 16,926,0 359,112,0 75,520,0 45,345,0 64,935,0 25,844,0,113,269,0 1,466,556,0
64,612,0 25,995,0 17,244,0 24,155,0 9,178,0 4,214,0
962,063,0
Number of reporting banks__
3. Data for banks In each Central Reserve city, banks in all
other Reserve cities and other reporting banks.
New York.
Two ciphers (00) omitted.
Aug. 9.
Number of reporting banks_ __
60
$
36,903,0
Aug. 2.
69
$
37,341,0
Chicago. St. Louis. Total Central Res. Cities.
Other Reserve Cities.
Aug.9.
Aug. 9.
40
$
1,268,0
Aug.9.
14
$
0,970,0
Aug. 9.
123
Aug. 2.
123
437
Aug. 2.
438
Cowury Banks.
Aug.9.
Aug.2.
162
162
Total.
Aug. 9.
Aug. 2.
722
723
$
$
$
$
U.S. bonds to secure circulat'n
$
IS
$
$
48,141,0
48,580,0 169,618,0 171,548,0 48,505,0 48,504,0 266,264,0
Other U. S. bonds, including
268,632,0
Liberty bonds
214,101,0 220,159,0 46,801,0 13,898,0 274,800,0 278,669,0
U.S. certifs. of indebtedness
566,872,0
493,243,0 380,626,0 58,874,0 21,685,0 573,802,0 455,997,0 228,244,0 235,924,0 50,466,0 52,279,0 553,510,0
378,895,0 291,371,0 61,067,0 47,035,0 1,013,764,0
Total U. S. securities
794,403,0
744,247,0 638,126,0 106,943,0
Loans see. by U. S. bonds, &c.. 202,078,0 218,265,0 42,377,0 45,553,0 896,743,0 783,246,0 776,757,0 698,843,0 160,038,0 147,818,0 1,833,538,0 1,629,907,0
10,693,0 255,148,0 282,640,0 185,500,0 190,067,0 29,359,0
All other loans & investments_ 4,087,181,0 4,062,717,0
28,759,0 470,007,0
501,466,0
Reserve with Fed. Res. Bank_ 567,640,0 583,585,0 885,208,0 279,174,0 5,251,563,0 5,204,954,0 4,497,458,0 4,610,010,0 828,936,0 817,611,0 105779570 10,632,575,0
95,756,0 30,181,0 693,577,0 708,181,0 391,346,0 394,826,0 52,654,0
Cash in vault
53,122,0 1,137,577,0 1,146,129,0
110,332,0 106,075,0 32,830,0 5,759,0 148,921,0 144,664,0 160,326,0
166,820,0 35,959,0 35,988,0 345,206,0
Net demand deposits
347,472,0
3,962,252,0 3,982,499,0 683,745,0 190,160,0 4,836,157,0 4,852,567,0 3,456,309,0
3,465,357,0 642,946,0 639,055,0 8,935,412,0 8,956,979,0
Time deposits
224,180,0 218,270,0 132,884.0 53,673,0 410,717,0 414,056,0
Government deposits
586,379,0 450,375,0 44,595,0 20,556,0 651,530,0 503,110,0 865,776,0 841,679,0 190,063,0 180,020,0 1,466,556,0 1,443,754,0
262,242,0 289,071,0 49,191,0 44,076,0 962,963,0
Ratio of combined reserve and
836,257,0
cash to total net deposits_
14.7
15.4
16.9
16.1
15.1
15.6
13.9
14.0
14.4
14.6
The Federal Reserve Banks.
-Following is the weekly statement issued by the Federal
Reserve
Board on Aug. 17:
Liquidation in some volume of discounted bills accompanied by
serve Board's weekly bank statement issued as at close of business onlarger reductions in Government and net deposits is indicated in the Federal "Rebanks' reserve position shows an improvement from 57.9 to 58.5%. Aug. 16 1918. Notwithstanding the considerable gain in note circulation, the
INVESTMENTS.
-Discounts on hand fell off 47.1 million dollars
752.3 millions, as against 761.6 millions the week before, is represented largely at the Boston and Chicago banks. Of the total commercial paper held,
war obligations. Holdings of acceptances show an aggergate increase of by war paper, I. e., member banks' notes and customers' paper secured by U. S.
3.7 millions, Boston, Cleveland and Chicago reporting the largest gains for the
week. An increase of 151.1 millions in U. S. Government short-term securities
is
by the New York bank for which a Treasury certificate of like amount was given.duo mainly to a temporary advance to the Government of 15 millions
U. S. bonds on hand indicate net liquidation of 3.4 millions, while
total earning assets show a reduction for the week of 31.8 millions.
DEPOSITS.
-Large net withdrawals of Government funds
the
Government deposits showing a shrinkage of 84.4 millions sincefrom all 9. banks, except those at Atlanta, St. Louis and Dallas, are indicated, total
August
Members' reserve deposits went up 43.3 millions, while net deposits show
a loss of 63.8 millions.
RESERVES.
-Gold reserves increased 2.2 millions and
Settlement Fund of reserves away from New York, the New total reserves about 1 million. There has been considerable movement through the Gold
York bank reporting a decrease of 77.3 millions in its gold reserves.
NOTE CIROULATION.-Feder
report
a Federal Reserve note circulation ofal Reserve Agents gain of30.5 millions net of reserve notes issued to the banks during the week. The banks show
1,985.4 millions, a
30.1 millions, besides an increase of about 1.5 millions in their aggregate liabilities
Federal Reserve bank notes In circulation.
on
CAPITAL.
-Payment for Federal Reserve bank stock by newly admitted members
is largely responsible for an increase of $84,000 in paid-in
capital, one-half of the increase being shown for the Chicago bank.
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 correspond
ing week of last year, thus
furnishing a useful comparison. In the second table we show the resources and liabilities
separately for each of the twelve
Federal Reserve banks. The statement of Federal Reserve Agents' Accounts (the third
table following) gives details regarding the transactions in Federal Reserve notes between the Comptroller and the Reserve
Agents and between the latter
and the Federal Reserve banks.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS
AUG. 16 1918.
Aug. 16 1918. Aug. 9 1918. Aug. 2 1918. July 26 1918. July 19 1918. July 12 1918. July 5 1918.
June 28 1918 Aug. 17 1917
$
$
$
$
$
$
$
$
$
385,017,000 395,410,000 408,470,000 418,012,000 428,853,000 422,738.000 421,927,000 419,907,000
600,083,000 606.354,000 623,119,000 508,777,000 556,154,000 524,225,000 524,303,000 491,425,000 399,198,000
410,502,000
5,829,000
9,696,000
9,696,000
11,628,000
15,496,000
15,529,000
16,272,000
16,275,000
52,500,000
Total gold held by banks
990,929,000 1,011,460,000 1,041,235,000 1,028,417,000 1,000,503,000 962,492,000 062,502,000 927,607,000
Gold with Federal Reserve Agent
961,498,000 940,692,000 902,793,000 010,420,000 940,290,000 963,147,000 962,075,000 987,870,000 862,200,000
502,588,000
Gold redemption fund
40,116,000
38,149,000
36,818,000
35,363,000
34,655,000
34,413,000
33,544.000
34,533,000
9,795,000
Total gold reserves
1,992,543,000 1,900,301,000 1,980,896,000 1,974,200,000 1,975,443,000 1,960,052,000
1,959,110.000 1.949,021,000 1,374,583,000
Legal tender notes, silver, dro
52,980,000
54,222,000
54,022,000
55,129,000
55,647,000
55,932.000
56,053,000
57,178,000
52,906,000
Total reserves
2,045,523,000 2,044,523,000 2,034,918,000 2,029,329,000 2,031,095,000 2,015,984,000 2,015,163,000
2,006,199,000 1,427,489,000
Bills discounted-members
1,285,368,000 1,332,473,000 1,270,919,000 1,302,151,000 1,203,346,000 1,159,882,000 1,076,782,000
869,175,000 143,946,000
Bills bought In open market_
212,204,00 208,557,000 209,185,000 205,274,000 205,932,000 218,464,000
211,947,000 216,848,000 155,329,000
Total bills on hand
1,497,572,000 1,541,030,000 1,480,104,000 1,507,425,000 1,409,278.000 1,378,346,000
1.288,729,000 1,086,023,000 299,275,000
U.S. Government long-term securities_
31,497,000
34,931,000
36,237,000
40,090,000
40,259,000
40,273,000
42,749,000
U. El. Government short-term securities
40,227,000
45,129,000
32,546,000
17,404,000
17,573,000
16,922,000
16,358,000
31,923,000
17,350,000 218,839,000
All other earning assets
30,552,000
82,000
102,000
101,000
103,000
98,000
72.000
26,000
23,000
1,400,000
Total earning assets
1,581,697,000 1,593,467,000 1,534,015,000 1,564,540,000 1,465,993,000 1,450,614,000 1,348,854,000 1.345,112,000 376,356,000
Uncollected items (deducted from gross
deposits)
623,495,000 584,758,000 531,558,000 558,392,000 658,588,000 640,410,000 669,257,000
530,719,000 242,392,000
5% redemp.fund agst. F.R. bank notes
866,000
735,000
496,000
701,000
751,000
735,000
725.000
735,000
500,000
All other resources
10,803,000
11,410,000
10,551,000
12,441,000
9,695,000
9.979,000 10,163,000
1,705,000
Total resources
4.242.384.000 4.234.893.000 4.111.538.000
=MI
RESOURCES.
Gold coin and certificates in vault
Gold settlement fund-F. R. Board__ _
Gold with foreign agencies
4,165,403.000 4,166,122,000 4,117,722,000 4,044,162,000 3,872,133,000 2,048,442,003
:a:Includes]amount formerly shown against items due from or due to other Federal
Reserve banks net.
AUG. 24 1918.]
THE CHRONICLE
779
'Aug. 16 1918.IAug. 9 1918.,Aug. 2 1018. July 26 1918.1Ju/y 19 1918.'July 12 1918.1.7u/1/ 5 1918. June 24 191811Aug. 17 1918
LIABILITIES.
$
$
0.aitri paid In
58,093,000
76,960,000
76,870.000
76,518,000
76,441,000
76,383,000 76,324,000
76,163,000
75.858,0001
1,134,0001
1,134,000
1.134,000;
Surplus
1,134,000
1,134,000
1,134,000.
1,134.000
1,134,000
.
05,555,000 179,978,000 161,230,000 . 233,040,000
4
k.ovelrittnent deposits
84,535,00V! 110,110,000
. .
. 169,393,000 128,398,000
1,464,011,000 1,420,705,000 1,423,532,000 1,43 ,196, 00 1,488,047,0001,439,346,000 1,369,607,600 1,557,587,000 1,130,817,000
Due to members —reserve account_. _
461,202,000 433,347,000 390,911,000 401,186,000 480,341,0001 477,526,01)0 527,580,000 286,304,0001 171,916,000
Collection items
115,234,000 127,050,000 114,718,000 111,840,000 112,052,0001 107,809,000 117,509,000 121,482. ' 12 637,000
Other deposits, Incl. for. Gov't credits
000
2,136,002,000 2,161,080,000 2,090,397,000 2,181,202,000 2.225,268,000 2,194,074,000 2,143,184,000 2,049,906,000 1,425,480,000
Total gross deposits
1,985,419,000 1,955,276,000 1,906,465,000 1,870,835,000 1,829,045,000 1,813,425,000 1,791,569,000 1,722,216,000 558,782,000
F it. notes In actual circulation__ -15,167,000
13,716,000
11,000,000
11,084,000
10,800,000
4,907-000
1' R. bank notes in circulation, net nab
11,479,000
10,635,000
10,390,000
26,811,000
27,702,000
23,292,000
Ail other liabilities.
24,647,000
21,965,000
1,180,000
25,545,000
21,477.000
12,629,000
Total liabilities
4,242,384,000 4,234,893,000 4,111,538,000 4,165,403,000 4,166,122,000 4,117,722,000 4,044,162,000 3,872,133,000 2,048,442,000
59.5%
6:3.9%
59.2%
06.8%
63.4%
Gold reserve against net deposit nab_
65.3%
68.8%
61.9%
60.4%
50.1%
53.3%
50.5%
Gold res. nest. F. It. notes in act. circ'n
49.3%
50.6%
55.0%
55.6%
91.9%
59.3%
Ratio of gold reserves to net deposit and
57.9%
58.2%
57.2%
56.5%
58.2%
Fd Res. note liabilities combined_
58.5%
60.0%
82.0%
59.9%
Ratio of total reserves to net deposit and
59.8%
59.9%
76.3%
76.4%
58.7%
58.1%
Fed. Res. note liabilities combined _ _
61.7%
61.7%
Distribution by Al atUT Ulta0
00
0
0
901,'700,000 946,126,000 901,084,000 884,111,000 797;313,000 772,072,000 719,715,000 548,873,000
1-15 days bills discounted and bought
2,085,000
1,675,000
2,045,000
17,235,000
2,560,000
17,031,000
1-15 days U. S. Govt. short-term sees
2,784,000 . 200,241,000
4,000
4,000
5,000
1-15 days municipal warrants........
6,000
16-30 days bills discounted and bought. 151,740,00)) 178,593,000 166,603,000 200,758,000 220,406,000 181,544,000 139,892,000 136,574,000
750,000
10,000
1,313,000
16-30 days U.S. Govt. short-term sees
5,000
5,000
4,000
5,0001
16-30 days municipal warrants
31-60 days bills discounted and bought. 231,550,000 223,110,000 238,100,000 240,900,000 208,306,000 250,526,000 268,832,000 256,050,000
3,491,000
4,358,000
750,000
350,000
3,425,000
31-60 days U. S. Govt. short-term sees.
56,000
56,000
51,000
56,000
51,000
51,000
31-60 days municipal warrants
187,526,000 164,347,000 133,922,000 141,331,000 142,630,000 131,354,000 119,723,000 101,227,000
61 90 days bills discounted and bought
1,669,000
2,123,000
4,155,000
4,135,000
1,984,000
4,890,000
4,059,C00
965,000
61-90 days U.S. Govt. short-term sees.
6,000
1,000
1,0110
61-90 days municipal warrants__ _ _
28,854,000
25,056,000
40,325,000
40,373,000
40,395,000
42,850,000
40,567,000
Over 90 days bills disc'ted and bought.
43.299,000
9,409,000
8,830,000
10,372,000
9,798,000
9,604,000
9,992,000
10,507,000
16.320,000
Over 90 days U.S.Govt.short-term secs
16,000
20,000
10,000
17,000
10,000
Over 90 days municipal Warrants..
Federal Reserve Notes—
2,118,948,000 2,088,473,000 2,0287180,000 1,999,480,000 1,982,603,000 1,903,729,000 1,917,152,000 1,848,823,000
Issued to the banks
133,529,000 133,197.000 121,715,000 128,645,000 153,558,000 150,304,000 125,583,000, 126,607,000
Reid by banks
0
99,799,000
1,028,000
56,555,000
90,114,000
146,000
49,472,000
3,335,000
49,000
613,646,000
54,864,000
I
1,985,419,000 1,955,276,000 1,906,465,000 1,870,835,000 1,829,045,000 1,813,425,000 1,791,569,000 1,722,216,000 558,782,000
In circulation
Fed 11w. Notes (Agents Accounts)--2,895,020,001) 2,832,740,000 2,789,700,000 2,763,940,000 2,742,660,000 2,691,600,000 2,607,120,0002,535,820,000 1,019,560,000
Received from the Comptroller
499,862,000 489,092,000 478,470,000 471,870,000 460,127,000 450,501,000 445,138,000 439,802,000 173,939,000
Returned to the Comptroller.
Amount chargeable to Agent_ n hands of Agent
2,395,158,000 2,343,648,001) 2,311,230,000 2,292,070,000 2,282,533,000 2,241,009,000 2,161,982,000 2,096,018,000
276,210,000 255,175,000 283,050,000 292,590,000 299,930,000 277,370,000 244,830,000 247,195,000
1
845,621,000
231,975,000
Issued to Federal Reserve banks. 2,118,948,000 2,088,473,000 2,028,180,000 1,999,480,000 1,982,603,000 1,963,729,000 1,917,152,0001 1,848,823,000
— —
—
How Secured—
217,238,0001 212,240,000 201,23970
202,239,000 197,944,000 203,444,000 214,944,0001 223,945,000
By gold coin and certificates
By lawful money
1,157,450,000 1,147,781,000 1,125,387,000 1,089,060,000 1,042,313,000 1,000,582,000 955,077.000 860,953,000
By eligible paper
60,959,000 , 60,296,000
59,859,000
60,602,000
58,378,000
56,873,000
59,851,000
..
55,404,000
001(1 redemption fund
683,301,000 668,156,000 641,703,000 648,322,000 681,744,000 701,325,000 690,258,000 708,521,000
With Federal Reserve Board
613,646,000
2,118,948,000 2,088,473,000 2,028,180,000 1,999,480,000 1,982,603,000,1,963,729,000 1,917,152,0001 1,848,823,000
613,646,000
00
-
Total
Eligible paper delivered to F. R. Agent 1.463.844,000 1.480.179.00(4 1.425.437.000 4 4A1 2411 non 1.356.726.0nn1 1.313.(141.nnn 4.9.24
Revised figures.
a Net amount due to other Federal Reserve banks. b This item includes foreign Government credits.
11R3
nnn 1031
1119
nnn
287,793,000
111,058,000
25,051,000
189,744,000
1 ln
711 nnn
WEEKLY STATEMENT of RESOURCES and LIABILITIES of EACH of tho 12 FEDERAL RESERVE BANKS at CLOSE of BUSINESS AUG. 16 1918.
RESOURCES.
(Sold coin and certifs. In vault
Gold settlement fund
Gold with foreign agencies.
$
2,955,0
69,064,0
408,0
New York. Philadel. Cleveland Richm'a Atlanta Chicago. St. Louis. Minntap Kan. City Dallas. San Fran.
—
— -$
$
$
$
$
2
$
$
$
$
$
287,062,0
441,0 25,424,0 6,208,() 6,849,0 27,023,0 1,837,0 8,222,0
302,0 6,348,0 12,346,0
172,134,0 63,970,0 53,079,0 25,178,0 20,083,0 64,632,0 29,421,0 13,885,0 39,098,0 12,108,0 36,531,0
2,011,0
408,0
525,0
175,0
816,0
233,0
204,0
233,0
291,0
204,0
321,0
2
385,017,0
600,083,0
5,829,0
Total gold held by banks.. _
Gold with Federal Res. Agents
Gold redemption fund
73,327,0
60,612,0
3,749,0
461,207,0 64,819,0 79,028,0 31,590,0 27,107,0 92,471,0 31,491,0 22,340,0 39,691,0 18,660,0 49,198,0
278,539,0 96,541,0 121,772,0 36,356,0 24,1:35,0 151,157,0 46,830,0 23,027,0 36,790,0 13,915,0 71,824,0
15,000,0 5,000,0
754,0 1,025,0 3,061,0 4,170,0 2,626,0
2,305,0 1,106,0 1,248,0
72,0
990,929,0
061,498,0
40,116,0
Total gold reserves
Legal-tender notes, silver. Ste_
137,688,0
2,629,0
754,746,0 166,360,0 201,554,0 68,071,0 54,303,0 247,798,0 80,947,0 47,672,0 77,587,0 33,823,0 121,094,0 1,992,543,0
43,941,0
805,0
373,0
641,0
340,0 1,725,0
461,0
112,0
296,0 1,292,0
365,0
52,980,0
140,317,0
Total reserves
Bills discounted for members and
64,981,0
Federal Reserve banks
21,616,0
Bills bought In open market_ _
798,687,0 167,165,0 201,927,0 69,612,0 54,643,0 249,523,0 81,408,0 47,784,0 77,883,0 35.115,0 121,459,0 2,045,523,0
86,597,0
946,0
1,416,0
554,757,0 105,311,0 114,288,0 60,422,0 46,916,0 215,744,0 50,710,0 58,340,0 66,523,0 40,026,0 97,938,0 1,497,572,0
1,455,0 1,347,0 3,120,0 1,233,0
711,0 4,508,0 1,153,0
343,0 8,871,0 4,349,0 3,461,0
31,497,0
18,733,0 1,221,0 1,715,0
321,0
1,5(0,0
991,0 2,112,0
924,0 1,304,0
901,0 1,398,0
32,546,0
51,0
31,0
82,0
88,959,0
Total earning assets_
Uncollected items (deducted from
53,066,0
gross deposits)
574,996,0 107,879,0 119,123,0 63,165,0 48,649,0 222,364,0 52,184,0 59,607,0 76,698,0 45,276,0 102,797,0 1,561,697,0
Boston.
Two ciphers (00) omitted.
Total bills on hand
U. FL long-term securities__
U. S. short-term securities
All other earning assets
redemption fund against Federal Reserve bank notes
All other resources
Total.
442,065,0 93,985,0 92,328,0 55,434,0 43,555,0 202,564,0 48,655,0 57,760,0 06,394,0 39,556,0 78,091,0 1,285,368,0
112,692,0 11,326,0 21,960,0 4,988,0 3,361,0 13,180,0 2,055,0
580,0
129,0
470,0 19,847,0 212,204,0
147,501,0 60,224,0 52,561,0 54,150,0 27,059,0 82,106,0 39,707,0 11,666,0 49,194,0 15,511,0 30,750,0
5%
767,0
34,0
1,888,0
1,217,0
613,0
649,0
19,0
723,0
192,0
1,361,0
553,0
216,0
400,0
871,0
137,0
647,0
84,0
1,298,0
623,495,0
866,0
10,803,0
283,109,0 1,523,106,0 336,485,0 374,224,0 187,576,0 131,093,0 555,546,0 173,852,0 119,273,0 205,046,0 96,636,0 256,388,0 4,242,384,0
Total resources
LIABILITIES.
6,474,0
Capital paid in
75,0
Surplus
9,166,0
Government deposits
Due to members—Reserve acc't 93,769,0
:38,664,0
Collection Items
0th deposits incl. for Gov't cred.
19,999,0 7,151,0 8,697,0 3,921,1) 3,114,0 10,008,0 3,640,0 2,854,0 3,545,0 3,045,0 4,512,0
76,960,0
649,0
40,0
116,0
216,0
38,0
1,134,0
7,524,0 3,974,0 12,183,0 3,576,0 8,143,0 1,814,0 9,909,0 5,900,0 7,722,0 13,502,0 12,142,0
05,555,0
618,438,0 97,140,0 120,010,0 44,958,0 37,561,0 191,471,0 51,664,0 36,935,0 69,173,0 30,771,0 72,121,0 1,464,011,0
117,946,0 49,649,0 42,688,0 46,630,0 19,782,0 46,937,0 27,176,0 13,127,0 30,497,0 10,943,0 17,163,0 461,202,0
108,016,0
7,0 3,979,0
129,0
149,0
30,0
22,0 2,902,0 115,234,0
141,599,0
Total gross deposits
F. It. notes In actual circulation 132,857,0
F. R. bank notes In clre'n—Net
2,104,0
All other liabilities
851,924,0 150,763,0 175,010,0 95,164,0 65,493,0 244,201,0 88,898,0 55,992,0 107,392,0 55,238,0 104,328,0 2,136,002,0
640,879,0 177,232,0 188,467,0 86,950,0 61,589,0 294,071,0 80,158,0 59,328,0 84,358,0 34,852,0 144,678,0 1,985,419,0
110,0 3,305,0
7,820,0 2,597,0 1,245,0
15,167,0
9,655,0 1,339,0 2,050,0 1,425,0
747,0 3,055,0 1,156,0 1,061,0 1,931,0
954,0 1,625,0
27,702,0
283.109.0 1.523.106.0 33(3 185.0 374.224_0 187
Total liabilities
11711
n
131_693
n
Ann 11411 (1173 R11'
n 110 973 09011 (14(1 n nn 1:51rt n 9111'. 7012
n 5 949 105 (I
*Difference between net amounts due from and net amounts due to other Fellers! Reserve banks. s Net amount due to other Federal Reserve banks
STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS AUG. 16 1918.
Two ciphers (0)3) omUted.
Federal Reserve notes—
Received from Comptroller
Returned to Comptroller
Chargeable to F. R. Agent
In hands of F. R. Agent
Boston.
New York.lPhiladel Clevehind. Richm'd.1 Atlanta. Chicago. St. Louis. 3finnfaP. Ran. City Dallas. San Fran.
Total
I
$
$
186,640,0 1,015,080,0 243,360,0 242,160,0 125,420,0 112,31)0,0393,360,0 109,680,0 81,580,0 117,700,0
30,938,0 238,708,0 43,091,0, 21,348,0 27,203,0 20,999,01 25,988,0 19,915,0 15,652,0 20,028,0
149,702,0 806,372,0 200,269,01220,812,0 98,217,0 91,301,0 367,372,0 89,765,0 65,928,0 97,672,0
13,300,0 114,400,0 9,960,0 21,820,0 7,010,0 26,540,0i 51,040,0 3,830,0 5,575,0 6,920,0
68,500,0 169,130,0 2,895,020,0
17,520,0 12,472,0 499,862,0
50,980,0 156,708,0 2,305,158,0
276,210,0
15,815,0
136,402,0
Issued to F. R. Bank
Field by F. R. Agent—
Gold coin and certificates____. 5,000,0
7,112,0
Gold redemption fund
Gold Sett. Ed., F. R. Board__ 48,500,0
75,790,0
Eligible paper, min req'd__
691,972,0 190,309,0
'198,992,0 91,207,0 64,821,0 316,332,0 85,935,0 60,353,0 90,752,0 35,165,0 156,708,0 2,118,948,0
Total
136,402,0
Amount of eligible paper dedv
ered to F. It Agent__ .
_ __ 86,597,0
F It notes outstanding
136,402,0
F R notes held by banks
3,545,0
691,972,0 190,309,0,198,992,0 91,207,0 04,821,0316,332,0 85,935,0 60,353,0 90,752,0 35,165,0 156,708,0 2,118,948,0
F It notes In actual elrenla'n 132,357.0
1340,879.0 177,232,0 188,4137.0 86.950.0 61.589,0 294.071.0 80.158.0 59.328.0 84.353.0 34.352,0 144,678.0 1,935.419,0
163,740,0
21,312,0
217,238,0
2,503,0
13,102,0
11,581,0
14,799,0 9,254,0 10,460,0
439,0 1,609,0 1,625,0 2,430,0 1,750,0 8,223,0
60,959,0
856,0 2,312,0
100,000,0 87,287,0 90,000,0 35,500,0 19,320,0 150,718,0 45,131,0 8,300,0 34,360,0
584,0 63,601,0 683,301,0
413,433,0 93,768,0 77,220,0 54,851,0 40,086,0,165,175,0 39,105,0 37,326,0 53,962,0 21,250,0 84,884,0 1,157,450,0
5(14,757,0 100,475,0113,206,0 59,925,0 41,265,0 214,353,0 47,996,0 52,335,0 66,523,0 39,987,0 86,425,0 1,463,844,0
691,972,0 190,309,0 198,992,0 01,207,0 04,821,0 316,332,0 85,935,0 60,353,0 90,752,0 35,165,0 156,708,0 2,118,948,0
51,093,0 13,077,01 10,525,0 4,257,0 3,232,0 22,261,0 5,777,0 1,025,9 6,394,0
313,0, 12,030,0 133,629,0
780
THE CHRONICLE
[VOL. 107.
-
Statement of New York City Clearing House Banks and Trust Companies.
-The following detailed statement
shows the condition of the New York City Clearing House members for the week ending Aug. 17. The figures for the separate banks are the averages of the daily results. In the case of totals, actual figures at end of the week are also given.
NEW YORK WEEKLY CLEARING HOUSE RETURN.
CLEARING HOUSE
MEMBERS.
Week Ending
Aug. 17 1918.
Capital. 1
Net
Profits.
Loans,
Discounts,
Nat. Banks June 291 Investments.
State Banks June 20}
cite.
Trust Co's June 201
1
Members of Federal
Reserve Bank.
Bank of N Y. N B A.
Bank of Manhat Co.
Merchants' National_
Mech & Metals Nat_
Bank of America____
National City
Chemical National
Atlantic National _ _
Nat Butch & Drover
American Each Nat_
Nat Bank of Comm_
Pacilio
Chat & Phenix Nat_
Hanover National._
Citizens' National__
Metropolitan
Corn Exchange
Importers &Trad Na:
National Park
East River National •
Second National___ •
First National
Irving National
N Y County NationalI
Continental
Chase National
Fifth Avenue
Commercial Exch._ •
•
Commonwealth
Lincoln National
Garfield National
Fifth National
Seaboard National_ •
Liberty National.... .
Coal & Iron NationsI
.
Union Exchange Nat
Brooklyn Trust Co_ ,
Bankers Trust Co__ .
U S Mtge & Trust C)
Guaranty Trust Co_ .
Fidelity Trust Co_ .
Columbia Trust Co_ .
Peoples Trust Co___ .
New York Trust Co.
Franklin Trust Co__.
Lincoln Trust Co___ .
Metropolitan Trust_ .
Nassau Nat, B'klyn.
Irving Trust Co____.
Farmers Loan & Tr_ .
$
2,000,000
2,500,000
2.000.000
6,000,000
1,500,000
25,000,000
,
3,000,000
1,000.000
300,000
5,000,000
25,000,000
500,000
3,500,000
3,000,000
2,550,000
2,000,000
3,500,000
1,500,000
5.000,000
250,000
1,000,000
10,000,000
4,500.000
1,000,000
1,000,000
10,000,000
200,000
200,000
400,000
1,000,000
1.000,000
250.000
1,000,000
3,000.000
1,000,000
1,000,000
1,500,000
11,250.000
2,000,000
25.000,000
1,000,000
5,000,000
1,000,080
3,000,000
1,000,000
1,000.000
2,000,000
1,000,000
1,500,000
5,000,000
$
5,267,600
6,769,400
2,630,400
10,526,100
6,744,200
49,578,000
9,222,500
850,700
95,900
5,753,000
22,187,700
1,055,300
2,735,100
17,710,700
2,861,200
2.207,700
7,892,800
7,698,300
17,544,900
74,800
3,886,300
30,492,500
5,609,700
342,600
669,000
12,863,300
2,347,800
880,700
811,700
1,969,300
1,337,600
421,700
3,607,600
3,985,400
932,100
1,247.100
2,227,500
14,842,300
4,791,000
26,725,700
1,288,600
6,693,200
1,274,400
10,510,700
1,108,900
552,100
4,312,600
1,170,100
1,100,700
10,965,200
Average.
$
49,051,000
57,978,000
28,595,000
176,096,000
30,595,000
568,648,000
83,891,000
17,096,000
3,157,000
114,897,000
362,121,000
14,773,000
96,671,000
133,530,000
43,823,000
26,393,000
119,893,000
36,776,000
206,432,000
2,908,000
18,784,000
258,580,000
98,089,000
10,333,000
6,020,000
294,759,000
17,147,000
5,962,000
6,453,000
17,517,000
11,139,000
8,021,000
50,198,000
79,785,000
12,440,000
13,431,003
36,812,000
258,295,000
59,993,000
462,938,000
11,220,000
86,627,000
27,056,000
87,413,000
20,205,000
14,959,000
54,364,000
13,939,000
37,895,000
142,352,000
National
Rank
Legal
Tenders.
Gold.
'centre
with
Leoal
Deposilarks.
and
Silver.
Federal
Reserve
Notes.
Average. Average. Average.
$
$
$
102,000
38,000
76,000
622,000
313,000
604,000
81,000
217,000
57,000
7,614,000
150,000 1,872,000
277,000
168,000
368,000
8,208,000 3,055,000
842,000
186,000
301,000
318,000
103,000
83,000
204,000
13,000
49,000
60,000
556,000
173,000
376,000
59,000
287,000
587,000
256,000
49,000
335,000
832,000
417,000
812,000
4,163,000
364,000
610,000
110,000
32,000
661,000
677,000
261,000
618,000
351,000
199,000 2,037,000
70,000
289,000
41,000
35,000
431,000
378,000
108,000
2,000
14,000
56,000
274,000
53,000
11,000
338,000
746,000
986,000
444,000 2,209,000
71,000
28,000
137,000
25,000
32,000
14,000
2,602,000 2,489,000 1,637,000
59,000
158,000
466,000
43,000
16,000
70,000
40,000
33,000
162,000
140,000
286,000
118,000
17,000
2,000
199,000
48,000
16,000
115,000
367,000
265,000
141,000
118,000
31,000' 77,000
50,000
6,000
130,000
13,000
31,000
186,000
65,000
33,000
95,000
131,000
83,000
95,000
337,000
108,000
81,000
1,783,000
118,000
311,000
90,000
38,000
51,000
31,000
98,000
441,000
44,000
72,000
259,000
29,000
20,000
8,000
65,000
28,000
141,000
16,000
20,000
103,000
291,000
45,000
60,000
133,000
8,000
245,000
160,000
273,000
586,000
3,768,000
25,000. 60,000
Average.
$
170,000
932,000
114,000
500,000
306,000
1,469,000
700,000
01,000
8.000
773,000
1,463,000
337,000
2,120,000
507,000
304,000
757,000
4,271,000
252,000
782,000
32,000
390,000
555,000
1,280,000
397,000
91,000
1,099,000
389,000
72,000
150,000
1,063,000
141,000
140,000
354,000
396,000
567,000
228,000
397,000
612,000
378,000
2,515,000
127,000
455,000
493,000
243,000
207,000
250,000
494,000
112,000
1,605,000
285,000
Additional
Deposits
with
Legal
Depot+
caries.
National
Bank
Ciresdalion.
Net
Demand
Deposits.
Net
Time
Deposits.
Average.
$
33,070,000
56,076,000
21,905,000
148,880,000
23,149,000
527,893,000
59,055,000
13,654,000
2,075,000
76,927,000
292,447,000
12,090,000
71,150,000
121,418,000
29,433,000
29,227,000
108,853,000
23,281,000
143,270,000
2,880,000
13,990,000
131,241,000
05,170,000
9,580,000
4,896,000
240,461,000
17,354,000
5,158,000
6,639,000
17,555,000
9,170,000
5,788,000
42,868,000
64,821,000
11,765,000
12,221,000
24,905,000
210,727,000
48,204,000
380,583,000
8,531,000
61,208,000
22,302,000
51,182,000
14,722,000
12,237,000
32,065,000
9,207,000
34,354,000
114,012,000
Average.
Average.
$
$
1,864,000
784,000
,
Average.
Average.
$
$
4,708,000
10,839,000
3,073,000
22,997,000
3,118,000
91,226,000
8,740,000
1,808,000
•
407,000
10,690,000
40,896,000
1,501,000
9,564,000
15,176,000
4,202,000
3,630,000
12,666,000
3,239,000
18,818,000
512,000
2,094,000
12,931,000
12,503,000
1,241,000
666,000
31,993,000
2,313,000
776,000
1,120,000
3,280,000
1,246,000
898,000
5,954,000
10,757,000
1,720,000
1,284,000
3,182,000
30,4817000
6,495,000
50,393,000
1,019,000
,
7,619,000
2,142,000
6,865,000
2,018,000
2,092,000
4,337,000
1,197,000
4,468,000
16,146,000
•
•
400,000 1,852,000
13,190,000 3,778,000
13,383,000 1,445,000
435,000
4,111,000
145,000
048,000
298,000
6,089,000 4,911,000
5,143,000
60,000
7,425,000 2,237,000
200,000
273,000
992,000
51,000
3,900,000 4,978,000
50,000
630,000
1,924,000 8,353,000
780,000
499,000
200,000
198,000
13,006,000 1,233,000
101,000
24,000
202,000
40,000
2,236,000
458,000
417,000
4,970,000
15,630,000
2,219,000
26,683,000
531,000
11,570,000
1,617,000
3,491,000
1,599,000
1,730,000
1,122,000
759,000
1,154,000
9,456,000
210,000
398,000
248,000
70,000
706,000
411,000
397,000
50,000
Average for week_. 192,000,000 338,372,600 4,396,030,000 35,386,000 12,544,000 20,247,000 31,388,000 496,870,000
3,510,558,000 158,418,000 35,657,000
Totals, actual condi i on Aug. 17
4,376,213,000 35,333,000 12,346,000 19,951,000 29,561,000 489,122,000
Totals, actual condlti on Aug. 10
4,405,883,000 35,285,000 12,682,000 20,145,000 31,568,000 499,926,000
Totals, actual condlti on Aug 3
4,255,942,000 35,573,000 11,667,000 20,674,000 29,191,000 515,359,000
Totals, actual condi I on July 27
4,243,959,000 35,584,000 12,111,000 21.743,000 30,774,000 527,641,000
=
State Banks.
Not Mem bers of Fed eral Reserve Bank.
Greenwich
500,000 1,463,400
15,350,000
797,000
164,000
662,000
182,000 907,000
People's
200,000
534,000
3,893,000
46,000
22,000
• 71,000
297,000
213,000
250,000
810,900
Bowery
4,879,000
278,000
10,000
292,000
4,000
269,000
. 1,000,000 1,159,800
N Y Produce Exch.
22,489,000 1,286,000
464,000
620,000 1,324,000
374,000
State
1,500,000
707,500
30,218,000 2,004,000
924,000 1,657,000
555,000
370,000
3,499,004,000 160,725,000 35,593,000
3,496,581,000 157,521,000 35,736,000
3,505,741,000 161,725,000 35,788,000
3,468,087,000 161,300,000 36,953,000
Totals, avge for w k , 3,450,000
Totals, actual condi I on
Totals, actual condi 3 on
Totals, actual condi A on
Totals, actual condi A on
Trust Companies
Title Guar & Trust_ _
Lawyers Title tiv Tr_ _
Totals, avge for w k
4,675,600
Aug. 17
Aug. 10
Aug. 3
July 27
76,829,000 4,411,000 2,215,000 1,001,000 3,040,000
75,094,000
76,833,000
75,671,000
74,018,000
4,483,000
4,469,000
4,249,000
4,795,000
Not .1!em bets of Fed eral Reserve Bank,
5,000,000 11,334,800
40,949,000
173,000
4,000,000 5,205,300
23,928,000
454,000
9,000,000 17,040,100
Totals, actual condi .1 on
Totals, actual condi 3 on
Totals, actual condi ,1 on
Totals, actual condi 3 on
Aug. 17
Aug. 10
Aug. 3
July 27
4,125,000
1,146,000
975,000 3,068,000 4,095.000
1,089,000
975,000 3,014,000 4,036,000
1,245,000 1.012,004) 2,965,000 4,069,000
1,075,000 1,322,000 2,462,000 3,867,000
--140,000
192,000
132,000
61,000
152,000
77,000
261,000
22,000
14,670,000
3,551,000
4,485,000
21,805,000
29,738,000
76,000
512,000
74,249,000
81,000
654,000
197,000 •
314,000
682,000
74,095,000
73,677,000
73,876,000
72,691,000
81,000
81,000
121.000
125,000
4,000
1,000
361,000
184,000
2,518,000 1,243,000
1,357,000
178,000
22,250,000
14,450,000
911,000
342,000
3,875,000 1,421,000
36,700,000
1,253,000
64,877,000
627,000
332,000
193,000
548,000
64,111,000
64,035,000
62,911,000
63,282,000
825,000
523,000
520,000
519,000
353,000
341,000
330,000
348,000
165,000
228,000
252,000
225,000
525,000
477,000
601,000
551,000
4,127,000
38,537,000 1,008,000
559,000
3,615,000 1,934,000
35,404,000 1,302,000
3,975,000 1,314,000
092,000
36,327,000
3.700,000
35,644,000
995,000
881,000
- • Grand aggregate,avge 205,350,000 360,088,300 4,537,736,000 40,424,000 14,091,000 21,441,000 34,976,000 504,8707000 1,933,000 a57621,50770110 159,752,000 35,657,000
Comparison prey wk
1-47,995,000 1-76,000 1-362,000 -240,000 -248,000-7,733,000 -456,000 1-10,375,000-2,109,000 1-30,000
Grand ag'gate. actu il condition on Aug. 17 4,515,418,000 40,641,000 13,845,000 21,091,000 33,154,000 497,344,000 1,213,000 b3,611,636,000 161,814,000 35,593,000
Comparison prey wk
-31,333,000 +363,000 -267,000 -257,000-1905000 -10233000 -918,000
+5,974,000 +2,910,000 -143,000
----- ----Grand ag'gate, actu Ll condition Aug. 10.-. 4,546,751,000 40,277,000 14,112,000 21,348,000 35,059,000 507,577,000 2,1317000. 3,605, 62,000 158,004,000 35,736,000
-6
. 13
- -Grand ag'gate, actu Li condition Aug. 3, 4,394,524,000 40,342,000 13,242,000 21,938,000 32,757,000 523,403,000 1.628;000 3,615,944,000 162,838,000 35,788,006
Grand ag'gate, actu il condition J,117 27- 4,381,257,000 40,878,000 13,534,000 23,290,000 33,787,000 535.208.000 1.563,000 3.576.422.000 162.420,000 36,903,006
Grand ag'gate. actu II condition July 20
4 202 R01 MO 40.540.000 1:1 Rad 1100 22.892.000 34 702 000 A211.0.113.000 1.405.000 3.574.403.000 166.623.000 36.860.006
a U. S. deposits deducted, $191,952,000. b U. S. deposits deducted, $112,919,000. c Includes capital set aside for foreign branches, $0,000,000.
STATEMENTS OF RESERVE POSITION.
Averages.
Cash
Reserve
Reserve
En
In Vault. Depositaries
Members Federal
Reserve Bank_
State bank
Trust companies*
Ads4 •114 17.
Total Aug.
Total
Reserve.
• a
Reserve
Required.
Actual Figures.
Surplus
Reserve.
Inc. or Dec.
from
Previous Week
$
a
496,870,000 496,870,000 461,125,080 35,744,920 -9,014,020
9,667,000 4,125,000 13,792,000 13,364,820
427,180
+79,080
1,700,000 3,875,000 5,575,000 5,505,000
-151,350
70,000
11,367,000 504,870,000 516,237,000 479,994,900
TotalAug. 10. 11,388,000 512,603,000 523,991,000 478,662,610
Total Aug. 3_ 11,290,000 544,869,000 533,579,000 478,105,720
Total July 27_ 11,368,000 519,302,000 530,670,000 471,897,850
36,242.100 -9,086,290
45,328,390 -21,431,890
66,763,280 +7,990,930
58,772,350 +8,500.100
Cash
Reserve
1a Vault.
9,672,000
1,868,000
Reserve
in
Depositaries
Total
Reserve.
Reserve
Surplus
Required.
Reserve.
Inc. or Dee.
from
PreviousWeek
$
489,122,000 480,122,000 450,692,270 29,429,730 -11,215,110
4,095,000 13,767,000 13,337,100
429,000
+108,760
214,450
4,127,000 5,995,000 5,780,550
+341,050
11,540,000 497,344,000 508,884,000 478,809,920
11,116,000 507,577,000 518,693,000 477,853,620
11,174,000 534,577,000 523,403,000 470,344.810
11.297,000 535,208,000 546,505,000 474,121,290
30,074,080 --10,765,300
40,839,380 --14,392,810
55,232,190 --17,151,520
72,383,710 --2,022,910
• Not members of Federal Reserve Bank.
a 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 Banks
Includes also amount of reserve required on net time deposits, which was as follows: Aug. 17, 34,752,540; Aug. 10, $4,824,780; Aug. 3, $4,850,760; July 27,34,008,480.
b This Is the reserve required on net demand deposits in the case of State banks and trust companies, but In the ease of members of the Federal Reserve Bank Includes
also;amount of reserve required on net time deposits, which was as follows: Aug. 17, $4,821,750; Aug. 10, $4,725,630; Aug. 3, $4,851,750; July 27, $4,839,000.
c Amount of cash In vault, which is no longer counted as reserve for members of the Federal Reserve Bank, was as follows:
Aug. 17, $99,505,000; Aug. 10, 599,636,000; Aug. 3, $99,935,000; July 27, $100,982,000.
d Amount of cash In vaults. which Is no longer counted as reserve for members of the Federal Reserve Bank, was as follows:
Aug. 17, $97,191,000; Aug. 10, $99,680,000; Aug. 3, 397,105,000; July 27, $100,192,000.
AUG. 24 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:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING IIOUSE STATEMENT.
(Figures Furnished by State Banking Department.
Differences from
Aug. 17.
previous week.
Loans and Investments
$743,327,900 Inc. $1,558,900
Specie
10,785,000 Dec.
529,200
Currency and bank notes
14,097,500 Inc.
849,300
Deposits with the F. R. Bank of New York
58,282,100 Inc. 1,832,500
Total deposits
795,087,500 Inc. 8,215,900
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N. Y. City, exchanges and U.S. deposits 696,211,700 Inc. 9,697,600
Reserve on deposits
128,042,700 Inc. 2,569,500
Percentage of reserve, 20.6%.
RESERVE.
-Stale Banks----Trust Companies
$14,148,300 11.06%
Cash in vaults
$69,016,300 14.02%
14,929,400 11.67%
Deposits in banks and trust cos
29,948,700
6.07%
Total
$29,077,700
22.73%
$98,965,000
STATE BANKS AND TRUST COMPANIES IN NEW YORK CITY
State Banks.
Week
EndedApril 20
April 27
May 4
May 11
May 18
May 25
June 1
June 8
June 15
June 22
Juno 29
July 6
July 13
July 20
July 27
Aug. 3
Aug. 10
Aug. 17
Loans
and
Investments
Demand
Deposits.
$
5,263,096,6 4,487,819,0
5,276,947,7 4,454,190,8
5,286,693,4 4,482.747,3
5,306,256,9 4,415,207,5
5,368,727,3 4,302,189,7
5,335,545,7 4,365,620,5
5,290,958.7 4.422,114,8
5,255,139.0 4,454,909.7
5.293,378,3 4,473,266,6
5,242,919,0 4,433,580.1
5,147.055,5 4,401,117,1
5,107,950,8 4,335,634,9
5,143,094,5 4,328.256,7
5,089,497,1 4,308,018,7
5,058,802.7 4,239,295,8
5,137,068,5 4,295,324,2
5,231,510,0 4,297,616,1
5,281,063,9 4,317,718,7
Specie.
92,069,3
92,079,0
90,918,5
91,076,0
89,363.8
87,653,3
85,129,9
81,594,4
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
•
Legal
Tenders.
Total
Cash in
Vault.
Aug. 17
1918.
Capital as of June 20
Surplus as of June 20
Loans and investm'ts
Specie
Currency & bk. notes
Deposits with the F.
It. Bank of N. Y
Deposits
Reserve on deposits_
P. C. reserve to dep_
83.894,9 175,961,2 594,991,3
86.019.3 178,098,3 592.019,7
85,057,7 176,006,2 588,899,3
85,279,8 176,355,8 573,373,4
83,001,4 172,365,2 567,941,1
/36,710,1 174.393,4 570,2:37,7
84,442,7 169,572,6 575,891,0
87,724,4 169,318,8 570,049,4
86.257,3 168,403,9 581.941.7
88,787,6 169,238,3 594,047,9
89,726,9 169,846,8 669,593,9
88,676,0 167,175.8 586,136,5
89,309,8 167,681,9 570,046.4
87.138,5 163,146,5 563,383,2
87,536,0 162,573,7 561,439,9
88,453,1 162 490 7 578,552,0
87,010,8 160,390,0 557,064,2
90,058,1 162,708,1 549,748,1
•Inoluded with Legal Tenders" are nat onal hank notes and Fed. Reserve notes
bald by State banks and trust cos.. but not those held by Fed. Reserve members.
In addition to the returns of "State banks and trust companies in Now York City not in the Clearing House," furnished
by the State Banking Department, the Department also
presents a statement covering all the institutions of this
class in the City of New York.
For definitions and rules under which the various items
are made up, see "Chronicle," V. 98, p. 1661.
The provisions of the law governing the reserve requirements of State banking institutions as amended May 22
1917 were published in the "Chronicle" May 19 1917 (V.
104, p. 1975). The regulations relating to calculating the
amount of deposits and what deductions are permitted in
the computation of the reserves were given in the "Chronicle"
April 4 1914 (V. 98, p. 1045).
Differences from
previous week.
Aug. 17.
1918.
Differences fro=
Previous week.
$
$
23,718,700
99,050,000
41,842,100
163,387,000
487,966,000 Inc. 1,612,800 1,950,304,300 Inc. 1,591,700
11,888,600 Dec.
624,300
16,390,200 Inc.
103,300
25,226,100 Inc.
977,800
16,221,100 Dec.
302,600
38,885,100 Dec. 4,352,500 195,358,400 Inc. 3,432,300
593,494,500 Inc. 7,022,600 1,997,460,200 Dec. 3,932,000
97,987,000 Dec. 2,856,900 293,914,100 Inc. 4,766,700
21.7% Dec.
0.4%
18.9%
Boston Clearing House Banks.
-We give below a summary showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:
20.09%
Reserve in
Depositaries.
Trust Companies.
Week ended Aug.17.
The averages of the New York City Clearing House banks
and trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK. (Two ciphers omitted.)
781
BOSTON CLEARING HOUSE MEMBERS.
Aug. 17
1918.
Change from
previous week.
Aug. 10
1918.
Aug. 3
1918.
Circulation
4,743,000 Inc.
8,000 4,735,000
4,849,000
Loans, cliso'ts & investments_ 495,295,000 Dec. 3,392,000 498,687,000 485,257,000
Individual deposits, inci.U.S. 441,073,000 Inc. 13,020,000 428,053,000 415,380.000
Due to banks
117,911,000 Inc. 3,775,000 114,136,000 115,659,000
Time deposits
16,556,000 Inc.
952,000 15,604,000 14,883,000
Exchanges for Clear. House_ 16,858,000 Inc.
956,000 15,902,000 18,015,000
Due from other banks
82,261,000 Inc. 7,948,000 74,313,000 75,215,000
Cash in bank & in F.R. Bank 61,392,000 Inc. 2,714,000 58,678,000 57,655,000
Reserve excess in bank and
Federal Reserve Bank_
14,909,000 Inc. 1,896,000 13,013,000 13,428,000
Philadelphia Banks.
-The Philadelphia Clearing House
statement for the week ending Aug. 17, with comparative
figures for the two weeks preceding, is as follows. Reserve
requirements for members of the Federal Reserve system
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in
vaults" is not a part of legal reserve. For trust companies
not members of the Federal Reserve system the reserve
required is 15% on demand deposits and includes "Reserve
with legal depositaries" and "Cash in vaults."
Week ending Aug. 17 1918.
Two ciphers (00) omitted.
Atemb'rs of
F. It. Syst.
Capital
Surplus and profits
Loans, disc'ts & investm'ts
Exchanges for Clear.Houee
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
U.S. deposits(not included)
Res've with Fed. Res. Bk_
ReS'Ve with legal deposit's
Cash in vault*
Total reserve &.cash held _
Reserve required
Excess res. & cash in vault
$29,475,0
75,991,0
585,841,0
23,670,0
134,284,0
162,099,0
427,104,0
3,478,0
592,681,0
Total.
$3,500,0
8,055,0
30,159,0
367.0
24,0
442,0
20,356,0
20,798,0
53,591,0
16,547,0
70,138,0
43,228,0
26,910,0
Aug. 10
1918.
Trust
Cos.
2,358,0
1,011,0
3,369,0
3,061,0
308,0
$32,975,0
84,046,0
616,000,0
24,037,0
134,308,0
162.541,0
447,460,0
3,478,0
613,479,0
44,293,0
53,591,0
2,358,0
17,558,0
73,507,0
46,289,0
27,218,0
$32,975,0
84,051,0
615,673,0
21,126,0
122,820,0
157,538,0
435,535,0
3,636,0
596.709,0
36,862,0
46,481,0
2,456,0
17,451,0
66,388,0
46,045,0
20,343,0
Aug.3
1918.
$31,475,0
82,475,0
609,399.0
23,528,0
126,099,0
157,703,0
438,624.0
3,818,0
600.145,0
38,384,0
46,670,0
4,781,0
17,238,0
68,689,0
46,474,0
22,215,0
*Cash in vault is not counted as reserve for F. R. bank members.
Non-Member Banks and Trust Companies.
-Following is the report made to the Clearing House by clearing nonmember institutions which are not included in the "Clearing House return" on the preceding page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE,
I
CLEARING
NON-MEMBERS.
Week Ending Aug. 17 1918
Members of
Federal Reserve Bank
Battery Park Nat. Bank__ _
New Netherland Bank
W.R. Grace tic Co.'s bank _
First Nat. Bank, Brooklyn....
Nat. City Bank, Brooklyn..
First Nat. Bank, Jersey City
Hudson Co. Nat., Jersey City
Total
State Banks.
Not Members of the
Federal Reserve Bank.
Bank of Washington Heights..
Colonial Bank
Columbia Bank
International Bank
Mutual Bank
Yorkville Bank
Mechanics' Bank, Brooklyn_
North Side Dank, Brooklyn
Total
Trust Companies.
Not Members of the
Fe rat Reserve Bank.
Ham on Trust Co.,Brooklyn
Mechanics' Tr. Co., Bayonne
Total
Grand aggregate
Comparison previous week..
Excess reserve ..
Grand aggregate Aug. 10... _ _
Grand aggregate Aug. 3
Grand aggregate July 27..--..
Grand aggregate July 2()
Capital.
I
Net
Profits.
Loans.
Discounts,
Nat. banks June 29 Investments,
State banks June 20
&v.
Trust cos. June 20J
1
Reserve
with
Legal
Deposi•
lariat.
Additional
DeposUs
with Legal
Depositwin.
Gold.
Average.
i
9,191,000
3,65(3,000
8,260,000
7,799,000
6,605,000
8,919,000
4,447,000
Average,
I
8:3,000
28,000
3,000
10,000
2,000
81,000
59,000
Average.
$
13,000
11,000
2,000
14,000
21,00(3
121,000
4,000
Average.
a
27,000
99,000
Average.
I
78,000
54,000
10(3,000
59,000
79,000
70,000
84,000
125,000
195,000
157,000
2,350,000 4,792,300 48,910,000
266,000
186,000
440,000
693,000 5,186,000 5,725,000
478,000 2,456,000
100,000
500,000 1,040,300 10,186,000
1,000,000
(327,100 14,127,000
500,000
168,800 5,453,000
200,000
554,600 8,069,000
100,000
573,900 7,787,000
1,600,000
833,900 21,053,000
200,000
204,600 5,073,000
71,000
356,000
656,000
156,000
1,000
269,000
112,000
22,000
5,000
340,000
42,000
179,000
131,000
244,000
397,000
653,000
345,000
458,000
729,000
66,000
358,000
266,000
139,000
236,000
888,000
519,000
99,000
484,000
628,000 1,191,000 1,416,000
124,000
271,000
230,000
$
$
561,000
400,000
204,600
200,000
664,500
500,000
665,000
300,000
603,900
300,000
400,000 1,308,200
785,100
250,000
4,200,000 4,481.200 77,201,000 1,643,000
500,000 1,012,400
200,000
368,600
8,590,000
7,772,000
700,000 1,381,000 16,362,000
7,250,001) 10,654,500 142,476,000
-12,515,000
$36,060 Increase
7,595.000 11,569,700 154,991,000
7,595,000 11,466,300 153,897,000
7,595,000 11,466,300 151,428,000
7.595.0(10 11.346.800 147,387,000
a U. B. deposits deducted, $$9,653,000.
National
Bank
ct Federal
Reserve
Notes.
Legal
Tenders.
368,000
18,000
11,000
43,000
110,000
284,000
12,000
Silver.
Average, Average.
$
$
983,000
125,000
605,000
191,000
1,150,000
606,000
475,000
698,000
673,000
883,000 3,623,000
261,000
638,000
210,000
520,000
36,000
733,000
400,000
805,000 2,107,000 3,192,000 4,797,000 1,899,000
14,000
33,000
13,000
106,000
100,000
175,000
285,000
371,000
334,000
201,000
Net
Demand
Deposits.
Net
Time
Deposits.
Average.
$
7,235,000
3,829,000
5,784,000
5,543,000
5,336,000
6,328,000
3,470,000
Average.
$
83,000
55,000
720,000
545,000
458,000
470,000
Nations
Bank
Circalalion.
Asvrage,
$
197,000
296,000
119,000
395,000
197,000
37,525,000 2,331,000 1,204,000
2,184,000
10,886,000
12,154,000
4,896,000
7,230,000
8,073,000
23,604,000
4,204,000
393,000
158,000
71,000
67,000
400,000
73,231,000 1,089,000
.
.5,716,000 1,067,000
4,635,000 3,228,000
386,000
47,000
119.000
275,000
656,000
535,000 10,351,000 4,295,000
2,295,000 1,038,000 2,666,000 4,160,000 10,639,000 8,159,000 2121,107,000
---34,000 -473,000 ---398,000 1-163,000 -176,000 1-112,000 --5,042,000 7,715,000 1,204,000
-6,068,000 --301,000
2,329,000 1,511,000 3,061,000 3,997,000 11,1113,000 8,047,000 a126,149,000
13,783,000 1,505,000
2,760,000
844,000 2,915,000 3,944,000 11,282,000 8,847,000 a126,620,000
2,768,000 1,072,000 2,918,000 4,167,000 11,235,000 8,955,000 125,682,000 13,983,000 1,523,000
14,228,000 1,523,000
2.809.000
948.000 3.230.000 4 177 000 10.3119.000 8.933.090 125_732_0m 14.222.006 1.522 non
[VoL. 107.
THE CHRONICLE
782
-Vaulters- Gazette.
Wall Street, Friday Night, Aug. 23 1918.
The Money Market and Financial Situation.—Conditions in Wall Street are practically unchanged from last
week. The railroad contract matter remains unsettled, the
Government has continued to draw heavily on New York
banks so that very little money is available for any other
purpose, and business at the Stock Exchange has been
greatly restricted.
News from the American and Allied armies in France indicate that they are steadily advancing, in spite of stubborn
resistance by the enemy and large numbers of the latter
have been taken prisoners, but if this is having any influence
in Wall Street, the effect is to keep the security markets
steady; it does not stimulate any activity or advance in
values. From entirely different causes, which are generally
well understood, the Government Liberty Loan 33/2% bonds
have, on enormous transactions, advanced to a premium
of 23/2%, and the various Russian issues, dealt in here, have
also gone substantially higher again this week.
Reports of crop conditions in England, France and Italy
show that they are very encouraging, and now give promise
of the best harvests in recent years, while those from the
interior of our own country are simply an exaggeration of
last week's statement; that is to say, the damage to corn and
cotton is greater and the prospect of a good yield of springwheat is better than was then estimated.
As indicated above, the money market has been stagnant
throughout the week. Call loan rates have been "pegged"
at 6 to 63/b% and practically no time money is being offered
or bid for. The Bank of England reports another substanabout
tial increase in gold holdings, the latter being now .
$58,000,000 larger than a year ago. Its percentage of reserve, however, has not proportionately increased.
--Sterling exchange has ruled about
Foreign Exchange.
steady and French exchange has been strong, touching the
highest rates since August 1915. The neutral exchanges
have been weak.
To-day's (Friday's) actual rates for sterling exchange were
4 73 ©4 733 for sixty days, 4 75 7-16©4 7555 for cheques
and 4 76 9-16@4 76% for cables. Commercial on banks,
sight, 4 75®4 7534, sixty days 4 71% ©4 71%, ninety days
3
4 70@4 70/s, and documents for payment (sixtylda)
i
4 71@4 7134. Cotton for payment 4 75@4 75Y,1and
grain for payment 4 75@4 7534.
To-day's (Friday's) actual rates for Paris bankers' francs
were 5 683/b @5 693/ for long and 5 62% ©5 63% for short.
Germany bankers' marks were not quoted. Amsterdam
bankers' guilders were 51 for long and 5134 for short.
Exchange at Paris on London, 26.76 fr.; week's range,
26.76 fr. high and 26.99 fr. low.
The range for foreign exchange for the week follows:
Sixty Days.
Sterling Actual—
4 73M
High for the week
4 73
Low for the week
Paris Bankers' Francs—
5 6831
High for the week
5 7731
Low for the week
Guilders—
Amsterdam Bankers'
515-16
High for the week
50 11-16
Low for the week
Cables.
Cheques.
47562314766231
4 7655
4 7545
562
5 6731
561
5 6631
5131
5031
5231
5131
Domestic Exchange.—Chicago, par. Boston, par. St.
Louis, 15@25c. per $1,000 discount asked. San Francisco,
par. Montreal,$20 623/ per $1,000 premium. Cincinnati,
par.
United States Bonds.—Sales of Government bonds
at the Board include $5,000 4s coup. at 106% to 107, $55,000 4s reg. at 106% to 107, $6,000 2s reg. at 983, Liberty
Loan 33/Is at 100.10 to 102.50, L. L. Ist,4s at 94.02 to 94.24,
L. L. 2d 4s at 93.64 to 94.02, L. L. 1st 434s at 93.82 to
94.26, L, L. 2d 434s at 93.62 to 94.14 and L. L. 3d 434s at
95.00 to 95.62. For to-day's prices of all the different
issues and for the week's range see third page following.
State and Railroad Bonds.—Sales of State bonds at
the Board are limited to $17,000 Virginia 6s deferred trust
receipts at 56 to 58.
The market for railway and industrial bonds has not
retained the strength which characterized it last week.
Moreover the transactions have been limited to much
smaller number of issues.
Inter. Mer. Mar. 6s have been by far the most active
bonds and are the only issue which have recorded a net
are % point higher
advance of a full point. Armour 4
than last week and Rock Island ref. 4s and Interboro ref.
5s are fractionally higher.
On the other hand Reading 4s have lost 13 points,
Bait. & Ohio gold 4s and So. Pao. con. 5s are 1 point lower
and U. P. 4s, So. By 4s, St. Louis & San Francisco, Ches.
& Ohio and No. Par. issues are down fractionally.
Railroad and Miscellaneous Stocks.—The conspicuous
feature of the stock market has been the exceedingly small
amount of business transacted. The daily average was
only about 188,000 shares and, as might be expected in
such a dull market, fluctuations were over a very narrow
range. There has been practically no change in the tone
or trend of the market from day to day, net changes are
without significance and about equally divided between
higher and lower.
To-day's market has been the most active of the week
and rails were strong on reports that the Government contract with roads, satisfactory to company officials, will soon
be completed. Canadian Pacific closes with a net gain for
the day of 5 points and St. Paul, New York Central, New
Haven, Northern Pacific, Reading, Southern Pacific and
Union Pacific are up from 1 to 2 points and every other
active railway issue is higher than last week.
Industrial stocks have been more irregular, but a majority
of this group has also moved up during the week, led by
General Motors with an advance of 83/i points. On the
other hand Amer.Locmotive,Am. Smelt. & Ref. and Crucible Steel have fractionally declined.
For daily volume of business see page 791.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending Aug. 23.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range since Jan. 1.
Lowest.
Highest.
Par. Shares $ per share. $ Per share. $ per share.$ per share.
Amer Smelters Securities
pref series A
200 9031 Aug 20 904 Aug 20 89 May 944 Mar
Jan 103 June
Am Sumat Tob, pref.100
100 90 Aug 21 90 Aug 21 81
July
May 15
100 15 Aug 19 15 Aug 19 12
Assoc Dry Goods.._100
Aug
Apr 65
100 430 614 Aug 17 65 Aug 20 54
Associated 011
100 2501004 Aug 2310131 Aug 21 994 June 102 June
Barrett, pref
Jan 14 Mar
400 14 Aug 19 14 Aug 23 1
Batopilas Mining..._20
100 11 Aug 19 11 Aug 19 84 Jan 164 June
Brunswick Terminal_100
Apr
Jan 53
Cent Foundry, pref_100
2001 45 Aug 23 46 Aug 23 41
July
Jan 74
500x70 Aug 20170 Aug 20 70
Chic St P M & Om_ _100
Feb
Jan 56
100 63 Aug 21 53 Aug 21 45
Cluett,Peabody&Co_100
Cons Interstate Cal ..10 200 9 Aug 21 931 Aug 17 74 Apr 13 June
Jan
Feb 152
100136 Aug 21 136 Aug 21 145
Cuban-Amer Sugar_ _100
July
Apr 56
10 564 Aug 23 564 Aug 23 48
Elea Storage Battery.I
Jan 304 Aug
50 1,150 30 Aug 17 304 Aug 21 22
Elk Horn Coal
Federal Min & Smelt.100
100 134 Aug 21 134 Aug 21 931 Apr 134 Jan
Jan 364 Feb
1
Preferred
1,300 344 Aug 20 38 Aug 22 27
Jan 43 Juno
Fisher Body Corp.no par
200 3631 Aug 19 3631 Aug 19 26
July
100
Preferred
100 904 Aug 21 904 Aug 21 704 Jan 91
Jan 58 June
General Cigar, Inc._100 1,100 494 Aug 22 53 Aug 17 34
July
100 1074 Aug 22 1074 Aug 22 1064 Jan 112
Int Harv, N.J, pref_100
Feb
Mar 72
Int Harvester Corp_ _100 300 64 Aug 21 64% Aug 19 53
Aug 94
Feb
132 87 Aug 19 87 Aug 19 87
L & P_100
Kings Co
Aug
100 95 Aug 21 95 Aug 21 83 June 95
Kresge (S 5) Co_ _ _ _100
Jan 1954 Feb
300 165 Aug 20 165 Aug 20 165
Liggett & Myers_ _ _ _100
100 30010131 Aug 20 1014 Aug 20 10031 June 1074 Mar
Mar
100 144% Aug 23 1444 Aug 23 1444 Aug 200
100
LoPrrtlelaferrdre(IP)
Aug
Aug 19
g
Lorillard (P) rights
40
200 1844 Aug 23 174 Aug 17 12
12, 2 2
Mar 100 May
98% Aug 23 94
Aug
Manhattan(Elev)Ry.100
Jan
100, 65 Aug 21 65 Aug 21 65 June 75
Manhattan Shirt_ _ _ _100
Jan 5434 Apr
514 Aug 22 47
May Dept Stores_ _ _100
500'
7
9
5
81% A ug 19 92% Aug 23 8031 Jan 924 Aug
M St P & S S Marle_100
50
National Acme
100 31% Aug 21 314 Aug 21 264 Jan 33 May
Jan
Aug 100
100 91 Aug 17 91 Aug 17 90
National Biscuit_ _100
Aug 60
Aug
Natl Cloak & Suit_ _ _100
100 60 Aug 20 60 Aug 20 60
Jan 1024 Feb
100
Preferred
100 100 Aug 22100 Aug 22 100
Nat Rye Mex,2d pf_100
200 5 Aug 19 6 Aug 19 431 May 731 Jan
Apr 2431 May
N 0Tex & Mex v t c_100
200 19% Aug 20 194 Aug 20 17
Aug
Nova Scotia S & C._100
600 65 Aug 22 68 Aug 17 5631 July 70
Ohio Fuel Supply_ _ _ _25
600 42 Aug 23 444 Aug 21 4131 Mar 464 June
Feb
60 Aug 20 65 Aug 23 554 Jan 65
Owens Bottle-Mach._25
Aug
May109
Preferred
100
100 109 Aug 21 109 Aug 21 107
Aug 17 231 Aug 21 14 Aug 24 Aug
Pacific Mall rights
Feb
Pacific Tel SC Tel..._100
Aug 22 19 Aug 22 184 Feb 26
Jan
Apr 30
St L-San Fr pref A._100 3'100 22 Aug 23 284 Aug 23 21
9
2
2 4 18
Feb mg July
Sloss-Sheffield, pref.
_100
100 ' Aug 22 92 Aug 22 81
Jan
July 162
So Porto Rico Sugar_100
100 125 Aug 17 125 Aug 17 125
Mar
Jan 190
100
81 180 Aug 19 180 Aug 19 178
Tidewater 011
To!St 48, W trust rects
700 54 Aug 23 54 Aug 21 4 June 74 Aug
US Express
164 Aug 21 164 Aug 21 144 Apr 1631 May
100
Mar 174 July
TI S Realty & Impt_ _100, 100 164 Aug 23 16% Aug 23 8
Aug 834 Jan
200 70 Aug 22 70 Aug 22 70
Wells, Fargo Exp. 100
Outside Market.—There was some improvement in
"curb" trading this week, business broadening somewhat
though the volume of transactions was still small. Prices
held fairly well, some of the leading issues showing improvement. Aetna Explosives com. advanced from 12 to 123/2,
then reacted to 11%, the close to-day being back to 12.
Burns Bros. Ice lost a point to 35, recovered to 353/ and was
traded in to-day at 3434. Chevrolet Motor opened the
week at 133 and moved up to 141, reacting finally to 135.
An.outstanding feature in the trading was Submarine Boat,
which, after advancing from 1634 to 163/8, jumped to 193/2,
though to-day's trading shows a final reaction to 184.
United Motors gained two points to 333/2 and ends the week
at 33. Midland Securities sold for the first time up from 104
to 107. Trading in oil shares shows a heavy falling off.
Houston Oil com. continues about the only active feature,
movements in the stock being irregular. After an early
advance of about a point to 833/2, it sank to 80, recovered to
83 and sold finally at 80%. Stanton Oil, among the lowpriced issues, was active and improved about half a point
to 2. Okmulgee Prod. & Refg. receded from 23/8 to 234,
advanced to 3% and finished to-day at 3. Bonds were
active, with several new high levels being reached. Russian
Government bonds sold at their highest, the 63/28 moving
up from 58 to 643/2 and the 53/2s from 563/2 to 62. A reactionary tendency developed and the close to-day was down
to 603/2 for the former and 60 for the latter. Federal Farm
Loan 5s were in demand and advanced to a new high record
of 1063/8, a gain of over 23/2 points during the week. The
final figure to-day was 105.
A complete record of "curb" market transactions for the
week will be found on page 791.
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
PAGES
783
OCCUPYING TWO
For record of sale, during the week of stocks usually inactive, see preceding page.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Aug. 17.
Monday
Aug. 19.
Tuesday
Aug. 20.
Wednesday
Aug. 21.
Thursday
Aug22
Friday
Aug 23
Safes/or
the
1Veck
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
,
r.t.ds ati Alt.
Range since Jan. 1.
I
On basis of 100
-share Jots. 1
Lowest.
Highest.
. oil A nr.
r- it
Range for Previous
Year 1917
Lowest.
1 Highest.
Railroads
Par $ per share. $ per share. $ per share I$ per share
$ Per share $ per share $ per share $ per share $ per share ;$ per share
86 I 86
81 Mar23 88 May15
*85
8578 858 86
86
8 1,600 Atch Topeka & Santa Fe 100
86
863
*8514 8512 *85
75 Deci 107i2 Jan
82
82
8
80
Do prof
100
8 813 817 *81
82
8112 8112 8112 817
8 817 817
1,000
Jan30 85 June26
8
75 Deci 10012 Feb
*96
983 *96
99
4
*96
99
99
96
*96
200 Atlantic Coast Line RR 100
*96
99
97
8933 Apr22 97 Aug19 x797 Dec 119
8
Jan
*5412 5512 543 5433 543 65
55
49
55
5412 553
100
543 55
Jan24 57 May20
4
1,800 13altimore & Ohio
4
4
4
3814 Dec 85
Jan
*5514 56
*5514 56
*5514 56
53 Apr25 5712 Jan 5
100
Do pref
56
*5412 56
100
*5514 56
56
4814 Dec 747 Jan
8
3912 40
36 June26 484 Jan 2
4
2,400 Brooklyn Rapid Transit_100
39
3934 397
36 Dec 82
8 3918 393 *3912 4014 3912 3912 39
Jan
15612 157
4
1583 1608 160 1648 24,200 Canadian Pacific
157 1583 159 16218 16012 162
100 135 Mar25 1647 Aug23 126 Dec 1673 Mar
8
3
8
5714 5714 5733 573
5714 578 5712 583
4934 Jan15 608 Mar14
100
4
3 1,100 Chesapeake & Ohio
42 Nov
8 5712 573 *5714 68
6534 Jan
6 Apr 9
83 Jan 2
4
6 Dec
*712 734 *712 8
100 Chicago Great We3tern_100
4 *712 8
4
7'2 712 *712 73
*712 73
1413 Jan
*2312 25
2412 24
24
2412 2413
1812 Apr 9 25
Jan 3
*23
1(10
Do pref
200
1712 Dec 4134 Jan
2412 *2312 2412 *24
3714 Apr22 4934 Aug23
473 4878 4758 48
4
4818 493 22,900 Chicago Milw & St Paul_ 100
12 473 4858 484 49
4
35 Nov 92
4
478 48
Jan
78
7812 785
7814 7812 793
8 7818 79
6614 AprIl 793 Aug23
7853 7914 7814 79
100
4
Do prof
6212 Dec 12512 Jan
4 6,500
9312 9312 *93
95
*9212 9412 9212 9212 *9212 9412 *93
8912 Mar25 95 Jan 3
935
8
200 Chicago & Northwestern. 100
85 Dec 12414 Jan
*125 140 *125 140 *1243 130
12712 12712 128 128 *127 137100 125 July15 137
4
Jan29 13712 Dec 17212 Feb
Do prof
200
2512 2534 2512 2534 2534 257
257
3 2512 2613 10,200 Chic Rock Isl & Pac temp cUs.
8
18
8 257 2614 25
Apr22 2614 Aug21
16 Dec 3812 June
*76
7714 777 78
7612 7612 7758 7712 77
77
563 Jan15 78 Aug23
77
4
1,300
77
44 Dec 8414 Apr
7% preferred temp ctfs__ __
*6512 66
657 6612 3,600
46
66
6534 657
66
8
Jan15 6612 Aug23
657 657
8
3 658 657
353 Dec 71
6% preferred temp ctts____
Apr
*3214 35
26 Feb21 38 May14
33
3214 3214 3214 3214 3212 3212 33
*3214 35
400 Cloy Cin Chic & St Louis_ _100
24 Nov
51
Jan
*62
8
67
8
657 657 *60
f
5834 May 7 657 Aug22
67
100
*62
67
67
*60
*62
8
61
100
613 Oct 80 • Jan
4
*21
2212 *2112 2212
*21
22
18
21
100
*2112 23
Apr22 2314 May29
21
22
200 Colorado & Southern
22
18 Nov
30 Jan
47 Apr 3 5012 Jan 4
*4812 5012 *49
*4812 5012 *4812 5012 *4814 5012 *4814 5012
100
Do 1st pref
5012
448 Nov
5712 Jan
47
*42
*42
40 Apr 4 45 Mar14
*42
47
47
47
100
*42
47
*42
Do 2d prof
*42
41 Sept 46 Mar
47
1093 1093 110 110
4
4
109 10912 *10812 10912 110 11012 110 110
100 10012 Aprll 11518 Feb 1
941 Delaware & Hudson
87 Nov 1517 Jan
§174 174
*175 190
Delaware Lack & Western_ _50 160 Apr17 x180
175 175
Jan 4 16712 Dec 238 Mar
176 176 *168 175 *168 175
250
5
*4
214 Jan 4
5
*4
*4
5
5
*4
6 Jan 3
*4
5
Denver & Rio Grande_ _100
5
*4
5 Dec
17
Jan
*6
7
7
*612 63
4
612 612
5 Apr23 135 Jan 2
*613 7
1)0 prof
8
61
250
100
618 *6
98 Dec 41
Jan
1518
15
1538 1512 2,400 Erie
15
14 Apr17 173 May15
3
1514
8
100
8
1313 Dec 3434 Jan
1513 1538
1533 1533 153 153
32
32
3214 3212 1,100
2318 Jan16 35 May14
32
Do 1st prof
100
183 Dec 4914 Jan
3212 :1214 3214 32
4
3214 3214 *32
23
*23
23
*21
1812 Jan25 243 May14
2312 23
Do 2d prof
4
*2212 2312 2312 2312 *21
300
100
151s Dec 393 Jan
4
23
4
0212 *913 0212 9212 0212
*9112 93
86
Jan15 033 Aug13
8
900 Great Northern pre
100
7914 Dec 11814 Jan
4 92
923
92
923 *92
4
2518 Jan15 3433 May16
*3153 32
Iron Ore properties. No par
*3158 32i4 3133 3134 3158 3133 3112 3112 3112 317
1,550
8
2233 Nov
3818 Mar
92
Jan 7 98 3 Aug13
,
300 Illinois Central
100
853 Dec 1063 Jan
*96
*9512 9712 *9512 9712 9512 95 8
06
9712 *9512 9712 06
3
63 Mar25
4
912 Jan 3
*7
900 Interboro Cons Corp__No par
53 Dec
4
714
718
1718 Jan
714 „7!11 _ 7'8 ,,,,,7
718
714
713 713 *7
3512 May29 4712 Jan 3
37
Do prof
37
100
3614
37
i36. is i '
3912 Dec 7214 Jan
,16
12
000
37
37
*3612 377
3 37
1814 18% *18
1513 Apr17 20 May16
19
*1712 1834 *1734 1834
Kansas City Southern_
1312 Nov
1,000
100
1878 188 1812 1812
2578 Jan
55
*51
*5112 54
45
54
Jan 6 5518 Aug14
*52
40 Nov
Do prof
100
*52
55
6812 Jan
*52
55
712 712 *8
712 Aug22
10
*8
1012 Feb10
812 Nov
100
200 Lake Erie & Western
1012 *712 1012 *712 1012 *712 0
2514 Jan
24
*16
*18
22
18
22
Apr23 22 Aug12
*1653 22
23 Oct 53% Jan
Do prof
100
.168
*1658 22
8
*165 22
*5812 5912 *5812 5012
55
*5812 5912 *5812 49
59
Jan15 627 Marll
503 Dec 7912 Jan
8
59
8
50
200 Lehigh Valley
59
59
Jan 2 118 Mar14 103 Dec 13334 Jan
*112 11612 *112 116
200 Louisville & Nashville____100 110
4
11434 1143 *115 11612 *115 11012 116 116
*1014 1112 *1014 1112
712 Apr17
1134.July13
*1014 1112 *1014 12
67 Dec 3214 Jan
Minneap & St L (new)___100
*1014 1112 *1014 111
*518
578
*513 57
8 *518 5 2 *513 512
438 Jan 5
,
*514 58
612 Jan 2
312 Dec
300 MISSOUr1 Kansas &. Texas_100
11
Jan
514
514
912 912 *9
97
8 *9
612 Jan29
912 Jan 7
7
Do prof
98 *9
100
10100
Nov
*912 10
2012 Jan
912 912
20
4 2334 2438 6,300 Missouri Pacific tr etts
2312 233
4
2334 24
233 24
Jan15 247 Jan 2
8
197 Nov 34
8
I00
2334 24
24
Jan
24
8
41
57
55% 55% 557 55% 57
Jan15 5812 July18
3712 Dec 61
1,200
100
Do prof tr ctfs
Jan
56
5612 *55
56
5512 56
6712 Jan15 753 May14
73
4
6212 Dec 1035 Jan
5,200 New York Central
100
73
7311 7312 7318 7314 72% 7338 7312 74
7212 73
8
27 Aprll 457 May29
4234 438 4214 4312 4312 4413 64,800 N Y N H & Hartford....100
413 42
8
8
2112 Sept
527s Jan
42
425
8 4212 427
203 2012 *2012 21
8
22
221i *20
*2018 22
*1912 21
1814 Jan22 23 July 0
17 Nov
*20
200 N Y Ontario & Western_ _100
2914 Jan
Jan24 1083 May14
*105 107 *105 107
8
925 Dec 13858 Jan
107 10712 *10512 10712 10612 10612 10712 10712
100 102
3
600 Norfolk & Western
8
9112 895 00
0014 9012 1,500 Northern Pacific
*89
8113 Jan24 9012 Aug13
*8914 90
75 Dec 11014 Jan
89% 90
100
90
90
8 433 437
4
4353 438 433 437
4314 June27 4714 Jan 2
4
Pennsylvania
3 5,200
4358 44
4
4014 Dec 573 Jan
50
435 435
8
8
8 433 43%
1414 1412 ...e
.- -;6
i .,
1614 June27
12 Dec 363 Jan
1412 145
0'2 May 1
1,000 Pero Marquette v t c ____100
8 1412 1112 ---- _--_
4
59
59
5
5212 Apr 3 59 Aug22
Do prior prof v t c
_-_- _ - _ - ____ ___
_100
300
45 Nov
7312 Jan
30 Apr 5 40 Aug13
Do pre( v t c
100
37
Oct 57 June
3 8- -A6ii4 - 6,
4
2258 Jan 2 3812June21
3il4 -5A52 -i6-ari - 351 353 -51;13 3512 -5n- - - :
iii4 1i- -7-J;(5o Pittsburgh & West Va
100
183 Dec 353
4
4June
79
79
79
*773 81
4
61
*773 813 *773 813 *7734 81
) pref
4
Jan10 81 Aug13
100
800 l o
16,25000
8
535 Apr 68
8
4
Jan
8
893
8912 9018 89
8 8918 0012
7013 Jan15 95 June27
89
Reading
6018 Nov 10414 Jan
8912 8918 8912 8912 00
50
*37
40
40
*37
*37
35
3818
40
*37
Jan12 39 May15
Do 1st prof
*37
40
50
34 Nov
40
*35
45
Jan
7 Dec 4512 Jan
3913 *37
3912 *37
3912 *37
35 Mar30 40 July 6
Do 2d prof
3912
37
3714 *3578 3912 *37
_5
33
200
1112 1112 1112
4
958 Apr 3 14
113 1134 *1078 117 *11
-San Fran tr 0.18_100
*11
Jan 2
200 St Louis
12
12
12 Dec 2638June
*11
2234 *19
2234 *19
4
2234
223 *19
1918 Mar12 2314 May15
*19
2234 *19
St Louis Southwestern____100
223 *19
22 Dec 32
4
Jan
3712 *31
*32
3712 *31
35
3314 Aug13 4012 Jan 3
2Do prof
371
*31
*31
100
40
3712 *31
34 Dec 53
Jan
*712 734
*712 734 *712 73
4 *712 73
Seaboard Air Line
812 Jan 4
7 Apr17
*7
100
73
4 *712 8
4
714 Dec 18
Jan
2012 *1914 2012 *1914 2014 2014 203
*20
1518 Apr19 2112June17
21
prof
*20
Do
100
2012 *20
4
400
167 Dec 3912 Jan
3
8714 867 873
8
8 863 8813 7,200 Southern Pacific Co
873
8012 Jan24 8834 Feb27
3 87
4
805 873
8
3 863 867
100
4
8 87
753 Dec 9812 Mar
4
23
2312 2312 24
8
203 Apr30 26 May15
8
2334 24
8 2334 2378 235 24
2312 237
7,800 Southern RallwaY
100
2113 Dec 3338 Jan
633 ((33
4
4 6312 6418 2,100
57 Jan21 647 Aug13
6314 6314 6313 6334 6314 6314 632 633
prof
Do
100
515 May 7012 Jan
1512 1534 *15
16
115 Nov
16
14 May 4 197 Feb20
*15
16
*1312 1512 *15
1514 1514
s
100
300 Texas & Pacific
1934 Jan
*43
45
3918 Jpne13 6514 Jan31
45
43
*42
43
4318 4318 *43
*43
43
45
62 Dec 95
200 Twin City Rapid Transit_.100
Jan
8
12478 12514 1247 12533 12412 1263 18,500 Union Pacific
12418 12412 1237 1243 1248 125
8
8
100 10934 Jan15 12612 May14 10114 Dec 14918 Jan
69 Jan 3 744 Marll
3
8
*7012 7112 *7012 7112 705 713 *7012 713
prof
*7014 7112 *7014 71
Do
100
6914 Dec 85
4
Jan
3(0
434 Janus 12 June27
812 *8
812 *8
*8
8
8
*8
812 *8
812
414 Dec 113 Jan
200 United Railways invest..100
812
3
*1412 1512 *14 2 16
,
1012 Apr 9 20 May 7
*1412 16
*1412 16
100
*1412 16
Do
pref
1114 Dec 2334 Jan
*1412 16
*953 97
8
933 97
7 Apr26 113 July 8
*93 1014
4
95 10
10
10
8
4
100
4
934 93
7 Nov
153 Jan
4
383
8 3814 3812 3812 39
37 Aug 2 4412 Jan 2
39
100
395
8 6, 0 Wabashpref A
1)0
3914 38
3812 38 2 38
800
3614 Dec 58
5 0
,
Jan
*2312 24
24
24
24
2014 Jan15 2(112 June26
2412 2412
Do Prof B
*2312 2412 *2312 2412 *23
100
18 Dec 3012 Jan
300
*1412 15
*1414 15
4
143 144 *1412 15
13
15
Jan15 173 Feb15
*14
4
*1414 15
12 Dec 23
100 Western Maryland (new).100
Apr
*28
*27
31
20 Jun29 32 June22
32
30
*28
*25
*28
31
30
•
Do 2d prof
31
100
20 Dec 41 Mar
*28
19
19
*19
101.2 *19
20
13 Jan 2 2412 June20
*19
20
*1934 20
100
20
*19
100 Western Pacific
1012 Dec 1812 May
4
4
46
*59
6112 *593 6112 *5934 6112 *593 6112 *593 6112 *5934 6112
Jan 3 64 June27
Do preferred
3512 Dec 48 July
4
*87
8 938
91,
83
914
9
4 87
9
8 *85
8 Apr22 1014 Jan 2
8 94
712 Dec 227 Jan
9
9
,
500 Wheeling & Lake E Ky. 100
1914 *1812 20
*18
1712 Apr17 223 Feb18
*1812 1912 *1812 1912 *1812 1912 *18
Do
100
20
preferred
165 Nov
8
50% Jan
3512 3512 3512 35 2 1,300 Wisconsin Central
38
34 May 2 3912 Jan 3
3614 3731 *37
*36
100
37
33 Dec 5414 Jan
36
36
,
Industrial & Miscellaneous
1734 *1738 1734 17
11
JanI9 18 July18 ,
17
100
712 Nov
1812 Jan
2,700 Advance ItumelY
173
8 1714 1758 *17
17
17
*16
46
46
46
468 46
257 Jan 9 465 Aug20
8
*4534 463
45
Do prof
lpo
44
19
4 3,000
Oct 371.3 Jan
45
4512 46
6212 ____
49 Jan 2 6514 July18
Ajax Rubberinc
4518 Dec 80
50
Jan
114 Apr27
33
8 4,300 Alaska Gold Mines
3
318 -- -1:1 -;;iiiii
45 July 5
8
314 314
110
1 Dec 1112 Jan
314 -18 --5F4 -14 --5T4 -12
31
17
17, 17
2
2
17
112 Apr 1
8
2
8
2
2
312June21
2
17
8 2
134 Dec
818 Mar
5,500 Alaska Juneau Gold Min'g_10
333 3312 3312 3312 33
8
175 Jan15 37 May24
33
33
*3314 34
3312 34
15 Dec 325
8May
33% 3,800 Alils-Chalmers Mfg v t c__100
7214 Jan 4 8612 May24
4 8312 8312
700
Do preferred v t c____100
*8314 8414 8314 831t 8318 8314 8312 8312 *834 833
65 Dec 867 Mar
8
96
96
07
96
78
06
98
Jan 2 9!) Aug23
95
96
99
72 Dec 952 May
06
4,100 Amer Agricultural Chem__100
9612 96
*92
04
94
*92
*90
8918 Jan17 06 May21
94
04
*92
Do
100
94
prof
*92
*92
94
91 Dec 10312 Jan
*6914 70
64 June10 84
*6914 6912
8
607 *6814 70
100
6912
Feh27
63 Dec 10212 Feb
691z 693 *69
600 American BeetSugar
4
70
*82
85
83 June22 9112 May 8
88
*82
*82
*82
85
85
Do
85
prof
7812 Dec 98 Jan
*82
100
*79
85
345 Jan15 50 4 May17
8
4614 4614 4614 463
3
100
2912 Nov
53 May
8 4612 4718 4612 4718 4612 4612 4634 47
3,900 AmericanCan
04
*93
8914 Jan23 07
93 2
,
*9212 9312 *92
100
2
Apr30
87 Dec 11112 June
4 9312 93, *93
4
Do Prof
0312 933 033
85,2 1 200 American
848 8514 :8_4_1!
6814 Jan14 87 June26
*8414 8514 8434 85
85% 8412 85
Car & Foundry.I00
57 Feb 803
8June
85
,600
10734 1073
4
Do
100 104
Jan 3 11034 Slay 1 100 Nov 1i8 May
pre
10734 107%
2(10
if
25
;41312 - - 3- *41
41 4
-- -i(7)i2 - - *3612 4012 41
Jan16 4318 May23
100
413 -41.- 11
21 Dec 5012 Jan
11114
4 3,600 American Cotton 01
*75
90
90
*75
*75
78 Mayl. 84 May22
*75
85
prof
90
Do
*75
100
90
*75
88
80 Dec 10112 Jan
20% 207 213 30,600 American Hide & Leather_100
197
8 19
185 19
1178 Jan10 213 Aug23
8
19
*1812 19
4
19
19
10 Feb
4
1714 Mar
8
4 923 9.134 21,700
3 8412 8412 8514 86
8412 843
4
8618 8912 887 923
50 Jan 2 943 Aug23
4
4314 Dec 75
100
Do pref
Jan
3312 3312 50 s 33 41,000 Am eo
*34
34
34
35
34
3314 5012
1112 Jon 2 3534 Aug13
ricau Ice
vI e
r
3414 *3312 35
100
8% July
147 Aug
8
30
,
: 0
,
Si)
*50
51
preferred
*50
5112 *50
Do
3834 Jan16 53 May13
5114 50
5114 *50
35 Dec 55 July
100
54
543 *5212 5412 3,520 Amer International Corp-100
4
4
65
46
4
5414 54% 543 5514 55
543 65
42 Apr25 5812 Feb 1
Oct 623 Aug
4
413
8 4114 4112 4112 4112 *4114 42
4112 41
41
4112 418 2,100 American Linseed
27 Jan 7 43 Aug10
153 Feb
4
2913 Aug
100
8 78
78
7812 7812 7812 7814 783
78
,
7912 79 2 78
6914 Jan 7 8112June13
783
48 Feb 75 Nov
100
1)0 Prof
3,11)0
6633 66% 6612 6634 2,500 American Locmotive
4
4 6678 6714 665 673
4
6634 663 *653 663
5312 Jan15 713
4.May16
465 Dec 823
8
4rJan
100
*97
*9712 99
09
*9712 99
99
*97
*97
pref
Do
90
Jan 4 100 Feb18
*9712 09
03 Dec 106% Jan
100 x95
*5
53
*5
4 *5
512
*5
6
6
6
*5
6
American Malting
*5
5 July16 1312 Feb 6
814 Dec 194 Mar
100
*42
44
44
*42
*42
44
44
*42
*42
4212 Apr25 5813 Feb 6
44
44
Do 1st pref
50 Dec 7112 July
*42
100
American Shipbuilding___100
90 Feb21 144 May14
88 Nov 93 Nov
*115 139 *115 139 *115 139 *115 139 *115 139 *115 129
4 7814 7833 773 7818 x765 77
783
4
78
8
78
675 Dec 1123
73 May28 8612 Feb19
8
78
7731 78
4June
4,600 Amer Smelting & Retining.100
105 105
Jan 5 1063 Mar 2 29918 Nov 11718 Jan
prof
4
Do
100
100 104
*105 106 *104 106 *104 106 *101 106 *104 106
4 7412 7412 4,500 Amer Steel Foundries.. 1Q0
743 743
8
72
744 7412 75
72
5018 Dec 75 June
58 Jan15 7514 July26
7233 7312 72
4
1087 109, 109 10912 3,
8
Jan16 116 May15
366 American Sugar Retining....100
,
*10914 10912 10912 109 2 10953 11038 10912 110
08
8
8918 Nov 1263 June
10912 10912 1094 10914 10914 10914 *10914 10922
Do
pre(
•10912 110 *10912 110
300
100 10814 Mar23 113' Stay 8 106 Dec 1211z Jan
8
60$4 Jan,5 145 May24
126 1274 1267 12812 127 1284 12612 129
30 May 621z Dec
12514 12612 12512 126
22,900 Am Sumatra Tobacco_ _ _100
8
0414 943
963 062 96
953 Dec 12812 Jan
9033 Aug 5 10914 Feb 1
4
4 9438 943
8
4 953 07
9,100 Amer Telephone & Teleg_100
9634 95
97
1593 160
4
15712 15712 158 15812 159 159
*158 164 *157 163
100 14012 Jan 5 170 May13 123 Dec 220 Mar
900 American Tobacco
93
95
03
95
*90
96
95
*90
93 May27 99 Feb23
*90
100
96
89 Dec 10934 Jan
*90
96
1, 00
30
3 0
5534 June
445 Jan15 607 May24
8 585 588 6814 5812
5812 585
8
*58
59
3718 Feb
Arn o Ple f of Mass
D Woo ren
*58
5813 583
59
100
96
967*95
92
9512 9512 957 957 *95
Jan 4 958 Mar12
prof
87 Nov 100 June
*95
06
96
*95
100
Do
200
3214 3412 324 34 a
3612 3412 35
2014 Aprll 38 2 Aug15
,
3412 353
5412 Mar
17 Nov
4 35
*33
35
100
4,470 Am Writing Paper pref
,
1712 1712 1712 17 2 1714 1712 1,000 Am Zinc Lead & S
1278 Jan18 213 July 3
*1712 1813 18
18
3
25
1012 Dec 41% Jan
18
18
*49
50
50
*49
Jut: 2 5314 July 1
41
*4612 60
*4018 50
prof
Do
,
*4612 50
25
3912 Dec 72 2 Jan
*4612 50
6612 -8 0-- 18 653 663
5118 Nov 87 May
4
653 66
657 6613 657 6614 66
4
8
657 -6
8,800 Anaconda Copper Mining_50 25918 Jan18 7112May16
10234 1024 10314 10:114
9734 Jan 5 12014 Feb18
*10212 104, 1033 104
4
800 All Gull & W I SS Line___100
878 Sept 12112 Jan
103 10313 *103 104
4
*6312 65
*63
*6312 65
65
*6312 05
*63
58
Jan 5 65 July 9
65
prof
54 Feb 66
*6312 65
100
Jan
Do
9414 0533 9334 9533 9314 91
5618 Jan15 1013 May18
43 Feb 7612 July
937 0453 41,350 Baldwin Locomotive Wks.10
4
93
4
937
8 923 94
93 Jan 2 10033 Aug 8
10
prof
Do
03 Dec 10213 Jae
2
85
oi- -65i4 Jan 4 95 June29
82 Dec 136
;IV 04
'
-51. 6:31;62- - -( i62i V4l- -9 2 - 2 -61- - 2
Jan
6334
.
