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—
finanrlal
^
,
INCLUDING
&
Bank
Railway
Quotation Section
Railway Earnings Section
VOL.
&
Industrial Section
Electric
State and City Section
Bankers' Convention Section
SATURDAY, AUGUST
105
NO. 2722
25 1917
Clearings at
Week ending August
—
1
1917.
PUBLISHED WEEKLY.
Terms
im
of Subscription
— Payable la Advance
3'oiSix Morllm
Siiropean Subscriptiou (including po.stage)
lEnropean SuTjscription six months (molucling postage)
Manual Subscription in London (inclu'ling postage)
5.(x Monrlis Su\).scription in London (incluriiEg postage)
CanaUian Suljsciiption (inclutling postagol
7 ,50
jS2 14s.
*1
118..
$11 50
Terms
$4 20
22 00
29 00
50 00
87 00
ffransient matter per inch space (14 agate lines)
Two Months
ataniUng Business Cards
(.^
times)
Three Months (13 times)
Months
(26 times)
Twelve Months (52 times)
Six
DANA COMPANY,
Front, Pine and Dcpeyster Sts.g
Publishers,
New York.
CLEARING HOUSE RETUNS.
New
York.
Chicago ._
Philadelphia
Boston
Kansas City
Louis
San Francisco
....
Eleven cities, 5 days
Other cities, 5 days
,
Lexington
Akron
Rockford
Canton
South Bend
Mansfield
Lansing
Jackson
Lima
Danville
_
Jacksonville,
111.
Owensboro
Tot.
Mid .West
San Francisco
Seattle
Per
Week ending Aug. 25.
all cities
111..
Wayne
Youngstown
Los Angeles
Clearings — Returns by Telegraph.
Total
Evansville
Springfield,
Adrian
following table, made up by telegraph, &c., Indicates that the total bank
clearings of all the clearing houses of the United States for the week ending to-day
have been $5,239,606,904, against $5,535,861,454 last week and $4,303,478,902
the corresponding week last year.
All cities, 1
Grand Rapids
Dayton
Ann Arbor
The
Pittsburgh
Detroit
Baltimore
New Orleans
Peoria
Bloomington
Quincy
Decatur
PubUahed every Saturday moraing by WILLIAM B. DANA COMPANY,
/aoob Selbert Jr., President and Treas.; George 8. Dana and Arnold G. Dana,
Yloe-Pre«ldenta; Arnold Q. Dana. Sep.
Addresses of all. Otflee of the Company.
St.
Indianapolis
Columbus
Springfield, Ohio
OEiCAGO Office—39 South La Saile Street, Telephone Majestic 7396.
iuONDON OFFICE— Edwards & Smith, 1 Drapers' Gardens, Ei. V.
WII^IilAM B.
Milwaukee
Fort
Per Inch Space
o£ Advertising
Cincinnati
Cleveland
Detroit
Toledo..
Sutscription includes following Supplements—
Sank and quotation (monthly) Railway and Inbustkial (3 times yearly)
i:lectric Railway (3 times yearly)
Railway E,\RviN(t's (montiily)
State and Ciiy (somi-auuually) BA.NKEES' Convention (yearly)
5 days
day
1917.
1916.
$2,460,347,075
378,835,491
242,102,203
165,630,283
116,385,547
105,977,321
72,973,423
68,068,985
40,634,000
32,232,358
30,475,672
$2,153,448,424
318,029,986
176,268,105
123,329,173
89,086,171
78,577,557
49,693,835
50,637,724
35,674,000
28,298,866
21,518,697
$3,713,722,358
630,404,619
$3,124,562,538
455,276,918
$4,344,126,977
895,479,927
$3,579,839,456
723,639,446
$5,239,606,904
$4,303,478,902
Portland
Cent.
J-IS 9
+ 38
+ 21
Lake City..
Spokane
Salt
+ 14.3
+ 19.1
+ 37.4
+ 34.3
+ 30 6
+ 34.9
+ 46.8
+ 34 4
+ 13.9
+ 13.9
+ 41.6
Tacoma
Oakland
Sacramento
San Diego
Stockton
San Jose
Fresno
Pasadena
North Yakima..
Reno
Long Beach
Total Pacific.
5
Kansas City
4
+ 23.8
Minneapolis
Omaha
St. Paul..
Total
The
all cities for
week
+ 21.8
Denver
St.
the week covered by the above will be given next Saturday.
We cannot furnish them to-day, clearings being made up by the clearing houses
at noon on Saturday, and hence in the above the last day of the week has to be In
all cases estimated, as we go to press Friday night.
Detailed figures for the week ending August 18 follow:
full details for
Joseph
Des Moines
Sioux City
Wichita „
Duluth
Topeka
Lincoln
Davenport
Cedar Rapids
Weeli ending August 18.
—
Clearings at
Inc. or
1917.
Dec.
3,180,644 755
Philadelphia
302,626 245
Pittsburgh
70,791 751
Baltimore
43,300 000
Buffalo
18,601 990
Albany
4,747 010
Washington
10,515 491
Rochester
7,133 273
Scranton
3,467 ,278
Syracuse
4,759 ,141
Reading
2,623 880
Wilmington
2,910 023
WUkes-Barre ...
1,733 ,307
Wheeling
3,568 ,648
Trenton
2,315 ,969
York
1,171 ,340
Erie
1,941 ,192
Chester
1,282 ,253
Greensburg
742 ,000
860 .500
600 000
1,934 369
498 ,066
,522,825, 778
227,911, 566
54,791, 273
37,949
14,941
4,724
8,009
5,697
2,884
3,596
1,969
2,549
744
264
084
057
017
028
897
433
,813
1,741 ,011
2,523 ,174
1,981 ,849
972 ,951
1,423 181
1,220 .466
700 .000
755 400
580 572
+ 26.0
+ 32.6
+ 29.2
+ 14.1
+ 24.5
+ 0.5
+ 31.3
+ 25.2
+ 20.2
+ 32.3
+ 33.2
+ 14.2
—0.4
+ 41.4
+ 16.9
+ 20.4
+ 36.4
+ 5.1
+ 6.0
+ 13.9
+ 3.3
+ 21.5
+ 39.8
Altoona
Lancaster
1,592 ,118
Montclalr
356 ,448
Total Middle. 3,668,768,481 2,901,697,124, +26.4
Boston
242,135,074
161,661 144 +49,8
Providence
9.650,200
9,350 100
+ 3.2
Hartford
7,528,327
6,605 890 + 14.0
New Haven
4,729,717
4,116 680 + 14.9
Portland
2,500,000
2,200 000 + 13.6
Springfield
Worcester
Fall River
New Bedford...
Lowell
Holyoke
Bangftr
Tot.
NewEng
Note.
4,065,229
3.991,717
1.753,472
1,724,782
1,122,748
806,286
667,266
280,674,818
—For Canadian
clearings
1915.
%
S
New York
Blnghamton
1916.
3,352 ,924
3,608 ,745
1,194 ,905
1,392 661
1,027 019
916 803
612 335
196,029,206
+ 21.0
+ 10.6
+ 46.8
+ 23.9
+ 9.2
—12.0
+ 9.0
,088,647,605
151,554,692
49,688,662
27,990,383
10,595,198
4,646,941
6,878,021
4,107,167
2,824,276
2,704,356
1,590,046
1,801,752
1,886,158
1,860,445
1,806,485
876,071
1,071,666
1914.
$
985,193,532
131,601,192
52,042,520
29,602,827
10,618,466
5,581,299
6,248,868
3,785,759
2,717,952
2,547,776
1,619,619
1,305,298
1,553,286
1,568,831
1,521,553
786,348
882,460
614,027
770,000
560,400
532,837
1,440,811
330,937
758,368
574,878
627,000
498,993
1,276,136
358,670
2,364,623,969 1,243,426,598
135,501,344
109,921,960
6,645,500
6,518,100
6,073,698
4,408,311
3,654,258
3,187,599
1,847,160
1,772,691
2,800,000
2,323,373
2,491,825
2,333,687
965,109
1,032,811
941,741
928,867
822,381
652,927
685,472
647,686
388,643
419,678
162,818,131
134,147,690
+43.2
see "Commercial and Miscellaneous News."
Colorado Springs
Fargo
Pueblo
Fremont
Waterloo
Helena
Aberdeen
Hastings
Billings
Tot. Oth.West.
St. Louis
New
Orleans.
Louisville
Houston
Galveston
Richmond
Atlanta
Memphis
Nashville
Fort Worth..
Savannah
Norfolk
Birmingham
.
Knoxville
Chattanooga.
Jacksonville
.
Mobile
Augusta
Little Rock-Charleston
Oklahoma
Macon
Austin
Vlcksburg
Jackson
Muskogee
Tulsa.
Dallas
Total Southern
Total
1916.
18.
Inc. or
Dec.
1915.
1914.
%
Chicago
$10 00
6 00
13 00
One Year
Railway Section
all ..
Outside N.
.
+ 19.3
+ 29.5
+ 65.7
+ 31.3
+ 36.6
+ 27.6
+ 32.9
+ 20.0
+ 53.8
+ 18.4
+ 85.0
+ 37.4
+ 76.2
1,530 ,866 —15.0
2,331 003 + 94.8
516 ,578 + 74.3
4,397 ,000 + 48.6
1,157 513 + 33.3
2,435 997 + 12.7
914 743 + 15.5
910 933 + 37.0
923 912 + 30.2
766 ,207 + 25.8
618 ,931 + 55.3
691 804 + 17.2
987 ,349 + 16.7
650 000 + 10.0
575 000 + 8.0
477 253
+ 4.8
299 812 + 90.0
275 000
+ 0.8
86 303 + 54.0
351 842 + 107.7
595,379,267 + 26.4
103,698,637
70,434,770 + 47.2
28,462,000
25,384,919 + 12.1
24,023,345
15,122,587 + 58.9
15,432,920
11,726,698 + 31.6
12,786,442
9,127,995 + 40.1
6,000,000
4,895,937 + 22.3
3,300,018
2,298,862 + 43.6
5,400,068
4,150,589 + 30.1
3,966,906
2,835,102 + 40.0
2,244,352
1,942,029 + 15.6
2,424,569
1,392,906 + 74.1
900,608
679,093 + 32.6
1,953,335
1,204,055 + 62.2
998,087
855,292 + 16.7
590,089
437,540 + 35.0
460,000
410,113 + 12.2
742,505
566,644 + 31.1
213,383,881
153,465,131
+ 39.0
140,258,859
104,890,427 + 33.7
24,410,639
27,827,207 —12.3
29,815,211
25,492,375 + 17.0
12,339,945
13,859,259 —11.0
16,867,833
13,840,041 + 21.9
13,398,771
9,871,745 + 35.7
7,361,097
5,234,928 + 40.6
5,402,324
3,730,705 + 44.8
6,814,934
5,378,275 + 26.7
4,292,279
5,674,989 —24.4
1,683,456 + 79.0
3,013,254
4,016,722
3,197,338 + 25.6
1,934,108
1,612,402 + 20.0
2,516,576
1,686,739 + 49.2
1,084,396
766,133 + 41.5
1,693,228
1,556,622
+ 8.8
619,644 + 16.8
723,751
643,645
606,958 + 61.0
2,438,108
1,883,652 + 24.2
1,927,664
1,599,375 + 20.5
924,765
834,652 + 10.8
448,511 + 10.9
497,865
654,023 + 73.2
1,133,991
232,949,456 + 21.7
283,509,965
94,897,025 + 36.8
129,811,529
32,411,585
20,355,480 + 59.2
15,738,435 + 20.1
18,897,403
11,000,000
7,938,508 + 38.6
—6.6
4,819,454
4.500,000
26,234,443
16,358,862 + 60.4
14,764,889 + 58.8
23,443,906
5,559,224 + 63.0
9,059,326
6,381,279 + 41.4
9,023,590
7,897,006 + 20.4
9,504,796
4,194,651 + 34.1
5,626,323
3,909,147 + 30.2
5,091,012
3,203,802
2,306,133 + 38.9
2,500,000
1,827,868 + 36.8
2,620,650 + 51.1
3,960,591
2,967,045 + 25.7
3,729,864
1,378,991
1,140,765 + 20.9
+ 9.3
1,455,931
1.590,162
2,340.194 + 26.9
2,970,527
1,315.762 + 64.1
2,158,418
4,635,17 + 51.2
7,408,000
3,636,832 —65.7
1,247.000
2,000,000 + 30.0
2.600,000
173,250 + 22.5
212,104
389,574 + 25.7
489,374
1,014,879 + 67.7
1,701,140
3,175,885 + 86.7
5,928.000
11.000.000
6,450,3 28 + 70.5
336,681,8861 240,264,27^ + 40.1
5,535,861.454 4.319,794,457 + 28.2
456,910.178
41,303,710
79,021,165
64,529,357
26,078,961
13,957,000
11,484,400
11,817.544
6,000,000
4,776,725
3,044,974
2,897.086
2,514,276
1,301,153
4,540,781
900,000
6,535,000
1,542,688
2,744,211
1,056,917
1,247,175
1,202,998
964,038
960,323
810,542
1.152,230
715,000
625,000
500,000
568,506
277,175
132.801
730,509
752,842,423
382,973 509
31,906 lOO'
47,690 094
49,138 081
19,092 654
10,936 210
8,640 ,000
9,845 ,042
3,900 000
4,033 697;
2,789 869
2,108 811
1,427 274
2,355,216,699 1,796,968,679
289,852,033
24,017,700
28,056,736
30,293,926
14,164,503
8,191,044
5,796,900
6,842,404
3,600,000
3,513,857
1,843,613
1,683,810
1,092,268
1,059,515
1,725,295
540,538
2,199,000
835,805
1,899,233
636,362
981,523
728,745
645,982
543,217
490,196
588,078
500,000
513,047
450,409
278,621
229,293
35,071
283,190
434,111,914
267,830,415
24,067,800
20,543,321
25,937,232
15,045,782
8,172,825
5,786,800
5,079,742
3,911,684
3,098,886
1,932,890
1,057,620
960.178
1,263,099
1,250,394
532,972
1,621,000
785,669
1,380,095
690,077
899,946
747,827
741,815
513,416
396,247
531,971
458,497
470,439
419,069
330,230
184,132
37,312
380,067
397,564,816
54,435,298
19,515,927
12,075,136
8,898,635
6,343,319
3,358,829
1,178,221
3,362,468
1,977,455
1,778,459
901,395
725,000
803,518
737,168
320,225
367,337
485,421
117,863,811
41,706,186
21,135,298
12,325,906
9,324,588
4,670,000
3,093,943
2,137,916
3,098,304
2,111,062
1,989,544
876,778
719,001
878,570
665,364
345,959
280,000
545.764
105,904,783
66,923,924
16,244,703
17,699,385
10,691,383
8,623,449
6,674,260
4,756,544
2,846,874
3,915,100
3,267,437
1,595,685
905.329
1,151,135
1,325,235
728,904
981,327
346,442
309,862
1,425,344
1,114,351
565,853
203,341
432,459
57,855,149
22,811,453
16,062,432
8,768,138
8,285,700
5,730,349
4,510,838
2,814,350
3,408,556
3,759,972
1,640,307
1,783,856
1,353,155
1,465,873
695,561
986,605
596,870
331,850
1,091,944
1,071,232
557,531
222,235
459,176
153,725,326
146,263,132
64,649,107
13,715,984
14,258,038
6,000,000
2,042,848
8,697,063
10,764,509
3,471,111
5,192,893
6,291,736
3,282,188
3,248,393
1,933,481
1,487,718
2,282,609
2,208,098
942,551
937,158
1.866,408
2,361,000
2,134,798
1,084.712
155.286
347,960
695,443
1,360,237
65,371,671
15,555,965
10,714,623
6,748,846
2,607,012
6,732,946
9,635,436
4,751,867
5,370,125
5,245,699
2,947,463
3,287,039
2,436,602
1,866,543
2,437,124
2,397,896
1,000,000
947,421
1,786,599
1,163,595
1,866,700
2,469,473
1,083,251
158,146
335,447
865,317
1,511,270
162,716.159
161,294,0^
1,204,8.30
3;395r759,310'2,187,985,72"7
+31.1 1,307.111,705' 1,202,793,195
THE CHRONICLE
740
the purpose of financing the war?
would have to be at a low ebb
fervor
Patriotic
indeed if the banks remained cold to the expression
of utterances touching so intimately current popular
for
strength
THE FINANCIAL SITUATION.
The Federal Reserve banks, and the New York
Federal Reserve Bank in particular, are still engaged
in the
endeavor to add to their gold holdings with
the object of enlarging still further the basis for
Federal Reserve note issues. Under the Act approved by the President on June 21, these gold holdings have been enormously increased.
On
the one
hand. Congress has made it obligatory for the member
banks to keep their entire legal reserve on deposit
with the Federal Reserve banks, while on the other
hand it has granted authority to these latter to issue
Federal Reserve notes against deposits of gold or
gold certificates, thereby permitting the acquisition
of unlimited amounts of gold by the mere process of
emitting new note issues. Moreover, gold so obtained may count as part of the gold reserves required
But appetite grows by
against other note issues.
upon,
and
the
Reserve banks are now
what it feeds
engaged in attempts to acquire whatever gold may
be in circulation or may still be retained in bank
vaults.
Under date of Aug. 10 the Federal Reserve Bank
of New York sent out a circular letter, addressed, it
is understood, to some thousand member and nonmember banks within the confines of the New York
Reserve District, pointing out that under the recent
change in the law regarding reserves member banks
are "free to carry as vault money any kind of United
States coin or currency,
notes."
The
including Federal Reserve
circular also emphasizes the fact that
the banking law of
New York
State has likewise
been amended so as to permit State banks and trust
companies to count Federal Reserve notes as part of
their vault reserve, to which the further statement is
added that the banking laws of New Jersey and
Connecticut also permit Federal Reserve notes to be
counted as part of the vault reserve which their
State banks and trust companies are required to carry.
It is accordingly argued that "the way is now clear
for mutual co-operation, in the national interest, between the Federal Reserve Bank of New York and
the banking institutions, both member and non-
member,
in its district, in respect to diverting to the
Federal Reserve Bank some of the gold and gold certificates which are in general circulation among the
'people and lying idle in commercial tills and elsewhere,
thus increasing
its
strength
and
thereby the strength of
every hanking institution in the district."
The
circular
then goes on to say that it is estimated that there is
over $500,000,000 of gold and gold certificates in
general circulation, outside the banks and the United
States Treasury, and that for this class of circulation
Federal Reserve notes would serve equally well.
Then the banking institutions to whom the appeal is
made are told that "it is of importance to every bank
in the country that the gold supply, that is, the
credit power, of the Federal Reserve system, should
be strengthened by gradually replacing with Federal
Reserve notes a considerable part of the gold
general circulation outside of the banks
system should thus attain
its
maximum
now in
and that the
strength for
the period of war financing upon which we have
entered."
The plea, it will be seen, is a specious one, and
most insidious. Who would not heed an appeal
made in the national interest and who would not be
responsive to the request that the Federal Reserve
system should be brought up to its maximum
[Vol. 105.
Directions are given to the banks
sentiment.
how to proceed in order to accomplish the purpose
It is suggested to them that out of incomdesired.
ing cash they sort out the gold certificates and stop
paying out such certificates over the counter, but
instead forward to the Federal Reserve Bank all
the gold certificates they may be able to accumuAs an extra inducement the Reserve Bank
late.
announces its willingness to "pay transportation
charges on such gold certificates, whether fit or unfit
for circulation" and says it will either furnish free of
expense Federal Reserve notes or place the amount to
the credit of the bank with the Federal Reserve Bank
or with any designated bank in New York City.
We cannot get ourselves to believe that it is necessary or desirable that the gold holdings of the Federal
Reserve banks in general or the Federal Reserve Bank
of New York in particular should be further enlarged
or that all the available gold in the channels of circulation and in the tills of merchants or the coffers of
the banks should be swept up and consigned to the
custody of the Federal Reserve banks. This is a
view to which we have given frequent previous expression but it derives additional force as the Reserve
banks keep steadily expanding their holdings and
yet clamor for more gold, and still more.
The
Federal Reserve Bank of New York alone now holds
considerably over $600,000,000 of the metal, but
nevertheless wants to lay its hands on $500,000,000
more, while the twelve Reserve banks combined on
Friday of last week held gold reserves aggregating
no less than $1,374,583,000.
That ought to furnish a basis for Federal Reserve
note issues adequate to all needs and abundantly
sufficient to finance all the country's war requirements, no matter how extensive or extended these
requirements may prove to be. If there were the
slightest reason for apprehending that the vast
accumulations of gold now held b}^ the Reserve
banks might fall short of the requirements, then
there would be force in the contention that outside
banking institutions should co-operate in the attempt to swell these gold holdings still further.
That not being the case, with the gold possessions
of the system already so large, the present move
must be viewed as part of the scheme which so many
of the Federal Reserve officials are known to have
entertained from the first of acquiring the entire
stock of gold in the country and making it the basis
for Federal Reserve note issues.
Any such scheme
would not only not be in the national interest but
might prove to be diametrically opposed to it. In
other words, instead of strengthening the system
it might have precisely the opposite effect.
It may be that in the channels of circulation for
the purpose of passing from hand to hand, Federal
Reserve notes would answer equally as well as gold
certificates.
But there is plainly menace in a step
that aims to drive gold (or its substitute, the gold
certificate) out of the channels of circulation.
For
a country to be truly on a gold basis its commerce
and its people must be in touch with gold at every
point that is, the gold (or its substitute, the gold
certificate) must be held in adequate amounts in the
vaults of the banks, must circulate freely among the
people and be of sufficient volume to pass readily
,
,
—
I
—
AUG. 25
THE CHRONICLE
1917.]
741
from hand to hand. From an intrinsic standpoint that of course represents a clean addition to the
Federal Reserve notes may be as good as gold and volume of outstanding currency issues. No one
yet they are not gold.
The same remark may be contends that the Reserve banks are likely to be
made of our national bank notes, and in that case no recklessly administered, in the immediate future
one would seriously contend that such notes can be at least, but circumstances are stronger than men,
It and the insistent demand for gold, and more gold,
or should be considered the equivalent of gold.
up to the limit of the entire gold stock of the counis true that no gold reserve is required to be kept
against national
bank
notes, while a
40%
reserve
is
required against outstanding Federal Reserve notes.
Nevertheless a 40% reserve is far from being 100%
and this last is what the gold certificate means and
the Federal Reserve notes never can mean.
We wish to reiterate that for a country to be
strongly fortified in gold there must be large amounts
of gold in the pockets of the people and in circulation.
What would be the position of France to-day if at
the outbreak of the war there had been no gold in
the country outside of the vast holdings of the Bank
of France?
When a country is in the desperate
financial
to-day,
upon
straits
it is
in
which Germany finds
herself
not strange that gold should be looked
as possessing no utility except as a foundation
But why a similar notion should
allowed to grow up in this country, where gold is
abundant supply, there having been an addition
importations alone during the last three years
for note issues.
be
in
by
of
comprehend.
$1,100,000,000,
There is another reason why outside banks should
not heed the appeal to transfer their gold or gold
certificates to the custody of the Reserve banks.
As
already shown, by getting Reserve notes in return,
these outside banks get something distinctly inferior
to the gold which they turn over.
Furthermore,
this gold in the hands of the Reserve banks becomes a
basis for a new volume of liabilities.
Reserve money
in the possession of a mercantile bank itself, whether
member bank or non-member bank, is reserve money
which remains intact and subject to no other use.
Reserve money, however, which is placed with the
Reserve banks does not remain intact. It never
stays there to the extent of full 100%.
The Reserve
banks can paj^ out 65% of it, since they are required
to hold only 35% of gold against the Reserve deposits
or balances kept with them.
Against note issues
is
difficult to
the reserve is 40%.
A war period is always a period of war inflation
and our Federal Reserve system, from its very
nature, is calculated to promote inflation. From
the original notion that a part, and only a part, of
the reserves of the member banks should be kept
with the Reserve banks, there forming the foundation for Reserve note issues, we have rapidly gone to
the other extreme, where member banks are required
to hold the whole of their reserves with the Reserve
banks and outside banks are requested also to keep
balances with the Reserve banks.
The volume of Reserve notes is being added to
week by week and month by month. On Friday
of last week there were $558,782,000 of these notes
actual circulation, as against but $154,444,000
twelve months before. It will no doubt be urged
that at the moment these notes are secured by an
exceptionally large reserve of gold, which is true.
But it is equally true that a year ago they were
in
Even after some reduction in recent weeks $111,058,000 of these notes
secured entirely by gold.
were
Friday secured by commercial paper.
As compared with twelve months ago therefore the
situation is that we have $100,000,000 of Reserve
notes out on the basis of mercantile collateral, and
last
evidence that the note issuing functions of
the Reserve banks are to be availed of to the utmost.
Attention has been drawn during the present week
to the fact that the gold reserve held against outstanding Federal Reserve notes has been steadily
rising during the last four weeks, and on Friday,
Aug. 17, was up to 91.7%, against 81.5% on July 20.
The truth is, however, the increase in the ratio of
gold behind the notes is wholly without significance.
The Reserve banks are permitted to issue notes
against paper purchased in the open market, and they
can at any time shift notes or gold from their banking
to their note-issuing department, or vice versa.
That is precisely what they have been doing during
these four weeks.
That is, they have been
adding to the gold and diminishing the supply
of paper with
the Reserve Agent.
It
follows
that while increasing the gold on deposit with
the Federal Reserve Agent they have in almost
exactly the same amount been diminishing their
general gold holdings.
In the four weeks from July
20 to Aug. 17 the gold on deposit with the Federal
Reserve Agent was increased from $423,889,000 to
$502,588,000, being an addition of roughly $78,700,000, but the stock of gold in the banking department
in the same four weeks was reduced from $956,131,000 to $871,995,000, being a loss of no less than
$84,136,000. In other words in the four weeks the
total of gold on hand and with Federal Reserve Agents
actually fell off somewhat, dropping from $1,380,020,000 to $1,374,583,000. At the same time— and
that is the important fact the total of Federal
Reserve notes in circulation increased from $534,226,000 to $558,782,000. So whatever the percentage of gold reserve against outstanding notes,
the fact is that in the four weeks $24,556,000 of additional notes were put out, while the aggregate of the
gold holdings was reduced $5,437,000.
It should be
noted, furthermore, that in the same four weeks
the amount of the Federal Reserve Bank notes in
circulation (which are of the same nature as national
bank notes) and against which no gold reserve need
be kept, increased from $2,306,000 to $4,907,000.
The total of national bank notes themselves has
latterly been rising again, after having previously
been slowly decreasing. Here, however, no weekly
Thus step by step the volume
figures are available.
of paper currency, previously large enough in all
conscience, is being still further added to.
And we
may be sure that with the Reserve officials bent
upon aiding the movement the process will continue
to go steadily on.
The duty of the outside banks therefore in view
of the plea for co-operation made by the Federal
Reserve banks is to keep themselves strong outside
And this duty is
the system and to stay outside.
the more incumbent, as the member banks of the
Federal Reserve system at least as far as our New
York Clearing House institutions are concerned
are keeping relatively little cash in their own vaults.
Hence the outside banks must supply the omission.
According to last Saturday's Clearing House statement the member banks with $2,317,787,000 of net
try,^ is
—
—
—
THE CHRONICLE
T42
demand
and S81, 504,000
time deposits,
held only $42,225,000 of gold, being less than 2% of
On the other hand their balances with
the deposits.
Bank ran far in excess of the
Reserve
the Federal
13% legal reserve required, standing at .$373,505,000,
deposits
of
[Vol. 105.
serve Bank were enormously increased
cantile banks had to stand the loss the
and the mersame as if the
money had been locked up in Treasury vaults for the
time being. As a natural consequence a sharp spurt in
money rates ensued, during which call loans on the
where on a strict 13% basis the amount called for Stock Exchange commanded 10%. The managers of
would be no more than $303,759,230. Contrariwise the Reserve Bank then had to scurry around and get rid
State banks and trust companies have been keeping of these Government accumulations.
The merthemselves strong in cash. The trust companies cantile banks, deprived of their reserve money, had
last Saturday reported $87,373,000 of gold with net to do what they are always reluctant to do, except
demand depo?its of $944,632,000 and net time in case of emergency, that is, apply to the Reserve
deposits of $124,416,000 and the state banks reported Bank for temporary loans in order to get back the
$21,430,000 of gold with only $226,911,000 of de- reserve money of which they ought not to have been
mand deposits and $373,000 of time deposits. If deprived in the first instance. The Reserve Bank
we could conceive it possible for the State banks and on its part, to complete the operation of returning
trust companies to do what the member banks of the the money, had to buy acceptances in the open
Federal Reserve system have been doing, and denude market which the mercantile banks found themthemselves of their cash, then the situation would selves obliged to dispose of in the effort to bring
be fraught with no little peril, since in that event about a reinstatement of their cash position. All
there would be little cash in the metropolis of the this trouble and confusion could have been avoided
Western continent outside that held by the Federal if the Government deposits had been placed with
Reserve Bank itself.
the mercantile banks in the first place instead of
One other statement in the circular letter which the Government attempting to redistribute 'its acthe Federal Reserve Bank has been sending out on cumulations through the Reserve Bank.
this subject deserves special mention.
The stateFor the purpose of showing that the increase in
ment deals with the assistance that the Bank had the Reserve Bank's loan item and the increase in
to extend during the period of the Liberty Loan Government deposits were absolutely identical we
operations, and is as follows:
have compiled a small tabular statement which we
"The Federal Reserve system was suddenly called give below. According to the circular letter from
on during June to supply the large temporary expan- which we have been quoting the maximum of the
We have
sion of credit required by member and other banks loan item was $252,000,000 on June 19.
in effecting the payments for the first Liberty Loan, not the figures of Government deposits for that
and it will doubtless be similarly called upon, and particular date, since no daily statements are issued
probably to a greater extent, in the forthcoming by the Reserve Bank, and w-e therefore are obliged
issue and in other large financial operations incidental
to take the figures from the weekly statement for
to our participation in the war.
The recent expansion and subsequent contraction of credit may be June 22, when the loan item had already been reillustrated by the loans and discounts of the Federal duced considerably, standing then at $220,032,000.
Reserve Bank of New York, which were $37,000,000 But the correspondence here between the item of
on June 1 1917, $252,000,000 on June 19, and $73,- Government deposits and the expansion in the
000,000 on Aug. 8.
In fact, it is so close
loan account is equally close.
What is here said conveys an entirely erroneous that it is an occular demonstration of the unfitness
idea of the actual situation.
It will be seen of the Reserve banks to act as mediums for taking
it is stated that on
June 1 the loans and dis- care of Government deposits. Here is the table:
counts of the Federal Reserve Bank were only LOAN ITEM AND GOVERNMENT DEPOSITS OF FEDERAL
RESERVE BANK OF NEW YORK.
$37,000,000, but on June 19 were up to $252,000,000,
Bills Discounted and Bought
and on Aug. 8 were down again to $73,000,000, and
Bankers'
Total
Government
Commercial
Date—
Paper.
Acceptances.
Deposits.
of Two.
this is referred to as "the large temporary expansion
of credit required by member and other banks in June 1... 1,161,000 36,141,000 37,302,000 24,989,000
effecting the payments for the first Liberty Loan," June 22... 123, 114, 000 96,918,000 220,032,000 227,882,000
It is thus made apparent that Government deposits
to which is added the further comment that the
Reserve Bank "will doubtless be similarly called with the Federal Reserve Bank of New York which
upon, and probably to a greater extent, in the forth- on June 1 were only $24,989,000 had risen to $227,coming issue and in other large financial operations 882,000 by June 22 and that as a consequence the
As far loan item of the Reserve Bank (representing bills
incidental to our participation in the war."
as this is meant to be an argument intended to get discounted and bought in the shape of either comthe outside banks to denude themselves of their mercial paper or bankers' acceptances) which on
gold, it is valueless.
The great expansion in the June 1 stood at only $37,302,000, by June 22 was
loan item between June 1 and June 22 is proof of up to $220,032,000.
It remains to add that between
nothing except the imperfect working of the Federal May 26 and June 23 the reserves of the New York
Reserve system in dealing with large cash accumu- Clearing House banks were reduced from $808,079,000 to $628,863,000, while surplus reserves in the
lations of the Government.
During June Treasury receipts were of extraordi- same interval were cut from $176,429,670 to $41,nary proportions, not alone on account of the Liberty 827,230, producing the spurt in the call loan rate on
Loan operations but also because of the huge income the Stock Exchange to 10%. In this instance the
tax payments.
The Secretary of the Treasury in- mercantile banks would really have been better off
stead of placing these large receipts entirely with the if the Reserve sj^stem had not been in existence,
ordinary mercantile banks, from which the money was because the Government collections would then have
drawn, undertook to use the Federal Reserve Bank come to them direct instead of through the interfor the purpose.
The result was disorder and con- mediary of the Reserve Bank. An expansion in the
fusion.
Government deposits with the Federal Re- loan item of the Reserve Bank caused by such
5p
35
tip
3p
—
,
AUG. 25
THE CHRONICLE
1917.]
743
drawn upon to a material extent, leaving the carryover
at the end of the season
visible and invisible
to"^the outside banks to divest themselves of their
the
smallest
since
consumption in1903-04,
with
vault cash and take Federal Reserve notes.
creased some 5 million bales in the interim a situation
which has been of notable assistance in advancOur cotton crop review for the season of 1916-17,
covering the marketing, distribution and manufac- ing prices. The spinning capacity of the world's
ture of the staple, given in extensive detail on sub- mills was further augmented to a slight extent in the
sequent pages of this issue, will, we believe, be found late season, but additions in the Southern section of
The
interesting enough to repay careful reading and the United States account for most of the gain.
While these reviews which have total of the world's spindles on July 31 this year, as
analytical study.
been issued continuously by us each year for over compiled by us, was 146,212,820, against 145,043,726
half a century, are largely devoted to the presenta- spindles at the same time last year and 144,516,844
tion of data relating to production and manufacture spindles in 1915.
in the United States, no other country in which
Despite dispatches of an admittedly pessimistic
cotton is either raised or consumed, and from which
reliable information can be obtained, is neglected. nature from Petrograd, a feeling of optimism regardIt follows, therefore, that these reports should ing the Russian situation became evident in WashIt is
furnish, within the space devoted to their presenta- ington during the closing days of the week.
tion, as complete and comprehensive a history of the not possible to obtain any definite idea as to the
world's cotton crops as can be given at so early a basis for this improved sentiment, though a certainly
date after the close of the season. This is particu- practical indication that it does exist is contained in
larly true in view not only of the difficulties that the official announcement by our Treasury Departnow have to be overcome in securing data from ment yesterday afternoon that a further credit of
abroad, but more especially so from the fact that $100,000,000 had been extended by the United
This makes our
since the United States became definitely an active States to the Russian Government.
total
credit
to
Russia
$275,000,000. As to the
participant in the European war considerable delay
military operations, the week's news from Petrograd
is being experienced in obtaining some very essential
For instance, it had been a succession of disappointments. It is not
statistics relating to this country.
impossible
to obtain details of exports of certain whether the port of Riga has yet been
has been
cotton from several important ports until the current captured by the enemy. But it is known that for
week, and details of cotton goods shipments for the several days the Russians in the vicinity of the Gulf
of Riga have been retiring, and the Germans are
fiscal year ended June 30 are not yet available.
The leading feature of the current report is the maintaining an intense artillery fire in that region.
further important increase in the consumption of East of the river Aa the Germans also are bombarding
cotton in this country. The gain is, however, wholly the Russian lines heavily. Near the river Kekkau
at the South, to which section all the notable progress south of Riga the war office reports that German
in cotton manufacturing has been confined of recent infantry is showing increasing activity.
Gen. Alexyears.
Consumption at the South has increased ieff former commander-in-chief of the Russian forces,
from 361,000 bales of 500 lbs. net each in 1886-87 to in an interview on Thursday at Moscow asserted that
4,237,000 bales in 1916-17. At the same time Germany's strategy aimed at driving the Rumanian
Northern consumption has also advanced but only army from all its positions in order to compel Rufrom 1,578,000 bales to 3,194,000 bales. This bears mania to conclude a separate peace or to enter into
out the prediction made at the time of the Atlanta an alliance with the Teutonic Allies. The seat of
Cotton Exposition that contiguity to the cotton the Russian Government, Gen. Alexieff continued,
fields would at no very distant day act as such a must be transferred to Moscow, although Petrograd
stimulus to cotton manufacture in the South that at present is not really threatened. The situation
the North would be outstripped. That point was on the Russian front he said was serious, but not
reached in 1907-08 but it was not until five years hopeless. Riga is, as is well known, the key to
later that the gap between the two sections began to Petrograd, and little hope is expressed in military
perceptibly widen and now the South is in the lead circles in the Russian capital that Russia will be able
by 1,043,000 bales of 500 lbs. each, or over 32%. to recover her military power sufficiently to be able
It is hardly necessary to state that a part of the to conduct a successful defensive against the Central
recent great increase in cotton consumption in the Powers before next spring.
"The winter will be
United States is due to the war in Europe, the demand Russia's principal ally in the coming months" one
for smokeless powder accounting for the consuming authority is quoted as asserting.
of prodigious quantities of lintersand low grade cotton.
A dispatch from Petrograd of yesterday's date
The commercial crop of the United States for declared the Council of Cossacks in assembly had
1916-17, as distinguished from the actual growth, voted full confidence in Lieutenant General Korniloff
which was about one-third of a milhon bales less, commander-in-chief of the Russian armies, and in
proves to have been, with the exception of that of M. Kerensky, the Premier.
The question arose
the preceding season, the smallest since 1910-11.
published
in
"Izvestia," organ of
demand
It following a
totaled 12,975,569 bales or only 22,119 bales more the Council of Soldiers' and Workmen's Delegates
than in 1915-16 and over 2 million bales less than in that Lieut. Gen. Korniloff be dismissed because of
1914-15.
The financial returns from this latest crop, the strict regime he had instituted in the army. The
due to the abnormally high prices that prevailed, has Council adopted a resolution approving the General's
been almost beyond belief much in excess of 1,000 course as the only rational one and denying the
million dollars.
The world's aggregate crops of cot- right of workmen and soldiers to interfere. He was
1916-17
ton in
fell below consumptive requirements
eulogized as the "only general able to restore order
about 134 million bales. The previously existing and lead the country out of a critical situation."
surplus supply, therefore, as in 1915-16, was further
clumsy methods furnishes no valid basis for an appeal
—
—
,
—
THE CHRONICLE
744
On
the western front the fiercest kind of fighting:;
is in progress with the advantage on the side of the
Entente troops. Lens, the coal centre of France,
has not yet been finally taken, though favorable
news from this quarter seems to be expected at an
early
date
in
responsible
circles.
The Germans
have counter-attacked the Canadian troops who
gained a footing in a big slag heap only 300 yards
south of the main railway station. They were not
successful in forcing the Canadians out.
In Belgium near Ypres Field Marshal Haig's troops have
been victorious in a two days' battle, making gains
over their front, varying in depth from a half mile
the tenacious reto 200 yards, notwithstanding
sistance of the Crown Prince Rupprccht.
On
both the northern and southern ends of the battle
line in the Austro-Italian theatre the Italians have
pressed forward their lines in considerable new
The counter attacks
Austrians
were
of
extreme
of the
violence but were
An indication of this is the holding
ineffective.
for three days against the most vicious counter
strokes of a strong Austrian position that the Italians
had captured southeast of Dossofaiti. The exact
extent of the Italian advance has not yet become
apparent and its objective is not definitely known.
The Austrians are reported to be strippimg Trieste
of its valuables and moving them to Vienna and
other places. This suggests
that the Austrians
themselves believe that is the Italian objective.
The chief British military observer, Major General
Maurice, declares the Italians already have gained
an important victory which gives promise of
developing presently into a victory of the first
magnitude. The situation remains acute in Finland owing to the difficulty of establishing a
new cabinet and the persistent effort of the Socialists
Gen.
to reconvene the dissolved landtag.
Pershing, Commander-in-Chief of the American forces
in France, was a witness of the French drive north
of Verdun early in the week from a position near
Dead Man's Hill. He was able to witness the
handling of the French troops which conquered this
hill,
also Goose Hill and the adjacent woods, and
which resulted in the capture of about 4,000 prisoners, besides the taking of a number of big guns and
the destruction of others. It is evident that the
French have accomplished at Verdun what they set
out to do when they launched their latest attack
on both sides of the river. In their attempts to
recapture their lost ground the Germans massed
gains against the Austrians.
live
and
[Vol, 105
also out of respect of the free will of the people
themselves, who, having the right of universal suffrage, may choose whatever form of government
they please. For the rest democracy will receive
such an impulse from the war that wisdom must
prevent it deteriorating into any excessive forms,
such as anarchism."
In a speech of the Imperial German Chancellor, Dr.
Michaelis, received by the British Admiralty by
wireless via The Hague, the statement occurs that
in the month of July, according to the latest report
received, 811,000 tons of shipping was sunk. "When
we take into consideration our results on the one hand
and the failure of our enemies on the other, it appears
to be incomprehensible that our enemies show no disposition to prepare the way for consideration of terms
of peace, not to
nunciation."
mention peace which includes
The number
of British
re-
merchantmen
sunk by submarines or mines last week was 15
having a tonnage over 1,600 tons and three under that
making a
total of 18, against 16 the preceding
French
Five
steamships of 1,600 tons or
week.
more were sunk by submarines or mines last week
size,
and four under 1,600
tons.
Advices cabled by financial correspondents in
London speak of distinct improvement in tone and
also in the volume of business on the Stock Exchange
While transactions still are below what in
there.
normal times would be considered a fair day's trading, there nevertheless is a good business passing
from day to day. Peace talk is not receiving
really
serious
attention.
The
reverses
in
Russia,
while not neutralizing the distinct successes in the
west, appear responsible for an expanding belief that
another winter of war must be experienced before
peace negotiations can be expected to assume practical form.
This clearly is in line with the entire
British attitude, an attitude which will be content
with nothing but the defeat of the enemj^ regardless
of the time necessary to accomplish its full purpose.
The Pope's note seems to be widely interpreted as an
The
indication of the weakening of Berlin's bluster.
belief that the Vatican's note was inspired by the
Central Powers is, however, not entirely unanimous.
Those who oppose this view, according to the London correspondent of the "Evening Post," are quoting
with much appreciation the cortiment of one London
paper to the effect that if "the Pope, in the charity
of his soul, longs for peace, the Allies long no less.
tremendous forces and launched eight successive They sigh for peace like Christian when he fought the
attacks in immense waves through which the French Fiend in the Valley of the Shadow of Death, but, like
shell fire cut lanes.
The assailants wavered and Christian, they are determined upon one peace only,
broke under the fierce storm of gun, machine gun because there is none other peace not of compromise,
and rifle fire and hand grenades, not a single Ger- but of victory; and if the Pope sees universal madness
man soldier reaching the French lines.
in the tremendous conflict, the Allies see madness no
any peace leaving Germany undefeated and
unpunished."
to the Pope by any
The trading in London has been more of a general
of peace negotiations.
The Papal Secretary of State than a specific character. That is to say, it has
in a statement yesterday in Rome declared that the not been confined to any particular group of seHoly Father wished to emphasize the fact that the curities. Early in the week some pressure in the
appeal was not suggested by any of the belligerent railroad list appeared because of a threatened railPowers and was not inspired for the particular ad- way strike. This, however, was averted. A new Auvantage of any warring nation. The Secretary stralian loan of £4,500,000 was underwritten on
added:
"The Holy Father said nothing about Thursday. It carries 4i^% and will be offered
democracy and democratization of any existing at 98 J^. The Commonwealth reserves the option
Government because history teaches that a form of of repayment after 1922, though the loan is not
government imposed by arms does not and cannot redeemable until five years later. In April a similar
less in
So far as
is
known no
reply has yet been forwarded
Power regarding his suggestion
Aug. 25
THE CHRONICLE
'917.|
no longer able to give details by cable of the gold
movement into and out of the Bank for the Bank
week, inasmucli[]as the Bank has discontinued such
reports.
We append a tabular statement of com-
loan of £3,500,000 was successfully distributed at
98.
It is reported that a Chinese loan will be offered in London in the near future.
There appears
to have been no new developments regarding the
is
date for issuing the next British war loan. It is
reported that a Japanese loan for £10,000,000 is
to be offered in London, the proceeds to be utilized
in financing Russian munitions orders in Japan.
This loan is declared by the London correspondent of the "Journal of Commerce" to be the sequel
to a measure ratified last June authorizing the
parisons:
Japanese Government to issue its own bonds for
the purpose of regulating the foreign exchanges
or of arranging for payment for orders received
from abroad. The bond issued under that authorization will not run beyond five years.
The forthcoming issue will be at 98, will have a maturity of
three years and carry interest at 5%.
The Russian Treasury bills maturing on Sept. 25 will be
received in payment.
Last week's British expenditure was £54,047,000,
while the total Treasury outgo was £102,866,000,
the latter amount including £30,769,000 Treasury
bills repaid and £18,000,000 advances repaid.
The
previous weekly expenditure was £49,007,000. The
revenue for the week was £11,978,000, while the
total receipts from all sources was £105,655,000,
which includes £57,411,000 in Treasury bills and
£21,616,000 in other debts and £3,150,000 Exchequer
bonds sold and £11,000,000 temporary advances
from the Bank of England. The Treasury balance
is £25,738,000, which is an increase of £2,789,000
for the week.
Treasury bills outstanding total
£804,126,000, an increase of £27,000,000 for the
week.
There has been no change in official rates at leading European centres from 5% in London, Paris,
Berlin, Vienna and Copenhagen; 53^% in Italy,
Portugal and Norway; 6% in Petrograd and 43^2% in
Switzerland, Holland and Spain.
In London the
private bank rate continues to be quoted at
for sixty and 4 13-16% for ninety-day bills.
No
reports have been received by cable of open market
rates at other European centres, as far as we have
been able to learn. Call money in London is still
quoted at 3^%.
4%%
The Bank
of
England
ditional gain in its
week recorded an adgold item of £516,719. The total
this
reserve was increased £628,000, there having been a
decline in note circulation of £111,000, and the pro-
portion of reserves to liabilities was advanced to
19%, against 18.58% last week and 2Q}/^% a year
Public deposits were again reduced, this time
£809,000. Other deposits, however, increased £285,-
ago.
000.
Government
securities
were decreased £58,000.
Loans (other securities) showed a further substantial
reduction, namely £1,086,000.
The English Bank's
holdings of gold aggregate £54,152,640, as against
£57,146,914 last year and £67,300,766 in 1915.
Reserves total £32,699,000. This compares with
£40,060,519 in 1916 and £53,947,511 the previous
year.
Loans now stand at £100,899,000, against
£89,047,403 and £142,137,266 one and two years ago,
respectively.
The Bank reports, as of Aug. 18, the
amount of currency notes outstanding as £158,190,The amount
505, against £156,613,337 last week.
of gold held for the redemption of such notes conOur special correspondent
tinues to be £28,500,000.
745
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1917.
1916.
1915.
1914.
Aug. 22.
£
Aug. 23.
£
Aug. 25.
£
Aug. 26.
£
1913.
Circulation
Public deposits
39,933,000 35,536,395 31,803,255 35,571,435
44,700,000 51,428,269 134,054,324 23,886,765
Other deposits
127,244,000 101,751,917 89,465,037 123,892,659
Gov't securities
56,483,000 42,187,602 45,655,382 29,778,971
Other securities
100,899,000 89,047,403 142,137,266 109,904,670
Reserve notes & coin 32,699,000 40,060,519 53,947,511 26,351,977
Coin and bulllon__- 54,152,640 57,146,914 67,300,766 43,473,412
Proportion of reserve
to liabilities
Bank
rate
The Bank
9.986,409
44,416,050
12,453,405
27,672,873
32,361,610
43,160,580
19%
26.10%
24.13%
17.87%
59.49%
5%
6%
5%
5%
4}^%
France
of
Aug. 27.
£
29,248,970
this
week reports a further
in-
This
its gold holdings of 4,714,975 francs.
brings the total (including 2,037,108,500 francs held
abroad) to 5,309,717,450 francs, comparing with
crease in
4,808,057,817 francs (of which 472,885,78,8 francs
were held abroad) in the corresponding week a year
ago, and 4,266,319,479 francs (all-in vault) in 1915.
Silver decreased 95,000 francs.
Bills discounted
were increased by 114,346,000 francs, while the
Bank's advances showed a decline'of 2,610,000 francs.
Note
circulation increased 9,743,000 francs.
ury
deposits
decreased
general
deposits
francs.
Note
show
Treas62,558,000 francs, while
a reduction of 50,358,000
now
circulation
totals 20,468,568,000
francs, against 16,376,066,310 francs a year ago,
and
12,950,279,450 francs in 1915. In the week ending
July 30 1914 the amount outstanding was^6,683,185,000 francs, that being the last statement issued by
the Bank after the commencement of hostilities until
Dec. 24th. Comparisons of the various items with
the statement of last week and the corresponding
dates in 1916 and 1915 are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Gold Holdings
In France
Abroad
—
Status
as of
for Week.
Aug. 23 1917.
Aug. 24 1916.
Francs.
Inc.
4,714,975
No change.
Francs.
Francs.
3,272,608,950
2,037,108,500
4,335,172,028
472,885,788
Aug. 26 1915.
Francs.
4,266,319,479
4,714,975 5,309,717,450 4,808,057,817 4,266,319,479
366,754,232
95,000
260,295,000
339,326,384
424,837,850
275,220,461
725,600,000
Bills discounted . _ . Inc 1 14 ,346 ,000
587,284,145
Dec. 2,610,000 1,123,791,000 1,180,577,215
Advances
Note circulation... Inc. 9,743,000 20,468,568,000 16,376,066,310 12,950,279,450
17,901,000
158,514,709
69,067,354
Treasury deposits.. Dec. 62,558,000
General deposits ... Dec 50 ,358 ,000 2,536,172,000 2,240,313,013 2,473,476,724
Total
Silver
Inc.
Dec.
.
.
This week's statement of the Imperial
many, issued
as of Aug.
15,
Bank
of Ger-
shows the following
changes: Total coin and bullion increased 6,708,000
marks, with gold reported unchanged; Treasury notes
expanded 1,314,000 marks; notes of other banks increased 997,000 marks; bills discounted showed the
large gain of 336,339,000 marks; advances increased
4,043,000 marks; investments expanded 22,095,000
marks; other securities increased 38,725,000 marks;
notes in circulation registered an expansion of 28,250,000 marks. Deposits recorded a notable increase, viz., 340,595,000 marks, while other liabiliThe above comties increased 40,921,000 marks.
statement
of a week or ten
with
a
parisons are made
days ago which was not cabled over, and the amount
In the
of gold holdings cannot be definitely stated.
gold
on
the
of
July
31
statement
German Bank's
hand totaled 2,402,195,000 marks. A year ago the
amount on hand was 2,468,400,000 marks, and in
1915 2,404,373,000 marks. Note circulation, according to the last statement, was 8,359,669,000
marks. In 1916 it was 6,926,740,000 marks and the
year before 5,388,773,000 marks. At the outbreak
of the war in 1914 it was 3,881,931,000 marks.
THE CHRONICLE
746
Last week's statement of New York associated
banks and trust companies, issued on Saturday,
made a rather better showing, and in place of the
large declines of the previous week, a slight net
gain in surplus reserve was recorded. Loans were
reduced $51,358,000. Net demand deposits declined $61,827,000, to $3,489,330,000 (Government
deposits of $204,932,000 deducted), while net time
Cash in own vaults
deposits expanded $776,000.
(members of the Federal Reserve Bank) were decreased $3,039,000, to $89,351,000 (not counted
Reserves in Federal Reserve Bank
as reserve).
of member banks showed a reduction of $1,383,000,
Reserves in own vaults (State
to $373,505,000.
banks and trust companies) declined $451,000, to
$129,166,000, and reserves in other depositories
(State banks and trust companies) were reduced
Circulation is $30,685,000, an increase
$1,850,000.
of $320,000.
The aggregate reserve registered a
reduction of $3,684,000, and now stands at $562,754,000 (not counting $89,351,000 cash in vault of
member banks of Reserve system) which compares with $673,065,000, the amounb on hand in
the corresponding period a year ago. Reserve requirements, however, were reduced $8,104,620,
and in consequence there was a gain in surplus of
$4,420,620, bringing the total of excess reserves
to $76,455,990, on the basis of only 13% reserves
for the member banks of the Federal Reserve system (but not counting cash in vault held by these
banks). This compares with $127,593,220 in 1916
on the basis of 18% reserves for the member banks.
The bank statement in fuller detail is given in a
subsequent section of this issue.
money
the undertone is a firm one,
though rates for day-to-day business are not as a
rule higher.
However, there is a wide-spread
tendency on the part of borrowers to refrain from
all transactions that are not urgent.
It is recognized that the Government must have first claim
In local
upon supplies
demands for
circles
[Vol. 105
statement on Thursday declaring that banks holding British obligations could renew the loans by
converting them into short-time British Treasury
Such transactions would not be regarded as a
bills.
violation of the caution issued by the Federal Reserve
Board last November in regard to the British and
French Treasury notes, which then were offered.
Secretary McAdoo's statement follows:
"Certain American banks and bankers have held
some time obligations of the British Government. The Treasury Department was asked a
short time ago whether or not there would be objection on the part of the Treasury to converting
$150,000,000 of these obligations into short-time
I stated that I saw no obBritish Treasury bills.
jection to such conversion from the standpoint of
our own Government's financing.
"I regret that the impression is created in certain
publications that this is a reversal of the position
taken by the Federal Reserve Board in respect to
for
It is
British Treasury bills in November last.
neither a reversal of that position nor is it inconIt is merely a conversion of a
sistent therewith.
The
existing
obligations
into another form.
of
part
conditions now existing are quite different from those
which prevailed
in
November last. The present
new obligations in our mar-
transaction creates no
kets,
and
is
designed merely to facilitate the pay-
ment
of those already existing.
"I may also state that the views and attitude of
the Federal Reserve Board are in complete harmony
with the action of the Treasury Department, and
that it gave me pleasure, while the matter was
under consideration, to discuss it with members of
the Board."
The demand
new
notes has been so great
that advance applications for next week's offering
have already covered a substantial part of the $15,The bills, of course, are not available for
000,000.
for the
rediscount at the Federal Reserve Bank. This is a
feature that was probably taken into consideration
by the bankers in naming a rate somewhat above that
current for high-grade commercial paper.
The only important outside
aside from a new offering of
Dealing specifically with rates for money, call loans
capital
this week have ranged at 2@3%, as compared with
$200,000,000 of Treasury certificates of indebteda week ago. On Monday the high was
ness have been the offering by J. P. Morgan & Co. 3%, which was also the ruling quotation, with
of $15,000,000 in British 90-day Treasury bills and the low.
Tuesday 3% was still the maximum, alby William A. Read & Co. of an issue of $10,000,000 though the low declined to 2% and renewals were
one-year 6% collateral trust gold notes of the made at 2%%. On Wednesday the range was
Canadian Northern Railway. As the latter are 3%, and 3% the basis for renewals. Thursday 3%
made available at 99.05, the yield is virtually 7%. was the highest, 2% the minimum and 3% the ruling
The rate on the British Treasury bills was 5}4%, rate. Friday's range was 2%@,S% with renewals
which is a shade above the ruling rate for the best at 3%. In time money rates were maintained except
commercial paper of similar maturity. The pro- for sixty days which declined to 4@4^%, against
gram is to sell in all $150,000,000 of these 90-day 4M(5^4>^%; ninety days remained at 43^%, four
bills in this market at not exceeding $15,000,000 months at 43/2@4%% and five and six months at
per week. The rate, however, will be subject to 4^@5%. The volume of business passing is exmarket fluctuations and it is possible that it may ceptionally light, with most large lenders out of the
go as low as 43^%, or as high as 6% on subsequent market. Last year sixty day money was quoted at
offerings.
The maximum of $150,000,000, it is 2M@'3%, ninety days at 3(^3M%> four months at
understood, will apply to the amount outstanding 3M@3K%, and five and six months at 3H(§i3M%at any one time, the intention being to offer new Commercial paper rates remain as heretofore at
amounts when bills are redeemed. Hence, the sales 43^(^5% for sixty and ninety d&js' endorsed bills
of British Treasury bills in New York may continue receivable and six months' names of choice character,
The proceeds will be used although names less well known could be had at
for an indefinite period.
5@'53^%, against 5}4% last week. Trading was
to pay off bank loans.
This new offering of Treasury bills brings to mind quiet and featureless, with important buyers apa former offering in November last which was with- parently out of the market for the time being. Banks'
drawn as a result of a warning by the Federal Reserve and bankers' acceptances continue at virtually unBoard. The present issue has the approval of the changed levels.
Dealings assumed only moderate
Secretary of the Treasury.
Mr. McAdoo issued a proportions, with little improvement in the demand
of funds.
2M@3H%
2%%
2^@
.
—
.
THE CHRONICLE
Attg. 25 1917.]
expected for some time to come.
Detailed rates
follow:
Eligible bills of
Eligible bills of
Delivery
Delivery
Spot
Ninety
Days.
Sixty
Thirty
withiri
Days.
Days.
30 Days.
3^g bid
bid
4
3H@3H 3Va®SH 3Ji@3>|
3%@3H 3H®3^ ZH@3Vs
member banks
non-member banks
4H@35i
45i@4
4Ji@4
Ineligible bills
5
bid
No
changes in rates were announced this week by
any of the Federal Reserve banks, as far as our
for various
Prevailing
rates
knowledge
goes.
classses of paper at the different Reserve banks are
shown in the following:
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
CLASSES
OF
K
^
i
DISCOUNTS AND LOANS
Member Banks.
Loans:
1 to 15 days' maturity
—
—
•
Commoiitv Paper
1 to 90 days' maturity
A'^oJe.
••
•
e
£
i
|§
1
3H
•3
3ij 3
3H
3
3
4
4
4
4
4
4
6
5
1
1
5
1
§
fe
1
53
CI
Coll.
Discounts:
1 to 16 days' maturity
••
'•
16 to 30
••
"
81 to 60
••
•
81 to 90
Agricultural and
Liv»-Stock Paper
01 days to 6 months maturity
Trade Acceptances
1 to 30 days' maturity
"
"
31 to 60
eitoQO
(^
1
a
—
3H 3H 3 3H
3H 3H 3H 3^ 3H
3
3
4
4
4
4
4
i
4
4H
4
4
4
4H
6
4H
3H 3H
3H SH
4
4
4
4
4
4
4vi
4H
4
4H 4 4
4H 4 4
4^ 4^ 4H 4K
5
5
6
5
4
.4
5H
S
6
4
4
4
3H 3H
3)^ 3H
3H 3H
3H 8H
'
4
4
4
4
3H 3H 3« 3H 3H 3H 3H 3H
3H 3K 3H 3H 3H 3H 3H 3Mi
3H 3H 4 3H 3^ 3H 3H 4
3H
4
3Vi
3H
— Rate for bankers' acceptances, 2^% to 4%.
3H
4
4
For notes, drafts and
bills
of exchange Issued or drawn for the purpose of buying or carrying bonds, notes or
oertUloates of Indebtedness of the U. 3., and secured thereby, having a maturity
at time of discount of not more than 90 days. 3 !^
• Rate of
to
on member banks' 1-day collateral notes in connection with
the loan operations of the Government.
%
2%
4%
Sterling exchange quotations remain virtually as
quoted. Reports have been current that Great
Britain has asked the United States to take over
the control of foreign exchanges, but this report is
not widely credited in what are usually well informed
circles.
Of course the British Treasury now exercises direct control of the sterling exchanges, not
only in New York but in Paris and elsewhere. But
this control is greatly hampered by the fact that
dollar exchange is at a discount in a number of the
neutral countries and that triangular transactions
involving London and New York and the specific
neutral centres make the task of maintaining sterling
exchange in such countries as Norway, Sweden,
Denmark, Holland and Switzerland increasingly
difficult.
The week's gold engagements for export
have aggregated $13,042,823, including $5,026,720 to
Spain, $150,000 to Cuba, $5,186,648 to Japan,
$300,000 to Chile and $2,379,450 to destinations not
last
made
public.
Referring to quotations in detail, sterling exchange
on Saturday, as contrasted with Friday of the previous week, was quiet but steady, with demand still
quoted at 4 7555@4 75 9-16, cable transfers at
4 76 7-16 and sixty days at 4 72@4 72^^. Monday's
market was a dull, narrow affair; demand was a
shade easier, at 4 7555, though cable transfers and
sixty day bills remained at 4 76 7-16 and 4 72@
4 7234; respectively. There was a somewhat firmer
undertone in sterling on Tuesday, though operations
were almost negligible and quotations without
essential change; demand bills ranged at 4 7555@
4 75 9-16, with cable transfers still at 4 76 7-16 and
sixty days at 4 72@4 72^.
On Wednesday very
little business was transacted and rates were still at
4 7555@4 75 9-16 for demand and 4 76 7-16 for
cable transfers; sixty days was firmer at 4 723^.
Dulness and irregularity marked Thursday's dealings,
and demand was a trifle easier at 4 7552@4 7555
and sixty days at 4 72@4 723^; cable transfers remained at the pegged rate of 4 76 7-16. On Friday
the market was about steady.
Closing quotations
were 4
747
72@4
721^ for sixty days, 4 75523^@4 7555
for demand and 4 76 7-16 for cable transfers.
Commercial sight finished at 4 75%, sixty days at 4 71%,
ninety days at 4 69%, documents for payment (sixty
days) at 4 7134@4 71%, and seven-day. grain bills
at 4 743^@4 74 9-16.
Cotton and grain for pay-
ment
closed at_4
75%.
Dealings in the continental exchanges this week
were not active, and except for the support tendered
and fairly liberal buying of French exchange
by a prominent international banking l;iouse, operations were in the main professional in character and
to rubles
confined largely to day-to-day transactions. Despite
in various quarters that affairs in Russia are
not progressing as satisfactorily as hoped, exchange
rumors
on Petrograd showed distinct strength and under
supporting orders, went to as high as 21.05, the best
figure reached in quite some time.
This, as well as
the improvement in the demand for francs, created
a favorable impression and was attributed to reports
which are being circulated that the United States
may possibly soon take over the task of properly
Francs
were steady, and substantial advances were noted in
the closing days of the week.
Rubles later in the
week, however, declined to 20.60 a new low point
stabilizing the foreign exchanges of the Allies.
—
—and closed at 20.80, the identical figure
ago.
Lire,
of a
week
however, continued weak and hovered
at or near the low point of a
week ago.
No
dealings
German and Austrian exchange are possible and
quotations are not available. The sterling check
in
on Paris finished at 27.18, the previous close.
In New York sight bills on the French centre closed
rate
77%, against 5 78%; cables at 5 76%,
77%; commercial sight at 5 783^, against 5
at 5
against
5
79,
and
commercial sixty days at 5 843/^, against 5 85 last
week. Lire finished at 7 46 for bankers' sight bills
and 7 45 for cables, as against 7 413^ and 7 403^ on
Friday of the week preceding. Greek exchange was
not changed from 5 04 for sight bills.
In the neutral exchanges only a moderate degree of
activity was observable. Nevertheless, the tone was
noticeably firm, especially for Scandinavian rates,
which ruled strong and slightly higher throughout.
Swiss francs seem to have recovered from the downward reaction of the previous week and further advances were noted. Guilders, however, ruled slightly
Bankers' sight on
easier, as also did Spanish pesetas.
Amsterdam closed at 41%, against 41%; cables at
41 15-16, against 41 15-16; commercial sight at
41 11-16, against 413^, and commercial sixty days at
Swiss exchange fin41/^, against 41% a week ago.
ished at 4 41 for bankers' sight and 4 39 for cables.
Last week the close was 4 43 and 4 41, respectively.
Copenhagen checks closed at 30.10, against 30.00.
Checks on Sweden finished at 33%, compared with
33.00, and checks on Norway closed at 30.30, against
30%
week. Spanish pesetas finished at 22.40,
The final quotation of a week ago was 22.55.
last
The New York Clearing House banks,
in their
operations with interior banking institutions, have
gained $922,000 net in cash as a result of the currency
movements
for the
week ending Aug.
24.
Their re-
from the interior have aggregated $7,843,000,
while the shipments have reached $6,921,000. Adding the Sub-Treasury and Federal Reserve operations and the gold exports, which together occasioned
a loss of $67,951,000, the combined result of the flow
ceipts
THE CHRONICLE
748
[Vol. 195
and out of tlie New York hanks for commercial and industrial neutral Power which the
the week appears to have been a loss of 107,029,000, United States enjoyed in 1915 and 1916.
Her foreign trade increased almost as rapidly as
as follows:
our own. England alone imported from Japan in
money
of
into
Week ending August 24 1917
Into
Net Change in
Bank HoUtUigK.
Out of
Banks.
Banks.
$7,843,000
$6,921,000 Gain
$922,000
23,847,000
91,798,000 Loss
67, 9.-, 1, 000
8ub-TroaHury and Federal Reserve
operations and gold exports
RTotal
—
...
$31,690,000
----
The
S98,719,000'lohh $67.0-9,000
following table indicates the
in the principal
amount
of bullion
European banks:
August 23 1917.
August 24 1916.
Banks of
Gold.
£
England.. 54,1.52,640
Francea.. 130,904,358
Germany
120,109,7.50
Kussla .. 129,490,000
Au.s-Hun.c 51„578,000
69,652,000
Spain
33,385,000
Italy
Netherl'ds 54,728,000
15,380,000
Nat. Bel.
Swltz'land
13,7,50,000
Sweden
11,305,000
10,964,000
7,151,000
_.
Denmark
Norway .
Total.
Silver.
£
io',4bb',666
4,008,250
12,699,000
12,140,000
•29, .566
,000
2,629,000
591,400
600,000
"Y38",o6o
Gold.
SUver.
Total.
£
£
£
£
54,152,640 57,146,914
57,146,914
141,304,3.58 173,406,881 13",573",046 186,979.921
124,118,000 123,429,100
1,368,150 124,797,2.50
142,189,000 154,601,000
8,207,000 162,808,000
63.718,000 51,578,000 12,140,000 63,718.000
99,218,000 44,359,000 .30,249,000 74,608,000
.36,014,000 38,441,000
3,705,000 42,146.000
55,319,400 49,021,000
756,200 49.777.2110
15,980,000 15,380,000
600,000 15,9,S(I,00(I
10,9-'2.(;(ll)
13,750,000 10,922,600
11,365,000
9,214,000
9,214,000
11,102,000
8,969,000
9,186,000
"2"iy,666
7,151,000
6,326,000
6, .326, 000
Tot. week 702,609,748 72,771,650 775,381,398 742,794,495 70,815,390 813,609.885
Prev.week 697,546,430 72,984,150 770,530,580 747,152,999 70,533,390 817,686.389
a Gold holdings of the Bank
of
France this year are exclusive
of £81,484,340
held abroad.
* The gold holdings of the Bank of Russia for both years In the above statemen t
have been revised by eliminating the so-called gold balance held abroad. On the
atest reported date, the amount so held, £230,800,000.
c July 30 1914 In both years,
h Aug.
6 1914 In both years.
1915 twice as
as in 1914.
The
Japanese export trade increased in 1915 S58,000,000, or 20%, and in 1916 there was a further
The excess of exports over
increase of $200,000,000.
imports rose to $190,000,000, a wholly unprecedented
sum. In fact, quite aside from export of war material, the Japanese manufacturers had to assume
much of the trade with Pacific ports which had been
total
relinquished by the European belligerents, either
because of their shortage of ships, or because of diversion of manufacturing energies from the export
Japan's exports, even to the United States,
trade.
were for that reason largely increased.
As in our own case, so in Japan's, an unprecedentedly large import of gold followed this increased export trade, and with the expansion of her
Japan became a large lender to
to Russia, whose loans were
the Allies
taken in great amounts by Japanese banks and
banking
facilities,
investors
result
the
THE MISSION FROM JAPAN.
much merchandise
—notably
in
return for exported munitions.
The
on the home situation was thus described
Bank
in
of Japan's report for 1916:
"Inasmuch as the export trade was active, the promotion
of new companies and the extension by the old
The arrival of the Japanese Mission at Washington
of such lines as spinning and other manufactures,
the last as yet of these delegations to visit the
electrical and mining and metallurgical, and in shipAmerican Government and people in behalf of the
ping industries, were undertaken in succession.
Entente Powers is bound to direct attention to the This produced a rise in wages, while at the same time
very interesting position occupied by the Japanese the increased profit yielded by various enterprises
Government and our own; not only in their individual stimulated the activity of the Stock Exchange."
relations to the European war, but in their relations The rise in agricultural prices similarly enhanced
The position of Japan in the war the consuming power and financial resources of the
to one another.
has been exceptional from the start. She entered farming classes.
the conflict in 1914 on the formal ground of her
It will be seen from all this that a conference
defensive and offensive treaty with England; which, between the Japanese Mission and the United States
under the circumstances which had developed, laid Government, as allies, would naturally be directed to
on Japan the duty of co-operating in defense of other considerations than those which engaged the
England's Asiatic territory.
conferences at Washington when the missions from
Of aggressive warfare, the capture by the Japanese the various European belligerents lately came to us.
navy of Germany's leased territory in Kiau Chau on It is not a question of economic assistance asked from
the Chinese coast, in November of 1914, was the our Government or markets; Japan is herself engaged
one achievement. It was followed by agreement in granting such financial help. The deliberations
that the port should be restored to China after the might, indeed, refer to some plan of co-operation in
war, on condition of Japan receiving the leasehold that work, especially with regard to the pressing
This economic problems of Russia. Both Tokio and
privileges previously enjoyed by Germany.
was not, however, by any means the end of Japan's Washington have a financial as well as political inHer fleet terest in that tangled situation. Our own recent
activities in connection with the war.
did service in clearing the Pacific of German ships, gold exports to Japan, which have reached considerand in patrolling the Asiatic coasts, thereby releasing able magnitude, appear to have been an outcome of
the English navy from that duty, as concerned Great this economic assistance extended by Japan to
Britain's Eastern possessions; and her production Russia, and by ourselves to the Western European
of war munitions for Russia was of the highest service Allies.
It is conceivable that this gold movement
at a time when Russia's Black Sea and Baltic ports might be regulated by mutual and satisfactory
were blockaded and the northern port of Archangel arrangement.
It may be presumed that questions arising from
icebound during so great a portion of the year.
The plan of bringing Japanese land troops into the the entry of China into the belligerent field will be
European conflict has never been pressed. Appar- discussed. As to this, it would naturally be unwise
ently, the feeling, both of Japan and of her European to attempt to foreshadow the considerations which
allies, has been that Japan's normal field of action would arise. Japan, has gradually and naturally been
was in the Pacific. In the case of China, Chinese adopting a fairly well-defined Monroe Doctrine of
man-power is said to have been used to increase the her own with regard to her Asiatic neighbors.
labor supply behind the hues in Europe; but for Whether any questions of more direct participation
obvious reasons among them her own domestic in the war by Japan herself are likely to arise, is a
demands for labor Japan has not co-operated in mere matter of conjecture. Certainly no one can
this.
Under all the circumstances, the Kiau Chau predict very far ahead in a war like this, and developcampaign having been quickly and successfully con- ments in Russia have put a new face on many
cluded, Japan has enjoyed all the privileges of a aspects of the military campaign.
—
—
—
—
AUG. 25
1917.1
THE CHRONICLE
749
unusual conditions under which we live, to find the
Senator of a sovereign State openly advocating a dictatorship in and for what has been fondly believed to
And this, in short, is what Senabe a democracy!
tor Harding of Ohio does in an interview given to'^a
Personal exchange of views, especially when coming New York paper (the "New York Times Magazine")
after a cordial reception of such a delegation by the and printed Aug. 12 1917.
The subject involves many considerations of vital
people, often accomplishes more than the most
moment
to the people, and to the perpetuity of our
extensive series of diplomatic communications by
mail or cable. The fact that both our own country republican institutions. We would examine some
and Japan have large commercial and territorial of them. And first, it must be evident to our
interests in the Far East, and occasional irritating thoughtful readers, from the public utterances of the
incidents in our own Pacific States, have led, both day, that what may be termed the mind of statesbefore and since the war began, to more or less talk manship is in a stage of tremendous transition, if we
of a possible collision of such interests, and to some may not characterize it as a state of perplexity and
very reckless conjecture as to our political relations doubt, to say nothing of panic. In our issue of
Aug. 11 we had occasion to notice some statements
in the future.
of
Senator Newlands in which he found the necessity
There has at no time been anything in the conduct
of the Japanese Government to lend color to such of a form of socialistic collectivism (to win the war),
random ideas this notwithstanding the fact that which was unlikely to be abandoned after the war.
Japan has had her "jingoes" as well as the United Senator Harding sees the same necessity for "conStates.
It is perfectly well known, to every one trol of food, clothing and every variety of munitions,"
familiar with Japanese affairs, that her work in but finds Congress and its measures unable to grasp
the question of the relations of
to the United States itself which will continue
In this regard, the
to excite the larger interest.
coming of a friendly mission, moved by purposes
similar to our own, is most fortunate and timely.
But
Japan
after all,
it is
—
developing Korea since the Manchurian war, and
her development of her own commerce and home
industry, have fully occupied her political and inAs for the Philippines, the tendustrial energies.
dency on both sides of the Pacific has rather manifestly been to regard them rather as a burden to the
nation which possesses them than as a valuable prize.
No one, in these days, is in the habit of making
confident predictions as to conditions which will
prevail throughout the world in the aftermath of war.
The possibilities of a new and changed order of things,
whether political or economic, are so vast that few
prudent men go further in their forecast than to say
that the world and its institutions will certainly be
different from what they were before this war began.
Among the reasonable economic certainties, however,
as judged by experienced men of affairs, is the prospect that the power and responsibility hereafter to
be enjoyed by Japan in the political and economic
affairs of Asia will be as greatly enhanced, in direct
result of events since July, 1914, as will the power
and responsibility of the United States in the affairs
of Europe.
Such a development of international
relations should in the long run make for less,
rather than more, occasion for possible friction between two friendly powers.
the situation, and seeks relief in a dictatorship, naming the present President of the United States as
the logical dictator. And when asked the direct
question whether this is not creating an "even greater
autocracy than that to which we are declared antagonistic," replies with the illustration of building a
back-fire on the prairies to save the home from a
greater conflagration, declaring, in extenuation, how-
"Meanwhile, if anyone is concerned about preserving inherited government, let us call the proceedever:
we are saving
The Nevada Senator is concerned,
over methods as they become inclusive of
ing a suspension of the rules while
national rights."
chiefly,
industrial
chiefly
affairs,
the
upon the same
Ohio Senator is concerned
with a centralization of
basis,
power that shall command instant decision in the
head of a strong Government. Neither, apparently,
concerned with the fact that a State's rights over
property, as we now know them, are by their pronouncements completely abrogated! One demand
ends in Socialism, the other in autocracy. May we
not ask what either of these have to do with a representative democracy, and how either can be established save by the consent of the governed ?
And may we not point out that until our form of
government is actually changed. Congress can no
more shirk the responsibility of making laws than it
is incumbent on a real dictator to come to Congress
HAS CONGRESS POWER TO CREATE
Socialists, over the world, have
A DICTATOR?
to ask for laws.
Senatorial interviews are much in evidence. They yielded a point to take up arms, to use force, to war
contain two notable qualities. They are not mat- against autocrats. And actual as well as theoretiters of official record, which may or may not be a cal democracy has gone to the extent of declaring
cause for future gratification to the Senator; and they war upon militarism and autocracy. While, as sugare free from the passion and tactical necessities of gested in these columns before with reference to our
debate on the floor, which ought to be a source of Government, not a single amendment to the Conbenefit to the people.
We have long felt that the stitution of the United States, looking to either reinterview is an important feature of journalism; but sult, has been proposed or adopted by the people of
it must be apparent to readers that the interviewer this nation.
And it is also paramount that no matter
should be practically as capable as the one inter- how many laws granting dictatorial power over civil
viewed, else we shall have a pointless and purposeless affairs for military ends Congress may pass, they do
However, under customary newspaper not and cannot constitute the President a dictator
dialogue.
methods, which allow revision before pubhcation over the American people. A dictator is not a ser(where interviews are not previously prepared by vant, but a master. And since these so-called meththe interviewed), the speaker is supposed to say ex- ods of "control" over our business or commercial or
actly what he means and to weigh well his utterances. economic affairs, as part of military proceedures, thus
It must, therefore, be somewhat startling to the involve the nature and structure of our form of govAmerican prople, even allowing for the extreme an
ernment, though we say it with regret, there is great
is
THE CHRONICLE
750
[Vol. 105
danger that both the Legislative and Executive divisions
will transcend their Constitutional powers and preroga-
Certainly no Congress will yet dare to attempt to
create a dictatorship by a specific bill to that effect.
tives.
And
"Personally," says Senator Harding, "I have not
been enthusiastic over the Food Control Bill. It was
in part a necessity created
was a
by
suggestion."
Does
this
only because the Presimean that
dent or Congress thought it was, the thought suggested
by European methods, and not in fact? If so, the
We have before
whole case falls to the ground.
it
nccessit}'^
were not possible to appropriate money
and levy tuxes and stop there (going into the open
market as in every other war, and buying all supplies), leaving to the people their accustomed liberties, and to the President of the United States as
Commander-in-Chief of Army and Navy the right,
duty and burden of conducting great strategic and
Does the Senator
successful military campaigns.
use the word suggestion in a psychological sense, as a
concomitant of hypnosis? If so, is a republican form
of government to be sacrificed to a chimera, to a sense
of peril that does not exist, to a supposed situation
that can be mastered by other means and methods ?
asked
It
is
if it
most
difficult to follow these conflicting propo-
sitions to logical conclusions.
But one thing stands
—
out with, to us, a sinister significance they involve
a change of government. Are dictators (ancient history is invoked), once in the saddle, prone to relinquish either the hollow form of office or the prerogaOne Senator sees Socialism retives of autocracy?
maining, the other glosses over the tendency of a
dictatorship to perpetuate itself by its own unbridled
power. If we do need, in this trying hour, a dictator over all our affairs, over our liberties, and democracy is a failure, why fight for it? There is a pass"We would not"
ing admission of this anomaly.
(by this proposed change) "abolish Congress. There
It remains the 'buffer State',
is much for it to do.
as they say in Europe, guaranteeing democracy
against the assaults of the very autocracy
Even a dictator could not ignore it
it
creates.
it needs an empowering Act to obtain the
danger as a people lies in that Congress
our
result,
by these devious and divers measures will establish
one in fact without the advice and consent of the
And
people, and in contravention of its powers.
for this, if such a state shall ensue, the people will
hold Congress responsible.
Senator Harding says: "Why quibble with events
which are already accomplished? Mr. Wilson is our
He is already by the inPresident, duly elected.
Why
evitable force of events our partial dictator.
not make him complete and supreme dictator? He
will have to answer to the people and to history
Why not give him
eventually for his stewardship.
a full and free hand, not for his sake, but for our sake ?
He is not likely to succeed half bound; unbound he
If he fails, then it is his
will have every chance.
If he fails under present conditions
fault, not ours.
fault,
not
his."
is
our
It matters very little to the
it
people of to-day or of the future, what the generations which will have to pay this war debt say about
President Wilson. Answering to posterity is a favorite
attitude of those who assume to transcend laws, for
the "higher good." Answering to truth and duty
and constituted law is enough for any man. Nor has
the incumbent anything to do with the settlement of
a question of structural government which will exist
And while this radical
for all time unless repealed.
and astounding change is utterly impossible, as we
look upon the mind and temper of the American
people, either in fact or theory, we must believe the
if
made
and
good faith.
Our only other possible assumption would be that
proposition
is
seriously
in
of a subtle political design, to first state the fact that
the present Chief Executive has never yet been duly
made a
test.
dictator
And
this
and then
we
to try all his acts
discard.
people will try this Congress by
At any
its
by
rate,
this
the
own relation to
And the serious-
Con- powers and duties, and try it first.
remain at hand, ready to repeal any ness of the proposition cannot be overestimated.
The legacy of this war no man can now declare.
law it might enact, ready to impeach any dictator
experience
of
the
And it is not
it might empower."
We entered the Spanish-American war with high
And we did free Cuba. But we also
trainers that, sooner or later, they put their heads protestations.
obtained the Philippines. We have never yet reinto the lion's mouth once too often ?
hold
aloft
this
as
we
leased our hold.
The effect of this non-contiguous
But what strange doctrine is
to every oppressed people of earth the glorious banner territory on a democratic republic should it ever be
of "inalienable rights" of "consent of the governed." attacked will become more apparent than it is now.
How easy it is to say: "Our advantage over the Ger- Is it possible that there will ensue some such unforemans is that we would put on autocracy as a garment seen and we may say undesired legacy from this
only for the period of the war, whereas they wear undertaking? And we ask this question seriously
autocracy as the flesh that clings to their bones. in view of this advocated dictatorship. The name of
Once the war is over, we would discard autocracy, Caesar "the Tribune" is held before our gaze, not of
just as we did after the Revolution and after the course the tyrant!
We point out that a dictator and
RebeUion." But is autocracy, per se, any different an empire are correlative. Given the vaulting amEmin Germany or Russia, than it would be in America? bition of one and the other usually follows.
too
oft,"
seen
"vice,
a
pires, on the other hand, imply dictatorships. Power
Might not the result be as in
Would it take a revolution to granted, power responsible only to its own desires,
final embracement?
discard it? Has not Senator Lodge declared that inevitably leads to power seized or assumed.
Out of
conclusion
successful
the
a
murk
Lincoln fought a war to
and muddle of present thought and tenwithout asking these "control" laws? Can there be dency there is one way a return to the principles
any comparison between a supposed autocracy in of the founders of this Government, Neither the
Lincoln's day and that which could be created in the extreme of Federalism or of Republicanism preBut from the clash and compromise a dispresent might and magnitude of the country? Why vailed.
changing
possibly
are
tinctive
form of government was erected that all
not, if in fact if not in name we
into this much condemned and hated form of rule; powders not delegated are reserved to the States and
why not, if it is a vital element in our welfare and to the people. And it is idle to talk of Washington
safety that this thing be done; call a Constitutional and Hamilton as a defense of dictatorships.
A conconvention to remake our form of government? dition of war does not, and, as we believe, should
gress can always
—
—
—
AU&. 25
THE CHRONICLE
1917.]
751
powers are invoked.
Peoples are girded to heroic
endeavor. The largest word in the world is duty.
Individuals are exalted. The ecstasy knows no
bounds. Life is sacrificed in abandon. Men toss
for a hundred and forty years.
To win the war becomes a distinctive purpose. it away as children cast away the baubles of an hour.
In our opinion it does not require a change in our form And behind all thought, is love. Words become
And those who advocate it imperil talismans; right, justice, humanity, peace, patriotof government.
But civilization is written in one
democracy throughout the whole world, and must be ism, democracy!
held to subvert our institutions, however earnest and phrase, human helpfulness and this is love.
"To make the world a little better for having
honest they may be. We need a new definition,
If it does,
not, change our form of government.
and we pass under the heel of a tyrant, we shall have
sacrificed everything we have held dear and sacred
—
but a reaffirmation of the old definition, of lived!" Good deeds, like raindrops, make the sea
tossed now in the red waves
Civilians, citizens worthy to bear the the sea of civilization
patriotism.
name, in our republic, are patriots, as well as our of tumult. There are millions who would sacrifice
The failure of citizenship necessitates the all for civilization, for the good of mankind. Seized
soldiers.
mailed hand, the perpetual armed force. As citi- with the fervor of service, they march under the
To destroy oppression, to
zens, with our peculiar duties, we should be worthy banner of democracy.
establish
aloud
freedom,
realize
the dream, as they see
to
We will not be when we cry
of our soldiers.
Death is invoked
for one-man power to save us from defeat and des- it, vast armies clash in battle.
We are not when we shirk responsibility and that life may have liberty. Behind the lines continy.
seek to shunt it on the shoulders of one man. We secrated women wipe the blood from pained lips; and
cannot meet the dangers from without by running uncalled millions toil in field and factory to overcome
from the dangers within. Little good br glory will the devastation of death. So love and life are one.
result from this war if it leads us under the yoke of There is no other duty than "to love."
__
We pass from the abstract to the|concrete. There
a tyrant, even though he be named a dictator. Let
us hope that our soldiers, when they return from their are thousands of earnest men and women who find
high mission, will come back home, to the old land themselves without any fine frenzy for war. They
and the old institutions, which have carried us for- would help mankind, but this method they abhor.
ward in peace and good-will since the beginning, to a Doubt seizes upon them, even dismay, in the presence
government which, in its protection of life, liberty and of duty. They are pained by the inconsiderate
Women rush to
the pursuit of happiness, through individual ini- words of "slacker" and "traitor."
relief societies, and men hasten to works of charity.
tiative and endeavor, is an example to all the earth!
What of the man who finds no way save in the
FORGET"— EVERY
DUTIES. vocation of his choice? Shall he deride himself that
"LEST
Nations may rise and fall "like he is not his brother's keeper, that he seemingly lives
Life persists.
bubbles on the ocean." The generations may come for self, that others make the world safe more than
and go; but life goes on forever. We cannot prove he? There is one truth that outweighs them all!
What is this civilization we possess, revere, vision,
in a scientific way, as yet, the immortality of the
soul.
We may search ever so deeply with the and seek, if it be not the equilibrium of effort, the
It knowledge of truth, the flowering of love?
Leaders
scalpel, but the principle of life still escapes us.
The mystic beholds in the physical of thought, soldiers of war, civilians of peace, do not
seems uncreate.
He sees in mountains and plains the alone make it. Composite of all peoples and States,
only illusion.
thoughts of the Infinite. The spiritual is the eternal. it is yet the communion of individuals in love. Its
Under the snows of winter the agencies are manifold. Brave men and wise regard
Life is of the spirit.
Some- war as one of them. But if there be aught in philosotiny seeds make ready for the spring-time.
where, in a world out of time and out of space, the phy it is an evil that good may follow. Commerce
rose lives, that, by the alchemy of growth, emerges is another, and though it may wrong, forget love,
through the dull cellular structure of seedpod into and deny sacrifice, it uses no physical force to acthe regal flower of beauty. Life, only, lives; death, complish its ends. Philanthropy is another, before
only, dies.
which disease and suffering vanish slowly and surely.
Civilization is the flower of life.
It is the sum of But none of these equal the multiplied millions of
our human ideas and ideals. Like a shining river it daily acts of kindly love that make life happy and
The end of effort is rest; the contented. And here the gentle duty of "the cup of
flows to an azure sea.
purpose of life is love. The tide flows, the tide cold water," from the infinite well of human kindness,
The emblem of eternity symbolizes the prime essential of a world's civilizaebbs, and the sea is still.
The symbol of time is the scythe. tion, and lifts the simple life of the man who "minds
is the circle.
But the glory of life is its faith, a form of spiritual his own business," fails not to be a friend in need,
In the midst of life, we are in death. The and toils at the task nearest at hand, to a glory no
energy.
unwearied search of the intellect erects institutions other life attains.
which
is
—
—
WE
DAY
arts; philosophies and religions listen eagerly
"tapping on the wall;" but it is the human
the
to
heart (love) alone that "weeps and trembles" in the
presence of the majesty of the Divine. Knowledge
"Lest we forget" the
is power, but love is life.
the greatest thing to remember in the world
of to-day is that if this life of love be not the best
thing in civilization, then the world is not worth
And the beauty of it is that if the leaders of
saving.
men and the States of the world were possessed of the
of maintaining the equilibrium of effort, the
humility that lives in these unassertive deeds of daily
being there would be an end of war. Buddha, throwing off his princely robes, wandered the world for
opportunity to help his kind. From pain to pain
and poverty to poverty he ministered to the poor
and outcast. And at last, meeting a famished shewolf on a lonely mountain pass he cast down his
and
—
duty
momentum
we
of energy, the civilization of beneficence,
possess, lies in the exercise of love!
We
are living in storm
and
stress.
Death reaps
And mankind moves toward
a fabulous harvest.
the
Strange and fantastic visions float
goal of peace.
Mighty issues are at stake. Awful
the mind.
m
And
THE CHRONICLE
752
body that thiough
this suproino sacrifice her youri^
bo suckled. To die that others may Hvc
Sacrifice, if it indeed be
requires no other death.
A State cannot
necessary, requires no resistance.
be saved by annihilating it. Physical force docs not
And the greatest love is that which is given
reason.
to an enemy.
Men look upon this mad carnage and grow sick at
heart that they can do nothing to stop it.
Yet that
lived
were
there
no war is prelife they would have
serving the essence of the highest civilization we have
And it must be preserved, or even this
attained.
inexplicable war, from which in the eyes of many so
much is to be hoped, will itself be a failure. And so
we come to this lesson of the hour. To so live that
the things peace and progress we have already gained
be preserved and passed onward, mayhap a little
better, to those who are to come, is a duty and a
heritage to be revered of all men, whatever be the
individual opinion of war and of this war.
In
countless ways, in home and school, in church and
mart, this opportunity comes to every man. Man
Almost the stormbuilds as the coral insect builds.
waves cover these islands of the sea. Our institutions, laws, literature, science, art, our thought and
our love, these must be preserved until the calm
shall come.
It is a helpful thing to the individual
to turn away at times from the numbing horror of
it all, and taking up some favorite study cleanse his
mind, or by some simple act of neighborly kindness
renew and refresh his heart. Let us not forget that
the duties which never die are the duties of that life
of love which abides in the heart of the Infinite.
miglit
DIMINISHING PROFITS AND THEN
INCREASING THE TAXES ON THEM.
The rabid
talk of late,
by two
or three
members
the Senate who cannot be supposed to really
represent their States, about "conscription" of
wealth and in favor of putting the cost of the war
of
more
largely
in
present
taxes
rather
than bond
{)iofit
an
[Vol. ins
therefore he deprecates too fierce levies
now, iest they weaken future ability.
Observe the forecast which one Washington correspondent furnished on Wednesday. The President, he says, "is determined" to make mandatory
one price for Government and the public upon fuel
and fuel oils; this agrees with his announcement of
some weeks ago that Government and the public
ought to have the same price. Further, "the object
which the President has before him at all times is the
lowering of prices to the ultimate consumer." This
So he will
is what the consumer wishes, surely.
of
anthracite,"
delay
take
the
matter
up
"with little
and he hopes "the industries" (meaning all industries under the control) "will voluntarily furnish
supplies at the Government prices to all or will be
compelled to do so by the force of public opinion."
We hope for the best, of course, and do not wish
to raise difficulties or to increase those which raise
But where will be the taxes on excess
themselves.
or war profits if there are no profits, and how wall
the consumer be able to buy at prices to suit him and
the dealer also be able to stand the taxation which
Congress is so set to pile upon him? Is it not an
unalterable law that the consumer pays everything?
So are we not trying to move in several directions at
once if we are going to make commodity prices very
low (where we all wish them to be when we go out as
buyers) and taxes very high that is, high upon
those who are assumed to be making profits and to
be very rich?
The problem of price-fixing cannot be solved by
wooing speech towards it or by minatory movements;
The
in this lies the difficulty of the control scheme.
theory that costs of production plus a reasonable
profit are to be allowed is as simple in statement as
any other formula, but in determining and carrjdng
out the trouble begins. The prices to be arrived
at, we are further told, are to be such as will prove
"fair and stimulating," and we had already been
told that they shall permit a just profit and a healthy
growth. We are told, too, that the investigation
of steel has shown such a variety of costs that a
—
and against taxes upon articles of general
consumption, apparently had an effect in the vote single price for all producers is impracticable. Is
on Wednesday by which the Senate overrode its not that precisely what should be expected?
own Finance Committee and joined the House in
As has been said, the utmost forbearance, pracinlarge
piling higher the proposed surtaxes upon
tical business sense, and regard for private rights
comes. It seems useless to discuss in detail propo- are needed in grappling with this problem, which
sitions which are liable to take a new shift before is, in our opinion, larger than any man or set of
comment can be printed, but some of the language men can manage. With these should go very
employed is actually wild and recalls the phrases moderate expectations about price low^ering. The
we used to hear, in years now gone past and tem- test will come when the control attempts to do the
porarily forgotten, about "swollen fortunes" and controlling.
Meanwhile, it would be only common
issues,
wealth." Senator Lewis of Illinois
declared that the Treasury has proof of a robbery
of 300 millions by perjury and various forms of
trickery in connection with income tax returns by
rich men, and that if "this set of very wealthy men"
prudence for Congress to restrain the disposition
to attack profits very severely in a tax law while
attacking them, "at their source," in another.
may
the friendly wish to find the proposition acceptable.
The bill, in form amendatory of the act establishing a Bureau of War Risk Insurance, Sept. 2 1914,.
"predatory
had behaved honestly the Government would in THE PROPOSED GOVERNMENT INSURANCE
FOR THE ARMY AND NAVY.
past years have had funds enough for preparedness,
There is general agreement concerning the proand another Senator said he will offer an amendment conscripting all incomes over $100,000. No priety and necessity of making adequate and even
sane person can suppose that if proofs of any such liberal provision for our forces in the Army and
evasion existed the prosecutions and convictions Navy, and concerning the great desirability of a
better scheme than the ancient one of pensions.
would not have followed.
Any comment upon the pending insurance bill is
taxes
Senator Lodge, who defends consumption
as sound in principle, vainly sought consideration therefore made in full recognition of this, and in
for the undeniable fact that another revenue bill
be needed hereafter and that it may become unavoidable to cut very deeply into excess or war
AUG. 25
THE CHRONICLE
1917.]
753
and begins by establishing divi- ability, and the liberality of the provision made
sions in the Bureau for military and naval insurance, must be put into expressions of insurance in order
under commissioners at $51,000 salary. It appro- to be best judged. The minimum compensation
priates 1100,000 for salaries and incidental expenses, to a widow alone is $30 monthly, which is equivalent
For a
141 millions for military and naval family allowances, to a lump sum insurance of $9,000, at 4%.
if
of great length,
compensation, widow with one child the minimum is $40; if she has
milUons
to cover in- two children, it is $50, and $5 more for each child;
services and supplies; and 23
surance liabilities incurred, any premiums collected the equivalents of these and of the maximum $200
monthly the reader can quickly compute for himto go into this fund.
self.
compulsory.
These are in case of death. In case of discontributory
and
The plan is both
The term "enlisted man" is used throughout, but ability, the minimum $40 monthly is equivalent
presumably this is intended to cover those con- to $12,000 in lump sum insurance.
The average amount of policy now outstanding
scripted.
Out of their pay it is proposed to compel
officers and privates in either Army or Navy to in the life insurance companies operating in this
allot a minimum of $15 and a maximum of one-half State is about $1,800;' or, if industrial is included,
pay monthly for the support of dependents, and the average shrinks to about $500. This shows
this is to be supplemented by governmental allow- how much insurance the average person carries, in
ances of from $5 to $32 50 monthly (and more in ordinary times, and we think it will be clear that
some cases), payable only if and while the allot- not only are the amounts proposed as above sketched
ments are made. The family allowances shall run amply large (judged by the customs of everyday
from the date of enlistment to death in or to one life) but the terms offered are exceedingly liberal.
month after discharge from the service, but for not For not only must the insurance part as ju.st sketched
more than a. month "after the termination of the be considered, but the provisions for support of the
present war emergency."
In case one-half an en- dependents of the absent one must be joined with
listed man's monthly pay is not allotted, regula- that.
With this the bill might stop, but it adds in
tions "to be made" may require, under circumstances
and conditions to be prescribed, that any part of another article an insurance of $1,000 minimum,
the one-half not allotted may be withheld and placed increasing by multiples of $500 to $10,000.
This
to the man's credit, at 4%; this, "when payable," insurance must be applied for within 120 days after
shall go to the man, if living, or to his designated enlistment or after entrance into the active service,
beneficiaries, or to his next of kin.
persons already so engaged when the matter is pubArticle III provides for death or disability result- lished having the same 120 daj^s.
Any person in
from
ing
the service, and this covers female nurses active service on or after April 6 next, who, while
If death occur after dis- in such service and within the 120 days, becomes
while in active service.
charge or resignation (no time allowance being totally disabled or dies, without having applied
specified) the United States shall pay burial expenses for insurance, "shall be deemed to have applied for
up to $100, "as may be fixed by regulations." With and to have been granted insurance, payable to
one qualification, which it is not necessary to note each person during his life in monthly installmenta
here, death or disability must occur before or within of $25."
Should he die before securing 240 such
a year after discharge or resignation, in order to installments the remaining ones shall be paid, if he
found title to any compensation. There are some leaves wife, child, or widowed mother. The prereasonable provisions for methods to be followed in miums to be paid are stated, not in figures, but in
re-educating and rehabilitating the injured so as an actuarial expression, and are understood to be
The rate of compen- $8 per $1,000, irrespective of age. This is "term"
to fit them for some service.
sation, and the term of its payment, vary with the insurance, and Section 404 provides that "during
conditions of the case: for example, payment to a the period of the war the insurance shall be term
widow or a widowed mother shall continue until insurance for successive terms of one year each,
two years after her death or remarriage, and that to convertible after war, without medical exaviination,
or for a child shall continue until such child marries into such form or forms of insurance, and with such
or becomes 18, or if some defect forbids following provisions for premium payments, as may he preany substantial gainful occupation, then the pay- scribed by regulations." The premiums are not to
ment is to last until marriage or death, or the be required for periods of more than one month
ending of the incapacity.
each.
The maximum monthly compensation for either
The looseness of the above section is enough to
death or disability is $200. In case of a disability. condemn it. It will be said that the insurance
which prevents any gainful occupation, the monthly companies, which have frankly avowed their incompensation is to range from 40% of the monthly ability to handle the subject of the war risk, are
pay, and not less than $40, to 60% and not less than opposed because they foresee or fear in this the
$75; if the person is so helpless as to need a con- beginning of a permanent scheme of life and accident
stant attendant, a reasonable further addition up insurance by the Government, upon terms which
Also, such medical, they cannot offer.
The objections to the entry
to $20 monthly may be made.
surgical and hospital services and supplies, includ- of government, Federal or State, upon any such
ing artificial limbs and the like, as are deemed useful line of business are sufficiently serious; but we will
and reasonably necessary "shall" be furnished, and not discuss those now, because the country is rush"the amount of each monthly payment shall be ing into socialistic undertakings and therefore argudetermined according to the family conditions ments against it might not receive proper weight
then existing." The variations according to cir- at present. Let us, instead, take the objection
cumstances are too many for us to specify.
that the companies cannot compete.
Now "compensation" is understood to be and in
That they cannot, and why they cannot, is evfact is a form of insurance against death or dis- dent.
Anybody can perceive the vast difference
$12,150,000
for
funeral
expenses,
THE CHRONICLE
754
between insuring the risk of dying within a few
years and insuring that risk for the entire span of
The cost of "term" insurance (a form Httle
life.
used) is low, because the mortality risk for a few
years is low; yet no company would issue term insurance upon civilians at such a rate as is proposed
The war risk is an extra factor. One
in this bill.
company reports that it found the extra mortality
in the little war of 1898 to have been SIG 70 per
A few years ago, when trouble with Mexico
$1,000.
seemed imminent, war permits at an extra were
issued; but the companies could not then reach a
common ground of estimate,^ and they are less able
A few, in England as well as here,
to do so now,
have tentatively tried to cover the hazard, but their
experience has not been very encouraging.
The
simple fact is that there are no data of experience
upon this, and the Treasury estimate of 556 millions as the probable cost for the next two years
is sheer guessing; experts can guess no better than
Indeed, the companies are already exothers.
posed to an unknowable hazard because some
holders of old policies having neither war clause
nor .war extra have entered or may enter the service,
and on this account a suspension of "dividends"
has been suggested, in order to fend off against any
possible impairment of strength.
The pending proposition is to charge approximately the net rate (for mortality alone) for oneyear renewable-term insurance on men of the average ages of the soldiers, and to carry the unknowable
war risk and the costs of administration without
making any charge for either. Mathematically
be said that
nevertheless the_ Government "can" do it, in the
same sense the Government can pay for all the supplies it needs any prices the sellers might demand,
which is the very thing the food control and the
other forms of control are sedulously aiming to
avoid. Moreover, the country has entered upon a
speaking,
this
is
impossible.
If
it
(Vol. 106.
the late Justice Brewer, quite Lincoln-like in its good
sense and in its quaintness of expression, was that
when a judge has made his decision he is subject
to reasonable criticism like other folks,
when he has made the
giving bad reasons instead of keeping them to
add that
slip of
and we might
this is especially so
himself.
How
could this be otherwise in a democracy, a
form which recognizes infallibility in no man, albeit
a few get so inflated as to fail to recognize the lack
of that superhuman attribute in themselves?
The
power of decision must vest somewhere, or we revert to chaos, as by the nonsense of the "recall."
When we get a decision we do not like and do not
believe sound, we must submit until a higher tribunal
reverses it or the final one may reverse itself; but
meanwhile we can do decently as Justice Brewer said,
and thus feel better. Many thousands did not vote
to give the present occupant of the White House another term, and probably would rather another man
were there; but now only the foolish and the unpatriotic would do otherwise than wish him wisdom
and accord him all possible help.
Playing with matches in the open street and in a
fireworks depository are two different hazards.
When a few silly women who ought to be engaged
in some useful work take up in Washington what
they call "picketing" and placard the President as
"Kaiser" Wilson, we assume that he has too much
sense to feel any personal annoyance, but the plague
should be suppressed when it becomes obstructive
of the streets.
The
subject of this particular fanati-
cism is so narrow that it could hardly be misunderstood anywhere, but when street declamation assails
government upon the prosecution of the war another
situation arises.
Commissioner Woods's opinion
that "the right to hold meetings in the streets is of
course clear" should be accepted subject to some
qualification; for it is not well to lose sight of the fact
that in the
main the
streets are for transit.
This
whose duration and stresses are beyond permits incidental conversation and casual discussion
Holding meetings and
sight, and upon new lines of policy whose workings which draws no crowd.
and results are unknowable. Surely this is no time parades, however, would appear to be a matter of
privilege, and being liable to abuse should be subject
for jumping ahead with eyes shut.
article,
last
to
discriminating permit.
Some of the declamatory
The conclusion is entirely clear: the
covering the insurance plan under that name, should talk uttered in our streets of late is plainly treasonbe dropped from the bill, for the other provisions able and should be checked.
The general strike ordered openly in four far
are both ample and generous.
western States was not attempted on Monday (the
STREET ORATORS AND DECLAMATORY TALK. day named) perhaps because the spokesman of the
In the course of some impassioned oratory in the I. W. W. and twentj^-six of his fellows were placed
The
Virginia House of Delegates, the youthful Patrick in jail as military prisoners on the day before.
Henry declared that Caesar had his Brutus, Charles I Government "has directed," says a Washington
had his Cromwell, and George III, and (when the dispatch, "that any necessary steps be taken to
Speaker had cried "treason") he added, "may profit prevent interference with industries essential to the
by their example; if this be treason, make the most prosecution of the war." Are not all legitimate
This was in May of 1765. In the century industries thus essential ? The writ of habeas corpus
of it."
and a half since we have learned that a cat may look may be suspended when "in course of rebellion or
A writ
at a king, that kings are really very fallible and not invasion the public safety may require it."
and
exholding
has
just
been
Georgia
that
refused
Federal
Court
in
by
a
mortals,
and
wholly admirable
Inflammatory talk is
pressing uncomplimentary opinions about rulers, which upheld the draft law.
of
perrife,
part
even
in
high
places, and it may cause vast
even under a democracy, is a necessary
men
power
in
mischief
by
being
set
used
to create a belief that this
men
whom
Those
liberty.
sonal
may depose, and while they are in power they may country is divided as to prosecuting the war. The
be talked about. This is true even of the judiciary. hand of government, so raised in warning against
Most thoughtful persons have at one or another time those who are counted among obstructionists for
privately dissented from the Supreme Court, and the sake of personal gain, should be at least equally
the "Chronicle" has said of one decision by that prompt and stern against these other would-be
body that it was erroneous in some of its statements obstructionists. But ordinary freedom of speech
A sajdng of of course must not be interfered with.
of fact and illogical in its deductions.
struggle
i
AUG. 25
THE CHRONICLE
1917.]
755
000 of manufactured goods. The following year,
the farm products exported'were worth about $194,000,000, while less than a fourth of that amount repOttawa, Canada, Aug. 24 1917.
resented manufactured goods. In 1914 manufacof
orders
With a gradual decrease in the volume
tures came up to $57,000,000, while farm products
placed in Canada by the British Minister of Muni- were $251,000,000.
With the heavy export of mutions, many of the manufacturers have already nitions, the manufacturers sent abroad goods worth
commenced the re-adaptation process which the over $242,000,000 in 1916, while farm exports stood
For- at $352,000,000. When the war ends, however, and
declaration of peace will necessitate for all.
tunately shipbuilding orders have filled in an other- probably beginning with 1918, the enormous lead of
wise awkward gap and will help bridge over hazthe farm as an exporting factor will reappear.
Inardous ground for not a few.
deed, taking the five years preceding 1916, the prodThe country, however, is under no delusion ucts of Canada's forests alone represented a greater
respecting the probable trade dulness of 1918 and factor in export trade than all other manufactures
some succeeding years. The banks have frankly combined.
The same truth applies to Canada's
INCREASING POLITICAL CONTROL OF
FARMERS IN CANADA.
recognized the portents by insisting upon a close
over industrial loans. The conservative attitude of the larger corporations towards the distribution of profits at this time has steadied the confidence of the business community.
rein
Meanwhile the political currents of the moment
boil and foam as not for half a century.
Beneath
it
a movement that will affect the business
of the country when partisan tactics have been
all
life
is
forgotten.
The support
of
the
prairie
provinces
any party expecting to
win the next election. To-day the West is realizing
its strategic advantage and at the time of writing
has sent its delegates to consult with the Prime
is
absolutely essential to
Minister with a view to the entry of a few grain growers into the proposed union cabinet.
Coupled with
this move is a very outspoken demand from Western
newspapers and leaders that the economic handicaps
of the prairies shall be readjusted and at the expense
of a doctored tariff.
The Western farmers want
free lumber, farm machinery and an open market
to the south for their grain.
The latter demand
was recently granted in respect to wheat, only to be
denied immediately by the Grain Controller intent
mineral exports^
INVESTMENTS OF THE LIFE INSURANCE
COMPANIES.
A
submitted to the recent annual meeting of the Association of Life Insurance
Presidents analyzes the investments of the companies and the relative changes therein during the
decade 1904-14; it is difficult to come down to a
still later date because the official reports, unfortunately and needlessly, omit to group bonds according to classes but lump them all together.
Some figures of life insurance progress in both the
last and the previous decade are given, which are
of interest intrinsically and have also a collateral
bearing upon changes in the classes of investments.
In 1894-1904 the population and the national wealth
rose respectively 21.93% and 43.37%, and wealth
per capita rose 17.46%. Life insurance in force
rose 125.45%, and the amount in force per capita
rose 85.36%; the numbers of ordinary and indusstatistical report
trial policies rose
respectively
182.42% and 128.54%;
the average size of the Ordinary policy decreased
22.61%, while that of the Industrial increased
upon his fixed maximum for wheat and the prevention of any side-stepping by the door of export
into the United States.
In the minds of many observers, little doubt is
felt that the next ten years will witness a great
strengthening politically of farmers' organizations,
16.24%. The number of companies rose from 56
to 93, an increase of 66.07%, and admitted assets
rose from over 1,073 to almost 2,500 millions, an
In the next decade,' 1904-14,
increase of 132.86%.
increase
population
was smaller, 19.62%, but
the
wealth in mass and per capita rose more, respecEast and West, and a corresponding prominence of tively 94.17% and 62.32%.
Insurance progress
farmers' legislation in the House of Commons.
Or- was more in absolute amount but less in ratio. Inganization and propagandist work have been left surance in force increased 72.08%, and that per
to the manufacturers and the banks, with the result capita increased 43.83%.
The absolute increase
that, rightly or wrongly, the West nurses a decided in both ordinary and industrial was greater than
grievance, and is at last reaching our for the levers in the previous decade, but the ratios were smaller,
of political power at Ottawa.
being respectively 77.65% and 98.79%. The averIn this ambition, the agricultural interests have the age size of policy declined in both fields. The numsupport of many public men of all parties, who believe ber of companies increased in both total and ratio,
that the emphasis of legislative encouragement has from 93 to 250, and the ratio of increase was 168.81%.
gone in undue measure to the Canadian manufac- Assets increased in amount from almost 2,500 to
turer.
The agricultural population of Ontario, New 4,935J^ millions, and the ratio of increase, 168.81%,
Brunswick and Nova Scotia has decreased steadily also rose heavily.
through many years. This has been accompanied
For the year 1904 the investments of a little over
by an absorption of ruralists into the towns and cities, two-thirds of the companies then doing business
with a sHght reaction since the war commenced. but holding 99^% of the admitted assets have
Only mild measures have been applied to help undo been analyzed; for the year 1914, because of the
this gathering prejudice of farmers' sons against a increase in young and comparatively small comrelatively unprofitable calHng. Despite the mammoth
bill of manufactures exports during the last three
years of war, running to $240,000,000 in 1916, only
a very small portion of the total exports in normal
times has represented other than the product of the
natural resources.
In 1912 Canada sent beyond her
bordeis $155,000,000 of farm products and $35,000,-
panies, the analysis covers only
463^%
number, but those hold 97.9%
of
of the total
admitted assets,
so that the omitted ones are of immaterial account
for this purpose.
The
real estate held has declined, absolutely
and
in proportion to total assets, the ratio to the latter
being only 3.40% in 1914.
The
largest increase in
THE CHRONICLE
756
mortgages, which hold and apparently
are likely to hold the premier position for a considerable term ahead; their amount rose from 681
amount
is
in
from
34.46%, the increase in total being over
979 millions and the ratio of increase being 143.76%.
Next in growth come premium notes and loans,
which rose from a little over 1873/^ to almost 7223^
millions; the absolute increase was a little over 5343-4 millions, the ratio of increase was 284.98%, and
to over 1,6G0 millions; their ratio to assets rose
27.37%
to
the ratio to total assets, while still not large, rose
from 7.54% to 14.94%. This is an undesirable
change, and one that is still under serious discussion
by the companies.
All
stock
holdings
combined
declined
from
(Vol. 105.
by this time to be
and they ought to carry more weight than
individual owners ought
among
familiar,
they appear to carry as against the wild notion, one
of the wildest which could get a foothold among a
people where illiteracy is comparatively rare, that
They
the railways are the property of "the rich."
serve the rich less than they serve the common
people, because the latter are vastly more numerous;
they belong, in fact, as well as in every relation of
importance, to the common people whom they serve.
We shall never begin to view the subject of transportation from the proper angle until we take a
realizing hold upon this fact of both public service
and public ownership.
a
WHEN
little over 1243/2 millions in 1904 to a little under
753^ millions in 1914. Railroad stocks declined
from a little over 453/^ to a little over 33 millions;
pubhc service stocks, from a little over 19^ to just
under 13 millions; bank and other financial stocks,
from just under 56 to a little over 27 millions. The
ratio of these holdings to total assets was in no instance as much as 3% in 1894, and the changes in
ratio
bonds
are
is
therefore
The movement in
made
negligible.
in the other direction, the distinction
by the insurance laws being largely a sufficient exRailroad bonds rose from $750,668,349
planation.
1904 to $1,256,000,282 in 1914, an increase of
over 5053^4 millions, but the ratio of amount to
Public
total assets fell from 30.16%o to 26.00%.
little
under
111
over
from
a
to
Service bonds rose
185^ millions. State, county and municipal bonds
rose from a little over 163 to a little over 5343/^ milIn this
lions, the ratio of increase being 227.59%.
class of investments appears a very marked rate of
growth. In 1902-13, according to the figures of
the Census Bureau, the total municipal indebtedness in the country increased 1,845 millions, or about
113%, while the life companies have nearly doubled
their own rate of investing and have absorbed more
than 20% of the total increase in such bonds.
in
The absolute
increase
bonds, 5053^ millions,
in
and
holdings
of
railroad
increase in the total issues of such bonds.
The
pro-
bonded indebtedness of
the country held by the companies has fallen a little,
being 10.86%) in 1914, against 10.92% in 1904.
The statistics of savings bank investments show
a marked and interesting contrast. Their deposits
rose from just under 1,748 millions in 1894 to 2,918^
millions in 1904 and nearly 4,977% millions in 1914.
In railroad stocks and bonds they held a little under
portion of the total railroad
121%
and
U
Why do some modern architects assvme that is V and
carve in stone that palpable and bold abs\Tdity ?
Now that we possess the U, with soft and gracefvl cvrve,
of vnexcelled docility and willingness to serve, why do they
carve VNITED STATES and PVBLIC SCHOOL and svch
and make the English langvage look as fvnny as the Dvtch,
with RESTAVRANT and
CAR and VXIVERSITY, and other marks of edvcational perversity?
That V impresses some of vs as cheap and gavdy blvff,
which parvenves may pvU in place of more svbstantial stvff
bvt people who are fashioned ovt of vnpretentious dvst,
PVLLMAN
svch affectation with an vnassvmed disgvst. Svch
make vs glvm and blve. Now, honest
Injvn, don't they have the same effect on yov?
view
millions in 1894, almost 292 millions in 1904,
over 8783^ millions in 1914, the ratio of increase
having been 139.85% in the former decade and
200.80% in the latter. On the other hand, in the
Mr.
EXPANSION AND INFLATION.
George E. Barrett of Bonbi'ight & Co., has
decade their investments in State, county, and
other municipal bonds show a decrease of over 6934
millions, or nearly 6%, as compared with the in-
227%,
in case of the Life
companies.
All that has ever been said in the "Chronicle"
concerning the wide distribution of railway ownership remains in undiminished force and is also undiminished in both importance and timeliness. The
life companies now have over 26% of their assets
thus invested, and the savings banks have some
17% of their deposits thus placed. Figures showing
the wdde distribution of prominent railway stocks
prepared
the following interesting analysis of the inflation possibilities
provided under the recent amendments to the countrj''s
banking laws. His computations and deductions merit
careful
attention.
Expansion and Inflation.
The Federal Reserve banking system was inaugurated
for all practical
purposes at about the beginning of the present war.
Important amendments have since been made. While much has been written about the
operation of the new banking system, it is proposed herein to bring down
to date the information regarding the expansion which has taken place and
that provided for by the present law.
Extent of Expansion
to
Date.
The
following table is of interest in connection with the expansion since
the beginning of the war, as compared with the 3-year period preceding it.
Increase 1914
over 1911.
Gold supply
Money
Increase 1917
over 1914.
Present
Amount.
426,400,000
23%
1,200,000,000
63%
3,090,000,000
226,000,000
8%
1,262,000,000
39%
4,850,359,720
in circula-
tion
Loans and discounts
national banks-. 819,162,000 15% 2.388,000,000
Loans and discounts
other banks (estimated)
1,496,847,000 20% 3,296,330,000
37%
37%
8,816,000,000
12,205.330,000
An unknown
part of the increased gold supply has undoubtedly been
added to the bullion reserves of the country and does not enter into circulation, but may be used in settling international trade balances.
The stock of money in circulation has been decreased by the retirement
of over $420,000,000 of national bank notes since 1914, and has been increased by a large part of the $1,200,000,000 additional gold and the issuance of $549,244,000 Federal Reserve notes.
The item "loans and discounts" is used as a better index of expansion
than "deposits" which increased in even greater extent. The present
amount of loans of banks other than national banks being unavailable the
same percentage of increase over 1914 as that of national banks was used.
Future Expansion Provided.
There are three principal means provided for expansion, namely:
1.
latter
crease of 371 millions, or
all
exhibitions always
also the ratio of increase,
67.32%, have not quite kept pace with the 68.28%
"f/" 75 "V."
(From "Printers Ink.")
2.
3.
Reduction of legal reserves.
Rediscounting privilege.
Issuance of Federal Reserve notes.
—
Reduction of Legal Reserves.
Before the Federal Reserve Bank Act,
the national banks were required to have reserves of 25%, 25% and 15%
respectively for central reserve city, reserve city and country banks.
The most recent reduction lowers the reserve to 13%, 10% and 7% respectively against demand deposits and 3% against time deposits.
Since
the reserves of national banks are being held by central reserve city,
reserve city and coimtry banks in the proportion of about 24 % 28
and
48%, however, this means that if deposits were expanded on the basis of
the proportion of the reserves held the actual reserve required under the
present law would average for the country anly about 8.75%. As only
reserve is required against time deposits and as the ratio of demand to
3
time deposits for all national banks is about 4 to 1, the reserve required
by the law against all deposits would be reduced to an average of about
1.
,
%
%
7.58%.
According to the Comptroller's report of June 20 1917 the national banks
held as reserves $2,310,000,000. Under the new reserve requirements
deposits could, therefore, be increased to $30,475,000,000.
On June 30
1917 the total deposits of national banks were $12,769,000,000. An in-
.
AUG. 25
THE CHRONICLE
1917.]
crease of $17,706,000,000 could, therefore, take place and still the banks
would have a legal reserve under the present law. As the deposits of a
bank can be increased by additional loans and discounts, the reduction in
reserves practically provides for an increase of this amount in the item of
loans and discounts of national banks, which amounted to $8,816,000,000
on June 20 1917. a possible expansion of over 200%.
While the law has reduced the reserve requirements, it has also provided
Naturthat the reserve must be carried in the Federal Reserve banks.
ally the banks will require some till money and some allowance must be
made for this in addition to the reserves required to be carried in the
Federal Reserve banks.
As a matter of fact, on June 20 1917 the banks held reserves of 19.70%,
22.45% and 25.3.3% for central reserve city, reserve city and country
banks respectively. While these reserves are larger than those required
by law, the reserves of the central reserve city and reserve city banks
are less than those required before the war.
The increased expansion possible through the reduction of these reserves
would seem sufficient to satisfy the greatest demand for credit, but the
Federal Reserve Bank Act also provides large additional reservoirs of credit
Rediscounting Feature.
One of the purposes of the Federal Reserve
2.
AcD was to introduce the rediscounting feature of banking, whereby a bank
can take suitable short term paper to the Central Bank which will discount
it in the same manner as the bank that originally discounted it for the
customer, the Central Bank placing the proceeds to the credit of the bank in
the same manner as the bank placed the credit to the account of its depositor
who originally brought the notes in. The important feature of this operation is that when the proceeds of a note so discounted for a member bank
are placed to the credit of its account, it automatically becomes legal
reserve of the member bank and as such forms the basis for additional expansion of its deposits (which, in turn, means expansion of its loans and
—
discounts.)
The only limitation to this rediscounting operation is that the paper must
be of a certain character and that reserve of 35% must be carried by the
Federal Reserve bank in gold.
The banks either have on hand or can
obtain from their customers great quantities of paper in suitable forms for
rediscounting.
As the Federal Reserve banks can accumulate practically
the entire gold supply of the country, the restriction as to the gold reserve
may be practically disregarded. The fact is that the Federal Reserve
banks are in a position to rediscount hundreds of millions of dollars of paper,
increasing the reserves of the member banks by an equal amount.
Each
additional .15100,000,000 of reserves in member banks provides for the further expansion of their deposits.
Using such reserve on the average basis
of 7.58%, theoretically, over .$100,000,000,000 is available as additional
credits which the national banks can extend to their customers.
3.
Additional Federal Reserve Notes.
A recent change in the law permits
the issuance of these notes against gold, which tlien becomes part of the legal
reserve of 40% gold required against such notes.
An almo.st unlimited
amount of Federal Reserve notes may be i.ssued against commercial paper.
It would be impossible to calculate the total amount of notes which the
Federal Reserve banks can issue.
To date over $549,244,000 have been
put in circulation.
It is an economic law that the poorer money drives the better out of
circulation.
The Federal Reserve banks are openly conducting a campaign to concentrate the gold supply of the country in their hands.
A great
deal of the gold in circulation is in the form of gold certificates, issued by
the Trcasiu"y against deposit of gold, and it is a simple matter for the tellers
of banks to pass out Federal Reserve notes, retaining the gold certificates.
It should be pointed out that each additional .1100,000,000 of gold driven
out of circulation into the banks forms a basis for tremendous additional
expansion.
Since the Federal Reserve banks may issue notes against gold,
keeping the latter as a reserve, necessarily only 40% of its notes outstanding, they are in a position to accumulate most of the gold in the country.
Conclusions.
It is apparent that while there has been substantial expansion in money and credit since the war began the tremendous reservoirs
of credit provided by the present banking laws have been scarcely tapped.
The question as to the use of these additional credit resources is not one of
legality but of practical banking.
It is difficult to say how far further
expansion could take place without endangering our financial structure,
but apparently the danger point is yet far off.
With practically all legal instructions removed the matter rests with the
judgment of the bankers of the country.
—
—
.
757
one week, and the total amount outstanding at any one
time is not to exceed $150,000,000. The proceeds of the
bills will be used to pay off the bank loans made in the
United States by the British Government obligations incurred prior to the entrance of the United States into the
war. The advances which are being made by the United
States Government to Great Britain are to be used in the
payment of new purchases. There is to be no fixed rate
of interest for succeeding offerings of the Treasury bills,
the rate of each offering depending upon the money market.
—
The
bills
are the direct obligation of the
Government
of the
United Kingdom of Great Britain and Ireland and are payCertain
able in dollars at the office of J. P. Morgan & Co.
daily newspapers inferred that this issue was inconsistent
with the position taken last November by the Federal Reserve
Board. As a result of these reports. Secretary McAdoo on
Thursday issued a statement in which he said that there
had not been a reversal of the Board's position; he pointed out
that the transactions simply represented the conversion of
part of existing obhgations into another form, thus creating
He added that the conditions now existno new obligations
ing are quite different from those which prevailed last NovemThe Secretary's statement of Thursday follows:
ber.
.
Certain American banks and bankers have held for some time obligations
Government. The Treasury Department was asked a short
time ago whether or not there would be objection on the part of the Treasury
to converting $150,000,000 of these obligations into short-time British
Treasury bills. I stated that I saw no objection to such conversion from
the standpoint of our own Government's financing.
I regret that the impression is created in certain publications that this is
a reversal of the position taken by the Federal Reserve Board in respect
It is neither a reversal of that
to British Treasury bills in November last.
It is merely a conversion of a
position nor is it inconsistent therewith.
part of existing obligations into another form. The conditions now existing
The
are quite different from those which prevailed in November last.
present transaction creates no new obligations in our markets, and is designed merely to facilitate the payment of those already existing.
I may also state that the views and attitude of the Federal Reserve
Board are in complete harmony with the action of the Treasury Department, and that it gave me pleasure, while the matter was under consideration, to discuss it with members of the board.
of the British
The
British Treasury bills, while not available for rediscount at the Federal Reserve banks, are acceptable as collateral for the deposit of Government funds.
FURTHER LOAN TO GREAT BRITAIN.
A
loan to Great Britain of $50,000,000, in addition to the
sums previously advanced, was made on Aug. 21 by the
United States Government. As indicated below, the United
States this week also extended a further credit of $100,000,000
to Russia, the two serving to bring the total amount advanced
by the United States to the various countries with v/hich it
allied
is
up
to $2,066,400,000.
UNITED STATES EXTENDS NEW CREDIT TO RUSSIA.
A new credit of $100,000,000 to Russia, bringing the total
Government up
yesterday
(Aug.
was
made
24) by the
to $275,000,000,
is
stated
It
that
the credit
United States Government.
conferences
between
Secretary
of
recent
had been the subject
which
the
AmbassBakhmeteff
in
McAdoo and Ambassador
credits thus far extended to the Russian
NEW CANADIAN OFFERING OF WAR
The Canadian Government,
it is
said, is
CERTIFICATES.
now issuing a war
savings certificate which will sell for $8 60, netting a return
to the purchaser of $10 at the end of 3 years.
These v/ill be
placed on sale immediately at all Canadian Banks and
American branches.
In January last the Canadian Government announced the
offering of an issue of 3-year war savings certificates in $25,
850 and .$100 denominations, the prices being i-espectively,
$21 50, $45 and $86. For every $21 50 loaned the Government, $25 will be returned in 3 years, making the yield to the
investor of about 5.40% per annum.
The Canadian Government has also been offering sines
October 1916 to those in Canada who prefer other securities,
3-year Dominion debenture stock to be used exclusively
for the purchase of war supplies.
The stock is issued in
sums of $.500 or any multiple thereof. Up to the end of
June, $8,225,185 of the war savings certificates and $9,618,000 of the debenture stock had been placed. A description
of both of these issues wa.s published by us on Jan. 20,
page 207.
5%
SALE OF BRITISH TREASURY BILLS IN THE UNITED
STATES.
The
$15,000,000 ninety-day British Treasury bills
was effected on Wednesday last, Aug. 22, by J. P. Morgan
& Co., fiscal agents for the British Government in the United
The bills were disposed of in less than an hour on a
States.
5J^% discount basis. The offering was the first block of
short term Treasury bills which it is purposed to offer week
by week; no more than $15,000,000 are to be put out in any
sale of
sador pointed out the necessity of rendering aid speedily
so that needed supplies njight be sent to Russia before the
Some of the money, it is probable,
closing of her ports by ice.
will be used to purchase railway supplies and equipment in
In expressing the confidence yesterday in
this country.
the new Russian Government, Secretary of State Lansing
denied that news from Russia had caused this Government to
take a pessimistic view of the situation, declaring that instead
of there prevailing a feeling of pessimism, quite the contrary
had been created by the confidentail dispatches that have
been received. He was quoted as saying:
regard the Government of Russia as stronger to-day than it has been
I mean in general from political and military points of view.
This opinion is based upon reports more or less confidential that we have
I
for
months.
been getting.
The following note addressed by Secretary Lx v.iag to the
Russian Foreign Secretary, M. Terestchenko expressing
sympathy with the Russian Government in the burdens they
have assumed and the obstacles they have encountered, was
made public yesterday (the 24th) by Mr. Lansing;
.
I have the honor to acknowledge the receipt of your note of Aug. 3, in
which you transcribe a communit^ation from th'j Minister of Foraign Affairs of Russia to the Government of the United States.
A translation of that communication has been fcrnishod t:i the President,
who. in full appreciation of the vast task cinfrmting the Provisional
Government of Russia in the reconstruction of that country and the reorganization of its forces and of the energy with which tha'u Government
Is endeavoring, in the face of disloyalty and enemy inspire! propaganda,
to uphold the good faith of Russia, welcomes the assurance now given by
THE CHRONICLE
758
the Provisional Oovornmoiit of Husala of Its Intuntlon, of which the I'rosldent has had no doubt, of being dotorred by no difficulty In pursuing the
war to a final triumph. No less gratifying to the President Is the announcement by that Ooverninont that, like the United States, Uussla concentrates
With tliLs tenacity of purall Its forces and all Us resources to this end.
pose moving all the Allied (iovernmonts, there can bo no doubt of the
outcome
of the conflict
now
raging.
ask you to be so good as to give to your Governor renewed expression
of the Prasldenfs deep sympathy with them In the burden they have
assumed and In the obstacles they have encountered and are encountering
and his confidence that. Inspired and Impelled by their patriotic efforts
and guidance, there will emerge from the present conflict a regenerated
Russia founded upon those great principles of democracy, freedom and
1
•(luallty,
right
and
justice.
INCOME WAR TAX ACT OF CANADA.
The House ofiCommons at Ottawa on Aug. 17 passed tEb
Act refeired tojatilongth in these columns on Aug. 4, authorizing the levying of a",war tax upon certain incomes.
The
new law provides that there shall bo assessed, levied and paid
upon the income during the preceding year of every person
residing or ordinarily a resident in Canada or carrying on
any business in Canada, the following taxes:
(a) 4% upon all incomes exceeding ISI.SOO in the case 'of unmarried per
sons and widows or widowers without dependent children, and exceeding
$3,000 in the case of all other persons; and
(b) 2% upon the amount by which the income exceeds $6,000 and does
notloxceed $10,000; and
(c) 5% upon the amount by which the income exceeds $10,000 and doe
not exceed .f20,000; and
(d) 8% of the amount by which the income exceeds $20,000 and does not
exceed $30,000.
(e) 10% of the amount by which the income exceeds $30,000 and docs
not exceed $50,000; and
CD 15% of the amount by which the income exceeds $50,000 and docs
not exceed $100,000; and
(.0) 25% of the amount by which the income exceeds $100,000.
(2) Corporations and joint-stock companies, no matter how created or
organized, shall pay'.the normal tax upon income exceeding $3,000, but
shall not be liable to pay the supertax; and the Minister may permit any
corporation subject to the normal tax, the fiscal year of which is not the
calendar year, to make a return and to have the tax payable by it computed
upon the basis of its income for the 12 months ending with its last fiscal
year preceding the date of assessment.
[? (3) Any persons carrying on business in partnership shall be liable for
the income tax only in their individual capacity.
(4) A person who, after the first day of August 1917, has reduced his
Income by the transfer or assignment of any real or personal, movable or
immovable property, to such person's wife, or husband, as the case may bo,
or to any member of the family of such person, shall, nevertheless, be liable
to be taxed as if such transfer or assignment had not been made, unless the
Minister is satisfied that such transfer or assignment was not made for the
piu-pose of evading the taxes imposed under this Act or any part thereof.
(5) Taxpayers shall be entitled to the following deductions from the
amounts that would otherwise be payable by them for income tax:
(a) from the income tax accruing for the year 1917 the amounts paid by
any taxpayer for taxes accruing during the year 1917 under the provisions of
Part I of The Special War Revenue Act, 1915, and from the income tax
payable for any year thereafter.the amounts paid by the taxpayer for taxes
accruing during such year under the said Part I of the said Act; and
(6) from the income tax accruing for the year 1917 the amounts paid by
any taxpayer under The Business Profits War Tax Act, 1916, and any
amendments thereto for any accounting period ending in the year 1917.
In the case of a partnership each partner shall be entitled to deduct such
portion of the tax paid by the partnership under The Business Profits War
Tax Act,^1916, as'inay correspond to his interest in the income of the part-
_In^the'Act'just passed, and in any regulations
theisame unless^the context otherwise requires:
(c)
the Minister;
(/) for the purposes of the normal tax the Income embraced In a personal
return shall bo credited with the amount received as dividends uijon the
stock or from the net earnings of any company or other person which is
taxable upon Its Income under this Act.
(2) Where an incorporated company conducts its business, whether under
agreement or otherwise, in such manner as either directly or indirectly to
benefit its shareholders or any of them or any persons directly or indirectly
interested in such company, by selling its product or the goods and commodities In which it deals at less than the fair price which might be obtained
therefor, the Minister may, for the purposes of this Act, determine the
amount which shall bo deemed to be the income of such company for the
year, and in determining such amount the Minister shall have regard to
the fair price which, but for any agreement, arrangement or understanding,
might be or could have been obtained for such product, goods and commodities.
(3) In the case of the income of persons residing or having their bead office or principal place of business outside of Canada but carrying on business
in Canada, either directly or through or in the name of any other person,
the income shall be the net profit or gain arising from the business of such
,
person in Canada.
(4) For the purpose of the supertax only, the income of a taxpayer shall
include the share to which he would be entitled of the undivided or undistributed gains and profits made by any syndicate, trust, association, corporation or other body, or any partnership, if such gains and profits were
divided or distributed, unless the Minister is of opinion that the accumulation of such undivided and undistributed gains and profits is not made
for the purpose of evading the tax, and is not in excess of what is reasonably
required for the purposes of the business.
As stated by us
last
week,
tention, according to Sir
to substitute the
Tax Act
it is
not the Government's in-
Thomas White, Minister of Finance,
income tax
of 1916, but to use
for the Business Profits
War
both measures to the limit of
their possibilities.
Up to the end of 1918 the situation remains as it is for the
reason that, although the 1916 Act expires at the end of
If
1917, the tax on this year's profits will be paid in 1918.
the war should continue beyond next year, it mil be the duty
of Parliament, said the Minister of Finance, to re-enact the
measure. If the war should end before 1919, the country
would hardly desire to carry forw'^ard such a heavy impost
diu:ing the days of reconstruction.
Sir Thomas added:
There are firms in Canada which will pay next year $800,000, $1,000,000
and $1 ,500,000 in respect of their profits on this year's business. There are
companies in this country which will earn $2,000,000 and they will pay the
Government out of that $1,100,000. There was a case brought to my attention not long ago where a company makes $1,500,000, and it will pay
us $900,000 in tax.
The Government stands by the principle that, if abnormal profits, due to the war, are made in business, there must be abnormal taxation in order that the Government may take a substantial share of
these profits.
NEW
An
OFFERING OF $250,000,000 OF TREASURY
CERTIFICATES OF INDEBTEDNESS.
offering of Treasury Certificates of indebtedness to the
of $250,000,000 was announced by Secretary of the
made under Treasury McAdoo on Aug.
,
(6)
such reasonable allowance as may be allowed by the Minister for deany expenditure of a capital nature for renewals, or for
the development of a business, and the Minister, when determining the
income derived from mining and from oil and gas wells, shall make an allowance for the exhaustion of the mines and wells;
(d) the amount of income the tax upon which has been paid or withheld
for payment at the source of the income under the provisions of this Act;
(e) amounts paid by the taxpayer during the year to the Patriotic and
Canadian lied Cross funds, and other patriotic and war funds approved by
(c)
preciation, or for
amount
nership,
(o)
[Vol. 105.
"Board" means a Board of Referees appointed under Section 12;
"Minister" means the Minister of Finance;
"normal tax" means the tax authorized by paragraph (a) of Section 4
of this Act;
(d) "person" means any individual or person and any syndicate, trust,
association or other body and any body corporate, and the heirs, executors,
administrators, curators and assigns or other legal representatives of such
person, according to the law of that part of Canada to which the context
extends;
(c) "supertax" means the taxes authorized by paragraphs (6) to (g), both
inclusive, of Section 4 of this Act;
(/) "taxpayer" means any person paying, liable to pay, or believed by
the Minister to be liable to pay, any tax imposed by this Act;
(g) "year" means the calendar year.
Subscriptions to the issue
The present is the sixth
issue to be offered under the War Bond Act of April 24 last.
This authorizes the issuance of $5,000,000,000 long term
bonds of the United States and $2,000,000,000 certificates
of indebtedness, the latter to be redeemed at the expiration
of one year.
Altogether there has thus far been offered
$1,400,000,000 certificates as foUows:
$250,000,000 on AprU 21
will be received until
18.
to-day (Aug 25)
.
200,000,000
200,000,000
200,000,000
300,000,000
250,000,000
.
on May
1
on May 18
on June
1
on July 31
on Aug. 18
Income, according to this Act, means the annual profit
$1,400,000,000 Total
or gain^ or gratuity, whether ascertained and capable of
Although the initial offering, offered informally on April
computation as being wages, salary, or other fixed amount,
21 was $200,000,000, the certificates were so heavily overor^unascertained as being fees or emoluments, or as being
subscribed that Secretary of the Treasury ]McAdoo decided
profits from a trade or commercial or financial or other busion April 24 to increase the amount to $250,000,000. The
ness or calling, directly or indirectly received by a person from
new issue wiU bear interest at 33^%; and the certificates will
any office or employment, or from any profession or calling,
mature on Nov. 30. The Secretary's announcement conor from any trade, manufacture or business, as the case may
cerning the offering follows:
be; and shall include the interest, dividends or profits diSecretary McAdoo offers for subscription at par (through the Federal
rectly or indirectly received from money at interest upon Reserve Banks) $250,000,000 of Treasury certificates of indebtedness payany security ^or without security, or from stocks, or from any able on Nov. 30 1917, with interest at the rate of 3M% per annum from
Aug.
other investment and, whether such gains or profits are Banks28 1917. Subscriptions will be received at the Federal Reserve
untU 12 o'clock noon Aug. 25 1917, their local time.
divided or distributed or not, and also the annual profit or
Payment for certificates allotted must be made on Aug. 28 1917, to that
gain from any other source; with the folloAving exemptions Federal Reserve Bank through which subscription may have been made.
The right is reserved to reject any subscription and to allot less than the
and deductions:
amount of certificates applied for.
(a) the value of property acquired by gift, bequest, devise or descent;
Interim certificates may be delivered In the first instance, which will be
'
,
(6) the proceeds of life insurance policies paid upon the deatli of the person insured, or payments made or credited to the insured on life insurance
endowment or annuity contracts upon the maturity of the term mentioned
In the contract or
upon the surrender of the contract;
exchangeable for the definite certificates of indebtedness when prepared.
