Full text of Commercial and Financial Chronicle : August 31, 1918, Vol. 107, No. 2775

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IN C L U D IN G
Bank & Quotation Section
Railway Earninys Section

Railway & Industrial Section
Electric Railway Section
..........Rankers’ Convention Section__________ State and City Section

VOL. 107

SA T U R D A Y , AUGUST 31 1918

■Pte

(^ h v o n ic lz .

Week ending August 24.

Clearings at—

PUBLISHED WEEKLY.

1918.

Terms of Subscription— Payable in Advance

Terms of Advertising— Per Inch Space

(. T w e lv e M o n th s (52 t im e s )............................

$4 20

22 00
29 00
50 00

\ 87 00
\

Chicago O ffice —39 South La Sallo Street, Telephone M a jestic7396.
L ondon O ffice —E dwards < Smith, 1 Drapers’ Gardens, E. C.
&

W I L L I A M B . D A N A C O M P A N Y , P u b lis h e r s ,
F r o n t . 1’ l n e a n d D e p o y s t e r S t s .. N e w Y o r k .

Published every Saturday morning by WILLIAM B. DANA COMPANY
Jacob Seibert Jr., President and Treasurer; Arnold G. Dana, Vice-President and"
Socrotary. Addresses of both, Olflco of tho Company.
CLEARIN G H OU SE RETURNS.
Tho following table, mado up by telegraph, &c.. Indicates that tho total bank
clearings of all tho clearing houses of tho United States for tho week ending to-day
have been $6,:160,008,214, against $0,119,329,619 last week and $0,052,522,889
the corresponding week last year
Clearings— Returns bg Telegraph.
W eek ending A u g . 31.

Per
Cent.

1918.

1917.

Now York___
Chicago_____
Philadelphia . .
Boston______
Kansas City__
St. Louis____
San Francisco.
Pittsburgh___
Detroit__ __
_
Baltimore____
Now Orloans..

$2,998,300,569
411,023,482
325,797,763
214,444,654
153,454,072
121,011,551
80,783,334
95,370,970
54,000,000
58,437,532
47,839,460

$2,093,800,502
382,461,052
254,651,222
101,754,465
111,207,030
102,521,510
82,011.035
61,760,930
38,568,000
34,688,083'
30,378,679

Elovon cltios, flvo days.
Other cities, flvo days___

$4,501,070,293
818,467,923

$3,984,823,708
920,787,481

Total all cltlos, flvo days_________
All cities, one day__________________

$5,379,538,210
9S0.469.998

$1,921,011,189
1.130,911,700

$0,300,008,214

SO,052,522,889

+ 5.1

Week ending August 24.
Clearings at—
1918.

1917.

1915.

S
,195,254
395,808
138,202
70,794,
21,897,
4,277,
13,139,
0,554,
3,770,
4,437,
2,435,
2,835,
2,309,
3,599,
2,754,
1,204,
2,035,
1,752,
758,
688,
740,
2,221,
325,

1,021,095,250
Now York_____
285,440,347
Philadelphia___
79,863,009
Pittsburgh.____
38,290,743
Baltimore_____
18,690,183
Buffalo_____
Albany_____
3,991,499
Washington..
9,980,310
Rochester__
5,302,913
Scranton___
3,050,402
Syracuso___
3,845,081
Reading____
1,990,794
Wilmington..
2,027,083
Wllkes-Barro.
1,825,702
3,907,202
Wheeling___
2,455,707
Trenton____
York.............
1,030,320
1,753,505
Erlo.............
1,402,003
Cheater____
760.000
Grcensburg . .
772,900
Binghamton___
550.000
Altoona____
1,881,055
Lancaster__
355,444
Montclair . . .
Total MIddlo.. 3,878,037,312 3,491,113,704

Boston________
Provldcnco____
Hartford--------New Haven____
Portland......... .
Sprlngflold_____
Worcester_____
Fall River.........
Now Bedford__
Lowell___ ____
Holyoko_______
Bangor...............
Total Now Eng.

278,015,000
9,997,400
5,909,290
5,327,205
2,400,000
3,004,908
3,510,331
1,907,771
1,721,825
1,000.000

770,993
551,578
315,442,907
H o le .—For Canadian eloarlugs




196,079,420
8,523,500
5,574,332
3,894,144

115.770,855
6,155,100
6.305.205
3,130,382
2,200,000
1,582,874
2,829,507
2,442,603
3,071,808
2,284,407
1,494,473
829,342
1,271,542
870.140
944.482
651,524
721,134
670,541
551,402
349,081
227,755,804 + 38.5 179,375,347 140,954,120
soo ’’Commercial and Miscellaneous Nows."

1916.

1915.

504,959,007 444,512,562
57,105,853
35,700,630
89,144,692
00,710,769
74,320,475
47,477,994
20,274,855
22,537,484
10,838,000
12,846,000
9,357,300
10,014,500
11,709,729
9,803,654
4.500.000
5,000,000
4,730,837
3,840,S29
3.544.084
2,950,977
2,994,783
3,885,528
2,102,308
2,414,488
1.275.085
1,120,560
3,168,005
2,959,027
6.504.000
6,754,000
2.400.000
2,809,775
825.000
749,743
1.750.000
1,632,672
1,170,016
1,012,900
3,169,729
820,455
1,298,093
1,232,681
1,023,694
926,169
1,635,980
1,320,837
975.000
964,520
533,347
500,408
. 600,000
600,000
530,328
418,698
900.000
958,038
351,040
323,960
108,008
94,293
086,361
442,809
838,857,120 691,801,633
113,921,428
28,724,000
38.130,388
25,839,795
12,484,387
8,451,115
5,213,397
0,001,155
4,302,474
2,132,160
1,914,792
1,152,150
2,275,312
847,656
805,633
420,000
908,827
253,044,075

87,309,553
24,084,000
22,898,852
12,945,048
11,438,502
6,000,000
2,910,494
4,705,136
3,402,910
1,771,704
1,886,703
800,000
1,709,176
676,139
577,256
400.000
701,546
184,397,025

+30.4
+ 19.3
+60.5
+ 99.2
+ 9.1
+ 40.8
+ 79.1
+28.8
+ 24.3
+ 20.4
+ 1.5
+ 44.0
+ 28.6
+ 25.3
+ 49.9
+ 15.0
+ 29.0
+ 37.6

58,832,131
22,326.306
15,499,954
10,996,405
8,369,861
4,158,096
2,179,248
3,808,559
2,776,003
1,588,023
1,482,900
„ 658,290
1,225,009
823,849
397,795
333,610
464,749
135,920,788

45,591,576
17,916,472
10,562,503
9,137,112
5,630,639
2,877,679
1,553,092
2,802,849
1,612,428
1,543,048
860,8S0
544,788
672,872
683,571
313,459
247.466
463,714
103,014,148

194,813,822
30,105,652
54,194,003
13,162,602
22,285,480
16,160,483
8,770,343
8,130,897
10,304,133
5,063,963
3,417,113
3,677,004
0.802,031
1,071,539
788,978
1.450.000
042,0S9
682,550
1.500.000
1,009,912
1,593,977
475.000
900.000
388,370,848

135,000,205
24,505,904
30,681,474
11,999,060
14,131,995
12,800,417
6,502,465
4,972,509
6,450,741
4,631,435
2,922,953
3,297,749
2,047,730
2,411,924
720,141
1,490,766
647,292
559,467
2,054,000
1,685,289
1,028,393
440,573
904,836
271,722,334

+44.2
+ 22.8
+ 77.2
+ 9.7
+57.7
+25.6
+35.1
+ 63.6
+ 59.0
+ 9.3
+ 16.9
+ 11.5
+ 230.6
— 30.7
+ 9.0
— 2.7
+ 17.4
+ 22.0
— 27.0
+ 5.3
+ 54.9
+ 6.4
—0.5
+42.9

103,562,492
24,481,951
24,725,475
12,903,868
13,072,824
9,261,203
4,915,499
{[3,803,577
5.351.648
4,975,448
1,874,232
2,722,224
1.553.648
1,653,778
716,629
1,473,075
426,903
540,557
1,883,540
1,625,857
794,831
399,466
600,000
223,918,725

62,081,874
17,223,378
16,554,664
9,878,259
8,457,492
6,307,629
4,245,802
2,562,713
3,327,332
3,593,473
« 1,340,264
fe 1,663,641
1,215,627
1,419,446
590,332
994,194
313,717
357,187
1,145,008
876,213
551,735
203,909
450,838
145,354,727

St. Louis_______ 145,314,552 122,934,319
New Orleans___
47.S81.990
29,412,420
Louisville_______
20,689,694
10,180,497
Houston________
20,325,317
13,000,000
Salveston...........
5,011,554
4,000,000
Richmond______
48,172,381
27.472,650
Atlanta..............
37,694,089
21,951,743
Memphis_______
7,902,393
7,521,250
Nashvlllo_______
15,220,219
8,962.340
Fort Worth____
10,447,075
10,991,521
Savannah ...........
5,855,668
5,927,541
Norfolk..............
7,663,643
5,335,306
Birmingham___
5,914,354
3,207,310
TCnoxvlllo..........
2,107,257
2,313,312
4,995,826
Chattanooga__
3,755,866
5,167,170
Jacksonville __
3,413,494
MolMlo_________
1,350,000
1,267.021
Augusta..............
3,158,364
1,655,010
Little Rook.........
4,509,912
2,788,949
Charleston______
2,300,000
2,061,000
Oklahoma..........
9,903,000
11,170,000
Macon.............. ..
1,129,982
1,250,000
Austin.......... .....
2,040,000
2,200,000
Vicksburg'______
213,264
166,977
Jackson ..............
410,287
367,189
Tulsa__________
8,434,013
6,485,047
3,923,000
Muskogeo...........
1,588,427
Dallas_________
14,000,000
10,500,000
Shreveport .........
1,915,669
1,179,760
Total Southern 444,970,697 328,939,537
Total all______ 6,119,329,619 5,105,730,747
Outside N. Y . 2,924,074,842 2,174,035,491

+ 18.2
+62.8
+27.9
+56.3
+ 40.3
+ 75.3
+ 71.7
+ 5.1
+ 69.8
— 4.9
— 1.3
+ 43.0
+S4.4
— 8.9
+ 33.0
+ 33.4
+ 0.5
+ 90.8
+61.7
+ 11.6
— 11.3
+ 10.6
+ 20.0
+ 27.7
+ 12.4
+ 30.0
+ 14.7
+ 33.3
+ 62.4
+ 35.3
+ 17.8
+34.5

92,118,604
21,888,064
15,762,166
18,546,092
4,139.904
15,205.804
13,184,804
4,934,322
{[5,712,482
7,894,869
' 5,573,032
3,768,187
2,167,617
1,820,636
[2,104,552
. 1 2,371,659
' 1 1,030,000
' 1,583,187
. 1,626,988
1,532,461
4,706,348
3.908,917
1,500,000
159,514
295,243
3,033,063
908,284
6,127,872

66,090,067
13,870,367
12,845,492
6,500,000
3,320,200
8,226,557
8.975,276
2,907,171
4,481,105
6,174,438
3,408,209
3,069,183
2,111,566
1,352,047
1,982,568
2,000,000
859,651
825,000
1,206,769
1,083,247
2,169,900
1,945,729
886,046
146,295
267,872
1,097,267
600,381

C h ic a g o ________
C in c in n a ti_____
C l e v e la n d _____
D e tr o it_________
M i l w a u k e e ___
In d ia n a p o lis _____
C o lu m b u s . . .
T o l e d o _______
P e o r i a ____________
G ra n d R a p id s ___
D a y t o n ______
E v a n s v l l l o ...
Sprin gfield , 111..
F o r t W a y n e _____
Y o u n g s t o w n _____
A k r o n . . .................
C a n to n __________
L e x in g t o n ______
R o c k fo r d ________
Q u in cy___________
S ou th B e n d _____
B lo o m in g to n ___
D e c a t u r _________
S prin gfield, O h io
M a n s f i e l d ________
D a n v ille ______
L i m a _________
Jacksonville,-.111.
L a n s in g _____I
A n n A r b o r ___
A d r ia n ________
Ow ensboro . .
T o t . M i d .W e s t
San F ran cisco ___
L os A n g e l e s ..
S o a tt lo _______
P o r t l a n d ................
S alt L ako C i t y . .
S p o k a n e__________
T a c o m a __________
O ak lan d __________
S a cr a m e n to ______
San D ie g o ________
S to ck to n _________
San Joso__________
F r e s n o .....................
P a sa d e n a _________
Y a k i m a __________
R e n o _____________
L o n g B e a c h _____
T o t a l P a c ific . .

Tho full details for tho week covered by tho above will bo given next Saturday
Wo cannot furnish thorn to-day, clearings being mado up by the clearing houses
at noon on Saturday, and honco in tho above tho last day of tho week has to bo in
all cases estimated, as wo go to press Friday night.
Detailed figures for tho week ending Aug. 24 show:___________

Inc. or
Dec.

1917.

$ .
%
+ 13.6 371,904,850 271,154329
+60.2
26,491,000
24,303,850
+ 18.6
44,789,508
27,129,752
+ 56.6
41,537,012
26,989,519
+ 10.6
16,516,312
12,549,709
+ 31.1
8,936,620
7,690,820
+ 13.4
8,130,800
5,712,900
+ 19.4
8.778,645
6,954,530
— 10.0
3.500.000
2,691,716
+23.3
3,624,441
2,982,239
+ 19.9
2,923,916
1,724,114
+ 36.4
1,929,012
1,568,806
— 10.4
1,352,247
1,053,448
+ 13.8
1,475,877
1,168,358
+ 7.1
2,374,744
1,407,228
— 3.7
3.587.000
2,027,000
— 14.6
2,395,048
1,444,709
+ 10.0
426,721
593,536
+ 7.2
1,108,580
809,540
+ 15.6
729,544
575,998
+280.4
656.555
581,987
+ 5.3
811,475
669,017
+ 10.5
611,116
486,704
+24.2
731,123
528,833
+ 1.1
616,167
745.063
+ 0.6
442,211
505,150
+ 10.0
560.000
464,527
+ 26.8
306,334
226,186
— 6.1
769.555
444,020
+ 8.3
250.000
204.064
+ 15.5
119,459
45,892
+ 55.0
336,829
245.167
+ 21.3 558,729,361 405,678,011

F or One Y ea r..........................................................................................................$10 00
For Six M onths......................................................................................................
600
European Subscription (including postage)................................................... 13 00
European Subscription six months (including postage).............................. 750
Annual Subscription in London (Including postage)..................................£ 2 14a.
Six Months Subscription in London (including postage)...........................£ 1 11o.
Canadian Subscription (including p o s ta g e )................................................... $11 50
Subscription includes follow in g Supplements—
D ank and Q uotation (monthly) I r a il w a y and I ndustrial (3 tim es yearly)
R a ilw ay E arnings (monthly)
E lectric R a ilw ay (3 times yearly)
S tate and C ity (semi-annually) |B an kers ’ Convention (yearly)
Transient matter por inch space (14 agate
lin os)............................
( Tw o Months
(8 tim es)............................
Standing Business Cards ' Three Months (13 tim es)............................
m anning business earns < g ix Months
(26 tim es)............................

NO. 2775

K a n sa s C i t y _____
M in n e a p o l is _____
O m a h a ____________
S t . P a u l__________
D e n v e r ____________
S t . J osep h _______
D o s M o in e s ______
Sioux C i t y ..............
W l c l d t a ...................
D u lu th ____________
T o p e k a __________
Lincoln __________
D a v e n p o r t________
C ed ar R a p id s___
C olorad o Springs
F a r g o _____________
P u e b lo ____________
F r e m o n t _________
W a t e r lo o _________
H e le n a ........... ..........
A b e r d e e n ................
H a s t i n g s _________
B i l l i n g s ___________

Tot. oth. West

234,604,671 158,402,403
4,302,720,432 3,044,0927569
138971987076 1,223,718,66?

THE CHRONICLE

828

THE FINANCIAL SITUATION.
Besides the overwhelming success that is being
achieved in France and in Flanders by the Allies
in their all-embracing forward movement against
the Germans, pointing to a much earlier termination
of the war than seemed possible only two short
months ago, there is now another highly favorable
development, namely a great improvement in the
earnings of the steam railroads of the United States
as shown the present week in the income returns that
have come to hand for the month of July. These
two encouraging features, the one hardly less impor­
tant than the other, no doubt explain the growing
firmness of share values on the Stock Exchange in
face of a repellant monetary situation. There has
been little or no activity in dealings on the Stock
Exchange, but prices the past month have been
gradually and almost uninterruptedly moving up­
ward. The rise has been no less evident in the case
of the industrial properties than in the case of the
railroad shares. Still the revival of confidence
which is becoming so palpably manifest, not­
withstanding that the scarcity of loanable funds
renders speculative dealings in share properties
altogether out of the question, must be ascribed
largely, if not wholly, to the striking change
which has taken place in the prospects of the rail­
roads. '
The security holders of the roads have no direct pe­
cuniary interest in the current earnings, since the
roads are now operated and controlled by Govern­
ment and the rental which the carriers are to receive
as compensation for the use of their property by the
Government is based, not on current revenues, but
on past revenues. Nevertheless it is of vital con­
cern to the security holders to know whether their
properties are being administered in a way that
promises to keep them in a state of solvency or in a
way that must lead inevitably to bankruptcy. In
other words, when the railroads are returned to
their owners will it be under operating and revenue
conditions that shall yield adequate profits or that
shall leave them without any profit at all ?
Prior to the returns for the month of July results
of operations during the period of Government con­
trol had been extremely discouraging, in part owing
to a combination of adverse factors and conditions
for which responsibility did not rest with the Gov­
ernment. For the month of June we had an exhibit
so bad that no parallel to it can be found in past
railroad history and there is little likelihood of a
similarly bad exhibit in the future. N ot only did
many of the largest and strongest systems fail to
earn even their operating expenses, but the railroads
as a whole also fell short of meeting the amounts
charged to expenditures, the deficit below expenses
being $36,156,952 as against net above expenses in
the corresponding month last year of $106,181,619,
the loss in net for this single month being $142,338,­
571. All preceding months of the half-year had also
shown losses in net, though not to the same extent.
The situation may be summed up in a nutshell by
saying that for the six months combined, while
gross earnings as compared with the same period of
1917 recorded an increase from $1,889,489,295 to
$2,071,337,977, or 9.63% , the net earnings, on the
other hand, fell off from $540,911,505 in 1917 to
$265,705,922 in 1918, the shrinkage in net thus being
$275,205,583, or over 50% .



[Vol. 107.

The reasons for this exceedingly poor showing were
perfectly obvious and have been set out at length
in these columns in past weeks. Suffice it to say
that while the augmentation in expenses was con­
tinuous and was inordinately added to by wage
increases which were made retroactive to Jan. 1
(the whole of the wage increase for the six months
being included in return for the month of June), on
the other hand the advances in transportation
charges which were to furnish compensation for the
rising costs of operations did not become effective
until towards the very close of the half-year— not
until June 10 in the case of passengers and not before
June 25 in the case of freight rates.
July was the first month in which the higher freight
and passenger rates counted in full. For this reason
the returns for that month have been awaited with
unusual interest and no little anxiety. Enough of
them have been filed to make it certain that the
advances in railroad rates, along with the continuous
growth in the volume of traffic, are putting the rail­
roads in a condition where better net is following
as a matter of course. On a subsequent page to-day,
in the department of our paper devoted to railroad
earnings, will be found the comparative figures of
gross and net earnings of all roads that had up until
yesterday filed their returns for the month of July
with the Interstate Commerce Commission at Wash­
ington. With two or three exceptions, where
evidently special causes were operative, the figures
are encouraging in the extreme. Not only is there
very considerable improvement in the gross earnings,
but the net earnings also record noteworthy gains.
A striking instance is the statement of the Penn­
sylvania Railroad. On the lines directly operated
east of Pittsburgh and Erie the gross earnings have
risen from $25,747,219 to $37,836,003 and the net
earnings from $6,970,055 to $11,017,620.
For the
western lines of the system there has been in the case
of the Pennsylvania Company an increase from
$7,188,125 to $10,094,822 in the gross and from
$2,130,518 to $3,288,739 in the case of the net and
for the Pittsburgh Cincinnati Chicago & St. Louis
an increase in the gross from $6,445,727 to $8,898,­
933 and in the net from $1,988,559 to $2,679,533.
For the three roads combined therefore we have an
increase of no less than $17,448,687 in gross and
of $5,896,760 in the net.
This important system by no means stands alone
in that respect. The New York Central has in­
creased its gross from $21,192,032 to $26,282,974
and its net from $6,712,202 to $8,364,497.
The
Baltimore & Ohio has added $5,754,015 to gross and
$1,942,489 to net; the Delaware Lackawanna &
Western $1,507,975 to gross and $816,902 to net.
The New Haven road has enlarged gross by $2,753,­
549 and net by $1,214,596. In the west the Bur­
lington & Quincy reports $3,215,713 gain in gross
and $1,500,560 in net; the Chicago & North Western
$3,414,045 gain in gross and $1,640,060 in net;
the Union Pacific $2,292,869 in gross and $1,609,­
899 gain in net, though on the other hand the Chi­
cago Milwaukee & St. Paul with $2,404,104 increase
in gross falls $472,921 behind in net. In the south
the Southern Railway has added $5,092,641 to gross
and $2,388,042 to net; the Atlantic Coast has done
better by $1,714,361 in gross and by $683,385 in net,
while the Norfolk & Western has increased its gross
by $1,909,123 and its net by $606,977. And many other
I instances similar in kind might be here enumerated.

A ug . 31 1918.]

THE CHRONICLE

Accordingly the outlook for the railroads has
brightened materially. The higher transportation
charges assure that the roads are to be run as suc­
cessful business enterprises. Unfortunately, as the
returns improve, a new cloud appears on the horizon.
The Director-General of Railroads is not yet through
with raising the wages of employees. When the
general wage increase was awarded in M ay it was
estimated that the addition to the pay-roll of the
roads would be about $300,000,000 to $350,000,000
per annum. Further increases affecting other classes
of employees were made almost immediately, and a
couple of weeks ago Mr. M cAdoo himself stated
that the increases in wages would aggregate $475,­
000,000 per year. On Thursday of this week dis­
patches from Washington announced that 300,000
more men were to get larger pay. It was stated that
the Board on Railroad Wages and Working Condi­
tions set up by Mr. M cAdoo had recommended
higher wages for railroad track laborers and for cer­
tain classes of clerks. The advances suggested, it
was asserted, ranged between 15% and 25% . No
estimate was given of the aggregate amount of the
increase, but as 300,000 men are involved it is evi­
dent that it means at least $50,000,000 to $60,000,000
addition to the wage bill of the roads. Whether
further advances in transportation charges are to
follow does not appear. The advances thus far
made have been very considerable and have proved
decidedly unpopular. Now that the public has
learned that when wages are raised, it— and it alone—
must foot the bill, Mr. M cAdoo need not be sur­
prised if sooner or later he is told in most emphatic
fashion that the movement must cease— that trav­
elers and shippers will not tolerate further additions
to the extra toll that is being exacted from them.

839

total of last year, and to that extent is a new high
water mark. The comparison is between $1,787,­
169,926, and $1,778,742,838. The [net result [of
our July foreign trade is a balance of exports of
$266,888,503 which compares with similar export
excesses of $146,832,062 in 1917 and $261,991,026
in 1916. The export remainder for the seven months
is $1,695,986,181, against 1,882 millions last year
and 1,457^ millions in 1916. | |
j
gj{
The movement of gold in July 1918 was in greatest
measure from the United States, but small withal.
Imports reached $2,213,342 and exports $7,199,221,
leaving the net outflow $4,985,879 and decreasing to
$23,635,374 the net inflow for';the seven months
ended July 31 1918. Last year for the same period
imports exceeded exports by $233,881,925 and in
1916 by $173,285,620. Silver exports for the month
were next to those for M ay the heaviest in our history,
reaching $40,830,475 and increasing to $134,607,828
the aggregate for the seven months. Against this
latter total there were imports of $40,354,161, leav­
ing the net outflow of the white metal $94,253,667
against $22,692,378 in 1917.

