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Bank & Quotation Section
Railway Earnings Section
Railway & Industrial Section
Bankers' Convention Section
VOL. 107
SATURDAY, AUGUST 3 1918
The
Thronicle.
Six Months
6 00
European Subscription (including postage)
13 00
European Subscription six months (including postage)
7 50
Annual Subscription in London (including postage)
22 14e.
Six Months Subscription in London (including postage)
gl 11 a.
Canadian Subscription (including postage)
$11 50
Subscription includes following Supplements
BANK AND QUOTATION (monthly) RAILWAY AND INDUSTRIAL(3 times yearly)
RAILWAY EARNINGS(monthly)
ELECTRIC RAILWAY(3 times yearly)
STATE AND CITY (serni,annually) BANKERS' CONVENTION (yearly)
Terms of Advertisind-Per Inch Space
Transient matter per inch space(14 agato lines)
Two Months
(8 times)
in s?
nines
Standing Business Cards
$4 20
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29 00
50 00
Twelve Months(52 times)
87 00
OFFICE-39 South La Salle Street, Telephone Majestic 7396.
LONDON OFFICE-Edwards & Smith, 1 Drapers' Gardens, E. C.
WILLIAM B. DANA COMPANY, Publisher%
CHICAGO
Front. Pine and Deperoter Stn., New York.
Publielied every Saturday morning by WILLIAM B. DANA COMPANY.
Jacob Balboa Jr., President and Treasurer; Arnold G. Dana, Vies-President and
Secretary. Addressees of both, Office of the Company.
CLEARING HOUSE RETURNS.
The following table, made up by telegraph, &e., indicates that the total bank
clearings of all the clearing houses of the United States for the week ending to-day
have been $6,283,708,040, against $6,146,047,741 last week and $5,683,250,418
tho corresponding week last year.
1918.
1917.
Per
Cent.
New York
Chicago
Philadelphia
Boston,
Kansas City
St. Louts
San Francisco
Pittsburgh
Detroit
Baltimore
Now Orleans
$2,776,316,070
432,542,251
321,067,550
243,783,384
178,925,039
130,271,774
84,728,100
104,321,988
50,000,000
59,369,780
42,431,361
52,787,682,213
397,687,775
279,949,314
234,297,890
132,198,670
101,870,563
84,350,887
64,696,839
46,511,688
36,202,573
31,877,139
-0.4
+8.8
+14.7
+4.0
+35.3
+27.9
+0.4
+61.2
+7.5
+63.7
+33.1
Eleven cities, 5 days
Other cities, 5 days
S4,423,757,297
782,469,480
$4,197,325,551
615,468,246
+5.4
+27.1
Total all cities, 5 days
All cities, 1 day
$5,206,226,777
1,077,481,263
$4,812,793,797
870,456,621
+8.2
+23.8
Total all cities for week
$6,283,708,010 55,683.250.418 +10.6
'rho full details for the week covered by the above wil 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 Lie above the last day oft Lie week has to be in
all cases estimated, as we go to press Friday night.
Detailed figures for the week ending July 27 show:
Week ceding Jtly 27.
Clearings at
1918.
Boston
Providence
Hartford
Now haven
Springfield
Portland
Worcester
Fall River
New Bedford __ _
Lowell
Holyoke
Bangor
Total NewEng.
1917.
$
$
:3,288,306,449 3,111,975,886
300,777,515 284,048,142
137,659,231
90,338,924
64,274,039
39,189,242
21,155,728
17,979,029
12,566,0:32
9,467,957
5,100,000
5,291,071
6,904,018
5,043,952
3,430,000
3,220,573
4,117,700
4,300,000
2,600,000
2,392,446
3,564,206
3,112,646
4,602,718
4,049,936
2,069,578
1,711,981
2,826,897
2,230,839
1,325,000
1,254,627
2,179,736
1,518,320
2,075,620
1,723,399
1,828,245
1,466,165
1,196,343
800,000
742,800
805,000
716,214
740,800
389,554
316,235
3,960,228,890 3,593,032,403
Inc. or
Dec.
1916.
1915.
$
%
$
+5.7 2,376,607,157 1,879,558,286
+37.6 219,458,503 148,913,614
+52.4
63,527,362
49,003,959
4-64.0
40,558,560
28,791,651
+17.7
14,140,501
10,007,000
+32.7
7,906,571
6,691,616
-3.6
4,691,013
4,164,791
+36.9
4,540,239
4,075,750
+5.6
2,812,168
2,622,033
-4.3
2,822,433
2,833,680
+8.7
1,954,582
1,688,766
+14.5
2,585,521
2,398,429
+13.7
2,441,284
2,038,167
+20.9
1,690,311
1,451,400
+26.4
1,847,608
1,706,837
+5.6
965,612
837,256
+43.5
1,191,578
882,346
+20.4
1,281,174
1,209,414
+24.7
1,050,070
719,977
+49.5
780,000
653,568
-7.8
798,200
611,200
+3.4
559,231
573,410
-18.8
366,429
360,058
+10.2 2,75.1,576,137 2,151,793,208
277,608,764
10,105,200
0,549,525
5,272,009
3,595,997
2,186,289
3,625,323
2,379,158
1,663,811
1,000,000
693,106
712,536
221,034,469
8,590,000
8,074,645
4,388,439
3,112,894
2,500,000
3,280,962
2,310,409
1,482,782
1,038,100
751,151
681,341
315 1st RnR
257.245.19/ -1-22R
+25.6
+17.6
-18.9
+20.1
+15.5
-12.6
+10.5
+3.0
+12.2
-3.7
-9.1
+4.6
172,265,445
7,675,700
7,271,175
4,084,449
3,526,547
2,200,000
3,219,158
1,335,511
1,215,4:32
875,757
872,454
662,425
9n3 9n4(WI
133,970,522
6,219,300
6,462,359
3,340,465
2,870,411
1,787,021
2,398,412
893,473
889,711
674,570
735,396
462,505
111070-i 141;
Note -For Canadian clearings see "Commercial and Miscellaneous News."
Week ending July 27.
1918.
PUBLISHED WEEKLY.
Clearings-Refurns by Telegraph.
1Veek ending August 3.
NO. 2771
Clearings at
Terms of Subsuription-Payable in Advance
For One Year
$10 00
For
New York
Philadelphia
_
Pittsburgh
Baltimore
Buffalo
Washington
Albany
Rochester
Scranton
Syracuse
Reading
Wilmington
Wheeling
Wilkes-Barre_ _ _ _
Trenton
York
Erio
Lancaster
Chester
Greensburg
Binghamton ___ _
Altoona
Montclair
Total Middle_
Electric Railway Section
State and City Section
Chicago
Cincinnati
Cleveland
Detroit
Milwaukee
Indianapolis _ _ _ Columbus
Toledo
Peoria
Grand Rapids
Evansville
Dayton
Akron
Youngstown ___ _
Canton
Springfield, III_
Fort Wayne__ _
Rockford
Lexington
South Bend
Springfield, 0_
Bloomington _
Quincy
Mansfield
Danville
Owensboro
Lima
Lansing
Decatur
Jacksonville, Ill_
Ann Arbor
Adrian
Tot.Mid.West
San Francisco _ _ _
Los Angeles
Seattle
1
1917.
1 Inc. or
Dec.
1916.
1915.
$
$
%
I
491,341,796 453,571,114 +8.3 348,884,291 279,390,807
63,870,919
43,090,648 +48.2
31,241,250
22,636,300
92,786,359
79,726,647 +16.3
26,995,128
51,953,288
57,459,331
49,459,511 +15.2
38,742,667
27,658,853
25,786,631
20,800,646 +24.0
15,753,550
12,788,587
18,665,000
11,662,000 +60.0
8,866,826
7,899,493
12,503,100
11,288,200 +10.8
9,874,200
5,603,800
11,582,129
9,475,457 +22.2
8,199,317
5,519,406
4,500,000
5,847,990 -23.0
2,256,223
3,050,000
4,805,390
4,483,014 +7.2
4,364,203
4,157,280
4,997,305
2,163,283 +131.0
1,413,920
1,047,487
3,607,185
3,433,302 +5.1
2,204,108
3,075,236
6,725,000
6,761,000 -0.5
1,974,000
4,327,000
4,607,937
3,250,778 +41.4
2,988,673
1,226,824
2,500,000
3,403,740 -20.5
2,284,406
1,585,289
2,921,549
1,505,416 +94.1
1,025,214
1,375,274
1,201,079
1,072,495 +12.3
1,282,102
1,116,041
1,780,065
1,193,142
1,491,303 +19.4
849,280
700,000
525,000 4-33.3
522,995
519,095
1,176,482
934,023 +25.9
563,669
773,071
1,220,409
1,202,450 +1.0
1,014,106
657,997
1,008,365
925,484 +9.0
645,247
804,400
1,343,189
761,291 +76.5
598,682
709,517
1,136,876
984,890 +15.4
563,201
672,059
475,000
480,000 -1.0
446,822
501,507
769,912
* 576,642 +33.5
306,742
292,236
914,192
700,000 +30.6
449,664
640,190
1,013,950
988,399 +2.5
532,130
625,943
1,046,038
789,921 +32.5
608,403
429,600
771,629
339,379 +127.4
261,168
408,528
284,462
245,399 +15.9
206,182
255,021
97,243
06,775 +0.5
31,815
58,913
823,601,432 722,036,287 +14.1 546,349,311 412,352,997
108,474,640
30,105,000
38,541,293
23,894,541
11,350,000
7,340,599
4,115,217
6,362,448
4,088,045
1,899,612
804,929
1,777,276
2,185,927
975,000
503,929
575,000
1,170,065
244,163,521
81,524,013
27,343,000
22,551,278
14,058,550
11,798,371
5,600,000
2,472,050
4,625,976
2,683,455
1,809,666
910,052
1,486,571
1,365,193
735,349
472,249
503,740
586,143
180,525,656
+33.1
+10.1
+70.9
+70.0
-3.8
+31.1
+66.5
+37.6
+52.4
+5.0
-11.7
+19.6
+60.1
+32.6
+6.7
+14.1
+99.7
+35.2
56,958,987
20,899,812
13,483,991
8,948,274
6,124,471
3,987,000
1,890,490
3,762,303
2,134,998
2,005,481
792,207
1,148,032
887,400
666,708
284,666
300,000
494,858
124,949,678
48,041,065
16,622,507
11,132,052
7,590,766
6,848,444
4,205,907
1,934,631
2,911,960
1,585,305
1,404,366
711,181
805,989
604,438
650,000
264,796
240,000
410,142
105,423,549
Kansas City_--- 201,743,220 132,429,560
Minneapolis _ _ _ _
23,803,796
22,253,762
Omaha
52,606,339
29,658,482
St. I'aul
14,750,645
13,084,722
Denver
21,558,857
12,781,564
16,569,712
St. Joseph
12,821,966
8,683,484
Des Moines
5,808,183
Wichita
9,966,479
8,398,532
4,755,447
Duluth
4,697,789
7,832,235
Sioux City
5,567,233
Lincoln
3,759,592
3,230,362
Topeka
2,700,000
2,897,204
Cedar Rapids_
1,761,380
2,226,320
Davenport
2,629,593
1,798,862
Waterloo
1,570,637
2,567,132
lichens
1,664,857
1,954,480
1,700,000
Fargo
1.559,634
Colorado Springs
709,868
871,554
Pueblo
570,586
466,596
Fremont
682,744
619,038
Aberdeen
1,231,102
1,013,057
Hastings
400,000
373,879
Billings
989,391
1,184,913
Tot.0th. West. 382,639,964 268,264,824
+52.3
89,956,464
+7.0
24,458,772
+77.4
20,066,998
+12.7
12,205,344
+68.7
10,547,589
+29.2
8,236,794
+49.5
5,034,950
+18.7
5,419,256
+1.2
4,808,135
+40.7
3,317,283
+16.4
2,500,000
-6.5
1,970,716
-20.9
1,326,585
+46.2
1,450,797
-38.8
1,374,050
-15.1
1,260,710
+9.0
1,528,388
-18.6
60-1,409
+22.3
493,743
+10.3
557,772
+21.5
860,984
+7.0
449,899
-16.5
648,344
+42.6 199,167,932
58,959,185
14,841,290
14,421,696
10,338,349
8,635,604
6,521,148
4,144,301
3,752,819
2,657,353
2,572,150
1,902,838
1,352,643
1,305,731
1,302,790
1,175,968
935,855
1,059,617
700,000
290,864
262,634
571,841
180,980
458,774
139,344,430
St. Louis
152,093,526 112,777,431
New Orleans_ _ _ _
39,976,844
30,177,167
Louisville
20,967,415
17,597,639
lIouston
10,703,696
10,440,000
Atlanta
36,165,077
21,300,450
Richmond
44,237,507
26,163,262
Galveston
4,700,000
4,600,000
Mompnis
8,434,657
8,965,820
Fort Worth
11.835,063
10,238,201
Nashville
14,475,025
7,610,346
Savannah
4,971,600,
5,147,919
Norfolk
7,438,517
5,037,719
Birmingham _ _ _
3,609,245
3,106,418
Little Rock
4,014,145
2,935,399
Macon
1,200,000
1,015,000
Jacksonville
_
4,200,000
3,335,508
Oklahoma
8,937,383
7,498,164
Chattanooga_ _ _
4,971,795
3,556,736
Knoxville
2,013,753
2,138,748
Charleston
2,700,000
2,439,742
Augusta
3,254,503
1,684,718
Mobile
1,291,3541
1,269,667
Austin
2,000,000,
1,400,000,
Tulsa
8,781,174!
6,239,3041
Muskogee
2,562,805!
1,742,239'
Jackson
400,000;
412,471
Vicksburg
240,046
194,928
Daily;
13,000,000,
9,562,448
Shreveport
1,656,996
1,179,441
Total Southern 420,832,126 309,726,885
Total all
6,146,947,741 5,330,830,647
Outside N. Y. 2,860,611,292 2,218,855,361
+34.9
66,572,484
94,670,688
+32.5
15,751,017
18,651,333
+19.2
15,354,884
13,246,705
+29.2
7,442,777
6,000,000
+69.8
9,308,412
11,814,115
+69.1
14,623,365
7,843,369
+2.2
3,978,995
4,769,212
-5.9
3,242,392
4,564,036
+15.6
8,208,890
7,009,612
+90.2
5,069,242
6,084,455
-3.4
3,654,017
2,775,720
+47.7
3,661,009
3,098,590
+16.2
2,110,702
1,813,837
+36.7
1,756,309
1,650,115
+18.2
2,987,928
1,902,288
+25.9
2,804,849
1,943,977
+19.2
3,754,166
2,207,000
+39.8
2,136,205
1.863.190
-5.8
1,892,973
1,591,973
+10.7
1,530,248
1,085,827
+93.1
1,403,901
1,004,010
+1.71
810,000
900,000
+42.9
800,000
1,000,000
+40.7i
4,014,273
1,407,388
+47.0:
866,017
651,988
-3.0,
349,561
252,380
+23.11
156,490
128,012
+36.0,
6,327,686
+40.41
+35.9' 226,373,872 164,088,742
+15.3 4,054,620,983 3,132,707,0'n.
+28.8 1,678,013,826 1.253,148,758
Portland
Salt Lake City
Spokane
Tacoma
Oakland
Sacramento
San Diego
Pasadena
Stockton
Fresno
San Jose
Yakima
Reno
Long Beach
Total Pacific
426
THE CHRONICLE
[VOL. 107.
in the past year, of sending these communications
by messenger between cities on the line from Boston
to Washington,thus practically converting messenger
that the above boys into line wires.
It may interest our foreignreaders to know
forms can be obtained in London, at Edwards & Smith, 1 Some aspects of this approach the line of the
Drapers Gardens, E. C. 2 (the London office of the grotesque. A business concern, wishing to reach a
"Commercial & Financial Chronicle").
correspondent in one of these places, would ordinarily
drop its letter in the mail box at the close of business
THE FINANCIAL SITUATION.
A change in the ownership of a paper of the high hours, and would feel satisfied if it reached the admorning;
standing and sound judgment of "The Evening dressee when he opened his business in the
be the natural course over distances
Post" of this city can never be viewed with uncon- this would
The youngest
cern. The "Post" has long been an influential covered by the run of the night mail.
office boy would promptly say that the "night
organ of public opinion, edited and directed in acthe business
cordance with the best traditions of the press, and letter" per wire has been used because
man wanted certainty and was willing to pay the
a change either in the ownership or the management
means
of such a journal is always to be regretted. But extra cost for the assurance of having that; all
by which the telegraph company could and did get
as the change apparently was inevitable, Mr.Oswald
Garrison Villard having for reasons best known to the letter to its destination within the understood
any
himself decided to dispose of his interest in the paper, time were alike to the sender, and no wrong of
kind was inflicted upon him by using one or another.
there is reason for gratification that control has
found lodgment in the person of such a man as No violation of either contract or understanding
so
Thomas W. Lamont and that consequently there could be charged, and no sender has complained,
the business man,
is to be no debasement either in its character or far as is known. The question why
especially in these latter days when expenses demand
its standards.
The "Post" has always displayed fearlessness more consideration than ever, has employed the
and independence not alone in the political and the telegraph to carry his night letters, by wire or otherliterary field, but also in the financial field. Its wise, instead of dropping them in the mail, answers
and
financial column has for half a century or more itself; he has lost confidence in the punctuality
certainty of the mails and he has believed, combeen a distinctive feature of the paper, and under
the
the control of the present financial editor, Mr. paratively at least, in the telegraph. While
steadily night trains run their routes on schedule time, he
Alexander D. Noyes, this column has been
would go
gaining in favor and in prominence. Here there did not feel quite sure that the mails
promptly, and (still more) would be delivered
was a possibility that change of control might work
much harm. The paper might have passed into promptly, for the transaction involved several steps;
speculative hands and the prestige of its financial but the telegraph company's messenger had only one
column among the financial community used to thing to do, and could be trusted to do it. When the
promote base ends—until discovery came of the train got through, he got through; and if the train
sinister influences at work. This danger has been were interrupted, he always had the recourse of
escaped. Mr. Lamont in his statement does not making his way to the nearest town and putting the
say that that was one of the considerations that in- matter on the wire.
So the thing resolves itself into more evidence
fluenced him in his purchase of the paper, but he
of the inefficiency of the postal service, an inprobably had it in mind. Mr. Lamont announces
that Rollo Ogden is to remain in control of the efficiency which has been growing at once more
editorial page, and this presumably means that Mr. positive, more comparative, and more unsatisfactory
Noyes is to remain in control of the financial column. to business users of it. The moral would seem to be
This affords ground for assurance and rejoicing. that the service should improve itself rather than
The "Post" is to continue as of old. It follows that complain about a supposed "rival," but the postal
the financial community will be able to look up to officials do not exhibit a proper sense of their own
shortcomings, or even a sense of humor, for they
it as of old. Nothing more could be wished.
have taken up the matter seriously and have proAbout six weeks ago postal inspectors intercepted cured an indictment of the telegraph company, by a
some messengers of the telegraph company as they Federal Grand Jury, on a charge of establishing "a
were getting off the early morning trains arriving rural post" or a competitive express route against
here and in Boston and Washington, taking from the Government. Of the technical violation of law
them some hundreds of messages which had been there is no question, for the postal service has long
received for wire transmission by night, but were, been a declared monopoly, and whoever carries in
in fact, carried personally by messenger to the city person and delivers a "forwarded" letter, instead of
of destination. For many years messages have been letting the Government carry it in form without more
received for sending during the night, and these postage for its second leg of travel, probably com"night letters", taken at a reduced rate, have been mits a technical violation. Push far enough the
delivered at their destination at or soon after the idea that Government wants and claims a monopoly
hour of opening business on the next day, thus in the carrying of communications, and it might
answering the need of swiftness at a lower cost. appear that the telegraph and telephone in their
Presumably, these letters have been sent to many direct and hourly use might be forbidden, since they
points in the United States. Beating the mails in carry communication which otherwise must go per
time, serving business needs at an economy in cost, mail or not at all; the contention, in offset, that use
occupying operators and wires in the hours of least of the swift means increases the business offered for
congestion, they were serviceable without accusation the slower means might not be admitted as relevant,
of being sinful; but now it is charged that the tele- any more than the plea that newspaper advertising
graph company has gotten into a habit, especially makes mail matter at first-class rates.
U. S. A. INCOME TAX RETURN FORMS—ENEMY
DECLARATIONS—U. S. INCOME
TAX CERTIFICATES, &c.
AUG. 3 1918.]
THE CHRONICLE
The company may plead congestion of the wires in
extenuation, and also that nobody has suffered any
real wrong. Government has lost a trifle of postage,
but it charges that in 103/ months 346,417 messages
2
were dispatched by train, which, at $50 each (not
2 or 3 cents for postage) amount, or might amount,
to a fine of $17,320,850.
Turn it as one pleases, does not this offense appear
malum prohibitum, and not malum in se, a "statutory" crime rather,than a wrong inherently, or in
consequences? How should a possible loss, of not
over $10,000 in postage (less some allowance for
expenses) be magnified into millions? According to
theory and to former practice at least, our Government is not a foreign power, intent to do its worst to
American citizens, or even a distinct entity operating in trade with them and keen for advantage in
the trading; it is their instrument and servant for
sundry indispensable ends. On what gounds of
justice and reason should it assume an attitude of
punitive severity towards business? And if any fine
is to be demanded, it must come out of either existing surplus or future receipts; in either case, out of
the private owners, who really seem to be sufficiently
menaced by the seizure of their property, without
being asked to bear a penalty for something in which
they have not been concerned even by knowing of it.
The wisest and most creditable course would be to
drop the matter, pigeon-hole the indictment, and
say no more about it. Even the most socialistic
citizen, permeated with the notion that the State is
the only real thing and the individual only a fly on
the wheel, must admit, silently if not openly, that
Government will find ample test for its powers in
trying to keep up the standard of efficiency maintained, in the most trying of circumstances, by the
great properties it has seized without any real
reason. If the past is irrevocable and its lessons are
not even to be acknowledged, try to improve the
postal work instead of indulging in indictments.
The cotton crop outlook on July 25 this year,. as
announced by the Crop. Reporting Board of the Department of Agriculture on Thursday, was much
less favorable than a month earlier. In fact the
figures given out show a greater decline in condition
than ever before recorded in July, being in that respect rather out of line with expectations fostered
by the official weekly weather bulletins and the
various private reports issued since the date of the
last previous monthly report. If the Department
has not been misinformed, there has been not only
deterioration greater than expected in those sections
where drought has been prevalent, but an unlooked
for lowering of the status of the crop in localities
from which advices had been, on the whole, quite
uniformly favorable. Furthermore, the prognostication of ultimate production accompanying the
report, being for a final outturn 13 million bales
%
less than seemed to be foreshadowed by the June
25 report, it is evident we have again to face a short
yield of cotton, unless it should turn out that the adverse developments in July have been exaggerated.
The effect of the official pronouncement was to
cause an advance in the price of the staple in the
local market on the day of its issue of about one cent
per pound.
As gathered from official and private reports during the month preceding July 25, drought was complained of at one time or another, in many sections
427
of the cotton belt, but it was relieved in most districts, apparently, by beneficial rains before any
mentionable deterioration had occurred. In the
Southwest, however—Texas, Oklahoma and portions of Louisiana and Arkansas—dry weather was
to a great extent continuous. It had been assumed,
therefore, that in virtually all of the territory east
of the Mississippi River it would be shown that condition had been quite well maintained in July, even
though more than average impairment should be
indicated in the drought-affected area. But considerable deterioration is reported everywhere except in California and Missouri, and the decline in
condition in the drought-affected areas is much heavier than had been expected. To some extent, of
course, the current situation is to be ascribed to
injury by boll weevil and other insect pests, and presumably, as in most recent years, to the poorer
quality of the fertilizers used. As to this, however,
there is nothing of an official nature to report, the
explanatory remarks of the Board accompanying
this report having to do merely with the area devoted to Sea Island_ and Egyptian varieties of cotton, details as to the planting of each in the localities
in which they are produced, and forecasts of yield
by States being given. Acreage of Sea Island is
stated as 276,000 acres, from which a crop of 65,000
bales is expected, and from 75,000 acres under
Egyptian cotton in Arizona and 5,000 arces in California, yields of 42,000 bales and 3,000 bales are
looked for.
Specifically, the report makes the average condition of the cotton crop on July 25 only 73.6 of a normal, or 12.2 points under the status on June 25, and
with three exceptions-1917, 1916 and 1909—the
lowest at date in fully 30 years. Comparison is
with 70.3 last year, 72.3 two years ago, 75.4 in 1915
and a ten-year average of 77.0. Texas shows deterioration of 23 points, Louisiana 22 points, Oklahoma 15 points and Arkansas 14 points from June 25.
As contrasted with last year, improvement is indicated in pretty much all of the Eastern and central
portions of the belt and in Arkansas, but in Texas
there is a drop of 7 points, in Louisiana 9 points and
Oklahoma 2 points. Reflecting the low average
condition, the Board interprets its figures as forecasting a yield per acre of about 177.3 lbs., and, after
allowing for 1% abandonment of planted area, this
would give a crop of approximately 13,619,000 bales,
with average conditions hereafter. The prognostication based on the June 25 condition was 15,325,000 bales. The latest estimate compares with a
yield of 11,300,254 bales last year, 11,449,930 bales
two years ago, and 16,134,930 in 1913-14. Should
the Government's forecast prove correct, the crop
would, of course, be the fourth in a series of short
yields, but there is a possibility of improvement in
condition later on, and deferred killing frosts would
likewise be a favorable element in the situation. At
any rate, with the war continuing, the prospect of
any dearth of cotton still appears remote.
A. Bonar Law, the Chancellor of the British Exchequer, on Thursday asked the House of Commons
for a vote of credit for £700,000,000, which was
granted unanimously yesterday. It is the largest
amount yet named, and makes the total British
war credit to date £8,042,000,000. It is designed
to provide the funds for carrying on the war until
the end of October. so that an additional vote
428
THE CHRONICLE
[VoL. 107.
is fighting in order to impose his own economic
terms on the Allies, but will never succeed in doing
so. So far as that is concerned we must be in a
position to determine the conditions which we regard as fair without having them imposed upon us
by the will of the enemy. If he goes on fighting,
imposing greater burdens on us, destroying our
young manhood and guilty also of outrages which
shock humanity, and makes it difficult to shake
hands with him when the war is over, sterner will be
the terms imposed upon him." The Premier added
that among the greatest difficulties after the war
would be the questions of raw materials and transport, which would require a most complete understanding with Great Britain's allies and Dominions
because "it is most important that you should carry
with you the people who contributed with you to a
common sacrifice. Don't let us make the mistake
of dissolving the partnership the moment the fighting is over." Lloyd George prefacted his remarks
by saying that "No man should boast until the
battle is over. But all men who know are pleased
at the way it is going."
The German Economic Council met in Berlin on
Friday of last week under the presidency of the Director of the National Bank, Schacht. The Minister
of the Interior, the Foreign Office, the Ministers of
Finance and Railways, the War and Press Bureaus,
the War Food Board, the Reichsbank and other
departments of the Government were represented.
President Schacht dwelt on world economic conditions and the importance of Great Britain's adoption of a system of preferential tariffs for her colonies. Under the Secretary of the Treasury, Schacht
said, the new Council's efforts should be directed
toward the establishment of close economic relations
between the Central Powers, without prejudicing
the independence of the various Powers. The Council, he asserted, would have no political tendencies.
Dr. Walter Schotte, Director of the Economic Council, pointed out that the problem which must be
solved was the economic linking of Central Europe
with the rest of the world. In this respect, he said,
a tariff union with Austria-Hungary would be of
in England world-wide economic importance. The next step
There is still a tendency, much greater
and France than in our own country, to discuss would be economic cultivation in the Near East for
economic war after the war. As an agency for open- German industry against Anglo-American competiing the eyes of German manufacturers and mer- tion, and for this purpose the extension of traffic
chants to possibilities such discussion may possibly and communication in these regions was considered
have some justification. But our own opinion that most important. The preliminary committee is
all these matters will be covered fully in the nego- composed of Albert Ballin, Director-General of
tiations which will precede the peace treaties and the Hamburg-American Steamship Line; Alfred
that the treaties themselves must settle such ques- Lohmann, President of the board of directors of the
tions in a definite and satisfactory manner. The North German Lloyd Steamship Co.; Prince Hans
British Premier, Lloyd George, addressing a depu- Heinrich of Pless, and leading experts in business
tation of 200 members of the National Union of from all parts of Germany.
Manufacturers on Thursday drew attention to the
The Marquis of Lansdowne once more has, and at
fact that up to the present time America has expressed
no opinion upon the Paris resolutions, which it will a most inopportune time, taken occasion to reiterbe recalled favored an economic league of nations. ate his pacifist views. There is nothing particuIt is, the Premier said, vitally important that the larly new in the letter which has just been published
policy of America and that of Great Britain should by the London "Daily Telegraph," and it is obvious
be in complete agreement on economic as well as that there could hardly be a more effective way for
other topics. "An agreement among the Allies the former distinguished statesman to give aid and
means that the economic fate of the world will be comfort to the enemy. His Lordship said he is conin the hands of the great Allied Powers federated vinced that there is "a deep-seated desire for a further
together at present." Continuing, Lloyd George explanation as to the conditions upon which we are
said that "the longer the war lasts the sterner must prepared, not to make peace, but to open a discusbe the economic terms we impose on the foe. I sion which might lead to peace." Referring to
think the sooner he realizes that the better. He President Wilson's Fourth of July speech, he de-
will be necessary to finance the Treasury until
the end of the fiscal year next March. The vote
is somewhat in anticipation of requirements and is
taken at this time because of the proposed recess of
Parliament for two months and the fact that the
previous vote of credit will carry into September
only. In explaining the financial requirements
of the war the Chancellor said that expenditure on
the army showed an increase of £8,000,000 over the
estimates, but loans to the Allies and Dominions
have been less than the estimate by £22,700,000.
The increase in the army expenditure was due to the
fact that the strength of the army was greater than
at the time the budget estimate was framed. The
debt due Great Britain from her allies and Dominions at the end of the last fiscal year was L1,332,000,000 from the former and £194,000,000 from the
Dominions. That due from the Allies now has
reached a total of £1,462,000,000 and from the
Dominions £208,500,000. The Chancellor said that
in 1916 Great Britain had agreed to give the Italian
Exchequer a monthly credit to be used to help the
Italian exchange. A similar contribution, the Chancellor added, was now being made by America.
France also would help. The rate of interest was
5%,which was below the rate which the Government
was paying. Taking the periods from April 1 to
July 30 there had been underspending of 01,500,000 on the four fighting services; there had been
underspending on shipbuilding due to the need of
taking men from the shipyards for the army; and
underspending on the army due to the fact that the
recent strength of rations was higher than had been
anticipated. "I should like to make reference to the
assistance given to Italy," said the Chancellor,
"because the German Government has spared no
effort to create the impression that Italy is being
utilized and exploited by all the Alliance, especially
Great Britain. Besides, Britain has advanced to
Italy 013,000,000 all paid in gold. This has
enabled Britain to supply the Italian Government
with munitions and equipment for the army and food
and other articles for the civilian population."
AUG. 3 1918.]
THE CHRONICLE
dared that it was remarkable both for what it contains and what it omits. "It derives additional importance from the fact that our own Prime Minister
immediately and wholeheartedly adopted it. It is
e:picture drawn by a great master of the golden age
to, which we are bidden to look forward. It does not
seem, however, to provide those who are in search
of a basis for preliminary negotiations with the kind
of groundwork after which they are striving. If
Germany should intimate her readiness to conform
to President Wilson's standards, a long advance
would have been made in the right direction. The
speech is, however, not an outline of peace terms,
but a very nobly worded description of the things
for which the associated people of the world are
fighting."
Lansdowne said he was not prepared to affirm
that the stage had been reached where there was a
prospect of a preliminary agreement on the essential
points of profitable consideration. "But," he added,
"there are abundant indications that such occasions
may present themselves in the near future. Let us
be prepared to meet them and in a reasonable spirit
let us give our adversaries the chance of showing
whether their overtures are sincere or not."
The letter was read at a conference of Lansdowne's
supporters, presided over by Earl Beauchamp.
Baron Buckmaster, a former Lord Chancellor, and
a few pacifist members of the House of Commons
attended. Lord Buckmaster said: "My complaint
is that whenever a reasonable suggestion of peace is
made on the part of Germany it is always rejected in
this country on the ground that it is insincere. The
people should insist that all offers of peace be made
public. I am uneasy lest the aims for which we entered the war are not the aims for which we are continuing it."
429
scale. The total increase in labor lastear in shipbuilding yards and marine engineering works was
35,000. The orginal demand of a year ago was
for 80,000 additional workers, part of them'skilled.
Owing to events on the Western front and the great
demand for technical men for the air force and the
army, it was impossible to obtain the proper quota
of skilled men by their withdrawal from the army."
Merchant ship repairs, said Sir Eric, were to-day
engaging nearly two-thirds as many workmen as
were engaged in new• construction of merchantmen.
"But," he continued, "the submarines have found
it too dangerous to work inshore and are going far
out. The number of ships damaged as well as sunk
is decreasing and the transfers of men from repairs
to new construction is possible. The number of
men employed on new construction of warships and
auxiliaries is roughly 150,000, and on merchant-.
men 120,000."
Our own Secretary of the Navy, Mr. Daniels, declared in a statement on Thursday that the submarine
is no longer a determining factor in the war, and
statements by Emperor William in a proclamation
to the German army and navy that submarines'
"are tenaciously attacking ..and fighting the vital
forces which are streaming across the sea" are without foundation. "The reduction in sinkings has
been steady," Mr. Daniels said. "The submarine
as a leading, important factor in the war is ended.
It is always a menace, as long as there is one in the
seas, and we are losing ships and will continue to
lose ships now and then, but as for its being a determining factor in the war, that fear is ended."
While the drive of General Foch has, not unnaturally, slowed down somewhat, there has, nevertheless, been steady and gradual progress, with no
permanent reaction. Hope of "bagging" the GerSir Eric Geddes, First Lord of the British Ad- man Crown Prince's army in the Soissons-Rheims
miralty, reviewed in the House of Commons early salient has been abandoned, if indeed, it may be said
in the week the naval situation, defending par- to have been seriously entertained in military circles.
ticularly the policy of starting national shipbuild- Towards the close of the week renewed activity
ing yards. The speaker compared the situation to- developed in the central and western sections of the
day regarding tonnage with that of a year ago, when battle front in this salient. In engagements extend-.
the net loss in tonnage was 550,000 gross tons ing from the region immediately south of Verdun to
monthly. Submarines were then not being de- the northwest of Fere-en-Tardenois and southeast
stroyed as fast as the Germans were building, while of the last named town, over the upper portion of
the British merchant shipyards were short of men the left branch of the "V" salient running ten miles
and materials. Four hundred thousand tons net eastward from Nesles to Ville-en-Tardenois and
loss monthly was the British deficit. Gradually with St. Gemme as its southern base, American,
during the past year the position had changed in French and British troops have pushed back the
many directions. Instead of losing tonnage the armies of the Crown Prince. Northwest of Fere
world's net result in the last quarter had been a gain the entire elbow of the line where it turned eastward
roughly of 100,000 tons a month. The Allied and along the northern bank of the Ourcq has been
neutral world was as well off on June 30 as on Jan. blotted out, making the line a straight one from
1 1918, a result which had been obtained by re- Fere to Hartennes, and giving the Allies much
duced sinkings and increased buildings. The re- better ground over which to work in further outduced sinkings have been arrived at by a greater flanking Soissons on the southeast and for pressing
productive effort devoted to war ships and small on towards Fismes in conjunction with the troops
crafts of an anti-submarine character. Nothing now holding strategic points north and northeast of
was included of commandeered or retired tonnage Fere. Last night's dispatches announced that
in this result. The problem of a year ago, Sir Eric Soissons, the great pivotal point, had finally been
said, "was considered by many almost incon- entered by the Allies. In this fighting the Allied
ceivable and unsolvable. Mercantile carrying power troops have driven out the Germans who had
was being sunk at a rate which soon would have been tenaciously holding positions between Plessier
meant an inability to continue the war and there was Huleu and the river, and taking the high ground
no tried recognized means of combating the cam- of Rosoy, have pressed on past the village of
paign. It was necessary to provide a building Beugneux and arrived before the villages of Cravl
program of anti-submarine craft, mines and other moyselle and Gramaille. The general advance
appliancesland:merchant ships on a greatly increased was about two miles and 600 Germans were made
430
THE CHRONICLE
prisoner. The most important gain, however (quoting from an Associated Press dispatch), was from
the upper western point of the "V" southeast
of Fere. Here the village of Cierges and the
Meuniere Wood both were taken, a manoeuvre
which places the Germans at the bottom of the
"V" at St. Gemme in a seemingly precarious plight,
for from the wood and the village the Allied guns
will be able to rake the Germans if they should
endeavor to make their way northward, their only
avenue of escape, by an enfilading fire. Through
the capture of the Meuniere Wood the width of the
"V" from the fringes of the forest to Romigny on the
east has been cut down relatively to 4 miles. Since
the second battle of the Marne began, July 15, the
Allied troops have taken more than 34,000 German
prisoners.
On the British front in France and Flanders there
has been improvement in the weather and the hot
sun is drying out the muddy ground. The Germans
are bombarding heavily various positions held by
Field Marhsal Haig's men, who are replying in kind.
Vienna reports that Austrian troops in Albania have
compelled the Italians to give up a considerable
portion of the ground they won in recent fighting.
It is asserted by the Austrian Office that the Italians
are being pursued by the Austrians. Confirmation
of this news does not, however, come from Rome.
The Italian Embassy at Washington, on the other
hand, has been advised that in consequence of the
disaster sustained by the enemy in Albania, the
Austrian Supreme Command has dismissed the
generals who were held to be responsible and in their
place has appointed Generals Weiss and Pflanzer
Beltin. Austrian reinforcements have been brought
up from Bosnia and Montenegro, says the Rome
dispatch, and owing to the present inaction of the
Allied armies in Macedonia the Austrian Supreme
Command has sent troops from the Macedonia
Lakes district toward Albania.
It is difficult to obtain a satisfying view of the real
conditions in Russia from the kaleidoscopic reports
that are coming forward. London advices state
that there are indications that the situation has
changed in the last two or three weeks in Northern
Russia and that the Germans shortly will begin an
offensive against the southern part of the Murman
Railway. The Finnish population is now declared
to be intensely hostile to the Germans. There is a
great shortage of food and the people are entirely
dependent on the Entente for food. Both the
Government and the army, however, are completely under German control and there is every
reason to suppose they will co-operate with the
Germans. The Germans have induced the Bolshevik Government to agree to the cession of the
whole of the Murman coast to Finland, notwithstanding the desire of the inhabitants to remain
Russian. In the Ukraine the revolt against German
domination has assumed large proportions and seems
to seriously menace German and Austrian communications. The peasants are reported to be
destroying the railroads and have blown up the
bridge southeast Of Kiez. In the Caucasus there is
great friction reported between the Germans and
Turks, the Germans trying to prevent the Turks
from occupying Baku, on which a Turkish attack
appears to be imminent. Baku is said to be lightly
garrisoned by Armenians and Bolsheviki and prob-
[VoL. 107.
ably will fall. London dispatches also tell of growing
discouragement in Bulgaria, due chiefly to the
exploitation of the Bulgarians by the Germans.
The murder of the German Field Marshal von
Eichhorn, who, with his aide Captain von Dressler,
was assassinated on Tuesday at Kiev, seems symptomatic of the conditions which prevail in the
Ukraine. There is evidence, it is stated, by Berlin
papers that an attempt on the life of the German
Ambassador has also been planned and the latter
may have to be recalled.
Negotiations between the Entente Powers, Japan
and the United States regarding the extension of aid
to the Czecho-Slovaks in Siberian Russia are understood to be on the point of completion. Information sought by the Japanese Government upon certain points of the American position looking to a
definition of the aims and scope of any joint action
has already been furnished by our State Department. This places the whole subject again before
the Japanese Foreign Office at Tokio, which must
determine whether the American proposal is now in
a sufficiently concrete form to warrant the inauguration of a policy of action. In anticipation of a satisfactory conclusion of negotiations, Japan and the
Entente countries are understood to be perfecting
their arrangements for the organization of whatever
military force may be necessary for the execution of
the joint agreement.
The London Stock Exchange is closed to-day and
will remain closed on Monday, the usual August
Bank Holiday. Transactions, both on speculative
and investment account, have reached very minor
proportions. The market appears to have displayed
a continuance of its recent firm undertone in response
to the continuing favorable character .of the war
news from France. This is the condition which has
been current ever since the check to the German
drive, which began on March 21. The London
"Bankers' Magazine," in its monthly comparison of
Stock Exchange values shows for the month ending
July 18 an increase in the aggregate value of 387
representative securities listed on the London Stock
Exchange of £28,740,000, or 1.1%, comparing with
a gain during June of £19,430,000, or 0.7%. The
aggregate of these values is £2,662,564,000. On
April 20 it was £2,571,612,000. On July 20, one
year ago, the total was £2,729,992,000. One year
previous it was £2,893,182,000, the year before that
£2,909,989,000 and on July 20 1914, immediately
preceding the outbreak of the war it was £3,370,709,000. These figures represent, in the main, an
index of the effect of the war on London Stock Exchange securities. During July British India funds
increased 0.2%, foreign Government funds 1.5%,
American railways decreased 0.6%, and South
African mines decreased 0.3%, while British railways increased 3.1%. One feature of the London
market has been the strength of Russian securities,
the 5s being now quoted, according to latest cables
2%s at 47 and the 4%s
from London, at 53; the 43'
at 43, showing a rise of from 3 to 5 points in July.
This strength, presumably, was due to the news that
M. Klotz, French Minister of Finance, had introduced a bill in the Chamber of Deputies authorizing
the Government to advance 3,015,000,000 francs to
Allied and friendly nations in addition to the 7,166,000,000 already advanced. The new amount
includes a sum necessary to pay the Russian coupons
AUG. 3 1918.]
THE CHRONICLE
431
for six months.
The collapse •of the munition
British revenue retiirns for the week ending July
workers' strike was one of the favoring influences of 27 made a better showing, having exceeded
exthe week. The Privy Council in London has de- penses by the sum of £420,000.
Furthermore, a
livered an important judgment regarding the owner- substantial reduction was indicated for
the week
ship of 56,000,000 acres of land in Rhodesia. The in Treasury bills outstanding. New
issues of
effect of the decision is that dominion of this huge Treasury bills were slightly in excess of those
of a
strip of territory will remain under the Crown, but week ago. Expenditures for the week
totaled
the British South Africa Co. will continue to ad- £48,104,000 (against £50,268,000 for the week
minister the territory and may be reimbursed for its ended July 20), while the total outflow, including
expenses from the proceeds of certain land sales. repayments of Treasury bills and other items,
was
The knowledge that the Chancellor of the Exchequer £145,386,000, as compared with £138,812,000 last
was about to introduce a new vote of credit tended week. Treasury bills repaid equaled £88,148,000,
to restrain financial operations early in the week. against £65,939,000 the previous week.
Receipts
It is understood that some of the Provincial banks from all sources totaled £145,806,00
0, in compariare likely to be absorbed by a large institution. The son with £138,645,000 last
week. Of this total,
Bank of Manchester and the Clydesdale Bank are revenues contributed
£13,140,000, against £15,being mentioned.
306,000 a week ago; war savings certificates amounted
One of the sustaining influences of the week in to £2,000,000, against £2,600,000,
and other debts
the London market was the announcement that the incurred £16,159,000, against £21,192,000
. War
food crisis of the Allies was considered definitely bonds were £27,149,000, compared
with £21,184,ended. Herbert Hoover, the American Food Ad- 000, while advances totaled £10,000,000, as
against
ministrator, dispatched a cablegram from London £3,000,000 the- week before. Sales of Treasury
releasing American hotels, restaurants and dining bills amounted to £77,157,000. This compares
services of the country from their voluntary pledge with £75,163,000 a week ago. Treasury bills outto use no wheat until the present harvest,,the release standing were £1,064,046,000, which contrasts with
becoming effective Aug. 1. In his dispatch Mr. £1,075,026,000 the preceding week. The Exchequer
Hoover said that the Allied cause had been saved by balance totals £12,689,000, and compares with
the conservation measures which had been adopted £12,269,000.
and that the chief concern now, so far as the wheat
situation is involved, was to build up reserves in
Sales of British war bonds through the banks last
America and abroad out of America's bumper week amounted to £23,065,000, a decline from £29,crops which would make impossible the danger of 672,000 for the preceding week and bringing the total
famine conditions in the future. Mr. Hoover's state- of the sales under the "perpetual offering"
plan up
ment was printed simultaneously in London and New to £950,000,000. The post offices
report for the
York. Before Mr. Hoover went to Europe to con- week ending July 13 sales
of £936,000, bringing
sult with the food controllers of the Allied nations, the total through that channel up
to £34,264,000;
he predicted that it would soon be possible to abol- in the week preceding the post office
sales were
ish the "no wheat" restrictions, but emphasized the £653,000. War savings certificates of £1 each
disfact that there must be no waste of foodstuffs or posed of in the week of July 13 totaled £3,049,000,
any relaxation on the part of the consumers of the making the aggregate ultimate indebtedness under
self-imposed censorship they have placed upon their this head £218,279,000. The Bank of England has
tables. Mr. Hoover is in Paris. Formal announce- agreed to enter into a revised form of compensation
ment was made in London that the food controllers for the period of the war for its services to the Govof Great Britain, France, Italy and the United States ernment. Under the agreement entered into in 1892
who have been holding daily conferences in London, compensation before the war amounted to about
had appointed a permanent committee, called a £200,000 yearly. This was increased to £1,500,000
Committee of Representatives, to study various pro- for the fiscal year 1916-17, according to the report of
grams of food supply and transport and co-ordinate the special committee on national expenditures.
plans with shipping and supervise their execution. The committee reported that it did not believe such
The committee in a formal statement cabled to Wash- a remuneration was justified and the Bank agreed to,
ington declared that "We cannot administer the food the revised condition. There has recently been some‘
problem on the basis of one year's war. We must discussion of abrogating the agreement
of the French.
prepare for its long continuation if we are to insure Government and the Bank of France,
but by a vote
absolute victory." The text of the resolution thus of 231 to 72 the Chamber of
Deputies on Wednesday
cabled follows:
adopted the measure providing for the renewal of
Resolved, That while the increased production of the
the privileges of the charter of the Bank for 25 years,
United States renders it possible to relax some of the re-
strictions which have borne with particular hardship on all
our peoples, yet it is absolutely necessary that rigid economy
and elimination of waste in the consumption and handling
of all foodstuffs, as well as increased production, should
be maintained throughout the European Allied countries
and North America.
It is only by such economy and elimination of waste
that the transportation of the necessary men and supplies
from North America to the European front can be accomplished, and that stocks of foodstuffs can be built up in
North America as an insurance against the ever-present
danger of harvest failure and the possible necessity for
large emergency drafts to Europe. We cannot administer
the food problem on the basis of one year's war. We must
prepare for its long continuance if we are to insure absolute
victory.
Very little news has found its way here by cable
from Germany. A dispatch by way of Amsterdam
says that a reduction in the weekly meat ration from
250 to 200 grammes is reported by the "Vossische
Zeitung" of Berlin. The new ration comes into force
on Aug. 12. According to the Austrian Food Minister, the food crisis in that country is almost overcome, and "presumably will never recur." The
harvests, he said, are promising, and the situation,
especially as to fodder, is better than the previous
year. Cattle have sufficient fodder so that the prospests of an autumn supply of milk and meat are better than heretofore. But a note of warning is sounded
432
THE CHRONICLE
[VOL. 107.
000 francs. Last
by the Minister, who declares "There must be the tion now aggregate 29,320,647,
year at this time the amount was 20,312,497,840
greatest economy."
francs and the year before 16,196,729,995 francs.
cen- On July 30 1914, just prior to the outbreak of the
Official discount rates at leading European
85 francs. Comparison
tres continue to be quoted at 5% in London, Paris, war, it totaled 6,683,184,7
the statements of last
Berlin, Vienna and Copenhagen; 6% in Petrograd of the various items with
ng dates in 1917 and 1916
and Norway; 63/2% in Sweden, and 432% in Switzer- week and correspondi
land, Holland and Spain. In London the private are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
bank rate has not been changed from 3 17-32% for
Status as of
Changes
Aug. 1 1018. Aug. 2 1917. Aug. 3 1916.
for Week.
sixty and ninety days. Money on call in London Gold Holdings— Francs.
Francs.
Francs.
Francs.
956,400 3,396,401,275 3,265,492,030 4,522,135,934
Inc.
has been advanced to 3%, against 2%% last week. In France
271,055,668
2,037,108,484
2,036,108,500
No change
No reports have been received by cable of open Abroad
956,400 5,432,509,775 5,302,600,515 4,793,191,602
Inc.
Total
as far as Silver
339,061,524
market rates at other European centres,
261,323,050
286,285,000
Inc. 9,129,000
460,738,460
655,007,195
Bills discounted.. Dec. 19,129,000 1,079,966,000
we have been able to ascertain.
1,126,928,998 1,189,685,078
852,182,000
Dec. 43,740,000
Advances
Note circulation_ _Inc. 172,582,000 29,320,647,000 20,312,407,840 16,190,729,995
77,500,812
60,531,381
29,470,000
Treasury deposits_Dee. 108,924,000
General deposits Dec. 143,240,000 3,701,856,000 2,619,335,728 2,158,323,458
An additional gain in gold is shown by the Bank
of England in its weekly statement, amounting to
£121,514, although total reserves indicate the large
In its statement for the week as of July 23, the
reduction of £1,006,000, resulting from an increase Imperial Bank of Germany shows the following
in note circulation of £1,127,000. Public deposits changes: total coin and bullion increased 139,000
expanded £3,114,000, while other deposits gained marks; gold decreased 319,000 marks; Treasury
£1,742,000 and Government securities increased notes declined 24,731,000 marks; notes of other banks
£2,538,000. As a result the proportion of reserve were reduced 747,000 marks; bills discounted showed
to liabilities was brought down to 16.37%, as com- the large reduction of 273,390,000 marks; advances
pared with 17.41% last week and 17.53% a year ago. declined 2,821,000 marks; investments were inThe highest percentage thus far this year was 19.71% creased 3,481,000 marks; other securities decreased
in the week of Jan. 10, and the lowest, 15.18% on 30,318,000 marks; note circulation were reduced
July 4. Loans (other securities) registered an ex- 87,289,000 marks; while deposits decreased 158,pansion of £3,467,000. The Bank's stock of gold 844,000 marks; and other liabilities were contracted
on hand now stands at £67,259,490, as against 82,712,000 marks. The German Bank's stock of
£52,456,003 a year ago and £54,884,404 in 1916. gold on hand is reported at 2,346,622,000 marks.
Reserves aggregate £28,839,000, comparing with Last year the total was 2,401,485,000 marks and in
£30,429,593 in 1917 and £36,676,809 the year be- 1916 2,467,600,000 marks.
fore. Loans total £106,787,000. Last year the
total was £110,654,852 and in 1916 £75,657,166.
Saturday's bank statement of New York Clearing
Clearings through the London banks for the week
House members, which will be found in more comwere £406,670,000, as against £379,970,000 the
plete form on another page of this issue, registered
vo:ek previous and £336,410,000 in the corresponda small loss in reserves, while loans were expanded
ing week of 1917. Our special correspondent is no
by the large sum of $118,366,000. This latter
longer able to give details by cable of the gold movefeature was undoubtedly due to heavy corporate
ment into and out of the Bank for the Bank week,
financing, as well as routine Government operations.
inasmuch as the Bank has discontinued such reThere was an increase in net demand deposits of
ports. We append a tabular statement of com$1,929,000 to $3,576,422,000 (Government deposits
parisons:
of $424,563,000 deducted), and in net time deposits
NK OF ENGLAND'S COMPARATIVE STATEMENT.
of $4,203,000. Cash in vaults (members of the
1914.
1915.
1916.
1917.
1918.
Auy.5.
Aug. 4.
Aug. 2.
Aug. 1.
July 31.
Federal Reserve Bank) declined $157,000 to $100,The reserve in
30,657,625 33,486,030 36,105,420 192,000 (not counted as reserve.)
50,870,000 40,476,410
Circulation
Public deposits.... 37,789,000 44,811,739 51,009,979 147,058,621 11,499,452 the Federal Reserve bank of member banks was
138,440,000 128,744,196 85,517,391 84,221,335 50,749,010
Other deposits
Reserves in
Government recurs_ 58,601,000 50,439,661 42,188,361 46,874,146 11,041,152 reduced $1,468,000, to $527,641,000.
Other securities_ 106,787,000 110,654,852 75,657,166 155,264,727 65,351,656
and trust companies) deown vaults (State banks
Reserve notes & coin 28,839,000 30,429,593 36,676,809 47,185,725 9,966,649
67,259,490 52,456,003 54,884,434 62,221,755 27,622,069 creased $173,000 to $11,297,000, and reserves in
Coln and
Proportion off eserve
14.50% other depositories (State banks and trust companies)
20.37%
26.78%
16.40%
17.53%
to liabilities
6%
5%
6%
5%
5%
Bank rate. —
$280,000 to $7,567,000. Circulation increased $93,000 to $36,953,000. The loss in aggregate reserves
equaled $1,921,000, and the total now stands at
The Bank of France, in its current weekly state$546,505,000, compared with $629,269,000 a year
ment, reports a further addition to its gold holdings
ago. Reserve requirements showed a small increase
of 956,.:00 francs. Total gold holdings (including
—$101,910; hence surplus was contracted $2,022,910,
2,036,108,500 francs held abroad) are now 5,432,which brought the total of excess reserves down to
509,775 francs, as compared with 5,302,600,515
$72,383,710, on the basis of 13% reserves for member
francs (of which 2,037,108,484 francs held abroad)
banks of the Federal Reserve system (but not countlast year and 4,793,191,602 francs (of which 271,ing $100,192,000 cash in vaults held by those banks.)
055,668 francs held abroad) in 1916. The silver
At the corresponding period last year, excess reserves
item this week shows a gain of 9,129,000 francs.
on hand totaled $132,038,080, on the same basis.
Bills discounted decreased 19,129,000 francs, advances were cut down by 43,740,000 francs, and
No improvement is yet to be noted in money cirgeneral and Treasury deposits fell off 143,240,000
francs, respectively. In cles. While some small amounts have been loaned
francs and 108,924,000
of
note circulation, however, there was another large as low as 4% for demand loans the greater part
at about 53/2@6%,
increase-172,582,000 francs. Notes in circula- the week's business has been
AUG. 31918.]
THE CHRONICLE
433
Minneapolis.
New York.
the Money Committee or pool being obliged to
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
put out quite large amounts to prevent the rate from
i
getting above 6% for loans based on mixed collateral
i
CLASSES
Fi
.
1
OP
and 63/2% where the collateral consists entirely DISCOUNTS AND LOANS
1
I g Z
•1
t S
4
of industrial securities. Loans having fixed mac2i
turities have been granted with reserve and rates Discounts—
•
Within 15 days, incl, member
remain at the figures that have been recently cur- banks' collateral notes ___ 4 4 4 4% 4% 4 4 4 4 43 4 4
16 to 60 days' maturity__ 45(
43( 5 4%
434 4% 531 4% 434
61 to 90 days'
rent. Announcement was made by the Treasury Agricultural maturity__ 4% 4% 43( 434 5 4% 4% 4% 5 534 5 434
434 434
5
and live-stock
paper over
Department on Thursday that the third bi-weekly Secured by 90 days
5 5
5 5% 534 5 534 534 5% 5% 534
534
U. S. certificates
of Indebtedness or Libissue of Treasury certificates of indebtedness sold
erty Loan bonds—
in anticipation of the Fourth Liberty Loan had been Within 15 days, including
member banks' collAtover-subscribed by $84,750,000. This issue was 16eral notes maturity 4 4 4 4 4344 4 4 4 4344 4
to 90 days'
434 434 434 4% 4% 434 434 4% 434 454 434 —_
Acceptances
for only $500,000,000. The two preceding cer- 1Trade days' maturity
to 60
4% 4% 434 4% 434 434 434 434 4% 434 434 Pee
434 434 434 434 434 434 434 434 434 434 434 434
tificate issues were of $750,000,000. The fourth 61 to 90 days' maturity
bi-weekly block of certificates of indebtedness will of•Rate of 3 to 434% for 1-day discounts an connection with the loan operations
the Government.
4%.
also be only $500,000,000 instead of the $750,000,- a 15 days and under purchased
Note 1. Acceptances
in open market, minimum rate 4%.
Note
000 planned originally as the amount of the issue. Paper 2. Rates for commodity paper have been merged with those for commercial
of corresponding maturities.
Note 3.
The new certificates will be dated Aug. 6, and are count rate,In case the 60-day trade acceptance rate is higher than the 15-day distrade acceptances maturing within
Note 4.
payable Dec. 5, with interest at 432%. Terms are paper, the Whenever application is made by 15 days will be taken at the lower rata.
member banks for renewal
-day
Federal Reserve banks may charge a rate not exceeding that of 15
for 90
-dal
identical with other recent blocks. The reduction Paper of the same class.
in the amounts of the issues is interpreted in bankSterling exchange merits no extended comment,
ing circles as suggesting that the Fourth Liberty
in view of its arbitrary position and the uniform
Loan will be for a sum smaller than $6,000,000,000.
Formal announcement has appeared that the Fourth scarcity of regular commercial and financial transLiberty Loan campaign will start on Sept. 28 and actions. There were no engagements of gold, either
close on Oct. 19, practically a three weeks' period. for import or export, this week. As regards day-toThe loan machinery is in better condition than ever. day rates, sterling exchange oh Satruday, in comReferring to money rates in greater detail, loans parison with Friday of last week, ruled firm, with
on call have again covered a range this week of demand fractionally higher at 4 75 5-16; cable trans4@6%. Monday 6% was the highest, the low fers were still quoted at 4 76 7-16 and sixty days at
2
.
4%%, with 5% the rate for renewals. On Tuesday 4 72%@4 723/ Monday's market was dull and
a trifle easier; demand bills receded to the previous
the high was still at 6%, with the minimum 5%
and renewals at 532%. Wednesday's range was range of 4 7530@4 75 5-16, although sixty days and
A
51 @6%, with 532% again the renewal basis. On cable transfers remained at 4 72%@4 723/ and
Thursday the maximum was not changed from 4 76 7-16, respectively; the volume of trading was
6%, although 4% was the low and 6% the ruling light. Nothing new developed in sterling on Tuesfigure. Friday, the range was 4@5%, with renew- day and rates were not changed from the figures of
als at 5%. The above quotations are for mixed the preceding day. On Wednesday no increase in
collateral, as all-industrials are now quoted at activity was noted; dealings were confined to mere
M of 1% higher. In time money there has been 'routine transactions, and quotations, which were
no essential change and conditions surrounding little more than nominal, continued to rule at
the general situation are about the same. Funds 4 76 7-16 for cable transfers, 4 7530@4 75 5-16 for
for fixed dates, particularly for the longer periods, demand and 4 72%@4 72,3/2 for sixty days. Dulare scarce; hence quotations are more or less nominal, ness featured Thursday's trading and rates were still
and have remained at 5%@6% for all maturities without change. On Friday the market was quiet
from sixty days to six months. Very little business but steady and quotations were unaltered, except
that cable transfers were made as high as 4 7645.
is being put through.
/
4
Mercantile paper has been fairly active. Trading Closing rates were 4 7238@4 721 for sixty days,
is becoming more diversified in character and the 4 7530@4 75 5-16 for demand and 4 76 7-16@4 7645
paper now passing includes textile, hardware, iron for cable transfers. Commercial bills sight finished
and steel, &c. Quotations remain as heretofore at at 4 75@4 753, sixty days at 4 71%@4 71%,
%
5V
1@6% for sixty and ninety days' indorsed 'bills ninety days at 4 70@4 703 ,documents for payment
receivable and six months' names of choice charac- (sixty days) at 4 71@4 713 and seven-day grain
3
ter, with most of the business done at 6%. Names bills at 4 743'@4 74%. Cotton and grain for payment closed at 4 75@4 753.
not so well known still require %@%% higher.
Banks' and bankers' acceptances were in good
The Continental exchanges have shown a firmer
demand, though still restricted by the high rates
tone, which is not unnatural, in view of recent favorprevailing for demand loans. A feature has been
the appearance of grain bills on the market lately. able developments in the war situation. But quoQuotations ruled without important change. Rates tations have failed to register any important changes,
and transactions continued exceptionally light in
in detail are as follows:
volume. Further action has been taken by the
Spot Delivery
Delivery
Division of Foreign Exchange in the case of exchange
Ninety
Sixty
Thirty
within
Days.
Days.
Days.
30 Days
on Rome and on Saturday of last week an adEligible bills of member banks
434(44% 4%-F4',4 434E44
434 bid
Elllgible bills of non-member bank5
47
,4©45 4%@4%
%
@4%
4% bid ditional advance of 50 points, to 8.00, was
Ineligible bills
announced
531@4% 53(@4% 5%64%
6
bid
in the official price of lire cables. This is a rise of
No changes in rates, so far as our knowledge goes,
80 points, all told, over the fixed rate of two weeks
have been made the past week by the Federal Reserve
ago, and, of course, reflects the successful workings
banks. Prevailing rates for various classes of paper
of the Government plans for stabilizing Italian exat the different Reserve banks are shown in the
change. These include a rigid supervision of all
following:
exchanges by the American representative of the
434
THE CHRONICLE
[VoL. 107.
, as already noted, finished
Italian Foreign Exchange Institute, in co-operation week. Spanish pesetas
and 26.60 for cables. This comwith the U. S. Federal Reserve authorities and pro- at 26.50 for checks
and 27.00 a week ago.
vide that transactions in commercial bills covering pares with 26.90
As regards South American quotations, the check
exports to Italy must come before the Institute for
rate on Argentina declined to 44.40 and cables 44.55,
approval. An important step taken by the Instiand 44.75. The closing rates, however,
tute has been the practical elimination of arbitrage against 44.60
44.65. For Brazil there was an
transactions, through which Americans have been were 44.50 and
for checks and 24.00 for cables,
in the habit of buying Italian funds at other centres advance to 23.90
with 23.35 and 23.50 the week before.
where the rate was lower than at New York. A. comparing
quoted at 17, and
ruling recently handed down by the Institute for- The Chilian rate continues to be
Far Eastern rates are as follows: Hong
bade all such triangular transactions and the Federal Peru at 57.
3/2; Shanghai,
Reserve Board subsequently extended this ruling to Kong, 80@80.15, against 803@80
exchange 1163/@117 (unchanged); Yokohama, 539@54,
2
American bankers and brokers. French
50 (unchanged),
responded slightly to the success of the allied Franco- against 533'@53%; Manila, 493'@
/
-offensive in the West, and for the Singapore, 561 1@563/ (unchanged); Bombay, 36%
American counter
) 35.73
first time in several weeks francs recorded fractional @37 (unchanged); and Calcutta (cables
advances for the week. As to rubles, no new (unchanged).
feature has come to light and the quotation is still
The New York Clearing House banks, in their
entirely nominal. Quotations for reichsmarks and
le, all transactions in German operations with interior banking institutions, have
kronen are not availab
a result of the curand Austrian exchange having, of necessity, been gained $1,796,000 net in cash as
ending Aug. 2. Their
suspended. An interesting explanation of the recent rency movements for the week
ted $7,190,000,
severe fall of German exchange in Switzerland is to receipts from the interior have aggrega
nts have reached $5,394,000. Addthe effect that Swiss banks have been lending them- while the shipme
l Reserve operaselves to German credit operations and are now ing the Sub-Treasury and Federa
the opinion of tions, which together occasioned a loss of $67,742,000,
reaping the inevitable results. In
money into and
important bankers the peculiar, one-sided oper the combined result of the flow of
ge with Germany will out of the New York banks for the week appears
ation of Swiss money exchan
,000, as follows:
bear close watching. The official London check to have been a loss of $65,946
/
Net Change in
Out of
rate on Paris closed at 27.1532, against 27.16 last
Into
Week ending August 2.
Bank Holdings.
Banks.
Banks.
In New York sight bills on the French centre
week.
$5,394,000 Gain $1,796,000
$7,190,000
4 Banks' interior movement
/
finished at 5.71, against 5.713s; cables at 5.691 , Sub-Treasury and Federal Reserve
36,642,000 104,384,000 Loss 67,742,000
%, against operations
against 5.69 8; commercial sight at 5.713
I $43,839,000 3109,778,000t Loss $65,946,000
5.723/8, and commercial sixty days at 5.77%, against Total
The following table indicates the amount of bullion
5.77% a week ago. Lire closed at the new official
for bankers' sight bills and 8.00 for in the principal European banks:
rate of 8.01
cables, against last week's rate of 8.51 and 8.50.
Aug. 2 1917.
Aug. 1 1918.
Rubles have not been changed from 14 for checks Banks of
Total.
Silver,
Gold.
Silver. I Total.
Gold.
and 15 for cables. Greek exchange continues to
£
I
£
52,456,003
67,259,490 52,456,003
67,259,490
be quoted at 5.13% for checks and 5.123/ for cables. England_ 135,856,051 11,440,000147,206,051 130,619,681 10,440,000141.059,040
France a _
0 3,700,300,123,900,050
6,085,500,123,416,600
Germany _
exchanges have again been Russia *_ 117,331,100 12,375,000,142,025,000 120,109,750 12,804,000141,964,001
Dealings in the neutral
129,160,00
129,650,000
18,500,000
Aus-Hun 11,008,000 2,289,000 13,297,000 15,000,000 3,500,000
of negligible proportions, with no new developments Spain. c 84,740,000 27,276,000112,016,000 64,418.000 29,870,000 04,297,000
42,142,000 33,380,000 2,643,000 36,023,000
38,942,000 3,200,000
610,200 52,377,200
bearing on the general exchange situation. Stock- Italy
600,000 60,249,000 51,767,000
Netherl'd 59,649,000
600,000 15,980,000
15,980,000 15,380,000
Nat.Bel.h 15,380,000
15,718,000
Christiania remittances were somewhat Switz'land 15,306,000 600,000 15,306,000 15.718,000
holm and
11,257,000
14,335,000 11,257.000
Sweden__. 14,335,000
ar, while guilders showed slight declines and Denmark.. 10,493,000 131,000 10,024,000 10,964,000 138,000 11,102,000
irregul
7,155,000
6,595,000 7,155,000
6,595,000
Norway
Swiss exchange ruled easier. Pesetas continued their
770,541,141,657,384,434 64,404,500721,788,934
Tot.week_ 706,544,641 63,996,500
downward recegsion. Fresh declines were noted and Prey.week 700,695,771 64,050,600764,746,371673,905,521 64,380,400 738,285,921
was reached a Gold holdings of the Bank of France this year are exclusive of £81,444,340
on Thursday a new low point of 26.20
held abroad.
for checks, but the closing rate was 26.50, with *No figures reported since 03tober 29 1917. of Trade Journal" for Dec. 7
those given by "British Board
C Figures for
ed last week, this is a 1917; figures for1918 estimated on the basis of the Dec. 7 1917 totals.
1917
cables at 26.60. As explain
h August 6 1914 in both years.
direct outcome of the progress being made by the
Treasury authorities, both in the United States and RUSSIA, GERMANY AND THE KILLING OF
in the Allied countries, in their joint efforts to propGENERAL EICHHORN.
erly regulate Spanish exchange. It is understood
Perhaps nothing could have illustrated more
that considerable progress has already been made in clearly and accurately the existing position of afthis direction and that some definite announcement fairs in Russia than the assassination last Tuesday,
concerning the same may be expected in the near
at Kiev in the Ukraine, of Field Marshal von Eichfuture.
of occupation.
2 horn, commander of the German army
Bankers' sight on Amsterdam closed at 513/,
mean that the mere fact of a conspicuous
We do not
against 5131; cables at 52, against 51%; commercial
killed in Russia at the presand commercial man having been
sight at 51 7-16, against 51 3-16;
would have given occasion for either surent time
sixty days at 51 5-16, against 511-16 on Friday of
comment. The world has yet
exchange finished at 3.95 prise or for special
the previous week. Swiss
to read the full list of murders committed under the
for bankers' sight bills and 3.93 for cables. A week Bolshevik rule of license in the name of liberty.
.
ago the close was 3.953/ and 3.9332 Copenhagen
Even the news that the former Czar had been put
closed 31.10 and cables at 31.50, against
checks
to death by a local Soviet was received almost as a
31.10 and 31.30. Checks on Sweden finished at
matter of course, conditions in Russia being what they
35.40 and cables at 35.80, comparing with 35.50
are. But the assassination of von Eichhorn, like
and 35.90, while checks on Norway closed at 31.30
the assassination of the German Ambassador, von
and cables at 31.70, against 31.40 and 31.80 last
AUG. 3 1918.]
THE CHRONICLE
435
Mirbach,at Moscow a couple of months ago, stands to extort from the peasant
s their small individual
in a somewhat different category. By all accounts, stores of grain, to be sent away
into Germany.
both actions appear to have been the result of a con- Refusal of these peasants
to sell in exchange for decerted program undertaken by a political organiza- preciated German paper was
met by acts of brutality
tion. In the fact that this plan of assassination and violence; citizens were
put to death.
should have converged on the German representaSuspecting that the Ukrainian legislature (the very
tives there is much food for thought.
legislature which had asked for German help) was
Supposing, as the current dispatches assert, that favoring this attitude of
the peasants, von
the power behind these attacks is the Social Demo- entered the Rada while it was in formal Eichhorn
session, discratic party, the present minority organization in persed its members and pulled
the presiding officer
Russia's confused politics, one might be tempted to roughly from his place. It
was a typical exploit of
ask why their political resentment should not have German militarism: When it turned
out that even
expressed itself rather by the assassination of Lenine the Reichstag at Berlin was
irritated and indignant
or Trotzky. It is scarcely possible to doubt that at this lawless outrage, the ViceChancellor of the
such an attempt could have been carried into effect Empire defended Eichhorn's
action by the statement
at least as easily as attacks on von Eichhorn on von that the lives of German officers
were in danger. A
Mirbach. Yet, so far as we know, no really formida- "Committee of Ukrainian
Safety," he explained,
ble attempt has been made on the lives of the up- "went so far as to aim at driving
the Germans out
start Bolshevik leaders.
of their country, and met in the house of the War
But the answer is simple enough. The Bolshevik Minister, where on one occasion a sort
of Sicilian
dictators make up what is at least in form a Russian vespers [namely, the assassination
of all German
Government, and it would easily be possible for a officers] was suggested."
crime of violence against their persons to react on
"There was undoubted danger to the lives of the
its authors through driving hesitant Russian people officers of our army. The only course
open was either
to their side. The rule of the Petrograd usurpers to take legal action in the Ukrainian
courts, which was
has not yet reached the state of the French Terror impracticable, or to insure our safety
by other means.
of 1793, when Charlotte Corday's murder of the
"Gen. von Eichhorn, therefore, in entire accord
bloody dictator Marat undoubtedly expressed the with the German Minister, decreed
'a state of enfeeling and will of a very great part of the French hanced protection,' under which
all offenses against
people. Contemptible inefficiency has as yet been the public peace and order
may be judged by field
the distinguishing quality of the Bolshevik regime.
tribunals."
But with the German invaders the case is differWhen one considers the surrounding circumstances
ent. Von Mirbach was the outward and visible re- —Ukrainia treated like a
conquered province, on
minder of Germany's faithlessness to her pledges at top of the assurances
in the treaty of peace, and a
Brest-Litovsk, precisely as von Eichhorn embodied the group of German
officers carrying matters according
German policy of oppression and plunder of a people to their will and
custom in defiance of law and ordiwith whom the German diplomats had just concluded nary decency—one
may form a clear conception as
a treaty of professed amity. Von Eichhorn was in- to the meaning both of the
Committee of Safety dedeed a notable example of the methods by which the scribed by Vice-Chancellor
von Payer, and of the
German Government has arrayed pretty much all assassination of
von Eichhorn.
the civilized world against Germany.
What this whole episode means to the future of
At Brest-Litovsk, the German diplomats and the German relations on the
Eastern front is not at
civil authorities of the von Kuehlmann type had la- all difficult to guess. It is
a case, as John Ranbored, and perhaps sincerely, to create a feeling of dolph said of the slavery
question, where the authorsomething like friendship between Russia and Ger- ities—in this case the
Germans—have "got a wolf
many. At all events, they had endeavored to pro- by the ears." They
cannot let go, yet the dangerous
ceed in such manner as to avoid outraging the sus- possibilities of their situatio
n increase the longer they
ceptibilities of the Russian people. But before the keep hold. The
one sure fact in the situation is that,
conference was over, the army representatives who thanks to the characte
ristic Junker policy, a deeplywere present, and who acted undoubtedly with the rooted hatred of the ruthless
invader has been inconsent of the Kaiser, pushed the diplomats per- stilled among the
Russian people such as will stand
emptorily aside, assumed personal control of what in the way
of German ambitions in the East as surely
were called the negotiations, and then proceeded to as the resentment of the
Spanish people stood in the
carry out the Junker program regarding Russia with way of Napoleon's ambitions in
Southwestern Europe.
the well-known indifference of the German military The unanimity of the German
press itself, in admitorganization to anything but brute force.
ting that hatred of Germany has increased portenThe diplomats had managed to induce the Pro- tously in Russia, is very striking
. Naturally, some
visional Government of the Ukraine to ask German of the German papers advise
increased repression
protection against an attempt by the Bolsheviki to for that very reason. But
that could only emphasize
invade the seceding southern territories. Eichhorn the national feeling of
the Russians.
easily accomplished this; but having driven out the
There are many signs that these explosive elements
weak Bolshevik troops, he proceeded to establish a in the Russian situatio
n are reaching a climax.
German military domination of the Ukraine which dif- What part will be played
by those two pitiful figures,
fered only in degree, and not in kind, from the in- Lenine and Trotzky,
is still a matter of conjecture
famous rule of von Bissing in Belgium. The Ukraine —largely so because
it is not yet clear how far these
was placed without a shadow of right under martial two statesmanlike product
s of class domination are
law. Angered at the discovery that the great ac- or are not actually
in the pay of Germany. Bercumulated stores of wheat, of which Berlin had lin's so-calle "magna
d
nimity" in resolving not to
dreamed, did not exist in Russia, the German Gen- take vengean
ce for von Mirbach's death, and
eral proceeded, in the face of Russia's own famine, Lenine's matter-of-fact
announcement of the six
436
THE CHRONICLE
[VoL. 107.
of individual rights and full opportunity for all men
and women to make the most of themselves is a,
fundamental American doctrine which the Republican Party will always defend."
In accordance with the wishes of the Democratic
platform, for leadership on the part of the Empire
State, we commend this plank in the Republican
platform to the attention of the entire country. It
is both a warning and a pronouncement. And the
time is coming when it will be the most important
issue in politics.
There is a difference between supporting a "Government" and supporting an "Administration."
We are not concerned with that now. The important thing is to remember that measures embraced
because of an emergency need should be abandoned
when the need disappears—unless it can be shown
that they should remain in force on their merits.
In a republic this depends upon the judgment of the
people when they can pass on the merits without
compulsion and freed from all extraneous influences.
They should not become permanent through sufferance. Nor is it to be assumed that policies indulged
in because of a dire need can under such conditions
demonstrate their fitness to remain. This being
true, any "administration" is precluded from so
A PLATFORM DECLARATION--FUNDAMENTAL using these policies and practices as that they shall
RIGHTS OF THE INDIVIDUAL SHOULD
become permanent.
NOT BE SURRENDERED.
It is considered good practice in war to keep the
ing of the old convention system still per- "lines of communication" open. An army should
Someth
sists, even under a Primary Law. Both parties in never allow itself to be cut off from its base of supthe Empire State have held "conferences." Declara- plies. If for any reason this does come about, and
tions of principles and preferred candidates have it is surrounded by overwhelming numbers, it is
been announced, and politics does not seem to be held to be good ground for surrender. War, at least
entirely "adjourned."
war conducted upon the best principles, does not
However, the parties are in accord in support of sacrifice life uselessly. If "fighting a . way out"
the war, and in all essentials support the President becomes hopeless, victory cannot come, and there is
or "Administration" in the conduct of the war to nothing left but to submit, or to die in a defense that
victory. Yet, there is a difference of language in cannot defend. And all war upon a humane plane
the expression which cannot fail of meaning. In recognizes that after surrender there are prisoners
war the President, in many ways, is the Government. who have rights and peoples that have not been and
The Democratic platform reads: "The Democratic should not be annihilated. And it is similarly true
Party of the State of New York pledges anew its in the'sacrifice of civil rights and procedures. "After
steadfast support to the leader of world democracy, the war" these should automatically resume their
Woodrow Wilson, President of the United States." sway. They cannot do so unless the way be left
The Republican declaration is: "The Republican open, unless it is recognized that the bases of govParty, both in Congress and out, will continue to ernment are still in existence.
support the Government of the United States withHidden under the surface of events, we do not
out hesitation or quibble,in every effort to strengthen know what new parties are forming. We know that
the nation for its supreme task." And the two the old parties are changing. Whatever the future
platforms are in accord against accepting an "incon- holds, this must be true of our system of representaclusive peace," or concluding the war without tive government, "the preservation of individual
"victory."
rights and full opportunity for all men and women to
The Democratic platform declares that "The make the most of themselves is a fundamental
Empire State should play a dominant part in the American doctrine," and must remain so. If they
affairs of the nation in shaping its policies and des- can do this with government in control of our most
tinies." Taking this at its face value, and realizing essential industries, then the "government" will
that the supreme issue is "winning the war," we not be subverted by "operation" under the present
would naturally expect a declaration of method that emergency. If that "operation" be of such a nature
would recognize the dangers to be avoided in a as to prevent the relinquishment of "control," then
Governmental assumption of power necessary to we will have a government on a new base, one in
win it. We do not find this in the Democratic which "individual rights" are made subservient to
platform. We do find it in the Republican.
the rights of the State.
This declaratim in the Republican platform reads
We should guard against this now. And it calls
follows:
as
for delicate perception on the part of officials now
war-time exten- in a representative capacity, administering the new
"We insist that in the necessary
sion of Government supervision and control over control laws. As we write, the railroad contracts
private undertakings, no steps be taken in the are yet in process of agreement. An employee
direction of permanent Government ownership or makes the statement with reference to ticket selling,
operation or of limiting individual opportunity and
allowed to solicit business." And it is
responsibility in time of peace. The preservation "we are not
billion rubles requisition described as "indemnity
to Germany for losses inflicted," certainly point
to such collusion. But neither Lenine nor Trotzky
nor all the Bolsheviki could possibly control such
national sentiment as the conduct of Germany
in Russia must have inspired. If Germany were
now to seize the Ukraine in retaliation for von
Eichhorn's death, the situation would not be altered.
The "Sicilian vespers" would only have been rendered a more ominous probability.
It is possible, indeed, that the murder of the unfortunate Czar Nicholas, now apparently confirmed,
will simplify the program of the Russian uprising
against Germany. There is now no ground for the
allegation that opposition to Germany and the Bolsheviki means restoration of the Imperial regime.
Conceivably, if intervention by the Allies in Siberia
were to be rendered necessary, that might give a
nucleus for armed opposition to Germany—more
effective as the news of Ludendorff's defeat in the
West permeates through Russia. But the real help
for Russia must come from the Russian people themselves. As events are moving, it may easily turn
out to be the nemesis for Germany.
AUG. 31918.]
THE CHRONICLE
understood that all routings of freight are within
the bosom of the Director-General. Can a road
preserve its individual rights under these conditions?
The illustration serves to show a possible conflict
between a "plan of operation" and the life and continuance of particular roads. In such a predicament
there can be but one safe guide. A constant recognition that use is not ownership and should not be
of such a character as to tend toward, or ultimately
compel, ownership. The mere statement uncovers
the weight of responsibility. And it is not a party
question but a question of the form of government
that is at stake.
We feel that in a matter of this kind ordinary
"politics" ought to be "adjourned." But true
statesmanship never should be. And the party
that does not realize the force of this issue now, will
have to meet it squarely, "sooner or later."
437
have? And if war is to be no more forever, as we
all hope, why change a so-called system of education
(as an emergency) to meet a condition that will
never come?
Yet the National Education Association has discovered, according to its President, Mr. George D.
Strayer, that "If the war is to continue for years,the
success of our cause will, in no small measure, depend
upon the work which is even now being done in our
public schools." And by the same law must not our
whole success, "in no small measure," depend upon
the work that has heretofore been done in our public
schools, and if that has been deficient in so many
ways, what are we to expect? At the annual meeting at Pittsburgh the N. E. A. became very much
concerned in "saving the country." Now Germany
has long been noted for scientific "education." But it
was not sufficient to exorcise the malignant spirit of
war for war's sake. Nor would it be possible to
trace President Wilson's ideal of "world-democracy"
OUR NATIONAL EDUCATION ASSOCIATIONS to a genesis in our public schools. Why then
—CRYING TO WASHINGTON FOR AID.
this sudden realization of an "emergency"? Just
Since the days of Pestalozzi and Froebel we have what has education in its true and legitimate and
been engaged in defining "education." We have not most highly useful field to do with war, anyway—a
yet succeeded. Generally speaking we are agreed thing we are fighting to exterminate, that there be
that it is a process—is always beginning and never room for a system of education to grow in peace?
ending. The rest is detail—and theory. We know And what advantage can there be in turning the
that some degree and kind of "instruction" is neces- Pierian Spring, the Fount of All Knowledge, into a
sary and that "training" which will give mental national irrigating ditch with the chief reservoir lopower is desirable. But whether the "process," as a cated at Washington? Education, the many-sided,
means, depends upon "leading out" or "pouring in" the all-embracing, the unfolding and assimilating—
is a question still open for discussion. The one cer- the foster-parent of men, that they may form a
tain thing in it all is that we name graduation day a State. Education, our dream—and yet our de"Commencement," and embrace the occasion to say liverance.
to the exultant youth of the land, after an Eastern
Illiteracy (five millions over 10 years of age),
legend: "It is ill-luck to turn back, when the way time devoted to foreign tongues and the use of that
lies forward." Entrance into real life is the beginning medium, rejections under draft owing to physical
of real education.
defects and health, boys and girls rushing to work in
It is very difficult, therefore, to discover when in a actual material production instead of mooning over
nation an "emergency" in education exists. If the their studies, a lack of teachers owing to service, the
"process" never ceases, and the people are the Gov- appeal of other occupations and especially war in
ernment, education ought to be as constant as breath- dustries, and last but not least, poor salaries—these
ing and eating. And since war is irruption and dis- constitute an emergency which only an annual hunruption in life and development it is difficult to per- 'dred millions from the Federal Treasury will fill.
ceive just how it creates an emergency, a need, re- Here is what Mr. Strayer says of the whole matter:
quiring Federal aid. True,the draft has disclosed a
"Many of our most thoughtful leaders recognize
number of illiterates who cannot read or write and the necessity for careful investigation in preparation
are incapable of understanding orders, but is this a for the reorganization which must take place in the
need that can be relied upon as a cause for a revo- immediate future. The National Educational Assolutionary change in our whole "system" of educa- ciation believes that these ends can be best achieved
tion? We have no system, and can have none until through the establishment of a national department
of education, with a
our leading educators are agreed on the nature of President's Cabinet. Secretary who shall sit in the
It believes that there should
the "process" called education and the best scien- be transferred from other departments or administratific methods for furthering it. Until this is done tions such bureaus or agencies as deal with educaFederal aid is superfluous.
tional affairs. We believe that such a department
Of one thing we are firmly convinced. In the should co-operate with the States in the development
matter of conservation we can be "penny wise and of a more efficient system of education [italics ours].
pound foolish." All these associations,societies and We have the example of our allies, England, France
and Italy, in which such Ministries of Education
organizations meeting together and resolving for already exist and in which these
officers of the Govthemselves, and as their own contribution, some per- ernment have taken the lead in the development of
fected and sublimated work of their own conjuring, a program of education during and after the war."
is more generous than practical. It is lamented that
But all this has a strange sound in view of the
compulsory education, such as it is, ceases at 14. following statement: "I look forward
confidently to
That the real formative period is from 14 to 18. an increase of from 50 100%
to
in the salaries paid
Suppose this war lasts four years more. The youth to teachers." It may
be admitted that many
of 14 will then be 18; and possibly subject to draft teachers are poorly paid,
but is it not singular for a
or to military training of some kind. And then this vocation to ask for an
increase in wages on the basis
war, and all war, will be over for all time. What of its lack of efficiency?
And one does not realize
possible effect on the winning of this war can the the extent of the
failure until one reads: "We must
next four years of education in our public schools carry into the homes of our
people an understanding
438
THE CHRONICLE
[VoL. 107.
of the laws of health. We must teach our children sary, and where not necessary constitutes waste, not
the meaning of good food, pure air, and healthful conservation. The war makes its own demands,
exercise." To be sure. What are parents and and they must be met, met immediately and adedoctors for, pray? "Approximately half of the quately, and we have not time or money to change
children of the United States are enrolled in rural or everything else. To-morrow will have its problems,
small village schools." And, may we ask what of to be met to-morrow weshould consider them now—
the "huskies" from the West who are winning that we may meet them when they come. But to
splendid victories on the firing line now? Here is inaugurate a "revolution" to every domestic agency
the whole subject in its essence: "Men and women we have, not directly contributory to "winning" is
everywhere are coming to realize the necessity for friterring away good strength, and doing something
strengthening our public school system. There is that may have to be done over again. There is no
coming to be a demand that every boy and girl be "emergency" in education save to keep our schools
provided with that sort of education which will send as nearly as possible to the old standard. Let us
him or her from school sound physically, trained first "win the war" and then discuss "methods and
mentally, and grounded in an appreciation and matter" in education—a discussion that may last
understanding of the ideals and purposes of our several generations, judging by the past history of
the "science."
democracy."
indictment seems reasonably complete.
Well, the
And the remedy, long sought, but never found, is an LACK OF CONCENTRATION AND CV-ORDINATION IN AIR CRAFT WORK.
Educational Bureau at Washington, where bureaus
grow like Jonah's gourd. And a long farewell to our
If the proverb is right which tells us that faithful
pride in the Little Red Schoolhouse on the Hill, as are the wounds of a friend, meaning that his criticisms
the true palladium of human liberty. That must should be taken as kindly-meant and probably
be builded ready-made at Washington. And States, worth heeding, it should be more right when tho
where sixteenth section and swamp lands have been friend is also an ally with us in a common cause.
so generously bestowed in aid, and where the annual Major-General Brancker, Controller-General of
meeting to provide a levy of tax for the support of Equipment in the British Air Ministry, here now for
the "district" school, according to its needs, is some weeks in consultation, tells us plainly that one
attended by the local citizens with a devotion that cause of failure in aviation is the lack of conoennothing else equals, are to become the appendages tration and responsibility. "We simply had to come
to a "plan" formulated at "long-distance" and ad- to an Air Ministry in England," he says, "for public
ministered by patriotic impulse from the fountain opinion demanded it." He explains the British
head of all progress, the Government at Washington. organization which, he says, "controls everything
And we never realized this "need", this tremendous pertaining to aviation, both for land and sea combat;
"emergency" until we engaged in war with Ger- it supplies the army and the fleet with airplanes and
many.
pilots and in addition maintains an independent
We may ask again what per se has "education" to force; this independent force really has the same
do with military training save as an incidental, which status as the expeditionary force or the grand fleet."
is to be or is not to be provided in due time? Why But here, he said, is one aviation branch under the
waste time and effort on an emergency that does Secretary of War, another under the Secretary of the
not exist? Why not go on with "education" in the Navy, and there is an Air-Craft Production Board,
old way, and give all surplus energy and thought but there is a division of authority.
to individual helpfulness and duty to the nation?
Mr. Hughes is quietly investigating, and in due
We have said, and we say again, we regard edu- course we may learn more than has been admittedly
cation, in its highest and best sense, as something shown yet why we have failed thus far in this one
separate and apart from war. And whether or not important field. Germany is now considered to be
we have a "national system" it has never yet been beaten in the air, but the beating needs to be larger
shown that it is susceptible of a cut and dried "plan" and much more on the offensive. Probably we
which may be forced into every section and every do not yet realize how much the attack from the air
school without turning out automatons. It is a upon the submarine bases has contributed to the
tremendous and a continuous problem. And we successful keeping open the way for our men in
welcome all efforts by our "body consisting of more France and the supplies indispensable to all the
than twenty thousand educators, representing in Allied forces there; but it is known that considerable
their national organization more than six hundred offensive work has been done upon certain German
thousand teachers," to solve this problem. But .cities, and Major-General Brancker declares it
no nation can "direct" education without dictating certain that "we can bomb Berlin in the spring if
it. And in that sense, it is our belief, we do not not in the fall with airplanes we have building," but
want, and should not have, national education. he says there is still a lack of sufficient numbers for
There is a very limited field in which aid may be a really great offensive and the lack is in motors, for
furnished as a purely ministerial function of govern- in the production of those the limit of capacity is
ment. But a bureau endowed with an annual about reached.
Co-ordination is clearly as important as conappropriation of a hundred millions, with power to
invade the States and determine the base and ratio centration, and there can be no question that the
of distribution we do not believe can be conducted airplane is not only the "eye" of the army but almost
in justice to the people, and without interference with its right arm, or another right arm. If there were
their prerogative of local self-government to erect enough planes, the sealing of the Germans in the
and maintain their own-schools in their own way. "trap" and their consequent surrender or annihilaWe seem to be too much, everywhere,falling into the tion might come nearer to possibility. If there were
error that we cannot support the war without sub- enough of them (thousands of them, perhaps) the
verting our old institutions. It is not always neces- blows, effective not merely in the strictest military
AUG. 3 1918.]
THE CHRONICLE
sense but in the effect of convincing the German
people, might conceivably be carried swiftly along
even to Berlin itself. If the Allied forces were only
able to strike overwhelmingly from overhead, it is
not rash to suppose that crushing blows could be
dealt, and if they were dealt the saving in time and
cost by speeding the end would be almost incalculable, even in terms of money alone.
Both the submarine and the overhead flier were
born in this country. Here are the materials, the
ingenuity, the potential productive speed, and the
potential fighters of the air. We have failed so far,
not solely because there was so much to be done and
such speed needed for it all but because we have
blundered. The non-expert private citizen cannot
tell just why and where, yet he can see the fact that
things have not been undertaken and carried on in
the characteristic American way which accomplishes.
If we have seen the bullseye we have not aimed well;
if we have aimed well, we have not attained good
shooting otherwise, for we have missed. The better
we realize and confess it, the sooner and better we
may redeem ourselves, though time is lost.
Concentrate, co-ordinate, put the subject in the
hands of men who have proved ability to get results.
Even now, after failure in shipbuilding has changed
to a rapid progress (still with time irreparably gone)
there comes from Washington a press statement that
"the War Department wants to build ships." This
is said to have been "revealed to-day when Chairman
Hurley of the Shipping Board protested against it to
the Priorities Committee of the War Industries
Board." Shall we not profit by the counsel of others,
and by our own unhappy experience? Shall we
endure any hazard of entanglement and delay among
committees and boards and commissions, and other
possibly conflicting human machinery?
THE RESURGENCE OF HUMANITY.
The wastage of the war beyond that of men and
munitions is practically beyond computation. It
involves homes, child life, arable fields, forests,
roads, industrial plants, the machinery of transportation, the organization of business, and the
accumulations of civilized life in many cities and
towns. To this remain to be added the humanefeelings which have been won through the long struggle
for civilization, a waste that can neither be estimated
nor atoned for, the dehumanizing of the world in the
surge of hate of the enemy and the brutalizing of
men by familiarity with wounds and dirt and death,
coupled in the case of the soldier with the long separation from home and civilized society. It is an
aggregate of demoralization and loss which will constitute a drag upon the progress of the world for
generations.
Any signs, therefore, of the appearance of what
may be regarded as new forces of humanity or the
rekindling of old ones are to be welcomed. The first
gentle lapping of the sea on the muddy flat that tells
of the turn of the tide catches the ear and starts
to activity the men whose life is on the great waters.
This quickening of the forces of humanity we think
is already to be detected in several directions.
A new love of home and country appears among
the men in the trenches. Simple absence when prolonged has often accomplished this, notably in certain
individuals and races. The Odyssey of Ulysses
and the Heimweh of the Swiss are the world's record
439
of it. But it takes on a new form and becomes
fairly general with the soldier of to-day. As the
glamour of combat is lost in the noise and horror of
modern warfare men's thoughts turn to- other
scenes and hearts open to often little regarded delights. The plea made by general officers that their
men be well supplied with letters from home, particularly filled with accounts of the daily doings,
bears testimony to the fact and to its importance. It
finds expression in the songs that are sung and the
thrill which they arouse even in men of other longue.
The heart responds even when the lips cannotspeak,
just as they do in prayer. Now and again some
gifted spirit expresses the deeper thoughts of all in
words that will not die, as did Rupert Brooko in
these inspired lines:
If' I should die think only this of me
That there's some corner of a foreign field
That is forever England. There shall be
In that rich earth a richer dust concealed;
A dust whom England bore, shaped, made aware,
Gave, once, her flowers to love, her ways to roam,
A body of England's, breathing _English air,
Washed by the rivers, blest by the suns of home.
And think, this heart, all evil shed away,
A pulse in the eternal mind, no less
Gives somewhere back the thoughts by England given;
Her sights and sounds; dreams happy as her day;
And laughter learned of friende—and gentleness,
In hearts at peace, under an English heaven.
The anxious hearts in the home among the hills
of New England, or on the prairies of Iowa may
thank God that the son in the trenches in France
appreciates as never before the beauty and the
strength of the hills that stand around his home, or
the splendor of the sunlight that ripens the waving
grain that supplied the promise of his youth. Here
surely is a humanizing force not easily to be destroyed.
A surprise that awaits the young soldier is his
affection for his "bunkie," the soldier who shares his
tent, in all probability a man he never saw before,
often so different in breeding and education that
they would never have come into touch with each
other. George Eliot said "the strongest friendships
are those in which there are many differences, much
disputation, and still more personal affection."
Here you have the proof of it. These men will stick
together, they will pull each other out of difficulty,
they will die for one another, they will mourn one
over the other, as they would perhaps over no other
living soul. The life of the soldier, the perils and
hardships of the war, have wrought this strange
alchemy in their hearts. They cannot explain it;
they do not understand it; it is not to be reasoned
out; it is simply there. They glory in it and are
made better men by it. It extends to their pride in
their company, their battery, their regiment, their
division. It cannot fail when they return home to
have proved a preservative of much that was human
in their hearts.
This war is throwing together men of all nationalities and races as no other has done. They are
discovering each other. Animated by one purpose,
facing the same dangers, shaped by the same discipline, often under the one commander, displaying
the same courage and the same skill, unhesitatingly
making the same sacrifice, they cannot fail of gaining
respect for one another and getting more understanding of one another, than generations under
other conditions would have produced. Brotherhood and internationalism will in their minds be
something more than shibboleths or cant. Here is
440
THE CHRONICLE
[VOL. 107.
soillfor a respect that is quite other than toleration, workers was stirring and manly, seeming to be emand the beginning of a race feeling which will enable phasized by good hard fists. "Strike now," they
men to look into others' eyes with mutual regard. said, "and you will earn the blessing of the Kaiser
Itrohould make possible a civilization that will adopt and his army of murderers, but the lasting condemcommon standards of character, and a morality nation of all who are fighting and working in the
which has its basis in true religion whatever its name. Allied nations to gain real freedom for civilization."
It is not too much to hope that it is a feeling that If they persisted, they were told, the Government
may be powerful in opening a way of restoration owed it to the men at the front "that you be immeand kinder feelings toward the German people diately put in front of the fighting line and that
leaders should be shot." They were told to "strike
after the war.
We shall surely discover that this feeling of and you may go to blank, but Woolwich will remain
mutual respect among men of different race may at work and will earn the right to shake the hand of
exist and not weaken the zeal or the patriotism or the soldier when he returns."
This blunt language only states the plain truth
the eagerness for victory which mark the true
soldier. As the love of wife and children and the that the war must fail unless fought at home as well
individual home does not diminish, but increases, as at the front; that to be recreant at home not only
and is really essential to a man's citizenship, so love abandons the cause and accepts the yoke but is the
of country may find its most genuine and its worthiest most hideous treachery to the soldiers in the uniexpression in men who have gained this larger form; that between deserting by those men right
knowledge of the world. They have discovered before the eyes of the enemy and deserting by those
how much there is to learn, and how large is the in the industrial ranks and absolutely necessary in
give and take of life. Only those who have can give. order that the men in the trenches do not perish
Only the man who loves his country can appreciate there no difference exists in morals and none should
the feeling of another man for his. With this appre- be made in law. Abroad or here, we are alike
ciation they are prepared for the best intercourse soldiers; bound by an equal duty; bound by the same
test of loyalty and honor; we do our bit, or we sneak
of life.
a new sense and skulk; to strike or threaten to strike from our
Here, there are the awakenings of
of human brotherhood, or at least of a new humanity, duty is the act of coward and deserter, whether the
that state of mind which makes possible individual alleged grievance be one of wages or one of "conexpression of human interest, of kindness, of readi- ditions."
But,to its shame,labor has both profited most and
ness to understand and appreciate with a desire for
mutual friendliness, without any fear of sentiment- complained most, in the four years of this struggle.
ality or weakness requiring resort to schrecklichkeit, Does this seem an unjust charge? In 1914, while
but, on the contrary, with a cheerful conviction the war looked like one of no very great length and
that it is the right thing and really marks a growth an opportunity for a very remunerative trade for
and an attainment in common humanity. It indi- this country, supposedly able to remain neutral in
cates the persistence of the forces which have over- it, organized labor decided its "day" had come and
come barbarism in the past and will do it in the it proceeded to "hop along" from plant and town to
plant and town, putting down hard the screws upon
future.
which productive industry. To follow along in this course
And all this is quite distinct from the effect
the training in discipline, obedience, personal cleanli- in detail would be to narrate once more what should
ness, self respect and regard for authority has in be within the momory of all, so recent is it still.
preparing in the common soldier the material with Labor has encountered, as all of us have, the rising
which these humanizing forces can work. Surely prices which its own periodical demands have very
there is reason for cheerful courage in looking for- largely produced; but labor has had its wage dollars
ward to the democracy of the new world to which increased in number about as fast as they have shrunk
in size—and others have not. There was the story
the soldiers shall return.
of last March, from the Manchester "Guardian"
(English) of the woman who bought a grand piano
STRIKE— wherewith to impress her neighbors; it nearly filled
THE BRITISH MUNITION WORKERS'
her small room, but though she could not play it she
THE SOLDIER IN THE TRENCH
found a use for it, because (as the district "visitor"
IN THE SHOP.
AND
the case) "they were having their dinner on
The very menacing trouble of last week by British reported
Fiction, possibly? Well, among some news
skilled labor in the Coventry and Birmingham dis- it."
concerning itself which a San Francisco insurtricts appears to have subsided for the present. It items
ance company now sends on is this as "evidence of the
illustrates, once more,the tenacity of the notion that
of the workingman and skilled labor under
labor is a distinct "class" (or can make itself such) prosperity
residing the new war-time conditions throughout the United
and holds towards the country in which it is
And the evidence cited is from the superno other relations than it chooses to permit and has States."
of the automobile department of this comalso no particular stake in the welfare or the life intendent
explains the increased amount of premiums
of that country; but this latest disturbance is mem- pany, who
department thus: "A large percentage of the
orable, and also somewhat encouraging, in showing, in that
San Francisco brokers and insurance
for perhaps the first time, a distinct division of feeling business from
firms is on cars purchased by shipyard workers at the
and a determined independence. It is pleasant to
Works and other plants; automobile salessee that labor, even under the deadening influence of Union Iron
to men are taking advantage of the sudden prosperity
organization, which has more than once sought
of workmen, approaching the men when
place allegiance to itself above the laws and the of this class
from the shops; sales are often closed on
courts, is not invariably stupid or invariably selfish they emerge
the purchaser driving his new car
and destitute of patriotism. The word sent by the the spot,
Woolwich Arsenal workers to the Coventry munition home."
AUG. 3 1918.]
THE CHRONICLE
441
Perhaps the attitude and course of the Big Four
of the railway workers, from the summer of. 1916
CANADA AND BRITISH IMPERIAL
down past the spring of last year is not forgotten,
PREFERENCE.
also that organized labor announced the "conditions"
Ottawa, Canada, Aug. 1st 1918.
upon which it would stand by the county if the
Mr. Bonar Law's statement in the British House
country got into the war. There has been trouble of Commons this
week that the Government was
with ship work; riveters have threatened to put their committed to a scheme
of Imperial preference not
hands in their pockets;"conditions" have been named only in transport, but
in customs duties, is accepted
in that industry, although, thanks to one New York in Canada without manifes
t enthusiasm. Both in
pastor who can use language when occasion calls and political and commer
cial circles at Ottawa and
to men of the Schwab type who can manage other Toronto, views were
expressed to your correspondmen and have at last found their most needed place, ent during the week
which tend to show that a
just at present we are really getting right along in preference policy in
Imperial trade has lost some
producing ships. But the picture has some bright of its old, tuneful
satisfaction. In fact, political
spots, as by this story which offers an example: A leaders and financi
al and commercial observers
young man came to the gate of an industrial cor- know more of Britain
's pet propensities than ten
poration yard in Stamford and wished to speak with years ago when "prefe
rence" was the core of a great
"No. 186." A big man who had that number on Canadian propaganda.
They frankly suspect that
his laborer's badge eased down the end of a plank Canada has no "quid
pro quo" with which she would
he was carrying and made his way to the pickets, be willing to match Britain
's admittance of our
in answer to the call. "I'm a reporter," said the cereals, cheese and live
stock on a discriminatory basis.
youth, "and I've been told that you are Rabbi
It is pointed out here that the British Department
Stephen S. Wise of the Free Synagogue in New of Agriculture to-day
is bending all its efforts to make
York." "I'm a laborer," said No. 186;"I have been the United Kingdo
m so productive of native grown
Rabbi Stephen S. Wise, and shall be he again in the foods as
to be nearly independent of imports. Again,
fall; but just now I'm Laborer Wise. Ten days the emphasis
of British policies is upon lowering the
ago I took this job. I am deriving physical benefit cost of foodstu
ffs co-incidentally with the declarfrom it and have the satisfaction of doing something ation of peace
and probable disorganization, with
for my country. I wanted my son of 18 to spend his lowered averag
e income: There is no pretence in
vacation usefully and suggested the shipyards; then any quarter
that a preferential tariff on foodstuffs
I decided to set the example for him, and we are will do other
than augment the cost of bread to
both working here as laborers."
British consumers, although under that head many
In one Maine shipyard, we are told,four clergymen compensatory
arguments are offered.
are working as laborers, and in others are principals
Canada's action in creating a preferential tariff
of schools and professors of Greek and elocution, for British manufa
ctures has often been cited in
justifying and amplifying profession by practice.
England as a standing accusation of a lack of re"A servant, with this clause,
ciprocal sense or sentiment on the part of the Free
Makes drudgery divine;
Trade Motherland. As a matter of fact, Canadian
Who sweeps a room, as for Thy laws,
manufacturers have suffered only a meagre comMakes that and the action fine."
petition from British firms as a direct consequence
So wrote quaint George Herbert, early in the of the Laurier trade preference.
As far as the
seventeenth century. Perhaps the example set by Canadian Manufacturers' Associa
tion is concerned,
Rabbi Wise and the others may be noted by many there never has been, and is not
to-day, the slightest
who need it.
official intention of consenting to any lowering of
The industrial worker, or many of him at least, trade barriers against British
factory products.
kicks and grumbles at his job; the soldier (one of Plainly, then, if the British
consumer fights the
whom said "we live in mud, we bathe in blood, but preferential tariff idea from
his end and the Canadian
our souls are in the sky") carries on and endures at manufacturer asfustily oppose
s sacrifice:in Canada,
his, and makes no complaint. "Your brave brothers that would make a
reciprocal tariff possible, few
who are fighting the Germans with their life's blood impartial referees in politica
l or commercial circles
while you are fighting with words and full bellies," here profess to see anythi
ng in the Bonar Law
said the Woolwich workers to their threatening fellows announcement that will not end
in practical "stalein Coventry. The language is not quite polished, mate."
but it is expressive, and it states fairly the contrast
in conditions and demeanor between the soldier in CANADA'S FREEDOM FROM LABOR
TROUBLES:
the trench and the lowering soldier in theshop.
Ottawa, Canada, Aug. 1st 1918.
And if one wishes to know what is the moral of
Canada is making her way through the war with a
the statement of contrasts, there are several which noteworthy minim
um of labor troubles. The adopmight be profitably offered to view; one of the most tion of the McAdo
o wage scale amplifying the railstriking is the strange difference in attitude taken by ways' pay
list by $70,000,000 a year, disposes of the
Government towards the man with a gun in his one alarming
cloud on the Canadian industrial
hand and the other man (not a whit less indispensable horizon at this
moment. Minor strikes of postmen
to winning the cause of the world) who wields (or and telegra
phers have been amicably adjusted.
threatens to drop) what we call the instruments of The country
's relative freedom from labor hostilities
peaceful industry. Another moral, very timely, has been due,
substantially, to the conciliatory attiright now, when Congressmen are mulling away tude of employ
ers, whose staffs in the present labor
over increase of tax burdens, is that the disposition market could
not possibly be duplicated.
to denounce and pound large business and the holders
The "settlement" of wage and other difficulties
(really the trustees) of capital is at once unjust, has usually
favored the workers, inasmuch as, apart
untrue, and economically unsafe.
from'leconomic reasonsAthelFederal Government's
442
THE CHRONICLE
[VoL. 107.
With practically all kinds of material entering into
building construction classed as non-essential in
England, this country is the only important producer
left upon which the world can draw for the constituent elements in reconstruction work, it was contended, and accordingly, that further curtailment of
production here must have serious effects upon the
war-winning program and upon reconstruction work
which is claimed to be already under way. Government officials, while seemingly agreeing that the
little
BUILDING OPERATIONS IN JUNE AND THE building material industry should suffer as
remarked
curtailment as possible during the war,
-YEAR.
HALF
United States which have that it was primarily a question of fuel supply.
Of the industries of the
for a further conferbeen hard hit by war conditions the building industry Arrangements were then made
City on Monday, July 15, with the
must unquestionably be placed foremost. Not only ence at Atlantic
York," an association
has the high cost of labor and of material, with more "Building Industry of New
representing all the building and allied organizations
or less scarcity of both, had to be contended with, but
conference, which was
there has been the added hindrance of the official in the East. At this later
Chamber of Commerce
restrictions placed upon activities classed as non- with the United States
at the request of the
essential to the winning of the war. The result of it sitting as a court of last resort
Industries Board, the situation was gone over
all is found in the fact that in many localities the War
provisional organization
volume of construction work latterly has been in- quite thoroughly and a
representing a three billion dollar federation of
sufficient to meet the growing demand for accommanufacturers was effected.
modations for business and dwelling purposes. builders and material
of Brooklyn, The purpose of the body is to bring about a more
Recent investigations in the Borough
between the Government and
for instance, show that in the entire territory the definite understanding
of the program,
vacancies in warehouse property cover a total floor the building industry,and,as a part
ee was elected to have its
space of only 918,565 square feet, and that most of a War Industries Committ
on. Senator Calder, a
the vacancies in buildings suitable for dwelling pur- headquarters at Washingt
t builder of Brooklyn, speaking at the
poses are in structures bordering on a condition prominen
ent for some of
worthy of condemnation. Continuously now for conference, criticised the Governm
the the conditions that now confront builders and
about a year and a half building operations in
with the
country, as a whole, have exhibited a shrinkage pleaded for as little interference as possible
e, it is believed,
month by month in contemplated outlay, compared industry. The result of the conferenc
and a consewith the corresponding period of the previous year, will be a clarification of the situation
improvement in conditions.
and the contraction has been especially marked in quent
For June 1918 by far the greater number of cities
the current year thus far.
means included in our compilation-117, in fact, out of 167
For the purpose of employing every possible
outlays for building
in the work of winning the war there has been a —report plans calling for smaller
many cases noticeably so,
wholesale curtailment of production of building this year than last, and in
generally confined to
materials, the labor thus released being utilized with gains, moreover, quite
prominence. Conspicuous for deelsewhere. This has militated so greatly against places of little
due to the
construction work as to bring about a very acute clines are Greater New York (wholly
decided contraction in operations in Brooklyn
condition, and it has caused those interested to take
Cleveland, Detroit,
steps to relieve the situation. With this end in view, Borough), Philadelphia, Boston,
officials and basic Minneapolis, St. Paul, Cincinnati, Buffalo, Atlanta,
conferences between Government
on, Newark,Peoria,
building material manufacturers were held in Atlantic Hartford,Indianapolis, Washingt
own and Syracuse.
City and Pittsburgh in the closing week of June. At Dallas, Bridgeport, Youngst
h, Seattle,
these conferences it developed, according to the Among cities of prominence Pittsburg
Wichita and Wilmington are
Dow Service Reports, that in the belief of manu- Jersey City, Norfolk,
worthy of special
facturers and economists alike, continued curtail- the only ones exhibiting increases
mention. In all, the estimated cost of the operations
ment, such as noted above, would operate disthe
advantageously to progress in winning the war and for which contracts were announced during•
the speedy reconstruc- month at the 167 cities, aggregated but $45,753,800,
might really operate against
of 32%; in
‘tion of France and Belgium. The building material against $67,475,743 in 1917, a decline
was a little under 100 millions and in
interests contended that the best way to offset the 1916 the total
Of the five boroughs
advantage Germany has gained in looting the manu- 1915 approximately 71 millions
of Greater New York, Manhattan alone shows a
facturing districts of the countries mentioned would
d withal)
y
be to supply them with greatly improved labor- gain (the total being extremel contracte
not alone furnishing com- and with the falling off in Brooklyn very heavy, the
saving machinery, thereby
but 53/i million
pensation for the loss of manpower, but making aggregate for the whole city reaches
millions in 1917 and 273 milpossible the manufacture of textiles and other articles dollars, against 133/
of New York the
of trade at a lower cost than in Germany. To lionsin 1916. For the cities outside
is nearly 13 million dollars less than
declare building materials non-essential would not month's total
ng with $53,954,922.
only be to rob this country of the necessary amount last year—$40,572,698 contrasti
The exhibit for the half-year, much more distinctly
needs of
of basic materials with which to supply the
effect upon
Belgium and France, but would leave American than that for the month, discloses the
factors
building material manufacturers without any reserve the building industry of the various adverse
In fact, we should
with which to meet the tremendous demand for with which it has had to contend.
doubtless have to go back to a period considerably
industrial expansion here.
Labor Department has virtually asked employers to
show cause why they should not grant demands,
rather than put the onus of proof on the worker.
Great hope is entertained by organized labor and
the manufacturers that the newly arranged Federal
Labor Board, with two representatives each of
employers and employees, acting with Government
deputies, will remove disputes from their local settings and reach judgments in briefer time.
Aue. 3 1918.]
THE CHRONICLE
443
antedating the year 1906 (when we began the comTut
-rent
and
pilation of these returns) for a smaller total, and this
notwithstanding the great increase in cost of labor
CONTINUED OFFERING OF BRITITH TREASURY
and material in the meantime. Our six-months'
BILLS.
J. P. Morgan & Co. have disposed of the usual offering
• statement covers the same 167 cities as for June and
losses very largely predominate, with the aggregate of ninety-day British Treasury bills this week on a discount
of
of intended disbursements only $249,555,990, against basis28. 6%. The bills are dated July 30 and mature
Oct.
$433,304,578 last year, 518 millions two years ago,
415 millions in 1915 and 452% millions in 1914. In NEW CREDITS
TO FRANCE, BELGIUM AND SERBIA.
Greater New York the contemplated outlay at
Three credits to the Allies by the United States, aggre$33,690,907 is barely half that of 1917 (small in gating $112,000,000, were announced by the Treasury
Deitself) and contrasts with $113,748,443 in 1916 and partment on July 30; the sum of $100,000,000 was advanced
$94,651,616 in 1915. Outside of New York.the to France, making the total credit to that country $1,865,total at $215,865,083 compares with $366,796,517 in 000,000; Belgium received $9,000,000, making the total to it
$154,000,000,
1917 and $404,692,780 in 1916, which is the high ing the total while Serbia was advanced $3,000,000,bringcredit extended to it up to $12,000,000 The
record mark for the period.
total credits to the Allies established by. the United States
For New England 21 of the 24 cities from which we since our entry into the war now reach $6,492,040,000, aphave returns report smaller aggregates than for 1917, portioned as follows: Great Britain,$3,345,000,000; France,
with the total for the group nearly 27 millions below. $1,865,000,000; Italy, $760,000,000; Russia, $325,000 000;
Belgium,$154,250,000; Cuba,
The large loss is due mainly to the decline in building 000; Greece, $15,790,000. $15,000,000; Serbia, $12,000,In announcing on July 30 that
operations at Boston, Hartford and Bridgeport. credits to Allied Governments by the United States had
For the 38 municipalities in the Middle States reached $6,492,040,000, Treasury officials explained that
(Greater New York not included) the total is 343' secrecy would be maintained concerning the disposition of
million dollars under that of last year; of the decrease this money as a means of withholding information which
might be valuable
over 11 millions is at Philadelphia. In the Middle was considering to the enemy. Reports that the Treasury
making public the Allied purchases in this
West the 30 cities from which reports are available country, most of which are financed by the United States
give an aggregate 66 millions less than a year ago, the Government, were denied. It was further announced that
drop at Chicago having been 20 millions, Detroit the Inter-Allied Council of Finance and Purchases, of which
14 millions, Akron close to 6 millions, Cleveland 5% Oscar T. Crosby, Assistant Secretary of the Treasury, is
President,
millions, and Toledo 33' millions. At the South, London or now forwards periodically to the Treasury from
Paris itemized estimates of the foodstuffs, war
too, the result is unfavorable, notwithstanding the materials, or other supplies needed for future months. The
abnormally high price of cotton. The loss at 34 reports are carefully inspected by American officials as the
cities reaches 8 million dollars. On the Pacific Slope basis on which new credits or loans are made from time to
an increase in construction work is to be noted at time. The reports also are intenced to determine priority
9 of the 15 cities reporting, but the aggregate of all of shipment of the commodities to the various Allies.. The
Allies, it was added,are now getting about $10,000,000 a day
records a decline from a year ago of a little in excess from the United States.
of 7 millions, the important gains at Seattle, Portland, Tacoma and Fresno having been insufficient
WAR DEPARTMENT ISSUES ORDER PROHIBITING
to offset losses at Los Angeles and San Francisco.
ARMY OFFICERS FROM TAKING GOLD ABROAD.
The "Other Western" group, covering 25 cities, has
Officers, enlisted men and civilians attached to the army
done much less well this year than last, the pros- are prohibited from taking gold with them when leaving for
.
pective outlay having diminished nearly 9 million foreign service, under an order issued by the War DepartA
dollars, with St. Louis, Kansas City, Omaha, Minne- ment on July 30. Attention is called to the fact that this
is a violation of the embargo against gold exports.and the
apolis and Duluth the chief sufferers.
suggestion is made that the men obtain "service checks" or
Activity in building operationsin Canada has been, travellers' checks and letters of credit before leaving the
as we remarked a year ago, conspicuous by its United States.
absence since 1914 when the ill effects of the war in
Europe, in conjunction with business depression in COST OF WAR TO GREAT BRITAIN $34,920,000 A DAY.
trade and industrial circles in the Dominion, began
The cost of the war to the people of Great Britain is $34,to be felt. For June of the current year ?6 cities in 920,000 a day, or $1,455,000 every hour and nearly $25,000
the Eastern Provinces report in the aggregate a small a minute, according to a statement prepared by the Imperial
authorities. Cable advices from London (via Ottawa) on
increase, as compared with 1917 in the contemplated July 30 in announcing this quote the statement as saying:
outlay arranged for, but the West (11 municipalities) After four years of exhausting war Great Britain's credit is still unim
paired. Her "silver bullets" are being turned out by the hundred millionexhibits a more than counterbalancing loss. For and every one is finding its billet. Her people are cheerfully bearing the
the whole of the Dominion the total is $37,330 less ever-increasing strain which has been placed upon their shoulders, and will
victory is assured.
than a year ago, $3,707,680 contrasting with $3,- spare no effort in blood or treasure till during the war from $3,225,000,000
Britain's national debt has increased
to $39,900,000,000, or in excess of twelve times over,
yet she is paying
745,010. The half-year exhibit, while better than all—and much more than all—her debt charges outandcurrent taxation.
of
for last year or 1916, is nevertheless a very poor one, while the new taxation raised by Germany is not enough to pay the interest
her war
as contrasted with several years prior to 1915. accumulated uponthe peopledebt.
Before the war
of Britain paid taxes amounting to approximately $1,000,000,000 a year; to-day they are paying taxes of $3,270,000,Specifically, the outlay arranged at the 26 cities in
000 annually. In spite of this Great Britain raised her third war loan of
the East aggregates $12,217,701, against $13,068,911 $5,000,000,000—a sum equal to nearly half her entire national income of
last year, $12,477,481 two years ago, 133 millions 1914. Britain is now spending $9,305,000,000 a year on her army, her
Great
in 1915, and 38 millions in 1914, and in the West navy, her air services and her munitions factories and supplies, but despite this
financial burden she has advanced loans to her allies
(11., cities) $4,351,054, against $3,088,418 and $2,- amountingcolossalaggregate to $8,160,000,000.
in the
857,310 and $2,985,076 and $25,623,311. Consequently, we have for the 37 Canadian cities this half- U. S. WAR EXPENSES COMPARED WITH THOSE OF
GREAT BRITAIN.
year a total of $16,568,755, against $16,157,329 a
A statement to the effect that a comparison of U.'S.
year ago, $15,334,872 two years ago, 161 millions
4
in 1915, no,jess than 62 millions in 1914 and still Treasury reports and the newly issued financialstatement
of England show America's war expenses are running about
heavier aggregates in 1913 and 1912.
50% higher than those of Great Britain was contained in
galents
piscussions
444
THE CHRONICLE
[VOL. 107.
telegraph advices to the daily press from Washington July NEW RULES FOR EXPORTATION OF GOLD WATCHES
AND MANUFACTURES OF GOLD.
31,from which we quote as follows:
Owing to the shorter time the United States has been in the war,however,
No license for the exportation of gold jewelry,gold watches,
her national war debt is only one-third as largo as that of Great Britain,
other manufactures of gold will hereafter be
and the individual burden of taxation in this country now is only about gold plate and
issued unless evidence is submitted to show that the f. o. b.
one-half as much as it is in England.
Although the United States has largely superseded Great Britain as the selling price of the articles is not less than three times the
financial reservoir on which the other Allied nations draw, the aggregate
value of the fine gold contained therein. Exceptions will be
of such loans by this country still is one-fourth less than Great Britain's.
The monthly cost of the war to the United States now is about $1,500,- made when it is shown definitely that the articles were actu000,000, including loans to allies, while Great Britain's expenses are run- ally manufactured for the sole purpose of export prior to
ning in the neighborhood of $1,000,000,000 a month. The United States
the statement issued by the
is spending about $50,000,000 a day, or more than $2,000,000 an hour. July 29. The following is
The nation's war debt is now a little less than $12,500,000.000, as compared War Trade Board:
with Great Britain's $36,675,000,000.
Before the war both nations collected about the same amount of taxes
every year, approximately $1,000,000,000. Now Great Britain collects
popu;3,270,000,000 and the United States about $4,000,000,000, but the
taxes
lation in America is double that of Great Britain. If this country's
upon
were proportionately as heavy, the American people would be called
to furnish annually about $8,000,000,000 by taxation, or the amount which
the Treasury proposes should be raised this year under the new Revenue
bill now being framed by the House Ways and Means Committee.
The War Trade Board announces (in a new ruling, W.T. B. R. 178) the
adoption of the following regulations with respect to the exportation of gold
jewelry, gold watches, gold plate and all other manufactures of gold:
1. On and after July 29 1918 no license will be issued authorizing the
exportation of gold jewelry, gold watches, gold plate or other manufactures
of gold unless evidence satisfactory to the War Trade Board is submitted
showing that the selling price of the articles to be exported is not less than
three times the value of the fine gold contained in such artiCles.
2. However, exceptions may be made to the above regulation if evidence
satisfactory to the War Trade Board is submitted showing that the gold
jewelry, gold watches, gold plate or other manufactures of gold to be exsold purpose of export prior to
ported
RESOURCES AND EXPENDITURES AS July 29were actually manufactured for the the exportation of such articles
AMERICA'S
1918. Licenses may be issued for
GERMANY.
COMPARED WITH THOSE OF
provided the f. o. b. selling price of such articles is not less than twice
the exportation of the
gold contained
the value of the
The following statement issued by the Treasury Depart- same is made onfine before Sept. 1 therein and
1918.
or
resources and
ment at Washington, comparing America's
3. Notwithstanding the date of manufacture for export, there may be exthe f. o. b. selling
expenditures with those of Germany, was published in the ported after Sept. 1 1918 only such manufactures of goldthe fine gold conprice of which is not less than three times the value of
of July 30:
"Official Bulletin"
tained therein.
Pessimistic Americans who view with alarm our increasing national obli4. Applications for license to export dental gold and all manufactures of
a great deal of comfort from a comparison of the finan- gold, when the same contains platinum, iridium, rhodium or palladium,
gations may derive
cial condition of the United States contrasted with that of Germany.
may be considered only when the regulations governing the exportation of
The total resources of the United States are estimated at about $250,- the latter-named metals are complied with.
estimated at about $50,000,000,000.
000,000,000; our annual earnings are
Our national debt, including the Third Liberty Loan, may be put around
$12,000,000,000.
Before the war our Government was spending about $1,000,000,000 a
year. When the war is ended, interest charges, less the interest collected
from our loans to our allies, Government insurance expenses, and other
necessary expenditures growing out of the war may conservatively be estimated at something like $1,000,000,000. We are confronted, therefore,
a
when peace comes, with raising only a couple of billions a year revenue,
slight task for a nation ofsuch tremendous wealth,capacity and resources.
'The resources of Germany before the war were estimated to be $80,000,were
000,000. The annual expenditures then of the Imperial Government
about $800,000,000. Her debt is now $30,000,000,000 and her resources
conand man power have been severely impaired. After the war she is
fronted with additional expenditures growing out of the war totaling some
REDUCTION IN BANK OF ENGLAND'S REMUNERATION TO GOVERNMENT.
cables of July 26 state that the remuneration
The London
of the Bank of England for its services to the Government,
which under an agreement entered upon in 1892 amounted
before the war to about £200,000 yearly,increased to <£1,500,000for the fiscal year 1916-17, according to the report of the
Special Committee on National Expenditure. The cable
adds:
$4,000,000.000.
As the Committee does not believe such a remuneration justified, the
The interest of her war debt, even if the debt grows no larger, will be
into a revised agreement for the period of the war
Although she is niggardly in her pensions to pri- Bank has agreed to enter
about $1,500,000,000.
secure a reduction of £75,000 for the year 1917-18 and a larger
vate soldiers and their families, $1,000,000,000 a year would hardly suf- which would
for the current year, unless new conditions arise.
fice to pay even small pensions to her injured and the families of her sol- reduction
diers who have been killed. Her war debt must be paid some time and a
sinking fund of 5% would add $1,500,000,000 to her annual taxation.
Here is a total increase of $4,000,000,000, all due to the war.
EXTENSION OF CHARTER OF BANK OF FRANCE.
Of course both the United States and Germany may greatly increase their
debts, but the increases will not change the relative situations.
The measure providing for the renewal of the privileges of
The German Government has drained the German people of their gold,
was
Germany the charter of the Bank of France for twenty-five years
even their jewels and heirlooms, and yet the Imperial Bank of
30 by a'vote of
now has but little over $500,000,000 of gold in its vaults. The United passed by the Chamber of Deputies on July
States has made no special effort to obtain gold, has made no call upon 231 to 72. The previous action by the Chamber referred to
the people for the precious metal, and yet to-day has in its Treasury vaults
in our issue of July 13 seemingly had reference to but one
practically $2,500,000,000 of gold coin and bullion.
provision in the bill, that giving the Bank the sole right to
issue bank notes in France.
FOREIGN CAPITAL INVESTEDZINffARGENTINA.
The following with reference to foreign capital invested in
SPAIN PLANS GOLD BASIS.
Argentina was contained in advices received by the DepartThe following appeared in the New York "Times" of
ment of Commerce at Washington fromiCommercial Attache
Robert S. Barrett, at Buenos Aires, under date of June 8, July 22:
Mail advices report that the Secretary of the Treasury of Spain has introand published in "Commerce Reports" of July 19:
is
Between $4,000,000,000 and $4,500,000,000 gold of foreign capital
invested in Argentina according to an estimate made by Dr. Alberto B.
a lecture
Martinez, the well-known Argentina statistician, who delivered
on May 31 before the Institute Popular de Conferencias (Popular Institute
of Conferences) on the subject of foreign capital investments in Argentina.
Dr. Martinez stated that it is difficult to say with mathematical exactitude what proportion of the total corresponds to each of the foreign.nations that have placed capital in Argentina, because many operations of
this nature evade all statistics. He stated, however, that the British
Investments are between $2,000,000,000 and $2,500,000,000 gold, and that
this explains why,from a relatively remote date, all of the industrial, commercial, agricultural and mining enterprises that enter into Argentine
statistics carry the foreign mark "limited" to such a degree that one gets
the impression that one is dealing with a purely British colony, since we
come across the word "limited" in all factories, in all enterprises, and in
all insurance companies.
Dr. Martinez divides foreign investments in Argentina in the following
enterprises, the amounts being in gold pesos of $0.9648:
Pesos.
657,303,460
Various Argentine loans and Issues
1,344,326,465
Railways
51,891,022
Banks
22,163,909
Ports
109,496,149
Tramways
40,916,439
Freezing establishments
78,373,018
Gas, electricity, water, and drainage companies
79,681,618
companies
Land and rural property
500,015,962
Mortgages
3,886,464
Insurance
507,760,000
Industrial establishments
21,340,000
and radio-telegraphic companies
Telephone
465,169,244
Commerce
Total
3,882,323,750
duced in Congress a bill calling for the gold standard and redemption of the
foreign indebtedness. The main features of the measure are:
1. The silver coin of 5 pesetas is made legal tender only up to 50 pesetas.
2. A mint is to be established at once to coin gold. Until sufficient gold
coins have been minted foreign gold coins will be accepted after their value
in pesetas has been stamped on them.
3. The demonetization and sale of the surplus silver is to proceed with all
possible speed after July 11919, when the gold standard will be in full force.
4. To defray the expenses of the redemption and sale of the silver money
an unlimited credit is authorized from the general State budget; at least
10,000,000 pesetas is to be utilized annually for this purpose.
6. The Government is authorized to amortize, wholly or in part, the perpetual external debt. The proceeds of the sale of silver abroad may be
applied to the redemption of that portion of the external debt not domiciled
in Spain.
6. During the period of demonetization of silver, gold coins are not to be
minted of a value less than 20 pesetas.
-peseta notes of the Bank of Spain will be retired from circula7. The 25
tion on Jan. 1 1919.
8. The Ministro de Hacienda is authorized to make the necessary arrangements to carry out this law.
The bill provides that in event of its passage the new law shall become
operative on July 1 1919.
PROVISION BY FRANCE FOR PAYMENT OF RUSSIAN
COUPONS.
Paris cablegrams of July 31 stated that Minister of Finance
Klotz on that date introduced a bill in the Chamber of Deputies authorizing the Government to advance 3,015,000,000
francs to Allied and friendly nations in addition to the 7,166,000,000 already advanced. The now amount, it is
said, includes a sum necessary to pay the Russian coupons
for six months.
AUG. 3 1918.]
THE CHRONICLE
445
RUSSIAN INDEMNITY TO GERMANY $3,000,000,000. .to such co-operation are now in progress between the United
States and those Governments. The following is the anBerlin dispatches received at Amsterdam on July 26 re- nouncement made by Acting Secretary of State Polk:
ported that Premier Lenine, in a speech at Moscow before
China declared war against Germany largely because of the action of the
the Government conference of factory committees, said the United States. Therefore this Government has felt a special interest in the
become extremely acute desire of China so to equip herself as to be of more specific assistance in
position of the Soviet Republic had
the war against the Central Powers. Until the present time engagements
in view of international complications, counter revolutionary of the United States in preparing to exert effectively its strength in the
conspiracies and the food crisis. The Russian proletariat European theatre of war has operated to prevent specific constructive steps
knew very well, Lenine told the conference, that the united to help China realize her desires.to Recently, however, this Government
Chinese rerritory of the scenes of disfelt that, because of the approach
action of the workers of the entire world or of some of the order, a special effort should be made to place proper means at the disdeveloped capitalistic countries was an essential con- posal of China. Consequently, a number of American bankers, who had
highly
making
dition to the victory of the Russian revolution. It was easy been interested in the past in called toloans to China and who had had
Washington and asked to become
experience in the Orient, were
for Russia to begin a revolution, but extraordinarily difficult interested in the matter. The bankers responded very promptly and an
the other hand, the be- agreement has been reached between them and the Department of State
to continue and conclude it. On
following
ginning of a revolution in such a long organized bourgeois which has the formationsalient features:
of a group of American bankers to make a loan or
First.—The
country as Germany was extremely difficult, but then it loans and to consist of representatives from different parts of the country:
completion. Referring
Second.—An assurance on the part of the bankers that they will cowould be so much easier to carry it to
the Government and follow the policies outlined by the Deto the Brest-Litovsk treaty, Lenine said that according to operate with State;
partment of
the terms Russia must pay Germany 6,000,000,000 rubles
Third.—Submission of the names of the banks who will compose the
($3,000,000,000 at pre-war parity of exchange). The at- group for the approval of the Department of State;
Fourth.—Submission of the terms and conditions of any loan or loans
tempt of the Social Revolutionists of the Left to entangle for approval by the Department of State;
Russia in a war with Germany by the murder of the German
Fifth.—Assurances that if the terms and conditions of the loan are acAmbassador was no way to evade the treaty. The way out cepted by this Government and by the Government to which the loan is
to encourage and facilitate the free intercourse between
made, in
must be found by the joint exertions of the proletariat and American order and foreign States which is mutually advantageous the
citizens
peasants.
the poor
Government will be willing to aid in every way possible and to make
USE OF PENCILLED I. 0. U.'s IN RUSSIA.
Associated Press advices received in correspondence from
Petrograd Jule 15 say:
Penciled "I 0 U's" are being issued by several of the larger restaurants
on account of the shortage in money of the smaller denominations, which
has become acute in Petrograd. These notes are even given as change
for 40-ruble bills.
AUSTRIAN WAR CREDIT OF 6,000,000,000 KRONEN.
In reporting the adoption of the budget by the lower body
of the Austrian Parliament, Associated Press advices from
Amsterdam July 27 said:
The lower house of the Austrian Parliament has passed the provisional
budget for the ensuing six months by a vote of 215 to 193, as well as authorizing a war credit of 6,000,000,000 kronen. The majority was composed of Christian Socialists, German Nationals, German Radicals, Rumanians, members of the Polish Section and some Italians. After the
vote had been taken the House took a recess.
prompt and vigorous representations, and to take every possible step to
insure the execution of equitable contracts made in good faith by its citizens in foreign lands.
It is hoped that the American group will be associated with bankers of
Great Britain, Japan, and France. Negotiations are now in progress
between the Government of the United States-and those Governments
which it is hoped will result in their co-operation and in the participation
by the bankers of those countries in equal parts in any loan which may be
made.
Beside the warlike conditions which confront China on her northern and
western borders, there is a further incentive to co-operate with all these
Governments, because the war has created a community of interest between them and their citizens and those of other Governments and has
broken down barriers which once have existed and has made easier the intercourse between them. It is hoped that if the project succeeds it will
serve as an agency through which this community of interest and the
consequent expansion of our mutual interests abroad may be adequately
and properly expressed.
Regarding the proposed loan the "Wall Street Journal"
of July 30 said:
Bankers interested in the forthcoming Chinese Loan state that the negotiations have not advanced as yet beyond the stage of general discussion. The group of eight which will ultimately form the nucleus of a
nation-wide syndicate to handle the loan has referred the entire matter to
a sub-committee of five, of which J. P. Morgan is Chairman.
This sub-committee has held about four meetings since the Government
first invited the bankers to Washington to discuss the subject of the loan,
and it has also from time to time exchanged views with the State DepartIn firm union with Germany, with which we are united in unshakable ment, to which a list of possible participants in the flotation of the loan
friendship and loyalty and with which we are about to be more closely has been submitted for approval. The loan will be issued with the counited, it is now imperative to enforce a successful end to this terrible operation of the United States Government, but will not carry its guarstruggle. After a year of severe trial, it is now time to realize the inten- antee. The amount will probably be not in excess of $50,000,000, as it
tions which the Central Empires' statesmen repeatedly have unanimously. is thought that a greater sum could not be successfully floated under present
stated, which threaten no one, and which aim at a general reconciliation investment conditions.
of the people.
According to the New York "Times" of July 30 J. P.
The Austrian Government will contribute all in its power to the attainMorgan & Co. have forwarded to the State Department
ment of this ardently desired end.
For the attainment of this aim, the outward manifestation of power alone a list of banks and bankings houses, located in various parts
does not suffice. There must also be a development of internal strength.
are interested in China and would
An absolute condition, therefore, is continual constitutional co-operation of the country, who
with Parliament, to which the Government will scrupulously adhere.
take part in the proposed financing. In referring to the
The same dispatch had the following to say concerning
what Baron von Hussarek, the new Austro-Hungarian
Premier, had to say in unfolding his policy in the lower
house of Parliament, according to advices from Vienna:
LOAN TO CHINA BY UNITED STATES BANKERS
APPROVED BY STATE DEPARTMENT.
The conferences had during the past month between
representatives of the Department of State at Washington
and leading bankers looking toward a loan to the Chinese
Government have resulted in the reaching of an agreement
under which an advance will be made to China. The exact
amount of the loan is not made known in the announcement
issued by the State Department on July 29, but it is understood that $50,000,000 will be loaned to it. The agreement provides for the formation of a group of American
bankers which will make the loan or loans, and which will
consist of representatives from different parts of the country.
It is agreed that they will co-operate with the Government
and follow the policies outlined by the Department of State
to which will be submitted for approval the terms and conditions of any loans. For its part, the State Department
gives assurance that if the terms and conditions of the loan
are accepted by the United States and China, "in order to
encourage and facilitate the free intercourse between American citizens and foreign States which is mutually advantageous, the Government will be willing to aid in every way
possible and to make prompt and vigorous representations
and to take every possible step to insure the execution of
equitable contracts made in good faith by citizens in foreign
lands." The Department also announced that it is hoped
that the American bankers will be associated with bankers of
Great Britain, Japan and France. Negotiations looking
statement in the press dispatches of July 18 that the United
States Government had agreed to a loan to China by American bankers, provided China canceled all outstanding
loans and that all loans be shared by the bankers of the
United States, Great Britain, France and Japan, the New
York "Tribune" of July 20 said:
Washington reports to the effect that this Government has agreed to a
loan to China by American bankers, provided all existing Chinese loans
were canceled, were declared to be misleading by bankers here who have
taken part in the negotiations with the State Department.
"What was probably meant," said a banker yesterday, "was that the
United States Government desires that all existing options on future borrowings by China must be abrogated before a new loan financed by American bankers will be undertaken with the approval of the State Department.
I do not think there is any intention of canceling loans already made to
the present Chinese Government, except what might be arranged is a
refunding operation."
CHARGE THAT FREEDOM FROM TAXATION OF
FARM LOAN BONDS AIDS TAX EVADERS.
The Farm Mortgage Bankers' Association of America
in a statement to the effect that a probable loss to the United
States Treasury of $3,100,000 during the current year is
one of the unexpected results of the combination of the high
income tax with the Federal Farm Loan law adds:
The latter law was enacted before America entered the war at a time
when the income tax rate on the big incomes was only 6%. In 1918 the
income tax rate on incomes of over $1,500,000 is 62%. The very rich
income tax slackers are buying or have bought the tax exempt Federal
Land Bank bonds. The income on a $1,000 bond is $50. The income
tax slacker is enabled to keep the entire $50 instead of being obliged to pay
$31 as income tax, as would be the case if taxable like industrials.
On $100,000,000 of Federal Farm Loan bonds now outstanding this
would make an annual loss to the Government of $3,100,000. This de-
446
THE CHRONICLE
[VOL. 107.
ficiency will be required to be made up by other tax payers, because war When the $60.000,000 worth were offered in May 1918, the rate was 62%.
expenses must be paid by others if the very rich evade them.
The market absorbed them quickly.
Friends of the Federal Farm Loan system claim that the tax exemption
Income tax evaders are shrewd. A smaller increase in the income tax
feature of the law benefits the farm borrower an average of half of 1%, or rate has been made on smaller incomes, but the tax exempt bonds will
$5 per year on a $1,000 loan. The benefit to the very rich income tax naturally drift into the hands of people paying the heaviest income taxes.
slacker is $31 per year on a $1,000 bond, $6 20 for every dollar of benefit
When the first Liberty bonds were sold last year at 33%, they were
received by the farmer. No patriotic farmer would ask the Government free from taxation as are the Federal Farm Loan bonds now on the market.
to make such a bad bargain in war times. No true friends of the system
When the second issue of Liberty bonds was sold at 4%, in accordance
will try to defend such financing. As it is expected that the Federal Land with the best judgment of statesmen and financiers, the bonds were made
Bank bonds will increase at a rate of over $100,000,000 annually, the tax subject to certain taxes.
burden.will be enormous that will be thus accumulated on the people of
When the third issue of Liberty bonds was sold at 4X,%,changed conmoderate means through the tax exemption benefit given by the law to the ditions of the world's money markets caused Secretary of the Treasury
multimillionaire income tax slackers. This gross perversion of the law is McAdoo and other financiers and statesmen of Congress to issue these
incidental to war changes in financial conditions. No one is to blame. bonds subject to still further taxation and restrictions.
It was not contemplated by those who originally framed the Federal Farm
The Federal Farm Loan bonds drawing 5% interest are given the same
Loan Law. Congress can easily and quickly remedy the defect.
immunity from taxation as the 33- % Liberty bonds. Changed financial
Fortunately all of the beneficial features of tho Federal Farm Loan sys- conditions have caused two modifications of Liberty bond taxation, but
tem can be preserved and its administration and efficiency will in no way no change has been made in farm loan bonds.
be impaired if the tax exemption clause is repealed.
In the turmoil of Congressional legislation to rush men and munitions to
In further detailing at length its contentions the Associa- Europe this inconsistency and the resulting loss to the national Treasury
has escaped notice.
tion in its "Quarterly Bulletin" for July says in part:
No patriotic farmer would ask to be favored to the extent of one dollar
When the law was enacted the purpose of those who framed it was to
in interest, if he realized that it cost the national Treasury six dollars in
relieve the poor man. There was no intention of creating a situation that
exemptions granted to multimillionaires for every dollar of benefit given
would benefit the very rich at the expense of the tax paying public.
to the farmer.
Because of the exemption ofland bank bondsfrom taxation, about half of
The Federal Farm Loan system can be successfully run on a business
1% interest is saved to the farmer who borrows from these banks, accordbasis with its bonds subject to the usual taxes. It has been established two
ing to the claims of the advocates of the system. As half of 1% may be
years and nolonger requires charitable donations to put it on its feet. The
considered about the usual tax on other industrial bonds and securities,
repeal of the tex exemption feature need not in the slightest degree change
the estimate is doubtless substantially correct. Tho half of 1% thus
proper administration of the law or impair its efficiency.
lost to the public treasury by this exemption is required to be made up by the
In many respects farm loan bonds are similar to industrial bonds. The
taxes levied on other property or against other people. This loss of half
economists of Congress in perfecting the new revenue bill might direct their
of 1% to the local public treasuries or tax collecting districts was the entire
attention with good effect to farm loan bonds. Many million dollars could
loss when the law was enacted in 1916.
be saved to the public Treasury by putting future issues under the same tax
Under our income tax law, if a thousand citizens each owned a one
classification as bonds issued to promote otner industries. While the
thousand dollar land bank bond and each of these bond holders had an
taxes are bearing heavily on every person and
Income not exceeding $1,000 if single or $2,000 if married, they would staggering burdens of war
granted to millionaires on a six-to-one basis does not
none of them be subject to an income tax. The tax exemption feature industry, favoritism
sensible, when the smallness of the benefit to the
of the one thousand bonds aggregating $1,000,000, each producing $50 seem practicable or
considered.
income, would be of no benefit to them in that respect. Their only tax prosperous agricultural industry is
exemption benefit would arise from local property tax exemption which
would also be granted, if the bonds were owned by one very rich man or REVISION OF NEW YORK CLEARING HOUSE COLLECcorporation.
TION RULES.
At the present time approximately $100,000,000 of Federal Farm Loan
bonds are in existence. It is expected that the amount will bo increased
New rules and regulations governing collection charges
several millions every month. Estimating the interest income on the bonds outside of New York City (except as to items on clearing
outstanding in 1918 at five million dollars, the amount which the Morgafellers would save on income tax by owning them would bo three million non-members) have been issued by the New York Clearing
and one hundred thousand dollars on their 1918 income tax payable in House Association, to take effect Aug. 12 1918. Under the
1919. It would require twelve million and four hundred thousand thrift
revised rules the list of "discretionary" points is enlarged,
stamps at twenty-five cents each to equal that amount.
The total amount of farm mortgages in the United States is estimated at while a reduction in the charges at some points has been made.
four billion dollars. If one-quarter of these mortgages were financed by the The following are the now rates and rules as announced by
Federal Land banks by issuing one billion dollars of 5% bonds and the
Clearing House:
bonds were all held by multimillionaire income tax slackers with incomes of the
two million dollars each, the annual loss on income tax alone to the national RULES AND REGULATIONS REGARDING COLLECTIONS OUTTreasury would be $31,000,000 and the approximate loss o school districts,
SIDE OF THE CITY OF NEW YORK.
cities, counties and States from failure to collect local property taxes would
(As Revised July 29 1918.)
bo $5,000,000 annually. It is not unreasonable to predict that the amount
Pursuant to authority conferred upon it by the constitution of the New
of Federal Land Bank bonds thus tax exempt might reach the amount of
Clearing House Committee of said
$1,000,000,000 within ten years. At the present size of the loans on the York Clearing House Association, the
regulations regarding colbasis of the 1910 censes that would place a Federal Land Bank loan on Association establishes tho following rules and
York (except as to items on clearing
about one farm in eleven in the United States. The other ten farmers out lections outside of the City of New
non-members) by members of the Association, or banks, trust companies,
of every eleven along with people in towns and cities would be obliged to
pay their share of the $31,000,000 required to make up the loss to the na- or others clearing through such members, and the rates to be charged for
tional Treasury and also their share of the $5,000,000 required to makeup such collections, and also regarding enforcement of the provisions hereof:
Sec. 1. These rules and regulations shall apply to all members of the
the loss to school district, town and State treasuries.
In 1917 before the heavy income taxes now imposed on larger incomes Association, and to all banks, trust companies or others clearing through
became effective, it was impossible to sell Federal Farm Loan bonds enough such members, but not to branches in foreign countries of member banks.
to furnish funds to operate the system. Congress was obliged to make a The parties to which the same so apply are hereinafter described as collectspecial appropriation of $200,000,000 which the Farm Loan Board asked ing banks.
Sec. 2. For all items deposited by or collected for the account of tho
for in December 1917, in order to keep the business running. The first
year's sales were only about $30,000.000 of 43'% bonds. When the Governments of the United States, the State of New York, or the City of
5% bonds were offered in May 1918, at a premium of 1%,$60,000,000 were New York, from whatever source received (but not checks, warrants, &c.,
sold in about two weeks and further offerings were not made. The in- issued by said Governments and deposited by or collected for the account
of the bank's other customers), the charge shall be discretionary with the
fluence of heavy income taxes appears to have helped the market.
Railroad bonds, school bonds, and sanitary district bonds without uni- collecting banks.
Sec. 3. For checks or drafts drawn on banks, bankers and trust companversal tax exemption provisions are sold at rates to yield less than 5%.
The tax exemption feature of the Federal Land Bank bonds is as unnecessary ies, and for all other items, the charges shall be not less than those proscribed for the respective points in the following schedule, subject to the
as it is unjust and unpatriotic. This is shown by the fact that the Federal
Land Bank bonds first marketed at 101, have since sold on the New York provisions of Sections 4, 5 and 6:
market at 102%. On the $60,000,000 disposed of at the last sale, this
Checks or Drafts
Checks or Drafts
All
Drawn on Banks,
Drawn on Banks,
All
increase nets to the speculators a profit of $975,000—almost a million
Other
Bankers and
Bankers and
Other
dollars.
Slates— Trust Companies. Items.
States— Trust Companies. Items,
That these bonds are rapidly drifting into the hands of interests paying Alabama
1-10 of 1% 1-1001 1
Nebraska
1-10
1-10
1-10
1-10
Omaha
heavy income taxes is well-known and indisputable. These parties can Arizona
1-20
1-10
1-10
1-10
Nevada
1-10
1-10
afford to pay more for them than holders having small incomes. A pre- Arkansas
1-10
California
1-10
New Hampshire_Discre'ry 1-10
mium of 2%% has recently been paid for them in the stock market of Now
1-10
San Francisco 1.20
New Jersey
1-10
York. The man with no income tax to pay cannot afford to hold such Colorado
1-10
1.10
Hoboken
*Disere'ry
1-10
*.
Denver
1.20
Jersey City— -- "
bonds when he can sell them at a premium.
1-10
Connecticut
Discre'ry
New Mexico
34
313
The question of the constitutionality of the tax exemption feature of the Delaware
1-10
Discre'ry 1-10
New York
Federal Land Bank bonds has affected their sale unfavorably from the Dist. of Columbia_ "
1-10
Discre'ry
New York City..
start. It has not as yet been decided by the courts. Dispatches sent out Florida
3i
North Carolina.._ 34
3i
34
1-10
1-10
1-10
North Dakota___ _1-10
from Washington have stated a group of Kansas parties is arranging to Georgia
1-10
Atlanta
1-40
Ohio
1-20
1-10
carry a test case to the Supreme Court in order to settle this question. Idaho
1-10
1-10
1-40
1-10
Cincinnati
While the danger of an unfavorable Supreme Court decision will make Illinois
1-10
1-20
1-10
1-40
Cleveland
1-10
the small investor cautious about buying these bonds, the income tax
Chicago
1-40
1-10
1-10
Oklahoma
1-10
1-20
1-10
Oregon
1-10
slacker with a very large income tax has enough at stake so he can afford Indiana
1-10
Iowa
1-20
1-10
1-10
Portland
to take the risk. He knows that if he once gets a receipt in full for his Kansas
1-10
Discre'ry 1-10
Pennsylvania
1-10
Income tax, that the Government will never collect the big taxes he has
1-10
Kansas City.,__..1-40
Philadelphia -- - "
*Discre'ry
Kentucky
1-10
1-10
Pittsburgh
1-10
dodged if the tax exemption feature is declared unconstitutional.
Louisville
1-40
1-10
Rhode Island
1-10
The positive proof of the reason for the great present demand for tax
%
Louisiana
South Carolina,...-34
34
exempt securities can be found by referring to the surtax table on Form
1-10
New Orleans 1-20
South Dakota__ _1-10
1-10
1040 of the income tax blank return, now in use as revised on Jan. 1 1918, Maine
Discre'ry 1-10
1-10
1-10
Tennessee
..
1-10
1-10
Texas
1-10
and comparing it with the table on the same blank, No. 1040, which was Maryland
Baltimore
1-10
1-20
1-10
Dallas
revised in October 1916. The table now in effect shows a supertax of
1-10
1-10
1-10
Massachusetts__ _ ':
Utah
62% on incomes in excess of $1,500,000, as compared with only 12% in
*Discre'ry
Boston
Salt Lake City-1-20
1-10
effect before the last war tax revision. Going back still further, according Michigan
1-10
Discre'ry 1-10
1-20
Vermont
1-10
1-10
Detroit
1-40
1-10
Virginia
to the Act of Congress of 1913, such incomes were required to pay only a
1-10
Minnesota
1-10
Discre'ry 1-10
Richmond
6% tax. The three successive rates have been 6%, 12% and 62%.
1-10
1-10
Minneapolls____1-40
1-10
Washington
When the Federal Farm Loan law was considered and enacted by ConSt. Paul
1-10
1-40
1-20
Seattle
1-10
gress in 1915 and 1916, the income tax rate was only 6%. In 1917, when Mississippi
1-20
1-10
Spokane
34
3i
1-10
1-10
West Virginia_ _ --1-10
1-10
the Federal Farm Loan Board was unable to sell enough bonds to con- Missouri
1-10
Kansas City
1-40
1-10
Wisconsin
1-10
tinue in business and was obliged to secure a special appropriation of $200,St. Louis
1-40
1-10
1-10
1-10
Wyoming
000,000 from Congress, the same tax on these large incomes was only 12%. Montana
1-10
1-10
* See See. 6.
di
"
AG
.
di
AUG. 3 1918.]
THE CHRONICLE
Sec. 4. The charge for checks and drafts drawn on banks, bankers and
trust companies located in Federal Reserve cities and cities where Federal
Reserve bank branches arc at present or may hereafter be established,
shall be governed by the "Schedule showing when the proceeds of items will
become available," as published by the Federal Reserve Bank of New
York from time to time; that is to say, for such items on said cities where
immediate credit is given and for such items which become available one
day after receipt, the charge shall be discretionary; for such items available
two days after receipt, the charge shall be 1-40 of 1%;for such items available four days after receipt, the charge shall be 1-20 of 1%; and for such
items available eight days after receipt, the charge shall be 1-10 of 1%.
Sec. S. In case the charge upon any item at the rates above specified
does not equal ten (10) cents, the collecting bank shall charge not less than
that sum; but all items received in any one deposit and subject to the same
rate, may be added together and treated as one item for the purpose of determining the amount of exchange to be charged.
Sec. 6. All notes or other time obligations purchased by member or nonmember institutions payable elsewhere than in New York City shall be
subject to a charge of not less than 1-10th of 1%,except that in the States
of Florida, Louisiana, Mississippi, New Mexico, North Carolina and South
Carolina the charge shall be not less than 34 of 1%, provided, however,
that for notes or other time obligations purchased or discounted by any collecting bank, payable elsewhere than in New York City, but with respect
to which the maker, endorser or guarantor, or any bank, banker or trust
company maintaining an account with the collecting bank, gives a written
agreement at the time of such purchase or discount, to provide Now York
funds for the payment of such notes or other time obligations on day of
maturity, the charge shall be discretionary with the collecting banks.
Sec. 7. The charges herein specified shall in all cases be collected at the
time of deposit or not later than the tenth day of the following calendar
month. No collecting bank shall, directly or indirectly, allow any abatement, rebate, or return for or on account of such charges or make in any
form, whether of interest on balances or otherwise, any compensation therefor.
See. S. In case any member of the Association shall learn that these rules
and regulations have been violated by any of the collecting banks, it shall
immediately report the facts to the Chairman of the Clearing House Committee, or, in his absence, to the Manager of the Association. Upon receiving information from any source that there has been a violation of the
same, said Chairman, or, in his absence, said Manager, shall call a meeting
of the Committee. The Committee shall investigate the facts and determine whether a formal hearing is necessary. In case the Committee so concludes, it shall instruct the Manager ot formulate charges and present thorn
to the Committee. A copy of these charges, together with written notice
of the time and place fixed for hearing regarding the same, shall be served
upon the collecting bank charged with such violation, which shall have the
right at the hearing to introduce such relevant evidence and submit such
argument as it may desire. The Committee shall hear whatever relevant
evidence may be offered by any person and whatever arguments may be
submitted and shall determine whether the charges are sustained. In
case it reaches the conclusion that they are, the Committee shall call a special meeting of the Association and report thereto the facts with its conclusions. If the report of the Committee is approved by the Association, the collecting bank charged with such violation shall pay to the Association the sum of
five thousand dollars, and in case of a second violation of these rules and regulations, any collecting bank may also in the discretion of the Association be
excluded from using its privileges directly or indirectly, and, if it is a member,
expelled from the Association.
Resolved, That the foregoing rules and regulations are hereby established
and adopted, to take effect upon the 12th day of August, 1918.
447
In view of the rapidly increasing employment of acceptances in commercial transactions, and with intent to increase as much as possible the usefulness of the clearing function, the Clearing House Committee has this
day removed the restriction heretofore placed upon notes and acceptances,
and you are therefore advised that on and after Aug. 1 1918 notes and
acceptances may be sent through the morning clearings on the day of due
date.
Your attention is particularly directed to the requirements of Article X
that all missent items must be returned by hand.
BANKS IN MINNEAPOLIS RESERVE DISTRICT REQUESTED TO RETAIN SILVER CERTIFICATES
UNDER $5.
With reference to its request concerning shipments of
silyer certificates of $5 and over, the Federal Reserve Bank
of Minneapolis on July 30 issued a circular to the cashiers
of the banks and trust companies in its district saying:
Some little time ago we made the request that silver certificates in denominations of $5 and over be shipped to us or to the Assistant Treasurer
of the United States at Chicago for our account, and we agreed to send in
exchange therefor, at our expense, Federal Reserve notes.
A number of banks have inferred that we desired them to ship in one and
two-dollar bills also. This, however, is undesirable, as we have not yet
been supplied with Federal Reserve bank notes of similar denominations
and the retirement of the small denominations of silver certificates might
cause a serious shortage, meanwhile.
Therefore we suggest that you retain for local use the small denomination
silver certificates until further notice.
INTERESTS IN U. S. COUNCIL OF STATE BANKING
ASSOCIATIONS TO MEET IN WASHINGTON
• NEXT WEEK.
A meeting of the Executive Committee of the United
States Council of State Banking Associations created in
St. Louis on July 16 is to be held at Washington next Thursday. W.H. Booth of the Security Trust & Savings Bank of
Los Angeles, who is President of the Council, was in New
York this week and was quoted in some of the New York
papers yesterday as stating that the Washington meeting
was planned for the purpose of formulating "an aggressive
program." The New York "Commercial," which quoted
him to this effect, also said:
While interests identified with the new State bank council insist that
they will co-operate fully with the American Bankers' Association, nevertheless the formation of the council, according to President Booth, was
felt to be necessary because "the State institutions with regard to legislation have not had a chance to get their side in."
"We are antagonistic to the A. B. A.," Mr. Booth said yesterday, "only
to the extent of having our story heard. Our organization is in entire
RULINGS AND INTERPRETATIONS OF SOME OF THE FORE- accord with the A. B. A., except in one or two fundamental matters. Our
GOING RULES AND REGULATIONS.
attitude will be one of absolute co-operation with the A. B. A. in every
(A) All applications for rulings on regulations regarding collection charges respect, but the A. B. A. is largely interested in commercial banking,
must be made in writing and addressed to the Clearing House Committee. and not in savings banks or trust companies."
All rulings will be printed and sent to members and other institutions connected with the New York Clearing House.
(B) The Clearing House rules contemplate the charging of collection rates
COMPARATIVE FIGURES OF CONDITION OF
on all out of town items, from whatever source derived, unless otherwise
provided in the rules. Tuts ruling is made comprehensive in order to
CANADIAN BANKS.
meet ingenious cases for evasion.
In the following we compare the condition of the Canadian
(C) A Ruling has been asked on the following:
A suggestion that drafts be deposited in other discretionary cities with the banks, under the last two monthly statements, with the
correspondents of a Now York Clearing House member in such cities, to
the credit of such member, the depositor to receive credit in the New York return for June 30 1914:
ASSETS.
institution at par immediately upon notification of such deposit, and to be
allowed to draw against such credits the same as against New York funds:—
June 29 1918. May 311918. June 30 1914.
It is hold that this and similar cases are in contravention of Clearing Gold and subsidiary coin—
House rules. If exceptions were allowed the flood of cases would practi54,982,175
54,794,753
In Canada
28,948,841
cally nullify the rules.
20,582,449
Elsewhere
21,775,830
17,160,111
In the case of bought paper the broker should allow the charge as part
of the purchase.
75,564,624
Total
76,570,583
46,108,952
(D) No exception is made to the general rules governing collection Dominion notes
183.814,738 177,655,477
92,114.482
charges for items drawn "with exchange," or bearing similar phrases, or Deposit with Minister of Finance
when stamped "collectible at par through any Federal Reserve bank."
5,821,486
5,779,518
for security of note circulation
6,667,568
Such items must be charged for in accordance with the within named rates. Deposit in central gold reserves 84,470,000
79,870,000
3.050,000
Counsel has ruled that checks stamped "payable in exchange" are not Due from banks
175,885,728 159,753,220 123,608,936
negotiable; therefore, such checks are subject to the charges.
1,061,896.959 1,057,264,022 925,681,966
Loans and discounts
(E) When items, subject to collection charges, are returned unpaid, the Bonds, securities, &c
424,773,302 427,387,667 102,344,120
charge may be remitted.
78.466,582
67,401.484
Call and short loans in Canada_ 76,970,920
bonds and coupons, and drafts with bills of lading or collat- Call and short loans elsewhere
(F) Stocks,
170,034,476 172,259,879 137,120,167
than in Canada
eral attached, are subject to the rules governing collection charges.
90,603,897
84,589,279
71,209,738
(0) Any agreement, expressed or implied, entered into by a Clearing Other assets
House member or by a non-member clearing through a member, with any
or corporation, by the terms of which it is intended that the
2,349,836,130 2,319,958,227 1,575,307,413
individual,firm
Total
rate of Interest agreed to be paid on deposits is to offset and compensate
LIABILITIES.
for charges made on out-of-town checks, is a violation of Clearing House
$
$
tules, and if brought to the attention of the Committee will be dealt with
189,866,666 189,866,666 192,866,666
as provided by Section 8 of the Clearing House rules and regulations relat- Capital authorized
Capital subscribed
112,111,266 112,097,066 115,434,666
ing to the charges on out-of-town items.
Capital paid up
111,781,331 111,735,615 114,811,775
Reserve fund
114,344,068
114,333,518
113,368,898
NOTES AND ACCEPTANCES TO BE INCLUDED IN
DAILY EXCHANGES OF N. Y. CLEARING HOUSE.
The New York Clearing House Association, -through the
Chairman of its Clearing House Committee, Walter E.
Frew,in announcing on July 29 its intention to include notes
and exchanges in its daily exchanges, said:
Circulation
Government deposits
Demand deposits
Time deposits
Duo to banks
Bills payable
Other liabilities
As you are aware, it has not been the custom to include notes and acceptances in the daily exchanges, although such items are recognized as proper
material for the exchanges by the terms of Sections 2 and 6 of Article X
of the constitution.
Total, not including capital
or reserve fund
2,101,467,269 2,070,543,642 1.330,488,683
Note.—Owing to the omission of the cents in the official reports, the
footings in the above do not exactly agree with the total given.
194,681,710
106,967,514
759,446,017
965,934,556
45,070,546
1,364,931
28.001.995
181,899,959
136,682,394
739,829,016
947,757,337
37,996,984
1,893,489
24,494,463
99,138,029
44,453,738
495,067,832
663,650,230
32,426,404
20,096,365
12,656,085
448
THE CHRONICLE
PURCHASE OF NEW YORK "EVENING POST" BY
THOMAS W. LAMONT.
Announcement of the sale of the New York "Evening
Post" by Oswald Garrison Villard and his associates to
Thomas W. Lamont of J. P. Morgan & Co., was given
out on Thursday. Mr. Lamont, who acquires all of the
shares held by the 'former interests, states that he has
lodged his holdings in the hands of a board of trustees, consisting of Theodore N. Vail, President of the American
Telephone & Telegraph Co.; Henry S. Pritchett, President
of the Carnegie Foundation for the Advancement of Teaching, and Ellery Sedgwick, editor of the "Atlantic Monthly."
Rollo Ogden, the present editor of the "Evening Post," is
to remain in charge of the editorial page, of which he has
had complete control since 1903. There are 1,000 shares
of stock with a nominal value of $100 each. The following
statement is made by Mr. Lamont:
[VOL. 107.
INCREASE IN RESOURCES OF STATE BANKING
INSTITUTIONS IN NEW YORK.
An increase of approximately 150 million dollars in the
resources of the State institutions of New York State during
the past year are reported by State Superintendent of Banks
George I. Skinner. Superintendent Skinner on July 28 announced that the resources of the 98 trust companies, 210
State banks and 82 private bankers of the State on July 28
totaled $4,003,186,787, an increase of $148,290,915 since
June 20 1917. In furnishing details he says:
The resources of the trust companies of the State during this period
increased from $2,941,290,854 to $3,045,236,458, while the resources of the
State banks increased from $898,585,696 to $940,227,837, and the resources
of the private bankers from $15,019,322 to $17,722,492.
From March 14 to June 20 of this year the deposits of the State banks
increased from $777,029,551 to $808,571,644, a gain of over $31,550,000.
while the deposits with private bankers increased from $10,747,597 to
$11,632,357, a gain of $884,760. The deposits and resources of State
banks are the largest ever reported by this class of institutions.
During the same period the deposits of trust companies fell off from
$2,475,853,107 to $2,440,141,425, a loss of $35,711,682. These figures
indicate that in strictly commercial institutions increased business activity
has more than counterbalanced withdrawals for investment in Liberty
Loan bonds and other Government securities, while strictly investment institutions are still feeling the effect of such withdrawals.
The following tables give in detail the condition of trust companies, State
banks and private bankers as shown in reports submitted by them under
calls issued by Superintendent Skinner as of March 14 and Juno 20 1918:
I have personally acquired from Mr. Oswald Garrison Villard and his
associates all the shares of the stock of the New York "Evening Post."
I have been led to make this purchase partly because of a personal interest
In the "Evening Post" formed when my brother, the late Hammond Lamont, was the managing editor; but chiefly because I have believed that
a journal with the sound traditions of the "Evening Post" is an institution
of value to the public, if conducted with vigor and independence.