400 Barrett Co (The)
10
64 2
7414 Jan15 96 May16
6614 Dec1 515
Jar
833 833
10
4
4
100 Bethlehem Steel Corp
723 Jan15 94 May16 26613 Dccl 156 June
.
-8:114 84
_3
8318 84
Do class B common_10 ,
-4
-Ags 84i- - 3j8 V7 -ii- - -3- -Ai- WITI 12,206
i 8
8
_ *10312 105
103 10334 __ __
103 10318 10234 103
93 Dec 10112 Oci
9611 Jan15 1067k Apr20
.
Do cum cony 8% pref _ _ _
1,700
*2531 2611
*2519 - - 253; 26
24
26
2 14 *2512 26
6
21
I
Jan211 2778 Aug10
26
-::!-iIii No pa
300 Booth Fisheries
8481 and askedprieee; no sales on this day. t 1:x-rights. I Lessithan 100 shares, a Es-div. and rights. s Ex-dividend. b Before PaYmeat of that installment.
•
New York Stock Record-Concluded-Page 2
784.
For record of sales during the week of stocks usually inactive, see second page preceding.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday I Manday
Aug. 19.
Aug. 17.
Tuesday
Aug. 20.
Wednesday
Aug. 21.
Thursday
Aug 22
Friday
Aug 23
Salesfor
the
Week
Shares
Lowest.
Industrial&Misc.(Con.) Par
$ per share $ per share I $ per share $ per share $ per share $ per share
100
1441 14412 144 14412 14312 14412 2,000 Burns Bros
4
4
4
*1433 1443 1443 14512 145 145
300 Butte Copper & Zino v t 0_5
4 1112 1153 1112 11% *1118 115*
*1114 1112 1112 1112t *1114 113
2,900 Butte & Superior Mining. 10
26
2653 2532 2614 2514 26
26 I 251 26
*2514 2614 26
200 California Packing_ _ __ No par
4318 *4233 43
4
*4214 433 *4212 43 2 --------- *42
423* 4212
,
400 Callfornal Petroleum
100
*19
2012 *183 2012 193 193
4
4
8
4
4
8
1912 1912 193 193 *183 20
Do pref
200
611
100
6114 611
6112 *60
*60
6112 *60
3
3
6112 60 4 60 4 *60
/
4
3,000 Central Leather
100
6912 6834 69
6914 6814 6814 683 68 4 6812 6912 69
4
3
68
100
Do
prof
100
103 103 *10212 10312 *10212 10312
8
*1025 10312 *1025* 104 *1025* 104
900 Cerro de Pasco Cop_ __No par
35
x3373 3373
35
35
35
35
35
8 347 35
*3434 347
100 Chandler Motor Car.. _ _100
*8712 89
89
88 88
4
*86 ---- *8712 883 *87
89
*86
25
1618 161* 1618 1618 1618 Ms 1618 1618 1638 1612 *1638 1612 1,300 Chile Copper
5
39
39
3
387 387
3
3
8 1,000 Chino Copper
4
4
*3834 3914 383 387 *383 3912 387 39
4653 4653 46
4613 463 463
47
4614 47
47
47
4
47
4 1,200 Colorado Fuel de Iron_ _ _100
3514 3514 35
7,900 Columbia Gas &Eleo
100
374 3512 3612 3533 36
/
1
35
343 343
4
4 35
1,100 Consolidated Gas N Y) 10
90
(
895* 895* 893 90
4
4 8912 8912 *89
8914 893
90
*89
0
200 Continental Can, Inc
100
7214 *71
7214 *707 7212 *707 723
3
4
7214 *71
3
723
4 72
*71
/
1
4
/
1
3
3
427 4314 4318 435* 4312 43% 434 43 4 423 4314 434 4314 8,700 Corn Products Refining_ _100
3
Do pref
400
100
3
99% 100
*9934 10014 *997 100
4
*993 10018 998 997 *993 100
4
675 68
4 8,300 Crucible Steel of America_100
69
684 683
/
1
8
6712 6814 68
685* 68
3
673 68
100
Do prof
100
91
91
91
*90
91
91
*90
*90
91
*90
91
*90
3,800 Cuba Cane Sugar..
..No Par
4 2934 30
8 2934 293
3014 3012 3012 307
2933 2953 2912 30
Do prof
100
/
1
3
8012 8012 *8014 8012 804 80 8 8012 8012 1,515
8012 81
*8014 81
8,700 Distillers' Securities Corp_100
8
5834 5914 5812 583
4 5853 59
5853 583 5812 585* 593
58
700 Dome Mines, Ltd
*813 812 *814 812 *814 812 *814 812 *814 812
10
812 8%
500 Gaston W & W Inc..
2934 2953 295* 2918 2918 *29
2934 29
.No par
29
291 291 *29
100
14614 14612 146 146
1463 14714 1,730 General Electric
146 146
4
1454 1453 146 146
13,100 General Motors Corp
16012 164
4
16112 16212 16214 163
1573 162
100
15418 15612 1554 158
900
Do
pref
100
8134 813 *8112 81%
4
4 813 813
4
4 8112 813
4 8153 82
*8114 813
700 Goodrich Co (B F)
45
100
*4434 4512 45
*4514 4534 4514 4514 4513 4513 45
4518
Do pref
100
/
1
/
1
4
*9812 10014 *9812 10014 *9812 10014 *984 10013 *9812 10013 *9812 100
725 Granby Cons M S & P____100
80
8012 *7912 8012 80 80
81
18012 8012 8013 8012 *80
*4412 447g 448 448 4412 444 448 447 *4412 448
500 Greene Cananea Copper-100
/
1
3
45
45
600 Gulf States Steel tr ctfs_100
8312 84
87
*8112 8512 *8112 8512 *8112 85
8512 8512 *83
/
4
Do 1st pref tr ctfs_ _ _ _ 100
•____ 10212 •____ 10212 *-_- 10212 *____ 1021 *____ 10212 *____ 10212
500 Haskell .1, Barker Car.
*4514 47
46
.No par
46
4512 4512
*4612 4813 4612 47
5114 51
3
5112 517
513
3 5112 5153 513 5134 -511,' 1134 51
8 7,000 Inspiration Cons Copper_ _20
300 Internet Agricul Corp_ _ _ _ 100
1712 *16
1734 *16
1712 17
1712 *16
17% *16
173
4
*16
Do prof
*5912 6112 *5912 6112 6012 61
100
5934 6012 6012 6112 1,800
61
61
126 12612 *126 12734 12612 12612 1,900 Intern Harvester of N J 100
12512 126
*126 12813 12612 127
3 2713 273* 24,900 Int Mercantile Marine_100
4 2712 28.14 28
2634 273
2812 2734 2853 2718 277
100
Do pref
3
/
1
100 100% 10114 10238 10213 10314 10138 103% 100% 1017 101 1024 109,900
2934 30
3,000 International Nickel (The)25
2914 297
4
8 2933 297
4
2912 293 *2912 2973 293 30
345 348 34
4,800 International Paper
100
35
3553 3534 3434 3553 3412 35
3 36
4
35
Do stamped prof
100
150
6212 *60
*61
62
6212 *61
62
*6112 6212 *61
6118 6118
525 Kelly-Springfield Tire_ _ _ _25
48
48
48
48 48
*46
4812 4812 48 48
49
49
3333 3353 3314 3312 3333 3333 3318 3338 3318 3318 331 3318 2,900 Kennecott Copper_ _ _.No par
100
8414 84 84
8312 8312 8312 8312
*83
300 Lackawanna Steel
85
8412 *83
*
83
21
.No par
2114 193 2012 1,300 Lee Rubber & Tire..
*2112 2214 2112 2112 *2114 22
4
*2112 22
2712 28
*28
-Wiles Biscuit tr etfs..100
29
300 Loose
*2713 29
29
29
*28
*28
29
*28
100
Do 2d pref
7712 *75
7712 *75
7712
7712 *75
7712 *75
7712 *75
*75
100
Mackay Companies
7512 *74
7538 *74
7538 *74
7512 *74
753*
7412 *74
*74
Do pref
100
100
*6412 65
*6412 6512 *6412 65
*6412 65
6412 641z *6412 65
100
2512 1,600 Maxwell Motor,Inc
4
2614 2614 2614 2614 2612 263 *2614 2714 2578 2618 26
1,400
100
Do 1st prof
5634 57
575* 5714 5738 5612 57
4 57
4
4 563 563
5512 563
100
Do 2d pref
600
*20
2112 2014 2014 2014 2014
21
21
20
20 4 20
3
*20
100
4 993 10012 17,500 Mexican petroleum
3
100 4 10118 101 10112 1001 10114 9914 1003
100 * 101
5
Do prof
100
100
*9512 97
96
96
98
*94
5
800 Miami Copper
-7. "275:8' -57E8 Iiii
71.8
.
4
4
3 273 2773 -273 273- *2758 28
277.3 277
4
7
5234 5338 525 53% 5234 533 9,800 Midvale Steel & Ordnance_50
3 5212 5273 53 53
5253 527
100
70
*6912 70
70
100 Montana Power
*67
70
*67,4 70,
70
7212 *69
*69
Do pref
100
100
*101 10112 *101 10112 *10113 10112 10112 10112 *101 106 *101 1 _-1718 *1612 1714 *1651 1712 1,200 Nat Conduit & Cable No par
4
1814 1814 *173 1814 1712 1734 17
*5012 52
400 Nat Enam'g & Stamp's_..100
*51
51
*5012 52
52
*5012 51
5113 5113 51
*95 100
*95 100
*95 100
Do pref
*95 100
*95 100
100
*95 100
800 National Lead
/
4
5812 584 591 *5812 5914 *5712 5914 *5814 5914
/
1
*5814 5914 58
100
200
Do pref
10312 10312 *103 10312 103 103 *10114 10212
100
*10312 10414 *10312 104
2014 20
20
/ *20
1
4
/
1
20
/ 20
1
4
20
2014 2014 2014 204 203* 3,000 Nevada Consol Copper.._ _5
12314 12614 *124 12612
125 12612 1,000 New York Air Brake_ _ _ _100
*120 127 *123 125
3
397 397 ;55- - -- *3912 41
il
8
100 North American Co
41
100
*39
*39
41
41
*39
25
4,900 Ohio Cities Gas (The)
4
*3712 38
3 373 3814 3734 38
4 378 377
3714 373
3714 377
8 *912 9%
4
93
4 93
4
600 Ontario Silver Mining_ _ _ _100
958 958
953 95
4 *912 92
93
4 93
3212 3212 1,000 Pacific Mall SS
4 32
5
32
32
4
4 313 32
313 315
4
313 313
4
32
91
_100
92
91
200 Pan-Am Pet & Trans, pref.
*91
02
*91
*91
92
93
9112 9112 *91
*441 4514 4414 4414 *4414 4514
300 People's G L & C (Chic)_100
44
4514 44
*44
44
44
*2612 2712 *2612 2712
100 Philadelphia Co (Pittsb).._ 50
*2612 2812 *2612 2812 *2612 28
27
27
.No par
400 Pierce-Arrow M Car..
*3812 3914 *3812 395,
3873 3873 3873 39
39
39
3
*387 39
Do prof
100
*96
100
*96
981
98
98
98
*96
978 9773 *96
*9514 98
400 Pittsburgh Coal of Pa.__ -100
5033 5033 5012 5012 *5018 51
501 51*
52
*50
*5114 52
100
Do pref
100
*8112 83
83
*8112 83 *82
*8112 83
82
82
*813 82
8
70
100
70' 1,900 Pressed Steel Car
70
70
70
70
6912 6912 6934 70
6814 69
100
99
Do pref
09
*95
*95
*95
98
99
*95
100
95
*
13 Public fiery Corp of N J 100
95
;56- 1;76-- *90 95 *90 95 *90 95 §8934 8934
*90
11178 11178 11118 11118 *111 112i.
200 Pullman Company
100
*111 112 *111 112 *111 112
16,700 Railway Steel Spring
100
6314 633 647
4
3 64
645* 6414 66
6153 6112 6133 6214 62
Do prof
100
300
101 101 *100 102 *100 102 *101 102
*98 101
*100 101
2334 2373 2334 24
237 24
2334 2334 3,230 Ray Consolidated Copper-10
237 24
3
*237 24
8
02
9238 4,900 Republic Iron & Steel__ _100
8
917 9214 9138 92
92
4 911 9112 91
9114 913
100
Do pref
100
*101 103 *101 103 *101 10112 10118 10118 *101 103 *1011 104
105 105 *102 1063
103 104
4 1,272 Royal Dutch Co ctfs dep.--104 104 §104 104 §103 103
3,400 Saxon Motor Car Corp...100
634
6
4 4 512
*63
4 7
55* 71
7
3
7
7
7
100
Sears, Roebuck & Co_
*137 140 *137 140 *13712 140 *13712 140 *138 140 *137 14011
.1O
1513 1512
1512 1512
300 Shattuck Arcs Copper..
*1512 16
*1512 16
*1512 16
*1512 16
4 3114 3134 3138 3134 3114 3138 3114 3138 3114 3112 3,600 Sinclair 011 dr Reg__.No par
3134 313
62
5912 5953 *56
5912 60
1,200 Sloss-Sheffield Steel & Iron100
*60 62
63
*61
61
61
X433 4414 44
4
45
45
4412 4314 4314 4414 4414 2,900 Studebaker Corp (The)_100
4
443 45
100
Do prof
*8112 90
100
*8112 90
*8114 90
*8112 96
90
90
*8612 90
Superior Steel Corp'n_ _100
4213 *417 4212
8
*4114 4234 "3914 423 *41
43
*41
4
*4114 43
100
*94
96
Do 1st pref
98
98
*94
*94
98
*94
98
*94
98
.
394
1834 183 187
/
1
4
8 5,775 Tenn Copp & C tr etfs_NO par
1914 187 1933 194 1913 1814 1914 18
8
*19
15012 1525* 4,500 Texas Company (The) - 1 0
150 153
14934 150
*15112 15212 151 15112 150 151
0
715* 721 11,800 Tobacco Products Corp. 100
7134 7212 7112 72
4 71
713
7153 7153 72
71
*96
9712 *95
Do pref
100
971 *96
9712 *96
97
9714 *96
9712 '96
*96
105 105 *10212 109 *1021 109 *10212 105. ,
100 Underwood Typewriter_..100
105 *10214 105
*10214
75
7412 7412 *7212 75
*70
75
100 Union Bag dr Paper Corp-100
75 .70
*70
75
*70
39
3812 388 38 8 *38
39
39 .
*38
800 United Alloy Steel_ _ _.No par
39
3912 *38
7
39
100
10214 1027
3 9,600 United Cigar Stores_
102 10233 10212 1023* 102 10258 10134 10353 10178 103
106 106 *102 ___ *102 120A
Do prof
100
100
*102 120 *102 120 *102 120
12512 12512 *125 128
300 United Fruit
100
128 128T
128 128 *125 129
*125% 128
*1318 1414 1318 1312
100
300 U S Cast I Pipe & Fdy
1414 *1318 14
1414 *13
1414 *13
*13
.4178 4312 p4178 4312
Do prof
4312 *41
100
4312 4
4312 ..4173 4312 *41
*41
812 2,500 U S Industrial Alcohol_100
4
1273* 1273 12712 12712 12712 1283* 12712 12712 12712 12712 128 12
*94
97
97
100
*94
97
Do pref
97 .94
*94
97
*94
97
*94
6253 6314 4,700 United States Rubber..
62
..100
4
8 613 627 *61
3
3
,
6012 60 2 6118 6118 617 617
100
Do 1st preferred
104% 10453 1047 1048 *10412 105
400
1043 105 *10412 105
4
*104 105
50
U S Smelting Ref & M
*418 4258 *42
425* *4134 425* *41% 42
4
4
*413 425 *413 43
50
Do pref
8
*4238 4412 *4238 4318 *4238 4318 *423 4314
100
8
425* 425* *423 50
4
11014 11114 11038 11114 11138 11134 11114 11214 11034 1113 111 1125* 211,080 United States Steel Corp-100
8
100
Do prof
11013 110% 11014 1103* 11012 11034 11053 110% 11012 1105 110 11014 2,200
10
8018 8014 8058 8114 2,500 Utah Copper
3
53 8034 81
807
3 805 80
80
2
803 81
100
12
*12
12
13
13
*12
100 Utah Securities v t c
13
*12
12
*11
13
*12
521
54
52
51
11,800 Virginia-Carolina Chem-100
5114 51
51
513
51
8 51
51
51
100
Do
prof
400
10414 105 *104 108 *104 108 *104 108 *104 108 *104 108
100
*72 174
73 73
74
*73
*73
300 Virginia Iron C & C
74
73
73
*7314 74
4 8213 83! 2,300 Western Union Telegraph _100
817
8 8218 8214 8212 823
8014 8014 81
80
80
4314 4312 43
3
/ 43 4 4313 4313 43131 433
1
4
4 4,000 Westinghouse Eleo lc Mfg_50
3
433* 4353 427 43
*6012 65
*61 i 65
50
65
*60
Do 1st preferred
65
*59
65
*59
65
*59
46
50
45 4 • 45 4
3
3
900 White Motor
*4612 464 4612 4612 4512 4614 455* 4612 46
4 6,400 Willys-Overland (The)._ 25
1914 19% 1914 1912 1914 195* 1918 1912 1914 1912 1914 193
100
4.
4
Do prof (new)
*8214 8312 *8214 8312 *8214 8312 8214 8212 *813 8312 *818 8312 1,000
58 1 58
*57
*5713 60
59
200 Wilson & Co, Inc, v t 0-100
5712 5713 *5712 60
*571k 59
100
Woolworth (F W)
*110 113 *110 113 *110 113 *110 113 *110 113 *110 7 113
100
i
Do prof
*112 118 *112 116 *112 116 *112 116 •112 116 *112i116
*62
6314 53
600 Worthington P&M v t O-100
*61' 64
*61
6314 *62
63 63
64
64
100
*87
*88
90
90
90
*88
*88
90
00
Do pref A
*88
90
*88
'6912
69
*67
100
*67
100
Do pref it
69
6912 69
6913 *69
6912 *69
*69
*Bid and asked prices: no sales on this day.
Ex-dividend.
Less than 100 Bharat.
PER SHARE
Range since Jan. 1.
-share lots.
On basis of 100
STOCKS
NEW YORK STOCK
EXCHANGE
$ Ex-rights.
Highest.
$ per share. $ per share.
108 Feb 5 14512 Aug 19
8 8 Apr 25 1278 July10
7
1612 Jan 2 3313 May14
3812Jan 3 4512 May10
12 Jan 7 215*June17
36 Jan 5 6373 June12
61.3Jan 15 733
8Feb 27
10212 M ar14 z107 Mar 8
2914 M ar 6 35 May16
12
6814 Jan 2 95 Feb 25
1412 Apr 4 175 Jan 2
3638 Junel0 4714 May16
343 Jan 29 5412 May24
4
2834 Mar25 3718 Aug 21
8234 July15 9212 Feb 7
6773 May10 95 Feb 19
2978Jan 15 457 July18
3
39012Jan 7 102 July 2
52 Jan 12 748 May16
4
86 Jan 31 913 June 4
3
2712 Apr 10 337 Feb 20
7818 Mar25 83 Feb 18
4
z33 Jan 2 643 May24
6 June19 10 Jan 4
2634 June19 39 Feb 13
4Jan 7 153 May16
1273
10634 Jan 15 164 Aug21
79 Apr 17 88 Feb 1
38 Jan 2 x5014 Feb 5
96 Jan 10 100 Feb 19
74 Jan 25 82 Aug 14
3812Jan 17 45 Feb 6
8112 Aug 1 11112 Apr 25
9913 Aug 1 102 Jan 10
34 Jan 5 4914 July30
4
4238Jan 15 563 May10
10 Jan 8 19 June20
38 Jan 5 65 June18
4
11112Jan 2 1313 May 8
4
21 Jan 15 313 Feb 23
835* Jan 2 10912 June 1
8July 8
27 Jan 15 313
2412Jan 15 4512 May15
58 Jan 22 8512 Jan 3
4
41 Apr 2 513 July3
8
29 Mar25 347 May16
4Jan 12 9153 May16
733
12 Apr 2 2234 July30
1713Jan 8 31 Aug 1
53 Feb 15 75 July30
12
4
713 June18 78 Fob 28
57 Jan 4 05 May28
2312 Jan 15 3218 Feb 19
51 Apr 24 8434Feb 8
19 May27 26 Feb 5
79 Jan 5 103 July 8
87 Jan 15 96 July10
267 June 7 3318 Jan 31
8
43 M ar23 61 May16
14
64 June25 73 Jan 4
95 M ar19 10112 July26
8July 5
1311 Apr 8 213
3714Jan T 5412 May20
9412Junel8 9912 Feb 20
4
4314Jan 7 613 Apr 4
4
993 Mar 2 10512 May18
4
173 M ar25 2118 May16
11718 Jan 12 139 May22
37.2 Aug16 4612 Feb 23
3518 Mar25 423 May16
4
414 Jan 22 13 June17
2312Jan 21 3314 Aug 3
86 Jan 8 96 Feb 27
3930an 2 55 Jan 31
21 Apr 12 31 May24
34 Jan 16 4318M ar 1
894 Jan 28 98 June24
42 Jan 15 588 Feb 28
793 Jan 2 84 Feb 19
4
56% M ay28 73 Aug13
93 Apr 27 100 Aug 5
89 Aug 13 10012 Mar 5
10018 Jan 7 119 May10
A ug23
ug 2
0
7 66
92 Jan 2 101 A
4 12
225* Jan 15 2614 May10
x72% Jan 15 96 May10
92118Jan 2 10118 Aug21
7018 M ar23 117 June17
43 Aug22 11 Jan 31
4
1333 June 8 158 Feb 15
4
15.3 Aug14 1814 Feb 19
251g Apr 11 39 Feb 5
39 Jan 24 7114 May24
337 Apr 24 5612 Feb 10
8
8013July 3 95 Feb 6
3414 Mar25 45% May 3
95 Feb 16 95 Feb 16
8Jan 2 21 July 6
127
3
13613Jan 7 160 4Feb 2
8
4812 Mar25 727 Aug14
38714 M ar19 98 Aug 1
100 Apr 9 105 June24
65 Jan 24 80 May13
37 Jan 2 445 May10
8334 M ar28 10512 June24
10114 Jan 5 110 July18
11614 Jan 16 133 Feb 18
11% Apr 6 19 May 7
4Feb 1
41 M ar28 473
114 Jan 5 137 May24
947 May 1 00 M ar21
51 Jan 15 6314 July16
395 Jan 15 1063 July13
3213 Apr 12 483
4Feb 19
4233 Apr 12 453 Feb 1
4
4
88% Mar25 1133 May16
108 Mar25 11253Jan 31
763 M ar25 8738 May16
4
1113Jan 2 1512 Feb 18
333 Jan 2 64 Aug23
4
98 Jan 16 10913Ju1y 6
80 Jan 5 7312 July27
8
7714 Aug 2 953 Apr 15
3813Jan 17 4712May16
59 Jan 11 6411Feb 20
4
4Jan 2 463 Aug13
363
1512Jan 15 22 Jan 3
75 Jan 3 83 July23
4514 Jan 2 6612 May24
110 Mar25 12012Jan 3
4Junel3 11434 May17
1133
34 Jan 4 67% July30
8Feb 5 9112 Apr 6
853
59 Jan 18 70% J111v28
a 131-div. and rights.
bPar 810 per
share.
PER SHARE
Range for Previous
Year 1917
Lowest.
Highest.
$ per share $ per share
89 Jan 12514 Apr
1234 Dec 5214 Jan
3334 Nov 4214 Aug
1014 Dec 3012 Jan
2912 Nov 6214 Jan
55 Dec 10112June
97 Dec 11578 Jan
25 Dec 41 Feb
56 Nov 10484 Mar
1114 Nov 273 Mar
8
3582 Nov 6334 Mar
293 Nov 58 June
4
25% Nov 47% Apr
7612 Dec 13432 Jan
76 Nov 10314June
18 Feb 37 July
14
8812 Nov 11232 Jan
453 Dec 917 July
4
2
83 Dec 11734 Jan
247 Nov 5514 Jan
8
7478 Dec 9412 Jan
113 MaY 4414 Oct
4
612 Nov 2434 Jan
28 Feb 4112 Aug
118 Dec 17134 Jan
741 Nov 14618 Jan
723 Dec 93 Jan
4
3214 Dec 6114 Jan
39138 Dee 112 Jan
65 Nov 92% Jan
34 Nov 47 Jan
77 Nov 137 Jan
10112 Nov 110 June
2712 Nov 40 June
38 Nov 6612June
7 4 Nov 2178May
3
2614 Nov 6011July
100 4 Nov 123 Jan
3
1718 Dec 367 Mar
8
6253 Feb 10613 Oct
2413 Dec 473 Mar
8
1812 Nov 4938 Jan
5014 Nov 7712June
3678 Dec 6412 Jan
26 Nov 5018MaY
68 Nov 10378June
1038 Nov 30 Jan
1214 Nov 2712 Jan
55 Jan 64 Jan
4
70 Nov 895 Feb
5714 Dec 6712 Jan
19% Nov 6134 Jan
49 Dec 74% Jan
13 Nov 40 Jan
67 Dec 10613 Jan
8June
847 Nov 977
8
25 Nov 4314 Apr
3912 Deo 6712June
3583 Deo 10914 Jan
4
9513 Dec 11712 Mar
1312 Dec 39 June
24 Feb 4634 Oct
4
9012 May 993 July
377 Dec 6314 Mar
8
99 Dec 114 Jan
16 Nov 2838June
98 Nov 156 Mar
39 Dec 7238 Mar
318 Oct 14372 Apr
35* Nov
,
7 41343Pt
18 Feb 3012June
87 Nov 08 Jan
35. Dec 10614 Jan
2412 Dec 42 Jan
25 Dec 4134June
88 Nov 0812 Aug
37 Dec 5412Sept
13
74 Dec 90 Aug
49 Dec 8314 Jan
z90 Nov x107 Jan
99 Dec 131 Jan
10614 Dec 16712 Jan
81312 Nov 58 June
3 14 Deo
8
101 Jan
1912 Nov 3214 Apr
60 Feb 9412June
89 Dec 10572May
59 May 7314 Nov
4 8 Nov 68 Jan
7
12312 Dec 23814 Jan
15 Dec 293 Mar
4
2514 Dec 5934 Mar
33% Nov 7434 Mar
3353 Nov 11012 Jan
85 Nov 1083 Jan
2
3014 Nov 5134June
96 Dec 10211 July
11 Nov
1912June
1143 Dec 243 Jan
4
421a Dec 8032 Aug
x86 Dec 105 Mar
x83 Dec 107 Aug
5953 Dec 112 Jan
3412 Dec 4932June
8112 Nov 12712 Aug
9814 Dec 12034 Mar
3105 Dec 15432 Jan
10 Nov 2412June
42 Dec 63 Jan
988 Nov 17112June
88 Nov 106 June
45 Dec 67 Aug
91 Dec 11434 Jan
40 Dec 6734 Jan
4333 Nov 5214 Jan
7913 Dec 13632May
1023 Doc 12114 Jan
4
7014 Dec 11834May
9111 Dec 2434 Jan
28 Nov 46 May
97 Dec 11214 Jan
46 Feb 77 Mar
370 Dec 9934 Jan
333 Dec 56 May
4
5214 Dec 7012 Jan
333 Nov 5212 Jan
4
15 Nov 38% Jan
69 Nov 100 Mar
42 Nov 8414 Mar
99% Dec 151 Jan
113 Dec 12612 Jan
2313 Feb 3732June
88 Nov 9714June
50 May R3 .Tune
a Par sloe per shave.
785
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
In Jan. 1909 the Exchange method of quoting bonds was changed and prices are now-"and interest"-except for interest and defaulted bonds.
BONDS
N. Y. STOCK EXCHANGE
Week Ending Aug. 23.
Price
Friday
Aug. 23
Bid
U. S. Government.
U S 330 Liberty Loan__1932-47
U 9 4s converted from 1st Lib1932-47
erty Loan
U S 4s 2d Liberty Loan_1927-42
S 4s converted from 1st
1932-47
Liberty Loan
U S 43is converted from 2d
1927-42
Liberty Loan
U S 43s 3d Liberty Loan__1928
U S 2s consel rogIstered_41930
d1930
U S 2s consul coupon
k1918
U S 3s registered
1cI918
U S 3s coupon
1925
U 5 45 registered
1925
U S 4s coupon
U S Pan Canal 10-30-yr 2s_k1936
U S Pan Canal 10 -Yr 28 reg 38
-30
'
1961
U S Panama Canal 3s g
1961
Registered
43_1914-34
U S Philippine Island
'Week's
Range or
Last Sale
Ask Low
Range
Since
Jan. 1
High No. Low
High
102.42 Sale 100.10 102 50 10910 97.20 102.50
94.20 Sale 94.02
93.98 Sale 93.64
94.24 257 33.00 98.40
94.02 2605 93.00 97 98
94.26 Sale 93.82
94.26 264 93.90 94.70
93.96 Sale 93.62 94.14 5163 93.10 9414
95.10 Sale 95.00 95.62 12785 91.80 99.10
6 97
983
4
983
4
99
98
987 Aug'18
8
9718 987
• 98
8
9912 May'18
9912
99
9938 May'18
9878 9934
55 105 107
10634
107
10612 _
1063
4
107
5 105 107
98 _ _ 98 June'18
98
98
9718 99
98 ---- 99 July'18
85 --_- 85 June'18
85
85
83 May'18
85 83 81
100 Feb '15
-
Foreign Government.
9778
4
1919 FA 973 Sale 9712
Amer Foreign Scour 5s
93
Bale 9412
Anglo-French 5-yr 5s Exter loan_ AO 95
8518 Aug'18
Argentine Internal bs of 1909..__ - MS 851g _
95%
3
Bordeaux (City of) 3-yr 6s 1919 MN 953 Sale 9134
683 Aug'18
4
70
Chinese (Hukuang Ry) Is of 1911 J D 69
983 98 Aug'18
4
Cuba-External debt bs of 1901_ MS
8
- 93, 9214 July'18
Exter dt 59 of 1914 ser A 194 FA
8114 84 Apr '18
1949 FA 80
External loan 430
95
Sale 95
1921 AO 95
Dominion of Canada g 5s
9212
_1026 AO 9212 Sale 92
Do
do
9212
1931 AO 92 Sale 92
Do
do
9912
9912 Sale 983
4
French Ropub 530 secured loan..
8814
Japanese Govt-£ loan 4;48_1925 FA t 881s Sale 881s
88
1925 J J 88 Sale 88
Second series 4s
8014
8013
Do do "German stamp"737 June'18
8
1931
Sterling loan 4s
95
1919 MN 95 Sale 9418
Lyons (City of) 3-yr 6s
95 2
Sale 9412
Marseilles (City of) 3-yr 6s 1919 MN 95
4012 June'18
43
Mexico-Exter loan £ Is of 1809 Q
3313 Dec '17
40
1954 J D 31
Gold debt 4s of 1904
923
8
-year 69._.._1921 AO 9214 Sale 91 2
Paris (City of) 5
8114
s
MS 8012 823 8114
Tokyo City Is loan of 1912
99% Sale 9838 99%
ILK of Gt Brit & Irel 2-yr Is 1918 MS
4
9878
8
1919 MN 987 Sale 981
, 3
-year 534% notes
9558
/
1921 MN 959 3 Sale 9518
5
-year 534% notes
993
4
Convertible 534% notes__1919 FA 99% Sale 9914
12..These are prices on the basis of $5to.£
901 9412 98
9791 8814 95
78
8512
55• 8,1
9512
5312 70
9012 100
9014 9114
84
- 80
2 9314 963
4
20 90% 9534
9 8872 94
471 94
9912
6 8012 9212
2 83% 02%
27 77
81
73% 70
105 84
9514
137 84
9512
40
42%
279
1
90
739
310
632
State and City Securities.
1
4
943 95 913
4
943
4
-43 Corp stock 1960
,
1s
N Y City
9414
_ 94%
945g
1
43js Corporate stock_ -_1964
9434 Aug'18
6
43(s Corporate stock-196 A 0
6
100_ S118 9978
_0_8
85 e
o
(
100
-is
43 Corporate stock-1965
7
09.2
9934
4s Corporate stock-1963
1
90
9012 9014
0014
1959
4% Corporate stock
901 _ _ 9014 July'18
4
1958
stock
4% Corporate
90
0014 9014 Aug'18
1957
4% Corporate stock
87
8978 8911 Aug'18 --4% Corporate stock reg....1956
99% Sale 993
2
8
99%
1937 NI
New 430
96.3 9934 100 Aug'18
l957
434% Corporate stock
75
813 8112 July'18
4
Corporate stock..-l954
354%
*9819
_ 99 July'18
1961
N Y State-is
9812 July'18
- 101
Canal Improvement 43__ A961
;6g1,
9811 Aug'18
1962 .1
Canal Improvement 4s
*0812_ 95 May'18
Canal Improvement 45-1960
108 ird'12 10812 Aug'18
Canal Improvement 4 As_1904
98 103 101.2 June'18
Canal Improvement 4345_1985
107% ____ 105 Apr '18
Highway Improv't 434s_1963
98 _
10018 June'18
Highway Improv't 434s 1965
-„- f 7 74 Dee '17
g 8
1931
Virginia funded debt 2-35
Sale 50
57
17
58
6e deferred Brown Bros Ws
81% 9233
68
8212
97 100
9514 98%
91% 953
4
917 100
8
8734 9612
8778 963
4
877 101718
9314 °8 4
8
93 10178
85
9112
85
9138
85
9118
85
903
4
9358 10178
9:312 10112
8212
76
99
99
9414 9812
98 2 9812
,
9414 96
105 10812
10112 10412
10412 10712
100% 10114
- -i- 4
66-
BONDS
N. Y. STOCK EXCHANGE
Week Ending Aug. 23.
44
Price
Friday
Aug. 23
Week's
Range or
Last Sale
13
.1
Range
Since
Jan. 1
High No. Low Iltqh
Bid
Ask Low
Chesapeake & Ohlo (Con)
12 72 78
77
General gold 434s
1992
8
s 757 Sale 757
8
Registered
1992 MS
8634 Mar'17
22 -6E.; 77
20
77
-year convertible 434s,...1930 F A 77
Sale 702
8238
30
-year cony secured 55_1946 A o 80
Sale 80
8112 64 76
1944
84 Apr '17
Big Sandy 1st 4s
D 603 78
4
Coal River Ry let gu 4s-1 45 J D
1940
8512 Nev'16
9 J J
9634 Feb '16
Craig Valley 1st g 5s
1946 J J
Potts Creek Br 1st 4s
843 Jan '13
4
73 Noy'17
R & A Div 1st con g 48-1989 .1
1 9
62/8 8112 71 Oct '17
73
79
2d consul gold 4s
Greenbrier Ry 1st gu g 48_1940 MN 65'8 ---- 8812 Seps'16
Warm Springs V let g Is...1941 M S9712 11314 Feb '15
19 0
52
51
51
3 50
Chic & Alton RR ref g 3s_ 1949 A 0 -E
51
3814 41
39
40
27 3514 4712
Railway 1st lien 330
J
Chicago Burlington & Quincy
9918 July'18 ____ 9758 997
8
Denver Div 4s
1922 F A 9918 101
49
/2
73
Illinois Div 330
73
7 71% 76
• .1 72
8178 Sale 8112
Illinois Div 4s
1949
817
8
8012 8712
9
Iowa Div sinking fund 53_1919 A 0 9914 --_- 98 May'18
98
9912
98
98
3 97
Sinking ;
fund As
98
1919 A 0 9712
Joint bonds. See Great North.
Nebraska Extension 4s
1927
90% 94
• N 9012 9112 9034 Aug'18
%
91 Mar'18
91
91
.s.ItegIstered
1927 MN
Sale 80
General 4s
8018 15 7934 8412
1958 MS 80
21 25
30
30
30
Chic & E Iii ref & imp 413 g 1955 J J 2812 30
29
30
2934 30 Aug'18 ---- 22
U S Mtg & Tr Co ctfs of dep__
_ 98 101
1st consol gold 6s
A - 100 101 100 June'18
- 6
72
10 72
7112 72
72
General consul 1st 5s
193 MN 65
3
4
7
70
65
69
70 Feb '18 ---- 70
US Mtg & Tr Co ctfs of dep_
76 July'17
- - 85
Guar Tr Co ctfs of dep
4
Porch money 1st coal 53_1942 FA
"
s
- 973 Feb '13
••••
32 Mar'17
Chic & Ind C Ry 1st 5s___1936 J J 12 __
57
Chicago Great West 1st 4s__1959 MS
5712 --;
3
5671 5
Chic Ind & Loulsv-Ref 68_1947 J J 99 107.12 9912
: 0
9912
Refunding;gold15s
1947 J J 80 ___- 10012 Apr '17
8412 Apr '17
Refunding,,4s Series C.._1947 J J --.....
Ind & Loulsv 1st gu 4s
- - 70 Noy'16
1956 J J 9612 Jan '17
Chic Inrl& Son 50-yr 43
1956 J J 70.2
9738 Dec '16
Chic rixis, East let 430
1969.ID
Chicago Milwaukee & St Paul11 70% 79
705 7212 707s
8
71
Gen'l gold 4s Series A_ __e1989 5
925 Feb '16
8
Registered
_ _
- - 83 8312 Aug'18
73V
Permanent 4s
69 Sale 6812
14 6414 70
69
Gen & ref Ser A 430-a 11014 A
e2992850 Qj
3 74
80
Sale 79
79
Gen ref cony Ser B 5&.. a2014 F A 79
66 __ _
7212 Aug '17
Gen'l gold,33.4 I Ser B____e1989 5
-g61;
8812 8218 8053 Aug'18
012 7172
General 434s,Series Ce1989 J
4 66% 74
70
25-year debenture 43
7034
1934
77
Sale 76%
Convertible 430
7718 19' 7114 78
9514 9334 97 Jan '18
91
98
Chic & L Sup Div g 5s-1921 j
_
9 J
07
97
3
22
94
92 July'18
Chic & Mo Riv Div 53_ _1926 J
92
9618 9758 9614 July'18
95% 98%
Chic & P W lat g 58
7412 July'18
7
CM & Puget Sd let gu 43-1949 .1 5 7014 75
7418 74 8
977
8
- 9712 Aug'18
Dubuque Div 1st s f (its_ -1920 .1
9712 99 2
1017 Sept'17
8
Fargo & Sou a3sum g 6s 1924 j
_98 , 98 Jan is
9
:: 014
7
La Crosse & D 1st Is
,9 5
1921 5 .1 ,1 1
1
-98- -g100 July'18
Wis & Minn Div g 55
m 100
9712 977
8
Wls Valley Div 1st 6s..-1920 J J 7112 ---- 9778 May'18
85 85
Milw & Nor 1st ext 430....1934 J D 82 -__ 85 July'18
8114 Feb '18
Cons extended 4
8114 8114
_ _ _ _1934 J
89 Jan '18
Chic & Nor West Ex 4s 1886-1926 F
89
89
A 8- i 871
5
8512 8512
Registered
:
:
1386-1926 F D 89- s :2 8512 Aug'18
68
6712
75
6734 10 6712 731s
General gold 330
1987 M
Registered
p1987 Q F
---- 8112 Oct '16
82/2 Aug'18
General 4s
1987 M N
798 85'g
82
3
812
81 July'18
Stamped 43
1987 M
81
0,,
99.2 10418 9912 Aug'18
General Is stamped
99t2 103
1987 M
o 10018 101 104 May'18
N
SinkinsatunOs
104 104
1879-1929 A
Registered
1879-1929 A O *98
- 10912 Apr '16
4
3 i_66_ 9118 July'18
Sinking.fund15s
1879-1929 A O 9
-6i12 941
10312 Apr '16
Registered
1879-1921 A
99
v
Debenture 55
61
95 -5 2
0 0618 oi 9518 May'18
100 Jan '18
Registered
1921 A
- 100 100
1 93
-664 93
93
Sinking fund deb Is
1933 M
97
93 97
9412 May'18
9412 9412
Registered
1933 M
10112 Oct '18
Des Plaines Val 1st gu 430'47 M
8 03 8 ---Frem Elk & Mo V 1st 65-1933 A o 1773 110 105 Apr '18
IOU 165Man GB & NW let 3340_1941 J J 53 ---- 88 Jan '17
__
• Milw & S L 1st gu 330_ -1941 J J
7--i
j 1021
166 2 -- - 1;
.-116
6
Mil L S & West 1st g 6s192I M s 10012
951, 98
96 Aug'18
Ext &limp s f gold 5s
1929 F A 9512
01 _ -s
Ashland Div 131 g 68_1925 M s 102,s 102 1117 Dec '15
10218 May'18
iai
Mich Div 1st gold (35
1924 J
Mil Spar & N W 1st gu 43_1947 M S 74 _ 73 July'18
73 7
618
92
92
St L Peo & NW 1st gu 55_1948 J
92
93
Chicago Rock 181 & Pac733 7512 7512
8
18 73
75.2
Railway general gold 4s...._1988 J
773
4
7138 May'18
713 7138
2
Registered
1983 .1
jg1::_ _ 4 68I
_ _ 4 683: 8
0
0812 b1 6212 68.2
1
Refunding gold 4s
1934 A
66
8018
Aug'18
20-year debenture Is
1932 J
6812 6718 6612 Aug'18
RI Ark & Louis lot 430 1934 M
82
6712
88
96
96 Feb '18
Burl C R briN 1st g 58......_1934 A
96
96
---- 98
9712 June'17
R IF & N W 1st gu 58_1921 A
87 ____ 97 May'18
65 166
'
Choc Okla Sr G gong 5s__Q1919 J
93
93
_-_- 92
93 May'18
Consul gold 53
19521M
5618 61
57
60
60 May'18
ICeok & Des Moines 1st bs 19231A
68
671s
St Paul & K,C Sh;L lst,430'411F A 67
671s
59 '69
102 1053 1043 Aug'18
4
4
Chic St I' M &0 cons 69
102 10612
1930,J
81 ___ 8412 June'18
Cons Os reduced,to 330_19301J
8112 85.2
8712 91
907 May'18
8
8
Debenture 5s
8518 907
1930,M
1005 ____ 118 Nov'16 ---8
North Wisconsin let 83
19301 J
8
St P & S City,Ist g (is_ _19191A 0 997 10053 997 Aug'18 -- -967; 166 4
8
195 May'18 -- 93
Superior Short L 1st 53 g_c1930,M S 8614 96
95
Chic T IL& So East let 59_1990..1 D 5314 67
58 July'18 ---- 58
58
Chic & West Ind gen);68._/1932!Q M 103 103 105 July'18
103 105
7 Sale 0512
Consul 50-year 4s
8
657
66's
1952 J J 65
9 64
69 ____ 90 May'17 --On II & D 2d gold 430
•.-.
1937 J
88 Marl 1
C Find & Ft W lst gu 4s g 1923 MN ____
.• • •
_
98 Jan •17 -Day &,Mich let cons 430 1931 .1 J
4
Olov Cin Ch & St,L gen 43_1993 J D 6314 6334 633 Aug'18!__. -gi 641e
20-year deb 430
1931.9 J 7619 7712 77.2 Aug'181____ 6514 7712
75
85
8814 Aug'181 ---- go
General 5s Series B
8614
Cairo Div 1st gold 4s
8
93 JJ
1939 j D 63 8114 837 Mar'17
Cin W & M Div 1st g 4s_1991 J J 8314 65
62 June'18
62 - .
' 65
St L Div 1st coil tr g,4s
8314 63 June'18
63
68
1990 NI N 66
Spr & Col Div 1st g 4s
7312 Jun‘ 17
,
1940 NI S 68
W W Val Div Ist g 48_1940 J J 6081 Nov'16
. •
• • •
C I St L & C consol 64
1920 M N 99 151 - 10212 Oct '17
4
1st gold 4s
Q F 753 _-__ 87 Deo '17
8812 %fay'1 5
Registered
k1936 Q F
k193(5
Cin S & Cl cons let g 53_1923 J J 86% -_ 10218 Jan '17
10718 Apr '17
CCC&I gen cons g 66_1934 J J 101% _
Ind B & W Ist pref 4s____1910 A 0 6733 ____ 94 July'08
0 Ind & W let pref 5s
d1938 Q J
50 Aug'18
Peoria & East 1st cons 4.3_1940 A 0 4814 52
'46- -5f 4
31313
3212 13 July'18
Income 4s
1990 Apr
1212 13
Cleve Short L 1st gu 430_1961 A 0 85 861s 88 July'18
85
90
Colorado & Sou 1st g 4s
1929 F A 8553 8614 855 Aug'18
8
- 8234 8614
Refund & Ext 430
1935 M N 7314 Sale 73
7314 17 66
7312
98.2
Ft W & Den C 1st g 6s__ _1921 J D 97 Sale 97
1 96
97
Conn & Pas Hive let g 4s
1943 A 0 85
Cuba BR 1st 50-year 5s 9-1962 5 J .
iS 94 Feb
-Del Lack & Western
Morris & Ess 1st gu 350-2 20 J D 74
7318 7518
7718 7518 Apr '18
001 J
,
1921.9 5 10312 - - 101 July'18
10058 102 2
N Y Lack & W 1st 6s
95 Aug'18
Construction 53
1923 F A 95 96
95
98
933 933
4
Term & Improvt 4s
4
1923 M N
___- 9334 Jan '18
10218 Feb '08
Warren 1st ref gu g 330-2000 F
- - - ----Ai
--l
Railroad.
4
5112 553 51% July'18
51995 Q
Ann Arbor Ist g 48
5118 59
Atchison Topeka .Sr Santa Fe
81
01
1095A 0 8038 gale 802
Gen g 4s
80
853
8
80
Apr81
1995 A 0 *79
'18 49 80 80
Registered
74
7412 Aug'18
51995 Nov
69
Adjustment gold 4s
7134 76
7312 June'18
51995 Nov
Registered
7312 7312
51995 M N 741.t 7612 753
4
753
4
Stamped
71% 78
7278 84 June'18
1955 J D
8112 87
Cony gold 4s
85 July'18
1960 J D 82 80
Cony 45 issue of 1910
82
873
4
East Okla Div let g 4s _A928 M S 8414 9712 9112 Oct '17
79 June'18
1965 J J
79
Rocky Mtn Div 1st 4s
79
fa'
L 7812 8012
7612
Trans Con Short L 1st 49_1958 J J 7614 7012 7612
8312 July'18 -- 79
Cal-Ar14 1st & ref 434s'A' 1962 M S 77 _ _
85
993 July'17 -4
1912 M S 8212 100
S Fe Pres & Ph 1st g 5s
__2_0_ 77 84
Atl Coast L 1st gold 4s......51952 M S 79% Sale
78
78178 JuI y7'91.388
92
1964 J D 77
Gen unified 430
75
8212
953
4
4
9534
3 9558 053
1923 M N 953 99
Ala Mid 1st gu gold 5s
4
85 Sept'17
-_
Bruns & W 1st gu gold 4s..1938 .1 J 7612 78
J 107%- 12978 Aug '15 --Charles & Say let gold 78_1936 J
6
;le 7112
72
17 70
o1952 NI N 72 -.
L & N coil gold 48
737
_1934 A 0 101.2 107 115 July'17 -Say F & W 1st gold bs
_
let gold 55
1934 A 0 9531 _ _ _ _ 105 July'15 •-9912 May'18 -- "id" -661J J
2
13118D Oca & gu g
Sale 86
86.2
6 8519 8912
Bait & Ohio prior 330
1925 J .1 86
_ 9012 Sept'17 -Registered
51925 Q
3
Sale 733
7473 58 7318 78s
1st 50
51948 A 0 74
-year gold 4s
9234 Mar'17 -Registered
51948 @ J
"fg Sale 764
7634 16 76 -gal;
113-yr cony 430
1933
7914
79
80
8018 14 7734 83 2
Refund & gen Is Series A_I995 J,
Pitts Juno 1st gold 6s
1922 J J 9718 ---- 112 Jan '12 -P June & NI Div 1st g 3343 1925 NI N 82 - - 8218 ]Aug'18:- -81134 -83 2
-1Va Sys ref 45_1911 M N 723 73 7413 June'18
PLE&
8
72
76
Southw Div 1st gold 330_1925 J J 83
4
8312
833 8312
81
85
Cent Ohio It 1st o g 430.._1930 M S 8312
- 101) Apr •17
Cl Lor & W con 1st g 5s 1933 A 0 9312 ---- 9312 Aug'18 -- -9312 -66.2
10114 Noy'16 -Monon River 1st gu g 50_1919 F A *7812
9914 Oct '17 -Ohlo'RIver RR 1st g 5s_1936 J D 9112 _
1937 A 0 83
88 May'18
General gold bs
88
88
88
Pits Clev & Tol let g 69.._1922 A 0 99
- 9918 Mar'18
9918 9918
997 June'18
8
9912 107
Buffalo R & P gen g 58.-1937 M
99
997
8
1957 M N 8712 9912 9912 Oct '17
Consol 430
.1998 A 0 7414
97 Nov'16
All & West let g 4s gu
-10318 Feb '16
Clear & Mali let gu g 5s_1943 J J
Rech & Pitts 1st gold 65_1921 F A 100%
101 103 - 101 May'18
1922 J D 10078 107 10312 Apr '18
Consol 1st g 65
cols 10312
1962 A 0 86
867 87 July'18
8
55
Canada Sou cons gu A
867 913
8
4
84
Car Clinch & Ohio 1st 30-yr 59'33 J D 78
84 Dec '17
9914 9714 May'18
Central of Ga 1st gold 5s_.. p1945 F A 98
9612 -4 .1-7 4
NI N 8718 90
1945
86.2 * 00
Consol gold Is
25
90
78 Aug '17
Chatt Div pur money gAs 1951 J D 85 80
Mao & Nor Div let g 5s 1946 J J 8514 ---- 90 May'18
-id- 90
Mid Ga & Atl Div be
1917 J 5 85 --- 9738 June'17
Mobile Div let g Is
8412 --i. 8414 8412
1916 J J 8112 87 811z
83 June'18 Cent RR & B of Ga coll g 53_1937 M N
83 83
Canto I t
11;le 10013
old 5s
10014
8 100 191
1987 J J
iv Registered
101 July'18
51987 Q
1001s 101
Am Dock & Imp gu bs- A921
9812 9912 9812 Aug'18
93
9918
Leh & Hutt ltly gen gu Is '20 J J 9514 10111 100 Apr '131
100 100
N Y & Long Br gen g 48_1041 M S 93 _ _ 10019 Jan '13
Cent Vermont let gu g 4s _e1920 Q F OS
87
80
6714
3 -JiChesa &0 fund lmpt be ..1929 J J
_ 90 0014 July'18 _ 80 91
let consel geld 58
9512
5 94% 100'8
1939 M N 9512 Sale 9514
Registered
1939 M N
10112 Jan '17
*N0 Pico Fel(laY: latest this week. a Due Jan. d Due Ap7iI. e Due May, p Duo Juno. h Duo July. k Due Aug. 0 Due Oct. p Due Nov. q Due Dec. 8 OPtion Bale
-
New York Bond Record-Continued-Page 2
786
FBONDS
- 'ts
S
N. Y. STOCK EXCHANGE
Week ending Aug. 23.
Price
Friday
Aug. 23
Bid
Delaware ec Hudson
let Hen equip g 4%0
1922 J J
let & ref 4s
1943M N
20
1935 A 0
-year cony bs
Alb & Susq cony 3Ms_ -1946 A 0
Renss & Saratoga let 78_1921 M N
Denver & Rio Grande
1936 J J
1st cons g 4s
Consol gold 430
1938 J J
Improvement gold 5s_ _1928 J D
1955 F A
1st & refunding 5.9
Rio Gr June 1st gu 8 58-1939 J
Rio Gr Sou 1st gold 48
1940 J J
1940 J J
Guaranteed
Rio Or West 1st gold 48_1939 J J
Mtge & coil trust 48 A 1949 A 0
Det & Mack-1st lien g 45.._1995 J D
Gold 48
1995 J D
Det Riv Tun Ter Tun 4Ms_ _1961 M N
Dul Missabe & Nor gen 5s 1941 J J
Dul & Iron Range 1st 5s
1937 A 0
Registered
1937 A 0
Dul Sou Shore & Atl g 5s
1937 J J
Elgin Jollet & East 1st g 5s 1941 M N
Erie 1st consol gold 7s
1920 M S
N Y & Erie 1st ext g 4s
1947 M N
2d ext gold bs
1919 M S
3d ext gold 450
1923 el s
9th ext gold bs
1920 A 0
5th ext gold 48
1928 J D
NYLE&W 1st g fd 78_1920 M S
Erie 1st cons g 4s prior., 1996 J J
Registered
1996 J J
1st consol gen lien g 0_1996 .1 J
Registered
1996 J J
Penn coil trust gold 4s 1951 F A
-year cony 4s Sec A 1953 A 0
50
do Series B
1953 A 0
Gen cony 45 Series D
1953 A 0
Chic & Erie 1st gold be
1982 M N
Clev & Mahon Valli g bs-1938 J J
Erie & Jersey 1st s 139_1955 J J
Genesee River let s f 6s_ _A957 J J
Long Dock consol g 6s
1935 A 0
Coal & RR 1st cur gu 68_ _1922 M N
Dock & Impt let ext 5s
1943 J J
N Y & Green L gu g 58...._1946 M N
NYSusq&WlstrefSn_1937J J
2d gold 4%0
1937 F A
General gold bs
1940;F A
Terminal 1st gold bs
1943 M N
Mid of N J 1st ext 58
1940 A 0
Wiik&East let gu g 53_1942 J D
Ev & Ind let cons gu g 6s_.1928 .1 J
Evansv & T H 1st cons 6s_..1921 J J
1st general gold bs
1942 A 0
Mt Vernon 1st gold 68_1923 A 0
Sull Co Branch 1st g 58_1930 A 0
Florida E Coast 1st 4;0_ A959 J D
Fort St U D Co 1st g 4%0_19411 J J
Ft Worth & Rio Or 1st g 48_1928J J
Galv Hone & Hen let bs
1933 A 0
Great Nor C B & Q coil 45.._1921 J J
Registered
111921 Q J
1st & ref 4)is Series A _1961 J J
Registered
1961 .1 J
St Paul M & Mtua 4s
19333 J
1st consol g Os
1933
Registered
1933 J
Reduced to gold 4)0_1933 J J
Registered
1933 3 j
Mont ext 1st gold 48.-1937 J D
Registered
1937 J D
Pacific ext guar 48 .C
1940 J J
E Minn Nor Div 1st g 4s 1948 A 0
Minn Union 1st g Os
1922 J
Mont C 1st gu g Os
10373 J
Registered
1937 J J
1st guar gold 5s
1937 J .1
Will & S F 1st gold bs 1938 J D
Green Bay & %V deb Ws "A"..___ Feb
Debenture ctfs "B"
Feb
Gulf & S I 1st ref & t g 5s__b1952 J J
Hocking Val let cons g 40 1999 J
Registered
1999 J J
Col & V lst cat g 48
1948 A 0
Col & Tot 1st ext 4n
1955 F A
Houston Belt & Term 1st 58 1037 J J
Illinois Central 1st gold 43 1951 3 J
Registered
1951 J J
1st gold 3%0
1951 J J
Registered
1951 J J
Extended 1st gold 30_....1951 A 0
Registered
1251 A 0
1st gold 3s sterling
1951 M S
Registered
1951 M S
Collateral trust gold 48_1952 A 0
Registered
1952 A 0
1st refunding 48
1955 M N
Purchased lines 310
1952 J J
L N 0& Texas gold 45-1953 1%1 N
Registered
1953 M N
Cairo Bridge gold 48......1950 J D
Litchfield Div 1st gold 3s..1951 .1 J
Louisv Div & Term g 314s 1953 .1 J
Registered
1953 J J
Middle Div reg bs
1921 F A
Omaha Div let gold 3s
1951 F A
St Louis Div & Term g 33_1951 J J
Gold 314s
1951 J J
Registered
1951 J J
Springf Div 1st g 314s-1951 J J
Western lines 1st g 45._1951 F A
Registered
1951 F A
Bellev & Car 1st Os
1923 J D
Carb & Shaw 1st gold 48....1932 r4 S
Chic St L & N 0 gold 58_1951 J D
Registered
1951 J D
Gold 3145
1951 J I)
Registered
1951 J D
Joint let ref be Series A_1983 J D
Memph Div let g 48....1951 J D
Registered
1951 J D
St Louis Sou 1st gu g 4s.._1031 M $
Ind Ill & Iowa 1st g 48
1950 J J
lot & Great Nor 1st g 6s
1919 M N
James Frank & Clear 1st 48_1959 J. D
Kansas City Sou let gold 35_1950 A
Registered
1950 A 0
Ref & impt 58
Apr 1950 J .1
Kansas City Term let
J J
Lake Erie & West 1st g 58-1937 .1 J
2d gold 5s
19413 J
F North Ohio let guar g5 8..1945 A 0
Leh Val N Y 1st gu g 4%0_1940 J .1
Registered
J
1940 J
Lehigh Val (Pa) cons g 4s 2003 M N
General cons 430
2003 M N
Week's
Range or
Last Sale
Ask Low
High No, Low
High
9314 94
9413 95
93 8 July'18
3
80
80
7934 80
80
86%
8512 90
8578 8812 867 July'18
8
76
7214 75
7138 July'18 -- 71
2 10112 101%
10112 10112
101 13 13 6012 69
6658
67
2 68
7158
7138
7158
721 July'18 --,i 72
7614
31 4814 56
54
53
37 Aug '17 -6114 Apr '11 -39 July'17 64 65 65 July'18 ---3 .713
-.12 8
.
51
50 July'18 ---- 50 55
50
_ 78 82 Dee '16 - •
7512 July'16 -89
74
7712
761s 7518 Aug '18 -- 73
9634 June'18 -- 9634 9712
9214 90 Es; 97 May'18 -- 97 97
10512 Mar'08_
87 Mar'18 -- 82
87
87%_ 931 June'18
9313
00
100 0..1,, 10014 July'18 ---- 100 101
10
7818
_ 78 Apr '18 -- 78 178
93 _
9618 June'18 -- 9618 98%
86 _ _
9312 Jan '18..9312 95
9913 July'17 ---•
9458
9434 Nov'15 ---9738
- 1C032 July'18 -- 100 8 10018
1
2 65
6512
66 663 6512
4
69
84 Deo '16
5314 39 4913 5714
53
5338 53
-- 73 June'16
78.2
7812 7912 7813
9 7514 79
4918 4912 4813
8 42
4838
50
48.3 Sale 4814
4812 24 4212 40%
5212 17 4812 56
52 Sale 52
85% 91
90 July'18 -- 8734 93
_ 10678 Jan '17 -1381 100
_ 100 100 May'18
96 lO3ls 96 Aug '18 -- 9.3
96
11012 Nov'17 -99
103 Jan '18 ---- 103 ioi
8218 - - 10212 July'17 ---8
80 8 - 85 Jan '18 ---. 85
85
70 80 75 July'18 -- 74
80
10014 Dee '0659 60 June'18 - -- "do - -di108 Jan '17 -7614
los Jan '17 -86 6512
6512
2
65% di
2312 Jan '17 --id- -if 97 Nov'17
5113 ___. 8513 June'17
108 Novell
95 June'12 _
7414 82 8112 July'18 --- 81 -862
92 Aug '1055 _ _ 5612 Oct '178513 June'16 - 88
937- Sale 9334
8
94
13 92
9413
9313 Aug '18 -- 9134 9334
87 --__ 873
8 8614 90
8734
4
96 June'lt, 841i
8912 Apr '18 - -- 8618 8913
10218
108 Apr '18
108 108
118 Apr '17
9918
9114 92 9114
9114
9114 95
8558
_ - 10212 May'16
82
5s
845 83 July'18 -- 802 85
3
8018 ---_ 9512 M tte 16 - _
85.2 Nov'15
7414 ____ 80% Dee '17 -10018 ---- 10014 May'18 -.- loot, 1001.
4
103 ---- 10518 July'18 --- 10518 10518
53
13614 May'66 - --- 95 Aug '18 '64'5; -68'
95
9318 _ . 1093 Aug '16 -4
. _
693 Dee '16
4
838 Mar 18
712 812
7 .91g
7413 75
1 75 83
76
78
7512 11 74 2 78
75% Sale 751s
7
7313 June'18
7312 731
70% _ - 8214 Aug '17 -75 Feb '18
70 8.
,
67l 75
8012 ---- 90% Apr '17.8212 90
9314 June'Is _
87
95
92 Sept'17
69
6
4 ---- 77 July'18 -84 Nov'15 6153 _
80 June'17
6313
6153
.
80 J u
67
7112
70
54
---
75
4
773
64%
74
70
7314
58
6818
9058
5814
60
053
3
6214
_--_
--__ __
96
6314
Sale
73
73
Sale
95
7778 777 July'13
8
9514 Seitt'12
7758
7753
71 May'18
74
74
72 Feb '18
89 Apr '17
79 Feb '14
6618 July'18
83 Aug'12
___ 102 June'16
_ . 5814 Apr '18
62
62 Mar'18
653 Aug'18
4
6613 80 June'16
8
7914 803 Nov'10
4
783 783 Aug'18
4
92 Nor it
11712 May'10
__ 90 Jan '17
97 Mar'18
_ _
_ .. 114 Feb '11
6512 July'18
7778
68
7414
____
7612
___
___-
7213
_
7712
70
7 7112
72
1
7814
83
71
7812
72
6412 71
'•
5814 5814
62
62
63
65 4
3
- -- - • •
8
i85. -79
di. 98
654 851
:
85.2 857 8512
s
86
13
7018 Nov'17
6813 75
_ - 85 Nov'17
785 __
89 Feb '18 _
8
7418 ___89 Apr '17
8
903 957- 9312 May'18 --5
80 90
8212 June'17
59% 613 6133
8
6138
1
63 Oct '09
7814
7658 7814 7713
5
7312 Sale 725
8
7312 22
8312 June'18 -_
8312 85
80
8058 Feb '17
81
8914 Mar'17
92 85 July'18
84
_
80% ---- 89 Oct '17
75
Salo 75
75
30
88
82.2 85
1
83
* No price Friday: latest bid and as)col 011 wac'... a Dlo Jan
Range
Since
Jan. 1
85% 91
....•
-80 .
80
93%
90
-58
-6212
733 80
4
7212 78
78
92
--85 - -643
4
741
87
78
90%
6 Due Feb. g D
BONDS
N. Y. STOCK EXCHANGE
Week ending Aug. 23.
Zi
t
,...,°_.,
Price
Friday
Aug. 23
[VOL. 107.
Week's
111
Range
Range or
,,..,53
Since
Last Sale
' Jan. 1
Bid
Ask Low
High No. Low High
Leh V Term Ry 1st gu g 5s__1941 A 0 ____ 100 102 Mar'18 ---- 10'2 102
1941 A 0 -- - --_- 113 Mar'17 --- _ _
.
Registered
00
1
Leh Val Coal Co 1st gu g 69_1933 j J 0i- 103
99
1 iii14 itif
1933 J J -------. 105 Oct '13 ---- .. . _ _
. ..
Registered
__ ---. . _ . . _
1st tat reduced to 48
1933 .1 J 7714 --__ --_.
Leh SC N Y 1st guar g 4s
1945 M S 72 ---. 70 July'18 ---• 70
70
__
__ ____ _..
Registered
1945 M S _ __ ...___
Long Isld let cons gold 5s__Ii1931 Q J 903- 9812 95 Apr '18 --- - 9134 95
s
111931 Q J 815 87
9414 June'16 -- ____ - s
1st consol gold 48
7212 Aug'18 --- 7158 7212
1938 J D 7134 74
General gold 48
5
Ferry gold 4%0
1922 M S
90 July'17 .--- _ _ _ _.
1932 J D --------9914 Oct '06 ---. - --.. .
Gold 4s
-Unified gold 4s
1949 M 5 83 s Salo 71 June'18 -- 71
.7
71
Debenture gold bs
1934 3 D ___ 8612 97 Jan '18 ---, 97 97
1937 M N 0858 72
71
20
-year p m deb bs
71
0 70
75
Guar refunding gold 4s
1949 M S 72 • -72% Aug '18 _- '7218 7012
Registered
1949 M S - ----- 95 Jan '11 -.-. ___ .....
NYB&MB 1st con g 58-1935 A 0 95 -... 10314 Apr '18 ---NY&RB 1st gold 5s
1927 M $ 95 ---- 9212 Apr '18 ---. 9212 9212
Nor Sh B 1st eon g gu bs_o1932 Q J 82 ___ 100 Aug '10 - -- _ _ .... _
Louisiana & Ark 1st g 58-1927 M S 88
8712 90 Mar'18 ---- 8714 90
Louisville & Nashv gen 6s.._1930 J D 10578 _ _ _ 1107 July'18 8
- 109 1107
8
Gold 5s
1937 M N 97
___ 9318 July'18 --, 93% 941
Unified gold 45
1940 3 J 8312 Sale 8314
8418 13 83
8812
Registered
1940 J J
965 Jan '17 -- -- .._ __.
8
Collateral trust gold bs
1931 M N -------- 90 July'18 ....... 96
99
E H & Nash 1st g 6s
1910 J D 10013 ____ 10018 10018
1 100% 1001
,
L Cin & Lex gold 414s...,1931 M N ____ 9512 87 Apr '18 - -87
IV
N 0& M 1st gold Os
1930 J J 102 ____ 100 Aug '17 --- ___ _ _
. .
28 gold Os
1930 J J 937 ___ 1041s Feb '17 -- ____ -8
.
Paducah & Mem Div 48_1946 F A 7213
9012 Apr '12 -1 10018 10112
St Louis Div 1st gold 6s.....1921 M S 1003i ____ 10112 10112
28 gold 3s
1980 M S 5718 ____ 57% July'18 ---- 5713 5814
Atl Knox & Cin Div 0.._1955 M N '7434 77
78
78
6 74
80%
Atl Knox & Nor 1st g 5s.._1946 J D 943 ---_ 9518 July'18 __ 9518 9518
4
FIender Bdge 1st s f g Os...1931M S 102 103 10212 Aug 18 ---- 10212 1021,
Kentucky Central gold 48_1987 J J 7458 77
743 Aug '18 ---, 73
4
743
4
Lex & East let 50-yr fki Fru 1965 A 0 87.2 90
9312
9312
1 9134. 96
L&N&M &M 1st g 434s 1945 M S 831g 8412 8318 Aug '18 -- -- 8318 8318
L & N-South M joint 4s....1952 J J 69 ____ 8813 June'18 -6714 6812
111952.Q J _. _
95 Feb '05 ---- ----- ,
Registered
.
N Fla & S let gu g bs
1937.F A 90% 95 963 Jan '18 - -4
963 983
4
4
N & C Bdge gen gu g 4)0.1945'J J 7938 _ __ _ 977 May'16 _ _ _ _ _ _. , .
8
Pensae & Atl 1st gu g 6s_1921 F A 10032 108.2 10112 July'18 -- - 10112 10212
09
99 Apr '18- 99
3
S & N Ala MS ECU /I 53-19 6 F A 9318 100
Gen cons gu 50
-year 5:4_1963 A 0 8458 ____ 9313 Jan '18 - -9313 9313
L & Jeff Bdge Co gu g 4s
1945 M 5 6114 ..._. 60 July'18 ---- 60
60
Manila RR-Sou lines 4s__ _1936 M N ----_--- .___ .....
Mex Internat 1st cons R 4s...1977 M S ... _ ___ 77 Mar'10 -.
.....
Stamped guaranteed
1977 M S
.
75 Nov 10 ---. .... .....
Midland Term-lst s f g 56_1925 J D __ .._
9112 June'17 -- - . _ _ -.
.
Minneapolis & St Louis
1927 J D 1CI1 _-__ 101 July'18 --- 101 104
let gold 78
1921 A 0 _ _ 103 Oct '16 ... _ _ _
Ext 1st gold Os
Pacific
1934 M N fi Sale 79
1st consol gold 59
iiil
. fi
2
79
1st & refunding gold 4s_1949 M 5 4412 4513 45 Aug '18 --....1 41
46
Ref & ext 50-yr 58 Sec A 1962 Q F 43
443 Aug '18 --- 40
3
4'7
46
Des M & Ft D 1st gu 48_1035 J J _. _ ___ 60 Feb 'to ---- _ .._ .. _
.
Iowa Central 1st gold bs 1938 J D 7018 81
8113 June'18 - - -, 7534 8112
Refunding gold 4s
1951 M S 46 Sale 4512
46
12' 4012 4614
M StP&S5 M con g 4sint go_ 1938 J J 8038 8258 83 Aug'18 ---- 83
86%
1941 M N _-_
1st Chic Term s f 4s
92 Jao '17 - - - . _ ......
M 8581 & A 1st g 4s intgu.'26 J J 90 ____ 85% Nov'17 - ....._ _
Mississippi Central 1st bs
1949 J J ____ 9412 95 Dec '10
Missouri Kansas & Texas
62
1st gold 45
6 60% 6418
1990 3 D 8113 Sale 611s
28 gold 43
3012 Aug '18 --- 28
01900 F A 3012 32
35
3253 Nov'17 ---- .___ ._
1st ext gold bs
1944 M N ____ 32
2004 M S 39
40 Aug '18 _- 40
1st & refunding 48
40
45
Trust Co certfs of dep
3812 ___ 42 May'18 . 41
42
Gen sinking fund 4%0_1936 J J 26
20.2 2013 Aug '18 -2514 34
St Louis Div 1st ref g 4s__2001 A 0 ____ 3712 40 Nov'16 .._ _ _
_ ....
5% secured notes "ext" '16 ..- - 30 40 ---„.---_ -- - ___ ..-Dail & Waco 1st gu g 5s__1940 M N ___
6912 Apr '17 .Kan City & Pao 1st g 0._1990 F A 55
ji 58 Jan '18 ---- -58 58
36 Apr '18 ....
Mo K & E 1st gu g 5s____1942 A 0 3612
M K & Okla 1st guar 58_1942 M N 5614
__ 5518 Dec '17 ------------.
.
M K & T of T let gu g 58_1942 M S 49
5212 4912 Aug'18--- 49
563
4
Sher Sh & So 1st gu g 53_1942 J 13 _ 60
81 tree '16 ---.
_ ._
Texas de Okla 1st gu g 53_1943 M S 30 ____ 40 Jan '18 --- 40
40
Missouri Pacific (reorg Co)
1st & refunding 5s Ser A__1965 F A 8334 85
84 Aug '18 -„ 79
88
1st & refunding 5s Ser Ba_1923 F A 8912 00
90
90
20, 90
92
1st & refunding 5s Bar C__1926 F A 8514 87 87 Aug '18 ---,I 8618 90
General 4s
1975 M 5 57.2 Sale 5714
5778 153 55% 5934
Missouri Pao 1st cons g Os...1920 M N 9753 99
983 Aug '18 -- 9812 9912
4
40
-year gold loan 48
1945 M 5 ____ ____ 60 July'17 ---- __ .. __
3d 78 extended at 4%_..1938 M N ___ _ _ 82 Apr '17 -- -- _ _ _ .._
Boonv St L & S 1st 5s - -1951 F A ......__
-_ 100 Fob '13 -_ .. _ _ _
gu
Cent Br U P let g 4s
1948 J D *__ _ _ 70 9712 Dee '13
Pao R of Mo 1st ext g 0-1938 F A 79 8212 7912 July'18 ---- 7812 80
2d extended gold 5
1003 Apr '181938 J J ____
8
. _ StL1rM&5gencong5_1931 A 0
_3
9113
. 6
0112
1 -6012 06 8
GenconstamPgug58_1931 A 0 ---- - _ 102 July'14 _. -.. _
1929 3 J
Unified & ref gold 4s
i1 ;hi, fa,
75
7412
1 '
Registered
1929 J .1 ---- ----8014 Oct '17 ......„ _ _
___
__ _
Riv &0 Div 1st g 48_1933 M N 7112 717 7113
8
7112
7 8612 72
Verdi V I & W 1st g 5s
1926 M 5 86 ___ 78 Sept'15.- _ .... _ _
1927 J D 101 102 101
Mob & Ohio now gold 6s
4 101 10212
101
1st ext gold 6s
111927 Q .1 9214 1067 95 May'I g -- 92
s
95
General gold 48
1938 M S 61 __ 05 Aug '18 --- 85
83.8
Montgomery Div 1st g 53_1947 F A 8334 __
93 July'17 --- - _..._ .. _.
St Louis Div bs
1927 J D 84 ____ 90 Aug '17 - --- . _ _ _ _
St L & Cairo guar g 4s
1931 .1 J 73 85
77 Doe '17 - - -. .. _ _ ___.
Nashv Chatt & St L 1st 5s_1928 A 0 96 10312 9813 June'18 --- 9'712 101
Jasper Branch let g Os.....1923 J J 99 10312 11014 Mar'17 -_ _ _ _ _ _ _
Nat Rys of Mex pr lien 4;0_1957 J J .._- 30
30 May'17 ...... __ __.
Guaranteed general 4s...1977 A 0
36 Aug '16 -_ ........ -.
Nat of Mex prior lien 434s1928 .1 J ---- ----9O7 Feb '13 _.-. .. _ ... --1st consol 4s
1951 A 0 21
30
30 Oat '10 ----_
New Orleans Term let 4s
1053 J 1 6212 ____ 63
63
64
1 00
N 0Tex & Mexico 1st 6s_ 1925 J D 9218 9212 9212 July'18 ----I 92
9414
Non-cum income bs A--1935 A 0 45
46
45
46
8, 40
497
2
New York Central RRI
Cony deb Os
1935 M N 04 Sale 937
94% 371 9112 95
s
Consol 48 Series A
1998 F A 8918 Sale 6918
694 11 6918 75
Ref & Imp 414s "A"
2013 A 0 80
151 80
81
8378 807
8
85
New York Cent & Hud RivGuar 314s
22; 6938 7434
1997 3 .1 693 Sale 693
70
3
8
Registered
8
4 685 7114
6658
97
19 3 i 6634 -„- 8834
Debenture gold 4s
1934 M N
77.2
'1 '' 1 7712
4 743 8112
4
Registered
1934 M N ---- ---- 92 Dee '16 --__ ____ __
___
Lake Shore coil g 3
)0-1998 F A 60
8514 July'18 ---- 61
65
0513
Registered
1998 F A_ _ _ 0113 61 May'18- 61
61
Mich Cent coil gold 3%0-1998 F A 80
6434 631* Aug'18
6212 On
. _.
1
Registered
Mar'17
3.. .1998 F A
Battle Cr & Slur 1st gu 38_1989 J D --------------------------- _ _
__
. _ _.
Beech Creek 1st gu g 48_1936 J .1 81 -.. 9018 Apr '17
_ ....
Reg1stered
1938 J J ___.. -' 9534 Nov'16 -------- ___
.
_ _._
1036 j J 844 92 104, May'10 ._ .... _ __
28 guar gold 5s
Registered
Beech Cr Ext 1st g 3348-b1951 A 0 -___
_ _ ___. __
Cart & Ad 1st gu g 4s
1981 J D 6552 __. 89 Nov'10 ... -. ___. ____
Gouv & Oswe let gu g 58-1942 J D -_ _---. .... -- -. --- - Moh & Mal let gu g 43-1991 M S 73 ____ 73 Aug '18 _
7214 - 7.31;
NJ June It guar 1st 0.....1986 F A 88 _. 8914 Feb 'It) _
_ . .......
_
N Y & Harlem g 3
2000 51 N 8614 ...... 80 MaY'17
N Y & Northern let g 58_1923 A 0 94 ....... 9534 June'18 __ 9552 9534
As_.
11 Die July. o Duo Oct. 3 03t113 sal'
AUG. 24 1918.]
"
'
g.B
.. .
BONDS
)1
N. Y. STOCK EXCHANGE..,:i
4q.
Week Ending Aug. 23.
787
New York Bond Record-Continued-Page 3
Price
Friday
Aug. 23
Week's
Range or
Last Sale
-2
„9,..4
-4
Range
since
Jan, 1
High No. Low High
Ask Low
Bid
N Y Cont & H R. RR (Con.)7412 Mar'18 _. 7218 '74.2
N Y ec Pit 1st cons gu g 48_1993 A 0 6934
__ _
_
113 May'15
Pine Creek reg guar Os-__19:12 J D 101 _
8
R W & 0 con 1st ext 58_51922 A 0 9458 9814 98 July'18 ---- 963 9 14
6714 June'18 --- 6711 6714
_ _1941 J J 6314 ..-Rutland 1st con g
63
gu 4s g_1918 J J 60 ___ 60 June'18 _--- 60
Og & L Chain 1st45.070
-Canada 1st gu g 43.1949 J J 55 __ 70 Jan IS ---- 70
Rut
St Lawr & Adir 1st g Is __19'J6 J J --_- ___ 101 Nov'16
103 Nov'16
1996 A 0
2d gold Os
. 947
Utica & Bik itly gu g 4s 1922 J J 91 ____ 94 Ayr 'Is ---- 1/2
8
7212 70 2 Aug '18 ---- 70
75
Lake Shore gold 3As_ _1997 J D 72
1997 J D -..- 7214 73 May'18 ---- 7212 73
Registered
8712
11 82
85
1928 M S 85 Sale 84
Debenture gold 4s
1 8134 8612
84
___ 84
4
1931 M N
25-year gold 48
7
1931 M N ---- - -83s Nov'17 -__
Registered
____ ____ - - - - -- - _
1938 J 1 __._ _ ....__ .......
Ka A & G It 1st gu o 5s
1934 J J 90 -__ 1,/112 Dec '15
Mahon CI ItIt 1st 5s
_
Pitts & L Erie 2d g 55_ _a1928 A 0 91 18 ____ 103 May'17
13013 Jan '09 -- _ _
Pitts McK & Y 1st gu 6_1932 J J 10112
1934 J J 10114 __ 12311 Mar'12 --__ __-__- ---___.
2d guaranteed Os
1931 M S 89 -. 9912 Aug '17 ---_
Michigan Central 5s
92 Apr '18 ---- 92 92
1931 Q M --__ 98
Registered
J '70 ____ 7412 Aug '18 __-_ 7412 75
1940 J
48
1940 J J ____ ____ 87 Feb '14 ___
Registered
1951 M S ___- ........ 90 Junew. _ ___J L & S 1st gold 3As
8
70 ____ 797 July'17 .-__
1952 M N
1st gold 3)-s
75 Aug '18 --- -7237 -8 2
81
1 -01-year debenture 48_1029 A 0 75
20
77 Aug '18 ____ 7512 82
Chic & St L 1st g 48 A937 A 0 7612 80
NY
1907 A 0 7512 ____ 85 Nov'17
Registered
)
gf - -d,; 65 Aug'18 -1931 NI N 62 65
Debenture 4s
11
West Shore 1st 4s guar 2361 J J 74 76 7314 Aug74 _-- 73 8 80
'18
71, 78%
2361 .1 J 7112 7512 7112
Registered
N Y C Lines eq tr 5s__1918-22 M N---- 100 10012 Jan '17
Equip trust 4As_ _1919-1925 J J ___- ____ 983s July'17
NY Connect 1st gu 4 As A1953 F A 7718 8512 8512 May'18 --- . 412 84
N Y N II & Hartford-1947 ge 5 --------56 Sept'17 -_
Non-cony deben 48
_
_
Non-cony deben 3)s.,,,.,,,1947 M S 5112 ____ 50 Oct '17 - .. _
-i
51.2 51 Aug '18 ---- gat, 6
3s,,,,,195-1 A 0 51
Non-cony deben
60 Aug '18 ---- 52
8
6118
1955 J J --- 627
Non-cony deben 48
59 Aug '18 ---- 5518 61
1956 M N --_- 59
Non-cony deben 4s
5118 Aug '18 ---, 5118 54
1056 J J 51.2 54
Cony debenture 3 As
10 82
86
90
1948 .1 J 86 Salo 8514
Cony debenture 6.3
1930 F A 55 ___ 50 Oct '17 -- _ _ ._ __ _ _
Cons Ry non-cony 4s
_ _
0112 Jan '12 ..., _
1954 .1 J -_-- 56
Non-cony debon 48
60 July'18 --- - 9
__ 56
-6 j(iNon-cony deben 4s__1955,J J
_
1955 A 0 --_- 56 ---.. ,__. ._-Non-cony deben 4s
_
_
Non-cony deben 4s1956 J J ---- -. - - --- ----- _
73
1 -66 -ii
'
Harlem It-Pt Ches 1st 4s_1951 III N 691 ____ 73
F A -------, 791s Oct '17
B & NY Air Lino 1st 48_1955
_ _ __ _
74
Cent New Eng 1st gu 43._1961 .1 J -.-. 70 ____ Apr '17 -_ --- _ - ___
1930 M S - . _ _ _.
Hartford St liy 1st 4s
N 89 ____ 10612 May'15 ..... __ __
Housatonic R cons g 53_1937 M
19.51 M N -------87 July'14
Naugatuck lilt 1st 4s
_
83 Aug '13 ._
N Y Prov & Boston 48_ 10.12 A 0 - - - - .
53
53
53
3 -in -6i .
NYW'ehes&13 lstser 14301946 J J 5218 ___. ____
____ ____ ____
1939 A 0 ........
Boston Terminal 1st 4s
S... ___ ___ _
___
1945 J J
New England cons 5s
- - ____ -__ _
'17
1945 I J --------70 Sept
Con-sol4s
Secur deb 4s 1957 FA N ---- ----57 Ape '16 _
Providence
-_-_ -_ -_ -- - - __. 907 Dec '13 .8
Prov & Springfield 1st 5s_1922 J J
- -883s Feb '14 - T - - - - --Providence Term 1st 48„..1956 IN S
_ _ _,
____
East 1st 435,.19l3 J .1 -------W & Con
-i
N y 0 & 1,y re( 1st g 48____g1992 M S 6318 037 64 July'18 --__ 0
9212 June'12 ...
Registered $5,000 only_g1992 M S 63 _
60 Apr 'ii' _ _ . -go - - 1055 J D _ _ _. 45
46
General 4s
65
65 Aug '18 -___ go
Norfolk Sou 1st & ref A 5s 1961 F A 6534 66
1941 M N 8'218 _ 8153 June'is
S112 8412
Nonf & Sou 1st gold 58
1931 51 A 10118 iod 10514 July'18 _ - - 10514 106
Nod & west gen gold 6s
s
Improvement & ext g 6s 1934 F A 102 1067 122 Noy'lti .._. 10718 Oct '17
1932 A 0 10214
New River 1st gold 6s
8012 15 46 - -46 N & W lty 1st cons g 48_1996 A 0 8012 Sale 8014
_ 9312 Dee '16 ._ .
1996 A 0 -_Registered
_ 78 Aug '18 --..1 .71 - -7812
Dio,1st lien & gen g 4E5_1944 J J 78
8
1932 J D _ . _ _ _ _ -_ _ 1237 May'17 ...
10-25 year cony 45
11714 May'17 . - - -- 1932 M S ____
10-20-year cony 48
_ 10312 July'18- 10312 jo512
-25-year cony 410_1938 M S 10414 _
10
781.1 July'18 __. 781, 851,
1941 -I 13 7812 gi
Pocah C & C joint 48
8
103 Sept'16
C C& T 1st guar gold 5.3_1922 .1 J 957 _
7712 - - 7712
7712
1
&ile
Selo V & N E 1st gu g 4s 1989 M N
Northern Pacific prior lien
4
8111 46 79
4
813j
railway & land:grant g 48_1997 Q J 803 Sale 803
4997 Q J ---- 7958 7834 July'18 --_, 783, 80
Registered
58
59
9 5653 6112
General lien gold 35 _____ a2047 Q F 59 sale
0114 June'17 .. _
a2017 (.3 F 5238 57
Registered
2017 J J --__ 83 83 July'18 --__ 83
8538
Ref & Imp 4;-s son A
8112 74 Aug '18 --__ 7.4
75
St Paul-Duluth Div g 48_1996 J D 74
St P & N P gen gold Os_ _1923 F A 10118 105 10118 July'18 --- 10058 103
10058 104 10334 Sept'17 _
Registered certificates. 1923 Q A
107 Oct '16 - . - -- - --.
St Paul & Duluth 1st 58._1931 F F 9334
887 Nlar'17 -------- -8
1968 J D 6714 83
1st consol gold 48
Wash Cent 1st gold 45_ -1948 Q 51
6118 8
393'4 Jtei 6
8
' ;
1st g 63-1933 2 J 105 10512 106 II il 48 -----: 10634 10:33.
Nor Pao Term Co
s
75
1061 1 J ---- 7112 7112
5 71
7214
Oreton-Wash 1st & ref 48
19,15 J D ---- 84 8112 May'ix __ _
95
2
Pacific Coast Co 1st g 5s_
.,-- 100 10018 Feb '17 -_ _8
,s-1955 J J -2
,
Paducah & Ills 181 s f -13
9312 July'18 --__
-1ii 2
Pennsylvania RR, 1st g 4s_1923 NI N 931
__
1919 NI S -------- 100 Aug '1'1 ---- 100 100
Consol gold 5s
1919 Q M _ - _
Registered
-14 gi July'lii -.
0
1943 IN N 8 .12 84
3
;i
-..- "A'r
Consol gold 4s
85
6 8438 90
1948 51 N 84,2 8438 84'2
Consul gold 48
94.- . 9438 99
1960 le A 9412 9434 9438
Consol 4 As
, =5
87
51 864, 02
1065 J D 84312 Sale 8018
General 4-4s
8638 8912 Nov'17 -...
4
Alleg Val gen guar g 4s_ _1942 11 S 82
,
D It lilt & B'go 1st gu 4s i_1936 b' A 811s ____ 8412 84 0 10 .- _ _ ---- --s
Phila Bait & W 1st g 48..1943 NI N 823 _ _ _ 92 Auk '17 .... - - - - - _
_ 102 -_ Jan '93 .._
Sothis Bay & Sou 1st g 5:3_1924 J J ____
_ __ ._
-Sunbury & Lewis 1st g 4s_19313 J .1 781-4 -4 __-- - - - _...•
U NJ RR & Can gen 43_1914 M S 813 ____ -92 Dec'17 .- - • -- - - - Pennsylvania Co
97 Aug '18 --- 9618 9833
1921 J J 96.2 97
-is
Guar 1st gold 43
1921 J J 9.5 ____ 9712 July'18
Registered
9534 071
2
G
uar 3 As coil trust rcg A_1907 NI S 77 ____ 87 Feb '(7 _ _
7414 7518 78 Jul3e18 _-...... -,( -idi;
Guar 3)-4s coil trust ser 13_1941 F A
1942 I D 74
8114 July'17 .._ .
78
Guar 33-s trust ctfs C
3 D 7453 79
3734 Dec '16 ... _ - - - - -1944
_
Guar 3)-s trust ctfs D
821s July'18 ---- .3218 -ii.
.
Guar 15-25-year gold 45_ 1931 A 0 8218 85
84 June'18 --- 84
84
40-year guar 48 ctfs Ser E.1952 IN N 78
1942 NI N 80 __- 86 Oot '17 _ .
8734
Cin Leb & Nor gu 48 g
_ _ -_
Cl & Nlar 1st gu g 4 As- _1935 IN N 85 ____ 9614 May'17
4
:
A-1942 J J 93 __ 9634 May'IS ___.Cl g62 , -9ti3& P gen gu 4s ser
1942 A 0 8912 __ 101 Deo '15 __
Series B
Int reduced to 3As_1942 A 0 81312 _..__ 9614 Feb '12 __
1948 Ni N 8012._ 9018 Oct '12
Series C 33is
-- - -- 1950 F A 8012 __. 8812 Feb '17 .. .... ......
Series D 3).s
0
,
Erie & Pitts gu g 33 B 1940 J J 831.4 _. 88 Apr '17 .. .. _ ._ ..
1940 J J 8312 ____ 9018 July'12
Series C
81
81
2 81
81
Or R & 1 ex 1st gu g 4 As_1941 J J
Ohio Connect 1st gu -Is_ _ _1943 M S --------93 May'14 .
-.
Pitts Y & Ash 1st cons 53_1927 Ni N 03 ____ 93 May'10 _ . - Tol W V &0 gu 4 As A 1931 7 J 87'i.-.- 9834 Apr '17
1933 j j 1/712 ____ 92 Dee '17
Series Il 4s
8818 Sept'17 ...
Series C 48
1942 NI S 77 __
9134
FCC Jr St L gu 435s A 1940 A 0 9013 913.i 913s
7 -9112 . ;
. 921
,
Series II guar
1042 A 0 9018 931.4 9112 June'18 _
9112 9112
Series C guar
1942 Ni N 9018 ____ 99 Juue'17 ___ _ _ _ . ..
1 _
90
00 Aug '18 .
88
Series I).is guar
1945 NI N
Series E 3) guar gold_1949 F A 8914 90-2 8918 Aug '18 --- 87
90
-is
Series F guar 4s gel& 1953 J D 90 ___
8512 May'17
-'_
BONDS
N. Y. STOCK EXCHANGE
Week Ending Aug. 23.
"Vg
t
Price
Friday
Aug. 2:3
Week's
Range or
Last Sale
2'3
High No, Low High
Ask Low
Bid
8
887 90
90
9012 90 Aug '18
9018 93
9218 Oct '17
10012 Nlay'18
101) 10012
100 Juno'17
_
_
87 Mar'18
15 7912 WI
81
81
Sale 80
6478 65 July'18 ---- 6212 66
64
50
45 July'18 ---- 44
---- 50
.),
0 96 ____ 99 Jan 'IS ---- 99
99
90 ____ 9714 Dee '17
86
82 Sale 82
8212 14 81
801s 8212 8112 June'18 ---- 8112 81.2
Jersey Central coll g 4s _.1951 A 0 _-__ 83 83 Aug '18 --- 8114 86
gistered
195I J J
Atlantic City guar 4s g
St Jos & Green Isl 1st g 4s 19-17 2 J 63 ____ GO Dec '17
St Louis & San Fran (reorg Co)
5934 56: 5512 61
Prior lien Ser A 4s
1950-J J 5912 Sale 5914
7312 Sale 7314
73.2 12. 66
75
Prior lien Ser B 58
7 60 6812
8
683
Cum adjust Ser A 6s____7119 0 .1 0 681s 6812 6818
1 55 A 2
5014 48 44
51
5014 4914
j 50
Income Series A Os
960 JOct
10033 ____ 10012 July'18 ----110012 10114
St Louts & San Fran gen h 1931
_19_7 2..12 97 July'18 -- i 91
7
..
0712
General gold 5s
78 1.1ay'16
9
St L & S F RR coas g 43_19 6 j
1931 J
Southw Div 1st g 5s
1947 A 0 80 ____ 90 May'17
10012 16 i62 - i6 12
2
1 66 6i
K C Ft S & NI cons g 68_1928 M N 100 1001, 10018
i
6514
K C Ft S & M Ry ref g 4s1036 A 0 6514 Sale 651s
851s Aug 18 ----! 851s 851s
K C&
& B 1st gu 5s_1929 A 0 8618 02
65 Aug '18 --- -1 637 6812
68
8
St L SW 1st g 4s bond ctfs 1989 Ni N 65
55
2 5012 55
55
55
2d g 48 income bond etfs_p1989 J .1 52
58
59
59
Consol gold 48
9
57
5
57
1j 52
3 57
57
54
6912
1st terminal & unifying 53_1932 j D 51
195 .1 J
..
Gray's Pt Ter 1st guy 5s 1947 J D 75s_ _gr 9S12 Jan '11 ------ ----55l
S A & A Pass Ist gu g 43
1943 J J 55
100 June 18
'
7 0
1 ) 16
l1i( ;10 .1;
9 -i -0
SF &NP 1st sk fd g 5s
1919 J J
7112
80
67 July'18 ____. 67
Seaboard Air Line g 48
1950 A 0 67
Gold 4s stamped
1950 A 0 6714 721s 6814 July'18 --2 6814 7112
5718
8 17, 49
517
Adjustment 58
,
91 A A
0195 F 0 5414 Sale 5114
56
5612
57
5634
5, 5134 573
s
Refunding 4s
7.5 Marla ----1 73
76
75
Atl 13Irm 30-yr 1st g 4s..e1933 Ni S 63
77
75 June'IS ----I 75
Caro Cent 1st con g
J J -___ 78
9914 June'17 -- -;
Fla Cent & Pen 1st g 5s
1918 .1 J
1st land grant ext g 5s 1930,1 J 90 ____ 101 Dee '15 - j -_-_-_-_ ::::
9212 ____ 9314 June'18 .- I 9314 9314
Consol gold 5s
Ga & Ala liy 1st con 5s__o1945 J j 9012 10018 9012 June'18 ----' 9012 9012
1943 2 J
95
94 June'18 ---' 94
Ga Car & No 1st gii g 53 1929 J J 8912 94
9114 June'18 ---I 9114 9114
95
81
Seaboard & Roan 1st 5s 1926 J
Southern Pacific Co
1
76
8
717 Sale 717s
8 70
7178
Gold 4s (Cent Pac coll)__k1949 J
90 Feb '14 __,.._.!
Registered
k1949 J D
4 23 ..iIi1- -ii1 793
20-year cony 4s
2 51 8
g1929 M S 7914 Sale 7914
9112 Salo 9114
9112 100 8518 95
20-year cony 53
4' '7678 82
77
949 2 D
Cent Pac 1st ref gu g 4s
1934 FA 7678 Sale 7678
8712 Sept'16
Registered
87 86 July'18
"tiff - -ggMort guar gold 33is_k4929 F D 85
1919 J A
76 June'18
Through St L 1st gu 4s_1954 A 0 7478 76
G 11 & S A NI & P 1st 53_1931 M N 9018 100 100 Oct '17
963 Jan '18
_--- 97
34
-9634 -156 4
2d exten Is guar
Glia V G & N 1st gu g Is. 9 .7 N ---- 95 10014 Jan 'III.,..