Canada’s foreign trade for July and the first seven
months of the current calendar year show a consider­
able decrease from a year ago. In fact, for the month
the falling off in the merchandise flow (imports and
exports combined) is 82)^ million dollars and for
the longer period approximately 244 millions. The
diminution is most largely in the outflow, reaching
153 million dollars for the seven months, and is about
equally divided between'! agricultural products and
manufactured articles. Specifically the commodity
shipments for the period since January 1 totaled a
value of $644,124,274 against $797,600,674 in 1917,
and the inflow aggregated $533,573,767 against
The foreign export trade of the United States for $624,790,850. The export balance for the seven
July 1918 was of full volume (when measured by months of 1918 is, therefore, only. $110,550,507
values) notwithstanding the various restrictive meas­ against $172,809,824 in 1917.
ures in force which would ordinarily be expected
to find positive reflection in the total. But to a
Our cotton crop review for the season of 1917-18,
very appreciable extent the effect of the restrictions covering the marketing, distribution and manu­
is offset by the advance in prices of practically every facture of the staple, presented on subsequent pages
article that enters into our outward trade. In other of this issue, gives all available data relating to the
words, the very considerable increase in value of the subject which painstaking and thorough investiga­
exports of July this year over those of 1917 is to a tion has enabled us to secure, and will, therefore,
very much more limited extent due to quantitative we believe, be found worthy of the careful perusal
augmentation than to the fact that pretty much all by those interested in cotton. As in the case of
along the line commodities are commanding higher previous reviews, issued annually for over half a cen­
prices. This phase of the subject, however, would tury, the current report is largely devoted to the
not seem to call for extended comment at this time, presentation of statistics relating to production and
especially as it was quite fully covered by us on manufacture in the United States and comments
July 27 in reviewing the trade statement for the fiscal thereon, but no other country in which cotton is
year ended June 30 1918.
either grown or turned into goods, and from which
The merchandise exports for the month this year reliable information can be secured, is neglected.
covered a value of $508,054,495, this aggregate con­ This being the case, these reports should, within the
trasting with $372,758,414 in 1917 and $444,713,964 comparatively limited space devoted to them,
in 1916. For the seven months of the current furnish as complete and comprehensive a history of
calendar year, however, the total value of the com­ the world’s cotton crops as can be presented at so
modity shipments at $3,483,156,107, is moderately early a date after the close of the season. Up to the
less than the high record for the period established time of entry of the United States into the war in
last year— $3,660,786,250— but is some 558 millions Europe the main difficulties to be surmounted in
greater than in 1916 and 1,483 millions in excess of obtaining data for these reports had to do merely
1915. Imports for the month exhibit a falling off with the returns from abroad and especially from the
in value of 19 million dollars from June, but a gain of Continent. But with this country an active partic­
over 15 millions over July last year, the respective ipant in the struggle noticeable delay is being expe­
totals having been $241,165,992 and $260,350,071 rienced in securing some very essential statistics
and $225,926,352. For the period since Jan. 1 the relating to the United States. Details of exports of
aggregate exceedsTbyjf’aboutyS}/^ million^dollarsTthe cotton^from^ several^ important ports, in fact, have




830

THE CHRONICLE

[Vol. 107.

not been obtainable until within the last few days, sufficiently to make a sustained stand and return
and the same is true of information on cotton goods drive. The German battle line is being forced back
effectively under this incessant hammering. From
shipments for the fiscal year ended June 30.
The leading feature of the late season was the the region of Soissons around the curve in the front
abnormally high prices obtained for the staple. to the vicinity of Lassigny, the enemy has suffered
Starting off at 25.65c. per pound for middling further heavy defeat this week, while further north
uplands in the New York market, the extreme reces­ between the Somme River and Bray, to the south of
sion thereafter was to 21.20c. while later there was Arras, Field Marshal Haig has continued victorious
an advance to 36c. This level was not maintained, thrusts. In fact, on no sector of the front do the
but the extreme drop subsequently was to 25.70c., Germans seem able to stay their foes, who have cap­
and the close was at 29.65c. The level noted above tured a large number of additional towns and van­
(36c.) is the highest attained in a full century except­ tage points which to the further prosecution of the
ing only the Civil War period and the two years offensive are of the utmost strategic value. Gen­
immediately following. In fact, prior to the Civil eral March, Chief of Staff, announced on Wednes­
War, quite low prices prevailed as a rule, although day that since July 1 the Allied forces engaged in the
between 1815 and 1824 the 30c. level was reached fighting on the western front had captured 112,000
or passed at times, and in 1795 the average prisoners and taken more than 1,300 heavy guns.
price was about 37c. Indicating what the high By heavy guns Gen. March explained that he meant
average price of the past season really signifies we field guns and those of larger calibre. The Allies
would point out that on the basis of 29.65c. per also have captured vast quantities of stores and
pound, the value of the 1917-18 yield reached the ammunition and thousands of machine guns, minenprodigious total of about 1,780 million dollars against werfers and small weapons. A fraction more than
I , 275 millions in 1916-17, only about 800 millions half the ground gained by the Germans since March
in 1915-16, and less than 700 millions for the large 21 last in their advances between Rheims and Arras
crop of 1914-15.
has been recovered by the British, French, Ameri­
A moderate decrease in the country’s consumption can, Australian and Canadian forces. N ot only
of cotton is to be noted, the loss being observable have the Germans been driven back beyond the old
both North and South, but most largely in the former Hindenburg line of 1916-17, but they also have
section, and attributable in greatest measure, if not crossed the new Hindenburg line.
wholly, to inability to secure an adequate working
A new offensive has been begun by Field Marshal
force, and the added hindrance of fuel shortage or Haig from the north of the Somme to Albert. An
forced reduction of operations. Consumption at advance of two miles eastward already has been
the South decreased from 4,378,298 bales in 1916-17 gained over the six-mile front. In the fighting the
to 4,323,826 bales in 1917-18, and concurrently the town of Albert on the Ancre (the keystone of the
drop at the North was from 3,232,658 bales to German defense protecting the Germans north of the
3,006,066 bales. The commercial crop of the United Somme) was taken on Thursday. The Ancre River
States for 1917-18, as distinguished from the actual to the south of Albert has been crossed by the Brit­
growth, which was close to half a million bales more, ish on their new drive, thus forming a serious men­
proves to have been the third in a series of short crops ace to the enemy around Bray, where at last reports
and actually the smallest since 1909-10. It totaled Americans were on the battle line. Desperate re­
I I , 911,896 bales, or 1,063,673 bales less than in sistance has been offered to a further eastward ad­
1916-17 and over 3,000,000 bales under that of vance of the British in the sector immediately south
1914-15.
of Arras, where the important railroad town of BaThe world’s aggregate crop of cotton in 1917-18, paume seemed the immediate objective. Military
however, due to the decreased use of the staple in authorities agree that Gen. Foch now has the initia­
Europe, was not appreciably below consumptive tive entirely in his own hands, and that he proposes
requirements, consequently the previously existing to press his advantage for a little more than two
surplus supply— visible and invisible combined— months of good fighting weather that yet remains be­
was only moderately decreased. At the same time, fore the winter sets in. British troops yesterday
however, it is the smallest since 1904. The spinning captured Combles, between Bapaume and the River
capacity of the world’s mills was further increased Somme, and have crossed the river west of Peronne.
to a slight extent but the addition was mainly in the Between Hendecourt and the Arras-Cambrai road
Southern section of the United States. The total the Canadian troops have attacked the German line,
of the world’s spindles on July 31 this year, as com­ making favorable progress. Last evening’s dis­
piled by us, was 147,081,748, against 146,394,755 patches stated that all the country south and west
spindles at the same time last year and 145,043,726 of the Somme is now free of the enemy.
spindles in 1916. Our exports of cotton goods
The Germans are offering a most determined re­
covered a much greater value than in 1916-17, the sistance against the French army in an effort to pre­
comparison being between $169,398,420 and $136,­ vent it gaining a strong foothold north of the Ailette.
299,842, and established a new high record, but the The French success in this direction would menace
advance in prices rather than quantitative increase the enemy’s communications. The Germans launched
accounts for the gain. Notwithstanding conditions a counterattack against Morchain without success.
of congestion on the railroads the volume of cotton After the capture on Thursday of Noyon, French
moved overland by rail was the heaviest in our troops advanced eastward to the southern slopes of
history, covering practically one-quarter of the M t. St. Simon. Operations during the week have
crop.
left the German front running north and south in­
stead of northwest and southeast, as it should be,
General Foch still is pressing his advantage, strik­ to permit an orderly retreat to the Hindenburg line,
ing suddenly and vigorously here and there with the where the Germans evidently hope to spend the win­
purpose of preventing the enemy from recovering ter, keeping the Allies on the barren and desolate




A ug . 31 1918.]

THE CHRONICLE

land to the west of that famous position. The enemy
is now some dozen miles from that line, and the Bapaume-Peronne road is being cut. Unless he can
mark time for a while on Tortille River, he will not
be able to hold the Peronnc-Ham road, which is par­
ticularly valuable, as it runs along the Somme.
Once across the Somme, there is nothing behind the
enemy but a wide plain, cut only by the Omignon
River, which is useless to him since it runs par­
allel to the front. At the same time, he will be
obliged to hold back Gen. Mangin south of the Oise,
where the French army forms a desperate aggressve
hook in the German flank. The Allies now hold a
line on the Somme and south of the Somme from
Buscourt to Noyon. When the French troops early
in the week captured Chaulnes, the enemy was
beaten over a front of about 19 miles; the French
penetrated the region to a depth at some points of
nearly seven miles. From the region north of
Chaulnes southward to Nesle, the penetration of the
French reached the heights on the left bank of the
Somme; southward the advance left the French along
the Canal du Nord at various points between Nesle
and the outskirts of Noyon.
The Americans are fighting with the French
northwest of Soissons in the operation which has in
view the blotting out of the Noyon salient and out­
flanking of the Aisne and of the old Chemin des
Dames. The Americans have successfully repulsed
several heavy enemy counterattacks in this region.
The Americans and Germans also have been engaged
in severe battles around Bazoches and Fismettc, on
the Vesle. In the region around Arras the British
are now well astride the roads leading to Douai and
Cambrai, and further south along the Somme they
have pressed forward to Peronne. Between the
Somme and the Oise the French have broken the
backbone of the German resistance at Roye, captur­
ing this pivotal point for an invasion eastward of the
plains of Picardy and advancing their lines north and
south of the town over a front of about 123^ miles to
a depth of more than 2}/£ miles at certain points.
Everywhere the Germans have lost heavily in men
killed or made prisoners and in addition the Allied
troops have captured large amounts of guns, machine
guns and war stores.
The British independent air force operating on the
West front is carrying on a systematic campaign of
bombing enemy towns and cities. They are being
heavily attacked as they fly to their objective and on
their return. Chemical factories at Mannheim and
the railroad station at Frankfort were on Tuesday
successfully attacked by the British independent air
force, according to an official communication issued.
All the British machines returned safely to their
base. The demeanor of hundreds of German offi­
cers taken prisoner recently is in striking contrast
with the attitude of officers captured during the Brit­
ish retreat last spring. Then German officer pris­
oners were arrogant and said they meant to crush the
British to earth, but now they are depressed and very
anxious.
As to Russia, it still is difficult to obtain a satisfy­
ing view of the real situation, so rapid are the changes.
Advices from Vladivostok by way of Shanghai on
Sunday last stated that Gen. Pleshkoff, Chief of
the Russian forces in Siberia and Manchuria, acting
on behalf of Gen. Horvath, the anti-Bolshevist
leader, by a coup d’etat had assumed controRof^the




831

Russian military forces in the Far East. The Rus­
sian volunteers were said to have gone over to Gen.
Horvath in a body. This was another of the fre­
quent bloodless revolutions, but if was short-lived.
It failed through the intervention of the Allied repre­
sentatives at Vladivostok, who informed Gen. Hor­
vath’s representative, Gen. Pleshkoff, that the au­
thority of the new Siberian Government would be
upheld. The diplomats made it very clear that no
government based on personal assumption of power
would be acceptable to the Entente Powers, but that
they were prepared to support governments in Rus­
sia that were based on a free expression of popular
sentiment. There obviously was nothing left for
Gen. Horvath but to relinquish his pretentions to
hold the reins of governmental power. Whether he
will now work hand in hand with the Allies in their
efforts of being of real help to the Russian people re­
mains to be seen. On the Ussuri front, north of
Vladivostok, the Bolsheviki have retired 6 miles be­
fore a general advance by all the Allied forces. En­
tente diplomatic representatives at Moscow have been
liberated, and latest reports from that city deny, in
fact, that they were ever arrested. It is stated, how­
ever, that the Allied military mission at Moscow still
is in custody. An official announcement was issued
at Archangel last week by the Entente Governments
in the northern region of Russia denying the state­
ment recently made by Lenine and Trotzky, the Bol­
shevik Premier and War Minister, respectively, that
Great Britain, France and the United States were
enemies of Russia. The Allied military action, the
announcement added, was aimed at the expulsion of
the Germans from Russian territory and the suppres­
sion by force of arms of the Brest-Litovsk treaty.
A press dispatch from Copenhagen quotes the “ North
German Gazette” as saying that the principles laid
down by Germany in the supplementary agreements
.to the Brest-Litovsk treaty signed in Berlin Tuesday
will not cause or support the disunion of former
Russian territory. The independence of the Baltic
Provinces is assured, it says, and Russia has con­
sented to recognize the independence of Georgia
in the Caucasus. The newspaper adds that Russia
has agreed to pay Germany 6,000,000,000 marks for
German losses due to Russian revolutionary confis­
catory legislation. Of this sum the Ukraine and
Finland jointly will pay 1,000,000,000 marks. Ger­
many has obtained concessions in the oil fields
around Paku.
Lord Robert Cecil, Under Secretary for British
Foreign Affairs, lost no time in replying to the
speech last week of the German Secretary of State
for Colonies before the German Society. Lord
Robert said the British Government has been col­
lecting and soon will publish evidences of Germany’s
brutality and callousness in governing her colonies.
After the publication he is sure that the world
would agree that the colonies cannot be restored to
Germany. He described Dr. Solf’s utterances as
a very remarkable “ essay in psychology” which
seemed to indicate that sections of German opinion
were beginning to realize that the attitude taken by
the Pan-Germans must be disastrous to the future
of Germany. It was not his view that the PanGermans were done for, as in the last resort they
would always dominate Germany. As to Dr. Solf’s
statement about Germany, he said it appeared to
represent an advance toward decency. But it was

832

THE CHRONICLE

not clear; and he challenged Dr. Solf to say if he
meant that Germany was prepared to give up Bel­
gium and to restore the damage done. “ Let him say
this in plain language so that the world will under­
stand,” he added. The Under-Secretary cited how
only a few weeks before D r. von Kuhlmann (former
German Minister of Foreign Affairs) had been
ousted because he said Germany could not have
things all her own way and declared the German
Chancellor (Count von Hertling) also had been made
to explain away a phrase he had uttered about the
restoration of Belgium. Referring to the BrestLitovsk treaty, Lord Robert said that anyone who
had seen the way the so-called independent States
were created would perceive it had been done so that
they would have as little independence as possible.
Turning to Dr. Solf’s mention of a league of nations
the speaker said: “ Devoted as some of us are to the
conception of a league of nations, we see no hope
of the success of any such scheme unless preceded
by victory— until it is acknowledged by Germany
that her whole military system is criminal.” Only
last April the Germans in the flush of victory were
talking of a continent from Flanders to Egypt and
saying that the only peace possible was a German
peace. The speaker added that as far as the Allies
were concerned they have made up their mind that
the only way to obtain peace was on the field of
battle, and they were determined to carry on the war
to victory.
Lord R obert’s speech not unnaturally produced
keen resentment in the German press. The “ Vossische Zeitung” of Berlin asks “ Where is that peace­
ful spirit of President Wilson who once declared there
must be neither conquerors or conquered.” The
same paper also declares that it always knew that
England’s war aims were the political and economic
subjection of Germany and adds, “ And if now, after
the sacrifices in men and money made by England
and the United States the outcome of the war is to
be profitable for them, it means that peace must
bring not only the complete powerlessness of the
German Empire but also if possible that of all Europe,
as the proper reward for the Anglo-Saxon nation.”
Count Reventlow, writing in the “ Deutsches Tageszeitung,” sees in the reception of Dr. Solf’s speech
by the Entente countries justification of the Pan­
German views. He says that it is a heavy blow for
those Germans advocating peace by understanding,
and adds “ It is possible that this reception of Dr.
Solf’s speech will form a wholesome lesson for the
German cherishers of illusions.” The “ Norddeutsche
Allgemeine Zeitung” says that Lord Cecil’s speech
should disillusionize those Germans who do not real­
ize that words and phrases about high ideals only
result in making the enemy doubt the strength and
will of the Germans.
In London the markets for securities have re­
sponded to the continued success of the Allied armies
in France and Flanders by a display of strength but
without pronounced activity. Central American
bond issues have been in demand and to quote a
press dispatch., shipping shares have advanced “ in
anticipation of an extension of the movement toward
the concentration of resources.” Improved labor
conditions operated as a stimulant in gold mine
shares. Mexican issues were weaker. French and
Italian bonds especially were in demand in response
to the improvement in the rates of exchange. The




[Vol . 107.

steady improvement in British investment values
which has accompanied the improved military situa­
tion is indicated by the monthly statement received
by cable of the “ London Bankers’ Magazine,” cover­
ing 387 representative securities as of Aug. 20 com­
pared with a month previous. These securities
showed an increase of £50,172,000, or a gain of 1.9% ,
which compares with a gain for July of £28,740,000,
or 1.1% . The increase in South African mines dur­
ing the month was 6.8% ; foreign Government securi­
ties advanced 2.7% , British and India funds 2.1% ,
American railroads 1.7% and British railways 1.3% .
At the beginning of the war the aggregate value of
the securities was £3,370,700,000. A steady and
almost uninterrupted decline took place until the
low point of £2,571,612,000 was reached in April of
this year. Since that month there has been as
steady an advance to the pesent figure of £2,712,­
736,000. This is significant of the steady growth in
confidence in the success of the war.
There appears more interest in speculative securi­
ties. So-called “ war rich” classes are among the
most prominent of the buyers. They are not wholly
satisfied with plain investments, a fact which is re­
viving the suggestion for a premium bond issue to
satisfy the speculative craving and at the same time
swell the war funds. Financial opinion, says the
London correspondent of the “ Journal of Com­
merce,” is doubtful whether the Chancellor of the
Exchequer, A. Bonar Law, will countenance the
suggestion,.considering his previous refusal, although
the general prejudice has probably lessened since
that time. The London City & Midland Bank on
concluding the absorption of the London Joint Stock
Bank will issue fresh capital, increasing the combined
banks’ paid-up capital from £7,169,000 to about £8,­
200,000. The new shares, nominally of £2 10s. each,
will be sold at £5 each, half of the proceeds to be
credited to reserves, thus increasing the combined
reserve funds also to about £8,200,000.
Financial opinion in London as to the duration of
the war is showing some increase in confidence
though there still is no serious thought that the war
will end this year. Cable reports speak of a few
wagers being made of 2 to 1 that the Germans will
be cleared out of France by the first of October. But
the more conservative judgment, quoting the special
cable correspondent of the “ Evening Post,” is that
“ unless Germany’s resisting power turns out to have
been weakened more than has commonly been sup­
posed, her resistance at the Western front will in­
crease; patience then being required pending further
striking developments.” It is also felt in the City,
the same correspondent adds, that the action of the
Allies in Russia was belated and that therefore con­
siderable difficulties will be encountered before Ger­
man progress is arrested. But the correspondent
continues: “ There is now absolute confidence in the
ultimate downfall of Germany— in Russia as else­
where— and the only uncertainty is whether Ger­
many will anticipate her ultimate defeat by diplo­
matic surrender or whether the military cabal will
struggle to the last. In that case it seems to our
people that the war might easily last another year
or perhaps longer. However this may be, it is be­
lieved that we shall be confronted with a German
‘peace offensive’ shortly. It will be futile; having
in fact been spoiled beforehand by Germany’s actual
plotting with pacifists in the Allied countries.”

A ug . 31 1918.]
PT.--—

- ..

- ^

1

’

' ..... .

'

......

THE CHRONICLE
...

.....

British revenue returns for the week ending Aug.
24 again showed a shrinkage, which resulted in a
further decrease in the Exchequer balance of £604,­
000. There was a falling off in issues of Treasurybills, although the amount still exceeded those re­
paid. Expenditures for the week aggregated £41,­
474,000 (against £57,026,000 for the week ended
Aug. 17), while the total outflow, including repay­
ments of Treasury bills and other items, equaled
£110,239,000, compared with £136,679,000 a week
ago. Receipts from all sources were £109,636,000,
as against £136,187,000 the previous week. Of this
total, revenues contributed £12,160,000, in contrast
with £14,547,000 last week; war savings certificates
amounted to £1,500,000, against £1,500,000, and
other debts incurred £11,143,000, against £8,614,­
000. War bonds totaled £18,371,000, against £23,­
096,000, and advances £5,000,000, comparing with
£15,000,000 the week before. Sales of Treasury
bills reached a total of £61,312,000, as against £73,­
280,000 a week ago. Treasury bills outstanding were
further expanded and now amount to £1,057,364,000.
Last week the total was £1,055,327,000. Exchequer
balances aggregated £11,428,000, and compare with
£12,032,000 the previous week.
The sales of British war bonds last week amounted
to only £18,568,000, which compares with £21,808,­
000 the week preceding. The aggregate of sales
through the banks to Aug. 24 is £993,738,000. The
post offices report for the week ended Aug. 17 sales
of bonds amounting to £406,000, bringing the total
up to £36,319,000. The previous week’s sales
through the post offices amounted to £364,000.
War savings certificates for the week of Aug. 17
totaled £3,044,000, making the ultimate aggregate
indebtedness on this head £227,291,000.
Official discount rates at leading European centres
continue to be quoted at 5% in London, Paris, Ber­
lin, Vienna and Copenhagen; 6 % in Petrograd and
Norway; 6 ^ % in Sweden, and 4 i^ % in Switzerland,
Holland and Spain. In London the private bank
rate has not been changed from 3 17-32% for sixty
and ninety-day bills. Money on call in London re­
mains as heretofore, at 3% . No reports have been
received by cable of open market rates at other Eu­
ropean centres, so far as we have been able to dis­
cover.
The weekly statement of the Bank of England
shows an additional and substantial gain in gold of
no less than £880,146. There was, however, only
a nominal increase in total reserve, note circulation
having expanded £864,000. The proportion of re­
serve to liabilities declined to 17.80%, comparing
with 17.90% last week and 18.21% a year ago.
This latter feature is attributable to an increase in
deposits, in round numbers, £1,221,000 in public
deposits, £113,000 in other deposits and £1,032,000
in Government securities. Loans (other securities)
increased £302,000. The Bank’s stock of gold on
hand now stands at £69,544,824, which compares
with £54,303,491 in 1917 and £56,197,498 the year
preceding.
Reserves aggregate £30,382,000, as
against £32,346,691 a year ago and £38,495,563 in
1916. Loans total £99,253,000, in comparison with
£105,498,500 and £91,941,125. Clearings through
the London banks for the week totaled £407,120,000,
against £403,360,000 last year. Our special corres­



833

pondent is no longer able to give details by cable of
the gold movement into and out of the Bank for the
Bank week, inasmuch as the Bank has discontinued
such reports. We append a tabular statement of
comparisons:
BANK OF ENGLAND’S COMPARATIVE STATEMENT.
1918.
1917.
1916.
1915.
1914.
Aug. 28.
Aug. 29.
Aug. 30.
Sept. 1.
Sept. 2.
£
£
£
£
£
Circulation.............. 57,612,000
40,406,800 36,151,935 32,324,800 35,287,760
Public deposits----- 34,918,000
46,525,875 52,361,446 137,935,493 28,676,628
Other deposits.........136,109,000
131,093,744 102,140,601 87,921,638 133,818,826
Govcrn't securities. 59,454,000
57,899,020 42,188,314 44,418,357 28,023,971
Other securities----- 99,253,000
105,498,500 91,941,125 145,105,473 121,820,692
Ites'vc notes & coin. 30,382,000
32,346,691 38,495,563 54,558,458 30,924,952
Coin and b ullion ... 69,544,824
54,303,491 56,197,498 68,433,258 47,772,712
Proportion of res’ve
to liabilities........
17.80%
18.21%
24.91%
24.15%
19.04%
Bank rate................
5%
5%
6%
5%
5%

The Bank of France in its weekly statement shows
a continued gain in the gold item, the present week’s
increase being 550,600 francs. This brings the
Bank’s aggregate gold holdings up to 5,435,382,175
francs, of which 2,037,108,500 francs are held abroad.
At this time in 1917 the amount was 5,311,827,467
francs (including 2,037,108,484 francs held abroad),
while the total in 1916 was 4,812,732,064 francs
(including 573,773,871 francs held abroad). During
the week silver increased 1,325,000 francs, bills dis­
counted rose 16,813,000 francs and Treasury deposits
were augmented by 136,491,000 francs. Advances,
on the other hand, fell off 13,526,000 francs and gen­
eral deposits recorded a loss of 238,392,000 francs.
Note circulation expanded to the extent of 10,141,­
000 francs, making an aggregate of 29,433,966,000
francs outstanding. In 1917 and 1916 the respective
amounts were 20,568,912,860 francs and 16,424,­
647,330 francs. On July 30 1914, the period just
preceding the outbreak of war, the total was 6,683,­
184,785 francs. Comparison of the various items
with the statement of last week and corresponding
dates in 1917 and 1916 are as follows:
BANK OF FRANCE’S
Changes
for Week.
'Cold Holdings—
Francs.
In Franco...............Inc.
550.600
Abroad....................
No change

COMPARATIVE STATEMENT.
------------------------ Status as of-----------------------Aug. 29 1918. Aug. 30 1917. Aug. 31 1916.
Francs.
Francs.
Francs.
3,398,273.675 3,274,718,982 4,238,958,193
2,037,108,500 2,037,108,484
573,773,871

T o ta l.................. Inc.
550,600 5,435,382,175 5,311,827,467 4,812,732,064
Silver...................... Inc. 1,325,000
320,498,000
260,019,358
338,609,583
Bills discounted...Inc. 16,813,000
903,936,000
598,434,848
448,318,612
827,162,000 1,115,031,477 1,174,834,884
Advances................ Dec. 13,526,000
Note circulation...Inc. 10,141,000 29,433,966,000 20,568,912,860 16,424,647,330
Treasury deposits..Inc.136,491,000
298,569,000
15,243,568
80,163,048
General deposits..-Deo238,392,000 3,477,306,000 2,782,774,766 2,213,659,126

The Imperial Bank of Germany in its statement
for the week, as of August 23, showed the following
changes: Total coin and bullion decreased 90,000
marks; gold increased 285,000 marks; Treasury
notes increased 62,417,000 marks; notes of other
banks expanded 1,198,000 marks; bills discounted
declined 9,182,000 marks; advances decreased 5,555,­
000 marks; investments gained 440,000 marks;
other securities increased 12,253,000 marks; note
circulation showed the large gain of 181,604,000
marks; deposits increased 30,826,000 marks, while
other liabilities declined 150,949,000 marks. The
German Bank’s gold on hand is reported at 2,348,­
046,000 marks, which compares with 2,402,854,000
marks a year ago and 2,468,582,000 marks in 1916.
Saturday’s bank statement of New York Clearing
House members, which will be found in more com­
plete form on a later page of this issue, made a better
showing. Loans registered a further substantial re­
duction, while reserves were expanded. This may
be said to reflect the action of the Treasury authori-

834

[Vol . 107.