It is obviously impossible for me to devote my personal attention to the
conduct of the "Evening Post." Accordingly, following the precedent
established by the owners of the property during the many years when it
was conducted with such fearlessness and effectiveness by the late E. L. Statement showing the condition of the State banks of deposit and discount
of the State of New York at the close of business on Thursday. June 20
Godkin, and in order to emphasize the independent character which I de1918, in comparison with their condition on Thursday, March 14 1918.
sire the publication to bear. I am lodging all my stock in the hands of TheoNote.
-210 banks reported in June; 211 in March.
dore N. Vail, Henry S. Pritchett and Ellery Sedgwick, as trustees.
These gentlemen have, with a sense of public spirit, consented to accept
Resources—
June 20 1918. March 14 1918.
this trust. They will, of course, not be responsible for the opinions which Stock and bond investments, viz.:
the "Evening Post" expresses, nor for its daily management. But their
Public securities
$84,544,461
$90,731,984
counsel and their matured judgments will, I am assured, be always availPrivate securities
94,502,531
88,802,548
able for the assistance of those who are in charge of the newspaper.
Real estate owned
21,827,150
22.181,046
With such management, the editorial staff (as ably led by Mr. Rollo Mortgages owned
13,531,751
13,614,749
Ogden, the present Editor-in-Chief), will be completely entrusted; for to Loans and discounts secured by bond and
command the permanent confidence of the community a newspaper must
mortgage, deed or other real estate colbe free from outside direction, both in its presentation of news and of opinlateral
9,762,940
10,013,711
ions. With the future thus assured I look to see the "Evening Post" Loans and discounts secured by other
steadily increase in vigor and influence and realize more fully than ever
collateral
176,887,006
175,545,024
before the high aims cherished by its founders of a century ago and by its Loans, discounts and bills purchased not
subsequent owners.
secured by collateral
270,606,658
253,788,611
Overdrafts
THOMAS W. LAMONT.
363,174
206,498
Due from trust companies, banks and
The trustees issued the following statement:
bankers
70,418,753
79,190,187
Mr. Lamont's statement needs no amplificaion. Had he followed a Specie
27,153,259
29,546,534
natural course and retained under his personal control the stock of the Other currency authorized by the laws of
"Evening Post," his reputation would have been sufficient assurance of a
the United States
23,256,560
21,085,387
just and liberal policy. But, in view of his desire to prevent the possi- Cash items
67,877,453
77,740,890
bility of misconception, we accede to his request and, in accepting his Due from Federal Reserve Bank of New
trust, agree to use our best and independent judgment in voting Mr
York, less offsets
30,964,099
44,442,368
Lamont's stock and in electing from time to time suitable directors for the Customers' liability on acceptances
8,896,505
8,286,692
Evening Post Corporation.
Other assets
8,147,348
8,107,573
Add for cents
919
913
THEODORE N. VAIL,
HENRY S. PRICHETT,
Total
$940,227,837
$900,797,451
ELLERY SEDGWICK.
Liabilities—
Mr. Villard, the retiring owner, gave out the following Capital
$36,900,106
$36,666,137
Surplus (including all undivided profits)
57,824,794
56,948,405
statement:
Preferred deposits:
It is a great satisfactionrin relinquishing the ownership of the "Evening
,
Due New York State savings banks_ 25,867,858
25,583,243
Post," after thirty-seven years of control by my family, to feel certain that
Due New York State savings and loan
its high journalistic standards and its tradition of public service since
associations, credit unions and Land
1801 will be maintained under the new ownership. I am particularly
Bank
1,021,837
954,757
pleased that a plan of trustee control like that devised by my father, Mr.
Deposits by State of Now York
6,761,918
8,056,433
Henry Villard, in 1881 should appeal to Mr. Lamont. The editors of
Deposits by Superintendent of Banks of
the "Evening Post" have ever since been free to speak their own minds
State of New York
669,195
570,228
unhampered by the ownership. No newspaper in this country has a more
Other deposits secured by pledge of
devoted set of workers or one more patriotically loyal to our American
assets
30,250,613
13,710,690
Institutions and the democratic principles which underlie them, and I
Deposits otherwise preferred
1,169,555
254,909
rejoice that they are to continue to manage the property. I gratefully Due depositors not preferred
693,149,744
680,245,466
acknowledge how much it is due them that I am able to turn over the news- Due to trust companies, banks & bankers
49,680,924
48,553,831
paper with the widest public support It has ever enjoyed and with its Bills payable
12,772,815
8,719,765
prestige untarnished. Since it is a human institution, the "Evening Post" Rediscounts
5,405,355
3,884,781
shortcomings, but since 1881 it has never been used to Acceptances of drafts payable at a future
has its faults and
advance the personal fortunes or prestige of any individual, and It has had
date or authorized by commercial letters
no other ambition than to serve the city, the State and the nation without
of credit
8,264,911
7,678,515
fear or favor."
Other liabilities
10,487,776
8,969,874
Mr. Villard stated that he had contemplated retiring for more than six
Add for cents
417
436
months, during which he had received numerous offers for the property.
Mr. Villard will continue as editor and proprietor of the "Nation," which
Total
$900,797,451
$940,227,837
was founded by his uncle, Wendell Phillips Garrison, and Edwin L. Godkin, Total deposits
$808,571,644
$777,029,557
in 1865. He is also proprietor of the "Nautical Gazette," and has other
publishing interests. His office will remain in the Evening Post Building. Statement showing the condition of the private bankers under the supervision of the Superintendent of Banks of the State of New York as of
The "Nation" will be enlarged and developed, and on Oct. 5 will begin
Thursday, June 20 1918, in comparison with their condition on
the publication of a fortnightly international relations supplement, which
March 14 1918.
WM be modeled after the "New Europe," in England, and will contain
Note.
-82 private bankers reported in June; 81 in March.
authoritative articles on the political progress of the warring nations,
official documents, treaties, speeches, &c.
Resources—
June 20 1918. March 14 1918
Editorially the "Post" had the following to say with Stock and bond investments:
Public securities$3,491,517
$3,257,888
reference to the change in ownership:
Private securities
2,229,065
1,754,606
2,405,013
From the announced plans of the new owner of the "Evening Post," Real estate owned
2,407,553
504,718
Mr. Thomas W. Lamont, the public will understand that its complete Mortgages owned
468,483
editorial independence is assured. In this respect he adheres to the large Loans and discounts secured by bond and
other real estate colpolicy adopted by the late Henry Villard, when he purchased
mortgage, deed or
and liberal
110,379
lateral
the "Evening Post," nearly forty years ago. The present editors, there113.139
fore, will continue to for& and express their own judgment on all political Loans and discounts secured by other col1,268,908
lateral
1,071,727
and financial questions, on the stern duties of the war and on the difficult
problems which will come with peace. That judgment our readers may Loans, discounts and bills purchased not
598,291
secured by collateral
often think faulty, but that it is never fettered they will see the proof day
569,070
1,372,900
721,089
after day in this newspaper Itself. Thus given a free hand and full respon- Accounts receivable
sibility, in keeping with the honorable tradition of the "Evening Post," Due from customers for exchanges, money
steamship tickets sold
directors will endeavor to make its future copy fair its past,
orders and
322,601
200,504
the editors and
8,650
11,018
and to meet the 1.03ues of the new day, as they arise, with serenity Overdrafts
Due.from trust companies, banks & bankers
4,394,685
4,401,271
and hope.
AUG. 3 1918.]
THE CHRONICLE
449
Resources (Concluded)June 20 1918. March 14 1918.
Deposits with express and steamship corn13,913
14,061
panies
55,050
50,919
Specie
Other currency authorized by the laws of
341,537
tho United States
379,378
132,880
131,466
Foreign currency
5,663
postage
6,812
Foreign
Cash items, viz.: exchanges and checks for
58,786
108,752
next day's clearings; other cash items
Duo from Federal Reserve Bank of Now
4 ,000
York, less offsets
71,000
2,000
Customers' liability on acceptances
169 910
484,422
Other assets
203
216
Add for cents
resources of trust companies and savings banks of this State
alone exceeding by one billion dollars the total resources of
all the national banks in New York State. Superintendent
Skinner's report said:
Total-------------------------------$3,045,236,458 $3,084,003,468
Total deposits------------- -----------$2,440,141,425 $2,475,853,107
together, only one exemption is allowed; the incomes of the
couple being regarded as a single income.
A normal tax of 2%, instead of 4%, is levied on income
of from $1,000 to $1,500,in the case of single persons,widows
or widowers without dependent children, and the same rate
is imposed on incomes of from $2,000 to $3,000 in the case
of all other persons. Incomes over the maximum mentioned
hero bear a normal tax of 4%. The income of parents is
exempted by $200 for each of their children under 16 years
of age.
A new classification and supertax is placed on incomes
above $50,000. They are: 15% on the amount from $50,000 up to $75,000; 20% from $75,000 to $100,000; 25%
from $100,000 to $200,000; 30% from $200,000 to $400,000;
35% from $400,000 to $600,000; 40% from 8600,000 to
$800,000; 45% from 00,000 to $1,000,000, and 50% of all
in excess of $1,000,000.
In addition to the supertax a surtax .to remain in force
during the war is imposed as follows: 5% of the tax pay-
Few realize the wonderful growth of the State banking system in recent
years and the various and diverse ways in which it has been developed in
order to meet the increasing demands of our foreign trade and commerce
and of our manufacturing industries, as well as the special needs of the
National Government in the present crisis. If we consider simply the increase in resources since the recent revision of the Banking Law went into
effect, in the year 1914, the results are almost astounding. According to
the last reports available prior to the adoption of the revision, on April 16
1914, there were 925 institutions, including branches, under the supervision of this department having total reported assets of 84,430,377,078,
while at the close of the year 1917, including branches, there were 1,114
$17,722,492
$15,991,551 institutions under its supervision with reported resources of approximately
Total
Liabilities$6,410,000,000, an increase in less than four years of nearly two billion
$1,f98,500
$1,182,000 dollars, or nearly 50%. Notwithstanding the difficulties created by the
Permamont capital
3,007,941
2,357,693 entry of this country into
Surplus (including all undivided profits)
war and the enormous resultant demands made
10,897,679
10,173,576 upon our financial
Deposits
resources, there was an increase in the reported resources
734,678
574,021 of the State
Duo trust companies, banks and bankers
institutions during the year 1917 of approximately one-half
322,227
Bills payable
405,485 billion dollars.
Rediscounts
4,300
If these statistics be compared with statistics compiled by the Comptroller
Acceptances of drafts•payable at a future
of the Currency, it would appear that the banking assets of the State instidate or authorized by commercial letters
tutions of New York at the close of the year were over one-sixth of the total
of credit
2,000 resources of all the banking institutions of the United
States and that the
1,557,068
1,296,671 resources of the national and State institutions of New York were largely in
Other liabilities
99
105 excess of one-fourth of the total banking resources of all
Add for cents
the institutions
from which the Comptroller of the Currency obtained reports in the pre$17,722,492
$15,991,551 ceding Juno. Only 528 of our State institutions reported to the CompTotal
$11.632.357
$10,747.597 troller in June
Total deposits
1917, but their resources exceeded by over $1,833,000,000
Statement showing the condition of the trust companies of the State of the resources of the 476 national banks of the State which reported to the
New York at the close of business on Thursday, Juno 20 1918, in com- Comptroller at that time. The total resources of the trust companies and
savings banks alone exceeded by one billion dollars the total resources of
parison with their condition on Thursday, March 14 1918.
all the national banks of the State. In the comparison between the
Note.
-98 companies reported in June; 99 in March.
June 20 1918. March 14 1918. banking resources of this and other States, no consideration has been given
Resourcesto the international banking houses in New York City whose operations
Stock and bond investments, viz.:
$371,916,792
Public securities
$468,785,222 at times almost dwarf the operations of the largest national banks and
349,365,702
Private securities
366,829,467 trust companies, so that the financial preponderance of this State, espec49,006,448
Real estate owned
48,273,660 cially in international affairs, in foreign commerce and in bearing the great
95,970,711
Mortgages owned
95,204,067 burdens of the present wat, cannot be too strongly emphasized.
Loans and discounts secured by bond and
Superintendent Skinner's report showed that the resources
mortgage, deed or other real estate col13,098,615
13,460,801 of the investment companies organized under the Banking
lateral
Law of this State totaled over $55,000,000 at the close of
Loans and discounts secured by other col826,489,709
874,233,852 the year. He recommended that as soon as practicable
lateral
discounts and bills purchased, not
Loans,
617,745,286
542,463,542 the investment article of the Banking Law, which has
secured by collateral
1,108,111
Overdrafts
530,320 been more or less crude or ambiguous, should be revised
Due from trust companies, banks & bankers 155,991,700
166,690,367 so that the different classes of institutions now doing busi18,998,765
Specie
26,245,565
ness under it could be classified in separate and defined
Other currency authorized by the laws of
27,478,997
the United States
22,252,494 groups and all ambiguities and uncertainties with reference
50,754,243
Cash items
41,162,661 to its restrictive features removed. We quote further from
Duo from Federal Reserve Bank of New
York, loss offsets
213,501,065
208,011,078 the report as follows:
Last year the law was so amended as to allow an investment company
Customers' liability on acceptances
118,055,047
115,989,104
Other assets
134,855,222
93,871,216 organized under the provisions of the Banking Law, under certain restricAdd for cents
45
52 tions, to accept bills of exchange or drafts drawn upon it, payable on
demand or on time not exceeding one year from the date of acceptance; to
Total
$3,045,236,458 $3,084,003,468 issue letters of credit authorizing the holders thereof to draw drafts upon it
at sight or on time not exceeding one year from the date of any such letter
Liabilities
Capital
$119,925,200
$115,475,200 of credit; to discount bills of exchange, drafts, notes, acceptances or other
choses in action. It was further provided that a corporation, in order to
Surplus (including all undivided profits)
182,267,102
182,213,087
• exercise these powers, must have a capital of at least two million dollars.
Preferred deposits:
Duo Now York State savings banks-.-.-._
60,737,737
74,752,220 One corporation was organized during the year to engage in this class of
business, the stock of which was entirely owned by national banks, and it
Duo Now York State savings and loan
has already made application for the opening of a branch in Porto Rico.
associations, credit unions and Land
The amendment was in fact designated to facilitate the organization of
999,796
Bank
974,513
corporations to assist in the development of foreign trade and commerce
Duo as executor, administrator, guarand to take the place of the English discount companies.
dian, receiver, trustee, committee or
91,456,710
depositary
88,406,393
Deposits by State of New York
15,502,376
19,757,653
CANADA'S INCOME WAR TAX ACT 1917 AND
Deposits by Superintendent of Banks of
State of Now York
BUSINESS PROFITS WAR TAX ACT
757,048
567,585
Other deposits secured by a pledge of
1916, AMENDED.
assets
142,072,268
105,180,347
Deposits otherwise preferred
Canada's Income War Tax Act 1917 and Business Profits
6,026,659
3,514,424
Duo depositors not preferred
1,911,699,361
1,926,322,469 War Tax Act 1916 were amended this year in several parDuo trust companies, banks and bankers
210,889,470
256,377,503
Bills payable
77,837,043
31,840,950 ticulars by the Senate and House of Commons and assented
Rediscounts
60,102,668
64,354,241 to by His Majesty on May 24. The changes made in the
Acceptances of drafts payable at a future
Income War Tax Act generally raise the income taxation.
date or authorized by commercial letters
of credit
115,595,960
109,059,029 Exemptions allowed in the 1918 Act are reduced from $1,500
Other liabilities
49,367,015
105,207,802 to $1,000 as applied to single persons, and for married perAdd for cents
45
52 sons from $3,000 to $2,000. Where married couples live
GROWTH OF NEW YORK STATE BANKING INSTITUTIONS
-AMENDMENT TO INVESTMENT
PROVISION OF BANKING LAWS.
The institutions under the supervision of the New York
State Banking Department were shown to have experienced
a remarkable growth since the outbreak of the war in 1914
in tho annual report of State Superintendent of Banks
Skinner, presented to the Legislature on March 14. Superintendent Skinner pointed out that at the close of 1917 the
reported resources of the institutions under his supervision
were approximately $6,410,000,000, an increase since the
first part of 1914, a period of less than four years, of nearly
two billion dollars, or approximately 50%. The banking
assets of the State institutions of New York,it was indicated,
were over one-sixth of the total resources of all the State and
national banking institutions of the United States, the total
450
THE CHRONICLE
able upon incomes in excess of $6,000 but not exceeding
810,000; 10% of the tax payable on incomes in excess of
810,000 but not exceeding $100,000; 15% of the tax payable
on incomes exceeding $100,000 but not exceeding $200,000;
35% of the tax payable on incomes exceeding $200,000.
The income tax payable by corporations and joint stock
companies under the 1918 Act has been increased from
4% to 6% on income in excess of $3,000. Such concerns,
however, are not expected to pay a double tax and an adjustment as between payments under the Income War Tax
Act and the Business Profits War Tax Act is provided for.
The Business Profits War Tax Act 1916, having expired
by limitation on Dec. 31 1917, has been re-enacted with
an extension of the tax on business firms employing capital
of $25,000, whereas, under the old law concerns with less
than $50,000 capital were not taxed. The rate of taxation
levied upon companies and partnerships employing from
$25,000 to $50,000 will be 25% of all profits in excess of
10% per annum upon the amount of the capital employed
therein.
We publish below the greater part of both the acts reforred to, italiscizing the portions added this year and
placing in black-face brackets and black-face type the sections of the old laws which have been eliminated:
[Vol.. 107.
(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.
4. (1) There shall be assessed, levied and paid, upon the income during
the preceding year of every person residing or ordinarily resident in Canada,
or employed in Canada, or carrying on any business in Canada, the following._taxes:
[(a) Four percentum upon all income exceeding $1,500 in the case
of unmarried persons and widows or widowers without dependent
children and exceeding $3,000 in the case of all other persons;
And in addition thereto,
(b) Two per centum upon the amount by which the income
exceeds $6,000 and does not exceed $10,000; and,
(c) Five per centum upon the amount by which the income exceeds $10,000, and does not exceed $20,000; and,
(d) Eight per centum of the amount by which the income exceeds $20,000 and does not exceed $30,000; and,
(e) Ten per centum of the amount by which the income exceeds
$30,000, and does not exceed $50,000; and,
(f) Fifteen per centum of the amount by which the income exceeds $50,000, and does not exceed $100,000; and,
(g) Twenty-five per centum of the amount by which the inco me
exceeds $100,000.]
(a) Two per centum upon all income exceeding $1,000 but not exceeding
$1,500 in the case of unmarried persons and widows or widowers without
dependent children, and exceeding $2,000 but not exceeding $3,000 in the case
of all other persons; 4% upon all income exceeding $1,500 in the case of unmarried persons and widows or widowers without dependent children, and
THE INCOME WAR TAX ACT 1917.
acceding $3,000 in the case of all other persons; and in addition thereto the
His Majesty, by and with the advice and consent of the Senate and following supertax:
House of Commons of Canada, enacts as follows:
(b) Two per centum upon the amount by which the income exceeds $6,000
and does not exceed $10.000; and
1. This Act may be cited as The Income War Tax Act, 1917.
(c) Five per centum upon the amount by which the income exceeds $10,000
2. In this Act, and in any regulations made under this Act, unless the
and does not exceed $20,000; and
context otherwise requires:
(d) Eight per centum of the amount by which the income exceeds $20.000
(a) "Board" means a Board of Referees appointed under section 12
and does not exceed $30,000; and
hereof:
(e) Ten per centum of the amount by which the income exceeds $30,000 and
(b) "Minister" moans the Minister of Finance;
does not exceed $50,000; and
(c) "normal tax" means tho tax authorized by paragraph (a) of section 4
(f) Fifteen per centum of the amount by which the income exceeds $50,000
of this Act;
and does not exceed $75,000; and
(d) "person" means any indlidual or person and any syndicate, trust
(g) Twenty per centum of the amount by which the income exceeds $75,000
association or other body and any body corporato, and the heirs, executors,
and does not exceed $100,000; and
administrators, curators and assigns or other legal representatives of such
(h) Twenty-five per centum of the amount by which the income exceeds
person, according to the law of that part of Canada to which the context
$100,000 and does not exceed $200,000;and
extend;
(i) Thirty per centum of the amount by which the income exceeds $200,000
((e) "supertax means the taxes authorized by paragraphs (b) to and does
not exceed $400,000; and
(g), both inclusive, of section 4 of this Act.]
(j) Thirty-five per centum of the amount by which the income exceeds $400.(e) "supertax" means the taxes authorized by paragraphs (b) to (m), both 000 and does not
exceed $600,000; and
Inclusive, of section 4 of this Act;
(k) Forty per centum of the amount by which the income exceeds $600,000
(f) "taxpayer" means any person paying, liable to pay, or believed by and does
not exceed $800,000; and
the Minister to be liable to pay,any tax imposed by this Act;
(1) Forty-five per cent= of the amount by which the income exceeds $800,000
(g) "year" means the calendar year.
and does not exceed $1,000,000; and
(h) "surtax" means the taxes authorized by paragraphs (n) to (q), both in(m) Fifty per centum of the amount by which the income exceeds $1,000,000;
clusive of section 4 of this Act;
and in addition thereto the following surtax:
(i) "dependent child" means a child under twenty-one years of age and
(n) upon income in excess of $6,000 but not exceeding $10,000, 5% of the
dependent on his parent for support, or over twenty-one years of age and denormal tax and supertax payable thereon;
pendent on his parent for support on account of physical or mental incapacity.
(o) upon income in excess of $10,000 but not exceeding $100,000, 10% of
3. (1) For the purposes of this Act, "income" means the annual net the normal tax and supertax payable thereon;
profit or gain or gratuity, whether ascertained and capable of computation
(p) upon income exceeding $100,000 but not exceeding $200,000, 15% of
as being wages, salary, or other fixed amount, or unascortained as being the normal tax and supertax payable
thereon;
fees or emoluments, or as being profits from a trade or commercial or
(q) upon income exceeding $200,000, 35% of the normal tax and supertax
financial or other business or calling, directly or indirectly received by a payable thereon.
person from any office or employment, or from any profession or calling,
(2) Corporations and joint stock companies, no matter how created or
or from any trade, manufacture or business, as the case may be; and shall organized, shall pay six per centum (6%)[the normal tax] upon income
include the interest, dividends or profits directly or indirectly received exceeding $3,000, but shall not be liable to pay the supertax or
surtax;
from money at interest upon any security or without security, or from and the Minister may permit any corporation or joint stock company [substocks, or from any other investment, and, whether such gains or profits ject to the normal tax] the fiscal year of which is not the calendar tear,
are divided or distributed or not, and also the annual profit or gain from to make a return and to have the tax payable by it computed upon
[the
any other source; including the income from but not the value of property basis of]its income for the twelve months ending with its last
fiscal year
acquired by gift, bequest, devise or descent; and including the income preceding the date of assessment.
from but not the proceeds of life insurance policies paid upon the death
(3) Any persons carrying on business in partnership shall be liable for
of the person insured, or payments made or credited to the insured on life the income tax only in their individual capacity.
insurance endowments or annuity contracts upon the maturity of the term
(4) A person who, after the first day of August 1917, has reduced his
mentioned in the contract or upon the surrender of the contract; with the income by the transfer or assignment of any real or personal, movable or
following exemptions and deductions:
immovable property, to such person's wife or husband, as the case may
(a) Such reasonable allowance as may be allowed by the Minister for be, or to any member of the family of such person, shall, nevertheless, be
depreciation, or for any expenditure of a capital nature for renewals, or liable to be taxed as if such transfer or assignment had not been made
for the development of a business, and the Minister, when determining unless the Minister is satisfied that such transfer or assignment was not
the income derived from mining and from oil and gas wells, shall make an made for the purpose of evading the taxes imposed under this Act or any
allowance for the exhaustion of the mines and wells;
part thereof.
[(b) The amount of income the tax upon which has been paid or
(5) Taxpayers shall be entitled to the following deductions from the
*withheld for payment at the source of the income under the pro- amounts that would otherwise be payable by them for income tax—
visions of this Act;]
(a) From the income tax accruing for the year 1917 the amounts paid by
(b) Two hundred dollars for each child under sixteen years of age who is any taxpayer for taxes accruing during the year 1917 under the provisions
dependent upon the taxpayer for support.
of Part I of The Special War Revenue Act, 1915, and from the income tax
(c) Amounts paid by the taxpayer during the year to the Patriotic and payable for any year thereafter the amounts paid by the taxpayer for
Canadian Red Cross Funds, and other patriotic and war funds approved taxes accruing during such year under the said Part I of the said Act; and,
by the Minister;
(b) From the income tax accruing for the year 1917 the amounts paid
(d) For the purposes of the normal tax, the income embraced in a per- by any taxpayer under The Business Profits War Tax Act, 1916, and any
sonal return shall be credited with the amount received as dividends upon amendments thereto for any accounting period ending in the year 1917.
the stock [or from the net earnings] of any company or other person In the case of a partnership each partner shall be entitled to deduct such
which is taxable upon its income under this Act: Provided, however, that portion of the tax paid by the partnership under The Business Profits War
in determining the income the personal and living expenses shall not be Tax Act, 1916, as may correspond to his interest in the income of the
taken into consideration.
partnership.
(2) Where an incorporated company conducts its business, whether
5. The following incomes shall not be liable to taxation hereunder,—
under agreement or otherwise,in such manner as either directly or indirectly
(a) The income of the Governor-General of Canada;
to benefit its shareholders or any of them, or any persons directly or in(b) The incomes of Consuls and Consuls General who are citizens of the
directly interested in such company, by selling its product or the goods and country they represent and who are not engaged in any other business or
commodities in which it deals•at loss than the fair price which might be profession;
obtained therefor, the Minister may,for the purposes of this Act, determine
(c) The income of any company, commission or association not loss than
the amount which shall be deemed to be the income of such company for 90% of the stock or capital of which is owned by a province or a municithe year, and in determining such amount the Minister shall have regard pality;
to the fair price which, but for any agreement, arrangement or under(d) The income of any religious, charitable, agricultural and educational
standing, might be or could have been obtained for such product, goods Institutions, Board of Trade and Chambers of Conunerce.
and commodities.
(e) The incomes of labor organizations and societies and of benvolent
(3) In the case of the income of persons residing or having their head and fraternal beneficiary societies and orders;
rla
office or principal place of business outside of Canada but carrying on
(f) The incomes of mutual corporations not having a capital represented
business in Canada, either directly or through or in the name of any other by shares, no part of the income of which inures to the profit of any member
person, the income shall be the net profit or gain arising from the business thereof, and of life insurance companies except such amount as is credited
of such person in Canada.
to shareholders' account;
AUG. 3 1918.]
THE CHRONICLE
(g) The incomes of clubs, societies and associations organized and operated solely for social welfare, civic improvement, pleasure, recreation or
other non-profitable purpose, no part of the income of which inures to the
benefit of any stockholder or member;
(h) The incomes of such insurance, mortgage and loan associations
operated entirely for the benefit of farmers as are approved by the Minister;
(i) The income derived from any bonds or other securities of the Dominion of Canada issued exempt from any income tax imposed in pursuance
of any legislation enacted by tho Parliament of Canada; and,
(j) The military and naval pay of persons who have been on active service
overseas during the present war in any of the military or naval forces of
His Majesty or any of His Majesty's allies.
(k) The income of incorporated companies whose business and assets are
carried on and situate entirely outside of Canada.
6. (1) All persons in whatever capacity acting, having the control.
receipt, disposal or payment of fixed or determinable annual or periodical
gains, profits or income of any taxpayer, amounting to or exceeding $1,500
in the case of unmarried persons or widows or widowers without dependent
children, and $3,000 in the case of all other persons, shall, on behalf of such
taxpayer, deduct and withhold an amount equal to the normal tax payable
upon the same under this Act, and shall pay the amount so deducted to
the Minister, and shall also make and render a separate and distinct return
to the Minister of such gains, profits or income, containing the name and
address of each taxpayer.
(2) When the income tax of a taxpayer is withheld and deducted under
the provisions of this section, such taxpayer shall not receive the benefit
of any exemption or deduction under this Act unless he shall, not less than
thirty days prior to the day on which the return of his income is due, under
section 7 hereof, (a) file with the person who is required to withhold and
pay the tax for him a notice in writing claiming such exemption or deduction
and thereupon the tax to the extent of such exemption or deduction shall
not be withhold from such taxpayer; and (b) file with the person aforesaid
and with the Minister such return of his income and a statement of the
deductions and exemptions as the Minister may direct.
7. (1) Every person liable to taxation under this Act shall, on or before
the 28th day of February in each year, without any notice or demand,
deliver to the Minister a return,in such form as the Minister may prescribe,
of his total income during the last preceding calendar year. In such return
the taxpayer shall state an address in Canada to which all notices and other
documents to be mailed or served under this Act may be mailed or sent.
(2) The return in the case of a corporation, association or other body,
shall be made and signed by the president, secretary, treasurer or chief
agent having a personal knowledge of the affairs of such corporation,
association or other body, or, in any case, by such other person or persons
employed in the business liable, or believed to be liable to taxation, as the
Minister may require.
(3) If a person liable to taxation hereunder is unable for any reason to
make the return required by this section, such return shall be made by the
guardian, curator, tutor or other legal representative of such person, or if
there is no such legal representative, by some one acting as agent for such
person, and in the case of the estate of any deceased person, by the executor, administrator or heir of such deceased person, and if there is no person
to make a return under the provisions of this subsection, then such person
as may be required by the Minister to make such return.
(4) All employers shall make a return of all persons in their employ
receiving any salary or other remuneration, any portion of which is liable
to taxation under this Act, and all corporations, associations and syndicates
shall make a return of all dividends and bonuses paid to shareholders and
members, and all persons in whatever capacity acting, having the control,
receipt, disposal or payment of fixed or determinable annual or periodical
gains, profits or income of any taxpayer, shall make and render a separate
and distinct return to the Minister of such gains, profits or income, containing
the name and address of each taxpayer. Such returns shall be delivered to
the Minister on or before the 28th day of February in each year, without
any notice or demand being made therefor, and in such form as tho Minister
may prescribe.
(5) The Minister may at any time enlarge the time for making any return.
8. (1) If the Minister, in order to enable him to make an assessment,
desires further information, or if he suspects that any person who has not
made a return is liable to taxation hereunder, he may, by registered letter
require additional information, or a return containing such information as
he dooms necessary, to be furnished him within thirty days.
(2) The Minister may require the production, or the production on oath,
by the taxpayer or by his agent or officer, or by any person or partnership
holding, or paying, or liable to pay, any portion of the income of any taxpayer, of any letters, accounts, invoices, statements and other documents.
(3) Any officer authorized thereto by tho Minister may make such inquiry as he may deem necessary for ascertaining tho income of any taxpayer, and for the purposes of such inquiry such officer shall have all the
powers and authority of a commissioner appointed under Part I of the
Inquiries Act, Revised Statutes of Canada, 1906, Chapter 104.
9. (1) For every default in complying with the provisions of the two next
preceding sections, the taxpayer, and also the person or persons required
to make a return, shall each be liable on summary conviction to a
penalty of $100 for each day during which the default continues.
(2) Any person making a false statement in any return or in any information required by the Minister, shall be liable on summary conviction to
a penalty not exceeding $10,000, or to six months' imprisonment, or to
both fine and imprisonment.
10. (1) The Minister shall, on or before the 30th day of April in each
year, or on or before such other date as ho may in any case or cases prescribe, determine the several amounts payable for the tax, and shall thereupon send, by registered mail, a notice of assessment in such form as the
Minister may prescribe to each taxpayer notifying him of the amount payable by him for the tax. The tax shall be paid within one month from
the date of mailing of the notice of assessment. In default of payment,
interest at the rate of 7% per annum shall be paid on such tax until the
said tax and interest are paid.
(2) The Minister shall not be bound by any return or information supplied by or on behalf of a taxpayer, and notwithstanding such return or
information, or if no return has been made,the Minister may determine the
amount of the tax to be paid by any person.
(3) Any person liable to pay tho tax shall continuo to be liable, and in
case any person so liable shall fail to make a return as required by this
Act, or shall make an incorrect or false return, and does not pay the tax
in whole or in part, the Minister may at any time assess such person for
the tax, or such portion thereof as ho may be liable to pay, and may prescribe the time within which any appeals may be made under the provisions
of this Act from the assessment, or from the decision of the Board, and
may fix the date of payment of the tax.
11. No person employed in the service of His Majesty shall communicate
or allow to be commtinicated to any person not legally entitled thereto, any
information obtained under the provisions of this Act, or allow any such
Person to inspect or have access to any written statement furnished under
the provisions of this Act. Any person violating any of the provisions of
451
this section shall be liable on summary conviction to a penalty not exceeding $200.
12. (1) The Governor in Council may appoint a board or boards of
referees, and may prescribe the territory or district within which a board
shall exercise jurisdiction. A board shall consist of not more than three
members, and the members of a board shall jointly and severally have all
the powers and authority of a commissioner appointed under Part I of the
Inquiries Act, Revised Statutes of Canada, 1906, Chapter 104.
(2) Every member of the board shall take an oath of office in Form I
of the Schedule to this Act before performing any duty under this Act.
All affidavits made in pursuance of this subsection shall be filed with the
Minister.
13. A board shall act as a Court of Revision, and shall hear and determine
any appeal made by a taxpayer under this Act in such place in Canada as
the Minister may direct.
14. Any person objecting to the amount at which he is assessed, or as
having been wrongfully assessed, may, personally or by his agent, within
twenty days after the date of mailing of the notice of assessment, as provided in Section 10 of this Act, give notice in writing to the Minister in
Form II of the Schedule to this Act, that he considers himself aggrieved
for either of the causes aforesaid, otherwise such person's right to appeal
shall cease, and the assessment made shall stand and be valid and binding
upon all parties concerned, notwithstanding any defect, error or omission
that may have been made therein, or in any proceeding required by this
Act or any regulation hereunder: Provided, however, that the Minister,
either before or after the expiry of the said twenty days, may give a taxpayer further time in which to appeal.
15. (1) A board, after hearing any evidence adduced, and upon such
other inquiry- as it considers advisable, shall determine the matter and
confirm or amend the assessment accordingly. A board may increase the
assessment in any case before it. The board shall send a copy of its decision
by registered mail to the taxpayers or his agent or officer.
(2) In any case where the appeal is unsuccessful, the board may direct
that the person who appealed shall pay the costs or part of the costs of
such appeal; and if such appeal is successful, a board may recommend that
the costs or any part thereof be paid by the Crown. The tariff of fees
shall be as prescribed by the Board.
16. If the taxpayer fails to appear either in person or by agent, the
Board may proceed ex parte or may defer the hearing.
17. If the taxpayer is dissatisfied with the decision of a Board, he may,
within twenty days after the mailing of the decision, give a written notice
to the Minister in Form III of the Schedule to this Act that he desires to
appeal from such decision. If the taxpayer gives such notice, or if the Minister is dissatisfied with the decision, the Minister shall refer the matter to
the Exchequer Court of Canada for hearing and determination, and such
reference may be made in Form IV of the Schedule to this Act, and he shall
notify the taxpayer by registered letter that he has made such reference.
On any such reference the Court shall hear and consider such matter upon
the papers and evidence referred, and upon any further evidence which
the taxpayer or the Crown produces under the direction of the Court, and
the decision of the Exchequer Court thereon shall be final and conclusive.
*
*
*
*
*
*
*
*
*
*
24. The first return to be made by taxpayers under Section 7 of this Act
shall be made on or before the 28th day of February 1918, and all taxpayers
shall (subject to the provisions of Subsection 2 of Section 4) be liable to
taxation in respect of their income for the year ending the 31st day of
December 1917, and for each year thereafter, as provided by this Act.
THE BUSINESS PROFITS WAR TAX ACT. 1916.
1. This Act may be cited as The Business Profits War Tax Act, 1916.
2. In this Act, and in any regulations made under this Act, unless the
context otherwise requires—
(a) "Minister" means the Minister of Finance of Canada;
(b) "Board" means the Board of Referees appointed under the provisions
of Section 9 hereof;
(c) "non-Canadian company" means an incorporated company having
its head office or principal place of business outside Canada but having
assets in or carrying on business in Canada, either directly or through or
in the name of any other person;
(d) "person" means any individual or person and any partnership,
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;
(e) "tax" means the tax, toll or duty authorized by Section 3 of this Act;
(f) "taxpayer" means any person paying, liable to pay, or suspected by
the Minister to be liable to pay any tax imposed by this Act.
3. There shall be levied and paid to His Majesty a tax of 25% of the
amount by which the profits earned in any business exceeded, in the case
of a business owned by an incorporated company, the rate of 7% per
annum. and. in the case of a business owned by any other person, the rate
of 10% per annum upon the capital employed in such business. Such tax
shall be levied against and paid by the person owning such business for each
and every accounting period ending after the thirty-first day of December.
one thousand nine hundred and fourteen. In any business where the said
profits exceed 15% per annum the said tax shall be increased to 50% with
respect to all profits in excess of the said 15% but not exceeding 20% Per
annum, and where the said profits exceed 20% per annum the said tax shall
be Increased to 75% with respect to all profits in excess of the said 20%,and
such increases in the tax shall be levied against and paid by the person
owning such business for each and every accounting period ending after
the thirty-first day of December, one thousand nine hundred and sixteen.
Any person haring a business with a capital of not less than $25,000 and
under 850,000 shall pay a tax of 25% of the amount of the profits exceeding
10% per annum upon the amount of the capital employed therein. Provided.
however,
((a) That the amount paid or payable by any person under the
provisions of Part One of The Special War Revenue Act, 1915, shall
be deducted from the amount which such person would otherwise
be liable to pay under the provisions of this Act, and the Minister
shall have power to determine any questions that may arise in consequence of any difference in the several periods for which the
taxes under the said Act and under this Act respectively, are payable, and the decision of the Minister thereon shall be final and
conclusive]—
(a) That the amount paid or payable by any person under the provisions of
Part I of The Special War Revenue Act, 1915, and The Income War Tax Act,
1917, shall be deducted front the amount which such person would otherwise
be liable to pay under the provisions of this Act, and the Minister shall have
power to determine any questions that may arise in consequence of any difference in the several periods for which the taxes under the said Acts and under
this Act respectively are payable, and the decision of the Minister thereon shall
be final and conclusive, but in computing the profits of his business no taxpayer shall include any taxes paid under the said Acts in the expenses of his
lea
business.
452
THE CHRONICLE
[VoL. 107.
(b) That the dividends received from the stock of any incorporated com- such increase or any part thereof when determining the capital of such
pany which has paid a tax upon its profits under the provisions of this company for the purposes of this Act, and the decision of the Minister shall
Act shall not be included when the profits of any business are being deter- be final and conclusive.
mined; and
8. For the purposes of this Act the capital employed in the business
(c) That the amount of any tax paid by a person under the provisions of any person other than an incorporated company shall be taken to be the
of the Finance Act (No. 2), 1915, passed by the Parliament of the United fair value of all assets, real and personal, movable and immovable, used in
Kingdom of Great Britain and Ireland or under any legislation for raising connection with such business in the accounting period.
revenue for the present war in force in India, or any colony or dependency
2. Accumulated profits employed in the business shall also be deemed
of His Majesty, or in France, Russia, Italy, Belgium, Japan, Serbia, capital.
Montenegro, Portugal and any other country that may hereafter become
3. Any money or debts borrowed or incurred in connection with the
an ally of His Majesty in the present war, or the colonies or dependencies business shall be deducted in computing the amount of capital for the
of any of these countries, in respect of any business liable to taxation here- purposes of this section.
under shall be deducted from the amount of the tax that would otherwise
10. Every person liable to taxation under this Act shall, on or before
be payable by such person under this Act.
the first day of July in each year, without any notice or demand, deliver in
4. For the purposes of this Act an accounting period shall be taken to be duplicate to the Minister a return in Form J of the schedule to this Act
the period for which the accounts of the business have been made up, but or in such other form as the Minister may prescribe covering each accounting
where the accounts of any business have not been made up for any definite period for which he is liable to taxation. In such return the taxpayer shall
period or for the period for which they have been usually made up, or if a state an address in Canada to which all notices and other documents to
year or more has elapsed without the accounts being made up, the account- be mailed or served under this Act may be mailed or sent.
ing period shall be taken to be such period and ending on such a date as tho
2. The return, in the case of a partnership, syndicate, association or
Minister may determine.
other body, shall be made and signed by a member or officer having a
5. The businesses to which this Act applies are all trades and businesses personal knowledge of the affairs of such partnership, syndicate, association
(including the business of transportation) of any description carried on, or or other body, or, in the case of a company, by the president, secretary,
partly carried on, in Canada whether continuously or not, except:
treasurer or chief agent having a personal knowledge of the affairs of such
(a) The business of any person the capital employed in which has been corporation, or, in any case, by such other person or persons employed in
throughout the accounting period less than (fifty thousand] twenty- the business liable, or suspected to be liable, to taxation as the Minister
five dollars other than a business which, or twenty per centum or more may require.
of which, is or has been the manufacturing or dealing in munitions of war
3. The Minister may at any time enlarge the time for making any return.
or in materials or supplies of any kind for war purposes;
12. For every default in complying with the provisions of the two next
(b) The business of life insurance;
preceding sections the taxpayer and also the person or persons required
(c) The business of farming and live stock raising; and
to make a return shall each be liable on summary conviction to a penalty
(d) The business of any company, commission or association not less of one hundred dollars for each day during which the default continues.
than ninety per cent of the stock or capital of which is owned by a province
2. Any person making a false statement in any return, or in any informaor a municipality.
tion required by the Minister, shall be liable on summary conviction to a
Computation of Profits.
penalty not exceeding ten thousand dollars or to six months' imprisonment.
6. The profits shall be taken to be the net profits arising in the account- or to both fine-and imprisonment.
13. The Minister shall, on or before the first day of September in each
ing period.
2. The profits of a non-Canadian company shall be the net profits arising year, or on or before such other date as he may in any case or cases prescribe, determine the several amounts payable for the tax, and shall there
from its Canadian business including both domestic and export business.
3. No deductions from the gross profits for depreciation or for any upon send, by registered mail, a notice of assessment in such form as
expenditure of a capital nature for renewals, or for the development of a the Minister may prescribe to each taxpayer notifying him of the amount
business, or otherwise in respect of the business, shall be allowed, except payable by him for the tax. The tax shall be paid each year within one
such amount as appears to the Minister to be reasonable, and to be properly month from the date of the mailing of the notice of assessment.
In default of payment, interest at the rate of 7% per annum shall be
attributable to the accounting period, and the Minister when determining
the profits derived from mining shall make an allowance for the exhaustion paid on such tax until the said tax and interest are paid.
2. The Minister shall not be bound by any return or information psuof the mines.
4. Any deduction made from the gross profits for the remuneration of plied by or on behalf of a taxpayer, and notwithstanding such return ro
directors, managers, and persons concerned in the management of the information, or if no return has been made, the Minister may determine
business shall not (unless the Minister, owing to any special circumstances, the amount of the tax to be paid by any person.
3. Any person liable to pay the tax shall continue to be so liable for the
otherwise directs) exceed the sums deducted for those purposes in the last
accounting period ending before the first day of January, one thousand period of three years from the time at which such tax would have been
nine hundred and fifteen, and no deductions shall be allowed in respect of payable, and in case any person so liable shall fail to make a return as
any transaction or operation of any nature where it appears, or to the required by this Act, or shall make an incorrect or false return, and does
extent to which it appears, that the transaction of operation has improperly not pay the tax in whole or in pat, the Minister may at any time within
reduced the amount to be taken as the amount of the profits of the business the said throe years assess such person for the tax, or such portion thereof
as he may be liable to pay, and may prescribe the time within which any
for the purposes of this Act.
5. In the case of any contract extending beyond one accounting period appeals may be made under the provisions of this Act from the assessment
or from the decision of the Board.
from the date of its commencement to the completion thereof and only
4. The tax may be assessed on any person for the time being owning or
partially performed in any accounting period there shall (unless the Minister, owing to any special circumstances, otherwise directs) be attributed carrying on the business or acting as agent for that person in carrying on
the business, or, where a business has ceased, on the person who owned
to each of the accounting periods in which such contract was partially performed, such proportion of the entire profits or estimated profits in respect or carried on the business or acted as agent in carrying on the business
of the complete performance of the contract as shall be properly attributable immediately before the time at which the business ceased, and where there
to such accounting periods, respectively, having regard to the extent to has been a change of ownership of the business, the Minister may, if he
thinks fit, take the accounting period as the period ending on the date on
which the contract was performed in such periods.
6. Where an incorporated company conducts its business, whether under which the ownership has so changed and assess the tax on the person
agreement or otherwise, in such manner as either directly or indirectly to who owned or carried on the business or acted as agent for the person
benefit its shareholders or any of them or any persons directly or indirectly carrying on the business at that date.
14. No person employed in the service of His Majesty shall communicate
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 or allow to be communicated to any person not legally entitled thereto any
therefor, the Minister may for the purposes of this Act determine the information obtained under the provisions of this Act, or allow any such
amount which shall be deemed to be the profits of such company for any person to inspect or have access to any written statement furnished under
accounting period, and in determining such amount the Minister shall have the provisions of this Act. Any person violating any of the provisions of
regard to the fair price which, but for any agreement, arrangement or this section shall be liable on summary conviction to a penalty not exceeding
understanding might be or could have been obtained for such product, two hundred dollars.
26. The provisions of Section 3 of this Act shall not continue in force
goods and commodities.
after the thirty-first day of December, one thousand nine hundred and
Capital.
(seventeen] eighteen. Provided, however, that with respect to every
7. For the purposes of this Act the capital employed in the business of business liable to taxation hereunder the period for which the returns shall
an incorporated company having its head office or other principal place be made and during which it shall be liable for assessment shall be at least
of business in Canada shall be the amount paid up on its capital stock.
(thirty-six months],forty-eight months, commencing with the beginning
2. For the purposes of this Act the capital employed in the business of of the first accounting period ending after the thirty-first day of December,
a non-Canadian company shall be such portion of the amount paid up on one thousand nine hundred and fourteen, or for such loss period as the
its capital stock as shall bear the same proportion to the amount paid up business may have been carried on from the beginning of the said acon its entire capital stock as the value of its assets in Canada bears to the counting period to the end of the period for which the said tax may be
value of its total assets.
levied under this Act. Provided, also, that the tax payable in respect of any
3. For the purpose of this Act the amount paid up on the capital stock business with a capital of not less than $25,000 and under $50,000 shall be
of a company shall be the amount paid up in cash. Where stock was payable for all accounting periods commencing after the thirty-first day of
issued before the first day of January, one thousand nine hundred and December 1917.
fifteen, for any consideration other than cash, the fair value of such stock
on such date shall be deemed to be the amount paid up on such stock; and OTTO H. KAHN TELLS OF IMPRESSIONS IN EUROPE.
where stock has been issued since the said first day of January for any
In a statement prepared in response to requests for his
consideration other than cash, the fair value of the stock at the date of its
issue shall be deemed to be the amount paid up on such stock. In esti- impressions of conditions in Europe, Otto H. Kahn, of
mating the value of stock issued for any consideration other than cash, Kuhn,
Loeb & Co., who returned from abroad last week
regard shall be had to the value of the assets, real and personal, movable
and inunovable, and to the liabilities of the company at the date as of which after an absence of nearly three months, stated that the
such value is to be determined. In no case shall the value of the stock be desire of Great Britain to do everything possible for our
fixed at an amount exceeding the par value of such stock.
boys over there and to make of the present comradeship in
4. For the purposes of this Act the actual unimpaired reserve, rest or accumulated profits held at the commencement of an accounting period by an arms a lasting, deep and cordial friendship between the two
incorporated company shall be included as part of its capital as long as it is nations, is strikingly manifest. "Whatever betide,"
says
held and used by the company as capital, and dividends paid during an
Mr. Kahn, "the world will be safe for peace, humanity and
accounting period shall be considered as a reduction of unimpaired reserve,
liberty as long as America and Great Britain, understanding
rest or accumulated profits.
2. This section shall be deemed to have come into force on and from May and trusting one another, stand on guard."
While in
18 1916.
5. The Minister may determinelho amount of the capital for the purposes Europe Mr. Kahn had long interviews with the King of
of this Act, of any incorporated company issuing stock after the fifteenth Spain,Prime Minister Lloyd George, and the Prime Minister
day of February, one thousand nine hundred and sixteen, and if, after the of Spain, as
well as statesmen and generals at the head of
said fifteenth day of February, one thousand nine hundred and sixteen, the
capital stock of any incorporated company is increased or additional stock the activities of all of the important Allies. The following
Is issued, or if the stock is in any way changed or reorganized in such a is the statement made by him:
manner as to increase the amount of the capital for the purposes of this
I have been to England and Spain and all through France, where, thanks
ct, the Minister may decide whether or not it is fair and proper teinclude to the
courtesy of General Pershing, I visited She American front and all
AUG. 3 1918.]
THE CHRONICLE
453
the American bases and principal lines of communication. I had occasion situation,
bids fair to be an important field of activity. It is to be hoped
to talk with many of the leading personages in England, France and Spain. that we shall
not delay too long in laying at least the groundwork for the
I was immensely impressed by the spirit of Great Britain and the mag- adequate
assertion of American enterprise in Spain. The country offers
nitude and efficiency in all directions of her war effort, which has not, a number
of commercial opportunities and great natural advantages,
apart
perhaps, been generally appreciated as yet at its full value.
from being replete with beauty and interest.
As a business man, I was naturally able to realize best their organization
I cannot find words to express the depth and intensity of my admiration
business side of war. They have drafted their best business brains for
for the
the spirit, the morale and the achievements of the American
army
everywhere into the service of the Government. Their supply, transporta- It is
difficult to speak of our boys and their leaders without using
language
tion, manufacturing and salvage systems, for instance, are marvels of which
may sound rhapsodical, and which yet is no more than
the bald
business organization.
and sober truth. I have met a great many officers and
men on the boat
Mr. Andrew Weir, Director-General of Supplies, and, amongst other going
over to Europe, at our army bases, along the lines of communicatio
n
things, in charge of the army salvage system, was good enough to show and and at
the front.
explain to me his methods of operation. He told me that in the space of
Everywhere I found the same simple and unostentatious,
yet grim and
three years he will have saved to the nation through salvage, or, rather, in iron
determination to hold life cheap for the honor and glory and
safety
effect created for the nation, $500,000,000 out of things which formerly of
America; everywhere the same modest, sympathetic and soldierly
bearwent into the scrap heap.
ing, and keen and quick-witted adaptability; everywhere
the same rote
Our army is engaged in similar work, though it has not yet, of course, of splendid
and eager courage, of willing discipline and service, ef
nncortt•
attained the magnitude of the British. If we find ways of applying after plaining
endurance under hardships and discomforts, of buoyan t
good
the war systematically in civil life the lessons now being learned as to the
nature and humor, of clean and kindly thought and feeling.
use and value of materials heretofore considered absolute waste, the possiThere is grateful acknowledgment in the army of many things admirably
bility of the creation of wealth by that means in our country almost staggers
done for the welfare of the men. And there is universal thankfulness
that,
the imagination.
as far as it is humanly possible to prevent it, the home authorities
have
The desire of Great Britain to do everything possible for our boys over
not permitted politics to touch the army, and that merit
is sought out,
there and to make of the present comradeship in arms a lasting, deep and
recognized and rewarded.
cordial friendship between the two nations, is strikingly manifest throughI did not hear a single real complaint except on one minor score—and
out the land, from the highest to the lowest. I believe the importance of
on that the complaint is almost unanimous—namely, the stiff
collar and
meeting them in the same spirit, sincerely, wholeheartedly, and without
general inappropriateness and discomfort of our army uniform, which,
reservation, cannot be overestimated.
by the universal verdict of our own men and of those of other nations, is
Whatever betide, the world will be safe for peace, humanity and liberty
as long as America and Great Britain, understanding and trusting one both the least well-appearing and the least practical of all uniforms. There
Is also some grumbling about the dilatoriness in making payment to solanother, stand on guard. The world will not be safe otherwise for any
diers, and about the slowness with which mail is handled—the latter a
length of time. If she should be given the opportunity once more, Gerreally serious grievance, for prompt and frequent communications from and
many, by subtle and open means, may be expected to try again to sow the
with home is of great importancerto the morale of the army.
seeds of dissension between America and England after the war, as she did
In addition to the magnificent record our army has already made as a
for so many years before the war.
fighting force, and the promise, amply warranted, of further great achieveFrance is superb beyond words. I happened to be in Paris during the
two weeks beginning May 27, when the Germans broke through at tho ment, the capacity which our West Pointers in command of the great army
Chemin des Dames and came within about forty miles of Paris, when bases have demonstrated for far-sighted, broad-visioned, boldly-conceived
there was a long-range bombardment of Paris almost daily and air raids planning, for constructive work and for efficient business organization is
practically every night. Yet life and business in Paris went on as before; nothing short of marvelous.
I am pretty familiar with big organization work, but I have seen nothing
there was not the slightest evidence of excitement, let alone fear. A good
many men sent their women-folk and children away, other measures of which impressed me more, and very few things, indeed, which impressed
me as much as the work planned, executed and administered at the French
prudence were taken to guard against contingencies, but there was absolute
harbors, at our bases and along our line Of supplies by that great chief,
calm and sangfroid.
It was only the outburst of enthusiasm at the magnificent fighting and General Pershing, and the officers whom he has placed in direct charge.
Nor have I met any wiser or better posted or more hard-working men than
far-reaching success early last June of the Americans hurriedly thrown into
the battle in the neighborhood of Chateau Thierry which showed how those at the head of special departments of the army with whom I had
occasion to come into contact.
groat had been the strain, how tense the nerves underneath the outer calm.
And from what I have seen at Brest and elsewhere, the same spirit of
It is a soul-stirring story—the story of that relatively small American force
rushing forward at a very critical moment and turning the tide by throwing devoted and unselfish service and of intense, unsparing, ceaseless effort
pervades the navy.
itself upon the enemy with irresistible dash and bravery. When the full
An immense debt of gratitude and recognition is due from the nation
account of the war comes to be written it will, I believe, be found that that
action, in its psychological and strategic consequences, was among its to its defenders. They have won golden opinions wherever they have
been in Europe, they have been a revelation to other nations, they have
determining events.
What the men—and the women, too—of France have done of heroism, shed lustre upon the name of America.
No American can see what our army and navy are doing in Europe in
and resolutely and uncomplainingly borne of sacrifice these past four
years the way of fighting, of planning, constructing,
administering, no one can
forms one of the very noblest chapters in the world's history. The
entire see their morale, spirit and behavior without
civilized world owes a debt to France which it can never repay.
being deeply thrilled with
She has, pride and gratitude.
indeed, become the sacred soil of humanity.
No American can come in touch with the affectionate admiration, with
It is touching to observe on every hand the affection and gratitude
of the trust and faith of the Allied nations towards
our country without
the French people towards America. In France, as well as in
England, feeling even more profoundly and reverently
than before the high privilege
there is the most warm-hearted and admiring recognition of the
idealism of being an American citizen,and without being
stirred by a solemn sense
and unselfishness of America's alms and attitude under President
Wilson's
leadership. And their admiration for the valor, the fighting capacities of the obligation to do whatever he individually may be capable of doing,
to prove himself a worthy servant of the Great Republic in war as well
and the conduct of our troops knows no bounds.
'as in peace, and an earnest and sincere helper, however modestly and humIt was interesting and significant to notice how universally the
French bly, towards the realization of her high ideals
and lofty mission.
look to us for commercial co-operation after the war. Through
our army's
constructive activities they have seen at work on their own soil a race in
which tradition, surroundings and the principles and methods of personal
DR. NICHOLAS MURRAY BUTLER URGES THAT
initiative and individual enterprise have developed daring, resourcefulness
LEAGUE TO ENFORCE ORDER BE MADE
self-reliance, adaptability and short-cut methods. They want us
to Join
our qualities with their qualities and their opportunities.
PERMANENT.
And,strange as it may seem in so old a country, France offers many and
The recommendation that the league to establish and engreat commercial opportunities quite apart from the work of reconstructio
n.
Moreover, their colonies are an empire of immense resources
and vast force the rules of international law and conduct "should be a
potential wealth.
It is to be hoped that the paternalistic control of enterprise and industry, permanent addition to the world's organization for order and
peaceable progress" has been made by Dr. Nicholas Murray
which is a necessary measure in war time, will not be permitted in
our
country to grow into a permanent feature of our governmental system,
and Butler of Columbia University, who also urges that the Inthat as soon as possible the fetters now placed upon private initiative
and
personal incentive will be removed and the genius of American individual ternational Court of Justice urged by the American delegaenterprise set free again, with due regard, be it understood, for
the welfare tion at the Second Hague Conference should now be called
and opportunities of the masses of the people and for the duty of the
State into being. Dr. Butler's pronouncements are contained in
to protect those least able to protect themselves and to prevent exploitation
an article written for the London "Daily Chronicle"; it was
or oppression, undue privilege and unfair practices.
At a time when the unprecedented upheaval of the war has led to a printed in the issue of the latter for July 27, and reproduced
good deal of turgid thought and well-meant, though shallow, sentiment as follows
in the New York "Times" of July 28:
finding expression in crude socialistic preachings and proposals in
other
The experiences of the war have carried far forward the time-old project
countries, including our own,the French poeple, with the proverbial lucidity
to bring about closer and better co-operation between nations in establishof their mental processes and their clear recognition of the realities of things,
ing and maintaining order and justice throughout the world. The dreams
are turning in the direction of fostering and stimulating personal effort and
of the seers of past centuries can soon be realized. Out of the present alenterprise and private initiative after the war. They have tried bureau- liance
of free democratic peoples it will not be difficult to build the struc
cratic regime and governmental centralization for many years, and, on the
ture of a league or society of nations which, without attempting too much,
whole, their expressions indicate that they see little reason to be particuwill at least put into effect the lessons taught by the present war, and erect
larly gratified with the results of that system.
the stoutest sort of a barrier against the recurrence of so terrible a calamity.
As to Spain, although German intrigue, unscrupulous plotting and propaA league to establish and to enforce the rules of international law and conganda are rampant, the widely prevalent impression that her people
are duct is now in existence, with Great Britain, France, Italy and the United
predominantly pro-German is erroneous. Spain is neutral and means to States
as its most potent members. These nations and those associated
remain out of the war, but I am convinced that her sympathies, on the
with them have already, in effect, united under a single command their
whole, are more pro-ally than otherwise and can be made still more so.
fighting armies, brought into closest co-operation their navies, pooled their
The developments incident to the war have greatly strengthened, tomercantile shipping, their financial resources, their food supplies, and their
gether with the economic position and prosperity, the national consciousmunitions of war. What seemed quite impossible five years ago has now
ness of Spain. Their policy is Spain for the Spaniards. They don't intend
been easily and smoothly accomplished under the pressure of the supreme
after the war to be the tail to the kite of any nation or group of nations.
need of resisting the Teutonic attempt to reduce the free nations of the
The prevailing sentiment is friendly to America, and I am convinced
world to the position of serfs under the domination of the Imperial German
that with understanding, tact and sympathy towards Spain, coupled
with Government.
a reasonably liberal policy in furnishing her the raw materials
and other
This league should be a permanent addition to the world's organization
things she needs from us, we can obtain everything from her
which we for order and peaceable progress. Upon its firm and permanent establishhave a right to expect from a friendly disposed neutral.
ment three consequences will necessarily follow: First, there can be no seplig Several plans are under contemplation for closer and more active relationarate alliances or ententes of a political or military character between the
ship between America and Spain after the war, which is greatly
to be nations included in the league; second, there can be a speedy reduction of
welcomed from the point of view of both people.
armaments, both to lighten the burdens of taxation and to turn the minds
The Germans are leaving no stone unturned to secure for their industries
and commerce after the war an adantageous, influential and permanent of the nations away from international war, to prevent which will be one of
the chief aims of such a league; third, the most favored nation clause must
footing in Spain, which countrY, owing to its geographic and economic
be made applicable to all members of the league, whenever treaties of corn-
454
THE CHRONICLE
merce are concluded between any two or more of the nations that are included in it. This will either greatly lessen or wholly remove one of the
strongest economic temptations to international war.
The International Court of Justice urged by the American delegation at
the Second Hague Conference should now be called into being. This court
would have the same jurisdiction over questions affecting international relations and international law that the Supreme Court of the United States
has over all cases in law and equity arising under the Constitution of the
United States and treaties made under its authority. A somewhat similar
jurisdiction already attaches within the British Empire to the Judicial
Committee of the Privy Council. The enforcement , when necessary, of
the findings of this court should be a matter of joint international action in
accordance with a definite plan to be determined upon when the court is
. established. The principle upon which this action will rest has been stated
with characteristic precision by Mr. Asquith when he said that tile rule of
the authority of an international court "must be supported in case of need
by the strength of all; that is, in the last resort, by armed force."
For the success of this court it is imperative that secret international understandings be deprived of any validity whatever in international law. It
should be provided that, as a condition of the validity in international law
of any treaty between two contracting Powers,a copy of it must be deposited
immediately upon its ratification in the archives of the International Court
of Justice at The Hague. There would then be at least one official public
depositary for every existing valid treaty.
It should be clearly understood that any such plan of international cooperation as this league of nations would involve the giving up by each
nation included in the league of the absolute right of its Govarnment to
deal finally and without appeal except to war, with questions arising out of
treaties or relations between itself and some other Government. Little
serious progress can be made in getting rid of war and in better organizing
the world until the free peoples are ready to have their several Governments
take this long step forward.
It is important that this league of nations should begin by not attempting
too much. The Line of least resistance, and therefore of greatest possible
progress, is to lay stress upon the power and authority of a single international judicial authority, and to accustom the public opinion of the world
to seek and to defer to the findings of such authority. All international
agreements between members of the league would in effect be acts of international legislation, and in due time some formal international legislative body might be brought into existence. It would be much better, however, to give this body a chance to grow up naturally, rather than to attempt to bring it into existence as part of a logical and systematically worked
out plan.
Such a league of nations as is here outlined will rest upon a moral foundation. Its aim will be to advance the good order, the satisfaction and the
happiness of the world. It will not be, and should not be, merely a league
to enforce peace. A league of that name might well rest solely upon force
and entirely overlook both law and equity. Doubtless Germany and
Austria-Hungary now feel that they are joint and several members of a
highly meritorious league to enforce peace—peace upon their own terms and
as they conceive it. A league of nations that aims to declare and to enforce
principles of international law and justice, will of necessity be a league to
establish peace, because it will be a league to establish those foundations
upon which alone permanent peace can rest. There is no reason why there
should be any further delay in bringing this league formally into existence.
Even while military and naval operations are being pressed forward to
that certain victory which will one day be theirs, this league should bo formally established, and international organs created by it to prepare systematically and scientifically for promptly dealing with the grave economic,
social and political problems that the cessation of hostilities, the demobilization of armies, and the new world conditions that are to be the result of
the overthrow of Prussian militarism will certainly bring forward for quick
solution.
It would be difficult to make a better statement of the rights and duties
of nations than those adopted by rho American Institute of International
Law at Washington on Jan. 6 1916, and supplemented by the same body
at Havana, Republic of Cuba, on Jan. 23 1917. A copy of these declarations follows:
"Whereas, The municipal law of civilized nations recognizes and protects
the right to life, the right to liberty, the right to the pursuit of happiness,
as added by the Declaration of Independence of the United States of
America, the right to legal equality, the right to property, and the right
to the enjoyment of the aforesaid rights; and
"Whereas, These fundamental rights, thus universally recognized, create
a duty on the part of the peoples of all nations to observe them;and
"Whereas, According to the political philosophy of the Declaration of Independence of the United States and the universal practice of the American republics, nations, or governments are regarded as created by the
people, deriving their just powers from the consent of the governed,
and are instituted among men to promote their safety and happiness and
to secure to the people the enjoyment of their fundamental rights; and
"Whereas, The nation is a moral or juristic person, the creature of law,
and subordinated to law as is the natural person In political society; and
"Whereas, We deem that these fundamental rights can be stated in terms
of international law and applied to the relations of the men:therm of the
society of nations, one with another, just as they have been applied in the
relations of the citizens or subjects of the States forming the Society of
Nations; and
"Whereas, These fundamental rights of national jurisprudence, namely,
the right to life, the right to liberty, the right to the pursuit of happiness,
the right to equality before the law, the right to property, and tho right
to the observance thereof, are, when stated in terms of international law,
the right of the nation to exist and to protect and to conserve its existence;
the right of independence and the freedom to develop itself without interference or control from other nations; the right of equality in law and before
law; the right to territory within defined boundaries, and to exclusive
jurisdiction therein; and the right to the observance of these fundamental
rights; and
"Whereas, The rights and the duties of nations are, by virtue of membership in the society thereof, to be exercised and performed in accordance
with the exigencies of their mutual interdependence expressed in the preamble to the Convention for the Pacific Settlement of International Disputes
of the First and Second Hague Peace Conferences, recognizing the solidar.
ity which unites the members of the society of civilized nations;
'Therefore, The American Institute of International Law at Its first session, held in the City of Washington in the United States of America on
Jan. 6 1916, adopted the following six articles, together with the commentary thereon, to be known as its
DECLARATION OF THE RIGHTS AND DUTIES OF NATIONS.
"I. Every nation has the right to exist, and to protect and to conserve
its existence; but this right neither implies the right nor justifies the act
of the State to protect itself or to conserve its existence by the commission of unlawful acts against innocent and unoffending States.
[VoL. 107.
"II. Every nation has the right to independence in tho sense that it has a
right to the pursuit of happiness and is free to develop itself without interference or control from other States, provided that in so doing it does not
interfere with or violate the rights of other States.
"III. Every nation Is in law and before law the equal of every other
nation belonging to the society of nations, and all nations have tho right
to claim, and, according to the Declaration of Independence of the United
States, "to assume, among the powers of the earth, the separate and equal
station to which the laws of nature and of nature's God entitle them."
"IV. Every nation has the right to territory within defined boundaries
and to exercise exclusive jurisdiction over its territory, and all persons,
whether native or foreign, found therein.
"V. Every nation entitled to a right by the law of nations is entitled to
have that right respected and protected by all other nations, for right
and duty are correlative, and the right of one is the duty of all to observe.
"VI. International law is at one and the same time both national and international—national in the sense that it is the law of the land, and applicable as such to the decision of all questions involving its principles; international in the sense that it is the law of the society of nations, and
applicable as such to all questions between and among the members of the
society of nations involving its principles.
RECOMMENDATIONS OF HAVANA
"Adopted by the American Institute of International Law at its session
held in Havana, Republic of Cuba, Jan. 23 1917.
"Whereas, The independent existence of civilized nations and their solidarity of interests under the conditions of modern life has resulted in a society of nations; and
"Whereas, The safety of nations and the welfare of their peoples depend
upon the application to them of principles of law and equity in their mutual relations as members of civilized society; and
"Whereas, The law of nations can best be formulated and stated by the
nations assembled for this purpose in international conferences; and
"Whereas, It is in the interest of the society of nations that international
agreements be made effective by ratification and observance on all occasions, and that some agency of the society of nations be constituted to
act for it during the intervals between such conferences; and
"Whereas, The principles of law and equity can best be ascertained and
applied to the disputes between and among the nations by a court of justice accessible to all the independent Powers forming the society of civilized
nations;
"Therefore, The American Institute of International Law, at its second
session, held in the City of Havana, In the Republic of Cuba, on the 23d
day of January, 1917, adopts the following recommendations, to be known
as its Recommendations of Havana:
"1. The call of a Third Hague Conference, to which every country belonging to the society of nations shall be invited and in whose proceedings
every such country shall participate.
"2. A stated meeting of The Hague Peace Conference, which, thus meeting at regular, stated periods, will become a recommending if not a lawmaking body.
"3. An agreement of the States forming the society of nations concerning
the call and procedure of the Conference, by which that institution shall
become not only internationalized, but in which no nation shall take a preponderating part.
"4. The appointment of a committee, to meet at regular intervals between the conferences, charged with the duty of procuring the ratification
of the conventions and declarations and of calling attention to the conventions and declarations in order to insure their observance.
"5. An understanding upon certain fundamental principles of international law, as set forth in the Declaration of the Rights and Duties of Nations adopted by the American Institute of International Law at its first
annual meeting, held in Washington, on Jan. 6 1916.
"6. The creation of a permanent international council of conciliation to
consider, to discuss and to report upon such questions of a nonjusLiciable
character as may be submitted to such council by an agreement of the Powers for this purpose.
"7. The employment of good offices, mediation, and friendly composition for the settlement of disputes of a nonjusticiablo nature.
"8. The principle of arbitration in the settlement of disputes of a nonjusticiable nature; also of disputes of a justiciable nature which have,
through delay or mismanagement, assumed such political importance that
the nations prefer to submit them to arbiters of their own choice rather
than to judges of a permanent judicial tribunal.
"9. The negotiation of a convention creating a judicial union of tho nations along the lines of the Universal Postal Union of 1908, to which all
civilized and self-governing dominions are parties, pledging the good faith of
the contracting parties to submit their justiciable disputes—that is to say,
their differences involving law or equity—to a permanent court of this
union, whose decisions will bind not only the litigating nations, but also all
parties to its creation.
"10. The creation of an enlightened public opinion in behalf of peateable
settlement in general, and in particular in behalf of the foregoing nine
propositions, in order that, if agreed to, they may be put into practice and
become effective, in response to the appeal to that greatest of sanctions,
'a decent respect to the opinion of mankind.'"
OFFICIAL ANNOUNCEMENT AS TO DATE OF FOURTH
LIBERTY LOAN CAMPAIGN.
It was officially announced by Secretary of the Treasury
McAdoo on July 31 that the Fourth Liberty Loan campaign
would open on Sept. 28 and continue for three weeks to
Oct. 19. This was the period which it had been reported
would be devoted to the campaign. It is stated that the
date is announced at this time in order to allow campaign
organizations to prepare for the sale of bonds and to prevent
the planning of other campaigns which might interfere with
the flotation of the loan. There has been no official announcement regarding the size or the other details of the
loan.
RESULTS OF THIRD OFFERING OF TREASURY CERTIFICATES IN ANTICIPATION OF FOURTH
LIBERTY LOAN.
The results of the subscriptions to the third block of
Treasury certificates of indebtedness, issued in anticipation
of the Fourth Liberty Loan, were announced by Secretary
THE CHRONICLE
AUG. 3 1918.1
455
of the Treasury McAdoo on Aug. 1. These certificates are of the allotted minimum quota. The following is the statedated July 23 and are payable Nov. 21. Subscriptions ment issued by the Federal Reserve Bank:
Subscriptions for the
were received up to the close of business July 30. A mini- cates of indebtedness third series of United States Government certifiissued in anticipation of the Fourth Liberty Loan
mum amount of $500,000,000 was offered, and the subscrip- closed July 30 1918.
$500.000,000
tions amounted to $584,750,500. The districts failing to The minimum quota for the whole country was
subscribe their quotas were Richmond, Atlanta, Minneapolis The minimum quota for the Second Federal Reserve Disirtet 169,333,000
was
and Dallas. The following are the subscriptions and quotas
Total subscriptions in this district aggregated $211,714,000, or over
by districts, in round numbers, as printed in the New York 125% of the allotted minimum quota. The-se subscriptions were made
by 808 banks and miscellaneous subscribers as follows:
"Times" of yesterday (Aug. 2):
Bank—
United States Treasury
Boston
Now York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
Quota.
$43,300,000
169,600,000
35,300,000
45,300,000
17,300,000
14,600,000
70,000,000
20,000,000
17,300,000
20,000,000
12,000,000
35,300,000
$500,000,000
Subscription.
• $4,327,000
48,267,500
211,714,000
36,872,500
55,927,000
16,886,000
13,168,500
83,310,500
25,952,500
16,800,000
23,639,000
10,156,000
38,000,000
$584,750,500
FOURTH OFFERING OF TREASURY CERTIFICATES OF
INDEBTEDNESS IN ANTICIPATION OF
FOURTH LIBERTY LOAN.
A fourth bi-weekly offering of Treasury certificates of
indebtedness, in anticipation of the Fourth Liberty Loan,
was announced by Secretary of the Treasury McAdoo on
Aug. 1. The first two offerings were for a minimum of
$750,000,000, while the third and the present are for a
minimum amount of $500,000,000. The certificates offered
this week will be dated Aug.6 and are payable Dec. 5, with
interest at 4M%. Subscriptions for the same will be
received by the Federal Reserve banks up to the close of
business Aug. 13. The following is the announcement of
the Secretary of the Treasury.
The Secretary of the Treasury, under the authority of the Act approved
Sept. 24 1917, as amended by the Act approved April 4 1918, offers for
subscription, at par and accrued interest, through the Federal Reserve
banks, $500,000,000 or more Treasury certificates of indebtedness, Series
IV., D,dated and bearing interest Aug.6 1918, payable Dec. 5 1918, with
,
interest at the rate of 436% per annum.
Applications will be received at the Federal Reserve banks. Subscription books will close at the close of business Aug. 13 1918. Certificates
will be issued in denominations of $500, $1,000, $5,000, $10,000 and
$100,000. Said certificates shall be exempt, both as to principal and interest, from all taxation now or hereafter imposed by the United States,
any State, or any of the possessions of the United States, or by any local
taxing authority, except (a) estate or inheritance taxes, and (b) graduated
additional income taxes, commonly known as surtaxes, and excess profits
and war profits taxes, now or hereafter imposed by the United States upon
the income or profits of individuals, partnerships, associations, or corporations.
The interest on an amount of bonds and certificates authorized by said
Act approved Sept. 24, or by said Act as amended by said Act approved
April 4 1918, the principal of which does not exceed in the aggregate $5,000,
owned by any individual, partnership, association, or corporation, shall be
exempt from the taxes provided for in clause (b) above. Upon ten days
public notice, given in such a manner as may be determined by the Secretary of the Treasury, the certificates of this series may be redeemed as a
whole at par and accrued interest on or after any date, occurring before the
maturity of such certificate, sot for the payment of tho first installment
of the subscription price of any bonds offered for subscription by the
United States after the offering and before the maturity of such certificates.
The certificates of this series, whether or not called for redemption,
will be accepted at par, with adjustment of accrued interest, if tendered
on such installment date in payment on the subscription price then payable
of any such bonds subscribed for by and allotted to holders of such certificates. The certificates of this series do not bear the circulation privilege,
and will not be accepted in payment of taxes. The right is reserved to
reject any subscription and to allot less than the amount of certificates
applied for and to close the subscriptions at any time without notice.
Payment at par and accrued interest for certificates allotted must be
made on and after Aug. 6 1918, and on or before Aug. 13 1918. After
allotment and upon payment, Federal Reserve banks will issue interim
receipts pending delivery of the definitive certificates. Qualified depositaries will be permitted to make payment by credit for certificates allotted
to them for themselves and their customers up to an amount for which each
shall have qualified in excess of existing deposits when so notified by Federal
Reserve banks.
As fiscal agents of the United States, Federal Reserve banks are authorized and requested to receive subscriptions andrto make allotments in full
in the order of the receipt of applications up to amounts specified in their
respective districts.
Rif
New York State.
Total number of national banks, State bank., trust companies
and savings banks in the State
927
Number of banks and trust companies subscribing to this issue.._
577
Twelve Northern Counties of New Jersey.
Total number of national banks, State banks, trust companies
and savings banks in this district
250
Number subscribing to this issue
184
Fairfield County, Connecticut.
Total number of national banks, State banks, trust companies
and savings banks in the county
44
Number subscribing to this issue
20
Total banking institutions in the district
Total banking institutions subscribing to this issue
Miscellaneous subscribers
1,221
781
27
808
Counties Which Have Equaled or Exceeded Their Quotas on the Current Issue.
Per Cent of Quotas
Per Cent of Quotas
Subscribed.
County—
County—
Subscribed.
1 Montgomery, N. Y
138
203 15 Orange, N Y
2 Richmond, N. Y
Kings, N. Y
187 16
137
3 Ulster, N Y
187 17 Chenango, N. Y
129
4 Greene, N Y
171 18 Morris, N. J
127
166 19 Rockland, N. Y
120
5 Schenectady, N Y
6 Broome, N Y
164 20 Herkimer, N. Y
119
Oswego, N Y
7 Lewis, N Y
115
163 21
8 Rensselaer, N Y
114
159 22 Chemung, N. Y
9 Sullivan, N. Y
112
146 23 Middlesex, N J
10 Clinton. N. Y
145 24 Hudson, N. J
109
11 Queens, N Y
144 25 Westchester, N Y
106
12 New York, N Y
140 26 Jefferson, N Y
102
13 Suffolk, N Y
140 27 Erie, N. Y
101
14 Essex, N. J
101
139 28 Otsego, N. Y
Counties Which Have Equaled or Exceeded Their Total Quotas on the Aggregate
of the Three Issues.
Per Cent of Quotas
Per Cent of Quotas
County—
Subscribed.
County—
Subscribed.
107
1 New York, N. Y
133 7 Greene, N Y
Oswego, N Y
2 Montgomery, N Y
105
117 8
3 Broome, N Y
105
115 9 Suffolk, N Y
114 10 Richmond, N. Y
104
4 Essex, N J
5 Rensselaer, N. Y
111 11 Fulton, N. Y
103
6 Columbia, N. Y
110 12 Kings, N. Y
103
Comparison of the Three Issues in Ancitipation of the Fourth Liberty Loan.
Total
Per Cent of Number of
District
Issue.
Subscription.
Quota.
Subscribers.
Quota.
$312,844,500
125
4A
$251,000,000
683
273,219,500
108
861
4B
254,000,000
808
211,714.000
125
40
169,333.000
MATURING GOVERNMENT BONDS OF 1908-1918.
With reference to the maturity this week of the U. S. 3%
bonds of 1908-1918, the "Wall Street Journal" of Aug. 1 had
the following to say:
There mature to-day the United States 3% bonds of 1908-1918, issued
originally by the Act of June 13 1898. The amount of thee bonds now
outstanding is $63,945,460. Most of them are in the hands of the public,
as only $16,804,240 are held in trust by the Treasurer of the United States.
Of this amount $14,687,040 is pledged against national bank circulation
and $2,117,200 secures deposits of public moneys
The Government has already issued a circular to the effect that the coupon
bonds of the issue may be presented for payment to any Federal Reserve
bank or to the Treasurer of the United States at Washington, while the
registered bonds must be assigned to the Secretary of the Treasury for payment for the account of the holder, and forwarded to the Division of Loans
and Currency at Washington. The bonds cease bearing interest from
to-day. Secretary McAdoo has the money available to pay these bonds
off with, as Congress has already made an appropriation for the redemptions. The money was included in the estimates which went to make up
the requirements of the last Liberty Loan issue.
These outstanding bonds are the remainder of the Spanish War Loan
of 1898, which totaled $198,792,660. Of this original amount, $132,449.900 has been refunded into the 2% consols of 1930; $2,396,800 have been
purchased for the sinking fund and canceled, and $500 have been purchased
and canceled under the Act of March 3 1881,'leaving outstanding at this
time $63,945,460.
COUPON BOOKS SOLD IN THIRD LIBERTY LOAN
CAMPAIGN IN NEW YORK FEDERAL REANALYSIS OF SUBSCRIPTIONS IN NEW YORK TO
SERVE DISTRICT.
TREASURY CERTIFICATES IN ANTICIPATION,
Announcement was made July 28 at the headquarters of
OF FOURTH LIBERTY LOAN.
the Liberty Loan Committee for the New York Federal
An analysis of the subscriptions in the New York Federal
Reserve District to the first three issues of Treasury certificates of indebtedness in anticipation of the Fourth Liberty
Loan has been prepared by the Federal Reserve Bank of
New York. It shows that while there are 1,221 banking
institutions in the district, there were but 808 subscribers,
including 27 miscellaneous subscribers. The total subscriptions in the district aggregated $211,714,000, or over 125%
Reserve District that the partial payment campaign for the
sale of Third Liberty Loan bonds in New York City brought
in $48,597,350. The total number of coupon books sold
was 834,336. The announcemfent says:
Of the total sales, the banks of Manhattan accounted for $26,419,300.
those of Brooklyn for $7.976,300, and those of the Bronx for $2,077,100.
The banks of Queens and Richmond sold $2,342,750 and $389.200, respectively. The balance was credited to the Metropolitan Canvass Committee atid the Woman's Liberty Loan Committee.
456
THE CHRONICLE
Thirteen banks in Manhattan sold $500,000 or more in coupon books.
These institutions, with their total sales, are as follows:
Bankers Trust Company
$727,650 Irving National Bank
$908,500
Chase National Bank
2,415,850 Irving Trust Company
1,191,200
Chatham & Phenix Nat.Ilank_ 953,450 N.Y.Produce Exchange Bank 716,800
Columbia Trust Company_ _ _ _ 740,350 Second National Bank
1,337,150
Corn Exchange Bank
5,253,700 State Bank
1,922,800
Gotham National Bank
574,350 Union Exchange Nat'l Bank— 567,500
Guaranty Trust Company__ _ - 528,200
Twenty-eight banks in Manhattan and one in Brooklyn accepted a
participation of $1,000,000 or more in the carrying pool which was formed
to finance the partial payment subscriptions in Greater New York. The
names of these banks and the amount of their participation were as follows:
Manhattan—
Irving National Bank
$1,702,400
American Exch. Nat. Bank_ _$2,744,700 Irving Trust Company
1,041,200
Bank of Manhattan Company 1,783,000 Liberty National Bank
1,090,000
Bank of New York
1,000,000 Mechanics & Metals Nat.Bank 4,439,900
Bankers Trust Company
5,853,800 National Bank of Commerce_ 4,545,400
Central Trust Company
4,305,800 National City Bank
8,071,600
Chase National Bank
4,217,000 National Park Bank
3,051,700
Chatham & Phenix Nat.Bank.. 2,000,000 New York Trust Company
1,874,400
Chemical National Dank
1,531,400 Seaboard National Bank
1,082,700
Columbia Trust Company_ _ _ - 2,350,000 Title Guarantee & Trust Co.._ 1,152,800
Corn Exchange Bank
2,524,500 Union Trust Company
1,738,000
Equitable Trust Company_ _ _ 4,233,700 U.S. Mortgage .1z Trust Co 1,512,100
Farmers' Loan dc Trust Co
4,236,600 United States Trust Company 1,561,400
First National Bank
3,951,500
Guaranty Trust Company..
7,421,800
Brooklyn—
Hanover National Bank
2,278,600 Brooklyn Trust Company..— _31,000,000
The $50 bokks calling for weekly payments were by far the most popular
of the four classes sold. Of these books, 677,489 were sold. Of the $100
books on the weekly plan, 125,924 were sold. Of the $50 books on the
monthly plan, 19,236 were sold, and of the $100 books on monthly plan,
11,687 were sold.
More than 45,000 accounts opened by partial payment investors in the
Third Loan campaign have been paid in full, and more than 100,000
persons have paid more than the weekly sheduie calls for.
WAR REVENUE LEGISLATION.
It was announced yesterday that the new war revenue
legislation now being worked out by the Ways and Mean
Committee of the House is expected to be in shape for presentation before Congress concludes its summer recess on Aug.
26. The Committee has continued to make substantial
progress in its work the present week. On July 26, following its tentative decision of the previous day relative to
graduated excess profits taxes of from 30 to 80% on net
Income in excess of exemptions, the Committee practically
,
adopted the schedule, thereby ratifying the tentative agreement. In announcing the Committee's conclusions on the
26th Chairman Kitchin said:
The consideration of the excess profits tax was renewed to-day. The
Committee tentatively decided upon a specific exemption of $2,000 plus
10% on the amount of invested capital, and upon the rates as follows:
Fifty per cent of the net incomes in excess of 20% of the net income
and not in excess of 25%.
Eighty per cent on the net income in excess of 25%.
While not definitely deciding the matter, a majority of the Committee
was favorable to a provision to the effect that in no case should the excess
profits tax exceed 60% of the net income nor be less than 10% of the net
income in the case of corporations with a capital exceeding $200,000.
Common carriers and public utility corporations whose rates are subject
to regulation by Federal, State or municipal governments would be exempt
from the 10% minimum.
The Committee is said to have decided to retain substantially the same text of "capital invested" and other definitions as are in the present law. According to reports on
July 26 a new section may be agreed upon so that corporations whose capital is of little significance may "construct"
a capital, which would take care of good will or similar
considerations. An adjournment on Friday, the 26th,
until Monday, July 29, was taken by the Committee. In
announcing that on Monday the Committee had decided
against any increase in passenger or freight transportation
taxes, and that it had been decided to postpone considers,
tion of increased liquor taxes. Representative Henry T.
Rainey, acting Chairman of the Committee in the absence
of Chairman Kitchin, who was detained at his home by illness, issued a statement saying:
We discussed the question of transportation first, and we loft the
transportation tax just as it is
-3% on the amount paid for transportation by freight. We did not increase the tax on transportation
of passengers. We did this for the reason that the Director-General
of Railroads, under the authority granted him, already has increased
the freight charges 25% and the passenger charges 50%.
The rate
with reference to the tax on seats, berths, &c., was not
increased.
We discussed the matter of transportation of oils by pipe lines,
and we
did not agree on any proposition. We are going to return to that later.
At
present pipe lines, if operating as common carriers, are taxed 5%
on the
amount paid for the transportation. The matter of whether
this tax
shall apply when carrying for themselves will be investigated further.
We also took up the question of insurance—life insurance, marine
insurance and casualty insurance. The sentiment of the Committee favored
increases, but we passed the proposition, to be considered later when
we receive information which we have called upon the Treasury
Department
to assemble for us.
We took up title VI of the pending bill, which is the tax on
beverages.
We determined to postpone the question of this tax until the very
last of
all the items, due to the fact that if rates were increased there
may be
withdrawals of liquor before the bill goes into effect, and we want
to avoid
that. A total of 130,000,000 gallons of whiskey are subject
to withdrawal for beverage purposes, and 5,000.000 gallons can only be withdrawn
for other purposes. The Committee does not know whether It is
going to
increase the tax or not, on account of the possibility of the country
going
bone dry.
[vol.. 107.
A statement that there would in all probability be a war
profits tax, based upon the English system, as well as an
excess profits tax, Written into the bill, was credited on the
29th to Representative Rainey by the New York "Times"
of July 30 which also said:
This elective system of taxation, originally recommended by the Treasury
Department, would be adopted as the only way to justly reach all taxable
corporations. Mr. Rainey said many corporations were making less money
than before the war, and therefore would not pay as heavy a tax under the
English system as under the excess profits plan based upon capital. Many
of the larger corporations made more money just prior to the war than
since, because the price-fixing system has reduced their profits. On the
other hand, a vast number of small corporations have made greater profits
since the war, and an excess profits tax based on capital would not give as
large a revenue to the Government as a tax on the war profits.
The Ways and Means Committee, Mr. Rainey said, was sreiously considering writing the two systems into the bill and authorizing the Treasury
Department to elect which system to impose in each case. In other words,
the Treasury Department would be empowered to decide whether the excess
profits tax, ranging from 30 to 80%,or the war profits tax should be levied.
On the other band, the "Journal of Commerce" on Aug. 1
had the following to say in Washington advices:
No further discussion of the matter of levying special taxation on war
excess profits is expected to develop in the committee. As far as this class
of war profits is concerned, the excess profits tax provision tentatively
agreed upon recently by the committee is settled, and there is no intention
on the part of the committee to reconsider it.
The present tentative scheme of excess profits taxation, Mr. Kitchin
stated, would raise more money than if a separate tax on war profits were
written into the bill. To tax war profits separately, he said, would reduce
the total amount expected from excess profits about $500,000,000.
"This idea of a tax on war profits alone," he said, "was suggested by
representatives of concerns who knew that by imposing such a tax their
companies would pay a smaller tax than they would under the rates we
have imposed upon excess profits and corporate incomes."
Several witnesses who appeared before the committee at the hearings
advocated a war profits tax in a form modeled after the British system.
which allows concerns the selection of certain pre-war years as the basis
for determining their normal earnings for the taxable year.
Before tentatively agreeing upon an excess profits tax program, the coramittee considered a modification of the British method, but decided to
reject it, as allowing a loophole for certain corporations earning large
profits during the pre-war years.
On July 30 the Committee tentatively agreed on a 10%
tax on gross sales of manufacturers, producers and importers
of automobiles, piano players, graphaphones, sporting goods,
cosmetics, proprietary medicines, cameras and similar
articles. The present excise tax on all these articles, except
cosmetics and proprietary medicines, is now 3%. A statement as to the Committee's action on that day,• issued by
Representative Kitchin, said:
The committee has had under consideration to-day the excise taxes,
such as automobiles, piano players, graphophones, sporting goods, cosmetics and proprietary medicines, cameras, &c., and has tentatively
decided to levy a tax of 10% on the gross sales of the manufacturer, producer or importer. A distinction is made between motor trucks and other
classes of automobiles. In the case of motor trucks a tax of only 5% was
agreed to be levied.
It also had under discussion a tax on admissions to theatres, operas,
moving picture shows, &c. The committee favored doubling the tax on
admissions and dues and also to impose a ono-cent tax on all admissions
where the maximum charge does not exceed seven cents. Under the
existing law all moving picture shows, theatres and other amusements
whose maximum charge does not exceed five cents are exempt from the law.
The committee proposes tomorrow to take up the luxury tax suggestions
of the Treasury Department. The tobacco tax schedule was postponed,
awaiting receipt of some data and statistics from the Treasury Department,
which the committee has asked for.
With the consideration of the luxury taxes on July 31 the
committee tentatively agreed on taxes ranging from $10
on $500 cars, to a $60 tax on $3,000 cars, and $20 for each
$500 above $3,000. The tax would apply directly to owners,
while the tax of 10% on gross sales of automobiles and 5%
on gross sales of auto trucks, applies to the manufacturers,
producers and importers of cars. The tax on use of cars
Is based on the original retaillist price of the cars, regardless
of the year of manufacture. The committee also agreed to
a tax of two cents per gallon on the production of gasoline
and a Federal excise tax of $5 a year on the use of motorcycles. In his statement of July 31 Chairman Kitchin said:
We took up the luxury taxes to-day. We put a tax of $5 a year on motorcycles. On automobiles, on the original retail listed sale price, whether
they were produced in 1918, 1917, or any other year, we put a tax beginning with $10 a year on cars originally listed at not exceeding $600. It is
immaterial when the user got the car or how old it is. This is a Federal
excise tax on the use of cars. On cars above $500 and not exceeding $750.
the tax would be $15; from $750 to $1,000, tax of $20; for every $600 more
up to the original price of $3,000, an additional tax of $10, and for each
further $500 above the $3,000 class, an additional tax of $20. All this will
bring in not less than $125,000,000 revenue. Trucks are included in this
classification tentatively. They can do as much damage to the roads.
We put two cents a gallon tax on the producer or manufacturer of gasoline
which would yield approximately $45,000,000. The committee passed over
the subject of war profits.
The doubling of present special taxes on manufacturers
of tobacco, cigars and cigarettes, increased taxation of
brokers and mail order houses figured among the results of
Thursday's deliberations by the committee. Chairman
Kitchin indicated what had been done in the following
statement:
We have put a tax of 1% on retail sales of mall order houses that have
more than $100,000 annual business. We have increased the special taxes.
AUG. 3 1918.]
THE CHRONICLE
Brokers now under a special tax of $30 will pay an annual tax of $100,
and
If they are members of a stock exchange or board of trade engaged in buying
and selling will pay $250 annually. We have increased the tax on pawn
brokers from $50 to $100. ship brokers from $20 to $50, custom
house
brokers from $10 to $50.
Theatres, including moving picture shows, museums and
concert halls
having a seating capacity of not over 250 people WI Ilpay an annual
tax increased from $25 to $50, seating capacity between 250 and 600 increased
from $50 to $100, 500 to 800 seating capacity increased from $75
to $150,
and all over 800 capacity increased from $100 to $200 annual
tax. We
have doubled the present special taxes on theatres, circuses, bowling alleys,
billiards and pool places, and on manufacturers of tobacco,
cigars and
cigarettes.
We have put a new special tax on sales of seats on stock and produce
exchanges of 10% on the sale price of the seats, and on annual dues of
these
exchanges a tax of 20% on the amount of the dues. This is to put them
on the same basis as clubs and other organizations already put under tax.
Pullman seats and berths are under the present law taxed
10% and
passenger rates 8% of the amounts paid for tickets or coupons. We
to-day
agreed to make the tax on both of these 8%. This was at the request of
the Director-General of Railroads, who wanted the taxes on them made
the same to simplify the mileage coupons about to be issued. We imposed
a tax of 10% on the sales of yachts.
We considered the stamp taxes in the present law and they will remain
as
at present.
The committee is reported to have tentatively agreed upon
a plan of payment for income and excess profits taxes in
installments extending over a period of six months. The
plan under consideration proposes to change the date for
filing returns from March 1 to March 15, and to have the
return accompanied by a check for one-third the amount of
the tax. The next third would be paid on June 15, and the
final third on Sept. 15. Where the fiscal year is different
from the calendar year the return would be filed and the
first payment made on the 15th of the third month after the
end of the fiscal year. The other installments would be due
three months and six months later respectively.
457
The loans will probably not be made for more than $3
an acre, and it is
likely that a maximum of 100 acres in some localities
and of 150 in others
will be established. In addition to paying a reasonable
rate of interest,
each farmer will be required to contribute to an
insurance fund out of the
proceeds from the sale of his crops If his operations are
successful.
With regard to the details of the plan the New York
"Times" in Washington advices of Aug. 1 said:
Notes will bear 6% interest, payable in the Southern districts
on Oct. 1
1919, and In Northern districts on Nov. 11919.
The Federal Land banks of the affected areas will make
and collect the
loans. They will have the co-operation of local banks
in the taking of
applications. Banks and other local agencies assisting
will be asked to
contribute their services. The determination of
the question of making
each loan will, in the first instance, rest with the
Department of Agriculture, which, through its various agencies, assisted
by farm loan associations and other local farmers' organizations, will investigate
each application.
Applicants must agree to use seed and methods approved
by the Department of Agriculture, and the money will not be advanced
until the
crop is planted.
PROPOSAL TO INCREASE LIMIT OF ADVANCES TO
LIVE STOCK GROWERS AND FARMERS.
A bill amending the War Finance Corporation law, to
permit advances to the full amount of security to live stock
growers and farmers, instead of only 75% as at present, was
introduced on Aug. 1 by Senator Jones of New Mexico.
HOTELS RELEASED FROM PLEDGE TO USE NO WHEAT
UNTIL HARVEST.
Hotels, restaurants, clubs and dining cars have been released, beginning Aug. 1, from their voluntary pledge of
.
March 29 last to abolish the use of wheat products until the
new harvest. Their release from the pledge was announced
in a cablegram received by the Food Administration at
Washington on July 28 from Food Administrator Herbert C.
Hoover, who is now in England. With the lifting of the
self-imposed restrictions, public eating places are required to
comply only with the banking regulations and to serve "victory" bread. In his cablegram Mr. Hoover congratulated
the'proprietors of public eating places upon their patriotic
service, expressed appreciation of the substantial savings
effected and voiced confidence that the spirit shown will
enable the American people to build up a great food reserve
against the exigencies of the future. The cablegram said:
GOVERNMENT LOANS TO RELIEVE WESTERN WHEAT
GROWERS.
With a view to assisting wheat growers in certain sections
of the West who have lost two successive crops from drought
and winter killing, President Wilson on Saturday last,
July 27, placed at the disposal of the Treasury Department
and the Department of Agriculture the sum of $5,000,000
to enable them to furnish aid to that extent. It is announced that the loans will probably not be made for more
In releasing the hotels, restaurants, clubs and dining cars from their
than $3 00 an acre, and it is likely, it is added, that a maxi- voluntary
pledge not to use wheat
harvest, I
mum of 100 acres in some localities and 150 in others will wish to congratulate them upon thein any from until the new and thank
patriotic example they set
be established. It is further announced that it is not in- them for the large savings made. The results of their service has been
heard in Europe and has
tended that this fund shall be used to make loans to farmers of those who have the pointed the way of democracy—the most service
most to give.
who have banking collateral and can otherwise.secure
It has been a personal inspiration to me to have the continued help, so
loans. It is pointed out that the recent action of the War freely given, of all of the men and women who put through the "no wheat!'
Finance Corporation in indicating its willingness to make campaign, which helped us to provide for the nemssities of the Allies in
spite of our short crop.
advances to farmers and cattlemen (referred to in these
I have confidence that the same spirit will enable us to build up the
columns last week, page 344) should in large measure enable great reserve of wheat and other foods needed to provide against future crop
failure and to assist the Allied nations in putting through the great offensive
bankers to extend accommodations to farmers having such that must win the war.
collateral. The following is the announcement made
It is estimated by the Food Administration that a saving
jointly by the Treasury Department and the Department of between 175,000,000 and 200,000,000 pounds of wheat
of Agriculture on July 29:
and its products has been effected between Oct. 1 1917 and
Acting upon the argent representations that many wheat growers In Aug. 1 1918. A statement
issued by it says:
certain
sections of the West who have lost two successive crops by winter
killing and drought have exhausted their resources and may be compelled
to forego full planting and, in some cases, to abandon their homes unless
immediate assistance is extended, the President, on Saturday
July 27,
placed at the disposal of the Treasury Department and the Department
of Agriculture the sum of $5,000,000 to enable them to furnish aid to that
extent. The two departments are already atelvely at work formulating
plans for making loans under this authorization and complete details will
be announced within the next few days and operations begun.
It may be stated generally that the Federal Land banks in the districts
affected will be designated by the Secretary of the Treasury as the financial
agents of the Government to make the loans and to collect
them. The
Department of Agriculture, through its special officers, including
the
county agents, will ascertain the needs of the individual farmers and determine the feasibility of the planting.
The primary object of this fund is not to stimulate the planting of an
increased fall acreage of wheat or rye in the severely affected drought
areas, or even necessarily to secure the planting of a normal acreage, but
rather to assist in tiding the farmers over the period of the stress, to enable
them to remain on their farms to plant such an acreage as may be determined to be wise under all the conditions, with a view to increase the food
supply of the nation and to add to the national security and defense. It
is distinctly not Intended to be used to stimulate the planting of wheat or
any other grain where such planting Is no, wise from any agricultural point
of view and where other activities are safer.
It is not intended that this fund shall be used to make loans to farmers
who have banking collateral and can otherwise secure loans. The recent
action of the War Finance Corporation. Indicating its willingness to make
advances to banks and trust companies which have made loans to farmers
and cattlemen, should ease the general financial situation and in largo
measure enable bankers to extend accommodations to farmers having such
collateral. Banks are urged to avail thenwelves of the offer of the War
Finance Corporation.
This fund, necause of its limited amount, will be used necessarily principally in connection with the fall planting of wheat or of preferred substitute grain in the areas involved. This will not include consideration
of individuals who do not intend to, or who cannot engage in, fall seeding
who might otherwise be compelled to abandon their homes and make great
sacrifices; provided sufficient rivals are left after considering the pressing
fall planting needs.
While exact figures cannot be obtained, it is estimated that hotels, restaurants, clubs and dining cars of the country have saved,from Oct. 1 1917
to Aug. 11918, between 175,000,000 and 200,000,000 pounds of wheat and
Its products, as well as 150,000.000 pounds of meats and 50,000,000 pounds
of sugar. The educational value of their conservation efforts cannot be
computed. Many people first received the food-saving message while
traveling on dining cars or living in hotels, and carried the news home
with them.
Five hundred representative hotel men voluntarily gave Mr. Hoover the
wheatless pledge on March 29 at Washington, where they had been assembled by John McE. Bowman of the Food Administration to discuss the
food situation. The whole surplus of the 1917 wheat crop had been exported, the Allies could not continue the war without more wheat, and this
had to come out of the amount normally consumed on this side of the Atlantic. The hotel men blazed the trail and dining car services followed
close after them. The whole nation was aroused. Exports of wheat
mounted to 140,000.000 bushels and the situation in Europe was saved.
About 5,000 hotel proprietors gave the wheatless pledge, and many of
the 200,000 proprietors of public eating places cut down wheat as much
as the nature of their business would permit.
The dining car services of the country last week took the open sugar
bowl from their tables and limited service to patrons to two half
-lumps or
one teaspoonful of granulated sugar for every meal.
This keeps safely within tne two pounds per person per month ration,
allowing part for preparation of food.
RICE PLACED ON LIST OF RESTRICTED IMPORTS.
The placing of rice on the list of restricted imports was
announced on July 26 by the War Trade Board. While
barred so far as domestic use of rice is concerned, imports
for transshipment to the • West Indies or Central America
will be permitted. The announcement made by the Ban
follows:
The War Trade Board have placed rice upon the•list of commod ties
the importation of which for domestic consumption is prohibited. Accordingly, no further licenses for the importation of rice to be consumed in
458
THE CHRONICLE
the United States will be issued, and all such licenses which are now outstanding shall expire and become void unless shipment from abroad is
made thereunder on or before July 311918.
Notwithstanding the foregoing ruling, the importation of rice into the
United States in bond for transshipment to the West Indies or Central
America will be permitted if the details of ultimate destination are clearly
Set forth on the application for import license.
PLANS OF FOOD ADMINISTRATION FOR HANDLING
1918 RICE CROP.
The U. S. Food Administration in announcing on July 24
that arrangements tor the handling of the rice crop of 1918
were being completed between the rice millers throughout
the country and the Food Administration, said:
The main provisions of these agreements are that the miller shall pay
definite prices to the grower for rough rice and shall not sell the clean rice
at more than prices named in the contract, ranging from 7N cents per
pound for Choice Japan to 934 cents for Fancy Honduras. Establishment
of these contracts has been requested by growers in all parts of the rice
growing section of the country, and is believed to be very beneficial to both
producer and consumer.
It is hoped that the result will be a complete stabilization of the rice industry and the distribution of rice to the consumer without speculation or
manipulation at a reasonable margin of profit. Consumers will, in the
opinion of the Food Administration, be able to purchase rice at a price of
approximately 10 to 12 cents per pound, depending on remoteness from the
milling centres.
In order to accomplish a fair valuation of the growers' products, a general
committee will be appointed by the Food Administration, whose duty it
will be to generally supervise the carrying out of the contract by grading
and valuing samples of rice submitted by the growers. Valuation committees, operating under the general control of the central committee, will
be appointed in each State where rice is grown to handle the details of the
matter.
COMMITTEE ON RICE TO ASSIST FOOD ADMINISTRATION.
Announcement was made by the Food Administration on
July 26 that a committee had been appointed to assist in
carrying out the recent agreements between the Food Administration and rice millers. The Administration in making
known the appointment of the committee said:
Its members are: E. A. Eignus, Beaumont, Tex.; J. E. Broussard, Beaumont, and J. H. Roman, New Orleans. This committee will supervise the
grading and classification of rough rice, as set forth in the recent agreements, and will have general control of valuation committees which will
carry out the details in the various districts.
The main provisions of the agreement are that the miller shall pay definite prices to the grower for rough rice and shall not sell the clean rice at
mere than prices named in the contract, ranging from 7% cents a pound for
6
,
Choice Japan to 0 cents for Fancy Honduras.
NEW SUGAR RESTRICTIONS EFFECTIVE AUGUST 1.
Further restrictions governing the consumption of sugar
• in the United States were put into effect by the U. S. Food
Administration on Aug. 1. Under the restrictions which
went into operation July 1 the nation was asked to go on a
three pound sugar basis per month; now it is asked that the
amount be reduced to two pounds per person per month,
this new rationing to continue in force until Jan. 1 The
announcement of July 25 concerning the new rations stated
that a similar order was being issued to public eating places
limiting their use of sugar to two pounds for every ninety
meals served. It is further said that in order to make sure
that the distribution of sugar in the United States shall be
equitable, the Food Administration has worked out a scheme
of allocation to the States, based on population and taking
into account the needs of sugar-using industries in the States.
The following is the announcement made by the Food Administration:
[VoL. 107.
and the Allies to secure sugar from Java and other distant sources on account of the imperative call for ships for the movement of troops and their
supplies has materially reduced the supply from such quarters.
Added to this already erfficult situation the quantity needed by the Army
and Navy greatly exceeds earlier estimates and we must send a largo amount
to France and Italy to take the place of the great volume lost through the
German and Austrian invasions, during which much beet land was overrun
and many factories wore destroyed; we have to supply certain quantities to
neutral nations under agreements, and, finally, over. 50,000,000 pounds
were lost recently through submarine sinkings off our Atlantic coast.
The industries using sugar have been reduced in their consumption of
sugar, most of them having their supplies cut in half and some receiving
none at all. The situation is so serious that every possible means of conservation should be observed. Household canning withhout sugar should
be done wherever possible; and where sugar is used it should be only to the
extent necessary to secure the maximum of preserving with the minimum
use of sugar at this time. With prospects of increased supplies after
Nov. 1, and still more after Jan. 1, sugar may be then added with more
freedom.
In order to make sure that the distribution of sugar in the United States
shall be equitable, the Food Administration has worked out a scheme of
allocation to the States, based on population and taking into account the
needs of sugar using industries in the States. With each State the details of
distribution will be left to the Federal Food Administrators.
Following the Food Administration's announcement the
Federal Food Board in this city issued a statement on July
26 urging co-operation on the part of everyone in the State
to adopt the now rationing system. In this statement, which
we give below, the Board announced that the State's supply of sugar had been reduced from 75,600,000 pounds in
July to 52,920,000 pounds for August:
The now sugar rules, just issued by the Food Administration at Washington, asking still further curtailment by the people of this city, indicate
the necessity for exercising the greatest degree of economy in the use of
sugar at the present time. The supply is now so relatively short that, to
adequately care for the minimum needs of our own people and of the Allies
In Europe, it will be necessary to ration home consumption to two pounds
monthly for each member of the family, including all employees, instead
of three pounds, and to ration all public eating places, including clubs,
hotels, restaurants, and boarding houses, to a like amount for each ninety
meals served. To further aid in this matter, the rule has been adopted
that sugar bowls must not be placed upon the tables in public eating houses.
In public eating places, the supply of sugar at each meal must be limited
-lumps or to one teaspoonful of granulated sugar to each person.
to two half
The Food Administration also urges that in canning and preserving fruit,
sugar be omitted, but added later, when the fruit is eaten,and sugar is more
plentiful. The State's supply for the month of August has been reduced
from the July allowance of 75,600,000 pounds to 52,920,000 pounds. The
use of sugar for all manufacturing purposes will be curtailed in about the
same proportion as It will be for home use.
The Federal Food Board urges the fullest co-operation on the part of
everyone in the State and city to adopt this rationing, and to make self.denial in the use of sugar in any form and for any purpose until the present
emergency is passed. The Board is mindful of the splendid response on
the part of our people to every appeal which Herbert Hoover has made
In the past for food conservation, whether in wheat, moat, or sugar, and
which has has made possiole the shipment of large quantities of food to
Europe. Mr. Hoover has irequently stated that it is only through
this splendid and almost unanimous co-operation that he has been able to
secure the stores of food which have been needed to meet the great food
crisis in England and in France.
On July lithe Federal Food Board modified the sugar
certificate system which had been put into effect on July
1, and of which mention was made in these columns June
29; under the modification, retail dealers were permitted
to purchase sugar from refiners and wholesalers without
first obtaining rationing certificates. The modification
was adopted to prevent delay in the distribution of sugar to
retailers in order that consumers might not find it difficult to purchase sugar for canning purposes. The modification which was to continue in effect until Aug. 1 does
not affect manufacturers, hotel and restaurant men, bakers
and wholesalers.
Basing its action on a careful survey of the world sugar situation and a OFFICERS OF SUGAR EQUALIZATION BOARD—NEW
compilation of the immediate demands, the United States Food AdministraMEMBER INTERNATIONAL SUGAR COMMITTEE.
tion calls on the American public to restrict the consumption of sugar in
The Food Administration has announced the election
the home to 2 pounds per person per month from Aug. to Jan. 1. This
replaces the present regulation of 3 pounds per person per month, and in- on July 19 of the following officers of the Sugar Equalization
cludes all sugar used on the table and in cooking.
of which was reported in our issue of
A similar order is being issued to govern public eating places, limiting Board, the creation
July 11:
their use of sugar to 2 pounds for every 90 meals served.
The Food Administration is confident that the American public will
George M. Rolph, President; Theodore F. Whitmarsh, Treasurer;
heartily agree to reduce the household use of sugar here to a level more
Robert A. Taft, Secretary; Dana F. Ackerly, General Manager; all of the
nearly equal to the present restrictions among the peoples of the Allies,
Food Administration.
provided our people clearly comprehend that sugar, which with us is often
The names of the directors were given in our previous
used in great measure as a luxury, has become an essential element for the
success of the war among the nations of Europe. Upon our action here item.
depends the possibility of maintaining the ration to our own fighting men
With regard to the appointment of E. S. Keeley as a
and those of the Allies, as well as of avoiding a still further reduction of the
allotments to the civil populations of the nations fighting Germany, which member of the International Sugar Committee, Mr. Keely
are already down to a point far under their normal needs. England, which on July 19 issued the following statement:
before the war used more sugar than the United States, has already reThe interpretation placed by the daily press on the statement issued by
duced its household consumption to two pounds. France allows its people
a maximum of a pound and a half, and the Italian ration has been reduced Chairman George M. Rolph, of the International Sugar Committee, on
July 18, concerning the appointment by Herbert Hoover of E. S. Keely,
to barely a pound. Recently even those amounts have not been possible.
Furthermore, unless there is strict and consistent economy in the United as a member of the Committee, contains several errors concerning which
States, the supplies for Belgium and those required by the Red Cross, the the Committee desires the public should be correctly informed.
The published reports stated that Mr. Keely replaced Mr. Rolph on
Y. M. C. A., Knights of Columbus, Salvation Army and similar organizations working for the welfare and comfort of our soldiers in Europe cannot the Board and superceded him as Chairman.
The facts are: Mr. Rolph is still a member of the Committee and is
be maintained. The situation which the United States faces in its efforts
to maintain a fair distribution of sugar to the Allied world is as follows: still Chairman of this body.
In the appointment of Mr. Keely, Mr. Hoover has simply made It posThe sugar supplies throughout the country, in homes, stores, factories and
bakeries, are at low ebb; the production from the American beet and Loui- sible for its executive officer to act for Mr. Rolph. He replaces no other
siana cane crops has been disappointing; the yield in Porto Rico has like- person at present a member. Given this authority, he is now able to rewise been smaller than anticipated, and the inability of the United States lieve Chairman Rolph of certain detailed duties.
AUG. 3 1918.]
INCREASE SOUGHT IN PRICE FOR CUBAN SUGAR
CROP.
A meeting relative to the prices for next year's Cuban sugar
crop was had in this city on Monday last, July 29, between
the Mission of the Republic of Cuba, authorized to negotiate
a sale of tho sugar crop,and the International Sugar Committee. The Cuban Mission, appointed by President Monocal, consists of Carlos Manuel de Caspedes, Cuban Minister
to the United States, Robert B. Hawley and Manuel Rionda,
representing the Cuban producers. On July 11 Messrs.
Caspedes, Hawley and Rionda held a conference in Washington with General H. H. Morgan, formerly of the State
Department, and at present representing the United States
Food Administration in Cuba, and representatives of the
United States Government and the International Sugar Committee, at which plans for the purchase of the Cuban crop
of 1918-19 were discussed. No definite conclusions were
reached, but the Cuban commissioners were requeated to
submit a brief showing the cost of production of Sugar in
Cuba at the present time and the anticipated increase in the
cost of the 1918-19 crop as compared with the cost of the
production of the 1917-18 crop. The purchase of the
1917-18 crop was arranged for last November, the agreement reached between the International Sugar Committee
and the Cuban Commission provided for a basic price of
$4 60 per hundredweight, plus 30 cents per hundredweight
freight, or a total of $4 90 delivered at New York. The
Cuban Mission seeks an increase in the f. o. b. Cuba price
of 4.60 cents a pound to 5.60 cents f. o. b. north ports of
Cuba and 5.55 cents f. o. b. south ports, the prices sought,
it is said, being based on the prices current for material and
labor employed in the recent campaign. Following the conference in this city last Monday,George M.Rolph, Chairman
of the International Sugar Committee, authorized the following statement:
It WAS decided at the conference to-day to make public the official
statement of the Cuban Government represented by the Cuban Mission,
with the further statement that the International Sugar Committee
recognizes tho need of meeting the increased cost of production in Cuba,
shown by the brief to amount to over half a cent a pound. The prospective
increased cost in Cuba for producing the crop of 1919, however, as outlined
by the Cuban Mission, would mean the addition to the price of sugar in the
United States of a full cent a pound, based on the previous Cuban contract
now in effect.
On account of the divergence of views of the members of the Cuban
Mission from the views of the members of the International Sugar Committee as to the price, it was decided to refer the question to both Governments in the hope that an early and mutually satisfactory adjustment of
price may be made. A meeting for this purpose will be arranged to be
held in Washington next week, at which representatives of both Governments will be present.
This course of action was entirely agreeable to the Cuban Mission,
which, following the precedent of last year, again placed itself at the disposal of the United States for the consideration of such fair prices as would
meet the needs of Cuba, both as to prospective costs and as to the desired
stimulation of its sugar industry.
Mr. Rolph, at the request of the Cuban Mission; released
for publication the brief presented on behalf of the Cuban
G.overnment to the International Sugar Committee, reading
as follows:
INTERNATIONAL SUGAR COMMITTEE
111 Wall Street, New York.
A Review of the Production of Sugar in the Island of Cuba.
In coming together again for the purpose of discussing and determining
the price of Cuban sugar for the ensuing year, we think it important to
state on behalf of Cuba, whom we have the honor to represent, that the
spirit of the Government in undertaking these negotiations IS to co-operate
with the enited States and the Allied Powers, of which Cuba is a signal
and integral part, in such manner that the fullest quota of sugar it is
possible for Cuba to supply shall be produced and on a basis that shall be
fair to producer and consumer alike and to this necessary end, Cuba engages to put forth her utmost strength. That an understanding may be
easily and promptly concluded, we submit for your information the following statement of facts concerning the prosecution of the sugar industry
through Cuba:
Its advantages—
Its difficulties—
Its cost of production.
.
Advantages.
With its semi-tropical climate and fertile soil, Cuba is without a rival in
the ultimate quantity of sugar it may produce. The investment for its
production is on a scale of four million tons, and its capital value one
thousand million dollars. These are the elements which nature and
enterprise have brought together. It is a single island, in area the size of
New York State, but strike its development from the list of contributors,
and the loss•would be irreparable to the American consumer, and under
existing conditions unthinkable—to the world at large.
The Difficulties That Vex the Cuban Producer.
An industrial interest of this character cannot proceed without difficulties, and naturally with this vast acreage under cultivation and great need
of increased output, the problems of organization, the assembly of labor—
in ordinary times a groat task—seem now well-nigh insurmountable.
What we shall do to meet our obligations to the United States and to those
countries with whom we are associated in the greatest of enterprises, must
rest on a thorough appreciation and co-ordination of every interest concerned.
459
THE CHRONICLE
Among other obstacles that beset us in our active operations, we suffer
the disadvantage of having to import (naturally from the United States)
all material, all supplies, that enter into the growth of cane and manufacture of sugar. In all these essential importations there is not an article—
with scarcely an exception—whose primary cost is not three or four times
the normal price; coal sold for $20 per ton as against $5 50 per ton formerly,
bags as high as 65e. against 15c. formerly; and the ocean freight on practically every article in use is quadrupled.
As in most industries, the largest item entering into its cost is labor.
For every stalk of cane now planted, cultivated and harvested, the total
expenditure is three times the price paid under normal conditions. How
we are to reconcile the outlay for labor and for material with a compensating
price for sugar, is a matter for mutual consideration.
With Respect to Costs.
In the advices we have received covering total costs of production for the
season just ended, we append those at hand—they are probably on a scale
with the average in all the western part of Cuba. The figures here given,
let us remind you,constitute the actual price for the year in many important
Items that were bought beforehand—before the advance of to-day—and
neither the material nor labor, represent prices for the same items that are
being charged now.
Briefly, however, it may be truly said, that scarcely an item that enters
into the cost of sugar is not distinctly higher to-day than was paid in the
season now ending. Even so, with whatever avdantages the planter had in
the past year with 4.60c. as the basic price of his product, a large majority
of them enter the new year with less cash than in the beginning of the
year Just closing.
We accompany this report with statements of such plantation mainly
in the Western Provinces, that have liquidated their year's business to
date. In the aggregate, as you will note, these estates show an average
increased cost of production and a relative output of one year with the other.
Cost.
1917
1918
3.3550 per lb. 1917
3.8800 per lb. 1918
Output.
5,822,440 bags
6,383,500 bags
0.5250 per lb.
Other statements as may be desired will be furnished as fast as received.
In presenting these figures as representing the need of the industry, we
deem it unnecessary to remind you that whether considering any other
article of food or of raiment, or steel or wood, and chiefly labor that figures
so largely in every production, a all these essential sugar will be found
the cheapest in the list, and apart from flour is distinctly the most important
product in providing a well-balanced ration.
One of the notable influences now affecting the value of sugar arises
from the loss of two and one-half million tons heretofore provided for
export, of which the world is deprived, besides other countries that have
counheretofore produced their own requirements must draw on exporting
tries for needed supplies.
In the present emergency Cuba is the main and sometimes the sole dependence for shipments to Western Europe, as well as to England and the
United States. If these are to be considered as they must be, and the
be
movement of sugar were free, the price of to-day would probably
doubled, and this would result in an unsatisfactory condition for the
these
consumer and in a feverish, unhealthy state for the industry—for
reasons we welcome the control exacted by the Government of Cuba and
the restrictions imposed by the Government of the United States. The
representative subscribers hereto enter upon the relations established
willingly and with confidence, that the true economy of the situation will be
preserved.
On the rightful determination of this question will depend the quantity
of Cuba's output for the coming year, and especially for the year 1920.
The question is, shall we pursue our course so that the enthusiastic conduct
of the producer shall be won—that he may proceed full tilt, and with the
energetic application called for, supply in full this great necessity—or
shall it be curtailed? A quarter or a half cent, or even a cent would not
deprivation
be so much considered by the consumer as the possibility of a
of his wants. The question of price will at once establish the difference
needs
between a scarcity and an abundance of supplies. If this question
basis of
to be argued as to whether we will have sufficient supplies on a
we shall be without, then
fair remuneration to the producer, or whether
we are obliged to remind you that the buying power of the great majority
this
of consumers to-day is distinctly more than when the market for
been
product, and all other products, was at its lowest ebb. It has not
twenty dollars
many years since the United States had eighteen, nineteen,
they
per capita in current trade; to-day with a largely increased population
increase of
have over fifty dollars per capita for conducting business, or an
advance
250%. This great increase in quantitative money would in itself
wholly
the price of the products of the world approximating to-day's level,
without regard to the great scarcity in supindependent of the war, and
all its
plies. Shall we fill this need with all its benefits, or deny it with
deprivations?
done to susThe question, therefore, is again presented—what shall be
Cuba
tain and to stimulate the production of sugar? As far as we know,
alone, of all the exporting countries, is capable of largely increasing her
output. The island's present production cannot be maintained—nor
could It be considered—on the basis of 4.60c. There are hosts of farmers
asking for figures that the Cuban Government, in keeping with its purpose.
would not entertain; there are many others who insist upon 6c. as the
minimum, to all of which the Government suggests some modification.
In reviewing the figures which we have herein set out and the present
state of labor and cost of material—in our deliberate and concurring judgments, we offer as our conclusion the price which we feel will meet the
requirements of the owners and operators of plantation sugar houses and
estates—that of 5.60c. f. o. b. north ports of Cuba and 5.55c. f. o. b.
south ports. The figures are based on the prices current for material and
labor employed in our recent campaign, while every assurance is offered
that both will be higher and in the instance of labor, much higher, in the
corning year. While sugar, the cheapest product in general use to-day, is
being discussed, it ought to be stated and publicly understood that its
advance to the consumer is only a moiety of the advances that are witnessed in a hundred articles, most of which sugar producers are obliged to
buy as they constitute their daily life flour, corn, meats of all kinds, cotton
products, containers and fuel, while staple necessities are only a few elemental articles of the vast store that enter into the production of sugar.
With the foregoing brief resume of the cardinal points of this business, we
submit to you what shall be done to sustain and promote it.
Respectfully,
CARLOS MANUEL DE CESPEDES,
Chairman.
R. B. HAWLEY,
MAN. RIONDA.
New York, July 25 1918.
Increased cost
460
THE CHRONICLE
AUGUST AND SEPTEMBER MILK PRICES FIXED BY
FEDERAL MILK COMMISSION.
Some increases in the price of milk for the months of
August and September are authorized in the prices for those
months fixed by the Federal Milk Commission and announced
July 22. The price of Grade A bottled milk delivered to
consumers continues at 16 cents per quart and 9 cents per
pint for the succeeding two months. Grade B bottled
milk, delivered to consumers, is now 14 and 8 cents, respectively, for quarts and pints, against 13 and 7 cents in July.
The price charged to stores for Grade B bottled milk is
123/ cents for August and 13 cents for September, with
7 cents as the price for pint bottles in both months, instead
of 11M cents per quart and 6Y2 cents a pint in July. Grade
B milk, bottled, sold by stores, will be 13 cents per quart in
August and 14 cents in September, with pint bottles at
8 cents during the two months, against 12 and 7 cents in
July. The price of loose milk (Grade B) sold to stores
will be 93i cents a quart in August and 103 cents in September, as compared with 8 cents a quart in July, loose milk
(Grade B) sold by stores will be 10 cents a quart in August
and 11 cents in September; as compared with 9 cents a
quart in July. The following are the prices for the two
months:
Aug.
cis.
Grade A bottled milk, retail, quarts
16
Grade A bottled milk, retail, pints
9
Grade B bottled milk, retail, quarts
14
Grade B bottled milk, retail, pints
8
Grade B bottled milk to stores, quarts
123i
Grade B bottled milk to stores. pints
7
Grade B bottled milk by stores, quarts
13
Grade B bottled milk by stores, pints
8
Loose milk to stores, quarts (Grade B)
93
Loose milk by stores, quarts (Grade B)
10
Loose milk, wholesale (Grade B), 10 gallons or over to restaurrants, hotels, ice cream parlors, clubs, &c
93
Loose milk, wholesale (Grade B), under 10 gallons
10
Sept.
as.
16
9
14
8
13
7
14
8
10X
11
103i
103
[VOL. 107.
GLYCERINE AND SUGAR NO LONGER USED IN
MANUFACTURE OF SOAP FOR ARMY.
The War Department announced on July 26 that in order
to effect a saving in glycerine and sugar, they are no longer
being used in the manufacture of soap for the army. The
announcement of the Department says:
Considerable savings in sugar and glycerine are being effected by the.
Quartermaster Corps in discontinuing the purchase of so-called glycerine
soaps for the Army. Both of these products are used in the manufacture
of soap for the purpose of improving its appearance, but are unnecessary,
as they do not add to the value except for commercial purposes.
A recent order from a quartermaster called for 100,000 pounds of glycerine
soap. Based on the usual formula, this soap would contain 15% of sugar,
or a total of 15,000 pounds, which would have been a complete waste.
The soap was provided, but it did not contain sugar or glycerine, so that
15,000 pounds of sugar was saved for food and a proportionate amount of
glycerine was saved for the manufacture of powerful explosives.
The subsistence division of the Quartermaster Corps, through its inspection branch and the food-investigation section, is responsible for army
economies in the manufacture and supply of foodstuffs and for the saving
of needed foods which are not essential in the production of supplies for the
Army.
MAXIMUM PRICE FOR HEMP FIXED BY
INDUSTRIES BOARD.
In announcing the fixing of a maximum price for hemp,
the War Industries Board said:
The price-fixing committee of the War Industries Board, appointed by
the President, has this day, July 25 1918, established a maximum price of
14 cents P. 0. b. Manila for 1 current hemp. Prices of other grades will
follow immediately.
As the Government consumes nearly all manila rope manufactured in
this country, the Government will pay a price for rope based on the maximum price fixed for hemp, and the War Trade Board will restrict export
licenses to foreign countries to hemp purchased at maximum fixed prices.
This practically insures the hemp grower 14 cents basis for his hemp,
although the price as stated is only the maximum price.
The section of the price-fixing committee expires August 31, before which
time the whole matter will be thoroughly considered, in consultation with
Governor-General Harrison and the importers and manufacturers, with a
view to stabilizing and protecting the future interests of the Filipinos.
If any sales are made below said maximum price, such sales will largely
determine future action of the price-fixing committee.
COTTON FABRICS PRICE DIFFERENTIALS.
STOCKYARD RULES SIGNED BY PRESIDENT WILSON.
Brief mention was made in these columns last week
General regulations under which the stockyards of the (page 355)of the differentials to be allowed on cotton fabrics
country will operate were signed by President Wilson on on six basic prices agreed on for the period between July
1
July 27. The Food Administration,in announcing this, said: and Oct. 1. Below we give in full the announcement
in
They provide against extortionate or excessive charges for yardage and the matter on July 25 by the War Industries Board:
commission; require stockyards to maintain adequate facilities for handling
In accordance with the agreement between the representatives of the
livestock offered by stockmen,including labor, food and water;and prohibit
unfair dealing, combination, or deceptive practices in buying and selling cotton industry and the price fixing committee of July 1 1918, the following
differentials, based on the prices then agreed to, have been fixed by the
livestock. The circulating of misleading market information tending to
price fixing committee, to remain in effect until Oct. 1 1918. In fixing
affect prices is also covered by the regulations.
committee wishes to lay stress upon the fact that the
Stockyards, commission men, traders, order buyers and others handling these prices the
agreement must govern all sales prices of cotton fabrics regardstock in, or in connection with stockyards, are required to secure licenses, in spirit of the
less of the fact that it is only possible from time to time to issue schedules
accordance with the President's proclamation of June 18, and to operate
particular specific lines.
under the rules and regulations issued to-day, which will be administered of prices on
DRILLS.
ENAMELING DUCKS.
by the Secretary of Agriculture through the Bureau of Markets. Country
stock buyers and shippers who are not engaged in the business of buying
Price Price
Price per
per
per
and selling at licensed stockyards, are not subject to license.
Pound,
Pound, Yard,
The general regulations have been made after consultation with the Width of Yards Step
Step and suggested
Goods.
per
and on Basis SuggesAgricultural Advisory Committee, stockmen and trade interests.
Weight. Pick.
Goods.
by
Pound Pick. Estab- ted by
Experts
experts
The Department of Agriculture sent out 3,000 copies of the preliminary
(Basis).
draft of the regulations to interested persons and received suggestions from
Cents.
many sources before issuing the final regulations, which are now being 30 inches 2.50 72x60 60.60 Cents.
Cents.
24q
84x30
published by the department.
0.61
30 inches 2.50 70x52 58.73 23% 5134 inches.. 1.35
38 inches.. 2.00
84x30
.62
Stockyards must keep records, as required by the Secretary of Agricul- 30 inches 2.50 68x48 57.48 23
4634 inches.. 1.44
84x30
.61
ture, of daily receipts, shipments and local disposition of livestock, make 30 inches 3.25 68x40 60.62 18% 563-4 inches..
84x30
.62
37 Inches 2.65 68x40 61.00 23
reports when required, and furnish true copies of all existing and proposed 37 inches 2.35 68x40 58.86 25
61 inches..
84x30
.63
84x30
.64
contracts with other establishments and changes therein relating to the 36 inches 2.28 66x56 60.41 26% 72 inches..
handling of livestock in connection with such stockyards. The Chief of 37 inches 3.95 68x40 69.29 17%
37
FLAT AND TWISTED FILLING
the Bureau of Markets has been designated by the Secretary of Agriculture 30 inches 3.75 68x40 67.67 18
inches 3.00 68x40 59.22 19%
DUCKS.
to enforce the provisions of the regulations. It is contemplated that 30 inches 2.85 71x46 59.85 21
market supervisors will be stationed at the principal marets and in regional
Price
UNIFORM CLOTHS.
offices:
per
30 inchesi 2.10 I 88x56 I 60.90 29
Pound
iVidth Ounce
suggesof
per
Step and Pick.
ted by
-LEAF TWILLS.
4
experts
RULES FOR REGULATION OF MANUFACTURE OF 30 inches 2.00 88x48 56.84 28% Goods. Yard.
(basis)
30 inches 2.15 88x48 57.91 27
MEN'S AND YOUTHS' CLOTHING IN EFFECT.
30 inches 2.31 88x48 59.04 25%
Cents.
30
2.40 88x48
24%
According to an announcement of the War Industries 30 inches 2.50 88x38 59.68 23% 29 in. 8.00 76x28 flat single fill- 0.54
inches
58.71
ing.
30 inches 2.65
59.00 22%
Board, tentative plans governing the manufacture of men's 30 inches 2.85 88x38 61.21 21% 29 In.. 8.00 84 or over x 28 flat .55
88x38
single filling.
30 inches 3.00 88x38 62.20
and youths' clothing, outlined in our issue of June 22, are 30 inches 3.25 88x38 63.81 20% 29 in 8.00 76x28 twisted filling .58
19% 29 in 8.00 84 or over x 28 twis- .59
already in effect. The Board's announcement, made July 19,
ted filling.
SHEETINGS.
says:
NetPrice
3
-LEAF WIDE DRILLS.
The Woolens Section of the War Industries Board has sent to makers of
iVidth. Weight. Count. per Yard
men's and youths' clothing a letter informing them that the tentative
Price Price
Cents.
per
program of June 22 covering the manufacture of such clothing and elimin- 36 inches_ 2.85
per
48x48
20%
Width Yards Step Pound Yard
ating certain styles is now in effect for the spring of 1919, and that it applies 36 inches_ 3.00
48x48
20
and
of
per
on
Sugges36 inches_ 3.25
48x48
to garments made of all fabrics. The letter adds:
18%
Goods. Pound Pick. Basis ted by
36 inches_ 3.50
40x40
17
-Estab- Ex"It has come to the attention of the Woolens Section that there are large 40 inches_ 2.85
48x48
21%
lished. pens.
stocks of cloth and clothing already made up in the United States. In 36 inches_ 4.00
48x52
16%
fact, the information at hand indicates that this supply, if used with 36 inches_ 4.00
56x60
17%
Cents. Cents.
reasonable care and thought, should suffice to meet all the ordinary re- 36 inches_ 4.50
48x52
1554
40 inches 2.40 68x40 60.94 2554
quirements of the country for at least twelve months.
36 inches_ 5.00
48x48
1454
52 inches 1.90 68x40 61.79 32;i
"However, this does not mean that conservation of material is unneces- 38 inches_ 5.50
48x44
13%
58 inches 1.60 68x40 60.41 37%
sary. On the 'Other hand, rigid conservation measures must be followed. 36 inches_ 6.00
40x40
11%
59 inches 1.85 68x40 63.56 3436
This is necessary in order to assist the Government in meeting present war 36 inches_ 6.15
44x40
12
59 inches 1.94 68x40 64.59 333i
conditions and to free as much of our limited stocks of raw supplies and 31 inches_ 5.00
48x48
1354
machinery as possible so that production of fabrics for the fighting forces 36 inches_ 4.70
48x52
1554
-LEAF WIDE TWILLS.
can be increased."
4
40 inches_ 5.00
44x44
1454
40 inches_
44x40
1534
Accompanying this announcement are recommendations for the saving 40 inches_ 4.25
3.75
48x44
17%
59 inches' 1.76 76x44 I 62.94 3531
of cloth through the reduction in size of salesmen's samples.
36 inches_ 3.60
64x68
20
1
AUG. 3 1918.]
THE CHRONICLE
461
COLORS FOR UPPER SHOE LEATHERS ANNOUNCED quotation on the kind and grade of butter placed in cold storage as quoted
in a well recognized daily commercial price current in the city
BY WAR INDUSTRIES BOARD.
where and
on the day when the goods are placed in
there is no well
Notice that dark and medium brown or tan are to be the recognized daily price current in the citystorage. In case are stored then
where the goods
standard colors for upper leathers which shoe manufacturers he may use the quotation given in a daily commercial price current in the
large market nearest the place
are to cut after Oct. 1 has been issued to tanners by the the amount by which the freight of storage. From this must be deducted
from the point of manufacture to the
War Industries Board; announcement of this was made as of storage is loss than the freight from the place of manufacture to place
such
large market. In case the freight from the place of manufacture
follows on July 26:
to the
place of storage exceeds the freight from the place of manufacture
Tanners of upper leather have been notified by C. F. C. Stout, Chief
to
of such large market, the excess may be added to
the market quotation.
the Hide, Leather and Tanning Materials Section of the War Industries
Rule 3. Commissions limited to three-quarters cent per pound.—No
Board, that dark and medium brown or tan are to be the standard
colors licensee shall pay and no commission merchant
shall receive a commission
for upper leathers which shoe manufacturers are to cut after Oct. 1
1918.
Shades of those two colors have been selected by the Government ex- on butter of more than three-quarters cent per pound. The licensee shall
inform any commission merchant selling butter for him of the maximum
perts, and samples have been sent the tanners with instructions to
confine permitted price at which such butter may be
sold.
colors of tans as closely as possible to the shades selected. The
various
Note.—Under Rule 1 the selling price may not be increased by reason
skins and leathers used in the shoe industry are grouped into three classes
of the payment of a commission.
—side leathers, calf and kip skins; goat and kid, and ooze leathers.
Justifiable Resales.
In arriving at this conclusion this section has conferred with representatives of the allied shoe and leather industry, and this decision is
The attention of all licensees is called to the provisions of General Rule 6
based
upon the information which has been furnished by these representati
General Rule 6.—The licensee, in selling food commodities, shall keep
ves.
Assurances from the tanners of thieir hearty co-operation is asked.
such commodities moving to the consumer in as direct a line as practicable and without unreasonable delay. Resales within the same trade
without reasonable
if tending to result in a higher
FOOD ADMINISTRATION'S REGULATIONS GOVERN- market price to thejustification, especially will
retailer or consumer,
be dealt with as an unfair
practice.
ING MANUFACTURERS, DEALERS, ecC., IN
For the purposes of this rule and special Rule 4 following, all persons
BUTTER.
licensed to manufacture or deal in butter shall be divided into three
Under date of July 19 the Food Administration made pub- classes:
Class 1: Manufacturers.
lic as follows special regulations governing manufacturers,
Class 2. Wholesalers and jobbers. These include all persons, firms.
,dealers, brokers and commission merchants in butter:
corporations and associations who distribute butter in any way except at
retail and all manufacturers who perform sevices customarily performed
No. XX.
Rule 1. Butter to be sold at reasonable advance over cost.—The
by wholesalers and jobbers.
..
licensee
decling in butter shall sell such butter without regard to the market
Class 3. Retailers, hotels, restaurants and institutions.
or replacement value at the time of the sale at not more than a
Any transactions that savor of dealing in which a profit accrues to the
reasonable
advance over cost to him of the particular butter sold.
dealer without corresponding service, are clear violations of the rule and
Provided, That any dealer may average the cost of all cold-storage
butter will subject the offender to revocation of his license and to such other penof the same grade placed by him in a cold-storage warehouse in any
alty as the law provides.
calendar month, and may sell such butter at not more than a reasonable
The following types of sales between dealers will be considered justifiable.
advance
over such average cost. When a dealer averages the cost of any
butter but sales other than those dhscribed between dealers in the same class will
stored in a calendar month, he must average the cost of all butter
be considered as prima facie evidence of violation of General Rule 6:
stored in
that month.
(a) A sale by any dealer in butter to a dealer in any succeeding class
Costs for the purpose of this rule shall include:
will be considered as in the direct line of distribution.
1. Purchase price.
(b) One sale and only one sale of the same goods between dealers in
Class 2 in the same city will be considered justifiable when necessary
2. Transportation charges, if any.
to supply the reasonable requirements of the buyer's business, without
3. Storage charges actually incurred on cold-storage butter.
the special consent of the local Federal Food Administrator, provided,
4. Insurance charges actually incurred on cold-storage butter.
5. Interest on money invested at the current rate while butter
is in cold however, that a second sale of the same goods between dealers in Class 2
storage.
in the same city will be permitted without tlap consent of the local Federal
6. Actual cost of printing if the butter is put in print form from tubs Food Administrator if this sale is made at lily advance over cost of not
or cubes.
more than one-half of the margins indicated above, and provided that the
Cost shall not include any allowances for shrinkage in weight,
commis- seller notifies the buyer that this is a second sale.
sions, or other expenses than those herein listed.
(c) In addition to such resales as are otherwise indicated as justifiable.
Note.—Reports to be furnished on demand: The licensee
must be pre- sales between dealers in Class 2 in different cities will be considered Juspared to furnish to the United States Food Administration or to
tifiable, provided, that an actual delivery of the butter follows the sale,
the Fedand that the shipment is for the purpose of obtaining supplies from prieral Food Administrator of his State upon demand a full report
on costs
and margins charged or on the maximum prices charged in
any given mary markets for reasonable requirements of the purchaser's business;
period for any grade of butter or any other information
provided further, that not more than throe such sales of any lot of butter
which may be
considered necessary for the purpose of this rule.
between dealers in Class 2 shall be made without special permission; and
Maximum margins: The Food Administration will consider
the third sale shall be made at an advance over cost of not more than onethe sale of
any grade of butter by any dealer other than a manufacttwe
half of the above margins.
r or retailer
at an advance over cost, as hereinbefore defined, of more
(d) Any resale between dealers without any advance over cost will
than'the following margins as prima facie evidence of a violation of the Food
be considered as justifiable in addition to such other resales as are perControl Act
and the above rule:
mitted.
(a) 1 cent per pound on carlot sales.
Rule 4. The licensee making second sale in same class to notify buyer.—
The licensee in Class 2 as defined above who purchases butter from another
(b) 1% cents per pound on sales less than a carlot, but amounting
to
wholesaler or jobber in such class or from a manufacturer performing the
7,000 pounds or more.
(c) 2 cents per pound on sales of loss than 7,000 pounds, but amounting services of a wholesaler or jobber and who resells to another dealer in Class
to 3,500 pounds or more.
2 shall notify such dealer of the prior sales of such butter within that class
(d) 2% cents per pound on sales of loss than 3,500 pounds,
of which he has knowledge.
but amounting to 700 pounds or more.
HERBERT HOOVER,
(e) 3 cents per pound on sales of loss than 700 pounds, but
United States Food Administrator.
amounting
to 100 pounds or more.
July 19 1918.
(f) 3Y,t cents per pound on sales of loss than 100 pounds.
The above regulations supersede the Special Regulations Governing
In addition to the selling margin, which normally should be
Manufacturers, Dealers, Brokers and Commission Merchants in Cold
considerably
below the above maximum margins, and must in no case exceed
Storage Buter,issued as No. XX-B,effective June 19 1918, as amended.
such
maximum margins, any dealer who carries butter in cold
storage more
than two full calendar months may add a margin of not more
than I cent
per pound, and an additional ono-fourth cent per pound for each calendar CONSTRUCTION LUMBER DEPOT ESTABLISHED FOR
month thereafter, during which he carries the butter in storage.
THE ARMY.
The
total amount for carrying butter in cold storage so added shall not
exceed
The War Department, in announcing :at in)stli the
2 cents per pound.
The above maximum margins are not to be regarded as fair normal establishment of a construction lumber
depot at Gi!..1: i'ton,
margins or as so recognized by the Food Administration. They
are in- Va.,said:
tended only to prevent speculation and are purposely made wide
enough
To save time and money in meeting emergency calls for lumber, the
to cover cases whore the methods of doing business are more expensive,
to
the extent that such methods are justified. Those maximum advances Construction Division of the Army has established a construction lumber
depot at Gilmerton, Va. It is estimated that a yearly saving of approximust not be exceeded in selling any lot of butter and the prices
charged mately
a quarter of a million dollars will be effected through its operation.
by any dealer must not in any case be more than sufficient to return
to him
In the past, whenever the army constructors were required to buy addia reasonable profit on his investment.
Sales from branch houses: Where butter is transferred by any dealer tional lumber, the transaction was made at yards in the immediate vicinity.
The average increase in price for this material over the lumber originally
to a branch house of such dealer in the same or another city, such
transpurchased for the job ran from $9 to $12 per thousand feet. By purfer shall not be made at an advance over cost of more than three
-fourths chasing
in large quantities and charging only for yard maintenance, the
cent per pound, regardless of quantity. In such case, however,
when
greater part of this excess price is expected to be saved to the Government.
the transaction is in as direct a line of distribution as practicable the
branch
A stock of from twelve to fifteen million feet of lumber will be carried
house may figure the transfer price as its purchase price and may sell
butter
and it is estimated that the yearly turnover will amount to between fifty
at an advance over cost on such basis not greater than the
maximum
and sixty million feet. A fund of $500,000 has been set aside as necessary
margins indicated above. If the branch house transfers the butter
to working
capital for the yard.
another branch house of the same dealer the total maximum margin
added
by both houses shall not be greater than the maximum margin
The Gilmerton yard is situated on the Elizabeth River a few miles from
allowed to
Norfolk and has a frontage of some 4,000 feet on navigable salt water. It is
the first branch house by this rule.
Collusive sales: Any sale by a dealer to another dealer at a price higher operated by experienced lumbermen.
than the price which the second dealer would have to pay in buying
on the
open market will be considered evidence of a collusive sale
intended to defeat the purpose of Rule 1 by increasing the purchaser's cost
and the price NEW ENGLAND SPRUCE LUMBER PRICES AND PROwhich he may charge upon a rising market.
CEDURE FOR DISTRIBUTION.
Rule 2. Manufacturers who perform services of wholesaler
or jobber.—
Any manufacturer who acts as a wholesaler or jobber shall be
New maximum prices for New England spruce lumber were
subject in
such action to the rules and maximum margins governing
wholesalers and announced by the War Industries Board on July 26,following
jobbers, provided that in figuring his purchase price as a wholesaler
or a request for a readjustment of prices
jobber he shall
by manufacturers.
1. Compute the cost of raw materials and the expense of manufacture
; or The prices agreed on, which are for the period from July 19
2. In the case of cold-storage butter consider as his cost the market 1918 to Nov.
1 1918, represent, it is said, an increase of
462
THE CHRONICLE
about $4 per 1,000 feet. The prices of various sizes of 20foot length and under range from $48 to $60 per 1,000 feet.
The War Industries Board in announcing the new prices also
made known the procedure for distribution of New England
spruce lumber. We give the Board's statement herewith:
Random Lengths.
55 00
$3800 134 or 134 x 10 inches
I x 2 D1S to 1% inches
59 00
38 00 134 or 1% x 12 inches
1 x 3 D1S to 1% inches
36 50
2 x 2 inches
42 00
1 x 4 inches
36 50
42 00 2 x 3 DIE to 234 inches
1 x 5 inches
38 00
45 00 2 x 4 ME to 334 inches
I x 6 inches
38 00
45 00 2 x 5 inches
1 x 7 inches
38 00
45 00 2 x 6 inches
I x 8 inches
38 00
50 00 2 x 7 inches
1 x 9 inches
43 00
55 00 2 x.8 inches
1 x 10 inches
45 00
59 00 2 x 9 inches
1 x 12 inches
50 00
x 10 inches
45 00 2
134 or I% x 6 inches
55 00
45 00 2 x 12 inches
13j or 1% x 7 inches
40 00
45 00 3 x 4 DIE to 3% inches
134 or lA x 8 inches
40 00
50 00 4 x 4 inches
134 or 134 x 9 inches
-inch and under sizes, random lengths, including timber, not spedAll 8
fled above, $43.
All aoove prices are for rough lumber unless otherwise specified.
per 1,000- $0 50
For planing 1 side add
1 00
For planing 2 sides add
1 50
For planing 1 or 2 sides and matching or grooving add_ _ _
0 50
Beading (extra)
1 50
For planing 4 sides add
41 00
1 x 4 to 8 planed 1 side, random widths and lengths
43 50
and lengths
I x 5 and up planed and matched, random widths
all even lengths
1 x 5 and up planed and matched, random widths,
47 00
10 x 18 inches
46 00
Ship lap, 5,6 and 7-feet random lengths
48 00
-feet, random lengths
Ship lap, 8
of nearest
Prices on items not covered by above list shall be priced on basis
comparable item.
They do
These prices allow the present rate of freight to Boston, Mass.
destination
not include war tax on freight Ails. For shipment to other
in Bangor
points freight adjustments will be governed by differential shown
weight to
& Aroostook Railway lumber tariff on basis of 3,000 pounds
1,000 feet of lumber.
for cash within 15 days or
Terms of settlement: One per cent discount
ble inspection to
30 days net from date of shipment. Eastern merchanta
govern.
changes
All freight rates subject to change up or down according to any
by railroads in present rates.
ComAfter considering the information submitted by the Federal Trade
lumber and
mission as to the cost of manufacturing New England spruce
manufacturers
the information submitted by the representatives of the
for a
thereof at the hearings held on July 18 1918, at which their request
heard, the Price-Fixing Comreadjustment of prices on their products was
with the
mittee appointed by the President has determined, by agreement
lumber,
said representatives of the manufacturers of New England spruce
upon the following maximum prices for such hunber. These maximum
and contracts for sale (for mill
prices shall not be exceeded on any sales
a period
shipment) made by manufacturer, dealer or other person during
to the
beginning midnight July 19 1918 and ending midnight Nov. 1 1918,
us in the
Government, to the Governments of the nations associated with
as customarily purchase
present war, to the railroads, or to such others
lumber for mill shipment, whether by rail or by water.
Maine,
The prices of all New England spruce lumber in the States of
the item
New Hampshire, Vermont and Massachusetts shall not exceed
prices are for New England spruce
prices named in attached list. Those
not include
lumber delivered (freight allowed) to Boston, Maas. They do
freight
war tax on freight bills. For shipments to other destination points
in Bangor & Aroostook
adjustment& will be governed by differentials shown
feet of
Railroad lumber tariff o.i basis of 3,000 pounds weight to 1,000
lumber.
priced on basis of
Prices on items not covered by the above list shall be
nearest comparable item.
of I%
The usual trade practices shall continue, including cash discount
in 15 days or 30 days net.
good faith prior to midContracts for the sale of lumber entered into in
e
night July 19 1918, and enforcible at law, will be performed in accordanc
the Governwith their terms, subject, of course, to orders received from
ment which may require priority.
industry,
It is imperative that, with the least possible disruption of the
for Now
the vast war needs of the Government, both direct and indirect,
supply
England spruce lumber be supplied on a fair basis, that an adequate
commercial
and equitable distribution thereof be assured for essential
that injurious speculaneeds, that the movement thereof be facilitated and
by
tion therein be prevented. Therefore the procedure outlined below,
England
agreement with the representatives of the manufacturers of New
July 19
spruce lumber, has been adopted for a period beginning midnight
1918 and ending midnight Nov. 1 1918.
.
lumber
The procedure is that each manufacturer of New England spruce
shall:
prices not in
at
(1) Make contracts and accept orders for his product
at the
excess of the applicable maximum prices, always subject to an option
prices in favor of the United States or the nominee of
applicable maximum
all New
the War Industries Board. tnder this option, which will cover
the purchaser,
England spruce lumber down to time of actual delivery to
either to
the War Industries Board to any extent required will allocate
so allocated
the Government or to other essential users. Any balance not
no greater than
will be released for sale to commercial buyers, but at prices
those determined upon as above set forth.
as issued
(2) Comply with the directions of the War Industries Board,
requirements in
from time to time, with reference to filling commercial
such information
the order of their public importance and to furnishing
and making such reports as may be required.
lumber so as
(3) Keep up to the best of his ability the production of spruce
to insure an adequate supply so long as the war lasts.
paid nor change funda(4) Neither reduce the scale of wages now being
mental labor conditions now in force.
Government to Apportion Cars.
lumber and
The Government will apportion the car supply available for
Industries
arrange for its transportation, subject to allocation by the War
to abnorBoard as aforesaid, to the end that injury to the industry due
mal war-time conditions be neutralized so far as may be.
nations associated with us
Foreign trade, except to the Governments of
In the present war, is not to be affected by this ruling.
spruce lumber,
Government maximun prices on New England merchantable
covering
effective midnight July 19 1918, to and including Nov. 1 1918,
States of Maine, New Hampshire, Vermont and Massachusetts.
REEDS AND RATTANS ON LIST OF RESTRICTED
IMPORTS.
The placing of rattans and reeds on the list of restricted
imports was announced as follows by the War Trade Board
on July 25:
176) has placed
The War Trade Board by a now ruling (W. T. B. R.
outstanding licenses
rattans and reeds on the list of restricted imports. All
1918. Herehave been revoked as to ocean shipments made after Aug. 5
will be issued,
after no licenses for the importation of rattans and reeds
by other than ocean transexcept for shipments from Canada or Mexico
cargo from
portation, and except further for shipments coming as return
nean North
convenient European ports or from convenient Mediterra
t port where
African ports, and then only when coming from a Convenien
loading can be done without delay.
DIMENSION.
Specified Lengths 20 Feet and Under.'
53 00
$4800 3 x 9 inches
1 x 2 dlS to 1% inches
58 00
48 00 3 x 10 inches
1 x 3 dlS to 134 inches
60 00
48 00 3 x 12 inches
1 x 4 inches
48 00
48 00 4 x 4 inches
1 x 5 inches
48 00
x 5 inches
48 00 4
1 x 6 inches
48 00
48 00 4 x 6 inches
1 x 7 inches
48 00
48 00 4 x 7 inches
1 x 8 inches
48 00
inches
53 00 4 x 8
1 x 9 inches
53 00
58 00 4 x 9 inches
lx 10 inches
58 00
60 00 4 x 10 inches
1 x 12 inches
60 00
48 00 4 x 12 inches
134 or 1% x 4 inches
48 00
00 5 x 5 inches
48
134 or 134 x 5 inches
48 00
4300 5 x 6 inches
I% or 1% x 6 inches
48 00
48 00 5 x 7 inches
134 or 134 x 7 inches
48 00
48 00 5 x 8 inches
134 or 134 x 8 inches
53 00
00 5 x 9 inches
53
134 or 134 x 9 inches
58 00
58 00 5 x 10 inches
134 or 1M x 10 Inches
60 00
60 00 5 x 12 inches
134 or 134 x 12 inches
48 00
48 00 6 x 6 inches
2 x 2 inches
48 00
48 00 6 x 7 inches
2 x 3 DIE to 23's inches
48 00
48 00 6 x 8 inches
2 x 4 ME to 334 Inches
53 00
48 00 6 x 9 inches
2 x 5 inches
58 00
48 00 6 x 10 inches
2 x 6 inches
60 00
00 6 x 12 inches
48
2 x 7 inches
48 00
48 00 7 x 7 inches
2 x 8 inches
48 00
53 00 7 x 8 inches
2 x 9 inches
53 00
58 00 7 x 9 inches
2 x 10 inches
58 00
60 00 7 x 10 inches
2 x 12 inches
60 00
48 00 7 x 12 inches
3 x 4 ME to 334 inches
48 00
48 00 8 x 8 inches
3 x 5 inches
53 00
48 00 8 x 9 inches
3 x 6 inches
• 58 00
48 00 8 x 10 inches
3 x 7 inches
60 00
48 00 8x 12 inches
3 x 8 inches
All prices are for rough lumber unless otherwise specified.
Where the fractional part of a foot is specified, the stock is to be figures
the next foot in length. For every 2 feet or fraction over 20 foot add $1
per thousand.
[VOL. 107.
RESTRICTIONS ON EXPORTS OF CAUSTIC SODA.
Further restriction3 affecting the sale for export and the
exportation of caustic soda, effective Aug. 1, were announced
by the War Industries Board and the War Trade Board on
July 25. Manufacturers may not contract for sale to exporters until advised by the latter that an export license has been
obtained and the number furnished. The manufacturer
may not sell for domestic consumption unless the purchaser
agrees not to export or sell for export. Licenses for export
will not be granted unless the applicant files a statement
showing on Aug. 1 that he did not own or have any interest
in contracts for the sale of caustic soda for export. The applicant otherwise must file a list of contracts with purchasers
abroad, together with complete information concerning those
contracts. The following is the announcement:
States War
The United States War Industries Board and the United
regulations with
Trade Board jointly announce the following rules and
soda:
respect to the sale for export and the exportation of caustic
in the United
On and after Aug. 1 1918 manufacturers of caustic soda
any contract for the sale of caustic soda with
States will not enter into
the same unany person in the United States for the purpose of exporting
a United States
less and until advised by the prospective purchaser that
has been duly obtained and the
export license covering such caustic soda
number thereof is furnished.
named date, caustic
Manufacturers will not sell, on and after the above
agrees not to export
soda for domestic consumption unless the purchaser
resold in the domestic market
same nor to sell same for export, and if it is
from each and every
to exact or cause to be exacted a similar agreement
subsequent purchaser.
Board will not
On and after Aug. 1 1918 the United States War Trade
n until the applicant
license for exportation caustic soda to any destinatio
has filed a statement showing either:
not own or have any interest
(a) That on Aug. 1 1918 the applicant did
exported from the United
in any contracts for the sale of caustic soda to be
States; or
on Aug. 1 1918
(b) A list of all contracts with purchasers abroad existing
been exported on that
for the exportation of caustic soda which had not
or consignees;
date, showing (a) the names of the purchasers abroad,
paid or:con(b) the dates of the contracts; (c) the quantities; (d) the price
on Aug. 1 1918 owned
tracted to be paid therefor; and (e) if the applicant
exported, the place
or had any interest in the title to the caustic soda to be
on Aug. 11918.
or places of storage on or about that date, or, if in transit
the date of shipment from
from an inland point within the United States,
such shipment
such point and port of exit in the United States to which
was destined.
export caustic soda
On and after Aug. 1 1918 applicants for licenses to
or not they
will also be required to state on their applications whether
it is proposed
have acquired any title or interest in the caustic soda which
AUG. 3 1918
THE CHRONICLE
to be exported, and the caustic soda is in existence, the place of storage
in the United States, and to agree that in the event an export license is
granted, not to ship or permit to be shipped under such license any other
caustic soda than that specified in the application.
The foregoing requirements are supplemental to the regulations contained in circular letters issued by the United States War Trade Board under
date of March 30 and May 211918. For the convenience of exporters, the
regulations with respect to caustic soda have been consolidated and revised into one ruling (W. T. B. R. 175, issued July 26 1918). Copies
thereof may be obtained upon application to any branch office of the War
Trade Board on and after July 27 1918.
463
pointment of Mr. Wiggin's successor the work of the Fuel Administration
in New York has been proceeding in regular course and New York has
been receiving its full allotment of coal. Under the present distribution
plan each State will receive a fixed part of the avallaole supply, as determined by Washington, and New York is accordingly bound to receive its
full part in any event, whether delivered now or later.
Mr. Robertson, it was announced on July 29, not only
declined the appointment as deputy, but notified Dr. Garfield, Federal Fuel Administrator, of his resignation as a
member of the Advisory Board. It has also developed that
On July 26 issued the following further announcement Mr. Robertson and Dr.
Garfield have not been in accord
(W. T. B. R. 175):
on certain matters, a ietter dated July 3, printed in the
This ruling consolidates the regulations contained in the circular letters
heretofore issued, dated March 30 1918 (Mimeographed Form 1167), and New York "Times" of July 30, in which Mr. Robertson
April 20 1918 (Mimeographed Form 1321-1), May 21 1918 (Mimeographed expressed himself as opposed to a proposal which Dr. GarForm 1536-1-2), and W. T. B. R. No. 174, released July 25 1918.
field had in mind,but did not carry into effect,of dividing
(1) At present, licenses to export caustic soda to any colony or country
the State, is given below. In the letter Mr. Robertson
Europe, Africa, or countries in the Near East will be refused.
in
(2) Exporters will facilitate the conFideration of applications for licenses declined the appointment as head of the territory north of
to export caustic soda to Canada, Central and South America, the West Westchester. The letter follows:
Indies and the Far East if they
showing the
file a summary
quantities of
caustic soda which they exported during the period from July 1 1916 to
June 30 1917. Appropriate blank forms on which to file this information
(Mimeographed Forms Nos. 1168, 1169, 1170-2),and detailed instructions
may be obtained upon application to any branch office of the War Trade
Board.
(3) On and after Aug. 1 1918 all applications for licenses to export caustic
soda must comply with the following regulations:
(A) Applicants must show on their applications that on Aug. 1 1918
they did not own or have any interest in any contracts for the sale of
caustic soda to be exported from the United States, other than that specified in the report filed with the War Trade Board as referred to in the following Paragraph (B).
(B) Applicants must file with their applications, if they have not theretofore done so, a statement showing all the contracts (if any) with purchasers abroad, existing on Aug. 1 1918, for the exportation of caustic soda
which had not been exported on that date, to any destination, giving
(a) the names of the purchasers abroad or consignees with whom contracts
were made; (b) the dates of the contracts; (e) the quantities; (d) the price
paid or to be paid therefor; (e) and, if on Aug. 1 1918 the applicant owned
or had any interest in the title to any caustic soda which is to be exported,
the place or places of storage on or about that date, or if the caustic soda
was in transit on Aug. 1 1918 from an inland point within the United States,
the date of shipment from that point and the port of exit in the United
States to which such shipment was destined. In order that this report
may be filed in form convenient to the Bureau of Exports, Form X-208
has been prepared, copies of which may be obtained on application to the
War Trade Board.
(C) Applicants must also state on their applications whether or not at
the time of filing the application they have acquired any title or interest
in the caustic soda which is to be exported, and if the caustic soda is in
existence, the place of storage in the United States.
(D) Applicants must also agree that in the event an export license is
granted they will not ship or permit to be shipped under such license any
other caustic soda than the particular lot specified therein.
(4) Glycerine.—ApplIcants who show that they have imported since
Feb. 1 1918, or will agree, subject to certain conditions prescribed by the
War Trade Board, to import glycerine into the United States for consumption therein from the country to which the caustic soda is to be exported,
will be given special consideration, provided applications are made on
regular Form X with Supplemental Information Sheet Form X-9, July 16
1918, duly executed and attached thereto.
(5) Sugar Mills, Meat-Packing Plants, or Petroleum Plants.—Applicants
who show that the purchaser abroad operates a sugar mill, meat-packing
plant, or petroleum plant, and that the caustic soda is to be used exclusively by such mill or plant, will be given special consideration, provided
applicants file their applications on Form X, having attached thereto,
duly executed, Supplemental Information Sheet X-10 (July 16 1918).
(6) Caustic Soda Manufactured West of the Rocky Mountains.—Applicants for licenses to export caustic soda to the Far East, India and Australasia will be given special consideration, provided it is shown that the
caustic soda has been actually manufactured west of the Rocky Mountains; will be exported only through Pacific ports, and applications are made
on Form X-208, having attached thereto, duly executed, Supplemental
Information Sheet Form X-17 (July 16 1918)•
(7) Sticks or Case Soda Lye.—Applications for license to export caustic
soda in the form of sticks or case soda lye packed in tin, or small packages
of caustic soda in small quantities specially packed and intended for pharmaceutical, scientific, or household use, or is part of an equipment for
electrical storage batteries, will be given special consideration, provided
the application, or a supplemental sheet attached thereto, contains sufficient information thereon to show that the proposed shipment comes
within these classes.
VANCE C. McCORMICK,
Chairman.
D. W. COOKE, FUEL ADMINISTRATOR FOR NEW
YORK STATE—RESIGNATION OF C. E.
ROBERTSON AS ASSISTANT.
D. W. Cooke, Vice-President of the Erie RR., has been
appointed New York State Fuel Administrator to take the
place of Albeit H. Wiggin, who resigned last May. The
announcement of Mr. Cooke's appointment, made public
July 23, stated that he would resign as Chairman of the
Traffic Executives of the Allies, but would remain a member
of that organization and represent it on the Exports Control
Committee.
It was also make known at the same time that Charles E.
Robertson and Reeve Schley had been appointed as Assistant
Federal Fuel Administrators for New York State. The
former had been a deputy under Mr. Wiggin and a member
of his advisory committee. The latter has been Federal Fuel
Administrator for New York County.
The announcement of the Fuel Administration said:
In making the announcements, Dr. Garfield called attention to the fact
that, notwithstanding the regrettable and unavoidable delay in the ap-
I have given careful consideration to your recent tender to me of the
appointment as Fuel Administrator for the State of New York, exclusive
of Greater New York and Long Island.
Judging from my own experience and the unanimous opinion of my
friends who have been closely in touch with the affairs of the New York
State Fuel Administration, I cannot escape the conclusion that a most
serious mistake will be made if the S late of New York,or any other State, is
subdivided for purposes of administration.
In the first place, in so far as I have been able to learn, no reason for
such a subdivision of the State has been put forward; while, on the other
hand, there appear to be several unanswerable arguments in fawn of
continuing the administration of the State as a unit.
The situation of the whole country with respect to the coal supply is
critical, so much so that a shortage of many hundred thousand tons of
anthracite for the State of New York alone must be anticipated. A shortage of such magnitude will entail the most careful distribution of the allotment for New York, and a general spirit of give and take and co-operation
between all sections of the State. I know that this spirit has prevailed
in the past, but feel strongly that it cannot continuo if various sections of
the State are to be placed under separate jurisdisctions.
The appointment of Fuel Administrators for separate parts of the State
will also, of course, increase the expense of administration, but this is a
minor matter when compared with the confusion which must follow both
with regard to supply and distribution. •
The anthracite coal supply for the State of New York has already been
allotted for the current year, for the State as a whale, and I can see no
reason for making a complicated subdivision of this allotment.
I feel sure that if you will make inquiry of chose familiar with the New
York State Fuel Administration, you will find them endorsing the views
I have expressed. In any event, if there are to be two State Administrators
appointed, I am familiar enough with the State conditions to know that the
Administrator for the territory outside of Greater New York should be
an up-State man.
Plfi
Feeling as I do that the radical changes which you propose to make in
the administration for Now York State are unwise under present conditions, I am constrained, with the greatest regret, to decline the appointment which you tender.
It was after this that Dr. Garfield named Mr. Cooke as
the now State Fuel head, with Messrs. Schley and Robertson
as assistants. In notifying Dr. Garfield of his intention to
give up his post as a member of the Advisory Board, Mr.