924 M j
3
7l. 7E
--•Eii -i6rs
95
8512 July'18
nous E & W T 1st g 5s
1933 M N 81
92 100 Oct '16
1st guar 5s red
-...... ----1933 51 N 85
II & T C Ist g 5s int gu.._1937 J J 9214 104 10312 Aug '17
.
. 2
. .
Gen gold 4s int guar ..1021 A 0 8914 9218 92 May'IS
-. til: i6i_1.
Waco & N W div 1st g 68'30 m N ---- --__ 10912 Novq5
A & N W lst gu g 5s
--_- 03 101 12 Dec '16
.
_ _ __ - _ _
98 ___- 10014 Oct '17
Louisiana West 1st 6s__1941j
1921 J
Morgan's La & T 1st Os 1920 .1 J _...__ 1043s 100 Apr '18
i66 - iciiiNo of Cal guar g Is
19.,8 A 0 9212 ____ 10218 Oct '17
8
iti_i_1: :6_6::2
Oro & Cal 1st guar g 55.
s
.1927 J J 913 ---- 9614 Feb 18
So Pac of Cal-Go g 5s
1937 NI N 9214 ---- 10712 Sept'16
90 ____ 9312 Aug '17
So Pac Coast 1st gu 48 8-1937 J
San Fran 'fermi 1st 4s
7714 78 June'18
1050 A 0 73
_ 85
95 N'ov'16
Tex & N 0 con gold 58
1913 J J
i fi 2 i 1;
§r i 411.: i-3
gi 8
So Pac IiR 1st ref 4s
J
1955
90
19 8358 9314
Southern-lst cons g 5s
1991 J J 89 2 Sale 8914
_67 -31e
7
_72 _8.... 1(7:1: Aug' _ _ _ _
'
7 16
Registered
63 Sale 623
4
4 91 -i6- -di
633
Develop & gen 4s Ser A. .1956 'T
94
67
6512 Aug '18'---- 65
Mob & Ohio coil tr g 4s.--1938 Ni S 63
,
68 2
92
Mem Div 1st g 4As-5s_1996 .1 J 84_
92 July'18,---- 87
St Louis div 1st g 43
6112 667 6412
;
,18
1951 J
61121
3 6418 6912
Ala Cent 1st g 6s
___- -_ - 10233 Sept'161.--Ala Gt Sou 1st cons A 5s 1343 J D
All & Chad A L 1st A 4As1944 J J -gi -ii'i- 877' .Nuay:1 1 -_: . -ii.i's -gi73
-0 Jil r 1
9
111 -61- - -65 lst 30
92
8
4
913 917
-year Is Son 1.3
1944 J J
All & Daily 1st g 4s
7014 Mar'18 ---.1 7014 7014
1948 J
8112 Mar'16 -.. _
80
2d 43
75 Feb '17 __ -- - - - - -949 A
ALI & Yad 1st g guar 48 1948 'T
E T Va & Ga Div g 5s_ 1930 J
66"
92s 991s 90 Mar'18 -__
Cons 1st gold Is
1956 Ni M 92'8 9412 9112 Aug '18'.-.. 9114 9712
E Tenn reorg Ilen g 5s
1938 51 S 85
88
86 Aug '18 ---- 86 86
On Midland 1st Is
63
45- 51 Mar'18 --- -Si
1946
Ga Pac Ry 1st g g ,s.. , J D 10012 10310012 Aug '18 ___ 10012 10012
.1922 J
(3s1 25 A J
9914 101 101 July'18 --- 9S58 10114
Knoxv & Ohio 1st
95 10.3 S..p4'113 -Mob & Dir prior lien g 53_1945 J J
53
7212 63 Jan 'Is ---- -di - ..iii Mortgage gold 4s
Rich & D deb 53 stmpd1945 j 0 93 103
05 Jan '1' - - 95
Dan
,
.. 1927 A 2
95
Rich & Meek 1st gu 4s
73 Sept'12 ___
1918 Ni N
So Car & Ga 1st g 5i
2
i
l
9814 2 -9-gi -9414
191951 N -681- -66- 9814
Virginia Mid Ser D 4-5s 1921 51 S
10212 June'll ---Series E Is
93 Apr '18 _ _ -6:i - -if 63
S - -1926
.
_ 10412 DAc '16 ----,
Series F Is
1926 M S
General Is
N 9312 ____ 01 July'18 _---I -9:3 - -9111936
2
Va & So'w'n 1st gu Is. _2003 J J 8134 ____ 105 Mar'17
_ ,,,,
----- .1st cons 50
72,2 Jan 'Is .. 7212 'i.41-year 5.3_1958 A 0 6714 84
W 0&
1st cy gli 43___ _1924 F A ---- ---- 937 Mar'17 ----------8
Spokane Internal 1st g 5,3_1955 J J
3
054 Mar'17 __ _ ____ ------ Term Assn of St L 1st g43-is.1992 A 0 83
8912 86 July'18 ---- 8512 86
1st cons gold Is
2_ 89
95 Feb '18 -- -- 95
1894-1914 F A
95
Gen refund s f g 43
7812 July'18 ___ 7812 8214
75
St I., Ni Bridge Ter gu g 58_ 193 j O
95
_
_
.
9.512 July'17 _ _
0A j
5.
93
Texas & Pao 1st gold Is__.._2000 J D 81
90 83 Aug '18 __- -8214 -867
;
56 gold income 53
45
41
9413318
18
1.
'8 ...,...... 4618 4618
La Div 13 L 1st g 5s
93
80 May'18 __ 86
86
10612 Nov'01 ____
W M I h WCent W gti Is _ 31;9335 1F2M 2jr
ToI & On Io Ce 1st lstgu 5- 1933°°. aA 8818 90
4r
Apr
..-6'd - -9a
7. 91
Western Div 1st g 5s
1935 A 0 ____ 96 100 Jan '17
General gold 5s
- - -1935 J D 7318 80 90 Feb '17 -----------Kan & M lst gu g 4s
1990 A 0 6814 8012 69 Aug '18 ___. 139
69
2.1 20-year 53
1927.7 J
88 9134 Dee '17 ___.
Tel P & NV 1st gold 4s
- - - - ---52 Aug '17
59
35
Tel St L & W pr lien g 330.1915
J
2 76
7715 July'18 ..-_ -jil; -8i61927
80
50
-year gold -is
..
4...2 49
1950 A 0 .7.. 3212
Coll trust 43 g Ser A
18 8
473 Ma47 - 45
e06
F A
1
53
_ ... 25
Trust co ctfs of deposit
_____
!!!
Tor Hain & Buff 1st g 43__111946 J 83 -2T.i - Apr '17 ---- 7-7- ::::
6
Ulster & Del 1st cons g 53-1928 13
90 90 Nov'17 -------- - - -____
1st refunding g 48
70
1952 A 0
58 Sept'17
- - -- Union Pacific 1st g 4s
.
86
86
1947 J J -461:4 87
liegistered
83 Aug '18 ___7 1947 .1 J 83 84
_ 83- -HI 20
-year cony 4s
4
1927 J J 8538 Sale 843
5' 8234 89
853s
1st & refunding 4s7200 M D 7518 791,1 78
,J S
g 4s...1943
7918 19 7512 813
4
Ore RR & Nay con
7838 7978 781s Aug '18 __-- 783 82
12
8
One Short Line 1st g Os.,
8
1 1005 104
.1922 F A 10078 1017 10114
1011.4
8
1st consol g 5s
1946.7 J
96
8
955 July'18 _- 9418 9712
Guar refund 4s
85,2
1929 J D -81
Sale 81
22
82
Utah & Nor gold 53.... 1926 .1 J 9012 98 98 Dec '17 .._ ... _81_ --__1st extended -Is
89
1933 J
8018 89 89 Feb '18 ___ 89
Vandalla con.s g 4s Sec A
80
1955 F A 77 ____ 80 Jan '13 __ 80
Consols 4s Series 13
1957 Ni N 80
8112 8018 June'18 __ 801s 8012
Vera Cruz & P 1st gu 4 As_ .1034.7 J
35 Sept'17
PCC& St L (Con.)
Series G 4s guar
1957 M
Series I cons gu 4As_1963 F
C St & P 1st cons g 5s 1932 A
Peoria & Pekin Un 1st Os g._1921 Q
51921 Ni
2d gold 4As
Pere Marquette 1st Ser A 5s_1956
1956
1st Series 13 4s
j
Philippine Ry 1st 30-yr s f 481937 194A
0
Pitts Sh & L E 1st g 5s
1st consol gold 55
Reading Co gen gold 4s
97
97
19, 2-1
1943 .1
N
A
0
F
N
--
....
_7
ojN/0 price Fri lay; latest bld and asked. a Duo Jan, 5 Duo Feb. g Duo Juno. 5 Duo July. k Due Aug. o;Due Oct. p Due Nov. g Due Dec.
Range
Since
Jan. 1
s Option sale.
New York Bond Record—Concluded—Page 4
788
BONDS
N. Y. STOCK EXCHANGE
Week ending Aug. 23.
tt
Virginian 1st bs series A____1962 MN
Wabash 1st gold Ss
•N
1939
2d gold 5s
1939 FA
Debenture series B
1939 J J
1st lien equips Id g 5s____1921
1st lien 50-yr g term 4s___1954 .1 J
Det & Ch Ext 1st g 53____1941
Des Moines Div 1st g 4s...1939
Om Div 1st g 3s
1941 A 0
Tol & Ch Div 1st g 4s
1941
Wash Terml 1st gu 34s_..._1945
A
1st 40-yr guar 45
A
1945
West Maryland 1st g 4s
1952 A 0
West N Y & Pa 1st g 5s...,....1937
Gen gold 43
1943 A
Income 5s
y1943 Nov
Western Pao 1st ser A 5s __1948
•S
Wheeling & L E 1st g 53-1926 A0
Wheel Div 1st gold 58...-1928 J .1
Eaten & Impt gold 5s___1930 FA
Refunding 4s series A.._I966 MS
RR 1st consol 4s
1949 MS
Winston-Salem S B 1st 4s 1960 J J
Wls Cent 50-yr 1st gen 4s
1949 J J
Sup & Dui div & term 1st 4s'36 MN
Price
Friday
Aug. 23
Week's
Range or
Last Sale
"C3
0.
Range
Since
Jan, 1
Bid
8812
905s
8113
Ask Low
High No. Low High
8914 89
89 2
,
7 873 93
4
91
907
9114 15 90 8 955
8
5
8
8212 82 Aug '18
82
8612
90 Aug '18 90
90
96
96 July'18 ---- 96 10014
98
1'6 -- 78 May'17 -8712 102
9912 Sept'17
— — .---- 77
80 Aug '12 ---70
75 Apr '17
---- 80 8414 Jan '17 -- 70
80
76 Dec '17
82 85
85 Deo '17
5813 6012 58
58 "ii
58
9512 1015s 99 Jan '18 ---. 99
99
60 Sale 60
60
1 60
70
---- 45
36 Oct '17 -- — - -81
Sale 81
20 7914 84
81
881s 96 10034 Apr '17 ----- 993 100 Feb '17 --__
4
----- 92
995 Mar'17 -3
5614 75
60 July'18 ---- 66" 66
5618 6212 56 Aug '18 -- 5512 60
70
72
6714 Aug '18
8714 6714
6914 701 6914
6914
6914 73
6912 743 76 May'18
8
7714
72
Street Railway
Brooklyn Rapid Tran g 5s__1945 A 0 8114 85
8113 Aug '18 _1st refund cony gold 4s...._2002 J .1 63 ___
65 July'18 --6
-year secured notes 5s___1918 J .1 96
9614 9513
961,3
6
Cris 3-yr sec 7%notes op A1921 J J
96
9614
6
Ctfs 3-yr sec 7%notes op B1921 J J
9612 July'18 -3-yr 7% secured notes__h1921 _
96 - .
gL;le 9518
96
19
Dk Cty 1st cons 48_1916-1941
J ---- 92
94 Oct '17
Bk Q Co & S con gu g bs__1941 M N ---- 90
80 May'12
Bklyn Q Co & S Ist ba_-_-1941 J J --.. 90 101 May'13
Bklyn Un El 1st g 4-58- —1950 F A 801s 8118 8033 Aug'18 _Stamped guar 4-5a
1950 F A 801s 8475 7918 July'18 -Kings County E 1st g 4s....1949 F A 64 67 66 May'18
Stamped guar 45
1949 F A 64
73 78 July'17
Nassau Elec guar gold 48_1951 J J 60 _
_ 597
5978
8
6
Chicago Rys 1st Ss
1927 F A 823 85
4
8253 Aug'18
Conn Ry & L 1st & ref g 4491951 J J 851s
10018 Feb '17 ---18
Stamped guar 4s
1951 J J 85
85 Apr '18 -Det United 1st cons g 4 As-1932
6912 70 6912
6912
2
Ft Smith Lt & Tr 1st g St..,,.1935 M S _-_- _- 84 Jan '14
Hud & Manhat 53 ser A
1957 F A 59,2 Sale 59
5934 34
Adjust income 5s
19711 Sale 193
1957
20
92
4
N Y & Jersey Ist 53
1932 1 - ---- 9212 90 July'18 -A.
Interboro-Metrop coil 43s_1956 A 0 5012 5112 50
5012 46
Interboro Rap Tran 1st 58.._1966 J J 78
Sale 78
795s 72
Manhat Ry(N Y)cons g 4s-1990 A 0 7314 7514 75 July'18
Stamped tax-exempt
1990 A 0 76
80
7615
4
7618
Manila Elec Ry & Lt s 1 bs 1953 M 8 77
— 80 July'18 - Metropolitan Street Ry—
Bway & 7th Av 1st o g 5.9-1943 J D 78
7873 7873 Aug '18 ---Col & 0th Av 1st gu g bs-1993 M S
85
95 May'17
Lox Av & P F 1st gu g bs_A993,M S ---- 76 80 Sept'17
Met W S El (Chic) 1st g 4s.._1938!F A
30 Mar'14
Milw Elea Ry & Lt cons g 5s 19261F A 92
June'17 -Refunding & exten 4 As 1931
_ 8112 July'18 -J 8112
Minneap St 1st cons g 58_1919
J
983 Aug '17 -4
Montreal Tram 1st & ref 54_19411J .1
_ 9713 July'17 ---Newprl Ry & Lt gen 4A8-1935 J J
88
74 Aug '17 -N Y MunIclp Ry lst s f bs A 1966 J J
99 May'17 -Y Rys 1st P. E & ref 48___1942 J J "Er "Iii;le 50
5134
8
30
-year adj Inc bs
01942 A 0 21
Sale 21
72
22
NY State Rys 1st cons 43.45_1962 M N _ _ 83 66 July'18 -Portland Ry 1st & ref bs_ _1930 M N 71
99
8812 Nev'16
Portld Ry Lt & P 1st ref 58_1942 F A 87
72
6612 July'18 -14 Portland Gen Elec 1st 5s-1935 J J
9012 Feb '17.St Jos Ry L & P 1st g bs__1937 M N 83 95
95 July'17 -St Paul City Cab cons g 53_ A937
10212 Mar'12 .J
Third Ave 1st ref 4s
1960 J J 581s 59
581s
59
8
Ad) income 5s
01960 A 0 35 Sale 3412
35
3
Third Ave Ry 1st g bs
1937 J J 9012 104
9112 July'18 -Tr -City Ry & Lt 1st s I 5s 1923 A 0 9114 93
9234 July'18 ---Undergr of London 4 As
1933 J J 76 _ 76 Mar'18
Income 65
56
1948 -gi12 56 Mar'18
United Rys Inv 5s Pitts Iss_A926 M
59 69
59 Aug '18 -United Rys St L 1st g 48_ A934.2 J ____ 55
51 July'18 St Louis Transit gu 5s...._1924 A 0 ____ 69
50 June'17 -United RRs San Fr s f 48_1927 A 0 ; 2213 27
25 May'18 -Va Ry & Pow 1st & ref 53_1934 J J 37 5 80 78
,
78
5
797
8
65
9214
96
9613
951g
83 4
3
69
9812
97
9612
96
8713
73
7812 8512
66
68
60
8612
— -85
85
77
68
55
81
487g
4
143
90
50
773
s
7453
7453
80
6214
25
90
5712
85
12
80
82
80
7814 85
- -2
-i11- 811
"id
54
1734 24
70
68
6212 68
____
_-_-
5212 "E6
2713 3812
9013 95
96
91
80
76
60
56
60
58
5013 55 4
,
_ _25
25
77
801s
BONDS
N. Y. STOCK EXCHANGE
Week Ending Aug. 23,
1,3
Price
Friday
Aug. 23
Bid
Miscellaneous
Adams Ex coll tr g 4s
1918 M 8
Alaska Gold M deb 6s A........ 1925 51 8
,
1 6 M 13
Cony deb Gs series B
Am SS of W Va Ist 58
1920 If N
Armour & Co 1st real est 43.8 '39.2 D
Booth Fisheries deb s I Os
1926 A 0
Braden Cop M coil tr s f 6s.. 1 31 A 0
, F A
1952
Bush Terminal 1st 4s
Consol 5s
1955 J J
Bldgs 53 guar tax ex
1960A 0
Chic & Conn Rys s f 5s 1927 A 0
Chic Un Stat'n 1st gu 43.s A 1963 J J
Chile Copper 10-yr cony 7s.. 1923 M N
Reels(part paid) cony 68 ser A A 0
Coll tr & cony 6s ser A._ 1932 A 0
Computing-Tab-Res s f 65_A921 j .
194 a J
8
Granby Cons M S&P con 63 A '28 M N
Stamped
Great Falls Pow 1st s f 5s..— 1940 i
Int Mercan Marines I 6s_
1941 A 0
Montana Power 1st bs A
1943j y
Morris & Co Ist s f 4 As
1939J J
Mtge Bond (N Y)45 ser 2._ 1966 A 0
10-20-yr 58 series 3
N Y Dock 50-yr 1st g 4s____ 1931 j j
952 F A
Niagara Falls Power 1st 5s a 1932 j 0
A J
Ref & gen 6s
1932
Niag Lock &0Pow 1st 53__ 1954 M N
Nor States Power 25-yr bs A 1941 A 0
Ontario Power N F 1st 58-- 1943 F A
Ontario Transmission 5.9....__ 1945 M N
Pub Serv Corp N J gen 5s__1959 A 0
Tennessee Cop 1st cony 6s_.1925 M N
Wash Water Power 1st 5s__1939 J .1
Wilson & Co 1st 25-yr s f 63_1941 A 0
Manufacturing & Industrial
Am Ag Chem 1st c 53
1928 A 0
Cony deben 53
1924 F A
Am Cot Oil debenture 53......1931 M N
Am Hide & L Ist f g 68
1919 M S
Am Sm & R 1st 30-yr baser A d'47
Am Thread 1st coll tr 4s
1919 .1 -_Am Tobacco 40-year g 63....1944 A 0
Gold 45
1951 F A
Am Writ Paper 1st s f 5s
191,) J J
Baldw Loco Works 1st St._1940 M N
Cent Foundry 1st s I 6s
1931 F A
Cent Leather 20
-year g 5s...1925 A 0
Consol Tobacco g 43
1951 F • A
Corn Prod Ref s 1 g bs
1931 M N
1st 25
-year 5 f 58
1934 M N
Distil Sec Cor cony 1st g 53-1927 A 0
E I du Pont Powder 4 As
I936 J D
General Baking 1st 28-sr 6s-I938 .1 D
Gen Electric deb g 334s
1912 F A
Debenture 58
1952 M S
Ingersoll-Rand 1st 58
1935 J J
Int Agricul Corp 1st 20-yr bs 1932 M N
Int Paper Co—
Consol cony s f g bs
1935.2 J
Liggett & Myers Tobao 7s.._1944 A 0
bs
1951F A
Lorillard Co (P) 78
1944 A 0
Ss
1951F A
Mexican Petrol Ltd con 6s A 1921 A 0
1st lien & ref 6s series C....1921 A 0
Nat Enam & Stpg 1st 5s
1929 J D
Nat Starch 20-yr deb bs
1930 J J
National Tube 1st 53
1952 M N
N Y Air Brake 1st cony 83..1928 M N
Railway Steel Spring—
Interocean P 1st s f 55......1931 A 0
Sinclair Oil dir Refining
1st s 1 7s 1920 warrants attach __ _ _
do without warrants attach
Standard Milling 1st bs
1930 M N
'The Texas Co cony deb Os...1931 J J
Untta Bag & Paper 1st 5.1..1930 J J
sonmped
1930.2 J
Union Oil Co of Cal 1st bs 1931 J J
US Realty & I cony deb g 5s 1924 J J
US Rubber 10-yr col tr 65.._1918 J D
1st & ref 5s series A
1947 J J
U S Smelt Ref & M cony 65_1926 F A
V-Car Chem 1st lb-yr 58_1923 J D
Cony deb 6s
e1924 A 0
West Electric 1st Ss Dee.,..,,.1922 J J
[VOL. 107.
Ask Low
65
27
25
_Sale
_91
93 2
,
8014 ---75
801z
8012 821s
64
25
23
95
823
4
Week's
Range or
Last Sate
Range
Since
Jan. 1
High No. Low
6618 Aug '18
25
25
24
24
63
1 18
1 18
High
683
4
30
28
8134 - 82'4 34 8112 8714
90 Feb '18 —
90
99
91
7 897g 93
9114
79 June'18
83 June'18
89
70 841z
3
801z
8012
801z
3 74
58 Mar'18
MOe 85
-gg
2 58
85 -- 85
58
9
0
1041s Sale 10112 106
10 10233 10814
7812 Sale 7815
7914
9 73
803
4
7934 79,
79
0
. 78
8 12
2
7912 _9 7712 83
82 85
805 Aug '18
3
97 -- _- 98 Aug'18 ---- 91
98
9614 98 95 Apr '18 ---- 91
96
____ 95
9112 Aug '18
7:3 9_
.
9812 Sale 971
3
9858 1049 90 10238
88 8814 88
92
881z
---- 75
110 July'17
83 Apr '14
94 June'16
66
- "71" 67 Aug'18
295 67
____ 9678 92
92
6-2 98's
98 10012 10513 0 '
01 15
9314 8915 0,r '17
,
---- 847 851g Aug '18
s
8712
8612 Sale 861z
- :9 !
87
Z.6- :4
8
____ 95
84 June'17
7714 Sale 753
4
7714 66 i8212
9, 88
95
95
94
94
95
901 -- 9014 Aug '18
4
4
913 Sale 913
4
2 9953 9 4
9 1 34 9
913
4
0
4
9
9
8 S618 9638
6
9a7 9612
e
98
6% 451 921390 1909813
82 82 July'18
80
82
83
10012 10114 1003
4 10 9814 101
1003
4
871s 873 873
4
8818 16 8614 8912
4
9914 --- 9914
993
8 17 967 893
$ 3
117 ____ 117 May'18 ---- 117 117
7112 7712 7113 July'18 -- 71
7412
8612 86
86
863
0 79
4 2
87
---- 997g 9912 Aug '18 ---- 9912 10114
--- 84
8413 June'18 --:5 80
8412
933 Sale 933
4
9111 12 93
4
9714
81
81 Mar'18
-1;61 _ _ _ _ ,4
;
991
,
9 12
99915
1 971 - -- ; 99111
44 96
9912 Salo
9912
8512 87 863
4
863
4
3 75
88
---- 100 104 May'17
—_.. 9612 75 May'18
63
73 73 July'18 ----71
74
96 100
9812 Aug '18 ---- 943 100
4
80
_ .. 100 Oct '13
7514 Sale 7514
.7514
::
1 2 1i579511
7 -991 .
935s ---- 9614 June'18 ---1071z 110 1091
3
110
3
9073 90 Aug '18 ---107 10973 110
11011
2
_
87
88
8714
8714
I
106 109 106 Apr '18 ---10534 109 107 Aug '18 ---90
9714 98 May'18 ---93 ____ 94 Aug '18 ---9714 99
9712 Aug '18 ---98 Sale 93
1047 ---- 1047
3
s
1047
98 8
4
10
8
115
1
85 9
3
1053 106
4
106 10712
95 98
9114 9214
9735
93
5 9 12 100 .2
5 98
8
047
9534 Sale 9512
96
42 86
96
923 Sale 9212
93
4
60 94i2 93
89 _ _ 98 June'18 --, 88
9314
983 i638 983
4
4
993
8 14
85
8712 8234 Aug '17 -------- 94
83 Aug '18
-g3 2 - -3
9- 18 0158
6
:
-- - 90
3 45
5058 55
5514
50
100 10012 100
100
101
81
9 3 Sale 033 Aug ,: 1°12 98
79 4
3
s 79 4
8 18 16_0_ 96
012
1 72
Gas and electric Light
Atlanta GI L Co 1st g Ss.,, _1947 J D 931s ---- 103 Sept'15
9414 943 9414
2
9414
3 90
9714
Bklyn Un Gas 1st cons g 53_1945 M N ---- 85
87 July'18
4
"iE39614 9612 9612
9714 11 9414 933
4
Buffalo City Gas 1st g 5s___1947 A 0 .-__ 62
51 June'13
9553 Sale 955s
957
8
5 95
98
9112 90 June'18
Cincin Gas & Elea lst&ref Ss 1956 A 0 85
9014
Columbia G & E 1st 53
1927 J J
79 Aug'18 ____ 75
91s 80
Coal, Iron & Steel
so
Columbus Gas 1st gold 58_1932 J J ------ 97 Feb '15
_
Beth Steel lat ext s 1 5s
1926,J J 9612 9814 963 Aug '18 -- 931g. 99
4
Consol Gas cony deb 6s
1920 Q F 9914 Sale 99
1st & ref 55 guar A
9914 27 90 102
1942 M N 8912 9012 89
89
4 80 9312
Cons Gas EL&P of Balt 5-yr 58'21 M N 9113 93
9213 Feb '18
20-yr p m & Imp s f bs
9213 9213
1938 J J 8153 82
813
82
4
37 784 8312
Detroit City Gas gold bs
1923,J J 941s 951s 9413 Aug '18
Buff & Susq Iron s f
96
90 May'18 -- 90
J D 85
90
Detroit Edison 1st coll tr 58.1933.2 J 897
8
Debenture bs
- a- 947 July'18 .2- 94 9513
2
9
8
a1926 M S 88 911s 8614 July'18 --- 85
8614
1st & ref 53 ser A
h191O M S _--- 166 9112 Apr '18
Cahaba C M Co 1st gu (38_1922
9113 9213
_ - 101 Doe '14 —_
D
Eq 0 L N Y 1st cons g St.,.1932S ---- _— 94 Feb '18 --- 91
Col F & I Co gen s I 5s
94
831s 9312 8313 July'18 ---- -gi -gi"
Gas & Elea Berg Co a g 5s....1949,J D ..— --- 100 Feb '13 —
Col Indus 1st & coll Ss gu..1913 F A 7312 75
—
741z
.. 9 4,FA
7412
76
1 73
Havana Elea consol g 53__1952,F A ---- 90
Cons Coal of Md lst&ref bs_1950IJ D 8714 88
921s Nov'17
90 May'18
90
113
Hudson Co Gas 1st g 5s_ _1949 M N
Elk Horn Coal cony Os
95
95 ____ 95 Aug '18 ---- 95
9618 Dec '17
95
Kan City (Mo) Gas 1st g 58_1922,A 0 ifis
Gr Riv Coal & C 1st g 6s_h19251j
9073 Dee '16
94 Feb '18 --- 94
1919 A
94
Kings Co El L & P g 5s____1937 A 0 8618
Ill Steel deb 45s
90 Dec '17
1940 A 0 ill; -gi 825s Aug '18
81
8512
Purchase money 6s
1997 A 0 9'7 100
Indiana Steel 1st 58
9914 May'18
-69 - -96
1952 M N 941s 9412 9412
9412
;
1
97
94
. Convertible deb 6s
1925 M S ___ _--_ 110 June'17
Jeff & Clear C & I 2d bs_ _1926 J D 951s _
Ed El Ill Bkn 1st con g 48.1939,J J 73 --- 76 Nov'17
-645 -6i1;
Lackaw Steel 1st g 5s
;
------ 0
1923 A 0 90 ( 5
Lac Gas L 01St L 1st g 5s.._e191.9 Q F 975s Sale • 9753
1st cons bs series A
9758
9012 93
923 Aug '18 -- 88
4
9612
Ref and ext 1st g 53
1934 A 01 1 Sale 907
Midvale Steel &0cony s I 5s195 NI S 8814 Sale 8712
91
s
9 977 94%
88 13 98
4
9M
4 8012 92
193
8814
6
Milwaukee Gas L 1st 4s
1927 M N ---- ---- 8512 June'18 ---- 85
Pleasant Val Coal 1st 3 I 5s_1923 J .1 763 -s
8618
--- -Newark Con Gas g 53
1948 J D
Pocah Con Collier 1st s f 55_1957 J
10-L'/ Apr '17
—
8314 87 871s June 18
8513 871
NYGELH&Pg 53
1948J 0 -8 - "iii34 87
Repub I & S 10-30-yr 53 s 1_1940 A 0 9235 923 9214
-634 2 -86 - "I:16"
87
4
924 9814
923
4
Purchase money g 4s
St L Rock Mt & P 53stmpd_1955 J J 77
19491 F A 68
69 68 Aug'18 -- 68
83 80 Apr '18
73
80
80
Ed Elea III 1st cons g 5s_1995.1 J ---- 98 1051z June'17
Tenn Coal I & RR.gen 5s.,.1951 J
9534 957,3 9812 July'18
9213 9712
NY&Q El LAP 1st con g 68_1930 F A __-- 9612 9812 Aug '17
U S Steel Corp—Icoup_c11963 If N 983 Sale 98
3
9812 150 9812 100
100
Pacific G & El Co—Cal G & E—
s f 10-60-yr 53,reg ____d1963 NI N 9814 100
987 July
'18 -- go, 997
3
s
Corp unifying & ref 53......1937 M N 8758 92 8712
Utah Fuel Ist s I Ss
8758
5 8634 9212
4
1931 M N 863
Pacific,0& E gen & ref 5s_1942 J J 785s 84 79 Aug'18 __-- 78
Victor Fuel 1st s 1 58
f6 "gti- 15;Jia .—
'
8014
Pac Pow & Lt 1st & ref 20-yr
Va Iron Coal dr Coke 1st g 581959 J. S 855 8613 85
1 43 M j
8534 2 -63 80
3
1.- bs International Series
,
1930 F A___ 92 95 Jan '17
Pat &Passaic G & El bs_ 19-19 M S
_ 100 July'17
Telegraph & Telephone
Peop Gas & C 1st cons g 68_1943 A 0 -ii" iad 100 July'18
Am Telep & Tel coil In 45....1929 J J 773 Sale 773
6i1- 100
2
4
4
773
4 16 773 831s
4
Refunding gold 53
1947 M S 72 747 711z July'18
Ws 81
Convertible 4s
s
1936 M
'
8
18
--- 817 8512 Feb82 ....iii 8134 85 2
,
Ch G-L & Coke Ist gu g 5s 1937 J J
_. 957 99 Sept'17
,3
29-yr convertible 44s..,._1933 M S
1 82 9112
Con 0 Co of Ch 1st gll g 581936 J J ...-- 997 100 Apr '17
30-yr temp colt In bs
8
1946 J D 87 S4 82
.2
2 8ale 7
8712 17 88 951s
'
Ind Nat Gas & Oil 30-yr 531936 M N — _ _
Sub rects full pd corn 6s_1925 J D 94 Sale 933
89 Mar'17
168 933 9412
4
94
4
74Mu Fuel Gas 1st gu g 53_1947 M N _93 94 July'17
Cent Dist Tel 1st 30-yr 5s 1943 Q J ---- 100
9933 May'18
981s 99 2
,
Philadelphia Co cony 5s........1919 F A 6612 -- 9914 Nov'15
Commercial Cable 1st g 4s-2397 Ci
6814 ---- 73 Nov'17 -- . . —
Cony deben gold 5s
1922 M N 78
85
Registered
78 May'18
78
84
6813 Jan '18
2397 J J
6818 6813
Stand Gas & El cony s I 6s 1926 J D 88
Curab T & T 1st & gen 53
90 90 June'18
90 91
90%
1937 J J -id- "iji 85 Aug '18 --__ 85
931s
Syracuse Lighting 1st g 53_1951 J D 8112 ---- 9712 May'17
Keystone Telephone 1st 58._1935 F A
—98 Apr '16
Syracuse Light & Power 68_1954 J .1 70 -- 84 July'17
Mich State Teleph 1st 5s
1924 M N
-—
6 90
8514
8514 ---i -661- 00
4
Trenton G & El 1st g 5s_ _ 11 149 M S _-_-_—: 983 Oct '17
.
NY&NJ Telephone 53 g_ _1920
3
N *97 - ---- 97 Aug '18 —_ 97
-8:
.
98
Union Else Lt & P Ist g bs 1932 M S
9234 949i'L7
N Y Telep Ist &gen s f 4 As_1939 If N 8512 Sale 85-z
86
78 85
89
Refunding & extension 58_1933 M N :::: - i 10153 Nov'16
Pacific Tel & Tel 1st Ss _ _1937 J J 8512 S8 8
7
87
7 8ale 0
2 874 9253
United Fuel Gas 1st s f 63_1936 J J ---- 97 92
South Bell Tel & T 1st s f 53_1941 J J
-611; 9712
92
86
2 87 95
Utah Power & Lt 1st 5
3__ 1944 F A 8012 813 81
82
West Union coil tr cur 5s ___1933 .1 J 87
Os
6 8013 84
4
3
807 90 Aug'18 7.
90
9312
Utica Elec LAP 1st g 5s
1950 J J ---- ---- 101 June'17
Fd and real est g 4As ____1950 M N 80
8111
... 80
1
8112 8114
---88
Utica Gas & Elec ref 53
1957 J J ..._ 93 98 Aug '17
Mut Un Tel gu ext bs
_1911 M N ...,— 99 10113 Sept'17 ......
---Westchester Ltg gold 5s,,.,..1950.J D _--- 92 105 Mar'17
_Northwest Tel gu 4sa .,.1934J J
-- -- 94 Nov'16
*Na price Friday; lateit bid and asked. a Due Jan 8 Duo April. e Due May. g Due June. /i Due July. k Duo Aug. 0 Due Oat, p Due Nov. q Duo Dee. s Option sale
AUG. 24 1918.]
BOSTON STOCK EXCHANGE-Stock Recordse.B.°Zage
SHARE PRICES
-NOT PER CENTUM PRICES.Salesfor
the
Wednesday
1 Tuesday
Thursday I Friday
Week
Aug 20 1 Aug 21
Aug. 22
Aug. 23
Shares.
Saturday , Monday
Aug 17 I Aug 19
STOCKS
BOSTON STOCK
' EXCHANGE
Range Since Jan. 1.
Lowest.
1
Highest.
789
Range for Previous
Year 1917
Lowest
Highest
Railroads
'131 132 ,*131 132 1 131 131 1 131 131 41128 130
41131
130 130
87 Boston & Albany
100 12212 Apr17 135 June24 120 Dec 175 Jan
7012 7013 7012 70
*70
7012 693 7012 69 691z 6912 6912
s
100 37 Jan 2 7612 May29
942 Boston Elevated
27 Dec 79 Jan
*85
90
85
+85
85 1 *85 __ - *86
90
100 80 Julyll
100 Boston & Lowell
Jan 2
Dec
Mar
*33 - - 34
35
35
*34
33% 34
3412' 34
34
"al' 31"3Jan23 10013 July20 7013 Dec 133 Mar
100 19
Boston
101 10oton I Maine
7
15
45
Last Sale 170 Aug'18
*160 170 *160 170 *160 170 *160 170
Providence
100 150 Apr15 170 Aug 9 150 Dec 213 Jan
3
_
Last Sale 3 June'18
Boston Suburban Elec__no par
2 Jan26
3 June 5
2 July
3 July
*14 --- *14 ---- *14 _-__ *14 ___
Last Sale 1413 July'18
no par 1014 Mar 1 15 Junel7
Do prof
9 June 30 July
___---- -- --Last Sale 412 Nov'16
Boston & Wore Elea_ no par
+26
___ +26 ,__ - •26 -_ +26 ___
Last Sale 25 July'18
no par 25 July19 30 Mar 6
30 Aug 38 Feb
*138 145 *138 145 +138 145 +138 145
Last Sale 140 Aug'18
Juno y & US Y.--100 138 July 2 147 Apr17 148 Nov 150 Jan
ChDicoJunP
*83
+83
84
*83
84
*83
84
84
83
83
100 8212 Apr18 85 Jan30
45 Do prof
8313 Dec 108 Jan
*108 114 *108 114 *108 114 *108 114
Last Sale fiFaufylia
Connecticut River
100 104 Feb19 120 Mar 8 102% Nov 140 Mar
6212 6212 6212 62
*
02
62 62
63
6212
6212 +62
62
61 Fitchburg pref
100 53 Jan22 65 Jan 3
44 Dec 7813 Mar
*11114 11414 *110 11414 +110 11414 *110 11414
Last Sale 11314July'18
Georgia Ry & Elec stampd 100 11212Junel5 11614 Jan 9 116 Dec 133 Jan
*773
8 -_- *773 ----I *773 ---- +773 --- 7613 7714
8
8
8
100 7612 Aug22 81 Feb25
100 Do pref
83 June 9213 Jan
*80
*79
81
*80
81
80
80
81
80 81
"al" IC jtoti•al
EV N
nt
r
Maine
100 7712June18 85 Jan 3
78 Dec 10018 Mar
*2
*214 23
3
4
212 2 s
23
4 23
5
4 *214 23
Electric Cos
212 234
4
100
2 Jan 2
712 May16
1 Dec
638 June
1612 16
*1613 1713 1612 16% 15
16
153 16
4
100
16
812 Jan22 33 May16
16
893 Do pref stamped
6 Dec 3114 July
4214 4212 42
4212 42% 4314 4214 4312 4312 44
4
413 42
Hartford
100 27 Feb25 46 May29
1,874 N Y N
&
2134 Sept 5234 Jan
4180 - _ *80 -.1 +80 ---- *80
Last Sale 90
Jan'18
Northern New
90 Jan10 90 Jan10
9012 Oct 105 Apr
95
9312 95
95
9312 93
-13 *93
- -- 943 9434 ___
i6
4
100 z8812Junel4 98 Jan 2
85 Dec 135 Jan
*2112 25 *2112 25 *2114 25 *2112 25 211.3 2112 c Co
i
100 20 Jan 2 25 Jan 8
11 1 TittlatidrIref
1
1612 Dec 8412 Feb
__
_
..- *81 _ -- *81
Last Sale 8l
• *81
Vermont & Massachusetts_100 80 Aug 6 88 Apr18
ili
83 Dec 110 Jan
4812 49
49
49
49 - 49- - - +4813 49
*48 49
4813 49192 West End Street
50 37 Feb20 50 July 5
34 Dec 5612 Mar
55
*54
*53% 55
*54
55
*54
55
Last Sale 55 Aug'18
Do pref
50 47
Jan16 62 Apr 1 z45 Dec 74 Jan
Miscellaneous
948 94% 953 963
4
4 953 9614 9612 967
4
8 9613 9738 9712 99
554 Amer Agricul Chemics.1
100 7813 Jan 2 99 Aug23
73 Dec 9434 May
93
93
93
93
92
*9213 93
93
*9212 93
93 93258 Do pref
100 885 Jan 2 9512 May21
8
88 Dec 1031 Jan
Last Sale 1
*34 1
4 1
*3
*3
4 1
*34 1
Aug'18
Amer Pneumatic Service__ 25
.40 July 1
212 Mar 2
1 Dec
238 Jan
*412 5
*412 5
Last Sale 412 Aug'18
*412 5
*413 5
41 July13 155s Mar 4
Do pref
50
712 Dec 14 Mar
*109 110 *109 110 *109 110
110 110
109 110-_ ____
1
S
100 99 Jan 2 11513 May15
37 Amer ugar Refining
90 Nov 1261 June
+10912 110 *10912 110
10912 10912 110 110
10914 10912 ---- __
21 Do pref
100 107 June 4 1135e May 9 105 Dec 12112 Jan
9314 947
9413 95
9614 963
9618 961
97
95
4 9618 97
2,779 Amer Telep & Teleg
100 903 Aug 5 109 Feb 5
4
96 Dec 12814 Jan
Last Sale 59 Aug'18
59
*58
59
*58
59
583 *58
*58
4
American Woolen of Mass.100 4512 Jan 8 60 23May24
5
3878 Nov 58 June
9512 9512 95% 9518 9514 953
9512 95781 9512 957
4 9514 96
406 Do pref
100 90 Jan 3 963
4
28714 Dec 10014 June
78
+75
*75
*75
*75
78
78
*75
78
78
80 80
2 Amoskeag Manufacturing_
6012 Jan 2 80 Mar12_ Aug23
60 Dec 75 July
Last Sale,78 Aug'18
*78- 78 _ - 78 - -- 7
Do pref
76 Jan 7 82 June 5
75 Dec 971 Jan
Last Sals,1512 Aug'18
512
•
14 1513 *14
1512 *14
-1513 *15 1
Art Metal Construe Inc__ 10 11 Feb21 18 July 8
6 Dec 1434 Dee
Last Sale 10414Aug'13
*10312 105 *10312 10412 *103 10312 *10212 10312
Atl Gulf & W I S S Lb:K:9_100 98 Jan15 12014 Feb16
88 Sept 12112 Jan
6312
Last Sale 623 July'18
* +63
631 *63
6312 *63
4
6312 *63
Do pref
100 5812 Jan17 64 July19
5513 Feb 66 Jan
257 20
26
26
26
*2534 2612' +253 26
26
4
133145Booth Fisheries
no par 21 Jan25 278 Aug10
1413 14
14
1412 z14
133 13% 1313
- 1.
14
4
i
335 Century Steel of Amer Inc_ 10 1014 May18 1412 Aug19
13
13
*127 13 - --------525 Cuban Port Cement
13
13
8
1313, 13
1318 13
10 12 Jan29 17'2 May 1
9 Dec 2018 June
*47
8 5
*47
8 5 I
47,3 47
*47
512 *47
512 --------37 Dec 10 Jan
--534 May15
100 East Boston Land
4 Jan31
10
150 150 *148 150
150 150
150 150
150 150
100 134 June21 15412 Jan 2 13318 Dec 226 Jan
77 Edison Electric Illum
4812 483
4 48
4812 48% 4713 4312 -473 - 4813 4834 49
4 48
050 Fairbanks Co
25 2713 June27 4912 Aug14
*14512 14612 *14514 146 1 146 146
8
1463 14612 14512 146
14512 14714
165 General Electric
100 128 Jan16 1513 May16 11834 Dec 17014 Jan
4
*414 5
Last Sale 5
*413 513 *414 514 *414 514
Aug'18
Internat Port Cement__ 10
5 Apr31
612 Feb 6
4 Dec 1812 Jan
Last Sale 18 July'18
*1612 1712
*1612 1712 *1612 1713 *1612 17
Do pref
50 12 Apr23, 18 July19
10 Dec 3312 Jan
*312 334 *312 334 *358 334 *35s 358 314 314 31 314
925 Island Oil & Trans Corp.__ 10
318 Aug23' 518 Mar18
881
Last Sale 90 Aug'18
*88 - 4188 ___ *88 -- +88
McElwain(W H) 1st pref_100 89 May281 9212 Feb28
92% Dec 102 Jan
83
83
81
81
*82
82
+80
84
84
+81
81
81
24 Massachusetts Gas Cos.._ .100 z7714 Jan15I 91 May16
71 Dec 10013 Mar
66
*63
*63
*63
65 65
64
60
66
65
*64 6514 Do pref
100 62 Junel7 70 Jan 3
63 Dec 81 Mar
11312 1133 11312 11312 1137 114
4
+112 114 *112 114 +112 114
8
25 Mergenthaler Linotype__ _100 107 Junell 124 Jan31 110 Dec 169 Jan
Last Sale 883 Aug'131
____ *8813 -. *8812 ---*8812 ---- *8813
4
New Eng Cotton Yarn_ ___100 88 Jan15 8912 May16
35 Jan 95 Mar
Last Sale 1)212 Aug'17
+88 --- _ *88 ___ +88 ---- *88-Do pref
100
60 Jan 9213 Aug
8438314 8314 8313 8312 8313 8414 84 - 4 8414 843 ---- ---4
178 New England Telephone_ _100 8212 July30 100 Jan 3
93 Dec 12412 Mar
*6412 69
*65
70
*
66
65 65
08
___
10 Nova Scotia Steel & C____100 56 July 5 69 Jan 2 z59 Nov 112 Jan
111 111 *11014 _1
+11014 111 *11014 111 *11014 113
__
1012 1
51 Pullman Company
1012
100 102 Jan 7 11912 May16 107 Dec 16614 Jan
35
348 3412 *34
*34
*34
34
3418 34
35
----__
170 Punta Allegro Sugar
50 29 Jan 3 35 Feb23
29 Dec 46 Jan
1312 41121 13
*1212 1312 *1212 13
13
*13
13
___
95 Reece Button-Hole
I
8
10 11 Jan29 137 Mar16
10 Dec 16 Mar
8
112 11212 112 11212 11212 1133 11212 11312 1123 114
4
11378 117
7,022 Swift & Co •
100 10214Jtme11 14614 Apr 9 116 Nov 1627 Apr
8
+51
52
51
52
51
52
51
52
*50
52
52
52
17 Torrington
45
52% Aug 7
40 Nov 68 June
127 127
127 12712 12634 12634 127 128 1
127 128
127 127
313 United Fruit
1001 115'2.7.1::V 133 Feb18 2105 Dec 15512 Jan
4012 40
40
40
4
4014 4014 393 40
393 4012 4012 4012
4
United Shoe Mach Corp
3
25 3812 July 9 4812 May16
37% Dec 5814 Jan
4 2514 2514 -- _
*2514 2512 *2514 2512 +2514 2512 *254 253
215 Do pref
4
25 243 Aug 9 2613 May28
25 Oct 3018 Mar
4
1102 1103 11138 11178 11138 11214 11078 11158 111 11214 1,411 U S Steel Corporation
1103 111
4
100 87 Mar25 11334 May16
795 Dec 135 May
8
4
4
4
*11014 1103 *11014 1103 +11014 1103 *11014 111
Last Sale 11058Aug'18
Do pre
100 108 Mar25 11214 July17 10334 Dec 121 Jan
*718 712
714 714 *714 7 /
33
718 718 *718 7141
7
140 Ventura Consol Oil Fields_ 5
7
8 4 Aug 9
3
5 Jan 2
414 Dec
878 Jan
Mining
1
*.60
*.60 1
+.60 1
1
*.60 78
Last Sale 12 Juiy,18
Adventure Con
12June27
25
13 Jan25
4
78
1
Oct
414 Jan
7553 76
*7512 76
*7512 76
7512 7512' 7512 7512
35 Ahmeek
25 71 June13 83 Jan 3
70 Dec 108 Jan
*314 334
312 312
318 3141 *3
3
314 313
3
188 Alaska Gold
338
413 July 5
8
13 Apr25
10
1 Dec 1112 Jan
.40 .40 +.15 .30 *.15 .40 *.15 .40
*.15 .40 *.15 .40
25 Algomab Mining
.45 May13
.15 Julyll
25
114 Jan
14 Sept
40
*49
*49
*49
50
*49
50
50
*49
50
49
4912
30 Allouez
25 x47 June14 54 Feb27
45 Dec 70 Mar
*1713 1818 411713 1814 173 173 *1714 18
4
4
*1714 18
112 1712
0 Amer Zinc, Lead & Smelt- 25 125 Mar23 2114 July 3
8
11 Dec 4114 Jan
_.. ___1*____ 50 i*-_ - 50 +_.... 50
4812 4812---------15_
Do pref
25 41 Jan 2 54 July 6
40 Nov 73 Jan
15
15
1514 1512' 15% 1514' 15
1514 15
15 1 1514 1534
70 Arizona Commercial
5 11 Jan 5 153 Aug23
4
818 Nov 1514 June
a .30 *.25 .32
'
0.25 .321 *.25 .32
Last Sale .27 July'18
Butte-Balaklava Copper__ 10
.45 Jan 7
.25 Feb 1
.25 Dec
214 Jan
2612 *26
26221 2558 2558
.
5
2713 *25
*26
*2
27121 *2513 27
10,Butte & Sup Cop (Ltd)._ _ 10 17 Mar25 33 May14
1258 Dec 52 Jan
6712 67121 88
68
68
68
68
68
6734 68
+6712 68
266 Calumet & Arizona
10 6212 Jan15 7312 May16
55 Dec 8514 Jan
460 460 *460 464
+455 460 1 460 464 460 464
464 464
10 Calumet & Heels
25 427 Feb28 465 May27 411 Dec 590 Feb
+1214 13
13
+1213 13
1214 1214 *12
+1214 13
10 Centennial
*1214 13
3
25 10 4 June27 1412 Feb19
11 Dec 2714 Jan
48% z46
48
4613 *46
4714 4712 48
48
4612 *4614 47
2881Copper Range
8
25 435 Mar25 50 May16
3914 Dec 68 Jan
*214 2541 232 232 212 232 *214 234 212 212 212 212 1,096 Daly-West Co
25 Mar 1
112 Apr10
8
20
112 Apr
3 Jan
534 0
55 4 534' 53
(
/
8 513
55
8 Ws
8
53
s 53
538 512 3,215 Davis-Daly Copper
314 NOV
2
678 Mar 8
714 Jan
10
10
93
954 93
4
4 034' *93 10 1
4
93
4 93
4 *93 10
4
170 East Butte Copper Min
ilar25 1013 Jan 2
lran
814 Dec 16 Jan
4 414 *3
54 412 *37
7
378 3 8 *33
*37
s 4
8 414 *37
5 Franklin
8 41i
6 Feb18
4 Dec
9 Mar
81 1 *79
81 1
*80
82
82 1 *79
*80
Last Sale 7914 Aug'18
Granby Consolidated
7914 Aug 6
12
66 Dec 92 Jan
*4413 4513 *4413 4512 *4413 4513 *4413 4512
Last Sale 44 Aug'18
Greene Cananea
4458 May 9
1^^
35 Nov 4612 Jan
613
393 .yj n g 10% Jan 2
613 *6
Last Sale 613 Aug'18
5 8 une
612 *6
612 *6
*6
Hancock Consolidated__ __
a
7 Dec 2012 Jan
'.50 .80 *.50 .80 *.50 .80 *.50 .80
Last Sale 12
Indiana Mining
Aug'18
.40 July23
1
Jan 3
25
3 Dec
4
4 Mar
633 *0278 63s *623 63 I 0214 6214 6214 62141 *62
+63
4
4
63
15 Island Creek Coal
1 50 Jan14 70 May15
52 Nov 7612 June
*80
81 •-__ 81
8112 81
811 *80
*80
15 Do pref
8112 *80
8112
n2
1 80 Ja4 84 Feb18
80 Nov 94 Apr
26
26
26
*2513 2613 26
*26
2512 26
27 1 26
26
75 Isle Royale Copper
25 1912 Jan14 29 July 3
20 Dec 36 Jan
57
8' *518 57
8 *512 57
57
*512 57
3 *512 575
8'
60 Kerr Lake
5
53
4 57
5 Jan 2
8
6 Feb19
414 Apr
6 Aug
+.80 11 +.8712 1 4' '
118
4
1
0.87 1%1 *.87
Last Sale 1
Keweenaw Copper
Aug'18'
.99 Jan24
25
13 May15
4
114 June
434 Jan
*528 512 *5
518 *5
513 *$
512
Last Sale 514 Aug'18
Lake Copper Co
834 May14
5 Mar25
25
5 Oct 18 Jan
+213 3
+214 3 1 *212 3
*212 212
212 212 *214 3
150 La Salle Cor1Per
314 Mar 5
2 Jan 2
25
114 Dec
5 Jan
*312 412 .3i8 412 •312 412 *312 413
Last Sale 4
Mason Valley Mine
July'18
6 Feb13
37 July 8
8
5
418 Nov
832 Aug
*412 5
+415 5
*458 5 1 *438 5
412 434 *412 570Mass Consol
25
413 Aug22
7 Jan 2
5 Nov 1512 Jan
*212 3
212 213 *214 212 *214 212
*214 212
*212 3
50 Mayflower-Old Colony__ _ 25 65 Mar26
313 July 8
1 Nov
3 May
*212 3
*212 3
*212 23
4 *212 23
4
212 212
214 214100 Michigan
25
.40 June28
23 July 8
4
158 Aug
512 Mar
567 56% 56
8
66
55
553
4 5518 5518 55
5578' *55
5518
185 Mohwak
25 55 Aug20 6612 May16
57 Dec 98 Jan
*195 20141 *20
8
2013 •1938
2014'
203
Last Sale
4
*20
Nevada Consolidated
5 1812 Jan30 2012 May14
16 Nov 2612 Mar
*112 134
1l2
1% 134. . 1 ex. *112 ox, 112 113 1934 Aug'18
New Arcadian Copper_ _ _ _ 25
210
*113 1341
213 July 1
113 Apr22
1% Dec
6 Jan
*14
+14
16
15 1 +14
16 1 *13
15 1 +13
15 1 15
15 1
10 New Idria Quicksilver
5 1314 Jan 2 1714 Mar 7
10 Nov 1712 Apr
*12
15 1 *12
15
+12
15 1 +12
Last Sale 15 Aug'18'
15
New River Company
100 14 May23 20 Jan 2
22 Jan 30 Mar
•____ 74
Last Sale 74 June'18,
74
Do pref
100 7312 May 3 80 Jan31
65 Dec 9214 Mar
858 858
812 812 *813 9
812 812 +812 9 1
812 812
85 Nipissing mines
97 April
8
63 July
4
958 Sept
1438' 1414 1414. 1418
•1418 1413 1438 74 I*---- 74 Is--- 1418 14% 1412 +14
1418
162 North Butte
173 May16
8
1134 Oct 2414 Mar
*.60 .80 *.60 .80 *.60 .80 ..60 .80
Last Sale .60 Aug'18
North Lake
.95 Mar19
.25 Feb14
25
.30 Nov
28 Jan
*.65
*34 1
*.65 1
1 1 4
..65
1 1
.75 .75 *.75 1
100 Oilbway Mining
13June21
112 Mar30
25
.98 Dec
278 Jan
40
40
*3914 40
41
4140
*39
41
40 1 *39
+39
41
10 Old Dominion Co
25 39 May28 4515 Jan 3
33 Nov 675 Mar
*5013 52
52
+50
50
50
5013 5012 *50
52 1 *50
51
60 Osceola
25 4613June11 65 Jan 9
5313 Dec 95 Mar
4
4 183 183 *1814 1812 183 1812 -- -- ---,
4
1834 183
*1813 19
8
400 Pond Creek Coal
10 1712 Jan12 2014 Feb20
16 Nov 28$4 June
6913
6912 6212 6912 9912 6912 13912 *68
*6912 70
+6913 70
02 Quincy
25 66 June26 78 May16
60 Nov 9412 Feb
2434 +2358 2414: *2314 24 I
*24
243 *24
4
Last Sale 2414 Aug'18
Ray Consolidated Copper_ 10 213 Mar22 2534 May23
4
20 Nov 32% Apr
50 1 4912 4912 *50
50
*50
50
54
50
54 1 *50
54
15•St Mary's Mineral Land__ 25 4612June11 57 Jan 2
48 Dec 8934 Mar
I
1%
+.60 .75
.60 .60 ' 60 .75
.60 .70
250,Santa Fe Gold & Copper__ 10
.60 .
60, *•60 .75
114 Feb21
12June21
.58 Dec
2 Jan
3
3
3 4 3 4' 314 4 I
8
8 35
3 4 3 4 *314 4
3
35
378 37
3
230'Shannon
53 Jan 2
3 Apr10
4
10
5% Oct 19 Jan
+15
Last Sale 1
1612 4115
17 1 +1512 17 1 *1514 17
Shattuck-Arizona
1 .
10 16 Jan15 17 May 8
19 Oct 30% Mar
*114 113
112 *1
...........
8 *1
112
112 *1
114 13
South Lake
-201 July17
2 Jan 3
25
.89 Dec
614 Jan
'.16 .20, *.16 .18 _--- --- .16 .16 4
*.16 .20
600 South Utah M & S
5
.11 Jan23
.20 Jan 8
.10 Dec
.31 Jan
6
512 +434 512
5
512 512' 6
+412 5 1
55,Superior
4 Feb19
25
613 May15
314 Dec 16511 Mar
1,4 134, e214 ‘
178
11
112 158
21?
134
113 134
VA 25
8 3,342 Superior & Boston Copper_ 10
114 Aug13
3 4 Jan 3
3
3 8 Dec
5
814 Jan
*3
3V, 3' 6 *3if* 314
3 s' *3
3
3
314
3141
3 1 *3
55 Trinity
23 July20
4
412 Feb13
25
3 Nov
813 July
*118
114
138 +11
1% 1% *118 1141
18fs 1 /* *118
/
138
302 Tuolumne Copper
.85 May 1
1
11 4 Aug20
,
1 May 25 4 Jan
,
42/3 4213' 42
•
4238 42341 4213 4212 42
4212
4213 +4113 42
100 U S Smelt Refln & Mtn
50 36
Apr13 4914 Feb19
4018 Dec 673 Jan
42 1 *42
42
42% 43 1 +427 43 12 43
4212 423 43
4
4318
25 Do pref
50 42 July24 46 Jan 2
4313 Nov 5212 Jan
17
8 17
7
17
8 *17
134 17
17
s 2
2
1
---655 Utah-Apex Mining
5
114 May31
'258 Feb 8
1% Mar
378 Sept
97 1014 1014 1018 10
+1014 1013 *914 1014
97 10
10
235 Utah Consolidated
012 Dec 2112 Feb
5
83 June25 12 Jan16
4
*80
805s *80
*8012 81 1
Last Sale 8113 Aug'18
81 I *801 81
8
Utah Copper Co
10 7713 Mar23 85 Feb191 71 Dec 11838 May
+2
214 +2
*2
214'
2
2141
2
2 1
2
2
2
1,515 Utah Metal & Tunnel
1
153 June 5 31 Apr 81
4
218 Dec
658 Jan
+2
214 *2
212 +2
214
212 *2
214 214 *2
25
214 Aug20
212100 Victoria
2 Oct
3 Jan 3,
6 Jan
•112 2
+112 2 1 *114
13
4 *114 134'
114 158 *114 134
150 Winona
25
I
Jan10
2 Oct
2 Jan 31
518, Jan
*2214 23
2214 2212 2212 23 I 2214 22141 22
22 1 22
22155 Wolverine
22 A16 36 Jan 31 31 Dec 5312)Mar
Aug16
+12 1
*12 1
*12 1 ' +12 1 I
Last Sale 12 July'18
Wvandott
.40 May19 1 1 (* Mar 71
25
.15 Aug
,
2181 Jan
*
Bid and asked prim. a Ex-dividend and rights. assessment paid. Ex;stook dividend. h Ex-rights. g Ex-ditlidend. to Half
-paid.
12
IS 2,2
731,1uunnall
yg
d nt: tM
[vol.. 107.
THETCHRONICLE
790
Outside Stock Exchanges
St,cks-(Con.)
-Transactions in bonds at BosBoston Bond Record.
ton Stock Exchange Aug. 17 to Aug. 23, both inclusive:
Bonds-
Friday
Last Week's Range Sales
for
of Prices.
Sale
Par. Price. Low. High. Week.
U S Lib Loan 3%8_1932-47 102.24 99.90 102.50 185,350
1st Lib Loan 48_1932-47 94 93.64 94.20 16,900
2d Lib Loan 48_1927-42 98.01 93.44 94.06 79,600
1st Lib Loan 4%s1932-47 93.70 93.64 94.22 9,150
2d Lib Loan 4%31927-42 93.64 93.44 94.06 17,000
3d Lib Loan 431s....1928 94.90 94.84 95.60 142,050
75% 3,000
75
Atl G & W I SS L 58..1959
1,000
91
91
Chic June & U S Y 5s_1940
8435 84% 1,000
Cumberland Tel 5s__ _1937
93% 93% 1,000
Gt Nor-C B & Q 4s___1921
81
1,000
1931
81
Mass Gas 43is
84% 8435 1,000
N E Telephone 5s_ _ __1932
79
1,000
79
Punta Alegre Sug 6s_ A931
85% 85% 1,000
Southern Bell Tel 5s...1941
Swift & Co 1st 5s_ _ _ _1944 90% 90% 90% 5,000
98% 98% 3,000
U S Steel Corp 5s_ _ __1963
Range since Jan. 1.
High.
Low.
96.52
93
92.84
93.64
93.04
94.74
74%
87%
84%
92
81
84%
77
85%
90%
97%
Jan
June
June
July
July
Aug
July
Apr
Aug
Mar
Aug
Aug
May
Aug
Aug
Apr
102.50
98
97.90
95.90
94.10
101
79
92
84
94%
8635
91%
81
85%
95%
99%
Aug
Jan
Mar
July
July
May
Jan
June
Aug
June
Feb
Feb
Apr
Aug
Feb
Jan
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
U S Steel Corporation..100 112%
100
Preferred
W rwick Iron & Steel...AO
50
Westmoreland Coal_
Wm Cramp & Sons- __100 79%
So xdsU S Lib Loan 3As_1932-47 102.40
1st Lib Loan 4s_1932-47
2d Lib Loan 49..1927-42 93.30
3d Lib Loan 4;is_ _ _1928 95.10
Amer Gas & Elect 5s _2007
2007
Small
Elec 8r Peop tr ctfs 49_1945 69
1945
Small
Eqult I Gas L 5s____1928
Lehigh C & N reg 435s 1924
Leh Val gen cons 4356_2003
118
Annuity 6s
Leh Val Coal 1st.5s_ _1933
Nat Properties 4-65_ _1946
Pennsylv RR gen 43.5s 1965
P W & B ctfs 4s_ _ _ _1921
Pa & Md Steel cons 6s 1925
Philadelphia Co cons & coil
1951
tr 5s stamped
Phlla Electric 1st 5s_ _1966 91%
1966
Small
Reading gen 4s
1997
Spanish Am Iron 6s _ _1927
1930
Weisbach Co 5s
Range since Jan. 1.
High.
Low.
4,030 86% Mar 113% May
2 109% Jan 110% Aug
8% Mar
7% Apr
303
Jan
Mar, 76
120 69
Jan' 95% June
270 74
1 102.40 Aug
Jan
99.60 102.40 $16,800 97
93.60 93.60
1,950 93 June 07.90 Jan
93.30 93.92 10,350 92.80June 97.60May
94.80 95.42 13;250 94.60 Aug' 98.52May
Jan
79
79
2,000 7834 Apr 82
Jan
100 7735 Mar 82
79
79
Aug 73% May
69% 8,000 69
69
Jan
Apr 74
900 70
70
70%
1,000 101% May 10235 Aug
• 102% 102%
Aug
10,000 95
Aug 95
95
95
Apr 91% Feb
2,000 88
88
88
Aug 120 May
3,000 118
118 118
May
10031 100% 4,000 99% Mar 101
Jan
31
1,000 31
July 40
31
Jan
1,000 86% Aug 92
86% 86%
Apr
Apr 96
1,000 95
95
95
Jan
Mar 103
s1,000 100
101 101
110%
110%
8%
70
79%
112%
110%
8%
72%
81%
1,000
76
30,000
93
2,900
95
83
5,000
99% 10,000
93
2,000
76
91%
95
8235
99
93
73
91%
93
81%
99
91
Apr 82
Aug 96
July 97
Apr 85
July 101
Feb 95%
May
Jan
May
Jan
Feb
June
-The complete record of
Chicago Stock Exchange.
transactions at the Chicago Stock Exchange from Aug. 17
-The complete record of
Pittsburgh Stock Exchange.
to Aug. 23, both inclusive, compiled from the official sales transactions at the Pittsburgh Stock Exchange from Aug. 17
lists, is given below. Prices for stocks are all dollars per to Aug. 23, both inclusive, compiled from the official sales
share, not per cent. For bonds the quotations are per cent lists, is given below. Prices for stocks are all dollars per
of par value.
share, not per cent. For bonds the quotations are per cent.
of par value.
Sales
Friday
Stocks-
Last Week's Range for
of Prices.
Week.
Sale
Par. Price. Low. High. Shares.
Amer Shipbuilding _ _100
100
Preferred
Booth Fisheries
Common_ new (no par)
100
Preferred
ChicCity & C Ry pt sh corn
Preferred
100
Chic Pneum Tool
Chic Rys part ctf "2"____
Chicago Title & Trust_100
Commonw'th-Edison_ _100
100
Deere & Co, prof
Diamond Match
100
Hartman Corporation 100
Hart, Shaffner & Marx,
100
Common
100
Illinois Brick
_100
Lindsay Light
.100
People's G L & coke.
Pub Serv of N Ill, com_100
Quaker Oats Co, prof...100
Sears-Roebuck, corn_ _ _100
Shaw W W. common_ _100
Stewart Warner SpeeclomCommon
100
100
Swift & Co
Union Carbide dr Carbon
(no par)
Co
United Pap Board, com100
Ward, Montg & Co, pref._
100
Wilson St Co, corn
100
Preferred
129% 124
88
88
26
83
%
16%
17
68% 68%
14
14
165
102
94
110
44
44
34
55
55
4935
17
44% 43
75
94
94
138
64
64
130
88
1,150
37
Range since Jan. 1.
Low.
Jan 144
May
87
84% Mar 93% May
17%
68%
14
165%
102%
94
110
45
20 18%
10 80
1,059
34
75 12
45 4735
8
50
14 165
76 100
10 92
34 102
50 30
55
50
17
4431
75
94
140
64.
25 53
25 48
45 17
140 40%
15 70
45 9234
455 133
10 53%
26
83
5635 57
57
116% 112 117
5735 56% 57%
19
19%
102% 102% 103
5731
57% 57
94
94
94
High.
Jan 27%
Apr 86
2%
Aug
June 18%
Jan 71%
Jan 16
June 175
June 108
June 97
Jan 114
Jan 45%
Aug
Feb
June
July
Apr
June
Jan
Feb
Jan
May
Aug
Jan 67
Apr ' 58
July 28
Apr 55
June 77
Aug 100
June 157
Jan 69
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Mar
200 47
Jan 60
13,882 102% June 146
July
Apr
3,534 47%
108 14%
2,030 100
25 46
10 94
Apr 59
Feb 22%
Aug 110
Jan 65%
July 99%
July
May
Feb
May
Mar
89
89
86% 86%
60
60
, 83% 8335
58% 58% 59
35
35
93% 93%
88
88
100.60 100.66
93.80 93.90
93.70 93.76
95.20 95.30
77% 7734
90% 9035 90%
89
86%
60
$2,000
1,000
28,000
1,000
7,000
3,000
1,000
7,000
500
550
3,400
14,150
1,000
14,000
88
Apr 90
Feb
84% Jan 88% Apr
Jan 62% Aug
52
82 June 88% Apr
Jan 59% Jan
50
Jan 35
Aug
27
92% June 96% Jan
88
Aug 94% Mar
97
Jan 100.66 Aug
03.30June 97.50 Jan
93 June 97.52 Mar
94.90 Aug 98.10May
77
Aug 81% Jan
90% Aug 9534 Jan
-The complete record
Philadelphia Stock Exchange.
of transactions at the Philadelphia Stock Exchange from
Aug. 17 to Aug. 23, 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 dent of par value.
Stocks-
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
American Gas of N J__100
American Rys pref_ __ _100
Buff & Susq Corp v t c_100
50
Cambria Iron
Elec Storage Battery._100
100
General Asphalt
Insurance Co of N A___10
Keystone Teleph pref. _50
Lake Superior Corp_ __100
Lehigh Navigation.._ ___60
50
Lehigh Valley
10
Lit Brothers
Minehill & S H
50
50
Pennsylvania
Phila Co (Pitts) pf(5%) 50
Pref(cumulative 6%)_50
Phila Electric of Pa_ _ _ _25
Phil Rap Tr vet tr rcts_50
Philadelphia Traction_ _50
50
Reading
Tono-Belmont Devel_ _1
1
Tonopah Mining
Union Traction
50
United Cos of N J
100
50
United Gas Impt
50
60
58
39
53
30%
31
25% 25%
47
13%
18
68%
69
58%
24%
50
43%
44
24
32%
24% z24%
26%
69
69
8931
2%
2%
37
182%
66
65
60%
61
58
39
53%
31
26
47
19%
69
59
24%
50%
44
24
32%
25
2834
70
89%
3
2%
38
18235
66
Am Wind Glass Mach_100 64
100 75%
Preferred
.100
Columbia Gas & Elec.
2%
Consolidated Ice, corn...50
Crucible Steel, pref_ _100
Farm Dep Nat Bank._100
1
Gold Bar Mines
Independ Brewing, com_50
50
Preferred
La Belle Iron Wks, com100
100 185
Lone Star Gas
Mfrs Light & Heat
50
Nat Fireproofing, corn..50
Preferred
50
1 14%
Ohio Fuel 011
25 41%
Ohlo Fuel Supply
25 30%
Oklahoma Nat Gas
Pittsb Brewing, corn
_50
Pittsburgh Coal corn_ _100 50%
Pitts Cons M, M & T _1
Pittsb-Jerome Copper_ _ _1 250
Pittsburgh 011 Ac Gas_ _100
235
Riverside West 011, pref _25
Union Natural Gas_..100
U S Steel Corp, corn. _100
West'house Air Brake .50 93%
West'house Elec & Mfg_50
Range since Jan. 1.
Low.
146 50
Aug
Aug
16 60
Jan
7 58
July,
97 38
Mar,
35 48
240 14% May,
Jan
169 24
Aug,
130 47
Jan'
5,250 12
271 61% Jan'
Jan
73 55
1,220 24% Aug
Mari
160 50
1,980 43% June
5 23 June
40 29
Mar,
1,026 24 June,
1,607 23% Mar,
13 66
Apr,
30 71
Jan;
903
2% July.
2% July.
765
60 36% Aug
2 18234 Aug,
July
567 64
1
High.
89
80
65
43
55%
36%
27%
57%
21%
70
63
26%
5134
47%
28
34
26
30
71%
94%
334
4
42%
195
7235
Jan
Feb
Mar
Mar
July
July
July
Jan
July
July
,
' far
Mar
Jan
Jan
Mar
May
May
Jan
Feb
June
Mar
Jan
Jan
Feb
Jan
62% 64%
7554 75%
35
35%
2% 2%
9035 9035
99% 9934
9c
9c
2% 2%
8% 9
112 112
152 197
48% 48%
4
4%
9% 12
14% 14%
41% 43%
29% 31
334
3
50% 50%
30
30
25c 29c
7%
7
235 235
136 136
110% 112
93
9334
43
43%
Range since Jan. 1.
Low.
I
Jan
1,035 40
45 74% July
40 28% Mar
25
2
Feb
55 89
Mar
4 99% Aug
9c Aug
1,000
1% Jan
115
6% Mar
110
Mar
40 106
Jan
985 95
131 4835 June
460
3
Jan
205
7 June
10 14
July
2,580 41
Mar
July
6,050 23
1% Mar
70
25 45
Jan
30 Aug
500
25c Aug
9,500
400
535 Jan
100
235 Aug
32 135
Aug
360 8735 Mar
260 92% Aug
Jan
200 39
High.
64% Aug
96% Jan
35% Aug
May
92
May
99% Aug
13c Jan
Aug
Jan
115
Feb
197
Aug
53
Jan
434 Aug
12
Aug
Jan
16
46% June
Aug
31
4% Aug
58% Feb
70 Mar
1
Feb
• 7% Mar
14
Jan
151
May
113% May
97% May
47 May
Bonds.
38
106
54
Indep Brewing (3s_ _ _ A955
Mon Riv Con C & C 6s'49
Pittsb Brewing 6s__ _ _1949
Bonds.
Booth Fish s f d 65_ _ __1926
Chicago City Ry 5s.. _1927
Chic City Sc Con Rys 5s'27
1927
Chicago Rys 55
Chic Rys 4s Series "B"
Chic Ry ad1 Inc 4s...1927
Chicago Telep 5s..._ -1923
Commonw-Edison 5s..1943
Liberty Loan 3356_1932-47
Lib Loan 1st 4s___1932-47
Lib Loan 2d 4s_ _ __1927-42
Liberty Loan 4 qs_ _1923_
Pub Serv Co 1st ref g 5s'56
Swift Se Co 1st g 5s_ _ _1944
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Low. High. Shares.
Par. Price.
38
106
54
$1,000 34
1,000 106
4,000 50
Apr 40
Aug 112
Jan 54
Jan
Apr
Aug
-Complete record of the
Baltimore Stock Exchange.
transactions at the Baltimore Stock Exchange from Aug. 17
to Aug. 23, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Stocks-
Sates
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Arundel Sand & Gravel 100
Atian Coast L (Conn)_100
Atlantic Petroleum
10
Baltimore Tube prof...100
Celestine 011
Comml Credit prof B_ _25
Consol G E L & Pow_ -100
Consolidation Coal__ __100
Cosden & Co
5
5
Preferred
Davison Chemical_ _no par
Elkhorn Coal Corp
50
50
Preferred
Houston Oil trust cas_ -100
Preferred trust ctfs--100
Mer & Miners Tr V T.100
Mt V-Wood Mills v t r_100
100
Preferred v t r
50
Northern Central
Pennsyl Vat & Power_100
Public Service Bldg, pref.
50
United Ry & Elec
50
Wash B & Annap
5
Wayland Oil & Gas
37
2%
1.25
96
8535
634
30
74%
20
30
3%
95
50
100
20
100
25
51
116
207
17
25
325
100
5
155
110
165
650
87
120
20
875
320
250
3636
82
2%
84
1.25
2534
96
85%
631
3%
34%
2934
4134
82
72%
62%
17
72%
69
05'
04
20
30
3%,
37
82
235
84
1.25
25%
0634
8634
63.4
3%
34%
3034
41%
82
73
6234
17
745-4
69
65
94
20
3034
3%
79
91%
8034
8134
8134
96
07%
96%
97
8534
84
73%
8134
$2,000
70
91% 4,000
11,000
87
8134 17,000
8134 8.000
96
2,000
8,000
99
0634 3,000
1,000
97
8534 5,000
2,000
84
5,800
74
8134 2,000
Range since Jan. 1.
Low.
High.
Aug
31% Jan 37
May 90
Jan
80
2% July
3% Feb
Aug 86
Apr
84
1.25 Aug
1.65June
July 2534 Aug
25
04
Jan 102
Feb
Jan
83% July 106
631 July
8% Jan
4
Jan
33.4 Jan
Jan 3834 Jan
30
22% Jan 3031 Aug
3954 Mar 41% Aug
Jan 86
40
June
64
Apr 80% June
Mar
6236 Aug 90
14% June 17% Feb
Jan 76
July
68
Aug 74
June
69
60
Jan 67 May
94
Aug 96
Mar
1734 June 2434 Feb
24
Jan 30% Aug
3
Apr
3% Jar
BondsConsol G E L & P 435s'35
5 per cent notes
Consol Coal refund 5s 1950
Cosden & Co series A (Is'32
1932
Series B Crs
Elkhorn Coal Corp 65_1925
Houston 011 div ctfs '23-25
Kirby Lumb Contr 65 1923
Metropolitan Street 5s1925
Pennsy W 8c P 55.-1940
United E L & P 430-1929
United Ry & El fund 5s'38
1941
Wash B & A 5s
79
9134
81%
8134
97
70
90
81
77
78
9334
88
953-i
97
84
83
7334
80
Aug
June
Jan
June
June
Aug
Jan
Apr
Aug
Mar
Apr
Aug
Jan
Feb
84
95 (Jar
8934 June
8234 Feb
8334 Jan
0834 Jar
Jar
99
98% June
98% Apr
87 June
8554 Jar
80
Feb
83% Feb
AUG. 24 1918.]
THE CHRONICLE
Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Stocks.
Week ending
Aug. 23 1918.
Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Par Value.
94,555
170,583
191,417
215,100
180,546
246,553
1
Railroad,
&c.,
Bonds.
$8,904,500
16,062,300,
18,281,700,
20,110,000,
17,228,975;
23,418,100
1,098,784 $101,005,5751
Sales at
New York Stock
Exchange.
U. S.
Bonds
$275,000
841,000
1,228,000
785,000
876,000
754,000
$121,000 $2,288,000
234,000 4,977,000
404,000 5,790,000
753,000 6,904,000
1,065,000, 6,638,000
1,674,000, 4,933,500
1
$4,760,000 $4,251,000 $31,530,500
Week ending Aug. 23.
1
1,098,7841
State, Mun.
& Foreign
Bonds.
Jan. 1 to Aug. 23.
1
1918.
1
1917.
1
,
.
Stocks-No. shares..__
2,884,783,
86,781,890
124,003,295
Par value
$101,005,5758272,625,050. $8,098,024,140 $11,384,208,705
Bank shares, par
$14,800
$58,700
Bonds.
I
Government bonds
$31,530,500 S6,258,000. $667,155,000,
$49,423,250
State,mun.,&c.,bonds.
3,837,000,
135,399,500,
4,251,000
224,655,000
RR.and misc. bonds
5,256,000,
175,405,000 1
4,760,000
354,070,500
1918.
Total bonds
1917.
$40,541,500 $15,351,0001
$977,959,500!
$627,148,750
DAILY TRANSAC MONS AT rnE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week ending
Aug. 23 1918.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
I
Philadelphia.
Baltimore
Shares. !Bond Sales. Shares. Flood Sales. Shares. IBond Sales.
3,2341
0,048;
8,225;
5,760,
10,188;
9,003,
42,458
$32,050,
109,650,
46,200;
53,9501
154,800
72,0001
8468,6501
2,504
3,136,
6,503;
3,850
2,827
1,431
829,800
10,700
68,300
21,100
21,300
21,350
451
544
458
631
580
1,504
$19,000
3,500
24,100
11,200
14,000
20,2511 $172,550
4,168
$71,800
-Below we give a record of
New York "Curb" Market.
the transactions in the outside security market from Aug.17
to Aug. 23, both inclusive. It covers the week ending
Friday afternoon.
It should be understood that no such reliability attaches
to transactions on the "Curb" as to those on the regularly
organized stock exchanges.
On the Now York Stock Exchange, for instance, only
members of the Exchange can engage in business, and they
are permitted to deal only in securities regularly listed-that
is, securities where the companies responsible for them have
complied with certain stringent requirements before being
admitted to dealings. Every precaution, too, is taken to
insure that quotations coming over the "tape," or reported
in the official list at the end of the day, are authentic.
On the "Curb," on the other hand, there are no restrictions
whatever. Any security may be dealt in and any one can
moot there and make prices and have them included in the
lists of those who make it a buiness to furnish daily records
of the transactions. The possibility that fictitious transactions may creep in, or oven that dealings in spurious securities may be included, should, hence, always be kept in mind,
particularly as regards mining shares. In the circumstances,
It is out of the question for any one to vouch for the absolute
trustworthiness of this record of "Curb" transactions, and
we give it for what it may be worth.
Friday
Sales
Last 1Veek's Flange for
of Prices.
Sale.
Week.
Par. Price. Low. High. Shares.
Week ending Aug. 23.
StocksAetna Explos_r__ _(no par) 12
Amer & Brit Mfg, pref_100
Am Writing Paper corn 100
1834
Brit-Am Tot) ord bear1
Burns Bros Ice r
100 3434
Car Ltg & Power_r_25
234
Chevrolet Motor
100 135
Cities Service, com_r 100
1
4
Cuprite Sulphur r
Curtiss Aeropi & M corn (t) 3734
5
534
Eastern Vending r
General Ashpalt,com..r 100 31
1 11-16
Grape Ola cool.
2
1
Preferred
Koyst Tire & Rub com__10
_50
Lukens Steel, coni_r
Marconi Wirel Tel of Am_5
Maxim Munitions_r____10
Midland Secur Co_r_ -100
N y shipbuilding_(no par) 463%
334
North Am Pulp & Pap (1)
Penn Seaboard Stecl(t)
Penn Coal & Coke_r____50
Role Equipment r _ ___ 10 11%
%
Smith Motor Truck r_-.10
Steel & Radiation Ltd_100
Submarine Boat v t 0--(t) 1834
Thiogen Co of Amer
_5
534
Todd Shipyards Corp_r(t)
r_United Motors r_ _(no par) 33
U S Steamship
10
6%
834
Wright
-Martin Aire r(t)
Preferred.r
100
Rights.
Amer Sumatra Tobacco- _- ______
Former Standard 011
Subsidiaries.
Illinois Pipe Line_ r__100 151
Ohio 011 r
25
Pierce 011 Corp r
25 163%
Standard Oil (Cal) r__100
Standard 011 of N J___100 518
Standard Oil of N Y..-100 260
Alm
,
(Ill r
Inn
1134 1234
25
27
4
434
1834 181-4
344 353%
234
23.4
133 141
209 20934
7-16
%
36
38
5
54
3034 31
11-16 13-16
13-4
2
18
1834
50
50
334 3%
7-16
34
104 107
4631 4731
33%
334
50
50
31
31
113% 111-4
34 11-16
144 14%
1634 193%
531
5%
88
89
313-4 3314
o
614
83-4 9
65
65
Range since Jan. 1.
Low.
9,500
6%
240 15
2,500
2
4,800 1434
1,300 184
1,500
2
8,800 100
125 200
22,800
%
700 25
600
44
400 233%
11,700
%
16,200
134
300 124
100 41
3,000
234
3,500
%
626 104
400 39
2,300
2
100 43
50 283%
2,925 104
5,800
34
125 144
14,600 113%
4,190
4
30 73
21,400 193%
6,200
434
6,200
6%
100 45
331
33-4
200
150
315
153%
215
515
263
359
151
320
*16%
215
518
269
32g
51
15
8,800
5
25
40
in
High.
_
Feb
163% May
Jan 28
June
Jan
41J, Aug
Apr
1834 July
Juno 38
Aug
Jan
34 Mar
Jan 144
Juno
Feb 2193-4 Jan
May
234 Feb
Jan 42
Juno
May
6
Juno
June 37
July
June
%Aug
Juno
2
Aug
Jan 2034 Juno
Jan
50
Aug
July
33% mar
June
1
Jan
Aug 107
Aug
Feb 4731 Aug
Apr
43% Aug
May 563% June
June 34
July
1134 Aug
July
Aug
23% Apr
Aug
15
Aug
Mar 204 May
Mar
64 July
Jail 89
Aug
Jan 343% June
Jan
73-4 May
Jan
1 13% May
Feb 69
June
34 July
150
300
13
210
510
252
329
Aug
Jan
Juno
June
Mar
Jan
Aug
10
July
192
Jan
365
Jan
183% July
237
Jan
579
Feb
285
Fob
357
Feb
791
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Price. Low. High. Shares.
Range since Jan. 1.
Low.
High.
Other 011 Stocks.
Amer Ventura Oil r
1
Sc
6c
8,600
Jan 21e June
60
Bartlett 011 & Gas r
1
4 5-16 20,200
34 July 1 3-16 Jan
34
Boston-Wyoming Oil_r_ _1
17c
17e
19c 28,000 17c Aug
33e
Jan
Cosden & Co common r-5
634
634
5,100 *64 July
63-4
8% Feb
Crystal 011 & Ref r
1
134
1%
134
1,860
June
1
1% July
Elk Basin Petroleum_r5
534 53%
200
5% July
Feb
7
Esmeralda Oil Corp r____1
4c
4c
4e
14,700
4c Aug
5-16 Jan
Federal Oil r
5
134
1% Aug
13% 2%
7,600
Feb
4
Glemvek Oil r
10
334
33%
33-4
9,350
334 Jan
Jan
5
Globe Oil_r
1
15-16 134
1,000 15-16
*134 June
Aug
Houston 011 corn r____100 8034 80
7,200 3934 Jan
833.4
8635 June
Imperial Con 011 t_ r__1 7-16 13-32 7-16 3,000
ifs Aug
31 June
Internat Petrol_r
£1
500 12% Feb
133% 133%
14% July
Island 0118c Trans r___ _10
334
3% 3% 11,900
14 Jan
1
54 Mar
Kinney Oil r
1
850
34
% May
%
Apr
1
Metropolitan Petroleum_5 1 5-16 I 1-16 1 7-16 10,600
% Jan
1% July
Midwest Oil corn r
I
97e
96c
1.00 11,635 87c
Apr
1.24 Jan
Northwestern 011 corn r 1
58c 58c
1,000 5543
Aug 89e
Feb
Oklahoma Oil corn r
1
13.4c 2c
11,500
134e July
8340 Mar
Preferred.r
1
4c
4c
2,000
3c July
16c
Feb
Oklahoma Prod & Ref___5
7
63%
7
1,200
634 Apr
May
8
Okmulgee Prod & Ref ___5
3
2% 3% 20,600
Jan II% Mar
Omar Oil& Gas corn
1
20e 30c 35,000 210
Apr 40c
Jan
Penn-Kentucky 011 r_ _5
4% 47%
1,145
4% Aug
5% Feb
Pennsylvania Gasoline_ _1
3-16 7-16 2,000 3-16 July
35 Fen
Red Rock Oil& Gas a. _1
x July
54c 62e
5,100
Jan
1
Rice 011 r
1
3c
3c
3,000
3c Aug 11-16 Apr
Sapulpa Itefining_r
5
634
100
634 Aug 10% May
63.4
Sequoyali Oil & Ref
1 9-16 9-16
% 5,200
6
'4 July
1% Mar
Southern Oil & Trans r_10
400
1% Jan
33-4
33-4
33-4 July
Southwest Oil r
1 44e
40c 44e
9,475 32e July 58e June
Stanton Oil_r
1
I%
2
27,300
2
1% Mar
234 Mar
Texana Oil & Ref
1
u
4 16,600 30e July 1% May
Tuxpam Star 011_r
1
2
2
92,000
2
lo June 22e Mar
United Western Oil, new_r
1
% Apr
1%
2,200
234 Feb
Victoria 011_r
23%
10
23.4
23.4 Aug
654 Mar
23', 4,500
Mining Stocks.
Alaska-Brit Col Metals...1 590
40c 68c 99,500
7
04 May
America Mines_r
79c
1
74c
79c
9,950 5416 AprJuly
3-c
Amer Tin & Tungsten_r_l
34 7-16 5,800 5-16 May 11-16 June
Amino. Min (prosp)_r__50c 62e
48c 68e 36,450 220 May 68e Aug
3
Arizona Bing Cop
5
.5,4
July
5
54 Aug
534 53 • -6,500
/
Atlanta Mines
I
434e
3c
434c 7,500
130 Feb
30 July
Big Ledge Conner
% 13-16 15-16 16,100
5
134 Mar
% Jan
Boston & Montana Dey 5 52e
51e
52c
26,000 41e
Jan 960 Mar
Butte-Det Cop & Zinc
lie
I
17e 169,800
Sc
8o Aug
% Mar
Caledonia Mining
1 42c
Jan
40c 48c 36,000 39e May 56c
Calumet & Jerome Cop_r 1
1
34 1 1-16 43,100
134 Mar
% Aug
Canada Copper Co Ltd 5 115-16
134
2
5,700
134 Apr
234 Jan
Candelaria Silver r
1 41e
40c 41e
25,200 37e Aug 41c Aug
Cerbat Sliver St & NI _ r 1
1
1
13.4 July
1% 3,100 42e
Jan
Coco River Mining_r
1
2
255
2
234 Jan
2
13-4 Mar
Consol Arizona Smelt__5
I%
1%
4,500 1 5-16
13%
Consol Copper Mines_ _5
400
Aug
J
Feb53aJn4
5
Copper Valley Mining_r _1
100
234 Mar
34 Jan
31
%
Cresson Cons Gold M&M 1
43%
5
3,900
5
44 Mar
534 Jan
51%
Davis-Daly
10
600
534 Aug
51/s
594 Slay
Denbigh Mines_r
1 2 1-16
2
234 5,200
July
2
23,4 July
Dome Extension.r
14e
1
12e
14e
7,000 12e Aug
14c Aug
El Salvador Silver _r
1 1 3-16
1
5,500 55o Mar
1 ,4 Aug
1
134
Eureka Croesus Nlin r_ _1
14
6,000
2% June
% Feb
13.4
Fortuna Cons.r
1 45e
43c 45c
17,200 300 June 46e Aug
Gibson Cons Copper_r 1
24
2
134 Aug
23-4 19,400
234 Aug
Goldfield Consoildated_10 210
20e 22c
2,000 3-16 June 7-16 Jan
Goldfield Merger r
1
2c
2c
1,000 134c June
5c Feb
Great Bend_r
4c
1
4c
10c
Feb
30 June
1,500
Green Monster r
50c
7-16
1,000
%
7-16 July
Apr
1
Hattie Gold Min_t_r_I 650
65e 69c
7,300 33e June 750 Aug
Hecht alining
25c 5 1-16
2% Jan
53-(, Aug
43% 53-16 5,160
Howe Sound Co
1
4% 434
434 Mar
100
44 Feb
HYPotheek M & M_r_ 10e
12e
20,100 120 Aug 35e June
15c
Iron Blossonr_r
10c
7-16 7-16
5-16 Apr 11-16 Jan
200
Jerome-Verde Copper__ _1
9-10 7-16 9-16 19,500 7-16 July
Jan
%
Jim Butler_r
1 57e
5,700 550
57e
59c
Jan 90c
Jan
Jumbo Extension
8e July
93.4c 100
1
24c
Jan
1,700
Liberty Sint (prosp)_ _r I 49e
41e 61c 28,000 28c
Feb
62c July
Lone Star Consol r
434c
1
553
-lc Sc 108,000
33o July
lc May
14 May
Louisiana Consol
1
7-16 9-16 6,300
% July
Magma Copper
5
May 42
Jan
30
1,050 27
313%
Marsh Mining_r
1
3,000 334c June 834c Mar
434 434
43%
Mason Valley
34
5
3% July
334
1,400
334
634 Jan
McKinley-Darragh-Say _1
40c 45c
Jan
15,500 37e
Apr 60e
Mohican Copper_r
1
4
% Jan
% 0,200
34 Jan
Mother Loder
35c
1
35e 36c
6,000 25c
Jan 56c
Apr
Mutual Min & Leas pf r 1
134 2
2
700
Feb
2% Aug
1
Nat Zinc & Lead_r
15o
1
15c
17c
12,200 13c July 38c
Feb
Nixon Nevada
1 44e
40e 4Se
9,400 36c%
14
1 Na
e
5
Ohio Copper _r
1,550
June
15-16 1
1
1
July
Onondago 'Mines_ r
434
434
1
534 22,250
2
July
Jan
6
Pacific Tungsten_r
1
134 134 1 13-16 25,000 I 3-16 June
234 July
Ray Hercules Slinlng_r_5
434
43%
334 Jan
4% Jan
2,500
434
Rochester Combined_r_.1
*35e 380
6,200 35e
Aug 430 July
Rochester Mines
34c 360
11,800 27e
1 35e
54c May
Jan
Senorito Copper
1
May
1
34 Aug
2,500
A
54
Silver Fissue Silver_r____1 15-16 15-16 15-16 5,600
Aug
1
% Mar
Silver King of Arizona___1 9-16 15-32 9-16 30,000 7-32 Apr
% June
Standard Silver-Lead_ _1
100 5-16 Julg
110 A u y
% Apr
3•4
%
Stewart
12e
1
120 14e
% Jan
16,500
Success Mining
Ile
1
lie
12c
Jan
16e
Apr
3,300
70
Tonopah Extension
11 11-16 13.4 1 13-16 2,275
134 Jan
134 Jan
Troy-Arizona r
12c
120 12c
1
6,000 10e May 240 May
Tuolumne Copper
1
134
134 Mar
1%
May
500
1
35% 3 11-16
United Eastern MinIng__1
1,150
July
534 Feb
3
United Verde Exten_r_50c 3634
36
38
8,400 35
July 503.4 Mar
U S Lead & Zinc i r_-_-1
23e
220 28e 32,000
Feb 60c Mar
9e
Ward Min & Milling_r___1
10o
10e
100
4e Mayi 250 June
.