Certificates will be in denominations of $1,000, $5,000, $10,000, and
$100,000. The Act of Congress approved April 24 1917 provides that
these certificates shall be exempt, both as to principal and Interest, from
AUG, 25
THE CHRONICLE
1917.J
taxation, except estate or Inheritance taxes, imposed by authority of the
its possessions, or by any State or local taxing authority.
Upon ten days' notice given in such manner as may be determined by the
Secretary of the Treasury, the series of $250,000,000 certificates now offered
may be redeemed as a whole, at par and accrued interest, on or after the
date set for the payment of the first installment, payable after allotment
of the subscription price of any bonds offered for subscription by the United
States hereafter and before the maturity of the certificates. The certificates of this series, whether or not called for redemption, will be accepted
at par, with an adjustment of accrued interest, if tendered on said installment date as payment on the purchase price of any such bonds Issued and
allotted hereafter and before the maturity of the certificates.
In connection with the foregoing offering of the second issue of certificates of indebtedness of the United States preparatory to the second issue
of the Liberty Loan, the Secretary of the Treasury announces that the
proceeds of these certificates will be deposited with incorporated banks and
trust companies as nearly as may be in proportion to the subscriptions for
certificates of indebtedness of this issue made by and through them,
respectively; provided, that such subscribing banks and trust companies
make application for such deposits and qualify therefor, all substantially
in accordance with the procedure laid down in connection with the deposit
of the proceeds of Liberty Bonds, and upon the same terms and conditions.
Such deposits will be left as long as the requirements of the Government
permit, and whenever practicable five days' notice will be given before
all
United States or
withdrawal.
It is expected that certificates of indebtedness will be issued from time
to time somewhat in advance of the immediate requirements of the United
States.
The primary object of this is to avoid the financial stress which
would result from the concentration of the payments for a great bond issue
upon a single day (which cannot be avoided wholly by provision for payment
by installments, as a great proportion of subscribers prefer to make payment
in full on one day as a matter of convenience)
Those who acquire certificates of indebtedness, in advance of the bond issue, gradually, without
disturbing the money position, purchase exchange payable where the bond
subscriptions must be paid (that is, at the Federal Reserve Banks) in
advance of the date when the payment is to be made, and meanwhile
secure a substantial return upon their money.
.
PENNSYLVANIA CORPORATIONS MAY INVEST SUR
PLUS FUNDS IN GOVERNMENT WAR ISSUES.
Pennsylvania corporations are permitted to invest their
surplus funds in United States bonds issued for war purposes, without the consent of their stockholders under the
following law approved July 5:
AN ACT permitting corporations to invest their surplus funds in bond s
of the United States issued for war purposes.
Section 1. Be it enacted, &c.. That all corporations incorporated under
the laws of this Commonwealth may invest all or any part of their surplus
funds in bonds of the United States Government issued for war purposes,
without obtaining the consent or approval of the stockholders.
Sec. 2. All Acts or parts of Acts, general, local, or special, inconsistent
herewith, are hereby repealed.
Approved the 5th day of July, A. D. 1917.
GREAT BRITAIN'S TOTAL WAR EXPENDITURES.
The total expenditures of the British Government during
the period from April 1 1914 to Aug. 4 1917 have amounted
to $27,378,000,000, according to Lord Robert Cecil, Minister of Blockade.
Lord Robert made known the figures
in a talk with a representative of the Associated Press on
Aug. 10 on "Great Britain's War Expenditures." Of the
total mentioned he stated $5,220,000,000 has been advanced
to Great Britain's Allies.
He further said:
Taxation per head in Great Britain has increased from less than $16 a
year before the war to $61 yearly at present.
Of this average $61, which
every man, woman, and child pays annually to the Government, $50 is
collected by direct taxation, namely, income tax, excess profits tax, stamp
tax, and death duties or inheritance tax.
The other $11 comes from indirect taxation, namely, custom or excise.
are now raising $514,000,000 yearly in direct examination.
We
Government war loans. Large advances were also made to different
munition companies, which pledged themselves to buy goods necessary for
carrying on the war. The total of the loans outstanding at the end of 1916
amounted to 3,408,000,000 marks.
The duty of the war loan banks was not only to supply means of credit,
but also to lighten tlio monetary crisis by putting into circulation, through
the intermediary of the Reichsbank, small notes, of which there were issued
last year as follows:
1
mark
-233.650,000 marks|20 marks
328,670,000 marks |50 marks
910,570,000 marks]
marks
5 marks
2
RECORD GOLD HOLDINGS OF NATIONAL BANK OF
DENMARK.
"Commerce Reports"
of Aug. 7, contains the following
advices from Consul-General E. D. Winslow, Copenhagen,
under date of July 3 concerning the gold holdings of the
Danish National Bank:
The
report of the Danish National Bank, the organization that has the
sole right to issue the money in circulation, shows on July 1 1917 gold on
hand to the amount of 197,300,000 crowns ($52,876,400). This is the
record and is the largest amount of the precious metal ever held by the
bank. It is an indication of the great prosperity of the Kingdom.
CANADA CURTAILS MUNITIONS PRODUCTION.
Announcement that the production of munitions in Canada
would be discontinued as no longer necessary, except in some
lines, which in part, will be produced in lessened quantities,
was made by the Imperial Munitions Board at Ottawa on
Aug. 22. Some of the plants affected will, in consequence,
it is stated, resume pre-war activities in their regularjines;
others will engage in production of equipment for ships.
The
statement of the Board says:
Toward the close of 1916 the capacity for producing munitions in Great
Britain had so increased that the Minister of Munitions decided that it
was unnecessary to continue the production of munitions in the United
States for British account, except in a few special lines.
The production
in Canada, however, was continued as before.
The Minister has now advised that it is unnecessary to continue production in Canada.
He has directed that certain lines shall be discontinued,
that other lines shall be produced in lessened quantities, while some lines
are to be continued as at present.
The effect of this will be to stop the production of shells and components
at some plants which are now producing sizes no longer required.
In other plants, where shells are made of sizes of which a reduced output
is required, it will mean working during the day only, thus stopping night
work. In other plants, however, where sustained production is required
operations will be continued night as well as day.
STOCK EXCHANGE FORBIDS GRATUITIES TO
EMPLOYEES.
receiving of gratuities by employees of the Stock Exchange is forbidden in a resolution adopted by the GovernThe adoption of the resolution,
ing Committee on Aug. 22.
it is said, results from indis crim inate tipping to runners and
others whiehT has', developed .___An increase in the salaries^of
the"employees of the Exchange will go into effect on Sept. 15,
thus compensating for the stoppage of tips. The following
The
resolution adopted
™^. ._^.„„.™,^
..
London advices
erations of the German war loan banks during 1916 and show
that these were on a very large scale. It is also stated that
these loan banks have about 2,500,000,000 marks of small
notes outstanding. This information and the adverse comment thereon, coming from English sources, is of course
open to possible bias; 2,500,000,000 marks ($025,000,000
at the par of exchange) does not seem "huge" in these days
when we deal with everything in billions of dollars. The
following is as it appeared in a letter from London under
date of July 21 recently printed in the "Journal of Com-
merce" of
this city.
The annual
report of the administration of the
German war loan banks
These banks were brought into active operation
at the commencement of the war in order to supplement the work of the
ordinary banks in multiplying credit in a country that is self-contained.
The banks lend on all forms of security, and are really a kind of regularized
for 1916 has
appeared here
.
aid to inflation.
It would seem that the total operations of the loan banks in the
twelve
months rose to some 38,900,000.000 marks, against 16,800,000,000 marks
for 1915 and 4,700,000,000 marks for the period from August to Decem-
ber 1914.
Speaking of the business of the past year, the report states that
the last
months the banks had to satisfy considerably increased demands from
several of the Federated States and from provincial and communal organizations, which had great need of money that they could not secure
by
means of public loans, as the market for these was reserved exclusively for
m
five
by the Exchange: j
NEW YORK STOCK EXCHANGE""""
'
.'^v5^1
just received purport to indicate the op-
649,910.000 marks
340,140,000 marks
These notes circulate side by side with those of the Reichsbank, though
they have only the legal guarantee of the loans banks and the State. This
huge circulation of nearly 2,500,000,000 marks is in addition to other
forms of monetary currency, and it is easy to see that the inflation in the
country must be very pronounced.
is" the"
LARGE OPERATIONS BY GERMAN WAR BANKS.
759
==—--"—
Gratuities to Employees.
^
Committee held Aug. 22 1917, the fol"
lowing were adopted:
"Resolved, That employees of the Exchange be forbidden to accept any
compensation or gratuity from any member of the Exchange or firm represented therein, for any service rendered or to be rendered during the hours
when said employees are in the service of the Exchange.
At a meeting
of the Governing
"Resolved, That the giving or offering to give by a member of the Exchange
or firm represented therein, any compensation or gratuity to any employee
of the Exchange for any service rendered or to be rendered by said employee
during the hours when he is in the service of the Exchange, or to influence
said service, is an act detrimental to the interest and welfare of the Ex-
change.
"Resolved, That any member of the Exchange or firm represented therein
who employs any employee of the Exchange for any service during the
hours when the Exchange is not open shall register with the Committee of
Arrangements the name of said employee, the nature of the services ren-
dered, and the
^J
amount
,;
of his compensation."
_ „
;;3^^_ GEORGE W.
The New York "Times"
ELY,
Secrelary.^^
says the resolutionis intended
not only to put a stop to indiscriminate tipping, but also to
more specific abuses concerning which there has been comIt adds:
plaint in the past.
It often happens that a telephone operator pn the floor, receiving an orde
at a time when the board member of his firm is absent, has. the option o'
Under these
placing it with any broker with whom the firm does business.
and similar circumstances it has been reported that some Exchange telephone operators have been able to increase their incomes materially
through the necessity on the brokers' part of remaining on friendly terms
with them.
THE CHRONICLE
760
GOLD RESERVES AND NOTE CIRCULATION OF
PRINCIPAL EUROPEAN BANKS.
Elaborate statistics rcfjarding tho gold roscrvos and noto
circulation of the principal
European banks
furnished by the Federal Reserve Board in
These we reproduce herewith:
April.
its
of issue;
wen*
"Bulletin" for
As the result of the war, certain chanKes have taken place In the reserve
position of the principal European bankK of issue, owing largely to the vast
amounts of notes issued to meet the demands of the Governments of thi^
The following tabulation, compiled from jiilhcr
belligerent countries.
original reports of the banks or official reports of the Governments, shows
the amounts of gold reserve i. e., amounts of gold coin and bullion held in
vault, and of notes Issued by the central banks at the end of the calendar
years 1913 to 1916.
It should bo noted from the outset that the amounts of gold given as the
gold reserves of the central banks by no means reprasent the total amounts
These reserves do not include the gold hcsid by the
of gold in Fairope.
Government treasuries nor, as in the case of the United Kingdom and
neutral countries, the considerable amounts of gold held by commercial
and other banks, and the gold in actual circulation. There are but few
reliable data as to the volume of gold outside the control of the Governments or central banks.
The Uriti.sh Government reports a total of £28. ,'500,000, or $138, 69.'), 2.50,
nominal, of metallic cover, largely gold, against a total of £1,50,144.177
($730,676,637 nominal) of currency notes and certificates issued since
August 1914. and outstanding aiiout the end of 1916. and smaller amounts
large increases in deposits
The
circulation outstanding, compared witli £11,380,813 ($55,384,726
nominal) of metallic reserve against £16.237,861 (.$79,021,551 nominal) of
notes in circulation about the end of 1913. These figures are exclusive
of the small amounts of reserve and circulation of six private banks and
throe joint-.stock banks in England proper.
The figures of gold reserves shown for the Reichsbank and the Bank of
France, it is generally conceded, more nearly approximate the total monetary gold stock of these countries, though it has been stated repeatedly that
the large addition to tlie gold reserve of the Reichsbank is due partly to the
transfer to its vaults of some of the gold held at the outbreak of the war i)y
the Austro-IIungarian Bank. The fact is that the latter bank has published
no statement since July 23 1914. when its gold reserve was given as 1.237.879.000 kronen (.$251,289,437 nominal), compared with 1.3.56.8.57.000
marks ($322,931,966 nominal) of gold reserve reported by the Reichsbank
for the same date.
In the case of Italy the figures of reserve and of note circulation relate
to the Bank of Italy only.
To the figures given should be added the gold
reserves and note circulation of the Banco di Napoli and the Banco di
Sicilia. the other two Italian banks of issue.
Through the courtesy of its
New York agency, we are able to give the following data for the Bank of
of
Naples:
End
of
—
Gold
Bank Note
Reserve.
Lire.
Circulation.
Lire.
1913
218.439.000
417.806
1914
242.991.000
518,306
1916
797,732
__
212,715,000
Moreover, the Italian Treasury held on Nov. 30 1916 168.000,000 lire
(32.4 million dollars nominal) of metallic reserve, largely gold, against
1,293,000.000 lire of its own notes in circulation.
In Belgium neither of the two banks of issue, the National Bank of
Belgium nor the Societe General© do Belgique, have any substantial vault
reserves, the former having removed its reserve to London prior to tlie
occupation of Brussels by the German military forces, and the latter having
lost its vault reserve through its forcible removal to Berlin.
An analysis of the reserve figures indicates that the combined gold
resources of the central banks of the allied countries were at the end of
1916 practically as large as at the end of 1913, the lo.sses shown for the
Russian, French and Italian central banks being fully balanced by the
gains in the metallic reserve (practicaUy all gold) of the Bank of England.
This transfer of reserves by the Allies to London proceeded on a much
larger scale than is indicated by the reserve figures of the central banks
of issue, the bulk of the gold "pooled" having been shipped oversea, largely
to the United States.
The gold reserve of the Reichsbank shows an increase during the three
years of over 115%. though, as stated above, it is not known what portion
of the increase is represented by withdrawals from circulation, as the
result of voluntary offerings of gold coin and bullion in exchange for notes
and what portion by gold formerly owned by the Austro-Hungarian Bank.
Substantial gains, absolute as well as relative, are shown also for the
gold reserves of the central banks of the neutral countries in Europe, these
gains being especially large in the case of the banks of Netherlands and
Spain.
The increases in the gold reserves of the three Scandinavian banks
are much smaller, as these banks for some time past, as the result of changes
in the mint acts of their countries, have refused to receive at the legal rate
bullion or foreign gold coin.
While the reported gold reserves of the European central banks show
an increase during the three years 1914-1916 of over 18%, their reported
outstanding note circulation shows an increase for the same period of
nearly 270%.
The rate of increase would be considerably higher if the
figures of note circulation of the Austro-Hungarian Bank at the end of
1916 were known. Some idea of the present volume of this circulation
may be had from the fact that on June 23 1914 the total circulation of the
Austro-Hungarian Bank outstanding was 2,129.759.000 kronen ($432.341.000 nominal) and that since the outbreak of the war to June 30 1916
the bank advanced to the Government a total of 6.424.900.000 kronen
($1,304,250,000 nominal), most likely in the shape of bank notes. Moreover, as .stated above, large additions to the national currency have been
made by the British. German and Italian treasuries through the direct
issues of their own notes.
Furthermore, as the result chiefly of the enormous credit operations of the
Governments, the deposits of the principal European banks of issue show-
rates of increase about as large as. If not larger than, those shown above for
their note circulation.
The following exhibit gives the deposit liabilities
(in thousands of dollars) of the four leading European banks at the close
of the years 1913-1916:
German
Bank of
Bank of
Bank of
Reichsbank
At End of
France.
England.
Russia.
—
1913
1914
1915
1916
8347,193
754.249
786.669
870.339
$600,237
500.177
760.2.53
1,216.852
$188,886
549,762
444.532
439.120
$188,763
418.144
561.445
1.086.281
shown are made up
chiefly of
The latter
to the Governments or to commercial banks.
credits as re.scrve or cash, which, in turn, forms the basis of
credits granted to the customers of these banks.
new credits
treat these
new deposit
AND NOTE CIRCULATION OF PRINCIPAL
EUROPEAN BANKS OF ISSUE AT THE END OF 1913,
1913, 1914, 1915 AND 1916.
Gt^LD RESERVES
(In millions of dollars.]
Oold Re£er«es.
(A)
I.
Allied Countries.
Close of Calendar Years
—
arc undoubtedly held by other European exchequers.
In addition, the Irish and Scotch banks report for the four weeks ending
Dec. 30 1916 an average of £29.689.208 (SI44.481.908 nominal) of gold
and silver 1 eld against an average of £36.332,28.5 (.$176,811,055 nominal)
[Vol. 105
Kingdom
1913.
1914.
170
*
1915.
251
1916.
lUissla
781
France..
679
214
338
800
799
216
1.844
2,153
2.257
1.849
498
582
600
(6)
(b)
(6)
29
33
14
49
33
rnited
Italy
Total.
Central Europe.
278
252
III. Neutral Countries.
27
264
758
830
968
208
6.53
174
II.
Germany
Au.stria-Hungary
Sweden
Norway
Denmark
12
10
20
Netherlands
61
Switzerland
Spain
33
92
25
87
46
110
245
Total
a Including small
amounts of
silver,
b
No
307
data,
c
30
c42
173
48
167
236
67
241
465
668
Figures for Sept. 30
1916.
(B)
Note Circulation.
I.
Allied Countries.
1913.
United Kingdom..
144
KiLssia
8.59
176
1.475
1,927
172
2.732
2, .569
193
4.425
3.219
417
312
587
372
748
a372
2.650
4.307
Central Europe.
617
1.201
481
(6)
III. Neutral Countries.
63
81
29
36
41
55
1.34
198
61
88
371
379
6.432
8.957
1.646
1,917
(6)
(6)
France
1,103
Italy
341
.
Belgium
203
Total
Close of Calendar Years
1914.
1915.
1916.
II.
Germany
Austria-Hungary
Sweden
Norway
Denmark
Netherlands
Switzerland
Spain
699
Total
88
43
59
232
90
405
112
67
c72
305
104
455
917
837
a Figures for 1915; no complete data available for 1916.
c Figures for Sept. 30 1916.
6
1.115
No
data,
BANK OF NEW YORK REQUESTS BANKS
TURN OVER TO IT THEIR VAULT GOLD.
RESERVE
TO
In furtherance of plans to acquire more gold the Federal
Reserve Bank of New York has been requesting banking
institutions in the New York Federal Reserve District, both
member and non-member, to turnover to it their holdings of
gold and gold certificates and take in exchange Federal Reserve
notes.
This request was embodied in a circular sent to
some thousand institutions in the District by Deputy
Governor Robert H. Treman on Aug. 10. On Wednesday
of this week James F. Curtis, General Counsel and Secretary of the Reserve Bank, stated that in response to the request 43 of the 628 member banks up to Aug. 20 had' sent
in $1,800,000 of gold and gold certificates, while 15 of the
400 non-member banks had turned in $842,000. According to Mr. Curtis these figures do not include the deposits
made by
the local trust companies and State banks which
have opened accounts with the Reserve Bank. Mr. Treman's circular of the 10th inst. is as follows:
FEDERAL RESERVE BANK OF NEW YORK.
Aug. 10 1917.
Dear
Sir:
the reserve
The
amendment to the Federal Reserve Act, reducing
requirements for member banks quite materially, provides that
recent
they must carry all of the required reserve in the Federal Reserve Bank.
This leaves these banks free to carry as vault money any kind of United
States coin or currency, including Federal Reserve notes.
The banking law of New York State has also recently been amended,
permitting State banks and trust companies to count Federal Reserve notes
as part of their vault reserve.
The banking laws of New Jersey and Connecticut also permit Federal Reserve notes to be counted as part of the
vault reserve which their State banks and trust companies are required to
carry.
The way is now clear for mutual co-operation, in the national interest,
between the Federal Reser\e Bank of New York and the banking institutions, both member and non-memljer. in its district, in respect to diverting
to the Federal Reserve Bank some of the gold and gold certificates which
are in general circulation among the people and lying idle in commercial
tills and elsewhere, thus increasing its strength and thereby the strength
of every thanking institution in the district.
It is estimated that there is
over $500,000,000 of gold and gold certificates in general circulation, outside of the banks and the United States Treasury, and it is generally recognized that for this class of circulation Federal Reserve notes (which are
redeemable in gold at the Treasury of the United States) would serve
equally well.
.
A¥G. 25
_
The Federal Reserve System was suddenly called on during June to supply the large temporary expansion of credit required by member and other
banks in effecting the payments for the first Liberty Loan, and it will
doubtless be similarly called upon, and probably to a greater extent, in the
forthcoming issue and in other large financial operations incidental to our
participation in the war.
The recent expansion and subsequent contraction of credit may bo illustrated by the loans and discounts of the Federal
Reserve Bank of New York, which were .'$37,000,000 on June 1 1917,
It is of importance
$252,000,000 on June 19, and $73,000,000 on Aug. 8.
to every bank on the country that the gold supply, that is, the credit power,
of the Federal Reserve System, should be strengthened by gradually replacing with Federal Reserve notes a considerable part of the gold now in
general circulation outside of the banks, and that the system should thus
attain its maximum strength for the period of war financing upon which
we have
entered.
Will you not, therefore, co-operate in this movement by .sorting out of
your incoming cash the gold certificates, not paying out any such certificates over your counter unless especially requested, but, in.stead, forwarding to this bank all you may accumulate in excess of those you think it
advisable to carry as part of your vault money? We will pay transportation charges on such gold certificates, whether fit or unfit for circula-
and either
Furnish you instead, free of expense. Federal Reserve notes of such
denominations as you may desire, or
(b) Place the amount to your credit In this bank or in any designated
bank in New York City.
A considerable number of member and other banks have been co-operating with us along the lines above suggested during the past year, even
though their reserve requirements were such that Federal Reserve notes
tion,
(a)
could not be carried as part of their vault reserve. Now that the conditions In this respect are so uniformly satisfactory we trust that all of the
banks in this district will be willing to assist. It will necessitate some little
labor on your part, but no added expense.
Will you please let us know whether we may count on your co-operation
in the manner suggested?
Very truly yours,
,
ROBERT
H.
TREMAN,
Deputy Governor
GOVERNOR HARDING AND VICE-GOVERNOR WARBURG
RE-APPOINTED FEDERAL RESERVE OFFICERS.
Washington made known on
Aug. 10 the redesignation by President Wilson of W. P.
G. Harding as Governor and Paul M. Warburg as ViceGovernor of the Federal Reserve Board.
The
"Official Bulletin" at
GOVERNORS OF RESERVE BANKS.
The
following list of Governors of the Federal Reserve
banks (corrected to Aug. 13 1917) is printed in the "Official
Bulletin:"
Boston, Alfred L. Aiken.
Chicago, 111., James B. McDougal.
New York, Benjamin Strong Jr.
St. Louis, Mo., Rolla Wells.
Philadelphia, Pa., Chas. J. Rhoads.
Cleveland, Ohio, E. R. Fancher.
Richmond, Va., Geo. J. Seay.
Atlanta, Ga., Joseph A. McCord.
Minneapolis, Minn., Theodore Wold.
Kansas City, Mo.,
J. Z. Miller Jr.
Dallas, Tex., R. L.
San Francisco, Cal.,
Van Zandt.
James K. Lynch
GUARANTY TRUST COMPANY
TO CLEAR THROUGH
FEDERAL RESERVE BANK.
It
was announced yesterday that the Guaranty Trust
to make its daily Clearing House
Company has arranged
through the Federal Reserve Bank of New
Within the last few months a number of other institutions which, like the Guaranty, are not members of
the Federal Reserve system, have opened similar accounts
for the handling of their Clearing House balances.
Such
funds kept with a Federal Reserve bank are considered a
settlement
York.
part of the depositing bank's legal reserve. This arrangealso obviates the necessity of transporting millions of
dollars in gold through the streets each day.
ment
PENNSYLVANIA LAW PERMITTING STATE INSTITUTIONS TO BECOME MEMBERS OF RESERVE
SYSTEM.
In our issue of July 21 we referred to the signing by Gov.
of an Act passed by the Pennsylvania legislature
permitting banks and trust companies incorporated under
the laws of Pennsylvania to subscribe to the capital stock
of and become members of the Federal Reserve Bank.
The
following is the text of the law:
Brumbaugh
[No. 3311
authorizing any bank or trust company incorporated under the
laws of this Commonwealth to become a member of a Federal reserve bank,
and
such event to be subject to all the provisions of the act of Congress
known as the Federal Reserve Act; allowing any such bank or trust company to comply with the reserve requirements of such act, in lieu of those
established by the laws of this Commonwealth, and permitting the Commissioner of Banking to accept the examinations and audits made pursuant
to .such act, in lieu of those required by the laws of this Commonwealth.
Sec. 1 Be it enacted, &c. That any bank or trust company incorporated
under the laws of this Commonwealth shall have the power to subscribe to
the capital stock and become a member of a Federal reserve bank created
and organized under an act of the Congress of the United States approved
the twenty-thu-d day of December, Anno Domini one 'thousand nine
hundred and thirteen, and known as the Federal Reserve Act.
Sec. 2. Any bank or trust company, incorporated under the laws of this
Commonwealth, which shall become a member of a Federal reserve bank,
shall be subject to all the provisions of the Federal Reserve Act and its
amendments, and to the regulations of the Federal Reserve Board applicable
to such bank or trust company, and shall have all the powers and assume
all the liabilities conferred and imposed by said Act.
An Act
m
.
.
.
THE CHRONICLE
1917.]
,
761
Sec. 3. Any such bank or tru.st company shall comply with the reserve
requirements of the Federal Reserve Act and its amendments, and the
compliance of such bank or trust company therewith shall be in lieu of, and
shall relieve such bank or trust company from, compliance with the provisions of the laws of this Commonwealth relating to the maintenance of
reserves
Sec. 4. Any such bank or trust company shall be subject to the examinations required under the terms of the Federal Reserve Act, and the
Commissioner of Banking may, in his discretion, accept such examinations
in lieu of the examinations required under the laws of this Commonwealth.
Sec. 5. All acts and parts of acts inconsistent herewith are hereby
repealed.
Approved The 17th Day of July, A. D. 1917.
—
BANK & TRUST COMPANY OF NEW
ORLEANS ADMITTED TO RESERVE SYSTEM.
The Hibernia Bank & Trust Co. of New Orleans has been
HI BERN I A
admitted to membership in the Federal Reserve system
In informing President John J. Gannon of the approval of
the bank's application for stock in the Federal Reserve Bank
of Atlanta on Aug. 15, M. B. Wellborn, Chairman of the
Board and Federal Reserve Agent of the Atlanta Reserve
Bank, expressed his elation as follows:
We
wish to extend our special congratulations to Hibernia on being the
State bank in New Orleans to apply for membership in the Federal
Reserve system.
We feel that the Federal Reserve system is to be congratulated on having
your splendid institution with us. which will add so much to the strength
and success of the financial system upon whose power and usefulness so
largely depends the security and prosperity of the general business interests
of the country.
We indulge in the hope that other State banks will follow your example,
and come to realize that the unification of the banking system of this country
is not only a patriotic duty, but is also a business necessity, especially at
this time when we have a long war before us and a powerful foe to confirst
tend against.
Gannon
in a statement issued on the 15th inst.
primary motive in applying for membership
at this time "is our sense of duty to our country, because we
believe that under the existing extraordinary conditions it is
very important that we should have a strong and unified
banking system." He also states that another consideration
"is the fact that under the amended law we will not only
President
set out that the
our charter rights as a State bank and trust
but in addition we will now enjoy all
of the privileges and facilities which membership in the FedMr. Gannon's statement follows:
eral system affords."
retain
all of
company
.
.
.
When
the Federal Reserve Act first became effective three years ago
seriously considered the advisability of joining the system but at that
time conditions were such that membership in the system would have interfered to some extent with the privileges which we enjoy as a State bank
and trust company, and we therefore postponed action until a later date.
In view of the fact that recent amendments to the Federal Reserve Act
eliminated all of these obstacles, our board of directors again considered
the question last month, with the result that we filed our application for
membership several weeks ago.
The Federal Reserve Board promptly sent its representatives to have the
customary examination made, and upon their favorable report, which was
filed this week, we were notified by wire to-day that we had been admitted
we
membership in the Federal Reserve system.
Our primary motive in applying for membership in the system at this time
is our sense of duty to our country, because we believe that under the
existing extraordinary conditions it is very important that we should have
a strong and unified banking system.
to full
The Federal Reserve system has already demonstrated its great value
to our nation during the short time of its existence, but in oiu* opinion the
co-operation of the larger State banks in the reserve and central reserve cities
will be necessary if the system is to become the bulwark of financial strength
which it should be and which we will need to keep business on an even keel,
especially for the duration of the war and the period of readjustment which
will follow.
We have felt, therefore, that by joining the system now we are in a measure enlisting oiu" resources in the nation's cause, and are thus contributing
our share to the strength and stability of the financial condition of the
country
Another consideration which prompted us to take this step at this time
the fact that under the amended law we will not only retain all of our
charter rights as a State bank and trust company granted under the laws
is
of the State of Louisiana, but, in addition, we will now enjoy all of the
privileges and facilities which membership in the Federal Reserve system
affords.
Among the most important of these added privileges and facilities is the
right to rediscount and the consequent ability to obtain whatever amount
Of course, this access to the
of currency may be needed at any time.
resources of the Federal Reserve system is not very important vmder ordinary conditions, but it becomes of inestimable value to even the strongest
bank in times of financial stress.
Moreover, New Orleans is rapidly becoming a commercial and financial
centre of the first magnitude, and we believe that as members of the
Federal Reserve system we will be in a better position to give every possible
assistance in the development of the commercial possibilities of this section.
will, of course, continue to be subject to supervision and examination
of the Louisiana State Banking Department and of the New Orleans Clearing House Association, and in addition we will now be subject to supervision
We
of the United States Government through the Federal Reserve Board.
The business of all of our departments will be conducted as heretofore,
and the high standard of service which we have rendered our clients for the
past forty-seven years will, of course, be continued.
DR. HOLDSWORTH ON TRADE ACCEPTANCES.
The declaration that the open account "is expensive and
illiquid" was made by Dr. J. T. Holdsworth, Dean of the
School of Economics of the University of Pennsylvania, at
the conference on trade acceptances held in th's city a
THE CHRONICLE
76;^
fow months ago under the auspices of the National Association of Credit Men.
Dr. lloldsworth added:
The open account Is expensive and illiquid. The expense Involved In
collecting slow accounts. In extensions of payment, In the cancellation of
orders ani return of goods, In the abuse of terms of sale, In trade discounts,
and In the assignments of accounts receivable Involving larger bank margins
and higher Interest rates these and other expensive disadvantag(!s constitute an abnormally heavy tax upon business.
As assets open book
accounts are neither quick nor reliable, and If pledged at the bank as col-
—
lateral to a loan are regarded as fourth-rate security.
The best of them are
seldom negotiable for more than 50% of their face value and many banks
refuse to handle them at all.
Dr. Holdsworth summarized under four heads the advanatagcs from the substitution of the trade acceptance for
the open account to the seller, to the buyer, to the bank
and to the public. His observations are set out as follows:
—
The
trade acceptance,
some one has
said, is everything that the
open
not.
The wide adoption and use of the former will eliminate
most of the disadvantages of the latter. It will stabilize and liquify commercial credit by converting the sale of merchandise into a liquid credit
immediately available at reasonable interest rates for the financial needs
of the seller.
The advantages of this form of trade credit apply to seller,
account
is
buyer and bank
alike.
A
trade acceptance is a draft of definite maturity, drawn to order on a
buyer by a seller, and bearing across its face the signed acceptance of the
buyer, without qualification or condition. To be eligible for rediscount
with a Federal Reserve bank the acceptance must bear on its face or be
accompanied by a certificate to the effect that "the oliligation of the
acceptor of this bill arises out of the purchase of goods from the drawer."
The advantages accruing from the substitution of the trade acceptance for
the open book account may be summarized under four heads to the seller,
to the buyer, to the bank and to the public.
The chief advantages of the
trade acceptance to the seller are:
Completion of the transaction upon receipt of goods or invoice and
1
acceptance of dr<aft, and the implied acknowledgment by the buyer of the
correctness of the account, thus avoiding or reducing the evils of extensions,
counter claims, unearned discounts, unwarranted return of goods, &c.
2. Elimination of the costly, annoying and uncertain inconvertible open
book account and the substitution of a readily and economically negotiable
instrument of credit, or actual cash from discounted bills.
3. Automatic provision of funds necessary to finance each account, thus
releasing the seller's own capital for use in the upbuilding of his business
in other ways.
4. Substitution for the practice of borrowing on book accounts or on
single name paper through brokers, of choice double name paper convertible
into cash at will at much better rates, national banks are not compelled to
include trade acceptance in the limitation of 10% of capital and surplus
loanable to any one borrower. The only limit upon the amount of loans
which a bank may make on trade acceptances is that the aggregate of such
bills bearing the signature or endorsement of any one borrower shall not
exceed 10% of the bank's capital and surplus. The trade acceptance
therefore gives to the seller additional credit facilities, since this form of
paper discounted does not necessarily count in the amount of credit extended or authorized.
5. Lessening of the need for working capital and a corresponding increase
in the ratio of earnings to capital actually employed.
Sellers will be able
to regulate their business with more system and definiteness because of
the assurance of regular financial income or borrowing power.
The seller will be in a position to share these benefits and advantages
with the buyer:
Advantages to the buyer
1
By giving a negotiable evidence of indebtedness to the seller, the buyer
shows his good faith, and by meeting his obligations improves his credit.
2. Better credit standing with sellers entitling the acceptor to the best
prices and service.
He provides the seller with the means of liquidating
tiis sales at preferential discount rates and so becomes a preferred customer
on much the same basis as the cash discount buyer. Some concerns are
allowing special "acceptance discounts."
3. The assumption by the buyer of an obligation which must be paid at
maturity will do much to check the pernicious habit of over-buying.
4. As the trade acceptance shows on its face that the obligation is made
for the purchase of goods, the transaction establishes rather than reflects
upon the acceptor's credit. In his financial statements "acceptances
payable" instead of "accounts payable" indicate to the banker that he has
so adjusted his business as to enable him to pay his purchase bills when
due an indication that he has not over-bought.
6. Trade acceptances need not interfere with legitimate cash discounts.
If an invoice is made subject to a cash discount in ten days, the acceptance
can be returned unsigned to the seller accompanied by a check in settlement
of the bill
Or if the buyer after signing an acceptance wishes to anticipate
Its maturity, the bank should be willing to rebate the interest for the unexpired time as is the practice abroad.
Advantages to the bank:
1
Double name paper of this character representing a current business
transaction and not past due accounts is the most liquid and desirable asset
a bank can hold. Banks will get much more of such paper in the place of
single name paper which is illiquid and often does not represent a commercial
transaction at all. Though lower rates prevail on trade acceptances than
on single name paper, the net earnings of the bank may be larger; certainly
—
—
.
they
,
be more reliable.
Trade acceptances provide additional reserve since they are readily
discountable at the Federal Reserve bank at preferential rates.
3. Trade acceptances are not subject to the 10% limitation as to capital
and surplus, except for the one acceptor as noted above.
4. When a customer's accounts are settled by trade acceptances he is less
likely to borrow through brokers, or sell his book accounts, or apply to a
competitor bank for credit since in most instances his bank, if a member of
the Federal Reserve system, can furnish him ample accommodation.
6. The banker is primarily a dealer in credit and the acceptance system
is a great aid in keeping the credit system sound.
It affords liim a check
on both the buyer and the seller. With this new credit instrument he will
be able to safeguard the commercial interests of his clients as well as his own.
Advantages to the business public:
The benefits arising from the wide use of the trade acceptance system as
suggested in the foregoing system cannot fail to be felt directly or indirectly
by the entire business public. A strong sense of responsibility toward commercial obligations, a check upon over-buying and o^'e^-selIing, ability
to buy at lower prices, better system in financial arrangements, closer
relationship between buyer and seller, small or operating costs, reduction in
bad debt losses, relief from the abuses of unwarranted discounts, reduced
will
2.
collection expenses, reduced need for borrowing through brokers or for
selling book accounts, the substitution of liquid double name paper based
upon actual current commercial transactions for the "frozen" credit of
(Vol. 105.
name paper, and the release for additional business requirements of
a vast volume of working capital which heretofore has been tied up for
Indeterminate periods on the books of manufacturers, wholesalers and
the banks these advantages of the trade acceptance will all inure to the
benefit of the general public, pointing the way to bigger and better business
and affording a safeguard against those periods of business depression which
so often In the past have resulted from, or have been Intensified by, the
lack of a system of liquid commercial credits.
The wide adoption of the
acceptance system will effect a gross saving on the business of the country
of millions of dollars annually.
single
—
SECRETARY McADOO'S REPORT RESPECTING THE
CONTINUANCE OF THE SUB-TREASURIES.
A
report in which Secretary of the Treasury
McAdoo
stated that "the Federal Reserve act does not expressly or
by implication contemplate the substitution of the Federal
Reserve banks for the sub-treasuries, nor would it in
opinion be possible, or advisable if possible, to attempt such
my
a substitution," was printed in the February number of the
Federal Reserve Bulletin. The report is one which was
transmitted by the Secretary to the Speaker of the House,
under date of Dec. 16, in response to a request contained in
the Legislative, Executive and Judicial Appropriation bill
of last year for an exi^ression of opinion from the Secretary
regarding the continuance of the sub-treasuries. As was
indicated in our issue of Jan. 20 an amendment to the new
Judicial Supply bill providing for the abolishment of the
sub-treasuries was introduced by Senator Nelson of Minnesota, but the Senate on Jan. 26 (the daj' on which the bill
was passed) rejected the amendment by a vote of 45 to 15.
Seeretarj' McAdoo 's letter and report to the Speaker of the
House respecting the sub-treasuries
— In
follows:
the Legislative, Executive and Judicial Appropriation Act,
approved May 10 1916, it is pro\'ided that
"The Secretary of the Treasury is authorized and directed to report to
Congress at the beginning of its next session which of the sub-treasuries, if
any, should be continued after the end of the fiscal year 1917, and if, in
his opinion, any should be continued,the reasons in full for such continuance;
also if any or all of said sub-treasuries may be discontinued what legislation
will be necessary in order to transfer their duties and functions to some other
branch of the public service or to the Federal Reser^'e banks."
In accordance with the above authorization and direction, I have the
honor to report as follows:
There are nine sub-treasuries located, respectively, in the cities of Boston,
Mass.; New York City, N. Y.; Philadelphia, Pa.; Baltimore, Md.;
Cincinnati, Ohio; Chicago, 111.; St. Louis, Mo.; New Orleans, La.; and
San Francisco, Cal. The sub- treasury system was authorized by the Act
of August 6 1846, and subsequent Acts amendatory thereof.
The duties and fimctions of the sub-treasuries may be stated generally
Sir.
as follows:
Issue of gold order certificates on gold deposits.
Acceptance of gold coins for exchange.
Acceptance of standard silver dollars for exchange.
Acceptance of fractional silver for redemption.
Acceptance of minor coins for redemption.
Acceptance of United States notes for redemption.
Acceptance of Treasury notes for redemption.
Acceptance of gold and silver certificates for redemption.
Cancellation (before shipment to Washington) of unfit currency.
Laundering of unfit currency which permits of this process.
Exchange of various kinds of money for other kinds that may be requested.
Remittances from United States depositary banks of their surplus
deposits of internal revenue, customs, money-order, postal and similar
funds.
Deposits of postal savings fvmds direct.
Deposits of money-order funds direct and Indirect.
Deposits of post office funds direct and indirect.
Deposits on account of
redemption fund.
Deposits of interest on public deposits.
Deposits of funds belonging to disbursing officers.
Fimds deposited for transfer to some other point through a payment by
& sub- treasury located thereat.
Encashment of checks, warrants and drafts drawTi against the Treasurer
of the United States and presented at a sub-treasury for payment.
The payment of United States coupons and interest checks.
In addition to the foregoing the sub-treasuries have the custody of a
large part of the reserve and trust funds, consisting of the gold coin and
bullion and silver dollars deposited to secure gold and silver certificates
5%
and greenbacks.
The receiving of deposits and payment of checks has been assumed to a
large extent since the establishment of the Federal Reserve system by the
designation of Federal Reserve banks as Government depositaries in those
sub- treasury cities where Federal Reserve banks are located. Federal
Reserve banks are located in the sub-treasury cities of Boston, New York,
Philadelphia, Chicago, St. Louis and San Francisco. New Orleans has a
branch of the Federal Reserve Bank of Atlanta, while neither Baltimore
nor Cincinnati has a Federal Reserve bank.
It has always been deemed advisable to deposit the gold reser\'e and trust
funds of the Government in several places rather than to concentrate them
In one, for reasons of security as well as public convenience.
ii
The Federal Reserve Act does not expressly or by implication contemplate
the substitution of the Federal Reserve banks for the sub-treasuries, nor
would it in my opinion be possible, or advisable if possible, to attempt such
a substitution. While the general or current fund of the Treasury may.
in the discretion of the Secretary, be deposited In the Federal Reserve banks,
the reserve and trust funds of the Government, -saz., gold coin and bullion
and silver dollars held in trust by the Government against outstanding gold
and silver certificates and greenbacks, are not included in tliis authorization.
The gold coin and bullion held against gold certificates, amounting
at present to more than 82,000,000,000, a considerable part of which is
deposited in the sub-treasuries, should not, in my opinion, be committed
to the custody of any private corporations (and the Federal Reserve banks
are private corporations), but should be In the physical control of the
Government itself. This appUes with equal force to the $152,979,025 'of
gold reserve held against United States notes and Treasury notes of 1890
Aug. 25
THE CHRONICLE
1917.]
763
Senators La Follctte, Hiram Johnson of California,
of New Hampshire and Jones of New Mexico, were
among those who advocated such increases. Senator La
FoUette, in advocating conscription of wealth to pay for the
war, stated on Aug. 21 that 80% of war profits instead of
only 26% should be taken by the Government. He emphasized the smaU proportion of war revenues it is proposed to
raise by taxes
about one-fifth the sum to be received from
bonds and contended that the Tax biU could easily be
increased by more than $1,500,000,000 by increasing war
profits and income tax rates.
Wealthy interests, the Wisconsin Senator asserted, favor having more bonds and fewer
taxes, although the people prefer heavier taxation.
He
flayed what he termed "rich slackers." In presenting the
minority plans of the Finance Committee for higher rates in
thejwarjax bills on war profits and incomes Senator La FoUette
suggested"^ increasing the $2,006,970,000 bill to more than
$3,500,000,000 by such increases with elimination of consumption taxes. He also urged that less bonds and more
taxes be authorized.
On Thursday Senator La FoUette's
amendment proposing new income surtaxes ranging from
1% on incomes between $5,000 and $6,000 to 50% on those
treasuries in the large centres of business in the country, such as the cities
over
$1,000,000 was rejected by a vote of 58 to 21. AccordEven if these particular
in which the sub-treasuries are now located.
ing to the Senator his amendment was designed to yield
functions could be transferred to Federal Reserve banks where they exist,
the services rendered by the substituted agencies would have to be com$658,784,000 from individual incomes against $490,164,000
pensated for. This would involve expense to the Goverpment, while, at
in the pending bill.
Action on two other substitutes of
the same time, the facilities provided might not be as thorough and satisfactory as those supplied by the sub-treasuries themselves.
Senator La FoUette proposing to levy about $600,000,000
It has been suggested that the sub-treasuries are merely conveniences
and $505,000,000 respectively in income taxes went over on
and not necessities, and that their duties might be performed entirely by
Thursday and yesterday he asked that consideration of his
the Treasury in Washington. This is in a sense true, but the cost of handling all the business from a common centre, in a country so extensive as the
amendments be deferred untU he presented a detailed exUnited States, might be greater than the expense of the sub-treasui-y
planation. Before Thursday's rejection of the La FoUette
system, whereas the delays and inconveniences which the public would have
income tax proposal,, the Senate on the preAdous day, Aug.
It could
to suffer might prove a very serious handicap upon business.
with equal force be argued that internal revenue offices throughout the 22, rejected the schedule of income taxes proposed by the
United States could be abolished and all of the work done at Washington,
Senate Finance Committee and voted to retain the House
and, in like manner, that many of the customs offices throughout the counsurtaxes on incomes from $60,000 to $500,000 and adopted,
try could be abolished and all of the work done from Washington. It is
the duty of the Government to provide adeqiiate facilities to meet the
by a vote of 72 to 24, an amendment offered by Senator
convenience and necessities of the public in all parts of the country, and
Gerry of Rhode Island providing for a tax of 35
on incomes
the problem must be considered as a whole and not merely in detail.
from $500,000 to $750,000, 45% on incomes of over $750,000
It may be possible to reduce the expense of administration of some, or all,
of the sub- treasuries.
It has been only one year since the Federal Reserve
and not exceeding $1,000,000 and 50% on incomes greater
banks were made Government depositaries and fiscal agencies, and the
than $1,000,000. In its action on Wednesday the Senate
current or general funds of the Government in such cities transferred to
Federal Reserve banks. About that time I appointed an improvement accepted the House tax provisions ranging from 1% on
committee (described in my annual report of 1915) to make a careful incomes between $5,000 and $7,500 to 10% on incomes
study of departmental methods in all directions and to report upon the
between $40,000 and $60,000; and retained by test votes of
best means of improving the general administration of the Treasury service
in its various important branches.
The administration of the sub-treasuries 35 to 32 and 37 to 26, the Lenroot amendment, also embodied
is one of the subjects for investigation, and I sincerely hope that within
in the House bill, calling for a tax of 13 75-100 on incomes
another year it may be found possible to reduce the expense of operating
between $60,000 and $80,000 up to a tax of 37 5-10 on
these institutions in some, if not in all, of the cities where they are now
located.
incomes between $300,000 and $500,000. Under the Senate
The amount of the Government funds in each sub-treasury, the volume Committee bill the higher tax was 33
on incomes exceeding
of the total transactions annually performed by them, and the cost of
$500,000. With the Gerry amendment accepted on Wedmaintaining these institutions are set forth in the following table:
Expense
nesday the Senate provides a maximum levy of 50%. It is
of mainstated that after the two test votes Senator Simmons, ChairTotal Transactenance.
Government
man of the Finance Committee, ceased further opposition
tions, Fiscal
Fiscal Year
Funds Held
Year 1916.
Sub-Treasury
1916.
June 30 1916.
and said that the Senate had amply manifested its determinaBaltimore
$108,215,675 59 .533,749 53
$12,573,371 07
tion to retain the Lenroot amendments.
Senator Gerry's
Boston
217,020,680 17
52,051 29
34,452,695 24
Chicago
597,365,033 95
84,325 04 amendment it is estimated wiU secure $46,225,000 more
120,537,589 79
Cincinnati
105,703,08130
28,819 14 revenue, whUe the Lenroot amendments it is estimated wUl
31,388,654 90
New Orleans...
73,990,519 44
27,48122
31,917,75113
add $26,175,000 in revenue. Senator Weeks and Senator
New York
329,402,485 45 2,464,715,492 12 187,587 75
Lodge were among those who spoke in opposition to increasPhUadelphia
473,623,903 18
26,183,266 27
57,792 76
St. Louis
193,370.692 54
37,385 63
48,629,847 19
ing the bills levies. The former declared the pending biU
San Francisco
291,058,033 53
25,812 27
99,088,010 01
provides a fair distribution between taxes and bonds, with
Total
734,173,67105 4,525,063,11182 535,004 63 more taxes than other belligerents imposed during their first
It will be seen that the cost of maintaining these institutions treating the
year of war. He deplored what he termed Senator La
sub-treasury system as a whole, is only one one-hundredth of 1%, approximately, on the total transactions involved an insignificant sum compared FoUette's arraignment of "class against class," declaring the
with business done, the important service performed, and the conveniences attack upon "rich slackers" a libel upon wealthy citizens
afforded to the public. Aside from New York, the cost of maintaining the
manifesting patriotism. War taxes. Senator Weeks said,
other eight sub-treasuries is .5347,416 88, which is a comparatively small
sum to pay for the service and convenience they provide. If these institu- should be imposed graduaUy so as not to injure business and
tions were abolished, the total cost of operating them would not be saved,
tax sources, and subsequent generations should be made to
as a counter expenditure by the office of the Treasurer in Washington,
pay a part of the war burdens for the benefits they wiU
resulting from the increased work that would be thrown upon that office,
receive.
He declared the imposition of a heavy tax on
would be entailed.
I am of the opinion that it would be inadvisable at this time to abolish all,
incomes in this country and none in Canada would result in
or any, of the sub-treasuries.
It is an important matter and should be
business being driven across the border; that such taxes
considered deliberately. With the test of further experience it may develop
would interfere with the educational, research and charitable
that the functions of the sub-treasuries, or some of them, may bo transferred
to Washington, or to some other agency, but action should not be taken
work now performed by the wealthy, and would have a
hastily or inadvisedly.
tendency to destroy initiative on the part of corporations, at
I regret exceedingly that my necessary absence from Washington, in
connection with the establishment of the Federal Farm Loan banks and
the same time diminishing their ability to contribute to the
other public business made it impoissible for me to submit this report to the
expenses of the Government. Regarding the labor situaCongress at an earlier date.
the I. W. W. are respontion, he said the same interests
Respectfully,
strikes
in
present
the West as those which
W. G. McADOO, Secretary.
sible for the
riots
in
strike
LaAvrence,
Mass., some years
precipitated the
judgment,
he
said,
those
agitators are not
THE
REVENUE BILL IN THE SENATE.
In his
ago.
defense
from
capital,
and
they
get none from
The income tax provisions of the war revenue bill occupied entitled to any
the attention of the Senate, as in committee of the whole, organized labor.
this week.
Senator Lodge insisted that the biU provides an ample
Speeches advocating higher levies on war profits
and greater income surtaxes figured in the Senate proceed- ] roportion over 30% of this year's war expenses by
and fthe""; silver dollars held against silver certificates. If, however, It
should be deemed advisable to transfer the custody of these trust funds to
Federal Reserve banks or to any other private corporation or corporations.
It would be necessary to make a special deposit of such funds in vaults
especially constructed for the purpose and to maintain a Federal guard or
some form of adequate Government control over such vaults.
Since the Federal Reserve banks are, as I have already stated, private
corporations, just as are the national banks, the duty of providing the
necessary storage vaults and of assuming the custody and control of these
trust funds could not be imposed upon the Federal Reserve banks by legislation.
It could only be accomplished by negotiation and agreement.
Involving, necessarily, compensation for the service performed. Whether
or not arrangements could be made with Federal Reserve banks or any
private institutions for the custody of these trust funds upon terms and
under conditions satisfactory to the Government and at a saving in cost
over the sub-treasury methods, while, at the same time, providing all of
the conveniences in handling these funds and the same measure of security
as now afforded by the sub-treasury system, is a m,atter upon which I am
unable to express an opinion. I desire to repeat, however, my earnest
conviction that it would be unwise to commit the custody of these trust
funds to any private institution or Institutions. The custody of these
trust funds, their maintenance, direction, control, and administration are
distinctly a governmental function, and should be exercised only by the
Government.
Aside from the custody of the trust funds of the Government, the subtreasuries perform a highly useful service to the public in making exchanges
of money, supplying money and coin where needed, and reducing the cost
and expense of shipments of money and coin from a common centre. It is
necessary to maintain the facilities and conveniences provided by the sub-
ings.
HoUis
—
—
,
%
%
—
,
—
,
—
WAR
—
—
—
THE CHRONICLE
7G4
taxation and should not
increased so as to injure business.
At Thursday's session of the Senate an amendment was introdueed by Senator Trammell of Florida propositi}"; to strike
Jx-
out provisions in the }>iil loweriiif^ tli(; exemption from ineomc;
taxation to $1,(X)0 for single persons and $2,()0(J for married,
and making the exemptions of $2,000 and $3,000, respecYesterday (Friday) the Senate without objection
tively.
tentatively agreed to the proposed 4% tax on corporation incomes. All the income and war taxes agreed to this week
When the Committee's
are in addition to existing taxes.
amendment naming the pre-war period for the war tax levy
was reached yesterday, Senator Bankhead protest(>d against
the adoption of this provision, declaring that if the years
1911-12-13 were accepted as basis for the levy. Southern
He stated that corporations
industry would be ruined.
which made small profits in the pre-war years would suffer
immensely, while others which made large profits in that
period would escape with small taxation.
At last Saturday's session (the 18th) the Senate, by a
vote of 38 to 22, decided to strike out the provisions imposing
stamp taxes on checks, drafts and other forms of commercial
The provisions had been inserted by the Senate
paper.
Finance Committee. On the 18th, also, the Senate amended
the paragraph imposing a tax on parcel post transmission,
which, under the re-drafted measure, was to have been
graduated by weight on
all
parcels.
The Senate voted
to
make
the tax inapplicable to parcel post packages upon
which a rate less than 25 cents is charged.
On the 17th a number of features of the bill were disposed
of, including the wine and motor vehicle schedules.
The
revisions of the Finance Committee levying between $40,-
000,000 and $50,000,000 on owners of motor vehicles instead
of $68,000,000 on manufacturers as proposed by the House
bill, were adopted, as were the increased rates on wines,
estimated to raise $21,000,000, against $6,000,000 under the
House rates. House provisions levying a 5% tax upon gross
sales of many manufactures and designed to raise $118,750,000 were formally eliminated also, the new automobile and
other reduced excise taxes being substituted. The Senate
also accepted the Finance Committee's action in striking out
the
House provision
An amendment
for additional taxation of inheritances.
automobile section suggested by
Senator Knox and adopted imposes a surtax of $10 for each
$500 value on cars costing more than $3,000. As accepted,
the section
now
to the
provides the following motor vehicle taxes,
payable by owners of those not used exclusively for business
purposes:
Motorcycles, $2 .50; automobiles, costing under $.500, $5 annually; costing
between .$500 and $750. $7 50; costing between $750 and $1,000, $10, with
$5 additional for each .$.500 up to .$3,000 and $10 for each $500 above $3,000.
The tax based upon original list price would be reduced
by 10% for each year's use of the machine up to a gross
allowance of 50
%
ISSUANCE OF BONDS AND CERTIFICATES TOTALING
OVER 11 BILLION DOLLARS PROPOSED.
Authority for the issuance of bonds and certificates to$11,538,945,460 is suggested in recommendations
submitted to the House Ways and Means Committee by
Secretary of the Treasury McAdoo on Aug. 17. The Secretary asks for authority to float a $7,538,945,460 4% bond
issue to retu-e the $3,000,000,000 non-taxable S}i% issue
now authorized to cover loans to the Allies, and to provide
$4,000,000,000 for further loans to the Allies. It is proposed that the contemplated bond issue be subject only
to income supertaxes, war profits and excess profits taxes.
The plan of the Secretary in addition to putting out a new
bond issue is to issue additional certificates of indebtedness
to the amount of $2,000,000,000 and an equal amount of
war savings certificates in a form available for small intaling
It is stated that the life of the certificates of indebtedness and war savings certificates would be limited to
one and five years, respectively, and they would be subject
to discount and payment in the discretion of the Secretary.
He also would fix the interest rates and regulate interest
payments. They, like the bonds, would be subject only
Repreto supertax, war profits and excess profits taxes.
sentative Moore of Peimsylvania, who in the absence of
Representative Fordney of Michigan is the ranking Republican member of the Ways and Means Committee, issued a statement on the 17th inst., indicating his belief that
Republicans would support authorization of the bonds un-
vestors.
reservedly.
He was quoted as saying:
The disposition of Congress for the present is to let the President have
What he wants for the purposes of the war. The Administration believes
to
it
h(i
its
[Vol. 106
We
Ijiiundcu (iiily lo liclp the Allies lo tlic limit.
are in the
war and wo cannot back out. Wc must help sustain the Allies as they go
into winter (lu-irters and to prepare for their usual spring drive.
CONSTITUTIONALITY OF DRAFT LAW UPHELD.
constitutionality of the Selective Draft Law is upheld
an opinion handed down on Aug. 20 at Mount Airy, Ga.,
by Judge Emory Speer, U.S. Judge for the Southern District
The deci.sion was rendered in response to the
of Georgia.
application for writs of habeas corpus for Albert Jones and
The
ill
John Story, held
in the
Richmond County
(Ga.)
jail
for
under the law. The case was
jiresented by Thomas E. Watson, of Thomson, Ga., who
contended that the law was in contravention of the involunIn denying the writs Judge
tary servitude amendment.
failing to register as required
Speer declared that to agree to the contention that the act
contravenes the Thirteenth Amendment would be to con"Nothing," he said, "could
clude that the soldier is a slave.
the
abhorrent
to
truth,
nothing
more degrading to
be more
and gallant body of citizens trained in
whose
manhood,
skill and courage is and must be
arms in
of
task
maintaining
the very existence of the
committed the
people
hold dear." Answering the
nation and all that its
additional contention that "by the common law it was the
right of petitioners to remain within the realm, and that this
right should be held to relieve them from military service
beyond the borders of the United States" Judge Speer held
that the common law cannot prevail as to the United States
or its people against the explicit provision of an act of ConIn pointing out that Congress, is empowered under
gress.
the Constitution, 'to raise and support armies' he called
attention to the fact that Congress is also provided with the
poAver to "make all laws which shall be necessary and proper
for carrying into execution the foregoing powers and all other
powers vested by this Constitution in the government of the
United States or in any department or officer thereof."
"Here," he said, "is the greatest reservoir of power to save
While admitting that there is no
the national existence."
express power to send armies beyond the sea. Judge Speer
argued that "there is no express power to enact the criminal
laws of the United States; none to convey the public domain;
that indispensable
nor to construct the
Isthmian Canal, nor to create the Interstate Commerce
Commission, nor to declare the Monroe Doctrine, nor to
make the Louisiana Purchase, nor to buy Alaska, or to take
over Porto Rico and the Philippines." He added:
to build a transcontinental railroad,
This has all been done under the gi-eat power to promote the genera'
welfare, just as the selective army will be created under the law here
assailed, "to provide for the common defense," and beyond and above all
is the inherent power of every nation, however organized, to utilize its
every man and its every energy to defend its liberty and to defeat the
migration to its soil of mighty nations of ferocious warriors, whose barbarous
inhumanity for three years has surpassed all others since the death of
Attilla, the scourge of God.
The decision in full as set out in the Official Bulletin
published at Washington, follows:
Albert Jones and John Story, imprisoned in the Richmond County Jail
under commitment for unlawfully failing to register for military duty a^
required by the Act of Congress of May 18 1917, known popularly as the
selective draft law, have made applications for writs of habeas corpus.
They allege that their hnprisonment is unlawful. They charge that the
enactment, made to raise a National Army, is violative of the Constitution
of the United States.
It is insisted that the authority exercised by the
United States under this legislation is void because the Act contravenes the
Thirteenth Amendment. This provides that "Neither slavery nor involuntary servitude except as punishment of crime whereof the parties shall have
been duly convicted, shall exist within the United States or any place
,
subject to their jurisdiction."
Soldiers
Not
Slaves.
To
agree to this contention we must conclude that the soldier is a slave.
Nothing could be more abhorrent to the truth, nothing more degrading to
that indispensable and gallant body of citizens trained in arms, to whose
manhood, skill and courage is, and must be, committed the task of maintaining the very existence of the nation and all that its people hold dear.
The Grand Army of the Republic, the Confederate Veterans, and the Sons
of Veterans are not maintained to preserve the traditions of slavery.
Nations do not pension slaves to commeniinorate their valor. They do
not "give in charge their names to the sweet lyre," nor does
Sculpture in her turn
Give bond
stone and ever-endurmg brass
To guard and to immortalize the trust.
m
The
sole additional ground of the petition is that by the common law it
right of petitioners to "remain within the realm." and that this
right should now be held to relieve them from military service beyond the
borders of the United States. The reply is that the common law that is.
was the
—
—
the immemorial English law cannot prevail as to the United States or its
people against the explicit provision of an Act of Congress.
Nor has a
court of the United States power to declare an Act of Congress invalid
because it is mimical to the common law. The touchstone for such judicial
power is the Constitution, and nothing else. It remains to be determined
whether the Constitution has conferred authority on Congress to enact
this law.
Clause 11 of Article I, Section 8, of the Constitution empowers
Congress "to raise and support armies."
This power is plenary. It is not restricted in any manner. Congress
may summon to its Army thus authorized every citizen of the United States.
Since it may summon all, it may summon any.
Said the Supreme Court in
AUG. 25 1917
THE CHRONICLE
!
the case of The United States vs. Tarble, 13 Wallace, 408, "Among the
powers assigned to the National Government is the power to raise and
support armies. Its control over the subject is plenary and exclusive. It
can determine without question from any State authority how the army
shall be raised, whether by voluntary enlistment or forced draft, the age
at which the soldier shall be received and the period for which he shall be
taken, the compensation he .shall be allowed and the service to which he
shall be assigned."
National Guard Service.
urged that by this legislation Congress has taken over and in this
way conscripted the National Guard. This, it is said, is the State Militia.
It is contended under Clause 14 of the article and section above quoted that
such militia can be used only to execute the laws of the Union to suppress
Since these petitioners are not members
insurrection and repel invasion.
of the National Guard, in no event could their rights in this way be affected.
But the National Army is not the Militia. An army is a body of men
whose business is war (Burroughs vs. Peyton, 16 Gratt, Virginia, 475).
The militia is "a body of men composed of citizens occupied temporarily
in the pursuits of civil life, but organized by discipline and drill, and called
into the field for temporary military service when the exigencies of the
country require it." Idem.
It is
May Summon
Every Citizen.
seen. Congress in the exercise of the power to raise armies
may summon to the colors every citizen. It follows that the States, even
if they so desire, can not defeat this power by enlisting such citizens in the
Were this possible, it would be also
State troops or National Guard.
possible for the States to prevent altogether the raising of armies by Con-
As we have
gress.
There remains to be considered the contention that Congress can not
employ the National Army to be created by virtue of this legislation in
If this is true, then, indeed, is oiu- counforeign lands or beyond the seas.
Then must its people indeed suffer in their own homes, in
try impotent.
Its militheir cities, and on their farms all the horrors of invasiVe war.
tary leaders must ignore the settle principles of their science that the best
defensive is the most vigorous offensive. The keen swords of its sons instead of flashing over the guard of the enemy and piercing his vitals must
be held immovable as if on an anvil to be shattered by the reiterated blows
Deprived of our aid in the field successive defeats will
of his hammer.
visit and crush our Allies, their lands conquered, their navies taken, we
must then in tm'n, solitary and alone, meet on om- own soil the impact of
victorious and barbarous legions whose laws do not forbid service abroad,
but which inspire their fierce and veteran armies to deeds of conquest In
every clime.
Would Discover Their Mistake.
the misguided men who for their
personal ease advance it might all too late discover their fatal error. They
would discover it in the flaming homesteads, in the devastated fields, in
murdered brethi-en, in outraged wives and daughters; in their lands, their
factories, their merchandise, their stock, their all cooly appropriated by
the conquerer as h's own; their institutions destroyed; homeless, landless,
and beggars, to spend whatever intervals of degraded life remains to them
in abject slavery to the conqueror.
But our organic law does not so shackle the gigantic energies of the great
Republic. After the enumeration of the power of Congress, among them,
as we have seen, "the power to raise and support armies," in Clause 17
of Article 1, Section 8. it provides the power to "make all laws which shall
be necessary and proper for carrying into execution the foregoing powers
and all other powers vested by this Constitution in the Government of the
United States or in any department or officer thereof." Here is the great
reservoir of power to save the national existence.
Was
this contention maintainable,
Writs Are Denied.
no express power to send armies beyond the sea.
True; but there is no express power to enact the criminal laws of the United
States; none to convey the public domain; to build a transcontinental railIt is said that there is
road; nor to construct the Isthmian Canal; nor to create the Inter-State
Commerce Commission; nor to declare the Monroe doctrine; nor to make
the Louisiana Purchase; nor to buy Alaska, or to take over Porto Rico and
the Philippines. This has all been done under the great power to promote
the general welfare, just as the selective Army will be created under the
law here assailed "to provide for the common defense" and beyond
and above all is the inherent power of every nation, however organized,
to utilize its every man and its every energy to defend its liberty and to
defeat the migration to its soil of mighty nations of ferocious warriors
whose barbarous inhumanity for three years has surpassed all others since
the death of Attila, the Scourge of God. The writs are denied.
—
CLAIMS THERE
—
IS PROHIBITION
AGAINST STRIKES
IN FOOD CONTROL BILL.
In the bulletin on "American Industry in War Time"
published by the Industrial Economist Publishing Company
at Washington, it is contended that legislation prohibiting
We quote
strikes is embodied in the Food Control Bill.
therefrom as follows:
Co-operation and fair play are the two greatest assets this Government
can have in the prosecution of this war. There must be co-operation of
There must be
all classes with the Government and between themselves.
fair play as between the Government, the producers and the workers.
Congress has indorsed this specifically in Section 4 of the so-called Food
Control Bill. It has given the Government power to prevent the limiting
It has provided the authorization for the
or the tying up of industry.
of strikes willfully and unnecessarily called.
It has
that induspossible full production by enforced industrial peace
peace voUmtarily promised at the beginning of the war.
trial
It i.s made unlawful by Section 4 "to limit the facilities for transporting,
producing, harvesting, manufacturing, supplying, storing, or dealing in
any necessaries; to restrict the suppl^y of any necessaries; to restrict distribution of any necessaries; to prevent, limit, or lessen the manufacture or
production of any necessaries in order to enhance the price thereof," &c.
This section actually, and in fact makes it unlawful to strike on railroads handling any necessaries, to strike in factories making anything
which enters into the preparation, preserving or harvesting of foodstuffs
or foods, to strike in coal mines and limit the production of fuel, to do
anything which directly or indirectly limits the supply of foods, feeds and
Every manufacturer, railroad man ond iiusiness man should read
fuels.
He should carry out his compact with the Govthis section carefully.
ernment to maintain the standards of labor and he should demand from
the Government compliance with this law by labor. This law prohibits
It is the duty of the Government to enforce it.
strikes.
prompt suppression
made
—
765
CONFERENCE OF REPRESENTATIVES OF NEW YORK
COFFEE AND SUGAR EXCHANGE IN WASHINGTON.
At a conference
in
Washington on Aug. 20 with
officials
of the Council of National Defense, representatives of the
New York
Sugar and Coffee Exchange agreed to deliver
100,000 tons of sugar to the army and navy at a price to be
fixed by the Food Administration.
Following the decision
of the Exchange to suspend all tradings in sugar for future
delivery until further notice (this action having been taken
at the suggestion of the Herbert C. Hoover, the Food Administrator) the Exchange named a committee to confer with
Mr. Hoover, this committee consisting of Henry Schaefer,
William Bayne Jr., L. S. Bache, E. L. Lueder and Manuel E.
Rionda. The committee, in addition to conferring with the
Council of National Defense on Monday, also met with Mr.
Hoover and discussed the stabilization of sugar prices in
the United States.
Beet sugar producers also saw Mr.
Hoover and discussed the prices at which the 1,000,000 tons
of beet sugar to be produced between now and the end of
the year shall be marketed.
The prices contemplated, it is
stated, range from $6 75 to $7 50 a hundred, or from one to
one and a half cents under present quotations. No settlement
was reached. On Tuesday the Special Committee of the
Board of Managers of the Sugar and Coffee Exchange named
to confer with Mr. Hoover reported to the Managers the
results of its conference.
Following the meeting the Managers posted the following notice:
The special committee appointed by the Board of Managers to confer
with Mr. Hoover, the Food Administrator, have reported as follows:
"It is the desire of the Food Administrator that no further business in
sugar futures be entered into for the duration of the war and that all outstanding contracts be .settled as .speedily as possible."
The action of the Board as regards liquidation of open contracts will be
announced to the members at the earliest possible moment.
Meanwhile the temporary liquidating committee will continue to meet.
By order of the Board of Managers.
C. B.
On Thursday
STROUD,
Superintendent.
the managers adopted the following resolu-
tion:
Rcsiilocd, That a linr.idation committee of five be appointed by the chair
to facilitate the liquidation of open sugar contracts.
Any outstanding
contracts may be liquidated through this committee a tprices not above
the closing prices of Aug. 16 1917, as established by the Future Quotation Committee, no contiacts to be liquidated except with the linowledge
and consent of this committee.
The liquidation committee consists of A. Schierenberg,
Henry Schaefer, Wilham Bayne, Jr., M. R. Mayer, and F.
W. Hopkins. The temporary liquidating committee appointed last week was dissolved with the appointment of the
new committee, and it was stated that all orders submitted
to the temporary committee on the day of the naming of the
new committee would be considered canceled. The "Journal
of Commerce" of yesterday averred that George W. Lawrence,
President of the Exchange, had received word from Mr.
Hoover that the Administration has no objection to the
liquidation of outstanding contracts by the Exchange in
accordance with methods outlined by Mr. Lawrence in a
message to Washington.
It
added:
Mr. Hoover does not wish any further contracts entered on or any
quotations on futures and has sent word that he agi-ees that the fixing of
the closing prices of Aug. 16 as the maximum price for liquidation of all
outstanding contracts is just and approves of the action taken by the local
Exchange.
The "Wall Street Journal" yesterday reported that final
steps in the liquidation of outstanding sugar futures contracts
were taken by the Liquidating Committee of the Coffee and
Sugar Exchange yesterday following the receipt of a telegram from Mr. Hoover approving of the maximum prices
for the settlement of sugar futures contracts recently fixed
by the Exchange. The prices are: January, 4.98; February, 4.80; March, 4.80; April, 4.82; May, 4.84; June, 4.86;
July, 4.88; August, 6.28; September, 6.18; October, 5.98;
November, 5.73; December, 5.38. Settlement above these
prices, it is stated, will not be allowed, but may be transacted
It is added that in response to Mr. Hoover's request
below.
no further quotations in the settlement of the outstanding
contracts will be announced by the committee, which will
meet daily until all contracts have been settled.
The following committee, appointed with the advice and
consent of the Council of National Defense has been named
to arrange a proper distribution of the Army and Navy
sugar requirements: James H. Post, of B. H. Howell, Son
& Co., New York; Manuel Rionda, of the Cuba Cane Co.,
of New York; F. R. Hathaway, of the Michigan Sugar
Co., Detroit, Mich.; R. M. Parker, of the American Sugar
Refining Co., New York, and Horace Havemeyer, of New
York. Mr. Post has been designated chairman of the
committee and Mr. Havemeyer Secretary.
THE CHRONICLE
766
JUDGE LOVETT NAMED AS DIRECTOR OF PRIORITY
OF TRANSPORTATION.
With tho appointment by President Wilson on Aug. 20
S.
of Freight,
—
The
fense.
text of this
In witness whereof and by virtue of the aforesaid Act of Congress and
the order of the I'resident of the United States, I hereunto sign my name
this 20th day of August, 1917.
ROBERT
of
Lovett as Director of Priority of Transportation
Government control of tho coal industry was
brought a step nearer realization. Judge Lovett is also a
member of the War Industries Board and its Central Purchasing Committee, as well as Chairman of the Executive
Committee of the Union Pacific System. Along with tho
announcement of tho appointment of Judge Lovett to direct
the priority of all shipments, it was made known that
President Wilson had approved an order issued by Judge
Lovett directing that rail and steamship lines give bituminous
coal shipments to the Northwest preference over all other
The appointment of a coal administrafreight shipments.
authority to control coal producwhom
is
conferred
on
tor,
tion and distribution, including price-fixing powers given
to the President in the Food Control Act, was announced
on the 23d, as indicated in another
later in the week
appointment served to put into
Lovott's
Judge
item.
operation the Act approved by the President on Aug. 10,
authorizing the Chief Executive to give priority of transportation to commodities most essential to the national de-
Robert
[Vol. 105.
Act was pubhshed in these columns
Judge Lovett's statement directing that prefer11.
ence be given Northwest coal shipments, appUes to forty-six
raihoads named, serving Lake ports directly and those
touching the bituminous fields, which in turn serve railroads
that touch Lake ports. The order follows:
Whereas, By the Act of Congress entitled "'An Act to amend the Act to
Aug.
regulate commerce, as amended, and for other'purposes," approved Aug. 10
1917, it is provided that during the continuance of the war in which the
United States is now engaged the President of the United States is authorized, if he finds It necessary for the national defense and security, to direct
that such traffic or such shipment of commodities as, in his judgment, may
be essential to tho national defense and security shall have preference or
priority in transportation by any common carrier by railroad, water, or
otherwise; and
Whereas, By virtue of the power conferred upon him by said Act, the
President has designated the undersigned as the person through whom the
orders and directions authorized by said Act shall be given; and
Whereas, It has been made to appear, and the President through the
undersigned finds, that under present conditions and volume of shipment,
sufficient bituminous coal will not be transported via Lake movement to
Lake Superior and Lake Michigan ports before the close of navigation to
supply the requirements of the territory contiguous thereto, which is
necessarily dependent upon movement by lake for supply 'of bituminous
coal, and that an adequate supply of bituminous coal in that territory is
necessary for the national defense and security and that a condition exists
requiring the exercise of the powers vested in the President by the aforesaid Act of Congress, approved Aug. 10 1917, and conferred by the President upon the imdersigned, as authorized by said Act:
Now, therefore, by reason of the premises, the undersigned in
First.
the name of the President, orders and directs that the railroad companies
named in Subdivision "Third" below, serving Lake Erie ports in the
transportation of bituminous coal for trans-shipment by vessel to ports on
Lake Superior and Lake Michigan, shall and they are hereby directed,
until further order, daily to give preference and priority in the distribution
of cars to coal mines served by them and transport of the same so that
bituminous coal for trans-shipment as aforesaid by lake shall have prefer-
S.
LOVETT.
Judge Lovett's order, according to the Eastern division
of the Railroads' War Board, is in line with the recommendation made by the Board in a memorandum on the Northwest situation, prepared for the information and filed with
the Government last Saturday at the instance of the Board
by Howard Elliott and "which was the formal appeal of the
Railroads' War Board to the National Government to invoke the priority act for assurance of coal relief for the Northwest." The statement issued in the matter on Aug. 21 by
the Eastern Division of the Board, says:
The problem, in brief, was that something over 17,000,000 tons of coal
had to be moved from tho Lake ports during the sixteen weeks when navigation is normally open, or more than 1,000,000 tons a week.
Inasmuch
as a much lesser quantity was being carried on the Lakes in spite of all efforts of tho Railroads' War Board, the members of this body voluntarilyasked that the power of the priority Act be used. The coal needed for
tho Northwest was going to other points for reasons entirely beyond the
control of the railroads.
Arrangements have now been made so that as this 17,000,000 tons of
coal are unloaded at Lake ports the cars may be used for Immediate reloading with iron ore for the return trip, an accomplishment which is of tremendous importance in the matter of preventing any idleness of muchneeded cars or their hauling without load.
In
its
appeal to the Government on Aug. 18 to begin exerits power to direct shipments the Rail-
cising
immediately
roads'
War Board
said:
Realizing that the question of providing coal for the Northwest is one of
national importance, involving the defense and security of the nation,
because, unless the fuel can be placed there prior to the close of navigation,
there will be a reduction next year in the food supply produced in that
section and in the amount of iron ore shipped down the Lakes, and also much
suffering among the people of Minnesota, Wisconsin and the Dakotas
this winter, this committee has been untiring In its efforts to improve the
situation.
,
,
—
ence and priority in transportation.
It is further ordered that all common carriers by water engaged
Second.
In shipment of lake bituminous coal, as aforesaid, shall and they are hereby
directed, untU further order, to accept and receive all cargoes of such coal
tendered to them for shipment, as aforesaid, and to so load, transport, and
deliver the same that it shall have preference and priority in transportation.
—
Third.
—The railroad companies to which
this order
and direction applies
are:
The Baltimore & Ohio RR. Co.
Cambells Creek RR. Co.
Cherry Tree & Dixonville RR. Co.
The Chesapeake & Ohio Ry. Co.
The Cincinnati Hamilton & Dayton Ry. Co.
The Cleveland Cincinnati Chicago & St. Louis Ry. Co.
Coal & Coke Ry. Co.
Cumberland & Pennsylvania RR. Co.
Dents Run RR. Co.
Detroit & Toledo Shore Line RR. Co.
Detroit Toledo & Ironton RR. Co.
The East Broad Top RR. & Coal Co.
Erie RR. Co.
The Hocking Valley Ry. Co.
„t, o ^
r^
The Huntingdon & Broad Top Mountam RR. & Coal Co.
The Kanawha & Michigan Ry. Co.
Kanawha & West Virginia RR. Co.
Kittanning Run RR. Co.
The Lake Erie & Western RR. Co.
Lake Erie Franklin & Clarion RR. Co.
Louisville & Nashville RR. Co.
The Monongahela Ry. Co.
Morgantown & Kingwood RR. Co.
The New York Central RR. Co.
The New York Chicago & St. Louis RR. Co.
Norfolk & Western Ry. Co.
The Northern Ohio Ry. Co.
Pennsylvania Co.
The Pennsylvania RR. Co.
Pere Marquette RR. Co.
The Pittsburgh & Lake Erie RR. Co.
Pittsburgh Chartiers & Youghiogheny Ry. Co.
The Pittsburgh Cincinnati Chicago & St. Louis RR. Co.
The Sandy Valley & Elkhorn Ry. Co.
The Toledo & Ohio Central Ry. Co.
Toledo Detroit RR. Co.
Toledo St. Louis & Western RR. Co.
Wabash Ry. Co.
„ ^
The Wabash Pittsburgh Termmal Ry. Co.
Washington Run RR. Co.
W^est Side Belt RR. Co.
West Virginia Northern RR. Co.
The Western Maryland Ry. Co.
The Wheeling & Lake Erie Ry. Co.
The Youngstown & Ohio River RR. Co.
Zanesville & Western Ry. Co.
.
,
i
Although the co-operative efforts of the coal men, the Lake vessel owners
and the railroads have increased 28.2% the total amount of coal in the
United States, this committee has been unable to direct the movement to
the Northwest to the extent that is necessary.
The committee desires to call attention to the fact that some of the
extraordinary powers recently vested in the Federal Government may enable
tho Administration to apply a remedy which may result in getting the necessary coal to the Northwest prior to the close of navigation.
BITUMINOUS COAL PRICES FIXED BY PRESIDENT.
Tentative prices for bituminous coal for every mine in the
United States were fixed by President Wilson on Aug 21.
The prices are fixed by States, and range from SI 90 to
S3 25 for run of mine, S2 15 to S3 50 for prepared sizes and
The prices were set
SI 65 to S3 00 for slack or screenings.
on cost-of -production estimates, it is stated, furnished by the
Federal Trade Commission after months of exhaustive investigation.
The country is divided into 29 districts and every
producer in a district will market his output at the same price.
The prices range from 20 to 35 under the maximum price
of S3 fixed by Government officials and operators at the
conference of operators held in Washington in June. The
prices agreed to them called for a maximum price of S3 50
a ton for lump coal at the mines for the general public, and
a maximum of S3 00 a ton for coal to the Government.
This price agreement, which was to have gone into effect on
July 1, did not hold, as many operators refused to abide by
it after Secretary Baker, as President of the Council of
National Defense, repudiated it as too high. Prices recently
have ranged far above the S3 Umit. The anthracite prices
fixed by the President later in the week are referred to in
another item. The fixing of prices was the President's
second step in the direction of coal control and was taken
under authority given the Executive in the Food Control
BUI. The first was taken on August 20, when the President named Robert S. Lovett as director of transportation and approved an order issued by Mr. Lovett directing
that coal shipments to the Northwest be given preference
over other goods. This is referred to more fully under another heading in to-day's issue of our paper.
The President's statement announcing the fixing of bituminous coal prices was as follows:
%
White House,
Washington, Aug. 21 1917.
prescribed for bituminous coal at the min«
The following scale of prices is
in the several coal-producing districts.
It is subject
It is provisional only.
to reconsideration when the whole method of administering the fuel supplies
of the country shall have been satisfactorily organized and put into operation.
Subsequent measures will have as their object a fair and equitable
control of the distribution of the supply and of the prices, not only at the
mines but also in the hands of the middlemen and the retailers.
The prices provisionally fixed here are fixed by my authority under the
pro^asions of the recent act of Congress regarding administration of the
food supply of the country, which also conferred upon the Executive control
of the fuel supply.
They are based upon the actual cost of production
and are deemed to be not only fair and just but liberal as well. Under
them the industry should nowhere lack stimulation.
Note.
—Prices are^on
WOODROW
f.
o. b.
mine basis
WILSON.
for tons of 2,000 pounds.
m
.
AUG. 25
THE CHRONICLE
1917.]
Bun
of
Pennsylvania
W. Virginia (N. River)
Virginia
Oliio (thicJi vein)
Ohio (thin vein)
Tennessee (Eastern)
Tennessee (JelUco)
Indiana
2 15
165
15
2 40
1
40
30
40
2 65
2 55
2 65
2 20
2 20
2 65
2 90
2 95
2 80
2 15
2
._ 2
2
2
195
195
Illinois
Illinois (thu-d vein)
Arkansas
Iowa
Kansas
Missouri
Oklahoma
Texas
Colorado
-
Montana
New Mexico
Wyoming
Utah
Washington
Slack or
Screenings.
190
2 40
Alabama (big seam)
Alabama (Pratt, Jaeger, and Corona)
Alabama (Cahaba and Blacli Creek)
Sizes.
$175
175
175
190
175
175
195
(Jellico)
Prepared
$2 25
2 25
2 25
2 40
2 25
2 25
2 60
2 20
2 65
$2 00
2 00
2 00
2 15
2 00
2 00
2 35
Maryland
West Virginia
Kentucliy
Kentucliy
Mine.
2 40
2 65
2 70
2 55
2 70
3 05
2 65
2 45
2 70
2 40
2 50
2 60
3 25
2 95
3 30
2 90
2 70
2 95
2 65
2 75
2 85
3 50
2 10
170
2 15
90
2 05
2 15
170
170
2 15
2 40
2 45
2 30
2 45
2 80
2 40
2 20
2 45
2 15
2 25
2 35
3 00
Concerning the President's order, tlie Washington correspondent of the New York "Tribune," under date of the
21st inst., said:
The President's order amotmts to cutting the price of coal in half, according to estimates at the Navy Department. The navy has been getting
Virginia coal at a $2 335 rate by special tentative arrangements, which
amounts virtually to paying this amount on account. The coal producers
will now have to refund approximately 13Mc. a ton to the Government, as
the $2 a short ton is calculated at $2 20 a long ton.
For commercial houses and steamships the price has for the last six
months been $6 50 at the pier. Counting $2 20 a long ton and adding $1 45
freight the charge for steamships and commercial houses at the pier now
will be $3 65.
Secretary Daniels, when informed of the President's order, said:
The navy will, of course, get back any excess we paid in the $2 335
advance, as it was agreed that this was merely a tentative figure. When I
fixed that rate I took the highest price suggested by any one whose judgment of prices at the mine I listened to. I wanted to be sure that enough
was paid, and resolved all doubt in favor of the coal dealers. I hope now
that we will all get coal at a reasonable figure.
Jobbers'
PRESIDENT.
Margins.
A
coal jobber is defined as a person (or other agency) who purchases
and resells coal to coal dealers or to consumers without physically handling
it on, over, or through his own vehicle, dock, trestle, or yard.
2. For the buying and selling of bituminous coal a jobber shall not add
to his purchase price a gross margin in excess of 15c. per ton of 2,000 pounds;
nor shall the combined gross margins of any number of jobbers who buy
and sell a given shipment or shipments of bituminous coal exceed 15c. per
ton of 2,000 pounds.
3. For buying and selling anthracite coal a jobber shall not add to his
purchase price a gross margin in excess of 20 cents per ton of 2,240 pounds
when delivery of such coal is to be effected at or east of Buffalo. For buying and selling anthracite coal for delivery west of Biaffalo, a jobber shall
not add to his purchase price a gross margin in excess of 30 cents per ton
of 2,240 pounds.
The combined gross margins of any number of jobbers
who buy and sell a given shipment or shipments of anthracite coal for delivery at or oast of Buffalo shall not exceed 20 cents per ton of 2,240 pounds;
nor shall such combined margins exceed 30 cents per ton of 2,240 pounds for
the delivery of anthracite coal west of Buffalo. Provided, anthracite coal
may be increased by not more than 5 cents per ton of 2,240 pounds when
the jobber incurs the expense of re-screening it at Atlantic or Lake ports
for transshipment by water.
1
Anthracite Prices.
maximum
prices per ton of 2,240 pounds
sizes of anthracite coal
hereinafter specified shall not exceed the prices indicated in Paragraph 5
when such coal is produced and sold by the Philadelphia & Reading Coal
4. Effective Sept. 1 1917,
the
on board cars at the mines for the grades and
&
Iron Co., Lehigh Coal & Navigation Co., Lehigh & Wilkes-Barre Coal
Co., Hudson Coal Co., Delaware & Hudson Co., Scranton Coal Co.,
Lehigh Valley Coal Co., Coxe Brothers & Co., Pennsylvania Coal Co.,
Hillside Coal & Iron Co., Delaware Lackawanna & Western RR. Co.,
Delaware Lackawanna & Western Coal Co., Susquehanna Coal Co., Susquehanna Collieries Co., Lytle Coal Co., or the M. A. Hanna Coal Co.
5. The grades and sizes for which the maximum prices are specified are
as follows: White ash anthracite coal of the grade that between Jan. 1 1915
and Jan. 1 1917 was uniformly sold and recognized in the coal trade as
coal of white ash grade; red ash antliracite coal of the grade that between
Jan. 1 1915 and Jan. 1 1917 was uniformly sold and recognized in the trade
as coal of red ash grade, and Lykens Valley anthracite coal that is mixed
exclusively from the Lykens Valley seams and of the grade that between
Jan. 1 1915, and Jan. 1 1917, was uniformly sold and recognized in the coal
trade as coal of Lykens Valley grade:
White Ash Grade.
Broken
$4 55|Stove
4 451Chestnut
Egg
$4 70|Pea
-34 00
4 80|
Red Ash Grade.
Broken
$4 75|Stove
4 65|Chestnut
Egg
$4 90|Pea
4 901
Lykens Valley Grade.
$5 OOlStove
$5 30|Pea
4 90|Chestnut
5 301
Broken
ANTHRACITE COAL PRICES FIXED BY THE
767
Egg
-$4 10
.$4 35
6. Producers of anthracite coal who are not specified in Paragraph 4 shall
not sell the various grades and sizes of anthracite coal at prices that exceed by more than 75 cents per ton of 2,240 pounds free on board cars at
the mines the prices enumerated in Paragraph 5. Provided, that any
producer of anthracite coal who incurs the expense of re-screening it at
Atlantic or Lake ports for shipment by water may increase the price thereof
by not more than 5 cents per ton of 2,240 pounds.
7. Producers of anthracite coal specified in Paragraph 4 of these regulations shall not sell anthracite coal to producers of anthracite coal not
Following the action taken earlier in the week in determining prices for bituminous coal, President Wilson on Aug. 23
fixed anthracite prices at the mine and made known the
margins at which jobbers would be allowed to operate. At
the same time he announced that he had named as Coal
Administrator Dr. Harry A. Garfield, President of Williams specified in Paragraph 4.
8. Dealers and selling agents shall not sell coal produced by the producers
College and Chairman of the wheat price fixing committee of
in Paragraph 4 on the basis of the prices fixed at the mine for
the Food Administration. As is indicated in another column, included
coal produced by the producers not specified in said paragraph.
President Wilson, before making public the prices for bituWOODROW WILSON.
minous coal determined upon by the Government, named
The Wliite House, Aug. 23 1917.
Robert S. Lovett as Director of Transportation and approved
It was reported on the 23d that the coal administration
an order issued by Judge Lovett under the Priority Shipment
will be organized as soon as Dr. Garfield has completed his
Act, directing that coal shipments to the Northwest be given
work of recommending to the food administration a Governpreference over other shipments. The prices fixed by the
ment price for the 1917 wheat crop. Dr. Garfield's pricePresident for anthracite coal range from $4 00 to $5 30. It
fixing committee, it was said, would be ready to announce a
is stated that the prices fixed for hard coal, which are effective
Dr. Garfield announced on the
price within a few days.
Sept. 1, are virtually the same as those now charged at the
would
institute
a Hcensing system for all coal deal23d that he
mines under a voluntary agreement made by the producers
ings from the mine to the retailer, and that if prices were
with the Federal Trade Commission. In announcing on
fixed for retailers the licensing would be extended to cover
Aug. 23 the profit that might be charged by jobbers on both
Under the law giving the President control
retail dealings.
anthracite and bituminous coal, the President limited the
of fuels, the Government can take over and operate any
margin on anthracite to 20c. a ton of 2,240 pounds for shipmines faihng to observe regulations prescribed. A corporaments east of Buffalo and 30c. a ton of 2,240 pounds for
tion similar to the wheat corporation of the food adminisshipments west of that point; on bituminous coal the jobbers'
tration was suggested as a possibiUty to prepare the Governmargin was limited to 15c. per ton of 2,000 pounds. These
ment
to handle the situation if the price-fixing plan does not
prices allowed jobbers will, it is said, reduce profits sharply.
out satisfactorily. The last resort under the law is
work
The bituminous jobbers' prices become effective immedirequisitioning of the output of all mines and
Government
ately, as did bituminous mine prices announced on the 22nd
the sale of it to the public. The organization of an opinst.
purchasing corporation would provide all the
The President's order forbids railroad-owned mines from erating and
machinery necessary to put the commandeering provision
selling to other mines and prohibits dealers from selling coal
of the law into operation.
produced by raih-oad-owned mines on a basis of prices fixed
Statements to the effect that the President's prices for
for other mines.
anthracite will not make any appreciable change in the
It is understood that the next and final step in completpresent price situation were made- on Thursday by William
ing the Government control of the coal industry will be to
make regulations for coal distribution and to fix anthracite H. Truesdale, President of the Delaware Lackawanna &
Western RR., and Michael F. Burns of Burns Bros. Mr.
and bituminous retail prices.
Truesdale was quoted as follows in the "Times:"
The following is the President's order fixing anthracite
Some of the smaller
I do not think the situation will be greatly altered.
prices and jobbers' margins:
companies may have been charging a little more than the Washington
The following regulations shall apply to the intrastate, interstate, and scale; but there will bo no radical readjustments. I am speaking very
foreign commerce of the United States, and the prices and margins
referred
largely from memory in comparing the WasMngton figures with the present
to herein shall be in force pending further investigation of determination
thereof by the President:
prices,
but
it
seems to
leading companies.
me
the general average
is
the present
basis for the
THE CHRONICLE
708
wtidks ano the Kodcral Trade Commission fixed tiio prif-fM to bo
by the coal companies. Tiio prices pcirniitlod to lie (^hiar^ed by tile
sniaii<'r operators were a little IiIkIkt tlian tiiose permitted I'or tlie otiiers,
and it was atfn^ed tlial the companies siiouid advance the j)ric<i 10 cents a
month from Ai)ril until S(!ptoml)cr. The Heptc^mlxT pric(! was to marli
the high level, and to remain tlirouK'iout the winter.
Some
i-liarKcd
quoted by
satno papor as follows:
If you will add $1 45 a ton for railroad transportation from the mines
to the city and then from 81 75 to ^2 a ton for the cost of liandling and
dtiliverlng in the city, you will see that the Washington figures will not
change present prices much for the New York consumer.
Mr. Burns
is
tlK3
Figures tending to show that the prices determined upon
by the Government should servo to bring the cost of furnace
coal to the retailer to $8 05, appeared in yesterday's "Sun",
as follows:
New York Retailer $8 05.
the Now Yorlc retailer $H 05
Furnace Coal
this winter.
Ordinary furnace coal will cost
This includes the co.st of delivery in tiio householder's cellar.
The figure is computed thus for white ash egg coal an ordinary grade
used by many apartment hou.ses:
$4-45
Price at mine as fixed by I'resident Wilson
to
Cost
—
Freight to New York (average)
1.45
.20
Jobber's profit, as fixed by President Wilson
.20
Lighterage
Unloading, screening, shrinkage, cartage, retailer's overhead (Burns
Bros.' estimate)
1.75
.S8.0.5
Whatever the householder pays
retailer's
net profit.
for coal of this grade above $8 05
This grade is retailing now for about $8 45.
COAL COMMITTEE APPEALS TO OPERATORS
is
the
AND
MINERS TO CO-OPERATE.
Prior to this week's measures of the President for the
Governmental direction of coal, an appeal to the coal
operators and miners of the United States "to rise to the
present National emergency to render the best service that
is in them in advancing the cause of our country in the great
struggle for democracy as opposed to autocracy" was issued
(Aug. 1) by the Committee on Coal Production of the Council
of National Defense, of which F. S. Peabody is Chairman.
In a previous appeal, issued on May 26, the people of the
country were asked to conserve the use of coal so that there
may
at all times be a sufficient quantity available for battlemunition factories, railroads and all enterprises which
ships,
are making materials for use in the war. Concerning the
responses to this appeal the Committee under date of Aug.
1 says:
Response has been made to our last appeal and the coal production has
been increasing suff icently to warrant the belief that there will be a sufficient
supply of coal to meet the requirements of con.sumers in the United States.
The bituminous coal loaded at the mines in May was 24% more than in
May a year ago, and 12% more than in April of this year. In June, 1917,
the increase was 26% above the output of June, 1916. This means that in
June, 1917, a new record was established, with a production of nearly
47,000,000 tons of bituminous coal. This gratifying record was even
Y^et not enough coal is being mined to meet the increased
e.xceeded in July.
requirements, estimated at ten million tons annually, which will be necessary
to supply the growing needs of our allies, for the bunkering of fleets which
will transport our troops and supplies to France, and for Cuba and South
America.
Though the production of coal throughout the country is now seriously
handicapped by the inadequacy of transportation facilities, yet we call
attention to the fact that, owing to the co-operation and the splendid
efforts of the Executive Railway Committee of the Council of National
Defense, much progress has been made in supplying cars to the mines,
resulting in the material increase in production for the month of May over
that of April. There is, of course, still room for improvement, but we have
every assurance that the regulations now being put into effect by the railroads, the putting into service of many new cars, and the increase of motive
power as a result of the curtailment in passenger service will make for a
continued improvement in car supply.
It is not the intention of tlais committee to seek to arbitrarily restrict the
normal activities of operators or miners, but we are interested, as the whole
nation mu.st be, in maintaining uninterrupted operation in the coal-mining
industry and in securing at all times the maximum production of coal.
This committee, representing the coal operators and miners, renders great
service in promoting good will and harmony in the coal industry and in
co-operating for tlie purpose of bringing about the adjustment of differences
between the operators and miners to the end that production may be
.
increased
The present co-operation between those actively engaged in the conduct
of the coal industry will prevent the putting into effect of any extreme or
arbitrary policy which would interfere with the freedom of action of the
In the judgment of the
coal operators and coal miners of the country.
committee the problems affecting this industry can be more effectively
solved and the interest of our nation and the public more properly protected by the men who, from the nature of their business and occupation,
It is necessary that a proper
are essentially qualified to deal with them.
degree of voluntary restraint be exercised to the end that not only the
maximum production be obtained, but that the public may be able to rest
secure in the knowledge that its interest will be safeguarded.
The National Committee on Coal Production was appointed on May 7 by the Council of National Defense for
the purpose of increasing the output of coal and accelerating
Mr. Peabody, Chairdistribution in America to the Allies.
man of the Committee is President of the Peabody Coal
Company of Chicago. Those who, with Chairman Peabody,
constitute the Committee, are:
George W. Reed, Secretary.
E. J. Berwind, New Y'ork, representing Central Pennsylvania, Maryland and Low Volatile fields of West Virginia.
W. W.
Vol.
li'S
Keefer, Pittsburgh, Pa., representing Western Penn.sylvania,
Ohio and Michigan.
Van If. Manning, Washington, D.
C,
Director United States Bureau
of Mines.
C. M. Moderwell, Chicago,
Western Kentucky.
111.,
representing lUinoLs,
Indiana and
E. L. Pierce, Syracuse, N. Y., representing Coke Industry.
Erskine Ramsey, Birmingham, Ala., representing Alabama, Tennessee,
Gwjrgia and North Carolina.
George Otis Smith, Washington, D. C, Director United States Geological Survey.
James J. Storrow, Boston, Ma.ss., representing New England.
II. N. Taylor. Kansas City. Mo., rei^rcsenting Arkansas, Iowa, Kansas,
Missouri, Oklahoma and Texas.
S. D. Warriner, Philadelphia, Pa., representing Anthracite Coal Industry.
J. F. Welborn, Denver, Colo., representing Colorado,
Montana,
New
Mexico, North Dakota, Oregon, Utah, Washington and Wyoming.
Daniel U. Wentz, I'hiladelphia, Pa., repre.senting Ea.stern Kentucky,
Virginia
and High
Volatile fields of
West
Virginia.
In a statement issued on May 14 the Committee called
attention to the fact that in the matter of fuel production the
country was confronted with a great emergency. Believing
that the first essential toward an increased production of
coal was a close co-operation between mine employer and
mine employee, the Committee urged that efforts be made
toward keeping the mines continuously at work, avoiding
labor disputes and unnecessary shutdowns.
We give its
statement, made public on May 14th, in part below:
The Committee convened in Wastiington on May 9, at which time, in
addition to the members of the Committee, there were present Secretary of
the Interior Franklin K. Lane, Mr. W. S. Gifford, Director of the Council
of National Defen.se, and Mr. Bernard M. Baruch, Chairman of the Committee on Raw Materials, Minerals and MetaLs, of the Advisory Board of
the Council of National Defense, from whom an outline of the proposed
scope of the Committee's work was received.
The country at the present time in the matter of its fuel production is
confronted with a groat emergency.
Notwithstanding the increased production of coal from practically every
district, the increasing requirements to meet the needs of all cla.sses of
industry, as well as for the comfort and welfare of the people and the transportation of troops, munitions, food, and other products, together with the
supplying of our allies and for our national protection all these demands
are liable to surpass the capacity of our mines unless the full co-operation
of the mining, transporting, and distributing agents of this country is
secured.
This emergency requires not only the development of the highest
efficiency, especially on account of a diminished supply of labor used in the
production of coal, but also in more comprehensive methods of co-operation
by the coal producers with the transporting and distributing agencies, so
that not only a full production will be secured, but also that tliis production
finds its way over our railroads into those centres where the most urgent
need exists. If the demand for this product continues to increase it may
be necessary that active steps be taken to, so far as possible, confine the
distribution and use of it to those activities which are more nearly \ital to
the welfare and protection of the nation.
That this may not effect an
unnecessary hardship upon the domestic welfare of our people it is necessary
to promote the closest co-operation, and because of the duty laid upon us to
promote this welfare we urge upon you that you co-operate v.ith this Committee in its efforts to promote the largest production, the most equitable
distribution, and the highest use to produce the best economic results.
No
doubt an emergency exists, but it is the belief of this Committee that with
your hearty support and the assistance of the public in conserving supply,
sufficient fuel can be had to meet public necessity.
AVe believe that the first essential toward an increased production of coal
is a close co-operation between mine employer and mine employee, and
inasmuch as the United Mine Workers of Ajnerica and the mine operators
in several districts have already pledged by joint resolutions to the Council
of National Defense, under whom this Committee works, and have nominated committees, the services of which ha\e been offered to the Council
of National Defense to this end, we now call upon the several committees
to use their best and continued efforts to increase, in so far as they are able,
the production of coal for the public necassiti&s by keeping the mines
continuously at work, avoiding labor disputes and unnecessary shutdowns.
The operation of well-estal)lished mines should not be impeded and we
suggest and urge that the practice of moving miners from the mines of wellestablished producing companies or communities to other districts be discouraged, as this practice creates a state of unrest and tends to decrease
the total output of coal, interfering with the stability of the industry which
is necessary for the highest efficiency.
An effort should be made to instill
in the mind of the indi\idual miner and operator, as well as the organized
body, the necessity of individual effort and continuous performance so far
as work is offered.
The miner or the company's representative who remains at work renders as patriotic service as the man at the front.
The total production of coal throughout the country has been seriously
curtailed by difficulties in transportation ser%ice and unequal distribution
of cars, resulting in shortage io the number of cars available for loading,
as well as congestion in the avenues leading to the points of distribution.
urge vipon the operators that they pledge themselves to load all cars
obtainable in the shortest time after the same become available, and that
they further take up and urge their customers to release these cars at the
earliest possible date after delivery so as to make them available for further
use without unnecessary delay, and that all practices such as vinnecessary
holding of cars for reconsignment or other purposes l)e discontinued except
when absolutely necessary for the public welfare.
Transportation interests of this country have, at the suggestion of the
Council of National Defense, formed a committee appointed by the Council,
whose duty it is to co-ordinate and promote the efficiency of our raih-oads
and by agreement with the heads of the various railroad companies of this
country the general policy of their operation has been delegated into their
hands. It is the purpose of the Committee on Coal Production to work
in the closest harmony with
the Committee on Transportation and Communication.
urge distributing interests, especially in the centres of
large population, in so far
as is possible to deliver coal to their customers
along normal and ordinary lines without creating
unnecessary panic. We
urge in turn upon all such distributors that information
be sent to this
Committee of conditions in such citias as may be benefited by a closer cooperation of all concerned in our effort to supply all commimities with
their requirements.
If It is found that in any districts
surplus coal is obtainable at this time
over and above the 8-'--« »i!^eeds. it should be divided
as equally i*.* possible
^"
and stored in th
"s'Smate
consumer so that the
'v»tion
—
,
We
We
""
y
V
AUG. 25
THE CHRONICLE
1917.]
is possible may be continuous, which will tend to
prevent the necessary hardships which result from an unequal distribution
of the industry so far as
of coal.
Already the centralization in the operation of our transportation lines
which has been vested in its committee has proved of the greatest benefit
to the coal industry, and we believe that a like centralization secured through
this Committee on Coal Production in all such matters as are furthered by
the co-ordination of all interests will promote a stiU higher efficiency and be
of greater benefit to producer as well as consumer.
Secretary Lane expressed to this Committee the desire of the Government
that the business men of the United States feel that the burden of carrying
on this war rests in no inconsiderable part upon those who represent the
genius of economic and industrial life. In meeting the present emergency
you can build for the future betterment of the industry by stabilizing it
along sound economic lines. Hearty co-operation between mine-worker
and operator, and between producer and consumer expresses the best type
of patriotism.
The co-operation of the representatives of the Eastern semibituminous coal districts in agreeing to furnish the United States navy with
its next yesir's supply on satisfactory terms presents an example of the
eplendid spirit which we believe will characterize the coal industry as a
whole.
Mr. Peabody,
in urging the saving of fuel
on
May 26
said:
of coal that the citizen may save to-day may contain the
last gasp of energy necessary to drive a shell home true to the enemy,
That pound that many citizens may
and spell victory instead of defeat.
save to-day may forge the shells that may decide the war in favor of a
world's democracy. The pounds of coal that many citizens may save on
many days may hasten the end of the war and save thousands of lives.
The pound
His statement of
May 26
also said in part:
Perhaps no counIt is not that we do not have the coal in this country.
try in the world is so blessed with such a superabundance, but it is a question of digging it out of the ground fast enough and having prompt deThe less
liveries by the railroads at the places where it is most needed.
coal the householder uses, therefore, the more there will be for the essential
industries, the men of which in this industrial war are all soldiers as much as
the man who wears a uniform and marches to the front.
But the householder asks where he comes in. In the first place, in many
homes throughout the country he can maintain a less number of coal fires.
He can even shorten the number of hours they are in operation. He can
When
see that gas stoves are turned off as soon as the cooking is over.
the weather is cool he can carry lower temperatures in his home than he has
temperature
been accustomed to, unless there is illness in the house.
Then he can operate fewer gas
of 60 degrees instead of 70 is sufficient.
and electric lights and see that they are turned off when not needed or when
A
he leaves the room.
And this leads to the suggestion that, if ever there were need for the
introduction of the proposed daylight-saving act throughout the country
Begin work an hour earlier and quit an hour earlier. That imit is now.
mediately would take an hour's burden from the street railways, the elecThe "owl" car
tric light companies and the electric power companies.
would be an hour earlier. People would be sleeping instead of using lights
generated by coal. In compact little England, with daylight saving, they
have saved 300,000 tons of coal in a year's time.
In time of war the coal wasted in this manner is "luxury" coal, and that
leads to the thought that Americans are the greatest advertisers in the
world with their brilliantly lighted downtown sections of great cities, the
mammoth electric advertising signs blazing for miles, and their elaborate
"White Cities," their Coney Islands and their "Dreamlands."
For the time being, let's save this "luxury" coal that goes Into amusements and extravagances and frivolities.
The largest anthracite operator in the United States expressed himself as
entirely puzzled at the present situation of soaring prices in anthracite coal.
He knows the production is as great as it has ever been and can only explain the present situation by saying that it is probably due to the national
extravagance of the American householder. Coal, he says, is being stored
by overanxious and selfish people disturbing the natural movement of this
necessary commodity and unduly increasing the price.
Not only does it do this, but it is taking the necessary supply away from
the industries that need the coal in the manufacture of material essential to
the successful prosecution of the war. In this, too, we must be patriotic
and unselfish, with the reward that prices will reach a lower level and we will
have enough coal for the proper conduct of the war.
To the manufacturer I would say that it is the time to pay a little more
attention to your boiler-room and see what your firemen are doing with the
coal.
Time was in this country that coal was so cheap and entered so little
Since
into the cost of manufacture that few cared how the coal was burned.
that time we have made tremendous progress in the science of combustion,
until to-day black smoke pouring out of a factory chimney is not a badge of
To get power out of
prosperity, but a badge of inefficiency and of waste.
coal you have to biirn it, and letting it go up the stack in smoke is not burning it. Any mechanical engineer to-day can show how.
,
REASONS FOR COAL SHORTAGE— EXCESSIVE PROFITS.
In view of the action taken this week by the President
with regard to the fixing of coal prices, the report of the
Federal Trade Commission last May charging producers and
brokers with exacting exorbitant profits and putting the
blame for the present coal shortage at consumption points on
madequate transportation facilities, is of interest. Governmental regulation of the coal industry was recommended in
the report.
Stating that "there is no scarcity of coal in the
ground," the report added:
The increase in demands has been great. In 1916 shipments of coal from
the mines amounted to about 509,000,000 tons, about 66,000,000 greater
than in 1915. This was due, the Commission found, to industrial expansion and to increased railroad traffic.
Transportation difficulties grew
out of unusual burdens laid upon both rail and water transportation
systems and on abuse of reconsignment and demurrage privileges.
There is sufficient coal in the bituminous coal mines now being operated,
not only to supply the present demand, but also to supply a greatly increased demand. The unprecedented demand for this fuel in the past six
months, together with the difficulties of rail and water transportation, not
only have absorbed the coal as fast as it could be shipped from the mines,
but have led also to almost complete exhaustion of the coal stored at tidewater points and at the docks on the Great Lakes.
The country faces a serious state of affairs in obtaining a commodity
which is basic to practically every form of Its military and industrial
•ctivity.
769
The report set out that:
Under wartime conditions it may become the duty
of the Government
of the United States to take steps similar to those found necessary by the
belligerent European countries and not only regulate the distribution of
the coal from the mouth of the mine to the ultimate consumer by allotting
the quantity of the product which the different classes of consumers shall be
allowed to purchase, but also to establish the prices to be paid by different
classes of customers.
Any prices thus established would probably be based on actual costs
with an allowance for a reasonable return on actual investment. In other
words, the price of bituminous coal, which is a great public necessity,
should be fixed according to the same general principle which has been
established in the conduct of public utilities. At a time like the present,
excessive profits should not be permitted to be extorted from the public
by producers and distributors of any prime necessity of life.
Of prices now charged for coal the report
said:
Figures submitted to the Commission
show that most of the
present prices now charged
are far in excess of cost as shown by
the operators' books. Many of the operators frankly take the position
that they are trying to get for their coal the highest prices possible under
the present demand and are refraining, even at prices greatly increased
over last year, from contracting their output to the extent of their usual
custom. They defend this action by claiming that under the operations
of the law of supply and demand they have for many years past been
getting little more for their coal than the bare cost of production; that the
mining of bituminous coal during that period has been a most unprofitable
industry, and that this is their chance to recoup themselves for the losses
of several years. Accordingly, they are demanding prices at the mine
to-day which rvin from 50% to several hundred per cent over the cost of
their output.
.
.
The
.
.
.
.
report further said:
The
principal transportation difficulties were found to be, in the case of
railroads, car shortage embargoes, due to conditions at points of destination; lack of sufficient motive power, abuse by shippers and consignees
of reconsignment and demurrage px-ivileges and longer hauls of cars carrying
coal, due to the shift to other sources of supply in the markets usually
supplied from certain coal fields.
The principal difficulties in water transportation were found to be the
diversion of boats in the coastwise coal trade to other lines of ocean traffic,
diversion of boats in the lake coal trade to ocean traffic and the return
of boats suitable for carrying coal empty to the head of the lakes because
of the delay incident to handling coal, cutting down the number of trips
which could be made; transporting the grain and ore cargoes, which pay
much higher freight rates.
The Commission found that while there have been increases in cost of
production and distribution, prices at the mine now being charged both on
"free" or "market" coal and on such new contracts as the mine operators
are willing to enter into are far in excess of the costs as shown by the
The high prices have resulted in great profits to certain
operators' books.
operators and in special hardship to municipal public utilities, hospitals
and other public and private chartaible institutions and domestic consumers, especially in the West and South, where relatively little anthracite
is used.
Charges have been brought to the attention of the Commission against
various mine operators and brokers that they have abused the reconsignment and demurrage privileges granted by the railroads so as to create
or increase local shortages and to extort exorbitant prices from consumers.
These charges are now imder investigation by the Commission.
._^
The remedies suggested by the Commission feU into four
general heads: Improvement of transportation facilities,
preservation of the labor supply, increase of storage facilities
at point of consumption and regulation by Governmental
authority for the distribution of coal. Lack of transportation for coal, the report said, probably would be remedied by
measures being taken by the Inter-State Commerce Commission and by the Council of National Defense, these
measures to include regulations covering the distribution of
open-top cars, expedition of shipments, the return of empty
cars to mines, prevention of abuse of reconsignment and demurrage privileges, and the provision of additional transportation equipment either by acquiring new cars or by discontinuance of unnecessary passenger trains. The remedies
submitted were as foUows:
The remedies which may be suggested for the present scarcity and high
prices of bituminous coal, relate to its production, transportation and disThe most effective remedies deal with the improvement in the
tribution.
Many operators
distribution of the present facilities for transportation.
asserted at the hearings before the Co mission that such remedies were the
only ones necessary. On the other hand, the representatives of the railroads, municipal public utilities and industrial consumers, while admitting
the importance of such improvement, pointed out that there were other
m
conditions which need remedy.
At the hearings of the
(1) Improvement of Transportation Facilities.
Commission, the fact was brought out that measures are being taken by the
Inter-State Commerce Commission and by the Council of National Defense,
For railroad
which, it is hoped, will relieve transportation conditions.
cari'iers additional regulations are being considered covering the distribution
of open-top cars to the coal industry, the expediting of the movement of
cars loaded with coal and the return of the empty cars to the mines, prevention of the abuse by speculators of reconsignment and demurrage
privileges, and the providing, where necessary, of additional equipment
for use in transporting coal, both cars and locomotives, either by acquiring
new equipment or through possible changes in other lines of traffic, such as
dispensing with passenger trains wliich are not absolutely necessary and
thereby releasing more locomotives for freight service.
For water carriers, remedies should be sought along the lines requiring
boats suitable for coal carrying on the Great Lakes, to transport coal westward, instead of going back in ballast for grain and ore cargoes, and la
adjusting the rail conditions so there will be sufficient transportation
facilities to carry the coal from the Western Pennsylvania. Eastern Ohio
and West Virginia mines to the loading docks on Lake Erie for promp
The limited period that the lakes are open to navigaloading of the boats.
tion makes It necessary that the carrying capacity of the boats be kept In
continuous use. Early remedial action is necessary because every week of
the navigation season is of tremendous importance in preventing shortage
of coal in the Northwest next winter.
—
THE CHRONICLE
770
The principal remedy sugKCstod for conditions In tho coastwLso wato.*
transportation of coal, apart from the building of more boats, is tho exemption from military use of tuRS and barges aljsolutely necessary to transport
not only the coal, but also tho timber needed for mine use.
It was developed at the hearings
(2) Improvement of Labor Conditions.
on tho part of tlio operators that they anticipated that labor conditions in
1917 would permit, if mining operations could be kept steady by a continuous supply of cars, tho production of as much coal as that mined in
1916. and some of them stated that with their present force they could
mine an excess of from l.'i to 20% over their output in 1916. If this statement Is accurate the operators in the coming year will supply more bituminous coal than in 1916. Tho recent increases in wages and the bettor housing
conditions at the mines, which are being provided for miners, will, many
operators believe, not only hold their present force, but to the extent to
which they would attract additional labor, would bring about an Increased
output.
It will probably be found necessary to exempt miners from the conscription law. so long as they remain at work in the mines. Tho experience of
Groat Britain in this matter should be heeded, and tho disastrous results
which came from tho enlistment of minors avoided. Everything should be
done to encourage men employed in tho coal mines to stay on their jobs,
and to realize that it is their duty, as patriotic citizens, not to leave the mine
even to enlist, but to see that they are serving their country best by remaining at their labor to produce tho commodity which is absolutely essential
to sustain all tiio forces which must be quickened and employed in the
prosecution of the war; that their post of honor is in the mine and not on
the firing line.
It is highly desirable
(3) Establishment of Increased Storage Facilities.
that additional storage facilities be provided at points of consumption.
Municipal and other public and semi-public utilities and institutions should
safeguard themselves, not only against being shut down, but also against
being forced by their exorbitant prices. The railroads which consume
about one-third of the bituminous coal mined, should increase their storage
facilities and avoid the necessity of holding cars loaded with coal for railroad
—
—
use.
Regulations by Governmental Authority for the Distribution of Coal
it may become the duty of the Government
of the United States to take steps similar to those found necessary by the
belligerent European countries, and not only regulate the distribution of
the coal from the mouth of the mine to ultimate consumer by allotting the
quantity of the different classes consumers shall be allowed to purchase,
but also to establish the price to be paid by different classes of customers.
Any price thus established would probably have to be based on actual costs,
with an allowance for a reasonable return on the actual investment; in
other words, the price of bituminous coal, which is a great public necessity,
should be fixed according to the same general principle which has been
established in the conduct of public utilities.
At a time like the present,
excessive profits should not be permitted to be extorted from the pubUc by
producers and distributors of any prime necessity of life.
(4)
— Under wartime conditions
The Commission recommended strongly that coal miners
be exempted in the army draft and that everything possible
be done to urge them to remain at their normal tasks.
In line with the Trade Commission's statements concerning transportation, the Supreme Court handed down a decision on May 21 upholding the power of the Inter-State
Commerce Commission to compel railroads to furnish a reasonably adequate supply of coal cars to handle normal and
seasonable demands for inter-State commerce originating
at mines along their lines, and to award reparation to shipIn a test case of Illinois coal
pers for failure to supply cars.
producers against the Illinois Central, the court reversed a
Federal Court injunction enjoining an order of the Commission for investigation of damages to shippers for failure of
the railroads to supply cars.
[Vol. 105
railroads since they voluntarily agreed to merge competitive activities and
of)-ordinate their operations in a single continental railway system in order to
produce a maximum of national transportation efficiency during the
period of the war.
__^_^^^_^^__^^^______
COAL OPERATORS FORM ASSOCIATION TO PROMOTE
CO-OPERATIVE EFFORT.
The National Coal Operators Association designed to proeffort on the part of coal operators and cooperation with public officials, especially during tho war emerg(3ncy, was formed in Washington on Aug. 21 at a meeting
mote co-operative
from all the bituminous coal operating State
Delegates were present from State and other sectional
organizations, representing some 700 operators, whose annual production aggregates 200,000,000 tons.
An executive
committee to direct the activities of the Association was
named, as foUows: H. M. Taylor, for Missouri; Rembrandt
Peale, Central Pennsylvania; W. K. Field, Western Pennsylvania; Howell J. Davis, Tennessee; Dr. F. C. Honnold,
Illinois; A. M. Ogle, Indiana; George H. Barker, Ohio; J. J.
Tierney and J. H. Wheelwright, West Virginia.
Francis Peabody, Chairman of the Defense Council's Coal
Production Committee, addressed the operators, and expressed hearty sympathy with their movement, which is a
development of the conference of coal men held in WashingIt is stated that some of the avowed objects
ton in June.
of the Association, besides co-operation with the Government,
are conservation of coal by increasing the yield of the mines;
prompt observance of State and national laws; installation
of uniform cost-keeping methods and improved accounting
systems, and promotion of proper relations between coal
producers and carriers. It is announced that no part of the
organization's machinery is to be used for the regulation of
production or control of prices.
of operators
DISTRIBUTION OF CARS TO FACILITATE MOVEMENT
OF GRAIN AND FOOD.
On Aug. 14 the Car Service Commission of the Railroads'
War Board announced through Chairman Fairfax Harrison
that the immediate distribution of 20,790 additional empty
had been ordered among the lines operating in the South,
the Middle West and the Southwest for the purpose of facilitating the prompt movement of grain and food products.
In making this announcement the Board said in part:
This will make a total of 106,033 empty cars that have been ordered
moved from one railroad to another, regardless of ownership, during the
past two months, in order to mobilize in different sections of the coimtry
a sufficient number of cars to handle the abnormal Government and commercial traffic that war conditions have produced.
Of the latest cars ordered by the War Board to be distributed where
they will be most needed. 7.800 are to be placed in the grain producing
country. One thousand of these go to the Southern Pacific, and five
hundred to the Western Pacific, to insure the speedy movement of a huge
sliipment of barley.
Other roads receiving cars to accelerate the movement
cars
and farm products are the Missouri, Kansas & Texas, the Missouri
North Arkansas, the Kansas City, Mexico & Orient, the Atchison,
Topeka & Santa Fe, the Missouri Pacific, the Wabash, the Nashville,
Chattanooga & St. Louis, the Chicago, Rock Island & Pacific, the Illinois
Central, and the St. Louis & San Francisco.
To protect the vegetable and Southern watermelon crops more than
5,000 cars have been sent to the Atlanta, Birmingham & Atlantic, the
Central of Georgia, the Seaboard Air Line, the Atlantic Coast Line, and
of grain
&
INCREASE IN CARLOADS OF BITUMINOUS COAL
CARRIED—GREATER RAILROAD EFFICIENCY.
The
fact that the raih-oads carried 129,721
more carloads
of bituminous coal from the mines in July this year than during July 1916 is revealed in reports received by the Railroads' War Board, according to an announcement made by
the Chairman of the Board, Fairfax Harrison, on Aug. 20.
The announcement further sets out:
This increase, which amounts to 20.4% makes available for consumption
6,486,000 tons of coal in excess of the amount that would have been available had the railroads merely duplicated their July 1916 performance.
Through co-operative effort, however, and by giving preference to the
movement of coal, the roads that handle the bituminous product loaded
764,965 cars last month as against 635,244 cars in July 1916.
The first problem to wliich the Railroads' War Board addressed itself,
,
after being appointed to operate the railroads of the United States as a
single transportation unit, was that of increasing the movement of coal and
Iron ore.
The results so far achieved reflect great credit upon the effectiveness
with which the railroads have addressed themselves to their task. The
fact should not be overlooked, however, that the country this winter faces
greater demands for coal and other traffic than ever before in its history,
and the railroads are now working might and main in the interest of national
efficiency and welfare to utilize effectively every faculty they possess.
The railroads achieved an increase in their average daily loading of bituminous coal in July this year over the average amount loaded in June
this year, loading an average of 30,599 cars a day in July as compared
with 30,059 cars in June. There was an increase In the average daily
loading In all districts east of the Mississippi and an actual increase in the
of cars loaded in July this year compared with the month previous
In the low volatile fileds of Pennsylvania, Maryland, West Vu-ginia and
Eastern Kentucky and the high volatile coal fields of West Virginia.
The most notable Increase in the total shipments in July this year as
number
compared with July 1916 occurred
in Illinois,
Indiana and Western Ken-
It amoiinted to 84%.
The total increase in the amount of bituminous coal handled by the railroads for the months of April, May, June and July this year over the same
months last year amounts to 578,536 cars, or approximately 28,886,000
tons.
This is 25.10% more than the amount handled for these four
months in 1916 and Is indicative of the increased efficiency shown by the
tucky.
,
other roads operating in the Southeast.
Meanwhile, hundreds of cars are being rushed daily to the lumber states
of the South to take care of the tremendous movement of lumber to the
army cantonments and shipbuilding yards.
In addition to the demand for liunber, the war has practically doubled
the orders for phosphate rock during the past three months. This product,
which is essential to the operation of sulphuric acid plants and the manufacture of munitions, is also used as a foundation for fertilizer.
In the
past, the coastwise vessels carried a large volume of it, but with the reduction in the number of vessels used for freight purposes along the Coast,
practically all of this traffic has been diverted to the Atlantic Coast railroads. As a result, it has been necessary to send thousands of cars into
that district.
To protect the movement of sulphur for the munitions factories, hundreds
of cars have been ordered to the Kansas City Southern, the Southern
Pacific and the Gulf Coast Line.
More than a thousand stock cars have also been sent into Texas to enable
the cattle raisers there to get their herds Into the Western pasture country.
14,700 of the 20,790 cars embraced in the latest order,
or a little more than two-thirds of the entire number, are to
be supphed by the Pennsylvania System. The other roads
that have been ordered to supply "empties" include the
Western Maryland, Philadelphia & Reading, Cleveland Cincinnati Chicago & St. Louis, Boston & Albany, Boston &
Maine, Central RR. of New Jersey, New York Chicago &
St. Louis, Chesapeake & Ohio and the Norfolk & Western.
THE TROOP MOVEMENT— MAGNITUDE OF TASK
CONFRONTING RAILROADS.
Plans for the largest troop movement ever scheduled in the
history of this country are now being perfected by the Ameri-
can Railway Association at the request of the United States
I
AUG. 25
THE CHRONICLE
1917.]
Government. Announcement of this is made in a statement issued on August 19 by Fairfax Harrison of the Railroads' War Board, who says:
_
Altogether, 687,000 men will have to be transported to the various
building to house the now National
Between that date and Sept.
9 the railroads will complete the entrainment of 200,000 men or approximately 30% of the total number scheduled to be moved to the various
training camps.
It is expected that a second movement of approximately 200,000 men will
begin on Sept. 19, continuing for four days thereafter, and a third movement of the same size on Oct. 3.
Some conception of the magnitude oi the task confronting the American
Railway Association in preparing scheSules that will assure the safe and
prompt transportation of these armies without interfering with regular
traffic may be gleaned from the fact that to move merely one field army
of 80,000 men requires 6,229 cars made up into 366 trains with as many
locomotives and train crews.
Meanwhile, in addition to moving the 687,000 recruits for the National
Army, the railroads have been asked to supply transportation for the
350.000 members of the National Guard to their training camps. This
National Guard movement has already started and will continue in increasing volume until all have been moved.
A bulletin covering the movement of the National Army to the training
camps and explaining the plans which the Government wants carried
out, has just been issued for distribution to the various railroad officials
of the country. That Bulletin is as follows:
cantonments that the Government
Army.
The movement
is
will start Sept. 5.
,
"The citizens selected to form the National Army will begin to move
to their respective training camps on Sept. 5.
"The number to be selected stands at present at 687,000 men.
"Four thousand five hundred and thirty-one points in the United States
have been designated by the Provost-Marshal-General as points of local
concentration, at one of which each individual will be required to report
at a stated time and from which the parties will proceed by railroad to
the cantonment to which they have been assigned.
"The Provost Marshal General, through the State authorities (the Governor, Adjutant-General, &c.), will retain control of these men until they
are placed upon the trains designated, and will designate a man in each
party to be in charge of it from each local concentration point to destination.
"The American Railway Association has been directed to prepare
schedules for the movement of each of these parties from originating points
to destination. These are being prepared by the Passenger Associations
in conference with representatives of the Operating Departments.
They
will show the dale and hour at which trains, either regular or special, may
be expected ai each point 'of local concentration to receive the men departing from such point, together v^ith schedule through to destination in
each case.
"When these schedules have been approved by the Quartermaster General
they will be furnished from this office to all raUroads and others interested
in the movement.
"The first movement will consist, approximately, of 30% from each local
concentration point, a total of about 200,000 men. It will begin on
Wednesday, Sept. 5th, and entrainment is to be completed on Sunday,
Sept. 9th.
"The individual in charge of each party will hold tickets for each member
of such party and will also be furnished with meal tickets, each having the
face value of sixty cents, sufficient in number to provide for the food of all
the men under his charge.
"In preparing schedules, due regard will be paid to the necessity for
providing for the feeding of these men at convenient points, either by use
of eating houses, dining cars, or by furnishing box lunches on the train.
The meal tickets are redeemable at their face value on presentation to the
Department Quartermaster at the headquarters of the Department in
which they are used.
"Eating house proprietors at designated points, dining car employees
and others concerned should be fully informed.
"The American Railway Association will place a qualified official of
the Passenger Department in the office either of the Governor, or of the
Adjutant General, as may be deemed most suitable by the State authorities
in each State.
This official will keep in touch with the State authorities
in any emergency which may arise and will assist them in carrying out the
schedule.
"It is expected that a second movement of 30% will take place beginning
Sept. 19th, continuing for four days thereafter; and a third movement of
30% will begin on Oct. 3rd, to continue for four days thereafter.
"The schedules which are used for the first movement wUl also be used
for the second and third movement with such modifications as may be
essential.
These to be decided later."
SUGGESTIONS FOR FACILITATING FREIGHT MOVEMENT—WAR REQUIREMENTS.
In view of the fact that the demand for freight cars is
greater to-day than ever before in the history of the country
and is increasing daily, the Commission on Car Service of
the Railroads' War Board has issued a second appeal asking
stUl Jurther_^eo-operation
from both shippers and receivers
The Commission points "out that"' the'ability
raih-oads to move crops depends largely upon the full
of freight.
of the
loading of cars and the elimination of all delay in loading
and imloading them. It also notes that the movement
of lumber to the cantonments and the shipping yards has
monopolized the use of more than 100,000 cars and made
serious inroads into the supply that under normal conditions
would handle the movement of crops and food products.
The Commission states that as more than 600,000 recruits
for the draft army will have to be transported to the cantonments next month, and as similar unusual traffic movements produced by the war are pending and threatening
severe congestion, the Railroads' War Board feels that
everyone should co-operate in the movement of freight.
"Keep the cars moving with a full load and settle differences
of opinion afterward!" is the War Boards' advice.
NATIONWIDE CAMPAIGN TO INCREASE LIVE STOCK
SUPPLY.
-
The creation of a general committee to be known as the
United States Live Stock Industry Committee, made iipTf
one hundred members, to undertake a campaign for the conservation of the nation's Live stock, was made known on
Aug. 21 by Secretary of Agriculture D. F. Houston and
771
Herbert Hoover, Food Administrator. The names of those,
from various sections of the country, who have been asked
to serve on the committee were also announced at the same
time.
In addition, the appointment was reported of George
M. Rommel and P. H. Rawl of the Department of Agriculture and Messrs. Lasater and Pinchot of the Food Administration to serve on an executive committee to be added to
form the general committee. The announcement added:
The state agencies, the Department of Agriculture, and the Food Administration, and, we trust, the State agricultural and food institutions,
together with State councils of defense, will also co-operate. The CountyAgents of the Department of Agriculture will take orders for cattle, ewes,
or ewe lambs, among the small farmers of communities in less than carload
lots, and we have arranged with the live stock exchanges to contribute to.
this mobilization of the nation by buying this stock and seeing to it that it is
properly handled while in the yards, free of any charge to the buyer.
This campaign should not be considered to have terminated successfully
until the great majority of our farms have their flocks of sheep and a suf»
ficient stock of cattle to consume all roughage now largely wasted.
In making known the proposed campaign Messrs. Houston
and Hoover took occasion to bring to the attention of stockmen and farmers the following general position as to the
situation in food animals in the United States and the world
and the provisions which are broadly necessary from a national point of view:
One of the incidents of the European war has been the slaughter of large
numbers of animals, and it is estimated that already the herds of Europe
have been diminished by 28,000,000 cattle, 54,000,000 sheep and 32,000,000 hogs. An accelerated increase in this diminution of meat animals must
take place in Europe from month to month as long as the war lasts.
We have two problems in meat supplies: The first is the task of supplying our own soldiers and citizens and helping feed the soldiers and citizens of our Allies during the war; and to do this we must furnish larger
supplies and must find these supplies for the present largely by reduction
in our own consumption and waste.
The second problem is the one which we desu-e to bring particularly to
the attention of the American producer, and that is: After the war,
Europe, with diminished animals, and therefore diminished animal production of animal food, will require larger imports of meats during the years of
recuperation, and will probably require the actual import of breeding animals. Therefore, in a broad way, the outlook to the American producer
from now on and after the war will be (a) a large demand for animal products, (b) a continuing necessity for meat and dairy animals to convert
forage and grains not needed for human consumption into meats and dairy
products.
The herds and flocks of the country can only be increased over a period
of years, and the foundation for such an increase should be laid at once.
Such increase is a national interest, and it must be made to the interest of
the American producer.
Owing to the large measm'e of failure in roughage available in Western
ranges this year, there must be either a reduction in Western animals or
their redistribution into the Central and Southern States, where there is
a larger amount of roughage and concentrates available than ever before.
Therefore, if the roughage in the Central and Southern States is saved in
an economical manner, and if stocker steers, young cows, heifers and ewe
lambs of good quality that will be marketed during the next ninety days
from the Western sections of the country are re-distributed, these animals
will have been saved and the foundation will have been laid for a material
increase of our herds.
Some sections of our country are stocked to capacity with mother ewes,
from which lambs are marketed at from 70 to 80 lbs. weight. This is the
most economical method of producing mutton, just as "baby beef" is the
most economic method of producing beef, and the quality of both these
meats is of the best.
What we need is more cows and more ewes producing the 700 pound calf
and the 70 pound lamb. We wish to restore the confidence of the farmer
in his industry by convincing him that he will get a fair share of a fau" price
paid by the consumer and extending to him credit on a reasonable basis so
he may be able to equip his farm for handling sheep, hogs and cattle sucOnly by adopting the foregoing methods and principles can
cessfully.
production be stimulated and the consumer protected.
Many of these same cattle will be required to restock the ranges from
which they are now being moved, when normal range conditions return the
coming year. The nearer to these ranges the cattle can ba wintered, the
more freights wUl be saved, both coming out and going back, and the less
tax upon the railroads.
It is essential for the future welfare of our nation that the supply of all
meat animals be increased. This, not only from the standpoint of directly
increasing the food supply of the country, but more live stock on the farm
means more fertility in the farm; more fertility means larger grain crops
produced at a less cost per bushel; more cheaply produced grain should
mean cheaper bread to the consumer, as well as more net profit to the farmer.
Especially should the energies of the farmer be directed to'increasing the
sheep stock of the country. Clothing comes next to food as a necessity.
Not only does the sheep meet the demand from a food and fertility standEvery interest
point, but for its wool for clothing there is no substitute.
that can make itself felt should advocate and encourage the establishing of
flocks of sheep in proportion to size of farms in every section of our country.
Every farmer should carry to is yearling form every heifer calf of both
dairy and beef breeds and every ewe lamb that promises to have an economic
future.
Every effort should be made to bring to maturity every heifer calf or
ewe lamb whose breeding will give some assurance that it will convert its
feed into either profitable meat or profitable daily products.
State authorities should take immediate action to control the dogs whose
depredations have made sheep raising on the farm so difficult a task.
It is equally desirable to increase hog production in this country by every
means possible. The increase in demand for pork products is no less than
In this matter the expansion of existing
for cattle and sheep products.
herds is essential and a redistribution of hogs from centres of less feed supFurthermore, the raising
plies to those of greater resources is necessary.
of pigs by suburban populations and the utilization of home garbage and
perishables not otherwise useful is of double advantage to the nation.
The law that we are now operating under as to food control is conceived
and administered in a desire to maintain remunerative and stimulative
returns to the producer, and to enable these products to reach the consumer
with only a reasonable profit allowed for services rendered. Therefore,
it is the object of the Administration to eliminate unnecessary cost between
producer and consumer.
THE CHRONICLE
112
Intolllgent use of tho Department of Agriculture's dally reports of the
situation and tho Department's report of tho loading of slock at all
shipping points should enable the producer to distriljute his shipments to
better advantage, thereby assisting in lessening the wide fluctuations In
market prices for livestock.
An
meat
It
is
in
furtherance of tho desire to secure these results through a definite
and nation-wide campaign that tho general committee, styled tho United
States Live Stock Industry Committee, has been created.
NATION-WIDE CENSUS OF FOOD SUPPLIES.
An immediate
survey of available foods and feeds throughout tho country will bo undertaken by tho Department of
Agriculture. According to an announcement made on the
21st inst. tho census will cover supplies on the farms, in
factories, and commercial stores and warehouses, in retail
shops and on the shelves and in the bins of the family
pantry. The announcement further says:
The work will be carried on principally by the Bureau of Markets, the
Bureau of Crop Estimates, the Bureau of Chemistry, and States Relations
Service of the department, with funds appropriated for the purpose in the
recently enacted food production bill.
Tho survey is to be made as of the date. Aug. 31, and it is expected that
statistics on the amounts of certain important products can be supplied
within three or four weeks after the food survey is begun.
In carrying out the nation-wide food survey, both actual inventories and
estimates will be employed. Estimates of the food and feed products on
farms will be made for the whole country by the Bureau of Crop Estimates
through 35,000 picked co-operators in the field.
Information regarding stoclfs in wholesale, jobbing, storing, manufacturing, and other commercial establishments, including large retail houses,
will be obtained by requesting from each concern a statement of the exact
amount of each of the various products held by it. Comprehensive lists of
such establishments compiled by the Bureau of Markets within the last
few years will be employed in this work.
The stocks on hand in small retail shops will be estimated from information gained from a detailed survey of stocks in a number of representative
Stocks in the hands of the consumers of the country will be
districts.
estimated similarly from canvasses of a large number of representative
The study of families will
families, both in the country and in the cities.
be concerned even more with the current consumption per month than
with the actual stock of food supplies on hand. Small retail stocks will be
reported for representative cities by the Bureau of Chemistry through its
food and drug inspectors and State and local health officials and inspectors,
and for representative country districts by the States Relations Service
through county agents and local farm bureaus and other local agencies.
Through these agencies certain selected districts will be canvassed and an
estimate will then be made for the entire country.
The nearly 100 items on which statistics are to be gathered Include grains
and seeds, grain-food products, dried fruits and nuts, vegetable fats, sugar,
syrups, starch, meat and meat products, food products preserved in tin
and other containers, dairy and related products, fish and feeds.
The department's plans contemplate making immediately a quick survey
of the holding of approximately 18 of the more important products, following this with monthly reports on such products and making a more complete
survey after the crops have been gathered.
[Vol. 105
gained by creating a national labor reserve board to organize all the employment offices In the coimtry into one system of labor exchanges and put
Into effect tho remedies that may be found for unemployment; the needs
of tho women's department of public employment offices and the special
problems to bo met therein; and the relation between labor organizations
and public employment offices and how they may be mutually helpful.
Vocational education and its bearing upon employment problems were
given coysideration in addresses covering such subjects as vocational education and juvenile placement departments, vocational guidance as a public
school function, vocational guidance and the juvenile placement work of a
public labor exchange, and co-operation between employers and the schools
in vocational guidance.
UNITED STATES PRODUCTION OF IRON ORE IN
further information:
Iron Mining by
ASSOCIATION OF PUBLIC EMPLOYMENT OFFICES.
The American Association
of
Pubhc Employment
Offices,
the purpose of which is to study the administrative details
of the employment business and seek to improve methods
and secure uniformity and co-operation among the employment offices of the country, held its fourth annual meeting
at Buffalo on July 20 and 21.
The proceedings of the convention have just appeared as Bulletin 220 of the Bureau of
Labor Statistics of the U. S. Department of Labor. In a
statement concerning the organization and its dehberations
at the recent meeting the Department on the 18th nist. said:
The association is composed of men actively engaged in managing or
administering employment business. Through its efforts systems of records
and methods of management have been improved and made more uniform
and in some cases the officers of the association have assisted in drafting
public employment office laws.