Robertson said:
For the last year I have given my entire time as a member of the Advisory
*
Board of the State, and now that.a State Administrator, in whose selection
I heartily concur, has been appointed, I believe that I can properly ask to
be relieved of my duties.
CREATION OF LABOR BUREAU BY FUEL ADMINISTRATION FOR SETTLEMENT OF DISPUTES.
A bureau of labor has been created by the U. S. Fuel
Administrator to which will be referred for settlement all
matters relating to labor controversies. John P. White,
formerly President of the United Mine Workers of America,
and Rembrandt Peale, coal operator for central Pennsylvania, have been made joint heads of the bureau. The following statement was issued by the Fuel Administration on
July 23 regarding the creation of the bureau:
At a recent conference held in the city of Washington, D. C., between
the United States Fuel Administrator, Harry A. Garfield, and the international officials of the United Mine Workers of America a complete
understanding was reached wherein all questions pertaining to labor in the
coal-mining industry will remain under the jurisdiction of the United States
Fuel Administrator. This is in accordance with an understanding previously reached between the Secretary of Labor and the United States Fuel
Administrator.
In order that this arrangement may be made effective the United States
Fuel Administrator has created a bureau of labor, to which all matters
relating to labor controversies will be referred for settlement. The United
States Fuel Administrator has appointed Mr. John P. White, formerly
President of the United Mine Workers of America, and Mr. Rembrandt
Peale, coal operator for central Pennsylvania, joint heads of this bureau,
with power as his deputies to consider and dispose of all matters concerning
labor in the coal-mining industry properly coining before the Fuel Administration and subject to the Procedure prescribed in existing joint agreements.
Tile following statement of principles was made by Mr. II. A. Garfield,
United States Fuel Administrator, at conferences at which were present
Mr. Frank J. Hayes, President; Mr. John L. Lewis, Vice-President; Mr.
William Green, Secretary and Treasurer of the United Mine Workers of
America; and Mr. John P. White and Mr. Rembrandt Peale, representing
the Fuel Administration, all of whom acquiesced in the statement as expressing their understanding of the principles followed by the United States
Fuel Administration and by the International Union of Mine Workers in
settling questions relating'to labor in the coal-mining industry, it being
understood that wherever the Federal Government is called upon to intervene, or of its own motion intervenes in the settlement of such questions.
•
464
THE CHRONICLE
whether in organized or unorganized fields, jurisdiction shall remain for
the present and until otherwise arranged in the hands of the United States
Fuel Administrator:
"The United States Fuel Administrator understands:
"(a) That no strike shall take place pending the settlement of any controversy until the dispute has been reviewed and decided by him.
"(b) That recognition of the unions shall not be exacted during the continuance of the war except where now recognized by collective bargaining.
"(c) That where, by joint contract between employer and employed,
machinery is provided for the settlement of controversies, United States
Fuel Administrator shall not be required to intervene or to mediate until
such means have been invoked and the remedy exhausted without reaching
adjustment.
"(d) That where the United States Fuel Administrator intervenes, sub-.
stantially the principles, provisions and practices laid down in the Maryland and Upper Potomac settlement of May 6 1918 shall be accepted by
the workers and employers and their chosen representatives as sufficient.
"On the basis of the foregoing understanding which he regards as just
'
and imperative in the present crisis, the United States Fuel Administrator
has insisted and will continue to insist that any adjustment of labor questions in the coal-mining industry, whether by joint agreement between
ynereverapPna31e the
agreements
lAdniatra)hlemtns severally madewith an
operators
lnitnd=mine workers of
substantially the principles, provisions and practice laid down in the
Maryland and Upper Potomac settlement of May 6 1918, and recognizes
the authority of the International Union of Mine Workers in the organized
fields and their jurisdiction over controversies arising in said fields. More
specifically, the United States Fuel Administrator has insisted and will
continue to insist in all such settlements—
"(a) That employers will be required to relinquish the right to discharge
employees because of affiliation with labor unions.
(b) That employers will be required to recognize the right of their
employees to organize by peaceful methods that do not interrupt production.
"(c) That the so-called automatic penalty clause now in force, being
regarded by mine workers as a cardinal principle of collective bargaining
during the continuance of the war, will be included in all agreements as a
condition precedent to the allowance of increased price permitted to operators.
"(d) That where the union shop now exists the same shall continuo, and
where union and non-union men work together the continuance of such
condition shall not be deemed a grievance."
[VOL. 107.
New York City received during April, May and June slightly more than
ts 1,114.
its allotment for the three!monthsyttavii, 01042S
The middle of last month (July) the U. S. Fuel AdminCreation issued the following order:
It appearing to the United States Fuel Administrator that it is desirable
from time to time to consign or to divert bituminous or anthracite coal to
the New England Fuel Administrator for distribution by him among consumers,
The United States Fuel Administrator, acting under authority of an
Executive order of the President of the United States, dated Aug. 23 1917,
appointing said Administrator, and of subsequent Executive orders,
and in furtherance of the purpose of said Executive orders and of the Act
of Congress therein referred to and approved Aug. 10 1917,
Hereby orders and directs that until further or other orders of the United
States Fuel Administrator, and subject to modification hereafter at any
time and from time to time,
The New England Fuel Administrator is hereby authorized to direct the
resale and distribution of all coal requisitioned for or consigned or diverted
to and received by him, under the provisions of any orders of the United
States Fuel Administration, to and among such consumers and users of
bituminous or anthracire coal, respectively, in the New England States as
In his judgment may from time to time be in need thereof and occupied
in the conduct of such industrial activities or of such public utilities as are
essential to the national security and defense, for the successful prosecution of the war, and for the maintenance of the efficiency of the people
in any of such New England States, or any part thereof, in performing
their part in the conduct of the war.
In making such resale and distribution said New England Fuel Administrator shall first see that the needs and requirements of consumers entitled
to preference in the supply of fuel under the orders of the Priorities Board
are suitably taken care of. In connection with such distribution said Now
England Fuel Administrator is authorized to use and employ the services
of such persons and agents as he may from time to time select, and to
make or authorize to be made in the resale and distribution of such coal a
charge of not exceeding 15 cents per ton for the compensation and expenses
of the persons and agents so selected by him.
H.A. GARFIELD,
United States Fuel Administrator.
REVISION OF REGULATIONS GOVERNING BUNKER
COAL.
In making known the issuance of an order revising regulations effective July 23 governing the quality and grades of • James J. Storrow, Federal Fuel Administrator for New
coal for bunkering steamships at Atlantic and Gulf ports, England in a statement in June with reference to the coal
the U. S. Fuel Administration on July 20 said:
supply for New England said:
An order issued by the United States Fuel Administration, effective
7 a. m. July 23, revises former orders and regulations relative to the required quality and grades of coal for bunkering steamships at Atlantic and
Gulf ports. The purpose of the order is to improve the quality and enlarge
the quantity of coal for ships in the Atlantic trade.
Among the changes of consequence is the designation of the Tug River
field of"West Virginia as a field apart from the Pocahontas field and admitting as permissible bunker coal the coal originating in the Pocahontas,
New River and Tug River fields, which has been or may be classified by
the Tidewater Coal Exchange for consignment to pool No. 1 or pool No. 2
at Hampton Roads. Also, specifying as permissible bunker coal that coal
which has been or may be classified for consignment to pool No. 44 at
Hampton Roads: This coal consists of lump and egg coal, but not nut
coal, originating in these fields.
To improve the quality of coal for overseas trade at New York, Philadelphia and Baltimore, the order directs the admission of coal originating
at mines on the acceptable list of the United States Navy, which has been
or may be classified by the Tidewater Coal Exchange for consignment to
pool No. 1, when used by itself and not mixed with coal from any other
pool. Also, it admits coal originating at mince on the Pennsylvania,
Baltimore & Ohio and Western Maryland railways, or any of their connecting lines which has been or may be classified by the Tidewater Coal Exchange for consignment to pool No. 9, when used by itself and not mixed
with coal from any other pool.
Coal originating on the New York Central Railroad or any of its connecting lines which has been or may be classified by the Tidewater Coal Exchange to pool No. 4 and pool No. 10, and coal originating on the Pennsylvania, Baltimore & Ohio or Western Maryland, or any of their connecting lines, for sonsignment to pool No. 10, as well as pool No. 1 and pool
No. 9 coal, is admitted as permissible bunker coal for coastwise trade.
Coal for "overseas trade" is described as including coal furnished ships
engaged in trade between ports of the United States and ports of foreign
-Atlantic or via Panama Canal, and between ports
countries, either trans
of the United States and the Panama Canal Zone or Porto Rico, and coal
furnished to all navy vessels and army transports of the United States
and its allies, whether engaged in trans-Atlantic iervice or otherwise.
Coal intended for "coastwise trade" includes coal furnished ships in
service between Atlantic ports of the United States and between such
ports and Canada.
The order prohibits the shipment of "slack" or sizes of coal smaller than
run of mine to any port for bunker purposes or to any pool except when
special permission of the United States Fuel Administration has been
obtained.
EXPEDITING NEW ENGLAND COAL SUPPLY.
The aim of the United States Fuel Administration to accomplish the movement of two-thirds of the annual anthracite allotment to New England before the winter season
begins is being steadily realized, according to an announcement made by the Administration last week. This statement says:
For the months of April, May and Juno shipments into New England
amounted to approximately three and a quarter million gross tons. The
total allotment for the New England States for the year amounts to 10,331,000 gross tons.
If the present rate of movement continues until Nov. 1, eight months'
shipping will have been accomplished within seven months, leaving but
four months' allotment to be performed in the remaining five months of
the coal year.
iaThe first of the calendar year will, perhaps, see the schedule much further advanced, because there should be no material let up in shipping
during November and December.
The object of the Fuel Administration is to effect the transportation of
the bulk of the New England tonnage moving through the narrow railroad
gateways during the open season without strict attention to the exact apportionment between communities. Equalization as between communities and dealers will not be difficult once the coal moves through the New
York "bottle necks."
An adequate coal supply for New England is not merely a matter of
New England's concern. It is a matter of national concern.
As nearly as I can estimate, fully 75% of the factories of New England
are carrying on war work, which constitutes an essential and integral part
of the equipment needed to defeat the Germans.
The steel furnaces of Pennsylvania and the ponderous hammers which
forge the big guns are necessary, but they are of little use without the little
time fuses.
Perhaps it is enough to say that after an elaborate re-examination
of the New England fuel situation and the New England war activities
and with a full knowledge of the war needs and necessities of other sections
of the country, it was decided again,for the second time, that New England
must have 30,000,000 tons of steam coal during the twelve months of the
current coal year which began April 1.
We are already a million and a half tons behind on this program, but the
National Fuel Administration has issued a series of orders to the different
coal mining regions to get New England back on to this program and keep
It there.
It takes a few days to get it started and then some days for the rails to
bring it here. We think it is coming, and we hope it will keep coming,
but let me say that every New England manufacturer, if he will get on the
job, can save coal, and it is absolutely up to him to do it.
On household anthracite coal the story is a good deal the same, except
that orders went out some time ago, which are already showing up in
loaded cars and coal barges.
At best, however, we must all be very frugal in our use of hard coal.
Gas ranges ought to be used as far as possible, and we must start our furnaces late this autumn.
FUEL ADMINISTRATION ORDERS COAL RUSHED
TO LAKE PORTS.
According to an announcement last week the United States
Fuel Administration has ordered district representatives to
still further expedite the shipment of coal to lake ports for
transportation to the Northwest. The statement says:
This action was taken to insure the shipment of sufficient coal, via lakes,
to fill the requirements of the Northwest before lake navigation closes.
All district representatives were notified to give preference in their shipments to the lake coal which their districts are required to ship. Shipments to the lakes will be moved ahead of all other coal leaving the fields,
except that intended for railroad fuel, for by-product coke plants, and for
the manufacture of illuminating gas until further orders.
ROY A. RAINEY AND D. D. BUSH TO HAVE CHARGE
F
0 FUEUPRODUCTION137VISION.
— -—
The United States Fuel Administration on July 26 announced the appointment of Roy A. Rainey of New York
and David D. Bush of Chicago to the Production Bureau
to take charge of priorities in mine supplies. They will
work in conjunction with the War Industries Board to see
that the production of coal is not hampered or lessened by
reason of needed material or equipment.
CONFERENCE ON STEEL OUTPUT FOR WAR
REQUIREMENTS.
A conference of representatives of leading steel plants
was held in New York last Monday (July 29) at the instance of Charles M. Schwab, Director-General of the
Emergency Fleet Corporation, to devise means for keeping
the Government supplied with steel so that the war may
not be interrupted. It was stated on July 25 that the ship
AUG. 3 1918.]
THE CHRONICLE
building program now calls for a total of 4,000
,000 ,tons a
year. On that date Mr. Schwab was quote
d as saying:
We are now getting
465
the United States to Europe but also troop
ships for the War Department.
Additional yards of the War Depar
tment built in districts where the labor,
supply already is engaged upon mercha
steel at the rate of about 3,500,
nt ship construction, it is argued,
000 tons annually.
That amount would suffice if we had been
able to build up a reservoir in would only cause friction between the plants in vying to obtain an adequa
te
each yard, a sort of steel cushion, so to
speak, on which to fall back In number of workmen.
emergencies. Until we have such an
Officials of both the War Department
accumulation in the yards the larger
and the Shipping Board declared
figure of shipments will be essential.
There is nothing to do but to speed to-day that the dispute would be amicably adjusted. As soon as
Majorup and get it.
General Goethals returns to the capital
from a Southern trip, Chairman
Hurley and Vice-President Pies of the
E. N. Hurley, Chairman of the U. S. Shipp
Shipping Board will formally close
ing Board, the incident in conference.
and J. Leonard Replogle, U. S. Steel Administra
tor, were
present at the conference, which was held at
the office of
James A. Farrell, President of the U. S. Steel Corpo
ration.
No statement has been issued regarding the delib
erations
at the conference, and the three principals in talki
ng with
newspaper men after the meeting are reported
to have expressed themselves as unwilling to divulge the matte
rs considered. In the New York "Times" Mr. Repla
gle is quoted
as saying:
LITTLE IRON AND STEEL FOR NONWAR
INDUSTRIES.
That comparatively little iron and steel
will be left to
distribute to those industries engaged
in non-war work
and to consumers for application to non-war uses
is pointed
out in a circular issued by the Priorities Divis
ion of the War
Industries Board to producers, manufacturers,
dealers and
consumers of steel and its products. The Divis
ion through
Edwin B. Parker, Commissioner, warns that
"every possible
use of iron and steel or their products which
can be deferred
must be deferred until after the war." It
is pointed out
that the present and constantly increasing steel
requirements
of this country and its Allies for direct and
indirect war
needs, 100% of which must under any and
all circumstances be promptly supplied, are so enormous
as to well
nigh absorb our constantly expanding producing
capacity.
The circular also says:
The meeting was one of the series we
have been having to promote cooperation among tho manufacturers
and the Government for the purpose
of getting out the steel and having it deliver
ed where it is most needed.
The total output of steel is large enough
to meet all needs connected with
the war, as far as we can see them now.
It is not so much a question of
quantity as it is of getting adequate
amounts of steel in the shape required.
A bar mill cannot roll ship plates and
a plate mill is not able to roll shell
bars.
The use of steel in the war has increa
sed beyond the estimates which wero
made even a few weeks ago. The deman
d is constantly expanding. The
present offensive in France, as you can easily
see, is using up thousands of
tons of steel in shells and supplies, and
the fluctuations in consumption
must continue until the war ends. In additi
on to the enormous amount
of steel being used daily in the shipyards,
It is the policy of the War Industries Board
we must keep before us all the
to take counsel with each intime the necessity of building up stocks
at the yards so that bad weather dustry, determine the extent to which it can and should as a war measure
In the winter may not slow down work
curtail its production, and particularly curtail
on the new vessels.
its consumption of iron and
steel, limiting its output to essential uses, as far
The "Journal of Commerce" credited Mr. Replo
as practicable,
gle with destroying or unnecessarily injuring any industry or legitimate but without
business.
the following:
•
We do not recognize the existence of
non-essentials, but prefer to tackle
the problem from the other end—that
is, from the standpoint of the most
necessary industries. We have been
asked to supply more steel for shipbuilding, and this will require cutting
down on the supply for other uses.
This process is, in fact, steadily going on.
The chief difficulty we have
to face is not an absolute shortage in the steel
supply, but the fact that the
facilities used in making plates cannot be
used for making bars; those for
making bars cannot be used for making ordnan
ce steel, &c.
The following is the circular in full:
Circular No. 5.
To all Producers, Manufacturers, Dealers, and Consum
ers:
Section 1. The problem—the nation's presen
t business—your present
business—is war. When this fact shall have taken
firm root in the hearts
and minds of the men, women, and childre
n of this country, our industrial
problems will be found comparatively easy
of solution, and the task of
readjusting and mobilizing the industries
of the nation to meet the requirequirements of the military program more
According to the New York "Commercial"
than half discharged.
Mr. Schwab
For the winning of the war steel is now
the world's most precious metal.
had the following to say:
It is consumed, or used to some
extent, every day by practically every
I see no reason for any unusual alarm over
the steel situation. The civilized man in every civilized country, and nowhere in such vast
quansituation is just this. The Emergency Fleet
tities per capita as in the United States
. The present and constantly insteel in much larger quantities than was though Corporation is consuming creasing steel requirements
of this country and its Allies for direct
t possible when allotments
and inwere made and on behalf of that corporation
direct war needs, 100% of which must
we have come to the War
under any and all circumstance
Industries Board to see how much more
s
be promptly supplied, are so enormous
steel we can have than was
as to well-nigh absorb our conorigin- stantly expanding produc
ally allotted to us.
ing capacity. The result is obviou
s. There will
be comparatively little iron and steel left
Besides Messrs. Schwab, Hurley,
to distribute to those industries
Replogle
engaged in non-war
and
the conference was attended by E. H. Gary and Farrell, Uses. Every possibleworkof to consumers for application to non-war
use
iron and steel or their products which
, Chairman of deferr
can be
the Board of the United States Steel
ed must be
Corporation; E. A. S. can not be avoidedeferred until after the war. This duty is personal and
d or delegated to your friends and neighb
Clarke, President of the Lackawanna
Steel Co.; J. A. Bon- sumption is so small as to be immaterial, and no saving ors. No coninsignigficant.
ner, Washington representative of the
Every
American Iron.& Steel into pound collected and sold to scrap-iron dealers finds its way back
the general supply of iron and steel. "The
Institute; E. G. Grace, President of
last quarter hour will win
the Bethlehem Steel the war," and in that quarter hour the
last shell will be
Corporation; J. A. Topping, Chairman
That
of the Board of the may be made from steel that has been saved through the fired. ion shell
collect
of scrap
Republic Iron & Steel Co.; A. C. Dinke
y, President of the or through denial of the luxury of purchasing steel in the form of articles
which have come to be regarded as peacet
Midvale Steel & Ordnance Co., and
ime necessities.
H. G. Dalton, of
Among other tasks which the President
has
Pickands, Mather & Co.
Board is that of so distributing the supply laid upon the War Industries
of iron and steel available, or
A Washington dispatch on July 30
which can be made available, as to meet
the war requir
to
"Times" stated that the Shipping Board the New York as possible the essential needs of the civilian population. ements and as far
This
wants a million discharged in part through the administration of priorities. task is being
tons of steel (out of a total of 1,250,000
Sec. 2. The priority plan.—The term
tons of reserve which
"priority" implies discrimination
it is proposed to ask for) held as a
—purposeful discrim
permanent "cushion," tions are based uponination. All priorities are relative and the classificathe relative importance of
upon which to fall back in case of
emergency. The "Times" the particular plant involved to the war program the particular industry or
or to supplying the essensays:
tial needs (as distinguished from wants)
of the civilian population.
The one and a quarter million
Careful attention is invited to Sections
tons will he asked for as a reserv
1 to 11, inclusive, of the copy
e for a of Circular No. 4 issued by the Priorit
three months' shipbuilding progra
ies
m,
month. The 750,000 tons requir which will consume 250,000 tons:each Board under date of July 1 1918, wnich Division of the War Industries
ed for three months' work
sections prescribe five principal
must also be classes into which all orders
requested, sobs all the demand will
and work are divided, with subdivisions
be
Shipping Board now has a reserve of made for about 2,000,000 tons. The thereof, and which also provide a metho
d for classifying all orders and work.
1.080,000 tons, but wishes to keep
intact, and for this reason will ask for
It will be noted that priority certificates
this
are issued covering three classes.
the standing reserve.
namely, Class AA, Class A, and Class
B. Class C comprises all
On July 25 Mr. Schwab was said to
have announced that and work not covered by priority certificates or taking a Class A ororders
Class
prohibition of all steel shipments to
B automa
foreign countries is the cation of tic rating, but which are embraced within the "General ClassifiPurposes Demanding Preference Treatm
first step planned by the Emergency
ent," appearing on page
Fleet Corporation to 17 of Circular No. 4, or which orders and work are placed
make possible the completion of 10,00
by
0,000 tons of ships utilized in connection with an industry or plant appearing onor are to be
Preference
List No. 1 prepared by the Priorities Board
yearly from our yards. The Director
and appearing on pages 18 and
-General is said to have 19 of Circular No. 4. In
the majority of cases the application
blamed the shortage of steel also on the fact
of the
that the Railroad Classification of Purposes and the Preference List to orders
received by
Administration has been receiving large
allotments for the manufacturers, jobbers, or retailers can readily and accurately be made.
Sec. 3. Administrative interpretation of
building of cars.
"purpose list."—Communications have been received by the Priorit
ies Committee from manufacturer
The following regarding the denial of
steel to the War Jobbers and retailers expressing doubt as to whether or not certain specifis.
Department appeared under a Washi
ed
within the Classification of Purpos
ngton head in the uses fallIn
es entitled to Preference Treatment.
order to insure uniformity and consistency
"Financial America" of Aug. 1:
in the distribution of
steel and its products, the Priorities Commi
ttee will undertake, on applicaThe principle that one Government
tion, to decide all such doubtful cases,
depart
and from time to time issue as a
the functions of another has been laid down ment should not infringe upon supplement
to this Circular No. 5 administrative
by the War Industries
rulings embodying such
Board in
administering the supply of steel and other
building:materials. The Board decisions as are of general interest, and also defining the term "essent
made known its opinion in refusing to
ial
uses" as used in the pledge appearing
furnish the War Depar
on page 3 of the bulletin issued July
tment with 3 1918, a copy
material with which to build a shiplyard
of which also accompanies this circula
at Everett, Wash.,
r.
and one at
Wilmington, N. C., for the exclusi
Sec. 4. Rationing industrIes.—As it is
ve construction of vessels
obviously impossible to supply
for the War all industr
Department.
ies utilizing iron and steel in their activit
ies with their normal
Refusal of the Board was made on
supply, the War Industries Board, throug
the ground thatthe War
h its Priorities Division, co-operwould be trespassing upon the territo
Department ating with the
ry of the Shipping Board
commodity section dealing with the
particular industry
if permitted or produc
to carry out its program. It also
t involved, with the Conservation Divisi
based its decision on the
on and representatives of
contention that other interes
the Shipping Board is using all availab
ted Government agencies, has inaugurated
le labor, steel and other
a system of indusmaterial for trial hearings
the construction of ships not only
in which committees representing the
for the transportation of
entire Indwary!appear
supplies from and present
(a) the normal requirements of such indust
ry for iron and steel.
466
THE CHRONICLE
[VOL. 107.
bolster, is to be made for each capacity. Valley
ns, (c) the stocks now with but one height of
3,000; standard,
(b) their reasonable requirements under war conditio
and gears are to be in three capacities—medium,
the fuel consumed, and all other pertinent wagons
and gears will be of four
on hand in each plant, and (d)
4,500; and heavy, 6,000. Mountain wagons
'facts.
medium, 4,000; standard, 5,500; heavy,7 ,000.
industry may be prop- capacities—light, 2,500;
ed.
A portion at least of the product of nearly every
top of reach construction for this wagon is eliminat
requirement or essential to the The old style hound
es—light. 1,000;
erly classed as a direct or indirect war
se agons and gears are to be of three capaciti
many the percentage of non-essentiality pre- One-hor
civilian population, but in
industry, including so- medium, 1,250; heavy, 1,500.
one size of cast skein,
dominates. On the other hand, nearly every
Farm truck gears are to be manufactured in but
ntiality in their procalled war industries, have a percentage of non-esse
:
viz. 3Y,-inch.
duction.
in comparative capacity
the hearings menSteel axles may be substituted for wood axles
It is the policy of the War Industries Board, through extent to which
be furnished in three
only. Wood wheels for two-horse wagons aro to
counsel with each industry, determine the
to have two diamtioned, to take
ion—and particularly diameters
-40,44,and 48 inches. One-horse wagons are
wheel, accordIt can and should as a war measure curtail its product
-40and 44 inches. From 12 to 14 spokes per
miting its output to essential eters of wheels
of
curtail its consumption of iron and steel—li
Truck gears are allowed two diameters
but without destroying or unnecessarily injuring ing to diameter, are allowed.
uses as far as praccicable,
only. Two-horse
the Chairman wheels
-36 and 40 inches—and made with 12 spokes
or legitimate business. On these hearings
steel wheels
any industry
give the industry the farm, valley, and mountain wagons may be equipped with
of the Conservation Division or his representatives
into methods of standardi- of diameters specified for wooden wheels.
benefit of their expert knowledge and research
assortments, bois d'arc
industry in (a) reducing
Portions of the new schedule governing tire
zation and substitution, and co-operate with the
rs for one-horse
thereby securing economy felloes, and wheel diameters, except for wheel diamete and no equipneedless lines, varieties, and sizes of products,
manufacturer, wagons, are to become effective not later than Jan. 1 1920;
which the
In manufacture and reducing the volume of stocks
that date, except
through the elimination ment that differs therefrom is to be manufactured after
whoesaler, and dealer are required to carry, (b)
of the schedule, including that
and methods, greatly conserving materials, for repair purposes. All other portions
of wasteful styles, models,
to become effective
materials not needed for referring to wheel diameters for one-hourse wagons, are
and (c) through the substitution of products or
that differs therefrom is to
ng the latter without unneces- not later than Jan. 1 1919, and no equipment
those that are needed for war work, conservi
purposes.
be manufactured after that date, except for repair
sarily reducing the output of the industry.
atconservation of materials and products has been
When the maximum
substitution, and curtained through these processes of standardization,
Industries Board participating
tailment, the representatives of the War
NT'S ATTITUDE TOWARD
their views as to the maximum TREASURY DEPARTME
in these conferences indicate to the industry
question,
CONSTRUCTION OF NEW BUILDINGS.
industries of the materials and products in
consumption by the
course is practicable.
treating the industry as a unit wnere such a
The question as to the attitude of the Treasury Department
with the particular industry
The chief of the Commodity Section dealing
gs was brought
ning such indicated maximum of ma- with regard to the construction of new buildin
then prepares a schedule apportio
member
s to each plant on a basis which will enable eachon May 17 by Senator Calder of New York,
terials or product
up in the Senate
of his normal production as
dings a letter received
of the industry to procure the same per cent
stocks of each. When when he had incorporated in the procee
all other members, taking into account the existing
the latter
places its orders for the amount apportioned from Secretary of the Treasury McAdoo, in which
this has been done each plant
orders take a Class C
to it with its regular sources of supply, and such
said "there has never been any suggestion that buildings
rating.
protection of the civil
es which have not as yet actually needed for the health and
The War Service Committees of those industri
be given an appointment on application population or for .the conduct of essential business of the
participated in such hearings will
of the appropriate comto the Priorites Commissioner or to the chief
country, should not be constructed during the war." Secmodity section of the War Industries Board.
ent which
requests from numer- retary McAdoo's letter was prompted by a statem
Sec. 5. Subsidiary pledges.—Complying with the
pledges which jobbers are required had been made by Senator Calder, indicating the situation
ous sources to be furnished with forms of
terms of the jobbers' pledge
to exact from customers or retailers under the
ped in New York because (to quote Mr.
bulletin of July 3 1918, which had develo
set forth on the third page of the accompanying
attitude of the Treasury Department in adCalder) "of the
the following is prescribed:
g
as lies within my power vising the banks and mortgage companies against loanin
I do hereby pledge myself not to use, or so far
come into,
in, or which may hereafter may be depermit the use of, any stocks now essential uses as that term
mortgages on real estate." Mr. McAdoo in his letter
upon
es
my possession or control, save for
his letter brought from
Priorities Division of the War Industri
fined from time to time by the or countenance the hoarding of, stocks. took exception to this statement, and
s.
Board; that I will not hoard, r to insure that they be distributed and
Senator Calder an explanation as to the basis for his remark
use my utmost endeavo
and will
•
applied soley to essential uses.
take occasion to give herewith the facts presented to
steel manufactured products are We
Sec. 6. Resales.—As all pig iron and
Senator:
of the War Industries Board accord- the Senate on the 17th by the
being distributed under the direction
a letter from the Secred by the public interest, of the
Mr. CALDER. Mr. President, I have received
ing to the relative importance as measure
obviously improper for any manu- tary of the Treasury in criticism of a statement I made several days ago
uses to which it is to be devoted, it is
semiation. I send the
any stocks of raw materials or
in the Senate while the housing bill was under consider
facturer, jobber or dealer to dispose of
hereafter come into, his possession, letter to the desk and ask that it be read.
finished products now in, or which may
or otherwise, save with the
n
The VICE-PRESIDENT. It will be read.
whether obtained through priority directio
, or the general authority emThe Secretary read as follows:
express approval of the Priorities Division
both above men4 or the bulletin of July 3 1918,
The Secretary of the Treasury,
bodied in Circular No.
g this rule can expect ,6••-•!
: ••
Washington, May 111018.
No manufacturer, jobber, or dealer violatin
tioned.
the proceedings of the Senate of May 9 1918,
priority which he may subion for
Dear Senator Calder: From
favorable consideration of any applicat
quoteu as saying:
"Congressional Record," page 6775, you are have we needed more than at
sequently make.
"At no time in the history of New York We are prevented from havpresent new buildings for people to live in.
of the Treasury Departjobber, and retailer of iron and ing them to some extent because of the attitude es against loaning money
It is imperative that every manufacturer,
the banks and mortgage compani
make his salesmen and customers ment in advising on real estate. If the Treasury Department changed its
steel products should fully realize and
that in upon mortgages
buidlings would be encouraged,
is exactly the reverse of
attitude, the money could be obtained, now
realize that his attitude toward his trade
merely to sell goods where and we might then be able to help the housing problem we are facing here."
I am amazed that
normal times. It requires no salesmanship
This statement is so wholly without foundation that no time taken any
does require real salesmanbut it
the demand greatly exceeds the supply,
make it. The Treasury Department has at
you
to sell with discrimination with a view suchwould , nor has it ever advised banks or mortgage companies against
attitude
ship and a high degree of patriotism
l uses, the controlling consider- loaning money ypon mortgages on real estate.
of limiting the purchases to strictly essentia
sary buildinsg during
public interest?
I have advised against the construction of unneces
Where can these stocks be best placed in the
ation being,
unnecessary building. I have
Industries Board are anxious to the war, but I have laid emphasis upon
While the several divisions of the War
that—
may require to direct you, this stated publicly a question of need—be it on account of sanitary conditions
"Where it is
assist you, and will not hesitate as occasion
nce we look to you for such or because without such new construction other operations essential at this
nevertheless is your problem. With confide
insure each time for the welfare of the country would suffer—there is no doubt that
steel products as will
to construction work
policing of the distribution of iron and
the work should be undertaken. This applies equally letter to the "AmeriRespectfully submitted,
my
pound being applied only to essential uses.
in cities and towns and in farming districts. (See
EDWIN B.PARKER,
is attached.)
can Lumberman," copy of which
1018, in reply to a resoluPriorities Commissioner.
In a letter to Mr. Oompers, dated March 15 San Francisco, I said:
of
tion adopted by the Building Trades Council
are not required to protect the health or
ton, D. C., July 22 1918.
Washing
"Building operations which
of our people or to supply facilities
provide for the comfortable needsof business essential to the successful
necessary for the proper conduct postponed."
ASKED
prosecution of the war should be
MANUFACTURERS OF FARM WAGONS
I enclose a copy of that letter also. ent has been that capital which is
STEEL.
The attitude of the Treasury Departm not be employed in the construcTO REDUCE VARIETIES TO CONSERVE
needed during the period of the war should But there has never been any
steel and iron and reducing the tion of unnecessary buildings at this time.for the health and protection of
With a view to conserving
and dealers' suggestion that buildings actually needed
the country
for
amount of capital tied up in manufacturers' Industries the civil population or ted the conduct of essential business of
during the period of the war.
should not be construc
Conservation Division of the War
erroneous statement by the inclusion of
stocks, the
you will correct your
I
wagons and thishope that proceedings of the Senate.
letter in the
Faithfully yours,
Board has called upon manufacturers of farm
W. G. McADOO.
We give as
trucks to reduce the varieties of their product.
AM M. CALDER,
Hon. WILLI
ncement made by the Board on July 26:
United States Senate.
follows the annou
have been called on by the
made the statement referred to
Manufacturers of farm wagons and trucks
Mr. CALDER. Mr. President, when I
the
just read,I believed-I was statthe War Industries Board to reduce greatly
Conservation Division of
ly in the letter of the Secretary of the Treasury
conserving material, especial
Evidently that was the impression also of the
varieties of their product for the purpose of
iron and for the ing the case accurately.
steel and
of San Franthrough the elimination of the avoidable use of
Lumberman" and the Buildings Trades Council
up in manufacturers' and "American
of the Treasury Department on
purpose of reducing the amount of capital tied
cisco, when they complained of the action
out the country.
dealers' stocks.
of constructing buildings through
standardizations, to become the question
Treasury or the Department of the
A schedule of such reductions and new
Early in this year the Secretary of the
be effected by additional
of now buildeffective at .once unless other economies can
a bulletin having to do with the construction
Five classes are established— Treasury issued
Board issued a statement on the
changes, has been sent to manufacturers.
ings. Subsequently the Federal Reserve
wagons and gears, mountain wagons and
ed in this matter, realizing the
farm wagons and gears, valley
As I have been deeply interest
trucks and gears; all these same subject.
Treasury
gears, one-horse wagons and gears, and farm
statements, I called upon the Secretary of the
measured from centre to effect of these two
Board.
vehicles to have a standard track of 56 inches
absence, called upon a member of the Federal Reserve y Deof 38 inches between stakes. and, in his
the purpose of the Treasur
centre of tire on ground and a standard width
I received the impression there that it was
eliminating both round and square-edge
as far as it was within their
All tires are to be oval edge,
Reserve Board to stop,
38 inches without partment and the Federal
now buildings. The bulletins I
types. Wagon boxes are to be of the uniform width of
power so to do, the construction of all
foot-boards.
y had the effect.that I stated.when I addressed the
evidentl
capacities—light, 1,500 lbs.; have referred to
Farm wagons are to be restricted to four
problem.
6,000. Only one gear, Senate on the housine
medium, 3,000 lbs.; standard, 4,500; and heavy,
AUG. 3 1918.]
THE CHRONICLE
Mr. President, those bulletins undoubtedly reached the banks and
mortgage companies of the country, if not directly through the Treasury
Department, at least by these institutions reading them in the financial
newspapers of the country. • I know of my own knowledge that many insti-:
tutions usually loaning money on real estate mortgages have stopped
loaning money on mortgages of that character, because of their belief that
the Treasury Department proposed discouraging such mortgages.
In connection with the same subject, Mr. President, on Friday of last
week a committee representing the building-material dealers of Greater
New York called upon the War Industries Board and was there advised
that it was the purpose of that Board in the course of a few days to promulgate an order stopping building construction of every sort in the city of
New York. When that committee informed me of this fact, naturally I
was dumbfounded at the suggestion; but it was in lino with the information
I had obtained, and I believed I had obtained accurately, from the position of the Treasury Department.
Subsequently, I called upon Mr. Baruch, of the War Industries Board,
and was glad to receive the assurance from him that it was not the intention
of the Board to issue any such drastic order, although one of the men in his
office had a few days previously so informed the committee interested in
the subject.
In connection with the same matter, I have a telegram from a prominent builder in New York City, which was sent to me on May 14, in which
he says:
New York, May 14 1918.
Senator Calder, Senate Office Building, Washington, D. C.:
May we commend you on your excellent presentation yesterday before
the War Industries Bearden necessity of permitting building operations in
Now York City. Last October census taken by Tenement Department
showed 1% vacancies in new-law houses. Ex-Commissioner Murphy stated
.
we required 200,000 apartments to meet increased population
C
FRED F. FRENH CO.
Mr. President, I have been much interested in Ws subject, and very
anxious that no steps should be taken here at Washington which would
close down the building industry of the country. Senators may recall that
when the housing bill was up tho other day, I pointed out that the building operations this year in the United States would be less than $300,000,000, as compared with $1,500,000,000 in the year 1916,and that in that year
it was loss than normal. On the very day that I discussed the housing bill
I addressed a communication to the Governor of the Federal Reserve Board,
Mr. William P. G. Harding, which I ask to have the Secretary read.
May 8 1918,
Hon. William P. G. Harding, Governor Federal Reserve Board, Treasury
Department.
My Dear Gov. Harding: I am addressing you as the Governor of tho Federal Reserve System, and also as a member of the War Finance Corporation, in relation to the building operations of the country. I know that
the Federal Reserve Board has given some consideration to this subject,
and has issued several bulletins dealing with it.
I have been much concerned over the fact that the building operations
in the country, aggregating $1,500,000,000 in the year 1916, which was below the average, will this year fall to loss than $300,000,000—privato
construction. The result of this will be that, as already indicated in the
larger cities of the country, we are going to be exceedingly short of housing
facilities.
The Governmet is taking up this subject in so far as it applies to people
employed directly on Government work, but unless some further relief
comas we will face a serious situation next spring. For that reason I would
be glad if the Federal Reserve Board and the War Finance Corporation will
take under advisement the question of whether it would not be best to encourage the construction of some now buildings, particularly homes. My
opinion is that the situation will be difficult in a short time, and we ought to
get ready for it.
Inquiry in New York indicates that the banks and mortgage companies
and
are not loaning any money on building operationsthere very little on real
was some encourestate mortgages. This situation would change if
from the Federal Reserve Board and the War Finance Corporation.
agement
I would be glad to drop in and talk with you regarding the matter and
see if something can not be done to protect for tho future.
Sincerely yours,
WM. M. CALDER.
tration of priorities from the viewpoint, of both the Government and the
manufacturer, and at the same time give greater assurance that the war
requirements will be promptly met.
The circular is signed by Edwin B. Parker as priorities commissioner;
Bernard M. Baruch as Chairman of the War Industries Board; Secretary
of War Baker, Secretary of the Navy Daniels and Edward N. Hurley,
Chairman of the United States Shipping Board, and President of the Emergency Fleet Corporation.
The circular will be mailed at once to all who have made application
at any time for priorty certificates and to all against whom certificates
have been issued. They are asked by the priorities committee not to request copies unless they fail to reach them after a reasonable time has
elapsed. These copies may be secured on application to Maurice Hirsch,
Secretary of the Priorities Committee, Washington, D. C.
The new circular continues in effect Class AA, which comprises only
emergency war work;Class A,which comprises other war work,and Class B.
which comprises orders and work which, while not primarily designed for
for the prosecution of the war, yet are of public interest and essential to
the national welfare or otherwise of exceptional importance. In order
to secure rating within the three classes, application must still be made
to the priorities committee on forms furnished on request, save in cases
where provision is Made for automatic classifications, and the conditions
for procuring automatic classification have been strictly complied with.
The circular embodies, however, two fundamental changes: First, the
addition of Class D (corresponding to what was formerly Class C) and the
creation of Class C as a class entitled to precedence.
Second, the establishment of automatic ratings.
Mr. CALDER. I ask that a letter addressed to me by Gov. Harding be
road.
Tho PRESIDING OFFICER. Without objection, the letter will be
road.
Tho Secretary read as follows:
Federal Reserve Board,
Washington, May 10 1918.
My Dear Senator: I acknowledge receipt of your letter of the 8th inst.
which I brought to the attention of the Federal Reserve Board and which I
shall also bring to the attention of the War Finance Corporation at the first
meeting of the directors.
I would be glad to have an opportunity at any time convenient to you of
discussing with you steps that should be taken to make private building
operations possible, and I would suggest that you also discuss this subject
with the now Capital Issues Committee, which I presume will take office
within the next few days.
Very truly yours,
W. P. G. HARDING,
Hon. WILLIAM M. CALDER,
United Slates Senate, Washington, D. C.
Mr. CALDER. Mr. President, I am firmly convinced that with the
slightest encouragement on the part of the Government the groat building
industry of this country can proceed. Within a few days I have received
letters from representatives of the brick-making industry on the Hudson
River advising me that they had in their brickyards over 300,000,000
bricks ready to be used, and that there was no place to use them. I have
letters from cement manufacturres, from lumbermen, and from numerous
builders, stating that the attitude of the Government here in discouraging
building operations has completely paralyzed their business throughout the
country. They tell me that both men and material are available.
So, Mr.President, I have brought this matter to the attention of the Senate to-day, first, in compliance with the letter of the Secretary of the
Treasury, and then to justify my statement on the floor of the Senate when
the housing bill was under consideration. I regret that I in some degree
misquoted the attitude of the Department of the Treasury; but perhaps,
after all, it is best that I did so, because the matter has been to some extent cleared up. I hope that as a result of what has occurred this morning the country will understand that it is not the purpose of the Treasury
Department or of the War Industries Board or of the Federal Reserve
Board to discourage building operations where they are necessary.
REVISION OF PRIORITIES REGULATIONS BY WAR
TRADE BOARD.
Announcement was made July 26 of the issuance by the
Priority Division of the War Industries Board under date
of July 1 1918 of Circular No.4, embodying a revision of its
rules and regulations governing priority in production.
The announcement says:
Only such changes have been made as have been suggested by the experience of the past six months and these will tend to simplify the adminis-
467
Class C, as described in the new circular, comprises all
orders and work not covered by priority certificates or automatic ratings, but which are to be utilized in furtherance
of one or more of the purposes embraced within what is
designated as the "general classification of purposes demanding preference treatment," or by which orders and Work
are placed by or are to be utilized in connection with an
industry or plant appearing on what is known as preference
list No. 1. The general classification of purposes demanding
preference treatment and the preference list have already
been compiled and issued by the Priorities Board. The
preference list up to the present has been utilized freely with
reference to the supply, distribution and transportation of
coal and coke, but its use is extended in the new circular
so that it now becomes, along with the general clasisfication of purposes, a basis for determining Class C orders.
UNITED STATES SHIPPING BOARD TO CONSTRUCT
MERCHANT VESSELS IN SHIPYARDS OF CHINA.
The following advices from E. N. Hurley, Chairman of
the U. S. Shipping Board, concerning the completion -of
negotiations by the Board for the construction of a number
of merchant vessels at the Chinese shipyard at Shanghai,
were transmitted to the Chinese Government by the State
Department on July 26:
The United States Shipping Board to-day completed negotiations for
the construction of a number of merchant vessels at the Chinese Government's shipyard at Shanghai. This happy arrangement enables Chinese
industry to become still more effective in support of our splendid armies
who are now advancing toward their assured victory. By making ships,
China will be directly making war upon the common enemy. The occasion is one of good augury of future industrial and commercial co-operation
between your great country and the United States, and I confidently believe will more firmly cement the traditional friendship between the two
peoples.
An official announcement relative to the above also said:
It was a few days ago that the Shipping Board announced negotiations
by which the Government yard at Shanghai, known as the Kiangnan Dock
& Engine Co., were to receive contracts for four steel cargo vessels of 10,000
tons each and options for the building of 80,000 additional tons of steel
freighters.
This program will involve an expenditure of $30,000.000. About 35.000
tons of steel will be shipped from this country to China. It is expected
that the deliveries will begin about six months after the steel has been
received. All iron castings will be obtained in China, leaving only steel
plates and shapes to be supplied from here, 1 ton of steel making about
3 tons of shipping. In his effort to rapidly upbuild American merchant
marine and in his search for places where ships could be constructed Chairman Hurley found that China was well equipped for a substantial contribution for this work.
The Kiangnan yard has 12 ways with all necessary shops and a dry
dock capable of admitting vessels up to 544 feet. In this yard were repaired all the damaged German and Austrian vessels which had been interned by China when that nation entered the war.
300,000 TROOPS TRANSPORTED IN JULY—AMERICAN
SOLDIERS TO ITALY—CHANGES NEAR IN DRAFT
AGES.
Secretary Baker informed the Senate Military Committee
on July 27 that the movement of American troops overseas
in July was expected to reach 300,000 men. Up to that
date, he said, 1,250,000 men had been sent over. Trained
American combatant troops are also beginning to arrive in
Italy, though no details as to numbers have been given out.
To keep up this heavy movement of troops, 300,000 more
men are to be drafted in August and still further heavy calls,
it is said, will be made beginning with September, so as to
have the maximum number of trained men available for
next spring's campaign. Including the National Guard
andillegular Army camps, the National Army cantonments,
andlthe special technical training schools, there are said to
468
THE CHRONICLE
be accommodations now for 2,000,000 men in training in this
country. These camps will all be kept full.
Notwithstanding the addition of 21-year old men registered last June, these heavy calls are said to be rapidly
.
exhausting Class 1 of the draft. Instructions were accordingly sent out by General Crowder on July 26 to all draft
boards to stop making releases from the selective service for
enlistment of Class 1 men in the navy, the marines or for
Emergency Fleet service, and to see to it that at least 50%
of the 1918 registrants are certified to Class 1. In addition Secretary Baker, is expected soon to bring forward an
extensive plan for still further expanding the army, by both
lowering and raising the draft ages. Mr. Baker's plans are
said to contemplate an army of 5,000,000 men.
With the object of shortening the time required to train
men for active serivce, the Council of National Defense is
at work, with the approval of Secretary Baker and General
Crowder, on nation-wide plans for preliminary training of
prospective draftees before they are actually called to the
colors. For this purpose volunteer committees of prominent
citizens are to be formed, who will get in touch with the men
and arrange for their instruction in whatever ways will prepare them to enter the camps "willing, loyal, intelligent,
clean and sober," and thus better to fit them for rapid
progress in their military education after joining the army.
The work is to be under the control and authority of the local
draft boards, and is patterned upon methods already found
successful in many cities and small towns.
AMERICAN RAILWAY ENGINEERS ORDERED TO
SIBERIA.
Associated Press dispatches from Harbin, Manchuria,
dated July 24, reported that the American railway mission,
which started for Russia some months ago to help rehabilitate the railway system, but who have been held up
by the chaotic conditions prevailing there, have been ordered
to proceed from Nagasaki to Vladivostok to effect repairs to
the Chinese Eastern Railway.
INCREASES IN SALARIES OF POSTAL EMPLOYEES.
With regard to the provisions in the Post Office Appropriations bill providing for increases in salaries of employees of
first and second-class post offices, the Post Office Department has issued the following statement:
OFFICE OF FIRST ASSISTANT POSTMASTER-GENE RAL.
Washington, July 3 1918.
The Act making appropriations for the service of the Post Office Department for the fiscal year ending June 30 1919, and for other purposes, contains the following provisions regarding increases in salaries for employees
at first and second-class offices under the Jurisdiction of this bureau.
"That during the fiscal year ending June 30 1919 the annual salaries fixed
by law for assistant postmasters at first and second-class post-offices, and
supervisory officials, whose compensation is $2,200 and less per annum,
shall be increased $200, and those whose compensation is in excess of
$2,200 shall be increased 5%; that clerks in first and second-class post
offices and letter carriers in the city delivery service shall be divided into
six grades as follows: First grade, salary $1,000; second grade, salary
$1,100; third grade, salary $1,200; fourth grade, salary $1,300; fifth grade,
salary $1,400; sixth grade, salary $1,500. Clerks and carriers shall be
promoted successively to the sixth grade: Provided, That on July 1 1918
clerks in first and second-class post offices and letter carriers in the city
delivery service who are in grades 2,3,4,5 and 6, under the Act of March 2
1907, as amended, shall pass automatically from such grades and the
salaries they receive thereunder to the new grades, 1, 2, 3, 4 and 5, respectively, with the salaries provided for such grades in this Act: . . .
Provided further, That the salary of clerks, carriers . . . shall bo increased during the fiscal year 1919 not more than $200; Provided further,
That the classifications herein provided for shall not become effective until
July 1 1918; Provided further, That the salaries of such other employees,
fixed by law or paid from lump-sum appropriations provided for in this
Act, . . . who receive $800 per annum or less shall be increased
20% per annum; those who receive in excess of $800 and not more than
$1,500 shall be increased 15% per annum; and those who receive in excess
of $1,500 and not more than $2,200 shall be increased 10% per annum.
• . • And provided further, That the increased compensation, at the rate
of 5% and 10% for the fiscal year ending June 30 1918, shall not be computed as salary in construing this section."
Authority to Postmasters.
Postmasters at first and second-class post-offices are authorized to make
the promotions as specified above, effective from July 1 1918, and assign
them to the class indicated under the new classification, and are instructed
to immediately report to this bureau; on Form 1533, in quadruplicate, the
promotion of every employee in their offices (other than those in the
motor vehicle service) undbr the jurisdiction of this bureau, grouping them
In the following order, each group to be arranged alphabetically: (1)
Assistant postmaster; (2) supervisory employees; (3) special clerks; (4)
watchmen, messengers and laborers; (5) printers, mechanics and skilled
laborers; and (6) clerks. A separate set of forms should be submitted
covering the city letter carriers.
Your reports on the forms above mentioned should be promptly submitted
in order that the auditor may be authorized to pass your accounts covering
the promotions.
For the guidance of postmasters the following summary is given of the
increases provided herein: All watchmen, messengers, laborers, printers,
mechanics and skilled laborers will receive an increase of 15%. All other
Smployees—assistant postmasters, supervisory employeesbncluding special
[Vol,. 107.
clerks, clerks, and carriers—who on June 30 1918 are receiving a salary of
$2,200 or less, will be given an increase of $200. All assistant postmasters
and supervisory employees receiving on Juno 30 1918 salaries of more than
$2,200 will be given an increase of 5%. Atetntion is especially directed to
the fact that in computing those increases consideration shall not be given
to the percentage increases contained in the Appropriation Act for the
current fiscal year, I. e., an assistant postmaster, clerk, or city carrier
who is now receiving $880 shall be considered as in the $800 grade and
shall be promoted to $1,000; a laborer who is now receiving $990 shall be
considered as in the $900 grade and shall be given the 15% increase, which
amounts to $1,035.
The automatic, 85% and 15%, promotions, will not be made during the
current fiscal year, as the law above quoted provides that the compensation
of clerks and carriers shall not be increased more than $200 during the year.
Vacancies in the grades above $1,200 occurring prior to July 1 1918
should be reported and recommendations for the promotion of employees
to fill such vacancies forwarded so as to reach the department by Aug. 1,
otherwise the vacancies in these grades will revert and recommendations
for filling them will not be approved.
Postmasters at offices where the Government-owned automobile service
is in operation will be advised under separate communication regarding the
increased compensation for employees in the motor-vehicle service.
J. C. KOONS,
First Assistant Postmaster-General,
GOVERNMENT'S ASSUMPTION OF CONTROL OF
TELEPHONE AND TELEGRAPH LINES.
Formal control of the telephone and telegraph lines of the
country was assumed by Postmaster-General Burleson on
behalf of the Government at midnight July 31. Authority
for the taking over of the wire lines is contained in the Congressional resolution signed by President Wilson on July 16
and printed in our issue of July 20. In accordance therewith the President on July 23 issued a proclamation carrying
into effect the authority conferred thereunder, and fixing
July 31 as the date when the Government would take over
control. This proclamation, given in these columns last
week, placed Postmaster-General Burkison in charge of
the administration of the telephone and telegraph systems.
Postmaster Burleson later named a committee of three to
assist him in the supervision of the systems, this committee
consisting of John L. Koons, First Assistant PostmasterGeneral, David J. Lewis and William H. Lamar, Solicitor
for the Post Office Department. An Executive order dotailing Mr. Lewis, who has been a member of the Tariff
Commission, to the Post Office Department until further
notice, was issued as follows under date of July 23 by President Wilson:
EXECUTIVE ORDER.
Under and by virtue of the powers vested in me by the Act authorizing
the President to co-ordinate or consolidate executive bureaus, agencies
and offices, and for other purposes, in the interest of economy and the
more efficient concentration of the Government, approved May 20 1918.
and by virtue of all other powers thereto me enabling, David J. Lewis,
Commissioner, United States Tariff Commission, is hereby detailed to the
Post Office Department until further ordered, for such duties in connection
with the control and operation of the telegraph and telephone services
by that department as may be assigned to him by the Postmaster-General.
WOODROW WILSON.
The White House, July 23 1918.
In announcing the assumption of control on Wednesday
last Postmaster-General Burleson issued the following statement:
Pursuant to the proclamation of the President of the United States, I
have assumed possession, control and supervision of the telegraph and
telephone systems of the United States. This proclamation has already
been published and the officers, operators and employees of the various
telgraph and telephone companies are acquainted with its terms.
Until further notice the telegraph andltelephone companies will continue
operation in the ordinary course of business through regular channels.
Regular dividends heretofore declared and maturing interest on bonds,
debentures and other obligations may be paid in duo course and the companies may renew or extend their maturing obligations unless otherwise
ordered by the Postmaster-General.
All officers, operators and employees of the telegraph and telephone
companies will continuo in the performance of their present duties, reporting
to the same officers as heretofore and on the same terms of employment.
Should any officer, operator or employee desire to leave the service he
should give notice as heretofore to the proper officer so that there may be
no interruption or impairment of the service to the public.
I earnestly request the loyal co-operation of all officers, operators and
employees, and the public, in order that the service rendered shall be nos
only maintained at a high standard, but improved wherever possible. It is
the purpose to co-ordinate and unify these services so that they may be
operated as a national system with duo regard to the interests of the public
and the owners of the properties.
No changes will be made until after the most careful consideration of all
the facts. When deemed advisable to make changes announcement will be
made.
Following a conference in Washington with PostmasterGeneral Burleson, Theodore N. Vail, President of the
American Telephone & Telegraph Company, is reported
as having said on July 30:
I am satisfied after my conference with the Postmaster-General that it is
his intention to maintain the wire service at the highest possible efficiency,
conserve and protect the property that it may be returned to the owners
in as good condition as it was received, and to pay a compensation for its
use that will be just and fair. Until more and the fullest consideration
can be given to questions everything will continue as in the past.
Mr. Vail on July 31 took occasion to issue a statement
to the employees of his company urging a continuance of
their loyalty; the statement follows:
AUG. 3 1918.]
THE CHRONICLE
469
To Employees of the Bell Telephone Companies:
were examined. The wage increases awarded are on a
Under the authority of the law and by proclamation of the President
possession and control of the wire systems pass to the Postmaster-General sliding scale and varied, being based on local conditions
and facts peculiar to the individual cases. It is stated that
as of August 1.
In a conference held in Washington at which were present the Postmaster- in practically all instances,
the awards were made retroacGeneral, the Government operating committee and representatives of the
Bell Companies, the Postmaster-General expressed most emphatically his tive, and in all cases where employees are compelled to
appreciation of the service which the Bell companies were rendering and work in excess of the period of their regular runs the comsaid that such improvement possible to be made would be, because of the panies must pay overtime
on the basis of time and a half,
additional power derived from the Government. He asked for the cooperation and assistance of those who had heretofore been responsible for which places the employees on the same basis with skilled
the service.
mechanics in Government industries. In awarding inThe Postmaster-General was equally emphatic in the statement of his creases to
employees in Detroit and Chicago, the Board
desire to conserve the service and properties of the companies, with a view
of returning them when called upon so to do to the owners in as good specifically recommended an advance in fares.
condition as received. It was his earnest desire that the owners should
In its recommendations to the President concerning the
receive just compensation in the full sense for their use.
enactment of legislation authorizing increased fares the
The Postmaster-General, until other instructions are issued, desires that
the conduct of operations shall continue as heretofore, and also states that Board said:
no changes will be made until after consultation and full careful consideraWe believe it to be a war necessity justifying Federal interference. Should
tion.
this be deemed unwise, however, we urge upon the local authorities and
To all who are identified with the Bell companies—who have shown your the people of the locality the pressing need for such an increase
adequate
fine sense of obligation and your loyalty and fidelity to the country, to the to meet the added cost of operation.
public service and to the property in the past and to whom the credit is
This is not a question turning on the history of the relations between the
due for the prestige and position of the companies in the public eye—it is local street railways and the municipalities in
which they operate. The
asked, and it is not too much to ask of you, that same loyalty, fidelity and just claim for an increase in fares does not
rest upon any right to a dividend
devotion to the service under the new orders of things. On your behalf upon capital long invested in the enterprise.
The increase in fare must be
such loyalty, fidelity and devotion to service have been promised, knowing given because of the imminent pressure
for money receipts now to keep
full well the spirit in which you would meet and respond to the request.
the street railroads running so that they may meet the local and national
To do one's full duty in each position is the greatest obligation resting demand for their service.
Overcapitalization, corrupt methods, exorbiupon every person and is also the greatest opening to future preferment.
tant dividends in the past are not relevant to the question of policy in
On July 25 the "Wall Street Journal" printed the follow- the present exigency. In justice the public should pay an adequate war
compensation for a service which cannot be rendered except for war prices.
ing advices from Chicago:
The credit of these ecompanies in floating bonds is gone. Their ability
From authoritative sources enough information has been secured to to borrow on short notes is most limited. In the
face of added expenses
warrant the following forecast of general policy to be pursued by the Gov- which this and other awards of needed and fair
compenstaion to their emernment in its control of telegraph and telephones:
ployees will involve, such credit will completely disappear. Bankruptcy,
1. Rates will not be increased because financial condition of companies, receiverships and demoralization,,with failure of service
must be the result.
unlike that of the railroads, does not warrant it.
!fence our urgent recommendation on this head.
2. Wages will be increased in about the same proportion as railroad
The Associated Press dispatches from Washington Aug.
wages were increased. Locked-out employees will be immediately reinstated—the question of pay for lost time now being before the War Labor I had the following to say with
regard to assistance by the
All wage negotiations will be through Director-General Lewis.
Board.
3. Private leased wire service not to be curtailed, but to be encouraged War Finance Corporation:
The War Finance Corporation, with an available fund of $500,000,000 to
and more wires made available.
4. Economy of operation through pooling of facilities is expected to lend war industries, is prepafed to give financial assistance to some of the
companies for whose employees higher wages were ordered. The Coroffset the wage increases.
more than
5. Accuracy and efficiency of service to be extended through pooling poration insists, however, that companies' credit be good, and that adeof all facilities and adoption of the most modern methods of electrical quate security be furnished. It is inniossible for some companies to furnish this ,in view of the fact that their revenues have not kept pace with
communication.
6. Post Office Department to be utilized in collection and delivery of expenses. For these companies there is no direct help available in Washmessages at terminal points as that is now conceded to be the weakest link ington.
Directors of the War Finance Corporation, however, are sid to be willing
in the system as now constituted.
to investigate
In a statement expressing his views as to the taking over recommend applications from companies with impaired credit, and to
informally to State or
of the wire lines by the Government, Thomas W. Lamont fare increases for the railways be local public service commissions that the
allowed. It was to stimulate this local
responsibility for local problems that President Wilson, Secretary McAdoo
of J. P. Morgan & Co. on July 24 said:
and the War Finance Corporation recently issued statements urging public
The Government's taking over of the telephone and telegraph lines for
war purposes is a step which ought to prove very satisfactory to holders service bodieeto expedite consideration of applications of utilities for rate
of securities in the companies in question. Postmaster-General Burleson advances.
President Wilson is understood to have declined to act recently on a
makes it clear in his announcement that the greatest care will be taken
to conserve the properties and their permanent earning power. So that suggestion of the War Labor Board that he take some drastic action to
for the long future it would appear that investors in those great companies increase car fares generally throughout the country on the ground that the
have little to fear for the stability and earning capacity of the corporations. Federal Government should not shoulder the financial responsibilities for
As for the immediate future, the law under which the Administration has thousands of utility projects whose needs and nature of service are best
taken action states that "just compensation" will be paid by the Govern- known locally.
Persistent reports that President Wilson might take over street car lines
ment for the use of the properties—a rental which ought to be readily
sufficient to meet all fixed and present charges, including dividends. generally and turn over their operation to the Railroad Administration were
Furthermore, the physical and financial condition of these telephone and discredited specifically to-day by high officials.
telegraph properties is now so sound that we regard present holders of tlieir
While not going deeply into the question of labor unions,
securities as well warranted in being entirely content with their investthe Board in cases where the right of employees to organize
ments as they stand to-day.
Samuel Gompers, President of the American Federation has been an issue, ordered that workers be protected in the
of Labor, was quoted as follows on July 24 in a special dis- exercise of their right to join trade unions without fear of
molestation by the employer. A step to accelerate the
patch to the New York "Times" from Atlantic City:
Government ownership of telegraph lines has been on the program of the method of graduating men from one wage classification
to
American Federation for the last twenty years. We have urged, pleaded
and argued. I feel certain that the service will be much better and that another also was taken by the Board, which arbitrarily
the rights and standards of the employees will receive just consideration. fixed the limit of apprenticeship on cars at one year. In
It will be well for the Government to watch out lest the managements of New York State awards were made
to trainmen in Rochesthe companies undertake to practice a system of sabotage and try to make
ter, ranging from 41 to 45 cents an hour (interurban 47
it appear that Government control is a failure.
cents), and in Buffalo, ranging from 41 to 50 cents. Increases to Schenectady trainmen of from 41 to 45 cents an
INCREASED WAGES GRANTED BY WAR LABOR hour, to take effect May
1, were granted. In Newark,
BOARD TO STREET RAILWAY EMPLOYEES.
N. J., the rate was made 41 to 45 cents, effe6tive as of June
Increases in wages ranging from 35% to 65% were granted 7; in Trenton it was 38 to 42 cents, effective as of June 22;
to employees of twenty-two street and interurban railway in Scranton, Pa., it was 41 to 45 cents, effective as of June
companies operating in sixteen cities in an award announced 2. For the East St. Louis lines the award was 41 to 45
by the War Labor Board at Washington on Aug. 1. For cents, effective as of Ally 1; for interurban lines of that
motormen and conductors in the larger cities wages were city 47 cents. Awards to the employees of the Chicago
fixed at from 48 to 503/ cents an hour, those of similar em- and West Towns Railway Company ranged from 43 to 48
ployees in smaller cities and on interurban lines at from 38 cents an hour, to become effective Aug. 5; to the Evanston
to 45 cents, with a general minimum wage of 42 cents for Railway Company trainmen it was 41 to 45 cents; for the
trackmen, pitmen controllers, oilers and similar employees. Columbus Railway & Power Company, 41 to 45 cents,
Approximately 50,000 were affected by the awards.
effective as of July 1. The Board in the case of the ColumIt was recommended by the Board that the President bus Railway, Power and Light Company ordered that there
urge the enactment of special legislation which would enable be no interference with the employees' right to organize
some Federal agency to "consider the very perilous financial and ordered reinstated Carl R. Fenneman, William Hagans,
.
condition" of the street railway companies of the country F. W. Killiam, and M. E. Reed, who previously had been
with a view to increasing the fares wherever warranted. discharged by the company. Permission is given for the
This the Board declared to a be war necessity. The awards employment of women or negro men if the necessity arises.
and recommendations were made by former President Sunday and holiday runs in Detroit are to be no more than
Taft and Frank P. Walsh, joint chairmen of the Board, eight hours, the Board decided, While night runs will be
after a two months' investigation during which a large eight hours with ten hours' pay. The company's open shop
number of witnesses and a voluminous mass of statistics policy is to be continued and is "not to be deemed a griev-
470
THE CHRONICLE
[Vol,. 107.
The $30,777,869 61 deposited with the Director-General between April 1
ance" by employees. In New Orleans the trainmen were and July 31 by various railroads from the surplus funds was received
awarded from 38 to 42 cents an hour, the increase to date from the following railroads:
500,000 00
from July 1. In Cleveland the trainmen on interurban Atlantic Coast Line
Galv. H. & S. A. Ry__
00
Kansas City Southern..
and Lou. &
_$6,000,000
lines received awards of from 38 to 42 cents an hour. To Southern Pacific Lines 3,500,000 00 Elgin Joliet & Eastern.. 500,000 00
500,000
00
Western
Atch. Topeka &
the employees of the Cleveland Railway Company the Denver & R. G. S. F.. 3,000,000 00 Chicago Great& Nor__ 400,000 00
400,000 00
By.... 2,150,000 00 Dul. Missabe
54
award varied from 43 to 48 cents. Among the other awards Chic. Burl. & Q. RR__ 1,500,000 00 Cin. N.0.& T.P. Ry_ 386,674 00
Norfolk & West. Ry__ 1,500,000 00 Spokane Por.&S. By.... 300,000
to the employees of individual companies were those to Northern Pacific RR__ 1,500,000 00 Houston & Texas Cent. 300,000 00
300,000 00
Hud. &
the Galesburg Railway, Light & Power Company, of 38 MissouriManh. RR___ 1,100,000 00 Central of Georgia By.. 200,000 00
Pacific RR__ 1,000,000 00 Gulf Coast Lines
the United Traction Colorado & Southern.. 850,000 00 Vick. Shr. & Pacific... 200,000 00
to 41 cents an hour, effective July 15;
Illinois Central BR...... 750,000 00 Alabama & Vick. By.. 200,000 00
Company, Albany, N. Y., of 40 cents an hour, effective St. Louis-San Fr. Ry_ 750,000 00 International & G. N.. 150,000 00
00
Western..
00
Omaha & Council Bluffs Railway Company, Ft. Worth & Deny. C. 700,000 07 N. Y. Ont. && N. E.... 150,000 00
June 3; the
100,000
New Orleans
Ala. Great South. RR.. 691,195
from 41 to Chicago & N. W. By.... 500,000 00 Lou. Hend. & St. L.._ 100,000 00
41 to 45 cents, effective July 17. The increase
El Paso & S. W.System 500,000 00 Duluth & Iron Range. 100,000 00
50 cents an hour in the case of the International Railway
In accordance with the provisions of the Director-General's General
Company of Buffalo was conditioned upon the continuance Order No. 37 issued under date of June 19, the working balances of all
in force of the rate of fare recently granted by the City railroad companies under Government control are being transferred from
Treasurers and practically all
the corporate Treasurers to the
Council. Should this rate be revoked then the wage in- railroad operating bank accounts Federal
will hereafter be kept in the name of
still being the United States Railroad Administration.
creases shall automatically terminate. Cases
considered affect companies in Kansas City, Mo.; MemThe New York' Times" of yesterday (Aug. 2)in referring
phis, Tenn.; Cincinnati, Dayton, and Elyria, Ohio; Port- to delays experienced by the railroads in obtaining funds
land, Ore.; Los Angeles, Cal.; Atlanta, Ga.; Wilkes-Barre said:
and Philadelphia, Penn.; Denver, Boston, Birmingham,
Bankers interested in the fiscal affairs of the railroads are very much
Railroad
Ala.; Jacksonville, Fla., and Leavenworth, Kan., as well concerned over the delay incident to obtaining funds from the Williams,
Administration in Washington. It appears that John Skelton
as the Rhode Island company.
of the Federal Reserve
of the Currency, and ex-officio member
ADVANCES TO RAILROADS BY GOVERNMENT.
Advances of $43,205,050 were made by the Railroad
Administration to the railroads under Federal control
during July. The sum was distributed to 37 railroads.
Altogether up to Aug. 1 a total of $203,714,050 has been
advanced by the Administration since the roads have been
under control of the Government; of the aggregate payments $180,559,000 came out of the revolving fund and
$23,155,050 from the surplus balances of certain railroads.
Director-General McAdoo's statement concerning the advances, given out under date of July 31 follows:
The advances made by the Railroad Administration to all
railroads for the month of July, either as loans or on ac$43,205,050
count of standard rentals or back wages, aggregate
This sum was distributed to 37 different railroad systems
or roads.
L,Tho amount advanced to all roads prior to July 11018 was.. 160,509,000
(to 42 different railroads or systems), making the total sum
advanced to all railroads throughout the country by the
$203,714,050
Director-General of Railroads up to Aug. 1 1918
The money thus dispensed was obtained as follows:
$180,559,000
From the United States Treasury Revolving Fund
23,155,050
From surplus balances of certain railroads
$203,714,050
Total
Of the $43,205,050 disbursed in the month of July, the larger portion,
or approximately $23,269,000, was advanced to the Federal Managers
of certain railroads to pay up the back wages due to their employees from
Jan. 1 to May 31 in accordance with award submitted in June by the
Arbitration Committee, and for other operating needs; $6,328,775 was advanced to railroads on account of their standard estimated rentals; and
$13,607,275 was advanced in the shape of loans, on demand, at 6% per
annum interest.
The railroad lines to which advances were made during the month of
July were as follows:
325,000
Chic. Milw. & St. P. Ry-$5,725,000 Chic. Ind. & Lou. Ry___
Pennsylvania RR. Lines_ 5,500,000 Indiana Harbor Belt RR- 220,000
York Central Lines_ 5,000,000 San Ant.& Aran. Pass By. 200,000
Now
200,00()
3,695,000 Chicago Junction By_ _
Southern Ry. Lines
3,500.000 Buff. Roch. & Pittsb. By.. 200,000
Lehigh Valley RR
190,000
Pacific_...... 3,000,000 Norfolk Southern RR...._
Chic. R. I. &
Mo. Kan. & Texas Lines.. 2,420,000 Atl. Birm. & Atlantic By,. 189,000
2,000,000 Belt Railway of Chicago.... 155,000
Illinois Central RR
150,000
Denver & Rio Grande Ry- 1,400,000 Duluth So. Sh. &Atl. By.. 132,275
1,350,000 N. Y. Chic. & St. L. RR..
Wabash By
120,000
1.350,00u New On. Grt. Nor. RR__
Air Line Ry
Seaboard
1,000,000 Kan. City Mex.& Or. By. 12.),000
Missouri Pacific RR
Hudson & Manhattan RR. 1,000,000 Chicago & W. Ind. RR.... 115,000
750,000 Minneap. & St. Louis RR. 100,000
Central of Georgia RR..
75,000
750,000 Ann Arbor RR
Chesapeake & Ohio Ry
60,000
-San Fran. Lines
600,000 St. Louis
Chicago & Alton RR
Assoc. of St.L. 525,000 Washington Brandywine
Term. RR.
50,000
& Pt.* Lookout RR_ _ _
St. Louis Southwest. By.. 500,000
38,775
Galv. Harr.& San An. Ry. 500,000 Detroit Toledo & Ir. RR_
The total advances made to date, including the loans to railroad corporations, compensation and also advances made by the Director-General
to the Federal Managers, aggregated $203,71,4050, which was distributed
as follows:
800,000
N. Y. N. II. & II. RR _ _$46,964,000 Buff. Roch. & Pitts. By..
750,000
N. Y. Central Lines_ _ _ _ 40,000,000 Central of Georgia By....
600,000
Pennsylvania RR. Lines 30,500,000 Chicago & Alton RR__
540,000
Chic. Mil. & St. P. By.. 14.725,000 Norfolk Southern RR....
525,000
9,750.000 Term. RR. Asso., St. L..
Illinois Central RR
500,000
Baltimore & Ohio BR...._ 9,000,000 Hocking Valley By
285,000
7,500,000 Central Vermont Ry____
Erie RR
275,000
Chic. R.I. & Pacific By.. 6,000,000 Ann Arbor RR
238,775
Grande RR. 4,100,000 Detroit Tol. & Iron. RR_
Deny.& Rio
220,000
3,695,000 Indiana Harbor Belt By..
Southern By. Lines
200.000
3,500.000 San An. & Ar. Pass By..
Lehigh Valley RR
200.000
Chesapeake & Ohio Ry_ 2,750,000 Chicago Junction By......
160,000
2,650,000 Illinois Southern RR__ _
Wabash RR
155,000
2,500,000 Belt By. of Chicago..___
Southern Pacific Lines
150,000
Seaboard Air Line By.... 2,350,000 Dul. So. Sh. & Atlantic..
132,275
Delaware & Hudson Co.. 2,000,000 N. Y. Chic. & St. L. RR.
120,000
Quincy RR 1,500,000 Kan. City Mex.& 0. By.
Chic. Burl. &
120,000
1,325,000 New Orleans Grt. Nor__
Chic. Ind. & Lou. Ry
115,000
1,000,000 Chic. & West. Ind. By....
Missouri Pacific Ry
Hudson & Manhatt. RR. 1,000,000 Washington Brandywine
50,000
& Pt. Lookout RR__ _
850,000
Minneap. & St. L. RR
810,000
St. Louis-San Fran. Lines
were in the shape of loans to railroad corporation* or
Of the above, all
advances on account of compensation, except $23,269,000, which was ad vanced to the Federal Managers for the purpose of meeting operating needs.
principally for back wages.
Comptroller
Board, who has charge of financial matters for the Director-General of
Railroads, must pass upon all applications, and in view of his manifold
Governmental duties has found it impossible to give prompt attention to
the requests for funds made by representatives of the various rail carriers.
An instance of the character of the complaints made against Mr. Williams
was cited yesterday. On July 15 there matured $34,000 of 5% equipment
trust certificates of the Missouri Kansas & Texas By. of Texas, and the
receiver was forced to default payment because he had not received the
funds from the Railroad Administration, notwithstanding the fact that
about a month previous to the due date he had made an application. The
notes are still in default. Those in close touch with the railroad situation
say that this instance could be multiplied many times, practically every
railroad executive who has had to go to Washington for money having
his own sad tale of woe.
It was pointed out yesterday that the shopmen of the Minneapolis &
St. Louis Railroad went on strike chiefly because the road had not turned
over to them the extra compensation due them. the extra pay having been
awarded to the employees by action of the Government. The road could
not make the distribution because it failed to got prompt action from Mr.
Williams, to whom It had applied for funds.
On Sept. 1 there will fall due $15,000,000 of one-year 6% notes of the
Chicago & Western Indiana Railroad, but thus far not a word has been
received from Mr. Williams, although the request for an advance of money
under the revolving fund was formally filed with him some time ago. In
the meantime these notes are selling at a relatively low figure, the investors
having no assurance that the obligation will be met.
PRESIDENT'S PROCLAMATION UNDER WHICH CONTROL OF CAPE COD CANAL IS TAKEN OVER BY
GOVERNMENT.
The assumption by the Government of control of the Cape
Cod Canal, connecting Cape Cod and Buzzards Bay, was
announced on July 25 and referred to in our issue of Saturday
last. Under the proclamation issued by President Wilson
(dated July 22) the Railroad Administration is directed to
operate the canal, which is owned by the Boston Cape Cod
& New York Canal Co. The canal is seven miles long and
has a present depth of 19 foot.. The Railroad Administration is said to have announced that dredging of the waterway to a depth of 25 feet would begin immediately, that
tonnage facilities would be• restored and that within two
months water-borne coal destined for New England could
be moved through the canal at the rate of ten million tons
a year. Announcement was also made that vessels of the
Ocean Steamship Co., Clyde Line, Merchants' & Miners'
Transportation Co. and Eastern Steamship Co., plying in
and out of Boston, would be routed through the canal. It is
stated that not only will the canal route protect ships from
submarine attacks suffered off the Massachusetts coast, but
it will shorten the voyage from southern ports to New
England by about one hundred miles and protect shipping
from storms which made the lower Massachusetts coast
dangerous in the winter season.
The following is the proclamation:
A PROCLAMATION.
Whereas the Congress of the United States, in the exorcise of the conauthority vested in them, by joint resolution of the Senate and
stitutional
House of Representatives bearing date of April 6 1917, resolved:
"That the state of war between the United States and the Imperial
German Government which has been thrust upon the United States is
hereby formally declared; and that the President be, and he is hereby,
authorized and directed to employ the entire naval and military forces of
war
the United States anti the resources of the Government to carry on to a
against the Imperial German Government; and to bring the conflict
successful termination all of the resources of the country are hereby pledged
by the Congress of the United States;"
And by joint resolution bearing date of Dec. 7 1917, resolved:
"That a state of war is hereby declared to exist between the United
States of America and the Imperial and Royal Austro-Hungarian Government; and that the President be, and he is hereby, authorized and directed
to employ the entire naval and military forces of the United States and the
resources of the Government to carry on a war against the Imperial and
Royal Austro-Hungarian Government; and to bring the conflict to a
successful termination all the resources of the country are hereby pledged
by the Congress of the United States;"
AUG. 31918.]
THF CHRONICLE
471
And whereas it is provided by Section 1 of the Act approved Aug.29 1916,
CHANGES IN MEXICAN OIL DECREE.
entitled "An Act making appropriations for the support of the army for
other purposes," as follows:
• Modifications of the Mexican oil decree of Feb. 19 were
the fiscal year ending June 30 1917, and for
"The President in time of war is empowered, through the Secretary of officially announced at Mexico City on July 31. The
system or systems of
War, to take possession and assume control of anysame,to the exclusion,
it is reported, were agreed upon at a Cabinet
transportation, or any part thereof, and to utilize the
transfer or changes,
as far as may be necessary, of all other traffic thereon, for the such other
meeting on July 27, after negotiations had been carried on
transportation of troops, war material, and equipment, or for
purposes connected with the emergency as may be needful or desirable:"
with Nelson Rhoades Jr., and James R. Garfield Jr., repreAnd whereas it has now become necessary in the national defense to take
and to senting foreign interests. It was announced on July 30
possession and assume control of certain systems of transportation
utilize the same to the exclusion, as far as may be necessary, of other than that all laws and decrees pertaining to oil land leases, from
and
war traffic thereon, for the transportation of troops, war material,
the decree of Feb. 19 to that of July 8, inclusive, would be
equipment therefor, and for other needful and desirable purposes connected
published by the Mexican Government on Aug. 1, and that
with the prosecution of the war:
Now, therefore, I! Woodrow Wilson, President of the United States, these, with the modifications agreed on at the Cabinet
under and by virtue of the powers vested in me by the foregoing resolutions meeting, would constitute the new oil lands law, which
do
and statute, and by virtue of all other powers thereto me enabling,
and would become effective on publication. Concerning the
hereby, through Newton D. Baker, Secretary of War, take possession
1018 of the following modifications, Associated Press dispatches from Mexico
assume control at 12:01 a, m. on the 25th day of July
canal
system of transportation and the appurtenances thereof, to wit, the
a City on July 31 say:
and other property of the Boston Cape Cod & New York Canal Co.,
Apparently they will not alter the rights of present foreign interests
corporation organized under the laws of the Commonwealth of Massaif certain conditions are complied with
chusetts, consisting of a ship canal extending from Cape Cod Bay to Buz- holding oil properties and leases,
land, leases and contracts.
zards Bay in Massachusetts, with all the appurtenances and equipment of regarding perfection of titles to
Lands which have been legally leased and manifested, but not denounced,
said canal, including all the lands, easements, wharves, docks, buildings,
two months of a declaratugs, barges, ships, boats, tackle, appliances, and all other property of will be declared free land; if not denounced within
Lands legally
whatsoever kind owned, leased, chartered, controlled, or used by the said tion by the owner or lessor who makes the manifestation. intermediary,
or by an
corporation in the maintenance and operation of said canal or in connection leased can be denounced by the last concessionaire
Grants of land may be reduced
with tho towage, ploltage, or anchorage of vessels passing through the same. if manifestation previously has been made.
To the end that said system of transportation be utilized for the transfer at any time and a new title issued.
Penalties are provided for non-compliance with the new regulations,
and transportation of troops, war material, and equipment, to the exclusion
from August 1. The tax on a hectare of land is reduced
so far as may be necessary of all other traffic thereon; and that so far as which are effective
in the February decree to three pesos. the
such exclusive use be not necessary or desirable such system of transporta- from the five pesos called for
in payment of title fees and taxes credits which
tion be operated and utilized in the performance of such other services as Government will accept
for the dredging of the Panuco River.
the national interest may require and of the usual and ordinary operation the companies have advanced
Oil lands are still held to be in the same category as mineral lands, in
of the said transportation system.
retains original title to the subsoil.
It is hereby directed that the possession,control,operation and utilization that the Government
of such transportation system, hereby by me undertaken, shall be exercised
by and through William G. McAdoo, who has been duly appointed and
OF AMERICAN BANKERS'
designated Director-General of Railroads. Said Director-General may PLANS FOR CONVENTION
ASSOCIATION AT CHICAGO.
perform the duties imposed upon him,so long and to such extent as he shall
determine, through the board of directors, officers and employees of said
An outline of the program for the annual convention of
corporation; or through such other agents or agencies as he may from time
to time appoint. Until and except so far as said Director-General shall the American Bankers' Association, which is to be held in
rom time to time by general or special orders otherwise provide, the
f
Chicago the week of Sept. 23, is furnished this week by the
board of directors, officers and employees of said corporation shall conPublic Relations. In keeping
the usual and ordinary operation of said transportation system in the Association's Department of
tinue
name of said corporation.
with the times it is announced that the meeting will be a
Until and except so far as said Director-General shall, from time to time
Convention." The sessions of the sections and the
otherwise, by general or special orders determine, such system of trans- "War
adshall remain subject to all existing statutes of the United States association will be given up largely to discussion and
portation
and to all statutes and orders of regulating commissions of the Common- dresses on the topics of the time. In its announcement
wealth of Massachusetts; but any orders, general or special, hereafter made
the Department adds:
by said Director-General shall have paramount authority and be obeyed
It is a little early yet to announce the speakers for the General Conas such.
Cabinet officers, representatives of foreign
Tho Director-General shall, as soon as may be after having assumed vention, as the list embodies
United States Senate and heads of the imsuch possession and control, enter upon negotiations with the said corpora- governments, members of the
Government. As the convention is still two
tion looking to an agreement for just and reasonable compensation for the portant departments of the
tentative promises only can be made; but the
months off at this writing,
possession, use, and control of its property.
will attend this convention can be assured
Except with the prior written assent of said Director-General, no attach- members of the Association who
be received will be of a
process or an execution shall, during Federal control, be that the speakers from whom final acceptances will
ment by mesne
greatest attention.
levied on or against any of the property of said corporation or used by said character to command the
The program for the week will be in accordance with former ones of natransportation system in the maintenance and operation of said canal while
under Federal control, but suits may be brought by and against the said tional conventions:
Monday Morning, Sept. 23—Committee meetings of the Association
corporation and judgments rendered as hitherto until and except so far as
said Director-General may,by general or special orders, otherwise determine. and sections.
Monday Afternoon, Sept. 23—Annual meeting of the Executive Council.
From and after 12:01 a. m. on said 25th day of July 1918, the transportaTuesday and Wednesday, Sept. 24 and 25—General meetings of the
tion system included in this order and proclamation shall conclusively be
Association—Trust Company, Savings Bank, Clearing
deemed within the possession and control of said Director-General without six sections of the
House, State Secretaries, National Bank and State Bank.
act or notice.
further
ConThursday Morning, Sept. 26—Opening of General Convention.
In witness whereof I have hereunto sot my hand and caused the seal of
welcert by one of Chicago's famous bands. Invocation. Addresses of
the United States to be affixed.
and bankers of Chicago.
representative of the State of Illinois
Done by tho President, through Newton D. Baker, Secretary of War,in come by a
addresses of welcome by President Hinsch.
address and response to
the District of Columbia this 22d day of July, in the year of our Lord one Annual
reports of the Officers. Addresses.
thousand nine hundred and eighteen, and of the independence of the United Annual
Thursday Afternoon—Addresses. Following these sessions a meeting
States the one hundred and forty-second.
of the Committee on Nominations.
WOODROW WILSON.
[Seal.]
Friday, Sept. 27—Opening with a brief concert. Addresses. Report
By the President:
of Committee on Nominations.
FRANK L. POLK,
Friday Afternoon—Addresses. Installation of officers.
Acting Secretary of State.
In war times it is not consistent to have elaborate entertainments. The
NEWTON D. BAKER,
bankers of Chicago, however, do not feel that it would be proper to elimiSecretary of War.
arnate entirely the entertainment features; but they will be to an extent
has
ranged with a view of giving their guests some war atmosphere. It
to have the guests
-DENIAL THAT UNITED STATES SYMPATHIZES been planned, if a proper arrangements can be made,
make a visit to the Great Lakes Naval Station on Saturday morning,
WITH MEXICAN REVOLUTIONS.
Sept. 28. This is one of the greatest war bases in the country, and will be
In denying reports that the United States Government of unusual interest to those who have not visited any of the great camps.
and
was assisting revolutionaries in Mexico, Secretary of State There will probably be a theatrical entertainment on Wednesday the
and a suitable entertainment for
Friday nights of convention
July 10 telegraphed American Consul Sholes as ladies on one of the days of week
Lansing on
the convention at one of Chicago's famous
follows:
You should emphatically deny any statement to the effect that this
Government assists, sanctions or sympathizes with any revolutionary
movement in Mexico.
Washington dispatches of the same date said:
Secretary Lansing's message to the American Consul at Laredo authorizing him to deny statements that the American Government sympathizes
with any revolutionary movement in Mexico resulted from reports spread
by revolutionaries that they were supported by the United States.
country clubs.
on
As provided for under the constitution, the new council will meet
Saturday morning.
The Congress Hotel and Annex has been selected as headquarters. It
many
is particularly well adapted for headquarters purposes, having so
large rooms which can be used for the various section meetings and the commeetings
mittee meetings, and for the registration. All of the committee
and section meetings will be held at the Congress Hotel and the general
street at the Auditorium Theatre.
sessions of the convention across the
Washburn,
For hotel reservations communicate at once with John R.
NaChairman of the Hotel Committee, care Continental & Commercial
tional Bank, Chicago, Ill.
arrangements
The Chicago bankers never do anything by halves; and all
It is prein their hands will be carried out in the best manner plossible.
dicted that the coming convention will be the largest and most important
in the history of the Association.
In accordance with instructions issued by the Administrative Committee
and subat the Hot Springs meeting, the Section Secretaries have outlined
approval the following tentative
They were formerly members of the Madero Cabinet, but did not assist mitted to the Section Presidents for
Carranza in his fight against Huerta. Since then Ernesto Madero has program:
1. The Federal Reserve System from a general viewpoint.
acted as fiscal agent for Villa in New York and recently was indicted in
System, from the
2. Discussion of membership in the Federal Reserve
that city in connection with the bankruptcy of the firm of Madero Bros.
of a bank under State jurisLascuerain was Minister of Foreign Affairs under Madero and was President viewpoint of a member, by a representative
diction, that is, a member of the system.
ad interim until Huerta took office.
REPORTS OF AMNESTY FOR GEN. MADERO.
According to press reports from San Antonio July 17 word
was received there that amnesty had been granted Ernesto
Madero and Pedro Lascuerain by President Carranza of
Mexico. We quote further from these accounts as follows:
472
THE CHRONICLE
3. Discussion of membership in the system
from the viewpoint of an
eligible non-member, by a representative of a
bank
tion, that is, an eligible non-member of the system. under State jurisdic4. Discussion of membership in the system,
from the viewpoint of an
ineligible non-member, by a representative
of a bank under State jurisdiction, that is, an ineligible non-member of
the system.
5. General discussion—open forum—free for
all.
Practical men of wide experience will be selected
as speakers for the
main topics under consideration.
The committee in charge of arrangements consist
s of
John A. Lynch, Chairman; Nelson N. Lampert,
ViceChairman; George M. Reynolds, David R. Forgan
, F. 0.
Wetmore, E. A. Hamill, E. D. Hulbert, F. H. Rawso
n, H.
W. Fenton, W. R. Dawes, and Solomon A."Smith. Subcommittees have been appointed with chairmen as follows
:
Hotels, John R. Washburn; Information, Lucius
Teter;
Finance and Theatres, F. R. Elliott; Clubs and Invita
tions,
W.T.Fenton; Entertainment, L. A. Goddard; Automobiles,
W. H. Davies; Publicity and Program, H. E. Otte; Golf,
Albert Seckel; Reception of Speakers, Arthur Reynol
ds;
Reception of Delegates, James B. Forgan.
ITEMS ABOUT BANKS, TRUST COMPANIE
S, &c.
The sales of bank stock at the Stock Exchange
this week
aggregate nineteen shares. No bank or trust
company
stocks were sold at auction. Extensive tables report
ing bid
and asked quotations, deposits, surplus, &c., of
banks and
trust companies in all important cities in the United
States
are published monthly in the "Bank and Quotation"
Section,
the August issue of which accompanies to-day's "Chron
icle."
Bid and asked quotations for all New York City
bank and
trust company stocks are also published weekly in
another
department of this paper, and will be found to-day
on
page 491.
Shares. BANK—New York.
19 National City Bank
Low. High. Close. Last previous sale.
390 400 400
Jan. 1917— 520
The French Government has conferred upon Otto
Kahn of Kuhn, Loeb & Co. the decoration of Cheval H.
ier of
the Legion of Honor, in recognition of distinguished
services
by him on behalf of the Allied cause, both before
and since
America entered the war.
The Corn Exchange Bank of this city will move its
branch
office at Fifth Avenue and Nineteenth Street to Fifth
Avenue
and Twentieth Street as soon as alterations at the
latter location are completed.
[VOL. 107.
Frank V. Baldwin, President of the Hudson Trust
Co.,
Broadway and 39th Street, this city, is the proud
father of
four sons serving actively with the armed
forces of the
United States. The eldest, Robert M. Baldwin,
was assistant to the National Bank Examiner of New York
before
he joined Co. K, 321st Infantry, of the 81st Divisi
on, now
at Camp Upton; Frank V.Baldwin Jr. is with Co.
D,102nd
Ammunition Train, Transportation Service, 27th
Division,
now in France; William Lee Baldwin,formerly in
the private
office of J. B.Duke,511 5th Avenue, this city,
is with Co. L,
51st Pioneer Infantry, unattached; the youngest
son, Julian
Edward Baldwin, is with the 230th Company
of the U. S.
Marines, and now at Paris Island, S. C. Frank
V. Baldwin
Jr. before he enlisted was with the safe deposit depart
ment of
the 5th Avenue Branch of the Metropolitan
Trust Co.
William Lee Baldwin will soon be on his way to
France, and
Robert Maurice Baldwin expects to embark any
day for foreign service.
The Guaranty Trust Co. of New York has just
issued two
publications of interest and value to business
men. One
of the booklets, "Federal Tax on Undistribute
d Net Income
of Corporations," contains a summary of import
ant rulings
of the Treasury Department, and also the section
of the law
applying to this tax. Every corporation subject
to the Federal income tax is required to file a return for the
purpose of
the assessment of the tax on undistributed net income
. The
second booklet, "Capital Issues Committee Rules
and Regulations," gives the rules and regulations of the commit
tee in
full. Another booklet, published a short time
ago by the
Guaranty Trust Co. under the title "War Financ
e Corporation Act," gives a synopsis and the complete text
of the Act
of April 5 1918 creating the War Finance Corporation
and the
Capital Issues Committee.
The Governing Committee of the New York Stock
Exchange approved on July 24 the application made
by the
Continental Bank of New York for the listing of
$779,000
par value (of an authorized issue of $1,000,000), consist
ing
of 7,790 shares of the par value of $100 each, with
authority
to add $221,000 par value, consisting of 2,210 shares
par value of $100 each, on official notice of issuan of the
ce
change for outstanding stock of the German-American in exBank,
New York, making the total $1,000,000. As we have
heretofore noted, the stockholders of the German-American
Bank
on April 29 ratified the proposal to increase the capital
from
$750,000 in $75 shares to $1,000,000 in $100 shares
. The
change in the name of the institution to the Contin
ental
Bank of New York went into effect June 1.
John H. Seed, a director for over thirty years of the
Irving National Bank of this city, died on June 28 at Red
Bank,
N. J., in his seventy-sixth year. Among other enterpr
ises,
he was the founder and incorporator of Lloyd's Plate
Glass
Wm. Morris Imbrie & Co. (established 1882) announ
Insurance Co. and a director of the same at the time
ced
of his on July 31 that their busine
ss would hereafter be conducted
death. Mr. Seed was a member of the Chamber of
Com- under the name of Imbrie
& Co., without change in the memmerce of the State of New York.
bership of the firm, and that commercial banking, author
ized
The Philippine National Bank has opened two new and supervised by the Banking Department of the State of
New York, has been added to their activities. Imbrie
branches in the Philippines, one at Bacolod and the
&
other at Co. have offices at
61 Broadway, New York, and 208 South
Aparri. These new branches bring the total of branch
es and La Salle St., Chicag
o.
agencies serving the bank up to forty-seven.
Bradish Johnson, a prominent New York financier,
died
on July 31. Mr. Johnson was born in New York sixtyseven
years ago and had resided here all his life. Beside
s being
President of the Estate of Bradish Johnson, Mr.Johnso
n was
a director of the Equitable Trust Co., Greenwich Saving
Bank, American Cotton Oil Co., Equitable Life Assura s
nce
Society and the Commonwealth Insurance Co.
Earl D. Babst has been elected a director of the Merca
ntile Trust & Deposit Co. of this city. Mr.Babst is Presid
ent
of the American Sugar Refining Co.
George M.La Monte was named a director of the Pruden
tial Insurance Co. of America at Newark, N.J., for a term
of
three years, starting Aug. 7, by Chancellor Walker on
July
23, upon a petition. presented by Richard V.
Lindabury,
General Counsel for the Prudential, with Louis S. Plant
of
Newark, a policy holder, figuring as petitioner.
Mr. La
Monte, who succeeds the late Col. Edwin A. Steven
s of
Hoboken, N. J., was until recently Commissioner of
Banking and Insurance of New Jersey.
John J. Walsh was elected President of the Yonkers Trust
Co. of Yonkers, N. Y., at a recent meeting of the board of
directors of the institution. Mr. Walsh succeeds Robert
A few copies of the' book "Internal War Loans of
Bel- Boettger, who has
enlisted in the United States Army.
ligerent Countries," recently issued by the National
City Joseph Hackett was
elected Secretary of the company, sucCompany of this city, are available to the officer of any
bank ceeding Thomas Brown
.
who asks for "C. R. 88." This book contains a,
careful
analysis of the financial status of the different nation
s and
Jay S. Perkins and Moses Taylor Pyne Jr. have been
minutely describes each issue of securities which
these na- elected directors of the Commercial
Trust Co. of Now Jersey.
tions have floated, internally, since the war began.
Mr. Perkins is Secretary and Treasurer of the institution.
Herbert W. Goodall of the banking firm of Goodal
l,
Spencer Borden Jr. has been elected a director of the
Wister & Co., Philadelphia, has been elected Vice
-President National Shawmut Bank of Boston, succeeding
and a director of the Guarantee Trust & Safe Deposi
t Co.of Lyman, who resigned to enter the service of the Ronald T.
that city. Mr. Goodall assumed his new office Aug.
Government.
1.
Mr. Borden is Treasurer of the Fall River Bleachery.
AUG. 3 1918.]
THE CHRONICLE
A. H. Garside, who has been textile editor of the New
Bedford "Standard" for the past six years, has been appointed Secretary of the Industrial Service Department of
the Merchants' National Bank of Boston.
An important event in Philadelphia banking circles will
shortly take place if present plans looking to the taking over
of the business of the Farmers' & Mechanics' National Bank
of Philadelphia by the Philadelphia National Bank are
carried out. A circular issued by the former on July 30
calling a special meeting of its stcokholders for Aug. 30 next
to act on the proposal says:
The Philadelphia National Bank is desirous of buying the business of
the Farmers' & Mechanics' National Bank and has made an offer to purchase our promissory and demand notes, our bonds and short time securities and our bank building and good-will.
Our President will become a Vice-President of the Philadelphia National
Bank, and Mr. Schlagle, our Cashier, and Mr. Millett, our Assistant
Cashier, will become Assistant Cashiers of that bank.
The offer contemplates that our stockholders will vote our bank into
voluntary liquidation.
Our directors have adopted a resolution that it was the sense of the
board that the offer should be accepted and recommending it to our stockholders, and if the bank be voted into liquidation that your President
should act as liquidating agent and liquidate all the assets of the bank not
sold to the Philadelphia National Bank and account for the proceeds
thereof to our stockholders.
While it is not possible to state with certainty what the proposed plan
will realize for our stockholders, it will probably be under present conditions
in excess of $180 per share.
In accordance with this recommendation a special meeting of the stockholders of the Farmers' & Mechanics' National Bank will be held on the
30th day of August, 1918, at 12 o'clock noon, at our bank building for the
purpose of approving or disapproving of this offer, which will, of course,
be subject to the approval of the Comptroller of the Currency.
At the special meeting of the stockholders of the Philadelphia National Bank on July 12 (announcement of which
was made in our issue of June 15) the recommendation of
the directors to double the capital stock of the institution,
raising it from $1,500,000 to $3,000,000, was ratified, to be
effective Aug. 1. At the same meeting it was decided to
offer the $1,500,000 of new stock (15,000 shares) to stockholders of record at the close of business on that day (July
12) at $200 per share, payable Aug. 1 1918. The last recorded sale of Philadelphia National Bank stock was at 456.
According to pre-arranged plans (also referred to in our June
15 issue), the directors of the bank on July 23 declared an
interim dividend of 4% payable Aug. 1, to equalize the dividend disbursement upon the present and new stock, and, we
understand, it is the intention of the directors to declare a
second 4% dividend, payable Nov. 1 on both the present and
new stock; thereafter dividends to be paid semi-annually as
heretofore on May 1 and Nov. 1 at.the rate of 16% per annum.
On Aug. 1, when full effect was given to the new capital
of the Philadelphia National, its capital became $3,000,000
and the surplus $7,000,000.
At a regular meeting of the directors of the Kensington
National Bank of Philadelphia held on July 31 G. C. Tuft
was appointed an Assistant Cashier.
473
who resigned recently in order to engage in Y. M.C. A. work
with the American forces in France. Mr. Randolph will
continue to perform the duties of Vice-President. David
Myers and Walter P. French have been appointed Assistant
Cashiers.
The Cosmopolitan Bank & Savings Co. of Cincinnati,
Ohio, has leased the north half of the Traction Building,
Fifth and Walnut streets. The space is 53 x 54 feet, covering like space in basement, ground floor and second floor.
E. Jackson Casse, of the A. H. Andrews Co., Chicago, is the
directing engineer. The basement will contain two massive
vaults, coupon and committee rooms. The ground floor
will be for the public banking space and officers, while the
second floor will be for the directors' room and clerical force.
This location is one of the most central in the city. At
present the capital and surplus is $390,000; deposits, $3,200,000. Active officers are: Edward F. Romer, President;
John H. Meiners, Secretary and Treasurer; Elmer J. Johannigman, Assistant Secretary and Treasurer.
The change in the name of the German-American Savings
change
Bank Co. of Cleveland, Ohio, to the American Savings Bank
Co. became effective July 11., Mention of the proposed
change was made in these columns May 18.
Ohio State Superintendent of -Banks, Philip C. Berg, has
made application to the Common Pleas Court or Harrison
County to pay the final dividend to the creditors of the Bank
of Freeport, Freeport, Ohio. The final dividend of five
and eight-tenths per cent, the checks for which are now
being prepared by the Depaitment, will be ready for distribution, Superintendent Berg announces immediately.
This dividend makes a total paid to the depositors of 55.8%.
A statement, issued by the Superintendent, says:
The Bank of Freeport, formerly known as Thomas Green & Co., was
a private bank, located at Freeport, Ohio. It was organized in 1895 by
Julius M. Schreiber, J. F. McMath and Robert Stewart, and had, when it
was closed May 16 1914, a paid-in capital and surplus of $27,468 15. The
daily statement, at the time of closing, showed liabilities of $194,699 16.
The heaviest loss sustained by the depositors occurred in reducing the
loans and discounts and overdrafts to liquid form. The loss on loans was
$71,263 46 and on overdrafts $24,964 92, or over 50% of the total assets.
This loss, however, was offset to some extent by enforcing the individual
liability of the owners.
Dividends to the amount of $82,722 have been paid, yet the loss to depositors will amount to over $65,000.
Superintendent Berg said, at the time of paying this
dividend, additional dividends will be paid in the liquidation
of the German-American Commercial & Savings Bank of
Cincinnati, Ohio, and the Putnam County Banking Co. of
Ottawa, Ohio. This is the second dividend to be paid in the
German-American Commercial & Savings Bank since it was
taken over for liquidation and the second to be distributed
in the-Putnam County Banking Co. during the year. It was
not thought possible to pay another dividend in the Putnam
County Banking Co. until the final adjustment of the stockholders' liability, but the collections recently made on the
remaining apparently worthless assets were much greater
than anticipated, and authority was asked of the court to
make another distribution at this time.
A. Raymond Bishop, heretofore Paying Teller at the
Broad Street Branch of the Philadelphia Trust Co., Philadelphia, has been elected Assistant Treasurer of the institution to succeed Arthur Haines, who has resigned in order
Virgil McClure Harris, until recently Trust Officer of the
to accept a position with the Guaranty Trust Co. of New
York. Mr. Haines is to be stationed at the Philadelphia Mercantile Trust Co. of St. Louis, and serving in that
capacity for the past seventeen years, has been elected head
branch of the company.
of the new Trust Department which the National Bank of
Several changes have recently occurred in the official Commerce is about to open in the Post-Dispatch Building,
staff of the Merchants-Mechanics First National Bank of which adjoins the National Bank of Commerce Building,
Baltimore. John B. H. Dunn, formerly Cashier, has been and which that institution has just had remodeled and
made Vice-President; Samuel W. Tschudi, formerly Assist- converted into an annex to its main establishment.
ant Cashier, has become Cashier; and John T. Flynn has
Newton F. Hawley, Treasurer and Managing Executive
been made Assistant Cashier. Since the absence of President Douglas H. Thomas on account of sickness, the greater of the Farmers & Mechanics Savings Bank of Minneapolis,
part of the official business has been carried on by Vice-Presi- died on July 16, aged 58 years. Mr. Hawley was born in
dent H. B. Wilcox and John B. Ramsay, Chairman of the Springdale, Iowa. In 1884 he was admitted to the Minneboard. The election of Mr. Dunn as Vice-President was sota bar and practiced law for 22 years. In 1906 he was
decided upon for the purpose of relieving these officials. elected Treasurer and Managing officer of the Farmers &
Mechanics Savings Bank, the position he held at the time
The present officers of the bank are:
of his death. He served on the Minneapolis Board of
Douglas H. Thomas, President.
John B. Ramsay, Vice-President and Chairman of the Board.
Education from 1898-1904; was City Charter Commissioner
Henry B. Wilcox, Vice-President.
1898, 1906 and 1908; and served on the Minneapolis Pure
Vice-I'residen t.
John B. H. Dunn,
Water Commission in 1909. He was also formerly President
Samuel W. Tschudi, Cashier.
J. Cleveland Wands, Chas. Hann, John T. Flynn, Assistant Cashiers.
of the Savings Bank Section of the American Bankers'
Association.
Evan Randolph, Vice-President of the Girard National
On July 9 arrangements were completed between the
Bank of Philadelphia, has been elected Cashier pro tern of
the institution during the absence of Charles M. Ashton, State Exchange Bank of Oklahoma City, Okla. (capital
474
THE CHRONICLE
$100,000) and a projected trust company (still unnamed)
of that place (capital $250,000) under which the two institutions will be amalgamated in so far as administrative
operations are concerned. The offices of the new trust
company, we understand, are to be located in a building
adjoining that occupied by the State Exchange Bank and
the capital of the latter institution increased to $250,000.
The officers are to be Hugh M. Johnson, President; J. W.
Teter, 1st Vice-President; W. C. Greening, 2nd Vice-President; and T. G. Taylor, Cashier. Mr. Greening and Mr.
Taylor were heretofore President and Cashier, respectively,
of the State Exchange Bank. The amalgamation may
possibly take place within 30 days.
[Vol,. 107.
went into effect on July 2 and to which we referred in these
columns on July 20) shows an increase of about $3,750,000
in deposits for the month, bringing them up to a new high
record of $284,478,522, and gives the net increase in deposits
at the end of June, as compared with November last, when
the fiscal year closed, as approximately $32,000,000. Loans
and discounts, the report states, increased $2,500,000 and
now stand at $167,126,730, the highest amount, we understand, ever reported by the Royal Bank under this heading,
and total assets crossed the $350,000,000 mark for the first
time. Changes in the amounts of other items are comparatively slight, with the exception of circulation which was
increased about $2,000,000.
At the annual meeting of the stockholders of the Security
THE ENGLISH GOLD AND SILVER MARKETS.
Savings Bank of San Francisco on July 8, S. I. Abbot,
We reprint the following from the weekly circular of
formerly Vice-President and Treasurer of the institution, Samuel Montagu & Co.
of London, written under date of
was elected President to suceeed the late William Babcock, July 11 1918:
and John F. Brooke was elected Vice-President and TreasGOLD.
urer in lieu of Mr. Abbot. At the same time, Edward D. The Bank of England gold reserve against its note issue shows an increase
of £637,075 as compared with last week's return. The amount of gold
Oakley was re-elected Secretary. The capital of the Security held in Legations abroad by the
Argentine Caisse do Conversion on March
Savings Bank is $500,000, with surplus of $415,402.
31 last is considerably larger than that thus held on the same date in 1917.
Particulars arelappended:
Harry Choynski, Vice-President and Manager of the
Foreign Exchange Department of the Anglo & London-Paris
National Bank of San Francisco, has petitioned the Superior
Court of California for permission to change his surname from
Choynski- to Coe. Mr. Choynski is quoted as saying that
the change would simplify matters for himself and those
who have been puzzled by the combination of syllables in
his name as now spelled.
The Comptroller of the Currency has given his approval
to the doubling of the capital of the Northwestern National
Bank of Portland, Oregon, thereby raising it from $500,000
to $1,000,000.
An increase of $100,000 in the capital of the First National
Bank of Seattle, Wash., raising it from $400,000 to $500,000,
has been approved by the Comptroller of the Currency.
March 31 1917.
March 311918.
$316,844,746 16
$358,013,509 02
55,254,373 62
96,415,414 00
1,013,110,927 93
1,106,685,298 00
CURRENCY.
The cult of notes in low denominations continues to spread. It is reported from Egypt that the shortage of silver coin in that country, notwithstanding that the circulation has been increased by nearly 200%—
namely,from two and a half million to seven million pounds nominal value
—is impelling an issue of 10
-piastre notes. The lowest denomination
hitherto has been notes of 25 piastres.
Total gold reserve
Of which was held abroad
Total paper issue
SILVER.
The tone continues good, but no change has taken place in the price.
The Shanghai exchange has hardened to 4s. 9d., and it is reported that purchases on account of China have been made in the United States of America.
Indian exports of silver during the financial year 1916-17, according to
the Official Report, showed a substantial increase on private as well as on
Government account, mainly owing to larger exports of rupees to Mesopotamia, East Africa, the Bahrein Islands, and Ceylon, and of piastres,
coined in the Bombay Mint, to Egypt.
The stock in Shanghai on the 6th inst. consisted of about 27,100,000
ounces in sycee and 15,200,000 dollars, as compared with about 27,450,000
ounces in sycoe and 14,700,000 dollars on the 29th of June last.
Cash quotations for bar silver per ounce standard:
Jt.ty• 5
d 48 13-16 July 11
d 48 13-16
6
48 13-16 Average
48.812
" 8
48 13-16
IA
9
48 13-16 Bank rate
5%
" 10
48 13-16 Bar gold per ounce standard 77s. 9d.
No quotation fixed for forward delivery. The quotation to-day for
cash delivery is the same as that fixed a week ago.
On July 24 Sir Edmund Walker, President of the Canadian
Bank of Commerce at Toronto, celebrated a half century of
his connection with the institution. On that date, fifty
years ago, Sir Edmund began his banking career as discount
clerk in the Hamilton branch of the bank; in 1872 he was
made accountant in the head office at Toronto; the following
We have also received this week the circular written under
year (1873) be became the 3rd agent of the bank at New date of July 4 1918:
York; in 1875 manager of the Windsor, Ont., branch; 1878
GOLD.
manager of the London, Ont., branch; 1879 bank inspector; ofTho Bank of England gold reserve against its note issue shows an increase
£121,875 as compared with last week's return. The West African gold
1880 manager of the Hamilton, Ont., branch; 1881 New output for May 1918 amounted to £126,290 as compared with £121,104
York agent; 1886 General Manager and finally in 1907 for May 1917 and £117,520 for April 1918. The shrinkage during the first
—
President and Chief Executive Officer. In 1915 Sir Ed- five months of 1918 as compared with the similar period in 1917 was £63,070,
or nearly 10%.
mund resigned as Chief Executive Officer, but retained the
SILVER.
The tone of the market is still good. Owing to the easier tendency of
Presidency. On the date of his anniversary the directors
rates on shipments from America (though not quotably lower),
of the Canadian Bank of Commerce gave a dinner at Toronto Insurancereceded on July 2 1-16th of a penny to 48 13-16d., after remainthe price
in honor of Sir Edmund Walker. The guests included the ing at 48%d. since May 13, a period of forty successive working days.
Lieutenant-Governor of Ontario and many of the leading This constitutes a record duration for any price, at least within recent generations. No alteration has taken place in the Shanghai exchange. It
men fron all parts of the Dominion.
Is reported that a price of 35.73 cents per rupee has been fixed officially in
Coincident with the jubilee of the President of the insti- America for telegraphic transfers on India.
Indian Currency Retruns.
tution, the Canadian Bank of Commerce has put into cir(In
June 15. June 22. June 30.
culation a new issue of notes in denominations of $5 and $10 Notes Lacs of Rupees.)
in circulation
113,32
113,51
114,79
Reserve in silver coin and bullion (within and
(the notes of other denominations not having as yet been
without India)
14,99
14,51
14,95
Gold
and
19,10
21,00
45
21,31
engraved, we understand, but to appear gradually during Gold coinof bullion in India
out
India
2,70
45
the next two or three years) which are a distinct departure
No further news has been received as to the stock in Shanghai. Cash
so far as the engraving is concerned from the ordinary bank quotations for silver per ounce standard:
d 48%
note. The bank desired to have designs which wore dis- June 28
Jtv y 4
Ailerag0
d 48 13-16
"
48%
48.837
tinctly its own property and readily distinguishable from July 29
2
48 13-16 Bank rate
5%
48 13-16 Bar gold per oz. standard_ _ ..77s. 9d.
one another. On the face of the $5 note the main feature " 3
No quotation fixed for forward delivery. The quotations to-day for
is a group in the centre consisting of Mercury holding the cash delivery is 1-165. below that fixed a week ago.
caduceus supported on the left by a goddess representing
architecture and on the right by another goddess representing invention, the latter holding in her hand the model of a
ENGLISH FINANCIAL MARKETS—PER CABLE.
flying machine. The .whole surrounded by a frame of imThe daily closing quotations for securities, &c., at London,
mortelles, fruit and vines. The back of all the notes in the
as reported by cable, have been as follows tho past week:
series are the same, consisting of a central group of Mercury
London,
July 27. July 29, July 30. July 31. Aug. 1. Aug. 2.
and Ceres (representing the guardians of industry and
Week ending Aug. 2.
Wed.] Thurs, Frt.
Sat.
Mon. Tues.
48 13-16 48 13-16 48 13-16 48 13-16 48 13-16 48 13-16
agriculture) holding the British Crown over the seal of the Silver, per oz
Consols,
Holiday 5634
5034
56%
503(
5634
bank and surrounded by a frame of immortellos and other British 5234 per cents
per cents
Holiday 9434
9434
9434
9434
9454
symbolic figures.
British 434 percents
Holiday 10034 10034
10034
100
100
ammar.
The condensed statement of the Royal Bank of Canada
for the month of Juno (the last in its present form since the
merger of the Northern Crown Bank with the Royal Bank
French Rentes (In Paris)..fr..Closed
French War Loan (In
fr.Closed
Paris)
61.85
01.85
01.85
88.70
88.70
88.75
01.88
61.85
The price ofisilver;iniNew York on the same days has been:
Silver In N.1Y., per:oz_cts _199A
,
99A
9934
9934
9954
9954
175
THE CHRONICLE
AUG. 3 1918.]
GRAIN STOCKS.
Barley.
Rye.
Oats.
Corn.
Wheal.
bush
bush.
bush,
bush.
bush.
StatesUnited
16,000 227,000
300,000 1,675,000
14,000
New York
40,000
1,000
386,000
70,000
-The' Boston
98,000
Breadstuffs figures brought from page 623.
348,000
136,000
420,000
Philadelphia
21,000
194,000 1,204,000
545,000
statements below are prepared by us from figures collected by BaltimoreNews
687,000
Newport
437,000
71,000
289,000
the New York Produce Exchange. The receipts at Western New Orleans
1,000
4,000
65,000
14,000
573,000
river ports for the week ending last Saturday and Galveston
823,000
lake and
230,000
Buffalo
58,000 127,000
175,000
60,000
343,000
Toledo
have been:
since Aug. 1 for each of the last three years
16,000
95,000
57,000
24,000
Detroit
1,358,000 4,707,000 1,546,000 411,000 171,000
Chicago
312,000
Rye.
Bar ey.
afloat
Oats.
'
Corn.
Wheat.
Receipts at- P our.
27,000
4,000
253,000
3,000
408,000
Milwaukee
28,000
1,000
. Duluth
1,000
6.000
.bush 56 lbs.bush 32 lbs.bush.481bs bush.561bs
bbls.196 bs.bush.60 lbs
10,000 500,000
492,000
136,000
73,000 Minneapolis
36,000
93,000
2,878,000
99,000 3,120,000 2,506,000
Chicago
3,000
182,000
17,000 St. Louis
297,000
478,000
1,414,000
362,000
161,000
367,000
Minneapolis
11,000
293,000
903,000
2,012,000
6,000
Kansas City
1,000
Duluth
82,000
305,000
4,000
3,000 Peoria
29,000
811,000
261,000
56,000
6,000
Milwaukee _
1,000
98,000
889,000
190,000
57,000
Indianapolis
61,000
52,000
Detroit
19,000
4,000
608,000
601,000
690,000
3,000
76,000
Omaha
125,000
517.000
Toledo
84,000
135,000
584,000
95,000
On Lakes
33,000
8,000
65,000
Cleveland __
25,000
3,000
5,000 On Canal and River
757,000
217,000
57,000 2,764,000
St. Louis....
4,000
13,000
267,000
376,000
28,000
180,000
Peorla
8,169,000 10,092,000 9,557,000 571,000 1,302,000
263,000
Total July 27 1918
431,000
3,755,000
Kansas City_
3,574,000 10,023,000 10,203,000 687,000 1,419,000
334,000
Total July 20 1918
989,000
1,177,000
Omaha
6.889,000 3,144,000 8,267,000 461,000 1,475.000
Total July 28 1917
102,000
40,889,000 5,167,000 8,537,000 350,0001,641,000
616,000
Total July 29 1916
198,000 12,116,000 5,160,000 5,906,000
'18
Total wk.
56,000
409,000
3,634,000
192,000 3,381,000 3,191,000
Note.
-Bonded grain not included above: Oats, 4,000 New York: total. 4,006
Same wk. '17
160,000 bushels, against 2,969,000 in 1917; and barley, 7,000 Duluth; total, 7,000, against
340,000 11,266,000 4,867,000 5,695,000 1,783,000
Same wk. '16
498,000 in 1917.
Since Aug.1Canadian
619,000
112,000 1,723,000
2,469,000
1917-18.... 15,455,000192,898,000250,949,000226,491,00053,599,00023,326,000 Montreal
4,382,000
7.000
46,000518,827,000271,786,00084,026,00022,329,000 Ft. William & Pt. Arthur
1916-17_ ___ 18,496,000352,8
11695800022.592.000
000223.414.
2,995,000
20 247.0011A1 A 234 non 9fit 197
873,000
II mm -in
Other Canadian
goinuxercial andMiscelancrins4,ews
Total receipts of flour and grain at the seaboard ports for
the week ended July 27 1918 follow:
Receipts al-
,
11 heat.
Four.
Busheis.
Barrels.
84,000
143,000
New York._ _
38,011
390,000
Philadelphia _
91,000
449,000
Baltimore _ _ _
60,00i
11,000
New Orleans*
198,000
191,000
Montreal-.29,011
Boston_
Rye.
Bareyl.
Oats.
Corn.
Bushels.
Bushels. Bushels.
Bushels.
83,000
1,000
580,000
141,000
105,000
1,000
7,000
3,00*
125,000
4,000
32,000
43,000
39,001
1,000
506,001
2,001
161,000
1,000
4,000
112,000 9,100,000
3,349,000
Total July 27 1918
120,000 8,523,000
3.846.000
Total July 20 1918
63,000 12,708,000
10,826,000
July 28 1917
Total
584,000 12,812,000
17,961,000
Total July 29 1916
SummaryAmerican..8,169,000 10,092,000 9,557,000
112,000 9,100,000
3.349,000
Canadian
Total July 27 1918
Total July 20 1918
Total July 28 1917
Total July 29 1916
11,518,000 10,204,000
7,420,000 10,143,000
17,715,000 3,207,000
58,850,000 5,751,000
18,657,000
18,726,000
20,975,000
21,349,000
164,000
44,000
619,000
1,170,000
183,000
214,000
571,000 1,302,000
619.000
571,000
687,000
625,000
394,000
1,921,000
2,589,000
1,658,000
1,855,000
87,00i
7,000
225,000 1,520,000
552,000 1,082,000
Total wk. '18
Since Jan.1'1815,005,00/ 16,973,000 14.413,000 63,594,000 7,410,000 2,858,000
311,000
11,000
312,000 1,600,000 1,937,000 1,765,000
Week 1917_ _ _
non
Moon Tim 1'17 19 (170.1100 139.941.110n 42 411 ma 88.845.00 10.538.000 fl MR
-Among other securities, the following
Auction Sales.
not usually dealt in at the Stock Exchange were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
* Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
d
The exports from the several seaboard ports for the week
ending July 27 are shown in the annexed statement:
Rye. Barley, Peas.
Oats.
Flour.
Corn.
Wheat.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels. Bushels.
156,244
New York
Boston
Baltimore
Total week
Week 1917
1.166.558
123,686 76,027 212,905 23,997
45,000
501,33'
156,244 670,020 75,027 212,905 23,997
902.098 23.368 2.265.687
The destination of these exports for the week and since
July 1 1918 is as below:
Flour.
Exports for Week,
Since
Week
and Since
July 27 July 1
July Ito
Week
July 27
Bushels.
Bushels.
28,545
Since
July 1
Bushels.
225,856
536,512
1,200
7,702
1,610
4,775
772,910
902,098 2,016,353
28,545
9,303,035
544,602
485,982 1.166,558
156,244
23,368
Total.
Total 1917
Since
July 1
Barrels.
Bushels.
101,439
412,159
5,254
20,795
Barrels.
United Kingdom_ 18,902
137,342
Continent
So. & Cent. Amer.
West Indies
Brit.No.Am.Cols.
Other Countries_
Corn.
Wheat.
Week
July 27
The world's shipments of wheat and corn for hte week
ending July 27 1918 and since July 1 1918 and 1917 are
shown in the following:
Corn.
Wheat:
Exports.
1918.
Week
July 27.
1918.
a1917.
Since
July 1.
Since
July 1.
Week
July 27.
al917.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
613,000 2,427,000
North Amer. 3,949,000 11,336,000 29,245,000
Russia
Danube.
Argentina... 7,567,00 20,582,000 1,216,000
860,000 3,200.000 5,584,000
Australia...
1,160,000 2,602,000
340,00
India
152,000
132,000
104,000
30,000
0th.countr'
Since
July 1.
Bushels.
4,601,000
1,529,000
286,000
613,000 2,559,000 6,416.000
Total ____ 12,746,00 36,430.000 38,751,000
-The Canadian Government has officially prohibited the
* North America.
Issuance of both manifests and exports until after ten days. This is effective
during the continuance of the war. a Revised.
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Corn.
Wheat.
United
Kingdom. CONttnent.
July 27
July 20
July 28
July 29
1918_
1918._
1017._
1916;
Bushels. Bushels.
Not avail able
Not avail able
Not avail able
Total.
United
.
I Kingdom. Continent
Bushels.
Bushels.
Bushels.
Total.
Bushels.
I
I
By Messrs. R. L. Day & Co., Boston:
Shares. Stocks.
$ per sh.
Shares. Stocks.
425
5 First National Bank
Bank, Roxbury-310
3 Nat. Rockland
4 First Nat. Bank, New Bedford_14434
158
5 City Mfg. Corp., ex-div
130
2 Granite Mills, ex-dlv
14034
3 Potomska Mills
120
25 Pocasset Mfg., F. R
12834
5 Wamsutta Mills
152
11 Kilburn Mills
175
7 Whitman Mills, div. on
5 American Mfg., common ....14134
80
25 Pemberton Co., ex-div
10534
12 Soule Mills
135
1 Lowell Bic_ s4:•
sh.
$ per275 id
2 Bates Mfg., ex-div
158
25 Naumkeag Steam Cotton
190
3 Lowell & Andover RR
8 Charlestown Gas dc E., ex-div__109
70 Merrimack Chemical, $50 each.
99-10034
10134
3 U. S. Envelope, pref
15 Rivett Lathe & Grinder, com___, 8034
140
1 Sullivan Machinery
11 Morse Twist Drill & Mach.,$50
20034
each
10934
10 Draper Corporation
5 Fisk Rubber. 1st cony., pref_- 90
,
irt s1,
toston:
-7- -881STIVIA Efloe sh. I agen,Stocks.
--B3 1V5-7
1
Shares.
$ per
Shares. Stocks.
13834
1 Federal Trust
130
,.
45 Lawrence Mfg
31 Pepperell Mfg., ex-div---193%-193%
78
10 Edwards Mfg., ex-div
100
10 U. S. Worsted, 1st pref
108
5 Hamilton Mfg
5 Boston Woven Hose & Rubber,
92%
pref
Igiii
"in $ Per sh
35 Merrimac Chemical, $507each_k 99
'9634
1 Hood River, pref., ex-div
75 Zinc Concentrating, $10 each $2.50 lot
110
5 Newmarket
,t_Per cent.
Bonds.
Elec. & Water.
$1,000 Northwest
Works 1st 65, 1937
By Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per sh.
Shares. Stocks.
120
6 Guarantee Trust & S. D
5 Phila. Warehousing dr C. S____ 87
442
5 Nat'l Security Bank
20 Holmesburg Trust, $50 each. 6234
320
15 Phila. Nat. Bank
9 Southern Transportation, pref. 86
834
100 Niplasing Mines Co., Ltd
8
5 Herring-Hall-Marvin Safe_ _
48934
2 Land Title & Trust
1 Farmers' & Mech. Nat. Bank_172
200
5 Northern Nat. Bank
50 Rights to subscribe to Phila.
120
Nat. Bank 0$200
11534
10 Textile Nat. Bank
825
1 Philadelphia Trust
5 Fire Assoc. of Phil., $50 each,
301-30134
$ per sh.
96
12 Real Estate Trust, pref
5 Camden & Burl. Co. Ry., $25
2834
each
14 Phil. & Cqmden Ferry, $50
10634
each
10 United Gas dr Elec., 1st pref._ 4034
,
4 John C. Winston, pref., $50
11 .
each
Theatre Realty, $10., 1
20 German
334
each
ti
4 Phila. Bourse, common
Per cent.
Bonds.
$1,000 Phil. & Reading RR., Del.
Riv. Term. ext. p. m.5s, 1942--100
$500 West Chester, Borough, Sch.
94
Dist. 4s, 1931
-The following information regarding
National Banks.
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS FOR CHARTER.
Capital.
For organization of National Banks:
$150,000
The Twin Falls National Bank, Twin Falls, Idaho
25.000
Farmers & Merchants National Bank of Clarkfield, Minn
The
For conversion of State Banks:
of the
The Beach National Bank, Beach, N. D. Conversion
50,000
Beach State Bank
of
The First National Bank of Alexander, N. D. Conversion e.25,000
the Alexander State Bank
The First National Bank of Haviland, Kans. Conversion of the 50,000
Haviland State Bank
$300,000
Total
CHARTERS ISSUED.
48,536,000
16,397,000
.
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports July 27 1918 was as follows:
Shares. Stocks.
Shares. Stocks.
3E0 Nat.011 Co. of Mex.,$5 each $110 lot
4 Matheson Automob., 1st pref__1
1 Matheson Automob., corn__ _ _
Bonds.
3 Yellow Taxicab, pref
$20,000 The Cross Country RR.
3 Berkshire Motor C., pref.,
1st 48, 1951; Jan. 1902 coupons
} $13
$10 each
$105 lot
on
lot
6 Royal Tourist Car, pref
10.90 Premier Motor Mfg., 2d ser.I
pref
$10 John C. Barlow & Paul 11.i
Chubbuck 6% bond
Original organizations:
The Prairie Depot National Bank of Freeport, Ohio (P. 0.
$25,000
Prairie Depot, Ohio)
AP Pr
Conversion of State Banks:
The First National Bank of Montgomery, Minn. Conversion •"
25,000
of the First State Bank of Montgomery
MI ,.414.11111
at.
Total -
$50,000
476
THE CHRONICLE
INCREASES OF CAPITAL APPROVED.
The Northwestern National Bank of Portland, Ore. Capital in- Amount.
creased from
to
The First National Bank of Seattle, Wash. Capital increased
from $400,000 to
$500,000 $1,000,000
$500,000
[VOL. 107.
"
Per
When
Cent. Payable.
Name of Company.
$500,000
100,000
Books Closed.
Days Inclusive.
Miscellaneous (Concluded). ..
Consumers Co., preferred
*3% Aug. 20 *Holders of rec. Aug.
Continental Paper Bag, corn.(qu.)(No.52) 1% Aug. 15 Holders of rec. Aug. 5
8
Preferred (guar.) (No. 72)
Total
134 Aug. 15 Holders of rec. Aug. 8
$600,000 Continental Refining
010o Aug. 10 Holders of rec. July 31
(monthly)
Cosden & Co., pref. (guar.)
CHARTERS EXTENDED.
'8%0 Sept. 1 *Holders of rec. Aug. 17
The Lincoln County National Bank of Stanford, Ky. Charter extended Cresson Can. G.M.creM (mthly.)(No. 70) 10c. Aug. 10 Holders of rec. July 31
Cuba Cane Sugar, pref. (guar.)
until close of business July 29 1938.
Oct. 1 *Holders of rec. Sept. 14
4.1% Sept. 2 *Holders of rec. Aug. 15a
The Herkimer National Bank, Herkimer, N.Y. Charter extended until Deere & Co., pref. (quar.)
Diamond Match (quar.)
close of business July 29 1938.
2
Sept. 16 Holders of reo. Aug. 310
The Medina County National Bank of Medina, Ohio. Charter extended Dominion Bridge, Ltd. (quar.)
2
Aug. 15 Holders of Teo. July 31
Dow Chemical, common (quar.)
until close of business July 31 1938.
134 Aug. 15 Aug. 6 to Aug. 15
Common (extra)
634 Aug. 15 Aug. 6 to Aug. 16
Preferred (quar.)
134 Aug. 15 Aug. 6 to Aug. 15
Eastern Steel, corn. (quar.)
2% Oct. 15 Holders of rec. Oct. 1
Canadian Bank Clearings.
-The clearings for the week
First and second preferred (guar.)
1,1 Sept. 16 Holders of rec. Sept. 2
ending July 25 at Canadian cities, in comparison with the Eastman Kodak,common (quar.)
234 Oct. 1 Holders of rec. Aug. 310
Common (extra)
2% Oct. 1 Holders of rec. Aug. 310
same week in 1917, show an increase in the aggregate of
Preferred (guar.)
1% Oct. 1 Holders of rec. Aug. 310
4.4%.
Eisenlohr(Otto)& Bros., Inc., com.
1
Aug. 15 Holders of rec. Aug. la
First National Copper Co
15e Aug. 26 Holders of rec. Aug. Ca
Gaston, Williams & Wigmore, Inc.(qu.) $1
Aug. 15 Holders of rec. Aug. la
Week ending July 25.
General Chemical, common ((mar.).
2
Sept. 3 Holders of rec. Aug. 21a
Clearings al
General Cigar, Inc., preferred (quar.)
1,4 Sept. 2 Holders of rec. Aug. 24a
Gillette Safety Razor (quar.)
Inc. or
$2
Aug. 31 Holders of reo. Aug. 1
1918.
1917.
Globe Oil (monthly)
Dec.
1916.
1915.
Aug. 10 Holders of rec. July 20a
Goodrich (B. F.) Co., common (quar.)
Aug. 15 Holders of reo. Aug. 20
1
Canada$
Goodrich (B. F.) Co., common (quar.)_
$
%
$
$
1
Nov. 15 Holders of rec. Nov. 50
Montreal
87,973,944 75,855,819 +16.0 69,009,942 46,740,865
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 200
Toronto
63,362,875 57,557,827 +10.1 47,937,081 34,163,826 Greene Cananea Copper (quar.)
2
Aug.
Holders
Winnipeg
25,287,870 40,055,455 -36.9 40,891,782 16,675,215 Harbison-Walker Refract., com.(quar.)- 4.1yi Sept.26 *Holders of rec. Aug. 9a
2
of reo. Aug. 20
Vancouver
9,434,727 8,399,454 +12.3 5,928,418 4,837,633
Preferred (quar.)
Oct. 19 *Holders of rec. Aug. 9
Ottawa
6,397,281 5,165,137 +23.9 4,512,803 2,905,612 Hart, Schaffner & Marx, Inc., con.(qu.) 4.1
Aug. 31 *Holders of reo. Aug. 20
Quebec
5,578,569 4,537,155 +22.9 3,237,873 2,880,159 Hercules Powder, preferred (quar.)_.... _
134 Aug. 15 Aug. 6 to Aug. 14
Halifax
3,872,313 2,936,189 +31.5 2,294,482 1,947,707 Illuminating & Power Sec., pref.(quar.)
134 Aug. 15 Holders of rec. July 31
St. John
2,377,677 1,786,552 +33.1 1,845,158 1,465,630 Imperial Tobacco
*3A
Hamilton
4,760,288
4,072,018 +16.9 3,491,257 2,703,928 Indiana Pipe Line (quar.)
$2 Aug. 15 Holders of reo. July 20
Calgary
4,764,143 5,347,065 -10.9 4,323,719 2,248,758 Inland Steel (guar.)
*2
Sept. 3 *Holders of
London
2,153,547 1,908,513 +12.8 1,644,826 1,631,102 Int. Harvester Corp., pf. (qu.) (No. 22).. 134 Sept. 2 Holders of rec. Aug. 10
Victoria
1,948,591 1,549,267 +25.8 1,553,520 1,243,388 Int. Harvester of N. J., pf. (qu.) (No.46) 134 Sept. 2 Holders of rec. Aug. 100
rec. Aug. 10a
Edmonton
2,932,712
2,405,882 +21.9 2,020,848 1,511,458 Jefferson & Clearfield Coal & Iron
234 Aug. 15 Holders of rec. Aug. 120
Regina
2,916,719 2,609,943 +11.8 2,052,436
880,792 Kaministiquia Power, Ltd.(quar.)
*2
Aug. 15 *Holders of ree. July 31
Brandon
449,000
582,629 -23.0
714,574
491,966 Kentucky Solvay Coke (quar.)
*2
Aug. 10 *Holders of rec. July 31
Saskatoon
1,480,896 1,496,907
Special
1.1 1,081,605
570,789
*2
Aug. 10 *Holders of rec. July 31
Moose Jaw
1,234,349
954,575 +29.3
868,700
473,708 Kerr Lake Mines, Ltd.(quar.) (No.4).
25o. Sept. 16 Holders of reo. Aug. 310
Lethbridge
825,000
748,369 +10.3
473,792
280,851 Kings Co. El. Lt. & Pow.(qu.)(No.74) 2
Sept. 3 Holders of rec. Aug. 210
Brantford
819,032
881,982 -7.1
654,156
413,720 Lehigh Coal&Navigation (qu.)(No.159) $1
Aug. 31 Holders of reo. July 31
Fort William
729,112
712,757 +2.3
600,242
420,607 Liggett & Myers Tobacco, corn. (guar
_ 3
Sept. 2 Holders of rec. Aug. 15a
New Westminster
358,370
389,073 -7.9
277,533
243,172 Lindsay Light, common (quar.)
5
Aug. 31 Holders of reo. Aug. la
Medicine Hat
380,556
463,317
Preferred (quar.)
17.9
357,134
156,839
134 Aug. 31 Holders of rec. Aug. la
Peterborough
563,356
603,718 -6.7
484,990
329,313 Mahoning'vestment
3
Sept. 2 Holders of rec. Aug. 23
Sherbrooke
767,834
Moran Sugar, common (guar.)
573,615 +33.8
476,164
234 Sept. 3 Holders of rec. Aug. 15
Kitchener
559,504
Miami Copper (guar.)(No. 24)
521,554 +7.3
418,534
$1
Aug. 15 Holders of reo. Aug. la
Mobile Electric Co., pref. (quar.)
13.4 Aug. 15 Holders of rec. July 31
Total Canada
231.02R.265 222.11$1.772 4-4A 197.151.567 125.117.038 Montreal Light, Heat & Power (quar.) - 2
Aug. 15 Holders of reo. July 31
Nash Motors. preferred (quar.)
13.4 Aug. 14 Holders of rec. July 20
National Acme (quar.)
% Aug. 31 Holders of rec. Aug. 15a
National Biscuit, com.(quar.) (No. 81) 1% Oct. 15 Holders of reo. Sept.30
DIVIDENDS.
Preferred (quar.) (No. 82)
1% Aug. 31 Holders of roe. Aug. 170
The following shows all the dividends announced for the Nat. Cloak &
Suit, pref.(qu.)(No. 17).. 134 Sept. 1 Holders of reo. Aug.
future by large or important corporations.
Nat. Enam. dr Stamping, corn. (guar.). 134 Aug. 30 Holders of reo. Aug. 21a
10a
National Lead,cam.(quar.)
Dividends announced this week are printed in italics.
134 Sept. 30 Holders of rec. Sept. 13
Preferred (guar.)
134 Sept. 14 Holders of rec. Aug. 23
National Refining, common (quar.)..
154 Aug. 15 Holders of rec. Aug. la
Common (extra)
Per
When
Books Closed.
254 Aug. 15 Holders of rec. Aug. la
New England Fuel Oil
Name of Company.
Cent. Payable.
500. Aug. 6 Holders of reo. July 31
Days Inclusive.
New Jersey Zinc (qu...r.)
4
Aug. 10 Holders of reo. July 31a
Ohio Cities Gas, com. (guar.)
Railroads (Steam.
$1.25 Sept. 1 Holders of reo. Aug. 15
Alabama Great Southern, preferred__ _ _ $1.50 Aug. 28 Holders of rec. July 200 Ontario Steel Products, pref. (guar.)
134 Aug. 15 Holders of reo. July 31
Atch.Top.&SantaFe,com.(qu.)(No.53). 1)4 Sept. 3 Holders of rec. Aug. 9a
Pref. (extra acct. accum. dividends).__ dl.3-0 Aug. 15 Holders
-of rec. July 31
Baltimore & Ohio, preferred
2 Sept. 3 Holders of rec. Aug. 10a Pacific Development (quar.)
8734c Aug. 15 Holders of ree. July 150
Buffalo Rochester de Pittsburgh, common_ 2
Pacific Mall SS., preferred (quar.)
Aug. 15 Holders of rec. Aug. 12
134 Sept. 1 Holders of rec. Aug. 50
Preferred
Penmans Limited, corn. (quar.)
3
Aug. 15 Holders of rec. Aug. 12
13.4 Aug. 15 Holders of reo. Aug. 5
Chicago Great Western, preferred
$1
1
Aug. 15 Holders of rec. Aug. la Pennsylvania Coal & Coke (quar.)
Aug. 10 Holders of reo. Aug. 6
Chic. St. P. Minn. & Om.,common
Extra
2% Aug. 20 Holders of rec. Aug. la
50c. Aug. 10 Holders of reo. Aug. 6
Preferred
Pittsburgh 011 & Gas (quar.)
2
Aug. 15 Holders of reo. July 310
334 Aug. 20 Holders of rec. Aug.
Ctn. N.0.& Tex. Pao., pref. (quar.)_. 1% Aug. 31 Holders of reo. Aug. 1 a Pittsburgh Steel, pref. (quar.)
Sept. 1 Holders of rec. Aug. 15
24a
Cleveland db Pittsburgh, reg. guar. (qu.)_. *87%C Sept. 2 *Holders of rec.
Porto Rican-American Tobacco (guar.)_
3
Sept. 5 Holders of rec. Aug. 15
Aug. 10
Special guaranteed (guar.)
Pressed Steel Car, corn. (qu.) (No. 32) 2
*500 Sept. 2 *Holders of rec. Aug. 10
Sept. 4 Holders of rec. Aug. 14a
Illinois Central (quar.)
Preferred (quar.)(No. 78)
Aug. 27 Holders of rec. Aug. ea
134 Sept. 3 Holders of rec. Aug. 5a
Louisville & Nashville
5
Aug. 15 July 21 to Aug. 15
3% Aug. 10 Holders of rec. July 19a Procter & Gamble, corn. (quar.)
Norfolk & Western, adj. pref. (quar.).._
Common(extra, payable in corn. stock) 14
Aug. 15 July 21 to Aug. 15
1
Aug. 19 Holders of reo. July 31a
Norfolk & Western, common (guar.).
Pullman Company (quar.) (No. 206)2
- 134 Sept. 19 Holders of rec. Aug. 31a
Aug. 15 Holders of reo. July 310
Pennsylvania (quar.)
Quaker Oats, prefetred (quar.)
134 Aug. 31 Holders of roe. Aug. la
415c. Aug. 31 *Holders of rec. Aug. 1
Pittsburgh & West Virginia, pref. (qu)
134 Aug. 31 Holders of rec. Aug. 150 Riordon Pulp & Paper, common (quar.) 234 Aug. 15 Holders of rec. Aug. 6
Reading Company, common (guar. _ el
8Xe Aug. 5 Aug. 1 to Aug. 5
Aug. 8 Holders of reo. July 180 Riverside Eastern Oil, pref. (quar.)
First preferred (guar.)
500. Sept. 12 Holders of rec. Aug. 27a Riverside Western Oil, pref. (guar)
'4334c Aug. 5 *Holders of rec. July 31
Utica Clinton & Binghamton
Savage Arms Corp., com. (quar.)
2
Aug. 10 Aug. 1 to Aug. 9
154 Sept. 15 Holders of rec. Aug. 31
First preferred (guar.)
134 Sept. 15 Holders of rec. Aug. 31
Street & Electric Railways.
Second preferred (quar.)
154 Sept. 15 Holders of rec. Aug. 31
American Railways, preferred (quar.)
Sears, Roebuck & Co.,com.(guar.). _ _ _ 2
4 13.4 Aug. 15 *Holders of rec. Aug. 2
,
Aug. 15 Holders of rec. July 31a
Cities Service, corn. & pref. (monthly).
2
Aug. 15 Aug. 1 to Aug. 15
34 Sept. 1 Holders of rec. Aug. 15a Semet-Solvay (quar.)
Common (payable in common stock 250. Oct. 19 Holders of reo. Sept. 300
Sept. 1 Holders of reo. Aug. 15a Shattuck-Arizona Copper (quar.)
Capital distribution (quar.)
Connecticut RY.& Ltg.,com.& pf.(qu.)
25o. Oct. 19 Holders of reo. Sept. 300
Aug. 15 Aug. 1 to Aug. 15
Detroit United Ry. (quar.)
Silversmiths Co., pref. (guar.)
2
134 Aug. 15 Holders of rec. Aug. 8a
Sept. 1 Holders of rec. Aug. 16
Montreal Light, Ht. dr Pow. Cons.(qu.) 1
Aug. 15 Holders of reo. July 310 Sloss-Sheffield Steel dr Iron, corn. (qu.) 134 Aug. 10 Holders of rec. Aug. la
Pacific Gas & El., 1st pl. (qu.)(No. lip_
Smith (A. 0.) Corp., pref. (quar.)
134 Aug. 15 Holders of reo. Aug. 1
134 Aug. 15 Holders of rec. July 31
Original preferred (guar.)(No. 50)-Solvay Process Co.(quar.)
*2
Aug. 15 *Holders of rec. July 31
134 Aug. 15 Holders of rec. July 31
Philadelphia Co., 5% pref
Extra
*1
$1 .25 Sept. 1 Holders of rec. Aug. 10a
Aug. 15 *Holders of reo. July 31
Tampa Electric Co.(qu.)(No. 55)
5
Sept. 3 Holders of reo. Aug. 15
234 Aug. 15 Holders of rec. Aug. la Southern Pipe Line (quar.)
Standard Milling, corn. (quar.)(No. 7) 1
Aug. 31 Holders of reo. Aug. 210
Banks,
Common (payable in common stock)_
1
Aug. 31 Holders of roe. Aug. 21a
Battery Park National (special)
Preferred (quar.) (No. 35)
25
134 Aug. 31 Holders of rec. Aug. 21a
Sept. 16 Holders of rec. July 22
Westchester Avenue (quar.)
Standard 011 (Calif.) (quar.)(No. 39).._
2
Aug. 1 Holders of rec. July 300
254 Sept. 16 Holders of reo.
15
Extra (pay. in L. L.04% bonds)._ _ m234 Sept. 16 Holders of reo. Aug. 15
Aug.
Standard 011 (Indiana) (quar.)
Miscellaneous.
3
Aug. 31 Aug. 6
to
Sept. 2
American Bank Note, com. (quar.)_ - 75c. Aug. 15 Holders of rec. Aug. la
Extra
3
Aug. 31 Aug. 6
to
Sept. 2
American Bank Note, pref. (guar.)
*3
750. Oct. 1 Holders of rec. Sept. 16a Standard Oct of N. Y.(guar.)
Sept. 16 *Holders of rec. Aug. 13
Amer. Beet Sugar, pref. (guar.)
Standard Sanitary Mfg., com.(quar.)._
*13.i Oct. 2 *Holders of rec. Sept. 14
134 Aug. 10 Holders of rec. Aug. 7
American Brass (guar.)
Preferred (guar.)
134 Aug. 10 Holders of reo. Aug. 7
1% Aug. 15 Holders of rec. July 31
Extra
Standard Parts, common (guar.)
3% Aug. 15 Holders of rec. July 31
154 Aug. 15 Aug. 2 to Aug. 15
American Caramel, preferred (quar.)
Stewart-Warner Speedometer (guar.).
1
Aug. 10 Holders of roe. Aug. 1
134 Aug. 15 July 31 to Aug. 5
American Hide & Leather, pref
Superior Steel 1st & 2d pref. (quar.)- -- 2
*2% Oct. 1 *Holders of rec. Aug. 31
Aug. 15 Holders of reo. Aug. la
Pre.
(extra, payable in Lib. Ln. bonds) I*2
Swan dr Finch (extra)
2
Oct. 1 *Holders of rec.
Sept. 3 Holders of reo. Aug. 1
Am.La France Fire En.,Inc., com.(qu.) 154 Aug. 15 Holders of reo. Aug. 31
4
Aug. 9a Thompson-Starrett Co., preferred
Oct. 1 Holders of reo. Sept. 21
American Radiator, common (guar.)
*3
Tobacco Products Corp., common (qu.) g134 Aug. 15 Holders of rec. Aug. 1
Sept. 30 *Sept. 22 to Sept.30
Preferred (quar.)
*ix
Underwood Typewriter,common (quar.) 114 Oct. 1 Holders of reo. Sept. 16a
ug. 15 *Aug. 8 to Aug. 15
American Soda Fountain (quar.)
*04 Aug. 15 *Holders of rec. Aug. 1
Preferred (quar.)
1% Oct. 1 Holders of reo. Sept. 16a
American Sumatra Tobacco, pref
1
Sept. 2 Holders of rec. Aug. 150 Union American Cigar, pref. (quar.) _
Aug. 15 Aug. 1 to Aug. 15
American Utilities, preferred (quer)._ United Cigar Stores, common (quar.).... 234 Aug. 15 Holders of rec. Aug. 2a
10 Holders of reo. July 31a
Am. Water Works & Elec. 7% p1. (qu.) 134 Aug. 15 Holders of reo. Aug. 10
UnitedDrug,2d preferred (quar.)(No.10) 134 Sept. 3 Holders of reo. Aug. 15a
Aug.
Anaconda Copper Mining (quar.)
United Wire db Supply, common (guar.
). 1
$2
Aug.
Aug. 1 July 24 to July 31
Holders
reo. July 20a
Asbestos Corporation, preferred (guar.)- 134 Aug. 26 Holders of rec. Aug. 1
Senior preferred (quar.)
1% Aug. 1 July 24 to July 31
of
15
Associated Dry Goods, first pref. (qu.) 134 Aug. 31 Holders of rec. Aug. 120
Preferred (quar.)
134 Aug. 1 July 24 to July 31
Second preferred (guar.)
-monthly)
134 Aug. 31 Holders of rec. Aug. 12a U. S. Steamship (hi
10c. Sept. 3 Holders of reo. Aug. 16
Bethlehem Steel, common (quay.)
Extra
5c. Sept. 3 Holders of reo. Aug. 16
234 Oct. 1 Holders of rec. Sept. 16a
Class B common (quar.)
2A Oct. 1 Holders of rec. Sept. 10a U. S. Steel Corp., cam.(quar.)
134 Sept. 28 Aug. 31 to Sept. 3
Bigelow-Hartford Carpet, common
Common (extra)
3
3
Sept. 28 Aug. 31 to Sept. 3
Aug. 1 Holders of rec. July 26a
Preferred (quar.)
Preferred (guar.)
134 Aug. 1 Holders of rec. July 26a
134 Aug. 30
August 6
Bond & Mortgage Guarantee (quar.)--. 4
Virginia-Carolina ChemicalAug. 15 Holders of rec. Aug. 8
Borden's Condensed Milk, com.(No.46) 4
Com.(extra pay'le in 434% L. L. bds) 12
Aug. la
Aug. 15
Oct. 1 Holders of rec. Sept.16a
British Col. Fishing & Packing (qu )- 131 Aug. 21 Holders of reo. Aug. 20
Weyman-Bruton Co., common
140
Holders of reo. Sept lea
Oct
,
Aug. 10 to
Buckeye Pipe Line (quar.)
1Vhile
pf.(qu.) (No. al)._
2
14
13.4 Aug. 31 Holders of reo. Aug. 15
Burns Bros., com. (guar.) (No. 20)---- 2% Sept. 15 Holders of reo. Aug. 24
Aug.
Holders of rec. Aug. la White (J.G.)Eng.Corp., pf.(qu.) (No. 22) 134 Aug. 31 Holders of reo. Aug. 15
By-Products Coke Corp. (quar.)
White (J.G.)Mgmt.Corp.,pf.(qu.) (Aro.22) 134 Aug. 31 Holders of rec. Aug. 15
Holders of rec. July
13-4 Aug.
Canada Cement,Ltd.,pa ef.(qu.)(No.34) 134 Aug. 15 Holders of rec. dJuly 31
.W.)Co.,com. u.) (No.2 5) 2
(q
31 Woolworth(1.'
16
Sept. 1 Holders of reo. Aug. 10a
Canada Foundries & Forgings, com.(1111.)
Aug. 15 Holders of rec. dJuly 31 Yale & Towne Mg.(guar.(No. 97))
234 Oct. 1 Holders of reo. Sept. 23
Preferred (guar.)
134 Aug. 15 Holders of rec. July 31
* From unofficial sources. a Transfer books not close( for this dividend. S Less
Canadian Converters', Ltd. (quar.)
Aug. 15 Holders of rec. July al
British income tax. 4 Correction. e Payable in stock. f Payable in common
Cedar Rapids Mfg.& Power (quar.)
Aug. 15 Holders of reo. July 31
stook.
Payable in scrip. h On account of accumulated dividends. i Payable in
Columbia Gas dr Electric (guar.)
1
Aug. 15 Holders of reo. July 29a Liberty g
Loan bonds. I Red Cross dividend. m Payable in Third U. S. Liberty
Consolidated Gas (quar.)
134 Sept. 16 Holders of rec. Aug. 7a Loan 434% bonds.
.)__
134
134
AUG. 3 1918.]
THE CHRONICLE
477
Member Banks of the Federal Reserve System.
-Following is the weekly statement issued by the Federal Reserve
Board giving the principal items of the resources and liabilities of the Member Banks and dated
July 27. Because of the large
number of banks for which returns are furnished the statement is not issued until a week later
than that for the Federal
Reserve banks of the same date. Definitions of the differentitems contained in the statement were
given in the weekly statement issued under date of Dec. 14 1917 and which was published in the "Chronicle" of Dec. 29 1917,
page 2523.
STATEMENT SHOWINa PRINCIPAL RESOURCE AND LIABILITY ITEMS OP MEMBER BANKS LOCATED IN CENTRAL
RESERVE
AND OTHER SELECTED CITIES AS AT CLOSE OP BUSINESS JULY 19 1918.
Large reductions in the holdings of Treasury Certificates following the redemption by
certificate issue, accompanied by slightly larger withdrawals of Government deposits are the Government on July 18 of the balance of the April 22
indicated by the weekly statement of condition on July
of 717 member banks in leading cities. Figures for the Dallas district for the
19
latter date were not available and July 12 figures had therefore to be repeated in the consolidated statement.
U. S. bonds, other than circulation bonds, on hand increased 33.9 millions, apparently as the
result of the 35% installment payment due on
July 18. Treasury Certificates fell off 205.6 millions, over 150 millions, representing the decrease for the
central reserve city banks. Loans secured
by United States war obligations show a decrease for tho week of 11.2 millions,
reporting banks the ratio of United States war obligations and loans secured by while other loans and investments increased by 21.8 millions. For all
such obligations
as against 14.2% the week before. For the central reserve city banks a decline of this ratio from to total loans and investments works out at 12.9%,
Government deposits decreased during the week about 212 millions, of which 159.3 millions16.3 to 14% is noted.
central reserve city banks. Net demand deposits of all reporting banks fell off 109.7 millions, represent net withdrawals of Government funds from
the decrease for the banks in the central reserve cities
being 80.8 millions. But slight decreases are shown for time deposits. Total reserves
increased 19.4 millions, gains being confined to banks outside
Greater New York. Cash in vault shows a loss of 7.1 millions.
Owing to the relatively larger decline in deposits, the ratio of investments to deposits of
all reporting banks shows a rise from
For the central reserve city banks a rise of this ratio from 113.3 to 114.8% is noted.
The ratio of combined reserve and cash to 122.3 to 124.7%.
further increase from 14.7 to 15.3% for all reporting banks and from 15.7 to
deposits shows a
16.3% for the central reserve city banks. Total excess reserves, in the
calculation of which no account is taken of Government deposits, increased from
69.9 to 102.7 millions, the greater part of the gain falling to the share
of the banks outside the central reserve cities.
1. Data for all reporting banks in each district. Two ciphers (00) omitted.
Member Banks.
Boston.
Number of reporting banks-
New York. Philadel. Cleveland. Richm'd. Atlanta.
42
49
101
85
73
Chicago. St. Louis. Minneap. Kan. City Dallas. San Fran.
Total.
43
95
32
34
73
42
48
717
$
$
$
$
$
$
$
$
$
$
$
U.Et bonds to secure circulat'n 14,621,0
$
51,986,0 12,970,0 43,539,0 24,565,0 15,590,0
$
18,776,0 17,417,0 6,469,0 14,051,0 17,629,0 34,655,0
Other U B. bonds, including
272,268,0
Liberty bonds
14,991,0 258,304,0 25,005,0 57,422,0 31,030,0
82,382,0 23,496,0 12,649,0 18,817,0 15,516,0 23,843,0
U.S. certifs. of indebtedness__ 20,709,0 255,389,0 26,070,0 37,246.0 14.376,0 27,434,0
591,789,0
12,717,0
69,712,0 17,217,0 12,298,0
530,170,0
Total 33. B. securities
50,411,0 565,679,0 64,945,0 138,206,0 69,970,0 55,741,0 170,870,0 58,130,0 31,416,0 18,624,0 11,169,0 25.555,0
51,492,0 44,314,0 84,053,0 1,394,227,0
Loans see by U.8. bonds, 3443- 45,905,0 230,153,0 42,584,0 37,530,0 18,685,0 5,385,0
53,394,0 14,733,0 5,975,0 4,381,0 5,948,0 9,151,0
473,824,0
All other loans & investments- 774,374,0 4,354,418,0 616,934,0 973,611,0 351,908,0 274,814,0
Reserve with Fed. Res. Bank_ 66,654,0 612,200,0 65,717,0 70,904,0 27,186,0 25,204,0 1,411,743,0 367,654,0 253,198,0 471,772,0 165,063,0 515,768,0 10,531,347,0
135,735,0 30,212,0 17,873,0 42,287,0 14,574,0 44,655,0 1,162,111,0
Cash in vault
26,605,0 122,630,0 20 880,0 36,207,0 17,179,0 14,346,0
58,582,0 12,386,0
364,387,0
Net demand deposits
649,466,0 4,252,937,0 561,652,0 699,511,0 266,352,0 195,947,0 1,016,855,0 250,028,0 8,207,0 15,706,0 11,284,0 20,285,0
Time deposits
93,832,0 265,619,0 15,340,0 '226,035,0 47,017,0 82,983,0 358,766,0 74,407,0 160,135,0 359,104,0 137,065,0373,611,0 8,922,663,0
44,280,0 62,092,0 25,901,0 112,462,0 1,408,734,0
Government deposits
62,248,0 321,240,0 30,532,0 36,351,0 16,670,0 15,247,0
48,803,0 21,330,0 18,976,0 12,999,0 6,889,0 13,470,0
603,855,
2. Data for banks in each Central Reserve city, banks in all other Reserve
cities and other reporting banks.
July 19.
Number of reporting banks.--
Chicago. St. Louis. Total Central Res. Cities.
New York.
Two ciphers (00) omitted.
$
68
July 12.
$
68
Other Ruerva Cities.
July 19. July 19.
July 19.
s
40
$
July 19.
14
122
July 12.
122
430
July 12.
428
Country Banks.
July 19. July 12.
165
163
Total.
July 19.
July 12.
717
713
a
$
$
a
$
$
U. B. bonds to secure circulatli
$
37,638,0 1,469,0 10,392,0
643,
37,
0
49,504,0
49,499,0 172,883,0 173,553,0 49,881,0 49,711,0 272,268,0
Other U. B. bonds, including
272,763,0
Liberty bonds
230,717,0 234,243,0 47,554,0 16,497,0 294,768,0 296,070,0
557,892,0
U. S. certifs. of indebtedness- 242,396.0 377,208,0 39,191,0 11,687,0 293,274,0 443,388,0 241,233,0 213,205,0 55,788,0 48,637,0 591,789,0
Total U. B. securities
510,756,0 649,089,0 88,214,0 38,576,0 637,546,0 788,937,0 201,560,0 249,816,0 35,336,0 42,580,0 530,170,0
735,784,0
Loans see. by U.8. bonds,&e
206,522,0 223,181,0 38,303,0 11,066,0 256,701,0 274,039,0 615,676,0 636,574,0 141,005,0 140,928,0 1,394,227,0 1,566,439,0
All other loans & investments- 4,008,026,0 4,041,478,0 859,986,0 277,293,0 5,145,305,0 5,161,819,0 187,580,0 . 182,304,0 29,453,0 28,717,0 473,824,0
485,060,0
Reserve with Fed. Res. Bank
588.713,0 590.612,0 96,552,0 22,564,0 707,829,0 708,338,0 4,543,556,0 4,504,642,0 842,486,0 843,097,0 10531347,0 10,509,558.0
400,981,0 382,244,0 53,391,0 52,144,0 1,162,111,01,142,728.0
108,961,0 114,708,0 34,662,06,487,0 150,110,0
Cash in vault
3,944,373,0 4,038,568,0 692,770,0 178,182,0 4,815,325,0 155,732,0 174.015,0177,138,0 40,262,0 38,615,0 364,387,0
Net demand deposits
371,483,0
215,771,0 216,711,0 139,070,0 53,359,0 408,200,0 4,896,116,0 3,455,682,0 3,484,420,0 651,656,0 651,835,0 8,922,663,0 9,032,371,0
Time deposits
Government deposits
299,812,0 419,927,0 32,077,0 16,918,0 348.807.0 408,712,0 806,666,0 805,311,0 193,868,0 196,322,0 1,408,734,0 1,410,345,0
508.061.0 216.415.0 263.113.0 38.633.0 44.705.0 603.855.0
815.879.0
*Amended figures
$
The Federal Reserve Banks.
-Following is the weekly statement issued by the Federal Reserve Board
on July 27.:
Substantial increases in discount activity, also considerable gains in
Government deposits by the Reserve banks outside of New York and Boston,
are indicated in the Federal Reserve Board's weekly statement issued as at
close of
INVESTMENTS.
-All the banks, except New York report net additions business on July 26 1918.
to discounted bills on hand, Chicago, San Francisco, Philadlephia
and Kansas City showing the largest gains. Of the total discounts on hand,
$675,665,000, as against 5601,403,0130 the week before is represented by
war paper, I. e., member banks' notes secured by Govermnent war
shown in other earning assets, including acceptances and United obligations and customers' paper similarly secured. No appreciably changes are
States securities..
-Government deposits at all banks, except Boston
DEPOSITS.
88.2 millions. Members' reserve deposits fell off 52.9 millions, all and New York, show considerable increases, the total gain for the week being
the banks,
ently as the result of payment by member banks for Treasury Certificates except Kansas City reporting not reductions in reserve balances, apparof the more recent issues. Net deposits show an increase for the week of
56.2 millions.
RESERVES.
-Gold reserves decreased by 1.2 millions and total cash reserves by 1.8 millions.
The amount of gold held with foreign agencies
shows a further reduction to 11.6 millions, as against 52.5 millions held during
the first half of the year. The ratio of total reserves to aggregate deposit and Federal Reserve note liabilities declined from 69.8 to 58.1%.
NOTE OIROULATION.-During the week the Agents issued 16.9 millions
41.8 millions of Federal Reserve notes in actual circulation besides a small increase net of Federal Reserve notes. The banks report an increase of
in their liability on Federal Reserve bank notes in circulation.
-Payment by newly admitted members for Federal Reserve
CAPITAL.
bank stock accounts largely for an increase of $58,000 in paid-in capital,
Richmond, Minneapolis and Chicago reporting the largest increases 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
!urnishing a useful comparison. In the second table we show the resources
and liabilities separately for each
of the twelve Federal Reserve banks. The statement of Federal Reserve Agents' Accounts
(the third table following) gives
details regarding the transactions in Federal Reserve notes between the Comptroll
er 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 JULY 26 1918.
July 26 1018. July 19 1918. July 12 1918.
July 5 1918. June 28 1918 June 21 1918. June 14 1918. June 7 1918. July 27 1917.
$
$
$
$
$
$
$
$
$
418,012,000 428,853,000 422.738.000 421,927,000 419,907.000
432.557.000
598,777,000 556,154,000 524,225.000 524,303.000 491.425.000 438,773,000 489,610,000 463,622.000 43, 764,000
481,023.000
117.675.000 45 .739,000
11,628,000
15,4943,000
15,529.000
16,272,000
16,275.000
17,008,000
44,084,000
51,280,000
.2,500,000
Total gold held by banks.
1,028,417,000 1,000,503,000 962.492,000 962,502,000 927,607,000
Gold with Federal Reserve Agent
910,420,000 940,290,000 963,147,000 962,075,000 987,870,000 936,804.000 966,251.000 932.577.000 919,003,000
957.238,000 951,145.000 958.255.000 434,193,000
Gold redemption fund
35,363,000
34,655,000
34.413,000
34,533,000
33,544,000 30,331.000
29,507,000
28.431,000
9,067,000
Total gold reserves.
1,974,200,000 1,975,448,000 1,960,052,000 1,959,110.000 1,949,021,000 1,924,373,000 1,046,903.000
1,919,263,000 1,362,263,000
Legal tender notes, silver, &e
55,129,000
55,647,000
55,932,000
56,053.000
57,178,000
56,738,000
58,360,000
58,4(11,000
51,789,000
Total reserves
2,029,329,000 2.031,095.000 2,015,984,000 2,015,163,000 2,006,199,000 1,981,111,000
Bills discounted-members
1,302,151,000 1,203.346.000 1,159.882,000 1,076,782.000 869,175.000 931.270,000 2,005,263.000 1,977,724.000 1,414,052,000
Bills bought In open market
205,274,000 205,932,000 218,464,000 211,947.000 216,848,000 232,472.000 1,016,031.000 98.4,492,000 138,459,000
242.923,000 248.542,000 195,097,000
Total bills on hand_
1,507,425,000 1,409,278,000 1,378,348,000 1,288,729,000 1,080,023,000
1,163,742,000 1,258,954.000 1,233,034.000 333,556,000
U.B. Government long-term securities
40,090,000
40,259,000
40,273,000
42,749,000
40,227.000
40.877,000
40,683.000 64,484,000
U. S. Government short-term securities
41.135,000
16,922,000
16,358,000
31,923,000
17,350,000 218,839,000
35.883.000
33,179,000
32.601,000
All other earning assets
35,818,000
103,000
98,000
72.000
26,000
23,0043
100,000
594.000
694.000
1,769,000
Total earning assets
1,564,540,000 1,465,993,000 1,450,614,000 1,348,854,000 1,345,112,000
1.240,602.000 1.333,410,000 1,330.813,000 412,278,000
Uncollected items (deducted from gross
deposits)
558,392,000 658,588,000 640,410,000 669,257,000 530,719.000
588,859.000 529,653,000 400,924.000 a193.650,000
5% redemp.fund agst. F. R. bank notes
701,000
751,000
735,000
725,000
735.000
735.000
735,000
All other resources
637.000
500,000
12,441,000
9,605,000
9,979,000
10,163,000
90,000
757,000
Total resources
4,165,403,000 4,168,122,000 4,117,722,000 4,044,162,000
3,872,133.000 3.806.692,000 3,849,711,000 3.711,703.000 2,021,237,000
a Includes amount formerly shown against items due from or due to other
Federal Reserve banks net.