0,000
Washoe Copper
1
14 Feb
1,000
34 Aug
34
34
West End Consolidated-5 1 1-16 1 1-32 1 1-16 3,600 65e
Jan
13% June
Wnite Caps Mining_ __10c 24c
Aug
25e 26c
14,000 24e
% Jan
Bonds
Am Cotton Oil 7s
9934 9935 $22,000 993I Aug 9934 Aug
Am Tel & Tel 1-yr 63_1919
1,000 983-4 Aug 99% May
9934 9974
Os
1925 93% 934 94
Juno
95
61,000 9331 Aug
Armour & Co Bob Os_r1919
June ioc% July
993-1 994 6,0001 99
Debenture 6s
1920
June
1,000 9734 July 98
973( 974
Debenture Os
Aug
1921
9671 Juno
963-4 9674 35,000 96
Debenture Gs
June
1922
9.53-4 95% 25,000 9534 July 96
Debenture Os
1923 953.4
June 9511 June
953-4 959.4 26,000 95
Debenture ils
1924
June 95% June
953% 9531 42,000 95
Beth Steel 5% notes1919 9931
July
8,000 963-4 Jan 100
99
9931
Beth SU Corp ser 7s _1919
10034 10034
1,000 083-4 July 10034 Aug
,
Serial 7s
1920 100
99% 100
66,000 98% July 10034 Aug
Serial 7s
100
Aug
1921
9934 - 993-4 99% 45,000 98 July
Serial 7s
1922
983% 9934 36,000 97
July 9934 Aug
Serial 78
1923 99% 99
9931 85,000 0634 July 993-4 Aug
Canada (Dom of) 5s1919 975%
97% 9774 33,000 94% Jan
9734 Aug
Cosden & Co Ser Il_r_1932
Aug
82
10,000 82
83
Aug 83
Cudahy Packing 78 w I '23
974 9734 76,000 9734 Aug 98
July
Federal Farm Loan 5s_-_- 105
1033% 109% 437,000 1013.1 June 106% Aug
Gen Elea 6% notes
l920
5,000 98% Jan 10134 May
9934 100
6% notes
1919 no% 100 10031 11,000 99
Jan 100% Apr
Phila Electric (is
1920
6,000 97% Aug 99% May
98
98
Russian Govt 634s r1919 604 583% 6434 311,000 38
Mar 643.4 Aug
534s r
1921 60
32
unr 62
56
62 125,000 97% JA pe 101
Aug
Au
Union Pacific 6,9
Aug
101% 10191 87,000
. * Odd lots. t No par value. I Listed as a prospect.
Listed on the Stock Exchange this week, where additional transactions will be found. o New stock.
r Unlisted. u Ex-cash and stock dividends. to When issued. z Ex-dlvidend.
c Ex-rights, zEx-stock dividend;
BANK NOTES CHANGES IN TOTALS OF, AND IN
-We give below tables which
DEPOSITED BONDS, &c.
show all the monthly changes in national bank notes and in
bonds and legal tenders on deposit therefor:
Circulation Afloat Under
Bonds and Legal Tenders
on Deposit for
1917-18.
Legal
Tenders.
Bonds.
July 31 1918_
June 30 1918__
May 31 1918._
Apr. 30 1918_
NIar.30 1918_
Feb. 28 1918..
Jan. 31 1918__
Dec. 31 1917
Nov.30 1017..
Oct. 31 1917._
Sept.29 1017__
Aug. 31 1917__
July 31 1917_
[VOL. 107.
THE CHRONICLE
792
Bonds.
Legal
Tenders.
New York City Realty and Surety Companies
Bid
Alliance R'ity 55
Amer Surety_ 52
Bond & M ()- 178
Casualty Co_
City Investing 14
Preferred__ 65
All prices now dollars per share.
Bid
Bid
Ask
87 Realty Assoc
Lawyers Mtge 80
(Brooklyn). 55
85
55 Mtge Bond__ 80
183 Nat Surety__ 172 175 U S Casualty_ 175
US Title Guar 35
75 N Y Title &
60 West tic Bronx
19
50
Mtge
Title &M G 150
70
Ask
Ask
65
190
40
170
Total.
Quotations for Sundry Securities
690,831,260
690,384,150
691,579,160
688,969,710
683,060,510
685,349,410
634,503,260
633,581,260
681.565,810
679,440,210
673,134,370
677.818,430
673.121,730
36,150,417
36,878,979
35,939,575
36,189,817
36,252,360
37,047,275
36,311,670
37,397,649
38,103,237
39,573,272
41.396,305
43,223,059
45.416.747
687,577,645
687,326,508
687,998.070
636,093,360
634,66'7,147
680,992,730
681,521,545
681,814,981
678,948,778
676,703,103
675,182,077
674,514,656
670.367.175
36,150,417
36,878,977
35.989,575
36,139,317
36,252,360
37,047,275
36,311,670
37,397,649
38,103,287
39,573,272
41,398,305
43,223,059
45.416.747
723,728,062
724,205,485
723,937,645
722,238,177
720,919.507
718,010,005
717,833,215
719,212,630
717,052,065
716.276,375
716,578.32
717,737,715
715.783.922
All bond prices are "and interest" except where marked "f".
-Peres.Basis
RR. Equipments
BM. AIR
Baltimore & Ohio ftis_..... 6.60 6.00
Buff Roth & Pittsburgh 434s 6.50 5.75
6.50 5.76
Equipment 4e
6 601 6 00
Canadian Pacific 434s
Caro C11120111101(1 & Ohio 5s_. 7.25 6.25
6.73 5 78
Central of Georgia Sc
6.75 578
Equipment 43ie
7.50 6 50
Chicago & Alton 45
Chicago & Eastern Ill 834E- 7.75 7.00
7.75 7.00
Equipment 43.s
Chic Ind & Louis, 434e........_ 7.00 6.00
'
Chic St Louis & N 055_-_. 6.15 5.65
0.00 5.50
Chicago & N W 43.i a
. 7.50 6.50
Chicago R I A. Pao 4As-...
Colorado & Southern So.__ 6.80 5.75
6.75 6.00
Erle 5e
6 75 6.0C
Equipment 430
6.75 6.00
Equipment 4s
6 75 6.0C
Hocking Valley 4e
6.75 6.00
Equipment 5s
6.15 5.75
Illinois Central 5a
6.15 5.75
Equipment 4;is
Kanawha A. Michigan 4iis_. 6.75 6.0C
Louisville & Nashville 5s____ 6.10 5.80
Michigan Central 55 ... ___. 6 50 5.75
Minn St P & 8 El M 4 Sie___. 6.25 5.50
Missouri Kansas & Texas es_ 7.25 6.26
7.25 6.21
Missouri Pacific 5s
6.75 6.00
Mobile & Ohio 5s
6 78 6.06
Equipment 4As
New York Central Lines 5s.. 6.50 6 00
6.50 6.00
Equipment 4)is
7 00 6.041
N Y Ontario & West 4Ati
6 25 5.75
Norfolk & Western 43.s
6.25 5.75
Equipment 4s
Pennsylvania RR 430„.... 6.00 6.50
6.00 5.50
Equipment 4s
St Louis Iron Mt & Sou Si.. 7.50 6.50
St Louis & San Francisco 5s. 7.50 6.50
7.00 6.00
Seaboard Air Line 55
7.00 6 00
Equipment 43. a
6.25 5.76
Southern Pacific Co 4343-..
6 70 6.00
Southern Railway 4)48-...
6.60 6.10
Toledo A. Ohio Central 4e.
Tobacco Stocks-Per Share.
Par Bid Ask,
American Cigar oommon_100 07 103
100 80 90
Preferred
Amer Machine & Fdry_100 60 80
British-Amer Tobao ord__£1 *18 19
El *18 19
Ordinary, bearer
100 180 210
Conley Foil
Johnson Tin Foil & Met_100 60 90
maoAndrewe & Forbes_100 160 170
100 85 95
Preferred
Reynolds (It J) Tobacco.100 250 280
11 corn stock
100 200 225
Preferred......
100 98 102
94 98
A dividend scrip
93 98
B dividend scrip
100 110 135
Young (J 8) Co
Preferred
100 50 105
-Per Cm.
Short-Term Notes
8
Am Cot Oil 5s 1919 ___M&S 973 97%
Amer Tel&Tel 6a 1919_ _ F&A 0912 91Th
rialto & Ohio 5s 1019 .....f&J 08 9511
4100
Both Steel Let 1.919__F&A 18 993
Canadian Pao 651924 _M&O!2 9812 99
ChM & West Tod es' 18_M&S 98 90
8
Del & Hudson 511 1920 FAA 973 073,
Erie RR 5e 1919 ._ _ ___A-0 9612 97
Fed Sug Rfg 5s 1920_ _J&J 9512 97
J&J 100 1003
Gen Else 6a 1920
810014
41% notes (2-pr) '19. J&I.: 997
.
General Rubber 55 1918.J&D 99(2 993
Great Nor 5s 1020.... _MSS 9712 973
4
Hooking Valley es 1918 MAN 99%100
•8,0 83 too Term Ry Cis'18-M&N Ms 9011
*38 40
414e 1921
_J&.1 0312 05.
184 186 Lactic& Gas L 5e 1919_ F&A 9712 98.;
91 9') Morgan&Wright 5e Dee 1 '18 0912 ---.
41 44 N Y Cent 5s 1919._.M&S15 9734 93
68 70 Penn Co 4).is 1921. _MED 16 953 trin
4
- - -- 20 Pub Ser Corp N J 59 '10.MA.EI 95 97
35 46 Rem Arms U.M.0 7el'191 &A 9712 09
,
209 211 Southern Ry Is 1910__M-8 2 953 983
8
.
7212 73(2 Utah See Corp tir '22.M-S 15 851 87
,
2112 23 W'house El& M (is '19_F&A 91/12 993
41 4212 Winches RepArms7s19.M&F. 99 993
Q87 90
7 10
Industrial
35 40
and Miscellaneous
7812 80 American Brass
100 220 225
14 American Chlele coin_ _100 31 34
12
42 47
Preferred
100 58 64
70 71 Amerloan Hardware
100 127 129
44 46 Amer Typefounder5 corn. 100 36 39
f.2 84
100 82 85
Preferred
x55 60 Borden's Good Milk corn. 100 00 04
100 93 95
270 75
Preferred_
3412 3512 Celluloid Company . _ __ 100 142 148
79 80 Columbia Graphoph Mfg (t) •63 65
100 62 64
Preferred
9 13
42 4(1
(t) *28 30
Freeport Texas Co
178 VI
20 22 Havana Tobacco Co.. _100
5
100
21
Preferred
57 59
76 70
lstg 58 June 1 1922 J-D /42 45
8 10
93 06 Intercontinen ltiibb corn. 10U
•4
6 Internet Banking Co_ _ _100 160
100 ---- 64
4
*2212 233 International Salt
A-0 6712 69
2
312
1st gold 5s 1951
12 15 International Silver pref_100 ---- 50
Lenlgh Valley Coal Hales_ 50 •84 86
7
5
41
45 Otis Elevator common_ _100 48 52
leo 74 76
Preferred_
7
10
20 :3°12 Remington T7pow titerCommon
.
100 22 23
611 63
12 14
100 ____ 93
let preferred
100 70 79
2t1 preferred
4914 5012
Royal Baking Pow com 100 121 124
Preferred_
100 9134 921,
100 160 165
Singer Mfg ____ ..
'rev one P.M k nit
Inn 000 025
Standard 011 Stocks Pe fame
Par But Ask.
teats-American Oil new. /1 1434 15
100 930 950
ktiontio Refining
100 450 470
Borrae-Berymser Co
Buckeye Pipe Line Co... 50 *x88 01
Dhesebrough Mfg new...100 330 350
100 10 40
3olonlal Oil
100z420 440
Dont-Mental Oil_
3reseent Pipe Line Co... Si) *32 36
3umberland Pipe Line..100 138 145
$15,444,000 Federal Reserve bank notes outstanding July 1, of which $14,533,000
Eureka Pipe Line Co__ _100 185 190
covered by bonds and $911,000 by lawful money.
Balena-Signal 011 com___100 103 108
100 106 112
Preferred old
The following show the amount of each class of U. S.
98 103
Preferred new
bonds held against national bank circulation and to secure
Illinois Pipe Lute._ _ _100 145 150
public moneys held in national bank depositaries on July 31. [Minna Pipe line Co.. ... 60 •80 92
4
International Petroleum_ fl .1314 133
!rational Transit Co_..12.50 *12 13
U. S. Bonds Held July 31 to Secure
New York Transit Co.- -100 190 200
Northern Pipe Line Co-. 100 100 104
On deposit to On deposit to
Bonds on Deposit
Ohio 011 Co
25 315 320
Total
secure
secure Federal
July 31 1918.
Penn-trier Fuel Co
26 *28 32
Held.
Reserve Bank National Bank
Pierce 011Corporation___ 25 •16 1612
Notes.
Notes.
100 503 515
Prairie Oil & Gas
100 255 260
Prairie Pipe Line
100 295 305
Solar Refining
14,137,250 559,750,500 573,887,750 Southern Pipe Line On 100 170 175
25, U.EL Consols of 1930
14,256,140
14,256,140
38, U.S. Loan of 1908-1918
100 255 260
45,565,100 South Penn Oil
44,740,100
825,000
4s, U.S.Loan 01 1925
1(1(1 92 96
47,264,100
47,568,600 Southwest Pa Pipe Lines.
304,500
2s, U.S. Panama of 1936
Standard 011 (California) 10 213 217
24,976,420
24,820,420
156,000
2s, U. S. Panama 01 1938
_100 600 610
14,365,000 Standard 011 (Indiana)
14,365,000
One-year Treasury notes
Standard 011 (Kansas).....100 440 460
Standard Oil
100 315 325
29,787,750 690,831,260 720,619,610 Standard 011 (Kentucky) 100 425 450
Total
(Nebraska)
Standard 011 of New Jer_100 515 519
The following shows the amount of national bank notes Standard 011 of New Y'k 100 z263 2(17
100 400 410
Standard 011 (Ohio)
afloat and the amount of legal-tender deposits July 1 and
Swan& cinch .._.._... 100 06 100
August
their increase or decrease during the month July.
Union Tank Line Co..._100 96 08
Vacuum Oil..100 327 332
National Bank Notes-Total Afloat
$724,205,485 iVaahington Oil
__ 10 *34 38
Amount afloat July 1 1918
477,423
Net amount retired during July
Per COO
Bonds.
$723,728,062 Pierce Oil Corp cony 61-1924 83 85
Amount of bank notes afloat Aug. 1 1918
Legal-Tender Notes
-Per share
$36,878,977
Ordnance Stocks
Amount on deposit to redeem national bank notes July 1 1918
728,560 &etna Explosives pref. _100 62 67
Net amount of bank notes retired in July
6
3
American & British Mfg_100
$36,150,417
Preferred
100 25 35
Amount on deposit to redeem national bank notes Aug. 1 1918
Atlas Powder common_ _100 175 180
Preferred
100 87 89
-The July 1918 number of the Hand-Book of Securities, Babcock & Wilcox
100 109 111
to)
Issued July 31 by the publishers of the "Commercial and Bliss (E W)Co common_ so *310 400
se() 75
Preferred
Financial Chronicle," contains a monthly range of prices Canada Fdys & Forginge_ 10e 105 200
for the year ended July 1 of stocks and bonds sold at the Carbon Steel oommon__ _100 119 122
1st preferred
100 95 98
Stock Exchanges in New York, Boston, Philadelphia, Chi2d preferred
100 68 73
cago and Pittsburgh. There is also a yearly range of prices Colt a Patent Fire Arms
Mfg
25 *63 66
for bonds and stocks sold on the New York Stock Exchange luPont(E I) de Nemours
100 299 304
for the past 6 years and a yearly range for 33/ years of Bos& Co common
100 87 88
Debenture stook
ton and Philadelphia prices. In addition, the book contains
100 88 03
Eastern Steel
elaborate tables with details of securities, together with the Empire Steel & Iron corn_100 43 48
Preferred
100 75 82
earnings and fixed charges of the respective companies, and
100 237 243
Hercules Powder com
showing as nearly as practicable the surplus available to meet
100 107 110
Preferred
charges and dividends. There is a table of dividend pay- Niles-Bement-Pond Oom-100 120 124
Preferred
ments for 9M years. The book contains 216 pages. Price Penn Seaboard Steel (no par) *51 97
'
5194 54
100 270 280
one dollar, or to "Chronicle" subscribers 75 cents, including Phelps-Dodge Corp
100 405 425
Soov111 Manufaoturing
postage. Copies may also be had at the "Chronicle" office, Thomas Iron
50 *45 55
39 South La Salle Street, Chicago, or from Edwards & Winchester Repeat Arms.100 600 700
Woodward Iron
100 51 ---Smith, 1 Drapers Gardens, London.
land
New York City Banks and Trust Companies
All prices now dollars per share.
Banka--N.Y Bid.
America •____ 480
Amer Exch.._ 217
Atlantic
167
Battery Park _ 195
Bowery
_ _ 400
Bronx Boro*. 150
Bronx Nat__ 150
Bryant Park* 'to
Butch & Drov 18
Chase
345
Chat & Phen_ 240
Chelsea Ex *. 120
Chemical _
385
Citizens
210
City
385
Coal & Iron__ 205
1400
Colonial'.
Columbia•__ 160
Commerce __ _ 170
Comm'l Ex'. 390
Common180
Continental*. 102
Corn Exch.. 315
Cosmoplitan • 85
Cuba (Bk of)_ 175
East River__ _ 15
Fifth Ave'__. 11800
215
Fifth
First
880
Garfield ____. 170
20(1
Gotham
Greenwich •_. 335
Hanover
655
235
Harriman_ _
Imp & Traci_ 475
Irving (tr
certificates) 272
390
Liberty
Ask.
495
223
175
205
00
2
165
_
23
360
250
395
220
392
215
170
173
410
190
108
322
95
Bid.
Banks.
Lincoln
280
Manhattan'_ 163
1
(
Mech & Met_ 200
Merchants_
123
Metropolitan. 165
Mutual.
375
New Neths_ _ 200
New York Co 138
New York _ _ _ 423
Pacific •
135
Park
495
People's _ 55
Prod Exch•__ 200
200
Public
Seaboard _
450
Second
400
125
Sherman
State.
100
23(1 Ward'... 115
Union Exch._ 150
UnitedStates• 500
Wash 1Pts•_ 275
Westeh Ave.. 160
Yorkville *
1275
Brooklyn.
Coney Island. 140
First
260
Flatbush
150
Greenpoint
150
IRS Hillside •_
110
225 Homestead- o_
. 57
355 Mechanics' 5
Montauk'...
245 Nassau
i66490 National City 133
North Side'.. 175
277 People's
130
403
18
2200
230
Ask.
300
169
206
128
175
215
510
470
125
135
108
130
160
175
325
155
270
165
120
110
62
95
207
138
200
140
Trust Co's.
New York.
Bankers Trust
Central Union
Columbia....
Commercial__
Empire
Equitable Tr_
Farm L & Tr_
Fidelity ____.
Fulton
Guaranty Tr_
Hudson
Irving Trust
Bid.
Ask,
365 370
385 390
247 253
100
290
330 340
355 375
205 215
225 255
320 324
135 145
See Irving
1Nat Bank
Law Tit dv Tr 93
98
Lincoln Trust 100 110
Mercantile Tr
& Deposit 190 200
Metropolitan_ 300 310
Mutual(Westchester) _ 105 125
N Y Life Ins
& Trust_ _ _ 875 900
N Y Trust_
590 605
Scandinavian 260 270
Title On & Tr 243 253
Transatlantic
175
US Mtg & Tr 400 410
United States 875 895
Westchester_ _ 130 140
Brooklyn.
Brooklyn Tr_ 490 510
Franklin
230 240
Hamilton _ _ 240 260
Kings County 620 050
Manufacturers 160 185
People's
268
Queens Co
65
75
• Banks marked with a (*) are State banks. t Sale at auction or at Stock Exchange this week. I Includes one-third tame Irving Trust Co. I New stock.
rEx-rights.
Per lic Utilities
,
Amer Gas & Elec corn... 50
50
Preferred
Amer Lt & 'Frac oom____100
Preferred
100
Amer Power & Lt corn__ _100
Preferred
100
Amer Public Utilities oom100
.100
Preferred.
100
Cities Service Co oom
100
Preferred
Com'w'ith Pow Ry & L-100
100
Preferred
Stec Bond & Share eref_ 100
Federal Light & Traction.100
100
Preferred
Great West Pow 5s 1946 Jai
Miselsehmi My Pow corn .100
100
Preferred
First Mtge Is 1951___J&J
North'n States Pow com.100
Pre:erred
_100
North Texas Elea Co corn 100
100
Preferred
Pacific Gas & Else corn_ _100
1st preferred
100
Puget Sd Tr L & P com_100
Preferred
100
Republic Ry & Light_ -100
Preferred
100
South CsdiflEdisancoro_100
104
Preferred
Standard Gas & El (Del).. 50
Preferred
50
Tennessee Ry L & P corn 100
Preferred..
100
United Gas At Else Corp_100
100
1st preferred.
11d preferred
100
United Lt & Rye oorn____100
let preferred
100
Western Power ootrimon_100
100
Preferred
---.
*Per share. S Basis. d Purchaser also pays accrued dividend. e New stook.
f Flat price. n Nominal. x Ex-dividend. y Ex-rights. (t) Without par value.
THE CHRONICLE
AUG. 24 1918.]
'793
gnoestuunt anti Saikaatt intettigatte•
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of the electric railways are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Jan. 1 to Latest Date.
Previous
Year.
Current
Year.
Previous
Year.
Alabama & Vicksb_ July
170,159 170,661 1,259,283 1.133,536
Ann Arbor
3d wk July
65,706
63,798 1,730,358 1,721,994
Atch Topeka & S Fe June
12926580 11815430 72,422,360 67.198,183
Gulf Colo & S Fe.. June
1.418,268 1,380,942 8,873,414 8,027,073
Panhandle & S Fe June
449,081 581,548 2,851,654 3,269,383
Atlanta Birm & Atl June
307,625 298,495 2,004,769 1,895,814
Atlanta & West Pt.. June
203,388 127,976 1,104,953
792.746
June
Atlantic City
394,990 312,059 1,500,854 1,202,220
Atlantic Coast Line June
4.363,773 3,376,810 26,226,234 22,121,243
Atlantic & St Lawr_ May
159,044 125,905
788,749
804,565
Baltimore & Ohio June
14852852 11272775 68,991,616 61.170,348
B &0Oh Ter RR June
173,680 177,817
821,776
980,179
Bangor & Aroostook June
361,443 313,637 2,233.051 2,395,247
Belt Ry of Chicago_ June
352,950 342.874 1,824,343 1.887,502
Bessemer & L Erie_ June
1.323,763 1,468,590 4,987,916 4,869,137
Bingham & Garfield June
299,832 294,881 1,597,913 1,512,857
Birmingham South_ June
89,531
123,894
708,871
568,693
Boston & Maine
5.759,170 4.982,670 30,250,657 28,049,619
June
Buff Roch & Plttsb 2d wk Aug 400,156 356,034 10.781,429 9,072.762
Buffalo & Susq RR_ May
175,899 152,762
901,540
672,887
Canadian Nor Syst. 2d wk Aug '819,100 746,800 26,012.100 24,980,400
Canadian Pacific
2d wk Aug 2,759,000 2,746,000 88,733,883 88,748,646
Caro Clinch & Ohio June
340,510 359,810 2,056,680 1,987.616
1,521.629 1,249,991 9,551,095 7,176,773
Central of Georgia.. June
3.746,780 3,294,485 19,086,173 17.559,420
Central RR of N J.. June
489.327 514,697 2,203,575 2.213.654
Cent New England.. May
463,429 404,933 2,332,945 2,113,521
Central Vermont.... June
212,214 183,476 1,320,551 1,078,233
Chariest & W Car.... June
5,992,910 4,624,409 30,040,974 26,032,211
()hes & Ohio Lines- June
1,928,846 1,821,488 10,118,751 9,730,862
Chicago & Alton
June
10808373 10660943 62.097,596 58,869,203
Chic Burl & Quincy June
98,663
132,914
Ch Det & C 0 Trk_ May
473,933
497,182
2,070,185 1.767,630 9,047,246 8,249,484
Chicago & East III_ May
1.429,020 1,427,841 8,410,490 7,834,877
Chicago Great West June
Chic Ind & Louisv_ 3d wk July 231.260 177,972 5,174,407 4,905,897
321.619 280,786 1.404,813 1.335,092
Chicago June RR May.
10617493 9,410,567 55,072,130 52,282,357
Chic Milw & St P._ Junej
10198809 9,718,664 51,859,520 49,803.806
Chic & North West.. June
163,958 187,180 1,038,032 1,043,378
Chic Peoria & St L.. June
349,225 300,313 2,124,956 1.838,402
Chicago R I & Gulf.. June
7.291,041 6,975,662 43,830,982 40,340,759
Chic 14 I & Pacific_ June
1,872,477 1.792,920 10,652,859 9,869,446
Chic St P M & Om_ June
420,405 314,851 1,993,360 1,730,984
Chic Terre H & S E June
225,176 229.780 1,450,299 1,349,211
Chic Ind & Western June
118,583 112,389
June
642,573
Coal & Coke
634,960
123,838 117.429
792,472
Colorado Midland.. June
Colorado & South 2d wk Aug a227,598 a222,527 a7,441,797 a6,428,088
520.837 485.613 3,511.951 2,923,025
0_ _ June
Ft W & Deny
70,079
74.430
544,871
Trinity & Bras V June
462,742
92,642 112,511
Colo & 'Wyoming June
540,792
607,937
74,356
97,788
462,388
Crip Crk & Col Spgs June
611,285
1,063,018 815,773 7,093,581 3.286,184
Cuba Railroad........ June
2,963,319 2,626,138 12,179,824 11,297,995
Delaware & Hudson May
5,686,552 5,253,803 29,848,437 27,738,569
Del Lack & West June
2,262,846 2,352,089 13,519,245 13,490,305
Deny & Rio Grande June
241,646 190,517
Denver & Salt Lake June
877,258
897,581
Detroit & Mackinac 1st wk Aug
27,053
26,153
828,335
779,537
Detroit Tol & Iront May
232,864 205,190
805,556 1,043,167
186,590 164,162
Det & Tol Shore L.. May I
801,107
786,901
1,100,769 951,448 2.860,854 2.261,671
Duluth & Iron R
June
2,513,222 2,124,430 5,591,886 4,164,685
Dui Missabe & Nor June
Dul So Shore & Atl- 2d wk Aug 100,606
87,302 2,631,111 2,611,706
141,349 131,367
Duluth Winn & Pac June
848,927 1,122,716
86,780
88,558
East St Louis Conn June I
490,611
505,362
1,561,739 1,398,626 8,061.735 7,639,439
Elgin Joliet & East.. June'
1,194,758 1,173,468 7,311,963 7,258,286
El Paso & So West.. June '
7,223,979 6,561,351 36,088,083 33,397,404
Erie
June
842,211 775,790 4,538,314 4,208,112
Chicago & Erie June I
598,886 652,309 5,030,538 4,863,287
Florida East Coast.. June 1
93,608
Fonda Johns & Glov June
87,087
518,989
511,100
Ft Smith & Western June]
86,839
72,543
598,126
488,048
73,947
69,540
Galveston Wharf June]
519,366
598,234
504,828 283,639 2,742,676 1.741.974
Georgia Railroad June
Grand Trunk Pac- 3d wk July 109,375 119,325 3,163,973 2,882,914
Grand Trunk Syst_ 2d wk Aug 1,285,064 993,968 42,133,503 38,482,233
Grand Trunk Ry 2d wk July 1,234,997 1.133,856 28,561,266 26,248,984
Grand Trk West.. 2d wk July 226,594 185,492 5,358,664 5,109,395
60,398
DAG H & Milw_ 2d wk July
59,897 1,619,400 1,787,843
Great North System June
7,737,898 8,511,030 39,057,426 40,002,487
Gulf Mobile & Nor_ June
179,917 183.175 1,118,495 1,020,487
Gulf & Ship Island_ June
209,841 170,588 1,215,806
973,788
Hocking Talley____ Ju.e
1,106.436 982,617 5,178,056 4,716,200
Illinois Central..__ June
8,628,308 7,179,178 47,521,120 41,619,163
Interned & Grt Nor June
967,635 973,207 6,234,562 5,640,444
Kan City Mex & On May
97.798
92.959
493.726
460,787
K 0 Mex 860 of Tex June
92,227 119,671
498,893
550,160
Kansas City South_ June
1,177,622 1,009,257 7,216,265 5,887,648
Texark & Ft Sm.. June
90,778
579,368
88,797
528,170
Kansas City Term.. May
93,986
468,289
109,441
466,677
Lehigh & Hud Ely.. June
200,283 195,649 1,029,227 1,106,374
Lehigh & New Eng.. June
465,153 315,650 1,752,602 1,700,008
Lehigh Valley
June
5,851,605 5,113,085 27,195,521 25,435,817
Los Ang & Salt L.... June
1,182,760 1,206,612 6,559,554 6,289,149
Louisiana & Arkan_ June
850,013
127,065 133,848
695,411
Louisiana Ry & Nay June
197,607 176,414 1,381,519 1,083,945
Louisville & Nashv_ June
7,610,037 6,283.465 42,994,794 35,896,341
Lou Hend & St L.._ June
237,365 178,345 1,259,193 1,037.117
June
Maine Central
1,341,404 1,217,359 7,068,158 6,824,690
Midland Valley........ June
257,066 247,109 1,598,487 1,322,875
2d wk Aug
681,203
Mineral Range
25,792
22,329
741,820
912,848 937,455 5,365,419 5,140,875
Minneap & St Louis June
Minn St P&SSM June
2,469,273 3,302,933 13,537,588 16,000,907
Central.. Junel
105,625
66,231
570,737
Mississippi
347,672
Missouri ikan & Tex 4th wkJune 1,086,872 1,060,766 23,416,171 19,630,705
130,553 155,795
732,941
May
Mo & North Ark
756,509
June
127.106 154.465
860,047
Mo Okla & Gulf
910,974
6,316.173 6.401.699 40,098,954 37,528,602
Missouri Pacific...._ June
285,836 187.785 1,348.318 1.047.877
June
Monongahela
ROADS.
Latest Gross Earnings.
Week or
Month.
Current
Year.
Jan. 1 to Latest Date.
Previous
Year.
Current
Year.
Previous
Year.
$
Monongahela Conn June
285,836 187,785 1,348,318 1,047,877
Nashv Chart & St L June
1,644,358 1.140,266 9,054.654 7.115,676
-Cal-Oregon 3d wk July
Nevada
5,159
6,796
125,223
173.851
Nevada Northern__ June
201,500 217,282 1,212.986 1.179.748
Newburg & So Sh__ June
108,668
85,348
525.598
470,471
New On Great Nor.. June
178,154 174,413 1,007,541
833.678
New On & Nor East June
481.148 415,827 2,876,993 2,294,876
N 0 Texas & Mex__ June
150,209 104,681 1,047,946
664,381
Beaum S L & W.. June
104.894
76,773
743,079
478,309
St L Browns & M June
283,448 385,480 1,810,591 2,074,402
New York Central.. June
23874699 21562234 122729354 112480113
Boston & Albany April
2,045,392 1.872,719 6,997,425 6.755.467
Lake Erie & W__ June
729,002 723.918 4,084,315 4,016.579
Michigan Central June
5,343.327 4.350,707 29,358.667 24,945.624
Cleve 00 & St L June
5.845,027 4,491,251 29,301,568 24,577.351
Cincinnati North June
224,490 238,675 1,166,097 1,120,515
Pitts & Lake Erie June
2,679,389 2,300,514 13,980,010 11.836.653
Tol & Ohio Cent_ June
831,063 742,653 4,009,040 3,409,185
Kanawha & Mich June
543.465 337,291 2,361.362 1.639,803
Tot all lines above April
37338502 30858418 129848492 115870889
N Y Chic & St Louis June
1,837,300 1.485,674 9.068,351 8,186,500
NYNH& Hartf__ May
8.001,982 7,338.617 35,230,574 33,245,622
N Y Ont & West__ June
1.030,607 804,718 4,776.097 4.109.637
NY Susq & West__ June
297,368 330,008 1,848,691 1.749.078
Norfolk & Western.. June
6,726,527 5,593,349 34,969.428 30,801.930
Norfolk Southern.... June
495,954 504,079 2,636,355 2,691.507
Northern Pacific...._ June
7.542;788 8,371,745 42.023,234 42.148,323
Minn & Internat.. June
94,002
81.601
537,164
575,912
Northwestern Pac__ June
538,576 458,409 2,400,215 2,112,027
Pacific Coast Co...... June
239,267 338.059
Pennsylvania RR__ June
30537988 25248863 151368648 138030954
Balt Ches & Ati__ June
114,615 110,336
481,336
467,386
Cumberland Vail. June
443,987 436,708 2,259,956 2,289,622
Long Island
June
2.290.120 1,489,218 9,379,786 7,063,908
Md Del & Va
June
77,121
81,688
355,663
401.927
N Y Phila & Norf June
632,729 342,307 3,068,346 2,493,632
W Jersey & Seash June
918,441 710,581 3,974,575 3.538.465
Penn Western Lines June
8,038,828 7,718,601 37.743,308 36,494,434
Grand Rap & Ind June
624,100 545,589 3,129,087 3,072,015
Pitts C C& St L.. May
6.854.760 6.302,110 29,828,442 29.285.704
Penn System
Lines East
May
34178634 28200869 137033977 126673981
Lines West
May
15109 144 14030228 62,878.383 61 A31,347
Lines E & W
May
49287779 42231 098 199912360 188105 327
Peoria & Pekin Un_ June
95,139 102,946
613.307
590,915
Pere Marquette
June
2,552,141 1,915.585 12.193,644 11.413,088
Pitts & Shawmut June
124.587
97,001
617.831
556.623
Pitts Shaw & North June
108,328
92,997
661,292
623,204
Pittsb & West Vs June
162,129 137,223
856,716
Port Reading
June,
244,870 169,256 1,046.721
927.182
Reading CoPhila & Reading.. June
7.068,636 5.921.789 35,572.544 32,354,642
Coal & Iron Co_.. May
4,543.357 4,175,608 21,411.789 18,757,138
Total both cos
May 1
11462818 10062833 50,263,813 45,511.853
Rich Fred & Potom June
642,089 430,967 2,844,886 2,374,740
Wash Southern June I
336,386 210,545 1,581.606 1.185.973
Rutland
June
372.339 374,892 2,099,757 2.063.939
St Jos & Grand Isld June1
198,938 195,944 1,291,731 1.193,899
St Louis
-San Fran_ June
5413,107 4,609,647 30,161.168 26,607 264
Ft W & Rio Gr.... June
66,201
81.953
520,074
407,190
St LS F & Tex.... June
91,150
85,453
721,479
568.352
St Louis Southwest 2d wk Aug 410,695 314,072 11,918,858 9,961.501
St L S W of Texas June
460,298 431,392 3,168,773 2.483,147
San Ant & Ar Pass_ June
261.388 300,344 1,908,809 1,777.358
Seaboard Air Line_ June
3,056,043 2,265,153 17,437.962 15,036,320
South Buffalo
June
118,956
84,183
760,427
662.139
Southern Pacific
June
12713 12A 12077822 71,202,272 66,361.767
Arizona & East June
355,094 351,896 2,179,565 2,352,169
Galv Hous & S A_ June
1,511,157 1.502.075 9.940.672 9,462,120
Houston & Tex C June
645,291 592,797 4,135,968 3,597.710
Hous E & W Tex_ June
139,519 134,334
976,203
884,733
Louisiana West June
320,023 271,310 2,014,678 1,654.002
Morgans La&Tex June
592,582 544,156 3,796,253 3.168.133
Texas & New Orl June
582,064 504,238 3,527.204 2,980,580
Southern Ry Syst 3d wk July 2,939,209 2,200,909 75,935,544 60,271.314
Ala Great South.. June
723,820 639,409 3,904.446 3,280,863
Cin N 0 & Tex P June
1,228,745 1,147,149 6,604,118 6,313.486
New Orl & Nor E April
503,175 361,002 1.922,185 1.477.628
Mobile & Ohio.. _ _ 3d wk July 319.872 243,723 7,517,971 7,388.494
Georgia Sou & Fla 3d wk July
62,041
48,792 1.875,324 1,506,689
Sou Ry in Miss June
88,933
91,290
623,299
564,078
Spokane Internat June
75,147
72,895
468,309
422.892
Spok Port & Seattle June
714,720 651,617 3,805.946 3,116,263
Staten Island R T.._ June
191,294 133.747
763.126
706.364
Tenn Ala & Georgia 1st wk Aug
2,920
2.199
72.287
74.028
Tennessee Central.. June
254,555 144,278 1,236,347
854,408
Term Assn of St L June
313.148 494,782 1.745.400 1,920,075
St L Men Beg Ter June
299,283 252,926 1,607,973 1.492.742
Texas & Pacific_
June
1,953,960 1,760,496 11.649,270 10,543,235
Toledo Peon & West June
116,806 122,163
698.601
627.376
Toledo St L & West June
637,788 587,629 3,562,917 3,291,293
Ulster & Delaware.. June
88.688 104,218
414,259
431,250
Union Pacific
June
7.618.719 6,500,564 40,028,600 33,828,572
Oregon Short L June
2,782,515 2,747.341 15,155,307 14,477,375
Ore-Wash RR&N June
2,332.736 2,099,654 11,628.747 10.424.241
Union RR (Bait).... March
178.987 173.599
482,099
476.971
Union RR (Pa),
June
657.895 596,692 2,849,609 2.634,851
Utah
104,236
May
497.211
Vicks Shreve & Pac July
167,400 151,954 1,343,916 1,135.852
Virginian RR
903,410 906,614 5,067,656 5.060,678
June
Wabash RR
3,919.636 3,381,519 19,860,030 19,283.137
June
Western Maryland_ June
1,208,348 1,101,588 6,630,967 6,318.958
Western Pacific........ May
832.085 913,609 4,056,245 3,544.444
Western Ry of Ala_ June
206.173 119,907 1.135.485
744,350
Wheel & Lake Erie.. June
1.190.297 1,086,880 5,532,740 4,401.829
Wich Falls & N W_ June
64,856
74,281
471,974
499.731
Yazoo & Miss Vall_ June
1,602,525 1.395,274 9.754,221 8,153,719
AGGREGATE OF GROSS EARNINGS-Weekly and Monthly.
* Weekly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
* Monthly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
$
$
$
Mileage.
Cur. Yr. Prev. Yr.
-a
24
4th week May (22 roads)-- 17,085,317 15.798,665 +1,286,652 8.14 September-245.148 243.027 364.880.086 330.978.448 +33.901.638 10.24
1st week June (22 roads)-- 10.548.151 10.386.171
+161.980 1.57 October ___247.048 245.967 389,017.309 345.079.977 +43.937.332 12.73
2d week Juno (20 roa(is)_-- 10.904.800 10.410,847
+493.953 4.74 November_242,407 241,621 360.062,052 326.757.147 +33.304.905 10.19
3d week June (21 roads)......_ 11,307,025 10.285,268 +1.021.757 9.93 December - -.247.988 247,265 343.875.052 317.836,386 +26,038.666 8.18
+862;003 6.32 January_ ___240,046 239.885 282.394.665 294.002,791 -11,608.126 3.95
1
4th week June (20 roads)_...... 14,504,177 13,642.174
1st week July 18 roads)......- 9,109,887 8,722,454
+387,433 4.44 February..-230,336 228.835 362.761,238 312.276.881 +50.484.357 16.22
2d week July 17 roads)........ 9.723.974 8,778,254
+945,720 10.77 March
238.891 237.463 285,776.203 260.627,752 +25.148.451 9.65
3d week July 19 roads)....- 9.777.522 8,935,100
+842.422 9.43 April
233.734 232.255 369.409.895 319.274.981 +50.134.914 15.70
4th week July (11 roads)___.. 8.715.679 7,973.165
T742,514 8.17 May
230.355 228.892 374.237.097 342.146,096 +32.091,001 9.38
1st week Aug (12 roads)____ 5,812.844 5.045.973
766.871 15.19 June
220.303 219.294 363,165.528 323,163,161 +40.002.412 12.38
557,330 10.11 July
41,580
41,083 37,756,880 34,755,322 +3,001,558 8.64
2411 week Aug (12 roads)____ 6,071,906 5,514,576
kr... a Method of reporting changed figures are now for the Colorado & Southern RailwaySompany only.
794
THE CHRONICLE
Latest Gross Earnings by Weeks.
-For the second week
of August our final statement covers 12 roads and shows
10.11%increase in the aggregate over the same week last year'
Second Week of August.
1918.
1917.
Increase. Decrease.
$
$
$
Buffalo Rochester & Pittsburgh
400,156
356,034
44,122
Canadian Northern
809,100
746,800
72,300
Canadian Pacific
2,759,000 2,746,000
13,000
Colorado & Southern
227,598
222,527
5,071
Detroit & Mackinac
27,053
900
26,153
Duluth South Shore & Atlantic_
13,304
100,606
87,302
Grand Trunk of Canada
Grand Trunk Western
993,968 291,096
1,285,064
Detroit Or Hay & Milw____
Canada Atlantic
Mineral Range
22,329
25,792
St Louis Southwestern
431,000
310,000 121,000
Total (12 roads)
13,071,906 5,514,576
Net. inerease (10 11%3
560,793
$
3,463
3,463
5A7 flf10
[VoL. 107.
Latest Gross Earnings.
Name of Road
or Company.
Week or
Month.
Tenn By, Lt & P Co.. June
Texas Power Sc Lt Co June
Third Avenue By...... April
DDEB&BRIL April
42dStM&StNA Ry April
Union RyCo(NYO) April
Yonkers Railroad_ April
N Y City InterbRy April
Belt Line Ry Corp.. April
Third Avenue System June
Twin City Rap Tran_ June
Virginia Ry & Power_ July
Wash Bait & Annap_ June
Westchester Electric.. April
York Railways
May
Youngstown & Ohio.. Juno
Current Previous
Year.
Year.
525,836
233,387
315,814
41,447
139,618
215,045
66,244
56,724
53.331
870,351
808,432
706,809
242,955
43,625
82,118
32,575
470,261
181,868
342,997
37,813
148,735
238,239
64,995
62,644
58,340
937,859
853.196
561,753
93,503
41,733
80,889
29,228
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
1,262,490
148,978
509.100
809,127
250,977
219,646
196,135
3,019,143
4,847,573
4,580,007
1.199,668
166,694
444,066
194,505
1,354,791
142,495
564,719
915,283
243,024
243,159
227,266
3.204,505
5,175,946
3,628,567
494,989
160,428
426,030
163,971
a Now covers only the linos east of York Beach, Me.; in the first four
months of 1917 covered also the lines west of York Beach, Me. b Reprosents income from all sources. c These figures are for consolidated company. f Earnings now given in miirels. g Includes constituent companies.
Net Earnings Monthly to Latest Dates.
-The table
Electric Railway and Other Public Utility Net Earnfollowing shows the gross and net earnings with charges and
-The following table gives the returns of ELECTRIC
surplus of STEAM railroad and industrial companies re- ings.
railway and other public utility gross and net earnings with
ported this week:
-Gross Earnings--Net Earnings
- charges and surplus reported this week:
Current
Previous
Year.
Year.
$
$
Pacific Coast Co
June 239,267
338,059
June 1 to June 30
5,815,400 5,859,494
Roads.
Gross
Earnings.
Net after
Taxes.
Cuba Railroad
375,511
June '18 1,083,018
'17 815,773
389,183
11 mos'18 11,845,097 3,880,244
'17 6,461,360 1,922,146
Other
Income.
Current
Previous
Year.
Year.
$
73,860
78,11
966,544
978,857
5
Balance,
Fixed
Gross
Charges. Surplus.
Income.
44,328
271,404
419,839
148,435
94,289
1,190
370,353
276,084
76,834 3,937,078 1,311,487 2,825,591
12,385 1,934,531 1,140,712
793,819
-Gross Earnings--Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
$
Dayton Pow & Lt Co__ _July 175,829
41,654
55,539
129,772
Jan 1 to July 31
329,448
1,297,154 1,028,162
382,253
Pacific Tel & Tel
June 1,808,840 1,688,656
533,113
471,506
Jan 1 to June 30
10,383,569 10,496,943 3,002,259 3,125,605
Companies.
Gross
Earnings.
Bangor By & El Co.June '18
73,723
'17
65,662
12 mos '18
910,855
ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
'17
862,877
Chatt By & Lt Co....June'18
140,073
Latest Gross Earnings.
Jan. 1 to Latest Data.
'17
128,805
Name of Road
12 mos '18 1,552,084
Week or
Current Previous Current
or Company.
Previous
'17 1,301,091
Month.
Year.
Year. * Year.
Year.
Cities Service Co July '18 1,789,252
'17 1,365,312
Alabama Power Co.._ June
259,059 170,578 1,352,912
952,330
12 mos '18 21,331,886
Amer Power & Lt Co June
1029,205 860,265 6,410,710 5,541,570
'17 16,559,106
Atlantic Shore Ry___ July
20,097 23,326
98,600
152,547
Bangor Ry & Electric June
73,723 65,662
441,121
349,168
416,385 Colum Ry,P & L__June '18
Baton Rouge Elec Ry June
23.273 18,373
112,699
126,244
'17
311.975
Blackstone V 0 & El_ June
204.147 159,333 1,131.251
954.130
12 mos '18 4,229,372
Brazilian Trac, L & P June
19087000 f7642000 f49693,000 144646,000
'17 3,747,491
Brock & Plym St Ry_ May
8,692
9,586
38,931
43,511
92,582
Bklyn Rap Tran Syst April
2571,061 2477,556 9,705,535 9,594,594 Caddo Oil & Ref Co.June'18
(Shreveport, La.)
'17
167,858
Cape Breton Elec Co June
40,098 37,078
211,962
233.927
12 mos '18 1,968,179
Cent Miss V El Prop._ June
28,767 24,866
161,055
147,606
'17
Chattanooga Ry & Lt June
149,073 128,805
864,827
674,819
Cities Service Co...... _ July
1789,252 1365,312 13,265,501 10,186,108
June '18 1,831,428
Cleve Painesv & East June
50,170 47,431
243,321 Commonwealth
256,193
Pow, By & Lt Co
'17 1,550,770
Columbia Gas & El June
783,150 762,992 6,096,573 5,707.430
12 mos '18 20,789,999
Columbus (Ga) El Co June
95,152 83,127
592,028
509,699
'17 18,147,509
Colum (0) Ry,P & L June
349,168 311,975 2,124,532 1,919,346
Com'w'th P. By & Lt June
1831,428 1550,770 10,338.999 9,272.736 Cumberland Co
June '18
278,214
ConnecticutPower Co June
461,626
75,976 70,220
415,609
Pow & Lt Co
'17
244,435
Consum Pow (Mich)_ June
536,256 459,187 3,053,537 2,756,259
12 mos '18 3,141,634
Cumb Co(Me)P & L June
278,214 244,435 1,466,691 1,406,983
'17 2,975,271
Dayton Pow & Light July
175,829 129,772 1,297,154 1,028.162
g Detroit Edison.. __ _ July
1029,512 877,283 7,722,345 6,874,787 Consumers Pow Co.June '18
536,256
gDetroit United Lines June
1614,786 1490,084 9.012,790 8,552,921
(Michigan)
459,187
'17
Duluth-Superior Trac June
846,662
147,384 126,287
762.439
12 mos '18 6,072,647
East St Louis & Sub_ June
318,857 296,753 1,915,940 1,744,494
'17 5,244,563
Eastern Texas Elec__ May
94,396 74,233
436,041
378,041
El Paso Electric Co._ June
96,236 101,371
630,244
641,705 Cloy Palnesv & EastJune '18
50,170
a Federal Lt & Trac__ June
271,226 206,827 1,728,476 1,345,732
'17
47,431
Ft Worth Pow & Lt.. June
99,449 77,444
6 mos '18
256,193
Galv-Hous Elec Co__ June
230,752 164.448 1,237,196
939,964
'17
243,321
Grand Rapids Ry Co Juno
627,472
103,195 104,828
645,244
Great West Pow Syst May
339.755 323,929 1,727,952 1.637,440 Detroit Edison Co July '18 1,029,512
Harrisburg Railways. June
'17
877,283
117,572 99,664
623,768
560.149
7 mos '18 7,722,345
Havana El Ry,L & P June
666,817 554,982 3,920,085 3,251,042
'17 6,874,787
67,737 60,182
348,658
IIonoluiu R T & Land June
346,942
Houghton Co El Co.. June
204,824
31,309 31,016
210,643
318,857
Houghton Co Tr Co_ June
164,604
25,680 27,759
170,260 E St L& Sub Co_ __June '18
'17
296,753
bHud & Manhat RR.. April
577,898 524.053 2,280.555 2,107,514 E St L & Alton, Ill
12 mos '18 3,863,918
Illinois Traction____ June
1150,237 1057,635 7,094,140 6,489,460
'17 3,362,412
Interboro Rap Tran_ May
3524,432 3511,496 17,539,100 17,585,883
Jacksonville Trac Co June
60,984 55,516
428,986
346,556 Grand Rap By Co_June '18
103,195
Keokuk Electric Co.. June
125,652
23.151 20,125
117,603
'17
104,828
Key West Electric Co June
87.605
16,157 11,743
67,574
12 mos '18 1,286,089
958,841
Lake Shore Elec Ry_ June
186,673 152,996
813,922
'17 1,303,090
386,802
Lewist Aug & Watery June
86,482 75,669
399,267
61.199
Long Island Electric.. April
16,267 18,877
67,186 Keystone Telep___July '18
129,652
Louisville Railway_., May
326.156 268,675 1,465,288 1,271.788
'17
130,548
45,158
Manhat Bdge 3c Line April
11,867 10,770
40,275
7 mos '18
936,961
Milw El Ry & Lt Co_ June
694,570 627,632 4,320,742 3,883.008
'17
908,375
Milw Lt, Ht & Tr Co June
251.741 184,599 1,316,681 1,022,057
Nashville Ry & Light June
238,570 194,493 1,311,731 1,203,175 Huntington Dove! June '18
76,840
Newp N&H Ry,G&E June
196,481 111,929
944,848
553,647
& Gas Co
'17
37,813
825.034
Nevada-Cal El Corp.. May
178.247 161.117
714.678
12 mos '18
855,368
125,226
N Y & Long Island__ April
37,698 34,713
123,183
526,277
'17
40,523
N Y & North Shore__ April
11,755 13,125
46,429
274.925
75,468 97,223
N Y & Queens Co..__ April
392,765 Lake Shore El Ry__June '18
186,673
New York Railways_ April
983,452 1033,608 3,661,872 3,996,252
'17
153,996
Niag Lockp't & Ont.. June
251,264 192,839 1,497,502 1,134,729
6 mos '18
958,841
70.687
Northampton Trac_ April
17.678 17.334
68.193
'17
813,922
Northern Ohio Elec__ June
593,513 527,232 3,468,309 3,121,605
86,482
North Texas Electric June
259,163 179,406 1,560,931 1,064,226 Lew Aug & Waterv_June'18
Street By
75,669
'17
25,042
Ocean Electric (L I)._ April
7,567
7,677
24,722
12 mos '18
885,908
Pacific Gas & Electric May
1696,260 1568,814
'17
846,133
Pacific Pow & Light_ June
154,740 132,346 1,769,855 1,537,524
g Paducah Tr & Lt Co June
24,510 23,652
161,706
150,515
238,570
Pensacola Electric Co June
225,754
42,733 30,148
158,696 Nashville By & Lt_June '18
'17
194,493
Pensacola Electric Co May
183,021
38,606 25,313
128,548
12 mos '18 2,566,877
Phila Rapid Transit_ May
2696,626 2570,440 12.726,716 12,170.689
'17 2,431,587
Phila & Western__ _ May
52,109 47,778
Portland Gas & Coke May
141,631 102,617
632,552
Port
(Ore)Ry,L&PCo. June
632,552 490,652 3,657,639 2,863,060 Portl By, L&P Co_June '18
(Oregon)
'17
490,052
Porto Rico Railways.. June
84,792 74,577
506,746
444,980
12 mos '18 6,818,009
g Puget Sd Tr, L & P May
919,764 762,663 4,668,710 3,793,817
'17 5,664,193
gRepublic By & Light June
449,349 375,346 2,808,144 2,229,467
Richmond Lt & RR_ April
127,406
33,739 33,036
127,077
193,822
St L Rock Mtn & Pac June
409,047 341,143 2,648,396 1,784,400 Tennessee Pow Co_June '18
'17
178,187
Santiago El Lt & Tr.. June
55,718 47.040
325,078
266,990
12 mos '18 2,036,987
Savannah Electric Co June
555,228
96,677 79,184
451,965
'17 1,883,220
Second Avenue (Rec) April
66,860 63,800
234,114
243,788
Southern Boulevard_ April
64,371
17,670 18,140
67,923 Tenn By,L & P Co.June '18
525,836
Southern Cal Edison_ May
653.400 528.584 2,781.408 3,280.386
'17
470,261
Staten Isl Midland__ April
20,778 25,587
78,605
93,067
12 mos '18 5,551,567
Tampa F,lectric Co.._ June
83.135 78.236
517.280
514.960
'17 5,146,276
Net after
Taxes.
29,873
25,240
371,355
374,164
29,070
47,582
197,867
393,675
1,754,292
1,331,301
20,932,306
16,244,826
134,914
75,243
1,145,148
1,273,218
39,364
50,006
666,113
Fixed
Charges.
19,502
18,738
234,003
221,471
Balance,
Surplus.
10,371
6,502
137,352
152,693
def2,347
31,417
17,954
29,628
367,374 def169,507
357,675
36,000
7,062 1,747,230
229 1,331,072
20,648 20,911,658
3,759 16,241,067
79,462
55,452
28,224
47,019
529,437
615,711
741,936
531,282
27,951
11,413
37,506
12,500
522,965
143,148
668,812
163,028
505,784
595,401
167,882
427,519
7,062,588 5,648,168 1,414,420
7,567,499 5,111,143 2,456,356
102,876
30,566
72,311
68,592
127
68,465
982,879
135,247
847,632
1,014,892
200,732
814,160
267,496
218,313
2,565,508
2,480,064
15,171
15,799
80,322
90,761
233,809
214,048
2,079,223
2,182,422
75,389
98,132
1,053,018
1,256,253
23,222
32,695
343,710
437,937
47,448
62,895
391,194
437,767
35,855
20,341
417,072
305,486
60,405
53,985
247,276
248,858
25,840
19,017
149,194
219,860
83.966
68,350
920,874
902,254
240,994
215,554
2,636,522
2,594,064
97,607
94,670
758,416
741,465
213.310
213,287
1,907,479
2,049.440
157,315
110,181
152,405
65,908
1,125,261 1,440,247
904,067 1,575,997
11,795
11,615
68,939
70,568
3,376
4,184
11,383
20,193
112,667
86,138
717,446
594,194
111,142
127,910
1,361,777
1,588,228
67,915
64,598
801,618
767,220
7,474
33,534
251,400
489,033
3,894
13,723
116,829
226,796
18,271
34,830
83,923
136,425
19,784
)3,919
222,055
125,850
19,328
18,972
226,881
211.141
29,177
28,065
307,271
301,342
16,071
16,422
195,017
179,636
36,024
34,206
217,028
206,044
24,381
19,779
30,248
42,814
20,338
5,502
15,678
3,339
202,235 def53,041
184.686
35,174
40,527
43,439
40,321
28,029
489,555
431,319
496,976
406,278
187,746
53,245
176,699
38,885
2,155,699
480,823
2,173,776
420,288
52,346
45,261
51,993
42,677
630,730
127,686
523,622
217,843
140,472
72,838
136,295
76,992
1,654,373
253,106
1,521,546
527,894
AUG. 241918.1
THE CHRONICLE
FINANCIAL REPORTS
Financial Reports.
-An index to financial reports of
steam railroads, street railways and miscellaneous companies
which have been published during the preceding month will
be given on the last Saturday of each month. This index
will not include reports in the issue of the "Chronicle" in
which it is published. The latest index will be found in the
issue of July 27. The next will appear in that of Aug. 31.
St. Louis Southwestern Ry.("Cotton Belt Route.")
(27th Annual Report-Year ended Dec. 31 1917.)
Chairman Edwin Gould, N. Y., May 15, wrote in subst.:
Investment in Road and Equipment.
-During the year $1,204,045 was
charged to "Road and Equipment," of which $936,534 was appropriated
from income and $17,314 from surplus, account "Donations" made by
individuals and companies. Expenditures amounting to $256,716 were
made and charged to "Road and equipment-Equipment." The total
expenditures for road and equipment for the year aggregated $1,460,761.
Funded Debt-Sinking Fund Established.
-Pursuant to authority delegated by the board of directors, a sinking fund was established to provide
for the acquisition of First Consol. Mortgage bonds, for the purpose of
aiding in their retirement, or refunding at maturity. The plan authorized
provides for appropriation from income of the amounts expended in such
acquisition. During the year an amount of $670,000 par value First
Consols were acquired.
There were also called for payment as of date April 1 1917, and paid for
and canceled on that date, $690,000 5% Equipment Trust gold notes,
Series "E," and the balance of that issue ($118,000) and $150,000 of other
equipment iss1.169 were paid at maturity.
The net decrease in the funded debt was $1,700,000.
-This company is
Arkansas & Memphis Railway Bridge & Terminal Co.
owned jointly by the Chicago Rock Island & Pacific Ry. Co., the Missouri
Pacific RR. Co and St. Louis Southwestern Ry. Co. To provide funds for
the construction of the bridge and approaches, crossing the Mississippi
River between Bridge Junction, Ark., and Memphis, Tenn., the Bridge &
Terminal Co. issued its $6,000,000 1st M. and capital stock $10,200.
On account of market conditions, it was considered unwise to dispose of
the First Mortgage bonds at that time; therefore, to defray the cost of
construction of the plant, the Bridge & Terminal Co. issued its 6% ThreeYear gold notes, in the amount of $5,000.000, maturing Jan. 1 1918, which
notes were secured by the $6,000,000 Bridge & Terminal Co.'s First Mtge.
bonds. In addition to the amoun, received account of sale of $5,000.00L
notes, the three proprietary companies advanced $170.000 each to tho
Bridge & Terminal Co.construction account,necessary for its completion.
Prior to maturity of these notes, namely, Jan. 1 1918, an agreement was
made between the proprietary companies and the Bridge & Terminal Co.,
providing for refinancing the Bridge & Terminal Co. by increasing Its capital stock. This company accordingly purchased its pro-rata, or one-third,
of the increased capital stock, in the sum of $836.600 par value, and $1,250,000 par value of the Bridge & Terminal Co.'s First Mortgage bonds. To
accomplish its part of the refinancing of the Bridge & Terminal Co.• it was
necessary for your company to borrow $1,227,000, of which amount $562,000 has been liquidated at the date of this report; the balance, $665,000,
is the only loan of your company now outstanding. The three proprietary
companies own all outstanding stocks and bonds of Bring° & Terminal Co.
-This company subscribed for $1,000,000 U. S.
Liberty Loan Bonds.
Liberty Loan bonds of the Second issue. In the allotment by the Government, the subscription was reduced to $880,000. At Dec. 31 these bonds
were pledged as collateral securing cash loans cncessary in the Arkansas &
Memphis Ry. Bridge & Terminal Co. transactions; a portion of which have
since been paid and the bonds thus released are now carried in our treasury
as free assets.
Digest of Statement by President J. M. Herbert.
Results.
-The total operating revenues amounted Co $17,309,657, an
increase of $3,459,526, or 24.98%.
It is pertinent direct attention to the decrease of 7.51% in the tonnage
of cotton handled during the year as compared with previous year. The
decrease in the tonnage of this commodity, which constitutes an important
factor in the traffic of the company, was due, in a measure, to embargoes
on shipments of cotton to New England points and for export, which were
In effect during the latter months of the year; also to the fact that the crop
produced was somewhat smaller than the previous year. At the date of
this report, quite a large volume of cotton thus held back has been moved,
,
which will favorably affec' the results for the year 1918.
Efforts of the company to induce farmers to diversify their crops, with
view of producing food and feed, have been effective. As a result, there
has been a substantial increase in other products of agriculture; notably in
that of rice. which for the year shows an increase of 38,722 tons, or 57.34%
over the previous year. Conspicuous increases are also shown in the tonnage of oats and corn.
The total operating expenses for the year amounted to $10,896,860, an
increase of $1,578,554, or 16.94%. The increase in the operating expenses
was due, to some extent, of course, to the increase in the volume of traffic
handled,' also in great measure to the general increases paid for labor and
material. The ratio of total operating expenses to total operating revenues
for the year was 62.95%, compared with 67.28% for the previous year: or a
decrease of4.33%. _
The average load in tons per loaded car mile, including company material, was for 1917 474.06 tons, against 390.40 in 1916.
Rate Situation.
-[As in the company's earlier reports, the efforts to secure
higher freight and passenger rates are outlined in considerable detail.'
-Throughout the major portion of the terriAgricultural and Industrial.
tory traversed by those lines, the agricultural conditions for the past year
were generally most satisfactory. Food production was the dominant
factor, resulting in an extensive diversification of crops. The yields and
prices obtained for the most part were excellent.
Equipment.
-The program providing for the rehabilitation of freight
equipment, to extend over a period of three years, to which reference was
made in previous annual report, has been carried on. During the year
2,003 freight-train cars were dismantled and rebuilt.
In the previous annual report, statement was made that contract had
been lot for the building of 125 steel underframe 80,000 pounds capacity
box cars, to fill vacancies caused by the destruction of a similar number of
60,000 pounds capacity wooden box cars, covered by equipment trust
agreements. This equipment was received during the month of January
1918 and is now in use.
Federal Taxes -By the War Revenue Act of October 1917 our taxes
were increased for the past year by the additional 4% on the net income in
'
the sum of $153,419, and by the Excess Profits tax in the sum of $132,483.
Valley Terminal Ry.-Lease.-Mention was made in annual report for
1916 of the organization of the Valley Terminal Ry., for the purpose of
constructing a complete freight terminal at Valley Junction, in St. Clair
County, Ill., adjoining East St. Louis, Ill. The completion of this terminal
has been unavoidably delayed owing to difficulty in obtaining necessary
materials, and litigation; but at the time of this report the work is nearing
completion and the terminal is expected to be ready for operation at an
early date. A lease is now being drawn providing for the leasing and operation of the terminal by this company. [Capital stock owned (unpledged)
by St. Louis Southwestern Co. Dec. 311917,$5,000.1
CHARACTER OF STEEL RAIL IN MAIN TRACK.
Miles70-lb. 60-lb. 56-lb.
75-lb.
-lb.
85
Total.
Dec.31 1917
35.05 1,021.69 30.67 44.15 381.34 1,512.90
Dec. 31 1916
8.95 1,045.44 60.67 44.15 383.15 1,512.36
June 30 1916
8.95 1,045.44 30.67 44.15 383.15 1,512.36
BALLAST AND BRIDGES IN MAIN TRACK.
MilesRock. Gravel. Cinders. Burn Clay, Soil, Tres.Ac Total.
Dec. 31 1917-*199.57 612.42 92.92
211.58
411.43
*1,527.92
Dec. 31 1916-*189.33 633.88 81.74
212.42
409.97
*1,527.34
June 30 1916-*189.89 631.46 80.74
212.42
412.83
*1,627.34
* Includes 1.1.02 miles in second main track.
795
OPERATIONS, EARNINGS, EXPENSES, CHARGES, &c.
-Years end. Dec. 31- -Years end. June 301917.
1916.
1916.
1915.
Average miles operated1,754
1,754
1,754
1,754
Operations
Passengers carried
3,058,782 2,684,791
2,429,184 2,505,801
Pass'gers carried 1 mile_132,489 817 100,948.099 86,256.162 88,410,690
Rate per pass. per mile_
2.48 eta.
2.56 eta.
2.56 cts.
2.29 eta.
Tons freight moved_a
4,996.813 4,009,498 3,745,130 3,181,267
do do
1 mile__ _1270829273 956,572,396 891,104,359 747.474,244
Rate per ton per mile_a1.03 eta.
1.08 cos.
1.06 eta.
1.03 cts.
Earns, per pass. Cr. mile
$1.3687
$1.1414
$1.1086
$1.0310
Earns. per fr't tr. mile__
$4.4281
$3.8089
$3.5721
$3.2543
Gross earnings per mile$9,871
$7,897
$6,970
$6.060
a Not including company's freight.
Years ending Dec.31
1917.
1916.
1915.
Freight revenues
$13,062,975 $10,369,943
Not
Passenger
3,284,490
2.579.364 separated
Mail, express, &c
742,530
719,985
Total operating revenues
$17,089,995 $13,669,292 $11,275,024
Maintenance of way and structures
$1,777,729 $1,620,812
Maintenance of equipment
2,915,460
2,569,125
Not
Traffic expenses
546.912 separated
564.420
Transportation
5,031.343 4,049,331
General, &c
607,909
532,125
Total operating expenses
$10,896,860 $9,318.306 $7,848,791
Net earnings
$6,412,797 $4,531,825 $3,426,233
Tax accruals
1,075,096
615.814
598,793
Uncollectibles
1,330
2,377
3,458
Operating income
Hire of freight cars
Joint facility rents
Interest income
Other rents, &c
$5,336,371 $3,913,634 $2,823,982
$1,216,995
$950,993
$500,493
235,098
243,520
232,756
232,897
173,958
16'i.391
138,140
156,825
227,154
Gross income
Deductions
Joint facility rents
Rent for leased roads
Miscellaneous rents
Interest on funded debt
Other interest
Miscellaneous
Invest, in physical property
$7,159,500 $5,438,929 $3,951,776
Total deductions
Balance, surplus
$581,815
277,300
82,365
2,306,923
7,829
29,810
$469,106
277,279
90,679
2,342,558
25,444
11,699
132,580
$435,861
276.937
77,141
2,357,657
57,068
11,099
$3,286,042 $3,216,764 $3.215,764
x$3,873,458 $2,222,165
$736,012
x Applied to sinking funds, $412,860; appropriated for investment in physical
Property, 8971,390; transferred to profit and loss, $2,489,208.
CONDENSED BALANCE SHEET (ENTIRE SYSTEM) DEC. 31.
1917.
1916.
1917.
1916.
Assets$
Liabilities$
s
$
Road and equip. 96,336,649 94,875,888 Common stock_ 16,356,100 16,356,100
Inv. in affil. cos. 6,469,949 4,548,445 Preferred stock_ 19,893;650 19,893,650
U. S. Govt. 4%
Bonds (see "Ry.
Lib. Loan bds
880,000
dr Ind." Sec.). 54,424,250 56,124,250
Misc. Investm'ts
25,650
18,120 Loans&bills pay. 1,227,000
Cash
1,295,494 1,298,856 Accts. & wages_ 1,889,258 ii,lii;iiii
Special deposits.
603,921
978,628 Traffic,&c.,bals.
835,358
238,211
Math & supplies 1,659,123 1,470,472 Int.& diva, due.
603,921
462,028
Traffic,&c.,bals.
806,734
226,383 Misc. accounts_
499,261
485,347
Agts. & conduc430,158
196,857 Int.,div.,&c.,accr
259,930
272,082
Loans & bills rec
464,925
269,366 Taxes accrued__
722,944
310,012
Misc. accounts_ 1,580,965
768,657 Oper'g reserves..
156,103
106,870
Accrued Interest,
Accrued deprec- 3,501,956 3,585,472
dividends, &c.
95,723
55,251 Unadj.,&c.,accts
785,514
253,105
Instr. funds,&c.
43,937
53,653 Add'ns to prop.
Unadjusted acthro. income_ 1,719,715
318,151
counts
407,442
932,209 Profit and loss.._ 8,225,711 6,074,556
Total
111,100,670 105,692,785 Total
111,100,670 105,692,785
Securities issued or assumed, unpledged (deducted from book liability per
contra), common stock. $143,900; pref. stock, $106,350, and funded debt,
$4,114,000; unpledged, $4.364,250. Securities issued or assumed, pledged,
(deducted from book liability per contra), funded debt, $27.346,833.
The St. L. S. W. Ry. is guarantor of the payment of the principal and
interest, as the same matures (if default in payment be made by the issuing
companies) of the following securities: (1) Gray's Point Term. Ry. mtge.
bonds, $1,343,000; (2) Central Ark. & E. RR. 1st M. bonds, $1,085.000;
(3) Shrevop. Bridge & Term. Co. 1st M.bonds. $450.000;(4) Terminal RR.
Assn. of St. Louis Gen. M. bonds, 1-15th of $25.642.000 (proportional inc.
on bonds and sinking fund guaranteed). $1,709,467; (5) Memphis Union
Station Co. 1st M. bonds (1-5th of $2,500,000). $500.000; (6) Stephenville
North & South Tex. Ry. 1st M. bonds.$2,607,000;(7) Paragould S. E. Ry.
1st Ref. M. bonds, $511,000: (8) Ark. & Memph. Ry. Bridge & Term. Co.
1st M. bonds (1-3d of $6,000,000), $2.000,000; and (9) The Union Term.
Co. (Dallas, Tex.) 1st M. bonds (% of $5,000,000), $625,000. Of the
amounts shown above $843,000 of the Gray's Point Term. Ry. Co.'s mtge.
bonds and 5184.000 of the Stephenville North & South Texas Ry. 1st M.
bonds are owned by the St. L. S. W. Ry. and pledged under its First Term.
& Unifying Mtge.and $511,000 of the Paragould S. E. Ry. 1st S: Ref. Mtge.
bonds are owned by the St. L. S. W.Ry. and held in its treasury =pledged.
-v. 107, p. 604.
American Hide & Leather Co., New York.
(19th Annual Report-Year ending June 30 1918.)
President Theodore S. Haight says in substance:
Results.
-The operations ofthe company resulted in a profit of $3,748,411,
which, after charging replacements, renewals and repairs, reserve for bad
and doubtful debts, interest, special reserve and the usual sinking fund
appropriations, is reduced to a net profit of $2,385,613.accounted for as
follows:
Dividends paid after deduction of dividends on stock held in trust.. $627,415
Increase in net current assets
$1,796,525
Less'
-'-Cost of 125 bonds held in treas. at begin, of yr.. 128,228
1,668,297
Investments and additions to property
89,901
The volume of business was about 22% over that of the previous year.
Reserve.
-The unused balance of the reserve for war excess profits and
income taxes set up last year has been increased to $500,000 as at June 30'18
Bonds-Sinking Fund.
-The bonds in the hands of the public at June 30
1918 amounted to $3,156,000, having been reduced during the year by
$294,000. The bonds in the treasury in anticipation of immediate sinking
fund requirements at June 30 1917 amounted to $125,000; during the year
there were purchased $294,000, making a total of $419,000, which were
sold to the trustee. Of this total, $150,000 consists of the regular appropriation under the mortgage and $269,000 are bonds purchased out of
accretions to the sinking fund.
The charge to income account in respect of appropriation for sinking
fund for the past year, together with interest on the bonds in this fund,
has been $431,960, and as usual this, in conjunction with the outlay for
replacements and repairs, is considered as taking the place of any specific
provision for depreciation.
Balance Sheet.
-The cost of properties on June 30 1918 stood at $26838,471, an increase of $89,901 as compared with June 30 1917. Of this
amount $36,950 represents an increase in our investment in the U. S. Glue
Co., a company that utilizes our by-product.
Current Assets.
-The total current assets at June 30 1918 amounted to
$17.781,033 and the current liabilities to $3,623,459. leaving net current
assets of $14,157,574, an increase during the year of $1,796,525. The net
current assets at June 30 1918 exceeded the total par value of the bonds
outstanding by an amount of 511.001,574, leaving in addition thereto the
entire plant and good-will standing against the capital stocks of the co.
796
THE CHRONICLE
6
,
-Dividends were paid on the pref. stock of 23 % on Oct. 1
Dividends.
1917 and 2M g on April 1 1918, and since the close of the accounts acash
dividend of 2 % and an extra dividend of 2% in Liberty bonds have been
declared, bothpayable Oct. 1 1918.
-The finished leather on hand June 30 has been taken at the
Inventory.
same prices as at the beginning of the year.
-An addition of 8350,000 has been made to the
Depreciation Reserve.
reserve for possible depreciation of values, making a total reserve for this
purpose of 8700,000.
INCOME ACCOUNT OF COMPANY AND ITS SUBSIDIARIES.
1914-15.
1915-16.
1916-17.
1917-18.
June 30 Years*$29,104,428 $24,076,824 823,559,749 $19,092,483
Gross output
Expenses
Hides & skins used, &c.1$23,218,643 $19,490,799 819,487,455f$11,481,192
1 4,383,750
Mfg.
supplies&expensesf
824,574
1,083,511
932,509
1,300,462
Discounts
444,187
491,727
623,176
General & selling exp
514,379
Taxes (incl. reserves for
46,544
481,400
x452,728
excess profits tax)
[VOL. 107.
Mexican Petroleum Co., Ltd., of Delaware.
(Report for Fiscal Year ending Dec. 31 1917.)
On subsequent pages of this issue will be found the remarks
of President E. L. Doheny, the consolidated profit and loss
account for the year 1917 and the consolidated balance
sheet of Dec. 31 1917. Compare also the accompanying
report for the Pan-American Petroleum & Transport Co.,
the owner of more than half of the capital stock.
The comparative income account for three years past
was given in the "Chronicle" of Aug. 10, page 600.
The balance sheets for 1917 and 1916 compare as follows:
CONSOLIDATED BALANCE SHEET DECEMBER 31.
• 1916.
1917
1916.
1917.
Liabilities$
$
Assets
M.P.Co.(Del.):
Oil lands & leases,
$25,595,009 $21,396,435 821,061,697 817,203,895
Total
66,896,930 64,834,180 Common stock_39,342,400 39,232,000
wells, &c
$3,509,419 82,680,389 82,498,052 $1,888,588 Cash with M.trus. 181,440
Trading profits
994,471 Preferred stock _12,000,000 12,000,000
23,355
16,717
2,807
Add miscell. income..
82,321
(Cal.)stk. 82,321
48,100 M.P.Co.
Investments
200,603
Div. rec'd on pref. stock
2,500
1,532,627 1,194,652 Huasteca P.Co.stk.
Cash
33,877
22,585
held in trust
2,289,330 3,864,080
Acc'ts & bills rec.... 4,811,643 2,873,903 Bonded debt
4,048,633 3,758,796 Pan. Amer. Pet. &
011 stocks
$3,534,811 82,730,983 82,521,407 81,888,588 Materials & supp.. 940,299
Total
441,208 1,034,363
596,787 Transp.
907,163
Deduct71,917 Accounts payable.. 935,152
84,559
$173,937 Live stock
$204,011
8234,786
91,691
59,068
Replace'ts, renew. & rep. $304,968
Accr.bond int.oirc
Mex.Gov.dues paid
18,825
6,849
4,512
45,000
Bad debts and reserve.._
1,849,126 Pref. div., payable
under protest.... 2,763,046
240,000
240,000
Interest on loans, less
837,941 Jan. 1
Mex. war claim_ 842,472
74,404
29,057
113,814
interest earned
131,716 Div. on com.stock 590,132
511,500 Deferred charges.. 706,888
511,500
511,500
209,120
511,500
Int. on 1st M. bonds_.._
Reserve for taxes.. 621,000
25,000
149,948 Lib. Loan bonds
155,781
154,500
151,330
Cost of 150 bonds for s.f.
Depreo'n reserve__ 3,911,747 2,067,319
,
152,166
650
Preferred diva
(5%) ,000(73 )975,000
General reserve...... 1,066,086
Exhaus.of oil lands 3,029,057
$928,614
$878,141
Total deductions.. __ _ $1,776,612 $1,909,356
Profit and loss...... _18,426,639 17,308,868
$959,974
$821,627 31,643,266
Balance, surp. for year.. $1,758,199
83,034,140 77,191,590
83,034,140 77,191,590 Total
Total
* After deducting in 1918 $350,000 special reserve against possible depreciation of inventory; $100,000 in 1916-1917. x Includes in 1917-1918
taxes (including estimated excess profits tax) other than those charged to
American Bank Note Company, New York.
manufacturing costs.
-Year ending June 30 1918.)
(Report for Half
First
BALANCE SILEET OF COMPANY AND SUBSIDIARY COS. JUNE 30.
Entire
First
1917.
1918.
1917.
6 Mos. 1918. Year 1917. 6 Mos. 1916.
1918.
$
$
$
AssetsProfits of the manufacturing and comCost of propertiesa26,838,471 26,748,570 Preferred shares-a13,000,000 13,000,000
mercial business (excl. in 1918 the
90,851 Common shares-al1,500,000 11,500,000
b98,407
Sinking fund
English Co.) after deducting all exel1,889,481 13,668,202 1st M.6% bonds_d3,156,000 3,450,000
penses, incl. repairs and provisions
Supplies
170,500
Interest accrued.._ 170,500
Bills and accounts
for estimated war profits tax and
2,200,000 3,600,000
c3,854,207 2,289,023 Bills payable
receivable
bad debts, but before providing for
216,530
$576,120
3938,908
$666,102
15,417
9,050 Foreign exchange..
Sundries,claims,&c
depreciation
297,949 Less-Depr. on bldgs., mach.& equip.
67.719
156,581
Trade accounts...._ 605,715
71,697
Insur. unexpired &
506,065
122,508 Accr. taxes, &c_ _ _ f647,244
prepaid interest 143,432
$508,401
$782,327
$594,404
1,077,946 1,063,310 Sink. fund 1st M.. 4,969,066 4,539,282 Miscellaneous income
Cash
41,737 abt. 40,527
66,949
8,469,386 6,711,188
Surplus
Lib. Loan bonds.... 800,550
$824,064abt.$548,928
$661,353
34,134 abt. 80,237
90,489
44,717,911 43,991,514 Less-Int. and other deductions____
44,717,911 43,991,514 Total
Total
20,000
21,541
Pension fund
34,336
shares common Profit-sharing plan
a Cost of properties includes 4,517 shares pref. and 2,259
-Dividends:
stock of American Hide & Leather Co. held in trust. b Includes only cash Deduct
(3%)$134,870 (6)8269,739 (3)8134,870
On preferred stock,6% p. a
and accrued interest, the par value of bonds in sinking fund ($4,891,000
(2)89,914
(3%)134,871 (6)269,742
On common stock
-see footin 1918, against $4,472,000 in 1917) not being treated as an asset
$223,907
$194,572
$301,123
note d. c After deducting reserves of $259,136 for doubtful debts and
Balance, surplus
d After deducting $475,000 bonds in treasury, $4,891,000
discounts.
BALANCE SHEET JUNE 30 1918 AND DEC. 31 1917.
-note b), $478,000 held by trustee as invested
bonds in sinking fund (see foot
.
June30'18. Dec.31'17
June30'18. Dec.31'17.
proceeds of released property sold. e After deducting in 1918 $700,000 re$
Liabilities$
Assetsserve for possible depreciation in values of raw stock and tanning materials
on hand. f Includes in 1917 taxes and estimated excess profits tax, $471,- Capital assets_ _ __ 8,720,271 8,555,294 Preferred stock...._ 4,495,772 4,495,650
Common stock__ 4,495,815 4,495,700
Inventories dr work
000.-V. 107, p. 403.
1,685,053 1,431,507 Accounts payable,
in progress
Accts. receivable.. 972,833 1,036,583 tax reserves and
798,169
697,373 advance paym'ts 945,590
570,282
Tidewater Oil Co.(of N. J.), N. Y. City, and Subsidiaries Cash
67,435
67,435
347,712 Pref. dividend_ _ _
0th. current assets 187,984
200,000
-year notes..
121,092 5% 3
(Reportfor Six Months ending June 30 1918.)
Depos.for reserves 124,397
34,336
60,233 Profit-sharing plan
47,970
Derd & unadjusrd
169,092
Pension funds, &o. 171,112
-6 MOS. ENDING JUNE 30 1918 AND 1917.
CONSOL. RESULTS
x2,133,066 1,989,412
Surplus
[Including Tide Water Oil Co. and Subsidiaries.]
6 Mos.'18. 6 Mos.'17.
12,308,700 12,249,794
12,308,700 12,249,794 Total
Total
Total volume of business done by the Tide Water
Oil Co. and its sub. cos., as represented by their
of Jan. 1 1918 exclusive of surplus of English company, $1,831,x Surplus
combined gross sales and earnings, exlusive of
deducting dividends,8301,123;
in
819,629,088 $14,613,975 943;surplus for six months p. 1918, after
inter-company sales and transactions
1227. 1037.
-Vol. 106.
total, 32,133,066.
Total expenses,incident to operations, incl. repairs
maint., pensions ,royalties, administration, &c.. 10,810,325 7,770,714
595,003
1,395.662
Federal taxes
National Conduit and Cable Co., Inc.
Net earnings
Income from investments
$7,423,101 $6,248,258
17,804
230,941
Total income
Depreciation
87.654,042 $6,266,062
934,110
1,718,364
Net income for calendar year
-Outside stockholders' proportion
Less
$5,935,678 $5,331,952
262,437
294.794
Tide Water 011 Co.stockholders' proportion....__ $5,673,241
12,917,001
Previous surplus Jan. 1, carried forward
85,037,158
13,023,617
Total available for cash and stock dividends-- J18,590,242 $18,060,775
2,870,741
2,870,955
Dividends paid in cash (9%)
2,900,000
Dividend paid in stock (19%)
(ReportforQuarter and Six months ending June 30 1918.)
9 Mos. to
6 Mos.,
3 Mos. to 3 Mos. to
June 30'18. *Mar.31'18 June 30'18. Dec. 31 '17.
Income Account$4,142,838 32,485,846 86,628,8841
Net sales
Mfg,cost & admin. exp.. 4,091,105 2,612,685 6,703,790} See Note.
851,733 loss$126,839 loss$75,106 $1,231,683
Profit from operation
86,429
47,063
13,580
33,484
Other income
Result before taxes, &c.. pr.$85,217 loss$113,259 loss$28,043pr$1,318,113
263,182
65,936
30,643
35,294
Deductions-Taxes
18,000
12,000
6,000
6,000
Organ. exp. written off_
302,639
147,180
72,105
75,075
Int. on funded debt......
839
1,083
109
973
Other interest
140,226
70,297
69,929
Reserve for depreciation
27,000
Res.for liab'ty corn. Ins.
15,592
Loss on Liberty L. bds....
8394,468prof$692,539
8292,413
$102,055
Loss for period
Surplus, Tide Water Co's stockholders' pro315,719,287 $12,290,034
portion June 30
CONSOL. BALANCE SHEET (INCLUDING SUBSIDIARIES).
June30'18. Dec.31'17.
June30'18. Dec.31'17.
"Owing to the high percentage of "Toll" business, where the customer
$
Liabilities$
$
Assetsfurnishes the metal and consequently is not billed therefor, this figure
Prop.& equipm't_33,577,483 31,974,838 Capital stock_ _ _ _31,900,000 31,900,000 appears relatively low.
429,932
775,063 Res've for fire loss 444,809
Other investments 1,442,089
x Owing to the fuel shortage the factory was closed down for approxi18,506 3,673,089 Minority interests
Short-term securs_
mately one third of the working days during the aforesaid period of three
2,074,292 1,898,945 months ending Mar. 31 1918.
In sub. cos
1,385,208 1,290,291
Cash
46,027
Accts.& notes rec. 4,199,379 3,552,303 Deferred assets..
-Net sales for this period are not reported. The gross sales were
Note.
78,494
49,058 Current accounts
Prepayments
$20,318,538, manufacturing cost and administration expenses, $19,086,854,
2,209,305 1,190,936 leaving a profit from operation, 81,231,683.,
payable
Crude oil & prod 7,682,894 7,281,987
Supplies & mater'l 3,098,472 1,966,749 Accrued taxes__.... 1,506,290 2,180,536
CONSOLIDATED BALANCE SHEET.
Surplus as per in
147,941
Deferred items
June 30 '18. Mar. 31 '18. Dec. 31 '17
.
scat above15,719,287 12,917,001
AssetsTax reserve fund.. 975,000
$1,114,788 $1,213,612 81.430,648
1,248,517
Cash
Liberty bonds..
1,000,000
U.S. Govt.4% cert. of Indebtedness_
3,094,084
53,853,983 50,563,378 Accounts & notes receivable-net_ _ _ 2,491,660 2,289.049
Total
53,853,983 50,563,378
Total
2,760,058
3,011,249
Raw materials, work in process, &c.... 3,426,590
06r. 106, p. 2458.
-33,704
28,953
108,396
Investments
509
209,199
729
for bd. sk. fd., &c......
Cash on deposit
181,546
209.800
Pan-American Petroleum & Transport Co:
145,858
Deferred charges, net
6,500,274 6,533,193 6,635,628
Plant,land, bidgs., mach., &c., not
1
1
(Report for Fiscal Year ending Dec. 31 1917.)
1
Patents, goodwill, &c
57,450
payments
The annual report of this company, and also the report Advance
$14,473,079
$13,788,296 814,215,612
Total
of its leading subsidiary, the Mexican Petroleum Co., for the
Liabilities
year ended Dec. 31 1917, are given at length on subsequent Capital stock sink,fund gold bds- $8,750,000 $8,750,000 $8,750,000
4,873,000 4,939,000 4,939,000
1st M.6% 10-yr.
192,884
99,152
76.594
pages of to-day's "Chronicle," including the remarks of Accounts payable
President E. L. Doheny, the profit and loss accounts for the Accrued payrolls, bond interest and
129.233
202.641
148,340
real estate taxes
twelve months and the balance sheets of Dec. 31.
90,915
95,663
102,315
Reserve for liability compen. ins_......
350,000
350,000
This company's balance sheets of Dec. 31 1917 and 1916 Res. for excess prof. 8c Fed. inc. taxes 111,616
77,296
73,081
Deferred credits
were given last week (page 693), and the comparative in- Surplus
21,046
deb.373,422 deb.271,368
come account of the Mexican Petroleum Co. for the years
$13,788,290 $14,215,612 $14,473,079
Total
-V.107, p.693. -V.107, p. 700.
1915 to 1917 were published in V.107, p.600.
AUG. 24 1918.]
Pacific Mail Steamship Co., New York.
(Report for Six Months ended June 30 1918.)
Pres. George J. Baldwin, Aug. 20, wrote in substance:
-Net income for the six months ended June 30 1918 was $1,001,Results.
914. Dividends paid during the period amounted to $404,500, leaving a
balance of $597,414. In considering this amount, however, allowance
must be made for amortization and estimated income and excess profits
taxes which have not yet been set up in the accounts and may consume
the larger part of this balance.
Dividiemis were paid as follows: (a) on preferred stock, 14% on March
1 1918; fl
4% on June 1 1918; (b) on common stock, 50 cents per share
(semi-annual) and an extra dividend of $1 per snare on June 15 1918 to
holders of record June 1 1918 (V. 106, p. 2126, 2654).
Pref. Stock Called-New Common.
-The $1,700,000 preferred stock has
been called for redemption at $110 per share and accrued dividends,
effective Sept. 1 1918. At the same time provision has been made for the
Issue simultaneously of 70,000 shares of new common stock (par value $5)
at $25 per share, to make a total outstanding of 300,000 shares. Present
common stockholders have the right of subscription pro rata. This operation is thus in effect a conversion of the outstanding preferred stock into
new common stock. This conversion removes an obstacle to quick and
expeditious financing in the future, if the expanding business should make
this advisable and require a larger cash capital than the amount set aside
from earnings. (V. 107, p. 86.)
-All of our Trans-Pacific steamers as well as most ofthe steamOperations.
ers of our Panama fleet are operating under U. S. Government Requisition Charter. Loquidations of completed round voyages under such
requisition began practically about the first of the current year, so that the
six months ended June 30 1918 represented almost the entire period so
affected. Thus, altholigh actual traffic earnings of our requisitioned
steamers were considerably in advance of results for the corresponding
period of last year only net income to the company during such requisition
(except for deductions for depreciation, overhead, &c.) appears on the attached statement. This should be taken into consideration in comparing
the operating results for the two six months periods as shown. The only
steamers we operated for our own account in this period this year were the
San Jose and San Juan and the chartered steamer Geo. W. Elder, which
are on the Panama Line.
Our bi-monthly East Indian service, operating, under an agency agree-.
ment, the steamers olusa and Santa Cruz to Manila ,Singapore, Calcutta,
and Colombo, and return is continuing to supply with satisfaction an important need for communication with these ports.
The United States Shipping Board assigned to us for operation the
steamers Princess Matoika, Tjisondari, Tjikembang, Kaeo Samud, Sae
Samud, Persia Maru, and Jutlandia. We were very happy to be of service
in the management of these ships, which were also useful in aiding the
necessity of American shippers. The Persia Maru has now been diverted
to another trade and is to leave our management.
Outlook.
-The success of operation of the Pacific Mail in the development of the Trans-Pacific business has been very gratifying. We are
looking forward to a period of substantial progress along the lines which we
have pioneered during the past two years.
RESULTS FOR 6 AND 12 MONTHS ENDED JUNE 30.
-6 Mos. end. June 30- -12 Mos.end. June 30
1917.
1917-18.
Panama & Trans-Pac. Lines 1918.
1916-17.
Gross rev, steamship oper___$1,786,280 $2,340,033 $6,102,921 $3,539,146
Operating cost, incl. deprec.,
1,117,896 1,605,842 3,983,902 2,491,034
overhead, Ste
$668,384 $734,190 $2,119,018 $1,048,111
25,026
x333,530
578,311
Miscellaneous revenue
46,039
y$1,001,914 $759,217 $2,697,329 $1,094,151
Total not revenue
59,500
119,000
Prof. dividends (7% p. a.)_ _
(30%)345,000(10)115,000
(90)1035000(10)115,000
Common dividends
$597,414 $644,217 $1,543,329 $979,151
Balance
The not revenue for the year ended June 30 1917 includes Trans-Pacific
Line for six months in 1917.
a Includes Panama and Trans-Pacific Line revenue.
x This item is principally made up of interest on Liberty bonds and time
loans and of commissions for operating other than company's steamers
assigned to us from time to time by the United States Government.
y In considering total net revenue in the income statement for the six
months ended June 30 1918, and surplus in the balance sheet as of June 30
1918, allowance must be made for 1918 amortization and estimated income
and excess profits taxes, which have not yet been set up in the account.
CONDENSED BALANCE SHEET JUNE 30 1918 AND
June 30'18
June 3018 June 30'17
$
AssetsSteamers,&e.,equipx3,898,202 4,101,521 Preferred stock___ 1,700,000
259,922 Common stock ___ 1,150,000
&curs.unpledgedy 200,059
429,376 Prem.on cap.stock 150,000
2,856,043
Cash
Loans & acets roe. 2,300,000 1,464,886 Loans & bills pay
Audited vouchers
Ins, claims against
& wages unpaid. 332,690
258,858
underwriters_ __ 260,730
78,067 Misc. accts. pay'le 390,982
Materials & sumo- 115,079
Matur.divs. unpd.
33,161
Reserve for doubtful accounts_ ___Cr.200,000 Cr.200,000 Div. deo.(not due)
279,035 Open voyage revs_ 2,174,208
Advance rents, &c. 223,078
435,214 Other def'd items_ 1,661,330
Open voyage exp. 102,154
147,057 Res've for replac'ts 662,795
34,862
Other def'd items_
Res've for add'ns
Mise. ace'ts receiv.
and betterments 858,353
& other working
!We've for repairs_ 100,000
1,834,656
assets
Surplus
2,411,343
Total
11,624,863 7,253,936
797
THE CHRONICLE
Total
1917.
June 30'17
$
1,700,000
1,150,000
150,000
118,957
146,043
33,026
115,000
883,311
422,872
662,795
1,871,932
11,624,863 7,253,936
x After deducting $811,558 reserve for accrued depreciation. y After
-V. 107, p. 86.
deducting $100,000 reserve for depreciation of securities.
equipment, but shipments have fallen short, due to the inability of the railroads to supply cars.
Dividends.
-On May 1 1918 there was plaid a dividend of 3% on the pref.
stock, covering the six months' period ended Dec. 31 1916(V. 106, p. 14,63).
This leaves unpaid dividends amounting to 9% on the preferred stock for
the 18 months ended June 30 1918. Your directors have considered the
advisability of making further declarations against these accrued dividends,
but unanimously decided that, notwithstanding the company's excellent
•earnings, it was to the interest of all the individual stockholders, as well as
the company as a whole, to maintain, for the time being at least, the strong
financial position which has been acquired.
Air Nitrates Corporation Organized to Build and Operate for Government
Plants Costing About $75,000,000.
-Late in 1917 the Air Nitrates Corporation was formed for the purpose of acting as agent for the U. S. Government in the construction and subsequent operation of plants for the manufacture of ammonium nitrate by way of the cyanamid processes. Up to
this time the Air Nitrates Corporation has contracted for three plants: One
at Muscle Shoals, on the Tennessee River in northern Alabama; one near
Cincinnati, 0., and the third near Toledo, Ohio. The construction of these
plants involves an estimated expenditure of $75,000,000, and all funds for
construction and operation will be supplied by the Government. All the
capital stock of the Air Nitrates Corporation, which is nominal, is owned
by the American Cyanamid Co. The Air Nitrates Corporation receives a
fee for construction and a fee for operating the plants, and in addition the
American Cyanamid Co. receives a fee as royalty for the use of its patents.
-The net sales for the fiscal year have amounted to $6,194,668, as
Sales.
compared with $2,705,053 for the preceding fiscal year.
-The contracts on hand June 30 1918 for delivery prior
Orders on Hand.
to June 30 1919 of various products are estimated to have a sales value of
$5,881,548.
•
INCOME ACCOUNT FOR YEARS ENDED JUNE 30.
1916-17.
1917-18.