Two important developments of the fourth annual meeting were (1) the
adoption of two resolutions, one placing the association on record in favor
of the establishment of a national employment bureau, and the other requesting the United States Commissioner of Labor Statistics to edit and
publish as a bulletin the proceedings of the meeting; and (2) the selection
of a committee on standardization, with the United States Commissioner
of Labor Statistics as Chairman, for the purpose of drawing up a system of
uniform records and formulating standard definitions of terms and methods
of work which can be used in all the offices throughout the country, to the
end that there shall be uniformity in the figures and reports from all the
States.
It is the duty of this committee to select from all the systems and
methods now in use the best and most efficient, and its report at the next
annual meeting at Milwaukee on Sept. 20 and 21 1917, will be the most
important matter on which the association will have to act.
An address was made by Hon. Royal Meeker. United States Commissioner of Labor Statistics, on "WTiat records should be kept by public employment offices and how they should be used." He emphasized the necessity of keeping such records as, when published, will give the public
accurate and complete information as to the work done by the public employment offices throughout the country and the cost of conducting these
offices.
At present this is difficult, owing to lack of standardization of
methods of keeping records. The desirability of uniform definitions,
standards and forms was strongly urged.
The Secretary of Labor, Hon. W. B. Wilson, in an address on a national
system of employment offices, discussed the urgent need for public employment offices and showed the advantage which could be secured by a national
employment bureau co-operating with State and municipal bureaus, helping to co-ordinate the work between the different States and cities of the
country.
Per Cent
State.
Minnesota
Michigan
Alabama
New York
Wisconsin
Pennsylvania ._
New
Jersey
Tennessee
Virginia
Georgia
New Mexico
North CarolinaUtah
employment offices; the desirability of co-operation
»mons Federal, State and city employment bureaus; the advantages to be
1915.
1916.
33 464.660
12 514,516
5 309,354
998.845
095,388
363,309
434.513
415,234
284,185
348,042
115,701
34,806
66.453
44.585,422
18,071,016
6,747,901
1,342,507
1,304,518
559,431
545,774
493.004
455.834
440.492
256.949
157.779
64,306
45.514
34,914
11,351
9,910
a
40,290
Missoiuri
Iowa
Nevada
Massachusetts
3,993
3.950
5.500
.
Maryland
West Virginia-.
Ohio-.Other States-bTotal
of Change
in 1916.
-f33
-1-44
-1-27
-t-34
+ 19
+ 54
+ 26
+ 19
+ 60
+ 27
+ 122
+ 353
—3
a
—13
+ 148
a
a
—19
3.455
23,650
4,455
3,605
3,000
1,800
28,190
+ 364
—92
a + 167
55,526.490
75,167,672
+35
646
California
a Less than three producers in Massachusetts in 1916 and in Utah in
1915, and permission was not granted to publish State totals.
Increase
in 1916 therefore included in "Other States."
b 1915: Colorado, Connecticut, Idaho and Utah; 1916: Colorado,
Connecticut and Massachusetts.
Iron Mining by Districts.
The
principal iron mining districts in the United States, except the Adirondack districts, are inter-State, and the different varieties of ore are to a
large extent locally segregated, so that statistics of production by discricts
and varieties are also of interest and importance.
The Lake Superior district mined nearly 85% of the total ore in 1916. and the Birmingham district
about 8%. No other district except the Adirondack mined as much as
1.000,000 tons. The increase in production in 1916 was especially marked
in the Adirondack and Chattanooga districts, 54 and 55%, respectively,
but every district showed an increased output over that of 1915.
Per Ct. of
Range.
1915.
Gross Tons.
1916.
Gross Tons.
Increase
in 1916.
Marquette (Michigan)
Menominee (Mich, and Wis.)_.
Gogebic (Mich, and Wis.)
3,817.892
4,665,465
4,996,237
1,541,645
30,802,409
1,120,606
4.792.987
6,649,578
7.707,101
1,704,440
41,325.341
1.555.641
26
43
64
46,944,254
63.735.088
36
Vermilion (Minnesota)
Mesabi (Minnesota)
Cuyima (Minnesota)..
Total
11
34
39
a Includes only such Wisconsin mines as are in the true Lake Superior
district.
Largest Iron Ore Mines.
Other addresses at the conference dwelt upon the importance of business
efficiency in public
Slates.
Iron ore was mined in twenty-four States in 1916 and twenty-three in
Two of these States. Nevada and Utah, produced iron ore for
1915.
metallurgic flux only; part of the output of Colorado and New Mexico was
used for smelter flux and part for pig iron and ferro-alloj's; Michigan and
Minnesota report the production of some ore used in open-hearth furnaces
to "reduce carbon," and North Carolina reports the production of magnetite ore used in a puddling furnace at Knoxville, Tenn.; the remaining States
produced iron ore for use in blast furnaces only, except small quantities
used for paint from Michigan, New York and Wisconsin. Minnesota,
Michigan and Alabama, which have for many years produced the largest
quantities of iron ore, occupied in 1916 their accustomed places.
Wyoming
NATIONAL EMPLOYMENT BUREAU FAVORED BY
1916.
According to a statement issued by the U. S. Geological
Survey on Aug. 20, the iron ore mined in the United States
in 1916 reached a total of 75,167,672 gross tons, the largest
annual output ever made. The shipments from the mines
in 1916 were 77,870,553 gross tons, valued at 8181,902,277.
The quantity mined in 1916 was more than 19,600,000 tons
The increases in quangreater than that mined in 1915.
tity and in value of iron ore shipped in 1916 amounted to
40 and 80%, respectively. The average value per ton at
These
the mines in 1916 was $2 34, as against SI 83 in 1915.
figures, which were compiled under the direction of E. F.
Burchard, of the U.S. Geological Survey, Department of the
Interior, include for 1916 only iron ore containing less than
5% of manganese. The statement gives the following
Twelve mines
of iron ore each
In the United States produced more than 1.000,000 tons
in 1916, five more than in 1915.
First place in 1916 was
.
AUG. 25
THE CHRONICLE
1917.]
held by the Hull-Rust mine at Hibbing, Minn.; second place by the Red
Mountain group near Bessemer, Ala.; third place by the Fayal mine at
Eveleth, Minn., and fourth place by the Mahoning mine at Hibbing, Minn.
The production of these mines in 1916 was, respectively, 7,658,201, 2,899,The increase at the Hull-Rust mine
688, 2,252,008, and 2,215,788 tons.
making the production of this one mine more than one-tenth of
was 232
all the ore mined in 1916.
These records illustrate the rapidity with which
the rate of output of mines in the Lake Superior district may be increased
None but open-pit mines could be made to respond to demand to such a
degree.
%
,
773
Whereas, The above principles are those by which the respective warring
Governments of Europe profess common willingness to be bound and are
principles to which the United States subscribes; and
Whereas, One and all of these declarations bespeak a willingness to adopt
the doctrine of "a peace without victory," proclaimed by President WUson
on the 22d day of January 1917, as the only possible peace that can be enduring; and
Whereas, There has recently emanated from official and unofficial
sources, both in this country and abroad, statements indicating that we
are to continue in the war until a peace is obtained which gives to the
entente Allies, or some of them, punitive damages and territorial advantages as a result of the war; and
Whereas The people of this country do not know the terms of the secret
,
PLANS TO KILL LA FOLLETTE PEACE RESOLUTION
—ITS TEXT, AND COUNTER RESOLUTION.
agreements existing among the entente Allies defining the advantages, if any, either in the way of Indemnities or territorial acquisitions
or commercial privileges, which each is expected to receive as a result of
the war; and
Whereas, There is naturally a widely expressed demand coming from the
people of our own country for some declaration of the purpose and object
for which the United States is expending, in the first year of the war, from
thirteen to seventeen billions of money, and raising by draft and otherwise
an army of 2,000,000 men ostensibly for service
foreign countries; and
Whereas, The people have a right to know with certainty for what end
their blood is to be shed and their treasiire expended; and
Whereas, In this free Government Congress,
whom the war-making
power resides under the Constitution, is charged prunarUy with the responsibility of deciding upon the objects of the war at its commencement
or at any time during its existence: Now, therefore, be it
Resolved by the Senate {the House of Representatives concurring) That the
Constitution vests in the Congress as the accredited and lawful representatives of the people full authority to determine and to declare definitely
the objects and purposes for which this Goverment shall continue to participate in the European war.
Resolved further. That the Congress hereby declares that this Government
wUl not contribute to the efforts if any belligerent for the purpose of prolonging the war to annex new territory, either in Eiu-ope or outside of
Europe, nor to enforce the payment of Indemnities to recover the expenses
of the war; but the Congress does hereby declare in favor of the creation
of a common fund to be provided by all the belUgerent nations to assist in
the restoration of the portions of territory in any of the countries most
seriously devastated by the war, and for the establishment of an international commission to decide the allotment of the common fund.
Resolved further. That Congress declares that there should be a pubUc
restatement of the Allied peace terms, based on a disavowal of any advantages, either in the way of indemnities, territorial acquisitions, commercial
privileges, or economic prerogatives, by means of which one nation shaU
strengthen its power abroad at the expense of another nation, as wholly
incompatible with the establishment of a durable peace in the world.
treaties or
In asserting that there is no likelihood of the adoption by
the Senate of a peace resolution calling upon the President
to define at this time the aims of the United States in the
present conflict or to suggest a policy for him to follow in
m
his dealings with Germany, the New York "Times" of
Aug. 17 stated that the course to be pursued in defeating
m
the peace resolution had definitely been decided upon at a
conference of Democractic and Republican leaders of the
Senate on the 16th, after Senator King of Utah had conferred with President Wilson regarding the matter. Senator La FoUette is sponsor for a concurrent resolution presented to the Senate on Aug. 11 calling "for a public restatement of the Allied peace terms based on a dis^avowal of any
advantages" and intended to place Congress on record as
favoring "the creation of a common fund to be provided by
aU the belligerent nations to assist in the restoration of the
portions of territory in any of the countries most seriously
devastated by the war, and for the establishment of an international commission to decide the allotment of the
common fund." Following the submission of the La Follette resolution, which it was agreed should lie on the table
until called up at a future date. Senator King offered a
counter resolution stipulating that the Government should
"not make peace until its purposes and principles as deSenator King's resolution is as follows:
clared by the President in his address to Congress of the
Whereas, The Imperial Government of Germany, in pursuit of a policy
second of April shall have been acknowledged and accomto extend its territorial domains and imperial power by use of mUitary
Like the La Follette resolution, this resolution force, organized the German people into an army for aggressions and tresplished."
was also allowed to lie on the table. With reference to the passes against other nations; and
Whereas, In July 1914, Germany, in alliance with Austria made an
course decided upon by the Senate leaders on Aug. 16 with
armed trespass upon the sovereignty and territory of Serbia; and
the
peace
declaration,
regard to
the "Times" said:
Whereas, Germany, without cause and in perfidious violation of its
The program of the Senate Is to allow Senator La Follette of Wisconsin to treaties and in contravention of international law and the rights of nations
bring up his peace resolution any time he wishes, and, after brief debate on forced an entrance by military violence into Belgium, and in aggravation
Any effort in the meantime to get any other of, and in pm-suit of such trespass, made war upon Belgium and her unotit, to kUl it by a decisive vote.
peace resolution through will be dealt with by consigning the resolution to fending inhabitants, murdered and enslaved noncombatant men, women,
and children, extorted fines and money, and has, with unexampled barthe table, to stay there until the La Folette measure is brought up.
The Senate is determined to end by an overwhelming vote all efforts to barity and cruelty, burned and destroyed villages, churches, public
embarrass the Administration by attempting to dictate a policy as to peace edifices, homes and property; and
Whereas, Germany invaded France and extended to the cities within the
Senator La Follette and any other supporters of his resolution
overtures.
may talk as long as they wish. When they have exhausted themselves the zone of military occupation, the same cruelties, extortions, and atrocities
scheme is to have some Democratic leader, who is likely to be Senator John which have been and are practiced in Belgium; and
Whereas, Germany has occupied Poland, Serbia, Montenegro, Courland,
Sharp Williams of Mississippi, and some Republican leader, probably
and parts of Roumania by military force and without the consent of the
Senator Lodge of Massachusetts, answer for both sides of the Chamber.
nations severally inhabiting said countries, and has driven the civil popuAfter these two speeches have been made the leaders will insist upon a vote
lation of said countries from their homes and possessions; and
on the resolution.
Senate leaders say the La Follette resolution cannot have more than
Whereas, Germany has provoked and prompted the extermination and
seven supporting votes Gore, Norris, Vardaman, Stone, Gronna, Kirby, massacre of the Christian population of Armenia and Asia Minor at the
and La Follette himself. If all of these Senators insist upon being heard it is hands of the Turks; and
likely that the Senate wUl have at least a full day and possibly two or three
Whereas, Germany has determined upon the wanton destruction of the
of peace debate. And that will be the end of it.
world's shipping in order to reduce the maritime commerce of other naSenator Stone is to have his own resolution ready for next week but will tions, and in pursuit of this policy has ruthlessly murdered non-combatant
have to wait until Senator La Follette's comes up. After the defeat of La men, wonaen and children in violation of the law of nations, the rights of
FoUette's measure. Stone's, it is planned, will be quickly voted down.
neutrals, and the rules of war as acknowledged and practiced by enlightened
,
—
,
Senator King conferred with the other Senate leaders for an hour after his
talk with the President, and the program respecting the peace resolutions
was evolved after Mr. King had urged that policy as being agreeable to the
Executive.
Senator La Follette's resolution will lie on the table until after the War
Revenue bill is voted upon which is expected to be at the end of next week.
,
The
following
is
the text of the
La
Follette resolution:
Whereas, The Provisional Government of Russia did, on the 19th day of
May 1917, declare in favor of "peace without annexation or indemnities
on the basis of the rights of nations to decide their own destiny;' and
Whereas, The Imperial Reichstag, representing the great majority of the
Gorman people, did on the 19th day of July 1917, by a vote of 214 to 116,
pass resolutions in favor of peace, "without forced acquisition of territory
and without political, economic, and financial violations" and declaring
for "a mutual understanding and lasting reconciliation among the nations
and the creation of international juridical organizations;" and
Whereas, The German Chancellor, speaking for the Imperial German
Government on the 17th day of May 1917, made the following official
declaration in the Reichstag:
"We did not go to war, and we are not fighting now against almost
the whole world, in order to make conquests, but only to secure our existence, and firmly to establish the future of the nation;" and
Whereas, On behalf of Great Britain on the 23rd day of May 1917, Lord
Robert Cecil, as one of the Ministers of the present Government, replying
in the House of Commons, declared that:
"Our aims and aspirations are dictated solely by our determination to
secure a peace founded on national liberty and international amity, and
that all imperialistic aims based on force and conquest are completely
absent from our program;" and
Whereas, Duly organized bodies of loyal citizens of Great Britain, representing millions of other citizens, many of whom are eminent in official
life and exert a wide influence upon public opinion, have declared
that:
"A stage in the war has been reached when the democracies of all the
belligerent countries are beginning to work toward a peace based on the
same general principles;" and
'
and
civilized States;
and
Whereas, Germany has without warrant of law placed mines in the
public waters of the high seas and has constructed and commissioned
submarines to destroy neutral and merchant shipping and has wUtfuIly
taken the lives of innocent and noncombatant passengers upon hospital
ships and upon neutral ships conveying food for the succor of the starving
people in Belgium and in other countries under the unlawful mUitary occupation of Germany; and
Whereas, Germany has wantonly destroyed American ships and taken
the lives of American citizens contrary to the law of nations and of treaties
subsisting between the United States and the Imperial Government of
Germany, as successor to the Kingdom of Prussia; and
Whereas, Germany has abused the comity and dignity of the United
States in time of peace by maintaining spies and depredatory agents who
have Intrigued and plotted against the peace and security of the country
by planning to destroy Industrial plants and factories and to promote
sedition
and
insurrection;
and
The German Government has Intrigued and attempted to induce Mexico to make war against the United States and has intrigued and
attempted to bring on a state of war between the United States and Japan;
Whereas,
and
Whereas,
States,
and
Germany has condemned the International policy of the United
particularly the Monroe doctrine, by which the United States
has prevented the trespass of autocratic and imperial Governments against
the free Republics of America; and
,
Whereas, It is the policy of the German Government to extend its imperial system to America, and for this purpose to subvert by force the principles of liberty and to subject the free inhabitants of America to its Imperial dominion in contravention and contempt of the rights of America
and of the international policy of the United States; and
Whereas, Germany has not acknowledged her belligerent trespasses
against the United States and the property and lives of her citizens, but
avows her intention to continue such trespasses and violations of the law
^ij
of nations;
and
Whereas, Germany, by her national acts of murder, piracy, arson/and
perfidy has made herself an outlaw among the nations and is unwUlln
THE CHRONICLE
774
to Kubniil licrself to the law of nations and to tho humane principles and
customs of onliKhtcnod States, but avows her Intention to Impose hor will
by force upon the world; and
Whereas, Germany,
hor International relations, considers solely her
regard to tho equal rights of other
States, and is unwilling to I)o governed by the law which rccogniz(!s the
equal dignity and rights of all States, but rather seeks to boa law unto herin
own ends and aggrandizement, without
self:
and
Whereas, The German Imperial Government made war upon the United
States without cause, justification, or excuse, and In violation of the law
of nations and of the rights of the Government and the people of the United
States and in contravention of and in violation of treaties subsisting between tho United States and the Imperial Government of Germany; and
Whereas, Tho belligerent acts of Germany have boon and are directed
against the vital interests and honor of the United States and the principles
of humanity and liberty to which they are Irrevocably committed: Now,
therefore, bo it
Resolved by the Senate of the United States, That the Government of the
United States will not make peace until its purposes and principles as
declared by tho President in his address to Congress of the 2d of April shall
have been acknowledged and accomplished; and that for this cause the
Government of the United States will wage war and employ its military,
moral and economic resources until German trespasses against American
rights have been suppressed and tho honor and sovereignty of America
shall have been vindicated, and until the German Government shall have
acknowledged and expiated its crimes and shall seek the terms upon which
It may be admitted to the community of the civilized and enlightened
States, whieh have made common cause to vindicate the rights of nations
and secure tho blessings of justice and civilization, and for these purposes,
to establish and maintain the peace of the world.
The "Times" of the 14tli inst. stated that although
Senator La Follette declared that his resolution originated
solely with himself many persons have beeen led to believe
that the People's Council of New York City, a pacifist organization of which his daughter, Fola La Follette, is a
member, was part sponsor for the resolution as a result of
its having sent telegrams to prominent persons in all parts
of the country urging them to petition Senators and Congressmen to support the demand for a statement of peace
Boy Scouts Is a splendid organization and doing wonderful work In developing strong, manly, self-respecting boys, but beyond all these and by
evory token, tho most Important is intensive and compulsory universal
military training In a Federal training camp under the direction of United
This plan alone will provide the discipline that every
States Army officers.
young man needs. It will create a feeling of self-respect, recognition of
authority; it will develop mental alertness, give a fine physique, promote
self-control and be tho common meeting ground of young men from all
parts of tho country and from all walks of llfo, the rich and the poor alike,
and transmute them into a strong, manly and virile citizenship.
FOREIGN TRADE FIGURES DURING LAST FOUR
YEARS.
Tho foreign trade figures, showing the imports and exports between the United States and the principal countries
during June 1917 and the twelve months ended with June
1917, as compared with corresponding periods of the preceding year, were made public by the Bureau of Foreign and Do-
Commerce of the Department of Commerce on Aug.
For the twelve months to June 1917 the exports totaled
$6,293,806,090, as compared with $4,333,482,885 for the
twelve months ending June 1916. Going back two years,
we find the total exports for the twelve month period ending June 1915 were $2,768,589,340, while for the year ending
June 1914 the aggregate exports were $2,364,579,148. In
the latest year the greatest volume of exports was taken by
the United rKingdom, the ^amount sent^there in th^ twelve
months ending June 1917 reaching a total value of $^,047,mestic
Ifj.
545,843, as against $1,526,685,102 for the corresponding
period in 1916 and $911,794,954 in 1915 and $594,271,863 in
1914. The fact that the exports to Germany are greater in
the twelve months for the current year than last year being
$2,199,449 against $288,899 in the twelve months ending
June 1916 is accounted for by the visit here last November of the Deutschland, which on its return can'ied a cargo
valued at $2,196,174. So far as the imports to the various
countries for the twelve months are concerned, the showing
for the latest twelve months under review is $2,659,355,185
against $2,197,883,510 last year, $1,674,169,740 for the
year ending June 1915 and $1 ,893,925,657 for the same period
The following are the detailed figures for the fourin 1914.
year period:
—
aims.
JOHN
[Vol. 105.
J.
MITCHELL URGES UNIVERSAL MILITARY
TRAINING.
In urging that we realize fully the dangers before us and
stand with our Government, rendering whatever service
becomes necessary in this conflict, John J. Mitchell, President
of the lUinois Trust & Savings Bank of Chicago, points out
"If this
that our greatest need at this time is trained men.
war," he says, "will bring about universal military training
on the lines of the Chamberlain Bill, it will bring us back to
sane living, inculcate thrift and promote the loyalty of service and make it plain that all men are equal before the law,
and all owe a common obUgation to defend the flag and save
the State, we will be recompensed for the deep waters through
which we must pass and the future of our country will be
assured." Mr. Mitchell's viewpoint was expressed in an
open letter made public on Aug. 18, in which he also said:
As a cold-blooded business and war proposition, democracy cannot
compete on equal terms with autocracy. If efficiency is the aim of government, then autocracy should prevail. In blood and iron it can got more out
of a dollar, but if government exists for the people, to secure their happiness,
liberties and opportunities, with only such restrictions and limitations as
the people assent to as necessary for the general welfare, then popular government alone meets these fundamental needs. Better liberty in a hut
than servitude in a palace.
In the last analysis, the issue in the awful war now raging is: "Shall
democracy or autocracy rule the world?" As the matter stands to-day,
with Russia crumbling, with France bled to the white and with England
approximating her maximum resistance, it is plainl.v up to the American
people to get into this conflict with every man and every dollar available
and put it where it will do the most good and to do it quickly. An immediate need is a spiritual renaissance, a comprehension of the situation that
besets us, a realization that our national life, our cherished Ideals, the
price less heritage of freedom and opportunity in the garden of the world
aye, that civilization itself is at stake in this mighty struggle upon which
we have entered. As a people we must have no interest or purpose in life
that stands before the winning of this war and doing it as decisively and as
quickly as is possible. We must not stop to count the cost in men or money,
nor in sacrifice or service.
Germany is the most cruel, the most resourceful and the most efficient
government that ever existed. She is holding to-day hundreds of thousands
of square miles of the territory of her enemies, a large part of which is the
very garden of Europe and she has millions of deported Belgians and other
prisoners of war cultivating for her this vast area in addition to her own soil.
Germany is not yet beaten
She would like to have us think so it is no doubt
a part of her plan, and to defeat Germany may take months or years, but
do it we must or God help us. If the Kaiser can crush France before vre
get in, what hope will we have?
If Germany should win, the English fleet,
which has been our protection for many years, would pass to Germany as
a trophy of the war. Then the Kaiser would rule the seas. Let us realize
fully the dangers before lis and let us stand with our Government and get
ready and be ready for whatever service becomes necessary in this conflict.
The President has been given (and with popular approval) more power
than was ever lodged with any man at any time by a free people. It
seemed necessary to do this if prompt and efficient aid is to be given our
Allies.
The peop'e will hold the President accountable for the use or abuse
of this power, but without centralizing authority we cannot hope to win this
war.
At this writing it is entirely clear that our greatest need will bo trained
men, for the untrained men in modern warfare are practically useless.
Without training an army is merely an organized mob. Every boy should
be given in school thorough physical training on military lines. The ideal
plan is that worked out by Captain Steever and known as the Wyoming
plan. Many high schools have adopted it and all should do so.
The
—
.
—
—
Imports fronts-
Grand Divisions:
Europe
North America
South America
Asia
Oceania
Africa
Total
12
1916-17.
S
610,470,670
766,112,537
542,212,820
615,217,463
65,328,379
60,013,316
Months ended with June
1915-16.
1914-15.
S
S
616,252,749
614,354,645
591,895,543
473,079,796
391,502,018
261,489,563
437,181,464
247,770,103
96,225,991
52,522,552
64,765,745
24,953,081
1913-14.
S
895,602,868
427,399,354
222,677.075
286,952,486
42,144,398
19,149,476
2,659,355,185 2,197,883,510 1,674.169,740 1,893,925,657
Principal countries:
Austria-Hungary
Belgium
France
Germany
Italy
Netherlands
Norway
Russia in Europe
Spain
Sweden
Switzerland
United Kingdom
Canada
Mexico
Cuba..
Argentina
Brazil
Chile
9,794,418
10.222,860
77,158,740
91,372,710
54,973,726
32,518,890
10,668,864
2,512,381
18,027,492
11,661,337
19,335,483
256.351,675
159,571,712
77,612,691
185,706,901
73,776,258
99,178,728
27,689,780
40,156,139
87,177,237
98,882,638
27,244,039
24.020,169
17,371,992
20,110,834
41,035,532
141,446,252
189,919,136
56,407,671
36.294,010
9,197,265
20,831,184
24,658,867
11,590,107
25,329,699
293,061,304
160,689,709
92,690,566
131,303,794
45,123,988
101,329,073
25,722,128
39,382,978
111,903.527
107,355,897
22,213,570
18.162,312
13,311,233
4,.32o,443,735 2,999,305,097 1,971,434.687
1,486,498,729
528,644,962
124,539,909
113.425,616
83.568.417
27,901,515
1,430.935
1,478.579
102,077,620
13,945,743
57,432,436
38,534.509
6,851,714
3,613,986
27,864,130
11.846,881
21,775,413
308.443,223
204,018,227
97,676,544
228,977.567
112,512,420
132,663,984
64,154,859
71,655,045
177,423,346
147,644,228
151,6.^8,245
China
British East Indies
Japan
Australia & New Zealand
Philippine Islands
Egypt
225,452
1,029,261
103,069,706
1,524,693
46,374,368
31,842,144
7,108,311
5,446,095
36,862,571
23,642,433
20,252,954
307,674,853
320,949,492
112,138,677
253,395.410
152,612,411
—
113,789,130
105,905,531
217,610,056
208,127,478
18,874.571
42,436,247
29,728,445
64,5.>3,441
28,232.249
33,254,943
Exports to
Grand Divisions:
Europe
North America
South America
Asia
380,.320,718
Oceania
111,284,128
52,746,867
Africa
Total
733,024,674
180,175,374
278,610,881
98,775,828
43,591,031
1,164,451,184
259,559,458
477,075,721
99.323,957
114,470.493
77,764,725
28,519,751
6,293,806,090 4,333,482,885 2,768,589,340 2,364,579,148
Principal countries:
AustrLi-Hungary
Belsium
Denmark
France
Germany
Greece
Italy
Xotherlands
Norway
146,302
21,848.114
55,872.312
628,851,988
288,899
31,039.672
269,246,105
97.476.328
53,645,295
178,694,800
52,836,721
51,979.745
1,526,685,102
468,784,793
41,703,906
47,945,519
127,198,578
66,378,366
40,572,197
37,348.319
56,728,524
1,011,529,095
2,199,449
20,860.645
360,529,625
109.504.109
82,017,0.54
Russia in Europe
Spain
428,284,663
76,992,669
Sweden
45,116,443
United Kingdom
2,047,545,843
Canada
787,529,729
Central America
52,728,324
Mexico
78,659,893
Cuba
178,883,248
Argentina
82,382,884
Brazil
56,761,252
Chile
44,573.185
China
37,306,388
Brlti.sh East Indies
37,090,430
Jap.an
130,472,189
Russia in Asia
130,300,542
Australia & New Zealand
82,043.469
Philippme Islands
27.545,470
British ..Africa
32,695,101
24,2.39,826
25,131,459
24,696,872
74,470,931
131,111,792
74. 002. .526
'
23.421,172
J.28,399,377
22.718,258
61,219,894
15,670.135
159,818,924
344,794,276
1,123,511
74.235.012
112,215,673
9.066,610
30,088.643
30,387,569
14,644.226
594,271,863
344,716,981
39,439,117
38,748,793
68,884,428
45,179.089
29,963.914
25,629,5.55
17,432,392
11,377,181
24,698,734
16.402,475
15,625,195
15,980,734
41,517,780
51,205,520
1.214,506
23.353.151
54.725,340
51.986.649
24,755.320'
27,304.587
18,271,085 "l 18,960,770
1,238.669
20,662,315
79.824,478
369,397,170
28,863,354
23.499,616
184,819.688
143,267,019
39.074,701
37,474.380
38,112,969
78,273,813
911,974,954
300,686,812
33,585,728
34,164,447
75.530,382
32,549,606
1
.
Aug. 25
THE CHRONICLE
1917.]
The imports and exports by
months ended June 30 for the
great groups during the 12
four years are presented in
the following statement:
—
Groups.
—— 12
1916-17.
$
—
Imports
Crude materials for use in
manufacturing
1,109,665,040
Foodstuffs in crude condition and food animals. 335,573,042
Foodstuffs partly or
wholly manufactured.. 343,474,387
Manufactures for further
use in manufacturing.. 475,325,346
Manufactures ready for
consumption
379,662.329
Miscellaneous
15.655,041
Total Imports
Exports
Months ended June
1915-16.
$
1914-15.
S
1913-14.
i
948,825,500
575,143,070
632,865,860
251,886,746
223,787,245
247,947,621
310,938,181
284,970,346
227,644,329
356,857,137
237,946,316
319,275,488
311,870,962
17,504,984
336,263,458
16,059,305
449,318,214
16,875,145
With my reputation as a conservative, you may be startled at
views, but I will go further, and say that the city should take over the
distribution of milk to the consumer, or at least operate a distribution
service.
Even though you may class me as a Socialist, I advocate these
methods of solving the food question.
pound.
my
Immediate action
expected by the Senate. The Legislaprobably take a recess for two
weeks, at the end of which time it will return to act upon
the nominations of the food commissioners when they are
sent to the Senate by the Governor.
ture,
for use in
manufacturing
_.
732.388,652
Foodstuffs in crude condition and food animals. 532.017,592
Foodstuffs partly or
wholly manufactured..
509,436,254
792,716,109
380,638,102
507,064,610
137,495,121
declare
estate
599,059,151
452,767,729
293,218,336
357,459,326
374,224,210
Miscellaneous
91.613.998
100,306,729
this
724,908.000
7,122,249
Total domestic exports 6,230,769,295 4,272,177,579 2,716,178,465 2,329.684,025
Foreign merchandise ex34,895,123
ported
61,305,306
52,410,875
63.036,795
a moratorium, in certain contingencies, on rea
and farm loan mortgages, appeared in "The Sun" of
city on Thursday of the present week and we reprint
It will
be observed that
numerous authorities are cited to support the conclusion
that the States are without power to enact laws of that kind,
and even the authority of Congress to declare a moratorium
is
Total exports
is
said, will then
for the benefit of our readers.
t
808,634,402
80,816,144
is
The following interesting and instructive communication
discussing from a legal standpoint the power of a State to
535,952,043
Manufactures for further
use in manufacturing.. 1,191, 787,957
657,923,305
Manufactures ready for
consumption
2,943,923,212 1,998,298,249
739.037,884
it
CLAIMS STATE HAS NO POWER TO DECREE A
MORATORIUM FOR REAL ESTATE MORTGAGES.
2,659,355.185 2,197,883,510 1,674,169,740 1,893,925,657
—
Crude materials
775
called in question:
6.293.806.090 4.333,482.885 2,768,589,340 2,364.579,148
Exports of principal items vmder the heading "Miscellaneous" for June 1917 were:
Horses, $3,510,390; mules. $784,614; and seeds. 8269.265; and for 12 months ended
June 30 1917: Horses, $59,525,329; mules, $27,800,854; and seeds, $3,962,605.
MUTUALIZATION OF EQUITABLE LIFE ASSURANCE
SOCIETY APPROVED BY STOCKHOLDERS.
The Constitution Forbids Suspending the Rights of the Mortagee
the Editor of "The Sun"
Sir:
There has been much discussion as
to the effect of a legislative moratorium on real estate mortgages.
Every State Legislature is absolutely without power to declare such a
moratorium.
—
To
Subdivision I, of Section 10, Article I, of the Federal Constitution declares that "no State shall enter into any treaty,
pass any bill of
attainder, ex post facto law, or law impairing the obligation of contracts."
It has been held by the Federal courts, and by the courts of the different
States that if any subsequent law affects to diminish the duty or to impair
the right which the law defines upon the consummation of a contract, it
necessarily bears upon the obligation of the contract, in favor of one party,
to the injury of the other; hence, any law which in its operation amounts to
a denial or obstruction of the rights accruing by the contract, although professing to act only on the remedy, is directly obnoxious to the prohibition of
the Constitution.
(See 2 Howard, U. S. Reports, 608; 16 California, 11;
5 Bland (Mich.), 509; 10 Georgia, 190; 2 Duv. (Ky.), 20; 4 Louisiana, 86;
33 Pennsylvania State, 202; 96 U. S., 176; 5 Dill. (U. S.), 414; 3 McLean
.
.
.
The proposed mutualization of the Equitable Life Assurance Society, referred to in these columns July 28, was approved by the stockholders on Aug. 21. The vote was 615
in favor of the plan and 248 against it, with 137 shares not
voting. Under the proposed plan T. Coleman du Pont, who
purchased a majority of the stock of the Society from the
estate of J. P. Morgan in June 1915, has offered the Society
his majority holdings of 564 shares, including 63 shares of
(U. S.), 397).
minority stock, for an aggregate of $2,799,900. The price
It is further held that legislation that materially alters the character of
to be paid for the 63 minority holdings is fixed at $1,500 the obligation is certainly bad. Thus, laws may be invalid that change
per share, and the price to be paid for the other 436 minority the dimensions of the liability, as, for example, the length of its existence.
(See 39 Pennsylvania State Reports, 435; 75 Texas, 624; 26 Gratt (Virstock would be the same as that to be paid General du Pont ginia.) 131; 74 Maryland. 232; 39 N. J. L., 326
for his minority holdings.
These 436 shares would be paid
The Court of Appeals of this State, in the case of People ex rel. Reynolds
for in cash.
At Tuesday's meeting of the stockholders vs. Common Council, 140 N. Y. 300, 307. said:
All contract obligations are protected from inmpairment by State legislaLawrence Greer, representing the Hyde estate, together with tion
by the provision of the Federal Constitution. The obligation of a
counsel for other minority interests, sought to secure the contract is impaired In the constitutional sense by any law which prevents
its enforcement, or which materially abridges the remedy for enforcing it
adoption of a resolution calling for the payment to all the which existed when it was contracted, and does not supply an alternative
remedy equally adequate and efficacious. (McGaney vs. O'Brien,
stockholders of $5,400 a share, the price to be paid for General 111 N. Y. 1).
du Font's majority holdings, but the motion was voted down
In the case of Davis vs. Supreme Lodge, Knights of Honor (165 N. Y.
615 to 248. Court proceedings to prevent the carrying 159, 170), the Coiu-t said:
All contracts are supposed to be made with reference to existing laws, and
through of the proposal approved by the stockholders are
subsequent legislation which effects unreasonable changes in the rules of
expected to develop. The plan agreed to this week by the evidence for the enforcement of the contract, or which repeals laws upon
which its validity or enforcement depends, impairs the obligation of the
stockholders is still to be approved by the policy holders and contract with in the restrictions of the Constitution. (McGahey vs.
Virginia, 135 U. S. 662; People re xol. Reynolds vs. Common Council,
the State Superintendent of Insurance.
140 N. Y. 300).
.
ASSEMBLY PASSES FOOD CONTROL BILL.
The lower branch of the New York State Legislature at
A^.
Y.
about 9
m. Aug.
24, after having been in session all night,
Governor Whitman's State Food Control Bill,
already referred to in these columns, by a vote of 99 to 31.
It is said that the swing over to the Governor came at
2 a. m. Friday, when the Assembly, whose members had
been in caucus and session since 11 a. m. Thursday, voted
down an amendment to the bill which would have made the
probable appointment of Geo. W. Perkins as a Food Control
Commissioner, impossible. The vote against the elimination of Mr. Perkins was 84 to 41.
When the Senate and Assembly convened on Thursday
morning the chances of the Governor winning a complete
victory seemed slim as both branches of the Legislature had
organized to oppose the proposed appointment of Mr.
a.
finally passed
Perkins
Notice was served on the Governor that he could have his
food control program adopted minus Mr. Perkins. He
promptly replied that he was not in the fight to compromise
any further and that he would name his own food control
commission without consulting any one.
Mr. Perkins, who is at present Chairman of Mayor
Mitchel's Food Supply Committee, speaking before the Glen
Cove Household League on Aug.
of food supplies.
He
23, advocated city control
said, in part:
Eighteen million meals a day must be supplied New York and Brooklyn
and I believe the city itself should have power to buy this food for its
people when there are cases similar to that which came to my attention
to-day.
Five million mackerel, the largest catch in its history, were brought
into Gloucester, Mass., and sold for 4 cents a pound and less.
I priced
these fish at Greater New York markets, and the lowest was 26 cents a
daily,
In the case of Town of Cherry Creek vs. Becker et al., 123 N. Y. 11, 170,
the Court of Appeals of this State further said:
The obligation of an existing contract can no more be impaired by an
amendment to the Constitution of a State than by an act of the Legislature.
I, of the Constitution defines the powers of Congress,
nothing in its terms which would authorize even Congress to
declare a moratorium.
Article X. of the Federal Constitution reads as follows:
The powers not delegated to the United States by the Constitution, no
prohibited by it to the States, are reserved to the States respectively, o
to the people.
Section 8 of Article
and there
is
In view of the constitutional provisions and the authorities above men
tioned and many other authorities. State and Federal, it seems futile even
to discuss a moratoriimi, and the effect of such discussion is simply to
create unquiet and uncertainty in the minds of both borrowers and lenders,
at least so far as existing loans are concerned, and tends to create the very
panic which it is claimed the proposed legislation would avoid.
J.
New
BREWSTER ROE.
York. Aug. 22.
WAGES EXPECTED TO GO STILL HIGHER.
RosweU C. McCrea,
Professor of Economics in Columbia
University, and formerly Dean of the Wharton School of
Finance, in an analysis of labor conditions affecting street
railways, presented to the Upstate Public Service Commission
in the hearing on the apphcation of 28 companies for an
increase of fares from 5 to 6 cents, cited facts which in his
judgment indicate that further wage increases are to be
expected. His statement, it is said, is founded on New York
State official statistics so far as they extend and studies of
conditions in 1,600 representative industries of this State
A statement issued by the Committee on Ways
since 1915.
and Means of the Electric Railways of New York State to
Obtain Additional Revenue, says:
THE CHRONICLE
770
Strcot railway wag( s ratluT lower than In other c nterijrises reijuiring
1
similar Hkill.
2. A similar upward trend of wage costs In various fields of similar
labor
skill.
fall In the purchasing power of money wages as compared with the
costs of subsistence, and
On the latter
4. An Indication of Increased labor costs In the future.
point ho said In part:
Scarcity of labor will
"Prevailing tendencies suggest a continued rise.
Withdrawal of workers for
prevail to such an extent that costs must rise.
fighting purposes and for the expansion of war time industries will exagWomen will undoubtedly bo drawn
gerate the competition for workers.
Immigration is at a low ebb. The
Into some avenues of employment.
rehabilitation of the warring countries will call for a working force already
heavily depleted and the governing powers will do their utmost to prevent
emigration.
The operation of the literacy test will likewise hamper further
Immigration Into the United States. Labor costs will rise. The prices of
commodities and services will increase correspondingly except in those
In
instances where freedom to increase prices or charges does not prevail.
these latter instances bankruptcy can be avoided only by a reduction in the
volume or quantity of service, by extensive economies or by recourse to
the employment of women or lower grade workers."
James S. Thompson, Vice-President of the American Brake Shoe and
Foundry Co., after testifying that owing to increases in costs of labor and
material, brake shoes were selling for 63% more than a year ago, forecast
Ho said:
Still higher wages for labor.
company have been making examination into the general
"I and
situation of material and labor, in order to inform oiu-selves as to the
probabilities for a further increase In the cost of material and labor, and,
from all the information in our possession we have reached the conclusion
that those costs have not reached the maximum, but the probabilities are
that further Increases to a very great extent must be made."
3.
A
my
[Vol. 105.
Revenues.
the States during the year were $466,946,748; the aggregate expenditures for current governmental costs. Including Interest on indebtedness, $42.5,071,093; and the aggregate outlays
The first two of these items
for permanent improvements, $85,063,206.
represent increases of 1.1% and 6.3%, respectively, as compared with the
corresponding figures for the preceding fiscal year; but the outlays show
a decrease of 10.6%.
Of the total revenues, $363,968,553, or about 78%, represents receipts
from the various kinds of taxes. Nearly half of this amount, 8176,102,893,
was derived from the general property tax, made up of taxes on real estate
and personal property. Of the remainder, the largest item, $88,137,260,
was contributed by special property and other special taxes; $58,829,687
was raised from business taxes other than on the liquor traffic; $19,261,893
came from the liquor traffic; $19,365,499 was derived from license taxes
otlier than on business; and $2,270,321 from poll taxes.
The largest sources of revenue outside of taxes are found in the earnings
The earnings of general departof general departments and in interest.
ments are made up of receipts from fees, charges, minor sales, &c., by the
various departments and offices of the State governments exclusive of the
These yielded, diu-ing the fiscal year 1916,
public service enterprises.
Receipts from interest on ciurent deposits and
$.'33,844,692 in revenues.
on the various State funds amoimted to $23,156,092. Other sources of
revenue special assessments and special charges for outlays; fines, forfeits and escheats; subventions and grants from the Federal Government;
donations, pension assessments, highway privileges, rents, and earnings of
public service enterprises yielded a total of $25,977,411.
For all the States taken as a group, the per capita receipts from property
taxes were $2 56; from other taxes, $1 07; from earnings of general departments, 54 cents; and from all other sources combined, 50 cents.
The aggregate revenues
of
all
—
—
Expenditures.
for governmental costs, which aggregate $510,134,299, were, in the order of their importance: For expenses of
general departments, $404,236,243; for outlays, $85,063,206; for interest
on indebtedness, $19,253,566; for expenses of public service enterprises
(railroads, toll bridges, ferries, canals, docks and wharves, &c., maintained
by thirteen States only), $1,581,284. Expenses of general departments
comprise payments for education (schools and libraries), $153,825,748; for
charities, hospitals and corrections, $94,057,827; for "general government" (legislative, executive and judicial branches), $47,152,759; for
highways, $29,213,892; for protection to person and property (militia and
armories; regulation of corporations, professional occupations, labor, liquor
traffic, sale of certain commodities, and weights and measures; protection
of fish and game, &c.), $27,811,275; for general and miscellaneous items,
including pensions and gratuities, $21,887,223; for development and conservation of natural resources, $19,399,756; for conservation of health and
sanitation, $9,894,943: and for educational and general recreation, parks
and reservations, and moniunents, $992,820. The average per capita
expenditures for all governmental costs, including interest and outlays, in
the forty-eight States, were $5 10.
The relative lightness of the state-tax burden is brought out clearly by
a comparison of state and municipal taxation and governmental costs.
For the 213 American cities of over 30,000 population, the average per
capita expenditures for all governmental costs, including interest and
outlays, during the fiscal year 1916 amounted to $33 11, whereas the per
capita governmental cost expenditures for the states averaged only $5 10.
For the cities the average per capita expenditures for governmental costs,
including interest but excluding outlays, were $24 20; and for the state,
$4 25. For the cities the average per capita receipts from property taxes
were $19 74; for the states, $2 56.
For the 48 states taken together, the payments for govermnental costs,
including interest and outlays, exceeded the revenues by $43,187,551; but
the revenues exceeded the current expenses and interest by $41,875,655,
an amount nearly half as great as the total outlays, which aggregated
In other words, the states taken as a group are paying,
$85,063,206.
from their revenues, all their current expenses and interest and nearly
The expenditures during the year
NEW YORK AND NEW
JERSEY PORT DEVELOPMENT
COMMISSIONS ORGANIZE.
of
The two commissions appointed by Governor Whitman
New York and Governor Edge of New Jersey to investi-
gate conditions of the Port of New York, organized on
Aug. 23 at the Chamber of Commerce by electing WiUiam
R. Willcox and J. Spencer Smith Chairmen of the two Commissions.
General George W. Goethals was appointed
Chief Consulting Engineer. The commissions will report
to the New York and New Jersey Legislatures.
On the New York Commission are William R. Willcox,
E. H. Outerbridge and Arthur Curtiss James, while on the
New Jersey Commission are J. Spencer Smith, De Witt Van
Buskirk and Frank R. Ford. Offices will be estabUshed at
115 Broadway in the near future.
An attempt wiU be made to solve the problems presented
by the congestion of freight at the Port of New York and
to agree upon a joint report, recommending a policy to be
pursued by the States of New York and New Jersey and the
United States, to the end that the port shall be efficiently
and constructively organized and furnished with modern
of piers, rail and water and freight facilities, and
adequately protected in the event of war.
The legislation granting Governor Whitman power to
appoint a commission to co-operate with a similar body
created xmder a bill passed by the New Jersey Legislature,
was the result of a special message to the Legislature on
March 12, after a conference with Governor Edge of New
Jersey and the State Engineer of this State. At this conference, it was pointed out that the handling of freight in
this port is a national concern, which requires the working
out of a comprehensive policy for the intensive use of the
methods
port's facilities.
The full text of the bill passed by the New York Legisature and approved by Governor Whitman on May 8, was
published in these columns on July 21.
STATE FINANCES— TWENTY-SIX FAIL TO PAY
EXPENSES OUT OF REVENUES.
The
fact that twenty-six States of the
Union are not
paying from their revenues their total expenses for Governmental costs, interest on indebtedness and outlays for
permanent improvements, and furthermore, that 11 of the
26 are not even meeting their current expenses and interest,
is set out in a report soon to be published by Director
Sam L. Rogers, of the Bureau of Census, Department of
half their outlays.
States in
Which Revenues Exceed Expenses.
In all but 11 of the states the revenue receipts exceeded the payments
for current governmental expenses and interest, and in 22 the revenues
exceeded the total expenditiu'es for governmental costs, including interest
and outlays. These 22 states were Massachusetts, New Jersey, Indiana,
Michigan, Wisconsin, Minnesota, North Dakota, South Dakota, Nebraska,
Kansas, Delaware, Virginia, West Virginia, Georgia, Louisiana, Oklahoma,
Montana, Colorado, Arizona, Nevada, Washington, and Oregon. In
Montana, in which state the revenues were more than double the total
governmental cost payments, the excess amounted to $4,175,213. Tliis
relatively enormotis excess, however, is accoimted for by the setting aside
of additional public lands for the permanent school fund and is not due to
any tinusual increase in ordinary receipts or decrease in ordinary expenditures.
Other states in which the excess was more than $1,000,000 were
Michigan, with $3,055,827; New Jersey, with $1,820,524; Massachusetts,
with $1 ,810,622; Indiana, with $1 ,306,655; and Minnesota, with $1 ,031 ,494.
The greatest excess of total governmental cost payments over revenues
shown for any one state, $35,349,717, is that for New York; the second
largest excess, $5,727,517, appears for California; and the third largest,
$4,509,454, for lUinois.
Good Roads.
The total outlays for permanent improvements aggregated $85,099,088.
Of this amount, $33,087,410, or nearly two-fifths, was spent for the construction of new roads and the permanent improvement such as macadamizing or paving of existing ones. The greatest outlays for roads in
individual states were reported for New York, $10,742,913; California,
$7,706,376; and Maryland, $3,563,697.
Only twenty-one states Maine,
New Hampshire, Massachusetts, Rhode Island, Connecticut, New York,
New Jersey, Pennsylvania, Ohio, Michigan, Minnesota, Maryland,
Louisiana, Montana, Idaho, New Mexico, Arizona, Utah, Washington,
Oregon, and California expended money directly on the construction and
improvement of roads during the fiscal year, but a number of the other
states apportioned sums to coimties, municipalities, etc., which were spent
in the construction and improvement of roads,
—
—
—
The report, entitled "Financial Statistics of
1916,"
was compiled under the direction of Starke
States,
M. Grogan, Chief Statistician for Statistics of States and
It gives detailed data in respect of the revenues and
cities.
expenditures, the assessments, the taxes, and the indebtedCivil-Service Commissions,
ness and assets of each of the forty-eight States of the Union.
Eleven states IMassachusetts, Connecticut, New York, New Jersey,
While twenty-six of the States are reported as failing to meet Pennsylvania, Ohio, Illinois, Wisconsin, Kansas, Colorado, and California
expenses through their revenues, in the other twenty- two —maintain civil-service commissions. The expenditiu-es in the eleven
states for the support of these commissions aggregated $358,486; and the
States the revenues are reported as exceeding the total greatest expenditure made for this purpose by any one state, $89,009, was
expenditures for current expenses, interest and outlays. reported for New York.
Indebtedness.
The following concerning the information presented in the
The net Indebtedness (funded and floating debt, less assets of general
Bureau
the
report is furnished in a statement made public by
sinking funds) for the forty-eight states aggregated $459,661,269, or $4 59
per capita. The net indebtedness of New York alone, $148,740,465.
of Census under date of Aug. 20:
Commerce.
—
—
—
THE CHRONICLE
'
AUG. 25
1917.]
'presented nearly a third of the total and was far greater than that of any
Iowa, South Dakota, Nebraska, Kansas, West
Six states
Virginia, and Oregon
reported no net indebtedness.
The net increase in indebtedness during the fiscal year, for all the states
Twenty-two states increased their net debt
combined, was $38,406,019.
during the year, seventeen decreased it, and for the remaining nine (including five of the six states reporting no net indebtedness) there was no
change. The greatest increase, $23,278,908, was reported for New York.
Only three other states California, $7,316,030; Maryland, $2,855,721; and
Coimecticut, $2,000,000 increased their net debt by more than a million
other state.
—
—
—
—
dollars.
Value of Public Properties.
permanent public properties held by the states,
except those in funds and investments, amounted at the close of the fiscal
year to $926 ,784 ,500
The bulk of this amount $862 ,823 .587 represented
the value of land, buildings, and equipment of general departments; and
the remainder, .$63,960,913, the value of land, buildings, and equipment
The latter properties are productive, while
of public-service enterprises.
the former are practically non-productive. The greatest single item,
$204,014,614, represents the value of school property; the next greatest,
$182,088,366, is that for hospitals for the insane; and the third and fourth
items in point of size are $168,449,655, for "general government," and
$118,340,286. for correctional institutions.
The
total value of all
.
,
.
FINANCIAL STATISTICS OF CITIES HAVING A
POPULATION OF OVER 30,000, 1916.
A report bearing this title is soon to be issued by Director
Sam
L. Rogers, of the Bureau of the Census, Department
of Commerce.
Among the important facts brought out in
the report, a preliminary copy of which has been issued, is
that in 149 of the 213 American cities of more than 30,000
population the excess of expenditures for Governmental
costs, including interest and outlays for permanent improvements, over revenues, during the fiscal year 1916 amounted
to $86,013,326, or $3 68 per capita.
In the remaining 64
cities the excess of revenues over expenditures was $12,422,256, or $1 40 per capita. Taking the entire 213 cities as a
group, the excess of expenditures over revenues amounted
to $73,591,070, or $2 28 per capita.
The report shows that
the net indebtedness of these cities averaged $76 64 per capita
a figure nearly eight times as great as the corresponding
one for the National Government. Eighty-nine cities, or*
nearly 42% of the total number, are operating under the
—
commission form of government.
The aggregate population of these 213 cities was, according to the report, estimated at 32,270,000, or nearly 32% of
the total population of the country
They range in size from
New York City, with 5,468,000, to Madison, Wis., with
30,100. Nine cities New York, Chicago, Philadelphia, St.
Louis, Boston, Cleveland, Baltimore, Pittsburgh and Detroit
have more than 500,000 each; ten have more than
300,000 but fewer than 500,000 each; forty-four range in
size between 100,000 and 300,000; sixty-four between 50,000
and 100,000, and eighty-six between 30,000 and 50,000.
It is also pointed out in the report that the aggregate
revenues of the 213 cities during the year amounted to $994,710,241; the aggregate expenditures for current Governmental costs, including interest, to $780,742,643; and the
aggregate outlays, to $287,558,668. Of the total revenues,
$695,106,895, or nearly 70%, the report says, represented
receipts from the various kinds of taxes.
The bulk of this
amount, $623,300,805, was derived from the "general property tax," made up of taxes on real and personalproperty.
Of the remainder, the largest item, $38,024,542, was contributed by taxes on the liquor traffic. This amount is
somewhat smaller than the corresponding sum reported for
the fiscal year 1915, $39,606,956, although the total number
of cities covered by the report was greater by nine in the
later year than in the earlier.
Next to taxes, the largest source of revenue, the report
continues, was found in the earnings of public service enterprises, which amounted to $99,797,175.
This sum was considerably more than double the amount of payments for expenses of public service enterprises, $44,636,007, thus leaving
a net revenue from this source of $55,161,168. The bulk of
the earnings of public service enterprises came from water
supply systems, from which the receipts aggregated $79,423,776. Another important source of revenue, the report
says, consisted of special assessments and special charges
the bulk of which were for outlays aggregating $74,009,766.
This sum was appreciably smaller than the corresponding
amount reported for the preceding year, $79,890,321.
For all the cities taken as a group, the per capita receipts
from property taxes amounted to $19 74; from other taxes,
$1 80; from earnings of pubUc service enterprises, $3 09;
.
—
—
—
from special assessments and special charges for outlays,
S2 29, and from all other sources combined $3 91
The highest per capita property taxes, $48 94, are shown for Brookline, Mass., and the lowest, $5 28, for Portsmouth, Va.
.
777
The expenditures during the year
for Governmental costs
which aggregated $1,068,301,311, differed
but slightly in amount from the cost of conducting the Federal Government.
These expenditures, in the order of their
importance, were: For expenses of general departments
(legislative, executive and judicial establishments, schools,
police and fire departments, sanitation, &c.), $603,060,076;
for outlays, $287,558,668; for interest on indebtedness,
$133,046,560; and for expenses of public service enterprises (water supply systems, electric light and power sysin these
213
cities,
tems, docks, wharves, landings, &e.), $44,636,007. The
amount expended for outlays was considerably below the
corresponding sum for the preceding year, $329,585,561.
According to the report, the average per capital expenditures for all
Governmental
costs, including interest
and out-
213 cities amounted to $33 11, a sum considerably more than three times as great as the per capita cost of
conducting the Federal Government, $10 36; and for all
Governmental costs, including interest but excluding outlays, the average per capita payments of the c'ties were
$24 20.
The net indebtedness (funded and floating debt less
assets in general sinking funds), for the entire 213 citif s, the
report states, amounted to $2,473,103,681, or $76 64 per
capita. The corresponding figure for the Federal Government is $989,219,622, or $9 77 per capita. Thus the per
capita indebtedness of the cities of over 30,000 is nearly eight
times as great as that of the National Government. The
net increase during the fiscal year foi; all the cities taken as
a group, $106,770,100, was considerably less than the corresponding increase during the preceding fiscal year in the
204 cities covered by the report for that year, which amounted to $142,731,834.
The report states that the net indebtedness of New York
City alone, $951,060,754, is more than three-fifths as great
as the total for aU other cities of over 30,000 taken together,
and is more than nine times as great as that for Philadelphia,
which stands second in this respect, with a net indebtedness
of $103,787,191.
The per capita net indebtedness of New
York City, $173 93, is greater than that of any other large
city, but the corresponding per capita for Philadelphia,
$61 64, is considerably below the average for cities of 300,000
or more. The per capita figures for St. Louis, however, is
very much lower still, being only $26 54. This figure, the
report states, is below that of any other city of more than
300 ,000 population with the single exception of Washington,
D.C.,for which a per capita net indebtedness of only $15 19
lays, in the
was reported.
GERMAN IMPERIAL CHANCELLOR ON THE
POPE'S
PLEA FOR PEACE.
Brief and fragmentary reports of the speech of Dr.^Georg
Michaelis, the German Imperial Chancellor, made before
the Reichstag Main Committee on Aug. 21, dealing with the
Pope's peace plea, have been received in dispatches to the
The Chancellor is said to have informed the
press here.
Committee that Germany would not reply to the peace note
(which we printed in our issue of Saturday last) until she had
consulted with her allies. He is also said to have added
that in view of the fact that Germany had previously repeatedly and positively indicated her readiness to enter
peace negotiations, the Vatican's appeal, of course, is looked
upon with sympathetic approval. Germany, however,
could not again offer peace in face of the summary rejection
of previous proposals and continued declarations by the
Entente that no peace is possible until the Central Powers
Furthermore, the Chancellor is
are defeated and crushed.
reported to have informed the Committee that no steps
would be taken toward peace without fully consulting the
Reichstag. He then declared that the military situation on
aU fronts was exceptionally auspicious and read a message
received from Great Headquarters in which the U-boat
campaign was given liberal credit for its effect in successfully
warding off the Allies' offensive in Flanders. Thursday's
papers contained a dispatch received at Copenhagen from
Berlin, quoting the address in part as follows:
"It
is
easily understood, in
press maintains that
proposals
German
view of the attitude of our enemies, that the
it is impossible for us to make fresh peace
. '
The Chancellor here quoted an article in the Berlin "Vorwaerts," the
Socialist organ, to the effect that responsibility for the prolongation of the
war rested upon the Allies, and that for Germany there was only one
—
"to defend ourselves and our kin."
alternative
"I think," the Chancellor continued, "this is the general feeling of our
It is in such a situation as this that I now submit to you the
people.
peace proposal contained in the Pope's note. The contents of the note, J.
believe, are known to all of you.
THE CHRONICLE
778
"The fiindaniontal Ideas advanood in the note correspond with the position which the Pope talces up in accordance with his personality and his
charge as head of Catholic Christendom. The Pope places In the foreground his conviction that the moral force of right should replace the
material force of arms, and on this foundation he develops his proposals for
arbitration and disarmament.
"I cannot take up any definite position regarding the material tenor of
the proposals or go into any details concerning them until an agreement is
reached with our allies.
"It Is only possible for
else to
make
It
[Vol. 105
Impossible for Germany's enemies to trust her or to treat
with hor.
An attitude of Impartiality need not have prevented the Pope from pointImpartiality should mean justice.
ing out and deprecating these outrages.
In arbitration between a wolf and a lamb, the judges are not precluded from
denouncing the devilish tactics of Mr. Wolf. The subjects I should have
liked to have seen mentioned by the Pope are the invasion of Belgium,
the ruthlass submarine warfare and the
my
Armenian massacres.
views In general terms, and I
me to explain
I oppose the opinion that the Pope's
this in two directions.
It was duo to the sponproposal wa.s inspired by the C::entral Powers.
RUSSIAN AMBASSADOR ON POPE'S PEACE
taneous decision of the head of the Catholic Church.
"If I must speak with reserve with regard to details, I can say that It
corresponds generally to our own expressed attitude. We are sympathetic
to every attempt to Inspire the thought of peace among the war-weary
people and we especially greet the move of the Pope which, in my opinion,
was based on an earnest desire for impartiality and justice. I sum up in
A statement indicating the likelihood of the rejection by
Russia of the Pope's peace proposals was issued by the Russian Ambassador at Washington, Boris Bakhmeteff on Aug.
might do
this
way:
"The note was not
Initiative of the Pope.
initiated
by
us,
but was advanced on the spontaneous
We greet with sympathy the Pope's efforts to make,
by a durable peace, an end of the war of
peoples.
"Regarding the answer to the note, we are communicating with our
For the present
allies, but the negotiations have not yet been concluded.
I am unable to enter upon a closer discussion of the material points, but I
am ready to discuss the matter further with the committee until the
answer is ready. I express the hope that common labor will bring us nearer
the realization of what all desire an honorable peace for the Fatherland."
—
Yesterday's (Friday's) papers gave in part as follows what
purported to be a verbatim report of the speech of Dr.
Michaelis, received by the British Admiralty, per Wireless
Press, and through Renter's Hague correspondent:
"As regards our enemies, their number has increased since the adjournment of the Reichstag by three, namely, Siam, Liberia and China. These
countries have no convincing reason for enmity against us. They acted
solely under pressure of the Entente and the United States, the latter having
have made it clear to these
great influence over Liberia and China.
countries that we shall bring them to account for the damage done under
International law to German interests."
After referring to the solidity of Germany and her allies, the Chancellor
read a telegram from Field Marshal von Hindenburg declaring that the
military situation was more favorable for Germany than ever.
The Chan-
We
cellor
added:
"Our success on land corresponds with our success on the sea. In the
month of July, according to the latest reports received, 811,000 tons of
shipping were sunk. When we take into consideration our results on the
one hand and the failures of our enemies on the other, it appears to be incomprehensible that our enemies show no disposition to prepare the way
for consideration of terms of peace, not to mention peace which includes
renunciation.
"I was able to show recently by Information regarding a Franco-Russian
secret treaty what far-reaching war aims France had and how England
supported French desires for German land. Only recently a member of
the British Cabinet declared that there would be no peace until the German
armies had been thrown across the Rhine. I am now able to show that
further arrangements were made by the enemy regarding their war aims,
some of the details of which were already made known to the committee
on an earlier occasion. I proceed in chronological order:
"On Sept. 7 1914 the enemy coalition decided only to conclude a joint
peace.
On March 4 1915 Russia made the following peace demands, of
which England approved by note on March 12, and France by note of the
same date, namely: Russia to receive Constantinople with the European
shore of the Straits; the southern part of Thrace as far as the Enos-Midia
line; the islands in the Sea of Marmora, the islands of Imbros and Tenedos,
and on the Asia Minor side the peninsula between the Black Sea, the
Bosphorus and the Gulf of Ismalia (Ismid) as far as the River Sakarieh in
the east.
"This basis was laid down and the negotiations continued their course
in 1915-16.
In the course of them Russia obtained the promise of the
Armenian vilayets of Trebizond and Kurdistan and Messina and the
Hinterland extending northward as far as Sivas and Kharput. England's
share was to be Mesopotamia, and the rest of Turkey in Asia was to be
divided into English and French spheres of interest. Palestine was to
be internationalized and the other districts inhabited by the Turks and
Arabs, including Arabia proper and the holy places of Islam were to be
formed into a special federation of States under British suzerainty.
"When Italy entered the war she demanded her share of the booty.
Fresh negotiations were opened, which in nowise pointed at renunciations.
I think we shall have further details about them, which will be published
later.
"With such far-reaching enemy war aims it may be understood why Mr.
Balfour lately stated that he did not consider it advisable to make a detailed statement on the war policy of the Government.
Those are the
bottom facts as they appear to us at the present moment, when we visage
the possibility of concluding peace."
LORD ROBERT CECIL ON POPE'S PEACE PROPOSALS.
Announcement that the Allied Governments would hold
a conference before making their reply to the Pope's peace
made in the House of Commons on Aug. 20,
by Lord Robert Cecil, Great Britain's Minister of Blockade
and Under Secretary for Foreign Affairs. On Aug. 17 Lord
proposals was
Robert in an interview with a correspondent of the Associated Press, after prefacing his remarks with the statement
that inasmuch as the matter was now a subject for discussion
by the Allies Governments he could express only his own
personal views, was quoted in the press dispatches as sajdng:
Premature attempts at mediation are not
usuallyi successful,
and
I fear
premature. I think we all recognize that the Pope's motives are the
best in the world and that he desires peace ardently, as indeed we all do.
But the time is not yet ripe.
The Allies cannot think, of condonation until the criminals are really
repentant and have shown it by word and deed.
In writing this note the Pope obviously felt the importance of not taking
Yet I cannot
sides and of maintaining an absolutely impartial attitude.
help feeling surprise and sorrow that the note says nothing of certain outstanding outrages committed in this war which have done more than all
this
is
PROPOSALS.
20, as follows:
The answer to the Pope's peace proposals has not yet been formulated
by the Russian Government, but there is a feeling in Russia that these proposals have been made with some inspiration from the Central Powers.
It is considered in Russia that the very bases of the Vatican's proposals
are inconsistent with the democratic aims of the Russian people, in this
war, and are not acceptable from that point of view.
LLOYD GEORGE ON RESTORATION— HIS CONFIDENCE
IN OUTCOME OF WAR.
Confidence that Germany's ambition for world conquest
had been checked, and that before Great Britain entered a
peace conference the Germans must learn the full meaning
of the word "restoration" and "learn to utter that word to
begin with," was expressed by Premier David Lloyd George
at a patriotic meeting in the Queen's Hall on Aug. 4, held
to
mark
the third anniversary of the war.
"war is a ghastly business, but
The Premier
de-
not as grim
"There is," he continued, "an end to a
as a bad peace."
horrible war, but a bad peace will go on and on, staggering
from one war to another." The press dispatches gave the
following account of the Premier's remarks:
Challenging the good faith of the German Emperor and Chancellor
clared that
it is
Michaelis and their peace talk, which he denounced as a subterfuge for
Prussian war lords to gain time, the Premier shouted:
"There must be no next time. Don't let us repeat this horror. Let vis
be a generation that manfully, courageously and resolutely eliminated war
from among the tragedies of human life. Let us make victory, at any rate,
so complete that national liberty, whether for great nations or for small
nations, can never be challenged.
"The nations of the world have been climbing painfully up the steps that
lead to national independence and self-respect, and now comes a great
power with brute force to thnist the nations back crushed and bleeding into
the chasm of servitude. That is what we have been fighting."
Replying to the German Emperor's assertion that Germany was carrying
on a defensive war, the Premier said:
"He knows, he must know, that that is untrue. That is not why he
went to war; that is not why he is at war now. He talks modestly about
defending German soil. Whoever wanted to invade Germany? Even
now neither he nor his new Chancellor says that they will be satisfied with
German soil.
"They talk
glibly of peace, but stammer and stutter when they come to
the word 'restoration.' It has not yet crossed their lips in its entirety.
We have challenged them. They cannot say it."
Pointing to the soldiers in the audience, the Premier said they were
"gradually curing the Kaiser of his stuttering." He went on:
"So far he has not learned the alphabet of peace, not the first letter of
that's the first letter.
Then we will talk."
that alphabet.
'Restoration'
"What do they mean? Do they mean peace when they talk it?" the
Premier asked. "The trust is, the Prussian war lords have not yet abandoned their ambitions. They are not discussing that. They are only
discussing the postponement of those ambitions."
f-is
Premier Lloyd George said there were people who would introduce disintegrating methods in the British Army and set up committees to direct
the war.
'M
"The nation has set up its own Workmen's and Soldiers' Council, and
that is the House of Commons," he said, adding that Great Britain could
not allow sectional organizations to direct the war nor to dictate peace. ^
"The nation as a whole makes war," he continued, "and the sacrifices
are pretty evenly divided among all classes. The nation as a whole must
make peace. As it is a common sacrifice, it must also be a common settle-
—
ment."
"No one in Great Britain, France, Italy and Russia, or even in Germany
and Austria, has any idea now hear we are to-day to the summit of our
hope."
At the outset of his speech the Premier paid a tribute to Italy, whose
greatness, he said, was in itself additional security for peace and liberty
throughout the world.
[SS
"What
"They are
are the Allies fighting for?" asked the Premier.
fighting to defeat the most dangerous conspiracy ever plotted against the
liberty of nations.
The meeting of the representatives of the Central
Powers on July 5 1914, when the train for war was fired, was one of the
most sinister episodes in the story of human brigandage.
"What would have happened if Great Britain had not entered the War?
What would have happened if our great navy had not been there to keep
the seas? What would have happened if we had not been there to keep
the ring and see a certain measure of fair play?
What would have happened if we had not raised huge armies to confront the German legions ?
"H you follow these questions out, you will find that Russia's demoralization and disintegration would have taken place before it did.
The gallant
armies of France might have been overwhelmed.
"What kind of peace would they have had then? It would not have
been a peace; it would have been a conquest, a subjugation of Eiu-ope.
Europe would have been placed in servitude to a great dominating power;
there would have been many nations, but one great power.
The Indemnity
might haven taken the form of the surrender of navies, and Europe would
have been at the mercy of the worst elements of that dominating power.
"What would have happened in America? The Monroe Doctrine
would have been treated like any other scrap of paper. It is a doctrine to
which Germany never will subscribe not that the fact she has not appended
her signature makes any difference. But we know her ambitions in South
America. Not a year after the termination of this peace would have
—
—
S
Auo. 25
.
THE CHRONICLE
1917.il
elapsed before she would have started realizing those ambitions and America
would have been helpless.
"The Allied Powers at the first moment felt instinctively that a great
menace to human liberty had appeared on the horizon, and they accepted
the challenge. America saw it and joined us. That is what the Germans
have been striving against for three years, and not without success.
"War is a ghastly business, but it is not as grim as a bad peace. There
is an end to a horrible war, but a bad peace will go on and on, staggering
from one war to another.
"On all the roads ever confronted there are ups and downs, and no doubt
the Russian collapse is rather a deep glen, and I am not sure that we have
reached its darkest level, but across the valley I can see the ascent.
"The Germans claim to be satisfied with the last battle. All I can say
We had enough
is that Field Marshal Haig has secured all his objectives.
guns to smash lines upon which for three years the Germans had expended
willing and forced labor, and if the Germans are pleased with the battle,
we will let it continue thus, to our mutual satisfaction.
"The course the advance is taking is the British method of saving life,
and it is the duty of the nation to stand behind the army, patient, strong,
and united. In this way we will win. The nation that turns back or
falters before it reaches its purpose can never become a great people.
"There is no knowing how near the top we may be. Russia still is on
the ropes and will in due time come up again, climbing strong in her purpose,
and together we will reach the summit of our hooes."
LLOYD GEORGE ON SHRINKAGE IN GREAT BRITAIN'
SHIPPING LOSSES AND THE FAVORABLE
FOOD SITUATION.
In pointing out the failure of Germany to starve out Great
Britain through the former's submarine campaign, David
Lloyd George, the British Prime Minister in a speech before the House of Commons on Aug. 16 referred to the
shrinkage witnessed in the shipping losses and to the greater
stock of food on hand as compared with a year ago. The
Premier reported that at this time last year the wheat in
Great Britain amounted to 6,480,000 quarters, and that
now it is 8,500,000 quarters. The stock of oats and barley,
he declared, also was higher. There had been a considerable saving in bread consumption, the Premier said, and,
owing to closer milling and food economy, there had been
an addition to the wheat stock of 70,000 quarters per week.
The acreage under
(A quarter is equivalent to 480 pounds)
cultivation, he said, showed an increase of 1,000,000 acres.
If the harvest weather was good the condition of food supplies was very satisfactory.
The Premier added that there
had been an increase in the sugar reserve. "The Government has come to the conclusion," Premier Lloyd George
said, "that with reasonable economy there is no chance
of starving England out."
In adding that "the Admiralty
plans for deaUng with submarines have been increasingly
successful," he stated that in the single month of April
560,000 of gross tons were lost through German submarines;
in June the losses had fallen to 320,000 tons gross, and the
losses for July and August it was figured would not be
greater than 175 ,000 tons for each month. The net losses
since the beginning of Germany's unrestricted submarine
warfare in February were less, he said, than 250,000 tons a
month. With regard to the increase in new tonnage the
Premier stated that in the f isrt six months of this year there
had been built new tonnage amounting to 484,000, while
in the last six months, the new tonnage, including purchases, would be 1,424,000.
The total for the year would
be 1,900,000 tons. He furthermore stated that a considerable addition had been made in the program of naval construction.
He also referred to the fact that in 1915 the new
tonnage built amounted to but 688,000 tons and in 1916
to 538,000 tons.
With the co-operation of America, the
Premier said, there would be sufficient tonnage for all of 1918,
and, if necessary, 1919. Although tonnage had decreased
during the last year, more goods had been carried from over.
seas.
According to the Associated Press accounts of his speech
the Premier in presenting the information said he agreed
that the people of the country were all the better for being
told even unpalatable truths, but they also must be told the
truth even it it was palatable. He said he purposed to deal
with the food situation and submarines because special
efforts were being made to create an impression not justified in the least by the facts.
Earlier in the year he had
called attention to the "very anxious" condition of the food
supply. Since then, owing largely to the energetic efforts
of Baron Devonport, formerly Food Controller, the situation had improved considerably.
His speech is further
detailed as follows in the "Times:"
The Premier said he would not exchange the military situation with the
enemy, adding: "Our difficulties will diminish and our powers wUl increase
The enemy's difficulties will increase and their power diminish."
"I do not think," he went on, "the time has come for a useful review of
the military situation. The main facts are well known to the House and
the country.
I had anticipated this year a great converging movement
against our foes. Russia was eauippod for that part as she never before
had been equipped. I venture to say that the nippers were beginning to
grip, but, to
119
be quite frank, one claw of the nippers
is
out of repair for the
moment, and therefore we have not got the same converging pressure we
had anticipated.
"But things are mending. The situation in Russia is a very difTicult
one, and I should be sorry to say anything which would make it more
because it is quite obvious you cannot even state facts without
embarrassing those who are trying to restore the situation in that country.
But while they are doing it bravely with groat coiu-age and I think with
great thoroughness, the brunt of the fighting must fall upon other countries.
And considering all the difficulties with which we are confronted our
armies have won very conspicuous successes.
" It is difficult even to dwell on the difference which the temporary collapse
of the Russian military power has made in the task with which our soldiers
are confronted."
Mr. Lloyd George said that British divisions which have been fighting
and temporarily are exhausted pass behind the lines until they are reformed but that the German divisions in the same conditions go to Russia
and hold a front which does not impose severe military obligations, while
fresh divisions from Russia come to the western front.
That increased the
number of Germans on the western front.
Under those conditions what had been achieved was one of the most
brilliant episodes in the history of the British army.
"The best that Germany can do now," Mr. Lloyd George continued,
"when what practically was her most powerful opponent at the beginning
of the war is paralyzed by internal difficulties, is to hold her own against
the attacks of the British and French. And she isn't quite doing it. On
the contrary, in this year she has been beaten in several great battles, with
severe losses and with hundreds of her guns captured, which is not a bad
test of winning or losing a battle.
"Russia recovered and America really in, with those fine troops of which
we saw a specimen yesterday and which were a symbol of America coming
into this world struggle with a virile swing those are the things the
Germans and their allies will have to think about."
Mr. Lloyd George then read a message from Field Marshal Haig about
the fighting in Flanders, and concluded:
"This is the supreme hour for patience, for courage, for endurance, for
hope, for unity. Let us go through this hour with a temper that will
enable us to destroy a great military despotism. Let us go through this
hour with the old temper of our race, so that next year we shall begin, and
then the world will begin to reap the fruits of our valor."
difficult,
,
,
,
,
,
—
PERU REFUSES TO ACCEPT GERMANY'S OFFER TO
SUBMIT SINKING OF LORTON TO A PRIZE COURT.
that the Peruvian Government
on Aug. 9 refused the offer of the German Government to
submit the circumstances of the sinking of the Peru-vian
bark Lorton to a prize com-t for adjudication. In declining
to accept Germany's offer Peru declares the sinking of the
bark to have been unjustifiable and insists upon the reparaAccording to a
tions and indemnities previously claimed.
British official statement, issued on Feb. 7, the Lorton
was sunk by a German submarine on Feb. 5 inside Spanish
On Feb. 8 the Peru-nan Government
territorial waters.
made a demand upon Germany for reparation and indemnity
and for the punishment of those responsible for the sinking
On Feb. 15 Germany replied to the Peruvian
of the bark.
protest and announced that an investigation was under way.
Announcement
is
made
The United States Government was officially advised on
Aug. 10 of the non-acceptance of Germany's proposal to
Peru by Manuel de Freye y Santander, the Peru-vian
Charge d' Affaires. The latter' s message said:
The German Government having decided to submit the circumstances
of the sinking of the Peruvian bark Lorton to a prize court the Government
of Peru has instructed the Minister of Peru at Berlin to state that in accordance with the Declarations of London, Invoked by Germany, the sinking of the Peruvian bark Lorton is wholly unjustified, owing to the nationality of the ship, the quality and destination of its cargo, the locality
where the ship was sunk, the impossibility for the ship to be acquainted
with the German decree establishing a barred zone, which decree moreover the Peruvian Government does not recognize, and the principles
ruling maritime warfare and protecting neutral ships.
The Minister of Peru has been instructed further to declare that the
Peruvian Government does not and will not accept to submit this question
to a prize court, and it insists upon the reparations and Indemnities previously claimed
,
A
resolution expressing the sympathy of Peru -with the
motive of the United States in participating in the war, as
declared by President Wilson, was passed by the Peruvian
Senate on Aug. 9.
BANKING AND FINANCIAL NEWS.
The
shares
public sales of
company
Shares.
BANK
21 National
M
bank stocks
this
week amount
made
at the Stock Exchange.
stocks were sold at auction.
and were
all
-New York.
Low.
Bank of Commerce- - 169
High. Close.
170
170
No
to 21
trust
Last previous sale.
Aug. 1917
—
170
The New York Stock Exchange membership of Bernard
Welch for a considerBaruch has been sold to Francis
.
W
.
ation of $58,000.
Saturday Sept. 1 will be a holiday on the New York Stock
Exchange, New York Cotton Exchange, Philadelphia Stock
Exchange, Chicago Stock Exchange and New Orleans Cot-'
ton Exchange. As Monday Sept. 3 is Labor Day, this will
give a three-day week-end holiday. All the other exchanges
in New York are likely to follow the action 'of the Stock
Exchange and close on Saturday as well as on Labor Day.
THE CHRONICLE
780
The Now York Stock Exchango
firm of Eugene Moyor Jr.
on
Sept.
30.
dissolved
Eugene Meyer Jr.,
Co. will be
Board
member,
and
intends
to devote his
the senior partner,
Advisory
Commission
of the Council of
entire time to the
National Defense, of which he has been an active member
since America's entrance into the war; Charles J. Thumauor,
the other member of the firm, is a trench citizen, and
has been called to the colors in France. The firm of Eugene
Co. was organized on May 15 1912, and since
Meyer Jr.
&
&
inception has been identified with a number of important
syndicate operations. Mr. Meyer has been a member of
the Exchange since Feb. 7 1901. He has, it is understood,
recently resigned from a number of directorates, among them
the FideUty-Phenix Fire |Insurance Co., but still remains
a director of the Inspiration Consolidated and Utah Copper
its
companies.
Alfred Paull has boon chosen Vice-President of the Bank of
the Ohio Valley, of Wheeling, W. Va., to fill the vacancy
caused by the death of the late Robert Simpson. Thomas
A. Beatte, Manager of the National Tube Works, has been
elected a member of the board of directors.
Rodes Settle, of Frankfort, Ky., has resigned as State
Bank Examiner of Kentucky, to become Assistant Secretary
and Treasurer of the Capital Trust Co., of Frankfort. The
other officers are S. French Hoge, President; W. H. Posey,
Vice-President and General Manager; W. D. Furr, Secretary
and Treasurer, and T. L. Edelen, Chairman of Board of
Directors.
The new Morris Plan Co., of Savannah, Gra., opened for
on Aug. 15, at 34 Bryan Street East. The company
was organized with a capital of $50,000, by a group of prominent bankers, business men and manufacturers of Savannah
for the purpose of making loans to the working-man and
employee upon his character and earning capacity, without
property collateral, and upon easy terms. The officers of
the institution are: Henry D. Weed, President; W. V. Davis
and L. W. Baldwin, Vice-Presidents; Thomas H. Nugent,
business
•
George K. Weeks of San Francisco was elected a Vice-PresiCompany at a meeting of the directors on Aug. 21.
Mr. Weeks will be in direct charge of
the company's business west of the Rocky Mountains.
dent of the National City
George L. Rives, Corporation Counsel of New York,
and also identified with several banking institutions, died
at Newport, R, I., on Aug. 18. Mr. Rives had been a
director of the Bank of New York, N.B.A., and the United
many
other important posts,
He
appointment
in 1887 by President
among which was his
of
Cleveland as Assistant Secretary
State.
He was also a
member of the New York Rapid Transit Railroad Commission, and was President, in 1900, of the Commission on the
Revision of the Charter of New York City. Mr. Rives
served as Corporation Counsel from 1902 to 1904. He
became a trustee of Columbia University in 1882, was elected Chairman in 1903, serving until January last, when
he retired because of ill-health. Mr. Rives was bom in
New York in 1849.
States Trust Co.
held
The Bankers Trust Co., of Buffalo, N. Y., on Aug. 10
celebrated its third anniversary.
The trust company was
organized in 1914 and is enjoying rapid growth. The Bankers Trust began business with a capital and surplus of
$1,100,000 and total resources of $4,000,000, which, when
compared with the present capital and surplus of $3,000,000,
and total resoiu"ces of $20,000,000, show the noteworthy
growth of the institution since 1914. The Bankers Trust is
headed by Walter P. Cooke, Chairman of the Board, and
operates three branches in Buffalo.
J. Alfred
(V©L. 105.
Edwards and
McDougal have been
Market Bank, of Buffalo,
Manager.
•
R. J. Taylor Jr., heretofore Assistant Cashier of the
Continental Bank & Trust Co., of Macon, Ga., has been
chosen Cashier of the institution, to succeed W. C. HamilMr. Taylor
ton, who recently resigned to join the army.
has had several years' banking experience, and was formerly
connected with the American National Bank of Macon, Ga.,
prior to its being taken over by the Citizens & Southern
Bank in October 1916. He is a son of R. J. Taylor, President
of the
bank.
TREASURY CASH AND CURRENT LIABILITIES.
of the Government as the items stood
July 31 are set out in the following. The figures are taken
entirely from the daily statement of the U. S. Treasury for
July 31:
GOLD.
The cash holdings
—
LiaMlitles
S
741,014,563 94 Gold certfs. outstandlngl,556,632,989
1,593,955,562 11 Gold settlement fund.
Federal Reserve Board 590,173,650
152,979,025
Gold reserve
Avail, gold in gen'l fund
35,184,461
Gold coin.
Gold bulUon
2,334,970,126 05
Total
Liabilities
elected Assistant Cashiers of the
Mr. McDougal is the son of Elliott C. McDougal,
President of the Bank of Buffalo, the City Trust Co. of
Buffalo and the Market Bank, and also President of the
Association of State Banks of the State of New York.
Edward L. Pierce, President of the Solvay Process Co.,
has been elected a director of the First National Bank, of
Syracuse, N. Y., succeeding L. S. Brady, who has withdrawn
from the directorate, but remains with the institution as
Cashier.
Frank R. Winant has resigned as Second Vice-President
and Treasurer of the Oneida County Trust Co., of Utica,
N. Y. Fred G. Reusswig has been elected Second VicePresident and Secretary, and James W. Lamb has been
elected Treasurer.
Mr. Reusswig expects to take up his
new duties about Nov. 1
He has been Deputy State Comptroller since 1914, and prior to that time served three years
.
as Comptroller of the city of Utica.
«
dent; Jas. A. Hoyt, Vice-President and Manager; Alex I.
Lewis, Treasurer; and John E. HaU, Secretary and Assistant
Manager.
<
Fred. G. Shugard has been appointed Assistant Cashier
Merriam Park State Bank of St. Paul, Minn. ISIr.
Shugard had for the last four years been connected with the
Real Estate Title Insurance Co. of Minneapolis, Minn.
of the
S
473,488,048 00
1,959,195 00
2 1 ,012 .643 00
Total
496,459,886 00
496,459,886 00
A''o«e.— Reserved against $346,681,016 of U. S. notes and $1,959,195 of Treasur*
notes of 1890 outstanding. Treasury notes are also secured by silver dollars in
the Treasury.
Total
GENERAL FUND.
—
Assets
Avail, gold {see above).
Available silver dollars
Csee above)
United States notes
Federal Reserve notes . .
Federal Rea. bank notes
National banlj notes
Cert, checlis on banks..
Subsidiary silver coin..
Minor coin
Silver bullion (available
for subsidiary coinage)
Unclassified
(unsorted
currency, &c.)
Deposits in Federal Reserve banks
Deposits in special depositaries (Act of Apr.
24 1917)—
Liberty Loan deposits
Deposits in nat'l banks:
To
To
credit Treas. U.S.
credit of other
officers.
Deposits in Philippine
Governm't
Liabilities
—
35.184.461 42 Treasurer's checks outstanding
21,012,643 00 Deposits of Government
officers:
10,546,308 00
Post Office Depart3,002,855 00
ment
69,710 00
Board of trustees.
20,978,580 70
Postal Savings Sys13,142 59
tem (5% reserve)..
4,494,741 45
Comptroller of the
1,076,432 01
Currency, agent for
creditors of insol5.288,689 72
vent banks
Postmasters, clerks of
1,557,612 17
courts,
127,071,434 64 Deposits
eral
339,756,031 80
6,539,668 21
18,238,958 86
of
Fed30,648.206 29
of FedReserve bank
notes (5% fund)
Redemption of nat'l
bank notes (5% f'd)
500,000 00
25,765,363 53
Retirement
of addicirculating
3,716,172 73
Governm't
2,038,902 00
Exchanges
Act
of
May
2,212,920 00
30 1908
of
currency, coin, &e
a Net balance.
Total
2,049,480 49
Reserve notes
tional
notes.
officers.
5,758,392 17
&c
Treasury:
credit Treas. U.S.
credit of other
To
To
21,276,153 41
(5% fund)
Redemption
eral
38,819,973 94
4,251,055 94
for:
Redemption
The
Industrial Morris Plan Bank, of Detroit, Mich.,
opened for business on Aug. 15 at 207 Griswold Street, with
a capital of $500,000. The officers of the new bank are:
Edwin S. George, President; Eugene W. Lewis, Vice-Presi-
—
496,459,886 00 Silver certfs. outstand'g
Treasury notes of 1890
outstanding
Available silver dollars
in general fund
Silver dollars
00
63
42
.2,334,970,126 05
SILVER DOLLARS.
Leslie P.
N. Y.
Total
00
621,167,359 38
Total
19,689,266 88
130,389,797 57
490,777,561 81
621.167,359 38
*A11 reports from Treasury offices received before 11 a. m. are proved on the same
day. All reports from depositary banks are proved on the day of receipt or the
day following.
a The amount to the credit of disbursing officers to-day was $178,555,066 53.
This is a book credit and represents the maximum amount for which disbursing
officers are authorized to draw on the Treasurer of the United States to pay Government obUgations as they become due. The net balance stated is the amount available to pay Treasury warrants, disbursing officers' checks and matured public debt
obligations.
Under the Acts of July 14 1890 and Dec. 23 1913 deposits of lawful money for the
retirement of outstanding national bank and Federal Reserve Bank notes are paid
Into the Treasury as miscellaneous receipts, and these obligations are made under
the Acts mentioned as part of the pubUc debt. The amount of such obligations
to-day was §45,903,217.
TREASURY CURRENCY HOLDINGS.—See
page 809.
—
1
Aug. 25
.
THE CHRONICLE
1917.]
COTTON MOVEMENT
AND
CROP OF
1916-17.
Our statement of the cotton crop of the United States
It
for the year ended July 31 1917 will be found below.
wiU be seen that the total crop this year reaches 12,975,569
bales, while the exports are 5,721,241 bales and the spinners'
takings are 7,491,086 bales, leaving a stock on hand at the
The whole
ports at the close of the year of 579,285 bales.
movement for the twelve months is given in the following
pages, with such suggestions and explanations as the pecuhar
The first table indifeatures of the year appear to require.
cates the stock at each port July 31 1917 and 1916, the
receipts at the ports for each of the past two years and
the export movement for the past year (1916-17) in detail,
and the totals for 1915-16 and 1914-15.
Exports Year ending July 31 1917.
Receipts Year end'g.
Stocks
Ports of
July 31
1917.
July 31
1916.
Great
Britain.
Texas-. 2,976, 0492 ,866,4051 ,087,023
567,938
Louisi'a 1,541, 1101 ,414,215
Georgia. 1,065, 6701 ,193,523 303,076
113, 317i
89, 489
163,365
117,878
75,619
36,676
174' 263
265",803
iKso?
194, 767
Virginia 452, 549
Yk 037, 946:
Boston . al03, 226!
Bait ... al40 ,109!
Phlla ..
06, 542
297,634
685,360
027,650
089,281
057,127
02,615
5,000
59,773
201,540
123,339
167,152
37,315
148
Ala
Florida.
France.
Total.
Other.
July 31 July 31
1916.
1917.
527,195 1,866,468 100,844 72,061
250,284 1,036,668 163,470105,803
112,093 573,821 78,737 67,856
8,100 14,052
400
76,019
7,286
100
36,776
4,017
252,250
218,446
158,652
Mississ'i
So.Caro
No.Caro
New
Portl'd
.
19,355
46,216
281,214
31,759
2,384
"2',966
19',207
56,381
1,300
318,665
4,027
7,619
6,302
80,736
107,289
801,419
159,125
177,155
42,617
148
182,949
370,423
150
dl90,271
San Ft.
Wash'n
Pemb'a
182,949
370,423
150
Det.,&c.
(il90,271
"¥,238
48,100
59,355
58,090
22",oi4
56,549
34,348
105,375
8,466 11,887
25,500
2,100
2,550
1,125
3,139 129,332
6,679 J
Totals
This yr. 6,895,037
2,680,906 1,010,276 2,030,059 5,721,241 579,285
529,788
17,180,856 2,865,711
928,115 2,454,209 6,248,035
Last yr.
736,405
Prev jT
103851473,817,399 683,241 4,059,788 8,560,428
.
a These figures are only the portion ol the receipts at these ports which arrived
by rail overland from Tennessee, &c. d Shipments by rail to Canada.
Note. The total exports for 1916-17 include 2,849 bales foreign cotton.
—
The
foregoing shows that the total receipts at the Atlantic
and Gulf Shipping ports this year have been 6,895,037 bales,
against 7,180,856 bales last year, and that the exports have
been 5,721,241 bales, against 6,248,035 bales last season.
Great Britain getting out of this crop 2,680,906 bales. If
now we add the shipments from Teimessee and elsewhere
direct to manufacturers, and Southern consumption, we have
the following as the crop statement for the three years;
Year ending July 31.
bales
Receipts at ports
Shipments from Tennessee, &c., direct to mills..
Total
Manufactured South, not included above.
Total cotton crop for the year
The
1916-17.
1915-16.
6,895,037
1,702,234
7,180,856 10,385,147
1,770,148 1,517,204
8,597,271
4.378,298
8.951,004 11,902,351
4,002,446, 3,164,896
1914-15.
bales. 12,975,569 12,953,450 15,067,247
a total crop of 12,975,569
bales (weighing 6,654,058,545 pounds) for the year ended
July 31 1917, against a crop of 12,953,450 bales (weighing
6,640,472,269 pounds) for the year ended July 31 1916.
result of these figures
is
NORTHERN AND SOUTHERN SPINNERS'
in 1916-17
takings
have been as given below:
Total crop of the United States, as before stated
Stock on hand at commencement of year (Aug. 1 1916)
At Northern ports
149,819
At Southern ports
379,969
At Northern interior markets
—
bales-12,975,569
529,788
14,761
— 544,549
Total supply during the year ending Aug. 1 1917
13,520,118
Of this supply there has been exported
to foreign ports during the year
a5, 530, 970
Less foreign cotton imported. b
bales 291,810
5,239,160
Sent to Canada direct from West
190,271
Burnt North and South. c
2,400
Stock on hand end of year (Aug. 1 1917).
At Northern ports
104,424
At Southern ports
_
474,861
579,285
At Northern interior markets
_
17,916
6,029,032
Total takings by spinners in the United States for year ending
Aug. 1 1917
7,491.086
Taken by Southern spinners (included in above total)
4,378,298
Total taken by Northern spinners
3. 112, 768
a Not including Canada by rail. 6 Includes about 145,905,000 lbs
foreign, mainly Egyptian, equaling 291,810 bales of American weights
c Burnt includes not only what has been thus destroyed at the Northern
and Southern outports, but also all burnt on Northern railroads and in
—
—
Northern
—
factories.
These figures show that the total takings by spinners
North and South during 1916-17 have reached 7,491,086
bales, of which the Northern mills have taken 3,112,768
bales and the Southern mills have consumed 4,378,298 bales.
Distribution of the above three crops has been as follows:
Takings for Consumption
—
1916-17.
Bales.
North
South
Total takings for consumption
Exports
Total except Canada by rail
,
To Canada by rail
Total exports
Burnt during year
Total distributed
Deduct Cotton imported,
—
stock increase
Total crop
a Addition. 6 Deduction.
191.5-16.
Bales.
1914-15.
Bales.
3,112,788
4,378.2 98
7,491,086
4.002.446
7,351,037
3,231.593
3.164.896
6,396,489
5,530 ,970
190.271
5, 721, 24
2.400
13,214,727
6,063,348
184.687
6,248.035
2.522
13,601,594
8,382,014
178.414
8,560.428
2.112
14,959,029
239,158
12,975,669
6648,144
12,953,450
al08,218
15,067,247
minus
3,348. .591
781
The
In the above are given the takings for consumption.
actual consumption for two years has been:
Northern mills' stocks Aug .1
Takings a
Total
—South
North
Consumption a
Northern
mills' stock
1916-17
1915-16
Bales.
Bales.
970 ,925
7,491,086
-
926 ,975
7,351,037
8,462,011
8,278,012
3,304,6411
3,262,658\
4,378,298/7,640,956 4,002,446/7,307,087
end of year
821,055
970,925
a Takings and consumption include 291,810 equivalent bales foreig:n
cotton (Egyptian, Peruvian, &c.) in 1916-17 and 440,204 bales foreign
and returned American cotton in 1915-16.
Cotton Consumption in the United States and Europe.
UNITED STATES.—Epitomizing
developments
—
relat-
ing directly to cotton during the season 1916-17 Aug. 1
1916 to July 31 1917, inclusive the most important in their
direct bearing upon affairs in the United States were the
further increase in consumption of the raw material, the
expansion in the exports of goods and the very high prices
maintained for the staple and, concurrently, for the finished
products.
It would have occasioned no surprise, with the
operating of machinery in the previous season virtually carried to the limit that the available supply of labor permitted,
if the late year had recorded little further augmentation in
consumption, except in so far as the getting into operation
of new mills at the South became a factor in the situation.
But with the demand from abroad continuing urgent, and
no let-up in the inquiry for goods for the home trade, extra
endeavor to meet the situation has resulted in an aggregate
consumption quite a little greater than the phenomenally
large total of 1915-16, with the increase, however, wholly
confined to the South. This extra endeavor, more particularly at the North, where shortage of labor has been most
complained of, has taken the form of a greater resort to
night work than usual, though our reports from the South
also refer to overtime working as a feature of the season.
Added significance attaches to this further increase in consumption in the United States when it is seen that as a consequence of it the country uses- in manufacture now a quantity of the staple close to double the amount so used in the
opening year of the 20th century. Nor is that all; while
—
between 1901-02 and 1906-07 consumption advanced 913,000
bales of 500 lbs. net each, and between 1906-07 and 1911-12
no more than 260,000 bales, in the last five years the augmentation has reached no less than 2,221,000 bales, of which
fully 1,751,000 bales has occurred since the war in Europe
became a stimulating factor.
Notwithstanding the comparatively great magnitude of
the outflow of cotton manufactures in 1915-16, a further important gain in exports is now to be recorded. The continuation of the conflict in Europe had been expected to act as
a steady and important stimulating force in cotton-manufacturing circles here, and that is clearly demonstrated to
have been a fact by the official statistics issued by the Department of Commerce for the fiscal year 1916-17. It is
to be noted, however, that the augmentation in the latest
year is more a matter of value than of quantity; in other
words, and consequent upon the much higher prices ruling,
the value of the cotton cloths sent out in 1916-17 advanced over
while quantity increased only about 25
50
Because of the
war and the shutting off of Germany from participation in
the sea borne trade of the world, the United States was naturally expected to reap an important benefit in many directions.
Impetus has been given to our trade in cotton goods,
of course, but it will hardly be claimed that on the whole
expectations have been fully met.
Our dealings with
the West Indies, Mexico and South America and Central
America have been considerably extended and efforts wiU
undoubtedly be made to retain the trade, as far as is possible,
when peace returns. There has been, moreover, a marked
gain in trade with Canada, which, however, cannot be considered as unrelated to the war, and, therefore, may be temporary in nature. The big disappointment has been in the
failure of our dealings with China to expand.
Our shipments
of cottons to that country, in fact, have continued to contract rather than become greater, dropping to an almost
nominal amount in 1916-17. Concurrently, shipments from
Great Britain thitherward have largely increased. As regards our declining trade with China, it is explainable without question by the extension of Japan's trade with its nearIn the aggregate for all countries our cotest neightbor.
ton goods exports in 1916-17 reached a value of $136,253,858,
against $112,053,127 in 1915-16 and $71,973,497 in 1914-15.
The cour.se of prices for cotton in the late season clearly
reflect the effect of the restricted supply.
Following the
bumper yield of 1914-15, there have been two short crops and
%
,
%
.
782
THE CHRONICLE
a'.consoquent important reduction of reserve supplies.
Even
before the season opened, conviction was strong that the crop
would be insufficient to meet consumptive requirements and
began to advance, rising from the level of 13.35c. at
in August to 20.95c, in November.
A reaction
then occurred but a sharp advance in March and April
carried the quotation up to 21.15c. on the 9th of the latter
month. Again the market eased off a little, but in late May
a rise began which did not culminate until 27.G5c. was
reached on July 14. The year closed with middling uplands
The average price for the twelve months
ruling at 25.05c.
prices
New York
at New York (19.12c.) was the highest for any year since
1872-73, while the top quotation for the season C.27.65c.)
overtopped that of any time since Oct. 6 1869. On the basis
of the New York average prices the value of the 1916-17 crop
was in excess of 1,250 million dollars, tliJs comparing with
less than 800 millions in 1915-16.
Extremely high freight rates in conjunction with a comparative scarcity of vessels, as in the previous season, served
to restrict exports of cotton to Europe for use in the ordinary
way, but the outflow of linters, utilized in making explosives,
was heavy. It is also to be noted that the shipments of
cotton to those neutrals from whom the Central Powers were
believed to have been obtaining supplies of the staple during
the earlier days of the war were even smaller than, in 1915-16,
indicating that only a sufficient quantity of the staple went
forward to such neutrals to cover home needs. Specifically,
only 54,203 bales were shipped to Holland, against 99,629
bales in 1915-16, 110,531 bales to Sweden and Norway,
against 86,649 bales; and 4,825 bales to Denmark, agamst
9,258 bales, or 169,559 bales in all, against 195,536 bales
in 1915-16.
The loss of cotton tlirough the German submarcampaign
ine
as originally carried on, or its more ruthless
phase (beginning Feb. 1), was in no sense great. Our record
for the whole season (which, however, is somewhat incomplete, owing to the stricter censorship over shipping news
since the United States broke, with Germany) shows the loss
of 29 vessels with cotton cargoes totaling 97,855 bales.
The
list comprises the Strathtay, New York for Havre, 1,214
bales; Strathallan, New York for Havre, 1,205 bales; Strathdene, New York for Havre (sunk by a visiting submarine off
Nantucket before the break in relations between the United
States and GermanjO. 598 bales; Chemung, New York for
Genoa, 200 bales; Rowanmore, Baltimore for Liverpool,
9,626 bales; Balto, New York for Gothenbxtrg, 1,361 bales;
Georgic, Philadelphia for Liverpool (sunk by a raider), 4.040
bales; Nestorian, Galveston for Liverpool (raider), 10,277
bales; Alexandrian, New Orleans for Liverpool, 7,040 bales;
King George, Philadelphia for Liverpool (raider), 1,586
bales; Turino, Norfolk for Liverpool, 5,036 bales; Vedamore,
Baltimore for Liverpool, 1,818 bales; Belgier, New York for
Havre, 400 bales; Laconia, New York for Liverpool, 2,843
bales; Mar Adriatico, New York for Lisbon, 56 bales; Cambrian Range, Baltimore for Liverpool, 1,189 bales; Norwegian, New Orleans for Liverpool, 5,590 bales; Chorley, New
York for Havre, 3,800 bales; Aztec, New York for Havre,
1,087 bales; Lincolnshire, New York for Havre, 2,662 bales;
Colonian, New Orleans for Liverpool, 6,815 bales; Telesfora,
Savannah for Havre, 3,352 bales; Jose de Larrinaga, Galveston for Manchester, 4,885 bales; Pilar de Larrinaga, Galveston for Manchester, 4,142 bales; Kansan, New York for
Havre, 5,715 bales; Rockingham, Baltimore for Liverpool,
1,568 bales; Swanmore, Baltimore for Liverpool, 3,720 bales;
Dromore, Baltimore for Liverpool, 3,493 bales; Palermo,
New York for Genoa, 2,537 bales. The loss in 1915-16
through contact with mines or the work of submarines,
according to our investigations, was 9,445 bales, and in
1914-15 reached upwards of 50,000 bales.
The one really unfavorable development in the manufacturing division of the cotton industry the past season was
the inabiUty to secure an adequate working force to operate
plants as fully as the volume of orders coming to hand warranted. This was particularly the fact at Fall River, where
more or less curtailment of production was in evidence, in
consequence, all through the year. In other respects the
outcome was very gratifying, not only in the quantity of
the raw material consumed but in the financial returns.
Manufacturers quite generally inform us that operations on
the whole were carried on as profitably or more so as in the
previous season, despite the high cost of cotton, but that the
outlook for the continuance of such a condition hinges on
the course of events in Europe. In other words, as long as
the war lasts a maintenance of the present prosperity is anticipated, but its termination is expected to be followed by a
[Vol. 105.
marked decUno in activity. At any rate, the manufacturing
of smokeless powder and guncotton, which during 1916-17
involved the use of an enormous quantity of linters and low
grades, would most appreciably fall off and there should be a
practical cessation of orders from abroad for knit goods, &e.,
of which comparatively vast quantities have been shipped
to Europe for use by the armies of the Entente Powers.
Prices of cotton goods generally, conforming to the increased
cost of the raw material, have ruled high and have afforded
an excellent margin of profit.
Consumption of the raw material, as intimated above, was
moderately larger than in the preceding season in the United
The gain as noted above is confmed to the South,
States.
where the mills, including those put in operation since the
close of 1915-16, were kept fully employed, working at night
in many instances, and quite generally upon the coarser
fabrics, for which there were large orders in hand from the
Entente Powers. On the other hand. Northern mills show a
comparatively small decrease. A feature of the year has been
the continued extensive use of linters in the manufacture of
smokeless powder, &c., for shipment abroad; this low-priced
staple, in fact, is more readily and economically utilized for
such products than the better grades of cotton. Indicating
how largely the consumption of linters has increased here
since the war began, we note that the expansion at the South
has been from less than 100,000 bales in 1913-14 to 473,582
bales in 1915-16, and approximately to 477,000 bales in 191617, and at the North the progression has been from 200,000
bales to 435,456 bales and 400,000 bales.
Concurrently, the
exports of linters (largely to France) to Europe, also for use
in making explosives, were 434,083 bales, against 295,438
bales in 1915-16.
Labor troubles were an entirely negligible feature of the
season.
In the early fall friction that might have
become widespread threatened in New England but was
late
happily averted.
With the
mills
operating to capacity,
hands considered, and living cost advancing,
agitation for a further advance in the wage scale started in
Fall River in October, and culminated in the presentation to
the manufacturers on Oct. 19 of a request for a general
advance of 10% to go into effect Nov. 6. In tentatively
refusing the request at that time the owners stated in effect
that conditions, due to the rise in the price of cotton, made
the outlook uncertain for manufacturers and, furthermore,
that sufficient time had not been allowed by the operatives
since the improvement in trade had begun before making
the demand.
It was suggested, therefore, that the request
be laid over until Nov. 10 when better conditions were
hoped for, and the manufacturers would be in a position to
scarcity of
discuss the question.
Following this action the unions post-
poned until Nov. 10 action on the strike, which was to be
the outcome of a refusal of their request.
On that date, at
a conference between the maniifacturers and representatives
of the operatives a general advance of 10% was offered, to
go into effect Dec. 4, and ultimately accepted, removing all
danger of a stoppage of work. To insure the stability of
wages for at least six months, the Cotton-Manufacturers*
Association included the following clause in the wage advance
proposition: "An advance in wages to go into effect Monday,
Dec. 4 and to continue in effect six months from that date,
no change in the schedule to be made diu-ing the time. At
least one month prior to the expiration of the six months'
period a conference shall be held between the executive
committee of the Manufacturers' Association and the
executive committee of the Textile Council to discuss
business conditions."
Similar advances were later on given
in other sections of New England.
A strike, credited to
professional agitators, was instituted at the Borden (Fall
River Iron Works) plants in Fall River on Dec. 8 over the
refusal to discharge four non-union men but was settled Jan.
17.
In the same establishment the automatic loom weavers
struck late in March but the difficulty was adjusted three
weeks later. In accordance with the stipulation made in
December, and referred to above, the Fall River Textile
Council notified the manufacturers on May 4 that a general
wage advance of at least 10% would be expected after the
six months' agreement had expired. An advance of 10% was
quickly accorded, effective June 4, making the new wage
basis 30.23c. for weaving a cut of 47
yards of 64x64
M
regulars,
much
the highest in the history of the cottonmanufacturing industry at Fall River.
The printing cloth situation at Fall River the past year
can be summed up briefly. On July 31 1916 the ruling
quotation for 28-inch 64x64s was 43^c. and the trend of
J
—
THE CHRONICLE
A.UG. 25 1917.]
783
was steadily and quite rapidly upward.
An advance to 4%g. occurred on Aug. 8, a further rise to
On Sept. 5th,
43^c. on the 25th and to 4^c. on the 29th.
23rd and 30th and Oct. 5th and 6th advances of Kc. were
registered, the quotation on the last named date standing
at 5}4e., and on Oct. 14 and again on the 19th J^c was
added and the same was true of Nov. 3d at which time 6c.
was the ruling price. This, we would note in passing, is the
highest level in our record up to that time, and Kc- above
the point reached for a time in 1880. In the meantime the
raw material had moved upward rapidly from 13.35c. to
20.95c. for middhng uplands in the New York market.
the 33 counted interior towns alone, in fact, the stock
July 31 1915 was 325,970 bales greater than on the same
date in 1914. The last two seasons, on the other hand, the
divergence between the two sets of figures is accounted for
by the coming upon the market of the cotton held back at
the close of 1914-15, though in addition to the bales referred
to above as the difference in 1916-17 there is an addition of
17,666 bales to the stocks of the counted interior towns,
300,828 bales therefore,' represent cotton forwarded from
stocks held at uncounted towns and on plantations at the
Further changes in the value of printing cloths were not to
be noted until after the turn of the year. On Jan. 27 the
quotation dropped to o%e. being followed by a recovery to
5J^e. on March 23, and later advances were to 6e. April 6,
United States occurred in the season lately
ended. Extension of manufacturing facilities, however,
was mainly confined to the South, the augmentation in spindleage there having been 784,610 spindles, giving a current
total of 14,040,676 spindles, or nearly double the number in
operation as late as 1902-03. In that section a number of
new mUls have started up and the capacity of older establishments has been added to. This fact is conclusively established by our recent investigations, but for reasons given elsewhere in this review the increased capacity is not fully
reflected in the volume of consumption, some of the new
prices thereafter
—
G^c. May 18, 6:^c. June 4,
7Kc. June 11, 7Mc. July 3, and
following the rise in the raw material
6J^c. April 23, GVse. April 27,
7c.
June
7,
7Mc. June
8,
and 8e. July 27, these
and the last named price ruling to the close of the season.
Production of printing cloths was restricted by inability
to sec\u-e a sufficient working force to man all the looms,
but the output, due to overtime, was only moderately under
normal and was fully absorbed, leaving pra(jtically no unsold
stock in first hands on July 31 1917. The financial returns
of the Fall River mills, moreover, were the laest in a number
The dividends paid by the mills making public
of years.
aggregated $3,796,950, or some 12% on the
returns
their
invested,
against $1,898,934, or 6.66%, the previous
capital
season, only $1,091,259, or 3.70%, two years ago, $1,286,425,
or 4.36%, in 1913-14, and $1,350,150, or 4.60%, in 1912-13.
As regards wages in the cotton-manufacturing industry at
Fall River, and, inferentially, in New England as a whole,
they are by the margin of the 10% advances accorded last fall,
and again in June, the highest on record. As a matter of
interest, we subjoin a compilation showing the course of
wages there during the past forty calendar years:
Wage
Wage
Wage
per Cut. Year.
19.00c 1888
18.00c 1892
Year
1877
1878
1880
1884
1885
1886
per Cut. Year.
19.00c 1898
/19.63c 1899
121. 00c
21.00c
18.50c 1893
16.50c 1894
18.15c 1895
18.00c 1902
16.00c 1903
18.00c 1904
1905
per Cut.
16.00c
/18.00c
1 19. 80c
21.78c
19.80c
17.32c
18.00c
Wage
Year.
19061907
1908
1912
per Cut.
21.78c
23.96c
19.66c
21.62c
f22.71c
1916
-^24.980
1917
l27.48c
30.23c
was hoped that the important addition to cotton area
would reasonably assure an appreciably
larger yield than that secured from the planting of the previous season. But this expectation was doomed to disappointment, unfavorable meteorological conditions and
lessened fertility of the soil in many localities, due to a reIt
in the spring of 1916
stricted use of fertilizers, coupled with insect
damage over
an important area, acting to more than counterbalance the
There was some disposition to minimize
increased planting.
the effect of the adverse factors, but conjecture and speculation as to the size of the crop gave way to conviction that it
was really a short one when the estimate of the Department
That estimate approxiof Agriculture appeared on Dec. 10.
mated the outturn at 11,511,000 bales of 500 lbs. gross weight
each (not including linters), and it was virtually confirmed
in March by the final ginning report of the Census Bureau,
which showed a production of 11,356,944 running bales,
not including linters, this aggregate beingraised to 11,363,915
bales in a later report.
This result, of course, covers the
total ginned during the season as distinguished from the
aggregate given in our present report, which is the commercial
crop the amount of cotton and linters marketed between
Aug. 1 1916 and July 31 1917. Proper comparison requires,
therefore, that linters (which the Census Bureau reports do not
include, and which for the crop year totaled 1,328,492 bales)
must be added to the aggregate ginned as given above.
Doing this we have as the Census Bureau total 12,692,407
bales, or,,283,162 bales less than the commercial crop as comIn the previous year there was a somewhat
piled by us.
greater divergence between the commercial crop and the
Census Bureau figures, the former exceeding the latter by
990,003 bales and in 1914-15 the difference was even wider,
but on the opposite side of the account the first total being
only 15,067,247 bales. That comparatively wide difference
almost 2 million bales was explained by the fact that in
the absence of a normal demand for supplies, due to the
situation the war in Europe had brought about, a considerable portion of the year's yield failed to come forward to the
points of counting that is, did not reach the ports or
Southern mills, or pass overland to the North; in other
words, was held at plantations or the interior towns. At
—
—
—
—
close of 1915-16.
A further moderate';augmentation of
the spinning capacity
of the mills of the
mills as well as part of the additional spindles in old estab-
lishments having been in operation only a portion of the
season.
Our usual statement of spindles in the United
States is as follows:
Spindles—
North
South
Total
1916-17.
19,400,000
14,040,676
1915-16.
19,050,000
13,256,066
33.440.676
32.306,066
1914-15.
18,900,000
13,017,969
1913-14.
18,900,000
12,940,240
31,917,969 31,840,240
Southern cotton mills, as already intimated, recorded
further growth in spinning capacity and in volume of consumption in 1916-17, again, therefore, setting a new high
record mark in both particulars. At the opening of the
season machinery was fully employed and that was the
situation continuously, night work being a feature.
Following the plan inaugurated by us thirty years ago, we have
within the past few weeks taken a virtual census of the
Southern mills and have secured extensive and comprehensive information bearing
ment
upon the operation and developThe information given by
of the establishments.
each mill covers not only current operations, but projected
future development, and is concise, yet comprehensive.
It
gives the number of spindles and looms active or idle during
the season, including new mills started and additions to old
plants; also the actual consumption of cotton for the year,
stated in bales and pounds, the average count of yarn spun
full details as to new miUs, whether already under construction or merely projected and contemplated expansion
in fact, aU the information that is
in existing factories
and
—
an
intelligent and thoroughgoing review
cotton-manufacturing
industry of the South. The
of the
detailed
returns
are as follows; establishof
our
aggregates
idle
all
the
have
been
season
and are not likely to
ments that
are
excluded
from
the
operations
compilation:
resume
really essential to
Number
—
Consumvtiott.
of
Average
Sotttltern
Spindles.
States
MiUs.
Alive.
Virginia .
Nor. Car.
So. Car..
Georgia
.
15
322
154
142
Running.
Looms No.
Run. Yarn.
526,320 14,532
526,320
4,283.084 4,294,750 61,393
4,762,384 4,732,257 110,207
2.463.094 2,367,378 44,220
20
22
27
20
Avge.
Net
Bales.
Pounds.
Weig't
609,903
1,167.648
959.677
911,515
194.46
477.89
480.52
485.17
301.571,066
558,012,101
461,147,114
442,253.644
391.409 483.45
42,035 488.10
36,761 470.49
73,585 506.72
10,356 500.67
114,302 488.82
17,250 492.66
34,925 •195.91
8,932 498.84
189.228.313
20.520,488
17,295,729
37,287,274
5,184,902
55,873,705
8,498,400
17,319,744
4,455,636
Florida..
Alabama
67
Mississ'pi
14
Louisiana
4
Texas .
Arkansas
15
Tennessee
Missouri
Kentucliy
29
Oklhoma
1
2
2
8
1.119.852
141.960
89.644
127.272
13.500
379.594
31.472
96.788
5,712
1.134.868
141,720
89,644
12/, 272
13,500
375,486
31 ,472
96.788
5.712
17.783
3.497
1.812
3,210
160
6,082
730
1,350
17
20
10
11
9
18
11
12
__
Totals
1916-17
775
14,040,676 13.937,167 264,976
22
4,378,298 483.89 2.118.648.116
1915-16
752
13,256.066 13,055,293 258,968
22
4,002,446 483.37 1.935.485,738
1914-16 754 13.017,969 12,737,498 253,202
22
3,164,896 479.84 1.518.640.395
731
11,236.430 10.435.083 212,272
20M
2,391,933 473.96 1.133.678,983
1908-09 727
10,780.308 10,370,333 214,716
20M 12,573,524 478.75 1,232,077,174
1907-08 717
10.451.910 9,864,1981205,478
20
1909-10
2.234.395 477.55 1,067,010,962
1902-03 594
7.039.633 6,714,589153,748
19}^ ,2.049.902 479.85
983,649,984
1897-98 391
3.670.290 3,574.754; 91.829
11.227,939 470.04i
577.186,180
18M
Figures for years prior to 1913-14 cover the period from Sept. 1 to Aug. 31.
Much new machinery has been put In operation within the paat few
Note.
months, increasing the number of spindles appreciably without affecting consumpThese returns include consumption of foreign ootton
tion to a material extent.
by the mllia and of Untera In mattress (actoriea, &c.
—
The foregoing compilation denotes that in almost every
Southern State there has been an increased consumption of
cotton in 1916-17, with the greatest>ugmentation in the spin-
THE CHRONICLE
784
[Vol. 105.
ning mills of Iho Caroliuas and Georgia, and a freer use of Government has promised that the whole question shall be
cotton by establishments not equipped with either epindles considered at the end of the war. In miscellaneous light
or looms
mattress, &c., makers. North Carolina continues fabrics such as dhooties, jaconets and mulls, a fairly ento be the leading State in amount of the raw material used couraging business has been done for our dependency, and
The net result for the thex*e is every probability of another favorable monsoon.
if not in the number of spindles.
season in the aggregate for the Southern States is a gain in The position in China has been very uncertain, and stocks
consumption of 375,852 bales, or 183,102,378 pounds, have been allowed to run down very low indeed. Now and
caving the 1916-17 total 4,378,298 bales, which compares again fairly substantial buying has occurred, but the operawith approximately 3,262,658 bales at the North, or an lions have not been maintained, the demand being fitful.
excess for the newer manufacturing field of 1,115,640 bales. During the last few weeks a rather increasing trade has been
Moreover, the consumption as given above is almost double done, and some makers are stronger in point of work to go
that of 1904-05. The tendency towards the construction on with. Most of the near Eastern markets have felt the
of larger mills continues to bo a feature of the development effects of the war very severely, but a heaithy business has
This is again transpired for Egypt, tnere being a very active demand
of the cotton-manufacturing industry in the South.
proven by the fact that in 1905-06 the average number of in Cairo for all kinds of cotton goods. There has not been
spindles per mill was only 13,765, had risen to 15,545 in 1910- any general flow of business for South America, but now and
11 and in the late season was 18,117 spindles. The reports again a fair amount of buying has taken place. Numerous
at hand from the South when gone over in detail denote that manufacturers have derived considerable support from the
5 old mills, with 18,580 spindles have ceased operations per- contracts placed from time to time by the British and French
manently and 28 mills containing 213,092 spindles have Governments, most of the orders being in heavy materials.
started up, making a net gain of 23 mills and 194,512 spindles The prices secured in all cases have not been very satisfaoduring the season. The full extension of capacity in 1916-17, tory, but at the time of writing numerous firms have contracts
however, is not expressed by that total, for the equipment on the books whichfwill not be completed until well into next
The home trade as a whole has done well. The large
of old mills was increased to the extent of 590,098 spindles. year.
The aggregate net gain for the season was, therefore, 783,610 purchasing power of the public has been maintained, and in
spite of advancing prices clearances in the retail establishspindles.
Further extension of the cotton-manufacturing industry ments have been encouraging. The shipping problem has
in the Southern States in the near future is also indicated by become more acute, and on certain occasions the Governour returns, the financial outcome of the last two years hav- ment, in order to save tonnage, has transferred boats from
ing tended to stimulate miU-building. As gathered from om: the Eastern routes to the Atlantic service, but recently there
returns, it is expected that 20 mills, equipped with 162,135 has been eome improvement in the amount of freight space
The following
spindles, will start up during the fall and early winter. Con- for our chief markets of India and China.
templated additions to old mills, moreover, cover about table gives particulars of our foreign trade in yam and cloth
100,000 spindles, so that altogether the prospective augmen- for the twelve months ending J;me 30:
Exports—
1916-17.
1915-16.
1914-15.
tation in capacity within the next twelve months wiU reach Yarns
pounds. 147,002,300
176,817,500
167„5.31,800
yards.5,073,338,500 5,129,551,300 4,560,791,500
approximately 262,135 spindles, or a comparatively large Cloth
total after the important addition in 1916-17.
Tentative
Althouth in the spinning mills the shortage of labor has
plans also call for the erection of 11 plants with 114,500 become more acute, it is doubtful whether the output of yarn
is much less than twelve months ago.
spindles in the near future.
If anything, however,
EUROPE. The cotton industry in Exirope during the the position in the Egyptian section has become rather
past year has, of course, been vitally affected by the great worse in this respect, and some mills nave been compelled to
war; and the continuance of hostilities, if anything, has close down entirely, owing to the difficulty experienced in
brought about developments of a more striking character obtaining supplies of the raw material. The stock-taking
than in the previous two years. In many countries it has results of limited companies at the end of December were
been rather surprising that so much business could be done, quite encouraging, the big profits being largely due to the
but in the regions where fighting is taking place production activity in coarse counts as a result of war contracts. The
has, of course, been brought to a standstill. A remarkable figures announced at the end of June have not been quite so
feature of the year has been the further decided advance in satisfactory, and the position at the moment is not so healthy
as at the beginning of the year. A considerable business has
raw cotton rates, fresh high records being established.
been done in coarse counts in both twist and weft and proBritain.
The
experience
manufacGreat
of spinners and
Britain
turers in Great
during the year has been less en- ducers of certain fine numbers have done fairly well. The
1915-16.
couraging than in
The rise in raw cotton rates, worst section has been that devoted to the output of medium
together with the increasing cost of production, has resulted numbers, especially in wefts, production for some time back
in buyers adopting a cautious attitude and our shipments in being more than equal to the requirements of users, with the
both yarn and cloth are rather smaller than in the previous result that stocks have accumulated in first hands.
Speaking generally our foreign trade in yarn has been
twelve months. The raw cotton situation at the beginning
of June attracted the attention of the British Government, disappointing. France has bought freely, but no general
and in order to put an end to speculation, the Liverpool flow of business has transpired for India, although during
market was closed temporarily. The Board of Trade 'ap- the last few weeks a larger turnover has been reported.
pointed a Board of Control, composed of experts with Business with Holland has been much interfered with by
powers to issue rules and regulations. Trading in the Liver- shipping obstacles. It is of interest to point out that since
pool market was ultimately resumed, but under severe re- last March the Board of Trade has not published the destinstrictions, and at the time of writing users are only allowed ation of shipments of yarn and cloth in the usual monthly
to purchase raw cotton under license and operations in returns, and only the totals have been available.
Wages questions have had to receive a considerable amount
futures in Liverpool can only take place at fixed prices.
The scarcity of supplies in Liverpool is a serious matter, and of attention during the year. Last February, after a threat
The to strike, the operatives throughout the spinning mills, as a
it seems impossible to stimulate freer importations.
Board of Control has now decided to curtail production by result of arbitration by the Board of Trade, received an
compelling spinners and manufacturers to stop 40% of their increase in wages of 10%, one of the conditions of the award
machinery. The course of events is very uncertain, bat one being that no further change in list rates should take place
of the most favorable features at the moment is that the for six months.
Applications have now been made by the
markets of the world are not over-supplied with cotton goods, cardroom operatives for 25%, and the operative spinners
and in spite of high prices it is believed that business on a for 30%, but the demands have been strongly refused by the
De- masters. The trades union officials are now considering
freer scale will be done during the next few months.
mand in cloth for most of our outlets abroad during the past what further action shall be taken. In March the workyear has been very irregular. India, our chief market, has people in the weaving branch of the industry applied for a
not done well for us, and the absence of fresh business of rise in wages of 20% and ultimately the employers agreed
weight in gray shirtings has been very marked. Many to grant 10%, the higher rates coming into operation from
makers of such goods have had to turn their machinery on the beginning of July. It may be said that at the time of
to other cloths.
The factories in India are increasing their writing the employees throughout the trade are receiving
output, and Lancashire makers are feeling the effects of the higher wages to the extent of 20%, compared with pre-war
competition of Japan rather severely. Under the circum- days.
stances, the decision of the British Government to allow the
The progress of the British Cotton Growing Association
import duty on cotton goods into India to be raised from has been hampered by the question of finance, and the
to
last March was resented very keenly, and the growth of cotton under the auspices of that body has been
—
—
—
3H%
7H%
AUG. 25
THE CHRONICLE
1917.]
checked by shipping difficulties and matters arising out of
It is of interest to mention that the British
the war.
Government a few weeks ago appointed a special committee
to investigate the best means to develop the growing of
cotton in the Empire, and to advise the Government as to the
necessary measures to be taken for that purpose. This
committee has only just started work but there are hopes
that the members will be able to formidate some scheme
which will result in larger supplies of the raw material in the
years to come. As can only be expected, the work of the
International Cotton Federation is still in abeyance and no
figures have been published relating to stocks and consumpThe spindles in Great Britain are estimated at 57,tion.
000,000. The consumption of American cotton for the
twelve months
is
estimated at rather more than 3,000,000
European Continent.
—The
third year of the great
war
has affected more vitally than ever the production of cotton
goods throughout Europe and although the position has
varied in different countries reliable reports have been rather
Most manufacturers have been forced to centre
scarce.
their activities upon materials which are used by the combatants, and ordinary trade has been generally suspended for
the time being.
As a result of the British blockade the position of the industry in Germany has got generally worse. About twelve
months ago the number of days to be worked per week in
textile factories was reduced to five and the daily working
time was not to exceed ten hours. It is understood, however, that many miUs have not been in a position to work
the shorter time permissable. The shortage of supplies in
raw cotton has been a very serious matter and according
to one report of February last, fewer than 100 out of the
total of 2,000 weaving sheds were allowed to continue working.
The spindles are estimated at 11,000,000.
The position in France has shown very little alteration
during the twelve months. The textile districts are stiU in
the hands of the enmey and in other parts the energies of
manufacturers have been centred on the production of goods
Owing to the
suitable to meet the purposes of the war.
lessened output the French Government has had to buy very
extensively in both yarn and cloth from Great Britain.
The
spindles are estimated at about 7,000,000.
It has been very difficult to secure reliable information
with regard to the position in Russia. The revolution has
thoroughly upset the working conditions and the operatives
have demanded big increases in wages to meet the rise in the
Disputes have been frequent and in many
cost of living.
ways the output of the mills has been restricted. The
spindles are estimated at about 9,000,000.
Employment in HoUand has been very irregiilar. Spinners have experienced much difficulty in obtaining supplies
of raw cotton, and manufactmrers of cloth have been hampered by not being able to get hold of yarn from foreign
coim tries, especially from Great Britain. The demand has
been healthy, and for the goods available makers have been
able to secure very fair prices.
The spindles are estimated
at 600,000.
It is not possible to record any change in the state of affairs
in Belgium, and owing to that country being in the hands
Germany,
for the estimates of
consumption in Europe for the
Taken
latest season incorporated in our compilation below.
in conjunction with our remarks on the situation in the
United States, presented further above, it covers quite fully
the countries of the world that take chief important rank in
cotton manufacturing.
There are a number of other countries of lesser, though
which must be included to
complete the narrative of the world's progress in cotton production and manufacture. We use official data in those
cases so far and for as late periods as it can be obtained, and
we present below the results reached, showing (1) the cotton
consumption of each manufacturing country for a period of
four years, and also the total annual and average weekly consteadily increasing, importance
sumption;
bales.
of
and
785
it
has been practically impossible to obtain
trustworthy reports as to the conditions.
Fairly favorable advices have been received from Denmark. During the last few months, however, the position
has changed for the worse. Owing to the shortage of raw
cotton unemployment in the factories has increased. But a
healthy demand has been reported for the output of the
mills.
The spindles are estimated at about 100,000.
Manufacturers in Austria have carried on the industry
under great difficulties and although desperate efforts have
been made to secure supplies of raw cotton, the activity of
the British navy has had the effect of limiting the available
supplies to a considerable extent.
The army authorities
have had first claim upon firms for their output. The spindles are estimated at about 5,000,000.
It will be realized from the above reports that the industry
diiring the past year throughout Europe has been in a state
of chaos, and it is held by leading experts that in most
countries it will be many years after the end of the war for
trade to be resumed on ordinary lines.
We are indebted to a special and well-informed European
correspondent for the foregoing review of the spinning industry in Great Britain and on the Continent in 1916-17,
(2) the world's production of cotton (commercial
crops) for the same years, and (3) the spindles in all manufacturing countries from which reliable information can be
secured as they stand to-day compared with like results in
former years.
Japan now stands next in importance to Europe and the
United States, according to the data at hand, and has increased its consumption of the raw material this season at
least that is the conclusion we reach from partial returns at
hand. India, too, has apparently used more cotton, and in
the absence of any official returns, which will not be available for some little time yet, as the Bombay MiU Owners'
—
now makes up its statistics for the twelve
months ending Aug. 31, we adopt as a close approximation
Association
about 2,250,000 bales of 392 lbs. net each, equaling 1,764,000
bales of 500 lbs. average.
For Mexico and Canada we have
no other recourse except to adopt the imports into each
country as a measure of consumption; in the case of the
former no recent statistics covering home yield or mill operations have been obtainable, and Canada has no source of
supply other than through imports. No statistics of value
can be seciu-ed from China or Brazil. "Other Countries,"
consequently, include exports of cotton from the United
States and Europe to localities other than those specifically
mentioned in the table; also the cotton burned or lost at
This last item is, of course, considerably swelled this
sea.
season by the losses through sinkings of vessels by submarines
and mines. The compilation appended, therefore, embraces
substantially the entire distribution or consumption (expressed in bales of 500 pounds net weight each) of the commercial cotton crops of the world, and the portion taken by
each country.
THE WORLD'S ANNUAL COTTON CONSUMPTION.
—
Countries
Great. Britain
1916-17.
1915-16.
1914-15.
Bales.
Bales.
Bales.
1913-14.
Bales.
-.. 3,000,000
4,000,000
4,000,000
5,000,000
3.900,000
5,000,000
4.300.000
6,000.000
7,000,000
Total Europe
United States— North... 3,193,392
South... 4,237,296
9,000,000
3,238,748
3,870,971
8,900,000
2,768,415
3,037,280
10,300.000
2.701,479
2.978,533
Total United States... 7,(30, 6S8
1,764,000
East Indies
1,850,000
Japan
190,915
Canada
5,000
Mexico
7,109,719
1,723,011
1,747,382
208,040
19,600
5,805,695
1,648,468
1,538,210
185,287
44.009
5.680,012
1,680,210
1.521,582
145,978
30,394
3,809,915
1,000,000
3.698,033
536,000
3,415,974
625,000
3.378.164
500,000
19,240,603
20,343,752
391,226
18,746,669
360,513
19,858,176
381,888
Continent
Total India,
&c
Other Countries, &c
Total world
Average weekly
370,012
the foregoing table it would appear that the world's
for 1916-17 records a decrease from the
aggregate for a year ago of 1,103,149 bales but is 493,934
Furthermore, of
bales more than the result for 1914-15.
the total consumption given above the amount of American
cotton used was in excess of 14,000,000 bales. The source
From
consumption
total
from which cotton has been drawn
in each of the last five
years are stated in the subjoined table of the world's commercial crops, in bales of 500 pounds net each:
WORLD'S COMMERCIAL CROPS OF COTTON.
1916-17.
1915-16.
1914-15.
1913-14.
1912-13.*
Countries—
Bales.
Bales.
Bales.
Bales.
(Amount coming forward) Bales.
12,633,960
12,670,099
14,766,467
14,494,762
13,943,220
United States
4,100,000 3,025,034 3,337,000 4,592,149 3,468.407
East Indies a.
950,000
270,000
Egypt
Brazil,
&c-d
-
892,172
220,000
1,235,487
240,000
1,439,802
387,947
1,416,352
370,000
17,990.099 17,371,166 19,578,954 20,914,660 19,197,979
Total
Consumption, 52 weeks- -19, 240, 603 20,343,752 18,746,669 19,858.176 19.544,007
Surplus from year's crop- 41,250,504 S2, 972 ,586
visible
Sept.
Sept.
and
1
1
832,285
1,056,484
ft346.028
7,519,383
8.351,608
6,462,899
7,519,383
6,808,927
6,462,899
Invisible stock:
beginning year- 5,379,082
4,128,578
ending year
8,351,668
5,379,082
• Years ending Aug. 31.
a Includes India's exports to Europe, America and Japan and mill consumption
In India, increased or decreased by excess or loss of stock at Bombay.
d Receipts Into Europe from Brazil, Smyrna, Peru, West Indies. &c., and Japan
and China cotton used In Japanese mills,
* Deficiency In the year's new supply.
The above statement indicates, in compact form, the
world's supply of cotton (exclusive of that raised in Russia)
THE CHRONICLE
786
[Vol. 105
details will, we think, prove an interesting and serviceable
record for reference.
AUGUST. Manchester. The rapid advance in the price
It will be observed that the India crop
or diminished.
cotton, which started with the announcement of the U. S.
of
shows an increase over that of 1915-16. There is also a
Department of Agriculture's report on condition on Aug. 1,
small gain in the Egyptian yield, and an increase in the was the striking feature of the month in the cotton goods
amount secured from miscellaneous sources is to be noted. trade. It seemed to confirm private reports of damage to
But the yield in the United States, while greater than in the the crop and indicate another short yield, under which conBusiness
ditions an advance was to have been expected.
preceding year, was deficient, and consequently the general
was
hampered
high
prices but,
month
by
the
the
throughout
new supply of cotton has been less than current consumption,
nevertheless, an appreciable trade was done in low and light
and the surplus supply, therefore, was considerably bleaching goods for India, though grey staples were generally
dimished.
neglected. The monsoon had been generally good, and it
The augmentation of the spinning capacity of the miUs of seemed that India had yet a lot to buy and that some buyers
Goods had moved with conthere had missed their chance.
the world has been moderate the past season. The only
important addition has been in the Southern part of the siderable freedom in the Indian markets, but it was feared
Marat prices very low in comparison with replacing costs.
United States, spindles there now numbering over 14
kets generally were healthy enough but all had suffered a
millions, or a gain over last year of 784,610 spindles.
Our check from the abnormal advance in cotton. Wide looms,
compilation for the world is as follows:
in particular, were well engaged, and in some eases beyond
The number of looms stopped because
the end of the year.
NUMBER OF SPINDLES IN THE WORLD.
of the lack of operatives, however, showed some increase.
1917.
1916.
1915.
1914.
1913.
In fact, with the Government meshes drawn closer, labor
57,000,000 57,000,000 57,000,000 56,900,000 56,800,000
GreatBrltaln
43,200,000 43,200,000 43,200,000 43,200,000 43,000,000
shortage was increasing generally and happenings in the Wigan
Continentdistrict and among the hard-waste weavers pointed to labor
100,200,000 100,200,000 100,200,000 100,100,000 99,800,000
Total Europe
The exports of yarns and goods from Great
difficulties.
United States
Britain for the month, all reduced to pounds, reached 101,19,500,000 19,050,000 18,900,000 18,900,000 18,800,000
North.14,040,676 13,256,066 13,017,969 12,940,240 12,416,592
744,000 lbs., against 96,300,000 lbs. in August 1915. LiverSouth
The market for the raw material was very decidedly
pool.
Total U. S
33,540,676 32,306.066 31,917,969 31,840,240 31,216,592
during the month, unfavorable crop reports from the
upward
6,839,877
6,900,000
6,848,744
6.778.895
6.596,862
East Indies
United States having been the impelling cause. Opening
2,900,000
2,875,634
2,772,982
Japan
2,577,342
2,287,264
at 8.12d., middling uplands had advanced to 8.57d. by the
1,050,000
1,050,000
1,015,000
China and Egypt.. 1,050,000
950,000
4th, then dropped slightly, and had risen to 8.71d. on the 9th.
Total India, &e.. 10,850,000 10,765,511 10,671,726 10.371,237
9,834,126
Reacting to 8.54d. by the 11th a more decided advance set
1,000,000
1,000,000
965,000
965,000
Canada961,067
in which carried the quotation up to 9.09d. by the 22nd and
762,149
762,149
-.
762,149
762,149
762,149
Mexicoafter a decline of 3 points on the following day, the market
Total other
1,762,149
1,762,149
1,727.149
1,727,149
1,723.216
started upward again, and on the 28th middling uplands ruled
146,352,825 145,033.726 144,516,844 144,038,626 142,573,934
Total worldFrom that level there was a decline to 9.47d. at
at 9.84d.
In the above we use estimates for Great Britain and the the close. The net advance for the month was 1.28d.
AfancAesier.— The salient feature of the
Continent that we believe to be approximately correct. The
month was the extraordinary advance in the quotation for
results of the United States are, of course, our own figures,
and those for India are taken from the official reports of the middling uplands cotton on Sept. 1st, following the issue of
the report of the U.S. Department of Agriculture showing a
Bombay Mill Owners' Association, except that the latest marked
deterioration in condition of the plant during August.
Japan's aggregates are officially The advance was no less than 43 points, carrying the quotatotal is an approximation.
communicated, China's figures are compiled from consular tion on that day to the highest level since the earlj'' seventies,
reports, and for Canada and Mexico the totals are in part and though the advance was not maintained, the price continued very high. While as a result of the advance, demand
estimated.
was
checked from time to time, a very fair business was done
Great Britain's trade in cotton goods with foreign counon the whole. Much difference of opinion existed, however,
tries, as indicated by the volume of exports, decreased
about prices and the prospects of the American crop, the
moderately during the year. The statement of exports (re- record high ginning to Sept. 8 furnishing a sharp contrast
duced to pounds) by quarters for the last two seasons is with the record low condition. The large ginnings, it was
subjoined. These years end with July 31, and as the returns admitted, might be explained away with some plausibility
upon the theory of premature ripening and the advantages of
for the latest month have just come to hand we avoid the
early marketing, but even taking that into account there
Three ciphers are was something in their immensity to cause uneasiness. The
necessity of estimating any of the figures.
omitted.
continued drafts upon labor in the mills and sheds caused
some anxiety, and every day there was some news of mules
GREAT BRITAIN'S COTTON GOODS EXPORTS FOR TWO YEARS.