RESOURCES.
Gold coin and certificates In vault
Gold settlement fund-F. R. Board._
Gold with foreign agencies
[VoL. 107.
THE CHRONICLE
478
less 14 1918. June 7 1018. July 27 1917.
July 26 1918.1July 10 1918. July 12 1918. July 5 1918. June 25 1918 June 21 1918.
$
$
$
S
$
$
$
$
$
LIABILITIES.
57,825,000
75,062,000
75,711,000
75,770,000
75.554.000
76,163,000
76,383,000, 76,324,000
76,441,000
1,134,000
Capital paid In
1,134,000
1,134,000
1.131,000
1,134,000
1,134,000
1,134,000
1,134,000
131111'91n1
84,535,000 159,457.000 155,532,000 179,876,000 143,032,000
233,010,0001 144,828,000 169,393,000 128,398,000
Government deposits
1.555,434,000 1,449,446,000 1,135,456,000
1,435,196,000 1,488,047,000,1,439,346,000 1.369,697,000 1,557.587,000 1,464.986,000 264,887.000 230,971,000 137,815,000
Due to members—reserve account
287,769,000
401,186,000 480,341,000; 477,526,000 527,580,000 286,302,000 117,345,000 123,221,0001 109,560,000
9,547,000
Collection itsms
112,052,0001 107,809,000 117,509,000 121.482,000
Other deposits, foci. for. Gov't credits. 111,840,000
1,978,893,000 1,425,850,000
2,099,074,000
'
2,181,262,000 2,225,268,000 2,194,074,000 2,143,184,000 2,049,906.000 2,029,557,000 1,651.500,000 1,639,570,000 534,015,000
Total gross deposits
1,791,569,000 1.722,216,000 1,877.951.000
2,459,000
F. R. notes in actual circulation__ —. 1,870,835,000 1,829,045,000 1,813,425,000
9,580,000
10,001,000
9,945,000
10,390,000
10,635,000
11,000,0001 10,800,000
11,084,000
1,088,000
F.R. bank notes in circulation, net nab6,855,000
12,201,000
12,335,000
'12,629,000
21,477,000
23,292,000; 21,965,000
24,647,000
All other liabilities
!
3,849,711,000 3.711.703,000 2,021,237,000
4,165,403,000 4,166,122,0004,117,722,000 4,044,162,000 3,872,133,000 3,806,692,000
74.6%
Total liabelties.
59.2%
60.8%
84.8%
60.4%
65.3%
63.9%
61.9%
63.4%
83.0%
Gold reserve against net deposit liab_.
59.4%
60.2%
58.9%
55.6%
59.3%
55.0%
53.3%
50.0%
Gold res. agst. F. II notes in act. enten
77.1%
59 2%
Ratio of gold reserves to net deposit and
60.1%
61.6%
59.9%
58.2%
60.0%
58.2%
56.5%
Fd Res note liabilities combined _
•
80.1%
01 11%
81.0%
Ratio of total reserves to net deposit and
63.4%
7.
61.70
61.7%
59.9%
50.8%
58.1%
Ilahtlitlee enmhinwl
Fee itiVi flare
*
*
*
*
a
•
*
a
*
Distribution by MaturIttes548,873,000 635,228,000 750,382,000 729,429,000 115,223,000
1-15 days bills discounted and bought. 884,111,000 797,513,000, 772,072,000 719,715,000 200,241,000
3,04:1,000
12,737,000
19,587.000
2,784,000
17,031,000
1,675,0001
2,045,000
321,000
1-15 days U.8 Govt. short-term sees456,000
499,000
42,000
6,000
5,000
4,000
44,799,000
1-15 days municipal warrants
220,406,000 181,544,000 139,892,000 136,574,000 136,497.000 104,181,000 103,784,000
200,753,000
16-30 days bills discounted and bought
13,655,000
5,901,000
1.093,000
1,313,000
10,000
51,000
16-30 days U B. Govt.short-term sees
43,000
6,000
6,000
5,000
5,000
5,000
94,431,000
16-30 days municipal warrants
268,832,000 256,050,000 239.678,000 247,652,000 193,720,000
81-60 days bills discounted and bought. 240,900,000 208,306,000 250,526,000
1,536,000
175.000
238.000
750,000
350,000
1,028,000
31-60 days U. 8. Govt. short-term set's.
5,000
56,000
51,000
51,000
73,893,000
31-60 days municipal warrants
131,354,000 119,723,000 101,227,000 110,429.000 116,472,000 162,771,000
1,660,000
61 90 days bills discounted and bought_ 141,331,000 142,630,000
1.416,000
905,000
4,059,C00
4,890,000
4,135,000
4,155,000
20,000
1,000
61-90 days U. S. Govt. short-term sees.
1,000
5,210,000
33,330,000
61-90 days mualcipal warrants
40,2137,000
41,919,000
43,299,000
40,567,000
42.850,000
40,373,000
40,325,000
12,707,0011
Over 90 days bills diseeteti and bought
12.950.000
14,305,000
18,320,000
10,507,000
9,992,000
9,798,000
10,372,000
49,000
Over 90 days U.S.Govt.ehort-term sees
10,000
10,000
Over 90 days municipal warrants
Federal Reserve Notes—
1,769,876,000 584,464,000
1,793,393,000
1,999,480,000 1,982,603,000 1,963,729,000 1,917,152,000 1,848,823,000 1,805,518,000 141.893,000 130,297,000
50,449,000
limed to the banks
127,567,000
128,045,000 153,558,000 150,304,000 125,583,000 126,607,000
Held by banks.
1,639.579,000 534,015,000
1,829,045,000 1,813,425,000 1,791,569,000 1,722,216,000 1,677,951,000 1.651.500,000
1,870,835,000
In circulation.
Fed. Res. Notes (Agents Accounts)—
2,o20,120.000 2,492,820,000 2,440,720,000 983,160,000
2,763,940,000 2,742,600,000 2,691,600,000 2,607,120,000 2,535,820,000 428,292,000 420,077,000 407.164,000 166,545,000
Reoelved from the Comptroller
471,870,000 460,127,000 450,501,000 445,138,000 439,802.000
Returned to the Comptroller_
816,615,000
2,241,009,000 2,161,982,000 2,096,018,000 2,091,828,000 2,072,743,000 2,033,556,000
Amount chargeable to Agent..... 2,292,070,000 2,282,533,000 277,370,000 244,830,000 247,195,000 280,310,000 279,350,000 263.680,000 232,151,000
292,590,000 299,930,000
n hands of Agent
584,464,000
1,963,729,000 1,917,152,000 1,848,823.000 1,805,518,000 1,793.393,000 1,769,87(1,000
Issued to Federal Reserve banks 1,999,480,000 1,982,603,000
How Secured—
225,444,000 228,446,000 230,331,000
202,239,000 197,944,000 203,444,000 214,944,000 223,945,000 215,445,000
By gold coin and eertifloates
By lawful money
860,953,000 848,280,000 842,248,0 0 811,621,000 150,271,000
1,089,060,000 1,042,313,000,1,000,582,000 955,077,000
21,568,000
paper
52,221,000
51,994,000
By eligible
54.587,000
55,404,000
56,873,000
58,378,000
00,602,000
59,859,000
182,294,000
Gold redemption fund
701,325,000 690,258,000 708,521,000 687,206.000 673.707,000 677,588,000
648,322,000 681,744,000
With Federal Reserve Board
1,793,393,000 1.769,876,0(10 584,464,000
1,999,480,000 1,982,603,000 1,963,729,000 1,917,152,000 1,848,823,000 1,805,518,000
Total
I.Arl. nnn
1 nal 819 AM 1 197 797 non I, 910 RIM nnn 1 10"1 1194 nnn I 11A
1 .ac-1 ova anal 'AAR 798 nnn 1 215 04.1 non i _924 ORR &al
Eligible paper delivered to F. R. Agent
t Revised figuree.
hints t ('his Rein Meted.). fortegn Government credits
Vet e-uount due to other Federal Reserve
EACH of the LI FEDERAL RESERVE RANKS at CLOSE of BUSINESS JULY 26 1918
WEEKLY STATEMENT of RESOURCES and LIABILITIES of
Boston.
Two ciphers (00) omllted.
Ncw York.
Phliada. CleVeitltia
Illelipts'd
Assatua
Chicago. Si Louts. VIinneap Kars City
Dallas. San Fran.
Total.
$
3
$
I
3
$
$
$
3
$
$
$
$
RESOURCES.
337,0 6,229,0 16,130,0 418,012,0
27,419,0 1,693,0 8,710,0
8,088,0 299,844,0 1,104,0 35,230,0 6,330,0 6,898,0 50,477,0 22,261,0 16,341,0 37,438,0 13,153,0 31,011,0 598,777,0
fold coin and certifs. In vault
19,616,0
38,787,0 253,326,0 49,728,0 40,791,0 19,248,0
11,628,0
640,0
407,0
told settlement fund
581,0
465,0
465,0
349,0 1,628,0
407,0
814,0 1,046,0
4,012,0
814,0
/old with foreign agencies ___.
24,419,0 25,516,0 38,356,0 19,789,0 48,381,0 1,028,417,0
79,524,0
47,689,0 557,182,0 51,646,0 83,067,0 25,985,0 26,863,0
910,420,0
Total gold held by banks
110,629,0 32,950,0 26,339,0 118,392,0 31,496,0 23,596,0 33,497,0 13,080,0 83,848,0
35,363,0
told with Federal Res. Agents_ 56,445,0 279,859,0 99,389,0
305,0 2,271,0 3,556,0 2,402,0 2,039,0 1,085,0 1,250,0
965,0
14,825,0 3,500,0
3,165,0
lold.redemptlon fund
194,061,0 59,240,0 55,473,0 201,472,0 58,317,0 51,151,0 72,938,0 35,019,0 132,229,0 1,974,200,0
55,129,0
209,0
Total gold reserves.........- 107,299,0 851,866,0 154,535,0
295,0 1,524,0
139,0
918,0
629,0 2,913,0
697,0
357,0
687,0
44,197,0
2,564,0
tegal-tender notes, silver. des.
59,937,0 56,102,0 204,385,0 59,235,0 51,290,0 73,233,0 30,543,0 132,438,0 2,029,329,0
109,863,0 896,063,0 155,222,0 195,018,0
Total reserves
tills discounted for members and
55,690,0 78,255,0 38,216,0 65,826,0 1,302,151,0
91,174,0 396,395,0 81,391,0 90,025,0 59,810,0 38,262,0 238,441,0 59,666,0
Federal Reserve banks
129,0 1,320,0 18,541,0 205,274,0
410,0
2,373,0
24,297,0 104,033,0 13,430,0 15,776,0 4,118,0 3,563,0 17,284,0
fills bought In open market
1,507,425,0
94,821,0 114,801,0 63,928,0 41,825,0 255,725,0 62,039,0 56,100,0 78,384,0 39,536,0 84,367,0
40,090,0
Total bills on hand..........115,471,0 500,428,0 1,747,0 6,704,0 1,233,0
771,0 7,090,0 2,233,0 1,317,0 8,876,0 3,979,0 3,461,0
1,557,0
1,122,0
16,922,0
901,0 1,004,0
T. S. long-term securities_ - ...._
946,0 1,259,0
321,0
983,0 2,112,0
1,690,0 1,510,0
3,548,0 1,232,0
1,416,0
103,0
37,0
1. S. short-term securities
15,0
51,0
ALil other earning assets.
44,453,0 88,832,0 1,564,540,0
97,800,0 123,195,0 66,671,0 43,594,0 264,927,0 64,593,0 58,363,0 88,519,0
118,009,0 505,584,0
_
Total earning amota_ _
Tncollected items (deducted from
83,002,0 34,032,0 11,661,0 52,420,0 13,269,0 32,973,0 558,392,0
33,930,0 114,144,0 04,902,0 50,957,0 38,457,0 28,645,0
gross deposits)
% redemption fund against Federal Reserve bank notes
.
Lii other resources.... ......
780,0
3,060,0
1,264,0
572,0
1,383,0
14,0
603,0
94,0
1,514,0
514,0
158,374,0
262,582,0 1,518,851,0 319,188,0 369,742,0 166.448,0 129,018,0 553,922,0
Total resources
236,0
372,0
357,0
137,0
524,0
84,0
1,574,0
701,0
12,441,0
121,550,0 214,901,0 94,926,0 255,901,0 4,165,403,0
LIABILITIES. •
6,474,0
;apttal paid In
75,0
lupins
15,178,0
/overman deposits
hie to members—Reserve ace't 86,021,0
27,248,0
3olleotion items
Rh.deposits incl. for Gov't °red.
76,441,0
3,001,0 4,495,0
19,967,0 6,939,0 8,610,0 3,917,0 3,117,0 9,029,0 3,604,0 2,846,0 3,542,0
1,134,0
38,0
216,0
40,0
116,0
649,0
38,782,0 16,756,0 15,347,0 30,035,0 16,963,0 28,290,0 233,040,0
7,539,0 17,783,0 20,956,0 11,156,0 14,246,0 177,731,0 42,330,0 35,869,0 70,847,0 30,669,0 68,616,0 1,435,196,0
81,124,0 103,970,0 42,920,0 34,923,0
660,176,0
21,828,0 10,571,0 15,291,0 401,186,0
98,039,0 49,356,0 56,494,0 28,285,0 18,675,0 45,483,0 21,623.0 8,293,0
28,0 2,716,0 111,840,0
54,0
234,0
5,0 4,785,0
393,0
103,625,0
266,781,0 80,943,0 59,563,0 122,710,0 58,231,0 114,922,0 2,181,262,0
128,447,0 869,379,0 148,263,0 181,813,0 82,361,0 67,849,0 271.777,0 72,726,0 58,088,0 78,761,0 32,750,0 133,945,0 1,870,835,0
Total gross deposits
620,439,0 162,918,0 177,616,0 78,819,0 57,237.0
11,084,0
986,0
P. R notes In actual circulation 125,759,0
7,090,0
110,0 1,998,0
24,647,0
044,0 1,553,0
f. II bank notes In eiro'n—Net
665,0 3,221,0 1,101,0 1,015,0 1,898,0
8,417,0 1,068,0 1,703,0 1,235,0
1,827,0
01 other liabilities
121.550.0 214.001.0 94.926.0 255.001.0 4.165.403.0
262.582.0 1.518.851.0 319.188.0 369.742.0 166.448.0 129.018.0 553.922.0 158.374.0
Tote((imam..
Federal Reserve exalts. a Net amount due to other Federal Reserve banks
anleunte due from and net amounts due to other
*Difference between net
AGENTS ACCOUNTS AF CLOSE OV EUSINESS JULY 26 1515
STATEMENT OF FEDERAL RESERVE
Two ciphers (00) milled.
Boston.
New York.
Clevelatul. litchrn'A. ettlenfe. 1
Valera! Reserve noted—
Received from Comptroller_
Returned to Comptroller
186,640,0 1,012,080,0 230,240,0 230,000,0 116,820,0
34,955,0 226,325,0 40,244,0 19,491,0 25,501,0
Chargeable to F. it. Agent
is hands of F. R. Agent
151,685,0
22,800,0
785,755,0 189,996,0 210,509,0 91,319,0
121,400,0 14,540,0 20,800,0 6,365,0
128,885,0
Liaised to F. B. Bank.
Held by F. R. Agent—
cola and certificates
Gold
6,945,0
Gold redemption fund
Gold Sett. Fd., F. R. Board._ 49,500,0
Eligible paper, mm n reted__ 72,440,0
664,355,0 175,456,0 189,709,0 84,954,0
11,312,0
163,740,0
450,0
16,119,0 8,655,0 9,317,0
100,000,0 90,734,0 90,000,0 32,500,0
384,496,0 70,067,0 79,080,0 52,004,0
hi ago.
di. LOWS. .4/inseay.
128,885,0 664,355,0 175,456,0 189,709,0 84,954,0 58,960,0 298,567,0
Total
Amount of eligible paper dolly
_ 115,471,0 500,428,0 87,415,0 114,264,0 61,784,0 32,744,0 243,859,01
.
ered to F. R Agent
128,885,0 604,355,0 175,456,0 189,709,0 84,954,0 58.960,0 298,567,0
F ft notes outstanding
43,916,0 12,538,0, 12,093,0 6,135,0 1,723,0 26,790,0
3,126,0
ff It note held by banks
78,819,0 57,237,0 271,777,0
R notes In artaat oirmaa'n 125,759,0 620,439,0 162,918,0 177,616,0
Kan. city
Dallas
San Fran.
Total
—
8
i
$
3
96,740,0 372,860,0 102,800.0 78,580,0 111,700,0 68,500,0 156,980,0 2,763,940,0
20,015.0, 23,393,0 18,780,0 14,883,0 19,237,0 17,068,0 11,948,0 471,870,0
1
1
76,695,0.349,467,0 '84,020,0 63,697,0, 92,463,0 51,432,0 145,032,0 2,292,070,0
1 292,590,0
17,735,0 50,900,0, 7,050,0 4,555,01 8,220,0 18,225,0
1
58,060,0 298,567,01 76,970,0 59,142,0 84,234,0 33,207,0 145,032,0 1,999,480,0
!'
202,239,0
11,581.0,
13,102,0
2,504,0i
59,859,0
994,01 2,137,0 1,815,01 8,747,0
549,0; 1,866,0
2,265,0
584,0. 75,101,0 648,322,0
21,570,0 117,843,01 29,630,0 9,500,01 31,360,0
45,474,0 35,546,01 50,746,0 19,227,0 61,184,0 1,089,060,0
32,621,0 130,175,0
76,970,0 59,142,0 84,243,0 33,207,0 145,032,0 1,999,480,0
54,290,0 51,812,0 78,384,0 39,536,01 73,253,01,453,246,0
76,970,0 59,142,0 84,243,0 33,207,0 145,032,0 1,999,480,0
457,01 11,087,01 128.645,0
4,244,0, 1,054,0 5,482,0
72,726,0 58,088,0 78,761,0 32,750,0 133,945.0 1.870.835.0
479
THE CHRONICLE
AUG. 3 1918.]
-The following detailed statement
Statement of New York City Clearing !louse Banks and Trust Companies.
shows the condition of the New York City Clearing 1101130 members for the week ending July 27. The figures for the separate banks are the averages of the daily results. In the case of totals, actual figures at end of the week are also given.
NEW YORK WEEKLY CLEARING HOUSE RETURN.
CLEARING HOUSE
MEMBERS.
Week Ending
July 27 1918.
Loans,
Discounts,
{Nat. Banks Juno 20) Investments,
State Banks Juno 20
etc.
Trust Co's Juno 201
'Members of Federal
Reserve Bank.
Bank of NY. N 11 A.
Bank of Manhat Co_
Merchants' National_
Mech & Metals Nat_
Bank of America__ __
National City
Chemical National
Atlantic National _
Nat Butch& Drovers
American Exch Nat_
Nat Bank of Comm._
Pacific
Chat & Phenix Nat
Hanover National
Citizens' National
Metropolitan
Corn Exchange
Importers& Trad Nat
National Park
East River National.
Second National
First National
Irving National
N Y County National
Continental
Chase National
Fifth Avenue
Commercial Exch.
Commonwealth
Lincoln National
Garfield National___
Fifth National
Seaboard National
Liberty National....
Coaldr Iron National
Union Exchange Nat.
Brooklyn Trust Co.Bankers Trust Co.__
H Mtge (tc Trust Co
Guaranty Trust Co..
Fidelity Trust Co...
Columbia Trust Co
Peoples Trust Co__
New York Trust Co_
Franklin TrustCo...
Lincoln Trust Co....
Metropolitan Trust
Nassau Nat, B'klyn.
Irving Trust Co
Farmers Loan & Tr
conditi on
conditi on
conditi on
conditi on
5,207,600
6,769,400
2,630,400
10,526,100
6,741,200
49,578,000
9,222,500
850,700
95,900
5,753,000
22,187,700
1,055,300
2,735,100
17,710,700
2,861,200
2,207,700
7,892,800
7,698,300
17,514,900
74,800
3,886,300
30,492,500
5,609,700
342,600
669,000
12,863,300
2,317,800
880,700
811,700
1,969,309
1,337,600
421,700
3,607,600
3,985,400
932,100
1,247,100
2,227,500
14,842,300
4,791,000
26,725,700
1,288,600
6,693,200
1,274,400
10,510,700
1,106,900
552,100
4,312,600
1,170,100
1,100,700
10,965,200
46,693,000
50,173,000
27,438,000
169,501,000
30,442,000
530,011,000
76,968,000
16,238,000
3,085,000
116,919,000
347,209,000
14,492,000
92,407,000
129,598,000
44,513,000
26,388,000
105,323,000
35,497,000
206,366,000
2,945,000
18,963,000
234,821,000
95,166,000
10,329,000
6,020,000
296,915,00()
16,667,000
5,982,000
6,372,000
16,583,000
11,175,000
7,586,000
45,367,000
67,801,000
12,738,000
12,610,000
33,895,000
245,133,000
60,438,000
434,195,000
10,907,000
80,613,000
21,737,000
86,315,000
20,132,000
15,154,01)0
52,034,000
13,292,000
37,779,000
110,413,000
Gold.
Average.
Average.
$
24,000
71,000
314,000
515,000
56,000
73,000
7,679,000
142,000
341,000
209,000
8,307,000 3,037,000
193,000
308,001)
85,000
75,000
14,000
49,000
599,000
180,000
271,000
67,000
49,000
288,001
772,000
441,001
4,162,000
355,00(
114,000
21,00
651,000
238,00
228,000
195,000
70,000
313,000
59,000
431,000
2,000
98,000
57,000
40,000
10,000
283,000
971,000
466,000
80,000
36,000
22,000
31,000
2,601,000 2,339,000
58,000
57,000
46,000
21,000
41,000
27,000
148,000
290,000
2,000
12,000
35,000
19,000
362,000
284,000
105,001)
31,000
6,000
53,000
13,000
25,000
63,000
30,000
75,000
146,000
342,000
107,000
1,778,000
121,000
90,000
37,000
36,000
93,000
43,001)
70,00(1
25,000 . 14,000
69,001)
25,000
11,000
25,000
291,000
40,000
15,000
116,00()
155,001)
302,00(1
3,770,000
24,000
4,243,959,000 35,561,000
4,130,822,000 35,085,000
4,306,968,000 35,879,000
4,239,701,000 36,545,000
July 27
July 20
July 13
July 6
Not Mere hers of Feel creel Reserve Bank.
1,463,400
500,000
747,001)
14,145,000
534,000
200,000
41,000
3,755,000
810,900
250,000
287,000
4,720,000
1,159,800
1,000,000
21,091,000 1,323,000
1,500,000
707,500
28,554,000 2,513,000
State Banks.
Greenwich
People's
Bowery
N Y Produce Exch__
State
3,450,000
Totals. avge für wk
Totals, actual
Totals, actual
Totals, actual
Totals, actual
Average.
2,000,090
2,500,000
2,000.000
6,000,000
1,500,000
25,000.000
3,000,000
1,000,000
300,000
5,000.000
25,000,000
500,000
3,500,000
3,000.000
2,550,000
2,000,000
3,500,000
1,500,090
5,000,000
250,000
1,000,000
10,000,000
4,500,000
1,000,000
1,000,000
10,000,000
200,000
200,000
400,000
1,000,000
1,000,000
250,000
1,000,000
3,000.000
1,000,000
1,000,000
1,500,0(10
11,250,000
2,000,000
25,000,000
1,030,000
5,000,000
1,000,000
3,000,000
1,000,000
1,000,000
2,000,000
1,000,000
1,500,000
5,000,000
Legal
Tenders.
National
Bank
and
Federal
Reserve
Notes,
Reserve
with
Legal
Depositaries.
Additional
Deposits
with
Legal
Depositaries.
Net
Demand
Deposits.
Net
Time
Deposits.
National
Bank
Circulation.
Averages.
Average,
Average.
Average.
Average.
Average,
Average.
51,000
662,000
267,000
2,407,000
350,000
843,000
414,000
208,000
55,000
481,000
568,000
356,000
937,000
720,000
636,000
694,000
1,846,000
37,000
297,000
15,000
296,000
839,000
1,965,000
130,000
14,000
1,727,000
743,000
66,000
139,000
97,000
208,000
145,000
195,000
180,1100
125,000
286,000
95,000
131,000
88,000
308,000
57,000
436,000
202,000
11,1)00
125,000
101,000
70,000
218,000
727,000
61,000
143,000
748,000
91,000
526,000
355,000
1,873,000
800,000
146,000
7,000
587,000
1,750,000
333,000
2,073,000
647,000
32:3,000
677,000
4,064,000
215,000
727,000
38,000
463,000
583,000
1,602,000
424,000
97,000
1,109,000
391,000
78,000
120,000
531,000
5,000
149,000
318,000
422,000
573,000
172,000
361,000
636,000
455,000
2,746,000
144,000
458,000
442,000
278,000
214,000
221,000
527,000
72,000
1,691,000
275,000
Silver.
5,002,000
10,953,000
3,258,000
21,601,000
3,332.000
99,219,000
8,250,000
1,745,000
242,000
10,938,000
37.838,000
1,641,000
10,693,000
16,626,000
4,598,000
3,436,000
16,712,000
3,314,000
18,808,000
002,000
2,069,000
18,272,000
13,935,000
1,268,000
769,000
33,278,000
2,210,000
741,000
989,000
2,131,000
1,372,000
828,000
6,305,000
10,434,000
1,372,000
1,400,01)0
4,176,000
28,381,000
6,277,000
46,248,00))
1,340,000
8,770,000
2,495,000
7,467,000
2,015,000
2,033,000
4,611,000
1,239,000
4,221,000
16,093,000
33,417,000
54,906,000
20,590,000
134,193,000
24,789,000
531,736,000
55,477,000
13,075,000
2,074,000
78,698,000
284,238,000
12,235,000
69,101,000
120,415,000
28,761,000
26,582,000
107,185,000
24,073,000
142,143,000
2,953,000
13,893,000
138,074,000
96,023,000
9,480,000
5,082,000
243,136,000
16,797,000
5,121,000
6,466,000
14,358,000
9,348,000
5,650,000
42,612,000
58,880,000
10,533,000
11,504,01)0
25,070,000
198,506,000
43,039,000
363,690,000
8,715,000
61,336,000
20,997,000
53,319,000
14,672,000
12,342,000
33,571,000
9,253,000
36,000,000
115,231,000
192.900,000 338,372,600 4,198,971,000 35,354,000 12,256,000 21,659,000 31,713,000 511,553,000
Average for week
Totals, actual
Totals, actual
Totals, actual
Totals, actual
Net
Profits.
Capital.
conditi on
conditi on
conditi on
condlti on
4,675,600
July 27
July 20
July 13
July 6
1,916,000
778,000
85,000
368,000 1,849,000
14,317,000 3,774,000
10,788,000 1,535,000
443,000
4,055,000
148,000
587,000
289,000
6,103,000 4,959,000
4,983,000
55,000
7,328,000 2,215,000
470,000
284,000 1,005,000
51,000
3,844,000 4,855,000
50,000
893,000
2,052,000 8,556,000
815,000
687,000
199,000
213,000
12,177,000 1,300,000
100,000
24,000
202,000
40,000
2,278,000
467,000
417,000
5,041,000
19,147,000
7,214,000
24,836,000
514,000
11,889,000
1,620,000
3,618,000
1,606,000
1,757,000
1,220,000
649,000
955,000
10,052,000
3,468,087,000 161,300,000 36,953,000
3,464,673,000 165,567,000 36,860,000
3,568,521,000 162,507,000 36,754,000
3.488,267,000 160,317,000 36,608,000
4,000
984,000
353,000
253,000
525,000
383,000
684,000
199,000
257,000
1,273,000
1,460,000
40,000
69,000
265,000
36,000
14,278,000
3,320,000
4,289,000
21,716,000
29,006,000
98,000
72,265,000 4,911,000 1,085,000 1,191,000 2,498,000
3,873,000
410,000
72,609,000
102,000
1,075,000 1,322,000 2,462,000
1,024,000 1,260,000 2,532,000
1,018,000 1,341,000 2,472,000
1,19:3,000 1,504,000 2,401,000
3.867,000
3,984,000
3,816,000
4,913,000
682,000
365,000
647,000
390.000
72,691,000
72,396,000
72,723,000
77.623.000
125,000
120,000
113,000
113,000
74,016,000
70,193,000
71,044,000
76,216,000
4,795,000
4,940,000
4,963,000
4,936,000
159,000
22,000
6,000
515,000
383,000
197,000
69,000
8,000
359,000
558,000
145,000
184,000
182,000
63,000
397,000
193,000
2,676,000
1,200,000
850,000
216,000
22,912,000
13,760,000
646,000
325,000
9,000,000 17,040,100
Totals, avgo for wk
50,000
3,449,375,000 163,616,000 36,876,000
12,111,000 21,743,000 30,774,000 527,641,000
12,236,000 21,402,000 31,626,000 529.109,000
13,574,000 2:3,180,000 33,561,000 524,705,000
12,501,000 21,546,000 30.446,000 483,803,000
Not Meet hers of Fed eral Reserve Bank.
71,000
5,000,000 11,834,800
39,692,000
448,001)
4,000,000 5,205,300
22,958,000
Trust Companies.
Title Guar & Trust_
Lawyers Title & Tr__
250,000
398,000
248,000
70,000
995,000
412,000
397,000
329,000
245,000
590,000
3,876,000 1,066,000
36,672,000
971,000
35,644,000
37,424,000
37,263,000
35,976,000
995,000
936,000
977,000
1,097,000
62,650,000
519,000
551,000 3,700,000
519,000
348,000
225,000
conditi on July 27
63,282,000
635,000 3,883,000
230,000
515,000
334,000
comfit' on July 20
61,876,000
539,000 3,693,000
608,000
244,000
328,000
conditl on July 13
62,931,000
736,000 3,455,000
conditi on July 6
506,000
329,000
340,000
62,171,000
===,
==========
Grand aggregateowge 205,350,000 360,088,300 4,333,886,000 40,784,000 13,670,000 23,095,000 34,801,000 519,302,000
Comparison prow wk_
--36,182,000 -586,000 -337,000 -359,000 -1,130,000 +703,000
Totals, actual
Totals, actual
Totals, actual
Totals, actual
881.000
1,130,000
1,143,000
1.234.000
1,476,000 a3,558,656,000 164,689,000 36,876,000
+188,000 -61,210,000 -130,000 +80,000
Grand 'Went°. actual condition on July 27 1,381,257,000 40,878,000 13,534,000 23,290,000 33,787,000 535.208.000 1.563.000 b3,576.422.000 162,420,000 36,053,000
Comparison prey wk_
+1,929,000 -4,203,000 +93,000
+118;366000 +338,000 -60,000 +398,000 -1,006,000 -1,748,000 +68,000
Grand
Grand
Grand
Grand
a
ag'gate, actual
ag'gate. actual
ag'gate. actual
ag'gate, actual
condition July 20_ 4,262.891,000 40,540,000
condition July 13___ 4.490,943,000 41,450.000
condition July 8.... 4,378,038.000 41,987,000
condition June 29... 4,393,554,000 43,501,000
. S. deposits deducted, $356,553,000.
13,594,0(10 22,892,000 34,793,000 536.956,000
14,918,000 24,765,000 36,572,00)) 532,214,000
14,034,000 23,379,000 33,583,000 492,201.000
12,917,000 23,443,000 '30,960,000 648.835,000
1,495,000 3,574,493,000 166,623,000 36,860,000
1,790,000 3,678,507,000 163,597,000 36,754,000
1,624.000 3,601.866,000 161,527,000 36,608,000
1,249,000 3.700,076,000 158,137,000 36,631,00
b U. S. deposits deducted, $424,563,000. c Inclu lea 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 July 27_
Total July 20.
Total July 13 _
Total July 6.
Reserve
Depositaries
Total
Reserve.
a
Reserve
Required.
Surplus
Reserve.
Inc. or Dec.
Irons
PreviousWeet
511,553,000 511,553,000 45:3,327,2:30 58,225,77(1 +8,228,710
a
9,685,000 3,873,000 13,558,000 13,069,620
+188,340
488,380
58,200
1,683,000 3,876,000 5,559,000 5,500,800
+83,050
11,368,000 519,302,000 530,670,000 471,897,650
11,530,000518,500,000 530,138,000 479,865,750
11,731,000 523,158,000 534,892,000 481,883,400
11,749,000 537,505,000 549,251,000 483.562,790
58,772,350 +8,500,100
50,272,250 -2,736,350
53,008.600 -12,682,610
65,691,210 -76,189,000
Cash
Reserve
In Vault,
Reserve
in
Depositaries
Total
Reserve.
b
Reserve
Required.
Surplus
Reserve.
Inc. or Dee.
from
Precious Week
527,641,000 527,641,000 455,690,310 71,950,690 -1,783,810
b
436,620
-252,100
9,654,000 3,867,000 13,521,000 13,084,380
def3,600
+13,000
1,643,000 3,700,000 5,343,000 5,346,600
11,297,000 535,208,000 546,505,000 174,121,290
11,470,000 536,956,000 548,426,000 474,019,380
11,511,000 532,214.000 513.725,000 487,462,530
11,915,000 492,201,000 504,146.000 477.652,760
72,383,710
74,406,620
56,262,470
26,493,240
-2,022,910
+18.144.150
+29,769,230
-145,478,440
• Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits in the case of State banks and trust companies. hut In the case of members of the Federal Reserve Bane
Includes also amount of reserve required on net time deposits, which was all foilowc July 27, $4,908,480; July 20, 31,911,690; July 13, $1,879,920; July 6, 34,784,160.
b This is the reserve required on net demand deposits in the case of State banks and trust companies, but In the ease of members of the Federal Reserve Bank Includes
also amount of reserve required on net time deposits, which was as follows: July 27, 34,839,000; July 20, S1,967,010; July 13, $4.875,210; July 6, 31.309.510.
c Amount of cash In vault, which Is no longer counted as reserve for members of the Federal Reserve Bank. was 118 follows:
July 27, 3100,982,000; July 20, 5103,223,000; July 13, 3106,6:37,000; July 6, 399,932,000.
d Amount of cash In vaults. which is no longer counted as reserve for members of the Federal Reserve Bank was as fol ows;
July 27, $100,192,000; July 20, 5100,349,000; July 13, 3106,191,000; July 6, $101,038,000.
480
THE CHRONICLE
The State Banking Department reports weekly figures
showing the condition of State banks and trust companies
in New York City not in the Clearing House, as follows:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by State Banking Department.)
Differences from
previous week.
July 27.
Loans and investments
$724,916,700 Inc. $5,437,600
Specie
11,158,700 Dec.
25,300
Currency and bank notes
13,882,300 Dec.
163,000
Deposits with the F. R.Bank of New York
56,895,700 Inc.
864,590
Total deposits
763,543,000 Dec. 5,709,500
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N.Y.City, exchanges and U.S. deposits 680,639,800 Dec. 7,512,900
Reserve on deposits
124,074,600 Dec. 1,970,100
Percentage of reserve, 20.3%.
RESERVE.
-Stale Banks
- -Trust Companies
Cash in vaults
$13,967,100 11.11%
$67,969,1300 14.06%
Deposits in banks and trust cos
14,406,900 11.46%
27,731,000
5.74%
Total
828,374,000 22.57%
S95,700,600
19.80%
STATE BANKS AND TRUST COMPANIES IN NEW YORK CITY.
State Banks.
Week
Ended
-
Loans
and
Demand
Investments Deposits.
Specie.
•
Legal
Tenders.
Mar 30
April 6
April 13
April 20
April 27
May 4
Ilsy 11.__.
May 18.
May 25
June 1
June 8
June 15
June 22
June 29
July 6
July 13
July 20
July 27
5,089.258,3 4,446,491,7
5,055.92518 4,468,927,4
5,126,263,6 4,466.133,2
5,263,006,6 4,487.819,0
5,276.947,7 4.454.190,8
5,286,693,4 4,482,747,3
5,306,256,9 4,415,207,5
5,368.727,3 4,302,189,7
5,335,545,7 4,365.620,5
5,290,958,7 4,422,114,8
5,255,139,0 4,454,909,7
5,293.378,3 4,473,266,6
5,242,919,0 4,433,580,1
5,147,055,5 4,401,117,1
5,107,950,8 4,335,634,9
5,143,094,5 4.328,256,7
5,089,497,1 4,308,018,7
5,058,802,7 4,239,295,8
91,076.7
91.749,8
92.493,5
92,069,3
92,079,0
90,943,5
91,076,0
89,363,8
87,653,3
8.5,129,9
81,594,4
82,146,6
80,450,7
80,119,9
78,499,8
78,372,1
76,008,0
75,037,7
86,187,0 177,263,7 578.017,3
86,601,6 178,351,4 603.729,1
85,430,6 177,924,1 590.421,2
83,894,9 175,964,2 594 991,3
86.019,3 178,098,3 592,019,7
85.057,7 176,006.2 588.899,3
85,279,8 176,355,8 573,373,4
83,001,4 172,365.2 567,941,1
86,740,1 174,393,4 570.237,7
84,442,7 169,572.6 575,891,0
87.724,4 169,318,8 570,049.4
86,257,3 188,403,9 581,941,7
88,787,6 169,238.3 594,047,9
89,726.9 169,848,8 669,593,9
88,676,0 167,175,8 586,136,5
89,309,8 167,631,9 570,046.4
87,138,5 163.146,5 503,383.2
87,536,0 162,573,7 561,439,9
Total Reserve in
Cash in DeposiVault.
tories.
'Included with "Legal Tenders" are nat onal bank notes and Fed. Reserve notes
Wild by State banks and trust cos.. but not tl ose held by Fed. Reserve members.
In addition to the returns of "State banks and trust companies in New York City not in the Clearing House," furnished
by the State Banking Department, the Department also
presents a statement covering all the institutions of this
olass in the City of New York:
For definitions and rules under which the various items
are made up, see "Chornicle," V. 98, P. 1661.
The provisions of the law governing the reserve requirements of State banking institutions as amended May 22
1917 were published in the "Chronicle" May 19 1917 (V
104, p. 1975). The regulations relating to calculating the
amount of deposits and what deductions are permitted in
the computation of the reserves were given in the "Chronicle"
April 4 1914 (V. 98, p. 1045).
Trust Companies.
Week ended July 27
July 27
1918.
Capital as of June 20
Surplus as of June 20
Loans and investm'ts
Specie
Currency Sc bk. notes
Deposits with the F.
R.Bank of N.Y
Deposits
Reserve on deposits_
P. C. reserve to dep.
Differences from
previous week.
July 27
1918.
Differences from
Previous week.
3
$
$
$
23,718,700
99,050,000
41,842,100
163,387,000
462,101,800 Inc. 3,524,700 1,876,766,200 Inc. 3,118,700
12,606,200 Dec.
84,200
10,435,800 Dec.
21,600
24,187,900 Dec.
615,300
16,501,000 Dee.
341,900
42,751,600 Inc. 3,508,000 191,033,900 Dec. 8,111,900
566,369,500 Dec. 2,113,800 1,940,508,000 Dec. 18,302,400
101,046,700 Inc. 1,884,400 284,923,000 Dec. 9,463,900
22.7% Inc.
18.6% Dec.
0.6%
0.4%
Boston Clearing House Banks.
-We give below a summary showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:
The averages of the New York City Clearing House bankg
and trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK. (Two c phers omitted.)
[VOL. 107.
BOSTON CLEARING HOUSE MEMBERS.
July 27
1918.
Change from
previous week.
July 20
1918.
July 13
1918.
s
s
3
$
Circulation
4,962,000 Dec.
4,000 4,966,000 4,067,000
Loans, ditsets & Investments_ 484,209,000 Inc. 2,644,000 481,565,000 483,281,000
Individual deposits, inci.U.S. 412,465,000 Dec. 11,798,000 424,263,000 432,725,000
Due to banks
111,303,000 Dec. 12,050,000 123,353,000 128,298,000
Time deposits
14,204,000 Dec.
745,000 14,949,000 14,040,000
Exchanges for Clear. House_ 14,024,000 Dec. 1,864,000 15,888,000 18,445,000
Due from other banks
76,374,000 Dec. 13,983,000 90,357,000 89,550,000
Cash in bank & in F.R. Bank 57,347,000 Dec.
216,000 57,563,000 80,909,000
Reserve excess in bank and
Federal Reserve Bank
13.584 000 Inc.
607.000 12.977 000 15.186.000
Philadelphia Banks.
-The Philadelphia Clearing House
statement for the week ending July 27, with comparative
figures for the two weeks preceding, is as follows. Reserve
requirements for members of the Federal Reserve system
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in
vaults" in not a part of legal reserve. For trust companies
not members of the Federal Reserve system the reserve
required is 15% on demand deposits and includes "Reserve
with legal depositaries" and "Cash in vaults."
tv eeiv mains July 27 lets.
July 20
1918.
Two ciphers (00) omitted.
Memb'rs of
F. R. Syst.
Capital
Surplus and profits
Loans, distets & investm'ts
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
U.S.deposits(not included)
Res've with Fed. Res. Bk.
Res've with legal deposit's
Cash in vault*
Total reserve &cash held_
Reserve required
Excess res. & cash in vault
$25,075.0
68,512,0
564,425,0
21,409,0
127,395,0
154,338,0
405,737,0
4,050,0
564,125,0
Trust
Cos.
$5,500,0
13,927,0
46,619,0
456,0
186,0
1,193,0
29,996,0
31,189,0
43,307,0
15,975,0
59,282,0
41,248,0
18.034.0
4,925,0
1,717,0
6,642,0
4,582,0
2.060.0
July 13
1918.
$31,475,0
82,510,0
606,247,0
26,129,0
133,233,0
164,936,0
450,083,0
4,133,0
819,152,0
44,759,0
50,126,0
4,724,0
18,489,0
73,339,0
47,229,0
26.110.0
$31,475,0
82,421,0
608,991,0
24,539,0
130,525,0
161,960,0
448,718,0
4,379,0
815,055,0
44,185,0
51,733,0
4,617,0
18,328,0
74,678,0
47,230,0
27.448.0
Total.
$31,475,0
82,439,0
611,044,0
21,865,0
127,581,0
155,531,0
435,733,0
4,050,0
595,314,0
45,920,0
43,307,0
4,925,0
17,692,0
65,924,0
45,830,0
20,094.0
*Cash in vault is not counted as reserve for F. R. bank members.
•••••..,
Non-Member Banks and Trust Companies.-Following is the report made to the Clearing House by clearing nonmember institutions which are not included in the "Clearing House return" on the preceding page:
RETURN OF' NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE.
CLEARING
NON-MEMBER .
I
Net
Capital. I Profits.
Loans,
Discounts.
1Nat. banks June 29 Investments
Week Ending July 2 1918. State banks June 20
etc
Trust cos. June 20
Members of
Federal Reserve B ink
Battery Park Nat. BanA.__
W.R. Grace & Co.'s b nk_...
First Nat. Bank, Broo Oyu__
Nat. City Bank, Broo Oyu__
First Nat. Bank, Jerae r City
Hudson Co Nat.. Jerse v City
First Nat. Bank. Hob ken_
Second Nat. Bank, Enbolten
Total
$
$
400,000
561,000
500,000
664,500
300,000
665,000
300,000
603,900
400,000 1,308,200
250,000
785,100
220,000
650,700
125,000
264,500
Average.
$
8,668,000
7,393,000
7,424,000
6,617,000
9,025,000
4,529,000
7,583,000
5,631,000
Gold
Legal
Tenders.
Silver.
National
Bank
& Federal
Reserve
Notes.
Reserve
with
Legal
Deposefuries.
Away*, Average. Average. Average. Average. Average.
$
$
$
$
$
$
85,000
14,000
155,000 1,311,000
25,000
157,000
3,000
2,000
957,000
10,000
11,000
77,000
556,000
97,000
473,000
2,000
28,000
549,000
134,000
64,000
640,000
166,000
332,000
248,000
930,000 3,136,000
119,000
60,000
4,000
63,000
144,000
277,000
807,000
6,000
347,000
47,000
177,000
856,000
10,000
48,000
18,000
295,000
88,000
497,000
2,495,000 5,502,900 56,870,000
342,000
439,000
503,000
State Banks.
Not Members of :
Federal Reserve Ban t
Bank of Washington HeIghts.
100,000
478,000 2,440,000
Colonial Bank
500,000 1,040,300 9,535,000
Columbia Bank
1,000,000
627,100 13,662,000
International Bank
500,000
168,800 5,464,000
Mutual Bank
200,000
554,600 8,147,000
New Netherland Bank_
200,000
204,600 3,609,000
Yorkville Bank
100,000
573,900 7,377,000
Mechanics' Bank, Tiro iklyn_ 1,600,000
833,900 22,962,000
North Side Bank, Broo ;lyn....
200,000
204,600 5,104,000
72,000
727,000
654,000
155,000
1,000
10,000
289,000
132,000
16,000
5,000
136,000
161,000
133,000
41,000
127,000
612,000
340,000
463,000
399,000
729,000
56,000
374,000
271,000
117,000
264,000
922,000
581.000
110,000
207,000
104,000
459,000
447,000
611,000 1,036,000 1,383,000
127,000
270,000
224,000
Total.
Trust Companies
Not Members of th
Fe rat Reserve Ban t.
Ham on Trust Co.,Br .oklyn
Mechanics' Tr Co.. Bayonne
Total
Grand aggregate _
Comparison previous eek_
Excess reserve
. _
Grand aggregate July 0...,_
Grand aggregate July 1 3.__ _
Grand aggregate July 6.___
Grand aggregate June 9 .
4,400,000 4,685,800 78,300,000 2,036,000
500,000 1,012,400
200,000
368,600
700,000 1,381,000 16,258,000
7,595,000 11,569,700 151,428,000
+4,041,000
717,400 Increase
7,595.000 11,569,700 147,387,000
7.595.000 11.466,300147,389,000
7.595,000 11,466,300 146,428.000
7,595,000 11,346.600 147,773,000
a U.S. deposits deducted, $9,038,000.
8,436,000
7,822,000
Additional
Deposits
with Legal
Deposi(arias.
11,000
37,000
9,000
110,000
262,000
20,000
953,000 5,222,000 6,566,000
360,000
322,000
29,000
196,000
593,000
358,000
590,000 2,312,000 2,942,000 5,314,000 1,858,000
Nations
Bank
Orval*.
lion.
Net
Demand
Deposits.
Net
Time
Deposits.
Average.
3
7,520,000
4,504,000
5,228,000
5,115,000
8,298,000
3,312,000
3,211,000
2,757,000
Average. Aurae*.
3
Sp /
82,000
195,000
1,220,000
565,000
299,000
415,000
120,000
395,000
463,000
196,000
3,577,000
219,000
2,558,000
99,000
39,945,000 8,880,000 1,523,000
2,225,000
10,193,000
12,158,000
4,890,000
7,265,000
3,902,000
7,646,000
23,050,000
4,124,000
363,000
138,000
55,000
68,000
67,000
400,000
75,462,000 1,091,000
369,000
21,000
16,000
27,000
15,000
88,000
106,000
166,000
281,000
418,000
381,000
150,000
5,627,000 1,059,000
4,648,000 3,198,000
390,000
43,000
103,000
272,000
699,000
531,000
10,275,000 4,257,000
2,768,000 1,072,000 2,918,000 4,167,000 11,235,000 8,955,000 a125,682,000 14,228,000 1,523,000
-41,000 +124,000 -312,000 -10,000 +866,000
-50,000
+2,000
+6,000
+1,000
2.809,000
948,000 3,230,000 4,177,000 10,369,000 8,953,000 a125,732,000 14,222,000
2,844,000 1,071,000 3,192,000 4,455.000 10,638,000 9,058,000 125,550.000 14,133,000
2,845,000 1,000,000 2,796.000 4,257,000 10,917,000 11,260,000 123,855.000 14.167,000
998,000 3,090,000 4,109.000 10,859,000 10,655,000 122,550,000 14,284.000
2,794.000
1,522,000
1,526,000
1,525,000
1,523.000
AUG. 3 1918.]
THE CHRONICLE
Vaniters:" Gazetit.
481
prices of all the different issues and for week's range see third
pagefollowing.
Railroad and Miscellaneous Stocks.—In the matter of
inactivity this has been the record week of the year thus far
at the Stock Exchange. Only 136,670 shares were traded
in to-day, and on Wednesday, when the maximum was
reached, but 362,300 shares changed ownership. No reason is apparent for the extremely dull market to-day, especially in view of the favorable war news and lack of anything
of a depressing nature. The movement of prices has been
correspondingly narrow, so that the record for the week in
this department is most uninteresting.
The railway list has been relatively strong, about half the
stocks which have participated in the trading having moved
to a fractionally higher level, including Atchison, St. Paul,
Canadian Pacific, Southern Pacific and Missouri Pacific.
On the other hand, New Haven, Bait. & Ohio, Union Pacific
and Reading are lower.
Some of the miscellaneous list have been erratic. General Motors has covered jt range of over 20 points, with a
net loss of 14, and Am. Sum. Tobacco, after recovering 2,
is 63/ points lower than last week. Of the list of 15 most
active stocks in this group, every one has declined.
For daily volume of business see page 489.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
Wall Street, Friday Night, Aug. 2 1918. •
The Money Market and Financial Situation.—Although much of the week's news has been not only highly
important but generally favorable, the security markets seem
to have been almost wholly oblivious to these facts. As is
well known, by far the most important news has come from
the battle fields of France, where day by day the Allied troops
are reported to have made steady progress against the slowly
retreating German forces. Evidently Wall Street is inclined to accept these reports with the same reserve as was
manifested when news came of the German advance over the
same ground earlier in the campaign, that is, as not at all
conclusive. In other words, it did not sell stocks on the
former occasion, it is not buying them now, and for the same
reason. Doubtless it is waiting patiently for something
more decisive than has yet developed before "banking" on
the final outcome.
In the meantime, considerable attention is given to what
the United States is doing and preparing to do in the great
war, to what is going on at Washington, to crop reports, to
railway traffic statements, and earnings, to Government
STOCKS.
Saks
Range for Week.
Range since Jan. 1.
Week ending Aug. 2.
for
financing, and to the money market.
Week.
Highest.
Lowest.
Lowest.
Highest.
Drought has injured both corn and cotton in some States
Par. Shares $ per share. $ per share. $ per share.$ per share.
West of the Mississippi, so that the Government estimates as Adams Express
100
300 55 Aug 1 59 July 30 55
Aug 80
Jan
S & F,
10
Aug
to cotton are for a crop somewhat smaller than the July 1 Am BrakeSnuff pref100 100 168 Aug 1 168 Aug 1 163 Apr 175 Jan
American
97
100
1 97 Aug 1 8931 Jan 100
May
estimate, but still about 1,600,000 bales larger than the
Preferred
33 85 Aug 2 85 Aug 2 85
100
Aug 85
Aug
Associated Oil
100
July 31
July
Apr
May
August estimate in 1917. The winter wheat crop is secured, Atlanta Birm & Atl_ _100 300 60 July 29 603j July 29 54 July 61 June
300 8
29 8
831
1031
Batopllas Mining.. _20 500 111 July 27 1g July 27 1
Jan 131 Mar
spring wheat is being harvested in the southern zone of that Brooklyn Union Gas_100 400 80 July 85.
30
July 31 7931 July 85
Feb
cereal, and thus the chances of damage to that most impor- Brunswick Terminal_100 100 12 Aug 1 1231 July 31 631 Jan 1631 June
Butterick
100
200 9 July 29 9 July 29 731 May 1131 Feb
tant crop are greatly reduced.
Calumet & Arizona.._ _10
200 68 Aug 1 69 July 27 6331 Jan 71
May
Case
100
100
Aug
Aug
Jan
May
Latest reports of railway not earnings, under Government Cons(J I) pref Call.._10 100 8534 Aug 2 8531 Aug 2 73 Apr 8834 June
Interstate
10.
1 10
1 731
13
Co, pref
100
100 94 Aug 1 94 Aug 1 90 Jun 96
control, show in many important cases an enormous shrink- Deere & Edison
Feb
Detroit
100
20 103 July 27 103 July 30 98 .
Jan 105
Mar
age, while the U. S. Steel Corporation's statement for the Detroit United
100
100 88 July 29 88 July 29 80
Apr 90
Jan
Dul SB & Atl, pref 100 200 731 Aug 1 '8 July 27 431 May 8
July
second quarter of 1918 shows the largest earnings ever re- Elk Horn Coal
50
100 26 July 27 26 July 27 22
Jan 2831 Mar
Federal Mg & Smeltg100
200 10 Aug 1 10 Aug 1 934 Apr 1334 Jan
ported in any three months of its history.
Preferred
100 400 3331 Aug 1 34 Aug 2 27
Jan 3631 Feb
par
38
38
Foreign Exchange.—Sterling exchange remains without Fisher Body Corp.no 100 20 8934 July 31 8931 July 31 26 Jan 43 June
Preferred
50
Aug 2
Aug. 2 7031 Jan 91
July
General Cigar, Inc 100 2,100 483j July • .523( July 27 34
change. The Continental exchanges were steady but withJan 58 June
Preferred
100
100 99 Aug 2 99 Aug 2 9634 Mar 100 June
Homestake Mining....100
out much movement.
100 72 July 30 72 July 30 68 June 89
Jan
lot Harv N J, pref.. _100
100
July 29
July 29
Jan
To-day's (Friday's) actual rates for sterling exhange were lot Harvester Corp.._100 600 112 July 29 112 July 30 10634 Mar 112 (July
65
66
53
72
Feb
Kings Co E L & P
100
77 89 July 31 8931 July 31 8931 Apr 94
Feb
4 72%@4 723/2 for sixty days, 4 7530©4 75 5-16 for checks Kresge (5 S) Co.._ 100 100 95 Aug 1 95 Aug
1 83 June 95
and 4 76 7-16©4 7645 for cables. Commercial on banks, Liggett & Myers 100 200 16634 July 31 16931 Aug 1 165 Jan 19531 Aug
Feb
Preferred
100
100 104 July 30 104 July 30 10031 June 10731 Mar
sight 4 75@4 753, sixty days 471@4 71%, ninety days Lorillard (P)
100 2,300156 Aug 2 185 July 29 156
Aug 200
Mar
Rights
1331 Aug 2 1431 Aug 2 1331 Aug 14
Aug
4.70©4 709-', and documents for payment (sixty days) 4 71 Manhat (Ely) Ry__100 100 98 July 31 98 July 31 94 Mar 100 May
May
pref100
100
©4 713-j. Cotton for payment 4 75@4 753, and grain MinnDept StoresM__100 475 102 Aug 2 102 Aug 2 98g, Ja 103 Feb
St P &SS
8831 July 29 8931 July 29 8031 Jan 90
Mar
Preferred
100
for payment 4 75@4 753.
140 105 July 29 105 July 29 105
Apr 109
Mar
National Acme
50
600 30 July
Aug 2 2631 Jan 33
To-day's (Friday's) actual rates for Paris bankers' francs National Biscuit...._ _100 300 91 July 29 31 July 30 91 July 100 May
30 9131
Jan
Preferred
100
100109 July
July
were 5 77% ©5 773/b for long and 5 713 @5 71% for short. Norf & West, pref 100 200 75 July 27 109 July 27 10731 June 114 IMar
%
30 75
30 75
July 79 'Mar
Nova Scotia B & C 100
500 62 Aug 2 63 Aug 2 5654 July 69 F Jan
Amsterdam bankers' guilders were 51 5-16 for long and Ohio Fuel Supply..--25
100 4131 July 27 4131 July 27 4131 Mar 48341June
Owens Bottle-Mach....25
51 7-16 for short.
100 59 July 30 59 July 30 55% Jan 65
Feb
.Pacific Telep & Teleg100
200 20 July 31 2031 July 30 1831 Feb 28
Exchange at Paris on London, 27.153/i fr.; week's range, Pittsb Steel, pref 100 100 93 July 29 93 July 29 90 Apr 98 Feb
Jan
Savage Arms Corp_ _100
200 72 Aug 2 7231 Aug 2 53
Jan 8034T,May
27.153/i fr. high and 27.16 fr. low.
Sloss-Sheff B dr I, pref100
100 9334 July 29 933-4 July 29 81
Feb 9334 July
Standard Milling _ _ _100
117 July 31 118 July 29 84
Exchange at Berlin on London not quotable.
Jan 118
Stutz Motor Car_rzo par
100 40 July 29 40 July 29 3831 Jan 4734 July
Feb
The range for foreign exchange for the week follows:
United Drug,2d pf 100
100
July 29
July 29
U s Realty & Impt 100 1,000 78 July 27 78 July 29 77 June 80 Jan
15
Sterling, Actual—
1731
8
Mar 17347JulY
Sixty days.
Checks.
Cables.
High for the week......4 7231.
4 75 5-16
4 7645
Outside Market.—Except for a few spurts of activityIn
Low for the week.. _ _4 7231
4 7530
4 76 7-16
Paris Bankers' Francs—
some of the specialties, the "curb" market was a dull affair
Highfortheweok___57731
571
56931
this week. Prices generally remain about steady. The
Low for the week__ _5 7731
6 7131
6 6931
Amsterdam Bankers Guilders—
more active issues show good improvement in prices. Aetna
High for the week__ 515-16
5131
52
Explosives com, was in good demand and over 13-' points
Low for„the week__ 51 1-16
51
5131
to 13%, closing to-day at
Domestic Exchange.—Chicago, par. Boston, par. St. a strong feature, moving up 133/2. Burns Bros. Ice was
almost 5 points to
new
Louis, 15c. per $1,000 discount bid. San Francisco, par. high record. British-Amer. Tob. stocks were 373%, athan
more
Montreal, $21 873' ,per $1,000 premium. Minneapolis, ordinarily active, and show substantial improvement. The
ordinary stock sold up from 17 to 183, and the ordinary
10o. per $1,000 premium. Cincinnati, par.
bearer
4
State and Railroad Bonds.—Sales of State bonds at to 18. stock from 173 to 183-4, the latter reacting finally
Motor
the Board are limited to $2,000 Virginia 6s deferred trust early loss from stocks were quiet. Chevrolet Motor, after
139 to 131,recovered to 135. United Motors,
receipts at 47 to 473%.
dropped to 313 and rose to-day to 323%. Curtiss
%
The market for railway and industrial bonds shows no from 323,&
Aeroplane
Motor declined from 383% to 363%. Wrightsigns of revival. It has continued, as for some weeks past, Martin
Aircraft corn. went down from 9% to 93 and ends
dull and featureless. The volume of business in this de- the week
partment at the Stock Exchange has been the smallest in. feature at 93%. North Amer. Pulp & Paper was an active
and sold up from 23( to 43%, closing to-day at 4.
many months and price changes, about evenly divided be- Oil
stocks
tween higher and lower, are in practically every case frac- actions extremely quiet. Houston Oil corn. on few translost 7 points to 76, recovering finally to 78. Stanton
tional and without significance. Atchison, Rock Island, Oil,
Southern Ry.and New -York Central are on the list of bonds fromone of the low-priced issues, was active and weakened
23/i to 1%,the final figure to-day being 1%. Glenrock
that have made slight advances, while Balt. & Ohio, Central
Leather, Inter.Mer.Mar.and Union Pacifies are lower. In Oil declined from 4 to 3%. Midwest Oil com, was off from
addition to the above, the active list includes Burlington., $1 02 to 99o. Oklahoma Prod. & Refg. receded from 73%
4
Missouri Pacific, Northern Pacific, Reading, Rubber and to 63 and closed to-day at 63-s. Okmulgee Prod. & Refg.
advanced at first from 3% to 43i, then fell to 3, selling finU. S. Steel issues.
United States Bonds.—Sales of Government bonds at ally at 33%. Bonds continued active. Bethlehem Steel
the Board include $25,000 2s reg. at 99; Liberty Loan 3s serial 7% notes were higher. Russian Govt. 634s reached
at 99.82 to 100; Liberty Loan 1st 4s at 94.34 to 94.48; 60 from a close of 53 last week, the 534s selling up to the
Liberty Loan 2d 4s at 93.10 to 93.70; Liberty Loan 1st 4i, 8 same mark from 54 last week. Both issues reacted, the
at 94.36 to 94.54; Liberty Loan 2d 430 at 93.10 to 93.74; final figure for the former being 58 and the latter 57.
A complete record of "curb" market transactions for the
and Liberty Loan 3d 43s at 95.02 to 95.78. For to-day'a
week will be found on page 490.
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES
482
For record of sales during the week of stocks usually inactive, see preceding page.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
July 27.
Monday
July 29.
Tuesday
July 30.
Wednesday
July 31.
Thursday
Aug. 1
Friday
Aug.2
Salesfor
the
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 1.
-share lots.
On basis of 100
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1917
Lowest.
I Highest.
Par $ per share. $ per share. $ per sharel$ per share
Railroads
3 per share $ per share $ per share $ per share $ per share $ per share
75 Dec 1074 Jan
81 Mar23 88 May15
85% 8558 8512 8514 8518 8512 3,510 Atch Topeka & Santa Fe_ -100
86
3
"854 85 8 8518 8512 85
75 Dect 10012 Feb
80 Jan30 85 June26
100
Do pref
300
8312 8312
*8212 84
84
_ "83 _- 84
84 "83
84
8
8938 Apr22 95 June22 2797 Dec 119 Jan
100 Atlantic Coast Line HR. 100
93 "9258 96
93
99
'9173 99 "93
4
99
"91
*92
3814 Dec, 85 Jan
49 Jan24 57 May20
100
6,000 Baltimore & Ohio
54
4
4
*543 55
3 5412 5458 533 5414 5358
5434 547
5434 55
4814 Decl 7673 Jan
53 Apr251 5712 Jan 5
100
120
Do prof
57
57
57
5713 157
*56
5718 "56
*5512 5712 *5512 57
36 Dec' 82 Jan
36 Jima* 4814 Jan 2
.100
4112 2,500 Brooklyn Rapid Transit..
41
8
407 41
41
"40
4114 4114 4058 41
41
41
8
100 135 Mar25 1547s July29 126 Dee 1673 Mar
151 1513
15114 153
4 9,900 Canadian Pacific
152 153
3
153 1517 152 154
*15114 152
4
42 Nov 653 Jan
3
4934 Jan15 60 8 Mar14
100
3 1,100 Chesapeake & Ohio
8
*5612 57
5678 5678 563 5612 5614 563
5614 563 *5612 57
4
6 Dec 1418 Jan
4
83 Jan 2
6 Apr 9
*712 814
100 Chicago Great western..100
814 *712 8
712 712 *712
4 814
*73
1712 Deg 4134 Jan
1812 Apr 9 25 Jan 3
100
Do pref
2412 2478 x2312 2312 2312 234 1,300
73 24 4 *2412 25
•2413 25
4 8314
35 Nov 92 Jan
3714 Apr22 4734 Jan 2
24,910 Chicago Milw ds St Paul_100
8
44% 4418 4434 433 4412 4358 44
4234 435
8 4334 4412 44
12
62 Dec 12512 Jan
6614 Aprll 7914 Jan 5
100
Do prof
74
7412 11,700
4 7414 75
753
75
74
8 7412 7638 74% 76
747
85 Dec 12414 Jan
Jan 3
8912 Mar25 95
93
933 Chicago & Northwestern--100
3
4
923 92 4 9234 9234 9233 9234 "92
*9212 93
"925LL 93
100 125 July15 137 Jan29 13712 Dec 17212 Feb
Do prof
"127 140 "127 140
*125 140 *125 140 *125 140 '125 140
12
16 Dec 38 June
Apr22 2412 May15
18
2312 3,400 Chic Rock 181 & Pao temp ctfs.
2312 2312 *23
234 24
2334 24
2334 24
3
23 4 24
44 Dec 8414 Apr
5634 Jan15 76 June27
7% preferred temp ctfs__
500
74
*7312 7412
*74
7412 7414 7414 74
74
74
74
74
Apr
4
353 Dec 71
46
Jan15 65 June27
6% preferred temp ctfs...
6314 6234 623 *6212 6312 1,200
4
4
8
63
627 6314 *623 6314 63
63
24 Nov 51 Jan
26 Feb21 38 May14
Clev Cin Chic & St Louis._100
*3014 31
*3014 32
*3014 32
32
*30
4
613 Oct 80 Jan
5834 May 7 65 Jtmel0
100
Do prof
*:::: 16- *:::: 16- "60 80 "60 80 *60 67
80
60
*
18 Nov 30 Jan
18 Apr22 2314 May29
100
Colorado & Southern
+21 23 '21 23 "21 224 *21 224 *21 2212
23
*21
3
447 Nov 5712 Jan
47 Apr 3 5012 Jan 4
100
Do 1st pref
12 *4812 5012 •4814 5012 *4814 5012 *4814 5012
*4812 5012 *4812 50
41 Sept 46 Mar
40 Apr 4 45 Mar14
100
Do 2d prof
47
47 "42
47 "42
*42
*42
47
*42
47
"42
47
87 Nov 1513* Jan
100 1004 April 11518 Feb 1
200 Delaware & Hudson
"10712 109
"108 10912 *108 109 '108 10912 *108 10912 108 108
Mar
100 Delaware Lack & Western.50 160 Apr17 1180 Jan 4 16712 Dee 238 Jan
-- 162 162 "162 16434 *162 163 *162 163
*162 16313
5 Dec 17
6 Jan 3
214 Jan 4
5
Denver & Rio Grande__..100
*4
5
*4
5
*4
5
5 ----- *4
"4
Jan
3
97 Dec 41
5 Apr23 1358 Jan 2
100
pref
600
*4
634 634 634 634 *6 734 3,300 Do
8 633
63
6
138 Dec 3434 Jan
8
14 Apr17 173 May15
100
Erie
1518 143 147
4
8
1514 1514 "jar., 1114 1518 1518 151g 1518 15
184 Dec 4914 Jan
2313 Jan16 35 May14
100
Do 181 pref
3014 3012 2,500
3
3134 30 4 31
3112
3112 3112 32
3214 3112 32
4
1518 Dec 393 Jan
1813 Jan25 244 May14
100
23
Do 2d pref
*21
23
*22
23
*22
23
*22
*2112 23
*214 23
7914 Dec 1184 Jan
Jan15 9314 May14
86
100
700 Great Northern pref
13 9012 9014 9012 9014 9014 *9014 91
9114 90
"9013 9112 4190
225* Nov 381g Mar
2518 Jan15 3438 May16
.No par
Iron Ore properties.
3114 3112 3114 3112 3114 3112 1,900
8 31% 3112
3
8
317 3178 3112 311
854 Dec 1063 Jan
8
92 Jan 7 975 July31
100
300 Illinois Central
9758 9753
8
98
975g 975 '9612 98
9734 9712 9712 *96
*97
4
53 Dec 1718 Jan
94 Jan 3
634 Mar25
*75, 8
8
3,300 Interboro Cons Corp__No par
8
84
8
4 8
*73
8
8
7
7 3 773
3912 Dec 7214 Jan
3512 May29 4712 Jan 3
100
3812 3812
Do pref
700
8
*3712 3878 *3712 3878 3818 383
3
*3753 3813 *3758 39
1312 Nov 257 Jan
4
400 Kansas City Southern..-100 " 1513 Apr17 20 May16
1734 173
1712 1712 "1712 18
8
*1712 1812 175 1733 *175 19
3
40 Nov 5812 Jan
45 Jan 5 53 May20
100
Do pref
55
*51
54
*51
54
54
*51
54 "51
*50
54
51
*
12
8 Nov 2514 Jan
8 Aug 2 1012 Feb19
100
8
100 Lake Erie & Western
8
9
*8
*812 9
*512 10
4
12 *812 1012 *812 9
23 Oct 533 Jan
18
Apr23 21 Feb25
100
*1658 22
Do pref
8
"165 22
"1658 22
*1658 22
*1758 22
*1756 22
5038 Dec 7912 Jan
8
55 Jan15 627 Marll
50
1,700 Lehigh Valley
58 "57, 58
57
5778 *57
58
58
*57% 5814 58
58
4
110 Jan 2 118 Mar14 103 Dec 1333 Jan
200 Louisville dr Nashville_ _ __100
11414 11414 113 113 '112 11412 "112 11414 "112 11414 *112 11414
8
87 Dec 3214 Jan
4
713 Apr17 113 July13
3
4
1114 103 10 4
300 Minneap & St L (new)_ --100
1112 *1012 1112 "11
1112 *1014 1112 *10
312 Dec 11 Jan
612 Jan 2
438 Jan 5
300 Missouri Kansas & Texas_100
512 512 *512 Vs *512 57
512
3
*5
8 *512 5 4
514 *5
912 Jan 7
7 Nov 2012 Jan
613 Jan20
100
Do pref
3
500
,
84 84
4 914
*8
"858 914 '83
813 9
3
8 4 *712 812
8
197 Nov 34 Jan
3
20 Jan16 247 Jan 2
8 2313 2314 4,200 Missouri Pacific tr Ws__ _100
12 2318 2338 231 233
Jan
2318 2314 23% 2312 2314 23
3712 Dec 61
41
Jan15 581z July18
100
Do pref tr ctfs
56
1,000
5718 5718 57
4
5714 5634 563 *5612 5712 5513 5612 *55
6212 Dec 1035* Jan
6712 Jan15 7534 May14
100
7112 7138 7138 2,300 New York Central
4 7214 7114 7214 *7114 7212 71
3 713
717
*71
7
2112 Sept 52 2 Jan
8
27 Aprll 457 May29
9,500 N Y N H dr Hartford.. 100
40
4
4 393
8 4014 4138 3912 403
3
40
3
40 4 4018 40 8 4018 407
17 Nov 294 Jan
1814 Jan22 23 July 9
600 N Y Ontario dr Western 100
8
*2018 2012 197 2018 20 20
20
2014 2014 20
*2014 21
8
3
925 Dec 1385 Jan
3
100 102 Jan24 1083 May14
700 Norfolk & Western
8
10312 10312 '103 10312 "103 10312 *103 10312 10314 1033 103 103
75 Deo 11014 Jan
8118 Jan24 89 May14
100
1,400 Northern Pacific
4
873 88
4
8
87% 873
8 875 8753 8712 8712 873 88
874 88
Jan 2
ao 4314 June27 4714 June27 4014 Dec 573a Jan
8 4313 437
8 4,489 Pennsylvania
4418 4438 4438 4418 4412 448 4458 z4358 435
4418
4
12 Dec 363 Jan
912May 1 1614
300 Pere Marquette v t a --100
8
143 1412 *1434 1514 *1414 1514
45 Nov 7312 Jan
4
5212 Apr 3 583 Feb19
100
Do prior pref v t c--100
"Li" WI5812
5812 *57
*57
37 Oct 57 June
3
30 Apr 5 397 July27
100
Do pref v t is
100
*3812 40
40
*3812 40
"5"i8 398 *3812
3
1834 Dec 35 4 June
2258 Jan 2 3812 June21
3284 -3- -5212 3234 3,700 Pittsburgh & West Va..- _ 100
3
4 3212 33
4
333 3334 33% 3358 33 333
5358 Apr 68 Jan
61 Jan10 8012 June27
100
Do pref
100
8
4
4
783 783 *777 80
4
*783 80 "7834 80
*7834 80
'7834 80
6018 Nov 1044 Jan
7018 Jan15 95 June27
50
4
8 863 8712 8714 8712 15,000 Reading
883
8714 883
8834
4 8712
4 88
88
883
34 Nov 45 Jan
35 Jan12 39 May15
50
40
Do 1st prof
*37
40
40 '37
40 "37
40
*37
37
40 .
*37
3
337 Dec 4512 Jan
35 Mar30 40 July 6
5
40
Do 26 pref
40 •37
*37
40
40 "37
*37
40
*37
40
8
*37
12 Dec 263 June
9% Apr 3 14 Jan 2
-San Fran tr ctfs_100
3
300 St Louis
1134 1118 1118 *10 4 1112
1134
12
4
113 1134 *1114 1112 *11
22 Dec 32 Jan
1918 Mar12 234 May15
..l00
St Louis Southwestern..
4
223 "19
4
223
2234 *19
2234 "19
2234 '19
4
"19
223 "19
34 Dec 53 Jan
4012 Jan 3
3412 Feb13
100
Do prof
3712 "28
3712
374 *28
3712 *28
40 "28
3712 *35
"28
714 Dec 18 Jan
12
8 Jan 4
7 Apr17
100
200 Seaboard Air Line
4
4 *712 73
4 *712 73
734
3
7 4 73
734
3
*714 734 '7
12 7 4
3
167 Dec 3912 Jan
1518 Apr19 2112 June17
100
20
Do pref
*19
*1912 20
20
*1914 20
*19
20
20 "19
*19
4
753 Dec 9812 Mar
4
8012 Jan24 883 Feb27
100
8 8414 8414 0,877 Southern Pacific Co
843
4
4
3 8412 8518 843 8514 84
833 841
84
*83
211* Dec 3338 Jan
20 8 Apr30 26 May15
3
100
2318 2312 233* 235* 5,900 Southern Railway
2312 2378 2312 2334
3
7
*2312 23 s 23 4 24
3May • 7012 Jan
515
57 Jan21 63 May15
100
Do pref
L, 700
6212 621 *6212 63
63
*6212 63
63
63
63
4
3
115 Nov 193 Jan
8
14 May 4 197 Feb20
100
k 100 Texas & Pacific
*1412 15
*1412 15
•1412 15
*1412 15
15
*1312 1512 "15
62 Dee 95 Jan
394 Junc13 6514 Jan31
400 Twin City Rapid Transit_ -100
4214 4214
44
*40
44
*40
44
4
43
433 "41
43
*40
4
1093 Jan15 12612 May14 10114 Dec 14918 Jan
100
8,300 Union Pacific
1205* 12112 12034 121
4
3
1217 12238 12214 12212 1213 12238 12138 122
6914 Dec 85 Jan
69 Jan 3 7414 Marll
100
Do pref
257
7114 7114
*7012 721
71
*7012 72
13 7212 *7012 7212 71
*70
414 Dec 115* Jan
43 Jan15 12 June27
4
834 *8
4 "7
83
814 814 *8
3
8 4 L 100 United Railways Invest....100
4
814
4 "8
*814 83
1114 Dee 233 Jan
20 May 7
1012 Apr 9
100
prof
Do
17
100
1512 1512 '15
17
1712 *16
18 "16
4
1712 *16
"16
7 Nov 153 Jan
4
7 Apr26 113 July 8
100
6,000 Wabash
918 05
1018
2
4
93
1014 1033 1038 1014 1012
8 10
103
10
3614 Dec 58 Jan
37 Aug 2 4412 Jan 2
100
Do pref A
8
377 18,700
8 3812 3914 373* 3812 37
397
3934 39
38% 3912 39
18 Doe 304 Jan
2014 Jan15 2612 June26
100
Do pref B
2434 2434 2314 2358 2314 2314 2,800
*2412 25
2412 24114 25
24
12 Dec 23 Apr
4
13 Jan15 173 Feb15
-100
1,100 Western Maryland (new)
4
*143 1512 *1418 15
*1412 1512 "1413 1512 1414 1412 1434 15
20 Dec 41 Mar
20 Jan2t) 32 June22
100
32
*27
32
Do 2d pref
32 "28
32 "28
32
"28
32 '27
*28
1012 Dec 1812 May
13 Jan 2 2412 June20
100
200 Western Pacific
*2112 2212 *2112 2212
22
"2112 23
2212 2218 2218 22
*22
3512 Dec 48 July
46 Jan 3 64 June27
100
Do preferred
700
*6012 62 *6012 62 '6012 62
*6012 62
62
61
3
63
*62
712 Dee 221 Jan
104 Jan 2
8 Apr22
500 Wheeling & Lake E Ry--WO
4 918
7
8 8 918 *83
912 912 *914 934 *9% 12
912 912
8
8
165 Nov 505 Jan
1712 Apr17 2234 Feb18
100
preferred
21
*19
Do
100
*1912 1934 *1912 1934 *1912 21 207 2078 *19 21 '35 37
33 Dee 5414 Jan
34 May.2 3913 Jan 3
100
200 Wisconsin Central
37
*35
37
37
*35
3614 *36
36
37
*35
Industrial & Miscellaneous
74 Nov 1812 Jan
11
Jan19 18 July18
100
1634 "164 1634
800 Advance Rumely
1634 "16
1678 "16
*16
17
1613 1613 16
19 Oct 37s Jan
2578 Jan 9 4512 July19
100
45
*43
Do pref
45
100
*43
44
*43
45
4334 43 4 *43
3
4518 Dec 80 Jan
*4312 44
49 Jan 2 6514 July18
50
300 Ajax RubberIno
6212 6212 6212 6212
*6212 6314
_
1 Dec 1112 Jan
July 5
Apr27
10
314
33 38 312 313 312 312 218 312 *314 4 4,700 Alaska Gold Mines Mln'fr-10 114 Apr 1 458 June21
--314 -1 4
818 Mar
134 Dec
7
312
112
218 9,200 Alaska Juneau Gold
214 4.2
218
2
24 214
24 238
212
*2
15 Dec 325s May
1734 Jan15 37 May24
3358 3358 3,600 Allis-Chalmers Mfg v t )3..100
3314 3378
3334 33 4 3378 34
3
34
3378 3418 33
8
65 Dec 8137 Mar
7214 Jan 4 8612 May24
8314
Do preferred v t(L-100
700
83 8318 *83
8314 8234 83
83
*8212 83
72 Dec 95'2 May
78 Jan 2 9253 Ju1y19
100 Amer Agricultural Chem-_100
91
92
;if)" 02 90 90 *89 94 *89 91 *89 91
*89
91 Dec 1034 Jan
894 Jan17 96 May21
100
94
*92
Do prat
94
10
4192
94
*92
194
95
*92
95
4193
63 Dec 10212 Feb
64 Junel0 84 Feb27
100
*6814 70
70
500 American BeetSugar
4169
69
6812
3
6814 6834 *6814 70 4 69
*68
7812 Dec 98 Jan
83 June22 9112 May 8
100
*7978 85
85
Do pref
*82
85
85 '82
85 *82
85 '78
*78
2912 Nov 63 May
3
345a Jan15 50 4 May17
100
4612 4634 4612 47
5,500 AmericanCan
s 4612 4718 4633 47
4714 4712 4738 473
87 Dec 11112 June
97„ Apr30
8914 Jan23
95
100
600
*9314 9412 •93
Do prof
9312 9312 9312 9312 '93
94
94
*93
57 Feb 80% June
6814 Jan14 87 June26
8418 8334 84
8353 833
4 2,800 American Car & Fotuadry.100
844
3
3
847 85% 847 84% 8418 85
4 May
100 106 Jan 3 11034 May 1 100 Nov 1183
Do prof
21 Dec 5012 Jan
25 Jan16 4318 May23
100
4233 2,000 American Cotton 01
-2
-i 4114 121- -11 42 ;ii" 42 '41
4214 42 1211
42
80 Dec 10112 Jan
78 May16 84 May22
100
Do prof
10
95
85 "75
85 "75
"75
179 179 '70
90
*70
10 Feb 1714
2038
117
*1812 90 •18 19 1814 1812 '18 19 1,100 American Hide & Leather-100 50 3 Jan10 82 June26 4314 Dec 75 Mar
19
Jan
2 18% 19
3
187 187
June26
Jan,2
100
Do pref
3
3
a
12 8012 8012 8138 8058 8134 80 4 8114 80 80 4 8014 8012 3,500
80
873 July 161 Aug
1112 Jpn 2 3512 May13
100
Ice
33
*3114 3112 32
32
1.700 American
31
33
*3112 3312 3212 3312 *31
35 Dec 55 July
38 4 Jan16 53 May13
3
100
preferred
4958 50
50
5014 2.000
Do
50
50
1
50 8 50
4912 50
4
50
*45
46 Oct 623 Aug
52 Apr25 584 Feb 1
00 Amer International Corp-100
54
*5314 54
5312 5312 5312 5312 *53
*531, 54
54
*53
4
153 Feb 294 Aug
8
27 Jan 7 421 May24
100
4138 2,100 American Linseed
41
*4034 41
41
41
4112 41
4114 4012 41
*41
48 Feb 75 Nov
8112 June13
6914 Jan 7
100
Do prof
200
79
7812 7812
79 '78
79
*78
12
8012 80 "78
8
405 Dec 824 Jan
*7814 79
4
5313 Jan15 713 May16
100
1,800 American Locmotive
6612 *6612 6714 66
8
6612 665 6653 654 6578 *6512 67
a
*66
93 Dec 1067 Jan
100 21)5 Jan 4 100 Feb18
Do prof
1(0
12 09
4
983 983 *97
4
*9712 99
*9713 99
12 99
*97
84 Dec 194 Mar
*9712 99
1312 Feb 6
5 July16
100
7
100 American Malting
*6
7
'6
7
*6
7
"6
6
6
50 Dec 7112 July
4212 Apr25 5818 Feb 6
100
pref
*4312 4612
200
*4312 4612
Do 1st
46
46
46
*43
44
46
44
"43
88 Nov 03 Nov
90 Feb21 144 May14
American Shipbuilding.._100
"115 139 *115 139 *115 139 *115 139
3
*115 139
675 Dec 1124 June
73 May28 8612 Feb19
8 78
4
3 771g 77% 773 7818 773 783
8 3,500 Amer Smelting & Refining.100
783
3
1174 Jan
7818 7812 778 777
100 104 Jan 5 10634 Mar 2 29918 Nov 75 June
300
Do prof
4
4
5018 Dec
106 10618 *106 107 *106 10614 *106 1063 *1053 10614 *106 10612
7514 July26
68 Jan15
8
7434 7218 7334 721 7312 3,000 Amer Steel Foundries__ _ _100
75
74
8
743 7514 74
4
8918 Nov 1263 June
*7412 75
98 Jan16 116 May16
10912 1104
American Sugar Refining-100
111
111 111 *110
600
10912 110
*10912 11012 *109 111
Dec 12112 Jan
100 10814 Mar23 11312 May 8 106 May 6212 Dec
400
110 110 "1094 111
Do pref
110 110 *10912 111
111 111 *10914 112
30
May24
6034 Jan15 145
12114 12414 12214 12378 59,350 Am Sumatra Tobacco_ _ _ _100
12058 125
12414 126
12738 128% 12434 128
4
953 Dec 12812 Jan
9114 July30 10914 Feb 1
9212 9314 917 923 28,600 Amer Telephone & Teleg_100
4
3
9158 93
9114 92
220 Mar
9134 94
8
937 94
,
100 14013 Jan'5 170 May13 123 Dec 1093 Jan
162 162
600 American Tobacco
8
4
16478 16478 1647 165 *162 166 "162 166
165 165
89 Dec
93 May27 99 Feb23
100
96
*92
06 "02
Do pref (new)
"92
95
95
*93
4
96
*92
*9212 95
374 Feb 583 June
s
4458 Jan15 607 May24
100
5812 5853 5858 1,700 Am Woolen of Maas
5912 58 4 59
4
4 58
5812 5812 573 583
3
87 Nov 100 June
*59
9578 Mar12
92 Jan 4
100
200
Do pref
*95
90
96
95% 9512 9518 951g '95
96
*95
96
*95
17 Nov 5413 Mar
2014 Apr11 3112 Feb 5
Paper pref....100
28
2778 277
8 28
1,000 Am Writing
2818
2734 2734 28
8
8
1012 Deo 413 Jan
4
*273 283
8
1278 Jan18 213 July 3
25
1834 1884 *1814 183
600 Am Zino Lead & 13
4
19
19
19
19
19
3912 Deo 7212 Jan
*1812 1312 19
41
Jan 2 5314 July 1
25
*4912 52
Do pref
*4912 52 '494 52
52
*49
*4912 51
•4912 51
514 Nov 87 May
Mining_50 25918 Jan18 7112 May16
4 6512 6614 6514 65% 6514 6618 9,200 Anaconda Copper
3
2 65% 6014 65 4 663
663
66
8
875 Sept 12112 Jan
4
973 Jan 5 12014 Feb18
102 103
1,600 AU Gulf & W I SS Line_-100
10214 10214 10218 10212 10214 10214 10214 103
*102 104
54 Feb 66 Jan
58 Jan 5 65 July 9
100
65
65
*63
Do prat
100
65 "63
*64
*64
65
65
4
4
633 633 .03
43 Feb 7512 July
4
5618 Jan15 1013 May18
887 9014 32,100 Baldwin Locomotive WI01.100
8
3 89
5
90 8 885* 90
4
9012 9114 9014 90% 883 907
03 Dec 102131Jan
03 Jan 2 10018 July20
10(3
Do pref
100
10018 10018
82 Dec 136 Jan
83 Jan 4 06 June29
100
021k 9212 ;15ii2 04
200 Barrett Co (The)
941 *9212 9412 ;921"2 WI;
6614 Dec 515 I Jan
Jan15 06 May16
7414
100 Bethlehem Steel Corp_ _ _ _ 100
845* fJune
8433
--3
723 Jan15 94 May16 211618 Dec 156
B common_.100
Do
8212 832 8212 8358
-15T4 8334 83 8314 105 10511 105 105 821g 827 105 105 19,500 Do class cony 8% Pre--- 9613 Jan15 10672 Apr29 93 Dee 1015*1 Oct
cum
800
10514 10514
2713 July16
Jan21
21
No par
2612 254 26
.25
2612
700 Booth Fisheries
2512
2612 26
*2614 Ifc3- *26
4
installment.
Ex-rights. § Lealjthan 100 share:). a Ex-dly. and rights. x Ex-dividend. S Before payment of first
I Bid and asked prices; no sales on this day.
2%
vg.;
483
New York Stock Record-Concluded-Page 2
For record of cale* during the week of stocks usually inactive, see second page preceding.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
27
'Julrut 1- Rivz
y
71..grar
Friday
Aug. 2
Sale,sfor
the
Week
Shares
STOCKS
• NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 1.
On basis of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1917
Lowest.
Highest.
Industrial&Mise.(Con.) P ir $ per share.
Per share. I $ per share $ per share
1$ per share I $ per share i $ per share $ per share I S per share $ Per share
100 108 Feb 5 1394 July31, 89 Jan 12514 Apr
12,200 Burns Bros
/
1
137 1391 x13512 13712 137 139
/
4
/
1
1264 12714, 12712 133 1 135 135
/
1
4
8 Apr 25 12 July10
/
1
4
400 Butte Copper & Zinc v t c__5
1112 1112 1118 *1112 1112
1112 1112 1112 1112 1112 1112 *11
1234 Dec 5214 Jan
1612 Jan 2 33 May141
/
1
4
28
2,000 Butte & Superior Mining_10
4 28
283 ____ __..1 2812 283
4,
24321 2712 2712 *27
*28
3334 Nov 4214 Aug
California Packing..___No par
3612Jan 3 4513 May101
41121
1
*41
4134, *4114 4134 *4110 4212
*41
100
12 JAn 7 211 June17. 1014 Dee 30 Jan
/
4
12
400 Californal Petroleum
4 19
4
19
*1814 19341 *1812 1910 *1812 19
1912 191I 183 183
100
2912 Nov 6214 Jan
36 Jan 5 63 June12
/
1
4
*5912 61
400
Do pref
62 1 5912 60
*59
4
6134 60 60
613 *60
'
580
100
61.2Jan 15 7338Feb 27
55 Dec 10112June
6618 6612 1,400 Central Leather
67 1 6613 67
67
6612 661 *6612 68
68
*66
100 10212 Mar14 z107 Mar 8
pref
97 Dec 115 3 Jan
7
200
Do
10314 10314
10314 10314 *10212 104 *10212 101 *10212 104
*10212 104
2914 Mar 6 3512 May16
25 Dec 41 Feb
3414 3414 3414 1,000 Cerro de Pasco Cop__No par
3412. 34
34
*34
3412 *34
3414 3414 34
6814 Jan 2 95 Feb 25
56 Nov 1043 Mar
88
2,200 Chandler Motor Car.. -100
4
*86
86
843 88 1 88
4
88
86
86
86
847 85
3
1412 Apr 4 17 Jan 2
/
1
4
25
1114 Nov 2752 Mar
.34 2,400 Chlle Copper
/
1
/
1
1614 1614 1614 1612 1614 1614 *1814 164 *1614 1812 164 16
3638 June10 4714 May16
/
1
4
5
3513 Nov 63 Mar
/ 3,200 Chino Copper
1
4
/
4
3912 3912 39 391 *3812 30
39121 39
39
404 4018
/
1
3914
34 Jan 29 5413 May24
/
1
4
2934 Nov 58 'June
100
*4513 463
4
300 Colorado Fuel & Iron
45
/ 4713 46
1
4
46
4634 4634 45
---- -- *45
2834 Mar25 35 Jan 30
25 Nov 47 Apr
100
/
1
4
/
1
4
33
1,300 Columbia Gas &Elec
3312 33
33
323 34
4
32
/ 334 33
1
4
/
1
3353 3353 x33
823 July15 9213 Feb 7
4
7612 Dec 13453 Jan
(
9013 9012 2,200 Consolidated Gas N Y) 100
90
90
88
90
90
92
*8412 87
88
*86
100
67 May10 95 Feb 19
/
1
4
72
76 Nov 10314June
*68
Continental Can, Inc
70
*69
*68
71
*6812 72
*68
72
*6812 72
/
1
4
29 Jan 15 45 July18
/
1
4
18 Feb 3714 July
3
4 4318 43 4 12,900 Corn Products Refining_100
/ 433
1
4
/ 44
1
4
/ 4334 44t2 43
1
4
8 4414 4438 43
444 443
/
1
100 x9012.1an 7 102 July 2
3
8812 Nov 1123 Jan
4
400
Do pref
993 993
4
10014 100 *100 10012 100 100
5100 101
/
1
4
*100 101 '
52 Jan 12 7473 May16
453 Dec 9I July
4
/
1
4
2
/ 66
1
4
6,300 Crucible Steel of America_100
8
3
664 667
/
1
3 673 6753 8514 6712 683 8712 655 6653 65
4June 4
83 Dec 117 4 Jan
3
*9034 92
100
88 Jan 31 913
Do pref
3
*9013 913 *903 913 *9034 9134 *90 4 92
4
4
4
*9013 9114
2713 Apr 10 337 Feb 20
24 Nov 5514 Jan
/
1
4
3 3012 3012 12,500 Cuba Cane Sugar____No Par
/ 29
1
4
2
2912 2912 31
303 307
s 2914 29
293 297
4
100
74 Dec 941 Jan
/
1
4
/
4
7813 Mar25 83 Feb 18
500
Do pref
8112 8110 *8118 82
3
81
*8012 8112 *8012 8112 *807 8112 81
1134 May 4414 Oct
5714 5713 15,300 Distillers' Securities Core-100 x33 Jan 2 6434 May24
57
/
1
573
8 5612 5753 5613 5712 564 5734 5612
56
10
6 June19 10 Jan 4
6 Nov 2434 Jan
/
1
4
14,100 Dome Mines, Ltd
*83
4 9
9
9
9
/
1
4
8
/ 9
1
4
9
914 912
9
/ 953
1
4
2634June19 39 Feb 13
28 Feb 4112 Aug
*283 30
4
1,700 Gaston W & W Ine_No par
/ 293 3038 304 3034 *2812 30
1
4
4
31
3072 30
/
1
'30
100 12734 Jan 7 153 May16 118 Dec 17134 Jan
1,200 General Electric
14413 14512 145 145 *143 146
145 14514 143 144
*14412 146
7412 Nov 14612 Jan
100 10634Jan 15 159 July26
139 14113 135 13872 13312 13612 13512 14112 18,000 General Motors Corp
148 15312 141 147
100
79 Apr 17 88 Feb 1
723 Dec 93 Jan
4
81
*80
813
4
prof
800
Do
81
82 82
*80
82
*80
82
82
82
3214 Dec 61'14 Jan
38 Jan 2 35014 Feb 5
100
*4412 4534 2,500 Goodrich Co (B F)
/ *4514 4612
1
4
46
4614 467
3 47
4714 47
4714 46
100
96 Jan 10 100 Feb 19 39138 Dec 112 Jan
100
Do pref
*9813 100
100 100
*9812 10013 *9812 10012 *9812 10012 *9812 10018
65 Nov 9238 Jan
74 Jan 25 80 May16
57813 80
900 Granby Cons M 8 & P....._100
80 '
*76
79
79
79
79
79
79
80
*73
34 Nov 47 Jan
/ 4412 *4432 443
1
4
4
3812 Jan 17 45 Feb 6
900 Greene Cananea Copper.. 100
4412 44
/ 4413 443 4412 44
1
4
44
3
*4312 44
77 Nov 137 Jan
8113 Aug 1 11113 Apr 25
8312
100 Gulf States Steel tr etfs_100
/ 8412 *8112 8412 *8112 8412 8112 8112 *80
1
4
*8112 8412 *81
*_
9912 4._ -_ 9912 *_
9912 Aug 1 102 Jan 10 10112 Nov 110 June
9912
9912 9912 9912 *___ 10212
100
Do 1st pref tr Ws_ _ _ _100
27 Nov 40 June
12
34 Jan 5 4914 July30
/ 4712 4714 4714 4,500 Haskell & Barker Car_No par
1
4
46
/
4
4
-1
4712 :0 / 4914 471 48
413E2 47
12 47
38 Nov 6610June
4
/
1
/ 53
1
4
4253Jan 15 563 May16
4,750 Inspiration Cons Copper. 20
5213 524 52
5238 5314 5213 53
53
53
53
53
73 Nov 2178May
4
17
*16
10 Jan 8 19 June20
17
*16
Internat Agricul Corp.._ _100
17
17
*16
1712 *16
*16
17 '
516
2614 Nov 6012July
58
58
58
100
5812 57
57
38 Jan 5 65 June18
1,250
Do prof
*5814 59
58
/ 5878 *581, 59
1
4
/
1
4
3
/ 125 125
1
4
12412 125
500 Intern Harvester of N J 100 11110Jan 2 131 May 8 100 4 Nov 123 Jan
/ 128 126 *124 126
1
4
/
1
4
*124 127 *123 125
/
1
4
2612 2614 3,600 Int Mercantile Marine-100
4Feb 23
171s Dec 36 Mar
21 Jan 15 313
*2612 37 -_ _
2613 26
2672 2534 26
26
62 Feb 10612 Oct
/
1
4
83 8Jan 2 10912June 1
3
100
/
4
9713 28,800
/
4
8
13 98 - 971 981 9714 9734 955 9714 96
9813 97
Do pref
98
2413 Dec 47 3 Mar
3July 8
2
27 Jan 15 315
3
3
3053 305 30 4 6,200 International Nickel (The)25
294 31
/
1
31
304 30
/
1
30 4
3
30
3013 31
1812 Nov 49 Jan
/
1
4
36
4 36
2412 Jan 15 4513 May15
100
/ 36
1
4
3,200 International Paper
3612 363
3632 37
4
*353 3614 *353 3612 35
4
62
5014 Nov 7712Jene
12Jan 3
*61
63
58 Jan 22 65
561
62
*61
Do stamped pref
100
62 '
62 62
100
*61
62
'61
361 Dec 6413 Jan
/
4
4
*4912 50 4 1,200 Kelly-Springfield Tire....._25
3
5012 513
51
41 Apr 2 513 July30
4 5112 5113 51
*4913 61
*4912 51
26 Nov 5012May
8
29 Mar25 347 May16
3313 3313 3312 3,200 Kennecott Copper.
.__No par
13 3314 3313 33
/
4
8 331 33
/ 337
1
4
3314 3314 33
68 Nov 10372June
7334Jan 12 9153 May16
84
*8112 8312 2,000 Lackawanna Steel
100
8212 8312 84
82
/ 82
1
4
8255 82
84
*82
10 3 Nov 30 Jan
3
3
2134 22
/
4
12 Apr 2 22 4 July30
/
4
3,900 Lee Rubber & TIre___No par
2113 2114 2112 211 2234 2212 2212 211 22
21
1214 Nov 27 Jan
'
/
1
4
17
12Jan 8 31 Aug 1
2614 25
/ 2613 2614 2313 2914 31
1
4
30 3 30 8 4,006 Loose-Wiles Biscuit tr etfs_100
3
3
*25
*25
26
55 Jan 64 Jan
7712
7712 *75
53 Feb 15 75 July30
75
75
75
*75
100
75
300
Do 2d pref
*6912 75
*6912 75
70 Nov 89 Feb
/
1
4
75
74
74
*74
4
*73
75
713 June18 7812 Feb 28
*7312 75
100
100 Mackay Companies
75
*73
75
*73
57 Dec 6712 Jan
14
65
6414 6414
*64
*6414 68
100
68
57 Jan 4 65 May28
100
Do pref
*641 68 .64
/
4
1913 Nov 6134 Jan
2313Jan 15 3213Feb 19
263i
100
-21" 29 29 2812 2812 27 2814 26 65 *26 28 1,600 Maxwell Motor,Inc
49 Dec 74 Jan
4Feb 8
/
1
4
55
55
56
547
s
5514 5512 *55
100
51 Apr 24 643
1,600
Do 1st prat
$514 5514
5414 56
13 Nov 40 Jan
22
19 May27 26 Feb 5
2214 *20
*20
22
4
4
200
100
2134 213 213 *20
*21
Do 2d pref
22
22
67 Dec 106 Jan
/
1
4
10013 10213 1003 10112 27,900 Mexican petroleum
4
79 Jan 5 103 July 8
100
994 9912 10113 10012 102
/
1
9914 99
99
___
847 Nov 97 2June
3
7
100
87 Jan 15 96 July10
___ ____ ____ -__ ........
Do pref
-25 Nov 4314 Apr
/
1
4Jan 31
- 2i1267 June 7 33
s
2934
2 1- 1.,600 Miami Copper
8
5
9
514 -- - 2 -2912 2982 2912 2972 -2952 - -- 22814 -- 2 -His --- 2 --7 2 13912 Dec 6712June
/
4
14
5134 5213 7,100 Midvale Steel & Ordnance_50
43 M ar23 61 May16
/ 5112 5232 5134 5212 511 52
1
4
5212 5213 52
52
4
68
68
68 _ *65
*64
*65
*65
68
64 June25 73 Jan 4 x583 Dec 10914 Jan
100
Montana Power
*65
6712
9513 Dec 11712 Mar
__
95 Mar19 10112 July26
100
Do pref
*10114
- --;.,-; ------ *10110 1812 *101 - _ *10112 ____ *10112 -__- -----*1734 1813 18
18
1312 Dec 39 June
3
184 1812
/
1
4
*173
1312 Apr 8 213 July 5
19
400 Nat Conduit & Cable No par
19
*18 --- •1734 -3714 Jan 7 5412 May20
24 Feb 4634 Oct
4
/
4
100
4 5034 5034 503 5114 *5034 5134 *5034 5134 5118 511
800 Nat Enam'g & Stamp'g
4
*503 513
g
9012 May 993 July
*95 100
*95 100
*95 100
*95 100
*95 100
9412Junel8 9912 Feb 20
Do prat
100
*95 100
377 Dec 6314 Mar
3
4
*5814 59
5814 5814 4,5814 59
4314 Jan 7 613 Apr 4
100
*5814 5912 *5814 60
100 National Lead
*5814 59
99 Dec 114 Jan
/
4
5101 10413 *101 10418 *101 1041 104 104
4
993 Mar 2 10512 May18
100
/
4
200
*101 1041 104 104 '
Do pref
2
2014 *20
16 Nov 2638June
2014 193 2012 19
4
/ 2013 1,400 Nevada Consol Copper _ _5
1
4
173 Mar25 217 May16
4
/ 2014 *20
1
4
2014 20
*20
98 Nov 156 Mar
/
1
12472 1244 125 127 *123 130 *11713 126 *124 126
800 New York Air Brake__ _100 117's Jan 12 139 May22
*119 130
39 Dec 72 Mar
/
1
4
41 '
540
42
/
1
4112 41
4012 4012 *40
41
404Aug 1 4612 Feb 23
100
*40
200 North American Co
42
*40
4
317 Oct 14373 Apr
s
8 38
/ 383
1
4
38
38
3814 3813 3812 4,600 Ohio Cities Gas (The)
3513 Mar25 423 May16
4 373 3814 37
25
4
373 373
4
73 Sept
4
414 Jan 22 13 June17
3 Nov
53
9
/ 1014
1
4
1012 1010
912 913 2,250 Ontario Silver Mining.......100
9
/ 93
1
4
4
*1012 11
*1033 11
18 Feb 3012June
3213 327
3 3214 3214 32
23 Jan 21 33 Aug 2
12
32
323
2 32
33
5
3212 32
*32
2,900 Pacific Mall 88
87 Nov 98 Jan
95
12 *94
*94
86 Jan 8 96 Feb 27
95
9512 *9410 95
95 95
*94
100 Pan-Am Pet & Trans, pref _100
95
*94
35 Dec 10614 Jan
4813 48
395
3Jan 2 55 Jan 31
46
511 4612 473 *46
/
4
45
4
47
45
*4414 45
7,200 People's G L & C (Chic)_100
2412 Dec 42 Jan
4
21 Apr 12 31 May24
29
*28
283 *2713 283
4
*28
283 *2712 283 *2710 283 *28
4
4
Philadelphia Co (Pittsb)-50
4
25 Dec 4134June
/
1
4
34 Jan 16 43 Mar 1
8
*38
39
*3812 39
3813 3812 3813 3812 3812 3812 383 39
800 Pierce-Arrow M Car__ _No par
88 Nov 9812 Aug
98
3
*95
96
89 4Jan 26 98 June24
98
96
*96
98
*96
*96
98
100
98
*95
100. Do prof
.
51
5113 .50
5114 *5012 5112 5112 5110 *50
37 Dec 5412Sept
12
42 Jan 15 584 Feb 28
100
/ 51.2 5012 5012
1
4
200 Pittsburgh Coal of Pa
793 Jan 2 84 Feb 19
4
74 Dec 90 Aug
82
100
*8012 83 *8033 84
8112 8112 *81
200
Do pref
/ 84
1
4
8112 8112 *80
49 Dee 8314 Jan
3
567 May28 71 July30
71
70
100
70
70
6913 70
/ 693 697
1
4
s
4
5,900 Pressed Steel Car
6912 693
4 695 7012
8
3Feb 13 x90 Nov z107 Jan
93 Apr 27 977
100
96
*96
96
99
*95 100
*95 100
200
Do pref
95
/ 957 *94
1
4
3
/ 96
1
4
99 Dec 131 Jan
98 Apr 17 10912 Mar 5
9813 98
98
*98
97
*96
98
/
1
4
97
300 Public Serv Corp of N J...100
'98 102 '
598 102
/
1
4
12
100 100's Jan 7 119 May10 106 Dec 167 Jan
400 Pullman Company
*112 11312 *112 11312 11312 11312 311113 11112 *11138 113 *11112 112
3614 Nov 58 June
/
1
4
4512 Jan 7 62 July 8
100
6134 607 6114 61
6132 5,500 Railway Steel Spring
6212 61
2
6112 617
8 611 6134 61
/
4
8812 Dec 101 Jan
100
95 Jan 2 100 July30
*983 10012 *983t 10012 *9813 10012
4
*9812 9910 9914 9912 100 100
400
Do prof
1912 Nov 3214 Apr
223
3Jan 15 2614 May16
24
235s 233
24
2412 2418 2352 24 I 24
4 23
/ 2378 24
1
4
1,810 Ray Consolidated Copper-10
60 Feb 9412June
3Jan 15 96 May16
/
4
/ 91
1
4
100 x725
9212 9213 9053 92
/ 911 92
1
4
/
1
9212 93
9152 911 914 14,110 Republic Iron & Steel
8May
89 Dec 1057
8Jan 2 101 July23
925
100
*100 102 *100 102 *10012 10012---- - *100 101 *100 101
10
Do pref
59 May 7314 Nov
7018 Mar23 117 June17
- -14
10312 10312 10414 106 - 10512 10512 1053 1063
*100 105 *100 105
4
4 1,700 Royal Dutch Co ars den---4 Nov 68 Jan
/
1
4
614 Apr 17 11 Jan 31
713 7
13
712 712
712 7
/
1
4
7
/ 73
1
4
3
712 714 *67
1,000 Saxon Motor Car Corp__ _100
s 8
5139 145 *139 142
4
5138 143 *141 145 1'
139 139
*140 145 '
100 Sears, Roebuck & Co___100 1333 June 8 156 Feb 15 12312 Dec 23814 Jan
15 Dec 2934 Mar
3Jan 17 1814 Feb 19
_
155
1614 16111 1614 1614 *1813 1612 *1812 1612
*164 17
/
1
300 Shattuck Ares Copper____10
2514 Dec 593 Mar
4
2514 Apr 11 39 Feb 5
8
IiI 31 /
1
311 317 -3i 3 - -12 3112 31341 3113 314 3034 3114 30 4 313
/
4
3
2 5,800 Sinclair Oil & Ref'g___No par
/
1
4
3312 Nov 74 Mar
*6112 64 1 '
56113 64 '
39 .an 24 7114 May24
*6112 64
64
*6112 64
561
6312 *60
Slow-Sheffield Steel & Iron100
335s Nov 11012 Jan
33 Apr 24 56'2 Fob 19
/
1
4
4512 4412 45131 43
/ 444 424 4312 4212 44
1
4
*4312 4512 45
/
1
/
1
11,400 Studebaker Corp (The)_100
g1 July 3 95 Feb 6
85 Nov 1085 Jan
3
100
90
90
*85
*83
Do pref
85 1 *:118
1
85 '
83
85 '
83
*83
*4114 4212 *4114 4234 *4114 4212
3014 Nov 513
3
4June
3414 Mar25 455 May 3
100
4112 411 3912 40
/
4
400 Superior Steel Corp'n
96 Dec 10212 July
595
98 1 *95
95 Feb 16 95 Feb 16
98 '
*95
98
*95
100
98
*93
98
*93
98
Do 1st pref
11 Nov
1912June
4.191, 1912 1914 1914 1914 1914 193 193
12s Jan 2 21 July 6
3
1913 1,300 Tenn Copp & C tr ctte_No par
3 1914 1914 .19
4
4
15114 153 1 152 153
15013 151
100 13612Jan 7 1603 Feb 2 1143 Dec 243 Jan
150 151 *150 151
*151 153
3,300 Texas Company (The)
4212 Dec 80 3 Aug
5
7218 70
4812 Mar25 7213 July30
8
/ 673 687 46,200 Tobacco Products Corp 100
1
4
3
2
7014 7118 705 7112 70
4
7112 3673 69
*93
98
95
100 38714 Marie 98 Aug 1 z86 Dec 105 Mar
97
9612 9
'
612, 9714 9714 97
98
963 97
4
Do pref
1,900
*102 105 *102 105
'
5100 105 *100 105
Underwood Typewriter_-NO 100 Apr 9 105 June24 x83 Dec 107 Aug
59 Dec 112 Jan
/
1
4
ii-l
74 ;76- /
g II *70
l
65 Jan 24 80 May13
*70
74
*70
72
7112 7113
200 Union Bag & Paper Corp_100
3413 Dec 4938June
37 Jan 2 4413 May10
4
.No par
*3812 3912 *3812 381 *3812 39
3812 3812 *3818 39
*3812 39
/
1
4
100 United Alloy Steel.....
2
81 Nov 1277 Aug
/
1
4
3
3
83 4 M ar28 10512 June24
..100
*100 10112 10072 10152 1003 101 *100 10114 1001 101
/
4
3973 9813 4,700 United Cigar Stores..
4
9814 Dec 120 4 Mar
3
*102 115 *100 120 *102 120 *102 120 *102 120 *101 106100 10114 Jan 5 110 July18
Do pref
8
127 127
100 1164 Jan 16 133 Feb 18 x105 Dec 1543 Jan
126 12613 127 127
*125 130 *125 130 *125 130
400 United Fruit
10 Nov 2410June
1
4
1113 Apr 6 19 May 7
514
*1412 15
100
*1412 15
14
/ 1412
1
4
/
4
*141 15 ' / 15
*1412 15
100 US Cast I Pipe & Fdy
42 Dec 63 Jan
4
4312 *41
4313 *41
43
/ *41
1
4
541
4312 '
4312 *41
431
3100 41 M ar28 473 Feb 1
*41
Do prof
984 Nov 17112June
/
1
12614 128
127 12734 12512 12612 12614 1273
128 128
12814 129
4 9,600 U 8 Industrial Alcohol-100 114 Jan 5 137 May24
88 Nov 106 June
/ *9413 9534 9514 9514 196
1
4
07
100 ,947 May 1 99 Mar21
*95
96
59412 95
*9413 9512 '
110
Do prof
45 Dec 67 Aug
/
1
4
6134 6233 61
51 Jan 15 63 July16
62 I*6112 63
100
6112 62 62
617 6212 62
3
1,500 United States Rubber
91 Dec 1143 Jan
4
2
3 5104 10512 *10414 10513 *10434 10512 1043 10434 10458 104
100 395 Jan 15 10613 July13
4
/
1
4
1043 1043 '
300
Do 1st preferred
40 Dec 673 Jan
4
4
3212 Apr 12 483 Feb 19
43 '
54214 43 -- --- *42
54214 43
43 '
50
*42
*42
43
US Smelting Ref & M
43 Nov 5214 Jan
/
1
4
/
1
4
...•____ *43
/
1
424 Apr 12 45 Feb 1
50
4412 *42
/ 4413
1
4
*43
50
.42
50
*43
50
7912 Dec 1365
4
8
8612 Mar25 1133 May16
/
1
4
3MaY
/
1
4
10712 1083 10758 10838 iiiii38 1085 107 10914 10733 10852 107 1083 604,200 United S
3
4
P
Da States Steel Corp_100
4
8Jan 31 1023 Dec 12114 Jan
/
1
11214 11212 112 11212 1,9001 Do pret
100 108 Mar25 1125
11134 11134 1114 11214 *11134 113
*11113 112
t af
ef
7014 Dec 1183
4May
4
763 Mar25 8733 May16
8114 8114 81
81
10
8012 80
81
/ 811 8118 1,800, Utah Copper
1
4
/
4
81
81
81
918 Dec 24 Jan'
/
1
4
1112 JIM 2 1512 Feb 18
13
13 "
100
*12
/ 13
1
4
13
*12
1212 13
1213 1212 12.2 1213
400. Utah Securities v t a
26 Nov 46 May
4
333 Jan 2 5253 June27
4934 50 4 50
3
/ 513s 5014 5218 5033 5114 505 51
1
4
507 5112 12,4001 Virginia-Carolina Chem. 100
s
3
97 Dec 11214 Jan
5104 108 *103 107 *103 106 *104 106100 98 Jan 16 10913July 6
*104 108 *104 108 '
prof
I Do
46 Feb 77 Mar
72
74
50 Jan 5 7312 JulY27
100
*72
74
0
__ _ *71
78
72
-_„.7
731 7312 .72
2001 Virginia Iron C & C
4
7714 Aug 2 9553 Apr 15 x76 Dec 993 Jan
80 3 793 8012 71)12 110
3
4
7714 7913 4,700 Western Union Telegraph..100
81
817
3 8012 8012 80
331 Dec 56 May
4
3812Jan 17 4712 May16
42
4214 413 417
4
2 4112 4134 *4113 4212 4112 42
4172 42
1,900 Westinghouse Elea & Mfg_50
5214 Dec 704 Jan
/
1
59 Jan 11 6412Feb 20
*58
60
62
*58
*58
62
*58
*58
62
60 *58 6050
Do 1st preferred
333 Nov 5213 Jan
4
12
4
363 Jan 2 45 Feb 20
.4212 4314 4234 423 *4212 4314 *4212 4314 43
50
4
43
43
43
300 White Motor
1512 Jan 15 22 Jan 3
15 Nov 3812 Jan
1952 20
1934 19
4
1912 103
19
/ 20
1
4
/ 193 20
1
4
4 193 193
4
4 8,700 Willys-Overland (The)__ 25
69 Nov 100 Mar
*81
8312 *82
75 Jan 3 83 July23
*81
86 ' / 86
5811
4
83
/ *827 83
1
4
100
3
Do prof (new)
12
42 Nov 84 Mar
/
1
4
/
1
4
4514 Jan 2 66 May24
6212 6012 62
6312 62
622
4 62
-ii2- -- 1- 6212 633
:
Wilson & Co, Inc, v t a_ _ _100
997 Dec 151 Jan
3
11212 11212 *110 113
100 110 Mar25 12012Jan 3
'
5110 113 *1.I0 113 *110 113
100 Woolworth (F W)
/
1
4
4
5112 116 *112 116
*112 116 *112 116 *112 116 *112 116 '
100 1133 June13 114 MaY17 113 Dec 12613 Jan
Do pref
2312 Feb 373
8June
6014 667
g 663 6712 6614 6758 6614 6613 *6512 67
4
34 Jan"! 4 "4 6758July30
6512 0552 4,100 Worthington P & M v t 0_100
8532 Febr5 f 9113 Apr 6
88 Nov 9714June
9053 9058 •88
91
90 4 903
3
4 91
100
0112 *90
91
*89
913
8
Do pref A
300
50 May 63 June
59 Jan 18 7033 July26
603 8372 70
4
70
170
70
*69
70
*69
100
70
*61) 694
/
1
515
Do pref B
,0,2
.17,00. 17378 6,500
•Bid and asked prices: no ssles on this day.
z Ex-dividend.
• Certlfloatea of deposit.
1 Loss than 100 shares.
Ex-righta.
a Ex-diV. and HOW.
b Par $10 per share.
n Par $1.00 per share.
484
New York Stock Exchange-Blnd Record. Friday, Weekly and Yearly.
in Jan. 1909 the &thongs Method of quoting bonds well chan4ed and rtricli 'ifs rols-
intnree' -except for interest and defaulted bawds
12,s
BONDS
N. Y. STOCK EXCHANGE
Week ending Aug. 2
Price
Friday
Aug. 2
Range
Since
Jan. 1.
Week's
Range or
Last Sale
Bid
Ask Low
High No. Low High
U. S. Government.
,
U S 3348 Liberty Loan 1932-47 JD 99.96 Sale 99.82 100 4591 97.20 100
US 4s converted from let Lib1932-47 JD 94.48 Sale 194.34 94.48 298 93.00 98.40
erty Loan
U 5 4s 2d Liberty Loan 1927-42 MN 93.60 Sale 93.10 93.70 4082 93.00 9798
U S 43is converted from let
1932-47 JD 94.36 Sale 94.36 94.54 325 93.90 94.70
Liberty Loan
ULS 434s converted from 2d
1927-42 MN 93.58 Sale 93.10 93.74 4371 93.10 9414
Liberty Loan
U S 4%s 3d Liberty Loan_1928 MS *95.44 Sale 95.02 95.78 9166 95 02 99.19
U S 28 consol registered. d1930 Q J 98 --- 99
99
2 97
99
U 5 28 consol coupon
d1930 Q J 98 -.- 9714 Apr '18
9718 9714
U 5 3s registered
k1918 Q F 9934
9912 May'18
9912
99
U S 3s coupon
k1918 Q F 991 99% May'18
4
93 8 993
7
8
108 106%
U 5 4s registered
1925 Q F 10612 -- 10618 July'18
108 106%
10658 July'18
U S 4s coupon
1925 Q F 10612 _
U S Pan Canal 10-30-yr 2s_k1936 Q F 98 ....- _ 98 June'18
98
98
U S Pan Canal 10 -Yr 2s re8 3 Q N 98 -- 99 July'18
-30
97% 99
'8
1961 QM 85 ---- 85 June'18
U S Panama Canal 3s g
85 85
Registered
1981 QM 85
83 May'18
83 84
U S Philippine Island 48_1914-34 Q F
100 Feb '15
Foreign Government.
Amer Foreign Secur Ss
1019
A 9714 Sale
Anglo-French 5-yr bs Exter loan_ A
93% Sale
8518 8512
Argentine Internal bs of 1909.._Bordeaux (City of) 3-yr 68_1919
935 Sale
8
t 6812 Sale
(Hukuang Ry) 5s of 1911
Chinese
Cuba-External debt 58 of 190499
f
97
Eater dt bs of 1914 ser A 1949
A - - ; 9318
External loan 4%s
1949
A 8058 82
9434 Sale
Dominion of Canada g 5s _.1921 A
1t126 A 0 92 Sale
do
Do
9212 93
_ _1931 A
Do
do
981 4 Sale
/
French Repub 113.'s secured loan_
t 88 Sala
Japanese Govt-£ loan 4%8_1925
89 Sale
1926
Second series 4%s
803 Sale
Do do "German stamp"_
4
Sterling loan 4s
1931
t 7418
9312 Sale
1919
Lyons (City of) 3-yr Os
Marseilles (City of) 3-yr 68..1919
93% Bale
t 4134Mexico-Exter loan £ 58 of 1899
30
Gold debt 45 of 1904
40
1954
Paris (City of) 5
-year Os__ 1921 A
89% Sale
Tokyo City 55 loan of 1912
803 82%
4
993 Sale
4
1.1.IK of Gt Brit & Ire! 2-yr Ss 1918
Sale
3
1919
-year 534% notes
1921
953 Sale
8
b-year 5;4% notes
Convertible 5;4% notes-1919
99% Sale
-These are prices on the basis of 85loL
-
State and City Securities.
N Y City-43(s Corp stock 1960 MS
._1964
4gs .Corporate stock..
S
4315 Corporate stock_ _ _1966 AO
43s Corporate stock_ _._1965 JD
1963 MS
43s Corporate stock
1959
4% Corporate stock
N
1958 MN
4% Corporate stock
1967 MN
4% Corporate stock
4% Corporate ;took reg.._1966 MN
New 43s
1957 MN
434% Corporate stock-1957 MN
...1951 MN
334% Corporate stock.
1961 MS
N Y State-4e
Canal Improvement 4s..-1961 J J
Canal Improvement 4s
1962 J J
Canal Improvement 4s_ -.1960
J
Canal Improvement 4548-1964 J J
Canal Improvement 4gs-1965 J J
Highway Improv't 434e 1963 MS
Highway Improv't 4g5._1965 MS
Virginia funded debt 2
-3s-19H J J
(is deferred Brown Bros Ws__
97
0712
9318
9412
8512
84
9313
9358
68
6812
98
98
9214
9214
84 Apr '18
9412
95
92
93%
91%
9228
98
98.2
88
88
89
89
80
80%
737 June'18
92%
9312
9314
93%
40.2 June'18
3318 Dee '17
8812
89%
81
82
993
4
9914
97%
9814
95%
95%
9918
993
8
365
941
19
80
10
1
a
9
26
97
1
3
23
42
68
364
16
161
432
254
406
95% Bale 9414
95%
95 9512 96 July'18 943 Sale 943
4
4
943
4
100
10014
Bale 100
99% 10014 99.2 100
90% 91
9012
903
4
9018 91
903 July'18
4
90% 9012 9014
91
8912 9014 8934
901
4
10014 Bale 100
10014
100 10114 100
100
8012 813 8112 July'18
4
9812 9918 99 July'18
9812 101
9812 July'18
9812 ____ 100 Nov 17
.
0818
_ 95 May'18
10312 113 10734 June'18
104.2 June'18
108 156 105 Apr '18
10214 _ 1001 June'18
---- go' 74 Deo '17
47
49% 47
47%
9412 973
4
8814 9412
78
8512
9418
84
0312 68%
9012 100
9014 9114
80 84
9314 963
4
90% 953
4
8872 91
98%
94
8013 9212
8318 92%
77
81
73 8 76
7
84 9414
9412
84
40 42%
81% 893
4
8212
68
97 99%
96'4 9814
91% 95%
017 100
8
8 873 9612
4
877 96
8
87% 9614
14 9314 101%
33 93 1017
8
3 85
91%
85
91%
6 85
9118
5 85
903
4
4 935 10178
8
2 9312 101%
8212
78
99 99
9414 9812
9414 6E4
105 1073
10412 10112
10412 10712
10018 10114
44
52
BONDS
N. Y. STOCK EXCHANGE
Week ending Aug. 2
Price
Friday
Aug. 2
Week's
Range or
Last Sale
Range
Since
Jan. 1.
Chesapeake & Ohio (Con)
Bid
Ask Low
High Nt Low High
General gold 434s
1992 M S 76 Sale 76
8 72
76%
78
Registered
1992 MS
__
8634 Mar'17
20-year convertible 4348..1930 F A
76 Sale 74
21 6512 76
76
30
-year cony secured 58..1946 A 0 8012 8118 81
82%
8114 18 76
Big Sandy 1st 4s
1944 J D 0634 78
84 Apr '17
Coal River Ry 1st gu 48_1945 SD
---- 4512 Nov'16
Craig Valley 1st g 5s
1940 J J 963 Feb '16
4
Potts Creek Br 1st 4s_ _1946 Si
- -- 8434 Jan '13
R & A Div 1st con g 45_ _1989 J J 73
79
73 Nov'17
2d consol gold 4s
J 6218 8112 71 Oct '17
1989
Greenbrier Ry 1st gu g 48_1910 MN 65
8812 &WM _
- - Warm Springs V 1st g 5s. 1941 M S --- 9312 11314 Feb '15
Chic & Alton RR ref g 3s...._1949 A 0 5012 54
503
4
501
4 72 'Er 52
Railway 1st lien 334s
1950 J j 3912 Sale 39
3912 12 3514 4712
Chicago Burlington & Quincy Denver Div 4s
1922 FA 9918 101
9918
9918
1 97% 997
8
Illinois Div 334s
7212
1949 J J 72
73% 72
7 71% 76
Illinois Div 4s
1949 J J 80 8218 8214
8214
87
12
I 82
Iowa Div sinking fund 58_1919 A0 9914 ____ 98 May'18 --, 93
9912
Sinking fund 48
1919 A0 9713 -- 9712
9712
1 97
98
Joint bonds. See Great North.
Nebraska Extension 4s__ _1927
92
N 90% 92
92
4 90% 94%
Registered
1927 MN
91 Mar'18 --- 91
91
General 4s
1958 MS 80 Sale 80
8012 10 80 8412
Chia & E Ill ref & imp 48 8-1955 J J 30
32
2814 June'18 ---- 25
30
U S Mtg dr Tr Co Ms of dep2912 3412 2918 July'18 ---- 22
2918
lst consol gold 6s
101 100 June'18 --. 98 101
1934
6
General consol 1st bs
1937 MN --- 8412 87 June'17
US Mtg & Tr Co etre of dep_
---- 6978 70 Feb '18
70
-fci
Guar Tr Co Ws of dep
--- 85
76 July'17
Purch money 1st coal 5.1_1942 FA 56 ---- 973 Feb '13
4
Chic & Ind C Ry 1st bs___1936 J J 12
32 Mar'17 _
Chicago Great West 1st 4s.._1959 MS 58
Sale 58
58
19 64
8014
Chic Ind & Loulev-Ref 68_1947 J J 9912 101 10012 June'18
98 100%
Refunding go1615s
9(1% 10012 Apr '17
1947 Si 80
_
Refunding 40 Series C
1947 J J
8412 Apr '17
Ind a, Louisv 1st gu 48-1956 J J
70 Nov
.16- •
Chic Ind & Sou 50-yr 4s___ _1956 J J f6.18
9612 Jan '17
973 Dec '16
Chic L & East 1st 4348
1969 J D
Chicago Milwaukee & St PaulGen'igold 4s Series A____e1989 J J 7058 7212 7212
2 71
7212
79
Registered
e1989 Q J
9258 Feb '16
Permanent 4s
1925 J D Wig 71- 83
83
"7812 8312
Gen & ref Ser A 434s____a2014 A 0 6712 Sale 6714 •6814 48 042 70
4
Gen ref cony Ser B 5s__a2014 F A 76
Sale 76
7658
7 74
80
Gen'l gold 334;Ser B___e1989 J J 66 ___- 7212 Aug '17
General 4%s Series C____e1989 J J 80% _-__ 805*
80% --a "goii8412
25
-year debenture 4s
1934 J .1 6512 71
71 June'18 ....-- 067 74
8
Convertible 4340
1932 J D 7612 Sale 75%
76% 35 7114 78
Chic & L Sup Div g bs
1921 J J 9514 98
97 Jan '18 ---- 97
97
Chic & Mo Riv Div bs_ -1926 J J 91
91
92 July'18
92 94
Chle&PW lstg 5s
4
19211 J 963 9812 963 July'18
9812 9812
741
C M & Puget Sd Ist gu 48_1949 J J 7014 75
7412
7418 74%
Dubuque Div lot e f 68_1920 J J 9712 ---- 911112 May'18
9912 9912
Fargo & Sou assum g 6s-1924 J J 9814 108 1017 5ipt'17
*
La Crosse & D 1st 5a
19195 J 99 10314 98 Jan '18
98 98
W18 & Minn Div g bs
993 100 July'18
4
10213 J
06 100
if12
Wis Valley Div let 6s____1920 J J -977 May'18
9718 977
8
Milw & Nor 1st ext 4%e__1934 J D 82 ---- 85 July'18
85 85
Cons extended 43.4s___ -1934 J D 7812 _
8114 Feb '18
814 8114
Chic & Nor West Ex 4s 1886-1926 F A 891* -_ 89 Jan '18
89
89
Registered
8612 Ott '17
1836-1926 F A 8512
General gold 334s
6978 July'18
1987 M N -- 70
-86% -ga s
l
Registered
8112 Oct '16
p1937 Q F --.. 70
General 4s
82 July'18
1987 M N 8212
797 ig14
Stamped 4s
1937 M N 81 ____ 81
81
41
81
General 55 stamped
1987 M N 99% ___ 997 July'18
997 103
8
Sinking:fund,6s
99 10018 104 May'18
1879-1929 A 0
104 104
Registered
10912 Apr '11
1879-1929 A 0
Sinking1fund;58
614
9418 July'18
1879-1929 A 0 - 1- idci
641 641
- ;- ;
93 __
Registered
10312 Apr '16
1879-1929 A 0
Debenture 55
951 May'18
1921 A 0 9018 102
95 -6612
Registered
1921 A 0 90 97 100 Jan '18
100 100
Sinking fund deb bs
95 July'18
1933 IN N 93 95
9318 97
Registered
1933 IN N 93 97 9412 May'18
9413
9412
Des Plaines Val let gu 43-4s'47 M
77
10112 Oct '16
Frem ElicISOlo V 1st 68_1933 A 0 10418 1092 105 Apr '18
101 105
Man GB&NW 1st 3%s-1941 .1 J 53 ___ 88 Jan '17
MilwA S L lot gu 3340_ --1941 S J
Mil L S & West 1st g 6s
Mgt 16fr 1611;
a
1921 M
98 1021*
Ext & imp s f gold 58_1929 F A 9514
98 June'18
08 9
8
Ashland.Div lot g 6s
11112 Dec '15
1925 1W S 102
Mich Div 1st gold 6s
1924 J J 10112 102 10218 May'18
Mit;
Mil Spar & N W 1st gu 48_1947 M S 74 ___ 73 July'18
73 7618
St LPeo& NW lstgubs.1948 J J 93 95
93 June'18
93
93
Chicago Rock lel & Pac7412 Sale 7318
Railway general gold 4s
75
1988 J J
9 73 773
4
Registered
1988 J J
713 May'18
2
712 71%
8
6734
Refunding gold 4s
az 6718
1934 A 0
29 6212 08
1s
20
-year debenture 5s
8018
1932 J J 8018 Sale 8018
1 66
80%
R I Ark & Louis 1st 4%s _ _ 1934 M S 0614 67
6612 July'18
62 67
12
Burl C.R & N 1st g be
93 96 Feb '18
1934 A 0 86
98
95
CRIF&NW lstgu 58_1921 A 0 9118 100
9712 June'17
Choc Okla dr G gen g 53_41919 J J 87 _ 97 May'18
95 100
Consol gold 58
1952 M N ---- 92 93 May'18
93 93
Keok dr Des Moines 1st 5s 1923 A 0 57
61
60 May'18
07 60
St Paul & K C Sh L Ist 4%s'41 F A 0518 67 67
6712 16 59 6
9
Chic St P M &0cons 6s
10418
1930 J D 10418 Sale 10418
102 10612
Cons Os reduced to 3%8_1930 1 D 81
8412 June'18
8112 8512
Debenture be
1930 M 13 8712 8912 907 May'18
,2
85% 907
North Wisconsin let 65-1930 J J 1)05a ___ 118 Nov 16
.
St P & S City lst g 6s
1919 A 0 997
100 July'18
100 10014
Superior Short L let bs g-c1930 M S 86% _- 95 May'18
95 95
Chic T H & So East 1st 5e...1960 P D 0314 07
58 July'18
53
58
Chic & West,Ind gen g 8ts_q1932 Q M 103 105 105 July'18
103 105
653 6512 65%
Consol 50
-year 48
1952 J J
3 64
6512
66'8
Cin H & D 2d gold 4%s
1937 J J 6712 _ 90 May'17
0 Find & Ft W 1st gu 4s g 1923 M N
_ 88 Mar'll
Day & Mich 1st cons 434s 1931 J J
96 Jan '17
Clev Cln Ch & 5t L gen 48..1993 J D 63 Sale 63
0318
'Er -0418
20
-year deb 434e
1931 J J 7612 7712 7612 June'18
0814 7612
General bs Series B
89 Apr '18
1993 J D 75 85
30 80
Cairo Div 1st gold 48.......1939 J J 5818 __ 837 Mar'17
6334 __ 62 June'18
Cin W & M Div let g 4S-1991 j
62 65
St L Div 1st coil tr g 4s-1990 M N
136 ____88 June'18
63 68
Spr & Col Div 1st g 4s
1940 M S 68 ___ 7312 June'17
5812
- 84 Nov 16
1940 J J
W NV Val Div 1st g 4s
.
C I St L & C consol 6s
1920 M N 99 101 10212 Oct '17
1st gold 48
k1936 Q F 7512 __ 87 Deo '17
Registered
34936 Q F
8812 May'15
Cin S & Ci cons 1st 8 58.-1923
865 -_ 10218 Jan '17
8
CCO&I gen cons g 68_1934 J J 101 __ 107% Apr '17
Ind B & W let pref 4s__1940 A 0 675
8
94 July'08
0Ind dr W 1st prof 5s
d1938 Q
49l
Peoria & East let cons 48_1940 A 0 49
62
491
2.
76 5134
13
Income 413
1990 Apr
13
32
12 13
2 1212 13
Cleve Short L lst gu 4 As_1961 A 0 87% 88
88
88
3 85 90
Colorado & Sou lot g 4s
8
1929 F A 8514 877 855
85%
8
8234 8614
Refund & Ext 4343
Bale 71
1935 11 N 71
7218 12 66
73
Ft W & Den C 1st g 6e___1921 J D 95% 9712 9618 July'18
96 9812
Conn & Pas Rive 1st g 48___1943 A 0 85
Cuba RR 1st 60
-year 5s g
1952 J J
95 94 Feb '16
Del Lack & Western
Morris & Em 1st gu 3348_2000 J D 74
7718 7518 Apr '18
73% 7512
N Y Lack & W 1st 68
19211 J 10014 1013 101 July'18
4
100% 10212
Construction be
1923 F A 95 ---- 96 July'18
95 2 98
7
Term & Improvt 4s
1923 1W N 8818
9334 Jan '18
93 4 93 4
3
3
Warren 1st ref gu g 3;48._2000 V' A
1021 Feb '08
Railroad.
81995 Q J 5118 553 511 July'18 ---- 5118 59
Ann Arbor 1st g 4s
4
Atchison Topeka & Santa Fe
1995 A 0 81
128 44 80 85%
Gen g 45
Sale
Registered
1995 A 0 79 801 818 _--- 80 80
80 Apr '18
7414 74
Adjustment gold 45
81995 Nov
12 74 June'18 --- 713 76
4
Registered
81995 Nov
7312 June'18 -- 7312 7312
Stamped
f4: "i612 7418
81995 M N - ;
3
2 71% 78
7438
Cony gold 4$
1955 J D -,-- 727 84 June'18 --,i 8118 87
1960J D 82 86 85
11 82 873
Cony 4s issue of 1910
85
4
East Okla Div 1st g48-1928 M 5 8414 9112 9112 Oct '17 -Rocky Mtn Div 1st 4s.....1965 J J
79
79 June'18 _- "'Ai" "'hiTrans Con Short L 1st 4s_1958 J J --,,- 77
753
4
7612 July'18
nts 8012
Cal-Aria 1st dr ref 4%e"A"1962 M 5 77 ---- 8318 July'18 ..-- 79
85
1942 M s 84.2 100
5 Fe Pros & Ph 1st g 5s
9914 July'17
AU Coast L 1st gold 48......-81952 M 13 787k 8012 7914
9
80 - "'if" -WI
Gen unified 434s
7912 July'18
4
75
1964 J D -tig,- 78
8212
Ala Mid 1st gu gold 5s._1928 M N
99
9518 June'18 -- 95% 055
8
Bruns & W 1st gu gold 40_1938 J J 7612 80 86 Sept'17 Charles & Say 1st gold 75_1936 5 .1 10718 --- 1297 Aug '15
8
L & N colt gold 4s
o1952 M N 71
7112 71
71 :--1
738
Say F & W let gold be__1934 A 0 105 107 115 July'17
1st gold 55
1934 A 0 95
'4 9712 105 July'15 -Sil Sp Oca & G gu g 4s
1918 J J
99I
9913 May'18 -- "fe99
Bait & Ohio prior 3%e
1925 J j - - -1- -gle 8614
8 4
6
8612
4 85% 8912
Registered
81925 Q J
9012 Sept'17 -„
1st 50
-year gold 48
81948 A o fr -'- 76
76 12 11
7818
Registered
711948 Q J -- ----92 4 Mar'17 ...3
-- -10-yr cony 4348
1933 _ _
77
78
7712
7812 17 "fg7612 8018
Refund & gen be SerieCA.1995 J D 77 Bale20 773 8312
4
7734
Pitts June 1st gold 6s
1922 J .1 97 -„_ 17 4 Jan7P
12
1
P Juno & M Div 1st g 3345 1925 M N 813 83 8134 July'18
4
- 4 -';
811- 831
P L E & W Va Sys ref 4s 1941 M N ___- 75
7418 June'18 ---- 72
76
Southw Div 1st gold 3348_1925 J J 82 827 82
8
83
5 81
85
Cent Ohio R 1st c g 4%8_1930 M ;S 8312 --- 100 Apr '17
Cl Lor & W con 1st g 56.-1933 A 0 93 --- 9612 June'18 -2
Monon River 1st gu g 513_1919 F A 9812 ---- 10114 Nov 16 -- 0513
.
Ohio River RR 1st g 5s.-1936 J D 9112 ____ 9914 Oct '17 -General gold bs
1937 A 0
88 May'18 --918 88
Pitts Clev & Tot 1st g 68_1922 A 0 --------99I Mar'18 --- 9918 9918
Buffalo R & P gen g 55._,...1937 M S 9912 107
997 June'18 ---- 99
99%
Consol 4%8
1957 M N 8712 9912 991 Oct '17 ---All & West 1st g 48 gu..
1998 A 0 7434 __-_ 97 Nov'16 --Clear & Mah 1st gu g 58_1943 J J - ...-- 103% Feb '16 --Roch & Pitts 1st gold 60....1921 F A 1007; ---- 101 May'18 --- IOC103
Consol 1st g1313
1922 J D 10078 107 10313 Apr '18 -- 9912 10312
Canada Sou cons gu A 56_1962 A 0 84
8818 8612
8612
5
8
4
Car Clinch & Ohio 1st 30-yr be'38 J D 78 84 84 Deo'17 -_--- 867 913
Central of Ga 1st gold 5e-_v1945 F A 98_.._. 9714 May'18
9612 9714
Consol gold be
1945 M N 8612 Sale 8612
8612 - 85 90
8
Chatt Div our money g 4s 1951 J D 65 80 78 Aug'17 -_
Mae & Nor Div 1st g 50:n946 J J 85% ---- 90 May'18 -- 90 90
Mid Oa dr Atl Div be
1947 J J 85 10118 973 June'17 -Mobile Div 1st g 58
1946 J J 84% 89 8414 July'18
8414
Cent RR & B of Ga coil g 58-1937 M N 4183 93 83 June'18 -- 83 844
83
Cent of N J gen gold 58.......1987 J J 10018 101 10018
101
6 100 104
*Registered
81987 Q J *101
- 101
101
1 100% 104
Am Dock & Imp gu 5s..1921 J J 9812 156'18 98 July'18 --- 98
9912
Leh & Hud Riv gen gu be '20 J J 94 10114 100 Apr '18
N4Y & Long Br gen g 4s__1941 M S 92 ---- 10012 Jan '13 _- 100 100
Cent Vermont let gu g 4s.,_e1920 Q F 67 80 87 July'18 ---81 67Chess &0fund dr inapt 58_1929 J J _
94
9014 July'18- 80
94
k1st consol gold Se
1939 I'd N
;
7
i 94% 100%
917
8
947
Ill. Registered
1939 al N --- ------ 10412 Jan '17•No prim Friday; latest this Week. I DIM huh 4Due Aga. Opus May,
0 Duo June. h Due July.
.11 •
k"
Due Aug. o Due.001. 20 Due Nov. g Due Deo. 8 Option sale.
AUG. 3 1918.]
BONDS
N. Y. STOCK EXCHANGE
Week ending Aug. 2
New York Bond Record-Continued-Page 2
Pt
(C4
Friday
Aug. 2
Bid
Week's
Range or
Last Sale
Ask Low
Rango
Since
Jan. 1.
High No. Low
BONDS
N. Y. STOCK EXCIIANGE
Week ending Aug. 2
t,
485
Price
Friday
Aug. 2
Week's
Range or
Last Sate
11*
Range
SITICII
Jan. 1.
lligh
Bid
Ask Low
High No. Low IfigA
Delaware & Hudson
Leh V Term Ry 1st gu g 5s__1911 A 0 _-_10212 102 Mar'18 ---- 102 102
1922 J J 93 8 97
1st lien equip g 4%s
7
0313 July'18 --- 9314 94
Registered
1941 A 0
113 Mar'17
1st & ref 45
1943 MN 80
8113 8113
8118
1 8012 8612
Leh Val Coal Co 1st gu g 5s_1933 J J
9718 104 100 Mar'18
-66 101
20-year cony 55
17,
1935 A 0 8718 8812 807 July'18 --- 8512 00
8
Registered
1933 J J
105 Oct '13
Alb Ss Susq cony 3%s1946 A 0 7214 727 7133 July'18 ---- 71
8
76
1st lot reduced to 4s
1933 J J
7714
_
Renss & Saratoga 1st 7s 1921 M N 10112 ---- 1127 1)eo '16 -----------8
Leh dr N Y 1st guar g 4s
1945 M S 72 -___ -- d - Jury 18
i
-7
Denver & Rio Grande
Registered
1945 M S
1st cons g 45
1936 J J 67
6773 6712
7 6012 69
68
Long Isid 1st cons gold 5s _h1931 Q J -663 -9 - - -612 6E- Apr
8
Consol gold 43s
1930
J 71
73
7118 June'18 ---- 68
7113
1st consol gold 4s
h1931 Q J 8158 87
9414 June'16
Improvement gold 5s
1928 J D
7278 7212 July'18
72
7614
General gold 4s
1938 J D 701s 74
7212
7212
1st & refunding 5s
11 4814 56
1955 F A 5218 Salo 5215
53
Ferry gold 40
1922 M S
90
90 July'17
Rio Gr June 1st gu g 5s
1939 J D
95
37 Aug '17 -----------Gold 4s
1932 J D
9914 Oct '06
Rio Gr Sou 1st gold 4s
1940 J .1
61'4 Apr '11
Unified gold 4s
1949 M S 711 78
71 Juno'18
-if- -if Guaranteed
1940 J J
39 July'17 ---__
Debenture gold 5s
1934 .1 D 84
88
97 Jan '18
- 97
Rio Gr West 1st gold 4s 1939 J J 64
97
6512 65 July'18 ---- 6312 6712
20-year p m deb 5s
1937 M N
6858 72
72
1 70
72
Mtge & coil trust 45 A 1949 A 0 50
75
55
50 July'18 ---- 50
55
Guar refunding gold 4s
1949 M
72 ____ 75 June'18 ---- 73
Det & Mack-lst lien g 4s 1995 J D
7912
78
82 Dec '16 ---Registered
1949 M S _-_95 Jan '11
Gold 45
1995 ID
7512 July'lr
-------N Y B & M 13 1st con g 58_1935 A 0 95 ____ 10314 Apr '18
Det My Tun Ter Tun 4;0_ _1961 MN 60
- - - - -75
77 July'18 ---- 73
7712
NY&RB 1st gold 5s
1927 M S 95 ____ 9212 Apr '18 ---- 9212 -9212
Dul Missabe & Nor gen 5s 1941 J J 931t
4
963 June'18
4
963 9712
Nor Sh 13 1st eon g gu 58_01932 Q J 82
9314 100 Aug '16 ---Dui & Iron Range 1st 5s
1937 A 0 95 957- 97 May'18 ---- 97
3
97
Louisiana & Ark 1st g 5s
1927 M S 86
8712 90
Registered
1937 AO
10512 Mar 'OS ---___
Louisville & Nashv gen 6s 1930 J D 1063 ____ 1107 Mar'18 -- 871 90
4
Dui Sou Shore dr,Atl g 5s
8 July'18 ---- 109 1107
1937 J J
_ 87 Mar'18 ---- 82
s
87
Gold 5s
1937 M N 97 ____ 931s July'18 _
Elgin Joliet & East 1st g 5s 1941 M N 87 -___ 9312 June'18 ---- 90
9318 9418
93.2
Unified gold 4s
1940 J J
8412 Sale 8412
Erie 1st consol gold 7s
1920 M S 9914 10012 10014 July'18 ---- 100 101
8412
3 83
8812
Registered
1940 J .1
N Y & Erie 1st ext g 48-19 M N
965 Jan '9617
68
78 ____ 78 Apr '18 ---- 78 178
47
Collateral trust gold 5s
1931 M N
2d ext gold 543
1 -66- -661919 M S 9212 9613 June'18
901s 0618
E II & Nash Ist g 6s
19195 D 10018 __ 1033 July'17
3d ext gold 43s
3
1923 m S
9312 Jan '18 ---- 9313 95
L Cm & Lex gold 430_1931 M N
91
9434 87 Apr '18
4th ext gold 53
1920 A D 9412 -87
o
87
9912 July'17 -----------N 0 & M 1st gold Os
1930.3 J 102 106 106
5th ext gold 4s
1928.3
9134 Nov'15
Aug 17
'
2(1 gold Os
iodis
1930 J J 937
s
__ 10118 Feb '17
NY LE&W 1st g fd 7s1920 M S 973 - - 10013 July'18
8
Paducah & Mem Div 45_1940 F A
7212 ____ 9012 Apr '12
Erie 1st cons g 45 prior-1996 .1 J 6512 (31i
3 65
66
.
09
66
St Louis Div 1st gold 6s 1921 M
1007 ____ 10014 July'18
8
Registered
1996
10014
84 Dec '18
2d gold 3s
5718 ____ 5713 July'18
1st consol gen lien g 4s_1996 J • 5334 54
11 4912 5714
57s 5814
5718
J
54
54
Atl Knox & din Div 48_1 9 5 M N
1959 M S 7714 78
8
78
Registered
1 74 8018
78
19913 J
73 June'16
Atl Knox & Nor 1st g 5s_1946 J D 9434 9512 9513 July'18
Penn coil trust gold 4s 1951 F • 78
0518 9518
7913 78.2
A
7812 10
Slender 13dge 1st 5 f g 68_1931 M S 104.4
7
1051s Augg : 7
73
50
y1
-year cony 48 Ser A 1953 A 0 4712 Sale 4712
5 42
4712
751' 50
79
Kentucky Central gold 4s_1987 J J
May'18
do Series B
73 1953 A 0 4712 4812 48
.1;48
4212 4978
Lox & East 1st 50-yr 5s gu 196' A 0 9212 9312 93 July'18
Gen cony 4s Series D -- 195:3 A 0 5212 53
9114 96
5212
5212
4812 56
L&N&M&Mlstg4;0194" M S 8315 ____ 94 Aug '17
Chic dr Erie 1st gold 5s
1982 m N 8512 91
90
90
8734 93
L & N-South M Joint 4s 1952 J J 6812 ____
Clev & Mahon Vall g 5s__1938 J
6812 June'18
-airs -6818
-__- 1067 Jan '17
3
Registered
131952 Q J
95 Feb '05
Erie & Jersey 1st s f 6s
1955 J
___ 100 100 May'18
156
.
N Fla & 5 1st gu g 5s
1937 F A -56 s -5E- 963 Jan '18
Genesee River 1st s f Os_ __1957
14
J 96
-90 4
99 1033 Aug '17
.-34
N & C Ildge gen gu g 430_1945 J .1 805s ____ 977 May'16
Long Dock consol it Os
-1935 A 0
s
11012 Nov'17
Pensac & Atl 1st gu g 6s 1921 F A 1003 10812 10112 July'18
8
Coal & RR 1st cur gu Os_ _1922
1611- 1621i
N 99
_ 103 Jan '18
2
iOi 103
& N Ala cons gu g 5s_1936 F A
Dock & Impt 1st ext 5s.__1943 J
9318 100 '09 Apr '18
99
99
10212 July'17
Gen cons gu 50-year 58_1963 A 0 855 9412 9312
N Y & Green L gu g 5s1946 M • 80
9312 9312
8
Jan '18
N
88
85 Jan '18
85
85
L & Jeff I3dge Co gu g 4s
1945 M S
60
N Y Susq & W lst ref 53_1937 J J 65
4 60
60
80
75 July'18
60
74
80
Manila Rit-Sou lines 4s
1936 M N
2d gold 4%s
1937 F A
10014 1)co '06
Mex Internet 1st cons g 4s-1977 M
77 Mar'10
General gold 5s
s
1940
5912 80 June'18
A
-66- -61 Stamped guaranteed
Terminal 1st gold 5s
75 Nov'10
1943 M N 108 Jan '17
Midland Term-lst 5 f g 58_197 J D -_-_-_-_
7
1925 M S
Mid of N J 1st ext 5s
9112 June'17
1940 A 0 84 -_ 108 Jan '17
Minneapolis & St Louis
Wilk & East 1st gu g 5s 1942
7i
I) 65
66 July'18
62
66
1st gold 75
1927 J D 101 _
101 July'18
Ev & Ind 1st cons gu g 6s 1926 J
101 104
---- 2312 Jan '17
Pacific Ext 1st gold 6s
1921 A 0
Evansv & T II 1st cons Os. 1921 J • 8712 97
103 Oct '16
J
97 Nov'17
1st consol gold 5s
1934 M N
75
1st general gold 5s
7612 74 July'18
1942 A 0 5114 ---- 8512 June'17
74
1st & refunding gold 4s
1949 M
Mt Vernon 1st gold Os..,..i923 A 0
4512 Sale 45
46 ---6 41
108 NOV'1
46
- - - - -Ref & ext 50-yr 5s Sec A 1962 Q F 43
Suit Co Branch 1st it 5s 1930 A o
457 July'18
s
40
---- 05 June'12
46
-Des M & Ft D 1st gu 4s1935 J J
Florida E Coast 1st 4 yia
60 Feb '15
1959
D -___ 92
81
8112
Iowa Central 1st gold 5s 1938 J D
Fort St U D Co 1st it 4301041
7534
_76 - 2
-7 1- 8112 June'18
6
82 Au g 8
911' j ulY:10
---- -Refunding gold 4s
1951 M S 4312 Sale 4338
Ft Worth & Rio Gr 1st g 45_1928 J
4312 16 4012 4614
5612 Oct '17
- - - -MStP&SSMcong4sintgu_1938 J J 83
Galv Hous & Hen 1st 5s
1933 A •
88
2 83
Sale 83
O
83
8512 June'18
8612
-1st Chic Term s f 4s
Great Nor C B & Q colt 4s_ _1921 J J
92 Jan '17
937 Sale
94
;
92
9412
-- --MSSM &A 1st g 4s intgu1_'21 J N
9 M J
46
Registered
h1921 Q
851s Nov'17
88
____
9334 July'18
9131 9334
Mississippi Central 1st 55
1949 J J 1st SG ref 4%s Series A _1961 si
.1 8131s
87 J tine'18
9412 95 Dec '16
8612 00
Missouri Kansas & Texas
Registered
1901 J
---- 96 Jun0'16
1st gold 4s
1990 J D 61
St Paul M & Man 4s
J
6112 6012 July'18
1933 J • 8414 -- 8912 Apr '18
6018 6418
861 891j
2d gold 4s
01990 F A
1st consol it Os
293 3012 30
2 28
4
1933 J Jr 10212 ____ 108 Apr '18
30
35
108 108
1st ext gold 55
1944 M N - _- 32
3258 Nov'17
Registered
1933 J .1
118 Apr '17
-_1st & refunding 48
2004 M S 40
4314 May'18
Reduced to gold 40_1933 J .1 0114 Oi 9212 July'18
42
- - 45
id
913 95
8
Trust Co certfs of dep _____
Registered
42 May'18
3812
19:13 J J 855 --- 18352 M a y:18
0218 july1 6
3
41
42
Gen sinking fund 4;0_1936
Mont ext 1st gold 4s
26
1937 J D 8312 8472612 2612 July'18
8
2514 34
812 85
St Louis Div 1st ref g 4s 2001 A 0 ---- 3712 40 Nov'16
Registered
1937 J D 801s ---- 9512 Mar'16
-----5% secured notes "ext" '16
Pacific ext guar 4s £_,,_1940 J
30
40
____
85.2 Nov'15
---- -Dail & Waco 1st gu g 5s 1940 Si 11
E Minn Nor Div 1st it 4s 1948 A 0 7414 ---- 8018 Dec '17
- E12
Nan City & Pac 1st it 4s_1990 F A ___- 65
Minn Union 1st it Os
1922
.1 10018 ____ 10014 May'18
58 Jan '18
58
58
106 4
1Mo K & E 1st gu g 5s___ A942 A 0 3612 _ _
Mont C 1st gu g Os
36 Apr '18
1937 J J 1045s ---- 10518
36
1051s
37
10518 10513
M K & Okla 1st guar 5s 1042 M N
Registered
_ .5518 Dec '17
1937 J J
56
_
13614 May'(16
M K & T of T 1st gu g 5s_1942 M S 49
1st guar gold 5s
1937 J J
95
90 109831321 Apr 18
5212 50
50
7 49 -i6 4
8
-3025 9313
Sher Sit & So 1st gu g 5s., A942 J D ___- 60
Will & S F 1st gold 5s_ _1938 J D 9318 ____
51 Dec '16
Aug
Texas & Okla 1st gu g 58_1943 M S 30 ____ 40 Jan '18
Green Bay & W deb etts "A"___- Feb
791 693 Dec '16
-id - -4 4
6
Missouri Pacific (reorg Co)
Debenture ctfs "B"
712 812 83 May'18
Feb
7
8
918
1st & refunding 5s Ser A 196' F A 85
Gulf & S I 1st ref & t g 5s__81952 J
Sale 84
2 79
85
J 75
76
76
86
2 75
76
83
1st & refunding 55 Sec 13a 1923 F A 903 Sale 9014
Hocking Val 1st cons it 40 1999 J
8
905s 36 90
Sale 75
J
75
02
78
8
747 78
1st & refunding 5s Ser C 1926 F A
Registered
8712 873 8734
6 8618 90
1009 J J -------- 7312 June'18
4
87713
7312 7312
General 4s
1975 M S 5813 Sale 577
Col & II V 1st ext g 4s
8
1948 A 0 69 ____ 8214 Aug '17
5818 125 5513 593
4
Missouri Pee 1st cons it 6s_1920 M N
Col dr Tot 1st ext 4s
9838 9918 983
7O3____ 75 Feb '18
1 9812 9912
4
1055 1? A
9831
6712 75
40
-year gold loan 4s
1945 M N
S
Houston Belt & Term 1st 58_19374 J
60 July'17
80 __-- 9013 Apr '17
3d 75 extended at 4%
1938 M
Illinois Central 1st gold 4s 1951 J J 8212 _ _ _ _
_ 82 Apr '17
87
95
I3oonv St L & S 1st 55 gu-1951 F A
Registered
100 Feb '13
1951 J J 69
92 jdellpmt:178
9 14
3
1st gold 330
Cent Br U P 1st g 4s
1048.3 D 717 ____ 9712 Dee '13
8
1951 J J 6318 ---- 77 July'18 ---- 77
77
Pac R of Mo 1st ext g 4s 1938 F A 79
Registered
7912 July'18
83
1951 J J 615s ---- 84 Nov'15 -- 1- -id52
2d extended gold 5s
Extended 1st gold 3;0_1951 A O 631s___
1938 J J
74 ___ 1003 Apr '18
4
80 June'17
--- - --_ St L Ir 1N.1 &S gen con g 5s_1931 A 0 9112 913 9112
Registered
1)51 A 0 6153.._..,.
9134
4
8 0012 9518
Gen con stamp gu g 5s_ A931 A 0
1st gold 3s sterling
102 July'14
1951 MS
86Unified & ref gold 4s
7- 45 763 763
1929 J J
Registered
1951 MS
4
4
3 " 1- 763i
ii 2 54
Registered
Collateral trust gold 4s
1952 A 0 751- 7773 777 Jury'18
1
- 807a Oct '17
8
---- '72,2 '7814
ltiv & G Dlv 1st g 4s
Registered
1933 j' N 7012 72
99M j
2
1952 A 0
72 July'18
_
6612 72
t.'12 ... _
951 Sep7
77
8
Verdi V I & W 1st g 5s- 1926 M S
1st refunding 4s
1955 M N ()51478 Sept'15
78
Sale
18 -iii- -1:i 2
.
Mob & Ohio new gold 6s___ A927 J D 10212
Purchased lines 3;is
1952 J J 0512 68
10212 July'18
611- 16212
71 May'18
3
70
71
1st ext gold Os
L N 0 & Texas gold 45
h1927 Q J
1953 M N
9211 100
95 May'18
74 7414 74
92
05
74
7113 7012
General gold 4s
Registered
6014 _
It
_ 6512 Apr '18
1953 M N
70
72 Feb '18
0512 6512
72
72
Montgomery Div 1st g 58_ 1947 F A 8314 a's 93 July'17
Cairo Bridge gold 4s
038
S
1950 J D 731 t_,,,_ 89 Apr '17
St Louis Div 55
Litchfield Div 1st gold 33_1951 J J
5014 ____
84
90 Aug '17
92
79 Feb '14
St L
Louisv Div & Term g 3;0 1953 J J
1931 .1 D
J
6613
73
_ _ 6613
85
Dec '17
6 -641s 71 - Nash, & Cairo guar g 4s____1927 j 0 9558 10312 77 June'18
6618
'
Chatt & St L 1st 5s 1928 A
Registered
1953 J .1
9812
97' 101
Jasper Branch 1st g 6s
Middle F)iv reg 5s
1923 J J 9613 10312 11014 Mar'17
192 1 F A 9553 _ _ _ _ 10June'
8: Aug 18
2
1
2
Nat Itys of Mex pr lien 435_1957 J J
Omaha Div 1st gold 3s
1951 1? A
5811 _
30 May'17
30
5814 Apr '18
5814 5814
Guaranteed general 4s
St Louis Div & Term is 3s_1951 J J
1977 A 0 ___- 30
ao 62 62 Mar'18
35 Aug '10
62
62
Nat of Mex prior lien 4%s 1926 .1 J
Gold 330
1951 J J 655s
967 Feb '13
8
653
653
4
63
653
4
1st consol 4s
Registered
1951 A 0 -if- 30
1951 J J 0214 6612 80 4 June'10
30 Oct '16
---- -New Orleans Term 1st 4s
Spring( Div 1st it 30
1953 J J 03
1951 J J
7014 805 Nov'10
_ 0312 June'14
60
84
8
N 0Tex & Mexico 1st 6s_ 1925 J D 92
Western lines 1st g 4s__1951 F A
9212 0212 July'18
783 Sale 7834
4
92
9414
783
4
-7853 id
.
Non-cum income 5s A
Registered
1935 A 0 4518 4512 40 July'18
1951• A
40
92 Nov'10
497
2
New York Central RR
Bellev dr Car 1st Os
1923 J D
11712 May'10
Cony deb Os
Carb & Shaw 1st gold 4s 1932
1935 M N 94
Sale 9312
S
94
66 9112 95
90 Jan '17
Consel 4s Series A
Chic St L & NO gold 5s 1951 J D
1998 F A 6914 693 69,- 3
2
4
3 695s 75
6934
97 Mar'18
97
98
--Ref & imp 430 "A" Riv_
2013 A 0 797 82
Registered
1951 J D
8
8112 July'18
80
114 Feb '11
85
New York Cent & Hud
Gold 3
1051 J D 6314 ___
6512 July'18
-0512 -6E1.
2
Guar 330
1097 J J
Registered
70
71
1051 JD
72
72
1 Ms 743
4
Registered
Joint 1st ref 53 Series A_1963 J D 8512 8012
1997 J
6653
7114 May'18
70
8012 July'18
7114
853 91
4
Debenture gold 45
1934 M N
Memph Div 1st g 4s
771s 773 771s
1951 J O 0812 75
8
3 743 8111
7714
4
7013 Nov'17
Registered
Registered
-__- _- 92 Dec '16
1951 J D
Lake Shore cell g 3%s
St Louis Sou 1st gu g 4a-1931 MS 705 --__ 65 Nov'17
1998 F N
934 M A 6212 6478 6514 July'18
8
89 Feb '18
-if- -6512
80
80
Registered
Ind III dr Iowa 1st g 4s
1998 F A __ _- 6434 61 May'18
1950 J .1 745 08
8
61
80 Apr '17
01
Mich Cent coll gold 3s_ A098 F A 6312 Sale 6312
Int dr Great Nor 1st g Os__ ,,_1910 MN
9058 957 9312 May'18
64
5 6212 687
8
8
90
9312
Registered
James Frank & Clear 1st 4s_1959 J D 80
1998 F A •____ 6918 75 Mar'17
85
-8212 June'17
Battle Cr & Slur 1st gu 3s_1989 J D ---- -Kansas City Sou 1st gold 38_1950 A J
50
6133 59
59
1
Beech Creek 1st go g 4s 1936 5
Registered
80 4 ---- 961g Apr '17
3
1950 AO
63 Oct '09
Registered
Ref & impt 55
1936 J J ---- -- 9534 N'ov'16
Apr 1950 J
78 - 781s
---7812
3
2d guar gold 5s
Kansas City Term 1st 45___1960 J J _- 7312 781a
1930 J .1 8412
104 May'16
---- 7313
7312
1 73
78
Registered
Lake Erie & West 1st g 5s__1937 J J
1936 J J
iii12 85
---8312 June'18
-92
78
Beech Cr Ext 1st it 30_51951 A 0 _--- -2d gold 5s
1941 J
J
80
8058 Feb '17
----- ---Cart & Ad 1stgug4s_1981 J D 6512 --__ 89 Ni North Ohio 1st guar g5 e 1945 AO ____ 88
:7•16
)\
8914 Mar'17
Gouv & Oswe 1st gu g 5.4-1942 J D ---- -Leh Val N Y 1st gu it 4%5..1940 J J 84
92
85 July'18
-i.;- -Iii3
Moh St Mal 1st gu g 45_1991 M S 7214 74
4
Registered
7912 Apr '18
1940 J .1 8018 93
-i6189 Oct '17
2
N J June It guar 1st 4s_1986 F A 673 Lehigh Val (Pa) cons g 43_2003 MN
8914 Feb '16
4
7312 78
741s July'18
-'741- - NY dr Harlem g 3%s2000 M N 6614
-8 5
L General cons 4%5
80 May'17
2003
• N 88 ____ 88 July'18
87
9012
N Y & Northern 1st g 58_1923 A 0 94 ____ 9558 June'18
963;
"T793,
"8112
----
----
JuWog
--_-
--
____
----
----
1
----
----
----
----
_-_-
____
"ii- 612
"v733*4 -80-
145- "siEii
8
•No price Friday; Wort OM and staked WO weak.
a Due Jan. 0 Duo Fob. g Duo June, Is Due July. 0 Due Oot.
s Option sale.
BONDS
N. Y. STOCK EXCHANGE
Week ending Aug. 2
Pried
FritlaY
Aug. 2
Range
Since
Jan. 1.
Week's
Bangs or
Last Sale
High No, Low High
Ask Low
B14
N Y Cent & H R RR (Con.)