$5,587,077 $2.735,682
Gross sales to customers
30,628
39,569
Less freight and allowances
Net sales to customers
Sales to Amalgamated Phosphate Co
$5,547,508 $2,705,053
647,160
Total sales
Cost of sales
Decrease in inventories
Bags and shipping expenses
Selling and general expenses
Reserve for depreciation
Interest, taxes, &c
$6,194,668 $2,705,053
1,604,836
3,548,284
133,160
29,671
190,613
301,148
189,625
63,141
$2,345,236 . $494,008
Net profit on sales
$85,848
Profit on manufacture of cyanide
Profit from payments received from construction
$80,410
of plant
8,674
Profit on sub-chartering of steamers
8,138
Profit on commissary operations
64,231
18.660
Miscellaneous income
41,052
Interest, exchange and discount earned
Interest, exchange and discount paid
Int. on bonds of the Amalgamated Phosphate Co
$2,507,608
$7,448
64,800
$638,649
$2,435,a60
$638,649
Net profit for year
570,000
Reserved for income and war excess profits taxes
See t
29,974
Loss for year of sub. co., the Amal. Phos Co
233,975
Licenses and patents written off
(6%)196,578
Dividends in arrears paid on preferred stock____(3%)203,007
Net income
$1,398,404
$442,071
* In 1916-17 the company paid (Dec. 1 1916) its deferred dividend of
6% of June 30 1915, but omitted its regular payments for the year ending
June 30 1917. On May 1 1918 a further 3 o was paid covering the 6
months to Dec. 31 1916 and leaving 9% ($715,90) unpaid to June 30 1918.
,
t Compare footnote ‘z" to balance sheet below.
BALANCE SHEET JUNE 30.
1918.
1917.
1917.
1918.
Assets$
Lands, bldgs., &c.x4,172,994 3,898,042 Common stock__ 6,594,300 6,514,000
258,566 Preferred stock-.-.-.y7,994,200 7,895,200
Notes & acc'ts rec_ 491,540
262,995
105,066 Accounts payable_ 198,987
793,134
Cash
359,114
7,400
979,696 Notes payable_ _ __
Inventories
1,337,089
152,874 Notes pay. to sub. cos.:
Advance pay.,&c_
6,494
License, pats., &c_ 5,523,129 5,484,033 Amal. Phos. Co_ 306,226
Air Nitrates Corp. 100,000
Inv.in Amal.Phos.
Accrued wages_ _ _
48,006
Co., paid for in
4,864,141 4,982,187 Res've for U.S. dz
co. stock
Canadian taxes_ 600,000
Inv.in NitratesCo.,
Accr.int.,taxes,&c.
16,782
62,335
pd. for in co. stk_
1,000
Due affiliated cos.
Due from sub. cos.:
(Amal.Phos.Co.)
241,418
Amal. Phos. Co_
90,871
1,743,235
Air Nitrates Cos_
Surplus
525,403
315
U.S. Lib. bonds &
Can.Victory bds_ 299,627
Deferred charges28,803
Total
17,609,136 15,860,464
Total
17,609,136 15,860,464
x After deducting $845,134 for depreciation, against $451,707 for the
preceding year. y Accumulated pref. dividends to Dec. 31 1917, $715,930.
z Profit and loss surplus June 30 1917, $525,403; add surplus from- operations of year 1917-18 (after deducting 3% overdue dividend on pref. stock).
$1,398,403, and deduct (a) U. S. and Canadian income and excess profits
taxes, $55,407: (b) losses of Amalgamated Phosphate Co. to June 30 1917,
$88,071; (c) losses on dismantling, &c., $37,095. Balance, surplus.
June 30 1918, $1,743,235.-V. 106, p. 1463, 716.
American Cyanamid Co., New York City.
New York Edison Co. (Entire Stock Owned by Con(Report for Fiscal Year ended June 30 1918.)
solidated Gas Co.).
President Frank S. Washburn, N. Y., Aug. 1918,wrote:
(Revised Data for Fiscal Year ending Dec. 31 1917.)
Fertilizer Output Gives Place to Nitrogen, &c., for U. S. War Purposes.
During the year your company has entered a new field and has temporarily
The Public Service Commission, First District, recently
withdrawn from its normal field of activity, the fertilizer industry. During the latter part of 1917 there developed a great need of ammonia for made public the company's financial statistics for 1917.
the manufacture of military explosives. As the nitrogen in cyanamid
readily lends itself to conversion into ammonia, the full capacity of the
conversion plant at the Warners, N. J. factory for the year 1918 was contracted for by the U. S. Ordnance Department, and the product is being
shipped out in the form of aqua ammonia, to be used in the manufacture of
ammonium nitrate. The full production of the sulphuric acid plant at
the Warners factory is also being utilized by manufacturers of explosives
under Government contracts.
"Ammo-Phos."-While the initial manufacture of ammonium phosphate
has had to give way to war demands, much preliminary work has been done,
and the practicability of manufacturing "Ammo-Phos" and the agricultural value of the product have been satisfactorily demonstrated. In
the manufacture of aqua ammonia from cyanamid., at the Ammo-Phos
works in New Jersey, only a part of the installed equipment is utilized, but
the plant is being fully maintained for the manufacture of "Ammo-Phos"
when the Government's demands for aqua ammonia from this source shall
have been supplied.
Cyanamid.
-At Niagara Falls the production of cyanamid was materially
curtailed for seven months by the improper action of the Ontario Power Co.
of Niagara Falls in withdrawing a portion of our contract power and diverting it to other uses. After tedious negotiations the full amount of our
power was restored to us on Apr. 23 1918. Further progress and refinements have been made in the manufacture from cyanamid of a low-grade
cyanide, the resulting product during that period being the main, if not
the solo, dependence ofone of the large mining and refining companies for
the extraction of their gold and silver ores.
Phosphate.
-The company has enjoyed an increased production of rock
from its phosphate mines at Brewster. Fla., as a result of the additional
Some of these statistics were given in an earlier issue of the "Chronicle,"
but, owing to errors as so compiled, due to changes in the method of
comparison and an improper grouping of figures which upset the final result
shown by the income account, the statement is republished below in more
extended form. In the present instance the form presented by the Commission is followed precisely, except that certain items of "other income"
and fixed charges, respectively, are given in our tabulation as gross instead
of net items, while dividends and a contingency appropriation are charged
directly against income instead of against accumulated surplus.
OPERATING STATISTICS FOR CALENDAR YEARS 1915, 1916 AND 1917.
1915.
1917.
1916.
K.W.Hours. Sales of Electric Current.
None
$410,838
Municipal street lighting-arc_
$957,076
436,192
18,596,223 Muni°. at. ltg.-incan.0 5.39c- $1,002,784
356,134
341,887
342,041
8,668,830 Lighting municipal buildings__
21,984
60
20,324
22,828
380,451 Municipal power
48,620
62,232
51,847
1,144,257 Miscell. municipal ® 4.53c
121,212
110,900
118,439
4,822,002 U.S. Govt.light & pow.0 2.51c.
394,364,7451Commercial metred lighting, &c_),21,941,236 21,253,842 19,851,335
1Commercial metred power
565,111
946,823
583,428
121,647,987 Railroad corporations 0 0.78e._
354,529
609,851
462,488
30,503,711 Other electric corporations
219,705
306,582
273,902
22,958,026J Breakdown service
IMiscellaneous sales
603,086,232
Total sales
Other operating revenue
$25,359,297 $24,035,810 $22,399,062
$300,639
$147,005
$328,712
798
[VOL. 107.
THE CHRONICLE
cost of all labor and material, and the limitation as to the price of copper,
INCOME ACCOUNT FOR CALENDAR YEARS 1916 AND 1917.
we feel that the results are very satisfactory.
11917 data subject! to correction if found necessary by Commission.]
The necessary machinery for our flotation program has been received;
1917.
1916.
three sections are now in successful operation, and the remaining two should
Operating revenues
$25,688,009 $24,336,449 be in operation this fall. The best known flotation experts assure us that
Operating expenses:
we can
expect
Power-plant labor
$450,992 of the safely againsta recovery of from 75% to 80% of the copper contents
$557,846
Fuel for power
3,762,901
1,929,074 of the ore, as rapidly 48.2% recovery for last year. The present operation
mill is
approaching this recovery.
Station supplies and expenses
161,421
170,765
With the Government price increased to 26 cents
Repairs
445,249
287,660 the advances in cost) we feel that the outlook for the(which will help meet
company is excellent.
PROFIT AND LOSS STATEMENT DEC. 31 1917.
Cost of current generated
$4,927,417 $2,838,491
Electric energy bought at average of
907,620
818,009 Copper prod., 5,279,259 lbs__$1,330,444 Deductions
Transmission and electric storage
567,461
495,484
produced, 2,914.79
2,495 Interest, taxes, &a_ _ . $32,901_
Distribution
1,484,447
1,556,234 Silverproduced, 1,162.956 ozs.
Gold
ozs.
23,279 Renovation and experiCommercial utilization
997,035
964,591
mental expense.._ _ _ 19,792
Municipal street lighting
258,456
190,267
Value metals produced- _ _ _$1,356,218 Organization exp., &e.. 10,269- 62,962
Commercial administration
705,782
839,053
Promotion of business
956,289
949,016
Net profit
$271,485
1,057,089
production
General expenses (excluding depreciation)
2,096,251
1,577,630 Cost ofroyalties, &c
Rents,
36,217 Reserve for depreen_$62,533
Reserve for depletion.. 71,082- 133,615
Total of foregoing
$13,034,030 $10,095,504
General amortization_c
1,280,489
1,183,196
$334,446 Profit and loss surplus
$137,870
Total profit
Total operating expenses
$14,314,519 $11,278,700 BALANCE SHEET AS OF DEC. 31 1917 (Total Each Side, $2,641,284).
Uncollectible operating revenue
57,545
100,903
Liabilities
Assets
Tax accruals
y2,517,552
1,849,559 Mill bidgs., equip.& ore prop_51,742,337 Capital stock outstanding*_ _ _$2,190,625
Reserve for depr'n & depletiondeb133,615 Notes payable
27,375
Total revenue deductions
$16,932,974 $13,185,804 New construction
93,717
104,088 Accounts payable
Copper advance
85,336
Oper. income applicable to corp. & leased prop__ $8,755,035 $11,150,645 Investm't in Bingh. Cent. Ry. 327,820 Smelter accounts payable.._ _
82,844
Cash,concentrates on hand and
Add-Interest from Consol. Tel. & El.subway, &c. x1,281,372
1,230,269
23,518
In hands of Am.Sm.&Ref.Co. 426,671 Sundry reserves
Miscellaneous interest and dividends
c546,945
474,525 Accounts receivable
64,772 Profit and loss (surplus)
137,870
109,211
Inventories
Total income
$10,583,352 $12,855,439
Deduct--Rents to Consol. Tel. & El. Subway,&c_z 1,972,443
1,912,888
* Authorized stock, $2,500,000;in treasury.$309,375.-V. 105, p. 2461.
Interest deductions_d
1,977,523
1,957,011
Appropriations to contingency account_c
2,134,148
1,971,993
Jefferson & Clearfield Coal & Iron Company.
Dividends (7%) on stock
4,616,817
4,616,738
Total deductions
Balance, deficit or surplus
Surplus at beginning of year
Deductions from surplus (net)
$10,700,932 $10,458,630
def.117,580sur2,396,809
36,573.155 34,181,622
5,276
132,165
Surplus at close of year
$36,323,410 $36,573,155
b Some of the 1916 figures have been reclassified by the company. c The
company makes no charge to the prescribed operating expense account
General Amortization and no credits to the prescribed account Accrued
Amortization of Capital; instead, it has included in operating expenses
without authority from the Commission the item "Renewals and Replacements
-Plants withdrawn from service," based on 3-10 cent per k. w. h.
oflow-tension current sold to consumers. In addition the company charged
Surplus and credited "Contingency" reserve at the rate of % cent per k.w.h.
d Consists of interest on funded debt, $1,696,420; on loan from Consolidated
Gas Co., $210,000; on other obligations, $76,765; less amortization of
premium on debt $5,661. e Consists of interest on special deposit with
National City Co. $294,999; from Yonkers Elec. Lt. & Pow. Co., $79,083;
from others, $91,625; divs. from Edison L. 'Sc P. Inst. Co., $78,000; from
others, $3,837.
x Includes interest from Consol. Tel. & Elec. Subway, $1,222,548;
Empire City Subway, $46,140; rents receivable, $43,457; less expenses and
taxes, $30,773), $12,683; total, $1,281,372.
y Includes taxes paid and provision for a certain amount of taxes to be
paid, the total charges for Federal taxes being ($461,843, and for special
franchise tax, $1,274,848.
z Includes rent to Consol. Tel. & Elec. Subway, $1,386,228; Empire
City Subway, $206,768; other subway duct rents, $11,148; Brush Elec.
Ilium., $47,656; joint facility rents, $923; miscellaneous rents, $319,720;
total, $1,972,443.
COMPARATIVE RESULTS FROM OPERATION FOR CAL. YEARS
1914.
1917.
1916.
1915.
Operating revenues _ _ _ _$25,688,009 $24,336,449 $22,546,069 $23,538,342
Oper. exp.,excl. deprec_a13,304,302 10,359,405
9,649,679 9,932,976
Net rev, before depr_ _$12,383,707 $13,977,044 $12,896,390 $13,605,366
Deduct
-Tax accruals__ $2,517,552 $1,849,560 $1,469.369 $1,361,624
Uncollectible bills.._
100,903
57,545
101,767
88,152
Subway duct rentals_ 1,604,144
1,563,470
1,521,615
1,502,306
Deprec'n accruals_ _ _ _ 1,280,489
1,183,196
2,861,999 3,483,055
Total
$5,503,088 $4,653,771 $5,941,135 $6,448,752
Balance
$6,880,619 $9,323,273 $6,955,255 $7,156,614
Add income from subway duct cos.:
1,224,407
1,242,711
Interest and dividends 1,268,689
1,139,965
Undiv. profits (equity
in additions to surp.
of Consol. Tel. &
35,954
84,344
Elec. Subway)........10,153 Dr.54,454
Profits applicable to co.'s
investment in electric
plant and subway
J A$8,159,461 $10,403,226
ducts..c
1B 6,025,313 8,521,233 $8,233,920 $8,380,923
A equals before, Und B equals after deduction of appropriation for contingencies ($1,971,993 in 1916 and $2,134,148 in 1917).
a To conform with figures shown for prior years, there is included here
(but shown, as reported, under rent reductions in preceding table), $270,272 for rent chargeable to operating expenses under the accounting regulations of the Commission. c Various small items have not been deducted
Brush Electric rent, $447,656; other items amounting in 1917 to $47,842(net).
-BALANCE SHEET DEC. 31.'wa
NEW YORK EDISON CO.
1917.
1916.
1916.
1917.
LiabilitiesAssets$
$
Fixed capital.._ _108,742,290 110,285,766 Capital stock_ _ _ 65,945,417 65,953,717
Inv.in assoe.cos. 18,399,897 16,999,897 Mortgage bonds 38,106,000 38,123,500
Other invest'ts.. 1,865,448 1,812,428 Due associated
Cash
2,495,036 1,992,553 companies__ 3,722,464 3,621,402
Accrued taxes_-_ 1,020,033
427,361
Due from associ612,773
1,729,634 1,939,368 Unmat.int., dm.
ated cos
Curr. liabilities- 2,081,754 1,171,853
Acc'ts receivable
284,614 Consumers' de302,619
City of N. Y.
534,344
posits
564,872
Special deposits. 7,624,674 8,608,319
Casualties & inConsumer's ac148.489
148,489
2,408,222 2,285,114 surance res've
counts
Other accounts.. 1,848,120 1,204,601 Other reserves__ 1,127,565 1,070,706
Material & supp 3,025,787 2,200,222 Corporate surp-y36,323,410 36,573,155
610,874
587,704
Suspense
10,573
13,544
Prepayments...._
Total
149,040,004 148,237,300
Total
149,040,004 148,237,300
y After deducting in 1916 $2,134,148 for contingencies and $141,682
-V. 106, p. 2455.
(net) for miscellaneous Items.
Ohio Copper Company of Utah.
(First Annual Report-Year ending Dec. 31 1917.)
Pres. Hubert E.Rogers,N.Y.,July 301918,says in subst.:
(Report for Fiscal Year ending Dec. 31 1917.)
Secretary Lewis Iselin, N. Y., March 1, wrote as follows:
Besides $71,068 paid out of earnings, the trustee collected the interest
on $1,635,000 1st M.5% bonds in the sinking fund and invested the moneys
in the purchase of 16135,000 of these bonds. The company purchased in
the open market and canceled $168,000 of its 1st M.5% bonds, reducing
the amount outstanding to $62,000. It also purchased and canceled
$551,000 of its 2d M.5% bonds, leaving $449,000 bonds outstanding of the
original issue of $1,000,000 due 1926. A mortgage of $35,000 given in
former years in payment of property near Dubois, Pa., was paid. All
these items were charged against net earnings.
The amount deducted from net earnings for taxes includes an estimate
of the excess profits tax due next June under the war tax law and the result
for the year is subject to such adjustment as may be necessary when the
tax is finally determined, as up to the time of the closing of the books tae
blanks for returning this tax had not been received from the U. S. Internal
Revenue Department.
Since the close of the fiscal year a dividend of $2 50 per share was declared on the pref. stock, payable Feb. 15 1918.
RESULTS FOR YEARS ENDING DEC. 31 1917 AND 1916 AND YEARS
ENDING JUNE 30 1915 AND 1914.
-Years ending Dec.31- -Years ending June 30-1917.
1916.
1914-15.
1913-14.
tons.. 2,521,960
2,256,160 1,622,476
1,906,998
Coal sold
tons..
89,350
88,716
126,052
87,059
Coke sold
$6,765,161 $3,089,401 $2,161,503 $2,556,271
Gross earnings
2,505,766 1 1,847,591
2,099,488
Expenses
4,378,536
29,727 I
Taxes
518,100
$313,912
$553,908
$456,783
Net earnings
$1,868,525
247,328
Int., sk. fd. & bond red_ 1,078,780
323,279
248,424
Construction & equipment charged off......_ 5,975,416
80,938
55,000
58,280
Divs. on pref. stock___ _(5%)75,000 (5%)75,000 (3%)56,250 (5%)75,000
Balance aft. pref. div_sur$714,745 sur$174,692 xdef$44,666 sur$75,079
x Met from profit and loss surplus.
BALANCE SHEET DEC. 31.
1916.
1917.
1917.
LiabilitiesAssets$
$
$
Coal lands
5,281,583 5,885,636 Common stock__ 1,500,000
Bonds in sink.fund 1,938,000 1,635,000 Preferred stock.._.. 1,500,000
2,618,000
32,159 Funded debt
Cash
177,053
Bills receivable__
57,122
57,122 Bonds in sink.fund 1,938,000
6,709
11,284 Accr. Int. & taxes_ 499,380
Coal, &c., on hand
602,555 Due invid. & cos_ 232,622
Individuals & cos.. 1,333,434
46,068
Construe.& equip. 910,782 1,255,000 Sink, fund accrued
Compensation tax. 195,030
Investments
567,500
Profit and loss__ 1,743,084
Total
10,272,183 9,478,756
-V. 106, p. 2232.
Total
1916.
$
1,500,000
1,500,000
3,300,000
1,635,000
12,646
378,662
34,864
89,245
1,028,339
10,272,183 9,478,756
Mahoning Investment Company.
(Report for Fiscal Year ending Dec. 31 1917.)
INCOME ACCOUNT.
Cal. Year. -Years end. June 30
Receipts from
-1915-16. 1914-15.
1917.
$3,720
Jefferson Supply Co. diva. (6%)... _
335„279324000
$3:920_
5 74
0
MahonIng Supply Co.divs.(6%)_ _ _
5„ 4
90
8
R.& P. C. & I. Co. diva
- %)119 9 5
(3
651
(17°39 921
'95
1
Balance of interest
Total available
Deduct-Dividends paid
General expenses and taxes
$130,096
(6%)247,572
3,556
$9,890
1,571
$49,776
(1%)41,262
2,607
$28,579
$8,319
$5,907
Balance, surplus
Since Dec. 31 1917 the Investment Company has declared three quarterly dividends of 3% each, payable Mar. 1, June 1 and Sept.2.
BALANCE SHEET.
.
Dec 31'17 Jpne 30'16
LiabilitiesDec. 31'17 June 30'16
AssetsCost of stock, &c..$4,134,000 $4,134,000 Capital stock .......$4,200,000 $4,200,000
200,000
200,000 Bills payable
200,000
Bills receivable...._ 200,000
73,800 Surplus
28,579
20,463
73,800
Cap. stk. in tress..
12,663
Cash
20,779
$4,428,579 $4,420,463
$4,428,579 $4,420,463 Total
Total
"Cost of stock, &c., $4,134,000," includes cost (a) of 39,995 shares of
Rochester & Pittsburgh Coal & Iron Co. stock, and (b) of $9,000 mIscellaneous securities.
ROCHESTER Se. PITTSBURGH COAL & IRON CO. OPERATIONS.
-Years end. Dec. 31- -Years end. June 301915-16.
1914-15.
1917.
1916.
2,964,334 2,774,167
2,719,219 2,594,615
Coal tonnage, tons
211,970
208,465
143,096
Coke tonnage, tons_ __ _
167,413
$452.484
$2.768,938
$719,071
$372,743
Net earnings
$41,875
$37,011
$577,400
$30,000
Taxes
195,617
198,394
202,108
181,998
Int. on bonded debt.....177,720
174.002
885,010
168,257
Bond redemp.& sink.fd.
Deduct
34,700
Rogers Iron Min. Co.....
18,520
Construe, and equipm't_
Cr. 814
2,403
- .1 .§1§
1
Bad debts
(1 %)40,000
Dividend on stock.. -(9%)360,000
The accompanying statement is based upon the actual proceeds of the
copper produced. As heretofore, our copper is not settled for until 120
days after its receipt by the smelter, and it then brings the price prevailing
at that date. This makes it impossible to give the actual results until
four months later, and accounts for the delay in sending out this report.
The Government price of 23% cents, fixed Sept. 20 1917, limited the
price for our copper and affected the results for the prior four months'
period, as above explained. We received tho benefit of high prices for
our copper only up to May 20 1917.
Our earnings for the year were $271,485, a little over 12% on the out$282,935
$43,890 def.$69,470
$729,830
standing capital. From the earnings there was transferred to reserve
Since Dec. 31 1917 a dividend of $3 per share has been declared on stock
account the sum of $62,533 for depreciation of pleat and $71,082 for depletion of mine, leaving a surplus of $137,870. Considering the increasing of this company, payable Mar. 1 1018.
AUG. 24 1918.1
THE CHRONICLE
• See. Lewis Iselin, of last named Co. March 1, wrote:
The sum of $195,772 was paid into the sinking funds out of earnings during the year. This amount, together with interest on bonds already in
the sinking funds, was used for the redemption of $146,000 bonds of various
Issues, and for the purchase by the trustee of $77,000 of the original issue
of $2,000,000 4 % mortgage bonds. The company has purchased to date
a total of $687,000 of 4%% mortgage bonds, which are held by the trustee.
The company besides purchased in the open market $161,000 of Helvetia
Property 5% Purchase Money Mortgage bonds and $481,000 of 5% gold
debenture bonds, which were canceled, and a purchase money mortgage of
$47,000 was also satisfied. The cost of these items was charged against
net earnings, as also $34,700 original cost of Rogers Iron Mining Co.
stock now deemed worthless.
The amount charged against net earnings for taxes includes an estimate
of the amount due for excess profits tax under the War Tax law, payable in
June 1918.
The company's mines are in excellent shape to produce a large tonnage,
which, however, is subject to a sufficient supply of labor and car supply.
The report of the Jefferson & Clearfield Coal & Iron Co.for the year 1917
Is enclosed for the information of the stockholders of this company, the entire common stock and 20% of the preferred stock of which company is
owned by the Rochester & Pittsburgh Coal & Iron Co.
-V,106, P. 933.
American Glue Co., Boston, Mass.
(Report for Fiscal Year ending Dec. 31 1917.)
President King Upton, Boston, May 6, wrote:
Owing to the adjustment of accounts made necessary by the Federal
,
tax laws and the very large amount of extra clerical work involved, the issuance of this report has been delayed until now.
The abnormal business conditions of 1916 have continued through 1917.
The shortage of labor, congestion of railways, scarcity of coal, have all
made the economical operation of your plants extremely difficult. The
high price of all commodities has increased the value of your inventories in
spite of the efforts of your management to keep the stocks on hand at the
lowest possible point consistent with good operating. While it is not
expected that the profits for 1918 will equal those of 1917, the outlook is
for returns that will be rather more than those of normal years.
[The proposed absorption of the National Glue Co. by this company is
still held in abeyance through the requirements of the Income Tax Law,
as the management are uncertain just when and in what form they can complete the reorganization without imposing too large a financial burden on
the various stockholders. See V. 106, p. 716, 930.
In April 1918 an extra dividend of 5% was declared on the common
stock, payable in Liberty Loan bonds (with adjustment of fractions in
cash), in addition to a semi-annual dividend of 5%, both payable May 1
to holders of record April 13.-Ed.1
CONSOLIDATED PROFIT AND LOSS ACCOUNT YEAR END.DEC.31.
1917.
1916.
Net earnings after deducting mfg. charges, selling,
general and adm. exp., but before prov. for depr_$2,180,061
$714,887
Deduct
-Provision for deprec. of plants & equip't__ $212,729
50,000
23,139
Abnormal cost of special plant add'ns & ext. rep'rs
Other deductions: Bad debts charged off, $24,615;
income tax 1916, $15,481; contributions, $10,000;
50,559
Interest, net, $463; total
$1,893,634
Balance of earnings
664,887
Other income: Dividends received, $20,040; rents,
24,199 Not shown
&c., $4,159; total
,
$1917,833
$664,887
-Provision for income & excess profits taxes $543,062 Not shown
Deduct
12,000 Not shown
Appropriated for insurance reserve
Dividends paid, American Glue Co..
$160,000
Preferred, 8%
$160,000
(10%289.995 (6%)48,000
Common
Common, 25% stock
200,000
Balance to surplus
$912,776
$456,887
BALANCE SHEET DECEMBER 31.
1916.
1917.
Assets1917.
1916.
Liabilities-.
Real est. & mach_$1,946,866 $1,439,102
$
$
Preferred stock..__$2,000,000 $2.000,000
1,281,310
Additions
376,400 Common stock__ x993,600
110,500
Stocks owned
800,000
Notes payable.._ 200,000
Liberty bonds....._ 283,530
550,000
Accounts payable_ 315,829
Patent rights and
1 Provision for taxes 543,063 185,507
1
good-will
148,585 Insurance reserve..
299,408
Cash
34,078
948,233 Capital surplus.. _ _y1,240,000
Notes & accts. rec. 1,104,471
Profit & loss surp_ z2,203,090 1,047,131
Mdse. mfd. and in
2,458,926 1,670,318
process
44,639
Prepaid taxes, &c.
Total
Total
$7,529,659 $4,582,639
$7,529,659 $4,582,639
x The common stock is $1,000,000; in treasury, $6,400; out, $993,600.
y The capital surplus of $1,240,000 was derived from revaluation of
certain lands and buildings in 1917.
Imez After deducting $129,891 premium paid on stocks.
-V. 106, p. 2124.
Brazilian Traction, Light & Power Co., Ltd.
(Fifth Annual Report-Year ended Dec. 31 1917.)
Secretary J. M.Smith, Toronto,July 9, wrote in substance:
-The decline in the net revenue as compared with the year [19131
Results.
preceding the war is duo very largely to the fall in the exchange value of the
milreis, as will be seen from the following figures:
1913.
Calendar Years1915.
1916.
1917.
16d.
Approximate rate of exch_ _
12d.
12d.
1234d.
Revenue(Canadian currency
)
after fixed charges
$8,420,560 $5,612,876 $6,019,473 $6,203,698
General admininstration exp.
and int., incl. int. and
charges on 3
-year notes
during 1917 and short
308,206
218,074
period in 1916
344,831
937,180
$8,112,264 $5,394,802 $5,674,642 *$5266,518
Net revenue
* In 1917 the Rio de Janeiro Tramway, Light & Power Co.Ltd , allocated $500,000 and the Sao Paulo Tramway, Light & Power' Co., Ltd.,
$250,000, to their respective funds designated
for depreciation
and renewals" out of the net revenues for the year, before paying over the
same to Brazilian Traction, Light & Power Co., Ltd.
The reduction in the net revenue for the last three years attributable to
the decline in exchange from the rate prevailing during the five years pro
,
ceding the war is approximately 39,800,000.
-day bil1 during 1917 was 12 13-16d.,
The average rate of exchange for 90
as against 12 3-64d. in 1916, thus showing an increase of 6.35%, the highest
average monthly rate reached during 1917 being 13 1116d. in December
,
and the lowest 11 27-32d. in March. For the first six months of the year
1918 the rate has averaged approximately 13 17-64d.
Earnings in Brazilian Currency Derived from the Operation of the Enterprises.
1915.
1916.
(In milreis.)
1917.
1914.
Inc. in '17.
Gross earnings__73,184,714 77,119,208 84,942,232 92,200,309 7,258,077
Neiiearnings_-_-41,879,569 44,176,866 46,526,196 47072,968
546,772
The gross earnings of each of the subsidiary companies were higher than
In any previous year. The net earnings only slightly exceeded those of
previous year, due largely to the increased operating expenses of the
the
gas business, which, owing to tho excessive cost of coal, showed a considerable decrease in net earnings.
Steamships.
-The steamers under time charter to the Rio de Janeiro
Tramway, Light & Power Co., Ltd. continued for the greater part of the
year under requisition by the'Admiralty, so that nearly all the coal was
carried by outside steamers, freights by which reached as high as $37 per
ton. As there was no likelihood of the steamers being released until some
time after the war oven if they were then in existence, the board about
Jan. 1 1918 decided that it was greatly to our interest to terminate the
charters, which was done on satisfactory terms.
Telephones.
--Considerable progress was made with the development of
the telephone undertakings and the results justify the acquisition of the
enterprises in the city and tate of Sao Paulo. The principal item Was the
799
construction of the toll line of 298 miles connecting the cities of Rio de
Janeiro and Sao Paulo and many intermediate towns, which was put in
operation in May 1918.
Capital Expenditures on Other Enterprises.
-These have been confined to
work which the growth of business, or the terms of the companies' concessions demanded.
Dividends.
-During 1917 the company paid the usual quarterly dividends of 1%% on its preference share capital and in March paid one dividend of 1% on its ordinary share capital, having suspended the payment of
any further dividend on such capital as explained in the circular issued in
April 1917 (V. 104, p. 1700). The surplus revenue undistributed has been
applied towards the liquidation of the floating debt and in providing for
the necessary capital expenditures and its subsidiaries and in view of the
continuance of the abnormal conditions produced by the war, the board
proposes to continue this policy at present.
Depreciation Reserves.
-Out of the surplus revenues of the several companies the following sums have been allocated during the year in the
respective profit and loss accounts:
By Brazilian Traction, Light & Power Co., Ltd., to "general
amortization reserve"
$250,000
By the Rio de Janeiro Tramway, Light & Power Co., Ltd., to
"provision for depreciation and renewals"
500,000
By the Sao Paulo Tramway. Light & Power Co., Ltd., to "provision for depreciation and renewals"
250,000
Total amount allocated in 1917 to special funds
$1,000,000
Extracts from Report of President Alexander Mackenzie, Rio de
Janeiro, March 1 1918.
Earnings of Rio de Janeiro Co.
-Under existing conditions the earnings
of the Rio de Janeiro company can be considered most satisfactory; all
departments, except the gas business, show a substantial increase in both
gross and net earnings. The total net earnings increased 1,242,353 milreis
over 1916 notwithstanding that the net earnings of the gas department were
1,197,213 milreis less than in 1916.
The Tramway receipts exceeded those of 1916 by 1,090,088 milreis,
or 4.27%. and it is interesting to note that the increase in the net earnings
(1,108,835 milreis) exceeds the increase in the gross earnings for the same
period, and is also greater than the increase in any year since 1913.
The increase in receipts from electric light and power was 878,218 milreis
gross and 542,501 milreis net, or 5.21% and 4.09%, respectively.
Additions of Ri0 de Janeiro System.
-Track extensions of 2.7 miles were
constructed for the transportation of freight and to reach the new Meyer
car barn, and 2.4 miles of existing track were renewed.
The extension of the 24,000-volt line to the town of Mendes was completed and 1,100 h.p. of motors added to the system. This amount will
be increased by 300 h.p. as soon as the necessary material can be obtained.
The lines to the Governador Island were completed and service is now
supplied to several factories in addition to small consumers. The lighting
system has been extended to the principal points of the island.
In the main terminal station a bank of transformers of 12,500 k.v.a.
capacity wa.s installed. The new Meyer substation which was commenced
during 1916 was completed and put in operation. To the underground
system 5.95 miles of single duct lines were added and 4.17 miles of armored
and 2.8 miles of unarmored cable were installed. The 24,000
-volt line at
Campo Grande, about 30 miles from the city, was extended 9 miles to
supply power to the small tramway in that district. There are now 120
customers connected for lighting and power service at Campo Grande.
Modifications and extensions to the 6,000-volt overhead lines in the city
of Rio de Janeiro were made amounting to 36.1 miles and to the overhead
secondary lines 120.1 miles were added.
Electric Business.
-The demand for light and power in the suburbs of
Rio de Janeiro is increasing at a much greater rate than heretofore. Approximately 1 000 requests for electric light connections were 'received
monthly, making a total of 11,573 for the year.
The total output of Lages generating station was 231,504,080 k.w.h.,
an increase of 6.33%.
The rainfall was the same as the previous year, 63.2 inches, and at all
times throughout the year there was ample water supply. The reserve
steam plant was only operated experimentally.
Gas Business of Rio de Janeiro System.
-Although the gas manufactured
was less than during the years 1914 and 1915, nevertheless the gas consumed
and accounted for was the greatest in the company's history. The increase
in gross income of 1,433,586 milreis over 1916. or 13.2%, is due to a large
extent to the increased demand for gas for heating and cooking purposes
created by the excessive high cost of other fuels. The increase in number of
stoves and water heaters was 3,388. The expenses, however, have increased 2,630,799 milreis, or 32% more than in 1916, due entirely to the
Increased cost of coal and other materials; the cost of coal, including
freight, having increased from 25 milreis per ton in 1913 to 170 milreis
per ton in 1917. With the cost of coal and other material at normal
prices the business of this department will show very satisfactory results.
Telephone Business of Rio de Janeiro Co.
-The gross earnings for 1917
were 7,237,050 milreis, showing an increase over 1916 of 25.25%, and the
net earnings were 3,476.698 milreis, an increase of 29.3%. The increase
in subscribers' instruments was 8,160, or 25.9%, over 1916, making a total
number of telephones installed of 39,711, as compared with 31,551 at
the end of 1916.
The plan to install three additional exchanges, to be known as Beira Mar,
with a capacity of 4,200 lines; Ipanema. 2,100 lines, and Piedade, 3,500
lines, was delayed by the non-delivery of equipment, but will be carried out
as soon as the material arrives. In the meantime it has been necessary to
Install two small temporary exchanges.
Although the number of telephones in Rio de Janeiro was increased by
4,091 during the past year, this increase could have been greatly exceeded
if it had been possible to obtain the necessary material for the purpose.
The increased gross earnings of the service in the city of Rio de Janeiro over
1916 were 27.9% and the net earnings 27.8%.
Earnings of Sao Paulo Company.
-The gross and net earnings in every
department were greater than in any previous year. Previously 1913 was
the record year for the number of passengers carried, but during 1917 the
Tramway receipts showed an increase over 1913 of437.798 mllreis. or 3.97%.
The increase in motors connected was 4,123 h.p., or 10.2%. and the increase in lighting was 41,176 incandescent lamps, or 12.4%. The Government has authorized the installation of 601 additional street lamps. This
will represent an increase of 42.2% in public lighting. or 216,360 milreis.
Extension of Sao Paulo Lines.
-The power transmission lines were extended to Jundiahy to supply energy to the Empreza de Forca e Luz de
Jundiahy; and to Cayeiras, for the Companhia Melhoramentos de Sao
Paulo, with a total demand consumption of 1,100 h.p. This amount will
be doubled in 1918. The transmission line extension of 22.3 miles Included
the installation of 678 steel poles and 91.7 miles of copper wire, the consumers having borne about one-half the cost.
Hydro-Electric Plant of Sao Paulo Co.
-The rainfall was 44.4 inches, as
against 39 inches in 1916, and the water supply has exceeded requirements.
The total output of the Parnahyba generating station was 55,672,600
k.w.h. In addition, the company purchased from the Sao Paulo Electric
Co., Ltd., 59,909,040 k.w.h., making a total of 115,581,640 k.w.h., an
ncrease of 5,995,600 k.w.h. over 1916.
General.
-The war has greatly hampered Brazilian trade, due to the continued lack of ocean transport and the fact that many markets are closed
to its products. Notwithstanding these circumstances, business in general
has been quite satisfactory and exportation has steadily increased, the total
exports for 1917 being 1,060,164 tons with a valuation of £59,875,000, an
increase of £4,865,000 over 1916. The balance of trade in favor of Brazil
exceeded £15,365,000, an increase of £724,000 over 1916.
INCOME ACCOUNT OF BRAZ. TRAC., LT. & POWER CO. FOR CAL. YEARS.
1917.
1916.
1915.
*Income on securities
$6,005,138 $5,764,764 $5,339,193
Interest on advances to subsidiary companies
198,560
254,709
273,683
Total
$6.203,698 $6,019,473
Deduct-General & legal exp.& admin.charges_ $937,180 a$344,831 $5,612,876
$218,074
Preferred dividends(6%)
600,000
600,000
600,000
Common dividends
(1%)1,064,136(4)4,251,488 (4)4,249,380
General amortization reserve
250,000
500,000
Total deductions
Balance, surplus
82,851,316 $5,696,319 $5,067,454
$3,352,383
$323,154
$545,422
* Includes revenue from securities owned and under contracts with ?sub. cos.
a Also includes interest on loans and 6% secured notes, $765,043 in 1917.
Note.
-The above earnings for 1915 are given in Canadian currency.
800
THE CHRONICLE
STATISTICS AS TO PROPERTY AND OPERATIONS.
Tramway Service (Rio de J.Div.)
1917.
1916.
1915.
1914.
Mlles of track
*242.28
237.15
237.02
236.68
Miles run, all cars
24,904,684 24,667,154 24,409,259 24,815,078
Total passengers carried
207,925,034 198,677,975 191,556,302 192,103,635
Light de Power Bert'. (Rio de J. Div.)
Incandescent lamps
888,323
836,269
800,802
766,038
Arc lamps
9,068
10,860
10,882
10,885
Horse-power motors
97,858
93,892
74,721
101,576
Telephones
Rio de Janeiro Division
18,404
14,313
11,811
11,669
Interurban Company
2,214
2,473
1,975
1,809
Gas Serf).(Rio de J.Div.) 1,000 cu.ft.
Gas service
34,217
32,762
34,658
35,045
Tramway Service (Sao P.Div.)
Miles of track
143.37
141.1
143.12
140.00
Miles run, all cars
.10,351,057 10,153,657 9,425,231 9,496,091
Total passengers carried
58,619,758 55,154,564 51,574,145 53,732,292
Light ct Power Bert'.(Sao P. Div.)
Incandescent lamps
373,568
332,392
272,905
215,953
Acr lamps (public)
515
497
497
472
Horse-power motors
44,614
40,191
38,896
30,240
Consumers-light
34,084
28,757
22,414
16,386
power
1,604
1,494
1,321
1,439
* The Corcovado track-2.45 miles-previously omitted, is included in this year's
figures.
TOTAL GROSS EARNINGS OF RIO DE JANEIRO DIV.(IN BRAZILIAN CURS.).
In Milreis*1917.
*1916.
1915.
1914.
26,628,755 25,538,667 24,608,003 24,850,432
Tramway
Light and power
17,732,932 16,854,714 16,684,680 14,752,552
Telephone (see text)
7,237,050 5,778,281 2,771,143 2,597,679
12,271,895 10,838,309 9,484,108 8,423,836
Gas
Gross earnings
Net earnings
63,870,632 59,009,971 53,547,934 50,624,299
33,553,764 32,311,411 30,996,485 29,080,085
*The earnings of the Companhia Telephonica do Estado de Sao Paulo and Companhia Redo Telephonica 13ragantina appear in the accounts for the years 1916 &'17.
Sao Paulo Division.
-On Dec. 31 1917 there was connected to the system 44,614
Is. p. in motors, an increase of 4,123 h. p. over 1916. There was also an incease
of 5,327 new lighting customers.
TOTAL GROSS EARNINGS OF SAO PAULO DIV.(IN BRAZILIAN CURRENCY).
In Milreis1917.
1916.
1915.
1914.
Tramways
11,457,362 10,783,693 10,030,010 10,381,026
Light and power
8,804,284 8,048,672 6,652,043 5,848,768
20,261,646 18,832,365 16,682,053 16,229,794
Gross earnings
Net earnings
13,315,816 12,326,782 10,617,586 10,568,214
The Gross Income of Sao Paulo Electric Division in Mitres (Brazilian Currency).
1917, 8,068,031
1916, 7,099,896
1915, 6,889,219
1914, 6,330,621
[VOL. 107.
BALANCE SHEET DECEMBER 31 (SAO PAULO ELECTRIC CO.,LTD.).
1917.
1916.
1917.
1916.
AssetsLiabilities
Franch. & concesCapital stock.... 5,000,000 5,000,000
sions, contracts
5%50-yr.lstM.bds 9,733,333 9,733,333
and properties_81,225,636 18,183,886 Loans & accr. int.
Cash
6,234 from B.T.L.&P.v4,913,992 3,867,434
9,232
Sundry debits and
Sundry credit and
debit balances 1,790,941
726,114
credit bal., &c... 164,731
111,046
Stores
85,694
95,024 Bond interest due
Jan. 1 1918.... 243,333
243,333
Profit and loss_ _
56,112
56,112
Total
20,111,502 19,011,258
Total
20,111,502 19,011,258
v Includes loans and accrued interest from Brazilian Traction, Light &
Power Co., Ltd., against which security by mortgage may be taken.
V. 105. p. 491.
Stern Brothers, Dry Goods, New York.
(Report for Fiscal Year ending Jan. 31 1918.)
President Louis Stern, Feb. 26, wrote as follows:
The year's operations resulted in a net profit of $365,873, after reserving
$34,790 for taxes and after making the usual liberal provision for depreciation of fixtures, machinery and equipment.
Although the profit realized is somewhat smaller than in the previous
fiscal year, I consider it very satisfactory, in view of the unsettled conditions
that existed in the months immediately following our entrance into the war.
Particular interest attaches to the strong cash balance of the company
as at the date of the balance sheet, $912,756, including $100,000 of U. S.
Certificates of Indebtedness and $53,600 of Liberty bonds. During the
year, moreover, there have been paid off a further $100,000 of the equipment loan and $500,000 in anticipation of the issue of gold notes due
Feb. 1 1919.
The amount of net quick assets above all liabilities as of Jan. 31 1918 is
$1,557,231, being an increase in ratio of from 1.3 to 1 in 1916 to 1.6 to 1
In 191'7.
PROFIT AND LOSS ACCOUNT FOR YEARS ENDED JAN. 31.
1917-18. 1916-17.
1917-18. 1916-17.
Profits
$647,414 $845,525 Interest
$129,337 $172,617
Miscell. revenue
55,063 72,644
Total deductions.._ _$301,814 $380,555
Profits before charging
Total income
$702,477 $918,169
Federal taxes
400,664
Officers' salaries
$55,000 $55,000 Fed. war & inc. tax res 34,790
Gen., &c., expenses__ 24,315 46,665
Res. for bad accts.__ 30,193 41,386 Balance, surplus
$365,873 $537,614
Depreciation
62,968 64,887
BALANCE SHEET JAN. 31.
1918.
1917.
1918.
1917.
AssetsLiabilities
$
$
Trade-names,good
Preferred stock__ 3,000,000 3,000,000
7,499,600 7,499,600 Common stock... 7,500,000 7,500,000
will, &c
840,610 6% notes
Fixt. & machin'y_ 804,319
2,000,000 2,500,000
99,386
104,699 Equipment loan
100,000
Delivery equipm't
200,000
759,156
889,288 Trade creditors__ 257,564
Cash
234,162
2,022,615 2,040,484 Accrued pay-roll__
22,157
Inventories
15,883
917,443 1,097,906 Accr. int. & taxes_
Trade accounts
38,130
30,986
134,199 Customers' bal.__
Other accts. me_ 137,956
30,876
26,016
50,631
51,329 Sundry creditors...
Miscellaneous.._ _
35,443
56,406
Surplus
U.S. Govt. secur_ 153,600
x129,889 def235,984
Deferred charges_ *689,353 *669,353
INCOME ACCOUNTS (SUB. COS.) FOR YEARS ENDING DEC. 31.
Rio de Janeiro Trac., Sao Paulo Tram.,Lt. Sao Paulo Elec.
Lt. & Pow. Co.,Ltd. & Power Co., Ltd.
Co., Ltd.
1916.
1917.
1916.
1917. 1916.
Net revenue under con- 1917.
$
tract with B. T. L. &
$
$
$
$
$
5,688,904 5,057,311 1,750,000 1,513,021 486,687 486,667
P. Co., Ltd_x
Bond & debenture int_ _2,525,477 2,557,311 500,000 513,021 486,687 486,667
Bk. fd. (1st M. bonds)._ 250,000 250,000
Bk.fd.(50-yr. M.bds.)_ 163,427
13,114,059 13,327,469
Total
Total
13,114,059 13,327,469
Dividends paid
2,250,000 2,250,000 1,000,000 1,000,000
(10)
(Per cent of divs.)__
(10)
(5)
(5)
* Includes abandoned equipment and rent and expenses since occupancy
1,750,000
General reserve
1,350,000
(23d St. store, N. Y.), $520,155, and rent and taxes prior to operation
500,000 750,000 250,000 250,000
Depreciation,&c
(42d St. store, N. Y.), $149,198.
x Net profits for year ended Jan. 31 1918, $365,873, less deficit Feb. 1
Nono 1,600,000 None None 1917. $235,984; balance, $129,889.-V. 1011, p. 934.
Balance, deficit
None 2,500,000
x After providing for administration and general expenses, interest on loans, less
proportion charged to capital during construction and financial charges to sub. cos.
BALANCE SHEET (SUBSIDIARY COMPANIES) DECEMBER 31.
(s) Rio de Janeiro Tree., (s) Sao Paulo Tram., Lt.
Light & Poiver Co., Lid.
& Power Co., Ltd.
1917.
1917.
1916.
1916.
Assets
Fran., concessions, contracts,&c_101,654,993 101,065,716 29,079,747 28,521,793
Cost sk. fd. invest.(1st M.bds.). t2,434,087 2,071,642
625,367
625,367
Disc't on gen. M.bonds purch_ u1,250,733 1,250,733
Bal. due by Bras. Tr., L.&P. Co.
901,100
901,100
in respect to bonds purchased_ 1,352,200 1,352,200
947,769
2,111,089 1,172,872
911,188
Stores
285,767
355,483
Sundry debits and debit balance_ 2,201,314 1,060,322
Advances to subsidiary cos., &o.. 10,648,818 9,276,161
929,133
714,818
125,555
113,333
Cash
122,582,367
Total
Liabilities
45,000,000
Capital stock
25,000,000
First mortgage bonds
-year mortgage bonds.... 25,415,680
5% 50
5,002,933
5% general mortgage bonds
Perpetual Consol. Deb. stock_
Sundry credits and credit balance 3,824,959
Bank loans and advances
1,911,251
Provision for renewals, &c
942,634
Accrued bond interest
658,925
Customers', &c., deposits
Sink,fund reserves (1st M. bds.) 2,434,087
212,187
Bk. fd. reserves (50-yr. M. bds.)
136,459
Insur. fund (injuries & damages)
11,986,710
General reserve fund
56,543
Profit and loss
118,864,465 31,965,305 31,428,263
45,000,000 10,000,000 10,000,000
25,000,000 6,000,000 6,000,000
25,627,867
5,002,933 2,501,467 2,501,467
3,999,996 3,999,998
3,045,491 1,052,854
674,470
930,752
399,718
1,504,412
850,276
674,480
945,286
523,245
2,071,642
160,159
8,990,135
56,543
77,251
7,450,704
32,757
77,481
7,067,894
32,757
122,582,367 118,864,465 31,965,305 31,428,263
Total
(s) There was a contingent liability under the management agreement with the
Brazilian Traction, Light & Power Co., Ltd., to repay a portion of the amounts
received from that company should the agreement be terminated prior to July 1 1922.
t At cost. u Purchased by the Brazilian Trac., Light & Power Co., Ltd. This
account will disappear if and when the bonds purchased are re-transferred to this co.
BRAZILIAN TRACTION CO. BALANCE SHEET DECEMBER 31.
1917.
1916.
1916.
1917.
Liabilities
Assets$
Ordinary shares.106,470,800 106,417,800
Shares,control'g
Preference shy... 10,000,000 10,000,000
rights in other
companies,&c.112,024,151 111,971,151 3-yr. 6% notes. 7,500,000 7,500,000
Bal. due in rePaym'ts to subsidiary cos_y_ 14,602,672 11,223,287 spect to purch
of bonds
2,253,300 2,253,300
Advances to sub488,667
486,667
sidiary cos___ z4,913,992 3,867,434 Bills payable
902,496 Accts. payable_ _m2,033,699 1,899,492
575,737
Cash
Bank loans and
Sundry debtors,
632,667
632,667
738,243 advances
575,649
&0
150,000
150,000
Accr. pref. div_
Gen.M tg bonds.•
750,000
500,000
q5,628,300 5,628,300 Gen.amort. res..
purchased
8,043,369 4,690,986
Profit and loss
Total
138,320,501 134,330,912
Total
138,320,501 134,330,912
y Under management agreements. z With accrued interest. m Includes
unclaimed dividends. q General mortgage bonds purchased from the Rio
de Janeiro Tram., Light & Power Co., Ltd., and the Sao Paulo Tram.,
Light & Power Co., Ltd. These bonds were purchased for use as part of
-year notes and upon their release may be rethe collateral securing the 3
transferred to the respective companies.
-The company has guaranteed loans of its sub. cos. in addition to
Note.
its guarantees of their annual charges and stipulated diva. under the management agreements.
Pennsylvania Coal & Coke Corporation.
(Report for Fiscal Year ending Dec. 31 1917.)
President T. H. Watkins, N. Y., April 15, wrote in subst.:
-The following cOndensed statement will show the
Operating Results.
result from operations for the company and its subsidiaries, as well as the
amount of excess profits tax, which we assume we shall be obliged to pay,
in net earnings, coal comifany, $2,223,571; net earnings, subsidiary companies, $60,661; total, $2,284,232; less reserve for amortization $270,117.
Y. M. C. A. and Red Crass subscriptions $15,000, excess profits and income taxes $445,196;total $730,313; net after above deductions,$1,553,919.
[The company paid its initial dividend, 1 %, Aug. 10 1917; Nov. 17,
%;Dec. 10, 1% extra, making 4%,or $246,781, paid on the $6,169,500
outstanding stock (par $50) out of the earnings of 1917. On Feb. 9 1918
a dividend of 13i% was paid and in May 1 % and 13i% extra, while
on Aug. 10 1918 an extra 1% was distributed along with a quarterly 2%.1
-The market for coal became panicky, with a rapidly
General Conditions.
rising tendency, owing to the serious shortage of transporattion during the
winter of 1916-17, accentuated by increased demands upon the railroads
following the entry of our country into the war.
On Aug. 21 1917 the President announced provisional maximum prices
which were to prevail throughout the country until otherwise revised.
Under the power possessed by the President, Dr. Harry A. Garfield was
ie
e 7 lioneof eti7 ei
el 1frec nc tht r u pkdces and
iave .1en
u Administrator on Aug.
cgc
to
WtorkuttilonF
oal
trator. Existing contracts, however, were not supposed to be interfered
with unless necessary. The continued difficulties in the transportation
service of the country resulted in a severe shortage of coal during last fall
and winter, causing the shutting down of many plants and industries and
suffering in some localities. The Fuel Administration has at this writing
been quite efficiently organized, and it is believed and hoped that a more
orderly and generally satisfactory method of supplying the essential needs
of the country has been arranged.
Prices.
-The provisional maximum prices fixed by the Government on
Aug. 21 1017 proved to be below the cast of production for most of the
operations in the Central Pennsylvania district, where your mining properties are located. After thorough investigation by the Federal Trade
Commission and the Fuel Administration, on Feb. 29 1018 the present
provisional price ($2 60 per ton, with 45c. added for wage increases) was
arranged, which, while not covering a far profit for many operations, was
considered by the Fuel Administration as complying with the President's
policy, which he announced on July 11 1917. It also became obligatory
on the company to use every effort to increase its production and to make
judicious expenditures for that purpose.
-While a number of advances had been made prior to Nov. 1
Wages.
1917, on that date an advance of 20 to 40% was added to the previous
scale, the agreement to last during the continuance of the war, but not
beyond April 1 1920. By the installation of additional labor-saving machinery, we hope to be able to maintain our output with fewer men.
-Additions.
-The following leases were made during the
Coal Lands
year: P. L. Eck, 16 acres; tonnage available approximately 7,000 tons.
As the exhaustion of coal under our present lease approximates 3,000,000
tons a year, it was thought wise to adopt a policy of acquiring lands in
fee when purchases could be made at fairly reasonable prices. Following
this policy, the following lands were bought at a cost of $294,559: Coal
rights, 1,966 acres; surface for improvements, 10 acres; lots for improvements, 3 pieces. It is estimated that available coal in the lands purchased
amounts to 16,000,000 tons.
-Many of our buildings, such as machine
Repairs and New Equipment.
shops, motor barns, sand houses and tipples, were in such a condition that
it became necessary to replace them with new ones. Expenditures for this
purpose amounted to $150043. On account of the excessive cost, due to
the increase in price of repair parts, many of our older machines and motors
were in such a condition that it became too expensive to continue repairs
on them. Additional machinery was also needed, so that expenditures for
this purpose to cover the above items for the year amounted to $464,519.
Depreciation of all of our oquipment offsetting expenditures of this character
amounted to $681,170. We also spent on account of transportation, ventilation, &c., $106,262.
-Your officers, acting upon expert advice, made
Excess Profits Taxes.
returns which provide for the payment by your company out of income and
excess profits the sum of $445,190.
THE CHRONICLE
AUG. 24 1918.]
-Six tipples were rebuilt and Marcus screens and
Preparation of Coal.
picking tables have been put in operation, with the necessary additional
railroad switches, at an expenditure of $75,128. We have now installed
screens and picking tables at six collieries, with a capacity of 8,600 tons
per day. We intend to continue erecting these tipples until all of the
collieries requiring them are thus equipped.
[The company as successor of the Pennsylvania Coal & Coke Co. per
plan in V. 92, p. 1439, leases the property formerly owned by that company
but under the foregoing plan acquired by the Clearfield Bituminous Coal
Corporation. See p. 154 of "Railway & Industrial Section."]
INCOME ACCOUNT, &c., FOR CALENDAR YEARS.
1916. . 1915.
1917.
2,891,573
3,288,440
2,367,737
Production, net tons
$8,811,111 $4,430,451 $2,937,644
Receipts from sales of coal
2,627,648
Cost of production, selling & shipping 6,254,844 3,958,684
Coal Corp. earnings from operation $2,556,267
332,696
Royalty on coal mined
$471,767
261,461
$309,996
213,077
$2,223,571
$210,306
21,621
63,269
$96,919
$2.223,571
Total operation earnings
Amortization and other reserves__,. 1,020,118
15,000
Red Cross and Y. M.C. A. contrib'ns
445,196
Excess profits and income tax
$168,658
$66,919
$743,258
28,700
21,697
$168,658
66,108
1,805
8,247
$96,919
46,678
Operation earnings
From res've for taxes, &c., over-est
Advanced royalty
Divs. received from sub. cos
Barge company assets
Cr. to coal mined from co.'s property
Sales, &c
Net income
Dividends paid
$793,655
(4%)246,781
54,921
$244,
0
819
801
payment of 134% on account of these arrears, same to be payable concurrently with the regular quarterly dividend of 134% on Aug. 15 1918, and
provision has been made in statement for these payments. With above
payment the arrears will be reduced to 434%.
-Last winter we experienced some difficulty in obOil and Gas Supply.
taining prompt and adequate supplies of fuel oil at Gananoque, and operations at our Chatham plant were hampered owing to shortage of natural
gas. To protect ourselves against similar troubles in the future we have
largely increased our oil storage capacity at Gananoque and at Chatham
have installed a combination gas and oil burning system.
Owing to delays in transportation your management recently opened up
a warehouse in British Columbia.
CONSOL. INCOME ACCOUNT FOR YEAR ENDING JUNE 30.
1917-18.
1916-17.
1914-15.
1915-16.
$76,746
$182,296
$152,019
Net, after deprec., &c__ x$208,107
$36,000
$36,000
$36,000
$36,000
Bond interest
12,000
24,000
Bond redemption fund..
Preferred dividend__ _(8 %)61,875 (834)61,875 (434)43,125 (1) 7,500
$60,421
$72,894
$33,246
Balance, surplus
$98,232
CONSOLIDATED BALANCE SHEET JUNE 30.
1917.
1918.
1918.
1917.
Liabilities
Assets
Common stock
750,000 750,000
Real est.,plant,pow.,
750,000 750,000
rights & good-will_1,848,559 1,816,718 Preferred stock
561,300 575,100
129,648
98,182 Funded debt
Cash
59,717
Bills & accts. receiv.. 231,787 168,663 Bills & accts. payable 66,753
17,550
Inventories
272,971 338,060 Bond int. due July 2 17,100
94,211
Securities
6,202 Deprec'n, &c., res've 138,516
80,041
281,730 183,498
Deferred items
2,392
2,250 Surplus
2,565,398 2,430,078
Total
2,565,398 2,430,076 Total
x "Net profit for year, after providing for depreciation, business profits
tax, &c.," $208,107.-V. 107, p. 507.
$198,518
None
$244,819
$546,874
$198,518
BALANCE SHEET DEC. 31.
1917.
1916.
1916.
1917.
Liabilities$
s
Assets
$
5
43,156 Cap.stk.(par $50)x7,500,000 7,500,000
Cash
514,710
15,291
Accts.& bills reole.. 1,299,443 943,308 Current liabilities__
mortgage payable_ 372,303
Liberty bonds
671,756
20,000
2,165 575,042
5,270 Vouchers payable__
Contingent funds_
7,120
17,067
6,248 Unpaid royalty_ _ _
14,846
Misc. assets
•
7,844
33,655 Res've for casualties 4g1,111
Securities owned.._
33,655
5
1 Accrued taxes
Treasury stock_ _
1
16,608
68,217 Reserve for work54,616
Inventories
men's comp. ins_
87,807
28,688
Def'd chgs. to oper_ 127,728
Reserve for continBills and expenses
gent liabilities_
8,500
38,130
unvouchered _ _
Liberty bond coll'ns
13,665
Advanced better'ts
9,109
and construction_ 369,481 411,113 Misc. liabilities
Res. for amort., Sze. 1,067,730
87,642
32,382
New houses
93,991 Balance, surplus__ 1,481,400 934,528
384,619
Property
7,500,000 7,500,000
Lease(V.92,p.1439)
11,074,117 9,133,643 Total
11,074,117 9,133,643
Total
x Capital stock, $7,500,000; outstanding, $6,169,500; remainder in treas.
-V. 107, p. 408.
Balance, surplus
GENERAL INVESTMENT NEWS.
RAILROADS, INCLUDING ELECTRIC ROADS.
-Condition of Railways in Mexico
Mexican Railways.
Following Disturbances-Losses in Rolling Stock and Equipment-Repairs Necessary, &c., &c.
See "Current Events" on preceding pages in this issue.
Abilene & Southern Ry.-General Manager.
-V. 107, p. 400.
See Missouri Kansa-s & Texas Ry. of Texas below.
-Financing.
Arkansas & Memphis Ry. & Bridge Co.
-V. 106.
See St. Louis Southwestern Ry. Co. under "Reports" above.
p. 85.
-Fare Suspended.
Atlantic City & Shore RR.
The New Jersey P. U. Commission will hold a hearing Sept. 24 in the
matter of the fare increase between Atlantic City and Longport. Increases
in the existing fares have been suspended until Oct. 13, unless they be
determined just and reasonable. Increase is from Sc. to 6c.-V.107,p.179.
-Fares.
Atlantic Coast Electric Ry., Asbury Park, N. J.
Haytian American Corporation.
-Periodfrom Feb. 1 1917 to Dec.31 1917)
(First Annual Report
This company has applied to the New Jersey Public Utilities Commission
-V. 106, p. 2755.
for permission to increase its fares from Sc. to 7c.
President P. W. Chapman says in substance:
-Your company was incorporated under the laws of N. Y.
Organization.
State on Jan. 8 1917 and started business Feb. 1 1917. It is a holding
company and as such acquired through the purchase of stocks, bonds and
notes the ownership and control of the following subsidiary companie, all
o_perating in the Republic of Haiti, namely:(a) Compagme des
es
de
Fer de la Plaine du Cul-de-Sac, the railroad company; (b) Compagnie
Haitienne du Wharf de Port au Prince, the wharf company;(c) Compagnie
d'Eclairage Electrique des Villes de Port au Prince et du Cap-Haitien, We
electric light company; (d) Haytian American Sugar Co., the sugar company. [Compare V. 103, p. 145, 138; V. 104, P. 451.]
-The period here reported on was almost exclusively a period
Operations.
of construction, especially as regards the activities of the sugar company,
the most important of your subsidiaries. Until the construction work will
be completed it is of little informative value to enter into great detail; the
following information comprises the salient facts of interest:
(1) Up to Dec. 31 1917 the sugar company had acquired, in fee and by
lease, a total of 15,362 acres of excellent land, a large portion of which being
In cane. There is considerably more land under consideration, some of
which is under review as to title; however, your board of directors feels
that the company now holds more than a sufficient acreage for its immediate purposes.
(2) It is confidently expected that the sugar factory will be completed
during May 1918 and will grind about 60,000 tons of cane during July
and August next.
Special thanks are due the United States Food Administration for the
valuable assistance given your corporation in obtaining prompt deliveries
of the materials required for the establishment of the sugar mill and in
facilitating, at the same time, the prompt shipment of these materials
to Haiti.
INCOME AND PROFIT AND LOSS FOR 11 MOS. END. DEC. 31 1917.
Income from all sources ___ _ -------------------------------$341,304
Administration expenses and ----56,812
_-
A Washington press dispatch states that this company which furnishes
transportation, power and light to the district west of Chicago, has undertaken to reorganize its securities program as a prerequisite to further consideration by the War Finance Corporation of the company's application
for a $219,000 loan.
It is announced that the company will create a new issue of $1,219,000
3
-year
% Collateral Trust notes dated Sspt. 1 1918, and seek to exchange
about $1,000,000 of these for outstanding notes due at earlier dates.
Net income
Less
-Dividends paid on preferred stock
$284,492
185,733
Surplus available Dec. 31 1917
$98,759
BALANCE SHEET DEC. 31 1917 (Total Each Side, $9,179,952).
Cash on hand and on dep. $482,117 Accts. payable, incl. accr'ls $48,180
Accounts receivable
1,043,985 Divs. payable Jan. 2 1918_ 76,125
Haytian Govt. claims
840,000
1,008,189 Obligations assumed
Advances for account subProf. stk. ($6,000,000)
5,500,000
sidiary companies3,063,387 Ord. common stock (no par
Securities owned (subsidi57,500 shrs.
60,000 shares)
ary companies)
3.575,675 Founders'stk.(no par val.)60,000 "
6,598 Equity unavailable for divs.2,616,889
Furniture and fixtures
Surplus earned
98,758
-v.106, P. 2649; V. 105, p. 497.
Ontario Steel Products Co., Ltd.
President W. Wallace Jones in report dated .at Gananoque, Ont., Aug. 13, says in substance:
Results.
-Despite a shortage of raw materials, transportation difficulties
and severe weather conditions during the past winter, we can report another
satisfactory year's business. The tonnage output and sales were again
the largest in the company's history, though the margin of profit is somewhat reduced owing to unfavorable manufacturing conditions and unusual
expenses. Overseas commercial business increased substantially, but latterly has been somewhat interfered with owing to difficulties in obtaining
shipping space.
With a view to further expansion more land holdings at Gananoque and
Chatham have been acquired at a reasonable price.
War Orders.
-Business of this description has been negligible, but we
have recently closed an initial contract for a substantial quantity of spades
and shovels with the U. S. Government for war purposes. Deliveries on
account of this contract are now being made, and will extend into Fob. 1919.
Cash Assets.
-Attention is called to the large increase in cash, accounts
and bills receivable and securities, offset to a certain extent by a decrease
In value of inventories, this being due to difficulty in obtaining deliveries
of materials contracted for.
I • Dividends.
-During the past year the regular dividend of 7% on the
pref. shares has been declared, and 134% on account of deferred dividends
was paid in August 1917. Your directors in July 1918 decided on a further
-Financial Program.
Aurora Elgin & Chicago RR.
Earnings.
Gross.
June 1918___ _$190,924
June 1917____ 186,331
6 mos. 1918__ 963,460
6 mos. 1917_998,088
-V. 106, p. 2
648, 2449.
Net.
$31,075
48,817
113,494
256.500
Bond,&c., Depr. &
Interest. Amorrn.
$6,737
$35,819
6,557
35,800
41,462
215,087
214,595
39,067
Balance.
def.$11,482
sur. 6,460
def.143,056
sur. 2,837
-Sub. Co. Bonds.
Bangor (Me.) Ry. & Electric Co.
-V. 106, p. 1460.
See Bangor Power Co. under "Industrials" below.
-Plan Status.
Boston & Maine RR.
The reorganization plan for this company, which involves certain modifications as to compensation for Government aid, is, it is stated, merely
awaiting acceptance or declination by the Director-General. Practically
all of the important security interests, it is said, have virtually assented.
Earnings.
-For quarter ended June 30 1918:
Earns.for 3 Mos. End. June 30 1918 as Reported to Mass. P. S. Commission.
1918.
1916.
1917.
Freight revenue
$10,692,956 $9,080,215 $8,681,178
3,986,058
3,704,680
Passenger revenue
4,445,831
1,237,758
1,059,879
1,238.373
Other transportation
655,990
489,868
469.023
Incidental
Total operating revenue
$17,033,150 $14,794,873 $13,914,764
Maintenance of way and structure_ _ _ $2,356,595 $1,607,420 $1,474,021
5,694,533
Maintenance of equipment
3,309,043 2,184,072
1,551,982
Transportation
9,751,938 7,192,456
110,720
487,501
Miscellaneous operations
73,018
Traffic expenses
122,007
108,231
Total railway expenses
Not operating revenue
Railway tax accruals
$16.131,846 $11,530,370 $9,208,040
$901,303 $3,264,503 $4,706,723
575,010
514,780
512,422
Total operating income
Total non-operating income
$326.293 $2,749,722 $4,191,677
441,601
289,030
244,012
Gross income
Deductions
Rental of equipment
Rents leased roads
Interest on funded debt
Interest on unfunded debt
Miscellaneous
$570,305 $3,038,752 $4,633,278
$854,567
1,391,793
438,745
199,672
$872,951
1,382,097
438,745
199,745
$795,718
1,387,412
438,745
234,704
27,001
Total deductions
$2,887,605 $2,895,913 $2,883,583
Net income
loss$2,317,299
$142,839 $1,749,695
41,56084,284
Total appropriations
22,997
Balance
loss$2,358,860 sur$119,842sur$1665,410
(From "Boston News Bureau" Aug. 21.)-V. 107, p. 290.
-Earnings.Boston Revere Beach & Lynn RR.
Gross.
Net. °thine. Inc.
Divs.
Balance.
6 Mos.def.$5,353
$281,824 57.815 $589 $13,757
1918
506
13,186 $12,750 sur. 244
1917
260,437 25.674
Taxes (included with operating expenses) were $9,465 for the 6 months in
1918, $5,808 in 1917.-V. 107, p. 180.
Brazil Ry.-Favorable Action on Reorganization Plan.
Announcement is made that favorable action on the proposed plan of
reorganization of the company had been taken in London. Although the
formal call has not yet been prepared, it is thought likely that a meeting of
the stockholders to take action on the plan will take place in Maine early
in the fall, so that the receivership may be terminated in the middle of the
autumn.
-V. 107, p. 290, 81.
802
THE CHRONICLE
Buffalo Lockport & Rochester Ry.—Tariff.-This company's new tariff schedule provides for one-way
a mile, increased from 234c.; one-way ticket fares 23ic. acash fares of 3c.
,
mile, increased
from 231c., and round trip fares increased to double.—V. 106, P. 275 5
Buffalo Rochester & Pittsburgh Ry.—Allied Co.—
See Mahoning Investment Co. and Jefferson & Clearfield Coal & Iron
Co. under "Reports" above.—V. 107, P. 603.
'
Chesapeake Beach RR.—Fare Increase.—
The L-S. 0.Commission has granted this company permission to increase
the price of round-trip, commutation and mileage tickets sold on its line
from Washington, through southern Maryland, to Chesapeake Beach,
about 10%.—V. 91, p. 1628.
Chicago Burlington & Quincy RR.—Fed'I Treas., &c.
W. W. Baldwin, V.-Pres., has been appointed acting Federal Treasurer,
with headquarters at Chicago. E. P. Bracken, V.-Pres., in charge of
13,Vaernaatgleorn,ofwee
i sners aj t&hi&ag) yhz. ma
ru
an
:I beensGazointsd Ty tV
s
u(
in
nsae ci enp
C.
ha
under the U. S. Govt.. with the same headnuarters.—V. 107. P. 500, 401.
Chicago & Erie RR.—Income Interest.
Notice is given that 5% interest for the year ending June 30 1918 will
be paid at office of the Erie RR. N. Y., which owns all of the $100,000
stock on Oct. 1 on the $10,000,000 Income bonds due 1982. All prior
coupons of these bonds must be surrendered.
Of the total issue of $10,000,000 Incomes, all but $98,000 is owned by
the Erie RR.—V. 61, p. 559.
Chicago Milwaukee & St. Paul Ry.—Power Supply.—
See Washington Water Power Co. below.—V. 107, p. 694, 603.
Chicago Traction Co.—Ordinance Passed.—
By a vote of 51 to 19 the Chicago City Council repassed over Mayor
Thompson's veto the ordinance for unification of the surface and elevated
lines and a subway system. Compare V. 107, p. 695, 603.
Cincinnati Traction Co.—Proposed Franchise Changes.—
The Joint Council and Citizens' Advisory Committee of Cincinnati, Ohio,
on Aug. 9 approved the report of the sub-committee on the revision of the
street railway franchise at Cincinnati. The chief provisions of the revised
draft are as follows:
Six-cent fare, with provisions for increasing or reducing the rate, based
on the cost
-of-service plan.
Universal transfers.
Complete control of service and operation by the city.
Milicreek Valley line included as part of the city service.
City to have right to re-route cars at any time.
Reserve fund of $400,000 to be created by the company.
Council to have power to order extensions and establish new and additional routes.
Freight and express service may be authorized.
Return to the company on its investment.
Entrance of interurban cars over the company's tracks.
Franchise tax of $350,000 annually to be paid to the city, an increase of
$25,000 over the piesent tax.
All leases, franchises, contracts, issues of securities or transfers of franchises to be submitted to the city for approval.
Arrangements for rental for use of viaducts.
Amortization of the reducible debt of $4,000,000.
Expense of valuation and traffic survey to be repaid to the city.
Rental to be paid to the Cincinnati Street By., operated under lease.
Right of the city to purchase the property either by condemnation or at
a valuation agreed upon.
All routes fixed in the ordinance to be retained.
Reserve Fund.—When the amount of the reserve fund of $400,000,
through surplus earnings, reaches $650,000, an automatic reduction of
one-half a cent in the rate of fare will take place. On the other hand, if
the reserve fund should be reduced to $150,000, through the necessity of
having to draw from it for the payment of expenses, the rate will automatically increase one-half cent.
When the rate of fare is reduced to 5 cents, through accumulations of
surplus, the company may retain 45% of the surplus, the remaining 55%
going to the reserve fund. Then, when the rate is increased to 536 cents,
,
the company's share of surplus will be reduced to 30%, and when 6 cents
is reached, the company may retain only 20% of the surplus. When the
rate of fare exceeds 6 cents, then the entire surplus is to go to the reserve.
—V. 106, p. 2122.
Columbus (Ohio) Ry., Power 86 Light Co.—Fare Inc.—
This company has placed in effect now faro rates and is charging Sc. for
cash fares with lc. extra for transfers, as increased over a previous charge
of 8 tickets for 25c. with universal transfers as provided in its franchise.
The company has filed action in the U. S. Dist. Court at Columbus to
enjoin the city from compelling it to live up to its franchise, except on lines
In streets where rights in perpetuity are claimed. Compare V. 106, p.
2450.—V. 107, p. 181, 82.
Constitutionalist Rys. (Mexico).—Report.—
See National Railways of Mexico under "Reports" above.
Cripple Creek Central Ry.—No Common Dividend.—
It is reported that action on the dividend on this company's $2,500,000
common stock has been omitted. The usual quarterly disbursement of
1% on the $3,000,000 outstanding 4% Non-Cumulative pref. stock was
declared payable Sept. 2. The last previous dividend on the common
issue amounted to 1%%, paid June 11918. The following is a record of
the company's common and preferred dividends:
DIVS.— '06. '07. '08. '09. '10. '11. '12. '13-15. '16. '17.
1918.
Common,' 7% 6 0 0 0 0
15 6 1%,
4
3
_
Pref
4 4 4 4
4 4
94
4 4
4
4
In Feb. 1916 an extra dividend of 10% was declared with the quarterly
1% on common stock, both payable March 1. In March 1918 the common
dividend was 136% quarterly. See annual report,V. 106, p. 1893, 2756.
,
Delaware & Hudson Co.—Usual Dividend to Be Paid
Provided Sufficient Funds Be Received from the Govt.—
The directors have declared the regular quarterly dividend of 23i% on
capital stock, payable Sept. 20 to stock of record Aug. 28, "provided that
before said date there shall be received from the U. S. Government a sum
sufficient in the opinion of the President, with other available funds, to
pay the same and payable at a later date when, as and if such sum shall be
so received."
Under a ruling of the Stock Exchange Committee on Securities, the stock
will not sell ex-dividend on Aug. 28 and not until further notice.
Jurisdiction Extended.—
General Manager F. P. Gutellus has had his jurisdiction extended over
the Greenwich & Johnsonville RR. (V. 86, p. 1224) and the Schoharie
Valley RR.(V. 69, p. 542).—V. 107, p. 291, 181.
Des Moines City Ry.—Skip Stops.—
This company proposes by Sept. 15 to install a "skip stop" system on all
Des Moines city lines under instruction of the State Fuel Administration.
—V. 107, p. 401.
Detroit United Ry.—Fare Litigation.—
Attorneys for the company have obtained from U. S. Supremo Court
Justice William R. Day an order for the city to show cause why the enforcement of the ordinance permitting only 5-cont fares should not be restrained. The city has until Aug. 31 to file its reply and the case will be
given a hearing before Justice Day in Canton, Ohio, on Sept. 10. Compare
V. 107, p. 695, 603, 501.
[Voz. 107.
Gary (Ind.) Street Ry.—Fare Application.—
This company has filed a petition with the Indiana P. S. Commission
asking for a 6
-cent fare in and between the cities of Gary, East Chicago and
Hammond, and for an 8-cent fare for certain other towns.—V. 106, P. 715
,
Georgia Ry. & Power Co.—Rate Increase.—
The Georgia RR. Commission on Aug. 17 handed down a decision
authorizing an increase in electricity and gas rates with the recommendation that the Atlanta City Council permit the company to increase city carfares to 6 cts. The City Council, it is understood, will oppose the increase
In rates for electricity and gas.—V. 107, p. 696, 401.
Greenwich & Johnsonville RR.—General Manager.—
See Delaware & Hudson RR. above.—V. 86, p. 1224.
Gulf & Ship Island RR.—Federal Treasurer.—
See Mississippi Central RR. below.—V. 107, p. 396.
Gulf Mobile & Northern RR.—Officers.—
The corporate officers of the company are now as follows: John W. Plat.
ten, Pres., N. Y.; E. D. Hogan, V.-Pres. & Auditor, at Mobile, Ala.;
C. H. Murphy, Treas., and R. F. Brown, Sec., N. Y.—V. 107, p. 696, 291.
Hattiesburg (Miss.) Traction Co.—Increased Fares.—
This company on Aug. 1 put into effect a new schedule of 7
-cent cash
fares or 20 tickets for $1 25.—V. 95, p. 679.
Houston Belt & Terminal RR.—General Manager.—
See International & Great Northern By. below.—V. 107, p. 401.
Illinois Central RR.—Vice-President.—
Archibald S. Baldwin has been elected Vice-Prosident of this company.—
V. 107, p. 696, 603.
Indianapolis Traction & Terminal Co.—Fare Petition.
This company has applied to the Indiana P. S. Commission for permission in effect to charge about 2c. a mile for travel over its lines and lc. a
mile for each transfer.
The company has been required and has, effective July 1, increased wages
of its employees, which increases operating expenses about $100,000 a year.
—V. 106, p. 696, 181.
Internat. & Great Northern Ry.—Jurisdiction Extended.
W. E. Maxson, Gen. Mgr. under the U. S. Govt., for this company's
lines from Spring to Fort Worth and the Madisonville branches, had his
jurisdiction extended to include the Fort Worth Belt By.(V. 107, p. 401),
the Fort Worth Union Passenger Station and the Houston Belt & Terminal
RR.(V. 107. p. 401).—V. 107, p. 181.
International Ry. of Buffalo. -Cent Fare Not Ratified.
-6
The voters of Buffalo on Aug. 20 by a vote of 35,661 to 7,044 failed to
approve the City Council's ordinance which would nave permitted a 6-cent
fare on the street railways of the city. Compare V. 107, p. 696, 501.
Interoceanic Ry. of Mexico.—Status &c.—
•
See "Current Events' on preceding pages in this issue.—V, 104, p. 2343.
•
Interurban By. & Term. Co., Cinc.—Franchise Revised.
Receivers Thrasher and Leslie have filed with the Commissioners of
Hamilton County, Ohio, an application for a revision of the franchise so as
to eliminate restrictions as to rates of fare.—V. 107, p. 402, 291.
Interurban Railway, Warsaw, Ind.—Fares.—
Receiver C. J. Minton has filed an appliction with the Indiana P. S.
Commission for authority to increase fares on the Winona & Warsaw By.,
operated under lease, from 5c. to 6c.—V. 103, p. 408.
Joplin Union Depot Co.—General Manager.—
See Kansas City Southern By. below.—V. 90, p. 627.
Kansas City Southern Ry.—Jurisdiction Extended.—
C. E. Johnson, Gen. Mgr. of this company,the Texarkana & Fort Smith
By., the Midland Valley RR., the Houston East & West Texas By., and
the Vicksburg Shreveport & Pacific By.. has had his jurisdiction extended
to include the Joplin (Mo.) Union Depot Co.—V. 107, p. 181.
Louisiana RR. & Navigation Co.—No Fed'l Control.
This company's property has been relinquished from Federal control
and returned to the company for operation by the RR. Administration.
—V. 107, p. 291, 181.
Madison (Ind.) Light & Railway Co.—Discontinuance.
This company, operating in Madison, Ind., it is reported, expects to discontinue operation of its electric railway system within a few months.—
V. 98, p. 1767.
Massachusetts Northeastern Street Ry.—Fare Appli.
This company has made application to the I.
-S. C..,Commission for
increased commutation fares, asking increases from $2 to $2 25 in twenty
ride tickets from and to points located between Merrimac, Mass., and
Amesbury, over the Salisbury town lino between Amesbury and Newburyport, over the Newburyport town line between Nowburyport and Seabrook,
New Hampshire. A three dollar charge is asked for a twenty ride ticket
between Lawrence, Mass., and Salem, New Hampshire, $1 50 for a twenty
ride ticket between Lawrence and Methuen and between Nowburyport
and Newbury. Mass.—V. 107. D. 402.
Mississippi Central RR.—Federal Treasurer.—
Charles Ehlers has been appointed_ Federal Treasurer of this company.
the New Orleans & Great Northern RR.(V. 107, p. 604) and the Gulf as
Ship Island RR., with headquarters at Hattiesburg, Miss., effective
Aug. 1.—V. 107. p. 402.
Missouri Kansas & Texas Ry. of Texas.—Jurisdiction.—
W. A. Webb, Gen. Mgr. under the U. S. Govt., has had his jurisdiction
extended to include the Abilene & Southern RR.(V. 107, p. 400) and the
Union Term. Co. of Dallas, with headquarters at Dallas.—V. 107, P. 597,
603.
National Railways of Mexico.—Repairs, &c.—
See "Current Events" on preceding pages in this issue.
Annual Report.—The report for the fiscal year ended
June 30 1917 (not 1918) is a 109-page quarto pamphlet which
is chiefly interesting as affording the first detailed statement
for a long time past regarding the physical condition and
operation of the property, the facts therefor having been
obtained by the Executive President, Mr. Pani, from the
Mexican Government's representative, the Direction General
of the "Constitutionalist Railways." Under this name the
Government is operating the bulk of the lines owned and
leased by the National Railways of Mexico, Interoceanic
Railway of Mexico and Mexican Southern Railway, together aggregating on June 30 1917 6,799 miles of road in
operation and 610 miles of unoperated road.
The Vorz Cruz & Isthmus RR.,340M miles, and Pan American Railways.
285 miles, were in Juno 1917 segregated from the Constitutionalist Railways
in order to facilitate the operation of those two linos under the name of the
Mexican Railway when it was again soziod by the Mexican Government.
As the decree of seizure of the railway, telegraph and teleElectric Railway Rates.—Electric Railways on which phone lines of the Republic, issued by the Mexican authoriFares Have Been Increased.—
ties at Vera Cruz on Dec. 4 1914, is still in effect for all the
See page 664 in last week's issue.—V. 107, p. 401.
lines composing the company's system in Mexico, the company is without income from those lines and continuos unable
Erie RR.—Sub. Co. Income Interest.—
See Chicago & Erie RR. above.—V. 107, p. 696, 396.
to meet any part of its interest or other charges, the accumulated interest due and accrued to June 30 1917, less coupons
Fort Worth Belt Ry.—General Manager.—
See International & Great Northern By. below.—V. 107, p. 401.
funded ($3,941,720), aggregating $73,392,694.
AUG. 241918.]
THE CHRONICLE
The total amount actually paid on account of accruing
expenses for the fiscal year 1916-1917 was $117,105 for
expenses incurred in the operation of the offices maintained.
by the company in the cities of Mexico, New York and London, and this was done "with the funds given monthly designated for that purpose by the Citizen President of the
Republic."
The following statement shows the credits, expenses, interest charges, &c., of the company for the year:
Profit and Loss Statementfor Year ended June 30 1917— Mex. Silver Pesos.
Credits—Profit on operation of Texas Mexican Railway Co.
during the year (to be adjusted)
38,379
Interest and dividends [accrued] on securities owned
523,935
Interest on pending amounts spent in construction of new lines 368,045
Total credits
930,359
Expenses of the Mexico, New York and London offices to maintain the administration of the company's interests (this item
alone was paid)
117,105
Taxes in Paris on bonds and shares registered (in suspense) and
for sundry taxes
199,830
Interest on sundry obligations
112,194
Debit balance of exchange account
26,039
Interest on funded debt, equipment and collateral trust and
notes payable
21,895,714
Balance of interest due on obligations and administration expenses, &c.,for the year (see preceding paragraph)
21,420,523
The balance sheet of June 30 1917 shows cash in banks and on hand,
$331,979 (including $135,426 cash deposits for payment of principal and
interest on bonds, &c.; or as guaranty), contrasting with $307,364 in 1916,
$387,723 in 0915 and $2,212,866 in 1914.
Earnings of "Constitutionalist Railways of Mexico," Year end. June 30 1917.
July to
Dec. 1 to
July to
Dec. 1 to
Nov. 1916. June 1917.
Nov. 1916. June 1917.
Lines Owned and Infalsificable Mexican
Infalstitcalde Mexican
Paper Currency, Gold.
Leased—
Paper Currency. Gold.
Oyer. Expenses—
$
Commere'l freight 75,720,171 11,110,080 Maint. of way and
construction _ _ _36,755,422 4,454,895
Govt. freight_ _31,079,910 1,000,139
Construct'n freight
19,859 Maint. of equip't_45,145,523 5,654,757
-26,986
Passengers
84,822,957 6,551,939 Traffic and transp.56,632,159 9,445,752
Passengers(Govt.)58,516,619 4,095,286 General expenses_ 8,192,890 1,194,684
Express
48,144,093 3,656,159
Total
837,114
146,725,993 20,750,088
Baggage, rent, dm 6,575,535
Total
304,888,271 27,270,576 Net earnings.....158,180,279 6,520,488
—V. 107, p. 604.
National Tuantapec Ry.—Status.—
See "Current Events" on preceding pages in this issue.
New Orleans Great Northern RR.—Federal Treasurer.
See Mississippi Central RR. above.—V. 107, p. 604.
New York Central RR.—Ohituary.—
William H. Newman, former President and director, passed away on
Aug. 10.—V. 107, p. 604, 182.
Norfolk Southern RR.—Obituary.—
See American Beet Sugar Co. under "Industrials" below.—V. 107, p.
604.
Ohio Traction Co., Cincinnati, Ohio.—Sept. 1 Note
Maturity.—The company in reply to our inquiry says:
Three hundred thousand dollars, to meet the maturities on Sept. 1 1918
of this company's 6% coupon notes, will be in the hands of the Pennsylvania
Co. for Insurances on Lives & Granting Annuities, Phila., trustee, in suffident time to redeem the notes on Sept. 1 1918.
Under the terms of the agreement with the trustees, this company deposits in the Cincinnati banks monthly one-twelfth of the annual maturities
so that there is now on deposit in Cincinnati banks subject to the credit
of the Pennsylvania Co. 3275,000, and the remaining amount of $25,000
will be placed in the banks about the 25th of this month. The Pennsylvania
Co. will then draw on the local banks for the $300,000 to make the payment
In question.—V. 104, p. 1593.
Ottawa Traction Co.—Strike Over.—
The strike of street railway employees at Ottawa was settled Aug. 14.
,
The conciliation board awarded the men 33, 35 and 37 cents an hour,
compared with their previous wages of 26, 28 and 30 cents an hour.—
V. 106, p. 1790.
Pacific Gas & Elec. Co., San Fran.—New Financing.—
This company has filed an application with the California RR. Commission for authority to issue and sell before the end of the current year
$5,000,000 General and Refunding Mtge. gold bonds at not less than 85,
or $5,000,000 first pref. stock at not less than 82).
The Commission authorized the company on Jan. 3 1916 to issue $2,500,000 of its 1st pref. stock. The company reports that all of its stock,
except $398,500. has been issued. The $398.500, however, includes
$21,900 of stock subscribed for and on which there is still due $7,633 98,
leaving 3376,600 of stock unsold. The company asks permission to use
the 17,633 98 due on stock subscriptions and the proceeds from the sale
of $376,000 of stock heretofore authorized, as well as the proceeds from the
sale of the bonds or stock it now asks authority to issue to finance construction expenditures—V. 107, p. 604, 402.
Philadelphia Rapid Transit Co.—Wage Increase.—
This company has advised the War Labor Board that it has granted a
wage increase to its employees equal to the maximum recently granted by
the board in fixing wages in 22 cities. Tho wages range from 42c. to 48c.
an hour on the surface lines and from 45c. to 51c. an hour on the elevated
lines. The co. permits its men to belong to unions.—V. 107, p. 604, 402.
Portland (Ore.) Ry., Light & Power Co.—Higher Rates.
Lease Approved.—
803
•
The Ness' Jersey P. U. Commission has approved the application of the
Emergency Fleet Ry. Corp. of N. J. for permission to negotiate an agreement with the Public Service Ry. providing for the leasing of the property
and franchises of the corporation to the railway company for the duration
of the war and six months afterward and thereafter to sell them to the
Public Service. The agreement provides for a connecting overhead electric railway to provide transportation facilities for the shipyard workers
in and about the city of Camden on the Delaware River.—V. 107,p.697,604.
Quincy Omaha & Kansas City Ry.—General Manager.—
See Chicago Burlington & Quincy RR. above.—V. 106, P. 2123.
Rhode Island Co.—Zone Fares Permitted.—
-S. C. Commission has permitted this company to adopt zone fares
The I.
between Providence and Massachusetts points, which were recommended
by a special committee's report to the Rhode Island General Assembly in
March last.—V. 107, p. 297.
Rochester & Pittsburgh Coal & Iron Co.—
See Mahoning Investment Co. under "Reports" above.—V. 106, p. 934.
Rockland (Me.) South Thomaston & St. George Ry.—
This company's property, which has been in receivdr's hands, was sold
on Aug.6 to ex-President Black for $36,200. It is stated that the property
will be dismantled and sold for junk.—V. 87, p. 1480.
St. Louis Southwestern Ry.—Freight Consolidation.—
See Texas & Pacific Ry. below.—V. 107, p. 604, 182.
Schoharie Valley RR.—General Manager.—
See Delaware & Hudson RR. above.—V. 69, p. 542.
Seaboard Air Line Ry.—Federal Treasurer.—
T. W. Mathews, Assistant Comptroller, has been appointed Federal
Treasurer in place of Robert L. Nutt, resigned.—V. 107, p. 604, 402.
Shore Line Electric Ry.—Increased Fares.—
-S. C. Commission has granted this company permission to inThe I.
crease fares between points on its line in Massachusetts and Rhode Island,
provided the fares do not exceed those charged on Federal-controlled lines.
—V. 104, p. 2344.
Springfield (Mass.) Street Ry.—Fares.—
This company has applied to the Massachusetts P. S. Commission for
authority to charge double fares on its city lines between midnight and
4:59 a. m. The company already has applied to increase the unit of fare
from Sc. to 6c. Compare V. 107, p. 605.
Texas & Pacific Ry.—Freight Consolidation—Receiver.—
Announcement has been made that in conformity with the Government
administration of railroads, the local freight facilities of this company and
the St. Louis Southwestern Ry. in Dallas, Tex., are consolidated, effective
Aug. 16.
Pearl Wight of New Orleans has been appointed sole receiver of this co.
Jurisdiction Extended.—
Phil Carroll, Gen. Mgr. of this company and of the Louisiana Ry. &
Nay. Co. (lines west of the Mississippi River), has had his jurisdiction extended to include the Trans
-Mississippi Terminal, with headquarters at
Dallas, Tex.—V. 107, p. 182.
Third Avenue Ry.—Wage Advances.—
The rate of pay of motormen and conductors has been increased as follows:
Electric cars—First year, 41c. per hour; second year,
third year.
45c.•, fourth year, 46c.•, fifth, sixth, seventh, eighth and ninth years, 47c.;
43c.•'
tenth year and thereafter, 49c. per hour.
Storage battery cars—First year, 39c. per hour; second year, 41c.; third
year, 43c.; fourth year, 44c.; fifth year and thereafter, 45c. per hour.
—V. 107, p. 83.
Tiffin (Ohio) Fostoria & Eastern Ry.—Suspension.—
This company has announced that operation on the local line in Tiffin.
Ohio, will be suspended following the refusal of the city to give a three
months trial to a cash fare of 10c. or 6 tickets for 45c.—V. 106. p. 403.
Toledo Rys. & Light Co.—Fare Litigation.—
Judge J. M. Killits in the U. S. District Court at Toledo, Ohio, on Aug.2
refused the petition of the City of Toledo for a permanent injunction to
prevent the company from increasing its rate of fare. The company had
made an increase to Sc. with a charge of lc. for transfers. The Court held
that the company is lawfully entitled to a rate of fare which will meet its
carryipg expenses and which will provide an annual return of at least
$480,000 of operating expenses.
The conclusions of the Court follow:
"As long as wages, material and supplies are as high as now,the charge
of 5
-cent fares, with 1 cent for transfer, is absolutely necessary to give the
company the revenue it is entitled to have; the evidence indicates that
oven that rate is not sufficient.
"There is nothing that can legally prevent a further raise in fares if the
expenses of operation continue to increase. Fares are increasing in other
cities.
"The Mayor's proposition of 11 tickets for 50 cents would not bring in
revenue to pay the company's increasing operating expenses and leave
anything for the investment. The city has no power under present conditions to impose and enforce such a rate. In view of the facts before the
Court, such a rate would be unlawful and unenforceable under the law."
The City of Toledo on Aug. 7 filed bond and took an appeal to the
Circuit Court of Appeals from the decision. The Court set Sept. 6 for the
hearing, but granted an extension beyond that time, so that the city can
prepare its case.—V. 107, p. 605, 83.
Trans-Mississippi Terminal Co.—General Manager.—
See Texas & Pacific Ry. above.—V. 107, p. 403.
Underground Electric Ry. of London.—Strike.—
More than 14,000 employees of the underground, surface and omnibus.
systems operating in the city of London, Eng., are out on strike for increased
wages.—V. 107, p. 502, 403.
Union Terminal Co. of Dallas, Tex.—General Manager.
See Missouri Kansas & Texas Ry. of Texas above.—V. 107, p. 403.
Union Traction Co. Santa Cruz, Cal.—Fares.—
This company has petitioned the Oregon P. S. Commission for a general
The California RR. Commission has authorized this company to charge
increase in rates for power contending that the present chargesfor com-cent fares in Santa Cruz and on its lines between that city and Twin
mercial power, including lighting and power, are neither remunerative, 6
Lakes and between Twin Lakes and Capitola.—V. 101, p. 846.
adequate nor sufficient.—V. 105, p. 2560.