1915-16
1916-17or looms stopped.
The question of an advance in wages for
Total a Yarns Piece Goods
Total
a Yarns PieceOoods
the weavers was before the Employers' Association, and it
Yards.
Yards.
Pounds. Pounds.
Pounds
Pounds.
(000* omitted.)
was referred to the local branches. It seemed that the
300,544 48,377 1,195,925
279,429
Aug.-Oct ... 49,910 1,272,243
1st Quar.
demand for labor must throw a great strain upon the adherents
306,187 47,822 1,147,159
271,112
2d Quar. Nov .-Jan... 43,833 1,339,345
to price lists.
The contention that prices were too high for
258,142 47,837 1,241,631
290,100
3d guar. Feb.-Apr ... 35,670 1,121,592
business, was apparently negatived by the month's ex345,555
301,764 56,532 1,476,666
4th Quar.— May-July... 39,233 1.338,249
perience.
At times the only transactions were with cheap
Total
168,646 5,071,429 1,166,637 200,568 5,061,381 1,186,196
sellers, but on the whole, a good deal was done at full rates.
a Including thread.
Various finishing goods were in demand, and India, with a
The totals in pounds in the above compilation are as com- good monsoon, bid fair to be a steady customer on a someputed by us, but are believed to be approximately correct. what smaller scale than the ordinary. China remained
They indicate that the export movement this season has unsatisfactory. There were, however, some hopes of Balkan
and Levant markets. Egypt and one or two of the smaller
been 1,166,637,000 pounds, or 19,559,000 pounds less than Far Eastern markets seemed normal, and South America, if
the total of the previous season, and some 450,859,000 not actively' ardent buyers, continued to do a little. The
fear of depreciation kept buyers within bounds, but as it
pounds smaller than the record aggregate of 1912-13.
To complete the year's history of the cotton goods trade was necessary to make preparation far ahead, expecially in
the statement dyeing and printing goods, some did not hesitate to do this
in Great Britain we append data as to price
with an approach to freedom. The incredulity of buyers
covering the last three years:
in each of the five years, the amount consumed and also the
extent to which visible and invisible stocks wore augmented
—
—
SEPTEMBER.—
—
—
—
,
Unervool.
Mid.
Up-
32-Cop
land
Twist.
Cotton
d.
d.
Aug. 31..- 9.47
9.50
Sept. 30
10.77
Oct 31
12.11
Nov 30
Dec
31
Feb. 28...
Mar. 31...
April 30...
May 31-.June 30--.
July 31--.
10.63
11.02
11.60
12.77
13.00
14.53
19.45
19.05
We now
14H
14%
16
'4
18H
17 1-16
16%
16 1-16
17 3-16
17^
18K
25 H
24%
Mid.
Up-
Z2-C0P
Per
land
Twist.
Piece.
Cotton
Shirtings,
s.
9
9
10
10
10
10
10
d.
d.
3
7
514
5.73
6.85
7.04
7.45
7.92
7.82
7.71
7.77
7.95
8.56
8.16
8.19
8H
7H
8
5'A
1010%
11
1111%
16 2
1511%
d.
8%
Mid.
Up-
32-Cop
Per
land
Twist.
Piece.
Cotton
Shirtinas.
s.
d.
d.
7
IH
8H
0%
3%
9H
7H
2%
6.20
5.30
4.80
4.41
4.58
5.05
4.94
5.52
5.66
5.14
5.22
5.34
lOH
11%
12H
7
8
7
7
13
8
12K
8
8
8
8
11
12 9-16
12H
13H
13
12
H
8
8
1
1
5%
3
2
Shirtings,
Per
Piece.
d.
.
.
1914-15.
1915-16.
1916-17.
abroad having been somewhat removed, manufactm'ers were
increasingly f ii-m
Wide looms were very well engaged The
home trade, whUe not very active, gave steady support, and
on the whole, demand was gaining on supply. Spinners
had a good month, and though production costs were increasing, they must have fully held their own.
Stocks
generally were small. Exports of yarns and goods from
Great Britain aggregated 106,754,000 lbs., against 97,147,000 lbs. in September 1915. Liverpool. After opening at
the sensational advance referred to above, the trend of the
market for the raw material in September was quite steadily
downward.
Middling uplands started off at 9.90d., a
gain of 43 points over the final August quotation, but moved
down to 9.25d. by the 11th. By the 20th the price was up
to 9.65d., but a decline of 15 points occurred later, making
the close 9.50d. an advance of only 3 points over the final
for August.
OCTOBER. Manchester. The phenomenal advance in
the price of cotton during October, carrying the quotation
of middling uplands to a higher level here than at any time
since 1870, overshadowed all other developments in the
cotton goods trade in October, and especially as only a short
«.
d.
—
8K
8%
6
0%
7
7
9
8 11-16 6 10
6 9H
8%
8%
6 lOH
add a brief summary by months of the course of
the Manchester goods market during the season closing with
July 31 1917. and also of the Liverpool cotton market in
the same orm for the same period. These summaries have
been prepared for this occasion with great care, and the
—
—
——
—
Aug. 25
THE CHRONICLE
1^17.
time antecedent to the upward movement it would have
been difficult to conceive how business of any considerable
volume could be put through at the prices spinners were
forced to ask and actually were able to secure. This outcome, however, was in large measure possible through the
decrease in production for ordinary uses consequent upon the
On the basis of the
for military needs.
raw material, higher
supply
of
the
in
the
decrease
apparent
prices were inevitable, but evidence was not lacking that
speculation was more or less of a factor in the advance, and
this brought from the President of the Liverpool Cotton
Association a circular letter advising members to hold in
demand
greater
An important developthe settlement of the question of
advance
weaving trade on the basis of a
war bonus, previously granted,
and the conversion of the
into wages, making an advance of 10% since the beginning
The arrangement was made to continue till the
of the war.
end of the year, and then could only be altered after the
expiration of six weeks' notice by either side. This settlement did not remove all difficulties, however, as it was reported that at one or two mills the operatives were taking
independent action and demanding an advance of 5s. a week.
Manufacturers' experiences differed a great deal during the
month, but generally there was an improvement in engagements and in margins. Finishing goods had a great advantage over grays, and it was positively stated that an average
demand for sized grays could not be me-t. Shirtings, after
being very much depressed, gained strength from the reduced output, and there was a rather more active inquiry
India deferred buying in a large way, and many of
later.
the offers were impossible ot acceptance. China did little,
on the whole, but at times there was a fair demand for
miscellaneous goods. Among the markets that continued to
give a good account of themselves were Egypt, East Africa,
and several of the South American, Continental and Scandinavian markets. The home trade was fairly good, but
manufactiu-ers of heavy goods were receiving less support
than they did from Government orders. Spinners had
another good month, and they generally managed to get a
Yarns and goods exports
price to leave them a fair margin.
for the month from Groat Britain totaled 92,046,000 lbs.,
Liver-pool.
The market for
against 85,982,000 lbs. in 1915.
the raw material displayed a very decided upward tendency
during the month on short crop reports. Opening at 9.49d.,
middling uplands advanced quite steadily and sometimes
rapidly until 11.13d. was reached on the 24th. From that
level there was a decline to 11.03d. on the 26th, but the quotation rose to 11.14d. on the 27th and eased off to 10.77d.
at the close.
notable feature in the
Manchester.
cotton goods market in November was the quite satisfactory
demand in the face of the decided advance in prices due to
The general
the phenomenal rise in the raw material.
demand for goods was sufficient to assure work for spinners
and manufacturers, who furthermore seemed to be able to
arrange their prices without much reference to cotton.
Big spinning margins were to be noted and also much improvement in the weaving trade and it was inferred that
profits might become even greater.
scarcity of labor was
reported in all departments, due to the combing-out process
in securing men for the army.
request for increased
wages from the cardroom was met by a refusal of the employers to go beyond Sir George Asquith's award in June,
of an increase of 5%, with the inevitable result, a handing
in of notices by the operatives.
Government interference
was awaited. In some of the lighter counts of goods a
large business was done for India early in the month and
during the last week or two a demand for shirtings developed, though the proportion of sales to offers was yet
very small. The advance in cotton checked demand,
but did not stop it. The China market continued depressed.
Egypt bought and so did some of the smaller
African markets. The South Americas were quieter. Some
rather good bujang for near Eastern markets was recorded, and licensing inconveniences did not stop demand
from European neutrals. The buying for Government account was a comparatively small affair. A steady but
not very voluminous demand from the home trade continued. A serious consideration in the export trade was the
cheek their speculative tendencies.
ment
of the
wages in the
month was
5%
5%
—
—A
NOVEMBER.
A
A
_
losses
made
by submarines, and replacements had sometimes to be
at grave disadvantage. The spinning trade was
though from time to time the advances checked dethere was a considerable improvement in margins
except, perhaps, in the case of the coarse counts. Exports
of yarns and goods in November reached 82,190,000 lbs.,
active,
mand, and
against 84,442,000 lbs. for the same period of 1915.
pool.
Liver—The upward tendency noted in October continued
in
November, with
fluctuations very frequent, and a further
decided net advance recorded. Middling uplands opened at
11.21d., an advance of 44 points over the final for October,
and by the 20th was up to 12.59d. The quotation then
eased off to 11.90d. by the 24th but recovered later and the
final price was 12. lid.
DECEMBER.—
Manc/ies^er.— The principal feature of
the rnonth in the cotton goods trade was the quite steady
and important dechne in the value of the raw material
which served to restrict trade in yarns and goods and led
to a moderate lowering of quotations.
The month opened
quiet with the trade awaiting developments as regards labor
787
and shipping, and as cotton dropped transactions fell off
and at the close the volume of trade passing was comparativel3^ small.
Among the developments of the month was
the action of the Government on Dec. 5 in applying the
Munitions War Act to the cotton card-room wage dispute,
which served to make a strike or lockout illegal unless the
dispute was reported to the Board of Trade. Then if not
otherwise settled within 21 days after date of such report
arbitration became compulsory.
On the 23rd at a meeting
of the spinner's delegates it was decided to instruct their
executive to press for a 20% advance in wages. Neither
of these matters had been settled at the close of the month.
No new mills were built in the Oldham district during 1916
and at several mills built immediately before the war broke
out the management had been unable to obtain the delivery
of the machinery required.
The Oldham Operative Cotton
Spinners' Association reported that 2,421 spinners and
2,638 piecers, a total of 5,059, were serving with the forces.
Dividends and bonuses for 1916 in 140 cotton miUs companies averaged 10 1-3%.
On the whole the year was the
best since 1913, and not much below any year since 1907.
And profits at the close were much higher than early in the
year.
The exports of yarns and goods from Great Britain
were 109,854,000 lbs., against 88,857,000 lbs. for the same
month in 1915. Liverpool .-^hs market for the raw material
tended downward during December. Opening at 12.21d.
for middling uplands, a rise of 10 points from the November
close, the quotation was down to 11.71d. on the 5th.
From
chat level there was a rise to 12.05d on the 8th, a drop to
10.29d. by the 20th, a recovery to 10.52d. on the 21st and
a decline to 10.09d. on the 22d. But again the price turned
upward and stood at 10.63d. at the close.
JANUARY. Manchester. The developments in the
international situation, coupled with the course of the market for the raw material, were adverse influences in cottonmanufacturing circles, and as a result January was an exceptionally dull month in the cloth trade.
Consequently
manufacturers were, at the close of the month, reported to
have been less well under orders than for some time previously.
The wage question remained unsettled, nothing
having been done upon the applications of either the cardroom workers or the spinners for an advance, although in the
latter case a joint meeting to consider the subject was held
on Jan. 10. As explaining the withdrawal of many Indian
buyers from the market was their belief in coming peace
and the conviction that it would bring low prices. China
passed through a holiday time and continued to buy sparingly.
Some of the smaller Far Eastern markets, such as Java and
Singapore, were mentioned occasionally, Egypt was more
conspicuous than anything in the Near East, South American markets proceeded cautiously, and continental trade
seemed to be only limited by the license difficulty. There
was a little more done again in heavy Government cloths,
and a modification of the "break" clause aroused some surmise. Home trade demand was small, as usual at the time
of the year, but reports were fairly encouraging.
With
the cloth trade dull, yarns were necessarily neglected.
Towards the end of the month coarse and medium counts
of American became decidedly irregular, and though margins generally were good they were declining.
Shipments
of yarns and goods from Great Britain were 114, 142, 000 lbs.,
against 97,812,000 lb?, in January 1916. Liverpool.
The
market for the raw material tended upward during the early
part of the month, with fluctuations frequent and the net
changes in prices from day to day quite important. This
was followed by a downward movement under which most
Later, however, there was some
of the advance was lost.
recovery and the close was 39 points above the December
Middling uplands opened at 10.77d., or 14 points
final.
higher than the December close, rose to 11.46d. by the 10th,
dropped to 10.68d. by the 24th, rose again to 11.14d. by the
29th, but eased off a" little later and closed at 11.02d.
FEBRUARY. Manchester.—K very decided decline in
the prices for cotton at the opening of the month, fostered by
expectation of a rupture of relations between the United
States and Germany as a result of the ^announcement of the
intention of the latter to prosecute submarine warfare ruthlessly, was instantly reflected in the market for cotton goods,
buyers fearing to operate under the circumstances. The
break in relations between the two countries came quickly,
but without a declaration of war, and cotton later again
moved upward in value, regaining more than the early loss.
At the same time trade continued slow, 'demand for goods
having been smaller than for some months. Export trade
suffered, as heretofore, numerous disabilities
slow and irregular transit, late mails and wires, delays in manufacture
and finishing and in remittances, and various other hindrances but nevertheless delivery and distribution continued
to be made and immediate anxiety, aside from the submarine
menace, was for orders to avoid stoppage of machinery and
—
—
—
,
further decreases in the capacity for production. The cardroom workers were awarded a 10% bonus on the last day of
February. The representatives of the spinning room held
out for 20% for some time, but on Feb. 10 they agreed to accept 10%. Early in the month a series of meetings between the
Master's Federation and the cardroom hands resulted in an
agreement to relax trade union rules in order to facilitate the
employment of women and boys during the war, the arrangement not to apply to Bolton. The firmness of the cotton
market after recovery had begun was some relief to shippers,
THE CHRONICLE
788
and to manufacturers
whose deliveries were behindhand; and there was little canYet manufacturers weakened and the question
cellation.
was whether demand would revive in time to prevent either
the stoppage of machinery or the accumulation of stocks.
Those who did trade in finished goods were greatly embarrassed by congestions and delays, and there was a strong
movement in favor of Government intervention to compel
bleachers, dyers and others to give preference to the export
India did little during the month, but toward the
trade.
close there were some indications that could be interpreted
China was a rather inconsequential buyer,
as favorable.
and though one or two markets might be named as being a
little better than the rest, overseas trade on the whole was
rather stagnant. The month was a very bad one for the
yarn trade and margins melted fast. Spinners were ready to
entertain offers and yarn piled up far too fast for reasonable
With stocks weighing on the market, there was great
ones.
Exports of yarns and goods from
disparity in quotations.
Great Britain aggregated 79,013,000 lbs., against 98,982,000
A very marked decline in quolbs. in Feb. 191G. Liverpool.
tations for cotton at the beginning of the month, duo to the
rupture of relations between the United States and Germany,
was quite shortly recovered, and the close was at a substanAt the opening of the
tial advance over the January final.
month the quotation for middling uplands was 11.03d., from
which there was a drop to 10.18d. by the 3rd. Recovery
then set in and, although not uninterrupted, was quite steady
and by the 14th the quotation at ll.lSd. was 16 points higher
than the January close. Thereafter fluctuations were freq^uent and sometimes wide, with the trend upward and the
fmal price 11.60d.
MARCH. Manchester. There was little or nothing of
an encouraging nature among the developments in the cotton goods trade in March, and in the closing week a quieter
period was experienced than for some time previously. This
was, in considerable measure, if not wholly explainable by
the lack of inducement for oversea purchasers to enter into
engagements for supplies with the uncertainty as to when
deliveries could be made, owing to the lack of tonnage.
Spinners had practically lost their margins and been forced
to a measure of short time; manufacturers faced losses and
stoppages, and exporters had to contend with difficulties
In spite of this, cotton continued to advance
of transport.
and the chances of lower prices seemed remote. The effect
of the expected participation in the war of the United States
was subject of debate, but it could hardly be expected
that it pointed to low prices. Above all, the question
of sea transport was of leading importance, and developments were awaited with a mixture of confidence and
The chief topic of the month was the Indian
fortitude.
cotton duties. The feeling in Lancashire was one of resent-
who bad
stocks
lliat
miglit depreciate,
—
—
ment
at the
manner
of the innovation.
The
scarcity of
tonnage led to overburdened warehouses, and buyers were
more intent on getting goods delivered than on committing
themselves afresh. Long and extensive stoppages in the
cotton industry and a consequent financial crisis were feared
Goods could not be piled up indefinitely if there was no
outlet for them, and the strain of heavy stocks and slow
distribution was already very severe. Buyers were unwilling
to make contracts with their customers abroad which might
be cancelled in a falling market and manufacturers' engagements continued to dwindle. Those manufacturers who
bought their yarn had some advantage over the others, but
with most of the markets holding off it was impossible to
find any weaving locality that did not suffer severely from
the paralysis of demand. The home trade was the best of
the outlets. Some little buying for Near Eastern markets
suggested that in some quarters there were hopes of peace.
The French prohibition of imports caused some consternation, but it was supposed that the exemptions would give
Export merchants
redress in the most burdensome cases.
were compelled by circumstances to consider the possibilities
of bales in place of cases, owing to the shortage of wood.
Exports of yarns and goods from Great Britain aggregated
100,822,000 lbs., against 97,888,000 lbs. in March 1916.
There was an upward trend to the market for
Liverpool.
the raw material in March, and a net advance of 117 points
was scored. Fluctuations at times were wide. Middling
uplands started off at 11.49d., a loss of 11 points from the
final February quotation, moved up to 12.36d. by the 14th
and was down to 12.08d. on the 16th. By the 28th the price
was up to 12.68d., and a further rise of 14 points to 12.82d.
occurred on the 29th, but the market closed the month
5 points down at 12.77d.
APRIL. Manchester. It is not too much to say that
business was carried on with increasing difficulty during
—
—
—
—
merchants and manufacturers having to contend
with problems that apparently could not be satisfactorily
The lack of shipping facilities interfered masolved.
On the other hand there was diffiterially with exports.
culty in keeping mills and sheds going owing to scarcity of
hands and with the war's demands on the man-power of the
industry not at an end, it was suggested from within the
trade that spinning machinery should be stopped to the
extent of 25% all round. Summarizing the situation at the
time the Manchester "Guardian" remarked: "Shippers have
now to estimate their tonnage requirements, manufacturers
We must not grumtheir sizing, and packers their timber.
ble, or not grumble much, but some have had a severe
April, both
(Vol. 105
advance of the war-risk rate from three guineas
suggested that the Government could hardly
have been aware of the hardships which this has inflicted.
It is understood that some relief will be obtained by the application of the Government scheme of insurance to neutral
vessels, but such relief will not affect the majority of those
who are hit by the advance." An application of the operative weavers for a 20% advance was refused by the employMore inquiry for cloth was noted during the
ers on April 13.
month, but only a very moderate business resulted. The Indian demand sunk to alow ebb, and the offers were poor, pointblow
in the
to five,
and
it is
it is suggested, to India's inveterate belief in peace and
lower prices. The China demand improved a little, and
with small stocks and bare markets a continuance of it was
expected. Various smaller markets furnished a moderate
ing,
of business, though all were handicapped in some
degree, and the home trade paid prices which a few years
before would have seemed exorbitant. At the close of the
month it was evident that unless there was an improvement in the volume of orders a considerable stoppage of
looms must result. Yarns and goods exports for the month
from Great Britain totaled 78,312,000 lbs., against 93,230,000 lbs. in 1916. Liverpool. The market for the raw
material was not subject to such wide fluctuations during
April as in March, but ruled very high and on the whole
tended upward. Opening at 12.66d., middling uplands
advanced to 13.08d. by the 11th, dropped to 12.26d. by the
20th, and then advanced steadily to the close, which was at
13.00d.
Manchester. The very considerable advance in
volume
—
MAY.
—
the price of raw cotton during May was not without its effect
in the goods market, but it is to be said that it was not imexpected under ruling conditions of supply and demand and,
consequently did not interfere so seriously with trading as
would have been the case in normal times. In fact, while
the price of cotton, considered by itself, seemed abnormally
high, regarded in its relation to the value of other commodities, it did not appear to be so. A favorable development of the month was the settlement of the threatened
trouble in the weaving trade over the demand for an
The adjustment came on the 26th, when
increase of wages.
at a meeting at Blackburn it was determined to accept the
employers' offer of a 10% advance as from the first payThis made an advance of 20% altogether
day in July.
since the war began, or the same as the spinners obtained.
Shippers continued to contend with all sorts of difficulties
during May, and though they were unable to deal with a
Stocks
normal demand, trade remained of fair amount.
abroad were low, and there were some whose avowed policy
was to send out all they could, though the shortage of tonnage prevented shipments of large volume. The Government, in fact, had warned exporters to keep their engagements down, and the warning was emphasized by the large
quantities of goods in warehouses and on the docks.
While
exporters had been encouraged to hope that the depredations
of the U-boats had reached their limit and would not again
approach it, it was recognized as g^ fact that lack of' transportation facilities must continue to be a formidable obstacle
to free trading, and probably for a long period.
With
all its handicaps the cloth trade was not by any means
idle.
India showed more disposition to buy light goods, and
dhootie makers had considerable orders. Shirtings continued depressed, but manufacturers of heavy goods received
much support from British and French Government orders
and were very well engaged at the close of the month. China
continued to do a little, mainly in finishing goods, and with
Singapore and other of the smaller Far Eastern markets, as
well as various African, South American and Continental
markets, there was a light demand. Though spinners were
not prepared for short time, there was a good deal of machinery idle, and most of the staple counts of American were
very much depressed. The coarser counts, however, were
in considerable demand, but medium wefts could only be sold
at a loss. The month's yarns and goods exports from Great
Britain were 103,970,000 lbs., against 118,288,000 lbs. in
May 1916. Liverpool. The trend of values for the raw
material in May was toward a much higher level. Middling
uplands opened the month at 12.96d., and after dropping to
12.66d. by the 10th, advanced steadily thereafter, crossing
13d. on the 17th and 14d. on the 29th, and finally closing at
14.53d., a rise of 1.53d. during the month, and the highest
level of value reached in Liverpool in half a century.
JUNE Manchester. The special feature in the cotton
goods market in June was the unsettlement produced by the
phenomenal advance in the price of the raw material. The
advance of over 4i/^d. in the quotation for middling uplands
in three weeks attributed in part to the operations of speculators but mainly to the shortage of cotton and its reaUzation
by an alarmed industry, provoked the interference of the
Board of Trade, and the Liverpool futures market was
closed.
A day or two later the Havre Exchange closed too,
but the com-se of prices in America did not indicate a dechne. On June 28 a representative deputation from Lancashire was received at the Board of Trade, and a Board of
Control for the cotton trade was appointed with wide powers.
Certain drastic restrictions of futures trading were instituted,
and though they were widely criticised the trade as a whole
appeared to be ready to accept them. Liverpool, however,
is understood to have done so only with grave warnings of
the difficulties in store for those manufacturers and spinners
—
—
—
Aug. 25
THE CHRONICLE
1917.]
business for forward delivery without an
means of covering their sales. The Board of Trade
conference had the effect of shghtly relieving anxieties as to
supply, and it was some surprise to hear that stocks of
American cotton at the Lancashire miUs amounted to some
789
and are given
The
in thousands of bales.
who would do
inclusive,
effectual
for 1913-14 to 1916-17 inclusive, cover the twelve
300,000 bales; these figures, however, were called in question.
Consumption was stated to be at the rate of some 50,000
bales a week, and current imports only about 21,000 bales.
The Government hoped to be instrumental in raising this to
35,000 or even 40,000 bales. This would go far to meet the
needs of Lancashire. Up to the close of the month the
Board of Control had taken no action on compulsory short
time, the stoppage of a percentage of machinery, the rationing of cotton, or some combination of more than one of these
There were objections to every course. It
expedients.
was understood that the Board would get into touch with the
United States and Egypt, with a view to some sort of
regulations in the markets there in conformity with the
Liverpool market. The demand for cloth during the month
was rather better than might have been expected. Although the news of the monsoon in India was favorable,
Stocks abroad were
little was heard of Indian demand.
believed to be much depleted, and in the case of China
Yet the buying for that quarter was
meagre. Smaller Far Eastern markets were not idle, and
from various quarters, east and west, there was a small,
insistent demand, which totaled a respectable volume at
times.
The yarn trade was very much disorganized, with
prices irregular.
Yet up to the time of the closing of the
futures market and even beyond it there was considerable
demand in cases where spinners had ^ome provision of
cotton which enabled them to sell at something less than a
nominal market price. Government demand for heavy
At the end
cloths brought some activity in coarse counts.
of the month the position was very uncertain, and spinners
seemed to be doubtful whether generally they would be able
The month's yarns and goods
to improve margins or not.
exports from Great Britain were 92,648,000 lbs., against
118,048,000 lbs. in June 1916. Liverpool .—The trend of
values for the raw material in June was most decidedly
toward a higher level. Middhng uplands opened the month
at 14.88d., and with scarcely a halting of the advance had
risen to 19.45d. by the 22nd and so closed the month.
The
price noted was the highest recorded at Liverpool since Jan.
extraordinarily low.
1866. Indicating the rapidity of the upward movement we
note that the rise on several days exceeded 34d. and on the
12th, 13th, 18th and 19th was 79 points, 70 points, 84 points
and 137 points, respectively.
JULY. Manchester. The seeming approach of comparative exhaustion of the stock of cotton at Liverpool
forced the conviction early in July that some sort of curtailment of the output of yam and cloth would be necessary,
and late in the month it was beUeved that the Board of
Control was about to make an announcement to that effect,
though in the middle of the month they had decided not to
_
—
make any recommendation immediately.
Nothing definite,
At the same time
however, had been done up to the close.
intimation from the Board of Trade that freight room for
cotton from America was available stimulated discussion on
the prospects of supply. Somewhat acrimonious discussion
as to the need for a Liverpool futures market continued, and
one section of the trade contended for closing it entirely;
fresh channels and methods of trade would not, perhaps, be
very readily improvised, and, whether the futures market
existed or not, these could always be initiated. Early in
the month the eardroorn made an appUcation for a 25%
advance in wages. This was followed by one from the
spinners for 30%, and it was expected that the weavers
might follow suit. The question of wages naturally was
bound up with those of shorter hours or restricted output.
The appointment by the Board of Trade of a representative
committee to investigate the possibilities of cotton-growing
within the Empire was an incident of the month. Some
revival of demand from India was reported and a good deal
was done in dhooties towards the end of the month and
something in other light staples, but shirtings were still very
dull.
There was an increase in China demand, and the
smaller Far Eastern markets did pretty well, too, and, with
a miscellaneous demand from South America, various
African markets, the colonies, the home trade, and the
Government, manufacturers were not altogether neglected.
There was also some improvement in yarn demand, and
spinners were reducing stocks which had become a heavy
burden. Yams and goods exports for the month from
Great Britain totaled 105.144,000 lbs., against 109,219,000
ended July 31;
to Aug. 31.
—
—
United States.
§
hales
c
1"
OOOsomitlcd
*a 5i
s«
e
^'
a
,c
2
t
a
«
c
S
,
TOUI.
a
^
a
S
2
54
^
^
1,004
1,141
1,314
1.139
1.060
1,384
s
S
^
1896-97...
1897-98...
1898-99...
1899-00...
1900-01...
1901-02...
3,224
3,432
3,519
3,334
3,269
3,253
4,368
4,628
4,784
4.576
4.576
4,836
7.592
8,060
8,303
7,910
7,845
8,089
1,776
1,808
2,244
2,355
2,150
2,207
1,154
1,309
1,501
1,577
1,830
2,738
2,962
3,553
3,856
3,727
4.037
Av.6y'rs
3.339
4,628
7,967
2,089
1,389
3,478
1,174
620
159 13,398
1902-03...
1903-04...
1904-05...
1905-06...
1906-07...
5.148
5,148
5,148
5,252
5,460
5,720
8,333
8,165
8,768
9,026
9,352
9,410
2,048
2,001
2,194
2,440
2,575
2,093
1,967
1,907
2,116
2,286
2,375
2,134
4,015
3,908
4,310
4.726
4,950
4,227
1,364
1,368
1,474
1,586
1,552
1,561
567
693
755
874
907
891
199
176
305
223
1907-08 ...
3,185
3,017
3,620
3,774
3,892
3,690
Av.ey'rs
3,529
5,313
8.842
2,225
2,131
4,356
1,484
781
223 15,686
1908-09...
1909-10...
1910-11...
1911-12...
1912-13...
1913-14*..
3,720
3,175
3,776
4,160
4,400
4,300
5,720
9,440
8,635
9,236
2,448
2,266
2,230
2,464
2,267
2.255
4,912
5,21(
5,531
1,642
5,680
s
Av.6
5,460
962
5,460
5,720 9,88C
6,000 10,40C
6,000 10,300
2,59C
2,62C
2,682
2,701
2,849
2,979
4,53c
4,485
"fl
414
534
703
132
191
142
157
152
179
711'
632
726
11,880
12,888
14.018
13,773
13,418
14.416
14,478
14,310
15,612
16,435
238 16,999
192 16,281
1,680
881
1,055
1,087
1,357
1,352
1,522
278
449
448
512
618
676
1,653
1,517
1,494
1,607
17.164
16,189
16,750
18,566
19,544
19,858
y'ra
3,922
5,727
9,649
2,486
2,572
5,058
1,599
1,209
497 18,012
1914-15...
1915-10*,.
1916-17*--
3,900
4,000
3,000
5,000
5,000
4,000
8,900
9,000
7,000
2.769
3,239
3,194
3,037
3,871
4,237
5.806
1,649
7, lie
1,72S
854 18,747
764 20,344
7,431
1,764
1,538
1,747
1,850
• Figures of
European consumption
for 1915-16
1,196 19,241
and 1916-17 are subject to cor-
rection.
Another general table which we have compiled of late years
needed in connection with the foregoing to furnish a comprehensive idea of the extent and the expansion of this
industry.
It discloses the world's cotton supply and the
The special points we have sought to illussources of it.
is
trate
by the statements are, first, the relative contribution
raw material by the United States and by
to the world's
other sources, and, second, to follow its distribution. Beginning with 1896-97, the figures of visible supply include
Alexandria and Bombay stocks; 1896-97 to 1912-13 are for
the year ending Aug. 31; 1913-14 to 1916-17 inclusive for
year ending July 31.
WORLD'S SUPPLY AND DISTRIBUTION OF COTTON.
Visible
Commercial Crops.
and
500-!6.
Invisible
Total
bales.
Supply
Actual
1896-97...
1897-98...
1898-99...
1899-00...
1900-01...
1901-02...
Begin-
United
All
ning of
Year.
States.
Others,
1,931,000
1,923,636
3,241,158
3,999,364
2,456,489
2,673,027
Balance of Supply
End of Year.
ConsumpTotal.
In-
tion.
Visible,
8,435,868 3
10,890,0003
11,078,000 3
9,137,0003
438,0001 11,873 86811 ,880,332 1,295,636
316,290 14,206
694,934 14,772
092,897 12.229
10,218,000,3 414,454 13.632
10,380,380;4 033,569 14,413
visible.
628,000
29012 888,768 1,905,1581,336,000
93414 014 728 2.371,364 1,628,000
897
454
949
,772,772 1,071,4891,385,000
,415,916 1,549,027 1,124,000
,414,908 1,306,0681,366,000
Average
10,023.207j3,498,358 13.521,565 13,397,911
6 years.
1902-03...
1903-04...
1904-05...
1905-06...
190S-07...
1907-08...
2,672,068
2,921,061
2,770,244
5,042,633
4,178,938
5,692,723
10,511,Oao!4,215,667 14,726,687 14,477,694 1,177,677 1.743,384
9,841,6714,317,67014,159,341 14.310,158 1,085,237 1,735,007
13,420,056 4,464,000 17,884,056 15,611,66712,501,469 2,541,164
11,002,9044.568,629 15,571,533 16,435,2281,702,4852,476,453
13,306,846 5,205,837 18,512,683 16,998,898 2,215,497 3,477,226
11,257,538 4, l*n), 04 15,443,642 16,281,272 1,600,104 3,254,989
Average
11,556,672 4,492,» 85 16,049,657 15.685,819
6 years.
1908-09...
1909-10...
1910-11...
1911-12...
1912-13...
1913-14...
4,855,093 13,496,751 4,489,169 17,985,920
5,676,526 10,224,9235,021,605 15,246,528
4,732,49111,804,749 5,057.98816,862,737
4,844,744 15,683,945 4,845,970 20,529,915
6,808,927,13,943,220 5,254,75919,197,979
6,462,89914,494.762 6,419,898 20,914,660
17,164,487 1,875,1403,801,386
16,188,563 1,367,624 3,364,867
16,750,484 1,537,249 3,307,495
18,565.732:2,095,478 4,713,449
19,544,007 2,015,211 4,447,688
19,858.176 2,877,300 4,642,083
]
1
Average
13,274,725 5,181,56518.456,290 18,011,908
6 years.
1914-15... 7,519,383 14,766,467 4,812,487 19,578,954 18,746.669 4,496,2843,855,384
1915-16.-. 8,351,668 12,633,9604,737,206 17,371,166 20,343,752 3,045,4852,333,597
1916-17-.. 5,379,082 12,670,0995,320,000 17,990,099 19,240,603 2,585,4901,543,088
To Illustrate the preceding, take the last season, 1916-17, and the results would
be as lollows:
bales. 5,379,082
Supply Visible and invisible stock beginning of year
17,990,099
Total crop during year
—
Total supply— bales of 500 lbs...
consumption, &c
—Total
stock
Leaving
Distribution
visible
Leaving invisible stock
—
lbs. in July, 1916.
Liverpool.
The market for the raw
material was without special feature during July. The
opening under the plan of making quotations instituted in
late June was at the same level as the close of the preceding
month 19.45d. but there was a decHne to 18.85d. by the
6th.
Thereafter the market fluctuated between that figure
and 19.25d. and closed at 19.05d.
We now give a compilation which covers the figures of
consumption in detail for each of the principal countries
embraced in the statement of the world's annual consumption already presented, and the total of all.
These figures
are not the takings of the mills, but the actual consumption,
and are in all cases expressed in bales of 500 pounds. The
figures in the table oover the years fron 1896-97 to 1916-17,
months
years are for the period Sept. 1
all earlier
EuTope.
!)0()-lb.
figures
..23,369,181
19,240,603
2,585,490
1,543,088
Total visible and Invisible stock at end of year
4,128,578
Overland and Crop Movement.
—The movement
of cotton overland in 1916-17
than
in 1915-16, and consequently
greater
appreciably
was
exceeded very materially the amount marketed in that manner in any season in our history. This outcome, however,
is to be ascribed in some degree to the increased shipments
by rail to the Pacific Coast for export to Japan and in lesser
degree to Vladivostok, the movement to the last-named destination being made up of supplies of the staple for use by
Russia in the manufacture of munitions of war. But the increased movement is seen in greatest measure in the flow of
cotton via St. Louis and Virginia points. On the other hand,
Overland.
THE CHRONICLE
790
the volume of cotton pa,ssing over the
Central Rlland via Louisville and Cincinnati shows diminution. To
indicate the relation the gross overland bears to the total
yield in each of the last twenty years, we append the folio wi
Crop of-
Total Yield.
1916-17
191.5-16
1914-15
1913-14
1912-13
191)12
1910 11
1909 10
190*09
1907 08
1906 07
1905-06
1904-05
Bales.
12 ,975, .509
12 953 ,4.50
15 ,007,247
14 ,884,801
14 ,128,902
16 043,316
12 132,332
10 650,961
13 ,828,846
2,728,469
2,499,150
2,146.152
1,758.069
1.678.983
1.931.496
1.314.745
11 ,.581.329
1.177.931
1.705.152
1.234.641
1.569.870
1.120,993
13 ,550,760
11 ,319,860
13 .5.56.841
10 .125,176
10 ,758,326
10 ,701,453
10 425,141
9 .439,5.59
11 .235,383
11 .180,960
190,3-04
1902-03
1901-02
1900-01
1899-00
1898-99
1897-98
Change from
Of Crop.
Of Overland.
Per Cent.
Per Cent.
Increase
Decrease
Increase
Increase
Decrease
Increase
Increase
Decrease
Increase
Decrease
Increase
Decrease
Increase
Decrease
Increase
Increase
Increase
Decrease
Increase
Increase
1.1.54.642
1,026, .387
1,4,38.268
1,675,042
1,767,646
1.790,238
2,057.024
1,896.011
.season of '97-'98 to '16-'17
0.17
1
Increase
Increase
Increase
Increase
Decrease
Increase
Increase
Decrease
Increase
Decrease
Increase
Decrease
Increase
Decrease
Decrease
Decrease
Decrease
Decrease
Increase
Increase
4.0.3
1.02
6.35
11.94
32.24
13.90
22.98
19.40
14.53
20.41
16.51
33.89
6.07
0.53
2.64
10.44
15.99
0.48
28.31
Increase 16. 05
9.18
16.4.''.
22.06
4.78
13.10
46.95
13.86
29.03
38.07
30.96
38,11
21.35
40.07
22.06
14.19
5.49
1.28
12.98
7.83
47.90
Increase 43.91
With
these explanations, nothing further is needed to
make plain the following statement of the movement overland for the year ending July 31 1917, as compared with
the figures for the two preceding seasons:
1916-17.
Amount shipped
Via
Via
Via
Via
Via
Via
Via
Via
—
Bales.
at. Louis.
Mounds, &c.
Rock Island
290,336
6.708
126,103
71.400
436,117
158,291
602,061
._
Louisville
_
_
_
Cincinnati
Virginia points.
other routes East
other routes West.
_
_
_
.
_
1
1,037,453
.
_
._
_
_.
Total gross overland ..
1915-16.
1914-15.
Bales.
Bales.
821,958
319.357
6.981
150,399
140,443
219,976
143,318
696,718
749 982
327 082
4 470
161 538
116 260
205,364
110 495
470,961
_
2,728,469 2,499,150 2,146,152
Deduct shipments
Overland to New York, Boston, &c
Between interior towns
Galveston inland and local mills.
New Orleans inland and local mills
Mobile inland and local mills
Savannah inland and local mills
Charleston inland and local mills ._
North Carolina ports inland and local mills. .
Virginia ports inland and local mills
287,823
176,673 202,905
*202,991 *222,704 *238 664
69,465
51,523
25,743
342,061
106,522
72,194
10,683
12,221
11,610
54,325
646,376
34,005
24,887
25,306
15,175
7,985
4,128
11,322
26,015
76,355
24,524
.
—
1,702,234 1,770,148 1,517,204
628,948
729,002
a This total includes shipments to Canada by rail, which during 1916-17
amounted to 190,271 bales, and are deducted in the statement of consump* Includes foreign cotton consumed at South
tion.
6 Includes Florida.
CROP DETAILS.—We now
of the entire crop for
river and rail
Manufactured *
Burnt
proceed to give the details
two years:
LOUISIANA.
&c..
1915-16
1,036,668
180,609
.255,630
168,627
305,052
37,009
73,553
32,969
—
163 .470
1
,722 .808
22,708
61.832
106,803
—
181.698
1.005
139.172-
222,367
-
1,414,215
-1915-16-
Exported from Mobile:
To
To
foreign ports
coastwise ports *
Stock at close of year
76.019
43.793
8.100
—
Orl.,
&c..
Stock beginning of year
81.646
81.361
127,912
543
14,052
14,596
14,052—
1,217
12.477-
177,059
13.694
movement
for year
163.366
113,317
of coastwise shipments from Mobile are included 4,744
bales shipped inland by rail for consumption, &c., which, with consumption
the overland movement.
(6,939 bales), are deducted
m
GEORGIA.
1916-17-
Exported from Szvannah:
To foreign ports Upland.. 451.218
To foreign ports Sea Island
1,459
—
—
-1915-16-
451,938
1,182
128,547—
*
foreign ports
coastwise ports
Burnt
Stock at close of year
188,373
2,976,049
2,866,405
Total movement
» Includes 69,465 bales shipped inland for con.sumption, &c., deducted
in overland movement.
FLORIDA.
-1916-17
Ejrported from Pensacola, &c.
To foreign ports
To coastwise ports
Stock at close of year
36,776
55,982
4,017
—
Deduct
Received from Mobile, &c.
Stock beginning of year
movement
Total
191.5-16
—
96,775
—
7,286
65,107
046,161
7,286-
676—
7,286
for year
118,554
89,489
676
117,878
* These figures represent this year, as heretofore, only the shipments
from the Florida outports. Florida cotton has also gone inland to Savannah. &c., but we have followed our usual custom of counting that cotton
at the outports where it first appears.
a 3,704 bales sent Inland by rail deducted In overland.
SOUTH CAROLINA.
-1916-17-
Exported from Charleston:
To foreign ports Upland..
—
—
Upland*
-.-
Sealsland*
Exported coastwise
From Georgetown
Burnt
Stock at close of year
-1915-16-
19,205
2
85,091
167,233
3,599
194,716
6,239
To foreign ports Sealsland
To coastwise ports
35
926
Upland
6,237
—
1
Sea Island
Deduct
Received from Savannah..
Stock beginning of year
—
Upland
196,277
21,907
107
21,907
107-
309,020
43,041
—
Sea Island
170—
22,014
43,217
Total movement for year..
174,263
265.803
* Included in this item are 24,887 bales, the amount taken by local mills
and shipped to interior, all of which is deducted in overland.
NORTH CAROLINA.
To
To
foreign ports.
1915-16
80 ,736
coastwise ports*
Coastwise from Wash'n, &c.Stock at close of year.
Deduct
Stock beginning of year
—
Total movement
170,557
28,977
76,454
15,471
107,009
48,100
251,316
56,549
56,549
—
—
for year
56,549— 332,537
34,903—
34,903
297.634
194,767
Of these shipments, 7,985 bales, covering shipments inland by
from Wilmington and local constmiption are deducted in overland.
*
rail
—
Upland
—
Sea Island
Deduct
Rec'd from Charleston, &c.
Stock beginning of year
Upland
Sea Island..
464.122
41,126
564,326
34,484
121,134
21, 033
1,400
113,229
36,370
1,519
77,694
1,043- 1.180.238
66,455
2,401—1,270,903
46,712
13,158
65,455
2,401
62,010
114.568
2,212—
movement for year
1.065,670
The amounts shipped inland and taken for consumption
Total
are deducted in overland.
VIRGINIA.
1916-17-
-1915-16-
Exporced from Norfolk:
To
To
Eicp.
To
To
foreign ports
coastwise ports*
from Newport News, &c.:
106.376
419.712
80.164
616,609
913
2,064
73,795
6,668
foreign ports
coastwise ports
Taken
for
8,217
6,101
59,355
manufacture
—
6,768
107,009
34,348
—
600.674
34,348— 813,648
4,141
76,454
148,125
47,693— 128,288
-1915-16-
1916-17-
Exported from Gulfport:
foreign ports
coastwise ports
Total movement for year
TENNESSEE, &r
Shipments-1916-17
To manufacturers direct net
overland
1,702,234
To New York, Boston, &c.,
by rail
287,823
-1915-16-
—
1,770,148
176,673
see, &c
1,946.821
1,990,057
Total product detailed in the foregoing by States for the year
ended July 31 1917
bales. 8.597.271
Consumed in the South, not included
4,378,298
Total crop of the U. S. for year ended July 31 1917
Below we give the
1916-17
1915-16
1914-15
1913-14
1912-13
1911-12
1910-11
1909-10
1908-09
1907-08
1906-07
Bales
12,975,569
12,953,450
15,067,247
14,884,801
14.128,902
16,043,316
12,132,332
10,650,961
13,828.846
11,581,829
13.650,760
Years
1905-06
1904-05
1903-04
1902-03
1901-02
1900-01
1899-00
1898-99
1897-98
1896-97
1895-96
Weight
77,380
1.193,523
(54,325 bales)
bales. 12,975,569
total crop each year since 1884-85.
All
years prior to 1913-14 cover the period Sept. 1 to Aug. 31.
The year 1912-13 consequently includes Aug. 1913, which is
also a part of 1913-14, but in no case does any year include
more than a twelve-month period.
Years.
coastwise ports:
Sea Island*
Exported from Brunswick:
*
59,826
134,178
Total marketed from Tennes-
Under the head
To
To
—
72,061—3,054,778
—
606
1916-17
Upland
62,117
72,061
7,602
940,180
for year
To
To
ALABAMA.
To
2,160
1,136,915
106.844r— 3,110,227
Stock at close of year
Deduct
Stock at beginning of year.
Total movement for year
1. 54 1.110
* In overland we have deducted these two items.
*
*
MISSISSIPPI.
105,853—1.636.582
50.049
31.535
910
446
ports
Stock beginning of year
Total
2,034,935
Total movement for year
685,360
452,549
* Includes 19,914 bales shipped to the interior, which, with 6,101 bales,
taken for manufacture, are deducted in overland.
by
*
New
Texas City, &c
To coast wise ports
Stock at close of year.
Deduct
Kocpived at Galveston, &c.,
from Texas City, &c
Stock at beginning of year..
—
—1916-17
—
Rec'ts from
1,864,308
Galveston,
Stock end of year, Norfolk...
Deduct
Rec'd from Wilmington, &c.
Rec'd from other Nor. Caro.
Stock beginnmg of year
Orleans:
Stock at close of year
Deduct
Received from Mobile
Received from Galves'n,&c.
Received from New York..
Received from Mexico
Received from other foreign
Deduct
To foreien
Mexico)
To Mexico from
,
Leaving tota net overland a
To foreign ports
To coastwise ports
To Southern ports,
-1915-16-
1916-17
1,026,235
New
1916-17-
(except
ports
Exported from Wilmington:
i
Total to be deducted
Exported from
—
Exported from Galveston, &c.:
—
Increase or Decrease.
Bales.
TEXAS.
Illinois
g:
Gross
Overland.
[Vol. 105.
The average weight
crop we have made up
year for comparison:
Bales.
Years.
11,319,860 1894-95
13,556,841,1893-94
10,123,686 1892-93
10,758.326 1^91-92
10,701,453 1890-91
10,425,141 1889-90
9,439,559 1888-89
11,235,3831 1887-88
11,180,960' 1886-87
8,714,01111885-86
7,162,473! 1884-85
Bales.
9,892,766
7,527,211
6,717.142
9.038,707
8,655,518
7,313,726
6,935,082
7,017,707
6,513,623
6,550.215
5,669.021
of Bales.
and the gross weight of the
as follows for this year, and give last
of bales
AUG. 25
THE CHRONICLE
1917.]
Year ending July 31 1917.
Movement
Number
Through.
Weight in
Pounds.
of Bales.
Louisiana
Alabama
Georgia b
South Carolina.
Virginia
North Carolina.
Tennessee, &c..
of Bales.
12,975.569 6,654,058,545 512.82
Total crop
b Including
Number
Wght.
85,388 ,870 490.00
228,537 ,245 505.00
96.993 ,966 498.00
,205,002 991 503.27
2.866.405
1.414,215
163,365
1,311.401
265.803
685,360
297,634
5,949,267
Aver.
Weight in
Wght.
Pounds
,531,950,152 534.45
737,159,569 .521.25
83,858,522 513.32
659,647.817 503.01
130,975,676 492.00
338,567,840 494.00
147,924,098 497.00
.010.388.595 506.01
12.953.450 6,640,472,2691512.64
Florida.
Average
Crop.
1916-17
1915-16 . .
1914-15
1913-14...
1912-13
1911-12
1910-11
1909-10
1908-09
1907-08
1906-07
1905-06
1904_05...
1903-04
1902-03
1901-02
1900-01
iggo-OO
1898-99
..
1897-98
1896-97
1895-96...
1894-95 -1893-94
1892-93
1891-92
1890-91 ..
1889-90.
1888-89.
Note.
of—
No. of
-
--
--
-
-.
-
...
-
_
-
.
-
-
-
Bales.
12.975.569
12,953,450
15,067.247
14.884.801
14.128.902
16.043,316
12,132,332
10,650,961
13.828,846
11.581.829
13.550,760
11.319,860
13,556,841
10.123.686
10.758.326
10.701.453
10.425.141
9,439.559
11,235,383
11,180,960
8.714.011
7.162,473
9.892.766
7.527.211
6.717.142
9.038.707
8.655,518
7,313,726
6,935,082
Weight, Pounds.
6,654,058,545
6,640,472,269
7,771,592,194
7,660,449,245
7.327,100,905
8.260.752,953
6.217.382.145
5,400,008,818
7.115.746.869
6.907,070,895
6.984.842:670
5.788.728,073
6.996.731.233
5.141.417.938
5.471.143.917
5.403.210.514
5.319.314.434
4,754.629.038
5,765,320,339
5,667,372,051
4,383,819,971
3,595,775,534
5,019.439,687
3,748,422,352
3.357,588.631
4,508,324,405
4,326,400,045
3,628,520,834
3,437.408,499
—All years prior to 1913-14 are for the period Sept.
1 to
Weight,
per bale.
512.82
512.64
515.79
514.65
518.59
514.80
612.46
607.00
614.56
610.03
515.46
511.37
516.10
607.86
608.56
604.90
510.26
503.69
513.14
606.88
603.08
602.03
607.38
497.98
499.85
498.78
499.84
496.13
495.66
Aug. 31.
At
not to be expected that anything
said of the crop that is now maturing and of
this early date it is
which only a very limited quantity has yet come upon the
market. Our "Acreage Report," issued in June, indicated
a nominal increase in the planting this spring, making the
area under cotton the largest ever devoted to the staple, and
a slight augmentation in the use of commercial fertilizers
was noted in districts where satisfactory productiveness
is largely dependent upon them, but some of our returns
were to the effect that they were below the average in
quality, neutralizing somewhat their added use.
The condition of the crop on June 25, as officially promulgated was
much below the average for the date given, but weather
during July, according to the official weekly bulletins issued by the Department of Agriculture, was of a nature
to bring about an improvement of the plant.
Contrary
to general expectations, however, the report for July 25
indicated that the average status of the crop remained the
same as a month earlier, or 70.3% of a normal, the lowest
,
condition ever reported for that date. That this report
was in conflict with the views of well informed men in many
sections of the cotton belt was clearly shown by advices
received here very shortly after its issue sharply criticising
it as depicting a situation much at variance with
facts
known to them. As a part of that report, and based
upon the average condition, an average yield of only 166.9
pounds per acre was forecasted which pointed to an aggregate crop of 11,949,000 bales, not including linters. Since
July 25 conditions have induced improvement, according
to the weekly weather bulletin of the Department, and the
inference to be drawn is that the situation is rather
better than it was at the close of July and, therefore,
more encouraging than at this time in either 1916
or 1915, and especially the former.
This being the case it
is not too much to assume that with average weather hereafter and barring the occurrence of killing frosts at an
earlier date than usual, the crop will very appreciably exceed
the total referred to above. It is not our intention, however, to prognosticate as the data given below, considered
in conjunction with the few remarks above, should enable
each reader to formulate for himself some idea as to the crop
promise, making due allowance as the season progresses for
developments as they may occur. The compilation shows
at a glance the area for a series of years and the aggregate
yield and product per acre (commercial crop), as made up
by us, and the condition percentages July 25 as reported
by the Department of Agriculture:
Product
per Acre, Condition
Pounds.
July 25
*166.9
70.3
72.3
160
180
75.3
188
76.4
Crop,
Bales.
1917-18
1916-17
1915-16
1914-16
1913-14
1912-13
1911-12
1910-11...
1909-10
1908-09.
1907-08
1906-07
1905-06
1904-06
39,683.045
39,587,271
12.975,569
12.953.450
.35,190,493
39.477.567
16,067,247
186
38.573.441
14,609,968
186
14,128,902
37,377,276
209
37,581,022
16,043,316
168
35,379,358
12,132,332
153
10,650,961
33,862,406
203
33,512,112
13,828,846
170
11,581,829
...33,079,425
211
31,557,242
13,550,760
192
28,808,416
11,319,860
207
13,656,841
32,363,690
Agricultiu-al Dept. July 25 estimate not including linters.
—
79.6
76.6
89.1
75.5
71.9
83.0
75.0
82.9
74.9
91.6
It is necessary to state in connection with the foregoing
data, that the yield per acre for 1914-15, 1915-16, 1916-17
the amounts
as figured upon the "Commercial Crops"
actually marketed during the period Aug. 1 to July 31^
does not correctly represent the true results for the reason
that a considerable amount of cotton was held back in
1914-15 and most of it came forward in the last two seasons.
Consequently 208 pounds per acre would be more nearly
accurate, than the 188 pounds given above for 1914-15 and
167 pounds more truly represent the yield in 1915-16 than
—
180 pounds.
Sea Island Crop and Consumption.
have
We
continued throughout the season of 1916-17 the
compilation of a weekly record of the Sea Island crop; but
on account of the pressure of other matters upon our columns
have been unable to publish the statement. The results as
now given below agree in all essential particulars with our
running count. It will be noticed that the crop of 1916-17
shows a moderately large increase over that of 1915-16.
FLORIDA.
1916-17
1915-16
Receipts at Savannah. bales.
Receipts at Jaclisonville
43 ,080
Total Sea
Isl
.
30 ,367
crop at Florida.
30.367
43 ,080
GEORGIA.
Receipts at Savannah. bales. 47 ,499
Receipts at Brunswick
Receipts at Norfolli
1,914
18,093
Sent interior mills*
Deduct
Receipts from Florida
Receipts from Charleston, &c.
Total Sea
35,865
600
— 67,506
—
Isl.
11,924--48,379
436—
crop of Georgia
436
47,943
67,506
SOUTH CAROLINA.
Receipts at Charleston
Receipts at Savannah
Deduct
Receipts from Savannah
3,495
—
The New Crop.
much can be
Commercial
Area,
*
According to the foregoing, the average gross weight per
bales this season was 512.82 lbs. against 512.64 lbs. in 1915-16
Had, therefore, as many
or 0.18 lbs. more than last year.
pounds been put into each bale as during the previous
season, the crop would have aggregated 12,980,035 bales.
The relation of the gross weights this year to previous years
may be seen from the following comparison:
Season
791
Year ending July 31 1916.
Aver.
.589,954 198 534.25
801,147 .601 519,28
58,445 ,509 515.77
588,588 ,165 509.53
2.976.049
1,541.110
113.317
1,155.159
174.263
452.549
194.767
6,368.355
Texas
—
•
.
Total Sea
Isl.
6,211
—
3,495
crop of So. Car.
—
6,211
3,495
6,211
Total Sea Island crop of U.S.
114,081
84.521
* From special investigations we find that Southern mills have consumed
25,704 bales of Sea Island cotton this season, of which 6,514 bales net were
received from Savannah and 1,097 bales from Charleston.
The
distribution of the crop has been as follows:
How
Supply Year Ending
Aug.
1
1917.
of—
Ports
Aug.
South Carolina..
Net
ll
1916.
.
Of which
Exported to
—
Total
For'gn
Stock
Georgia
Distributed.
Stock Leav 'g
ExTotal Aug. 1 fordis- Great Havre, ports.
Crop. supply 1917.
1
107, 3,495 3,602
2,401 67. .506 69,907
43,080 43,080
Florida
trib'n. Brit'n.
3,601
1.043 68,864
43,080
1
&c.
2
1,296
'173
2
1,469
'125
'iio
125
'397
'397
695
2.173
Louis ana
New York
"i85
Galveston
Baltimore
Border ports
2,508114081 116589
Total
1,044'115545! 1,478
From the foregoing we see that the total growth of Sea
Island this year is 114,081 bales, and with the stock at the
beginning of the year (2,508 bales), we have the following as
the total supply and distribution:
bales. 114, 081
This year's crop
Stock August 1 1916
2,508
—
Total year's supply
Distributed as follows
Exported to foreign ports
Stock end of year
bales. 1 16 ,589
bales. 2, 173
1,044
—
Leaving for consimiption in United States
3,217
1 13 ,372
We
thus reach the conclusion that our spinners have
taken of Sea Island cotton this year 113,372 bales, or 33,340
bales more than in the previous year.
The following useful table shows the crops and movement
of Sea Island for the seasons 1901-02 to 1916-17 in detail:
Foreign Exports.
Crop.
Season.
Florida.
aeorgia
South
Caro-
Texas
Total.
Great
Britain.
lina.
Conli^
nent.
695
1,739
4,135
5,287
4,667
8,528
19,667
7,816
6,420
16,505
4,684
24,744
18,241
7,567
9,635
22,748
5.289
15,200
24,6.53
9.228
30,034
72,872
30,832
7,570
49.696
7,132
24.188
.39,345
44.354
9,728
62.451
25,423
6,450
48.588
• The column of "American ConaumDtlon" Includes burnt In the
Years prior to 1913-14 end Aug. 31.
Note.
1916-17
1915-16
1914-15
1913-14
1912-13
1911-12
1910-11
1909-10
1908-09
1907-08
1906-07
1905-06
1904-05
1903-04
1902-03
1901-02
—
43.080
30,367
35,686
34,000
20,780
60,902
35,190
39,261
42,126
41,863
23,411
30,378
37,873
28,005
27,686
21,323
67,506
47,943
36,630
39,384
39,008
56,824
41,073
42,781
45,171
30,590
3,495
6,211
5,488
10,473
8,375
5,140
13,338
14,497
15,172
12,738
8,044
13,712
12,094
9.359
12,497
8,760
8
114,081
84,521
77,812
83,857
68,163
122.866
89,601
96,539
102.469
85.191
56,108
116.962
99,663
70,709
102,634
78,621
1,478
2,624
1,711
12,359
American
Total
Coti-
Ex-
sump-
ports.
tion.*
2,173 113,372
4,363 80,032
5,846 73.313
17,646 77,374
13,195 44,862
27,483 95,588
22,925 62,825
29,428 67,562
25,808 77,544
32,383 50,300
20,489 36,101
39,262 78,923
38,402 62,556
31,320 43,578
54,082 50,524
31,873 43,650
United States.
THE CHRONICLE
792
[Vol. 105.
month) middling uplands rose almost steadily until
was reached on the 20th and, after a moderate
To complete the record
covering decline, stood at 20.95c. on the 25th, dropping however to
the prieos of printing cloths and raw cotton for a series of 20.90c. on the 27th and 20.35c. on the 28th but recovering
years.
Wo begin by showing the highest and lowest quota- to 20.4.JC. at the close. Various developments abroad, fears
of renewed submarine activity and a tendency towards
tions for 64 squares 28-inch printing cloths at Fall River in
increase of crop estimate were weakening influences in the
each of the last twenty-six seasons 1891-92 to 1916-17 market in December and led to enormous liquidation under
inclusive.
Data for earlier years will be found in previous which prices made a very important decline although there
issues of this report.
were rallies at times on the recrudescense of peace rumors.
High.
Low.
High.
Low. The Department of Agriculture estimate indicating a yield
CIS.
CIS.
CIS.
CIS.
but Uttle greater than in the previous season was an unim1916-17
8.00
4.25 1903-04.
4.12
3.00
portant factor. Middling uplands opened the month at
1916-16
4.25
3.25 1902-03
3.37
3.00
1914-1.5
-.3. .50
2.88 1901-02
3.25
2.37
The 15th found
20.30c. and was down to 18c. on the 11th.
1913-14
4.00
3.62 1900-01
3.25
2..37
to
18.60c.
quotation
up
but
by
the
22nd
there was a
the
1912-131899-00...
4.06
3.75
3.50
2.75
1911-12
4.00
3.12 1898-99
2.75
drop to 16.20c., the low point of the month. From that
1.94
1910-11
3.88
3.62 1897-98
2.62
1.94
level an advance to 17.40c. occurred by the 28th and the
1909-10
4.25
3.62 1896-97.
.2.62
2.44
1908-09
close was at 17.25c.
189.5-96
3.62
3.00
...3.06
2.44
1907-08
5.25
3.00 1894-95
2.88
2. .50
The calendar year 1917 opened with middling uplands
1906-07
..5.25
3.38 1893-94
3.00
2.61
ruling at 17.45c. and while fluctuations were frequent the
190.5-06
3.81
3.37 1892-93
4.06
2.87
1904-05
..3.50
2.62 1891-92
3.50
2.75
net result for the month of January was an advance of 10
From the foregoing it will be observed that printing cloths points. From the opening level there was a rise to 18.80c.
ruled higher in 1916-17 than in any preceding year included by the 9th but an important decline then set in which carried
Thereafter the
the quotation down to 16.75c. by the 22nd.
in the compilation and the same is true of any perior in our
The
trend was generally upward with the close at 17.55c.
record.
At the same time the average price of cotton German note of February 1 conveying intimation that the
exceeded that of any season since 1872-73.
submarine canipaign against commerce would thereafter be
The raw material opened the season at a higher level of ruthlessly carried on, and which later on led to a severance
value than at the beginning of any previous cotton year of diplomatic relations between Germany and the United
States, caused a very drastic decUne in the price of cotton at
since 1875
only excepting 1910 when, as a result of specuthe begiiming of the month, the tension in our relations with
lative manipulation primarily, prices were greatly advanced. Japan growing out of proposed land laws in Idaho assisting.
Furthermore, the opening quotation was the low of the From a level of 17.55c. for middling uplands on Jan. 31 the
season, later developments stimulating additional advances so quotation dropped to 14.75c. on the 1st and to 14.30c. on
that the general basis of value was very much higher than the 2nd. Thereafter, however, the trend of the market was
quite generally upward with the price 17.05c. on the 27th
in 1915-16 and greatly in excess of most earlier years for
and 17c. at the close. The tendency of the market connearly a half century. The controlling or dominating tinued towards a higher level in March, the strength of the
factor in the situation was the conviction inculcated by the statistical position of the staple and reports from the South
periodic official crop reports and by private advices as well indicating delay in preparations for the next crop materially
that, notwithstanding the increase in area devoted to the assisting, although the international situation injected an
element of anxiety and uncertainty. Opening at 17.00c.,
staple, the ultimate yield would be very little more than in
middling uplands advanced with no mentionable setback
1915-16 and actually with that exception the smallest since
until 19.30c. was reached on the 21st, fluctuating between
1909-10. The Department's estimate of production, issued that figure and 19.05c. thereafter and closing the month at
in December, was confirmatory of its monthly condition 19.20c.
April was a month of frequent fluctuations with
reports and early approximations of yield, and furthermore, the trend decidedly upward at first on unfavorable ad\dces
found virtual substantiation in the Census Bureau's final from the South. The market opened at 19.35c. and had
advanced to 21.15c. by the 9th. From that level there was
ginning statement issued in March, which showed no
a drop to 19.85c. bythe20th, followed by a moderate advance
material difference therefrom.
and a return to the last named prices on the 25th. The market
At New York the initial quotation for middling uplands then moved upward again notwithstanding somewhat better
August 1 was 13.35c and the Department ,of Agriculture's advices from the belt, middling uplands being quoted at
report on condition July 25 showing more than an average 20.65c. on the 28th. A drop of 10 points on the 30th made
the close 20.55c. A further important advance in the value
deterioration during the preceding month and a general
of the staple was witnessed in May on unfavorable crop
cotton crop situation lower at date than in almost half a advices and a restricted movement. Middling uplands
century, only excepting 1909, was a decided factor in stimu- started off at 20.70c. and at first the trend of prices was
lating a material advance.
In fact its effect was instan- downward, the ruling quotation on the 9th having been
taneous and by the middle of the month the price had 19.60c. Thereafter there was no special check to the
advance and the close was at 22.10e. the highest level
advanced about 1 cent per pound with no material recessions
reached since Sept. 4 1872. The general tendency of the
in the meantime.
The official weekly weather reports, as market in June was very decidedly upward on rather pes-
and Cotton Goods.
we subjoin compilations
Prices of Cotton
of the
20.90c.
—
,
—
weU
as private advices, indicating continued deterioration in
the plant assisted in a still further rise that carried the
quotation up to 15.85c. by the 25th and finally the Department's report on condition Aug. 25, issued on the 31st,
was responsible for an advance of almost one-half cent, the
close being at 16.40c.
In early September the tendency of
values was downward, after the very sharp advance of Augut,
the increased crop movement having been no unimportan
element in the situation, but a recrudescence of unfavorable
crop reports later caused a recovery of most of the loss.
Opening at 16.30c. middling uplands declined to 15.15c. by
the 10th and then moved upward without any mentionable
setback until 16.15c. was reached on the 19th, but eased off
to 15.95c. on the 23rd and closed at 16e.
Prices made a
very considerable advance in October under the influence of
the Agricultural report, which indicated a further deterioration in condition during September, and pointed to a yield
(excluding linters) of only approximately 11^ million bales.
Early frosts in the Southwest were also of more or less
influence.
The tendency of prices was decidedly upward as
soon as the report was announced on the 1st of the month,
the quotation for middling upland on that day moving up
60 points, to 16.60e.; by the 7th a further advance to 17.10e.
occurred. The activity of a German submarine in American
waters at that time injected an element of uncertainty into the
market but it resulted in no important retrograde movement, the trend upward starting in again on the 10th and
by the 18th the quotation was up to 18.60e. A decline of
25 points on the 25th was quickly recovered and by the 24th
the price had risen to 19.30c. Between the 25th and 30th
there was a recession to 18.55c. but on the last day of the
month there was a recovery of 60 points, to 19.15c. The
month's range was from 16.60c. to 19.30c. During November there was a further_decided advance under crop news
and bull manipulation. After opening at 18.75c. (the low
simistic advices as to the progress of the crop, but the rapid
advance in values in Liverpool was also a very potent factor
in the situation.
Fluctuations were frequently very wide
and toward the close of the month the quotation for middhng
uplands reached a higher level than at any time subsequent
to Oct. 8 1869; the opening was at 22.65c., or 55 points up
from the May final, and by the 13th there had been a further
advance to 25.55c. By the 15th, however, there was a
recession to 24.90c. only to be followed by a jump to 26.95c.
in the next three business days.
The 20th witnessed a drop
of 115 points and there was a further decUne of 10 points on
the 21st, but this loss was more than regained by the 23rd,
when 27.15c. was reached. A loss of 55 points on the 25th
was fully recovered on the 26th, and on the 27th the high of
the month 27.40c. was scored. From that level there was
a decline to 27.15c. but the close was at 27.25c. July
opened with the Agricultural Department's report on
acreage and condition a factor at the start and the status of
the crop being reported more favorable than quite generally
expected, the market eased off.
In fact the immediate
effect was a dechne of 85 points from the June close, middhng
uplands ruling at 26.40c. on the 2nd and there was a further
drop to 25.45c. by the 5th. From that level there was a
rapid advance that carried the quotation up to 27.65c. by
the 14th, this being the high point of the season and the
highest quotation since Oct. 6 1869.
Thereafter the general
course of the market was downward, assisted by favorable
crop reports and the Russian situation, with the market
down to 24.60c. on the 30th and the close at 25.05c. The
opening price of middling uplands at New York for the
season was 13.35c., the lowest quotation was 13.35c. (Aug.
2\, the highest was 27.65c. (July 14) and the close 25.05c.,
with the average for the twelve months 19.12c. To indicate
how the prices for 1916-17 compare with those for earlier
years, we have compiled from our records the following,
which shows the highest, lowest and average prices of
middhng uplands in the New York market for each season.
-
i
Low.
High.
19.12
11.98
8.97
13.30
12.30
10.83
15.50
15.37
10.42
11.30
11.48
11.20
9.13
12.58
10.26
of
1900-01... ...12
1899-00... ...lOU
1898-99... ... 658
1897-98... ... 8I4
1896-97... ... 878
1895-96... ... 938
1894-95-. .-- 7%
1893-94...
8%,
1892-93... ...10
1891-92... ...
1890-91... ...I214
1889-90... ...1234
1888-89... -.ll%i
1887-88... ...11
1886-87...
UK.
1885-86... ..-1012
c.
9I4
5%,
5%
—
918
6K.
6X.
7%,
7%
7'/f.
8%
5 'At
6»X.
6%
7'^.
6%
8%
Average.
c.
8'/.
6I4
8'^
8
734
9^8
11%.
9%
10'/,
9%,
10%,
9I8
10
—
938
Below we give the total receipts and shipments of cotton
at the interior towns and the stock on July 31 of each year.
Year ending July 31 1916.
Year ending July 31 1917.
TOWNS.
Receipt.
Alabama, Eufaula.-
Montgomery
Selma
Arkansas, Helena
Little
Rock
Pine Bluff
Georgia, Albany
Athens
Atlanta
Augusta
Columbus
Macon
Rome
Louisiana. Shreveport
Miss. Columbus
Greenville
,
Greenwood
Meridian
Natchez
Vlcksburg
Yazoo City
Missouri, St. Louis.
N. C, Greensboro.
Raleigh
Ohio, Cincinnati
OKlahoma, Ardmore.
Chickasha
Hugo
Oklahoma
So. Caro., Greenville
Greenwood
Tennessee, Memphis
Nashville
Texas, Abilene
Brenham
Clarksvilie
Daiias
Honey Grove
Houston
;
Paris
San Antonio
1
Shipm'ts.
9,954
47,787
21,898
74,139
237,548
155,171
19,253
113,870
319,731
377,755
68,593
173,335
59.870
149,733
7,936
66,008
118,127
26,180
34,765
16,957
19,306
13,146
72,197
33,020
72,080
233,108
152,331
19,031
117,494
361,795
400,688
75,019
168,260
60,286
148,947
7,810
63,293
115,454
26,291
33,938
16,748
20,681
,037,867
85,644
12,516
195,944
,037,453
89,521
12,619
52,543
80,498
29,597
39,789
146,062
16,432
,335,690
10,456
54.330
24,291
44,006
131,665
39,649
,525,400
144,759
37,454
192,789
51,006
82,5.53
29 ,,579
41,470
144,752
18,186
,247,033
10,894
54,220
24,851
44,108
135,091
39,658
,525,136
144,848
37,458
Total. 41 towns--- 8,192,508 8,174,842
Shipm'ts.
Receipt.
Slock.
1.123
14,870
1,165
3.161
11,884
7,703
672
4,626
24,158
25,624
3,383
6,554
2,642
5,992
731
4.715
5.883
4.885
2,214
612
1,525
9.353
2,623
32
17,916
1,566
487
18
17,854
127,735
56,537
53,849
170,863
118,681
22,151
123,598
183.817
391,237
77,414
44,824
64,733
120,380
20,619
62.855
108,427
54,557
25,103
26,9.53
419
9,709
2,020
149,297
30,155
813,760
105,758
13,942
277,540
44,975
94.698
12,615
29,614
145,004
19,131
971,218
6.684
110
69,405
65
20,678
180
28,501
3,279
100,189
29,089
23.503 !. 104. 163
96,958
51,093
235
21,938
141,067
64,393
53,735
172,634
110,015
30,439
124,110
153,543
410,146
88.093
48.188
65,830
147,311
22,938
65,204
108,217
60,915
26,841
30,935
31.146
821,958
109,469
13.995
278,863
45,146
92,819
12,615
28.235
146.544
20,349
988,988
6,396
70,132
21,309
28,385
94,204
29,112
2,130.452
97,258
52.745
354,942 6,937,357 7,066,612
Stock
4.315
39,280
12,287
1,102
7,444
4.803
450
8,250
36,222
48,557
9,809
1,479
3.058
5.206
605
2,000
3,210
4,996
1,387
403
2,900
8,939
6,500
135
14,761
29
2,542
'2',i66
8,399
3,774
60,640
673
"""625
12
Liverpool.
Manchester
Belfast
Glasgow
Havre
Bordeaux
Rouen
Brest
St.
Nazaire
La
Paliice
ton.
New
d Sa- WilOrleans. vannah m'gi'n. Norfolk
""2",405
"2"3",424
Rotterdam
Copenhagen
Gothenburg
Bergen
Archangel
Lisbon
Oporto
Barcelona
Malaga
Corunna
Genoa
Naples
Leghorn
'"7",225
52,536
Mexico
Brazil
Ecuador
Venezuela
1,300
"9",45i
2'9'2",036
2.251
16,428
825
300
1,202
1,481
20,493
I.I...
r3",75i
8,000
33,458 18.087
23,960
2,000
l"63'.028
l"4"5",597
900
"7"6',555
56",38i
l"9"o",069
7,289
9,561
2,000
"l"6",494
""2".830
1.400
""'130
New Zealand...
Philippines
Canada
467,653
3.640
103,719
4.990
"""i87
1.400
187
""3,260
3,200
1.30
West
Indies
Africa
4.651
54.203
4.825
12,600
96.831
1,100
1,202
2,221
1,900
44,144
100 367,641
2.000
'"i",oo6
1,000
8,156 639,786
8,189
9,561
2,000
3.640
87,225
'"l",225
""'156
1.950
194.512
The Bank
note issue shows a decrease
Gold to the value of
$11,205,000 has been engaged in New York for shipment, of which over
.S10,000,000 is destined for Japan.
The Rhodesian gold output for June
1917 amounted to £302,195, as compared with £333,070 in June 1916 and
£299,271 in May 1917. The following explanation of the efflux of gold from
the United States of America to Spain Is given in "Financial America:"
"Pesetas at the present level show an actual premium of 20% in New
York. This is in part due to the fact that sterling is at a discount in Spain
and the Bank of Spain has been acting arbitrarily in its rates. There is
at present in Spain the largest holding of the precious metal in its history.
Great Britain is not parting with any gold except to this country. The
gold is flowing to Spain from New York as a commodity, the same as wheat
or cotton, and the decision of the Spanish Government last spring, in granting insiu-ance on Spanish vessels, gave the outward movement of gold from
the United States an added impetus. Spain, in common with other neutral
coimtries in Europe, has been selling largely to belligerents."
It is reported that an official annoimcement has been made at Dresden
to the effect that the lack of small change in the Kingdom of Saxony is
so pressing that 1,000,000 bank notes of the value of ten pfennig (at present
exchange under Md.) have been issued.
its
of £667,040 as compared with last week's return.
SILVER.
The market has shown
considerable steadiness, and the imdertone continues good. After a fall of }4d. to 395^d. on the 27th, the price remained
at that figure imtil the 31st, when an advance began which has carried the
quotation a penny higher. There has been a certain amount of genera
demand, which, coming upon a rather ill-supplied market, was difficult to
be met. The Shanghai exchange has risen to 3-lld. The stock In Bombay consists of 1,400 bars, as compared with 1,700 bars last week. The
stock in Shanghai on July 28 1917 consisted of about 20,600.000 ounces In
sycee and 15,100,000 dollars, as compared with about 19,700,000 ounces in
sycee and 15,100,000 dollars on July 21 1917. Statistics for the month of
July are appended:
Highest price for cash
41 Ji
Lowest price for cash
39M
Average price for cash
40.11
Quotations for bar silver per ounce standard:
July 27.
40^ cash
-39% cash Aug. 2
" 28Average
39.916 "
-39H
."
Bank rate
30.
.39^
5%
" 31.
Bar gold per oz. standard.. 77s. 9(1.
-30>^
Aug.
-40^
1.
No
quotation fixed for forward delivery.
The quotation to-day for cash delivery is J^d. above that fixed a week ago.
ENGLISH FINANCIAL MARKETS— PER CABLE,
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as foUows the past week:
Aug. 18. Aug. 20. Aug. 21. Aug. 22. Aug. 23. Aug. 24.
London,
Week ending Aug. 24.
Sat.
Silver, per oz
d.
Consols, 2 >^ per cents
British, 5 per cents
British. 41^ per cents
French Rentes (in Paris).. fr.
French
War
Loan,
5%
Paris)
The
Mon.
Wed.
Tues.
44"^
44
Holiday 56
44Ji
56
"
"
"
94H
94M
98
62.30
98
62.30
"
87.75
87.80
Thurs.
44=^
56
94>2
98
62.30
Frl.
44Ji
56
44J^
56 J^
94H
94M
98
97Ji
62.30
(in
fr.
price of silver in
New York on
86M
87Ji
87.80
same days has been:
the
88K
88k'
88K
88M
""l",225
150
1,950
194,512
#0mmjercial a ucXJia, iscellari-eisus "^zko^
DIVIDENDS.
following shows ail the dividends announced for the
future by large or important corporations:
Dividends announced this week are printed in italics:
The
Name
1866.468 1036,668 573,821 80.736 107.289801,4191254,840 5721,241
a Includes from Port Arthur to Liverpool, 40,667 bales. From Texas City to
Liverpool. 78.625 bales: to Havre. 115,532; to Genoa, 28,415; to Mexico, 310
From Eagle Pass to Mexico. 1,150 bales, d Includes from Brun.swick to Liverpool
118,023 bales; to Manchester, 3,111. x Includes from Newport News to Liverpool]
913 bales, k "Other ports" Include from Pensacola to Liverpool, 36.676 bales'
to Barcelona. 100.
From Mobile to Liverpool, 75,619 bales; to Genoa, 400. From
Charleston to Liverpool, 16.307 bales: to Oporto, 1,900: to Corunna, 1,000. From
Boston to Liverpool, 113,206 bales: to Manchester, 10,133; to Havre. 31,751; to
St, John. Ac. 4.027.
From Baltimore to Liverpool. 156,673 bales: to Manchester
10,379; to Glasgow, 100: to Havre, 2.384; to Genoa, 5,419; to Rotterdam 2 20o'
From Philadelphia to Liverpool. 30,613 bale.s; to Manchester, 6,102; to Glasgow
600: to Rotterdam, 1,400: to Copenhagen. 825; to Lisbon. 740: to Genoa. 2 337'
From Portland to Liverpool. 148 bales. From San Francisco to Japan, 165 044
bales: to Canada, 12; to Vladivostok, 17.893.
From Washington to Japan 295 299'
to China, 3.640; to Canada, 202: to Vladivostok, 69,332, and Manila, 1.950.
From
Pembina to New Zealand, 150 bales: to Japan, 1,761 bales. From Port Huron
Detroit, &c., to Canada, 190,271 bales.
of
Company.
Railroads (Steam).
Alabama Great Southern preferred
Per
When
Cent.
Payable
3
Preferred (extra)
Atch Top & Santa Fe. com. (au.) (No.49)
Atlantic Coast Lii.e Co., Conn, (guar.)
Baltimore & Ohio, common
Preferred
Boston & Albany (.guar.)
Canadian Pacific, com. (quar.) (No. 85)Prelerred
>4
Books Closed.
Aug.
Aug.
Great Northern (quar.)
Central (quar.) (No. 127)
Maine Central,
preferred (quar.)
Norfolk & Western, common (quar.)
North Peunsylvauia (quar .)
Pennsylvania RR. (quar.)
Phila. Germantown & Norristown (quar.)
IH
&
St. Louis
Pittst). Cln. Chicago
Ash., pref. (guar.)
Pills. Youngst.
Pittsburgh
&
& West
Va.. pref. (No.
—
(extra)
Preferred
Street and Electric Railways.
Central Arkansas Ry. & Lt., pref. (quar.)
Cent. Miss. Val. El. Prop., pref. (guar.)..
Cities Service
Common
,
com and
.
{pnynhle in
pref. {monthly)
cnmmon
stock)
216
2
2
I'A
Nov.
Sept.
Sept.
Sept.
I'A
$1
1^
Aug.
Aug.
Aug. 16
SI. 50 Sept.
2'A
Aug.
lA
Sept.
Sept.
m
1)
Reading Co., 1st preferred (quar.)
Southern Pacific Co. (quar.) (No. 44)...
Union Pacific, common (quar.)
Common
SI. 50
1^
IM
500. Sept.
lA
Oct.
Oct.
2
500. Oct.
Oct.
2
IJi
I
A
fA
Sept.
Sept.
Oct.
Oct.
Days
Inclusive.
Holders of reo July 2I0
Holders of rec July 21a
Holders of reo July 31a
Sept. 1
to
Sept. 9
Holders of reo July 21a
Holders of reo July 21a
Holders of rec Aug. 31a
Holders of rec Sept. lo
Holders of rec Sept. 1
Aug. 21
to
Sept. 3
Sept. 20
to
Sept. 25
Sept. 20
to
Sept. 25
Holders of rec Aug. 7a
Holders of reo Aug. 7a
Holders of rec Aug. 25a
Holders of rec Aug. 10a
Holders of reo Aug. 10a
HulUers of rec Aug. 31a
Holders of reo Aug. 15a
Holders of rec Aug. 15a
Holders of rec Aug. 28a
Holders of rec Aug. 31a
Sept. 22
to
Oct. 12
Holders of rec Aug. 6a
Holders of reo Aug. 15
Holders of reo, Aug. 31a
Sept.
Sept.
Sept.
Sept.
Sept.
2H Oct.
2
Oct.
75c. Sept.
Chestnut Hill (Quar.)
2
Sept.
Chicago Burlington & Quincy (quar.)...
Sept.
10
Extra
2
Sept.
Chicago Milwaukee <fe St. Paul, common.
3}4 Sept.
Preferred
IH Sept.
Cine. N. O. tS: Tex. Pac, pref. {quar.)
Cleveland & Pittsburgh reg. guar. (gu.). 87HC. Sept.
50c. Sept.
Special guaranteed (quar.)
3
Aug.
.Cuba RR., preferred
Sept.
Cripple Creek Cent., com. (qu.) (No. 31)
1
Sept.
Preferred (quar.) (No. 47)
Delaware & Hudson Co. (.guar.).
2H Sept.
8TAC. Sept.
Urie & Pittsburgh (quar.)
Illinois
Total
of England gold reserve against
Total.
"""740
4"6"0",343
'"7',3i6
""2",i66
'"3",666
of
of
Aug. 2 1917:
SilverinN. Y., peroz.--Cts.
Other
Ports.
"2"4',776
800
Vladivostok ...
Port Barrios
"
4,000
5,375
19.519
Piraeus
Japan
China
k
809,267 523,250 293,521 5,000 59,773 179.472 429,242 2299,525
277,756
27.234
9,555
21.568
26,614 362 727
17,154
17,154
"""500
'""700
300
1.500
2'5"2",250 214.296 l"5"8",652 19",355 "l"8",60i
254,673
34,143 951.970
4,150
4,750 12,668
21,568
6,600
6.600
6,597
6.597
7,268 ""4".268
11.536
7,354
7,354
Marseiiies
Chrlstiania
New
York.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular
Samuel Montagu & Co. of London, written under date
337,276
.
a Galves-
793
282
6,705
9
23,239
89
In the following we present a statement of the year's exports from each port, showing direction shipments have
taken. It has been extremely difficult to get at details
by ports from northern districts this year, but the totals by
countries are correct Similar statements have been given in all
previous reviews, and a comparison as to the extent of the
total movement at each port can be made with back years.
To—
H
GOLD.
7%
lOU
8%
Cotton at Interior Towns.
9=^
7'^fe
Low.
High.
Average.
13.35
9.20
7.25
11.90
10.75
9.20
12.30
12.40
9.00
9.90
9.60
9.85
6.85
9.50
8.30
Movement
H
THE CHRONICLE
AUG. 25 1917.
1916-17... ...27.65
1915-16... ...13.45
1914-15... ...10.60
1913-14... ...14.50
1912-13... ...13.40
1911-12... ...13.40
1910-11-.. ...19.75
1909-10... ...16.45
1908-09... ...13.15
1907-08... ...13.55
1906-07... ...13.50
1905-06... ...12.60
1904-05... ...11.65
1903-04... ...17.25
1902 03... -._13.50
1901-02... ... 97s
H
A
-
.
1
1
1
1
Holders
Aug. 21
Holders
Holders
Holders
Holders
Holders
Holdeis
Holders
Holders
to
of reo.
to
of reo.
of rec
of rec
of reo,
of rec
of reo,
of rec,
of rec
Holders
Holders
Holders
Holders
of
of
of
of
Aug. 19
Aug. la
Sept.
3
Aug.
Aug.
Aug.
Aug.
Aug.
20a
2O0
250
28a
31a
Sept.
Sept.
Sept.
la
la
la
rec. Aug. 15a
rec. Aug. 21o
rec. Sept. 15
rec. Sent. 15
THE CHRONICLE
794
Per
FCT
&
Electric Rys. (C»n""f;,''^-
^zi^^:^oZ^f^±j^^^^
common BtocK).(payable
Common
Id
Uotroll United Uy. ('iu"r>--''»•
p/. («")
Ironivood & Hcssemer Uy. *
(QU.) (No. 32)
Nor. Texas Eleo. Co., com
Protcrrod (No. 24)..-.-
prM
PhUadelDhla Company 5%
pret. (quar.)-.((.
Rochester Ry.
&
MkIiI,
WasM>wton(.D.C,)Rv
Preferred
When
mar.) --VwA'n
J^ Sept.
/>i Sept.
Sept.
Sept.
Sept.
I'/i
Sept.
1
Sept.
3
$1.25 Sept.
IVi Sept.
I'A Sept.
IK Sept.
I'A Sept.
IH
IH
Sept
Mame
Books Closed.
Days Inclusive.
I
Cent. \FavabU.\
Company.
Nariit of
street
Vol. 105
Miscellaneous (Concjuded).
llHolders ot rec. Aug. 15
1 HoldcrB ol reo. Aui«. 15
2r>a
1 Hol.lcrs ot rec. Auk.
10"
1 UoUlers of reo. AuK.
\'>a
Aug.
rec.
of
1 Holders
16a
1 Holders ot rec. Aug.
1 Holders of rec. Aug. 16a
1 Holders of rec. Aug. lOo
25a
1 Holders ot reo. Aug.
15 Holders ot rec. Aug. 31a
Aug. 16
Aug. 16
1
1
1.5
of reo. Sept.
Holders
6
Sept. 15 Sept.
to
Sept.
of
la
16
,
(quar.)
com.
LTkefftl^ Woods Milling,
La'rstn'Mono?;peMVchl£e-(qu^r_.)::
qu.)(No. 155)
T i. J. Coal & Navigation
(quar.)
l:rirt&MtJ?s Tobacco com
1
Lindsay Light,
common
—
Common
(quar.)
(extra).
(quar.)
Preferred
Magma Copper Co. (guar.)
Inclusive.
Sept. 15 Holders of reo.
Sept. 1 Holders of rec.
of rec.
IH Sept. 2'J Holders
Sept. 15 Holders of rec.
I'/t
Sept. 1 Holders ot rec.
2
ot rec.
IM Sept. llHolders
ot rec.
I'A Aug. 31 Holders
Aug. 31 Holders ot reo.
$1
Sept. 1 Holders of rec.
3
Aug. 31 Holders ot reo.
3
Aug. SLHolders of rec.
17
2
I
IK
50c.
Mahoning ^vestment
--;---:
Manatl Sugar, common (Quar ) (No. lu;
Manhattan Shirt, com. (quar.) ------Maryland Coal (extra) -.----(qtJar.;..
Maxwell Motor. Inc., 1st picl.
(quar.)
^ay Department Stores, common "'--"
Mergenthaler Linotype («««;) ({f",
(quar.)
Middle West Utilities, pref.
. . - - -
Days
250.
K-S;:i^rETi^i.!(^^(^o:7b)
(qua
YTirlede Ga.1 Light, com.
Books Closed.
When
Cent. [payable.
Company.
-
3
2H
1
Aug. 3llHolders ot
Sept. 29l Holders
Sept. 1 Holders
Sept. llHolders
Holders
Sept.
Aug. 22
Sept.
1
of
of
ot
ot
lo
Sept.
Aug. 2la
Sept. 14
Sept. 1
Aug. 25
Aug. 25
Aug. 21
July 310
Aug. 150
Aug. lo
Aug. la
Aug. la
rec.
rec. Sept.
rec. Aug.
rec. Aug.
Aug
rec. Aug.
7
24
29
200
Aug. 31
to
Holders of rec. Sept lOa
Aug 200
rec.
Holders ot
l\i
Miscellaneous.
Aug. 31 Holders ot rec. Aug. 20a
Holders ot rec. Sept 40
\%
2'A
Holders ot rec. Aug. 13a
Holders ot reo. Aug 15
Acme Tea, first preferred (quar.)
SI .50 Sept.
I'A
Holders of rec. Aug. 31a
Holders ot rec Aug 180
Adams Express (quar.)-.$1.50 Sept,
I'A
15o
Sept.
reo.
(quar.)
of
(tIU;^r-)----r
Holders
1st pref.
Holders of rec Sept .15
AJax Rubber, Inc.
MollnePlow.
75c. Oct.
IK
20)
Holders of rec. Sept. 15a
Oct.
Poicer. com. (quar.) (.Vo. 20).
Holders ot rec Sept 15
Amer. Bank Note, pref. <«"'"^:\--;;;
Montana
IH
(quar.)..
I'A
b
20).-.-----Holders of rec. Aug. 31a
.
Holders ot rec Sept
American Beet Sugar, preferred
Sept
Preferred (guar.) (No.
5
1
1.5a
(quar.).
Holders of rec. Aug.
Sept.
Holders of rec. Sept. 5
American Coal
/'„".r«^\"'
Montreal Cottons, common
1
I'A
(quar.)-.
31a
common
Aug.
21
Oil,
rec.
of
Aug.
llHolders
American Cotton
Holders of rec.
Preferred (quar.)
$1.50 Oct.
2
Holders of reo. Aug. 21a
American Express (quar.)
Holders of rec. Aug. 21
Sept.
Motor Service, com. (guar.)
2
I'A
of rec. Sept. l.'ia
Holders
(guar.)
Holders ot rec. Aug. 150
American Gas (quar.)..--.-----------.-.
Oct.
Preferred
IM
750
5U)
(No.
lOo
mar
----••
^
Holders ot reo. Sept.
Holders of rec. Sept. 280
Oct.
Amer. araphophorw. com. preferred
National Acme (quar.)
2H
--I'A
,77)-16
(No
Leather,
Oct.
(quar.)
to
Sept. 18
of rec. Aug. 170
Xinerlcan Hide &
Biscuit, common
Holders
Oct.
31
Nat.
Aug.
IK
I'A
(quar.)------Oct. 16
to
Sept. 18
Holders of rec. Aug. 210
American Locomotive, common
Preferred (quar.) (No. 78) ..
l?i Oct.
Sept.
'
I'A
(No. 13).
Sept.d21
to
,----,--; '"'„>"
Preferred (quar .)
Holders ot rec. Sept 80
$1.75 Sept. 29 Sept. 15
Nat Cloak & Suit, pref. (qu.)
pref-I'A Sept. 29
Sept.d21
(quar.)
Sept 70
to
American Pneumatic Service, first
75c. [Sept. 29 Sept. 15
Nat. Enamel. & Stpg.. pref.
Sept. 29 Holders of rec.
1
21
Aug.
(quar.).reo
of
--,-"'<" 7^'^.'
Holders
ot rec. Aug. 24
Lead, common
Scoond preferreil
Sept.
IslHoiders
National
1
Sept.
i
m
(No. 19)
\'A
10
Sept. 29
to
Sept.29|Sept.21
Amer. Power & Light, com. (qu.)
Preferred (quar.)
2 Holders of rec. Sept
3
\'A Oct.
Sept. 10a
American Radiator, common (quar.)
iJHolders ot rec Sept 20a
National Sugiir Refining (quar.)
50c Sept 20 Holders of rec.
Oct.
3
Sept. 3
/-„-;"
to
25
ot rec. Aug 15
American Seirer Pipe (quar.)
National Surety (guar.)
Wi Sept. 15 Aug.
IK Sept. 1 Holders
Aug. 19
24
to
11
Amer. Smelting & Refining, com. (qu.)-.
Nebraska Power, preferred (quar.)
IH Sept. 1 Aug.
Aug. 31 Holders ot rec. Aug. 4a
IH
la
Sept.
\reo.
ot
(quar
(quar.)
.)
Holders
Preferred
2
Holders ot rec. Sept.
River Co.. pref.
Oct.
21
New
--',",'„'„'
Sept.
lU.
(qu.)
2'A
ot rec. Aug. 18a
Holders of rec. Sept. 40
Amer. Sugar Refg., com. and pref.
New York Air Brake (quar.)
3H Sept. 11 Holders
2'A Sept. 21
240
Holders ot rec Aug :Ua
;-,
Amer. Sumatra Tobacco, preferred
Sept
Extra (quar.)
Sept. 1 Holders ot rec. Aug.
IK
1
1.5a
(qu.)
iquar.)
22
Cable
Aug
rec
pref.
L.&Pow.,
American Teie'jraph *
Sept. 1 Holders of
,V Y & Queens Elec.
Oct. 15 Holders of rec. Sept. 22
5
4
(quar.) ...
20
common
Aug
rec
Sept.
of
Tobacco,
Holders
(quar.)
rec.
Transit
American
25
Holders ot
York
Aug.
15
New
Oct.
1>K
2
(qu.)
to Sept .20
7
Am. water Works & Elec, 1st pref.
Aug 27 Holders of rec. July 21a
Sept. 20 Sept.
$2
3
15a
Sept. 150
1 Holders of reo. Nov
NileS'Bement-Pond, com. "(qu.) (No- 61)
Anaconda Copper Mining (fjuaj .)------1 Holders of rec.
Oct.
1}^ Deo.
IK
(No.
Upref.
54)--.
20a
(No.
Aug.
Aug. 20a
Associated Dry Goods, 1st
Sept. 15 Holders of rec.
North .-^-merican Co. (quar.)
5
Sept. 1 Holders of rec.
\'A
(qu.)
9
Sept.
pret.
Nov. 20O
to
(quar.)
Corp.,
rec.
Electric
10 Sept. 1
Ohio
Holders ot
Atlantic Refining
Sept.
Northern
30
2
Nov.
/20
-Sept. y
to
of rec. Aug. 23
NovaScotiaSt.&Coal, com.(pay.com.stk.)
Atlas Powder, common (quar.)Sept. 10 Sept. 1
1 Holders
3
Sept.
1
15a
(quar.)-15o
1 Holders of rec Sept.
Common (extra)
Ogilvie Flour Mills, Ltd., pref.
81.25Sept. 1 Holders ot reo. Aug. 15
2H<J Oct
15a
rec. Sept.
1 Holders of rec Sept.
Bethlehem Steel, common (quar.)
Oct
Ohlo Cities Gas. common (quar.)
1 Holders of
Oct.
lu
15a
Sept.
25
(quar.)
of
rec.
(guar.)
Aug.
B
rec
Common, Class
Ohio Cities Gas pref.
IM Oct 1 Holders
$4.75 Sept. 20 Holders of
22a
;--;";""
Preferred (quar .)
Sept. 1 Holders of rec. Aug.
20 Holders ot rec Aug. 25
Ohio Oil (quar.)
Sept.
$1
25
$1
(.Quar)
1
Sept. 16
of rec Sept
to
Blacksione Val. Gas & Elec. corri.
7
Extra
r-IH Sept. 15 Holders
IK '-Sept. 15 Sept.
(iVo. 63).
180
See note i"
Borden's Cond. Milk, pref. (««)
Sept. 29
Pabst Brewing, preferred (quar.).
Sept. 1 Holders of rec. Aug.
6
IK
13a
ordinary
..--Sept.
(quar.)
Tobacco,
rec
of
preferred
of rec. Sept. 19
Brilish-America'i
1 Holders
Pacific Mall SS.,
llHolders
Oct.
Oct.
IH
IK
ot rec Aug. 21a
10
Brooklvn Union Gas (quar.).
Pennsylvania Water & Power (qu.) (No. 15)
I'A Sept. 1 Holders
Aug. 25 Holders of rec. Aug.
1
Aug 25
Aug. 180
BrownShoe, common (quar.)
Sept. 15 Holders of rec.
People's Gas Light & Coke (quar.)
Sept. 15 Holders of reo.
$2
43.750
31a
-.-------"„;"
Aug. 31
to
Buckeye Pipe Line (quar.)
Philadelphia Electric (quar.)....
Sept. 15 Holders of rec. Aug
IK Aug. 31 d\ug. 19
(No. 2). 500.
Sept. 20
Aug. 31
19 to
Calif. Packing Corp., com. (qu.)
1 Holders of reo.
Pittsburgh Brewing, preferred (quar.)
1?4 Oct.
ftK Aug. 31 dAug.
(quar.).dividends)
Sept.
pref.
7
Corp..
rec.
Aug. 150
of
accumulated
rec.
Packing
Holders
ot
California
Pret. (account
Sept. 24
1 Holders
Sept.
$2
,
c
f
IK
^
Aug. 150
Calumel & Arizona Mining (guar.)
Pittsburgh Steel, preferred (quar. )...--- oi
Sept 24 Holders of rec. Sept
Sept. 6 Holders of rec
""'
31a
(quar.).Aug.
Aug. 150
Extra
Porto Rican-American Tobacco
75c Sept. 15 Holders of rec
Sept. 5 Holders of rec.
I'A
31a
28)Aug.
(No.
(quar.)
rec.
of rec Aug. 24
Cambria Steel (quar.)
Holders
Pressed Steel Car, com.
1
75c Sept. 1 Holders of
Sept.
30c.
lo
Sept. 20
Oct.
10 to
- - - - - - -.-.
Extra
Pure Oil (guar.)
[Oct. 15 Holders of rec
lA Oct. 1 Sept.
3
lo
Sept. 20
to
Canadian Locomotive, com. (No. i) -Quaker Oats, common (quar.)
1 Sept. 10
30 Holders of rec Nov.
Inov.
I'A Oct.
lA
14
10
Nov.
to
11
Preferred (quar.)
Preferred (quar.)
Aug. 31 Holders ot reo. Aug. 310
I'A Nov. 15 Nov.
lA
14
(quar.)
Nov.
(quar.)
ot rec. Ane.
Carbon Steel, common
Oats, preferred
Holders
Quaker
Nov. 15 Nov. 11 to
24
Sept.
2'A
$5
--rec. Sept. 10a
.,
of rec. Sept, 15
Common (extra)
1 Holders ot
Quincy Mining (quar .)
I'A Oct.
IK Sept. 29 Holders
Aug. 31a
Case (J. I.) Thresh'g Mach., pref. (qu.)
Holders of rec. Sept 5
Railway Steel-Spring, common (guar.)
Sept. 14 Holders of rec.
20
Sept.
IK
IK
(quar.).|
rec. Sept. 10
-,- "
of rec. Oct. 150
Central Foundry, ordinary pref.
Preferred (quar.)
1 Holders of
"C 'i^r^: 'a\
I'A Oct.
lA Nov. 1 Holders
17a
-----Sept. 150
Central Leather preferred («uar.)
Republic Iron & Steel, com. (qu.) (No. 4)
Sept 1 Holders ot reo. Aug.
1 Holders of rec.
Oct.
$1
IK
7)..
(No.
17a
Aug.
(quar.)
rec.
of
Copper
56)
(No.
Pasco
Holders
Cerro de
Holders of rec. Aug. 28
Preferred (quar.)
50c. Sept. 1
Sept.
$3
Sept. 20
to
Extra
Roanoke Water Works, preferred
1
--","'Z'\
200, Oct.
75c Sept. 20 Sept. 9
Sept. 5a
^-SePt. 20
to
Charcoal Iron Co. of America, com. (.quar.)
Sept. 20 Holders of rec.
St. Joseph Lead (quar.)
3
Se'pt. -201 Sept. 9
50c
5a
amort.)
(quar.)
Sept.
for
rec.
ve
Aug. 310
Chesebrough Manufacturing
Speoial (dlstrib. from res
500 Sept. 20 Holders of
Sept. 15 Holders of rec.
lA
10
Sept.
common
Aug. 31
to
Corporation,
rec.
1
Extra
Savage Arms
Sept. 10 Sept.
15 Holders of
Sept
IH
IK
31
Sept. 10
to
1
Childs Company, common (.quar.)
First preferred.15 Holders of reo. Aug.
Sept
I'A Sept. 10 Sept.
IH
Aug. 28
Holders of rec. Aug. 15
Preferred (.quar.)
Second preferred
Sept. 1 Holders of rec.
I'A Sept. 1
IK
29a
pref
Sept.
Brewing,
reo.
Aug. LSa
ot
Cleveland & Sandusky
Smart-Woods, Ltd. (quar.)
Sept. 1 Holders of rec.
A Oct. 15 Holders
6
Aug. 31a
of rec. Sept 12
Colorado Power, common (quar.)
Southern Pipe Line (quar.)
Holders
Sept. 15 Holders of rec.
29
Sept.
\'A
5
-----Holders of rec Aug. 22a
of rec. Aug. 21
Preferred (quar .)
South Penn Oil (quar.)......
-.--.--."x
I'A Sept
IK Sept. 1 Holders
9a
of rec Aug.
Aug 31
Conreclicut Power, pref. (quar.) (No. l»)Southwestern Power & Light, pret. (qu.)
Sept. 15 Holders of rec.
i'A Sept'. 15 Holders
I'A
(quar.)
27
Aug.
(quar.)
Aug 210
Consolidated Gas (N. Y.)
Standard Gas & Electric pref.
Sept ,17 Holders of rec
Aug. 31 Holders of rec. Aug. 210
3
1
30
-----June
(quar.)
rec
(quar.)
ot
;--.-";
common
Conti e ital Oil
Standard Milling,
1 Holders
31 Holders of rec
Oct.
Aug.
6
/I
of rec June 30
of rec Aug. 21a
Continental Paper Bag, com. (extra)
Common (payable in common stock)
lA Nov. 1 Holders
lA Aug. 31 Holders
Aug 15a
Aug.
of rec June 30
Common (extra)
Preferred (quar.) (No. 31) ------ ----Sept. 15 Holders of rec.
I'A Nov. 1 Holders
2A
22
Aug
(No.
35)
rec.
Aug. 31
to
Preferred (extra)
Standard Oil (California) (quar.)
$1.50 Sept .15 Holders of
.-^ug. 31 Aug
3,
22
41)
Aug
(No.
rec.
(quar.)
(quar.)
ot
Aug. 31
Co.
to
Copper Range
r iidard Oil (Indiana)
Aug.
Sept,.15 Holders
31
$1
Aug.
3
reo. Aug. 20
Sept 15
to
Extra (No. 42)
i" itra
Sept
15
8=40 Sept 1 Holders of
Sept.
3
Sept. 16
to
Sept 15
to
Cosden'& Co.. preferred (guar.)
cjlaudardOil (Kansas) (quar.)
75c Sept .15 Aug. 23
Sept. 15|Sept.
2
16a
Aug.
Aug. 20O
,,:---.
Crescent Pipe Line (quar.)
Extra
Aug. 31 Holders of rec. Sept. 15a
Sept. 15 Holders ot rec.
h2
5
diva.)
acoum.
rec.
-----(acct.
of
pref.
(quar.)
of reo. Aug. 24a
Crucible Steel,
Holders
Standard Oil of N. J.
Sept. 29 Holders
15
I'A
Sept.
3
.
Sept 19
ot rec. Sept. 12a
to
Crucible Steel, pref. (quar.) (No. 60)
Standard Oil of New York (quar.)--1
1 Sept.
Oct.
2H Oct. 1 Holders
3
Sept. 12a
Sept 19
to
Cuban-American Sugar, com. (quar.)-1
Standard Oil (Ohio) (quar.)
1 Holders of rec.
1 Sept.
Oct.
10
Oct.
1
12a
Sept.
rec.
.Common (extra)
Holders of rec. Aug. 20a
Extra
1 Holders of
„, ,
Sept.
I'A Oct.
1
14
(quar.)
Sept.
common
to
6
of rec. Aug. 20a
Preferred (quar.)
Studebalier Corporation,
IK Sept. 15 Sept.
IK Sept. Holders
Oct. 20
Preferred (quar.)
Cudahy Packing, common (quar.)Holders of rec. Sept. 10
Nov. 1 Holders of rec.
Oct.
3A
2
of reo. Aug. 15a
Seven per cent preferred
Holders of rec. Aug. 220
Swift & Co. (guar.) (No. 125)-----I'A Sept. 1 Holders
I'A Sept.
Aug. 31a
Deere & Co., preferred (quar.)
Tennessee Eastern Electric Co., pref. (guar.)
Holders of rec. Aug. 220
Sept 15 Holders of rec.
2
Sept.
---\A
17
Sept.
rec.
(guar.)
(quar.)
of
Diamond Match
Holders of reo. Sept. 22
Texas Gas & Elec. Co.. pref.
1 Holders
Oct.
Oct.
I'A
4
rec. Oct.
1
Thompson-Starrett Co., preferred- ----Dominion Glass. Ltd.. preferred (quar.)...
Holders of rec Aug. 31
Oct. 15 Holders of
Sept.
2'A
IK
reo. AUg. 18
Sept. 15a
Eastern Steel, common (quar.)
Tooke Bros.. Ltd.. pref. (quar.) (No. 19)-., Holders of reo
Sept. 1 Holders of
5
Oct.
IH
Sept.
(quar.)
1
reo.
Sept. l-^o
Common (extra)
Underwood Typewriter, common
1 Holders of rec.
Sept .15 Holders of
Oct
IK
IK
31a
(quar.)
July
preferred
reo.
of
of rec. Sept. 5
First and second
Preferred (quar .)
Holders
Sept 1 Holders
15
Se"pt.
5
lA
of reo. Aug. 31a
of rec. Aug. 30a
Eastman Kodalc common (extra)
Union Bag & Paper, pref. (guar.)
2A Oct. 1 Holders
2A Sept.25;Holders
Aug. 31a Union Tank Line
,--,"";
Common (quar.)
ISiHoldcrs of rec. Aug. 31a
1 Holders of rec.
Oct.
Sent
\A
IK
31
(qu.)
--Aug.
to
Preferred (quar .) United Cigar Stores of Amer., pret.
Holders of rec. Aug. 150
Sept 1 Aug. 21
IH leptlllHolders
Aug. 25a
ot reo. Sept. 140
Fairbanks, Morse & Co., pref. (quar.)-.
United Drug, second preferred (quar.)
,15 Holders of rec.
Sept
Oct
IK
lA
20
rec. Sept, 12
United Dyewood Corp., common (quar.)- u\
Federal Mining & Smelt., pref. (quar.)..
Holders of reo. Jiiiv
Sept .15 Holders of
28
Aug.
IK
la
rec. Aug, 31a
Oct.
Common (Red Cross dividend)
Federal Sugar Refg., common (quar.)15 Holders of rec.
Sept. 29 Holders of
Oct
3
I'A
31a
Aug
15
rec.
rec. Aug.
Galena-Signal Oil. common (guar.)
United Paperboard, preferred (quar.)
Sept. 29 Holders of
Sept. 1 Holders of
2
15a
15a
Aug.
rec.
----ot
(extra)
Aug.
Holders
}^^- Sept 1 Holders of rec.
Preferred (guar.)..
United Profit Sharing
IK Sept. Holders
31-=;
of rec. Aug. 22a
of reo. Sept 150
General Asphalt, pref. (quar.) (No. 41)
U. S. Envelope, common and preferred
Sept.
2
IK Sept. 30 Holders
(quar
of rec. Sept. 18
.)
Aug. 200
.preferred
Holders
Gypsum
General Chemical, common (quar.)
U.S.
1 Holders of rec.
Oct
\'A Oct.
16
24a
Aug.
(quar.)
Oct. 200
Holders of rec.
General Chemical, preferred
U. S. Industrial Alcohol, common
Dec 1 Holders ot reo.
I'A Sept. 1
16
15a
Aug.
(quar.)
rec.
of
pref.
of rec. Aug. 16
Common
Holders
General Cigar, Inc.,
1
Sept 1 Holders
Sept.
2
lOo
rec. Sept. loa
of rec. -^ug 16
General Development (quar.)
U. S. Steamship (bi-monthly)
Oct. 15 Holders of
2
5c. Sept. 1 Holders
Sept. 30
Sept. 4
to
to
Extra
General Electric (quar.)
1 Sept 21
Sept 29 Sept. 1
t2'A Oct.
IK
16
Sept.
(quar.)
to
Sept. 4
to
United States Steel Corp., com.
General Petroleum (nuar.)
iept:29Sept. 1
Sept 15 Sept. 1
\A
3
16
Sept.
-..-----to
(quar).
1
(extra)
o rec. Aug. 60
Common
Holders
15 Sept.
Globe Soap, common
30
Sept.
Aug.
IH
IK
Nov. 5a
stocks (qu.)
rec. Sept. 8
Preferred (quar.)
First, second and special pref.
Nov. 15 Holders of rec.
1
Sept. 24 Holders ot
$1
of rec. Sept. 21a
Utah Consolidated Mining (quar.)Goodrich (B. F.) Co., common (quar.)-.
Holders of rec. Aug. 15
1 Holders
Oct.
IK
15
2.5
Aug.
of rec.
of rec. Sept. 10
Victor Talking Machln e.com. (spedal)
Preferred (quar.)
2A Sept. 1 Holders
10c. Sept'ii Holders
15a
Wavland Oil & Gas. common (quar.) --27 Holders of rec. Aug.
IrHolders ot rec. Aug. 150
Great Northern Paper
Aug.
Sept'.
2
ot rec. Aug. 20o
of rec. Aug. 150
White (J.G.) Co.. prof, (qu.) (No 57)-Greene Cananea Copper Co. (quar.)...lA Sept. 1 Holders
IK Sept 1 Holders
rec. Aug. 1.5a
Aug. 15a
Whlte (J.G.) Engiu'g. pf. (qu.) (No. 18)
Harbison-Walker Refract., com. (quar.)1 Holders of rec.
Aug. 25 Holders of
6
sipt
IK
10a
Oct
IS)
(No.
rec.
Sept. 150
White(J.Q.)Mgt.Corp.. pf.(qu.)
Common (extra)
Oct 20|HoIdere of
Sept! 29 Holders of rec.
\A
$1
15a
--Aug.
rec.
31
ot
Aug.
to
^Tiite Motor (qu.ar.)
Preferred (quar.)
23
1 Holders
Aug.
Sept.
1
Sept.
IK
3
Aug 20a Wilmington Gas, preferred
- -Aug. lOa
;<,--«,-;
Hartman Corporation (quar .)
31 Holders of rec.
Aug.
1 Holders of reo.
1
Sept
2
1,5a
(qu.)
Sept.
rec. Sept. 100
Woolworth(F.W.)Co.,com.(qu.)(No.21.)
2 Holders of reo.
Hart Schaffner & Marx. Inc., com.
75c Oct.
IK Oct 1 Holders8 of to
rec. Aug. 24
Sept. 9
Preferred (quar.)
Haskell & Barker Car (quar)
Sept 1 Holders of
3
Sept. 29 Sept.
SI
20a
Aug.
rec.
of
'i^'akefieldCo.V'ef.---.
(guar.).
SeDt. 9
to
Yukon- Alaska Trust
Hemi'ood Bros. A
65c Aug. 25 Holders
TAa. lsept.29!seDt. 8
Aug.
30
516)
(No
(monthly)
to
24
(jiuar.'i
Mining
YukonGoldCo.
Aug.
31
Homestake
Aug.
87HC
l
(qu.)
Sept.
rec.
Independent Brewing (Pittsb.) pref.
IK Sept .15 Holders of
^ax-^^d^Cor-of rec. Sept. 1
& Less British income
Indian Refining, P^ferred (quar ft5K Sept. 15 Holders of reo. Aug. 10a
dividends)
a Transfer books not closed for this dividend
accumulated
Holders
Pret. (account
Sept.
2
'/
Payable
'°
on
e Payable In stock.
-------rection.
in orter !n\ondon
Holders of rec. Aug. 16
ea^^^^^
=°;f™°,"received
iTransfersreceu
Inland Steel (quar .)
IK Sept.
/quarO-acco.int of accumulated dividends
^^
of reo. Aug. lOa
On
h
Holders
m^^^^^^^
Internat. Cotton Mills, pret.
for
pay
Sept.
passed
1
(qu-) (No. 42)-or before Sept. 8 will be In t^e to be
Holders of rec Aug. lOa
Int. Harv. of N. J., pfSept.
1
'1™S stockhoiaers ^°
(No. IS)
i^,e^io% payable
u Special dividend for the purpose of ^"f
Holders of rec Aug. 16a
Int Harvester Corp., pref. (qu.)
SlOO.OOO.OOUiuna.
Sept.
$1.50
i.s'^orWtio'i
\la
to theRedCrnss
thesime
of rec Sept.
Holders
International Nickel, common (quar.).Oct.
1.
Oct.
beginning
.-..----.--in quarterly Installments
Internationnl Salt (quar.).
iQrint
1 3^
r^r<-t f"" 1 (nn.-7^
Interstate Flee. Corn
^^^i^;rn^^riv5;%':.^.^°f-.r(Na:ii)
Trust Companies.
(quar.)
Lawyers' Title Insurance
&.
Trust
114.
Oct.
1
Sept. 16
to
Oct.
1
V
3
1%
Oct.
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Sept
Sept
Sept
Sept
Sept.
Oct.
.
.
.
.
.
.
.
.
.
,
—
.
.
.
,
.
:
,
,
—
.
—
:
.
,
.
.
,
m
,
.
,
.
.
.
m
I
.
m
.
—
U
.
Aug. 25
.
THE CHRONICLE
1917.
—
Auction Sales. Among other securities, the following,
not usually dealt in at the Stock Eichange, were recently sold
at auction in New York, Boston and Philadelphia:
By
Messrs. Adrian H.
MuHer &
Bonds
S43,000 Bitter Root Valley Orchartis, Inc., 1st
By
Messrs. Francis HenshavV
Shares.
Stocks.
S per sh.
10 National Shawmut Bank
205
4 Hood Rubber, common, rights. 4>|
By
Shares.
&
Messrs. Barnes
&
Sons,
&
ret.
New
York:
..$500 lot
Gs...
Co., Boston:
Bonds.
SI, 000
Per cent.
Kansas City Rys.
1st
EXTENSION OF CHARTER.
Until close of busi-
ness Aug. 13 1937.
Lofland, Philadelphia:
60 Montgomery Real Est., S50 ea.S5 lot
50 Continental Passenger Ry
115
4 Phlla. Bourse, com., S50 each..
5§^
3 Phlla. Bourse, pref., §25 each.. 20
32 Jenklntown Water Co., S50 each 45
20 TheHecla Mining Co
S17 lot
12 Jenklntown National Bank
ISO
20 Farmers' Trust Co.. Mt. Holly-120
10 Market St. Title & Tr.. S50 ea_103M
5 Mutual Trust Co., S50 each... 30
10 Phlla. Co. for Guar. Mtges
160
6 Fire Assoc, of Phlla., S50 each-307H
50 People's Nat. Fire Ins., S25 ea. 15
5 Independence Fire Insurance
Security. S25 each
22
50,000
50,000
50,000
25,000
75,000
Conversion of State Banks:
The Blaine County National Bank of Hailey, Idaho. Capital.. 50,000
Conversion of the Blaine County Bank of Hailey.
The First National Bank of Bovey, Minn. Capital
25,000
Conversion of the First State Bank of Bovey.
Total capital
$600,000
The Woodsville National Bank, Woodsville, N. H.
Spersh. Shares.
Stocks.
The Ph-st National Bank of Woodridge, N. Y. Capital
The Hartshorne National Bank, Hartshorne, Okla. Capital
The First National Bank of Lykens, Pa. Capital
The Farmers' National Bank of Orangeville, Pa. Capital
The First National Bank of West Bend, Wis. Capital.
5s,
... 89
1944
795
Stocks.
$ per sh2 Philadelphia & Trenton RR...232)^
152
3 John B. Stetson, preferred
The
4 H. K. Multord S50 each
70
5 New Street Bridge of Bethlehem,
250
SSOeach
12 United Gas & El. of Conn. 1st pf 56
Bonds
PcT c&y^t
$700 City of Philadelphia 4s, 1938.100
2,000 City of Lancaster 3Hs, 1934. 92
500 Boro.ofCoatesvilleref.4s,'41 95
2,000 Bangor & Aroostook RR.1
1st 53, Washburn Exten., 1939. >$2,500
lot
4,600 Beach Haven Realty 2d 6s,
1925
1.000 Lancas.&Berks.Ry.lst5s,'44Sllot
.
RE-EXTENSION OF CHARTER.
First National
1937.
Bank
of
Until close of business Aug. 14
Rome. Ga.
—
Canadian Bank Clearings. The clearings for the week
ending Aug. 16 at Canadian cities, in comparison with the
same week in 1916, shows an increase in the aggregate of 8.2%.
'
Clearings at
Week
—
er
ding August 16.
Inc. or
Dec.
1917.
1916.
%
$
69,935,063
42,975,867
44,622,032
5.904,465
4,480,683
4,114,028
2,273,801
4,027.296
1,836,202
4,191,906
1,858.357
1.478.290
1913.
1914.
I
Canada
)
—
National Banks. The following information regarding
is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS FOR CHARTER.
For Organization of National Banks:
The Farmers' & Mechanics' National Bank of Mobile, Ala.
national banks
Capital
The Farmers' National Bank of Scobey, Mont. Capital
The National City Bank of Chelr-ea, Mass. Capital
The First National Bank of Marked Tree, Ark. Capital
The Flora National Bank, Flora, 111. Capital
For Conversion of State Banks:
The First National Bank of Mesa, Ariz. Capital
Conversion of the Mesa City Bank, Mesa, Ariz.
The Bathgate National Bank, Bathgate, N. Dak. Capital
Conversion of the Bathgate State Bank.
The First National Bank of Welch, Okla. Capital
Conversion of the Bank of Welch.
The First National Bank of Parshall, N. Dak. Capital
Conversion of the First State Bank of Parshall, N. Dak.
The First National Bank of Silverton, Ore. Capital
Conversion of the People's Bank of Silverton.
Total capital..
$100,000
25,000
100,000
25,000
50,000
$100,000
25,000
25,000
25,000
35,000
Montreal
Toronto
Winnipeg
Vancouver
80,866,747
53,742,774
33,737,893
8,452,399
5,252,974
3, 445, -202
2,653,231
5,137,699
1,764,749
5,654,766
2,139,097
1,647,861
2,475,493
2,499,066
474,231
1,577,607
947,923
972,185
775,501
577,639
335,578
483,711
586.168
626.940
521,252
Ottawa
Quebec
Halifa.x
.
.
Hamilton
St. John
Calgary
London
Victoria
Edmonton
Regina
.
Brandon
Saskatoon
Moose Jaw
Lethbridge
Brantford
Fort WiUitim
New Westminster
.
Medicine Hat
Peterborough
Sherbrooke
Kitchener.
Total Canada
4,0.55.099
2,277,233
619.690
1.228,281
958.730
670.009
457,330
612.037
301.566
352,190
519,575
582.089
453,275
217,248.6861200,785.094
%
+ 15.6
+ 25.1
—24.4
+ 43.2
+ 17.2
—16.3
+ 16.7
+ 27.6
—3.9
+ 34.9
+ 15.1
+ 11.4
—39.0
+ 9.8
—23.4
+ 28.4
—1.1
+ 45.1
+ 69.5
—5.7
+ 11.3
+ 37.2
+ 12.8
+ 7.7
+ 15.0
+ 8.2
$
52,232,179
33,503,589
14,719,492
5,022,179
3,368,780
3,403,419
2,187,763
3,127,656
1,499,315
2, .535,906
1,750,666
1,328,728
1,720,073
1,477,138
384,631
780,406
631,491
324,271
451,972
414,699
219,931
192,245
365,202
S
44,988,575
33,916,704
19,634,681
8,117,574
3,934,693
3,368,328
2,132,853
2,730,967
1,402,087
3,463,026
1,830,440
2,370,998
2,648,561
1,733,140
434,869
879,701
757,003
402,211
489,744
805,149
354,425
438,434
324,455
131,641,731 140.158,618
.$510,000
—
CHARTERS ISSUED.
The American National Bank of Baxter Springs, Kan. Capital.. $50,000
The First National Bank of Tipton, Okla. Capital. .
25,000
The Union National Bank of Friendship, N. Y. Capital
100,000
Succeeds The First National Bank and the Citizens' National
Imports and Exports for the Week. Under instructions from the Treasury Department the issuance of weekly
totals of imports and exports of merchandise and specie hy
The Farmers' National Bank of Big Sandy, Mont. Capital
The First National Bank of Froid Mont. Capital
.
The Mountains National Bank of Tannersville, N. Y. Capital..
definitely.
Under the circumstance our usual compilation is
omitted until such time as the figures may again be given out.
Bank, of Friendship, N. Y.
,
The Federal Reserve Banks. — Following
is
50,000
25 ,000
25,000
the
New York Custom House
the weekly statement issued
have been suspended
by the Federal Reserve Board on August
in-
18:
Substantial increases in bills held, including both paper discounted and acceptances purchased in open market, also large net withdrawals of
Government deposits are indicated by the Federal Reserve Board's weekly bank statement as at close of business on Aug. 17 1917.
Member banks' reserve deposits show a gain almost as large as the loss shown in Government deposits. New York and some of the interior
banks reporting considerable increases in reserve deposits. Acting as fiscal agent for the Government, New York paid during the week 90 millions
to the allied Governments of Great Britain and France, while an additional 20 millions was transferred from the banks to Washington for account
of the Treasurer of the United States, part of these funds coming from depository banks. Large amounts received by the Federal Reserve banks
on account of the third instalment (30%) of the Liberty Loan, were redeposited with qualifying member and non-member banks. Aggregate gold
and cash reserves show but little change, though there has been considerable shifting of reserves from New York to other Federal Reserve banks.
The ratio of cash reserve to net deposits declined during the week from 79.3 to 77.4%, while the note reserve percentage shows a rise from 90.1
to 91.'7%.
Discounted paper on hand increased about 9.7 millions, most of the banks reporting considerable gains under this head. Of the total on hand
44.7 millions, as against 44.1 millions the week before, is represented by member banks' collateral notes. Neaiiy 25% of these notes were seciu-ed
by United States Liberty Bonds or United States Certificates of Indebtedness, the total, 11.1 miUions, being about 1.5 millions below the corresponding total of a week ago.
Acceptances on hand show a gain of about 5.5 millions, Boston, Philadelphia and San Francisco reporting the largest additions to their holdings
of this class of paper. The increase in United States bonds on hand is probably of a temporary character pending the final allotment of Liberty
bonds to ultimate purchasers. Holdings of municipal warrants indicate continued liquidation.
Total earning assets show a gain of about 17 millions and constitute 647% of the banks' paid-in capital, compared with 620% shown the
week before. Of the total. 41.3% is represented by acceptances, 38.2% by discounts, 20.2% by U. S. securities, and 0.3% by warrants.
Admission to membership in the system of the State Bank of Chicago and liquidation of some member banks in other districts account for
tne increase of S123.000 in capital account. Government deposits with the New York Bank declined about 61.1 millions and with all banks about
30.3 millions. The smaller decline in total Government deposits is evidently due to the large installment payments received by the other banks
on. account of the Liberty Loan, a portion of which is still on hand. Member bank reserve deposits increased 29.2 millions, all the banks, except
Philadelphia, Richmond and Kansas City, reporting appreciable gains for the week.
Kansas City reports an increase in its liability on account of Federal Reserve bank notes in circulation from $4,182,000 to $4,907,000. Federal Reserve agents give a total of $613,646,000 of notes outstanding, secured by $502,588,000 of gold and $120,711,000 of paper.
The banks
report a total actual Federal Reserve note circulation of $558,782,000, an increase of $9,538,000 for the week.
The figures of the consolidated statement for the system as a whole are given in the following table, and in addition
we present the results for each of the seven preceding weeks, together with those of the corresponding week of last year, thus
furnishing a useful comparison.
The earlier figures have been revised in order to conform with new form adopted by the
Federal Reserve Board as of June 22. In the second table we show the resources and liabilities separately for each of the
twelve Federal Reserve banks. The statement of Federal Reserve Agents' Accounts (the third table following) gives details
regarding the transactions in Federal Reserve notes between the Comptroller and the Reserve Agents and between the latter
and the Federal Reserve banks.
Combined Resources and Liabilities of the Federal Reserve Banks at the Close of Business August 17
Aug. 17 1917. Aug. 10 1917. Aug. 3 1917. July 27 1917. July 20 1917. July 13 1917.
RESOURCES.
Gold coin and certificates In vault
Gold settlement fund
Gold with foreign agencies.
Total gold held by banks
Gold with Federal Reserve Agent
Gold redemption fund. .
Total gold reserves
Legal tender notes, silver,
&c
—
.
260,926,000
110,001,000
912.346,000
428,338,000
12,687,000
894,240,000
413,715,000
9.748,000
882,471,000
402,693,000
9,402,000
370,927,000
152,036,000
1,991,000
1,374,-583.000 1,370,942,000 1.367.673.000 1,362,263,000 1,380,020,000 1,353,371,000 1,317,703,000 1,294,560,000
39,840,000
534,954,000
16,998,000
1,427,489,000 1,424,059,000 1,421.382.000 1.414.052.000 1,430,321,000 1,400,916.000 1,356,017,000 1,334,406,000
143,946,000
134,220,000
129,853,000
197,242,000
161,386,000
140,163.000
1,30.948.000
138.459.000
155,329,000
149,790.000
194,937.000
201,664,000 202,270,000
197,725.000
174,183,000
195,097,000
551,952,000
26,756,000
80 138 000
413,849.000
409,852,000
52,500,000
399.785,000
438,153.000
52,500.000
460.764.000
405,739,000
52,500,000
862,200,000
502,588.000
9,795.000
876,201,000
485,467,000
9,274,000
890.438.000
467.845.000
9.390.000
919,003,000
434,193,000
9,067,000
944,440,000
423,889,000
11,691,000
Total earning assets
Due from other F. R. banks
Uncollected Items
376,179,000
11,688,000
230,704,000
205.761,000
242,392.000
500,000
1,882.000
204,106.000
500,000
425.000
6%
— net
.
Total deduc'na from gross deposits.
redemp. fund agat. F. R. bank notes
All other resources
Total resniirces
s
53,117,000
299,275.000
45,129,000
30.552,000
1,223,000
bills
.\ug. 181916.
484,264,000
345,845,000
52,352,000
399,198,000
410,502,000
52,500,000
on hand
U. 8. Government long-ierm securities.
S.
Government
U.
short-term securities
Municipal warrants
Loans on gold coin & bull
Total
June 29 1917.
S
470,359,000
371,380,000
52,501.000
$
52,906,000
Total reserves
Bills discounted
members.
Bills bought In open market
6 1917.
$
471,492,000
388,353,000
52,501.000
S
488,119,000
403,821,000
52,500,000
S
.
Jul!/
1917.
53.709.000
284,010,000
41,276.000
32,604.000
1,274,000
305.131.000
42.422.000
25,464.000
1,249,000
S
51,789.000
333,556,000
41,135,000
35,818,000
1,469,000
50,301.000
359,111,000
42,265,000
33,050,000
2,186,000
47.545,000
335.100.000
43.961.000
30.359.000
2,441,000
38,314,000
331,517.000
42,935,000
28.059,000
2,442,000
$
399,512,000
36,426,000
34,302,000
2,446.000
S
106,394,000
47,029,000
7,885,000
27,788,000
21.8.50,000
2.o»8.449 nnn
359,173.000
1.6.55.000
1
.988.9r,'^.non
494,536,000
1,448,000
221,705,000
189,596,000
21,068,000
270,839,000
500,000
851,000
223,153,000
500,000
799,000
21,068,000
500,000
3,226,000
.237.000 2 IIP l!>4.on() t2074 790 000 2.033 760.000 2.053.304.000
766.342,000
411,801.000
7.005.000
411,978,000
all, 106, 000
204,756.000
242,!'67,000 t253,722.000
201.804,000
193.650,0011
247,0S .000 1280,727,000
.500,000
500,000
1,057,000
492.000
1
405,553,000
19,465,000
251,374,000
436,612,000
4.113.000
374,266,000
4.746.000
197.058,000
Qnq.444 nnn
2. 0'^l
sr. 1,000
.SOO.OOO
1,611,000
786,000
THE CHRONICLE
796
Aug. 10 1917. Aug. 3 1917 July 27 1917. July 20 1917. Julu 13 1917
Au'j. 17 1917
LIABILITIES.
July 6 1917.
June 29 1917. Aug. 18 1915.
$
$
58,093,000
57,970,000
67,881,000
110,110,000
140,447,000
Governmont dcpoalta
50.705.000
1,130,817,000 1,101,614,000 1.192,887.000
Duo to uiemberu reaorvo account
11,037,000
10,1^74,000
Due to non-membera olearlns account
12.209.000
Member bauk depoalts not
12'2,493',600
17'l,9"l6',6o6
Collection items
m.bVs.ooo
Capital paid In
—
;\oL. 105
l.l.i.O,45ii,000
——
S
57.081.000
57,667,000
57,723,000
67.176.000
300.872,000
143,626.000
184,031,000
300,.366.000|,
,104,995,000 1,019,672,000 1,112.347.000 1.033.460.0001
0.847.000
4,767,000
6,000,000
57.825.000
143.032.000
8.547,000
55.110.000
49,717,000
503.090,000
165",284',000
13'7',8'l5'.o6o
tis's'.sbV.ooo
16'4",588'005
149.527.000
1,424,480.000 1,371,828,000 1.303.974.000 1.424.850.000 1,519.677.000 tl480 7.54,000 1,425.561.000 1.483.953.000
Total Kro38 doposlta
532.508.000
627,469.000
558,782,000
540,244,000
634.226.000
508.807.000
534.015.000
F. R. notes In actual circulation
510.785.W)0
1.900.000
net
llab.
1,175.000
4.907,000
2.306.000
4,182,000
934.000
2.459.000
F. R. bank notes In circulation,
2.828.00(J
1.887.000
21,908,000
2.192.000
2,180,000
2,039,000
2.524.000
All other llab. Incl. lorelgu Govt, credits
2,088.000
2.970.000
534,807,000
154,444,000
1,691,000
290,000
2.048,442,000 1,988,283,000 1.998.444.000 2,021,237,000 2.116.124.000 t2074 790.000 2,033,760,000 2,053,394.000
74.7%
76.1%
72.9%
74.2%
74.8%
69.9%
74.6%
74.67o
766,342,000
,
Total
liabilities
Gold reserve against not deposit llab .
Gold and lawful money reserve against
77.4%
91.7%
not deposit Uabllllles
Gold res. agat. F.H. notes In act. ciro'n.
79.37o
90.1%
78.1%
81.5%
78,8%
83.0%
79.1%
88.2%
78.6%
82.8%
79.3%
80.3%
69.5%
73.1%
81.0%
72.7%
106.2%
Aun. 17 1917. Aug. 10 1917. Aug. 3 1917. July 27 1917. July 20 1917. July 13 1917. Julu 6 1917. June 29 1917 .\u6. 18 1916.
Maturities —
Distribution by
1-15 days bills discounted and bouglit.
1-15 days municipal warrants
16-30 days bills discounted and bought16-30 days municipal warrants _ . _ _
31-60 days blll.s discounted and bought.
31-60 days municipal warrants
61-90 days bills discounted and bought.
01-90 days municipal warrants . .
Over 90 days bills discounted and bought
S
Federal Reserve Notes
Issued to the banks
—
.
Held by banks
In circulation
Fed. Res. Notes {Ai/ents Accounts)
Received from the Comptroller...
Returned to the Comptroller..
—
$
129.642.000
1.084.000
59,099,000
51,000
87,864,000
1.028.000
77,852.000
20,000
4,654,000
3,000
S
116.730.000
1,117.000
69,380,000
222,000
80,995,000
1,079,000
73,367.000
20.000
4.628.000
3.000
S
106,557,000
417,000
47.412,000
923,000
88,797,000
1,079,000
74,323,000
20,000
4.428,000
3,000
570,726,000
43,266,000
550,504,000
41,697,000
$
"3',8'l9',66o
49,000
613.646.000
54.864.000
601,227,000
51,983,000
590,389.000
49.604.000
534.464.000
50.449.000
583,937,000
49,711,000
579.957.000
47,449.000
558,782.000
549,244,000
540.785,000
534.015.000
534,226,000
532,508,000
627,459,000
608,807,000
154,444,000
983.160.000
169,490.000
983.160.000
166.545.000
974,960,000
104,777.000
965,400,000
161,237,000
944,100,000
169,949,000
924.740,000
1.55,570,000
300,320,000
63,126,000
1.019.560.000 1,002,960,000
173.939,000
171,297,000
Amount chargeable to Agent
In hnnrla nf Agpnt.
5
115.223.000
321.000
44.799.000
51.000
94.431.000
1.028.000
73.893.000
20.000
5.210.000
49.000
3,335,000
49.000
90,114.000
146.000
49.472.000
Over 90 days municipal warrants
S
94.373.000
51.000
47.515.000
1.028,000
80,982,000
146,000
57,330,000
S
107.008.000
51.000
42.796.000
1.028.000
94,698.000
20.000
50.506.000
101.000
4,135.000
49,000
99.799.000
1.028.000
56.555,000
9
172.168.000
6,000
1
1
53.7.54.000
1
1.132.000
91.213.000
1
y
2.59.000
77.420.000
1.026,000
4,957,000
23 ,000
134,682.000
1
1
1
1|
1)
176,620,000
22,176.000
845,621,000
231,975,000
831,663,000
230,436,000
813,670,000
223,281,000
816.615,000
232,151,000
810.183,000
226,246,000
804,223,000
224,266,000
784,161,000
213,426,000
769,170,000
218,666,000
235,394.000
38.774.000
613,646,000
601,227,000
590,389,000
584,464,000
583,937,000
579,957,000
570,726,000
550,504,000
176,620,000
gold coin and certificates
287,793,000
277,698,000
262,328,000
230,331,000
218,358,000
218,118,000
203,120,000
198,239,000
112,146,000
commercial paper
Gold redemption fund
With Federal Reserve Board
111,058,000
25,051,000
189,744,000
115,760,000
24,676,000
183,093,000
122,544,000
22,864,000
182,653.000
1507271,550
21,568.000
182,294.000
160,048,000
22,801.000
182.730.000
151,619,000
23,190,000
187,030,000
167,010,000
22,805,000
187,790,000
147,865,000!
23,620,000
180,780,000
14,584,000
11,240,000
38,630,000
613,646,000
601,227,000
590.389,000
584.464.000
583.937.000
579,957,000
670,726,000
550,504,000
176,620,000
Commercial paper delivered to F. R. Agt.
162,733.000
125,588.000
170.6(14.000
158.473.000
120,711,000
133,478,000
168.233.000
153,398,000
a Amount due to other Federal Reserve banks. 6 Amended figures increasing correspondingly the grand total of liabilities. tRaviaed figures.
16,547.000
Issued to Federal Reserve banks..
HoiD Secured
—
By
By
.
Total
WEEKLY STATEMENTofRESOURCESand LIABILITIES of EACH of the 12 FEDERAL RESERVE BANKSatCLOSEof BUSINESS AUG. 17 '17
Boston.
New
RESOURCES.
York. PhiladeVa. Cleveland. Richmond) Atlanta.
S
S
S
S
I
X
Chicago.
I
St.
Louis.
s
Minneap Kan. CUy
$
S
Dallas.
i
\
San Fran
Total.
$
S
Gold com & ctfs. in vault 26,372.000 199,222,00027,506,00031,341,000 6,257 ,OOo' 7,074,00ol40,305,000 4,728,000 16,931,000 8,365,000 13,460,000 17,637,000 399,198,000
Gold settlement fund... 13.855.000 166,408 ,000,22 ,568 ,000 52 ,928 .000 23 ,053 ,000, 2 ,466,000 4 1 ,252 .000 22,271,000 7,443,00038,399,000 4,212,000 15,647,000 410,502,000
Gold with for'n agencies. 3.675,000 18,112,000 3,675,000 4.725,000 1,837,000 1,575,000 7,350,000 2,100,000 2,100,0001 2,625,000 1,838,000! 2,888,000 52,500,000
Total gold held by bks. 43,902,000 383 ,742 ,000 53 ,749 ,000 88 ,994 ,000 31,147,00011,115,000 88,907,000 29,099,000 26,474,00049,389,000 19,510,00036,172,000 862,200,000
with F. R. Agents. 24,846,000 228 ,3 12 ,000 32 ,539 ,000 30 ,747 ,000 8,353,000 20,039,000 64,555,000 15,971,000 21,124,00014,507,000 14,056,00027,539,000 502,588,000
redemption fund..