72% 7412
4
N Y & Pu 1st cons gu g 48_1993 A 0 693 -- 7412 Mar'18
113 May'15
3
Pine Creek reg guar 6s____1932 J D 1007
-665- -2118
4
93
R W &0 con 1st ext 5s_h1922 A 0 9458 ____ 98
0714 0714
Rutland 1st con g 430___1941 .1 .1 6814 - - 6714 June'18
60 63
eo 65 80 June'18
Og& L Chem 1st gu 438-1918 J
70
70
70 Jan '18
Rut
-Canada 1st gu g 48.1949 J J 55
101 Nov'16
St Lawr & Adir 1st g 5s___1996 J J
103 Nov'16
1996 A 0
2d gold Os
92 947
91 _ _ _ _ 94 Apr '18
Utica & 13Ik Riv gu 8 43-1922
7134 75
7214
1997 J D 70 73 7214
Lake Shore gold 3%s
7212 73
1997 J D ---- 7214 73 May'18
Registered
82 8712
8612
8512 Sale 8512
1928 M S
Debenture gold 4s
4
84
813 8812
1931 M N 83 84 8314
25
-year gold 4s
83% Nov'17
1931 M N
Registered
- -- 1933 J J -----KaA&GRlstgue5s
8912
IOW; Dec'15
1934 J
Mahon C'l RR 1st 5s
Pitts & L Erie 2d g 5s.. a1928 A 0 91 -- 103 May'17
-13018 Jan '09
Pitts McK & Y 1st gu 6s 1932 J J 10113
_
10114 -_ 12314 Mar'12
1934 J
2d guaranteed Os
_ ‘9912 Aug '17
89
Michigan Central 5s
92 92
92 Apr '18
Registrd
7413 75
75
7412
J
1940J3
87 Feb '14
-1940 J J
Registered
90 June'08
--1951 M S
J L & S 1st gold 330
1952M N 70 ____ 798 July'17
1st gold 330
74
7234 801
74
4
20
-year debenture 4s...._1929 A 0 733 74
7513 82
7612 July'18
NjY Chic & St L 1st g 4s _1937 A 0 7612
1937 A 0 76 ____ 85 Nov'17
Registered
"if 64
63 July'18
1931 M N 03 68
Debenture 48
73 80
74 July'18
76
West Shore 1st 4s guar.. 2361 J J 74
711s 783
7112
4
2361 J J 7112 7512 7112
Registered
N Y C Lines eq tr 5s..1918-22 M N ---- 100 10012 Jan '17
9818 July'17
-Equip trust 430....1919-1925 i J
8513 88
NY Connect 1st gu 430 A 1953 F A 771s 8512 8512 May'18
N Y4N H & Hartford
1947 M S --__ -- 56 Sept'17
deben 4s
Non-cony
_
50 Oct '17
1947 M S 5113
Non-cony deben 3%8
1 -511- 52
52
2
_ 52
Non-cony deben 3%s_.....1951 A 0 • 5118 _
20 52
6118
80
00
1955 J J 59
Non-cony deben 4s
3/ 5518 81
59
1958 M N 59 Sale 50
Non-cony deben 4s
5113 54
5114 July'18
1958 J J 5113 52
330
Cony debenture
4 82 90
86
83 82
1948 .1 J 81
Cony debenture Gs
50 Oct '17
Cons Ry non-cony 4s_......1930 F A 55 9112 Jan '12
1954 J J ---- 56
4s
ligNon-conv deben
80 July'18
-66 60
-Non-cony deben 4s.__1955 J J ---- 56
Non-cony deben 4s... 1955 A 0 --- 58
J J
-Non-cony deben 4s_ J956
'17
7714
Harlem R-Pt Ches 1st 48_1954 M N 68 -▪▪-- 7918 Aug '17
Dec
B & N V Air Line 1st 4s 1955 F A
74 Apr '17 -70
J
Cent New Eng 1st gu 48 1981 J
Hartford St Ry 1st 4s___ _1930 M S
;
17.61
Housatonic R cons g 5s__ _1937 M N
87 July'14 .......
1954 P4 N
Naugatuck RR 1st 43
83 Aug '13 -N Y Prov & Boston 43._ 1942 A 0
5278 25
Sale 5212
NYW'ches&B lstserI43is 1946 J .1
1939 A 0
Boston Terminal 1st 43
1945 J J
England cons 58
New
- 7
70 SepF17
1945 J J
134Consol 4s
57 Apr '10 --48
Providence Secur deb 45..A957 PA N
997 Dec '13
Prov & Springfield 1st 58_1922 J J
1333 Feb '14
Providence Term 1st 48_ 1956 PA S
W & Con East 1st 4%8_1943 J J
64 6812
dc W ref 1st g .. __g1092 M S 8414 657 64 July'18
N Y0
only_
Registered $5,000 48- _01992 M S 63 ____ 9212 June'12 ___ _
00 Apr
60 60
65
1955 5 D
General 48
July'18
;
Norfolk Sou 1st & ref A 5s 1961 F A 641 65 65 June'18 --- 60 65
_- 8112 8412
8
815
1941 M N 82
Nor( & Sou 1st gold 58
1931 M A 10514 1058 10514 July'18 -- 10514 106
Norf & West gen gold 6s
_
122 Nov'16
-Improvement & ext g Os.._1934 F A 104
1071 Oct '17
-New River 1st gold 6s.._1932 A 0 10314
6 80 85
81
8
12
cons g 48._1996 A 0 80 807- 81
N W RY lot
- ----- 9312 Dec '18
1998 A 0
Registered
2 71
7412
781s
8
Div'l 1st lien & gen g 4s_1944 J J 745 ___ 71
1237 May'17 -1932 J D
4s
10-25 year cony
11714 May'171932 M
-20
16 -year cony 4.3
10312 July'18 _-- 10312 10512
4
1513
M
-25-year cony
10
781s 85%
48_1941 J D 7812 83 7818 July'18
Pocah C & C joint
_
J
53_1922
o C & T 1st guar gold4s 1989 5 N 957 7918 103 Seot'113 1.-_ -_ 78 79%
791s July'18 7412
M
N E 1st gu g
Salo V &
Northern Pacific prior lien
8114 38 79 8434
railway & land grant g 48_1997 Q J 8018 Sale 8018
- 7912 783 July'18- 783 80
4
4
1997 Q
Registered
4 583 6112
60
8
82047 Q F D912 Sale 5612
General lien gold 38
6114 June'17
02047 Q F 5258 __
Registered
83 85%
2047J J ---- 83 83 July'18
Ref & imp 430 ser A
1 74
74
75
-Duluth Div g 48_1996 J D 74 Sale 74
St Paul
8
1923 F A 10118 105 10118 July'18 --- 1005 103
P & N P gen gold 138
St
Registered certificates. 1923 Q A 100% 104 10334 Sept'17
107 Oct '16
St Paul & Duluth 1st 5s 1931 F F 9334
1968 J D 87% 83 888 Mar'17 -1st consol gold 48
3612 Dec '16 -85
Wash Cent 1st gold 4s._ -1048 Q M 61
4
Nor Pac Term Co 1st g 68..1933 J J 10518 108 1063 July'18 --- 10614 10818
75
3 71
7314
J 7218 734 7314
Oregon-Wash 1st & ref 48_1081 J
82 95
194() 5 D ---- 84 8412 May'18
Pacific Coast Co 1st g 58
& his 1st s f 430 1955 J J -,...- 100 10018 Feb '17 -Paducah
.4
Pennsylvania RR 1st g 4s 1923 M N 9312 ___ 9312 July'18 --__ -631- 9312
1 100 100
100
100
_
1919 M S *100
Consol gold 58
1919 Q M -- 9934 -----------Registered
88 July'18
88
88
1943 M N gi12
Consol gold 4s
1 8412 90
8412
8412
1948 P4 N • 8413 85
Consol gold 4s
8 23 94% 99
95 3
1960 F A 9478 95 95
Consol 430
4 47 8814 92
873
8
1905 5 D 8078 Sale 867
General 430
82 ____ 8912 Nov'17 -1942 M
Alleg Val gen guar g 48
8
F A 825 ___ 8412 Sep '16 --__
- DRRR&Wgelstgu4sg_1936
--- ---Phila Bait & W 1st g 4s._1943 M N 84 ____ 92 Aug '17
102 Jan '93
---- ---Sodus Bay & Sou 1st g 58_1924 J .1
---- -Sunbury & Lewis 1st g 48_1938 J J 7712
92 Deo '17
--N J RR & Can gen 48_1944 M S 8414
Pennsylvania Co
9618 98%
J 9658 977 988 July'18
1921 J
Guar 1st gold 430
4
953 9712
1921 J J 95 ___ 9712 July'18
Registered
Guar 3%8 colt trust reg A.1937 Nt S 7658 ____ 87 Feb '17
78
"'hi" "fii"
Guar 330 colt trust ear B_1941 F A 70 ____ 78
78
8114 July'17
D 76
Guar 330 trust ctfs G 1942
3734 Dec '16
_1944 J D 7438 79
Guar 330 trust ctfs
8218 July'18
8
-E1 -Eli .Guar 15-25-year gold 48 1931 A 0 84% 96
84 June'18
84 84
-year guar 48 ctfs Ser E_1952 M N 77 .._
40
Cin Leb & Nor gu 48 g_ _1942 M N 80 873; 80 Oct '17
CI & Mar 1st gu g 430__ _1935 M N 90 __ 9014 May'17
664 -664
Cl & P gen gu 430 ser A_1942 J J 93 __ 9034 May'18
1912 A 0 8912 -- 104 Dec '16
Series B
Int reduced to 3%8_1942 A 0 8612 _..- 9614 Feb '12
1948 M N 8013 __ 9018 Oct '12
Series C 330
8812 Feb '17
1950 F A 8012
Series D 34.48
ga g 330 B 1940 J J 7614 -- 88 Apr '17
Erie & Pitta
9018 July'12
1940 J J 7614
Series C
7812 89 99 Mar'18
Gr R & I ex 1st gu g 450-1041
,
91
93 MaY14
1st gu 48-1943 M S 90
11 Ohio Connect
-_
Pitts Y & Ash 1st cons 53_1927 M N 93 ---- 93 May'10
4
TotWV&Ogu4sA..1931J .1 8712 ____ 983 Apr '17
1933 5 J 87% ____ 92 DOO '17
Series B 430
1942M S 7613 ___ 8818 Sept'17
' Series C 4s
4
9112 9212
4
PaC C & St L gu 430 A 1940 A 0 913 ---- 913 June'18
9112 June'18
4
9112 9112
1942 A 0 883 100
it Series B guar
4
1942 M N 883 -__ 90 June'17
.
4) Series C guar
887
1 88
887
888
• p • Series,D 48 guar
1945 M N 887
8
88 May'18
87 88
330 guar gold_1949 F A 885 90
8
• Series" guar 48 gold_ 1953 J D 887 ....-- 9512 May'17
1331 !?
ai
527
-ss
_-__
----
-
...-
---- ...-
..--
k.Serles/E
[Vol,. 107.
New York Bond Record-Continued-Page 3
486
BONDS
N.Y.STOCK EXCHANGE.
Week ending Aug. 2
Week's
Range or
Last Sale
Price
Friday
Aug. 2
Filch No. Low High
Ask Low
Bid
PCC&StL (Con.)
8
887 9812 887 July'18 - 887 88%
s
Series G 43 guar
10018 Ooty418
0212 ms 7
8
68
95
1 67 M N 9 74
Series I cons gu 4W-19 3 FA 8 3
ii561;
58.-1932 A 0
0St L P 1st cons g
100 June'17
Peoria & Pekin Un 1st Os g....1921 Q F
87 Mar'18
2d gold 430
8
-9 791 "g15
81
Sale 8012
_1956
Pere Marquette 1st Ser A 5851°21 M N 81
5 6212 66
8512
64
6519 6412
1956 -1st Series B 4s
50
45 July'18 --- 44
- 45
31431937J
,
Philippine Rs 1st 30-yr
99
9
1940A 0 98 __ 99 Jan '18 - 99
Pitts Sh & L E 1st g 58
_
93 2
__ 8714 Dee 4 _17
90
1st consol gold 58
if
17 831 4 Salo
7
43 5
97.
19
Reading Co gen gold 48
8112 8112
1997 J J 787 8112 8112 June'18
Registered
2 8114 86
8113
Jersey Central coil g 4s...._1951 A 0 8112 ____ 8112
Atlantic City guar 4s g.....1951 J
'
St Jos & Green Isl 1st g 48_1947 J J 63 "'W. -66- Dee '17
St Louis & San Fran (reorg Co)
8
4
598 28 5512 81
1950 5 5 593 Sale 595
Prior lien Ser A 4s
737 Sale 737
7412 171 86
75
1950
Prior lien Ser B 5s
8814 18; 60
6814
0 6712 Sale 6712
Cum adjust Ser A 6s__51955 A
51
58 44
9
93i Oct
560 S ,
Income Series A 6s
40118 87
*1927 .. 11 10911i July5'018
' 10012 10114
09 3 5_1 4
: 0
St Louis & San Fran gen 68
1 91
97
97
9712
General gold M
78 May'18
9
19 J
St L & S F RR cons g 40_1938 j J
_ 90 May'17
Southw Div 1st g 5s....1947 A 0 ____
10014 11
- fail;
100
K C Ft S & M cons g 138_1928 M N ---- 10014
4 62
66
69
66
67
K C Ft S & M Ry ref g 481936 A 0 06
12
8518 July'18 --- 85% 851s
KO&MR&Blstgu53_1929 A 0 83 90
637 July'18 ---- 63% 6812
St L S W 1st g 4s bond ctfs_1989 M N 637 64
5012 5012
60
5512 Jan '18 --2d g 4s income bond ctfs-731989 S J 55
59
64
57
1932 J D
Consol gold 4s
5912
3 52
° 5
5
58
°
8
5589
1st terminal & unifying 58-1952 J J 5712 6
9812 Jan '14
J D
Gray's Pt Ter 1st gu
2
.
57 -661
J
S A & A Pass 1st gu g 48_1943
7 j ie 8
u
51
-114-564 10) JunY48
100 100
1919
SF&NP 1st sk fd g 5s
80
67 July'18 -- 67
7114
1950 A 0 07
Seaboard Air Line g 48
14
1950 A 0 0814 7214 6814 July'18 -- 0 7113
Gold 43 stamped
7 49
5714
8
57%
01949 F A 531 541 5612
Adjustment 53
7 513 573
57
4
8
1959 A 0 5812 Sale 5612
Refunding 4s
75
83 78
73
75 Mar'18
Alt Birm 30-yr 1st g 43_31933 M S
75 77
75 June'18
Caro Cent 1st con g 48-1349 S J
Fla Cent & Pen 1st g 53-A918 J J
611
101 june:117
'4 Deo 5
1st land:grant ext g 5s...19305 J 9314 June'18 -- 931j 9314
1943 J J 0212 Consol gold 5s
Ga & Alallty,lst con M...81945 J J 9012 10018 9012 June'18 -- 90% 9012
94
94 June'18
95
Ga Car & No 1st gu g 58_1929 5 J 8912 94
9114 June'18 -- 9114 9114
95
Seaboard & Roan 1st 58-1920 J J 81
•;Ye
Southern Pacific Co5 70
78
7112
717 71
Gold 4s (Cent Pao 0°10_11949 S D 71
90 Feb '14 _11949 J r D
Registered
7912 87 7513 "AI;
8
g1929 M.!S 79 Sale 787
-year cony fs
20
21 8018 95
907
9034 9018
1934 J D 90
20
-year cony 53
3 77% 82
7912
Cent Pac 1st ref gu g 4s......1949 F A 7913 Sale 7912
8713 Sept'10
1949 F A
Registered
fir EU
J D "iti- "if- 86 July'18 -- Mort guar gold 330_k1929
76
76 June'18 --- 71
78
Through St L 1st go 46_1954 A 0 70
GH&SAM&PlstSo,.1931M N 9018 100 100 Oct '17 --4
963 965
963 Jan '18
4
19313 J ---- 97
2d18xten 5s guar
95 10014 Jan '10 --Gila V G & N 1st gu g 5s-1924 P4 N
- 8512 WI;
8512 July'18
1933 PA N 85% 95
& W T 1st g 53
Hous E
85
92 100 Oct '16 -.1933 M N
1st guar 5s red
9914 0 14 102 m ay418
3
4
H & T C,Ist g 5s int gu_ _1937 J J 8214 102 ,% Aug 7
87 - 921*
Gen gold 4s int guar..,,-1921 A 0
10913 Nov'15
Waco & N W div 1st g Os'30 M N
10112 Oct93
1941J J
A & N W 1st gu g 53
10014 p :17
0
1921 J J 98
Louisiana West 1st 6s
8
1045 100 Apr '18
Morgan's La & T 1st 13.1.. A920 J J
1938 A 0 9213 --- 10218 Oct '17 -No of Cal guar g 58
;
Ore & Cal 1st guar g 53 1927 J J 911 955 9814 Feb '18 --Cu g 58-1037 M N 9214 ____, 10712 Sept'16 _So Pac of Cal
0
7
-So Pao Coast 1st gu 48 g 1937 J J 9314 7714 93% Aug '17 ..78 June'18 __-- '73
8112
San Fran Terml 1st 48......1950 A 0
5
8ale 98 Nov'16
75
1943 J J
Tex & N 0 con gold 5s
7814 13 7818 823
1955 J J 78
So Pee RR, 1st ref 4s
4
8938 33 88% 9314
Southern-lst cons g 58-1994 J J 881 Sale 8818
__ 10014 Aug '18 r
1994 J J
Registered
4
6334
6334 56 59
Develop & gen 4s Ser A__ A958 A 0 5112 Sale 623
88.2
4 65
0718
Mob dr Ohio coil tr g 43.-1938 M S 68 Sale 66
1 87
92
92
Div 1st g 43.s-5s-1998 J J 92 ____ 92
Mem
WE
6612
5 64% 8912
1951 J J 6438 87
St Louis div 1st 8 4s
8
1023 Sept'16 -1918 .7 J
Ala Cent 1st g Os
87% Mar'18
- 8 877
8V7A 5s 1943 J D
Ala Gt Sou 1st cons
Atl & Chart A L 1st A 4301944 J J -if- -if- 90 July'17 -- - 95
8
6f
1944 J .1 923 Sale
1st 30
-year M Ser 13
0
7
°2111
'7014
1948 J J
Atl & Deny 1st II 48
8112 Mar'18.
Mar'16
_-. 80
2d 4s
__
----- 75 Feb '17
9
1 48 A 5
All & Yad 151 g guar 43_1° 9 j 0
98
98
_
925 99% 90 Mar'18
E T Va & Ga Div g 5s-Cons1930 JM
9112 9412 9112
9112 18 9114 9712
1956
CO 1st gold 58
1 88 88
88
88 ---- 88
ilep g 53.-1938 M
E Tenn reorg
83
- 51 Mar'18 ---- 51
1946 A 0 40
Ga Midland 1st 3s
1 10012 10012
5
2
1 2
Gs Pao Ry 1st g Os Os...19 8 5 .1 10012 103 10012 10012
1 985 10114
9914 10112 101
101
8
Knoxv & Ohio 1st g
_Mob & Bir prior lien g 53_1945 J J ---- 95 106 0°1410
68 Jan '18 -- 88
72
68
1945 J J 58
Mortgage gold 4s
95
95 Jan 'IA ___ 95
Rich & Dan deb 5s stmpd.1927 A 0 9318 103
73 Sept'12
Rich & Meek 1st gu 48...1948 M N
,
912
92 2
10813 june811
1919 P4 N
So Car & Ge 1st g 5s
Virginia Mid Ser D 4-58_1921 M S
93 Apr '18 -- 93
93
1920 at S
Series E 58
1926 M S
---- 10412 Dee '18 --- - - -Series F 5s
9113
1930 M N 9313 --- 94 July'18_--- 93
General 5s
Va & So'w'n 1st gu 58 2003 J J 81% 100 105 Mar'17 _72
93%2 J:at.718
n
f :
1st cons 50-year 58_1958 A 0 ft!
W 0& W 1st cy gu 48_1924 F A
9534 Mar'17
Spokane Internet 1st g 53_1955 J J
88 July'18 ---- 85I -1/6 - 90
.
Term Assn of St L 1st W430.1092 A 0
95
95 Feb '18.- 95
1894-1944 F A 8112 95
1st cons gold 5s
78
78% July'18'78
1953 J J
12 82 4
,
Gen refund s f g 48
1011a 9512 July'17
-St L M Bridge Ter gu g 5,9_1930 A 0
84
90
8418
5 -8214 - s
867Texas & Pao 1st gold 5s___ _2000 J D 82
82000 M a r 41 ---- 4618 Feb '18 .. 4612 4613
2d gold income 58
86 May'18
93
88
86
1931 5 J
La Div B L 1st g 5s
10012 Nov'04
W Min W & N W lstgu 581930 F A
93 Apr
--- 90
93
Tot & Ohio Cent 1st gu 58_1935 J J
'17 -__---1935 A 0 -__ oo too Jan '18Western Div 1st g 58
90 Feb '17 __--1935 J D 73 80
gold 5s
General
8012 70 Nov'17
1990 A 0 07
Kan & M 1st gu g 48
013 Dec '17 .--4
1927 J J
-year 54
2d 20
59
88 52 Aug '17 _19175 J
Tol P & W 1st gold 4s
Tot St L & W pr lien g 330_1925 J J 78 80 7713 July'18
4
1950 A 0 4614 Sale 483
463
4
-year gold 48
50
185 Mar'08
8
19_17 F A
Coll trust 48 g Ser A
Trust co ctts of deposit........
1 -3
68
-1
-Tor Ham & Buff 1st g 48_111948 3
00 Nov'17
J
Uls er & Del 1st cons g 53_1928 t D _-_- 95
58 Sept'17
1952 A 0 ---_ 70
1st refunding g 48
48 -14- 89
80
1947 J J
Union Pacific 1st g
5
8 1 9 8 2 85
1947 5 J 84:4 8°112 8413 July'18 ___ 8412 88
elbRegLstered
4
8318 17 823 89
1927 J J 83% 8514 8314
-year cony 4s
20
7812 Sale 7812
7858 18 7513 813
g2008 M
4
1st & refunding 48
8
1 7818 8212
7838
Ore RR dr Nav con g 48_1946 J D 7838 80 783
10214
1 10018 104
Ore Short Line 1st g 68_ -1922 F A 10078 10112 10214
96
8
955 July'18 ___ 9418 9713
1940 J J 95
1st consol g 5s
4
14 8134 8513
82
1929 J D 82 Sale 813
Guar refund 48
93 Dee '17
Utah Sc Nortgold:53___ -1920 J .1 9012 98
89
89 Feb '18 ..-_-_-_- 89
1933 J J 80% 89
1st extended 4s
80
1955 F A 77 ---- 80 Jan '18 ..-_ 80
cons g 4s Sot A
Vandalia
8112 80% June'18 --- 801s 8018
1957 M N 80
Consols 43 Series B
__
-fuli;
-6734
-
•No price Friday;latest bid and asked. a Due Jan. 0 Due Feb. 0 Due Jan. 5 Due July. 1 Due Aug. a Due Oct. p Due Nor, 1113118 Dec. a Option sale.
Range
Since
Jan. 1
AUG. 3 1918.]
New York Bond Record-Concluded-Page 4
b 'c1
.
BONDS
N. Y. STOCK EXCHANGE
'.4;
Week eliding Aug. 2
Vera Cruz & P 1st gu 4 As__1934 J J
Virginian 1st 5s series A____1962 MN
1939 MN
Wabash 1st gold 55
1939
2d gold 5s
A
Debenture series B
1939
1921
1st lien equips Id g 5s
1951
1st lien 50-yr g term 4s
1941
Det & Ch Ext 1st g 5s
Des Moines Div 1st g 4s 1939
1911 A 0
Om Div 1st g 3As
1911
Tol & Ch Div 1st g 43
1945
Wash Terml 1st gu 3As
A
1945
1st 40-yr guar 4s
A
1952 A 0
West Maryland 1st g 4s
West N Y & Pa 1st g 5s
1937 J J
Gen gold 4s
1943 AO
p1913 Nov
Income 53
Western Pac 1st ser A 5s___1946 MS
Wheeling & L li 1st g 5s___1926 AO
Wheel Div 1st gold 53____1928 J
J
Exton & Irnpt gold 5s--1930 FA
Refunding 445 series A..1966 MS
1949 MS
RR 1st consol 4s
Winston-Salem S B 1st 48..1960 J J
Wls Cent 50
-Yr 1st gen 4,1-7-19-19 J J
Sup & Dui div & term 1st 48'36 MN
Friday
Avg. 2
Bid
Week's
Range or
Last Sale
co
Ask Low
High No.
:18 Sept'17.-IN- - -978 8912
8
3
897
8
913 Sale 91
4
10
92
8212 86
1
8212
8212
90 105 Oot '15
---- 98
96 July'18
66
78 May'17
8712 102
9912 Sept'17
_-_- 77
80 Aug '12
70
75 Apr '17
---- 80
8414 Jan '17
70
80
76 Dec '17
80
85
85 Dec '17
5418 60
6012 July'18
9512 10153 99 Jan '18
---- 851 70 Apr '18
36 Oct '17
8l
82
82 July'18
--__ 96 10034 Apr '17
993 100 Feb '17
4
---- 92
9953 Mar'17
5718 75
60 July'18
5758 58
5753 July'18
6318 82
85 May'17
--__ 717 72 July'18
8
701s 743 70 May'13
8
Range
Since
Jan, 1,
Low
03
91
955
8
821• 8612
10014
_
58
99
70
- 7914
--
4?.
High
-ii3"4
96
BONDS
N. Y.STOCK EXCHANGE
Week endIn; Aug. 2
62
99
70
81
-- - -
-6(1 -66 5512 60
Miscellaneous
Adams Ex coil tr g 4s
1918
Alaska Gold M deb 6s A...1025 rel
Cony deb 6s series B
1926
Am SS of W Va 1st 5s
1920 51
Armour & Co 1st real est 43is '39
11ooth Fisheries deb s I 6s
1926
iIraden Cop M coil tr s f 6s_1931
A
Bush Terminal 1st 4s
1952 A
Cense!53
1955
Bldgs53 guar tax ex
1960 A
Chic C & Conn Rys s f.5s 1027 A
Chic Un Stat'n 1st gu 4%s A 1963
Chile Copper 10-yr cony 75_1923 lbS
Subscrip rests cony Os ser A__
Coll tr & cony Os ser A 1932 A
Computing-Tab-Rec 5 f Os. 1041
Granby Cons MS& P con 6s A'28
Stamped
1928 rtl
Great Falls Pow 1st s I 5s
1040
lilt Mercan Marines I 68_ 1011
0
Montana Power 1st 53 A
1943
Morris & Co 1st 51 4 As
1939
Mtge Bond (N Y)4s ser 2 1966 A 0
10-20-yr bs series 3
1932
N Y Dock 50-yr 1st g 4s
1951
A
Niagara Falls Power 1st 5s 1932
Ref & gen 6s
a1932 A
Niag Lock &0 Pow let 5s__1954
.I\Tor States Power 25-yr Sc A 1941 A
Ontario Power N F let 5s___1943
A
Ontario Transmission 5s____1945
Pub Serv Corp N J gen 53_1959 A 0
Tennessee Cop 1st cony Os.
.1925
Wash Water Power let 5s__1939
.1
Wilson & Co 1st 25-yr s f 68_1941 A 0
487
Price
Friday
Aug. 2
Bid
Week's
Ranee or
Last Sale
Ask Low
64
2518
2358
95
8212
83
9012
78
80
80
91
82
82
82
66
23
25
Range
Since
Jan, 1.
Hign No Low
66 July'18
28
28
2114 July'18
8212 --IS 90 Feb '18
91 July'18
79 June'18
81 June'18
80 July'18
58 Mar'18
87
Sale 87
87
10612 1063 10612
4
10612
7812 7912 7914
797
8
7958 80
80 July'18
8058 855 805 July'18
8
3
961.4 10
9614 June'18
9614 102
95 Apr '18
87
927 9058 Apr '18
s
96
Sale 96
97
89
Sale 89
89
____ 8934 90 July'17
--_--- 83 Apr '14
91 June'18
-Ei- -gg- 67 July'18
____ 9812 95 July'18
98 100 10512 Oct '16
.......- 9314 8912 Oct '17
8.5*”. 8511 July'18
87
91
8612 July'18
95
84 June'17
7734 78
777
8
78
95
904 95 July'18
4- - 10312 Jan '14
903
Sale 9312
935s 9418
63
18
18
High
6634
30
28
9 823 "8714
90
90
8978 93
79
83
8112
80
74
80
58
58
5 8614 90
7 10238 10814
6, 73
803
4
7712 80
7812 83
91
97
01
96
9012 94
86 90 10238
5 8634 92
72
73
72
7714
67
65
95
9812
Street Railway
Brooklyn Rapid 'Fran g 5s...1945 A 0 8118 Salo 8118
2 797 833
811s
8
4
1st refund cony gold 48
2002
65
69
65 July'18
85'4 8712
6-year secured notes 5s_ .A918
-136 4
9 9214 9812
-1967
8
96(2
8512 8712
Ctfs 3-yr sec 7%notes op-A1921
Ctfs 3-yr sec 7%notes op 111921
2 001 9612
____
-12
-60
-1-56 2
13 7313 821g
Ilk Cty 1st cons 4s1916-1941
_
92
94 Oct '17
95
88
Ilk Q Co & S con gu if 5s...1941 fbi
-___ 90
80 May'12
Bklyn Q Co & S 1st 5s
1941
101 May'13
12 9312 9634
Bklyn Un El 1st g 4-5s
1950
7Sale 79
A ---- 90
78
8712
79 12
9
Stamped guar 4-53
7918 July'18
195
A
7812 86(2
7878 84
Manufacturing & Industrial
Kings County E lot g 4s 1949
A 64
66 May'18
66
68
66
Am Ag Chem let c 5s
1928 A * 0 9534 Sale 953
4
953
4
9212 10012
Stamped guar 4s
A
1949
64
73
78 July'17
Cony deben 5s
1921 FA 'J5
Sale 9412
95
9014 9512
Nassau Else guar gold 48_1951
6612
3 55
5512
5512 60
58
Am Cot Oil debenture 5s
84
1931 MN 80
82 July'18
83
82
1927
Chicago Rys 1st 55
A 82 ---_ 82
5 81
8612
82
Am Hide & L let s f g 6s
1919 roSS 10012 101 1003
4
10 9814 101
101
Conn lty & L 1st & ref g 4%s1951
83 __- 10018 Feb '17
_
Am Sm & R 1st 30-yr 5s ser A d'47
88 _S_a_l_e 8734
9
,
88
15' 8614 8913
Stamped guar 445
• 1951
Apr '18
85
85
85
Am Thread 1st coll tr 4s
1919 1 -.I
99
21 967 9918
9918
8
Dot United 1st cons g 4%5..1932
09 - - 69
612
68
09
77
Am Tobacco 40
-year g 6s
1944 A0 117 -- 117 May'lli
117 117
19:36
Ft Smith Lt & Tr 1st if 5s
81 Jan '14
Gold 45
1951 FA 7112 7712 7112 July'18
7413
71
Ilud & Manhat 55 ser A._
A
1957
41 4878 6214
5878 Sale 5731
587
8
Am Writ Paper 1st s f 5s_ _.191J J J
8412 1S0
0ale 8414
8412
87
7 79
1057
Adjust Income 5s
19
1914 39 1434 25
Sale 1812
Baldw Loco Works 1st 53_1940 MN
1007 June'18
8
9912 10114
1932
90
N Y & Jersey 1st .5s
9212 00 July'18
90
90
Cent Foundry 1st 5 f 6s
8412 8412 June'18
1931 FA
80
8412
Interboro-Metrop coil 4%3_1956 A 0 503 Salo 5012
4
5112 12!) 5012 6712
Cent Leather 20-year g 5s 1925 A0 9318 9314 9314
9412 169. 93
9714
Intorboro Rap Tran 1st 53_1966
787 Salo 787
8
8014 96 787 85
8
8
Consol Tobacco g 4s
1951 FA
81 Mar'18
Manhat Ity(N Y) cons g 4s_1990 A 0 7314 7514 75 July'18
745 8012
8
Corn Prod Ref 5 f g 5s
i
1931 MN -gii1- 1_0_0 _ 9834 July'18
4 81
671- 634
- 41990 A 0 7518 80
7434 July'18
Stamped tax-exempt
7458 82
let 25-year s I 5s
1934 MN 9912
9912 July'18
9912
95
.1953
80 -___ 80 July'18
Manila Elm Ry & Lt s I Se.
80
Distil Sec Con cony 1st g 53_1927 A0
80
1S0
0ale 86
86
io 75
88
Metropolitan Street Ry1.1 I du Pont Powder 430_ _ _1936 J 1)
104 May'17
76
79
Bway & 7th Av 1st c g 58_1943
85 Feb '18
7614 85
General Baking 1st 25-yr 03_1936 .1 1)
9612 7.5 May'18
75
75
Col & 9th Av 1st go g 5s 1993
95 May'17
Gen Electric deb g
FA
73 July'18
74
71
---- 75
Lox Av & P F 1st go g 58-1903
80 Sept'17
Debenture 5s
.. 93 July'18
1952 M S 98 1_03
86
, 7_0
6
9434 100
Mot W S El (Chic) 1st g 4s 1938 F A
30 Mar'14
---Ingersoll-Rand 1st 5s
193.5 J J
100 Oct '13
A
92
Milw Elec Ry & Lt cons g 58 1926
10012 June'17
hit Agricul Corp 1st 20-yr 5s 1932 MN
7612
7512 7612
75
2 6812 75 2
8112
Refunding & exten 4%s...1931
8112 July'18
8112 8112
Int Paper Co99 _ 0834 Aug '17
Minneap St 1st cons g Sc. 1919
---Consol cony s f g 5s
1935 J J
9353 ---- 9614 June'18
9614 99
•____ 9612 9712 July'17
.
Montreal Tram 1st & ref 5s_1941
---Liggett & Myers Tobac 7s 1944 A0 1893 110 4 110
: 13
07 ,12
110
1 110 117
---- 88
Now on Ity & Lt gen 4%s..19:15
74 Aug '17
55
1951 FA
9014
9014
95
N Y Munielp Ity lets I Sc A 1966
2 86
09 May'17
'Lorillard Co (P) 78
1944 A0 10712 11214 110
110
1912
5114 5214 51
1 110 118
N Y Rys 1st It E & ref 4s
52
749 "ii
bs
1951 FA
8738 8812 8812 July'18
a1942 A
23
Sale 22
85
93
30-year ad) Inc Sc
23
14 1734 24
Mexican Petrol Ltd con Os A 1921 A0 106 109 106 Apr '11t
6178 613 July'18
NY State 'Rye 1st cons 4 As_1962
10534 106
68
70
1st lien & ref Os series C 1921 A 0 1053 109 10634 June'18
0
, 4 97
00
Portland Ry 1st & ref bs_ _1930
55
106 10712
8812 Nov'16
- -Nat Enam & Stpg 1st 5s
1929 ID
OS May'18
7512 6612 July'18
A 67
98
Portld Ry Lt & P 1st ref 543_1912
95
6212 68
Nat Starch 20-yr deb 5s
1930 J J 93
9712 96
9834 93 Apr '18
0114 9214
+Portland Gen Else 1st 5s_1935
9012 Feb '17
_
National Tube 1st Sc
1952 MN
96 July'18
93
96
83
95
St Jos lty L 11 & P 1st g 5s__1937
95 July'17
N Y Air Brake let cony 6s 1928 MN 98
987 937 July'18
s
8
98 100
St Paul City Cab cons g 55..1937
10212 Mar'12
Railway Steel Spring5612 58
1960
Third Ave 1st ref 4s
5612
8 5212 58
5734
Interocean P 1st s f 5s
4
1931 A0 99 ---- 991.
9912
1 9618 9912
3133 Sale 344
r eAdj Income Sc
,
3618 30 2712 3812
a1960 A
Sinclair Oil & Refining
9012 104
Third Ave Ry 1st g 5s
1937
9112 July'18
9018 95
1st s f 7s 1920 warrants attach
9312 43 86
9314
94
9278 --__ 9234 July'18
'Fri-City Ity Jc Lt 1st 5 f 53..1923 A
91
96
do without warrants attach
9 42 90 4 9012
9311 Sale3
0
91
21 8412 92
Undergr of London 4 As
1933
76 76 Mar'18
76
80
Standard Milling 1st 5s
1930
8918 -- 98 June'18 -.-- 88
9314
3
Income 6s
56
gi
1948
56 Mar'18
56
60
The Texas Co cony deb Os.
.1931 J J
9814 985 9812
8
9912
9612 10133
United Rye Inv 5s Pitts iss 1926
59
Salo S93
ii 158
5!)
60
Union Bag & Paper 1st 53..1930 J J
8818 8234 Aug '17
83
United Itys St L 1st g 4s__ _1934
52
61 July'18
6012 551
4
Stamped
1930
94
3812 May'17
J 83
0
StiLouls Transit gu 5s
60
1924
10 June'17
Union Oil Co of Cal let .5s_ _1931 J J 90
9014
Uniteclillits San Fr s I 4s
1927 A 0 __- 30
25 May'18
U S Realty & I cony deb g 5s 1924 J J
25
25
55 ---- 54
51(2
11 -ig - 5212
Va Ry & Pow 1st & ref bs 1931
j;7714 79
77 July'18
8018
77
S;Rubber 10-yr col tr 0..1918
D 100 10012 100 July'18 __ 100 101
1st & ref 5s series A
Sale 80
1947 J J
8012
:
81
1-, 4 Gas and electric Light
115 Smelt Ref & M cony Gs_1926 FA 90 9 s 95 July'18 62 76
8
4
- 9218 98
9318
Atlanta 0 I. Co 1st g Sc.. _1947 J
103 Sept'15
V-Car Chem 1st 15-yr 5s_1923 JO 9318 95
95
2 90
963
4
97
14
Bklyn Un Gas 1st cons g 5s_1945 M
86
85
:3 81 -E37,
87
87
Cony deb Os
e19241 A
9
9812 9,,2 9712
8
98
8 9414 98
Buffalo City Gas 1st g Sc. _1947 A 0
62
54 June'13
West Electric let 5s Dec____1922.J
9612
96
2 95
98
Cincin Gas & Elec lst&ret 5s 1956 A
8912 0014 90 June'18
8012 9058
Columbia G & E let 5s
1927 J
83
78
78 July'18
80
75
Coal, Iron'& Steel
Columbus Gas 1st gold Se. 1032 J
97 Feb '15
Beth Steel 1st ext s f Sc
97
96
1926,3
9613 15 9318 99
96
Consol Gas cony deb Os__ 1920 Q
9912 Sale 99
let & ref 5s guar A
995
8 72 -116 - 102
1942•1W N 8678 8814 8618
87
2
9318
86
Cons Gas EL&P of Bait 5-yr bs'21 M
9:1
9218 Feb '18 --- 0212 0212
20-yr p rn & imp s f 53_
2
J 81' Sale 8112
82
201 7812 8312
Detroit City Gas gold 5s__ _1923
9418 9578 95 July'18 ____ 01
9512
Buff & Susq Iron s f 5s __ 1932 J D
90
90 May'18
90
90
Detroit Edison 1st coil tr 53_1933 J
807
8
947 July'18
8
• 1)ebenture Sc
92
98
a1926 51 S 8614 89
861 1 July'18
85
8614
let & ref Sc ser A
100
h1940 M
9112 Apr '18
9112 9212
Cahaba C M Co 1st gu 6s__1922 3 D ......... -- 101 Dec '14
Eq GLNY 1st cons g 5s._1932 M
*____ 10012 04 Feb '18
91
94
Col & Co gen s f 5s
1943 F A 85
9312 8312 July'18
83
88
Gas & knee Berg Co e g 5s._1949 .1
- ---- 100 Feb '13
Col Indus 1st & coil 55 g11-1934 F A
-- 74
71
12 75 July'18
Havana Elec consol g 5s____1952 F A 885s 90
73
76
9218 Nov'17
Cons Coal of Md lst&ref 58_1950 J D 87
---95
90 May'18
Hudson Co Gas let g 5s__ _1949 M
83
90
--- 95
9618 Dee '17
Elk IIorn Coal cony Os
1925 J D 95 --__ 9812 Sept'17
---Kan City (Mo) Gas 1st g 53_1922 A 0 82 ____ 9078 Dee '113
Or Riv Coal & C 1st g 6s_ _h1919 A 0
98
'J4 Feb '18
"di- "d, Kings Co El L & P g 5s____1937 A 0 88
f
90 Des '17
Ill Steel deb 4As
1940 A 0 8212 8258 825s
- - -8258
Purchase money 65
81
1997 A 0 97
9958 0914 May'18
8512
99
9914
Indiana Steel 1st 58
1952 M N 9418 9412 9412
Convertible deb Os
95
1925, M
94
97
-- 110 June'17
Jeff & Clear C & I 2d Se.. 1926
D 95
73 ____ 76 Nov'17
Ed El III Bkriorst con if 43_19391J
Lackaw Steel let g 5s
1923 A 0 9414 Sale -641171 ---- -1.e1919 Q
95 2 14 9434 O81
977 Sale 9778
Lac Gas L of St L 1st g 5e.
8
9714 9812
98
1st cons 5s series A
1950 M S 91
93
91 July'18
1934 A 0 11018 9314 8912 Juno'18
9612
(-•Ref and ext let if 55
88
8878 9433
Midvale Steel &0 cony s f 531936 M S 8812 Sale 8712
10 8012 92
8812
Milwaukee Gas L 1st 4s...-1927 M
8512 June'18
85
8618
Pleasant Val Coal 1st 51 55_1928 J J 763 -8
1948 J
Newark Con Gas g 55
10412 Apr '17
--- -l'ocah Con Collier lets I 53_1957 J J 834 867 8713 Juno'IS
1
8
8512 8718
19481J
87
N;Y GEL It & P g 5s
Sale 87
87
71 86
90
Repub I & S 10-30-yr 5s s f_1910 A 0 9234 Sale 921 s
6 9214 9814
923
4
Purchase money g 4s
19491 F A 68
69
68
68
68
St L Rock Mt Ar P 5s stmpd_1955 J J
73
83
77
80 Apr '18
80
80
---- 98 10512 June'17
Ed Elec Ill 1st cons g bs 1995,J
Tenn CoaLl & RR gen 58-1951 J
9512 99
9613 July'18
A __- 101
9212 97
12
NY&Q El L&P let con if 53_1930
0612 Aug '17
U S Steel Corp-1coup___d1963 M N 9814 Sale 98
- -9812 135 9612 100
Pacific G & El Co
-Cal G & Es f 10-60-yr bs;reg ____d1963 M N
987 July'18
8
8912 9111 9018 July'18
8
4
963 997
N-Corp unifying & ref 58
1937 51
8634 9212
Utah Fuel let s bs
1931 M N 863s
79
Pacific
Sale 79
E gen & ref 5s_ _1942
79
78
Victor Fuel 1st s f 5s
803
4
1953 J J
75 "W Dcc '16
_
Pao Pow & Lt 1st & ref 20-yr
Va Iron Coal & Coke 1st 558 1949 M
81
4
853 85
85
2 83
•53 International Series
86
1930 F A
,,
95 Jan '17
Pat &IPas.sale 0& El bs___ _1949 M
100 July'17
Telegraph & Telephone
0
Poop Gas & C 1st cons g 68_1943
100 July'18
Am Telep & Tel coil tr 4s_ 1929
9812 100
73
7912 24 78
Sale 77
831s
7112 - - 7112 July'18
•ltefundinegold 5s
.
747
;
8
1947 M
7112 81
Convertible 4s
1936
82
8512 Feb '18
8134 8512
9678 90 Sept'17
Ch G-L & Coke 1st gu g Ss 1937 J .1
20-yr convertible 4%s....1933 111
82
84
8218 July'18
1 82
9112
9978 100 Apr '17
Con G Co of Ch 1st go g 551936,J .1
30-yr temp coil tr 5e
1946
8612 Sale 86
8612 38 86
9518
Efilial Nat Gas & Oil 30-yr 5s1936 M
89 Mar'17
Sub rects full pd corn Os_1925
937 94
8
94
937
8
74 937 9412
8
IV's'Mu Fuel Gas 1st go g 58..1947 M
*:-17:1" 94 July'17
Cent Dist Tel 1st 30-yr 58..1943
_
10012 9938 May'18
9818 9913
Philadelphia Co cony 5s
1919 F A 6174
9914 Nov 15
.
Commercial Cable let g 4s 2397
684
73 Nov'17
-Cony deben gold .5s
78
85
78 May'18
84
78
Registered
2397
6818 Jan '18
6818 65(18
Stand Pas & El cony s I(3s.._INg . 1
88
90
1
1
90 Juno'18
Cumb T & T 1st & gen Sc..J937
00
91
86
887 873
8
8
873
8
8 873 93111
8
Syracuse Lighting 1st g 53_1961 J
8112 9711 May'17
Keystone Telephone 1st 5s 1935
9638 98 Apr '16 __SyracuselLight & Power 55_1954 J
70 ---- 81 July'17
Mich State Teleph 1st 5s
---1924
8812 90
88 July'18 .___ 805 -6c7Trenton G & El 1st g 5s_949 M
9833 Oct '17
N Y & NJ TeloPhone758 g 1920 ut
--_
97 ____ 98 June'18
97
98
Union Else Lt & P 1st g 53 1932 M
98
9234 Sept'17
N Y Telco 1st & gen s f 4%s_1939 54
86
8614 86
861.1
29 85
89
Refunding & extension 53_1933 M
85 1015 Nov'16
8
Pacific Tel & Tel 1st bs
1937
8812 Sale 8812
893
4 10 8812 9258
United Fuel Gas.15t s f 6s 1936 J
___ 07
9312 June'18
South Bell Tel & T 1st s f 58.1941
9114 9712
8734 Sale 873
89
4
16 8734 95
Utahl,Power & Lt 1st 5s
1944 F A -8312 Sale 1
.8312
8312
1 8018 84
West Union coil tr cur bs_
1938
90
Sale 90
90
1 90
9312
UtlealEleo L & let g 5s
1950 J
101 June'17
Fd and real est g 4 As__ 1950
8012 8158 807
8
811 1 11 80
88
Utica Gas'& Elec ref 5s
9.1
1957 J
9(3 Aug '17
Mut Un Tel gu ext 5c. _1941
---- 99 10112 Sept'17
Westchester Ltg gold 5s
_ 92 105 Mar'17
1950 J Di
Northwest Tel gu 4%s g 1934
_
.1
94 Nov'16
' Noartoe Friclayalates t 053 and Sake& a Daelan. d Due
•
April. s Due May.•Due June. s Uue Jul/ S One ass o Due Oct
DUe Nov
Due Del, a Option 1141s.
RecordUOMGI
BOSTON STOCK EXCHANGE-Stock
488
-NOT PER CENTUM PRICES.
SHARE PRICES
Saturday
July 27
Monday
July 29
Tuesday
July 30
Wednesday
July 31
Thursday
Aug. 1.
Friday
Aug. 2.
Salesfor
the
Week
Shares.
STOCKS
BOSTON STOCE
EXCHANGE
Range Since Jan. 1.
Lowest.
Highest.
VOL. 107.
&Inge for Preston
Year 1917
Lowest
Highest
Railroads
I
32 Boston & Albany
132 132
100 12212Apr 17 138 June24 120 Dec 178 Jan
+131 132
130 13012 *130 132 *130 132 *130 132
7112 1,485 Boston Elevated
71
100 37 Jan 2 7612 May29
27 Dee
79 Jan
7112 7012 71
71
72
72
71
71
7112 72
___ _
5 Boston & Lowell
____ ____r
100 80 Julyll 100 Jan 2
7012 Dee 133 Ma
85
*83
85
*83
85
85
85
*83
85
*83
163 Boston & Maine
100 19 Jan 23 3712 July20
35
15 Dee
35
45 Mar
35
35
36
3412 36 .35
35
*33
----1 Boston & Providence
---100 150 Apr 15 16812 Jan 17 150 Dee 213 Jan
160 160 *155 170 *155 170 *155 170
•155 170
3
r_
Boston Suburban Eleo__no par
3 Juno 5
Last Sale 3 June'18
2 Jan 26
2 July
3 July
no par 1014 Mar 1 15 June17
Last Sale 1412 July'18
Do pref
9 Juno 30 July
,.14 ---- ii.1 ____ ____ ____ ____ __
Boston & Wore Elea __no par
Last Sale 412 Nov'16
-__ _
1
*2512 ___I ___
Do prat
30 Aug .. .
25
ii Feb
no par 25 July19 30 Mar 8
.
1 ;H12 -_-_-_-_ .2512 ___ *2512 ___ 25
Ohio June Ry & US Y--__100 138 July 2 147 Apr 17 148 Nov 150 Jan
Last Sate138 Jul y'18
4
'138 145 .138 145 .138 145 .138 145
100 8212 Apr 18 85 Jan 30
5 Do pref
4
/83 ..,..-1 ____ 8312 Dec 108 Jan
83
__ 83
__ .83
1-.83 ___- *83
Connecticut River
Last Sale 115 July'18
100 104 Feb 19 120 Mar 6 10212 Nov 140 Mar
.108 114
-*108 114 *108 114 *108 114 '4
6212
105 Fitchburg pre!
62 I 62
100 53 Jan 22 65 Jan 3
44 Dee
62
60
60
7812 Mar
62
60 .60
60
63
.60
Georgia Ry & Eleo stampd100 11212 Junel5 11614Jan 9 118 Dee 133 Jan
Last Sale 11314July'18
+112 115 .112 115 .112 115 .112 115
f
D
Last Sale 80 May'18
84
100 80 Mar 8 81 Feb 25
83 June 9212 Jan
84 .78
84 .78
84 .78
.78
81 I ____ _ .
4 Maine Central
81 .80
100 7712Junel8 85 Jan 3
78 Deo 10018 Mar
81 .80
.79
81
81
81
.79
150 Mass Electric Coe
-2
2
2141
*2
2
712 May18
2 Jan 2
100
2
1 Dee
632June
.1% 214 *1% 213 .1% 2
887 Do pre stamped
1812
812 Jan 22 33 May16
16141 16
100
1612 16
16
8 Dee
3114 July
17
17 .16
163
s 17
16
446 11 YN H & Hartford
40
2134 Sept 5234 Jan
s
4114 397 40 I 40
100 27 Feb 25 48 May29
3
4014 .4014 40 4 41
4018 40
40
Jan'18
Northern New Hampshire_100 90 Jan 10 90 Jan 10
Last Sale 90
.80 ____
00120ot 105 Apr
.80 _-__ .80--- .80
8 Old Colony
85 Dee 135 Jan
100 z8812Junel4 98 Jan 2
92 .92 _ _ 9212 9212 9212 9212
94 .90
95 .92 .92
Last Sale 22)4 July'18
Rutland. pref
1612 Dec
100 20 Jan 2 25 Jan 8
2214 .21
2214 *2118 2214
2214 .21
841)Feb
4
.21
Vermont & Massachusetts_100 83 Jan 24 88 Apr 18
Last Sale 88 Apr'18
83 Dec 110 Jan
90 *__ 90 .____ 90
._
4
207 West End Street
4734 4734 ____
34 Dee
50 37 Feb 20 50 July 5
4712 48
5612 Mar
4812 49
-41
-46- - - lir2 49
30 Do pref
____ ____
60 47 Jan 16 62 Apr 1 245 Dec
74 Jan
5614 5614 5614 5614 5612 5612 5612 5612 .5612 57
Miscellaneous
220 Amer Agricul Chemlcal-100 7812Jan 2 93 July19
90 90
73 Dee
92 .90 92
9424 May
*90
92
9112 9112 9112 92
.
90
162 Do pref
94
94
937 _04
g
8Jan 2 9512 May21
94
94
88 Dec 10314 Ian
100 885
ee
*9312 94
94
94
94
94
• p
Last Sale .60 July'18
212 Mar 2
20 Amer Pneumatic Service
1
.40 July 1
25
..70 1
atlo
..60 1
an
4
1
*.70
1
..70
*412 5
412 July13 155s Mar 4
60
.412 5
712 Dee
*412 5
14 Mat
*412 5
412 5
*412 5
lit 11 13 11 114 11 114
59 Amer Sugar Refining
2
100 99 Jan 2 11512 May15
90 Nov 12614 June
*110 11012 *110 11012 110 11012 5110 111
100 Do' pref
4
4 1133 May 9 106 Dec 12112 Jan
10914 110
109 109
100 107 June
109 11012 11012 11012 109 109 .109 110
4,283 Amer Telep & Teleg
93
9178 9313 9212 9334 92
100 9114 July30 109 Feb 6
96 Dee 12814 Jan
9114 92
94
937 9414 92
8
Last Sale 60 July'18
American Woolen of Maae.100 4512Jan 8 8083 May24
*5812 5914
387s Nov
69
58 June
4
• 4 593 *5834 59 .58
583
525 Do pref
4
4
9514 1 943 95
9512 .95
100 90 Jan 3 963 Mar12 38714 Dee 10014 June
9518 9512 95
95
9512 95
95
46 A moskeag Manufacturing-- 6012Jan 2 77 May24
____ ___
80
80 .76
76 .76
76
60 Dec
80
75 July
*76
80
•76
31 Do pref
__ ____
80
77 .78
77
78
78
75 Dec
6 Dec
76 Jan 7 82 Juno 5
80
80 .78
91714 Ja
78
4
.
305 Art Metal Construe Ine-10 11 Feb 21 18 July 8
1512 1512 ____ __
16 .1512 16
16
1512 16
Dec
16
.15
Last Sale 104 July'18At1 G
10 Doulf: f I 8S Lines_100 98 Jan 15 12014 Feb 16
reW
88 Sept 12112Jan
*10212 104 *10112 103 *10212 104 .10112 103
66 Jan
55t2 Feb
63
64 July19
6312 .62
4
623.4 623 .63
.
100 5812Jan 17
*6312 65 .6312 65 4 _ _ _ 64
767 Booth Fisheries
4" 2514 254
2534 26
2583 253
no par 21 Jan 25 2734 July16
26
2614 2614 2614 2683 26
8
13121 1314 13
12 2,771 Century Steel of Amer Inc 10 1014 May18 135 July19
1314 1358 1314 1358 1312 1312 1318 1383 13
12 I ___ .--12
12May 1
1212 12
12
12
51 Cuban Port Cement
10 12 Jan 29 17
13
9 Dec
1212 1234 .12
2012 June
512 *518 512 *5
Last Sale 512 July'18
514
*518 512 s5
534 MaY15 1334 Dec
East Boston Land
4 Jan 31
10
7 e
10 Jan
3
100 134 June21 15412 Jan 2
132 Edison Eiectrio Ilium
13812 13812' 140 14014
137 13712 137 137
140 140
137 140
83)
2216
42 1
4212 41
42
43
42
4234 43
4234 43
__ __
_
4
262 General Electric
1453 146
4
144 145
100 128 Jan 16 1513 May16 11834 Dec 17014Jan
144 145 .14414 14514 143 144
514 *518 514
5
518 .414 5
612Feb 6
514 *5
___ _ _..514
320 Internat Port Cement
6 Apr 3
10
Jan
4 Dee
j
Last Sale 18 July'18
*1612 18
Do pref
50 12 Apr 23 18 July19
10 Dee
4
'1612 18 .1612 18 .1812 18
3312 Jan
334 334
518 Mar18 _
315 Island 011 & Trans Corp-10
7
37
8 38
312 Apr 29
418 418
378 4
*33
4 413 *378 418
Last Sale 90 July'18
McElwain(WE)1st pref _100 89 May28 9212Feb 28
_ _
9212 Deo 102 Jan
- - .88
+88 -- .88- .88
84
821 .82
8312 82
8212 - - .82 . - 8212
31 Massachusetts Gas Cos___100 2771.4 Jan 15 91 May16
71 Dec 10012 Mar
83
8314 8212 -+82
*65
67 .65 67
65
65
'
100 62 Juno17 70 Jan 3
63 Dee
66
66
65
65
68
17 Do pref
.66
81 Mar
____ ____
14 Mergentbaler Linotype
112 112
100 107 Junoll 124 Jan 31 110 Dec 169 Jan
1134 11314 .111 11312 11312 11312 .11112 113
Last Sale 8812 .July'18
35 Jan
New Eng Cotton Yarn__100 88 Jan 15 8912 May16
.
95 Mar
8812 -_- *8812 -_- *8812 ---- .8812 __Last Sale 9212 Aug'17
___
100
___ .88
Do pref
60 Jan
9212 Aug
*
88 --- .88..... *88
187 New England Telephone_100 8212 July30 100 Jan 3
83 .8312 8334 8312 8312
8212 83 93 Dec 12412 Mn,
83
83
83 83
83
.60 61 I 623 623
4
61
4
100 Nova Scotia Steel & C
+60
62
100 66 July 5 89 Jan 2 359 Nov 112 Jan
*60
61
61
62
62
8
111 11112 1113 11138
11312 *111 113
78 Pullman Company
100 102 Jan 7 11912May16 107 Dec 16614 Jan
114 114 +____ 114 .112 1
Last Sale 3412 July'18
3412
3412 .34
29 Dee
Punta Allegre Sugar
3412 .34
60 29 Jan 3 38 Feb 23
3412 534
48 Jan
*34
17 Reece Dutton-Hole
8
137
10 Dec
8
.1212 13 .1212 1312 *1212 1312 13
10 11 Jan 29 137 Marl()
+1212 1314 4
13
13
50 M:
1810
135 orri Co
11034, 11214 11012 11134 7,520 TSwiftn>Con
4
100 10214 Junell 14814 Apr 9 116 Nov 1827s Apr
11012 11312 11134 1143 11131 113
4
1083 110
52
52
52
52
25 45 Jan 29 52 July24
40 Nov 68 June
+5134, 52
52
52
52
52
52
52
12614 12712 12612 12714
11512Jan 17 133 Feb 18 8105 Dec 15512Jan
487 United Fruit
12612 1271 12612 128
4'127
100
4
126 1263 1263
3712 Dec
4078 41
850 United Shoe Mach Corp.... 25 3812 July 9 4812 May16
4012 40 403
40
4 4034 41
4012 4034 40' 41
12
3018 mat
232 Do pref
2534 26 4 *2512 2612 .2514 2512 2512 2512
25 25 Jan 19 2812May28
25 Oct
2514 26
26
26
4May16
10712 1083 10758 1083
4 5,454 US Steel Corporation____100 87 Mar25 1133
4
8
702 Dee 135 May
107 10814 '1075 10814 10612 10812 1073 10914
12
8
Last Sale 11178July'18
Do pre:
100 108 Mar25 11214 July17 1033 Dec 121 Jan
4
4
+11112 112 *11112 112 *1113 11214 *11112 112
714 712
712 734 1,830 Ventura Congo! Oil Fields.. 5
714 712
83 June 4
4
712 712
5 Jan 2
414 Dec
7
14 714
718
8s Jan
7
-- -_
Last Sale .60 July'18
414 Jan
25 12 June27
1 Oct
Adventure Mo
134 Jan 25
..60 .75
C l%ing
..50 .99!*.50 .99 *.50 1
20 Ahmeek
25 71 June13 83 Jan 3
7512 7512 7512
7512 +75
70 Dec 108 Jan
7512 +75
76 i' 7512 7512 .75
.75
412 July 5
4.314 33 7 4.358 4
4
312 312 .333 33
138 Apr 25
*338 334
4 .33
3
3 34
10
15 Alaska Gold
1 Dee
1112 Jan
Last Sale .15 July'18
14 Sept
.45 May13
114 Jan
.15 Julyi1
26
•.15 .20 1 +.10 .20 ..10 .20 *.30 .40
25 A lfoUes h Mining
50
51
50
26 z47 June14 54 Feb 27
45 Dee
5012 .50
l na
70 Mar
*5034 5112 *5012 5112 *5012 5112 550
4114 Jan
+1834 1914 1912 1934, .1878 1914 *1814, 19 .18 ---125 Amer ZinrefLead & Smelt_ 26 1258 Mar23 2114 July 3
19
6
0 po p o
11 Dec
.
19
5014 5014
26 41 Jan 2 54 July 6
40 Nov 73 Jan
61
550
51
.
53 3 51
*49
15
1,830 Arizona Commercial
b 11 Jan 6 1514 July31
15
17 1giq -iii8 -- : 1434 15
13
1478 15
-i,- . -81s Nov 1514 June
1518 ;* 15
15
.45 Jan 7
400 Butte-Balaklava Copper_ 10
.27 .27 4/.25 .32 4..25 .32 '0.25 .32
.25 Feb 1
.25 Dec
214 Jan
..27 .32 +.27 .32
+27
10 Butte & Sup Cop (Ltd)
2812
2912 .2612 28
10 17 Mar25 33 May14
2878 287 .28
1258 Dec
*2712 29
s
*2712 29
52 Jan
6812
68
407 Calumet & Arizonaa8514J
10 6212 Jan 15 7312 May16
6812 6812 6812 683
4 6812 69
69
65 Dec
n
69
69
.68
9 Calumet & Heels
25 427 Feb 28 465 May27 411 Dec 690 Feb
45034 450 .4
455 455 *455 460
3
451 451
454 454
460 464
25 Centennial
13
11 Dee
*1212 1312
26 1034 June27 1412 Feb 19
1312 .13 , 1312 13
1312 .13
2714 Jan
1312 .13
.13
3914 Dec6/1 Jan
48
48
48
164 Copper Range Co
25 4358 Mar25 50 May16
13
48 + 48 -, 4812 48
48
• 48
47
n
4734 48
8
23g 23
8
258 Mar I
20
112 Apr 10
165 Daly-West
8 5218 238 $218 23
178 17
8
2% 2% *213 23
6
6
614
714 Jan
1,045 Davis
10
5 Jan 2
-Daly Copper
67 Mar 8
618 614
s
6
618 618
314 Nov
6 . 6
6% 8%
*934 10
078 10
4 978
93
1,335 East Butte Copper Min___ 10
512 Mar25 1013 Jan 2
4 .934 10
934 93
93 .7 93
4
814 Dec
18 Jan
.4
6 Feb 18
.458 5
15 Franklin
.45s 5
3 June21
25
432 458 4
4 Dec
458 45s .458 5;4
*458 5
9 Mar
Last Sale 77 July'18
80
Granby Consoltdated
100 7312 June14 7() Mar28
*78
06 Dec
80
80 .77
80 .77
92 Jan
+77
Last Sale 4414 July'18
35 Nov 4612 Jan
100 39 Jan 17 4458May 9
Greene Cananea
*4312 4412 *4312 4412 *4312 45 .4312 45
634
612 612 +6
25 Hancock Consolidated-- 26
538 June21 1018 Jan 2
4
63
7 Dec
2053 Jan
4 .6
63
4 .6
83
*6
4 *6
63
10 Ind
10 Indiana Mining
.50
1 Jan 3
.50 .____
.50 •-__
25 .40 July23
D
.50 .50 +____
re
.50
4 Mar
*_......"V .50 .____
8 Dec
4
6134 63
62
*61
62
297 Island Creek Coal
1 60 Jan 14 70 May15
52 Nov 7612 June
62 .61
4 62
4
6112 6112 623 623
82
*81
1 80 Jan 24 84 Feb 18
82 .8012 82
*81
80 Nov 94 Apr
81 , 81
pref
82 .8114 82
.81
13 Isle Royale Conner
25 10l Jan 14 29 July 3
20 Dec
36 Jan
2612. 27
52614 2714 526 . 2714 52614 1 2714 52614 2614 *2614 2714
59/, 5%
5512 534
6 Feb 11)
414 Apr
512 583
345 Herr Lake
6
4
5 Jan 2
8 5512 53
6 Aug
8 5512 53
512 53
25
134 May15
Last Sale 114 July'18
.99 Jan 24
138 .1 ' 133
114 June
Keweenaw Copper
434Jan
133 .1
114 .1
4
.1
553
834 May14
25
10 Lake Copper Co
4 6 • 5534 '; 6
5514' 6
•521 6
5 Mar25
6 Oct
5534 6, 6
53
4 534
18 Jan
314 Mar 5
26
2 Jan 2
35 La Salle Copper
1114 Dec
3 7 3
.23
5 Jan
41 312 *212 312
.27
3 318
.212 3
3
3
6 Feb 13
5
378 July 8
150 Mason Valley Mine
*312 412 *312 412
41s Nov
83 Aug
441 4
.333 412 .312' 412 *334 412
8
47 May 3
25
7 Jan 2
Last Sale 538 July'18
b Nov 1512Jan
554 6
Mass Consol
*514 6
5514 • 6
*514, 6
312 July 8
1 Nov
.85 Mar26
4
.234 3
leb iower-Old Colony--28
523 " 3
*23 t 3
3 Map
.23 3Mayfrgan
4
4
212 212 *2121 3
234 July 8
128 m26 .40 June28
0
.2/2 3
158 Aug
.212 3
p5)4 Mar
*212 3
*214 . 3
2141 214 *212 3
26 66 June25 6612 May16
5812 5812 5712 6712 55712 5812
128 Mohawk
98 Jan
59
67 Dec
59• 58
59
.59 ix 60
Last Sale 20 July'18
6 1812Jan 30 2012 May14
10 Nov
Nevada Consolidated
2612 Mar
*20 3 20 4 *20 11 2038 .20' 2012 *20 . 2014
! 3
112 11
.1
212 July 1
112 Apr 22
13
4
112 Dec
150 New Arcadian Copper-- 25
13
4 13
.134 2
6 Jan
.13 ,.; 214 .15
3
4
0 17
15 - ---- ---*14
150_
b 1314Jan 2 1714 Mar 7
10 Nov
1712 Apr
.14 . 15 .14 ____ .14 ; 15, 14 ! 14
New Idris% Quicksilver
Last Sale 15 May'18
100 14 May23 20 Jan 2
22 Jan
15 .10 I 15
15 .10
30 Mar
New River Company
.10 / 15 .10
Last Sale 74 June'18
100 7312 May 3 80 Jan 31
65 Dee
.____q 74 .____ I 74
Do pref
9214 Mar
...__ 74 *____'' 74 4
360 Niplesing Mines
5 84 ( Jan 11
,4
Si Apr 11
812 812
12
634 July
2
3
812 8 4
8
12 812
95s Sept
812.-! 812
1 $812 1 9
16 1312 Apr 17 17% May18
1 1,135 North Butte
141,
1134 Oct
4 1414 1412 1412 1412 14
2414 Mar
le 14'12 1434 1412 1412 1414 . 143
25
.95 Mar19
.30 Nov
.25Feb 14
.65 .65 ..60 .00 ..60 .00 ..60 .90
20 North Lake
23t Jan
...65 .80 ..65 .80
25
112 Mar30
.98 Dec
+.60 1
12June21
.50 .50
100 Ojibway Mining
.50 I .50
Ts Jan
, •.50 .60 ..50 .60
4213 542 ., 4218
25 39 May28 4512 Jan 3
12
95 Old Dominion Co
28 1d
4218 4218 5,
33 Nov 6734 Mar
4212 4212 42 42
42
42
52
*5112 52 .51 , 52
25 4612 Junel 1 65 Jan 9
53
, *51
+50
5312 Dec
51 7: 52
*50
52
Osceola
95 Mar
2014 Fob 20
10 1712Jan 12
16 Nov 283 June
1812 1812 18
1814 18 ',1 18 4
1812 .18 ' 1812
,
Ponn Creek Coal
Qui dey
4
18 .18
18
25 68 June26 78 May16
230
115
69
68
70 .6812 70 i
*68
60 Nov 9412 Feb
67 1. 68 .68 " 70
70
''68
2358 2358
20 Nov 321s Apr
50 Ray Consolidated Copper_ 10 2134 Mar22 2534 May23
2312 2312 *2358 241
8
243 *235 2418 .2358 24
4
.24
Last Sale 52 July'18
+52 - 54 .52 , 54
48 Dec
St Mary's Mineral Land._ 26 4612Junel 1 57 Jan 2
54 .50 I 54
893 Mar
4
.51
114 Feb 21
Last Sale .70 July'18
12 June21
1
.
.68 Dec
Santa Fe Gold & Copper- 10
2 Jan
il ..65 '.. .75 ..65 .75 . .65 . .75 ..65' .75
534Jan 2
414 414
414 414 *4
3 Apr 10
10
414 *33
75 Shannon
6's Oct
4 414
19 Jan
IC *414 r 412 *4141' 434
Last Sale 1614 June'18
18
18 .16
10 16 Jan 15 17 May 8
19 Oct
3012 Mar
18 .16 . 18 .16
Shattuck-Arizona
1 +16
2 Jan 3
.89 Dec
Last Sale1138 July'18
26
1 July17
614 Jan
South Lake
.10 Dec
.20 Jan 8
.11 Jan 23
6
.18 .18 ..13 .201 ..13 .20
.31 Jan
100 South Utah M & 5
P +.13 •? .20 ..13 .20 +.13 • .20
5514 6
25
'
Last Sale 6
4 Feb 19
July'18
612 May16
.412 6
p *512 614 .5 /* 612 4
314 Dec
Superior
1633 Mar
334Jan 3
2
2
2
,2i% 214 4,2'/, 214 2
2 May 3
814 Jan
350 Superior & Boeton Copper_ 10
i *218 214 213, 213 4
325 Dec
412 Feb 13
314
3 Nov
314 *3 - 314 .314 312
26
110 Trinity
812 Jul;
2 4 July20
3
3 8 31.1 53
,
t• *318 314 *3
114 Feb 21
/
18
I May 2;( Jan
11 4 PA *118 114 1,20 Tuolumne C
.85 May 1
1
.
, 4
1 , P 118 .90 ' .99
0 Do prelopper
.98 .98
r- .95 .95
4178' 4212 42
428 .42
60 38 Apr 13 4914 Feb 19
110 U 13 Smelt Refin & Min
4212
401s Dec
4,Jan
673
r 4212 4212 42 4 42/2 +42 •'43
44 / 44
4
*431,4 4
4312 Nov 52
. 1
60 42 July24 48 Jan 2
8
12Jan
$4312 4412 433 • 44 .4312 44
1
---- ----420 Utah-Apex Mining
2
114 May31
218 1 218 21%' 194's
6
2
25s Feb 8
37g Sept
v 214 214 5218 '' 214
17 Mar
a
91% 10
1012 1012 1012
i5i8 ii
1,300 Utah Consolidated
91)Dec
2112 Feb
834 June25 12 Jan 16
1012 10'12 *10
6
(+1012 11
Last Sale 8014 July'18
10 77'12 Mar23 85 Feb 19
3
4
71 Dec 1183 May
s
Utah Copper Co
3
8
*81 4 815 .80 4: 8112 .80 4 8112 .803 8112
. 214
,
2 .1 2
24 2
*2
218 Dec
218 ! 218
1518 June 5 3,f4 Apr 8
1
65s Jan
.24 214
Metal et Tunnel
+212 3 -5214 -13 Jan 3
212 212 5212 3
910505 VUtahictorill
2 Oct
6 Jan
212 Jan 28
25
*214 212 *214 . 234
- 4/11,
4 2
2 Jan 3
*112 2
.114! 2
25
.114 2
Last Sale 113 July'18
I Jan 10
2 Oct
512 Jan
Winona
31 Dec
29
29 .27, 2712
25 2312Junel5 38 Jan 3
28 . 28 .27
53 Mar
12
,
*____ 2912 .____ 29 .27
25 Wolverine
!Last'Sal .50 July'18Wyandett
218 Jan
.40 MaY19 1% Mar 7 .15 Atut
25
'.50' 1
'
+.50 1
*.50 1
i ..50 / 1
•.
e, .1
112 .1 , 112 4.1 4, 112 .1 . 112
R
Hall
-paid.
•
01a and mold ortoaa. a Es-ltmi• ad and riglati. e As364Id1036 IPAlti. 8 elx-st rot 3,viaead. kHz
-right'. I Ni-dividend. •
THE CHRONICLE
AUG. 3 1918.]
489
Baltimore Stock Exchange.
-Complete record of the
transactions at the Baltimore Stock Exchange from July 27
Boston Bond Record.
-Transactions in bonds at Bos- to Aug. 2, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
ton Stock Exchange July 27 to Aug. 2, both inclusive:
share, not per cent. For bonds the quotations are per cent
Friday
of par value.
Last Week's Range Sales
Range since Jan. 1.
Outside Stock Exchanges
for
of Prices.
Sale
Price. Low. High. Week.
Bondslj El Lib Loan 3%5_1932-47
1st Lib Loan 40_1932-47
2d Lib Loan 45....1927-42
1st Lib Loan 4%51932-47
2d Lib Loan 4%51927-42
3d Lib Loan 434s..__1928
Chic Juno St U S Y 55_1940
Miss River Power 55..1951
N E Telephone 5s__ -1932
1934
New River 1st 55
1944
Swift & Co let 5s
U /3 Smelt,R & M cony 6s.
weutern Tel & Tel 55_1932
99.84
94.14
93.34
94.44
93.60
91
99.64 99.98 $46,700
94.14 95.04 23,300
93.04 94.74 51,950
94.14 94.50 1,450
93.04 93.60 18,900
94.84 95.76 56,900
90
90
1,000
70
70
1,000
1,000
873 873
75
75
2,000
90% 91
2,000
93
93
2,000
843 84% 3.000
Low.
High.
96.52 Jan 99.98 Aug
Jan
93 Juno 98
92.84June 97.90 Mar
93.64 July 95.90 July
93.04 July 94.10 July
94.84 July 101
May
87% Apr 92 June
67% Jan 72% May
86% June 913 Feb
Jan
75 June 79
903. Aug 953 Feb
July 973i June
93
82% June 901( Mar
Chicago Stock Exchange.
-The complete record of
transactions at the Chicago Stock Exchange from July 27
to Aug. 2, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Stocks-
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Par. Price. Low. High. Shares.
American Straw Bd Co___ ......
Amer Shipbuilding.......100
Preferred
100
Booth Fisheries, common
(no Par) 25
new
100
Preferred
134
Chic City&C Ry pt sh coin
17
Preferred
Chicago Elevated Ry corn..
Preferred
Chic Pneumatic Tool...100
Chic Rye part ctf "1"
Chic Rye part ctf "2"
Chic Rye part ctf "4"
Commonwealth-Edison 100 101
Cudahy Pack Co corn.._100 11434
100
Deere & Co, pref
100 107%
Diamond Match
Hart,Schaf&Marx,com 100
100
Illinois Brick
10
Lindsay Light
Peo Gas Lt & Coke........100
Pub Say of N Ill com-100
100
Quaker Oats pref
Sears-Roebuck, com......100 140
-Warner Sp com100 57%
Stewart
100 111%
Swift & Co
Union Carbide & Carbon
(no par) 57
Co
United Paper Bd, com_100
U S Steel, common____100
Ward, Montg & Co, pref_
Wilson & Co,common_100
Bonds
Chic City & Con Rye 5s'27
Chic Pneu Tool let 55 1921
1927
Chicago Rya Se
Chic. Rye 4s series "B"
Commonw-Edison 55_1943
Cudahy Pack let M 55 1946
Liberty Loan 3345-1932-47
Liberty Loan let 4s '32-'47
Liberty Loan 2(1 4s..'27-'42
Liberty Loan 4 3(5........1928
Metr W Side El let 4s 1938
Ogden Gas 55
1945
Pub Serv let ref g 55_1956
South Side Elev 43.45..1924
Swift dc Co 1st g 55.._ _1944
Wilson & Co 1st 6s..__1941
50
124
90
1
150
35
25
25
100
81
10
81
1% 2%
380
1,975
16
18%
3
3
50
18
18%
334
z68
20
68%
58
10
58
13% 16
280
1
1
100
100% 102
252
114 115
385
94
94X
37
105% 108
161
55
55
10
49
49
60
15% 17
1,385
44
48%
634
71% 71%
5
96
25
96
142 144
278
57% 60
330
109% 114% 18,017
56
20%
108%
102%
60%
56
93
8434
59
89%
91%
99.60
94
93.18
94.80
58
74
77
78
78
91% 9134
94
60
93
84%
50
125
90
57%
21
10834
102%
63%
Range since Jan. 1.
Low.
1834
80
1%
12
2%
12
47%
53%
8
1
100
107%
92
102
53
48
1534
40%
70
95
133
47
102%
3,014 47%
295 14%
100 91%
39 100%
650 46
61 $88,000
934( 18,000
85% 7,000
59
9,000
89% 1,000
91% 5,000
99.70 2,050
94.20
400
93.40 1,500
95.12 3,900
58
2,000
74
3,000
77% 3,000
78
1,000
92
2,000
94
5,000
High.
July 50
45
July
Jan 144% May
87
84% Mar 9334 May
Jan
Apr
June
June
Apr
Apr
Jan
Feb
Jan
May
June
Jan
June
Jan
Jan
Apr
July
Apr
June
Jan
June
Jan
June
27
86
2%
18%
4
18%
71%
60
16
1%
108
115
97
114
67
58
28
55
77
100
157
60
146
July
Feb
June
July
Feb
July
Apr
Mar
June
Mar
Feb
June
Jan
May
Feb
Jan
Jan
Jan
Feb
Jan
Feb
July
Apr
Apr 59
July
Feb 223.4 may
Apr 108% July
June 110
Feb
Jan 653.4 May
Jan
52
July
93
82 June
Jan
60
89% July
Mar
90
99.40 July
93 June
93 June
94.80 July
Apr
45
July
74
July
77
July
78
9134 July
Apr
94
61
June
97
Feb
88% Apr
60 June
94% Mar
91% July
99.70 July
97.72 July
93.80 July
98.10May
58
July
Apr
80
81% Jan
Jan
81
9534 Jan
Mar
96
z Ex-dividend.
Pittsburgh Stock Exchange.
-The complete record of
transactions at the Pittsburgh Stock Exchange from July 27
to Aug. 2, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Stocks-
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Par. Price. Low. High. Shares.
Amer Wind Glass Mach100
100
Preferred
Am Wind Glass, pref.. 100
Columbia Gas & Elec-100
Harb-Walker Refr, com100
/Endo Brewing, com- _50
50
Preferred
Lone Star Gas
100
Mfrs Light & Heat
50
Nat Fireproofing, com_50
Ohio Fuel 011
1
Ohio Fuel Supply
25
Oklahoma Nat Gas
25
Pittsb Brewing,com___ _50
Preferred
50
Pittsb-Jerome Copper...._1
Pittsb & Mt Shasta Cop_ _1
Pittsb 011 & Gas
100
Riverside East'n 011, com.5
ile'referred
5
Ross Mining & Milling....!
San Toy Mining
1
Union Natural Gas.._ _100
US Steel Corp, com__100
Western Fire Insurance-50
West'house Air Brake....50
West'house Eleo & Mfg_60
6234
75
134
273.4
4
10
290
290
736
9334
Bonds.
till
Indep Brewing 6s....__1955
Pitt.), TIrawIncr RR
1040
Range since Jan. 1.
Low.
54
635
Jan
3,201 40
7436 7534
285 7436 July
100 100
90 99 Juno
323-4 33
305 2836 Mar
122 122
10 120
Feb
136
1 3-4
325
134 Jan
834 836
60
63-4 Mar
134 135
Jan
140 95
4836 40
80 4834 June
334 33.4
Jan
65
3
1434 153-4
July
43 14
4236
42
Mar
275 41
2334 273-4 1,025 23
July
3
4
240
136 Mar
934 10
30
834 Apr
290 320 17,100 280 July
250 29e 15,500 210 Jan
73.1
930
z7
53-4 Jan
1
1
75
1
July
234 234
340
231 Apr
80
90
2,000
8c
Jan
80
80
3,500
8o July
137 1373(
100 137
July
270 8734 Mar
10734 109
52
25 52
52
July
227 93 June
9334 9331
450 39
Jan
413-4 4254
35,000
373.4 38
IS211 53ti
1.(100
34
fin
Apr
Tan
High.
6334
9634
101
35
130
231
93-4
165
53
4
16
4636
273-4
4
13
1
480
73-4
1%
23.4
17c
16c
151
11354
5434
9734
47
June
Jan
Feb
Jan
Feb
May
Jan
May
Jan
Mar
Jan
June
Aug
Aug
Jan
Feb
Mar
Mar
Jan
Feb
Mar
Feb
May
May
June
May
May
40
Jan
A2 11 Jul.,
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
10
Atlantic Petroleum
Baltimore Tube
100
100
Preferred
Celestine Oil v t
Comm'l Credit, pref B__25
Consol G,E L & Pow__100
Consolidation Coal- __100
5
Cosden & Co
Davison Chemical_ ..no par
50
Elkhorn Coal Corpn_
Houston Oil trust ctfs_ ..100
Preferred trust ctts__100
Mer & Miners Trans_ ..100
Mer & Min Trans V T_100
Mt V-Woodb Mills v t r100
100
Preferred v t r
50
Northern Central
Penn Water & Power_ _100
10
Robinson Oil, pref
United Ry & Electric.._ _50
Wash Bait & Annap_ _50
74
85
96
8531
636
65
20
Bonds.
Ala Cons C & I 5s...._1933
Alabama Co gen 6s.._1933
Atlan & Churl let 5s_ _1944
Charl & W Caro let 5s 1946
Cons G,E L & P 5% notes
Consol'n Coal, cony 651923
Cosden & Co Ser A 65_1932
Series B 65
1932
Elkhorn Coal Corp 65_1925
Hous 011 div Ws_ 1923-25
Kirby Lum Contr 6s_ 1923
United Ry & Elec 4s_ _1949
Income 4s
1949
Funding 55
1936
do
small
1936
Waal.' Balt Ac Annan 6a1041
9534
8034
82
234 23.4
74
74
85
85
1.30 1.30
25
25
96
9634
8436 86
634 6%
35
35
2636 2636
80
80
7334
73
66
6636
653-4 66
1534 16
7134 72
70
70
65
65
8
8
20
20
2934 3034
8434
903-4
923-4
9534
9034
9834
80
8031
953-4
9634
963-4
713-4
5236
7334
7334
R1114
.
1,225
10
43
1,667
5
203
286
1,584
45
35
100
234
73
165
257
80
25
50
200
445
1,335
8434 $3,000
9034 5,000
9236 2,000
1,000
953-4
9034 35,000
9834 14,000
7,000
8034
8054 -17,000
9534
1,000
44,000
97
963-4 3,000
7134 3,000
5234 8,000
7334 1,000
7334 1,000
82
2.000
Range since Jan. 1.
Low.
High.
234 July
33-4 Feb
May
73 May 87
Apr
Jan 86
85
1.65June
1.30 July
July
July 25
25
Feb
Jan 102
94
Jan
8331 July 106
83,4 Jan
63-4 July
30
Jan 3834 Jan
Mar
2236 Jan 29
Jan 86 June
40
Apr 8036 June
64
Jan
56
Jan 92
July 90
65
Mar
1436 June 1736 Feb
68
Jan 76
July
70
Jan 74 June
60
Jan 67 May
7
834 Mar
Feb
1736 June 2434 Feb
24
Jan 303-4 June
7936
82
9236
90
90
9834
77
78
9554
88
9554
7154
5234
733-4
7334
80
Jan 843.4 June
Feb 903-4 July
July 943-4 Feb
Jan 953-4 Aug
Jan
June 95
July 10331 Jan
June 8231 Feb
June 8354 Jan
July 9834 Jan
Jan
Jan 99
Apr 9854'lune
July 7734 Feb
June 58341 Jan
Feb
July 80
July 825-4 Feb
Jan 8351 Feb
-The complete record
Philadelphia Stock Exchange.
of transactions at the Philadelphia Stock Exchange from
July 27 to Aug. 2, both inclusive, compiled from the
official sales lists, is given below. Prices for stocks are all
dollars per share, not per cent. For bonds the quotations
are per cent of par value.
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.'
American Gas of N J__100
GO
60
38
50
38
Cambria Iron
Elec Storage Battery...J.00 54% 54
54).4
General Asphalt
100
33%
32
Preferred
100
65% 6754
26%
Insurance Co of N A_ _ _10 26% 26
J G Brill Co
100
26
26
Keystone Telephone_ _50
7% 734
Lake Superior Corp__ -100 19% 19
20%
50
Lehigh Navigation
69
70
50 57% 57% 58%
Lehigh Valley
Midvale Steel St Ord_ _50
51% 5234
50
Minehill & S H
50% 50%
Pennsylvania Salt Mfg.._50
85
84
50 43% z43% 44%
Pennsylvania
.50
25
Phila Co (Pitts) pf(5%)
25
.50
33
Pref (cumulative 6%)
33
Phila Electric of Penn_ ..25 2434 24% 24%
Phila R T vet trust rects.50 25% 25
25%
Philadelphia Traction_ _50
68
69
50
Reading
87% 88
2% 2% 2 15-16
Tono-Belmont Devel__ _1
1
2%
Tonopah Mining
2% 2%
50 37% 37% 38
Union Traction
50 65% 64% 65%
United Gas Improv't
100 108% 106% 109%
U S Steel Corp
West Jere & Sea Shore_ _50 3934 39% 39%
Westmoreland Coal.. _50
72% 72%
82
Wm Cramp & Sons....__100
82
50
York Railways
754 734
Range since Jan. 1.
Low.
High.
18;
41 1
165
860
195
63
46
811
5,580
160
180
12
10
34
1,819
58
98
850
159
20
170
2,040
390
214
519
9,862
10
14
51
25
60
July 89
Jan
38
July 43
Mar
48
Mar 55% July
1454 May 3634 July
47
Jan 71
July
24
Jan 27% July
18
Jan 27
July
9
734 July
Jan
Jan 21% July
12
6134 Jan 70
July
Jan 63
55
Mar
43% Jan 59% May
50
Mar 51% Jan
82
Jan 903( Mar
4354 June 47% Jan
23 June 28
Mar
29
Apr 34
May
24 June 26
May
Jan
2331 Mar 30
66
Apr 71% Feb
71
Jan 94% June
2% July
3% Mar
4
254 July
Jan
373-4.June 42% Jan
64
July 72% Jan
8631 Mar 113% May
39
May 48
Mar
69
Jan
Mar 76
74
Jan 95% June
9% Feb
7% July
99.30 99.90 $17,300
93.90 93.90
850
92.80 93.60 18,950
94.90 95.72 25,450
3,000
79
80
1,000
80
80
95% 95% 10,000
70% 703.4 3,000
56
56
1,000
88
88
1,000
8734 87% 1,000
89
87
12,000
76
76
2,000
19,000
92% 93
95
95
1,000
10,000
84
84
99% 99% 1,000
Jan 99.90 July
97
93 June 97.90 Jan
92.80June 97.60May
94.90 July 98.52 May
78;4 Apr 82
Jan
Jan
77;4 Mar 82
95% July 95% July
Mar 7334 May
70
47% Jan 57
July
Jan 88
83
July
87 June 92
Jan
85% Feb 89
Aug
73
Apr 82 May
92
Jan
July 96
July 97 May
93
81% Apr 85
Jan
99
July 101
Feb
Bonds.
US Lib Loan 334s-1932-47
let Lib Loan 45_1932-47
2d Lib Loan 4s.._1927-42 93.40
3d Lib Loan 4 qs_ _ _1928 95.50
Amer Gas & Elec 5s__2007
small
2007
do
Beth Steel let ext s f 551926
Elec & Peop tr ctfs 45_1945 70%
Lake Super Corp 5s.. _1924 56
MidvaleSteel & Ord 551936
Penn RR gen 4%s____1965 8734
1949 89
Phila Co let 5s
Cons & coil tr 58 stp.1951
Phila Electric 1st 55_1966 93
1966
small
do
1997
Reading gen 45
Spanish-Amer Iron 65.1927
United Rye gold trust ctf
1949
45 smal.
U 8 Steel Corp 2d 5s__1963
56
56
98% 98%
500
1,000
56
97
July
Apr
56
July
98% Aug
Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Week ending
Aug. 2 1918.
Stocks.
Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
109,000
183,700
311,900
362,302
247,200
136,671
Par Value.
$9,198,000
15,971,500
29,914,000
35,279.7001
23,709,6001
13,275,900
,
1,350,773 $127,348,7001
Railroad.
&e..
Bonds.
$247,000
619,000
449,000
677,000
680,000
542,500
State, Mesa.
(ft Foreign
Bonds.
U.S.
Bonds.
$204,000 $1,643,000
498,000 3,886,000
558,000 4,619,000
504,000 4,720,000
1,184,000 3,500,000
483,500 4,024,000
33,214,500 33,431,500 $22,392,000
THE CHRONICLE
490
Sales at
New York Stock
Exchange.
Week ending Aug. 2.
Jan. 1 to Aug. 2.
1917.
1918.
1918.
1917.
-No.shares__
116,212,841
2,060,669
1,350,773
Stocks
82 603 1991
$127,348,700 $196,184,150 $7,703,025,390 $10,646,007,455
Par value
$14,800
$56,100
$1,000
Bank shares, par
Bonds.
$30,923,750
$22,392,000 $4,622,500
Government bonds
5586,830,500
211,379,500
4,132,000
3,431,500
State,mun. dm.,bonds
121,240,500
,
163,277,500
336,891,500
4,898,000
3,214,500
RR.and nalso, bonds
$29,038,000 $13,652,500
Total bonds
5579,194,750
5871,348,500
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Philadelphia.
Boston.
Week ending
Aug. 2 1918.
Baltimore.
Shares. 'Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
6,5151
$27,750
41,100
8,408
10,027 . 29,050,
32,3001
9,522
45,650:
8,712
35,7001
5,889
1,635
1,657
6,094
8,535
4,448
2,870
$5,050
37,500
30,000
32,350
21,200
16,450
719
1,851
1,889
2,133
1,239
632
88,000
5,000
25,000
57,000
41,000
11,000
3211,550i
25,239
3142,550
8,463
8147,000
49,163
New York "Curb" Market.
-Below we give a record of
the transactions in the outside security market from July 27
to Aug. 2, 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 qucktations 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
that fictitious transacof the transactions. The possibility .
tions may creep in, or even that dealings in spurious securities may be included, should, hence, always be kept in mind,
particularly as regards mining shares. In the circumstances,
it is out of the question for any one to vouch for the absolute
trustworthiness of this record of "Curb" transactions, and
we give it for what it may be worth.
Friday
sales
Last Week's Range for
Sale. of Prices.
Week.
Par. Price. Low. High. Shares.
Week ending Aug. 2.
Stocks-
Aetna Explos_ r___(no par) 1334 1234 1334
17
£1.
18%
-Am Tob ord'y
Brit
17% 1834
£1 18
Ordinary bearer
100 3734 3234 37%
Burns Bros Ice r
2% 2%
Car Ltg & Power_r____25
234
131 135
Chevrolet Motor
100 135
1
Cuprite Sulphur r
% %
55
36% 3834
Curtiss Aeropl&M com (t)
5
Eastern Vending r
5% 5%
Emerson Phonograph _ _ _5
134 1%
134
3234 3334
General Asphalt corn r_100
1
% 11-16
%
Grape Ola
I% 1 11-16 1%
I
Preferred
1834 *1834
Keyst Tire & Rub com__10
5%
5%
Lake Torpedo Boat_ r___10
5
Lima Locomotive corn r100
4534 *46%
3
3
3
Marconi Wirel Tel of Am..5
1634 1734
N Y Transportation_ _10
4
North Am Pulp & Pap (t)
234 4%
54 x543-4
Penn Seaboard Steel___(t)
1035 1034
Poulson Wireless_r ___ _100
10 1034 1034 11
Relo Equipment r
1%
% %
Smith Motor Truck r_. 10
5
5%
5
5
Steel Alloys Corp r
16% 163-(
Submarine Boat v t e--(t)
534 5%
534
Thiogen Co of Amer r__ _5
United Motors r_ _(no par) 32% 31% 32%
1%
13-4
US Light & Heat com.r10
5% 6
10
6
U S Steamship
-Martin Aire r (t)
9%3
Wright
914 9%
Rights.
Amer Sumatra Tobacco___
I P Lorillard Co
Royal Dutch Co
Former Standard Oil
Subsidiaries.
£1
Anglo-Amer 011 r
Illinois Pipe Line_r___100
25
Pierce MCorp r
Standard 011 (Cal)_r__100
Standard 011 of N Y_r _100
334
17
334 6
15
17
1934 20
1334
162
1634
219
272
6,500
300
200
Low.
60
6e
234
X
180
*634
1
34
%
Sc
2%
3%
3934
X
1234
1%
%
%
87o
1
97
High.
Feb 1854
Apr 18%
Apr 1834
June 3734
Jan
3%
Jan 144
May
2%
Jan 42
May
6
July
4%
June 37
June
%
June
134
Jan 2034
Apr
6
Apr 503-4
July
3%
July 20
Apr
4%
May 5634
Apr 1534
July 11
2%
Jan
June
6
Mar 20%
Mar
634
Jan 3454
Mar
234
Jan
734
Jan II%
334 July
15
July
1934 July
1334 2,500 1134
163
25 162
17% 15,500 13
219
10 210
273
60 252
Other 011 Stocks.
100 17o 17,500
1 11e
Amer Ventura 011 r
70
10c
8o 16,500
Appalachian 011 r
Atlantic Petroleum_ r_ __ _5
600
234 2%
X 5-16 13,300
1 5-16
Barnett 011 & Gas r
20e 220
Boston-Wyoming 011_r_ 1
6,000
6%
Cosden & Co common r--5
63-4 634 9,300
1% 1%
1
Crystal Oil & Ref r
4,675
134
100
% 3-16 9,500
Drillers' Oil r
%
534 534 1,000
Elk Basin Petroleum_r_ 5
6o
Sc
6c 10,900
Esmeralda Oil Corp r___1
5
Federal 011 r
2% 2% 3,400
23
-4
3% 434 11,600
10
Glenrock Oil r
334
76
83
Houston 011 corn r_-_-100
2,700
Imperial Con 011 1_ r...._..1 13-32 13-33 13-32 13,500
Internet Petroleum r___£1 13%
000
1334 1334
3%
Island 011 & Trans r____10
33-4 4
13,500
Kinney 011 r
%
1
%
700
Metropolitan Petroleum_5 111-16
134 1% 10,500
1.02 13,000
99.3
1 090
Midwest Oil corn r
1%
Preferred
1% 13/,
100
Midwest Refining_ r_ -50
113 115
540
Range since Jan. 1.
26,700
6%
3,900 1434
2,100 1454
12,500 18%
10,300
2
2,800 100
3,500
34
1,500 25
600
434
500
134
2,500 23%
2,900
%
4,700
114
250 12%
2%
3,100
445 4234
900
2%
500 1334
30,700
2
425 43
200 10
5,200 10%
6,500
1
1,100
5
3,400 11%
4,489
4
13,100 1934
100
1
6,800
454
4,800
034
10
17
20
Fob 1734
July 192
Juno 1834
June 237
Jan 285
[VoL. 107.
Sales
Friday
Last Week's Range for
Week.
Sale.
of Prices.
-Par. Price.
011 Stocks (Con.)
Low. High. Shares.
May
July
July
Aug
Mar
June
Feb
Juno
June
Jan
July
June
July
Juno
may
May
Mar
July
Aug
June
May
July
Apr
July
May
July
June
May
May
May
July
July
July
Jan
Jan
July
Jan
Feb
Jan 210 June
Jan 10o Juno
Mar
3
Mar
July 1 3-16 Jan
Jan
July 33c
July
8% Feb
June
1% July
July
% June
July
7
Feb
June 5-16 Jan
May
4
Feb
5
Jan
Jan
Jan 863-4 June
June 13-32 July
Feb 1434 July
Jan
5% Mat
May
1
Apt
Jan
1% July
1.24 Jan
Apr
Apr
1% Jan
Mar 120 June
Mineral Wells Petroleum..1
N Y-Chino Oil_r
1
Northwestern 011 corn r.....1
Oklahoma Oil corn r
Preferred r
1
Oklahoma Prod & Ref.. 5
Okmuigee Prod & Ref__.5
Omar 011 & Gas corn
Penn-Kentucky Oil
Pennsylvania Gasoline..
.1
Red Rock Oil ex Gas r
1
Rice 011..r
1
Royal Dutch Co new
Sapulpa Refining_r
5
Sequoyah 011 & Ref
1
Southern 011 & Trans_ r_10
Standard Gas St 0 Sep r 5
Stanton 011.r
1
Texans 011 & Ref
1
Tuxpam Star 011.r
1
United Western 011_r
1
Vacuum Gas & 011 Ltd 1
Victoria 011_r
10
2o
33-4
27c
5
3-4
47e
7
54
2o
14
34
4,000
500
6,600
20,200
1,000
6,200
26,600
10,000
2,060
14,500
11,500
15,500
200
1,100
14,800
300
.1,500
21,200
3,500
70,000
110
X
1,000
34
3% 2,220
I% 2%
300 300
60e 63e
13-40 2e
3,03 3540
6% 7,4
3
4%
250 28e
4% *5%
X 5-16
400 47e
16o 200
57
56
7
754
9-16 11-16
3,4 33-4
34
34
1% 2%
%
%
2e 214e
X
)i
2%
Range since Jan. 1.
Low.
High.
3S5 May
1% Jan
250 July 44e Apr
Jan 890 Feb
56e
8S4cMar
1,ie July
3o July 160 Feb
6% Apr
8 May
2% Jan 1134 Mar
Jan
210 Apr 40o
5% Feb
434 July
% Fen
3-16 July
4 July
Jan
1
3-32 Feb 11-16 Apr
July
July 57
56
July 10% May
7
1% Mar
July
1% Jan
3% July
u Aug
% Aug
2% Mar
1% Mar
1% May
30c July
le June 220 Mar
3-16 Mar
;4 Jan
% Mar
1-16 Mar
6% Mar
2% July
Mining Stocks.
Alaska-Brit Col Metals...1 55e
450 59e 65,500 5-16 Apr 70e May
America Mines_r
9,300 340 July 720 July
70o 720
1 720
% 7-16 24,500 5-16 May 11-16 June
Amer Tin & Tungiten_r_l 7-16
Amino Min (prosp).r_.50c 370
350 40e 10,800 220 May 40e July
5
5% 3,500
Arizona Bing Cop
5
July
5
5,1 July
4e
50 33.100
Atlanta Mines
40
1
30 July 130 Feb
Big Ledge Copper
1
1% 37,250
1%
)5 Jan
5
1,4 Mar
5o
Booth r
50
1,000
3e
Jan
1
6o Apr
Boston & Montana Dev_ _5 520
51e 53e 35,500 410
Jan 900 Mar
120 18e 123,500 100 July
17o
Butte-Det Cop & Zine
,4 Mar
1
1
Caledonia Mining
Jan
440 47c 13,000 390 May 56c
1 470
Calumet & Jerome Cop_r 1
Jan
1% 11-16 1% 15,600 *1
13-4 Mar
Canada Copper Co Ltd_ _5
1% Apr
1 11-16 1%
1,300
2% Jan
5350
60 10,400
Cash Boy
Sc
Feb
103
3,4c Jan
1
Cerbat Silver M & M_r1
Jan
1% 1% 12,700 420
1% July
134
Coco River Mining_ r
350
2
2
1
1% Mar
2% Jan
Consol Arizona Smelt_ _5
1% 1%
300 1 5-16 Feb
2% Jan
Consol Copper Mines_ -5
Jan *7N May
5
554 Ws 2,000
Consol-Homestead_r
5-16 5-16
200 22c Feb
_1
54 Mar
Copper Valley Mining_r_l
)4 Jan
250
2% Mar
54
%
4% 5
43-4 Mar
Cresson Cons Gold M&M 1
6,300
534 Jan
454
Denbigh Mines_r
2)5 July
2% 7,200
2
July
1 234 2
El Salvador Silver_r
740 770
4,900 55e Mar 77o Aug
1
Emma Copper_r
Ile 190 28,500 150 Juno 9-16 Feb
)4 Feb
Eureka Croesus Min_r
2% Juno
1 1 15-16 114 1 15-16 6,200
1% Apr
First Nat Copper
2
2%
500
5
2% Jan
Fortuna Cons..r
38e 390
Jan
9,500 300 June 403
1
Goldfield Consolidated_10
2,750 3-16 June 7-10 Jan
230 250
30
Goldfield Merger_r
3,500
30
134cJune
5e Feb
40
Great Bond_ r
1,000
40
3e Juno 1013 Feb
1
Hattie Gold Min.i_r
55e 630 38,900 330 June 050 June
1 62o
Hecht Mining
4% *4 3-16 5
Jan
7,620
2% Jan
25c
5
Hypotheek M & M r_ _10c 200
18e 29e 79,500 14e May 35o June
International Mines.r. -1
Jan 200 Feb
8e
8o *110 13,500
Jerome-Verde Copper_ _1
% Jan
7-16 July
7-16
,5 5,000
Jim Butler_r
60e
8,900 55e .Jan 90e
58e 800
Jan
Jumbo Extension
100 13e 10,000
1 120
8o July 240
Jan
Kerr Lake
400
5)5 5%
5
Jan
5
6% Jan
40
50
Kewanus_r
6,750
2%eJune
1 3,4c
90 Feb
Lampazos Silver
5,200 37e July
37e 40e
1
2 May
Liberty Silv (prosp)__r _ -1 47e
38o 480 33,100 25- Feb 82c July
Lone Star Consol_r
434o 8o 185,800
le May 330 July
1 6,4e
Louisiana Consol
% May
1 7-16 7-16 7-16 1,500
% July
3-4 May
Magma Chief.r
1,400
% Apr
250 250
1
50
Marsh Mining_ r
6,500
4e
1 435c
8%0 Mar
3Si eJune
400 40e
MoKinley-Darragh-Sav 1
Jan
500 37e Apr 600
8e
Monster Chief _r
8,800
Sc
1
5,4o Apr 5-18 Jan
Mother Lode_r
360 37c
Jan 580 Apr
5,700 25e
1 36c
1%
Mutual Min & Leas pf r 1
700
1% 1%
1
Feb
Feb
2
National Leasing_r
114e 2o 28,000 1)4e July
1
8o Feb
Nat Zinc & Lead_ r
170 220 11,000 130 July 380 . Feb
1 170
Nevada Ophir_r
15e 190 11,500 130 Feb 210
100
Jan
New Cornelia_r
5 1834 18% 19% 2,210 15% Jan 20 May
Nixon Nevada
490 55e 14,800 36e Juno
1 500
1% Mar
1
Ohio Copper_r
% June
1 1 1-16
1;4 July
13-4 14,200
5)4
Onondaga Mines r
Jan
5
8
5% 21,050
2
1
Juiir
Pacific Tungsten.r
113-16 2,4 27,000 1 3-18 Juno
1
2% July
4%
Ray Hercules Mining_ r5
3,4 Jan
3% 4,4 5,700
4% Jan
Red Warrior Mining_ r _ _1
5-16 5-16
200 3-16 July
% Mar
Rochester Combined_ r 1 380
38e 390 17,500 38e July 43e July
Rochester Mines
Jan 54c May
37o 38e
1 37e
5,300 270
San Toy Mining
Jan
100 10e
1
500 1013 Apr 180
Senorito Copper
X Jan
1
May
1
%
Si 9,100
Silver }issue Silver_r
% July
% Mat
% 15-16 31,700
1 15-16
Silver King of Arizona._ _1 17-32 15-32 19-32 23,000 7-32 Apr
% June
54:3
Silver Pick Consol_r
1
30 July
2,000
70 Feb
Standard Silver-Lead--1
% Apr
% 1,400 5-16 July
34
34
1
Stewart
110 1743
X Jan
9,000 lie Aug
Success Mining
Apr
10e 12e
1 llo
7,000
70 Jan 16e
Superior Cop (Prost)).-(t)
3
3% May
Jan
2
334 1,100
2%
Tonopah Belmont Dev_r_l
3% Mar
2% 2%
2% June
100
Tonopah Extension
1 111-16
1)1 2,950
1% Jan
13-4 Jan
2%
Tonopah Mining
2% 2%
1
20
4
2% July
Jan
Troy-Arizona r
120 12e
1 120
6,000 100 May 240 May
1
Tuolumne
1 11-16 1,400
1
1% Mar
May
United Eastern Mining 1 3 9-16 3 5-16 3 9-16 7,975
5% Feb
3
July
19c
United Lead ez Zinc I r_ _1
170 260 25,300
00 Feb 600 Mar
Unity Gold Mines
5
8% July
334 Jan
1,100
5% 6,5
Ward Min & MIlling_r..-1 100
100 100 11,000
4o May 25o June
West End Consolidated-5 13-32 1 1-32 1% 3.900 650
Jan
1% June
5o
White Caps Extension_10.3
40
40 July 180 Feb
3,000
Wnite Caps Mining- _10o 29e
% Jan
20e 320
0,500 270 June
80 Aug
8o
_
White Knob Copper_r.
8o
8o
8c Aug
1,000
1
1
Juno
Preferred r
1
10
1
June
1
200
Wilbert Mining
1,000
10e 10o
1
Jan
8o Feb 14o
Bonds
Am Tel & Tel 1-yr 6s_1919 99,5
6s when issued
1925 9334
Armour & Co deb 68_1919 99
Debenture 6s
1920
Debenture 65
1921
Debenture 6s
1922 95%
1923
Debenture 6s
1924
Debenture 68
Beth Steel 5% notes _1919
Beth St, Corp set 7s w 1'19
Serial 78 w 1
1920 100
1921 99%
Serial 78 w 1
Serial 7s w I
1922 9834
1923 98%
Serial 7s w I
Ilklyn Rap T new 75 r 1925 tmg
Canada (Dom of) 5.9_1919 97%
Cudahy Packing 78 w 1 '23 97%
Federal Farm Loan 58-- -----Philo Electric 6s
1920
Procter & Gamble 7s_r '22 100%
1923
75 r
Russian Govt 6345 r 1919
53-4s r
1921
Union Pacific 85 w
1003-4
99% 99)4 570.000 08% Mar 00% May
81,000 93% July 95 Juno
93% 94
99% 60.000 09 June
July
09
97% 9751 7,000 97% July
96% 96% 25,000 96% July
954 July
95% 95% 5,000
95% 95% 4,000 95 June
95% 25,000 95 Juno
95
9934 99% 192,000 06% Jan 105566 614MX jjjju:u1ig
9909980
0 Junennnny
Js1 eeoo
Al
100 100% 12.000 98)5 July Nog July
100 10011 37,000 9834 July 100,5 Aug
10
08% 100 185,000 98 July
July 98% July
97,5 98% 135,000 97
0734 98% 235,000 964 July
July
7
95% 96% 16,000 94% July 9
u
9 6 jl
97% 9736 153,000 94% Jan 071% 1krlay
97% Ing 42,000 97% Aug
July
03
102% 103 148,000 101% June 198% july
98
4,000 9734 Feb 99% May
98
100,4 100% 2,000 98% Mar 101% May
100% 10054 5,000 0834 Mar 102% May
08,00
Mar
55,4 60
38
Apr 89
60
60
j y
Ju
00,000 32
54
100 100% 205,000 97% June 100% Aug
• Odd lots. t No par value. I Listed as a prospect. 1 Listed on the Stock Exchange this week, where additional transactions will be found. o New stock.
r Unlisted. u Ex-cash and stock dividends. to When Issued. z Ex-dividend.
e Ex-rights. sEx-stook dividend.
•
THE CHRONICLE
AUG. 3 1918.j
CURRENT NOTICE
-The name of the New York Stock Exchange firm of William Morris
Imbrie & Co. has been changed to Imbrio & Co. and the firm has added
a department of commercial banking, under the supervision of the New
York State Banking Department, to its business. The old firm was
established in 1882. There are no changes in the membership of the new
firm, the members being, William Morris Imbrie, James Imbrie, Frederico
Lage, Roswell C. Tripp, Waldo Kendall, Charles West, Jr., Charles S.
Dana and John F. Trow. The firm will maintain its offices at 61 Broadway, New York, and 208 South La Salle Street, Chicago.
-As part of its income tax service, the National City Co. of this city
have issued two new leaflets, entitled: 1. Federal Tax on Corporate Undivided Profits; 2. Federal Income Tax Certificates Defined and Explained.
-named leaflet is needed by all corporations having undivided
The first
profits or surplus for a preceding taxable year. The second tolls what;
every bond owner, individual or corporate, must do when collecting interest
on any bonds other than U. S. Government, State or municipal bonds.
Either leaflet will be sent upon request.
-Dwight P. Robinson and John W. Hallowell retired July 1 from partnership in the engineering and corporation management firm of Stone &
Webster, New York. The remaining partners are Charles A. Stone/
President of the American International Corp.; Edwin S. Webster, Russel'
Robb and Henry G. Bradlee. Mr. Robinson was President of the Stone
& Webster Engineering Corp. since 1908. Mr. Hallowell has been with
Stone & Webster since 1901.
-Wrenn Bros. & Co. announce that Walter Jackson and Chas. H.
Hooke have become general partners in the firm, beginning Aug. 1 1918.
The firm holds membership in the New York, Boston and Chicago Stock
Exchanges, New York Cotton Exchange and the Chicago Board of Trade.
The main offices are at 24 Broad Street, New York, and 53 State Street,
Boston, with branch offices in Manchester, N. H., and Portland, Me.
-The Mohawk Valley Investment Corporation announces the opening
of offices at 97-98-99 Utica City National Bank Building, Utica, N. Y.,
where they will deal in high-grade investment securities, specializing in the
securities of the older established companies of Central New York. The
officers of the Corporation are: D.Clinton Murray, Pres.; T. Harvey Ferris,
Vico-Pres.; A. James Eckert, Treas.; Douglas M. Ross, Soc.
-A new issue of $2,500,000 State of Louisiana Port Commission Serial
5% Canal gold bonds, due July 1 1929-58, is advertised in to-day's "Chronicle" by Wm. R. Compton Co., 14 Wall Street, and Halsey, Stuart & Co.,
49 Wall Street, this city, to yield the investor 4.85% according to maturity. Soo advertisement for full information.
8g
-At 97, and interest, to yield 8% on the investment, A. D. Leach &
Co. of this city and Chicago are advertising and offering in this issue
$3,500,000 Hydraulic Pressed Steel Co. First Mortgage & Collateral Trust
7% notes, duo July 11921. Complete circular, giving full details, will be
supplied on request.
-Louchlielm, Minton & Co., members of the New York Stock Exchange,
71 Broadway, Now York, have taken over the branch office at Hotel Astor,
formerly conducted by Post & Flagg. The office will be under the management of William H. Schubert.
-A. B. Murray, formerly of the firm of Bernhard Scholle & Co., 14
Wall Street, this city, has opened offices at 52 Broadway, this city. Mr.
Murray will specialize in unlisted and inactive securities.
-Messrs Powell, Garard & Co., _Chicago, dealers in municipal and
public utility bonds, have opened a New York office at 65 Broadway under the management of Mr. James F. May.
491
New York City Realty and Surety Companies
All
Bfd
Ask
kUlance R'Ity 55
85
kmer Surety_ 51
54
3ond de M G.. 182 187
3asualty Co_
__ 75
3ity Investing 14
19
Preferred.... 85
70
prices now dollars per share.
Ask
Bid
89 Realty Assoc
(Brooklyn). 80
85
175 U S Casualty. 175
U S Title Guar 35
80 West & Bronx
Title&MG 150
Bid
Lawyers Mtge 84
Mtge Bond__ 80
Nat Surety__ 172
N Y Title &
Mtge
50
Ask
65
190
50
170
Quotations for Sundry Securities
All bond prices are "and Interest" except where marked
'
Standard 011 Stocks Pe rShare
RR. Eaulpments--PerCe.Basis
Par Bid. dsk.
Bid. Ask
engirt-American 011 new.. £1 1318 133 Baltimore & Ohio 4341
s
8.25 5.75
Wanda Refining
100 975 995 Buff Root)& Pittsburgh 40 6.10 5.60
Borne-Sorymser Co
100 440 460
Equipment 4.e
6.10 5 60
Buckeye Pipe Line Co....: 50 *91 93 Canadian Pacific 434s
6.50 8.25
Chesebrougb Mfg new.....100 315 330 Caro Clinchfield & Ohio Si.... 6.75 6.25
Colonial Oil
100 10 40 Central of Georgia 50
6.50 5.50
100 425 445
Continental 011
Equipment Oil
6.50 5.50
Crescent Pipe Line Co__ 60 034 37 Chicago & Alton 4e
7.50 6.50
Cumberland Pipe Line....100 140 150 Chicago & Eastern Ill 5348._ 7.75 7.00
Eureka Pipe Line Co......100 190 195
Equipment 43.is
7.75 7.00
Galena-Signal 011mm-100 120 124 Chic, Ind & Louisv 434s
6.75 6.00
100 115 130 Chic St Louis & N 05a
Preferred
6.00 5.50
Preferred new
98 103 Chicago & N W 43s
6.00 6.50
wo 160 165 Chicago R I & Pao 4;is
Illinois Pipe Line
7.00 6.00
Indiana Pipe Line Co.__ 50 •92 95 Colorado & Southern 5s....._ 6.50 5.75
International Petroleum_ El *13 14 Erie Si
7.00 618
National Transit Co__12.50 *13 14
Equipment 434s
7.03 818
New York Transit Co-100 195 205
Equipment 4s
7.00 61s
Northern Pipe Line Co__100 103 106 Hocking Valley 48
6.101 5.70
3hio Oil Co
25 320 325
Equipment 58
6.101 5.70
Penn-Max Fuel Co
25 *25 30 Illinois Central 58
6.121 5.75
Pierce 011 Corporation__. 25 .164 17
4
Equipment 43.s
6.1215.75
Prairie 011 de Gas
100 500 610 Kanawha & Michigan 434.... 8 751 6.00
Prairie Pipe Line
100 255 260 Louisville & Nashville U.__ 6.00t 5.50
3olar Refining
100 310 320 Michigan Central 5e
6.261 5.75
3outhern Pipe Line Co_100 177 182 Minn St P & El S M 4%s
5 50
3outh Penn Oil
100 260 265 Missouri Kansas & Texas 5s.. 6.001 6.00
7.00j
iouthwest Pa Pipe Lines_100 93 98 Missouri Pacific 5e
7.001 6.00
3tandard Oil (California)100 220 223 Mobile & Ohio 58
6 501 6.00
3tandard 011 (Indiana)_ _100 610 620
Equipment 4;45
6.501 6.00
3tandard 011 (Kansas)
---100 440 460 New York Central Lines 58._ 6.40 5.90
3tandard Oil (Kentucky)100 320 330
Equipment 4348-,,
6.40J5.90
3tandard 011 (Nebraska) 100 450 470 N Y Ontario & West 434s...... 7.001 6.00
3tandard 011 of New Jer_100 523 528 Norfolk de Western 43441....„ 6.001 5.50
3tandard Oil of New Y'k 100 270 275
Equipment 4s
6.00 5.50
Randard 011 (Ohio)
100 400 410 Pennsylvania RR 4;4s
6181 5.50
3wan& Pinch
100 92 96.Equipment 48
61, 5.50
Union Tank Line Co___100 97 9
9 St Louis Iron Mt & Sou 58._ 7.00 6.00
Vacuum 011
100 335 339 St Louis & San Francine° 51. 7.00 6.00
Nashington 011
10 *32 36 Seaboard Air Line 56
.0018. 5
2
7
Equipment 4;is
7 00 6.25
.
Bonds.
Per Caii.
Southern Pacific Co 43.5
6.10 5.60
?farce Oil Corp cony 6e-1924 84 86 Southern Railway 434e
0.25 5.75
Toledo & Ohio Central M.__ 6.50 6.00
Ordnance Stocks
-Per Shari.
Tobacco Stocks
-Per Share.
letna Explosives pref_100 64 69
Par Bid. Ask.
imerican & British Mfg_100
4
8 American Cigar oommon_100 97 102
100 22 30
Preferred
Preferred
100 80 90
Ulm Powder common.
-100 174 176 Amer Machine & Fdry 100 65 80
Preferred
100 88 90 Brftish-Amer Tobao ord._ LI 'l77 I 1812
-The July 1918 number of the Hand-Book of Securities, 3ab000k & Wilcox
100 111 113
Ordinary. bearer
El *18 1818
50'375
Conley
100
issued this week by the publishers of the "Commercial and 311sm (E W)Co common.. 50 .85 425 JohnsonFoil Foil & Met_100 180 2(0
Preferred
75
Tin
60 90
Financial Chronicle," contains a monthly range of prices Danada Fdys & Forginge_100 160 185 MacAndrews & Forbes_ _100 160 170
100
100 90 97
preferred
for the year ended July 1 of stocks and bonds sold at the )arbon Steel oommon 100 119 121 Reynolds (It J)Tobamo_100 250 f280
let preferred
94 98
Stock Exchanges in New York, Boston, Philadelphia, Chi- 2d preferred
100 70 74
B corn stock
100 205 225
100 99 I03
cago and Pittsburgh. There is also a yearly range of prices '3oit's Patent Fire Arms 25 16312 65.2 Preferred
Mfg
A dividend scrip
95 I 98
for bonds and stocks sold on the New York Stock Exchange luPont(E I)de Nemours
13 dividend scrip
94 97
100 293 301
young (J 13) Co
100 110 1135
for the past 6 years and a yearly range for 3M years of Bos- & Co common
Debenture
100 8712 8812
Preferred
100 05 105
ton and Philadelphia prices. In addition, the book contains ?Astern Steelstook
100 90 95
Short-Term Notes-Psr Cats.
elaborate tables with details of securities, together with the Cmpire Steel & Iron eom_100 45 50 Am Cot 011 58 1918 ___M&S 9034 100
,
lits 9718 973
Preferred
100 75 80
58
4
earnings and fixed charges of the respective companies, and leroules Powder oom.....100 238 245 Amer1919
TehtTel He 1919_ F&A 903 995
8
8
showing as nearly as practicable the surplus available to meet
Preferred
100 106 110 Baits & Ohio 455 1919 __Jes.1 984 9812
Beth Steel 55 1919._ FAA 15 9958.9978
charges and dividends. There is a table of dividend pay- gilee-Bement-Pond oom_100 120 125 Canadian Pao fis 1924.M&S 2 9914 9972
Preferred
100 94 97
book contains 216 pages. Price 'enn Seaboard Steel (no par) *5614 5612 Chic & West Indtre 113.M&S 98 99
ments for 9 2 years.
100 265 280 Del & Hudson 5e 1920 FAA 9712 98
one dollar, or to "Chronicle" subscribers 75 cents, including 'helpe-Dodge Corp
ManufacturIng_100 400 425 Erie RR 58 1919
loovill
A-0 9612 97
postage. Copies may also be had at the "Chronicle" office, Chorus Iron
543 .20 26 Fed Sus Rig 58 1920......J&J 95 97
100
Vint:teeter
J&J 997
810018
39 South La Salle Street, Chicago, or from Edwards & Voodward Repeat Arms 100 500 700 Gen Else 158 1920
45 55
Iron
8% notes (2-yr) '19_ JAcD 9934 100
Smith, 1 Drapers Gardens, London.
General Rubber Si 1918.J&D 9912 995
4
Puellc Utilities
Great Nor 541920
M&S 9718 974
8
Liner Gm & Eleo corn__ 50 .81 83 Rocking Valley Os 1918 MAN 9934100
Preferred
50 *37 3912 K C Term Ry 414s'18_M&N 99 9912
Liner Lt de Trao oom
100 187 189
4345 1921
Jea 94 95
All prices now dollars per share.
Preferred
100 92 94 Laclede Gas L 5e 1919_ _F&A 9712 9812
Wier Power & Li corn.....100 42 44 Morgan&Wright Si Dec 1 '18 9912---Bid. Ask. Trust Co's. Bid. Ask,
Banks.
Banks-N.Y. Bid. Ask.
Preferred
100 67 70 N Y Cent 58 1919___M&S15 973 9
4 8
280 300 I New York.
480 495 Lincoln
America s_ _
Liner Public Utilities oom100 ---- 20 Penn Co 434s 1921_ -J&D 15 0612 977
8
Amer Exch... 218 225 Manhattan'. 163 169 1Bankers Trus 363 368
Preferred
100 ---- 45 Pub Ser Corp N 35,
'19.M&8 96 971s
187 175 Mech & Met. 290 298 Central Union1385 395
Atlantic
'Ries Service Co own_ _100 208 209 Bern Arms U.M.0 58'19F&A 99 9912
Merchants...._ 123 128 Columbia__ 247 253
Battery Park_ 210
Preferred
100 74 75 Southern Ry 58 1919__M-13 2 9814 9812
Metropolitan* 165 175 Commercial... 100
Bowery •_ _ _ 400
1orn'w'Ith Pow Ry & L..100 22 23 Utah Sec Corp Os'22.M-S 15 8514 87
375
Bronx Bow". 150 200 Mutual*
295 305
Empire
Preferred
100 42 43 W'house El& M es '19_F&A 991s 99 8
5
New Nethe_ _ 200 215 Equitable Tr.. 330 340
Bronx Nat _ _ 150
:leo Bond & Share pref.. 1(10 891 93 Winches RepArms7s'19.61&S 99 994
Bryant Park* 145 155 New York Co 120 130 Farm L & Tr_ 365 380
'ederal Light & Traotion.100
7 10
Industrial
New York__ 425
23
Butch & Drov 18
200 210
Fidelity
100 35 40
Preferred
and Miscellaneous
135
335 345 Pacific•
Chase
225 255
Fulton
treat West Pow 5e 1948.J&J 7812 80 American Brass
100 221 225
405 510 Guaranty Tr. 320 325
Chat & Phen. 240 250 Park
116811381pp' Riv Pow com-100 13 17 American Chlole oom
100 30 33
People's 0_ _ _ 55
Chelsea Ex 11_ 120
-. Hudson
135 145
100 42 50
Preferred
Preferred
100 60 68
385 31)5 Prod Exch•__ 200
Chemical _
--. Irving Trust fseo Irving
First Mtge 5s 1951.--J&J 70 72. American Hardware
100 127 129
200
Citizens
. 210 220 Public
1Nat Bank
forth'n States Pow com_100 43 45 Amer'rypefounders oom.100 351 38
450 470 Law Tit & Tr 93
t300 t400 Seaboard
City
98
Preferred
100 80 82
100 81 85
Preferred
400 425 Lincoln Trust 100 110
Coal de Iron_ _ 205 215 Second
forth Texas Eleo Co corn 100 53 57 Borden's Cond Milk com 100 97 98
125 135 Mercantile Tr
Sherman
Colonial'..
1400
Preferred
100 70 75
Preferred
100 93 95
100 108
Columbia'. . 160 116- State*
& Deposit 190 200
'meet, Gas & Eleo corn__ lop 3312 34 Celluloid Company
100 144 150
Commerce _ _
171 174 235 Ward'... 115 130 Metropolitan.. 300 310
let preferred
100 79 80 Columbia Graphoph Mfg (t) •82 85
Exch_ 150 180 Mutual(WestComml Ex*. 390 410 Union
uget Sd Tr L & P corn_100 12 14
preferred
100 85 70
UnitedStates• 500
Common_____
cheater) _ _ 105 125
Preferred
100 42 46 Freeport Texas Co
(t) *29 31
wealth 0.... 180 190 Wash Irts•_ 275
N Y Life Ins
epublie Ry & Light- _100 20 2112 Havana Tobacco Co-- __100
178 Ds
Continental
102 108 Westch Aye'.. 180 175
Az Trust__ 875 900
Preferred
/00
212 5
Preferred
100 58 60
1275 325 N Y Trust__ 590 805
Corn Exch*... 313 318 Yorkville•
outh Calif Edison °ern...100 78 7312
let g 5.1 June 1 1922_ .. J-D 142 45
Cosmoplitan * 85
95
Scandinavian 260 270
Preferred
100 95 93 Intercontinen Rubb com_100
8 10
Brooklyn.
Cuba (Bk on 175
Title On OC Tr 243 253
tandard Gm & El(Den- 50 *4
6 Internet Banking 00.......100 180
East River__ _ 15
18 Coney Island. 140 155 Transatlantic
__
175
50 *21 23 International Salt
Preferred
100 50 80
280 270 ILYSMtg&Tr 395 405
Fifth Ave.
- 1800 2200 First
let gold Si 1951
212 4
ennemee Ry LA Prom 100
A-0 6712 69
215 230 Flatbush --- 150
Fifth
United States 875 895
Preferred
100 14 16 International Sliver pref-100 ---- 80
150 165 Westchester... 130 140
First
875 900 Greenpoint
'fflted Gas & Eleo Corp_100
5
7 Lehigh Valley Coal Sales_ 50 *82 85
Garfield ___. 170 185 Hillside •_ -- 110 120
Brooklyn.
1st preferred
100 41 45 Otis Elevator common_ _ _100 48 52
110 Brooklyn Tr_ 490 510
200 225 Homestead *Gotham
100
7 10
2d preferred
Preferred
100 74 78
Greenwich'.- 335 355
57
82 Franklin
Mechanics'
230 240
'olted Lt & Rye corn_ _100 30 32 Remington Typewriter- 100
Hanover
850
95 fiamilton
Montauk•
240 260
2112 23
1st preferred
100 82 63
Common
200 207 Kings County 820 850
235 245 Nassau
Harriman
restern Power oommon_100 12 14
let preferred
100 90 03
Imp & Traci_ 475 490 National City 133 138 Manufacturers 160
79
Preferred
100 40 51
20 preferred
100 76
:Irving (tr
North Side'. 175 200 People's
265
Royal Baking Pow cam _100 120 127
certificates) 274 279 People's
130 140 Queens Co_
65
75
100 91' 93
Preferred
390 405
Liberty
Singer Mfg
1011 182 167
Tex Pac Coal & 011
100 700 725
• Banks marked with a (*I are State banks. t Sale at auction or at Stock ExWire Irving Trust Co. I New stock.
change this week.
Includ.s one-third
'Per share. 8 Basis. el Purchaser also pays accrued dividend. e New stock.
pEx-rights.
'Flat mice. *Nominal. s Ex-dividend. r Ex-rights. (8) Without par value.
1
1
I
I
The
Now York City Banks and Trust Companies
[VOL. 107.
THE CHRONICLE
492
failroati Intelligente.
inoestment
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
oan be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of the electric railways are brought together separately on a subsequent page.
Latest Gross Earnings.
Week or
Month.
Current
Year.
Ally 1 to Latest Date.
Previous
Year.
Current
Year.
Previous
Year.
Alabama & VicIcsb- June
962,875
161,117 166,788 1,089,124
Ann Arbor
3d wk July
63,798 1,730,358 1,721,994
65,706
Atch Topeka & S Fe June
12926 580 11815430 72,422,360 67,198,183
Gulf Colo & S Fe.. June
1,418,268 1,380,942 8,873,414 8,027,073
Panhandle & S Fe June
449,081 581,548 2,851,654 3,269,383
Atlanta Birm & Atl June
307.625 298,495 2,004,769 1,895,814
Atlanta & West Pt_ June
792,746
203,388 127,976 1,104,953
890,161
May
Atlantic City
295,494 255,411 1,105.864
Atlantic Coast Line June
4,363,773 3,376,810 26,226,234 22,121,243
Atlantic & St Lawr_ May
804,565
788,749
159,044 125,905
Baltimore & Ohio June
14852852 11272775 68,991,616 61,170,348
802,362
B & 0 Ch Ter RR May
648,096
167,619 180,597
Bangor & Aroostook May
373,878 390,204 1,871,608 2,081,610
Belt Ry of Chicago_ June
352,950 342,874 1,824,343 1,887,502
Bessemer & L Erie_ June
1,323,763 1,468,590 4,987,916 4,869,137
Bingham & Garfield May
300,740 292,244 1,298,081 1,217,976
568.693
708,871
89,531
Birmingham South.. June
123,894
Boston & Maine_ June
5,759,170 4,982,670 30,250,657 28,049,619
Buff Roch & Pittsb 3d wk July 405,374 332,345 9,302.776 7,885,915
672,887
Buffalo & Susq RR_ May
901,540
175,899 152,762
Canadian Nor Syst_ 3d wk July 846,300 872,100 23,115.900 22.323,200
Canadian Pacific.... 3d wk July 2,644.000 2,950,000 79,291,883 79,436,646
Caro Clinch & Ohio June
340,510 359,810 2,056,680 1,987,616
Central of Georgia.. June
1,521,629 1,249.991 9,551,095 7,176,773
Central RR of N J_ June
3,746,780 3,294,485 19,086,173 17,559,420
Cent New England.. May
489.327 514,697 2,203,575 2,213,654
Central Vermont June
463,429 404,933 2,332,945 2,113,521
894,757
Chariest & W Car.._ May
211,215 190,450 1,108,337
Ches & Ohio Lines_ May
5.753.130 4,509,357 24,048.064 21,407.802
Chicago & Alton__ _ June
1,928,846 1,821,488 10,118,751 9,730,862
Chic Burl & Quincy May
10409901 10577859 51,289,223 48,208,260
Ch Det & C G Trk_ May
473,933
497,182
98,663
132,914
Chicago & East Ill_ May
2.070,185 1.767,630 9,047,246 8,249,484
Chicago Great West Juno
1,429,020 1,427,841 8,410,490 7,834,877
Chic Ind & Louisv_ 3d wk July 231,260 177,972 5,174,407 4,905,897
Chicago June RR__ May
321,619 280,786 1,404,813 1,335,092
Chic Milw & St P_. June
10617493 9,410,567 55,072,130 52,282,357
Chic & North West_ May
9,202,971 9,328,948 41,660,711 40,085,142
856.198
Chic Peoria & St L. May
874,074
210,353 181.710
June
Chic R I &
7,291,041 6,975,662 43,830,982 40,340,759
Chicago R I & Gulf.. May
357,226 317,665 1,775,731 1,538,090
Chic St P M & Om_ May
1,692,666 1,757,186 8,780,382 8,076,525
Chic Terre H & S E May
363,253 312,251 1,572.955 1,416,133
Clue Ind & Western May
237.569 220,798 1,225,123 1,119,431
522,571
May
Coal St Coke
523,990
113,885 112,392
668,634
Colorado Midland_ May
130,187
Colorado & South__ 3d wk July a232,081 a223,255 a6,370,370 a5,690,987
Ft W & Deny 0_ _ Juno
520.837 485,613 3,511,951 2,923,025
Trinity & Bras V May
474,792
388,312
80,098
95,295
495,426
Colo & Wyoming__ May
448,150
103,003 102,259
Crip Crk & Col Spgs May
388,032
513,497
96,742
77,819
_ May
Cuba Railroad
1,180,421 562,969 6,030,563 2,470,411
Delaware & Hudson May
2,963,319 2,626,138 12,170,824 11,297,995
Del Lack & West__ June
5,686,552 5,253,803 29,848,437 27,738,569
Deny & Rio Grande June
2,262,846 2,352,089 13,519,245 13,490,305
635,612
707,064
Denver & Salt Lake May
215,339 152,997
762,678
715,650
26,034
Detroit & Mackinac 3d wk July
25,977
805,556 1,043,167
Detroit Tol & Iront May
232,864 205,190
786.901
801.107
Det & Tol Shore L.. May
186,590 164,162
Duluth & Iron R.._ _ June
1,100,769 951,448 2,860,854 2,261,671
Dui Missabe & Nor June
2,513,222 2,124,430 5,591,886 4,164,685
88,111 2,255,268 2,321,516
Dul Sou Shore St At 3d wk July
99,373
707,578
991,349
Duluth Winn & Pac May
145,832 181,651
490,611
505,362
East St Louis Conn June
88,558
86,780
Elgin Joliet & East.. June
1,561,739 1,398,626 8,061,735 7,639,439
El Paso & So West.. June
1,194,758 1,173,468 7,311,963 7,258,286
June
Erie
7,223,979 6,561,351 36,088,083 33,397,404
Chicago & Erie June
842,211 775,790 4,538,314 4,208,112
Florida East Coast_ May
840.940 882,945 4,431,652 4,210,978
90.136
425,381
90,813
424,013
Fonda Johns & Glov May
Ft Smith & Western June
598,126
488.048
72,543
86,839
Galveston Wharf May
445,419
528,694
87.665
104.407
Georgia Railroad June
504,828 283,639 2,742,676 1,741,974
Grand Trunk Pac_ _ 1st wk July 102,878 104,070 2,962,100 2,612,601
Grand Trunk Syst_ 3d wk July 1,496,180 1,358,019 37,030,842 34,535,879
Grand Trunk Ry 1st wk July 1,102,808 1,034,564 27,326,269 25,115,128
Grand Trk West_ 1st wk July 252,530 198,495 5,132,070 4,923,903
63,897 1,559,002 1,727,946
Det G H & Milw_ 1st wk July
65,649
7,737,898 8,511,030 39,057,426 40,002,487
Great North System June
Gulf Mobile & Nor_ Juno
179,917 183,175 1,118,495 1,020,487
Gulf & Ship Island_ May
803,200
221,868 164,754 1.1,05,965
Hocking V'alley___ _ May
1,067,946 957,944 4,071.620 3,733,582
Illinois Central.._ _ _ May
7.981,741 7,379.927 38,892,812 34,439,985
Internat & Grt Nor May
1.014.377 1,143,216 5,266,927 4,667,237
460,787
Kan City Mex & Orb May
493.726
92,959
97,798
K C Mex &0 of Tex Juno
498,893
550,160
92,227 119,671
Kansas City South_ May
1,354,877 1,114,621 6,529,213 5,315,781
437,392
Texark & Ft Sm.. May
490,571
91,279
93,979
Kansas City Term.. May
466,677
468,289
109,441
93,986
910,725
Lehigh & Hud Riv_ May
828,944
178,525 208,073
Lehigh & New Eng.. June
465,153 315,650 1,752,602 1,700,008
June
Lehigh Valley
5,851,605 5,113.085 27,195,521 25,435,817
Los Ang & Salt L.._ May
1.112.817 1.182,055 5.376.794 5.082,537
561,563
722,948
Louisiana & Arkan_ May
132.338 112,717
907,531
Louisiana Ry & Nay May
218,562 173,236 1,183,912
7,300,443 6,410.599 35,384.757 29,612,876
Louisville & Nashv_ May
858,772
206,350 188,011 1,021,828
Lou Rend & St L.._ May
May
Maine Central
1,398,884 1.244,013 5.726.754 5,607,331
Midland Valley....__ May
274,293 228.833 1,341,421 1,075,766
664,019
591,126
19,323
3d wk July
Mineral Range_
21,087
Minneap & St Louis June
912,848 937,455 5,365,419 5.140,875
MinnStP&SSM June
2,469,273 3,302,933 13,537,588 16,000,907
281,441
52.752
Mississippi Central_ May
465,112
82,392
Missouri Kan & Tex 4th wkJune 1.086.872 1,060.766 23.416.171 19,630.705
Mo & North Ark__ May
732.941
756.509
130,553 155,795
910,974
Mo Okla Sc Gulf__ June
860,047
127,106 154,465
Missouri Pacific_ _ _ June
6.316,173 6,401.699 40,098,954 37,528.602
June
Monongahela
285,836 187,785 1,348,318 1,047,877
Latest Gross Earnings.
Week or
Month.
Current
Year.
Previous
Year.
July 1 to Latest Date. .
Current
Year.
Previous
Year.
860,092
28I,788 189,060 1,062,482
Monongahela Conn May
Nashv Chatt & St L June
1,644,358 1,140,266 9,054,654 7,115,676
173,851
125,223
6,796
5,159
-Oregon 3d wk July
Nevada-Cal
962,460
201,530 222,148 1,011,486
Nevada Northern... May
470,471
525,598
85,348
108,668
Newburg & So Sh_ _ June
659,265
829,386
177,073 149,184
New On Great Nor.. May
481,148 415,827 2,876,993 2,294,876
New Orl & Nor East June
559,700
143.477 119,647 897,737
N 0 Texas & Mex... May
478,309
743,079
76,773
104,894
Beaum S L & W_ June
283,448 385,480 1,810,591 2,074,402
St L Browns & M June
23874699 21562234 122729354 112480 113
New York Central.. June
2,045,392 1,872,719 6,997,425 6,755,467
Boston & Albany April
729,002 723,918 4,084,315 4,016,579
Lake Erie & W_.. June
5,343,327 4,350,707 29,358,667 24,945,624
Michigan Central June
5,845,027 4,491,251 29,301,568 24,577,351
Cleve 00 & St L June
881,840
941.607
187,816 181.913
Cincinnati North May
Pitts St Lake Erie June
2,679,389 2,300,514 13,980,010 11,836,653
781,705 613,798 3,177,976 2,666,532
Tol St Ohio Cent_ May
543,405 337,291 2,361,362 1.639,803
Kanawha & Mich Juno
37338502 30858418 129848492 115870889
Tot all lines above April
1,837,300 1.485,674 9,068,351 8,186,500
N Y Chic & St Louis June
8,001.982 7,338,617 35,230,574 33.245.622
NYNH& Hartf__ May
1,030,607 804,718 4,776,097 4,109,637
N Y Out & West___ June
391,224 302,657 1,551,323 1,419,070
N Y Susq & West.._ May
6,726,527 5,593,349 34,969,428 30,801,930
Norfolk & Western_ June
411.073 436,576 2,140,401 2,187,428
Norfolk Southern__ May
7,542,788 8,371,745 42,023,234 42,148,323
Northern Pacific_.... June
494,311
443.162
88,283 104,914
Minn St Internat. May
442.053 397,402 1,861,639 1.653,618
Northwestern Pac_ May
436,693 343,447
Pacific Coast Co___ May
30,071022 25066 172 120830660 112782091
Pennsylvania RR_ _ May
357,050
366,721
115,541
90,345
Bait Ches & Atl__ May
443,987 436,708 2,259,956 2,289,622
Cumberland Vail. June
Long Island
2,290,120 1,489,218 9,379,786 7,063,908
June
320,239
278,542
83,822
Md Del & Va.. _ May
86,125
N Y Phila & Norf May
664,906 445,217 2,435,617 1,951,325
W Jersey & Seash May
790.970 631,548 3,056,134 2,827,884
Penn Western Lines May:
7.525,501 7,035,059 29,704,480 28,775,833
543,643 519.361 2,504.987 2,526,420
Grand Rap & Ind May
Pitts CO & St L_ May
6,854,760 6,302,110 29,828,442 29,285.704
Penn System
May
Lines East
34178634 28200869 137033977 126673981
May
Lines West
15109 144 14030 228 62,878,383 61,431,347
Lines E & W....... May
49287 779 42231 098 199912 360 188105 327
590,915
613,307
Peoria & Pekin Un_ June
95,139 102,946
Pere Marquette_ _ _ Juno
2,552,141 1,915,585 12,193,644 11,413,088
459,622
493,244
Pitts & Shawmut__ May
108,865
88.125
530,207
Pitts Shaw & North May
92.822
552,964
101,877
Pittsb & West Va_ _ June
856,716
162,129 137,223
May
757,926
Port Reading
734,988
108,788 171.727
Reading Co-6,919,461 5,887,225 28,852,024 26,754,715
Phila & Reading_ May
4,543,357 4,175,608 21,411,789 18,757,138
Coal & Iron Co.._ May
11462818 10062833 50,263,813 45,511,853
Total both cos..... May
571,075 428,871 2,202,796 1,943,773
Rich Freds & Pot May
975,428
307.137 204,714 1,245.220
Wash Southern.... May
Juno
372,339 374,892 2,099,757 2,063,939
Rutland
997,955
207,250 238.908 1,092,792
St Jos & Grd Isld May
5,513,107 4,609,647 30,161,168 26,607,264
St Louis-San Fran_ June
340,989
438.121
71,272
77,371
Ft W & Rio Or May
482.899
630,329
92,176 105,491
St L S F & Tex.... May
St Louis Southwest_ 3d wk July 380,518 321,282 10,384,132 8,898,914
460,298 431,392 3,168,773 2,483,147
St L S W of Texas Juno
261,388 300,344 1,908,809 1,777,358
San Ant & Ar Pass_ June
3,056,043 2,265,153 17,437,962 15,036,320
Seaboard Air Line.... Juno
662,139
June
118,956
84,183
760,427
South Buffalo
12713 124 12077822 71,202.272 66,361,767
Southern Pacific...... June
352,375 420,581 1,824,471 2,000,273
Arizona & East__ May
1,511.157 1,502,075 9,940,672 9,462,120
Galv Hous & S A_ June
Houston & Tex 0 May
667,669 618,900 3,490,676 3,004,914
750,399
836,684
170,484 157,490
Hous E & W Tex_ May
Louisiana West__ Juno
320,023 271,310 2,014,678 1,654,002
MorgansLa & Tex May
621.771 576,495 3.202,671 2.623,977
591,166 507,632 2,945,139 2.476,342
Texas & New On May
Southern Ry Syst_ _ 3d wk July 2,939,209 2,200,909 75,935.544 60,271.314
723,820 639,409 3,904,446 3,280,863
Ala Great South_ June
1,228,745 1,147,149 6,604,118 6,313.486
Cin N 0 & Tex P June
503.175 361,002 1.922.185 1.477.628
New On & Nor E April
Mobile St Ohio...... 3d wk July 319,872 243,723 7,517,971 7,388,494
48,792 1,875,324 1.506,689
62,041
Georgia Sou & Fla 3d wk July
92,891 100,082
472,788
Sou Ry in Miss_ May
534,366
80,982
92,161
439,997
Spokane Internat _ - May
303.162
665,185 573,787 3,091,226 2,464,646
Spok Port Sc Seattle May
706,364
191,294 133,747
Staten Island R T _ Juno
763,126
3,385
67,792
2,641
64,171
Tenn Ala & Georgia 3d wk July
262,209 163,826
710,130
Tennessee Central_ May
981,792
Term Assn of St L__ May
306.319 309,558 1,432,252 1,425.293
297,025 274,297 1,308,689 1,239.810
St L Men Ilrg Ter May
Texas & Pacific-- 4th wkMay 654.875 620.600 9,685.192 8,782.739
627,376
698,601
116,806 122,163
Toledo Poor & West Juno
144.982 138.726 3.036,301 2,842.389
Toledo St L & West let wk
327.032
88,283
Ulster & Delaware_ May
325,571
83.986
June
Union Pacific
7,618,719 6,500,564 40,028,600 33,828,572
2,782,515 2,747,341 15,155,307 14,477,375
Oregon Short L June
2.156.408 2,195,402 9.296,011 8.324,587
Ore-Wash RR&N May
476,971
482,099
178.987 173.599
Union RR (Balt)._ March
Union RR (Pa).._ _ _ June
657,895 596,692 2,849,609 2,634,851
May
497,211
104,236
Utah
983,628
157.705 152,868 1,176,516
Vicks Shreve & Par June
June
Virginian RR
903,410 906,614 5,067,656 5,060,678
Juno
Wabash RR
3,919,636 3,381,519 19,860,030 19,283,137
Western Maryland. Juno
1,208,348 1,101,588 6,630,967 6,318.958
832,085 913.609 4.056.245 3,544.444
WesternPacific-- May
929,312
624,443
187.686 118,673
Western Ry of Ala_ May
Wheel & Lake Erie_ Juno
1,190,297 1,086,880 5,532,740 4,401,829
81,542
407.118
Wich Falls & N W.May
70,557
425.450
1,582,333 1,435.763 8.151,696 6,758.445
Yazoo & Miss Vail. May
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
Previous
Increase or
Current
Year. I Decrease.
Year.
I
Cur. Yr. Prey. Yr.
Mileage.
$
$
$
$
$
247.099 246.110 373.326.711 333,855.130 +39,771.575 11.92
2d week May (22 roads)_-__ 11.027,569 10.383,341
+644.228 6.20 August
+634.748 6.11 8eptember.._245,148 243.027 364.880.086 330.978.448 +33,901.638 10.24
3d week May (22 roads)._ 11.019.020 10,384.272
4th week May (11 roads).- 13,718.831 12,620.962 +1.097,869 8.69 October _ -247.048 245.967,389.017,309 345.079,977 +43,937,332 12.73
4th week May (22 roads).-- 17,085,317 15,798,665 +1,286,652 8.14 November 242.407 241,621160,062,052 326.757.147 +33.304.905 10.19
+161.980 1.57 December _ _247.988 247,265 343.875.052 317.836.386 +26.038,666 8.18
let week June (22 roads).- 10,548.151 10.386,171
+493,953 4.74 January_ -240.046 239,885 282.394,665 294.002.791 -11.608,126 3.95
2d week June (20 roads).--- 10.904,800 10,410,847
3d week June (21 roads)......_ 11.307.025 10.285,268 +1,021.757 9.93 February- 230,336 228.835 362,761,238 312.276,881 +50.484.357 16.22
238.891 237.463 285.776,203 260.627.752 +25.148.451 9.65
+862,003 6.32 March
4th week June 20 roads)..... 14,504,177 13.642,174
233.734 232,255 369,409,895 319.274.981 +50.134.914 15.70
+387,433 4.44 A_prit
1st week July 18 roads)..--- 9.109.887 8.722,454
+945,720 10.77 May
230,355 228.892 374,237.097 342.146,096 +32,091.001 9.38
2d week July 17 roads)___- 9,723,974 8,778.254
.1-842.422 A 4S June
0 777 522 8 035 100
3d week July (19 roads)
57.174
56.505 56,052,557 53,758,394 +2,294.163 4.27
a Method of reporting changed figures are now for the Colorado & Southern Railway Company only.
Weekly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
Monthly Summaries.
AUG. 3 1918.1
THE CHRONICLE
493
--Gross Earnings--Net Earnings
Current
Previou8
Previous
Current
Year.
Year.
Year.
Year.
Roads.
$
$
$
$
36,498
154,465 def115,880
Missouri Okla & Gulf.._June 127,105
140,656
1910,974 def190,661
860,046
Jan 1 to June 30
6,401,699df1,505,357 2,134,036
Pacific
Increase. Decrease. Missouri 1 to June 30 June 6,316,172
1917.
1918.
6,821,310
Third week of July.
40,098,953
Jan
231,440
_June 1,644,357 1,140,266 def102,370
Nashv Chatt & St
$
$
$
$
9- .054,654 7,115,676 1,472,722 1,679,662
30
Jan 1)to JuneL_900,727 306,000
Previously reported (5 roads)_- 0,370,496 5,775,769
def7,305
26,923
85,347
1,908
Newburgh So Sh & Atl_June 108,667
63,798
65,706
Ann Arbor
def8,332
37,393
25,800
470,470
525,597
Jan 1 to June 30
872,100
846,300
Canadian Northern
53,288
138,749
177,972
415,827 def83,139
231,260
_June 481,147
Chicago Ind & Louisville
New Orleans & N
a8,826
774,064
686,885
a232,081 a223,255
2- ,876,992 2,294,876
E__Jan 1 to June 30
Colorado & Southern
57
26,034
25,977
Detroit Sz Mackinac
N.O.Tex.& Mex.System
11,262
88,111
99,373
196,421
Duluth South Shore & Atl
385,479 def115.791
St L Browns & Mex__June 283,447
856,505
399,808
Grand Trunk of Canada
1,810,590 2,074,401
Jan 1'to June 30
1,496,180 1,358,019 138,161
Grand Trunk Western
14,519
76,772 def6,884
..June 104,894
Beaum Sour L & W..
Detroit Or Hay & Milw
161,865
272,738
478,307
743.078
Jan 1 to June 30
Canada Atlantic
1,764
6,937,269
19,323
June23,874,698 21,562,233df.3,799,367
New York Central
21,087
Mineral Range
1,637
6,796
122,729,354 112480,112 12,377,872 28,731,523
Jan 1 to June 30
5,159
Nevada-California-Oregon
59,236
321,282
252,414 1,472,733
380,518
St Louis Southwestern
Cleve Cin Chic & StL June 5,845,026 4,491,251
744
2,641
3,385
29.301,567 24,577,351 5,876,937 6,581,013
Tennessee Alabama & Georgia_
Jan 1 to June 30
136,886 z142,126
337,290
Kanawha & Mich..__June 543,464
1,175,916 333,494
9,777,522 8,935,100
Total (19 roads)
431,952
593,180
2.361,361 1.639,802
Jan 1 to June 30
842.422
Net increase (9.43%)
262,923
723,918 def108,169
_ _June 729,002
Lake Erie &
439,572 1,220,914
4- ,084,315 4,016,579
30
Southern Ry. Co. only.
WestJan 1 to June
a Above figures are for the Colorado &
_June 5,343,326 4,350,707 def176.761 1,210,152
Michigan
-The table
29,358.667 24,945,624 5,504,803 5,885,808
Central__Jan 1 to June 30
Net Earnings Monthly to Latest Dates.
411,145
20,441
1,837,300 1,485,673
Louis_
Chic
following shows the gross and net earnings with charges and N YJan 1& StJune 30_ _June 9,068,351 8,186,499 1.231,960 1,695,192
to
261,483
surplus of STEAM railroad and industrial companies re- N Y Ontario & West..__June 1,030,606 804,718 def95,819 998,355
280,198
4,776,097 4,109,636
Jan 1 to June 30
ported this week:
_June 6,726,527 5,593,348 def653,801 2,004,773
- Norfolk &
-Gross Earnings--Net Earnings
34,969,428 30,801,938 6,237,525 11,678,100
Western.._Jan 1 to June 30
Previous
Current
Previous
Current
June 7,542,787 8.371,744 def274,819 3,687.481
Year.
Year.
Northern Pacific
Year.
Year.
Roads.
42,023,234 42,148,323 9,092,479 17.133,057
Jan 1 to June 30
System
1,838,112 4,300,815
544,586
Atch Top & Santa Fe.. June12,926,579 11,815,430 21,413,432 24,982,811 Pennsylvania
462,067
June 2,290,119 1,489,218
Long Island
67,196,183
72,422,360
Jan 1 to June 30
9,379786 7,063,908 2,066,381 1,617,740
Jan 1 to June 30
195,313
581,548 def95,786
209,615
12,931
436,707
Panhandle& Santa Fe.June 449,081
Cumberland Valley__June 443,986
530,931 1,228,502
675,729 1,110,928
2,851,654 3,269,383
Jan 1 to June 30
2,259,956 2,289,622
Jan 1 to June 30
79,233
452,130
23,944
187,784
June 285,836
Monongahela
Gulf Colo & Santa Fe_June 1,418,267 1.380,941 def138,584 2,095,193
462,304
352,832
1,047,877
8,027,072 2,038,352
1,348.318
8,873,412
Jn to Jualne 30
Jan 1 to June 30
15,729
102,945 def87,669
95,139
33,178
30,484 Peoria & Pekin UnionJune
127,975
48,287
Atlanta & West Point....June 203,388
590,915 def65,957
613,307
Jan 1 to June 30
334,517
211,013
792,746
1,104,953
Jan 1 to June 30
624,130
June 2,552,140 1,915,584 def111,250
Pere Marquette
28,810
290,495 def196,735
_Juno 307,624
12493.644 11,413,088 1,652,996 2,717,897
Atlanta Birm &
Jan 1 to June 30
311,394
2,004,768 1,895,814 def160,997
Atl__36,428
Jan 1 to June 30
137,223 def23,072
Pittsburgh & West Va__June 162,129
52,943
841,686
3,376,810 def907,897
856,715
Jan 1 to June 30
Atlantic Coast Line____June 4,363,773
98,225
26,226,235 22,121,243 6,035,224 7,549,625 Rutland
374,891 def137,582
June 372,338
Jan 1 to Juno 30
454,667
44,203
2,099,757 2,063,939
907,898
Jan 1 to June 30
Atlantic Coast Line___June 4,363,773 3,376,810 6,035,224 2,657,483
7.549,624 St Louis-San Francisco_June 5,513,107 4,609,647 def273,025 1,827,385
22,121,243
26,226,234
Jan 1 to June 3030,161,168 26,607,264 4,645,867 8,946,963
Jan 1 to June 30
June14,852,852 11,272,774 df1,904,789 2,869,019
Baltimore & Ohio
377,917
886,181 def52,207
68,991,616 61,170,347 def936,398 14,446,622 St Louis Southwestern_June 834,298
Jan 1 to June 30
6,185,590 5,489,401 2,236,306 2,438,907
Jan 1 to June 30
116,109
342,873 def57,230
50,117
of Chicago_ __June 352,949
431,392 def265,223
Belt Ry
St L So West of Tex.._June 460,297
604,574
79,820
1,824,342 1,887,501
129,357
Jan 1 to June 30
3,168,773 2,483,147 def 43,576
Jan 1 to June 30
434,499
43,997
695,567 San Ant & Aran Pass_ __June 261,388
300,344 def268,168
Bessemer & Lake Erie__June 1,323,763 1,468,590
875,334 1,182,800
44,565
4,987,916 4,869,137
1,908,809 1,777,357 def137,513
Jan 1 to June 30
Jan 1 to June 30
626,501
15,455
89,530
def1,448 Seaboard Air Line
June 3,056,042 2,265,152 def341,213
Birmingham Southern.._June 123,893
58,837
25,703
568,692
17.437,962 15,036,320 2,831,656 4,645,097
708,870
Jan 1 to June 30
Jan 1 to June 30
15,716
22,614
84,182
June 118,956
652,168 South Buffalo
June 5,759,169 4,982,670df1,117,020
Boston & Maine
230,242
662,139 .217,903
760,426
Jan 1 to June 30
30,250,656 28,049,618 1,043,688 5,390,531
Jan 1 to June 30
June12,713,124 12,077,822 1,161,736 5,131,864
Southern Pacific
356,673
June 1,588,118 1,345,335 def329,836
Buff Roch & Pitts
71,202,272 66,361,167 12.757,663 23,558.719
Jan 1 to June 30
69,895 1,333,189
8,033,382 6,783,538
Jan 1 to June 30
141,279
88,280
271,309
Louisiana Western___June 320,023
829,736
514,200 1,087,600
955,147
___June 4,031,100 4,048,600
2,014,678 1,654,001
Canadian Northern_
Jan 1 to June 30
42,450,600 41,244,700 3,926,500 10,404,400
568,233
167,354
July 1 to June 30
Harrisb & S A__June 1,511,156 1,502,074
Galv
June12,577,286 13,556.979 2,812,147 3,915,906
9.940,671 9,462,119 2,911,756 3.470,181
Canadian Pacific
Jan 1 to June 30
72,012,286 71,356,776 14,706,985 20,997,449
Jan 1 to June 30
June 9,673,393 7,143,681 def110,015 2,376,805.
Ry
Southern
158,313
359,809 def47,191
54,134,611 41,454,555 13,971,338 13,511,961
Carolina Clinch & Ohlo_June 340,510
Jan 1 to June 30
483,960
862,339
2,056,680 1,987,616
218,865
62,037
639,408
Jan 1 to June 30
Alabama Gt South__June 723,819
988,622 1,027,580
344,132
June 1,521,628 1,249,990 def287,499
3,904,445 3,280,863
Jan 1 to June 30
Central of Georgia
17,846
9,551,095 7,176,773 2,169,635 1,933,271
212,191 def44,271
Jan 1 to June 30
282,485
Georgia Sou & Fla..__June
248,514
237,306
1,684,797 1,360,314
Jan 1 to June 30
Central of New Jersey.._June 3,746,783 3,294,485 def265,749 1,144,420,
19,086,173 17,559,420 2,335,334 5,344,117 Staten Isl Rap Trans__June 191,294
35,885
58,815
133,747
Jan 1 to Juno 30
140,211
53,940
166,499
706,364
404,933 def135,671
763,126
Juno 463,429
Jan 1 to June 30
Central Vermont
404,235
2.332,945 2,113,521 def194,486
14,170
122,162 def51,218
Jan 1 to June 30
Toledo Peoria & West__June 116,806
55,306
609,792
627,376 def55,416
June 1,928,845 1,821,488 def160,696
698,601
& Alton
to June 30
Jan 1
Chicago
845,291 2,809,762
10,118,750 9,730,861
130,419
133,639
596,691
Jan 1 to June 30
June 657,895
Co
67,998
521,132 Union RR to June 30
2,849,609 2,634,851 def212,097
Jan 1
Chicago Great Western_June 1,429,020 1,427,841 def447,117 1,808,026
520,947
8,410,490 7,834,876
Jan 1 to June 30
June 7,618,718 6,500,564 1,712,188 3,092,698
Union Pacific
269,123
83,336
713,023
40,028,600 33,828,571 13,245,341 12,602,219
..June 967,565
Jan 1 to June 30
Chic Ind & Louisville.
541,903 1,396,930
4,673,207 4,392,228
406,443 1,307,019
Jan 1 to June 30
Oregon Short Line..__June 2,782,515 2,747,341
15,155,306 14,477,375 5,191,626 6,463,074
Jan 1 to June 30
Chic Milw & St Paul.._June10,617,493 9,410,567 df2,554,394 2,865,892
55,072,130 52,282,357 1,257,493 13,676,632 Virginian
444,430
22,507
Jan 1 to June 30
906,613
June 903,409
5,067,655 5.060,678 1,151,103 2,298,372
Chicago R I & Pacific-Rine 7,291,040 6,975,622 df1,397,738 1,547,645
Jan 1 to June 30
43,830,982 40,340,758 5,321,020 9,589,113
Jan 1 to June 30
3,381,518 def231,884 1,075,356
June 3,919,635
457,178 Wabash.. to June 30
19,860,029 19,283,137 1,890.805 5.760,010
Cin Now Orl & Tex Pac_June 1,228,745 1,147,149 def23,629
Jan 1
6,604,118 6,313,485 1.149,553 2,047,115
292,087
Jan 1 to June 30
Western Maryland..__ _June 1,208,348 1,101,587 def446,905 1,719,791
6,630,967 6,318,988 def59,450
Colorado & Southern System
Jan 1 to June 30
182,346
485,613 def129,460
395,361
Worth & Den C'y_June 520.837
def39,936
Ft
1,190,296 1,086,879
661,770 1,072,846 Wheeling & Lake Erie__June 5,532,739 4,701,829
3,511,951 2,923,024
Janzl to June 0
617,617 1.458.365
Jan 1 to June 30
367,046 1,922,293
Lack & West_June 5,686,552 5,253,802
Delaware
29,848,437 27,735,569 6,847,968 9,814,351
Jan 1 to June 30
-All the above net earnings are before the deduction of taxes.
Note.
724,577
Denver & Rio Grande.._June 2,262,846 2,352,089 def200,549
Balance,
Charges
Total
Other
Net
13,519,245 13,490,305 2,734,759 4,418,420
Gross
Jan 1 to Juno 30
Income. & Taxes. Surplus.
Earnings. Earnings. Income.
490,106
552,965
951,448
Duluth & Iron Range....June 1.100,769
$
$
658,332
477,369
2,806,854 2,261,671
Jan 1 to June 30
Duluth Missabe & Nor_June 2,513,221 2,124,429 1,622,370 1,431,877 Toledo Peoria dc West
10,134 def34,164
18,300 def24,030
116,806 def42,330
June '18
5,591,885 4,164,684 2,185,386 1,396,993
Jan 1 to June 30
1,174
28,569
29,743
15,572
14,171.
122,163
'17
28,301
86,779
88,558 def68,784
56,174 def4,397
51,877
East St Louis Connect_June
98,405
6 mos '18 698,600 def46,528
114,493
490,611
505,362 def111,200
13,669
164,593
178,262
Jan 1 to June 30
122,954
55,308
'17 627,377
521,371
150,046
Elgin Joliet & Eastern_ _June 1;561,739 1,398,626
Balance,
Fixed
Gross
Other
Net after
8,061,735 7,639,439 1,476,880 2,012,997
Gross
Jan 1 to June 30
Income. Charges. Surplus.
Income.
Taxes.
Earnings.
516,057
181,612
El Paso Southwestern.._June 1,194,757 1,173,468
$
7,311,963 7,258 286 2,963,750 3,526,363
Jan 1 to June 30
June 7,223,978 6,561,351df.2,037,855 1,616,528 Duff Roch & Pitts-Erie Railroad
198,847 def447,087
111,097 def252,240
June '18 1,588,119 def363,337
36,088,083 33.397,404df.4,095,992 5,211,911
246,675
Jan 1 to June 30
182,340
429,015
105,342
323,673
'17 1,345,336
249,208
842,211
June
775,789 def191,111
496,331 1,171,897 def675,566
Chicago & Erie
627,520
6 mos '18 8,033,382 def131,189
4,538,314 4,208,111 def245 106 1,185,342
720,176
Jan 1 to June 30
645,319 1,796,504 1,076,328
'17 6,783,538 1,151,185
86,838
72,542 def13,540 def6,579
Ft Smith & Western......June
33,016
447001
598,126
488,047
EXPRESS COMPANIES.
Jan 1 to June 30
63,416
58,656
283,639
June 504,828
Georgia
-Month of March- -Jan. 1 to mar. 31437,591
774,251
2,742,670 1,741,974
1917.
an 1 to June 30
1918.
1917.
1918.
$
$
June 7,737,898 8,511,029 def792,848 3,356,971
$
$
r
Great Northe n
Canadian Express Co
39,057.426 40,002,407 '1,304,760 11,842,058 Total from transportation_ _ _ 447,128
422,519 1,185,901 1,091,199
Jan 1 to June 30
547,234
571,981
192,150
55,690 Express privileges
206,487
def44,693
-Dr
179,917
183,174
Gulf Mobile & North_ June
301,443
1,118,494 1,026,487
203,697
Jan 1 to June 30
543,965
613,920
230,369
Revenue from transport'n_ 240.641
5,177
77,027
95,158 def73,311
Kan City Mex & Oriont.June
34,232
40,604
11,753
14.502
570,754
555,945 def195,037 def38,927 Oper. other than transport'n
Jan 1 to June 30
120,878
126,595
315,650
578.197
654,524
Lehigh & New England_June 465,153
242,122
255,143
Total operating revenues_
629,035
389,974
1,752,602 1,700,008
506,290
639,000
Jan 1 to June 30
177,556
230,523
Operating expenses
June 5,851,604 5,113,084 def820,095 1,567,827
Lehigh Valley
71,907
15,524
64,565
27,195,520 25,435,817 1,015,008 5,717.654
24,620
revenue__ _
1 to June 30
Jan
Net operating
267
1,676
109
9
306,469 Uncollectible rev.from trans.
937,455 def320,683
Minneapolis & St Louis_June 912,847
21.000
15,000
7,000
5.000
200,290 1,437,481 Express taxes
5,365,418 5,140,875
Jan 1 to June 30
50,640
Minn St Paul & 8 8 M__June 2,469,272 3,302,033 def652,661 1,371,119
57,456 loss 1,152
19,611
Operating income
270,965 5,251,267
13,537,588 16.000,907
Jan 1 to June 30
-For the third week
Latest Gross Earnings by Weeks.
of July our final statement covers 19 roads and shows 9.43%
increase in the aggregate over the same week last year.
494
THE CHRONICLE
[VoL. 107.
Gross
Net
Balance,
Earnings. After Taxes Fixed Chgs. Surplus.
ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Name of Road
or Company.
Latest Gross Earnings.
Week or
Month.