THE CHRONICLE

there is slight encouragement to expect any easing
up for some time to come.
Referring to money rates in greater detail, loans on
call for mixed collateral were again maintained
during the week at 6 % , which was the high and low,
as well as the basis for renewals, on each day of the
week, and 6 l 2% on all industrials. Following the
/
formal announcement by J. P. Morgan & Co. that
loans on call would be made on bankers’ acceptance
bills, several other large financial institutions have
declared their willingness to enter into transactions
on these terms, and as a result a very considerable
volume of business was reported in call loans on
bankers’ acceptances at the pre-arranged figure of
4 )^ % . In time money the situation has shown no
change. Practically no business is being done in
fixed date funds, and the rate is now quoted nomi­
nally at 6 % for all periods from sixty days to six
months, against 5% @ 6% last week. In -the cor­
responding week of last year sixty-day money was
quoted at 4@ 4M % > ninety days at 4J^%, four
months at 4 )^ @ 4 % % and five and six months at
4% @ 5% .
"
Mercantile paper was in fairly good demand, but
the market was not active owing to a lack of offerings.
Transactions, though small in volume, showed con­
siderable diversity, textile, packers, iron and steel
There is little really new to be said about money. and hardware being among the offerings noted. I he
The entire situation is under control of the Treasuy, rate for sixty and ninety days’ endorsed bills receiv­
which is being aided earnestly by the Federal Reserve able, six months’ names of choice character and names
Board and its component banks and by the Clearing less well known is still fixed at 6 % , without discrimi­
House associations throughout the country. It is nation.
Banks’ and bankers’ acceptances, as a result of the
difficult to see how greater co-operation could be
secured between the banks and the Government. development referred to above, have shown a marked
Funds are arbitrarily on a 6 % basis, call rates being increase in activity. Local and out-of-town banks
kept down to that figure by offerings of the money were among the buyers and dealings were more
committee. But the committee through its acting diversified than for some time. Quotations ruled
Rates
Chairman, Gates W . McGarrah, President of the without essential change at previous levels,
in detail are as follows:
Mechanics & Metals National Bank, announced
Delivery
Spot Delivery------------within
Thirty
that “ any disposition to indulge in speculative com­
Sixty
Ninety
30 Days.
Days.
Days.
Days.
mitments based on borrowed money must of neces­ Eligible bills of member banks-------- — 4 K @ 4 H
4M @ 4
4 *4 bid
sity lead to an increase in rates which will prove cor­ Eligible bills of non-member banks.. ~ 4 ’/ ,© 4 % 4 X .@ 4 % 4 K @ 4 X 4 Vi bid
0
bid
Ineligible bills....................................... — 5**@4M 6*4@ 4tf 6 * i@ 4 * i
rective.” M r. McGarrah’s statement follows:
No changes in rates, so far as our knowledge goes,
The efforts to stabilize money rates made sinco the First have been made the past week by the Federal Re­
Liberty Loan was offered have met with a cheerful and sin­
serve banks. Prevailing rates for various classes of
cere co-operation on the part of borrowers and londors. Tho
Government in prosecuting the war requires a constantly paper at the different Reserve banks are shown in the
increasing amount of money, and while every effort will con­ following:

ties in requesting a restriction of credits. The de­
crease in the loan item totaled $55,414,000. Net
demand deposits increased $25,533,000, to $3,637,­
169,000 (Government deposits of $541,491,000 de­
ducted). Net time deposits, however, declined $1,­
216,000, to $160,598,000. Cash in vaults (members
of the Federal Reserve Bank) expanded $1,319,000,
to $98,510,000 (not counted as reserves. Reserves
in the Federal Reserve Bank of member banks in­
creased $33,103,000, to $522,225,000. Reserves in
own vaults (State banks and trust companies) were
reduced $281,000, to $11,259,000, while reserves in
other depositories (State banks and trust com­
panies) declined $215,000, to $8,007,000. Circula­
tion gained $213,000, to $35,806,000 There was an
increase of $32,607,000 in aggregate reserves, thus
bringing the total to $541,491,000, against $563,­
490,000 last year. Surplus reserves showed a gain
of $29,281,150, there having been an increase in
reserve required of $3,325,850, and the total of ex­
cess reserves now stands at $59,355,230, on the basis
of 13% reserves for member banks of the Federal
Reserve system (but not counting $98,510,000 cash
in vaults held by these banks). In the same week
of last year, surplus on hand stood at $68,770,920,
on a similar basis.

Dallas.

Kansas City.

St. Louis.

Chicago.

Atlanta.

Richmond.

1

j Minneapolis.

*

S
p,
§

Cleveland.

CLASSES
OF
DISCOUNTS AND LOANS

Boston.

DISCOUNT RATES OF FEDERAL. RESERVE BANKS.

, New York.

tinue to bo made to maintain rates at the present level, it is
thought wise, in view of tho presont progress of the Allied
armies, to point out that any disposition to indulge in specu­
lative commitments, based on borrowed monoy, must of
necessity lead to an increase in rates that will prove cor­
rective.

Discounts—
Secretary M cAdoo offered for subscription another Within 15 days, lncl. member
4
4
4
4
4
4*4 4
4
4 *4 4*4 4
banks’ collateral notes----- 4
block of $500,000,000 “ or more” Treasury certifi­
4*4 4*4 4 *4 4 *4 5*4 4*4 4%
16 to 60 days' m aturity... 4H 4*4 4 *4 4*4 5
BH 5
4 *4 4*4 4*4 5
61 to 90 days’ maturity— 4>A 4*4 4*4 4 *4 5
\*
cates of indebtedness dated and bearing interest Agricultural and live-stock
5
5
paper over 90 days_______ 5
<
5*4 5*4 4*4 5>4 BH 5*4 5*4 BH 5*4
from Sept. 31918, payable January 2,1919, with inter­ Secured by U. S. certificates
of lncebtedness or Lib­
erty Loan bonds—
est at the rate of 4 ^ % . Subscription book will
Within 15 days, including
member banks’ collat­
close on Sept. 10 and certificates will be issued in
4
4
4
4
4 *4 4
4
4
4
4*4 4
eral notes.................. ..... 4
16 to 90 days’ m aturity... 4*4 4 *4 4*4 4 *4 4*4 4 >4 4*4 4 M 4 *4 4 *4 4H 4**
denomination of $500, $1,000, $5,000, $10,000 and
Trade Acceptances—
4*4
1
maturity____
$100,000. The plan 'of J. P. Morgan & Co. and other 61 to 60 days’ maturity------- 4*4 4*4 ' 4 >4 4*4 4*4 4*4 4*4 4*4 4 >4 4*4 4*4 ih a
4*4 4*4
4*4
to 90 days’
4*4 4*4 4)4 4*4 4 *4 4 *4 4*4
international bankers to create and develop a market
* Rate of 3 to 4 >4% for 1-day discounts in connection with tho loan operations
for acceptances by loaning upon them on call has, of atho Government. 4%.
15 days and under
Note 1. Acceptances purchased In open market, minimum rato 4%.
we understand, resulted in a satisfactory increase in
Note 2. Rates for commodity paper havo been merged with those for commercial
paper of corresponding maturities.
..
the acceptance business. There was, however, no
Note 3. In case the 60-day trade acceptance rato Is higher than tho 15-day dis­
count rato, trade acceptances maturing within 15 days will ho taken at tho lower rate.
Note 4. Whenever application is made by member banks for renewal of 1 6 -uay
definite result in the form of producing an easier
paper, the Federal Reserve banks may charge a rate not exceeding that for 90-day
tendency in the money situation as a whole. When paper of the same class.
we consider that a large Government bond issue is
Sterling exchange has remained steady, being
definitely in sight and that steps are being taken to
cut down credits to the lowest possible proportions, officially stabilized, and has not participated freely




A u g . 3 1 1 9 1 8 .]

TH E

C H R O N IC L E

835

in the strength displayed by the French and Italian May of this year. The normal figure for lire as well
exchanges resulting from the military successes of as for francs is about 5.1834. This action serves
the Allies. Of course it also is true that American more forcibly to emphasize the marked success that
troops are in great number in France and Italy has attended the Government’s plans for the stabil­
and the remittances by our own Government izing of Italian exchange. Frederick I. Kent,
for supplies for those troops are correspondingly Director of the Division of Foreign Exchange of
larger than in the case of England. The establish­ the Federal Reserve Board, makes the following
ment in this city of an acceptance call market is announcement relative to transactions in Italian
expected to broaden the demand for dollar exchange, exchange: “Notice is hereby given that until other­
especially in the case of South America. Heretofore wise instructed, ‘dealers’ as defined under the
the absence of borrowing facilities on the part of executive order of Jan. 26, are prohibited from
acceptance dealers has operated to contract the purchasing or selling Italian lire outside of the
volume of bankers’ bills drawn in foreign countries United States without first obtaining the approval
and it will be a source of relief now that dealers can of the Director of The Division of Foreign Exchange,
borrow on acceptances at the comparatively low Federal Reserve Board.” Undoubtedly, however,
rates which are being named. Mining and other an important factor in the recent strength of the
companies in South America for instance will be Allied exchanges has been the brilliant successes
encouraged to draw a larger amount of dollar accept­ in the latest British advance on the Somme, coupled
ances, knowing that dealers will be in a position to with well authenticated reports of the continued and
borrow on such bills at attractive rates in the event precipitate retreat of the German armies on prac­
of an actual demand for the bills not being avail­ tically the entire Western front. Rubles continue
able. The movement, however, will take time to on an entirely nominal basis with no new develop­
develop. It nevertheless is a step in the right ments of moment in that quarter. Quotations for
direction.
reichsmarks and kronen are not available, all trans­
As to specific quotations, sterling exchange on actions having long been suspended in German and
Saturday, comparing with Friday of the week pre­ Austrian exchanges. The official London check
ceding, was quiet but firm and demand was quoted rate on Paris closed at 26.25, as against 26.76 a week
at 4 7 5 % @ 4 7555, cable transfers at 4 7655@4 7 6 % ago. In New York sight bills finished at 5.46 against
and sixty days at 4 73@4 73%. Monday’s dealings 5 62; cables at 5 45, against 5 61; [commercial sight
were devoid of noteworthy feature; trading was of at 5 4624, against 5 62%, and commercial sixty days
small proportions and the undertone ruled a shade at 5 5234, against 5 6834 a week ago. Lire closed
easier, with declines to 4 7534 for demand and 4 7655 at 6 36 for bankers’ sight bills and 6 35 for cables.
@4 76 9-16 for cable transfers; sixty days was un­ Last week the close was 7 51 and 7 50, respectively.
changed at 4 73@4 7334- No changes were re­ Rubles have not been changed from 14 for checks
corded on Tuesday and quotations continued at the and 15 for cables. Greek exchange continues to
figures of the previous day; transactions were light be quoted at 5 13% for checks and 5j 1234 for
in volume. On Wednesday demand bills were a cables.
shade firmer and the range was 4 7534@4 755234 * As regards the neutral exchanges, the trend has
cable transfers, however, were still quoted at 4 76 9-16 been towards lower levels. Considerable irregu­
and sixty days at 4 73@4 7334; an influence of larity has been shown, with declines in Stockholm
strength was the extremely favorable character of the and Christiania remittances. Swiss exchange was
war news. Dulness marked Thursday’s operations* again the weakest feature and a further sharp break
demand was fractionally lower at 4 7534, while other to 4 27, the lowest point of the year, was recorded,
quotations were unchanged. On Friday the market although later there was a partial rally from this
ruled steady and still without important change. figure. These recessions largely reflect weakness
Closing quotations were 4 73@4 73% for sixty days in the European market. The decline in Swedish
4 7534 for demand and 4 76 9-16 for cable transfers. exchange was accompanied by news of the agree­
Commercial sight bills finished at 4 75@4 7534, sixty ment entered into by Sweden with Great Britain,
days at 4 71%@4 7 1 % , ninety days at 4 70@4 70% ; France and the United States, whereby these Gov­
documents for payment (sixty days) at 4 71@4 7134 ernments consent to the rationing of Sweden in return
and seven-day grain bills at 4 7 4 % @ 4 7 4 % . Cotton for the use of 400,000 tons of Swedish shipping and
and gain for payment closed at 4 75@4 7534. The certain specified Swedish products, including Swe­
gold movement for the week has included $108,­ dish iron ores. Sweden is to grant the Allies credit
000 exported to Canada.
No imports were re­ for their purchases in that country in conjunction
corded.
with the arrangement. Spanish exchange opened
weak and moved irregularly. On Saturday the
A further spectacular rise in both French and Ital­ quotation for checks touched a new low of 23. The
ian exchanges has marked the week’s dealings in the close, however, was above this figure. It is under­
Continental exchanges. Francs, under the impetus stood that arrangements for the long-talked-of com­
of a steady demand incidental to payment for account mercial loan between Spain and the United States
of the rapidly increasing numbers of American troops are nearing a satisfactory conclusion and that a basis
in France and active buying by several large inter­ of agreement has been reached, though no definite
national banking houses, advanced sharply until information is as yet available. The rate on the
5.46 for checks was reached, a new high record loan is believed to be the point at issue, the United
on the current upward movement. In the case of States being unwilling to assent to a 5% rate. As
lire, on Monday the Federal Reserve Board through already stated, the chief purpose of this loan or
the Division of Foreign Exchange made another credit is to give the United States purchasing power
substantial advance in its official rate; this time to in Spain and obviate the difficulties experienced by
6.35 for cables, which compares with 7.50, the the American Government in attempting to buy
previous rate, and a low point of 9.03 touched in supplies from Spanish dealers, particularly in food


TH E

836

C H R O N IC L E

[V o l . 1 0 7 .

stuffs,because of the low value of the American dol­
lar in Spain. The projected credit will do away with TH E FORWARD M O V E M E N T OF TH E A LLIE S .
the exchange of dollars for pesetas and prove of What may now be described as the crumbling of
much value to American importers and Spanish the German defensive, following the collapse of the
merchants who have been enormously inconvenienced German offensive in July, has progressed this week
by the vagaries of exchange. Guilders have con­ on such a scale as to cause widespread revision of
view, even among the military experts, in regard
tinued to rule steady and about unchanged.
Bankers' sight on Amsterdam closed at 50%, both to future developments of this year’s campaign
against 51%; cables at 51%, against 51%; commer­ and to the duration of the war itself. This has been
cial sight at 50 11-16, against 51%, and commercial evident in the week’s comment, not only from Allied
sixty days at 50 9-16, against 51 the previous week. but from German sources.
Swiss exchange finished at 4 23 for bankers’ sight That the Allied military critics, who lately were
bills and 4 21 for cables. This compares with 4 21 sure of a formidable German stand on the River Aisne
and 4 19 a week ago. Copenhagen checks closed —the rallying point of the German retreat after the
at 30.60 and cables at 31.00, against 31.10 and 31.50. Marne reverse of September 1914—and who were
Checks on Sweden finished at 34.40 and cables at constantly hinting at a renewed offensive by the
34.80, against 34.70 and 35.00, while checks on Nor­ Crown Prince of Bavaria in the North, should now
way closed at 31.00 and cables at 31.40, against 31.30 be discussing the probability of a retreat far beyond
and 31.70 on Friday of last week. Spanish pesetas the line from which Ludendorff’s army started on
finished at 23.40 for checks and 23.60 for cables. its drive last March, might be explained as express­
In the week preceding the close was 23.30 and ing hope rather than conviction. General March’s
recent prediction, that our enlarged army of 1919
23.50.
Referring to South American quotations, the check can drive through the German lines, was based
rate on Argentina is quoted at 44.25 and cables at on conditions not yet wholly existent. But when
44.65 against 44.50 and 44.75 a week ago. For Hindenburg and the Prussian War Minister publicly
Brazil the rate for checks is now 24.50 and cables confess defeat (though naturally in qualified terms),
24.75, against 24.75 and 25.00 a week ago. The and when the Imperial Foreign Secretary declares
Chilian rate remains at 15 13-32, with Peru still at to the German newspapers that “our cause is in
57. Far Eastern rates are as follows: Hong Kong, great danger,” the situation has evidently become
87@87%, against 84%@85; Shanghai, 125@125%, one in which facts have forced a change of conviction
against 120@120%; Yokohama, 54%@54%, against on the most unwilling minds.
%@54%; Manila, 49%@50 (unchanged); Singa­ Events have in fact followed one another with
pore, 56@56%, against 56%@56%; Bombay, 37@ exceptional rapidity. The amazing reversal of the
37%, against 36%@37, and Calcutta (cables), 35.73 situation, whereby a triumphant and seemingly
irresistible invasion was transformed overnight,
(unchanged).
as it were, into a confused retreat, is still so new in
The New York Clearing House banks, in their time that it is difficult to measure and appraise the
operations with interior banking institutions, have influences which caused it. Not many people will
gained $381,000 net in cash as a result of the cur­ suppose that Marshal Focli himself, even with his
rency movements for the week ending Aug. 30. imperturbable judgment and his trained view of_a
Their receipts from the interior have aggregated strategic situation, imagined^exactly such a result
$6,489,000, while the shipments have reached $6,­ when he counter-attacked ^in^the middle of July.
108,000. Adding the Sub-Treasury and Federal Re­ Even when the armyjoQhe Crown Prince of Prussia
serve operations and the gold exports, which to­ was evidently broken, it was still supposed that
gether occasioned a loss of $103,329,000, the com­ the German army placed before Amiens and opposite
bined result of the flow of money into and out of the the English line would provide a tower of strength.
New York banks for the week appears to have been Yet the defeat and demoralization of Prince liupa loss of $102,948,000, as follows: _________
precht’s divisions has been, if anything, more com­
plete than tho reverses of the army before ltheims
and Soissons. Our own Chief of Staff stated last
Wednesday that 112,000 German prisoners had
been taken since July 1 and more than 1,300 heavy
guns taken; this in addition to immense and un­
The following table indicates the amount of bullion counted supplies of war material. London dispatches
in the principal European banks:_________________ of yesterday raised the figures to 120,000 prisoners
and 2,000 guns. English military authorities report
that the British troops alone have in three weeks
captured 47,000 prisoners and nearly 600 guns.
In one day of this week forty villages fell into the
hands of the French; and the Allied forces, in face
of only slight German resistance, have now passed
to the east of the old Hinderburg line.
What ulterior purpose the German High Com­
mand may have in mind, it is impossible to con­
jecture. That they are making no preparations
for a vigorous stand at some point further back, is
inconceivable. At the moment, however, there
a
appear to be four main reasons for this extraordinary
collapse of the German war machine. The strategy
of Foch, vastly superior to the very transparent
5 4

Into
Banks.

Week ending Aug. 30.

Banks’ Interior m ovem ent......... ........
Sub-Treasury and Federal Reserve
operations and gold exports............

$6,489,000

44,073,000

Out o f
Banks.

$6,108,000 Gain

August 30 1917.

August 29 1918.

Cold.

Silver.

$381,000

147.402,000 Loss 103,329,000

$50,562,000 $153,510,000 I.oss$102,948,000

T o t a l ......... ...... ............................. —

Banks o f —

Net Change in
Bank Holdings.

|

Total.

Gold.

Silver.

|

Total.

£
1
£
£
£
................1 54,303,491
................! 69,544,824 54,303,491
E n g la n d .. 69,544,824
F r a n ce a .. 135,930,947 12,800,000148,730,947 130,988,760 10,400,000141,388.760
Germany . 117,402,300 5,988,300123,390,000 120,142,700 4,586,100 124,728,800
Russia * . . 129,650,000 12.375.000142.025.000 129,490,000 12.699.000 142,189,000
Aus-IIun c 11,008,000 2,289,000, 13,297,000 14.200.000 3.260.000 17,460,000
70.975.000
112,669,000 29.546.000 100,521,000
S p a in ____ 87.008.000 25.661.000
Ita ly_____ 42.938.000 3,500,000! 46,438,000 33.393.000 2.616.000 36,009,000
602,100 55,340,400
600.000 59,496,000 54.738.000
N etherl’ds 58.896.000
600.000 15,980,000
600.000 15,980,000 15.350.000
N at. Bel.h 15.380.000
................! 13,750,000
................ 15,396,000 13.750.000
Sw ltz’ land 15.396.000
................! 11,365,000
..............
14,295,000 11.365.000
S w ed en ... 14.295.000
152.000 10,992,000
131.000 10,624,000 10.810.000
D enm ark. 10.493.000
................ 7,151,000
7,151,000
0,759,000
0,759,000
N o r w a y ..
1
T ot.w eek . 714,701,071 63,944,300778,645,371660,710.951 04,461,500731,178,451
Prev.week 709,259,931 64,274,050773,533,981065,464,698 04,529,500729,994,198

Gold holdings of tho Bank of France this year are exclusive of £81,484,340
held abroad.
* N o figures reported since October 29 1917.
c Figures for 1918 those given by "British Board o f Trade Journal” for D ec. 7
1917;Sflgures for 1917 estimated on tho basis of tho D ec. 7 1917 totals,
1
h A ust 6 1914 In both years.




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TH E

C H R O N IC L E

837

German plan of offensive, has certainly been one On these questions possibly depends the extent
reason; not least in the powerful blow which that of the forced retreat of the beaten German army.
strategy has administered to the morale of the Ger­ If resources of these various kinds are not available,
man army. This influence has been powerfully and if Foch himself elects to bring his own reserves
supplemented by another—the German General fully into action during the remainder of the campaign
Staff’s discovery, first, that its idea regarding the season, we may yet see the German army driven
non-existence of Foch’s “army of reserve” was back across the Meuse and out of French territory,
wholly erroneous, and second, that the American before the snow flies. The world must wait, how­
reinforcements, the possibility of whose arrival and ever, to see what would result from a determined
the value of whose military co-operation had been and perhaps desperate stand of the German com­
stubbornly denied, were present in great force and mander at a prepared position, far back from the
fighting most successfully.
present area of conflict.
But it is now beginning to be understood that
there has been another and more essentially military O U R A P A T H E T I C A C C E P T A N C E OF CO N TR O L
reason for the weakness developed in Ludendorff’s _
A N D O P E R A T IO N .
army. It was inherent in the methods of the Ger­ Is there nothing that will arouse the American
man offensive itself. The whole theory of that people to the peril of permanent operation and
offensive consisted in culling from all divisions the ownership? Do they really want it? Have they
best of their soldiers, physically as well as mentally, given formal direction, or even assent, to this
and forming from these superior troops the “shock political policy ? Has there ever been a clear demon­
divisions” which were to break the enemy’s line stration that this is the most efficient and cheapest
at the first assault and open the way for the inferior way?
troops to follow.
Here is another set of questions: Is it patriotic to
The quite inevitable result was to weaken rela­ supinely accept a method as the “only way,” with­
tively the value of the other divisions; but this out giving thought to any other? Is it necessary
was taken for granted, and was in fact no serious to transform a political government, a representative
matter, as long as the selected divisions were intact, democracy, into a huge business integer in order to
victorious, and in the lead. In case of defeat and win this war? Is it “loyal” to our present (or past)
retreat, however, especially after an offensive so enor­ form of government to make an alleged need, or
mously costly in lives, the arrangement produced even one believed by a few administrators and
very different results. The best of the “shock executives to exist, an excuse for foisting upon the
troops” would have been largely sacrificed under people (without their formal and specific consent or
the murderous defensive fire of the enemy against assent) an economic system at variance in principle
the mass attacks; and now on the retrograde move­ with the Constitutional rights of “life, liberty and
ment, with Foch striking alternately at every point the pursuit of happiness” ?
on the line, the inferior divisions, long ago deprived Day by day the process goes on, and the people
of their best men, have had to meet repeatedly the make no protest. Looked at from one standpoint,
full onset of the better manned and better organ­ it is an exhibition by the people of a patriotism
ized enemy troops. Thisvis undoubtedly the expla­ sublime. Looked at from another standpoint, it is
nation of the exceptionally large capture of prisoners. an abject surrender of democracy to socialism—
But finally, there is the question, which grows largely, though it be, through an unwillingness to
in interest and importance, as to what reserve of seem to oppose anything that will “help to win the
soldiers the German army now possesses. That war.” What is the citizen to do, what is his duty?
Ludendorff was compelled to call into action a very Ought he not to demand of those in charge of these
great part of his reserve during the critical days movements that they first show the necessity to
for his army in July, and that the divisions thus exist^ and that there is no other way? Does Con­
thrown in have been badly cut up by the unremitting gress deliberate and compare methods before enact­
Allied offensive, is already known. What is not ing the suggestions of the Executive branch of the
known as yet is the extent to which the young recruits Government into law? Does it not often complain
of the 1920 class can be sent now to the front and the that it is losing—has lost—its independence as a co­
Austrian army called upon for help.
ordinate branch or division of the Government, and
There has been some not very convincing talk then, with a brief and cursory discussion of details,
cabled from Europe, to the effect that the whole proceed to enact into law a method and procedure
of the German troops now occupying Poland which is admittedly bureaucratic, if not autocratic,
Northern and Southern Russia, and Finland, may in its essential principle? And once enacted, does it
be summoned to the Western front. If Germany demand an administration that is letter-perfect, or
had pursued a sane and statesmanlike policy towards permit one in which the greatest latitude of interpre­
Russia after the Treaty of Brest-Litovsk, this tation is exercised? More than this, does it not
recourse might be possible, though even then it embody in much of its legislation the utmost of dis­
would be doubtful whether the numerical additions criminative power—a method of law-making at
to Ludendorff’s army would be of great importance. extreme variance to the “consent of the governed” ?
It is well known that the German soldiers left to We ask, with the most serious purpose of which
. confront the feeble or subsidized governments in we are capable, and with our most sincere regard for
the East were men of the second grade. But as the interests of the people and for the perpetuity of
matters stand today between Germany and her neigh­ our republic, is it not time for the citizen to think
bors in the East, as a consequence of her brutality deeply upon our present situation, lest, in a good
and bad faith, withdrawal of her troops would invite cause, we surrender too much? Though it be con-*
immediate disaster. It would repeat the conse­ ceded that control and operation of present utilities
quences of Napoleon’s recall of Soult’s troops from be necessary, is that warrant for so changing them
Spain.
under a leasehold for the period of the war, as to



838

TH E

C H R O N IC L E

[V o l . 1 0 7 .