500,000
700,000
56,000
854,000,
417,000
524,000
15,000
5,250,000
243,000
385,000
456,000]
395,000j
9,795,000
Total gold reserves... 69,248,000 617,304,000 86,988,000 119797000 40,354,00031,571,000 153705000 45,455,000 48,054,000 64,420,000 33,961,000 63,726,000 1374583000
Legal-ten .notes, siiv ..&c 3,445 .000 39,632,000! 1,331,000
713,000 3,120,000 1,760,000
313,000 1,291,0001
126,000 52,906,000
629.000
141,000,
405,000
72,693,000 656,936,000 88,319,000 120426000 40,495,000 32,284,000 156825000 47,215,000 48,459,000 64,733,000 35,252,000 63.852.000 1427489000
Total reserves
BUls:
Discounted
— Members 17,016,000
Bought in open market 18,749,000
Total
bills
13,582.000113.168.000 10.231.000 15,945,OOo| 5,434,000 16,310,000 9,641,000 13,197,000:13,730,000 6,997,000 8.695.000 143,946,000
3,182,000
668,000 18,392,000 2,813,000
25,00011,198,000 2,531,000 6.252,000 155,329,000
56. 91.00017.630.00017.098.000
on hand... 35,765,000 70,373.000 30.798.000 27,329.000 19,127,000 6,102,00034,702,000 12,454,000 13,222,000 24,928,000 9,528,00014,947,000 299,275,000
U.S. long-term secur's.
U.S. short-term secur's.
.
6 10 .000
2,194,000
Municipal warrants.
704,000112,004,000 2,255,000
2,806.000
549.000 7.918,000 1,152,000:
3,538,000 2,648,000 2,973.000 1,969,000 3,522,000 3,364,000 1,471,000
131.000 1.046.000
1,859,000 8,849,000
1,554,000 1,784,000
45,129,000
1,868,000 3,767,000 30,552.000
46,000|
1,223,000
3,970,000! 2,453,000
Total earning assets.. 38,569,000 76,717,000 34,026,000 39,266,000 22,248,00010,328,000 50,070,00016,180,000 16.635.000 35.561.000 15,412,00021,167,000 376,179,000
other Federal
Reserve banks Net. 11,428,000
6,244,000 3,299,00028,541.000
360,000
53,000 5,068,000 11,688,000
595.000
Uncollected items
16,867,000 52" ,622 ,66013 1 ,5"22',666 18,067',666 12.275.000 10.779.000139.020,000 13,45b',666 6.504.000 9,073,000 8,246,00012,279,000,230,704,000
Total deductions from
gross deposits
28,295,000 52,622.000:31,522,000 18,067,000 18,519,00014,078,000 67,561,000 13,450,000 7,099,000 9,433,000 8,299,00017,347,000 242,392,000
5% redemp. fund against
Fed. Res. bank notes
100,000:
400,000
500,000
72",666
All other resources
i,57or,666
Vo',666
IIII
230,000,
1,882,000
Due from
—
Total resources
139557000 786,275,000jl53867000 177769000 81,262,000 56,762,001 274456000,78,415,000 72,193,000 110127000 59,293,000 102366000 2048442 000
LIABILITIES.
Capital paid in
5,141,000
12,119,000 5,277,000 6,365,000! 3,443,000 2,382,000 7.647.000 3,261.000 2,524,000 3,203,000 2,757,000 3,974,000 58,093.000
425,000 5,503,000 4,297,000 3.655,000 6,824,000110,110,000
Government deposits.
19,669,000 33,472,000 3,760,000 6,310,00012,536,0001 1,828,000 11,831,000
Due to members Re-
—
serve account
72,252,000 440,849,000 63.936.000 104848000 35,410,000 25,472,000 15028800043,486,000 36,819,000 68,072,000 28,954,000 62,432,000,1130817000
to non-members
clearing account
11,461,000
176,000 11,637,000
Collection items
13,452",o66 30,184,000,36.617.000 16,.592,000 10,326,000 5,654,000 32.316,000 9.274.000 2,952,000 7,011,000 2,876,000! 4,663,000171,916,000
Due to F. R. banks— Net
36,615,000 1,415,000 4,347,000
1.523.000
Due
Total gross deposits. J 105373 000 552,581,000105728000 132097000 58,272,000 32.954,000 194435000 54,707,000 45,274,000 77,380,000 35 ,484 ,000 74 ,095 ,000 1424480 000
F. R. notes In act. ctrcul. 28,671,000 220 ,195,000 42 ,638,000 39,307,000 19 ,499 ,000 2 1 ,426 ,000 72 ,279 ,000 20 .447 ,000 24 ,377 ,000 24 ,628 ,000 2 1 ,052 ,00024 ,263 ,000 558 ,782 ,000
F. R. B'k notesln clrcui.l
4,907,000
4,907,000
AU
other liablUties,
incl.
foreign Govt, credits.
J
372,000
1,380,000
224.000
95,000
48,000,
18,000
9,000
I
I
34,000
2,180,000
139557 000 786,275.000 153867000 177769000 81,262,000 56,762,000 274456000 78,415,00072,193,000110127000 59 ,293 ,000 102366 000 2048442 000
Total Uabilltles
a Difference between net amounts due from and net amounts due to other Federal Reserve banks.
STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS AUGUST
Boston.
New
York. PhiladeVa. Cleveland.
Richmond
Atlanta.
Chicago.
StLouii.
Minneap. Kan. CUy
17 1917
Dallas.
San Fran.
Total.
Federal Reserve Notes
Rec'd from Comptrol'r 62.680.000 459,760,000 66,900,000 64,000,000 35.040.000 37,180,000 U2060000 32,500,000 38,640.000 42.720.000 36,920.000 31.160.000 1019560000
Returned to Complr'r 11,934,000 88,028,000 10,561,000 6,312,000 12.034.000 7,172,000 3,216,000 6,472,000 6,630,000 8.105.000 9,854,000 3.621,000 172,939,000
Chargeable to F. R. Agt 50,746,000 371,732,000 56,339,000 57,688,000 23.006.000 30,008,000 108844000 26,028,000 32,010,000 34,615,000 27,066,000 27,539,000 845,621,000
In bands of F. R. Agent- 15,900,000 125,420,000 11,000,000 14,941,000 2.300.000 7,100,000 29,899,000 4,390,000 5,890,000 9,280,000 5,855,000
231,975,000
Issued to F. R. Bank.
Held by F. R. Agent
Gold coin and ctfs
Gold redemption fund
With Fed. Res. Board
Commercial paper..
Total
Amt.
34,846,000 246,312,000 45,339,000 42,747,000 20,706,000 22,908,000 78,945,000 21,638,000 26,120,000 25,335,000 21,211,000 27,539,000 613,646.000
3,441,000
3,353,000 14,102,000 2,370,000 12,610,000
21,210,000 217,905,000 4,220,000 8,582,000
287.793.000
853,000 1,858,000
374,000
858,000 1,272,000 1,077,000 1,242,000
1,636,000 10,407,000 2,460,000 2,165,000
849,000 25.051.000
25,859,000 20,000,000 7,500,000 14,740,000 64,181,000 11,760,000 5,750,000 11,060.000
2,000,000
204,000 26,690,000 189,744,000
10,000,000 i8,obb",666 12,800,000 12,000,000 12,353,000 2,869,000 14,390,000 5,667,000 4,996,000 10.828,000 7,155,000
111,058.000
34,846,000 246,312,000 45,339,000 42,747,000 20,706,000 22,908,000 78,945,000 21,638,000 26,120,000 25,335,000 21,211.000 27,539,000 613.646,000
commerc'l paper
delivered to F. R. Agt 10,164,000 18,877,000 12,805,000 12,618,000 19,127,000 2,978,000 14,581,000 5,670,000 4,996,000 10,861,000 8,034,000
of
120,711,000
F. R. notes outstanding. .34,846.000 246,312,000 45,339.000 42,747.000 20,706,000 22,908,000 78.945.000 21.638,000 26.120,000 25,335,000 21,211,000 27.539,000 613,646.000
notes held by banXs 6,175,000 26,117,000 2.701.000 3.440.000 1,207,000 1,482,000 6,666,000 1,191.000 1,743,000
F
707,000
159,000 3,276,000 54,864,000
.
R
.
F .R. notes In act.clrc'n 28,671, 000220, 195,000 42,638,000 39 ,307 ,000 19,499,000 21,426.00072.279.000 20.447 ,000 24.377 .000 24.628.000 21.052.00024.263,000 558,782,000
AUG. 25
THE CHRONICLE
1917.)
797
—
New York City Clearing House Banks and Trust Companies. The following detailed statement
The figures for the
of the New York City Clearing House members for the week ending Aug, 18.
condition
shows the
separate banks are the averages of the daily results. In the ease of the totals, actual figures at end of the week are also
The surplus reserves are calculated on the basis of new reserve requirements as fully explained in "Chrongiven.
Statement of
Volume
icle,"
pages 229 and 127.
105,
NEW YORK WEEKLY CLEARING HOUSE RETURN.
National
CLEARING HOUSE
MEMBERS.
Capital.
Net
Loans,
Profits.
Discounts,
Investments,
Week Ending
Aug. 18
/Nat. Banks June 20\
IState Banks June 20J
1917.
Reserve Bank.
Bank ol N. Y.. N.B.A.
Merchants' Nat. Bank.
Mech. & Metal3 Nat...
Natlonal City Bank...
Chemical Nat. Bank
Gold
Average.
Average.
$
S
334,000
42,948,000
155,000
23,509,000
137,447,000 7,050,000
474,501,000 1,716,000
424,000
54,726,000
122,000
14,390,000
29,000
2,399,000
101,923,000 1,887,000
296,293,000 2,234,000
67,571,000 1,669,000
147,421,000 10,234,000
163,000
33,738,000
230,000
10,930,000
107,826,000 2,066,000
535,000
83,737,000
169,7.39,000 1,032,000
39,000
2,779,000
133,000
19,196.000
199,304,000 2,236,000
87,782,000 1,490,000
214,000
9,539,000
251,170,000 4,715,000
412,000
18,178,000
131,000
10,739,000
60,000
6,764,000
47,025,000
908,000
702,000
75,658,000
212,000
10,658,000
95,000
11,622,000
89,000
11,847,000
26,186,000
408,000
%
5,220,000
2,509,500
9,979,400
$
Legal
Tenders
Silver
&c.
Members of Federal
2,000,000
2,000,000
6,000,000
25,000,000 c45,9.55,000
8,670,100
3,000,000
1,000,000
871,800
Atlantic Nat. Bank
300,000
84,200
Nat. Butchers & Drov.
5,000,000
5315,100
American Exch. Nat
Nat. Bank of Comm.. 25,000,000 20,236,000
3,500,000
2,294,200
Chat. & PhenLx Nat...
3,000,000 16,601,300
Hanover Nat. Bank
2,594,800
2,550,000
Citizens' Nat. Bank...
1,000,000
2,107,800
Market & Fulton Nat..
Com Exchange Bank . 3,500,000 6,875,900
1,500,000
7,868,000
Importers' & Trad. Nat.
5,000,000 16,807,900
Nat. Park ISauk
250,000
85,100
East River Nat. Bank.
1,000,000
3,627,000
Second Nat. Bank
10,000,000 26,399,900
First Nat. Bank
4,000,000
4,558.900
Irving Nat. Bank
500,000
1,299,800
N. Y. County Nat
10,000,000 12,603,100
Chase Nat Bank
1,000,000
1,990,500
Lincoln Nat. Bank
1,000.000
1,362,700
Garfield Nat. Bank
250,000
432.000
Fifth Nat. Bank
1,000,000
3,168,300
Seaboard Nat. Bank
4,010.300
3,000,000
Liberty Nat. Bank
848,300
1,000,000
Coal & Iron Nat. Bank.
1,000,000
1,170,900
Union Exch. Nat. Bank
1,000,000
1,142,900
Nassau Nat., Brooklyn
1,500,000
1,123,000
Broadway Trust Co...
.
Average.
%
115,000
505,000
3,674,000
1,529,000
845,000
345,000
42,000
722,000
988,000
924,000
2,160,000
735,000
Average.
$
173,000
115,000
245,000
3,124,000
369,000
164,000
40,000
640,000
1,945,000
632,000
800,000
52,000
32,000
426,000
1,083,000
482,000
30,000
84,000
575,000
464,000
55,000
3,252,000
310,000
73,000
89,000
588,000
186,000
107,000
104,000
88,000
189,000
434,000
2,053,000
148,000
783,000
117,000
407,000
1,288,000
2,397,000
163,000
2,180,000
152,000
280,000
208,000
829,000
145.000
163,000
241,000
215,000
544,000
Totals, avge. for week 125,850,000 217,820,300 2,507,665,000 41,724,000 16,516,000 25,331,000
Totals, actual condition Aug. 18 ...
Aug. 11 ...
Totals, actual condition Aug. 4
Totals, actual condition July 28...
State Banks.
Bank
Bank
Reserve
with
Federal
Reserve
Notes.
Legal
Deposi-
Additional
Deposits
with
Legal
Deposi-
taries.
taries.
Not
Manhattan Co.
Mem
hers
...
Bank
Bank
Metropolitan Bank
Bowery Bank
German-American Bank
Fifth Avenue Bank
German Exchange Bank
Germanla Bank
Bank of the Metropolis.
West Side Bank
N. Y. Produce Exch...
State Bank
Totals, avge. for week
12,150,000
26,681,700
America
Greenwich Bank
Pacific
People's
Not
Brooklyn Trust Co
Bankers Trust Co
U. S. Mtge. & Trust Co.
Title Guar. & Trust Co.
Guaranty Trust Co
Fidelity Trust Co
Lawyers Title & Tr. Co.
Columbia Trust Co
Mem
134,000
547,000
419,000
375,000
137,000
544,000
66,000
4,000
1,229,000
102,000
171,000
564,000
81.000
496.000
506,000
183,000
24,000
370,000
217,000
21,000
121,000
39,000
5,000
21,000
72,000
90,000
82,000
38,000
136,000
337,000
7,725,000
227,764,000 21,590,000
4,024,000
5,375,000
1,756,000
14,904,000
226,919,000
228,379,000
228,354.000
227,259,000
4,011,000
4,061,000
4,301,000
5,259,000
5,444,000
5,500,000
5,624,000
1,718,000
1,670,000
1,488,000
1,770,000
bera
of Fed
eral
21,4.30.000
21,330,000
22,723,000
22,738,000
4,02 7,000
Bank.
1,870,000
20,439,000
5,073,000
2,378,000
Reserve
Bank
Circula-
Deposits.
Deposits.
tion.
Average.
Average.
$
S
36,091,000 3,270,000
19,583,000
363,000
140,514,000 6,439,000
461,821,000 7,448,000
49,045,000 1,743,000
13,700,000
940,000
1,954,000
89,007,000 9,803,665
270,176,000 11,714,000
65,847,000 6,716,000
156,962,000
29,367,000
663,565
10,604,000
105,271,000
28,691,000
100 ,565
158,486,000 3,477,000
2,317,787,000
2,381,153,000
2,383,701,000
2,332,276,000
336,000
53,754,000
31.095,000
12,968,000
9,915,000
2,930,000
17,203,000
3,869,000
6,239,000
17,894,000
4,772,000
6,813,000
13,807,000
4,199,000
193,555
10,000
13,000
585,565
1,121,655
19,5.56,000
35,000
230,037,000
372,000
12,654,000
12,552,000
17,991,000
17,553,000
1,769,000
2,087,000
2,502,000
1,714,000
226,911,000
228,578,000
234,796,000
233,212,000
372,000
389,000
421,000
404,000
1,434,000
10,621,000
2,750,000
1,449,000
18,006,000
428,000
884,000
3,231,000
1,155,000
2,423,000
7,932,000
3,129,000
1,271,000
7,160,000
790,000
285,000
3,679,000
821,000
193,000
758,000
335,000
1,513,000
28,756,000 4,629,000
212,425,000 29,702,000
55,005,000 10,769,000
28,977,000 1,249,000
360,1.38,000 38,483,000
8,587,000
751,000
17,680,000
657,000
64,617,000 21,861,000
23,109,000 1,108,000
64, .509,000 6,979,000
17,622,000 1,549,000
12,562,000 1,505,000
51,141,000 4,422,000
3,194,900
16,268,100
4.619,300
12,454,900
28,274,400
1,224,100
5,378,600
6,547,700
1,537,900
11,664,500
1,282,100
526,000
5,067,500
35,423,000
242,098,000
66,944,000
45,317,000
405,068,000 .39,669,000
10,859,000
679,000
25,483,000 1,424,000
88,798,000 5,262,000
25,088,000 1,316,000
80,753,000 4,114.000
19,289,000 1,328,000
13, .564,000
817,000
56,804,000 4,362,000
408,000
80,000
52,000
180,000
829,000
74,000
365,000
254,000
87,000
75,000
500,000
87,000
48,000
273,000
241,000
144,000
145.000
1.050,000
73,000
52,000
642,000
254,000
42,000
134,000
283,000
64,000
294,000
423,000
243,000
192,000
811,000
38,000
49,000
308,000
183,000
13,000
131,000
59,000
491,000
Totals, avge. for week
62,750,000
98,040,000 1,115,488,000 88,731,000
3,039,000
3,397,000
3,235,000
47,382,000 30,289,000
945,128,000 123664000
condition
condition
condition
condition
Aug. 18...
Aug. 11...
.Aug. 4
July 28.
87,373,000
88,435,000
98,406.000
2,588,000
2,700,000
2,959,000
2,729,000
3,428.000
2,870,000
2,541,000
3,413,000
3,359,000
3,107,000
2,975,000
3,148,000
47,429,000
49,381,000
49,144,000
48,956,000
944,6.32,000 124416000
Totals,
Totals,
Tp'als,
Totals,
actual
actual
actual
actual
1,118.941,000
1,112,218,000
1,139,588,000
1,132,572,000
Grand aggregate, avge. 200,750,000 342,542,000
Comparison prev. week
109707000
32,306,000
31,314,000
39,988,000
42,578,000
941,426,000 122027 000
982,320,000 122815000
978,726.000 125240000
3,8.50,917,000 152045000 23,.579,000 34,103,000 12,534,000 424,513,000 32,547,000 a3520,345,000
1 14 ono —67260000
23 oooi
4156000
+ 54,928,000 —5198000 —881,000
78,727,000
—
—
—
51 ,656
3,555,000
50,000
761,000
4,611,000
640,000
199,000
650,000
893,000
400,000
248,000
70,000
499,000
413,000
398,000
50,000
150,000
2,258,000
881,000
628,000
2,557,000
1,742,566
200,000
1,018,000
119,000
26,000
146.000
15,000
25,023,000
3,3.58,000
789,000
1,832,000
3,775,000
1,782,000
437,000
150,000
50,000
4,991,000
81,564,000 30,685,000
83,160,000 30,365,000
81,9.57,000 30,215,000
76,783,000 30,157,000
1,500,000
11,250,000
2,000,000
5,000,000
25,000.000
1,000.000
4,000,000
5,000,000
1,000,000
3.000,000
1,000,000
1,000.000
2,000,000
Peoples Trust Co
New York Trust Co...
Franklin Trust Co
Lincoln Trust Co
Metropolitan Trust Co.
Average.
$
2,345,180,000 80,622,000 30,373,000
667,005
786,000
176,000
1,209,000
232,000
297,000
276,565
317,000
750,000
229,000
1,241,000
999,000
Net
Time
15,489,000
149,265,000
755,655
93,016,000
224,000
9,882,000
232,187,000 20,957,655
17,282,000
29,000
9,494,000
200,000
5,495,000
389,000
49,955,000
16,000
67,892,000 2,356,000
10,556,000
433,000
10,351,000
456,000
10,056,000
500,000
24,305,000 1,631,000
7,543,000 362,227,000
526,000
997,000
240.000
393,000
67,000
351,000
34,000
97,000
109,000
46,000
52,000
224,000
93,000
289,000
506,000
National
Net
Demand
2,8.36,000
1,350,000
1,316,000
3,262,000
Bank.
5,442,000
4,732,000
980,000
406,000
154.000
955.000
345.000
768,000
2,187,000
296.000
685,000
768,000
351,000
1,492,000
2,029,000
4,313,000
18,845,000
22,620,000
S
000
827,000
9,116,000
13,357,000
1,490,000
373,505,000
374,888,000
462,873,000
381,239,000
Reserve
Average.
1,.306,
6,446,000
7,449,000
7,271,000
7,782,000
6,728.000,
17,042,000!
5,313,000
6,768,000
15,275,000
July 28...
Trust Companies.
456,000
10,000
196,000
25,000
142,000
101,000
342,000
285,000
13,000
30,000
61,000
84,000
37,000
139,000
21,000
143,000
24,275,000
25,092,000
24,122,000
26,416,000
49,100.000
33,265,000
12,913,000
9,724,000
3,192,000
18,402,000
4,264,000
Fotala, actual condition Aug. 18...
Totals, actual condition Aug. 11...
Totals, actual condition Aug. 4...
89,000
50,000
167,000
1,093,000
66,000
50,000
9,000
387,000
145,000
797,000
211,000
47,000
366,000
1,981,000
16,405,000
17,384,000
18,894,000
19,732,000
of Fed eral
5,283,800
6,854,500
1,337,600
994,200
488,000
2,109,400
806,200
848,000
2,431,000
831,900
778,100
2,244,300
110,000
977,600
587,100
Average.
$
5,725,000
2,753,000
24,149,000
74,092,000
8,109,000
2,139,000
257,000
15,572,000
38,414,000
9,749,000
23,770,000
4,365,000
1,778,000
14,561,000
4,497,000
20,961,000
480,000
2,042,000
25,154,000
14,031,000
1,165,000
34,122,000
2,318,000
Average.
S
42,225,000
42,465,000
42,345,000
43,982,000
2,474,558,000
2,531,179,000
2,388,260,000
2,413,707,000
2,050,000
1,500,000
500,000
500,000
200,000
2,000,000
250,000
750,000
100,000
200,000
400,000
1,000,000
200,000
1,000,000
1,500,000
of
of
Bank
and
1
—
204658000 30,373,000
+ 78,000
—922,000
Grand aggregate, actual
Comparls n prev. week
condition
Aug. 18... 3,820,418,000 151028000 23,004,000 32,962,000 11,523,000 433,588,000 34,075,000 53489330.000 206352 000 30,685,000
—51,358,000 —1202000 —1141000
444,000 —703,000 —3,233,000 + 674,000 —61,827,000 + 776,000 + 320,000
Grand
Grand
Grand
Grand
condition
condition
condition
condition
Aug. 11... 3,871,776,000 152230000 24,145,000 33,406,000 12,226,000
Aug. 4... 3,7.56,208,000 163474000 25,880,000 32,223.000 11.7.34.000
July 28... 3,773,538.000 176427000 26,762,000 35,453,000 12,700.000
July 21... 3,761,823,000 164426000127,344,000 35,249,000112,980,000
aggregate,
aggregate,
aggregate,
aggregate,
a U.
actual
actual
actual
actual
—
S. deposits deducted, $205,222,000.
b U.
S. deposits deducted, $204,932,000.
436,821,000
530,008,000
447,748.000
492,975,000
33,401,000
42,490,000
44,292,000
21,242,000
b3551157,000
b3600817,000
b3544214,000
b3 535030000
205576000
205193000
202427000
200948000
30,365,000
30,215,000
30,157,000
29,960.000
c Includes capital set aside for foreign branches, $6,000,000.
STATEMENTS OF RESERVE POSITION.
Actual Figures.
Averages.
Cash
Reserve
In Vault.
Members
Federal
Reserve Bank
State Banks*
Trust Companies*.
Total
Total
Total
Total
Reserve
in
Depositaries
Inc.
Total
Reserve.
Reserve
Required.
Surplus
Reserve.
Dec
or
c from
Previous
Week
S
S
S
$
c
362,227,000 362,227,000 307,292,060 54,9.34,940 —56,329,860
32,745,000 14,904,000 47,649,000 41,406,600
6,242,340
1,964, .320l
98,402,000 47,382,000145,784,000141,769,2001 4,014,800
—2,594,400
—
Cash
Reserve
in Vault.
Reserve
in
Depositaries
b
Total
Reserve.
Reserve
Required.
Inc.
Surplus
Reserve.
S
373,505,000 373,.505 ,000 303,759,230 69,745,770
d
4,228,020
32,418,000 12,6.54,000 45,072,000 40,843,980
2,482,200
96,748,000 47,429,000 144,177,000 141,694,800
or
Dee.
e from
Previous Weelt.
+ 6,902,460
+ 315,060
—2,796,900
Aug. 18... 131,147,000 424,513,000 5.55,660,000:490,467,920 65,192,080 —60,888,5801129,166,000 433,588,000 562,754,000 486,298,010 76,455,990
+ 4,420,620
Aug. 11
135,732,000 491,773,000 627,505,000|.501 ,424,340 126,080,660 —32,811,680 129,617,000436,821,000 .566,438,000 494,402,630 72,035,370 —96,700,510
Aug. 4
135,468,000 .523,717,000 659,185.000 500.292,6601.58,892,340 + 26.8.54,260 140.679.000 5.30.008,000 670,687.000 501,951,120 168,735,880 + 61,844,310
July 28... 151,716,000 477 ,653,000 629,269,000'497,230,920 132,038,080 + 66,884,530 153,430,000 447,748,000 601.178,000 494,286,430 106,891,570 —37,154.140
Not members
of Federal Reserve Bank.
the reserve required on net demand deposits In the case of State banks and trust companies, but in the case of members of the Federal Reserve Bank Includes
on net time deposits, which was as follows: Aug. 18, $2,418,660; Aug. 11, $2,491,290; Aug. 4, $2,405,970; July 28, $2,289,330.
b This is the reserve required on net demand deposits In the case of State banks and trust companies, but In the case of members of the Federal Reserve Bank Includes
also amount of reserve required on net time deposits, which was as follows: Aug. 18, $2,446,920: Aug. 11, $2,494,800; Aug. 4, $2,458,710; July 28, $2,303,490.
c Amount of cash In vault, which Is no longer counted as reserve for members of the Federal Reserve Bank, was as follows: Aug. 18, $91,114,000: Aug. 11. $92,745,000:
Aug. 4. $95,219,000; July 28. $99,615,000.
d Amount of cash In vault, which Is no longer counted as reserve for members ol the Federal Reserve Bank, was aa follows: Aug. 18, $89,361,000; Aug. 11, $92,390,000;
Aug. 4. $92,632,000: July 28, $97,912,000.
•
a This
alao
Is
amount
of reserve required
THE CHRONICLE
798
State Banking Dopartinont reports weekly figures
showing the condition of State banks and trust companies
In New York City nol in the Clearing House, and these are
shown in the following table:
The
TRUST COMPANIES IN GREATER
SUMMARY OF STATE BANKS AND CLEARING
HOUSE STATEMENT.
NEW YORK, NOT INCLUDED IN liauking Uevarlment.)
W'taure.i
furnished by State
Aug.
850,593,700
--
Loans and Investments
Specie
--
-
Dlfferencen frorn
V'e'>U>us veek.
Inc. 318,537, 900
Dec.
.510,400
18.
.59,495,800
9,928,000
Currency luul bank notes
4,000,000
Due trom F. R. liiink of New York
1,042,343,500
Total deposits
Deposits eliminating amounts due from reserve
depositaries and from other banks and trust
companies In N. Y. City, and exchanges and
U.S.
Cash
In vaults
Deposits in
850,522,200
216,926,300
--
deposits
Reserve on deposits
Percentage of reserve, 27.9%.
Dec.
Inc.
Inc.
-
Inc.
Dec.
470,300
833,300
10,373,400
14,835,200
8,949,700
RESERVE.
State Banks
,$11,864,500 10.47%
16,564,300 14.62%
-
banks and trust cos
.828,428,800
Total
Trust Compantes
861,559,900
126,937,000
9.29%
19.14%
Week
Ended
—
of the
25.09% $188,497,500
28.43%
Loans
and
Demand
Investments
Deposits.
Total
Cash in
Vault.
t
Legal
Tenders.
Specie.
Reserve in
Deposi-
STATE BANKS AND TRUST COMPANIES.
State
S
%
S
S
S
S
476,879,4
26..- 4,509,946,4 4,697,379,1 473.596.9 52,629,4 526,226,3
448,008,4
June 2... 4.568,490,8 4,510,318,2 475,815,8 51,011.1 526,826,9
49,912,3 472,058,0
426,299,4
4,595,549,2 4,501,821.4 422,145,7
June 9
433,165,4
June 16... 4,663,499,0 4,469,643,2 384,989,4 53,462,7 438,452,1
53.222,1
329„535,0
382,757,1
436,413,5
4,320,846,6
4,674,045,6
June 23...
510,708,4
June 30... 4,687,753,2 4,301,435,6 291,2.39,7 53,677,3 344,917,0
56.170,5 322,798,7
611,983,4
7... 4.717,858,8 4,347,431,5 266.628.2
July
57,716,8 317,701,2
619,631,5
July 14... 4,710,961,4 4,470,813,5 259.984,4
253,222,4
51,494,8
304,717,2
4,357,673,4
642,251,6
4.048,569.3
July 21...
50,081.6 322,326,3
622,761,8
July 28... 4.619,.359,2 4,414,094,9 272,244,7
677,656,8
Aug. 4... 4,586,150,2 4,421,443,0 253,147.1 42,216,7 295,363,8
644.247,2
Aug. 11.. 4,628,044,8 4,434,759,0 251,205,2 42,943,0 294.148.2
42,498,6
288,142,4
245,643,8
568.014,9
4,370,867,2
Aug. 18... 4,701.510,7
t Included with "Legal Tenders" are national bank: notes and Fed. Reserve notes.
Non-Member Banks and Trust Companies.
institutions
which are not included
Week ended Aug.
Bankt
Trust Cos.
<n
18.
State
Banks
outside of
in
Trust Cot.
outside ef
ar eater N. Y. Greater N. Y. Greater N. Y. Greater N. Y.
Capital as of June 20
24,050,000
89.550,000
*12,238,000
19.606.700
Surplus as of June 20
41,732,300
178,822.000
*15,228.300
17,526,400
436,971,400 1,864,631,900
+ 3,397.600 + 7.118,900
183.312.400
+ 1,107,100
306,796,700
+ 2,541,500
550,989,700 2,225,805,100
+ 2,712,000 —8,436,600
194,772,100
+ 1,228,700
315,569,300
+ 1,616,300
386,368,300
31,104,100
+ 49.300
38,823,300
Loans and Investments..
Change from last week.
33.461,000
143,303,200
Change from last week.
—1,867,000
—3,996,000
Currency and bank notes.
Change from last week.
17,601.100
426.700
13,780..500
20,249,900
+ 475,500
13.635.400
+ 3,902.600
Specie
taries.
May
non-member
In addition to the returns of "State banks and trust companies in New York City noi in the Clearing House," furnished
by the State Banking Department, the Department also
presents a statement covering all the institutions of this class
The figures are compiled so as to distinin the whole State.
guish between the results for Now York City (Greater New
York) and those for the rest of the State, as per the following:
For definitions and rules under which the various items
are made up, see "Chronicle," V. 98, p. 1661.
The provisions of the law governing the reserve requirements of State banking institutions as amended May 22 1917
were published in the "Chronicle" May 19 1917 (V. 104, p.
The regulations relating to calculating the amount
1975).
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).
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, compare as follows for a series of weeks past:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We nmit two ciphers in ail these fiouret.
The averages
[Vol, 105.
—
DuefromF.R.Bk.ofN.Y.
Change from last week.
Deposits
Change from last week.
Reserve on deposits
Change from last week.
102,384,800
—
7.576,.300
— Following
Increase over last week.
is
in the "Clearing
—10,792,700
23.7%
23.2%
25.1%
23.6%
Decrease from last week.
P. C. reserve to deposits.
Percentage last week..
+
+ 523.400
19.1%
19.2%
*
—241,700
il6.1%
16.2%
February 28.
the report made to the Clearing House by clearing
House return" on the preceding page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE.
CLEARING
NON-MEMBERS.
Week Ending Aug.
Members
Capital.
Net
Loans,
National
Profits.
Discounts,
Investments
Bank
18 1917. /Nat. bank s June 201
iS June 20/
I State banl
&c.
Gold.
Average.
Total
Average.
$
120,000
59,000
91.000
Silver.
Notes.
taries.
taries.
Average.
Federal
Average.
S
1.178,000
513,000
528,000
National
Net
Bank
Demand
Time
Circula-
Deposits.
Deposits.
tion.
Net
970,000
298,000
301 .000
284.000
568,000
043.000
4,090,000
817.000
677.000
515.000
Average.
S
0,595,000
5,188,000
5,063,000
5,623,000
3,988,000
2,702,000
2,754,000
272,000
4,072,000
8,385,000
31,913,000
52,000
445,000
290,000
50,000
153,000
231,000
23,000
65,000
126,000
146,000
84,000
59.000
8,000
454,000
190,000
241,656
029,000
117,000
91,666
336,000
49.000
117,000
551,000
584,000
276,000
472,000
177,000
150.000
430,000
1,203,000
236,000
208,000
313,000
2,654,000
255,000
1,952,000
9,182,000
9,725,000
4,637,000
7,650,000
4,323,000
3,062,000
7,171,000
20,053,000
4,466,000
278,000
300,000
2,657,000
10,000
50,000
400,000
638,000
2,208,000
979.000
4,196,000
4,283,000
72,227,000
3,912,000
506,000
105,000
39,000
45,000
26,000
81,000
85.000
80.000
390,000
312,000
824,000
315,000
7,806,000
3,901,000
1,338,000
2,999,000
16,889,000
611,000
84,000
107,000
165,000
702,000
1,139,000
11,707,000
4,337,000
6,795,000 11.375.300 135,542,000
+ 2,322,000
5.734,000
+ 8,000
1.433,000
2,796,000
1.416,000
—55,000
—90,000
—37,000
133.220,000
132,355,000
133,119,000
133,104,000
131.355,000
5,726,000
5,602,000
5,805,000
6,335,000
6,210,000
1,488,000
1,328,000
1,210.000
1.280.000
1.419.000
2,886,000
2,840.000
3.000.000
2.986,000
3,301.000
1,453,000
1,416.000
1,524,000
1,430.000
1.483.000
ol
Federal Reserve Bank
Battery Park Nat. Bank
First Nat. Bank, Brooklyn...
Nat. City Bank, Brooklyn...
First Nat. Bank, Jersey City.
Hudson Co. Nat.. Jersey City
First Nat. Bank, Hoboken...
Second Nat. Bank, Hoboken.
Reserve.
Deposi-
Additional
Deposits
with Legal
Deposi-
A
Legal
Tenders.
,
Reserve
with
Legal
220,000
125,000
442,700
697,800
625,500
1,318,200
768.700
629.400
338,200
$
6,141,000
6.548,000
5,985,000
6,321,000
5,449,000
6,920,000
5,902,000
1.995.000
4,820,500
100,000
400,000
300,000
500,000
200,000
200,000
500,000
100,000
1,600,000
200,000
Average.
Average.
238,000
92,000
58,000
49,000
$
85,000
15,000
39,000
536,000
11.000
8,000
17,000
$
05,000
96,000
89,000
80,000
75,000
31,000
45,000
S
4,000
6,000
11,000
42,000
120,000
81,000
8,000
43,266,000
707,000
711,000
481,000
453,300
1,003,400
725,100
133,000
500,800
226,000
562,700
564,500
781,800
173,400
2,443,000
8,706,000
10,036,000
4,634,000
7,000,000
4,305,000
6,644,000
6,606,000
19,682,000
4,731,000
167,000
445,000
662,000
336,000
675,000
141,000
302,000
499,000
903,000
286,000
11,000
125,000
26,000
12,000
57,000
80,000
1,000
85,000
201,000
40,000
4,100,000
5,124,000
75,387,000
4,416,000
500,000
200,000
1,095.800
335,000
10,069,000
6,820,000
700,000
1,430,800
S
S
400,000
300.000
300,000
400,000
2.50,000
Average.
S
1,075,000
Average.
$
28,000
Average.
$
192.000
579,000
417,000
428,000
3,380,000
2,448,000
296.000
120.000
393.000
196,000
219,000
99,000
7,286,000
1,515,000
State Banks.
Not Members of the
Federal Reserve Bank.
Bank
of
Washington Heights.
Columbia Bank
International
Bank
New Netherland Bank
W. R. Grace* Co. 's Bank...
York vllle Bank
Mechanics' B.ank, Brooklyn..
North Side Bank. Brooklyn.
Total
201,000
2Y7",66o
Trust Companies.
Not Members of the
Federal Reserve Bank.
Hamilton Trust Co Brooklyn
Mechanics' Tr. Co., Bayonne
. .
Total
Grand aggregate
Comparison previous week
Grand
Grand aggregate Aug.
aggregate Aug. 11
4
Grand aggregate July 28
Grand aggregate July 21
Grand aggregate July 14
6,795,000
6,795,000
6,795,000
6,795.000
6,795.000
11,375,300
11,375.300
11,375,300
11,375,300
11,319,900
8,970,000 13,807,000 all5,847,000 15,535,000
+ 202,000 -2,717,000 + 2,694,000 + 163,000
8,768,000 10, .524 .000
8, .547, 000 16,092.000
9,094,000 13,421,000
9.419.000 13,128.000
9.930.000 13,792,000
3113,153,000
alll,956,000
all4,636,000
a 115,591, 000
all5.285.000
15,372,000
15,598,000
15,238,000
15,337.000
14,644.000
1,515,000
+ 1 ,000
1,514.000
1.514,000
1.512,000
1,515.000
1.514.000
a U. 3. deposits deducted, 33,992.000.
—We
Boston Clearing House Banks.
summary showing the totals for all the
give below a
items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Aug. 18
Change
1917.
previous
$5,072 ,000
Loans, diso'ts & investments. 403,935 000
367,497
deposits,
InoI.U.S.
,000
Individual
127,456 000
Due to banks
35,709 ,000
Time deposits
Exchanges for Clear. House- 13,095 ,000
from
other
banks
72,883 000
Due
Cash in bank A in F. R. Bank 58,089 ,000
Circulation
Rsaerve excess in bank and
Federal Reserve Bank
/r»w»
ttieek.
Avg. 11
Aug.i
1917.
1917.
Two
Week ending Aug. 18 1917.
ciphers
(00)
Aug. 11
emitted.
Nat. Banks Trust Cos.
$9,000 $5,681 ,000 $5,677,000
Inc. 12,139,000 451,796 ,000 455,781.000
Inc.
8,6.52,000 358,845 ,000 353,203,000
Inc.
3,190,000 124.266 ,000 124,230,000
Dec
845,000 36.554 ,000 33,845,000
Dec
848,000 13.943 ,000 18,194.000
Dec 3,874,000 76,757 ,000 73.688,000
Inc.
1,908,000 66,781 ,000 54.966,000
Dec,
16,720,000 Inc.
277,000
16,443.000 14.199.000
Banks. Beginning with July 21 the
Philadelphia Clearing House returns hare been issued in
altered form, and excess reserves are noir calculated on the
Philadelphia
3%
basis of 10% reserve for demand deposits and
for time
deposits.
Previously the basis was 15% against demand
deposits alone.
Reserve requirements of trust companies
remain on old basis of 15%. See volume 105 page 333.
Capital
Surplus and profits
Loans, diso'ts & Investm'ts
Exchanges for Clear. House
Du» from banks
Bank deposits
Individual deposits
deposits
Total deposits
U.3.deposit8(not inclnded)
Res're with Fefl. Res. Bk.
Cash reserve In ramit
Total reserve held
Reserve reQUired
Excess rsaerve
Time
$20,475,0
46,054.0
399,444.0
16,212,0
114,812,0
159,463,0
329,689,0
3,774,0
492,920,0
$11,000,0
33,431,0
153,829,0
1,758,0
2,587,0
3,178,0
129,053,0
40,435,0
17,042,0
57,477,0
35,925,0
21,552,0
13,590,0
7.312.0
20,902,0
19,182,0
1.720.0
13"2',23V,0
Total.
831,475,0
79,485,0
553,273,0
17,970,0
117,399,0
102,641,0
458.742,0
3,774,0
625,157,0
16,530,0
54,025,0
24,354,0
78,279,0
55,107,0
23,272,0
1917.
$31,475,0
79,503.0
548.231,0
20,286,0
116,660.0
159,700,0
463,912,0
3,894,0
627,506,0
13,629,0
55.942,0
24.815,0
80.757,0
55.253.0
25,504,0
Aug.i
1917.
$31,475,0
79.500,0
548.829.0
22.417,0
122.060,0
163.500.0
465.605,0
3.852
632,957,0
14,421,0
65,052,0
25.167,0
80,219.0
65.918.0
25,201,0
.
.
AUG. 25
THE CHRONICLE
1917.1
Mm
799
The miscellaneous
I
(Sa^jctt e*
li£r5'
Wall
Friday Night, Aug. 24 1917.
Street,
—
discussion at Washington have had a tendency to restrict
business not only in Wall Street but at other centers and
departments of activity. The business community generally
expects and seems to be willing to meet all reasonable demands for prosecuting the war, but some of the discussion
referred to includes plans for which there are no precedent
and the effect of which it is difficult or impossible to foresee.
When to this, as a deterrent influence, is added the pricefixing scheme now being evolved and the unfortunate status
of Russian political and military affairs,
that there is a good deal of hesitancy
anxiety in financial circles.
small wonder
and more or less
it is
Other than the above the developments of the week have
been favorable. Satm^day's bank statement
showed an increased surplus reserve and the readiness with
which 815,000,000 British Treasury 5}4% discount ninetyday certificates were disposed of by one of our leading banking houses shows that for that class of investments, funds are
generally
abundant and easily accessible. The Government crop
bulletin was more favorable than its predecessors, except as
to wheat, and evidently the supply of foodstuffs for export
during the coming year wiU be substantially larger than a
while ago seemed possible. The price at which the bituniinous coal output has been fixed ($2 per ton at the mines in
such States as Pennsylvania, Maryland, Virginia, &c.), was
disappointing to producers but is reagrded with favor by a
much larger portion of the community, viz., the consumers,
and official action has also been taken in fixing definite
prices for anthracite.
Foreign Exchange. Sterling exchange remained without
important change and with no new features. The continenEngagetal exchanges as a rule were quiet and irregular.
ments of gold during the week aggregated $13,042,823,
chiefly to Japan and Spain.
Today's (Friday's) actual rates for sterling exchange were 4 72@4 72}^
for sixty days, 4 75523^ @4 7555 for cheques and 4 76 7-16 for cables.
Commercial on banks, sight 4 75% sixty days i IXYs, ninety days 4 69?^
and documents for payment (sixty days) 4 71 M @4 71%. Cotton for payment 4 75^i and grain for payment 4 75?^.
To-day's (Friday's) actual rates for Paris bankers' francs were 5 83% @
5 8434 for long and 5 78% @5 783^ for short. Germany bankers' marks
were not quoted for sight, nominal for long and nommal for short. Amsterdam bankers' guilders were 41 %
Exchange at Paris on London, 27.18 fr.; week's range, 27.18 fr. high
and also 27.18 fr. low.
Exchange at BerUn on London, not quotable.
The range for foreign exchange for the week follows:
—
.
—
Sixty Days.
High
4
—
72M
4 72
Paris Bankers' Francs
High for the week
5 83%
Low for the week
5 84^
Germany Bankers' Marks
High for the week
Low for the week
Amsterdam Bankers' Guilders
High for the week
.._
413^
Low for the week
4134
—
hst has, as usual, been decidedly irreguwith a few erratic features. The latter include Bethlehem Steel, American Tobacco, Mexican Petroleum, U. S.
Steel, Baldwin Locomotive and U.S. Industrial Alcohol, the
latter being especially prominent for covering a range of over
21 points.
For daily volume of business see page 808.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
lar
The Money Market and Financial Situation. The
drastic measures of taxation on incomes and profits now under
Sterling Actual
for the week
Low for the week
H
.
Cheques.
Cables.
4 75 9-16
4 75523^
4 76 7-16
4 76 7-16
5 77
5 76
5 78
5 77
STOCIvS.
Week ending Aug. 24.
Week.
Range since Jan
Range for Week.
Sales
for
Lowest
Lowest.
Highest.
1.
Highest.
Par. Shares S per share.
$ per share. S per share. $ per share.
Adams Express
Apr 140
Jan
100
200 110
Aug 23 noya Aug 22 110
Amer Bank Note
Aug 43 3i Jan
200 40
Aug 23 40 Aug 23 38
50
Preferred
100 49
Aug 21 49 Aug 21 48 3i Aug 533^ Jan
50
American Express
400 98
Aug 20 98 Aug 23 90
July 128% Jan
100
Amer SnufI, pre!
100
100 99H Aug 21 99^ Aug 21 98^^ June 104% Apr
Associated Oil
900 61
May 78M Jan
Aug 23 623^ Aug 22 57
100
Batopilas Mining
June 2
Jan
1'4 Aug 23
20
600
IH Aug 18
Brown Shoe, pref
100 95
Aug 23 95 Aug 23 93
Feb 100
Jan
100
Brunswick Terminal- 100
900 10
Aug 23 11 Aug 21
73-^
Feb 14% June
Burns Bros
Aug 22 96% Aug 24 89
Jan 1253€ Apr
100 2,000 93
Butterick
700 12
Aug 23 123-2 Aug 23 12
May 19% Jan
100
Calif Packing-.. no par 17,050 38 M Aug 18 42 3i Aug 21 36
Aug 42 3i Aug
Case (J I), pref
Aug 22 84 Aug 23 SO
July 88
Jan
200 83
100
Central Foundry
Aug 23 34 3i Aug 18 30
Aug 3634 Aug
100 1,800 30
Preferred
150 i9i4 Aug 22 49
Aug 22 4914 Aug 63% Aug
100
Chicago & Alton
Jan
100
100 U'A Aug 21 113i Aug 21 ll'A Aug 21
Jan
Cluett.Peabody&Co-lOO
Aug 24 65 Aug 24 63
Aug 75
200 63
Comput^Tab-Record 100
Jan
100 38"^ Aug 22 383^ Aug 22 3834 Aug 46
Cons Interstate Call. .10
Aug 21
500 15
Aug 22 16 Aug 20 14
Jan
Continental Insur
100 50
Aug 23 50 Aug 23 50
Aug 5954 Jan
25
Deere & Co, pref
Aug 22 100 Aug 24 9634 Feb 100% Aug
400 99
100
Elk Hork Coal
50 1,100 263-^ Aug 22 291^ Aug 21 26H Aug 38% June
Federal
& Smelt. 100 600 22 Aug 22 23 Aug 21 1134 Feb 26% Aug
Preferred
Aug 23 51 Aug 20 37
Jan 54% July
100 1,600 47
Gaston
Feb 41
Inc no par 15,300 38
Aug 23 41 Aug 24 28
Aoff
Gen Chemical pref.. 100
160 llOK Aug 24
Aug 24 108
Apr
Feb 113
GultM &Nstktrctfs._
Aug 24 14M Aug 14% Aug
200 14 Ji Aug 24
Preferred
Aug 23 40 Aug 23 40
Aug 40
Aug
100 40
Hartman Corp
10 58)^ Aug 20 58 H Aug 20 5514 July 78
Jan
100
Haskell & Bark C no par
500 38
June
Aug 23 38 5i Aug 20 37% Aug 40
Homestake Mining. .100
100 107
Aug 23 107 Aug 23 101
July 131% Jan
Int Harvester
100 nSVa Aug 20 118% Aug 20 114
Apr 121
Jan
J pf 100
Int Harvester Corp. .100
300 75
Aug 22 75 '4 Aug 22 65
June 88
Jan
Int Nickel pref v t c.lOO
400 103
Aug 21 10314 Aug 20 103
Mar 108
Jan
21'
24
Jewel Tea Inc
600
Aug
41
.\ug
Jan
100
375^
37M Aug 78
Preferred
100 100
Aug 23 100 Aug 23 100
July 112
Jan
100
JCelsey Wheel Inc
100 27
Aug 22 27 Aug 22 27
Aug 30
Aug
100
Preferred
100 81
Aug 24 81
Aug 24 81
Aug 81
Aug
100
Laclede Gas
100 98
Aug 23 98 Aug 23;' 93
May 103% Jan
100
Liggett & Myers
300 222
Aug 22 2223^ Aug 22'!222
July 281
100
Jan
Preferred
500 111
Aug 20 112 Aug22|ll0
Aug 125% Jan
100
Rights
Aug 1% Aug
17,800
IH Aug 22 1% Aug 18' 1
Lorlllard (P) pref... 100
100 112
Aug 21 112 Aug 21 111
Aug 120% Jan
Manhattan (Elev)Ry 100
600 114
Aug 23 11534 Aug 22 114
Aug 129% Jan
Malhicson Alkali
100 54
Aug 22 54 Aug 22 50
May 60
Feb
50
May Dept Stores... 100 300 51 H Aug 24 5134 Aug 24 5134 Aug 66% Mar
Monon Valley Trac..25
18
Aug
24
Aug
24
100
18
18
Aug 18
Aug
Natlonjil Acme
Aug 23 343i Aug 24 33M July 35% July
50 1,000 34
Nat Cloak & Suit... 100
100 71 J^ Aug 24 71 H Aug 2411 70 U May 84
Jan
Nat Rys Mox 2d pf . . 100
Aug 24j| 4 3-^ Aug 7
200
5
Jan
43^ Aug 24
O Texas & Mex v t c.
31
1534
300
Aug 20 313^ Aug is!:
June 36% Aug
New York Dock
100 18
Aug 23 18 Aug 23, 12 3i Mar 21
100
Aug
Nova Scotia S & C.lOO 1,600 100 Aug 23 104 Aug 18, 90
Feb 125
Jan
Ohio Fuel Supply
Aug 23 52 Aug 20 4534 May 54
25 2,600 49
Feb
Owens BottIe-Mach..25
100 92
Aug 24 92 Aug 24 80
Apr 106
Jan
Pacific Tel & Tel
300 22
Aug 22 22 Aug 22 22
Aug 34% Jan
100
Pan-Am Pet & T pf.lOO 1.400 94 Aug 23' 94 Ji Aug 21 89
June 98
Jan
Pierce- Arrow Mot. «o par
400 38H Aug 24 39
Aug 22, 3834 Aug 41% Juna
Preferred
700 97
Aug 23 98 Aug 20I 9634 July 98% Aug
100
Pitts Cin
100 74H Aug 18 7434 Aug 18| 66
St L.- 100
May 82
Jan
Pitts Coal of Pa pref
Aug 18 88 Aug is! 87H Aug 90
100 88
Aug
Pond Creek Coal.oo par 1,400 23 J4 Aug 22 25 Aug 18 233^ Aug 26% Aug
Quicksilver Mining.. 100
1 H Aug 22
200
1
Aug 23
1
June 3
Feb
Royal Dutch ctfs dep
6,400 65
Aug 23 66'4 Aug 21 59
May 67 July
St Louis-San F pf A. 100
300 28
Aug 23 2834 Aug 18 27K Aug 42
Jan
Savage Arms
Aug 23 85 Aug 21 72
June 108
100 2,000 78
Jime
Superior Steel
310 il'A Aug 24 43
Aug 22 34 >4 May 51% June
100
First preferred
200 1023^ Aug 23 102)4 Aug 23 9934 Mav 102% July
100
25 180
Texas Co rects full paid.
Aug 18 180 Aug 18 218
Feb 238
Jan
Tidewater Oil
100 204"^ Aug 23 20434 Aug 23 194% June 206
100
Aug
69
300 74
Aug 20 75 Aug 23
United Drug
100
Jan 80
Feb
'A
100 85
Aug 18 85 Aug 18 84
Second preferred. .100
July 91
Jan
300 63
United Dyewood
Aug 23 64 Aug 22 63
100
Aug 68% July
100 95
Aug 18 95 Aug 18 93
Preferred
Aug 95% July
100
300 27H Aug 20 27 ?4 Aug 23 26
United Paperboard
June 33% May
500! 155i Aug 221 15?i Aug 23,1 12H Apr 18% May
Western P.aeiflc
100
K
H
H
H
Mg
H
W&W
M
H
nOH
UH
i
N
1
N
K
C&
H
—
41%
42
4154
4115-16
per $1,000 discount. Boston,
Domestic Exchange. —Chicago,
par.
Louis, 15c. per $1,000 discount bid and 5c. discount asked.
10c.
St.
San Francisco, 10c. per $1,000 premium. Montreal, $1.40625 per $1,000
premium. MmneapoUs, 10c. per $1,000 premium. Cincianati, par.
New Orleans, sight 50c. per $1,000 discoimt, and brokers 50c. premium.
—
State and Railroad Bonds. No sales of State bonds
have been reported at the Board this week.
The market for railway bonds has reflected the inactivity
which is conspicuous in financial circles generally. The
general lack of interest has resulted in a drifting towards
lower prices and in several cases a decline of a point or more
is recorded.
Among the latter are Baltimore & Ohio, St.
Paul, Mo. Pacific and Union Pacific issues. The business
in this department has included little else than the Liberty
Loan and bonds of foreign governments and cities.
United States Bonds. Sales of Government bonds at
the Board are limited to a large total of the Liberty Loan
at from 99.76 to 99.98 and $2,000. 2s reg. at 98^For
—
to-day's prices of all the different issues
range see third page following.
and for
—
the week's
Railroad and Miscellaneous Stocks. In the stock market the week opened with the smallest volume of business of
the season, and as there was practically no demand for this
class of securities the tendency of prices throughout the week
has been towards a lower level. Since Monday the daily
transactions have steadily increased, but prices have been
unsteady and irregular. The feeling has, as noted above,
been oneof extreme uncertainty as to the future course of
business in all departments, and capitaUsts and investors are
slow to tie up funds until more normal conditions obtain.
The coal stocks declined on the announcement that soft
coal had been pegged at a substantially lower price at the
mines than has recently prevailed. The weakness was not
limited to soft coal shares, however.
Lackawanna dropped
10 points, Delaware & Hudson over 9 and Reading Ji/^.
There was a substantial recovery in this group of shares today, however, on the announcement of prices for anthracite
fixed by the President, which are regarded as more favorable
for producers than in the case of bituminous.
The whole
market responded to this movement and a considerable part
of the previous decline has been recoYOTed.
—
Outside Market. Prices generally moved to lower levels
in this week's "curb" trading with to-day's market an exception, a better tone developing and gains being recorded in
many issues. Aetna Explosives, after a loss of over a point
and ends the week at 7. The pref.
to 53^, recovered to
Air Reduction was conspicuous
sold up from 33 14 to 44.
to 92, with to-day's trading advancing
for a drop from
the price to 95 K. Chevrolet Motor on small business lost
4 points to 87 and closed to-day at_87H. Curtiss Aeroplane
com. was active, losing about 6 points to 43 and finishing today at 44M- Marlin Arms after a gain of 2 points to 122,
a new high point, sank to 115, with the final figure 115^.
Submarine Boat moved down from
to 253^ and up today to 28. United Motors estabUshed a new low record at
20, a loss of over 23^ points, but to-day recovered to 213^.
Wright-Martin Aircraft com. was heavily traded in down
from 10^ to 9 and up to 10^, with to-day's trading showing
a final reaction to 10. Standard Oil stocks were (juiet, with
Standard Oil (Calif.) down 13 points to 250, with a final
recovery to 258. Standard Oil of N. J. dropped from 614
Standard Oil of N. Y. was
to 580 and to-day rose to 595.
Other oil quiet,
off from 290 to 276, closing to-day at 284.
with the' exception of a few of the low-priced issues. Midwest Refining declined from 184 to 172 and ends the week at
Merritt Oil lost over 3 points to 363^, the final figure
179.
Gas, after fluctuating
to-day being 37 M- Bamett Oil
and 1%, jumped to-day to 234 and closed at
between
23^. Mining' stocks without special feature. Bonds dull
7M
97%
27^
&
IH
with only sUght changes. The new Canadian Northern Ry.
6sjwere traded in for the first time down from 99 to 98
and back
A
week
^
to 99.
complete record of "curb" market transactions for the
will be found on page 808.
800
\
Stock Exchange— Stock Record, Daily, Weekly and Yearly
New York
OCCUPYING TWO PAGES.
For record of lalea during the weak of etocka uiually inactlTe, aee precedlns page.
PER SHARE
BIQH AND LOW SALE PRICES— PER SHARE. NOT PER CENT.
1
Sales/or
the
SatuTdnv
Monday
Aui/. 18.
Aug. 20.
% per share
•9912 100
97
•U5
•110
112
09
09
•6884 09
6II2
•6018
•169
58l2
161
5834
IOI2
IOI2
33I2
•32
0084
•107
67
108
109''8 109f'8
•140
150
3184
3I84
•69I4
6484
71
5434
\
Wednesday
Aug. 22.
Tuesday
Aug. 21.
\
7'hursday
Friday
Aug 23
Aug 24
40
70
28
10
70
•26
•53
•43
57
47
IO2I2 105
•200 210
9
•7
•16
40
7184
53
43
57
47
10218 104
200 210
»7
9
I7I2
2418
36I4
24
36
15
2358
35I8
•2712 2812
10534 10578
35I4 35I2
IOI84 102
27
105
21
55%
16
*
30
63
44
24
3534
27I4
55
26
6034
39
21
I4I2
6
6
•11
3058
6512
8484
3358
lOOls 10314
204
8
15
35I8
2638 2634
IO4I2 10534
3458 35I4
lOlSg 10158
958
958
55I4
16
102
112
31
30l8
5514
8358
3218
31
2938
65l2
54
82
IOII4 1025s
52I2 52^8
8378
32I2
22
22
19
6212
II8I2 11884
80
6,300
50
100
Uo pref--.
250
2,400 Brooklyn Rapid Transit.. 100
100
8,500 Canadian Pacific
100
8,401) Chesapeake & Ohio..
900 Chicago Great Western. ..100
pref
100
Do
800
9,800 Chicago Mllw & St Paul. .100
100
Do prof
1,100
4,100 Chicago & Northwestern.. 100
100
pref..
Do
100
31, .000 Chic Rock Isl A Pac (new) w 1
8,0,50
29,900
*40l4
16
*16l2
1684
I6I2
I6I2
•31
•45
32
31
27I2
94I8
2738
5638
31
47I2
12
27I2
94I2
2738
5612
1612
2012
I7I2
2II4
45
10
28
9458
28
5884
I712
2II4
85
88
13612 13684
79I8 79I8
8
8
8
18
18
26
I9I2
I9I2
30
Ills
Ills
4812
2534
19
49
33
14I2
3112
1434
14
*26
*66
30
69
*5l8
*378
-_
29
29
93
93
84
2812
85
8512
93
99
•9978 101
92I2
*91
•
97
47
*45
9II2
*
46
95
I312
6414
61
2838
64I4
6912
106
*12l2
•6814
•91
•98
I3I2
6334
5334
6018
2734
•6334
6912
•104
1334
6412
14
514
*51
15
69I4
93
100
IO2I2 10284
•112
70
113
70
•12014 I22I2
•116
119
53I2 54I4
II8I2 II8I2
•203
S103
205
103
5118
513s
9812
39I2
2412
5838 5838
7578 7612
10412 10512
*97
*37
•23
69
•100
• Bid
6934
101
1.334
50
80
lOUs
5218
17
38I4
40
I4I2
3012
68I4
91
98
117
200
103
105
5II4
97I2
•37
97 '2
40
23I2
55
23I2
60
7578
105
62
76I4
10658
62
68I2
99I4
and •aked
51I4
69'4
10112
Drioos:
891s
391?
38I4
40
16
3II4
61
39I2
4II2
38I4
40
26
87
15
8858
39I2
30
15
31
47
400
28
5612
23,900
2,200
I7I4
1,100
2II2
86
80
8
2534
I8I2
28
33
49
79I2
80
79I8
8
8
19
734
IOI4
4778
25I4
I8I2
28
1338
3018
45
1358
3OI4
85
9334
7I2
I6I2
734
17
17
10
IOI2
47I2
25I4
IOI4
47I2
26I4
1838
1838
28
1318
66
66'
88
I884
28
33
80
8
19
1034
4884
26I4
19
1458
3II4
1358
1334
30
30is
3034
44
49
1238
1234
13
13
27
65
29I2
29I2
6478
63
5I4
5I4
5l2
378
4
378
4
261s
8312
27I2
8312
93
93
25
83
5
378
26
8412
91I4
91
27
84
90
66
518
4l8
27
84
9284
9978 101
87I2 8912
87
*
•
97
97
97
45I4
43I4
4384 44I2
4378
44
4612
110
10812 10812 108
108 IO6I2 108
73I2
72I4
74
7234 73V8
7012 -72
116
116 114
116 114
116 113
37I4
37I2
37I4
3612
3612 361?
38
85 90 85 90 85 90
95
I3I4
13
14
I3I1
13
I312
13
62l8 03
6378
62
Oils 62
63
14l'>
I4I2
1358
14
14
14
*135s
9978 101
9978 102
2658
5334
6038
2734
64
68
64
69
IO5I2 IO5I2
1284 15
68I4
68
91
98
8612
9134
93
100
1013s 10438
50
90
97
69
II8I4 120
117 119
54
51
on
25I4
62
6212
65l8
67
103
13
6712
91
98
13
671?
93
100
119
5218 531?
II8I2 II8I2
6II2
66I4
day.
56
105
IOOI4 10358
II3I4
68I2
68
II5I2 II9I8
ttOa
5818
2684
6284
6778
6818
9978 IOOI2
sales
50
58
63
55
63
69
50
67
2005s 203
103 104 103 105
5118 511s
4958 51
97I2
97I2 9812
97
37I2 37I2
37
37
23I2 23I2 22I2 23I2
55I2 60
5812
74I4 75I4
7538 76I4
IO6I2 IO8I2 107
10858
68
5334
6234
202
61
50
26
117
II8I2 II9I2
203I8
86
58
26
II2I4 II3I4 II2I4
69
9978 101
5384
59I2
2658
5818
67
91
98
103
12'
67
"iii2
93
100
99I4 10088
I12I2
65I2 6712
117
lis
52
116
48
11858
103
36
22
50
97I4
5812
7258 7384
10434 107
62
62
63I4
9978
tEx-rtghts.
62
66
9978
I
II8I2
202I4
10278
4934
97
35
20
36
22
6684
685s
HI
114
20OI4
967s
104
13
6712 68
91
93
98 100
10038
i99
112
1058
112
116
115
46
118
197
103
49
2534
6258
66I2
II8I4
118
49I2
II884
202I4
10278
5OI2
97
37
23
5812 5812
7334 75
IO6I4 107
61
65I4
9978
300
600
800
9,6.54
100
200
13,500
400
800
400
2,700
3,800
1,900
1,900
33
1338
49
1318
5I4
2812
9334
85
1834
34
80
80
4738
2518
21
13584 I36I4
13478 I35I2
27
5I2
4l8
28
4512
251?,
30
5I4
9012
11
48I4
20
85
20
88
85
88
136
14
26
20
I3.5I4
18
11
4834
2584
19
11
48I4
20
85
*11
62
67
9978
5,260
1,900
Do
Do
1st pref...
2d pref
..50
60
50
100
100
Do pref
100
Seaboard Air Line
100
Do pref
100
Southern Pacific Co
100
Southern Railway
100
Do pref
100
Texas A Pacific
100
Third Avenue (New York) 100
Twin City Rapid Transit.. 100
Union Pacific.
100
Do pref
100
United Railways Invest.. .100
Do pref
100
Wabash
lOO
Do pref A
100
Do pref B
100
Western Maryland (new). 100
Do 2d pref
100
Wheeling A Lake E Ry...l00
Do
preferred
.
100
100
Wisconsin Central
Industrial & Miscellaneous
300 Advance Rumely
100
100
Do pref
100
500 Ajax Rubber Inc
50
1,800 Alaska Gold Mines... ..
10
200 Alaska Juneau Gold Min'g.lO
7,200 Allla-Chalmers Mfg v t c.lOO
700
Do preferred vtc
100
700 Amer Agricultural Chem..l00
Do pref
100
12,600 American Beet Sugar
100
Do pref.
.100
7,600 American Can
lOO
200
Do pref
100
8,000 American Car A Foundry. 100
200
Do pref..
100
300 American Cotton Oil
100
Do pref
100
1 ,200 American Hide A Leather. 100
1,900
Do pref
100
512 American Ice (new)
100
800
Do pref (new)
loO
14,000 Amer International Corp . lOO
10,300 American Linseed
lOO
1,100
Do pref
.100
9,300 American Locomotive
100
100
Do pref.
100
800 American Malting
1,400
10778 July 3
675s Aug 23
68l4July31
54 May 8
14812
55
10
Feb
May
May
May
7
9
9
29
9
65i2July 5
I06i2Aug 15
107 Aug 22
144 Aug 22
2684 Aug 23
631? Aug 23
50 Aug 22
&25I4 Feb 8
3.57, July 6
67 July 9
W
5,700 St Louis A San Fran new
100 St Louis Southwestern
17
111?
Aug 22
ASS M
200
86,800 Reading
40
i per share
9812 May 9
95
Do
pref.
Amer Smelters Sec
Do
lOO
100
pref Ser
A
pref
BlOO
stamped.
8358
May
9
3984May21
40
14
25
44
May29
Aug 23
Feb
3
Aug 22
1058 Aug 24
25i4Mayl6
8884
23
May
May
May
76i4May
61 2
Feb
May
23 May
1778 May
1
9
9
9
9
7
35
Apr
13
May
30
45
Aug 23
July 9
1284
MaylO
nd
rlKbts.
Apr 14
Apr 14
69i2June27
51 Jan 16
80 Jan 29
30 Jan 4
57i2Jan 9
46 Marl 7
15178 Jan 19
238 Mar24
17 Jan
6
41 Jan 2
3484 Jan 3
49I4 Jan
2
3984 Jan 3
118i4Jan 4
3818
Mar
106% Jan
1718 Jan
4
2
2
72i4Jan 2
2578 Jan 2
5812 Jan 30
25i4Jan 3
5384 Jan
3
79i2Jan 2
4334
13334
Jan 4
32i4Jan 29
119 Jan 3
127 Apr 13
11 Jan 2
20l2Jan 4
34 Jan 2
61 Jan 3
10358 Jan
4
5278 Jan
2
29I4 Jan
2
1385s Jan 24
8912 Feb
llOUJan
3
3
Jan 25
Jan 2
73i2Jan 17
.57
Jan 8
3584 June 1
68 JunelS
IO4I4 Jan
3
45 Jan 29
45l2Jan 16
2
2638 Jan
32 June26
53 Jan 4
18 Jan 3
3912 Jan
3
5738
3684
3
70i2Jan 30
1934 Jan
4
2
4834 Jan
95 Jan 20
Jan
14918
2
85 Jan 24
1138 Jan
2
2334 Jan
2
1534 Jan
5
58 Jan 2
3OI2 Jan 2
23 Apr 3
10
52
878
50
53
Feb
2
Julyl9
July 9
Aug 24
May
2
15
32
46
40
115
32
9984
I5I2
69
2318
5658
10
32
Apr
Dec
Dec
Dec
Dec
Apr
Dec
Dec
Apr
Dec
May
30
Nov
Oct
Oct
Jan
Jan
Jan
Jan
Jan
Oct
Jan
Jan
Jan
Jan
Dec
5.512
Nov
74I2
Jan
87i8
Oct
12118
Mar
26
116
12812
Oct
Dec
Sep
Sep
140
36
130
137
Oct
Oct
Oct
Jan
Dec
Dec
Dec
Dec
Feb
Dec
13I4
24I4
3812
6478
II4I4
7778
3438
14718
8918
11878
Sep
60
Jan
Oct
Dec
Dec
38l8
7312
Dec
Dec
Jan
Feb
Feb
15i2May
II512
May
32I2
318
10
Apr
2218
47S4
IOOI4
4912
Sep
Sep
26
114
8418
108
55
3634
72
Apr
Dec
May
Mar
7518
4178
4II4
16
3712
14
341s
9414
18
56
6I2
Sep
Apr
Apr
Apr
Apr
Apr
Feb
48
94
Nov
Mar
12934
Apr
zSO
734
Sep
May
1318
Sep
Sep
4112
Mar
17
46
52
3012
57
19I4
4218
1041s
3684
73I2
2134
68I2
99
1538s
8412
21I4
3934
17
Oct
Jan
Dec
Oct
May
Sep
Feb
May
Dec
Dec
Dec
Dec
Oct
Jan
Dec
Dec
Dec
June
June
Oct
Sep
Jan
Jan
Jan
Dec
Dec
Aug
2134
63
July
3258
8678
IOI4
684
Oct
Dec
Oct
May 31
19
Mario
70I2 July
95i2Mav
2
103i2Jan 24
102l2Feb 15
98 Jan 24
53 May28
lllUJune 6
8038 June26
11884May28
SOijJan
101i2Jan
63
96
6 134
93
44
July
98
1678
Aug
6
55
Julyll
Feb
Apr
.52
9
4
Apr
Mar
Dec
Dec
5
Jan
July
10778
11538
4Sls
17i4Mar29
75
46
33
Aug
Dec
Jan
884 June
45
Mar
17
Dec
38I4
Mar
July
9912 July
58
53
June 4
71i2July28
May25
MaylO
99i4Jan 31
IO2I4 Mario
11284 June 2
11718 Jan 19
8412 July
9184 July
88I2 Apr
IO9I4 Apr
June
12638 June
44
104
.
23I4
52I2
4558
5918
5412
127I2
5084
10978
2118
7712
32I4
6478
Apr
0084
9788
9458
Ki-dtvldend
242
14
3038
371s
1934Mar30
102
Mar
Mar
Mar
878
2738 Dec
58I2 Dec
5612 July
4
3
3
Dec
216
Dec
Dee
Apr
8i2Mayl4
Feb
Feb
6212 Feb
1584
48
Mar
14878
Oct
June
Oct
6218 Oct
5734 June
Oct
156
21
6284 Aug 9
2915 Aug 7
6434 Aug 6
8284 Jan
4
10678 Jan 20
JulylO
86
37
Mar27
41
8lsMar26
36 Feb 3
103 May 7
57 Feb 3
I1438Julyll
36 July 7
92 MaylO
Feb
Apr
Apr
Dec
2278 Jan
2
5058 Jan 22
54I4 Jan
2
July 9
91i2May 9
46
40
63858
625g
Apr
May 2 9
Feb 3
Feb 3
83 Feb 3
9858 Feb 10
81 Feb 1
2484
Dec
Apr
25
378
79I4
38
70
6OI2
3278
5
2018
631
Apr 14
18l2Jan 9
Jan 5
80 Jan 25
lli2Jan 4
Julyl7
6478 Aug 23
27
W
• Ex-dl?.
84I4
71
3338 Jan
31.800 Amer Smelting A Refining. 100
Feb 2
500
Do pref
..100 illOl2Mayll
3,900 American Steel Foundry 100
52 Feb 3
9,900 American Sugar Refining. .100
10438 Feb 3
300
Do pref
100
115 Aug 23
28,300 Am Sumatra Tobacco
100
30 May26
2, .800 Amer Telephone A Teleg
lieUMayll
100
3,300 American Tobacco
184 Apr 21
100
250
Do pref (new)..
100 Apr 24
lOO
5,400 Am Woolen of Mass
37I8 Feb 3
100
500
Do pref
94 Fet) 3
100
500 Am Writing Paper pref... 100
36 Aug 23
800 Am Zinc Lead A S
22 Julyl7
25
200
Do pref
5838 Aug IS
25
31,100 Anaconda Copper
70 Feb 1
50
89I2 Feb 3
9,500 Atl Gulf A
I SS Line ctfs 100
200
Do pref certfs..
54 Feb f
100
26,30C Baldwin Locomotive.
43 Feb ;
100
200
Do pref
99 May 5
100
Leas than 100 shares.
38l2June26
9
15i2Junel4
10 Aug 23
4458
I per share $ per share
IOOI4 Apr 10878 Oct
Feb
z98l2 Dec 102
Nov
IO6I2 Apr 126
Jan
8II2 Dec
96
Jan
80
7212 Aug
81
Dec 8878 June
16738Mar23 zl62i2 Mar I8384 Jan
Oct
6084 Jan 3
58
Apr 71
I6I4 Dec
1418 Jan 10
1184 Apr
47I2 Oct
4184Jan 2
33
Apr
92 Jan 4
89
Dec IO212 Jan
125i2Jan 29
123
Dec 13618 Jan
124i4Jan 19
123
Dec 13478 Jan
17212 Feb 16; 5165
Apr 176 Dec
l07l2Jan 8
100i2Feb 1
119 Jan 4
85 Jan 18
7678 Jan 17
82 Jan 4
98l2Mar24
9
9
Highest
S per share
9
5158Mayl5
13i4May 9
17i8Mayl5
8484Mayl2
12878
Lowest
Highest
100
20 Feb 10
100
Colorado & Southern
.0Ol2May 9
pref
100
Do Ist
42 Marl2
Do 2d pref
100
lOOis Aug 21
Delaware A Hudson
100
Delaware Lack A Western.. 50 200 Aug 22
5i2May25
100
Denver A Rio Grande
12 Juiyl3
Do pref
100
2214 May 9
.100
Erie
33l2Aug23
Do Ist pref
100
25% Aug 22
Do 2d pref.
100
Great Northern pref
100 jclOlUJuly 5
2784 Feb 3
Iron Ore properties.. iVo par
100 Feb 3
Illinois Central
100
8I4 Mayl5
Interbor Con Corp, vtc No par
5034 May 5
Do pref
100
1858 May 9
Kansas City Southern
100
52 May 9
Do pre!
100
13 Aug 23
Lake Erie A Western
100
25 JulylO
Do pref
.100
57i4May 9
Lehigh Valley
50
39 May26
Long Island certfs of deposit..
119 May 4
Louisville A Nashville
100
14l2Aug22
Minneap A St L (new)
100
99 July 9
Minn St Paul
100
114 Aug 2
Do pref
100
5 May 4
Missouri Kansas A Texas. 100
10 May 9
Do pref
100
2384 May 9
Missouri Paclflc(new) when iss.
51
Mar 7
Do pref (or inc bonds) do...
8134 Aug 23
New York Central..
100
3018
Aug
22
N Y N H A Hartford
100
N y Ontario A Western... 100 21 MaylO
Norfolk A Western
100 115 Aug 22
81l2Augl6
Do adjustment pref... 100
Northern Pacific
.100 i98l2JuIy 9
5188 May 9
Pennsylvania
50
1684 Aug 23
Pere Marquette v t C
100
53i2Mayl2
Do prior pref v t c
100
40
.lune 8
Do pref vtc...
100
2084 Apr 16
PIttsb A
Va interim ctfs 100
.5358 Apr 17
Preferred interim ctfs
100
10 000
1
& St Louis. . 100
pref
2784
31
I4I2
Do
65
273s
5578
1678
8
no
84I4
40
14
30
26
63
86
56
17
135s
20458
6078
18
17
*50
59
119
25
2812
64I4
18
5,800
7,500
1,600
55
14
54I8 .'>4l4
II9I2 II9I2
lOlis
52I4
1684
17
52
17
21
5334
93I2
99'2
10158 10218
II3I8
11318
6978 69^8
121^8
121
18
lOUs
82
IOII2 102
5218 52I4
56
1338
69
—
80
82
56
17
63
13l2
1015s
528r
80
2158
11734
57
I3I2
108
I3I2
82
2158
117
94
79I2
71
103
21
II6I2 117
27I4
65
2758
6412
21
115
84
32
94
8312
2758
63
69
31
11
2612
94I2
29
85
94
61
3II4
44
378
00
3034
3034
2112
11834
3,900
21,750
13,300
1,200
4,900
105s
4
95
31
5334
5178
8338
800
200
37,900
2612
1355s 13634
46
85
29
534
44
•IO8I2 110
10812 110 10858
75I4
75
75
75
7312
•II6I4 11884 116
114
117
•36
3612
4012
3812 3612
•85
III2
-.
584
III2
86
538
101
92
97
10
301s
2II2
_
5l8
378
538
4I4
104
§10312 IO3I2
117
6"
558
6
6
_
- _-10 III2
27I2 29
2784 29I4
54
54
53
5314
82I4 8234
8134 83
1,500
1,800
70
2684
1318
*13l8
44
1223s I22I2
I4I2
1484
1458
IOC
12,800
2684
93I4
2638
45
45
OII2
300
267s
94I4
27I4
3134
15
I4I2
14l8
30
44
307s
•1314
61
39
44
123
53
1,400
100
III2
267s
9358
2658
1434,
32
49
141s
26I4
400
44
1378
34
48
53
13
28
700
3,400
35,100
3,573
2,400
1158
27I4
9438
2738
I4I2,
•32
•45
1978
18,450
2,900
45
*20l2
2534
I9I2
141?,
9I2
300
400
1158
56I4
I6I2
8
18
•28
35
1458
121
1412
61
2612
IO4I4 IO5I4
33I2 35I4
IOII4 10138
9I4
9I4
5535 5538
1938 2OI4
57
I912
24
35
30,700
300
45
27
94
27
88
I36I4 13612
79I8 79I2
12
4958
3OI2
25
26
10334 105
3238 33I4
lOl's IOII4
12258 123
9012
39I2
4II2
1638
3II4
38I4
23
34
33I2
60'4
8978
39I2
23
59
*39
6212
8578
42
8912
I7I2
44
5958
39
26
38I4
I4I2
56
65
40
15
53
13
26
29I4
40
22I4
33I2
25I2
100
47
8
7% preferred when Issued..
6% preferred when Issued..
ChR 1 & Pac ctfs of dep full pd
Clev Cln Chic
5478
210
Uo
&
160
8
541?
1434
65
9258
39I2
8
15
30
28l2
9218
*38l4
29
65
92
200
8l8
Par
AtchTopekaA Santa Fe.. 100
100
prel500
300 Atlantic Coa'it Line RR... 100
OI1I0--100
8,100 Baltimore
40
70
25
IO4I4 IO.5I4
210
988
62
45
65
47I2
12
82
10034 10188
5238 52I2
18
18
2838
200
55i8
55
3OI4
843s
33
22
22
11878 119
80 82
35
10034 IO3I2
100
110
104
117
6
66l'>
18
6158
44
12318 I23I2
I4I2 I6I2
235s
5478
42
934
2684
6078
171?.
23
27
57
47
53
42
57
2OI2
53
14
*39
9
•25
9I2
15
62I4
201
7184
55I4
20
28
44
47
2538 251a
IO4I2 IO4I2
3338 35
IOII4 1017s
15
53
29I2
49
26
2084
54I2
2034
•63
•1118
57
Ills
3OI4
19
23
34
35
6
*
15
24
2338
Ills
*
•85
8
I7I2
28
57
36I4
39
7184 *
10058 IO2I2
200
9
Ills
120
82
•IO2I2 103
52
5218
I9I2
•19
•
62
•1134
•27I2
9458
2734
•5638
»16i2
*20i2
210
1118
3358
2258
40
57
47
III2
85
29I4
25
53
43
28
28
IIOI2 117
6l4
534
5584
•22
120
*80
26
•53
43
16
104
..
*
_
30
555s
I23I4 I23I4
12384 12334
*14i2 16
•102
16
1051R
3478 35I2
IOII2 102
958
958
55I2 56
10
57
22
10
•56
•21
•53
•15
•27
•62
•39
28
*26
*36l4
40
_„._
'
f?allroads
\
Range tor Previous
year 1916
1
basis of 100-share lots
Lowest
Shares
per share
% ver share % per share $ per share S per share
9834 99^8
99
9912
9812 9878
9938 991?,
9834 99
•95
951$ 95I8
95
95
95
95
•94
97
97
109
108 IO9I2 •108 109
109
109
109
68I2 6884
O8I2 6878
6818 68I2
6758 0818
6734 6884
6HI2 69
6878 6878 68I2 69
68I2 6SI2
6884
J 6834
5938 61
.59 Is 60
59 12 60
5978 5978
59
.5978
15958 I6OI2' 15918 I6OI2 15918 I6OI2 15918 16278 1623g 10212
57I2 5858
5712 5838
5758 S8I4
5758 59
6884 5918
10
10
10
IOI4
10
1038
10
IOI4
10''s
•31
321^
31
3158 3134 *31l2 33
31
31
31
68I2
6018 67
60
6638
6618 6684
66
6712
67
107 108
IO7I4 IO684 107
*107
107
108
107 108
107
109
107
1095s IO7I2 IOSI2 107
108
144
140 150 143 1,50
144
140 180
28I4 3012
27I2 2834
3134
2684 2758
30
28
30'8
68I4
69I2
66I2
67
64
66I2
6312 64I4
69
64
53I4 S4l2
5II2 5358
5II2
5OI4
50
50
50
5378
«
*
On
PER SHARE
I
Range Since Jan.
EXCHANGE
Week
•58
•
STOCKS
NKW YORK STOCK
75
7
9
121l2Jan 25
5612 Aug 11
12812 Jan 24
220
Marl2
10934 Jan 18
6884 June 9
100 June 9
54I2 Mario
4138 Jan 26
72ljJan 26
87 May26
121l2Jan 22
66 Jan 4
7612 July 2
102i2Jan 15
B Before
payment
Apr
Dec
43
891s
2612
IOI4
Dec
Apr
Dec
Jan
Jan
38
92
102
Nov
Nov
Nov
10314
IO8I2
Nov
102
68I2
11.583
Dec
June
Sep
Sep
Dec
781?
II9I2
5818
Mar
102
Mar
201'
8478
2778
6284
98I4
109
97I4
102
12278
11818
Oct
Oct
Dec
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Oct
73
Dec
11518
May
12558
I23I2
Oct
Oct
Il23i8
188
Dec
113412
Sep
Jan
102
76 14
IO5I4
37
92
Feb 22978 Nov
Sep
Apr 113
5878 Nov
Dec
Jan
11
2938 July
5912 July
77
56
6OI2
.52
9S7g
Apr
July
Dec
Dec
Dec
9778
87
10588
14784
7384
11855
Mar
Nov
Apr
Nov
Nov
De,
No'
Ja„
no Ma°
of 1st Installment.
I
New York
Stock
For raoord of «»lo« during the wook
BIOH A.ND
WW
Saturday
Monday
Aug. 20.
$ per share
107
*106
116
111)
II3I3 11434
*115l2 lis
S per share
IOBI4
*116
Record— Concluded— Page
lOGU
!
Range Since Jan.
On
S per shire
100
120
II2I4 11-1
Aug 22 515
II514
35I4
Aug 10
Aug 24
Mar
1
17i2Apr 24
Mayl2
Feb 1
109i2Mayl6
3278
May
9
75i2July 6
17% Aug
23
481s Feb 3
3Si2Feb 2
3418 Feb 3
Chino Copper
6
Colorado Fuel & Iron
100
Columbia Gas &Elec
100
Consolidated Gas (N Y)..100 jl0438Mayl0
Continental
Can
100
Do pret
100
Corn Products Refining... 100
Do pret
100
Crucible Steel of America. 100
Do pre!
100
Cuba Cane Sugar
No par
Do pret
100
Cuban-American Sugar
100
Do pref
100
Distillers' Securities Corp. 100
Dome Mines, Ltd..
10
General Electric
100
General Motors tem ctf3..100
Do pref tem ctfs
100
Goodrich Co (B F)
100
Do pref
100
Granby Cons
S & P
100
Greene Cauanea Copper.. 100
Gulf States Steel tr ctfs... 100
Do 1st pret tr ctfs
100
Do 2d pret tr ctfs
100
M
Inspiration Cons Copper
20
Internat .-^grlcul Corp
100
Do pref
100
Intern Harvester of N J. .100
Int Mercantile Marine
100
Do pref
100
Intern Nickel (The) v t C.-25
International Paper
100
Do
Feb 3
108i2May31
IS Feb 2
9634 Apr 11
50i2Feb 2
8212
100
3 134
Lackawanna Steel
Lee Rubber & Tire
Mackay Companies
Do
pref
Maxwell Motor Inc
Do
Do
tr
1st pref stk tr
2d pref stk tr
Mexican Petroleum
Feb
Feb
99i2MaylO
1134 Apr 20
Do
pref
MIdvale Steel
OSgJunelO
July 19
98i4Apr 20
85 Apr 24
45 July 2
10114 June30
149-34
7513
40
99i2Feb
3634 Aug
3118 Aug
6712 Aug
100
100
100
Do pref
100
Nat Conduit & Cable No par
Nat Enam'g & Stamp'g
100
Do pref..
..100
National Lead..
.100
Do pret
100
Nevada Consol Copper
5
New Vork Air Brake
100
North American Co
100
Ohio Cities Givs (The)...
25
Ontario Silver Mining
100
Pacific Mail
5
People's G L & C (Chic).. 100
Philadelphia Co {Plrt,sb)-..50
Pittsburgh Coal ctfs dop..lOO
Do pref ctfs deposit.. 100
ino
Pressed Steel Car
Do pref
100
Corp
Public Serv
of N J_.100
Pullman Company.
100
Railway Steel Spring
100
Do pref
100
Ray Consolidated Copper.. 10
Republic Iron & Steel
ICO
Do pref
100
Saxon Motor Car Corp
100
Sears. Roebuck & Co
1 00
Shattuck Ariz Copper
10
Sinclair Oil & Ret'g...Afo par
Slos-s-Sheffleld Steel & Iron 100
Studebaker Corp (The)... 100
Do pret
100
Stutz Motor of Am IncA'o par
Tennessee Copper Jk Chem w
Texas Company (The)
100
100
Tobacco Products Corp
Do pref
100
52 Feb 3
101 May 8
207s Feb 3
127 Julyl9
Aug 24
50% Aug 23
2
3SS4 Aug 20
4278 Apr 21
511s Aug 21
91 July 5
3II4
13
1761s
4812
June29
Feb 2
Aug 23
Feb
3
3
May
3
U
S Smelting Ref
Do
&
M
pref
United Slates Steel
Do
pref
Utah Copper
Utah Securities
10
v
Virginia-Carolina
Do
100
100
100
100
100
100
100
100
100
50
50
..100
100
t c
100
Chem. . . 100
100
pref
900' Virginia Iron C A O
100
400' Western Union Telegraph. 100
7,600] Wosi.lnghou.xe F.lec & Mfg. .50
Do Ist preferred
50
White Motor
50
Willys-Overland (The)
25
Do pref sub reefs full pd 100
Wilson & Co. Inc, v t c.IOO
Woolworth (F W)
100
Do pref
100
v t c.IOO
Wortblngton P &
100
Do pref A V t c
_ino
Do pref R V t c
M
aBx-rlsnta.
a Ez-dlv. and rlgbta.
Marl6
Jan 4
61i4Jan 19]
Jan 4
9238 Jan 17
47 Jan 26
137 Jan 3
110 Junel3
117l2Feb 2
66I2 Junell
112
May22
60i2July23
123 Jan 2
Mayl6
8934
Feb
Jan 5
Junel4
2934
Mar21
Mar
22
9
5934Mar29
7434Mar30
110i2Jan 17
108% Jan 20
5334 Jan 26
19i2June20
243 Jan 10
80% Aug 21
105
4812
Marl2
Dec 110
54I2
Dec
Dec 2912
Apr I8714
Dec 135
Dec
93
Dec 80
Dec 11634
SO
34
71
S7
72
12678
05078
Mar
1)125%
Deo
9
9
43i2May 9
24% May 19
6fi34Aug
40
Dec
Dec
64
May
June
Aug
49% Nov
68I4
Mar
Dec
65
32
Dec
De
S8% June
89I2
Jan
Sep
June
15
Jan
118
July
65I2
75
Apr
91
6834
99
93
Oct
Nov
129%
May
34I3
186
7573
I24I4
Nov
Jan
31
100%
May
38
June
118
48
25I4 July,
IOOI4 Aug
4210 July
97
114
July
15973
Mav
32
Jan
Apr
95I4
Mar
20
June
June
42
101
Dec
Dec
Dec
11473
I17I4
13112
534
1134
Oct
Dec
Nov
Sep
Oct
Nov
Nov
Dec
Dec
11% Jan
5834
II.5I4
88I4
108
137
177
6 134
IO3I4
37
93
17
Oct
Dec
Dec
Deo
Nov
Nov
Sep
Sep
Nov
Nov
Nov
Nov
Nov
Sep
Mar
22
Dec
4OI4
Feb
37
July
Dec
93 14
167
Nov
lOOis
IO8I4
4812
14
79I2
Mar
19li
Dec
Sep
Dec
Dec
8434
Aug
6378
I68I4
233
1534
177I4
48I4
June
Sep
24112
99
July
10912
414
May
Oct
Aug 14
Marl4
Jan 22
24I2 June26
63 Jan 29
171l2Junel3
106 Junel4
67 Aug 14
11 434 .Ian
3
4
3
Jan
Jan
2434 Jan 22
46 Mav31
112l4Jan 26
77 Mar30
9934 Jan 19
56 May 28
7018 Jan
4
52l2Jan 18
3812 Jan 18
100 Mario
151
12234
23I2
91
June25
Feb 9
Apr 16
12618 Jan 17
3733 Juneie
97I4 Junell
63 Junel.J
9
5612 June
33
44
8712
MavIO
May
Sep
Nov
Nov
Feb
June
Sep
Jan
607s June
129% Jan
105% Jan
6478 DC'
86
June28
.''lO
Dec
Apr
107
Nov
Jan
Sep
Nov
59% Dec
Mar
June 6
92
57
120
Aug 23
Jan
Jan
Nov
Nov
Jan
b<3
Feb
bl\u Feb
136% Jan
15% Jan
48i'> Feb
9410 Dec
99I2 July
4734 Mar
106% Feb
57
50
115
45i4Mav
Mar
Nov
Nov
Nov
Nov
Nov
Nov
75I2
3:7934
8
Oct
Dec
Dec
Apr
85I4
64I4
11834May25
Feb 3
9034Mavll
74
Apr
Feb
56'?i'6
121i4Jan 19
46
Dec
Dec
Mar
136% Mays 1
May
Sep
Dec
Sep
Sep
Jan
Jan 22
4933 June 2
6734
52I4
56l2
193
115
190
Jan
Feb
1
10434
May
May
May
7434
2973
9
Feb
6% May
97
June
120
42% Apr
11
Aug
Dec
37
Feb 1
17l2Aug23
34I4 Feb 3
11
July
Aug 20
15l4Mar22
107
May
14
10038
S8I2
4912
IIOI2
Nov
Nov
Dec
76% Oct
1934 Apr
3612
90% Dec 100
Dec
57
74%
IIII4 Dec 1171s
Jan 6
263s Junell
156
63I4
5378
14434
Jan
109
lis
124
5
63i4Mar23
17
Aug
Oct
Sep
June
June
39I4
152
78
114
54
49
99
IOOI2
2697s
2513
17
9934 Julyl2
1.5438
5034 Feb 9
104i2Mav21
5238MaylO
Mar
9I2
45UJuly28
1277s
12034
9
Nov
2934
II312
9912
12473
56
Aug 23
Feb 2
lOOlaApr 21
97i2Apr 28
114
May26
5018
91i2Feb 3
June 8
1287s
Feb
Aug
lOS'sJunelS
30 Jan 2
112
113
Jan
Sep
77i2June 6
4
6412 Jan
May 17
40% May 4
7434
lUl
IO8I2
51333
D6II4
3873
3678Mar23
95i2Mar24
4738Mar21
49% Jan 4
Mayl5 23Si4Jan
Feb
74
18
Feb 1
587s Aug 6
10718 Jan 15 122 Julyll
66i2Aug23
S3l4Jan 26
100 June28 1107 Jan 31
117 Aug 7 131 Jan 6
136 June20 167l2Jan 26
43 Feb 2
58 Junell
9618 June26 101
Jan 22
32I4 Apr 3
23 Feb 1
94i2June 7
60 Feb 1
90 Feb 1 10578 May25
15 July 3
68 Jan 4
22i,s
131
159
120
35
16212
Apr
19% July
24
3234
9
June
Jan
8038
4618 July
38I3 Apr
30I4 Sep
12934 Dec
7514 Jan
Jan
30i2June27
106i4Jan 18
42 Jan 4
May
Nov
Nov
Dec
Deo
5
Feb 3
18 Feb 3
68i2May29
II7I2
9134
7238Mar21
1437s Apr 19
713 Feb 14
5S7s
Feb
pref
Industrial Alcohol
Do pref
United States Rubber
Do l.st preferred
t Ex-rlgbta.
3
9
92
10
Do
Leas tban 100 aharea.
Feb
40
US
I
Aug 24
90i2May
Underwood Typewriter
100
Union Bag & Paper
100
Union Bag & Paper (new). 100
United Fruit
US Cast I Pipe.t Fdy
day.
1
1
Jan
43
127
39
3
1087s
IOSI4
5
Mar
May
I'eb
123
4
122i')Jan
110
105
112
32
24
17
Apr
3
94i9jan 3
205 Apr 16
107l2Aug 7
32 Jan 2
9
2434 Jan
17134 Jan 26
42% Jan
June
June
49
SOU Dec
2
IO5I4
40
I3I4
117i2Mar2S
81%
Aug
Nov
Mar
Dec
85
1
JuiylS
13
Nov
186
106
May
May
59
20
90
34
No par
4773
July26
Aug
Transue<.tWilliams.Steei;Vop(2r
pref
June 7
Apr 4
134% Jan IS
IO314 June30
112i2Feb 7
37I4 Julyll
2
1123s Jan
58
217s
700
July
S8I2
54i8May 9
88 Aug 15
2918
May28
Do
Mar20
27%Marl2
6334 Mar 7
125
93
Jan
126
15
10434
9178 July
11 734 Jan
55I4 Jan
415
4173
67i2Jan 15
6134Jan 17
7413 Jan IS
40 Jan 20
106i2Jan 10
977s June 8
4314 Apr 30
67i2June 7
IO914 Jan 25
98
United Alloy Steel
United Cigar Stores
ttila
7
June29
Feb 1
701s Feb 3
1638 July 5
79i2Aug 9
6334July27
1
'Bid and aaked orloea; no aalea on
Bz-dlvldend.
23
23
44
40
& Ordnance..."iO
pref
3
Feb 3
Feb 10
48 Feb 1
13I4 Feb 5
35I4 Feb 5
107i2May 9
1
1934 Feb
62% Feb 8
Montana Power
Do
Feb 3
Apr 23
102
117
5
National Biscuit
14
14
8512
100
25
No par
100
No par
100
100
ctfs. 100
ctfs. 100
ctfs. 100
100
100
Miami Copper
Aug 22
Aug 23
159
stami)ed pref
Kelly-Sprlngfleld Tire
Kennecott Copper
Jan 2
Jan 4
156 Junell
135 Jan 5
52i4Jan 26
30i2Jan 25
62i4Jan 25
IOII2 Junell
11578 Jan 25
41 Feb 20
136
112
103
Highest
$ per thare $ per ihart
al27i2 Dec 16712 Dec
S per share
104S4Mayl5
46
70
Lowest
Highest
per share
.S
Range for PreHout
Year 1916
1
basis o! 100-share lots
Lowest
lndustriai&IVIisc.(Con.) Par
Barrett Co (The)
100
Betmeaem Steel
100
Do class B common
100
Do pret-.
.100
Butte & Superior Copper
10
California Petroleum v t c.lOO
Do pref
100
Central Leather
100
Do pret
100
Cerro de Pasco Cop
No par
Chandler Motor Car
1 00
Chile Copper
25
*10.5
PER SHARE
PER SHARE
STOC KS
NEW YORK STOCK
EXCH.^NGE
Wednesday
Aug. 22.
Tuesday
Aug. 21.
801
2
«tock« a«ually Inactire, tea fecond page prccoding.
SALE PRICES— PER SHARE, NOT PER CENT.
Aug.
IS.
of
Dec
June
Mar
110
I8I2
129
10.534
120
I69I2
Jan
Dec
Deo
July
Mar
Nov
53i2June
12934
123
Apr
Apr
Apr
7034
II514
8II2
130
June
Nov
114
May
I6I4
Aug
Aug
June
28% Nov
6712
I7OI2
7434 July
36
lOS
41
87
Oct
Oct
Nov
273s
51
II4I2
7234
IO5I2
Nov
Nov
Nov
Dec
Jan
Dec
Nov
Oct
71% Mar
5114
Dec
70
45
34
94
Apr
79
Mar
Dec
Dec
Dec
5933
re325
Oct
June
June
Jan
June
14134
117
84l4Mar30
.Tan
« Far 1 100 per share,
22
r
118
123
25
95
52
July
Julv
Jtilv
126
Oct
Nov
36% Sep
100
6RI3
Sep
Sep
Certldcatea of deposit.
New York
803
In Jan. 1909
at.
Week eudlQg Auguat
Stock
Ezchame mellwd
BONDS
STOCK EXCHANGE
Y.
2»
'Zi.
dl930
*191(j
tl91»
U 8 38 coupoi)
U 8 48 registered
^'^'^'
U 8 48 coupon 10-30-yr28.tl93G
D 8 PiiQ Canal 10-30-yr23..193S
O 8 Pan Canal
1981
^'>'jf>
O 8 Panama Canal 38 g
O 8 Phlllppluo Island 48.1914-31
Foreign Government.
1919
Amer Foreign Heeur 53
Anglo- French 5-yr 58 Exter loan.
Argentine Internal 53 of 1909..
Bordeaux (City of) 3-yr 63.1919
—
89.92 Sale
97U
Q-F
Q-F
g-F
Q-F
Q- F
Q-N
Q-M
Q-F
9634
99I4
99I4
105
105
90
«0
80
A-O
M- S
M-N
9338 Sale
89^8
80
93
65
99I4
1931
French llepub 5H3 secured loan.
Japanese Govt iloan 4)^3- 1925
1925
Becond aerloa 4}^a
95
86I2
9514
9514
A-O
95
—
Do
"German stamp".
do
74
J
-.1931 J
1919 M-N
3-yr6s
M-N
1919
Marselllea (City of) 3-yr63- .
Mexico Exter loan £ 58 of 1899 Q- J
1954 J -D
Gold debt 4a of 1904
1921 A-O
Parla, City of, 5-year 63
M- S
Tokyo City 58 loan of 1912
S
U K of Gt Brit & X 2-yr 5S..1918 M1919 M-N
3-year 5 H temp notes
-
Sterling loan 43--
Lyons (City
9334 Sale
of)
93
51
33
—
W
N
XThese are prices on the basU of
State and City Securities.
Y City— 4>is Corp stock. 1960
1964
44i8 Corporate stock
1960
4Ks Corporate stock
1965
4)^8 Corporate stock
1963
4^8 Corporate stock
1959
4% Corporate stock
1958
4% Corporate stock
1957
4% Corporate stock
1956
4% Corporate stock
1957
New 4H3l
1917
New 4H8.
1957
Corporate stock
1954
Corporate stock
.1961
Y State— 43
Canal Improvement 43.. .1901
Canal Improvement 4a.- .1962
1900
Canal Improvement 4a
4H%
3H%
M-N
MM-
hl995
S Fe gen g 43. . . 1995
Atch Top
&
1995
Registered
Adluatment gold 43
Registered
Stamped
3onvgold4a
Oonv 4a Issue
of
1910
A-O
-D
m- s
i
in-N
M-N
M-N
M-N
M-N
M-N
IW-N
M-N
M-
*99%
*99%
S
Q-
W
Registered
A-O
A-O
M-N
M-N
A-O
F-A
J -D
A-O
A-O
J - J
M-
S
M-N
A-O
J - J
F-A
J -D
A-O
J -D
F-A
M-N
J
-D
J
-
J
J
-
J
-
J
J
2rt
*
No
price Friday: uteat
Aug
'17
9934
9518
Aug '17
Aug '17
95I4
95I4
98
8778
83
80.%
74
AU! :'17
9358
94
93
94
35
9338
77I2
Aug
""4
96%
72%
100
9658
86%
90% 10058
94% 100
94% 100%
9734 101
88»4
80% 8858
81
78
35
92
40%
"eii
82
73% 70%
93% »7%
115
220
344
488
449
9978
9934
03
93
9578
9914
9534
85
93
68
97
25
98
95
98%
86)8
27
41
581
40
10
10
Aug'17
9734
9538
94I2
99I2
IO214
90%
92%
'17
94
UU
97
50
39%
12
10
4
75% 80%
95% 93%
95
98%
9334 98%
98 100%
98% 101%
8OI4 81
9334 Sale
98
99
7
5
3
J
- J
J
T
10534
106
111
11034
102%
102%
93% 102%
94
94
101
100
19 101'4
84
110%
100%
110%
91%
101
105
10034 106%
102%
108%
107% 117%
100
9973
117%
108% 110
10934
33
5
5
81
90
75
S3
96
8434
8312
9312
8412
9934 103
87
80
)i4
10
8038
Sale
8478
Sale
9834
9914
98%
99%
May'17
7Si2
79
115
8412
»
50
61%
61
73%
86% 97
87% 93
80% 88%
"3
1
78
Aug'17
93% May'17
9934 July'17
85% Aug
'17
1297g
Aug
80
115
105
80
July'17
July'15
9234
'§712
Sale
Sale
104
23
90%
84%
95
112
86
78
85
100
'14
Mar'17
85%
95%
Jan '12
18
86
1
13
31
78%
85
Apr
'17
99'8 June'17
101% Nov' 16
107% Feb
107% Nov'16
107 Feb '17
'17
103
.. 101%
91
100%
77% Sale
85
70
70
95
70
Sale
82
80
"8()'
83
84
8058
Apr '17
9938
107
105%
Feb
Jan
109
9753
104%
120%
108% 118
102
104%
Iliinois
II linols
Div 3 Ha
Di v
1949 J
1949
^.^-
-
J
1919
Sinking fund 48
See Great North
Joint bonds.
1927
Nebraska Extension 48
Registered
1927
1921 M- S
Southwestern Dlv 4a
General 43
1958 M- 8
Chic A E Illref Almp4ag..l955 J - J
U
S
Mm A
Tr Co
ctfs of
78
90
7934
941%
100% 108%
104% 104%
83
8fi»4
10
129
94
92
77% 86%
84
84
0434
87
April. «
F-A
Chic A Ind C Ry l3t 58. . . 1930 J - J
Chicago Great West 1st 48.. 1959 M- S
Chic lad A Loui-sv— Ref 63.1947 J - J
Refunding gold 53
J
1947
Refunding 43 Series C
J
1917
Ind A Loul.sv 1st gu 4a
J
1956
Chic Ind A Sou 50-yr 4a
J
1956
Chic L S A East l3t 4H3.--1969
-D
Chicago Milwaukee A St Paul
- J
Oon'l gold 43 Series A
el989
Registered
Q-
el9?>9
J
1925 J -D
Gen A ref Ser A 4H3
a2014 A-O
GenAref4H3(temporary form)
Gen ref conv Ser B 58
a2014
Gen'l gold 3 H3 Ser B
el9S9
General 4H3 3erle8 C...el989
25-year debenture 43
1934
Convertible 4Ha
1932
Chic A L Sup Dlv g 53.. .1921
Chic A Mo Rlv Dlv 58. ..1920
Chic A P
l8t g 58
1921
CM&PugetSd lat gu 43.1949
Dubuque Div lata f 63
1920
Fargo A Sou assum g 68.. 1924
LaCroase A
lat 5a
1919
Wis A Minn Dlv g 5a
1921
Wis Valley Dlv 1st 6a
1920
W
D
A No
lat ext
4H8..1934
Cons extended 4H8
1934
Ohlc A Nor West Ex 4a 1886-1926
Regiatered
1886-1920
General gold 3H3-1987
Registered
pl987
General 4s
1987
Stamped 48
1987
,
General 5satamped
1987
Sinking fund 63
1879-1929
Registered
1879-1929
Sinking fund 5s
1879-1929
Registered
1879-1929
Debenture 53
1921
Registered
1921
Sinking fund deb 5a
1933
Regiatered
1933
Dea PlaineaVal 1st gu 4Hsl947
Mo V lat 0S..1933
Man G B A N W lat 3Ha. 1941
Frem Elk A
MUw A3 L
lat
gu3Ha... 1941
M-N
Q-F
M-N
M-N
M-N
A-O
A-O
A-O
A-O
A-O
A-O
M-N
M-N
M- S
A-O
J
-
J -
J
J
W
W
Registered
1917
Railwag general gold 43. . . 1988
Registered
19S8
Refunding gold 4a
.1934
20-year debenture Ss
1932
Coll trust Series P4a
1918
R I Ark A Louis 1st 4 Ha. - 1934
Burl C R A
Ist g 53-. 1934
PA
W
.
W M
81% 88%
73
8134
Das Mar.
g
Daa
-D
-D
M- S
J
J
M-N
J - J
A-O
M- S
J -D
Q-M
J
J
J
-
J
-
-
J
J
J
J
J
-D
J
D
-
J
J
41936
Cleve Short L lat gu 4H8-..1961 A-O
Col Midland 1st gold 48... 1947 J - J
Trust Co certlfa of depoalt. _
Colorado A Sou 1st g 43.-- 1929 F-A
Refund A Ext 4H3
1935 M-N
Ft
A Den C Ist g 63-..1921
Conn A Pas RIvs lat g 4s-..1943
Cuba RR lat 50-year 5a g..l952
W
Del Lack A Western
Morris A Ess lat gu 3Ha.2000 J -D
N Y Lack A 1st 63
1921 J - J
Construction 53
.1923 F-A
Term A Improve 43
1923 M-N
Warren lat ref gu g 3HS..2000 F-A
uue
July, t
Due Aac
a
99
87
97%
Mar'17
105% 107%
88
87
76
8O34
87
76
July'17
Feb '13
Mar'17
9734
32
32
41
05%
64%
73%
11238
115%
72
94
'17
'16
•80
76
05%
90
90
90
112% Mar'17
100% Apr 17
84% Apr -17
70 Nov'16
0558
108
96% Jan
9733 Deo
77% 81% 81%
81%
92% Feb '16
87
86%
81%
81%
86% Sale
81% Sale
95
Sale
78
"9()% Sale
8O34
"8578 Sale
July'17
84
95
96%
72% Aug'17
90%
90%
8O53
80%
87
85%
100% 10034
Sale
Aug
102
101
96
96%
81
98%
'17
84
95
10768
"i
72% 825g
90% 105%
1
19
75% "77
79
Sale
90% 95%
103
100% 101%
100
90% 98%
97% 97%
91
-17
Aug'17
89
-Aug -17
104% 104% Aug'17
111
Jan '17
104%
109% Apr '16
100
101'4 100
June'17
104
8638
86
86
981a
95%
104% 118
9934
103
75
"16
81% Oct
99
97
100
1043g
97% 101%
'16
Deo
89
105
'16
97% Jan
90% 86
805g 94!%
85% 10234
10334 10334
106%
100% 104%
July'17
75
96%
102
July'17
June' 13
July'17
July'17
91
96%
86%
-17
Deo
90
11
'17
Apr
85%
81% 96
101
91% 90%
102% 106% 104
105% 108 110
99% 10034 100%
100% 101 100
102%
107
9058
97%
95%
102%
84%
30
10334 Jan '17
100%
100%
111
111
104
105%
103% Apr "16
100% 100 Aug'17
100
102% Oot '16
ioo" 10238
July'17
"99% 10378
99% 104% June' 16
85% ..
101% Oot '16
113% 112% Aug'17
112% 118%
87
71
103% ..
101
'17
Jan
88
88
..
111% Deo '15
111% Nov'16
..
80% 87% 89 July'17
99% 9934 9934 July' 17
100
June'17
10038
Apr
80% Sale
80%
69
87
69
80
Sale
83
97
...
55
60
68
110
85%
. -
-
98%
90
109
,.
110%
101% 103
95%
80
105% 107
70% Sale
*85
•
9434
9934 10838
84
99% 100%
10038 10038
17
8
81
Mar'17
69-34
Aug '17
9858
9858
67% Aug '17
85%
"si
"2
69
70
98
65
9658
90
8584
78%
84
98%
74%
102%
97% 97%
Aug'17
56
68
110
55
68
Aug
6334
91
'17
'17
111
June'17
110
91
Apr
96% Aug'17
62
75
11834
91%
96% 103
HI 118%
Nov'16
102% July'17
105% Nov'16
118
Jan
82
101% 104
'17
105% Aug'17
7058
70%
90 May'17
May'17
82
82
105% 108
25
70
77
90
9634
70
90
96
67
81%
July'15
Mar'll
July' 14
'17
Jan
67%
67% Sale
82% 84% 83% July'17
99% 101 Feb '17
"74'34 81%
83% Mar'17
79 Feb '17
74% July' 17
74
73% June'17
84 Nov'16
71%
101% 104% 100% June'17
85
88
85% Aug'17
83%
88% May' 15
96
83% 87
100% 101
83% 87
81
72
79
7553
74% 8338
73% 73%
10253 Jan '17
107% July'17
July'08
94
55
20
67% June'17
15%
96%
9753
334
63s
738
96%
96%
7% May'17
6% May'17
2%
79
9934 Oct '16
9758 July'15
00
25
88
65
96
67
90
6534
7433
88
103% 107%
104% 104*4
10334 July'17
10434 Apr '17
104=8 ..
104
A CI cona 1st g .5a.. 1923
97
C C C A I gen cona g 63.. 1934
107%
Ind B A W Ist pref 43
79
1940
O Ind A W Istpref 53---dl93S
90
Peoria A East Ist cona 43.1940 A-O
51
1990 Apr
9434
June'17
June'17
M-N
M-N
J - J
J - J
997t
106
25
86
98
84% 850
101
78
100% 102%
30% 33
27% 35
90
»2
53%
July'17
July'17
33
32
10258 105
64%
62»4
100
89
98
87
33
35
Sale
101
99
79
89
99%
98
Cln S
Juoo. a
9434
59%
44%
9434
July' 10
June' 15
*90%
6478
jfcl936
Registered
'15
59% Juno'17
44%
44%
100 101
99 Aug '17
79% 80
79%
79%
893^ 90
90
90%
10034 101% 10038 Aug'17
90% 98% 98 July'17
87
1
High
Sept' 10
59%
44% 44%
1952
St Paul A K C Sh L
Chic St P
A O cons 03-. -1930
Cons 6s reduced to 3H8.-1930
Debenture 53
1930
Ch St
Minn Ist g 63-. 1918
North Wisconsin 1st 63-. .1930
St P A S City lat g 6s
1919
Superior Short L lat 5s g-ffl930
Chic T H A So-East 1st 5s- 1960
Chic A West lud gen g 6s.-jl932
Consol 50-year 43
1952
Cln H A D 2d gold 4H8
1937
Ist A refunding 4a
1959
Ist guaranteed 4a
1959
ClnD A I Istgu g 53
1941
C Find A Ft 1st gu 43 g 1923
Cln I A
Ist gu g 43
1953
Day A Mich lat cons 4 Hs. 1931
Clev Cin Ch A St L gen 48.1993
20-year deb 4H8
1931
General 5a Series B..
1993
Cairo Dlv 1st gold 4s
1939
Cin
A
Div Ist g 4a.. 1991
St L Dlv Ist coll tr g 43.. 1990
Spr A Col Dlv Istg 43.. .1940
Val Div 1st g 4s
1940
C I St L A C consol 6s
1920
W
88%
94
Since
High No. Low
113% Feb
93%
Range
Jan.
65% 68%
96% 100
97% July'17
96 100
97% June'17
53-. 01919
1st 53.1923
Ist 4 Hs '41
?2
1^
Last Sale
A$k Low
Bid
70
72
N—
M
Week'i
Range or
9858 Sale
CRIFAN W lat gu 53-. 1921
Keok A Dea Molnea
Price
Fridau
Aug. 24.
91
91
Mil L S A Weat 1st g 63. .1921 M- S
Ext A Imp 8 f gold 5s. . .1929 F-A
Ashland Dlv 1st g 6a.. .1925 M- S
Mich Div 1st gold 63.__
.1924 J Mil Spar A N
1st gu 4s. 1947 MSt L Peo A N
1st gu 53. 1948 J Chicago Rock Is! A Pac 0a..l917
Choc Okla AG gen g
income and defaulted bonds.
*70
Guar Tr Co ctfs of dep
Purch money Ist coal 58.. 1942
W
'16
'13
5
dep.
1934
1937
l.st consol gold 63
General consol lat .5s
U S -Mtg A Tr Co ctfs of dep
Income 43
82%
80% 84% 82%
73
82% 73 M1VI7
tu* week a Dae Jan. 4 uue
M- N
Warm .Springs V lat g Sa. . 194 M- S
A-O
Chic A Allciu RR ref 8 33... 1949
1950 J - J
UiiUW'w lat Hen 3H8
Chic B A Q Denver Dlv 4S-.1922 F-A
1st gold 43
85% Nov'16
9634
8434
Ohio (Con)
Greenbrier Ry l8t gu g 4a. 1940
WW
94% 97%
8634
8434
90
84% 85
100
100
9753
10438
'17
'17
Mar'17
78%
77%
»94%
92
10034 110
go 10.^
78
78
103
103
10034
Aug
79
78
98
85
July'17
104% Jan
92%
84% 97%
95 101%
10934 10934
9753 June'17
90
95%
99% 99%
101% 111%
101»4 102%
104% Apr "17
94% Apr '17
no
110
109%
108%
110% 108%
'17
Apr
102
102
101% 100 Jun8'13
100% Jan '13
78 Feb '17
78
96
84%
943g
107% 107%
Mar'17
10058 10058
963g
107
May'17
101% 10034 Aug '17
9058
9658
96%
78 Aug '17
81
100
P
A
Consol gold 5s
90
92
9938
85
92
9334
91
41
9938 June' 17
9814
9334
100
77% 89
118%
101% Aug '17
99 10134 Mar'17
97 Nov'16
80
IO6I2
103% Feb '16
102% 108 106% Deo '16
104% IO712 10934 Jan '17
99% Aug '17
99 105
105
100
99
80
115
9914 IO712
97%
91
78
83
91
'15
92%
10412
96
100% 100%
86
85
9534
9738 101
9034
IOOI2 105
IOII4
9834 106%
9838 107
85% 95%
100% 107%
IOOI4
IOOI4
89
9934 10453
9638
87
87
87
Deo '16
90%
92 Apr '17
85%
84%
Sale
9538 Sale
78
s85
53
4
81
9938
9OI2
85
"80%
91
91
78
83
2
8718
112%
10078
9812
9OI4
81
81
BONDS
STOCK EXCHANGE
Chesapeake
Mliw
62U Aug '17
8734
80%
87%
87%
IOOI4
M- S nil 'iih
M- S
F-A
A-O
D
D
97% 104%
9738
9734
31 101
20 101
85 Aug "16
50 14 June'17
81
except for
Permanent 43
97
85% Nov' 16
10914
A 1987
RA ADIv l8tcong43-..I989
ponsol BoM «
1P'<Q
13
95
Am Dock & Imp gu 53 1921
Leh & Hud Rlv gen gu g 58- '20
N Y & Long Br gen g 4a- . 1941 M- S
Cent Vermont l3t gu g 43-.(;1920 Q-F
Ohesa & O fund & Impt 5a-. 1929 J - J
1939 M-N
lat consol gold 5a
Registered
1939 M-N
General gold 4Ha
1992
Regiatered
1992
20-year convertible 4 Ha.. 1930
30-year conv secured 53-. 1946
Big Sandy Ist 43
1944
Coal River Ry lat gu 4s--1945
Craig Valley lat g 53
1940
Potts Creek Br lat 48
1946
8638
9618
9434
9458
9734
8712
8712
8OI2
94
107% Aug'17
4978
J
Southw Dlv lat gold 3 Ha- 1925 J - J
Cent Ohio R lat c g 4 Hs-. 1930 M- S
CI Lor &
con l3t g 53- . . 1933
Monon River 1st gu g 53. . 19 19
Ohio River RR 1st g 5s... 1936
General gold 53
1937
PlttaClev&Tol 1st g 6a. .1922
Pitts & West lat g 4a
1917
Buffalo R & P gen g 5s
1937
Oonsol 4H3
1957
A11& West I3tg4agu
1998
Clear & Mah 1st gu g 53.. 1943
Roch & Pitta lat gold 63.-1921
Consol l3t g 63
- . 1922
Canada Sou cons gu A 5a
1962
Clinch
Car
& Ohio lat 30-yr 5a "38
Central of Ga 1st gold 53.-pl945
Conaol gold 5a
1945
Chatt Div pur money g 43 1951
Nor
Dlv
Mac &
lat g 5s.. 1946
Mid Ga & Atl Dlv 53
1947
Mobile Div lat g 5a
1940
Cen RR A B of Ga col g 58. .1937
of
N
J
gen'l
1987
Cent
gold 58
95
July' 17
I0712 109
6OI2 63
8678 Sale
*87i2
8018 82
M-N
A-O
A-O
M
W Va Sys ref 4s--1941
93
61
9378 1242
108U Mar'17
G
PLE&
95-.8
85
—
luwa Dlv Hloking fund 58.1919
90
9538
9338
99%
10178
104% 111%
103 10934 Sept'ie
IO7I4 II3I4 10934 July'17
M-N
W
104>i
May'17
Fob '15
...
9954
10-year 53.
1917 J -D
East Okla Dlv lat g 4a..- 1928 M- S
Rocky Mtn Dlv lat 4s. .-1965 J - J
Tran3 Con Short L 1st 43.1958 J - J
Cal-Arlz 1st & ref 4 J^3"A"1962 M- S
8 Fe Prea <& Ph Ist g 5a.. .1942 M- S
Atl Coast L Ist gold 43
A1952 M- S
Gen unified 4Hs
1964 J -D
Ala Mid lat gu gold 5a-.. 1928
Bruns <fc
Ist gu gold 43. 1938 J - J
Charles & 3av 1st gold 7a-1936 J - J
coll gold 48
01952
8av F &
1934
1st gold 6a
1st gold 53
1934
811 Sp Oca <fe
gu g 43
1918 J - J
Salt & Ohio prior 3H8
1925 J - J
- J
Registered
A1925
Ist 50-year gold 43
ftl948
Registered
A1948
20-yr conv 4 Ha
1933
Refund & gen 53 Series A- 1995 J -D
Pitta June 1st gold 63
1922 J - J
PJunc &
Dlv l3t g 3 Ha 1925
LAN
-17
'17
Oct '15
July'17
101
10034 July'17
100% July'17
9,t% July'17
100
A1995 Nov
A1995 Nov
A1995 M-N
1955 J -D
1960 J -D
W
98%
9714 9712 9714
97%
9712 9734 9734
9734
9734
9734
9714 9778
10134 102
lOUo
102
10134 10438 102
102
94I4
933g 94
94
93V8 94
94I4
94
9378 Sale
9378
93%
97I4 Jan '10
93
10134
10134 I0214 10134
10018 IOOI4 100% July' 17
lOi
10134 IO2I4 10134
83
8334 84
Aug '17
S
S
Canal Improvement
Canal Improvement 4^^8-1965 J
Highway Improv't 4)^3- -1963 M- S
Highway Improv't 4)^3-. 1965 M- S
Virginia funded debt 2-33... 1991 J - J
6a deferred Brown Broa ctfa
Ann.4.rbor 1st g 43
991,,
$5:o£
J
J
J
J
4)^3.1964
Railroad.
Aug
Aug
99<4
U»
Juiyi7
49I2 July' 17
38
9312 Sale
7712 78
97% 9734
9512 Sale
94% Sale
9912 Sale
9914 Sale
—
6-year 5 H temp notea. ..1921
Temporary notea 5>^s.. .-1918
Temporary notes 5^3-- ..1919
Sale
May 17
99<4
90
99I2
78
Jan
96%
Juiy'16
99l4
9734
8712 8818
8712 87^8
8OI2 Sale
'17
99
97
68
Sale
90
90
Sale
Sale
Sale
High
1
Weekly and Yearly
interest"
Ween ending Auguat 24.
1
lUU'tt
0299
USI2
Friday,
—"and
now
N. Y.
High Na. Low
99.94
93
68
Sale
Jan.
9Si2
9934
100
prices are
Hince
9'J.7()
99I2
105^>s IO5I2
10512
98I4
and
Range
or
Last Sale
99
95% Sale
F-
—
do
Range
Ask Lou>
Bia
-D
Chinese (Uukuani,' Hy)— 53 of '11 J
3
Cuba External debt 53 of 1904. IVIExter dt 53 of '14 ser A... 1949 F-A
F.-1949
External loan 4 Ha
Dominion of Canada g 5a.. .1921 A-O
192« A-O
do
Do
Do
Week't
Price
Government.
8 28 consol coupou
8 38 reijldlerod..
Exchange— Bond Record,
of quoting bonds was ctuinyed
Friday
Aug. 24.
U.
J -D
8 3>i8 Liberty LoaQ (w 1)1917 Qi
S 2a couHol registered. -.dl930 Q- J
S.
D
O
O
C
the
July'17
18
85
85
'78* 84%
7838 78
99% 102 10034
78
July'17
100% 100%
85%
84
10258 10258
106% 116%
67% 75
18
95%
2%
2
3OI4
10234
1734
1134
8478
96
78
8734
100% 105%
84
..
81%
Feb
82
July'17
80
107% 104% July'17
105
97%
100
96% 96%
95
oao uo«.
'16
93% 94
8258
j
July'17
July'17
102% Feb
uua Sov.
4
80
88%
104% 107%
100
10258
96% 99%
'03
Dua
l>oj.
•uocioa sale
Aug. 25
N. Y.
Pa Dlv
Ist
Registered
Hen equip
1st
1st
<fc
g4>ia
rel 4s
Alb & Susa conv 3H3
Renss & Saratoga 1st 78..
R Gr
1st cons
Improvement gold
&
g 4s. .
4H3
Oonsol gold
Ist
HI
5«
53
relunding 53
Rio Gr Juno 1st gu g 53
Rio Gi Sou l3t gold 4s-..
Guaranteed
Bio Gr West Ist gold 48.-
Mtge &
coll trust 4s
A.
Dm Moines Un Ry 1st g 5sDet & Macij
—
Ist lien
g 4s..
PHce
917
922 J - J
943 M-N
935 A-O
946 A-O
921 M-N
936 J - J
J
936
D
928
A
955
-D
939
J
940
- J
940
- J
939
949 A-O
MN
917
995
Gold 43
Det Rlv Tun— Ter Tun 4>43 1961
Dul Mlssabe A Nor gen 5S-.1941
Dul & IroaRange IstSs
1937
A-O
M-N
M-N
Registered
Week'M
Range or
Aug. 24.
Last Sale
9712
90
95
9018
Sale
73
5712
&
NY
NY
H
6712
M
A-O
I
W
Gulf
AS I
Istref
Hocking Val
Feb
A
tg 58.. 61952
4H8.1999
J
1999
J
97
J
9134
Rel A Impt OS
Apr 1950
Kansas City Term Ist 48... 1960
Lake Erie A West lat e 5a.. 1937
2d gold 53..
...1941
North Ohio lat guar g 53.. 1945
Leh ValN Y 1st gug 4 Ma.. 1940
8178
•7514
J
...
9712
-
FFJ
J
84
59
73
88I2
56
52
68
105
82l2
6834
1(X)
70
101
93I8
8778
Sale
9534
Sale
91
111
114
7834
FF-
79I4
79I2
8712
"ir
"85"
99
78I4
87I4
59
73I2
Juiyi7
88
90
Aug
52I4
5OI2
6814
6874
65
84
19
Dec
'16
5914
June' 16
'17
26
£258
7
66
Aug
9912 109
10678 10678
'
17
Jan 17
July' 17
Juno'17
103
103
'17
100
100
IO2I2 IO6I4
IO2I2
101
IO2I2 July' 17
IO212 Mar'17
82I4 Aug '17
IOOI4 Dec '06
74
108
108
67
82I4 IOOI2
Nov'17
Jan "17
Jan '17
10618 108
107
67
Juno'17
28I2 Jan '17
IOOI2 June'17
851a June' 17
108
Nov'll
95
Jun6'12
8978
Aug
Aug
2812
100
_
108
81
2812
102
'17
'10
89
96
July'17
60
69I4
8512 June'16
9558
96
9538
9538
9534
9534
96
June'16
9058
Aug
Apr
115
118
109
IO7I2
11238 11238
'17
Apr
117
1
9538
95I4
3
93
9058
'17
'17
"17
'17
115
118
113
June'17
13614
May'06
10934
6934
Aug
Dec
89I2
June'17
88
88
100
20
1038
11512
1512
86I2
80
80
9334
88
88U
90i8
Feb '17
Nov'16
Apr '17
98
72
Aug
Aug
96I4
Mar'17
Nov'15
85I2
'so" "so"
July'09
May'17
Sep
Aug
Jan
85
'12
'17
"17
'17
84I2
8558
8II2
Aug
May' 14
Apr '17
Feb '14
May'17
89
7618
85I2
92
95
8558
8978
9434
"83"
Aug '12
June'16
7212
71
7778
Jan '17
Mar'17
72I2
71
Aug
69
80
June'16
8058
8458
Nov'16
May'17
Nov'lO
May'lO
Jan '17
90
9018
9934
June'17
851g
95I4
8412
8558
8II2
76i8
90
'17
'15
80
'17
72I2
71
8712
9518
74I2
9658
90
845g
'90" "90'
8318
A-O
A-O
J
77
95
90
...
9334
61
Sale
83
J
-
J
J
J
-
J
J
76I4
9Gi2
A-O
-
93
88
'17
J
Registered
1940 J - J
Lehigh Val (Pa) cons g 4s.. 2003 M-NI
OenprnI onns *14k
snos M-
*IToprlo«Prida7;iaieatbia&naa3kea
9258
90
tbla
81
June'17
89
95
Apr
Aug
81
'17
'17
IO2I2
88
89
61
63
82
61
'00
Oct
83
8II2
8212
82I2
90I4
8058
8978
82
95
Feb '17
Mar'17
8058
8978
96
83
99
95
96
96I4
941
9518
Aug
Aug
87
8.312
July'17
971..
057« .Tiilv'17
w««k.
9512
9412
94I2 100
8212 93
6058 7II2
8212 Juno'17
7834
Sale
82I2 Sale
-
1941
'17
'17
sDueJan.
1st
gu g
1933
1st Int reduced to 43
1933
LehAN Y Ist guar 8 43
1945
Registered
1945
Long Isld 1st cons gold 5s.. A1931
1st cousol gold 4a
ftl931
General gold 43
...1938
Ferry gold 4Hs.1922
Gold 4s
1932
Unified gold 4s
1949
Debenture gold 5S1934
20-year temp deb 5s
1937
Guar refunding gold 48-. .1949
Registered
1949
Y B A B Ist con g 58.1935
1st gold 5s
1927
Nor Sh B 1st con g gu 58-01932
Louisiana A Ark 1st g 58
1927
Louisville A Nashv gen 6a.. 1930
Gold 58
1937
Unified gold 4s
1940
Registered
1940
Collateral trust gold 5s
1931
1st g 63
1919
L Cln A Lex gold 4HS.--1931
1st gold 6a
1930
2d gold 6s
1930
Paducah A Mem Dlv 48- 1946
St Louis Dlv lat gold 63-. 1921
2d gold 3s.
1980
Atl Knox A Cln Dlv 43.. .1955
Atl Knox A Nor Ist g 53.. 1946
Hender Bdge lat a f g 6s- . 1931
Kentucky Central gold 43. 1987
Lex A East Ist 50-yr 53 gu 1965
N
M
NYARB
EH&Nash
NOAM
LAN AM
5 a.
-
-»
-
J
-
J
J
J
M- S
M- S
Q- J
Q- J
J -D
M- S
J -D
M- S
J -D
M-N
MM-
S
S
A-O
M- S
Q- J
M- S
J -D
M-N
J
-
J
-
J
J
M- N
-D
M- N
J
J
-
J
J
-
J
F-A
M- S
M- S
M-N
-
D
M-
S
J
-
J
1952 J
-
J
A-O
AMlstg4H8l945 M- S
M Joint 4a.
L A N-South
Registered
.
/il952
Q-
J
J
NFlaAS IstgugSs
1937 F-A
N A C Bdge gen gu g 4 Hs. 1945 J - J
PensacA Atl lat gu g 6a.. 1921 F-A
S A N Ala cons gu g 5a. ..1936 F-A
Gen cons gu 50-yesr 53.1963 A-O
L A Jeff Bdge Co gu g 48... 1945 M- S
Manila RR— Sou lines 48. -.1936 M-N
Mex
Internat 1st cons g 4a.. 1977
Stamped guaranteed
1977
Midland Term— 1st a f g 5S-1925
Minn A St L 1st gold 78
1927
Pacific Ext l8t gold 63
1921
1st C0D301 gold 53
1934
1st A refunding gold 43
1949
Ref A ext 50-yr 5s Ser A. . 1962
Des
A Ft l3t gu 4s.. 1935
Iowa Central 1st gold 53.. 1938
Refunding gold 43
1951
MM-
M-
S
MStPA3SMcong43lntgU-1938
Ist Chic Term s f 4s
1941
J
-
J
M S 3 M A A l3t g 43 lut gU-'26 J
-
M
D
J
J
D
-D
-
A-O
M- N
M- S
Q- F
J - J
J -D
M-N
J
J
A-O
1942
A-O
M K A Okla Ist
53.-1942 M-N
M K A T of T Istguar
gu g 53-1942 M- S
91
9OI2
101
83
90
102
9.5I8
IOII4
8312 9112
"57s ^n^2
1031.2
Aug
Oct
'17
'13
IO2I2 IO6I2
105
85
87
Apr
'17
87
90
10012 105
100
June'17
9414 June'16
100
106
'17
85
90
89
90
8512
9578
797g
8OI2
89
t
Dae Feb.
Due
87
8514
Feb
90
July'17
9914
Oct
87
89
97I2
9578
8018
May'17
Feb '17
85I4
98l2
8712 86
IIOI2 111
111
101
10934 1025g
8734
8818 Sale
9658
9918 IOOI2 10012
10338 IOSI2 10338
94
96
Due
July.
100
72
Oot.
100
79
77
75
'17
July'17
July'17
85
IIOI4
10258
15 8734
961s
IOOI2
10338
Aug
8OI4
87
47
481s
55
8014
45
87
83
Sale
8778
93
94
69
6712
40
Sale
94
Apr
80
47
45
60
84
45
88
94
8OI2
99
'15
Aug '17
46I2
Aug '17
92 Jan '17
94I2
9412
95 Deo '16
69
35
7234
53I2
52
62
75
76
5612
5612
45
3978
92
92
9II2
64
6178
"1
92
9412
9834
877g
"2
10
8912
5834
10034
5
2
4
561
'efii "78I2
3758
2618
May'17
Jan '17
54I4
31
49->8
69l2
34
45
691s
7OI4
6«l2
52
76
54
79
85
80
45I4
49
931s
91
9934
9812
89
57
13 100
71
95
68U
IO6I4
1061j
106
10138 103
July'17
55I2
60
Apr
Apr
Feb
60
80
82
82
100
67
Aug
Dee
'17
'17
'13
'16
'13
61
Mar'05
92I2
Deo
1003.J
Apr
'16
'17
95I4 95I2
95I2
102
July' 14
79I2
80
47
45
6OI2
110
7712
9II2
60
77I2
95
*79
9II2
95
63
97
92
52
July'17
94I4
57
81%
100
84
45
Nov'16
Apr '17
Mar'17
94I4
89I2
94
7
5612
51
Deo '16
45I4 Feb '17
IOOI2
103
Feb
68
40
6912
7OI4
97«4
965g
106»4
IO3I2
98I4 109
,100
10312
81lj
79
80
47
June'17
40
64
107
Mar' 10
Nov'lO
.34I2
6634
94I2
II3I4
1141g
1041s IO4I8
8918 9OI2
IO3I2 106
73I2
60
9118
82
10834 10834
105 10518
79
8518
97 10834
'17
'17
4012
2718 Aug '17
4958
4958
34I2 June'17
2718 .28
49=8 50
33
33
Aug
9018
11-214
9II2 June'17
II3I8 Deo '16
10338 Oct "16
85
108
97
100
IOOI2 101»4
9512 103»4
79
79
7534
86
6912
84
8078 Oct '17
72I2
9OI4
10434
IOII2
73
109
80
102
84
66
96
94I4
IOOI2
7778
9li2
7618
85
68
93
89
84
102
10018
45
74
78
10434
101
3^3
Due
94
89
Jan
81
10314
9612 103
July'17
Aug '17
May'17
9812
103
'17
IO4I8 IIII2 II2I4 Mar'17
99I2
10418 Feb '17
8118 8212 9012 Apr '17
104
July'17
IO212
56I4 6018 6OI2 May'17
8II2 8418 82
Aug '17
10834 Jan '17
101
IO5I8
Aug '17
105
79I2 83
79
79
97I2 98
98
98
96I4
9II2
94 Aug '17
8138
May'17
7612 80
95 Feb '05
99
99 10134 99
8934
9758 May'16
10834
10338 108
Nov'16
98I4 105
98I4 July'17
74
Sep '15
10434
'16
Sale
6734 Sale
Deo
May'17
102
30
35
May'17
9678
Feb
30
59
Oct
7II2
67
...
63I4 ...
8718 -
—
93
92
70
67I4
6912
10434 II4I2
68
93
7858
84
9U4
93
'15
Aug
Deo
lOlSg 108
30
July'17
Aug
Aug
Deo
30
'16
'13
'16
'16
68
94
35
'17
4Sl2
17
IO2I4
Sale lOOis
79
7778
777a
93I4 9134
9268
7634
7658 7634
78I4 June'17
85I2 85
8512
70
"2
July'17
July'17
Mar'17
70
94
22
Feb
IIOI4
48
Registered
A
113
'06
8018
8018 81
8II2 83
Aug '17
72
95 Jan '11
IO3I4 Apr '17
92
9612 10418 9612 Aug '17
100 Aug '16
90
85
Debenture gold 43
June.
113
8934
60
1998
Consol 48 Series A2013
Ref & Imp 4)^3 "A"
Y Central A H R g 3i^S- .1997
Registered
1997
N
NY
M
High
10212
1951
1934
1934
1998
1998
Registered
Mich Cent coll gold 3>i8- .1998
...199><
Registered
Battle Cr A Stur lat gu 3a. 1 989
Beech Creek lat KU g 4a.. 1930
Registered
1936
1936
2d guar gold Sa
Registered
1936
Beech Cr Ext lat g 3 Hs.61951
1981
Cart A Ad lat gu g 48
Gouv A Oswe lat gu g 58.1942
Moh A Mai 1st gu g 48... 1991
J Juno R guar lat 4s. ..1986
2000
A Harlem g 3 Hs
V * y^nrfham 1 at [7 f^a lOOT
High No. LotP
II3I2 114
8218
N O Mob A Chic 1st ref 53.. 1960
New Orleans Term Ist 4s.. .1953
N O Tex A Mexico Ist 6s... 1925
Non-cum Income 58 A
1935
N Y Cent RR conv deb 68.-1935
g
Since
Jan. 1
Feb '17
Mar'17
106
103
W
coll
Range
114
113
94I2 95
9112 92
8912 Sale
5758 Sale
IOOI2 Sale
M
So
oco'
aa
10218 112
A So 1st gu g 58- . 1942 J - D
Texas A Okla IstgugSs. -1943 M- S
Missouri Pacific (reorg Co)
1st A refunding 5s
1923
lat A refunding 5s
1926
1st & refunding 58
1965
General 4s
Missouri Pac 1st cons g 68-. 1920
Trust gold 5s stamped. --01917
Ist collateral gold 58..
1920
Registered
1920
40-year gold loan 4s
1945
1st A ref conv 58
1959
3d 73 extended at 4%
1938
Boonv St L A S lat 5s gU-1951
Cent Br Ry Ist gu g 43-.. 1919
Cent Br U P lat g 4s. .