Alabama Power Co__ May
Amer Power & Lt Co May
Atlantic Shore By.._ _ Juno
Bangor Ry & Electric May
Baton Rouge Elec Ry May
Blackstone V G & EL May
Brazilian Trac, L & P May
Brock .Su Piym St By.. May
Bklyn Rap Tran Syst April
Cape Breton Elec Co May
Cent Miss V El Prop_ May
Chattanooga By & Lt May
Cities Service Co_ _ _ _ June
Cleve Painesv & East May
g Columbia Gas & El June
Columbus (Ga) El Co May
Colima (0) By,P & L May
Com'w'th P. Ry & Lt June
ConnecticutPower Co May
Consum Pow (Mich)_ May
Cumb Co(Me)P & L May
Dayton Pow & Light June
g Detroit Edison_ _ _ _ June
Detroit United Lines March
Duluth-Superior Trac June
East St Louis Su Sub_ May
Eastern Texas Eloc__ May
El Paso Electric Co__ May
g Federal Lt & Trac_ February
Ft Worth Pow & Lt_ Juno
Galv-Hous Elec Co__ May
Grand Rapids By Co May
Great West Pow Syst May
Harrisburg Railways. June
Havana El By,L & P May
Honolulu R T & Land March
Houghton Co El Co._ May
Houghton Co Tr Co_ May
bHud & Manhat RR_ April
Illinois Traction_ _ _ Juno
Interboro Rap Tran_ May
Jacksonville Trac Co May
Keokuk Electric Co.. May
Key West Electric Co May
Lake Shore Elm By.. May
Lewist Aug & Watery May
Long Island Electric.. April
Louisville Railway.... May
Manhat Bdge 3c Line April
Milw El By & Lt Co_ June
Milw Lt, Fit & Tr Co June
Nashville By Su Light May
Newp N&H Ry,G&E Juno
Nevada-Cal El Corp.. May
N Y & Long Island.... April
N Y & North Shore__ April
N Y & Queens Co__ April
New York Railways_ April
Niag Lockp't & Ont.. June
Northampton 'Frac__ April
Northern Ohio Elec.._ Juno
North Texas Electric May
Ocean Electric (L I)_ April
Pacific Gas & Electric May
Pacific Pow & Light_ June
g Paducah Tr & Lt Co May
Pensacola Electric Co May
Phila Rapid Transit.. May
Phila & Western_ _ _ May
Portland Gas Su Coke May
Port re)R y,L&PCo. May
(0
Porto Rico Railways_ May
g Puget Sd Tr, L & P May
°Republic By Sr Light June
Richmond Lt & RR_ April
St L Rock Mtn & Pac May
Santiago El Lt & Tr_ Juno
Savannah Electric Co May
Second Avenue (Rec) April
Southern Boulevard_ April
Southern Cal Edison.. May
Staten Isl Midland__ April
Tampa Electric Co.... May
Tenn Ry. Lt & P Co.. May
Texas Power & Lt Co June
Third Avenue By...... April
DDEB &B RR_ April
42dStM&StNA By April
Union RyCo
(NYC) April
Yonkers Railroad; April
N Y City InterbRy April
Belt Line By Corp_ April
Third Avenue System June
Twin City Rap Tran_ Juno
Virginia By & Power_ June
Wash Bait & Annap_ June
Westchester Electric.. April
York Railways
May
Youngstown & Ohio.. May
Current Previous
Year.
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
Kansas Gas:SKElec_June '18
'17
12 mos '18
'17
Milw Elec RyALt_June'18
'17
6 mos- '18
j
'17
Milw Lt, Ht:SC,Tr_ _June'18
'17
6 mos '18
'17
Newport News &
June'18
Hampton Jiy.G & El '17
6 mos '18
'17
Pacific Power &
June'18
Light Co
'17
12 mos '18
'17
Portland Gas &
June '18
Coke Co
'17
12 mos '18
'17
Texas Power _&
June '18
Light Co
'17
12 mos '18
'17
WashBalt&Annap_June '18
150,552
51,953
122,446
30,598
1,857,842
236,894
1,705,508
298.850
694,570
141,272
627,632
112,799
4,320,742
847,415
3,883,008
853,925
251,741
55,379
184,599
37,334
1,316,681
222,515
1,022,057
204,850
196,481
59,924
111,929
44,338
944,848
269,194
553,647
206,856
154,740
78,882
132,346
74,521
1,769,855
905,383
1,537,524
765,975
145,423
66,415
111,915
53,780
1,540,601
701,613
1,290,620
607,687
233,387
84,574
181,868
67,206
2,897,551 1,056,286
2,407,004 1,029,775
242,955
111,001
39,254
6 mos 4 1,1M368
560,542
7
8
'17
494,989
179,061
31,635
20,318
21,384
9,214
133,000
103,894
133,000
165,850
108,882
x39,192
86,213
x36,636
598,730 x304,171
455,031
x448,154
40,941
x14,599
39,491 xdef1,928
258,808 xdef36,095
232,780 zdef27,628
20,408
x40,156
20,338
x24,618
122,410 x150,737
123,166
x84,867
41,518
37,364
36,338
38,183
457,278
448,105
415,077
350,898
29,191
37,224
27,301
26,479
348,344
353,269
326,386
281,301
54,536
30,038
45,100
22,106
608,462
447,824
476,660
553,115
17,294
z96,212
22,672
z17,702
135,411 x434,222
134,680
x51,163
239,408 162,202 1,093.853
781.752
1019,926 860,696 5,381,505 4,681,305
14,865 16,496
78,503
129,221
71,190 65,428
367,398
350,723
20,456 17,793
102,971
94,326
197.632 152,362
927,104
794.797
/903000017864000 140,606000137,004000
8,692
9,586
38,931
43,511
2571,061 2477,556 9,705,535 9,594,594
38,917 36,030
193,829
174,884
26,771 24,100
132,288
122,740
147.808 117,840
715,754
546,014
1808,929 1388,560 11,476,249 9,820,796
46,227 43,747
206,023
195,890
783,150 762,992 6,096,573 5,707,430
101,018 84,410
496.876
426.572
350,814 316,274 1,775.364 1,607,371
1831,428 1550,770 10,338,999 9,272,736
73,878 68,267
385,659
345,389
503.096 444.153 2,517,281 2,297,072
254,438 236,728 1,188.477 1,162.548
173,606 125,182 1,121,325
898,390
1011,620 868,769 6,692,833 5,997,504
1473,573 1370,447
147,384 126,287
846,662
762,439
337,079 301,645 1,597,083 1,447,741
94,396 74,233
436,041
378,041
105,576 103,174
534,008
546,334
290,540 229,813
600,884
473,691
99,449 77,444
x After allowing for other income received.
209,765 155,988 1,006,444
775,516
Gross
Net
Fixed Chgs. Balance'
105,683 107,618
524,277
540,416
Earnings. Earnings. & Taxes.
Surplus.
339,755 323,929 1,727,952 1,637.440
117,572 99,664
623,768
560,149
685,731 564,237 3,253,268 2,696,060 Harrisburg Rys_ _ __June '18
117,572
40,016
34,873
51,143
61,125 59,741
99,664
'17
46.300
170,791
32,243
14,057
173,992
31,769 32.646
623,768
6 mos '18
262,436
173,515
203,248
59,188
179,627
25,122 26,466
'17
560,149
270,277
138,924
193,460
76.817
142,501
577,898 524,053 2,280,555 2,107,514 Northern Ohio
June '18
593,513
209,329 , 144,551
64,778
1150,237 1057,635 7,094,140 6,489,460 - Electric Corp
....I '17
527,232
191.137
124,571
66,566
3524,432 3511,496 17,530,100 17,585,883
6 mos '18 3,468,309 1,242,601
852,616
389.985
83,211 56,762
368,002
290,040
'17 3,121.605 1,215,918
756,603
459,315
21,105 19,388
102,501
97.478
-Gross Earnings- -Net after Taxes
14,885 11,712
71,448
55,831
Current
Previous
Current
Previous
161,528 141,531
772,168
659,926
Year.
Year.
Year.
Year.
73,099 71,822
300,320
323,593
16,267 18,877
61,199
67,186
326,156 268,675 1,465,288 1,271,788 Philadelphia:Company (and affiliated operating companies)
11,867 10,770
Natural GasiDept_ _ _Juno 818,446
45,158
40,275
753,331
347,717
353,608
694,570 627,632 4,320,742 3,883,003
Apr 1 to,June 30
2,781.955 2,503,504 1,463,577 1,354,275
251,741 184,599 1,316,681 1,022,057
Oil Department
Juno
56,232
46,550
42.650
34,650
232,266 198.301 1,073,161 1.008.682
Apr 1 to June 30
179,984
147,628
143,422
116,674
196,481 111,929
944,848
553,647
Coal Department_ _ _ _Juno
99,468
173,252
13,685
117,109
178,247 161.117
825.034
714.678
Apr 1 to June 3
307,263
460,971
80,032
302,851
37,698 34,713
125,226
123,183
Elec Lt & Pow Dept_June 864,344
11,755 13,125
684,609
265,510
193,148
40,523
46,429
Apr 1 to June 30
2,761,342 2,054.166 1,032,409
75,468 97,223
274,925
650.987
392,765
983,452 1033,608 3,661,872 3,996,252
Street Ry Dept (excl Pitts251,264 192,839 1,497,502 1.134,729
burgh Rys Cos)_ _ _June
41,264
44,907
1,734
9,896
17.678 17.334
70,687
Apr 1 to June 30
68.193
136.637
123,730
11,564
30,348
593,513 527,232 3,468,309 3,121,605
Total all Dep'ts
June 1,883,397 1,699,006
671,296
708,411
247.017 180,238 1,301,768
884.820
Apr 1 to Juno 30
6.167,181 5,289,999 2,731,004 2,455,135
7,567
7,677
25,042
24,722
1696,260 1568,814
United Gas Se Electric Corporation.
154,740 132,346 1,769,855 1,537,524
24,219 23,265
127.196
126,863
Gross
Net after
Fixed
Balance,
38,606 25,313
183,021
128,548
Earnings.
Taxes.
Charges.
Surplus.
2696,626 2570,440 12,726,716 12,170,689
52,109 47,778
Citizens' Gas &
Juno '18
24,381
9,314
3,638
5,676
141,631 102,617
Fuel Co (Terre Haute)'17
23,945
12,104
3,936
8,168
620.294 474,433 3,025.087 2,372.048
12 mos '18
308,406
136,989
45,337
91,652
86,829 77,541
421,954
370,403
'17
282,362
118,489
46,629
71,860
919,764 762,663 4,668,710 3,793,817
June'18
46,102
17,031
449,349 375,346 2,808,144 2,229,467 Colorado Springs
11,417
6,514
Lt Ht & P Co
'17
42,319
16.032
33,739 33,036
11,417
127,406
4,615
127,077
12 mos '18
584,519
204,860
442,059 330,662 2,139,349 1,443.257
149,516
55,344
'17
214,531
55,718 47,040
556,855
149,516
65,015
325,078
266,990
93,022 74,213
458,551
Juno '18
372,781 Columbia (Ga)
3,430
1,059
319
740
66,860 63,800
234,114
Gas Co
243,788
'17
2,611
706
313
393
17,670 18,140
64,371
12 mos '18
67,923
7,204
34,599
3,958
3,246
653,400 528.584 2,781.408 3,280,386
'17
28,476
6,409
3,883
2,526
20,778 25,587
78,605
93,067 Conestoga Trac
June'18
108,714
41,097
13,993
27,104
82,799 82,012
434,145
436,715
Co (Lancaster, Pa) '17
104,627
45,836
26,882
18,954
488,475 430,687
12 mos '18 1,226,596
491,846
325,791
166,055
233,387 181,868
'17 1,166,352
527,469
324,227
203,242
315,814 342,997 1,262,490 1,354,791 Consumers
El Lt Juno'18
29,985
10,206
6,767
3,439
41,447 37,813
148,978
142,495
& Power Co (New
'17
29,120
13,839
6,635
7,204
139,618 148,735
509,100
564,719
Orleans, La) 12 mos '18
378,468
168,459
86,991
81,468
215,045 238,239
809,127
915,283
'17
361,702
173,172
93,612
79,560
66,244 64,995
250,977
243,024
Juno'18
56,724 62,644
69,447
26,872
219,646
243,159 Edison Electric
9,257
17,615
Co (Lancaster, Pa) '17
53,331 58,340
54,273
22,089
196,135
13,471
8,618
227,266
12 mos '18
870,351 937,859 3,019,143 3.204,505
752,241
338,224
113,253
224,971
'17
808.432 853,196 4,847,573 5,175,945
663,982
319,168
100,388
218,780
690,380 525,777 3,873,198 3,066,814 Elmira W L &
June'18
112,529
38,564
17,541
21,023
242,955 93,503 1,199,668
RR Co
494,989
'17
38,142
97,065
15,852
22,290
43,625 41,733
166,694
160,428
12 mos '18 1,313,904
462,942
241,277
221,665
82,118 80,889
444,066
426,030
'17 1,239,491
518,102
233,555
284,547
33,533 28,817
161.930
134,743 Harrisburg Light
June'18
29,238
68,867
15,407
13,831
& Power Co
'17
58,812
29,062
13,381
15,681
a Now covers only the lines east of York Beach, Me.: In the first four
12 mos '18
953,862
404,786
179,782
225,004
months of 1917 covered also the lines west of York Beach, Me. b Repre'17
835,667
467,233
163,569
303,664
sents income from all sources. e These figures are for consolidated com- Houston Gas &
June'18
48,057
15,462
6,603
8,859
pany. f Earnings now given in mitre's. g Includes constituent companies.
Fuel Co
'17
43,044
18,072
6,496
11,576
12 mos '18
630,317
213,272
82,224
131,048
'17
556,990
231,427
82,082
149,345
Electric Railway and Other Public Utility Net Earn- Houston Heights June'18
2,821
1,520
130
1,390
W & L Assn
ings.
'17
-The following table gives the returns of ELECTRIC
2,866
1,689
128
1,561
12 mos '18
16,112
31,855
1,560
14,552
railway and other public utility gross and net earnings with
'17
28,471
14,399
1,521
12,878
Internat'l System Juno '18
654,611
144,777
167.795 def23,018
charges and surplus reported this week:
(Buffalo, N Y)
'17
679,147
143,174
261,725
118,851
-Gross Earnings--Net Earnings
12 mos '18 7,946,002 2,056,563 2,006,484
50,079
Current
Previous
Current
Previous
'17 8,140.765 3,106,492 1,838,341 1,268,151
Companies.
Year.
Year.
Year.
Year.
Lancaster (Pa)
June '18
25,325
9,027
2,200
6,827
$
G L & F Co
'17
20,147
8,060
2.088
5,972
Dayton Pow & Lt Co_ _June 173,606
125,182
56,312
12 mos '18
40,782
263,610
79,405
25,955
53,450
Jan 1 to June 30
1,121,325
898,390
326,714
'17
287,794
234,884
97,768
25,228
72,540
Illinois Traction a
June 1,150,237 1,057,635
309,174
329,856 Leavenworth (Kan)Juno'18
17,602
30
def2,783
2,813
Jan 1 to June 30
7,094,140 6,489,460 1,980,880 2,315,319
L H & P Co
'17
15,823
2,762
2,813
def51
Santiago El Lt & Pow....June
12 mos '18
55,718
253,468
20,404
47,040
34,609 def14,205
23,316
14,376
Jan 1 to June 30
'17
325,078
52,419
218,975
34,589
266,990
17,830
130,116
81,007
Third Avenue a
June '18
June 870,351
11,151
27,818
937,859
4,883
6,268
134,592
5,496 Lockport
Jan 1 to June 30
?COI
'17
3,019,143 3,204,505
7,416
23,824
4,592
2,824
781,817
745,574
12 mos '18
85,620
412,204
81,026
3,694
a Net earnings here given are after the deduction of taxes.
'17
100,133
356,584
65,179
34,954
Richmond (Va)
June '18
2,453
10,070
3,832 dof1,379
Gross
Net after
Fixed
LII&PC0
Balance,
'17
5,514
13,596
3,932
1,582
lEarnings.
Taxes.
Charges.
Surplus.
12 mos '18
180,413
56,664
55,728
936
$
'17
179,423
42,187
67,219 def15,032
Fort Worth Power June '18
99,449
47,227
12,527
34,700 Union Gas & El
Juno'18
17,729
7,062
2,588
4,474
& Light Co
'17
77,444
43,533
9,854
Co (Bloomington, Ill) '17
33,679
14,406
5,054
2,916
1,138
12 mos '18 1,193,162
571,507
131,694
439,813
12 mos '18
196,655
51,640
42,950
8,690
'17
901,162
523,776
118,224
405,552
'17
180,454
64,880
41,637
23,243
THE CHRONICLE
AUG. 3 1918.]
Balance,
Net
Gross
Earnings. After Taxes. Fxied Chgs. Surplus.
Wilkos-Barre Co
Total
4,711
21,543
25,254
66,893
June '18
8,416
20,034
28,450
54,503
'17
103,783
251,900
355,743
'18
891,991
12 mos
139.797
240,378
380,175
'17
769,061
88,181
303,836
392,017
June '18 1,324,389
243,347
273,206
516,553
'17 1,280,135
12 mos '18 16,364,018 5,150,733 3,723,777 1,426,956
'17 15,800,504 5,434.454 2,487,501 2,948,953
American Cities Company.
Balance,
Fixed
Gross
Net after
Surplus.
Charges.
Taxes.
,Earnings.
8
19,358
65,926
86,284
290,754
Birmingham Ry, June '18
38,513
66,346
'17
289,265
104,859
Lt & Pow Co
418,176
837,157
12 mos '18 3,713,900 1,255,333
(Alabama)
428,345
819,957
'17 3,532,676 1,248,302
18,024
7,524
25,548
79,269
Houston Lighting June '18
'
21,994
7,086
'17
70,709
29,080
& Power Co
251,459
127,040
378,499
946,466
12 mos '18
(Texas)
232,094
140,126
'17
372,220
826,320
18,835
18,570
June '18
99,255
37,405
Knoxville Ry &
18,034
18,769
'17
88,816
35,803
Co (Tennessee)
202,789
245,121
447,910
12 mos '18 1,137,176
235,011 IT 196,789
'17 1,034,979
431,800
2,968
18,831
21,799
119,058
Little Rock Ry & June '18
15,575
17,498
33,074
83,381
Elec Co (Arkansas) '17
137,946
222,408
360,354
12 mos '18 1,279,340
•
200,9_97
209,698
'17
410,595
986,188
16723
44,734
June '18 !r174,266
61,057
Memphis St Ry
20,967
44,139
65,106
'17
174,808
Co (Tennessee)
194,797
535,975
730,772
12 mos '18 2,106,678
537,635
320,515
858,150
'17 2,114,680
58,542
165,811
224,353
674,384
New Orleans Ry & June '18
87,035
244,835
'17
630,162
lit Co (Louisiana)
,
857,968
12 mos '18 8,034,148 2,835,032 1,977 064
'17 7,553,366 2,939,002 1,902,590 1,036,412
322,396
134,049
455,445
Juno '18 1,435,099
Total
311,637
202,120
513.757
17 1.337,143
12 mos '18 17,217,710 6,007,899 3,944,763 2,063,136
'17 16,048.211 1_6,260,168 ,:.,3,845.016 2,415,152
ANNUAL REPORTS.
-An index to annual reports of steam
Annual Reports.
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
July 27. The next will appear in that of Aug. 31.
Southern Pacific Company.
(34th Annual Report-Year ended Dec.31 1917.)
On subsequent pages is given at lenth the report of the
board of directors, signed by Julius Kruttschnitt, Ch'airman
of the Executive Committee.
495
COMBINED BALANCE SHEET DEC. 31.
Dec. 31 '17. Dec. 31 '16.
Dec. 31 '17. Dec. 31 '16.
Liabilities
Assets
Road & equip't_982,028,004 951,830,440 Capital stock:
Sou. Pae. Co_272,823,406 272,822,906
Improvem'ts on
1,374,681 Prop'y cos_x_349,082,400 343,834,900
leased prop'y. 1,454,271
Sinking funds__ 13,711,547 12,770,189 Funded debt:
Sou.Pac.Co.1y663,129,261 663,079,539
Miscel. physical
property, &c_*30,779,258 14,060,077 Prop. cos.xj
Debt to affiliInv.in affil. cos.
2,829,872 11,222,155
ated cos
273,313,262 279,006,951
Stocks
142,156,383 147,085,897 Traffic,&c.,bal.. 2,661,702 1,766,019
Bonds
Acels & wages_ 12,353,427 10,354,631
Stks. & bonds
(cost insep.).12,192,302 9,722,585 Mat.int. unpaid 6,032,517 4,880,182
489,000 Mat. div. unpaid 4,159,051 4,145,058
567,571
Notes
5,712,207 5,496,683
Advances__ 95,331,021 91,247,067 Accr. int., &e
3,944,904 1,548,704
Other investm'ts 24,730,038 18,328,481 Miscellaneous
102,103
135,222
11,733,163 12,114,651 Deferred habil_
Cash
7,639,525 1,692,093
&e_ 4,500,000 8,000,000 Tax liability
Dem.loans,
1,695,587
Time drafts, &c. 15,500,000 6,850,000 Ins., &c.,res'ves. 3,158,472 38,178,081
87,728 1,791,406 Accrued deprec.z45,497,003
Special deposits.
185,775 do oil property a6,377,594
Loans & bills rec. 4,050,388
35,880,142
Traffic,&c., bal. 1,997,113 1,004,641 Onadjus. creditsc48,602,771
conduc. 7,499,834 3,936,975 Add'ns through
Agents &
201,552
351,907
inc., &c
Material & supp. 24,406,116 16,217,750
Miscellaneous 13,684,485 10,050,137 Funded debt re4,121,318 6,399,795 tired through
Deferred assets_
Unadjust. ace'ts 11,589,745 7,002,475 Income, &c 21,087,445 20,139,132
8,954,857
Disc't on stock_ 5,959,083 3,678,600 Sink,fund res've 9,397,707 3,818,178
Disc. on fund. dt. 3,682,527 3,827,970 0th.approp.sur. 3,818,178 177,163,044
Profit and loss_ _216,280,586
1,685,075,157 1606,975,545
1,685,075,1571606,975,545 Total
Total
Pacific Ry. and
The value of the granted lands belonging to:the Centralclose of the year
to the Oregon & California RR., remaining unsold at the
in the above statement.
Is not included
$5,720,675
Securities issued or assumed. unpledged, Dec. 31 aggregated
, as of
and pledged $713,000, against $4,432,175 and $713000, respectively not
-S. 0. Commission regulations are
items by I.
Dec. 31 1916. These
sheet.
included among the assets in the above balance debt include capital stock
x The outstanding capital stock and funded
of $349,000700
and funded debt of proprietary companies of the par value which securities
and $109,160,591, respectively a total of 5458,161,291,
companies, or are
by the Southern_Pacific Co. or-by proprietary the said amount
are owned
held in sinking funds of proprietary companies. Of
at $232,932.stocks of the $249,653,161, which stand charged on the books and bonds.
Co. stock
667, are pledged against the issue-of Southern Pacific
of Southern Pacific Co.,
y Includes as of Dec. 31 1917 funded ;debt
$6,433,675 held
$211,665,610 and of proprietary cos., $457,897,326, less
by or for company.
power plants and subz Represents accrued depreciation on electric
preserving works.
stations, general office building at San Francisco, wood
and similar
Sacramento rolling mill, oil storage plants, grain elevators
facilities.
depreciation on oil lands and improvements acquired
a Represents accrued
from Kern Trading & Oil Co.
which have
c Represents, principally, interest on construction advances
-V. 107. p. 402, 292.
no, been repaid.
Missouri Kansas & Texas Lines.
(Annual Reportfor Fiscal Year ending Dec. 311917.)
Receiver C.E.Schaff, St. Louis, May 1, wrote in subst.:
(excepting freight
Results for the Year.-Intercorporate items excluded
show increases
charges on company material from Sept. 1 1916), results
for the year as follows:
8 or 15% Miscall. income__ $192,448 or 33%
Oper. revenues_ __$6,610,46
67,984 or 9%
Rentals, &c
Oper. expenses___$3,708,410:or 11
Inc. for yr. avail.
436,456 or 22
Taxes
for interest_ _ _ _ 2,592,056 or 32%
Oper. income_ _ _ _ 2,467,602 or 30%
$6,655,512 (being
The interest accrued (83% of amount available) was year $1,379,573.
the
an increase of 677,859, or 1%).leaving net income for
stock outDividends declared during the year on subsidiary companies'
COMBINED INCOME ACCOUNT (INCL. SOUTHERN PACIFIC CO. standing, $1,011.
but Not Paid
Interest and Sinking Funds Maturing During Receivership
AND PROPRIETARY COS., EXCLUDING OFFSETTING ACCTS.)
Dec. 31 1917.
Dec. 31 '17. Dec. 31 '16. Dec. 31 '15.
1.44
Interest Deferred (Total $1,038,890)
1917 $799.990
$
'
-Years-endingMissouri Kansas & Texas Ry. Co. 1st M.bonds_ __Dec. 1 1917
136,700
Nov. 1
132,608,207 112,460,567 86,331,290 Missouri Kan. & Okla. RR.Co. 1st M. bonds
Freight revenues
50,000
Aug. 1 1917
45,380,193 37,112,447 42,057,401 1Can.sas City & Pacific Ry. Co. lst•M. bonds
Passenger revenues
18,700
Nov. 1 1917
9,438,013 Boonville RR. Bridge Co. 1st M. bonds
10,801,950 9,573,186
Mailmxpress, &c
33,500
Nov. 1 1917
4,641,201 Dallas & Waco Ry. Co. 1st M. bonds
5.181,139 4,281,224
&c
Incidental,
193,971,489 163,427,423 142,467,905
Total revenues
Defaulted (Total 58.035.380)
Interest
17,522,352 18,049,585 16,988,904 Missouri Kansas & Texas Ry. Co.
Maintenance of way & construction
$1,600,000
both incl
24,261,507 23,579,907 20,838,609
Maintenance of equipment
2d M. bonds, Feb. 1 1916 to Aug. 1 1917,1 1917, both incl__ _ 937.890
3,105,899 3,121,250
3,131,417
Traffic
General Mtge. bonds, Jan. 1 1916 to July
Sept. 1 1917, both incl. 799,360
68,778,430 52,388,289 45,430,562
Transportation
First & Refdg. M.bonds, Mar. 1 1916 to 1 1917, both inch
406,625
Nov.
2,406,515
2,729,402 2,232,869
Miscellaneous operations
.1st M.Ext. bonds, Nov. 1 1915 tobonds. Apr. 1 1916 to Oct. 1
3,903,208
4,584,982 4,140,810
General
St. Louis Division 1st M. Refdg.
153,920
Cr.406,267 Cr.414,622 Cr.342,510
Transportation for investment
1917, both inch
Oct. 1 1916 to Oct. 1
120,601,823 103,088,736 92,346,638 Mo. Kan. & Eastern Ry. let M. bonds,
300,000
Total expenses
1917, both incl
73,369,667 50,338,687 50,121,367
5,800
Net revenue
inch
2d Mtge. bonds, Apr. 1 1916 to Oct. 1 1917, bothSept. 1 1917,
13,792,170 8,269,292 6,549,186
Taxes
1st M. bonds, Mar. 1 1916 to
43,735 Texas & Okla. RR.
61,195
70,238
234,700
Uncollectibles
both incl
Net revenue fromimiscel. operations.. 5,571,418
to
Southwestern Coal & Impt. Co. 1st M. bonds, Jan. 1 1916
99,860
Taxes on miscel. operating properties.
89,160
July 1 1917, both incl
5,571,558
Miscel. operating income
-year gold.notes ext., Nov. 1 1915 to Nov. 1 2,850.000
M. K. & T. 12y. 2
65,078,811 52,008,200 43,628,447
Operating income
inch
1917, both
1,295,379 M. K. & T. Ry. Co. of Texas 1st M. bonds, Sept. 1 1916 to
1,127,446
1,188,086
Rent, &c.,income
337,875
2,604,342
Hire of equipment
Sept. 1 1917, bothlincl_
20,960
Profit--soparato:operatod properties..
&Wou:Ry. tst M. bonds, Dec. 1 1915 to 211.125
4,384,005 4,085,131 Sherman Shreveport incl
Dividend income
2,388,052
Dec 1 1917, both
20.950
5,800,908 Wichita Palls & N. W. Ry. 1st Lien Coll. Tr. bonds, July 1 1917..
Income fromlfundod securities
2,730,732 4,859,237
87,975
1,265,427
1,971,006
Miscellaneous
1,845,260
First & Refdg. M.bonds, July 1 1917
Gross income
75,856,844 63,644,316 t57,340,871
Deferred ($12,653)
Sinking Funds
612,653
527,670
164,613
Hire of equipment
RR. Bridge Co. 1st M., due Nov. 1 1917
731,976 Boonville Fund Installments Defaulted (Total $1,140,004)700,750
168,316
Rent for leased roads
Sinking
1,909,976
2,120,466 M. K. & T. Ry. Gen. Mtge.. due Jan. 1 1916 to July 1 1917,
Rents, &c
1,482,081
$1,047,410
Bonds, &c., interest
24,219,075 24,278,864 25,117,161
both incl
447,863 Southwestern Coal & Imp. Co. let M., due Jan. 1 1916 to July 1
337,427
319,276
Other interest
72,494
004,361
467,115
Miscellaneous
538,678
1917, both incl
Dividends paid1(6%)
16,369,400 16,364,957 16,360,559 Wichita Falls & Sou. Ry. Co. let M., due Jan. 111916 to July 1
15,600
886,428
957,180
978,097
Sinking, &c., reserve
both inch
1917,
4,500
44,074,023 45,543,945 46,433,427 Wichita Falls & N. W.By. 1st Lien Coll. Tr. Mtge., due July 1 '17
Total deductions
31,781,921 18,100,371 10,907,444
Balance, surplus
in Funded Debt in Hands of Public During Year 1917.
Changes
Bonds, &c. Retired (Total $1,209.676)
$12,000
TRAFFIC STATISTICS.
Boonville fiR. Bridge Co. 1st M. 4s
190,000
-year 5% equipment notes
-Year ending Dec. 31.- -Year ending June 30- M.K.& T. Ry.Co. 10
68,000
1914
1917.
1913-14. M. K. & T. fly. of Texas equipment notes,
1914-15.
1916.
282,302
-purchase)
11,137
Amer. Locomotive Co. equip. (rental
10,422
10,554
11,001
23,000
Average-miles-of road.._
W. F. & N. W. Ry. Co. 1st M 5s
5,000
' Passenger Traffic
First Lien Coll. 53
629,375
Bail pass. carried, No.... 23,751,416 21,596,374 19,901,186 22,480,902
Ry. receiver's 4.7% equip, trust ctfs. of 1916
Rail pass. carried 1 m_1,844,570,925 1475372,013 1494171,948 1598949,389 M. K. & T.
Issued ($635,585)
80.94
60.92
$0.87
Bonds,
$0.83
Av. rec. from:each pass..
gold notes.. $200,000
2.214 cis. 2.173 cts. 2.247 cts. San Antonio 13ridge & Term.Ry.Co. 1st M.3-yr.6%
435,585
Av.rec. per pass. per m_ 2.217 eta.
61.69
51.34 M. K.& T. By. Amer. Car & Fdy equip. purchase agreement
$1.51
$1.42
Beers. per rev. tr. mile_
was $574,091.
The net decrease in funded delA for the year
Freight Traffic
as of Dec. 31 1917.
Equipment Inventory
2
Tons carried rev. freight 44,977,449 40,571,071 31,857,039 32,599,138
663 decrease
5,813,592 6,031,652 Locomotives
7,247,170
17
Tons carried co's freight. 6,983.356
447 decrease
Tons carr. 1 in., all fr't.14803735,48112009374,556 7643731,959 8263764549 Passenger train cars
decrease 1,335
$2.41 Freight train and miscell, cars owned and leased_ _ _ _25,082
$2.75
$2.29
$2.55
Av. rec'd from each ton_
cars and 281
1.104 cis.
.959 eta.
1.099 eta.
Av. p. tonp. m., rev. fr't_ .923 cts.
This last item of decrease includes 659 leased Mather stock
Recta. per rev. tr. mile
tank cars taken out of service.
$4.44 leased Pacific typo locomotives, one narrow gauge locomotive, 10 baggage
$5.04
$4.39
54.73
commercial freight-cTen
three derrick cars,
Ton miles per rev. tr. m.
cars, one box car, 363 coal and stock cars, one flat car, placed in service;
all freight (aver, tons)
wrecking crane and one pile driver were received and
471.21 one three coach, baggage and mail cars, 84 box cars, seven automobile
463.71
545.58
496.80
per train _c
and
other company
Tons per loaded car mile
13 flat cars, one locomotive, 30 cinder cars and 455
21.15 cars
20.78 25.34
during the year.
23.63
-a Lc
--,omega service cars were rebuilt or overhauled
improvements made on existing equipNew equipment was acquired and
c Based on traffic over rail linos only, length of ferries used between rail
costing 62,154,825. The value of equipment re"
ja
stations excluded .om distance over which traffic was moved. Adill 4 j ment during the year,
496
THE CHRONICLE
[VoL. 107.
tired during the year was $1,091,184, leaving a net increase of
The company is constructing an electric railway connecting the
$1,073,642
In the value of equipment owned.
development with the tracks of the Hocking Valley Ry. Co. at new coal
Greendale.
Property.
-The property consists of some 12,000 acres of land scattered
Average Amounts Expended for Repairs to Equipment.
through four
Locomotives
$4,752 Increase $1,278 or 36.78% and contains counties in Ohio, viz.: Athens, Hocking, Perry and Vinton,
coal, clay and oil in varying quantities, and, we believe, other
Passenger train cars
1,116 Increase
140 or 14.38
valuable minerals, which may
Freight train and miscellaneous cars_ _ _
127 Increase
19 or 17.30% part can be advantageously be later developed. The surface lands in
used for
Two locomotives, 23 passenger cars, 2,042 freight cars, including
principal holdings are situated about 60 farming and raising cattle. The
camiles from Columbus, 0., near the
booses, and 230 work cars were retired form service during the year.
villages of New Straitsville, Gore, Buchtel and Greendale.
The value of equipment to be replaced under various mortgages as
At Greendale, Hocking County, there is located the large brickmakin
of
Dec. 31 1917 was $2,715,527. There was $219,058 in suspense account plant,
g
together with the power plant and machine ships, and here also are
at the close of the year, which, when charged out, will reduce the above
amount to $2,496,469. Equipment purchased by the receiver has not been located our clay and shale deposits.
Most of the workable coal mines were leased under the receivership
assigned to vacancies under the various mortgages.
former management, upon a royalty basis, with the right to the sale or the
The annual rate of depreciation on equipment is
of the
the
charged to operating expenses for depreciation during3%, and was amount product upon a commission basis. The oil properties were also leased at
the year
$1,046,- that time.
401, an increase of $471,847, over 1916. The amount of accumulate
d
Under the present management, which in the past year has succeeded to
depreciation on Dec. 31 1917 was $2,990832, an increase of $924,501.
the control of the company's affairs, no additional important coal
This charge for depreciation was in addition to the amount
leases
operating expenses on account of retirements during the year. charged to have been made. (V. 104, p. 366.)
Oil.
-The right to drill
Roadway and Structures.
-During the year $3,239,676 was spent for per- Oil Co., of Pittsburgh, for oil on our property was leased to the Chartiers
in 1911, your company to receive a cash bonus of
manent additions and betterments to the property, exclusive of equipment.
$185,000 and one-eighth of all oil recovered. Last year the wells produced
154 miles of new 85 and 00-lb. rail was laid
and rail of lighter weight, which was usedin the main line, releasing worn 127,648 bbls., of which the company received 15,956 bbis. This oil was
on branch lines, releasing rail sold for $54,700;sinking fund, 15c. a bbl.,
requiring renewal. 119 miles of new ballast was applied
was $19,147; net income, $35,553.
and 262 miles of
The lease requires that the Chartiers Oil Co. shall continue developmen
track was reballasted. 1,172,469 cross
t
-ties were renewed
switch ties were used. 40 miles of yard and industrial and 878% sets of of our oil lands, failing which, our company could drill for oil. Counsel
tracks were con- has been instructed to take up the matter
structed. 176 miles of ditching was done and 165 miles of embankmen
without further
ts Chartiers Oil Co., as practically no new work has been done delay with the
widened. 10 miles of new right-of-way fence was constructed and
for six months.
379
At the present time it would cost us between $12,000 and 815,000 to drill
miles of fence rebuilt.
General.
-New freight and passenger terminals at San Antonio have been a well to the depth of the Hocking Valley oil, and about half of this would
be a total loss if a dry hole was developed.
completed and placed in operation. On Jan.
Coal.
-Practically all of the important operating coal mines are leased
2% cents per mile was made effective in the State1 1918 a passenger fare of
of the Public Service Commission. On March of Missouri, under an order to some 30 coal operating companies at an average royalty of about 12c. a
12 1918 the U. S. District ton and the right in
Court declared the 2
-cent passenger fare in Oklahoma and certain freight of the selling price. many cases to sell the coal upon a commission of 10%
Up to the year 1917 this selling of the coal had been
rates to be confiscatory,and.a 3
-cent passenger fare has
In that State, and substantial icreases made in freightbeen put into effect slighted, but it was energetically pushed during the year 1917, and conserates.
quently the coal sales department showed a most gratifying return.
COMMODITIES CARRIED FOR YEAR ENDED DEC. 31.
Mr.Storrs's comprehensive reportshowed that there were some 10,000,000
tons of minable coal chiefly under these leases ,and that at the rate which
(All in tons.)
Agriculture. Animals. Mines.
Forests. M'fac.,&c.
1917
2,329,886 693,115 4,624,013 944,994 4,218,965 It is being mined, approximately 500,000 tons of coal a year, the company
1916
2,452,768 552,106 4,531,497 842,132 2,747,351 still had large coal reserves for the future.
The prospects look very promising for the year 1918. New development
1915
2,380,710 447,520 4,378,935 825,936 2,184,847
work and mining of coal will be energetically pushed under the careful
GENERAL STATISTICS FOR YEARS ENDING DEC. 31.
supervision of our competent engineering force.
Miners' Houses.
1917.
1916.
-These houses have made an income for the company,
1915.
Average miles operated
3,866
3,865
3,865 running about $25,000 a year.
Passengers carried
Prospective Sales of Coal Properties.
6,777,365
6,604,249
6,379,367
-In 1917 a proposition was received
do
do
1 mile
467.763,812 413.950,000 356,020.000 from the Kehota Mining Co. of Pittsburgh, Pa., for the purchase of certain
Revenue per passenger per mile2.24
eta. outlying farms containing coal. It was decided, if a proper price could be
Revenue tons carried
12,g64,97i 11,i25,854 10,217,948 realized, to dispose of these properties.
do
do
1 mile(000s omitted) 2,986,316
Lease of the B. & 0. No. 3 Mine.
2,413,801
2,216,222
-This mine was practically worked out
Revenue per ton per mile
.97 eta.
1.03 eta.
1.00 eta. ten years ago, all the coal having been removed except the pillars and
Revenue per mile of road
$11.211
$9,504
$8,397 stumps of the old workings. The mine is flooded, and re-opening it,
pumping out water, &c., would be an expensive proposition. The entrance
INCOME ACCOUNT YEARS ENDING DEC.31.
to this mine was over property known as the Hazeiton Estate, and a tenOperating Revenues1917.
1916.
1915.
tative proposition to lease the
Freight traffic
$29,027,903 $24,795,720 $22,142,576 of that estate, on a basis of a mine has been considered by a representative
fixed payment on run-of
-mine coal
Passenger traffic
11,160,922
9,215,627
7,966,913 right to our company to sell the output on a commission basis. with the
Mail
796,848
783,676
770,382
Tarr Farm Property.
-This property consisting of 560 acres, 30 miles from
Express
1,239,934
1,055,446
858,629 Greendale and 1 mile from the Hocking Valley Ry.,
coal, iron ore,
Miscellaneous
1,118,543
883,214
714,962 limestone and flint clay contained therein. The coalshowsin veins 1%
runs
to
Total operating revenues
$43,344,150 $36,733,682 $32,453,462 3 ft., and so far it has not been profitable to mine such small veins of coal.
Maintenance of way. Sze
$6,353,665 $7,635,695 $5,277,655 The ore vein is only about 13 ft. in thickness, but runs high in iron. The
Maintenance of equipment
vein of limestone is from 4 to 6 ft. in thickness, and it has been decided to
8,737,922
7,273,804
4,657,977
Traffic expenses
786,980
725,564
658,523 ascertain the possibilities for making Portland cement, and also concerning
Transportation expenses
15.672,561 12,400,521 11,494,485 the possible use of the flint clay for making fire brick, for which, at the
Miscellaneous operations
345,659
240,615
226,695 present time, there is great demand.
General expenses
Brick Plant.
1,273,611
-The brick plant had been closed but is in first-class condi1,169,910
1,047,282
Transportation for investment
24,287
Cr.6,408 Cr.138,801 tion, except for the repairing of the second continuous kiln, which has not
been operated for a period of four years. We have been putting a new roof
Total operating expenses
$33,146.111 $29 A39,701 $23.223,816 on this
kiln, but are not at the moment putting it in shape to fire brick, as
Operating ratio
(76.47%) (80.14%) (71.56%)
Net earnings
$10,198,040 $7,293,981 $9,229,646 the cost of repairs would probably run $15,000 to $20,000. The capacity
at the present time, running full, would be 50,000 bricks per day,or between
Other income
588,837
396,389
229,689 15,000,000 and 16,000,000 bricks
with
Gross income
$10,786,877 $7,690,371 $9,459,335 we could run this up to 24,000,000 per year; year. the additional kiln
bricks a
The brick business,
Hire of equipment
$137,939 while at a standstill, must undoubtedly revive. Superintendent Francis
Taxes
$1,983,115 $1,546,659
1,537,369 believes that our plant can produce the best brick in the United States at a
Rentals
750,277
678,079
673,817 lower cost than many other plants of the same kind. There is no reason
Other deductions
18,400
22,614
37,270 that he can see why this department should not be a most profitable one.
Interest on bonds, notes, Ste
6,524,075
6,429,156
6,439,020
Financial Condition.
-Treasurer Shaffer reports that the company has
Interest on equipment trust
131,437
148,496
119,038 ample working capital to carry on its business for the year 1918. During
Total deductions
89,407,304 $8,825,005 $8,944,454 the year 1917 the capital stock was reduced from $4,600,000 to $920,000
Balance,surplus or deficit
sur.$1,379,573def$1134,634 sur$514,881 by making the par value $20 instead of $100, and a corresponding reduction
was made in the first cost of the property. The company during the period
GENERAL BALANCE SHEET DEC.31.
of 1911 to 1917 showed a loss through operations.
1917.
1916.
An apparent profit, however, has been shown by the purchase
1917.
1916.
Assets,
$
Liabilities-company s bonds at a discount and a surplus shown in the company'sof the
$
stateRoad & equip_a233,438,503 230,049,687 Common stock:
ment. It was decided to write this surplus, amounting to $418,000, off
Scours. of prop.,
Held by public 63,283,257 63,283,257 the books, thus further reducing the first cost of the property. The year
trolled cos.
Held by c0
17,043
17,043 1917 was the first in the history of the company that any money had laeen
pledged
955,907
955,907 Pref. stock held
earned over and above fixed charges, interest and sinking fund.
Physical prop'y271,356
255,380
by public_ _ _ - 13,000,000 13,000,000
Control.
-The present board of directors represent the ownership of over
Securs. 'edged
Stock (sub. cos.)
26,700
26,700 a majority of the stock of the company.
under bills pay. 738,467
738,487 Bonds & notes
Other invest'ts_
INCOME ACCOUNT FOR CALENDAR YEARS 1914 TO 1917.
62
62
held by public144,429,879 142,762,970
Scours. iss'd or
Gross IncomeConsol.M.bonds
1917.
1916.
1915.
1914.
ass'd, pledged:
held by co.... 30,292,000 30,292,000 Clay products sales
$163,878
$172,072
$214,259
Cons. M. bds.
Coal sales
Gen. M. bonds
Not
182,565
175,582
154,300
(under 2-year
in sink. fund.. 2,749,000 2,749,000 Royalties on coal
reported
54,359
37,979
32,894
notes)
25,825,000 25,825,000 L'n.s & bills pay- 2,009,750 2,011,750 Royalties on oil
for this
38,721
32,195
45,871
Cons. M. bds.
Traffic.&c.,bal _ 2,213,182 1,265,339 Royalties and rents, rug year.
(und.bilis pay.) 4,467,000
brick patent
4,467,000 Vouchers unpaid 3,116,701 4,300,087
13,146
17,188
Cash & scour. in
Wages unpaid..., 1,781,747 1,465,773 Rentals
25,814
25,467
25,919
sink. & redem.
Miscellaneous- - 1,082,229
492,111 Miscellaneous earnings
5,134
5,038
6,450
funds
2,757,953 2,762,551 Matured int. ac
Total gross income_ __ - $889,769
$483,617
$465,530
Cash
$479,693
b3,030,462 2,357,878
divs. unpaid_ 10,336,420 8,596,843 Cost of clay product soldl
$145,417
$153,391
Loansecbilis rec_
$139,437
11,441
618 do fund. debt
2,000
4,000 Cost of coal sold
162,444
Traffic, drc., bal.
162,461
141,433
769,743
625,540 Unmat.interest,
Exp. of other properties
8,973
7,774
Agts. & conduc_ 1,106,406
9,849
613,900
diva. & rents..
1,245,051 Selling expense
$710,819
$25,836
Miscellaneous_ _ 2,829,128 2,190,596 Taxes accrued_ 1,286,661
$32,516
$37,684
278,355
653 General expense
34,914
1
Material & sup_ 6,248,037 4,267,381 Deferred credits
40,214
41.211
856,465
595,759 Taxes
1
17,434
16,760
Special deposits
16,286
204,888
403,856 Add'ns to propInt. on First Mtge. bonds
28.429
32,021
Scours, of and
34,595
77,276
erty through
Net income
adv. to prop.,
8150,522
$119,526
Inc. dc surplus 1,839,413 1,606,358
$56,578
$17,639
Sinking fund reserves.. }
anti. & con$41,254
Res. invested in
$41,073
$47,642
Depriation
ec
trolled cos__ _
7,752
$74,528
352,323 skg.& red. fds. 273,760
5,000
5,000
5,000
273,760
Other securities..
17,043
17,043Profit and loss__ 5,744,374 5,037,173 Doubtful accounts, &c_
5,592
8.226
7,500
Deferred assets.. 1,739,788 1,112,436
Net income from oper_
$75,994
$4,731 def.$36,660
$43,626
BALANCE SHEET DECEMBER 31.
Total
284,418,936 277,025,624
Total
284,418,936 277,025.624
Assets1917.
1016.
a After deducting accrued depreciation on existing equipment $2,990,832.
Liabilities1917.
1916.
Property accounts $1,695,725 $5,847,590 Capital stock __- 2919,270 $4,596,350
Includes cash, $3,005,141, and cash on deposit for interest, 1125,321.
b
Deferred-contingThe company is also guarantor (1) of Kansas City Terminal Ry. 1st
Funded debt
x1,104,900 1,246,300
M.
ent assets
bonds due 1960 (jointly with 11 other railway cos.), $43,910,000
135,045
75,385 Current liabilities77,460
81,814
; (2) of Cash
Union Terminal Co. (of Dallas, Tex.) 1st M. bonds due 1942
69,180
130,135 Surplus
22,654
289,507
7 other railway cos.), $2,193,000; (3) of Joplin Union Depot(Jointly with Other curr. assets_ 223,433
160,862
bonds due 1940 (jointly with 3 other railway cos.), $650,000,Co. 1st M.
and
Total
$2,124,284 $6,213,972
Houston & Brazos Valley Ry. 1st M. bonds due 1937, $210,000.- (4) of
Total
$2,124,283 $8,213,072
V. 105,
p.2649.
Note.
-Contingent dividend liability (relinquished bond interest
--2%%
-from July 1 1914 to Jan. 1 1918), $85,750. On account of the then
Hocking Valley Products Co., Columbus, 0.
financial situation of the company, substantially all of the bondholders in
1915 consented to relinquish 5()% of the interest charge on the 1st M. 5
(Report for Fiscal Year ending Dec. 31 1917.)
bonds, due in 1961, for five years, so that until Jan. 1
Pres. Samuel L. Chamberlaine, Columbus, O., Jan. 29, interest is payable on these bonds (V. 100, p. 2170.) The1920 only 2% o
amount of out
standing bonds having been reduced to about $1,000,000, the company 1.0
wrote in substance (compare V. 107, p. 185):
July 1918 offered in order to free itself from the sinking fund charge:
Results.
-The year 1917 was the most prosperous one in the company's (a) To exchange $ for $ the 5% bonds callable at 105
for 6% cum. pref.
history. Higher prices and greater production
stock, callable at 105% (par $20); (b) To
the
coal sales department, also the royalties from increased and earnings of our senting relinquished interest for a definite exchange the certificates repreour coal
oil properties.
10-year 5% obligation. Compare
War conditions materially affected brick operations,
-[Ed.]
and, while a fair plan in V. 106,P. 2761; V. 107, p. 185.
showing was made the brick plant was not an important
x Includes bonds bought and held by the company,face amount $124,910.
factor.
Expert Examination.
-Early last year we employed Arthur Hovey Storrs,
Surplus Account.
-Surplus Dec. 311916. $289.508; profit on bonds 1917.
of Scranton, Pa., to thoroughly examine our properties.
As a result of his $75,153; operating income, per income statement
recommendations, considerable development work
year 1917, $75,994; total,
and we have located a body of coal on our propertywas started last summer, $440,655. Credit to property deficiency account,$418,001;surplus Dec.31
near Greendale, Ohio.
1917. $22,654.
AUG. 3 1918.]
THE CHRONICLE
497
BALANCE SHEET DEC. 31.
1916.
1917.
1917.
1918.
Liabilities
$
Assets$
Road & equip_a118,848,246 115,585,718 Pr. Lien & Par868,700
868,700
tic. stock
Impts. on leased
' 3,198,162
664,795 4% pref.stock 19,544,000 19,544,00()
lines
561
367 Common stock
Sinking fundsChicago & Alton RR.
(see text).... 19,542,800 19,642,800
- Deposits in lieu
C.&A.RR. (old)
of mtged.
(12th Annual Report-Year ended Dec. 31 1917 and Half retired Prop. 852,668
925,171 Co.3% ref.bds. 45,350,000 45,350,000
Year to Dec. 31 1916.)
44,229 C.&A.Ry.314%
Misc.phys.prop. 1,294,229
1st lien bonds.. 22,000,000 22,000,000
Securs. of MM.
President W. G. Bierd, Chicago, says in substance:
of
cos. pledged.. 4,027,745 5,667,896 C.&A.RR.(con-Total operating revenues were $20,525,689, an increase
Results.
affil.,&c.,
sol.) Co. 6%
or 15.43%, over the previous year. This increase Is princi- Seems.
$2,744,410,
61,793
60,220 gen. M.bonds_x16,834,000 16,834,000
cos. unpledged
pally due to an increase of $1,052,028 (15.89%) in freight, $721,109 Other invest'ts_
889,000
623,607
155,294 Sk. fd. deb. bds. 815,000
The in(17.28%) in passenger and $61,071 (29.58%) in mail revenue. by the Cash
799,000
680,000
1,180,267 1,324,791 Equip. tr. Wig.
revenue, while to some extent brought about
crease in passenger
405,384 Imp.& Eq. bds. "y"
403,170
principally due to Special deposits
Improved lpusine.ss conditions and increased rates, was
235,598 Non-neg. debt
route to and from Traffic,&c., bals. 682,812
the handling of troop trains and movement of men en number of revenue Agents & cond's b973,001
248,389 to attn. cos.. _ 32,904
31,800
army cantotunents. With an increase of 10.68% in the total revenue per Misc. acc'ts rec_
944,440
676,634 L'ns & bills pay.. 2,323,060 2,323,080
passengers carried one mile and 13.38% in the average but 2.53%.
678,742
2
10 4
20 7
950: 9 Traffic, &c.,bal. 1,341,791
2 190
Material & supp. 1,334:005
mile, the number of passenger train miles increased
train
Ace'te & wages 1,846,716 1,640,754
back
Rents received decreased $95,016,due to adjustment in 1916,account L. Int. receivable174,325
129,156
203,332 Misc. accts.pay.
193,365
St.
C.
Oth. cur't assets
charges covering use of joint tracks at Chicago by the P. C. this&
991,299
163,020
1,998,200
111,092 Int.,divs.,&c.,
account Deferred assets..
ten-year period beginning in 1906, which inflated
Ry. for a
400,057
Disc, on fd. (It_ 11541,078 1,634,714 Int.& rents accr. 462,676
proportionately in 1916.
155,337
766,645
463,947
624,517 Other cur. Bab_
balance in- 0th. unadj.d'ts
Rents paid decreased $30,582, while the hire of equipment
479,360
556,764
embargo condi- Profit and loss.. c7,238,499 7,678,501 Tax liability_
creased $354,885 on account of higher per diem rates and foreign cars for Add'ns to prop.
35,917
43,473
Other def. liab_
tions which necessitated the holding of large numbers of
Accr. depr. equip. 3,469,847 3,085,593
through inc.
excessive periods.
640,666 1,145,811
or surplus_ _ _Cr.5,268,901 Cr.366,106 Oth.unadj.cred_
for maintenance of way and struc-Expenditures
Operating Expenses.
$306,631, or
tures during the year amounted to $2,299,138, an increase of cost of maTotal
139,061,594 136,851,659
139,061,594 136,851,659
Total
15.39%, the result of the extraordinary labor conditions, high
maintain efficient and
a Includes additions and also adjustments to avoid deplication in propterials and increased maintenance work necessary to
traffic, erty investment between company and leased lines, to comply with orders
safe operating conditions to take care of the heavily increased
period.
of the I.
-S. 0. Commission. b Includes cash in transit amounting to
which greatly exceeded the tonnage of any previous similar
$581,079. c Includes credit of $175,000 being appropriated surplus not
Cost of Maintenance Per Mile of AU Tracks.
specifically invested. x After deducting $216,000 treasury bonds.
1916. 1917.
1905. 1907. 1909. 1911. 1912. 1913. 1914. 1915. $1,051 $1,294 Y $6,817,000 bonds issued by consolidated company all held in treasury.
$1.103 $1,002 $825 $1,095 $1,189 $1,567 $1,173 $937 of main track,
PROFIT AND LOSS FOR YEAR END. DEC. 31 1917 (Total each side
Said cost, counting 2 miles of siding equal to one mile
$12,913.545).
•
was 31,488 in 1917 and $1,205 in 1916.
-Year Average.
-7
Debit balance Dec. 31 1918_ -37,853,502 Profit on road & equip.sold...45,429,223
Cost of Repairs Per Unit of All Equipment
8,828
47,092 Unrefundable overcharges_ ___
-Cal. Years- Aver. Debit bal. from 1917 income__
June 30 YearsCost of
40,892
1911. 1912. 1913. 1914. 1915. 1916. 1917. 7 Yrs. Appropriated for property__ 4,902,795 Donations
Repairs21,103
2,113 Miscellaneous credits
$3,336 $3,001 $4,502 $3,504 $3,128 $3,437 $5,023 $3,701 Discount exting. through sum.
Per locomotive
324
327 Deprec.onequip. retiredin1917
326
74,639 Debit balance Dec. 31 1917._ 7,413,499
345
345
319
316
316
No. on hand
_ $923 $1,035 $1,231 $1,022 $911 $1,049 $1,590 $1,108 Loss on abandoned property,ete 35,517
Per pass.
205
200
201
204
206
206
210
for additions and betterments to road and equipment
[The expenditures
car- 210
No. on hand
$90 for cal. year 1917 aggregated $4,149,894, viz., equipment, $559,959: road.
$86 $117
$67
$87
$99 $107
$70
Per freight car_
No. on hand 11,994 11,910 11,749 13,750 13,850 13,358 13,324 12,848 $3,589,935. This latter item, which includes improvements on Chicago
392,248, against & Alton RR., $1,056,570, and on leased lines, $2,533,366, embraces chiefly
The number of ties renewed in main track in 1917 was in the track was
ties
for transportation purposes, $2,871,526: ballast, $134,036; stations
376,580 in 1916, and the percentage of same to totalmonths ended Dec. 31 land office
and
buildings, $191,228.V. 107. P. 821
10.98% in 1916 and 11.52% in 1917. During the 18
rail, of
miles
1917, the company purchased 111.22 laid open hearth 90-pound
in main tracks, the balance due
shown below were
which the amounts
Toledo St. Louis & Western Railroad.
to late delivery being carried over into 1918.
Ballast Applied for 18 Months Ended Dec. 31 1917.
(Report for Fiscal Year ended Dec. 31 1917.)
Total.
Stone. Gravel. Cinder.
Slag.
55.82
179.43
27.88
81.54
14.1.9
Receiver Walter L. Ross says in substance:
Total miles
$5,961,099 for the
Transportation expenses were $7.526,859, as against being the result of
-The results for the year show the largest operating revenues
Results.
preceding year, the increase, $1,565,760, or 26.27%,
of $1,082,675, or 18.17%,
to trainmen, enginemen and hustlers in the history of the road, there being an increaseand financial condition of
the greater compensation accruing
over 1916, regardless of the disturbed business
employees,
under the Adamson Act, large increases to other transportationall material the country. Operating expenses show an increase of S1,191,058, or 31.08%.
conditions, and the higher cost of
necessitated by industrial
The cost of materials and supplies of all kinds, including stationery, has
practically
and supplies, 'particularly coal, the price of which increased
increased enormously, duo to the extraordinary conditions prevailing in
70% during the year.
increases in operating results for two years: this country and in Europe. This increased cost therefore is reflected in
-Relative
Operating Statistics.
the performances of all departments. Taxes increased $94,858. The hire
items train exp _Inc.
Total operating revenue_ _ __Inc. 15.43% Total direct yard expenses_Inc. 32.08% of equipment debit balance is still abnormally high, due primarily to the
35.34%
Inc. 11.86% Direct items
for the density of traffic.
Gross ton mileage
Inc. 11.45% disproportionate number of freight cars owned $1,697,658, a decrease of
Passenger train mileage__ Inc. 2.53% Station expenses
The railway operating income amounted to
Fr't & mixed train mileage_ _Inc. 10.16% Superinrce & dispatching_ _Inc. 12.68% $200,664. Adding non-operating income, $115,245, and allowing for
Total revenue train mileage_Inc. 6.69%
"deductions from gross income," which aggregated $1,694,290 (being an
to
-The total tax accruals amountedand$699,480 and were divided increase of $114,964, nearly all due to hire of equipment), the net [surplus)
Taxes.
as follows: Railroad tax accruals, $693,710,1916 miscellaneous tax accruals, Income was 3118,613, as compared with $431.803 in 1916, a decrease of
this increase $313,190. The "deductions" here shown include interest on $11,527,000
$5,770, representing a total increase over 8% of $102,810,
in the tax rate in Illinois "A.." & "B." gold bonds of 1917, amounting to $461,080 defaulted [but
being due to an increase of approximately
this basis.
not "interest guaranteed" $8,712. which reduces the balance in table
and 4% in Missouri, and an adjustment of the 1916 accruals to
below to $109,901 ED.)
Illinois Missouri Mis- U. S. ExAssessed
Calendar
Tax. Total.
Tax.
cell. cise
-Revenue from freight traffic increased $1,058,596,
Tax.
Operating Statistics.
Valuation.
Year-- $358,305 or 20.41%. The number of tons of revenue freight carried increased 8.35%,
$12,099,299 $293,127 $61,169 $4,010
1907
554,444 while the number carried one mile increased 20.92%. The average miles
94,433
7,779 2,416
449,815
19,068,949
1915
595,290 each ton of freight hauled was 254.81 miles, an increase of 26.49 miles,
9,567
42
93,231
492,450
18,660,505
1916
-During the year there was a net increase of or 11.60%, but the revenue per ton per mile was .00534c., as compared with
Changes in Miles Operated.
19.18 miles in the total of all track operated, viz.: Main line decreased .00536c. last year, a decrease of .37%•
to
-Expenditures for maintenance of way and structures
6.07 miles account sale track (Rock Creek Junction to Bridge Junction)
Maintenance.
Kansas City Terminal Ry. Side tracks increased 12.62 miles. Trackage were $1,082,020, an increase of $327,776, or 43.46%. During the year
increased 12.63 miles account purchase by Kansas City Terminal, 6.07 5,969 tons of new and 1,872 tons of relaying rail were placed in tracks,
miles C. & A. main line, Rock Creek Junction to Bridge Junction; double- along with 184,821 cross ties, of which 146,956 were placed in main track
tracking by Terminal of purchased line; and construction of 0.49 mile and 37,865 in side tracks. There was expended $2,382 per mile of road for
C. B. & Q. second main, Bridge Junction to Kansas City.
maintenance of way,and structures. Expenditures for maintenance of
The loop line made by the Alton cut-off, Godfrey to Wann, 7.36 miles, equipment increased $283,269, or 33.95%.
and the Bloomington-San Jose-Sherman line, 68.92 miles, make, for oper-The expenses of conducting transportation
Transportation Expenses.
ating purposes, the equivalent of 76.28 miles more of double track.
were $2,486,590, an increase of $534,172. or 27.36%, chiefly due to the
-There were held in the treasury on Dec. 31 1917 (a) following: (a) Increased wages on account of the Adamson law, effective
Capital Stock.
1,753 shares of Prior Lien and Participating stock, issuable in exchange Jan. 1 1917 and the general increase in wages to station employees, telegfor 1 share tpreferred and 875 shares common stock of the Chicago & Alton raphers and enginehouse men. (b) Increased cost of fuel and supplies.
RR. (old) Co. still outstanding, at the rate of 3 for 1 and 2 for 1, respecIn respect to efficiency in operation, attention is called to increase of
tively: (b) 514 shares of preferred stock and 50 shares common stock, 311,409 freight train miles, or 15.48%, while there was an increase of 202,issuable in exchange, at par, for 514 shares of the preferred stock and 50 323,078 lathe revenue tons one mile, or 20.92%, as compared with 1916.
shares of the cornea stock of the Chicago 8c Alton Ry. Co. in accordance
The loaded car mileage increased 4,265,869, or 8.91%, as compared with
with "articles of consolidation" dated Feb. 16 1906.
preceding year, and empty car mileage increased 3,156,592 miles, or 19.73%.
ACCOUNT FOR FISCAL YEARS ENDING DEC.31 1917, ETC. The increase in empty car mileage was caused by movement made by order
INCOME
- of the Car Service Commission of the American Railway Association of
-Years end. Dec. 31- -Years end. June 30
1913-14.
empty cars destined beyond our line west and south. The same conditions
1916.
1914-15.
1917.
Operating Revenues$14,240,232 $12,288,204 $9,200,547 $8,892,276 in respect to the disparity between east and west bound traffic, which have
Freight
4,130,289 heretofore existed are still apparent this year, which is reflected in the in4,893,287 4,172,178 3 839,893
Passenger
994.838 creased cost of train service.
973,117
'
1,040,829
Mall, express* miscoll_ 1,110,543
242,078
281,627
280.068
232,086
-No dividends were received during the year on the
Securities Owned.
Incidental, &o
.525,689 $17,781,279 $14,245,624 $14,259,479 Chicago & Alton RR. Co. common or pref. stock owned. During the year
Total oper. revenues_$20
certificates of indebtedness held by
,
Maint. way & acme_ _- $2,299,138 $1,992,507 $1,647,641 $1,968,047 the Toledo Terminal RR. Co.'s [making $131,552 owned Dec. 311, this
5,593,546 company were increased $8,712,
5,216,447
5,961,099
Transportaion expenses-,k,,7,526,859
4,375,493
3,689,709
to the increased expenses for operation and
3,334,943
-In addition
3,625,186
Additions.
MaInt. of equipment___.
512,128 maintenance of the property, it will be noted that the cost of road and
436,498
477.484
454,515
Traffic expenses
407,500 equipment account has been enhanced $368.285 1377,258 for equipment
405,036
361,520
392,749
General expenses
135,948
136,814 and $291,027 for sundry improvements and additions on road account.]
115,435
123,719
Miscell. operations_ _
Cr.39,677
Cr.51,521
Transporta. for invest.... Cr.85,980
-TOTAL MILES 449.71.
CHARACTERISTICS OF LINE
P> Total oper. expenses_$15,133,977 $12,498,253 $11,072,707 $12,307,744
Curved Tangent Level -Ascending-- -DescendingNot operating revenues.. $5,391,712 $5,283,026 $3,172,917 $1,951,735
Miles. Sum in ft.
Miles.
Miles Miles. Miles. Sum in ft.
.
$568,938
$693,710
$508,839
$595,290
Taxes
211
220
3,426
3,608
19
399
Dec.31 1917.- 50
3,508
3,494
10.008
Uncollectibles
220
3,426
211
3,608
19
400
Dec.31 1916- 50
494 $4,677,728 $2,660,684 $1,382,797
Operating income._ --.134,694,
211
3,608
220
3,426
19
400
June301918... 50
95,310
97,237
205.772 • 283,349
Other income
-TOTAL MILES 449.71.
COMPOSITION OF TRACK
Gross-corp.income__ A$4,900,266 $4,961.076 $2,757,821 $1,478,107
-Ft. Bridges,cfcc.- -Miles of Ballast- -Miles of Rail
$561,774
$802,991
$500,993
$448,106
-balance ,
Hire of equip.
Gravel. Cinders. 80-lb. 75
-lb. 70-lb. 81;i-lb.
Rock.
Steel. Trestles.
199,273
•i 364,717
283,843
395,299
Rentals paid
1
19 157 226
66
371
53
148,940
4,791 Dee. 31 '17_7,885 30,457
24,194
Miscellaneous interest -,,, 183,436
19 124 234
1
91
377
48
13,220,513
3,228.023 3,251,144 3,109,398 Dec. 31 '18_7,885 30,457
Int. on funded debt
1
398
80 235 135
14
34
132 June 30 '18..7,925 31,539
19,123
14,463
12,360
Miscellaneous
250,024
250,024
250.024
250,024
Div.ton gu. stk. (rents)_
AVERAGE REPAIRS PER YEAR.
115,005
106,555
162,682
123,316
Amort.. bond,&c.,disct.
Per Pass. Car Per Freight Car
Per Locomotive.
Per Mile Road.
$145.33
$1,275.72
$4,468.01
$2,382.41
$4,947,358 $4,645,433 $4,447,977 $4,240,397 1917
Total deductions____
768.84
100.73
3,928.38
1,873.94
def.47,092 sur.315,644df$1.690,156df$2,762.290 1918
Balance
933.89
3,502.40
149.33
Not stated.
1915
-YEARS ENDED DEC. 31 1916 AND 1915.
RESULTS FOR HALF
CLASSIFIED STATEMENT OF TONNAGE.
1916.
1916.
1915.
1916.
Total
Produas (tons) of
$74,204 Fiscal
Operating revenue $9,609,301 $8,153,310 Other income___ $118,175
All.
Mines.
Forests. Mfrs., &c.
Year- Agriculture. Animals.
5,810,693 Gross income__ 2,724,152 2,151,593
Operating expenses 6,707,052
2,157,196
693,353
218,889 1,002,827
4,589,735
519,870
265,328 Total deductions.. 2,359,868 2,329,305 1917
Tax accruaLs, &c... 294,272
950,418
1,762,792
632,300
4,238,188
212,859
877,799
1916
14
581,086
1,357,361
915,845
221,784
3.745,537
669,601
Balance
sur.$364,484def$177.713 1915
Oper. income-52,007,978 $2,077.389
The difference between the face value of bonds purchased and the cost to
sinking fund, which was heretofore credited to surplus account, has been
by that
transferred to property accounts, diminishing property accountsnet earnamount and leaving the surplus of Dec. 31 1917, as representing
ings from operations. Compare also V. 107, p. 185.
.y.
498
THE CHRONICLE
EquipmentLocorno
-lices
Passenger
Freight Cars
Dec. 31No. Tr
Traction Power(lbs.) Cars.
No.
Capacity (tons).
98
1917
2,856,856
37
2,733
101.825
1916
98
2,809,722
37
2,790
102.990
1915
91
2,570,422
37
101,955
2,850
TRAFFIC STATISTICS (Miles operated 455).
Years ending Dec. 31
June 30 Yr.
Operations1917.1916.
1915.
1913-14.
Passengers carried
461,410
526,985
496,098
504,418
Passengers carried one mile
37,243,168 43,839,856 25,405,334 23,472,912
Earnings per passenger per mile..
1.3 cts.
1.1 cts.
1.4 cts.
1.8 cts.
Passenger earnings per train mile30
$0.84
$0.70
$0.73
Tons revenue freight carried_ _ _ 4,589,785 4,230,166
.
3
3,745,537
3,613,910
5 3
°
Tons freight carried one m110_1,169,517,238 967,194,160 840,168,135 755,144,510
Earnings per ton per mile
0.534 cts. 0.536 cts.
0.531 eta. 0.519 cts.
Freight earnings per train mile
32.69
$2.58
$2.42
432:57
197
1
Average tons per train mile
503.54
480.91
455.44
Gross earnings per mile
315,504
$13,096
$11,293
$10,183
INCOME ACCOUNT.
Years ending Dec. 31
June 30 Yr.
Operating Revenues1917.
1916.
1915.
1913-14.
Freight
38,241,027 $5,185,432 54,459,338 53,922,725
Passenger
466,508
483,875
351,772
369,455
Mall, express and miscellaneous331,127
309,680
3.47,611
295,941
Total operating revenues
37,011,662 $5,958,987 $5,138,721 $4,588,121
NIaint. of way and structures_ _ _ $1,082,020
$754,243
$644,511
$469,619
Maintenance of equipment
1,117,667
834,397
908,677
592,935
Traffic expenses
222,194
198,620
190,369
201,138
Transportation expenses
2,486,590
1,952,417
1,783,723
1,764,264
General expenses, &c
115,392
93,127
98,282
110,190
Total operating expenses
Net operating revenues
Dividends, &c., received
$5,023,863 53,832,805 33,634,563 $3,138,146
32,017,799 $2,126,182 $1,504,158 $1,449,975
115,245
112,808
108,546
343,160
Total net Income
$2,133,044 $2,238,990 31,612,704 $1,793,141
Deduct
Taxes, &c
$320,141
5227,860
3202,336
$204,830
Hire of equipment-balance..
549,120
435,434
459,924
349,161
Rentals
-balance
37,730
41,328
44,046
*16,118
Int. on bonds and equip. notes-- y1,094,381
1,087,467
1,089,953
1,075,030
Miscellaneous interest
13,059
15,097
24,361
*9,482
Int. guar. (Toledo Term. RR.)..
8,712
9,920
15,140
20,208
Total deductions
32,023,143 51,817,107 51,835,761 51,674,835
Balance, sur. or def. (see "y")-sur.3109,901sur.3421,883def.$223,057sur.5118,308
* The comparison Is slightly inaccurate, duo to changes made In later years.
y Includes int. on A. & B. bonds, due 1917, amounting to $461,080, defaulted.
BALANCE SHEET DECEMBER 31.
1917.
1916.
1917.
1916.
AssetsLiabilities
-$
Road and equip__39,076,616 39,608,331 Common stock__ 9,095,000 9,995,000
Misc. phys. prop_
10,138
10,138 Preferred stock-__ 9,952,600 9,952,600
Inv. In MM. cos_ _12,750,153 12,741,441 Fund.dt.(see "Ry.
Other investments
90,850
850
& Ind.Sec.")_d 18,829,041 28,511,056
Cash in bank, &c_ 811,881
582,305 Bonds overdue_ 11,527,000
Cash in transit_ __
330,443
232,184 Federal tax
13,450
Special deposits_
4,583
4,313 Loans & bills pay.. 283,780
250,000
Traffic, &c., !lab33,682
209,583 Accts. and wages. 624,354
574,807
Agentsand conMiscellaneous _ _- 765,874
293,073
ductors
180,111
53,538 Int. matur. unpaid 1,983,884 1,328,368
Miscellaneous _ _
898,494
424,409 Unmat. Int. acced
67,748
282,944
Material &supplies 618,730
383,769 Deferred liabilities
28,530
17,119
Deferred assets_ __
3,023
2,573 Tax liability
212,932
188,626
Unadjusted freight
Operating reserves 103,276
103,276
claims
294,256
242,072 Accrued deprec'n_
365,329
505,583
Unexting. int. on
Receiver, Toledo
equipment
84,662
111,985
St. L.& W.RR. 1,312,657 1,138,842
Tol. St. L. & W.
0th. unadj. credits
8,525
2,393
RR. corp. acct. 1,312,657 1,138,842 Res. for guar. adv.
Unadjusted debits
4,438
12,573
to Tol. Ter. RR. 131,552
122,840
U. S. 2(1 Liberty
Add'ns thro. Inc_
1,606
Loan bonds_ _ _
15,113
Profit and loss2,846,232 2,742,833
Total
57,203,610 55,848,906
Total
57,203,610 55,848,906
d Of tho $10,000,000 Prior Lien 334s hero included $425,000 are in treasury.
-V. 106, p. 2561.
El Paso e(5 Southwestern Company.
(Results for Fiscal Year ended Dec. 31 1917.)
-Years end. Dec. 31-Years end. June 301917.
1916.
1915.
1914.
Operating revenues.._--$13,634,863 $12,614,004 $7,788,736 $9,083,060
Operating expenses_ _ _ - 7,284,844 6,478,658 4,694,037 ,, 5,607,224
Taxes
612,705
502,038
400,743 Ca 487,224
Operating income_ _ $5,707,085 $5,610,926 52(623,580 $2,896,919
Dividends El Paso & S. W.
RR. Co., &c
$1,925,290 $2,040,000
$930,000)
Income from funded sec.
293,198
252,844
253,60th 1,309,765
Other income
205,686
221,672
221,517)
Gross income
$8,131,259 $8,125,442 $4,028,701 $4,296,684
Deductions for lease of
roads, &c
$4,036,459 $4,434,147
Interest deductions, &c..
23,361
109,203
202,610
174.295
Profit & loss, surplus_ $2,071,439 $2,082,092
$562,647
$522,835
-V. 104, p. 1044.
United States Steel Corporation.
(Earnings for Quarter and Half
-Year ending June 30 1918.)
The following financial statement of the Corporation and
its subsidiaries for the quarter ending Juno 30 1918 was
given out on Tuesday after the regular monthly meeting of
the directors.
For the quarter ending Juno 30 1918 the "total net earnings" are reported "after deducting all expenses incident to
operations, comprising those for ordinary repairs and maintenance of plants, allowances for estimated proportion of
extraordinary cost of facilities installed by reason of war
requirements and conditions; also taxes, including $90,716,250 for account of Federal income and war excess profits
taxes and interest on bonds of subsidiary companies."
This item of $90,716,250 contrasts with $31,585,198 set
aside for Federal taxes from the earnings of the quarter ended
March 31 1918, and is made up of "$58,716,250 for the
current quarter on basis of existing tax laws and $32,000-,
000 for account of additional taxes which may be chargeable for first six months under proposed legislation."
For the entire calendar year 1917 $233,465,435 was set
aside for account of Federal income and excess profits taxes.
The company on July 30 declared, in addition to the
regular quarterly dividend of 1 X% on common stock, an
extra 3%, both payable Sept. 28 to holders of record Aug.
30 1918. This extra distribution compares with others made
since 1915 as follows:
[VOL. 107.
Cash Dividends Paid and Declared on Common Stock Since 1915.
1916
1917
-1918Mar. J'ne. Sept. Dec. Mar. J'ne. Sept. Dec. Mar. J'ne. Sept.
Regular _%
ij‘ 1M 1M 134,
,
Extra
1
1
1
Unfilled orders on hand Juno 30 1918 amounted to 8,918,866 tons, against 11,383,287 tons June 30 1917. See
"Trade and Traffic Movements" "Chronicle" July13 p.154.
RESULTS FOR QUARTERS ENDING JUNE 30.
1918.
1917.
1916.
Net earnings (see note)
.z82,557.391
Deduct
-
Sink, funds on bonds of
sub. cos. deprec. & extraor replaco't funds_ 8,277,311
Interest on U. S. Steel
Corporation bonds__ 5,236,083
Prem.on bonds redeemed
238,250
Sinking funds on U. S.
Steel Corp. bonds__ _ _ 1,880.597
1915.
90,579,204 81,126,048 27,950,055
14,347,399
8,071,848
6,031,013
5,326,907
224,610
5,412,962
261,000
5,493,884
245,136
1,806,752
1,673,978
1,607,458
Total deductions_ _ 15,632,241 21,705,668 15,419,788 13,377,491
Balance
46,925,150 68.873,536 65,706,260 14,572,564
Div. on pref. stk.
(1 %) 6,304,919
6,304,919
6,304,919 6,304,919
Div. on corn. stk.(4;1%) 21,602,856 21,602,856(2%)11436806
Surplus for quarter__ 19,017,375 40,965,761 47,964,535
8,267,645
x Note.-Tho net earnings are in all cases reported by the company after
deducting "all expenses incident to operations, comprising those for ordinary
repairs and maintenance of plants and Interest on bonds of the sub. cos."
Also in both quarters in 1918 allowances are made, prior to stating the
earnings, for taxes, including an estimated allowance for war income and
excess profits taxes, this allowance for the first quarter of 1918 amounting
to $31,585,198 and for the last quarter to $90,716,250. This last-mentioned
allowance for taxes includes $58,716.250 for the current quarter on basis
of existing tax laws, and $32000,000 for account of additional taxes which
may be chargeable for first six months under proposed legislation.
NET EARNS. FROM OPERATIONS FOR HALF
-YEAR END. JUNE 303
1918.
1917.
1916.
1915.
*Net Earnings$
$
$
$
January
13,176,237 36,074,425 18,794,912
1,687,150
February
17,313,883 33,416,171 19,196,396
3,638,578
March
26,471,304 43,630,422 22,722,316
7,132,081
Total first quarter_ _ _
April
May
June
56,961,424
20,644,982
21,494,204
20,418,205
113,121,018
28,521,091
30,773,551
31,284,562
60,713,624 12,457,809
25,423,676
7,286,409
27,554,899
9,320,576
28,147,473 11,343,070
Total second quarter_ 62,557,391 90,579,204 81,126,048 27,950,055
Total half
-year
119,518,815 203,700,222 141,839,672 40,407,864
*Shown after deducting interest on subsidiary companies' bonds, viz.:
Sub. Co. Interest-
1918.
1917.
1910.
1915.
January
$745,853
$726,892
$805,462
$880,026
February
724,867
745,522
796,408
872,480
March
724,848
746,977
795,226
872,055
April
739,069
744,648
792,541
863,526
May
762,202
742,835
790,558
863,445
Juno
762,859
742,738
791,918
859,441
INCOME ACCOUNT FOR HALF
-YEAR ENDING JUNE 30.
1917.
1918.
1916.
1915.
Total net earnings for
$
$
$
$
half
-year
110,518,815 203,700,222 141,839,672 40,407,864
Deduct
-
For sinking fund, depreciation and reserve fd. 18,669,515 25,944,975 19,240,891 13,411,707
Interest
10,507,373 10,687,730 10,857,649 11,018,263
Prem. on bds. redeemed
476,500
4.19,225
522,000
490,272
Total deductions_ _ _ _ 29,653,388 37,081,930 30,620,540 24,920,242
Balance
89,865,427 166,618,292 111,219,132 15,487,622
Dividends on Stocks
Preferred (3A%)
12,609,838 12,609,838 12,609,838 12,609,838
Common
43,205,712 43,205,712 17,790,587
Rate of per cent
(8A%)
(8M %)
(3%%)
Total dividends
Balance, surplus
55,815,550 55,815,550 30,400,425
110,802,742 80,818,707
34,049,877
-V. 107, p. 410, 187, 86.
12,609,838
2,877,784
Virginia-Carolina Chemical Company.
(Statement of Earnings for Fiscal Year Ending May 31 1918.)
President Samuel T. Morgan on July 29, commenting on
the fact that the gross earnings for the late fiscal year were
in excess of $122,000,000 and the not earnings equal to 24%
on the $28,000,000 common stock and 8% on the $20,000,000
preferred stock, resulting in part from.athe demand for war
supplies, is quoted as saying:
The war has produced many curious changes. We used to get a lot
of potash from the mine; in Germany-our own mines, by tho way-but
war cut off that supply, so that we are now getting potash from Utah and
other Western States, and we are limiting its use to crops that absolutely
require potash such as tobacco, for instance. The problem of providing
sufficient fertilizer with which to produce crops in America is a serious ono,
and has taxed the ingenuity and productive powers of the best experts.
However. we have met the situation and have been able to provide products
whereby the American farmer has greatly increased the output of his
lands and has increased the supplies for our boys at the front and our Allies.
CONSOLIDATED RESULTS FOR YEARS ENDING MAY 31.
1917-18.
1916-17.
1915-16.
1914-15.
Total net profits
*$14,203,821 $8,502,416 47,732,798 $7,129,895
Repairs & maintenance_ 2,998,552 $2,145,831 $1,924,750 $1,476,126
Res've for doubtful debts
and cash discounts on
unsettled accounts..
451,335
1,012,001
380,581
672,820
Balance, net profit--$10,193,268 $5,905,250 $5,427,467 $4,980,949
Other income
240,380
Gross income
$10,193,268 $5,005,250 $5,667,847 34,980,949
Less Int. Dios.,
Int. on 1st M.5% bonds $622,500
$637,500
$652,500
$667,500
Interest on debentures
283,280
289,275
275,753
274,335
Interest and discount_ _ _
328,083
910,346
218,523
323,905
Pref. stock dlv. (8%)
1.600,044
1.600,976
1,600,472
1,000,000
Common dividend_ _ _ _(3%)839,532(1 %)419,766
Total deductions__ __ 14,249,107 $3.269,573 12,760,770 12,865,740
Balance, surplus
5,944,161 • $2,035.677
2,907,077
2,115,209
I
* After deducting "$2,629,121 paid and reserved for Federal taxes and
depreciation." The corresponding item was not reported for previous years.
OFFICIAL COMPARISON SHOWING TURNOVER AND RELATION
OF SAME TO NET PROFITS.
Total
Net Profits % Net Profits
Repairs and
Turnover,
Maintenance. Before Divs. to Turnover.
51,194,281
1913-14
$60,863.107
32,550,377
4.19
1,476,126
62,218,078
1914-15
3,714,209
5.07
1,924,750
67.899,444
1915-16
4,507,549
6.64
83,774,580
1916-17
2,145,831
4,650,387
5.56
122.463.670
2,998,552
1917-18
0,85
8,384.669
AUG. 31918.1
THE CHRONICLE
499
-On Aug. 3 1917 all of the merchant besseis
Emergency Fleet Corporation.
CONSOLIDATED BALANCE SHEET MAY 31, INCLUDING SUB. COS.
under construction or contract at your yard were requisitioned by the
1915.
1916.
1918.
1917.
AssetsU. S. Shipping Board Emergency Fleet Corporation. All contracts in
plants, &c_$45,707,718 $45,556,568 $44,417,352 $43,486,028 force with private persons or companies were thereby abrogated, preventing
Real estate,
7,509,238
7,988,215
8,302,443
Invest, in sub. cos., &c._ 8,339,234
of any vessels except for the U. S. Navy, the Army, or the
4,315,134 constructionFleet
4,047,444
6,776,286
4,236,124
Cash
Corporation. Work on certain cargo vessels that your
8,860,364 Emergency
Mfd.prod., mat.&supp. 18,706,853 13,260.988 11,119,841
company had under construction for its own account was ordered disconAccts.& bills receivable_ a25,629,595 22,281,234 19,552,406 23,112,561 tinued, and larger transport vessels substituted by the Emergency Fleet
630,057
517,571
658,564
451,834
,
, .
Int. ins ,&c. paid inadv.
schedule of the
114,542 Corporation, necessitating readjustment of the buildingthe Emergency yard.
502,415
309,441
356,957
Miscellaneous investm'ts
Fleet
This required the negotiation of a new contract with
1,093.250
Liberty bonds
125,000 Corporation, under which all of these merchant vessels, except those already
Sinking fund investin'ts
30,000 on a cost-plus-a-percentage basis, are now being constructed for the account
30,000
30,000
30,000
Insur. fund investment..
of the Emergency Fleet Corporation on a cost-plus-a-moderate-fixed-foo
for merchant vessels
basis. This has eliminated all fixed price
$107,443,915 $94,476,148 $87,982,270 $88,182,924 and permitted your corporation to devotecontracts
Total
its undivided energies to the
Liabilities
present
completion
$20,012,255 $20,012,255 $20,011,818 $20,000,000 emergency. of these vessels with the dispatch called for by the factor
Capital stock, pref
This agreement, as finally concluded, has been a vital
Capital stock, common.. 27.984,400 27,984.400 27,984,400 27,084,400 in greatly increased efficiency.
1st M.15-yr.5% bonds.. 12,300,000 12,600,000 12,900,000 13,200.000
-On account of its special skill in the construction of
United States Navy.
5,000,000
4,861.320
.
4,734,505
10-yr.6% s f.cony.deb. 4,609,385
7,647,150 all classes of war vessels, your corporation was assigned a prominent part
6,102,550
13,729,000
9,929,828
Bills payable
in carrying out the greatly enlarged program of naval construction caused
1,194,428
1,335,283
3,374,886
2,109,313
Accounts payable
800,000 by our entry in the war. After contracts had been taken for naval conPref.div.pay.May31'16
1,378,442 struction to the limit of the yard capacity, the navy's rouqirements were
1,305,029
993,699
1,153,017
Contingent accounts.. _ _
still unfilled. Therefore, in order to provide for the construction of a
Fed. taxes & dep. rec.... 2,510,657
289,402 large number of destroyers, and under an agreement with the Navy De306,495
377,338
344,696
Insurance, &c., reserves
partment, ten new shipways were begun, and are now nearly completed,
21,552,295 15,608,135 13,175,376 10,689,102 together with the appurtenant shops and facilities. This construction is
Surplus
$87,982,270 $88,182,924 proceeding rapidly and will permit the building of small vessels econom$107,443,915 $94,476,148
Total
ically and rapidly in largo quantity.
-a
All vessels now under construction for the navy are upon a cost-plus a Includes accounts receivable, $18,565,644; bills receivable, $13,087,435, fixed-fee or plus-a-percentage basis, except the battleship Idaho, now near$6,023,483;
lass endorsed and discounted in the ordinary course of business,
ing completion under one of the former fixed price contracts.
net, $7,063,951; total, $25,629,595.
-As planned at the time your corporation was formed,
Additions to Plant.
-Under agreement of April 1 1913 the Virginia-Carolina Chemical four large additional ways for merchant ships have been practically comNote.
Co. guarantees the 7% dividends on $437,500 pref. stock of the Consumers' pleted. They arose designed as to permit them to be ultimately lengthened
Chemical Corporation, and retirement of the principal on or before April 1 for the construction of the largest merchant vessels up to 1,000 ft. in length.
1933, all of the profits in excess of the pref. dividends belonging to the VirThis expansion of your plant and the consequent increase of construction
ginia-Carolina Chemical Co. through ownership of the common stock.
ordered therein by the Emergency Fleet Corporation and the navy required
Tho foregoing balance sheet includes the accounts of Virginia-Carolina greatly increased shop capacity. This will involve important additions to
Manufacturing Co. and Sulphur
Chemical Co., Charleston (S. O.) Mining &
departments, such as the forge shop, plate and angle shop,
Mining & RR. Co.; the two independently operated subsidiary fertilizer the various &c. Over $1,400,000 has already been expended on account
power house,
companies at Baltimore, Md., and Birmingham, Ala.; the Southern Cotton of those extensions to shops and shipways. (Compare expenditures aggreoffices and branches.
Oil Co., and other subsidiary companies, district
gating $15,000,000 proposed in Aug. 1918-See News Dept. below.)
106, P. 2764, 1229.
The following is a list of the major items of plant improvement now under
way to which the 1917 expenditures were applied: (a) Covering "M" and
International Nickel Co., New York.
"0" ways; (b) extension "0" ways; (c) four new ways "T" and "U," including cranes and runways, and air compressors; (d) power house improve(Report for Three Months ending June 30 1918.)
ment condenser and generating set; (e) pier No. 4;(f) track rearrangement:
CONSOLIDATED INCOME ACCOUNT FOR QUARTERS END.JUNE 30. (0) shop equipment, including 1,200-ton forge press and plate and angle
bending rolls; (h) 70-ton traveling crane; (i) yard office extension; (j) mis1916.
1917.
1918.
Mos. ended June 303
cellaneous. Total plant increase for the year 1917, $1,470.000.
Earnings of constituent cos. (mfg. &
When this program of plant extension has been completed, your shipyard
selling expenses deducted, &c.)- _ - $3,838,506 $4,388,595 $3,959,134
69,268
66,362 will have unrivalled facilities for large production, greatly exceeding its
52,208
Other income
capacity in 1916. Maps at the end of this (pamphlet) report show the yard
$3,890,714 $4,457,862 $4,025,396 at the time purchased and as it is now, with additions now under conTotal income
896,368
222,422 struction as they will appear when completed.
248,487
General expenses, &c
-The working force was expanded during the year from
Working Force.
Reserved for U. S. and foreign taxes- 1,322,009
4,500 men to 7,500 men, or 6'7%. The operation of the four now ways
$3,561,495 $3,802,974 mentioned above and the ten additional ways being built for the Navy
$2,319,318
Net income
Department is expected to require a force of over 12,000 men.
Deduct
487,678
497,400
The wages fixed by the U. S. Wage Adjustment board, and under which
472,953
}
Depreciation of plants
your corporation is operating, have attracted an excellent class of workmen,
Mineral exhaustion
133,689
133,689
133,689 so that labor turnover has recently decreased materially, while the patriotio
Preferred dividends, jA%
1 *1,673,384 *2,510,076 *3,346,768 spirit manifested by the entire body of the workmen and officials of your
Common dividends
(6%)
yard has resulted in the establishment of cordial relations between all
(8%)
(4%)
1
paid in Juno (per cent)
parties concerned, resulting in increased speed of production.
$2,280,026 $3,131,443 $3,977,857
-During the past year we launched 15 vessels,.of
Output During 1917.
Total deductions
sur.$39,292sur.$430,052 def.$174,883 which nine wore merchant steamers, four were car floats, and the balance
Balance, surplus or deficit
constituted important construction for the Navy Department. Of the
*Not shown in quarterly earnings statement, being always deducted above merchant tonnage we delivered during the year five steamers.
In 1917 paid 6%
On Jan. 1 1918 we had on the ways nine merchant vessels.
by the company from profit and loss surplus. extra to aid Red in March
Cross gifts;
and again in June and Sept.; and in July, 1%
BALANCE SHEET DEC. 31 1917 (Total each side, $37,723,225).
Dec. 4%; 1918, March and June, each 4%.
$10,981,262 Stock, 200,000 sh., no par val. $7,197,650
Property and plant
I!, SH ,7 JUIN,E 30.010,41, 4
CONSOLIDATED BALA
4
-- -,
.4
1918 _„ 1017. . Uncompleted plant additions 1,337,102 lit M.5% bonds due 1946_ 7,500,000
.
1917.
1918:
4444
"r '''
1,123,337 Current Habil.($1,869,984)Materials and supplies
$ ”
,
Liabilities3
$
$
Assets1,713,637
Vouchers payable
Production work in progProperty account-48,457,801 46,124,208 Common:stock...41,834,600 41,834,600
117,728
Accounts payable
ress ($20,:392,056)
___ 8,012,600 8,912,600
'2,468,452 1,332,735 Preferred stock
Investments
29,393
Unpaid freight aecount
19,812,796
Ship contracts
Inventories at cost 7,348,507 6,361,214 Accounts payable_16,573,451{ 4,270,335
9,225
Unclaimed wages
144,667
Roller contracts
Accts. receivable- 2,991,036 2,680,325 Tax res'ves in 19181
170,413
20,516 Accrued interest and taxes
, Deferred charge
515,000 Pref.div.,dueMay 133,689
133,689
15,000
Loans on call
213.275 Advance collections on con1500 series, outside jobs__ _
418,346
Certif. of deposit_ 2,030,000 2,030,000 Extra corn. div18,731,066
tracts
5060 series, valves and drop
218,060
3,999,755 5,543,034 Accident& ins.fds. 256,463
Cash
462,664
157,726 Reserve for depreciation__....
forgings
Profit & loss sum_ 9,636,438 8,798,886
43,076 Surplus account-see notes
Small tools, See
(S1,791,449)
67,347,241 64,586,516 Current assets ($2,445,560)
Total
67,347,241 64,586,516
38,351
Total
Balance at-Dec. 31 1916._
916,161
Cash
933,915
Net Income for year 1917.._
265,718
Notes recle & Liberty bda.
V. 107, p. 185, 85.
Real estate adjustment and
1,258,055
Accounts receivable
other profit & loss
5,625
Accrued lnt. receivable__ _
789,184
General Cigar Co., Inc., New YsTrk.
credits in 1917
30,106
Insurance premium unearned
Earned profit on contracts.... 1,413,802
(Report for Six Months ending June 30 1918.)
Notes.
-No provision for Federal income and war excess profits taxes
1916.
1917.
1918.
Six Months to June 30the above statement.
$3,045,082 $2,240,084 $2,151,246 accrued for the cal. year 1917 is included in of approximately 3250,000 on
Gross profits
The corporation has contingent liabilities
1,504,330
1,505,733
expenses.. 1,593,364
Administration and selling
account of interpretation of costs.
The First Mortgage dated Nov. 1 1916 secures 325.000,000 30-year 5%
$646,910
$734,351
$1,451,718
Profit from operation
31,356
41,770 sinking fund bonds, of which $7,500,000 have been issued-sinking fund,
32,058
Miscellaneous profits, interest, &c.._
2;4% per ann., first installment duo Nov. 11918. See V. 105, p. 1109.
[See also report of American International Corporation in V. 106, IL
$765,707
$688,680
$1.483,776
Total profit
$111,442
$87,940 1245, 1246.1-V. 106, p. 2457. 2349.
$217,820
Interest on loans, &c
175,000
175,000
175,000
Dividends on pref. stock (3%%)362,080
• 362,080
362,080
Dividends on Common stock (2%)-Power & Light Corp. (of Va.), New York.
10
$648,522
$625,020
$754,900
Total
$63,660
$117,185
$728,876
Balance, surplus
CONSOLIDATED BALANCE SIIEET JUNE 30.
1918.
1917.
1917.
1918.
3
$
$
LiabilitiesS
AssetsCapital assets___*21,702,658 20,970,137 Common stock__ _18,104,000 18,104,000
Preferred stock__ 5,000,000 5,000,000
Insurance, Sas,
228,262 Accts.payable,&e. 1,016,305 1,213,716
199,783
prepaid
6,637,000 5,420,500
10,153.924 9,722,905 Bills payable
Supplies, dm
194,333 Spee'l cap. reserve 1,000,000 1,000,000
Bills receivable__ 393,068
Reserve for war
Accts. receivable,
312,296
taxes
2,002,174 2,837,615
less reserve_ _
x4,810.231 3,930,677
715,650 Surplus
1,300,753
Cash
81,863
Insurance reserve_
Liberty bonds__ _ 302,729
Eastern
(Report for the Fiscal Year ended Dec 31 1917.)
President J. B.Taylor, New York,Feb.20, wrote in subst.:
-In its second year the company encounFirst Five Years of Existence.
tered the general business depression following the outbreak of the European
throughout 1917 it experienced the extraordinary costs of
war. Again,
fuel, labor and supplies which have temporarily affected the earnings of
most public utility corporations adversely. Despite such unfavorable
conditions, it has accomplished notable improvements in earnings, in
efficiency of management and in relationship with the public. Meanwhile,
physical values have been greatly enhanced by large cash expenditures
for rehabilitation and extension.
Growth of the Subsidiarics.-Under the present management the earnings
compare as follows:
1916.
1917.
1913.
For 12 Months ended Dec. 3136,961,694 34,668,893
Total
30,961,694 34,668,893
Total
$4,495,593
$3,969,700
33.029.777
Gross operating revenue
2,796,852
2,247.662
1,727,743
4918 good-will, trade-marks, patent rights, Operating expenses
* Includes as of June 30
$19,326,003; real estate, buildings, machinery, equipment and furniture
$1,698,741
$1,482,034
$1,722,038
Net operating revenue
and fixtures, $1,347,188; and investments in affiliated cos., $1,029,468.
1,730,922
1,743,315
1,506,040
income
x After deducting dividends on preferred and common stock amounting to Total corporate
3537,080.-V. 106, p. 2653.
These figures do not include earnings of the Pennsylvania Utilities Co.;
in September 1917 by the Metropolitan
the control of which was acquired
Edison Co. (V. 105, p. 1713), nor the earnings of the Vincennes property
New York Shipbuilding Corporation.
in 1917, which was sold at a profit during the year and the proceeds
vested in extension of other Eastern company subsidiaries, principally
(Report for Fiscal Year ending Dec. 31 1917.)
the Reading properties (V. 105, p. 180, 497).
-Additional electric generating capacPres. Marvin A. Neelan.d, N. Y., June 12 wrote in brief.
Contracts for Power, Additions, &c.
energy from other companies
[This company is controlled by the American International CorporatiOn.1 ity and favorable contracts for the purchase ofIn the aggregate the power
was chartered Nov. 29 1916 (V. 103, p. have provided for this increased business.
Organization.
-Your corporation
several
have
2159, 2242) and took over all of the assets and liabilities of the Now York resources of the subsidiariesplants been increased over 50% while
have been shut down. improved light
Shipbuilding Co., for 17 years one of the principal American builders of all small and inefficient power
plant as effi- and power service has been effected, lines extended and reinforced and
classes of ships, both naval and merchant, and possessing a
and heavy track
A large amount of
,
dent as any in the country, well manned. Every effort has been directed emergency tie lines constructed. been purchased and new cars rebuilt, and
old
has been laid. Now cars.have
toward the expansion of all the company's facilities.
During the past year the shipbuilding industry of this country recovered railway service in general greatly improved. Jitney competition has been
from its depression and has been confronted with the necessity of an in- eliminated, much overhead wiring placed underground, and repair shops
improvements
tensity of operation and expansion of production never before required, and storerooms have been consolidated. While furtherelements of the
more important
coupled with costs for labor and material rapidly rising far higher than will be required from time to time, thecondition.
properties are now in most satisfactory
been anticipated.
could have
500
THE CHRONICLE
Increased Costs
-Rates.
-Customers, the communities served and the
public utility commissions are recognizing the increased operating costs
which the Eastern's subsidiaries, in common with all other public service
companies, have met during the last two years, and substantial increases
in rates have been obtained, in many instances through negotiation with
customers. These increases in rates have become effective at various dates
subsequent to July 1 1917 and are therefore reflected in 1917 earnings
only in a minor degree and not to an extent sufficient to compensate fully
for the increased costs of operation throughout the year. In fact, many
rate adjustments materially affecting earnings did not become effective
until after the first of the present year (V. 105, p. 2272).
Metropolitan Edison Co.
-This company, the Eastern company's most
important electric light and power subsidiary, was originally operated under
leaseholds. It and a number of important street railway lines in Reading,
also leased, were purchased outright in 1917 and the financial basis of the
Reading companies thereby greatly improved. As a result their securities
should be readily saleable in normal times (V. 106, p. 2348; V. 105, p. 1208,
606, 497; V. 97, p. 1898.)
Eastern Utilities Coal Co.
-In view of the recent high prices of coal and
the difficulty of getting coal at any price, the company organized in 1917
the Eastern Utilities Coal Co., whose notes and bonds it guaranteed. That
company acquired a coal mine in West Virginia, which produced coal at the
rate of 5,000 tons a month until car shortage diminished the output. With
normal conditions as to cars the output should reach 10,000 tons per month
and prove very profitable. (V. 104, p. 2235, 2343.)
Capital Requirements.
-While endeavoring to keep expenditures for improvements at a minimum, additional service for the increased industrial
activity in the various communities served and improvement in equipment to secure economies offsetting increased costs of coal and labor have
made certain expenditures practically obligatory, with corresponding heavy
demands on the financial resources of both the Eastern and its subsidiaries.
In so far as possible, these demands have been met by the use of surplus
earnings and by the sale of available securities. The remainder has been
secured temporarily from banks, the Eastern company having borrowed
In this way upwards of $900,000, which it in turn has loaned to its subsidiaries. About $300,000 more will be required during the year 1918 to
supply the minimum requirements of the subsidiaries.
r• Exchange of Convertible Bonds for 7% Collateral Notes, Due Sept. 1918.
•
The company's 5% Five-Year Convertible gold bonds, of which there are
$2,327,500 outstanding [V. 96, p. 1020], fall due on March 1. Under the
existing conditions in the security market the company has been unable
to market a new issue to provide for this refunding and for liquidating the
floating debt. It has secured satisfactory extensions of its bank loans
and, after consultation with its bankers, has requested the holders of the
maturing bonds to accept in exchange therefor, par for par, new 77 Colo
lateral Trust notes, dated March 1 1918, due Sept. 1 1918, to be issued
under a collateral trust indenture to the Equitable Trust Co. of N. Y.,
trustee, and secured by an equal amount of the maturing bonds when deposited by the present bondholders in exchange for the proposed now notes.
-The Eastern company has, of course, under the
Dividend Suspension.
circumstances, suspended the dividend on its pref. stock.(V. 105, p. 2455.)
-The large floating debt has been carried by the bankers
Floating Debt.
for some time, and the bankers are willing to continue to carry it for a
further period if the bondholders will co-operate by extending the maturity
of the bonds and so give the company the necessary time to seek relief of
the proposed War Finance Corporation. Practically all the communities
served manufacture commodities now required by the Government. Power
for factories, street railway service for the operatives and utility service
in general in these communities would seem to be so necessary as to justify
Governmental assistance, at least until such time as ordinary channels
of finance are again available for this and similar companies.
-The directors feel that the subsidiaries constitute a substantial
Outlook.
group of public service properties essential to the growing communities
they serve; that notable work has been done in building up both the physical
condition and the local standing of the operating companies, and that
further increases in both gross and net can be confidently expected.
(As to Bond Secured notes of West Va. Traction & Electric Co., see
V. 104, p. 1701, 1802; V. 100, p. 2087.1
[Vol,. 107.
American Cities Co.
-Earnings.
-Summary of Earnings for the 12 Months ended June 30.
1917-18.
1916-17.
Proportion of annual surplus earnings of operating
cos. applicable to divs. on shares owned by A.C.Co.$1,543,865 $1,606,626
Miscellaneous net earnings
75,480
51,303
Total earnings applicable to American Cities Co_ _$1,619,345 $1,657,929
Deduct
-Interest on American Cities Co. bonds¬es 630,0001
Amortization of debt discount and expense
90,0001 600,000
Balance applicable to preferred stock
$899,345 $1,057,929
Note.
-For comparative purposes the deduction of special reserve for
maintenance and renewal has been eliminated.
Sub. co. earnings, see "Earnings Dept." above.
-V. 106, p. 2012.
Baltimore & Ohio RR.
-Authorized Statement as to
Provision for 6% Discount Notes Due July 29.
-Kuhn, Loeb
& Co. and Speyer & Co. have made arrangements with the
Baltimore & Ohio RR.for the extension until Oct. 1 of the
$8,000,000 of bank loans of the company which matured
Monday. These loans under the extension will mature at the
same time that $10,500,000 of three months' 6% notes
recently placed with the bankers fall due, and the expectation
is that by that time the Government contracts for rentals
will have been concluded, putting the company in a position
to do permanent financing.
No Action Yet on Dividend on Common Stock due September First.
-The directors at their meeting Aug. 1 took
no action on the common stock dividend due Sept. 1. The
regular semi-annual dividend of 2% was declared on the
$58,863,182 outstanding preferred stock, payable Sept. 3
to holders of record Aug. 10.-V. 107, p. 400.
Babylon RR.
-Service Suspended.
This company, operating between Amityville and Babylon, L. I., and
to Great South Bay, recently was obliged to suspend service, its power being shut off by the Long Island Lighting Co., which states that the railroad
owes the power company $7,000.-V. 92, p. 295.
Bay State Street Ry.-Fares.The Massachusetts P. S. Commission has granted this company permission to advance its fares from 6 to 7c. in certain localities where the company
connects with the lines of the Boston Elevated Ry. (See that company
below.)
-V. 107, p. 88.
Birmingham Ry., Light & Power Co.
-Earnings.
See "Earnings Dept. on a preceding page of this issue.-V.106,p.2559.
Boston Elevated Ry.-Fares at Seven Cents.
-An official
statement made by the board of trustees, says:
Fares Increased.
-Commencing Aug. 1 and until further notice, the rate
of fare in all cases on the lines of the company where the unit is now five
cents will be seven cents. The use of eight-cent checks will be discontinued.
Finances.
-After making a careful study of the finances of the company
and taking into consideration the known increase in various elements
of its expense in the near future, according to the most conservative estimate
it will be necessary to procure during the year ending July 1 1919, additional revenue of about $6,150,000. It seems reasonable to believe that
this amount will be produced by the two-cent increase in the fare rate.
If, however, this result is not brought about, other expedients will have
to be tried.
The difficulties of operating a street railway embracing surface, subway
EARNINGS, &c.. FOR CALENDAR YEARS (Compare V. 104, p. 1145).
and elevated lines preclude the introduction of a zone system or an elaborate
1) Combined Earnings of Subsidiaries (exclusive of
change in the transfer privileges at this time.
Pennsylvania Utilities Co.)1917.
1916.
New
-For the purpose of making much needed improvements in
Operating revenues
$4,495,593 $3,969,700 service Cars.
250 new cars and other equipment have been recently ordered by
Operating expenses and taxes
2,796,852
2,247,662 the
trustees.
Deficit.
-It is possible that further consideration and study by the
Operating income
$1,698,741 $1,722,038
trustees will result in modifications
Miscellaneous income
32,191
21,277 time, but to-day, confronted as the of the fare which is established at this
trustees are by the serious emergency
arising from the tremendous monthly deficit in the company's revenue, and
Total income
$1,730,932 $1,743,315 the
necessity under the law of protecting the Commonwealth from paying
Deductions from income (not incl. payments to
Eastern Power & Light Corporation)
1,273,326
1,199,778 the company's bills, the trustees have no alternative but to increase the
unit of fare.
-V. 107, p. 400. 290.
Amount applicable to stocks of subsidiaries not
65,094
owned by Eastern Power & Light Corporation
64,735
-Fare Decision.
Buffalo & Lake Erie Traction Co.
The Pennsylvania P. S. Commission has handed down a decision dis$478,802 missing
Balance
$392,512
complaints made against a fare increase, declaring that an interAdd-Payments to East.P.&L. Corp. by Vincennes
urban electric railway company may increase its fares beyond the 5-cent
properties in 1917, prior to sale on May 31 1917..
21,096
limit specified in a franchise ordinance when it is necessary to do so to
obtain enough revenue for operation and maintenance purposes.
-V. 107.
Amount applicable to depreciation and to securi$478,802 p. 81.
ties and notes owned by Eastern P.& L. Corp.. $413,606
(2) Eastern Power & Light Corp. Income Acct., &c.
Buffalo Rochester & Pittsburgh Ry.-Dividend on
Of the "amount applicable, &c." ($413,606 and
Common Stock Decreased.
$478,802, as shown above), Eastern Power &
The directors have declared a semi-annual dividend of $2 per share on
$371,019
Light Corp. received in interest and dividends__ $336,178
101,175 the common also the regular semi-annual dividend of $3 per share on the
57,618
Other income
preferred stock, both payable Aug. 15 to holders of record Aug. 12. The
$472,194 common stock has been on a 6% per ann. basis since Feb. 1917.
$393,796
Total income
$187,337
Dividends in Recent Years.
$212,893
Less-Interest on bonds, notes, &c
33,340
43,657 Years
Expenses of administration and taxes
-'02. '03.'04-'06.'07. '08. '09. '10. '11. '12. '13.'14.'15. '16.'17.
Com _ % 4 5M 6 y'ly 536 4 4 4
,
5 5X 6 5 4 5 6
$147,563
$241,200 -V. 107, p. 180.
Net income
102,927
22,310
Surplus at beginning of period
-Southern Ry. Operation.
Carolina & North Western RR.
See Southern Ry. below.
-V. 105, p. 605.
$250,490
*109,667
$263,510
160,583
$140,823
$102,927
The North Carolina Corporation Commission has authorized Increased
fares from 5 to 7c. in Raleigh of that State.
-V. 106, p. 2122.
*No dividend paid for quarter ended Nov. 30 1917.
EASTERN POWER ee LIGHT CORP. BALANCE SHEET DEC. 31 1917
$11,118,096 Pref.stock (V.96,p.716)_ _$2,350,000
Securities owned
25,552 Com.stk.(V.105,p.1707)_ 6,500,000
Cash
1,128,851 Cony. bds., duo Mar. 1 '18 2,327,500
Loans to subsidiaries_ _ _
Notes&accts.pay.,incl.accr.1,010,014
Accounts receivable, in55,838 Surplus (see inc. statem't) 140,823
cluding accruals
Alex. R. Lawton of Savannah, Ga., has been elected President to succeed W. A. Winburn; Chas. A. Peabody of N. Y. succeeds 0. H. Markham as Chairman of the board, and Chas. F. Groves of Savannah has been
named Treasurer in place of W. C. Askew. Mr. Groves still holds the
office of Secretary.
-V. 106, p. 2648.
Total
-Dividends on preferred stock
Less
Surplus at end of year
Total liabilities
$12,328,337
$12,328,337
Total assets
Guaranties.
-The corporation had contingent liabilities at Dec. 31 1917
on account of its guarantee $188,500 pref. stock of Reading Transit & Light
Co. and dividends at the rate of 6% per annum thereon; its guaranty of
$350,000 First Mtge. bonds and $150,000 6% One-Year notes of the Eastern Utilities Coal Co., and its endorsement of $85,426 notes of Reading
Transit & Light Co., Metropolitan Edison Co., Colonial Power & Light
-V. 106, p. 2232.
Co. and Eastern Utilities Coal Co.
GENERAL INVESTMENT NEWS.
-Increased Pares.
Carolina Power & Light Co.
Central of Georgia Ry.-Officers.-
Chicago Burlington & Quincy RR.
-New President.
-V. 107, p. 401.
Charles E. Parkins succeeds Halo Holden as President.
Chicago & Joliet Electric Ry.-Fare Application.
This company has applied to the Illinois P. U. Commission for increased
-V. 106. p. 1343.
fares from a 1.87c. per mile to a 2c. per mile basis.
Chicago Milwaukee & St. PaurRy.-Obituary.0. A. Goodnow, Vice-President of this company, died on July 26 at
Seattle, Wash.
-V. 107, p. 403.
-New Ordinance, &c.
Chicago Rapid Transit Plans.
-V. 107, p. 290, 180.
See Chicago Traction Co. below.
Chicago Rys.-Wage Award by War Labor Board.
-V. 107, p. 82.
See preceding pages in this issue.
RAILROADS, INCLUDING ELECTRIC ROADS.
-Transit Ordinance Ratified by
Chicago Traction Co.
-Total for July.
Advances by United States Govt.
- Committee.
-The Chicago City Council Committee on Local
-V. 107, p. 180.
See preceding pages in this issue.
Transportation on July 29, by a unanimous vote, adopted all
Electric Railway Wages and Administration.
-The the principal features of the proposed plan for the building
War Labor Board has announced wage increases ranging of subways and the unification of the elevated lines on the
from 35 to 65% for employees of 22 street and interurban trustee plan of municipal ownership.
Under the ordinance the name of the combined properties
railways operating in 16 cities. See preceding pages for
will be "Chicago Traction Co."
further data.
THE CHRONICLE
AUG. 3 1918.]
The ordinance, as it is to be submitted to the City Council,
is given in full in the "Chicago Herald and Examiner" of
July 30. A summary published at the same time gives the
following details:
Trustees—Under the trustee plan the lines are to be operated by a board
of nine trustees, who are to be selected by the companies, and if satisfactory,
when
approved by the Council. The trustees are to serve until 1928, They
$150,000,000 worth of surface lines' securities are to be refunded.
to receive an annual salary of $5,000 and are to have no financial interest
are
in the lines.
first
The City Council will name the successors of the first board. The
a
board will not retire all at once, three retiring Dec. 31 1927, three others
year.
year later, and the remaining three the following
under
City Ownership.—An amortization fund is provided in the measure It is
which the city will eventually own the lines without paying for them. years,
estimated that complete amortization will take place in about fifty
the time being dependent upon the receipts.
of
Construction.—A construction program involving an expenditureemis
$300,000,000 for rapid transit subways and for new elevated lines
in the ordinance.
bodied
Legislation.—Legislation is needed to carry out the scheme. After this
the
has been obtained and the formal acceptance of the new laws and
cease
ordinance is made by the Council and the companies, the lines will
will be
to be operated by private interests. It is believed the ordinance
placed in operation during the early part of 1920. securities, represented
Financial Provisions.—SIxty per cent of the existing
an interest return
by bonds having a lien on the property, are to be allowedby stock, is to be
of the securities, represented
of 5%. The other 40
allowed a return of 7 0.
are refunded, while
The return on the bonds is to continue until they of the ordinance, or
the return on the stock is to continue during the life the city.
until the property comes into complete possession of during the average
An additional 1% is allowed on the 40% portion
is
unexpired life of the surface and elevated lines' franchises, which approximately July 1 1932, or 14 years from the present time.
New money for building the extensions will be allowed at cost. that
The average return on all the securities until 1932 is 6.21%. After
the period
date the return averages 5.81%. Figuring the rate for 30 years,
the company-comfor which a franchise would have been issued under is 39-100ths of 1%
5.96%. This
mittee ordinance, che re6urn amounts co
caption
0
less than the 6.355 return provided in that measure. Compare
"Chicago Rapid Transit Plans."—V. 107, p. 290, 180.
501
Agreement Reached to Pool Earnings Beginning Jan. 1 1919.
Members of the P. S. Commission and the Board of Esitmate have
system
reached an agreement for a pooling of the earnings under the dual profits,
contract to begin Jan. 1 1919. When this plan goes into effect,
company
after the operating expenses and interest charges of the city andcompany.
are taken out, will be divided equally between the city and the
Compare V. 107, p. 401, 291. 82.
International Ry., Buffalo.—Rate Increase.—
This company has filed with the I. S. C. Commission an application for
an increase in the one way trip fares from Buffalo to Niagara Falls, and
other New York points. The increase is to be based on rates in effect on
other roads in New York.
Cincinnati Milford & Loveland Traction Co.—Fares.
of Receiver
The Ohio P. U. Commission has refused the application company's
on this
Charles 0. Harris for permission to abandon the service
cents to 3 cents per mile and a
lines. Fares are to be increased from 25's
The Commission
general freight rate advance of 25% will be put in effect.
, and its patrons will
holds that proper co-operation between the company82.
107, p.
result in profitable operations. Compare V.
-
Citizens Street Ry. of Muncie, Ind.—Bonds Called.—
and
Eight ($6,000) First Mtge. 6% gold bonds of 1897 (Nos. 21-83-104
bonds) have been called
110, $1,000 bonds, and 227, 257, 258 and 273, $500 Trust & Safe Deposit
and int. at the Guarantee
for payment Sept. 1 at 105
Co., Phila.—V. 106, p. 498.
(Electric) Ry.—Viaduct Operations.—
Cleveland
and steel bridge
This company's cars are now operating over the concrete described in the
bridge is
across the Cuyahoga River at Cleveland,0., which
July 27. The company has expended a con"Electric Railway Journal" of
siderable sum on track, &c., work on this viaduct.—V. 106, p. 2756.
Fare Referendum.—
-cent fare agreement
The citizens of Buffalo will vote on Aug. 20 on the 6
recently made between the city and the company.
Wage Award by War Labor Board.—
See preceding pages in this issue.—Y. 107, p. 402. 291.
Joplin & Pittsb. Ry.—Wage Award by War Labor Board.
See preceding pages in this issue.—V. 106, p. 1689.
Kansas City Mexico & Orient Ry.—Mexican Control.—
It is reported that this company's lines in Mexico are to be taken over by
the Mexican Government and operated under contract for a period of years'
—V. 107, p. 402.
Kansas City & Pacific Ry.—Coupons Paid.—
Interest coupons on this company's First Mtge. 4% bonds due Feb. 1
last were paid off on July 31 at its office.—V. 106, p. 396.
Knoxville Railway & Light Co.—Earnings.—
See "Earnings Dept." on a preceding page of this issue.—V.103,p.2238.
Laurel Mississippi Light & Railway Co.—Fares.—
At an election, held July 12, this company was granted permission to
charge a six-cent fare.—V. 105, p. 1802.
Lehigh Valley RR.—"Black Tom" Litigation.—
See Aetna Explosives Co. under "Industrials" below.—V. 106, p. 2759.
Lewiston (Me.) Augusta & Waterville St. Ry.—Service.
A press report states that arrangements are being made by this company
for a complete rehabilitation of the service between Lewiston and Bath and
improvements to other lines. The U. S. Shipping Board Emergency Fleet
Corp. has agreed to assist the company to the amount of $165,000 by
providing new cars, transformers, transmission lines and other equipment.
—V. 106, p. 1577.
Little Rock Railway & Electric Co.—Earnings.--
See "Earnings Dept." o.n a preceding page of this issue.—V. 106, p. 715.
Memphis Street Railway.—Earnings.—
See "Earnings Dept." on a preceding page of this issue.—V.106,p.1126.
Minneapolis Northfield & Southern Ry.—Successor Co.
The property of the Minneapolis St. Paul Rochester & Dubuque Electric Traction Co. was sold at auction on July 29 to Harlan P. Roberts for
$350,000, the upset price, acting on behalf of the newly organized company of the above caption.—V. 107, p. 82.
Commonwealth Power Railway & Light Co.—EarnMinneapolis St. Paul Rochester & Dubuque Electric
ings.—Hodenpyl, Hardy d Co. report:
Co.—Property Sold at Public Auction.—
and Its Constituent Cos. for Month, Six Months and Traction
Earnings of Company
tvelve Months ending June 30 1918.
June 1918.Ine.% Six Months. Inc.% Twelve Mos. Inc.%
$1,831,428 18.10 $10,338,998 11.50 $20,789,909 14.50
Gross earnings
6,376,636 25.84 12,388,014 29.31
Operating expenses_ 1,044,973 21.18
$786,455 14.23
Net earnings
Fixed charges (see note) $623,427 19.76
$163,028 *2.80
Net profits
89,765 _—
Preferred dividend....
Bal.for replacements
& dive.on com.stk.
$3,962,362 *5.78
3,622,317 15.72
$8,401,985 *1.93
6,987,565 14.35
$340,045 *68.38
538,590 _---
$1,414,420 *42.42
1,077,210 1.01
t$108,545*136.08
$337,210 *75.74
$73,263 *6.21
*Decrease. tDeficit.
Note.—FIxed charges include dividends on outstanding preferred stocks of coninterest.
stituent companies in addition to taxes andis
.
The balance for the 12 months, $337,210, equal to 1.814% on common.stock
—V. 107, p. 291.
See Minneapolis Northfield & Southern Ry.—V. 107, p. 82.
Monongahela Valley Traction Co.—Loan.—Wages.—
This company, it is reported, is negotiating with certain bankers for a
loan of $5,500,000 for extensive improvements to its properties, &c.
Employees of this company have accepted a compromise wage increase
which provides the following scale: City men in the employ less than one
year, 38 cents an hour; second and third year, 39 cents; fourth and fifth
year, 41 cents; in service five years or longer, 43 cents. Men employed on
the interurban lines will be paid 2 cents more an hour than the city men.—
V. 106, p. 2450, 2444.
Montreal Tramways Co.—Fare Increase—No Strike.—
This company has applied to the Quebec P. U. Commission for the right
to charge 7c.fares on its lines and sell 4 tickets for 25c. with free transfers.
An announcement has been made that this company has agreed to concede the demands of its employees providing for increased wages.—V. 107.
p. 291.
New Bedford & Onset Street Ry.—Fares.—
Light Co.—Fares.
Cumberland County (Me.) Power &city limits of Portland,
lines within the old
The Massachusetts P. S. Commission has further suspended, until Aug.
10, the increased fare which was to have taken effect Aug. 1, having been
postponed from June 27.—V. 106, p. 1127.
Denver & Rio Grande RR.—Bond Interest Due Aug. 1.—
Holders of the General Mtge. 4%% bonds of this company and of the
bonds of the New Orleans City RR. and the New Orleans City & Lake RR.
are notified that the July 1 coupons will be paid upon presentation at the
Now York Trust Co., N.Y One month's interest in addition to the amount
of the coupons will be paid.
See "Earnings Dept." on a preceding page of this issue.—V. 107, p. 82.
Faros on this company's
the suburbs
Maine, will not be increased from five cents. On the lines to desired, and
the rate will be six cents instead of eight, which the company of two cents
to more remote places the fares will be regulated on the basis
a mile.—V. 106, p. 2345.
Arrangements have been made by the RR. Administration with Receiver
&
the
Baldwin, through the Bankers Trust Co. of N. Y., trustee, for due First 1,
Aug.
Refunding 5% bonds, to meet the interest coupons of this issue
fund payment under the mortgage. It is
and also to complete the sinking
stated that the amount about $1,000,000 will be paid as an advance on
rental due, instead of a loan to the company.—V. 107, p. 181, 82.
Detroit United Ry.—Wage Award by War Labor Board.—
See preceding pages in this issue.—V. 107, p. 181.
East St. Louis Columbia & Waterloo Ry.—Franchise.
St. Louis & Suburrented
tracks from the East
This company, which has
franchise to
ban Ry. for the last eight years, has been granted a 20-year charged and
-cent fare will be
operate cars in East St. Louis under which a 5
2% of gross earnings will be paid to the city.
East St. Louis & Suburban Ry. Co.—Sub. Co. Franchise,
See East St. Louis Columbia & Waterloo Ry. above.—V. 107, P. 401.
Fishkill Electric Ry.—Fare Increase.—
The Now York P. S. Commission has granted this company, which
operates at Beacon, N.Y„ an increase in fares from 5 to 6 cts.
Fonda Johnstown & Gloversville RR.—Fare Increase.
Commission has authorized this company to increase
The Now York P. S.
fares
its passenger tariffs, bringing the being up to about 3c. a mile. This order
compelled to show proof of the neIs only temporary, the company
increased rates at a hearing on Aug. 7.—V. 107, p. 401.
cossity for the
Freight Rates.—Canadian Rates Up 20%.—
An Order-In-Council, at Ottawa, has been passed increasing freight rates
Canaby an average of about 20% to meet the operating costs imposed onsimilar
dian railways by the new wage schedule recently adopted, which is
granted employees of the American railroads.—
to the recent wage award
V. 107, p. 82.
Grafton & Upton RR.—Minimum Fare Reduced.—
The Massachusetts P. S. Commission has approved a reduction of the
minimum faro on this company's lines from 10c. to 6c. The road was under
Federal control and was obliged to charge 10c. as a minimum rate, but is
now classed as a "short line."—V. 104. P. 163.
Grand Trunk Ry. of Canada.—Notes Paid.—
A cable dispatch states that this company on Aug. 1 paid off $2,000,000
-year 5% notes. Last November the company redeemed $4,000,000
2
short-term notes.—V. 107, p. 181.
Interborough Rapid Trans. Co.—"H" System Operating.
below.
See "Rapid Transit in Now York"
New Orleans Ry. & Lt. Co.—Payment of Int.—Earns.
New York Philadelphia & Norfolk RR.—Directors.—
Samuel Rea and George D. Dixon have been elected directors, to fill the
vacancies caused by the resignation of Elisha Lee and R.B. Cooke.—V.106.
p. 1901.
New York Railways.—Purchase Approved.—
The New York P. S. Commission has approved the application of the
,
company for permission to purchase and acquire the Central Crosstown
RR.,including a lease by the latter of the old Christopher & Tenth St. RR.
The Commission, in granting the permission, specifically stipulated that
Its approval did not prejudice it from inquiry at any future time into the
the
value of any property or investment so acquired. Subsequent toNew above
York
order the property was sold at foreclosure and bid in by theparts of the
Railways Co., which, however, for several years has operated 8th St. and
Central Crosstown RR. routes as part of its 14th St.,
old
other lines.—V. 107, p. 402, 182.
New York State Rys.—Wage Award by War Labor Board.
See preceding pages in this issue.—V. 106, p. 2757.
Northern Ohio Electric Corp.—Earnings.—Hodenpyl,
Hardy & Co. report as follows ("d" indicates decrease):
Earnings of Company (and its constituent cos.)for 6 and 12 Mos. end. June 30
1918.
June 1918. Inc.% 6 Mos. Inc.")' 12 Mos. Inc.")'
$593,513 12.90 $3,468,309 11.07 $6,822,190 16.13
earnings
Gross
Operating expenses_ _ _ 384,184 14.84 2,225,708 16.89 4,350,747 28.50
$209,329 9.52 $1,242,601 1.97 $2,471,443 d.70
Net earnings
852,616 12.57 1,618,932 10.30
Fixed chgs. (see note)- 144,551 16.04
d2.69 $389,985d15.44 $852,511d16.52
$64,777
Net profits
360,000 ___180,000 ---30,000 ---Preferred dividend_
Balance for replace'ts &
divs, on corn. stock_ $34,777 d4.89 $209,985d25.32 $492,511d25.52
,Note.—Fixed charges include dividends on outstanding preferred stocks
MI
of constituent companies in addition to taxes and interest. 57 per share
The balance of $492,511 for the 12 months is equivalent to $6
stock.—V. 106, p. 1127, 396.
on 75,000 shares common
Northwestern Pacific RR.—General Manager.—
W. S. Palmer, President and General Manager, has been appointed General Manager under the U. S. Govt.—V. 107, p. 175.
502
THE CHRONICLE
[VOL. 107.
Pennsylvania RR.-Phila. Commutation Tickets.
Announcement has been
and payable thereon. The trust agreement securing such income debenture bonds may provide that the company may place a mortgage or other
prior lien upon its properties. Total authorized
$1,200,000
Common Stock, in $100 shares
$1,200,000
The new company is to acquire all the properties, franchises, &c., included in the decree entered in the Consolidated Causes of New River
Piedmont & Northern Ry.-Federal Manager.
Lumber Co. vs. Tennessee Ry. Co. and Tennessee Ry.
E. H. Coapman has been appointed Federal Manager under the U.
S. Trust Co. et al., now pending in the Chancery Court Co. vs. Standard
Govt., with office at Washington, D. C.
in Scott County*,
-V. 107, p. 77.
Tenn., and as directed by the decree entered therein on Sept. 17 1917, and
Pittsburgh Rys.-City Would Intervene-Receivers Object. also all the existing First Mortgage 5% 30-year gold bonds owned or controlled by any of the parties to the agreement hereinafter sot forth and
The receivers have filed their answer with the U.S. District Court
burgh to the recent petition of the city to intervene in the tractionat Pitts- transferred by them to the now company pursuant to such agreement.
versy, contending that if the right is given the city to intervene, controDistribution of Capital Stock and Income Debenture Bonds.
permission cannot consistently be denied other cities, boroughs andsimilar
1. The subscribers to bonds
townships. Intervention by all would result in confusion and financial loss, said 1st M. bonds of Tennessee of the new company, other than holders of
Ry. Co., will be entitled to receive common
they aver. The answer was signed by receivers Callery and Stewart,
stock of the now company, the
name of the third receiver, Chas. A. Fagan, not being attached, due the of the principal of bonds of par value of which shall be equal to 50%
the new company subscribed and paid for.
to his
dissention on this point.
-V. 107, p. 402, 182.
2. The holders of 1st M. bonds of Tennessee Ry. Co., who assign their
bonds to the new company and who subscribe for their pro rata share
Public Service Ry., N. J.
of
-Transfer Charge.
bonds of the new company, will
Beginning Aug. 1, passengers of this company's lines pay 1 cent for Debenture Bonds to an amount be entitled to receive (a) new Income
equal to the principal amount of the new
initial transfers.
1st M. bonds so assigned, and (b) common stock, the par value of which
shall equal 50% of the principal amount of the bonds subscribed and paid
Wage Award by War Labor Board.
for. [In other words, the holder of one of the existing $1,000
See preceding pages in this issue.
bonds,
provided he subscribes for $200 of the new 1st M. issue, will
present bond and receive in all $200 1st M.6% bonds, $100 surrender his
Shipyard Line.
in new stock
and $1,000 in Income Debenture Bonds.
It is expected that this company's extension to the Port Newark
-Ed.]
ship3. Only such an amount of Income Debenture bonds or common stock
yards will be in operation Labor Day, Sept. 2.-V. 107, p. 182.
shall be issued forthwith by the new railroad company as is necessary
under the provisions of the plan of reorganization to be delivered
Rapid Transit in New York.
to sub-Opening of"H" System.
On the evening of Aug. 1 the subway lines traversing each side of - scribers of new bonds of the new railroad company.
Right to Vote at Organization.
-4. At the organization meeting of the new
hattan and forming the new "H" system were placed in operation. ManThe company the parties interested in the purchase of the said railroad propnew lines, portions of which have been in operation for some weeks,
prise the new 7th Ave. line on the West Side and the new Lexington com- erty shall be entitled to vote as follows: Those subscribing for new 1st M.
line on the East Side. The new system utilizes the old subway as its Ave. bonds, one vote for each $100 principal amount of such bonds, and one
base. vote for each $100 par value of common stock to which he shall be
On the East Side the old subway lines form a connection
entitled;
Ave. subway at the Grand Central diagonal station. with the Lexington and those entitled to Income Debenture bonds and common stock, one
The tracks
42d St. to the Times Square station are the horizontal bar of the H across vote for each $100 peincipal amount of the Income Debenture bonds and
and are one vote for each $100 of common stock to which he shall be entitled.
used for shuttle service. At the Times Square station the
7th Ave.
Bondholders' Assessment.
-Bondholders assenting to this plan
subway is joined to the tracks of the old subway, extending newBroadway
up
an assessment of 20% of the aggregate principal amount of their must pay
and forming the West Side line of the new system.
-V. 107, p. 292, 182.
bonds, said payments to be made on 30 days' notice of call by thedeposited
reorganization managers or the new company. Upon payment of said assessment
Republic Railway & Light Co.
-Earnings, &c.
bondholders will be entitled to 1st M. bonds of the new'comapny
Capital Outstanding.
-6% secured gold notes, Jan. 15 1918, due Jan. 15 amount subscribed and paid for, and debenture bonds and commonin the
stock
1920, $1,500,000; 6% prof. stock. $5,191,400; common stock, $6,206,000. of the new company as set forth in eubdivision
D of this plan.
Earnings for June and 12 Mos. end. June 30 1918
The reorganization managers reserve the right to reduce pro rata the
-Republic Ry. ez Light Co.
amount of the bondholders assessment.
Subsidiaries (Eliminating Inter-Company Items).
Sale.
-The decree entered on or about Sept. 17
Earnings1918
provided that the
-June-1917. /nc.% '17-18-12
Master in said consolidated causes should sell to the 1917
Gross earnings_ _ _ _$449,349 $375,346 19.71 $5,467,589Mos.-'16-l7Inc.
highest and best bidder
$4,283,069 27.65 all the properties free of encumbrances, liens and
Op. exp., depr.&tax 313,080 254,386 23.07 3,832,520 2,688,804 42.53
claims except as provided
in said decree, and the purchaser to take said properties subject to
the
Not earning's----$136,269 $120,960 12.65 $1,635,069 $1,594,265 2.56 specific performance of the contract of June 1 1905 between the New River
Lumber Co. and Tennessee Ry. Co., as adjudged and directed in the decree
Other income
8,211
4,303 90.84
91,153
33,171 ---- for the said specific performance entered at the August
term 1916 of said
court and, further providing that the
Gross income _4144,480 $125,263 15.34 $1,726,222 $1,627,436
• 6.07 receive or apply any: bid or offer made forMaster in crying said sale is not to
Int. & sub. co. divs. 100,833
said property for less than $425,000.
80,515 25.23 1,111,279
907,876 22.40
$425,000 Subscriptions Required.-Thls agreement shall be void and of
no effect if.
Net income
$43,647 $44,748 d2.46 $614,943 $719,560d14.54 thereafter, prior to the sale of the mortgaged property or within 30 days
subscriptions for $425,000 of the new 1st M. bonds shall not
Preferred dividends 25,957
25,957 ---311,484
311,484 ---- have been obtained.
Manager.
-As J. N. Baker is one of the largest certificate holders, and
Balance, surplus_ $17,690 $18,791 d5.86 $303,459 $408,076d25
.63 is so situated that he can devote
d Decrease.
-Compare annual report for 1917, &c.
-V.106, p. 1570,397. said railroad properties, he shall time and attention to the operation of
be employed by the new
manager of its properties at a rate of compensation of not lesscompany as
Richmond Light & Rys.-Fare Increase Favored.
than $4,000
per annum for a term of five years.
The New York P. S. Commission has voiced a demand that the
[Signed by
ities act immediately to end intolerable transit conditions on Staten author- reorganizati Alexander J. Hemphill, H. B. Spencer and J. N. Baker as
on managers. Depositary Guaranty Trust Co., New York.]
Island.
The opinion states that despite the great need of adequate facilities
for the -Compare V. 107, p. 292.
employees engaged in Government work on Staten
the condition Digest of Circular
of the cars, rolling stock, equipment and tracks of theIsland, Island
of Comm. of Holders let M.58, Dated N. Y., July 1.
Staten
surface
companies are rapidly becoming such that as a sheer
The undersigned committee, heretofore gave notice of the fact that the
safety, operation and the furnishing of service may have matter of public sale of the properties of the railway
to be abandoned
company would
1918
altogether, unless speedy action is taken.
under the decree of Sept. 27 1917, which decree was be held on Feb. 2 petientered upon the
The Commission adopted an order requiring the companies
tion of the holders of certain
their equipment and to do all in their power to place the sameto overhaul dated cause. The minimum receivers' certificates issued in the consoliprice fixed by said decree was $425,000.
in
efficient operating condition. A fair increase in rates would safe and This purchase price
furnish the additional sums needed to restore the rolling stock, probably certificates, unpaid was estimated to cover only the amount of the receivers'
taxes, court fees and other incidental expenses of the
tracks and
other facilities to a more operable condition.
receivership.
-V. 106, P. 2758.
The accompanying plan of reorganization has been prepared and assented
Rochester Ry. & Lt. Co.
-Wage Award by War Labor Bd. to, and subscriptions to bonds of the now company to be formed obtained
from certain bondholders, holders of receivers' certificates and others,
See preceding pages in this issue.
-V. 106, p. 2126.
to an amount sufficient to make the bid fixed by the court.
On Feb. 2 1918 Mr. J. N. Baker, as trustee for the reorganization manSaginaw-Bay City Ry.-Fare Increase.
agers, purchased the property for the sum of
This company has been authorized to charge a six-cont faro in
the city chase price, viz.. $42,500 was paid in cash,$425,000 and 10% of the purof Saginaw, Mich.
and three notes
-V. 95, p. 481.
6, 12 and 18 months were given by J. N. Baker as trustee. maturing in
The first of
these notes in amount $127,500 falls due on Aug. 2 1918. It is necessary
Schenectady Ry.-Wage Award by War Labor Board.
that the reorganization managers have at that time sufficient funds
See preceding pages in this issue.
to
-V. 106, p. 613.
meet the payment of this note, and your committee is endeavoring to assist
the reorganization managers in making arrangements to meet said payment,
Scranton Ry.-Wage Award by War Labor Board.
pending the approval of this plan.
See preceding pages in this issue.
-V. 105, p. 1210.
The bondholders assenting to the plan must pay an assessment of
20%,
said payment to be made on 30 days' notice of call by the reorganization
Southern Public Utilities Co.
-Increased Rates.
managers or the new company.
.
The North Carolina Corporation Commission has authorizedincreases
Considerable delay in publishing this plan has been occasioned by the
from 5 to 7c. for this company's lines operating in Charlotte, Durham
and fact that the Government took over possession of this railroad,
Winston-Salem.
-V. 104, p. 1046.
and that
no securities could be issued without the approval of
of Railroads. Repeated efforts have been made forthe Director-General
such approval, and
Southern Ry.-Acquisition for Operation.
finally the Director-General has in writing made no objection to such plan.
The Carolina & North Western RR. (V. 105, p. 605),
The Tennessee RR. Co. has been organized and will take over the
propChester, S. C., to Edgemont, N. C., 134 miles, has been with lines from
taken over
operation by the Southern Ry. The company will remain a separate for erties formerly owned by the Tennessee Ry. Co.
The committee is mailing no charge for its services, but the expenses
corporation, subsidiary to the Southern.
-V. 107, p. 403, 292.
disbursed and incurred will be charged against the depositing bondholders.
Notice will be later sent you of the amount of said expenses.
Tennessee Ry.-Plan of Reorganization.
[Signed: Alexander J. Hemphill, Chairman;
-The plan of reorganization dated Feb. 1 1918, as amended and modified, H. Wiggin, Vivian Spencer and Erskine Hewitt,Leroy W. Baldwin, Albert
committeo.1-V.107,p.292.
made that there are on sale monthly commutation tickets costing $31 56, good for 54 one-way rides between
delphia and New York City. Similar fares are in effect also on the PhilaReading and the Central R. R.of New Jersey
-V. 107, P. 402, 291.
provides in substance:
A-Estimated Outstanding Obligations of Old Company.
Receiver's certificates outstanding and reserved for the construction of the remainder of the line of railroad required to be constructed under decrees of the court [to neighboring coal properties in the mountains the main line extends from Oneida,
Tenn. to Rosedale 60 miles.
-ED.]
Estimated taxes, receiver's debts not evidenced by receiver's cer- $310,000
tificates, court costs, &c
First Mortgage 5% 30-year gold bonds, dated March 1 1907 115,000
($1,229,000 sold, $80,000 in the treasury of the company)_ _ _ _1,149,000
B
-New Company-Capitalization.
A new comparry is to be formed under the provisions of chap. 12 of
the
Acts of 1877 and of chap. 52 of sec. 2 of the Acts of 1879 of Tennessee
under name of "Tennessee Railway Company" or other name, and
an authorized bonded debt and an authorized capital as follows: having
First Mortgage 6% Bonds.
-Secured by a first mortgage on all
owned at the time the mortgage is made or thereafter acquired. property
Interest
payable semi-annually from Feb. 1 1918, or such other date
determined upon by the reorganization managers. Principal as may be
to
in 5 years from date thereof, but subject to redemption at option mature
of company on any interest date at par and int. Denom.
$1,000, $500 and
$100 each. Total authorized
(a) Of this total Wis proposed to issue forthwith the amount sub-16500,000
scribed pursuant to reorganization agreement, being not less
than_$425,000
(b) The remainder to be issued, in whole or in
on account of betterments and improvements, part, from time to time,
extensions or additions,
to the road and its equipment of the value of the principal amount
of bonds
to be issued, or to provide moneys for such purpose.
6% Non-Cumulative Income Debenture Bonds.
-Dated Feb.
other date, and due in 30 years from date thereof. Denom. 1 1918 or
and $100 each. Interest payable semi-annually, but only $1,000, $500
profits or net earnings when and as the board of directors out of the net
shall
before any dividends shall be set apart for the common stock. determine
Subject to
redemption on any interest date at par plus the dividends, if any,
declared
Tennessee Railway, Light & Power Co.
-Delay in Plan
to Provide for Notes Due June 1 Last.
-In a letter to the
holders of 2
-year 5% gold coupon notes, maturing June 1
1918, President C. M. Clark writes:
The management of this company greatly regrets the unavoidable
which has occurred in developing a plan for the payment or renewal delay
of
112,500,000 of 5% Gold Coupon notes which matured on June 1 1918. its
It
has been impossible to secure from the War Finance Corp. a loan
in the
form applied for by this company. Plans are being worked out which
hoped will make it possible for the company to make a proposition toit is
the
note holders which will be satisfactory to them.
It has been suggested that, rather than leave these notes in an overdue
condition, it would be better to ask the holders to accept temporarily a
renewal note of reasonably early maturity, but the management
advised by large holders of the notes that they would prefer to has been
hold
present overdue notes until a final solution of the problem can be the
determined. We desire to assure you that every possible effort is being made
in that direction.
The notes which have matured carry 5% interest, but it would not be
fair to the holders to expect them to accept that rate from the date of
maturity. The company therefore expects to pay from June 1 1918 a rate
corresponding to rates which are now being paid upon similar issues.
-V. 106. p. 2551.
Twin City Rapid Transit Co.
-To Acquire Jitneys.
-
The Minneapolis City Council has approved this company's proposal
acquire and operate jitney bus lines operating in the company's territory.to
V. 107, p. 292.
Underground Electric Rys. of London.
-Interest.
-
Application has been made by City & South London Ry. to the Board of
Trade for an order to extend the time for the exorcise of the powers for
payment of interest out of capital under tho provisions of Section 57 (1) and
58 of the City & South London By. Act, 1913, for the period of one year
from Aug. 15 1918.-V. 107, p. 403.
AUG. 3 1018.]
THE CHRONICLE
-Earnings.
United Gas & Electric Corporation.
Summary Statement of Earnings for the 12 Months ended June 30 1918.
Balance of earnings of sub. oper. cos., after deducting fixed cligs_$1,406,003
404,750
-Reserve for renewals and replacements
Deduct
392,936
Earnings applicable to stock of sub. cos. owned by public
Net income from bond investments and other sources
$608,317
208,117
$816,434
Total
$558,000
-Interest on the United Gas & Electric Corp. bonds
Deduct
Int. on the United G. & El. Corp. certificates of indebtedness 135,948
56,750
of debt discount
Amortization
$750,698
$65,736
Balance
-V. 107, p. 187.
For sub. co. earnings, see "Earnings Dept." above.
-Wage Award by War
United Traction Co. of Albany.
Labor Board.
Building Co. of Baltimore, Md.,which owns and operates three shipbuilding
and ship-repair plants in Baltimore. occupying a total area of about 48
acres and employing about 9,500 men. On June 30 1918 the surplus of the
company was $3,807,994, with reserve of $915.357.
The company has contracts to deliver during 1918 and 1919 43 vessels,
comprising ten 6,200-ton cargo ships, eight 8,800-ton cargo ships, six
6,000-ton oil tankers and twelve 10,000-ton oil tankers for the Emergency
Fleet Corp., and seven mine sweepers for the U. S. Navy. The approximate total contract price for all of these vessels was $65,000,000 (V. 102.
p. 1251.)
-Fred Vogel Jr., Pres. First Nat. Bank of Milwaukee; L. J.
Directors.
Petit, Pres. Wisconsin Nat. Bank; J. W.P. Lombard, Pres. Nat. Exchange
Bank; Oliver C. Fuller, Pres. Wisconsin Trust Co.; C. E. Albright, Northwestern Mutual Life Ins. Co.; John I. Beggs, Pres. Wisc. Trac., Lt., Ht. &
Pow. Co.; Robert Camp, Pres. First Trust Co.; Patrick Cudahy, Pres.
Cudahy Bros. Co.; Herman W. Falk, Pres. The Falk Co.. Milwaukee;
Howard Greene, Pres. Milwaukee Drug Co.; George P. Miller, Miller.
Mack & Fairchild, attorneys; Gustave Pabst, Pres. Pabst Brewing Co.;
Ludington Patton, Pres. & Treas. Patton Paint Co.; Charles F. Pfister,
-V.104. p. 75.
capitalist; Clemet C. Smith, Pres. Wisconsin Securities Co.
-V. 106, p. 2651.
See preceding pages in this Issue.
-Fare Situation.
Virginia Ry. & Power Co.
an
The Richmond, Va., Council Committee on Streets has recommended the
-cent fare on the railway lines of
ordinance providing for a straight 5
labor tickets at three for 10 cents to be good till 8 o'clock in the
city, the
morning instead of 7, and the retention of the 23i cent school tickets and
-V. 106, p. 2451.
universal transfer privileges.
Wabash Ry.-Action on Preferred "A" Div. Deferred.
W. H. Williams, Chairman, announces that the dividend on the "A"
-V. 107, p. 182.
preferred stock of the company has been deferred.
West End Street Ry.-Offering of Six-Year Bonds.
R. L. Day & Co., Estabrook & Co. and Merrill, Oldham &
Co. are offering, at 102.45 and int., yielding about 6M%,
-year 7% bonds, dated Aug. 1 1918, due Aug. 1
$1,581,000 6
1924. A circular shows:
with the
Worcester Consolidated Street Ry.-6-Cent Fare.
Effective Aug. 1, this company will charge 6c. in Worcester. The com-cent rate since July 1.pany's suburban lines have been charging the 6
V. 107, p. 403.
INDUSTRIAL AND MISCELLANEOUS.
-"Black Tom" Litigation.
Aetna Explosives Co.
Judge A. N. Hand in the U. S. District Court at N. Y. has authorized
Receivers Holt and Odell to bring suit against the Lehigh Valley BR.
Co. and National Storage Co. for $139,264, the value of some smokeless
powders in storage in the Black Tom disaster of July 30 1916. The railroad company operated the terminal warehouses and the docks in Jersey
City, which were owned by the storage company, and under the New
Jersey statute of limitations the time for bringing suit will expire to-day.
-V. 107, p. 183. 83.
"Passed by the Capital Issues Committee as not incompatible
or se,
national interest, but without approval of legality, validity, worth
curity. Opinion No. A1029.'
amount of the
[The bankers announce that in exchange for a likeinterest for the comcompany's six-year 7% bonds, they will pay 100ji and
pany's 5% bonds, due Aug. 1 1918.1
Interest on the new bonds F. & A. at Old Colony Trust Co., Boston.
Denom. $1,000 c*&r.
Capitalization.
$20,429,850
Pref. stock (8% div.)_-_ $6,400,000 I Total stock
20,428,000
Corn. stock (7% div.)_ _ - 14,029,850 I Funded debt
a like amount of
-These bonds are issued to refund
Purpose of Issue.
the company.
bonds,due Aug. 11918,and do not increase the funded debt of
-Owning 428 miles of surface lines and holding the lease
The Company.
Elevated By. (see
of the Tremont St. subway is leased to the Boston charges, dividendsabove)
of 7%
1922, under a guarantee of all fixed
until June 10
stock and of 8% per annum on its pref. stock.
per annum on its common
West End
,
of
The Legislature has authorized the consolidation of the lease, andcompany
the conthe
and the Boston Elevated By. at the expiration
companies.
solidation has been approved by the stockholders of bothBoston
Elevated
Pursuant to a recent Act of the Mass. Legislature, the
By. is under public management and operation for not less than 10 years,
thus, during the entire period, payments of rentals, interest on all bonds,
and dividends at the specified rates on all classes of stock, are protected by
-V. 106, p. 2451.
the credit of the State of Massachusetts.
West Shore Ry.-Wage Award by War Labor Board.
-Claims Against D. & R. G., &c.
Western Pacific RR.
-V.94. p. 913.
See preceding pages In this issue.
Charles M. Levey, President, has been authorized by the stockholders
and directors of the company to take full charge of its $38,000,000 claim
against the Denver & Rio Grande, and will also look after the non-operat-V.107,p.403.
ing interests, including the Standard Realty & Improvt. Co.
White Pass & Yukon•Ry.-Plan of Reorganization.
Meetings of the holders of the First Mtge. debenture stock, 6% debenhave been held
tures, income debenture stock and ordinary shares were tocapital
whereby
Aug. 2 to consider a scheme for the reorganization of the
it is intended to raise £95,000 to be applied as follows: £52,000 to provide
working capital, £15,000 to pay off loan from bankers, about £23,000 to
pay off a loan of $110,000 owing by a subsidiary company, and £5,000 to
-v. 105, P. 291.
pay commissions and expenses.
-Offering of Five-Year Notes.
Wisconsin Securities Co.
The First National Bank of Milwaukee, Wisconsin Trust Co.
and the Second Ward Savings Bank, Milwaukee, are offering at 95.85 and int., yielding 7%, $500,000 5-year 6%
secured notes, dated July 11918, due July 1 1923.
Denom. $100, $500 and $1,000 c. Int. J. & J. Callable on any int.
date on 40 days' notice at 104 and int. up to and 'incl. July 1 1919; 103
and int. to July 1 1920; 102 and int. to July_ 1 1921; 101 and hit. to July 1
1922; and 100 and int. after July 1 1922. The company agrees to pay the
normal Federal income tax. Trustee, Wisconsin Trust Co.
"Passed by the Capital Issues Committee as not incompatible with the
national interest, but without approval of legality, validity, worth or security." Opinion No. A808.
Digest of Letter of Pres. Clement C. Smith, Dated Milw., July 20 1918.
-The company is a financial, holding and operating corOrganization.
oration organized in Wisconsin. It owns the following stocks:
Location.
Amount Owned,
Operations.
Security.
Companyf Elec. light, power, Green Bay,&o.
Wise. P. S. Co-Prei. stock $600,000 (all)
Coro. stock $740,000 (74%) 1Gas,st. ry., &c. Manitowoc
Gas
Sheboygan
Sheboy.G.L.Co..Cap. stock $150,000 (all)
.
E ec.
(all)
l light & pow. Chilton
Calumet Serv.Co.Cap. stock
Manit.-2 Riv.
Electric railway
Man.&No.Tr.Co.Cap. stock $100,000 (all)
Wise.,Ry.,LAP..Cap. stock Substantial interest
f Owns Balt.D.DAJBaltimore
Marine Sec. Co....Com. stock 3550,000 (abt.
Pref. stock $500,000 (abt. 54)18hip. Bldg. Co. Maryland
The company also owns securities of various corporations amounting to
nearly $1,000,000, and real estate, buildings and water-power rights costing
over $479,000.
Capitalization (Upon Completion of Financing)- Authorized Outstand'o
$500,066
$500,000
Five-year 6% secured notes
i
2,000,000 *1,690,000
Cap tal stock----------(Including $390,000 additional stock now offered to stockholders to be
with a present market value in excess of $2,500,000.
paid in Oct. 11918),
-To partially reimburse the company for money inPurpose of Issue.
vested by it in the stock of the Marine Securities Co. and for advances
made to subsidiaries for the erection of electrical generating stations at
Winona, Minn., and Manitowoc, Wis., the extension of the Wisconsin
Public Service Co. lines to Manitowoc and Two Rivers and the extensions
and improvements to Wisconsin Public Service Co. and Wisconsin Ry.,
Light
Light & Power Co.;the Sheboygan GasCo. Co., the Calumet Service Co.
and Manitowoc & Northern Traction
Security.
-The company has deposited with the trustee the following;
• Wisc. P. S. Co. 1st & ref. 5s_$100,000'Sheboygan Gas Lt. Co. notes.$60,000
U. S. 2d Liberty Loan 4s_ _ _ 60,000'Marine Sec. Co.7% pref. stk.450,000
The preferred stockholders, after the 7%,receive the same distribution of
dividends as the common stockholders in the Marine Securities Co.
The above collateral is valued in excess of $1,000,000. In case the company in any fiscal year pays in excess of 10% dividends on the common
stock, an amount equal to that which is paid in excess of the 10% shall be
set aside for the retirement of these notes.
Property and Territory Served.-Tho utilities controlled occupy some of the
beat territory in Wisc. and Minn. The business of all those utilities has
grown very rapidly since their acquisition by the Securities Co. Two of the
companies own valuable hydro-electric generating stations. '
The Marine Securities Co., a Delaware corporation, has outstanding
o
$1,000,000 of pref. and $1,100,000 of corn. stock. It owns over 987 of
the pref. and com. shares outstanding of the Baltimore Dry Docks & Ship
503
Alameda Sugar Co. (of Cal.).-Dividends Discontinued.
This beet sugar company has discontinued the payment of its monthly
dividend of 20c. per share on the $1,500,000 outstanding stock, par $25.
The amount named has been regularly paid since Dec. 25 1917, when the
company resumed dividends after an intermission of over four years;
up to June 25 seven payments aggregating $84,000 were paid out of 1917
-V. 105, p. 2457.
earnings.
-Hayden, Stone & Co. in
-Status.
American Can Co.
their weekly market letter of July 26 say in substance:
Although American Can is enjoying in 1918 the greatest prosperity in its
history, the $41,233,300 common will have to be patient a bit longer before
sharing in the steadily expanding earning power. This.in itself is not a
particularly serious matter. It may delay but cannot prevent ultimate
valuation of Can common based on a strong financial position and ability
to continue common dividends once they are initiated.
American Can is doing so much business that it has been obliged to bor,
row a relatively large amount of money. It will be recalled that in January
the company borrowed $12,000000 in the form of 7 to 10 months 7% discount notes. All these notes will have matured by November of this year.
In addition American Can is borrowing about $13,000,000 in the form of
straight bank loans, making its total debt about $25,000,000.
-is con-cans and containers
So far as distribution of its chief product
cerned, American Can possesses a seasonal business. During the period
Juno to September, inclusive, the company rapidly converts into cash its
big stocks of manufactured goods carried in warehouse.
,
It is confidently believed that by November the company can comfortably reduce its debt to a total of between $12,000,000 and $15,000,000.
A good deal of misapprehension exists regarding the extent of American
Can's war work. Its orders for shells and kindred war materials total about
$40,000,000, which is practically the same as was finished last year. This
shell production is something American Can knows how to handle and it will
be reasonably profitable. On its war work last year American Can made a.
,
final net profit of $3,500,000, which was about 40% of the original expectancy.
So far in 1918 American Can has been setting up about $500,000 per
month for income and excess profits taxes, a figure which does not vary
materially from the 1917 allowance. It will undoubtedly have to be increased when the final terms of the new law have been decided on.
On the basis of the present set-up for war taxes American Can is earning
at the rate of $28 per share on its common, compared with 21.8% in 1917
and 12.3% in 1916. Even a 50% increase in the war tax would leave 20%
for the common this year and would give a total in three years of$22,500,000, all of which has gone back either into property or working capital. In
the three years to Dec. 31 last American Can increased its working capital
from $15,744,780 to $30,154,349, a gain of $14,409,569, or 91.5%. That
even this creditable increase has been insufficient for its rapidly expanding
gross is the evidence to be adduced from the present floating debt.
There is much justice in the argument that Can common is a peace
stock. Restoration of more normal prices for raw materials and labor
would cut down its inventory and hasten extinction of floating debt. This
appears like the natural sequence of peace. In fact, it may well be the
case that common dividends will have to await the end of the war.
V. 107, p. 292, 84.
-Government Order.
American Car & Foundry Co.
Government orders for 10,000 cars are distributed as follows:
No.Cars.
CompanyNo.Cars.
Company1,900
American Car & Foundry Co 2,400 Standard Steel Car Co
1,500
1,800 Pressed Steel Car
Haskell & Barker
1,500 Standard Car Construction..___ *400
Pullman Co
250
250 St. Louis Car Co
Liberty Car Co
-V. 106, p. 2759.
* Tank cars; all others box cars and gondolas.
American Cellulose & Chemical Mfg. Co., Ltd.
This company,financed by Vickers Company and Nobel Company, London,is negotiating a proposal to build at Cumberland, Md.,a $10,000.000
plant for the manufacture of cellulose for war purposes, the product being
taken under contract by the Government until we win the war. It is
stated that the enterprise will manufacture cellulose, acids, drugs, dyes,
&c., after peace is declared.
American Cotton Oil Co.-Obituary.-
Bradish Johnson, a director of this company, passed away on July 31.V. 106, p. 1228.
-Announcement
-Change in Control.
American Felt Co.
is made that Kidder, Peabody & Co. and F. S. Moseley &
Co. have purchased for themselves and their associates,
controlling interest in this company. This purchase carries
with it ownership of the Roxbury Carpet Co. and the Boston
Belting Corp. (V. 106, p. 711).-V. 95, p. 50.
-Uruguayan Enterprise.
American International Corp.
In the company's "Bulletin" of recent issue, many interesting details of
its activities in the South American republic of Uruguay are set forth. The
corporation.has under contract the construction of water works and sewerage systems for the cities of Mercedes, Paysandu and Salto.
-V. 106, p. 1579.
See American International Shipbuilding Corp. below.
Subsidiary Company Report.
-V.107, p.84.
See New York Shipbuilding Co. under "Reports" above.
-Launching.
American Internat. Shipbuilding Corp.
Invitations are being sent out by this company for the launching of the
first of its 180 steel cargo ships constructed at its Hog Island yard. The
present program calls for the launching of 50 ships in the next five months
-V. 107, p. 84.
and a total of 180 by August of next year.
-Application to List.
American Malting Co.
This company has applied to the New York Stock Exchange for permission to list Guaranty Trust Co. of New York certificates of deposit for
first preferred stock up to $6,936,800.-V. 107, p. 84.
504
THE CHRONICLE
American Light & Traction Co., N. Y.
-Earnings,
-Pros.Alanson P.Lathrop,N.Y.,Aug.1; wrote in subst:&c.
The gross business of the subsidiar ycompanies for the
of this year has shown a very healthy increase, as follows:first six months
Gas sales
$692,750
10.37
Electric sales
135,761
10.65 0
Traction receipts
338,411
57.07%
While expenses are still extraordinarily high-the increased
oil, labor and taxes for the first six months of this year cost of coal,
amounting to
$927,648
-the net earnings for the same period
Increased rates have recently been put into decre asedonly $112,358.
panies and other increases are contemplated. effect in some of our comThe directors on July 2 1918 declared the regular quarterly cash
dividend
of 1%% to holders of pref. stock, a qUarterly cash dividend
of 2%
holders of common stock, and a stock dividend to holders of common % to
stock
at the rate of 23 shares of common stock upon every 100
stock outstanding, all payable Aug. 1 1918 to stockholdersshares of common
of record July 11
Earnings and Dividend Statement for 12 Months ended June 30.
1917-18.
1916-17.
1915-16.
1914-15.
Earns, on stocks owned
in sub. cos
$4,302,056 $4,795,366 $5,075,908 $3,980,301
Miscellaneous earnings_
924,649
708,365
576,406
754,962
Gross income
$5,226,705 $5,503,731 $5,652,314 $4,735,264
Expenses
315,682
332,210
187,345
157,600
Net earns. for 12 mos. $4,911,023 $5,171,521 $5,464,969
$4,577,664
Surplus and reserve June
30, beginning year___ 11,907,183 11,374,789 10,194,492
9,577,664
Total surp. earnings_ _$16,818,206
Cash divs. on pref. stock $854,172 $16,546,310 $15,659,461 $14,155,328
$854,172
$854,172
$854,172
Cash divs. on corn,stock 2,085,922
1,892,477
1,715,250
1,553,332
Stock divs. on corn. stock 2,085,923
1,892,478
1,715,250
1,553,332
Total dividends
$5,026,017 $4,639,127 $4,284,672 $3,960,837
Surplus bal. June 30_411,792,189 $11,907,183 $11,374,78
9 $10,194,491
The balance sheet of June 30 1918 shows outstanding preferred
stock,
$14,236,200; common stock, $21,618,700.-V. 106,
P. 2759.
[VOL. 107.
Atlantic City Gas Co.
-Receiver Discharge
d.
Judge Davis in the United States District Court
July 27 discharged Receiver Harry F. Carr, who wasat Trenton, N. J., on
appointed on July 16.
The company's contention that it was not insolvent was upheld
by the
Court. Compare V. 107, p. 404, 292.
Baldwin Locomotive Works.
-Government
Order.
Vice-President S. M. Vauclain is quoted in a public
"Locomotives are going to win the war. We must haveaddress as saying:
2,000locomotives
for every million men that we put in France. We have
about 1,000 locomotives in use now. Very soon we must have 4,000. Work
is being
pushed on the order given Baldwin's last week for 510 additional rapidly
locomotives for General Pershing's army."
-V. 106, p. 2759.
Baltimore Dry Dock & Ship Building
See Wisconsin Securities Co. under "Railroads" above. Corp.
-V.102, p. 1251.
Beckers Liquidation Trust.
-Liquida
tion. Completed.
The trustees in circular dated July 18 1918,
in
The trustees have completed the liquidationsaythesubstance:
of
assets received under
deed of trust of Aug. 211917. As appears from the certificate
of the public
accountants, there remains on hand the sum of $816,300, representin
ga
distributive amount'of$27 21 for each share of beneficial interest in
In lieu of retaining in their possession any of the funds now the trust.
on hand
a protection against any possible unknown or unliquidate liabilities, as
d
the
trustees will distribute all of the funds now on hand, provided,
that the distributees agree to repay so much of the moneys now however,
distributed
as the trustees may hereafter require by reason
the Deckers Company, or the trustees. We of liabilities or claims against
do not
such liabilities will arise, but as a matter of protectionanticipate that any
desire
tributees shall sign the accompanying agreement and return that the disthe undersigned, care of the Equitable Trust Co., 37 Wall St.,the same to
,
The trustees are desirous of making distribution before the N. Y. City.
current month. (Signed Wm. Beckers and Chas. Thurnauor end of the
, trustees.] •
Alexander Adorer & Co., certified public accountants, N. Y., as of
report:"We find that there is now on hand available for distributio July 17
holders of certificates of beneficial interest of Beckers Liquidatio n to the
n Trust,
the sum of $816,300, in cash, making a distributive amount
each share of beneficial interest in the trust. The preferred of $27 21 for
and common
stock of National Aniline & Chemical Co.. Inc., received under
the provisions of the contract dated April 5 1917
American Power & Light Co.
-Earns. of Sub.
National Aniline & Chemical Co., Inc., (pursuant to which contract the
See Kansas Gas & Electric Co., Pacific Power & Light Co.Cos.
and Portland distributed by successive distributions was organized) have been entirely
Gas & Coke Co. below.
made to the stockholders of W.
-V. 106, p. 1897, 1798.
Deckers Aniline & Chemical Works, Inc., and to holders of shares
of beneficial interest in the Beckers Liquidation Trust.
American Steel Foundries.
All of
-Earnings.
liabilities of W. Deckers Aniline & Chemical Works, Inc., the known
6 Mos. end. June 30and
1918.
1917.
Trustees of the Deckers Liquidation Trust have been discharged.of the
1916.
1915.
Net earnings
Pro$4,187,455 $3,948,197 $1,374,226
$43,967 vision should be made for taking care of unknown and contingent liabilities,
Other Income
95,758
146,680
55,241
30,155 if any, such as possible increased taxes on final revision of assessments
heretofore made, and other possible liabilities not now known."
Total income
-V. 105,
$4,283,213 $4,094,877 $1,429,467
$74,122 P. 999. 1804.
Int., sink. fund, &c_..
86,5611
410,097
406,652
431,126
Depreciation
184,7281
Bethlehem Steel Co.
-Wage Increase.
Federal tax reserve
1,043,000 see note.
Announcement is made of an increase in wages for general labor at
this
company's plant, effective Aug. 1,
1
Balance
$2,068,924 sr.$3.684,780 sr.$1,022,815 df.$357,003 eight increases have been granted, amounting to 109 . Since Aug. 1 1915
totaling 100%.-Y. 107, P. 405, 293.
Dividends, 6 months -(33'5)601,440 (3)515,520
Note.
-The statement for the half year
Bon Air Coal & Iron Corp.