destroy their integrity, their individuality, so that citizens, whether we are actually doing something
when the time does come to return them it cannot to win the war by these vague and various means,
be done? And when Congress does order a lease to or actually wasting our substance thereby?
be entered into, does it in any way authorize these We asked these questions of “Food” and “Fuel”
changes in constitution and operation? Why must measures. And for ourselves we have never yet
a loyal citizen, loving his country and proud of its 3een convinced that every need could not have been
institutions, and guaranteed the right to think on met under former conditions, that the cost of this
these things and to express his convictions in an superimposed control has not been more than the
honest and respectful way, why must a loyal citizen saving—not in money but in efficiency. Surely
suffer these things in silence if he believes they are these “bureaus” have been a heavy load to carry in
unwarranted by the letter of the law and contrary addition to the labor in production and distribution
which m u st be fu rn ish ed p rim a rily by any system .
to the spirit of our liberties? Why?
But we have these conservations inaugurated and
Here are other questions, more specific and direct:
Is there anything in the law for “taking over” the working, and not only is it our civic duty to support
railroads, for leasing them for a term of years from them in every way, but it would be unwise to try
their owners, which would sanction or permit a to change back now in the face of our urgent needs.
change in the motive power of a single one of them But may we not ask of these accumulating plans for
from steam to electricity? Answer. Yet there is control, operation and ownership that they first
vague talk of experimentation in that line. Is there show their need before being entered into ? Is it not
anything in the law which would warrant, before a incumbent on those who advocate these changes
single contract is signed with a single one of them, which affect “business” and individual liberty, to
the inauguration of consolidated ticket offices? show that there is no other way, no better way?
Does a right to operate one road constitute a right And is a citizen who through apathy allows his
to operate all—as a u n it ? Answer. And again, as liberty to slip, worthy of it?
a pure business proposition, when the utmost of
TH E FOURTH W A R LO A N .
immediate speedy service is wanted and needed,
could there be “conservation” in introducing electric Secretary McAdoo, home from a two months’
motive power? Answer. The telephones and tele­ tour of the West, has expressed the opinion that the
graphs have been “taken over,” and, as in the case Fourth War Loan will be absorbed as readily as the
of the railroads, wages have been immediately raised others have been. While this is a hopeful augury,
—though the origin of the increase in this case it is put out, we doubt not, with a full realization
remained with the company, which was “agreed to.” of the task ahead and to stimulate confidence, not
Now there is published a possible plan of “consoli­ overconfidence. The loan, whether it be five or
dation” which, it is alleged, may join 25,000,000 six or even seven billions, will be subscribed!
miles of independent lines of wire to 50,000,000 We need, however, to begin our preparations now,
American Telephone & Telegraph Co. lines, and and to continue them to the time in September
eliminate competition with the “Bell System.” Will when the intensive campaign starts. The various
this merging to the point of obliteration of thousands committees in charge, the Treasury Department,
of independent “farmers’ lines” in the Middle West the Bureau of Public Information, will leave no
and Southwest help us, in the remotest degree,-and stone unturned to do all that organized bodies can
by any exercise of the imagination, to win the war do to further the cause in advance. But the vast
on the Western front in France? Answer, please. public needs to take on a spirit of consecration to
And will mind and money expended on these con­ the task, that will establish a general sentiment in
solidation processes going on be available for that which and by which the individual will begin to
actual “conservation” which will get the most and shape his personal affairs to meet the call certain
best out of an existing plant? Does a miller grind to be made upon him.
wheat into flour while he is changing from the old There are certain forecasts which may now be
stone burrs to the roller system? Have we time or made, deductions from facts. Two considerations
money for these changes that tend toward permanent invite attention: Educational progress already made
control and ownership, when our business is to win becomes cumulative, and exercises its full strength
the war, and our sole purpose in “taking over” is on each successive loan; the so-called national income
to more effectually use the business machinery we also gathers a certain momentum due to increased
production and savings and thrift conservation,
have to that end?
Another proposition is advanced, and a bill intro­ available in larger and larger amount for subscrip­
duced, with alleged sanction of administrative forces, tions. And this despite an unavoidable slowing
to “take over all power plants in the United States, down in certain lines of industry due to governmental
whether steam, electrical or hydraulic.” Two hun­ interferences made in the interest of a selective
dred millions is to be appropriated as an initial ex­ process intended to automatically, or rather inci­
penditure in acquiring them—which Avould indicate dentally, restrict waste in non-essential employ­
ownership outright. Now we must feed and muni­ ments. A fortunate condition, which may or may
tion our armies in France, soon to be increased to not apply to future loans, is the bountiful crops
four millions of men. It is a great and grave task which are now practically assured. Added to all
to which we should bend every energy and for which this is the deepening conviction that the tremendous
we must make many sacrifices. But why stop to enterprise in which the nation is engaged does not
consider the acquisition of power plants that utilize yet indicate a speedy termination.
Niagara Falls for lighting the city of Buffalo? Will There are many speculative features which invite
that help us win the war? And have we actually attention. It cannot be doubted that in preceding
so much money that we need never consider any loans a large amount of surplus or idle capital was
cash for any purpose? Now, isn’t it fair and just consumed. In proportion as this has been absorbed
and loyal, isn’t it expedient, to ask ourselves, as it will attain a ratio of decrease for future use. The



A u g . 3 1 1 9 1 8 .]

TH E

C H R O N IC L E

very deduction from profits, through taxation, de­
creases the perennial supply of free funds available
for investment in war bonds. All increase in tax
deductions from the returns of business must operate
to diminish the power to subscribe for bonds in a
direct ratio. In the case of wages, which are paid
before profits and dividends are declared, the in­
crease due to “high” standards, becomes available
for bond purchases, and makes flotations easier as
well as broader. But floating or free capital avail­
able for use, the unused balances of all our former
years, must continue to grow smaller.
There appear, then, to be two tendencies clearly
demonstrated: the large subscriptions must grow
fewer in number and less in amount; the small sub­
scriptions must increase in number and also in
amount. From this we cannot argue any diminution
in effort necessary to complete this Fourth War
Loan. It is true that a favorable factor is the pleth­
oric condition of deposits in our banks, large and
small. But these deposits are products of conditions
—they are swollen rather than stable. Argument
has been made, by a comparison with loans in the
banks, to show that these excessive deposits are not
the product of loans. But another well-known
factor of deposits must be estimated, and this is the
volum e of deposits flo w in g through the banks due to
the enormous undertakings and expenditures of war.
This temporary flood-tide, while facilitating banks
in aiding subscriptions, does nQt of itself furnish
funds available for long-time investments. And if
they are so taken and converted, under the appre­
hension that they furnish actual funds, they must
serve by such use to cause a “pinch” sometime, and
perhaps at a time when it will bo serious.
We need therefore to approach this task with more
determination, not less; but with a serious regard for
its magnitude and effect. We have grown a little
boastful of our financial ability, and this is not a
true basis for proper confidence. This great loan will
be subscribed. But—and this is important—it is an
undertaking we would have deemed impossible five
years ago. There are many false ideas of what we
term “national income.” Are we really so much
richer in the essentials of a stable wealth that we can
float a six-billion dollar loan as if it were an ordinary
thing, one easily adjusted to all our earnings and
needs as an industrious people? No—we have need
of every atom of frugality, economy and thrift we
can muster. We are already relying upon farmers
and wage earners. But what if our crops in another
year shall fail? What if “war profits” through “con­
trol” laws shall diminish so that wages, now increas­
ing, now suddenly shot upward by Government
“taking over” and operation, shall turn downwards?
It is certain that costs of war (with five million men
in arms and millions actually fighting across seas
consuming vast stores of ammunition) will increase,
almost beyond our powers of computation. We
must subscribe for this loan, when opened, quickly
and adequately, but with a full sense that another
will be soon needed. And in order that we do not
mistake desire for ability, and confidence for strength,
and borrowing for buying, and floating, flying capi­
tal for latent and unconverted, though convertible,
real wealth, we should approach this task, as a people,
with a full sense of its magnitude, meaning and future
effect. We are becoming too callous to the real im­
port of these huge undertakings. And in proportion
as we do so we are gambling with the future.



839

What then is the duty of corporations and indi­
viduals? Of course to save and to apply savings.
But, in our opinion, more, far more, than this. It is
to take stock of every resource that m ay he m ade avail­
able fo r this im perative p u rpose. It implies an in­
tensive study of all convertible assets that may be
applied to this need—and with the least detriment to
production and continued power to produce. We
talk of “national income,” we make comparisons
with “national income,” as if all we had to do was to
dip down into this inexhaustible reservoir and float
any bond issue that may be called for. By the same
reasoning, in years to come we can do the same thing,
and p a y this w ar debt as fa s t as w e are creating it.
Does any one for a moment believe such a thing
possible? What then are we doing, if we are not bor­
rowing these vast sums on our actual wealth and on
our future labor, settling down on all that we have
and all that we are to mortgage that will continue
from generation to generation? If so of what avail
to parade these glittering and guileful statistics of
“gross” national income. We shall not be deterred
from a patriotic intent because we analyze the real
nature of our effort. On the contrary, we will be
aided thereby. And it is our belief that if, as we
confront this new duty, we will relate our corporate
and individual resources to their susceptibility to
become bonds without lessening our efforts or di­
minishing our active and reserve powers, we will
make sure this new war loan, and more certainly
make its flotation a foundation for others that we
know must come.
C U R T A IL E D U SE OF A U T O M O B IL E S O N
SU N D AY.

Just when the sere and yellow leaves are beginning
to fall, vaguely to remind us that opulent summer is
over, there comes upon an unsuspecting world this
latest “conservation” measure of the Fuel Adminis­
tration, requesting us to cease using our automobiles
on Sunday. Alas, are our “melancholy days” come
in truth! No more shall we take the highways, care­
less who owns the cottage by the side of the road, and
fly away, on wings of the wind, into the heart of Na­
ture. Soon the nuts will be dropping in the forest,
beating their mystic tattoo on the dusty leaves, and
we shall not hear them. Soon the far ridges will
flame in their autumn glory and we shall not see
them. Soon, all the waningfsplendor of the year will
pass with no appreciative city eye to glimpse, at
forty miles an hour, the quiet farms and contented
villages that dwell far from the madding crowd.
Yet this is the stern mandate of war and we must
obey.
They tell us that war is the great leveler. And it
must be so. For now, we shall all put our feet upon
common earth, and walk. Someone, in a remote
and dull past, has referred to this prosaic accomplish­
ment as the “king’s exercise.” And there are anti­
quated physicians who still recommend the process
for the health’s sake. But these have been little
heeded in a restless and rushing age. Visionaries,
even now, are beginning to spurn these motor vehi­
cles that run on wheels, picturing to us a near day
when, at will, we shall glide along the endless reaches
of the air, swifter than the storm winds. N o w , we
must walk, even though, as the fabled wrestlers of
old, in touching the good ground, we shall rise up
renewed. Nothing in all the range of war depriva­
tions could more surely teach us true humility and

8 4 :0

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C H R O N IC L E

our common brotherhood. In all our vast program
for ships of the sea, in all our rapid transit progress
in roaring elevated and muddled subways, we had
almost forgotten our two good legs, made and pro­
vided for locomotion from the beginning. Truly,
revolutions sweep backward as well as forward.
Friends of this new order, intended to save “gas,”
particularize in this way: “In the whole country
there are 5,500,000 automobiles. If all were oper­
ated on Sunday on the basis of five gallons for each
car, the gasoline consumption would reach the stu­
pendous total of 27,500,000 gallons.” To be sure
it would; the arithmetic is quite correct. More—the
“saving” would reduce, according to prevailing price,
to seven or eight million dollars—we decline to be
bound to anything less than millions or to be required
to be exact even in these. These dollars would buy
war stamps and war bonds to pay for gasoline sent
oversea to win the war. There is to be no curtail­
ment in production, merely a diversion in use. It
is all so plain that he who walks may read. The only
wonder is that we never thought of it in just this way
before. To be sure, heavy taxes are to be imposed
on cars manufactured and cars used, and though we
shall now be deprived of use without any exemption
of taxes, this is but one of those incidental discrep­
ancies which will creep in when Government control
is independent of mere Government taxing power.
No one has mentioned it, as far as we have ob­
served, but there ought to be a considerable “saving”
in human life. Joy-riding seems to be especially fatal
on Sundays. And children, not being educated in
Blue Laws, play on a Sunday, much as on other days,
having the usual penchant for streets and roads,
rather than spacious back yards. And those who
have been in the habit of walking may cross the
streets with impunity, while traffic policemen may
take a holiday. But we will not pursue these col­
lateral savings to road houses, shore resorts, and
wayside hotels, it is enough that 27,500,000 gallons
of gasoline will be saved, on every single Sunday
these “red devils” of a fast age are placed in storage.
Wheat, beef and sugar transform into flesh and
bone, very necessary components of the human body
in war or peace, but gasoline is a clear war-saving,
and goes direct to the battlefields in France. One is
appalled at the figures seven days in the week would
produce.
The making of pleasure cars, it is declared, will
probably cease after Jan. 1 1919. But there is com­
pensation in this, for if we cannot use them on the
one day in the week on which they are available, of
what use to own them? It is a terrible reversion to
the ancient days when we were wont to “walk in the
still woods,” and listen to sermons in the stones and
running brooks. But what of that? We should
glean all from the war that we can, and this enforced
communion with nature is not to be overlooked.
It may be said of us, “A primrose by the river’s
brim, a yellow primrose is to him, and it is nothing
more.” But this is only the envy of speeders who
break the law, and who never stop to pluck a wild
flower, in fact never stop at all save for a punctured
tire. And if we “should live to be the last leaf upon
the tree,” we will never forget “the moss-covered
bucket that hung in the well,” when we climbed
fences and went across fields for a cool drink, such
as we have never had since. A Fuel Administra­
tion that can awaken memories such as these can
never be entirely out of place in those divine econo­



[V o l . 1 0 7 .

mies to be derived from the prosecution of a great
war.
There was a time, before we set out to make the
world safe for democracy, when our statisticians in
economics showed us to what poverty we were lend­
ing as a people by the use of automobiles. It was
even declared that certain persons would mortgage
their modest homes to indulge in this wild extrava­
gance. There were some figures compiled to show
that it cost, wear and tear on the car included,
would be about seventeen cents a mile to travel by
automobile. This is more than five cents in a sub­
way, with two cents added for a transfer. The Di­
rector-General of Railroads is now offering tickets
good on any steam road in the country at three cents
a mile. Compared to these figures, Sunday saving
in automobile travel is no mean thing in the light of
an eighty per cent flat tax on war profits! And
we are constrained to think of these things because
war has its compensations and the days of recon­
struction are coming some time. Saving “gas” is
a good thing in itself—but how much better a thing
it is if we take the analogy over into the realms of
espionage and giving aid and comfort to the enemy.
There, the better the day the better the deed. Sun­
day saving will then never be followed by a blue
Monday, and we will feel a sense of security we may
not have felt before. The great trouble with all of
us is that we do not look for the compensations and
do not rightly study the life lessons that are set be­
fore our very eyes. Who knows but that the simple
expedient of walking, honored by our illustrious
fathers in the days of Constitution making, may not
render us more contemplative, more introspective,
as with bent head we take our way by mountain and
shore in the good old primitive way of “foot in hand,”
and that this will reveal to us the mighty conserva­
tion of saving pounds at the “source” while we are
saving pence “of a Sunday.”
C O N G R E SS A N D

U N N E C E S S A R Y P R IN T IN G .

In one morning journal of Tuesday a headline
told us that “waste of paper stirs the House,” and
surely that waste, with other wasted, ought to stir
Congress and to have stirred it long ago. Con­
gressman Walsh of Massachusetts, one of the very
few members who are willing to be deemed disa­
greeable by seeking to protect the public fund,
asked the House to observe that Congressman
Blanton of Texas had taken five pages of the “Rec­
ord” for inserting a report of his own renomination,
and Mr. Treadway of Massachusetts had simi­
larly inserted extracts from speeches of his in a
previous session. This abuse, now called “the
extension of remarks”, is the familiar old one known
as “leave to print.”
The Constitution requires that “each House
shall keep a journal of its proceedings and from time
to time publish the same, excepting such parts as
may in their judgment require secrecy,” and no
question has ever been or ever will be raised over
the necessity of some record of proceedings; but a
publication containing things not uttered, with
any matter interpolated which any member wishes
to thrust in or tag on, is both a falsehood and a
waste.
Only a few weeks ago the daily newspapers were
ordered to reduce size and to do and omit to do
certain things as a means of reduction; non-com­
pliance Vould leave them without paper, they were

8 41
31 1918.]
T H E C H R O N IC L E
delicately told, and no new journal could be started
at all; one weekly in Montana is reported as re­ T H E F E D E R A L C O U R T S V IE W OF T H E
L U S I T A N I A D IS A S T E R .
fusing to defer its plan to become a daily, and the
issue thus raised is not yet determined. Country The decision filed on last Saturday by Judge
weeklies are now ordered to conserve paper, to an Julius M. Mayer of the Federal District Court of
estimated 15%, and a dozen orders in detail are New York in the case of the Lusitania follows, and
leveled at them, as that no publisher may con­ presumably ends, more than three-score suits in
tinue a subscription more than three months after which a total of over six millions was demanded
the term paid for, or may issue any kind of "special of the Cunard Line, upon allegations mainly that
edition,” or may sell his publication to anybody while the ship bore the outward appearance of a
at less than the published subscription price, or mere passenger transport she carried munitions of
may "sell his publication at an exceedingly low or war and high explosives and was also negligently
nominal subscription price,” and so on. Book and improperly navigated in dangerous waters.
publishers are also to be required to make a 25% The decision is formally upon the petition of the
reduction in output of new titles and are to have company that its liability be limited in any event
conservation of paper forced upon them by sundry to its interest in the vessel and cargo. The opinion
of the Court is of great length, occupying nearly
regulations.
As to all this, the mounting prices of materials eight full newspaper columns; it goes very thor­
might be left to enforce their own consequences, oughly into the subject, sketches the case in full,
without specific orders negative and positive. For and is valuable as not merely being the first passing
example, people are unable just now to buy (be­ by an American court upon such contentions as
cause dealers are forbidden to sell) wheat flour ex­ put forward here but as relating to a case which
cept by taking meal also, but they are not in terms will remain memorable, and, we may all hope and
ordered to cat less flour or to eat meal, a food ma­ expect, unique and solitary in its character and its
terial which some do not like; they can get all the horror, while the world stands.
flour desired and can do what they will with the The contention that the Lusitania was other than
meal, the argument of cost being left to make its a passenger ship in usual passenger service is simply
own way. Why publishers of all lines, all having disposed of. She was not armed; the false affidavit
their own troubles, cannot be left, without com­ that guns were seen on her was disposed of long
mands and minatory hints, to conform their con­ ago. She did carry a quantity of leather infantry
duct to price conditions, under the usual pressure fittings, of empty shells, and even some safety
of self-interest and self-preservation, is not ex­ cartridges; but most of these were incapable of being
discharged without further treatment, and none
plained .
Necessity is no disputant; she listens dully to re­ could be exploded by mere impact; the cargo was
monstrance, and then stolidly repeats the dictum an ordinary one, and while some of it was capable
with which she began. What must be endured, of being turned to war service, the same could be
foregone, or submitted to, must be; the country alleged in respect to sawed lumber or pig lead or
is on a course which allows neither retreat nor hesi­ sheet steel; almost any material is war material
tation, and when the necessity is made clear every in that it can be turned to war uses.
person must bow and submit; we are rationed that The claim that the ship was sent out in culpable
we may survive the perils into which we have come, disregard of warning is discussed at length and dis­
missed as unsound. The proclamation of Feb. 4
and complaints are not to be tolerated.
But who (if any) are feasting while others endure 1915 did say that after the 18th of that month
constriction; who are wasting as formerly, while "every enemy merchant ship found in the said war
the country is urged by circumstances and exhorted zone [the waters about Great Britain and Ireland]
hourly by words to pinch and save? Are they who will be destroyed without its being always possible
are giving conservation orders so freely and in every to avert the dangers threatening the crews and
direction complying with those orders themselves? passengers on that account.” Submarine conduct
To stick into the mis-named "Record” Mr. Tread­ of dates now recent has varied in ruthlessness, time
way’s old remarks cost $300, devouring of the being given for passengers and crew to leave the
savings stamps urged upon us all to buy with our Carolina before striking deadly blows upon her,
savings—how many? Mr. Treadway, Mr. Blanton, while the tanker Kellogg was savagely torpedoed
and all others who keep along in this hoary abuse without a moment’s warning and the persons on
can make no use of the stuff, printed but not pub­ board left to shift for themselves as they could.
lished, except to send it to the folks at home, at an It is evident, although Judge Mayer did not re­
added cost for carrying, while we, the people, mark upon the fact, that the Lusitania would not
must pay increased postage on our own communi­ have obeyed any order to stop and the only way to
halt her was to strike her a death blow without warn­
cations.
What is news, what is of public value, the bur­ ing; the U-boat must do as it did or fail of its pur­
dened press of the country will still carry to the pose. This alternative does not change the charac­
people. Shall paper for the "Record” and other ter of that purpose but only the more fully con­
matter which renders no public service be "com­ demns it, as President Wilson pointed out long ago.
mandeered,” while the publications upon which Was it culpable negligence to disregard this procla­
the life of the nation depends (for only by communi­ mation, even when accompanied by a memorial
cation can life continue) be squeezed? Which that "it may not always be possible to avert the
should yield, if one must? Let Congress answer, dangers which may menace passengers and mer­
as Congress can answer, if the members will rise, at chandise?” Judge Mayer says it was not, even
last, to a fuller consideration and comprehension after the appearance, on the morning of the day
of duties and have the courage to put "privileges” of the ship’s departure, of the famous warning no­
aside for at least the term of national privations. tice, dated nine days before, reminding travelers
A ug.




843

TH E

C H R O N IC L E

that if they sailed in the war zone on enemy ships
they would “do so at their own risk.” The ship
rightfully went, he says, unless the company was
willing to yield to threats, and nobody familiar with
British character would expect from such threat
anything more than to take every possible precau­
tion. Judge Mayer omits to add that if it was reck­
less to send the ship after that advertisement it was
reckless in the passengers to go on any British ves­
sel; but he does say that while we now fully under­
stand German methods we did not at that time and
nobody was under any kind of obligation to doubt
that the ancient custom (affirmed even in the Ger­
man Prize Code as then existing) would be adhered
to, and that the safety of persons on board would be
held paramount. The fact is that few persons re­
garded the advertisement, at the time, as more
than an attempt to frighten, or took the warning
by the German Embassy as meaning worse than
“the perils to be expected from quick disembarka­
tion and the possible rigors of the sea after the proper
safeguarding of the lives of passengers by at least
full opportunity to take to the boats.”
The Lusitania is declared by Judge Mayer to
have been “seaworthy in the highest sense,” with
boat capacity for nearly 700 more persons than
were on board, besides 20 life buoys and 1,959
more life belts than she had passengers. The de­
tails of the voyage and of the sinking of the ship
are sketched at length, but can be passed by for the
present purpose. Ships had already been attacked
and sunk near the usual course; certain instructions
(some of them more advisory than peremptory)
had been given; and precautions as to the watch
maintained in the danger zone and the exact course
followed had been taken. The handling of the
vessel, before and after the striking, is found to
have been competent, and it is declared, as a longestablished rule, that the captain was both justified
and bound to follow his own judgment, inasmuch
as he best knew the emergency which no person on
land could exactly foresee. Further, says the
Court, even if negligence is shown, the settled law
rule is that such negligence is not a ground of lia­
bility and “cannot be the proximate cause of the
loss or damage, if an independent illegal act of a
third party intervenes to cause the loss.”
The intervening third party was the German
Government, “acting through its instrument, the
submarine commander, and violating a cherished
and humane rule observed, until this war, by even
the bitterest antagonist.” The Cunard company
took every precaution, short of abandoning naviga­
tion, and cannot be held responsible, in law or morals,
for an act beyond its control or foresight, an act so
inhuman and unprecedented that nobody conceived
it possible; surely the company was not more bound
to foresee what all except the authors of the deed
deemed impossible than were the passengers, who
did not turn back after being officially notified that
if they ventured they would “do so at their own
risk.”
Whether there ^an be any recovery, in the legal
sense, is doubtful. Judge Mayer concludes by
calling it not doubtful that the Allied nations “will
well remember the rights of those affected by the
sinking of the Lusitania and when the time shall
come will see to it that reparation shall be made.”
It has been declared in private and more or less
officially intimated that Germany “must,” as a part



[V o l . 1 0 7 .

of the terms of peace, pay for all the costs of the
war and for all the damage she has wrought, so far
as those are capable of expression in terms of money.
The justice of this is not open to discussion; how far
the unhappy German people who have tolerated
such heinous warfare will be able to go in repara­
tion if open to great doubt, but so premature and
difficult a problem need not be considered now.
THE FORCEFULNESS OF LIBERTY— A NEW UNDER­
STANDING OF FREEDOM.
[By Daniel Chauncey Brewer, of the Order and Liberty Alliance.]

Liberty against Despotism! The street gamins know
something of existing world issues, but hardly understand
the significance of the great struggle. Few of us do. In a
negative sort of way we sense the fact that it is undesirable
to be deprived of our freedom. We do not intend to let this
happen! When it comes, however, to realizing how much
Liberty can do for us— how inestimably precious Liberty
is— and how war promises to demonstrate this— we are still
much befogged.
Although we claim to bo a free people wo wore loath to
let Liberty do its perfect work in time of peace, and are re­
luctant to follow her in our great peril. So true is this that
our best patriots, Government departments and emergency
committees turn to Autocracy for ideas instead of using the
weapons which Liberty provides. Look, they say, at the
good results German method, German drill, German order,
have accomplished! They might add, Look at the incal­
culable mischief which German kultur has wrought not only
for the world but for Germany herself.
The trouble with these well-meaning persons, departments
and organizations is that they mistake the' orderly arrange­
ment of ideas and the orderly direction of enterprise as some­
thing which is peculiar to Absolutism.
This is a glaring mistake. Absolutism has no more claim
upon what is good in such culture than the counterfeiter
has upon the art which he turns to his own advantage. The
order which underlies efficient management is a part of, or
a reflection of, God’s law, and is not only a characteristio
of perfect Liberty, but a prerequisite. If free men, there­
fore, wish to become compelling in strife with error, they have
only to put in operation rules which a duo regard for each
other and the Power behind their origin will lead them to
adopt. This done they will find themselves possessed of an
efficiency which will whip the arbitraty systems of tyranny
in any field, because it includes that mysterious quality of
invention which banishes when tho spirit is shackled.
The mighty noed of the hour is an appreciation of our
self-sufficiency, and the limitations of the Prussian system.
Such an appreciation will o'nable the Republic to rebuke those
who muddle its affairs by confusing Liberty with license,
those who muddle its affairs by confusing Liberty with license,
or who endeavor to crowd it into a German harness.
Need for light! That thero is such need not trouble
us as much as would be the case if we were not under the sort
of pressure that wakes nations to action. Those who know
history realize that such need has been the casue for every
leap forward that the race has made, and that progress has
frequently been measured by the sore necessity of the hour.
W hy then should not tho intolerable pronunciamentos and
aggressions of the Gorman peoples— the attempt to commit
a crime of crimes— so stir that which is unsubduablo in man
as to bring into action latent powers which have been un­
suspected. Surely tho war will be worth while if it brings
about such a consummation.
W e Americans were on the edge of losing our liberties
when the storm of war swept us forward. God Almighty
discovered in us spirit enough to resent the manner in which
the Prussians flouted our rights and those of less powerful
people, and we rose to meet a near peril.
What if in the Divine ordering of things His regard for
duty done, sacrifice offered, and an open mind, should bo
not only a now birth but a new understanding of Freedom.