Public Service Ry. of New Jersey.—Ilearing—Status.—
The New Jersey P. U. Commission will hear arguments Aug. 29 on this
company's petition asking for a reopening of the fare case in which it pettitioned for a 7
-cent fare and 2c. for a first transfer and lc. for a transfer
on a transfer.
Review of Conditions Confronting the Railway Co.—
Washington Ry. & Electric Co.—Fare Application.—
This company will apply to the P. U. Commission of the District of
Columbia for an increased rate of fare on all its lines.—V: 107, p.698, 83
Washington-Virginia Ry.—Notes—Extension.—
This company has applied to the Capital Issues Committee at Washington for authority to issue and sell $4420,000 short-term equipment notes to
provide 50 new cars for the Mt. Vernon & Camp Humphries Ry., an
extension being completed to Camp Humphries. Va.—V. 106, p. 819.
President McCarter says: "If the public would only stop to consider that
there is no power which absolves street railways from the effects of economic
laws which govern business generally, it would realize that the Public
Service Ry. cannot go on absorbing steadily increasing costs without getting
Washington Water Power Co.—Rate Increase—Power.—
some increase for the commodity it sells. The company must have money
The Washington P. S. Commission has upheld the advance in rates on
enough to carry on its business. No amount of specious pleading or this company's interurban electric lines from Spokane to Medical Lake and
sophistry can alter that fact. If the company is not permitted to continue, Cheney, placing them on a parity with Government rates on steam lines.
the result would be a public calamity.
namely, 3c. a mile for passenger rates and 25% increase in freight rates.
"For fifteen years millions of money and unstinted effort have been
Notice has been given to this company that the International Power Co..
expended in building up the railway properties, making them a homogeneous which purchases power for the electrification system of the Chicago Milw.
entity. The public has benefited there
even to a greater degree than & St. Paul Ry., will exercise its option for an additional 5,000 h. p., making
has the company itself. To permit the property to be disintegrated, such a total of 15.000 h. p. in all. This means that the company will have to
as would be the case were it to go into a receiver's hands, would be a step expend $750,000 on its Long Lake plant to meet the demands of the railway.
backward, from which the State could not recover for years. The people —V. 106, p. 1787.
might just as well understand that unless relief is speedily afforded a
receivership is not such a remote possibility as many persons might seem to
Worcester Consolidated St. Ry.—Increase During War.
think. Other important electric railway systems are already in the hands
The proposed 6
-cent fare for this company, it is understood, will be
of receivers."
applied only for the duration of the war. Compare V. 107, p. 503.
804
THE CHRONICLE
[VOL. 107.
•
INDUSTRIAL AND MISCELLANEOUS.
Acushnet Mills.
-Extra Dividend.
The directors have declared an extra dividend of $10 per share along
with the regular quarterly dividend of $2 per share both payable Sept. 2
,
to holders of record Aug. 1.5. Dividends have been paid as follows: at the
rate of 16% per annum for many years quarterly (M.,.J. S. & D.) to and
'
Incl. 1910: 1911, 1912, 1913, 1914 and 1915, 8% each; 1916, 8% and 10%
extra on Dec. 1; 1917, 63% and 10% extra, and on Mar. 1 last 134%•
A stock dividend of 50% was paid in March 1917.-V. 106, P. 925.
Alabama Power Co.
-Muscle Shoals Suspension.
Summary of Earnings and Dividends for Cal. Years Since 1910.
1917.
1915.
1916.
1914.
1912.
Years1910.
Net earns_ _ _3718,064 $864,894 $590,979 $840,306 $1,491,779 $1,661,624
955,000
770,000
Divs. paid__ 511,000 548,000 326,000 474,000
$934,945
Average net earnings,8 years
548,000
Average annual dividend paid 8 years
American Gas Co. (Phila.).-Dividend Omitted.
The directors have announced the omission of the quarterly dividend
due Sept. 1. In June last dividends were reduced to 1%% from 2%.
The company made the following statement:
"The directors feel that it is more conservative to pass the dividend at
the present time as it was not earned and as the increases in cost of operation
and labor have continued.
"The increase in rates asked for have not been granted as yet but none
-V.106, p. 2651.
have been refused and it is felt they will not be refused."
On the grounds that labor and materials are needed to meet immediate
war demands and that, moreover, several years would be required for the
completion of the project, work on the great water power enterprise,
,
Muscle Shoals, Ala., has been ordered temporarily suspended by the War
-Preferred Dividend.
American Hide & Leather Co.
Department. Suspension of the work on the power project will not, it is
stated, affect the two nitrate plants under construction at Muscle Shoals,
In addition to the declaration of a dividend of 2%% on the outstanding
one of which is nearly completed. Arrangements already have been made 313,000,000 preferred stock payable Oct. 1 to holders of record Aug. 31
with the Alabama Power Co. to furnish power for the plants until the water In cash, the directors have declared a distribution by way of dividend,
power works are in operation.
In U. S. Govt. Liberty Loan 4% bonds, equivalent at par to $2 per share.
-V. 106, p. 1128.
Prices for Sole Leather and Belting Fixed.
-Offering of
Amalgamated Sugar Co., Ogden, Utah.
-V. 107, p. 403.
See page 654 in last week's issue.
-The ContiFirst Mtge. 7% Serial Convertible Gold Bonds.
-Merger Denial.
American International Corp.
nental & Commercial Trust & Savings Bank, Chicago,
of the companies involved of
Denial has
George H.Burr & Co., N.Y.; Chase Securities Corp., N.Y., ported mergerbeen made by officialsof the American International the reCorp.,
under the leadership
and Halsey, Stuart & Co., Chicago, are offering by adver- embracing the International Mercantile Marine Co., the Pacific Mali
Steamship Co., the Atlantic Gulf & West Indies Steamship Co. and the
tisement on another page, at prices ranging from 993/i to New York Shipbuilding Corporation.
-V. 107, p. 503.
963 and interest, yielding from about 7.50% to 8%, ac%
-Obituary.
American Locomotive Co.
cording to maturity, $3,750,000 First Mtge.7% Serial Con-V. 106, p. 2012.
See American Beet Sugar Co. above.
vertible gold bonds dated Aug. 1 1918, due $750,000 annu-Regular QuarAmerican Telephone & Telegraph Co.
ally, Aug. 1 1919 to 1923, incl. These bonds are an obligation of one of the leading beet sugar producers of the United terly Dividend of 2% Declared.
quarterly dividend of 2% on
The directors
States, its estimated production for 1918 approximating the $441,892,800 have declared the regularpayable Oct. 15 to stockholders
outstanding capital stock
120,000,000 lbs., and they are described as a closed first of record Sept. 20. This is the first payment since the properties were
mortgage on properties appraised at over $10,000,000. placed under Federal control.
Pres. Vail is quoted as saying: "Everything is as favorable as could
A circular says:
possibly be expected so far as negotiations have gone. There is evidently
"Passed by the Capital Issues Committee as not incompatible with the
national interest, but without approval of legality, validity, worth or security. Opinion No. A1286."
Interest F. & A. in U. S. gold coin at the Continental & Commercial
Trust & Savings Bank, Chicago (corporate trustee), or the Chase National
Bank in N. Y. Denom. $1,000 and $500 c*. Callable all or part on any
interest date, upon 60 days' published notice, at 1023 and Interest.
Interest payable without deduction for Federal income taxes now or
hereafter deductible at the source, not to exceed 4%. Under present laws
only 2% is now deductible as the source. Tax refund in Pennsylvania.
Convertible at the holder's option, on and after Sept. 15 1918, par for par,
Into the 8% first preferred cumulative stock of the company.
Digest of Letter from V.-Pres. L. R. Eccles, Ogden. Utah, Aug.12 1918.
Organization.-Incorporated Jan. 1914 in Utah, is one of the large and
successful beet sugar producers in America. The business has been conducted successfully for 20 years, as this company acquired and consolidated
the beet sugar plants controlled largely by the late David Eccles, the first
two of which were constructed in 1898
The physical property consists of eight sugar beet manufacturing plants
located at Ogden, Brigham City, Logan, Lewiston and Smithfield. Utah,
and Burley, Twin Falls and Paul, Idaho. The buildings are of permanent
construction and equipped with every modern device to produce beet sugar
at the lowest manufacturing cost. All of the plants were built by the
Dyer Co. of Cleveland, Ohio, and the Larrowe Construction Co. of Detroit,
the two leading beet sugar machinery and plant engineers in this country.
Capitalization (Upon Completion of Financing)- Authorized. Outsrg.
First Mtge. 7% serial convertible gold bonds
$3,750,000 $3,750,000
First pref. (a. & d.) cumulative 8% stock
*3,750,000
Common stock
25,000,000 5,824,400
* This amount of stock will be held In the treasury, to be available for
exchange for the bonds. Present surplus aggregates approx. $7,600,000.
-Entirely for the reduction of current liabilities, thereby
Purpose of Issue.
not increasing the present indebtedness.
Security.
-The sole funded debt of the company and a closed first mortgage upon the entire physical property, valued in excess of $10,000,000.
excepting only railroad sidings and spurs costing about $370,000, and unencumbered farm and city property of the value of $484,085, not included
in the above valuation. The company will maintain quick assets equal to
.at least 100% of all outstanding indebtedness, Incl. these First Mtge. bonds.
Assets as of June 30 1918, Incl. Application of These $3,750,000 Bonds.
$9,992,356
Plants, real estate, equipment, &c., less depreciation
2,785,622
Investments, stocks and bonds, land sales, contracts, &c
4,182,049
Current assets. $4,754,933; current liabilities, $572,884; net
First Mortgage 7% convertible bonds
$16.960,026
3,750,000
$13,210,026
Excess assets over liabilities
The book value of the common stock indicates an equity behind the bonds
of more than $13,000,000.
Pref. Stock.
-Dividends shall be payable quarterly. In event of involuntary dissolution or liquidation shall receive par and diva., and in the event
of voluntary dissolution or liquidation receive 110% and divs, before any
distribution can be made on the common stock. The pref. now to be
authorized may be redeemed as 110% and divs, on any dividend date on
,
60 days' notice. Additional first pref. cumulative stock may be issued only
when net earnings applicable to dividends are three times dividend require. .ments on all outstanding pref. stock, including that proposed.
Production.
-The 1915 and 1916 production amounted to 911,876 bags
and,
924,516 bags, respectively. Output for 1917 was 939.881 bags, or
about 94,000.000 pounds of refined sugar. Estimated production about
120,000,000 pounds in 1918.
Contracts.
-The company to-day has contracts with some 4,500 individual
beet growers, representing about 47,000 acres of beets, or an average of
about 10 acres to each beet grower; the estimated total production of beets
for 1918 being a minimum of 450,000 tons. The company is well covered
on its future beet seed requirements and the essential nature of the industry
precludes the possibility of an insufficiency of manufacturing supplies. '.Net Profits.
-Net profits applicable to interest charges for the fiscal year
ended Feb. 28 1918, after all deductions, Incl. reserve for excess profit
taxes, were $1,423,462. The annual interest on these bonds is $262,500.
Average annual net profits applicable to interest charges for the last three
fiscal years were $2,156,415, after all charges incl. excess profits taxes.
American Beet Sugar Co.-,-Obituary.-
Sylvanus L. Schoonmaker, a director of this company, died on Aug. 17.
The deceased was Chairman of the board of directors of the American
Locomotive Co. and the Montreal Locomotive Works, Ltd., and a director
of the General Electric Co., the Chicago Junction fly. & Union Stockyaros
-Co.. the Norfolk Southern RR.and the Woodward IroniCo.-V.106,p.211Vi
American Factors, Ltd.
-Successor Co.
-
a firm determination to do absolute justice to the telephone security holders.
There is no possible reason to anticipate anything unfavorable."
Unification of All Telephone Lines in the United States.
-V. 107, p. 698, 504.
See preceding pages in this issue.
--Manufacture of Woolen HandAmerican Woolen Co.
Knit Yarns Stopped.
-V. 106, p. 2561.
See page 653 in last week's issue.
-Obituary.
American Zinc, Lead & Smelting Co.
N. Bruce Mackelvie, a director of this company, died on Aug. 17.
The deceased was V.-Pres. of the Nassau Light & Power Co. and a director
of the Alaska-Gastineau Mining Co., Butte Superior Mining Co. and the
Wright-Martin Aircraft Co. He was also a member of the firm of Hayden.
Stone & Co.
-V. 107, p. 503.
-President Approves Continuance
Anaconda Copper Co.
of Price of 26 Cents for Copper till Nov. 1
-V. 107, p. 606, 504.
See page 654 in last week's issue.
-In reply to
-Note Maturity.
Appalachian Power Co.
our Inquiry, Treas. W.R. Emerson writes:
With reference to $2,170,700 7% notes of this company maturing on
Spet. 1 1918, I write to say that the matter is now under consideration of
our finance cortunittee.-V. 106, p. 1902.
-Stock Increase Filed.
Armour & Co.
This company on Aug. 23 filed in the office of the Secretary of State
for N. J. at Trenton a certificate increasing its capital from $100,000,000
to $210,000,000. It is stated that 600,000 shares valued at $60,000,000
will be 7% cumulative preferred stock entitled to 7% out of the surplus
-V. 107, p. 606, 504.
and net profit of the business.
-Extra Dividend on Common.
Atlas Powder Co.
The directors have declared an extra dividend of 3% on the common
along with the regular quarterly dividend of 2%. both payable Sept. 10 to
-V.106, p.2347.
holders of record Aug. 31. This amount was paid in June.
Avery Co., Peoria, Ill.-Acquisition.
This company, according to press reports, has purchased the plant and
business of the Davis Mfg. Co. of Milwaukee, Wis.-V. 106, p. 823.
-Richard-Offering of Bonds.
Bangor (Me.) Power Co.
son, Hill & Co., Boston and Bangor, are offering this company's First Mtge. 5% gold bonds dated Sept. 1 19 11,due
Sept. 1 1931, but redeemable on 60 days' notice at 105 and
interest.
Interest M. & S. in New York or Bangor. Denom. $1,000. Principal
may be registered. Central Union Trust Co., N. Y., trustee. The company agrees to pay any normal Federal income tax which it may lawfully
pay at the source to an amount not exceeding 2%. Under the present laws
the tax which the company may thus pay is 2%.
Outstanding.
Authorized.
Capitalization$1,750,000
$1,750,000
Stock
2,500,000 Class A
750,000
First Mortgage bonds
Class B
560,000
-Owns water powers on the Penobscot River at Milford, Old
Company.
Town, Orono and Veazie, at present developing 8.000 electrical h. p. and
capable of developing 12,800 electrical h. p. by the expenditure of a comparatively small amount of money. Its dams are all of modern concrete
structure and the physical condition of its power houses is in the best of
shape. The company owns about 50 miles of transmission lines on perpetual easements and has a contract with the Bar Harbor & Union River
Power Co., under which it can purchase 3,500 electrical h. p.
-The company supplies all of the power to the Bangor
Business-Control.
R.& Electric Co.(V. 106, p. 1460) for its entire domestic and commercial
electric lighting and power business in the cities of Bangor, Brewer, Old
Town, and the towns of Milford, Orono and Veazie, serving an estimated
population of 60,000. The Bangor fly. & Electric Co. owns all of the stock
of the Bangor Power Co. and assumes the payment of the principal and
interest on the bonds of the Bangor Power Co. by endorsement on each bond.
Security.
-An absolute first mortgage on all of the property now owned
or hereafter acquired.
Earnings for Five Years Ending June 30.
1913-14. 1914-15. 1915-16. 1916-17. 1917-18.
Gross earnings
$158,840 $148,374 $154,354 $168,477 $210,042
$90,129 $126,408
Net earnings
$127,518 $121,507 $123,122
55,902
49,538
91,809
82,519
Interest and taxes...... 90,197
This company has been organized in Hawaii to succeed to the business
$70,506
$31,313
840,591
838,988
Surplus
$37,321
of the enemy owned H. Hackfield & Co., Ltd., which carried on the agency
business of a number of Hawaiian sugar plantation companies foramany -V. 93, p. 732.
years.
-Indictments.
State Fishing Co.
The new corporation is capitalized at $5,000,000, par $100. The-entire
The Suffolk County (Mass.) grand jury before Judge Hitchcock in the
capital stock, which has been fully paid up, is to be transferred to a board of
seven trustees under a trust agreement to be continued during the present Superior Criminal Court on Aug. 15 returned a secret indictment containwar with Germany and thereafter for three additional years. The trustees ing 30 counts against 17 individuals alleged to have conducted the company
-V. 107, p. 293.
will issue stock trust certificates in lieu of the 50,000 shares of stock, which and its subsidiaries as a monopoly in restraint of trade.
trust certificates will entitle the holders to all the benefits of stockholders,
-War Finance CorporaBethlehem Steel Corporation.
•except the privilege of voting, which will be exercised by the trustees, and
except that sales or pledges of stock be made only with the approval of the tion Has Sold the $20,000,000 Notes Recently Purchased.
trustees.
Rosi
Pr.; --211-51
;
See statement under "Current Events" above and compare V. 107. IL
The subscription price of shares is $150, or $50 more than the-par value. 405. 606.
-Subscriptions, opened Aug.5 were to continue to Aug.20 at the office of the
Collective Bargaining and Eight-Hour Day Recognized.
-Trent Trust Co., Ltd., in Honolulu, and will be payable on allotment, but
In any;case:onlor1before;Aug130.j..4
-V. 107, p. 504, 405.
See page 657 in last week's Issue.
F.Bay
THE CHRONICLE
AUG. 24 1918.j
Bronx Gas & Electric äo.
-Rate Schedule.
This company has filed with the New York Public Service Commission a
schedule showing a proposed increase in its rate for electric current from 10c.
to 12c. perk. w. h., with a minimum charge of $1 a month.
-V. 107, p. 293.
Butte Superior Mining Co.
-Obituary.
See American Zinc, Lead & Smelting Co. above.
-V. 107, p. 606.
Central California Gas Co.
-Reorganization.
See Central Counties Gas Co. below.
-V.106, p. 2347.
Central Counties Gas Co., California.
-New Co.
-
805
Empire Engineering Co., Inc.-Operations-Managem't.
'This company is engaged in performing a considerable amount of construction work for the Baltimore & Ohio RR.Co.,the completion of sections.
of the Barge Canal for the State of New York, the construction of wooden
lighters for the U. S. Government at its shipyard at Buffalo, some small
contracts for the Pennsylvania RR. Co., &c.
At a recent meeting the following were elected: President and Chairman,
J. H. McClement; V.-Pres. & Gen. Mgr., J. Rulon Miller Jr.; V.-Pres.,
Beverly R. Value; Sec., Treas. & Comptroller, C. A. Nicklas. The board
of directors is composed of the above and Alfred Skitt and Franklin Nevins.
Offices, New York City (6 Church St.), Buffalo and Baltimore.
Firestone Tire & Rubber Co.
-Special Dividend-Status.
This company has been incorporated in California with $500,000 authorThe directors have declared a special dividend of $1.00 per share in addiized capital stock and an equal amount of bonded indebtedness, carrying
out the reorganization for the old Central California Gas Co. foreclosed tion to the usual quarterly disbursement of $1 25 per share on the $3,500,some time since. Directors of the new company are John Earle Jardine, 000 outstanding common stock, both payable Sept. 20 to stockholders of
R. G. Thomas and H. M. Worcester of Pasadena, F. W. Hunter and M.E. record Sept. 10.
As of Aug. 16 Pres. H. S. Firestone writes: "Allowing for the restrictions
Power of Visalia.
-V. 106, p. 2347.
on the importation of crude rubber and the production of pneumatic tires,
we estimate our sales will approximate $75,000,000 for the fiscal year. Our
Century Steel Co.
-Dividend of 3327o.
The directors have declared a dividend of 35c. per share (334 %) on the solid tire business has increased greatly, and we are diverting our plant
$700,000 outstanding capital stock (par $10), payable Sept. 1 to holders and labor used in pneumatic tires to rubberized fabric, balloons, gas masks
of record Aug. 20. An initial dividend of 25c. was paid June 1. The and other war essentials.
"Our profits for the year cannot be determined until after inventory
usual rate is 25c. per share.
-V. 106, p. 2232.
Oct. 31, but we feel safe in stating that after caring for dividends, taxes and
liberal reserves a very satisfactory amount will be carried to surplus ac-Extra Div. of 50c.
Chesebrough Mfg. Co.
-V. 106, p. 187.
Press reports state that the directors have declared an extra dividend of count."
50c. per share along with the regular quarterly dividend of $3 per share,
General Motors Corp.
-Clearings Discontinued-Stock.
both payable Sept. 20 to holders of record Aug. 31. In March and June
The
York Stock Exchange Committee on Clearing House, under
last the company paid 3% and
%.extra and June 1916 a 200% stock date of New 16, directs that the clearing of
Aug.
the Corporation's common stock
dividend was paid.
-V. 106. D. 2124
is discontinued with the sheet of Saturday night, Aug. 17. •
The date of the stockholders' meeting to vote on the proposed increase
Chile Copper Co.
-Copper Production (in Lbs.).in the authorized pref. stock from $50,000,000 to $100,000,000 and the
1918-July-1917.
Increased 1918-7 Mos.-1907.
Increase.
7,556,000
1.306,000156,988,512 51,168,000 5,820,512 common stock from $150,000,000 to $200,000,000 has been set for Aug. 27.
6,250,000
-V. 107, P. 406.
Making of Passenger Automobiles May Be Discontinued
by Jan. 1.
-
-Subscription to Debentures.
Cities Service Co.
Henry L. Doherty & Co. and Montgomery & Co., syndicate managers,
announce that stockholders of this company have subscribed to $2,100 000
Series "B" 7% convertible debentures, or 35% of the $6,000,000 offered. A
'
large part of the balance of the issue, it is understood, has already been
sold by the syndicate.
-V. 107, p. 699, 504.
-Sub. Co. Power Plant.
Columbia Gas & Electric Co.
Announcement is made by advertisement on another page
of the completion by the Union Gas & Electric Co. of Cincinnati, 0., of a new power plant at a cost of about $8,000,000, making immediately available for industrial and railway
purposes 60,000 k.w. of power from two units installed.
A third unit of 30,000 k.w. is on order and will be installed at an early
date. The new power house has been built to accommodate a fourth unit,
making an aggregate capacity of 120,000 k.w., which, together with the
several other power plants forming the electric generating system of the
Columbia Gas & Elec. Co., will give total combined capacity of 169,000 k.w.
The United States Government recently executed a contract for the
construction of a large nitrate plant located at Cincinnati, which will take
from the plants of the Union Gas & Electric Co. 40,000 k.w. of power.
Compare V. 107, p. 699. 606.
See page 660 in last week's issue.
Compare V. 107, p. 699. 608.
General Cigar Co., Inc.
-Acquisition.
-The following
is official:
With the acquisition of the four factories previously operated by the
Wayne Cigar Co., Detroit, this company now controls 5() plants consisting
of factories. stemmeries and warehouses for the packing and storing of
tobacco. [The annual output of the former Wayne properties is reported
as upwards of 150,000,000 cigars.1-V. 107, p. 499. ••
Geneva Cutlery Corporation.
-Incorporation.
This company, a description of whose preferred stock offering was given
in these columns some weeks ago, was incorporated under the laws of the
State of New York on June 8 with an authorized capital stock of $2,600,000.
Compare V. 105, p. 2653.
General Electric Co.
-Obituary.
-
See American Beet Sugar Co. above.
-V. 107, p. 699.
Gorton-Pew Fisheries Co., Gloucester, Mass.
-Offer-Richardson, Hill & Co. are offering
ing of Pref. Stock.
adv. on another page,$1,217,8008% cumulative pref. stoc
in addition to $782,200 issued in retirement of the company's
Connecticut Valley Lumber Co.
-Bonds Called.
-J. En-.
This company has called for payment on Aug. 15. at 105 and int. 2 of former issue of 7% pref. stock. P.ar $100, divs. Q.
its First Mtge. 6% sinking fund gold bonds of 1908, Nos. 747 and 878. tire issue or any part redeemable at 110 & div.
-V.106, p. 309.
at Federal Trust Co., Boston.
The company is engaged in the gathering, curing and marConsol. Interstate-Callahan Mining Co.
-Earnings.
- keting of fish, a most important class of food, essential in
2d Quarter 1st Quarter 2d Quarter 1st Quarter times of peace as well as in war and having an inexhaustible
1918.
1918.
1917.
1917.
Total net income
$438,528 $466,903 $733,500 $614,272 source of supply.
"Passed by the Capital Issues Committee as not incompatible with the
national interest, but without approval of legality, validity, worth or
security. Opinion No. A-1352."
Pref. Stock Provisions.
Balance, surplus
-Among the restrictions protecting this preferred
$168,917 $138,087 $339,456 $344,157
issue is a provision whereby no mortgage can be created without the conOre mined in quarter ended June 30 1918, 23,215 tons of zinc
silver; mill flotation plant treated, 38,802 tons; average mineral and load- sent of two-thirds of the par value of pref. stock outstanding. Beginning
contents, with the 1919 fiscal year, a sinking fund for the retirement of pref. stock
16.19% zinc, 4.40% lead and 1.5% ounces of silver; produced and
shipped
,
therefrom, 11,781,177 lbs. of zinc, 1,438,396 lbs. of lead and 27,218 ounces will operate semi-annually, aggregating 5% annually of the total issue.
Company.
-It is the largest producer of salt fish in the United States,
of silver. The total cost of mining was $7 35 per ton. V.106,p.2760, 2454.
with unsurpassed facilities and ideal location for the conduct of the business.
The company owns extensive plants at
Consolidation Coal Co.
-President Wilson Appeals to room for future growth; also a large fleet Gloucester, Mass., with ample
of fishing ves.sels fully covered
Miners and Operators to Increase Coal Supply.
by 'marine and war risk insurance. Several branches, together with 50
buying stations, are maintained along the North Atlantic fishing coasts,
See page 657 in last week's issue.
-V. 106. D. 2347.
including Newfoundland and Labrador.
-Including the proceeds of the sale of this issue. net quick assets,
Assets.
-Revised Annual Figures.
Consol. Gas Co. of N. Y.
excluding vessels and investments, equal $114 per share of pref. stock; total'
See Now York Edison Co. above.
-V. 107, P. 600.
net tangible assets equal $220 per share.
Earnings.
-Net earnings for the fiscal year ending March 31 1918, after
-Dividend.
Contoocook Mills, Boston.
---fixed charges and taxes, were $813,970, or over five times the dividend reA dividend of 334% on the preferred stock on account of accumulated quirement of this preferred issue.
dividends is announced, payable Sept. 2 to holders of record Aug. 14.
Management.
-The entire organization is under the management of men
On Nov. 1 1917 7% was paid on accumulations, leaving 21% still due. with lifelong experience in the industry. For offering of previous issue
-V. 105, p. 1806.
and full details, Ike., see V. 106, p. 1234, 1130.
Operating costs
Cost of improvements
258,952
10,659
317,307
11,509
324,513
69,531
236,697
33,418
-Dividend Declared.
Crows Nest Pass Coal Co.
-
Graton & Knight Mfg. Co. (Leather Belting).
-
Edison Storage Battery Co.
-Litigation.
-
Independent Brewing Co.
-Correction.
The directors have declared a quarterly dividend of 134% on the
In connection with the recent offering by the National City Co. of
$6,212,
/
667 outstanding capital stock (par $100), payable Sept. 2 to holders o, 000,000 of this company's 7% Serial gold notes (see V. 107, p. 505),$3,the
record Aug. 25. The last payment was in June, of 1%%. March, June following was given out:
Sept. and Dec. 1916 134% was paid.
-V. 96, p. 1366.
Condensed Comparative Statement as of Dec. 29 1917 and June 15 1918.
AssetsJune15'18.Dec. 29 '17
June15'18. Dec.29'17.
LiabilitiesCupey Sugar Co.
-Dividend Declared.
Land, buildings,
6% cum. 1st pref_ $500,000 $500,000
At a meeting of the directors a dividend of 7% on the outstanding
premachinery, 8,0_81,157,997 $1,047,481 Common stock- __ 2,000,000 2,000,000
ferred capital stock was declared payable Aug. 20 to holders of record
Stocks and bonds_ 462,857
489,798 Notes payable_ _ __ 4,357,173 3,581,500
Aug. 15.
Cash
853,847
802,425
422,915 Accounts payable_ 654,177
This company was incorporated on June 10 1915 in Connecticut.
209,148
680.000
194,752 Liberty Loan_ _ _ 872,300
plant, which is located at Cupey Oriente, Cuba, manufacturing raw The Notes receivable
sugar, Accts.' receivable_ 2,092,328 1,838,084 U. S. Gov't mat'l_ 117,039
•
has a capacity of 1,200 tons of cane per tiny.
'
Inventories
8,916,891 7,196,563 Accr. items, incl.
It has an authorized capital stock of $1,000,000 common stock (all
out- U. S. bonds and
420,970
Federal taxes.. _ 389,100
standing) and $600,000 cumulative pref. stocic, of which $400,000
is
war stamps_ _ _ _ 1,046,820
870,322 Depr. of inventory 2,876,752 2,527,847
standing. Also an authorized issue of $500,000 First Mtge. 6% outgold
33,393
18,298 Depr. of plant._ _
37,672
bonds, due July 11930. coupon $500 and $1,000, callable on any int. date Deferred charges57,439
Miscellaneous_.. 112,327
(J. & J. 1) at 105 and int, upon two weeks' notice. The Guaranty Trust
Contingencies
700,000
_ 700,000
Co. of N. Y. is trustee.
Surplus or undiThe officers are: Hubert Edson, Pres.; L. D. Armstrong, V.-Pres.; T. A.
808,029
vided profits_ _ _ 2,165,299
Howell, Treas., and II. J. Pullum, Secretary.
Total
$14,777,560 $12,078,213
$14,777,560 $12,078,213
Total
East Bay Water Co.
-Notes Authorized.
* Included in accrued items.
-V. 107, p. 505.
The California RR. Commission has authorized this company to issue
-year 6% notes, payable Aug. 1 1923.. For description of
$1.250.000 5
Grace China Co.
-Incorporated.
offering and annual report &c.. see V. 107, P. 608, 399.
This company has been formed in Delaware with $500,000 authorized
capital stock to represent the trade and shipping interests of W. R. Grace
(E. B.) Eddy Co., Ltd.
-Debentures Called.
& Co. in the Far East.
-year debentures have been
Twenty-two ($22,000) First Mtge. 6% 30
called for payment Sept. 1 at 10234% and int. at the Royal Trust Co.,
(W. R.) Grace & Co.
-Sub. China Co.
Montreal.
See Grace China Co. below.
-V. 99, p. 751.
This company has obtained a writ of certiorari from Justice Swayze in
The directors have declared a quarterly dividend of 1% on the common
the New Jersey Supreme Court at Trenton to review the proceedings before
annum
the rate
the Public Utilities Commission in allowing the Public Service Electric Co. stock, increasing to holdersper record from 2% to 4%. The dividend is
payable Sept. 14
of
Aug. 31. The regular preferred
to impose a war surcharge for electrical energy. The Edison Co.
of 14% has
that the imposition of a surcharge was unconstitutional, unjust contends lend 21.-V. 107, also been declared, payable Aug. 31 to holders of record
and un- Aug.
p. 699.
reasonable.
-V. 102, p. 2275.
Elkhorn Coal Corporation.
-Dividend of $1 Declared.
-
The directors, it is announced, have declared a dividend of $1 (2%) on
the $12,000,000 outstanding common stock, payable Sept. 10 to holders
of record Sept. 2.-V. 106, p. 2013.
International Nickel Co.
-Wage Increase.
-
This company has authorized an increase in the wages of its employees
at Constable Hook, N. J., of 10%.-V. 107, p. 608, 499.
International Power Co.
-Holders of
-Plan Approved.
Elmira (N. Y.) Water, Light & RR. Co.
-Obituary.
- certificates of deposit for the preferred and common stock
have been notified that the committee, H. W. Bull, Chair-
Ray Tompkins, 17 years President of this co., has died.
-V. 107, p. 601.
806
THE CHRONICLE
man, has approved and adopted the reorganization plan
dated Aug. 1 1918. Compare V. 107, p. 609, 506.
Jones Brothers Tea Co., Inc.
-Sales.
1918
-July-----1917.
$1,180,914
$977,892
-V. 106, P. 2653, 2232.
•
Increase. 1918-7 Mos.-1917.
$203,0221$7,779,339 $6,543,950
Increase.
$1,235,389
Kansas City Light & Power Co.
-Rate Advance.-
The Missouri P. S. Commission on Aug. 13 granted this company permission to increase its rates for electric light by 10%, effective Sept. 1.
-V. 106, p. 1581.
Kansas Gas & Electric Co.
-Bonds.
-
This company has applied to the Kansas P. U. Commission for permission
to issue $475,000 in bonds.
-V. 107, p. 505.
Kipawa Fibre Co., Ltd.
-New Company.
See Riordan Pulp 8‘ Paper Co., Ltd., below.
•
Laclede Gas Light Co.
-War Contract.
-
Press reports state that this company has taken a contract under which
it will build a shell plant at St. Louis for the production of 155 m. m.shells.
V. 107, p. 610, 295.
Lake Superior Corp.
-Interest Payment-Earnings.
-
It Is announced that the directors have authorized the payment of the
5% coupon due Oct. 1 on the income mortgage bonds.
Income for Fiscal Year ending June 30.
1917-18.
1916-17.
1914-15.
1914-16.
Int. and div. on securities of subsidiary cos_ $995,000
$290,000
$330,000
$342,859
Other income
53,759
45,760
123,834
26,174
Total
$1,048.759
Int. on 1st M. bonds__ }
346,485(
General expenses
$453,834
267,428
42,391
$335,760
277,3201
32,9851
Bal., cred. prof. & loss
Balance, preceding years
$702,273
4,540
$144,014
10,527
$25,455
25,072
$1,662
23,410
Total
$706,813
Res. for depr. of invest_
150,000
Int. on income bds.(5%)
150,000
Loss, St. Mary's Trac
349,193
$154,541
$50,527
$25,072
$369,033
367,371
150,000
Total surplus as per
balance sheet
$57,620
$25,072
$50,527
$4,541
Tonnage Produced by Algoma Steel Corporation.
Annual Output1917-18.
1915-16.
1916-17.
1914-15.
Pig iron
314,188
348,519
212,907
258,504
Finished steal
329,438
280,296
215,466
183,439
Steel ingots
499,712
422,389
Practically the entire output consisted of shell steel with relatively small
tonnage in merchant bars.
OPERATIONS OF SUBSIDIARY COS. FOR YEARS END.• JUNE 30
[Excluding the earnings of the Algoma Central & Hudson Bay Ry.]
1915-16.
1916-17.
1917-18.
Net earnings from oper. of all sub.
•
cos., subj. to deprec. & other chgs_ $6,551,495 $5,323,005 $3,503,471
Deduct Chgs., Divs., &c., Paid by Sub. Cos.Int. on bonds of sub. cos. and on bank
& other advances, dividends, &c__ $1,315,041 $1,419,071 $1,513,539
Pref. div. paid to Lake Sup. Corp.
by Al. Steel Corp
700,000
Reserves for deprec., renewals, &c
2,189,497
425,595
2,743,155
Res. agst. abnormal cost of new plant 1,000,000
Depletion and depreciation
278,186
667,173
586,485
Other deductions
57,455
Total deductions
Surplus for year
Brought forward
$5,540,179 $4,748,711 $2,606,307
897,164
574,294
1,011,316
423,938
340,087 def.331,765
Total
$i,435,254
Loss on dismantoling, discount
257,910
Int. during,construction now written
off
509,052
$914,381
145,036
$565,399
206,680
Balance carried forward
-V. 107, p. 507..
$769,345
$358,719
$668,293
Landers, Frary &-Clark, New Britain, Conn.
This company has purchased through stock control the business of the
Meriden Cutlery Co. of South Meriden, Conn. The "United States
Investor" in this connection has the following to say:
The New Britain concern is doing a large Government business and would
be able to finance a plant like that at South Meriden, probably without
borrowing or stock issue.
The stock of the Meriden Co. is not quoted on the Hartford Exchange,
but in the unlisted column it is given at $10 asked and no bids. A majority
has already been secured by Landers, Frary and Clark who will, for the
present at least, own the same. The latter firm is the largest manufacturer
of cutlery in New Britain and the facilities at Meriden can readily be taken
advantage of.
The Meriden company employ's about 300 hands and makes general
table cutlery. Landers, Frary & Clark are making the usual table cutlery,
and this includes a soldier's kit, for culinary and eating purposes, and all
sorts of household hardware, electrical hardware and vacuum supplies.
•
Government Order.
-
[voL. 107.
Government. Bank loans alone would preclude the resumption of dividends on the second preferred and common, but it is understood that the
financial agreement with Washington distinctly provides that no increase
In disbursements be made while advances are of current proportions. (Dow,
Jones & Co.)
-V.107, D. 700. 185.
Mobile (Ala.) Gas Co.
.
-Rate Increase.
-
Announcement is made that this company will increase its rate for gas
25c. per 1,000 Cu. ft. beginning Sept. 1.-V. 98, p. 1997.
Moline Plow Co.
-Sale of 7% Serial Gold Notes.
-The
National City Co., the Guaranty Trust Co., Kissel, Kinnimitt & Co. and Smith, Moore & Co., St. Louis, announce
the sale, by advertisement on another page, at prices
ranging from 993'2 and interest to 963/ and interest, ,to
yield from over 73/2% to about 79%, according to maturity, $6,000,000 7% Serial gold notes dated Sept. 1 1918
and due in six equal annual installments Sept. 1 1919 to
1924 inclusive. The business, established in 1865, originally
only included plows, but as expanded from time to time now
embraces practically a complete line of farming implements.
"Passed by the Capital Issues Committee as not incompatible with the
national interest, but without approval of legality, validity, worth or
security. Opinion No. A-1399."
Interest M. & S. without deduction for any Federal normal income taxes
now or hereafter deductible at the source up to 4% at the National City
Bank of New York. Denom. $1,000 C.
Redeemable at the option of the company on any interest date upon 30
days' notice as a whole or in series, in which event it must call for redemption all the notes of one or more of the series last maturing at 103 for notes
with 5 years or more to run; 102% with 4 but loss than 5 years to run;
102, 3 but less than 4 years to run; 1O13, 2 years but less than 3 years to
run; 101, 1 year but less taan 2 years to run, and 1003.i for notes with
less than 1 year to run. The notes are also subject to redemption, in part,
by lot at above prices in the event of the sale of any substantial or essential
part of the properties. Trustee, Central Union Trust Co. of N. Y.,
The notes mature Sept. 1 yearly: Series A notes, due Sept. 1 1919;
Series B, 1920; Series C, 1921; Series D,1922; Series E,1923; Series F, 1924.
Data from Letter of F. G. Allen, V.-P.5cGen.Mgr., Moline, Ill., Aug.17.
Organization.
-The business was established in 1865 and incorporated
in Illinois under its present charter in 1870; originally made only plows,
but from time to time It has purchased other farming implement concerns
until now it makes practically a complete lino of farming implements, consisting of beet tools, corn binders, corn and bean planters, cotton planters,
cultivators, grain binders, grain drills, harrows, hay loaders, hay rakes,
lime sowers, manure spreaders, .mowers, plows, reapers, rice binders,
scales, seeders, sleighs, stalk cutters, tractors trucks and farm wagons.
Two years ago the 'company bought the Universal Tractor Co. and s today one of the largest, if not the largest, manufacturers of farm tractors
in the world. The Moline-Universal tractor will do a greater variety of
work at less cost than any other tractor on the market, and is the only
tractor which will do all farm work without horses.
Plants.
-The principal implement plant is at Moline, Ill., and the tractor
plant in Rock Island, Ill. Other plants are at Freeport and Chicago, Ill.,
Stoughton, Wis., Minneapolis, Minn., and Poughkeepsie, N. Y. The
company has 22 branch houses and many transfer or distributing warehouses scattered over the United States.
Purpose of Isszie.-The proceeds will be used to fund bank loans which
have been incurred to take care of the increased cost of raw materials,
labor and the necessary expansion of business.
Security.
-The notes are the general credit obligations and constitute
the company's only obligations in the hands of tho public outside of the
banks. The company (a) will not mortgage or pledge any of its fixed
assets without providing for priority of payment of these notes, and will
not consolidate or merge with any corporation other than a constituent
company unless prior thereto it secures the notes by a closed first mortgage
on and pledge of all of its property. (b) It and its constituent companies
will maintain an excess of current assets over all current liabilities, other
than these notes, equal to at least 200% of the notes then outstanding, and
will maintain current assets equal to at least 175% of the amount of all
liabilities, direct or contingent, including tnese notes. (c) Will not dispose
of any part of its fixed assets unless it applies the proceeds to the acquisition
of fixed assets of at least equal value or to the redemption of notes of this
issue. (d) Will not pay common cash dividends except out of earnings
subsequent to July 311917, and in no event exceeding 6% in any one year
on the present stock and any increase paid for in cash.
During the past 24 years earnings have amounted to $17,579,153, of
which 37,679,153 has been put back into the business.
Volume of Business and the Income Available for Interest and Federal Taxes.
Years ended July 311915-16.
(11 Mos.)1917-18. 1916-17.
Net sales
$17,315,036 $13,140,450 $9,735,710
Available for interest & Fed'i taxes.... $3,424,115 $1,909,023 $1,114,830
During the past 5 years and 11 months the annual average income available for interest and Federal taxes has been $1,582,145.
Condensed Balance Sheet as of June 30 1918 and July 31 1917 (Latter Inserted by Ed.)
June30 '18. Ju/y31 '17.
June30 '18. Ju/y31 '17.
Assets$
Land, bidgs., mach.,
Preferred stock
&c., less deprec.. 7,984,110 6,774,132 1st 7% cum..-- 7,500,000 7,500,000
Outside investm'ts
5,125
____ I 2d 6% non-cum. 1,500,000 1,500,000
Sundry property__
29,310
Common stock _ _ _ 9,996,200 10,000,000
Pat. as., proc., &c. 394,807
394,808 Notes & bills pay-10,734,500 6,680,000
Treas.stock (par)_
13,800 Customers' depot_ 303,108
198,327
Cash
1,385,769 1,038,771 Employees'Llberty
Notes & accts. rec.
65,515
Loan subscrip__
less reserve_ _ _ 5,451,988 6,300,392 Accts. payable and
Raw mat'ls, work
wages accrued.._ 588,110 1,088,455
In process, &c..16,273,928 11,207,144 Taxes & other acLiberty bonds..._ _ 451,849
crued accounts_ 415,395
180,383
3,745,989 1,447,483
Surplus
Prepayments
270,352
Euher an as
Ot ropeassetss
assets... 2,527,083 2,467,450
308,150
DeLchgs.to p. L
74,406
The War Department authorizes the following from the Ordnance Department: The Ordnance Department has placed orders with this co. for
500,000 bayonets and 2,000,000 army mess knives.
It is stated unofficially that the control of the National Spring Bed Co.
will be taken over by the Landers, Frary & Clark organization, the stockholders of the bed company having confirmed the sale at a figure which is
understood to be about par, $25.
Total
34,848,817 28,694,647
34,848,817 28,594,647 Total
Officers are: Chairman of the board of directors, Charles F. Smith;
to write off out of
Of the European assets
President, Arthur W. Kimball; Vice-Presidents, F. A. Searle A. W.Kemp- current year all assets inwe intend Siberia, Germany, the earnings of the
Russia,
ton, J. F. Lamb, F. J. Wachter; Treasurer, Charles F. Smith; Secretary, and Poland which are found to be worthless on accountAustria, Rumania
of military or po-V. 98, p. 1320.
M. A. Parsons.
litical conditions.
Equity.
-The company has outstanding $7,500,000 1st 7% cumulative
-Stock Increase.
Logan Iron & Steel Co.
The shareholders on Aug. 17 voted to increase the authorized capita pref. stock, 81,500.000 2d 6% non-cumulative pref. stock and $9,996,200
these shares
stock from $240,000 to $4810,000, as proposed. Compare V. 106, p. 2762 common stock. The market value of 106, p. 605.shows an equity of over
-V.
$15,700,000 behind taese notes.
-Pacific Company Stock Increase.
Mackay Companies.
-
The Commercial Pacific Cable Co. has filed a certificate at Albany, increasing the authorized capital stock from $15,000,000 to $19,000,000.V. 107, p. 506, 408.
-Dividends.
Maxwell Motor Co.
The regular quarterly dividend of 1%% on the first preferred stock, payable Oct. 1 in first pref. dividend certificates to holders of record Sept. 10,
has been declared, subject to the approval of the Capital Issues Committee.
This company, which with the Chalmers Motor Co. has gone jointly
into war work on a large scale, has cut its production of passenger cars
sharply. For the six months ended June 30 its output was about 50%,
of the total of a year ago, or 22,000 cars, against 43,500. Its truck production decreased kern 12,000 to 4,000. But when conditions return to
normal the company expects quickly to make up the ground which it has
lost on its small truck.
In its 1918 fiscal year which ended July 31, the company will probably
show between $10 and $11 on its 127,000 shares of common. This will
contrast with $29 63 a year ago. This year the company has had to readjust itself to a war basis and prepare for manufacturing along radically
new lines. This has involved inevitably a reduction of profits. Into the
bargain it has charged off very heavily against plant and machinery account.
The company is now paying dividends only upon its first preferred stock
and that in scrip. To handle its large business it has had to borrow largely
from the banks and in addition has received liberal advances from the
-Offering of One-Year
Moon Motor Car Co., St. Louis.
Notes.
-The Stifel-Nicolaus Investment Co. and the Mississippi Valley Trust Co., St. Louis, Mo., are offering at 9934
and int., yielding over 73 %, $300,000 one-year 7% gold
4
notes dated Aug. 15 1918, due Aug. 15 1919.
"Passed by the Capital a9lies Committee as not incompatible with the
national Interest, but without approval of legality, validity, worth or
security. Opinion No. A1283."
Interest F. & A. 15, at the Mississippi Valley Trust Co., St. Louis (trustee). Denom. 81.000 and $500 c*. Can be made exempt from all State
and local taxes in Missouri upon registration under the Secured Debts Act.
Interest payable without deduction for any Federal normal income tax
not in excess of 4%.
Assets, &c.
-Based upon the balance sheet Jan. 11 1918. but including
the proceeds of these notes, the company's quick assets were $1,042,159.
against total current liabilities, including these notes, of $571,919, or
equivalent to 1807 of all liabilities. In addition, fixed assets were $92,050
sets
(after deducting liberal reserves for depreciation), making total net as
(after deducting all liabilities, including these notes), $562.291. These
assets do not include any valuation for trade marks or good-will.
Data from Letter of V.-Pres. Stewart McDonald, St. Louis, Aug. 7.
OrganIzation.-Established Oct. 2 1907 as an automobile manufacturing
company. In reality an outgrowth of the Jos. W. Moon Buggy Co..
AUG. 24 1918.]
THE CHRONICLE
807
organized in 1895, and long and favorably known throughout the West
Northwestern Steel Corp.(Minneapolis).—Mortgage.—
and Southwest as manufacturers of horse-drawn vehicles.
This company and Hosmer A. Brown have made a mortgage for
Capitalization and Provisions of the Notes.
due Apr. 1 1928, with interest at 7% to the Chicago Title & Trust $400,000
Co. The
One-year 7% notes, issued and outstanding
$300,000 company has purchased from the Franklin Park Foundry Co. its foundry
Capital stock, authorized and outstanding
300,000 property at Franklin Park, III.,
The company is required to maintain during the life of the notes, quick Hosmer A. Brown acquired 111 including 10 acres of land for $350,
lots
assets equal to 150% of current liabilities. No mortgage or lien prior to at an indicated price of $50.000. with some improvements near the plant
these notes can be made.
Purpose of Issue.—The manufacture of munitions now forms the prinPacific Mail Steamship Co.—Application to List.—
cipal part of the business. The company is now completing war contracts
This company has applied
for the U. S. Navy, and has just entered into a largo contract with. the $350,000 additional common to the New York Stock Exchange to list
stock. (See also American International
Ordnance Department. It is to properly handle this last contract that Corporation above.)—V.
107, p. 86.
these notes are issued.
Assets.—The balance sheet at the beginning of the fiscal year, after the
Pittsburgh Oil & Gas Co.—Stock Increase.—
Introduction and application of the funds received for these notes and
The shareholders of this company
accepting the liability thereof, shows net assets of $562,291 above all capital stock from $2,000,000 to have voted to increase the authorized
$3,000,000. It is stated that about
liabilities, and quick assets equivalent to 180% of all liabilities.
$512,000 of the new stock will
Earnings.—The gross business for 1917, $1,648,370, was exclusively In developing new territory. be issued at present, the proceeds to be used
The company is said to own nearly 1,000
automobile business and does not include any munition business. Average wells in eight States.—V.
106, p. 933.
annual earnings for the past three years available for interest have been
$76,611. At the present time, exclusive of regular automobile business, the
Port Arthur Shipbuilding Co.—Initial Dividend. —
company has on its books over $2,250,000 worth of Government conThe directors have
an
tracts for immediate delivery. For further particulars regarding prop- outstanding common declaredpar initial dividend of 1 A % on the $1,000,000
stock,
$100, payable Oct. 1. Compare offering
erty, &c., see offering of stock, &c., V. 105, P. 1314.
of stock, V. 104, p. 2558, 367.
National Spring Bed Co.—Sale.—
Provincial Light, Heat & Power Co.—Bonds Called.—
See Landers, Frary & Clark Co. above.
Newport Mining Co.—Notes to Be Paid Off.—
We are informed that the $400,000 5% serial notes, due Sept. 1 1918, will
be paid off at maturity on Sept. 1. Payment to be made at office of The
First • Savings & Trust Co., Cleveland, 0.
The issue above referred to is part of an original issue of $4,000,000,
dated $2,000,000 Sept. 1 1916, $2,000,000 March 1 1917; outstanding
amount duo, $400,000 semi-annually from Sept. 1 1918 to Sept. 1 1921,
Inclusive; in. M. & S. at the First Savings & Trust Co., Cleveland, 0.,
trustee, and in New York. The issue is subject to call as a whole or in
amounts of not less than $400,000 at 102A and int. on any int. date to and
including Sept. 1 1919; thereafter at 101 and hit. The company has no
mortgage debt. Of authorizeed issues of $1,500,000 corn. stock and
$3,000,000 prof., there were outstanding at last accounts $1,395,500 corn.
and $1,172,000 pref. stock; par, $100.
The company was incorporated in Jan. 1913 in Maine and owns and
operates iron mines in Ironwood and Bessemer, Mich. The lands are
estimated to contain 11,200,000 tons of ore and the holdings of a subsidiary,
3,800,000 tons. M. A. Hanna & Co., Cleveland, 0., act as selling agents
for the company's ore.
A. A.Schlesinger Is Pres. Office, First Nat. Bank Bldg., Milwaukee.
New York Air Brake Co.—No Stock Increase—Dividend.
President Starbuck is quoted as saying: "There is nothing in the rumors
that the company plans to increase its capital by a stock dividend. The
capital will remain where it is—at $10,000,000.
The directors have declared the regular quarterly dividend of $5 a share,
payable Sept. 20 to holders of record Sept. 3 (see adv.)
.—V. 106, p. 1349.
New York Steam Co.—Receivers Appointed.—
Judge John C. Knox in the United States District Court at New York
on Aug. 20 appointed Gamaliel C. St. John, George F. Hurd and William
0. Fitts as receivers, under a joint and several bon of $100,000, as a result
of a mortgage foreclosure suit brought by the Andrews Institute for Girls
at Willoughby, Ohio, which institution is one of the principal owners of
the company. Receivers were authorized in their discretion to continue
the business of the company.
*The company, pursuant to a resolution adopted by its executive committee, through George S. Beith, the Sec. & Treas., answering the suit,
admits the allegations of the complaint and joins in the prayer for the
appointment of the receivers.
In the order appointing the receivers Judge Knox said: "The company is
presently unable to meet and discharge its obligations which have already
matured and these which are maturing. It is unable to carry on its ordinary business with safety to the public and advantage to its stockholders,
and it is in the interest of the defendant steam company and the bondholders, creditors and stockholders of the defendant company that receivers
of all its property and assets be appointed."
The Andrews Institute instituted the suit as holder of mortgages entered
Into when the defendant company acquired the properties upon which it
erected its plants in Now York. There has been default in the payment of
interest on those mortgages,and for that reason the Institute asked that the
mortgaged properties be sold for the benefit of the institution.
The Union Trust Co., as trustee under the $2,750,000 Refunding Mortgage serial gold bonds dated July 1 1911, and the Central Trust Co. of
N Y., as trustee under the General Mtge. 25
-year gold bonds dated Nov. 1
1916, are also named in the suit.
.
The Central Union Trust Co., merger institution, in its answer, because
of the default of the payment of interest since July 1 1917 on the Refunding
serial gold bonds, asked that the mortgage be foreclosed.
In another action for a receivership brought in July last before Justice
Pendleton in the Supreme Court at N. Y., Robert J. Hanford, acting for
himself and other stockholders, was opposed by the Andrews Institute,
which was endowed by the founder of the defendant company, Wallace 0.
Andrews. A detailed account of this action was published in the "New
York Times" of July 21 last.—V. 104, p. 1707, 1391, 565.
Northwestern Knitting Co.—Stock Increase.—
The shareholders on July 18 voted to increase the authorized common
stock from 31,500,000 to $1,600,000. The company has outstanding
$1,175,000 pref. stock out of an authorized issue of $1,500,000. The
company was incorporated in March 1887 in Minnesota, and manufactures
"Munsing Wear, men's, women's and children's ribbed underwear, and
union suits. F. W. Stowell is President, office at Minneapolis, Minn.
Northwestern Telephone Exchange Co.—Merger.—
Ownership of the Tri-State Telephone & Telegraph Co. lines, it is
nounced, is now in the hands of the Northwestern Co. For detailsanof
merger, &c., see V. 106, p. 2126.
•
Owens Bottle-Machine Co.—Liberty Bond Dividend.—
The directors have declared an extra dividend of 2% on the $9,565,750
outstanding common stock, payable in Liberty Loan 0.1% bonds, along
with the usual quarterly dividends of 3% on the common stock and $1 75
per share on the pref. stock. All dividends are payable Oct. 1 to holders
of record Sept. 22.
Twenty-one ($21,000) First Mtge. 40
-year 5% gold bonds
ing in number from 0004 to 1303, incl., have been calledof 1906, rangfor payment
Sept. 1 at 105 and int. at the Nat. Trust Co., Montreal.—V. 105, p. 394.
Public Service Electric Co.—Litigation.—
See Edison Storage Battery Co. above.—V. 107, p. 86.
Pullman Co.—Operating—Federal Manager.—
L. S. Taylor, Comptroller, has been appointed Federal Manager of the
Pullman Car Line, the operating department of the company under Federal Government.—V. 107. p. 86.
Railway Steel Spring Co.—Bonds Called.—
This company will redeem on Oct. 1 at 105 and int. the entire outstanding
amount ($1,674,000) of its Inter-Ocean plant 5% gold bonds, payable
at the Guaranty Trust Co. of New York. V. 106, p. 1122.
Republic Rubber Corp.—Earnings and Sales.—
Press reports state net earnings for the June quarter amounted to $367,363 and for the month of June $122,927. Total sales for the quarter were
$4,522,702 and $1,500,000 for July.
In June last the company reported "The Youngstown plant has
pacity of about 3,000 automobile tires daily. It also manufactures a casolid
truck tires, rubber bolting, balata belting, hose of all kinds, including air
brake and tank hose for railroads, molded goods, and a general
mechanical rubber goods, constituting about 40% of its capacity. line ofland
The
owned is about 45 acres, while the floor space of buildings comprises about
15 acres. The Canton plant has a capacity of about 1,000 automobile
tiros daily, and does not at present manufacture mechanical rubber
Its land acreage is about seven acres, and its floor space is about fourgoods.
acres.
"Capital stock authorized, pref., $10,000,000 7% cumulative, par value
$100; common, 250.000 shares, no par value. Outstanding at Dec. 31
1917, pref., $4,523,400; common, 189,501 shares. No bonds have ever
been issued."—V. 106, p. 1040.
Riordon Pulp & Paper Co., Ltd.—New Mill—Bonds.—
See. F. B. Wittet Aug. 5 addressed shareholders as follows:
At the last annual meeting the directors reported that the company
undertaken the establishment of a mill at Temiskaming Que., for had
the
manufacture of bleached sulphite pulp. The site has been purchased,
water power and timber rights secured and the construction of the mill is
well under way. This new mill will be constructed and operated by the
Kipawa Fibre Co., Ltd., and will be managed jointly with your company.
In addition to the investment to be made by your company, which will
insure permanent control and a large share in future profits, your directors
have decided that it is advisable to secure a further sum of approximately
$3,000,000 for investment in the new company, and,subject to the approval
of the shareholders, tentative arrangements have been made for
of bonds or debentures, particulars of which will be announcedthe sale
in due
course, after the requisite legal formalities in connection with the issue of
the securities have been completed. Official permission for the issue and
sale of these securities as required by the Order-in-Council (3439) of Dec. 22
1917 has been obtained, as has also permission from the Capital Issues Committee for the sale of the securities in the United States.—V. 106, p. 2014.
Royal Dutch Petroleum Co.—Dividend.—
N. M. Rothschild & Sons, London, announce that they have been informed that the final dividend for 1917 has been declared at 18% (viz..
Fl. 180 per share of Fl. 1,000 and Fl. 18 per sub-share of Fl. 100). The
said dividend will accordingly be paid at their office each day, Saturday's
excepted, between the hours of 11, and 2. Coupon No. 39 will have to be
presented and will be paid at the exchange of the day on Amsterdam.
In the case of the holders of the provisional certificates belonging to the
London issue of June 1916, the said dividend will be paid subject to production of the provisional certificate for marking. Printed forms to be
applied for and the coupons (or provisional certificates) left three days for
examination. Last year, 23%. (See also Shell Transport & Trading
Co. below).
Subsidiary Co. Mexican Pipe Line.—
It is announced that this company's subsidiary, the Corona Petroleum
Co., will construct a 10
-inch pipe line from Panuco to Tampico, about 36
miles, to have a daily capacity of 25,000 barrels.
Annual Report.—
A Central News cable dispatch says: "The annual report of
Dutch Petroleum Co. shows that in 1917 the production was the Royal
4.960,000
tons, against 5,164,000 tons in 1916.. The decrease was duo to the loss of
the Rumanian output. Gross profits for the year were 49,740,000 florins,
against 32,832,000 florins in 1916 and the net profits were 44,373,000
florins, contrasted with 32,629,000 florins in the previous year.
"According to a statement issued by the management, the directors have
endeavored to reach a tonnage and distribution agreement with the Standard Oil interests but have been unsuccessful."—V. 107.
P. 500, 86.
San Diego Consolidated Gas & Electric Co.—Offering
of Five-Year Notes.—The Southern Trust & Commerce Bank
Income Statement.—For 9 mos. ended June 30 1918 and of San Diego, Cal. (trustee), is offering at 97% and int.,
3
12 mos. ended Sept. 30 1917:
yielding over %%,$150,000 Five-Year 6% Coll. Trust gold
Results for—
9 Mos. 1917-18. 12 Mos.'16-17 notes, dated July 1 1918, due July 1 1923. .A circular shows:
Mfg. profits & royalties, after deducting cost of
sales, incl. all mfg. expense & depreciation_ _..$2,090,223
Dividends, interest and other income
687,841
Total income..
Miscellaneous expenses
$2,615,769
x1,331,997
$2,778,064
340,621
43,947,766
562,937
Net income before deducting est. Fed,inc. tax.$2,437,443
Proportion of net profits of controlled co's, based
on percentage of stock owned: American Bottle
Co., Graham Glass Co. of Ind., Graham Glass
Co. of Okla. and Whitney Glass Works, before
deducting estimated Federal income taxes_ _ _ _ 1.112,658
x$3
,384,829
Total net income before deducting estimated
Federal income taxes
$3,550,101
Estimated Fed. inc. taxes Owens & control. cos_ 1,054,200
1,161,470
$4,546,299
540,000
$2,495,901
x84,006,299
(15%) $1,435,8951
Dividends—Common.
(20)1,814,921
do
do
397,15011,833,045
Prof., 7% per ann._
510,343
Balance to surplus
$662,856
$1,681,035
x Incl. "profit on sale of Chas. Boldt Co. stock, $833,400." Since and
Including Jan. 1 1917 the common stock has received dividends amounting
to 57 each quarter, the distributions made in April and July 1918 being
each 3% in cash and 2% in 4% Liberty bonds. As to Oct. dividend see
above.—V. 106, p. 2349.
"Passed as not incompatible with the interest of the United States, but
without approval of the merits, security or legality. Opinion
(Signed) Capital Issued Committee of the Federal Reserve Board." A924.
The notes are part of an authorized issue of $550.000, secured by deposit
with Trustee of $687,500 First Mortgage 5% bonds, due 1939. $400,000
of the Collateral Trust gold notes are reserved to retire a like amount of
two-year notes now outstanding.
Interest payable J. & J., at Southern Trust & Commerce Bank, San
Diego, Cal. Denom. of $1,000, $500, $100, and $50c. Callable all or
part on 30 days' notice on any interest period at 102 and interest. Tax
exempt in California. Interest paid without deduction of normal Federal
income tax of 2%.
Properties.—The company operates without competition modern electric
and gas generating plants with distributing systems serving San Diego and
adjacent cities and towns, with a total population in excess of 125,000.
The electric equipment comprises 17,750 h. p. in engine and turbine driven
generating units operating condensing, with about 678 miles of transmission
and distributing system. The gas works has a daily manufacturing capacity
of 6,250.000 Cu. ft. and holder capacity of 2,650,000 Cu. ft., and there are
about 516 miles of gas mains.
Security.—A direct obligation and collaterally secured by pledge of
$687.500 First Mortgage 5% bonds due 1939—which bonds are a part of
an authorized issue of $6,000,000 secured by an absolute First Mortgage
on all property which the company now owns or may hereafter acquire.
Outststanding Capitalization.
Common stock
$2,955,000 Collateral trust 6% notes
Pref. 7% cumulative
718,500
(this issue)
$550,000
1st M.5s in hands of public 4,630,000 Deb.6% bonds—due 1922 356,000
THE CHRONICLE
808
Results Twelve Months ending June 30 1918.
Gross earnings
Net earnings after taxes and maintenance
Int. on $4,630,000 1st M.55 in hands of public
$1,884,866
$725,627
231,500
[VOL. 107.
-President J. Allan Smith in circular
Official Circular.
replying to the protective committee headed by James P.
Gilligan of the curb house of Slattery & Co., said in brief:
The Delaware corporation referred to is part of a plan still in embryo,
affecting only the service and sales distribution plan of USL replacement batteries for automobiles.
There has been no by-law made prohibiting stockholders from seeing the
$461,127 books. The articles of incorporation, however, have always provided that
Balance available subsequent interest and dividends
the board shall control such matters.
Bonds-Stock.
The deficit referred to was largely incurred the first year after reorganizaThis company has applied to the Cal. RR. Commission for authority to tied of the property. Upon declaration of war, our services and.facilities
Issue and sell $350,000 of its 6% Debenture bonds and $133,700 pref. were immediately placed at the disposal of the Government and 60% of
stock. The bonds are proposed to be sold at 88 and the pref. stock at 95, present production is war work. The purchase of railway passenger cars
and the proceeds used to finance past and future construction expenditures, has been almost entirely discontinued, leaving little demand for the axle
and to increase its working capital from $205,600 as authorized by the Com- electric illuminating devices for which your company's facilities are espodaily adapted.
mission in 1916 to $300,000.-V. 107, p. 611, 507.
No stockholder is more interested in the success of the company or in the
yo
ent y
-Annual Meeting.
n
ood
sNjho have consistently
i
Shattuck-Arizona Copper Co.
establishedor s
payment ofdividends than the controlling i
ur
Interests,and stood sponsor
will vote Sept. 14 on changing the date of the annual
The shareholders
corporation,
meeting from the third Saturday in February to the third Wednesday in interests in many other ways. The property is being conducted solely as
-V. 106, p. 701, 508.
April of each year.
a manufacturing institution and there is no distinction between the interests of any of the stockholdres except that the controlling interests have
-Capitalization.
Shell Transport & Trading Co.
constantly carried burdens to which others were not subjected.
An extraordinary general meeting of this company, subsidiary of the
[An approved newspaper statement sent by the company to inquiring
Royal Dutch Co. was to be held after the general meeting on July 30, to shareholders says in part: "The control of the company rests with the
consider resolutions providing for the capitalization of £3,041,172. part of John N. Willys interests of Toledo, whom Mr. Smith represents. Their
the reserve fund, by the distribution among the holders of ordinary shares, caliber and integrity are unquestioned. The dominant.interests bought
registered on July 30, at the rate of three new ordinary shares for each into the company as a long-time investment which might prove of value
five of the issued ordinary shares, and applying the said .C3,041,172 for the as the automobile industry expanded. They have cleaned house and ropurpose of making payment in full at par for the shares so distributed. The vamped the manufacturing layout, making a solvent, going concern of the
Treasury has been obtained. (See also Royal Dutch company, which a few years ago was hopelessly bankrupt. If any.single
consent of II.
M.
-V 107, p. 88.
Co. above.)
individual in the United States is able to turn war work to the company,
to be the President of the Curtiss Aeroplane and Willys-Overland,
Sinclair Oil & Refining Corporation. -New Director. - it ought which have been for months very important war supply sources
both of
George H. Flinn, of Booth & Flinn, contractors, of Pittsburgh and New for the Government. Compare V. 107, p. 702.
York, has been elected a director, succeeding John Kelley, of Kansas City,
-Extra 5% in Liberty Bonds.
Wamsutta Mills.
deceased. The fiscal year of the company has been changed from ending
The directors have declared an extra dividend of 5% per share, payable
-V. 107, p. 701, 692, 611.
Juno 30 to agree with the calendar year.
S. Govt. Liberty Loan bonds, along with the quarterly dividend of
in U.
-Rates Increased. 3%. The regular dividend is payable Sept. 16 to holders of record Aug. 20,
Southwest. Bell Teleph. Co., St. L.
The Missouri P. S. Commission has granted this company an increase while the extra is payable Oct. 1 to holders of record Aug. 20.-V. 105, P.
2549.
of 9% on long-distance tolls, effective Aug. 21.-V. 104, p. 77.
Interest on $550,000 6% notes (this issue)
$494,127
33,000
-Wage Increase Approved
Western Union Telegraph Co.
-Rates.
Southern Counties Gas Light Co. of Cal.
Postmaster-General Burleson has approved the 10% increase in wages
The California RR. Commission has denied the petitions of the cities of of telegraphers of this company. Compare V. 107, p. 702, 516.
Cal., for a hearing of the
Santa Monica and Venice, Los Angeles County,
-The
-Sales, &c.
Westinghouse Electric & Mfg. Co.
Commission's decision fixing gas rates to be charged by this company.
.
V. 106, p. 2554.
following data are understood to be substantially correct:
For the three months ending June 30 the company billed out sales
-New President.
Standard Oil Co. of Indiana.
approximating 333,000,000, which is an increase of about 50% over the
First Vice-President Lauren J. Drake has been elected President to corresponding period of 1917. If the same percentage of increase should
-V. 107, p. 701.
succeed W. P. Cowan, deceased.
hold good for the remaining three quarters the company would wind up the
more than
year with gross
Standard Oil Co.(N. J.).-National Petroleum War Ser- for the year to sales of31 last. $140,000,000,compared with $95,735,000
March
vice Committee Plans to Stabilize Price and Maintain Output.
New orders came in at a rate approximately equal to the sales billed.
Therefore, the value of unfilled orders as of June 30 shows but little varia-V. 107, p. 409, 297.
See page 655 in last week's issue.
tion from the $147,857,000 of business on hand March 31. This $147,857,000 on March 31 was divided $110,185,000 for regular products and $37.-Bonus of 2% and 1%.
Steel Co. of Canada.
of June 30 orders were
It is expected that the directors will declare a cash bonus of 2% on the 672,000 for munitions. It is understood that as
-V. 107, p. 516.
common stock and of 17 on tne preferred stock. This will make 8% segregated in about the samo proportions.
-V. 106, p. 2340.
disbursed for this year.
-Bonds Called.
West Penn Power Co.
-year 6% collateral gold notes (ranging in number
Twenty-one ($21,000) 2
-Amended Agreement.
Superior Colliery Co.
notes of the same issue, Nos.
1,844, inclusive), and 2 ($1,000)
18
Holders of Columbia Trust Co. certificates of deposit, representing 1st M. from andto
D147, have been called for payment Oct. 19 at par, with a pre-year gold bonds of Superior D66
-year gold bonds and 1st Adjustment 30
20
-V. 107, p.
Co. of N. Y.
6
-year gold mium of 3., of 1% and int. at the Equitable Trust
-year gold bonds and 1st Adjustment 35
Colliery Co., 1st M. 35
bonds of Superior Development Co., and capital stock of Superior Colliery 702.
-Bonds Called.
Co. and capital stock of Superior Development Co., issued under agreement
Wilkes-Barre Colliery Co.
dated June 5 1915, between the below committee and the holders of the
Twenty ($20.000) First Mtge. 6% Sinking Fund gold bonds of 1912.
said bonds deposited thereunder, are hereby notified that the committee ranging in number from 8 to 444 inclusive, have been called for redemption
has amended the agreement and the Colliery and Development companies' Sept. 1 at 101 and int. at the Girard Trust Co., Phila.-V. 105, p. 723.
plan of reorganization annexed thereto, and that said amendments have
-Offering of Three.
Wisconsin Power, Light & He at Co.
been filed with Columbia Trust Co., N. Y., depositary.
-George E. Warren, J. Mortimer Townley, George T. Max- Year Notes.
Committee.
-The Fort Dearborn Trust & Savings Bank,
well. Arthur N. Hazeltine, 60 Broadway, N.Y.,Sec. Davies, Auerbach
Chicago, is offering at 97%, yielding 8%, $200,000 Three-V.98, p. 1321.
& Cornell, N. Y., counsel.
-Earnings, &c.
Taylor-Wharton Iron & Steel Co.
1917.
Mar. 31 June 30. 1918.
1918 (Qtiar. end.). -Half Year
1917.
Earnings (including subsidiaries). Mar. 31. June 30. 1918.
Total earnings after deducting oper.
and gen'l exps., incl. taxes (except
excess profits tax), repairs, replacoments, maintenance & deprecla'n.$443,457 $435,383 $878,840 $666,676
Misc. items, incl. res'ves for conting_ 255,384 255,512 510,896 328,940
$188,073 $179,871 $367,944 $86,250
Bond int., $43,125; bond sinking
20,000
53,125 106,250
53,125
fund, $10,000
,
33,250(33 )66500 66,500
(13i %)33,250
Divs. on pref. stock
$101,698 $93,496 $195,194 $164,986
Surplus for period
-V.106.p. 1466,714.
The report for 1917 is cited on a preceding page.
-Reply to Federal Trade Commission's Report.
Swift & Co.
This company has issued a statement in reply to the rsport of the Federal
Trade Commission, which attacked packing firms as profiteers and as in
combination in restraint of trade.
-sided affair, not
The statement says that the investigation was a ono
giving the packers a chance to present their side of the case, missing the
facts bearing on the question at issue. Moreover, they say that the
salient
Commission failed to mention that the packers are now operating under
Government supervision and that their profits have been limited by the
Food Administration since Nov. 1 1917.-V. 107, p. 701, 612.
--Sale.
Tri-State Telephone & Telegraph Co.
-V. 106, p. 2127.
See Northwestern Telephone Exchange Co. above.
-New Stock.
Trumbull Steel Co.
This company has applied to the Capital Issues Committee of the Federal
Reserve Board for the right to offer $2,000,000 at par to stockholders of
the $8,000,000 common stock recently authorized. See V. 106, p. 2764.
-Earnings.
Union Bag & Paper Corp.
Results for 3 and 6 Months ended July 31.
1918-6 Mos.-1917.
1918-3 Mos.-1917.
Earns, after repairs & maint_$848,462 $844,447 $1,574,420 $1,693,619
141,863
121,466
58,303
55,957
Depreciation
106,597
103,143
53,175
51,639
Interest on bonds
215,000
320,000
125,000
230,000
Reserve for taxes
$510,866 $607,969 $1,029,811 $1,230,659
Balance for dividends
-V.
The above earnings do not include the St. Maurice Paper Co., Ltd.
106, p. 2234, 1340.
-Power Announcement.
Union Gas & Electric Co.
See Columbia GEIS
&
-V. 107, p. 701, 612.
Electric Co. above.
-At a
-Directorate.
U. S. Light & Heat Corporation.
recent annual meeting the retiring directors and officers were
re-elected with thd exception of director A. H. Ackerman,
who was succeeded by C.0. Mininger, of Toledo, Ohio.
Year 7%Coll.gold notes dated July 11918, duo July 1 1921.
but
Passed as not incompatible with the interests of the United States,
without approval of the merits security or legality. Opinion No. A-739.
(Signed) Capital Issues Committee of the Federal Reserve Board.
Denom. $100. $500, $1,000. Int. J. & J., without deduction of normal
Federal income tax, not exceeding 2%,at the Fort Dearborn Trust & Savings Bank, Chicago., trustee.
Subsidiary Companies, Operated Subject to the Lien of These Notes.
Portage Elec. Lt. & Power Co.,
Baraboo Gas & Electric Co.,
Omro Elec. Light & Power Co.,
Beaver Dam Light & Power Co.,
Neshkoro Elec. Lt. & Power Co.,
Illuminating Co.,
Beaver Dam
Ripon Light & Water Co.,
Iforicon Light & Power Co.,
Wisconsin Lt., Pow. & Milling Co.,
Fox Lake Light & Power Co.,
Kingston Electric Co.,
Co.,
Berlin Public Service
Green Lake Electric Co.,
Central Wisc. R . & Utilities Co.,
Markesan Electric Co.
These properties are connected by transmission linos and electrical energy
Is furnished from water power companies and are not dependent upon coal,
except for reserve purposes. The company owns 122 miles of transmission
lines and are now building 30 miles additional.
Data from Letter of Pres. Marshall E. Sampsell, Dated Chicago, July 8
1918.
-Organized in Wisconsin in 1916 and serves directly and
Organization.
through its subsidiaries 22 towns in southern Wisc., having a combined
estimated population of 40,000, with one or more classes of service, viz.,
electric light and power, gas, water and heating.
Outstanding.
Capitalization$400,000
Common capital stock
58, due June 1 1946 (of which $15,000 are in co.'s
First & Ref. M.
965,000
treasury)*
(len. M. bonds duo 1946 (all owned by co.,$40,000 being pledged
65,000
as collateral under a purchase agreement) *
3,100
Underlying bonds (cash deposited with trustee for retirement).--200,000
3
-Year 7% collateral gold notes, series "A" (this issue)
-Year 7% notes.
* Exclusive of bonds pledged as security for tho 3
-To partially reimburse the treasury for expenditures
Purpose of Issue.
made for improvements, betterments and extensions.
-A direct obligation of the company and are collaterally soSecurity.
cured by pledge of $150,000 First Mtgo.and $150,000 Gen. Mtge. bonds.
-The utilities owned and controlled serve their respective
Property.
communities without competition in some of the best agricultural and
dairy sections of Wisconsin, and supply power to tho iron fields and granite
quarries of western and central Wisconsin, a business which will be further
increased substantially in the near future, thus serving a total connected
load far in excess of the aggregate available capacity. The company and
Its subsidiaries now serve 22 communities in southern Wise., of which 22 are
served with electricity, three with gas, one with water and two with heat.
Owns 122 miles of high-tension transmission lines and is now building
30 miles additional. The electrical energy transmitted over these lines
is purchased at very favorable rates from five water power companies,
two of these being among the largest in Wisconsin. The completion of the
30 miles of transmission line under construction will enable the complete
shutting down of all the steam generating stations, except for reserve purposes. At present two principal steam generating stations are being operated and two more are kept in reserve. Also owns and operates a small
water power development.
*Earnings for Year Ending April 30 1918.
$350,803iInt. on $965,000 lit M.bds_ $48,250
Gross earnings
14,000
Int, on these notes
Net after taxes & 123i%
$58,941
$121,191 Surplus
for depreciation
received from subsidiaries but not actually earned,by
* Includes $13,961
-V. 106, p. 2124.
them in the period covered.
-Ralph C.
The directors and officers elected are as follows: Directors
Caples, Toledo, O.; Egbert H. Gold, Chicago; Edwin K. Gordon, N. Y.
City; James S. Kepperely, Buffalo; Chauncey L. Lane, Niagara Falls;
0. (). Mininger, Toledo, O.; James 0. Moore, Buffalo; B. J. O'Reilly,
Niagara Falls; James A. Roberts, N. Y. City; George G. Shepard, Niagara
-Bonds to be Paid.
Worcester Gas Light Co.
Falls; J. Allan Smith, Niagara Falls. Officers-Egbert H. Gold, Chairman
We are informed that the $300,000 4M % bonds due Sept. 11018 will bo
-Pros. &
of board of directors; J. Allan Smith. Pres.; Chauncey L. Lane, V.
Gen. Mgr.; B. J. O'Reilly, Treas.; R. H. Van Nest, Sec.; T. G. Swannie, paid off at maturity at office of Worcester Bank & Trust Co., Worcester,
Mass.
-V. 106, p. 1044.
Asst. Sec. & Asst. Treas.
AUG. 24 1918.]
THE CHRONICLE
gtvorts
809
mut Porrcm.ents.
PAN AMERICAN PETROLEUM & TRANSPORT COMPANY
AND SUBSIDIARIES
ANNUAL REPORT FOR YEAR 1917.
Los Angeles, California, July 101918.
Stockholders of the Pan American Petroleum dc Transport
To the
Company:
Your Company was organized under the laws of the State
of Delaware, on the 2nd day of February, 1916. This
document, therefore, is the second annual report.
At the time of the issuance of the report for 1916, your
Company was the owner of
been completed and have been allocated to the service of
one of our auxiliaries, the Huasteca Petroleum Company,
in the transportation of oil from Mexico to the United States;
two are still unfinished, but should be ready for service
within sixty days.
The construction of thefour small tankers of less than 2,500
tons carrying capacity, which were being built in Louisiana,
has been delayed by various causes principally due to war
175,000 shares of the common stock of the Mexican Petroleum Company, conditions, so that only one has been completed and is in
Ltd., of Delaware.
service. The second has been launched and is nearing
90,350 shares of preferred stock of the same Company (the two above
items being more than 50% of the total outstanding stock of said completion; the remaining two being still far from comCompany).
•
29,915 shares of the capital stock of the Petroleum Transport Company pletion.
(all of the outstanding stock).
Under the terms of the contracts made for the building of
505,228 shares of the common stock of The Caloric Company, and
262,372 shares of the preferred stock of The Caloric Company (more than these fourteen ships, all of them should have been completed
50% of the outstanding stock).
10,000 shares of the capital stock of the Buena Fe Petroleum Company (all before January 10 1918. The taking over of shipyards by
of the outstanding stock).
the United States Government, however, and the re-allocaDuring the year 1916,your Company joined in the organ- tion of the work therein, caused delays in the building of
ization of the Pan American Petroleum Investment Cor- your ships varying from a minimum of five months to a
poration, of which it acquired one-half of the outstanding maximum of eight months with respect to the different
capital stock.
ships. These delays, naturally, were very expensive to your
It also organized the Pan American Petroleum Company Companies because of the fact that the use of these ships
(California), of which it became the owner of all of the out- from the contract date of completion had been provided for
standing capital stock.
in the making of contracts for the delivery of petroleum in
During the year 1917, for economic reasons which seemed the United States.
sufficient to your Board of Directors, it was arranged that
The loss of the service of your ships, by reason of the delay
the Pan American Petroleum Company (California) should in their construction, was not the only disadvantage, howacquire all of the holdings of the Buena Fe Petroleum Com- ever, which has resulted to your Company from this action.
pany. For similar reasons, it was likewise arranged that In the making of contracts for the purchase of your ships
your parent Company, the Pan American Petroleum & with the various shipbuilding companies, the time of deTransport Company, should purchase and acquire all of the livery was regarded as such an important element that a
holdings of the Petroleum Transport Company, which latter provision was put into each contract that if the ships were
Company was the then owner of all of the ships in which completed before the date fixed, a premium of 81,000 per
you were interested. Your subsidiaries, by these changes, day, in the case of three of your ships, and $500 per day in
have been reduced in number by the dissolution of the Buena the ease of the others, should be paid by your Company as
Fe Petroleum Company and the Petroleum Transport Com- a consideration for the advantage resulting from such earlier
pany. No change, however, in the volume of the assets delivery. It was also agreed by the shipbuilders that a
has been affected thereby.
like sum per day should be deducted from the contract price
MEXICAN PETROLEUM COMPANY. LTD., OF DELAWARE AND for each day of delay in completion and delivery, beyond
SUBSIDIARIES.
. the date provided in the contract. The total amount of
Enclosed herewith is the annual report of your largest sub- these penalties accruing under the terms of the said considiary, the Mexican Petroleum Company, Limited, of Dela- tracts and because of the delays beyond the fixed time for
ware, and its affiliated Companies, to which reference is delivery, amounts to more than $850,000.
The plan adopted by the Emergency Fleet Corporation,
made for the information contained therein, which is of
however, for the handling of these ships and their re-delivery
interest to you.
During last year and the part of this year which has already to their owners, has not only resulted in the non-payment of
passed, the fortunes of your company has been extraor- the penalties stipulated, as a consideration for the loss by
dinarily affected by the war conditions and the consequent delay, but has likewise caused excess charges over and above
changes which have followed in the relations of our Govern- the contract price to be paid by your Company for the comment to the shipping business carried on under the American pletion of these ships by the shipyards under the supervision
flag.
of the Emergency Fleet Corporation. These excess charges
Of the eight ships owned by your Company at the beginning on the five ships referred to amount to $1,555,000; thus the
of 1917, and operated by its subsidiary, the Huasteca Pe- total increased cost of these ships to your Company is over
troleum Company, one, the "J. Oswald Boyd," flying the $2,400,000.
British flag, was commandeered by the British Government;
This substantial difference between the contract price of
five were volunteered in June last year, for the use of the your ships and the amounts which your Company eventually
United States Government to carry petroleum, transatlantic, was and is required to pay, together with your proportion of
for war uses. All of these ships are still employed in the the decrease in the expected annual earnings of 1917 of the
Mexican Petroleum Company, Limited, which was occawar service.
Of the fourteen ships which were being built, but none of sioned by the diversion of ships from its service, make a
which were completed by January 1 1917, five were com- substantial contribution on your part as stockholders
pleted and delivered to your Company during last year, toward the war cost of the nation.
The operations of your various properties on the Pacific
to-wit:
12,350 tons Coast have likewise been and are being carried on at a much
E. L. Doheny Junior
10.475 '
G. G. Henry
more moderate rate than would have obtained were it not
10,000 "
Harold Walker
10,000 "
William Green
10,000 " for the changed conditions.
Frederic R. Kellogg
PRESENT AND FUTURE.
Of these ships completed and received, one, the "0. G.
Notwithstanding the difficulties and obstacles herein menHenry," was commandeered by the United States Government as soon as completed and is still in the Government tioned, your Company now has eighteen ships afloat, of an
service. The other ships were put into the service of the aggregate dead-weight carrying capacity of 145,965 tons; it
Huasteca Petroleum Company, moving oil from Tampico to has five ships being built and nearing completion, whose
aggregate carrying capacity will be 28,305 tons; grand total,
its various customers.
Of the five additional tankers, commandeered by the 174,270 tons, with a total carrying capacity of approximately
Emergency Fleet Corporation in August of 1917, three have 1,20000 barrels.
810
THE CHRONICLE
Your Company has been especially fortunate in the respect
that none of its ships have met with submarine calamity or
other marine disaster of grave character, save one, the SS.
"George E. Paddleford," a steam tanker of 7,500 tons.
This tanker, in a heavy norther off the coast of Mexico, was,
while entering the harbor of Tampico last October, forced
upon the jetties, where she was buffeted by the storms of
the entire winter, and was salvaged in the month of May and
brought to New York in June for repairs.
Beginning the year with ships aggregating 52,900 tons
dead-weight carrying capacity, the additional ships coin,
pleted during the year brought the average tonnage in service during the entire year to 86,182 deadweight tons-an
increase of over 60% in your completed tonnage. Your
present fleet exceeds that of 1916 by over 175%, and exceeds
[VOL. 107.
your average tonnage of last year by 70%. The completion
of your remaining five ships will still further increase the
present tonnage by about one-tifth, and if not reduced by
casualties, should proportionately increase your earnings
from this phase of your business.
A review of your Company's business for the last year, in
the light of the tumultuous events which have involved all
business, especially that of ocean transportation, while not
realizing in full the hopes entertained at the beginning of the
year 1917, still reveal that its affairs are founded on a substantial basis, and that in normal times of peace will justify
your faith and confidence.
Respectfully submitted,
E. L. DOHENY,
President.
CONSOLIDATED BALANCE SHEET, DECEMBER 31 1917.
ASSETS.
Properties
Steamships in commission
Payments on account of steamships not delivered
Oil lands, leases and development
$9,670,714 18
2,456,579 69
1,529,816 33
$13,657,110 20
690,889 19
Less: Reserve for depreciation
Cash in hands of Trustees under First Lien Indenture
Investments
Controlled companies
-in stocks:
Mexican Petroleum Company, Ltd., of Delaware..
The Caloric Company
$12,966,221 01
300,000 00
$34,731,403 74
663,658 84
$35,395,062 58
Affiliated Company:
Pan American Petroleum Investment Corporation stock-at cost
Advances
$100,000 00
420,000 00
520,000 00
35,615,062 58
Current Assets
Accounts receivable:
Mexican Petroleum Company, Ltd., of Delaware:
Current Account
Dividends due and received in January 1918
Others
$441,207 99
443,20000
323,207 67
$1,207,615 66
284,500 77
40,000 00
616,015 43
211,868 10
Insurance claims
Liberty Loan Bonds (on account of subscription to $900,000 00)
Cash in banks and on hand
Materials and supplies, &c. (book balances)
2,359,999 96
Deferred Charges
Prepaid insurance
Unamortized bond discount
Miscellaneous
$244,661 86
189,404 01
39,163 94
473,229 81
$52,014,513 36
LIABILITIES.
Capital Stock
Authorized:
Common, 2,500,000 shares of $50 00 each
Preferred, 7% cumulative, 250,000 shares of $100 00 each
$125,000,000 00
25,000,000 00
3150,000,000 00
Outstanding:
Common
Preferred
$30,494,750 00
10,500,000 00
$40,994,750 00
Bonded Debt
First lien marine equipment 6% convertible gold bonds
Current Liabilities
Accounts payable
Dividends:
On common stock, payable January 10 1918
On preferred stock, payable January 1 1918
Provision for income and excess profits taxes
4,427,000 00
$335,263 16
533,585 51
183,750 00
530,000 00
1,582,598 67
5,010,164 69
Surplus, per statement attached
$52,014,513 36
SURPLUS ACCOUNT, DECEMBER 31 1917.
Surplus of Pan American Petroleum & Transport Company at
January 1 1917, per 1916 annual report
$64,327 76
Add. Earnings of wholly owned Companies
and proportion of earnings of subsidiary
Companies from date of acquisition to
December 31 1916
63,117,258 15
Less. Taken up by Pan American Petroleum
& Transport Company to December 31
1916
527,225 61
2,590,032 54
CONSOLIDATED PROFIT AND LOSS ACCOUNT, YEAR ENDED
DECEMBER 31 1917.
Gross Income from Operations
Steamships
$4,111,277 82
Oil Properties
401,371 66
$2,654,360 30
113,763 93
$2,596,090 17
Add: Pan American Petroleum & Transport Company's
proportion
e eelncome of controlled Comies:
ilvt
$1,247,800 00
Proportion of undivided profits, year 1917.. 1,232,264 17
2,480,064 17
,A
Deduct: Adjustment of valuation of investments
Consolidated surplus, December 31 1916
Profit for year 1917, per profit and loss account
$2,540,596 37
4,271,727 96
erDeduct: Dividends year 1917:
I,. On common stock
MOn preferred stock
$6,812,324 33
$1,067,159 64
735,000 00
1,802,159 64
Deduct:
Expenses
Depreciation
$4,512,649 48
$1,502,219 12
414,340 19
1,916,559 31
Deduct:
Bond interest
Bond discount and expense
Miscellaneous interest
$5,076,154 34
$107,813 35
145,620 67
20,992 36
274,426 38
Deduct:
Provision for income and, excess profits taxes
Surplus, December 31 1917
$5,010,164 69
$4,801,727 96
530,000 00
$4,271,727 96
We have examined the books of the Pan American Petroleum &
and controlled by it, for the year ended December 31 1917, and certify Transport Company, and the Companies owned
that the foregoing balance sheet of the Company
and its owned Companies is correctly prepared therefrom.
The stocks of controlled Companies are stated at their book values, as shown by the balance sheets of these Companies, which have been audited by us.
On this basis we certify that in our opinion the above balance sheet is properly drawn up so as to show the true
financial position of the Company at December 31, 1917.
(Signed) PRICE, WATERHOUSE & CO.
Los Angeles, Calif., June 19 1918. .
•
AUG. 24 1918.]
THE CHRONICLE
811
MEXICAN PETROLEUM COMPANY, LIMITED
OF DELAWARE AND SUBSIDIARIES.
Mexican Petroleum Company (California), Huasteca Petroleum
Company, Mexican Petroleum Corporation.
ANNUAL REPORT-1917.
Los Angeles,* California, July 10 1918.
markets, your sacrifice is much more than what might be
To the Stockholders of the Mexican Petroleum Company, calculated
by considering the percentage of your ships which
Limited, of Delaware:
has been employed exclusively in war service, moving none
This conslidated statement and report is the sixteenth of your
products.
annual statement of the Mexican Petroleum Company
In this great emergency, when the struggle not only for
(California), the tenth annual report of the Huasteca
Petro- national existence, but for civilization itself, is being carried
leum Company, and the third annual statement of
the on against a most ruthless and powerful foe, no citizen or
Mexican Petroleum Corporation. The Mexican Petroleum business
concern does its full duty unless it does all that it is
Company, Limited, owns over 99% of the stock of the Mexipossible for it to do. The consciousness that your Companies
can Petroleum Company (California) and 100% of the stock have
not been backward in this respect should bring to you
of each of the other subsidiaries.
great satisfaction.
As with all other large business concerns of this country,
The production and the sales of oil from your properties
the past year has been an epochal one with your Companies. in the
past year were nearly identical, the increase of oil
It was expected, and logically so, in the early part of 1917, in
storage during the year being limited by the storage
that the gross business and earnings of your Companies capacit
y, which was already nearly full at the end of 1916.
would be greatly increased during the current year. PreparaIt is desired to call your attention to the following: that
tion had been made to increase largely, in fact to more the total
number of barrels disposed of during the year was
than double,the amount of tonnage which would be used to 17,587,
138; that the price received therefor was $17,457,move oil from your Company's terminals at Tampico to 292
49, an average of 993c. per barrel. In former years,
the market. In no spirit of criticism nor complaint, it is
the average price received per barrel was much less than
necessary to inform you that in this respect you were doomed
shown for this year, being 85c. in 1916, 67c. in 1915, 64c.
to meet with disappointment. The menace of war, which
in 1914, and 58e. in 1913. The greater price received this
made itself known in the spring of 1917, brought with
it, year was not due, however, to any increased price for the
to your management, a realization of the necessity of a oil
at the point of production in Mexico. There were very
greatly increased supply of petroleum to meet the coming
many more productive wells in existence in Mexico during
war needs. They realized also that it is the patriotic
1917 than during any prior period, and the proportion which
obligation of every American citizen and business concern
the potential capacity of the wells bore to the transportation
to do the utmost to strengthen the hands of the Governfacilities was much greater than formerly, and consequently,
ment whenever • the need might arise. With a desire to
do although no regular market price exists for oil at the well
in
our part, your management wired to the President of the Mexico
, it is a fact nevertheless that purchases could have
United States an offer of all of the facilities of your Com- been
made at as low a price per barrel in 1917 as during forpanies, to be used for such purposes as he might deem
mer years. The increased average price received by us was
necessary.
due largely to an increase in the proportion which was refined
In the month of June, when your Company had nine steam- and
which was delivered at distant points, the selling price
ships of 60,450 tons, one having already been commandeered
of which was increased by the cost of refining and transportaby the British Government, six of the remainder were
tion. 6,806,047 barrels of crude and fuel oil were sold f. o. b.
volunteered at the request of the Navy Department,
and Tampico at an average of 53 1-3c. per barrel, while 46,154,430
were placed in the service of the United States Government
to gallons of crude gasoline, produced at the Topping Plant
carry petroleum products transatlantic. As new steamships
at Tampico, sold at approximately 11c, per gallon, and
which had already been ordered built for your compan
y's 9,682,174 barrels of crude oil were sold and delivered at
service were completed, additional takings were made by
various foreign ports at 91e. per barrel.
the Government, with the result that 64,000 tons of shipping
From the above, it will be seen that the average selling
provided for moving oil for your Company from Mexico
, price of oil at Tampico, whether fuel or crude, has not varied
to its customers, were used to carry petroleum products of
greatly over the last three years, the variance being due
other companies from North United States Atlantic ports
entirely to the fluctuating cost of transportation.
to the war zone, for the use of the various allied armies.
You were told on page 27 of the report of 1915 that
DIVIDENDS, TAXES, REINVESTMENTS.