1917
-Officers.
an allowance had been made therein for ended June 30 then reported that
Federal taxes
John McE. Bowman of Now York has been elected Chairman of
in effect and
that additional provision would be made in subsequent statements
the
for atty executive committee of this company. Col. Jacob Ruppert, President and
increased taxes levied according to the new revenue bill then in preparation
; owner of the Ruppert Breweries, New York. and Edwin C. Goshorn,
but no figure was given to show the amount of the allowance
made to General Manager of the National Lead Co., Cincinnati, were added to the
date for that year.
-V. 106, P. 1902, 1033.
directorate.
-V. 106, p. 2012.
American Stores Co.
-Sales for Six Months.
-
For 6 Months ending June 30Sales
-V. 107, p. 183.
1918.
1917.
Increase.
$30,475,811 $27,247,000 $3,228,811
American Sugar Refining: Co.
-Sugar Restrictions.
See preceding pages in this
Issue.
-V.107, p. 404, 292.
American Telephone & Telegraph Co.
-Government
Assumes Control of Wire Lines-Statements.
-The United
States Government at midnight July 31 assumed control of
the wire systems throughout the country. See preceding
pages for full data, &c.
Thomas W. Lamont, of J. P. Morgan & Co., as his personal
expression
on the subject has issued the following:
"The Government's taking over of the telephone and telegraph lines
for
war purposes is a step which ought to prove very satisfactory to holders
of
securities in the companies in question. Postmaster-General Burleson
makes it clear in his announcement that the greatest care will be
taken to
conserve the properties and their permanent earning power. So that
for
the long future it would appear that investors in these great
little to fear for the stability and earning capacity of the companies have
corporation.
'As for the immediate future, the law under which the Administration
has taken action states that 'just compensation' will be paid by the Government for the use of the properties
-a rental which ought to be readily sufficient to meet all fixed and present charges, including dividends.
Furthermore, the physical and financial condition of these telephones and
telegraph properties is now so sound that we regard present holders
securities as well warranted in being entirely content with their of their
investments as they stand to-day.
Pres. Theodore N. Vail is quoted as follows: "I
Government intends to do the utmost to maintain am satisfied that the
the
the property for the owner and to pay just compensationservice, conserve
in a full sense."
-V. 107, p. 404, 292, 287, 84.
Boston Belting Corp.
-Control.
-
See American Felt Co. above.
-V. 106, p. 711.
Boston Cape Cod & New York Canal Co.
-Government Operation.
This company's property, which has been taken over by the U. S.
Govt.,
will, it is understood, 'be maintained to
movement of deeper draft vessels. Thea depth of 25 feet, thus permitting
present depth of the canal is 19 ft.
Compare V. 107, p. 405.
Breitung Iron Co.
-Change of Name.
-
Announcement is made of chang_e of this company's name from "Breitung
Iron Co.' to that of "Marquette Iron Co."
-V. 105, p. 1422.
Brooklyn Borough Gas Co.
-Gas Rate Increased
.
Chas. E. Hughes as referee has handed down an
that the statutory gas rate of 80c. per 1,000 cu. ft. isopinion to the effect
unconstitutional and
void, and so far as it affects this company's gas it is confiscatory. The
company by this decision, which denies jurisdiction of the P. S. Commissio
over its rates for gas, now has the power to increase the rate from 95c. n
to
$1 25 per 1,000 cu. ft.
The P. S. Commission, yesterday, held a hearing on the proposed increase
in rates.
If the company seeks to use the decision of referee Hughes
its rates, the P. S. Commission, it is stated, will Institute to increase
injunction
proceedings.
-V. 106, P. 1580.
Burns Bros. Ice Corp.
-Change of Name.
-
The shareholders on July 29 voted to change the company's name to
the
National Ice & Coal Co., Inc.
-Compare V. 107, p. 183.
Butler Bros. (Chicago).
-Vice-President.
-
John R. Schofield, formerly Treasurer, has been elected a Vice-President
of this company.
-V. 107, p. 84.
Cambridge (Mass.) Gas Light Co.
-Rate Increased
American Writing Paper Co.
-Prices Advanced.
-
This company has recently increased its rate for gas from 00c. to $1 .
15 per1,000 cu.ft. Hearings on the increase will begin Sept. 9.-V.97, p. 1901.
American Zinc, Lead & Smelting Co.
-Earnings.
&c.
3Mos.to June 30- 1918.
1917. 6Mos.toJune30. 1918.
1917.
Net earnings
$674,898 $527,525 Net profits_ _ _$1,187,537 $879,901
Borrowed money
Prof. div. (3
156,5171
interest
18,914
12,617 Corn. div. (4
113,5741 405,625,
Income tax_ _ _ Not shown
Net profits......._$655,984 $514,908
Balance, surplus for half year
$017,446 $474,276,
The unfilled orders for pig iron for delivery during this year aggregated
on June 30 67,343 tons; average selling price at the furnaces, $36
63. The
total profit and loss surplus June 30 1918 before providing for war taxes
was $2,378,295, against $1,487,627 June 30 1917. Compare V.
105, P.
1422, 1900; V. 106, p. 712.-V. 106, p. 2012, 1680.
This company has advanced prices of loft-dried papers 1 Uc. per pound
from June prices.
-V. 106, p. 1902.
The net profits for tho quarter ended June 30
as $227,405,
compared with $378,525 for the preceding threeare reported total for the
months, a
six months of $605,930. Deducting $360,000 for depreciation leaves a
balance of $245,930, or only $44,000 less than the pref. dividend requirements for the half year. There are 96.560 shares of preferred stock outstanding, par $25, entitled to $6 each, or 24%, per annum.
-V.106, p. 2453.
Amesbury & Salisbury Gas Co.
-Receiver.
-
John Cashman, Inc., of Haverhill, Mass., has applied for the appointment of a receiver for this company.
-V. 83, p. 437.
Anacona Copper Mining Co.
-Output (in Pounds).
Month of July1918.
1917.
1916.
1915.
Output, pounds
25,400,000 12,400,000 28,200,000 22,100,000
7 Months to July 31
Output, pounds
183,184,000 175,050,000 192,700,000 134,300,000
-V. 107, p. 84.
Armour & Co.
-New New York Plant.
-
Plans are being prepared, it is reported, for the erection of a 10
.refrigerating plant at New York, to cost about $1,000,000.-V.107, -story
p. 183.
Asbestos Corp. of Canada, Ltd.
-Dividend Increased.
-
The directors, by declaring a quarterly dividend of 13i , have increased
the annual rate from 4% to 5%. This dividend is paid on the $4,000,000
6% non-cumulative pref. stock. This stock is entitled to participate with
the $3,000,000 common shares in any additional dividends after 5% on cora- mon.-V. 106, P. 931.
Associated Oil Co. of Cal.
-Earns. 6 Mos. to June 30.1918.1917.
1918.
.
1917.
Net earnings_$5,692,235 $2,959,761 Deprec'n, &c.,
Int. on bonds_
275,014
301,802
reserve ____$1,375,704 $1,334,345
Income&excess
Divs.Paid(23i %)993,915
993,917
refits taxes 639,448
Other taxes__
105,958
121,172
Bal.. surp_ _$2,302,196 $208,524
During the 6 months ending June 30 1918 there was
for drilling and other improvement of the property. expended $1,808,828
The current assets
on June 30 1918 exceeded current liabilities by $6,604,565.-V.106,p.
2453.
Charcoal Iron Co. of America., Detroit.
-Earns.,
Chesapeake & Delaware Canal.
-Administrator.
-
The Inland Waterways Committee has made a report to the Railroad
Administration favoring the appointment of an administra
Chesapeake & Delaware Canal. The plan suggested does nottor for the.
the actual taking over of the property by the Government, but necessitate
trator would be given power to put on new boats or barges the adminisoperation of the canal with a view to giving relief to railroad and to control
congestion.
V. 107, p. 406.
Chesapeake Steamship Co-Govt. Control.
-Consolidation
The U. S. Railroad Administration has taken over this company and the,
Baltimore Steam Packet Co.(Old Bay Line) and has consolidated them into,
one operating company. President Key Compton of the Chesapeake Co.
has been made Federal Manager for the combination.
-V.95, p. 752. ii;j
Chevrolet Motor Co.
-Sale to General Motors.
-
See General Motors Corp. below.
-V. 106, p. 1903.
Cities Service Co. N. Y.
-Earnings.
-The bond department of Henry L. Doherty & Co., New York, in circular of
July 25, reports in substance:
Reports from oil subsidiaries continue to show increased development of
producing properties. For the six months ended June 30 1918 theserproduced more than 9,000,000 barrels of crude oil, or a daily average for the
six months in excess of 50.000 barrels. As the production of oil by Cities-
AUG. 3 1918.]
THE CHRONICLE
it
approximate
Seri ice Co. subsidiaries in 1917 was current year ly 12,000,000 barrels,
more
there
will be seen that in the first half of the year of 1917. was produced
than 75% as much oil as in the entire
that on the Enyart lease
An important development in Juno 1918 wasThis lease and the Paulson
-Dorado district.
in the Towanda pool of the El
to be most valuabh3,
lease, also in the Towanda pool, are said by oil men25,000 acres of proved
though comprising but a little over 1,000 acres out ofin the Butler County,
Service Co. subsidiaries
oil leases owned by Cities
Kansas, field.
. There have
Continued progress is reported from the utility subsidiariesutility properalready been secured a number of rate increases at various Brush Electric
ties, latest among these being good advances in ratestfor
at
Co. at Galveston, Tex., and Cumberland & Westernpor Electric Ry.Co.
Frostburg, Md. A number of rate advances are pending before various
bodies and the outlook is that within a comparatively short time these
local
adwill have been approved also. Rates for power are being generally the
and
vanced in order to conform them to increased cost of operation,
is that the utility subsidiaries should report substantially
outlook now
better net earnings in the current year than they did in 1917.
$1,808,929, an
Gross income of Cities Service Co. for June 1918 was
of taxes,
Increase of $420,368 over June 1917. Net income, after payment$406,244
of
Interest and expenses, for the month was $1,764,786, a gainthere was a
1917. After providing for preferred dividends
over June
the
balance for the month, available for reserves, surplus and dividends on the
common stock of $1,428,144, which was larger by $370,659 than
for June 1917.
balance
Income of Cities Service Co. for Six Months ended June 30.
1916.
1917.
1918.
Six Months ended June 30$11,476,250 $9,820,797 $4,065,156
Gross income
359,432
175,384
227,738
Expenses and interest
$11,248,512 $9,645,413 $3,705,724
Net income
1,016,473
1,773,243
2,012,447
Dividends on preferred stock
Balance applicable to surplus, reserves
$9,236,065 $7,872,170 $2,689,251
and dividends on common stock
Co.
For the 12 months ended June 30 1918, gross income of Cities Service
, an increase of $5,041,962 over the preceding 12 months.
was $20,907,946
expenses, was $20,495,500,
Net income, after payment of interest, taxes and
The balance,
a gain of $4,943,817 over the 12 months ended June 30 1917. dividends, for
stock
available for reserves, surplus and payment of common$4,158,382 than the
the 12 months was $16,543,602, which was larger by
balance for the 12 months ended June 30 1917. hands of the public $67,On July 1 1918 there were outstanding in the stock.
-V. 107, P. 294.
328,667 preferred stock and $26,847,015 common
505
-Earnings.
Federal Mining & Smelting Co.
The monthly net earnings are reported as follows:
May.
April
March.
February.
January.
$134,874
$32,397
$64,840
*$33,293
*$59,035
-V. 107, p. 289.
* Loss.
June.
$90,179
-Purchase of Coal Properties.
(H. C.) Frick Coke Co.
-V. 106, p. 2347.
See J. V. Thompson Coal Properties below.
-Strike Over.
General Electric Co.
About 90% of the 10,000 striking employees returned to work on Aug. 2
following a decision to resume work while waiting adjustment of their wage
-V. 107, p. 295, 184.
demands by the Federal War Labor Board.
-Stock Issue Approved.General Motors Corp.
The Capital Issues Committee has taken favorable action on the application of this company to issue $28,000,000 additional new stock to acquire
-V. 107, p. 406.
the Chevrolet property.
-OfferGraton & Knight Mfg. Co. (Leather Belting).
-The National City Co. is offering at prices
ing of 7% Notes.
ranging from 993' to 98 and int., to yield from over 734 to
over 73 %, according to maturity, $3,000,000 7% serial
4
gold notes, to be dated Aug. 1 1918, due in three annual
installments as follows: Series A, $1,000,000, Aug. 1 1919;
series B, $1,000,000, Aug. 1 1920 and series C (convertible),
$1,000,000, Aug. 1 1921.
"Passed by the Capital Issues Committee as not incompatible with the
national interest, but without approval of legality, validity, worth or
security. Opinion No. A1062."
Denom. $1,000 c. Int. F. & A. at the National City Bank of N. Y.,
without deduction for any taxes which the company may be required or
taxes.
authorized to pay, except inheritance or any Federal income the option of
Notes of Series B and C (but not of Series A) redeemable at
the company, subject to the provision for conversion of Series C notes, on
any interest date upon 60 days' notice as a whole or in lots of not less than
$500,000 at 101)5 for notes with two years or more to run, 101 for notes
with one year or more but less than two years to run, and 100)5 for notes
with less than one year to run.
-at the option of the respective holders, at
Series C notes, convertible,
any time prior to maturity or redemption, upon four weeks' notice, at their
face value, into an equivalent par value of 7% cumulative second preferred
-Earnings.
stock. A cash adjustment of current dividends and accrued interest will
Colorado Fuel & Iron Co.
be made, when necessary. Trustee, the Farmers' Loan & Trust Co., N. Y.
-Year ending June 30.
Results for Quarter and Half
-3 Mos. end. June 30- -6 Mos. end. June 30- Extracts from Letter of President W. G. Spaulding, Dated Worces1917.
1918.
1917.
1918.
ter, Mass., July 25 1918.
$12,812,003 $11,978,996 $24,743,233 $22,811,207
Gross receipts
on (Upon Completion of Financing)- Authorized. Outeg.
9,425,916 20,057,111 17,897,004 7 Capitalizati notes (this issue)
10,474,161
$3,000,000 $3,000,000
expenses
Operating
Serial gold
500,000
500.000
cumulative preferred stock
$2,337,842 $2,553,080 $4,686,122 $4,914,203 6g$ cum. 2d pref. (a. & d.) stock (red. 105 & divs.)_ 2,000,000 *100,000
Net earnings
o
477,419
260,113
328,286
128,124
2,500,000 2,000,000
Other income
Common stock
* Issued since June 15 in acquisition of now property.
$2,465,966 $2,881,366 $4,946,235 $5,391,622
Gross income
-Established in 1851 and incorporated as the Graton &
The Company.
1,551,322
1,522,015
803,182
765,795
Bond int.,taxes,s.f.,&c.
996,556 Knight Mfg. Co. on Jan. 1 1872 in Mass. The company tans hides, and
982,752
499,099
491,017
and
Dept. & depletion funds
80,000 manufactures leather belting, automobile leathers, straps, solemanyupper
80,000
40,000
40,000
other
Pref. dividends (2%)-..leather and other leather supplies for shoe manufactureres, and
(1).)513,438
(I%)256,719
Common divs.
in addition to'which is is now making equipment for the
leather products,
belting in the world.
$912,435 $1,539,085 $1,848,030 $2,763,744 U. S. Govt. Largest manufacturer of leather in addition to which there
Balance, surplus
-Principal plant at Worcester, Mass.;
Plants.
-V. 106, p. 1798.
plants at St. Louis, Mo., Brooklyn, N. Y., Cleveland, 0.,
- are subsidiary Lewiston, Me.,San Francisco, Cal., and Montreal, Canada.
-Dividend Increased.
Detroit, Mich.,
anicut Cotton Mills Corp.
Con
of 2%, payable Aug. 1, Also has 16 distributing stores throughout U. S. and one at Leicester, Eng.
The directors have declared a quarterly dividend
in May.
Orders on hand, directly, for various departments of the U. S. Govt.
to holders of record July 23. This compares with 1)5% paid
constitute about 75% of our total orders on hand.
-To fund bank loans incurred to provide increased
nal Common Stock.
-Additio
Purpose of Issue.
Contra Costa Gas Co.
to issue working
necessary to take care of Government orders and our
The California RR. Commission has authorized this company proceeds enlarged capital of business.
volume
capital stock at not less than 85, the
and sell $50,000 common
of capital expenditures
-The general credit obligations of the company, and will conSecurity.
It will
to be used to pay for indebtedness incurred because
stitute its only obligations outstanding in the hands of the public.
-V. 106, p. 2760.
prior to Dec. 31 last.
not mortgage or pledge any of its fixed assets and will not consolidate or
unless
s.
Co.
corporation, other than a constituent company, pledge
-Earning
merge with any
Corn Products Refining
1916.
prior thereto it secures these notes by a closed first mortgage and
1918.
1917.
3 Mos. to June 30$1,238,394 on and of all its properties, real and personal. will maintain an excess of
$2.845.670
$4,169,654
Net profits
The company and its constituent companies (a)
(14 %)521,971 (1% %)521,971 (13i%)372,836
Pref. dividend paid
current assets over all current liabilities equal to at least 200% of the face
assets
$865,558 value of these notes then outstanding, and will maintain current unless
$3,647,683
$2,323,699
Balance, surplus
equal to 175% of all liabilities; (b) will not dispose of fixed property,
6 Mos. to June 30
$2,24,028 it applies the proceeds to the acquisition of fixed property of equal value,
347,141,663
46,169,699
cash dividends
Not profits
(355)1,043,941 (335)1,043,941 (2)5)745,672 or to the redemption of notes; (c) will not declare common keep property
Pref. dividend paid
except out of earnings subsequent to Dec. 31 1917; (d) will
$1,548,356 in repair and insured.
$6,097,722
$5,125,758
Balance, surplus
dec.
Volume of Business and Gross Income Available for Interest, Taxes,
mos. end.
1917.
1916.
x The company reports the net earnings from operations for 6 repairs of
1915.
1914.
1913.
YearsJune 30 1918, "after deducting charges for maintenance and$7,129,001, Sales
$4.005,667 $8,457,394 $10,376,780 $12,327,737
$4.508,685
$903,711
plants and estimated amount of excess-profits tax, &c.," as
$493,179 $1,185,052 $1,604,257
$471,725
Gross inc
and adds interest and income from securities owned $180,337, and deducts
annual rate in
Net sales and gross income for the current year are at an 1918 at about
reserve for depreciation, $1,025,338 and interest on bonds, $114,300, leavin
period. We estimate gross sales
ing balance $6,169,699 as here shown. These results are subject to change excess of any previous at $15,000,000 and gross income of over $2,000,000.
incident to excess profits and income tax rulings and to adjustments
-The company has paid dividends regularly on its 6% cumuDividends.
the end of the year when accounts are finally audited.
since 1900 of 67 or more per
stock, and cash
y From the "current profits Jan. 1 1917 to June 30 1917, $9,344,076," ative first pref. common stock. dividends
Stock dividends (or cash dividends to be
ry annum upon the
the company deducted "bond interest, depreciation on plants, extraordina
been paid upon the common stock since
repairs, taxes, insurance, &c. (esitmated), $2,202,413," leaving balance applied to stock purchase) have in 1911, 50%; in 1917, 33 1-3%.
1900, as follows: in 1907, 25%;
available for dividends $7,141,663.-V. 106, P. 2454.
-Directors Elected.Crude Oil Co.
. W. Splane, John M. Reed, John S. Rich, G.R.Moran and Frederick
Fair have been elected directors.
-Dividend.-Dominion Foundries & Steel Co., Ltd.
-Earnings.
Houston Lighting & Power Co.
See "Earnings Dept." on a preceding page of this issue.-V.103,p.1891.
-Offering of First Mtge.
Hydraulic Pressed Steel Co.
-A. B. Leach & Co., Inc.,
ec Collateral Trust 7% Notes.
N. Y., and the Guardian Savings & Trust Co., Cleveland,
Ohio, are offering at 97% and int. to yield about 8%,
Trust 7% gold notes,
$3,500,000 First Mtge. & Collateral'
dated July 1 1918, due July 1 1921: (See adv. pages.)
The "Toronto Globe" on July 24 had the following to say:
"A bonus of 10% on the common stock was decided upon at a meeting
of the directors yesterday at the head office of the company in Hamilton.
The bonus is payable on July 31 to shareholders of record July 25. The
June 1
stock is on an 8% basis, and the first quarterly dividend was paidpurpose
1917. This company was incorporated in May of last year for the
the
the
of bringing together the Dominion Steel Foundry Co., Ltd., and two
"Passed by the Capital Issues Committee as not incompatible with or
Hamilton Steel Wheel Co. and combining the capital interests of the
national interest, but without approval of legality, validity, worth,
companies. The authorized capital stock of the company is $6,000,000, security. Opinion No. A980."
a. Semiof which $5,000,000 is common and $1,000,000 8% cumulative preference.
Present four-mill State tax refunded to holders in Pennsylvani
Three million of the common and $720,000 of the preferred are outstanding. annual interest, payable in N. Y. and Cleveland. Redeemable at the
There were sales of the stock yesterday over the counter in Toronto at option of the company at any time upon 30 days' notice at 101 during the
on
85, which is an advance of 5 points of previous sales. The company first year and at 100)5 thereafter. Denom.$1,000 and $500c*. Company
prosperity for some time on ac- will pay the normal Federal income tax not exceeding 2%. Trustee: The
has been enjoying a marked measure
-V. 104, p. 2236.
count of war orders upon which It is working."
Guaradian Savings & Trust Co., Cleveland, Ohio.
26 1918;
-Meeting Adjourned.
Data from Letter of Pres.J.H.Foster, dated Cleveland,0.,July
Duquesne Light Co.
being
-Established in 1907, its business (in Cleveland, 0.,)
Company.
The shareholders of this company who were scheduled to meet July 29
25
-year 6% bonds of which $15,000,000 the fabrication of heavy steel stampings. In March 1917, the company
to vote on issuing $25,000,000
Welding & Mfg. Co. through purwere to be used as collateral to secure the proposed issue of $12,000,000 acquired control of the Cleveland (O.)
1917 control of the Canton (0.)
notes, adjourning the meeting until Aug.5 without transacting any business. chase of all of its capital stock, and in Oct. of the entire issue of common
Sheet Steel Co. was secured through purchase stock.
-V. 106, p. 2347.
stock outstanding and a part of the preferredplants of the company and its
-Note Maturity.
The following table shows the extent of the
Electric Auto-Lite Corporation.
various units which conThe $2,000,000 Series "A" 7% notes of this company which fall due subsidiaries, as well as the combination of the
Aug. 15, will be paid at maturity at the Farmers' Loan & Trust Co., N.Y. stitute the present highly efficient organization:
Canton Co.
p. 610.-V. 106, p. 2125.
Co.
Cleveland
Hydraulic Co.
Compare offering of notes, V. 105,
Company
84 acres.
20 acres
15 acres
Area CoveredCommon
Three manufac- *3 open-hearth furnac s
V Esmond Mills.-Dividend of 3% on the $655,000Stock.shop.
outstanding Units _ _ __Machinestpg. dept.
3% on
turing units Soaking pits.
The
General
, directors have declared a dividend of15 to stock of record Aug. 10.*
for rolling and Rolling mills.
common stock (par $100), payable Aug.
Concrete form dept.
14 sheet mills.
declared an initial dividend of 3% and in Nov.
In Aug. 1917 the company
Automobile frame dept. welding.
Galvanizing dept.
-V. 106, p. 926.
1917 and Feb. 1918 it paid 1)% each.
Forging shops.
Corrugating dept.
under construction.
* Fourth
-Earningsfor June and Six Months.
which are
(The) Fairbanks Co.
Of the entire output about 70% represents standard products constitutes
Increase.
-1918-June-1917remaining 30%
$500,738 being utilized for Government purposes. The
$1,403,990 $ 903,251
Not sales
shell forg.ings.
68,694 war material, mainly
57.986
126.680
Net income
-A first mortgage on all of the property of the Hydraulic Co.
Security.
-1918-6 Mos.-1917- Increase.
sq
company, now owned, or hereafter acquired; also by
$7.030,273 $4,558,701 $2,471,572 and the Cleveland outstanding common stock of the Canton Co., and part
Net sales
312,810 pledge of all of the
273,298
stock of this
586,108
Net income
of the preferred stock constituting a majority of all of the
-V. 107, p. 295, 85.
506
THE CHRONICLE
company. They will be further secured by deposit of negotiable obligations of the Canton Co. for advances made to it by the parent company.
No mortgage shall be placed on the property of the Canton Co.
during the
life of these notes.
Consol. Bal. Sheet May 31 (effect is given to application of
Notes.)
Assets
-Total Each Side $14,560,283
Cash, incl. portion of proceeds from notes, $959,435: notes and
accounts receivable, less doubtful accounts, $1,824,051;
merchandise inventory, less depreciation, $2,526,765
Due from employees on stock subscriptions, $484,511; miscel- $5,311,150
laneous accounts receivable, claims, &c., $62,459
546,970
Investment in associated companies
2,451,816
Land, buildings, machinery, equipment, &c. (less depreciation
) 2,710,686
Portion of note issue necessary for plant extension
700,000
Patents, rim, steel barrel and other development and good will_
2,504,787
Deferred assets
334,873
Liabilities.
Notes and accounts payable
$2,627,300
Due associated companies
73,514
First Mtge. and collateral trust notes (present issue)
Land contract, payable $5,000 semi-annually, 1st payment 3,500,000
Aug. 15 1918
30,000
Reserves, est. Fed. taxes and amortization of shell equipment
711,756
Capital stock, preferred, $949,700; common, $5,388,000
6,337,700
Profit and loss, surplus
1,280,013
The investment, at cost, of the Hydraulic and Canton companies
is
contained in the above.
Purpose of Issue.
-To retire $1.800,000 one-year 7% notes. due Oct. 15
1918 (which were issued in part payment for the purchase
of the common
stock of the Canton Co.),for plant extensions and additional working
capital
Consol. Earnings of the Company and Subsidiaries for Calendar
Year 1917.
Net earnings, after estimated Federal taxes
$1,702,377
Interest on First Mtge. & Collateral Trust 7% notes requires
245,000
Balance applicable to dividends (8% coin. div. since
1908)---- $1,457,377
Sinking Fund.
-Annually 25% of net earnings after interest,
preferred dividend requirements. Of said 25%, two-fifths may taxes and
be
sented by investment in permanent improvements to the property repreand controlled by the company;the balance to be used in retiring theseowned
notes.
Management.
-Management of the company and subsidiaries will continue to be vested in the same men who brought all up
state of efficiency. Compare V. 105, p. 2002, 2098.-V.to their present
106, p. 90.
Industrial Terminal Corp., Detroit-Organization.
-
See Saxon Motor Corp. below.
-V. 107, p. 407.
International Paper Co.
-Application to
This company has applied to the New York Stock List.
mission to list $6.423,000 First 8,v Refunding 5% SinkingExchange for perFund Convertible
coupon bonds, Series "A," due Jan. 1 1947.-V. 107, p.
407.
InternationalPower Co.
-Plan of Reorganization Adopted.
-The reorganization committee named below, George C.
Van Tuyl Jr., Chairman, announces as of Aug. 1 that a plan
of reorganization dated Aug. 1 has been adopted and approved under an agreement dated May 14 1918.
[VOL. 107.
for $1,000 each, excepting $510,000 canceled by the sinking fund and called
for redemption to date.
-V. 106, p. 1904, 811.
Lever Bros. & Co.(Soap Mfrs.)
-Bonds.
-Lee,Higginson
& Co. have purchased a block of this company's First Mtge.
7% Sinking Fund bonds, guaranteed both as to principal and
interest by Lever Bros. & Co., Ltd., of England, andwill
shortly make a public offering. The company has a large
plant at Cambridge, Mass. Further details should appear
another week.
(P.) Lorillard Company, N. Y.
-Common Shareholders of
Record Aug.9 Offered 33 1-3% ($6,062,240) of New Common
at Par Till 3 P. M. Aug. 29
-Issue Underwritten-Large
Increase in Business.
-In a circular dated at N. Y., July
29 1918, Pres. Thomas J. Maloney says in brief:
The first half of this company's fiscal year ended on June 30. While
the exact figures are not yet available, your company has enjoyed the most
prosperous six months since it has been in business. Its sales for this period
are in excess of its sales for the entire year of 1912, its first completed
The earnings have been maintained in proportion. The original year.
ital was amply sufficient for its needs at the time, but its business has capsteadily developed until its sales are at the rate of two to three times what they
were when its present business was acquired. Until now this gratifying
increase has been taken care of without addition to its permanent capital,
except that represented in its accumulated surplus; but under present
conditions, with the high prices prevailing for practically every raw
that goes into the manufacture of tobacco, and with its business material
steadily
on the increase, it is manifestly unwise for the company to depend for
its
necessary additional working capital upon borrowings.
For these reasons it is necessary to provide additional permanent working capital to finance the growing increase in the company's business, and
therefore the directors on July 24 determined to offer to the common stockholders of record on Aug. 9 1918 the opportunity to subscribe at par to
third of their present holdings, amounting to a total of 36,062,240, at onepar,
out of the authorized and unissued common capital stock. If the company maintains its earnings at the present rate, which only
cumstances can prevent, it will be able to maintain the same unforeseen cirrate of regular
dividends on its increased common stock as it has paid on that outstanding.
The subscriptions should be filed and paid in New York funds on or before 3 o'clock p. m. Aug. 29 1918 at the New York Trust Co., 26 Broad St.,
N. Y. City. The subscription warrants will be mailed to the common
stockholders of record shortly after Aug. 9. No subscription for fractional
shares will be received. The company will endeavor to arrange with
one
or more brokerage firms in New York City to specialize in dealings in these
warrants and fractions at prevailing prices, in order to afford the stockholders greater opportunity for selling or combining fractions.
The entire issue of this stock has been underwritten at par by the Equitable Trust Co. of New York.
Earnings.
-For 5 mos. end. May 31:
Net profits
x$3,502,585 I Net after pref. dividend_ _$2,636,744
Premium on bonds canSurplus Dec. 31 1917..___ 8,050,943
celled
12,280 Total surplus
10,687,687
Bond interest
523,755 Common dividends
y3,485,788
Pref. divs. (5 months)___
329,805 Surplus
x After deducting charges and expenses of operation, excl. 7,201,899
for
war taxes. y Includes two quarterly divs. of 3% each and onereservediv.
extra
of 20%, payable in common stock on common stock.-V.106,p.1348, 1235.
Holders of certificates of deposit issued under the agreement of
between holders of preferred and common stock and the committee May 14
thereby
constituted, who shall not exercise the right of withdrawal under the
agreement become parties to the plan without the issue of new cas. of deposit.
Holders of preferred and common stock of the
heretofore deposited may become parties to the plan Power company notstock
by depositing their
certificates with Metropolitan Trust Co. of N. Y., on or before the
(W. H.) McElwain Co., Boston.
close of
business on Sept. 15 1918, receiving therefor certificates of deposit stamped
Thls company has filed a petition with the-New Stock, &c.- for
Massachusetts authorities
as assenting to the plan.
permission to increase its authorized capital stock by the issuance of 5,000
Committee.
-George C. Van Tuyl Jr., Chairman; Frank
shares of conunon stock, par $100.
Gray; Sec., Jas. F. McNamara. Loucks & Alexander, H. Ray; John G.
The company announces that it has bought and canceled 500 shares of
counsel.
The deposit agreement dated May 14 1918 states that the company has the first preferred stock. Compare
V. 107, p. 398.
reported outstanding the following stock: 6,000 shares of 6%
pref.
stock (par value $600,000) and 47,470 shares of common stock cum.value
Mackay Companies.-Government Control.
(par
$4.747,000). There is no bond issue, a lien upon the assets of the corp'n.
See American Telephone & Telegraph Co. above and preceding pages.
By order of Chancellor Walker of the Chancery
Now
on Oct. 3 1916, the company was dissolved and itsCourt ofissued .Tersey, -V. 107. p. 408, 295.
by
State of New Jersey declared null and void, in an charter instituted the
action
Manufacturers' Light & Heat Co., Pittsburgh.
by
Henry W. Bull and others against said corporation in
A
receiver has been appointed in said litigation in Now Jerseysaid Court. in Consolidated Earnings for 6 Months ending June 30.- •
New York, and various other proceedings have been hadand likewise to 6 Mos.to June 30.
1918.
from time
1917.
•
1917.
time affecting the assets and value of said corporation.
Gross earnings__ _$4,938,271 $4,408,702 Bond int., &c...... 1918.
-V. 105, p. 293.
$31,507
$35,630
Net earnings
2,085,714 1,848,398 Sundry adjustm'ts
34,821
Jones & Laughlin Steel Co.
36,278
-Improvements.
Other income._ _ _
31,018
35,663 Dividends
(4%)920,000 (6)1380,000
This company has proposed building improvements, to cost, it is stated,
$389,000.-V. 104, p. 2347.
Gross income32,116,733 $1,884,061
Balance, surp_ _$1,130,405 $432,152
Kansas Gas & Electric Co.
Sheet June
-Earnings.
-This American Consolidated Balance Companies-I 30 (Manufacturers' Light & Heat Co. and Its
Affiliated
nter-Company Accounts Eliminated).
Power & Light Co. subsidiary reports:
1918.
1917.
1918.
1917.
Earnings for June and the 12 Months ended June 30.
Assets
Liabilities
1918
-June-1917. Inc. 1918-12 Months-1917.
Investments
42,123,605 30,256,529 Capital stock_ _ _ _23,000,000 23,000,000
Gross earnings.._ ..$l50,552 $122,446 239' $1,857,842 $1,705,508 Inc. Treasury stock__ _ 469,600
_5150,552
469,600 Bonds
9
1,049,000 1,187,000
Expenses & taxes_ 98,599
903,468
91,848
771,263 Accts. pay'le, &c. 622,482
1,292,026 1,172,467 10% Cash
79
382,244
Accts. receivable_ 832,287
756,521 Accr. int. & taxes_ 490,392
234,947
Net earnings_ __ $51,953 $30,598 709' $565,816 $533,041
Bills receivable_-4,684
6,705 Dividends payable 460,000
6%
460,000
Interest charges_ - 31,635
21,384 489
328,922
619,937 Security deposits_ 229,854
234,191 40% Incomplete invest. 946,605
221,327
Material & supp
1,724,946 1,329,276 Miscellaneous
4,060
8,970
Income aft. chgs. $20,318
$9,214 121% $236,894 $298,850 x21% Employees' Lib'y
Reserve for depreDivs. on pref. stk_
bond subscrip's_
11,125
---- $133,000 $133,000 ____
ciation & depl'n 11,720,303
Miscellaneous_
4,060
8,970 Surplus
9,444,288 8,724,313
Balance
$103,894 $165,850 x37%
x Decrease.
Total
47,020,379 34,218,801
Total
47,020,379 34,218,801
Outstanding capitalization as of June 30 1918: Prof. stock, 7%,$1,900,- -V. 106, p. 2126.
000; common stock, $3,000,000; bonds, 1st M. 5s, $4,962,000.-V.
106,
p. 1904.
Marquette Iron Co.
-New Name.
See Breitung Iron Co. above.
Kenmore Pulp & Paper Co.
-Bonds Called.
Twenty-five ($25,000) First Mtge.6% Sinking
Methuen Co.
-Extra Dividend.
in number from 13 to 691, incl., were called Fund gold bonds, ranging
The directors have declared
for payment Aug. 1 at
extra dividend of
par at the Fidelity Trust Co. Coupons due Aug. 1 are payable at Drexel with the semi-annual dividend an 3%, both payable 3% per share, along
of
Aug. 1 to holders of
& Co., Philadelphia.
record July 11.
-V. 105, p. 293.
Mexican Tax on Oil Lands.
-Decree Modified.
Lake Superior Corp,
-A press
-Statement Regarding Report. &c.dispatch from Mexico City on July 31 said:
Pres. Wilfred H. Cunningham says:
Many inquiries are being made as to the time when the annual
of the corporation will be delivered to the stockholders and I desire toreport
make
the following announcement:
The board of directors will meet early in August to examine and adopt
the report for the year ended June 30 1918 and as soon thereafter as
the
report can be printed and mailed to the stockholders it will be done.
This year's annual report will be more complete than any heretofore
Issued by the corporation and it is expected that it will contain the
audited
accounts of the principal subsidiary companies and the fullest detailed
Information consistent with the business itself.
Although they would be welcome, few of our stockholders have had an
opportunity of visiting the plant to see for themselves the extent of their
property, so an illustrated booklet containing photographic reproductio
of the steel plant is being prepared and will probably be distributed to ns
stockholders before the annual report is ready for delivery. This willthe
in
effect bring the steel plant to them in pictures and will contain descriptions
of the property and the capacity of its various component parts.
During the fiscal year just closed circular letters were issued to the
stockholders giving varied information and covering questions asked
time to time by our stockholders. It is hoped that the information from
given
In the annual report, combined with the illustrated booklet and
the circular
letters will convey to our stockholders a fairly complete and satisfactory
knowledge of their property.
-V. 107. p. 185.
Lehigh Coal &
-Navigation Co.
-Bonds.
-
Modifications of the oil decree of Feb. 19, agreed to between
Government and representatives of foreign interests, werethe Mexican
officially to-day. Apparently they will not alter the rights announced
of present
foreign interests holding oil properties and leases if certain conditions are
complied with regarding perfection of titles to land, leases and contracts.
Lands which have been legally leased and manifested but not denounced
will be declared free land if not denounced within two months of a declaration by the owner or lessor who makes the manifestation. Lands legally
leased can be denounced by the last concessionaire or by an intermediary
If manifestation previously has been made. Grants of land may be reduced at any time and a now title issued.
Penalties are provided for non-compliance with the now regulations, which
are effective from Aug. 1. The tax on a hectare of land is reduced from the
5 pesos called for in the February decree to 3 pesos. The Government will
accept in payment of title fees and taxes credits which the companies
advanced for the dredging of the Panuco River. Oil lands are still have
held
to be in the same category as mineral lands in that the Government retains
original title to the subsoil.
Miami Copper 00. 1918.
Co.-0u
-Output.-
Month of July-Output
Seven Months
Output
-V. 107, p. 185.
4,793,082
.
19111co
Str7
33,886,387 20,911,611
1916.
4,310,000
1915.
4,087,611
29,762,997
22,663,292
The Philadelphia Stock Exchange on July 24 struck off the regular
Michigan State Telephone Co.
-Rate Increase.
$150,000 Consol. Mtge. 43i% Sinking Fund gold bonds, Series list
AAn agreement has been reached between the city of Detroit and this
$139,000 paid off and canceled by the trustee, on June 11 1918, out of
company under which the city authorities have agreed in so far as is in their
moneys in the sinking fund, and $11,000 called for redemption on
July 1 power to give the company $1,330,000 additional revenue
1918, out of moneys other than in the sinking fund, leaving the
for the coming
safd bonds listed at this date $15.240.000 Nos. A 1 to A 15750 amount of year. The proposals are to be submitted to the Common Council onia
both incl., War dats.--N. 107.P. 179.
507
THE CHRONICLE
AUG. 3 1918.]
-Rate Suit.
Mountain States Telephone & Teleg. Co.
Judge Julian H. Moore in the U. S. District Court at Denver, Colo., on
July 22 handed down a decision in the injunction suit of the city of Denver
against the company, questioning the validity of rates recently authorized
by the Colorado P. U. Commission, ruling that the District Court was without jurisdiction in the case since the validity of the statute creating the
-V. 107. p. 186. 86.
Utilities Commission was at Issue.
-Earnings.
National Acme Co.
-Dividend Decreased.
-Year ended June 30 1918 and 1917.
Results for Quarter and Half
1918-3 Mos.-1917.
1918-6 Mos.-1917.
$3,909,581 $4,729,453 $7,393,370 $9,494,733
$1,540,829 $1,448,051 $2,766,799 $2,780,002
750,000
375,000
750,000
375,000
Net sales
Net profits
Dividends
Balance, surplus
$1,165,829 $1,073,051 $2.016,799 $2,030,002
The above figures are before any allowances for excess profits taxes.
of 1% has been declared on the common stock,
A quarterly dividend of
payable Aug. 31 to holders of record Aug. 15. From March 1 1917 to
-V. 106, p.1797.
May 31 1918, quarterly dividends of 1% were paid.
National Cash Register Co.
-Govt. Pistol Order.
A press report states that this company is in receipt of an order from the
-V. 106. P. 1349.
U. S. Government for the manufacture of pistols.
Ontario Steel Products Co., Gananoque, Ont.-Earns.
Total
Balance,
Preferred
Net, after Bond
Surplus.
June 30 Year- Depr.,&c. Interest. Dividends, &c. • Surplus.
$281,730
$110,232
$208,107
$36,000
$61,875
1917-18
183,498
60,421
182.296
36,000
85,875
1916-17
123,077
72.894
152,019
36,000
43,125
1915-16
During the past year the regular 7% dividend ($52,500) was paid on the
pref. shares, and 13%% on account of deferred dividends was paid in August
1917. The directors in July 1918 declared a further 13%% ($9,375) on
account of these arrears, payable concurrently with the regular 13%% on
Aug. 15 1918. With above payment the arrears will be reduced to 43% %.
The overseas commercial business has increased substantially during the
past 12 months. Amount transferred to bond redemption fund during
late year, $12,000, making total fund $38,700, against $1,000,000 1st 68.
-V. 105, p. 712.
due July 2 I943.
Pacific Power & Light Co.
-This American
-Earnings.
Power & Light Co. subsidiary reports:
Earnings for June and the 12 Months ended June 30.
-June
1918
-1917. Inc. 1918-12 Months-1917 Inc.
Gross earnings----$154,740 $132,346 17% $1,769,855 $1,537,524 15%
771,549 12%
864,472
57,825 31%
Expenses & taxes_ 75,858
See Burns Bros. Ice Co. above.
National Lead Co.
-Branch Company Plant.
John T.Lewis & Bros. Co.,Baltimore,a branch of this company, will it is
reported, erect a new plant, to cost $1,000,000, to be used for the manufac-V. 106, p. 2233.
ture of shrapnel balls.
Net earnings_ _ _ $78,882
36,338 14
Interest charges__ 41,518 $74,5216
$905,383
457,278
$765,975 18%
415,077 10%
Income aft. chgs. $37,364 $38,183
Divs. on pref. stk_
National Ice & Coal Co., Inc.
-New Name.
$448,105
181,183
$350,898 28%
175,000 4%
2%
-Extra Common Dividend.
National Refining Co.
Balance
$266,922 $175.898 52%
Outstanding capitalization as of June 30 1918: Pref. stock, 7%. $2,700,000; 2d pref. stock, 7%, $1,500,000; common stock, $6,100,000; bonds,
1st & Ref. M. 54, $8,805,000 ($1,265,000 pledged to secure gold notes);
-year 6% secured gold notes, $910,000.-V. 106, p. 1901.
2
-Earnings.
Nevada-California Electric Corp., Denver.
The directors met in Philadelphia and declared a dividend for the quarter of $1 50 per share, compared with $1 per share for the previous quarter.
The div. is payable Aug. 1 to holders of record July 29.-V. 106, p. 1040.
6
,
The directors have declared an extra dividend of 23 % along with the
regular quarterly dividend of 1%% on the common. Both dividends are
-V. 106, p. 1691, 402.
payable Aug. 15 to holders of record Aug. I.
Earnings for June and Six Mos. ended June 30 1918, incl. Subsidiary Cos.
[After eliminating inter-company transactions.]
June 1918. June 1917. 6Mos.'18. 6Mos.'17.
Gross operating earnings.._ - $249,051 $215,835 $1,074,085 $930,513
423,314
7,382
.
50
102,943
Oper. & gen. exp. & taxes.. 132,125
$116,926
278
$112,892
def.492
$566,703
978
$507,199
3,380
Total income
$117,205
Interest on bonds, deben52,462
tures, notes, &c.(net)
9,721
Depreciation
$112,400
$567,681
$510,580
43,404
7,421
313,051
57,409
266,608
41,570
$55,022
Net earnings
a Discounts on securs. sold_ _ def.4,225
def.8,692
Adjust. to profit and loss
Surplus appropriated for bond
8,246
redemptions
$61,575
$197,221
d
&LS:ea
$202,402
def.892
7,582
46,042
38,152
$53,101
Operating profit
Non-oper. earnings (net)
$33,858
Available surplus
b Interest in earned surplus
of controlled companies_ _ _ def.3,221
Final available
all companies
2,090
$119,708
$166,340
def.2,10I def.16,785
1,735
$102,923
$168,075
surplus,
$30,636
$50,999
-Dividend Increased.
Penn Seaboard Steel Corp.
-Rate InPeople's Gas Light & Coke Co., Chicago.
crease of 273/%.
2 -The Illinois P. U. Commission on July 30
granted this company permission to increase its rates for
gas about 273/2%, effective Aug. 1, and to remain in force
for one year.
The vote of the Commission, which was divided, allowed the increase on
the ground that the company is operating at a loss, and it is presumed that
the Commission's opinion will contain a clause providing for a refund if a
later investigation shows that the temporary rate is too high. It is estimated that the increase in rates will net the company $4,500,000 annually.
The Chicago City Council Committee on gas litigation has directed
counsel to prepare a writ of injunction against the order of the State P. U.
Commission which granted the above increase in rates.-V.107, p.297. 186.
-Stock Increase.
Phillips Sheet & Tin Plate Co.
This company has increased its authorized capital stock from $5,500,000
to 33(1.000,000. It is reported that the company will build a series of byproduct ovens and a glass plant and that it has recently taken over a large
acreage, including coal property, near its Weirton, Va., plant.
The company announces the change in its corporate title from the above
to the "Weirton Steel Co.," no change in the personnel or ownership being
made.
-V. 106, P. 505.
-New Director-Option.
Pierce Oil Corp.
a Commencing with Jan. I 1918 discount on securities sold is being extinguished monthly instead of at end of year as heretofore.
b Commencing with Jan. 1 1918 the item "interest in earned surplus of
controlled companies" represents interest in earned surplus after appro19.
priatinged
$2,500 each month for redemption of bonds maturing Jan. 1
-V. 106. P. 1342. 1131.
John J. Watson has been elected a director to succeed Chas. Hayden.
It is rumored that the Lewisohn interests, who recently entered the
directorate of the Pierce Oil Corporation, were given an option on 50,000
-V. 107, p. 408.
shares at or about $11 50 a share.
-3 Mos. to June 30- -6 Mos. to June 301918.
1917.
1917.
1918.
$5,342,644 $6.497,692 $10,681,440 $13,233,136
80,000
40,000
40,000
80,000
150,000
75,000
75,000
150,000
3,150,000
581,925
1,195,630
1,530,000
4,200,000
8,400,000
2,800,000
4,200,000
-1917. Inc.
-June
1918
-1917. Inc. 1918-12 Months
Gross earning's_ _ _ _3145.423 $111,915 30% 31,540,601 *1,290.620 19%
682,933 23%
838,988
58,135 36%
Expenses & taxes_ 79,008
-This American
-Earnings.
Portland Gas & Coke Co.
-Earns.for 3 and 6 Mos. to June 30. Power & Light Co. subsidiary reports: ended
New Jersey Zinc Co.
June 30.
Earnings for June and the 12 Months
Total income
Bond interest
Reserve
Federal taxes
Dividends
Surplus
-V. 107, p. 186.
$897,644 $1,600,767 $3,101,440 $3,407,506
-Bonds Authorized
New York & Richmond Gas Co.
The New York P. S. Commission has approved an opinion favoring an
issue of $2,000,000 of bonds by this company, of which $1,500,000 will
apply to the refunding of the like amount of bonds now outstanding.
The Commission could not find that more than $1,000,000 of the proceeds
of the original funds has been applied to what could properly be called
capital account, but the procedure of allowing the issue of an additional
$500,000 with the provision that these bonds be amortized out of income
was suggested. Besides refunding of the $1,500,000 of the outstanding
bonds there is needed $260,000 for new construction, which includes extensions to Now Dorp and Grant City which the company is required to
build under a writ of mandamus obtained by the P. S. Commission.
In the above connection the company writes: "The company, as at
present advised, cannot accede to the proposition of amortizing $500,000
of present funded debt out of earnings which, due to present operating
-V. 106, p. 2126.
costs, are non-existent."
-Report.
-Enlargement.
New York Shipbuilding Corp.
The company informs us that since the statement published in our issue
of June 8 was approved it has been decided to build larger shipways and
to change the -plans from 7 small ones to 4 large ones, bringing the total
outlay up to $15,000,000 in place of $6,000,000. The item as officially
revised, follows:
This company will immediately build four new shipways at its plant
on the Gloucester side of Newton Creek, Camden, N. J., effecting a total
of 14 shipbuilding berths constructed at the plant this year; also machine)
shops, erecting shops and forge buildings will be constructed. The complete extension is estimated to cost $15,000,000. The works now occupy a
total area of about 160 acres, giving employment to 11,000 mon. With
12 main shop buildings, all material used in construction is fabricated in the
yard, including the construction of boilers and engines. Rough castings,
plates, &c., have up to the present time been produced by outside plants,
with finishing and fitting work handled on the grounds. Since the commencement of the war the works have been tripled in size, with present total
of 24 shipways, and with the new extensions, 28 shipways. The present
crane installation consists of one 100-ton overhead crane for fitting out
work; one 35-ton traveling gantry crane, and two 40-ton locomotive cranes.
New cranes will be required for the 4 additional shipways.
-V. 106. P. 2457.
The annual report is cited above under "Reports."
-Extra Dividend.
Nonquitt Spinning Co.
The directors have declared a special dividend of $2 per share, along with
the regular quarterly dividend of $2 per share, both payable Aug. 6 to
holders of record July 30.-V. 106, P. 1004.
-Quarterly Output.
North Butte Mining Co.
The company's statement for the quarter ending June 30 is reported as
showing production as follows: 5,312,761 lbs. of copper (comparing with
3,806,441 lbs. in prov.ous 3 mos. and 4,601,067 lbs. in the same perod
-V. 106,p. 1691
of 1917). 240,887.1.2 ozs, of s.lver and 355.897 ozs. of gold.
Not earnings_ _ _ $66,415 $53.780 237
27,301
77:
Interest charges__ 29,191
$701,613
348,344
$607,687 15%
326,386
7%
Income aft. chgs. $37,224 $26,479 41%
Divs. on $2,000,000
7% pref. stock
$353,269
$281,301
26%
140,000
140,000
----
$213,269 3141,301 51%
Balance
Outstanding capitalization as of June 30 1918: Pref. stock, 7%. $2,000,000: common stock, $3,000,000; Bonds. 1st & Ref. M. 5s, $6,189.000;
Portland Gas Co. 54, $371,000.-V. 106, p. 1905.
-Scrip Dividend.
Porto Rican American Tobacco Co.
The directors have declared the regular quarterly dividend of 3%,
-year 6% scrip Sept. 5 to holders of record Aug. 15.-V. 106, p.
payable in 2
2014.
Pressed Steel Car.-Pref. Stock Retirement.
Rumors have been recently current that plans are suggested for the retirement of preferred stock of which there is 312,500,000 authorized and
outstanding. It is reported that some plan might be agreed upon to include
a consolidation with its big subsidiary, Western Car & Foundry Co., as all
the'Woes stock is owned by Pressed Steel Car Co. There were outstanding at the chose of last year $1,250,000 Western Car & Foundry 54 due
Jan. 1 1948.-V. 107, p. 408.
-Sale.
Regal Motor Car Co.
The sale of this company's property at Detroit, to Maurice Rothschild
for $485,000 by the Security Trust Co., receiver, has been confirmed by
-V. 107, p. 86.
the court.
(R. J.) Reynolds Tobacco Co.-Obituary.R.J. Reynolds. President of this co., died on July 29.-V. 106, p. 2656.
-Meeting Postponed-Dividends, &c.
Royal Dutch Co.
The following is understood to be authoritative:
The Equitable Trust Co. of New York has been advised by cable that a
quorum was not represented at the meeting of shareholders in Amsterdam
on July 24. A second meeting has therefore been called for Aug. 8, which
will act definicely upon the increase of the capital.
Distribution of a final dividend of 18% for 1917 has been authorized
by meeting of July 24. This dividend will be collected by the Equitable
Trust Co. in due course and will then be distributed to holders of American
shares in the ordinary way. The company has further notified the trust
company that it is proposed that the right to subscribe to new shares at
par to the extent of one new share for two old shares can be exercised by
shareholders from Sept. 4 to 21 next and that payment for new shares will
have to be made in full on or before Oct. 8, and that a prospectus will be
issued in Holland on Sept. 3. Notices to holders of American shares will
be issued in due course. Particulars about the way in which the stock
-V. 107, p. 86.
dividend will be issued will also be published later.
-Dividend Increased.
Sagamore Mfg. Co.
The directors have declared the regular quarterly dividend of 15% per
share, payable Aug. 1 to stock of record July 23. The company has paid
-V. 105, p. 1715.
5% for the two previous quarters this year.
-Notes.
San Diego Consolidated Gas & Electric Co.
The California RR. Commission has authorized this company .to sell
-Earnings.
Ohio Fuel Supply Co.
-year collateral notes, which the Commission previously
Press reports state the net earnings for the 6 mos. ended June 30 1918 $400,000 6% 5
-year 6% collateral notes at 95%
authorized the company to exchange for 2
-year ended June 30 1917.
were $3,247,474, against $2,269,480 for the half
ar
and surplus after interest and dividends, $2,256,824, against $1,437,819. face value, the proceeds to be used only for the purchase of $400,
-V. 106, p. 2654.
-year 6% notes.
value outstanding 2
-V. 106. D 2651 1601.
do.
508
THE CHRONICLE
Savage Arms Corporation.
-Earnings.
-The company
reports as follows for the quarters ending Mar. 31 & June 29:
[VOL. 107.
Semet-Solvay Co.
-Dividend Plan Changed.-
Pres. H. H.S. Handy, as of July 25, writes the stockholders as follows:
"On account of the large amount
clerical and
3 Mos. to 3 Mos. to -6 Mos. Ending
- required, it has been decided to make ofchange in the administrative work
a
custan inaugurated
Mar. 31'18. June 29'18. June 29'18. June 30'17. in 1917 of representing by quarterly
stock dividends a portion of the
*Total earnings
$2,324,595 $3,094,670 $5,419,265 $2,493,963 profits invested in new developments. It is proposed
to defer consideration
Interest
7,941
7,254
15,195
31,934 of the question of representing by a stock dividend such profits until
the
Reserves in 1918 for State
completion of the year's results are at hand, and to take such action as
& Fed. taxes and spemay be called for hereafter to cover the results of the preceding year at the
cial depreciation
1,889,757
2,621,802
4,511,559
750,000 January meeting."
-V. 107, p. 297, 86.
Balance for dividends $426,897
$465,614
$892,511 $1,712,029
First pref. dividend_ _
(1 %)8,750 (1 )8,750 (3%)17,500 (33 )17,500
Shattuck Arizona Copper Co.
-Quarterly Earnings.Second pref. dividend__ (13)6,263 (1%)6,263
(3)12,526
(3)14,025 Vice-Pres. Norman E. La Mond as of Juno 29 1918 reports
Common dividend.._....(134)129,233 36)127,433 (3)256,666(1%)132,532
(1 ,
for the quarter ending June 30 1918 as follows:
Balance, surplus
$282,651
$323,168
$605,819 $1,547,972
The total development work for the quarter was 3,957 feet, as follows:
* After deducting all operating expenses, including those for ordinary Drifts, 3,249 ft.; raises, 708 ft. We continuo to open up small extensions
of good ore around old stoping areas. New work has been performed on
repairs and maintenance, ordinary taxes and ordinary deprec'n charges.
-ft. levels. The important finds
The official circular says: "Future earnings will reflect the lowering of all mine levels between the 100 and 900
prices to the U. S. Govt., notwithstanding increasing production. The of the quarter were made between the 800 and 900-ft. levels in intermediate
quarterly statements are subject to correction of reserve for Federal taxes level work from three raises, developing a large tonnage of massive sulphide
ores assaying between 2% and 7% copper. Small ore bodies have been
or other reserves and adjustments."
-V.107, p. 297.
found in new ground being developed from raises above the 900-ft. level.
A small
Saxon Motor Car Corporation, Detroit.
-Status.
- cross-cutlease of high-grade copper carbonate ore was encountered in a
on the 300
-ft. level and is now being developed.
Industrial Terminal Corporation Takes Over New Plant and
A considerable amount of new work is being done to put the low-grade
Issues $600,000 Bonds.
-New Plant Leased Temporarily to lead deposit in shape for cheap extraction. A section of this ore lying on
the 200
-ft. level and
U. S. Govt.
-Further Note Extension.
-Permanent Reorgan- work has exposed oreabove will be sent to the milling plant first. The new
well up to the average in lead and silver.
ization Deferred.
-The Advisory Committee, in circular of
Ore extraction is still being delayed by a shortage of experienced labor.
Production and Costs.
-The mine and smelter production and operating
July 9, says in substance:
costs were for the quarter (earlier quarters inserted by Ed. for comparison):
Organization.-Since the appointment of the advisory committee, many
June 30 '18. Mar. 31 '18. June 30 '17.
changes have been effected in the personnel of the organization of the
Quarters endingCop. Lead. Cop. Lead. Cop. Lead.
company. C. A. Pfeffer was elected Comptroller in July and in January
dry tons_24,123 1,635 24,416
568 39,591 1,412
Benj. Gotfredson was made President, succeeding H. W. Ford, resigned. Ore mined
24,430 1,470 23,943
683 42,408 1,992
Holding the active management, these two men have placed the organ- Ore shipped
Ore smelted
24,430
529 24,272
501 43,157 2,653
ization upon an efficient basis.
June 29 1918. Mar. 31 1918. June 30 1917.
Industrial Terminal Corporation-New Plant.
-After prolonged negotiations with the contracting firms an agreement was reached whereby the Copper recovered,lbs
2,489,099
2,717,075
3,824,297
plans for the building were revised, effecting a saving of several hundred Silver recovered, oz46,361
27,8
26617
52,587
thousand dollars in the original estimated cost; and through arrangements Gold recovered, oz
336
483
for the underwriting of a bond issue, the contractors waived their rights Lead recovered,lbs
227,294
588,491
217,643
Gross oper.cost per lb.ref'd cop.
16.389c.
to contingent liabilities for the unfilled contracts.
14.724c.
.
14.347c.
.
Less operating credits
This financing was arranged through the organization of the Industrial
c.
2.485c.
Terminal Corporation, all of whose common stock was turned over to the Net oper. cost per lb. ref'd cop.
13.789c.
12.883c.
12.239c.
There was about the same tonnage mined and smelted as in the previous
Saxon Motor Car Corporation in exchange for its equity in the new plant,
at par (approximately 8800,000). Funds for the completion of the plant quarter and the less production of copper was due to the lower grade of ore.
and the paying off of lien claims were obtained throush the sale of gold However, the gold and silver recoveries per ton increased and resulted in
bonds, secured by a first mortgage of $600,000. The land on which the the greater production of these metals. The construction of the lead ore
building is located comprises 40 acres, valued at 85,000 per acre, within concentrator is sufficiently finished to allow milling early next month.
Refining and Marketing.
-There were deliverable from the refinery durfive miles of the centre of Detroit, one block off Michigan Ave., in the
locality where considerable industrial development is going on. iSee offer- ing the quarter 2,581,931 pounds of copper [against 4,188,707 lbs. in the
corresponding quarter of 19171. Delivery of all of this copper was applied
ing of the bonds of the Industrial Terminal Corp. in V. 107, p. 4074
Temporary Lease of Plant to United States Government.
-The completion against old contracts or on Government requisitions except 282,618 lbs.,
of the plant having been provided for, the company entered into a lease which is still unsold. There are 2,997,285 lbs. of copper in transit to the
with the Government for the use of the new plant as a storage and ware- refinery, all unsold. Both the unsold refined and unsold copper in transit
house depot. This rent is more than sufficient to take care of the interest is being carried at 15c. per lb.
on bonds and sinking fund requirements. The plant will be available for Earnings for Quarter End. June 29 1917 and 1918 (1917 Inserted by Ed.).
the use of the Saxon Motor Car Corporation following the close of the war.
1917.
1918.
1917.
Economies.
-Many economies have been effected, notably a reduction Gross value of 1918.
Oper. expenses_$407,938 $563,090
of51% in the salary payroll,compared with a year ago. The manufacturing
ores
General
4,187
and commercial operating expenses for the first four months this year Miscel.produced$528,179 $1,250,437 Deprec. exps__ _ 18,659
2,099
equip't_
5,148
3,000
show an average reduction of $88,500 per month, or a fraction better than Interest inc____ 16,202
rec'd__
6,919 Taxes paid
34,494
50% against same months in 1917. Through centralizing of the work,
reduction in inventory, and efficient methods, the annual rental after
Grass income_$546,480 $1,262,503
Surplus
$116,883 8660,732
July 1 will be $25,000, a saving of $59,000, as compared with a year ago.
Total capital and dividend distributions to July 1 1918 $6,912,500, viz.:
Car Shipments.
-The shipments for eleven months ending June 30 1918 1910
$1,050,00011914
3350,00011018, March -_$87,500
were 13,000 cars. The shipments are limited at present time by the 1911
None 1915
1,225,0001
do
87 60
87,500
7 50
: 0
material we are able to get for production, and the demand for cars is in 1912
175,000 1916
1,750,000 June
excess of our ability to supply, under the conditions now existing.
1913
525,000 1917
1,487,500 do
87,500
Liquidation of Indebtedness.
-A payment of 10% was made on the
13
extension indebtedness Nov. 1 1917 and a second payment of 10% on -V. 107, p. 297, 288.
Feb. 1 1918, together with interest at 6%, equivalent to 23%% on the
Solvay Process Co.
-Extra Dividend.
original claims. The present extension notes are due Aug. 1 1918. An
The directors have
additional cash payment of 10% on the original indebtedness (123% the regular quarterly declared an extra dividend of $1 per share, along with
dividend of $2 per share, payable Aug. 15 to holders
present extension notes) and 3% interest will be paid on Aug. 1 in case the of record July 34
106, p. 1582.
proposed two year extension is granted by the creditors. This will make
total cash payments of 30% of the original indebtedness and 6%% interest
Southern California Edison Co.
-Rate Application.
during the past nine months.
This company has applied to the California RR. CoMmission for perFinancial Improvement.
-In addition to the cash payments totaling
233 % stated above, amounting to $876,000, the contingent liability of mission to increase rates as the Commission may deem proper.
statement Pres. W. A. Brackenridge
,
$1,181,000 for discounted drafts at time Advisory Committee was ap- in In aState has found it necessary to applysays: "Practically every utility
the
to the RR. Commission for inpointed, has been entirely disposed of, as well as $300,000 lien claims creases
in its rates, owing to conditions brought about by the war. The
against new plant, and contingent liabilities for new plant.
Southern California Edison Co. has not made application before this, having
Liquidation of Indebtedness, Aggregating $7,522,000, Direct and Contingent. waited until such time as it could definitely determine what effect the
water and the increased cost of fuel
(1) Direct ($1,176,000) cash payments to creditors extension_ _ _
$876,000 shortage of upon its finances. Notwithstanding oil, labor and supplies
would have
the fact that the SouthLien claims new plant
300,000 ern company by interconnection with the
San Joaquin Light & Power Co.,
(2) Contingent ($6,346,000)
-Material old contracts bought in
the
or paid for in course of business
$4,400,000 Co.Mount Whitney Power & Electric Co. and the Southern Sierras Power
Discounted drafts paid up
1,181,000 timehas used water which during other years had not been used, the warincreases in production and distribution have accumulated in so much
New plant (approximate)
765,000
Special attention is called to the reduction in the contingent liability of greater proportion that additional revenues are essential."-V.107,p.186,86
$4,400,000, representing merchandise on contracts brought in and paid
S
0 t
r
e
0.
A
TZ77
DiVideiit
'ff:871ta
.
for through operation of the business. The company at the time Advisory
The directors, by declaring a quarterly dividend of 85 per share on the
Committee was appointed, held contracts for 20,000 sets of parts with $10,000,000 outstanding
(par $100) capital stock, have decreased the
material manufacturers, which contracts were reduced to 10,000 sets in annual rate
from 24% to 20%. From Dec. 1 1914 to and including June 1
Oct. 1917. A great many parts makers have been carrying material on
hand under these contracts for more than a year and it is expected through
the continuance of the operations of the company to take in this material
Spring Valley (Cal.) Water Co.
-Decision on Valuation.
for production, beginning in August, and thereby continue to reduce the
Judge Frank C. Rudicin in the U. S. District Court at San Francisco has
large amount of contingent liabilities existing in July 1917.
handed down a decision in the case
Earnings.
-Through the economies effected and reduction in cost of Supervisors, reducing the valuationof this company against the Board of
of the properties from $39,000,000, as
putting merchandise in salable condition, operations for April, May and
June have shown a profit of approximately $75,000, after setting aside the fixed by Master-in-Chancery Wright, to $34,000,000. The Court also
the water rates
interest on extended indebtedness, this being the first quarter in which a found that confiscatory. fixed by the city in ordinances passed yearly since
1907 were
The Court ordered the ordinances declared void
favorable showing has been made.
and directed that 82,287,675, representing 15% excess over the ordinanc
Balance Sheet June 30 1918, as Submitted by Management.
rates and interest be iven to the company.
-y..,106, p. 1809, 1692.
(Total Each Side, $3,301,339).
Staf ord Mills, Fa
iver, ass.- ividends.Cash
$667,0821Extension notes
$2,767,550
This company announces that it has declared an extra dividend of 13i%
Notes and accounts
668,834 Interest to Aug. 1 1918___
83,027
with the regular
Merchandise inventory_
1,062,331 Accounts payable
120,372 alongpayable Aug. 1. quarterly dividend of 1%% on the capital stock,
New plant securities
827,633 Dealers deposits
56,171 both
Machinery, equipt., &c__
Dividends Paid from Feb. 1 1917 to Date.
75,459 Surplus
274.219
1917
1918
Reorganization Deferred.
-After several meetings with representative
Feb. May. June.
AugNov. Feb. May. July.
stockholders and also with representatives of banking houses, it was
1% 1% 0 Red Cross 1°7 1
%
decided that any permanent plan of reorganization should be deferred until Regular
Extra
1
A%
1 0
1
conditions are more favorable.
---1
5%
Compare V. 106; p. 2763, 1692.-1. 105, p. 1622.
Further Note Extension.
-Meanwhile we submit the following proposition
(a) a cash payment of 10% of the original claims (12 A % present extension
Standard Milling Co.
-Fourth Installment.
notes outstanding) to be made Aug. 1; (b) interest to be paid to Aug. 1 1918
The company has announced the declaration of the fourth payment of
on extension notes; (c) a two-year extension to be granted the company
on the same terms as contained in the original extension agreement dated 2% (of which 1% is in stock and 1% in cash) of the dividend on the common
June 30 1917, for the taking care of the balance of the indebtedness. The stock of 8% declared on Oct. 24 last to be paid Aug. 31 to holders of record
present Advisory Committee will continue to keep in touch with the affairs Aug. 21.-V. 106, p. 2763.
of the company during the extension period.
Standard Oil Co. of Utah.
-Incorporation.
Adoption of the proposed extension will have secured for the creditors
A company of this name has been incorporated in the State of Utah, with
payments during the nine months ending Aug. 11918, as follows: (1) Three
a capitalization of $1,000,000. Whether or not this enterprise has any
cash payments 10% each, 30%;(2) cash interest payments, 63 %.
The company will issue six months' notes on Aug. 1 1918, under this connection with the Standard 011 interests appears doubtful.
plan, and such payments will be made on the extension indebtedness from
Stewart-Warner Speedometer Corp.
-Earnings.
time to time as the business will permit without in any way handicapping
Referring to the net profits for the second quarter of 1918 at $716,725,
the operations of the company.
before allowance for Federal taxes, the Chicago "Herald" says:
Advisory Committee.
-Wm. J. Gray, Chairman, V.-Pres. First & Old
"This compares with $694,070 net before Federal taxes for the June
Detroit Nat. Bank. tletrolt; Ralph Van Vechten, V.-Pres. Continental &
year. Net profits before Federal taxes for the six months
Commercial Nat. Bank, Chicago; C. R. Talbot, V.-Pres. Nat. Bank of quarter last30
Commerce, Detroit; C. W. Dickerson, Treas. Thnken Detroit Axle Co., ended June net 1918, were $944,310, against $1,269,904 a year ago. The
decrease
is
Detroit; A. II. Zimmerman, Trans. Continental Motors Corp., Detroit; result of in hard due to a falling off in business for the first quarter as a
the
winter. Another adverse factor was the transition into
W.S.Thomas, V.-Pres.& Treas.Wagner Elec.Co.,St.Louls.-V. 107, p. 297.
Government work. More than 50% of the company's capacity is now
devoted to Government orders. Profits in the second quarter were more
Sears, Roebuck & Co., Chicago.
-Sales.
-than three times those of the first quarter, when they amounted to $227,1918-July---1917.
Increased 1918-7 Mos.-1917.
Increase.
$13,251.026 $11,631,764 $1,619,2621$101,955,598 $96,525,201 $5,430,397 852."-V. 107, p. 409.
-V. 107, p. 86.
For other Investment News see page 516.
509
THE CHRONICLE
AUG. 3 1918.]
tports zux4
Dormututs.
SOUTHERN PACIFIC COMPANY
AND PROPRIETARY COMPANIES.
THIRTY-FOURTH ANNUAL REPORT-FOR THE YEAR ENDED DECEMBER 31 1917.
New York, July 11 1918.
To the Stockholders of the Southern Pacific Company:
Your Board of Directors submits this report of the operations of the Southern Pacific Company and of its Proprietary
Companies for the fiscal year ended December 31 1917.
PROPERTIES AND MILEAGE.
The transportation lines constituting the Southern Pacific System, Dec. 31 1917, were as follows:
Additional
First
Main Track. Main Track.
DIVISIONS.
-Mileage of lines belonging to or leased by Companies the Capital Stocks of
A.
which are principally owned by the Southern Pacific Company:
-Operated by the Southern Pacific Company under leases:
(1)
Central Pacific By
Oregon & California RR
Southern Pacific RR
South Pacific Coast Ry
(2)
-Operated by the owning Companies:
Morgan's Louisiana & Texas RR.& S. S. Co
Louisiana Western RR
Lake Charles & Northern RR
Texas & New Orleans RR
Galveston Harrisburg & San Antonio By
Houston East & West Texas By
Houston & Shreveport RR
Houston & Texas Central RR
Southern Pacific Terminal Company
Arizona Eastern RR
Southern Pacific Company
-Mileage of lines belonging to Companies the Capital Stocks of which are
B.
Principally owned by the Morgan's Louisiana & Texas RR. & S. S. Co.,
but which are operated by the owning Companies:
Iberia & Vermilion RR
2,267.06
1,214.36
3,530.13
106.70
256.23
7.56
208.29
20.46
58.35
232.68
83.10
12.38
215.49
371.01
58.16
7.20
263.09
25.68
75.36
6.02
6.59
.69
9.04
377.74
125
9.90
908.79
281.60
1,583.86
50.16
400.67
207.74
72.66
468.14
1,360.95
190.94
40.72
948.51
Water
Lines.
Ferries.
Sidings.
3.00
3.00
3.00
4,400
11.02
21.44
11,207.76
43.41
Total
Less operated jointly by Proprietary Companies
Total miles of road operated December 31 1917
Total miles of road operated December 31 1916
573.23
12.53
4,179.58
29.84
18.90
4,525
*11,164.35
11.095.91
560.70
560.76
4,149.74
4,030.35
18.90
18.90
4,525
4,525
•
11.39
68.44
Increase
.06
Decrease
MAI) 72
*11 12A RA
Ayerace miles of road operated during the year
* Includes 2.48 miles owned jointly with other companies, 4.87 miles leased from other comanies, and 187.65 miles operated under trcakage rights;
and excludes 32.61 miles of owned lines leased to other companies.
In addition to the mileage above tabulated, the Southern Pacific Company solely controls through ownership of capital
stock, 780.48 miles of electric lines and 1,240.52 miles of the Southern Pacific RR. Co. of Mexico; and jointly controls
(through ownership of capital stock in equal proportions with the Atchison Topeka & Santa Re Ry. Co.) 507.30 miles of the
Northwestern Pacific Railroad and 59.66 miles of the Sunset Railway, a grand total of 13,752.31 miles.
As of midnight December 31 1916, the Central Pacific Railway Company and the Southern Pacific Railroad Company
acquired the railways of the following companies:
FromCentral Pacific Railway Company:
Lincoln Northern Railway
Southern Pacific Railroad Company:
Coast Line Railway
Colusa & Hamilton Railroad
Hanford & Summit Lake Railway
Mojave & Bakersfield Railroad
Orovillo & Nelson Railroad
Miles ConsTotal
pleted & in
Mites
Projected. Operation.
To
Lincoln, Cal.
Dairy Farm Mine,Cal,
11.20
Santa Cruz, Cal.
Harrington, Cal.
Ingle, Cal.
Mojave, Cal.
Oroville. Cal.
Davenport, Cal.
Hamilton, Cal.
Hardwick, Cal.
Bakersfield, Cal.
Nelson. Cal.
11.90
61.23
42.41
85.00
13.00
224.74
Total
11.90
46.66
42.41
I
100.97
INCOME ACCOUNT.
SOUTHERN PACIFIC COMPANY AND PROPRIETARY COMPANIES, COMBINED.
(Excluding offsetting accounts.)
Per
Cent.
This Year.
1.
2.
3.
4.
5.
6.
7.
OPERATING INCOME,
Railway Operating Revenues.
Freight
------------------------------Passenger
Mail and express
All other transportation
Incidental
Joint facility-Credit_
Joint facility-Debit
Total railway operating revenues
Railway Operating Expenses.
Maintenance of way and structures
9.
Maintenance of equipment
10.
Total maintenance
11.
8.
.
12
13.
14.
.
15
16.
17.
Traffic
Transportation
'Miscellaneous operations
General_ _ •
-Credit
Transportation for investment
Total railway operating expenses
Net revenue from railway operations
18.
19. Railway Tax Accruals
20. Uncollectible Railway Revenues
21.
Railway operating income
22. Revenue from Miscellaneous Operations
23. Expenses of Miscellaneous Operations
24.
Net revenue from miscellaneous operations
25. Taxes on Miscellaneous Operating Property
26.
27.
Miscellaneous operating income
Total operatimeincome
Last Year.
+ Increase.
-Decrease.
$132,608,207 37
45,380,193 02
7,358,576 01
3,443,374 36
5,119,897 68
91,957 19
30,716 09
$112,460,567 07
37,112,446 60
6.689,086 40
2,884,099 33
4,250,538 51
58,534 52
27.849 41
+420,147.640 30
+8,267,746 42
+669,489 61
+559.275 03
+869,359 17
+33,422 67
-2,866 68
17.92
22.28
10.01
19.39
20.45
57.10
10.29
$193,971,489 54
$163,427,423 02
+830,544,066 52
18.69
$17,522,352 09
24,261,506 62
$18,049,584 78
23,579,907 07
-$527,232 69
+681,599 55
2.92
2.89
$41,783,858 71
$41,629,491 85
+8154,366 86
.37
$3,131,416 72
68.778,430 47
2,729,401 64
4,584,981 92
406,266 64
$3,105,898 74
52,388,289 00
2,232,869 04
4,146,810 30
414,622 41
+325,517 98
+16,390,141 47
+496,532 60
+438,171 62
+8,355 77
.82
31.29
22.24
10.57
2.02
$120,601,822 82
$103,088,736 52
+817,513,086 30
16.99
$73,369,666 72
$13,792,176 17
70,237 57
$60,338,686 50
$8,269,292 28
61,194 54
+813,030,980 22
+85,522,883 89
+9,043 03
21.60
66.79
14.78
559,507,252 98
$52,008,199 68
+87,499,053 30
14.42
4
.M.
$12,798,435 07
7,127,017 02
+312,798,435 07
+87,127,017 02
$5,671,418 05
+85,671,418 05
$99,860 02
+899,860 02
$5,571,558 03
+85,571,558 03
$65,078,811 01
$52.008,199 68
+813,070,611 33
25.13
510
THE CHRONICLE
Last Year.
+ Increase.
-Decrease.
$2,604,342 35
474,447 08
29,149 86
421,114 42
263,375 18
20,960 34
2,388,650 65
$310,902 46
19,964 61
521,362 11
275,217 69
------- _______
4,384,005 32
+$2,604,342 35
+163,544 62
+9,185 25
-100,247 69
-11,842 51
+20,960 34
-1,995,354 67
'
52.60
46.01
19.23
4.30
2,188,594 29
542,138 18
1,045,011 18
687,322 39
112,926 88
3,803,189 92
1,056,047 38
667,083 30
672,738 84
*74,395 27
-1,614,595 63
-513,909 20
+377,927 88
+14,583 55
+187,322 15
42.45
48.66
56.65
2.17
This Year.
28.
29.
30.
31.
32.
33.
34.
35.
36.
37.
38.
39.
NON-OPERATING INCOME.
Hire of Equipment
-Balance
Joint facility rent income
Income from lease of road
Miscellaneous rent income
Miscellaneous non-operating physical property
Separately operated properties-Profit
Dividend income
Income from funded securities
-Bonds and notes
-Affiliated and other
companies
Income from funded securities-Investment advances
-Affiliated companies
Income from unfunded-securities and accounts
Income from sinking and other reserve funds
Miscellaneous income
40.
Total non-operating income
41.
42.
43.
44.
45.
46.
47.
48.
49.
50.
51.
52.
45.51
$10,778,032 80
DEDUCTIONS FROM GROSS INCOME.
Hire of equipment
-Balance
Joint facility rents
Rent for leased roads
Miscellaneous rents
Miscellaneous tax accruals
Interest on funded debt-Bonds and notes
Interest on funded debt-Non-negotiable debt to affiliated companies
Interest on unfunded debt
Amortization of discount on funded debt
Maintenance of investment organization
Miscellaneous income charges
Total deductions from gross income
54.
Per
Cent.
$11,636,116 36
-$858,083 56
7.37
$75,856,843 81
Gross income
53.
[VOL. 107.
$63,644,316 04
+412.212,527 77
19.19
$332,837 13
168,315 91
519,068 06
630,176 48
24,219,075 12
284,996 66
34,279 10
217,216 81
138,737 17
182,724 49
$527,669 97
354,144 21
700,750 37
656,604 79
899,227 03
24,278,863 52
311,290 85
26,135 87
223,366 00
113,977 11
129,772 36
-$527,669 97
-21,307 08
. -532,434 46
-137,536 73
-269,050 55
-59,788 40
-26,294 19
+8,143 23
-6,149 19
+24,760 06
+52,952 13
6.02
75.98
20.95
29.92
.25
8.45
31.16
2.75
21.72
40.80
$26,727,426 93
-$1,494,375 14
5.30
$35,422,513 96
+$13,706,902 92
38.70
$978,096 81
$48,151,320 07
DISPOSITION OF NET INCOME.
55. Income applied to sinking and other reserve funds
56. Income balance transferred to credit of Profit and Lass
U8,221,802 08
$49,129,416 88
Net income
$957,186 08
$34,465,327 88
+$20,910 73
+313,085,992 19
2.18
39.71
12.63
+5.02
39.75
57. Per cent of net income on outstanding capital stock of Southern Pacific Co_
17.65
* Debit.
OPERATING INCOME.
The gross operating revenues of $193,971,489 54 exceeded the earnings of the previous year by $30,544,066 52 and are
the largest in the history of the Company.
Revenue from passenger business increased $8,267,746 42, or 22.28 per cent, as a result of the transportation of troops
and of the industrial activity stimulated by the war,the revenue from these sources having more than counterbalance
d the
falling off in tourist travel and the acute competition of automobiles.
Revenues from mail and express increased $669,489 61, or 10.01 per cent, which is attributable to an increase of $1,249,579 12 in the revenue from express business, resulting from increased volume, reduced by a decrease of $580,089 51 in
revenue derived from the transportation of mail as a result of the new basis of compensation imposed upon the carriersthe
by
the United States Government.
Revenue from freight traffic increased $20,147,640 30, or 17.92 per cent.
Agricultural Products yielded an increase of $4,277,978, which was chiefly derived from barley, fruits and vegetables
and from rice, which has passed from the experimental stage of a few years ago to that of a staple crop of California.
Forest Products contributed an increase of $2,349,020, which is largely attributable to the construction of wooden vessels
and the development of army cantonments, accompanied by curtailment of vessel transportation.
Manufactured Products yielded an increase of $6,439,342, distributed among many important commodities.
Products of the Mines produced an increase of $5,033,871, which consisted chiefly of revenue from fuel oil, coal, sulphur
ore and bullion.
The continued suspension of steamship service through the Panama Canal by the diversion of ships to Transatlantic
service, and the impetus to the country's industries which has resulted from the war, have enabled your rail lines to obtain
an extraordinary volume of traffic which has employed your facilities to an unusual extent and permitted such economy
of
operation as to offset the great increases in the cost of labor, material and supplies.
Following the declaration of war, several of the vessels of your Company's coastwise fleet were impressed by the War
and Navy Departments, and under an order issued by the United States Shipping Board, effective October 15 1917, as
all vessels leaving home ports on or subsequent to that date, all of the Company's steamships were impressed. During to
the
remainder of the year such of the steamships as were not in the service of the War and Navy Departments were operated
by the Company on their regular runs by request of the United States Government for its account. The revenues and expenses accruing from the Government operation of the steamers are, therefore, excluded from the railroad operating income.
The rental received or due from the Government is included in Non-operating Income under the heading "Hire of Equipment."
The increase of $30,544,066 52, or 18.69 per cent, in railway operating revenues was accompanied by an increase of only
$17,513,086 30, or 16.99 per cent, in railway operating expenses, notwithstanding the effect of the high cost of fuel and all
materials, and increases in wage schedules, as follows:
Increased prices paid for fuel
Increased prices paid for other materials
Increased wages due to the Adamson Law
Other increases in wages
Total
$6,100,000
3,690,000
3 76 000
1:311:0
900
$14,960,000
Excluding the effect of these higher uncontrollable costs, operating expenses show an increase of $2,553,000 only, or an
expenditure of but 8.4 cents for each additional dollar of operating revenue.
Expenditures for maintenance of way, structures and equipment increased $154,366 86, or 0.37 per
for transportation and other expenses $17,358,719 44, or 28.24 per cent. Notwithstanding shortage of labor and cent, and in obtaindifficulty
ing delivery of rails and other material because of war requirements, the roadbed, structures and equipment have been maintained at high standards of safety and efficiency during the year. The annual maintenance of way inspection
the year showed about as high a rating as in 1916. The percentage of locomotives in good order was the same formade late in
years,
and despite the heavy calls upon freight cars to move traffic 1918 was entered with only 4.6 per cent of them inboth order,
bad
a percentage which is below normal.
Ton miles of revenue freight far exceeded any previous year, being 24.49 per cent greater than in 1916 and 78.58 per cent
greater than in 1915. These large increases were successfully and economically handled with existing facilities through increased operating efficiency, as evidenced by the following:
1. Average car load was 25.34 tons, an increase of 1.71 tons, or 7.24 per cent, over 1916, and of 3.72 tons, or 17.30 per
cent, over 1915.
2. Average freight train load was 602.98 tons, an increase of 49.39 tons, or 8.92 per cent, over 1916, and of
or 25.08 per cent,over 1915. The saving through heavier train load was equivalent to the operation of 2,190,462120.89 tons,
freight train
miles, compared with 1916, and 6,156,433 freight train miles, compared with 1915. Four trains in 1917 moved the same
tonnage as five trains in 1915.
3. Daily mileage per freight car was 43.30, an increase of 4.15 miles, or 10.60 per cent, over 1916, and of 13.15 miles, or
43.61 per cent, over 1915. The ton mileage of revenue freight moved per freight car on the line increased 79.62 per cent over
1915, five cars in 1917 performing as much service as nine cars in 1915. This increased service was equivalent to adding
40,000 cars to ouii equipment, which at present prices would cost about $100,000,000.
4. The ton mileage of revenue freight per locomotive increased 22.77 per cent over 1916 and 75.41 per cent over 1915,
four locomotives in 1917 performing as much work as seven locomotives in 1915. This increased work was equivalent to the
addition of 765 freight locomotives, which at present prices would cost $38,250,000.
5. Improved use of locomotive fuel saved $205,435 72 over 1916, and $478,319 96 over 1915.
•
From 1913 to 1917, inclusive, gross ton miles per pound of fuel increased in passenger service from 4.60 to 5.10, or 10.87
per cent, and in freight service from 5.01 to 6.11, or 21.96 per cent. The better use of fuel in 1917 compared with 1913 was
equivalent to a saving of $3,409,264.
Of the net revenue of $73,369,666 72 from railway operations, railway tax accruals consumed $13,792,176 17, or 18.80
per cent: and of each dollar of increase in net revenue over 42 cents went for increased taxes. The total increase in taxes was
AUG. 3 1918.]
511
THE CHRONICLE
$5,522,883 89, or 66.79 per cent, of which $4,361,882 12 allocates to war income and excess profits taxes, $735,649 75 to
Federal income and capital stock taxes, and $425,352 02 to State and county taxes.
.Substantially all of the Miscellaneous Operating Income (line No. 26) represents the operating results of the California
was taken over
Fuel Oil Department of Southern Pacific Company during the eight months following April 30 1917, when it existence of the
the
by Southern Pacific Company from Kern Trading & Oil Company. The practice, that prevailed during has been
continued,
Kern Trading & Oil Company,of charging the field market price of its produced oil to railroad operations,
has reached the
and the earnings resulting from the difference between the field market price and the cost of production Oil Company.
treasury as net revenue from these operations, instead of in the shape of a dividend of the Kern Trading &
NON-OPERATING INCOME.
In the foregoing statement of Income on page 7 [pamphlet report] there has been excluded both from Income from
Funded Securities (line No.35), and from Interest on Funded Debt (line No.47),for this year and last, the interest paid and
received on bonds of the Proprietary Companies owned by tSouhern Pacific Company and its Proprietary Companies.
The income for the year from Hire of Equipment—Balance (line No. 28) exceeded the payments to other companies
for hire of equipment by $2,604,342 35, and the deductions from gross income (line No. 42) decreased $527,669 97. This
is an increase in income compared with last year of $3,132,012 32.
The increase of $163,544 62 in Joint Facility Rent Income (line No. 29) is due, principally, to a debit adjustment
made in this account last year in establishing a reserve for the replacement of certain terminal facilities.
The decrease of $100,247 69 in Miscellaneous Rent Income (line No. 31) is due, principally, to the inclusion in this
account last year of rental on property which has since been sold, and to certain adjustments in the account this year.
The increase of $20,960 34 in Separately Operated Properties—Profit (line No. 33) is the result of including in this
account this year, in accordance with regulations of the Inter-State Commerce Commission, certain items which were ineluded last year in Miscellaneous Income.
The decrease in Dividend Income (line No.34)is due, principally, to the fact that last year's income included a dividend
of $2,100,000 received from the Kern Trading & Oil Company, the property of which was purchased this year by the
Southern Pacific Company.
The decrease in Income from Funded Securities—Bonds and Notes (line No. 35) is the result, principally, of excluding
from the income account this year the interest on Pacific Electric Railway Company bonds, which was not earned.
The decrease of $513,909 20 in Income from Funded Securities—Investment Advances—Affiliated Companies (line
No. 36) is the result, principally, of reductions during the year in the indebtedness of affiliated companies to Southern
Pacific Company.
The increase of $377,927 88 in Income from Unfunded Securities and Accounts (line No. 37) is due, principally, to
interest received on larger bank balances this year, and to interest received on surplus funds invested during the year in
'S.
U. A. Certificates of Indebtedness.
The increase in Miscellaneous Income (line No. 39) is due, principally, to the inclusion in last year's figures of certain
debit adjustments on account of changes in classification.
DEDUCTIONS FROM GROSS INCOME.
The decrease of $532,434 46 in Rent for Leased Roads (line No.44)is the result, principally, of including in said account
last year $425,949 36 paid to the Inter-California Ry. Co., Phoenix & Eastern RR. Co., Porterville Northeastern Ry. Co.,
and Tucson & Nogales RR.Co., which companies are this year dealt with as Proprietary Companies, and of including in
said account last year $25,000 paid to the Beaverton & Willsburg RR. Co., the property of which was purchased by the
Southern Pacific Company on July 1 1916, and $92,639 93 paid to the Coast Line Ry. Co., and Hanford & Summit Lake
RR. Co., the properties of which were purchased by the Southern Pacific Railroad Company as of midnight December 31
1916.
The decrease of $137,536 73 in Miscellaneous Rents (line No. 45) is due, principally, to the fact that following the
taking over of the Company's steamships by the Government, hereinbefore mentioned, the rental for piers at New York,
New Orleans and Galveston was charged to the account of the Government.
The decrease of $269,050 55 in Miscellaneous Tax Accruals (tine No, 46) is the result, principally, of including this
year in Railway Tax Accruals, in accordance with ruling of the Inter-State Commerce Commission, certain taxes which last
year were included in this account.
The decrease of $59,788 40 in Interest on Funded Debt—Bonds and Notes (line No. 47) is the result, principally, of the
acquisition by the Southern Pacific Company since December 20 1915 of approximately $24,727,000 par value, of bonds
issued under Central Pacific Railway Company Four Per Cent Thirty-Five Year European Loan of 1911, the interest on
which has been excluded in the foregoing income statement, both from Interest on Funded Debt (line No. 47) and Income
from Funded Securities (line No. 35) and of including this year a full year's interest charge on Southern Pacific Company
Equipment Trust Certificates—Series D, issued in May 1916.
The increase of $24,760 06 in Maintenance of Investment Organization (line No.51)is due, principally, to the payment
during the year of legal expenses in connection with the suit over the Oregon & California Railroad's land grant. of taxes
The increase of $52,952 13 in Miscellaneous Income Charges (line No.52)is on account of an increased amount
paid on tax-exempt bonds, and to an increased amount of taxes paid the French Government on bonds issued under Central
Pacific Railway Company Four Per Cent Thirty-Five Year European Loan of 1911.
On December 31 1917 the principal of advances to the Southern Pacific Railroad Company of Mexico amounted to
$40,617,228 66. Interest accruing on these advances has not been taken into the income of the Southern Pacific Company.
CAPITAL STOCK.
$272,822,905 64
The capital stock of the Southern Pacific Company outstanding at the beginning of the year amounted to
Issued during the year:
500 00
exchange for a like amount of Five Per Cent Twenty-Year Convertible Gold Bonds surrendered and canceled
Common stock issued in
$272,823,405 64
Amount of Southern Pacific Company stock outstanding December 31 1917
The common and preferred capital stocks of Proprietary Companies outstanding at the beginning of the year amounted to_$343,834,900 00
Add:
Capital stocks of following companies not heretofore dealt with as "Proprietary Companies":
$2,500,000 00
Inter-California Railway Co
2,381,500 00
Phoenix & Eastern Railroad Co
300,000 00
Porterville Northeastern Railway Co
66,000 00
Tucson & Nogales Railroad Co
5,247,500 00
Total capital stock of Proprietary Companies outstanding December 31 1917
Stocks of Proprietary Companies outstanding December 31 1917 were held as follows:
In hands of public
Owned by Southern Pacific Company
Owned by Morgan's Louisiana & Texas Railroad & Steamship Company
5349,082,400 00
$81,700 00
$348,700,700 00
300,000 00
349,000,700 00
$349,082,400 00
FUNDED DEBT.
funded and other fixed interest-bearing debt of the Southern Pacific Company and of its Proprietary Companies,
The
outstanding December 31 1916, was as follows:
Southern Pacific Company
Proprietary Companies
$209,482,110 00
453,597,429 24
Total Outstanding December 31 1916
Add:
First Mortgage Six Per Cent Bonds of the Coast Lino Ry. Co. the property of which was purchased by the Southern
Pacific Railroad Company as of midnight December 311916, subject to the mortgage indebtedness
Funded debt of the following companies not heretofore dealt with as Proprietary Companies:
$850,000 00
Inter-California Railway Company
2,851,810 64
Phoenix & Eastern Railroad Company
300,000 00
Porterville Northeastern Railway Company
$663,079,539 24
S700.000 00
4,001,810 64
4,701,810 64
$667,781.349 88
512
THE CHRONICLE
Purchased mfretired during the year:
Southern Pacific Company:
•
Four Per Cent Gold Bonds (Central Pacific Stock Collateral):
Purchased from general funds and held in the treasury
Four Per Cent Twenty-Year Convertible Gold Bonds:
Purchased from general funds and held In the treasury
San Francisco Terminal First Mortgage Four Per Cent Bonds:
Purchased from general funds and held in the treasury
Purchased from payments to sinking fund and canceled
[Vol,. 107.
$118,000 00
679,000 00
$37,000 00
5,000 00
42,000 00
Five Per Cent Twenty-Year Convertible Gold Bonds:
Purchased from general funds and held in the treasury
Retired In exchange for a like amount of common stock
$144,000 00
500 00
144,500 00
Equipment Trust Certificates:
Series A, Due March 1 1917, paid off
Series B, Due September 1 1917, paid off
Series 0, Due December 1 1917, paid off
Series D, Due May 1 1917, paid off
$1,012,000 00
201,000 00
117,000 00
511,000 00
Central Pacific Railway Company:
First Refunding Mortgage Four Per Cent Bonds:
Purchased from payments to sinking fund
Three and Ono-Half Per Cent Mortgage Gold Bonds:
Purchased from proceeds of sale of lands
Purchased from payments to sinking fund
Central Pacific Railroad, California & Oregon Division Five Per Cent Bonds:
Series A, Due January 1 1918
Series B, Due January 1 1918
1,841,000 00
$28,000 00
978,500 00
31,000 00
448,000 00
41,000 00
1,526,500 00
Houston & Texas Central Railroad Company:
First Mortgage Five Per Cent Bonds:
Purchased from proceeds of sale of lands
Oregon & California Railroad Company:
First Mortgage Five Per Cent Bonds:
Purchased from payments to sinking fund
South Pacific Coast Railway Company:
First Mortgage Four Per Cent Bonds:
Purchased from payments to sinking fund
Southern Pacific Railroad Company:
First Refunding Mortgage Four Per Cent Gold Bonds:
Purchased from payments to sinking fund
Texas & New Orleans Railroad Company:
Payment to State of Texas on account of School Fund Debt
28,000 00
30,000 00
225,000 00
13,000 00
5,088 55
Total purchased or retired during the year
$4,652.088 55
Amount of funded and other fixed interest-bearing debt of the Southern Pacific Company and of its Proprietary
Companies, outstanding
December 31 1917
8603,129,261 33
The outstanding securities are held as follows:
In the hands of the public
$553,968,670 66
Owned by Southern Pacific Company
$94,947,590 67
Owned by Proprietary Companies
2,742,000 00
Held in sinking funds of Proprietary Companies
11,471,000 00
109,160,590 67
Total
$663,129,261 33
ASSETS AND LIABILITIES.
SOUTHERN PACIFIC COMPANY AND PROPRIETARY COMPANIES, COMBINED.
ASSETS
-DECEMBER 311017, COMPARED WITH DECEMBER 31 1916, EXCLUDING OFFSETTING ACCOUNTS.
ASSETS.
Investments
Investments in road and equipment
Improvements on leased railway property
Sinking funds
Deposits in lieu of mortgaged property sold
Miscellaneous physical property*
Investments in affiliated companies:
Stocks
Bonds
Stocks Cost inseparable
Bondsf
Notes
Advances
Other investments:
Stocks
Bonds
Notes
Advances
Miscellaneous
Total
Current Assets
Cash
Demand loans and deposits
Time drafts and deposits
Special deposits
Loans and bills receivable
Traffic and car-service balances receivable
Net balance receivable from agents and conductors
Miscellaneous accounts receivable
Material and supplies
Interest and dividends receivable
Rents receivable
Other current assets
Total
Deferred Assets
Working fund advances
Other deferred assets
Total
Unadjusted Debits
Rents and insurance premiums paid in advance
Disount on capital stock
Discount on funded debt
Other unadjusted debits
Securities issued or assumed-unpledged t
Securities issued or assumed-pledged_t
Total
December 31 1917.
December 31 1916.
$982,028,004 54
1,454,270 66
13,711,547 27
916 88
30,778,341 24
$951,830,440 37
1,374,680 53
12,770,189 37
955 10
14,059,122 02
273,313,261 65
142,156,382 61
12,192,301 70
279,006:951 48
147,085,896 95
9,722,584 96
2,469,716 74
567,571 43
95,331,020 65
489,000 00
91,247,066 60
78,571 43
4,083,954 05
158,971 29
14,466,777 00
7,217,023 61
2,574,142 57
313,124 25
254,426 96
10,316,420 34
7,165,695 53
331,748 06
260,191 22
4,150,356 66
51,328 08
2,242,394 51
52,933 03
$1,576,263,657 35
$1,525,915,369 49
$50,348,287 86
$11,733,162 61
4,500,000 00
15,500,000 00
87,728 17
4,050,388 38
1,997,112 74
7,499,834 43
9,174,317 16
24,406,115 91
2,590,309 52
1,845,219 51
74,639 29
$12,114,850 52
8,000,000 00
6,850,000 00
1,791,406 30
185,775 49
1,004,641 46
3,936,975 36
6,840,733 89
16,217,750 13
3,145,845 50
27,039 58
36,517 38
3,864,612 89
992,471 28
3,562,859 07
2,333,583 27
8,188,365 78
$83,458,827 72
$60,151,335 61
$23,307,492 11
$103,434 45
4,017,883 74
$67,31542
6,332,479 29
$36,119 03
$4,121,31819
$6,399,794 71
$135,618 35
5,959,083 45
3,682,526 87
11,454,127 36
5,720,675 00
713,000 00
$118,648 56
3,678,600 00
3,827,969 63
6,883,827 27
4,432,175 00
713,000 00
$21,231,356 03
$14,509,045 46
Increase.
D erease.
$30,197,564 17
79,590 13
941,357 90
16,719,219 22
;616,000 66
-
1,818,17993
38,121 91
$38 22
5,693,689 83
4,929,514 34
95,455 67
$381,487 91
3,500,000 00
1,703,678 13
555,535 98
$2,314,595 55
$2,278,476 52
$16,969 79
2,280,483 45
4,570,300 09
1,288,500 00
$145,442 70
•,„4
$6,722,310 57
Total assets
$1,685,075,159 29 $1,606,975,545 27 I $78,099,614 02
*The value of the unsold Central Pacific Railway Company and Oregon & California Railroad Company land grant
lands is not included in
the statement of the assets above (see remarks concerning the Oregon & California Railroad Company
lands). t Excluded from total assets In accordance with regulations of Inter-State Commerce Commission.
513
THE CHRONICLE
AUG. 3 1918.]
LIABILITIES-DECEMBER 31 1917, COMPARED WITH DECEMBER 31 1916, EXCLUDING OFFSETTING ACCOUNTS.
Decrease.
Increase.
LIABILITIES.
December 31 1917.
December 31 1916.
Stock
Capital stock of Southern Pacific Company
Capital stock of Proprietary Companies*
$272,823,405 64
349.082,400 00
$272,822,905 64
343,834,900 00
$500 00
5,247,500 00
$621,905,805 64
$616,657,805 64
$5,248,000 00
$211,665,610 00
457,897,326 33
$213,512,110 00
454.712,604 24
$3,184,722 09
$669,562,936 33
6,433,675 00
$668,224,714 24
5,145,175 00
$1.338,222 09
1,288,500 00
$663,129,261 33
$663,079,539 24
$49,722 09
2,829,87225
11,222,155 49
$8,392.283 24
$665,959.133 58
$674,301,694 73
$8,342,561 15
$2,661,701 70
12,353,426 61
3,272,524 87
5,520,303 01
4,159,051 49
512,213 92
5,464,404 36
247,802 70
672,379 48
$1,766,018 92
10,354,631 02
946,555 68
4,856,967 74
4,145,057 89
23,213 92
5,482,893 42
13,789 76
602,148 06
8895,682 78
1,998,795 59
2,325,969 19
663,335 27
13,993 60
489,000 00
$34,863,808 14
$28,191,27641
$6,672,531 73
$135,222 20
$102,103 18
$33,119 02
$7,639,524 97
3,158,472 00
1,010,676 31
44,486,327 33
6,377,594 44
48,602,771 04
$1,692,093 23
1,695,586 67
529,034 15
37.649,047 26
35,880,141 66
$5,947,431 74
1,462,885 33
481,642 16
6,837,280 07
6,377,594 44
12,722,629 38
$111,275,366 09
877,445.902 97
$33,829,463 12
$351,906 71
21,087,445 45
9,397,707 47
3,818,177 83
$201,551 72
20,139,132 31
8,954,856 79
3,818,177 83
$150,354 99
948,313 14
442,850 68
$34,655,237 46
216,280,586 18
$33,113,718 65
177,163.043 69
$1,541,518 81
39,117,542 49
$250,935,823 64
8210,276,762 34
$40,659,061 30
$1,685,075,159 29
$1,606,975,545 27
$78,099,614 02
Total
Long Term Debt
Funded debt of Southern Pacific Company
Funded debt of Proprietary Companies*
Book liability
Less held by or for company
Actually outstanding
Non-negotiable debt to affiliated companies:
Open accounts
Total
Current Liabilities
Traffic and car-service balances payable
Audited accounts and wages payable
ryab e
accounts c
Interest matured unpaid
Dividends matured unpaid
Funded debt matured unpaid
trnmatured interest accrued
Unmatured rents accrued
Other current liabilities
Total
Deferred Liabilities
Other deferred liabilities
Unadjusted Credits
Tax liability
Insurance and casualty reserves
Accrued depreciation-Road..t
Accrued depreciation-Equipment
Accrued depreciation-Miscellaneous physical property4
Other unadjusted credits_ §
Total
Corporate Surplus
Additions to property through income and surplus
Funded debt retired through income and surplus
Sinking fund reserves
Appropriated surplus not specifically invested
Total appropriated surplus
Profit and loss-Balance
Total corporate surplus
Total liabilities
$1,846,500 00
$18,489 06
234,012 94
70,231 42
par value of $349,000,700
* The outstanding capital stock and funded debt include capital stocks and funded debt of Proprietary Companies of the by Proprietary CompaPacific Company or
by the
a total of $458,161,290
and $109,160,590 67, respectively, Proprietary Companies. 67, which securities aro ownedincludedSouthern
in the investments shown above. Of the said amount,
The cost of these securities is
or are held in sinking funds of
nies,
the issue of Southern Pacific Company
stocks of the Par value of $249,653,161, which stand charged on the books at $232,932,667 41, are pledged against
building at San Francisco, wood preserving
stock and bonds. t Represents accrued depreciation on electric power plants and substations, general office
Represents accrued depreciation on oil lands and improveSacramento rolling mill, oil storage plants, grain elevators, and. similar facilities.
works,
which have not been repaid.
ments acquired from Kern Trading & Oil Company. § Represents, principally, interest on construction advances
ROAD AND EQUIPMENT.
Two ocean-going freight steamers, the El Almirante and the El Capitan, of 10,350 tons displacement each, and the
ocean-going tank steamer Torres, of 11,110 tons displacement, were added to your Company's fleet during the year. the
To replace equipment vacated and to provide for increased requirements, your Company placed orders during
year for 57 locomotives, 41 passenger-train cars and 718 freight-train cars,for delivery in 1918; and is building at Company's
shops 56 locomotives and 3,808 freight-train cars. The cost of this rolling stock will be about $16,650,000.
LIBERTY LOAN.
they
enable the employees of your Company and of its affiliated companies to subscribe for Liberty Loan bonds, their
To
were permitted to subscribe through the Company for an amount of such bonds not exceeding twenty-five per cent of the
yearly salaries, the Company advancing the subscription ?rice of the bonds and charging interest on such advances at
bond rate, the amounts so advanced to be repaid to the Company by monthly salary dedcutions. The following statement
shows the bonds of each issue subscribed for on behalf of employees and on behalf of the Company:
First Loan.
Total number of employees subscribing
Per cent of employees subscribing to total employees
Total amount subscribed for on behalf of employees
Amount subscribed for on behalf of the Company
I Second Loan.
Third Loan.
19,973
27%
$1,918,800
5,000.000
19,078
27%
$1,843,700
5,000,000
64,129
81%
$5,019,400
2,000,000
e,019,400
$6.843,700
$6,918,800
Total subscriptions of employees and Company
* Of the amounts subscribed there were allotted to the Company $850,000 of First Loan bonds, $4.018.750 of Second Loan bonds, and $2,000,000
of Third Loan bonds.
THE SUIT INVOLVING THE RIGHT OF THE SOUTHERN PACIFIC COMPANY TO OWN THE STOCK OF THE
CENTRAL PACIFIC RAILWAY COMPANY.
On March 9 1917 the United States District Court at Salt Lake City decided this suit in favor of the Southern Pacific
Company. The Government has taken an appeal from this decision to the Supreme Court of the United States, but it has
not yet shown any disposition to avail itself of the right conferred by the Expedition Act to secure a prompt hearing of its
appeal. It may be that the appeal will not be brought on for hearing by the Supreme Court so long as railroads are being
operated by the President.
CONTROVERSY OVER THE OREGON & CALIFORNIA RAILROAD'S LAND GRANT.
California Land
On June 9 1916 Congress passed an Act revesting in the United States the unsold lands of the Oregon &or assigns (or to
Grant. The Act provided for the payment to the Oregon & California Railroad Company, its successors
those having liens on the land) of compensation for the lands unsold at the rate of $2 50 per acre, less whatever amounts it
might be determined, in a suit which the Attorney-General was directed to bring for the purpose, the United States was
of
entitled to offset on account of any money the grantee had received from the lands in excess of $2 50 an acre by reason to
past sales, leases or otherwise. The right of the United States to be reimbursed for payments made by the Government
the State of Oregon for taxes levied since the forfeiture decision of 1913, was another question to be presented in the contemplated suit. Such a suit was recently instituted and is now pending in the United States Court for the District of Oregon.
Our counsel will do what they can to expedite the trial of this accounting suit in order that the balance due us for the unsold
lands may be ascertained and paid.
THE SUITS INVOLVING TITLE TO THE OIL LANDS.
The taking of testimony in these oases has been concluded, and in April, 1918, the cases were argued and submitted to
the United States District Court in California. They are now under advisement. A few days after the submission of these
cases the United States Court of Appeals for the Ninth Circuit decided in our favor a suit which the Government had brought
to cancel patents to certain lands alleged but not proven to be oil lands. In arriving at its decision the Court of Appeals rendered an opinion which supported our contentions in the oil land oases now under advisement in the lower Court. Hence,
the prospects of a decision confirming our title to the oil lands are encouraging.
514
THE CHRONICLE
GENERAL.
Dividends on the capital stock of your Company were declared during the eyar, payable as
134
134
134
134
per cent paid April 2 1917
per cent paid July 2 1917
per cent paid October 1 1917
per cent payable January 2 1918
[VoL. 107.
follows:
$4,092,346 42
4,092,351 08
4,092,351 08
4,092,351 08
$16,369,399 66
With the exception of occasional bandit and Indian raids, the revolution
disturbances
Pacific Railroad of Mexico practically ceased in the early winter of 1916-17. aryis estimated on the line of the Southern
that the cost of property destroyed from the beginning of the Madero Revolution, in 1910, to December It 1917,
31
will
equivalent to $2,461,621. As stated in previous reports claims amounting to 287,953 pesos, approximate 4,923,241 pesos,
on account of these losses, were
filed with the Madero Government, and were approved, but have not been paid, and
on account of unsettled conditions no
further claims have been filed. The President of the United States of Mexico, under date
the formation of a commission for the investigation'of claims, but as yet the members of of November 24 1917, authorized
the commission have not'been appointed. As soon as conditions permit, claims will be filed for the aforesaid losses,
resenting amounts due for freight and passenger services performed, for rental of as well as for some 8,200,000 pesos, reproad
furnished to and confiscated by the various military authorities. The average mileage and equipment, and for materials
of road
1,005 miles, an increase of about 221 miles over the average mileage of road operated during operated during the year was
the year ended June 30 1916.
On account of the unsettled conditions, however, only such maintenance work was done
during the year as was absolutely
necessary to render it possible to operate trains over those portions of the line that were open
for traffic.
In addition to the completed lines of railway reported under Properties and Mileage,
Southern Pacific Railroad Company of Mexico, construction is progressing on the lines ofand the still incompleted line of the
the following companies, viz.:
Length of
Track
Grading
Grading
Projected Line.
Completed.
Completed.
Progressing.
Southern Pacific Railroad:
Miles.
Miles.
Miles.
Harrington to Hamilton, Cal
Miles.
61.23
48.36
Galveston Harrisburg & San Antonio Railway:
10.31
2.56
Rosenberg to Damon Mound, Texas
22.00
7.30
Pacific Electric Railway:
13.70
1.00
Lahabra-Fullerton Line
1'5.07
5.07
Visalia Electric Railroad:
Exeter to Strathmore
16.36
16.36
California Granite Company Spur
1.47
.97
.52
Extension Portex South
2.40
____
*San Diego & Arizona Railway:
2.00
.40
San Diego to El Centro. Cal
146.97
135.19
' ____
11.78
t 3.44 miles opened for traffic on September 10 1917 and 1.63 miles on February 1 1918.
* Jointly controlled through ownership of capital stock in
equal proportions with Spreckels Brothers.
On October 1 1916 litigation of four years and seven months' standing, that had
by the late Mr. E.H. Harriman with the Spreckels Brothers, John D.and A. B., to build grown out of relations established
the
from San Diego, California, to a point in the Imperial Valley on the line of your Inter-Cali San Diego & Arizona Railway,
fornia Railway, was terminated
and all differences composed by the execution of agreements which provide that:
1. Common stock of the San Diego & Arizona Railway Company to the amount of $2,000,00
0 be authorized.
2. $6,000,000 7 per cent cumulative preferred stock, preferred both as to income and
assets, be authorized.
3. $12,000,0006 per cent first mortgage bonds be authorized.
4. Each party to accept $1,000,000 of common stock at par in payment of cash advances
5. Each party to receive preferred stock at par in payment of other cash advances madeof the same amount.
prior to October 1 1916 with
accrued interest; the holdings, however, of the two parties to be equalized by the purchase
by Spreckels Brothers of one-half
the excess holdings of the Southern Pacific Company.
6. Each party to pay one-half of $1,430,000 advanced to San
and to receive therefor first mortgage 6 per cent bonds at face value. Diego & Arizona Railway Company by local banks,
7. Southern Pacific Company to advance the funds necessary to complete the line (146.97
miles total), estimated to be
about $5,000,000. Reimbursement to be made in first mortgage 6 per cent bonds at face
value.
The completion of this line of roadrof which but 11.78 miles are uncompleted at this date,
will enable your Company to
serve San Diego,a rapidly growing seaport, at which the United States Government has recently establishe
d a large and very
important naval base, with the shortest line from the middle West;and it will also connect
oping Imperial Valley, which is now credited with 60,000 inhabitants and 600,000 acres San Diego with the rapidly develin
dairy products hogs and cattle, which will certainly create a heavy local business. The cultivation, producing hay, grain,
of Imperial Valley, to San Diego by rail via Los Angeles, now 339 miles, will be reduced to distance from El Centro, the centre
147 miles by the completion of this
line.
Under the pension system put into effect on January 1 1903, nine hundred and sixteen employees
are carried on the
pension rolls of the rail and water lines. The payments to them for the year amounted
to
pension allowances for the six months ended December 31 1916, which were not mentioned$393,369 59. The payments of
in the abridged report as of the
latter date, amounted to $187,926 31.
FEDERAL CONTROL AND OPERATION.
On December 28 1917 the President of the United States took over the possession, control
and operation of your railroad
and steamship lines, under terms and conditions which thereafter were embodied in the
Act of Congress of March 21 1918,
which briefly provides:
1. Compensation for the use of the property taken, to be fixed by agreement between
the President and each carrier
company or by suit in the Court of Claims.
2. The President is authorized to agree with each company upon an annual compensat
to the average annual railway operating income of the carrier for the three years ended ion not exceeding a sum equivalent
June 30 1917. The railway operating income is determined by subtracting:
(a) Operating expenses;
(b) Uncollectible railway revenues; and
(c) Railway tax accruals, excluding war taxes;
from the revenues accruing from the carriage of freight, passenger, mail, express, &c. The
determined is to be increased or diminished by the net earnings or losses, as the case may railway operating income thus
be, from equipment rents and
joint facility rents.
(It is contemplated that an agreement with the President, if made, shall not only fix the compensat
ion but shall contain
adequate provisions respecting:
(a) Upkeep;
(b) Betterments and additions;
(c) Accounting;
(d) Payment of compensation;
(e) Deductions from compensation, &c.
At this writing representatives of the President and of the railroads are conferring
standard clauses for the agreement defining their respective rights and obligations. in the effort to agree upon appropriate
3. An estimate of the annual rental to be paid by the Government, assuming
listed under the head of "Properties and Mileage" on a previous page of this report that all the transportation properties
are taken over by the Government, is
$48,162,843 92.
The net miscellaneous rents, and leased road rents, accrue to the Company.
The annual rental to be increased by an amount reckoned at a reasonable interest
rate to be fixed by the President,
upon the cost of any additions and betterments, less retirements, and cost of road
extensions made with the approval or by
order of the President while the property is under Federal control.
4. War taxes to be paid by the carrier out of its corporate funds.
5. The property to 130 adequately maintained, repaired, renewed, and depreciation covered,
so that it may be returned
in substantially as good repair and as complete equipment as it was
at
6. Electric street and interurban railroad properties are excluded the beginning of Federal control.
7. If the agreement authorized by the Act is not made, a judicial from Federal control.
provided for; the Company's claim for compensation is to be referred ascertainment of the compensation to be paid is thus
to a board of three referees to be appointed by the
515
THE CHRONICLE
AUG. 3 1918.]
Inter-State Commerce Commission; if the report of this board is satisfactory to the President and the Company, an agreement may be made on the basis thereof. Otherwise a resort must be had to the Court of Claims to have the amount of compensation determined, in which event the report of the referees is to be taken as prima facie correct. Neither the referees
nor the Court are bound to adopt the measure of compensation based on previous earnings. Payment of the award of the
Court must await Congressional appropriation. In the meantime, the President, at his option, may pay not exceeding 90
per cent of the estimated annual just compensation due the carrier.
8. Dividends during Federal control not to exceed the regular rate of dividends during the three test years.
9. The President may order any carrier to make, at its own expense, additions, betterments, or road extensions, and
to provide terminals, equipment, &c. He may advance all or part of the expenditure on interest rates to be fixed by him,
or he may deduct all or part from the just compensation due the carrier. Any loss claimed by the carrier thereby, if not determined by agreement, may be submitted to a board of referees and to the Court of Claims. (The indebtedness which may
be imposed upon the carrier under this paragraph is unlimited.)
10. Carriers may issue securities, secured or unsecured by mortgage, for the purpose of providing funds for maturing
obligations or for other proper expenditures, as the President may approve.
11. The President to prescribe rates, fares,charges,classifications, and practices, which take effect as he may direct,
subject, however, to review by the Inter-State Commerce Commission.
12. The period of Federal control to continue during the war, and thereafter not to exceed 21 months following the
declaration of peace.
13. Moneys derived rom the operation of the carriers during Federalcontrol are to be the property of the United States.
This assumption of the control and operation of the railroads of the United States by the Government,on December 28
1917, marked an epoch in their history. On that day the era of management and control by the owners of the properties,
that had exited since their organization, ended, and one of indefinite duration under Government management began. The
year 1917 closed with the esprit de corps and discipline of your working organization, the physical condition of your property,
and the safety and other results of operation, at a higher standard than ever before had been attained. Therefore the time
seems appropriate to survey the achievements of 32 years, so as to form an idea of the growth of your property and the returns from its operation, by comparing data for the first calendar year of its existence (1886) with the corresponding data
of the last year of private management (1917). The income accounts and operating statistics are the sources of information
for making the following comparisons, and the balance sheets translated into ordinary conversational language give an idea
of the magnitude of the property interests and financial strength of the Southern Pacific Company:
COMPARATIVE OPERATIONS OF SOUTHERN PACIFIC SYSTEM IN 1886. THE FIRST COMPLETE CALENDAR YEAR OF OPERATION, AND IN 1917, THE LAST YEAR OF OPERATION BY ITS STOCKHOLDERS.
Per Cent
Year Ended
I
Year Ended
December 31 1917. December 311886. of Increase
37,088
11,137
91
4,846
129.82
$132,608,207
14,803,735,481
.923 cents
24,550,167
17.76
$5.04
602.98
$18.668,421
1,439.113.580
1.297 cents
(a)9,616,218
8.07
(b)$1.4
149.66
610.33
928.67
(c) 28.84
155.30
120.07
159.80
302.90
$45,380,193
2,024,390,972
31,085,797
$8,464,727
398.031,884
(a)5,953,054
436.11
408.60
422.18
$193,971,490
8,080,390
831,797,882
284,797
510.01
2,737.25
$202,051,880
832,082,679
529.79
$120.672,060
13,792,176
818,514,656
888,623
551.77
1,452.08
Number of Stockholders of Southern Pacific Company
1. Average miles of road operated
2.
3.
4.
5.
6.
7.
8.
Freight revenue
Ton miles of freight
Revenue per ton mile of freight
Freight train miles
Tons of freight per loaded and empty car
Revenue per freight train mile
Tons of freight per train
9. Passenger revenue
10. Passengers carried one mile
11. Passenger train miles
Operating Income.
12. Total operating revenue
13. Net revenue from miscellaneous operations, hire of equipment, and net rentals
14. Total revenue
15. Total operating expenses and uncollectible revenue
16. Railway tax accruals
17. Total expenses and taxes
$134.464,236
819,403,279
593.00
18. Operating income, including hire of equipment and net rentals
Other Income.
19. Interest and dividends received on securities owned, and other income
$67,587,644
$12,679,400
433.05
$7,248,979
$544,535
1,231.22
20. Total gross income
$74,836,623
$13,223,935
465.92
21. Interest on funded debt
22. Other payments
$24,219,075
1,488,131
$8,754,810
358,131
176.64
315.53
23. Total deductions from gross income
$25,707,206
$9,112,941
182.10
24. Net income
$49,129,417
$4,110,994
1,095.07
Deductions from Gross Income.
Disposition of Net Income.
25. Income applied to sinking and other reserve funds
26. Income balance transferred to credit of Profit and Loss
27. Per Cent of net income on outstanding capital stock of Southern Pacific Co
$978,097
$1,196,772
(018.27
$48,151,320
$2,914,222
1,552.29
17.65
3.27
439.76
147.9
$396.626,000 I
$983,482,275
28. Cost of road and equipment
a
gurus for 1886 represent locomotive miles, train miles not obtainable. (b) Based on freight locomotive miles, freight train miles not obtainable°
(c) Decrease.
In the ten years ending December 31 1817, the Company transported 422,000,000 passengers with but one fatality in
a train accident.
By the exercise of greater care in inspecting and Jourchasing, the failures of rails per 100 miles of track, equated as to
traffic borne, have fallen 35 per cent in eight years, and in number are but one-fourth as many as those on all railroads in the
United States and Canada, based on the latest available data.
Nineteen per cent more gross ton-miles per pound of fuel consumed, 45 per cent more ton-miles per freight car, and
86 per cent more ton-miles per freight locomotive owned were moved in 1917 than in 1900.
On December 31 1917 the combined obligations (debts), of every description, of your Company and its proprietary companies, consisting of amounts owed to security holders, employees, tradesmen, connecting lines,
tax collectors, and others (not including $51,874,598 08 of accrued depreciation on road, equipment, and miscellaneous physical property),amounted to
$1.382,264.737 57
The companies held to meet such obligations assets (property) amounting to
1,685,075,159 29
as follows:
(1) Book value of the investment in transportation property carried on the books of the companies forming the Southern Pacific steam
transportation system, consisting of 11,164 miles of first main track, 561 miles of additional main track, 4,150 miles of yard
track and sidings, 25 ocean steamships, 5 river steamships, 18 ferry boats and car transfers, 10 tugs, 63 barges, and 19 other
vessels, the whole forming a transcontinental system extending from New York City, via New Orleans and Galveston to San
Francisco, Cal., and Portland, Ore., with a lino extending from Ogden, Utah, to San Francisco, Cal
(2) Sinking funds for the redemption of outstanding funded debt, consisting of interest-bearing securities, and cash in the hacLs of
trustees, the income from which for the year amounted to $687,322 39
(3) Investments in miscellaneous physical property consisting principally of (a) the California Fuel Oil Department of Southern Pacific
Company, with an annual production of about 9,500,000 barrels of oil, and annual gross earnings of approximately $17,000,000,
and (b) terminal and other real estate acquired in anticipation of future use
(4) Investments in affiliated companies
983,482,275 20
13,711,54'427
mx
30,778,341'24
523,560,538.04
These investments in affiliated companies are represented by property as follows:
Stocks and bonds of proprietary companies of tho par value of $446,690,290 67, included in the outstanding obligations hereinbefore
mentioned but which are owned by the Southern Pacific Company and its proprietary companies:
Miles of Road
Operated.
Electric Railways26.71
Fresno City Railway and Fresno Traction Company
612.39
Pacific Electric Railway Company
63.60
Peninsular Railway Company
28.46
San Jose Railroads
12.74
Stockton Electric Railroad Company
36.58
Visalia Electric Railroad Company
Total
Carried forward
780.48
$1,551,532,701 75
516
THE CHRONICLE
[VOL. 107.
Brought forward
$1,551,532,701 75
Steam Railways—Full Ownership—
Southern Pacific Railroad of Mexico
1,240.52
Steam Railways—Half Ownership—
Independence & Monmouth Railway Company
Northwestern Pacific Railroad Company
San Diego & Arizona Railway Company (11.78 miles under construction)
Sunset Railway Company
Total
2.50
507.30
146.97
59.66
716.43
Grand Total
2.737.43
Other Companies—
Albion Lumber Company. 23,019 acres redwood timber, with saw mill and logging roads.
Associated 011 Company. (50.48 per cent of authorized stock owned by S. P. Co.); annual gross earnings, $28,000,000;
annual production, including subsidiaries, 10,000,000 barrels of oil.
Associated Pipe Line Company. (One-half of authorized stock owned by S. P. Co. and one-half by Associated Oil Company); 561 miles of eight
-inch oil pipe lines, 50,000 barrels daily capacity.
Beaver Hill Coal Company. 924 acres of coal lands, Coos County, Oregon.
East Coast Oil Company. Annual gross earnings $1,300,000; annual production 3,150,000 barrels of oil; development of
oil near Tampico, Mexico, on leased lands.
Pacific Fruit Express Company. Owned half by Southern Pacific Company and half by Union Pacific Railroad. 14,233
ventilated refrigerator cars.
Rockaway Pacific Corporation. 563.95 acres on Jamaica Bay, near Brooklyn, N. Y.
Rio Brava Oil Company. Annual production 320 000 barrels of oil.
Southern Pacific Building Company. Office building, Houston, Texas.
5) Other investments, principally securities in outside companies
6) Current, deferred and unadjusted assets consisting of:
Cash
$31,733,162 61
Cash assets
27,319,549 20
Material and supplies
24,406,115 91
Deferred assets and unadjusted items
25,352,674 22
24,730,955 60
108,811,501 94
Grand total of assets
•
$1,685,075,159 29
which exceeds all debts and obliations, including the outstanding capital stock, by an amount of $302,810,421 72, of which
$51,874,598 08 represents reserves for accrued depreciation and $250,935,823 64 represents an invested surplus which is
equivalent to nearly 92 per cent of the outstanding caiptal stock.
In addition the companies own 10,978,818 acres of unsold subsidy lands, allocated thus:
(a) Central Pacific Railway Company
(6) Houston & Texas Central Railroad Company
(c) Southern Pacific Land Company
7,076,215 acres
18,688 "
3,883,915 "
Total
10,978,818 "
and have a claim against the United States for the value of 2,353,446 acres of unsold lands of the Oregon (Cc California Railroad land grant taken over by the Government under Act of Congress passed June 9 1916, as more fu11y explained above.
.
Prior to 1905, when the first dividend was paid, the surplus accruing each year from the date of the organization of the
Company in 1884, was reinvested in the property, and the same course has been followed with the surplus remaining each
year,from 1906 to date, after the payment of dividends. As a result of this policy,46 cents of each dollar of surplus earned
.
during the Company's existence have been paid in dividends and 54 cents of each dollar have been put back into the property.
The Board is grieved to announce the death, on May 13 1918, of Mr.William Mahl,formerly Vice-President and. Controller of your Company. Mr. Mahl was connected with the Southern Pacific Company in various capacities of responsibility and trust, all of which he filled with conspicuous ability and fidelity from the date of its organization in 1884 to April 1
1913, when he was retired on pension.
The Board takes pleasure in conveying to the officers and employees of the Company its appreciation of their loyal
and efficient service, which has produced results far exceeding in excellence any ever attained in the history of the Company.
By order of the Board of Directors,
JULIUS KRUTTSCHNITT,
Chairman of the Executive Committee.
Sutter Basin Co.—New President.—
George W. Peltier has been elected President to succeed W. E. Gerber.
—Ar. 106, p. 2127.
Swift & Co.—Segregation.—Referring to the contemplated
segregation of this company's South American business,
President Louis F. Swift is quoted as saying:
"Directors have plans in contemplation for separating the South American business from that of the United States. No definite plan has been
agreed upon. As soon as it is, the stockholders and public will be notified
simultaneously." Recent strength in the company's stock has been attended by rumors of a possible distribution to stockholders in the above
connection.—V. 107, p. 409, 186.
(T. H.) Symington Co.—Chicago Shell Plant.—
The Symington Chicago Corp. has been granted permission to construct
buildings to a cost of $1,855,000 for use as a shell plant. Work has already
been commenced on portions of the enterprise.—V. 106, p. 2654.
(j. V.) Thompson Coal Properties.—Payment Made on
Purchase of Coal Lands—Sale of Coal Stock.—
The H. C. Frick Coke Co. has made the payments on the $7,000,00()
purchase price of coal lands from the J. V. Thompson creditors' committee and the distribution to the creditors in liquidation of the estate has been
commenced.
Judge Thomson in the U. S. District Court at Pittsburgh has appointed
J. W. Clark, Special Master, to sell, at public auction, 3,000 shares of
Liberty Coal Co. and 7,000 shares of Wetzel Coal & Coke Co., owned by
J. V. Thompson, but deposited to secure Mr. Thompson's indebtedness to
the First National Bank of Uniontown, Pa.—V. 106, p. 2565.
United Alloy Steel Corporation.—Earnings.—
The "Iron Trade Review," Cleveland, of Aug. 1 says: In the six months
ended June 30 1918, the United Alloy Steel Corp., Canton, 0. earned
slightly in excess of $2,000,000, net, after making allowance for Federal and
excess profits taxes. This is equivalent to $4 per share on the 525,000-share
capital and compares with $2,500,000 for the same period of 1917, which
was equivalent to $5 a share on the 500,000 shares then outstanding.
—V. 106, p. 1809.
United States Steel Corp.—Wage Increase—Earnings.—
Government for skilled watchmakers to work on4 nstrument repairs, the
Waltham Watch Co. has lost many skilled hands. In fact, to-day, owing
to the above causes, perhaps 33 1-3% of its more than 4,000 employees are
practically green hands. To drill these new recruits has retarded production until it has necessitated night shifts in some departments.
Faced with this situation, and the necessity of providing additional facilities for Government work, as well as keeping up its volume of watch
production, the Waltham Watch Co. has decided to open branch assembly
units and schools of instruction. The company already has a branch at
Newburyport and one in Gardner, and is planning to open others at Greenfield and Quincy as soon as expedient. These outside plants need practically no investment for machinery or tools, being devoted to training and
making of assemblers, and entail little initial expense beyond rental of
suitable space.
Waltham's watch and clock business was never so g,reat in its history.
On July 15 the company was 483,000 watches behind in deliveries. Its
entire output of chronometers and airplane clocks is going to the United
States Government. Its wrist watch business shows no diminution, and
the same demand extends through its entire line of watches. The difficulty is in getting out movements, not in getting orders.
On July 1 Waltham Watch mado a second voluntary increase in wages,
which will call for an additional operating expense of $300,000 per annum,
equal to the 6% dividend on the $5,000,000 preferred stock.
At the request of the United States Government, the company has invented and perfected an entirely new type of time fuse and is just beginning
deliveries on a small scale. It is anticipated this will eventually run to
considerable quantities.
Notwithstanding an increase in volume of business, net profits, due to
large advances in wages and raw materials, are running at a moderate increase over last year, when in the 12 months they totaled $1,050,000..
On Aug. 1 Waltham Watch will pay off $500,000 of its 4;-6% gold notes,
leaving but $1,000,000 of that issue outstanding. Further needs are supplied by its regular business paper and the total loan is at about the figure
of a year ago. ("Boston News Bureau," July 29.)—V. 106, p. 2238.
War Regulations.—Paper Restrictions, &c.
See pages 358 and 359 in last week's issue.—V. 107. p. 410, 187.
Westcott Express Co.—Rate Increase Applied for.—
This company ,which operates a taxicab service to and from and between
railroad and ferry terminals in New York, has applied to the P. S. Commission for permission to increase its rates 20 cents on each call. The proposed
increase, the application states, would provide an additional annual income of about $122,400.—V. 106, 13• 1583.
Chairman E. H. Gary has announced an increase of about 10% in wages
for day laborers with an equitable adjustment for other employees. The
statement follows: "The Finance Committee of the United States Steel
Corporation, after due consideration, has unanimously voted to increase
Western Union Telegraph Co.—Indictments.—
the wage rates of day labor at the manufacturing plants about 10%, to
The Federal grand jury has returned two indictments against this combecome effective Aug. 1 prox. Other wage rates will be equitably adjusted,
except in cases where advances have been made recently. Coal mining pany charging violation of the U. S. criminal code on the ground that the
companies are not included. Their employees heretofore received similar company has employed train service for the transmission of night letters
which weresupposed to have been delivered bywire, and that illegal comadvances."
petition had been entered into with the U. S. malls.
For quarterly earnings statement see "Reports" above.
Foreign Holdings of Stock.—
See page 364 in last week's issue.—V. 107, p. 410, 86.
Utah-Apex Mining Co.—Litigation.—
See Utah Consolidated Mining Co.—V. 106, 13. 606.
Utah Consolidated Mining Co.—/yitigation.— •
This company has filed a suit in the United States District Court at
Salt Lake city against the Utah-Apex Mining Co., charging trespass and
wrongful extraction of ore to the amount of not less than $500,000. The
plaintiff, under mining law, may receive triple damages.—V. 107, p. 187.
Waltham (Mass.) Watch Co.—Status.—The following
published data are believed to be based on fact:
There are between 16,000 and 17,000 separate and distinct operations
in the manufacture of a watch movement, many of these requiring a high
degree of skill, and the loss of a considerable number of trained workers is
a serious handicap to quantity production. Through the draft, voluntary
enlistments, temporary bonanza wages in ordnance plants and calls by the
Government Control—
See American Telephone & Telegraph Co. above and preceding pages in
this issue.—V. 107. p. 410.
Westinghouse Electric & Mfg. Co.—New Plant.—
In its issue for July 25 the "Iron Trade Review" publishes a seven-page
illustrated article, descriptive of this company's new plant at Essington,
Pa. It is designed exclusively for the manufacture of ship-propulsion
machinery.—V. 106, p. 2661.
Wisconsin-Minnesota Light & Power Co.—Earnings.—
Results for 12 Months Ended May 31.
1918.
1918.
1917. I
Gross earnings$1,785,242 $1,488,978 I Interest charges
$316,681
Op. exp. &tax 917,924
717,820 Preferred dividends
350,000
Dret earnings_ $867,318 $771,158 I Balance, surplus
$200,637
Capitalization: Bonds, $10,217,000: preferred stock, $5,000,000; common stock, $2,500,000. (Statistical department of Paine, Webber & Co..
82 Devonshire St., Boston.)—V. 100, P. 1797, 711.
AUG. 3 1918.]
THE CHRONICLE
1•Le Cenniit,ercial Niutes.
COMMERCIAL EPITOME.
517
favorable, the vanguard will probably be engaged on Canadian farms in two or three weeks cutting, having progressed
as far north as the Dakotas and Minnesota. Thousands of
men and boys who have been instrumental in saving the
banner wheat crop of the Central West are preparing to
perform the same service for Canada. Their employment in
Canada is the result of an agreement between the two Governments.
LARD in steady demand and firmer; prime Western
2
27.10@27. 0c.; refined to the Continent 27.90c.; South
America 28.3c.; Brazil 29.30e. Futures advanced with
corn and hogs. Packers have been buying. Shorts covered freely. A sustaining factor, too, was the good cash
trade, although daily exports, it is true, have latterly shown
some decrease as compared with recent totals. To-day
prices advanced a little, ending higher for the week, though
the monthly stock statement was not so bullish as expected.
But its effect was neutralized by an advance of 20 to 25c.
in hogs. The stockof new lard at Chicago on July 31 was
18,011,643 lbs., against 17,443,853 on June 29 and 45,954,501 lbs. on July 31 last year; of old,3,822,041,against 4,027,004 on June 29 and none last year; other lard, 16,315,013
lbs., against 19,033,966 lbs. on June 29 and 11,623,834 on
July 31 1917.
Friday Night, Aug. 2 1918.
Despite the Government domination of pretty much the
whole range of business in the United States, there is a large
civilian wholesale and jobbing business in some sections in
fact, at some points, it is unusually large for this time of the
year. It is said that the mail order business is larger than
a year ago. Collections are better. And with the exception of cotton, the crops are doing very well, even if the grain
harvests will not be quite so large as was at one time expected. Meanwhile the buying capacity of the country, particularly in the great agricultural districts, is plainly reflected
in a demand for various kinds of merdhandise that outruns
the supply. Retail business has been stimulated by warmer
weather. The demand is mainly for necessary goods, however, rather than for luxuries. Yet it is still true that
workers who are enjoying unusually higher wages are buying
with unwonted freedom. There is still a scarcity of raw
materials and fuel, which hampers manufacturers in some
sections. In others, where this is absent or less apparent,
business is brisk. There is abundant evidence that civilian DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Thurs. Fri.
Wed.
Tues.
Mon.
Sat.
business would be much larger than it is, were it not for the Aug. delivery
26.82
26.62
26.72
cts_26.50
26.67
26.70
26.62
26.57
26.47
26.42
precedence which Government requirements necessarily Sept. delivery
PORK has been quiet but firm; mess $49 50@$50, clear
take. Certainly manufacturing is, on the whole, far more
steel output and $45@52. Beef firm and in fair demand; mess $35@$35 50,
active than is usual in midsummer. The
the new advance of 10% in steel-workers' wages is striking packet $35 50@$36 50, family $38@l$39, extra India mess
evidence in this direction. Prices of commodities are very $57@$58. Cut meats have been in fair demand and firm.
firm. Cotton has advance sharply, owing to drought in. pickled hams, 10 to 20 lbs., 28@29c.; pickled bellies 34e;
Texas and the scaling down of crop estimates by the Govern- July pork to-day was $45 30. The stock of new pork at
ment some 1,700,000 bales within a month. It does not look Chicago on July 31 1918 was 9,476 bbls., against 7,275 June
as though the corn crop would reach a new high record, 29 and 11,565 last year; of short ribs, 14,933,195 bls. on
though it promises to be about 3,000,000,000 bushels, or July 31,against 12,661,595 June 29 and 14,977,255 last year;
the largest in six years with the single exception of last year, and the stock of total meats was 159,004,840 July 31, against
when it was 3,160,000,000 bushels. The outlook for the 150,215,901 June 29 and 147,663,362 last year. Butter,
4
crops at the Canadian Northwest has improved, owing to best, 45 Yi ®45%. Cheese, flats, 20@253 c. Eggs, 40®
timely rains. Meanwhile, one noticeable factor is the tight- 46e.
loans. The GovernCOFFEE in moderate demand; No. 7 Rio, 83'c.; No. 4
ness of money both on call and for time
ment now controls the telephone and telegraph wires as Santos, 8M@11%e.; fair to good Cucuta, 11 ®12c.
for war uses is Futures declined somewhat under liquidation. Wall St.
well as unskilled labor. The steel demand
so enormous that the civilian trade seems to have less has been selling. Less speculation is reported in Santos
chance than ever. And now manufacturers of farm wagons and prices broke there. The selling here of Dec. and May
and trucks have been called on by the War Industries Board is supposed to have been against recent Brazilian purto reduce greatly the varieties of product for the purpose of chases. To-day prices closed generally unchanged. They
conserving material, especially through the elimination of are lower for the week.
December
avoidable use of steel and iron and for purpose of reducing August __cts_8.06a8.09 January cts8.5408.55 March -cts_8.7808.97
8.92e8.33
8.6208.63 May
capital tied up in manufacturers and dealers' stocks. The September -.8.26 8.27 February _....8.7008.71 July
October _ __8.35 8.36
steel requirements of the Shipping Board for the next three November- 844@8.45
months call for 1,000,000 tons, an increase of 250,000
SUGAR in steady demand. Centrifugal, 96-degrees test,
tons over the regular monthly schedule for that period. 6.055c.; granulated, 7.50c. More demand is reported for
The increase is desired to provide reserve of 1,330,000 tons refined. But certificates are anything but plentiful. From
by November. A reserve stock is regarded by Mr. Schwab fruit sections the demand for refined is increasing. Reas a stimulus to ship production, and plans have been made finers are pretty well supplied for present requirements.
to keep it intact. Iron and steel are now described by the Meanwhile Cuban exports have fallen off sharply. Receipts
War Industries Board as the world's most precious metal. and stocks at Cuban ports also show a decrease. The InterLabor is still restive. Undoubtedly the labor problem in national Sugar Committee still limits allocations of raw
this country is becoming more and more acute. Fifteen sugar. The fact that the issuance of certificates from the
thousand employees of the Interborough Rapid Transit Co. Federal Food Board is still relatively slow undoubtedly
demand a 40% increase in wages, effective Sept. 1, the two- hampers the movement of refined into wholesalers' and reyear working agreements expiring the last of August. The tailers' hands. The question of the price to be paid for the
coal situation is, of course, sharply watched. The produc- next Cuban sugar has been referred to the Governments of
tion of bituminous coal for the week ended July 20 was the United States and Cuba. Representatives of the two
12,950,000 tons. For the past six weeks, excluding the week Governments are expected to arrive at an early solution of
ending July 6, the production exceeded 12,000,000 tons a the problem. Later the International Sugar Committee
week. The average weekly requirement as figured by the reported heavy purchases of raw sugar for August shipment,
Fuel Administrator, Dr. Harry A. Garfield, is 12,211,500 including 171,750 bags of Cuban at 4.985c., cost and freight.
tons, and the production to date for the coal year is 8,912,500 Refiners' receipts of raw sugar at ports north of Hatteras
tons behind this requirement. Evidently leadership that increased about 9,000 tons for the week, with little decrease
gets close to the workingmen is needed in the coal campaign in meltings. The Cuban crop, though it may not reach the
similar to that which has produced such striking results in earlier estimates of 3,400,000 tons, will be large, possibly the
the output of ships and airplanes by born leaders of men. largest ever grown.
-Linseed continues firm; City, raw American seed,
For, according to one computation, this country faces a
OILS.
coal shortage this winter of 25,000,000 tons. Efforts are, $1 90@l$1 92. Lard firm, $2 25; cocoanut, Cochin, 17% ®
ic.
however, being made to stimulate the output and certainly 18c. Ceylon, 163/@16Y Soya bean, 183@18/2c. Crude
2
it is to be hoped that they will be successful. Shipbuilding cottonseed oil, 17.50c. Spirits of turpentine, 61@62c.
energy does not relax, and now it is stated that American's Strained rosin, fair to good,$11.
shipbuilding program next year probably will be somewhere
PETROLEUM remains firm; refined in barrels, $15 50@
25@$9 25; cases, $18 75@$19 75. Gasobetween 8,000,000 and 9,000,000 tons. The Shipping Board $16 50; bulk,
is now sure that the former estimate of 7,000,000 will be line steady; motor gasoline, in steel barrels, to garages,
2c.;
exceeded. The Shipping Board contemplates building many 24Y to consumers, 263/20. Gasoline, gas machine steel,
great army transports, which, after the •war, will be converted 413/2c.; 70 to 76 degrees, 30IA ®39Mc. Various fields are
combination passenger and cargo boats, and will be adopting the recommendations made recently by the Petrolinto
used in the South American passenger service and other eum War Service Committee on the stabilization of prices.
trade channels. This country has an eye to the expansion There has been some talk of late of regulating the supply of
of trade with South America. The first launching at Hog gasoline for pleasure purposes, due largely to the steadily
Island next Monday wit be a 7,500-ton steel cargo carrier. increasing requirements of the Allies. Ringling, Okla.,
She is the first of 180 ships to be built at Hog Island. The wired that 7,000 acres of land in Johnston County, in the
present program calls for launching of 50 ships in the next vicinity of Ilavia, Mill Creek and Troy, have been blocked
five months and a total of 180 by August next year. As for oil and gas and mineral purposes.
$2 38 Illinois, above 30
South Lima
wheat supplies are becoming more abundant, hotels and res- Pennsylvania dark $4 00 Indiana
_ __$2 42
2 28
degrees
2 77
taurants can now return to the use of wheat flour in bread- Cabell
2 42 Kansas and Okla1 35 Princeton
Crichton
2 25
homa
260
2 85 Somerset, 32 deg
served to patrons. This releases them from the pledge Corning
1 25 Caddo, La., light.. 2 25
2 68 Ragland
Wooster
given last March to refrain from serving bread containing Thrall
2 25 Caddo, La.. heavy 1 25
2 25 Electra
2 78
2 25 Canada
wheat flour until this year's harvest had been gathered. Strewn
2 25 Moran
1 45
2 33 Healdton
2 15 Plymouth
Foreign crops are generally good. And it is of interest to De Soto
2 25
Henrietta
2 38
notice that under the direction of the United States Employ- North Lima
TOBACCO has been in moderate demand and generally
ment Service America's army of wheat harvesters is preparing
as a rule at this time of
cross into Western Canada. If the weather continues firm. New features are lacking
to
518
THE CHRONICLE
[VOL. 107.
the year. The latest weekly Government report says that
In order that comparison
tobacco was improved by the weather conditions of the week; we give below the totals at may be made with other years,
leading ports for six seasons:
topping was begun as far north as Wisconsin and New England. A Washington dispatch asys that about 220,000 lbs. Receipts at- 1918. . 1917.
1916.
1915. 1914. 1913.
more tobacco were on hand July 1 than was held on that date
Galveston ___
3,961 10,912 16,521 10,384
1,644 8,894
last year, according to a canvass by the Census Bureau just rexasCity,&c
363
10
86
made. Aggregate stocks of leaf tobacco amounted to New Orleans_ 12,354
5,480 12.175
5,806
2,069
1,443
Mobile
412
191
5,012
1,386,048,368 lbs., composed of 989,810,467 lbs. of chew- Savannah
886
56
957
5.882
4.507
1,844
765 2,222
ing, smoking, snuff and export types, 315,915,205 lbs. of Brunswick.._ _ 17,772
500 2,000
2,500 250
Charleston,&c
789
2,010
cigar types,and 80,323,696 lbs. of imported types.
66
468
224
166
Wilmington...
77
25 2,743
2.466
2
83
COPPER has been quiet; producers are none too anxious Norfolk
548
1,261
4,083
1,552
1,009
1,988
N'port N..&c.
to sell for delivery before Aug. 15. Some think that the fillothers
656
7,717
6,547
2,365
112
800
Government price of 26c. will be increased this fall. Certainly as already intimated offerings are not large at the Tot. this week 37.069 35,478 54,154 26.384
5,891 16,639
present price. Tin quiet at 94@95c. There has been Since Aug. 1_
11.548 15.1183 27.224 17.164
5,891 1R.521
an advance of late at London of .£1 10s. for spot standard
The exports for the week ending this evemng reach a total
and Straits and £2 for Eastern shipment. Lead scarce and
firm. The supply is unequal to the demand. New York of 16,301 bales, of which 10,089 were to Great Britain,
to France and 6,212 to other destinations. Ex8.05c. Spelter has been in small demand and weaker; New
ports for the week and since Aug. 1 1918 are as follows:
York 8.373/@8.40, at St. Louis 8.05@8.15.
2
PIG IRON consumers are anxious to contract for the year
Week ending Aug. 2 1918.
From Aug. 1018 to Aug. 2 1918.
1919, but producers are not in a position to consider transExported to
Exported to
Exports
actions so far ahead. Everything depends upon allotments • from- Great
Great
made by the Government. Furnaces are making every
Britain. France. Other. Tota . Britain. France. Other.
Tota .
effort to produce as much as possible, and they are favored Galveston__ 3,845
3,845
by a good supply of coke. June production was heavy and NewOrleans 2,638
2,638
that of July may not have fallen far behind, though the hot Mobile ____ 3,597
3,597
6,212 6,212
weather was something of a restriction. The general iron Savannah__
Baltimore__
9
9
situation, however, is unchanged. The point is that the
Total____ 10,089
6,212 16,301
demand outruns the supply. This must continue to be the
Total 1917_ 52,327 13,797 7,151 73,275 27,306 11,547 6,051 44,994
case probably for some time to come.
STEEL of course is in sharp demand, and the Government Total 1916_ 32,263 17,697 19,800 69,760 8,088 4,419 7,276 19,783
control of the industry grows more and more complete.
In addition to above exports, our telegrams to-night also
Although the production is about the largest over known, give us the following amounts of cotton on shipboard, not
it does not keep pace with the demand. Under the circum- cleared, at the ports named. We add similar figures for
stances, civilian wants can be but little regarded at least New York.
for the time being. Efforts will be made to increase the
allotment of steel to the shipyards. Above it all looms the
On Shipboard, Not Cleared for
ever-enlarging war demand. The half-year's demand for
Great
GerOther Coastshell steel is up to 3,000,000 tons. That is taken to mean
Aug. 2 at- Britain. France. many. Contl. wise. Total. Leaving
Stock.
an increase over the present rate of shipments of something Galveston ____
510
1,000 1,510 124.417
over 15%. The demand for plates is up to about the capac- New Orleans*_ 2,000 5,000
2,000 9,000 305,683
Savannah
ity of the mills, or 12% more than the highest record re- Charleston____ 13,500
1,500 15,000 142,444
31,304
cently. The Steel Corporation has raised wages 10%. Mobile
4,542
4,542
4,803
They are 103% higher than on Jan. 1 1916. Washington is Norfolk
150
150 66,336
New York*
5,000 2,000
1,000
8,000 125,999
helping jobbers to some extent. Their stocks have got down Other ports*__ 3,000
3,000 126,238
to near the vanishing point. But in the main, as already
Total 1918_ _ 28,552 7,000
1,000 4,650 41,202 927,224
intimated, the Government and the Allies come first. On
Total 1917... 43,464 4,464
7.792 9,182 64,902 473,297
Totid1WIR• 2711011 2 442
the 5th inst. there will be a conference at Washington to
25.2117 5.106 61.722 424.704
systematize allotments. Some changes have been made of
vEstimated.
•
late price differentials on charcoal iron, steel bars and
Speculation in cotton
plates, cast-iron pipe; chrome ore for factory purposes and moderate bounds, but for future delivery has kept within
prices advanced sharply on bad crop
seamless boiler tubing. Railroads are to use Bessemer reports. The worst was that
of the Government on the
steel rails.
1st instant. It caused a sudden advance of about 100
points. It was even more than that, reckoning from the
low point of the day. It stated the condition at 73.6,
COTTON.
against 85.8 last month, 70.3 last year, 72.3 in 1916 and an.
Friday Night, August 2 1918.
average of 77 for ten years. The average decrease in conTHE MOVEMENT OF THE CROP, as indicated by our dition during the month of July was 12.2%. This included
telegrams from the South to-night, is given below. For the 23% in Texas,22in Louisiana, 15 in Oklahoma, 14 in Arkanweek ending this evening the total receipts have reached sas, 9 in Florida and Mississippi, 6 in Alabama, 4 in North
37,069 bales, against 30,841 bales last week and 33,395 Carolina, and 3 in South Carolina and Georgia. Texas had
bales the previous week, making the total receipts since a percentage of 61, the lowest for August on record. LouisiAug. 1 1918 8,546 bales, against 15,880 bales for the ana was hardly less surprising, showing a drop to 65. The
same period of 1917, showing a decrease since Aug. 1 1918 report ppinted to a yield of lint cotton of about 13,619,000
of 7,334 bales.
bales, against 15,325,000 last month, 11,300,254 bales last
year, 11,449,930 two years ago, 11,191,820 in 1915 and
Sat. I Mon. Tues. Wed. I Thurs. Fri.
16,134,930 in 1914. The report was sharply criticized by
Total.
many
Galveston
70 753 1,434 1,145, ____
559 3,961 was as altogether too pessimistic. Its effect, however,
Texas City
marked. Big shorts in Wall
New Orleans..
251 2,101 2,759 4,396 ____ 2,847 12- 554 So did some local interests. LocalStreet promptly covered.
,
Mobile
and Texas trade interests
42
14.3
'77
150 412 were credited with buying.
Jacksonville
_. _ ___ _ _ _ _ ____ ____
So were Liverpool
50
50
Savannah
2,0(55 5,021 3,62'7 3,61'7 3,092
350 17,772 Orleans. And the point is made that August and New
Brunswick
generally
___
500 500 shows deterioration. Only once for
Charleston
52
17 ---------720 _-_years past has there
789
Wilmington
3 ____
-9
86
15 __
77 been an exception to this rule. That was in the big crop
Norfolk
24
158
125
55
109
f7
548
New York
50
_
183 _-__
27 260 year of 1914-15 when, as it happened, the big crop was not
Boston
'
296 at all needed, even though it turned out that it made good
Baltimore
-------------- ------50
50 the deficiencies of three following short crops in succession.
Philadelphia
Recently,
Totals this wk. 2.5571 8.347 8.017 9.602 3.936 4.6101 37.069 possibility too, the war news has suggested to some the
of peace some time during the present season just
The following shows the week s total receipts, the total begun. Also, shipbuilding is very active. Possibly the
since Aug. 1 1918 and the stocks to-night, compared with supply of ocean tonnage during the present season will outrun even the gigantic requirements of the Government and
last year:
leave a better supply for civilian commerce. That remains
to be seen. But people have latterly begun to speak of it
1918.
1917.
Stock.
Receipts to
as at least a possibility. If peace comes, of course, it will
Aug. 2.
This Since Aug This Since Aug
mean very much larger markets for American cotton
Week. 11918. Week. 1 1917.
1918.
1917. Continent of Europe to say nothing of England. on the
And,
Galveston
3,961
559 10,912 3,132 125,927 90,193 although the civilian consumption in this country may keep
Texas City
17,010 3,787 within comparatively moderate limits the Government's
New Orleans.._ _ _ 12,354
2,847 5,480
469! 314,683 145,823 requirements will be large as the army increases.
Mobile
412
150
191
24 9,345
Moreover,
Jacksonville
50
50 600
600 10.407 8,114 some of the recent advices about the Egyptian crop have not
3,200
Savannah
17,772 3,442 5.882
3,491 157;444 56,216 been altogether favorable.
Brunswick
500
500 2,000
On the other hand, however,
2,000 20,400 15,500
Charleston
789
720 2,000
1,325 31,304
6,562 exports are certainly small just now. The shortage of labor
Wilmington
77
15
25
25 39,396
Norfolk
548
186 1,261
773 66,486 47,625 tends to keep down consumption at the big textile centres
57.852
New York
260
27
104
36
Boston
296
4,500 2,618 133,999 65,801 of this country. Spot markets are less active. Mills are
19,404
9.376
Baltimore
50
50 2,513
1,387 16,000 25,000 plainly less inclined to buy. Some of them are carrying
Philadelphia
6,621
3.150 pretty good stocks of raw cotton. Others hold aloof expectTotals
37.069
8,546 35.478 15,880 968,426 538,199 ing the Government to fix a price on cotton, possibly something below the present level, or they await the announce-
.
ment of cotton goods prices, effective after Oct. 1. In any
-case, spinners are not buying as they were a while back.
The carryover into this season was large, and even with a
crop of 13,600,009 bales, assuming that there is no great
deterioration during August,. the season's supply, it is
contended, will likely approximate 17,000,000 bales, while
guesses on the world's consumption during the continuance
of the war are as low as 12,000,000 bales. If that is at all
correct there is a possibility, it is argued, of a carryover into
next season of at least 5,000,000 bales. Furthermore, a
good many, as already intimated, do not agree with the
latest Government report. They say it does not harmonize
with the weekly reports issued during the month of July.
They believe that while there has been some damage in
Texas it is exaggerated. Some recent reports have put the
condition of that State at 69.7 to 72. The critics think that
these reports are nearer right than those that put it at 61
to 65. Also, many reports indicate that the crop outside
of Texas is, for the most part, doing very well. And there
are those who do not believe that peace is likely to cone
during the present season. They look for a more prolonged struggle than that. Meanwhile, too, money rates
are high and many question whether the Southern banks
will encourage the South to hold back cotton as it did last
year. Immense sums will be required of the country in the
shape of taxes. A new Liberty Loan will be.launched
Sept. 28th. Every effort will be made to make it a quick
success. It is believed that the Federal Reserve bank
system will naturally expect the Southern bulks to keep
this in mind. Besides, the price is already high. Why,
it is asked, should the South hold for very much higher
prices? In a word, some look for a free marketing of the
crop during August and September. Recently spot markets
not only have been less active, but tending downward.
Southern stocks, both at the ports and interior towns, are
well known to be large: With the foreign market greatly
contracted and dom9stic consumption very likely to be
reduced, it is argued in not a few quarters, that the present
crop will press on the market with such weight that it can
hardly fail to bring about lower prices in the early months
.
of the season now. opening. To-day prices advanced 60 to
70 points on continued dry, hot weather in Texas, rains on.
the Eastern belt and buying by Wall Street, the West, Liverpool and local spot houses. On the rise Japanese interests
are supposed to have sold. .Middling uplands advanced
190 ,points to 30.45c., the closig price
to-day.The
official quotation for middling upland cotton in the
New York market each day for the past week has been:
July 27 to Aug. 2Middling uplands
519
THE CHRONICLE
AUG. 3 1918.]
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks, as
well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
1918.
bales_ 232,000
30,000
40,000
Sat. Mon. Tues. Wed. Thurs. Fri.
28.55 28.95 29 20 29.10 29.70 30.45
1917.
239,000
26,000
16,000
1915.
1916.
661,000 1,414,000
302,000
281,000
*1,000
732,000 1,543,000
*1,000
*1,000
*1,000
*1,000
*52,000
90,000
3,000
2,000
Aug. 2Stock at Liverpool
Stock at London
Stock at Manchester
155,000
3,000
78,000
14,000
*1,000
215,000
17,000
75,000
119,000
*1,000
252,000
8,000
55,000
331,000
*2,000
95,000
253,000
429,000
701,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
Total Continental stocks
Total European stocks
397,000
India cotton afloat for Europe......
10,000
Amer. cotton afloat for Europe.._ 103,000
Egypt,Brazil,&c.,afloat for Eur'pe 54,000
213,000
Stock in Alexandria, Egypt
*584,000
Stock in Bombay, India
968,426
Stock in U. S. ports
692,616
Stock in U. S. Interior towns
U. S. exports to-day
33,000
40,000
38,000
89,000
534,000 1,161,000 2,244,000
75,000
57,000
24,000
196,000 328,723 189,209
21,000
14,000
27,000
19,000 412,000
72,000
1,009,000 731,000 724,000
,538,199 496,527 721,277
343,792 329,168 467,001
1,096
11,906
3,022,042 2,755,897 3,138,324 4,583,487
Total visible supply
Of the above, totals of American and other descriptions are as follows:
American
bales. 89,000 148,000 530,000 1,155,000
Liverpool stock
72,000
34.000
9,000
12,000
Manchester stock
*83,000 *215,000 *333,000 *563,000
Continental stock
103,000 196,000 328,723 189,209
American afloat for Europe
968,426 538,199 496,527 721,277
U. S. port stocks
692,616 343,792 329,168 467,001
U. S. interior stocks
1,906
11,906
exports to-day
U. S.
Total American
•
t Indian, Brazil,
stock
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
1,948,042 1.461,897 2,053,324 3,167,487
91,000 , 131,000 259,000
143,000
40,000
26,000 . 33,000
30,000
17,000
7,000 4r- 4,000
28,000
*12,000 *38,000 j1*96,000 *138,000
75,000
24,000 ,4.. 57,000
10.000
21.000
27,000 %1%, 14,000
54,000
72,000 :,'!.' 19,000 142,000
213,000
*584,000 1,009,000 731,000 724,000
1,074,000 1,294,000 1,085,000 1,416.000
1,948,042 1,461,897 2,053,324 3,167,487
3,022,042 2.755,897 3,138.324 4,583,487
visible supply
Total
5.53d.
8.57d.
19.35d.
20.39d.
Middling upland, Liverpool
9.45c.
13.90c.
26.50c.
Middling upland, New -York_ _ 30.45c.
8.00d.
brown, Liverpool...._ 33.92d. 32.10d. 12.58d. 10.90d.
Egypt, good
20.00d. 13.75d.
Peruvian, rough good, Liverpool_ 39.00d.
5.25d.
8.30d.
19.69d. 18.70d.
Broach, Fine, Liverpool
5.37d.
8.32d.
18.88d.
Tinnevelly, Good, Liverpool____ 19.94d.
Total East India, &c
Total American
*Estimated.
bales.
Continental imports for past week have been
The above figures for 191.8 show a decrease from last week
1917, a decline
8.94 1894c
15.30 1902_c
6.88 of 123,428 bales, a gain of 266,145 bales over
30.45 191 _c
1918_c
13.10 1901
8.06 1893
8.00 of 116,282 bales from 1916and a loss of 1,561,445 bales from
25.65 1909
1917
7.44
9.75 1892
10.60 1900
13.45 1908
1916
6.12 1891
8.00 1915.
13.25 1899
9.30 1907
1915
6.06 1890
12.25
10.90 1898
1906
1914
11.31.
8.00 1889
10.95 1897
-that is,
12.00 1905
1913
AT THE INTERIOR TOWNS the movement
10.94
7.44 1888
10.50 1896
13.10 1904
1912
10.00 the receiptsfor the week.and since Aug. 1, the shipments for
7.12 1887
12.75 1895
12.60 1903
1911
the week and the stocks to-night, and the same items for the
MARKET AND SALES AT NEW YORK.
period of the previous year-is set out in
The total sales of cotton on the spot each day during the corresponding
week at Now York are indicated in the following statement. detail below.
For the convenience of the reader we also add columns which
Morement to Aug. 3 1917.
Moreownt to Aug. 2 1918.
show at a glance how the market for spot and futures closed
Ship- Stocks
Receipts.
Ship- Stocks
Receipts.
Towns.
on same days.
meats. Aug.
ments. Aug.
NEW YORK QUOTATIONS FOR 32 YEARS.
Week.
Spot
Market
Closed.
Futures
Market
Closed.
Saturday.._ _ Quiet, unchanged-- Very steady__ _
Wet, 40 pts. adv..- Steady
Monday
Tuesday _ _ _ Wet, 25 pts. adv_ _ Steady
Quiet. 10 pts. dec.- Steady
Wednesday_
Thursday _ _ uiet, 60 pts. adv_ _ Steady
Quiet, 75 pts. adv.. Steady
Friday
Spot. Contract Total.
-466 -466
3:666 3,666
3,400
Total_
Season.
Week.
2.
Week.
Season.I Week.
SALES.
3,400
Ala., Eufaula..
Montgomery _
Selma
Ark., Helena.._
Little Rock_
Pine Bluff.-Ga., Albany....
Athens
Atlanta
Augusta
Columbus..
-
7
200
2,857
500
50
1,950
100
81
53
400
765
1,187
260
1,000
560
60
200
194
3,199
1,890
5,888
1,061
4,492
32
434
1,885
110
18,048
170
19,500
7
1,678
423
12,930
192
20,000
52,781
457
3,600
15
8,021
246
3,5001
11,6321
2911
17,0001
100
20,000
321
5,200
2,374
1,946
8,300
13,700 12,937
20
9,200
50
70
14,455 4,092
3.
5,920
5
18
29
100
5
200
75
197
5
170
14,560
1,165
3,161
11,514
7,400
688
4,626
23,250
20,568
3,300
6,554
2,442
4,703
731
7,000
5,300 5,800
321 4,898
1,242 2,214
612
100
245 1,500
13,385 9,281
1,098 3,902
32
50
3,045 17,638
1,566
1,204
18
419
381
1,384 11,000
2.020
28,436139.568
286
110
2
68
32
180
2,753 3,120
799
177
339
1,280
790
3
1,878
1,100
6,742
198
931
458
676
50
Macon
493
Rome
801
100
433
La., Shreveport
Miss.,Columbus
500
Ciarksdale
60
30 1,110
125
Greenwood
50
392
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
Meridian
27. July 29. July 30. July 31. Aug. 1. Aug. 2. Week.
July
Natchez
7
73
Vicksburg..
•
265
Yazoo City..
August
11,520
1,154 3,849
24.95-.98 24.80 -25.45-.80 25.28-.35 25.00-.91 25.98-J05 24.80-105 Mo.,St. Louis_ 3,011
Range
75
400
25
100
25.06 -24.95 -25.70 -25.08 -25.71 -26.95-.97- - N.C.,Gr'nsboro
Closing
30
Raleigh
September
2,500
25.18 - --26.47 -25.18-147 0., Cincinnati_ 1,291
450 1,290
Range
24.95 -24.90 -25.50 -25.05 -25.81 -26.60 - -- Okla., Ardmore
Closing
200 4,800
Chickasha
October
42
24.70-.87 24.54-.90 24.82-.65 24.84-.35 24.80-197 25.70-.46 24.54-146
Hugo
Range
800
Oklahoma.._..