(£i\xxxm t E v e n ts a m i d is c u s s to u s
CONTINUED

OFFERING OF BRITISH TREASURY
BILLS.
J. P. Morgan & Co. this week disposod of tho usual
offering of ninety day British Treasury bills on a 6 % dis­
count basis. Tho bills aro dated Aug. 27.

843

T H E CHRONICLE

A u g . 3 1 1918.]

What the Bank has done for the Stato i shown by i s latest report.
s
t
Tne note circulation stands at roundly 29,000,000,000 francs. Tho Bank
A L L IE S — I T A L I A N
E X C H A N G E .
thus far has advanced to the French Government approximately 19,­
000,000,000 francs. If to these aro added the advances mado by the
Whilo the total credits established b y tho U nited States Bank to Allied Governments, 77% of the amount of the note circulation
o n behalf of tho Allies reach $6,092,040,000, the actual p a y ­ would represent obligations incurred by tho French Government to the
m e n t s a m o u n t to SO,089,064,750. T h o Associated Press Bank of France.
Normally, the rate of discount of the French institution i 2 % below
s
dispatches f r o m W a s h i n g t o n o n A u g . 23 in reporting this said: that of tho Bank of England. It l a withstood and helped other honest
is
Payments to the Allies since tho United States entered tho war to-day F'ronch establishments to withstand every c
risis from the day of i s foun­
t
passed another billion dollar mark and stood at 50,089,004,750. This dation by Napoleon June 15 1800. Twice i came to tho aid of the Bank
t
represents tho aggregate of checks actually drawn on the Treasury and paid, of England.
as distinguished from credits established, or agreements by tho United
It maintains 450 offices throughout France. It discounts b l s for
il
States Government to make loans, which now amount to 50,092,040.000. amounts as small as 50 francs. The confidence of tho French business
All credit accounts are open and aro being drawn on periodically by tho men in tho Bank i attested by the fact that most financial and commercial
s
Governments to which they are extended, excepting that to Russia, which transactions are liquidated not in checks but in the notes of tho Bank of
has an unexpended' balance of 5137,000,000. Technically this I s i l France. All business i done at a minimum charge.
s tl
s
available, but the Bolshovik Government has never presented any demands
for payment.
Credits now established for tho Allies are as follows:
Great Britain, $3,345,000,000 | new credit to Great Britain was an­ R U S S I A F A I L S T O M E E T B O N D I N T E R E S T O N N E W
a
nounced this week, as indicated in another item]; Franco, $2,005,000,000;
H A M P S H IR E C H A R IT Y F U N D .
Italy, $700,000,000; Russia, $325,000,000, Belgium. $154,250,000: Greece,
F r o m Concord, N . II., o n Au g . 29, the following tele­
$15,790,000; Cuba, $15,000,000; Serbia, $12,000,000.
Reports have reached tho Treasury recently that some Italian commercial graphic advices were received b y the press of this city:
interests felt tho United States was not making adequate loans to Italy, nor
For the second time since the Russian-Japaneso charity fund was created
making sufficient offort to bring down the high rato of exchange, which in this State, Russia, i was learned to-day, has failed to meet the interest
t
works a hardship on Italian importers. Treasury officials explained to-day
on bonds valued at $10.000 held by the fund. After tho signing of the
that every request of tho Italian Government for loans has been gran ted, treaty of Portsmouth in 1905 Russia and Japan each gave $10,000 for a
and that thoro i no difference of opinion between tho two Governments. special charity fund commemorative of tho event, and tho money was
s
Tho exchange rate has been reduced materially within the last two months, Invested in war bonds of the two nations.
and further efforts to bring i nearer par aro under way, but Italian mer­
t
chants are said to bo slow in taking advantage of tho Allied system for
pooled purchases la this country.
C R E D IT S

E S T A B L IS H E D

A N D

A M O U N T S

P A ID

TO

PROPOSED
N E W

C R E D IT

TO

G R E A T

B R IT A IN .

A n additional credit of $400,000,000 w a s oxtonded to
Great Britain b y tho United States o n A u g . 29, bringing the
total credits established for that country u p to $3,745,000,­
000. This m a k e s tho total credits oxtonded to tho Allies
$7,092,040,000, Great Britain having received $3,745,000,­
000. France $2,065,000,000, Italy $760,000,000, Russia
$325,000,000, B o l gium $154,250,000, Greoco $15,790,000,
C u b a $15,000,000 a n d Serbia $12,000,000.

N E W

FR E N C H

M IL IT A R Y

H O M E

C R E D IT .

A proposal for a military credit a m o u n t i n g to $2,500,000,­
000 w a s submitted at a meeting of the French Cabinet b y
Minister of Finance Louis Klotz, o n A u g . 23. It is intended
to m e e t tho oxponditures of tho fourth quarter of 1918.

T H E

F R E N C H

B A N K

A N D

T H E

W A R .

■

T h o following, under tho a bovo caption, appeared in tho
N o w Y o r k “ Evening Post” of Au g . 24, having been rocoivod b y that paper in special correspondence from Paris
under date of Aug. 1:
In this country at tho present moment, tho financial mind i more or
s
less preoccupied with tho problem of the Bank of France, whose advances
to tho State for war now amount to $3,780.000,000— an increase of $1 ,
.
­
640,000.000 in the past twelve months— which has loaned $688,000,000
on Treasury bonds against advances to Allied Governments, and whose
note circulation i now $1,780,000,000 more than a year ago and $4,4X0,s
000.000 more than when the war began in 1914. Tho future status of tho
Bank i the subject of Socialist attack which, with Radical help, has been
s
holding up tho voting of tho renewal of tho Bank’ privilege for twentys
five years.
N o w tho Bank of France, besides having been the backbone of French
finance a l through the war, i a l that will stand between France and paper
l
s l
money after the war. By paper money i meant a fiduciary currency
s
which, according to Flnanco Minister Klotz’ definition in Parliament,
s
has no other guarantee than the promise of the Stato to pay. N o matter
how great the banknote issue in France may bo, tho notes are now l a i i i s
iblte
of an autonomous bank, and are gauged on the Bank of Franco’ gold and
s
commercial paper (which s i l represent a respectable percentage), plus
tl
tho French Treasury’ debt to tho Bank.
s
All this i a different thing from a State promise to pay printed on paper
s
Issued to Individuals. But, while tho holding up of tho renewal by Parlia­
mentary politics I annoying, no French financier believes for one m o ­
s
ment that the essential status of tho Bank of France will bo modified by
Parliament. In tho present Constitution of tne French Republic, tho
Bank of France I the only institution endowed with original and funda­
s
mental powers, .and the Frcncn peoplo aro not ready to give up the benefit
of such a balance-wheel In the working of their national machinery.

R E N E W A L

OF

C H A R T E R

O F

B A N K

OF

F R A N C E .

IN C R E A S E

I N

R O U M A N IA N

W A R

C R E D IT .

T h o following is taken from “ Financial A m e r i c a ” of
Aug. 26:
A dospatch from Amsterdam says that tho Finance Ministor of Roumanla has introduced a b l in Parliament, according to advices from
il
Bucharest, asking for an Increase in tho war crodits frooin 1,700,000,000
l i to 2,000,000,000 l i (A l i in normal times i equal to 19Kc.)
o
e.
e
s

PROPOSED

C R E D IT

B Y

S P A IN

S T A T E S .

TO

T H E

U N IT E D

_

A n n o u n c e m e n t that negotiations were proceeding for a
commercial loan between Spain a n d the United States is
credited to the Spanish paper, “ El Liberal,” in cables fr o m
M a d r i d o n Aug. 25 to tho press of this country,
T h o news­
paper is reported as declaring:
Spain i opening a credit of 300,000,000 or 500,000,000 pestas, tho
s
United States giving as a guarantee the signatures of American firms
exporting cotton to Spain. With this credit tho United States will be able
to purchase in Spain some of the products necessary for i sarmy in France
t
without tho necessity of changing dollars into pesetas, thus avoiding the
reduction in exchange.
Ambassador Willard and other American officials have had several in­
terviews with the members of tho Spanish Government, and i i believed
t s
that the basis of an agreement has been reached. The interest payable on
tho loan has been tho subject of discussion, tho United States objecting to
paying 5%. America offers to pay the balance remaining of the loan in
Mexican gold on tho day of liquidation.
T h o W a s h i n g t o n dispatches of Aug. 25 h a d the following
to say relative to the negotiations:
Negotiations between the United Santos and Spain for the extension of
commercial crodits to the former as reported in a Madrid dispatch to-day,
quoting “El Liberal.” have been in progress for more than two months,
and officials here havo been expecting for somo tlmo tho receipt of news
that tho extension had been arranged.
The negotiations, i i understood, were carried on with Spanish bank­
t s
ers, who will make the extension, although i was nocossary to obtain for
t
tho bankers tho support of the Government. Tho Spanish Government,
I i held here, i scarcely in a financial position at the present time with
t s
s
much of i s trade cut off and through depredations upon i s ocean tonnage
t
t
by Gorman submarines, to make a credit extension on i s own account.
t
The primary purpose of the credits will bo to give the United States
purchasing power in Spain. The American Government has beon en­
deavoring to buy army supplies from Spanish dealers, especially from
dealers in foodstuffs. This has been difficuly through tho low value of
the Antorican dollar in Spain. The credit extension as pointed out in the
“ Madrid Dispatch,” will eliminate the exchange of dollars for pesetas
and accordingly facilitate the purchase of supplies. It will also bo of great
value to Spanish merchants and American importers, who have been
greatly inconvenienced by the necessities of exchange.
The credit extension, amounting as i does to only about $75,000,000
t
will afford some relief even though hardly large enough to supply the
possible needs of the United States.
The negotiations have been conducted largely through Oscar T. Crosby,
Assistant Secretary of the Treasury, and President of the Inter-Allied
Council of Finances and Purchases. The matter i known to have been
s
discussed at meetings of tho council in Paris.

W e also give tho following from the N o w Y o r k “ A m e r i c a n ”
of Aug. 23 regarding tho renowal of tho charter of tho B a n k
F E D E R A L R E SE R V E B O A R D B A R S FO R E IG N S A L E S O F
of Franco, to which reference has already beon m a d e in these
I T A L I A N
LIR E .
columns:
T h o issuance b y Fred. I. Kent, Director of the Division
The French Chamber of Deputies has voted to renew tho charter of tho
of Foreign E x c h a n g e of the Federal Reserve Board, of the
Bank of France for twenty-five years, by a heavy majority.
Somo ultra-radical members offered an amendment to extend tho charter following order, supplementing a previous one, covering the
for the duration of tho war only. Their hostile speeches savored uncannily purchase of lire in foreign countries, w a s annou n c e d yes­
of Bolshevism.
M . Klotz, the Finance Minister, had tho patience to listen to these Igno­ terday:
Notico i hereby given' that, until otherwise Instructed, “dealers," as
s
rant tirades and tho infinite tact to reply to them without resort to de­
rision or ridicule. Tne fact I , of course, that stock in the Bank of Franco defined under the Executive order of Jan. 26, aro prohibited from pur­
s
ie
has been and i a safe but relatively unrcmuneratlvo investment. Tho chasing or selling Italian l r outside of the United States, without first
s
returns— to the stockholder— aro less than i yielded by any prominent obtaining tho approval of tho Director of tho Division of Foreign Exchange,
s
Federal Iieservo Board.
banking Institution In the world.




844

THE CHRONICLE

C O M P A R A T IV E

F IG U R E S

C A N A D IA N

O F

C O N D IT IO N

O F

B A N K S .

In the following w e c o m p a r e the condition of the Canadian
banks, under the last t w o m o n t h l y statements, with the
return for J u n e 3 0 1914:
ASSETS.

31 1918.
$
55,612,205
20,966,054

July

Gold and subsidiary coin—
In Canada..............
Elsewhere..............

29 1918.
$
54,982,175
20,582,449

June

Total.................
76,578,259
75,564,624
Dominion notes____________ 186,520,172 183,814,738
Deposit with Minister of Finance
for security of note circulation
5,848,099
5,821,486
Deposit in central gold reserves 88,870,000
84,470,000
Due from banks......
166,098,305 175,885,728
Loans and discounts_________1,065,911,371 1,061,896,959
Bonds, securities, &c________ 456,758,268 424,773,302
Call and short loans in Canada.
74,382,762
76,970,920
Call and short loans elsewhere
than in Canada.... ...... 167,112,836 170,034,476
91,432,524
Other assets.............. .
90,603,897

30 1914.
§
28,948,841
17,160,111

June

46,108,952
92,114,482
6,667,568
3,050,000
123,608,936
925,681,966
102,344,120
67,401,484
137,120,167
71,209,738

Total...................2,379,512,596 2,349.836,130 1,575,307,413
L IA B ILIT IE S.

Capital authorized.........
Capital subscribed.......
Capital paid up..........
Reserve fund----------

$
183,866,666
111,780,366
111,450,680
114,140,148

$
189,866,666
112,111,266
111,781,331
114,344,068

$
192,866,666
115,434,666
114,811,775
113,368,898

Circulation.... ....
Government deposits.... ...
Demand deposits..........
Time deposits.............
Due to banks..............
Bills payable........
Other liabilities............

187,865,833
109,924,975
765,072,455
992,015,137
41,340,016
1,953,595
29,647,456

194,681,710
106,967,514
759,446,017
965,934,556
45,070,546
1,364,931
28,001,995

99,138,029
44,453,738
495,067,832
663,650,230
32,426,404
20,096,365
12,656,085

Total, not including capital
or reserve fund........ 2,127,819,467 2,101,467,269 1,330,488,683
N o t e . Owing to the omission of the cents in the official reports, the
—
ootings in the above do not exactly agree with the total given.

IVol. 107.

discount b l s for brokers or make advances to them on jiromissory notes
il
secured by acceptances. The bank has tho right, however, to buy and to
s l acceptances, and this power has been availed of for the purpose of facil­
el
itating the acceptance market. The so-called loans mado to brokers and
dealers on acceptances have not been direct loans but merely transactions
of purchase and resalo. Under this arrangement i has been possible for
t
the dealers to carry on their business and keep alive tho acceptance market
— something which would have been very difficult to accomplish i accept­
f
ances could not be carried at less than 6%, the current rate for Stock
Excnango call loans. Under tho arrangement entered into with the Re­
serve Bank, brokers have been able to borrow money on their acceptances
at rates commensurate witn the current rates for tho b l s Tho accommo­
il.
dations given by the Reserve Bank will now be supplied by tho Morgan
firm and other banks with the establishment of an acceptance call money
market.
J. P. M o r g a n & Co. in its a n n o u n c e m e n t of last w e e k stated
that the rate o n advances to be m a d e b y it o n M o n d a y last
w o u l d be 4 J £ % .
Several banking houses m a d e k n o w n
their intention to cooperate with the firm in its n e w under­
taking, these including the C o l u m b i a Trust Co., B r o w n
Bros. & Co., Heidelbach, Ickelheimer & Co., S a l o m o n
Bros. & Co.
T h e G u a r a n t y Trust Co. is said to have b e g u n
m a k i n g advances o n prime acceptances at 4 % %
several
m o n t h s ago.
W i t h regard to the action of J. P. M o r g a n & Co., M a urice
L. Farrell of F. S. Smithers & Co., is credited in the “Jour­
nal of C o m m e r c e ” with the following:
Mr. Morgan’ announcement i bound to havo a tremendously favorable
s
s
effect upon the development of the discount market in this country; in
fact, i i one of the most important moves which has been made since the
t s
incoption of the American Discount Market in the f l of 1914.
al
For the past year discount houses and acceptance dealers have been
greatly handicapped in their operations by Inability to obtain call money
at reasonably low rates, as a result of which I became impracticable for
t
them to carry largo portfolios of eligiblo bil s for any great length of time.
l
They havo been compelled instead to keep turning over their b l s as quickly
il
as possible and consequently havo not been able to supply prospective
buyers with either a greatly diversified l s of names or of maturities.
it
The facil t e now about to be offered by J. 1 . Morgan & Co. will go a
iis
*
long way toward rectifying this situation, and I havo no doubt that many
of the other large banks and trust companies will, in the near furture, adopt
a similar policy.

T h e s a m e paper gave the following c o m m e n t s of M o r t o n
H . Fry, ofJBernhard, Schollo & Co.:
The announcement by J. P. Morgan & Co. that, beginning with next
O t t a w a press advices of Au g . 28 state that C a n a d a has Monday, they will advance money on call agabist eligible acceptances at
s
followed the United States in stabilizing the price of silver rates based on the discount rate of tho Federal Reserve Banks, i the most
important development that has taken place In the acceptance market
at the m a x i m u m of $1 0 1 Y 2 per ounce. A n e w regulation
,
in a long timo. It means that the discount market will now havo available
has been issued prohibiting, except under license, the ex­ for i s needs call money at a rate which i practically tho prevailing open
t
s
il.
t s
port of coin, bullion or bars. T h e Order-in-Council, it is market rate for prime b l s Discount houses, whose function i i to act
as distributors of b l s will now be able to carry their portfolios, provided
il,
said, states that serious difficulties ha v e arisen in connec­ a sufficient number of other institutions follow the enlightened lead of J. P.*
tion with the purchase of silver w h i c h is urgently needed Morgan & Co., without loss while they aro distributing them.
One of’
the very unfortunate effects of the necessity of carrying accept­
for coinage b y the Allied G o v e r n m e n t s a n d recites the
ances that are discounted in the open markot at about VX % in a 6 % call
A
steps b y the United States a n d the British Governments.
money market has been to force b l s into the Federal Reserve Banks, thus
il
clogging f cilities that in ordinary times should be kept open. Dealors
a
wero unable to carry their portfolios for any length of timo without facing
G O LD
S A L E S
TO
J E W E L E R S
ST O P PE D .
tho prospect of an almost certain loss. They were, therefore, compelled
T h e “ W a l l Street Journal” yesterday printed the following: to disposo of their holdings as rapidly as possiblo .and when tho open markot
il
The N e w York Assay Office has been ordered by Washington not to s l was not a buyer tho b l susuallywero forced into the Federal Reservo Banks.
el
With money available at 4 M % i will now bo possiblo for them to carry
t
any more gold bars to jewelers and others until further notice.
their portfolios pending distribution without a loss and this will enable
This order has created something akin to consternation in the jowelry
them to effect a broader distribution of b l s It i unquestionable that
il.
s
trade, as i means crippling the industry for the time being.
t
s
It i believed that the reason for this order i the fact that the sales of this action on the part of J. P. Morgan & Co. i a tremendous step in the
s
s
gold bars to the trade have recently been unprecedentedly large and the development of a real discount market in this country.
Treasury Department i suspicious that tho gold I being either hoarded
s
s
In indicating the interest evidenced b y the G o v e r n m e n t
or taken for export, contrary to the present regulations.
in the action of the M o r g a n firm, the “Journal of C o m m e r c e ”
For twelve months ending June 30 last tho sale of gold bars to the trado
at N o w York reached over $55,000,000, which i an increase of nearly in special advices fro m W a s h i n g t o n o n Aug . 25 said:
s
$12,000,000 over the previous year.
Very considerable interest has been expressed in Government circles
with reference to tho developemnt of tho call loan acceptance market in
N o w York along the linesmapped out in tho recent announcement of Messrs.
J. P. Morgan & Co. The innovation i bellovod likely to bo tried to aid in
s
A D V A N C E S
O N
A C C E P T A N C E S
B Y
J.
P.
M O R G A N
the process of popularizing the acceptance . Before reaching definito con­
& C O .— C O O P E R A T I O N O F O T H E R H O U S E S .
clusions with respect to tho working of tho schomo, however, i i desired
t s
T h e inauguration this w e e k b y J. P. M o r g a n & Co. of its by some to know how i will bo likely to affect the stock market situation
t
and whether the tendency of i s operation will be to Increase or decrease
t
policy of m a k i n g advances o n calls against eligible accept­
tho volumo of funds employed in speculation.
ances to dealers a n d discount houses at rates based on
There has been no disposition, so far as can be learned, on tho part of
the discount rate of the Federal Reserve B a n k has h a d the tho Government officers to take any particular position with reference to
tho essentiality of stock markot loans. Unofficial expressions would indi­
effect of stimulating the acceptance market. A n n o u c e m e n t
cate, however, that this question i viewed as largely acadomic, as in tho case
s
of the intention of the firm to establish a m a r k e t for accept­ of any great body of towns wnich tends to provido a definite market for
commodities by establishing their prices on a competitive basis and so
ances o n the 26th, w a s m a d e in these columns last week.
Coincident with the n e w s of the firm’ plans, it b e c a m e rendering the staples more easily to trade in. Loans made for the conduct
s
of legitimate business on tho exchanges aro from a broad point of viow
k n o w n that the Federal Reserve B a n k of N e w Y o r k h a d belioved essential to tho maintainonco of our business organization and
recently encouraged a n d supported the acceptance market structure and aro not simply for tho purposo of individual gain through
b y m a k i n g temporary advances to those dealing in such speculation.
The system of lending against acceptances on call may, however, tond to
paper. T o quote f r o m the “N e w Y o r k T i m e s ” of A u g . 25:
render speculation easier by providing call money at lower rates and so
indirectly tending to assist speculative activities. Precisely how this
This aid was furnished by the bank buying acceptances from brokers or
t
s tl
dealers with the understanding, or general agreement, that at a subsequent side of tho proposition will work i selfout i s i l to bo seen.
In connection with the establishment of tho free discount market, which
date the acceptance would bo repurchased. This arrangement i similar
s
s
to recent transactions in respect to Treasury certificates of Indebtedness. constitutes a reason for tho now plan for call lending, tho question I asked
It will be recalled that for a considerable period banks requiring funds how far the plan will in fact stimulate tho creation of acceptances. In this
t s
iblte
mado the practice of selling their Treasury certificates to tho Reserve Bank connection i i noted that accoptanco l a i i i s of tho banks against
ito
under an agreement for the repurchase of the samo. This method of financ­ bankers’ acceptances are now considerably less than thoy were somo l t l
ing was resorted to in large volume for some weeks prior to tho passago of timo ago. In order to get a satisfactory development of acceptance market
conditions tho acceptances themselves must bo forthcoming in quantity
an amendment to tho war revenue b l eliminating from taxation promissory
il
notes secured by Liberty bonds and Treasury certificates, but since then sufficient to furnish a good basis for dealings. Tho limit to tho acceptance
l a i i i s of national banks i so narrow that I roquiros tho participation
iblte
s
t
such transactions havo been relatively few.
s
The Federal Reserve Bank, under the provisions of tho Reserve act, of many banks to got the development of tho paper that I requisite in
providing for “open-market operations," can buy and s l b l s notes building up tho market as desired.
el il,
llow far tho growth of tho accoptanco markot under tho now conditions
etc. Its rediscounting and loaning operations, however, aro limited to
member banks and to other Federal Reserve banks. It cannot therefore will bo affected.by tho continued working out of Treasury sales, of cortifiP R IC E

O F




S IL V E R

F IX E D

B Y

C A N A D A .

A ug . 31 1918.

THE CHRONICLE

cates of indebtedness cannot as yet bo stated with certainty, but thus far
the drift has been toward tho substitution of Treasury certificates for
acceptances and for stock loans as a moans of employing tho resources
of tho banks when being held in liquid form for possible sudden and unex­
pected demands. Tho number of factors affecting tho whole accoptanco
and public debt situation i believed to bo so great as to make tho actual
s
effect of tho call loan plan impossible of prediction and dependent on futuro
circumstances.

O R G A N IZ A T IO N
TO

BE

OF

S T A T E

D IS C O U R A G E D

B A N K S

I N

D U R IN G

M O N T A N A
W A R .

There will lie no n e w State b anks organized in M o n t a n a
while the w a r continues, according to State B a n k E x a m i n e r
H . S. M c G r a w , unless very exceptional conditions arise.
In announcing the statement b y M r . M c G r a w that ho
would discourage the organization of such banks, tho M o n ­
tana “ R e c o r d ” of A u g . 23 said:
Mr. Magraw takes tho position that tho money that would bo put into
such institutions can serve a much bettor purpose invested in thrift stamps
and war bonds, and that tho organization of now banks would tend to
weaken just that much existing banks, and that under present conditions
tho resources of the State had hotter bo strongly centralized than widely
diffused.
P L A N S

IN

D E L A W A R E
B A N K IN G

FOR

C R E A T IO N

OF

S T A T E

D E P A R T M E N T .

84:5

R ec a p it u la tio n S h ow in g F i g u r e s f o r Clea rin g H o u s e Centr es f o r W e ek s E n d in g
■
A u g . 15 a n d A u g . 21.

[In thousands of dollars— that i 000’ omitted.]
s
s
Number of
Centers
Included.

District.
1.
2.
3.
4.
5.
6.
7.
8.

!).
l.
o
11.

12.

Debits to Banks' and
Bankers’ ccount.

Aug. 15.

Aug. 21.

Aug. 15.

Aug. 21.

8
11

341,298
2,806,186
286,150
98,417
100,372
90,247
1,294,890
160,779
107,356
266,088
62,997
128,629

300,241
2,889,785
265,157
101,085
103,249
103,325
837,694
162,250
132,981
255,402
87,304
131,234

187,564
1,295,179
261,886
44,913
85,604
55,064
86,769
163,527
115,022
298,549
84,015
60,100

207,406
1,445,149
277,376
46,393
97,746
50,630
652,541
165,415
134,347
296,013
107,341
62,689

110

5,743,409

5,369,707

2,738,192

3,543,046

Boston ........... .
New York______
Philadelphia........
Cleveland______
Richmond. ___
Atlanta_____ : _
_
Chicago________
S . Louis_______
t
Minneapolis____
Kansas City____
Dallas ____ ___
San Francisco___

Grand T o ta l____

Debits to Individual
Account.