1948
Leroy A C V A L 1st g 53- 1926
Pac R of Mo Ist ext g 4s-.1938
2d extended gold 5s
1938
St L Ir
A S gen con g 5s. 1931
Gen con stamp gu g 53. - 193
Unified A ref gold 4s. ..1929
Registered
1929
Rlv A G Dlv lat g 48... 1933
Verdi V I A
1st g 5s... 1926
Mob A Ohio new gold 6s
1927
lat ext gold 63
A1927
General gold 4s
1938
Montgomery Dlv 1st g 58.1947
St Louis Dlv 5s
1927
St L A Cairo guar g 43
193
Nashv Chatt A St L Ist 5a..l92S
Jasper Branch 1st g 68
1923
Nat. Rys of Mex pr lien 4H8. 1957
1977
Guaranteed general 4s
Nat of Mex prior lien 4>i8..1926
Last Sale
Ask Low
Bid
S
D
F-A
M-N
MoK A E latgug58
WetVt
Range or
S
Mississippi Central 1st 53.-- 1949 J Kan A Tex lat gold 4s- . 1990 J 2d gold 4s
ffl990
lat ext gold 53.-1944
1st A refunding 4s
2004 M- S
Gen staking fund 4Ms.. 1936 J - J
St Louis Dlv Istref g 48-. 2001
Dall A Waco 1st gu g 53.-1940 M- N
Kan City A Pac 1st g 48- -1990 P - A
Mo
PTie*
Friday
Aug. 24.
A-O
A-O
5s_ 1933 J
Registered
N
95
Apr
Registered
Leh Val Coal Co
Lake Shore
-
-
95
88
gu g 5s. . 1941
Ist consol 48
8453
10755 Oct '16
114 Feb 11
90 Oct *09
72
-
Ist
803
2
3her Sh
July 17
9734 Jan '14
83
80
Leh V Term Ry
98lg
86I4 98
10838 10838
113 12478
'16
'16
101
80
82
99
121
118
95I2 IO5I2
100
1038
97
99
10134
-
MJ -D
J
94
104
9758 IOOI2
99I2 IO212
80
100
83
192
-
M-
J
94
99
'17
Aug
Aug
102" 100
9818
-
104
1047g IO9I2
9812 99'2
Mar'17
9612 Aug
IO212 May'16
92I4 8912 Aug '17
9512 Mar'16
8512 Nov'15
86I4 July'17
10838 Jan '17
86
-
100
104
May' 17
Aug
93
IO4I4 10518
Mar'08
Jan '17
Jan '17
1123;,
10734 II712
M-
J
103
92
-
84
100
96I4
77V8
-
65
92
60
69
-
5OI2
10334 10334
-
J
56
10212 99I2
10678
69
J
J
J
J
J
J
10518
9812
Sale
-
8434
741j
9812
No
9934
61
6214
-
J
100
79%
7858
J
2
'16
84
84
lOS'sFeb '17
84
89
74
J
58
98
75I2 July' 16
Sale
83
78
J
Deo
"17
97I2 June'17
99I2 July' 17
9434
VIS
10958 IO712 Deo '16
75
61
82
99
841s
J
J
J
-
38
100
84
84
-
Mar'17
8512
M- S
M- S 75"
A-O
-D
9812
94
79
*7834
J
J
J
58
104
J
A-O
M-N
J - J
M-N
M-N
'17
'11
Aug
IO6I2
92
J
A-O
A-O
Aug
Apr
July' 17
69l2
6712
99
83
Central Ist gold 4a.. 1951
Registered
1951
1st gold 3 H8
..1951
Registered
1951
Extended Ist gold 3H8...1951
Registered
1951
lat gold 38 sterling
1951
Registered
1951
Collateral trust gold 48.. .1952
Registered
1952
lat refunding 48
1955
Purchased llnesSi^a
1952
L O A Texas gold 48.. .1953
Registered
1953
Cairo Bridge gold 4s
1950
Litchfield Dlv 1st gold 3s. 1951
Loulsv Dlv A Term g 3Ks.l953
Registered
1953
Middle Dlv reg 68
1921
Omaha Dlv let gold 38.. .1951
St Louis Dlv A Term g 3s. 1951
Gold 3H3
-1951
Registered
1951
Springf Dlv 1st g 3H8..-1951
Western lines Ist g 48
1951
Registered
1951
Bellev A Car lat 6s
1923
Carb A Shaw lat gold 4a- . 1932
Chic St L A
O gold 5s. 1951
Registered
1951
Gold 3Hs
1951
Registered
1951
Joint Ist rcf 59 Seriea A. 1963
Memph Dlv lat g 4a 1951
Registered
1951
St Louis Sou 1st gu g 4a. .1931
Ind 111 A Iowa 1st g 4s
1950
Int A Great Nor 1st e 68
1919
James Frank A Clear 1st 48.1959
Kanaaa City Sou 1st gold 3a. 1 950
Registered
..1950
Illlnolg
58
37
90
82
o
A
N
69li>
11
77I2
A H V 1st ext g 48... 1948
A Tol 1st ext 43
1955
Houston Belt A Term 1st 53. 1937
N
5912
49I2
J
Col
Col
86
91
90
68
76
77
IOI4
J
1st cons g
Registered
7OI4
78
70
84 Sale
10078 103
9734 104
A-O
"B"
U278Deo'16
72 Aug '17
7OI4
8112
A-O
A-O
A-O
ctfs
89'8
77
58
57
UD
Debenture
7812
38
A-O
M-N
M-N
F-A
F-A
A-O
N
95
7812
6II4
A-O
A-O
W
NY
97
7812
76
95
W
D
107
95
84
59I3
24.
High
IOII2
10118 10118
9712 IOII4
9912
88
97I2 June' 17
9114 Aug '17
BONDS
STOCK EXCHANGE
Week ending August
1
101
Sale
35
A-O
N
Jan. 1
'17
lOl's Mar' 17
99S4
N. Y.
Since
Apr
101
781s Sale
10634
72
76
Range
So
High No. Low
Ask Low
..
1937
Atl g 53... 193 J - J
98
Elgin Joliet & East Ist g 58.1941
ESe Ist consol gold 7s
1920 M- S IO5I4
94I2
<fe Erie 1st ext g 43.. .1947
99I8
2d ext gold 5s
1919 M- S
95I4
MS
3d ext gold 4^8
1923
9858
4th ext gold 5s
1920
88
5th ext gold 43
1928 J -D
YLE<t Ist g Id 73. -1920 M- S lOHs
7918
J
J
Erie 1st cons g 43 prior
1996
Registered
1996 J - J
59
l8t coDsol gen Hen g 48.1996 J - J
Registered
1996 J - J
F-A
88
Penn coll trust gold 43. . 1931
5312
50-year conv 4s Series A 1953
50
do
SerlesB
1953
-O 64
Gen conv 48 Series
1952
Chic & Erie 1st gold 53. -.1982
-N 100
- J
Clev & Mahon Vail g 58.. 1938
Erlei Jersey 1st s I 63... 1955 - J
- J
Genessee HIver 1st s f 63.. 1957
II212
Long Dock consol g 63... 1935
9918
Coal & 14U l3t cur gu 63.1922
97
Dock & Impt 1st ext 5s.. 1943 J - J
9334
& Green L gu g S8-.1946
J
Susq &
l8t rel 5a. 1937 J
2d gold 4H3...
1937
General gold 5s
1940
95
Terminal 1st gold 53.. .1943 M-N
*yo
Mid of
J 1st ext 5s
1940
62
Wllk & East Ist gu g 58.. 1942 J -D
Ev* Ind Ist consgug 63 1926 J - J
97
Evansv A T
ist cons 63.. 1921 J - J
*76i8
Ist general gold 5s
1942
Mt Vernon Ist gold 63 1923
Bull Co Branch 1st g 53.. -1930
Florida E Coast Ist 4^3-. .1959 J -D
Fort St
Co lstg4J43..1941 J - J
Ft Worth A Rio Gr Ist g 48.1928 J - J
Oalv Hous A Hen 1st 5s
1933
96
Great Nor C B & Q coll 4s. . 192 J - J
95I2
Registered
J
A1921
9534
1st A rel 4 Ks Series A. .-1961
J
Registered J
1961
9058
J
9t Paul
A Man 48
1933
Ist consol gold 68
J 109
1933
Registered
J
1933
Reduced to gold 4>^8.1933
J
95
J
Registered
1933
Mont ext 1st gold 48
-D 871;)
1937
-D 87
Registered
1937
- J
Pacific ext guar 43 £---1940
E Minn Nor Dlv 1st g 4s-1948
8614
Mlmi Union 1st g 68
1922 J - J 10318
*112
Mont C l8t gu g 681937
Registered
1937
~9978
1st guar gold Ss
1937
Will A 3 F 1st gold 5s. . 1938
lOlis
G«een Bay A
Feb
70
deb ctfs "A'
Dul Sou Shore
•a3
FTidav
Bid
100
M- S
M- S
7a .. 917
20-year conv 53
DenT &
New York Bond Record— Continued— Page
ending August 24.
& Hud
1
1
1917.]
BONDS
STOCK EXCHANGE
Week
Del
V
71
.
•
'16
71
309 inois
25 76I4
20 89
2
7612
78I4
85
'70'"
72
99I4
5018
11358
8884
98'4
8678
8578
9414
"sf"
6734
6910
65
80
6912
8018
75
Mar'17
75
80
9618
9534
Apr
Nov'16
May'16
9618
97
104
89
Nov'16
94
80
Mar'16
Feb '18
May'17
80
lni
.Tiino'17
101
'17
70
89
75
..
..
8914
A
«OptlonSale.
8II2
1091.
New York Bond Record— Continued— Page
804
BONDS
8TO(JK exchange;
Week eudliiti Aujiust 2i.
Prtce
Week'i
11
Frtdav
Uange or
•ii-^
Aug. 24.
Last Sale
N. Y.
H Y Cent A »
UK
li
(Con.)—
N Y & I'u l3t «()(!« «u X 43 l'J93 A-O
iy32 J -0
PlUH Creek roK nuarOs
ext Sa. /il'J2-' A-O
R W & (> con
M-N
I'JIH
R W A O T U 1st «u K 5s.
Itil
.
.
Rutliind 1st cou u
t
Ks. .
.
19 4
J
J
0« & L Chiiin
iHt gu 4a ({194S J - J
1st su g 48. 1949 J - J
Rut-Ciuiaila
Bt Lawr A Adir Isl g 38. .
2d gold Gs
Dtlca
&
Ulk RIv gu g 48.
Lake Shore gold 3^3
Registered
Debeuture gold 4s
25-year gold la
Registered
Ka
.
1998 J
1922 J
1997 J
1997 J
192s
.1931
1931
.
RR
Ist 53
McK&
-
J
J
-
J
A-O
J
-
J
-
J
-
Hartford—
Nou-conv deben 43
Non-conv deben 3^^a
Non-con V deben 3!4a
Nonconv deben
1947
1947
1954
1955
1956
1956
1948
1930
1954
1955
1955
4a
Non-conv deben 4a
Conv debenture 3 Ha
Couv debenture 63
Cons Ry non-conv 4a
Non conv deben 4s
Non conv deben
Non conv deben
New Kng
1st gu 4s..
1st 4s
M- S
NYWchesAB
Istsor
I
4Ha'46
N H A Derby cons cy 5s.. 1918
W
A Con East 1st 4Ha.. . 1943
Ist g 48
cl992
RBgisteP'd -•5,000 only..til992
Gi neral4s_
1955
Norfolk Sou 1st A ret A 53.. 1961
Norf A Sou Ist gold 5a
1941
Norf A West gen gold Os
1931
Improvement A ext g 6s.. 1934
New River lat gold 6s
1932
NA
Ry 1st cons g 48.. 1996
Registered
1990
Dlv'l Isl lien A gen g 4a. 1944
10-25- year conv 43
1932
10-20-year couv 4a
1932
10-25-year conv 4(^8
193S
Pocah C
Joint 4s... 194
C C A T 1st guar gold 53. . 1922
Sclo
1st gu g 4a.. 1989
N YO A Wref
W
AC
VANE
-
Registered
lien gold 3s
Registered
PAN
2d 5a
lat consol gold 43
-
-
57
.1
50
58
58
50
J
9512 Sale
J
-D
M-S
M- S
J
D
J
-
.1
M-N
1923 F-A
1923 Q1931 F - F
1917 A-O
1968 J -D
'
Wash Cent 1st gold 4s
19481'IQ-M
Nor Pac Term Co Ist g 63. 19331.J - J
OregoD-Wash lat A ref 43.. 1961 J - J
Ist g 53
Ills lat a f 4 Ms.
1946!.Ij
1955|.J
Pennsylvania RR lat g 4a.. 1923
Consol gold 58
1919
Consol gold 4s
1943
Consol gold 48
1948
Consol 4Ha
i960
General 4^8.
1965
General 4H3 (wh laajJuuel "65
Alleg Val gen guar g 43. . . 1942
D R RRAB'ge 1st gu 4s g. 1936
PhllaBalt A
Ist g 4s. ..1943
Sodus Bay A Sou Ist g Sa. 1924
Sunbury A Lewis 1st g 4s. 1936
U N J RR A Can gen 4a- . 1944
Pennsylvania Co
Guar Ist gold 4>^s
1921
Registered
.1921
Guar 3^3 coll trust reg A. 1937
Guar 3 Hs coll trust ser B. 1941
Guar 3 Hs trust ctfs C
1942
Guar 3^3 trust ctfs D
1944
W
Guar 15-25-year gold
43.. 1931
-
J
I
J
-D
M- S
M- N
J
J
-
-
"g'ou
J
,T
-
.1
IIII
7818
67^8
cons 58.1927
W V AOgu4Hs A...1931
Series
Series
B 4H3
C
B
C
4s
PCCAStLgu4Hs
Series
Series
Series
'Copies
*
guar
guar
D 4s guar
R 3 Ms eonr sold.
-
79
79
'16
Apr
Apr
8818
8Si8
7812
'17
'17
72
May'15
July'14
Aug
Aug
Aug
'13
'17
'09
75I2
55
IIII
12
'16
'14
'14
57
57
Aug '17
9212 June'l2
79
Mar 17
801
Aug
74
I2OI2
Nov'16
Nov'16
3
Juiyi7
1237s May'17
II714 May'17
8078
8418
6234
102
9958 10218
9978
10038
97
75
75
87
7513
7518
92
9634
ll
8418
93
62
61
6918
67I4
9178
12
May'17
915a
10434
June'17
Oct '15
Oct '16
Jan '17
Mar'17
Deo
'16
Aug
Aug
'17
'17
'17
'17
III
Apr
Feb
Aug
S734 80
9014
9212
98I4 -- - 102
104
9214
100
9978
9978
'17
87
80
8O34
8II4
8II4
89
97
93
87
92'4
80
May' 17
Apr
92
9918 IO2I4
1003, 10211
8534
3
....
'17
86
91
»6l4 IOOI2
102
102
9018 •>•' '12
88
8278
Feb
Apr
'17
'17
88I2
8914
88
88
90i« July'12
80
99I4
9314
93I4
J
88
-
_ . 'gg'is
9812
99
91
4,
Ho prlee Friday; latest bid ana asked,
a
Mar'17
May' 14
99
93
109
9134
Dae Jan.
99
99
Mftv'lO
9334 Apr '17
99I2 Feb -17
94 Apr '10
9734 Aug '17
98
99
June'17
95I4
Oot
96
M<>r'17
6
Due Feb.
B
9834
9912
9834
9912
9734 10338
98 10218
99I2
99
July'17
'
"16
Q.SI9
«
Dae May.
Qfi
«
M-N
61921
A
855g
71
1956
Philippine Ry 1st 30-yrB/ 48 1937
1940
Pitta Sh A L E 1st g 5a
1943
Ist consol gold 5a
1997
Reading Co gen gold 48
Reglatered
.1997
Jersey Central coll g 4s
1951
Atlantic City guar 48 g...l95l
St Jos A Gr Isl 1st g 48
1947
St Louis A San Fran (reorg Co)
Prior Lien ser A 4s
1950
Prior Hen ser B 5s
1950
Cum adjust ser A 6a
A1955
Income series A 6s
h 1960
St Louis A San Fran gen 6a. 1931
General gold 5s
1931
St L A S F RR cons g 43. . 1996
General 1.5-20-yr53
1927
Trust Co ctfs of deposit
Co
89
90
-
J
88
9134
88
Aug
7478
80
Mar' 17
J
-
J
-
J
6578
J
-
J
6O34 Sale
60-3g
6II2
194'
J
-
J
79
64
Sale
05
Sale
7834
791-.
65
51
06
53
10418 110
9612 Sale
111
9612
J
J
-
J
-
J
J
-
J
M
W
1952 J
Gray's Pt Ter 1st gu g 58.1947 J
S A A A Pass 1st gu g 4a
1943 J
IstskfdgSs
1919 J
Seaboard Air Line g 43
1950
Gold 48 stamped
1950 A
unif 5s
SFANP
N
61
Sale
J
62
63
J
-0
-
J
J
-
J
J
-
J
-D
D
M- 3
i -D
F
F
-
A
A
D
A -0
J
M-N
J
-
M-N
M-N
J
J
A-O
M-N
-
J
J
-
J
-
J
J
-
A-O
J
A- O
J
-
J
M-N
J
-
J
2d 4a
1st
Con
1st
103
9II2
96
"9918
IOOI2
10034
102
9712
J
1944 J
-
D ----
J
-
J
-
J
-
J
J
J
J
M- S
M- S
M- S
M-N
J
J
A-O
97
70
F -A
-
i
A-O
-
J
-
J
J
-
J
A-O
F-A
J
-D
-D
J
-
J
J
-
J
A-O
-
J
J
J
M- 8
I
«
n
7118
88
88
99I4
99I4
102
88
81
8834
9634 IO4I2
9378
82
115'
11
84'4
91 '8
84
8712
IOOI2 102
95
9812
99I2 IO2I2
9II4
10612
9612
99
10178
103
I
99
1
96
95
8558
8538
Sale
97
1
1
9834
91
Sale
'16
C6I2
50
Apr
O7I4
Sep
9812
Apr
'lo!
'17
July' 17
100
9858
101
72
106
72
103
100
99
10134
Juiyi7
July'17
-Aug '17
8ept'16
Apr '17
May'17
Julv'17
Mar'17
Feb '17
Mar'17
Mar'17
97
May'17
92
95
97
99
99I2 -Aug '17
82
86
981?
70
90
10434
98
10118
9934 108
IO6I2
9OI2 9II2
9378 9378
105
95
97
Mar'17
May'17
Apr
'17
80
8312
058
50
60
80
8712
17
90
78
93
52
80
Feb
'17
54
83
53
90
Sale
83
9812
78
50^8
1858
80
98
74
8978
93
91
88I2
8438
8438
SSU 88
July'17
.Aug '17
52
Aug
Mar'06
Apr '17
Aug'l
Mar' 15
913s
June'17
8SI4
89
8434
9734
62
47
8978 100
9812
88I4 99I8
12
24ii 8438
95
90
i
3'
(Due
100
90
84
95I2 IOOI2
S.5!,
Due Oot. 9 Due Not.
64
89I4
10412
Jan
801
9318
B4
89
I
98
100
82
78
93
52
9712 100
751s
96
lOlSg
99I2 102
88I2
86
95I2 100
9438 102
'17
10612 Nov '04
99ls 98is July'17
52
80
50
25
80
96
88
63
89
74
72
100
95I2 IOII2I 95I2 July'17
94i'> .-Vug '17
9410 95
60
84
75
105
9934 108
99 IOII4
64
65
103
107
10934
102
73 Sep '12
9858 Aug '17
IO212 Jiine'll
IO318 Aug '16
IO4I2 Dec '16
105
9812
9614
10318
75
100
May'17
91
9378
9534
821!,
8314
July'17
103
84
90
97
'17
Feb
9978 lOOis 100
76
9812
,
97
10312 June'17
_
65I4 77
77I2 7812
9012 10118
67I4 84
'17
9012
IO212
621?
'
86
97
O7I4
75
89I4
28' '8478 '95
371 9612 10234
83I2 Jan '17
8II2 Mar'16
80
SO
96
Aug
102-)8
90
97
93I2
7978
Nov'16
99
65
103
A -O
J -D
J
J
72
62
75
79'
9838
83I4
90
1
-
-
65I2
'14
82
63
1011^ 106
-
J
80
01
97
87I2 Sept'16
86 Aug '17
8138 84
Feb '17
IOOI2 Feb '17
101
96I4 95
95
IOOI4 Jan '16
99I8 9912 Apr '17
100 Oot '16
IO3I2 Aug '17
9558 92I2 June'17
10078 IO9I2 Nov'15
lOO'.i IOII2 Deo "16
10538 109
June' 14
10114 10434 July'16
10134 105
Jan "16
105 Oot '16
"99'
90
6878
57
99 10238
IOOI4 IOOI4
77
IOOI2 100
9978 101
100
J
A-O
F-A
J
J
A-O
J -D
Mar
J
J
F-A
'17
'17
Feb
83
88
6218 65
lOOis lOQlg
78
8212
7.51
8258
5778 68
6238 7012
86I4 87
June'17
81l2
9678
72
100
-
J
78*4
90
I
89
75
9OI2 Sale
70"
07
10078 104
J
A-O
M-N
M-N
194fi
Dae June. ftDueJoIy. tDueAos.
-
39,1
10714 IO712 Sept'16
93I4
P3I2 Aug '17
8078 'si" 8II4
8II4
J
J
78U
75
104
-
IIIIIff2008
.
94
-
W
con e 4s.
95I8
J
J
M
W
W
* N«v
75
S
W
1st A ref 43
Oi^e T!R
86I4
-
M-N
M- S
A-O
6312
1115g
6912 79I8
751.;
7858
90
M-
gold 5s
W
7618
99
77I2
90I2
J
70
63
90
102
IOOI4 Jnne'17
8 134 Sale
97 Sale
82
8212
8978
J
J
J
1950
1938
1946
1922
Knox A Ohio 1st g 68... 1925
Mob A B:r prior lien g 53.1945
Mortgage gold 4a
1945
Rich A Dan deb .5a stmpd 1927
Rich A Meek 1st gii 4s
1948
So Car A Ga 1st g OS.
1919
Virginia Mid ser D 4-53
1921
Series E 5s
1926
Series F 58
1931
General 5s
Ill" 1936
Va A So'w'n 1st gu 5s 2003
Isl cons 50-year os. . . 1 958
OA
1st cy gu 4s
1924
Spokane Internat 1st g 53
19.55
Ter A of St List g4Hs..
1939
1st con gold 53
1894-1944
Gen refund s f g 4s
1953
St L
Bridge Ter gu g 5s 1930
Tex A Pac Ist gold .5s...
2000
2d gold Inc 53
172000
La Dlv B L 1st g.53...
1931
.MIn
AN
1st gu 5sl930
Tol A O C Ist gu 5s
1935
Western Dlv 1st g 5s
1935
General gold .53
1935
Kan A
1st gu g 4a
1990
2d 20-year 53
1927
Tol PA
1st gold 43..
1917
Tol St L A
pr lien g 3^8 1925
50-year gold 4a
1950
Coll tr 48 g Ser A...
1917
Tor Ham A Buff lat g 4S..A1940
Ulster A Del Ist con g 53
1928
Ist refund g 48
19.52
Union Pacific 1st g 4s.. .Ill 1947
Registered
IIIl947
20-year conv 43
1927
W
Mar' 1
66
-
76
Jan '17
99I4 June'17
101
Dec '15
10334 Den '16
9018 lOOis 97
Aug '17
68
19,30 J
65
88
IOOI4
E Ten reo lien g 53
Ga Midland l3t .38..
Ga Pac Ry 1st gOs...
W
87
6OI2 Sale
-
7118
88I2
•27;
98=8
A-O
1944 J - J
1948 J - J
1948 J - J
g guar 48... 1949 A-O
ET VaAGaDlvgSs..
Aug
Aug
97
30-yr 5s ser B
Danv 1st g 4s
AtlA Yad
75I4
5778
6238
'847;
1st g 4HS-53...1996
St Louis dlv 1st g 4a
1951
AlaCen lat g 6a
1918
Ala Gt Sou 1st eons A 53. 1943
A 4^9
May'17
58
64
85
J
IVl-N
Mem Dlv
1st
78
771.,
-
—
A Char A L
771.,
96I4
J
25
6218
621s
lOO's Ferj '17
57
62
75
97
*1949 J
82
IO414I
6912
July'171
7OI2
July'17!
75I4
J
J
95
97
79
61
62
62
63
9812 Jan '14
6218 Sale
J - J
-
Aug '17
May'17
88
70
57
-D
N
A
90
-D
J
Mar'17
63l2
10414 1041
7012 6912
6312
-
96»2
87
74 14 Sep "16
101
70
-
109
603g
77I2
8334 Oct '16
8O34 Mar' 11
7834 Feb '17
56
-
77»4
42
Apr
75
90
S9l2
J
M
1st
81
77
J
-
95
5678
123, 46
'17 .... 111
11212
9612
9612 104
78 May' 16
7412 Mar- 17
7412 75
85
A-O
ATC
Atl
53
M-N
1934
Cent Pac 1st ref gu g 43.. .1949
Registered
1949
Mori, guar gold 3Hs. .41929
Through St L 1st gu 4s. 1954
AS A A P 1st 58. .1931
2d exten 5s guar
1931
GllaVG A N lat gug 58.. 1924
Hous E A
T l3t g 5a. -.1933
1st guar 5s red
1933
H
Ist g 5s Int gu... 1937
Gen gold 48 Int guar
1921
Waco A
dlv 1st g 6s '30
1941
Louisiana West 1st 6s... J921
Morgan's La A T Ist 7s 1918
Istgoldfis
1920
No of Cal guar g .5a
193.S
Ore A Cal 1st guar g 5s... 1927
So Pac of Cal— Gu g 5s. . . 1 937
So Pac Coast lat gu 4s g. . 1 937
San Fran TermI 1st 4s. 1950
Tex A
O con gold 5s... 1943
So Pac RR 1st ref 43
1955
Southern
1st cons g 5a
1994
Reglatered
1994
Develop A gen 4s Ser A. 1 1 1956
MubAOhlocoIl trg43.. 1938
'17
J
Oct
ffl929
8912
901 2
9012 .May'17
Stamped..
Reglatered
20-year conv 4s
20-year conv 5s
14
J
A-O
A
9038
101
95I4
J
A-O
1st land grext gas
1930
Consol gold 53
1943
Ga Ala Ry lat con 5a. .ol945
Ga Car A No lat gu g 5a 1929
Seab A Roan lat 53
1926
Southern Pacific Co
Gold 4s (Cent Pac coll)..A:1949
NoVIl
8934
70
42
109
'17
'17
J
50
106
86I2
I
-
A-O
1st g 4s bond ctfs.. 1989
2d g 4s income bond ctfs. 7)1989 J
Consol gold 4s
1932 J
A
U3I4
'17
70
-
J
J
KCFtS A M cona g 63.. 1928 M-N
K C Ft S A M Ry ref g 4s. 1936 A-O
K C & -M R A B 1st gu 58. 1929 A-O
StLS
Feb
Jan
.Mar'16
Aug
42
-
ctfs of deposit.,
do
87
87
70
42
109
J
J
do
Stamped..
Southw Dlv 1st g 5s... 1947 A-O
Refunding gold 4s
1951 J - J
Registered
1951 J - J
Trust
82
58 1956
Is
M
Deo 15
91U Feb '12
88I2
2d gold 4^8
Pere Marquette 1st Ser
Atl
_
IO9I2 110
8758
79
9312 99
101
99
99I2 99I2
IOII2 IO2I4
99I2
95
9134 101
1
0734
100
92
10412
9178 0778
9758
97
'17
-17
'17
8II4 July'17
S734 D"C '16
89 Aug '17
9234 Apr '17
86
IIII
IOOI2
'lOO
8878 8878
Mar'17
Aug
81
8218
UOI2
93
8114
8SU 92
9318
8612
June'17
Jan
9978
85
14
10134
9258
95
86
93
9714
86"
July'17
9978 lOOis
9912 July'17
IOII2 July'17
93 Aug '17 ---93I4 9134
92
91-34
5
102
4
102
Sale 1013s
92I2
92
7
92 Sale
9178
9278 133
92 Sale
88I4 98I4 97'2 Feb '17
8412 Sep '16
92
Aug '17
911s
94
94
87
Since
Jan. 1
Laal Sale
M-N
F-A
G
NW
AANWlatgug5s
Sept 16
Apr
Feb
95
8258
122
11834 134
II714 13034
II8I2 135
8618 94
120^8 July'17
86I2 July'17
79
80
_
80
82
92
77
74
Aug. 2t.
Range
or
Bid
Ask Low
High .Vo. Loui High
St L (Con.)
95I2 May' 171
91
1953 J -D
Series F guar 4a gold
9512 9512
9OI4 Aug '17
91
1957
9OI4 97
Series
4» guar.
4i^a
98^4
July'17i
1903
9834
Serica I cons gu
9834 10338
IO314 Mayi7l
IO3I4 IO3I4
C St L A P 1st cona g 58. .1932 A -O 10318
IOII4 100
June'17l
Peoria A Peklu Vn 1st Oag.. 1921 Q- F
100
100
W
9612 101
8712
94I2 Dec '16
103
8958
86I2
8II2 80
86I2
S6I2 Sale
8434 8473 SUs
02
6212 Sale
6II4
84
8934 9158
102-i4
10434
IO5I4 IO9I2
107
10558
100
99'4
8878
84
79
86I2
80
110
10418 110
83
110
87
8712
86
'17 _^
9658 Aug '17
11278 July'17
67
Range
Fridai/
P C C A
GH
67'i8
6918
1^
Adjustment 5s
ol949 F -A
Refunding 4s...
1959 A O
Atl Blrm 30-yr lat g 43..el933 M- S
Car Cent Ist con g 4a... 1949 J - J
FlaCent A Pen 1st g 5a.. .191s J - J
8818
122
82.is
M-N
F
64
9334 IIOI2
92
9978
8338
115
115
M
104<i
56
36
80
Mar
"si" "so'
-D
1933 T -J
1942 M- S
A. ..1940 A -0
1942 A-O
N
..1942
1945 M- N
75I4
July'17
Apr
Deo
Fob
114
8718
A-O
-
68
5612
80
9912
112
FA
-D
J
Apr
57
78
98
90
.T
Tol
58
4
'17
96
'eo"'
A-O
M-N
Ist
Aug
2
Wuk't
Price
ending August 24.
1st terral
58
59
87
88
5478 55
107
11278
Int reduced to 3 Ha.. 1942
Series
...1948
3Ha.
Series E 3^8
1950 F- A
Erie A Pitta gugSHaB.. 1940 .T- J
Series C
1940 J - J
Gr R AI ex l3tgug4Ha.l941 J - J
Ohio Connect 1st gu 4s.. . 1943
Y A Aah
8212
16 8II2 94
821s
-17 --. .
8178 93I8
Jan -17
IOOI2 IOOI2
Juiyi7
9838 10034
Aug -17
9018 9934
Aug
Nov'lO
Deo 17
IIII
,
7814
CIA Mar Istgu g4>^8--.1935 jM-N
l|CI A Pgengu4>^8Ber A..1942
Series B
1942 A-O
Pitts
89
80
.
40-year guar 4s ctfs Ser E. 1952 iM-N
CInLeb A Norgu4sg
1942 iM-N
C
9134
9512
85
88
79
102
.M- S
J
J
Mar'17
SUs
_-._
M- S
-
80
I0512
J
J
J
7978
June'08
74
-D
M-N
M- S
M-N
M-N
F-A
7978 July- 17
8118 Aug '17 ---.
85
857g
17
88 June' 17 ----
Jan '17
9U2Jafl 12
A
J
841s
-
8418
Feb "14
95I2
66
J
J
8418
71
68
58
59
56
7714
J
D
F A
M N
MF-A
A-O
A-O
2
July'16 --
7912
-
-
10334
80
-
M- S
M- S
103
9912
79
75
I
J
87
-15
79
A-O
J
M-N
.1
97I2
9034
9912
SII2
8178
10012
9838
57
J
J
M-N
M-N
A-O
J
M-N
A-O
9078
8978
1
87
90
F -A
J
J
8734
7958 Sep -16
J
,
Co
99I2
95
IIII
. . 1997 Q- J
.1997 Q- J
02047 Q- F
h2047 Q F
D
1996 J
4s
St Paul-Duluth Dlv g
9t
P gen gold 6s_.
Registered certificates
St Paul A Duluth lat 5a
99l'>
94'i4
"so"'
Pacific prior lien g 4s.
General
82
J
M N
J
Jan '09
Mar- 12
snh
80
J
13018
12314
87
62I4
SII2 Sale
-
Mayi7
82ii
J
AG
103
80
J
Boston Terminal 1st Is... 1939
New England cons 53
1945 J - J
Consol 4s
..1945 J - J
Providence Secur deb 43. . 1957 M-N
Prov A Springfield lat 53-1922 J - J
Providence Term lat 4a.. .1956 M- S
A
7418
811s
M-N
J
Deo
"70" '.1.1
-
M- S
M- S
10412
8418
-
-
15
19
9118
10
Nov
95
105
M-N
A-O
A-O
A
M-N
J
J
9014
77
78
Q9k
1901 J - J
1930 M- S
Hartford St Ky
Housatonic R cons g 5s. ..1937
Naiigatuck RR lat 4s
1954
N Y Prov A Boston 43... 1942
Paducah
107
July 16
July 17
•o'O
BONDS
STOCK EXCHANGE
Ist Series
July'17
9078
91
9OI2
9078
9511
10818
84i8
-
SO
78
Y.
Week
1
Nov 16
U7i2
7812
97
J
J
J
J
Jan.
JuneOO
Nov'lO
103
"98* IIII
FA
N
Pacific Coast
90%
99I2
4a
43
Von-conv deben 4s
195(i J
Harlem R-Pt Clins Ist 4a. 1954
B A Y Air Line lat 43.. 1955
Nor
78
90
FA
NYNHA
101
M- S
Q M
Equip trust 4Ha--1917-1925 J
Connect 1st gu 4)^3 A.. 1953
Cent
J
J
J
70z 92
87
77^8
S
.r
70
'aou '97
D
M-N
M-N
N
NYC
J
N
Since
Ask Low
Jlioh No. Loto
Uliih
7612 79
90 Apr '17
8978 94
IO8I1
113
May'15
lOOij lOO.W IOII2 Juno'17 ---9978 104I4
994 IOOI2 10014 Feb '17
IOOI4 IOOI4
80
90 Apr '17 - --> 90
90
631,1
70'8 Apr '17
70-'8
70*8
-D
M
1934
Pitts A L Krle 2d g 5s...'il928
Y Ist gutis-. 1932
Pitts
1934
2d guarauteed Os
McKeeaAB V IstgtJs.lOlS
Michigan Central 5s
1931
Registered
1931
4s
1940
Registered
1940
J L A S 1st gold 3 Hs- - - 195
lat gold 3 !^s
1952
20-year debenture 4a
1929
Y Chic A St L 1st g 4s- . 1937
Registered
1937
Debenture 4a
1931
West Shore 1st 4a guar. ..2361
Registered
23fil
Lines eq tr 5a_. 1916-22
NY
-
Ranae
Bid
J
A-O
lU9(i
A&G H l8tguc53...193N
Maliou C'l
-
?^
§«
[Vol. 105.
3
Dec.
t
SSU
Q5I..
Option sale
—
.
Aug. 25
N. Y.
91
-
A
BONDS
STOCK EXCHANGE
—
F-A
J
1941) J
1929 J
192b J - J
-O
extended 43
1933
Vandalla cons g 4s Ser A
1955
Consol 4s Scries B
1957
Vera Cruz .fe P Isl gu 4 J^s. . 1934
Virginian Ist 53 Series A
1962
Wabash Ist gold 5s
.1939
2d gold 53
1939
Debenture Series B
1939
ist Men e(|ulii s fd g Ss
1921
Isl lieu 50-vr g term 43-. .1954
Isl
J
J
-
F
-A
M-N
J - J
M-N
M-N
F -A
J
-
J
M- S
J
-
J
Del A; Ch Ext Ist g 53
194 J
Des Moines Div Ist g 43. . 1939 J
-
J
J
Dlv lstg3H3
Tol <Sc Ch Div Isl g 4s
WashTerml lslgu3!^3
1st 40-yr guar 4s
West Maryland
West N Y A Pa
Gen
-
A-O
Om
1941
1941 M- S
1945 F - A
1945 F - A
1952
1937 J - J
1943
Ist g 43
Ist g 53
gold 43
A-O
A-O
Nov
m-s
Income 5s
Western Pac
pl943
1st ser A 53...1946
Wheeling ALElslgSs
1 926
Wheel Div 1st gold 5s
192s
Exten A Impt gold 53
1930
Refunding 412S series A-.190G
RR 1st consol 43
...1949
Trust CO ctfs of deposit
WInaton-S.ilem S B 1st 43.. 1960
Wis Cent 50-yr 1st gen 4s... 1949
Sup <fe Dul dlv A term 1st 43 "36
Street Railway
Brooklyn Rapid Tran g 53.. 1945
Ist refund conv gold 48... 2002
104'8 105
103
-
J
FA
M-
98
Sale
98
100
90 Apr ,16
88I2
Apr '17
8318 88 14
80
92
81% June' 17
30
4212 Aug -15
35
95I4 Sale
9514
9578
Sale 100
100
100
93I2
9310 94
9312
80
105 Oot "10
98
99 Aug '17
67
78 May'17
July'17
99^1
100
72
80 Aug '12
Apr '17
7434 75
76I4
861a
66
102
68I4
103
84
46
"
"87
102
9034 Sale
67
A-O
7018
9838
lOOls
100
90
92
92
68
80
99'2 101
Sale
92
9812 93I2
99
78
100%
100
10512
73
77
84I4
84I4
86I4
66I2
82
82
85
80
88I2
8314
91
9034 lOlSg
77I4
68
9712 101%
44
100% 101%
80
80
92" 16 lU
9312
9312
IOII4
8634
92
75
'17
87
7712
74I2
9734
10138 10138
70
90
June' 17
90
Feb
Apr
'17
'17
78
80
79 Aug '17
84 Jan '14
58
5812 58
5812
I514
17
16
173s
100
100 Feb '17
"62i8 Sale
63i2
6218
9II4
90 Sale
90
83
84 Aug '17
"88"
83I2
8312
8312
10038
lOOis
77
77
76
76
93%
Apr 'W
May'17
May' 13
Juiyi7
100
99% 99%
July'17
Aug
86
100
9034
78
70
90
7534
10534
8412 87%
10012 103
11
May'17
Aug '17
7712
80
7534
July'17
78
70
9OI2
8912
9414
91I2 101
2
Apr '17
Feb '17
Mar' 17
7712
106%
99
85I4
9034
9838 Sale
M-N
101%
100
79
86I4
68"
13
30
'69"ii
I2I2
2512
lOOij
100
6II2 73I2
31
95
99%
90
81% 94
94I2
8234
1
(Chic)
Istg4s-.1H3S F
MIIw Elec Ry A Lt cons
Refunding
MInneap St
A
g 5a 1926
-
. . 1
9
1
Tram Ist & ret 5s. 1941
New Orl Ry A Lt gen 4^3.. 1935
N Y Munlclp Ry 1st s f 53 A 1960
N Y Rya 1st R E A reJ4a...l942
Montreal
-
J
J
-
J
J
J
-
-
-
-
M
M
J
J
J
J
J
J
J
-
J
Gai and Electric Light
G L Co Ist g 5s
1947' J
Bklyn Un Gas Ist cons g 5a 1945 MBulfalo City Gas l3t g 53... 1947 AClncln Gaa A Elec IstAref 5s 1956 A
-
Columbia G A E 1st 53
1927 J
Columbus Gaa lat gold 53.. 1932 J
Conaol Gas conv deb 6s
1920 Q
-
-
-
"75'
1933 J A 1940 MEq O L N Y
1932 Mg 53
Oas A Elec Berg Co c g 5s.. 1949 J Havana Elec consol g 3s.. 1952 F Hudson Co Gaa 1st g 5a.. 1949 IMKan City (Mo) Gaa Ist g 5s 1922 A Kings Co El
P g Ss
1937 A Purchase money 6a
1997 AConvertible deb 63..
1925
Ed El 111 Ukn lat con g 48. 1939 J Lac Gas I. of St L Ist e os-.f I9I9 Q Ref and ext Ist g 5s
1934 A Milwaukee Gas L l3t 43
1927
Newark Con Gas g 5a..
1948 J 1948 J Purchaae money g 4a
1949 F
Ed Eleo III Ist cons g 5a 1995 J El L A P Ist con g 5s 1930 F Pacific G A El Co
Cal G A E
Corp unifying A ref 5s . 1937 MPaclflc Q A E gen A ref 5a
1942 J Pac Pow A Lt Isf A ref 20-yr
59 International Series
1930 F Pat A Passaic G A El 53... 1949 MPeop Gas A C Ist cona g 6s. . 1943 A Refunding gold 5a..
1947 MReglatered
1947 MCh G L A Coke lat gu g 5a 1937 J Con G Co of Cb 1st gu g 5s 1 936 J Ind Nat Gas A on 30 yr 5a 936 MFuel Gaa lat gu g 58.. 1947 MPhlladelnhla Co conv 5a
I9I9 F Conv debcn gold 5s
1922 MStand Gaa A El conv sf 6a..]926 J Byracuae Lighting Ist g 5s.. 1951 J Syracuse Light A Power 5b. . 1 954 J Trenton O A EI latg 5a
1949 Mtr 53.
LA
67
37
38
9918 100
98 Sale
85
"eo""
"32""
-
1»
—
I
,»
Atflli
Old t
I
•'<K1'1
79
99
53
IOOI2 103
Aug '17
May' 17
July'17
IO2I2
Mar' 17
66
38
39I2
101
Juiyi7
75
86I4
72%
7812
9OI2
95
100
Oct
Mar' 17
60%
32
June' 17
32
8312
Aug
'17
63%
70
6II2
June' 1
Aug
Aug
109
Aug
'17
98I2
9812
IOII2 Oot '16
101
101
102
100
IOOI2
101
100
100
96
Aug
98%
"2
100
95
'1/
9312
98
9078 Deo '16
9612 June' 1
Apr
IO3I2
96i2 IO514
II6I2
105
110
88
'17
110
89I4
85
8914
99I4 "993I
9778 98
9978
98%
98% Aug '17
98% 102%
98% 102%
90
90
90%
"9334
99
77
96%
86%
98
91
91
June' 1
IO3I2 Apr '17
99
Safe" 9812
7812 78
78
IO5I2 June' 1
106' 96>2 Aug '17
98
9612
86I4
861;
90
100
110
100
115
921
103% 104%
98
95
86%
86I4
"17
95
July'17
100
116
Jan '17
98
July'17
98
9778 100
Apr '17
Mar'17
Juiyi7
Nov'16
100
8»
94
July'17
10078 IOOI2 July'17
94% 99
9712 May'17
July'17
... 90
84
89
100
I
92
-.
89
94
99I4
1
92
94
92
1 L> Jrt
'
J«
i
98% Aug
(t
O l«
115
103%
101%
92
101%
9414
98% 101%
'17
KOr\\
95
100
102
97% 101
87I4
84
I
98I4
93%
94% 102%
9412 July'17
99 Sep '03
96
101
•
>
I
\1 iv
101
101
96
105
74
63
64
74
62
62
lUO
86
M- S
M- S
M- S
J -D
71
61
61
85%
90
8434
8334
Ist real est
4)^s'39
96%
tr
'
110
92% 97
115 Sale
109
1
Pow
lat a
1
5s.. 1940
84
M-N
Mercan Marines f 63... 1941 A-O
Montana Power 1st 5s A... 1943 J - J
Morris A Co Ist 3 f 4^3
Mtge Bond (N Y) 43 ser
98
High
98
101%
87% 98%
June'17
101
96'
96
102
Mar'I7
53
f
1934
~
91%
97%
74%
A
100
Ref
A
M
1947 J
conv 63.1926 F
1923 J
Conv deb 63
el924
West Electric Ist 53 Dec
1922 J
Westlngh'se E A
notes 53.1917 A
1st 15-yr 6a...
Coal Iron
Beth Steel Ist ext
&
f
63
M
AHC AC lat a fg 5a.. 1951
J
103
101
106
U
3t
Steel Ist g 5s
cons 53 Series A
—
S Steel Corp lcoup...dl963
S F 10-60-yr Ssfreg
dI963
Convertible 4a
1936
20-yr convertible 4 Ha
1933
1946
30 yr temp coll tr Ss
Cent DIat Tel lat 30-yr Sa..l943
Commercial Cable 1st g 4s. .2397
Registered
2397
Cutob T A T lat A gen Sa. . . 1937
Keystone Telephone lat 58.. 1935
Metropol Tel A Tel Ist a f 58 1918
Mich State Teleph lat 58...1924
N Y A N J Telephone 5a g. . 1920
N Y Telep 1st A gen e f 4^8. 1939
Pac Tel A Tel 1st Sa
1937
South Bell Tel A T 1st s f 68 1941
West Union coll tr cur 68.. .1938
Fd and real eat g 4 Ha
1950
1941
Mut Un Tel gu ext Sa
Northwest Tel gu 4 H a S - - 1934
|f|i
H
l> 14
tm
t
IJ
1-1
\
n
Sale
101
102%
J
J
53
Sale
102
83
103
Sale
Sale
96 Sale
9934 Sale
J
98%
100%
<l
75
120
10234
99
94
102
111
Aug
86
l"i
101
12
97
2
95
104
105
75
85^8
97I4
96%
1
1100
59
103
,
12
94
102
J
J
96% Sale
95W Sale
-
J
95
92
103
97
2 105% 111
H; 105% 110%
98
90
16
1
M-N
M-N
J
•
I II
83%
9:
90
3!
9934
5
100
July'17
4
96%
100% 102%
98% 99
101
106%
91
Feb '14
Mar'16
80
87
85%
72
94
98
»'
09
99
100
109
10034
103
10234
101%
102
9638
91
93%
90
97%
77% 81
July'17
86
100%
91
95
86
100
10378
94
July '15
98%
8
10134
92I4
88
97% lOlSg
93% 107%
17
91
92%
98U
3|
4'
1
86%
29
10334 107
86
90
85%
92^4
2 93I4 101
10634
2, 100
140
95
100
09
96
101%
103
69
10178
101%
101%
lOPs 101%
93I4 100%
100
99
'17
101%
94
9634
9614
Aug '17
Aug '17
lio
9534
9838 IOII4
84% 88
100% 103%
107%
10334
'16
17
l> 1^
95
92%
178 104
Deo
Aug
99% Apr
96%
95%
95%
96
96
3
99''8
10334
83
102
64
10438
9234
'14
79%
92%
98%
V
'
98% 104
100%
Mar'14
99
98
142
963s 102
95U 101'4
97
92% 92%
101% 101% May'17
94 Nov'16
v l> 1-
102
92
98% 103
101% 106
49
103
86
97
104%
116% 128
41| 101
79
100%
Sale
-
129
98
94
73
91
101%
-
71% 79%
99% 102
98% 100%
2
97 14 Aug '17
97
98 Apr '16
"9978 IOOI4 100
May'17
J
J
7538
104%
9038
94I4
9714
99%
102
8H2
78
99% 108%
98
161%
99
102
90%
85% Sale
81
97I4
102%
96
86%
103
81
182
'17 ...J
87
86 Apr '17
101% 100% July'17
Sale 104
104%
!
92
104%
93%
99%
92% 93
98% 99
J
J
Irt
91% 92%
95% 99%
119%
119
83% 85
88%
957s
99'4
99'
94
J
l>
51
6
July'17
Aug
9734
8134
102
83
102
Salo
10034
84
99% 104%
98% 105
92I4
IO210
Aug
Deo
Sale
94%
88% May'17
50% Aug '17
101
99i'>
99
100% 104%
'17
99
86
75%
103
'17
8234
97% 98 14
M-N
F -A
M-N
M-N
J
5'
2 118
99I4
Aug '17
99I4
110
110%
99'2 June'17
91'8 Aug '17
100
100
lOOio 101 14 10138
91=4 Sale
9134
J
Aug
Aug
93I4
9314
M- S "09" 95
100
100
100%
M- S
96% Sale 96%
97%
J -D
J -O 101% 103% 101% Aug '17
73
Nov'16
Q- J
73
July'17
69
Q- J 68
-
90
90
84
'13
'17
'17
'17
Juiyi7
Apr '17
88I4
93%
94% 94%
100
Oct
lOOU Aug
92%
M-N
M-N
-
74%
100
'17
88%
92% 96
95
91% 91
,
79%
F-A
A-O
A O
M N
J
J
A-O
J
90
June'17
98
'JOi
F- A
J -D
J -D
96%
93I4 10034
10
100%
94
F-A
-
10934
97I4 1027g
88%
82
16
99%
99
11)1% July'17
98'8
99
81
Mar'17
97I4 July'17
9978 Sale
9534
J
-D
M- S
J -D
J
98% 109%
100
9934 10378
100
J
-
28 92% IOII4
50 115
132
10' 100
101
87l2
1
83
15j
90% 100
100% 100
J
93%
90%
118
29
83%
50
94
98
89
103% Jan '14
9934
100%
102%
9918
94
93
IO2I4 Sale
82
Victor Fuel lat 3 f 53
1953 J - J
Va Iron CoalACoke lat g 5a. 1949 M- S
«'>!->
100
98I4
M-N
J
91
100
76
102%
O
1923
1950 M- S
Mid vale Steel A O conv s f 5sl936 M-S
Pocah Con Collier 1st s f 53.1957 J - J
Repub I A S IO-30-yr Ss s f.l940 A-O
St L Rock Mt A P53 8tmpd.l955 J - J
Tenn Coal I A RR gen 5s.. 1951 J - J
1
91
lOO's 100
98%
84%
94%
'14
90
74%
"901".
85
86% 93
88% 94I4
-
Lackaw
82%
109
3|
84%
June'17
87
87
93%
94
Sale
O 107% 110%
-O
-
86I4
8634
1!
July'17
Apr
90
99
120% 120
9914 Sale
99
118% 119 120'-l
98%' 99's
98
107% 112 107%
Steel
1926
1942
1932
Debenture 58
al926
CahabaC
Co lat gu 6a. ..1922
ColFAICogensf 5a
1943
Col Indua lat A coll Sagu... 1934
Cona Ind Coal .Me lat 5S...193S
Cons Coal of Md IstAref 58.1950
Continental Coal latg Sa
1952
Gr RlvCoalAC 1st g63.../iI9I9
III Steel deb 4H3...
1940
Indiana Steel Ist 5a.
1952
s
A ref 5s guar A.
Buff A Suag Iron sf5a
lat
98%
74%
-A
-0
-
9434
yu
119
A-O
M
"54'
'17
93I4
88
IOOI4 10034
M-N
A
ref 5s series
Aug
92
95
103% 104 May'17
9U
85% Mar'16
78% 81% 78% Aug '17
Stamped
1930 J - J
U S Realty A I conv deb g Ss 1924 J - J
U S Rubber lO-yr col tr 63.. 191 J -D
Ist
110
93
120
100
83
July'17
June'17
88% Apr
99
9718 98
lOOis Sale
Brake lat conv 63. . 192S M-N
Railway Steel Spring
Latrobe Plant lat sf 53...1921 J - J
-
8334
99%
98% 99
97%
Nat Enam A Stpg Ist 5a... 1929 J -D
Nat Starch 20-yr deb 5s
1930 J - J
National Tube 1st 5a
1952 M-N
-
87
94
119
98I4
M-N
F-A
A-O
-
'17
96I4
Apr '17
9334 93% July'17
IOII4 10 % Aug '17
Sale
91'8
91%
9734 97%
9734
Sale
101% 103
25-yr 63.1936 J -D
1942 F - A
1952 M- 8
Ingersoll-Rand Ist Ss
1935 J - J
Int Agricul Corp Ist 20-yr 5s 1932
Int Paper Co I st con g 63. . . 1 9 1
Consol conv 3 f g 5s
.1935 J - J
Liggett A Myers Tobac 7S-.1944
53
1951 F - A
Lorlllard Co (P) 73
1944 A O
58
1951 F- A
Mexican Petrol Ltd con 6s A 1 92 A O
-
90%
2^ 89%
Apr
IOOI4
119
82
88
Ist
1931 A
1930
The Texas Co conv deb 63.. 1931 J
Union Bag A Paper 1st 5s.. 1930 J
Sale
99%
M-N
C..192I A-
62
84
'92
100
Electric deb g 3>is
Debenture 58
ref 68 series
90
Sale
100
Gen
A
74
62
62
June'16
74% June'17
89
95
93
9934 100
Cuban- Am Sugar coll tr 6s.. 1918 A-O
Distil Sec Cor conv 1st g 68.1927 A O
E 1 du Pont Powder 4^3. ..1936 J D
General Baking
2'
92%
89% 90
SC%
Gold 4s.
1951 F- A
Writ Paper Istaf 5a
1919 J - J
Baldw Loco Works 1st 5s. ..1940 M-N
Cent Leather 20-year g 5a.. 1925 A -O
Consol Tobacco g 4s
1951 F - A
Corn Prod Ref a f g 5a
1931 M-N
a
6
101% July'17
105% Oot '16
9134 84% Jan '17
88
89
91
81
Am
25-year
75
03
1)2
102
Industrial
c 53
1928
1924
Am Cot Oil debenture 58... 1931
Am Hide A L latsf g6s... 1919 M- S
Am Sm A R Ist 30-yr os serA d'47
j"-"j
Am Thread Ist coll tr 4s
1919
Am Tobacco 40-year g 63... 1944 A-O
Ist
Sale
Sale
72%
M-N
F-A
M-N
M-N
A-O
A-O
F A
M-N
&
9734
83
94
IO-20-yr 5s series 3
Y Dock 50- yr Istg 4s
Manufacturing
Am Ag Chem 1st
Conv deben 53
102
9734
88I4
1939 J - J
2.. 1966 A- O
1932 J - J
1951 F- A
Niagara Falls Power 1st 53.. 1932 J - J
Ref A gen 6s
aI932 A -O
Niag Lock A O Pow 1st 53.. 1954
Nor States Power 25-yr 5a A 1941 A -O
Ontario Power
F lat 5a... 1943
Ontario Tranam'sslon 53
1945
Pub Serv Corp N J gen 53.. 1959 A -O
Tennessee Cop 1st conv 63. . 1925
Wash Water Power Ist 53.. 1939 J - J
Wilson A Co I St 25-yr 8 f 6s . 1 94
83
105
92%
93%
N
92%
115
102% 100
102
102
94
Int
N
110
lOJU 100
M
Great Falls
"9OI4
89
83
Aconv 6s ser A w
Computlng-Tab-Rec a f 63.. 1941 J-" J
Granby Cons
S A P con 6s A '28 M-N
Stamped
1928 M-N
Coll
Telegraph & Telephone
Am Telep A Tel coll tr48...19'29
9612 101
8QI4
100%
Consol 5s
..1955 J - J
BIdgs 53 guar tax ex
1960 A-O
Cerro de Pasco Copp cnv 6s 1925 M-N
Chic Un Stat'n Ist gu 4 J^a A 1963 J - J
Chile Copper 10-yr conv 7s. 1923 M-N
10534
77% 88
95I2
Jan
95
9334
Aug '17
87% 87%
87%
99
94
96
88
87
Kan
June'I7
June'17
no
94
9012
Juiyi7
108" 105
102
May'15
Feb '13
93I2
98
105%
1
101% Nov'16
90
U S Smelt
IOII4
Jan.
Ask Low
High No. Low
97% 98 Aug '17
98
Booth Fisheries deb a f 6s... 1926 A-O
Braden Cop .M coll tr a f 6S-193I F -A
Bush Terminal lat 4s
1952 A-O
V-Car Chem
21 106
129
""2 IOII2 IO8I4
Sinct
or
Last Sale
89%
9312
9712 101
8434 91
'17
'17
'15
Range
I
89% Sale
98I4 IO6I2
9914
Feb
97
107
102
Armour A Co
63
42
Sept' 1
54
M
Interocean P Ist s f 53
Standard Milling Ist 5s
84
70
1948
1925
1926
g 4s
coll tr
Alaska Gold
deb 6s A
Conv deb 6s series B
100
60
2
Range
Week't
Price
Friday
Aug.
24.
Miscellaneous
Adams Ex
N Y Air
108
T3
LAP
IO2I2 IO2I2
64% 8OI4
3612 73%
70
60
50
32
83
00
805
4
Bid
1st lien
9012
'17
'08
9712
8434
I2OI2
47%
Mar'l
9912
"as'ij
21%
Aug
83i'>
84
5212
79I4
9934
7134
9634 101
8912 90
80
161""
60'
98
I914
9712
93%
79
98
90
60
98I4
100
1
66
98i'>
100
891a
9712
9J
53
95
103
Sale
102
"98'
99
99I4
9934
2118
24
7738 Aug '17
88I2 Nov'16
7278 July'17
9OI2 Feb 17
50
107
100
100
Nov'16
6OI2
Sale
10138
9712
1
U'lOH K-.
69
62
83
-
NYGELHAP85a
•
6412
6OI2
M
Mu
"99'
657s
ref 53 ser A .
Ist cons
NYAQ
7912
-
ConsGasE LAP of Bait 5 yr53'2I MDetrolt City Gas gold 53... 1 923 J
Detroit G.is Co cons Ist g 5s 1918 F -
M
5412
211s Sale
90ij
-
94
95
101
Aug '16
97I2 July'17
99
90
53
J
Atlanta
A
93
98
7478
31960 A-O
1937 J - J
g 5s
Tri-Clty Ry A Lt 1st sf 53.. 1 923 A-O
Undergr of London 4^8
1933 J - J
Income 6a
194s
Union Elev (Chic) lat g 5s. . 1949, a"-o
United Rya Inv 5a Pitts 133.1926' M-N
United Rys St L 1st g 43
1931 J - J
St Louis Transit gu 5s
1924 A -O
United RRa San Fr s f 43.
1927 A-O
Va Ry A Pow 1st A ref 53..1934 J - J
Ist
9634
May'17
May'17
Apr '17
Mar'14
10012 June'
N
N
-A
Ist
Detroit Edison Ist coll
91^8
30
M-N
H
90
94
95
917s
A
A-O
30-year adj Inc 5s
.<Jl942
N Y State Rys 1st cons 4Hs.l9fi2
Portland Ry 1st A ref 5a
1930'
Portid Ry Lt A P Ist ref os HIA2 F
Portland Gen Elec 1st 6s 1935 J
8t Jos Ry L
A P 1st g 5s.. 1937
8t Paul City Cab cons g 5s. .1937 J
Third Ave Ist ref 4s
1960 J
AdJ Inc 5s
Third Ave Ry
85
F-A
exten 4)^8 .1931 J
1st cons g 53.
1
Union Elec Lt A P l3t g 5S..1932 M- S
Refunding A extension 5s. 1933 M-N
United Fuel Gas Ist al 63. ..1936 J - J
Utah Power A Lt 1st Ss
1944 F -A
UtlcaElec
Ist g 5s... 1950 J - J
Utica Gas A Elec ref 5s
1957 J - J
Westchester Ltg gold 5a
1950 J -O
9314 IOOI2
10
27
Mar' 17
Oot '16
86
8314 July'17
78
92
81% 92
86
37
85
8134
M-N
A- O
98
101
76
1
98
99
10034
99^8 100
9834 9958
92l2
N. Y.
Week ending August
9478
July'17
85
80
A-O
MetWSEI
81
BONDS
STOCK EXCHANGE
86I2
88
Jan
78
A
Jan.
'17
Aug '17
;tii2 Aug '15
68I4
68I4
84I4
76I4
80
80
95
J
1957 F - A
1957
NY
1932 f"-'a
Interboro-Metrop coll 4Ha-19'>8
Interboro Rap Tran 1st 53_.19firii J - J
Manhat Ry (N Y) cona g 4s. 1990; A -0
Stamped tax-exempt
1990
Metropolitan Street Ry
Bway & 7th Av Ist c g 53. 1943 J -D
Col A 9th Av 1st gu g 5s.. I993J M- S
Lex Av A P F 1st gu g 5s- - 1993' M- S
53 Ser
Adjust Income 53
& Jersey 1st 5s
Since
871s
J
Nassau Elec guar gold 43.1951 J - J
Chicago Ry3 1st 53
1927 F-A
Conn Ry 4 L 1st & refg 4^31951 J - J
Stamped guar 4Hs
.1951 J - J
Det United Ist cons g 4 Ha.. 1932 J -J
FtSmlth Lt & Tr 1st g 5s... 1936 M- 3
1^
9S
92
S
S
J - J
6-year secured notes 53
1918 J - J
Bk City 1st cnn 4s.. 1916-1941 J - J
Bk
g 5s.. 1941
J
l3t 53
1941 J
Bklyn Un El Ist g 4-O3...1950 F -A
Stam ped guar 4-53
F
A
1950
Kings County E 1st g 4a.. 1949 FStamped guar 43
1949 F-
Bud A Manhat
8618
j"-"j
-
Range
Aug
76
74
77
89
M-
QCo&Sconeu
BklynQCoiS
103
ao
High' No. Low High
1 IO312 IO8I2
101%'
-17
103 108%
104^8
"S7is Sale
A- O
J
or
Last Sale
Ask Low
Bid
-
53
Range
Friday
Aug. 24
2-t.
lat consol g 58
Week'i
Price
Union Pacific (Con.)
Ore Short Line Isl g 6a-.-1922
Guar refund 4s
Utab & Nor gold
—
7
5
3
New York Bond Record— Concluded— Page
1917.]
Weei ending August
I
91%
103%
9934
101% 101%
I
()jtlon
i:ile
BOSTON STOCK BXGHANQB—Stock
806
SnARE PRICES— NOT PER CBNTVM PRICES.
Monday
Aug 20
Saturday
Aug
154
18
154
154
154
58l2
6812 5812
58
•-.
104 •104
'28*
•190
29
28
*190
*2
*2
105
28
198
5
30
30
•91
•100
•1012
*8
•1
•88
•92
•113
•130
•103
I'o'o"
129
•60
01
•12512 120
•8434
33I2
•94
»5
•24
32
II4I2
U2
II4I2
*25
27
95
5I2
2.
27
'o's'
5I2
25
33
'10012 103
*44
56
45
56
45
56
93
*92
93
10034
100
IOII2
*ll4
134
*10l4
11
I2OI2 12112
11
I22I2
118
118
119
II8I2 II9I4
52
*98
*72
*88
*10
105
74
90
12
IO5I2
52
9812
74
90
III4
IO6I2
6212
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I7I2
62
18
834
190
I712
*8
*186
834
190
15212 1.5312
100
100
92
76
92
78
76
14612 14612
*1
212
"2'»2
»ii.5'
•150
60
126
100
125
60
126
•434
95
5I2
24
24
3038
32
112
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II212
27
'IOOI2 103
43
56
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aoo
• 1I4
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120
44
56
94
101
134
11
120
'117
II7I2
II8I2 119
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5134
9838
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9812
74
11
11
10()l2 IO7I2
*61l2 63
I7I2
*8
190
*151
100
92
75
146
1
17I2
834
190
15112
101
92I2
76
150
2I2
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*92
90
88
32
90
l"l4" *113
114
131
104
141
113
1T4""
90
131
10334
143
2I4
3
IOOI2
2
214
•10012 101
5
5
•.50
.65
1218
.60
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•7914
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2312
1218
.60
37I2
80
550
17
17
•56
65
*23
*58
59
550
2I4
2I4
IOOI2 IOOI2
5
5
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.70
12
*.55
18
6II2
6II2
134
2I4
134
2'4
534
534
5I2
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*
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42 14
I4I2
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3034
3034
538
538
2I4
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1134
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•134
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•22I4
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*
85
25
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•27
•76
•1
738
•24
79
113s
61k
84
4134
I312
421?
141?
67
87
30
69
88
.51?
3%
978
314
714
101?
734
1134
1134
1134
2I2
2
8II2
23
134
2
SI')
11
6l8
79
42
I3I2
2
67
87
30
5I2"
*2
9I2
•3I4
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Ills
2
134
23
22I4
13I2
I412
3
14
'
24I2
24I2
23I2
80
80
8
25I2
138
57
5534
8512
85
25
87
25
24I2
88I2
88I2
2734
27
76
78
I'/fs
712
2312
4
6I2
1
5812
1'4
7I2
25
4
8I2
4
67s
II9
59I4
27
76
1^6
738
24
•3
8
4
612
138
60
50
50
4934
3
3
16
10
10434 + 104
3
278
47I2
47I2
•.26
.40
3I8
I4I2
24
80
II2
678
4
4
2
82
23
8
8.5I2
4
4I2
358
758
III2
2I2
lis
II2
678
59I2
5058
5I2
2I4
9I2
I7I2
4
IMi IXe
I412
2I2
69
88
31
lis
56
"7%
84
42I2
I7I2
2
5534
85I2
77
6'8
II4
II2
1
88I2
2734
11
I712
1'4
25
5I2
I7I4
7I2
• Bid
61lj
81
8I2
*3
18
15s
'
79
555
5534
6134
8134
3I4
12
18
55
338
I4I2
8
18
512
.70
.65
158
*758
4l8
*3i2
358
734
3
634
3612
8II2
•22I4
3
16
•104
2I4
2
2I4
4
5018
•278
31
5I2
*3
58
21?
2
IOI2
80
*17l2
*1
*ll2
5534
61s
2
69
87
•2
534
11
12418
11734
.55
7834
lO's
16
1045s '104
41
4I4
3
4
•3I2
47
48
4I2
*3l2
.25
and asked
3I2
.35
prices,
3I4
47
.25
*94l2
•434
23
3012
56
86
24I2
88I2
2734
78
92
61
50
278
I6I4
10412
438
4
4
47
.25
56
93
100
II4
148
1
Do
45
57
43
93
91
43
92-34
lOOSs 10058
II4
II4
1-34
11
Aug'17
II712
116
116
llS's 11878
4912
97I2
97
11818 II8I2
4812
50
50
97I2
97I2
88"
'si'
74
8934
10
6II2
10
106
6212
1634
812
1634
8l2
104
I7I2
8I2
186
188
188
188
Last Sale 153i2July'17
15112
100
101
100
76
150
9134
9134
74
75
9134
73
9'2"l2
75
14814
2I2
Last Sale
Last S-ile 11
June' 17
Last Sale 33
July'17
Last Sile S8-34 Aug'17
92
92I2
Last Sile
Aug'17
110
II2I2 IIII2 1I21-. IIOI2 IIII2
129
130 129
131
IOOI2 102
100 101
14234 14234 142
34I4
35I2
34
34
35
i3l2 1378
Last Sale 1378 Aug'17
15112 153
15112 152
I5II4 I52I2
6278
62
6278
62
6178
60
88
92
29I4
121
117
6I4
2
5
100
*.50
6412
2234
30
132
49
27
I23I4
11734
29I4
27
.55
5
Last Sale 56
65
2134
5812
2
5
11
6l8
80
42
I3I2
1778
5434
578
*2
9I2
3I4
7
11
2
*134
81
22
3
14I2
24
""8r4
1714
1
Us
55
86
22
88
•26I4
78
3
57-34
21,
5
11
5I4
2
5
I314
Last Sale 2I2
9I2
•314
3-58
14
11
3
81
80
24
80
838
I7I2
II2
II2
5534
8614
8I4
I7I4
858
I7I4
314
134
II2
134
1
2418
88I2
7812
1
7I2
Us
Us
55
55
55
8534
2II2
8712
85-34
8534
8534
22
88
22
89
2314
2612
27I4
2634
.
lU
714
712
1^6
7I4
Last Sale 24
Last Sale 3
25
4
712
76
76
77
iMi
Us
712
July'17
Aug'17
7l2
9
334
4
37s
Last Sale 59I2 Mar' 17
61
6
6
6
6I2
1%> 1%
61
60
49I4
49
I'/fs
6278
50
278
16
16
1618
102
IO2S4
9934
99-34
4I4
4I4
4I4
3I2
3I2
47I4
*3l2
378
3
46
.25
a Ex-dlvidend and rights.
.15
«
1'/.
61
49I8
3I2
4658
.25
25
25
25
3312
150
99
120
60
122
83
Aug
11
Jan 5
June fl
Junel2
JuDe28
Juncl9
June 2
30
38
150
108
140
6512
Mar 16
119
34
Jan 30
200
iJuIy 3
412
Dec
Apr
Dec
Aug
Aug
23512
Feb
5
4012
July 2
3
Dec
4
42
Mar
Feb
5
Jan 5
Jan 27
Mar28
Mar22
Feb
1.50
Oct
102l2Apr
123 Sept
69 14 Sept
122 Jan
186 Jan
98 Sept
4I2
Dec
Dec
Dec
26
50
97
Jan
I34I4
Dec
20 May
100i2Aug
i55 Sept
69 July
Apr
95i2Mar
84 Dec
7 Dec
108 Apr
114i2Mar
123 Dec
84
Aug
42
92
66
98
Jan
Jan
July
Jan
Jan
«c8i8 Apr
27
42
Feb
198
88I2 Jan
Feb
Feb
145
52
512
4518
154
110
162
87
13l«4
May
Jan
Feb
Jan
July
July
July
Feb
Feb
Dec
Dec
94
102 Jan
.8»4AUB
44 Aug
77'4
107
157
35I2
125
Jan
Sept
Feb
Dec
Mar
67I2 Jan
88
102
105
3I4
16
Feb
Nov
Dec
Apr
May
125i4
0ct
124 Oct
13412 Sep
5634
lOlSg
79
Nov
Mar
Nov
101i4Feb
Dec
72I2N0V
14734
2578 July
Jan
225
Dec
Dec
250
Mar
159I4
-A.pr
186
Oct
95
79
78
155
June
Sept
IO212 Sept
100»4 Nov
8I4
I4
10
89
May
Nov
181
Dec
35 Nov
23i2JuIy
50 Jan
120»4Dec
10218 Jan
102
15812
35I2
15
125
35
28
Dec
Apr
Dec
Feb
Feb
Jan
Jan
13612 Jan
50 June
2812 Jan
7934
133g
Sept
Mar
115i4Feb
658 Sept
2
451
Do pref
270 Utah-Apex Mining
835 Utah Consolidated
161s
Utah Copper Co
485 Utah Metal * Tunnel
IOII4 102
4I4
4658
.35
4658
5
100 Victoria
35 Winona
249 Wolverine
378
3I2
2.0s.'
.35
Assessment paid,
ft
Wyandott
Ex-rlghts.
x Ex-dividend.
Aug
2
May25
2
2
91
10
i2Mayl6
58 Feb 3
lUJan
2
6
»4May
56 Dec
5
Feb
18
3
Aug
Aug
23
16
10% Feb
3
2 134
58
.50
JunelS
36
July 17
7312
Feb
Feb
16
3
3
July 3
51
57
Apr 23
Feb 3
525
Il2Apr 23
4i4May 4
1058 July27
6
July25
78
39-34
Apr 23
Apr 23
13
MaylO
178
58
87
28
Feb 16
Jao 2
Aug
18
MaylO
4i4Apr
9
5
25
25
25
25
Aug 22
2 Aug 7
1=8 Aug 20
77 Feb 3
25
11
21S4Feb
5
2
14
100
100
22
76
5
15
25
25
25
25
10
25
10
25
10
10
10
25
25
10
25
50
5
5
lo
1
25
25
25
25
Feb
Jan
108 Jan
lli2JaQ
2
94
H^June 8
9l2Aug21
278Mayl6
5 Feb 9
5
New River Company
Do pref
Tamarack
6118
49I8
4I4
3I2
3I4
1
1,097 Trinity
25
6,61 Tuolumne Copper
1
3,880 D S Smelt Refln A Mln... 50
3
16
25
100
100
25
25
5
885 Nipisslng Mines
249 North Butte
55 North Lake
210 0)lbway Mining
230 Old Dominion Co
196 Osceola
6,590 Pond Creek Coal...
275 Quincy
190 Ray Consolidated Copper.
173 St Mary's Mineral Land..
20 Santa Fe Gold * Copper..
825 Shannon
Shattuck-Arljona
South Lake
25 Superior
,165 Superior i Boston Copper.
89
10
10
1
NevadaConsolidated
130 New Arcadian Copper
920 New Idrla Quicksilver
112
55
26
76
27
Us
25
25
6
25
20
Keweenaw Copper
Co
13
858
I7I2
5
10
10
10
25
661
8I2
pref
Mason Valley Mine
63) Mass Consol
195 Maytlower-OId Colony
Michigan
198 Mohawk
14
1712
Do
20 La Saile Copper
III2
3
31s
13
21
1434
&
165 Lake Copper
Aug'17
3I4
24
5
9I2
3I2
Zinc, Lead
pref
372 Isle Royale Copper
407 Kerr Lake
Aug'17
2234
278
1618
4612
Aug'17
Aug'17
2
'1-34 "Y78
178
2
8OI2 8II2
81
81
Aug'17
Last Sale 23
2
334
3
61:
3I4
11
41s
4I4
3I2
9
9I2
Last Sale 712
11
2
378
278
51
87
86
7I2
lU
13
13-34
Amer
Range Cons Co
Daly-West
3,28 Davis-Daly Copper
1,196 East Butte Copper Mln
205 Franklin
Granby Consolidated
Greene Cananea
30 Hancock Consolidated
Indiana Mining
545 Island Creek Coal
11
6
.A.llouez..
25
25
10
25
25
Smelt. 25
25
6.50
Last Sile 238
Aug'17
64
66
6358 6358
8SI2
87!
29I2 32
2912 31
5I2
558
6
6
82
100
100
1,657 Copper
5818
2I4
11
11
I7I2
Aug'17
5712
8I2
60
49
I7I2
.55
Last Sile 78
Last Sale 42
2I2
958
358
7I4
III4
2I4
Y— .100
25
Do
885 Arizona Commercial
450 Butte-Baiaklava Copper..
Butte & Sup Cop (Ltd)...
458 Calumet & Arizona
70 Calumet A Hecla
110 Centennial
Chino Copper
72"
555
57
2
7I2
6
555
6I4
14
88
35
6
65
2218
1134
I7I2
Last Sale
83
43
2I2
30
17
5I2
6512
555
550
III2
6I2
2I4
Algomah Mining
128
431
*.50
.58 .65
.60
Last Sale 3812 Aug'17
79
79
80
793s
59
2
65I2
86I2
III2
Ahmeek
335 Alaska Gold
5l8
Aug'17
22
2234
5812
12
131
100
5
64
22-34
79
558
158
5i8
6412
.55
Ry & U 8
pref
215 Adventure Con
2I2
2
100
101
.75
79
551
6I4
6
2I2
100
'l'2"
49
27
12018 12158
6I2
5I4
36
177g
27
JuDe28
3
Mar22
172
Btghett
2I4
19
44
42
Feb
Nov
Jan
Apr
Feb
Dao
Dec
Mar
Nov
155I4 Nov
140
165
175
59
Oct
Oct
16l2May
177
70
33
Oct
16834
6312
Aug
31
Sept
Nov
Mar
May
12958N0V
12234 Nov
13 Jan
Mining
2
2I2
35
54
4812
27
6l8
*57
12
129-34 13Y12
11878 12058
11634 11634
6I2
101
30
I29I2 131
48I4 4834
July 3
/an 11
Jan 19
W
106^2 167'
62I2
01
188
9278
Aug 2 175
Aug 22 79
Aug 17 133
Aug 13 45
May22 213
150
67
103
28
175
2
9
Lowest
78'!
85 FKchburg prof
133 Jan 17
102 Georgia Ry A Elec stampdlOO
100
92ijJan 9
Do pref
9434 Aug 13 100i« Mar 7
100
12 Maine Central
3 May 8
6-38 Junc20
...100
Mass Electric Cos
20 Apr 28
3II4 July 3
100
Do pref stamped
210
3038 Aug 21
100
5234 Jan
2
768 NYNII& Hartford
Northern New Hampshire. 100 ZIOO Marl2 105 Apr 3
112
Aug
100
2
Colony
135
Jan
«
Old
97
2434 Feb 2
100
34i2Feb 13
Rutland, pref
Vermont & Massachusetta. 100 100 Aug 14 110 Jan 15
68I2 Marl7
43
Aug 21
50
80 Wc^t End Street
55I2 Aug 13
100
74 Jan e
Do pref
107
Miscellaneous
100
84 Feb 14
94S4May 2
25 Amer Agrlcul Chemical
9812 Feb 13 10312. Ian 27
100
Do pref
34
lis
Apr
Service..
60
9
Pneumatic
238 Jan
9
Amer
120
8I4 Jan
50
2
14 Mar 8
Do pref
100 lOSijFab 3 126i4June 9
140 Amer Sugar Refining
100 118 Mar 1 12112 Jan 24
Do pref
61
Teleg
100 11638Mayl2 128i4Jan 25
&
.4mer
Telep
1,620
40 Feb 1
58 June 8
35 American Woolen of Mass. 100
94ij Feb 3 100i4June 9
100
Do pref
298
67l2May21
75 Julyl7
30 Amoskeag Mamjfacturlng
8734 July27
97I2 Jan
Do pref
5
60
8i2Mayl6
10
1134 Aug 7
10 Art Metal CoBStruc Inc
89i2Feb 23 121l2Jan 22
I S S Lines. .100
3,400 Atl Gulf &
55I2 Feb 9
100
10
Do pref.66 Jan 4
10
1314 Feb 3
110 Cuban Port Cement
2018 June22
7l2Apr 13
10
375 East Boston Land
10 Jan 22
100 175 July21 226 Jan 4
22 Edison Electric Ilium
100 151 Julyl9 170UJan 16
General Electric
61 McElwaln (W H) Ist pref. 100 100 Feb 3 102 Jan IS
100
87 Feb 3 10012 Mar23
224 Massachusetts Gas Cos
71 June21
Do pref
100
179
81 Mar30
100 143 July20 169 Jan 31
10 Mergenthaler Linotype
1
10
Mexican Telephone
Marie
134 Julyl6
11
Mississippi River Power.. 100
JunelS
JunelS
11
3212 June26
100
Do pref..
40 Jan 17
30 Jan 9
New Eng Cotton Yarn
1 00
95 Mar26
92i2Aug 7
Do pref
100
60 Jan 10
2,100 Mew England Telephone.. 100 10912 Juiy20 I2412 Mario
100 127 JulylO 147 Jan 19
60 Nlpe Bay Company
90 Apr 24 112 Jan 11
88-5 Nova Scotia Steel & C
100
100 138 June20 leOUJan 25
35 Pullman Company
30 Feb 15
140 Punta Allegre Sugar
50
46 Jan 3
13 Julyll
Reece Button-Hole
10
16 Mar29
100 133 Feb 3 16278 Apr 16
1,031 Swift & Co
55 Feb 3
155 Torrington
25
68 June 7
28 Aug 20
Do pref
25
3
35 May28
470 United Fruit
100 129l2Aug23 ISSljJan 22
58I4 Jan
871 United Shoe Maob Corp.. 25 148 Junel9
3
30ig Mar 8
2612 Aug 16
115
Do pref
25
99»g
7,659 U S Steel Corporation
100
Feb 3 135 May28
15
Do pref
100 116i2May 9 121 Jan 27
800 Ventura Consol Oil Fields. 5
6 Apr 10
878 Jan 26
2312
10034
Range for Prevlou*
Year 1916
1
Electric Cos..
Connecticut River
Aug" 17
23
23I2
Last Sale
116
72
IO6I2 10S3j
6II2 6212
7I4
23I2
634
138
43
16" Yf
100
92
76
"
Wore
pref
June
Clilc
9
51 2
Dref
<k
Do
11212
Last Sale 2Br2" AuVi?
Last Sale 100 Aug'17
11
98
Do
Boston
110
134
97
72
7I2
8
418
29
190
Last Sale 3
July'17
Last Sale 30
July'17
Last Sale 4I2 Nov'16
Last S'llc 33I2 Aug- 17
Last Sale 150 May'17
Last Sale 100 Aug'17
Last S'llc 125 June'17
•59
6OI2
126
126 i25l"2 II
Last Sale 84^8 Aug- 17
94
51
1
4
Last Sale 103 "Aug" 17
Last Sale
—
100
222 Boston &
100
05 lifiHion Klevated
100
... lio.ilon <t Lowell
100
-Maine
*
19s lioHlon
100
I!()!iion A Providence
Hoston .Suburban Elec Cos
29
[Vol. 105.
aighett
Loujeit
Rallroadi
Albany
186
94I2
Range Since Jan.
Shares
151
2312
51
1.5012
150
BONDS
S«« N«xt Pag*
EXCHANGE
llV.Jt
68
31
31
3II2
31
Last Silc 103 Apr'17
118
117
II8I2 119
186
152
57
25
116
117
I7I2
8I2
Friday
Aug 2i
3012
9934 lOOSs
II4
IOI4
•151
STOCKS
BOSTON .STOCK
Balei
of tftt
Thursday
Aug 2i
5I2
112
27
IOOI2 103
• 42
44
•56
57
1'4
25
g's'
112
*25
48
27
35I2
550
61
I25I2 120
49
28
61
7934
58
131
58
5534
6134
12
30
23I2
12
lis' 125
132
22I2
5612
6134
•1138
64
65
550
17
55
1,54
24
1218
.65
7834
1378
6.5I2
37
550
5I8
3634
*.50
65I4
59
*36
100
100"
*
8434
•8434
•94
131
130
*130
IO4I2 103
101
143
141
•35'
*35
3534 35
*13l2 14
*1.3l2
1334
14
I54I4 I54I4 154
15434 153
*62
6312
6278 6278 6278
•2914 30
2914
28
28
I3II4 I33I2 13112 13112 13112
4812 49
4878 49
4834
•2618 2658 *26
27I2 •27
12438 125
12418 124% 12318
118
118
II7I4 11734 II7I4
*6
6I4
6I4
6I4
6U
•65
•23
59
5
30
30
*150
•150
•15212 I53I2
•100 101
9234 9234
•76
•145
•2
5
II8I2 11834
51^8
98U 9812
•188
103
29
198
5
152
58
103
'28"
29
190 190
<t
34
•51
•72
•88
•10
105
62
•17
•2
58
5
*1U
•122
118
28
•190
IS2
57
153
34
•IOOI2 103
45
56
151
58
•101
5
•8434
•112
•25
Aug 22
34
129
•56'
61
•125"2 126
•24
33
Aug 21
5
»
•484
Wednesday
34
•150
•100
95
Tuesday
Record
2
July 9
Jan 27
Jan 25
Jan 24
634 July 2
I5I2 JunelS
.90 Feb 18
li2May 4
Feb 3
Feb 3
I712 Feb
3
81 Apr 24
23 Feb 1
7412 Feb 3
1
Apr 14
414
70 Mar
41l4Jan 26
73 Jan 3
15I4 Junell
2UJan 26
52 Jan 26
SSUJan
25
690 Feb 20
27i4Jan 16
63 Mar 7
68 Jan 17
3 Jan 12
7i4Jan 16
18 Jan 3
9 Mar 6
92 Jan 17
46i2Jan 3
20i2Jan 19
4 Mar22
76i2Junel8
94 Anr 28
36 Jan 18
6 Aug 22
434 Jan 27
18 Jan 2
5 Jan 16
838
Aug
2
ISijJan 17
3
512
98
Mar24
Jan
3
26i» Mar 7
6 Jan 2
July 31
Julyl9
9
7i2Aug23
3-34
47
314
1
Aug
1
Feb
2
MaylO
M3yl2
52
Feb
4812
Aug
Mar28
178
I4I2
Apr
3
3
7
98 Feb 1
4 Apr 23
3I2 Apr 23
3
40
.15
uHaU-pald,
II2
10
Aug
July
II2 Jan
77i2July
15
434
9
Jan
2
Mar28
Jan
3
95
May
July
3i4July
914
20
27iiJan 12
67»4 Mar 12
3
Sept
Jan
July
3i2Mar
234 Feb
3
234
Dec
3434 June
IOI2 June
2 July
Mar20
Mar20
834
Dec
lli2July
6 June
79 July
42
88
25
Marl2
JunelS
94ijFeb 21
2834
Apr 3
Mar 6
2 Jan
2
10 Jao 5
SOig Mario
6I4 Jan
2
165» Mar 6
814 Jan
6
60 Jan 15
32i8
8934
8ij Julyll
2% Jan
9
Jan 4
Jan 4
314 Jan
2
2 Hi Feb 20
67»4
52i|
77
6
20
.50
lis
59
70
Jan
July
July
Dec
Dec
Mar
July
June
July
Dec
July
lli2Mar
July
20-34 June
6112 Jan
II4 July
7 July
24S4July
81
4
Aug
12i2Juiy
II2
26I2
212
8312
9758
Jan
35 Aug
4i4July
Nov
Nov
Apr
86igNov
18
Nov
5i2Feb
Nov
Nov
Nov
Nov
378 Mar
640
27
7358
8734
714
20
Dec
Not
1314N0V
120
5514
Nov
Nov
2312N0V
6I2N0V
7334 Deo
9312 Dec
43
5-38
8
191 2
Nov
May
Apr
Feb
6I2N0V
9
Nov
I9I2NOV
4S4N0V
108
Not
3312N0V
IOI4
Jan
Jan
31-3sNov
2434
93I4N0V
914
Nov
3212N0T
412
278
83
105
Jan
Apr
Nov
Nov
Deo
IO912N0V
2334
3634
110
Nov
Nov
Jan
12i2Feb
378
40-38
Feb
Jan
Jan
834 Oct
56I4 Jan
1234 Jan
8I2
2812
.15
54I8
Jan
Jan
49
Feb
8138
5334
Dec
518
278
Jan
lOSUMar
June 101 Nov
July
46 July
54i2July
2 July
434
578 Deo
12512N0V
Dec
14
Apr
78l2
x7
ll2Aug
42
66
510
I712
24I4
Dec
29l2July
60 July
758 July
30
92I4
-A.ug
May23
55
24
1.34
212
Deo
Not
Apr
Apr
16
5I4
Dec
Not
Nov
llHMar
Jan 2
SisJan 25
234
334
Jan
8I2N0V
11838
May 26
6^ Jan
8
June 12
Apr 24
5312
Aug 23
21s
Mar
6
Jan
3
12l2Jan
75 June
45
Un
Mar
Oct
Aiiir
3012
12738
8I4
6712
2't
Nov
Feb
Feb
I
— —
.
AUG. 25
H
M
..
———
M
K
.
THE CHBjONICLE
1917.]
807
Friday
Last
Outside Stock Exchanges
Sale
Stocks
—
Boston Bond Record. Transactions in bonds at Boston Stock Exchange Aug.' 18 to Aug. 24, both inclusive:
Friday
Last Week's Range
Sale
Price.
BondsS Liberty Loan 3Hs 1947
Amer Tel & Tel coll 4s 1929
5s temporary receipts
99 .SO
Atl G &
I S3 L 5s. . 1959
Central Vermont 4s_.1920
Chic June & U S Y 53. 1940
Gt Nor-C B & Q 4s... 1921
1929
Mass Gas 4i.<;s
1931
4Hs
Miss Riv Power 5s
1951
New River 5s
1934
Pond Creek Coal 6s.. 1923
Swift & Co 1st 5s
1944
U S Smelt R & conv Os.
Western Te! & Tel 5s. 1932
"so"
TJ
W
105
M
"95'
of Prices
Low.
High.
Sales
for
^Yeek.
99.G0 99.92 230.250
3,000
85 H 8fi'"
97
97 H
3.100
80
80 K 64.000
2.000
70
70
96% 96 J^ 1,000
95 5i 95 H
5,000
90
90
5.000
2.000
86 H 87
71>^ 71
10.000
80
80
8.000
104
105
98,000
98 H 99
4.000
102 »i 102 5i
1,000
95
95 H 18,000
Range since Jan.
July
99
85 K Aug
95^4 Aug
78
May
July
70
9GJi May
95 H June
July
90
July
86
09
May
Jan
79
98 H Aug
99 H Aug
June
95
SO
Jan
102 ><
Mar
99 H
98 "4
95 H
78
82
Jan
Jan
Feb
June
102 }i Jan
109
Jan
\OOVi Jan
Last
American Radi:itor
100
100
100
Amer
Shipbuilding
Preferred
93
Amer Straw Board
Avery Co pref
100
Booth Fisheries com new.
23
85
100
Preferre.i
Cal & Chic Canal & D.lOO
Chic City & C Ry pt sh pf
Chic Pneumatic Tool.. 100
Chic Rys part ctf "2"
Chic Rys part ctf "3"
67
117K
Diamond Match
100
Hartman Corporation
Hart Shaff & Marx pref 100
121
niinols Brick
74
100
Lindsay Light
28
Middle West Utilities com.
Preferred
National Carbon new
L & Coke. 100
79M
152""
Co Inc
Pub Serv of N 111, com. 100
Pub Sen' of No 111 pref. 100
Quaker Oats Co pref... 100
Sears-Roebuck com
100 167
Preferred
125
100
Shaw
common
100
Preferred
100
Stewart War Speed com 100
Stover Mfg&Eng Co pi. 100
Swift & Co
100
Union Carbide Co
100
United Paper Bd com.. 100
Ward. Montg & Co, pref..
Wilson & Co common.. 100
Preferred
100
WW
57
100
152 }i
193
26H
62
lOlH
710
50
85
25
125
95
20
400
400
30
851
95
25
23
M
650
100
4
10
510
36
I.VIO
17
5
188
1,682
H
154M
26
115
HUH
130
5
10
2,641
100
3,970
1,049
195
28
700
29
3,140
65 H
lOlH 102 M
90
90
Chicago City Ry 5s. . . 1927
Chicago Rys 5s
1927
Chic Rys 4s series B
Chicago Telephone 5s. 1 923
91K 91K
Commonw-Edison .5s. 1943
Liberty Loan 3 Ms when iss
Peop Gas L & C ref g 5s '47
Swift & Co 1st g 5s. . _ 1944
Wilson & Co 1st 6s... 1941
6
50
229
39
ar92
57
99
23
81
49
21
60
99»«ioo
90
65
90
65
99K
99%
98 5i
99
99"ioo99«"ioo
91?^ 91 J^
98%
100
Ex-50%
stock div.
c
99
100
$7,000
1,000
1,000
1,000
7,000
26,000
40,550
2,000
6,000
21.000
Ex-25%
Pittsburgh Stock Exchange.
July
Feb
Mar
Aug
Feb
May
12
1%
July
Aug
117
108
90
Feb
Feb
99
25
94
Aug
July
Apr
57% June
35H Jan
June
Jan
3
Feb
142% Jan
78
25
129H
Apr
100 M Aug
M
113M May 132% Mar
Aug 78% Jan
52
113
Aug 118% Mar
M
73
July
88M
16M Feb
35
Jan
12
Aug
58
78
10
39
65H May
78
Aug
68
June
102
Feb
85
May
95
May
100 }i Aug
C103
May
122
July
50
Feb
88 M May
53 M Aug
100
May
132
Feb
169
Feb
Aug
26
115
Mar
Aug
57
Aug
101
M
M
K
Jan
June
June
Apr
Mar
106
102%
115
239
Jan
Jan
Feb
Jan
127M Mar
74
96
July
101
102
Jan
Jan
Mar
165% May
210
34%
117%
91
June
Aug'
90
65
May
90
Aug
Amer Wind
Glass
Preferred
Crucible Steel
Sale
Price
MachlOO
100
Cable Consol Mining
1
Caney River Gas
.25
Columbia Gas & EleclOO
com
51
"
" "5c"
28c
100
100
Mfrs Light & Heat
50
Nat Fireproof ing com.. 50
Preferred
50
Ohio Fuel Oil
1
Ohio Fuel Supply
25
Oklahoma Gas new
Pittsb Brewing com
Pitts Cons M,
&T
M
50
1
Plttsb-Jerome Copper
1
Pittsb &
t Shasta Cop. . 1
Pittsb Oil & Gas
100
M
Pure
Oil
common
97
66
94
5c
55
42
28c
20c
127
97
65%
49%
28%
2%
10c
67c
400
6%
5
14c
45%
Sales
for
Week.
High. Shares
53%
19%
48%
28
2%
10c
66c
40c
6%
10
94
6c
750
10
115
2%
120
97
68
12%
20%
51%
29%
2%
10c
74c
46c
6%
24% 24%
15
12c
155
175
44
455
55
43
80 li
30c
20c
127
5
12
River Side West Oil pref 25
San Toy Mining
1
StandSanitaryMfg com 100
Union Natural Gas
100
U S Glass
100
51%
2
118
La
Belle Iron Works
Lone Star Gas
Consolidation Coal
Cosden
&Co
100
5
94%
Jan
99 3i
97Ji
Mar
Jan
Jan
70H
98 H
Aug 102
99% July 103%
Jan
Jan
100
Northern Central
50
Pennsyl Wat & Power. 100
United Ry & Electric
50
Wash Bait & Annap com
Oil
4
t r
& Gas
Notes 5s
Notes 6s (when issued)
Consol Coal conv 6s. .1923
Cosden & Co A 6s
35
61
35
36
61
61
80
80
16
16
Range since Jan.
15
13c
155
176
47
420
13. .500
1,100
10
650
430
112
2,005
30
70
725
10,071
605
200
100
14,600
10,300
5,100
30
45
13,200
40
41
280
Low.
45
x9i
Elkhorn Coal Corp 63.1925
Fair & Clarks Trao Ss. 1938
Fairmont Coal 5s
1931
Ga Sou & Florida 5s--1945
70}
80
4c
1.
Income 4s
Funding 5s
Small
Wash Bait &
1940
1936
1936
Annap 5s 1941
1%
71%
90%
61%
July
Jan
June
Feb
Jan
July
May
May
17% May
5
12
43% Jan
26% Aug
1% June
8c
47c
40c
Feb
May
May
4% May
47% Apr
90% July
1
48c
130
3%
120
Apr
Jan
Mar
Jan
Aug
99% June
73% Apr
7%
17%
22
56
30
4%
16c
Jan
Jan
Jan
Jan
Aug
July
July
1.55 Jan
1.20 Jan
17% Mar
19% Feb 25% Mar
15
Mar xllH Jan
12c
May
21c
146% Vpr 155
168% May 185
33
May
47
May
July
Jan
per
4
100
331
180
2,908
88,194
720
97
110
475
25
370
28
21% 21%
3%
4
98% 98%
100
86%
100
86% 87%
99
97%
103
"99%
97%
103
94
95
99
98
103
95
97%
99 a
99
99% 99%
96
96
98% 98%
87% 87 ^
103% 103%
100
100
100% 100%
79%
61%
79%
61%
80
62
83
83
84
85
84%
85
81,000
11,000
3,000
6,100
37,500
42,000
63,000
60,000
8,000
1,000
1,000
1
,000
500
1,000
2,000
2,000
9,000
20,000
2,000
1,100
2,000
Aug. 18
Aug. 24, both
to
official sales lists, is
10% Aug
10c Aug
4% Aug
34% June
60
55
American Gas of N J. .100
American Milling
10
Baldwin Locomotive. .100
Buff & Susq Corp v t c.lOO
Preferred v t c
100
Consol Trac ofNJ
100
Elec storage Battery.. 100
General Asphalt
100
Preferred
Co
of
NA
Lehigh Navigation
Lehigh Valley
Midvale Steel &Ord
Minehill & S H
100
10
SO
100
SO
SO
50
50
50
SO
Pennsyl Salt Mlg
Pennsylvania
Philadelphia Electric. .25
Phila Rapid Transit v t r 50
Philadelphia Traction.. SO
Reading
50
Tono-Belmont Devel
1
Tonopah Mining
Union Traction
United Gas Impt
1
50
50
S Steel Corporation- 100
Wm Cramp & Sons
pref
57
9%
58
51% 51%
60
25%
17%
76
61%
52%
29%
30
77
4%
6%
45
71
71
59
20
159
60
20
59
25% 25%
11% 11%
16% 17%
76
76 H
59% 63
55% 57%
55% 55%
94
94%
52
52%
28% 29%
29% 31
77
85
4%
6%
45
77
90%
5
6%
46
78%
78% 78%
121%
118% 124%
9
9%
75% 75%
.50
100
SO
103% 103%
9%
80
80
37
Aug
80
70% June
Aug
27
15
3%
Jime
July
25c
Aug
5%
Jan
Jan
Jan
44%
67%
Amer Gas &
Elec 5s.. 2007
do small
2007
Consol Trac
J 1st 5s 1932
Elec & Peo tr ctfs 4s. .1945
do small
1945
Inter-State Rys coll 4s 1943
Keystone Tclep Ist 5s 1935
Lake Superior Corp 5s 1924
do small
1924
Lehigh C&N cons 4%s '54
Leh Vall gen cons 43.2003
Gen oonsol 4%s
2003
Leh Vall Coal 1st 5s. .1933
PcnnRR gen 4%s serA '65
Pa & Md Steel cons 6s 1925
Peoples Pass tr ctfs 4s 1943
Phila Elec 1st (new) 5s '66
1966
do small
Reading gen 43
1997
'Standard G & E 0S...1926
Un Rys gold tr ctf 43.1949
United' Rys Invest i5s.l926
,.
i.Ex-dlvldend.
Jan
Jan
Jan
35%
21% Aug
Jan
5
100%
Aug 102
86% Aug 93%
99
Aug 107%
97% Aug 98%
102% May 110
Aug 95
93
95
Aug 97%
99
Feb 101%
99% Aug 101%
98
100
Feb
July
May
Jan
Jan
Aug
Mar
Aug
Aug
Jan
Feb
95% May 98% Jan
98% Aug 102% Jan
Feb
82% May 90
98
100
May 103%
Jan
Aug 100
Aug
98% Feb 101% Aug
79% Aug 84% Jan
61% Aug 67% Jan
Aug 90
83
Jan
83
82
May
90
.Tune
88
Jan
Jan
complete record
Exchange from
Sales
for
Range since Jan.
82
37
1.
Week.
27
160
100
18
10
21
190
10
5
167
151
4,195
279
372
325
16
110
1,455
619
5,640
53
448
6,707
2,175
243
451
33,435
40
1
151
80
Low.
103
8
High.
July
Mar
Feb
54% June
49
May
May
58% May
49
70
19% Aug
59
24%
Julv
July
May
Feb
121
9% Aug
76
66
58
74
July
Jan
Jan
Jan
Jan
Jan
Jan
67%
29%
70%
27% Feb
14
Jan
Feb
75% June
24
85
Mar
58
55
55
92
79% Jan
67% June
58% May
11
15
May
May
July
May
51% May
28% Aug
27% Apr
76
June
84% May
4
5%
May
Jan
Jan
June
Jan
Jan
Jan
84
Jan
103% Jan
100
57%
34%
34%
Aug
5
7% Mar
41% July 47% Jan
76% May 91% Mar
99% Feb 134% May
9
75
66
36
Feb
Apr
Feb
Feb
9%
80
92
39
Jan
Feb
Apr
Jan
W
99.90
99.5
90
52
78
62
95
48
44
98
83
83
93
"91%
103%
91%
103%
81
i66"%
99.9 5230,500
16,000
1,200
1,000
9,000
500
78
53
92,000
1,000
95
52
1 1 ,000
SO
1,000
98
3,000
83% 2,000
93 %
9,000
103% 10,000
93
9,000
5.000
103%
81
3,000
100% 22,000
101
2,000
90
5,000
99% 2,000
73% 2,000
69
1,000
90%
90% 90%
99% 99%
75% 76
90
N
Aug
Jan
July
89
84
Bonds
U S Liberty Loan 3 %s 1947
Aug
91
19
73
compiled from the
High. Shares
66% 66%
Steel.. 10
Westmoreland Coal
York Railways
103%
July
13
Mar
60% Mar
39%
Prices for stocks are al
of Prices.
Par. Price. Low.
May
June
Jan
Jan
109
Jan
7
127
Jan
114
Jan
18% Jan
67
For bonds the quotations
Friday
Last Week's Range
Stocks-
Aug
100
—The
inclusive,
given below.
July
2% May
109;^ May
40
40
80
May
34% Apr
10
70% 70%
80
1
High
Low.
49
640
100
20
Philadelphia Stock Exchange.
Warwick Iron &
Jan
Jan
official sales
Range since Jan.
of transactions at the Philadelphia Stock
U
Aug 124%
Aug lie Mar
55
Aug
43% Feb
35% Feb
59% Apr
22c
Mar
15c
122
62
58% May
81% Aug
all dollars
20
30
74% 74%
Metropolitan Street 53 1925
Mt V-Woodb notes 6s. 1918
United Ry & E 4s
1940
15c
4%
27
Oil div ctfs small.
Miners' Trans 6s-
Keystone Telephone
Lake Superior Corp
High.
May
11
4%
96%
6s
Merch &
100
10%
5
Ry e.xten 5s.. 1932
ConsGasEL&P4%s.l935
Houston
100
10%
Central
B
4
110% 111%
100
Sales
for
56
36
98% 98%
Bonds
Canton Co 5s
Insurance
o Ex-rights.
from the
High. Shares.
10c
Mer & Miners' Trans. .100
Mt V Woodb Mills v t r 100
Wayland
Low.
56
36
Riclits
May
of Prices.
Low.
79%
100
Diana Mines
1
Gold Ear Mines
1
Harb-Walk Refrac com 100
Independent Brewing
SO
Par.
are per cent of par value.
—The
Friday
Last Week's Range
Jan
75
136% May
1.57% Feb
Week.
of Prices.
Jan
Jan
of par value.
Par.
Stocks-
Sale
Price.
dollars per share, not per cent.
For bonds the quotations are per cent
share, not per cent.
May
45% May
Prices for stocks are
Apr
99% July 102 >4 Feb
98H Aug 103% Jan
99"ioo Aug 100"ioo June
91
Aug 96% Jan
stock div.
Feb
102
112
For bonds the quotations are per cent
Alabama Co
100
Arundel Sand & Gravel 100
Baltimore Tube pref
100
Chalmers Oil & Gas
5
Consol Gas E L & Pow.lOO
84% May
107 Ji
160
155
910
50
48%
81% 81%
47
Friday
Last Week's Range
Jan
155% Aug
114
1.
High.
of par value.
83H Aug
complete record of
transactions at the Pittsburgh Stock Exchange from Aug. 17
to Aug. 24, both inclusive, compiled from the official sales
lists, is given below.
Prices for stocks are all dollars per
Stocks
given below.
share, not per cent.
Preferred v
High.
Aug
119% 125
113% 114%
inclusive, compiled
Sale
Bonds
Armour & Co 4MS---1939
z Ex-dividend.
257
66
60
2
57M
1.
Feb
June 445
Feb
95% Aug
Apr
96
Jan
Jan
Feb
70
15 6275
117
118M
117
118
100
lOOM
1195i 121
52
55
113
113
74
74
27M 28
10
10 H
39
39
70
70
78
83
74
74 M
148
153 H
88
90
95
95
100
100 K
163 H 168K
125
125
70
70
94
94
55 K 58 K
100
100
151
188
Low.
Shares
302
302
93
94
94 K 95
60 K 60 K
99
99
23
23M
85
85
53
53
22 M 23
66 }i 67
M
Preferred
People's Gas
Prest-O-Lite
High
Low.
Range since Jan.
Week.
of Prices
13
2
Commonwealth-Edison 100
Cudahy Pack Co com.. 100
Deere & Co pref
100
Sales
for
Week's Range
is
Cosden Gas preferred
5
Davison Chemical-A''o par
Houston Oil prof tr ctfs 100
follows:
Sale
far. Price
Aug. 24, both
to
lists,
Mar
Mar
official sales lists, is as
Friday
"47%
Low.
Baltimore Stock Exchange. Complete record of the
transactions at the Baltimore Stock Exchange from Aug. 18
Mar 112M
101
120%
Range since Jan.
Week.
High. Shares.
of Prices.
—
June
100
92 J^ Jan
Jan
102
85 M Jan
—
both inclusive, compiled from the
S Steel Corp com. ..100
West'house Air Brake.. 50
We.st'houseEl&Mfg com 50
West Penn Rys pref. -.100
Sales
for
X Ex-dlvidend.
High.
Low.
Week's Range
Par. Price. Low.
(.Con.)
U
1.
Chicago Stock Exchange. Complete record of transactions at Chicago Stock Exchange from Aug. 18 to Aug. 24,
stocks-
.
.
100%
101
89%
99%
73%
69
Aug 100.5 June
Aug 97% Jan
90% Aug 97% Mar
99% Aug 102% Jan
Jan
75% Aug 84
99
90
75%
50
95
43
42
98
83
93
102%
91%
103%
81
100%
100%
89%
99
70
July
May
Aug
Aug
Aug
Jan
86
57
99
Feb
Jan
58% Mar
55% Jan
%
Jan
Jan
73%
July
July
103
May
91
Aug 102
Jan
June 106% Jan
Aug 98% Apr
Aug 108
Jan
Aug 90
Jan
Aug 102
Apr
May 102% May
Aug 96% Jan
Aug 102
Apr
Apr
67% May
74
Jan
THE CHRONICLE
808
[Vol. 105.
Friday
Laxt
Week's Range
Sale.
of Prices
Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Other
OH
Par.
Stock*
Allen Oll.r
Arkansas Petroleum r
Week
Monday
101,800
270,470
.59,708,000
24,711, .500
.5326,000
740, .500
Tues
5 14, .558
49,475, ;'.00
750,200
811,680
430,075
71, .338, 000
76,820,500
40,571,750
952,000
1,016,000
894,000
1,.32 7. 500
Saturday.
iay
Wednesday
Thursday..
Friday
Total
2.884,783 8272,625,050'
. .
U. S.
Bonds
$713,000 8446,000
366,000 2,068,000
1,319,000
716,0(10
436,000
920.000
580, .loo
864.000
422,500 1,214,000
155,2.56,000'
Week cndlno Aug. 24.
Sales at
York Stock
liarnctt Oil
&
Hones
Par Value.
Shares.
State, Mun.
Forelijn
Uond.i.
Railroad,
&c..
Slocks.
cndlno
Aug. 24 1917.
83,837,000 6,2.-j8,000
Jan.
\ to
Aug. 24.
Stocks
1917.
1916.
5,053,744
$272,625,050 $439,413,550
2.884,7831
.5600
shares, par
SU
124,003,295
,384,208,705
$58,700
State,
$6,258,000
3,837,000
5,256,000
mun, &c., bonds
RR. and
misc. bonds.
Total bonds
S15..351,000
$1,000
7,037,500
11,912,500
$18,951,000
.$49,423,250
$647,4.50
176, 980, .500
224,655.000
354,070,500
500,052,000
$027,148,750
$677,679,9,50
UAILY TRANSACTKJNS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE STOCK EXCHANGES.
{Bond Sales.
Shares.
Saturday
Tuesday
Wednesday
Thursday
Friday
Total
Baltimore.
Bond Sales
Shares.
6,339
12,890
16,917
14,700
20,507
$21,100
61,600
72,800
103,850
117,250
30,000
6,113
6,278
8,694
16,217
14,517
7,920
$7,100
31,400
190,450
48,150
84,200
83,000
75,820
$406,600
59.739
S404,.300
4,467i
Monday
Shares.
New York "Curb"
Market.
Bond Sales.
\
716
84 ll
$57,600
37,100
42,000
45,500
78,000
68,000
6.295
.$328,200
1,115
401
892!
2,330:
—Below we give a record of
the transactions in the outside security market from Aug. 18
to Aug. 24, both inclusive.
It covers the week ending Friday afternoon:
It should be understood that no such reliability attaches
to transactions on the "Curb" as to those on the regularly
organized stock exchanges.
On the New York Stock Exchange, for instance, only members of the Exchange can engage in business, and they are
permitted to deal only in securities regularly listed that is,
securities where the companies responsible for them have
complied with certain stringent requirements before being
admitted to dealings. Every precaution, too, is taken
to insure that quotations coming over the "tape," or reported
in the official list at the end of the day, are authentic.
On the "Curb," on the other hand, there are no restrictions
whatever. Any security may be dealt in and any one can
meet there and make prices and have them included in the
lists of those who make it a business to furnish daily records of
the transactions.
The possibility that fictitious transactions
may creep in, or even that dealings in spurious securities
may be included, should, hence, always be kept in mind,
particularly as regards mining shares.
In the circumstances,
it is out of the question for any one to vouch for the absolute
trustworthiness of this record of "Curb" transactions, and
we give it for what it may be worth.
—
Week ending Aug.
Stocks
Friday
Last Week's Range
24.
Par. Price. Low.
Aetna Explosives
r (no par)
Prefcrreil r
100
Co r(no par;
Air Reduction
Amer Writ Paper com. 100
Can Car & Fdy com r. . 100
Carbon Steel, com r..l00
Car Ltg & Power. r
25
Carwen
Steel Tool
10
Chevrolet Motor
Cities Service
w
Preferred w i
Curtlsa Aerop &
.100
1
r (no par)
M com (t)
Emerson Phonograph
Everett Heaney &
Holly Sugar Corp
Preferred
100
Intercontinental Rubb. 100
Keystone Tire & R com. 10
Lake Torpedo B't com r 100
Lima Locom com r.-_ 100
Marconi Wirel Tel of Am.
Marlln Arms v t c (no par)
Maxim Munitions r
10
Y Shipbld!,' Corp r..(t)
N
N
Y' Transportation
10
Pulp & Paper(t)
Prudential Pictures. r
5
PyreneMfgr
...10
Republic Motor Truck r(t
St Joseph Lead r
10
St L R Mt & Pac Co r.lOO
North
3H
Si
87 H
29 Ks
4454
6
'A
24 ?4
15
6%
10
Wright-Martin Aire r..(t)
3H
28 Ji 28 K
96
99
3H 3%
lOi^
87
29 H
84?i
43
6i4
1%
43H
6H
58
3H
May
Jan
2H
Feb
Feb
10
87
Aug
5%
20 H
July
avs
11
3
122
11
11
58
58
20 H
37 H
4^8
16!4
4H
614
3H
H lOH
lOJi
7^ 8
28
19-16
m
3
4
20
22
6
2«
2
4
iVs
9
10
20
85
Aug
6!^
5-,
1,100
May
June
IH
IH
2,700
6,600
3
84 -'i
16
43 Ji
25>^
300
100
200
Apr
U^i June
Mar
2B.V2
IH
10
65
105
11,700
1,255
43 M
16!^
3Vi
SVs
28
2
1,000
4,400
250
57
115
37.500
85
48 5i
56
10
10
2
1.
High.
Low.
29H
15
6}4
36
H
7H
90
14 H
GVs
19"^
4-K
11
2iV2 24 M
58
58
101
102
2%
3
115M
1
USSteamship
7H
33 'A *44
92
97
11
Am
Smith Motor Truck r...lO
Smith & Terry Trans pf .
Standard Motor Const r 10
Steel Alloys Corp r
5
Submarine Boat.. (no par)
Triangle Film Corp v t c.5
UnltedE Aero r
5
United Motors r..(no par)
U S Aeroplane Corp .r.. 5
US Light & Heat
r.lO
High. Shares.
3H
6
Co r.20
com (t)
5%
7
*44
95 H
10
Range since Jan.
Week
Sale
—
Sales
for
H
6H
2Va
iVi
lOH
600
100
130
100
150
1,200
200
200
1,775
71,000
50
100
300
12,825
100
300
2,420
920
22,400
300
1,350
3,050
4,900
400
5,400
15,400
3,300
2,510
4,800
74,100
Former Standard Oil
40
96
Feb
Apr
Feb
Feb
lOM May
13
6,H
47 H
Feb
July
8
*44
Aug
99}^ Aug
5>i B"eb
31
Jan
Jan
109
bVi July
14
Mar
146
Jan
June
30
85
Aug
62 H July
Jan
13 >i
Aug
Aug
25
63
102
13
18
'i
Jan
Mar
H Feb
M Mar
3% June
Aug
10
Jan
June
Jan
62
2H
\% Aug
*36i4 Feb
14
May
3K Aug
May
4
*47-}4
Jan
11 !4
*47
'/S
10
Aug
16V Jan
54
July
Aug
122
4^
Feb
May
H Aug
18
P*i
6li
Jan
Aug
Mar
on
19H
£1
Ohio Oil
25
Prairie Pipe Line
100
South Penn Oil
100
Standard Oil (Calif)... 100
Standaru Oil of N J
100
Standard Oil of N Y ... 100
258
595
284
385
284
312
250
580
276
*20ya
387
284
312
262
614
290
1,800
75
May
July
21
37 Vi Aug
Corp
Henderson Farm r
Houston Oil com
Internal Petroleum
9-16
Midwest Refining
N Y-Oklahoma on
N Y & Texas Oil r
50
r
r
OKlahoma OH com
]
12c
1
48c
r
Oklahoma Prod & Ref...
Omar OH & Gas com
1
Osage-Homlny OH r
6
Pan-Amcr Pet r
.100
Pawhuska OH r
1
Penn-Kentucky OH r
5
Penn Ohio Oil & Gas r..lO
Rice Oil r_
Wyoming OH & Ref r
Wyoming Un Oil new
4H July
4H May
17
July
t'eb
21
June
Jan
Jan
Jan
Jan
Jan
Jan
16
Apr 435
June 444
June 610
May 445
May 800
Jan 345
333
260
25 275
249
580
270
A
5A
5
7A
7
13-16 15-16
A
A
5A
2
A
A
23c
lA
32c
IH
1
UAc
%
IOC
A
IH
llHc
A
\A
5c
l
6c
8c
1
1%
IVa
\A
1
5-10
15-16
5
2 .5-16
2H
H
Kerr Lake
Kewanus
of
New M
A
1
5
7c
10c
r..l 2 15-16
r
1
La Ro.se Consolidated
5
Louisiana Consol
lOc
Magma Copper.r
5
Magmatlo Copper r
lOo
Magnate Copper
Marsh Mining r
Mason Valley
A
15
r 1
.1
r
National Zinc & Lead r..l
NIcklas Mining
1
Niplssing Mines
5
Ohio Copper new w 1 r..l
Portland Cons Cop
1
Red Warrior r
1
Rex Consolidated
1
Richmond Min MlI&Rr.l
Rochester Mines
1
Toy Mining
1
M
Sliver King of Arizona
Silver KineCons ofUtah r
Sliver Pick Cons r
Standard Sliver-Lead
1
1
I
(t)
Tonopah Belmont Dev r.l
Tonopah Extension MIn.l
Tonopah Mining
1
S&D
Troy-Arizona Cop Co
Tuolumne Copper
He
r
1
.52,000
14,500
7,222
4,800
300
79.000
240.000
.500
1 1
20.600
16,000
6,900
3.150
1
1
'At
IH
9
470
\\A
300
46,280
137.000
.500
1
June
May
Jan
Jan
Jan
3-16
48c
60
45c
8H
20c
7H
43
hA
10,700}
33,800
1,400!
8,000
14.500
400
29.600
34.100
17,100
83,500
96,100
2,200
21,3.50
IH
IH
800
1,000
1,300
49,033
300
2Ji
18c
1
IH
15c lOHc
756
58c
e2c
13-16 2
60e
75c
3-16
32c
7-32
33c
15-16
24c
40c
SA
IH
49
25c
A
24c
37c
1
1
1-16
8
3-16
A
7-32
38c
I
30c
42c
IH
8H
\A
32c
29c
11-16
34c
18AC
1 7c
20c
62c
55c
54c
54c
I3c
62 He
56c
I3!^c
35c
38c
38c
6A
6H
A
4A
4H
9c
21-32
28c
26c
I
IH
5
*4H
2H
6H
H
6H
2A
19c
1
lA
l
1
4A
250
I
I9c
7-16
4A
24c
6H
&A
*H
4H
ISc
21-32
30c
1
5
2
A
300
1,000
3.850
14.800
25.000
5.600
18.500
17.700
1.600
2.000
29.700
22.000
500
328,000
34,000
IH Mar
July
Aug
Aug
2
4H
25c
5
Aug
6.50
568
6,100
July
11-16
Feb
12H Mar
2H JUD
40 H Apr
IH Aug
IH Jan
5 A Aug
UH
1
»Hc
A
July
July
3-16
%
Apr
Apr
Aug
5H Aug
2H July
A Mar
Apr
I H
A Jan
A Aug
3-16 Janl
H Apr
Jan
Jan
12
Aug
620
Apr
IH Aug
Jan
20o
7c
May
15-16 Apr
Jan
6A
Jan
12c
63c
July
82o
Feb
Feb
Apr
A Jan
14 H June
•2
Jan
2H Mar
July
75c
2H Jan
IH
1'4
1
48o
m
IH
Jan
Apr
Feb
5c
60
Aug
1'/,
%
Aug
Aug
H
4H
Jan
Feb
June
June
IH
3
66c
IH
Jan
2H
2H
3M
Feb
1
July
•770
Jan
Feb
lOo
Jan
12c
13 He Aug
2H
Jan
1
A
IH
June
Jan
3
Mar
9A
A Aug
Mar
H May
69c
•A
1
%
Aug
49o
A June
A July
May
H May
6
25c
2%
12i.,c
80c
40
Feb
Jan
19o
75c
90
Mar
350
1
23o
46c
Apr
900
Apr
28c Jan
9-16 Aug
A M.ay
•25 A 3 July
8O0 June
62 c
10c
June
300
76o
I7o
52c
47c
Aug
Aug
•2'X,
7H
H May
3H Apr
90 Aug
A
26c
H
46o
m
2
8
•180
Feb
Aug
July
A
Jan
Jan
Apr
Aug
June
May
Jan
June
1« Apr
9-16 Feb
Jan
660
1%
1
1\4
May
May
May
Mar
H
Feb
4%
Feb
Jan
Jan
Jan
14
Jan
16
13-16 Jan
260
A
Feb
Aug
May
4
May
2
May
5H Feb
3-16 May
6H Aug
190
Aug
1
May
3H May
1
Jan
June
Apr
Mar
IH Mar
July
Aug
Aug
Feb
880
72c
20c
5-16 July *13-16
1-2
Aug
Aug
8K Aug
imcMav
6
Aug
Aug
Mar
A Mar
.Tune
59 H Mar
Jan
Feb
A July
A Feb
290 Aug
A Apr
Julv
IH
Apr
5
Jan
Jan
Jan
Aug
Aug
-'4'
li<. July
23c
Jan
18c
10
4Hc May
Aug
A
A June
IH July
I
Apr
7
Aug
Mar
A Mar
Mar
%
June
7
A May
H May
2',«
3
20c
I60
2H Mar
I'A, May
2H Aug
12 A Aug
July
]2e
Aug
16 4 Aug
480 May
4!^ CM ay
5e
Aug
July
1
7H
A
IH Aug
Apr
19.000
5,000
A
6H Aug
A Aug
12
July
Aug
3,400
7
19c
July
July
June
Jan
Jan
Jan
Jan
10^ Mar
Aug
54
July
1
6H
H
14
76c
Jan
6
5-16
1
July!
37c
570
6c
July
,7.50
360
22,300
500
2,500
3,400
11,600
3,400
4,225
3,690
I
I
iug
11.700
21.400
15,700
1,400
46,000
23,400
13.000
3.000
2.000
100
1
Jan
Aug
Aug
3
Feb
1%. Aug
13-16 June!
46,000
42,000
3,780
5,000
*\A
188
6,250
5,900
2,300
16,000
17,1.50
July
Jan
1
A
Aug
4!^
1.80
July'
420
5
42 A
July!
May
8H May
May
8
1
May
24
Aug
July
9-16
I
May
H
1
Jan
July
IH June
•6
July
9-16 July
29, 000
44,200!
1,700;
8
10
Junel
6.615
7,400
37,335
1,500
25-
A
6
A
H
9H
A May
550
86c
115
Aug
Apr
July
4H Aug
,850
5-16
A
61c
15-16
5
l25
r..l
3-16
2V,
12c
46
23c
13-16
1
1
Success Mining r
Superior Cop (prosp't)
3,400
26,600
825
5,800
10,200
5,650
18,800
15,800
15H Mar
47.000
925
16H 16H
51c
55c
10,150
5c
6c
2„500
3,000
5c
7c
lie
10c
7,000
13-16 15-16
6,600
9
6,480
9
1
1,900
IH
500
1
I
lA 2H 130,000
87c
26,200
I
9-32 5-16
3,600
12,0.50
25c,
28c
2A 2 15-16 12,500
2,300
5M 6
13c
13e
1 ,500
7-16 9-16
2,800
6M
6
Nancy Hanks-Montana
United Eastern
U 8 Tungsten. r
24c
1
McKinlcy-Darragh-Sav.-l
Mllford Copper r.
1
Mogul Mining r
..1
Mohican Copper.r
I
Monster Chief r
1
Mother Lode r
1
24
Jan
A
1
Tri-Bullinn
Trinity Copper r
5H
%
IH
1
5
Niitional Leasing
y»
1
'26c'
\A
12A
10
1
8c
lie
6Hc
5
Green Monster Min r
1
Hecia Mining
.25c 9 1Hudson Bay ZIno Mines.
1 1Iron Blossom r
lOo
Jerome Verde Cop
1 2 3-16
Jim Butler r
93 c
1
Josevlg-Kennecott Cop-.l
9-32
Jumbo Extension
1
26c
Jumbo Min
I
Feb
7-32
9-16
1
lA Aug
17
3.700
1.300
45,100
"mA
Feb
7-16 Aug
II
26, .500
1
July
an Mar
200
A
lA
26%
lA
A
3
Augl
7-16
lA
Gila Copper r
1
Goldfleld Consolidated. 10
Goldfleld Merger r
1
Gold Hill
5
Great Bend r..
1
'4
JaD
14H Mar
Feb
Aug
Id
1
Dundee Arizona Cop i.
Copper r
First Nati.jnal Copper
Fortuna Cons r
4H
Apr
Aug
1-16 June
1
Jan
3-16 July
70c
Auk
Aug
13H June
Aug
70c
July
5-16
1
A
1
May
11
1
Emma
A
7H
7-16
Booth r
8e
1
7Ae 9c
Boston & Montana I>ev-.5
65c
71c
75c
Hutfaio Mines Ltd
1
IH
IH
Butte Cop & Zinc V t c
5 "i05^
9H 11
7-16
Butte-Detrolt Cop & Z.. .1
H
Butte & N Y Copper
1
IH
IH IH
Caledonia Mining
70c
73c
71c
I
Calumet & Jerome Cop r 5 1 11-16
IH I=H
Canada Copper Co Ltd. .5
2A 2 7-16 2M
M M
28c
73,400
16,900
12,300
23,700
33,300
7,300
60,500
4.500
\2A Aug
26
5
8 ,,500
12,7.50
UA
4H
50c
Aug
lOH Aug
6A
11
49c
July
V2A
A
9A
I5i
IH Aug
5H
1-16
HiKhts
150
340
2,175
12A
lA
Cash Boy
t'erro Gjrdo Mines
Coco River Mining r
Consol Arizona Smelt
Consol Copper Mines
Consol-Homeatead r
Cresson Con Gold
&
Crystal Copper Co
Denbigh Mines r
3.50,000
June
Aug!
"4
lA
Scratch Gravel Gold
. . 1
Section Thirty Mining. _ .5
Seneca Copper
(no par)
5M
Jan
7H July
2H July
6H Mar
27c
10
54
11-16
r. 10
Alaska-Brit Col Metals..
Alaska Mines Corp(no par)
Alaska Standard Cop r..l
Arizona-Cornelia r
1
Atlanta Mines r
1
Austin Amazon.r
1
Big Ledge Copper Co
1
46c
42c
1.
High.
Imw.
22.200
70.500
19.700
13,880
5
Jan
49
50
3-16
6
12
5H
35
3=8
Aug
""'4
1
i'eb
Aug
6
IVi June
lA
9A iOA
r(t)
.San
3
A
25c
9K
1
185
1%
9'A
Mining Stocks
Acme Cop HIH Mines
Jan
20
\H
IH
11-16
Apr
Jan
7-16
1.40
1
75c
90c
lOtic 12c
45c
50c
9A
1
.Sequoyah OH & Ref
I
SinclairGulfCorp r (no -par)
Tuxpam Star Oil.r
1
United Western Oil r
1
United West Oil r new w i 5
Victoria OH new stk r..lO
West States Petrol, r
]
1.32
A
25c
5
5
r
Oil
9-16
39Ji
172
80c
1
Sapulpa Refining
3<iA
3-16
1
1
Northwestern Oll.r
5
10)^
A
H
1
May
July
5-16
179
'A
4A
4
10
I
1
ISA
A
Range since Jan.
Week.
Shares
19
4A
1.34
9
Apr
June
3T4
1%
1
4K
7-16
IJ
4M
lOH
1
10
9-16
H
5-16
Metropolitan Petroleum 25
7-16
1
19
12J^
10
10
Oil r
1-16
WA
4>A
i'A
15
May
1
13
..1
Preferred r
70c
1
11
5-16
1
r
2'4
47c
15-16
1-16
i.1
12
9«
lOM
'A
Jan
Jan
6H
lO'A
1
Mar
ISH
IH
lOK
nva
1
July
8?i
5Ji
46c
45c
100
r
49c
lA
OH Corp. 10
Preferred r
Lost City Oil r
Merrltt OH Corp
Savoy
42c
65c
1
9-16
1
29c
40c
1-16
4Ji
1
Oil
Midwest
lA
46c
2'A
39c
41c
6
r
Federal Oil r
l-rlarsOll r
3H
10
348
I'lHincralda Oil
l-'eb
40
149
200
1
Crosby Petroleum r
Cumlicrland Prod & Ref r 1
i;ik Hasin Petroleum r...6
I
KIkland Oil & Gas r
29!^
Subsidiaries
Anglo- Amer
1
Preferred r
Philadelphia.
Boston
Week ending
Aug. 24 1917
1
Knickerb-Wyo Pot.r
103.862.083
$9,046,765,1 10
$172,100
Bonds.
Government bonds
r
1
Mcx Oil Corp
Cosden Oil & Gas cerlfs.r.
Keystone Con
-r
— No. shares.
Par value
Bank
1910.
1917.
Kichange.
Gas
IJoston-Wyoiiilng Oil r
High
Low.
I'A
(;oiisol
Kenova
New
<t
—
Price.
1
Sates
for
60c
lA Aug
Aug
5
4H Feb
Mar
7
H Jan
8H July
62o
2
A
6H
27o
Mar
Jan
Jan
Aug
—
.
-
.
Aug. 25
6
—
.
.
Last
—
Sale
{Con .) Par Price.
IVeek-s
Range
Sales
for
Low.
High.
Week.
United Verde Exten.r.SOc
Unity Gold Mines
5
Mt Cop
Yerrlngton
200
3^
SVs
28c
15-16
77c
2,800
22,800
42,150
11,600
22,800
H
1,800
85c
26c
80c
23c
73c
09c
I'i
'4
28c
22c
'36c'
23c
31c
25c
Feb
33 '4
Jan
Apr
650
2O0
July
'A
Aug
Apr
620
5%
Canada
98 -H .S04.000
96 H 97 H 375,000
98 -X 99
130,000
99
99
1.000
101 M 101'/^ 85.000
98
97 J^
'4 127.500
80'^ 82 H 84.000
72 ^4 72'^ 25.000
98 M
96 K
99
notes.. 19IP
(Domof) 53.. 1919
Canadian Nor Ry
Chic & West Ind RR 6s IS
6s
98H
'
General Elec 6% notes '20
Great Nor Ry 5% notes '20
Russian Govt 6>i8 r.l919
1921
6ViB
101
H
98
SOH
71 H
Apr
H
14c
2O0
July
July
31c
60a
97
>4
May
96 H
Aug
Aug
Aug
Jub
Aug
98 5i
97 H
99
99 M
Bonds
Beth ateel
Aug
IH
840
May
'i
37.000
29,200
41>^ June
July
4
7H July
300 June
98^4'
98:'4
100
97 «
79^1,
May
69
June
Odd
Aug
Aug
Aug
Aug
Aug
102
98 H
98 Ji
94 H
Jan
Jan
CURRENT NOTICE.
—
Stem Brothers & Co., of Kansas City, Mo., announced on Aug. 15
the establishment of an investment bond hou.se located at 1013-15 Baltimore Ave., Kansas City. Both Sigmund Stern, President of the new
establishment, and Morris Stern, Vice-President and Treasurer, have been
associated with the firm of Stern & Stern, of Kansas City. Sidney A.
Maestre, Secretary and Treasurer of the new firm, has been associated
with the Mercantile Trust Co., of St. Louis. The nev^ organization will
deal in Government, municipal, corporation and public utility bonds.
— The firm of Fay &
Higgins, 66 Broadway, was dissolved on Aug. 21.
will continue business at the .same address under the name
Charles E Fay
of C. E. Fay & Co.
TREASURY CURRENCY HOLDINGS.— The following
compilation, made up from the daily Government statements, shows the currency holdings of the Treasury at the
beginning of business on the first of April, May, June and
July 1917.
April
Sub-Treasuries.
May
1917.
1
1
1917. June
S
S
Net gold coin and bullion.
Net silver coiu and bullion
Net United States notes_
Net national bank notes. _
Net Fed. Reserve notes.
Net Fed. Res. bank notes
Net subsidiary silver
Minor coin. &c
203.868,088
23.501,656
11,544,435
16,628.415
2,226,540
1917. July
1
S
S
.55,090
218.127,892
18.561,573
8,091,661
15,959.490
2,649,735
39.960
4.965.377
1.969,992
6,247.131
1,789.010
Total cash in Sub-Treas
Less gold reserve fund
264,760.193
152,979.026
271.460.4.58
Cash balance in Sub-Treas
Dep. in special depos'rius:
Account certs, of indebl
Liberty Loan deposits
Cash in Fed. Res. bankSCash in national banks:
To credit Treas. U. S..
111.7S1.167
118.487,432
152.979.026
1917.
1
202.506.3.50
17.889.054
7,103,606
15,935,170
2,441.615
40.10U
4. SOU. 417
1.799.S03
202.325.168
22,567,632
10,429,162
16,787,619
2,058,745
90,585
4,417,785
2,312,286
252.516.115 *261,588,982
152.979,026
152.979,026
99,537,089
*10S,609,956
50,268,598
111,642,168
77,282,443
154 179 000
500 602 218
305,743,527
cri>dit disb. officers.
32.540.550
6.357,874
33,235,919
5,588,401
36.778,408
5,995,308
45.858.327
6,739,731
Total.
_
Cash in Philippine Isl'ds.
38.898,424
5,581,992
38,824,320
4,363,035
42.773,776
3.724.680
52,598.058
5,171,775
To
Net
128,593,000
banks, SubTreasuries
casli In
Deduct current
113,645,717
273,316.955
114.687,612
351.910,994 1,186,964 534
121.352.611
122,878.284
92,884,464
158,629.343
230.558.383 1.064.086.250
206,5.30.181
liabilities.
Available cash balance.
A»X
Atl
77
125
242
Lawyers Mtg
NY
•Includes July 1. 55,605.081 62 silver bullion and 32.312,286 47 minor coin,
&o.. not included in statement "Stock of Money."
Banks-.V. Y
America*
Amer Exch.
Atlantic
Battery Park
Bowery
•
Bri^nx Bor.j'
Bronx N.it.
BryautPark*
Butch & Dr.
Chase..
Chat &
Piien
Chelsea Ex
•
Banks and Trust Companies
City
Ask
Bid
545
235
175
180
400
150
555
240
182
187
200
140
90
170
150
100
300
220
370
228
1.50
Banks.
Manhattan
Mark & Full 250
Mcch & Met 305
Merchants..
Mutual*
375
New Neth*.
NewYorkCo
New York..
•205
Pacific *...
Citizens
City
4.50
tl70
320
95
70
4700
225
1010
Gerin-Arner*
SO
140
150
German Ex*
3!I0
Germania*..
200
220
340
695
Garfield
I.
Gotham
Greenwich*.
Hanover
Harriman
Imp<t Trad.
Irving
Liberty
Lincuin
Prod Exch*.
Public*
Seaboard
Second
Stierman
Columbia'.. 315
Coinmeroe.. tl69
Corn Exch*. 312
Cosmopoln*
85
East River..
60
Fifth .Ave*.. 4200
Fifth
200
990
First
•
460
200
200
210
215
200
405
500
218
(375
300
no
i:>o
160
220
010
125
135
I'lrst
255
270
I'latbu.sh ...
140
Oreenpolnt
.
1.50
milsMe *...
Homestead *
110
Mechanics' *
.Montauk*..
125
90
55
165
120
115
130
105
3,S5
Nassau
320
Natlon'ICIty
North Side*.
200
265
New
(»)
175
130
are State banks,
stock,
v Ex-rlghta
HU'ls'm
LawTit<tTr
190
Isl'd*
Fidelity
Lincoln Tr..
Metmpolitan
Mufl (West
Wes'ch .\ve*
West Side*.
Yi)rkvllle*..
Drouklyn
Equitable Tr
1
210
275
200
100
290
350
Farm L & Tr 445
240
500
275
200
590
Columbiai..
Commercial.
Empire
Guaranty Tr
Unit States*
Wash H'ts*.
Ward*.
York
470
220
Union Exch.
23d
New
I'uUdii
l.iO
705
265
515
223
t
175
395
270
120
100
115
150
3.50
week,
775
285
4.55
State*
Coney
Banks marked with a
this
CentralTrust
415
People's
cbaoge
161
395
410
225
225
2.55
B'way Trust
460
170
785
292
185
l^eople's*
M50
450
175
Metropol'n
Park..
200
Ask
Bankers Tr.
300
300
115
Iron.
Colonial*...
Bid
340
260
275
275
395
205
400
&
Trust Co's.
*
100
Coal
Ask
Metropolis*.
3S5
200
Chemical
Bid
330
208
260
373
135
105
98
380
Chester) .
Life Ins
125
Trust..
Trust
TUIeGu<feTr
925
598
340
Transatl'in'r
175
Union Trust
UnitedStatcs
385
420
985
Weslcliestcr.
130
N Y
&
N Y
USMtg&Tr
bond
All
prices are
"and
3
00""
356
455
215
275
383
142
110
105
395
950
608
350
'
400
435
1010
140
Franklin
Hamilton
Kings Co...
Manufact'rs.
People's
Queens Co..
93
200
75
'86
170
180
4M
'
610
250
275
fso'
295
85
RR. Equipments
Ask.
Anglo-American Oil new. £1 •I9I2 20
Atlantic Refining
100 960 985
Borne-Scrymser Co
100 410 430
Buckeye Pipe Line Co... 60 1*97 100
ChesebroughMfgnew...lOO 390 410
Colonial Oil...
50 '70
100
Continental Oil
635
100 x61
39
Crescent Pipe Line Co... 50 '37
Cumberland Pipe Line.. 100 190 200
Eureka Pipe Line Co
100 215 220
Galena-Signal on com... 100 152 155
Preferred...
100 139 142
Illinois Pipe Line
100 227 230
Indiana Pipe Line Co
50 *99 101
13I4
International Petroleum. £1 'IS
National Transit Co... 12. 50 'M
16
New York Transit Co. ..100 208 213
Northern Pipe Line Co.. 100 105 110
Ohio Oil Co
25»365 370
49
Penn-Mex Fuel Co
25 '45
13
Pierce Oil Corporation... 25 *12
Prairie Oil & Gas
lOO 665 575
Prairie Pipe Line
100 270 275
Solar Refining
100 360 370
Southern Pipe Line Co.. 100 198 303
South Penn Oil
100 325 330
Southwest Pa Pipe Lines. 100 110 115
Standard Oil (California) 100 257 260
Standard on (Indiana).. 100 760 780
Standard Oil (Kansas)... 100 550 565
Standard Oil (Kentucky) 100 360 375
Standard Oil (Nebraska) 100 490 510
Standard Oil of New Jer. 100 592 597
Standard Oil of New Y'k 100x283 287
Standard Oil (Ohio)
100 450 460
Swan& Flrch
100 100 UO
PerCt.
Union Tank
Vacuum on
Co
100 102
100 375
.. 10 *30
105
385
35
Per Cent.
82
6s. 1924
84
Ordnance Stocks Per Share.
34
Aetna Explosives pref
100
American & British Mfg. 100
5
20
Preferred
100
40
Line
Washington on
Bonds.
Pierce Oil Corp conv
Atlas Piiwder
Preferred
Babcock
&
common
Wilcox
Bliss (E VV)
100
100
100
174
99
122
Co common. 50*475
50 *40
100 290
100 106
Amer Power & Lt com... 100 l>3
83
Preferred
...100
Amer Pul)llc Utilities com 100 27
63
100
Preferred
Cities Service Co com...l0i) 270
841^
Preferred..
...100
Com'with Pow Ry&L.lOO 47
"6
Preferred
100
99
Elec Bond & Share pref. . 100
lOi;
Federal Light & Traction. 100
48
Preferred
100
com
4H8
Ohio
IBuff
PittsDurgh
& Alton 4s
& Eastern III
W
I& Pac4H8
& Southern 5s
jChlcagoR
.Colorado
Erie 53
Equipment 4Hs
Equipment 4s
Hocking Valley 4s
Equipment 5s
I
IlUnols Central 5s
I
Equipment 44s
Kanawha & Michigan 4H3..