24.85-.87 24.85-.87 25.40-.45 25.00-.02 25.81-.82 26.34-.75--Closing
200
400
100 1,000 17,000
500
S.C.,Greenvill
November
770 3,745
--------------------Range
Greenwood..
1,044
1,985 16,415321,260 6,702
-24.94 -24.51 -25.26 -25.80 -- - Tenn.,Memphis 9,287
24.42 -24.40
Closing._
284
948
Nashville
December
63
24.15-.42 24.02-.38 24.30-.93 24.25-.80 24.23-140 25.14-.84 24.02-184 Tex., Abilene_
Range
25
35
769
Closing..- 24.34-.37 24.32-.36 24.85-.89 24.43-.46 25.18-.19 25.72-.73-- - Brenham
45
ClarksvilleJanuary
700
756 4,667 1,185
439
50
24.10-.30 23.89-.18 24.14-.82 24.10-.63 24.49-.25 25.06-.70 23.80-170
Dallas
Range
500
200
Honey Grove..
Closing__ 24.25-.27 24.16-.18 24.77-.78 24.28-.30 25.00-04 25.59-.61--1,686 12,573 20,774
2,859 9,979 86,927 5,412
6,304
Houston
February
400 1,600
--------Range
----- ----Parts
20
64
10
12,
16
- - San Antonio_
Closing__ 24.15 -24.08 -24.67 -24.18 -24.90 -25.52 -March
24.44-.77 24.06-.55 24.07-/17 25.09-.58 23.85-158 Total, 41 towns 27,000
9,357 54,5121692,616 33,1231 18,712 85,762343,792
24.00-.15 23.83-.15
Range
- Closing..... 24.22 -24.08-.09 24.73-.77 24.21-.22 24.90-.95 25.52 -April
The above totals show that the interior stocks have deRange
24.20 -24.00 -24.73 -24.22 -- 24.90 -25.52 --- - -creased during the week 27,512 bales and are to-night 348,824
Closing
May
time last year. The receipts at
23.99 -24.05-.13 24.50 -24.50 -24.17-.00 25.38-.40 23.99-140 bales more than at the same
Range
24.20 -24.05 -24.73 -24.21 -24Q0 -25 52 Closina
have been 6,123 bales less than the) same week
-The highest, lowest and closing prices at
FUTURES.
New York for the past week have been as follows:
4260
125o,
all town
last year.
520
THE CHRONICLE
[VOL. 107.
OVERLAND MOVEMENT FOR THE WEEK AND
Henrietta, Tex.
-There has been no rain during the week.
SINCE AUG. 1.
-We give below a statement showing the
overland movement for the week and since Aug. 1, as made The thermometer has ranged from 69 to 107, averaging 88.
Huntsville, Tex.
-It has rained on one day of the week.
up from telegraphic reports Friday night. The results for
week and since Aug. 1 in the last two years are as follows: the Minimum thermometer 70, highest 97, average 84.
Kerrville, Tex.
-There has been rain on one day
------1918
-----1917
week, to the extent of ten hundredths of an inch.of the
Aug. 2.
Since
The
Since
Shipped
Week. Aug. 1.
Week. Aug. 1. thermometer has averaged 81, the highest being 104 and the.
Via St. Louis
3,849
1,149
13,385
11,592 lowest 58.
Via Mounds, Sze
2,950
137
5,262
1,182
Via Rock Island
Lampasas, Tex.
-We have had rain on one day of the past
213
Via Louisville
318
975
105 week, the rainfall being two hundredths of an inch.
Via Cincinnati
The
921
350
2,227
348 thermometer has average
Via Virginia points
d 89, ranging from 71 to 107.
1,763
125
4,796
2,013
Via other routes, Sze
4,987
Longview, Tex.
524
2,362
2,036
-There has been no rain during the week.
The theremometer has ranged from 75 to 102, averaging 89.
Total gross overland
15,001
2,285
29,007
17,276
Deduct shipments
Luling, Tex.
-It has rained on two days of the week, the
Overland to N.Y., Boston, &c_ _ _ 606
77
7,117
4.041 rainfall reaching seventy hundred
Between interior towns
ths of an inch. Minimum
1,382
486
2,478
1,314
Inland, &c., from South
9,243
895
4,627
3,198 thermometer 65, highest 103, average 84.
Nacogdoches, Tex.
-It has rained on one day of the week,
Total to be deducted
11,231
1,458
14,222
8,553 the rainfall
reaching sixty-one hundredths of an inch. The
Leaving total net overland *
3,77Q
827
14,785
8,723 thermometer has averaged 86, the highest being
103 and the
* Including movement by rail to Canada.
lowest 69.
Palestine, Tex.
The foregoing shows the week's net overland movement
-There has been rain on one day
week, to the extent of four hundredths of an inch.of the
has been 3,770 bales, against 14,785 bales for the
year, and that for the season to date the aggregate week last thermometer has averaged 87, ranging from 72 to 102. The
net
Paris, Tex.
land exhibits a decrease from a year ago of 7,896 bales. over-Rain has fallen on one day during the
the precipitation reaching seventeen hundredths of anweek,
1918-----1917
inch.
In Sight and Spinners'
The thermometer has ranged from 70 to 108, averaging 89.
Since
Since
Takings.
Week.
Aug. 1.
Week.
Aug. 1.
San Antonio, Tex.
Receipts at ports to Aug. 2
-The week's rainfall has been one inch
37,069
8,546
35,478
15,880
Net overland to Aug. 2
3,770
827
14,785
8,723 and forty-four hundredths on two days. Average thermoSouthern consumption to Aug. 2.a 81,000
27,000 90,000
45.000 meter 64, highest 98, lowest 70.
Total marketed
Taylor, Tex.
121,839
-It has rained on two days of the week, the
36,373 140,263
69.603
Interior stocks in excess
*27,512
x4,000 *38,853
x11,150 rainfall reaching five hundredths of 'an inch.
Minimum
Came into sight during week
thermometer 72.
94,327
101,410
Total in sight Aug. 2
32,373
Weatherford, Tex.
58,453
-It has been dry all week. The therNor. spinners' takings to Aug. 2_ _ 50.267
mometer has averaged 87, ranging from 69 to 105.
8,000
37,114
21,088
Ardmore, Okla.
-There has been no rain during the week.
* Decrease during week. .x Less than Aug. 1. a These
figures are con- The thermometer
sumption; takings not available.
has ranged from 67 to 105, averaging 86.
Muskogee, Okla.
Movement into sight in previous years:
-There has been no rain during the week.
Average thermometer 82, highest 105, lowest 59.
WeekBales.
Since Aug. 1Bales.
1916-Aug.4
117,328 1916-Aug.4
Oklahoma City, Okla.
-We have had no rain the past week.
56,630
1915-Aug.6
85,691 1915-Aug.6
70.155 The thermometer has averaged 83, the
1914-Aug.7
61,859 1914-Aug.7
highest being 104
61,859 and
the lowest 62.
QUOTATIONS FOR MIDDLING COTTON AT OTHER
Brinkley Ark.
-We have had rain on one day of the past
MARKETS.
-Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for week, the rainfall being nineteen hundredths of an inch.
The thermometer has averaged 79, ranging from 53 to 104.
each day of the week:
Eldorado, Ark.
-We have had rain on two days during the
week, the rainfall being thirty hundredthd of an inch. The
Closing Quotations for Middling Cotton on
Week ending
thermometer has ranged from 64 to 104, averaging 84.
Aug. 2.
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
Little Rock, Ark.
-The week's rainfall has been fifty-seven
Galveston
hundredths of an inch on one day. Average thermometer 83,
126.75
26.75
26.75
26.75
26.75
27.25
New Orleans_ _ _ 28.00
27.75
27.75
27.75
27.75
highest 100 and lowest 65.
27.75
Mobile
28.50
27.75
27.50
27.50
27.25
27.50
Savannah
Alexandria, La.
29.00
-There has been rain on one day during
28.75
28.25
28.25
28.25
28.25
Charleston
30.00
29.00
29.00
the week to the extent of thirty-three hundredths of an inch.
29.00
29.00
Wilmington_ _ _ _ 28.00
28.00
28.00
28.00
29.00
The thermometer has ranged from 69 to 98, averaging 84.
Norfolk
' 28.00
27.75
28.00
28.00
28.50
29.00
Baltimore
29.00
29.00
28.50
New Orleans, La.
28.00
28.00
-We have had a rainfall of forty-six
28.00
Philadelphia
28.80
29.20
29.45
129.35
29.95
30.71)
hundredths of an inch during the week, on four days. Mean
Augusta
29.00
29.00
29.00
129.00
29.00
29.00
Memphis
,30.00
30.00
thermometer 82.
30.00
30.00
30.00
30.00
Dallas
25.50
25.95
125.60
26.30
26.85
Shreveport, La.
-We have had only a trace of rain on
Houston
26.50
26.50
26.50
126.10
26.50
27.00
Little Rock_ - _ _ 28.00
day the past week. The thermometer has averaged 87, one
27.50
27.50
,27.50
27.50
28.00
the
highest being 102 and the lowest 73.
NEW ORLEANS CONTRACT MARKET.
-The closing
Columbus, Miss.
-Rain has fallen on two days during the
quotations for leading contracts in the New Orleans cotton
week, the precipitation reaching forty-four hundredths
market for the past week have been as follows:
inch. The thermometer has averaged 80, ranging of an
from
Saturday) Monday, Tuesday, Wed'day, Thursd'y, Friday, 61 to 94.
Greenwood, Miss.
July 27. July 29. July 30. July 31. Aug.!.
-There has been rain on two days during
Aug. 2.
the week, the rainfall being one inch and fourteen hundredths.
August
25.05-.15 25.03-.13 25.59-.60 25.20-.25 25.94-.99
September
24.50-.55 24.48-.52 25.02-.05 24.65-.68 25.39-.43 26.46-.50 The thermometer has ranged from 61 to 102, averaging 82.
25.91-.95
October
23.75-.77 23.73-.74 24.27-.30 23.90-.95 24.65-.75 25.16-.19
Vicksburg, Miss.
-We have had rain on four days during
December
23.45-.47 23.38-.39 23.87-.90 23.41-.45 24.23-.25 24.74-.75
January
23.43-.46 23.32-.34 23.81-.83 23.35-.37 24.14-.17 24.71-.73 the week, to the extent of eighty-one hundredths of an inch.
March
23.40-.43 23.31-.35 23.77-.81 23.32-.34 24.16-.19 24.71-.73 Average thermometer 79.9, highest 92, lowest
66.
May
23.40-.43 23.31-.35 23.77-.81 23.32-.34 24.16-.19 24.70-.72
Mobile, Ala.
-Light rains in the interior. Picking
Tone.
Spot
getting under way. Shedding is reported in some localitieis
Quiet I Steady
Quiet
Dull
Dull
s.
Ontions
Steady Steady Steady Steady Steady Steady
It has rained on four days of the week, the rainfall reachin
Steady
g
two inches and twenty-eight hundredths. The thermometer
WEATHER REPORTS BY TELEGRAPH.
-Reports has averaged 78, the highest being 90 and the lowest
70.
to us by telegraph from the South this evening indicate that
Montgomery, Ala.
-The week's rainfall
over much of the South needed rains have fallen, but in the and fifty hundredths on three days. Thehas been one inch
thermometer has
averaged 80, ranging from 70 to 90.
Southwest dry weather has prevailed almost everywhere.
Selma, Ala.
-Rain has fallen on five days during the
Galveston, Tex.
-Droughty conditions still prevail over the
the rainfall being one inch and fifty-eight hundredths. week,
State, although timely showers have occurred in northeastern
Averthermometer 77.5, highest 90,lowest 68.
and some central localities. The plant is suffering from lack age
Madison, Fla.
-We have had rain on five days the past
of moisture and continued high temperatures and general
deterioration has set in. Picking is in progress in central week, the rainfall being one inch and twenty-seven hundredths. The thermometer has averaged 81, the highest
and southern districts. There has been rain on two days
during the week, the precipitation reaching thirteen hun- being 93 and the lowest 69.
Tallahassee, Fla.
-Rain has fallen on five days during
dredths of an inch. The thermometer has averaged 85, the
week, the precipitation reaching eighty-nine hundredthsthe
highest being 92 and the lowest 78.
of
an inch. The thermometer has averaged 82, ranging from
Abilene, Tex.
-The week's rainfall has been two hundredths
69 to 94.
of an inch, on one day. The thermomtor has averaged 84,
Atlanta, Ga.-There has been rain on five days during
ranging from 66 to 102.
•
Brenham, Tex.
-Dry all the week. The thermometer the week, to the extent of fifty-eight hundredths of an inch.
The thermometer has averaged 76, the highest being 85 and
has ranged from 73 to 102, averaging 88.
Brownsville, Tex.
-We have had rain on one day during the lowest 66.
Augusta, Ga.-The week's rainfall has been fifty-eight
the week, to the extent of twelve hundredths of an inch.
hundredths of an inch, on four days. The thermometer has
Average thermometer 85, highest 102, lowest 68.
averaged 80, ranging from 68 to 91.
Cuero, Tex.
-We have had rain on two days the
Savannah, Ga.-We have had rain on six days
week, the rainfall being eighteen hundredths of an past
inch. week, the rainfall being fifty hundredths of an of the past
The thermometer has averaged 86, the highest being
inch. The
104 thermometer has averaged 78, the highest being 90,
and the lowest 68.
and the
lowest 68.
Dallas, Tex.
-It has been dry all the week. The ther- Charleston, S. C.
-We have had rain on six days of the past
mometer has averaged 86, ranging from 76 to 96. I
week, the rainfall being two inches and 'forty-three hun
DOMESTIC EXPORTS OF COTTON MANUFAC-We give below a statement covering the exports of
TURES.
domestic cotton manufactures for May and for the eleven
months ended May 31 1918, and for purposes of comparison
like figures for the corresponding periods of the previous
year are also presented:
the
The Crop Reporting Board of the Bureau of Crop Estimates of the
of
United States Department of Agriculture estimates, from the reportscotton
that the condition of the
correspondents and agents of the Bureau,
25
crop on July 25 was 73.6% of a normal, as compared with 85.8 on June on
1918, 70.3 on July 25 1917. 72.3 on July 25 1916 and 77 the average
July 25 of the past ten years.
A condition of 73.6 on July 25 forecasts a yield per acre of about 177.3
0
pounds and a total production (allowing 17 from planted area for abed':
donment) of about 13,619.000 bales. That is, the final outturn will probably be larger or smaller than this amount, according as conditions hereafter
are better or worse than average conditions. Last year's production was
11,300,254 bales, two years ago 11,449,930, time years ago 11,191,820
and four years ago 16,134,930.
Comparisons of conditions, by States, follow:
Change June 25
July 25 June 25 July 25 July 25 July 25 10-Year to July 25.
1917. Argo.
1918. 1917. 1916. 1915. Avge.
State. 1918.
-10
79
84
87
75
85
Virginia __75
77
78
-2
70
-4
65
91
No. Caro_87
-1
-3
76
72
65
74
83
So. Caro .80
-2
-3
76
68
77
69
io
Georgia __77
78
80
-4
62
-9
80
79
Florida__ _70
-4
-6
74
71
54
65
84
Alabama _78
74
65
-9
76
-5
73
90
Mississippi81
77
-3
75
-22
75
74
87
Louisiana_65
76
78
-3
78
-23
68
84
Texas _ _61
80
80
-1
85
-14
71
91
Arkansas _77
81
-8
85
-1
82
71
94
Tennessee 86
-1
-0
80
83
82
78
93
Missouri__93
84
79
-1
-15
69
77
90
Oklahoma 75
100
96
+2
-i-2
*98
94
93
California 95
-1
-----88
96
Arizona __95
85.8
70.3
72.3
75.4
77.0 -12.2 -2.8
*Eight-year average.
Condition.
73.6
70.3
72.3
75.4
76.4
79.6
76.5
Year.
1911
1910
1909
1908
1907
1906
1905
Condition.
89.1
75.5
71.9
83.0
75.0
82.9
74.9
Year.
1904
1903
1902
1901
1900
1899
1898
.
Condition.IYear Condition.
86.9
91.6 1897
70.1
79.7 1896
77.9
81.9 1895
91.8
77.2 1894
80.4
76.0 1893
82.3
84.0 1892
88.9
91.2 1891
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statements indicate
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sourcesfrom
which statistics are obtainable. also the takings, or amounts
gone out of sight, for the like period.
Cotton Takings.
Week and Season.
1918.
Week.
Season.
1917.
Week.
Spason.
3,145,470
2,851,929
Visible supply July 26
2,814,776
Visible supply Aug 1
3,067,450
58,453
94.327
32,373 101,410
American in sight to Aug.
10,000
845,000
51.000
receipts to Aug.
5,000
Bombay
1,000
4,000
Other India shipin'ts to Aug. 1
85,000
1,000
Alexandria receipts to July 31
1,000
86,000
2.000
Other supply to July 31 *
Total supply
Deduct
Visible supply Aug. 2
Total takings to Aug. 2a
Of which American
Of which other
3,295,797 3,104,823 3,010,339 2,885,229
3.022,042 3,022,042 2,755,897 2,755.897
129,332
273,755
82,781 254,442
116,332
197,755
73,781 190,442
13.000
• 76,000
64,000
9,000
*Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces the estimated consumption by Southern mills
-takings not being
since Aug. 1, 27,000 bales in 1918 and 45,000 in 1917
available-and the aggregate amounts taken by Northern and foreign
spinners, 55,781 bales in 1918 and 74,482 bales in 1917, of which 46,781
and 61,482 bales American. 8 Estimated.
-Our Annual Cotton Crop
COTTON CROP CIRCULAR.
Review will be ready in circular from about Thursday,
Aug. 22. Parties desiring the circular in quantities, with
their business card printed thereon, should send in their
orders as soon as possible to ensure early delivery. Publication of this annual review has been deferred this year to
a somewhat later date (after the close of the cotton season)
than has been our usual practice, in order to afford more
time for the investigation of the situation at home and
abroad.
1918.
11 Mos.ending May 31.
1917-18.
• 1917.
1916-17.
yards_ 48,469,395 62,839,389 639,285,307 618,443,990
Piece goods
value_ $8,943,702 $7,215,322 $94,101,093 $63,952,886
Piece goods
Wear'g apparel,knit goods-val. 1,350,318 1,142,017 13,833,274 16,566,628
9,929,347 11,985,51
Wearing apparel, all other_val. 1,106,824 1,120,241
5,541,9
9,425,022
value.. 1,070,149
433,262
Mill waste
4,717,4
6,880,979
value
864,380
492,776
Yarn
value- 2,272,090 1,635,220 20,114,606 19,510,2
Allother
Totalmanufacturesof_value_ $15,607,463 $12,038,838 $154,284,321 $122,274,671
-The first bale of
SAVANNAH'S FIRST NEW BALE.
cotton of the crop of 1918-19 to reach Savannah arrived there
on July 29th from Seminole County, Fla. It classed strict
middling, well prepared, and sold at 40c. per lb. Last year
the first new bale was received on July 27th.
EXPORTS OF COTTON GOODS FROM GREAT
-Below we give the exports of cotton yarn,
BRITAIN.
goods, &c., from Great Britain for the month of June and
since Aug. 1 in 1917-18 and 1916-17, as compiled by us from
the British Board of Trade returns. It will be noticed that
we have reduced the movement all to pounds.
Total of AU.
Cloth.
Yarn & Thread
000's
1917-181916-17 1917-18. 1916-17. 1917-18. 1916-17. 1917-18. 1916-17.
omitted.
lbs.
lbs.
lbs.
lbs.
yards.
yards.
lbs.
lbs.
August_ 18,766 17,750 469,083 424,317 87,679 79,312 106,445 97.062
Sept--- 11,07 16,486 420,448 461,697 78,671 86,298 89,745 102,784
October 12,272 15,674 382,821 386,229 71,555 72,192 83,827 87,866
42,122 49,91 1,27,2,352 1,272,243 337,905 237,802 280,017 287,712
73,736 63,645 83,665 78,430
65,965 93,320 75,506 106,344
74,881 93,361 85,225 109,785
let q
Nov... 9,92 14,785 394,487 340,500
Dec__ 9,541 13,024 352,912 499,361
Jan__ 10,34 16,424 400,612 4990.84
CCM 1,148,011 1,339,345
2d quar. 29,814
214,582 250,326 244,396 294,559
7,151 11,975 363,002 330,125
March 11,088 12,996 302,975 444,328
April___ 8,758 10,298 392,366 347,140
64,251
56,631
73,340
61,705
83,052
64,886
73,680
96,048
75,184
71,402
67,719
82,098
3d quar.I 26,997 35,2691,058,343 1,121,593 194,222 209,643 221,219 244,912
May___ 10,306 12,001 403,191 473,567 75,363 88,517 85.669 100,518
June___ 12,370 14,232 363,246 394,594 67,897 73,943 80,267 88,175
1,954
1,450
Stockings and socks
43,113 43,662
Sundry articles
956,1311,061,492
Total exports of cotton manufactures
The foregoing shows that there have been exported from
the United Kingdom during the eleven months 956,131,000
pounds of manufactured cotton, against 1,061,492,000
pounds last year, a decrease of 105,361,000 pounds.
The following shows the condition on July 25 for a series
of years:
Year.
1918
1917
1916
1915
1914
1913
1912
Month ending May 31.
Manufactures
of
Cotton Exported.
BOMBAY COTTON MOVEMENT.
Since
Week.1Aug. 1.
1915-16.
1916-17.
1917-18.
July 11.
Receipts at
Since
Week. Aug. 1.
Since
Week.lAug. 1.
47,000 1,852,000 62,000'2.900,000 26,000 3,121,000
Bombay
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Receipts (cantars)This week
Since Aug. 1
1917-18.
1916-17.
1915-16.
15.835
6.035.602
Alexandria, Egypt,
July 10.
4,907
5.058.898
1,868
4.606.633
I
Since
Since
Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
Exports (bales)
5,329 214,726 2.731 213.585
137,299
131,609
- 8(5 132,598 4,395 182,129
730 193.788
120,731
219,802
To Liverpool
260,406
To Manchester
To Continent and India_ 3,026 85,843
75.420
To America
3.026 641,471 5,579 599.664 7.856 726,801
Total exports
-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
Note.
The statement shows that the receipts for the week ending
July 10 were 15,835 cantars and the foreign shipments
were 3,026 bales.
-Our report by cable from
MANCHESTER MARKET.
Manchester to-night states that the market is strong with
an active demand from India, mainly for light goods.
We give prices for to-day below and leave those for previous
weeks of this and last year for comparison:
1917.
1918.
32: Cop
Twist.
June d.
14 4731
21 48%
28 4934
July
5 49%
12 49%
19 4954
26 49
Aug.
2 4934 0
834 lbs. Shirt Cot'a
lags Common Mid.
to finest.
Upl's
32: Cop
Twist.
s. d. d. d.
d. s. d.
5) 23 434@30 134 21.8R 21
51)( 240 @320 22.19 23;4
52 240 @320 22.59 24%
52 240 @320 22.29 24)(
52 250 @330 22.04 24
52 25 1%033 13-4 22.09 24
51% 25 154033 134 20.63 24
52
25 13-4033 134 20.39 24
0 0000 000
dredths. Thermometer has averaged 78, ranging from
71 to 87.
-Rain has fallen on four days during the
Greenwood, S. C.
week, the precipitation reaching two inches and seventythree hundredths. The thermometer has averaged 76,
ranging from 66 to 86.
-We have had rain on six days of the
Spartanburg, S. C.
past week, the rainfall being one inch and seventy-nine hundredths. The thermometer has averaged 77, ranging from
65 to 89.
-Cotton is progressing splendidly. We
Charlotte, N. C.
have had rain on four days the past week, the rainfall being
fifty-two hundredths of an inch. The thermometer has
averaged 76, ranging from 66 to 87.
-We have had rain on five days the past
Weldon, N. C.
week, the rainfall being one inch and ninety-five hundredths.
The thermometer has averaged 76, the highest being 91 and
the lowest 60.
-The precipitation during the week
Dyersburg, Tenn.
reached forty hundredths of an inch. The thermometer
has averaged 77, ranging from 58 to 95.
-Some sections need rain but generally
Memphis, Tenn.
the crop is progressing well. There lias been rain on one
day during the week, to the extent of sixty-seven hundredths
of an inch. The thermometer has ranged from 65 to 96,
averaging 81.
pito THE AGRICULTURAL DEPARTMENT'S AUGUST
-The following statement, showing the condition
REPORT.
of cotton on July 25, was issued by the Department of Agriculture on Aug. 1:
U. S___73.6
521
TIIE CHRONICLE
AUG. 3 1918.]
syt lbs. Shirt Cot'n
lags Common Mid.
to finest.
Upl's
s. d. d.
d. s. d.
23 125 @166 17.06
26 13103-4619 0 19.15
26)i 131054(819 0 19.45
26)4 14 1348818 3
25% 1310%018 0
25); 1310348818 0
25)4 13 WM 018 0
25% 131034018 0
18.85
1900
19.00
19.15
10.35
522
THE CHRONICLE
[VOL. 107.
LIVERPOOL.
-By cable from Liverpool we have the fol- ports,
lowing statement of the week's sales, stocks, &c., at that port: Francewhereby, of course, shipments will be facilitated. In
good rains distributed over a wide area were very
July 12. July 19. July 26. Aug. 2. beneficial. Winter
wheat, rye, barley and oats look very
Sales of the week
6.000
5,000
7*000
4,000 favorable
Of which speculators took_
there. • Average yields for most of the grain crops
Of which exporters took
now seem assured. And France has now fairly satisfactory
Sales, American
3,000
3,000
3,000
2,000 supplies of grain
Actual export
on hand. In Italy harvesting is progreising
Forwarded
43,000
43,000
52,000
30,000 rapidly. It is favored by clear weather. Early threshing
Total stock
257,000 269,000 270,000 232,000
is satisfactory, both as to quantity and quality. Private
Of which American
89,000
92,000 107,000
89,000
Total imports of the week
56,000
65,000
57,000
5,000 estimates indicate a yield of about 164,000,000 bushels,
Of which American
27,000
39,000
46,000
5,000 as against 140,000,000 bushels
Amount afloat
last year and 179,000,0
114.000
95,000
Of which American
81,000 ' 59,000 69,000 85,000 1916. The area sown was approximately 10,868,00 00 in
50.000
59,000
The tone of the Liverpool market for spots and futures against 10,552,000 in 1917 and 11,880,000 in0 acres,
1916.
each day of the past week and the daily closing prices of Holland to all appearance will have normal crops.
In
spot cotton have been as follows:
Spain harvesting is well under way and fair yields are indicated. Clear weather favors harvesting and considerSpot.
Saturday. Monday. Tuesday. Wednesday. Thursday.
ing the earlier indications the general outlook is described
Friday.
as satisfactory. In Algeria the yield per acre is larger
Market, f
12:15 (
Quiet.
than last year when the area sown was smaller. On the
Quiet.
Quiet.
Quiet.
Quiet.
P.M. 1
whole the world wheat situation is distinctly better than it
Mid.Upi'ds
was a year ago. August liquidation was at one time a fea20.34
20.20
20.34
20.32
20.39
Good Mid.
ture. It was due to the regulations which make it necesUplands. HOLT20.97
20.83
20.97
20.95
21.02
Sales
sary for all those wha accept delivery to have a grain dealer's
DAY.
1,000
1,000
1,000
1,000
1,000
license issued by the Food Administration. Those without
Futures.
Quiet, un- Quiet,
Steady,
Easy,
Steady,
such license are forced to liquidate before the first of the
Market r
changed 31510 pts. 8014 pts. 150519 pts. 409948
Pts.
opened
I
to 6 pts.
advance
advance
month Clement, Curtis & Co. crop report puts the condecline.
advance.
adv.on new on new
1
on new.
dition of spring wheat at 78.8 indicating a crop of 318,711,Market, r
Quiet,
Quiet,
000 bushels. Total 911,159,000, against the Government
Quiet,
Quiet,
Steady,
4
(
129524 pts. 199936 pts. 1 pt. adv. 13(4)32 pts. 73g82 pts.
estimate of 890,930,000 July 15. There is a probability
P. M. (
dec. on
adv. on to 11 pts. decline,
advance.
new,
of an improvement in spring wheat on account of recent
new,
decline
19 pts. on 26 pts. on on new.
rains. Canadian reports show about 200,000,000 bushels
old.
old.
wheat on the increased acreages, compared with 211,000,000
The prices of futures at Liverpool for each day are given in prairie provinces last month. To-day a good export
below. Prices are on the basis of good middling upland and domestic business was reported in this country, but the
for new contract and middling upland for old contract, un- receipts at the principal primary points were no less than
2,876,000 bushels.
less otherwise stated.
July 27
to
Aug. 2.
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
12Y, 1234 1299 4 1234 4 1234 4 123.1 4 1234
p.m.p.m.p.m.p.m.p.m.p.m. p.m.p.m.p.m.p.m.p.m. 4
P. m
New Contracts. d.
d.
July
August
September__ _ _ HOLIOctober
DAY.
November_.
Old Contract,
July
•
d.
d. d.
d.
d.
d.
d.
d.
d.
d.
20.8920.7020.8020.8921.04 __ __ __ __ __ __ __ _ __ _ _
19.90 19.69 19.79 19.9620.03 19.85 19.68 19.5320.09 20.35
19.34 19.12 19.20 19.41 19.51 19.41 19.25 19.2319.69 19.96
19.0018.80 18.9319.11 19.21 19.11 18.96 18.97 19.39 19.70
18.73 18.53 18.69 18.89 19.00 18.90 18.76 18.77 19.19 19.51
18.56 nom 19.02 19.34
19.19 19.0919.05 19.35 19.19 _
-
BREADSTUFFS.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_23734 23794 23794 23734 23794 237A
24034 24034 24034 24034 24034 24034
No. 2 red
No. 1 spring
Indian corn advanced, partly owing to a falling off in the
interior movement and the firmness of the Western cash
markets. On the 30th inst. they advanced 5 cents on a
better demand. Exporters were understood to be in the
market. Liverpool has reported arrivals rather light, and
American export offerings maintained firm prices. It regards the recent American shipments as somewhat disappointing in point of quantity. At the same time, Liverpool
reports the Continental demand less active, and Argentine
holders offering good quality of corn more freely. From
Argentina there have been reports of greater activity in corn
and some demand from exporters. Clement, Curtis & Co.
put the corn crop condition in the United States at 78.8,
indicating 3,008,000,000, compared with the Government
estimate of 87.1 and 3,160,000,900 bushels last month.
They say that the decrease in corn was in Southern and Southwestern States, Missouri and Southern Illinois,.
with some damage in dry area in the Eastern States.
On the other hand, rains early in the week caused heavy
liquidation in corn. Good rains occurred in Kansas, Missouri, Illinois and Ohio. Also the visible supply figures are
now up to 10,092,000 bushels, as against only 3,144,000
bushels a year ago. The rains broke up the hot wave in
the Southwest, and had a depressing effect at one time.
Favorable war news also caused more or less selling. Early
in the week, too, receipts were liberal. And it is said that
the crop is several weeks nearer maturity than it was a
year ago. As for the crop, some private reports say that,
taking conditions generally over the belt the past month,
they could hardly have been improved. Some local sections
have been more or less injured by hot dry weather. But
the point is made that in the big surplus States conditions
have latterly been improving. .And although receipts at
primary points have at times been smaller than last week,
they have kept ahead of last year. To-day prices advanced.
They are higher for the week.
Friday Night, Aug. 2 1918.
Flour has remained quiet as many buyers have their thirty
days' supply on hand. Many, too, await increased stocks
of new flour. At the moment the supply here is undoubtedly
light. The market is particularly slow for soft winter wheat
flour and prices if anything have been somewhat weaker,
especially for this particular description. Mills are less inclined to insist on sales on sight-draft. The increasing percentage of the business is being done on arrival-draft basis.
Nobody looks for any real shortage of flour here; the new
crop is too near at hand. Besides there is known to be a
large quantity of flour on the way to New York. Some of it
is near at hand. Meanwhile it is plain, as already intimated,
that the trade here has for the most part provided for its
thirty days' requirements in accordance with the rules of the
Food Administration. Last year under the plan of using
substitutes New York consumed 350,000 barrels. A Washington dispatch to-day says that for having on hand more
flour than Food Administration regulations permit, the
Horlick Malted Milk Co. has contributed $50,000 worth of
its products to the army and navy, according to an announcement by the Food Administration. The surplus stocks of
flour have been surrendered, it was announced, and the
company, after admitting its fault, has agreed to observe
Food Administration regulations in the future.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Wheat receipts at primary points have latterly been large.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_18334 18334 18334 18334 19334 19334
For instance, on a single day they were no less than 3,861,- No. 3 yellow
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
000 bushels, as against 962,000 on the same day last year.
Sat. Mon. Tues. Wed. Thurs. Fri.
To all appearances, too,there is fa, good deal of export business. Aug. del. in elev.(new contract)cts.155 152 15494 15334 15534 157
being done here. No. 2 red winter has been selling, it ap- Sept. del. in elev.(new contract)--15634 15374 1553i 1547415734 159M
pears, at $2 343/i on track at New York to arrive. Crop
Oats declined, mainly owing
reports in the main have been favorable; so* favorable, in- Winnipeg, also, prices dropped. to rains in Canada. At
The Canadian crop in the
deed, that hotels, restaurants and railroads are relieved of main
been benefited
their pledge to abstain from the use of wheat flour. This of thehas oats States inby recent rains. And from some
chief
this country the reports are very
went into effect on the 1st inst. Harvesting is in progress favorable. It is
in northern California, and both quality and quantity are lower but for thebelieved that oats prices would have gone
firmness of
satisfactory. This applies also to barley and rice. In are reported to be increasing corn. Offerings of new oats
Oregon harvesting is well under .way. Foreign crops from the farms is expected . From now on the movement
look well.
Some reports even say that Russia Eastern cash demand has to grow larger and larger. The
will have a better harvest than at one time seemed for the most part export been slow. And it appears that
demand has been absent. Not a
probable. In the United Kingdom the weather has been. few think
generally good in spite of some complaints from cen- are filled. that foreign requirements for the time being
Exporters, too, were in some eases awaiting
tral England. Reports from the south of England,however, more definite knowledg
e as
are encouraging. British reports also point out that ship- On the other hand, it was saidto the quality of the crop.
that early in the week about
ments from North America this week increased. Much of 500,000 bushels of
old oats were taken by exporters for
it was cleared from Canada in the shape of flour. In Ar- August shipment. In Liverpool
there has been an active
gentina, thouglfthe weather has been cold, and rain is needed spot demand. Clearance
s
in some parts, the agricultural outlook is still very promising. decreased somewhat. But from America have latterly
in Liverpool there is a fair
Also the question of ships looks more promising. Cer- export demand at firm
prices. Foreign interests there are
tainly there are further arrivals of tonnage at Argentine absorbing Argentine
shipments on a liberal scale. The
AUG. 3 1918.]
THE CHRONICLE
Continental demand is steadily increasing. At the same
time larger arrivals at Liverpool are noted, and there has
been some increase in the allocations. Clement, Curtis &
Co. state the condition as 81.7, indicating 1,400,000,000
bushels, against the Government estimate of 85.5 and 1,437,000,000 bushels last month. To-day prices advanced
slightly and then reacted. They are a little lower for the
week. Receipts of new crop are increasing.
523
THE DRY GOODS TRADE.
New York, Friday Night, Aug. 2 1918.
The dry goods trade is gradually adjusting itself to the
new conditions brought about by Government control of
the industry, and there are many indications of returning
activity. Buyers are more anxious to place orders, and if
sellers were disposed to accept them, a large business could
DAILY CLOSING PRICES OF OATS IN NW YORK.
be transacted. While official fixed prices have been anFri.
Sat. Mon. Tues.
Wed.
Thurs.
cts-85% 84% 833 83@84 840843-1
Standards
83% nounced on most fabrics, there are a few descriptions re84
No. 2 white
853 843
8331
833
843
-a
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO. maining to be decided upon. Generally speaking, the prices
Sat. Mon. Tues. Wed. Thurs. Fri.
named are considered satisfactory, although a few of the
693.,
Aug.del.in elev. (new contract)cts_ 70% 693 69
6831 69
Sept. del. in elev.(new contract)_.. 699-1 68% 689-i 683
6831 689-1 quotations are looked upon as being too low and there is a
probability of these being readjusted. It is the opinion of
The following aro closing quotations:
many in the trade that the Government desired to encourage
FLOUR
increased production of certain fabrics by naming high
nom
Spring
$11 30@$11 50 Tapioca flour
10 90
11 25 Hominy
Winter
$5 00@$5 25 prices, and to discourage the output of other qualities by
11 40 Yellow granulated _-__ 4 750 4 95
11 25
Kansas
naming low prices. Aside from developments in connection
9 75l 11 25 Barley goods—Portage barley:
Rye flour
No. 1
Corn goods, all sacks 100 lbs.
$7 00 with the Government control, nothing of special interest has
6 25
Nos. 2, 3 and 4
White
$4 85 ©55 25
7 00 transpired in the markets for dry goods during the past
4 00 0 4 75
Nos. 2-0 and 3-0
Bolted
7 25 week. There has been an improved inquiry for delivery
5 00 0 5 25
Corn flour
No. 4-0
per lb. 53 ©6c.
Corn starch
Coarse, Nos. 2, 3 and 4---- 4 75 during the last quarter of the year,
but manufacturers are
Rice flour, spot and to
Oats goods—Carload,spot deper lb. 10(4)10lie.
arrive
9 70 slow about accepting contracts so far ahead, as they are
livery'
Barley flour (to arrive)$9 60010 25
uncertain regarding the revision of prices which is schedued
GRAIN
to take place in October next. While it is believed that
Wheat—
Oats—
84 084% prices will be revised downward, this assumption is based
No. 2 red
$2 3794
Standard
84% entirely upon the raw material situation. Late reports
No. 1 spring
24og
No. 2 white
No. 3 white
8394@84
No. 1 Northern
2 37
83 083% regarding the crop, according to the Agricultural DepartCorn
No. 4 white
No. 3 mixed
Barley
1 70
ment, are not encouraging. August and September weather
$1 20© 1 25
No. 2 yellow
Feeding
1 98
1 300 1 35 conditions usually play a very important part in determining
Malting
No. 3 yellow
1 889i
the size of the ultimate yield of the cotton crop, so there are
Rye—
No. 4 yellow
155@ 156
nom
Western
Argentine
1 71 possibilities of marked changes in the outlook
during the
For other Investment News, see page 476.
next sixty days. While the price and supply of raw material
WEATHER BULLETIN FOR THE WEEK ENDING are the principal factors governing the fixing of prices for the
JULY 30.—The influences of weather on the crops as sum- manufactured product, there are other conditions which
marized in the weather bulletin issued by the Department of have to be taken into consideration, such as cost of labor,
etc. Mills are reporting an increased number of cancellaAgriculture for the week ending July 30 were as follows:
COTTON.—The continued showery weather and moderate temperature tions of old orders, due to claims of non-delivery, but it is
In eastern portions of the cotton belt were favorable for growth and cotton believed that buyers are desirous of taking advantage of the
made satisfactory advancement in most of that part of the belt. West lower fixed prices. Those wha are canceling their orders
of the Mississippi River, however, dry weather and high temperatures
continued, which intensified the lack of moisture previously reported for are likely to encounter difficulty when they attempt to
nearly the whole of this area. Cotton made good to excellent advance- make re-purchases. Jobbers report a more active trade, as
ment in the Carolinas and the plants are fruiting well generally in these
States. Fairly good growth was made in Georgia, but there are some com- many have commenced to reduce their prices to accord with
plaints of shedding, while satisfactory progress is reported from the other the fixed levels. The basis of profit for the jobbers, howStates east of the Mississippi. The plants are small in Alabama, and there
are complaints of shedding the premature top blooming, but the crop is ever, has not as yet been officially decided upon, so there
fruiting satisfactorily. In Arkansas and Louisiana good advancement are some who hesitate to revise their quotations as any
was made where rain occurred, but little progress is noted in many localiThe export division
ties of these States. The crop made no growth in Oklahoma on account downward revision will result in loss.
of continued drouth, and the plants are shedding and blooming at the top; of the market remains quiet.
cotton in this State continues in fair condition, however,except in the southDOMESTIC COTTON GOODS.—More activity has
west portion. The unfavorable conditions previously reported in Texas
were intensified during the week and growth, has stopped in that State; been noted in the markets for staple cottons. While many
the plants are small, shedding, prematurely blooming at the top, and the
cancellations of old orders are taking place, sellers are enbolls are opening too rapidly. Weevil continues generally inactive, except
in southern Georgia, where those pests, together with red spiders, are doing deavoring to re-purchase at the lower levels fixed by the
considerable damage. Local damage from red spiders is also reported
from many localities in North Carolina, but the rains checked their activity Government and are willing to take their chances as regard
In that State. Cotton is being picked in central Florida and this work is delivery. Mills, on the other hand, are discouraging all
progressing satisfactorily in central and southern Texas, while early bolls such business, and many of those who
have canceled their
are opening iher portions of the Gulf Coast section.
orders are being compelled to go elsewhere to replenish their
-- WIgr
"
airWITEAT.—Winter wheat - 7
—Tai e.dvancect
7
more northern districts and progressing in higher elevations of the Rocky stocks. Government buying continues heavy, and further
Mountain and plateau States. Some delay in this work was caused by
rains in the northern plains region and also in the far Northwest, but else- large orders for sheetings and pillow casings have been
where favorable conditions prevailed. Thrashing is progressing satisfac- placed. There has also been a good inquiry for brown
torily generally, with mostly good to excellent yields and a good quantity sheetings, and many buyers have been obliged to seek supplies
of grain, except in portions of the far Northwest, where the yield is disappcnnting, which condition has been heretofore indicated in this bulletin. from second hands, as manufacturers are sold up and unable
This work is well advanced or completed in the principal wheat
-growing to accept additional orders. All heavy goods are virtually
areas of the country and no complaints have been received of damaged
grain by unfavorable weather. Plowing for next year's crop is progressing out of stock, with mills sold so far ahead that they are not
In central districts. se
i'sosw/tfrasissotio*tra. -0
, ..-.'w
in a position to take on any new business. In fact, they are
"'"fttv4,,
torriPRING WARAT.—The good showers in many localities fromothe discouraging business for civilian account wherever possible.
- —
western portions of the Dakotas westward improved the condition of late
spring wheat, and the general outlook is now better in this area. The east- Finished goods have been more active as regards both
ward harvest progressed satisfactorily in most localities, although rains bleached and colored goods. Manufacturers are refusing to
caused some delay in this work in the Dakotas, Wisconsin and northern
Iowa, and some local damage to the crop resulted in South Dakota. The accept new business, and as a result buyers are gradually
general outlook continuos favorable in the large producing areas, although withdrawing from the market. Gray goods 383/
2-inch
rust has appeared in the west central counties of Minnesota and locally in
Iowa. Harvesting was begun during the week well toward the northern standard are quoted at 1634c.
limits of the spring wheat belt, and this work is in progress in the central
WOOLEN GOODS.—In the market for woolens and worRocky Mountain States, and also at the lower elevations of the northern steds it is becoming more evident that a larger
amount of
plateau and Pacific Coast districts. Thrashing is progressing under genmanipulated fabrics will have to be turned out by manufaceral' favmable weather conditions in the southern portionsof the belt.
tN—l)ry weather and hightemperaturesi afled during the week turers than ordinarily in order to conserve the supply of
in most sections from Missouri and central Kansas southward, and as a
result corn was unfavorably affected. In Texas late corn is a failure, raw wool. There have been no openings worth mentioning
except in a few localities where timely rain occurred. It is in very poor of fabrics for next spring, but it is reported that there is a
condition generally in Oklahoma and much of Arkansas, while the condition is critical in Kansas; it made good to excellent advancement in north- possibility of some lines in the men's wear trade being shown
east and east central counties, but very poor in extreme southeastern in the near future. A few openings are also scheduled,for the
Kansas. The growth is very poor generally in Missouri. There are a dress goods markets, but it is likely that the goods will be
few other places in Central and Eastern States where corn was unfavorably affected by lack of moisture, but in general from Nebraska northward sold quietly and to reliable customers in order to avoid
and eastward and from Illinois, Indiana and Ohio southward the weather speculation. The Government has not as yet released any
conditions were more favorable, and corn made satisfactory development.
It is sIlking and oaring nearly to the northern limit of the country. Fodder wool for the manufacture of goods for civilian use, but is
pulling is under way in the Southern States, and early corn is nearly ma- expected to within the next few weeks.
, .
..tured in Arkansas. -.14.4b, ort , ....ban,
FOREIGN DRY GOODiS.—As stocks of pure linens are
marats al=r
S--""d
4
ripening"11.-Mnr-. .*. - .. 1
"" "
rM- 1.11d;7•Ico
(7
ts and the higli
localities to the westward under favorable conditions. Timely rains and dwindling and arrivals small, business in imported fabrics
Northwest were very beneficial to late oats, and
cooler weather in thcl far
considerable improvement is noted in that section. East of the Rocky continues to decrease. As a result of these conditions more
Mountain oats are maturing and harvest is progressing well to the north- attention is being devoted to substitutes, demand for which
ern limits of the country. This work was begun during the past week is growing. There has been active buying of these for army
In the southern portion of New England, New York and northern Pennsylvania. Harvest was delayed somewhat and some lodging occurred and navy use. Heretofore most of the Government specififrom high winds and rain in northern Iowa and southern Wisconsin. Oats cations for table and bedding supplies called for pure linen,
show short straw in Michigan, but the heads are well filled in that State
and the outlook continues excellent in the Northeastern States. Thrash- but, owing to the growing scarcity of the latter, substitutes
ing is favorably progressing with resulting good yields in the dentral dis- are now being taken. Civilian demand is also increasing,
tricts. Rye harvest is advancing in the mountain districts of the West;
elsewhere it is about completed, with generally good yields, except in por- and merchants handling linen substitutes report busin.ess
tions of the far Northwest, where dry weather has persisted.
exceeding expectations. According to advices from abroad,
BARLEY.—Barley harvest in the elevated districts is progressing fatis- the outlook for the flax crop is improving, but most of the
factorlly, and thrashing is going forward elsewhere. This grain is yieldproduction will be conserved for military requirements.
ing batter than expected in the far Northwest.
RICE.—Rice continues in good condition in Arkansas and is doing very Burlap markets remain inactive and without feature. Light
well in Louisiana, except where too dry locally in the southwest portion. weights are quoted unchanged at 19.25c. and heavy weights
This crop is still in fair to excellent condition in Texas and the outlook conat 24.50c.
tinues promising in California.
524
THE CHRONICLE
VoL. 107.
218 and 246, respectively. This contrasts with 320 and 381
July 1917.
June 1918 and
PATE MOLmrDErmamENT, forFor comparativewith 582 and 693 for the following table
purposes we add
MUNICIPAL BOND SALES IN JULY.
Compared with the month of June, when $26,637,833
municipal securities were placed, the output for July shows
a considerable falling off, there being only $18,542,188 reported sold to date, making a total for the seven months in
1918 of $163,603,435 as against $314,407,599 for the same
period in 1917. The aggregate for last month is the lowest
for July since 1907, when only $16,352,457 bonds were contracted for. In July 1917 the sales of municipal long-term
issues amounted to $92,828,499, but included therein were
$55,000,000 New York City obligations. Prices for New
York City issues, which previously were on the rise, have
been receding during the past few weeks. For instance,
the 432s, due 1965, which have been very active since April,
sold on July 3 at 101%, a basis of 4.41%, but are now dealt
in at around par.
Among dealers in municipal issues opinion appears to be
divided as to the reason for the slight decline, one view being
that municipal obligations must be regarded as having
reached their zenith for the present, at least, while others
say the change must be attributed to the possibility that the
Fourth Liberty Loan, the campaign for which it is announced will be launched on Sept. 28 and continue until
Oct. 19, may contain more liberal tax-exempt features than
did the last two issues.
The largest blocks of long-term bonds placed during July
were by the Port Commission of the State of Louisiana and
the Sanitary District of the city of Chicago. The former
disposed of $2,500,000 5% bonds for the development of its
waterways and river fronts, to a syndicate, consisting of
Halsey, Stuart & Co., and the Wm. R. Compton Co., which
is now offering these bonds to investors on a 4.85%
basis. according to maturity. The latter placed $2,000,000
bonds with the Harris Trust & Savings Bank, the Continental Trust & Savings Bank, and the First Trust
Co., all of Chicago, at 98.805 for bonds bearing interest at 43%. Other important sales during July and
the prices realized in each case were: Cascade Co.
Mont., $243,000 5s and $224,000 43 s at 100.004; Erie (Pa.)
%
School District, $175,000 4s at 101.374, and $100,000 43's
at 101.301; Hancock Co., Ohio, $117,800 5s at 100.169;
Lynchburg, Va.,$210,000 4 at 93.78; Middlesex Co., N.J.
$288,000 W at 100.509; Monmouth Co., N. J., $90,000
is
4s at 100.522; State of Oregon, $690,000 4s at 93.30;
Richmond, Va., $500,000 6s at 103.08; Salt Lake City, Utah,
$350,000 5s at 101.146: Schenectady, N. Y., $70,000 4.65s
at 100.03, $24,000 4.65s at 100.032 and $10,500 4.70s at
100.028; Syracuse, N. Y., $250,000 5s at 103.78; Walpole,
Mass., $150,000 4
at 101.679; West Side Irrigation District, Calif., $100,000 4s at 103.258; Whitman Co., Wash.,
$242,000 6s at 100.064; and Yonkers, N.Y.(2 issues), $912,000 5s at 101.994.
Aside* from New York City's issuance during July of
$53,000,000 revenue bills, of which $15,000,600 were disposed of at public sale on the 29th on a 4.235% interest
basis, temporary borrowing last month amounted to only
$3,960,000. This included $300,000 by New Bedford,
Mass., at 4.41% discount; $220,000, $250,000 and $125,000
by Rochester, N. Y., at discounts of 4.43%, 4.35% and
4.30%, respectively; $300,000 by Manchester, Mass., on a
4.40% discount basis; $400,000 by Worcester, Mass., on a
4.22% discount basis; $150,000 by Schenectady, N. Y., on
a basis of 4.50%, and $500,000 by Richmond, Va., on a
basis of 4.95%.
In addition to the above, Canadian debentures sold in
July totaled $2,472,824, including an issue of $900,000 6%
debentures put out by the Montreal (Que.)Protestant School
District at 90.05, and $1,000,000 6% Province of Manitoba debentures sold at 96.77.
Below we furnish a comparison of all the various forms of
securities sold in July during the last five years:
showing the aggregates for July and the seven months for a
series of years. In these figures temporary loans, and also
issues by Canadian municipalities, are excluded.
1918
1917
1916
1915
1914
1913
1912
1911
1910
1909
1908
1907
1906
1905
For the
Month of
July:
Seven Months.
$18,542,188 $163,603,435 1904
92,828,499
314,407,599 1903
37,611,448
321,076,020 1902
33,889,870 356,818,480 1901
26,776,973
384,334,150 1900
23,477,284
242,356,554 1899
30,479,130 276,768,423 1898
42,231,297
265,493,667 1897
35,832,789
198,678,899 1896
20,120,647 227,245,964 1895
21,108,678
190,191,257 1894
16,352,457
131,700,345 1893
25,442,095
127,780,340 1892
10,878,302
122,601,356
Month of •
For the
July.
Seven Months.
$33,233,254 $171,102,409
15,670,240
95,246,674
100,489,945
12,861,550
69,485,555
8,262,495
8,104,043
86,047,708
18,613,958
81,959,334
51,947,110
7,868,563
90,665,235
17,389,859
5,313,495
48,490,459
15,374,660
72,366,273
74,680,229
8,253,237
1,691,600
34,354,715
4,139,100
53,232,391
In the following table we give a list of July loans to the
amount of $18,542,188, issued by 218 municipalities. In
the case of each loan reference is made to the page in the
"Chronicle" where the account of the sale is given.
JULY BOND SALES.
Name.
Price.
Page.
Rate. Maturity. Amount.
15,000 100.636
200.._Alcorn County, Miss
5X 1923-1937
96_ _Allen County, Ohio
14,175
308_ _Alliance, Ohio
30,000 100
5
1928-1937
200_ _Amsterdam, N. Y
65.000 102.18
1919-1931
5
200__Amsterdam, N. Y
1919-1924
53.000 100.911
5
526_ _Ardmore, Okla
590,000 100
200_ _Auglaize Co., Ohio
Serial
6,000
6
1919-1958 100,000 y100
419_ _Austin, Tex
5
526__Baker Co., Fla
,. 53
1919-1943
75,000 95
308__Batesville-Mammoth Spring'
Impt. Dist. No.2, Ark
j
80,000
200__Baxter Springs S. D., Kans_ _
99,000
419__Beaver Dam, Wise
6-- - .-1116
6,000
526-Beaverhead Co. S. D. No. 22,
Mont
d19214923
3,000
6
419...Bedford Sch. Dist., Ind
Serial
8,000 100.01
5
71,000 100
526--Belle Center S. D., Ohio (2 iss.) 5%
1938
96_ _Bellefontaine, Ohio
Serial
2,800 102.678
6
200_ _Bethel Sch. Dist.. Ohio
1,600 100.062
1919-1921
6
527--Bicknell Sch. Dist., Ind
5
11,500
527_ _Big Nestucca Dr. Dist., Ore.... 6
3,000
527-_Bingham Co.Ind.S.D.No.8,Ida.. 5% d1928-1938
20,000 101.05
527_ _Bolivar Co., Mass
5% 1919-1945
65,000
527__Bonifay, Fla
20,000
527- _Brevard Co. Spec. Tax S. D.
No.4, Fla
6
75,000 105.133
1943
200__Bridgewater, Mass
85,000 100.925
4
1919-1935
419_ _Brockton, Mass
19194933
27,000 100.157
4
308__Broo.dwater Co. S.D.No.6,Mont. 8
5,000 101
d1923-1928
308_ _Brookffold Twp. Rur.S.D„Ohlo.. 6
1920-1922
3.000 100.066
308_ _Brownsville Tex
1919-1938
50,000
6
96_ _Buchtel Sch. Dist., Ohio
5
3,600 100
1919
308_ _Burlingame, Calif
4.317
6
419_ _Byesville Sch. Dist., Ohio
8,800 104.704
6
1921-1937
308__Canton, Miss
1919-1926
18.000 103.338
53
419_ _Canton, N.Y
1922-1946
55,000 103.43
5
419_ _Carroll Township, Ohio
1919-1928
65,000 y100
5
308__Cascade County, Mont
5
243,000 100.004
308__Cascade County, Mont
224,000 100.004
43%
308__Cass County, Ind
1919-1928
17.600 100
4
97_ _Centerburg, Ohio
7,138
1919-1928
5
201_ _Center Twp. Sch. Dist., Ind_ _ - 5
16,000 100.10
1933
419_ _Central City, Nab
10.000
7
1938
201 __Chicago Sanitary Dist., Ills___- 4
98.805
1923-1926 2,000,000
419_ _Clay County, Tonn
98,000 100
55
a1938
308_ _Clinton, No. Caro
6
41,000 101.51
1919-1938
527_ _Cleveland, Ohio
8,000 *100
5
1919-1926
527__Cleveland, Ohio
1919-1935 170.000 *100
5
527__Cleveland, Ohio
30,000 *100
1919-1933
5
Tenn
309_ Columbia,_
50,000 100
1938
53's
419_ _Columbiana Sch. Dist., Ohio... 6
6,000 100
1927-1930
201_ _Coznmerce, Ga
15,000 101.04
1919-1948
419__Covington Sch. Dist., Va
30,000
1923-1948
6
5,000
309,_Creedmoor Sch.Dist., No. Caro. 6
309_ _Dallas, Tex
60,000
4
22,700 *100
1919-1928
527-.Dayton, Ohio (2 issues)
5
17,000 100
1923-1928
527- _Detlance, Ohio
5
527- _DeKalb Co., Ind
1919-1928
37,500
4
309__Delaware Co., Ind
5,200 100
4
1919-1928
420_ _Dickson Sch. Dist., Pa
40,000 101.695
1920-1932
5
528_ _Dormont Sch. Dist., Pa
4%
50,000 101.5517
420_ _East Aurora, N.Y
21,000 101.538
5
1923-1932
528_ _Easton, Pa
50,000 102.09
4
1948
309_ _Eaton, Ohio
6,000 101.70
1920-1931
5
309_ _Eldorado Sch. Dist., Kans
60,000
22,000 *100
528_ _Erie, Pa
1923-1929
4
420_ _Erie Sch. Dist., Pa
1919-1948 175,000 101.374
420_ _Erie Sch. Dist., Pa
1919-1948 100,000 101.301
4
528__Ettrick, Wise
25,000
1925-1937
5
201_ _Euclid, Ohio
60,000
1919-1929
6
420_ _Fayette Twp., Ind
9,000 101.394
1933
53%
9,000
309_ _Fergus Co. S.D.No.159, Mont 6 d1920-1928
15,000 101.250
309_ _Fleming Sch. Dist., Colo
' 6
1948
175,000
309_ _Florence, Ala
6
Serial
201_ _Fremont, Ohio
2,500 101.66
53%
30,000 101.756
309_ _Gering Sch. Dist., Nab
6
1938
40,000 102.313
528_ _Goldsboro, No. Caro
5
1919-1938
5
1919-1953
35,000 102.313
528 _ _Goldsboro, No. Caro
15,000 102.313
528_ _Goldsboro, No. Caro
53% 1919-1948
309_ _Goldsboro Twp. S. D., No.Caro. 6
25,000 106.847
1938
60,000 y100
202 __Gonzales County, Tex
5
1928
60,000 y100
202_ _Gonzales County Tex
5
1948
528_ _Grand Haven, Mich
15,000
21,000
309_ _Grant County, Ore
53%
Serial
4,220
309_ _Gratis Sch. Dist., Ohio
6
420_ _Greenville, So. Caro.(2 issues), 5
d1938-1958 1,000.000
420_ _Halifax. Pa
4,000 100
43% 1919-1920
528_ _Hamilton, Mass
17.000 43% basis
43% 1919-1935
420_ _Hamilton Co., Ind
7,200 100
43% 1919-1928
202_ _Hancock Co., Ohio
1919-1923
6
125,000 100
Sub.to call 3 yrs.i
420_ _Hancock Co., Ohio
1919-1928 117,800 100.169
5
309_ _Harrison Twp. S. D., Ind
1922
1,000 101.30
1918.
1917.
5
1916.
1915.
1914.
528_ _Hempstead (T.) Sch. Dist.
No. 25, N. Y
3,000 100
1919-1024
Permanent loans (U.S.). 18,542,188 92,828,499 37,611,448 33,889,870 26,776,973
5
1938
90,000 100
*Temporary loans(U.S.) 56,690,000 15,023,000 13,879,400 16,430,283 15,470,751 420_ _Henderson Co., Tex
53%
43% 1919-1948 708,000
Canadian loans (perm't) 2,490,7761105,005,227 2,849,864246,391,576 15,743,832 202_ _Houston, Tex
a1921
11,500 100
434
Bonds of U.S.Possesslons
None
None
None
None
None 528__Hudson, N Y
8,000
434 1919-1928
Gen.fund bonds(N.Y.C.)
None 15,000,000
None
None
None 420_ _Huntington Co.,Ind
6
310_ _Iona, Minn
10,000 102040
6
1920-1922
3,000
Total
77,722,964 227,856,726 54,340,712 96,711,729 57,991.556 528_ _Jackson Twp. Sch. D., Ohio_
6
1923
1,800 100.421
* Including temporary securities issued by New York City, $53,000,000 In July 420_ _Jackson Twp. S. D., Ind
6
1928
2,800 102.814
1918, $7,750,000 in July 1917, $8,500,000 in 1916, $8,250,000 In 1915, and $9,- 420_ _Jefferson Sch. Dist., Ohio
30,000
d1933-1938
202,953 in 1914. a Includes $55,000,000 New York City bonds. z Includes $45,- 310_ _Jefferson Co. S.D. No.4, Mont_ 6
4,000 102.50
d1928,1938
000,000 1 and 2
-year notes of the Dominion of Canada. § Includes $100,000,000 202_ _Jefferson Co. S.D. No.16, Mont_ 6
6,250 100
202_ _Johnsonburg, Pa
5
d1919-1923
Dominion of Canada 2-year notes.
1,800
420_ _ Klickitat Co. S.D.No.65,Wash.. 5
1938
The number of municipalities emitting long-term bonds 310_ _Lafayette Co. Road D.No.2,Ark. 534 1923,-1938 94,500
15,000
528_ _Lahoma Sch. Dist., Okla
and the number of separate issues during July 1918 were 98_ _Lake County, Ohio
5
1919-1923 105,000 100.396
AUG. 3 1918.1
THE CHRONICLE
525
Price. page number of the issue of our paper in which the reasons
Rate. Maturity. Amount.
Name.
Page.
$90,000
5
420.._Lake County, Ohio
for these eliminations may be found:
202.. _Lauderdale Co. Sup. Dist. No.2,
Amount.
Name.
6
20,000
1928-1937
Page.
Miss
$2,000
14,500 101.110 529_ _Santa Clara Co., Calif.(June list)
5% 1919-1928
528_ _Lauramie Township, Ind
4% 1919-1938 120,000 101.38
420.._Lawrence, Mass
We have also learned of the following additional sales for
5
35,000 101.281
Ohio
1919-1936
528.._Lima,
2,000 *100
53
previous months:
98_ _Lima, Ohio
691,000
1919
98_ _Little Rock, Ark
Price.
Maturity. Amount.
Name.
Page.
6
35,000 106.171 419_ _Allen Parish S. D. No. 25, La Rate.
d1928-1938
421_ _Livingston, Mont
$60,000 100
5
10,500 105.65
421_ _Lockport, N. Y
5,000 100
6 d1923-1938
Amity, Ore
526_
7
2,587
1919-1928
_Lodi,
528 _Lodi, Calif
3,300 100
1926-1930
5
419....Archbold, Ohio
5
1929-1958 2,500,000
528- _Loutslana-Port Commission..
12,500 100
5
419_ _I3urwood Sch. Dist., Calif
13,446
53
1920-1929
310_ _Lucas Co., Ohio
527__Chickasha Union Graded S. D.
5,060
5A 1920-1929
310....Lucas Co., Ohio
20,000
1938
6
No.35, Okla.(May)
5% 1920-1929
4,460
310_ _Lucas Co., Ohio
2,128
d1923-1938
419.._Chouteau Co.S.D.No.17,Mont_ 6
5% 1920-1923
2,005
310....Lucas Co., Ohio
15,000
309_ _East Mauch Chunk,Pa.(Feb.).. 4% (11917-1922
23,597
5% 1920-1929
Co., Ohio
310__Lucas
420....Fallon Co. Sch. Dist. No. 66,
60,300
5
1919-1928
528_ _Lucas Co., Ohio
1,200 100
6
Mont.(Mar.)
d1923-1928
4%
210,000 93.78
1951
310_ _Lynchburg, Va
9,000 104.777
6
98_ _Kent, Ohio
5
30,000
1924-1927
421-Madison, Ills
14,400
53i
310_ _Nebraska (3 issues)
53
3,500 100.26
1919-1926
202- _Madison Sch. Twp., Ohio
3,000
5
310_ _Nebraska
6
10,000 102.50
1923-1932
421_ _Marlinton, W Va
11,086
6
310....Nebraska (2 issues)
5
27,500
310__Massillon, Ohio
5)-i 1934-1938 100,000 100
529_ Nobles Co., Ind.(May)
43
10,000 100.176 529._Payette, Ida
1919-1923
98_ _Melrose, Mass
51,000 100
6 (11928-1938
6
3,300 100
1920
421_ _Miami Co., Ohio
10,000 100
1919-1928
5
Township, Pa
529
288,000 100.509 529_ Plains Clara Co., Calif
Serial
43%
421_ _Middlesex Co., N. J
32,000 106.268
1927
6
Santa
7,000 100
_Milan
529 _Milan TWp. Rur. S. D., Ohio 6
530....Sherbourne County Corn. Sch.
5
7,500 100.50
N J
Serial
10,000 106.80
1923-1933
6
Dist. No.4, Minn
5
35,000
1938-1958
202- _Mineral Wells, Tex
55,000 100.627
Iowa
5
43% 1919-1938
90,000 100.522 530_ Taylor County,
421__Monmouth Co., N. J
2,500
310_ _Monroe Co., Ind
All the above sales (except as indicated) are for June.
42,500 107.82
6
1919-1958
203.._Monrovia, Calif
These additional June issues will make the total sales'(not
25,000
6
1919-1930
203__Montgomery Co., Ohio
26,845 101.316 including temporary loans) for that month $26,637,833.
6
1919-1928
529„Moorasville, No. Caro
7,500 101.48
6
Serial
310_ _Morro Sch. Dist., Calif
12,273
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN
6
421_ _Moscow, Ida
JULY.
7,000
421__Mount Ayr, Iowa
3,000 100
Price.
5
Maturity. Amount.
Rate.
Name.
_Murray Sch. Dist., Ia
Page.
421_
17,500 100.972 530....Abbey, Sask
$3,500
5
1919-1928
529_ _Muskingum Co., Ohio
35,000 100.501 424._ _Alberta School Districts
9,750 98.43
1928
5
1919
7
310__Nassau Co., N. Y
20,000 100.75
2,400
1938
529_ _Nebo High S. D., No. Caro_ _ _ 5
530....Allenby Sch. Dist., Sask
60,000 100.51
41,413 97
1928
4.60 1943-1944
6
203....Niagara Falls, N Y
205.._Amherstburg, Ont
15,000 100.76
7,550
1928
1928
4.70
6
203.._Niagara Falls, N Y
530 ..Anderson Township, Ont
61,600 101.48
7,000
1919-1928
99 ..NorthTonawanda, N.Y.(3 iss.) 5
530_ _Aylmer, Ont
22,000
67,000 79.09
5
1943
1921-1924
5
422_ _Norman Sch. Dist., Okla
424.._Brandon, Ont
52,800 100.009 530_ _Brockville, Ont
16,800 101.13
63-1 1919-1938
422_ _Norwalk, Ohio
20,000
9,000
1924-1943
1928
53
203.._Norwalk Sch. Dist., Ohio
313_ _Estuary, Sask
46,000 102.557 313_ _Ethelbert Rural Municipality,
1920-1942
5
311_ _Oakhurst Sch. Dist., Pa
1,600
9.750
--Okanogan Co. S. D.29, Wash- 5 (11928-1938
1933
6
Man
529
71,000 101.13
5
1919-1927
6,565 92.53
1938
6
311__Olean, N. Y
424_ _Fort Francis, Ont
6
20,000 100
2.800
1928
73-1
422_ _Oneida, Tenn
530_ _Kellerville Sch. Dist., Sask
125,000
11,467
1953
6
311_ _Orange, Tex.(2 issues)
205_ _Kenora, Ont
8,396 100
30,000 99.27
1.928
6
422_ _Orange Twp. Run S. )., Ohio- 5
313_ _Lincoln Co. Ont
690,000
93.30
4
6,000 97
1924
6
311„Ore on (State)
313_ _Liverpool, N. S
75,800 102.901 530_ _Manitoba (Province)
5
1,000,000 96.77
1919-1938
1928
6
203....Ossining, N Y
16,000 100.063 313_ _Montreal City Protestant School
5
1920-1926
203.._l'aulding Co., Ohio
9,000 105.616
6
900,000 90.05
Serial
1920-1937
6
District, Quo
311_ _Perrysburg, Ohio
15,000 101.651 205..
6
27,509 98.53
1933
63-1
422...Peru, Ind
..New Toronto, Ont
1,000 100
6
22,500
d1923-1931
311_ _Pine Grove Irr. Dist., Ore
205....Renfrew, Ont
55,000
4
7,800 95.33
5
311_Plum Twp. S. D., Pa
313_ _Renfrew, Ont
15,800
4%
1928
8,898
1948
5.
529.. Posey County, Ind
424_ _Renfrew, Ont
5 (11923-1948
21,000 101
3,500
99....Pottsville, Pa
205...Saskatchewan Sch. Dists.(2 iss.) __
60,000
42,700
529.._Randolph County, Ark
424....Saskatchewan Sch. Dists
3,100
10,000
7
203 _Rensselaer, N. Y
424.._Shaunavon, Sask
6
1919-1923 500,000 103.08
5,074
1938
99__Richmond, Va
6
Twp., Ont
205_ _South Norwich
4
10,000 100
4,000
1938
529_ _Robesonia Sch. Dist., Pa
313_ _Stockton Cons. S. D., Man......_ 631
a1934
225,000
6,000 100
1928
53.1
529....Rockingham County, No. Caro. 6
424_ _Teeswater, Ont
5
1919-1934
80,000 102.41
1,800
7
1933
529-Rockland County, N. Y
313_ _Thoobold S. D., Man
75,000 100
529....Runnels County, Tex
530.. _Thorne Sch. Dist.,Sask2,500
5
1923-1929 126,000
13,000
1928
634
_Tillbury East Twp., Ont
203_ _St. Louis Co., Minn
424._
5
1919-1928 350,000 101.146 530....Valley City Sch. Dist., Sask_ _ _
2,000
529_ _Salt Lake City, Utah
5
1920-1924
20,000 100
2,500 100.50
1928
73i
311_ _Sandusky, Ohio
530_ _Vimy Bch. Dist., Sask
5
3,895 100
1920-1933 200,000 99.10
_Sandusky Co., Ohio
6
422_
313....York Township, Ont
4.65 1919-1932
Y
70,000 100.03
204_ _Schenectady, N.
4.65 1919-1930
24,000 100.032
204_ _Schenectady, N. Y
Total amount of debentures sold in Canada during
4.70 1919-1925
10,500 100.028
$2,490.776
204.._Schenectady, N. Y
July 1918
6
1919-1938
10,000 y103.10
204_ _Senatobia, Miss
5
41,000
422_ _Seneca Co., Ohio
6
4,100 105.188
1926-1932
100_ _Shelby, Ohio
5
15,000 100
1919-1933
422_ _Shelbyville, Ky
6 d1938-1948
NEWS ITEMS.
30,000 100
422_ _Shenandoah, Va
5
3,000 100
1920-1929
204_ _Somerset, Ohio
-J. P. Morgan
6
15,000
-Tenders for Bonds Requested.
Argentina.
530.._Spadra Sch. DLst
6
40,000
8
3
191.11938
422_ _SpanLsh Fork, Utah
& Co. have given notice that they are prepared to receive
5
31,000
1919-1928
530_ _Superior, Wise
4% 1919-1925
7,500 100.267 tenders for the amortization on Sept. 1 of $312,000 Argen204_ _Swampscott, Mass
5
1919-1938 250,000 103.78
204.. _Syracuse, N Y
tine gold pesos, say £62,400 nominal of the above loan.
3,500 100
d1923-1933
530„Teton Co. S. D. No. 34, Mont.. 6
Tenders for sale of bonds with coupons due March 1 1919,
530- _Teton and Chouteau Counties
6
14,800 104.898 at a price to be stated in the tender, must be lodged not
Joint S. D. No. 28, Mont
5
56,500
423_ _Texas (6 issues)
later than 12 m. Aug. 12 with the above bankers at their
6
10,000
a1928
312_ _Tippah Co., Miss
5
22,000 101.140 office, 23 Wall St., New York, who will announce the result
1923-1948
530_ _Tipton Co. Ind
4.65
19,000 100.33
1938
530.._Tonawanda, N. Y
of the tenders as soon thereafter as possible.
5% 1919-1938
24,000
423_ _Tyler, Tex
5,000 104.52
1938
Tenders will be received also in Paris by the Banque de
204..-Underwood, No.
5
16,000 100.100
1920-1929
204_ _Union City, Ind Dak6
Baring Brothers & Co.,
43%
231,000 100.913 Paris et des Pays Bas,in London by
County, N. .1'
530-Union
6
25,000 106.364 Ltd., and in Buenos Aires by the Credito Publico Nacional.
a1934
423_ _Upper Lake S. D. Calif
4,500 100.111
1925-1928
530-Upper Sandusky S. D., Ohio_.. 5
Each bond has a par value of $973 U. S. gold dollars, and
7,026 100
530_ _Van Wert Co., Ohio
g
5,500 100
19-24V
tenders must be made at a flat price under par expressed in
530_ _Van Wert Co. Ohio
5
45,000
312_Viborg Sch. Dist., So. Dak
dollars per bond.
6
4,428 100
1920-1934
530_ _Vigo Co., Ind
Tenders must be made on a form obtainable on applica20,000 100.20
312_ _ Vigo Sch. Twp., Ind
4
5
Mass
-1948 150,000 101.679 tion, and must be securely enclosed in an envelope marked
191382
100 __Walpole,
5' c/1928-1938
7,682 100.154
530_ -Wallowa, Ore
"Tender of Argentine Government 5%. Internal Gold
534 1921-1930
5,000
204 Wapakoneta, Ohio
5% 1919-1928
11,200
204_ _Wapakoneta, Ohio
Loan 1909 Bonds for redemption."
a1923
11,800 100
530....Washington 0. H., Ohio (2 iss.) 5
Forms of tenders may be obtained on application to
204_ _Washington Suburban Sanitary
5 c/1948-1968
District, Md
50,000 103.34
J. P. Morgan & Co.
•
1948
5,000 100.06
204_ _Washington Twp. S. D., Ohio 5% 1919-1922
5
50,000 106.58
Kansas.-State Supreme Court Upholds Issuance of Bonds
530-..Watertown, N. Y
40,000 102
204.. Waukegan, Ills
-In a
for Construction of Combined Water and Light Plant.
4% 1919-1038
16,000 100
204_ _Wayne County, Ind
5
21,000 101.361 decision handed down June 8last by the State Supreme Court
1919-1925
313.._Westchester Co., N Y
43
4,540 100
530_ _ Westerville, Ohio
by J. H. Loe et al, to enjoin the city of
-2.
3,000 102.066 in the suit brought
iYLi0 -6
530.._West Liberty School Dist., Ohio 6
Palco from issuing bonds for the construction of a combined
8,948
530.. _West I'ark, Ohio
6
30,000 102.75
1919-1938
West
530_ West l'oint, Miss
and electric-light plant, it was declared that certain
6
1938-1958 100,000 103.258 water
e Irr.Calif
os
6
102.133 cities in Kansas may vote such bonds without a separate
313_ _Wheelersburg Ritr.S.D.,Ohio
6
1919-19i§ 242:000 100.155 bond issue covering each class of utility. Mr. Loe brought
530.. _Whitman Co., Wash
to call
suit for the taxpayers on the ground that the bond proposi8,000
313_ _Wolf Point, Mont.(2 iss )
80,000 101.802 tion was a dual matter and that the voters should pass upon
530_ _Woodbridge Township, N. J..-- 5A
40,000
423_ _Worthington, Minn
Court,in part,said:
5%
Serial
8,000 101.303 each issue separately. In its decision the
313 Xenia, Ohio
5 d1919-1933
2,500 100
The principal contention is that no authority existed for the issuance of
423_Yakima Co.S.D.No.33,Wash
5
101.994 bonds for the construction of a combined water and electric-light plant.
1919-1938 437,000
423_ _Yonkers, N. Y.(2 issues)
5
1919-1948 475,000 101.994 Such authority is found in Chapter 75 of the Laws of 1913, which took
423 _Yonkers, N Y
_Yonkers,
5
7,500 100
effect on Feb. 20 1913. It is claimed, however, that this Act was nullified
530-Youngstown, Ohio
by another passed at the same session, Chapter 123 of the Laws of 19131
which was approved on March 13 1913, and took effect on subsequent
Total bond sales for July 1918 (218 municipalities,
publication in the statute book. Both Acts amended and repealed Section 1
issues)
k$18,542,188
covering 246 separate
analysis of their provisions discloses
a Average date of maturity. d Subject to call in and after the earlier of Chapter 75 of the Laws of 1911. An toward quite different ends. The
year. k Not including $56,690,000 of tem- that the two measures were directed combined water and electric-light
year and mature in the later
75 was to permit
porary loans reported, and which do not belong in the list. x Taken by purpose of Chapter
plants, to permit bonds to be issued without a separete vote on the water
sinking fund as an investment. y And other considerations.
and electric-light features of the combination, and to validate bonds
already issued to build combined plants. In other respects, the former law
REVISED TOTALS FOR PREVIOUS MONTHS.
WM not changed. The purpose of Chapter 123 was to extend the old law
Tho following items, included in our totals for previous to include authority to issue bonds for the purpose of"purchasing,extending
months, should be eliminated from the same. We give the and improving" the public utilities described, except street railway and
526
THE CHRONICLE
[VOL. 107.
telephone service, which were omitted. Incidentally, cities of the first
(5) The types of
class were also omitted, because they were governed by a separate code. aforesaid loan shall: houses to be constructed with the proceeds of the
It is plain, therefore, that the two Acts should be read together in order
to
(a) Not exceed in cost for each house $2,500.
arrive at the full legislative intention. This may be done without encountering the slightest conflict, and the law as it now stands is Chapter of(b) The houses to be offered to working men and women on easy terms
payment.
123, with the additions to the old law which were lodged in Chapter 75.
(c) Where the house and land are rented, the monthly rental shall not
Some of the details of the bond election proceedings are criticised, but no
$25.
irregularities occurred of sufficient consequence to require the District exceedThe building
(d)
scheme of each municipality, including the.plotting
Court to restrain issuance of the boiids, and its judgment is affirmed.
of the buildings on the land, the plans of the houses, the form of construction, the location of the
New York State.—"Torrens" Land Title Registration Law Government of Ontario. land to be developed, shall be approved by the
'
Workable.—See reference to this in our editorial columns
(6) The period of the loans above mentioned shall be for a term of twenty
years, or for such less period as may be decided upon by the municipalities
last week, page 365.
and the Government.
(7) The municipalities
North Carolina (State of).—State Laws Covering Issu- proposed scheme more shall not charge against houses erected under
received by
ance of Municipal Bonds.—Bruce Craven,attorney-at-law, of palyty. loan from the than 5% either in respect of the money the municiwai of
Government or money contributed by
Trinity, N. C., who for a number of years has specialized
in municipal law and finances, has prepared the following
St. Clair Comity (P. 0. Osceola), Mo.—Bondholders'Incovering the various laws of the State of North Carolina junction Made Permanent by Court.—According to a memounder which municipal bonds of that State can be valid:
randum opinion handed down by Judge Arba S. Van ValkenIt is a remarkable fact that the municipal bonds in North Carolina have burgh of the Federal Court, the county
officials are in effect
for some years been considered attractive to investors in spite of the unsystematic laws governing their issuance, and now that these laws are being permanently enjoined from paying warrants from the general
remedied, it is safe to say that there are no bonds anywhere which are safer county fund until provision is made for satisfying
judgments
or more desirable. In the past their good standing has been based on
prompt payments of interest and principal and the fact that there has been rendered in favor of the bondholders, in the case of an old
practically no litigation concerning them. These good points will remain debt incurred by the county in 1870, when $250,000 bonds
In evidence and be stronger than ever, now that there are definite and
systematic laws covering all possible issues. Following is a brief statement were issued for the construction of the Tebo & Neosho Ry.,
concerning each of the laws under which municipal bonds in North Carolina which line was never built. The injunction, according to
can be valid:
1. Chapter 138, N. C. Public Laws of 1917, known as the Municipal attorneys representing the people of the county against holdFinance Act. This applies to every incorporated city, town and village. ers of bonds, will prevent payment of the salaries of county
and no such corporation can issue any bonds except under the provisiors
of this Act. The bonds must mature serially, the ordinance must be pub- officials and all county expenses. On Oct. 9 1917 the voters
lished four weeks, and the notice of sale ten days, and the bonds are ircon- defeated a proposition to issue $550,000 coupon bonds to be
testable after delivery. Chapter 56 of 1915, which provided means for used for liquidating the old debt.—V.
105, p. 1634.
issuing street bonds by petition of property owners, yet remains in
-insofar as it does not conflict with the Chapter 138, but all othereffect
laws.
State Finances—Finances of Cities, 1917.—In our edigeneral or special, concerning bonds by incorporated municipalities, are
epealed.
torial columns last week (pages 364 and 365) we referred at
2. Chapter 55, N. C. Public Laws of 1915, provides for the issuance of
school bonds by bolding election in a county, township or special school length to a report soon to be issued by Director Sam L.
district, provided the latter contains an incorporated town. A consider- Rogers of the Bureau of the Census, Department of Comable portion of the school bonds in the State come under this. chapter.
merce, entitled "Financial Statistics of States: 1917." Ref3. Chapter 284, N. C. Public Laws of 1917, provides for the issuance of
road bonds (after holding an election) by a county, township, or special erence to another report to be brought out 137 Mr. Rogers
district. A number of issues have already been made under this Act.
shortly entitled "Financial Statistics of Cities Having a
4. Chapter 103, N. C. Public Laws 1917, provides for the issuance of
bridge bonds by counties, to build bridges within the county, or for two Population of Over 30,000: 1917," was made in our editorial
counties to build a bridge across a stream separating the counties. This columns on July 20, pages 250 and
251.
does not require an election, and bonds have been issued under this.
5. Chapter 6. N. C. Public Laws 1917, provides for the issuance of road
Toronto, Ont.—Financial Statement.—The following
bonds for the benefit of townships, these to be held by the county which in
turn issues county bonds at a lower rate of interest. This latter provision statement of the city's funded debt, etc., appears in the
(the issuing of county bonds for a township) was held unconstitutional by annual report of the Commissioner
of Finance for the year
the Supreme Court in Lacy vs. Commissioners, 93 S. E. 482. The court
later in regard to a special Act similar in its provisions, held that the ended Dec. 31 1917:
county guarantee provision was illegal, but that the remainder of the law
was valid, Commissioners vs. Boring, 95 S. E. 43. The effect of all this is
that no bonds have been issued under this Chapter 6, and doubtless none
will be.
6. Chapter 122. N. C. Public Laws of 1913, provides for road bonds for
township, after holding ele2tions. A great many township road bonds have
,
been issued under this Act. An amendment by Chapter 207 of 1917 guaranteed these bonds by the county, but the Supreme Court opinion in Lacy
vs. Commissioners nullifies this guarantee provision, but leaves the original
Act entirely valid.
7. Chapter 442, N. C. Public Laws of 1909. provides for the issuance of
drainage bonds by special district, on petition of the property owners.
This law has been amended by Chapter 152 of 1917. There have been
numerous issues under these Acts.
IP 8. Special Acts.—A constitutional amendment, effective Jan. 10 1917.
prohibits special local legislation for some purposes, but the Supreme Court
holds this not to apply to acts providing for public bond issues. Mills vs.
Commissioners, 95 S. E. 481, and Brown vs. Commissioners, 92 S. E.
The legislature cannot go into details of laying out roads, etc., which is502.
left
tolthe county commissioners, but it can enact a special Act providing for
a public bond issue by a county or district. Incorporated municipalities
cannot have a special Act for a bond issue but anything else can do so
until general laws are provided.
9. Inherent Right Bands.—Under this constitutional right, most of the
bonds were issued in North Carolina until a few years ago, the inheren4
right simply being the natural right of a county or town to issue bonds to
pay debts incurred for necessary expenses. The principle is
but is quiescent now because of the Acts above mentioned, and yet in effect,
Court 'holding that such bonds can be restrained in any casethe Supremo
wherein the
payment for them would cause the county tax levy to exceed the constitutional limit. Since every county in the State is already up to the limit,
no more such bonds can be issued.
A municipal bond that is valid in North Carolina must. therefore,
under one of the nine heads mentioned, and in addition must comply come
with
the requirement of Chapter 147 of 1917, which stipulates that the sale of
the bonds must be advertised in a local paper thirty days before the sale,
though with respect to cities and towns the requirement is only ten days
as to the sale after the ordinance shall have been published thirty days.
Items 8 and 9 above mentioned make it plain that the next legislature,
which meets in January of 1919, will be called upon to enact for counties
some such general law as is already provided for cities and towns, and it is
doubtless certain that all the bond laws will be further systematized and
simplified, and it is the purpose of those directly interested in the matter to
see to it that the laws shall be such that a North Carolina municipal bond
shall be as good and as negotiable as the gold for which it stands.
Ontario (Province of).—To Loan Money to Municipalities for' the Building of Homes.—The Toronto "Globe" of
July 20 published the following concerning the proposal
made by the Ontario Government to loan money to urban
.
and rural municipalities to build workmen's homes:
Government action looking to the alleviation of the shortage of workmen's houses in the province was announced by Sir William Hearst yesterday afternoon. An appropriation of $2,000,000 has been set aside by the
Provincial Government, which will be available to both rural and urban
municipalities at the interest rate of 5%. Municipalities can at once avail
themselves of the loan. It is understood that they may undertake the
erection of houses themselves or do so through private corporations.
Sir William's announcement is contained in a letter to Sir John Willison.
Chairman of the recently-formed Housing Section of the Organization of
Resources Committee. The plan has been considered by this committee
and has been endorsed. The Prime Minister makes it clear that the plan
now announced is only a temporary one to assist in meeting the pressing
emergency which confronts the people of Ontario.
Since the formation of the Housing Committee about
month ago it
has devoted its attention to securing necessary moneysawith which to
have houses built. The financial situation was recognized as the stumbling
blpck which prevented private individuals building houses
and particularly the cheaper workmen's houses. "In orderof any kind,
to help this
situation the Government is willing to supply municipalities with moneys
for the construction of workmen's houses up to Jan. 1 1920. The announcement reads:
The terms are:
(1) The total amount loaned by the province shall not exceed $2,000,000.
(2) Any municipality receiving a loan from the Government must add
at least 25% to the amount received, so that for every $1,000
way of Government loan, at least $1,250 shall be expended inreceived by
house construction.
(3) The money shall be loaned to the municipalities by the Provincial
Government on the credit of the municipalities in a manner to be hereafter
arranged.
(4) The rate of interest payable by the municipalities shall be 5% per
annum.
Gross funded debt
$100,323,433 36
Deduct—
(1) Special rated and revenue producing debts as follows:
Waterworks
$14,464,639 34
Ratepayers' share local improvements_ 14,793,757 50
Civic h dro-olectric system
7,876,631 08
Civic abattoir
415,608 00
Exhibition buildings
1,230.075 00
Civic street railway
2,082,737 00
Toronto Street Ry. pavements
4,231,733 74
(2) Sinking fund on other than foregoing
debts as follows: On gross debt, $24,427,756 91, less $12,137,144 98 on
above special debts
12,290,611 93
57,385,793 59
Net funded debt
$42,937,639 77
Assessment, &c.
Assessed value of rateable property
$605,727,725
Exemptions not included in foregoing
87,375,684
Capital assets
100,074,126
Revenue from taxation for 1918
18,107,672
Revenue other than taxation for 1918
5,937,930
Population, 1917
473,829
Area of city
25,330 acres
Tax rate for 1918 (including schools, 6 7-10 mills)
30A mills
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
ADAMS, Jefferson County, N. Y.—BOND OFFERING.—Proposals
will be received by D. F. Griggs, Village Clerk, until 8 p. m. Aug. 12 for
$10,000 5% village-hall and fire-house bonds. Denom.
Date
Aug. 1 1918. Int. J. & J. Duo $500 yearly on July 1 beginning 1920.
$500.
ALEDO, Mercer County, 111.—BOND ELECTION.—An election will be
held Aug. 6, it is stated, to vote on a proposition to issue $7,000 fire-apparatus bonds. W. D. Emerson is City Clerk.
ALTOONA SCHOOL DISTRICT (P. 0. Altoona), Etowah County,
Ala.—BONDS VOTED.—A proposition to issue $7,500 6% 10
-year schoolbuilding bonds carried at a recent election.
AMITY, Yamhill County, Ore.—DESCRIPTION OF BONDS.—The
$5,000 6% water bonds awarded during June to Morris Bros., Inc., of
Portland at par—V. 107, p. 308—are in denom. of $500 and are dated
July 1 1918. Prin. and semi-ann, int. payable at the fiscal agency of the
State of Oregon in Now York City, N. Y. Due July 11938, subject to call
after July 1 1923. Total bonded debt (Incl. this issue), $20,000. Assess.
val. 1917, $209,763. Actual value (est.), $600,000. Population 1918
(est.), 600.
ARDMORE, Carter County, Okla.—BOND SALE.—The $590,000
(not $580,000 as first reported) bonds offered without success on July 2
(V. 107, p. 308) were awarded to the First National Bank of Ardmore at
par and interest.
BAKER COUNTY (P. 0. McClenny), Fla.—BOND SALE.—On July
15 the $75,000 5;4% 1-25
-year serial Special Road & Bridge District No. 1
bonds, dated April 1 1918—V. 106, p. 2773—were awarded to G. B.
Sawyer Co. of Jacksonville at 95.
BEAVERHEAD COUNTY SCHOOL DISTRICT NO.
(P.
Gibbons), Mont.—BOND SALE.—The $3,000 6% (not 5% 22 first 0.
as
ported) 3 -year (opt.) school-building and furnishing bond.s, offered re-5
July 10—V. 106, p. 27'73—were awarded on July 15 to E. L. Devereauxon
&
Co. of Portland. Donom. $500. Interest annually.
BELLAIRE CITY SCHOOL DISTRICT (P. 0. Bellaire), Belmont
County, Ohio.—BOND OFFERING.—The Board of Education will
recolve bids until 8 p. m. Aug. 20 for $25,000 6% school bonds. Auth.
Sec. 7629, Gen. Code. Denom. $1,000. Date Aug. 20 1918. Prin. and
semi-ann. int. payable at the First National Bank of Bellaire. Due Aug.
20
1927. Certified check for $500, payable to the Board of Education,
required.
BELLE CENTER VILLAGE SCHOOL DISTRICT (P. 0. Belle
Center), Logan County, Ohio.—BOND SALE.—On July 10 the
two issues of 55 % 20-year school bonds, aggregating $71,000, werefollowing
,
6
awarded
to the State Industrial Commission of Ohio at par:
$16,000 school bonds. Donoms. 8 for $500 and 12 for $1,000.
55,000 high-school-addition bonds. Denoms. 20 for $500 and 45 for
Date Ju M00 1918. Int. M. & S. Due June 1 1938.
31ne1
.
BETHEL TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. Tipp.
canoe City), Miami County, Ohio.—FINANCIAL STATEMENT.—
AUG. 3 1918.]
THE CHRONICLE
527
CENTER TOWNSHIP (P. 0. Valparaiso), Porter County, Ind.
The following financial statement is issued in connection with the offering
-Proposals will be received until 10 a. m. Aug. 24 by
BOND OFFERING.
-V. 107, P. 419:
on Aug. 12 of the $55,000 53.6% school bonds
-year school bonds.
Vernon E. Beach, Township Trustee, for $8,000 6% 8
Financial Statement.
Estimated actual value of taxable property
$5,000,000 Denom. $100. Date Sept. 2 1918. Interest annual.
Assessed valuation (1917)
2,788,720
-On
-TEMPORARY LOAN.
CHELSEA, Suffolk County, Mass.
Total bonded indebtedness, including this issue
155,000 Aug. 1 a temporary loan of $110.000, dated Aug. 1 and payable Dec. 5,
There is no unfunded or floating indebtedness.
was awarded, it is stated, to S. N. Bond & Co., of New "York, at 4.29%
tax valuation is not yet completed but will show an increase. discount.
• 1918
Probably will run to $3,000,000.
General Statement July 1 1918.
Taxes collected in December and June. Taxes disbursed by County Bonded debt
$2,286,000 00
Auditor in February and August.
388,740 00
Special Loan Notes
There has never been any default of any of the obligations of the district.
$2,674,740 00
Total
BICKNELL SCHOOL DISTRICT (P. 0. Bicknell), Knox County,
853,360 00
-The Moyer-Kiser Bank of Indianapolis has pur- Less Sinking Funds
-BOND SALE.
Ind.
chased, $11,500 5% 10-15 year serial bonds. Denom. $500. Date July 1
$1,821,380 00
Net Debt (including water debt)
1918. Int. J. & J.
1,768,781 00
Net Debt (excluding water debt)
BIG NESTUCCA DRAINAGE DISTRICT (P. 0. Tillamook), TillaCHICKASHA UNION GRADED SCHOOL DISTRICT NO. 35,
-BOND SALE.
-An issue of $3,000 6% water bonds
mook County, Ore.
-Further details
-DESCRIPTION OF BONDS.
Grady County, Okla.
Is reported sold.
are at hand relative to the sale of the $20,000 6% school-building bonds
BINGHAM COUNTY INDEPENDENT SCHOOL DISTRICT NO. 8 awarded on May 21 to R. J. Edwards, of Oklahoma City. Denom. $1,000.
-BOND SALE.
-On July 20 John E.Price & Co. Date July 1 1918. Int. J. & J. Due July 1 1938.
(P. 0. Blackfoot), Ida.
6%
, (not 6% as first reported) 10-20
of Seattle were awarded the $20,000 53
CHOUTEAU COUNTY SCHOOL DISTRICT NO. 88 (P. 0. Fort
school lniLdr
l8
107
year (opt.) saoo1 bo s-V. & J,. p. 308
-at 101.05. Denom. $1,000.
-Newspapers state that Dick
-BOND OFFERING.
Benton), Mont.
J.
Darnielle, District Clerk, will receive bids until Aug. 30 for $2,100 6%
BISHOP, Inyo County, Calif.
-BOND SALE.-AceordIng to reports 10 -year school bonds.
-20
the Wm. R. Staats Co. of Los Angeles was awarded $40,000 6% impt.
CLAY COUNTY (P. 0. Vermillion), So. Dak.-BOND OFFERING.
bonds. Date July 1 1918. Dho yearly from 1919 to 1958, incl.
Sealed bids will be received until 2:30 p. m. Aug. 8, it is stated, by W.L.
BLANCHESTER, Clinton County, Ohio.
-BONDS NOT TO BE Russel, County Auditor, for $200,000 drainage bonds.
-OFFERED AT PRESENT.
-The $5,000 6% I-10-year serial reservoirRE
-The Sink-BOND SALE.
CLEVELAND, Cuyahoga County, Ohio.
repair bonds, bids for which were rejected on July 15 (V. 107, p. 419)
ing Fund has purchased, it is stated, the following 5% coupon bonds at par:
will not be re-offered at present.
$8.000 park bonds. Due $1,000 yearly on June 1 from 1919 to 1926, incl.
-An elec- 179,000 water bonds. Due $10,000 yearly on June 1 from 1919 to 1935;
BLOOMDALE, Wood County, Ohio.
-BOND ELECTION.
tion will be held Aug. 13, it is stated, to vote on a proposition to issue
incl. These bonds are part of an issue of $500,000, the remainder
;15,000 electric-plant bonds. W. T. Markle is Village Clerk.
of which is being offered for sale Aug. 12 (V. 107, p• 201)•
30,000 hospital bonds. Due $2,000 yearly on June 1 from 1919 to 1933.
BLUE CREEK CIVIL AND SCHOOL TOWNSHIP NO. 6, Adams
incl. These bonds are part of an issue of $100,000, the remainder
-BOND OFFERING.
County, Ind.
-Charles J. Jones, Township Trustee
of which is being offered for sale Aug. 12 (V. 107. P. 201)•
(P. 0. Berne, R. It. No. 2), will receive bids until 2 p. m. Aug. 14 for the
Denom. $1,000. Interest semi-annual. Date June 1 1918.
following 5% bonds:
-BOND ELECTION PRO$10,000 civil township bonds. Due $500 each six months from Aug. 1
CLEVELAND, Cuyahoga County, Ohio.
1919 to Feb. 1 1929, inclusive.
-Local papers state that at the general election on Nov. 5 the
POSED.
1,000 school township bonds. Due $500 Aug. 1 1920 and 1921.
voters may be asked to pass upon a proposition to issue $2,500,000 bonds.
Denom. $500. Date Aug. 15 1918. Interest semi-annual.
-Willis G. Bowland, SecreCOLUMBUS Ohio.-BOND OFFERING.
-BOND SALE.
-The rary of the Sinking Fund Trustees, will receive bids until 2:30 p. m. Aug.6
BOLIVAR COUNTY (P. 0. Cleveland), Miss.
Kauffman-Smith-Emert Investment Co. of St. Louis has purchased $65,000 for the following 41i% bonds:
,
-plant bonds. Denom.$1,000,$500 and $200. Date April 1
5% tax-free direct obligation bonds. Denom. $1,000. Date Aug. 1 $175,000 light
1918. Prin. and semi-ann. int. (F. & A.) payable in New York City or at
1916. Prin. and semi-ann. int, payable at the city agency in
the County Treasurer's office, at the option of the holder. Duo $1,000
New York City. Due Sept. 1 1936.
yearly on Aug. 1 from 1919 to 1926, incl., and $3,000 yearly on Aug. 1
48,000 (city's portion) publlc-impt. No. 33 bonds. Denom. $1,000.
from 1927 to 1945, incl.
Date March 1 1915. Prin, and semi-ann. int. payable at the
Financial Statement.
City Treasurer's office. Due Sept. 1 1926.
$50,000,000
Estimated actual value of taxable property
55,000 (city's portion) public-impt. No. 34 bonds. Denom. $1,000.
25,325,186
Assessed valuation of taxable property, 1917
Date April 15 1915. Prin. and semi-ann. int. payable at the city
415,000
Total bonded debt, including this issue
agency in New York City. Due Sept. 1 1935.
Population, 1910 Census, 48,905.
25,000 North High St. widening impt. No. 2 bonds. Denom. $1,000.
Date April 11915. Prin, and semi-ann. int. payable at the City
-Reports state that
SALE.
Fla.
-BOND
BONIFAY, Holmes County,
Treasurer's office. Due March 1 1945.
$20,000 water-works and light bonds have been sold.
Int. M.& S. Bonds to be delivered on Aug. 13 1918 at the office of the
BOTTINEAU SCHOOL DISTRICT NO. 1 (P. 0. Bottinuea), Trustees of the Sinking Fund. Certified check on a local bank • for 2%
-The question of of the amount of bonds bid for, payable to the Trustees of the Sinking
Bottineau County, No. Dak.-BOND ELECTION.
issuing $19,000 5% 20-year school-building bonds will be submitted to the Fund, required. The sale has the approval of the Capital Issues Comvoters on Aug. 6. Richard Costello is District Clerk.
mittee. Transcripts of proceedings will be furnished the successful bidder.
the official circular states, has never defaulted in
The City of
BREVARD COUNTY SPECIAL TAX'SCHOOL DISTRICT NO. 4 the paymentColumbus,
of the principal or interest of any of its bonds. These bonds
SALE.
-BOND
-The $75,000 6% 25
-year school
(P. 0. Titusville), Fla.
are not new issues but bonds held by the Sinking Fund as an investment.
-were awarded, according to reports,
bonds offered July 15-V. 107, p. 200
Financial Statement.
to Graves, Blanchett & Thornburg of Toledo for $78,850, equal to 105.133.
Value of real and pers'l property as assessed for taxation, 1918_3314,725,200
-LOAN OFFERING.
COUNTY (P. 0. Taunton), Mass.
BRISTOL
Debt (including issues here offered for sale)
Bids will be received by the County Treasurer, it is stated until 9 a. m
$6,087,800
Assessment bonds
3,746,000
Aug. 6 for a temporary loan of $150,000 revenue-anticipation notes, Water-works bonds
maturing Nov. 7 1918.
13,939,950
dated Aug. 7 and
Other general city bonds
Calif.
-BONDS VOTED.
-The quesCALEXICO, Imperial County,
$23,773,750
Total bonded debt
tion of issuing $79,000 municipal improvement bonds carried at an election
8,260,739
paym't_
held July 16, by a vote of 170 to 22. The bonds will bear 5% or 6% in- Bonds and cash in the Sinking Fund applicable to debt
terest, and will mature within 40 years. They will probably be sold at a
$15,513,011
Net debt
private sale, though not definitely decided as yet.
3,746,000
-In making inquiry concerning the above bonds, Deduct above water-workstiebt
LOCAL PRIDE HURT.
a Now York bond house made the mistake of referring to this municipality
$11,767,011
Balance
as a "village.' This had the effect of wounding local susceptibilities, as Is
-BOND ELECTION
indicated by the following article which we reproduce from the Calexico
CRAIGHEAD COUNTY(P.O. Jonesboro), Ark.
-Newspapers state that the voters will probably be asked to
"Chronicle":
PROPOSED.
"The City Clerk this morning received a letter from a New York bond pass upon a proposition to issue $400,000 road bonds.
house, addressed to the 'Village Clerk,' and making inquiry about our sewer
-BONDS NOT
CUYAHOGA FALLS, Cuyahoga County, Ohio.
bonds. Somehow, the bond buyer, who should be better posted, has his
-The $48,500 5;5% street bonds, offered on June 26 (V. 106, p.
wires crossed and may possible have been thinking of El Centro when the SOLD.
sold. F. O. Vail is Village Clerk.
2470) were not
letter was addressed.
"However the 'Chronicle' desires to inform him and all others that this is
DADE COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 5 (P. 0.
-Proposals will be received
about the biggest and busiest 'village' the sun over shone on. That it Cocoanut Grove), Fla.
-BOND OFFERING.
has close to 5,000 people; is the gateway to the rich and fertile valley of until Sept. 3 by R. E. Hall, Secretary Board of Public Instruction (P. 0.
Baja California, and supplies the people of that valley and the capital of Miami), for $10,000 6% building bonds authorized by a vote of 11 to 3
that State with everything they consume; that it has 13 cotton gins, two at an election held July 26. Due $1,000 yearly beginning 1923.
-ton daily ice plant, 3 big banks,
oil mills, a big cotton compress, a 50
-BOND OFFERING.
DARKE COUNTY (P. 0. Greenville), Ohio.
scores of mercantile establishments, $350,000 worth of paved streets,
Auditor, until 10
water-works, an army camp, 3 fine school buildings, 5 churches, and so Proposals will be received by G. H. Garrison, County
Dayton State Highway
many other things that it would be tedious to name them. Also, that last a. m.to-day(Aug.3)for $22,000 5% Greenville and
Date Aug. 3 1918.
year about 40,000 bales of the finest cotton, worth about 30 cents a pound, bonds. Auth. Sec. 1223, Gen. Code. Denom. $500. County Treasurer's
was ginned and compressed here; that mile maize to the extent of several Principal and semi-annual interest payable at the Aug. 3 1921. Certithousand dollars was handled and,that other products were office. Due $7,500 Aug. 3 1919 and 1920 and $7,000
hundred
Board of
equally important. Also that its port of entry records show that it was fied check for $300 on a bank of this county, payable to the
first In Imports by a vast sum, of any southern California city, including County Commissioners, required.
Yorkers have perhaps heard, and that its
Los Angeles, of which the Now
DAWSON COUNTY SCHOOL DISTRICT NO. 50 (P. 0. Glendive),
assessed valuation this year will be close to $3,000,000.
-Proposals wil be received until Aug. 30, it is
-BOND OFFERING.
Mont.
i4."All this Is pretty good for the 'village' of Calexico, as we see it, and the stated, by Virgil C. Gregg, District Clerk, for $1,000 3 -year (opt.)
-10
a growing 'village' at that. With almost school bonds at not exceeding 6% interest. Certified check for $100 rebest part of it all is that this is
100% more crop acreage tributary to it this year than last, a tremendous quired.
increase is expected here. And the people of the 'village' and surrounding
-On July 31
-BOND SALE.
DAYTON, Montgomery County, Ohio.
country are more than semi-civilized. They wear clothes, instead of fig
at par the $1,700 sewer and $21.000 5%
leaves, although most of them admit that in summer time they would prefer the Sinking Fund purchased July 3 (V. 107, p. 309). Denom. $1,000.
Adamite costume. They live in houses; eat with forks; don't carry paving bonds authorized on J. Due $2,000 yearly on July 1 from 1919 to
the
J.
guns and bowie knives, and regard a tarantula as a curiosity and are not Date July 11918. Int. &
1 1928.
troubled with rattlesnakes or scorpions. They have book agents; wear 1927, inclusive. and $3,000 July
-On July 29
-BOND SALE.
Defiance County, Ohio.
after six in the evening, when occasion requires, and dozens
DEFIANCE,
dress clothes
-V.107. P. 309
-10-year serial water-works-impt. bonds
of them have gone to Harvard, Yale and Princeton to add a little to the the $17,000 5% 5
were awarded to the Merchants' National Bank of Defiance at par and
hree 'R's.'
"They read their daily newspaper and, strange as it may seem, each interest. Date March 25 1918.
vening get the same telegraph news of the war as is served the New York • DE KALB COUNTY (P. 0. Auburn), Ind.
-The
-BOND SALE.
apers. In fact, this is a rather progressive 'village,' and when the $10,-year serial highway improvement bonds offert 11Without
435% 1-10
0,000 cotton crop is gathered this fall, the villagers may add a few score $37,500on,
p. 309), have been disposed of. The $58,000
Juno 18 (V. 107,
the hundreds of automobiles now in use; build a few more $75,000 success
-year serial highway improvement bonds also offered without
ldings, and generally perk up in the hope of becoming a 1011aCe that will 4M% 1-10that date have not yet been disposed of.
recognized by belated New Yorkers. If the inquirer will just slip out 11110zess on
DELAWARE, Delaware County, 1Ohio.-BONDS AUTHORIZED.
is way, he can drink from the town pump and sit on a store box on the
rner, whittle and enjoy the delights of the pastoral life in a village, if he On July I an ordinance was passed authorizing the issuance of $8,305 27
11 keep out of the rush of traffic and the race for wealth.!'
6% 1-8-year serial South Street improvement bonds. Denom. $500 and
S. Mettler is City Clerk.
-BOND OFFERING.
-Friend W. Richard- $305 27. Date July 1 1918. Int. M.& S. Ed.
CALIFORNIA (State of).
-On
-BOND ELECTION.
on, State Treasurer (P. 0. Sacramento), will sell at public auction at
DELAWARE COUNTY (P. 0. Jay), Okla.
p. m. Aug. 15 $100,000 4% State building bonds. Auth., Chap. 235, Aug. 6 the voters will decide whether they are in favor of issuing $30,000
awe of 1913. benom. $600. Date July 2 1915. Principal and semi- road and $70,000 bridge bonds, it is stated.
nannual interest (J. &J.) payable in Sacramento. Due Tilly 2j,.
-BOND OFFERING.
DE SOTO COUNTY (P. 0. Arcadia), Fla.
-LOAN OFFERING.- Sealed bids will be received until 2 p. in. Sept. 2 by the Board of County
CAhIBRIDGE, Middlesex County, Mass.
Bids will be received by the City Treasurer until 12 m. Aug. 7 for a tem- Commissioners for $30,000 6% Fort Ogden Special Road and Bridge Disporary loan of $200,000, issued in anticipation of taxes and maturing Feb. trict No. 7 bonds. Auth.,vote of 23 to 17 at election held July 16 1918.
10 1919.
Denom. $500. Principal and semi-annual interest payable in Arcadia, or
The notes will be issued under the supervision of the First National Bank elsewhere, at the option of the purchaser. Due $1,500 yearly for 20 years.
of Boston, which will certify as to their genuineness, and their legality will Cashier's check for $500, payable to W.G. Wellese, Chairman of the County
be approved by Ropes, Gray, Boyden & Perkins, whose opinion will be Board of Commissioners, required. Official circular states that there is
furnished the purchaser.
no controversy or litigation pending affecting either the district or the
$30,000. Assessed
- validity of the bonds. Total bonded debt of district,of taxable property
-BOND ELECTION.
CANYON COUNTY (P. 0. Caldwell), Ida.
district 1918, $275,000. True valuation
On Sept. 3 the question of issuing $65,000 bridge bonds will, according to valuation of
in district, approximately $500,000. Population of district (estimated),500.
be submitted to the voters.
reports,
528
THE CHRONICLE
[VOL. 107.
DORMONT SCHOOL DISTRICT, Allegheny County, Pa.
-BOND
SALE.
-On July 29 the $50,000 4 % 10 -20 -30
-15 -25 -year coupon school
building bonds (V. 107, P. 420) were awarded to the Mellon Nat. Bank of
Pittsburgh for $50,775 85, equal to 101.5517. Other bidders, all of Pittsburgh, were:
Lyon, Singer & Co
$50,182 50 l Holmes,Ilulkley & Wardrop _$50,000
Glover and McGregor_
50.035 00 I
DULUTH SCHOOL DISTRICT (P. 0. Duluth), St. Louis County,
Minn.
-BONDS VOTED.
-By a vote of 4,131 to 1,306, the proposition
to issue $300,000 5% 20 -year (opt.) school bonds carried at the election
-30
held July 20 (V. 106, p. 2470). The Capital Issues Committee has approved of $185,000 of the above amount. Date of sale not yet determined.
EASTON, Northampton County,Pa.
-DESCRIPTION OF BONDS.
The $50,000 43
,
30
-year public improvement bonds awarded
June to Hackett & Chidsey, of Easton, at 102.09-V. 107. p. 420 during
-are in
denoms. of $500 and $200 and dated July 1 1918. Int. J. & J. Due
July 1 1948.
ELLIS COUNTY
DISTRICT NO. 8 (P. 0. Waxahachie),
Tex.
-BONDS VOTED.
-At the election held July 10-V. 107, p. 97
the $37,500 6% bonds were voted, it is reported.
ERIE, Erie County, Pa.
-BOND SALE.
-On July 26 the $22,000
4% 5
-11-year serial city-hall alteration bonds (V. 107, p. 201)
chased by the City Sinking Fund Commissioners at par andwere purinterest.
Date Aug. 1 1918. There wero no other bidders.
ETTRICK, Trempealeau County, Wis.-BOND SALE.
-The $25,000
5% coupon railroad-aid bonds recently voted-V. 106, p. 2774
-are reported sold. Denoms. 100 for $100 and 30 for $500. Principal and
annual interest, except the first coupon, payable at the Bank of Ettrick.
'
Due $10,000 yearly on Feb. 1 from 1925 to 1934, incl., and $5,000 yearly
on Feb. 1 from 1935 to 1937. Incl.
FITCHVILLE RURAL SCHOOL DISTRICT (P. 0. Norwalk),
Huron County, Ohio.
-BOND ELECTION.
-An election will be held
Aug. 6 to vote on a proposition to issue $25,000 school and $4,750 maintenance bonds.
FLORENCE, Lauderdale County, Ala.
-BOND OFFERING.
-According to reports proposals will be received until Aug. 15 by M. M.
Striplin, Mayor, for the $175,000 water and the $125,000 school 5% bonds
mentioned in V. 107, p. 201. Interest semi-annual.
FLOYD COUNTY (P. 0. Rome), Ga.-BOND ELECTION.
-Reports
state that on Sept. 11 an election will be held to vote on the question
of
issuing $100,000 jail bonds.
FORT WAYNE, Allen County, Ind.
-BONDS PROPOSED.
-Reports
state that the issuance of $87,000 park-site purchasing bonds is contemplated.
KENDALL COUNTY (P. 0. Boerne), Tex.
-BOND OFFERING.
Sealed bids will be received until 10 a. m. Aug. 12 by J. W. Lawhon,
County Judge, for $38,000 5% 20-30-year (opt.) road bonds, according to
reports. Int. semi-ann. Certified chock for $500 required.
KENMORE, Summit County, Ohio.
-BOND OFFERING.
-Bids will
be received by W. W. Shanks, Village Clerk, it is stated, until 12 m.
Aug. 24 for $2,000 6% 4
-year coupon building bonds. Denom. $500.
Date Aug. 15 1918. Due Aug. 15 1922. Cert. check for 10% required.
KITSAP COUNTY SCHOOL DISTRICT NO. 8, Wash.
-BOND
OFFERING.
-Sealed bids will be received until 1 p. m. Aug. 3 by R. S.
Gordon, County Treasurer (P. 0. Port Orchard), for $6,000 5-15-yr.
(opt.) school bonds, it is stated. Denom. $250. Cert. check for 1%
required.
LAHOMA SCHOOL DISTRICT (P. 0. Lahoma), Garfield County,
Okla.
-BOND SALE.
-An issue of $15,000 bonds is reported sold.
LA SALLE, La Salle County, Ill.
-BOND ELECTION.
-An election
will be held to-day (Aug. 3) to vote on a proposition to issue $20,000 fireprotection bonds. II. M. Orr is Mayor.
LARAMIE TOWNSHIP, Tippecanoe County, Ind.
-BOND SALE.
On July 26 the $14,500 534% 1-10-year serial coupon school-heating bonds
-V. 107. p. 310
-were awarded to the Lincoln National Bank of Pt.
Wayne for $14,661, equal to 101.110. Date July 5 1918. Other bidders
were:
Central Trust Co.,Indpls_$14,652 00 Ed. O'Gara,Indianapolis_$14,601 00
Breed Elliott & Harrison,
J. F. Wild & Co., Indpls__ 14,587 50
Indianapolis
14,631 00 Fletcher American Nat.
Meyer-Kiser Bank,Indpls. 14,621 50
Bank, Ft. Wayne
14,510 25
LE ROY, McLean County, 111.
-BOND ELECTION.
-An election will
be held Aug. 10, it is stated, to vote on a proposition to issue $15,000
water-plant improvement bonds. Denom. $1,000. Due $1,000 yearly
beginning March 1 1919.
LESTERVILLE, Yankton County, So. Dak.-BOND OFFERING.Proposals will be received until 1 p. m. Aug.5 by the Town Clerk for $7,000
6% 10
-20-year (opt.) registered water works bonds. Denom. $500.
Date Apr. 1 1918. Int. annually, payable in Minneapolis, Minn. Cert.
chock for 10%. payable to the Mayor,required. Bonded debt, $15,000.
Floating debt (additional), $2,000. Total debt (including this issue),
$17,000. Sinking fund, $1,970. Assessed valuation 1918, $280,000.
LETTS CONSOLIDATED INDEPENDENT SCHOOL DISTRICT
(P. 0. Letts), Louisa County, Iowa.
-BOND OFFERING.
-Proposals
will be received by B. F. Snyder, District Secretary, until 9 p. m. Aug. 26
for $15,000 5% 24-year school bonds. Denom. $1,000. Date July 1
1918. Purchaser to pay accrued int. Cert. check for $500 required.
LIMA, Allen County, Ohio.
-BOND SALE.
-On July 29 the $35,000
5% 1-18-year serial water-works and $45,000
-year street bonds,
%5
FREDONIA, Chautauqua County, N. Y.
-BOND ELECTION PRO- aggregating $80,000-V. 107, p. 421-were awarded to Hornblower &
POSED.
-A proposition to issue $7,000 fire-protection bonds will, it is Weeks of New York for $81,025 50, equal to 101.281. Other bidders were:
Harris, Forbes & Co..N.Y.$80,944 80 Tillottson & Wolc.Co.,Clev...$80,346
stated, be submitted to a vote.
Seasongood & Mayer,Cin. 80,471 00 J. 0. Mayer & Co.,(Mn
80.305
GADSDEN COUNTY (P. 0. Quincy), Fla.
Prov.Sav.B.& Tr.Co.,Cin. 80,421
-BOND OFFERING.
80,108
Proposals will be received until 10 a. m. Aug. 20 by F. F. Morgan, Clerk- Wm.R.Compton Co.,Cin.. 80,374 00 Sid. Spitzer & Co. Toledo
25 Torry Briggs & Co., Tol
80,000
of
the County Court, for the $30,000 5% bridge bonds offered without
success
LINCOLN COUNTY SCHOOL DISTRICT NO. 56 (P. 0. Davenon July 15-V. 108, p. 309. Principal and interest payable at Quincy, Fla.
port), Wash.
-BONDS NOT SOLD.-Tho 32,200 5% 1-10-year (opt.)
GALION SCHOOL DISTRICT (P. 0. Galion), Crawford County, school bonds offered July 20 (V. 107, p. 310) were not sold.
Ohio.
-BOND ELECTION.
-An election will be held this month, it
LODI, San Joaquin County, Calif.
stated, to vote on a proposition to issue $75,000 school-completion bonds. Is
-BOND SALE.
-The $2,586 00
7% 1-10-year serial street-improvement bonds offered on July 22 (V. 107,
GARY SCHOOL CITY (P. 0. Gary), Lake County, Ind.
-NO p. 310), were awarded on that day to Clark & Henry Construction Co. for
BONDS TO BE ISSUED.
-Using newspaper reports we stated in V. 107, work performed.
.
4
p. 202
-that the Capital Issues Committee had approved the issuance
LOS ANGELES COUNTY (P. 0. Los Angeles), Calif.
3250,p00 bonds. The Secretary to the Superintendent of Schools writes of
-BONDS
-It is reported that on July 24 an ordinance was adopted by the
that 'there has been no issue of bonds for school purposes in Gary such us VOTED.
as Board of Supervisors providing for the issuance of $2,250,000
you mentioned.'
of the $4,450000 flood-control bonds authorized by the voters on Feb. 20 1917 and valiGLENNS FERRY HIGHWAY DISTRICT (P. 0. Glenn
Ferry), dated by the State Supreme Court on Dec. 311917. V. 106, p. 204.
Elmore County, Idaho.
-BOND OFFERING.
-Reports state that
LOUISIANA (State of).
bids will be received until 2 p. m. Aug. 3 by G. R. Maxwell, sealed
BONDS OFFERED
Secretary, for $200,000 highway bonds, at not exceeding 6% District BY BANKERS.
-Halsey, Stuart & Co., Inc., of Chicago, New York,
interest.
Certified check for $7,500 required.
Boston, Detroit, St. Louis and Milwaukee, and the William R. Compton
GOLDSBORO, Wayne County, No. Caro.
-BOND SALE.
-On Co. of New York, St. Louis, Cincinnati, Pittsburgh and Chicago, are
July 22 the $40,000 1-20
-year serial paving, $35,000 1-35
-year serial water offering to investors in an advertisement appearing on a preceding page of
and $15,000 1-30
-year serial sewer 53 % gold coupon (with privilege of
,
5
registration) bonds
-V. 107, p. 309
-were waarded, it is stated, to Graves, this publication $2,500,000 5% gold coupon (with privilege of registration)
Blanchet & Thornburgh of Toledo at 102.313.
tax-free Port Commission canal-impt. bonds. Donom. $1,000. Date
July 1 1918. Prin. and semi-annual int. (J. & J.) payable at the office of
GRAFTON TOWNSHIP (P. 0. Stewart),,McLeod County, Minn.
BOND OFFERING.
-H. F. Bryer, Township Clerk, will receive proposals the State Treasurer in Baton Rouge or at the fiscal agency of the State in
until 8 p. m. Aug. 17, it is stated. for $14,000 5% bridge bonds.
New York City. The legality of the issue has been approved by John 0.
Aug. 1 1918. Due on Aug. 1 as follows: $5.000 1920 and 1921 and Date
$4,000 Thomson, Esq., and Caldwell & Masslich of New York and John McGuirk
1922. Certified check for 10% required.
of New Orleans, and has been passed by the Capital Issues Committee "as
GRAND HAVEN, Ottawa County, Mich.
-BOND SALE.
-Local
vestors, it is stated, have been awarded $15,000 improvement bonds. in- not incompatible with the interest of the United States." These bonds
and all previous issues of the State of Louisiana Port Commission have
HALEDON, Passaic County, N. J.
-NO BIDS RECEIVED.
bids were received for the 5% gold coupon water bonds not to -No been accepted by the Government to secure postal savings deposits at
exceeu 100% of their par value.
$20,000, offered on July 15.-V. 107, p. 97.
The official circular states that the bonds area general obligation of the
HAMILTON, Essex County, Mass.
-BOND SALE.
-E. H.
Sons of Boston have purchased, it is stated, an issue of $17,000 Rollins & State of Louisiana, issued by the Board of Commissioners of the Port oi
43 % 1-17
- New Orleans under and by_
year serial bonds on a 4X % basis.
direct _authority of Act No. 244 of 1914, exHEMPSTEAD (Town) SCHOOL DISTRICT NO. 1 (P. 0. Hemp• pressly ratified and approved as an amendment to the constitution of tin;
stead), Nassau County, N. Y.
-BOND SALE.
-On Aug. 1 the $40,000 State of Louisiana, adopted by a vote of the people of the State, for the
registered school addition bonds
-V. 107, p. 309
purpdse of constructing and operating a navigation canal between the
-were awarded to
Kahler & Co. of New York at 100.07 for 4.75s. Other bidders, H. A.
all of Mississippi River and Lake Ponchartrain.
New York, were:
Harris, Forbes & Co. (for 4.80s)
Schedule of Maturities.
100.182
Geo. B. Gibbons & Co. (for 4.85s)
Amt. Maturity. Amt. Maturity. Amt. Maturity. Amt. Maturity.
100.15
1929 356,000
1937 $82,000
1945 $116.000____1952
HEMPSTEAD(TOWN)SCHOOL DISTRICT NO.25(P.O. Merrick), $38.000
1930 58,000
39,000
1938 87,000
1946 121.000-_1953
Nassau County, N. Y.
-BOND SALE.
-On July 15 $3,000 5% school1931 62,000
42.000
1939 90,000
1047 127,000-_1954
improvement bonds were awarded to C. Milton Foreman of Freeport at
43,000
1932 64,000
1940 95,000
1948 134,000_-__1955
par. Denom. $500. Date July 1 1918. Int. J. & J. Due $500 yearly
46,000
1933 68,000
1041 100,000
1949 141,000____1956
for six years.
48,000
1934 70,000
1942 105,000
1950 147.000____1957
HILL COUNTY (P. 0. Hillsboro), Tex.
50,000
1935 75,000
1043 110,000
1951 155,000____1958
-BOND ELECTION.
-An
lection will be held Aug. 24, it is reported, to vote $2,908,000 road bonds.
1936 78,000
53,000
1944
Financial Statement.
HILL COUNTY SCHOOL DISTRICT NO. 25 (P. 0.
Cottonwood),
Mont.
-BOND OFFERING.
-Sealed bids will be received until Aug. 10 by Estimated actual value of taxable property, 1917
$1,401,923,601
Hilbert H. J. Peterson, District Clerk, for $2,500 6% 15
700.960,258
-20-year school- Assessed value taxable property, 1917, as estimated
building bonds, it is stated.
Total bonded debt, including this issue
29,088,500
Population (1910 Census), 1,656,388.
HUBBARD, Trumbull County, Ohio.
-FINANCIAL
-The following statistics have been received by us relative STATISTICS.
LUCAS COUNTY'(P. 0. Toledo), Ohio.
-BOND SALE.
-The State
to the offering
on Aug. 10 of two issues of coupon bonds, aggregating $11,608 60-V.
107, Industrial Commission of Ohio has purchased the $60,300 5% 1-10-year
13. 310. Bonded debt (incl. these issues), $128,569 76. Assessed valua- Adams and Springfield townships Highway Impt. No. 119 bonds, offered
tion 1917, 53,119,290. Int. semi-ann., payable at the Hubbard Banking on July 26 (V. 107, P. 98).
Co. of Hubbard.
LYON SWAMP DRAINAGE AND LEVEE DISTRICT (P. 0. WilHUDSON, Columbia County, N. Y.
mington), New Hanover County, N. C.
-BOND OFFERING.
-BOND SALE.
-Pro-On
$11,500 434% 3 1-3-yr. aver, school bonds were awarded to the July 29 poses will be received by B. F. Keith, Chairman Bd. of Commissioners,
Hudson
City Savings Institution at par. It is stated, until Aug. 24 for $21,000 6% 3 -year serial drainage bonds.
-12
McINTOSH COUNTY (P. 0. Darien), Ga.-BOND ELECTION.
INDIANAPOLIS, Marion County, Ind.
-LOAN OFFERING.
-Proposals will be received until Aug. 5 for the temporary loan of $90,000 The voters, according to reports, will have submitted to'thom on Sept. 11
recently authorized-V. 107. p. 202. Due Dec. 10 1918. Robert H. a proposition to issue $48,000 road improvement bonds.
Bryson is City Controller.
MANKATO,. Blue Earth County, Minn.
-BONDS DEFEATED.
JACKSON TOWNSHIP SCHOOL DISTRICT, Ohio.
-BOND SALE. On July 20 the proposition to issue $100,000 4% building and equipment
-An issue
$3,000 6% 2
-4-year serial school bonds was recently pur- bonds was defeated (V. 106, p. 2577)•
chased by Stacy & Braun of Toledo for $3,012 63 (100.421) and in
MANSFIELD, Richland County, Ohio.
-BONDS AUTHORIZED.
nom. 5500. Date Juno 15 1918. Int. semi-ann. Due $500 each Do- An ordinance was passed July 5 authorizing the issuance of
six
$20,000
months from Apr. 1 1920 to Oct. 1 1922 incl.
-year serial sewer-improvement •bonds. Denom. $1,000. 515%
1-20
Date
Aug. 1 1918. Principal and semi-annual interest payable at the City
JACKSONVILLE, Morgan County 111.-BONDS VOTED.
-At a recent election a proposition to issue $75,000 5% water-works-impt. bonds Treasurer's office. W. W. Carter is City Clerk.
'
MASSENA (TOWN) UNION FREE SCHOOL DISTRICT NO. 1
carried by a vote of 2,695 "for" to 547 "against." Denom. 60 for
$1,000
and 20 for $750. Prin. and semi-ann. int. (J. & J.) payable at the City (P. 0. Massena), St. Lawrence County, N. Y.
-BOND OFFERING.
Treasurer's office. Due 1938, subject to call after 1927. Bonded debt Sealed bids will be received until 8 p. m. Aug. 16 by F. C. Mason, Chairman
(excl. this issue), $42,000. Floating debt, $80,000. Assessed valuation Board of Education, for $20,000 school bonds. Interest rate to be named
1918, $4,403.000.
in bid. Denom. $1,000. Date May 11918. Duo $1,000 yearly on May 1
from 1920 to 1939, inclusive. Certified check for 2% of amount of bonds
JOHNSON COUNTY (P. 0. Clarksville), Ark.
-BOND ELECTION
required.
PROPOSED.
-An election will be held in the near future, it Is stated, to bid for
Bonded debt (incl. this issue) Aug. 1 1918, $161,200. Assessed valuvote on the question of Issuing $250.000 road bonds.
ation 1017. 13.08.4.128. Tax rate (oar 11.000). S10.70.
4%
LEVEE
-PORT COMMISSION
or
AUG. 3 1918.]
TIIE CHRONICLE
529
-Further de-BOND OFFERING.
POMEROY, Meigs County, Ohio.
-No
-NO BIDS RECEIVED.
MIAMI COUNTY (P. 0. Troy), Ohio.
at hand relative to the offering to-day(Aug.3) for the $7.000 6%
bids were received for the three issues of 59j coupon highway-improvement tails arerefunding bonds (V. 107, p. 311). Proposals for these bonds will
on July 29-V. 107, p. 421. C. N. 10-year
bonds, aggregating $16,000, offered
be received at 12 m. by W. J. Jones, Village Clerk. Denom. $500. Date
Peters is County Auditor.
Sept. 1 1918. Semi-ann. int.(M. & S.) payable at the Village Treasurer's
MILAN TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. Milan), office. Due Sept. 1 1928. Cert. chock for $100, payable to the Village
-On July 27 the Farmers' & Citizens' Treasurer, required. Bonded debt (incl. this issue), $83,000.
-BOND SALE.
Erie County, Ohio.
Banking Co. of Milan was awarded at par and interest $7.000 6% schoolPOPE COUNTY SCHOOL DISTRICT NO. 8 (P. 0. Glenwood),
addition bonds. Denom. $1,000. Date July 26 1918. Int. M. & S. Minn.
-On Aug. 5 the voters will pass upon a propo-BOND ELECTION.
Due on or before 5 years, subject to call any interest period.
sition to issue to the State of Minnesota $21,027 89 4% bonds. -E. B.
-On Krueger is District Clerk.
-BOND SALE.
MILLVILLE, Cumberland County, N. J.
-were awarded
-V. 107. p. 310
July 26 the $7,500 5% serial school bonds
-BOND OFFERING.
PORTAGE COUNTY (P. 0. Ravenna), Ohio.
to local investors for $7,537 50, equal to 100.50.
-Sealed bids will be received until 8 a. m. Aug. 12 by Fred. Bechtel,
-At County Auditor, it is stated, for $8,000 5
County, So. Dak.-BONDS DEFEATED.
hospital bonds. Denom.
MITCHELL, Davison
the election held July 23 (V. 107, p. 202) the question of issuing $185.000 $500. Date Sept. 11918. Int. A. & 0. Due in 5 years.
Cert. check for $200, payable to the County Treasurer, required. Bonds
water-works bonds was defeated by a vote of 264 "for" to 346 "against."
- to be paid for on day of delivery.
MOBRIDGE, Walworth County, So. Dak.-BOND ELECTION.
-George R. Funk, City Audi-BOND OFFERING.
PORTLAND, Ore.
An election will be held Aug. 6 to vote on a proposition to issue $50,000
sewerage-system bonds, It is reported.
tor, will receive bids until 10 a. m. Aug. 14, it is stated, for $500,000 5j %
-Sealed bonds. Int. semi-ann. Cert. check for 5% required.
MOORCROFT, Crook County, Wyo.-BOND OFFERING.
-BOND
PORT OF SEATTLE (P. 0. Seattle), King County, Wash.
bids will be received until 8 p. m. Aug. 5 by D. R. Shakieford. Town
-25
-Reports state that an election will be held Sept. 10 to vote
Clerk,for $8,0006% 10 -year serial coupon (with privilege of registration) ELECTION.
$500. Date Aug. 1 1918. Interest semi-annual, on the question of issuing $2,500,000 bonds for the duplication of the Smith
sewer bonds. Denom.
payable at Kountze Bros., N. Y. Certified check for 5% of amount of Cove terminal and such other wharfage and harbor improvements as may
bonds bid for, required.
be deemed necessary.
-Sidney
-BOND SALE. street-BOND SALE.
-The
MOORESVILLE, Iredell County, No. Caro.
POSEY COUNTY (P. 0. Mt. Vernon), Ind.
6%
Spitzer & Co. of Toledo were awarded on July 26 $26,844 50
People's Bank & Trust Co. of Mt. Vernon has purchased the $15,8004%
10
impt. bonds for $27198 (101.316) and int. Denom. 50 for $500 and the 10-year highway-impt. bonds offered without success on July 8.-V. 107.
for $184 45. Date July 1 1918. Prin. and semi-ann. int. payable at on p. 203.
American Exchange Bank, New York City. Due $2,684 45 yearly
PRAIRIE COUNTY SCHOOL DISTRICT NO.4 (P. 0. De Grand),
July 1 from 1919 to 1928 incl. Other bidders were:
-Bids will be received until to-day (Aug. 3)
-BOND OFFERING.
Hanchett Bond Co., Ch1c427,251 50'Bruce Craven, Trinity_ - _326,944 50 Mont.
-10
for $2,000 5 -year (opt.) building bonds at not exceeding 6% int. Cert.
W.L. Slayton & Co., Tol_ 27,048 52 Seasongood & Mayer,Cin_ 26,934 50
check for $300 payable to the District Clerk, required.
Durfee, Niles & Co., Tol_ 27.009 sot
-On
-TEMPORARY LOAN.
All the above bidders offered accrued interest.
QUINCY, 'Norfolk County, Mass.
- July 27 a temporary loan of $100,000, issued in anticipation of taxes
MUSKINGUM COUNTY (P. 0. Zanesville), Ohlo.-BOND SALE.
- maturing Dec. 3 1918, was awarded, it is stated, to Salomon Bros. &
-year serial coupon road-impt. bonds
On July 27 the $17,500 5% 1-10
York, at 4.33% discount.
V. 107, p. 421-were awarded to the Hanchett Bond Co., Inc., of Chicago, Hutzler, of New
-BOND SALE.
for $17,670 (100.972) and int. Other bidders, all of Cincinnati, were:
RANDOLPH COUNTY (P. 0. Pocahontas), Ark.
Well, Roth & Co., par and $730 for printing of bonds, and Silverman- It is reported that J. G. Richardson, President of the Lawrence County
Huyck Co.. $17,503 50 and blank bonds.
Bank, was awarded $60.000 Road District No. 3 bonds.
-Local newspapers state
NEBO HIGH SCHOOL DISTRICT (P.O. Nebo), McDowell County,
RICHMOND, Va.-TEMPORARY LOAN.
-Further details are at hand that by unanimous vote of the Council Committee of Finance, the contract
-DESCRIPTION OF BONDS.
No. Caro.
-year school bonds awarded on July 8 for discounting the $500,000 loan dated Aug. 1 1918 and payable Jan. 10
relative to the sale of $20,000 6% 20
bonds are in denom. of
to Bruce Craven, of Trinity, at 100.75. The
1919 was awarded to Frederick E. Nolting & Co. at 4.95% on the entire
$1.000 and are dated July 1 1918. Int. J. & J.
amount.
NEW CASTLE, Fond du Lac County, Wyo.-BONDS NOT SOLD.
RICHLAND COUNTY SCHOOL DISTRICT BO. 85 (P. 0. River-year (opt.) gold coupon
-Reports state that Leo L. Bogut,
No sale has yet been made of the $90,000 6% 10-15 on June 28-V. 106, side) Mont.-BOND OFFERING.
-20-year bonds.
water-system bonds, dated July 1 1918, offered
District Clerk, will receive bids until Aug.27 for $2,8006% 5
p. 2578. A. M. Nichols is Mayor.
-On Aug. 13
-BOND ELECTION.
RITTMAN, Wayne County, Ohio.
-BOND OFFERING.-ProHuron County, Ohio.
to issue $5,000 street bonds.
NEW LONDON,
an election will be held to vote on a proposition
osals will be received by Andrew Ledgett. Village Clerk, until 12 m.to-day
ROBESONIA SCHOOL DISTRICT (P. 0. Robesonia), Berks
-9
5 -year serial water-works bonds. Auth., Secs.
(Aug. 3) for $3,000 5
1 1918. Interest County, Pa.
-It is stated that an issue of 310,000 4%
-BOND SALE.
939 and 3959, Gen. Code. Denom. $500. Date July
school bonds has been purchased by local investors at par.
annual. Purchaser to pay accrued interest.
-Proposals will be received
-NOTE OFFERING.
-BOND OFFERING.
-It is
ROCHESTER, N. Y.
NEW MILFORD, Bergen County, N. J.
Controller, for the following notes, payable and
stated that H. J. Tiffany, Borough Secretary, will receive bids until Aug.8 by Henry D. Quinby, CityUnion Trust Co. of New York, Aug. 12 1918:
Central
deliverable at the
for $7.000 5% improvement bonds.
water-works notes. Due 1 month from Aug. 12 1918.
-During the months o $50.000 sewage-disposal-plant notes. Due 8 months from Aug. 12 1918.
-TEMPORARY LOANS.
NEW YORK CITY.
50.000
issued the following revenue bills, 1918, aggregating $33,July this city
50.000 water-works notes. Due 8 months from Aug. 12 1918.
000,000:
Bids must state rate of interest and designate to whom (not bearer) notes
Date Sold.
Maturity.
Interest.
Amount.
payable and denominations desired.
Nov. 21 1918
July 8 will be made
4.40
$5,000,000
-On July 26 a temporary loan of $100,000 conduit conNOTE SALE.
Nov. 26 1918
July 8
4.40
3,000,000
to
Nov. 15 1918
July 10 struction notes to run one month from Aug. 1 1918 were awarded
4.40
500,000
Nov. 20 1918
July 10 Alexandre & Burnet of Now York at 43i,% int. and $1 prem. S. N. Bond
4.40
500,000
& Co. also of New York., bid 4)% int.
Nov. 20 1918
July 10
4.40
2,000,000
Nov.27 1918
July 10
4.40
-BOND SALE.
2.000,000
ROCKINGHAM COUNTY (P.O. Wentworth), N. C.
July 15
Nov. 18 1918
4%7
10,000,000
offered on July 12 (V. 106,
16-year
July 15 -The $225,000 6%disposed aver, bridge bonds
Nov.26 1918
4
5,000.000
of.
have been
July 17 p. 2776)
Dec. 5 1918
48
2,000,000
-BOND SALE.
41/g
July 17
ROCKLAND COUNTY (P. 0. New City), N. Y.
Dec. 6 1918
1,000.000
Nov.29 1918
July 18 The $80,000 5% 1-16-year serial registered tuberculosis-hospital bonds
43s
1,000,000
July 18 offered on July 30-V. 107. p. 311-were awarded on that day to Geo. B.
Dec. 6 1918
4%
1,000,000
Nov. 22 1918
July 24 Gibbons & Co. of New York at 102.41.
4% 0
5,000,000
July 29
Dec. 3 1918
*4.235
-The
-BOND SALE.
5,000,000
RUNNELS COUNTY (P. 0. Ballinger), Tex.
July 29
Dec. 10 1918
*4.235 o
10,000,000
road bonds mentioned in V. 106. p. 2579, were disposed of on July 26
'44 $75,000and interest, it is stated.
* Sold at a public sale on uly 29.
par
ZET
- atST. LANDRY PARISH (P. 0. Opelousas), La.
-BONDS AUTHORINILES, Trumbull County, Okla.
-BOND OFFERING.
has been authing to reports, an issue of $9,500 intercepting sewer bonds
• -Bids will be received until 11 a. m. Aug. 12 by F. Octave Pavy, Presiorized.
dent of Police Jury, it is stated, for 325.000 5% road bonds.
•
-DESCRIPTION
-The other
-BIDS.
NOBLES COUNTY (P. 0. Worthington), Minn.
SALT LAKE CITY, Salt Lake County, Utah.
-20
% 16 -year serial Judicial Ditch No. 8 bids received for the $350,000 5% 1-10
-The $100,000
-year serial refunding bonds awarded
OF BONDS.
Kalman, Matteson & Wood, of St. Paul,
bonds, awarded during May to
on July 25 to Redmond & Co. of New York City for $354,014 (101.146)
at par (V. 107, p. 422) are described as follows: Denom. $1,000. Date and int. (V. 107. p. 422) were:
4351,085 50
July 11918. Int. J. .St J.
The National City Co., Chicago
x350.525 00
- James L. Martin & Co., Chicago
OKANOGAN COUNTY SCHOOL DISTRICT NO. 29, Wash.
348,323 50
-V.107, Curtis & Sanger and Blodgett & Co., Chicago
-On July 24 the $1,600 10-20-yr.(opt.) school bonds
BOND SALE.
it is stated, to the State of Washington at par for 5s. Carstens & Hades, Inc.. Seattle Nat. Bank, Seattle, and 350,647 00
-were awarded,
p. 203
& Co., Cleveland
Field, Richards
OLIVE HILL SCHOOL DISTRICT (P. 0. Olive Hill), Carter Continental & Commercial Trust & Savings Bank, Chicago, and
-It is stated that proposals will be
County, Ky.-BOND OFFERING.
351.250 00
Guaranty Trust Co., New York
-year serial bonds.
received at any time for $10,000 1-10
350.951 00
Salt Lake City
-It is reported National Copper Bank, B. Leach & Co. and C. W. McNear &
PALMER, Merrick County, Neb.-BONDS VOTED.
E. H. Rollins ,SL Sons, A.
*350,595 00
that at a recent election $40,000 water and light bonds were voted.
Chicago
Co.,
351,960 00
PARK COUNTY SCHOOL DISTRICT NO. 64 (P. 0. Livingston), Emery, Peck & Rockwood, Chicago
352.317 00
-Proposals will be received until Aug. 17 Palmer Bond & Mortgage Co., Salt Lake City
-BOND OFFERING.
Mont.
District Clerk, for $1.000 6% 8-10-year (opt.) school
by A. L. Portwood,
* These firms also bid $350.000 and accrued int. for 43 % bonds, probonds, it is stated. Certified check for $100 required.
Ailed they be allowed .0235%,or.$8,225. for acting as fiscal agents of the
- city.
-BOND OFFERING.
PARTRIDGE (Town), Pine County, Minn.
until 2
All the above bidders offered accrued interest.
Sealed bids will be received (P. 0. p. m. Aug. 9, according to reports, by
Askov), for $6,000 6% refunding bonds.
Sorenson, Town Clerk
J. P.
-BOND ELECSANDERS COUNTY (P. 0. Thompson Falls), Mont.
Date July 1 1918. Interest semi-annual. Due July 1 1933. Certified TION.
-The question of issuing $60.000 road and bridge bonds will be subcheck for $3,000 required.
on Aug. 29. according to reports.
- mitted to the voters
(P. 0. Paterson), N. J.
-BONDS APPROVED.
PASSAIC COUNTY
SANTA CLARA COUNTY RECLAMATION DISTRICT NO. 1663,
The Capital Issues Committee has approved the issuance of $239,000 road
-The $32.000 (not $2,000 as first
-DESCRIPTION OF BONDS.
Calif.
bonds.
- reported)6% bonds awarded on June 25 to the Bank of San Jose for $34.006
Okla.
-BOND OFFERING.
PAULS VALLEY, Garvin County, by
-are in denom. of $1,000 and are dated Mar. 1
received until Aug. 5
Eugene Turner, City Treas- (106.268)-V. 107, p. 99
Sealed bids will be
1917. Int. J. & J. Due Jan. 11927.
urer, it is stated, for $25_,000 water-works, $15,000 public-park and $9,000
-On July 30 the
-CERTIFICATE SALE.
.
SCHENECTADY, N. Y.
fire-equipment bonds. Date Apr. 11918. Due in 25 years.
-BOND SALE.
-The $51,000 $150,000 certificates of indebtedness due Feb. 3 1919(V. 107. p. 422) were
PAYETTE, Payette County, Idaho.
- awarded to the Equitable Trust Co. of New York at par for 4.30s and acbonds, recently authorized-V. 107, p. 311
6% 10-20-year (opt.) school
crued int. S. N. Bond & Co. also of New York„ bid 4.50% int. plus $7
were awarded on Juno 7 to Keeler Bros. of Denver at par. Denom. $1,000. premium.
Date Jan. 11918. Interest J. & J.
Ill.SCOTTS BLUFF COUNTY (P.O. Gering), Neb.-BONDS VOTED
PEKIN SCHOOL DISTRICT (P.0. Pekin), Tazewell County,school BONDS DEFEATED.
-The proposition to issue $100.000 5% bridge bonds
-At a recent election a proposition to issue $12,000
BONDS VOTED.
The vote was 690 to 313.
(tarried at the election July 20-V. 107, p. 204.
bonds carried, it is stated, by a vote of 130 to 2.
Due 1938. At the same election the question of issuing $160,999 bridge
-BONDS APPROVED.
-The issuance bonds was defeated.
PEORIA, Peoria County, 111. been
approved by the Capital Issues
of $50,000 river terminal bonds has
-We are in receipt
-FINANCIAL STATEMENT.
SEATTLE, Wash.
Committee, it is stated.
of the following financial statement issued in connection with the offering
-The issu- on Aug. 5 of the 8300.000 1-10
-year general negotiable coupon bonds, at
County, So. Dak.-BOND ELECTION.
7IERRE, Hughes
ance of $90,000 water and sower-system bonds will be decided by the voters not exceeding 6% int.-V. 107, p. 311:
Financial Statement July 11918.
on Aug. 7, it is stated.
316.667.400 00
-On Total bonded indebtedness
-BOND ELECTION.
PITTSBURG, Crawford County, Kan.
$40,984 88
whether they are in favor of issuing $6,500 Warrants outstanding, General Fund
Aug. 6 the voters will decide
889
_
Warrants outstanding, Judgment Fund------------886 85
-20-year purchase park bonds at not exceeding 6% interest.
10
Condemnation awards in Cause No. 123,590,
-BOND SALE.
-The
PLAINS TOWNSHIP, Luzerne County, Pa.
against the General Fund have been filed
289.730 44
Wyoming Trust Co. or Wilkes-Barre was awarded on June 1 $10,000 5%
amounting to
331,602 17
inapt. bonds at par and interest. Denom. $1,000. Date May 1 1918.
& N. Due one bond yearly.
Int. M.
316.999.002 17
ED SCHOOL DISTRICT,Tate County,
POAGVILLE CONSOLIDAT
Population, Census of 1910, 237,194; according to U. S. Census Bureau,
-A proposition to issue $17,000 6% 20-year
-BOND ELECTION.
Miss.
366,445.
bonds will be submitted to a vote, according to reports, to-day (Aug. 3). Juno 1 1917,
530
THE CHRONICLE
SEATTLE, Wash.
-BONDS APPROVED.
-Reports state that the
issuance of $5,500,000 bonds for the construction of the hydro-electric
plants on the Skagit River to servo war industries has been approved by the
Capital Issues Committee.
SHEFFIELD SCHOOL DISTRICT (P. 0. Sheffield), Colbert
County, Ala.
-BONDS VOTED.
-Reports state that at a recent election
the issuance of $25,000 high-school bonds was authorized by the voters.
SHERBOURNE COUNTY COMMON SCHOOL DISTRICT NO. 4
(P. 0. Big Lake), Minn.
-BOND SALE.
-The $10,000 5 -year serial
-15
refunding bonds, dated July 11918, offered on June 22-V. 106, p. 2579,
were awarded to Kalman-Matteson & Wood of St. Paul at 106.80 for 6s.
SHERIDAN COUNTY SCHOOL DISTRICT NO. 43 (P. 0. Plentywood), Mont.
-BONDS NOT SOLD.
-The $4,000 school-building bonds
offered on July 6-V. 107, p. 100
-were not sold, owing to the
they were not redeemable before maturity. The bonds will fact that
again be
offered after re-publication.
SOUTH BEND, St. Joseph County, Ind.
-BONDS AUTHORIZED.
-Reports state that an issue of $70,000 434% Healthwin addition bonds
has been authorized. Denom. $1,000. Date Sept. 11918. Due serially
beginning 1920. This issue will be ready for sale about Sept. 1.
SOUTH NEWBURGH (P. 0. Cleveland), Cuyahoga County, Ohio.
-BOND OFFERING.
-Proposals will be received, it is stated, by
Bohning, Village Clerk, until 12 m. Aug. 20 for $52,201 53 Herman
,
6% -year
average sewer bonds. Interest semi-annual. Certified check for A 5 1%
of
required.
[VoL. 107.
WATERTOWN,Jefferson County, N. Y.
-BOND SALE.
-On July 31
the $50.000 5% 30
-year water, light and power-development bonds
V. 107, p. 423
-were awarded to H. A. Kehler & Co. of New York for
$53,290 (106.58) and int. Other bidders were:
Remick. Hodges & Co., N.Y.106.563 Wm.R.Compton Co.,N.Y.105.586
Geo. B. Gibbons & Co., N.Y.106.42 Hornblower &
Farson, Son & Co., N. Y__106.337 Northern NowWeeks, N. Y.105.1664
York Trust
R. M. Grant & Co., N. Y _-105.88
Co., Watertown
103.16
WATERVLIET, Albany County, N. Y.
-BONDS VOTED.
-At the
election held July 29 the proposition to issue water-improvement
bonds
carried-V. 107, p. 204.
WESTERVILLE,Franklin County, Ohio.
-BOND SALE.
Industrial Commission of Ohio has purchased, it is stated, -The State
$4,540 454%
street-improvement assessment bonds at par.
WEST LIBERTY VILLAGE SCHOOL DISTRICT (P.
0. West
Liberty), Logan County, Ohio.
-BOND SALE.
July 31
& Mayer of Cincinnati were awarded the $3,000-On -8-year Seasongood
6% 3
dated July 31 1918 (V. 107 p. 423) for $3,062 (102.066) and serial bonds
int. W. L.
Slayton & Co. of Toledo bid $3,047 10.
WEST PARK, Cuyahoga County, Ohio.
-BOND SALE.
-The Lakewood State Bank of Lakewood has been awarded, it is
stated, $8,948 6%
Barthleman Ave. paving bonds. Interest semi-annual.
WEST POINT, Clay County, Miss.
-BOND SALE.
-On June 22 the
$30,000 67 1-20
-year serial bonds (V. 106, p. 2580) were awarded to J.
0
Mayer & Co. of Cincinnati at 102.75. Denom. $500. Int. annually. C.
WHITMAN COUNTY (P. 0. Colfax), Wash.
-DESCRIP
BONDS.
-The $242,000 (not $230,000 as first reported) 6% TION OF
-year
1-10
serial (option on call) highway-impt. bonds awarded on
July 1 to Ferris &
Hardgrove of Spokene for
equal to 100.064 (V. 10'7,
described as follows: Denoms. $500 and $1,000. Date July p. 313), are
$242,157,
1 1918. Int.
J. & J.
W1LBURTON, Latimer County, Okla.
-BOND ELECTION PROPOSED.
-According to reports an election will be held to vote
on the question of issuing $30,000 water bonds.
WILKINSON COUNTY(P.O. Woodville), Miss.
-BOND ELECTION.
-An election will be held Aug. 6, it is reported, for the purpose
of voting
on the question of issuing $60.000 road bonds.
WILSON TOWNSHIP SCHOOL DISTRICT (P. 0. Easton),
Northampton County, Pa.
-BOND OFFERING.
-Proposals
by Jordan F. Stover, Township Secretary, until 7:30 p. will be received
m. Aug. 14 (date
changed from July 13-V. 107, p. 100)
-for $60,000 4 % 5 -year (opt.)
-30
coupon school bonds. Date Aug. 1 1918. Int. sem -nan.
Certified or
cashier's check for 1% of bid required.
WOLF POINT, Sheridan County, Mont.
-BOND OFFERING.
Charles Gordon, City Clerk, will sell at public auction at
2 p. m. Sept. 9
(date changed from Aug. 5-V. 106, p. 2473) $25,000 6% sewer
bonds.
Denom. $500. Date Sept. 1 1018. Prin. and semi-ann. int.
(J. & J.)
Payable at the National Bank of Commerce, Now York City, Duo
Sept. 1
1938, subject to call any time after Sept. 1 1928. Cert. check
for $3,000
on a national bank in the State of Montana required.
The official notice of this bond offering will be found
among the advertisements elsewhere in this Department.
WOODBRIDGE TOWNSHIP (P. 0. Woodbridge)
Middlesex
County, N. J.
-BOND SALE.
-On July 29 the 534% gold coupon (with
'
privilege of registration) paving bonds
-V. 107, p.
-were awarded to
Harris, Forbes & Co. of New York at 101.802 for313
$80,000 bonds. The
Perth Amboy Trust Co. of Perth Amboy bid 101.63.
WORCESTER, Worcester County, Mass.
-TEMPOR
On July 29 the temporary loan of $400,000, maturing Nov. ARY LOAN.
29 1918
p. 424) was awarded, it is stated, to Blake Bros. & Co. of Boston (V. 107.
at 4.22%
discount. Other bidders were:
SPADRA SCHOOL DISTRICT (P. 0. Spadra), Johnson
County,
Ark.
-BOND SALE.
-An issue of $15,000 6% 20-year school-building
bonds• recently authorized has been sold.
SPRINGFIELD, Hampden County, Mass.
-TEMPORARY
On Aug. 1 a temporary loan of $400,000 issued in anticipation LOAN
of taxes,
dated Aug. 2, and maturing Nov. 8 1918, was awarded, it is stated to
S. N. Bond & Co. of New York, at 4.20% discount, plus 50c. premium
STRUTHERS, Mahoning County, Ohio.
-BOND OFFERING.
B. F. McNab, Village Clerk, will receive proposals, it is
Aug. 21 for $3,430 21 6% bonds maturing serially beginning stated, until
Aug. 11923.
Interest semi-annual.
Proposals will also be received on the same day for $19,499 50
6%
bonds. Date Aug. 1 1918. Int. semi-annual. Duo serially beginning
Aug. 1 1919. Certified check for $200 required.
SUPERIOR, Douglas County, Wis.-BOND SALE.
-The Minnesota
Loan & Trust Co. of Minneapolis recently purchased the $31.000 5% 1-10
year serial street-improvement bonds (V. 106, p. 2777) for $7,055 equal to
100.177.
TAYLOR COUNTY (P. 0. Bedford), Iowa.
-DESCRIPTION
BONDS.
-The $55,000 5% road and bridge bonds awarded on June 11 OF
Hattie V. Crum (not W. E. Crum Jr., of the Bedford National Bank, to
as
first reported), for $55,345 (100.627). are in donom. of $1,000 and are
dated June 1 1918. Interest M. & N.
TERRE HAUTE, Vigo County, Ind.
-BOND OFFERING.
-Proposals
will be received by W. P. Sheppard, City Controller, it is stated, until
T2 m. to-day (Aug. 3) for $150,000 5% 6
-10-year serial emergency bonds.
Interest semi-annual. Certified check for $1,000 required.
TETON COUNTY SCHOOL DISTRICT NO. 24 (P. 0. Chouteau),
Mont.
-BOND OFFERING.
-Proposals will be received until Aug. 17 by
John Ledgerwood, District Clerk, it is stated, for $1,200 5
-10-year (opt.)
school bonds at not exceeding 6% int. Certified chock for $100 required.
TETON COUNTY SCHOOL DISTRICT NO. 34 (P. 0. Ledgewood),
Mont.
-BOND SALE.
-On July 24 the State Board of Land Commissioners were awarded at par the $3,500 6% 5 -year (opt.) school bonds
-15
(V. 107, p. 312). Denom. $500. Interest annual. There were no other
bidders.
TETON AND CHOUTEAU COUNTIES JOINT SCHOOL DISTRICT
NO. 28 (P. 0. Dutton), Mont.
-BOND SALE.
-On July
6% school-building bonds (V. 107, p. 100) were awarded27 the $14,800
to the
Discount. Premium.
Dickey Co. of Minneapolis for $15,525 (104.898) and interest. Wells Salomon Bros.
&
July 1 1918. Due July 1 1928, subject to call any interest paymentDate Park Trust Co., Hutzler, New York
4.24
Worcester
date
thereafter. Other bidders were:
4.25
$1
--ig
J. P. Morgan & Co., New York
The Hanchett Bond Co., Chicago
4.25
$15,500 00 S. N. Bond & Co., New York
Kalman, Matteson & Wood, St. Paul
4.29
__15,316 00 Alexandre & Burnett New York
Sweet, Causey, Foster & Co., Denver
4.29
15,107 00 A. B. Leach & Co., Inc., New York
4.34
John Nuveen Sr Co., Chicago
$2
.00
15,100 00 Equitable Trust Co., New York
C. II. Coffin, Chicago
4.35 0
---14.876 10
LOAN OFFERING.
-Proposals will be received by the City Treasurer,
It is stated,
m.
TIPTON, Tipton County, Ind.
-BOND SAL.
-On July 25 the notes dated until 12 andAug. 5 for a temporary loan of $100,000 revenue
Aug. 7
$22,000 5% 5
payable Nov. 29 1919.
-30-year serial electric-light-impt. bonds
-V. 107,
were awarded to the Harris Trust & Savings Co. of Chicago for p. 204$22,251,
WORCESTER COUNTY (P. 0. Worcester), Mass.
equal to 101.140. Date July 25 1918. Int. J. & D. Due yearly on
-TEMPORARY
LOAN.
-A temporary loan of $50,000 issued in anticipation
June 1 from 1923 to 1938.
of taxes,
dated Aug. 6 1918 and maturing Dec. 5 1918, was awarded,
according to
TONAWANDA, Erie County, N. Y.
-BOND SALE.
-On July 31 reports, to Salomon Bros. & Hutzler of New York at 4.21% discount plus
$19,000 sewer bonds were awarded to Geo. B. Gibbons & Co. of New $2 premium.
York at 100.33 for 4.65s. Denoms. $1,000. Date July 1 1918. Due
YOUNGSTOWN, Mahoning County. Ohio.-BO
July 1 1938.
-The
$7,500 5% sewer bonds authorized on July 8.- V. ND SALE.
, 107, p. 424
-were
UNION COUNTY (P. 0. Elizabeth), N. J.
-BOND SALE.
-On July awarded to R. M. Grant & Co. of New York at par.
29 the 44% gold coupon (with privilege of registration) road, bridge and
hospital bonds
-V. 107, p. 312
-were awarded to Harris, Forbes & Co. of
New York at 100.913 for 1$231,000 bonds. The National City Co. of New
York bid 100.59.
UPPER SANDUSKY SCHOOL DISTRICT (P.'0. Upper Sandusky),
Wyandot County, Ohio.
-BOND SALE.
ABBEY, Sask.-DEBENTURE SALE.
-On July 24 the $4,500 5%
-W. H. Kirkman of Swift
-10
7 -year serial school bonds
-V. 107. p. 204
-were awarded to Durfee, rent was awarded, it is stated, an issue of $3,500 village debentures. CurNiles & Co. of Toledo for $4,505, equal to 100.111. W. L. Slayton & Co.,
ALLEN BY SCHOOL DISTRICT, Sask.-DEBENTURE
lso of Toledo, bid $4,502 70.
SALE.
-An
issue of $2,400 school debentures was awarded, it is stated,
to Nay & James
URBANA, Champaign County, Ohio.
-BOND ELECTION.
-On of Regina.
Aug. 13 a proposition to issue $5,600 fire-dept. impt. bonds will be subANDERSON TOWNSHIP, Essex County, Ont.-DEB
mitted to the voters, it is stated.
SALE.
-C. H. Burgess & Co. of Toronto have purchased, it ENTURE
is stated.
VAN WERT COUNTY (P. 0. Van Wert), Ohio.
-BOND SALE.
-installment drainage debentures.
-On $7,550 6% 10
July 26 the following two issues of 5% road bonds were awarded to the
AYLMER, Ont.-DEBENTURE SALE.
First National Bank of Van Wert at par and interest:
-The $7,000 reservoir deben37,026 38 Jackson Township bonds. Denom. $1,000, except 1 for $1,- tures recently voted (V. 107, p. 205) have been disposed of locally.
026 38. Due 1 bond each six months beginning Sept. 1 1919.
BROCKVILLE, Ont.-DESCRIPTION OF DEBENTUR
5,500 00 Road No. 175 bonds. Due 1 bond yearly on Sept. 1 from 1919
ES.
-The
$16,800 654% 1-20-year serial improvement debentures awarded
to 1924, inclusive.
on
July 12 to Neelys. Ltd., of Toronto, at 101.13 (V. 107, p. 424),
Date July 15 1918. Interest M.& S.
are dated
Aug. 15 1918. Int. P. & A.
VIGO COUNTY (P. 0. Terre Haute), Ind.
-DESCRIPTION OF
KELLERVILLE
BONDS.
-The $4,428 (not $9,240 AS first reported) 6% drainage bonds -The Waterman- SCHOOL DISTRICT, Sask.-DEBENTURE SALE.
Waterbury Mfg. Co. of Regina has purchased the
awarded at par to Breed, Elliott & Harrison of Indianapolis
$2,800
-V. 107,
-are in denoms. of $500 and 3116, and dated June 3 1918. Int. J.p. 423 734% 10-year debentures recently authorized (V. 107, P. 101)•
& D.
Duo part yearly on Dec. 1 from 1920 to 1934, inclusive.
MANITOBA (Province of).
-DEBENTURE SALE.
-On July 27 the
$1,000,000 6% 10I-year debenture
-V. 107, p. 424
WALLOWA, Wallowa County, Ore.
-were awarded at 96.77
-DESCRIPTION OF BONDS.
Additional information is at hand relative to the sale of the $7,682,39 554% to a syndicate composed of R. C. Matthews & Co. of Toronto, 0. Meredith
10-20-year (opt.) gold sower bonds, awarded on July 15 to Morris Bros., & Co., Ltd., Harris, Forbes & Co., and Hanson Bros. of Montreal.
Inc., of Portland, for $7,694 39 (100.154), accrued interest, blank bonds
NEW BRUNSWICK (Province of).
-DEBENTURE OFFERING.
and expenses
-V. 107, p. 423. The bonds are in donoms. of $500
The Comptroller General (P. 0. Fredericton) will receive bids
$182 39 and are dated July 1 1918. Prin. and semi-ann. int. (J. &and $200,000 6% 20-year
at par for
J.)
payable at the fiscal agency of the State of Oregon (National Park Bank), $1,003. Date Aug. tax-free road debentures. Denoms. $100, $500 and
1 1918. Prin. and semi-annual interest (F. & A.)
New York City, N. Y.
payable at any branch of the Bank of Montreal in New Brunswick,
Financial Statement.
the Bank of Montreal in Montreal, Toronto and New York, at the and at
Real value of property (estimated)
option
$800,000 00 of the holder thereof.
Assessed valuation for taxation, 1917
475,930 00
Total bonded debt, including this issue
THORNE SCHOOL DISTRICT, Sask.-DEBENTURE SALE.
$17,682 39
Less water bonds
Waterman-Waterbury Mfg. Co. of Regina has purchased, it is -The
10,000 00
stated,
$2,500 school debentures.
Net debt
$7,682 39
VALLEY CITY SCHOOL DISTRICT,Sask.-DEBENTURE
Population (estimated), 1,200.
The Great West Life Assurance Co. of Winnipeg has purchased, it SALE.
is stated.
WASHINGTON COURT HOUSE, Fayette County, Ohio.
-BOND $2,000 school debentures.
SALE.
-The Commercial Bank of Washington has purchased at par and
VIMY SCHOOL DISTRICT, Sask.-DEBENTURE
Interest two isSUOS of 5% 554-year average street-improvement bonds
-The
$2,500 734% 10-year debentures recently authorized (V. 107,SALE.
aggregating $11,800. Denom. $500. Int. M. & S.
p.
been purchased by the Waterman-Waterbury Mfg. Co. of Regina 101) have
at 100.50.
WATERLOO INDEPENDENT SCHOOL DISTRICT (P. 0. Water
Interest annually in Juno.
loo), BIack hawk County, Iowa.
-BOND OFFERINO.-Proposals
YARMOUTH, N. S.
-DEBENTURE OFFERING.
be received until Aug. 0 by the Secretary Board of Education, for will
-Proposals will be
$100,000 5% school-house bonds authorized at the election held Julytho received by Hiram Goudey, Town Clerk, until 12 m. Aug. 5 for :354,0011
15 6% 15
-year refunding debentures. Denoms. 100 for $100, 50 for
by a vote of 96 to 4 (V. 107, p. 423). Due Sept. 11928.
$500 and
19 for 81.000. Date Aug. 31 1918. Interest semi-annual.
CANADA, its Provinces and Municipalities.
@FedFRASER