"Anticipating the delivery of these steamers, your manage
During the past year, your affairs having reached a stage
ment made contracts for the sale of crude and fuel oil
to where the expenditure of funds for betterments justified it,
responsible customers ... .equal to the total deliveri
es your Directors declared dividends on your common stock
possible with the tank steamers on hand and to be
received for the last two quarters which amounted to $1,180,263 00,
from builders."
the rate being $1 50 per share, the equivalent of 6% per
The volunteering of a large part of your fleet, the requisiannum. The above dividend, added to the preferred stock
tioning of others of your tank steamers,and the delays
which dividend of $960,000 00, makes the sum of $2,140,263 00
occurred in the construction of the remainder, limited
Company to supplying only the customers to whom they your disbursed for 1917.
It is noteworthy that the taxes paid by your Companies
bound on time-contracts at former prevailing prices, were
and
foregoing the sale of any oil at the better prices which of to the Mexican Government for the same period amounted
greatly increased demand stimulated. A calculation the to $1,812,688 83, and those paid to the United States
carefully made of the loss of eartungs to your Compan was Government for the same period were $722,074 08. Your
y, by total disbursements, therefore, for taxes was $2,534,762 91,
reason of the diversion of sonic steamships and the failure
or nearly $400,000 00 in excess of tho amount paid to you
to get others. That amount, conservatively determined,
as stockholders.
is in excess of $6,000,000, for the last six months of last year.
In addition to the above disbursements, there was investe
d
You may have the. consolation of knowing that in so far
as in the United States and Mexico for the increase of facilities
your investment in this Company is concerned, you
have for handling your products $2,410,769 00, making a total
made the supreme investment sacrifice of risking the
very of $7,085,794 91 expended for capital account, taxes
and
existence of the ships, without which your business
could dividends, of which less than 30% was dividends, over
not be carried on, and of sacrificing all of the earnings
and 35% taxes and about 35% was reinvested in permanent
profits which it was planned the ships should produce
for improvements, either in the United States or Mexico
,
your Company during the remainder of last year, after
they where such capital investment again becomes a sure
source
went into the Government transatlantic service, and for
such of revenue for the respective Governments and a probable
period in this year as they will continue in such
service. source of revenue to the stockholders.
Inasmuch as the average price of the contracts which
you
are legally and morally bound to fulfill with the use of
MEXICAN PETROLEUM CORPORATION.
steamships that remain in your possession, is very much
The Mexican Petroleum Corporation, of which, you own
below
the price which now obtains for like products in
similar 100% of the stock, has increased its facilities, both for
812
Tlig CHRONICLE
storing, distributing and refining oil, at various points in
the United States, so that at the present time it has invested
in these facilities. $7,518,557 55, of which amount $1,551,376 00 is represented by the refinery and equipment at
Destrehan, Louisiana. At this latter point, about 1,000,000
barrels of fuel-oil and 4,700,000 gallons of gasoline were
produced in the latter part of 1917. At the present time the
refinery is yielding about 1,000,000 gallons of high grade
gasoline and 200,000 barrels of fuel-oil per month.
PRODUCTION.
The disproportion between your transportation facilities
and the potential production of your wells has been increased
by the very happy termination of vexatious litigation, which
has continued for evelen years, between one of your subsidiaries and the Mexican Eagle Petroleum Company,
controlled by Lord Cowdray of London. On the property
which was in dispute, and which has been settled by amicable
agreement not yet fully put into effect, are two wells with
an estimated daily production of 60,000 barrels. The lands
in litigation comprise more than 17,000 acres of what we
believe to be some of the choicest and most promising oil
lands in Mexico, with very extensive surface oil exudes, in
addition to the two wells before mentioned.
With no change in the production of former wells, the
capacity of your pipe-lines, which is now estimated at a
meximum of 90,000 barrels per day, and which are operating
at an average of only about 65,000 barrels per day, because
of the lack of storage and transportation facilities, is still
far below that which will be required when the great addition
to the ocean transportation facilities is made available,
through the completion of the United States Government
program of ship building.
No change has been noticeable during the past year in
the productivity of your great well,"Casiano No. 7, "which
now holds the record of having produced over 70,000,000
barrels of oil during its nearly eight years of existecne, since
September 11 1910. Your greatest well, "Cerro Azul No.
4," is limited in its production to the capacity of the pipelines which are connected with it. Although it yields
only 10,000,000 barrels per year, there is no reason to doubt
that it would yield several million barrels per month if its
maximum production could be transported to market.
[VOL. 107
of Mexico's production was consumed directly in sustaining
the war and peace industries of the United States and its
allies.
Of the tanker fleet above referred to, thirty were built
or being built for the service of your Company. Of that
number, seven bearing the British flag were commandeered
by the British Government; seven are in the transatlantic
service of the United States; five are yet uncompleted; one,
the "George E. Paddleford," of 7,500 tons, was wrecked
on the jetties at Tampico last October, and although recovered and now in New York harbor being repaired, will
not be in service for many weeks. The remaining ten are
performing essential service for the United States while
carrying your Companies' products from Mexico to various
United States ports at which it is delivered along the Atlantic
and Gulf Coasts.
LOOKING FORWARD.
In times such as these it were vain to forecast the future.
This much may be said, however, about your Companies'
business; it is of vital war necessity to continue it on the largest
scale possible. All of the production of your wells, that can
be had, is needed. A much larger fleet than at present
engaged should and will be carrying oil from Mexico before
many months have passed. In time, the entire thirty vessels
which were provided for our use will be in our service. The
volume of your business will increase probably in greater
ratio than in former years. What your profits may be will
depend, not only upon the market price of your production,
which, by the way, is very good at present, but upon the
amount of your net income which will be ayailable for you
after the taxes levied by the two Governments, under which
you do business, have been paid.
The past year has been distinguished by such necessary
sacrifices that the proportion of dividends to the taxes is
ridiculously small, expecially when it is considered that the
revenue received by the stockholders is the result of an investment of large sums of money,in a very precarious enterprise,
in a foreign country, where success depends not only upon
the good judgment of the management, but upon the good
will and fair treatment of. the Government and people where
the business is carried on, and of the home Government of
the Company where the capital originates and most of the
facilities for operation are produced. The tax collecting
agencies have no capital invested; therefore, do not share
in the investment risk. The revenue collected by them is
net profit from the investor's venture. The dividends received by the investor must necessarily be regarded as a
return of capital, rather than profit, until the future guarantees the security of that portion of the investment not yet
returned.
As always, however, the views of your manageinent are
optimistic. It believes in the early coming of peace, with
complete victory to the arms of the United States and its
allies; the return of all of its ships to the service of your
Companies; a more rapid increase in the demands for petroleum in peace than in war; the restoration of a normal condition of industry, both in the United States and Mexico, all
of which should combine to bring about the development of
a larger percentage of the potentialities of your properties.
Respectfully submitted,
E. L. DOHENY,President.
MARKET.
The demand for petroleum products of every kind has
largely increased during the last year over that of former
years. The part of the world's market, which it is possible
at present to supply from the Western Hemisphere, is
limited entirely to the United States and its allies and a few
neutral nations. The embargo placed by all warring nations
on the shipment of contraband to enemies is one reason for
the limitations of the market. The principal obstacle,
though, to a greater market, is the lack of transportation
facilities. The tanker fleet of the allied nations is not yet
large enough to carry all of the oil that is needed for war and
essential industrial purposes, from. the places where it is
available on land, to the points overseas where it must be CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR
delivered for consumption.
THE YEAR ENDED DECEMBER 311917.
$17.457.292 49
The entire production of the United States is being made 011 Sales, 17587,138 barrels
289,836 96
Net increase
available for local uses, by reason of very adequate pipe- Income fromin oil storage during year
374,660 45
other sources
car facilities. The war zone requirements,
line and tank
$18,121,789 90
Deduct—
however, must be supplied by tank steamer, and the total
$7,538,867 84
Operating and steamship expenses
surplus of the United States oil fields is not sufficient to Depreciation
1,509,016 21
1,839,211 47
supply that demand, even though sufficient tank steamers Exhaustion of oil lands
957,895 96
Taxes
of Coast
were available to carry the same from North Atlantic ports Paid to holdersCertificatesPipe Line Bonds 61,317 48
Participation
11,906,308 96
to the war zone.
Within the last few years there has been built, and con74
$6,215,480 94
Deduct—
tracted to be built, a fleet of nearly 100 tank steamets. Bond interest
$191,165 60
192,452 63
These were built or being built in very nearly equal nurdbers Amortization of bond discount and expense
Amortization of Coast Pipe Line Bonds
260,293 42
and tonnage in the United States and Great Britain and were
Participation Certificates
intended largely for the purpose of transporting oil from the
$643,911 65
35,451 34
Mexican oil fiends to overseas markets. To the existence Less: Miscellaneous interest (net)
608,460 31
of this oil fleet is due the possibility of carrying on the present
$5,607,020 63
Profit for year, subject to war tax
war. Its service can be better appraised when one realizes Deduct: Provision for income and excess profits taxes__
621,000 00
that aeroplanes, motor lorries, trucks, autmobiles, motor$4,986,020 63
Net profit
Surplus.
cycles, submarines, submarine chasers, destroyers, and
$17,308,868 05
Balance, December 31 1916
many warships could not operate without a supply of some Less: Adjustments in respect to depreciation and operating
1,727,986 26
expenses applicable to 1916
class of fuel petroleum.
$15,580,881 79
Of the supply of oil so needed during last year, 54,000,000 Add: Net profit for year 1917, as above
4,986,020 63
barrels was the product of the wells of Mexico; not all ex$20,566,902 42
ported to the United States, however; some of it—several
Deduct—Dividends:
$960,000 00
preferred stock
million barrels—went to South America, where it is said to On common stock
1,180,263 00
On
2,140,263 00
be used in the production of war necessities, and a few
$18,426,639 42
million barrels were consumed in Mexico. The greater par
Balance December 31 1917
Aua. 241918.]
THE CHRONICLE
813
CONSOLIDATED BALANCE SHEET DECEMBER 31 1917.
COST OF PROPERTIES:
Balance at January 1 1917
Additions during year (net)
ASSETS.
$64,834,179 62
2,062,750 28
$66,896,929 90
181,439 61
CASH IN HANDS OF TRUSTEES UNDER MORTGAGES
INVESTMENTS:
$229,500 00 Pan American Petroleum & Transport Company common stock
Other stocks
$175,602 96
25,000 00
200,602 96
CURRENT ASSETS:
Oil stocks:
•
Crude, 1,038,036 barrels
Fuel, 5,337,387 barrels
Refined products, 44,632 barrels
$843,720 16
3,030,018 41
174,894 62
84,048,633 19
940,298 84
84,558 71
4,811,642 84
25,000 00
1,532,626 74
Materials and supplies
Live stock
Accounts receivable
Liberty Loan bonds (on account of subscription to $600,000 00)
Cash in banks and on hand
MEXICAN GOVERNMENT DUES AND TAXES PAID UNDER PROTEST
MEXICAN WAR CLAIM
$2,763,045 95
842,472 14
11,442,760 32
3,605,518 09
DEFERRED CHARGES:
Prepaid taxes
Prepaid rentals
Prepaid insurance
Miscellaneous
$312,220 58
156,787 13
117,061 87
120,819 10
706,888 68
$83,034,139 56
CAPITAL STOCK:
Mexican Petroleum Company, Ltd., of Delaware:
393,424 shares common stock of $100 each
120,000 shares 8% non-cumulative preferred stock of $100 each
$39,342,400 00
12,000,000 00
$51,342 400 00
Mexican Petroleum Company (Cal.):
Capital stock issued--------------------------------------------------------------------------------- $6,576,994 00
Less:
Stock owned by Mexican Petroleum Company, Ltd., of Delaware, deposited with trustee as
collateral under first lien and refunding deed of trust
$6,248,175 00
In treasury
246,498 00
6,494,673 00
82,321 00
Huastoca Petroleum Company:
Capital stock issued
$14,680,600 00
Less:
Stock owned by Mexican Petroleum Company, Ltd. of Delaware, deposited with trustee as
collateral under first lien and refunding deed of trust
$14,678,100 00
Stock owned by Mexican Petroleum Company, Ltd., of Delaware
2,500 00
,
14,680,600 00
BONDED DEBT:
Mexican Petroleum Company Ltd., of Delaware:
First lien and refunding sinking fund gold bonds:
Series A-Total issued
Less: Canceled by purchase through sinking fund
In treasury
Series B-Total issued
Less: Canceled by purchase through sinking fund
In treasury
$51,424,721 00
$2,000,000 00
$1,745,000 00
28,000 00
1,773,000 00
$1,509,320,00940,000 00
$1,
$227,000 00
4,850 00
1,514,170 00
Series C-Total issued
Less: Canceled by purchase through sinking fund
In treasury
$2,000,000 00
$1,346,000 00
44,000 00
1,390,000 00
425,830 00
610,000 00
$1,262,830 00
Mexican Petroleum Company
Sinking fund 6% gold bonds (1910):
Total issued
$2,000,000 00
Less:
Canceled by purchase through sinking fund
Bonds belonging to the Mexican Petroleum Company, Ltd., of Delaware, and $320,000 00
deposited with trustee as collateral under first lien and refunding deed
of trust
1,598,400 00
1,918,400 00
81.600 00
Ifuasteca Petroleum Company and Mexican Petroleum Company, Ltd., of Delaware:
Joint 6% Gold Bonds:
,
Total issued
$1,000,000 00
Less:
Canceled through sinking fund
$255,300 00
Bonds belonging to the Mexican Petroleum Company, Ltd., of Delaware, and
deposited with trustee as collateral under first lien and refunding deed
of trust
295,000 00
In treasury
180,300 00
730,600 00
269,400 00
Huasteca Petroleum Company: Coast Pipe Line First Mortgage 6%
Gold Bonds:
Total issued
82,000,000 00
Less:
Canceled through sinking fund
$324,500 00
Owned by the Mexican Petroleum Company, Ltd., of Delaware, and
deposited
with trustee as collateral under first lien and refunding deed of trust
1,000,000 00
1,324,500 00
675,500 00
Huasteca Petroleum Company: First Mortgage 6% Gold Bonds:
Total issued
$3,145,000 00
Loss:
•
Belonging to the Mexican Petroleum Company, Ltd., of Delaware and
deposited
with trustee as collateral under first lien and refunding deed of trust
3,145,000 00
2,289,33000
CURRENT LIABILITIES:
Pan American Petroleum & Transport Company
$441,207 99
Accounts payable
935,152 33
Interest accrued
25,358 94
Accrued to holders of Coast Pipe Line Bonds Participation Certificates
33,709 08
Dividends:
On common stock payable January 10 1918
590,131 50
On preferred stock payable January 1 1918
240,000 00
Provision for income and excess profits taxes
621,000 00
2,886,559 84
RESERVES:
Depreciation
$3,911,746 59
Exhaustion of oil lands
3,029,056 69
General reserve for contingencies
1,066,086 02
8,006,889 30
SURPLUS
18,426,639 42
$83,034,139 56
We have examined the books of the Mexican Petroleum Company,
Petroleum Company and the Mexican Petroleum Corporation for the Limited, of Delaware,the Mexican Petroleum Company (California), the Huasteca
Year
31 1917, from
has been Prepared. The oil stocks of December 31 1917, have been takenended December selling values, which the above consolidated balance sheet
at
being the same basis of valuation as at the
beginning of the year. The Mexican Government dues and taxes paid under approximate
protest
Officials, and are carried at fifty cents United States currency for the Mexican peso, the and the war claim are considered collectible by the Company's
dues and taxes having been paid in Mexican gold and the claim
lodged on that basis.
Subject to these remarks, we cOrtifY that, in our
opinion, the above consolidated balance sheet shows the true financial position of the companies
at December 311917.
Los Angeles, Cal., June 19 1918.
(Signed) PRICE, WATERHOUSE & CO.
.
THE CHRONICLE
814
[VOL. 107.
England's grain crops are said to be the largest in 50 years.
And in France the outlook is quite favorable. In other
words, it points to an increase in the wheat crop over last
year of about 25%. Some of the wheat harvest in France
COMMERCIAL EPITOME.
was saved by the Allies' advance. Food is evidently going
to be more plentiful in Europe this year. Mr. Hoover, just
Aug. 23 1918.
Friday Night,
returned, says the food situation is satisfactory. In LiverIt is a truism that Government business overshadows pool the price of bacon has been reduced 6 to 10 cents per
everything else. That must necessarily be the case with pound with a view of increasing consumption.
The Food Administration has issued an appeal for econthe country taking a leading part in a great world war. It
sugar to householders, hotels, restaurants
case for many months past; only this overmas- omy in the use of s of bakery products. The situation is
has been the
evidence. In and manufacturer order to avoid an actual shortage like
tering fact is if possible more than ever in
not critical, but in
iron and steel, in copper, tin and other metals, in a hundred that of last year the public is asked to co-operate with the
American commerce, the figure of the Food Administration during the next few months. It is
other branches of
United States Government looms up as never before in Ameri- said that retailers have exceeded their allotments by about
there is plenty
Board says
can history. Yet though civilian trade is subordinate to war 50%. The Federal Food householders that get it in 25-lb.
can
canning and
in the ordinary walks of busi- of sugar for have certificates showing that the sugar is to
trade, considerable business
lots if they
ness is being done. In a country of 102,000,000 inhabitants be used solely for canning purposes. Meanwhile candy
and an area on the mainland alone of 3,000,000 square manufacturers of their own accord urge a reduced consumpmiles, to say nothing of the Philippines, Hawaii, Porto Rico tion of candies and chocolates to about one-half of the usual
to men
and Alaska, there must needs be a large business in the ag- amount, except as regards purchases for shipment
in the Government war service. Since the
gregate, even with trade going ahead, so to speak, on half and women has been handling the purchase of sugar,
Government
steam. The port of New York alone, with its water front of through the United States Food Administration (that is,
921 miles and a population in Greater New York of 5,602,841, from Sept. 1 1917), approximately 200,000,000 lbs. have
and fronting New York Harbor of approximately 6,500,000 been used by the army. This amount is exclusive of the
been
people, its terminals of thirteen railroads with an operating depots and camps on the Western coast, which haveWest.
raw sugar from Manila, having it refined in the
mileage of 39,707 miles—New York alone must always,even using amounts to about 25,000,000 lbs., making the total
This
in what are termed quiet times, do a relatively large business. purchase for the army • 225,000,000 lbs. It is found that
91 foreign steamship lines about 237 lbs. of sugar are consumed by 1,000 men at their
With anything like free play, its
and its 15 lines plying between New York Harbor and points meals in one day. Shipbuilding proceeds with great activity.
on Long Island. Sound, its outside trade now unavoidably Director-General Charles M.Schwab is even trying to speed
restricted, would naturally add immensely to the total. up the program. The management of the Atlantic Coast
But aside from this, in various parts of the country, chiefly shipyards will hereafter be under Mr. Schwab's direct conin the great agricultural and manufacturing sections favored trol. The yards at the East have been behind those of the
by abnormally high prices and wages, there is also consid- Great Lakes and the Pacific Coast, partly because the Easterable business even now in supplying the primary human ern yards are newly organized or are working on ships of
needs of food and clothing, as well as shelter, even if building a greater variety of design. The yards at the West are of
is admittedly kept down to the minimum as it has been for old organization and are building ships of one design. All
at least two years past. In general, civilian trade grows are equally good, however, both East and West, and the
more conservative partly from a scarcity of goods and partly work will be driven forward with even greater speed in
from economy. The cotton crop, it is feated, will again be future. General March, Chief of Staff at Washington, in
short, for the fourth year in succession. Corn in the South- calling attention to the fact that the United States has
western belt has suffered, but beneficial rains havejustfallen. 1,440,000 troops on French soil, adds that in projecting a
Still, the yield will not be as large as was expected. Fortu- larger program (supposedly having 3,200,000 to 4,000,000
nately, the foreign grain crops are larger than those of last men in France by next spring) its accomplishment depends
year. There is a general scarcity of goods; the war absorbs upon having the shipping. Lord Reading says the gigantic
most of the supply. The prospective draft cuts down the shipbuilding feat of the American yards baffles description.
demand tor men's wear goods in sharp contrast with the But pleasant as this sounds, even more determined efforts
large trade in women's apparel, due largely to high wages. are necessary to meet the growing needs for ocean transport.
Aside from this, there is considerable buying due to the Fighting airplanes of American manufacture are beginning
very scarcity of goods and a fear of an inability to get them to arrive in France much to the satisfaction of the American
later on. The weather in this country has been on the whole aviators. And with such a leader in the great airplane
cooler and more favorable for general business, following the campaign as John D. Ryan the country will yet be as proud
recent great heat. Production, however, is hampered by of its airplane building as it is of the shipbuilding campaign
the scarcity of fuel and labor. Collections are fair to good under Charles M. Schwab. It intereets general business
and money active and firm. The labor shortage in the circles to notice that the Liberty 33/% bonds advanced to
United States commands more and more attention. It is .102.50, a new high record for the issue, and that Russian
said that at plants engaged in war work there is a shortage bonds have been rising.
of 50,000 men. There is a big demand even for unskilled
LARD firmer after easing; prime western, 27.20©27.300.
workers. Everywhere throughout the country, except, it
appears, in Texas, there is a scarcity of labor. In that State refined to the Continent, 28.75c., South America, 28.65c.,
farmers or farm hands from the drought-stricken areas are Brazil, 29.65c. Futures advanced in response to a rise
said to be seeking work elsewhere. With such a widespread in hogs. Also offerings were light and it looks like a larger
and growing scarcity of labor the employment of women is consumption of hog products at home and abroad. Stock
steadily increasing in many branches of industry. The yard houses were buying at Chicago. To-day prices decost of living remains very high and the Department of Labor clined. They are lower for the week. The Department
has instituted a country wide investigation of the subject. of Agriculture estimates on returns from nearly 42,000
U-boats are still committing depredations on the Atlantic representative farms that the supply of hogs on July 1st
Coast and because of this fact war risk rates for Atlantic was 3.3% larger than at the same time last year. Hogs
West India and South American shipping have advanced declined in Chicago to-day 20 to 30 cents.
t
between y of 1% and 1%. Mr. Hoover is quoted as sayDAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
ing that the Allies have plenty of foodstuffs now and that
Fri.
Tues. Wed. Thurs.
Mon.
Sat.
26.60
26.72
26.72
26.77
26.72
cts_26.55
there will be less necessity of restricting consumption. The Sept. delivery
26.75
26.85
26.82
26.90
26.82
26.57
receipts of wheat at the big terminal markets of the country October delivery
last week again made a new high record, approximating
9@$50; clear, $44@l$52 Beef
PORK firm; mess,
21,000,000 bushels. And the actual visible supply in this
extra India mess,
country is now over six times as large as at this time last products steady; mess, $35@$35.50; hams, 10 to 20 lbs
pickled
year; that of corn and oats is more than double what it was $57@$58. Cut meats firm; 37@39o. The reduction of
/
8%@287 43.; pickled bellies,
then. The wheat movement in the shape of primary re- 2
in England has stimulated the
ceipts was more than four times as great as in the same week 6 to 10 cents in bacon priceswith the result that allocations
to harvest the crops demand for this commodity
last year. Every effort is being made
is gradually
as rapidly as possible. Towns in the Middle West are said are being absorbed more readily and consumption improveto be deserted for the moment in carrying on this great work. increasing. Arrivals of meats have shown some
scale, stocks
Courts adjourn, banks close, and the shutters of shops are ment and, as distribution is still on a moderateremain firm
export
put up in a determined effort to remedy the widespread are enlarging. American Argentineofferings
shipments of meats
scarcity of farm labor. Even before the war this question with holders reserved.
export offerings have
had become more or less serious. Farm wages steadily rose. continue of moderate proportions, butare being better satisNow it is more or less acute, owing to the draft and the large increased. Continental requirements.
To-day Septemnumber of enlistments. The very effort to raise big crops fied and arrivals at ports are improving. 10 cents for the
:
naturally calls for a larger supply of labor. The Departments ber pork closed at $43 75, an advance of
of Labor and Agriculture have done everything in their week. Butter, creamery, 473/c. Cheese, flats, 21%@
butter
3
power to meet the difficulty. This and the enterprising 26/0. Eggs, fresh, 50c. Cold storage stocks of
lbs.
initiative of the West may go far towards solving it. Al- on Aug. 20 20,205,825 lbs. at New York, 14,258,036 at..
and 4,370,000
ready plowing for wheat is becoming general. The high at Boston, 18,664,402 lbs. at Chicagoat New York, 1,prices of grain will enable both the American and Canadian Philadelphia and of eggs 999,9.85 cases
at
farmers to use more machinery than in the past, and in all 534,049 at Chicago, 451,030 at Boston and 258,349
likelihood fall plowing will be on an unusually large scale. Philadelphia.
he
Toux-nurcial
lutes.
AUG. 241918.]
THE CHRONICLE
COFFEE quiet,but steady;No.7 Rio,8Mc.; No.4 Santos,
11 Mc.; the better grades of Santos being reported scarce;
fair to good Cucuta, 11/
3 1@12c. Futures eased somewhat
on liquidation of near months. Trade interests bought near
months, but sold the later. Brazilian offerings are said to
have been at easier prices. There has been further switching
from near to distant months, i. e., from Sept. to Dec. or
May or July at diffrences ranging from 34 to 93 points.
To-day prices closed 3 points higher to 3 points lower.
There is a small net advance for the week.
August .cts_ 8.2508.27
September _8.3508.37
Oetober .846@7_
November __8.5708.58
December 068.6808.70
January
8.7708.78
February .._8.86e58.87
March
8.9508.97
April
May
Juno
July
9.0309.05
9.1109.13
9.2009.21
_ 9.28449.30
815
non-essential part of the iron business naturally suffers.
Many foundries have not enough Government orders to
keep them busy. Yet unless they have such orders they find
it impossible to get a sufficient supply of iron. In other
words, the scarcity of iron is acute, and the demand for any
delivery at all is far beyond the possibility of its being satisfied. The supply of coke and scrap is entirely insufficient.
STEEL production ought to be greatly increased. But
how to do it? Experts are to discuss the matter. Plant
extensions and new plants are necessary. The problem
is how to bring this about with the least possible interference
with present necessities. It is said that these extensions
would require about six months and new works 12 to 18
months. This implies, however, that priority should be
given such work. The Government cares less for new construction than for speeding up on what exists. Meanwhile,
there is a keen demand for steel and the supply is inadequate.
It is argued that something radical must be done. Sufficient supplies somehow or other should be arranged of ore,
coke and iron. One regrettable drawback is the scarcity of
scrap, which entails all the greater demand for new iron.
Meanwhile, the Government is making every effort to conserve the supply of steel. Strict economy will have to be
observed. Railroad needs have been reduced, notably in
the matter of tank cars. In a word, only essential requirements are to be filled. The non-essential will be relegated
ruthlessly to the background. With that and increased
production the problem may be solved. For the American
army 20,000 cars have been bought; also in July 210,000 tons
of bridge and building structural steel. Machine tool dealers want a better rating than B-4 on their record in speeding
ship and munition work.
SUGAR steady; centrifugal, 96-degrees test, 6.055c.;
granulated, 7.50c. Business awaits official price fixing.
Refiners are supposed to be carrying only small stocks of raw
sugar. They are able, however, to meet the current demand
for refined without delay. It is believed that action will
soon be taken on the two interesting questions of refiners'
margin and the price of the growing Cuban crop. Refiners
want a larger margip. As to the next Cuban crop there is
said to be a wide divergence of views. Cuban representatives
are said to be asking 5.60c., f. o. b. and the American idea
is supposed to be something like 5.20c. Of course, in the
end it will probably be a question of give and take, or in
other words a compromise. The International Committee
has bought Cuba sugar for August shipment and San Domingo now afloat for New York to the amount of some 50,000
bags. Neutral countries are inquiring for quite a liberal
quantity of refined sugar here, although the domestic demand
is light.
OILS
-Linseed firm; city raw, carloads, $1 90; five-barrel
lots, $1 90. Calcutta, $1 95. Lard, prime edible, $2 30.
Cocoanut, Ceylon, bbls., 163/2@163 c.; Cochin, 173 @18c.
4
%
COTTON.
Soya bean, 183i @l8Me. Corn oil, crude, bbls:, l73 @18c.
Friday Night, August 23 1918.
Spirits of turpentine, 63c. Strained rosin, common to
THE MOVEMENT OF THE CROP, as indicated by our
good, $11 50. Prime crude, Southwest, 17.50c.
telegrams from the South to-night, is given below. For the
PETROLEUM steady; refined barrels, cargo, $15 ®
$16 50; bulk, New York, $8 25@$9 25; cases, New York, week ending this evening the total receipts have reached
$18 75@$19 75. Gasoline firm; motor gasoline, in steel 47,901 bales, against 39,074 bales last week and 33,737
barrels, to garages, 24 Mc.; to consumers, 263/c.; 68 to 76 bales the previous week, making the total receipts since
2
degrees, steel, 30 @33Mc.; gas machine, 413/20. The de- Aug. 1 1918 129,248 bales,against 196,194 bales for the same
mand for gasoline is becoming larger and new demands are period of 1917, showing a decrease since Aug. 1 1918 of
said to be met with greater difficulty. The proposed ad- 66,946 bales.
vance of one cent in all varieties in wooden barrels has not
Sat.
Mon. Tues. Wed. Thurs. Fri. I._Total.
occurred. New developments in oil fields are being brought
about in western part of Kentucky fields. A 30,000,000.. Galveston
4,550 7,500, 8,698 2,352 4,904 2,955, 30,959
gallon gas well is reported from Tulsa, Okla., in the Mid- Texas City Scc
Arthur,
274
274
Continent field. This is the largest gas well drilled in that Pt. Orleans..__ _
New
505
938 1,268 2,578
895 1,193, 7,377
Mobile
22
section in some time. Advices from Kansas field report Pensacola
4
36
124
5
15
206
considerable damage, owing to a storm which swept over Jacksonville
38
38
mile of territory in Butler County. Mexico has increased Savannah
262
144
a
895 1,079
271 1,165 3,816
Brunswick
1,500 1.500
the export oil tax to $7 50 per ton. The tax on fuel oil will Charleston
289
109
2
400
be increased from $6 75 to $10. Crude oil companies are Wilmington
Norfolk
64
240,
5
18
12 1.010 1,5i§
required to submit manifests of shipments every two months N'port News,&c.
!
87
87
i
upon which tax will be collected. Oil companies will pay New York
86
86
166
338
Boston
407
114
251119
190
- 15§ 1,450
increased rate under protest. There is a reported shortage Baltimore
I
107
107
of gasoline and crude oil in the Philippines, owing to the Philadelphia
1
scarcity of ocean shipping.
Totals this week_
Pennsylvania dark $4 00
Cabell
2 77
Crichton
1 40
Corning
2 85
Wooster
2 68
Thrali
2 25
Strewn
2 25
De Soto
2 15
North Lima
2 38
South Lima
Indiana
Princeton
Somerset, 32 deg
Ragland
Electra
Moran
Plymouth
$2 38
2 28
2 42
2 60
1 25
2 25
2 25
2 33
Illinois, above 30
degrees
--$2 42
Kansas and Oklahome
2 25
Caddo, La., light.. 2 25
Caddo, La.. heavy 1 25
Canada
2 78
Healdton
1 45
Henrietta
2 25
TOBACCO prices have been to a certain extent nominal
with a light business in domestic cigar leaf. It is believed
that the crop will be large. Considerable quantities of 1917
Sumatra have arrived and a schedule of distribution is being
devised. Havana leaf has been ingood demand. Cotton
Exchange men owning tobacco lands in the Carolinas report
the finest crops of tobacco in years and expect splendid
returns on their investment. During the past week tobacco
was unfavorably affected by dry and hot weather in the
Ohio Valley, but was improved by showers in Wisconsin
and in the middle Atlantic States.
COPPER is active and in ample supply, although latest
returns indicate some falling off in the production during
July. Some think it may possibly reach 167,000,000 lbs.,
as against an estimated output in June of 175,000,000 lbs.
and 129,000,000 lbs. in July last year. The falling off is
due to a shortage of labor. The price will remain at 26c.
up to Nov. 1. Tin quiet and easier on the spot at 87@88c
Arrivals are ample and buyers are out of the market. Straits
for August-September shipment was quoted at 80 M ®81c.;
Chinese spot tin was offered at 85c. London has latterly
declined. Lead scarce and higher at 8.05 ®8.90c. If it
could be had there would be a ready demand for it. The
Lead Committee has asked consumers and dealers to conserve in the use of the metal. Spelter higher at 9.25@9.50c.,
with a good demand. Production has fallen off.
PIG IRON is still in an unsatisfactory position. There
has been some recent reduction in the output. That was
partly due to hot weather. Latterly, however, it has been
cooler. Workers have done well, even in hot weather. The
furnaces have many inquiries for business during the first
half of 1919. They are accepting few orders, however.
They are not able to say just when they can make deliveries.
It all hinges on the question of priority orders from Washington. And this is a decidedly uncertain quantity. The
6,099: 9,135 11,153
6,358
6,443
8,713 47,901
The following shows the week's total receipts, the total
since Aug. 1 1918 and the stocks to-night, compared with
last year:
Receipts to
Aug. 23.
1918.
Galveston
30,959
Texas City
Port Arthur, &c_
274
New Orleans_...... 7,377
Mobile
206
Pensacola
Jacksonville
38
Savannah
3,816
Brunswick
1,500
Charleston
400
Wilmington
Norfolk
1,349
N'port NOWS, &c_
87
New York
338
Boston
1,450
Baltimore
107
Philadelphia
Totals
1917.
This Since Aug This Since Aug
Week. 1 1918. Week. 1 1917.
47.901
56,276 30,969
59,485
537
25,133
2,667
147
8,805
2,162
364
21,759
4,234
90
25
31,133 16,107
2,300 4,000
1,915
807
29
97
2,557 5,605
215
89
917 2,242
5,138 1,973
341 2,188
625
44.077
16,000
4,327
294
18,157
191
4,473
12,233
9,201
774
129.2481 75.216
196.194
Stock.
1918.
1917.
122,619
17,010
77,428
3,787
238,824
11,648
110
10,350
143,964
5.000
30,491
32,864
59,726
76,003
8,059
3,225
55,940
11,200
4,377
41.894
59,900
88.502
17,227
11,190
6,621
59,941
7,206
30,405
4,346
796.146
443.711
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at-
1918.
Galveston ___
TexasCity,&c
New Orleans..
Mobile
Savannah
Brunswick _
Marleston Ac
Wilmington__
Norfolk
N'port N.,&c.
Altothers
30.959
274
7,377
206
3,816
1,500
400
1917.
1916.
1915.
1914.
1913.
1,349
87
1,933
30,969
147
8,805
2,162
16,107
4,000
807
97
5,605
89
6,428
31,393
701
9,127
2,433
18.179
5,000
368
980
4,832
5,604
564
162
6,451
142
11,202
150
507
764
3,131
136
1.425
257
272
5
1,732
820
945
Total this wk.
47,901
75,216
79,181
24,070
14,338
141,281
Since Aug. 1..
129.248
196.914
225.983
90.726
33.221
250.598
8,600
376
162
2,114
107,402
15,511
1,744
1,043
13,691
166
200
579
The exports for the week ending this evening reach a total
of 66,557 bales, of which
were to Great Britain
16,143 to France and 50,192 to other destinations. Ex
ports for the week and since Aug. 1 1917 are as follows:
Week ending Aug. 23 1918.
Exported to
Exports
from
[VOL. 107.
THE CHRONICLE
816
From Aug. 1 1918 to Aug. 23 1918.
Exported to
Great
Great
Britain. France. Other. Total. Britain.
Galveston __
NewOrleans
Savannah__
Wilmington
NewYork
PacillePorts
33,865 33,865
8,593
5
8,543
7,600 15,877 23,477
France.
Other.
38,015
17,878
31,594
5,646
37 440
14,746
Total.
38,015
73,925
39,194
5,646
56,167
14,746
15,823
40,224
7,600
17,779
6,948
27,602
54,772
145,319 227,693
Total 1917_ 75,694 15,448 9,656100,798 176,971
Total 1916_ 26,349 32,981 14,503 73,932 104,284
30,714
69,628
50,90,7 258,592
114,200 288,112
-aii
022
16,143 50,414 66,557
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New York.
OnShipboard, Not Cleared for
GerGreat
- Britain.1France. many.
Aug. 23 at
Other
Cont't.
Coastwise.
Total.
Leaving
Stock.
1,200 10,825 111,794
0,6251
7,000 2,000 13,000 225,824
3,000 1,000
2,000 4,000 139,964
2,000
500 29,991
500
8,152
3,496
8,152
200 59,526
200
10,000 78,502
3,000
5,000 2,000
4,000 96,372
4,000
10,000, 5,900 50,677 745,469
31,777 3,000'
12,759 8,023 77,943 365,768
45,795 11,366
18,354 11,206 59,718 347,342
26,316 3,842
in cotton for future delivery has again been
Speculation
marked by violent fluctuations, with latterly some setback
after an advance this months of some 83/2 cents per pound.
This rise was due to the drought and hot weather in Texas
and Oklahoma and a general deterioration of the plant west
of the Mississippi River. At the same time there was a
scarcity of contracts, the short interest was large and the
South was not selling for hedge account on anything like
a liberal scale. Also the war news was favorable and from
Washington have come predictions by General March and
others that the war will be over by next summer. In Washington the very prevalent opinion is that next September at
least will see the end of the great struggle. Meanwhile
there is a general expectation that the next monthly crop
report by the Government will be unfavorable, especially
as regards Texas, Oklahoma, Louisiana and Arkansas.
Roughly a tract of cotton territory which raises something
like 45% of the crop has been having bad weather for some
time past. It has come principally in the way of great
heat and drought. At times during the week Texas temperatures have been as high as 112 degrees and those in Oklahoma have been up to 110. Drought and heat did harm in
Georgia. Liverpool prices have been strong and on a number of days they advanced the full 1 penny per pound, or
2 cents in American money, permitted by the British Cotton
Control Board. Cotton yarns have been higher in Lancashire. And the East Indian crop is not promising well,
any more than the American. The outlook for the Egyptian
yield, moreover, is not supposed to be especially promising.
The scarcity of labor at the South continues and the fact
that the draft age is to be changed to 18 to 45 years threatens
to reduce farm labor at the South very materially. Picking
the crop may be a difficult matter in some sections. Finally,
the fear has taken possession of many that this may be the
fourth short crop in succession. Such estimates of the Texas
crop are heard as 2,500,000 to 3,000,000 bales. And as time
goes on there is quiet discussion of the possibility of peace
coming before another crop can be picked. It is assumed
in most quarters that peace would be a bullish argument.
On the other hand, however, Texas has latterly had some
rain. Some of the crop reports are in the main favorable
from parts of the section east of the Mississippi. Georgia
has had beneficial rains. In some sections of Texas, too,
it is believed that the rains would be beneficial. It has been
said that some parts of that State were beyond remedy. Of
course the usual allowance must be made for undue pessimism. But if the total crop should turn out to be 13,000,000 bales exclusive of linters, as it may in spite of alarmist
reports to the contrary, it would mean a sesaon's supply of
16,500,000 bales. And to some it is by no means so clear
that peace would be an immediate bullish factor. Of course
every effort would be made in Europe to rehabilitate the
textile manufactures. But in France it might be necessary
to make good the effects of the war and the destruction of
buildings, perhaps of the mills,,certainly of towns over a
wide area. Moreover there is the question of the demobilization of a vast army to be re-transported overseas.
That of itself would call for an enormous amount of ocean
shipping. Meanwhile present exports are small, ocean
tonnage is still scarce and high and the aim is to have an
American adcmy.in France by next June of 3,200,000 meii,
possibly 4,000,000. And each man needs two or three tons
of shipping to supply him with munitions, food, &c. It can
readily be seen that this means a tremendous draft on the
supply of ocean shipping. Meanwhile American supplies
are large, and world's supplies are not decreasing as rapidly
as they were a year ago. Speculation is light. A big crop
movement is just ahead. With little export or speculative
demand the question arises, How is the crop to be handled
except at declining prices?, Certainly this is the query of
Galveston _ _
New Orleans..*
Savannah ___ _
Charleston
Mobile
Norfolk
New York_*_ _
Other ports..*_
Total 1918_ Total 1917__
Total 1016..
very many of the trade. Spinners' takings are running
behind those of last year. At the big textile centres of the
country there is notoriously a scarcity of labor. The effects
of a new draft remain to be seen. The fear is that a large
curtailment of mill consumption is inevitable at this season.
If the season's supply is to be 16,500,000 bales, counting o,
carryover of about 3,500,000 bales, and the world's consumption not more than 12,000,000 to 13,000,000 bales,
very many believe that there is nothing for it but lower
prices, barring peace or plain intimations of it in the early
part of 1919. Meanwhile Lancashire is threatened with
another strike. An increase of Southern hedge selling seems
to be near at hand. That may put an end to the scarcity
of contracts which from time to time has caused such sudden
and remarkable upshoots of prices. To-day came an advance of 273 to 290 points, due largely to fears of a seriously
unfavorable Government crop report on Sept. 3. There
was a rumor that the National Ginners' Association had
stated the condition at 57.5% in a preliminary report.
Another rumor said that Clement, Curtis & Co. of Chicago
had estimated the yield at between 10,000,000 and 11,000,000 bales. They denied it. Their crop statement for the week
stated that the cotton belt on the whole looks the poorest
since 1909. In that year the crop was stated at 10,513,000
bales. Apart from this a good many feared that the Government crop statement may put the condition at 60 or
below. In either case, that would be the lowest on record.
At times in the past it has ranged from 78 to 85 in the September report. Exports for the day, moreover, were unexpectedly large, being over 40,000 bales, all to France and
the rest of the Continent. Prices show a sharp advance for
the week. For the month thus far it approximates 10 cents
per pound. Middling upland closed at 36.90 cents, an
advance of 240 points for the week.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Sat. Mon. Tues. Wed. Thurs. Fri.
Aug. 17 to Aug. 2335.70 35.60 35.15 34.80 34.45 36.80
Middling uplands
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Aug. 23 for each of the past 32 years have been as follows:
6.94
16.55 1902.c
8.88 1894_c
1918_c
36.80 1910-c
7.31
12.75 1901
8.38 1893
24.85 1909
1917
7.25
9.88 1892
10.00 1900
15.10 1908
1916
8.00
6.31 1891
13.35 1899
9.20 1907
1915
11.50
9.90 1898
5.75 1890
1906
1914
11.50
11.25 1897
8.00 1889
12.30 1905
1913
10.62
8.62 1888
11.20 1896
11.80 1904
1912
7.75 1887
9.81
12.75 1895
12.70 1903
1911
AT NEW YORK.
MARKET AND SALES
.Spot
Market
Closed.
Futures
Market
Closed.
SALES.
Spot. Contract Total.
Saturday__ _ Quiet 120 pts adv.._ _ Steady
Monday _ _ _
Tuesday __Wednesday_
Thursday _ _
Friday
Total _
Quiet 10 pts dec.. _
Quiet 45 pts dec..
Quiet 35 pts dec_
Quiet 35 pts dec_
Steady 235 pts adv_
Firm
Steady
Barely steady
Steady
Strong
1,600
1,600
-
1,600
1,600
-The highest, lowst and closing prices at
FUTURES.
New York for the past week have been as follows:
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
Aug. 17. Aug. 19. Aug. 20. Aug. 21. Aug. 22. Aug. 23.1 Week.
I
I
32.80 -32.10-80
32.10
Range
Closing- -_-'32.70 -32.60 -32.15 -31.80-.85 31.95-.99
SeptemberI
Range
Closing......_ 32.58 -32.55 -32.08 -31.85 -32.00 -34.80 --;-- I
October!31.60-160 31.80-j10 31.60-.47 31.63-.22 31.60-.45 32.00-190 31.60-190
Range
Closing- --.32.48-.58 32.45-.48 32.03-.08 31.79-.81 32.00-.02 34.80-.90,--November- I
1
31.83 - - -.31.83-.55
32.55
Range
1
Closing_ .__'32.17 -32.00 -31.65 -31.41 -31.62 -34.25 -:--I
December- 1
30.93-110 31.15-175 30.70-186 31.10-.72 31.07-.77 31.41-125 30.70-125
Range
Closing........ 32.02-.10 31.85-.91 31.50-.51 31.26-.28 31.47-.48 34.10-.25,- - Jan uary1
30-84-198 31.10-160 30.65-172 31.04-.58 31.00-.72 31.30-105,30.65-105
Range
Closing_ .31.95-.97 31.80-.85 31.40-.42 31.15-.17 31.32-.33 34.00-.05- -February1
I
Range
Closing...... 31.85 -31.70 -131.30 -31.10 -31.25 -34.00 -1- I
March1 30.75-192 31.10-150 30.80-.73 30.89-.48 31.10-.55 31.23-10530.75-105
Range
31.90-.92 31.70-.75 31.26-.31 31.03-.06 31.17-.20 33.99-.05- Closing
AprilI
Range
/
Closing...... 31.88 -31.68 -31.22 -31.00 -31.15 -33.95 -;--May-131.10-.14 31.48-.40 30.88-.05 30.95-.08 30.80-.40 31.08-j50I30.88-e50
Range
Closing_ !31.88-.90 31.68 -31.22-.24 30.95-.00 31.19-- 33.90 -;--July
. --21 07 -ni 9n -:In os -al in -aft no
Range
..___
August-
134c. j33e. f321). 131r•
-The closNEW ORLEANS CONTRACT MARKET.
ing quotations for leading contracts in the New Orleans
cotton market for the past week have been as follows:
Saturdayi Monday, Tuesday, Wed'day, Thursd'u, Friday,
.
Aug. 17 1 Aug. 19. Aug. 20. Aug. 21. Aug. 22. Aug. 23.
August
September
October
December
January
March
on
MIT
Spot
Options
30.44-.49 30.59 -30.38-.44 30.13-.15 30.28-.31 32.50-.55
29.88-.90
30.87 -30.34 -30.13-.19 30.63-.65 30.03-.05 32.25-.30
31.44-.49 31.09-.17 30.88-.94 30.4()-.45 30.78-.82 33.00-.04
30.55-.58
31.13-.20 30.90-.92 30.60-.62 30.41-.45 30.54 32.88-.90
-32.88-.90
31.24-3331.00 -30.64 -30.39 31.32-.45 31.05-.07 30.64-.68 30.42-.45 30.47-.52 33.00 30.49-.52 33.01-.03
31.35-.48 31.08-.10 30.67-.70
Steady
Quiet. Steady Steady Steady Steady Steady
St'y
Steady Firm
Firm Steady
AUG. 24 1918.]
THE CHRONICLE
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks, as
well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
Aug. 23Stock at Liverpool
Stock at London
Stock at Manchester
1918.
bales_ 208,000
22,000
50,000
1917.
224,000
23,000
24,000
1916.
1915.
678,000 1,252,000
33,000
71,000
36,000
72,000
280,000
271,000
103,000
15,000
4,000
187,000
2,000
77,000
9,000
747,000 1,395,000
*1,000
*1,000
*1,000 *21,000
193.000 223,000
12,000
6,000
61,000
90,000
140.000 159,000
*1,000
*2,000
122,000
275,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
Total Continental stocks
409,000
502.000
817
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for the
week and since Aug. 1 in the last two years are as follows:
-----1918----Aug. 23.
Since
Shipped
-Week. Aug. 1.
Via St. Louis
4,305
11,501
Via Mounds, &c
3,565
8,247
Via Rock Island
116
334
Via Louisville
4,128
7,835
Via Cincinnati
310
2,503
Via Virginia points
1,897
6,651
Via other routes, &c
7,623
27,251
Total gross overland
21,994
64,322
Deduct shipments
Overland to N. Y., Boston, &c.... 1,895
6,396
Between interior towns
788
2,507
Inland, &c., from South
8,220
34,926
-1917
Week.
8,825
6.606
Since
Aug. 1.
54,909
13,278
1,015
1,359
6,116
4,398
2,648
4,049
16,801
16,266
28,319
107,951
6,403
1,884
2,713
26,681
5,973
21,986
Total to be deducted
10,903
43,829
11,000
54,640
Leaving total net overland *
11,091
20,493
17,319
53,311
Total European stocks
402,000 546,000 1,137,000 1,897,000
* Including movement by rail to Canada.
India cotton afloat for Europe
15,000 ' 36,000
21,000
61,000
Amer. cotton afloat for Europe
115,000 .,, 238,000 292,510 142,559
The foregoing shows the week's net overland movement
Egypt,Brazil,&c.,afloat for Eur'pe 50,000
24,000
14,000
21,000
Stock in Alexandria, Egypt
67,000
208,000
15.000 117,000 has been 11,091 bales, against 17,319 bales for the week last
Stock in Bombay, India
*600,000 *930,000 612,000 615,000 year, and that for the season to date the aggregate net overStock in U. S. ports
796,146 443,711 407,060 668,661
Stock in U. S. interior towns
653,534 244,073 267,293 433,353 land exhibits a decrease from a year ago of 32,818 bales.
1918
U.S. exports to-day
1917
16,176
42,814
8,575
1,220
In Sight and Spinners'
Since
Since
Week.
Aug. 1.
Week.
Aug. 1.
Total visible supply
2,282,494 2,544,960 2,793,438 3,956,793 Receipts Takings.
at ports to Aug.
47,901
129,248 75,216
196,194
Of the above, totals of American and other descriptions are as follows: Net overland to Aug. 23 23
11,091
20,493
17,319
53,311
American
Southern consumption to Aug.230 83,000
274,000 88,000
311,000
Liverpool stock
bales. 84,000 126.000 552,000 998,000
Manchester stock
32,000
17,000
17,000
61,000
Total marketed
141,992
423,741 180,535
560.505
Continental stock
*107,000 *245,000 -*307,000 *421,000 Interior stocks in excess
*1,677
x43,082 *12,444 x110,869
American afloat for Europe
115,000 238,000 292,510 142,559
U. S. port stocks
796,146 443,711 407,060 668,661
Came into sight during week _140,315 "
168,091
U. S. interior stocks
653,534 244,073 267,293 433,353
Total in sight Aug 23
380,659
449,636
U. S. exports to-day
16,176
8,575
42,814
1,220
Nor.spinners' takings to Aug. 23- 23,220
79,518 31,401
126,906
Total American
1,815,494 1,329,960 1,866,438 2,725,793
Bast Indian, Brazil,
*Decrease during
Liverpool stock
98,000 126,000 254,000 consumption; takings week. x Less than Aug. 1. a These figures are
124,000
not available.
23,000
22,000
London stock
33,000
71,000
33,000
7,000
Manchester stock
4,000
Movement into sight in previous years:
11,000
*15,000 *30,000 *102,000
Continental stock
81,000
WeekBales.
Since Aug. 1Bales.
36,000
India afloat for Europe
15,000
21,000
61,000 1916
-Aug 25
148,466 1916
-Aug.25
460,731
24,000
50,000
Egypt, Brazil, &c., afloat
14,000
21,000 1915
-Aug.27
89,274 1915
-Aug.27
333,044
208,000
67,000
Stock in Alexandria, Egypt
15,000 117,000
-Aug.24
73,786 1914
-Aug.28
251,596
600,000 *930,000 612,000 615,000 1914
Stock in Bombay, India
1,067,000 1,215,000 927,000 1,231,000
1,815,494 1,329,960 1,866,438 2,725,793
Total East India, &c
Total American
2,882,494 2,544.960 2,793,438 3,956.793
Total visible supply
23.97d. 18.90d.
Middling upland, Liverpool
9.42d.
5.63d.
23.40c.
36.00c.
15.85c.
Middling upland, New -York
9.65c.
33.92d.
32.00d. 12.83d.
Egypt, good brown, Liverpool_
8.25d.
Peruvian, rough good, Liverpool.. 39.00d. 26.80d. 13.75d. 10.90d.
21.71d. 18.35d.
Broach,Fine, Liverpool
8.85d.
5.25d.
21.96d. 18.53d.
Tinnevelly, Good, Liverpool
8.87d.
5.37d.
*Estimated.
The above figures for 1918 show a decrease from last week
of 16,857 bales,.a gain of 337,534 bales over 1917, an increase of 89,056 bales over11916 andl a lossj of 1,074,299
bales from 1915.
AT THE INTERIOR TOWNS the movement-that is,
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for tht
corresponding period of the previous year-is set out in
detail below.
Movement to Aug. 23 1918.
Towns.
Ala., Eufaula_
Montgomery
Selma
Ark., Helena
Little Rock_
Pine Bluff...
Ga., Albany
Athens
Atlanta
Augusta
Columbus_ _
Macon
Rome
La., Shreveport
MLss.,Columbus
Clarksdale _
Greenwood.._
Meridian __
Natchez
Vicksburg____
Yazoo City
Mo.,St. Louis
N.C.,Gensboro
Raleigh
0., Cincinnati..
Okla., Ardmore
Chickasha ___
Hugo
Oklahoma...__
S.0.,Greenville
Greenwood_ _ _
Tenn.,Memphis
Nashville_ _ _ _
Tex., Abilene
Brenham
Clarksville
Dallas
Honey Grove..
Houston
Paris
San Antonio
Movement to Aug. 23 1917.
I
.u
Ship- SCficks
Receipts.
Ship- Stocks
meatS
menu. Aug.
.
Week. I Season. I Week: 22g. Week. Season. Week. 23.
Receipts.
16
463
171
20
669
18
40
1,242
446
150
186
4
1001
5
100
200
8
'26
28
4,059
200
8
518
1,030
251
521 4,185
575
556
76
198
856
114
183
5,912 6,339 13,851
936 15,524
23
1,678
480 11,479
379
3,242 2,685 17,557
1,086
8 43,005
150,
300 2,850
1,7271
274 8,280
170
3,595
372i
no 11,500
291
150 17,000
150
430
700 18,500
38
238 4,507
31
1,254
41
1,764
7,555
10,244 4,305 12,438
725
400 8,300
30
25
25
833 13,274
3,807
25
632
110
50
72
25
482
100
1,573
530
45
1,042
215
45
200
300
159
10
5
8,109
1,000
15
1,633
50
24
528
1,079 1,210 9,583
355
21
969
578
645 2,000
542 1,511 6,548
178
509 5,400
716
306
743
780
600 2,006
6,066 3,382 17,084
1,889 1,147 12,378
132
261 1,868
4,571 2,451 2,401
425 1,827
506
468 3,085
117
, 569
651 5,300
399
700 5,000
660
876
348 4,126
10 1,036
570
502
381
1,300
50,938 8,825 5,382
2,707 1,100 2,594
131
25
33
9,693
136 17,497
1,566
187
300
------
1,396
-----400
800
1,490 10,000
800
3,118
9,043 8,950 296,091 6,005
284
_
63
7
5,863 1,500 2,152 2,702
256
163
1,800 7,000
1,417
603
16,530 14,818 92,168
10 ____
170
97
5,626 1,753
999
191 3,947
250
624
100
82,139 28,493 110,175 44,066
900
16 1,487
77,8401 36,607 28,738
2,1031
962
597
- 2,289
- .--2,500
364
43,315
5,134
1,230
2,635
592
550
2,500
Total, 41 towns 57,581 129,833 59,258653,534 71,687 188,8111 84,131 244,073
The above totals show that the interior stocks have decreased during the week 1,677 bales and are to-night 209,461
bales more than at the same time last year. The receipts at
all town have been 14,106 bales less than the same week
last year.
WEATHER REPORTS BY TELEGRAPH.
-Telegraphic
reports to us from the South this evening indicate that
over the most of the territory east of the Mississippi River
conditions have been favorable during the week, although
in a few sections the rainfall has been rather heavy. From
Texas we are advised that the crop has made little growth
except in districts where moisture has been sufficient.
Shedding and premature opening are reported in Western
sections of the State and late planted cotton is stated to be
dying. Picking and ginning are making rapid progress in
Texas.
Galveston, Tex.
-During the week just ended cotton
made very little growth except in those places where moisture
has been sufficient. The scattered showers reported from
various localities were mostly too light to be of benefit. The
plant is shedding and opening prematurely while in the
western section late planted cotton is dying. Should general
rains materialize a fair crop will be made provided we have a
late frost. Picking and ginning is progressing rapidly. The
week's rainfall has been twenty-six hundredths of an inch
on two days. Average thermometer 84, highest 90, lowest
78.
Abilene, Tex.
-We have had no rain the past week. The
thermometer has averaged 89, the highest being 102 and the
lowest 76.
Brenham, Tex.
-Rain has fallen on one day during the
week, the precipitation reaching seven hundredths of an
inch. The thermomter has averaged 88, ranging from 72
to 103.
Brownsville, Tex.
-There has been no rain during the week.
The thermomter has ranged from 76 to 100, averaging 88.
Cuero, Tex.
-Dry all the week. Average thermometer
88, highest 103, lowest 72.
•
Dallas, Tex.
-There has been rain on one day during the
week, to the extent of two hundredths of an inch. The
thermometer has averaged 89, the highest being 104, and the
lowest 74.
Henrietta, Tex.
-Dry all the week. The thermometer
lias averaged 94, ranging from 75 to 112.
Huntsville, Tex.
-The week's ranfall has been eighty
hundredths of an inch, on two days. Average thermometer
85, highest 99 and lowest 71.
Kerrville, Tex.
-We have had rain on one day the past
week, the rainfall being two hundredths of an inch. The
thermometer has averaged 82, the highest being 100 and the
lowest 63.
Lampasas, Tex.
-Rain has fallen on one day during the
week, the precipitation reaching two hundredths of an inch.
The thermometer has averaged 89, ranging from 70 to 108.
Longview, Tex.
-The week's, rainfall has been fourteen
hundredths of an inch, on two days. The thermometer has
averaged 87, ranging from 74 to 100.
Luling, Tex.
-It has rained on one day of the week,
the rainfall reaching twenty hundredths of an inch. The
thermometer has averaged 87, the highest being 100 and the
lowest 74.
Nacogdoches, Tex.
-We have had rain on three days of
the past week, the rainfall being twenty hundredths of an
[VOL. 107.
THE CHRONICLE
inch. The thermometer has averaged 87, ranging from
68 to 105.
Palestine, Tex.
-We have had rain on four days during
the week, to the extent of forty hundredths of an inch.
Average thermometer 87, highest 102, lowest 72.
Paris, Tex.
-We have had no rain the past week. The
thermometer has averaged 91, the highest being 109 and
the lowest 72.
San Antonio, Tex.
-Rain on one day of the week, to the
extent of two hundredths of an inch. The thermometer
has averaged 86, ranging from 74 to 98.
Weatherford, Tex.
-There has been no rain the past week.
The thermometer has averaged 87, the highest being 104
and the lowest 69.
Ardmore, Okla.
-Dry all the week. The thermometer
has averaged 90, ranging from 72 to 108.
Oklahoma City, Okla.
-We have had rain on one day the
past week, the rainfall being fifteen hundredths of an inch.
The thermometer has averaged 89, the highest being 105
and the lowest 72.
Brinkley, Ark.
-We have had rain on four days of the past
week, the rainfall being one inch and thirty-eight hundredths. Thermometer has averaged 87, ranging from
66 to 108.
Eldorado, Ark.
-It has rained on four days of the week,
the rainfall reaching one and thirty-eight hundredths. The
thermometer has averaged 87, the highest being 104 and
the lowest 70.
Little Rock, Ark.
-We have had rain on four days of the
past week, the rainfall being seventy-three hundredths of
an inch. The thermometer has averaged 85, ranging from
72 to 98.
Alexandria, La.
-We have had rain on five days during
the week, to the extent of four inches and five hundredths.
Average thermometer 87, highest 102, lowest 71.
New Orleans, La.
-We have had rain on five days the past
week the rainfall being three inches and sixty-one hundredths. The thermometer has averaged 83.
Shreveport, La.
-The precipitation during the week reached
fifty-five hundredths of an inch on five days. The thermometer has averaged 87, ranging from 77 to 102.
Columbus, Miss.
-We have had rain on two days during
the week, the rainfall being sixty-three hundredths of an
inch. The thermometer has ranged from 59 to 106, averaging 83.
Vicksburg, Miss.
-We have had rain on five days of the
past week, the rainfall being five inches and forty-six hundredths. The thermometer has averaged 81, ranging from
71 to 100.
Mobile,Ala.
-Heavy showers in the interior have improved
the condition of cotton,but complaints of shedding and rust
continue. Picking is progressing satisfactorily. We have
had rain on three days the past week, the rainfall being
three inches and seventy-two hundredths. The thermometer has averaged 82, the highest being 101 and lowest 65.
Montgomery, Ala.
-Rain has fallen on two days during
the week, the precipitation reaching forty-six hundredths of
an inch. The thermometer has averaged 82, ranging from
63 to 100.
Selma, Ala.
-It has rained on two days of the week, the
rainfall reaching fifteen hundredths of an inch. Minimum
thermometer 59, highest 100, average 79.5.
Madison, Fla.
-There has been rain on four days of the
week, to the extent of ninety-nine hundredths of an inch.
The thermometer has averaged 85, the highest being 102
and the lowest 68.
Augusta, Ga.-It has rained on one day of the week, the
rainfall reaching seventy-two hundredths of an inch. Minimum thermometer 60, highest 92, average 76.
Savannah, Ga.-There has been rain on five days during
the week, the precipitation reaching one inch and thirtythree hundredths. The thermometer has averaged 78, the
highest being 89, and the lowest 65.
Charleston, S. C.
-The week's rainfall has been forty-six
hundredths of an inch on two days. The thermometer has
averaged 77, ranging from 67 to 88.
Greenwood, S. C.
-It has been dry all the week. The
thermometer has averaged 72, the highest being 87 and the
lowest 56.
Charlotte, N. C.
-We have had rain on one day the past
week, the rainfall being four hundredths of an inch. The
thermometer has averaged 74, the highest being 91 and the
lowest 56.
Weldon, N. C.
-We have had rain on three days of the
past week, the rainfall being one inch and seventy hundredths. Thermometer has averaged 71,rangingfrom 54 to 88.
Memphis, Tenn.-Rain has been beneficial, but more is
needed. The week's rainfall has been eighty-six hundredths
of an inch, on two days. The thermometer has averaged
82, ranging from 71 to 100.
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.
Closing Quotations for Middling Cotton an
Week ending
Aug. 23.
Saturday. Monday. Tuesday. Wed'day. Thursd'y.1 Friday.
Galveston
New Orleans__ Mobile
Savannah
Charleston _ _
Wilmington
Norfolk
Baltimore
Philadelphia
Augusta
Memphis
Dallas
33.25
30.25
30.50;
31.50;
31.001
31.00:
32.001
32.00
35.95
31.00
31.001
IIouston
32.75;
33.25
30.25
31.50
32.50
31.00
32.50
32.50
33.00
35.85
31.50
31.00
32.65
33.00
Little Rock_
33.25
30.25
30.50
32.00
31.00
32.50
32.00
33.50
35.40
31.50
31.00
32.20
32.65
31.00
33.00
31.50
31.50
32.00
31.00
31.00
32.00
33.50
35.05
31.50
31.00
32.00
32.40
31.00
35.00
31.50
32.00
3".50
32.00
33.00
31.50
31.50
32.00
31.00
31.00
32.00
33.50
34.70
31.75
31.00
32.25
32.60
31.00
32.00
33.50
37.05
32.87
31.50
35.05
34.75
32.00
WORLD'S SUPPLY AND TAKINGS OF COTTON.
1917.
1918.
Cotton Takings.
Week and Season.
Week.
Season.
Week.
Season.
Visible supply Aug. 16
2,899,351
2,584,662
Visible supply Aug 1
2,814,776
3,067,450
American in sight to Aug. 23__ _ 140,315
449,636
380,659 168,091
Bombay receipts to Aug. 22__ _ b50,000
20,000
89,000
145,000
4,000
Other India shipm'ts to Aug. 22
10,000
2,000
Alexandria receipts to Aug. 21_
1,000
b4,000
13,000
9,000
4,000
Other supply to Aug. 21*
b1,000
6,000
3,094,666 3,612,1092,781,753 3,374,412
Total supply
Deduct
Visible supply Aug. 23
2,882,494 2,882.4942,544,960 2,544,960
Total takings to Aug. 23a
Of which American
Of which other
212,172
171,172
41,000
729,615
554.615
175,000
236,973
197,793
39,000
829,452
639,452
190,000
*Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces the estimated consumption by Southern mills,
-takings not being avail274,000 bales in 1918 and 311,000 bales in 1917
able-and the aggregate amounts taken by Northern and foreign spinners,
455,615 bales in 1918 and 518,452 bales in 1917, of which 280,615 bales
and 328,452 bales American. b Estimated.
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market is
hardening for both yarns and cloth, and that demand is
fair. We give prices for to-day below and leave those for
previous weeks of this and last year for comparison:
1917.
1918.
8X lbs. Shirt Corn
fags Common Mid.
Upl's
to finest.
32s Cop
Twist.
Corn
ings Common Mid.
Upl's
to finest.
834 lbs. Shirt
32s Cop
Twist.
d. s. d.
s. d. d. d.
July d.
5 4934 @ 52 240 @320 22.29 245i
12 4934 0 52 250 (it33 0 22.04 24
19 4934 t14 52 25 14@)33 134 22.09 24
26 49
5134 25 134@)33 134 20.63 24
Aug.
52 25 134033 IA 20.39 24
2 4934
9 51
0 53 ,25 134 P33 134 21.46 25
16 52
84 54 253 @333 23.09 2534
23 52
P 54 253 @333 23.97 2534
*VC@ OGMID
818
s. d. d.
d. s. d.
2836 14 136@18 3 18.85
,
25,1 1310%018 0 19.00
25% 1310%018 0 19.00
2534 131034 ®18 0 19.15
254 1310348418 0
264 14 0 0018 6
264 141134019 0
264 14 0 @186'
19.35
20.15
19.80
18.90
-By cable from Liverpool we have the folLIVERPOOL.
lowing statement of the week's sales, stocks, &c., at that port:
Sales of the week
Of which speculators took_
Of which exporters took
Sales, American
Actual export
Forwarded
Total stock
Of which American
Total imports of the week
Of which American
Amount afloat
Of which American
Aug. 2. Aug. 9. Aug. 16. Aug. 23
12,000
7,000
6,000
4,000
2,000
3,000
2,000
2,000
30,000
232,000
89,000
5,000
5,000
85,000
59,000
44,000
237,000
109,000
50,000
49,000
71,000
39,000
45,000
216,000
87,000
23,000
9,000
68,000
58,000
37,000
208,000
84,000
33,000
26,000
Tho tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Saturday.
Spot.
Monday.
Market, {
12:15
P.M.
Tuesday. Wednesday. Thursday.
Quiet.
Quiet.
Friday.
Quiet.
Quiet.
24.17
24.18
24.02
23.89
23.97
24.80
Mid.Upl'ds
Good Mid.
Uplands HOLIDAY
Quiet.
24.81
24.65
24.52
24.60
Sales
1,000
Futures.
Market I
opened I
Firm
1,000
4,000
1
Firm
100 pts.
,avrtn re
2000,
Quiet,
7010 pts.
advance.
Irregular
Quiet
Steady
10018 pts. 2 pts. adv. 506 pts.
dpellne. to2nts dee. advance.
.
Steady,
7011 pts.
advance.
Quiet
96P 100 pts 12016 pts. 9014 pts.
decline.
decline.
advance.
Market i
.1,.....4 I
3,000
Quiet
407 pts.
decline.
Quiet
The prices of futures at Liverpool for each day are given
below.
Sat.
Aug. 17
to
Aug. 23.
Tues.
Wed.
Thurs.
Fri.
1234 4
1234 12341 4 1234 4 1234 4 1234 4
p. m p. m.p. m.!p. m.p. m.p. m.p. m.p. m.p. m.p. m.p. m.p. to,
;171
-
S. S. S. d. S. d. d.
d.
d.
23.62123.7723.7523.87 23.8223.69 23.6923.7523.7923.82
23.35123..123.4323.33 23.2523.3123.3023.3623.41 23.44
HOLT- 23.103.24 23.1823.0722.9923.0523.0523.1023.1523.18
DAY. 22.90,23.0422.9822.8722.79 . 22.8622.9022.9622.01
22.79I22.9422.8622.7622.6922.75 . 22.8 22.8422.91
New Contracts, d.
August
September_ --October
_
November
Mon.
1234
S.
COTTON CROP CIRCULAR.
-Delay in receipt of our
usual advices on the cotton manufacturing situation abroad,
has made it necessary to Vostpone the publication of our TIRramhar
Annual Cotton Crop Review. Mailed before the close of
July these advices were due to have been received fully ten
BREADSTUFFS.
days ago, but they were doubtless held up by the censorship,
Friday Night. Aug. 23 1918.
and have arrived too late to handle in this issue of the
"Chronicle." The Crop Report. however, will be issued
Flour has remained quiet. It is the usual quiet season.
in circular form on Wednesday, Aug. 28, and will appear Moreover buyers are pretty well supplied. In this respect,
indeed, the situation is very much as it has been for several
in the "Chronicle" of the 31st.
AUG. 24 1918.]
THE CHRONICLE
819
weeks past. Certainly buyers show no anxiety to increase Kingdom is still 275s. d. w. from Bombay and 250s. from
their supplies. This is not at all surprising. The movement Kurrachee. The supply of tonnage is being constantly
of wheat is steadily increasing, the visible supply makes a augmented by additional launchings which more than serve
very different showing from what it did a month or two back, to offset losses from submarine sinkings.
and naturally this emboldens buyers to adopt a waiting
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
policy. Meanwhile new hard winter wheat flour is now No.2 red
cts_23734 23734 23734 23734 23734 23734
arriving in fulfillment of contracts made last month. It is No. 1 spring
24034 24034 24034 24034 24034 240x
true, however, that the movement thus far has not been quite
Indian corn has fluctuated much of the time within narrow
so large as had been expected. Yet this fact causes no limits. At one time the firmness of oats helped prices a
uneasiness for it is chiefly the result of the big wheat move- little. Further beneficial rains have fallen in the West and
ment itself. There is more or less delay in moving flour east Southwest. Everybody looks for larger receipts towards the
of Buffalo. This is probably only for the moment. Mean- end of the month. Farmers are pretty well along with their
7hile, for one thing the store door delivery plan is a deterrent threshing in at least a part of the belt. With that over they
in business. It will go into effect on Sept. 1. Just how it will, of course, have more time to ship corn. Meanwhile
will work out, and just what the details will be remains to be the visible supply within a week has decreased 1,878,000
seen. Yet now and then there has been quite a good spot bush., leaving the total 6,752,000 bush. against2,644,000 a
demand from some quarters, and the actual arrivals here have year ago. Crop news is more or less mixed. Undoubtedly
been small. Stocks of rye flour are large and they are recent hot, dry weather caused some damage in Kansas
selling slowly. The use of dark and medium rye as a sub- Oklahoma. It is said that in Kansas some of the and
late
stitute for wheat flour to the full 255 is permitted by the planted corn will not make even good silage. Some
local branch of the Food Administration, but it is provided in the lowlands is said to have been damaged 50%.planted
But in
that those who sell and buy rye for this purpose must sub- other parts of the belt hot weather stimuated growth and
mit samples to the Administration and secure permits.
will eliminate or greatly reduce the danger from frost. There
Wheat is moving on a gigantic scale. It is nothing less is'no doubt that very many in the trade believe that recent
than that. Again it made a new high record last week. reports of damage were exaggerated. Certainly the market
It was 20,919,000 bushels, or over five times as much as has on the whole remained unresponsive to such reports.
during the same week last year. Then it was 4,146,000 At times, too, country offerings have increased. Iowa has
bushels. The export movement increased nearly 900,000 been offering more freely. Milwaukee has been selling or
bushels, reaching 3,580,000 bushels from North America. trying to sell, in Chicago, which quoted better prices.
This, of course, is sharply out of proportion to the enormous Increased offerings have sensibly modified recent firmness
receipts. And it does not look as though export trade will of western cash markets. There has been little sale for
increase much in the near future. Naturally this will mean the low grades. So noticeably has the recent hot weather
the piling up of big stocks in this country. It looks, too, as hastened maturity of corn that in some parts of Indiana it
though the receipts this week might possibly make another appears that the crop is already ripe and ready for cutting.
new high record. On a single day they were 4,733,000 All this naturally tends to strengthen the belief that before
as
bushels, or about four times as large. on the,same day long the crop movement will increase to a degree that will
last year. Also, the visible supply in the United States affect prices. Several ears of mahogany corn have, it
gained last week no less than 9,295,000 bushels, or nearly appears, been sold here recently for shipment back to
double the increase for the same,time last year. The total Peoria. That market supplied the only demand. On the
is now 32,756,000 bushels, against 4,842,000 a year ago. other hand, there is no doubt that some damage has recently
It may be noted in passing that a ballot will be taken on the been done by hot weather in the'Southwest. The crop will
i
Chicago Board of Trade on the 28th.nst.. on the proposed not be quite so large as was at one time expected. The
rates.. Trading in barley futures point is, however, that the market has been listless pending
increase in commission .
Chicago. Harvesting of further events. Skepticism as to the possibility of any
may possible be established
wheat throughout Manitoba is so far advanced that the material or permanent rise of prices is very general. Liveryield is officially estimated at 47,124,000 bushels, on an pool advices state that the situation there remains quiet,
acreage of 2,613,000 acre. The yield averages 18 bushels as arrivals continue of moderate proportions and only small
per acre in various sections. On the Pacific Coast the quantities are being offered on the markets by the comweather has been generally favorable and the movement of mission. Shipments from the Argentine are showing a
wheat is brisk. The mills there are now grinding the 1918 tendency to increase, and it is noticeable that there is a
crop. Arrivals of Australian wheat are noted and they will better export demand in evidence in that quarter. Argen. .norle too plentiful on the Pa- tine offerings, however, continue liberal and of good quality.
increase. Meanwhile labor is
cific Coast. Active shipbuilding is taking a goodly portion Clearances from America have been light and export offering
of the supply. Advices from the United Kingdom state remain rather firm with holders reserved. They note that
that the increased North American shipments were a grati- American weather is reported as more favorable, and crop
fying feature. In American markets cash wheat has been accounts are now less pessimistic. The floating quantity
slow much of the time, like the trade in other cereals. Mr. has enlarged with the major portion destined to the United
Hoover is. credited with the statement that the Allies have Kingdom. To-day prices declined on heavy selling duo to
plenty of foodstuffs and that there will be less need, therefore, the breaking of the drought in the Southwest, with heavy
of a restricted consumption in this country The stock of rains in parts of Kansas. Also it looks like much larger
wheat at New York is 1,701,663 bushels, against 902,608 receipts in the near future. Clement, Curtis & Co.estimated
on Aug. 10 and 365,877 a year ago. In Argentina favorable the crop at 2,700,000,000 bush. or 450,000,000 less than
weather continues and crop prospects are maintained. last year, but the rains offset this, and there was selling on
Wheat loading has decreased somewhat, owing to the stop orders. There is a slight net decline for the week.
smaller amount of freight room available. Harvest returns
DAILY CLOSING PRICES OF CORN IN NEW YORK.
from Spain are estimated to supply only about 65% of the
.
Sat. Mon. Tues. Wed. Thurs. Fri.
ct 204, 199
s
X
Ism ram 19834 19831
food requirements of the country, and it iF reckoned that No. 3 yellow
.
;
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
importations of about 8,000,000 bushels will be necessary
Sat. Mon. Tues. Wed. Thurs. Fri.
to make up this deficit. In France the weather has been Aug.del.in elev.
(new contract)cts_161 X i6034 16431 16334 16331 160X
propitious for the harvesting of winter wheat and reports Sept. del. in elev.(new contract)_ -162X 16134 16434 164 16331 16131
Oats advanced at one time, owing to good Western deare on the whole quite favorable. The outlook for the
spring crop is good, but more rains would be helpful. Pri- mand. This is traceable, it is believed, to old export orders.
vate reports estimate its total production of wheat this year They were for August and early September shipment. The
at 180,000,000 bushels, which is an increase of about 25% clearings last week were 2,839,000 bushels. Yet the visible
over last year. In Italy harvesting, in the southern and supply in this country gained 3,555,000 bushels, including
central regions has been completed with the outturn favor- 2,403,000 at Chicago, where total stocks are now close to
able. It is expected that the yields in the north, however, 5,000,000 bushels, i. e., 4,842,000 bushels. The visible
will be disappointing, as the crop was unfavorably affected supply in the United States is 12,110,000 bushels, against
by wet weather. There is very little news from Russia con- 6,236,000 bushels a year ago. On the advance cash houses
cerning crops, but it is conceded that they are generally poor. have been selling September. Also there was some buying
Reports are to the effect that the Ukraine peasants are dis- of September and selling of October. This looked like merely
posed to fight the Germans for the possession of their grain, the changing .of hedges. One thing which has helped oats
and they are said to be destroying large areas rather than is the fact that they are considered unduly cheap as comtitke
allow the enemy to. . possession of what they have grown. pared with corn. Country offerings to arrive, moreover,
Supplies iin large cities are very short, owing probably to the have at times been quite moderate. This has in a measure
lack of actual grain, but more so to the deficiency of trans- offset the lightness of export demand. Certainly the seaport. From North Africa all reports confirm a very satis- board inquiry has not been anything striking. In Liverpool
.
1-i
factory yield from the recent harvest . nd there is no doubt conditions are more favorable from a supply and demand
but that goodly quantities will be available for shipment to standpoint, as arrivals are tending to increase and allofreight situation, Liverpool ad- cations are on a somewhat larger scale. The spot demand,
France. As to the foreign
vices say rates remain more or less nominal in the absence of however, still continues active and is sufficient to readily
any active chartering. Conditions are quiet but firm, with absorb all offerings. Clearances from America are regarded
the River Plate quoted at 225s. to the United Kingdom, as very satisfactory, and it is hoped that these will be main250s. to France, and $20 to the United States. The supply tained; American export offerings remain firm. Argentine
of freight room in Argentina now available is somewhat shipments have been moderato lately, but there has been a
smaller than heretofore, and shipments are expected to de- better absorption by exporters recently which would indicrease during September. Northern range ports of America, cate an improvement in clearances. The Continental
50s. to the United Kingdom, 57s. 6d. to French Atlantic, needs are important and the demand from that source is
75s. to Marseilles, and 80s. to Italy are the rates put for active. On the other hand, the domestic demand, as a
ward. Australia continues to be quoted at 110s. to South rule, has been light. Export inquiries, as we have seen,
Africa, 130s. to Atlantic America, and India to the United have been nothing remarkable; far from it. Also the in-
820
THE CHRONICLE
crease in the visible supply is perhaps significant. Certainly
the crop looks to be large and in the nature of things receipts
must before very long incregse materially. At times, indeed, it has been said that Indiana and Ohio have been offering oats here at prices 2 to 3 cents per bushel under a parity
with Chicago. Inability to secure permits would have
blocked business here, however, if there had been any particular demand. There has been considerable trading at
Chicago in rye for future delivery. Trading in barley futures
may be established there. A committee of the Chicago
Board of Trade is considering the matter. Rye recently
advanced 7 or 8 cents a bushel on sharp buying. There has
not been much hedge selling. The crop this year is estimated at about 77,000,000 bushels, against 60,000,000
bushels last year and an average yield before the war of
30,000,000 to 35,000,000 bushels. It is believed that there
will be quite a good export business in rye and rye flour
this season. The barley crop is estimated at 232,000,000
bushels, against 209,000,000 last year. It is believed that
the big crop of oats this year will make it unnecessary to
mix barley with oats for feed this season. To-day prices
declined, but there is a net advance for the week.
[VOL. 107.
THE DRY GOODS TRADE
New York, Friday Night, Aug. 23 1918.
Conservatism continues to prevail in markets for dry
goods notwithstanding the fact that merchants are becoming
more accustomed to the various Governmental regulations
and are adjusting their prices to conform to the official fixed
basis. As the fixed basis of prices will be revised from time
to time, merchants in general realize that it will be safer
for them to proceed cautiously instead of trying to anticipate developments. New business during the past week
has been comparatively small, and indications are that it
will continue so for some time to come, that is, for civilian
account. Government demand continues heavy, and mills
are well booked with orders for this account. The quietness which prevails in primary centres does not exist in
secondary markets where a fairly active trade is going on,
with stocks of goods being more equitably distributed.
Stocks in fact are being gradually reduced everywhere and
conditions as viewed from a financial standpoint are imDAILY CLOSING PRICES OF OATS IN NEW YORK. .
proving. Owing to the abnormally high prices, merchants
Fri.
Wed. Thurs.
Tues.
Mon.
Sat.
82
81-81%
81
Standards
cts_ 80-80% 80-80% 79 A
money tied up in fabrics than or82% have considerable more
81% 81%-82
80
No. 2 white
80%
803
dinarily, and in some quarters there have been reduction
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
of stocks in order to reduce the heavy loans from banks.
72% 71
Aug. del. in elev.(new contract)cts_ 69% 70Y 72311 72
713
72% 73
Sept. del. in elev. (new contract)_ _ 70% 70% 73
Despite the quietness in ordinary channels mills are not
showing any anxiety as regards future business, as the maThe following are closing quotations:
FLOUR
jority of them are booked far ahead with Government work.
nom.
$11 05@$1l 40 Tapioca flour
Spring
to be considerable Uncertainty as regards
$4 80035 35 There continues
1040@i10 70 Hominy
Winter
11 35 Yellow granulated ____ 4 900 5 10 the fixing of maximum prices for jobbers. In some cases
11 10
Kansas
8 50
10 50 Barley goods—Portage barley:
..Rye flour
36 00 this is expected to work hardship as many have stocked
No. 1
Corn goods, all sacks 100 lbs.
525
Nos. 2, 3 and 4
35 00 0$5 35
White
not taking
6 0006 15 up at a very wide range of value. Retailers are
Nos. 2-0 and 3-0
450 0 475
Bolted
625 any urgent steps to replace supplies, as they expect conNo 4-0
515 0 550
Corn flour
-- _
Coarse, Nos. 2, 3 and 4-per lb. nom .
Corn starch
Oats goods—Carload,spot desumption for ordinary account will decrease rather than
Rice flour, spot and to
9 50
per lb 10®10c. livery
arrive
increase during the remainder of the year. The increased
Barley flour (to arrive)- $8 6009 50
'GRAIN.
demand for military purposes is being offset to some extent
Oats— •
Wheat—
falling off in ordinary consumption, and as addi81%082 by the
Standard
37%
$2
Ro. 2 red
No. 2 white
820823-i tional drafts of men for the Army are made the buying
2 40%
No. 1 spring
81081%
No. 3 white
2 39%
No. 1 Northern
power of civilians will fall off more. Business for export
81
No. 4 white
Corn—
nom. Barley—
• No. 3 mixed
with Central and South
Feeding
$1 25© 1 30 continues to improve, and especially
2 00
Igo. 2 yellow
1 98(
Malting
1 30§ 1 35 America. On the other hand, trade with the Philippines
No. 3 yellow
Rye—
1 62
No. 4 yellow
is quiet as Japan is reported to be monopo1 78 and the Far East
Western
nom.
Argentine
lizing trade in that direction.
DOMESTIC COTTON GOODS.—Staple cottons, aside
WEATHER BULLETIN FOR WEEK ENDING AUG.
20.—The influences of weather on the crops as summarized from Government business, have ruled quiet during the
in the weather bulletin issued by the Department of Agri- past week. The Government is distributing large orders for
gauze, and it has been announced that bids will be received
culture for the week ending Aug. 20 were as follows:
COTTON.—The weather of the week just closed continued generally up to Aug. 30 for further large quantities, as well as for
for development of the cotton crop in most of the belt. West drills, twills and other cottons. Many mills as a result of
unfavorable
of the Mississippi River little or no relief occurred from the serious drought
civilian
that has caused much damage to the crop in that section and to the east- the heavy Government demand are neglecting
ward conditions continued unsatisfactory in many localities. The rains trade. While ordinary buyers are not showing any great
at the close of the week, however, in many sections in the eastern portions
indifferent
of the belt, where moisture has been deficient, were very beneficial and will amount of anxiety for goods, mills are likewise
give at least temporary relief. The crop made slow progress in North as regards new business. All factors in the trade, in fact,
Carolina the first part of the week, but good rains were very helpful the
policy. A few sales of drills
latter part, while in South Carolina good to excellent advance was made in are pursuing a conservative
the central and north portions but rather poor in the coastal plain sections. have been reported during the week, and there has been a
Progress was generally unsatisfactory in Georgia except in portions of the
demand for sheetings. Colored goods are being
south, where good rains occurred, and many complaints of rust and red moderate
spider damage continue in that State. Development was satisfactory in sought by buyers for export account, but available supplies
most localities in Florida, but disappointing in most places in Tennessee, are very limited. Although prices for all lines of goods
Alabama and Mississippi, with rather pronounced deterioration in parts of
Mississippi. The crop ranges from fair to good in Louisiana and while have not been officially fixed, distributors are endeavoring
light showers occurred at many points in Arkansas, moisture continues in- to adjust their list to conform with the new basis. Fine
sufficient and development of the crop is generally unsatisfactory in that
State. Bolls are small and continue to open prematurely in Oklahoma goods are quiet. While very few mills are prepared to sell
and the outlook is generally poor, while growth has ceased with general com- gray goods, there continues to be quite a good inquiry.
plaint of shedding and too early opening in Texas. Picking is well advanced
WOOLEN GOODS.—Markets for woolens and worsteds
In Texas and is becoming general in the Coast section to the eastward
This work has begun as far nori,h as Oklahoma.
remain inactive owing to uncertainty as regards future
CORN.—Rain, with more moderate temperatures, prouucea more-faAccording to latest advices the Governvorable conditions for corn in Nebraska, Iowa, most of Illinois and parts of developments.
Indiana than prevailed during the preceding week. Deterioration contin- ment will not allot any wool for the manufacture of goods
ued in Onio, Kentucky, Oklahoma, Texas, most of Arkansas and on up- for civilian account, as Army and Navy requirements are
lands in Kansas and Missouri. Even in low lands the growth was very
poor in Kansas, except in a few favored western counties. The prospect increasing and will likely need all raw material available.
for even a fair yield of grain in Kansas is rapidly diminishing. Cutting for It is generally believed, however, that there are sufficient
fodder and sileage is becoming general in the eastern half of the State.
In Missouri there will be nearly a total failure on uplands, as the rains came goods in stock to meet demands of the ordinary trade for
too late. Practically allot the late crop is ruined in Oklahoma. The harvest at least another year. Prices for goods offered by second
continues in Texas. The crop improved in Southeastern and Eastern States
wherever rains occurred. Corn made excellent progress in Northern Illinois. hands have ruled easier, and concessions made in sages
Rain saved much of the crop in the central and parts of'the southern have been quite noticeable. In the men's wear division, a
portions of that State. The condition varies from poor to good in Indiana,
next spring but in limited
depending on the rainfall. The progress during the week was slow in Ne- few fabrics have been opened for
braska, although the seasonal advance is ahead of the average. The growth amounts only. Manufacturers of clothing do not look with
was good in Iowa,except where it was injured beyond recovery in the southupon cotton mixtures or so-called cotton woolens
ern and western portions by the heat and drought of the preceding fort- much favor
night. Further north and west corn made an excellent growth and is gen- as they do not consider their wearing qualiites very satiserally in a satisfactory condition. Reports from Indiana indicate that the factory. Dress good markets are quiet.
bulk of the crop in that State will mature at least three weeks before the
average date of killing frost. Corn is being gathered in the extreme South,
FOREIGN DRY GOODS.—Owing to a subsidence of
SPRING WHEAT.—The harvest of spring wheat has been completed Interest on the part of buyers, duo to the smallness of supIn the principal producing areas, and is well advanced in other sections
where this crop is grown. In some of the late districts, however, particu- plies, linens have been less active during the week. Buyers
larly in Montana, the late planted grain is slow in ripening and some con- consequently have been turning more of their attention
tinues green.%
demand for which is steadily improving.
WHEAT7:Winter wheat harvest is completed, exceptnira to substitutes,
few late localities where it is well advanced. Thrashing of wheat made Many classes of household linens are completely exhausted,
goodiprogress in the central and eastern districts, but rain caused consid- and according to reports linen dress goods are becoming
erable interruption to this work in the North Central and Northwestern
States, especially in Iowa, Minnesota and the Dakotas, with some local scarce and will soon be unavailable. Several retail stores
complaint in Iowa and South Dakota from shock molding. In general, have recently held special sales of linens which they had
the yield of wheat continues satisfactory, and in fact spring wheat is turning
carried in stock, and they have not made any effort to rese tions.
,
,
.
out better than expected in son
OATS.---uats narvest is Progressing in the more northern districts east place their supply in the open market. There have been
of the Rocky Mountains and in the late localities of the West and thrashing no arrivals from abroad of late, and only a few small shipIs well advanced elsewhere, although rain considerably delayed this work
w ments are reported en route. Prices for various substitutes
in'manv of the heavy producing areas: yields continue satisfactory generaily
-VEY—AND RYE.—The thrashing of barley and rye is advancing hold steady and continue above pre-war levels for pure
BAR
well. The yield of barley is reported as only fair to good in California, but linens. Burlaps continue quiet and featureless. Light
Is generally satisfactory in Nevada and good to excellent in most localities
weights are quoted unchanged at 18.600. and heavy weights
in the northern niains and ininer Mississippi Valley.
at 23.75o.
For other tales usually given here, see page 776.
Aug. 24 1918.]
OMIT AND
THE CHRONICLE
cm orrmmyrrrit
NEWS ITEMS.
821
North Carolina.
-Proposed Constitutional Amendment
and Propositions to be Submitted at General Election.
-The
voters will have submitted to them at the general election
in November next the following proposed constitutional
amendments and propositions:
1. An Act to amend Section 1, Chapter
196 of the Public Laws of 1913,
as
Florida.
-Proposed Constitutional Amendments.
-The fol- so theto provide for the drawing of grand juries for Guilford County only
first fall
lowing two proposed amendments to the State constitution at2. An Act to and spring terms of the Criminal Courts of said county.
amend Section 3 of Article 5 of the Constitution of North
will be submitted to the voters at the general election in Carolina in regard to the taxation•of homestead notes and mortgages.
3. An
November next: (1) Each county shall be required to assess levying aAct to amend House Bill 912 and Senate Bill 873. in regard to
tax to pay bonds, &c.
and collect annually for the support of the public free schools
4. An Act to amend Section 3 of Article 9 of the Constitution of North
so as to insure
therein, a tax of not less than 3 mills, nor more than 10 mills Carolina Act to make a six months' school term.
5. An
appropriations for the State institutions.
on the dollar, on all taxable property in the same; (2) the
Tyler, Minn.
-Town Suffers Considerable Damage from
manufacture, sale, barter or exchange of all alcoholic or in-A tornado struck Tyler, a town of 1,100 inhabitoxicating liquors and beverages, whether spirituous, vinous Tornado.
or malt, are hereby forever prohibited in the State of Florida, tants,situated in the southwestern part of the State of Minneexcept alcohol for medical, scientific or mechanical purposes, sota, in Lincoln County, late on Aug. 21, destroying about
and wine for sacramental purposes; the sale of which alcohol 30 business houses and demolishing about as many resiand wine for the purposes aforesaid shall be regulated by law. dences. The casualties are variously estimated between
30 and 35 persons and the number injured is placed at more
Kansas.
-Proposed Constitutional Amendments.
-At the than 100. The greatest loss of life was in a restaurant.
general election in November next two amendments-(1) Eighteen persons were in the place when the brick walls
providing that "every citizen of the United States of the age collapsed. Sixteen are reported killed and the other two
of 21 years and upwards
-who shall have resided in Kansas missing.
six months next preceding any election, and in the township
The tornado ran through the heart .of the town, sparing
or ward in which he or she offers to vote, at least 30 days only one building, a motion picture theatre, in which, it is
next preceding such election-shall be deemed a qualified said, about 200 persons were sheltered. Among the
elector," and (2)that"the Legislature may levy a permanent ings destroyed were three banks, the electric-light buildplant
tax for the use and benefit of the State educational institu- and five general stores. The local hospital was completely
tions and apportion among and appropriate the same to the demolished, virtually all the patients being killed. The
several institutions, which levy, apportionment and appro- property loss in the town is estimated to be $1,000,000.
priation shall continue until changed by statute," will be
passed upon by the voters on that day.
BOND PROPOSALS AND NEGOTIATIONS
Louisiana (State of).
-Special Session of Legislature
Adjourns.
-The special session of the General Assembly this week have been as follows:
which convened on Aug. 5 has adjourned. Among the
AKRON, Summit County, °Mo.-BONDS AUTHORIZED.
-On
matters favorably acted upon was the ratification of the July 26 ordinances were passed authorizing the issuance of the following
6% coupon fire-dept. bonds:
national prohibition amendment, making Louisiana the $$.000 bonds. Due Aug. 1 1921.
•
fourteenth State to ratify the proposal.
38,000 bonds. Due $10.000 yearly on Aug. 1 from 1919 to 1921 incl. and
$8,000 Aug. 1 1922.
Denom. $1,000. Date Aug. 11918. Prin, and semi-ann. int. payable
New York City.-Tentative Figures Show Large Increase
-Estimates received thus far by Joseph at the National Park Bank, New York.
in Budget for 1919.
AKRON SCHOOL DISTRICT (P. 0. Akron), Summit County,
Haag,Secretary of the Board of Estimate,for the 1919 budget Ohlo.-BOND ELECTION PROPOSED.
-Local papers state
the
from eighty-four city and county departments and bureaus Board of Education at its meeting on July 30 adopted a resolutionthatplace
to
before the people
show in almost every case a considerable increase over the addition bonds. a proposition to issue $685,000 school improvements and
amounts received by them this year. The 1918 budget as
ALEDO,
-DESCRIPTI
OF
-The
finally adopted called for expenditures amounting to $238,- $7.000 53i%Mercer County, Ill. bonds awardedON July BONDS. M.
serial fire department
on
17 to Geo.