Louisville & Nashville 5a
iMIctdgan Central 5s
Minn St
4)^8
Missouri Kansas & Texas 5s
Missouri Pacific 5s
Mobile & Ohio 5s
P&SSM
,
Equipment 4)^23
York Central Lines 58.
Equipment 44s
Y Ontarlo& West 4 4s..
New
i
N
&
Norfolk
Western 4!^s...
Equipment 4s
I
RR 4Hs
Pennsylvania
I
I
38
Equipment 4s
St Louis Iron Mt & Sou 5s.
St Loula & San Francisco 5s
Seaboard Air Line 53
Eijulpment 4 4s
Southern Pacific Co 4 4S-.
Southern Railway 4 4s
Toledo & Ohio Central 4s..
Tobacco Stocks
178
101
124
525
Preferred
i
10(
80
Brltlsh-Amer Tobac ord.-£
Ordinary, bearer
£
Conley Foil
lOi
Johnson Tin Foil A .Met.lOi
MacAndrews & Forbes.. 10'
•17
Preferred
lOi
Reynolds (R
J)
Tobacco. lOt
Preferred
Young
loi
(J S)
Co
Preferred
10(
Balto
& Ohio
58 1919
Beth Steel
.5s
5s 1918
1919.
.F&A
i;
Canadian Pao Os 1924. M&S
Chic & West Ind Os' 18. M&.^
'.
RR
5s 1919
A-<
General Rubber 5s I91S.J&F
Gen Elec 6s 1920
J&J
Hocking Valley 5s 1917. M-h
Int Harv 5s Feb 15 'IS.F-A
Erie
K C Rys 548 1918
I&J
KCTermRy 4H8'I8.,M&^
4V^8 1921
J&.l
Laclede Gas L Ss I919.-F&A
Midi Cent 5s 1918
Morgan* Wright 5s Dec 1 'U
N Y Central 4 48. May 191»-
Y.N H& H OS. Apr 15 191.'Penn Co 4V2S 1921. .J&D i;
Pub Ser Corp N J 5s 19. M&.Rcm .Arms U.M.C.53'19F&A
Southern Ry 5s 1919.. M-S V
United Fruit 5s 1918...M-^
Utah Sec Corp 6s 22.M-S
Winches Rep.Arms5s'I8.M&S
New York City Notes
N
31
66
272
85
50
80
1.'
IOOI2 6s Sept
12
52
84
I
70
54
88
81
91
98
8
7
55
5
38
70
65
13'2
15
56
114
165
103
625
UO
Cer,i
100 IOOI4
9934 loots
9958 9978
98i» 9838
W8is 983g
IOOI4 10034
9834 99I8
9034 9714
98
99
10134 10178
100 IOOI4
100 IOOI4
9812 99I4
9,vi4
97
99
99
98l2
99I4
99I2
lOO'-s IOII4
9938 9958
9'jl4
92
98
98
75
95
99
99I2
S3
9634 97I4
9978 IOOI4
90
96
91
97I4
100"i«
38
86
102
104
175
3
4
4
/48
6
63
International Sliver i)ref.l00
l.ehleh Valley Coal Sales. .50
Elevator common
100
Preferred
.100
(Jtis
10
11
160
59
61
75I2
98
•75
52
83
"
7612
102
78
65
87
Remington Typewriter
9
41
72
56
111
150
IU5
Amer Typefounders com. lOOl
H
32
130
210
92
131
Preferred
100
Borden's CJond Milk com. 100
19
Preferred
100
65
60
Celluloid Company
100
34
35
Havana Tobacco Co
100
64
66
Preferred
100
8/I4
80
1st g 5s June 1 1922.. J-D
102
105
Intercontlneu Rubb com. 100
97I2 Internat Hanking Co
90
100
"y's
Intern.at lonal Salt
100
"34
36
1st cold 5s 1951
A-O
3
100
205
98
575
100
100
Preferred
89
23
5
250
311
54
72
85
95
136
40
90
105
107
185
54i2
28
18
19
300
Industrial
and Miscellaneous
American Brass
I0(' 307
61
American Chicle com
100
Preferred
68
100|
Am Graphophone com lOOi 82
14
Atk.
il2
100
90
17
100
I9I7
oih American Hardware
Common
100
13
14
1st preferred
lOOi
lOOj
66
46
143
69
60
2d
preferred
Royal Baking Pow com.. 100
Preferred
•
I0(
Short-Term Notes Per
Amer Cot Oil 5s 1917. M&>
Amer Tel & Tel 4 4s 1918..
66
86
108
96
Amer Machine & Fdry..lO(
[
118
48
293
108
re.
Bid.
American Cigar common. 10(
54i2
100
100
Eleo Corp. 100
100
l8t preferred
100
2d preferred
100
United Lt & Rys com
100
Ist preferred
Western Power common. 100
100
Preferred
Per Shi
Pa
38
&
5.70
5.15
5.00
5.85
5.70
5.50
5.50
6.50
5.50
6.50
5.20
5.20
6.80
5.00
5.15
5.40
6.50
6.15
5.70
6.70
5.50
6.50
6.70
5.00
5.00
5.00
6.00
5.80
6.50
6.00
6.00
5.18
5.50
5.80
Alk.
4.90
6.00
6.00
6.20
6.50
5.15
6.15
5.50
5.60
6.50
5.10
4.90
4.70
5.26
6.15
5.10
5.10
6.10
6.00
5.00
4.90
4.90
5.20
4.70
4.80
5.00
5.50
5,20
5.10
5.10
6.U0
5.10
6.20
4.70
4.70
4.70
4.70
5.20
6.50
6.20
6.20
4.90
5.10
5.20
10
35
70
89
96
Ry L & P com
6.18
6.22
5.22
5.S0
0.25
6.70
5.70
6.50
6.25
6 25
Chio Ind & Loulsv 4,48
Chic St Louis & N O 5s
Chicago & N
44s
100
Preferred..
First .Mtge 5s 1951.. -J&J
North'n States Pow com. 100
100
Preferred
North Texas Elec Co com 100
100
Prelerred.
Pacific Gas & Eleo com.. 100
100
1st preferred
Puget Sd Tr L & P com. 100
100
Preferred
Republic Ry & Light
100
Preferred
100
South Calif Edison com.. 100
100
Preferred.
Southwest Pow & L pref. 100
Standard Gas & El (Del). 50
Prelerred
5)48.
Equipment 4H8
81
12
United Gas
5s..
Equipment 4^3
Chicago
Chicago
Great West Pow 5s 1946.J&J
MIs.slsslpplRlvPowcom.lOO
.50
4Hs
Central of Georgia 58
83
50 *75
Canada FdysA Forcings. 100 165 173
300
2200
Canadian Explosives com 100
Preferred
100 105
98
Carbon Steel common ..100 93
95
91
lat preferred
100
62
55
2(1 preferred
100
Colts Patent Fire Arms
99 102
Mfg
100
duPout (E 1) de Nemours
263
100
& Co common...
J266
9912IUI
Debenture stock
100
Eastern Steel
100 121 125
53
Empire Steel & Iron com. 100 48
84
80
Preferred
100
Hercules Powder com... 100 253 250
Preferred
100 115 117
40
Hopklus&AlleiiArmspref.lOOi 30
Nlles-Bement-Pond com. 100 150 160
109
105
Preferred
100
53
Penn Seaboard Sfeel (no par) 48
Phelps Dodge & Co
100 300 310
640
Scovlll Manufacturing... 100 620
40
30
Thuiuaa Iron
50
900
Wliichfster Repeat Arms. 100
65
100
Woodward Iron
Preferred
Lt A Trac
Preferred
&
Roch &
Baltimore
Equipment 43
Canadian Pacific 4 Ha
ICaro Cllnchfield & Ohio
Preferred
Amer
Bam
Bid.
140
t Sale at auction or at Stock Ex-
°'f°
Par Bid
Tennessee
Brooklyn.
595
240
265
650
140
285
75
85
Broni
marked
latereac" except where
Standard Oil Stocks PerShare
Preferred.
Hrodklyn Tr
WesA
90
80
Title
Public Utilities
Amer Gas & Elec com... 50*114
New York
USTItleGAI
Mtge
16
65
13
58
Realty .Assoc
(Brooklyn)
D S Casualty
100
216
4
Title
All
Bit
126
120
90
213
Mtge Bond.
Nat Surety.
Quotations for Sundry Securities
Feb
lota,
Holdings in
City Invest g
Preferred..
Aug
Mar
this
.
Amer Surety
Bond & M
Casualty Co
Jan
I Listed on the Stock Ext Listed as a prospect.
t No par value,
New stock, r Unweek, where additional transactions will be found.
w When Issued, x Ex-dividend. 1/ Exllsted. o Ex-cash and stock dividends,
rlghts. 2 Ex-stock dividend.
•
change
City Realty and Surety Companies
Bit
70
120
235
Alliance R'ty
.
809
New York
1.
High.
Low.
36'.^
K
1
Range since Jan.
li
36
1
Utah Nat Mines r
1
Utloa Mines r
50c
Verde Comb Cop r
West End Consolidated..
White Cross Copper r
1
Wllbert Mining
1
.
THE CHRONICLE
1917.]
Friday
Mining Stocks
——— —
5
100
148
98 ilOO
e New stock.
d Purchaser also pays accrued dividend
Per share. 6 Basis
fE:x-rlgbta. zEx-200 % cash dividend.
n Nominal. X Bx-dtvldead
/Flat Price,
.
THE CHRONICLE
810
Vol. 1(5.
%nmstmmt attxl MadxonA %nUllxQznu.
RAILROAD GROSS EARNINGS.
from which
weekly
STKAM
The
following table s'lows the gross earnings of various
regular
or monthly returns
roads
The fl st two oalumus of figures give the gross earnings for the latest week or mouth, and the last two
oolurnns the earnings for the period from Jan. I to and in'iludiiig the latest week or month. We add a supplementary statement to show fiscal year totals of those roads whoso fiscal year does not begin with .January, but covers some other period.
It should be noted that our running totals (or year-to-date figures) are now all made to begin with the first of
January instead of with the Ist of July. This is because the Inter-State Commerce Commission, which previously
required returns for the 12 months ending June 30, now requires reports for the calendar year. In accordance
with this new order of the Commission, practically all the leading steam roads have changed their fiscal year to
oorrospond with the calendar year. Our own totals have accordingly also been altered to conform to the new
practice.
Tke returns of the electric railways are brought together separately on a subsequent page.
oau bo obtained.
Latest Oroas Earnings.
Jan.
'
ROADS.
Week or
Current
Year.
Month
Ala N
Ala
Previous
Year.
O & Tox Pac
S
S
& Vicksburg. July
170.661
143 225 1 ,144,405
Vicks Shrev & P. July
151,954
130 122 1 ,144,163
Ann Arbor
2d wk Aug
61,771
52 720 1 8,38,560
Atch Topuka & S Pe June
13809027 119.34 400 78 671,495
Atlanta Binn & Atlilst wk Aug
70,076
67 ,0461 2 274,037
Atlanta & West Pt.'June
127,976
107 ,298'
792,247
Atlantic Coast LinojJune
3,376,810 2,781 ,529 22 ,121,244
W
Cari
Chariest &
June
183,475
1.58 ,4101 1 ,078,233
Lou Hend & St L'june
178.345
138 ,580' 1 ,037.118
11272 774 10345 418 61 .170,347
a Baltimore & Ohio. June
B& O Ch Tor KR Juno
177,817
174 6.53;
980.179
Bangor & Aroostook June
313,637
298 ,862 2 ,395.247
Bessemer & L Erie. June
1.468,590 1,370 ,350; 4 ,869,137
Birmingham South May
99,796
92 9121
479,161
Boston & Maine.. June
4,982,070 4,692 ,208 28 049,618
Buff Koch & Pittsb,2d wk Aug 342,275 291 517j 8 ,866,608
157.4'?4
Buffalo & Siisd RK.|june
137
830.311
Canadian Nor Syst. 2d wk Aug 746,800 841 500 24 980,400
Canadian Pacific. 2d wk Aug 2.746,000 2,943 000 89 586,776
Caro Clinchf & Ohio' June
376,179
278 ,551' 2 091,1,84
Central of Georgia- June
1,249,991 959 ,545
176.773
Cent of New Jersey June
3, ,323, 125 3,121 ,363
,9.36,05
Cent New lilngtand. June
504,580 464 ,281
.718,235
Central Vermont . - May
388,932 371 ,863
,708, .588
Ches & Ohio Lines. 2d wk Aug 982.888 903 ,204
,395,276
Chicago & Alton
Juno
1,821.488 1,471 ,378
,730,862
Chic Burl & Quincy June .
10660.943 8,283 11458 ,869,204
6 Ohicasjo & East lUiJune
1,797.83.=S 1,316 ,543 10 ,047,319
c Chic Great West. . 1st wk Aug
283.927
280 078 9 ,479,259
Chic Ind & Louisv. 2d wk Aug
186,496
169, 148 5 ,489,963
Chicago June RK.. June
271,800
231 172 1 ,606,891
ChicMilw & St P.. June
9.410,567 9.163 746 52 ,282,358
dChic & North West June
9,969,550 8,.593. 696 51 ,275,098
Chic Peoria & St L. June
187,367
143 ,353 1 ,043,740
Chic Rock Isl & Pac June
6,975,662 5,986 ,053 40 ,340,758
Chic R I & Gulf.. June
300,313
236 ,669 1 ,838.403
d Chic St P M & Om June
1,842,546 1,676 ,452 10 ,124,880
Chic Terre H & S E June
314,851
202,,321 1 ,7.30.984
Cin nam & Dayton June
1,045.143
943 ,359 5 .258,478
Colorado Midland. June
117,429
121 .281
637.940
e Colorado & South. 2d wk Aug
355.737
318,,603 10 ,680,062
Cornwall & Lebanon June
40,012
48 ,042
254,359
1
1
!
Cuba Railroad
June
Delaware «& Hudson^ June
Del Lack & West.! June
Denv & Rio Grande 2d wk Aug
Denver & Salt Lake;4th wkJuly
Detroit & Mackinac 2d wk Aug
Detroit Tol & Iront June
Det & Tol Shore L June
Dul & Iron Range. June
Dul Missabe & Nor June .
Dul Sou Shore cfc Atl 2d wk Aug
Duluth Winn & Pac June
Elgin Joliet & East. June
El Paso & So West. June
Erie
June
Florida East Coast- June
Fonda Johns & Glov June
Georgia Railroad.. June
Grand Trunk Pac. 3d wk July
Grand Trimk Syst. 2d wk Aug
Grand Trunk Ky 3d wk July
Grand Trk West. 3d wk July
Det Gr H & Milw 3d wk July
Great North System July
Gulf Mobile & Nor. June
Gulf & Ship Island. June
Hocking Valley
June
Central
July
Internat Sc Grt Nor June
Kansas City South. July
Illinois
Lehigh & Hud Riv.
Lehigh & New Eng.
Lehigh Valley
Los Ani;eles& S L..
Louisiana & Arkan.
June
June
June
June
June
Nav June
l/ouislana Ry &
/Louisville & Nashv 2d
wk Aug
Maine Central
June
Maryland & Penn.. June
Midland Valley
Mineral Range
Minneap &
June
2d wk Aug
wk Aug
Minn St P & S S M. 2d wk Aug
Mississippi Central June
Mo Kan & Texas. 2d wk Aug
Missouri Pacific
July
Nashv Chat & St L. June
Nevada-Cal-Oregon 2d wk Aug
St Louis 2d
ft
815,773
2,685.809
5,253,802
549,300
81,847
29,246
225.226
148,920
951,449
2.124.430
87,302
131,367
1,398,626
1,173,468
604, 112
,753
3 ,286,183
13 .983,804
27 ,738,569
16 ,654,205
1 ,120,267
797
809,575
193 ,005
116 ,570
1 ,268,393
935.821
2 ,261,672
4 ,164,685
2 .612,429
I ,122,717
7 ,639,440
7 .258.286
37 ,605,516
4 ,863,286
2,242 ,610
4.413.,932
621, 700
1,042,,942
1.989 ,912
74 ,476
134 .535
1,182,,637
1,025 ,990
7,337,141 6,538 ,593
652,309
565. 106
87.087
82.,781
511.100
283,639
213 966 1 ,741,975
119„325
102 356 2 ,882,037
1.320,7,53 1,236 ,989 39 ,234,803
1,113,582
889, 567 27 ,362,568
182,493
185 ,491 5 ,202,268
61,897
65, 128 1 ,848,805
8,089,011 7,619 246 48 ,091,498
183,175
173 605 1 ,020,487
170,588
973.787
150. 686
982,617
785 ,954 4 ,716,200
7.161.170 5.842 ,492 48 .780,333
973.:>06
69 i 001 5 ,640,443
1,102,317
947.,581 7 ,518.134
195,649
193 252 1 .106,374
315.650 247, 650 1 .700.008
5,113.085 4.228 ,744 25 ,435.817
1,206.612 1,0S2 .144 6 .289,149
137,398
743,682
139 ,816
176.413
163 ,810 1 ,083.944
1,523,200 1.308 145 45 ,441,886
1.217,359 1.106. 184 6 .824,690
250,648
42,140
36 933
.322.875
247,109
164: 305
736,745
25.792
23,,073
238,611
243 ,738 6, 489,018
691,379 680 735 20, 465,123
.347.671
66,231
66,,811
812,193
716 835 24, 715,907
6,341,000 5,571 ,000 43, 869.602
1,140,266 1,003. 100 7, 115,676
198,089
8,788
8 146
Week or
Previous
Year.
ionth.
$
944,490
j
,691,784
,782,613
,798,688
695.711
,037,125
979,725
835,630
628.376
921,628
081,788
570,865
458,413
,441,123
760,415
823,125
Northern Pacific
Northwest'n Pacific
Pacific Coast Co
p I'onnsylvania RR.
Bait Ches & Atl.
,617,100
,734.722
,686,116
,088,268
932,314
391.810
Cumberland Vail.
Long Island.
Mary'd Del & Va
N Y Phila & Norf
,826,913
,333,235
,171,978
W Jersey && Seash
Wash
Phil Bait
100,015
,045.011
040,014
880,175
362,601
Pennsylvania Co
,243,736
,498,365
866,241
Total linos
East Pitts
,2.54,015
&
& Ind
O C & St L
Grand Rap
ZPitts
West Pitts
All East
& Erie
& Erie
West.
Pere Marquette
Readiag Co
Phila & Reading.
Coal & Iron Co..
500,487
788,390
,285,916
.694,738
674.145
Total both cos
Rich Fred & Potom
Rio Grande South. .
Rutland
,300,734
2.50.399
,275,398
,981,607
,929,327
,451,163
995,139
761,799
St Jos & Grand Isl.
St L Browns V & M.
St Louis-San Fran.
St Louis Southwest.
Seaboard Air Line..
,121,647
S<3utheru Pacific
920.649
k
,620,095
6.59,797
Southern Ry Syst.
Ala Great South _
Cine N O & Tex P
June
June
June
June
June
June
June
June
Juno
June
Juno
June
June
June
Current
Year.
Previous
Year.
1.915.585 1,781,363 11,413.088 10,679,636
June
6.025,217 4,982,022 32,779.932
June
4,249,863 2,848,286 23,006,991
June
10275 070 7,830,308, 55,786.923
313,369' 2.374,741
June
430,967
2d wk Aug
11,935
10,438
365,841
June
374,892 329,621 2,063.940
June
195,944
172,019 1,193.897
June
296,070 213,281 1,984,992
Jime
4,767.565 4,136.233 27.631.821
Aug
2d wk
309,000 245,000 9,907,646
June
2,265,163 1,890,601 15,036,320
July
16086406 14255788 107156444
2d wk iVug 2,198,547 1,875,817 66.613,603
June
639,409
512,129 3,280,864
Juue
1,147,149
971,407 6,313,486
Orl
TermRR Assn,StL
St
L
M B Term..
Texas & Pacific
Toledo Poor & West
Toledo St L & West
Trin & Brazos Vail.
Union Pacific Syst.
June
June
2d wk Aug
July
2d wk Aug
June
June
Virpclnian
June
Waba.sh
June
Western Maryland. 2d wk Aug
Western Pacific
June
Western Ry of Ala. June
Wheel & Lake Erie. Juue
Yazoo & Miss Vail. July
,494,240
,050,790
985.866
,611,583
,603.474
„587.560
,202,362
,016.068
,482,610
,141,363
.709.707
Previous
Year.
43.562 143
Tennessee Central. June
482,460
519.028
608,375
172,.573
703,162
118,146
835,028
Year.
28740 165 24909 786 1.55419 758 140757 532
14821978 12604 275 76.2.53,325 69.847.517
37514061 231673 083 210605 9
June
June
June
June
Mobile
,697,848
,113,550
,675,148
1 to Latest Date.
Current
Previous
Year.
1
& N E.. .lune
& Ohio... 2d wk Aug
Georgia So & Fla. 2d wk Aug
Spok Port & Seat.. .lune
Tenn Ala & Georgia 2d wk Aug
New
206,307
002,005
095,297
Current
Year.
$
S
S
S
892,898
833. 679
174,413
80, 446
19544 344 17308 066 101679 .333 07,682,868
2,017,889 1,879, 655 10.800,,779 10.362,902
723,918 605, 4831 4,016. 579 3,467,847
4,3.50,707 3,896, 7.59 2-1,945, 624 21,901,981
4.491,251 3,846, 511 24,577, 352 22,156,175
895,209
2.38,676
161, 534 1,120, 515
2,300,514 1,909, 402 11, 836, 053 11,477,0.32
2,7,53,631
184
742,6.52,
507, 250 3,409,
337,291' 322, 642 1,639, 803 1,823,113
34747 241 30436 302' 184025 822 172,520 748
1.485,674 1,186, 670 8,186 ,499 7,523.939
7,404.054 7,080, 327 41,149 677138,489,037
804,718 726, 018 4,109 637 4.149,809
388,4.32
306, 386 2,046 163 2,188,910
504,079
416, 212 2,691 .507' 2,368,614
5,693,.349 4,987, 886 30,801 939 29,142,0.57
8,371,745 6,664, 577 42,148 323 36,538,677
4.58,4091
2,112 027 1.933,381
4.54, 992
338,0581 520. 569 2.100 2571 3. .304, 725
22197160 19384 193 122571 459 111644193
460,262
109, 935
467. 386'
110,336]
436,708' 274, 213 2,289 623! 1,778.951
1,489,218 1,408, 469 7,063 908 6,707,340
364,698
81,688
76, 815
401, 927
534,287 606, 568 2,477, 390 2,476,000
2,809,630 2,143 142 14,608 517 12, 080, .349
710,-581
646 515 3,5-38 465 3,339,695
7.718,601 6,812, 721 36,494, 434 35,614,209
646, .589
480 753 3,072, 015 2,767,607
6,369.068 5,168 223 35,654 763 30,681,445
Now Orl Groat Nor. June
New York Central June
Boston & Albany Juno
n Lake Erie & W. Juno
Michigan Central June
Clevo C C & St L June
Cincinnati North. June
Pitts & Lake Erie June
Tol & Ohio Cent. iJune
Kanawha & Mich June
Tot all linos above Juno
N Y Chic & St Louis June
N YN U & Hartf.. June
N Y Ont & Western Juno
N Y .Susq & West.. June
Norfolk Southern.. June
Norfolk & Western. Juno
,006,622
415,827
275,3.52
48,981
661.617
2,951
144,278
494,783
252,926
369,462
96,015
148,975
74,429
11347660
956,210
3.381.519
263.629
902,635
119,907
1,086,880
1,357,263
Various Fiscal Years.
311,963
229,353
46,875
460,267
4,130
140,052
298,331
178,900
359,950
96,568
134,183
60,592
9,350,061
682,556
2,992,061
239,076
672,340
98.936
958,234
1,058.683
2,294,875
8,301.692
1,664,703
3,116.263
76,784
854.408
1,920.076
1,492.741
12,944,768
723,391
4,129,544
462,742
58,730,189
6,364,712
19.283.137
8.069,952
4,447,079
744,360
4,701,829
9,510.982
Period.
Current
Year.
29,916,757
19,566.804
49.483.561
1.903.870
324,944
1,9.58,851
948,582
1,243,452
24,364.460
7.631,770
13,042.910
86.852,704
58,057,963
2.930.768
5,866,024
1,902,697
7.386,549
1,512,219
2,305,435
74,196
803,370
1,833.498
1.179. .507
11,393,162
673,328
3.680,070
408.187
50,696,976
4,218,714
17.827.015
6,972,392
3,517,289
647,287
4,780.874
7.558.373
Previous
Year.
800,707
975.796
Canadian Northern
Duluth South Shore
Mineral Range
Pacific Coast
,714,201
,016,668
227,303
943.715
654,161
497,317
836.309
401.192
256,855
&
July
Atlantic. July
July
July
July
July
Southern Railway System
July
Alabama Great Southern
July
Ciuc New Orleans & Tex Pac. July
New Orleans & No Eastern
July
Mobile & Ohio
July
Georgia Southern & Florida.. July
St Louis-San Francisco
St Louis Southwestern
423,8.50
402,477
198,252
AGGREGATES OF GROSS EARNINGS— Weekly and
Weekly Summaries.
Jan.
Latest Gross Earnings.
1 to Latest Date.
Current
Year.
Increase or
Decrease.
%
Monthly Summaries.
Mileage.
1
1
1
to
to
to
to
to
to
to
to
to
to
to
to
Aug
Aug
Aug
367,200
651,084
141,367
5,543,700
479,223
132,148
June
June
.8.59.494
7,212,5.57
Aug
Aug
June
June
.Tune
Aug
Aug
388.367 48,402.991
935,000 1,588,000
590,032 10,865.507
,337.924 5,641,402
,466.859 11,060,440
403.622 3,781,662
659,307 1,374,487
279.659
304,389
Monthly.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
Cur. Yr. Prec. Yr.
$
$
1st week June (27 roads).
October
246.683 246,000 345,790,899 310,740.113 + 35.050 786 11.31
14,477,736 12,2,89,002
2d week June (28 roads).
November. .218,863 248.058 330,258,745 306,606,471 -1-23.652 274 7.73
14,823,511 12,827,696
3d week Jvme (31 roads).
December ..216,811 215,669:262,171,169 242,064,235 +20,106 934 8.31
14,792,555 12.908.767
4th week June (31 roads).
January
248,477 247, .3271307,961,074 267,115,289 +40,845 ,785 15.29
20,312,246 17,.367,652
1st week July (32 roads)
February. ..249.795 248.738271.928.066 269.272.382 + 2,656 684 0.99
12.573,738
14,239,448
2d week July (31 roads).
March
248.185 247,317 321,317,560 294.068,345 +27,249 215 9.27
14,779,798 13,119.199
3d week July (31 roads).
April
15,096,291 13,125,306
248.723 248,120 326,560. 2H7 288.740.6.53 -1-37,819 634 13.10
May
4th week July (29 roads).
248,312 247,842 353,825,032 308,132,969 +45,692 ,063 14.82
20,483,799 18,082,217
1st week Aug (30 roads).
June..
.505,
346
14,103,978 13,
242,111 241,550,351.001,045 301,304,803 +49.696 242 16.49
2d week Aug (29 roads)
July
91,540
14,337,363 13,500,148
90,292' 88,707,336 77,925.579 + 10,781 757 13.84
Evansville
a Includes Cleveland Lorain & Wheeling Ry. b Includes
& Terre Haute, c Includes Mason City & Fort Dodge and the Wisconsin
Minnesota & Pacific, d Includes not only operating revenue, but «lso all other receipts, e Does not Include earnings of Colorado Springs & Cripple
Creek District Ry. /Includes Louisville & Atlantic and the Frankfort & Cincinnati, o Includes the Texas Central and the Wichita Falls Unes.
ft Includes the St. Louis Iron Mountain & Southern,
j Includes the Lake Shore & Michigan Southern Ry., Chicago Indiana & Southern RR.. and
Dunkirk Allegheny Valley & Pittsburgh RR. * Includes the Alabama Great Southern, Cine. New Orleans & Texas Pacific, New Orleans Sc Northeastern
and the Nor. Alabama. / Innludes Vandalia RR. « Includes Nor. Ohio RR. p Includes Northern Central. * We no longer Include Mexican roads
in any of our totals
$
+ 2,188,734' 17.82
+ 1,995,815 15.57
+ 1,8.83,788: 14.60
+ 2,944,694' 16.95
+ 1,665,710 13.25
+ 1,660,599 12.66
+ 1,970,985 15.02
+2.401.582 13.28
+598,032 4.47
+837,215' 6.20
i
'
— —
-
.
Aug. 25
THE CHRONICLE
1917.]
Latest Gross Earnings by Weeks.
— In the table which
we sum up separately the earnings for the second
August. The table covers 29 roads and shows 6.20%
follows
of
increase in the aggregate over the
Second Week of August.
Ann Arbor
Buffalo Rochester
&
Pittsburgh
&
Florida.
Grand Trunk of Canada
Grand Trunk Western
Detroit Gr Hav & Milw...
Canada Atlantic
Louisville
&
\
Iowa Central
Increase. Decrease.
1916.
61,771
342,275
746,800
2,746.000
982,888
186,496
355,737
549,300
29,246
87,302
48,981
52,720
291,517
841,500
2,943,000
903,204
169.148
318,603
521.700
22,797
74,476
45,875
9,051
50,758
1,320,753
1,236,989
83.764
94,700
197.000
79,684
17,348
37,134
27,600
6,449
12,826
3,106
1,523,200
25,792
238,611
1.308.145
23,073
243,738
215,055
2,719
691,379
812,193
275.352
8,788
11,935
309,000
2.198,547
680,735
716,835
229,353
8.146
10,438
245,000
10,644
95,358
45,999
642
1,497
64,000
322,730
2,951
369,462
148,975
263,629
1,179
359,9.50
9",5i2
134,183
239,076
14,792
24,553
298,006
—The
table
and
^-Nct Earnings-Gross Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
Roads.
$
%
$
$
413,485
947,581
423,605
Kansas City Sou th.b--- July 1,102,317
7,518.134 6,202,362 2,950,198 2,426,246
Jan 1 to July 31
July 16,086,406 14,255.788 5,815,681 5,048,216
Southern Pacific-a
107,156,444 86,852.704 34,690,222 25.491.350
Jan 1 to July 31
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
Fixed
Gross
Net after
6
mos
16
17
16
April
June
Pensacola Electric Co June
Phila Rapid Transit. July
Phila & Western Rv_ July
Port (Ore) Ry .L&PCo. Juno
pPuget Sd Tr, L & P_ June
^Republic Ry & Light July
May
May
May
Tampa Electric Co.- June
Third Avenue
May
Twin City Rap Tran. June
Union Ry Co of N Y C May
Virginia Ry & Power. July
Wash Bait & Annap- June
Westchester Electric- May
Westchester St
STEAM
Arkan.Jtine 17
June
May-
Southern BoulevardSouthern Cal Edison-
following shows the gross and net earnings with charges
railroads reported this week:
surplus of
&
North Texas Electric
Ocean Electric (L I).
Pacific Lt & P Corp- g Paducah Lt & Tr Co
H
5.127
Net Earnings Monthly to Latest Dates.
Louisiana
Week
Earnings.
$
137.398
139,816
743,682
800.707
Taxes.
35,654
47,129
155,168
234,746
Charges.
%
26,019
Balance,
Surplus.
$
9,635
26,080
156,938
153,102
21,049
def 1,770
81,644
RR-- June
Latest Gross Earnings.
Road
or
Week or
Month.
Adirond El Pow Corp
Atlantic Shore Ry
cAur Elgin & Chic Ry
Bangor Ry & Electric
Baton Rouge Elec Co
June
July
June
June
June
BeltLRyCorp(NYC) May
Berkshire Street Ry,June
Brazilian Trac, L & P June
Brock & Plym St Ry. June
Bklyn Rap Tran Syst May
Cape Breton Elec Co June
Cent Miss V El Prop. June
Ry & Lt June
July
Co
Cleve Palnesv & East June
Cleve Southw & Col. April
{/Columbia Gas & El. July
Columbus (Ga) El Co June
Colum (O) Ry, L & P June
Com'w'th P Ry & Lt.iJune
l.fune
Connecticut C^o
Consum Pow (Mich) . 'July
Cumb Co (Me) P & L June
o Dallas Electric Co. June
Dayton Pow & Light July
Chattanooga
Cities Service
1
j
I
July
o Detroit Edison
Detroit United LinesLlune
D E B & Butt Rec) May
D
(
I
Duluth-Superior Trac June
East St Louis & Sub. June
Eastern Texas Elec. June
El Paso Electric Co.. June
42d St
& St N Ave; May
Federal Lt & Trac. May
Galv-Hous Elec Co.. June
Grand Rapids Ry Co June
Great West Pow Syst June
Hagers'n & Fred Ry. April
Harrisburg Railways June
Havana El Ry. L & P June
Honolulu R T & Land June
M
Houghton Co Tr Co. June
6 Hudson & Manhat. July
Illlnoia Traction
IJune
Interboro Rap Tran. May
Jacksonville Trac Co. June
Keokuk Electric Co. June
|
Key West
June
Electric
Lake Shore Elec Ry.
.luno
Lehigh Valley Transit July
Lewist Aug & Waterv June
Long Island
Louisville
Electric.
iMay
Railway. .I.Iune
Milw El Ry & Lt Co. July
Milw Lt, Ut & Tr Co'.Iuly
Current
Year.
Previous
Year.
$
118,178
23,326
186.330
65,662
18,373
60,290
91.447
/7642000
11,103
2607,401
37.078
24.886
128.805
1365,312
47.431
116.813
724,295
83.127
311.975
1550.770
861,398
443,626
244,435
164,780
129,772
877,283
1517,668
37,730
126,287
296,753
80,026
101.371
150,474
206,448
164,448
104,828
324,246
44,979
99,664
554.982
60.182
$
110.917
44.761
177.845
64,368
17.551
70.817
27.7.59
Jan.
1 to latest
488.701
1048.208
3511.497
55.516
20,125
11,743
153,996
268,711
75.669
21.111
263 ,884
614,717
Tr July
210,4.55
292,.594
N'Y & Long Island-. May
North Shore.. IMay
NY&
iMay
N«Y & Queens Co
New York Railways. ]May
N'Y & Stamford Ry. .Tune
NiY Westches & Bost June
194,493
111.929
64,502
36,654
14,625
97.584
1045,801
38,781
46.280
17,488
527,232
Monongahela
Vail
Ry & Light June
Newp N & U Ry G & E June
N(Y City InterborO-. May
Nashville
Northampton TraC-.jJune
Nor Ohio Elec Corp. 'June
Current
Year.
787,086
152,547
998,088
416,385
112,698
287,556
82,9U-:
510,250
/7 178000 /44646,000
10.734
54,616
2571,180 12,201,99,^^
30.946
211,962
23,882
147,60
102,680
674,425
672,190 11,186.109
43,527
243,321
106,612
448.186
588,207 6,431,726
67,953
609,699
280.350 1,919,346
1322.295 9,272.735
816.941 4,763.660
363,295 3,199,885
242,379 1,406,983
146,621 1,076,074
116,895
928,161
705,667 6,874,787
1395,721 8,728,634
44.221
180,224
113.004
762,440
244,082 1,744,494
68,127
4,58,067
83.158
641.705
178.864
715.193
104,772 1, 138.905
1.58,080
939,965
108,702
645,244
296.828 1.961.686
39.306
176.505
97.588
560.149
476.935 3,251.042
54,976
346,941
26,656
170,260
449,095 3,623,013
933,019 6,436.517
3231,008 17.585,884
50,081
345, .5.56
19,705
117,603
9,370
67, .574
139,003
813,922
229,723 1,599.574
72.030
399,267
22,074
88,297
264,179 1,.535, 661
541,177 4.497,725
190,412 1,232,512
118,769 1,545,.544
190,109 1.203,175
91,596
553.648
66.278
307.661
37.942
159.836
15.214
61,054
136,677
490,.349
1192,036 5,042,052
36,597
174,560
44,887
274,446
16,319
102, .567
443.392 3,121,605
.
Previous
Year.
date.
_
Gross
Earnings.
Arizona Power
Co-May
mos
12
Columbia Gas
&
El-July
hattan
July
r
Hudson & Man-
Milw Elec Ry & Lt. July
Milw Lt Ht & Trac. July
Vail Tract
Phila
mos
7
'!?E';n
™_™™=.^^-^
Monongahela
-,^-
j^ jy
mos
7
Rap Trans.. July
ITnited Light
& Rys. July
"Subsidiary cos
West Penn
12
mos
—
July
12
mos
Power. -July
7
mos
June
West Penn Rys
7
,637,298
288,107
681,976
844,945
260.625
2.863, 060
4,549, 689
2.617, 373
2,829, 690
163, 958
744, 711
219, 950
451, 965
313, 010
,728.612
147.022
668,138
221,845
389.154
331.750
92.060
86, 764
1,966, 088
122, 195
514, 950
,047.412
115.503
1,705 118
5.175 945
.688.054
.009,415
.176.362
.3.56,.598
484.298
1.165, 959
3,628
.567
419.811
220.703
118,535
,634.027
,493,929
317,589
494, 989
204 997
115 197
2,222, 114
4.326 859
315 513
598 365
163 971
551,5.54
158,400
£/
Includes constituent
mos
$
Net
-Net EarningsCurrent
Previous
Year.
Year.
$
$
72,920
103,551
742,129
498,376
261,027
311,090
2,120.808 2.x49,940
149,285
182,422
1.305,398 1,324,443
25,722
23,173
184,213
185,899
12,296
20,628
105.499
66,631
49,380
47.795
243.426
274,258
52,066
47,046
622,368
582,101
Taxes.
Fixed
Charges.
$
$
after
Balance,
Surplus.
S
i9,081
j2,853
17
22,378
13,312
35,685
16
22,061
15,035
12,199
152,877
xl06,935
17
385, .5.55
259,589
x42,730
16
238,780
167.468
124.959
17
490,919
165,877
53.446
112,430
356,722
1.58,481
39.162
119,319
16
342,459
17 3.752,762 1.061.739
719,279
16 2,887,420 1,394,578
258.689 1. 135,889
17
724.295
331,416
346,556
1148,861
278.444
345,903 zdefl5,830
16
588.207
17 6,431,726 3.344.173 2,437.098 22,039.183
16 6,317.310 2,760.811 2,376,819
1680,022
488.701
252,316
217,3.55
34,96]
17
449,095
245.324
214.297
31,027
16
1,520.501
411,040
17 3,623,013
1,931,541
16 3,410,310 1,916,131
1,505,334
410,797
614,717
171,867
88,321
17
288,479
16
541,177
131,995
67,856
270,288
543,353
2536,633
17 4,497,725 1,025,793
465,427
2663,992
16 3,974,633 1,092.624
210,455
59,137
39.816
17
219,350
190,412
64,683
16
56,929
252.886
263,987
272,596 2def8,278
17 1,232,512
296,387
398,278
16 1,013,017
2213,622
292,594' """132,087"
43,276'
88,811
17
118,769
64,422
25,000
39,422
16
784.172
228,411
17 1,545,544
555,761
457,048
853,021
172,014
16
285,034
17 2,437,394 1.007,919
811,331
196,588
16 2,214,928
993.454
815,268
178.186
17
147.374
135,155
57,708
77.447
122,008
16
131.831
48,710
73,298
1.837,832
17 1,997,327
646,958 1,190,874
16 1,839,265
1.699,602
653.810 1.145,792
596,050
215,265
17
539,032
16
201,924
17 7.177.547 2,720,736
16 6,692.615 2,670,144
304,382
80,282
17
.38,844
41,438
228,813
88,725
38. .344
16
50,381
17 2,222,114
770,167
268,895
501 ,272
757,313
264,919
16 1,634,027
492,394
653,655
252.886
142,231
17
110,655
536,888
247,862
173,053
74,809
16
17 4,326,859 1,770,977 1,165,242
605,735
16 3.493.929 1.708,422 1,183,531^_ 624.891
" Gross
Net
Fixed ChgsT"Balanced
Earnings. Earnings.
Taxes.
Surplus.
&
$
Chautauqua Traction
3 mos to June 30
Louisville
Ry
Jime
6
Phila
&
7
S chenectady
mos
'17
'17
'16
'17
'16
"17
•16
'17
'16
'17
'16
Ry & Pow. July
'17
'16
mos
34.314
S
288,107
3,825
117,333
129,983
733.991
757,471
28,440
25.576
153,373
151.362
347,140
325.117
561,753
497.407
83.717
79.516
694,655
632,119
120.592
113.635
277, .357
262,304
38,342
39.651
324,066
333,493
263.88-1
264,179
1.535,661
1.522.146
55,775
46,833
318,207
$
18,413 idefl4,688
76.813
252,783
76.813
266,899
463,875
2338,147
460,875
2367,473
13.018'
15,422
12.557
13,019
88,182
65.191
87,792
63.570
~
_
Ry
June 30
3
Virginia
mos
Western.. July
8,53,021
.577,098
mos
7
1.013,017
5,597,572
168.252
256,189
98,392
2,411,289
mos
7
(all
sources)
86,252
1,522,146
1,154.629
476,923
305,316
156,669
62,922
mos
7
3.56.794
3,974,6.33
mos
7
1.56. .578
3.410,310
6.854,150
16.100.716
316,320
117,702
56.674
722,320
1.396,693
milreis.
'
1.809.811
148.370
546,634
2.893,997
321.750
17.133 862
31S 207
151,584
141,382
These figures are for consoli-
Gross EarningsCurrent
Previous
"3
Companies, i
Year.
Year.
$
$
July
Alabama Power Co a
1 74 ,952
120.973
Jan 1 to July 311,027,282
811,115
1,046,874
Belf Telephone of Pa-. -July l,1.39,4il
Jan 1 to July 31
8,082,826 7,211,948
Central District Tel
July
6.34.286
613.320
Jan 1 to July 31
4.434,827 4.190,201
Delaware & Atlantic. -.July
154,240
137,482
1,003,502
900,776
__ Jan 1 to July 31
Santiago El Lt & Tr
May
45.543
43,540
221,845
Jan 1 to May 31
219,950
June
146,197
145,581
Tri-State Tel & Tel
Jan 1 to June 30
870.150
855,938
98,081
109.869
West'n States Gas & El- July
Aug 1 to July 31
1,320,996
1,215,870
1,0.56,561
924.932
639,739
,017,244
—
Cleveland Elec Ill.July
4,495. .551
2,622,193
1,298,708
946,046
887,091
5,555,928
7,694,288
204„504
651,691
1,409,783
389,066
535.906
808,504
906,153
34.641
34 856
1.091, 399
150, 515
158, 696
Electric Railway and Other Public Utility Net Earnings.
The following table gives the returns of ELECTRIC
railway and other public utility gross and net earnings with
charges and surplus reported this week:
^
Previous
Year.
739,025
190.682
946.833
383,495
102,240
322,411
458,222
/•41 179.000
51.668
11.588,614
180.084
143.698
604,126
4,737,345
210,616
409.413
5,317,310
402.830
1.709,251
8,087.835
c
1.064, 226
companies.
of
Company.
1 to latest date.
Current
Year.
Previous
Year.
179,406 149.460
10,134
10,.564
276,191 255,828
23,652
24.201
24,321
30.148
2437.394 2214,928
,55.775
46,833
490.652 473,664
7.55,872 632,891
388,002 326,707
511,983 500,107
.34,314
36.881
117.819 105,132
45.543
43,540
79.184
68,111
69.222
79,548
18.841
20,143
305.685 431,917
29.128
28,553
78.235
73,380
350,327 348,111
853.196 853,191
250,676 274,516
561,7.53 497,407
93,504
68,619
44.570
50,236
22.668
22,880
304.382 228,813
653.655 536,688
72.489
72,122
83,717
79,516
29,228
29.418
pWest Penn Power- July
ffWest Penn Rys Co. July
Yonkers Railroad
May
York Railways
July
Youngstown & Ohio. June
6 Represents income from all sources,
dated company. /Earnings now given in
ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Name
Current
Year.
or
Month
St Jos Ry, L
& P- June
Santiago El Lt & Trac May
Savannah Electric Co June
Second Avenue (Rec) May
14,337,363 13,500,148 1,135.221
837,215
Total (29 roads)--Net increase (6.20%)
Road or Company.
Staten Isl'd Midland.
1,875,817
4,130
Jan.
Latest Gross Earnings.
of
Rhode Island Co
June
Richmond Lt & RR. May
J
Minneapolis St Paul & S S M.Missouri Kansas & Texas
Mobile & Ohio
Nevada-California-Oregon
Rio Grande Southern
St Louis Southwestern
Southern Railway
Tennessee Alabama & GeorgiaTexas & Pacific
Toledo St Louis & Western
Western Maryland
Name
811
last year.
,
Nashville
Mineral Range
Minneapolis & St Louis
same week
1917.
Canadian Northern
Canadian Pacific
Chesapeake & Ohio
Chicago Ind & Louisville
Colorado & Southern
Denver & Rio Grande
Detroit & Mackinac
Duluth South Shore & AtlanticGeorgia Southern
.
to
York Railways
July. '17
8
mos
'16
'17
'16
X After allowing for other
income received.
58,896
59,281
157,350
147,559
25,826
25.800
205.476
206,846
262,199
254,835
2129,541
2123.085
12,516
13,791
118.590
126.647
THE CHRONICLR
812
Annual,
ANNUAL REPORTS
an index to
&c., Reports. —The following
is
all
annual and other reports of steam railroads, street railways
and miscellaneous companies published since July 21.
This index, which is given monthly, does not include reports in to-day's "Chronicle."
—
Page.
steam Ronda
Baltimore I'hea. <fe Atlantic Ry
BaltlmoreA Ohio RR
Central of GeorKhi Ry
Chicago Burl & Qulncy RR
Missouri Kuii8aH<t Texus Ry
Pere Mar(iuclte Ry. (:i mos.)
St. Louls-San FranclHco Ry
601
S85
383
.
St. Louis S.juthwcstern
Wheeling* Lake Erie
Elect Tic
Hands —
7 JO
499
383
384
..385
384
Ry
Toledo Peoria & Western Ry
Toledo St. Louis & Western
RR
Industrials {Continued)
—
Paje.
496 Idaho Power Co
RR
...491
Page.
603
Indian Refining CJo. (6 months)
719
Internat. Mercantile Marine Co
386
International Nickel Co., New York. 387
International Textbook Co
393, 495
Manlialtan Elec. Supply Co. (6 mo8,)393
Manufac. l^lght & Heat Co. (6 mos.) .61
Massachusetts Gas Companies
,502
Mich. Limestone & Chemical Co.
612
Mich. State (Bell) Telephone Co
495
Midvale Steel
months)
& Ordnance
Co.
(6
502, 601
Trac, Lt. & P. Co., Ltd. .491 National Acme Co. (6 months)
393
..386 National Cloak & Suit Co. (6 mos.).. 503
Brooklyn Rapid Transit Co
Brazilian
&
Buffalo Lockport
Rochester Ry-..?!.";
Lt. Co. 493
(6 mos.). 499
386
Co
499
608
Commonwealth Pow., Rv. &
New
Orleans Ry. & Lt. Co.
Philadelphia Rapid Transit
United Light & Rys.Co
West Penn Rys. (6 mos.)
Industrials
—
Page.
Alaska Gold Mines Co. (6 mos.)
60S
AlUs-Chalmers Mfg. Co. (6 mos.)... 500
Amer.
Amer.
Amer.
Amer.
Amer.
Amer.
Cyanamld Co
..711
Hide & Leather Co
Light & Traction Co.
390
..500
Malting Co. (9 mos.)
500
Shipbuilding Co
718
Steel Foundries (6 months)
500
Appalachian Power Co
603
Asbestos Corporation of Canada,
Ltd. (6 months)
391: 713
Associated Oil Co. of Ciil. (6 months). 500
Brompton Pulp * Paper C i. (6 mos.) .391
Bunte Bros., Chicigo (3 months)
501
National Securities Corporation
603
National Transit Co
720
Nevada Cons il. Capper Co. (6 mos.) .720
New Jersey Zinc Co. (3 months)
.503
Niagara Falls Power Co. (G months). .503
Niagara Lockport & Ontario Power
Co. (fl months)
721
Northern States Power Co
503
Ontario Steel Products Co
712
Pacific Mills (6 months)
..393
Page Woven Wire Fence Co. (bal. 8h,)721
Pierce-.\rrow Motor Car Co. (fl mos.)503
Provident Loan Society of N. Y
714
Ray Consol. Copper Co. (6 months). 721
Republic Iron & Steel Co. (6 mos.)...394
Royal Dutch Co
711
Savage Arms Corp. (6 mos.).
.503
Shattuck-Arizona Cop. Co. (3 mos.). 503
Sierra Pacific Electric Co
496
Sinclair Oil & Refining Corp. (3 mos.) 013
Southern Canada Power Co., Ltd.,
722
(9 months)
Steel Co. of Canada, Ltd
491
Studebaker Corporation
613
Stutz Motor Car Co. of Ind. (6mos.)-395
Thomas Iron Co
711
Tide Water Oil Co. (6 mos.)
503
Toronto Paper Mfg. Co., Ltd.
.714
Tuckett Tobacco Co., Ltd
613
Union Natural Gas Corporati.m
711
United Alloy Steel Co. (6 months) ...614
711
Unite! Fuel Gas Co
723
U. S. Gypsum Co. (6 months)
723
U.S. Light & Heat Corporation
...712
U. S. Rubber Co
.493
months).
U. S. Steel Corporation (6
614
Utah Copper Co. (6 months)
602
Virginia-Carolina Chemical Co
Volcan Detinning Co. (6 months)
723
494
Western Power Corporation
..614
Wolverine Copper Mining Co
California Petrole'im C )rp. (6 mos ). 501
Canadian Car .fe Founirv Co., Ltl..4')4
Central Coal & C )ke Co
714
Central Leathe" Co. (6 months)
391
Charcoal Iron Co. of Amer. (3 mos.) .501
Chevrolet Mot'ir Co. (6 months)
501
Chino Copper Co (6 months)
609
Col:)rado Fuel ot Iron Co. (6 months) .610
Columbia G-'S <fe Electric Co
719
Computiug-Tabulating-Rec"rding Co. 501
Consol. Arizona Smelt. Co. (6 mos.). 610
Consolidated Gas, Electric Light &
Power Co. of Baltimore
501
Corn Products Refining Co. (6 mos). 392
Cumberland Pipe Line Co. (bal. sh.).502
Fisk Rubber Co
719
General Chemical Co. (6 mos.)
392
General Cigar Co., Inc. t6raos.)
493
Goodyear Tire& Rubber Co. (6 mos.) 611
Great Western Power l-vstem
493
Gulf States Steel Co. (6 months)
392 Worthington Pump & Machinery
614
Hercules Powder Co. (6 months)
493
Corporation (6 months)
.
[Vol. 105.
miles of railroad, to a connection with the West I'enn Division of the Pennsylvania KK., and with the system of slack-water navigation of the Alleghany Klver in process of construction by the U. S. Government. About
Your pe$7,000,000 has been expended in constructing said extension.
tllionc^r has always understood it to be the purpo.se of the parties owning
l)y far the gntatest Interest in both of said railroads to cause them to be
merged and consolidated when and as soon as the reorganization of said
Shawmut Railroad could be advantageou.sly effected.
Coal Properties. The parties interested in .said Shawmut Railroad and
.said extension have cau.sed to be opened eight bituminous coal mines along
the line of the extension in addition to the Ramsay Mine thereon, including
a mine at (Jadogan, with a modern mining plant capable ultimately of
producing 5,000 tons of coal per day. There are also six mines along the
line of said Shawmut Railroad, which are in the possession of and being
operat(!d by your petitioner as such receiver, and there are upon the line
of .said Pittsburgh & Shawmut RR. sixteen coal mines and upon the Shawtnut Railroad 96 coal operation.s owned by parties having no interest in
—
eith(!r of .said
The amount
railroads.
of bituminous coal tributary to the
combined
line of said
estimated by competent experts as one billion (1,000,000,000) net tons, of which 450,000,0(50 net tons are owned by coal companies,
of which the coal lands an- under the lien of the mortgages securing the
bonds issued by the said two railroad companies, respectively, to wit:
26,000 acres owned by the Shawmut Mining Co., and the Kersey Mining
Co., and about 23,000 acres owned by the Allegheny River Mining Co.
Th<^ production of coal mines along the said combined line of railroad under
normal industrial conditions will aggregate 5,000,000 tons per annum, giving to said line of railroad annual net earnings of not less than $1 ,500,000.
Iwo railroads
is
—
In April 1914 your petitioner as receiver
$525,000 certificates of indebtedness for the purcertificates maturing June 1 1914.
The.se new certificates did not find a ready market, and therefore the entire issue waspledged
to secure a loan obtained from the Pittsburgh & Shawmut RR. Co. through
(iiuu^ral Thomas H. Hubbard, the Chairman of its board of directors.
This loan was evidenced by a note of the said receiver for $525,000, payable
Subsequently the said General
to the Pittsburgh & Shawmut RR. Co.
Hubbard extended the time of payment of this loan and note, and accepted
in lieu and stead thereof the proceeds of 15 refunding certificates and a demand note dated Oct. 1 1914, (the day of maturity of the first note), for the
residue, to-wit: $510,387 50. with the residue of .said refunding certificates
It
as collateral, payable to .said the Pittsburgh & Phawmut RR. Co.
was then agreed that no demand should be made on .said note until the .said
The said demand
certificates, so pledged, could be sold in a ready market.
note has at all'times remained, and now remains, unpaid, though all interest thereon has been fully met.
Causes Delaying Reorganization Controversy with Pittsburgh & Shawmut
Interests.
By reason of the gratifying results obtaining in the physical
improvements in said railroad, and said mortgaged properties, as aforesaid.
coupled with satisfactory increases each year in tonnage and in gross and
net earnings, and the practical completion of the extention of said railroad,
in the judgment of your petitioner an immediate reorganization of said
mortgaged properties would be warranted were it not for the existing finanReceivers' Certificates Pledged.
was authorized to
pose of paying off
is.sue
—
—
conditions affecting the financing of railroad enterprises and conse.selling securities of the reorganized company.
More particularly, the reorganization is delayed by the fact that
persons who have recently come into control and management of the
Pittsburgh & Shawmut RR. Co. and the Allegheny River Mining Co.,
aforesaid, have claimed the right to divert traffic from the said Shawmut
Railroad, as a consequence of which your petitioner, seeking to protect
the interests of the holders of certificates issued, as aforesaid, pur.suant to
orders of Court, has been constrained to bring an action for injunctive relief asfainst this impairment of the security of said certificates and maintain
a preliminary injunction order against such diversion, which action is now
pending in this Court and which order is now in force. Your petitioner
is informed that narties commanding resources abundantly sufficient to
refinance said railroad and said mortgaged properties up to the present
time have not. for the reasons aforesaid, deemed it wise to formulate a
olan of reorganization, but has deemed it advisable to defer for the time
being the submission of such plan to the holders of liens on said properties.
cial
quent inopportune time for
—
Recently the Pacific Improvement
Central Neic York & Western Bonds.
(of California), which owns .$650,000 of the bonds of the C-ntral New
York & Western RR. Co., has laid claim to the priority of th? lien of said
bonds, or of the mortgage securing the same, or of the judgment or decree
of foreclosure of the latter, to the lien of the certificates of indebtedness of
vour petitioner issued and outstanding. These bonds are part of an original
issue of $950,000, all of which, imder agreement wirh the Interior Construction & Improvement Co., a New Jersey corporation, the firm of
Henry Marquand & Co., N. Y. City, on or about .\pril 19 1899, undertook
Said firm effected the purchase of $217,000 of
to purchase and cancel.
these bonds and entered into an agreement in writing with the Pacific Improvement Co. (of California) to purchase $650,000 thereof held as collateral to loans made to said Railroad Company at 50*7 of their par value,
but said purchase was not consummated. The $650,000 bonds so held by
said Pacific Improvement Co. were subsequently sold upon due notice at
the Real Estate Exchange in N. Y. City and were bid in by Thomas H.
Hubbard. They are now held by said Pacific Improvement Co. The
residue of said bonds outstanding, to-wit, $83,000, is owned and held by
your petitioner personally.
Subsequent to the issue of said bonds, the Pittsburgh Shawmut & Northern RR. Co. was duly organized by merger, and thereafter issued its
bonds secured by mortgage (Central Trust Co.. trustee), and the .said
Thomas H. Hubbard purchased also the large majorit> of the bonds so issued on behalf, as vour petitioner believes, of Thomas H. Hubbard & Co.
of N. Y. City.
Tile property having been placed in the hands of the petitioner as receiver, following the default in payment of interest on these
4% bonds, said Thomas H. Hubbard stated to your petitioner that it was
his desire that the lien of all of the receiver's certificates should be prior
to the lien of each and every of the mortgages given to secure bonds issued
by said The Central New York & Western RR. Co. and said The Pittsburgh Shawmut & Northern RR. Co. The stock of the Pacific Improvement Co. was originally owned by Collis P. Huntington, Leland Stanford
Mark Hopkins and George Crocker, as vour petitioner is informed, and
Thomas H. Hubbard & Co. thereafter acquired the interest owned by Mark
Hopkins and Collis P. Huntington, thus giving the said firm of Thomas
H. Hubbard & Co. a 50% interest therein. Thomas H. Hubbard was for
many years prior to his death in May 1915 President of the Pacific Improvement Co. and leading member of 'Thomas H. Hubbard .% Co.
Conditions do not justify an immediate sale of the mortgaged properties,
since it would undoubtedly be impossible to obtain a price therefor sufficient
to recoup the owners thereof for their investment therein, after pa.ving
the owners of liens thereon their claims in full.
While your petitioner has
promptly paid all interest which has become due on all of said outstanding
certificates, he is not in a position at the present time to pay off any part
of the certificates now maturing.
Compare V. 105, p. 389, 230.
Co.
Pittsburgh
Shawmut & Northern
Railroad.
{Slatement by Receiver, July 1917.)
Frank Sullivan Smith, as receiver
of the Pittsburgh
Shaw-
mut & Northern RR. Co. and the mortgaged properties
Shawmut Mining Co. and the Kersey Mining Co., on July
of
11
ex-
1917 obtained authority from the Court to issue and
like certificates maturing Aug. 1 1917
and Sept. 1 1917, $1,700,000 of his gold certificates of indebtedness, $1,500,000 being series A and $200,000 series B.
In his statement to the Court as to the necessity for refunding all of the $1,700,000, maturing certificates, Receiver Smith said in substance:
change at imr for
—
New Certifical-a. These cerc.ifica.tes will bear f^'^r. int.. payable semiannually, and mature two years after the date thereof, i. e., on Aug. 1
1919 and Sept. 1 1919. respectively, with the right to pay the whole or any
part thereof at par and int. before maturity at any interest period, upon
four weeks' notice by adv. in N. Y. City.
Said certificates of both series
are by order of Court made a lien on the mortgaged properties of said railroad company and said mining companies "prior to the lien of the mortgages or deeds of trust, or any of them, heretofore created upon .said properties, and are to be recognized as such in any reorganization of said defendants' mortgaged properties, by judicial procedure or otherwise." The
Columbia Trust Co. is trustee for the is.sue (both series). Denom. SI, 000.
Outstanding Securities.
(a) .?164,000 5% bonds of Pittsburgh Shawmut
& Northern RR. [total amount Issued $6,000,000, of which $5,836,000
were exchanged for bonds of 1902 and are still uncanceled. Ed.l; (ft) $14,491,600 of the .151.5,000,000 4% bonds dated Aug. 1 1902; (c) $77,000 car
trust bonds of 1910, a lien upon tho mortgaged properties prior to the
outstanding bonds of said railroad company,
id) a $20,000 note of the
receiver, with a lien upon the aforesaid properties prior to the bonds, to
secure a loan to enable him to comply with the N. Y. State Workmen s
Compensation Law. (c) $733,000 of the $950,000 1st M. bonds dated
Dec. 1892 of the former Central New York & Western RR. (merged in
1899); of these .15950.000 bonds, $217,000 were heretofore canceled.
Cost of Irnorovcnicnts and Additions.
For three years prior to the_ receivership (which bsgan Aug. 1 1905), the gross earnings were insufficient
to defray the operating expenses, and it was estimated that in order to put
the mortgaged properties on a paying basis an expenditure of nearly
$4,000,000 would be required for repair, improvement, betterment, retrenchment and additions to the said mortgaged properties, which est_imate
was based upon expert opinion and advice. The receiver has accordingly
expended under orders of Court approximately this sum for additions
and betterments, such as construction of passing tracks, bridges, water
stations, freight and passenger stations, the acquisition of locomotives
freight, passenger and caboose cars and one steam wrecking crane of 100
tons capacity; the construction of 18 miles of new railroad, and the payment of orincinal and interest of sums due for the purchase of coal lands.
Of said .$4,000,000, about $1,000,000 has been taken from net earnings
after the pa.vment of interest on receiver's obligations, operating expenses,
maintenance of way and eqviipment charges and the remainder has been
provided by the sale of .$3,100,000 of his certificates of indebtedness, $2.040.000 of the proceeds of which were expended in the purchase of equipment, the cost of such eriuinment per mile of systf^m being $11,0S6.
Earnings.
The earnings for years ending June 30 have been:
—
—
—
—
Operating Revenues of the Railroad for the Nine Fiscal Years.
Ae(.
Gross.
Years
Gross
Years
Net.
1907-08-.
$831,717 $36,305 loss 1912-13- -.$2, 003. 277 $476,448 gain
•
1908-09..
1912-14--- 2,099,975 320,027 "
836,465
11,512
1909-10-.
1.170,025 249,186 gain 1914-15-.- 1,834,056 385,137
1910-11-.
1,331.755 212,770
1915-16-. - 2,405,641 599,034
1911-12-.
1,482,649 470,037
Pittsburgh A Shawmut RR.
Parties owning the principal interest in the
properties have constructed the Pittsburgh & Shawmut RR. to Freeport, in
the Pittsburgh District, consisting of main line and branches of 104.02
—
—
—
4%
Newport News & Hampton Ry., Gas
&
Electric Co.
{Report jor Fiscal Year ending Dec. 31 1916.)
Pres. J.
of Allen
Results.
N. Shannahan, on March
20, submitted the report
Peck, Inc., Managers, which said in substance:
The total operating revenues show an increase of .$97,540 over
&
—
1915. or 10.65% while the net earnings from operations Increased .$63,504,
or 16.21%.
The earnings show gains in all departments because of good
business conditions, due to activity in shipbuilding and shipping.
Net income, available for depreciation and dividends, was .$188,432. an
increase of $58,469, or 44.98% over 1915.
Of this amount, in 1916.
$71,209, or 7.03% of the gro.ss earnings has been credited to reserve for
depreciation, extraordinary renewals or purchase of bonds.
The gross earnings of the railway show an increase of $58,895. or 16.56%
In the gas department the decrease of $19,140 in gro.ss earnings is caused
by the change in accounting by which the Income from residuals and
merchandise is placed in a separate account, and only appears In the net
earnings; on the same basis, there is an increase of $9,861. or 7.42%.
During the year 349 meters were added, there being 5,891 meters in use
Dec. 31 1916.
The gross earnings of the electric light and power department show an
increase of $39,112 over 1915, or 18.21%.
During Oct. 1916 this department began supplying the Ne^vport News Shipbuilding & Dry Dock Co.
with electric current under contract, materially increasing the earnings
of this department.
,
.
.
AUG. 25
THE CHRONICLE
1917.]
During the year there were 504 meters connected, making a total on
Dec. 31 1916. of 5.866. The earnings per meter were $43 28 in 1916,
against S40 04 in 1915.
In 1916. 44 motors were connected to our lines,
with an increase of 3,398 h. p. in connected load. In 1916 the k. w. h.
sales in this department were 7,081,795.8; 1915, 4.504,824.7, inc.. 57.20%.
The gross earnings of the ice department increased $18,672, or 10.16%.
Operating expenses of the combined property show an increase of .$34,036.
The ratio of operating expenses to gross earnings was 55.09%, against
57.25% in 1915.
During 1916 we paid to employees $27,363 more in wages than in 1915.
Improvements and Betterments. The improvements and betterments
authorized by the directors, and carried out during the year on the railway
department amovmted to $102,239; on the gas department. $29,780; and on
the electric department. $19,652; making a total of $151,671.
Owing to the increase in power demand there was purchased and partly
With the ininstalled an additional turbine at power plant, Hampton.
—
stallation of this turbine an additional 4.500 k. w. in capacity has been
added to the station, making a total available capacity of 10,300 k. w.
[The company has filed an application with the State Corporation Commission at Richmond, Va., to increase the authorized capital stock from
$2,375,000 ($1,250,000 6% cum. pref., with $1,000,000 outstanding), and
$1,125,000 common, all out, to $4,000,000 V. 105, p. 716.]
—
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
1913.
1916.
$1,013,712
558,543
35.519
$916,172
524,506
28,880
$813,861
489,821
27,292
$794,176
493,280
25,941
$419,650
3,273
$362,785
3,089
$296,748
6,373
$274,955
27,114
$365,874
$303,121
$225,690
4,218
60,000
.$282,069
Depreciation
$422,923
$228,687
5,804
60.000
33,750
71,209
Balance
$23 ,474
Gross earnings
Operating expenses
Taxes
Net earnings
Other income
Total income
Bond
Other
interest & discount
interest, rents, &C-
Pref. dividends
(6%)
Com. dividends (3%)--,
siu-plus
1915.
1914.
.$227,740
8,171
60,000
$195,550
27,125
$59,393
$13,212
$44,884
Assets
—
1915.
S
Land, plants&equip.B ,808,48.3 6,722,299
Additions (net)
135,242
86,184
Organization exp
23,94:3
23,943
Investments
1 1 ,308
15,308
Materials & supplies
79,220
63,209
Acc'ts & notes receiv
less reserves
94,962
88,348
16,024
Cash
*23,:3S7
Cash
est,
bond
&c___
for
Total
132.223
3,828
619
30,736
7,343,950 7,121,679
1916.
—
Preferred stock
Common stock
1915.
S
1
1
,000,000 1,000,000
,125,000 1,125,000
!
Total
7,343,950 7,121,679
At Dec. 31 1916 the company was entitled to receive additional bonds
of its first and refunding issue to a par value of $151,000.
X Includes in 1916 Citizens Ry., Lt. & Pow. Co. 1st 5s, $69,000; Newport
News & Old Point Ry. & Elec. Co. 1st 5s, $900,000; and Gen. Mtge. 5s,
$46,000; Hampton Roads Trac. Co. 1st 4Hs, $68,000. and Newport News
& Hampton Ry., Gas & Elec. Co. 1st & Ref. 5s, less in treasury, $3,581,000.
*
—V.
105, p. 716.
Manila Electric Railroad & Lighting Corporation.
{\2th Annual Report
Year ending Dec. 31 1916.)
Pres. Charles M. Swift, N. Y., June 5, wrote in substance:
—
—
Results.
The gross earnings for 1916 were $1,594,079, an increase over
1915 of $99,291, or 6.64%; operating expenses and taxes were $835,424, an
increase of .$72,465. or 9.5%; and the .surplus for the year, after deducting
interest charges and sinking fund, was $449,838, an increa.se of $24,484, or
5.76% over 1915. The replacements and renewal reserve was credited with
$80,000 and four quarterly dividends of 1>2 % each, amounting to a total
of $300,000 were paid.
This left a balance of .$69,838. which was transferred to surplus, making the accumulated surplus Dec. 31, $1,680,740.
The gross receipts in the railway department for the first six months of
the year were slightly less than for 1915, but during the last six months of
the year the passenger revenues increased about $6,000 per month, so that
the final total increase for the year was $31,450. Indications are for
continued improvement.
In 1915, on account of the discouraging conditions in Manila, the maintenance work was restricted to a minimum, but in 1916 this was partly
compensated for, which resulted in increased operating expenses. These
extra expenditures were principally on cars and track, and were abnormally
high on account of the constantly increasing cost of materials and the
almost prohibitive ocean freight rates.
Increased earnings in the electric department were from power and lighting customers.
The returns from municipal lighting were less for the first
ten months of the year owing to the changing to modern series incandescent
lamps, imder the new ten year street lighting contract. Earnings in Nov.
and Dec. were larger than in 1915, and should increase steadily in the
future as the municipal authorities are taking advantage of the improved
service given at the lower rates to increase the number of public lamps.
Replacements and Renewals.
During the year, due to the state of affairs
caused by the war, less than half of the original amount estimated for 1916
was expended for replacements and renewals, the total amounting to only
The amount estimated by the representative of the J. G. White
$106,778.
Management Corporation for the complete program of rehabilitation covering a period of four years from 1916 to 1919 is about $750,000. This amount
it is estimated can be furnished as required from the reserves and surplus
without changing the present rate of dividend payments, providing of
course, that business conditions continue prosperous.
Surplus Account.
Truck construction and equipment was written off in
the amount of $92,574 to .$5,000, a conservative valuation. Replacements
and renewals reserve, based on estimated percentages each year from the
beginning to Dec. 31 1915, showed that an additional .$431,000 .should be
segregated from surplus and credited to replacements and renewals, which
was ordered done by the directors. This reserve account was further
credited in 1916 with the $80,000 previously referred to, and beginning with
1917 the directors have increased this credit to reserve for replacements and
renewals to $108,000 per annum. On Dec. 31 1916, the balance of the
reserve account for replacements and renewals amounted to .$650,000.
Bonds.
During the year there were purchased by the trustees .$42,000
5% 50-year 1st Lien and Collateral gold bonds, making a total of $297,000
of bonds in the sinking fund Dec. 31 1916; also, $5,000 1st Mort. 5% 40year bonds of the Manila .Suburban Rys., making a total of $24,000 in the
sinking fund on Dec. 31 1916.
Outlook.
All business in Manila and the Islands generally has improved
materially. Exports have largely increased while imports are approximately
the same. Political conditions are quiet and activities for immediate
independence have ceased.
The dividend rate remained at 6% for the year.
—
—
—
—
CONSOLIDATED INCOME ACCOUNT FOR YEARS ENDING DEC.
1916.
31.
1915.
1914.
Gross earnings
$1,594,078
Oper. exp. and taxes...
835,424
1913.
$1,494,788
762,959
$1,602,002
818,415
$1,698,594
790,787
Net earnings
Bond &c. interest
$731,829
$264,975
41,500
80,000
(6)300.000
$783,587
$277,717
28,250
80,000
(7)350,000
$907,807
$277,617
28,250
80,000
(7)350,000
$686,475
$45,354
$735,967
$47,620
$735,867
$171,940
Sinking fund res
$758,654
$265,0.33
43,783
Replacement. &c., res..
80,000
Dividends paid
(6)300,000
Total deductions
Balance, surplus
$688,816
$69,838
CONSOLIDATED BALANCE SHEET DEC.
Assets —
1916.
1915.
s
S
Cost of properties,
plants & franchises sub. C03-12,430,971
Cash
12,411.498
171,003
31.
1916.
Liabilities
$
Cap. stock issued. 5,000,000
With trus. for Corp. 1,000,000
5%
50-yr. 1st
1915.
S
5,000,000
1,000,000
L.&
ColI.T.s.f.bds.x4,700,000 4.742,000
Man.Sub.Rys.lst53 y542,000
547,000
accounts
647,838
579,910 Current liabilities.
208,542
64,364
Cash for sink fund
8,180
7,505 Accrued interest. _
92,717
92,717
Reserves762,310
3.56.183
Surplus
z918,430 1.367,653
Total.
13,223,999 13,169,916
Total
13,223,999 13,169,916
137,010
Other current, &c.,
.
m
X The total authorized was $5,000,000; less bonds
sinking fund,
$297,000; in hands of trustee in lieu of mortgaged property sold, .$3,000.
y Total authorized $2,500,000; issued $650,000; less $84,000 bonds in
treasury and $24,000 bonds in sinking fund.
z After adding $48,458 carried as reserves for sinking fund transferred to
surplus and deduct $431,000 adjustment of reserve for replacements and
renewals, $92,574 electric trucks and equipment written off and sundry
items (net) aggregate $43,945.
Since Jan. 1 1917 there has been added $49,000 face value 5% 50-year
1st Lien and Collateral trust sinking fund gold bonds to the sinking fund,
making the total bonds in that fund $346,000. V. 103, p. 491.
—
American Hide
(ISth
&
Annual Report
New
Leather Co.,
York.
— Year ending June 30 1917.)
President Theodore S. Haight says in substance:
The operations resulted in a profit of $2,768,048 which,
Results.
—
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 $1,762,750.
The volume of business was
slightly in excess of that of the previous year.
Excess Profits Tax.
Provision of $400,000 has been made for estimated
excess profits tax based on the revenue bill as reported to the Senate and this
with the general increase in other taxes, makes an increase in the chariJce for
taxes, other than those chargeable to manufacturing, of about .$435,000.
Plants Sold.
The sale of the sole leather plants, referred to in last year's
report, has been completed during the year.
V. 103, p. 753.
Bonds.
The bonds in the hands of the public at June 30 1917, amounted
to $3,450,000. having been reduced during the year by .$398,000.
Of this
total, $150,000 con,sists of the regular appropriation under the mortgage
and .$242,000 are bonds purchased out of accretions to the sinking fund.
The bonds in treasury in anticipation of immediate sinking fund requirements amounted to $407,000 at June 30 1916; during the year there were
purchased $398,000 bonds making a total of $805,000. Of these .$392,000
were sold to the trustee for the regular appropriation and accretions and
$288,000 for the bonds held as invested proceeds of property sold, leaving
a balance in the treasury in anticipation of immediate requirements at
June 30 1917, of $125,000.
The charge to income account in respect of the appropriation for sinking
fund for the past year, together With interest on the bonds in this fund, has
been .$415,150 and as usual, this, in conjunction with the outlay on replacements and repairs, is considered as taking the place ofanyspecificprovision
for depreciation.
The amount standing against cost of properties on June
30 1917 was $26,748,570, an increase of $97,064, as compared with June 30
1916.
Of this amount $23,800 represents an increa.se in our investment in
the United States Glue Co., a company that utilizes our by-products,
$10,000 repre.sents additional real estate purchased and the balance is
made up of miscellaneous additions to plants.
Balance Sheet. The total current assets at June 30 1917 amounts to
$17,152,093 and the current liabilities to .$4,791,044, leaving net current
assets of $12,361,049, in increase during the year of $718,443.
The net
current assets at June 30 1917 exceeded the total par value of the bonds
outstanding by an amoimt of $8,911,049, leaving in addition thereto the
entire plant and good will standing against the capital stocks of the company.
Dii'idcnds.
Dividends were paid on the preferred stock of 5% on Sept,
1 1916, and 2J^% on Feb. 15 1917, and since the close of the accounts a
dividend of 2H % has been declared, payable Oct. 1 1917. V. 103, p. 494.
Market Prices. The revision of the valuation of finished leather mentioned
the quarterly report issued July 28 has been on a ba.sis to conform
to pi'ices of last year to the extent of an equivalent amount of stock and
the remainder at cost as nearly as can be ascertained, both being below
present conservative market or replacement value. This resulted in an
increase of .$361,924, as compared with the valution used in the quarterly
reports.
The re.serve for pos,sible depreciation of inventories has been
increased by $100,000, this amoimt being proportionate to the increase in
the inventory during the year, making a total reserve for this purpose of
$350,000.
—
31,
do New. N.Dist.
Ice Co. with public
7,900
7,900
Capita! surplus
14,733
14,733
Funde del)t
x4 ,064,000 4,469,000
Bills payable
169,160
80,000
.Accounts payable
76,283
41,721
Consumers' <leposits.
26,4.53
23,031
96,659 .4ccr. bond, &c., int. 106.160
102,806
2,637 Reserve for dividends
60,000
60,000
7,068 Reserves
98,539
39,851
Surplus
84,882
68,477
inter-
Prepaid insur.&taxes
Deferred chgs.to op.
Bond discount
LiabilUies
813
—
25,080
CONSOLIDATED BALANCE SHEET DECEMBER
1916.
S
,
,
.
—
—
—
—
—
—
m
,
INCOME ACCOUNT OF COMPANY AND
June 30 Years—
Gross output
1916-17.
ITS SUBSIDIARIES.
1914-15.
191.5-16.
1913-14.
—
*$24,076,824*$23,559,749 $19,092,483 $17,759,076
Expenses
Hides & skins used, &C.1 $19,490,799 $19,487,455/$11,481,192 $12,187,667
Mfg.supplies&expensesf
4,383,750
3,264,645
Discounts
1,083,511
824,574
932,509
754,180
General and selling exp.
490,731
x973,127
514,379
529,103
[
Total
Trading profits
$21,396,435 $21,061,697 $17,203,895 $16,735,595
$2,680,389 $2,498,0.52 $1,888,588 $1,023,481
23,355
16,717
41.202
Div. rec'd on pref. stock
held in trust
33,877
Add miscell. income
Total
Deduct
—
$2,730,983
$2,521,407
$1,888,588
$1,064,683
.$234,786
.$204,011
4,512
6,849
$173,937
18,825
$188,296
17,195
511„500
155,781
74,404
511,500
149,948
511,502
153,155
$ 878,141
$1,643,266
$928,614
$959,974
Replace'ts, renew. & rep.
reserve..
Interest on loans, less
interest earned
Bad debts and
Int. on 1st M. bonds _.
Cost of 150 bonds for s. f
Preferred di vs. (7J4%).
29,057
511,500
1,54,500
87, .330
975,000
Total deductions
$1,909,356
Balance, surp. for year.
$821,627
.$957,478
$107,205
After deducting in 1917 $10,000 special reserve against possible depreciation of inventory against $250,000 in 1915-16.
x Includes in 1916-17
general and selling expenses, .$491,727 and taxes (incl. estimated excess
profits tax) other than those charged to manufacturing costs, $481,400.
BALANCE SHEET OF COMPANY AND SUBSIDIARY COS. JUNE 30
1917.
1916.
S
$
aCost of proper's. 26, 748, 570 26,651,506
b90,851
Sinking fund
82,225
el3,668,202 9,537,653
Supplies
2,342,714
Bills &accts.rec..c2, 289,023
Sundrie3,claims,&c.
9,050
5,120
Insur. unexpired &
122,508
100,624
prepaid Interest
A.sscts
Cash
Total
—
1,063,310
1917.
1916.
LiabilUies
$
$
Preferred shares.. 13,000,000 13,000,000
Common shares.. 11.500,000 11,500,000
1st M.
bonds. d3, 450,000 3,848,000
Interest accrued..
170,500
170,500
—
6%
payable
Foreign exchange.
3,600,000
216,530
297.949
f 506 ,065
Acer, taxes, &c
Sink, fund 1st M.. 4,539,282
1,071,791 Surplus
6,711,188
43,991,514 39,791,633
Bills
Trade accounts.
Total
.
872,223
273,388
99,186
4,138,776
5,889,560
43,991,514 39,791,633
a Cost of properties includes 4,517 shares pref. and 2,2,59 shares common
trust,
stock of American Hide & Leather Co. held
b Includes only cash
and accrued interest, the par value of bonds in sinking fund (.$4,472,000 in
1917, against $4,080,000 in 1916 not being treated as an a.s.set See footnote d. c After deducting reserves of $186,450 for doubtful debts and
discounts,
d After deducting .$475,000 bonds in treasury, $4,472,000 bonds
in sinking fimd (see foot-note b), .$478,000 held by trustee as Invested proceeds of released property sold and $12,5,000 in treasury in anticipation of
immediate sinking fund and other requirements, e After deducting in
1917 $350,000 reserve for possible depreciation in values of raw stock and
tanning materials on hand, f Includes in 1917 taxes and estimated excess
profits tax $471,000.— V. 105, p. 718, 390,
m
—
THE CHRONICLE
814
U. S. Light .& Heat Corporation, Niagara Falls, N. Y.
{Annual Report for Fiscal Year ending June 30 1917.)
Pres. .J. Allen Smith, Niagara Falls, Aug. 8, reported:
fVoL. 105.
The American Ship Building
Co.,
{Report for Fiscal Year ending June
Cleveland, O.
30 1917.)
CONSOLIDATED RESULTS FOR FISCAL YEAR ENDING JUNE
Net
30.
1915-16.
1916-17.
^
,
deductmg
mfg.
exp. .$4, 800, 012 $1,643 646
Divs. from outside investments and Interest ac^,
,.
.
,
earns, all propertias after
Whereas the company had previously operated at a loss for sovoral yearsi
this past year showed a profit, as appears from the followirjK facts:
Losses
for the vear eiuJiiiK .Iimc 30 lOlfi amounted to SS.'Jl ,702 and the losses conBut the profits
tinued tlirouKh the first 8 months of the year just past.
of the last four months absorbed all the losses of the earlier months, and
This is a net improvement
finally left a not profit of S4,884 for the .year.
of $330,077 over the previous year.
Nearly two months of the past year had transpired before the company
was able to overcome certain handicaps, and thus obtain orders on a .satisAll the patent suits pending at the time of the last report
factory basis.
have been heard The lower court has decided that the co. does not lnfrini?e.
The war conditions, because of the necessity of the railroads' expanding
their freight service at the expense of their passenger service, have militated against the sale of the corporation's lighting equipments for passenger
But the company's business in the railroad field has nevertheless
cars.
been good and the storage-battery business has shown consistent improvement both as to contracts with automobile and other manufacturers and as
to the steady expansion of a system of service stations throughout the
Total Income
.$5,617,985 .$1,808,770
Deduct General, &c., expenses, incl. insurance, &c. $424,310
$369 395
Taxes. $272,418; deprec $003,039; int. on Buffalo
Dry Docks Co. and notes payable, $19,302
894,759
497.263
Maintenance of buildings and docks, $113,652; of
machinery and equipment, $037,224
750,876
362,805
Special allowance for excess profits taxes for past
six months (est.)
400,000
Important
Net Income
.
cities.
rapid increase in cost of both labor and materials and unusual traffic
conditions of the past winter were successfully met, due to the orjianizat ion
being permitted to devote its entire time to its manufacturing problems.
Many economies have been effected, as will be noted, the expenses being
materially less this year, although the volume of business shows an increase
Further economies will be made as rapidly as consistent and as
of 72%.
earnings permit of improvements to the plant and equipment.
"l^he
STATEMENT OF OPERATIONS FOB FISCAL YEAR ENDING JUNE 30.
1916-17.
Net shipments billed
and
Repairs
for year ending
renewals,
$02,376;
June 30
$3 ,017 ,874
manufacturing
1915-16.
$1 ,751 ,365
-
2,559,711
1.564.705
Manufacturing profit for year ending June 30...
$458,163
373,142
$186,600
398,056
cost, $2,497,-335; total
-
Selling exp., $195,973; adminls. exp., $177,169
Balance from operation
Sundry income
$85,021 loss$211, 397
0,110
Total income
Deduct Int. on bonds, $59,562; disct. on sales, &c.,
$17,998; other int., &c., $8,457; less disct. on
purchases, &c., $25,755
Reserve for bad accounts charged to operations
$91,131 loss$211,397
Balance for year ending June 30
Extraordinary expenditures connected with reorganization (transferred from unadjusted debits
at June 30)
Extraor. expenditures connected with patent suits
(transferred from unadjusted debits at June 30).
$12,854 loss$248,406
—
00,260
18,017
—
1917.
1916.
?
•S
Real eat., plant, &c.l ,369,980 1,335,557
Stock in U. S. Lt. &
Assets
146,896
25,000
723,384
Due on
1
treas. seeurs.
Liabilities
Common
orized
7,970
56.909
1917.
—
1916.
S
S
stock auth-
and actually
issued-y
1
3,778,250 3,778,250
377,450 Pref. stk. auth. and
actually issued.z. 2,995, 150 2,995,150
25,000 1st M. sinking fund
281,250
1,000,000 1,000,000
6% bonds
Accounts payable
142,890
219,255
312, .500 Notes pay.able
100,000
300,428
968,706 Unmatured items ac62,106
98,000
crued
18,231
8,563.314 8,341,396
263,000
252 ,000
8,563,314 8,341,396
Total
y After deducting $221,750 common stock reacquired and held In treasury,
z After deducting $4,850 pref. stock reacquired and held in treasury.
—V.
105, p. 723.
Mathieson Alkali Works
(Inc.),
Providence (R.
I.)
and
Saltville (Va.)
{Report for Year ending
June 30 1917.)
Pres. Edward E. Arnold, Providence, Aug. 18, wrote in
subst:
Par Reduced, &c. During the past year, the par value of our common
stock has been changed from $100 to $50, and this stock has been listed
on the New York and Boston Stock Exchanges. The preference given to
the preferred stock has been changed to include a sinking fund of not less
than $50,000 per annum, the proportion applicable for 1916 being $17,000.
We have already arranged for the necessary sinking funds for 1916 and 1917.
Bonds. The Mathieson Alkali Works (Inc.) has no outstanding bonds
or mortgage and the Castner Electrolytic Alkali Co. $340,000 bonds were
all paid on May 1.
Proposed Acquisition. The Mathieson company is furnishing money for,
and arranging to take stock in, a railroad being built from Saltville, which
will give access to an additional limestone quarry.
Results.
The earnings of the Mathieson Alkali Works and of its subsidiary company, Castner Electrolytic Alkali Co., have been satisfactory.
Dividends have been paid on the stock of the Mathieson Alkali Works,
7% on the preferred and 6% on the common, and a substantial surplus
—
—
—
—
—
has been accumulated.
—
Merger.
Inasmuch as all of the capital stock of the Castner Electrolytic
Alkali Co. has always been owned by the Mathieson Alkali Works, it has
been found expedient to merge the former into the latter company. This
has accordingly been done and the] consolidation is effective on Aug. 1 1917
submit herewith the combined figures of the two companies for the year
ending June 30 1917.
While all expenses have been included in the figures here given, no
deduction has been made from the earnings to anticipate the Government
taxes of next year which reports indicate are likely to be large. Just what
they will be is as yet unknown.
We
DISTRIBUTION OF PROFITS FOR YEAR ENDING JUNE
Profit, incl. Castner Elec.
1st M. bonds retired
30 1917
$340,000
12.915
221,872
353,142
Alk. Co
$1,639,584 Virginia back taxes
Disposed of
Pref. dividends (7%).-Plant
$491,191 Com. dividends (6%)..Pref. stock for sink fund.
95,638 Changes in secur., cash,
invent., etc. (net)
Liberty Loan bonds
60,000
—
COMBINED BALANCE SHEET, JUNE
30,
64,826
1917.
Real prop. &gen'I plant. $6,631,424 Common stock
Franchise & good will
2,000.000 I'referred stock
Cash
_
508,910 Accounts payable
Securities owned
779,635 U. S. Gov. income tax
Accounts receivable
108,873 Sinking fund
Inventories & store
848,514 Profit and loss
Prepaid accounts
52,539
Pref stock purchased
95,639
V. 103, p. 1035.
.
—
Net income
for year ending
1916-17.
.$3,148,040
3,361,024
Previous surplus
Total
Abandonm't West. Bay
1
J'-^^^
1 85
,764
,
$3,148,040
$6,509,064
$579,307
3,058,217
1914-15.
$5,406
2,965,829
$3,637,524
$2,971,235
191.5-16.
City plant
Depreciation of market
value securities
Preferred dividends.. (10M)829,.500(3^)276, 500
Common dividends
(7)532,000
$579,307
30.
191.3-14.
$279,305
6.561,366
$6,840,671
439.136
683.800
(3^)276,500
Balance, forward
$5,147,564 $3,361,024 .$2,971,235 .$5,441,235
The profit and loss surplus June 30 1917 before deducting $400,000
estimated allowance for excess profits tax (for late
mos.) was .$5, 547, .564,
divided as follows: (1) Amer. Ship Building Co., $3,787,052, and (2) sub.
COS., $1,760,512, viz. (a) Detroit Ship Building Co., .$470,412; (6) Chicago
Ship Building Co., $23,841; (c) Superior Ship Building Co., $17,542;
(d) Buffalo Dry Dock Co., $1,217,268; (e) Milwaukee D. D. Co., $31,449.
CONSOLIDATED BALANCE SHEET JUNE
30.
1917.
Assets
S
Plants, prop., &c. 9 ,635,298
Good-will, patents 5 ,489,516
1917.
LiaMlUies
S
9,783,385 Stock, preferred.. 7,900.000
5,489,516 Stock, comin:)n
7,600,000
Buffalo purchase
1,123,697
money mortgage
550,000
091,177
12,000
550,000 Bills payable
Accounts payable. 1,011,018
487,445 Accrue! interest,
taxes, &c
199,468
420,000 Unp.ild pref. divs.
138.2.50
813,196
do com. stock.
418,000
1,077,705 Adv. rec'd on con662,122
strc. contracts
10,573,-595
Reserve funds...
b673,348
Surplus
5,147,564
2,813,784
162,696
—
Western D. D. &
S. B. Co., Ltd..
Scott SS. Co. stk.
Liberty bonds, &c.
Securities owned. .
Unp'd bal. on ship
1
240,510
1, 693.441
Inventory
& notes rec.
Cash
U.S. Treasury
1
,375,546
a8 194,756
cer-
tificates, &c
Work under con.st.
4,
502,336
683,116
193,546
1916.
S
—
1916.
S
7,900,000
7,600,000
150,000
478,525
465,496
121,423
138,250
2,972,663
196,165
3,361,024
Total
33,661,243 23,383,-545
Total
...33,601,243 23,383,-545
a Includes In 1917 cash on hand, $13,422; on deposit (current accts.),
$1,531,334, and interest-bearing certificates of deposit, $6,050,000. b Includes in 1917: fire insurance, $148,752; for construction, contingencies,
scrap adjustment, &c., $124,596, and for excess profits taxes (est.), $400,000-— V. 105, p. 718.
Aetna Explosives Company,
Inc.,
New
York.
Dated Aug. 20 1917.)
Receivers Geo. C. Holt and Benj. B. Odell Aug. 20 wrote
{Receiver's Report
in substance:
—
Business.- The busine.ss of this company is of two kinds, viz.: (a) Commercial Business: This consists of the manufacture of black powder, dynamite and other high explosives for commercial uses. The gross amount
manufactured for these uses does not exceed -SoOO-OOO per month.
(6) Military business: At the time of the receivership the chief business
of the company consisted of the sale of military explosives.
The company had four important contracts, made in its own name, with
the French Government for the sale per month of 1 ,000,000 lbs. of trinitrotoluol; 1.150,000 lbs. of picric acid; 1,000,000 lbs. of smokeless powder, and
750,000 lbs. of militar.v guncotton. The company also had a contract
for the sale of 1 ,500,000 lbs. per month of smokeless powder to the Imperial
Munitions Board of Canada. In addition. It had a contract with the
U.S. Government for the sale of smokeless powder; it also had a contract
with the British Government on which, however, no deliveries were being
made at the time of the receivership. The manufacture of explosives
under these contracts is to be done at plants owned and operated by subsidiary companies, namely, Aetna Chemical Co. of Me. and Aetna Chemical
Co. of Canada, Ltd. The Aetna Explosives Co., Inc., owns five-sixths of
the stock of each of these companies.
Properties
Owned by the Aetna
Explosives Co. and Its Subsidiaries.
Plants Owned Either by the Aetna Explosives Co., Inc., Directly or
by Subsidiaries all or Substantially all of Whose Stock it Owns.
Plant.
Product.
Location.
Aetna
Guncotton.
Aetna, Ind.
Fay^riiie
Commercial powder.
Fayville, 111
(o)
Goes
Goes, Ohio
Jefferson
No. Birmingham, Ala.
Keystone
Emporium, Pa
Ont
Prescott
Prescott
Pluto
Brewster
Ishpeming, Mich
Port Ewen, N. Y
Sinnamahoning, Pa
Xenia, Ohio
Sinnamahoning
Harrington
Emporium
Warren
,
Emporium, Pa
Warren, Pa
Black powder.
Commercial powder.
Commercial powder.
Fulminate of mercury.
Commercial powder.
Blasting caps.
Commercial powder.
Blasting caps.
Commercial powder.
Guncotton.
These plants were carried on the books April 19 1917 at $2,961,826.
(6) Plants Owned by Aetna Chemical Co. of Maine.
Plant.
Carnegie
Location.
Carnegie, Pa
Howard Smokeless
Emporium, Pa
Howard Picric Acid.. Emporium, Pa
Noblestown
Noblestown, Pa
Oakdale
.Oakdale, Pa
Silverford
Mt. Union, Pa
Product.
Phenol and T. N. T.
Smokeless powder.
Picric acid.
T. N. A.
T. N. A.
Smokeless powder and
T. N. T.
Thebookcostof these plants as of April 19 1917 is placed at $7,764,588.
(c) Plant Owned by Aetna Chemical Co. of Canada, Ltd.
Drummondville
plant, located at Drummondville, Quebec, Can., manufacturing smokeless
powder. Book cost of this plant April 19 1917 $2,987,190.
Of the above plants, the following are not now in operation: Keystone,
Harrington, Warren, Noblestown (all partially dismantled), Howard
Smokeless and Drummondville plants.
Inter-Company Indebtedness. The company advanced funds to the
Chemical Companies of Maine and Canada, both for construction and operation, and due to the tnter-companv transactions, there remained as of
April 19 1917 a debt due from these companies of $14,656,208.
—
—
Operating Conditions.
$5,885,700
3, 169 .6(10
248,540
508
June 30
AND LOSS ACCOUNT FOR YEARS ENDING JUNE
PROFIT
both at the plants and
(Total each side, $11,085,533.)
165 124
,
Def., &c., accts..
30.
751,973
—
Accts.
26,478
under contr. ol sale
1 ,259,926
Mat'ls & supplies
Disct. on fund, debt
92,840
Deferred charges
11,547
8,721 Special reserve, origiPatents & good-will. 606,832 4,602,419
nal property acProfit & loss
326,908
331,792
quirement
Total
—
crued, $188,892; profit on seeurs. sold, $527,300;
miscellaneous (net), $35,781...
construction
GENERAL BALANCE SHEET JUNE
Stockholders' Protec.
Com., cash cl'm'd
Bills & accts. receiv.
12,909
sur.$4,884def.$331,792
Balance, surplus or deficit.
Ht. Co. or Maine.
Cash and cash items
24,100
Add
receivers found unsatisfactory conditions
—The
the organization. The lack of working capital
in
entailed large and excessive charges for interest, for demurrage, &c., and
caused a shortage in raw materials. "The overhead expeness also appeared
to be excessive, and altogether the outlook at the beginning was most unpromising. Our first effort was to correct these conditions and to reduce
expenses.
The saving in salaries alone was about $200,000 a year.
Raw Material Contracts. Some of these contracts were most unfavorable
and in many instances we were enabled to make satisfactory agreements
with the sellers for a modification of the terms. In other instances, where
the prices were reasonable, the contracts were adopted; in stUl other.cases,
—
.
J
where the prices were considerably over the present market, we disaffirmed
the contracts. We have now made contracts for the purchase of the greater
part of the raw materials needed in the manufacture of the military explosives under existing contracts.
,.^.
,
Financial Condition of Co. on April 19 1917. The financial condition
cona
malie
to
management
for
the
necessary
of the companV had made it
tract for the borrowing of money, secured by the manufactured product,
pending payment by the French Government under its contracts, thus
providing a credit of about $1,000,000. The rate of interest paid was
high, and in addition there were bonuses of large sums allowed for the accommodation, as well as restrictions and extra insurance and other incidental
expenses, that made the cost of these borrowings run up beyond 30% per annum. This aforesaid contract had only 11 days to run when we took
—
possession.
.
,
,
-iir.
Attention is directed to the following items In the balance sheet of April 19
1917. viz.: Contracts, good-will, &c., $3, 524,513; financing and organization
expense, $2,485,388; total, 86,009,901. The intrinsic value of the former
Item is dubious, and the latter item, being expenditure incurred primarily
for the raising of funds for the construction of war plants, should be regarded as the first asset to be amortized.
For comparison, and with a view to conservative accounting, we shall
for the time being set aside the two items referred to and treat them as
being partially liquidated to the extent of $5,147,778 by the amortization
fund of $5.074,1 58 and the premium on capital stock sold of $73,621, shown
on the liability side of the balance sheet. After making these changes,
the apparent surplus of $293,947 disclosed by the April 19 balance sheet
is converted to an apparent deficit of $568,138 as of that date.
From April 20 to May 31 1917, a period of 41 days, the prof its
Restilts.
under the receivership were $533,929, or more than twice as much as the
During June,
total profits of the company from Jan. 1 to April 19 1917.
according to the books, there was a profit before making any charges to
amortization, of $518,437. In other words, the receivership from its inception on April 19 1917 to and including June 30 1917, shows profits
before charging anything to amortization, but after all interest has been
deducted, of $1,048,179. The actual profit, however, was $1,052,366,
the difference of $4,187 being explained by credits in amortization etc.
The actual profit for July, however, after allowing for sundry credit
items, is $595,690. On reviewing the receivership from April 19 to July 31
1917. a total profit of $1,648,056 has been earned, before amortization.
Contingent claims for commissions involving
Contingent Liabilities.
several millions of dollars are being contested, and are not included in the
statement of liabilities below. The more important of these have been set
down for argument in Sept. 1917. There are also large claims for breach
of contracts (for raw materials) disaffirmed by the receivers.
On Aug. 11 1917 a fire occurred at the guncotton
Fire at Aetna, Ind.
plant at Aetna, Ind., involving a total loss of about $100,000. which
This will temporarily interfere with
is substantiallv covered by insurance.
operations at that plant, but it is expected without any resultant loss.
Operations of the Canadian Plant. At the outset of the receivership the
plant at Drummondville, Canada, which was engaged in the manufacture
of nitrocellulose powder for the Imperial British Government at 50 cts.
per lb, was found to be operating at a heavy loss. A proposition to amend
the contract so that the price per pound might be increased to 57 cts. was
not ratified by the British authorities, and the receivers therefore manufactured into powder the raw material on hand. The Imperial Munitions
Board did not exercise its right to call for the delivery of arrears within the
time limit, and as a result no liability exists under this contract. The
plant is now closed and negotiations are under way to sell it.
The receivers found that the four
Modification of the French Contracts.
important contracts with the Republic of France above referred to were
not to terminate until 30 days after an armistice. The receivers desired
to put the business on a more conservative basis, and after many
conferences a modification was agreed upon so that the contracts would
terminate on March 31 1918, with a slight modification in the price of
smokeless powder and picric acid.
Outlook.
In addition to the four contracts with the French Government
above mentioned which now terminate on March 31 1918, the receivers
have negotiated another contract with the French Government for the sale
of a considerable quantity of trinitrotoluol. This contract also terminates
on March 31 1918, with an option to the receivers to terminate it at an
earlier date.
Negotiations for other contracts are pending, and it is
believed that sufficient business can be obtained to continue the operation
of the military plants during the war.
The commercial business of the company is in better condition now than
it was prior to the receivership and the receivers believe that the operation
of the commercial plants will continue to show a reasonable profit.
—
,
—
—
815
and that the profits
equaled and most probably exceeded.
at least $5,000,000
—
Net
1917.
Apr. 1 to Jan. 1 to
Months of
Before
Apr.
Apr. 19' 17.
March.
Receivership
Feb.
Jan.
Net before amort. $135,801 loss$177,129 $178,449
$99,131 $236,252
Month of Apr. 20 to
Month of
Apr. 20 to
(2) Results after
Receivership
May 31 '17. J«n« 1917. July 1917. July3Vl7.
Net before amortization.. $533, 929
$518,437
$595,690 $1,648,056
—
—
W
CONSOLIDATED BALANCE SHEET {INCLUDING SUBSIDIARY COS.)
July 31 '17. Apr. 19 '17.
Adjusted. Unadjust'd.
Liabilities
—
July 21 "17. Apr. 19'17.
Adjusted. Unadjust'd.
Plants, re;il est. ,&c. 2, 307, 5061
Preferred stock
5,495,900 5,495,900
Military pL^nt3_.. 11, 219,494 >14,167,663 Com. stk. (628,no
Cars, &c., equip..
414.5
shs.,
376,023)
Contracts,
par val., repregoodwill, &c
12,568,290 12,568,290
sent
3,524,513
73,621
Cash
225,281 Prem. on stli. sold
1,105,861
Notes receivable. .
,461
Funded
debt
2,226,800 2,188,050
104,490
81
Acc'ts receivable- 1,902,218
44,250
1,792,035 Mtge. outstanding
Mat'lsonhand,&c. 4,349,947 4,194,587 Notes payable
1,641,294
Finished prod, do 3,329,765 3, ,542, 980 Equipment notes.
100,048
Investments
157,263
136,697 Acc'ts payable.. .x3,981,020 2,867,133
Coll. secur.depos's
5,074,158
314,000 Amortiza'n fund-.
314,000
Deferred charges.
142,313
126,184
256,422
115,241 Deprec'n, &c., fd.
Finan.
&
org. exp.
2,485,388
Adv on
.
Total
25,489,961 30,602,875
1.30,000
contr'ts. .
Surplus
Total
1,075,638
& operation
Profit for year
X Includes accounts payable on account of Aetna Co., $1,551,341; and
on account of receivers, .$2,429,679. For further particulars about the
company see V. 105, p. 500. 291.
Albert Pick
& Company,
Chicago.
(Report for Fiscal Year ending Jan. 31 1917.)
President Albert Pick, Feb. 21, wrote in substance:
oiu" fiscal year 1916 we were just emerging from the
At the beginning of
wave that has been sweeping the counti-y and which
had made considerable inroads on our volume the previous two years.
effect of the prohibition
This institution originally catered largely to the bar trade, but for some
years past, owing to the fact that prohilDition forces were gaining ground
continuously throughout the entire country, this company began changing
its character of business by adding new lines.
This brought about the
counteracting influence that prohibition had on our former patronage.
Thus, to-day our institution is in no way dependent upon the custom of the
saloon man; in fact, we find that prohibition territory is a distinctly fertile
one in which to operate.
We are beginning this year under rather exceptionally favorable condithroughout the year 1916 we have been exerting every effort
to secure merchandise, in consequence of which we. how have on hand a
very large stock. This -sviU prove of great advantage to us in the prompt
filling of orders that we receive.
Throughout all of last year we were
more or less hanipercd because of our inability to get goods.
The volume of business done in the fiscal year 1916 was $4,069,703,
against $2,881,067 in 1915, or an increase of 41.2%. The profit for the
year amounts to $354,835. After paying the 7% on our preferred stock
and 9% on our conunon stock, our surplus now stands at $321,438. The
earnings on the outstanding common stock equaled 29%, against 10.2%
in the fiscal year 1915.
Notwithstanding the bright outlook, the year 1917 appears to have
many perplexing situations in store. However, the general business situation seems sound.
The demand for merchandise of almost every character
is heavy, the best proof of this being that our business in Jan. and so far in
Feb. this year exceeds by 40% the volume done during the same period of
I feel warranted in saying tliat we should do a business in 1917 of
1916.
tions, since
31 1917.
Building impr'ts, equipment,
&c (less deprec'n reserve) . .
Patents
$331,172
31 1917 {Total each side, $3,000,519)
$203 ,625
.
$23,663
135,000
Surplui profit for year
$489,835
BALANCE SHEET JAN.
7% cumulative preferred stock
Common stock
$475,000
1
2,025 Notes payable
44,809 Accounts payable
108,534 Accrued taxes
Investments
Casb
Notes
,126 ,500
725,000
190,698
18,721
2,917
5,247
135,000
& acc'ts receivable (less
Accrued preferred dividend
reserve $63,474)
944,112 Miscellaneous
Accrued & prepaid interest
18,705 Reserve for contingencies
Inventories of mdse., &c
1,570,430 Surplus reserved under pref.
Deferred charges
33, 278
stock sinking fund
Value of catalogue circulation.
75,000 Surplus avail, for com. divs
V. 105, p. 77.
9,167
312,271
—
American Sumatra Tobacco
Co., Atlanta, Ga., and N. Y.
(Annual Report for Fiscal Year ending July 31 1917.)
INCOME ACCOUNT FOR YEARS ENDING JULY 31 1917.
Net
$4,758,415 Interest on 3-year notes
2,978,051 Amortization of disc't on notes
Reserve for all taxes
sales
Cost of tobacco sold
Gross profits
$1 ,780 ,364
Selling, &c., expenses
$284,429
Cash disc't on customers' acc'ts
64,887
Disc't on notes pay. and gen'l
int. charges (net)
21,139
Depreciation of buildings
87,500
Total deductions
Balance
Other income
$59,903
51,215
200,000
$769 ,073
$1, Oil, 291
8, 316
Net income
$1,019,607
31.
PROFIT & LOSS ACCOUNT FOR FISCAL YEARS END. JULY
(See above for 1916-17)
Net income
1916-17.
1915-16.
$1,019,607
Miscellaneous charges
Amount charged off
A. Cohn&Co.,Inc
Preferred dividends
Common dividends
good-will
200.000
* (105^)105.000
(14)140,000
1
$646,607
$126,153
1917 against 2 years divs.
70,000
$429,134
1915-16
in
31
1916.
1917.
Liabilities
S
$
6,353.203 Preferred stock
1,000,000
800,000 Common stock
6,800.000
220,497 3-yr. 5% notes
1,000,000
1,137,783 Notes payable
2'5',793
Acc'ts payable
Special res've for
prospec. war tax C 150 ,000
1,103,855
Res've for oth. tax.
50,000
480,437 Pfd.div. pay .Sept.!
35,000
1916.
$
1,000,000
6,800,000
1,250,000
400,000
30,449
—
b600,000
Cash
335,268
Notes & acc'ts reo. 1,916,073
U. S. Liberty Loan
bonds (at cost).
66,000
Merchandise
414,138
Cash exp. acc't of
growing crops-.
Live stock & sup.
Miscellaneous
(7)
(1M)68 ,000
1917.
S
i 16,294,213
Assets^
$499,134
of
BALANCE SHEET AS AT JULY
Prop. & equip
Good-will
1914-15.
$267,653
1,500
Balance, surplus
* Includes pref. divs. paid to Sept.
799,367
137,304
17,917
111,930
65,749
Com.
div.
pay.
Aug. 15
68,000
Miscellaneous
2,976
Insurance reserve.
32,000
Surplus
1,416,513
.
Total
10,580,281 10,279,455
Total
29,100
769,906
10,580,281 10,279,455
a Includes in 1917 real estate and buildings (book value), $6,313,805,
less depreciation on buildings, $87,500; balance, $6,226,305: stable equipment, farm implements, packing house equipment, furniture and fixtures,
&c., $67,907, and capital stock of A.Cohn & Co., Inc., nominal, value $1.
b Good-will of A. Cohn & Co., Inc., recently acquired, cost in common
stock $800,000, le.ss charged off, $200,000. c The directors, anticipating
a pro-war tax, have arbitrarily reserved $150,000 for the purpose of this
expense. Obviously this is but an estimate.
V. 105, p. 608. 391.
—
Dominion
Textile Co., Montreal.
(12th Annual Report
Year ended March 31 1917.)
Vice-Pres. H. S. Holt, Montreal, May 28, wrote in subst.:
The net profits for the year after paying current interest on loans, all
—
and writing off $396,643 for repairs and improvements to
the mills, amounts to $1,582,706. To this amount we have to add $74,378
being a dividend of 2}^% on 29,751 shares of the Dominion Cotton Mills
Co., Ltd., for the year ended March 31 1916, in all $1,657,083. After deducting all charges, taxes, &c., there is left a surplus for the year of $350,632.
Sales for the year amounted to $13,375,750, against $10,438,099 last year,
an increase of $2,937,661.
The difficulties surrounding manufacturing during the year have been
much greater than in any previous period, and costs have materially increased.
The amount paid out for wages was about 21% in excess of last
year, supplies 18%, coal 42% and dyestuffs and chemicals 103%, while
raw cotton is to-day 60% higher than this time last year. Freight embargoes have also been the cause of very great anxiety and increased the
expense of operation.
There is now in operation 10,000 looms, 464,144 spindles, employing
over 7,000 hands.
During the year we acquired the remaining outstanding shares of the
capital stock of the Dominion Cotton Mills Co., Ltd., and the land, buildings, machinery and all other assets of the Dominion Cotton Mills Co.,
Ltd., now belong to the Dominion Textile Co., Ltd., and are included in
the statement presented to you to-day.
mill charges,
INCOME ACCOUNT YEARS ENDING MARCH
293,947
...25,489,961 30,602,875
be at least
will
$4,069,703 Pref. diva, paid & accrued
3,579,868 Special rea've for contingencies
sales.
Cost of mdse.
—
NET RESULTS FOR SEVEN MONTHS ENDED JULY 31
made during 1916
INCOME ACCOUNT FOR YEAR ENDING JAN.
—
.
.
THE CHRONICLE
A.UG. 25 1917.]
(1) Results
.
•
1916-17.
1915-16.
31.
1914-15.
Sales
.-$13,375,750 $10,438,099
Netprof.aft.repairs,&c. $1,582,706 $1,481,195
74,377
Div.2M% D.O.M.Co.
74,378
$7,643,674
$1,230,768
74,250
1913-14.
$8,899,719
$1,196,990
73.385
Total income
$1,657,083
Deduct
Int. on Dom. Tex. bonds
$193,041
Int. on Montmor'cy bds.
26,138
326,665
Rent.&int. Dom. CM.
198,000
Mt. Royal rent account.
135,331
Div. on pref. stock (7%)
Div. on com. stk. (6%)
300,000
Amt. writ, off bad debts
7,276
20,000
Patriotic fund
100,000
War tax reserve
$1,555,673
,305,018
$1,270,375
$192,557
$192,346
26,775
366,253
198,000
134,870
300,000
24,227
10,000
$192,139
27,000
361,423
189,750
134,654
300,000
15,989
$1,306,451
$350,632
$1,343,965
$211,608
$1 ,252,471
$1,220,955
$49,420
—
—
Total deductions
Balance, surplus
BALANCE SHEET MARCH
1916.
$
1917.
$
—
Assets
Land, bldgs.,
26, .587
368,056
198,000
134,820
300,000
8,945
15,000
100,000
Liabilities
—
$52,547
31
1917.
.?
Common stock... 1,000,000
1
Preferred stock
1,940,000
Bonds, D. T. Co. 3,267, .500
13,700,819>10,754,149
will.
do D.C.M.Co. 3,700,000
Stocks & bonds of
Montmorency bds. 430,000
365, 103
other cos
1,885,355
1,371,971
903,082 Loans
Raw cotton
Amt.duele.ased CO.
Stock mfd. and In
348.704 1,005,087 Open accounts...
238,020
process
18,942 Deposits
36,742
242,786
Cash..
119,500
Open accounts... 2,280,298 2,357,469 Wages
389,815 Interest on bonds.
397,776
78,050
Supplies, &c
57,000 War tax reserves.
177,475
56,000
Insurance
Pref. dlv. April 15
33,960
Profit and loss... 1,444,167
chlnery
&
ma-
good-
I
1916.
s
5.000,000
1,925,975
3,252,775
I
Total
.18,557,414 15,485,545
Total
.
437,500
2.639,390
112,3.30
316,458
445,814
105.500
22.563
100,000
33.705
1,093,534
18,557,414 15,485,546
A'^o^c— There are indirect liabilities consisting of bills receivable under
discount amounting to $302,550.— V. 104, p. 2120. 1902.
THE CHRONICLE
816
Indian Refining Co., Inc., New York.
{Report for the Six Months ending June 30 1917.)
Pres. Theo. L. Pomeroy, N. Y., Aug. 14, says in substanco:
—
DuririK the six months !8216,000 Ist M. bonds have boon reBonds.
The sinktired and canceled and aiso $158,000 of the 2d M. Kold notes.
ing fund.s provided against these issues have increased $47, .387 In addition
to taking care of the above maturities.
The additions to property accounts represented a
Proprrty Account.
total of $.590,208, of which $244,480 was expended in the purchase of new
tank cars, part of which were to replace .54 cars on lease that could not be
renewed on reasonable terms. At June 30 1917 the company owned 1 ,102
tank cars. Other principal items wore the erection of an additional boiler
house at the refinery with six boilers of 250 h. p. each, and a new still; a
—
conveyor system for can department.
—Tho
operations for the period show a net profit of $1,404,158
Res'ult.'i.
after providing for usual charges and reserves, including interest on bonds,
the proportionate amortization of bond discount, and
ciiarges,
depreciation
$172,317 reserve against organization expen.se hitherto unamoritzed.
From the total profit as above there has been deducted $840,000 for accrued
dividends on tiie preferred stock, including dividend No. 12, declared in
June and paid July 23. The sum of $500,000 has been reserved out of earnThe balance of
ings of the past six months against prospective taxes.
$64,1.58 has been carried to surplus account.
dividends
on the preferred stock
During the past six months
Dividends.
which are to care for an accrual of
have boon declared aggregating 28
unpaid dividends since Dec. 15 1911, so that we have now paid these
accumulated dividends to Sept. 15 1915. In July another dividend of
was declared, payable Aug. 20, which will pay the accumulated dividends to Sept. 15 191(>, and on Aug. 14 declared a dividend of 7%, payable
Sept. 15 to holders of record Sept. 1, which, when paid, discharges all ac-
—
%
,
7%
cumulated dividends on the preferred stock to Sept. 15 1917.
AND
PROFIT
LOSS
ACCOUNT FOB
6
MONTHS ENDING JUNE
1
,
substance:
The not earnings
Results.
—
for the year
wore $1,313,907 or 34.15%
on the capital stock.
The amount
carried to the credit of the several reserves for depreciation was $171,434; to the reserve against inventory $75,000; to fund for
I'mployes' pensions, disability and insurance $30,000; to reserve against
bod debts $5,000; to bonus fund for employees $25,000; to profit and loss
to cover doubtful accounts charged off during 1916 $37,239; set up to cover
dividend paid January 15th 1917 $96,170.
Uuslness conditions were very active in the field covered by the company's
product during the year 1916, in all the lines of machinery made Dy the
company; and the total turn-over has been much the largest of any year in
The amount of the unfilled orders carried over
the company's history.
into 1917 was also the largest in the history of the company; and our orders
taken since Jan. 1 1917, have been in excess of the corresponding period of
1916.
—
Since the organization of the Massachusetts Co. dividends
Dividends.
been declared out of the quarter's earnings in which the dividend was
The directors decided to change this policy, paying dividends out of
paid.
The effect of this action has been
the earnings of the quarter ijreceding.
to deduct from the amount to be carried to surplus from the earnings of
the four dividends paid in that year (a total of 8%) plus
the year 1916
the amount of the dividend (214%) paid on Jan. 15 1917.
Manufacturing conditions are difficult, owing to slow
Labor, &c.
It has also been
deliveries of raw material, and the scarcity of labor.
In spite of these
impossible to obtain machine tools without long delays.
conditions the force of men has been slowly increased and a good many new
company's
shops.
in
the
installed
tools
liave
—
—
INCOME ACCOUNT FOB CALENDAB YEARS.
SO'
1917.
1916.
Net income for 6 months, after deducting all charge.s$l .404,158 $1,355,009
Deduct Amortization of bond issuance, &c. exp. Deducted in
42,029
item
Reserve depreciation physical properties, $86,- 1
above
364,528
625; add'n to gen. res., $277,903 (all for '16)-J
.500,000
Reserve for prospective taxes
840,000
Preferred dividend (28%)
—
Sullivan Machinery Co. (of Mass.) Chicago and N. Y.
{Report for Fincal Year ending Dec. 31 1916.)
Pres. Frederick K. Copeland, Chicago, Mar. 1, wrote in
1916.
1915.
1913.
1914.
Net earn'ngs after pro-
viding for lo.sses & ex. $1,313,906
Prov. for deprec. & res. y$308,434
Dividends
x403.914
.$540,207
$63, .571
.$681,411
$189,106
153,922
$1.54.6.59
$182,174
237,228
190,376
.
Surplus for 6 months ending June 30
$64,158
CONSOLIDATED BALANCE SHEET JUNE
Assets
—
5.744,249
Capital assets
Inventories,
&c.
1916.
S
1917.
S
2,001,077
(cost)
able less reserve 1,420,303
Notes receivable.
Cash
76¥,326
Richard
—
1917.
S
Liabilities
stoclc
3,000,000
Preferred stocls
3,000,000
1st M. bonds out. 1,0.57,000
oils,
Accounts recceiv-
30 (Including Sub.
Common
5,300,017
1,601,838
2d mtge. notes
1,588,567 Purch .-money M.
5,584 Ace'ts payable
332,698 Loans payable
972,700
4,000
808,644
Notes payable
184,247
Preferred div. pay.
157,500
Int. accrued, &C-.
28,270
Uncl'med divs.,&c.
5,501
Insur. fund reserve
18,634
Reg. agst. exliaus.
of oil depos.,&c. 1,132,347
Reserve for pros500,000
pective taxes
149,010
Surplus
Levering
432,178
76,816
119,044
18,634
222,990
210,842
notes
Invest, in oth. cos.
Miscellaneo\is
Insur. fund assets.
fund assets .
Organ., &c., e.xp..
Sinli.
Deficit
432,178
48,000
74.107
19,865
177,945
490,537
1,737,870
$948,452
Cos.).
1916.
S
3,000,000
3,000,000
1,473,000
1,167,000
4,000
6.32,428
850,000
216,523
46,287
7,868
19,865
sr. $603,558 sr. $197,179 def.$281,464 .sr. $262,009
Balance, sur. or def
X Includes in 1916 dividend paid on stock (8%) $307,744. and reserve for
dividend payable Jan. 15 1917 (23^%) $96,170. y Includes in 1916
reserves for depreciation $171,434; reserve against inventory $75,000;
employees' pensions .$30,000 and other reserves $30,000.
BALANCE SHEET. DEC.
j\SS6tS
est.
Real
&
Equipment
1916.
1915
S
S
bidgs... 1,329,080 1,325,711
1 ,586 ,020 1,464,651
Patents
236,730
204,892
Patterns&C316,745
287,828
Stock of other co's..
67,267
67,267
Raw & fin. mat. &c. 3, 076, 098 2,456,360
Cash on hand.
215,712
191,778
Notes receivable
75,812
69,787
Accounts receivable. 1,202, 663
968,204
Miscellaneous
12,306
20,649
1,392,235
Total
8.118,433 7,057,127
31.
1916.
Liabilities
S
Capital stock
.3,846.800
Accounts payable.
370,320
Notes p'ble (to bnks) 450.000
Deprec. reserve:
Equipment
1,043,782
Patents
236,730
Patterns &c
198,887
Real est. & bdgs.. 500,716]
Res. ag. poss. shrink.
in invent
100.000
Miscel. reserves
102,216
15
Div. pay. Jan.
'17
96.170
Surplus
1,166.813
1915.
S
—
846.800
183,391
590,000
]
)
Total
1
,808,681
65,000
563,255
8,118.433 7,057,127
-V. 104, p. 2656, 1392.
Total
Total
11,018,453 11,809,206
11,018,453 11,809,206
-V. 105, p. 719, 393.
Pres. Chas. D. Palmer, Bklyn., Feb. 10, wrote in subst.:
As the corporation began business on Feb. 4 1916, this report of Its
operations covers an actual operating period of 11 months lacking 4 days,
our fiscal year now ending Dec. 31. For this period the profits and miscellaneous income, after deducting cost of manufacture, administration,
&c.. amounted to .$335,384, from which sum there has been reserved liberal
allowances for depr'n of plant and for legal and other contingent expenses.
The valuable patents acquired by the corporation Feb. 4 1916 have been
carried in its balance sheet at $50,000.
There have, during this period,
In
been acquired some additional minor patents at a cost of $1,039.
conformity with conservative practice these patents have been written
down out of surplus to a valuation of $1.
When the corporation began business Feb. 4 1916 it was equipped to
manufacture single magazine and double magazine machines and was experimenting with a three-magazine machine, all constructed on independent
The models have now been standardized so that three-fourths of the
construction and therefore of the castings and manufacturing operations
are the same for all
Furthermore, 50 minor inprovements have been made.
These and other expenditures for equipment have amoimted to $76,890.
It has also been found desirable to relocate ten of the manufacturing departments, the cost being absorbed in operating expenses.
To increase the manufacturing space the executive and accounting
offices and the printing department are being removed from the factory
lines.
.
to other premises.
doing a continually increasing business, included in
which are repeat orders for our slug casting machines from such publishers
as the Chicago "Tribune," Cincinnati "Enquirer," Boston "Record and
Advertiser," Des Moines "Capital," Omaha "World-Herald," New York
"Globe." Portland (Ore.) "Telegram," Rochester (N. Y.) "Union and
Advertiser." &c., &c.
.
INCOME ACCOUNT
FEB. 4 TO DEC. 31 1916.
Profits and miscellaneous income after deducting cost of manufacture (exclusive of depreciation) administration, &c
$335,384
Less -Portion of cost of sundry additions and betterments of plant
written off against operations. $37,451; allowances for depreciation of plant, $68,750; reserve for legal and other contin127,943
gent expenses, .$21,742
,
Net profit for (approx.) 11 months ending Dec. 31 1916
Dividends paid on 1st pref. stock (8%), $80,000; on 2d
stock (2%), .$20,000
Writing down book value of patents to a valuation of $1
Appropriated for 1st pref. stock retirement
Surplus Dec. 31 1916
(see"
$207,440
pref.
$100,000
51,039
10,000
$46,402
balance sheet below)
BALANCE SHEET.
Dec.Zl •16. /arae30'16
r>cc.3ri6. /M«e30'16
S
Liabilities—
S
S
S
Plant account
1,000, 000 1,000,000
793,063 First pref. stock
777,103
Patents
1
50,000 Second pref. stock. .1,000, 000 1,000,000
Cash
211,966
375,062 Com. stock (no par
650,000
650 000
Notes and accounts
val.) repres. by
35,537
49 681
receiv less reserve 865,669
845,184 Accounts payable
20,000
40 000
Inventories (raw) maDividends payable.
44 944
terials, &c
947,985
711,367 Proceeds of notes
'
'8,603
21 742
*44,944
Notes deposited
Miscellaneous
Deferred charges
15,102
10,597 Approp. for retlrem't
10 000
of 1st pref. stock..
71,132
46, 402
Surplus (see above) Assets —
.
*
2,862,770 2,785,273
Notes deposited
1915.—V.
Total
2,862,770 2,785,273
in accordance with liquidating agreement of
104, p. 1148.
J.
,
is
now showing
Nov. 30
real profit.
The most
striking feature before us at the present time is the improved
conditions at the Easton plant, changing a loss into what is already a very
considerable profit and which we believe shows every promise of placing the
new plaat in position that will compare favorably with our other operations.
In order to keep the stockholders more fully informed, it has been decided
to issue quarterly statements thirty days after the close of each period.
This year marks the 175th anniver.sary of the manufacture of iron at
High Bridge and 25th anniversary of the manufacture of manganese steel
STATEMENT OF EARNINGS FOR YEAR ENDING DEC. 31 1916.'
Earnings after deducting operating and general expenses, including taxes, repairs, maintenance and depreciation
$359,374
Bond interest
147,500
Dividends on pref. stock of the Taylor- Wharton Iron & Steel Co.. 132,669
Surplus for calendar year 1916
$79,205
Unfilled orders Dec. 31 1916 were $1,256,375.
CONSOLIDATED BALANCE SHEET DEC.
—
Assets
1916.
S
Plants & properties x5 ,333,590
Sink, fund for T.-W.
first mortgage
97,500
Invest., less reserve3,801
Inventories, less res.l ,637,136
Notes and accounts
receivable, less reserves
1 ,249,152
Cash
,
Total
High Bridge, N.
Steel Co.,
greatest industrial activity we have ever
experienced.
Notwithstanding obstacles without parallel both as to labor
and materials, we have been enabled to complete by far the best year in
our history at both Tioga and High Bridge. After absorbing the $300,000
loss at Easton paying interest on the increased bond issues, and the preferred
dividends, we have added $63,172 on our surplus.
At Tioga we have devoted ourselves to commercial forgings, gotten high
prices, and in some cases special premiums.
The improvement is really
remarkabe and we expect to maintain the high rate for 1917.
At High Bridge we have broken practically all of our previous records and
have had a most satisfactory year in every way. The market on ferromanganese, which forms an important part of our raw material at this plant,
has been at fabulous rates, and we are most fortunate in keeping supplied.
At the Philadelphia Roll & Machine plant we have had a good year, and
have greatly improved the trade position of the company by turning over
to it a large part of the Wharton Philadelphia property.
We are rapidly
giving the roll company additional equipment to use this increased space.
At the Wharton plant at Easton, we have not until recently been able to
overcome in anything like a satisfactory manner the difficulties that have
presented themselves, and have closed the year with a loss of $300,000.
The operations consisted partly of special mimitions forgings on which
there was a considerable loss, and the regular frog and switch work (track
work) on which we have also suffered losses. So far as the track business
is concerned, the problem has been a sub-normal business in abnormal times,
at a new location, with a new force of workmen, and prectically a new organization.
The track work has been the one line on which we have been
unable to get advances in prices to keep pace with the increased costs. Of
a force of about 700 men, only 160 have been with us for more than a year.
Conditions, however, are very much improved.
The unprofitable munition
forging contracts have been followed by another contract on which we are
making a good profit, and the track work, which is our main business at
Eastoii,
Out of tlie orofits for the period there have been paid four quarterly dividends of 2 % each on the $ 1 ,000 ,000 first pref stock and one dividend of 2
on the $1,000,000 2d pref. stock outstanding, and set aside to the credit of
the first pref. stork redemption fund $10,000, being 50% of the amount of
the dividend paid on the 2d pref. stock.
—
—
Pres.
The year 1916 has given us the
{Report for Period ending Dec. 31 1916.)
is
&
Annual Report Year ending Dec. 31 1916.)
Knox Taylor, High Bridge, Mar. 6, wrote in subst.:
{25th
Intertype Corporation, Brooklyn, N. Y.
The corporation
Taylor- Wharton Iron
Deferred charges
189,902
76,045
1915.
31.
1916.
—
1915.
S
S
,876,300 1,876,350
stock
1 ,597,000 1,597,000
57,500 T.-W.I.&S.Co.lstM.2 ,000,000 1,500,000
3,237
do conv. bonds. 800,000
,303,794 Phila. Roll & Mach.
S
,116,879
Liabilities
cum. pref. stock.
7%
Common
Co. 1st M. bonds.
Real estate mtge
589,571 Notes payable
320,783 Accounts payable
30,966 Bond int. accr. & res.
for div. declared.
Res. for removal ol
plant & conting..
Surplus
1
240,500
240,500
18,500
28,500
528,50011,229,888
530,086/
76,844
66,844
273,471
645,925
300,894
582,754
Total
8,587,126 7,422,730
Total
8,587,126 7,422,730
X Includes plants and properties, Jan. 1 1916, $5,623,019, and net additions during year $346,458, less $635,887 accumulated reserves for dep'n, &c.
Contingent liability on notes receivable discounted, $17,635. V. 104.
p. 1806. 1495.
—
.
AUG. 25
.
.
THE CHRONICLE
1917.)
817
time, and the arbitrators taking this into consideration would reach an
Telephone Co. of Canada.
equitable conclusion as to the real value of the stock.
Year ending Dec. 31 1916.)
{37lh Annual Report
A statement tabled in the House of Commons at Ottawa
The report, signed by Pres. L. B. McFarlane and Vice- regarding the financial position of the company:
Bell
—
Pres. Charles Cassils, Montreal, Feb. 22, said in subst.:
During the year 19.115 subscribers' stations have been added; the total
number of owned telephone stations now in use being 261,899, an increase
The company has arrangements for exchange of
of 7.87 '"c over 1915.
business with 641 local telephone organizations, serving 87, 997 subscribers
The
stations, thus affording intercommunication with our subscribers.
company now owns and operates 442 central offices.
system.
distance
the
long
In 1916 2.431 miles of wire were added to
The long distance lines now owned and operated by the company comprise
77.599 miles of wire on 9,311 miles of poles, and 4,740 miles of wire in
underground and subniarlne cables.
REVENUE ACCOUNT FOR YEARS ENDING
DEC.
31.
1913.
1915.
1914.
242,784
81,817
$9,634,674
$3,370,206
1.587,058
2,170,000
285,424
558,136
237,068
73,072
$9,599,027
$3,456,045
1,702,157
2,010.000
218,207
561,780
$8,464,869
.57,970,825
$1,910, 4,^50
Div.(incl.Janl914)(8'7r)
1.440,000
$1,663,849
1,440,000
$7,948,189
$1,650,838
1,440,000
$7,056,920
$1,793,523
1,289,790
$210,838
$503,733
1916.
Owned
stations
26 1 899
Connecting, &c., sta'ns.
88,314
Gross earnings
$10,375,319
Operation expense
$3,718,423
Current maintenance
1.549,939
Depreciation
2,310,000
Taxes
327.714
Interest
558,792
,
Total deductions
Net revenue
Surplus for year
$470,450
$223,849
BALANCE SHEET DEC.
Assets
1916.
—
1915.
$3,214,565
1,549,978
1,6S0,000
190,648
421,735
31.
1916.
S
—
Liabilities
S
223,666
65,562
.$8,850,449
1915.
%
1 8 .000 .000 18,000,000
Real e.state
3.569.341 Capital stock
:J 785.805
11,149.000 11,149.000
Telephone plant.. 3.3 .933,937 32,353.362 Funded debt
352,646
220.982
1,121.526 Acc'ts payable. . .
Furn., tools* sup. 1 124,855
503,692
liabilities.
528,702
1,612,082 2,160,732 Accrued
Ca.sh
25,894
Unearned revenue
26,073
Bills and accounts
receivahle
740,297
754.252 Replace &c res' vesl 3 .09 1 .225 11,424,418
1,249,140
1,647,955
Stocks and bonds. 3,467,501 2,745,577 Surplus
.
Total
44,664,538 42,704,791
Total.
-44,664,538 42,704,791
-V. 104, p. 865.
GENERAL INVESTMENT NEWS
The total assets of the Canadian Northern Railway system are placed at
$581,084,678, and the surplus of assets over liabilities is given as $37,494,870, as on April 30th last. The land account shows that the Canadian
Northern Railway holds 843.127 acres of land in Manitoba and Saskatchewan, 2,000,000 acres in Ontario, and 402,860 acres in Quebec. The land
in Saskatchewan is valued at $15 an acre and that in Ontario and Quebec
at $3 an acre.
The estimated total value of unsold lands is $19,855,485;
deferred payments receivable amount to $7,140,996 .59, and cash in hand
from lands aggregated $2,408,683 67. The total of land assets of the
company is thus $29,405,165, against which there are mortgages outstanding to the amount of $21 ,251 ,073.
The estimated co.st of completing lines and terminals under construction
is given as $4,188,099 and to meet this cost there is cash in trust accounts
to the amount of .$3,683,831 together with Government guaranteed sesurities to the value of $217,160 and the Canadian Northern debentures
stock to the value of $287,108. It is pointed oiit that the contemplated
expenditure does not represent the complete construction programme of
the company, but only that portion of the same which it is desirable to
proceed with before the end of the war. On construction account the
company owes $999,566.
The estimated amounts required for betterments and rolling stock are
stated to be $6,590,000 for 1918: .$8,355,000 for 1919 and $8, 3 17,.500 for 1920.
Up to date the Government has advanced $2.6,''4.S00 to the Canadian
Northern Railway interest account under the legislation of 1914 granting
a guaranty of $45,000,000 of the company's bonds. The advances were
made during 1916 and 1917.
[The Finance Minister on Aug. 7 reviewed in consideraole detail the last
balance sheet of the Canadian Northern system, dealing particularly with
the outstanding liabilities. He maintained that the securities, both of the
Canadian Northern and Grand Trunk Pacific had all been put out at a
very low rate of interest, and that the Government, by taking them over,
now reaped the advantage of good private financing in the past.]
Company Mortgage.
Subsidiary
& Western RR.— $733,000 Bonds Still Out.
Shawmut & Nor. RR. under "Reports" above. V. 69, p. 284.
Central Ry. Co. of Canada. Cancellation of Mortgage.
Bay State Street Ry. — Q-Cent Fare Denied in R. I —
application of this company for authority to charge a 6-centfareon
Rhode Island has been denied by the Rhode Island P. S. ComV. 105, p. 715. 496.
its lines in
—
Brooklyn Rapid Transit Co.
—Injunction Denied. —
This company's application for an injunction to prevent the P. S. Commission from putting into effect its order requiring the purchase of 250 new
cars was denied Aug. 23 by the Special Statutory Federal Court, consisting of Circuit Judge Ward and District Judges Veeder and Hand. Compare V. 105. p. 715. 399.
Butler (Pa.) Railways Co.
—Reorganized
Company.
—
This company has applied to the Penn. R. R. Commis^iion for approval
of the re-organization of the Butler Passenger Ry Co. under the above
name. V. 105, p. 72.
—
Canadian Northern Ry.
— Sale
Collateral Trust Refunding Gold Notes
Canadian Gov't Guaranty.
A.
—Wm.
One-Year Convertible
—ofSecured
by Bonds With
Read
&
Co. have sold,
at a subscription price of 99.05 and int., $10,000,000 oneyear 6% Collateral Trust (coupon) gold notes, dated Sept. 1
Int. payable M. & S. in U. S.
1917, due Sept. 1 1918.
These notes are segold, N. Y., also payable in Toronto.
cured by pledge of $15,333,334 General Mortgage 4s of 1914,
due 1934, being part of the $45,000,000 issue unconditionally
guaranteed, principal and interest, by the Dominion of
Canada.
The bankers
—
report:
Description.
The company agrees to pay the normal United States
Income Tax up to 2% if exemption is not claimed by the noteholder.
Total authorized and outstanding .$10,000,000. Denom. $1,000. Trustee,
Columbia Trust Co., N. Y.
The notes are convertible at par and interest into the pledged guaranteed
bonds at 79 and interest, at the option of the holder, on or before June 1
Bonds acquired by conversion on June 1 next
1918, on ten days' notice.
6%
—
company, specifically secured by
pledge of $15,333,334 Canadian Northern Ry. 20-yr. General Mortgage
will yield over
Security.
The direct obligation of the
.
4%
bonds, due Sept. 1 1934. These bonds are pledged at approximately 65 '4
or about a 7.60% basis, are part of an authorized issue for $45,000,000
secured by direct general mortgage lien on the Canadian Northern Ry., and
guaranteed by the Dominion of Canada unconditionally, both principal
,
»nd
interest.
—
Purpose of Issue. These $10,000,000 notes refund $11 ,500,000 5% notes
due Sept. 1 next, $1,500,000 of the maturing issue being paid from other
cash resources. The trust deed will provide for the pledge with the Trustee
of the same amount of collateral as now pledged for the maturing issue.
Financial Status. As bearing on the plan of the Dominion
Government for the purchase of the $60,000,000 majority
stock, thus obtaining the ownership of the entire $100 ,000 ,000
share capital (V. 105, p. 496, 715), Minister of Finance Sir
Thomas White in the House at Ottawa on Aug. 14 stated
there were some important omissions in the valuation of the
property as shown by the majority report of the Royal
Commission (the Drayton-Ackworth report, compare V.
This report following the valua104, p. 1754, 1800, 2235).
tion by Prof. Swain had, he said, overlooked the company's
—
—
lands amounting to 3,000,000 acres of which there were
2,000,000 in Ontario, 400,000 acres in Quebec and 800,000
acres in the west; and also deferred payments on lands sold
amounting to $7,000,000 and cash in the land sales trust
account of $2,400,000.
The majority report, moreover, overlooked Prof. Swain's
recommendation as to cash in hand and working capital, so
that capital to the extent of $25,000,000 and current account
of $8,700,000 were not included in the valuation.
On
— Mortgage.—
given that there was deposited on Aug. 10 1917 with the
Secretary of State at Ottawa a trust mortgage dated Jan. 2 1916 between
the company and the Railway Commissioner of the Province of Manitoba
and the Minister of Public Works of the said Province as trustees, securing
certain debenture stock and bonds of the said railway company.
The
entire capital stock ($250,000) is owned by Canadian Northern Ry.
Early in 1916 $162,500 4)^% 1st mtge. stock had been authorized or was
guaranteed by the Manitoba Government.
is
Central N. Y.