10
8

9

5
2

7
19
7
5
19

N ote.
—

Largo difference between Chicago figures for the two dates i
s
duo to tho fact that figures for the earl.er week are not dividend between
debits to individual account and debits to banks’ and bankers’ account,
tho total debits to both individual and bank accounts being shown in the
column headed “Debits to Individual Account.”
( ) figures comprise debits to both individual accouti tas well as to banks’
a
and bankers’ account.
In the case of the N e w Y o r k Federal Reserve District
the eight cities or centres included are Albany, B i n ghamton,
Buffalo, Montclair, N e w York, Orange, Passaic a n d R o ches­
ter; the ten cities of the Boston Federal Reserve District are
Bangor, Boston, Fall Fiver, Holyoke, Lowell, N e w Bedford,
N o w H a v e n , Providence, Springfield, W a t e r b u r y a n d W o r ­
cester; the nine centres of the Philadelphia Federal Reserve
District are Altoona, Chester, Lancaster, Lebanon, Norris­
town,
Philadelphia,
Reading,
Scranton,
Wilkes-Barre,
Williamsport, Y o r k a n d Wilmington.

A t a meeting of a committee representing tho State banks
a n d trust companies of Delaware, held at Wilmington o n
Aug. 23, plans were perfected for the presentation to the
State Legislature of a bill creating a State banking depart­
m e n t under the head of a banking commissioner.
C h a nges
aro also proposed in the banking laws, s o m o of tlieso changes
limiting tho oxercise of charter rights within tho State, a n d
requiring State m o m b e r banks in tho Resorvo system to
c o m p l y with all of tho Stato laws, except as to resorvos,
which shall bo regulated b y the Federal Reservo Act. U n - R E S E R V E B O A R D ' S R U L I N G O N T R A D E A C C E P T A N C E S .
dor tho present laws tho Stato Insurance D e p a r t m e n t has
According to the “ Official Bulletin” of A u g . 20, the F e d ­
control of the Stato banks, trust companies a n d loan associa­ eral Reserve B o a r d has ruled that it does not approve for
tions. It is expected that tho proposed legislation will bo general use a fo r m of trade acceptance which contains a
approved at the annual meeting of tho State B a n k e r s ’ A s ­ condition that a n y discount will be allowed if p a y m e n t is
sociation to be held at tho Hotel d u Pont, Wilmington, o n m a d o before maturity.
Sept. 5.
__________________________
N E W

F E D E R A L

R ESE RVE

F E D E R A L

E X A M IN E R S .

R E SE R V E

B O A R D 'S

IN D O R S E M E N T

Effective Aug.
1G, John A. Will, Auditor of the
Federal Reservo B a n k of St. Louis, a nd W . W . Paddock,
E x a m i n e r of tho Federal Reserve B a n k of Philadelphia,
wero appointed Federal Reservo Examiners.

O F

R U L IN G

R E G A R D IN G

A C C E P T A N C E S .

A m o n g informal rulings b y the Federal Reserve B o a r d
appearing in the Au g u s t “Bulletin” of the B o a r d w e quote
the following with reference to the indorsement of ac­
ceptances:
(To

a

Federal

R es er ve

Bank.)

I have your letter of July 3, in which you inquire whether a l acceptances
l
should be indorsed in order to insure that the instrument "bears evidence
T E N D E D TO R E P L A C E F IG U R E S O F B A N K C L E A R IN G S .
of title."
Acceptances must bear tho signature in blank or to order of the last party
In m a k i n g a n n o u n c e m e n t o n Aug. 24 of its inauguration
to w h o m tho acceptances has been indorsed, but i the acceptance i in­
f
s
of tho issuance of weekly tables intended to furnish a better dorsed in blank i can, of courso, change ownership from one holder to
t
idea of tho courso a n d v olumo of b a n k transactions than is another without being indorsed by each subsequent holder, and the t t e
il
l
affordod b y tho well-known m e t h o d of b a n k clearings or would pass a l tho samo.
As a mattor of better protection, purchasers of acceptances generally
b a n k exchanges, tho Federal Resorvo B o a r d said:
havo tho acceptance indorsed to their order, thus insuring themselves
Tho Federal Itesorvo Board has undertaken the preparation of periodical against their being collected or disposed of by others than the legitimate
statistics of tho volumo of the nation’ banking business. This service owner. In that case, of courso, tho holder has to indorse tho b l . Where
s
il
has been furnished heretofore by the Clearing House Section of tho American tho purchaser i not quite certain as to the genuine character of the signa­
s
Bankers Association, that organization publishing figures compiled from tures on tho b l , ho would, of courso, be well advised to insist upon indorse­
il
roports by some 31 clearing house associations. There are, however, ment by tho s l e .
elr
about 250 such associations in tho United States and efforts aro being mado
In England the habit i general to indorse acceptances freely, and, as
s
by tho Board to enlist co-operation by a l of them.
l
you know, I a m very much in favor of establishing a similar practice here.
Tho figures heretofore published by tho clearing houses themselves and As a matter of fact, in N o w York we havo progressed so far that out of
by somo of tho financial weeklies were simply those of checks cleared, and about .$120,000,000 of acceptances held by the N e w York Federal Reserve
these naturally can not give as complete a picture of the situation as figures Bank only about $3,000,000 were unindorsed according to i slast statement.
t
showing a l debits to deposit accounts. It i , of courso, impossible to esti­
l
s
I hope wo may soon reach tho point when Federal Reserve banks can
mate the number of business concerns in the country that uso the f c l t e make a definite rule not to buy bankers’ acceptances except such as bear
aiiis
of tho same bank and whose cheeks aro cleared on tho books of tho samo at least three responsible signatures, being those of tho acceptor, tho
bank. The custom prevails in many largo Industrial centers of drawing drawer and tho indorser.
on “cash” check for the entiro payroll of a plant. Such checks do not, of
J u l y 12 1918.
course, reach tho clearing house and, as a rule, tho employers receiving the
proceeds of those checks do not maintain checking accounts.
In inaugurating i s service the Board has, therefore, requested a l clearing “ W I T H O U T R E C O U R S E " I N D O R S E M E N T D O E S N O T
t
l
house managers to telegraph each week figures showing total amounts
A F F E C T
N O T E
O T H E R W IS E
E L IG IB L E
FOR
of dobits to doposit accounts, including a l checks paid during tho week by
l
R E D IS C O U N T .
momber banks of their respective clearing houses, and i i expected that
t s
tho uniform method adopted will reflect more accurately not only tho
M . C. Elliott, counsel for the Federal Reserve Board, has
volume of banking business dono, but tho relative importance of each
clearing house city. To-day’ statement, being the f r t i necessarily given it as his opinion that if a note is otherwise eligible for
s
is, s
Imcomploto, comprising returns made by about 100 clearing houses only, rediscount the fact that it bears a “ without recourse” in­
but as tho plan and i s purpose become better understood, i i believed dorsement of a n o n - m e m b e r b a n k will not affect its eligibility.
t
t s
tnat within a few weeks the Board’ tabulation will furnish a more re­
s
liable index of tho volume of banking business. Comparisons will bo made W e quote his opinion herewith:
J u l y 3 1918.
each week with tho preceding week, and at tho end of twelve months,
Sir : The accompanying letter from the Chairman of tho Board of a
—
with tho corresponding week of tho previous year. To-day’ figures
s
Federal Rascrvo Bank asks “Should the Federal Reserve Bank accept
include transactions from Thursday, Aug. 15 to AVednesday, Aug. 21,
t
without recourse’ in­
inclusive, compared with figures for tho week from Friday, Aug. 9, to for rediscount notes from i s members which bear ‘
Thursday, Aug. 15, inclusive. In tho future reports wi l cover tho week dorsement of non-member banks?”
l
In tho opinion of this office, i the notes aro otherwise eligible the fact
f
ending Wednesday, so as to avoid conflict with the reports obtained by tho
that thoy bear “without recourse” indorsement of a non-member bank
American Bankers Association.
would not affect their elig b l t .
iiiy
Besides giving tho figures for tho leading cities in tho dif­
Under tho Negotiable Instruments Law a qualified indorsement consti­
tutes tho indorser a mere assignor of the title to tho instrument. It may
ferent Foderal Itosorvo districts whore clearing houses are
bo mado by adding to tho indorsor’ signature the words “without recourse”
s
in operation, tho B o a r d submits tho following table s u m m a r i z ­
or any words of a similar import. Such an indorsement does notlimpair.
ing the rosults:
tho negotiable character of tho instrument.
F E D E R A L

R ESE RVE




B O A R D 'S

W E E K L Y

T A B L E

I N ­

Tho Federal Roservo Bank would accordingly acquire a good t t o to the
il
Instrument when rediscounted by a member bank whether or not i boro
t
tho Indorsement “without recourse” of a non-member bank.
I , therefore, the note would be eligible without tho indorsement of tho
f
non-member bank, i would bo eligible with an indorsement 1without
t
recourse.”
Respectfully,
•
M . C. ELLIOTT, C o u n s el .
To H on.

3G0

W . P . G . H a r d i n g , G o v er no r F e d e r a l R eser ve B o a rd .

D A Y S

B A S IS

D IS C O U N T

FOR

F IG U R IN G

T R A N S A C T IO N S
R E SE R V E

IN T E R E S T

B E T W E E N

FOR

F E D E R A L

B A N K S .

W o take f r o m tho A u g u s t “ Federal Reserve Bulletin” the
following informal ruling of the Federal Reserve B o a r d con­
cerning tho basis for figuring interest for discount trans­
actions:
(To F e d e r a l R eser ve B a n k s .)
It i desirablo to maintain uniformity in figuring interest in rediscount
s
transactions between Federal Reserve banks, and as i has proved most
t
convenient in tho purchase of acceptances to use interest tables based on
360 days to tho year, tho Board has docided that these tables should bo
used in a l rediscount transactions between 'Federal Roservo banks, and
l
has therefore revoked i s previous ruling that tho basis of 365 days to tho
t
year should bo applied, as announced in i scircular letter dated Jan. 31 1918.
t
J u l y 9 1918.

The privilege to draw such drafts will bo withdrawn from thoso banks
that do not comply with tho rulos and regulations in roforonco thereto.
It i very essential in order to havo “Federal Roservo oxchango” drafts
s
and “Federal Reservo transfer” drafts provo successful and tho work
involved through their use accomplished with tho least oxpotiso and friction
that the regulations bo rigidly adhered to and that thero bo no doviatlon
in forms used. To socuro absolute uniformity as to sizo, toxt, arrange­
ment of text and color of paper, and in order that wo may supply proper
code word, supplies of such forms must bo socured from us. Orders should
bo given for 500 of each form or multiples thereof. Owing to our being
in a position to place a large order for thoso forms we aro quoted at tho
present time tho following prices f.o.b. Minneapolis and will bo pleased to
furnish them to you at exact cost to ourselves. Orders placed by you
with us will bo shipped and billed you direct by tho lithographers:
Drafts, 500....-------------- ---------------- $1 50
Drafts in lots of 1,000............... ---......... 7 00 por thousand
Advico Form 1 500 ___________________________ 0 75
,
Advico Form 1 in lots of 1,000
,
....-........... 5 50 per thousand
Advico Form 2 (Dup.), 500 --------------------- 5 00
Advico Form 2 (Dup.), in lots of 1,000 ------------ 8 50 per thousand
(Prices subject to chango.)
Very truly yours,
T H E O D O R E AVOLD, G o v er n o r .
Dated August 23 1918.
Circular No. 104.
(Insert this circular in your copies of our revised circulars dated M a y I
1918, in lieu of circular on “Federal Rosorvo oxchango and transfor”drafts.)

REPO RT
IN C R E A S E

IN

E X C H A N G E

L I M I T
A N D

FOR

W H IC H

T R A N S F E R

F E D E R A L
D R A F T S

R ESERVE

M A Y

BE

D R A W N .

A
fr o m
and
boon

[Vol. 107.

THE CHRONICLE

846

circular calling attention to tho raising of the limit
$250 to $5,000 for whi c h Fedoral Roservo Exc h a n g e
transfer drafts m a y bo d r a w n beginning Sept. 3 has
issued as follows b y tho Federal Roservo B a n k of

Minneapolis:
Effective Sept. 3 1918, tho limit as to tho amount for which such drafts
may bo drawn i increased from $250, tho former limit, to $5,000.
s
Member banks may draw Federal Resorvo oxchango drafts upon their
Federal Reserve bank under restrictions and regulations as contained
herein, and the drafts thus drawn will be received at par, without time
deduction being made by other Federal Resorvo banks.
^Specimen forms of drafts and advices to bo used will gladly bo furnished
upon request. Tho use of tho plan i le t to tho option of membor banks
s f
and thero i nothing contatnod therein to prevent a moniber bank from
s
drawing ordinary drafts on i s Fedoral Reservo bank as at present.
t
Three forms of drafts m a y be drawn on your Federal Roservo bank,
namely:
No. 1. Ordinary drafts;
No. 2. “Federal Reserve exchange” drafts;
No. 3. “Fedoral Reservo transfer” drafts.
In making remittances within your own district (No. 9) whore Eastern
or'other oxchango i not demanded, No. 1 should bo usod, upon which no
s
advice to tho Federal Resorvo bank of drawing i necessary. Such d a t ,
s
rfaro not receivable for immediate availability at par at other Federal
Reserve banks.
In making remittances not in excess of $5,000, outsido your district, or
ln*any caso where Eastern or other exchange i demanded, No. 2 may bo
s
used, with advico to tho Federal Reserve Bank of Minneapolis as provided
heroin.
In transferring funds to other districts in amounts in oxcoss of $5,000,
No. 3 m a y be used, with advico of drawing to tho Federal Reservo Bank of
Minneapolis and witii duplicate advico to tho Federal Reservo bank at
which tho draft i payable.
s
" F e d e r a l R es er v e E x c h a n g e ” D r a f t s .

Your "Federal Roservo exchange” drafts must bo drawn upon tho Fed­
eral Reserve Bank of Minneapolis and will bo receivable for immediate
availability at par at any other Federal Roservo bank, but actually pay­
able only at tho Federal Resorvo Bank of Minneapolis.
Thoy shall, for tho present and until otherwise provided, bo drawn for
amounts not in excess of $5,000.
Member banks aro roquirod to forward to tho Fedoral Rosorvo Bank of
Minneapolis advice daily, as per form, specimens of which will bo provided
upon request, of tho numbers, amounts and totals of a l “Federal Reservo
l
oxchango” drafts issued on that day. Tho totals of those advices will bo
charged to tho accounts of member banks upon receipt, and provision mado
for payment of drafts advised, i funds havo been provided by tho drawing
f
bank.
" F e d e r a l R es er v e T r a n s f e r " D r a f t s .

Your Federal Resorvo transfer drafts must bo drawn upon tho Federal
Reservo Bank of Minneapolis and mado payable at ono other Fedoral Re­
serve bank designated in tho draft. Payment by tho other Federal Ro­
sorvo bank will bo mado only upon advico from tho Fedoral Rosorvo Bank
of Minneapolis.
Such drafts shall for tho present bo drawn only for amounts in excess
of $5,000.
Member banks aro roquired to givo advico daily, as por fornis, speci­
mens of which will bo provided upon request, i tho numbers, amounts
f
and totals of drafts Issued that day mado payablo at each of tho otl o
ir
Fodoral Resorvo banks. Thoso advices must bo over an authorized sig­
nature in ink, and duplicates must bo forwarded to tho Federal Rosorvo
bank at which drafts aro mado payablo; tho duplicate advicos must contain
tho signatures in ink of tho officors signing tho drafts. Upon rocoipt of
thoso advicos "by tho Fodoral Roservo Bank of Minneapolis tho totals will
bo chargod to tho accounts of momber banks and provision will be made
for payniont of tho drafts at the Federal Rosorvo bank designated, i funds
f
havo boon providod by tho drawing bank. Transfer drafts will not be paid
by other Fodoral Rosorvo banks unless thoy havo duplicate avdicos and our
confirmation thoroof, which confirmation cannot bo mado in time to servo
tho purposo unloss tho original advicos aro promptly rocoivod by us. Thoso
advicos should in a l cases bo mailod to us on day drafts aro issued.
l
Membor banks drawing Federal Rosorvo oxchango and transfer drafts
must at a l timos provido sufficient oxcoss balancos with thoir Federal
l
Resorvo bank, over and abovo thoir roquired roservo to covor a l such drafts
l
drawn. This, in order that tho charging to thoir account by tho Fedoral
Roservo bank of tho amounts of such drafts upon receipt of advico (which
• in a l casos must bo mailed tho day such drafts aro drawn),shall not impair
l
their required reserve balance.




OF

C O M M IT T E E

A S S O C IA T IO N

O N

OF

A M E R IC A N

C O L L E C T IO N

B A N K E R S

C H A R G E S.

A copy of a roport of tho C o m m i t t e o of Fivo of the A m e r i ­
can Bank e r s ’ Association o n exchanges a n d collection charges
has just been issuod to banks a n d trust companies of tho
United States. Those institutions aro asked b y tho c o m ­
mitteo to offer suggestions a n d nulicato their vioAVs as to
Avhethor efforts should bo m a d o at this tune to securo a m e n d ­
m e n t s to the Federal Resorvo A ct affecting collections. T h e
information o m b o d i e d in tho roplios is to bo tabulated a n d
used as a basis for tho committee’ final roport to bo m a d e
s
at tho annual convention of tho A m e r i c a n B a n k o r s ’ Associa­
tion at Chicago next m o n t h .
T h o folloAving aro the con­
clusions presented b y tho committeo in tho report just m a d e
public:
C onclusions.

It i evidont that tho Federal Roservo Board has doiermined not to
s
formulate any regulations providing for charges to bo allowed by tho
Federal Reserve Banks- to tho remitting banks on checks that aro handlod
under tho provisions of Sections 13 and 16 of tho Federal Roservo Act.
Tho Committeo of Five i of tho opinion that tho law, as i now stands,
s
t
dofinitoly givos every bank and trust company in America tho right to mako
a charge in any caso not to exceed 10 conts por lmndrod dollars or fraction
thereof based on the total of checks presont at any ono time, to cover servico
and exponse incurred in remitting for chocks presented through tho Federal
Reservo Banks as agontsr and further, prohibits t i making of any chargo
io
on checks handted by tho Federal Rosorvo Banks in the capacity of owners.
The committeo further beliovos that tho law iinposos upon tho Fedoral
Reserve Board the duty of regulating such charges and that tho Board l a no
is
legal authority to deny any bank tho right to mako a chargo for such scrvico
and exponso so long as tho chargo i within tho limit fixed by tho law. It
s
would soorn that i i now clearly up to tho individual bank to dotermlno
t s
as to whether i will mako a charge for the service and expense i incurs to
t
t
collecting and remitting for checks sent to i by tho Federal Roservo
t
Bank acting in tho capacity of Agont. I the Fodoral Reservo bank seeks
f
to dony such charges i may do so through proper logal step only. Tho
t
committeo behoves the courts w l sustain tno right of any bank to make a
il
charge. Copy of tho opinion of General Counsel Baton of tho American
Bankors Association sustaining tho views of tho Committeo of Fivo i given
s
herewith.
Even though Soctions 13 and 16 of tho Fedoral Reserve Act as ametulod
givo the banks tho right to compensation for servico and exponso involvod
in collecting and remitting for checks both sections are ambiguous and
confused and might to tho advantage of a l concrned, bo clarifiod. A p ­
l
pended i a suggostod amendment dosigned to clarify tho languago and
s
reraovo any possible doubt as to tho moaning of thoso soctions. Does
tho suggested amendment moot witii your approval?— And i i your
s t
desire that stops shall bo takon to havo I onacted into law— or should
t
logislativo attempts be doferrod as a matter of expediency until after tho
war?
W o also print lioroAVith tho a m o n d m o n t suggostod b y the
committeo:
Su ggested A m e n d m e n t .

Amend tho Federal Resorvo Act by Repealing tho Fourteenth and Fif­
teenth Paragraph, of Soction 16, and by Amonding and Ro-cnacting
tho First Paragraph of Soction 13 to Read as Follows:
Every Federal Roservo bank shall roceivo on deposit from membor banks
or from Federal Roservo banks or from tho United Statos, current funds
in lawful monoy and Fedoral Reserve noto., and for collection and crodlt
checks and drafts drawn upo i any of i s depositors, and when romlttcd
t
by a Federal Rosorvo bank for collection and crodit chocks and drafts
drawn by any doposltor in any other Fodoral Reserve bank or member
bank upon funds to tho crodit of said depositor in said Resorvo bank or
momber bank.
Every Fedoral Rosorvo bank may rocoivo:
( On deposit from member banks and from the United Statos, Fodoral
а)
Reserve bank notos and national bank notes and for collection and crodit
checks and drafts payablo upon presentation.
( ) Sololy for purposes of oxchango and collection from mombor banks,
б
other Fedoral Roservo banks and tho United States, chocks and drafts
payable upon presentation and maturing notos and b l s
il.
()
c
From any non-moniber bank or trust company deposits of current
funds in lawful monoy, national bank notes, Federal Rosorvo notos, Fodoral
Rosorvo bank notos and sololy for purposes of exchange and collection
chocks and drafts payablo upon prosontatlon and maturing notes and b l s
il,
providod such non-mombor bank or trust company malntans with tho
Federal Resorvo bank of i s district a balance sufficient to offset the itorns
t
in transit held for i s account by tho Fedoral Resorvo bank.
t

A ug . 31 1918.]

THE CHRONICLE

T he Federal Resorvo Hoard m ay b y rulo fix tho chargo which m ay be
imposed by each Federal Reserve bank upon its depositors for tho service
o f collection o f chocks, drafts and maturing notes and bills rendered by the
Federal Reserve bank, and shall determine and regulate reasonable charges
to bo made by member and non-mem ber depository banks for collection
or paym ent o f checks and drafts and remission therefor b y exchange or
otherwise, in no case to excoed 10 cents per $100 or fraction thereof, based
on tho total o f checks and drafts presented at any one time, no sucli charges
to bo m ade, however, against tho Federal Reserve banks upon checks and
drafts drawn to tho order o f tho Federal Roservo banks or owned by tho
United States Governm ent.
T ho Fedoral Reserve Board shall m ake and prom ulgate from tim o to
tim e regulations governing tho transfer o f funds and charges therefor
among Federal Reservo banks and their brandies, and m ay at its discre­
tion exercise tho functions o f a Clearing liou so for such Federal Resorvo
banks or m ay designate a Federal Roservo bank to cxorciso such functions.
T ho Fedoral Reserve Board m ay also roquiro eacli Foderal Reservo
bank to exercise tho functions o f a Clearing House for its member banks.

W A R N I N G B Y G. W . M c G A R R A I I , OF B A N K E R S
M O N E Y C O M M I T T E E , A G A I N S T SPECU­
L A T IV E C O M M IT M E N T S.

A warning to tho effect that “ any disposition to indulgo
in speculative commitments, based on borrowed money,
must of necessity load to an increaso in rates that will provo
corrective” was contained in a statement issued on Thursday
by Gates W . McGarrah, President of tho Mechanics
& Motals National Bank of this city and Acting Chairman
of the local M oney Committee. Tho following is the state­
ment:
T he efforts to stablizo m oney rates mado sinco tho First Liberty Loan
was offered havo met with a choorful and sincero co-operation on the part
o f borrowers and lenders. Tho Governm ent in prosecuting tho war requires
a constantly increasing amount o f m oney, and while overy effort will con ­
tinue to bo m ado to maintain rates at tho present lovol, it is thought wiso
in viow o f tlio present progress o f the Allied armies, to point out that any
disposition to indulgo in speculative com m ittm ents, based on borrow ed
raonoy, must o f necessity lead to an increaso In rates that will provo correc­
tive.

Tho issuance of tho statemont, which was not without
its effect on tho market, followod a mooting of tho Monoy
Committee at which it is reported discussion was had of tho
monoy markot in goneral. Whilo M r. McGarrah declined
to amplify his statemont various views as to the reasons which
prompted its issuanco havo been oxprossed. Tlio New York
“ Sun,” in stating that M r. McGarrah had refused to onlargo
upon his statemont, said:
It was learned in other quarters, however, that tho statement had tho
approval o f virtually all o f tlio officers o f tho largest banking institutions
in tho financial district and that it was decided upon only aftor maturo
consideration.
Ono banker said ho could not m ako any explanations for M r. M cGarrah
' put that presont transactions on tho Stock Exchange could not bo considered
excessively speculative. IIo added that tho statement was undoubtedly
issued as a warning becauso bankers desire to keep tho m onoy rato around
G% , but that this could not bo dono if s p e c u la to r kept increasing their
borrowings for speculative purposes and thus interfered with tho Liborty
Loan campaign.
A nother banker declared that tho statomont was tim ely bocauso tho
banking fraternity wanted to guard against speculation in stocks on margin
South and W est whon tho prosperity o f theso soctions o f tlio country begins
to sook investment in securities. Ho addod that it was tho desire o f the
bankers to havo tho surplus funds o f tho South and W est find a resting
placo in stocks, but that tho bankers wanted tho purchases to bo paid in
full.

N E W Y O R K F E D E R A L RESERVE B A N K ’ S SU G G E STIO N S
FOR C U R T A I L I N G C R E D I T R E Q U I R E M E N T S .