Bechtel & Co.
665,854, while it is predicted that the 1919 budget figures and furnishing of Davenport at par and int., payment of attorney's fees
bonds(V. 107, p.
will be around $250,000,000. A few of the departmental Sept. 11918. blankann. on Sept. 1. 713) are in denom. of$500 and dated
Int.
There were no other bidders.
requests for 1919 are given below, 1918 figures being shown
AMITY SPECIAL SCHOOL DISTRICT NO. 9 (P. 0. Deer Park),
comparison:
Sycamore Township, Hamilton County, Ohio.
for
-BOND SALE.
-On
Aug. 1 the $i,800 6% 9
-year refunding bonds
-V. 107, p. 308
-were
TH:57 awarded to Seasongood & Mayer of Cincinnati for $1,820, equal to 101.111.
9
A bid was submitted by Durfee, Niles & Co. of Toledo, but not being
543,316 formal, it was not considered.
12g,31R
ARNOLD SCHOOL DISTRICT (P. 0. Arnold), Westmoreland
39,069 County, Pa.
-BOND OFFERING.-Soaled bids will be received until
914,161
995,690 8 p. m. Aug. 28 by P. E. Moran, District Secretary, for $10,000 school
103.596
114,658 bonds, it is reported.
1,105,600
1,104,700
-Morris Bros., Inc.
380,475
382,100 of ASOTIN, Asotin County, Wash -BOND SALE.
Portland have purchased, it is stated, $73.000 bonds.
35,800
40,525
9,700
10,700
AUDRAIN COUNTY (P. 0. Mexico), Mo.-BOND SALE.
-On
39,000
40,500 Aug. 17 tho $75,000 5)'7'0 public hospital bonds
-V. 107,
-were
122,406
120,851 awarded to the Mortgage Trust Co. of St. Louis for $76,232p. 713
50 (101.643)
35,400
36,383 and int. Date May 1 1918. Due $5,000 yearly from 1923 to
425,975
427,900 and are subject to call after five years. Other bidders were: 1937 Ind.
154,992
167,542 Caldwell & Co
$76.177 00 Wm. R. Compton Co_ _ _ _$75,802 50
75,044
77.638 TheLs-Distelkamp Inv.Co. 75,872 00 Whittaker Co
75.381 00
75,520
88,332 Francis Bras. & Co
75,815 25 North Missouri Tr. Co__ 75,000 00
22,070
AUGLAIZE COUNTY (P. 0. St. Mary's) Ohio.-BOND OFFERING.
267,163
2B,
(1
59,227
64,403 -According to local papers, bids will be received until Aug. 31 for $8,000
174,810
171,930 5% bridge bonds.
202,455
289,645
BARTLESVILLE, Washington County, Okla.
-BOND SALE.
-The
35,999
32,958 $50,000 5% 10
-25-year (opt.) city hospital bonds, bids for which were
48,325
56,742 rejected on Dec. 3 last (V. 105, p. 2561), were reported awarded on Aug.
23,447
23,531 13 to the Bartlesville State Bank at par.
100,000
100,000
BAYONNE, N. J.
-BOND SALE.
24,031
-On Aug. 23 Wm. A. Read & Co.
24,031
17,770
13,878 of N. Y. were awarded $1.399.000 5% bonds for the purchase of the plant
41,905
49,626 of the N. Y. & N. J. Water Works, for $1,417,000, equal to 101.786
43,285
49,340 V. 107, p. 713. Due $60,000 yearly on June 1 from 1920 to 1942 incl:
51,232
54,332 and $12,000 June 1 1943.
100,000
100,000
BEATRICE, Gage County, Neb.-DESCRIPTION
41,237
46,450 Further details are at hand relative to the $27,500 5H% OF BONDS.
funding
61,180
61,080 recently awarded to the Bellam Investment Co. at 100.08 (V. 107, bonds
p.713.)
115,482
129,077 Denoms. $1,000 and $500. Date Sept. 1 1918.1kInt.IM._& S. Due Sept.
35,551
11928, subject to call after 5 years.
165,578
11R,'1115
BELMONT COUNTY (P. 0. Barnesville), Ohio.
237,708
246,503
-BOND OFFERING.
93,504
102,085 -Sealed bids will be received until 12 m. Sept. 2 by Bert W. Hopkins
145,375
199,183 County Auditor, for $5,500 5 % County Children's Home impt. bonds.
44,855
47,670 Auth. Secs. 2434, 2294 and 2295, Gen. Code. Denom. $500. Date Sept.
251,510
293,884 1 1918. Int. M. & S. Due $5•11 each six months from Mar. 1 1919 to
230,418
263,976 Mar. 11924,incl. Cert. check for 5% of amount of bonds bid for, payable
581,228
597,126 to the County Auditor, required.
275,405
261,827
BISHOP, Inyo County, Calif.
-DESCRIPTION OF BONDS.
-Addi481,699
566,306 tional information is at
sale of
1640,000
848,641
943,200 year serial sewer bonds, hand relative to theto Wm.the Staats 6% 1-40
awarded on July 15
R.
Co., of Los
990,378
1,036,858 Angeles at 100.25 and hit (V.
107, p. 529). Denom. $1,000. Date July 1
225,000
251,46() 1918. Int. J. & J.
339,076
339,076
164,199
BLOOMDALE, Wood County, Ohlo.-BONDS VOTED.
171.882
-At the
1,500,000
1,850,000 election held Aug. 13 the proposition to issue $15,000 20
-year electric light
2,352,675 2,691,482 system bonds (V. 107, p. 527 carried by a vote of 98 to 14.ADate of sale
960,478
1,087,098 not yet determined. W. T. Markle is 'Village Clerk.
The 1919 budget, as was that for 1918, will be prepared
BLUE CREEK CIVIL AND SCHOOL TOWNSHIP NO.'6, Adams
County, Ind.
-BOND SALE.
-On Aug. 14
under the terms of the law enacted by the Legislature in 1917 school township and the $10,000 1-10-year serialthe $1,000 2-3-year serial
civil township 5% bonds
and to which we referred in these columns at the time of its V. 107, p. 527-were awarded to the Lincoln National Banksof Ft. Wayne
passage, providing that a tenative budget must be ready by for1$11,039 77 (100.361) and hit.
BOISE CITY INDEPENDENT SCHOOL DISTRICT NO. 1 (P. 0.
Oct. 10 for public discussion. Increases in the estimate may Boise
County, Ida.
-BOND OFFERING.
-Guy
be made until Oct. 20, but deductions may occur until Oct. DistrictCity), Ada receive proposals, it Is stated, until 8 p. m.Scudder,
Clerk, will
Aug. 31
30, when it must be submitted to the Board of Aldermen for not less than $80,000 and not more than $90,000 bonds at not exceeding
for final passage on the 31st. Under the present adminis- 6% int. Cert. check, irrevocable, for $25,000 payable to the District.
required.
tration, it is stated, there will be no sub-committee of the
BONESTEEL, Gregory Count..
Lome
SALE.
-An issue
Budget Committee, as heretofore, holding hearings on the of $14,000 6% electriclight minds was recently-BOND to Schanke & Co.
awarded
of Mason City. Date Aug. 1 1918. Due $1,000 yearly oniAug. 1 from
tentative figures.
1925 to 1938. incl.
Weights and measures
District Attorney
Exam. Board Plumbers
Medical Examiner
Board of Standards and Appeals
Law Department
Register, Bronx
Supreme Court
Supremo Court, Kings
Supreme Court Queens
Supreme Court: Richmond
Commissioner Jurors, Kings
Surrogate, Kings
Appellate Division Court House
General Sessions _
Sheriff, Now York •
County Clerk, Bronx
County Clerk, Kings
County Clerk, Richmond
City Court
City Chamberlain
Civil Service
Aldermen
Assessors
District Attorney, ueens
District Attorney, Richmond
Commissioner Records, New York
Commissioner Jurors, Bronx
Commissioner Jurors, Queens
Board of Inebriety
County Court, Bronx
Recor s, Surrogate, N.Y
Records, Kings
Surrogate, Bronx
Jurors, New York
Sheriff, Bronx
Surrogate, Queens
District Attorney, Kings
Register, New York
Sheriff, Kings
Public Markets
County Court, Queens
Suecial Sessions
Children's Court
Tax Department
County Court, Kings
Parks, Bronx
Public Library
Parks, Manhattan
Natural History Museum
Museum of Art
County Clerk, New York
Child Welfare
Allied Hospitals
City Magistrates
1918.
$65,812
548,011
6,579
92,220
0
822
THE CHRONICLE
[VOL. 107.
ELIZABETH, Union County, N J -BONDS AUTHORIZED.
-Sealed
BRISTOL, Washington County, Va.-BOND OFFERING. Clerk, The Finance Committee, it is stated, has approved the issuance of $45,000
bids will be received until 8 p. m. Sept. 23 by Chapman Belew, Citycoupon park bonds.
10-year
for $30,000 State Street and $20,000 Piedmont Street 6% `10 1908. Int.
Waxahachie),
ELLIS COUNTY LEVEE DISTRICT NO. 8 (P. 0. voted (V. 107,
tax-free improvement bonds. Denom. $500. Date Sept.
-The $37,500 6% bonds, recently
-BOND SALE.
semi-ann. payable at the Dominion National Bank, Bristol or at the Tex.
check for 2% of the amount of bonds p. 528) have been sold, it is stated.
office of the City Treasurer. Cert.
bid for required.
FALLON COUNTY SCHOOL DISTRICT NO. 20 (P. 0. 011ie),
-On July 24 the Merchants Loan Co. was awarded
-BOND SALE.
BRISTOW SCHOOL DISTRICT (P. 0. Bristow), Creek County, Mont.
-No sale has yet been made of the the $8,250 10-20
-year (opt.) coupon school-site and building bonds (V. 107,
SOLD.
-BONDS NOT YET
Okla.
approved by p. 201), for $8,400, equal to 102.439 for 6s. Other bidders were:
$35,000 5% school bonds offered on May 1, and recently in 5, 10, 15,
Interest Bid. Amount Bid.
the Attorney-General of Oklahoma (V. 106, p. 1818). Due
$8,261
69'
Hanchett Bond Co., Inc., Chicago
20 and 25 years.
8,256
69
bids were received Wells-Dickey Co., Great Falls
-On Aug. 16 the following
-BIDS.
BUFFALO, N. Y.
or the three issues of 43' % registered tax-free bonds aggregating $308,750
SCHOOL DISTRICT NO. 21 (P. 0. Forest
FERGUS COUNTY
-According to reports, proposals will
awarded to the Bankers Trust Co. of Buffalo (not New York as first Grove), Mont.
-BOND OFFERING.
reported) at 100.333 (V. 107, p. 714). The Buffalo Savings Bank bid be received until 2 a. m. Aug. 31 by John Sellers, Clerk Board of Trustees,
par for "all or none" of the issue; the Bank of Buffalo, 100.10 for $125,000 for $7,000 5 -year (opt.) bonds at not exceeding 6% int. Denom.
-10
water bonds, and the Marine National Bank also of Buffalo, par for $5,000 $1,000. Int. annually. Cert. check for $350 Bayable to the above Clerk,
voting machine bonds.
required.
-The $100,000 4% 50-year
-BOND SALE.
CALIFORNIA (State of).
FERGUS COUNTY SCHOOL DISTRICT NO. 167 (P. 0. Lewis-T. H. Nelson, District Clerk, will
State bldg. bonds dated July 2 1915 offered on Aug.15-V. 107, p. 527
-BOND OFFERING.
town), Mont.
were awarded on that day to the State Board of Control at par and int. receive proposals until 2 p. m. Sept. 3, it is stated, for $1,000 school bonds
were no other bidders.
There
at not exceeding 6% int. Due in 10 years, subject to call in 7 years.
-Arthur R. Cert. check for $50 required.
-BOND OFFERING.
CAMDEN, Camden County, N. J.
Gemberling, Chairman of the Finance Committee, will receive bids until
FILLEY SCHOOL DISTRICT (P.0.Filley), Gage County), Neb.-By a
,
-BONDS TO BE SOLD AT PRIVATE SALE.
8 p. m. Aug. 26 for $300,000 434% 1-30-yr. serial school bonds,according BONDS VOTED
and
to reports. Int. semi-ann. Cert. check for 2% required.
vote of 93 to 19 the proposition to issue $50,000 535% school bldg. Due
equip. bonds carried at the election held Aug. 6 (V. 107, p. 420).
-The Sinking Fund,
-BOND SALE.
CANTON, Stark County, Ohio.
be sold at a private sale.
$2,000 yearly. The bonds will
is stated, has purchased the following bonds at par: $19,300 sewer, $10,000
-DESCRIPTION
Kalispell), Mont.
judgment, $5,000 land-purchase, $2,700 police and fire-alarm system and • FLATHEAD COUNTY (P. 0.6-20 year serial road bonds awarded
-The $210,000 534%
OF BONDS.
$6,000 auditorium-repair bonds.
-are
-V. 107, p. 97
to Ferris & Hardgrove of Spokane at par
BONDS AUTHORIZEIX-On July 29 an ordinance was passed author- during June
dated July 1 1918. Int. J. & J.
izing the issuance of $10,000 5 % coupon sewage disposal bonds. De- in denoms. of $1,000 and
NO 36(P 0 Bigfork),
and semi-ann. int., payable at
nom. $1,000. Date Sept. 1 1918. Prin.
FLATHEAD COUNTY SCHOOL DISTRICT
the City Treasurer's office. Due Sept. 1 1928. W. Edgar Jackson is Mont -BOND OFFERING.-Blds will be received, it is stated, unti Sept.
-10-year bonds.
City Clerk.
3 by Addle M. Hart, District Clerk, for $2,000 6% 5
-An
-BOND ELECTION.
-BOND OFFERING.-Additlonal
County, Ohio.
CARTHAGE, Jefferson County, N. Y.
FOREST,
1-10- information isHardin relative to the offering on Aug. 27 of the $1,050
at hand
election will be held Sept. 4 to vote on a proposition to issue $7,500 Due
-V. 107, p. 621-Proposals for these
year serial sower bonds at not exceeding 5% interest. Denom.$750.
6% coupon Wells Road impt. bonds
F. H. Wyss,
$750 yearly on Sept. 1 from 1919 to 1928, inclusive.
bonds will be received until 12 m. on that day by ann., payable Village
at the
1918.
NO. 5 (P. 0. Sand Clerk. Denom. $550. Date Aug. 27 on Oct. Int.
CASCADE COUNTY SCHOOL DISTRICT
1 from 1921 to 1923 incl.
Duo $550 yearly
-Proposals will be received until above Clerk's office.
-BOND OFFERING.
Coulee), Mont.
county for $150, payable to the Village
Messelt, District Clerk, for $22,000 10-15-yr. (opt.) Cert. check on a bank of the above
Sept. 12 by M. T.
debt Aug. 12 1918-$35,015. Sinking Fund
coupon school house and furnishing bonds at not exceeding 6% interest. Clerk, required. Bonded
Assessed valuation 1918, $1,435,010. Total tax rate (per
Denom. $1,000. Int. annually. Cert. check for $200, payable to the $2,998. $5.60.
$1,000).
above Clerk, required.
-NO ACTION YET TAKEN.Lee. County, Fla.
FORT
CHOUTEAU COUNTY SCHOOL DISTRICT NO. 86 (P. 0. Fort No action MYERS,
has yet been taken looking towards the issuance of the $35,000
-Reports state that Thomas G.
-BOND OFFERING.
Benton), Mont.
106, p. 1488. Denom. $500.
voted
will receive bids until Sept. 30 for $1,400 school 6% funding bonds, $5,000 Mar. 26-V. Franklin is Mayor.
Weaver, District Clerk,
yearly. W. P.
Int. semi-ann. Due
bonds at not exceeding 6% interest. Cert. check for $100 required.
FULTON COUNTY (P 0 Rochester), Ind -BOND OFFERING.
COAL GROVE SCHOOL DISTRICT (P.O. Coal Grove), Lawrence Wm. H. Biddinger, County Treasurer, will receive bids until 3 p. m.
-Additional information is at hand
-BOND OFFERING.
County, Ohio.
Rochester Township
-year tax-free coupon Sept. 3 for $16,000 Henry Township and $9,500 N.
relative to the offering on Aug. 28 for the $8,0006% 10
according to reports. Int. M. &
refunding bonds(V. 107, p. 714). Proposals for these bonds will be received 4H% road bonds,
until 12 m. on that day by Jno. Peters, Clerk of Bd. of Education. Auth.
GALENA, Cherokee County, Kans.-DESCRIPTION OF BONDS.
Date The $100,000 5% water works extension and impt. bonds recently awarded
$500.
Ohio School Laws of 1915, Sec. 5656, page 199. Denom.Nat. Bank of
in denom. of
National City Co. of Chic, at par (V. 107,p. 714) are from 1919 to
1918. Int. semi-ann.(M.& S.) payable at the First
Sept. 5
of Education, re- to the
Ironton. Cert. check for $500, payable to the Board $24,000. Sinking $500 and are dated June 15 1918. Int. J. & D. Due yearly
quired. Bonded debt (incl. this issue) Aug. 16 1918
1943, incl.
valuation 1917 $1,110,000. Total tax rate (per
fund $150. Assessed
-On Aug. 22
-BOND SALE.
GLOUCESTER, Essex County, Mass.
$1,000) $1720.
-year bonds were awarded, it is stated, to the Gloucester
$25,000 4H% 5
July 1
COLESBURG INDEPENDENT SCHOOL DISTRICT (P. 0. Coles- National Bank of Gloucester at 100.27. Denom. $1,000. Date101.23.
-On Aug. 31 the 1918. Int. J. & J. Due July 1, 1923. E. H. Rollins of Boston bid
-BOND ELECTION.
burg), Delaware County, Iowa.
in favor of issuing $16.000 bonds, it is
voters will decide whether they are
GRANITE COUNTY SCHOOL DISTRICT NO. 10 (P. 0. Philipsstated. R. H. Bush is District Secretary.
-Proposals will be received until
-BOND OFFERING.
burg), Mont.
-The $40,005 3 p. m.Sept. 7, it is stated, by Elizabeth Gunnell, District Clerk, for $6,000
COMMERCE,' Hunt County, Tex -BOND SALE.:
paving bonds offered for sale some time ago (V. 105, p. 2289) were awarded school bonds. Cert. check for $100 required.
to the Bank of Commerce at par.
-DESCRIPTION OF
GRANT COUNTY (P. 0. Sheridan), Ark.
- BONDS.
CORTLAND, Trumbull County, Ohlo.-BONDS AUTHORIZED.
-Additional information is at hand relative to sale of the $80,000
On Aug. 5 an ordinance was passed authorizing the issuance of $3,500 5-yr. 69' 1-20-year serial Road District No. 2 bonds recently awarded M. W.
fiee-apparatus bonds at not exceeding 6% int. Denom. $500. Date Elkins, of Sheridan. at 99.10 (V. 107, p. 714). Denom. $500. Date
Sept. 11918. Int. semi-ann. Due Sept. 1 1923. D. D. Kellogg is Vil- Aug. 1 1918. Int. M. & S.
lage Clerk.
ELECTION
GRAYSON COUNTY (P. 0. Sherman) Tex.-BONDasked to pass
-We PROPOSED.
-CORRECTION.
-Reports state that the voters will probably be
COSCHOCTON, Coshocton County, Ohio.
are advised that the reports that an election was to have been held Aug. upon a proposition to issue $50.000 road bonds.
13 to vote on a proposition to issue $35,000 fire station bonds (V. 107
-FINANCIAL STATEGREENVILLE, Greenville County, So. Car.
p. 201) are erroneous.
-We are In receipt of the following financial statement issued In
MENT.
-On Aug. 16 the connection with the sale of the $800,000 water-works-purchase and $200,000
-BOND SALE.
CRESTON, Wayne County, Ohio.
-year serial bonds (V. 107, p. 119) were awarded to Stacy & water-works
-extension 5% tax-free coupon bonds recently awarded to
$2,500 6% 2 7
.
Braun of Toledo for $2,528 65, equal to 101.146. Other bidders were:
Harris, Forbes & Co. of New York (V. 107, p. 621):
Financial Statement.
W. L. Slayton & Co., T0l_$2,513 251Durpee, Niles & Co., Tol_$2,508 80
$50,000,000
Tillottson-Wolcott Co., Cin 2,506 751
Actual value of property, estimated
5,858,875
-On Assessed value of property for taxation
-BONDS AUTHORIZED.
DAVENPORT, Scott County, Iowa.
$2,025,500
City Council authorizing the Total bonded debt, including this issue
Aug. 13 an ordinance was passed by the
,..$1,000,000
Less water debt
Issuance of $80,000 5% coupon corporate bonds. Denom. $1,000. Date *Less sinking fund
45,000
Aug. 11918. Principal and semi-annual interest (J. & D.) payable at the
1,045,000
office of the City Treasurer. Due $20,000 yearly on Dec. 1 from 1932 to
$980,500
1935, inclusive.
Net bonded debt
27,500
-BOND SALE.-Mri Population, 1910 Census, 15,741; 1918 (estimated)
DAWSON COUNTY (P. 0. Glendive), Mont.
funding bonds were awarded to
July 17 $265,000 5% bridge and road
an Act of the LegisJohn E. Price & Co. of Seattle. Denom. $1,000. Date Sept. 1 1918.
* It is officially reported that under the authority ofsufficient in amount
,
Int. J. & J. Due part yearly from 1927 to 1938 incl.
lature the city is setting aside annually a sinking fund mature.
to pay the principal of all the bonds of the city as they
DAWSON COUNTY SCHOOL DISTRICT NO. 79 (P. 0. Edwards),
-BONDS AWARDED
-On July 30 the $3,000 coupon school buildings
-BOND SALE.
Mont.
GREGG COUNTY (P. 0. Longview), Tex. bldg. bonds, mentioned
-Of the $75,000 5% 30-year coupon road
bonds (V. 107, p. 309) were awarded to the State of Montana at par for 6s. IN PART.
in 5 years, or part or all on in V. 105, p. 2475, $50,000 were awarded about June 1 to Halsey, Stuart
Denom. $100. Due in 15 years, subject to call
any interest paying date. Bonded debt, this issue only. Assess. val. & Co. of Chicago at 95.50 and int.
1917,$156,012.
-The $50,000
GRINNELL,Poweshiek County, Iowa -BOND SALE.
- 5% water-works extension bonds voted Aug. 2 (V. 107,p. 714) have been
DEFIANCE COUNTY(P 0 Defiance), Ohio -BOND OFFERIN G.
Proposals will be received until 12 m. Sept. 5 by 0. 0. Decker, County awarded, it is stated, to the Bankers Mortgage Co. of Des Moines.
Auditor, it is reported, for the following two issues of bonds, aggregating
GUERNSEY COUNTY (P 0 Cambridge), Ohio -BOND SALE.$14,700:
bonds (V. 107, p.
-5
On Aug. 20 the $3,000 534% 3 -year serial infirmaryof Toledo at 100.31.
s8,500 6% bridge bonds. Cert. check for $200 required.
621) were awarded, it is stated, to W.L. Slayton & Co.
o
6.200 W road repair bonds. Cert. check for $150 required.
-BOND OFFERING.(P. 0. Findlay), Ohio.
Int. M.& S.
HANCOCK COUNTY
Reports state that F. N. Price, Clerk of Bd. of County Commissioners,
151TXWATTZTURTV71=1;17701 177- BONDS
until to-day (Aug. 24) for $19,325 5% bonds. Int. semiwill receive
the
Atthe election held Aug.6(V. 107, p. 527), the issuance of $70,000 bridge ann. Cert.bids for $250 required.
check
bonds, was defeated, by a vote of 519 to 1,026.
-BOND OFFERING.
COUNTY (P. 0. Kenton), Ohio.
HARDIN
DELTA FARMS RECLAMATION DISTRICT NO. 2078""(P.'"0. In addition to the $47,075 5'7 2
0 -10-year serial Series "Y" road bonds
-It is
on that
-BOND ELECTION.
received
Stockton), San Joaquin County, Calif.
offered on Aug. 26(V. 107, P. 714) bids will be followinguntil 12 m.
bonds:
reported that a proposition to issue $560.000 bonds will be submitted to day by J. W. Tilley. County Auditor, for the
the voters on Sept. 4.
-year serial Series "X" road impt. bonds. Cert, check
$4,500 554% 1-5
on a Kenton, Ohio, bank for $100 required.
-BOND ELECTION.
DUVAL COUNTY (P. 0. Jacksonville), Fla.
-year serial bridge bonds. Cert. check on a Kenton, Ohio,
On Sept. 3 the voters will have submitted to them propositions providing 20,000 5% 1-10
bank for $500 required.
for the issuance of $475,000 road7and $225,000 bridge bonds. IA
year serial Series "C" road bonds. Cert. check on a Kenton,
3,750 6% 1-3EASTLAND COUNTY ROAD DISTRICTS(P.O. Eastland), Tex
Ohio, bank for $500 required.
at the
-No sale has yet been made of the $130,000
BONDS NOT YET SOLD.
Date Feb. 26 1918. Prin. and semi-ann. int. (F. & A.) payable
No. 1 and the $50,000 Road District No. 2 5% 10-30-year office of the County Auditor. Bonds to be delivered and paid for within
Road District
Cyrus B. 10 days from time of award at the office of the above Auditor. Purchaser
(ppt.) bonds, offered early in the year (V. 106, p. 626, 840).
Frost is County Judge.
to pay accrued interest.
-The propo-BONDS VOTED.
HARRIMAN, Roane County, Tenn.
EAST LIVERPOOL, Columbiana County, Ohlo.-BONDS DEproposition to issue $35,000 sition to issue $13,000 funding bonds carried at the election hold Aug. 1
-At the electim held Aug. 13 the
PEA TED.
fire station bonds (V. 107, p. 621) failed to carry by a vote of 367 "for" to -V. 107, p. 420.
-At the same election the proposition to issue
BONDS DEFEATED.
780 "against."
was defeated.
- $17,000 high school bldg. bonds
-BOND ELECTION PROPOSED.
ECORSE, Wayne County, Mich.
-BOND SALE.
COUNTY (P. 0. Crockett), Tex.
HOUSTON
The question of issuing $50,000 water and sewer-extension bonds will, in
District No. 7 bonds voted in July (V. 106, p. 2360)
all probability, it is stated, be submitted to the voters for their approval The $50,000 Road of.
have been disposed
or disapproval:
-BOND OFFER/NO.-According t
HUDSON,Summit County, Ohio
EDGEWOOD SCHOOL DISTRICT (P. 0. Edgewood), Van Zan&
tint' 12 m. Sept. 17 by B. S. Sanford,
-We are advised that reports stating reports sealed bids will be received1-3
-NO BONDS VOTED.
County, Tex.
-year serial fire department bonds.
that $32,000 school bonds had been authorized (V. 106, p. 1709) are errone- Village Clerk. for $3,000 554% 5% required.
Int. semi-ann. Cert. check for
ous.
AUG. 24 1918.1
THE CHRONICLE
823
HUNT COUNTY (P. 0. Commerce), Tex.
-BOND ELECTION.
MARTINEZ, Contra Costa County, Calif.
-BOND OFFERING.The question of issuing $200,000 road bonds will be submitted to the Sealed bids will be received until 8 p. m. Sept. 3 by Charles E. Dailey,
voters on Sept. 28, it is reported.
Town Clerk, for $130,000 54% 1-40
-year serial gold water bonds of an
authorized issue of $170,000. Denoms. 120 for $1,000 and 40 for $250.
HUNTERDON COUNTY (P.O. Flemington), N. J.
--BOND SALE.
Local investors, it is stated, have purchaswi $48,000 434% 2 -year serial Date Mar. 1 1918. Int. semi-ann.(M. & S.). Cert. check on a solvent
-9
bank in Martiney or San Francisco for 5% of bid, payable to the Town
road bonds at par.
Treasurer, required. The bonds have been approved by Goodfellow, Ells,
HURON COUNTY (P. 0. Norwalk), Ohio.
-BOND SALE.
-The Moore & Orrick and the issue has been passed upon by the Capital Issues
$98,000 5% highway-impt. bonds offered on July 1-V. 106, p. 2576
- Committee.
were awarded to the State Industrial Commission of Ohio.
MARYLAND (State of).
-BOND OFFERING.
-Proposals will be reHUTCHINSON Reno County,Kan.
-Recently D.E. ceived by William J. Swain, State Treasurer, until 1 p. m. Sept. 9;it is
-BOND SALE.
Dunne & Co. of Wichita were awarded, it is reported, $93,300 sewer bond stated, for $600,000 43.4% 1-40-year serial road bonds. Interest semi-anfor 393,550
-equal to 100.267.
nual. Certified check for 5% required.
IRVINGTON, Essex County, N J -BONDS PROPOSED.
-According
MATAGORDA COUNTY (P.O. Bay City), Tex.
-BOND OFFERING.
to reports an issue of $72,000 funding street impt. bonds is under considera- -Proposals will be received until Sept. 9 by the County Judge for $65,000
tion.
% Road District No. 8 bonds authorized at an election held Aug. 17,
.
JAY COUNTY (P. 0. Portland), Ind.
-BOND OFFERING.
-Reports by a vote of 182 to 57. Due in 30 years, subject to call annually.
state that seeled bids will be received until 10 a. m. Aug. 25 by J. W.
MAXWELL IRRIGATION DISTRICT (P. 0. Maxwell), Colusa
Current County Treasurer, for $5,000 4%% 53 -year aver. Madison County, Calif.
-BOND ELECTION.
-On Sept. 3 the voters of this district
Township road bonds. Int. M. & N.
will decide whether they are in favor of issuing 3260.000 6% bonds. Denom. $1,000. Due $13,000 yearly on Jan. 1 from 1922 to 1941, incl.
JEFFERSON SCHOOL DISTRICT (P. 0. Jefferson), Greene Thomas Tuck is District Secretary.
County, Iowa.
-BOND SALE.
-The $60,000 high school bonds voted on
Aug. 15 (V. 107, p. 262) have been awarded, according to reports, to Geo.
MEDINA SCHOOL DISTRICT (P. 0. Medina), Medina County,
-BOND SALE.
Bechtel & Co. of Davenport.
Ohio.
-On Aug. 17 the $1,030 6% 4
-5-year serial school
-No action has bonds (V. 107, p. 622) were awarded to local banks at par.
KNOXVILLE, Tenn.
-NO ACTION YET TAKEN.
$150,000 viaduct bonds
yet been taken looking towards the issuance of the
MELROSE .UNION FREE HIGH SCHOOL DISTRICT (P.O. Melmentioned in V. 106, p. 2775.
rose), Jackson County, Wisc.-BOND OFFERING.
-Sealed bids will be
LAKE LONG DRAINAGE DISTRICT (P. 0. Plaquemine), La.
- received until Sept. 15, it is stated, by A. J. Webb, District Clerk, for
-No sale has yet been made of the $175.000 5% $2,000 5%school bonds.
BONDS NOT YET SOLD.
14 1-3 year aver, drainage bonds, offered on Apr. 27.-V. 106, p. 1489.
MIDLAND, Beaver County, Pa.
-BOND OFFERING.
-M. 0.
-BOND SALR.-On Aug. 20 the Donohoe, Secretary of Council, will receive bids until 8 p. in. Sept. 3 for
LA SALLE, La Salle County, III.
whole or any
$30,000 5% tax-free bonds. Denom. $1,000. Date
-6-year serial fire department bonds (V. 107, P. 715) were Aug. 11918. part ofand
320,000 5% 2
Prin.
semi-ann. int. payable at the Midland Savings &
awarded to the La Salle Trust & Savings Bank for $20,017, equal to Trust Co.
Duo on Aug. 1 as follows: $5,000 1924, $5,000 1928, $5,000
100.085. Date Sept. 1 1918. Other bidders, all of Chicago, were:
John Nuveen & Co
100.10'Bolger, Messer & Willaman_ _100.00 1932, $5,000 1935, $5,000 1937 and $5,000 1938. Cert, check for 2%
of the amount of bonds bid for, payable to the above Secretary of Council,
IIanchott Bond Co., Inc
100.001
required.
LEE COUNTY (P. 0. Jonesville), Va.-NO ACTION YET TAKEN.
MINNEAPOLIS, Minn -BONDS APPROVED.
-Reports state the
No action has yet been taken looking towards the issuance of the road Capital Issues
Committee has approved the issuance of $73,989 55 paving
bonds authorized by the 1918 Legislature
-V. 106, p. 1153. L. T. Hyatt bonds.
Is Deputy County Clerk.
MINOT, Ward County, No. Dak.-BOND SALE.
-The five issues of
-The $6,800 6%
-BOND SALE.
LEIPSIC, Putnam County, Ohio.
-year serial refunding bonds offered on July 15 (V. 107, p. 202) were 5% 20-year bonds, aggregating $186,000, mentioned in V. 106, p. 627,
1-27
have been awarded, according to reports, to the Wells-Dickey Co.of Minneawarded to Durfoe, Niles & Co. of Toledo for $7,043 80 equal to 103.585.
apolis. The bonds are isused for the following purposes: $85,000 reservoir
-BONDS VOTED.
-At the elec- construction bonds; $20,000 water-works-plant impt. and equip. bonds;
LE ROY, McLEAN COUNTY, Ill.
tion held Aug. 10 the proposition to issue $15,000 5% 1-15-year serial water- $25,000 fire-dept. equip.
-purchase bonds; $6.000 street-dept. equip. bonds;
works bonds (V. 107, p. 528) carried by a vote of 119 to 63. C. E. Daw- $50,000 site-purchase and city-hall bonds. Int. annual.
son is City Clerk.
MITCHELL, Davison County, So. Dak.-BOND ELECTION.
-On
LINCOLN, Lancaster County, Neb.-BOND OFFERING.
-1t is re- Aug. 27 an election will be held, it is stated, to vote upon the question of
ported that Theodore 11. Berg, City Clerk, will receive bids until 2 p. m, issuing $100,000 water-works bonds.
.Aug. 30 for $95,190 5%% 1-10-year serial paving bonds. Int. annually.
MOBRIDGE, Walworth County, So. Dak.-BONDS VOTED.
-The
Cert. check for $500 required.
issuance of $50,000 sewerage system bonds carried, according to reports,
LIVINGSTON PARISH SCHOOL DISTRICT NO. 4 (P.O. Denham at the election held Aug. 6.-V. 107, p. 529.
-The $10,000 5% bldg. and equipt,
Springs), La.
-BONDS NOT SOLD.
MODESTO
bonds offered for sale during June (V. 106, p. 2775) have not been sold. County, Cal.IRRIGATION DISTRICT (P. 0. Modesto), Stanislaus
-BOND ELECTION PROPOSED.
-Reports state that an
Jno. E. Coxe, District Treasurer.
election will be held in the near future to vote on a proposition to issue
LONGANSPORT SCHOOL DISTRICT (P.O. Logansport), De Soto $3,000,000 bonds.
-No sale has yet been made of the
Parish, La.
-BONDS NOT YET SOLD.
MONROE, Ouachita Parish, La.
-NO BONDS TO BE ISSUED.
$25,000 school bldg. bonds voted at the election held Fob. 19 (V. 106, p.
H. D. Apgar, Mayor, advises us that the $612,000 5% bonds, authorized
950).
some time ago (V. 105, p. 2291) "never sold and will not be.'
FLOOD CENTRAL DISTRICT, Cal.
LOS ANGELES COUNTY
MONROE COUNTY (P. 0. Woodsfield), Ohio.
-BOND OFFERING.
Leland.), County Clerk (P. 0. Los Angeles)
BOND OFFERING.
-11.
will receive bids until 2 P• to. Sept. 3 for $2,225,000 5% 1-40-year serial -Additional information is at hand relative to the offering on Sept. 2
flood control bonds. Denoms. $125, $500 and $1,000. Date July 11918. of the $16,000 5% road impt. bonds (V. 107, p. 715). Proposals for these
Prin. & semi-ann. in (J. & J.) payable at the County Treasurer's office bonds will be received until 12 m. on that day by I. 0. Swallow, County
or Kountze Bros. of Now York. Duo $55,625 3rearly on July 1 from 1919 Auditor. Auth. Sec. 1223, Gen. Code. Denom. $1,600. Date Sept.
15 1918.
to 1958 incl. Cert. or cashier's check for 3% of the bonds bid for, payable Treasuor's Prin. and semi-ann. int. (A. & 0.) payable at the County
office. Due $1,600 yearly on Oct. 1 from 1918 to 1927, incl.
to the Chairman of Bd. of Co. of Supers., required. Bonded debt, none.
valuation for taxation, 1917, $774,178,420. A certified copy of Cert, check for 5% of bonds bid for, payable to above Auditor, required.
Assessed
an opinion by O'Melveny, Milliken & Tuller of Los Angeles favorable to
MONROE COUNTY (P. 0. Conroe), Tex.-I30ND SALE.
-On Aug.
the validity of the bonds will be furnished to the successful bidder. Of 12 the $42,000 534% 25
-year serial road bonds (V. 107, p. 622) were disthe total issue $1,225,000 will be delivered 30 days from Sept. 3 1918 and posed of at par and int. Denom. $1,000. Date May 20 1918. Int. ann.
the remaining $1,000,000 will be delivered on or before one year from
MOORCROFT, Crook County, Wyo.-BOND OFFERING.
-Sealed
Sept. 3 1918 at option of the seller.
bids will be received until 8 p. m. Aug. 31 by D. R. Shackleford, Town
-BONDS PROPOSED.
LUDINGTON, Mason County, Mich.
- Clerk, for $8,000 6% coupon or registered eweragosystom bonds. Denom.
According to reports this city will issue $5,000 bridge emergency bonds.
$500. Date Aug. 1 1918. Int. semi-ann., payable at Kountze Bros.,
LYNN, Essex County, Mass.-TEMPORARY LOAN.
-On Aug. 23 Now York. Duo part yearly:beginning Aug. 1 1928. Certified check for
5% of the sum bid roluired.
a temporary loan of $100,000 dated Aug. 26 and maturing Nov. 26 1918 W
. awarded, it is stated, to S. N. Bond & Co. of New York at 4.14% discount
MUSSELSHELL COUNTY(P.O. Roundup), Mont.
-DESCRIPTION
plus 55 cents premium. Other bidders were:
OF BONDS.
-Additional information is at hand relative to the sale of the
Discount.
Prem. $154,000 (not $150,000 as first reported) bridge and road funding bonds
4.14%
Salomon Bros. & Hutzler, New York
_ _ _ _ awarded on July 12 to John E. Price & Co. of Seattle at par and int.
4.16%
Central National Bank, Lynn
_ _ _ (V. 107, p. 715). Denom. $1,000. Date Sept. 1 1918. Int. J. & J.
4.29%
Blake Bros. & Co., Boston
Due yearly from 1929 to 1938, incl.
Old Colony Trust Co., Boston
4.30%
$166
-NOTE SALE.
NANTICOKE, Luzerne County, Pa.
-A local bank
McINTOSH COUNTY (P. 0. Darien), Ga.-BOND ELECTION.
has purchased at par the $45,000 6% promissory notes recently authorized.
An election will be hold Sept. 11, it is stated, to vote on the question of issu- -V. 107, p. 622.
ing $48,000 road impt. bonds.
NEWARK, Essex County, N. J.
-BOND OFFERING.
-Proposals
-Sealed bids wilr
MACON, Bibb County, Ga.-BOND OFFERING.
will be received by A. Archibald, Director of Dept. of Revenue and Finance,
be received until 5 p. m. Sept. 17 by David S. Jones, Clerk of City Council, until 11 a.
m. Sept. 4 for an issue of 5% gold coupon (with privilege of
for the following four issues of 434% gold coupon (with privilege of regisregistration) Passaic Valley sewer bonds not to exceed $1,725,000. Denom.
tration) bonds, aggregating $200,000, recently voted (V. 107, p. 421):
$1,000. Date Sept. 3 1918. Prin. and semi-ann. int. (M. & S.) payable
$55,000 sewer bonds. Duo $2,000 yearly on Sept. 2 from 1923 to 1942,
at the National State Bank of Newark. Due yearly on Sept. 3 as follows
incl., and $3,000 yearly on Sept. 2 from 1943 to 1947, incl.
$34,000 1919 to 1928, incl., $39,000 1929 to 1938, incl., $46,000 1939 to
55,000 auditorium bonds. Duo $2,000 yearly on Sept. 2 from 1923 to
1943, incl., $51,000 1944 to 1958 incl. Cert. check on an incorporated
1942, incl., and $3,000 yearly on Sept. 2 from 1943 to 1947, incl.
bank or trust company for 2% of the amount of bonds bid for, payable to
75,000 hospital bonds. Duo $3,000 yearly on Sept. 2 from 1923 to 1947,
the above director required. Reed, McCook & Hoyt, attorneys of New
incl.
York, will furnish the successful bidder or bidders with a copy of their
15,000 park bldg. bonds. Duo $1,000 yearly on Sept. 2 from 1923 to opinion,
that the bonds are valid and binding obligations of the city of
1937, incl.
Newark.
Denom. $1,000. Date Sept. 2 1918. Prin. and semi-ann. int. payable
The official notice of this bond offering will be found among the advertiseat the office of the City Treasurer. Cert. check on a solvent bank or trust ments on a preceeding
page.
company for 2% of the amount of bonds bid for, payable to the City TressBOND OFFERING.
-Bids will else be received by the above Director
urer, required. The purchaser or purchasers will be furnished without
until 12 m. Sept. 4 for
charge the approving opinion of Caldwell & Masslich of New York. The $700,000, dated Sept. 5tax anticipation bonds of 1918 to the amount of
1918 and maturing Mar. 5 1919 Bids to state
delivery and payment may be made in Macon, Now York or Chicago at rate of int. desired. Bonds to be delivered at the office of the City Compbidders' option 11 a. m. Sept. 26 1918. Purchaser to pay accrued interest. troller Aug. 30 1918. As in the case of the sewer bonds above, a copy of
favorable opinion of Reed, McCook & Hoyt will be furnished the sucThe official notice of this bond offering will be found among the advertise- the
cessful bidder or bidders that the bonds are valid and binding obligations
ments elsewhere in this Department.
of the city of Newark.
MAD RIVER SCHOOL DISTRICT, Champaign County, Ohio.Financial Statement.
BONDS DEFEATED.
-On Aug. 13 a proposition to issue $7,000 school Assessed valuation, real estate, 1918
$374,517,317 00
Assessed valuation, personal property, 1918
bonds was defeated, it is reported.
76,405,625 00
MANSFIELD, Richland County, Ohlo.-BOND OFFERING.
-AddiTotal assessed valuation, 1918
tional information is at hand relative to the offering on Sept. 12 of the $35,$450,922,942 00
000 6% fire-department equipment bonds (V. 107, p. 715). Proposals for Gross bonded debt (incl. the $1,725,000 Passaic Valley
sewer bonds offered above, but not incl. revenue loans
those bonds will be received until 12 in. on that date by C. E. Rhoads, Oity
against taxes)
Auditor. Denom. $1,000. Date Aug. 11918. Int. semi-ann. (F. & A.),
$50,788,200 00
$14,144,000 00
payable at the office of the City Treasurer. Due $1,000 yearly for first Water bonds, included above
5,959,997 80
years and $2,000 thereafter until paid. Bonded debt (incl. this issue) Sinking fund (other than water)
5
Aug. 15 1918, $456,800. Sinking fund, 368,972 61. Assessed valuation Special assessments collected and on hand
applicable only to payment of bonds other
1917. $27,981,260. State and county tax rate (per $1,000), $15 30.
than water bonds
328,476 68
MARSHALL COUNTY (P. 0. Marshalltown), Iowa.
-BOND SALE.
$20,432,474 48
-The Bankers Mortgage Co. of Dos Moines has been awarded, according
to reports, $90,000 5% funding bonds.
Net bonded debt under New York Banking Law
330,355,725 52
MARSHALL SPECIAL ROAD DISTRICT (P. 0. Marshall), Saline Sinking fund for water bonds
7,299,204 72
County, Mo.-BOND ELECTION.
-An election will be hold Sept. 9, it is
Population (State Census) ,1915, 366,744L1918_Lest.), 450,000.
--.stated, to veto on a proposition to issue $85,000 road-impt. bonds.
NEW CONCORD, Muskingum County, Ohio -BOND OFFERING.
MARTIN COUNTY (P. 0. Fairmont), Minn.
-BONDS AUTHOR- W.
Trace, Village Clerk, will
-It is stated that the County Commissioners have authorized the 6% C.-year deficiency bonds, receive bids until 12 m. Sept. 16 for $5,000
I ZED.
15
it is reported. Int. semi-ann. Cert. check
ssuance of $31,000 ditch bonds.
for 5% required.
824
THE CHRONICLE
-BOND
NEW HANOVER COUNTY (P. 0. Wilmington), No. Caro.
-Further details are at hand relative to the offering on Sept. 9
OFFERING.
-year coupon school-bldg. bonds (V. 107, p. 715)•
of the $125,000 5% 30
Proposals for these bonds will be received until 3 p. m.on that day by Thos.
K. Woody, Clerk Board of County Commissioners. Denom. at not exceeding $1,000. Date July 1 1918. Prin. and semi-ann. in (J. & J.)
payable at a place to be decided upon. Cert. check for 5% required.
Official circular states that there has never been any default in payment of
any obligation and that there is not now nor has been any litigation whatever affecting in any manner this issue of bonds. No other issue of bonds
is in contemplation.
Financial Statement.
$22,217,575 00
Assessed value of taxables, 1917
45,000,000 00
Estimated actual value of taxable property
652,000 00
Total bonded debt, including this issue
25,200 00
Floating or unfunded debt in addition to bonded debt
54,903 48
Cash val. sinking funds held for debt redemption Apr. 1 1918
Population, 1910 Census, 32,037; 1918 (estimated), 35,000.
Tax rate, $1 20 per $100.
-Additional
-CERTIFICATE OFFERING.
NEW MEXICO (State of).
information is at hand relative to the offering on Sept. 3 of the $50,000 6%
coupon certificates of indebtedness (V. 107, p. '715). Proposals for these
certificates will be received until 10 a. in. on that day by If. L. Hall, State
Treasurer (P. 0. Santa Fe). Denom. $500. Prin. and semi-ann. int.
(M. & N.) payable at the office of the above Treasurer. Due May 1
1920. Cert. check for 5% required. Bonded debt Aug. 17 1918, $3,335,500; sinking fund, $542,265. Assess. value $357,062,509. State tax
(per $1,000), $554.
-BOND
NEW PHILADELPHIA, Tuscarawas County, Ohio.
-Bids will be received by Attie I. B Williams, City Auditor,
OFFERING.
It is stated, until 12 m. Sept. 14 for $11,550 6% 1-9-year serial special
assessment bonds. Denom. $500 and 1 for $550. Date Sept. 1 1918.
Int. semi-ann. Cert. check for $200 required.
NEWSOM LAKE DRAINAGE DISTRICT (P. 0. Mark), Quitman
-Proposals will be received
-BOND OFFERING.
County, Miss.
until 11 a. m. Sept. 5 by H. D. Glass, Chairman of Commissioners, for
$149,772 bonds, at not exceeding 8% int. Int. semi-ann. Cert. check for
$5,000 payable to the Secretary of the Commissioners, required.
-BOND OFFERING.
NORTH BALTIMORE, Wood County, Ohio.
It is reported that L. W. Biehler, Village Clerk, will receive bids until 12
m. Sept. 6 for $10,000 6% coupon debt extension bonds. Int. A. & 0.
Cert. chock for 10% required.
-The fol-BONDS PURCHASED BY STATE.
NORTH DAKOTA.
lowing fifteen issues of 4% bonds, aggregating $118,050, were purchased
during the month of July at par by the State of North Dakota:
Maturity.
Purpose.
Bonds.
Amount. Place IssuingDate.
$2,700 Bicker Sch. Dist. No. 7,
Funding May 24 1918 May 24 1938
Mountrail County
8,800 Dover Sch. Dist. No. 4,
Building May 5 1918 May 5 1938
Griggs County
950 Excelsior Sch. Dist. No.42,
Funding June 15 1918 June 15 1938
Kidder County
11,500 Finley Sch. Dist. No. 3,
Building July 15 1918 July 15 1938
Steele County
2,000 Frances Sch. Dist. No. 26,
Building June 20 1918 June'20 1938
Burleigh County
40,000 Grands Fork Sch. Dist_ _ _ _Building May 1 1918 $3,000 yearly
4,200 Highland Sch. Dist No. 74,
Building June 15 1918 June 15 1938
Morton County
4,000 Hope Sch. Dist., Ramsey
Building July 15 1918 July 15 1938
County
4.000 James River Valley Sch.
Dist., Dickey County__ _Building June 15 1918 June 15 1933
10,000 Riverdale Sch.Dist. No.24_Building June 15 1918 June 15 1938
4,000 Scotia Sch. Dist., Bottineau
Building Juno 15 1918 June 15 1938
County
1,300 Short Creek Sch. Dist. No.
Refunding June 15 1918 June 15 1938
6, Burke County
13,000 Short Creek Sch. Dist. No.
Building June 15 1918 June 15 1938
6, Burke County
1,600 Solon Sch. Dist. No. 8,
Building June 15 1918 May 15 1938
Morton County
10,000 Thorstad Sch. Dist. No.75,
Building June 15 1918 June 15 1938
Williams County
-News-BONDS PROPOSED.
NORWALK, Huron County, Ohio.
papers state that $25,000 electric plant bonds will be issued.
NORWALK CITY SCHOOL DISTRICT (P. 0. Norwalk), Huron
-We are in receipt of the
-FINANCIAL STATEMENT.
County, Ohio.
following financial statement issued in connection with the offering on
-25-year serial school bonds(V. 107, p. 716):
Aug. 28 of the $20,000 5 % 6
Bonded debt (incl. this issue) Aug. 1 1918. $211,500; assessed valuation
1917, $11,090,270; total tax rate (per $1,000), $4 80.
OKANOGAN COUNTY SCHOOL DISTRICT NO. 39, Wash.
-Proposals will be received until 11 a. m. Sept. 10
BOND OFFERING.
-10by Roy W. Smith, County Treasurer (P. 0. Okanogan), for $2,400 5
year (opt.) school-bldg. and furnishing bonds at not exceeding 6% int.
Interest is payable at the office of the County Treasurer.
OLD FORT RURAL SCHOOL DISTRICT (P. 0. Old Fort), Seneca
-At the coming primary election a
-BOND ELECTION.
County, Ohio.
proposition to issue $15,000 school bonds will be voted upon, it is stated.
OTTER VALLEY SCHOOL DISTRICT NO. 73, Kiowa County,
-Recently a proposition to issue $2,500 school
Okla.
-BONDS VOTED.
bonds carried.
(P. 0. Silver City) Ida.-BOND ELECTION.
OWYHEE COUNTY
On,Sept. 3 a proposition to issue $100,000 bridge bonds will, it is stated, be
voted upon.
-The ques-BONDS DEFEATED.
PANAMA, Shelby County, Iowa.
tion of issuing $10,000 water-works bonds was defeated at the election held
Aug. 12 (V. 107, p. 622).
-On Aug. 8the $20,000
PARIS,Bourbon County,Ky.-BOND SALE.
5% 1-20-year tax-free gold coupon sewer bonds dated Sept. 1 1918 (V. 107.
p. 422) were awarded, it Is reported, to the Harris Trust & Savings Bank
of Chicago at 100.085 and expenses.
-BOND OFFERING.
PASSAIC COUNTY (P 0 Paterson), N. J.
Proposals will be received by George W. Botbyl, Clerk of Bd. of Chosen
Freeholders, until 2 p. m. Sept. 4 for 5% gold coupon (with privilege of
registration) road bonds not to exceed $239,000. Denom. $1,000. Date
Aug. 1 1918. Prin. and semi-ann. Int. (F. & A.) payable at the First
National Bank of Paterson. Due $15.000 Aug. 1 1919 and $16,000 yearly
on Aug. 1 from 1920 to 1933, incl. Cert. check on an incorporated bank
or trust company for 2% of the amount of bonds bid for, payable to the
"County of Passaic," required. The opinion of Hawkins, Delafield and
Longfellow of New York, that the bonds are binding and legal obligations
of Passaic County, will be furnished the successful bidders. The bonds
will be prepared under the supervision of the U. S. Mortgage & Trust Co.
of N. Y. which will certify as to the genuineness of the signatures of the
officials and the seal impressed thereon.
-On
-BONDS AUTHORIZED.
PATERSON, Passaic County, N. J.
Aug. 22 ordinances were passed authorizing the issuance of the following
coupon bonds, dated Aug. 1 1918:
5%
$14,505 97 special assess. street bonds. Denom. $1,000 (except 1 for
$505 97.) Due yearly on Aug. 1 as follows: $4,000 1010 to
1921, incl., and $2,505 97 1922.
31,086 37 general impt. street bonds. Denom. $1,000, $500 (except 1
for $1,086 37). Due yearly on Aug. 1 as follows: $1.000 1919.
$1,500 1920 to 1937,incl., $1,000 1938-1939 and $1,086 37 1940.
46,000 00 school repair bonds. Denom. $1,000 and $500. Due yearly
on Aug. 1 as follows: $1,000 1919 to 1946, incl., and $1,500
1947 to 1958, incl.
14,50000 school land purchase bonds. Denoms. $1,000 and $500.
Due $1,000 yearly on Aug. 1 from 1919 to 1932, incl., and $500
Aug. 11933.
5,000 00 high school bonds. Denom. $1,000. Due $1,000 yearly on
Aug. 1 from 1919 to 1923, incl.
2,500 00 school organ and book rack bonds for high school. Denoms.
$1,000 and $500. Due $1.000 yearly on Aug. 1 in 1919 and
1921, and $500 Aug. 1 1923.
42,200 00 cemetary reclamation bonds. Denoms. $2,000 and $2,550.
Due yearly on Aug. 1 as follows: $2,000 1919-1934, incl.,
$2,550 1935 to 1938, incl.
Int. F. & A. John J. Brophy is Clerk of 13(1. of Finance.
[VOL. 107.
-BIDS REJECTED.
PAULS VALLEY, Garvin County, Okla.
All bids received for the three issues of 25-year bonds, aggregating $49,000.
offered on Aug. 5 (V. 107, p. 529) were rejected. Total bonded debt,
including this issue, $192,000. Sinking fund $55,000. Debt water works
purposes $107,000. Assess. value, 1918. $2,137,000. Approximate
valuation $4,000,000. Population 5.000.
PEMBROKE SCHOOL DISTRICT (P. 0. Pembroke), Christian
-The $14,000 5% 20-year
County, Ky.-DESCRIPTION OF BONDS.
3
anlAaa date et .
someo
are in
4
)
i )
i?ptiorhool13yds ?Rered for saLenom pateo vAnot aa rpl 0
They
is Secretar'y and Treasurer.
L.
S.
.
mild
Y..
fi.
-The propo-BONDS VOTED.
PENSACOLA,Escambia County,Fla.
sition to issue $170,000 5% 20-30-year (opt.) sewer, water. paving and other
Improvement bonds carried at the election held Aug. 16 (V. 107, p. 422).
-According to local
-BONDS PROPOSED.
PHILADELPHIA, Pa.
papers the sale of $10,000,000 Frankford elevated street and sewer impt.
is expected shortly. The authorities are awaiting the approval of
bonds
the Capital Issues Committee.
-The $90,000
PIERRE, Hughes County, So. Dak.-BOND SALE.
water and sewer system bonds authorized at the election held Aug. 7
(V. 107, p. 529) will, it is stated, be purchased by the State of South Dakota.
-The
-BONDS DEFEATED.
PITTSBURG, Crawford County, Kan.
proposition to issue $6,500 10-20-yr. purchase park bonds at not exceeding 6% interest was defeated at the election held Aug. 6 by a vote of 890
-V. 107, p. 529.
"for" to 1,525 "against."
-PURCHASER OF
PLEASANTVILLE, Westchester County, N. Y.
-H.A. Kehler & Co. of Now York were the purchasers at 100.12
BONDS.
(and not a local bank as we were first advised) of the $6,000 5% 1-12-year
serial registered bonds offered on Aug. 12 (V. 107, p. 716).
POLK COUNTY (P 0 Des Moines), Iowa -DESCRIPTION OF
BONDS.
-The $126,000 (not $127,000 as first reported) 5% road & bridge
bonds awarded on Aug. 12 to the Bankers Trust Co. of Des Moines for
$127,750, equal to 101.388(V. 107, p.716) are described as follows: Denom.
$1,000. Date July 11 1918. Int. J. & D. Due yearly from 1918 to 1938.
incl.
-On Aug. 13
-BONDS VOTED.
PORTAGE, Wood County, Ohio.
the proposition to issue $8,000 6% street impt. bonds (V. 107, p. 623)
carried by a vote of 50 to 14. Due 1934. Date of sale not yet determined.
-On Aug. 12 the followPORTAGE COUNTY(P.O. Ravenna), Ohio.
-year hospital bonds awarded
ing bids were received for the $8,000 53 % 5
at 104.55 to W. L. Slayton & Co. of Toledo (V. 107, p. 716):
John Nuveen & Co., Chic_ J8,316 00 Well, Roth & Co., Oincin_ _38,055 00
F.C.IIoehler & Co., Toledo 8,289 50 Tillottson-Wolcott Co., Cin _8,049 60
Durfee, Niles & Co.,Toledo 8,226 00 Sliverman-Huyck Co., Cin. 8,012 50
-An
-BOND ELECTION.
PORT HURON, St. Clair County, Mich.
election will be held Aug. 27, it is stated, to vote on a proposition to issue
$55,000 water-works bonds.
-Proposals will be received
-NOTE OFFERING.
PORTLAND, Me.
by John R. Gilmartin, City Treasurer, until 12 m. Aug. 27 for the purchase
at discount of $200,000 high school equipment notes. Date Sept. 2 1918.
Due Aug. 1 1919 at the First National Bank of Boston, which will certify
as to the genuineness and validity of the notes under the advice of Ropes,
Gray, Boyden & Perkins of Boston. Delivery of notes Sept. 2 1918 at
the above bank. The notes have been approved by the Capital Issues
Committee.
-The following bids were received at the
-BIDS.
PORTLAND, Ore.
sale on Aug. 14 of the $500,000 534% gold assessment bonds, of which
$475,000 bonds wore awarded to R. M. Grant & Co., Hornblower & Weeks
of New York and the Lumbermons Trust Co. of Portland, at 101.40,
and $20,000 maturing 1923 and $5,000 maturing 1925 to the Security
Savings & Trust Co. of Portland at 102.19 and 102.93, respectively.
V. 107, p. 716.
$500,000
Henry Teal-101.29 for
500,000
-101.3642 for
Redmond & Co. and National City Co.
John E. Price & Co.,Seattle,and Blodget & Co.,Boston-101.09 for 500,000
500,000
Morris Bros., Inc., Portland-101.15 for
100.000
Geo. L. and J. A. McPherson-100.20 for
-BOND OFFERING.
PULASKI COUNTY (P. 0. Winamac), Ind.
Sealed bids will bo received until 2 p. in. to-day (Aug. 24) by W. E. Munchenburg, County Auditor, for $2,467 15 5% 1-10-year serial ditch bonds,
it is stated.
-On Aug. 20 the
RACINE, Racine County, Wisc.-BOND SALE.
-year serial sewer bonds, dated Aug. 1 1918(V. 107, p• 716)
$30,000 5% 1-20
were awarded to McCoy & Co. of Chicago for $30,484 (101.613) and city
to furnish blank bonds. Other bidders were:
Edmunds Bros., Boston, $30,483, city to furnish bonds.
John Neween Co., $30,078, and furnish bonds.
-NO ACTION YET TAKEN.
REDDING, Shasta County, Calif.
No action has yet been taken looking towards the issuance of the $40,000
municipal light and power bonds mentioned in V. 106, p. 2147.
-BOND OFFERING.
RED RIVER COUNTY (P.0. Clarksville), Tex.
-Sealed bids will bo received until 10 a. m. Sept. 10 by R. J. Williams,
County Judge and ex-Officio Chairman Board of Road Commissioners,
-years (opt.) Road District No. 5 bonds. Denom.
for $73,000 5% 10-40
$1,000. Date Aug. 1 1918. Prin. and semi-ann. int. (A. & 0.) payable
at the office of the County Treasurer, or at the Hanover National Bank,
,
6% required.
New York. Cert, check on a Clarksville bank for 2)
-BOND OFFERING.
RICHFIELD SPRINGS, Otsego County, N. Y.
-Proposals will be received by L. L. Wheeler, Village Clerk, until 2 p.
Aug. 30 for the following 4;.‘% coupon street impt. bonds:
$8,0100 bonds. Due $1,500 yearly on July 1 beginning 1935.
4,000 bonds. Due $1,000 yearly on July 1 beginning 1940.
Denom.$500. Prin. and ann. int. (July 1) payable at the First National
Bank of Richfield Springs, at which bank the bonds will be delivered on
Sept. 6 1918.
Financial Statement.
•$738,350
Assessed valuation of real property
211,000
Assessed valuation of personal property
Total assessed valuation
Bonded Debt Exclusive of This Issue
Sewer bonds
Water bonds
Street improvement bonds
$759,450
$20,000
14,000
24,000
$58,000
Total debt
-FINANCIAL STATEMENT.
RICH WOOD,Union County, Ohio.
The following financial statement has been received in connection with the
offering on Aug. 31 of the $21,000 6% refunding bonds (V. 107. p. 623.)
Bonded debt (Incl. this issue) Aug. 14 1918 $88,000. Floating debt $4,000.
Total debt $92,000. Sinking fund $25.
-On Aug. 13
RIVERTON, Fremont County, Wyo.-BOND SALE.
-30-year (opt.) water
-30
the $6,500 10 -year (opt.) fire hall and $23,500 15
extension 6% coupon bonds, dated Aug. 1 1918 (V. 107, p. 623) were
awarded to Sweet, Causey, Foster & Co. of Denver at par. There were
no other bidders.
-On Aug. 16 an issue of 3100.000
-NOTE SALE.
ROCHESTER, N. Y.
conduit construction to run four months from Aug. 22 were awarded to
White, Weld & Co. of New York at 4.15% int. plus $1 prom. Other
bidders, all of New York, were:
Interest. Premium.
$1 13
4.247
Equitable Trust Co.
4.24
S. N. Bond & Co
/
7 65
4.27
Salomon Bros. & Hutzler
3 10
4.45%
H. A. Kahler & Co
-Proposals will be received by Henry D. Quinby.
NOTE OFFERING.
City Comptroller, until 2:30 p. in. Aug. 28 for $100,000 conduit construction notes, payable 4 months from Sept. 3 1918 at the Central Union
Trust Co. of New York and deliverable Sept. 3. Bids must state rate of
interest and designate to whom (not bearer) notes will be made payable and
denominations desired.
AUG. 24 1918.]
THE CHRONICLE
ROCKY RIVER, Cuyahoga County, Ohio. -BON!) OFFERING.
Frank Mitchell, Village Clerk, until 12 m.
Proposals will be received by Sept. 17 for the follpwing street bond:::
?,11,000 5J % paving (village portion) bonds. Denom. $1,000. Date
.Apr. 1 1918. Due $1,000 each six months from Apr. 1 1921
to Oct. 1 1925, incl.
10,000 6% paving assessment bonds. Denom. $500. Date Aug. 1
1918. Due $500 each six months from Apr. 1 1919 to Oct.
1 1928, incl.
63,000 6% paving assessment bonds. Denom. $1,000. Date Aug. 1
1918. Due $3,000 each six months from Apr. 1 1919 to
Oct. 11928, incl.
Prin. and semi-ann. int. (F. & A.) payable at the Rocky River Savings
& Banking Co. of Rocky River. Cert. check for $500, payable to the
Village Treasurer, required. Bonds to be delivered within 10 days from
time of award. Purchaser to pay accrued int.
.ROME, Oneida County, N. Y.
-BOND SALE.
-An issue of $10,701 55
street improvement bonds is reported sold.
ROY, Mora County, N. Mex.-BOND OFFERING.
-Further details
are at hand relative to the offering on Sept. 11 of the $45,000 20-30-year
(opt.) water works bonds at not exceeding 6% int. (V. 107, p. 716). PT oposals for these bonds will be received until 2 p. m. on that day by 0. W.
Hearn, Village Treasurer. Denom. $1,000. Date Nov. 1 1918. Prin.
and semi-ann. int, payable at a banking house in New York City, or at the
office of,the Village Treasurer at the option of the holders. Cert. check or
cash for.$1,500, payable to the above Treasurer, required. Purchaser to
pay accrued interest.
ST. FRANCIS LEVEE DISTRICT (P. 0. Bride Junction), Critten-BOND OFFERING.
-Sealed bids will be received until
den County, Ark.
11 a. m. Sept. 17, it is reported, by H. D.Tomlinson, President of the Board
-50
of Directors, for $200,000 5)4% 30 -year (opt.) levee bonds.
-BOND OFFER"
ST. JOSEPH COUNTY (P. 0. South Bend), Ind.
ING.-Reports state that proposals will be received until 10 a. m. Sept. 11
by Arthur F. Wolf, County Auditor, for $70,000 4 % hospital bonds.
Interest semi-ann.
-The following bids were received on
-BIDS.
SALEM, Essex Co., Mass.
Aug. 16 for the temporary loan of $100,000 awarded to the Old Colony
Trust Co. of Boston at 4.34% discount plus $1 prom .(V. 107, P. 716):
4.38 discount
Naumkeag Trust Co., Salem
4.40 discount
Blake Bros. & Co., Boston
4.43 discount
Salomon Bros. & Hutzler, N Y
4.43 discount
Merchants National Bank, Salem
4.60% discount
S. N. Bond & Co., N. Y
4.65% discount
Goldman Sacks & Co., N. Y
SALINA, Saline County, Kans.-DESCRIPTION OF BONDS.
Further details are at hand relative to the sale of the 396,0000 4%% 1-10-year
serial internal Lmpt. bonds recently awarded to D. E. Dunne & Co. of
Wichita (V. 107, p. 716). Denom. $1,000. Date May 1 1918.
-BOND OFFERING.
-According
SANFORD, Lee County, No. Caro.
to reports proposals will be received until 8:30 p. m. Sept. 10 by E. M.
Underwood, Commissioner of the Finance Committee, for $15,000 6%
funding bonds. Cert. check for 2% required.
-BOND SALE.
-The $15,000
SANGER, Fresno County, Cali.
%
-year serial sewer bonds offered on Aug. 1 (V. 107, p. 204) were awarded
1-30
on the 16th of that month to McDonnell & Co. of San Francisco for $15,242,
iddA were:
an
ofguaijty 0 ,11n pherl5
,i at i 181..6 6
. o
01 Wm.R.Staat & Co., L. A_$15,011 60
-CERTIFICATE OFFERING.
SCHENECTADY, N. Y.
-Loon G.
Dibble, City Comptroller, will receive bids until 11 a. m. Aug. 29 for $250,000 certificates of indebtedness dated Aug. 30 1918. Prin. and semi-ann.
int, payable on Jan.30 1919 at the City Treas, office or at the Importers &
Traders Nat. Bank of N. Y. Cert. check on a solvent bank or trust company for 1% of certificates bid for, payable to the above Comptroller, required. Certificates to be delivered and paid for within 10 days from time
of award.
Financial Statement August 19 1918.
Present bonded debt
$4,709,766 75
Certificates of indebtedness, in anticipation of taxes, &c_ _ _ 1,000,000 00
Temporary loan certificates
4,52249
Total
$5,714,289 24
Deduct
$274,349 40
Shaking funds
1,000,000 00
Certificates of indebtedness
Bonds included above maturing during the year
1918, tax for their payment having been in68,395 00
cluded in 1918 levy
1,342,744 40
Net bonded debt_ -_ _
----------------------------34,371,544 84
Water bonds, Included in the above
$274,000 00
Assessed valuations, 1917, real estate
$63,487,889 00
1917, personal property
713,250 OJ
41
11
1917, franchises
2.450.800 00
Population, 1915 (State Census), 80,386; 1917 (Postal Census), 97,887.
-BONDS NOT SOLD.
SCOBEY, Sheridan County, Mont.
-No sale
was made of the $35.0006% 15-20-year (opt.) water and sewer bonds offered
on July 15 (V. 106, p. 2473). The improvements for which the above bonds
wore to have been issued will not be made until after the war.
-According to reports, the
SEATTLE, Wash.
-BONDS PROPOSED.
city of Seattle is considering the issuance of $3,700,000 bonds for the development of Swan Lake as an additional reservoir for the city's supply and
$1,200,000 bonds to extend the municipal railway to the north city limits
at East 85th St. and 10th Ave. northeast, and in the other direction connect with the Lake Burien line south of the city limit.
-BONDS VOTED.
SEBRING, Mahoning County, Ohio.
-At a recent
election a proposition to raise $96,000 water-works-impt. bonds carried, it
is stated, by a vote of 237 to 21.
-BOND OFFERING.SHAWNEE, Pottawatomie County, Okla.
Sealed bids will be received until Sept. 1, It is stated, by George B. Smith,
City Clerk, for $65,000 5% hospital bonds.
SKENE CONSOLIDATED SCHOOL DISTRICT, Bolivar County
-BOND OFFERING.
Miss.
-Sealed bids will be received until Sept. 2, it
reported, by G. H. Armstrong, County Superintendent of Schools (I'. 0.
Cleveland), for the $7,000 6% 20
-year bonds mentioned in V. 107, p. 312.
SOUTH SAN JOAQUIN IRRIGATION DISTRICT (P. 0. ManSan Joaquin County, Calif.
teca),
-BOND ELECTION PROPOSED.
Reports state that the Board of District Directors will immediately pro$500,o
a spo
ecialelection,atwhich the voters will be asked to pass
ceed to call ositn to
issue
00 bonds for replacement work on the
yo
z nic it I.rs gni i
o
tr
SPOKANE COUNTY SCHOOL DISTRICT NO. 25(P.O. Spokane),
Wash.
-BOND SALE.-Tho State of Washington was awarded at par
$1,500 5% 1-5-year (opt.) bldg. bonds offered on Aug. 10. Denom. $500.
Date Sept. 1 1918. Int. annually.
STANISLAUS COUNTY (P. 0. Modesto), Calif.
-DESCRIPTION
OF BONDS.-Tho $99,000 69' bonds, being ilart of an authorized issue of
$121,200, awarded on July 23 to the Wm. II. Staats Co. of Los Angeles
for $92,075, equal to 93,005 (V. 107,j). 623), are in denom. of $1,000 and
are dated July 11918. Int. J. & J. Due $13,000 yearly from 1928 to 1934,
incl., and $8.000 1935.
SUMMERLAND SCHOOL DISTRICT (P. 0. Summerland), Santa
-An election will be hell
Barbara County, Cal.
-BOND ELECTION.
Sept. 4 to vote on a proposition to issue $7,250 6% 1-10-year serial school
bonds. Denom. $725. Int. ann.skEllaiMay Lambert is Clerk of Board
of Trustees.
825
TEXAS.
-BONDS REGISTERED.
-The following bonds have been
registered by the State Comptroller.
Amount. Place and Purpose of Issue. Rate.
Due.
Date Reg
$35,000 Lubbock Light 5: Power
69'o 15-40 years
July 23
20,000 Lion Co. Rural Dist. 5
5% 5-30 years
July 24
30,000 Lion Co. Rural Dist. 1
54 5-30 years
July 24
90,000 Henderson Rural Dist. 1
ea
31y
July 30
6% $3,000 yearly
57 1040 yers
25,000 Brody Water Works
July
7,500 Giddings Ind. S. D
5
,
,
Aug. 3
5,120 Morgan Mill Ind. S. D
5- 00 yearsears
10-5 44 y
Aug. 3
597 5-10 years
1,000 Angeline Co. C. S. D. 12
Aug. 3
1,500 Cass Co.0. S. D. 33
59 10-20 years
Aug. 3
800 Cass Co. C. S. D. 46
yearsaela.seaayears
Aug. 3
3,500 Coleman Co. C. S. D.
5 00 : ee rsly
$5a 40y
1° 2 yyy
0 60
_1 220
4
-0
24Aug.
3
2,500 Ellis Co. C. S. D. 115
Aug. 3
3,500 Harris Co. C. S. D. 27
Aug. 3
900 Hopkins Co. C. S. D. 27
5
10-20 years
Aug. 3
2,500 Limestone Co. C. S. D 2
10-20 years
Aug. 3
4,000 Swisher Co. C. S. D. 14
5°1
Aug. 3
Whitesboro School House_ __ 30,000
years
Aug. 3
2,000 Hopkins Co. C. S. D. No. 24_ - 5g04 ye
5% 210-20 ears
0
Aug. 5
1,200 Hopkins Co. C. S. D. No. 25_ _ 5% 10-20 years
Aug. 5
1,000 Hopkins Co. C. S. D. No. 52_ _ 5% 10-20 years
Aug. 5
1,6()0 Hopkins Co. 0. S. D. No.60_ _ 5% 10-20 years
Hopkins Co. C. S. D. No. 88_ _ 5
10-20 years
Aug.i: 40
1,500 Upshur Co. C. S. D. No. 30__ _ 5
20 years
Aug. 5
2,000 Robertson Co. C.S. D.No.7_ - 5,1
'
5-20 years
Aug. 5
3,200 Robertson Co.0.8. D.No. 15_ 5
5-20 years
Aug. 5
4,000 Johnson Co. 0. S. D. No. 20_ - 5
5-20 years
Aug. 6
100,000 Fayette Co. Road Dist. No. 1.. 5% 10-30 years
Aug. 7
1,200 Angeline Co. C. S. D. No. 13_ - 5%
5-10 years
Aug. 7
1,300 Angeline Co. O. S. D. No. 21_ _ 5%
5-10 years
Aug. 7
1,500 Angeline Co.0.5. D. No.47 5% 10-20 years
Aug. 7
1,500 Angeline Co. C. S. D. No. 48_.. 5
10-20 years
Aug. 7
2,850 Ellis Co. C. S. D. No. 112
$150 per year
5
Aug. 8
14,000 Dayton Independent S. D.
10-40 years
5
Aug. 8
12,000 Lubbock Co. C. S. D. No. 17_ _ 5
20-40 years
Aug. 8
7,300 Lubbock Co. C.S. D. No.24 54 20-40 years
.
Aug. 8
25,000 Ector City Water-works Ext. 5% $500 per year
Aug. 8
5,000 Hale Co. C. S. D. No.6
5% 40 years
Aug. 8
6,000 Lipscomb Co.C.S. D. No.20 59' 20-40 years
Aug.
1,500 Montagu Co. C.S. D.No.27_ - 59 2 2ears
6.y years
0 0
1,500 Montagu Co.0.8. D. No.70_ _ 5
10-20 years
Aug. 8
3,500 Williamson Co. C.S. D. No. 20 5
5-20 years
Aug. 9
600 Williamson Co. C. S. D.No. 27
Aug. 9
1,800 Collin Co. C. S. D. No. 66
Aug. 9
591 20 years
1,800 Collin Co.0. S. D. No. 71_
20 years
5
Aug. 9
1,800 Collin Co. C. S. D. No. 74
20 years
5
Aug. 9
2,000 Collin Co. C. S. D. No.85
$1,00ayp
10_40
0 years
591 2ye0 ea
Aug. 9
7,000 Richards Indep. School Dist 5
10-20 years
yea
Aug. 9
5,000 Star Co. Public Road
Aug. 9
40,000 Anderson Co. C. S. D. No. 3.._ 554
per year
r
Aug. 10
0
7 10-30 years
75,000 Gregg Co. Special Road
5
Aug. 10
50,000 Houston Co. Road Dist. No.7- 59 $2,000 per year
Aug. 12
6,000 Galveston refunding
5% $1,000 per year
Aug. 12
TOOMSUBA CONSOLIDATED SCHOOL DISTRICT, Lauderdale
County, Miss.
-BOND OFFERING.
-It is repoted that sealed bids will
be received until 2 p. m. Sept. 3. W. R. Pistole, Clerk of Chancery Court
(P. 0. Meridian) for 53,500 6% bonds. Int. annually. Cert. check
for $200 required.
TRENTON, Mercer County, N. J.
-BOND OFFERING.
-Additional
information is at hand relative to the offering on Aug. 27 of the three
issues of 5% coupon (with privilege of registration) assessment and funding
bonds not to exceed the amounts mentioned below (V. 107, p. 717.) Proposals for these bonds will be received until 12 m. on that day by H. E.
Evans, City Treasurer.
$97,000 assessment and funding bonds. Due yearly on Aug. z as follows:
$15,000 1919 and 1920. $10,000 1921, $9,000 1922, and $8,000
from 1923 to 1928, incl.
47,000 assessment and funding bonds. Due yearly on Aug. 1 as follows:
$8,000 1919 and 1920, $4,000 1921 to 1927, incl., and $3,000 1928.
494,000 funding bonds. Due yearly on Aug. 1 as follows: $16,000 1920 to
1929, incl., $22,000 1930. $24,000 1931 to 1943, incl.
Denom. $1,000. Date Aug. 1 1918. Prin. and semi-ann. int.(F. & A.)
payable at the City Treasurer's office. Cert. check on an incorporated
bank or trust company, for 2% of the amount of bonds bid for, payable to
the "City of Trenton," required. The successful bidder or bidders will
be furnished with a duplicate original opinion of Hawkins, Delafield &
Longfellow of New York City that the bonds are binding and legal obligation of the City of Trenton. These Issues have received the approval of
the Capital Issues Committee. The city has never defaulted in payment
of principal or interest.
Financial Statement.
Assessed valuation 1917
$92,207,995)0
Real estate
$76,177,195 00
Personal
16,030,800 00
$92,207,995 00
Tax rate, $2 43 on $100.
Total indebtedness, including this issue
$8,788,146 60
Composed of
Water debt
510.94.000.00
School debt
1,585,350 00
Other indebtedness
6.108,796 60
$8,788,146 60
Sinking fund
$2,350,884 79
General
$2,050,904 75
Water
299,980 04
$2,350,884 79
Population, U. S. Census, 1910, 96.815; 1915 (State Census), 103,190.
TRIADELPHIA SCHOOL DISTRICT (P. 0. Triadelphia), Ohio
County, W. Va.-BONDS DEFEATED.
-At the election held Aug 6(V.
107, p. 423) the propositions to issue $114,000 school furnishing and $85,000
high school 6% coupon bonds were defeated by a vote of 604 to 431, a 3-5
majority being necessary to carry.
TRUMBULL COUNTY(P.O. Warren), Ohio.
-BOND OFFERING.
Proposals will be received by M. H. Evans, Clerk of County Comm., until
12 m. Sept. 3 for $30,000 5% road impt. bonds. Auth. Sec. 5649-5, Gen.
Code. Denom. $500. Date June 1 1918. Prin. and semi-ann. int.
(A. & G.) payable at the County Treas. office. Due $500 each six months
from Apr. 1 1919 to Oct. 1 1923 incl. Cert. check for $500, payable to
Evan J. Thomas, County Treas., required.
WATERBURY, New Haven County, Conn.
-FINANCIAL STATE-The following has been received by us in connection with the
MENT.
offering on Aug. 26 of the $175,000 4 % high school bonds(V. 107, P. 717):
Financial Statement, Aug. 11918.
Assessed valuation of taxable property, grand list
$104,902,934 00
Tax rate on list of 1917, payable May 1 1918
19 mills
Revenuesfor Year 1917
Taxes
$1,714,880 23
Miscellaneous items-including State school funds,licenses,
assessments, water rents, grants and gifts, &c
646,997 39
g
5/
Total
Bonded Indebtedness
Total bonded indebteness
Less water bonds
Amounts in Sinking Funds
Paving bonds sinking fund
Street improvement bond sinking fund
$2,361,877 62
56,080,000 00
2,060,000 00
$4,020,000 00
8110.000 00
50,000 00
Total
$160,000 00
Statistics of the City of Waterbury. Population at Different Periods.
1880
20,20j1890
51,139
33,20211900
1910
73,141 1916 (est.)
125,000!
The Water Department is owned and operated by the municipal Government and has a total storage capacity in excess of three billion gallons. The
TEXAS CITY, Galveston County, Tex -WARRANT SALE.
- receipts from the water department have arisen from $91,000 in 1896 to
Recently J. L. Arlitt of Austin purchased $5,000 7% 1-10-year serial coupon $394,000 in 1918.
warrants.
There is no controversy or litigation pending or threatened affecting tbe
corporate exLstente, or the boundaries of said municipality, or the title of
TOLEDO, Ohio.
-On Aug. 14 the Common Council its present officials to their respective offices, or the validity of its bonds and
-BONDS VOTED.
approved an issue of $50,000 street repair bonds, it is reported.
no default has ever been made in payment of any obligation. •
[VOL. 107.
THE CHRONICLE
826
-BOND SALE.
WATONWAN COUNTY (P. 0. St. James), Minn.
On Aug. 12 the Minneapolis Trust Co. of Minneapolis was awarded $25,000
Judicial Ditch No. 29 bonds at 101.64.
5%
WAYNE TOWNSHIP SCHOOL DISTRICT, Montgomery County,
-At an election held Aug. 13 a proposition
-BONDS DEFEATED.
Ohio.
to issue $3,000 school-completion bonds was defeated, it is stated.
-At the election
-BONDS VOTED.
WELLSBORO,Tioga County, Pa.
held Aug. 17 the proposition to issue $24,000 4 % sewer system extension
bonds (V. 107, p. 623) carried by practically a unanimous vote. Due
within 30 years.
-On
-TEMPORARY LOAN.
WELLESLEY, Norfolk County, Mass.
Aug. 19 the temporary loan of $40,000 maturing Dec. 19 1918-V. 107, P.
717
-was awarded, it is stated, to the Old Colony Trust Co. of Boston at
4.19% discount. S. N. Bond & Co. of New York bid 4.24% discount.
-BONDS AUTHORIZED.
WELLINGTON, Lorain County, Ohio.
On Aug. 5 an ordinance was passed authorizing an issue of $2,500 5%
-year coupon cemetery bonds. Denom. $500 Date Sept. 1 1918.
5
Prin. and semi-ann. int. payable at the First Wellington Bank of Wellington. Due Sept. 1 1923. 0. 0. Robart is Village ()lerk.
-BOND OFFERING.
-ProWELLS COUNTY (P. 0. Bluffton), Ind.
posals will be received until 2 p. m. Sept. 2 by 0. E. Losh, County Auditor,
for $23,600 434% 534-year average Union Township road bonds, it is
stated. Int. M. & N. Certified check for $200 required.
-BOND SALE.
WEST ALEXANDER, Washington County, Pa.
-year serial street impt. bonds (V. 107,
On Aug. 15 the $15,000 5% 1-30
p. 623) were awarded to the West Alexander National Bank at par. There
were no other bidders.
-BOND ELECTION
WEST CARROL PARISH (P. 0. Floyd), La.
-According to reports an election will be held in the near
PROPOSED.
future to vote on a proposition to issue $25,000 5% 20-year road bonds.
WHEATLAND COUNTY SCHOOL DISTRICT NO. 2(P.O. Harlow-BOND OFFERING.-Mildred R. Alfred, District Clerk,
ton), Mont.
-year (opt.)
will receive bids, it is stated, until Sept. 10 for $2,500 10-20
school bonds at not exceeding 6% int. Int. annually. Cert. check for
$100 payable to the above Clerk, required.
-BIDS.
WORCESTER, Worcester County, Mass.
-The following
bids were received for the temporary loan of $200,000 awarded at 4.13%
-V.
discount plus $1 25 premium to the Park Trust Co. of Worcester
107, p. 718:
Disc't. Prem.
Disc't. Prem.
_ S. N.Bond & Co., N.Y-4.18%
___
Equitable Tr. Co.,N.Y..4.14%
J.P.Morgan&0o.,N.Y.4.25%
Salomon Bros. & Hutz4.14% ____ A.B.Leach & Co.,Inc.
ler, New York
Boston
,
Blake Bros.& Co. Bost_ 4.16% -- _
'
4.30% $2 00
-DEYAKIMA COUNTY DRAINAGE DISTRICT NO. 4, Wash.
-The $32,000 6% Sub-Division "A" bonds
SCRIPTION OF BONDS.
awarded on June 17 to John E. Price & Co. of Seattle at 98.10-V. 107_, P.
-are described as follows: Denom. $500. Date July 1 1918. Int.
624
J. & J. Due Jan. 1 1936, subject to call yearly from 1919 to 1932, incl.
YELLOWSTONE COUNTY SCHOOL DISTRICT NO. 42 (P. Oil
-BOND OFFERING.
-Proposals will be received untiBillings), Mont.
8 p. m. Sept. 9, it is stated, by 0. A. Oswald, Clerk Board of Trustees for
-10-year (opt.) school bonds. Int. annually. Cert. check
$2,000 6% 5
for $200 payable to the above Clerk, required.
CANADA, its Provinces and Municipalities
-DEBENTURE OFFERING.
ALBERTA SCHOOL DISTRICTS.
Separate bids will be received by J. T. Ross, Deputy Minister of Education.
at Edmonton, until 4 p. m. Aug. 29 for the following 7% debentures:
Date of Issue.
-5 yearsBlock No. 1-Rural
Ford Sch. Dist. No. 1910
$350 Aug. 1 1918
-Rural---6 years
Block No. 2
Cariboo Sch. Dist. No. 3573
$800 Sept. 3 1918
-Rural
-6 years
Block No. 3
Haig Sch. Dist. No. 3482
1,200 Aug. 15 1918
Block l'sTo. 4-Rurals--10 yearsThackeray Sch. Dist. No. 3501
2,000 Aug. 15 1918
Buffalo Lake Sch. Dist. No. 3144
600 Aug. 15 1918
Kenmaul Sch. Dist. No. 2800
1,200 Aug. 1 1918
Maple Glen Sch. Dist. No. 2025
600 Aug. 15 1918
Total
Block No. 5-Rurals-10 yearsEchodale Sch. Dist. No. 3523
Roily Point Sch. Dist. No. 3167
Knoblich Sch. Dist. No. 3491
Moy Hall Sch. Dist. No. 3299
$4,400
Total
Block No. 6-Rurals-10 years
Adler Sch. Dist. No. 3655
Empress View Sch. Dist. No. 3571
Mount Butte Sch. Dist. No. 3539
$6,900
Total
Block No. 7-Rurals-10 yearsAltaview Sch. Dist. No. 3659
Peaceful Sch. Dist. No. 3508
Spondon Sch, Dist. No. 3375
$6,500
$1,800
1,800
1,800
1,500
Aug. 15 1918
Aug. 15 1918
Aug. 15 1918
Aug. 15 1918
$2,000 Aug. 15 1918
2,000 Aug. 15 1918
2,500 Aug. 15 1918
$2,200 Aug. 15 1918
1,000 Aug. 15 1918
1,700 Aug. 15 1918-
Total
$4,900
-NO DEBENTURES TO BE ISSUED.
HALIFAX, Nova Scotia.
The $500,000 debentures mentioned in V. 107, p. 313 will not be issued, we
are advised, as the matter will be financed through the Halifax Relief
Commission.
PRESTON, Ont.-DEBENTURE SALE.-Grahana, Sanson & Co. have
purchased, it is stated, $20,200 6% 30-installment debentures.
PRESCOTT AND RUSSELL COUNTIES, Ont.-DEBENTURE
SALE.
-O. H. Burgess & Co. of Toronto have been awarded, it is stated.
$50,000 6% 20-installment debentures. la
-DEBENTURE SALE.
-An
ST. JAMES SCHOOL DISTRICT, Man.
issue of $50,000 7% 20-Installment debentures has been awarded at 100.27,
It is stated, to W. A. Mackenzie & Co. of Toronto.
-Of an
ST. THOMAS, Ont.-DEBENTURES AWARDED IN PAR T.
Issue of $55.000 6% debentures recently offered, $30,000 have been
awarded, it is stated, to local purchasers.
-DEBENTURE SALE.
-On Aug. 5 the $54,000
YARMOUTH, N. S.
-were awarded tol.J. H.
-V. 107, p. 530
6% 15-year refunding debentures
Malcolm, Manager of the Bank of Nova Scotia, Yarmouth, ati.98.20.
Other bidders were:
Eastern Securities Co.,Halifax_97.22 I W.F. Mahon & Co., lialifax_95.798
,41490,41..lawq
Sterling Securities, Ltd., Halif_97.031
A bid of 98.50 from L. Chipman of Yarmouth, trustee, was received
for $3,000 debentures.
NEW LOANS.
NEW LOANS.
ENGINEERS
Notice of Intention to Issue and Sell
$25,000 00 Sewer 6 Per Cent Bonds,
of, by and for the City of Wolf
Point, of Sheridan County, Montana, at Public Auction, to the
Bidder Offering the Highest Price
Therefor.
$200,000
THE
,
City of Macon, Geordia IG WHrTE COMPANIES
GOLD BONDS
Sealed bids will be received until 5 p. m.
Purchasers
*Financiers
SEPTEMBER 17Th, 1918, at the office of the
undersigned, which bids will be opened in open
Contractors
Engineers
Council on the evening of the same day, for
Managers
$55,000 00 Sewer bonds, $55,000 00 Auditorium Operators
STATE OF MONTANA,
bonds, $75,000 00 Hospital bonds, and $15,000 00
COUNTY OF SFIERIDAN,Iss.:
Park Building bonds, of the City of Macon,
CITY OF WOLF POINT,
dated September 2nd, 1918, bearing interest at
Pursuant to the authority of Ordinance No. 51, 434% per annum; principal and semi-annual
of Public Utility and Industrial
of the City of Wolf Point, Sheridan County, Interest payable in gold at the City Treasurer's
Properties
Montana, passed and approved May 27th. A. D. office. The sewer bonds and the auditorium
1918, authorizing and directing the advertisement bonds, each mature in installments of $2,000 00
annually from September 2nd, 1923 to 1942,
and sale of certain bonds of said City, namely:
-ESTIMATES
-VALUATIONS
REPORTS
Sewer Bonds of the City of Wolf Point, of Inclusive, and in installments of $3,000 00 annuSheridah County, Montana, to an amount aggre- ally from 1943 to 1947, both inclusive. The
gating the principal sum of $25,000 00, com- Hospital bonds mature in installments of $3,000 00 43 EXCHANGE PLACE, NEW YORK
prising fifty bonds, numbered consecutively from from September 2, 1923 to 1947, inclusive. The
CHICAGO
one to fifty, both numbers included, of the Park Buildings bonds mature in installments of LONDON
denomination of $500 00 each, all dated Sep- $1,000 00 from September 2, 1923 to 1937,
tember 1st, A. D. 1918, absolutely due and inclusive. Denomination $1,000 00. A certipayable September 1st, A. D. 1938, but redeem- fied check on a solvent bank or trust company,
able at the option of said City at any time after payable to the order of tho City Treasurer, for
September 1st, A. D. 1928, bearing interest 2% of the par value of the bonds bid for must
from their date until paid, at the rate of six (6) accompany each bid, which must be upon blank
per cent per annum, payable semi-annually on forms to be supplied by the undersigned. The
CONSULTING ENGINEERS
the 1st day of January and July, respectively, in purchaser or purchasers will be furnished without
each year, both principal thereof and interest charge the approving opinion of Messrs. Caldwell
Development of
thereon, payabe at the National Bank of Com- & Masslich of New York City. Bids must be
merce in the City and State of Now York, U.S.A., enclosed in sealed envelopes marked "Bids for
Industrial Plants & Equipments
PUBLIO NOTICE IS HEREBY GIVEN Bonds." Bonds are registerable as to principal.
Reports on
that the bonds aforesaid will, at the office of the Delivery and payment may be made in Macon,
undersigned Clerk in said City. on Monday, New York or Chicago at bidders' option at 11
Operating Methods & Conditions
,
to-wit: the 9th day of September, A.D.1918, at • m., September 26th, 1918. The right to reject
the hour of 9 o'clock, P. M., be sold to the any and all bids.Is reserved. No bids for less
Determinations of
than par value and accrued interest will be conbidder offering the highest price therefor.
At said public auction the successful bidder sidered. Checks will promptly be returned to
Worth of Established Properties
will be required to deposit with the undersigned, unsuccessful bidders.
DAVID S. JONES,
Clerk, a certified check payable to his order, in
NEW YORK
17 BATTERY PLACE
Clerk of Council,
the sum of $3,000 00, which check shall be held
by the City and forfeited to it, should the purMacon, Ga.
chaser fail to take up and pay for said Bonds
August 13, 1918.
when presented to him. Said certified check
must be made on a National Bank in the State
Alex. C. HuWphreys
?Alton S. Miller
of Montana.
By order of the Council of the City of Wolf
Point, of Sheridan County, Montana, made this
Copies of
27th day of May, A. D. 1918.
(Signed) JOHN LISTERUD, Mayor.
ENGINEEMS
(SEAL)
Attest:
(Signed) CHARLES GORDON. Clerk.
Oct. 30 1915
Chronicle
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• Jan. 6 1917
J.S. RIPPEL & COMPANY Chronicle
18:CLINTON STREET
NEWARK, N. J. Chronicle - - - Feb. 24 1917
Railway Earnings Section Jan. 1917
-Gas
Power-Light
il▪e
NEW YORK
165 BROADWAY
New Jersey Municipal Bonds
MINING ENGINEERS
411
W. H. Goadby & Co.
Will pay 25 cents each
Members New York Stock Exchange
William B. Dana Company
NO. 74 BROADWAY
NEW YORK
1311 Front St., NowYork.
H. M. CHANCE & CO.
Yining Engineers and Geologiots
COAL AND MINERAL PROPERTIES/
Examined. Managed,
Drexel Bldg.
ppraised
PHILADELPHIA.
@FedFRASER