RAILROADS, INCLUDING ELECTRIC ROADS.
The
— V. 105. p. 715, 496.
Canadian Northern Manitoba Ry.
Notice
See Pitts.
mission.
—
See Canadian Northern Manitoba ily. above.
the other hand, the commLssioners had overlooked the income charge
convertible bonds, amounting to $25,000,000 so that the finding of the
Drayton-Ackworth commi-ssion that the outstanding liabilities of the company exceed .$400,000,000 and that the assets were represented by $402 000,000 was not accurate. Sir Thomas said he did not mean to say that
the common stock was worth the difference bweteen the liabilities and
assets of the company.
The arbitrators must con.sider the value of the
as.sets and liabilities, not as determining factors, but as an element.
There
would also be the question of the earnings, present and prospective.
Further, there was the financial condition of the company at the present
—
—
—
Notice is given that the deed of trust, dated July 17 1911, in favor of
the City Safe Deposit & Agency Co.. Ltd., as trustees, was, pursuant to an
extraordinary resolution of the bondholders, passed at a meeting held in
London on Dec. 16 1913, duly canceled by the said trustees. The mortgage, shown in "Railway and Industrial Section," is dated 1914 andreplaced
that now canceled (V. 98, p. 1315, 1692; V. 99, p. 747).— V. 105. p. 290.
& Ohio
Chesapeake
— Decision. —
& Pacific Ry. —Price
Ry.
See Hocking Valley Ry. below.
Chicago Rock Island
— V.
105, p. 497.
of Stock.—
In regard to the weakness in Rock Island issues, particularly
the 6% pref. stock, N. L. Amster is reported as saying:
There
is
only one explanation
I
can give, and that
is
that in the settle-
ment of the suit brought against the old directors in the interests of the
company these directors received 50,000 shares of 6% pref. stock for the
$5,500,000 cash which they paid the company. That is, they paid the
equivalent of $110 per share.
Some of this stock went to estates of deceased directors and they might have decided to liquidate this as most
trustees are averse to having any securities other than first mortgage bonds.
As to the weakness in the 7% pref .stock and the common, it is naturally
caused by the decline in the 6% pref. stock.
The company's business is continuing very satisfactory. There has
been some falling off in loading of grain and other commodities, but on the
whole, I believe, this year's gross will be a record-breaker. Net, of course,
has been considerably affected by the increased cost of labor and materials,
from which net earnings of all the railroads in the United States have
But I look forward to some offset to this through more efficient
suffered.
The fixed
loading of cars, more efficient employmentof locomotives, &c.
charges are only a little over $10,000,000 per annum and the net earnings
will be twice that amount.
V. 105, p. 605, 497.
ly
—
—
&
—
Western Indiana RR. Bonds Called
hundred and forty-three ($143,000) General Mtge. sinking fund
gold bonds of 1882 ($4,226,000 outstanding) have been drawn for redemption Sept. 1 at 105 and int. at office of J. P. Morgan & Co. N. Y.
Bonds
numbered 4374. 7299. 9448 and 13214, previously drawn for redemption,
for
payment.
V. 105, p. 606, 388, 176.
have not been presented
Chicago
On<i
.
—
& Montour
Columbia
— Stock Pledged. —
—
Co. — Coupon Notes Offered. —
Electric Ry.
See Lehigh Power Securities Corp. under RR's. above.
Columbus
(Ga.) Electric
V.
1()5,
p. 606.
Stone & Webster are offering at 98.16 and int., yielding 7%,
a new issue of $1,500,000 two-year 6% gold coupon notes,
dated July 2 1917, due July 1 1919, the proceeds of which
issue, together with the proceeds from the sale of $500,000
Columbus Power Co. First Mtge. 5s, due 1936, will be applied to the retirement of $2,000,000
circular shows:
July 1 1917.
A
6%
coupon notes due
J. & J. at office of Commonwealth Trust Co., trustee,
$1,000, $500 and $100 c*&r. Callable as a whole at
Should the company
int. on any int. day upon 30 days' notice.
place any further lien or encumbrance on its property it will secure this
issue equally and will not increase its outstanding First Mtge. Collaten'
Trust bonds unle.ss the proceeds are used to retire notes of this .series.
Operations are conducted by three subsidiaries, the Columbus
Company
Power Co. (V. 93, p. 167), Columbus RR. and Gas Light Co. of Columbus.
These companies do the entire electric railway, electric lighting, gas and
power business in Columbus, Ga., and vicinity, and in the adjoining towns
of Phoenix City and Girard, and a wholesale power business in Columbus,
West Point, Lanette, Lagrange, Hogansville, Trimble, Grantville, Moreland
and Newnan, serving an estimated population of '74,000.
HJ
Authorized . Outstanaing
Capitalization
$1,500,000
$758,000
Fu-st Mortgage Collateral Trust 5s
4,000,000
2,850,000
*Columbus I>ower Co. First Mtge. 5s
notes
1„500,000
1,500,000
Two-vear coupon
1„500,000
Preferred 6% stock, par $100
1,200,000
1,,500, 000
Common stock, par $100
1,500,000
Interest
Boston.
100 and
is
payable
Denom.
—
—
*These bonds are guaranteed, prin., int. and sinking fund, by Columbus
The mortgage securing these bonds i.s.^closed. as $150,000
c:!o.
bonds have been purchased for the sinking fund and canceled and $1,000,000 bonds are held in Columbus Power Co.'s treasury. See description
Electric
of Issue, v. 82, p. 1042.
Earnings for Calendar Years
1906.
May 31 1917.SPm
1912.
1916.
1916-17.
$291,244 $464,066 ,$540,465 $881 ,,534 $973,049
Gross earnings
249,604
135,170
272,.336
,5;i0.121
603,338
Net after taxes
W»
Int. on outstanding bonds, including additional issue of $.500,000
270,400
Power Co. 5s, requires $180,400, on present issue, $90,000
and Twelve Months ending
1910.
Balance
Stock Ownership.
shares of a total
$3,32,938
entire common stock and .213
—The company owns the
stock of the Columbus Power Co.,
of 3,500 shares of
1
pref.
n
THE CHRONICLE
818
the entire capital stock of the Gas Light Co. of C;olumbiis and the entire
capital stock of the Columbus KK.; also $976, 805 notes of these companies
I'roperlies.
The Columbus Power Co. By ownership and lease, controls
four water-power plants already developed on the Chattahoochee Itlver
near Columbus with a combined present cai)aclty of 28.500 electrical h p
In addilion, over 5.000 acres along the river 25 miles above Columbus
capable of hydraulic development of about 85.000 h.p. The largest plant
at Goat Itock, Is designed for an ultimate capacity of 40,000 h.p. Capacitj'
now IHA'-iO h.p. A steel tower transmission system extends 60 miles north
from Goat Kock. through West X'oint. L grange. Ilogansville. Trimble
Grantville. Moreland and Nowuan. and a double circuit pole line extends
13 miles south to t^olumbus. An auxiliary steam plant of about 2,000 h.p.
—
Is
owned
in
—
lilt.
—
—
—
Cuba
—
RR. — Dividend. —
regular semi-annual dividend of 3% which was postponed last week
(V. 105. p. 715), has been declared on the pref. stock, payable Aug. 31 to
V. 105. p. 715.
holders of record the same date.
The
,
—
Delaware
& Hudson RR. —Government
See "Banking and Financial
News" on a
Delaware Lackawanna
Fixes Prices.
preceding page.
& Western
Denver
&
Rio Grande
— V. 105,
—
p. 389.
—
—
RR. —Adjustment
V. 104. p. 2116.
Interest.
—
—
Denver
&
Salt
Lake RR.
—
Receivers Appointed.
—Judge
Class in the U.S. District Court at Brighton, Colo., on Aug.
16 appointed Pres. Chas. Boettcher and W. R. Freeman receivers for the company on an unopposed petition of the
McPhee & McGinnity Co. of Denver, creditors for S15,000.
The "Denver News" of Aug. 18 says:
This action was taken as the result of the f ilmg of a suit for $46 ,000 by the
Colorado-Utah Coal Co. for fuel. To protect the bondholders and oth<T
creditors the officials of the company took the action resulting in the second
receivership for the company in seven years. The company has outstanding first mortgage bonds to the amount of $9,100,000 and second mortgage
bonds aggregating $2,000,000. besides a floating debt of approximately
$2.50,000. the bulk of which is owed to the Colorado-Utah and the Moffat
,
Coal companies.
Foreclosure suit probably will be brought by holders of the mortgage
bonds as a preliminary to the reorganization of the company. Two years
ago the directors secured the consent of the bondholders to the funding of
the interest coupons then due. for the purpose of meeting equipment obligations incurred following the first receivership, which began Jan. 24 1913Because of various handicaps. Including lack of cars, heavy operating
expenses, discrimination by other railroads in divisions of rates, and other
The unusual weather conditions last winter,
causes, earnings fell behind.
making it impossible to operate trains on the continental divide, was a
contributing cause. For the year ending June 30 1917 the deficit from
operations amounted to $186,436.
Because of these conditions a receivership would have become inevitable
November next, when the interest on the bonded debt will become due.
Then came the suit by the Colorado-Utah Coal Co., and at a conference of
the officials and attorneys it was decided to ask for a receivership at this
time. The receivership of the road, which was reorganized in 1913 and
which passed into the control of Denver men at the last election of officers,
Dec. 5 1915, is in pursuance of a policy having for its purpose the placing
of the property upon a sound financial basis. With the wiping out of the
bonded debt under foreclosure and a reorganization, it is believed that
various contemplated improvements can be carried out, including the construction of the low-grade tunnel and the completion of the line to Salt
Lake City.— V. 104, p. 1800.
in
Florida East Coast Ry.
—
Interest
on Income Bonds.
—
directors have declared out of the earnings for the fiscal year ending
Jime 30 1917 interest at the rate of 5%, payable Nov. 1 1917 on the $25,000,000 Gen. Mtge. Income 57o gold bonds of 1909. V. 105, p. 497.
The
—
—
Fonda Johnstown &
Gloversville RR. New Treasurer.
General Auditor of the Fonda Johnstown & Glovers-
George A. Harris,
RR., the Adirondack Light & Traction Co., and the Edison Electric
& Power Co. of Amsterdam, N. Y., has been appointed Treasurer
V. 104, p. 863.
of the three companies to succeed L. K. Brown, resigned.
ville
Light
&
Interurban R. R.
—Further
—
Sale.
—
Edward Daniels, Master in Chancery, will on Sept. 17 sell at public
sale at Indianapolis, Ind., $500,000 East Chicago Street Ry. First Mtge.
gold bonds, dated Sept. 1 1912 and due Sept. 1 1928 and guaranteed
bv the Gary & Interurban R. R. and $500,000 capital stock of the East
Chicago St. Ry. Upset price $125,000.
It is understood that no plan of reorganization has as yet been prepared. v. 105, p. 715.
5%
—
—
—
Grand Trunk
Pacific Railway. Financial Status.
Touching the proposal of the Dominion Government to loan
the company a further $7,500,000 (V. 105, p. 496) a statement tabled in the House of Commons at Ottawa shows:
The net cash requirements of the Grand Trunk Pacific Railway Co. to
interest charges between July 1 1917, and June 30 1918, and_^to
provide necessary betterments and rolling stock, amoimt to $7,494,760 78.
The total of interest due the period is $7,684,177 74. Of this sum. however. $1,189,416 96 is to be paid out of the balance of the loan of $8,000,000
made to the company by the Government last year.
The estimated cost of needed betterments and rolling stock is placed at
82,000,000; operating loss of the Grand Trunk Pacific Coast Steamship Co.
at $100,000, and surplus from the operation of the Grand Trunk Pacific
meet
m
system including Grand Trunk Pacific branch lines at $1,100,000.
The par value of bonds authorized for the Grand Trunk Pacific Railway
and Grand Trunk Pacific branch Imes is $229,434,896. Of the total, bonds
to the par value of $202,494,151 have been issued. Of these issues the net
proceeds to the companies were $193,300,001. Issued debentures to the
amount of $76,480,848 are guaranteed by the Dominion and $11,892,366
the Government to the
, „
^ ,
The proceeds of bonds guaranteed by the Province of Saskatchewan
total $13,230,088, and those guaranteed by the Province of Alberta total
$3,589,596. Bond issues guaranteed by the Grand Trunk Railway Co.
amount to $97,301,252.
The Dominion Government will make a demand loan to the company of
$7,500,000. with interest at 6%, secured by mortgage, to be availed of for
the purpose of paying interest on underlying securities, making necessary
expenditures for betterment rolling stock and any deficit on operations.
represent the proceeds to date of loans
company.
V. 105, p 497
made by
,
&c.
—
the listing of $4,476,700 pref.
stock v. t. c. and $4,268,300 common stock v. t. c, with authority to add
$8,087,700 pref. stock v. t. c. and $6,552,800 common stock v. t. c, on
official notice of issuance in accordance with the terms of the plan of
reorganization of New Orleans Mobile & Chicago RR. (V. 100, p. 1078),
making the total amount authorized to be listed: pref. slock, $11,344,400;
and common stock, $10,821,000 (voting trust certificates).
—
Income Account for Six Months ending June 30.
1916.
1917.
S81.t,H»7
Oper. Rev.
ITelKht
I'asHcngcr
Mall, express,
1917.
1916.
S86I.465 Net earnings
$.301,443 S322,551
141.462 Taxes,
50,525
39,111
47.863
63.780
&COperating Income.. $250. 918 $283,440
Total opcr. rev. SI. 020, 487 $1,050,790 Hire of equipment... 100.231
44,753
Other Income
17,601
13,168
$168,119
Malnt. of way,&c. $143,799
163,428
171,340
Gross Income
Malnt. ol equlp't.
$36-(,750 $341,361
23,694
25,828 Interest charges
Traffic espenses..
$898
$1,245
Transportation
3.30„533
329.309 Rentals
2,195
2.666
41.554
General, &c
49,678
Total deductions...
S3,093
$3,911
$322,551 Balance, surplus
Net earnings... $301,443
$365,657 $337,450
Balance Sheet June 30 and Jan. 1 1917.
Ju>te:iO'n. Jan. 1 '17.
June
17 Jan. 1 •17.
LiaMlilies
Assets
S
$
$
$
RoJi'l & equlpm't. 21. 969.464 21.713.872 Preferred stock. ..11. 344. 400 11,344,400
General expenrllt's
349.610
Common stock... 10. 822. 500 10,822,500
ic
14:j,.i04
—
W
—
57.819
J.&K.C.RR.)
70 Traffic. &c., bal..
794.446 Accounts & wages.
97.463 Miscellaneous
59.196
70
518,107
Cash
Trafflo, &c., I)al_.
AkciiIs <fe conduc.
1.31,058
11.805
262.872
83,630
Miscellaneous
Deterred and unadjusted items.
Tax
Cr.37.9:!8
liability
Construction.
Total
—
33,000
1,142
1,541
471,755
13,634
370,031
(equlpm't, &c.).
53,454 Def.& unadj. Items
Surplus
36,261
33.000
210,155
199,481
62,598
14,094
24,748 def.l 1,683
68,110
90,221
213.794 Operating reserves
58.956 Accrued deprec'n
.23,422,074 22,951,936
Total
'
Mtge. bds. (Mob.
physical
property
Miscell's
Other Investments
New
The semi-ann. installments of interest on the Adjustment Mtge. bonds,
amounting to 3K %. represented by Coupons Nos. 20 and 21, will be paid
and after Oct. 1 1917, at The New York Trust Co.. N. Y.; John K.
Gilliat & Co.. 7 Cro.sby Square. E. C. London, Eng.; and Adolph Boissevain & Co.. Amsterdam, Holland. V. 105, p. 606, 389.
V. 105. p. 497.
The New York Stock Exchange authorized
Miileiial&supp..
RR. — Government
Fixes Prices for Anthracite Coal.
See "Banking and Financial News" on a preceding page.
Gary
—Loan— Finances. —
—
—
Northern
RR. Listed— Earnings,
Gulf Mobile &
Grand Trunk Railway.
See Grand Trunk Pacific Railway above.
Columbus.
Owns 25.9 miles of equivalent single track of which 5
miles are leased to the Seaboard Air Line RR. until 1952.
KoUlng stock,
41 pa.ssenger motor cars, 5 passenger trailer cars and 4 miscellaneous; also
blacksmith
.shops.
The
light
and
and power departa car barn, machine
ment furni.shes retail light and power in the city and suburbs, including
Phoenix City and Girard.
Gas Light Co. of Columbus. Owns a coal gas plant with a daily capacity
of 225.000 cu. ft. and an average daily output of about 133.400 cu. ft.
The distributing system contains about 34 miles of mains and suppUes
Columbus and portions of nearby suburbs.
Growth of Business.
Connected
El.Lt.&Pow. PassenLight' g
Power Passengers Gas Made,
enyer
Gas
and Misc.
Receipts.
Load.k.w.Load.k.w.
Receipts.
Carried.
Cubic Feet.
Year. Receipts.
.323
1.836,142 20. .523.701
1905-.$74,442 $89,085 $25,437 1.131
33,888 2,621
7,164 3,141,255 30,104.100
1910-. 244,545 141,601
49,600 4,700 20,272 3,060,809 44,495,200
1915--520,885 141,914
53,428 5,148 22.772 3.482.743 48, 801. ,500
1916.-662,120 157,224
The principal franchises of the three operating companies
Franchises.
and
terms
not limited in time.
in
V. 104, p. 1591.
are satisfactory
Columbus
[Vol. 105.
450,479
7,903
23,422,074 22,951,936
.
Pres. W. P. Owen, according to a dispatch from Mobile. Ala., recently
announced the completion of plans for the immediate construction at Choctaw Point of three piers and large warehouses with all modem conveniences
for handling diversified commerce.
The company will spend $1,000,000.
(Compare Tenn. Coal. Iron & RR. under "Indust." belowj. V. 105, p. 606.
—
Hocking Valley Rj.—Plan
—
for Refunding $4,000,000 Two-
Year Notes.
The directors will vote Aug. 28 on a plan
notes,
due Nov.
An
next.
1
issue of
6%
for refunding $4,000,000 2-year
it is said, will probably be
notes,
authorized.
Ordered
Give
to
Up
Holdings in Toledo
Kanawha & Michigan, &c.
—
&
Ohio
Central,
The Franklin County Circuit Court of Appeals at Columbus. O.. on
Aug. 21 handed down a decision in the ouster proceedings filed by Timothy
S. Hogan. when Attorney General, against this road and the Toledo & Ohio
Central RR. and its parent concerns, the Chesapeake & Ohio and the N. Y.
Central RR., holding that the Hocking Valley shall no longer retain any
interest in the Western Division of the Toledo & Ohio Central RR. or in
the capital stock of the Kanawha & Michigan RR., and that neither shall
control the stock of any of their subsidiary coal companies or continue the
guaranty of bonds of such companies. V. 104. p. 2224.
.
—
&
Iowa Ry.
Light Co.
— Secured
—
Gold Notes Offered.
Co., N. Y.; Harris, Forbes & Co., Inc.,
Boston, and the Harris Trust & Savings Bank, Chicago,
are offering at 98^, yielding 6M%, $700,000 Two-year
ser-ured gold notes, dated Aug. 15 1917, due Aug. 15 1919,
but callable on at least 30 days' notice at 101 and int. prior to
Aug. 15 1918 and at 100}/^ and int. thereafter. Circular shows:
These Notes.
Interest is payable F. & A. 15 in Chicago or N. Y. Denom.
Harris, Forbes
&
6%
—
$1,000 and $500 c*. Trustee, Harris Trust & Savings Bank, Chicago.
Secured by the pledge of $972,500 1st & Ref. Mtge. 20-year 5% gold
bonds, these notes being issued on the basis of 72% of the face value of
bonds pledged. Remaining notes may be issued as additional 1st & Ref.
Mtge. bonds are pledged in the foregoing ratio.
Capitalization upon Completion of Present Financing.
7% cumulative
Common stock
Two-year 6% notes (this
First & Refunding 5s
Preferred
stock
issue)
Authorized.
Outstand'g.
$5,000,000
3,000,000
2,000,000
.10,000,000
$3,291,940
1,700,000
700,000
*4, 721, 000
Underlying bonds in hands of public
189,000
*$972,500 additional bonds will be pledged as security for these notes.
Properties.
The company owns and operates, without competition (a) the
electric light and power properties in Cedar Rapids, Marshalltown, Boone,
Marion, Perry. Tama, Toledo, Nevada. Belle Plaine. Blairstown and Chel.sea; (6) a high-grade interurban electric railroad 4514 miles in length, between Cedar Rapids and Iowa City and Cedar Rapids and Lisbon; (c) the
local street railways in Marshalltown. Boone, Tama and Toledo; (d) the
gas plant in Marshalltown and the heating properties in Cedar Rapids,
Boone. Marion and Perry.
All the electric light and power properties are connected by transmission
lines, the company distributing current from central stations with a total
rated capacity of 24.076 h.p. The cities served are thriving communities
located in the heart of the Iowa corn > elt. The company serves a population estimated to exceed 85,000.
Earnings as Officialhj Reported for Years ended May 31.
—
1916-17.
1915-16.
1916-17.
I
Gross earns. _$1,693, 208 $1,446,188 Annual mterest charge
$287,500
aft. taxes
627,844
692,153 [Balance
.. 340..344
For full details of First & Refunding bonds land description of properties, see offering in V. 95, p. 750.—V. 105, p. 11
6j
Net
i
."Kanawha
&
Michigan Ry.
See Hocking Valley Ry. above.
Kansas City Mexico
&
—
Decision.
—V. 104,
p. 2005.
Orient RR.
Edward Dickinson, formerly Receiver and
V. 104, p. 1591.
.
— Death
of Pres.
—
President, died on A->g. 9.
i,'-:
—
Kentucky Traction
—
&. Terminal Co.
Listed.
Phila. Stock Exchange has admitted to list $,504,000 additional
First & Ref. Mtge. 5%s, making $2,557,000 listed to date.
The proceeds
of the new bonds were used as follows: (a) $330,000 to reimburse the company for expenditures made for extensions, betterments, &c.; (6) $39,000
in exchange for a like amount of Blue Grass Traction Co. 5% bonds: and
(c) $50,000 in exchange for a like amount of Lexington Ry. Co. First Mtge.
5% bonds, both of which have been acquired as underlying issues and are
now held in trust by the Commercial Trust Co., trustee, as additional
security for the payment of the mortgage executed by the Kentuckv Traction & Terminal Co. to it under date of May 18 1911; and (d) $85,000 account of a like amount of Lexington Ry. Co. Fu-st Mtge. 5% bonds purchased for account of the sinking fund. V. 101, p. 694.
The
—
— Sale
—
—
Keokuk & Des Moines Ry.
of Property.
—
The shareholders will vote Aug. 27 on selling certain tracts of land in
Des Momes to the Standard Oil Co. V. 101. p. 1092; V. 104, p. 1801.
Lehigh Power Securities Corp. Gold Notes Offered.
Electric Bond & Share Co.-N.Y.. and Brown Bros. «& Co.,
—
.
Aug. 25
&
&
West, of Phi la., ar©
Co. and Henry
offering for sale (compare V. 105, p. 498) the Ten- Year
Secured gold notes of this new merger company, dated Aug. 1
A. in New York. Red.
1917, due Aug. 1 1927. Int. F.
circular shows:
alljor part on anj^ int. day at 101 and int.
r-Denom. $1,000, $500 and $100 c*. Guaranty Trust Co. of N. Y.,
Interest payable without deduction for present normal Federal
trustee.
Penn 4 mills tax refunded
income tax of 2 %
The Company. Incorporated July 19 1917 in Del. and has acquired by
the use of securities immediately issued, or the proceeds thereof: (a) all the
stock of the Lehigh Navigation Electric Co.; and through such acquisition
control of the Harwood Electric Co. and other subsidiaries; (b) a substantial
majority of both classes of stock of the Lehigh Valley Transit Co., and
thi'ougli such acquisition control of the Lehigh Valley Light & Power Co.;
(c) approximately all the pref. and com. stocks of companies formerly
The company is under the managecontrolled by the "Northern Central Co.
ment of the Electric Bond & Share Co. In the opinion of counsel, the
franchises generally are free from burdensome restrictions and a very sub-
6%
&
—
.
A
.
perpetual.
—them are
— The
company has an authorized capital stock of
without
any
nominal
or par value.
Of this number 305,000
shares
605,000
sin
vp
Issued
Note Issue. — The authorized amount of Ten- Year 6% Secured gold notes
than
subscription not
$50,000,000, of which the company offered
F PS lis
New
less
for
is
$16,000,000 nor more than $20,000,000 principal amount. The company
has received firm subscriptions for an amount in excess of $18,000,000,
amount of notes.
The terms of subscription provide
principal
that 40% is to be paid upon allotment
by the company on written notice of at least
20 days, the subsequent installments to be at least 30 days apart, and no
one of said installments to be for more than 10% of the principal amount
Subscribers have the right to anticipate all or any
of the notes subscribed.
part of their subscriptions at any time. As a result of the first call for
payment and of payments in anticipation of future calls, the amount of
and the remainder as
called
now
(Aug. 20 1917) outstanding is $9,533,000 (V. 105, p. 498).
Mos. ended June 30 1917 (Inter-Group Charges Eliminated)Gross from operation, $6,277,526; other income, $240,422; total-$6,517,948
Operating
expenses, incl. taxes, maint. & deplet'n chgs. 3,891,937
Deduct
Depreciation allowance, $327,928, and interest charges and
2,120,030
discounts. $1,433,979; total
134,796
Proportion of earnings accruing to stocks held by pi^blic
notes
$729,308
Balance accruing to Lehigh Power Securities Corp
Statistical Data as of Dec. 31 1916.
35,345 Feeder output, 12 mos.,
Electric customers
k. w. hours
252,419,309
17,318
Gas customers
328
Total customers
52,663 High voltage lines, miles.
Gas holder capac (cu .ft .)
1 ,266 ,000
Street railway passengers,
49,672,904 Gas output 12 mo. (cu.ft.) 362 ,949,300
12 months
216
r8,675 Street & interur ry miles
K. W. generating capacity
160
20,000 Gas mains, miles
do to be completed 1917
For fuU description of properties, &e., see V. 105, p. 498.
[The deed of trust securing the note issue states that "the corporation
covenants that any stocks, bonds, notes or other securities of the Lehigh
Valley Transit Co. or Lehigh Navigation Electric Co. which it may acquire
with any of the notes issued under the trust deed, or the proceeds thereof
*
*
*
This collatshall be added forthwith to the collateral pledged."
eral on' Aug. 1 included: (1) Northern Central Gas Co., $999,300 com.
and $220,000 pref. stock out of a total of $1,000,000 com. and $250,000
pref. auth. and outstanding, par $100; (2) Columbia & Montour Electric
Co., $50,000 First pref stock (entire issue), $300,350 Second Pref. and
$899,500 common stock out of a total of $304,900 Second pref. and $900,000
.
. ,
—
&
&
Light Co.^ Incorporated.
Mahoning Shenango Ry.
This company, all of whose common stock is owned by the Republic
Ey & Light Co formed by consolidation of a number of street railways and
intertirban lines (all controlled by or in the interest of the Reptiblic Ry. &
Light Co.), was incorporated in Ohio on Aug. 20 with $21,000,000 auth.
The capital stock of the consolidation company remains
capital stock.
unchanged at the above amount, divided into $10,000,000 auth. pref., of
which $3,500,000 is outstanding and $11,000,000 common, of which
$10,628,300 is issued. The merger eliminates unnecessary taxation. See
map on page 126 of "Electric Railway Section" and plan of consolidation
and offering in V. 104, p. 2118. 2452, 2641.— V. 105, p. 290.
.
.
—
—
J.)
Traction Co.
— Readjustment Plan
2%
First Mtge. Interest for 5 Years to be
p. a. with Further
of 2d Mtge Bonds for Income Debentures.
^A five-year agreement dated June 18 1917, between
the company and assenting bondholders, provides for
the deposit of the First Mortgage bonds with the National
Iron Bank of Morristown,_N. J., as depository, preparatory
3% if Earned— Exchange
—
.
to carrying out the following plan:
The Traction company now has outstanding
(1) $3,000,000 1st Mtge.
bonds of 1905 on which interest is in default since June 1912, excepthowever. $28,875 paid on coupon No. 15 due in Dec. 1912 (the balance.
$46,125, not having been paid) (2) $1,179,000 General Mtge. 5% bonds of
191.3 upon which no interest has ever been paid.
The present net earnings of the Traction Company are sufficient to pay
semi-annually, as it becomes due, 1% interest on the First Mtge. indebtedness; and it is therefore proposed (a) to place all the First Mtge. bondholders
on the same footing by paying forthwith the $46,125 still unpaid on coupon
No. 15, due Dec. 1912; (6) for the next five years, i.e., till and including
the coupon due June 1922, apply the net earnings (1) to the payment of
fixed Interest on the First Mtge. bonds at the rate of 1% semi-annually,
and (2) the balance, if any, to payment of annual coupons for the difference
In interest between the 2% per annum so provided for and the 5% per annum required by the coupons now annexed to the First Mortgage bonds,
(c) Second Mortgage bondholders to surrender their bonds to the Safe
Deposit & Trust Co. of Pittsburgh, to be canceled (along with the mortgage
securing the same) and to accept in lieu thereof $ for $ gold Income debenture bonds of $1,000 each, due June 16 1948, with interest not exceeding
5% p. a., payable from time to time only in so far as earned and declared by the board.
In order to carry out this agreement the matured coupons Nos. 16
to 24 (June 1913 to and including June 15 1917) on said First Mtge. bonds
shall be detached from said bonds and delivered to the depository in exchange for "certificates of ownership," which shall entitle the holder to the
return of the defaulted coupons (without waiver of any legal liability of the
company for the payment of the same) upon the termination of this fiveyear agreement or whenever determined by the board.
It is also necessary that 1st Mtge. coupons Nos. 25 to 34, both inclusive,
shall be delivered to the trustee (the Safe Deposit & Trust Co. of Pittsburgh)
and new coupons issued in the place thereof; and for the purpose of making
such change, that the First Mtge. bonds be forthwith delivered to the
trustee, or its agent, who will attach new coupons in place of those delivered,
viz.: regular 1% fixed semi-annual interest coupons and "income trust certificates" for any further amount earned and payable as aforesaid.
"No Interest shall be paid upon the income debenture bond herein provided for, until the Traction Company has paid the interest due for the new
coupons and also has paid the income trust certificate as herein provided,
and the payment of coupons Nos. 16 to 24, inclusive, pro rata."
5%
ing,
The company
agrees to give the minority bondholders representation
upon its board of directors and during the life of this agreement Alexander
C. Robinson of Pittsburgh and Arthur E. Pendergast of Trenton, N. J.,
shall be two of the directors.
The 2% interest for five-years on the 1st Mtge. bonds and the interest
on the Income debenture bonds is to be paid without deduction for taxes.
Adequate provision for working capital and extraordinary expenses is contemplated before the declaration or income interest.
In the event of default in the payment of the new bond coupons herein
mentioned, during the five-year period herein provided for, all coupons
detached from the First Mortgage bonds shall be returned to the respective
bondholders and such bondholders shall have all their rights and privileges
under said mortgage; provided, however, that upon the payment of one of
the new coupons attached to the 1st Mtge. bonds, the corresponding coupon
,
,
,
Light Co.
—Injunction Vacated.
— Decision. —
See Hocking Valley Ry. above.
— V.
105, p. 716.
New York Chicago &
St. Louis Ry.—New Company.
See Nickel Plate Connecting Ry. below. V. 104, p. 2110.
New York
Railways Co.
Income Bonds Deferred.
—
—
—
Oct. 1 Interest
—
on Adjustment
Holders of the $30,626,977 Adjustment Income bonds, we are advised,
no interest for the 6 months ended June 30 last, due to the
strike of employees, which proved costly to the company and Involved extraordinary outlays incident to this unusual situation. The company, it is
stated, will fall short of the requirements for interest on its First Real
Estate and Refunding 4s for that period. V. 105. p. 499, 73.
will receive
—
Nickel Plate Connecting
RR.— New
Company.
—
This road, 4 miles long and connecting the New York Chicago & St.
Louis RR. and the Pennsylvania RR. at Hambiu-g Siding, was incorporated
at Albany, N. Y., on Aug. 23 with $50,000 capital stock.
Norfolk Southern Ry.
—Earnings.—The
following pub-
lished statement is pronounced substantially correct:
For the six months ending June 30 1917, after increasing the maintenance
of way expenditures 36.7% and maintenance of equipment 20%, the company earned a surplus of $230,000, equal to 1.44% on the $16,000,000
stock outstanding, against 1.54% in the corresponding period in 1916.
Gross revenues for the six months increased 13.9% and net operating Income
4.8%. In Jxme the gross earnings increased 22.2%, and net 6.1%.
Statement by President Joseph H. Young.
The crops in the western part of our territory average better than for
three years past. Cotton, although late, is in excellent condition, com
looks exceptionally well, and wheat is the best smce the lines were opened.
In the Belhaven district the corn crop looks exceedingly well. Potato
growers are happy, with a good yield and the highest prices ever received.
Cotton and tobacco promise to command high prices, and we shall have a
heavy traffic in both.
The cantonment at Charlotte promises to give us considerable business,
mostly lumber from local points on our line. Lumber loading west of
Raleigh is heavy, many of the saw-mills working day and night.
The prospect for a large business this autumn is bright, and if only we
could keep pace with increased cost of labor, supplies, rails, and particularly
coal, the road would give a good account of itself .^V. 105, p. 716.
—
& Eastern Ry. Extension.
RR. below. V. 105, p. 716.
Orleans-Kenner Electric Ry. Sale.
Oakland Antioch
—
See Western Pacific
—
—
—
Judge Foster in the U. S. District Court at New Orleans, La., on Aug. 14
appointed William C. Dufour special master to sell this company's property
The principal and interest on the First Mtge.
at public sale on Sept. 20.
6% bonds is in default since Jan. 1 1916, and the total amount due on the
bonds on Aug. 14 1917, including the principal and interest on the temporary bonds amounts to $284,019. V. 105, p. 389.
—
,
Morris County (N.
&
therein
in the
N. Y. Central 'RR.
.
auth. and outstanding; (3) Northumberland County Gas & Elec.
Co., $337,200 pref. stock and $790,800 com. stock out of a total outstanding
of $350,000 pref. and $800,000 com.) Compare V. 105, p. 716, 498, 290.
common
Orleans Railway
all rights
United States Dist. Court at New Orleans, Aug. 1
vacateu the injunction granted a year ago to prevent the consolidation of
the New Orleans City RR. with the New Orleans Ry. & Light Co.
Benjamin G. Paskus of the firm of Rose & Paskus, the counsel for the
plaintiffs, upon being questioned with reference to the effect of the decision,
stated that the Court simply vacated the injunction order restraining the
consolidation, but expressly retained jui'isdicion of the suit for the purpose
of hereafter passing upon the question as to whether minority stockholders
have been accorded proper treatment. This decision is somewhat unusual
in character inasmuch as it permits the consolidation to be consummated
but indicates that the minority stockholders will be granted relief in some
other form. V. 105, p. 499.
Results for 12
—
—
Judge Foster
Stock.-
tiGPii
819
deposited with the trustee shall likewise be canceled, and
V. 97, p. 521.
shall cease.
,
stantial part of
Capitalization
.
THE CHRONICLE
1917.]
Edw. B. Smith
—
.
,
Gas
&
—
—
Electric Co. Application to List.
Application has been made to the New York Stock Exchange for authority
Pacific
to
p.
list
$3,060,000 additional General and Refunding bonds.
1146.— V.
105, p. 185, 70.
Pennsylvania RR. Hotel Loan.
of New York on Aug. 11 said:
— "Record
— See V.
&
104,
Guide,'*
of America has loaned to the Pennsylvania
for five years at 5% $8,000,000 on the building
course of construction, to be known as the Hotel Pennsylvania,
which will occupy the entire block front on the east side of Seventh Ave
between 32d and 33d streets, N. Y. City, opposite the Pennsylvania sta
(The Pennsylvania RR. owns all the $3,000,000 capital stock of th
tion.
Terminal Real Estate Co.) The hotel, when completed, will be 24 storiee
In height and will have a frontage of 200 ft. on Seventh Ave. and 400 ft
The Prudential Insurance Co.
Terminal Real Estate Co.
now
m
in each street.
New
—
Officers.
President Samuel Rea announces that Elisha Lee, General Manager, has
been appointed Acting Vice President, in charge of operation of the lines
east of Pittsburgh, during the absence of Vice President W. W. Atterbury,
who has been granted leave of absence. Harry T. Wilkins has been appointed Assis. Secy, to replace J. Taney Willcox. V. 105, p. 716, 290.
—
Philadelphia Com-pamj.— Definitive
Bonds.
—
bonds for the First Mortgage c& Collateral Trust 5% gold
bonds due March 1 1949 duly stamped as provided in the plan are now
ready for delivery, in exchange for certificates of deposit, at the office of
the Provident Life & Trust Co., Philadelphia, depositary, or the agent
See advertisement on a
for the depositary, which issued the certificates.
preceding page and V. 105, p. 290.
The
definitive
Philadelphia Rapid Transit
Co.— New
providing
—A new ordinance
unified
system,
Transit Ordi-
by the
embracing its own
the
properties and the projected city-owned high-speed Unes,
was introduced in the Philadelphia City Councils on Aug. 17.
This ordinance provides that should the company fail to
dividend, the city wUl join in an
have available at least
earnest appeal for an increase in fares.
Extracts from Statement bylWilliam Draper Lewis, Counsel forlMayor.
Principles on Which the New Ordinance ts Based.
That the interest and sinking fund payments on the bonds issued by
1
the city to pay for its transit lines must be paid out of the gross revenue
of the unified system before any deductions are made for dividends to the
nance.
for the operation
company
of
4%
company's stockholders.
2. That although the city does not object to a reasonable dividend for
the company's stockholders, it must make no guarantees.
3. That the P. S. Commission is to determine what are just and reasonfiVilp I'n.f^ps
of
fSiPP
rates of fare on the company's own lines should at
the beginning be retained with a flat five-cent fare on the city's lines and
between the city's lines and the company's surface lines; but that if these
rates of fare sliould not be sufficient to enable the company to pay the
city's interest and sinking fund charges and a reasonable dividend to the
company's stockholders, the Commission should be asked to establish just
and reasonable rates of fare.
Principal Provisions of the Lease.
(a) The city is to build and mainly equip the lines that have already been
authorized by Councils. The company Is to supply in the main the power
and transmission equipment. If the city desires, the company will also
furnish tracks, third-rail, signals and rolling stock, providing It can secure
the money for such equipment at not more than 6 %
(6) The company agrees to build all extensions of its own system recommended by the Board of Supervising Engineers and approved by the P. S.
4.
That the present
Commission.
(c) Prior to the initial operation of the first section of the city s system,
the company is to operate its own lines as at present, but subject to the
regulatory power of the Board of Supervising Enguieers.
THE CHRONICLE
8*^0
(d) The conii);iny
amount e(iual to t)ie
by the
to pay as rental for the use of th(5 city's lines an
interest and sinking fund charges on the bonds issued
is
city to construct th(! linos.
(e) The following payments are to bo made in the order named from the
total revenue of the United system. and to be cumulative In the same order:
1. All expenses of operation and maintenance.
2. Taxes of all kinds.
3. Fixed charges and rentals of the company.
4. Interest and sinking fund payments on securities of the company issued
to provide for extensions to its own lines and efjuipment fortheclty'sllnes.
5. Payments to the reserve, depreciation and contingency funds neces-
sary for the unified system
6. Payments due the city under tlie 1907 contract.
7. Payments into the city treasury of amount equal to the interest and
sinking fund charges on the city bonds issued to pay for the city's lines.
As long as the pres8. A dividend to the stockholders of the company.
ent 3-ccnt exchange tickets are maintained, this di^dend is limited to 5%
When exchange tickets are abolished or modified by either the
per annum
company or the 1'. S. Commission, the company, if the gross earnings are
suffici(mt. may pay a dividend not exceeding 6% cumulative from the date
of the contract; the provisions of the 1007 contract allowing a cumulative
6% dividend from .Ian. 1 1907 to date being waived.
9. Payments to the Sinking Fund Commission established under the
1907 contract, equal in amoimt to 4% upon such of the city's bonds as shall
have been retired by the use of money previously paid into the sinking fund
under Item 7. above. This item will not be payable until about thirty
years hence, when the first bonds will be retired.
10. Limited payments into an operating surplus fund.
11. The remainder, if any, is to be divided 50% to the city and 50% to
the company, as provided in the 1907 contract.
At the beginning the fare will be five cents on the city's lines. On the
company's lines the present fare will for the present be retained. There
will bo free transfers between (1) the city's lines, (2) the city's lines and the
Market Street Subway-Klevated line, (3) tlie city's lines and the company's
surface lines, except in what is designated as the "Delivery District."
(g) Both parties to the contract recognize the right of the P. S. Commission to determine what is a just and reasonable rate of fare. Whenever
the gross revenue for six months is not sufficient to pay all prior charges
and a dividend of 4 % to the compan.v the city conceding the fairness of such
a dividend, the city agrees to join in a petition to the Commission for a dotermination of what is a proper rate of fare.
(h) To regulate the service and generally supervise the operation of the
unified system, a Board of Supervising Engineers will be established, with
three members, one appointed by the city, one by tlxe company, and the
This
third jointly by the Mayor and the President of tl e company.
board will have power: (1) To report on the advisability of extensions.
(2) Tosuperviseplansfor and the cost of transit facilities.
(3) Toestabli.sh
rules as to maintenance and service, routing of cars, &c.
(4) To recommend to the P. S. Commission changes in fares, (5) To decide upon the
amount and classification of the depreciation and contingency reserve, and
to act as trustee therefor.
(6) To act as a board of arbitration on any
question arising between the city and the company under the contract.
(i) The term of the lease will expire on July 1 1957, which is the date fixed
for the expiration of the 1907 contract.
0) As under the 1907 contract, the city may, on and after July 1 1957,
purchase all of the company's property by paying to the company tlie par
value of its capital stock outstanding at the date of purchase. In addition
to this right. Ijetween July 1 1927 and July 1 1957 the city may purchase the
property of the company by paying a like amount, plus any shortage of
dividends on the company capital stock now outstanding below 5% for
each year from the date of the lease to the date of purchase.
[Upon the S67,000,000 of bonds already authorized by Councils and issued for the construction of the high-speed lines, it is now estimated under
the new terms of the lease that the citv's sinking fund and interest charges
will amount to $3,350,000 annually.
It will be remembered that estimates
of the cost of the amplified transit system when completed will approximate
$100,000,000, tliat estimate being based by Director Twining upon structural steel and labor costs as of six months ago.]
V. 105, p. 389, 386.
.
,
,
—
—
&
—
Sha'wmut RR. Consolidation Plan Delayed.
Shawmut & Nor. RR. under "Reports" above. V. 104, p. 1899
Pittsburgh Sha'wmut & Northern RR. Status Earnings
Reorganization and Merger Delayed
Coal Traffic
$733,000 Central N. Y. & Western RR. Bonds Still Out.—
Pitts.
—
See Pitts.
—
—
—
—
See "Annual Reports" on a preceding page.
Puget Sound Traction, Light
—V.
—
105, p. 389, 290.
& Power
—
^
Extracts from Letter of Stone
&
iWgrs.,
Aug. 20 1917.
Authorized.
Outstanding.
Webster, Qen'l
The company operates in the Puget Sound District, which includes the
In this discities of Seattle, Tacoma, Bellingham and Everett, Wash.
trict the company, through ownership or control, does substantially all the
electric street and interurban railway and the greater part of the cqmmerDial electric lighting and power business
The population served is estimated at 500,000.
Capitalization
Common
—
stock
$25,000,000 x.S20,128,245
14,793,666
Preferred stock, 6% cimiulative
15,000,000
6% M. bonds, due Feb. 1 1919, incl. this issue... 15,000,000 10,057,000
Underlying bonds and bonds outstanding on properties controlled through stock ownership
*29, 150,000
closed mortgages
X Of this amount $17,720 of common stock is represented by non-inter
est-bearing receipts, exchangeable, par for par, for stock certificates.
* Includes $2,023,000 held uncanceled in sinking funds.
Earnings for the Years ended June 30.
1917.
1916.
1917.
$1,516,201
Gross earnings.$7,710,459 $8,812,115 Balance
362,282
Net aft. taxes. .$2, 772,525 ,$3,475,971 Sinkingfund
Int. on all bds. outst'g in
$1,153,919
in hands of public, InBalance
cluding this issue
1 ,959,770
For full description of this company see "Electric Ry. Section," page 117
and V. 98, p. 305.— V. 105, p. 499, 389.
Rapid Transit in New York.
— New
Service Sept. 4.
Commission on Aug. 20 announced that the operation of the
Fotu-th Ave. Subway trains from Brooklyn through Canal St. and up
Broadway, Manhattan, to 14th St. will begin on Sept. 4.
Commissioner Travis H. Whitney said in part regarding the new service:
The
P. S.
m
gett^
possible for Brooklynites to save the second fare
During the evening rush hours bO%
to that part of Manhattan Island.
come
station
St.
Chambers
of the people taking the B. R. T. trains at the
through the passageway from the Interboro subway. A very large part
of this percentage will hereafter take the B. R. T. trains at 14th St. and
At the same time constations south, and thus save a nickel on each trip.
ditions of congestion on the Interboro subway between 14th Street and
Brooklyn Bridge should be somewhat. relieved. V. 105, p. 390.
It will
now be
—
.'jj
Rates. — Kansas^Railroads Denied 3-Cent Passenger Rate.—
an
opinion denying the
The Kansas P. U. Commission has handed down
appUcation of Kansas railroads for an increaise from 2 to 3 cents per mile in
passenger rates on intra-State traffic. The Commission finds that the present 2-cent rate is fully compensatory and reasonable. V. 105, p. 607, 499.
—
Republic Ry. & Light Co. — Sub. Co. Merger. —
See Mahoning & Shenango Ry. & Lt. Co. above. — V. 104, p.
1593.
—Notes. —
710.—
M. K. &
Ry.
San Francisco-Oakland Term. Ry. — Legal Proceedings. —
San Antonio Belt
&
Terminal Ry.
T.
See report of the
6%
V. 105, p.
V. 102, p. 1718.
of San Francisco, as trustee for the
notes of the Oakland Terminal Co., which fell due
The Anglo-California Trust Co.,
issue of $1,100,000
in
.\ug. 20 1913 ari<l remain unpaid (through their interest had at last accounts
be(;n regularly paid) has brought legal proceedings to preserve or enforce
the rights of the noteholders in view of the default.
Compare V. 95 d
r,i'i. 619.— V'. 105. p. 717, 73.
.
Seaboard Air Line Ry.
— Temporary Financing. —
said to be arranging with New York bankers for its immediate requirements in the way of improvements, equipment, &c., to a
total of about .$2,500,000, through a note issue or bankers' loan.
V. 104
The company
is
—
p. 2236.
—
Tampa
—
(Fla.) Electric Co.
Stock Increase.
will vote Aug. 30 on ratifying the increase in authorized
cipital stock from $2,618,000 to $2,879,800.
Digest of Statement by Secretary Alvah K. Todd, Aug. 9 1917.
The company has a floating debt of $.50,000. incurred for extensions and
improvements. During 1917 it will be necessary, in order to meet the
increasing business, to make further extensions and improvements, notably
the installation of a new 7,.500 k. w. turbo-generator for the West Jackson
Your directors believe that the funds with which to
St. power station.
j)ay the floating debt and the proposed extensions and improvements should
be rai.sed by the sale of additional stock
If this increase is authorized the
now stock will be offered nro rata to the .stockholders for subscription at
par ($100 per share) one share for every ten shares of the present stock.
The shareholders
.
,
,
V. 104. p. 1900.
Toledo
& Ohio
Central Ry.
See Hooking Valley Ry. above.
Tri-City Ry.
&
Light
—
— V. 104, Decision.—
2006.
p.
Co.— Sub.
Co. Stock Increased.—
Ry. of III., all of whose stock except
directors' .shares, is owned by the Tri-City Ry. & Light Co., recently voted
to increase the authorized capital stock from $3,000,000 to $3,500,000.
The shareholders
V. 100, p.
of the Tri-City
.56.
Tuscarora
On July
Valley
RR.
— Bonds,
&c.
—
1917 the issue of $1.50,000 5% First Mtge. bonds fell due.
These bonds are. we understand, owned by J. M. Blair and H. C. Hower.
the present owners of the road.
Just what disposition will be made of
them Is uncertain. The road is likely to be reorganized. V. 67, p. 1161.
i
&
United Light
See Tri-City Ry.
&
Rys.
— Sub.
Light Co. above.
—
Co. Stock Increase.
— V. 105,
—
p. 499, 291.
—
—
—
United Railways & Electric Co, New Notes Offered
Increase in Authorized Common Stock.
Authoritative Statement. The shareholders will vote Sept. 11 on authorizing
the issuance and sale of $3,000,000
5-Year Convertible
gold notes, to be dated Aug. 15 1917, convertible at the option of the holder into common stock at $30 per share within
two years of date, at $32 within three years, $34 -nathin four
years and $36 thereafter until Feb. 15 1922.
There will be
an authorized issue of these $5,750,000 5-Year Convertible
notes, the remaining $2,750,000, bearing interest at 5%, to
be offered in exchange, par for par, for the company's
5-Year gold notes maturing Feb. 1 1921, now outstanding.
—
6%
5%
The 6% notes have been underwritten by a syndicate
headed by Alexander Brown & Sons, who are offering the
same at 973^ and int., to yield 63^%, subject to the preferential right of the shareholders and subject also to the approval of the Maryland P. S. Commission.
The stockholders of record Aug. 31 1917 are given preference m the
allotments of said $3,000,000 of 6% notes; that is to say. every subscribing
stockholder will receive an allotment of $100 of notes, or multiples thereof,
for every 14 full shares of stock, or multiples thereof, notwithstanding any
oversubscription of the notes.
The shareholders will also vote Sept. 11 on increasing the authorized stock
by increasing the number of shares of authorized common stock from 480,OOO to 700,000 .shares by an increase in the common stock, of which 191 ,667
shares or so much thereof as may be needed will be issuable at not less than
.S30 per share, viz., at the respective conversion prices above mentioned,
in conversion of all or any past of said $5,750 ,000 of notes.
V 104 p 1586
.
,
Co. Offering of
Additional Five-Year Bonds.
Harris, Forbes & Co., N. Y.,
Harris, Forbes & Co., Inc., Boston, Harris Trust & Savings
Bank, Chicago, Lee, Higginson & Co. and Estabrook & Co.
are offering at 98
and int., yielding about 7%, $2,000,000
additional 6% mortgage gold bonds due Feb. 1 1919, making
the total now outstanding $10,057,000.
—
[Vol. 108:
—
Utah Light & Traction Co. — Fares. —
This company has
filed
.
.
,
with the Idaho P. U. Commission a modified
rate schedule asking permission to discontinue the sale of 4-cent tickets, to
charge 1 cent for transfers and to raise the fare 5 cents on the Sandy-Midvaleand Bountiful-Centreville lines. V. 104, p. 2642.
—
Western Pacific RR.
—Extension—New
Director.-
—
San Francisco advices recently said that this company had entered into
an agreement with the Oakland Antioch & Eastern RR., whereby the
Western Pacific will finance the O. A. & E. in the construction of a branch
line to tap Suisun and the Vaca Valley.
It is understood that the branch
will extend from a point on the O. A. & E. near Montezuma to Suisun,
where connections will be made with the Vaca Valley and Suisun branch of
the Northern Electric Ry. The project, it is said, will involve an expenditure of about $500,000.
Thomas S. Montgomery of San Jose has been elected a director to fill
a vacancy. V. 104, p. 2453.
—
West Penn Railways Co.
An
—
Initial Dividend.
—
%
quarterly dividend of 1 !^
has been declared on the pref.
stock, payable Sept. 15 to holders of record Sept. 1.
This company was
formed in May last by consolidation of the old West Penn Rys. and its
leading dependencies with the West Penn Power Co., per plan in V. 104, p.
1704.— V. 105, p. 608.
initial
INDUSTRIAL AND MISCELLANEOUS.
Aetna Explosives Co.
— No
Foreclosure Suit
— Report. —
Receiver Benjamin Odell in a statement denying the report that First
Mtge. bondholders had instituted foreclosure proceedincts, says: "Thereare
no foreclosure proceedings pending. There has been a notice filed, very
technical in nature, claiming certain violations of the trust agreement
between the Guaranty Trust Co. and the Aetna Explosives Co. Notice
of six mouths of such violations has been served on the receiver, but before
any foreclosure proceedings can be commenced it is necessary that at least
25% of the bondholders demand such action and the bondholders' committee which filed this notice have not the requisite amount. In my
opinion it is a small minority of the bondholders who are seeking to disturb
existing conditions which are, or should be, very satisfactory to owners of
borids as well as stock."
See "Reports" above. V. 105, p. 500, 291.
—
—
—
Co. Bond Offering. The Standard
Trust & Savings Bank, Chicago, recently offered, at a price
to yield 6%, $400,000 First Mtge. 6% 10-vear gold bonds,
dated May 1 1917, due May 1 1927. Int. M. & N. in Chicago. Authorized issue, $600,000.
Albaugh-Dover
Denom. $400c*. Subject to redemption, all or part, on any Int. date,
and int. upon 60 days' notice. Trustee, Standard Trust & Savings
Bank. Chicago.
Data from Letter of Pres. George S. Albaugh, Chicago, April 24 1917.
at 102
Business.
ments:
name
(a)
—
The business of the company consists of
manufacturing and
cream separators
thi-ee distinct
selling
depart-
under the trade
of "New Butterfly," there being over 100,000 now in use; (6) gear
cutting, capacity 10,000 finished gears daily; and (c) manufacturing and
selling farm tractors
plant at Norfolk, Neb., supplies a large foreign
and domestic trade.
Purposes of Issue. The proceeds will retire the real estate mortgage ana
the outstanding 6% gold bonds due Jan. 1 1918, and for providing additional working capital, and for extensions and development of the farm
tractor department.
Capital Stock.— The company has no pref. stock.
Outstanding , ^ •
Dec. 31 1916, $1,581,500 common stock out of a total auth. of $2,000,000.
A
—
.
AUG. 25
THE CHRONICLE
1917.
—
Security.
A first mortgage upon the land and manufacturing plant at
2100 to 2122 Marshall Boulevard, Chicago, 111., also all factory equipment
and other fixed assets. A general obligation with additional net liQuid
assets as and with this offering of bonds outstanding of more than $500,000.
Appraisal of the properties, and an audit completed March 31 1917, show
reproductive values of fixed assets (exclusive of land), $516,915; present
value of land, .?75,000; total, S591,915.
Earnivgs. Net operating profit over and above all charges have been:
1914. $103,206; 1915. 8163,978; 1916. $198,203.
—
Amalgamated Sugar Co.
— Merger, &c. —
In connection with this company's increase in capital stock from S6,000,000 to $25,000,000 and the merger of a number of sugar companies in
which the Eccles estate is interested, a press dispatch from Salt Lake says;
"The declaration of a stock dividend was at first proposed, but after an
investigation of the sugar situation throughout the country, it was decided
that the $19,000,000 increase in capital stock should be placed in the
treasu:'v of the company, to be u.sed as the directors might see fit.
31" 'The increase in the capital stock of the Amalgamated SugarCo.is justified on account of the heavy earnings of the company during the past three
The stock was increased in order to keep the assets of
years, it was said.
the company as strong as possible.
••The Wyoming Sugar Co. is said to be one of the companies which the
Eccles estate contemplates taking over. Other plants listed by the
Amalgamated company are the factory at Idaho Falls and independent
companies." V. 105. p. 717.
—
American Car & Foundry Co. — Government Orders. —
The United States Government has distributed the following orders for
6.000 30-ton standard gauge and 2,997 narrow gauge freight cars for service
with the American forces in France
The orders for cars have been dis-
—
tributed as follows:
Narrow Gauge {600 rnm.)
Standard Gauge
Pressed St'l Car. _ 1200 low side gon. [Pressed St'l Car/ __ 500 flat.
100 trucks.
Am. Car & Fdy./lOOO box.
1
300 tank.
Am. Car & rdy../166 tank.
700 low side gon
Stan. Steel Car../ 900 high side gon.
Ralston Steel Car.. 400 low side gon.
800 box.
1
400 low side gon.
Magor Car
Haskell & Barker/ 600 flat.
300 refrigerator. Stan. Steel Car.../666box.
1
Pullman
900 box.
1165 gondola.
See Baldwin Locomotive Works below. V. 105. p. 69.
—
I
I
1
—
—
American Coal Co., Md. Dividend Increased.—
A dividend of $5 per share has been declared on the $1,500,000 stock
This compares with 3% and
payable Sept. to holders of record Aug. 31
1
2%
.
15% from
extra semi-annually since Mar. 1916, with
dock property in Sept. 1916. V. 104. p. 2236.
—
American Gas
&
Elec. Co.
the sale of N. J.
—Rate Advances. — Earnings
made
application, or have filed schedan increase in power rates to offset the unusual cost of coal and
Such increases are now
materials in most of the communities served.
effective in nearly all the communities served in Ohio and in all the communities served in Penna. and in the territory served by the Muncie Electric Light Co. in Ind.
The increase in rates is about 25%. except In the
territory served by the Scranton Electric Co.. where the increase is about
18%. The smaller increase in the Scranton territory is due to the proximity of the coal raines and to the ownership by the Scranton Electric Co.
of large culm deposits. No increase in lighting rates is now contemplated.
The Indiana P. S. Conrunission recently granted the Muncie Electric
Light Co. permission to add a .sivrcharge of
cent per k.w.h. to bills of
This company's subsidiaries have
ules, for
K
power consumers.
all
The
mines at Windsor,
rapidly nearing completion. The first 30,000 k.w. unit is expected to be in operation some time during August. This station, through
a system of high-tension transmission lines, will .serve energy to a large number of the communities now being supplied by local plants in West Va.
and Ohio, and it is anticipated that its operation will effect a large saving
in operating expenses.
Earnings.
Month of June
12 Mos. to June 30
1916.
1916.
1917.
1917.
Gross earnings (all sub. cos.) -$583,570 $436,314 $6,595,416 $5,493,211
Balance of sub. cos.' earns,
after all deductions, applicable to Am. Gas & EI. Co. loss$422
$84,170
$881,565 $1,386,671
Other income of Am. Gas &
Elec. Co., less expenses. _.
543,163
265,449
52,749
37,714
W.
large generating station being erected at the coal
Va.,
is
—
— —
Total income
$52,327
on collateral trust bonds. $26,175
Other interest
5,442
Int.
applicable to deb.bds.
—Bal.
V. 104,
2454.
$20,710
$121,884
$26,175
2,063
$1,424,728
$314,100
49,901
$1,652,120
$314,100
28,768
$93,646
$1,060,727
$1,309,252
p.
American International Corp.
— Dividends. —
reported that almost two-thirds of the $3 dividend which the company is now paying is derived from its ownership of International Mercan-
Marine
jji'eferred
stock.
The S3 dividend on the common
calls for
$1,490 000 yearly.
just under .52 per share represents the $6 per share
Marine preferred. V. 105, p. 74.
—
American Multigraph
which
Co., Cleveland.
The Cleveland "Plain Dealer"
it
Of
this
receives on
its
— Earnings. —
"Net earnings for the year ended June 30 1917 were, in round numbers. .$800,000,
after allowing for estimated excess profits tax and after plant depreciation,
but not for employees' profit-sharing or other dividends, and the depreciation on patents wjhich is taken out of accumulated surplus.
If one deduct
the 852,400 distributed tn preferred dividends there remains $747,600
(before patent depreciation and employees' profit sharing), or nearly 75%
on the .$1,000,000 common stock.
At the end of the fiscal year, after payment of the year's dividends, the
company had accumulated .surplus of $925,000. Its excess of current
assets over current liabilities was $507,000.
It had $276,000 cash on hand
and in bank and cash assets amounting to $108,000, of which part was
in Liberty bonds.
July this year was the best July the company ever
had.—V. 104. p. 2013.
of Aug. 22 says in substance:
American Shipbuilding Co.
ment of Preferred Stock
—
Rumor Regarding
—
—Annual Report.
Retire-
The "Cleveland Finance"
of Aug. 18 says: "A rumor has been in circulaeffect that this company would shortly announce
a plan for the retirement of its pref. stock. While officials will not discuss
this rumor it is said to be well founded and something maj' soon develop
in this connection.
It may be that the stock will be retired by converting
tion the past
week to the
into common stock.
In other years past the directors have considered
plans for retiring the pref. stock but something has always interfered and
never before have they been in the position they are at the present time to
get rid of this stock.
As a large part of the cash on hand was secured
from the sale of securities, including the sale of the I'ort Arthur plant.it
would seem wise to retire a part at least of the pref. stock with cash [unless
all of this is needed as working capital).
Sec "Annual Reporls" on a preceding page. V. 105. p. 718.
it
,
Anglo-American Oil Co., Ltd.
This company
—
—
Stock Increase
—
requesting proxies of American stocliholders prejlaratory
to an increase in .stock.
It is currently reported that the shareholders will
receive the right to subscribe for the new stock at par on a basis of one new
share for every two shares held.
V. 100. p. 2087.
is
—
Arlington
The
following
Mills,
is
Lawrence, Mass.— Tl^ar
Orders, &c.
—
pronounced substantially correct:
It is understood that Arlington Mills has been taking large war orders
for the Government, amounting, all told, to well over $12,000,000.
The
first big order in
was for .$6,000,000, but since then It has received big
contracts for shirtings, melton uniform cloth, linings and the like. As a
result of war orders and big regular sales, Arlington is now handling business at the rate of $30,000,000 per annum, with a record working force of
7.200.— V. 104, p. 2345, 1594.
May
Atlantic
& Birmingham Construe.
The Farmers' Loan & Trust Co.
1910 securing the Funding
Co.
—
Sale of Collat.
—
trustee under the agreement of April 30
Notes of 1910, due May 1 1912, on which no
,
821
had been i)aid, sold the following collateral through Adrian H.
Son, N. Y., on Aug. 22 for $125,000 for lot 1 and $300 for lot 2.
Lot 1
(a) $135,000 First Mtge. 5% bonds Atlanta Birmingham & Atlantic RR., (b) $9,000 First Mtge. 6% bonds, also 133 coupons and $9,789
demand notes of Fitzgerald Ocilla c& BroxtonRR.; (c) $25,000 demand notes
of Birmingham Coal & Iron Co.; (d) demand note of Brunswick Steamship
Co. for $124,463, dated Feb. 4 1909, to the order of Atlanta Birmingham &
Coast Co. (endorsed), interest 6% .(e) demand notes of The Oglethorpe,
aggregating $11,432: (f) one note of H. W. Poor & Co. for $10,000. dated
Oct. 15 1908, upon which $5,157 whs paid in 1916; (g) 8 shares of Noteholders
Liquidation Co. capital stock pa
1 oer share; (h) $1,100 common stock
interest
Muller
.
&
—
of Woodward Iron Co.;
Also all other properties, assets, equities rights, titles and interests of
the Atlantic & Birmingham Construction oo. owned by it on April 30
1910, or thereafter acquired by it, and subject to the lien of agreement dated April 30 1910, except (1) so much thereof as may be included In
Lot No. 2: (2) as were pledged and deposited under the agreement between
the Atlantic & Birmingham Construction Co. and the Tru.st Co. of America,
as trustee, dated April 30 1910, securing the so-called joint notes (see sale,
V. 100, p. 2166, 1751; V. 94, p. 1248; V. 90, p. 1237); and (3) so much
thereof as were pledged and deposited under agreement between the'
Atlantic & Birmingham Construction Co. and the Manhattan Trust Co.,
as trustee, dated Sept. 14 1908, securing collateral trust notes of the Atlantic
& Birmingham Construction Co. (see V. 95. p. 681), and except all cash
held by Farmers' L. & Tr. Co.. trustee, under agreement of April 30 1910.
Lot 2.
(a) $482,400 pref. and $344,500 com. stock of Atlanta Birmingham & Atlantic RR. (incorp. in 1905); (b) $101 common scrip of
Atl. Birm. & Atl. Ry. (incorp. 1903); (c) $114,000 stock Atlantic & Birmingham Construction Co.; (d) $225,000 stock Fitzgerald Ocilla & Broxton
RR.; (e) $100,000 stock of The Oglethorpe.
[It should be noted that the Atlanta Birmingham & Atlantic RR. properties were sold under foreclosure on June 1914 for $5,067,500, being just
the amount of the principal and interest of the outstanding receiver's certificates, leaving nothing for the holders of stock and first mortgage bonds
of that company who did not take part in the reorganization J^ The Fitzgerald Ocilla & Broxton is no longer operated. See page 55 "Railway and
Industrial Section" of June 1914.
V. 102, p. 347.
—
—
—
—
Atlantic Refining Co. Purchases.
This company has acquired 52% of the outstanding
stock and all the
$500,000 bonds of the Gulf Coast Oil Corp.. owning 106 producing wells
in the Humble and Batson districts, and a half interest in four producing
wells in the Goose Creek district in Texas.
The company is also reported
to have acquired a tract of 640 acres in Wyoming.
V. 104, p. 665.
—
Baldwin Locomotive Works.
^
Government Orders.
—
States Government has placed orders with this company for
764 locomotives (300 standard gauge, 384 narrow gauge 60 cm.) in addition
to the 150 already ordered by the Government of this company and the 150
to be built by the American Locomotive Co.
See American Car & Foundry above. V. 104, p. 1492.
The United
—
Bare Wire Co., Yonkers, N. Y.
Thomas C.
par
and
—
—
Pref. Stock Offering.
is offering, at
Perkins, Inc., Hartford, Conn.,
interest,
anew
7% cumulative
issueof $250,000
&
d.) stock.
Dividends Q.-J.
(a.
Minimum sinking fund of $7,500 annually for retiring this issue of stock
The company has no bonded debt and no
at not to exceed $105 and div.
mortgage can be placed without consent of 75% of outstanding pref stock.
Data from Letter of Pres. Edwin W. Moore, New York, May 31 1917.
Organization.
Incorp. on April 11 1917 (in N. Y.) with a capital of
$250,000 7% pref. stock and $250,000 common stock, and was organized
principally to insure a regular supply of bare copper wire of all forms and
sizes to the Electric Cable Co. and the Habirshaw Electric Cable Co., Inc.
Under an agreement the Electric Cable Co. and the Habirshaw Electric
Cable Co., Inc. (see V. 102, p. 612), guarantee to purchase from the Bare
Wire Co.. Inc.. sufficient wire at such price as will at all times insvu-e a
net profit sufficient to pay all dividends on the pref. stock.
acres
Plant.— The building of the plant on a well-located tract of
at Yonkers. N. Y., has already been contracted for and is well under way.
preferred
.
—
4H
The
plant should be completed and all machinery installed about Aug. 1,
and the company should be in active operation by Sept. 1. if not sooner.
The capacity of the plant will also be such as to permit of the sale of about
one-third of its production to other consumers.
The same as those of the Electric Cable Co. and the Habirshaw
Officers.
Electric Cable Co.. Inc.: Edwin W. Moore, Pres.: J. Nelson Shreve. V.-P.;
J. Nelson Shreve. Treas.; G. F. Waterbury, Sec.
—
Bend (Oregon) Water, Light & Power
—
Co.
Wells-Dickey Co., Minneapolis, &c.,
Offering.
offered, at par and interest, $100,000 First Mtge.
—Bond
recently
gold
6%
bonds, dated Mar.l 1917, due Mar. 1 1932 but redeemable
on any int. date at 103 and int. The bankers report:
It is
tile
—
—
—
—
This Issue. A first mortgage on the entire property valued at twice the
outstanding bonds. Denom. $500 and $1,000 c*. Int. M. & S. at office
The company pays the normal
of Wells-Dickey Trust Co., Minneapolis.
income tax. "Trustees, Wells-Dickey Trust Co. and Stuart W. Wells.
Additional bonds are issuable only to 75% of cost of improvements, &c.
when net after depreciation is 2}-^ times bond intere.st. including bonds issuable, a sinking fund of 6%. yearly will be paid to (a) retire bonds at 103;
(b) provide for additions against which no additional 1st M. bonds may be
and (f ) provide for investment. The company will charge off yearly
on electric and 3 % on water utility.
Capitalization.
(a) $105,000 common .stock, (b) $50,000 7% pref. stock
and $100,000 First Mtge. bonds (total auth, $500,000).
Company. Incorporated in 1912. Owns and operates the electric and
water utilities in Bend, Ore., without competition. Bend is the principal
city of central Oregon, population over 5,000.
Proceeds of present issue
will apply to improvements.
ProperUj.
Hydro-electric generating plants having an installed capacity
of about 1,250 h. p., water power sites capable of an ultimate development
of about 15,000 h. p., and a system of water and electricity distribution.
Earnings for the Calendar Year 1916.
Gross earnings
$49, 031 lint, on .$100,000 bonds
.$6,000
.'526,310
Not. after taxes, &c
32,310 (Balance
Franchises.
These are eminently satisfactory.
Management. McMeen & Miller, engineeers, Chicago.
i.s.sued,
before divs. a depreciation fund of 4
—
%
—
—
——
—
—
Bethlehem Steel Corporation. -Financing. The details of the new financing made necessary by the large war
orders which are expected from the U. S. Govt, have not
been finally completed. It is understood, however, that the
pref. stock,
plan calls for the issuance of $30,000,000 of
It is said to be the
convertible into Class B stock at 115.
present intention to offer this new stock to holders of "A"
and "B" shares at par. The new issue will probably be
under-written by a syndicate headed by the Guaranty Trust
Co., the Bankers Trust Co. and J. & W. Seligman & Co.
V. 105, p. 718.
8%
—
—
Boston-Virginia Transportation Co. Bonds Called.
This company has called for payment at Cleveland Trust Co. on Oct. 1
at 102 and interest the following $79,000 outstanding Equipment Mtge. 6%
gold bonds of 1912: Series "J," Nos. 271-300, April 1 1918, $30,000; Series
"K," Nos. 301-330, Oct. 1 1918, $30,000; Series ••L," Nos. 331-349.
April 1 1919. $19.000.— v. 103. p. 667.
& New
—
—
York Ferry Co. Sale.
Brooklyn
This company's property is advertised to be sold at public auction as
an entirety or In six parcels on Sept. 12 at the Exchange Salesroom, N. Y.,
by Joseph P. Day. auctioneer. The upset prices are: Parcel No. 1, when
No. 2, $129,000; No. 3. .$4,700; No. 4, $83,600:
$59,700, and for No. f>, $100, and provided that the aggregate
amount of the properties as an entirety shall be not less than $375,000.
The approximate amount of the lien or charge, to satisfy which the property is to be sold, is $94,639 92, with interest from June 10 1917, together
with the costs and allowance amounting to $7,881 with interest from Aug. 4
offered separately, $97,900;
No.
5,
,
THE CHRONICLE
822
The approxlmato amount of
1917. tOKothor with the expenses of the sale.
the taxes, assessments anrl water rates or other liens, which are to he allowed
to the purchaser out of the purchase money, or paid by the referee, is S2'io,In addition the purchaser Is
000, taxes, assessments, kc, with interest.
entitled to bo allowed or there are to bo paid by the referee out of the purchase money the amounts thereof applicable upon presentation and proof
of ownership by him of the aforesaid judgment in favor of U. S. Fidelity
& (Juaranty Co.. now amountinf? to $109,849, with interest, and the lien
of Columbia Trust Co.. amounting to .Sl.35.920. with int.
V. 10.5. p. 609.
—
Buda
—
Co., Harvey, 111. (Railway Supplies, &c.).
Sale
A syndieato managed by E. W. Clark & Co.,
of Prcf. Stock.
composed of Curtis & Sanger, John Bumham & Co., King,
Farniim & Co. and Counselraan & Co., have sold an issue of
$1,000,000 7% cumulative sinking fund pref. (a. & d.) stock.
Par $100. The bankers report:
Tho stock isredoomahle, all or part, upon GO days' notice on any dividend
—
and divs. up to April 1 192.S; and thoroaftor at 107!^ and divs
192S; and thereafter at 110 and divs.
Dividends Q.-M.
prof, stock may be Issued at not to exceed 60% of the cash
cost or fair value whichever is !es.s, for future additions and equipment,
when net assets are 214 times the par value of the pref. stock, includinfj
that issuable, and net quick assets ircIudinK proceeds from additional
stock, are equivalent to 125% of the pref. stock including that proposed
when net earninprs are four times the dividend requirement on the prof(»rrcd
date at
Canadian Ingersoll-Rand Co.
— Stock
stock, including stock issuable.
A sinking fund beginning .Tuly 1 1917, to retire pref. stock, is provided,
amounting to 25% of the annual net earnings, or 5% of the largest amount
of pref. stock at any time outstanding, whichever is greater.
No mortgage
or other lien now exists nor shall any be placed without the consent of K0<";
The company agrees to maintain net quick
of tho pref. stock outstanding.
assets of at least 125% and total net assets of at least 250% of the largest
amount of pref. stock at any time outstanding.
Digest of Letter from Pres. James Viles, Chicago. Aug. IB 1917.
Orgonizolion.
Established .36 years ago at Buda, III., as the Buda
Foundry & Mfg. Co. About 25 years ago the manufacturing plant was
moved to Harvey, III., where it is now located. Employees number about
Shipping facilities are excellent. The company's buildings and
1,900.
equipment are modem and efficient.
Business.
Four separate departments manufacture: (a) railway supplies
used generally by the maintenance and way departments of steam railway.s,
hand and pu.sh cars, motor cars (for railroad use only), track drills, jacks,
crossing gates and replacers, &c., used on over 85% of railroad mileage in
this country, also Cuba and South America; (6) a street railway special work
department for tho manufacture of track special work for street Intersections, frogs, crossings, branch-offs. car barn layouts, &c.; (c) internal combustion engines, especially suitable for commercial trucks and farm tractor
use; and ((?) electric storage battery trucks for use In industrial plants,
freight stations and warehouses.
Capitalizntion (.No Funded Debt)
Authorized. Outstnnd'g.
Preferred stock
$1,500,000 .$1,000,000
Common stock
1 ,500,000
1 ,500,000
Purpose of Issue. To supply additional working capital and to provide
funds (not to exceed S200.000) available for the purchase of equipment.
Common stockholders will, in addition, subscribe at par for .3,000 shares
of the common stock of the company, which, together with the funds received from the sale of this pref. stock, will place the company in a strong
position.
Earnings for Calendar Years and Six Months ending June 30 1917.
Cal. Years—
1912.
1915.
1916.
6 mos. 1917
1914.
—
—
—
—
Gross sales
$1,868,199 $1,662,560 $2,537,312 $4,006,481 .$2,661,3.53
Net, after maint., taxes and depreciation
434,960
381,390
Average yearly net earnings for the thee years ended June 30 1917,
$.343,677; for the five years ended June 30 1917, $253,799.
Financial Condition as of June 30 1917, After Subscription to Common Stock
and Sale of Preferred.
—
Assets
Real estate
$28,896
&
Building, mach.
equip. June 30 '17, less res've for deprec
1,351,267
Other investments
18, 385
proceeds of this issue) $1,735,050; notes receivable,
$10,659; accounts receivable, $699,988; inventories, $1,600,700 4,046,397
Prepaid insurance and interest
26,877
(incl.
marks & good will. $5,471 ,822
Total, not incl. valuation for patents, trade
Liabilities
—
Notes payable (before applying'proceeds of this issue") $1,777,500;
,
accounts payable, .$213,707; accrued taxes, $7,331-.
..-$1,998,538
Exce.ss of assets over liabilities: fixed assets, $1,380,164; net
quick assets, $2.093,121
.$3,473,284
Directors and Officers.
A. B. Dick, Pres. A. B. Dick Co., Chicago; WatP.Blair,
son
director Corn Exchange Nat. Bank, Chicago; Edmund A.Rus-
—
V.-Pres. Otis Elevator Co .Chicago; W. Edwin Stanley, E. W. Clark &
Co.; F. E. Place, V.-Pres.; L. M. Viles, V.-Pres. & Treas.; James Viles,
sell.
Pres.—V.
105, p. 718.
Directors and Officers.
A. B. Dick, Pres. A. B. Dick Co.. Chicago;
F. Blair, director Corn Exchange Nat. Bank. Chicago; Edmund A.
Russell. V.-Pres. Otis Elevator Co.. Chicago; W. Edwin Stanley. E. AV.
Clark & Co.; P. E. Place. V.-Pres.; L. M. Viles, V.-Pres. & Treas.; JamfS
Viles, Pres.
V. 105, p. 718.
—
Watson
—
&
Butte
Superior Mining Co., Ltd.
—Earnings. —
-3 Mos. end. June 30
1917.
Net value
Net value
6
1916.
(zinc concentrates)$l, 576, 209 $2,879,568
(lead concentrates)
219,049
246,342
Inventory and quotations
Miscellaneous income
200,000
45,582
22,722
Mos. end. June 301916.
1917.
J,476,388 $7,216,981
552.277
200,000
87,884
510,644
44,200
Total Income
$2,040,930 .$3,148,682 .$4,316,550 $7,771,825
Operating costs, taxes. &c.. 1,037,693 1,086,653 2,252,292 2,154,856
Balance, surplus
104, p. 2454, 2236.
$1,003,237 $2,062,029 $2,064,258 $5,616,969
—V.
(The) Butterick Company.
6
Net income
1917.
1916.
1916.
1915.
1914.
$206,319
$201,724
219,708
$410,306
329.562
$458,139
439,416
$499,104
439,416
(13^%)
(2M%)
(3%)
(3%)
Rate per cent
Assets
Years ending Dec. 31
Mos. end. June 30.
Dividends paid
Balance
—Annual Report. —
sur.$206,319df .$17, 984 sr.SSO. 744 sr.$I8, 723 sr .$59,688
Balance Sheet.
.
Ju':e?.0'l7. i)ec. 31'16.
I?
%
Liabilities
—
Ju.:e50'17. Dec.31'16.
S
$
Real est. & Impts. 1,017,753 1,617,360
Machinery & plant 1, 791,920 1,788,307
Pat., good-will, &c. 12,873,400 12,873,400
Cash
176,398
238.150
Stocks ownea
15,880
15,860
Liberty bonds
21 .092
Accts. receivable. 2,287,514
Paperlnstock
345,221
Mdse. manutact'd
and In process..
828,586
14.647,200 14.647.200
Capital stock
500,000
500,000
Mtges. payable...
260,000
377,000
Butterick Co. notes
23,200
Liberty bonds
8:20,974
675,751
Bills payable
.300.410
273,506
Accts. payable...
188,000
184,000
2,162,529 Federal Co. bonds
193,100
63,800
333,691 RldEway Co. bds.
13,138
Reserve for taxes.
815,675 Reserves* deprec. 1,355,907 1 ,29"r436
1,637,924
1,844,242
Surplus
Total
19,957.745 19,845,037
104, p. 2345. 1147.
—V.
Calumet
&
Total
Arizona Mining Co.
.
.19,957.745 19,845,037
— Copper Production. —
In July 1917 the company produced 3.551.205 lbs. of copper and 35,149,205 lbs. for the 7 months to July 31 1917. V. 104, p. 1797, 1147.
Camden Iron Works,
N.
—
—
—
J.
Receiver's Sale.
Receivers Heulings Lippincott and Alfred J. Major are advertising the
public sale of this company's property on Sept. 21 at Camden. N. J. The
property will be sold subject (o) to the $750,000 bonded debt, and (6) the
assumption of contracts amoimtlng to $1,500,000. See V. 104, p. 2345.
—
Dividend.
A
press dispatch says: "This company, a majority of whose stock is
owned by the IngorsoU-Rand Co. of N. J., has increased its stock from
$250,000 to S1.2.j0,000. the new stock to be a stock dividend."
— Completion
—
—
Co. Earnings
Caney River Gas Co.
See Oklahoma Natural Gas Co. below.
Foundry
Central
June 30 1917
{incl. Central
&
Iron
Total net earnings, after taxes, &c
Other Income
of Merger.
for 6 Mos. ending
Coal Co.)andCal. Year.
Year 1916.
6 Mos.-U.
—
Total income
Sinking fund and depreciation
Bond
$997,429
52,598
$874,477
90,629
$1 ,050.027
'70,000
$971,106
112,463
182,933
*$862,000
8675,710
118,027
&c
interest,
—
V. 105, p. 292.
Balance, surplus
lO.")
up to April 1
RemaininR
Cash
[Vol. 105.
Subject to such excess profit and additional income tax as
posed by tho Government. V. 104, p. 2643. 2640.
—
may be
Im-
Y.—
(U. B.) Claflin Corp., N.
Stock Reduced.—
This company has filed a certificate with the Secretary of State at Albany,
tho
capital
reducing
stock
from
Y.,
N.
$6,000,000 to $1,500,000. This
entire capital stock is owned by Claflin's, 'Inc., which was incorporated
in July last, has $6,000,000 capital stock (par $100), and no bonded debt.
See V. 105, p. 183.
Claflin's Incorporated, N. Y.
See
II.
B. Claflin Corporation above.
Cleveland
—
—
Co. — Dividend. —
Status.
— V. 105,
p. 183.
& Sandusky Brewing
A
dividend of l'A% has been declared on the $2,502,000 pref. stock,
payable Sept. 1 to holders of record Aug. 15. A like amount was paid in
March last but no dividend action was taken in June last. V. 105, p. 287.
—
—
—
Consolidated Indiana Coal Co. Stricken from List.
The New York Stock Exchange has stricken from the list this company's
Flr.st 30-year sinking fund 5% bonds, due 1935. — V. 104, p. 1706.
Continental Oil Co., Denver, Colo. Stock Increase.
—
—
The shareholders
vote Sept. 17 on ratifying the propostiion to
increase the authorized capital stock from $3,000,000 to 812.000.000.
Said stock "will be non-assessable, and the whole or any part thereof may
bo issued for labor done, services performed, or money or property actually
received or acquired." Also on authorizing the board to issue from time
to time the whole or any part of said stock.
V. 105, p. 719.
will
—
Cosden
&
—
Co., Baltimore, Md.
Conversion Prices of
Bonds Additions Output. The co. confirms the following:
As a result of the offering of 640.000 shares of new stock at $10. the con-
—
—
—
version price of series A bonds will be lowered from $15 to $14 20 and the
conversion price of series B bonds from $13 50 to $12 80. The series B
bonds are convertible at lower rate until July 1 1919, after which they have
same rights of conversion as series A bonds.
The company is installing 100 pressure stills, 30 coke
stills, a gas compreswhich will manufacture gasoline out of waste gas from the stills,
acquiring additional tank cars. The daily capacity of its "Tulsa plant
is 40.000 bbls. as a skimming plant and 18.000 bbls. for running crude
oil down to coke.
In the present shortage of tank car transportation
facilities the company's ownership of 2.200 tank cars represents an especially valuable asset, as it puts the company in a strong position to handle
tho unusual demand prevalent all over the country for oil and all of its byproducts. These tank cars are worth about $3..500 each and represent a
total investment of over .$7,000,000.
Compare V. 105, p. 610, 392.
Js.-J
sion plant
and
is
—
Cumberland Pipe Line. Additional Stock Offered to
Shareholders.
The shareholders on Aug. 23 authorized the
—
issuance of 5,000 shares of stock (par $100) and adopted a
resolution offering the shareholders of record Sept. 4 the
right to subscribe on or before Oct. 15 for the new stock
at par on a basis of 1 new share for every 2 shares held
Payments to be made in full on or before Oct. 15. This will make
$1 ,.500 ,000 stock outstanding.—V. 105, p. 502.
.
—
Curtiss Aeroplane & Motor Corp.^ Official Statement
Regarding Current Orders New Directors.
The following
statement was made to the "Chronicle" by an officer of the
corporation in reply to a request for information as to orders:
No facts concerning the amount or character of American or British
Government orders will be given out by the corporation. This is an
—
—
executive committee ruling, on the ground that such publicity is information
that might aid the public enemy. We have nothing to say on the subject,
and no time in which to say it.
No further financing by the corporation is likely during the period of the
war. unless it involves merely the retirement or conversion of securities now
outstanding. The big Buffalo plant, quadrupling the present capacity, is
provided for, as also is ample working capital. The only problems of the
management concern volume of production. [Current gossip avers that
this company's orders and contracts a<r.L-rci:atp perhaps as much as .$200,000,000.
Such orders given to companies on account of the war, presumably are subject to cancelation in whole or part upon a cessession of
hostilties.]
(George C. Taylor, Pres. of American Express Co., N. Y.; Rodman
J. Kearsley Mitchell, of Philadelphia, have been elected
directors to succeed W. Starling Burgess, James In.brie and Frank H,
Russell.]
See Willys-Overland Co. below.— V. 105, p. CIO. 392.
Wanamaker and
Dallas (Tex.) Automatic Telephone Co.
—
—
— New
Fran-
chise
Citizens to Vote on Merger Plan.
This company has formally accepted the franchise recently voted by the
citizens of Dallas.
The reduction in valuation, from an estimate of $2,600,000 to $2,521,280, by A. C. Scott was also accepted.
The "Dallas News" on July 21 says in substance:
The franchise gives the Automatic Company the right to acquire and
operate the properties of the Southwestern Telephone .& Telegraph Co.
in Dallas, or to form a merger with that company at a valuation to be
fixed by the Board of City Commissioners, who also will have the right
to fix and determine the maximum rates which may be charged by the
consolidated systems.
If a merger of the Automatic and Southwestern companies is not consummated within 18 months after the franchise is adopted, the merger provisions become void.
The merger must be submitted to the people at a
general election; also for the merged company as to the the rate of re-
maximum rates for service and the valuation. The franchise
specifically provides there shall be no raise in rates for two years after consolidation, no matter what the losses may be.
The franchise as applied to the Automatic Company is an indeterminate
service-at-cost grant.
limitation on the service-at-cost plan exists in
the provision that no increases in rates must be made for eleven years, or
until the present franchise held by the company will have expired, and that
the gross receipts tax must be paid during this period. V. 97, p. 447.
turn, the
A
—
—
—
Davison Sulphur & Phosphate Co. Sept. 1 Interest.
The Mercantile Trust & Deposit Co., of Baltimore, has notified holders
of the 6% 10-year bonds of this company that it has been unable to get the
definitive bonds ready for delivery by Sept. 1, when the first interest payment is due. The payment will, therefore, be made on a receipt from the
holder of the bonds, with proper income tax certificate attached.
V. 104, p. 1267.
Dayton Power
&
Light Co.
—Bonds
Offered.
See
—JohnNick-
erson Jr. is offering at 89-91 the remainder of a block of
$421,000 of this company's First & Refunding Mtge.
gold bonds, due June 1 1941, of which there are $2,122,000
5%
Ava
outstanding. Total authorized, $20,000,000. A recent
circular gives the following:
Bonds, &c.-— The (Ohio) P. U. Commission has recently authorized the
company to issue S425,000 additional 6% cumulative pref. stock and
When these seciu-ities are issued, there
$421 .000 First & Ref 5s due 1941
will be $2,543,000 First & Ref. 5s outstandinK, and the total funded debt
will be S5.,300,000, including $2,432,000 Dayton Lighting Co, 1st & Ref. 5s
of 1937 and ,?325.000 Dayton Electric Lt. Co. 1st 5s of 1921 to retire which
bonds of the Dayton Power & Light Co, are reserved. Moreover, the pref.
stock issued will amount to 83,387,500 and the common stock S3,053,000.
Of the .52,122,000 First & Ref. 5s. as aforrsaid. .SI .250,000 was issued
for the construction of a new power house, the work on which is now in
progress.
Interest on these bonds is not yet a fixed charge, but is chargeable to capital account.
This is also true of the S421,000 now being offered,
is
to
reimburse the company for expenditures made. The comwhich
pany's balance sheet shows $931,386 of work in progress and "new power
house construction fund" .8936,964,
Earnings for the 12 Months ended May 31
.
.
,
1916.
|
—
1916.
1917.
J
Gross revenue $1,732,620 $l,316,395flnt, on funded
after
debt
taxes, &c.. $558,573
$640,311 Balance
Net
1
$182,204
$376,369
$183,209
$457,102
The power station consists of .seven plants, the two main plants
Plants.
(26,000 h.p.) being steam turbine installations and the five other plants
(2,500 h.p.) being largely engine driven. Work is now being pushed on the
new power plant, which is to be near Dayton, and will have an initial
The
installation of 24,000 k.w., capable of enlargement to 105,000 k.w.
transmission system consists of 32 miles of steel tower construction and
about 78 miles of wood pole construction. The distribution system
consists of 852 miles of wire.
The population of the city supplied is about 178.000. while there are
about 2.')0,000 people in the district. Population of Dayton, about 132,000,
See previous offering of bonds in V. 102, p. 1899,^ V, 105, p. 183.
—
Dickinson Co. (Seed Merchants), Chicago.
— (Albert)
Refunding Bonds.-— This company, established
First
in
S.,
1855 and said to be the largest seed merchants in the U.
bringing out an issue of $2,000,000 First Mtge. Refunding
20-year 6% bonds out of a proposed $2,500,000 issue. An
advertisement shows:
The bonds are redeemable on any interest day at 102 M after giving 60
is
days' notice.
—Land and buildings now
built and under way, valued at over
and California Ave.. Drainage Canal.
$4,000,000, located at 35th
Security.
St.
Chicago: also property at Clark and 16th streets. It is expected part of
the land will be sold, and if so bonds will be called by lot at the premium of
102'^ after 60 days' notice.
Earnings.
Profits average last seven years over three times annual interest charge.
The new grain storage and additional railroad facilities insures
steady or larger earnings.
Purpose of Issue. The amount now to be issued will provide for work
going on and additional capital. The last $500,000 will only be sold to
pay for improvements on the property.
Compare previous offering of Fir.st M. Ser. 6% bonds In V. 101, p. 1191.
—
—
—
&
A
(E. I.) du Pont de Nemours
Co. Possible Acquisition
formal decree by Judge
of T. Coleman du Pont Stock.—
J. Whitaker Thompson has been filed in the U. S. District
Court at Wilmington directing that the stockholders of E. I.
du Pont de Nemours
Co. decide for themselves whether
they want to acquire the T. Coleman du Pont stock which
has been a subject of litigation in the Federal Court for more
than a year. The purchase price of the stock with interest
up to
1 1917 amounts to $15,708,881.
The total sum
involved in the litigation, including dividends and interest,
now amounts to more than $50,000,000.
The decree recites the findings of the Court against the
&
May
defendants and appoints former Judge Daniel 0. Hastings
of Wilmington as special master to call a meeting of the stockholders.
The resolution to be voted on at a meeting of the
shareholders called for Oct. 10 reads as follows:
Resolved. That the stockholders of E, I, du Pont de Nemours & Co.
.
hereby determine that said corporation shall acquire and receive the
53,314 shares of the common stock of E. I. du Pont de Nemours Powder
Co. purchased by the defendants from T. Coleman du Pont, carrying
with the same the 126,628 shares of the common stock of the E. I, du Pont
de Nemours & Co, received as a dividend thereon, together with all other
cash, stock and bond dividends, or the proceeds or value of such other stock
and bond dividends, with interest or income thereon, paid to or realized
by the defendants on the 63,314 shares of the common stock of E, I. du
Pont de Nemours Powder Co. and the 126,628 shares of the common stock
of E. I. du Pont de Nemours & Co,
Less such sums of money, with interest, as were paid by the defendants
for the purchase from T, Coleman du Pont of the 63,314 shares of the
common stock of E. I. du Pont de Nemours Powder Co. and the 14,599
shares of preferred stock of said company, after crediting on the amounts so
paid by them such amounts as may have been received by defendants from
a sale of said preferred stock purchased as aforesaid from T. Coleman du
Pont, or the proceeds thereof, with interest, the exact figures, together with
the proper calculations of interest thereon to be ascertamed by an accounting to be taken under the direction of the Court, and less any sums for
expenses connected with said purchases which may be a"owed by the Court
V. 105. p. 610.
</
is.-;
9R such accountings
.
—
'
~EdisbirETrLtr&y."'^o^1Sm3
See Fonda Johnstown & Gloversville RR. under "Railroads" above.
V 102. p. 1438.
'^^
it
r
""Footer's Dye Works, Inc., 'Jumberiand7"Md7^r7z'o^
Year Gold Notes Offered .—Robert Garrett & Sons, The
Citizens Co., Inc., and The Fidelity Trust Co., each of Baltimore, are offering, at 99 and int., to yield 63^%, a new issue
of $400,000 Two-Year 6% First Mtge. gold notes, dated
Aug. 15 1917, due Aug. 15 1919.
.
•
r
•
I
,
:
The company agrees to pay normal Federal income tax. Int. F. & A. 15
Denom. $1,000 c*. Callable on any interest date at 102 and int. upon 60
days' n otice .___Trustee, The Fidelity Trust Co., Baltimore.
Extracts from Letter 'of Pres. Thos. B. Finan, Cumberland, Md.,
Aug. 10 1917.
Comnanti.
Started with a nominal capital at Cumberland, Md., about
1872, by Thomas Footer. The plant now comprises about 6 acres in the
heart of Cumberland, upon which there are substantial brick buildings,
aggregate floor space about 5 acres. The company operates 20 branch
offices and has num erous other agencies and employs some 600 people.
"-^
Capitalization Authorized arid Outstanding.
Two-Year 6% First Mtge. gold notes
$400 000
Preferred Stock 7% cumulative
200!000
Common stock
500,000
Purpose of Issue. The real estate and buildings at Cumberland are
owned by the Footer Realty Corp., in turn owned by the Messrs. Footer
This issue iS to provide funds to purchase the real estate and buildings at
Cumberland used by the operating company, which is being absorbed by
this company, just organized in Maryland.
Security.
The direct obligation of the company and a first mortgage on
about 6 acres in Cumberland, Md., appraised at $175,000, buildings thereon
at .$344,250, and machinery and equipment at $275,400; total appraised
value, $794,650,
In addition to the property specifically pledged the company has current and other assets of $221 ,192, with total liabilities, exclusive
of these notes, of only $18,266, or a net equity of $202,926.
Dividends in
excess of 6% per annum cannot be paid on the common stock, nor can any
of the pref. or common stock be retired while these notes are outstanding.
—
"
—
—
—
THE CHRONICLE
25 1917.]
1917,
—
—
.
8^3
Net Income Prior to Deduction for Rent and Interest, Now Eliminated.
Year ended Nov. 30 1915-. $54 ,450 Six mos. ended May 31 1917 $44,744
Year ended Nov. 30 1916- - 82,770 (Total for 2 >^ years
181,963
1
Financial Statement as of May 31 1917 (after Applying Proceeds of Thislssu*
to Purchase of the Property and Taking Over the Business of the Former Co.)
Assets (Total each side, $1,118,267)
Plant property: Cumberland, Md.: Land, $175,000; buildings,
$405,000; machinery and equipment, $324,000; less accrued depreciation of $109,350$794,650
Branches, at estimated sound values: Auto trucks, $30,000; furniture and fixtures, $12,000
42,000
Cash, $59,328; accounts receivable, $46,034; note receivable, $535;
inventories, dyestuffs, &c., at cost, $67,533; prepaid items, $138 173,568
Investments
.
.
5,625
Good will...
102,424
Liabilities
—
Two-year 6% First Mtge. gold notes due Aug. 15 1919
Accounts payable, $16,173; sundry, $2,094
$400,000
18,267
Pref. stock, $200,000; common stock, $500,000
700,000
Directors (and Officers).
Thomas Footer, Chairman, former Pres.
A, E. Duncan, Robert Garrett & Sons, of Bait.; and Henry Shriver. Prese
Fir.st Nat. Bank; Harry Footer, former Sec.-Treas. (Vice-Prest.); Harry E,
Weber, Pres. Third Nat. Bank; D. Lindley Sloan, Pres. Dime Sav. Bank;
Thomas B. Finan, Pres. The J. C. Orrick & Son Co. (Pres.), all of
Cu berland. (Joseph W. Footer is Sec'y; Edrn ondB. Footer, Treas .)_.__
—
&
(Henry) Ford
Son, Inc.
— Subsidiary Co. —
•'-^'1
This company was recently incorporated with $1,000,000 to mai^afacture
tractors.
The incorporators are Henry Ford, Clara J. Ford and Edsel Ford
GastonT WilliamT~«&"Wigmor^
The following published statement
&c.
—
'N'''Y.—E'armngs',
is
understood to be
substantially correct:
The earnings
of the
company
are running well ahead of a year ago.
In
June net income after charges was $375,000; July, .$400,000, and August
reflects further improvement.
In the first quarter of the year the company
earned in excess of $900,000 and in the second quarter nearly $950,000,
making a total of $1,850,000 for the first half-year.
These earnings are exclusive of steamship profits or the earnings of European offices, so that the outlook, based upon the first half-year's and current results, is good for $4,500,000 final net, which would be equal to $15 a
share upon the 300,000 shares of stock (no par value). The company is in
no need of funds with a working capital of over $16,000,000, the equivalent
of $53 a share.
A month ago unfilled orders totaled about $21,000,000, of which less than
$6,000,000 was war order business, the balance belngentirely commercial,
—v. 104, p. 2556, 2339.
-am
General Motors Corp.
vj
—Earnings. —
Officers and Directors.
It is stated officially that the company's net income
for the fiscal year ending Aug. 31 1917 will be approximately
$30,000,000, being sufficient to pay the 6% dividend on the
preferred stock and leave a balance equal to about 35% on
—
the $82,600,000 of common stock outstanding.
for the year will exceed 185,000 cars.
The
sales
The corporation has now secured every share
of the comstock of the old company, giving it a 100% ownership,
the preferred stock having been retired some time ago, and
the old organizait is believed the complete dissolution of
tion will shortly be effected.
New Officers. The officers, directors, &c., now include:
Pierre S. du Pont. Chairman of the Board: W. C. Durant.
Officers.
President: A. G. Bishop, W. P. Chrysler, R. H. Collins, W. L. Day.
C. S. Mott, E. Ver Linden and F. W. Warner, Vice-Presidents; T. S. Merrill, Secretary; H. H. Rice. Tresurer, and W. L. Prensky. Comptroller.
Finance Committee. L. G. Kaufman, Pierre S. du Pont, W. C. Durant,
J. H. McClement and J. J. Ra.skob.
A. G. Bishop. W. P. Chrysler. R. H. Collins. W. L. Day,
Directors.
Pierre S. du Pont. W. C. Durant, J. H. Haskell. L. G. Kaufman, J. H.
McClement, C. S. Mott, J. J. Raskob, E. Ver Linden and F. W. Warner.
mon
—
—
—
—
v. 105,
p^5 02;;^_^:^ ;_:^^i;/
—
''j:'^' *'*"'-''
'"
"
'
—
'
'
—
"TJlenrock Oil Co. New Project Stock Underwriting.
R. C. Megargel & Co., N. Y., as underwriters of 100,000
shares par $10 of this new company's capital stock have
disposed of the entire amount, the offering, it is stated,
being
Extracts
well
oversubscribed.
From Letter
Organization.
of Pres. R. Q. Taylor, Casper, Wyo., Aug. 22.
Virginia with an authorized capital
—parInc.value
Aug. 17 1917
$10, to acquire by purchase or through controlling
in
of $10,000,000,
Interest in other corporations, producing and prospective oil properties
The company controls, through stock ownerin Wyoming and elsewhere.
ship, the Glenrock Petroleum Co., the Superior Petroleum Co., the Hall
Oil Co. and owns outright properties in the Pilot Butte district, known as
the Pilot Butte Oil Co., and the property formerly held by Messrs. Norbeck & Nicholson. Allowance has been made in the capital stock Issue
for the absorption of all the outstanding stock of the controlled companies.
The companjr has 21 operating wells distributed on the
Properties.
below described properties with a production of about 1 ,800 barrels per day.
In the Big Muddy Field the company holds jointly with the Ohio Oil
Under
Co. 3,000 acres, of which the Glenrock company's interest is 40%
contract the Ohio Oil Co. operates the property. The Glenrock company
on
acres.
lease
exclusively
a
480
also owns
In the Pilot Butte Field the company owns leases on 5,000 acres and
There are 11 producing wells and 6
controls practically the entire field.
more are to be drilled before Nov. 15. A 20-year contract has been let to
Refining
Production is expected to greatly
Midwest
Co.
the
the
oil
to
sell
exceed present output of about 1,500 barrels per day.
In the Elk Basin Field the company owns an undivided half interest
There are five producing wells
jointly with the Ohio Co, in 320 acres.
with an approximate daily production of 450 barrels, this company's proportion being equivalent to about 225 barrels. These properties have
been only partly developed and other wells are now being drilled. The
Ohio Oil Co. operates these properties and purchases the oil.
In the Grass Creek Field a lease is held on 40 acres, which has three
producing wells and also owns an undivided 1-16 interest in 160 acres producing 400 barrels per day. The company also owns in non-pr ducing
interest under lease in 1,500 acres in the Lost
districts an undivided
Soldier field and has leases on 900 acres in the Dry Creek dome in Fremont
Co., W.vo., and 5,000 acres in Shields R'vor and Big Pump domes, Mont.
Pipe lines are being operated by the Illinois Pipe Line Co, from all the
fields witii the exception of the Pilot Butte field and arrangements have
Ijeen made for the completion this year of a line from this field,
—
.
H
[Directors and Officcrs.^R. G. Taylor (Pres.); B. H. Pelton (Secy.);
G. R. Hagens, Hon. Patrick Sullivan (Asst. Treas.), all of Casper, Wye;
John M. Lowrie, C, A. Graves, N. Y.; E. S. Ellison, Denver, Colo.; P. V.
H. Collins, Forsythe, Mont.; J. H. Norris, Riverton, Wyo. (CM. Jones
of R. C. Megargel & Co., N. Y., Treas.)].
—
—
—
Grasselli Powder Co. Officers New Company.
The officers of this company are: Job Burton, Pittsburgh, President;
J. S.
Burton, 1st Vice Pres, and Gen,'Mgr.; T. S. Grasselli, 2nd Vice Pres.; E. R.
Additional directors
Grasselli, Treasurer, and R. R. Dixon, Secretary.
will be G. E. Fisher and E. W. Furst.
Grasselli Powder
"The
Dealer"
of
Aug.
11
says:
The "Cleveland Plain
Co. is a subsidiary of the Grasselli Chemical Co. No financing will be
required In connection with acquisition of the three Pennsylvania concerns
(mentioned la.st week V. 105, p. 719). The recent sale of $1,774,900
Grasselli Chemical preferred stock provided funds for the purchases."
V. 105. p. 719.
—
,
Great Barrington (Mass.) Elec. Lt. Co.
— Acquisition. —
C. D. Parker & Co., Boston, Ma.ss., who control and operate this
company have purchased the Stockbridge Lighting Co., which has $40,000
?'
common
stock outstanding.
THE CHRONICLE
Co.— Earmnqs (Net Oper. Income). —
1917—7 Mos.—
824
Gulf States Steel
1<.)\7— July— ]<M(i.
$308,027
Increase.
$90,3301 $2,366,860
$212,697
1916.
Increase.
$1,222,951
$1,143,909
\
—V. 10.5. p. 392. 184.
Habirshaw Electric Cable Co., Inc- -Wire Supply.
Soo liaic AVire Co. abovo.
— V.
— V. 104.
p. 867, .366.
SinkFund,
Bond
I)enr.,&c
Interest.
Balance,
Surplus.
$30,120
51,847
$14,619
32,021
$46.3.38
1.231
— Dividend. —
Hudson's Bay Co.
Advices fioin Canada stale that the company has declared 20% on
ordinary shares for the year to May 31 5% being in respect of receipts of
the land department, on which income tax is not payable, and 15% in
respect of profit of trade, the latter being payable less tax. A like amount
was paid in 1916 but none was paid in 1915.— V. 103, p. 760.
,
—
—
Hurley Machine Co., Chicago, 111. Bond Offering.
Peabody, Iloughteling & Co., Chicago, are offering at par
and intere.st (except for the first three maturities for which
the terms will be: 1918 on a 5% basis, 1919 on a 5J^%basis,
basis), $250,000 First Mtge. 6% Serial
and 1920 on a
gold bonds dated June 1 1917. A circular shows:
5%%
The bonds are redeemable in the reverse of their numerical order on any
Interest date at 102 and int.
Denom. $1 ,000 and S500 c*. Int. J. & D.
at the office of the Trustee, the First Trust & Savings Bank, Chicago
Maturities June 1 1918-1927 incl. $25,000 yearly.
Security.
An absolute fir.st mortgage on all the property now owned and
hereafter acquired by this company, established in 1906. including the
plant at 22nd St. and 54th Ave., in the Cicero Mfg. District of Chicago.
During the life of those bonds net quick cash assets or working capital shall
be maintained at not less than the amount of bonds outstanding, and never
—
than $250,000.
Net Profits and Sales Since 1912.
less
Profits.
—
Ingersoll-Rand Co.
— Stock
Dividend.
— V.
See Canadian Ingersoll-Rand above.
Kelley Island Lime
The .shareholders
&
—
104, p. 1595.
— Stock Dividend.-—
Transport Co.
vote Sept. 10 (a) on increasing the capital stock from
$6,000,000 to $8,000,000 and (6) on ratifying a stock dividend of 20%,
payable to holders of record Aug. 9. The remainder ($800,000) of the new
stock will remain in the treasury for future disposition. V. 89, p. 414.
will
Lackawanna
A
dividend of
1
Steel
^%
—
Co.— Dividend. —
has been declared out of surplus earnings for the
payable Sept. 29 to holders of record Sept. 14. In
extra was paid.
V. 105, p. 184.
first 6 months of 1917
June last 114% and
—
2H%
Lake Superior Corporation.
—Income,
Interest,
The full 5% interest on the $3,000,000 Income Mtge. bonds
announced, be paid Oct. 1.
See Algoma Central & Hudson Bay Ry. V. 105, p. 75.
&c.
&
Liggett
Myers Tobacco Co.
7%
— Subscription
—
Rights.
—
right, recently offered shareholders of record Sept. 10, to subscribe
at par for $7,376,047 additional
cum. pref. stock, will expire on Sept. 25.
For further details of offering, .see V. 105. p. 611.
—
—
Maritime Nail Co., Ltd., Montreal. Bonds Called.
Twenty-six ($13,000) First Mtge. 10-year gold bonds, dated May 1 1912,
have been called for payment Oct. 15 at 105 and int. at Prudential Trust
Co.. Ltd.. Montreal.
— To
Marlin-Rockwell Corporation.^
The company confirms
Enlarge Capacity.
—
the report that it is about to double its machinegtm capacity, increasing the same to approximately 100,000 machine guns
during the next 18 months. It is not contemplated to issue any additional
stock or to do any new financing. V. 104, p. 1391, 1595.
—
Merchants Heat
June 30 Years
Gross earninES
Operating exp
—
Taxes
Net earnings...
&
Light Co., Indianapolis.
1916-17.
191.5-16.
SI. 225. .543 $1,102,763
689,520
99,858
610.001
100.064
5436,165
$392,698
—
1917.
$
—Earns. —
Ju eSO Years— 1916-17.
Net earnings
$436,165
Int. on bonds
$234,579
15,632
Int. on notes
Net income...:
JUNE
ET,
Assets
S392.698
$206,605
17,704
$168,389
$185,954
30.
1916.
1917.
S
S
.722 ,000 1,722.000
1916.
LlabUilies—
S
191.5-16.
Property anrl plant .6,075,242 5,411,331 Capit,al stock
1
Discount on seeur.__ 556,045
4,887,000 4.512.000
532,609 Bonds
Prem on secur reri'd 90 ,000
281.070
348,998
90.000 Notes p.ayable
Open accounts
82.683
558,013
568,160 -Accounts p.ayable... 178,226
Mdse. & Cons. milt'. 104,134
107.860
95,263 Accrued liabilities... 154, .541
Notes & accts. rec'le 207, .586
86,910
86.066
242,685 Reserve accounts
Deferred charges
604
40,756
49.842 Suspended accounts.
Cash
223,966
259,668
5,325
26,.599 Surplus
.
.
Total
.7,637,102 7,016,489
7,6.37,102 7,016,489 Total
—V. 104. p. 1707.
Michigan State Telephone Co.
We
—Bonds Paid. —
are advised that the $285,000 First Mtge. bonds of the Michigan
Telep. Co. were paid off at maturity and have been canceled. No funded
debt securities have so far been issued to replace them. The Michigan
State Telep. Co. First Mtge. bonds, amounting to $285,000, were reserved
to retire the Michigan Telep. Co. bonds but they have not been issued,
owing to the state of the market. V. 105, p. 495.
—
-Contracts. —
See Glenrock Oil Co. above. — V. 105.
720, 502.
Midwest Refining Co.
p.
Minnesota Gas
&
Elec. Co.
— New Secretary-Treasurer .—
reported that H. L. Nichols has purchased a controlling interest in
this company at Albert Lea, Minn., and has taken over the active management of the pronerty. He has been elected Secretary, Treasurer and
Manager. V. 97, p. 1206.
It is
—
Muncie Electric Light Co.
—Rate
Advance.
& Electric Co. above. — V.
National Aniline & Chemical Co.
See American Gas
—
90, p. 113.
—
A
Stock Increase.
—
certificate has been filed with the Secretary of State at Albany. N. Y.,
Increasing capital stock from $17,231,000 to $20.359.500.
V. 104, p. 2645.
—
National Transit Co., Oil City, Pa.
6 Mos.
1917
1916
to
June 30
1916.
S
*
8,157,484
3.673,611
303.160
921,491
37,408
13,634
13,106,788
—Total
V. 104, p. 868, 768.
.30.
1917.
%
6,362, .500
LiabUUtci—
8,173,054 Capital stick
Current liabilities.
290.136
174,246 Accrued deprecia988.689
tion pipe line
2.416.754
38.018 Oth. unadj. credits
385.370
51,480 Corporate surplus. 3,652,028
3,5.54,473
Total
12.979,960
1916.
%
6.362,500
1.2.37,182
1,990.173
438, .550
2,951,555
13,106.788 12,979,960
New England Telephone & Telegraph
—
—New
Co.
Stockholders of record Aug. 28
Stock Subscription Rights.
are offered the right to subscribe at office of the Treasurer,
.')0 Oliver St., Boston,
Mass., at par (SlOO per share) on
or before Sept. 22 for $11,100,400 new stock to the extent
Payment to br
of 1 new share for each 5 shares now held.
made as follows:
(a) Under General Plan
Per Share.
September 29 1917
... .
. $.50 00
—
March 30 1918
(6)
(c)
•
($25 per .share less interest $1.75).
23 25
22 375
.
September 30 1918 ($25 per share less interest $2.625)
Under Optional Plan A
September 29 1917
March 30 1918 (.$50 per share le.ss interest $1.75)
Under Optional Plan B
September 29 1917
—
—
50 00
48 25
100 00
Full paid stock will be issued as of Oct. 1 1918. April 1 1918. or Oct. 1
1917. as the case may be, and will participate in any dividend declared
after the date of is.sue.
The proceeds will be used to provide funds for the regular extension of the
property and business of the company, and for discharge of obligations
incurred for extensions heretofore made.
V. 104, p. 2232.
—
Niagara Falls Power Co.
—President Resigns. —
Edward A Wiekes has resigned as President of the Niagara Falls Power
Co., the Niagara Junction Ry. Co. and the Niagara Development Co.
V. 105, p. .503.
Net.
Approp.
$,539,239 $2,010
536,648
110
—Report. —
Dividends.
Surplus.
(4%)3254.500
$282,729
536,538
-
Northern Central Gas Co.
— Merger
—
Stock Pledged.
V. 98. p. 1075
—
Northumberland County Gas & Electric Co.
See Lehigh Power Securities Corp. under RR's. above. — V. 98. p. 1075.
See Lehigh Power Securities Corp. under RR's. above.
—
—
Ohio Cities Gas Co. Status. Pres. B. C. Dawes,
in circular dated at Columbus, Ohio, Aug. 1917, says:
In view of the recent increase in the outstanding common capital stock
from $10,000,000 to $35,000,000, and the acquirement of the Pure Oil Co.
of Philadelphia, your directors desire to inform the shareholders of the
condition of the company after the completion of the purchase above
They therefore submit the following statement of the comreferred to.
bined assets and liabilities of the company, including those of the Pure Oil
Co. and its subsidiaries.
The property of the company (compare V. 105, p. 76) now includes:
Gas properties: Number of gas consumers in Columbus, Dayton and
Springfield, O., 105,464; gas mains, 1,120 miles; cubic feet of gas sold last
fiscal year, 13,299,673,000.
Oil and gas properties: Leaseholds of oil and gas lands. 424,531 acres:
operated lea.ses. 59,700 acres; proven but undrilled leases, 15,()00 acres;
producing oil wells, 2,650; average daily production, 12.900 bbls.; number
of gas wells, 70; daily flow of gas, 50,000,000 cu. ft.; oil pipe lines. 2,296
miles; pumping stations, 60; refineries, 5; daily refining capacity, 20,000
bbls.; casing-head gasoline plants, 6, with daily output 24,000 gals. tankage
capacity, 3,000,000 bbls.; distributing stations, 43; tank cars, 789; and
;
barges, 3.
Net Earnings of Company and Its Subsidiaries for July 1917.
Cities Gas Co.: Ohio Oil division, $93,421; Boone div..
$2,239; West Virginia Oil div., .$229,302; Cabin Creek Refinery
The Ohio
will, it is
—
The
Balance Sheet .June
1917.
105
.
Year.
Profits.
Sales.
Sales.
1914
$28,871
$460,408
$61,402
$.394,722 1915
81,800
631,008
1913
66.824
435.930 1916
189,213 1,061.589
Maximum interest charge on this is.sue of bonds, $15,000. Average
principal and int.. charges, .$.33,250.
Sales for 1917 at rate of SI .250,000.
After completion the new plant for which purpose these bonds
Plant.
are issued will consist of 159,000 sq. ft. of land owned in fee.
Buildings
consist of a one-story brick and concrete factory building, approximately
358 X 121 ft., a foundry building, 97 x 121 ft., built of steel and concrete.
A new modern factory building (56,000 sq. ft. of space) will be immediately
erected and additional equipment installed.
The company manufactures the Thor Electric Washing Machine, the
Thor Electric Vacuum Cleaner and the Thor Electric Ironing Machine,
all protected under letters of patent.
Valuation of Assets.— 'Land, buildings, and equipment, $432,000; net
quick cash assets, ,$307,845.
Year.
1912
IMpc line plant...
C:a9h.Acc't.-) receivable..
Deferred assets...
Unadjusle-l debits
Co. — Earnings.
Net
Earnings.
$91,067
85,099
—
Ending
6 mos. June 30 1017.
12 mos. Dec. 31 1916..
—
Other Investments
102, p. 612.
Hocking Valley Products
Period
—
A sse.l.i
!VoL.
div., $2,511; Oklahoma Refining div., $203,101: Oklahoma Oil
div., $153,808; Kentucky Oil div., def. $1,086; Complanter
Refining div., $51 ,703; total, $734,999; less general expenses and
taxes, $.52.519
$682,480
Subsidiary Companies (Showing Per Cent of Capital Stock Ouned).
Columbus Gas & Fuel Co. (99.98%), $5,699; Federal Gas & Fuel
Co. (100%), $1,697; Dayton Gas Co. (99.60%), $3,728; Springfield Gas Co. (100%
$1 ,,347; Moimtain State Gas Co. (100%)
.$5,951; Columbus Drilling Co. (71.33%), def. $2,051; total
Pure Oil Co. and its subsidiaries: Pure Oil Co. (97.05%), $144,798;
)
,
16.372
Pure Oil SS. Co. (97.05%), $205; Pure Oil Operating Co.
(97.05%), $28,654; Pure Oil Producing Co. (97.05%), $19,841;
Quaker Oil & Gas Co. (96.42%), .$83,342; Producers & Refiners
Oil Co. (84.05%). $5,349: Producers & Refiners Pipe Line Co.
(84.05%). $9,474; United States Pipe Line Co. (50%), $3,265:
Pure Oil Pipe Line Co. (97.05 %6), $17,798; total
312,726
Net earnings from operation
of all companies mentioned above. $1 ,011.578
Consolidated Balance Sheet July 31 1917 (Total Each Side, $1 19,776,166).
Property, plant & equip.,
Preferred stork
xS9.002,100
Common stock
x34.949.850
.$90,142,941; less res've
for depr., $5,042, 201. $85, 100,740 Serial trust notes
4.375,000
'
Net prem. on purchase of
Bonds Colum. Gas Co. 1.390.000
Dayton
subsidiary cos
Gas Co
1.462,000
15,840,189 do
Skg. fd.. Dayton Gas Co.
400,000
661
do Springfield Gas Co.
—
Com.
.stk. for exchange.
Pref. stk. for exchange.
Cash
Notes receivable
3,300 Notes payable
43,200 Accounts payable
968 ,563 Accrued taxes
28,285
1..848,491
452,269
65,678
218,605
Oil in storage
Res. for capital purposes
359,856
Temporary investments.
Net prem. on stock sold. 7.831,877
Material and supplies
Surplus
55.973,616
Prepaid accounts
Minority stockholders' interest in sub. co's_
yl,418,537
X Includes pref. stock appropriated, $43,200, and common stock. S3 .300.
y The foregoing item of $1,418,537 includes the minority stockholders
interests in the capitnl and surplus of sub cos., viz.: Quaker Oil & Gas Co.,
0.65%, $8,823: Producers & Refiners Oil Co., I.'' .40%, $83,929; United
States Pipe Line Co.. 48.40%. $834,489: Pure Oil Co;. 2.95%, .$442,470;
Columbus Gas & Fuel Co., 0.23%, $31,190: and Dayton Gas Co., 0.40%.
$17.636.- V. 105, p. 294, 185.
12..5()5
Accounts receivable
3.346,239
3.612.229
444.974
979.606
423,899
Accrued interest
Consumers' deposits
—
Oklahoma Natural Gas Co. Completion of MergerExchange of Stock. The merger plan having been put in
effect, the Pittsburgh Stock Exchange has admitted to the
list the stock of Oklahoma Natural Gas Co as now increased
to $8,000,000, value $25 each share. Official statements
say in substance:
—
.
Pursuant to the authorization of the stockholders and directors, the authorized capital stock of this corporation has been increased from $4 .000,000
(all previously outstanding) to $10,000,000. [of which S8. 000. 000 is now to
be outstanding, following the exchanges below mentioned. Ed.], and the
par value of the shares has been reduced from $100 to $25.
are calling
in the outstanding certificates in order that new ones may be issued showing
these differences.
Please, therefore, send your old certificates to John C.
Bartlett. Secretary, 1402 Union Bank Bldg.. Pittsburgh, Pa., and upon
receipt they will be canceled, and a new certihcate issued and returned to
you for four times the number of shares.
The officers of the companies whose properties are taken over are also
ready to distribute the stock of the Oklahoma Natural Gas Co. which is
being received in exchange for their properties, as follows: (a) At the rate
of five and one-third shares of Oklahoma Natural Gas Co. stock, par value
.$25 each, for one share of the Osage & Oklahoma Co. gas stock.
[Total
issued, $1,500,000, par $100, calling for .$2.000.000newstock.
Ed.) (&) At
the rate of two .shares of Oklahoma Natural Gas Co. stock, par value $25,
for one share of Caney River Gas Co. stock [total issued, $1,000,000. par
—We
.
—
I
—
Aug. 25
—
•
THE CHRONKLE
"*'"'
—
Ed.].
In case of a fraction of a
$25, calling for $2,000,000 new stock.
share they will either buy it or sell an additional fraction, at the rate of S25
per share, in order to adjust all fractions to full shares.
The officers have transferred the major portion of the two properties to
the Oklahoma Natural Gas Co.
Some parts cannot be transferred
until after securing the approval of the Secretary of the Interior, and as
soon as the details can be completed, these parts will also bo conveyed.
Compare plan in V. 104, p. 2016, 2348, 24.56.
Osage
& Oklahoma
Pennsylvania Water
— Completion of Merger. —
—V.
& Power Co. — Bonds Canceled. —
104, p. 2348.
—
This company has canceled from the Phila. Stock Exchange list $111,000
Mortgage 5% Sinking Fund gold bonds, due Jan. 1 1940, leaving
$10,316,000 outstanding. V. 104, p. 449.
—
Procter
—
—
billed at the
new
rates.
—
An
official
summary
See
Offering.
be of interest to you, to know that on Aug. 7 Messrs. J. & W. SeligAtterbury of New York acquired the control of
the interests in your company formerly represented by B. I Rosenfeld.
and associates, who have resigned as directors thereby "severing their connection with the company. Messrs. J. & W. Seligmah in connection with
Van Emburgh & Atterbury have purchased a note issue of $750,000. which
will provide the necessary additional capital to handle the rapidly expanding business of the company.
Jasper A. Campbell, Pres. of the Coe-Stapley Manufacturing Co. of
Bridgeport, Conn. has been elected Chairman of the Board of Directors to
fill the vacancy created by Mr. Ro.senfeld's resignation.
He will be active
in your management and will have general charge of the company's operations.
He is a well-known and successful business man of New York and
for the past 25 ye:j,rs has enjoyed t'le confidence of t'le business world.
Charles E. Danforth of the firm of Van Emburgh & Atterbury has also
been elected a director.
This places the company under the control of one of the largest and most
successful banking interests in the country and assures a conservative and
It will
man and Van Emburgh &
.
progressive management.
The officers are: Jasper A. Campbell, Chairman: D. W. Figgis, President; Byron E. Veatch, Vice-President; L. A. Stebbins, Sec. & General
Counsel: C. R. Hammer. Treas. The directors in addition to Jasper A.
Cumpbell, Chairman, and D. W. Figgis, Pres.. are J. M. Hoyt and Charles
B. Little, Chicago; John Eraser, C. E. Danforth and Marvyn Scudder,
New York City.— V. 105, p. 722, 613.
—
—
.
—
Standard Parts Co., Cleveland, Ohio.
— Acquisition. —
This company has purchased the plant and assets of the American Ball
Bearing Co. of Cleveland. Payment is to be made by means of an exchange
It is understood that the plant acquired is
of stock on a valuation basis.
to be used in the manufacture of heavy axles for automobiles trucks. See
statement of earnings of acquisitor company in V. 105, p. 295.
Standard Sanitary Mfg. Co.,
Pitts.
— New
Stock.—
Referring to the proposed increase of capital stock from $10,000,000
to $20,000,000 (six million of new stock to be common and four
Sec. & Treas. W. A. Myler on Aug. 22 writes:
naillion preferred).
"We do not know what we will do with the stock when we are authorized
to increase; probably will not do anything for some time to come.
There
are no stock dividends in sight at present, but as our business is growing,
the chances are that we will need more capital in our business, and then some
V. 105, p. 722.
of the stock may be sold."
—WilUam Mor-
—
Submarine Boat Corp., N. Y.
—Lease
Extended.
—
of Works on Aug. 20 extended the lease of this company on shipbuilding properties at Port Newark Terminal from four to
rumored that the U.S. Shipping Board has placed
It
is
fourteen years.
an initial order with this co. for fifty 5,000 ton ships. V. 104, p. 1050.
The Newark Board
—
Superior Steel
— No Stock Dividend. —
Corporation. — Tenders. —
The Columbia Trust Co., N. Y., as trustee, will, until Sept. 4, receive
tenders for the sale of First Preferred stocks amounting to $860,000 (outstanding, .$3,500,000) and Second Pref., amounting to $25,833 (outstanding
$2,000,000) in both cases at not exceeding $107 50 a share. The bonds
win be purchased on Sept. 15. V. 104, p. 2123.
—
Tennessee Coal, Iron
We
& RR.
Co.
—Acquisition, &c. —
substantially true as reported that this company has
purchased some 13,500 acres of land at or near the Mobile River and Chickasabogue Creek preparatory to establishing a shipyard. No authorization
has as yet been formally given for the construction of the shipyard, but
current reports state that possibly $5,000,000 or .$6,000,000 will be expended for building 12 marine railways for the building of steel vessels.
See Gulf Mobile & Northern Ry. tmder "RRs." above. V. 105, p. 73.
—
Deductions for discoimts and
—
of oil fields of high-grade gasoline content oil, the scarcity and high price
of labor, and the burden upon the producer of the higher cost of every
item entermginto the drilling and completion of wells " Of these, however,
it .considers the first, together with the tremendously increased demand for
California production, the "Reporter"
gasoline, the most important.
says: is dwindling so rapidly that it is but a question of time before all available stocks in storage shall have disappeared.
Further details will be given
another week. V. 104, p. 1805.
The shireholders voted Aug. 24 on annulling the authority given
July 10 1917 to increase the capital stock from $4,000,000 to $8,000,000 for
the purpose of a 100% stock dividend.
"Boston Transcript" of Aug. 20 says: "The move to rescind the contemplated lOO'x stock dividend is made on account of the proposed drastic
Federal tax upon stock dividends. It is understood that the dividend to
be paid each year upon the single shares will probably amount to the same
as that intended for the $8,000,000 capital, or, in other words, 12% upon
the S.1. 000, 000 capital."— V. 105, p. 394, 185. 77.
were sUghtly in excess of $3,000,000.
—
Standard Oil Co. of N. Y. Oil Selling at Record Prices.
The "Oil, Paint & Drug Reporter", commenting on the recent great
advances in crude oil prices, attributes them to "the decline in the output
,
-profits
—
Springfield Body Corporation. Report Stockholders'
Protective Committee.
A full report has been made by the Vice-President of the corporation
and by Mr. Oxtoby, counsel for the receiver in regard to the financial condition of the defunct concern.
The stockholders on Aug. 23 elected the following committee to represent
both the preferred and common stockholders in all future proceedings. A
similar committee representing the creditors was established several weeks
ago, the membership of which committee is located in Detroit.
The stockholders' committee is as follows: Morris L. Ernst, temporary Chairman;
T. A. No.sworthy, Felix Arnold. George Bernheim, S. M. Banner, Albert
Seligman, Spencer Waters and Harry B. Lake, all of N. Y. City; and H. S.
Tenney, Syracuse Trust Co., Syracuse, N. Y. V. 105, p. 613, 503.
first
all
lights.
Poole Engineering & Machine Co.— Earnings, &c.
The "Boston News Bureau" recently said: "The Poole Engineering &
Machine Co. will show in the neighborhood of $60 a share for the $3,000,000
stock, for tne year ended June 30 last.
It is a Maryland concern and owns
all the stock of the Delaware operating company.
Gross sales of the operatng company In the year just closed amounted to close to .$16,000,000. Net
official
dated Aug. 20 says:
the long-estabUshed Seaman-Sleeth Co. of Pittsburgh, Pa.
See full details of offering in V. 105, p. 613, 394, 77.
Co., Boston.
V. 105, p. 77.
by
ris Imbrie & Co. are offering at 97 K and int., by advertisement on another page, the unsold portion of $1,000,000 6%
First Mtge. Convertible Sinking Fund gold bonds dated
July 30 1917, due July 1 1932, of this company successor to
Plymouth Cordage
Electric Co. above.
Officers.
—
— Bond
—
—
Pittsburgh Coal Co. Government Fixes Price of Bitumiinous Coal.
See "Banking and Financial News" on a preceding page.
The fixed price does not affect existing contracts, and a director is quoted
to the effect that most of the output is contracted for more than a year
ahead.— V. 105. p. 394. 185.
Pittsburgh Rolls Corp.
.
—Rate Advances. —
American Gas &
—
Smith Motor Truck Corp. — Control Acquired
Leading
Bankers —
—An
statement to shareholders
The company is required to offer and install these Junior mantle lights to
people who have no other means of lighting than flat flame burners.
—
.
Scranton Electric Co.
c.
V. 105, p. 613. 503.
—
m
— Thep.company
must also make the necessary adjustments
the city — two free adjustments for the
for
gas appliances
year,
and two for each year thereafter—and also
furnish free to
consumers wholly dependent upon
flame burners two Junior mantle
shall
$4,067,706
over the 1916 total of .$43,761,465, bringing the 1917 earnings
excess of
Earnings from sleeping cars, it is stated, were 9 to 10%
.$48,000,000.
larger than for the 1916 year, which would bring them up to between
.$46,600,000 and $47,000,000.
During the greater part of the last fiscal
year the manufacturing plant ran at about 65% of capacity, but is now
down, it is said, to not much better than 50%. V. 104, p. 2239.
Lights.
flat
.$4,655,993
Rates Advanced.
—
—
in
Co.— Gas
5,036,054
Pullman Co., Chicago. Earnings.
The "Chicago Herald" of Aug. 21 states that the gross earnings for the
year ended July 31 last are understood to show an increase of about 10%
—
all
—
—
Rates for 100 Light Meters per 1,000, vyuh Monthly Consumption as Shown.
76.6 cts. 100,000 cu. ft
10,000 cu.
53.7 cts.
70.8 cts. 150,000 cu. ft
20,000 cu.
49.1 cts.
67.2 cts. 200,000 cu. ft
50,000 cu.
46.8 cts.
58.2 cts. 300,000 cu. ft
75,000 cu.
44.6 cts.
Wholesale users, like domestic ones, must start at the top of the scale
and work down through the successive steps. The heavier service charges
on wholesale users were insisted on by the city's representatives who wanted
to prevent the large user from getting down to the 40c. rate too quickly.
The standard for gas is fixed at a monthly average heating
Standards.
value of 565 B. t. u., with a daily average for any two consecutive days of
not less than 540 B. t. u. The candlepower requirements are as follows:
For 60 days following the acceptance of the ordinance, not less than 16 c. p.;
for the next 120 days, 12 c. p.; for the next 20 months not less than 9 c. p.,
Mantle
—Earns,
.
—
nor more than 11
Co.
1916-17.
This company has filed with the Rhode Island P. U. Commis.sion a new
schedule of rates, increasing the net charge to consumers 15 cents per 1 ,000
cu. ft.
The new rates would make the net charge to householders $1
instead of 85 cents per 1,000 cu. ft., if bills are paid within the discount
period
It is proposed to have the new rates become effective Oct 1
For
larger users a sliding scale of prices will be in force instead of the present
rebate system. ^V. 104, p. 2016.
users a sliding scale as follows:
Consumntion
Cents per \ ,000
Ccmsumption
Cents per 1,000
75.5 5,000 cu. ft. monthly
71.1
1,000 cu. ft. monthly
72.7 10,000 cu. ft. monthly
2,000 cu. ft. monthly
70.5
72.2 15,000 cu. ft. monthly
2,500 cu. ft. monthly
68.6
71.8 20,000 cu. ft. monthly
3,000 cu. ft. monthly
67.8
71.4 30,000 cu. ft. monthly
66.8
4,000 cu. ft. monthly
The tcholesale rates are practically the same as the domestic ones, except
that each particular size of meter takes its own rate for the 350 cu. ft. of
gas used, and its own minimum bill. The charges for the first 350 cu. ft.
to wholesale consumers are graduated from 40 cts. for 20 light meter to $2
or 400 light meters, and minimum bills vary from 50 cts. to $6 per month.
Net Choc. Minimum Size of
Size of
Net Chge. Minimum
\st 350.
Bill.
Meter
Meter
\st 350.
Bill.
150 light.
20 light
$0.40
$0.50
$1.15
$2.50
.50
1.00
200 light.
1.35
30 light
3.00
-.
45 light
.60
1.25
250 light.
1.50
4.00
60 light...
70
1.50
300 light.
1.75
5.00
.90
2.00
400 light.
100 light
2.00
6.00
The rate for consumption between 350 and 10,000 cu. ft. is 70 cts.; from
10,000 to 40,000 cu. ft., 65 cts., andfor all in excess of 50,000 cu. ft., 40 cts.
—
Years—
Providence Gas
says in subst.:
—
—
-iO
Bal. for common divs. $6,876,495
-V. 104, p. 2558.
The company manufactures water gas exclusively,
Physical Aspects.
although it purchases almost a quarter of its product, and this purchased
gas consists largely of coke oven gas which is manufactured by a local
company. Our sales are approximately 21,000,000,000 cu. ft. per year,
and there are about 700,000 consumers on the company's books, which
makes the average monthly use about 2,500 ft. per consumer. There are
over 3,000 miles of distribution mains, nine manufacturing stations (all of
which are not in continuous use) and holders with a storage capacity of
68,000,000 cu. ft.
The old ordinance required that gas should have a lighting value of 22
candle power, and a heating value of 600 B. t. u., but in order to conform
to tlie candlepower requirem.ent, the company has been furnishing gas with
between 660 and 670 B. t. u., and has been charging a flat rate of 80 cents
per 1 ,000 cu. ft. To provide gas of these standards, the company has been
making water gas and enriching it with gas oil.
This requires about
80.000,000 gallons of gas oil per year (which is slightly in excess of the U. S.
Navy's 1916 oil consumption) and as the price of gas oil has more than
doubled in the last few years, the company desires to eliminate power
requirement entirely and furnish gas on a heat unit standaM of 565 B. t. u.,
which would permit of the substitution of by-product oven gas, or coal gas,
instead of the present water gas, and thereby eliminate this use of oil.
The whole negotiation was based on this change of standard, and of the
fixing of a new rate for the new gas.
New Rates. The rates finally agreed upon having an unusual dress, for
purposes of expediency, consumers with small meters that is, 3, 5 and
10 light, are now regarded as domestic consumers, and customers with
larger meters should be treated as industrial consumers.
For these "dnmestic consumers" the net rates are as follows:
For the first 3.50 cu. ft. or less
$0.30
From 350 cu. ft. to 10,000 cu. ft
70
From 10,000 cu. ft. to 50,000 cu. ft
.66
All over 50,000 cu. ft
.40
This charge of 30 cents for the fir.st 350 cu. ft. or less acts both as a
If the consumer uses no gas he
service charge and as a minimum bill.
pays 30cts. a month; if he uses 1,000 cu. ft., his bill is as follows: 350 cu. ft.,
aOcts.; 6.50 cu. ft., at 70cts. per 1,000, 45.5 cts.; cost for first 1,000, 75.5c.
This 30-cent charge for the first 350 cu. ft. makes the rates for domestic
—
& Gamble
{incl. Constit. Cos.).
1915-16.
1914-15.
1913-14.
Volume of business
$128,549,649 $88,113,507 $70,790,907 .$65,822,080
Net,aft.res.,depr'n,&c. 7,056,495
6,216,054
4,835,993
4,247,706
Pref. dividends (8%)...
180,000
180,000
180,000
180,000
June
People's Gas Light & Coke Co., Chicago.^ New Ordinance N'ew Gas Rates. The new gas ordinance passed
recently by the City Council of Chicago and approved by the
State P. v. Commission, became effective Aug. 1, and all
bills rendered for readings Aug. 1 and thereafter are being
—
835
expenses in connection with the sale of bonds, Federal taxes accrued, adjustment of book value of property scrapped, and various experimental work
bring the profits for the year down to close to .$1 ,900,000. From this must
be deducted $55,000 bond interest, leaving better than $1,800,000 for the
$3,000,000 stock of the holding company or better than $60 a share.
Total current assets are placed at about .$2,700,000 and current liabilities
are in the neighborhood of $700,000, leaving a working capital of $2,000,000,
The company has been highly successful with its Russian shell contracts.
Orders for the government are large. In fact the company is booked up
to capacity to the end of 1918.
[A contract from the United States Government calling for the manufacture of 700,000 1-lb. shells is understood to have been closed with this
company.] V. 104, p. 1596.
Co.
See Oklahoma Natural Gas Co. above.
First
—
learn that
it is
Toledo Machine
I
&
Tool Co.
—
—
—
Stock Dividend.
Press dispatches say that this company has declared a 100% stock
dividend on the $1,200,000 stock, payable to holders of record Aug. 27.
V. 103. p. 1046.
826
Toronto Power
Co.,
THE CHRONICLE
Ltd. — Price oj Bonds. —
Torrington (Conn.) Co.
— Stock,
—
—
ttc
This new Connecticut company was incorporated on May 28 1917 with
$11,000,000 auth. stock in $25 shares (.$10,000,000 common, 81,000,000
being issued viz: $7,000,000 common and
frof.) of which .?8, 000,000 is now
1.000,000 7% pref. The old Torrin^lon C:o. (of Maine) whcse prop(!rty
has been .sold to the aforesaid new corporati
@FedFRASER