Following up tho request mado by the Federal Reservo
Board for co-operation on tho part of banking institutions
in an effort to conserve essential resources by the exercise
of discriminating judgment in granting credits, the Federal
Roservo Bank of New York has addressed a letter to tho
banking institutions in its district suggesting a careful
analysis of loans and lines of discount in order to decido
where credit conservation should first bo applied. As we
havo previously indicated tho directors of tho Federal Re­
sorvo Bank of Now York adopted on July 31 a minuto in
sympathy with tho views of tho Reservo Board, calling upon
the officers of tho Bank to express to tho banking institutions
of tho district tho importance and necessity of conserving
credit. In his communication this week (Aug. 23) to tho
banking institutions, Pierro Jay, Chairman of tho Board
of Directors of tho Now York Fedoral Reservo Board, says:
Dear Sir.— T ho Federal Resorvo Board wrote you on July 6 relative to
tho uocossity o f conserving credit in order to furnish tho Governm ent tho
increasing volum o o f crodit it requires to financo tho war, and tho directors
o f this bank have instructed its officers to discuss tho subject further with
every bank in tho district. Whilo no gonoral rules or program for tho con­
servation o f credit can bo laid down, tho duty o f oacli bank is to d o its
share in socuring tho desired results, acting reasonably and judiciously,
in such ways as its conditions mako practicable and as will sparo borrowors
unduo embarrassment. W o havo not doubt that, liko m ost bankers, you
havo already m ado somo progress toward conserving credit, and our direc­
tors wish to supplement tho Federal Resorvo B oard’s lottor b y asking you
now to tako up this necessary work system atically and conscientiously.
Saving o f crodit by banks, in order to help tlio situation as a wholo,
must bo tho result o f saving on tho part o f borrower. Shifting loans from
ono institution to anothor, or sales o f collateral which merely throw tho
burdon upon otlior shoulders, save no crodit. Credit conservation can




847

only bo accom plished by business or personal economies, and requires c o ­
operation between banks and their borrowers, and education o f borrowers
by their banks.
Producers, manufacturers and merchants m ay d o their part and reduce
their credit requirements—
B y not overbuying;
B y carrying as small stocks as practicable:
B y postponing new construction, or expansion o f their business;
B y effecting business economies.
Individuals m ay do their part b y studying their personal expenses and
effecting economies which will enable them gradually to pay o ff their loans.
M a y wo suggest that you make a careful analysis o f your loans and lines
o f discount in order to determine definitely what crodit now in use is not
directly connected with Governm ent financing, or tho production or dis­
tribution o f things necessary to maintain tho health and efficiency o f our
armed forces and our civilian population. W hile the m ajority o f bank
loans will prove to be for these purposes, m ost institutions also have a
considerable volum e o f loans to individuals made for other purposes, m any
o f them o f long standing. It is to loans o f this character as well as to the
less necessary commercial borrowings that credit conservation should first
bo applied.
•
N ow com m ercial lines or new loans to acquire or im prove property, or
for non-productive purposes, will rarely be justified unless they are to aid
directly in the prosecution o f tho war. A spirit o f saving in the use o f
credit jndll naturally lead the banks themselves to exercise restraint in
offering new or additional lines o f credit in com peting for business. A frank
discussion o f the principles and the necessity o f credit conservation with
a borrower will usually gain his co-operation, and where a borrower is
asked to reduce a loan having securities or com m odities as collateral
emphasis should bo laid on tho necessity o f gradual and steady reduction
by personal economies rather than b y selling tho collateral.
Several o f our member banks, wishing to discuss the m atter with their
borrowers, havo asked us to prepare a brief statement on the subject. W e
have prepared such a statement, which banks, if they so dosire, m ay either
use as a form letter or enclose with a letter o f their own. W e shall be glad
to furnish either statement in any quantity to any bank in tho district.
Copies are herewith enclosed.
W ill you be so good as to acknowledge this letter, advising us what you
aro doing or are willing to do in order tfc save credit and giving us your views
as to tho best m ethod o f accom plishing tho necessary results? W e suggest
that ono m ost effective step would be for all the banks in your city or county
to reach an agreement for com m on action... W henever this bank can
properly assist you m ay count upon our co-operation.
V ery truly yours,
P IE R R E J A Y , Chairman Board o f Directors.

The statement or form of letter enclosed with the above
carries in briefer form the message to depositors on the need
of reducing credit and loan requirements and the way to
effect such reduction.
C A P IT A L ISSUES C O M M IT T E E C A U T IO N S A G A IN S T
U N N E C E SSA R Y E X P E N D IT U R E S B Y PU BLIC
UTILITIES.

The postponement until the conclusion of the war of
extensions of street car lines, electric lighting systems,
water mains, street paving, or other public utility enterprises
not absolutely essential to tho war is imperative, according
to a letter sent to all State Public Utility Commissioners
by tho Capital Issues Committee at Washington on Aug.
24. In his letter Governor Hamlin, Chairman of the
Committee, says:
It is plain that wo must avoid every unnecessary use o f capital, involving
also tho use o f labor and materials, in order not to interfere with the finan­
cial and industrial requirements o f the Governm ent in this param ount
task o f making war.
Existing facilities must bo m ade to serve in place o f new ones, regardless
o f tem porary inconvenience and discom fort unless the public health or
param ount.local econom ic necessity is involved.
Those considerations apply with m arked force to the public utility
situation.
T ho extensions and betterm ents which public service corporations are
accum stoned to make in normal tim es, either on the initiative o f their own
enterprise or b y direction o f tho regulating com m issions under which they
operate, should be postponed till after tho war.

N E W M E M B E R S OF F O R E I G N S E C U R I T I E S C O M M I T ­
T E E OF I N V E S T M E N T B A N K E R S ’ A S S O C I A T I O N .

Several new members have been added to the newly
designated Foreign Securities Committee of the Investment
Bankers’ Association of America, to which reference was
made in these columns last week, page 745. Tho new
members are Charles H . Sabin, President of the Guaranty
Trust C o. of New Y ork, and Charles S. Sargent, Jr., of
tho firm of Kidder, Peabody & C o. Thomas W . Lam ont,
of J. P . M organ & C o ., is Chairman of the committeo.
F IN A N C IA L
A ID
BY GOVERNMENT
TO P L A N T S
C O N VER TIN G
FROM
LESS E S S E N T I A L
IND USTRIES.

Tho fact that Government financial aid was available
under certain conditions in the case of industries in the process
of conversion from less essential production to the manu­
facture of materials contributing to tho war is reported to
havo been explained by officials of tho W ar Finance Cor­
poration on Aug. 28. The press dispatches from Washington
on that day in making this known said:
This was prom pted b y reports that m any m anufacturing concerns are
threatened with bankruptcy or entire suspension during the war because
thoy havo insufficient funds to perm it cnanges in their plants or processes
necessary to transform them into essential industries.

THE CHRONICLE

848

T ho principal conditions for obtaining aid from tho Governm ent’s half­
billion dollar fund established to tido war industries over critical periods
aro that tho concern must bo engaged in industry or business essential
during tho war period and that its credit must bo o f a nature to provido
adequato collateral for the loan.
T ho first rulo has beon Interpreted rather broadly b y tho W ar Finance
Corporation directors to perm it inclusion o f industries whoso contribution
to tho war is indirect, such as street car com panies and other utilities, and
manufacturers whoso product in some w ay goes into tho output o f war
materials. Tho second rulo m ay prove the principal block to m any G o v­
ernment loans.
T w o courses are open to needy m anufacturers. T hey m ay negotiate
advances from banks, which in turn can get 75% o f tho advance as a loan
from tho W ar Finance C orporation, or they m ay go direct to tho corpo­
ration and stand a fair chance o f getting a loan providing they offer ade­
quato security.

Tho W ar Industries Board on Aug. 28 m announcing that
curtailments of less essential industries would become in­
creasingly stringent as tho war progresses, said:
Bernard M . Baruch, Chairman o f tho W ar Industries B oard, had sug­
gested to tho Federal Reserve Board it work out somo plan underpvhicn
financial aid m ight bo extended to industries that w ould bo hit b y tho war
in tho industrial curtailm ents that aro now under w ay and aro to*com e.
M r. Baruch warned that curtailments wovdd bo necessary in increasing
proportions as tho war needs grew. His purposo in appealing to tho Fed­
eral Reserve Board for developm ent o f tho plans to extend financial aid
to industries that m ust bo skeletonized to get maximum production from
industries necessary to winning tho war was to soften tho blow on tho in­
dustries affected injuriously and to prevent their wrecking.
M r. Baruch said that tho now preference list which tho W ar Industries
B oard is preparing will carry in sixty-four groups tho prim e essential in­
dustries rated according to war needs. lie said this grouping o f preferred
industries would be followed b y tho district boards in chargo o f selective
draft in rulings on exemptions on account o f need in industry. W ith these
boards will sit members o f tho com m itteo on relationship o f industrial
and m ilitary man pow er, an organization form ed by tho W ar Department
and tho W ar Labor Policies Board.
The W ar Industries B oard Chairman said that lie was discussing with
the siioo manufacturers tho question o f prico fixing and o f standardizing
their output to conservo material and labor. lie said that the makers
realize the conditions that must bo m et and are co-operating with tho
Board to m eet them . Tne manufacturers havo agreed to cu t out as many
lines o f styles o f shoos as possible, and get down to a limited number o f
fashions. Tho m atter o f prico fixing is still open. It was explained that
tho effort to stabilize tho price o f shoes is not made with tho idea that tho
shoemakers aro profiteering, but the shoo industry is tho first to bo taken
up in this w ay. Other industries m ay bo similarly treated later.

F I F T H O F F E R I N G OF T R E A S U R Y C E R T I F I C A T E S I N
A N T I C I P A T I O N OF L I B E R T Y L O A N .

Secretray of the Treasury McAcloo offered on August 27
another block (the fifth) of Treasury Certificates of Indebt­
edness in anticipation of the Fourth Liberty Loan. A min­
imum amount of 8500,000,000 is offered. Tho certificates
in this week’s offering carry 4 ^ 2 % interest; thoy will bear
date Sept. 3 , 1918, and aro payable Jan. 2, 1919. Sub­
scriptions will be received by tho Federal Reserve Banks up
to Sept. 10. Tho certificates will be issued in denominations
8500, 81,000 , 85,000 , 810,000 and 8100,000.

MOVE

T O W A R D A D O P T I O N OF P L A N TO
LIB ER TY LOAN M A R K E T .

SU P PO R T

Tho task of working out plans for supporting the market
for Liberty Loan bonds has been delegated to a committee
of local investment bankers consisting of Georgo W . Hodges
of Remick, Hodges & C o., Chairman; Charles E .M itch ell,
President of the National City Company; Harold Stanley,
Vice-President of the Guaranty Trust C o., and J. W . Horner
of William A . Read & Co. While tho committeo has not
yot committed itself to any plan, tho advisability of tho
adoption of the Canadian plan which operates in supporting
tho Victory Loans, is said to bo under consideration. In
commenting upon tho latter, and tho viow held with regard
to its adoption in the United States, tho New York “ Times”
of yesterday said:
In Canada tho V ictory bonds aro not traded in on tho stock exchanges.
T ho M inister o f Finance has appointed three com m ittees, w ith head­
quarters in Ottawa, M ontreal, and W innipeg, and all transactions in V ic­
tory bonds aro m ado through them. Theso com m ittees fix a price at which
tho bonds will bo sold and bought, and quotations aro published daily.
There is a difference o f 1% between tho buying and selling prices, and tho
dealer who brings in tho buying order makes tho 1% com m ission. Under
this arrangement there is an incentive on the part o f investment houses to
solicit orders for the purchase o f tho bonds, and this helps to create a demand
for tiio securities. Tho broker wiio brings in a selling order receives no
com m ission whatever.
Some local bankers aro strongly in favor o f the Canadian plan and believe
that it would work successfully in this country. Others, on tho other hand,
favor other lines o f procedure, among them tho organization o f a largo
corporation tho capital stock o f which should bo distributed am ong tho
investm ent dealers throughout tho country. It lias beon suggested that
sucli a corporation should deal exclusively in Liberty bonds and dovoto
itself to maintaining tho prico o f theso securities. Another suggestion
offered is that instead o f having ono central com m itteo in N ow Y ork
C ity there should bo form ed twelvo com m ittees, ono for each o f tho twelvo
Federal Reserve districts, and that their operations bo along tho lines o f
tho three Canadian com m ittees.
In addition to supporting tho market for Liberty bonds, it is tho intention
o f M r. H odges’s com m itteo to work out a plan b y which owners o f $50 and
$100 bonds would havo adequato facilities for selling their bonds, in case o f
need, through an agency that would not exact unreasonably high com ­




[Vol. 107.

missions. It lias long been felt by bankers that there was need for somo
largo organization for this purposo in viow o f tho fact that m any persons
o f no experience in bond transactions havo boon forced to pay high com ­
missions for tile sale o f bonds.
Thero is no uniform com m ission rate. Somo houses chargo 20 conts per
$1,000, other 30 conts, and somo institutions m ako no charge. A t theso
rates thero is practically no profit to dealers, and many say that Liberty
Loan dealings are m ado at a loss.
It is the ob ject o f M r. H odges’s com m ittee to croato a market for Liberty
bonds between loan offerings. Experience has shown that after tho flota ­
tion o f each loan at par prices im m ediately decline. If tho Canadian plan
were adopted, it is said, chore would lie an inducement to dealers to obtain
purchasers o f bonds during these periods and tho demand thus stimulated
would have tho effect o f supporting tho m arket.
Before any definite plan o f action is adopted tho com m ittee expects to
consult with Secretary M cA d o o o f tho Treasury Departm ent and obtain
his approval. T ho com m itteo expects to hold soveral meetings and con ­
sider whatover suggestions aro subm itted.

S I Z E OF L I B E R T Y L O A N A N D E X P E C T A T I O N S T H A T
S U B S C R I P T I O N S W I L L B R E A K RE CORDS.

While no official statement has yet been made concern­
ing tho exact amount of tho forthcoming Liberty Loan, an
indication that it will be for 86 ,000 ,00 0,00 0, as has been
generally oxpected, was furnished in a large thermometer
erected in Washington on A u g. 29 to record tho progress
of tho campaign on which that figure appeared. It is
stated that official announcement as to tho sizo of tho loan
will be withheld until tho pending war revenue bill is dis­
posed of. Despito tho fact that the Liberty Loan cam­
paign does not open until S opt.28 soveral hundred thousand
dollars in subscriptions havo already been pledged to tho
loan by foreign-language organizations in different parts
of the country, according to reports to Hans Rieg, director
of loan organizations among the foreign-born citizens. The
Catholic Slovak Ladies Union at a meeting in Washington
on A u g. 23 subscribed 8100,000. Tho Slovenian Catholic
Union has pledged 8100,000 of organization funds for fourth
Liberty bonds. Croatians of New York C ity, Calumet,
M ic h ., and Detroit, and the Jugoslav National Council
report organization of special soliciting committees for the
fourth loan.
•
It is stated that tho Treasury Department, so confident
that tho Fourth Liberty Loan will break all records for
the number of subscribers, has ordered tho Bureau of En­
graving to preparo about 35 ,0 0 0 ,0 0 0 separate bonds, or
8 ,5 0 0 ,0 0 0 more than for tho Third Loan, when about 2 6 ,­
50 0,00 0 bonds were sold. One-third of the Fourth Loan
bonds, it was reported on A u g. 25, have already been en­
graved and are being turned out at tho rato of 500,000 a
day.
____________________________
NEW

Y O R K F E D E R A L R E S E R V E B A N K URGES
CONVERSION A N D R E G IS TR A T IO N
OF L I B E R T Y B O N D S .

A letter with regard to tho desirability of the conversion
and registration of Liberty Bonds has been issued as fol­
lows by the Federal Roservo Bank of Now York:
F E D E R A L R E S E R V E B A N K OF N E W Y O R K .
. A ug. 26 1918.
Conversion of Liberty Loan Bonds.
Dear Sirs.— T he conversion o f tho bonds o f the First and Second Liberty
Loan into bonds bearing 4 14% interest, has now been in progress over a
m onth, but so far only a small proportion o f tho holders o f small bonds aro
availing themselves o f this privilege. 'This m ay bo duo to several causes,
and it is quite likely that m any o f the holders of small bonds will not
convert them.
It is therefore important that as much publicity as possible bo given
without delay to tho conversion privilege, to tho end that all persons who
might wish to avail themselves o f tho opportunity may d o so, and wo aro,
therefore, sending you under separate cover soveral posters, which wo would
ask you to kindly placo in a conspicuous position In your banking room
or bank windows, and possibly In your local post offico or somo other
convenient placo.
A very largo number o f Liberty Loan coupon bonds havo boon reportcil
as either lost or stolen. C oupon bonds aro bearer obligations and pass
from hand to hand practically tho same as curroncy, and are seldom
recovered after loss. For this reason, permit us to emphasize the desirabil­
ity o f securing registered bonds.
Tho Treasury Department is now in a position to mako reasonably prom pt
deliveries o f registered bonds. W o, therefore, argo your active co-operation
so that as m any o f tho holders o f Liberty Loan bonds as possible m ay obtain
them in registered form , and in that way secure absolute protection against
loss.

In one of tho postors r o f o iT o d to in tho abovo tho Bank
says:
3 34% bonds o f the First Liberty Loan.
4 % bonds o f tho First Liberty Loan converted.
4 % bonds o f tho Socond L iberty Loan,
m ay now bo converted into 4 14% bonds o f tho respoctlvo loans.
This conversion privilege must be exercised, if at all, on or boforo N ov.
9 1918, when it expires.
Tho 4 % bonds cannot bo converted after that (lato, ovon though bonds
o f a higher rato o f interest bo thereafter issued.

The Bond Division of tho Bank roports that up to tho
close of businoss on A u g. 24 thoro had boon convorted
$ 2 4,88 6,2 50 of tho First Liberty Loan bonds and $ 4 0 0 ,2 2 9 ,­
750 of tho Socond Loan bonds.

A ug . 31 1918.]

THE CHRONICLE

R A I L R O A D E M P L O Y E E S A P P E A L E D TO TO I N V E S T
B A C K P A Y I N L IB E R T Y BONDS.

A n appeal to railroad employees to invest every avail­
able dollar in the Fourth Liberty Loan was mado by
Director-General M cA d oo this week; M r . M cA doo directed
liis appeal especially to the use in this way of the back
pay awarded to the trainmen, stating that “ no employee
can make hotter use of his back pay than to lend it to the
Government at interest, thus securing an investment of
absolute safety for himself and building up a reserve for a
rainy d a y .” W o quote as follows from his circular:
E very loyal American must invest In the securities o f his Governm ent to
tho limit o f his ability if America is to trium ph in this war. E ach o f these
loans must bo subscribed in full. N o patriotic Am erican will have per­
form ed his duty b y subscribing to one loan only or b y buying a few W ar
Savings stamps. Each and every one should practice every possiblo
econom y, save overy possiblo dollar and buy as m any Liberty bonds as he
can afford every tim e a Liberty Loan is offered to tho country.
In tho Fourth Liberty Loan cam paign which is just ahoad o f us, I am
going to mako a special appeal to every railroad om ployeo to go tho limit
in lending ids available means to U ndo Sam. N ow is tho time to preparo
for that campaign b y saving every possiblo dollar so that each m ay bo ready
to d o his part before the subscription closes.
Hundreds o f thousands o f employees in tho railroad service o f tho United
States have received or will receive checks for back pay in accordance with
the provisions o f tho wage order. N o em ployoo can make better uso
o f his back pay than to lend it to tho Governm ent at interest, thus securing
an investment o f absolute safety for himself and building up a roserve for a
rainy day.
I want tho railroad men and wom en o f the United States to do m oro, i f
possiblo than anybody else because I want them to bo among tho first
always in patriotism , in servico and in sacrifice to our great and glorious
country. W e liavo tho Kaiser groggy. Let us keep hitting hard now until
his is counted o u t . ___

C A N A D A ’ S “ VICTORY L O A N ” BONDS A D V A N C E
P A R — T H E D O M I N I O N ’ S M E T H O D OF
S T A B I L I Z I N G PRICES.

TO

M uck lias beon said of lato of Canada’s method of sta­
bilizing the price of its war bonds and additional interest
attaches to the matter in view of tho announcement
on A u g. 12 by the Victory Loan Special Committee at
Toronto that the price at which Victory Loan bonds were
to bo sold by dealers to the public would be advanced from
993^ to 100. W o have accordingly been in communication
with tho Dominion officials for the purpose of ascertaining
tho nature of the legislative authority under which tho
regulating operations are being carried on. It appears
that thore is no specific law covering the arrangement for
stabilizing the market, but that tho transactions arc gov­
erned by an agreement with dealers. Replying to our in­
quiry R . A . D aly, Secretary to tho Victory Loan Special
Committee, writes us as follows:

84:9

this work. As already suggested tho fixed selling price to the public was
9 8 ^ and accrued interest. T he C om m ittee’s buying price was accord­
ingly fixed at 9 7 Vs and accrued interest. This left a spread between the
buying and selling p rice o f the C om m ittee o f 1 % , and this 1% was al­
lowed as a com m ission to dealers on any sales o f bonds which they might
make for the C om m ittee. In this way the com m ission m ay be considered
as having been paid b y the seller.
Further im portant clauses to tho agreem ent are those which deal with
tho restriction o f sales o f bonds b y dealers to the C om m ittee. Clause 3
reading:
“ It being in the national interest to m inimize tho liquidation o f V ictory
bonds for tho duration o f the war, tho dealer hereby agrees with the C om ­
m ittee not to take V ictory bonds in exchange for other securities, and it is
understood that it is the spirit o f this agreement that no dealer shall en­
courage sales o f V ictory bonds b y investors.”
and Clause 4:
“ N o dealer shall be entitled to a com m ission on sales o f bonds from a
custom er to the C om m ittee.”
Those who at first were inclined to predict a failure for the work o f the
C om m ittee were influenced largely b y the fa ct that price fixing in itself was
unsound. T hey overlooked, how ever, tho fa ct that anything that was
artificial about fixing the price was counterbalanced b y providing a p rofit
to dealers which gave them sufficient incentive to take care o f the bonds
which have com e on the m arket. Since tho C om m ittee com m enced oper­
ations wo have purchased about 850,000,000 o f bonds and have sold abou t
849,000,000 o f bonds, with the result that the m arket is in a thoroughly
clean con dition. W e have relieved certain large buyers who had bought
th o bonds sim ply from p atriotic m otives, and through the dealers we have
redistributed them for permanent investm ent. T ho whole o f tho V ictory
Loan outstanding, including conversions o f previous issues, amounts to
about $500,000,000, so that the C om m ittee have actually purchased and
resold one-tenth o f the whole issue. This would be equivalent to purchases
o f about S400.000.000 on your third Liberty Loan.
Judging from our experience, there seems to be no reason why the m eth­
od s adopted fro Canada’s V ictory Loan should not work satisfactorily in
the United States. It would be necessary, how ever, to allow a com ­
m ission to American dealers on results o f Liberty bonds to investors in
order to insuro tho success o f the plan there.
One o f tho greatest factors in the success o f the C om m ittee has been the
spirit o f confidence which its existence inspires.
Yours very truly,
Secretary,

The text of both the original and supplementary agree­
ments entered into between the Victory Loan Special Com ­
mittee, appointed and constituted by Canada’s Victory
Loan Dominion Executive, follows:

This Agreem ent, m ade in duplicate t h o ----------------- day o f January,
1918, botw'een: T he V ictory Loan Special Com m ittee at present com posed
o f G . II. W ood , Edwin Hanson, 1’ . M cD ougall, It. A . S tephon so), A . M .
N anton, II. R . T udhopo, J. W . M itchell, W . A . M ackenzie, or their
successors in office, a com m ittee specially constituted in connection with
Canada’s V ictory Loan, 1917 (hereinafter called “ T ho C om m ittee” ), o f the
first part, and ................................... ...... .......... ............... (hereinafter called
“ T he Dealer” ) , o f the second part.
Whereas, T he Com m ittee has beon specially appointed and constituted
b y Canada’s V ictory Loan Dom inion Executive for the purpose o f organiz­
ing and stabilizing the market for Canada’s V ictory Bonds, 1917. and for
such purpose proposes to enter into agreements o f the like tenor and effect
as this agreement, with such persons, firms and corporations as trade in
Governm ent bonds or are otherwise satisfactory to tho Com m ittee.
Now Therefore this Agreement witnesseth and it is m utually agreed b y
V IC T O R Y LO A N S P E C IA L C O M M IT T E E .
and between tho parties hereto as follows:
1. The Dealer will deal exclusively through tho Com m ittee in connection
Toronto, A u g. 27 19*18.
with C anada’s V ictory bonds o f 1917, all maturities.
William 11. Dana Company, New York, N . Y .:
All proposed purchases o f V ictory bonds by dealers from customers shall
Dear Sirs— Y our letter o f tho 19th inst., addressed to tho M inister o f
bo submitted to the Com m ittee, and no purchases shall be m ade except
Flnanco, has been referred to mo for reply.
A s already advised you by tho Secretary to tho M inister, there is no legis­ for tho Com m ittee. T ho Dealer will not purchase V ictory bonds for his
firm ’s account, either from the Com m ittee or from any other source, but
lation covering tho arrangement mado for stablizing tho m arket for V ictory
Loan securities. The transactions in V ictory bonds aro governed b y an the Dealer m ay purchase from tho Com m ittee for his own personal invest­
agreement drawn up between tho V ictory Loan Special C om m ittee and m ent, in which case he will pay the investor’s price, he or his firm receiving
no commission.
practically every dealer o f any standing in tho D om inion.
All proposed sales o f V ictory bonds b y Dealers to customers shall be at
T ho V ictory Loan Special C om m ittoo was appointed b y tho D om inion
E xecutive o f tho V ictory Loan, with tho approval o f tho M inister o f F i­ tho price fixed b y tho Com m ittee, and com pleted from bonds purchased
nance, and suficient funds were provided b y tho Governm ent to enable from the Com m ittee.
T he Dealer hereby undertakes to report in writing to the Comm ittee
tho C om m ittee to purchase wnatever bonds woro offered to it.
A s you r subscriber states, tho V ictory bonds liavo not y et been listed concurrently w ith the execution o f this agreement the total amount o f
V ictory bonds owned b y him at the tim e o f execution o f this agreement,
on tho exchanges as the Com m ittee found it advisable not to do so. All
tho details in connection with tho m ethods followed b y tho C onim itteo aro with the respective scrip numbers. In all cases where the Dealer offers
glvon in tho agreement, cop y o f which is enclosed. This agrcoincnt his own bonds to the C om m ittee ho hereby agrees to stato such ownership.
2. The C om m ittee will from tim e to tim e fix tho price at which bonds
expired on July :il last and wo aro therefore enclosing cop y o f tho sup­
shall bo sold b y the Dealer to customers, and will imm ediately advise tho
plementary agreement which was executed shortly before that date.
W o enclose herewith cop y o f a letter sent on tho 19th inst. to tho Fi­ Dealer b y letter or telegram o f any change in such fixed price. The price
nancial Advertising M anager o f tho N ow Y ork “ Sun.” The substance fixed at tho date o f tills agreement is sot out in Schedule “ A ” hereto, which
is hereby declared to be and form part o f tills agreement.
o f this letter appeared in their issue o f A ug. 22.
■
3. It being in tho national interest to minimize tho liquidation o f V ictory
Yours very truly,
bonds for tho duration o f the war, tho Dealer hereby agrees with the C om ­
.
R . A . D A L Y , Secretary.
m ittee not to take V ictory bonds in exchange for other securities, and it is
Tho letter referred to above by M r . D aly as having been understood that it is the spirit o f this agreement that no Dealer shall
addressed to tho New York “ Sun” reads:
encourage sales o f V ictory bonds b y investors.
4. N o Dealer shall bo entitled to a com m ission on sales o f bonds from a
A u g. 19 1918.
Dear Sir: I beg to acknowledge receipt o f your letter o f tho 13th inst. customer to tho Com m ittee.
5. T ho Dealer will be entitled to the following remuneration:
addressed to Sir Thom as W hite.
(а) On bonds purchased from the Com m ittee at the price fixed b y the
T ho plan for maintaining tho m arket for Canada’s V ictory Loan is
Com m ittee from tim e to time a commission o f H o f 1 % o f the par value
covered in detail in the form o f agreement, cop y o f which is enclosed.
Since tho Com m ittee com m enced operations on the 22d o f January last o f such bonds.
(б) T o receive from tho Com m ittee as additional remuneration for his
it has stood ready to purchase any amounts o f V ictory Loan that were
efforts in undertaking an active selling cam paign in V ictory bonds an
offered to it, reserving to itself, however, the right to scale tho price down
amount equal to Y o f 1 % o f tho par value o f all bonds sold b y him for the
a little for very large blocks. A t times when there ivas a substantial sur­
plus o f bonds wo exercised this right, but at other times when wo had a Com m ittee provided the sale is com pleted.
Tho additional remuneration allowed to a Dealer b y the Com m ittee
very fow bonds on hand we paid tho same price for largo blocks as wo did
shall bo retained b y the C om m ittee and hold at tho credit o f the Dealer
for small.
for a period o f at least one m onth. All commissions to which the Dealer
T ho successful operation o f tho Com m ittee has rested on tw o main
is properly entitled shall be paid to him as soon as possiblo after the last
principles:
d ay o f tho m onth succeeding that in which such commission is earned.
First. T ho naming o f a fixed price at which tho bonds aro sold b y
6. Tho Dealer will not pay, allow or givo, or offer to pay, allow or give,
dealers to tho public. W hen tho C onim itteo began operations (on Jan.
22 last) tho fixed price was 9 8 Vs and accrued interest. On Juno 7 last it to investors, either directly or indirectly, any rebate or share or allowance
was advanced to 9 9 ^ and accrued interest, and on A ug. 12 last it was o f any remuneration or com m ission to which tho Dealer shall or m ay beadvanced to par and accrued interest. B oth advances rose ou t o f tho de­ com o entitled hereunder. T he Dealer, hov.rovcr, m ay em ploy a bona fide
sub-agent and pay or allow such sub-agent a com m ission o f not m ore than
m and that existed for tho bonds.
Yi of 1% on all sales to investors, provided that every sub-agent shall enter
Second. T ho paym ent o f a com m ission to dealers on sales o f bonds
to investors sufficient to enable them to throw their organizations into into an agreement with the Dealer:




850

THE CHRONICLE

(«) T o give no rebate or allowance out o f such com m ission.
(6) T o maintain the prico as fixed from tim e to timo b y the C om m ittee.
A sub-agent is hereby defined as an intermediary who acts for a Dealer
in tho sale o f bonds to an investor and w ho has no proprietary interest in
the investment when m ade, either personally or as a momber o f a pur­
chasing firm or trust, or as an officer or director o f a purchasing corporation.
7. Dealings in said bonds shall bo in accordance with tho rules and regu­
lations set out in Schedule “ B ” hereto which is hereby declared to be and
form part o f this agreement. I t is understood that such rules and regu­
lations m ay from tim o to tim e be changed or added to b y the Com m ittee.
8. In tho event o f the breach b y the Dealer o f any o f tho provisions
herein contained, the Dealer will pay the Com m ittee, or tho Comm ittee
at its option shall be entitled to retain from any funds under its control
to tho credit o f tho Dealer as liquidated damages for such breach the fo l­
lowing sums:
(a) In respect to tho first breach, the total am ount o f the commission
and remuneration to which the Dealer m ight otherwise bo entitled In respect
o f tho offending transaction or the sum o f $25, whichever is tho larger.
(b) In respect o f a second breach, a sum equivalent to three times the
total amount o f the commission and remuneration to whicii tho Dealer
m ight othenvise be entitled in respect o f the offending transaction, or $100,
whichever is the larger.
Provided that in addition to the foregoing the Com m ittee m ay cancel
this agreement on tho Dealer com m itting any broach hereof b y giving him
twenty-four horn’s ’ notice.
9. A ny notice which the C om m ittee desires or is required hereunder to
givo to the Dealer m ay be given b y mailing same in a prepaid registered
letter addressed to the Dealer at the address undernotod and shall be con ­
clusively presumed to have reached the Dealer at the tim e such letter would
have been delivered in the usual course o f the post. Provided that any
notice in regard to chango in fixed prico m ay bo given b y telegram and shall
becom e effective from the date o f delivery o f telegram to Dealer’s under­
noted address.
10. This agreement shall govern all dealings b y tho Dealer in bonds o f
tho Dom inion o f Canada known as V ictory Loan B onds, 1917, dated tho
first d ay o f D ecem ber 1917, and it is understood that b y the word “ bonds”
throughout tills agreement V ictory B onds, 1917, are referred to.
11. This agreement shall remain in force, except as hereinafter provided,
until July 31 next.
12. In case o f disputes between the parties to this agreement the decision
o f tho C om m itteo shall be final and binding.
13. T ho C om m itteo reserves to itself the right to cancel this agreement
at any time prior to tho expiration thereof on giving to tho Dealer tw entyfour (24) hours’ notice o f such its intention.
In witness w hereof the said parties hereto have hereunto set their hands
and seals.
Signed, sealed and de-1 V IC T O R Y L O A N S P E C IA L C O M M IT T E E ,
livered in the p res-1B y
ence of:
>............ ................... .................................. .......... [Seal]
........................... ............. ............................................................- ...............[Seal]
...................................... - ID E A L E R ,
[Seal]
"Witness for Dealer
|Address for
^ N otices
A m ount o f V ictory Bonds owned b y dealer at time o f executing this agree­
m ent is as follow s: (I f none are held, please so slate.)
Scrip Numbers.
$ .......................................... D ue 1922
$ ......................................... " 1927
$ ............................. - .......... “ 1937
Certified Correct,_____
Dealer.
SCHEDULE " A ”
Referred to in the annexed Agreem ent.
Fixed Price, Which M a y lie Changed From Time to Time by the Committee.
1. The fixed prico for sales o f fully-paid bonds to clients shall bo ninetyeight and seven-eighths (9 8 % ) and accrued interest net.
2. Tho fixed prico for sales o f partly paid bonds to clients shall be tho
amount paid up on same, plus accrued intorost on such paym ent and onequarter o f one per cent ( % % ) on tho par value o f the bonds.
SC H E D U L E " B . "
Rules and Regulations, W hich M a y B e Changed or A dded to From Tim o
to Tim e b y tho Comm ittee.
Districts and Offices.
F or the purposo o f this agreement, Canada shall be divided into three
Districts, nam ely, Eastern District— consisting o f tho Provinces o f Quebec
and the M aritim o Provinces; Central District— consisting o f tho Province
o f Ontario; W estern D istrict— consisting o f tho Provinces o f M anitoba,
Saskatchewan, Alberta and British Columbia.
T h o C om m itteo shall havo an offico in each D istrict. T ho office o f tbe
Eastern District shall be at M ontrael, Central at T oron to and the Western
at W innipog. The Com m ittoe m ay ro-arrango the Districts and add addi­
tional offices from tim e to tim e as they shall determine.
Office hours shall be from 10 a. m . to 4 p. m . on ordinary business days
and from 10 a. m . to 12 noon on Saturdays..
Secretaries.
A General Secretary shall be appointed for the Com m itteo and Local
Secretaries for the T oron to, M ontreal and W innipeg offices, the General
Secretary to act as the Local Secretary at Toron to.
Dealers.
Dealers in the Eastern D istrict shall deal exclusively with tho M ontreal
office; dealers in thefCentral D istrict exclusively with the T oron to offico;
dealers in tho W estern District 7xclusively with tho W innipeg offico.
Branch offices o f dealers shall, for tho purpose o f this agreement, be con ­
sidered as dealers thomselves and shall deal oxclusivoly with tho C om ­
m itteo in tho district in which such branch office is located.
Delivery.
Prices quoted b y the Com m ittee from tim e to tim e either for buying
or selling shall bo for delivery and paym ent at the Bank o f M ontreal, at
the point whore the Com m itteo is located.
Unless otherwise stated all transactions shall bo for fully-paid bearer
bonds.
D elivery charges on incom ing bonds shall bo borne b y the custom er and
on outgoing bonds b y the doaler.
T ho dealer or Investor shall bo responsible for making good delivery o f
bonds purchased through or from him b y tho Com m ittoe.




[Vol . 107

A n y holder o f scrip certificates desiring delivery o f the definitive bonds a
som e point other than whore the last installment has been paid must so
n otify the Finance Departm ent.
C le a r in g s .

All buying and selling orders must bo in writing and should be lodged b y
the dealer with the Secretary before 11 a. m . in order to be dealt with b y tho
Com m ittee.
All buying and selling orders will bo recorded b y the Secretary in order o f
receipt.
•
Deliveries o f all orders dealt with shall, unless othenvise arranged, bo
m ade or accepted tho following banking day, after which interest ceasos.
N o deliveries will bo m ado or accoptod on Saturday.
In case o f a salo b y tho Com m itteo a form letter shall bo sent to the Bank
o f M ontreal at tho point where such Com m itteo is located, requost.ng them
to deliver to the dealer a specified amount o f bonds, as described in the let­
ter, and on paym ent according to the statement therewith.
In case o f a purchase by tho Com m itteo a form lottor shall be sent to tho
Bank o f M ontreal at tho point where such Com m ittee is located, request­
ing them to receive from tho doaler a speified amount o f bonds, as doscribod
in the lotter, and to m ako paym ont according to tho statement therewith.
These form letters shall bo m ado out in triplicate. One co p y shall bo for
the Bank, one for tho dealer and one for tho Com m ittee.
W hen bonds are delivered to a dealer b y tho bank, the bank shall enter
the numbers o f the bonds so delivered an a receipt form in duplicate, one
to bo lcopt b y the bank and one b y the Secretary.
W hen bonds are delivered b y a dealer to tho bank, the dealer shall enter
the numbers o f tho bonds so delivered on a receipt form in triplicate, ono
to bo kept b y the dealor, one b y the bank, and one handed b y tho bank to
the Secretary after being certified b y the bank.
S ig n in g O ffic e r s .

All requests to tho bank to roceivo or to dolivor bonds shall be signed b y
tho Secretary and one member o f the com m ittoe, or in tho absence o f tho
Secrotary by tw o members o f the Com m ittee.
C o n fid e n tia l N a t u r e o f D e a li n g s .

All dealings o f or with the C om m itteo shall bo treated as strictly con fi­
dential.
S u p p le m e n ta r y A g r e e m e n t ( E x p ir e s D e c . 31 1919).
T h is A g r e e m e n t m ade the Tenth day o f July, One thousand nine hundred
and eighteen.
Between: The V ictory Loan Special C om m ittee at present com posed o f
G.
II. W ood , Edwin Hanson, 1\ M cD ou g all, R . A . Stephenson, A . M .
N anton, II. R . Tudhopo, J. W . M itchell, W . A . M ackenzie, or their suc­
cessors in office, a C om m itteo specially constituted in connection with
Canada’s V ictory Loan, 1917 (hereinafter called "th e C om m ittee” ;,
o f the first part, and-------------------- ------------------ (nereinafter called “ tho
dealer” ) , o f tho second part.
Whereas an agreement was entered into between the C om m ittee and the
1918, governing dealings in
dealer on the......... -d a y o f................... ..
Canada’s V ictory bonds o f 1917, all m aturities, and it is desirable to amend
and supplement tho said agreement.
N ow therefore this agreement witnesseth and It is m utually agreed by
and between the parties heroto as follows:
1. Tiie said agreement shall romain in forco until the 31st day o f D e­
cem ber 1919, unless previously terminated pursuant to tho provisions
therein contained.
2. T a e said agreement shall apply to overy and all V ictory Loans and
V ictory bonds o f all maturities m ado and Lsued by tho D om inion or C an­
ada, during the continuance o f the said agreement as herein extended,
provided that notning herein or in tho said agreement contained shall pre­
vent tho dealer from subscribing for Victory bonds o f any futuro V lctory
loan at tho time o f issue thereof, but all V ictory bonds so acquired shall
forthwith becom e subject to the said agreement as hereby amended and
tho dealer shall imm ediately after allotm ent to him report in writing to the
Com m ittee the am ount o f V ictory bonds so subscribed for and acquired
b y him.
3. The prico at which V ictory bonds o f any issue m ade after the date
hereof shall be dealt in shall bo fixed from tim o to timo b y the Com m ittee
in accordance with tho provisions o f tho said agreement.
4. T he C om m itteo shall have tho right to reloaso and discharge from the
operation o f tho said agreement as amended b y this supplem entary agree­
m ent, any issuo or any m aturity o f any issue o f V ictory bonds by giving
notico as provided in tho said agreement and thereafter dealing In tho bonds
specified in such notico shall bo free from the terms o f tho said agreement.
5. In order to assist the Governm ent o f Canada in tho flotation o f bonds
o f any future V ictory loans tho C om m itteo m ay b y notice given as provided
in tho said agreement suspend in wholo or in part dealings in all or any .then
existing V ictory bonds for such period prior to and during any such V ictory
loan flotation as they m ay determine, and during sucli period the dealershall not buy, sell, exchango or otherwise doal in any V ictory bonds'specl
fied in such notico otherwise than as prescribed In such notico.
'
6. The said agrooment shall bo read as if tho said agreement and this
supplementary agreement form ed one Instrument.
In witness w hereof tiio said parties heroto havo hereunto sot their hands
and seals.
.
Signed, sealed and delivered I V IC T O R Y L O A N S P E C IA L
in the presence o f:
i
C O M M IT T E E ,
..................................................... I B y ............................. ............ .................[Seal
...................................................- >
.......................................... - .......... ..[S e a l*
1
2
DEALER,
.....................................................
- .........................................................[Seal
W itness for dealer.

S U G G E S T I O N S TO C O R P O R AT IO N S B Y N . Y . F E D E R A L
R E S E R V E B A N K C O N C E R N I N G P L A N S FOR
C O N T R I B U T I N G TO L I B E R T Y L O A N .

Preliminary to tho inauguration of the Fourth Liberty
Loan Campaign Benjamin Strong, Governor of tho Federal
Reserve Bank of New York has addrossed a communica­
tion to corporations which will bo called upon to furnish
a substantial part of tho next Liberty Loan, suggesting a
program which might bo followod in making provision
for investment in the loan. W o quote the letter herewith:
F E D E R A L R E S E R V E B A N K OF N E W Y O R K .
A u g. 26 1918.
Dear Sir. W ith tho timo for tho beginning o f tho noxt Liberty Loan cam ­
paign set for tho lattor part o f noxt m onth tho Liberty Loan Com m ittee
Is definitely considering plans to be followod for raising the am ount which
m ay be assigned in tho Second Federal Reserve D L trict.

A u g . 31 1918.]

T H E CHRONICLE

Hased on tho Governm ent’s expenditures during recont m onths and the
ratio o f increase shown over tho earlier months o f tho year there seoms no
reason to doubt that by ttio end o f this year our expenditures will have
reached the enormous m onthly total o f over 32,000,000,000, and that tho
amount of tho next Liberty Loan to bo placed during October will bo in
tho neighborhood o f $6,000,000,000.
In view o f this situation it soems necessary for us to ask all largo in­
vestors to begin to make their preparation in advanco if possible, so that
their subscriptions to the Fourth Liberty Loan m ay bo as large as circum ­
stances will pormit. I am therefore writing to ask if the corporations
which will bo called upon to furnish a substantial part o f the next Liberty
Loan will not consider a program somewhat as follows:
1. M ako an absolute appropriation out o f expected incom o o f such
amount as m ay bo available; in fa ct, tho largest amount which circum ­
stances will perm it, for investment in tho Fourth Liberty Loan.
2. Ponding the offering o f the Fourth Liberty Loan invast surplus incom o
as it accrues in treasury certificates o f indebtedness bearing 434 % interest
with a view o f converting tho certificates into bonds o f tho Fourth L oan.
Thoso can bo purchased at your bank.
These certificates o f indebtedness m ay bo used In making paym ents for
tho Liberty Loan bonds for which you subscribe. In case you are uncertain
as to the am ount o f taxes which you will bo called upon to pay following
enactm ent o f tho now tax bill, it m ay bo borno in mind that tho terms o f
this bill m ay bo signed boforo tho next issue o f bonds is made, and, to tho
extent that additional reservations o f incom o aro required, they, in turn,
m ay bo invested in certificates to bo issued this m onth which can bo used
in making paym ent for incom o and excess profits taxes, and tho m aturity
o f which will bo adjusted for that purpose.
3. C om ply with tho recomm endations o f tho Treasury D epartm ent as
to filing their subscriptions through tho banks, in which funds aro carried
which will bo used in making paym ent for tho bonds.
T ho third item is o f m oro im portance than is generally realized. In
connection with tho Third Liborty Loan a very largo am ount o f m oney
was transferred from N ow Y ork to other Federal Reserve Districts in order
to m ako paym ent for bonds subscribed in thoso districts out o f funds cus­
tom arily carried by tho subscribers in N ew Y ork C ity banks. In view o f
tho fa ct that tho quota assigned to tho N ew Y ork district is based in largo
part upon deposits, including thoso so transferred, tho burden actually
thrown upon tho subscribers in tho Second Federal Reservo D istrict is
inado lioavior than is intended in tho allocation o f tho qoutas among tho
Federal Rosorvo districts. Furthermore, it places an immenso burden
upon tho N ew Y ork m onoy markot, to tho detrim ent o f thoso who need
to havo recourse to it from tim e to tim o.
In making this suggestion at tho present tim o, I am actuated b y tho
hopo that tho corporations will begin to mako preparations for tho next
loan at an early dato and will handlo tho m atter in such way as will minimize
tho disturbances in tho m onoy market and will com p ly witii tho recom m en­
dations o f tho Secretary o f tho Treasury as to tho m ethod o f filing sub­
scriptions.
Yours very truly,
B E N J A M IN S T R O N G , Governor.

S E C R E T A R Y M c A D O O D E N O U N C E S REPORTS OF
C O N F I S C A T I O N OF S A V I N G B A N K D E P O S I T S .

In denying on Aug. 27 reports that tho Government
contemplated tho confiscation of savings bank doposits
Secrotary of tho Treasury M cAdoo said:
M y attention has boon called to an insidious propaganda that is being
carrlod on, probably b y secret agonts o f Germany, to sow the scods o f dis­
trust in tho minds o f savings bank depositors b y false rumors that tho
United States Governm ent is contem plating tho confiscation o f tho savings
o f the pooplo.
T ho absurdity o f thoso statements is manifest. In ordor, how over, to
allay tho fears o f tho fow who m ight bo alarmed b y such reports, I epeat
that thoso rumors aro wholly baseless.

N O M I N A T I O N OF A L B E R T R A T I I B O N E A S A S S I S T A N T
S E C R E T A R Y OF T I I E T R E A S U R Y .

Prosidont Wilson on Aug. 29 nominated Albert Rathbono
to bo Assistant Socrotary of tho Treasury to succeed Oscar T .
Crosby, who is representing tho Treasury Dopartmont in
France. M r. Rathbono is a member of tho Now York law
firm of Joline, Larkin & Rathbono. Ho has beon a momber
of Socrotary M cAdoo’s war loan staff since tho first of tho
yoar.
_______ _______ ___
G U Y E M E R S O N O N C O - O P E R A T I O N OF N E W S P A P E R S
I N L IB E R T Y LOAN C A M P A IG N S .

Speaking boforo tho Convention of the National City
Editors Association in the Hotel M ajestic, this city, on Aug.
24, Guy Emerson, Director of tho Publicity Liberty Loan
Committee of tho Federal Rosorvo District of Now York,
stated that tho aim of his committeo in tho Fourth Liberty
Loan “ is not so much to got wider publicity as it is to got
moro intonsivo publicity, and in overy way possible to get
distinction into our appeal.” M r . Emerson explained that
his talk was for tho purpose of discussing witii his hearers
“ frankly and intimately what I regard as tho most vital
potentiality in our problem at tho moment.
I want to tako
over with y o u ,” ho said, “ the vision behind all this work and
tho possibilities that exist for doing better the tremendously
fine work that has already boon done well. I want to ask
you to consider whether wo can do anything to speed u p l ”
In part, ho added:
T ho soul o f Am erica Is right, and as long as tho soul is right tho pooplo
will buy Liborty bonds to tho utm ost. T hey will buy all tho bonds that tho
Govornm ont asks for in tho Fourth Loan, in tho Fifth Loan, in tho Sixth
L oa n , and in as m any loans as wo ncod to win tho war.
W o m ay say, then, that our first problem is to keep this moralo right, no
m atter how hard tho sacrifices m ay bocom o, no m atter how long tho casualty
lists m ay bo, no m atter how long tho war m ay last, until victory is won.




851

A nd secondly, our problem is to win tho war quickly. T h e Secretary o f
W ar and tho C hief o f S taff have told us that wo havo tw o alternatives.
W o can either go along on a gradually increasing scale, and win the war
certainly within tw o or three years, or wo can put everything wo have into
tho war now— redouble our sacrifice, redouble our energy, turn tho search­
light o f publicity on the work o f war, physical and spiritual, from one end
o f tho country to tho other, tell the truth about it, and increase our fighting
efficiency at home— and thus win the war definitely and conclusively next
yoar.
W o havo had some good Liberty Loan advertising. T ho co p y for tho
Fourth Loan, I believe, is 100% better than tho co p y was in the Third
Loan. T he President has written us an advertisem ent for this loan.
But wo aro aiming in the Fifth Loan to get oven m oro’ o f these vivid , per­
sonal, gripping appeals. Tho best that it is possible for any Americans
to write, is what tho Liberty Loan Com m itteo wants. W o are going to
aim for supremely good advertising because people are going to dem and it.
A nd horo, too, newspaper men can help. A few o f our best advertisements
for tho Fourth Loan havo been written b y newspaper men.
I realize that the front page is the place for nows. But in war times if
an editorial can bo written now and then which has this great fundamental
power to m ove men and wom en, there is ovory roason w h y it should bo put
on tho front page. It is not tho President's jo b to write advertisements,
but ho has written an advertisement for tho Fourth Liberty Loan because
ho rocognizod the need o f focusing tho attention o f tho whole American
people on this trem endously im portant cam paign— a cam paign which I
havo no doubt ho visualizes not as a financial transaction but as an opera­
tion in mobilizing the spirit o f a people, a bringing about o f co-ordinated
action, shoulder to shoulder, from ono end o f the country to tho other to
put over ono groat big specific piece o f war work.
W hen tho President writes an advertisement it is an exceptional thing.
But in war timas wo must do exceptional things; and putting a ringing
editorial in a box on tho front page is the kind o f exceptional thing which
I would suggast to you as worthy o f consideration to help win tho war tw o
years earlier.
w
w
m
_
As long as this war goes on, tho first thing that people aro going to look
at overy morning is the front page o f the newspapers. There is no one
influence toward winning tho war^quickly that^ is m ore powerful, m ore
subtle, m oro lasting than tho appeal withlwhich you gentlemen can touch
tho hearts o f our people. I think it is well worthy o f your deepest co n ­
sideration as to how this appeal can be^given tho greatest force and tho
greatest distinction, as a definite and intogral part o f tho inspired war
m achinery o f Am erica.
_ .
I believe that tho American people are just as much interested in getting
oven greater power into tho war work o f tho press as they aro in getting
increased power into tho production o f airplanes, or ships, or guns.
I m ay say, speaking on behalf o f the L iberty Loan C om m ittee that
you havo our deep appreciation o f the intelligence, patience and generosity
with which you havo m et our requests, just as you havo our admiration
for tho distinguished manner in which you havo handlod tho unprecedented
problems which tho war has put upon you .
I m ay add that In working out this problem o f winning tho war at the
earliest possible m om ent, in keeping the people behind the war to tho
utm ost, in touching their hearts and touching their souls, to help them to
take a noble part in this greatest task which has over boon placed upon
tho world, wo aro working shoulder to shoulder at all times with all o f you.
W o could not havo done what has already been dono w ithout you. W o
cannot roalizo tho vision which we have for tho future without your help.

PA IiT ^PLAYE D B Y N A T I O N A L B A N K S I N IIN S U R IN G
S U C C E S S OF L I B E R T Y L O A N ^ I S S U E S .

In making public on Aug. 24 figuros of the subscriptions
through national banks to the three Liberty Loan offerings
and tho holdings of Liberty bonds by these institutions,
Comptroller of the Currency John Skolton Williams states
that “ tho national banks of the United States havo been
most useful and effective instrumentalities in the placing
of Liberty loans and very potent factors in insuring the suc­
cess of tho issues.” Their activity in contributing toward
the success of the several issues is indicated by the Com p­
troller as follows:
T ho records show that the total subscriptions to tho three L iberty Loans
received through national banks aggregated m oro than $6,000,000,000 o u t
o f a total o f all subscriptions o f $11,828,000,000. T ho total am ount al­
lotted to subscribers was $9,975,000,000. T he bonds havo been w idely
and thorougtily scattered among investors and only a small portion has
been rotainod b y the national banks them selves. T he effect o f this dis­
tribution has been to leave the resources o f the national banks free to supply
tho com m ercial and industrial needs o f tho country.
On Juno 29 1918 the aggregate am ount o f L iberty bonds o f all three
issuos held b y national banks was $408,859,000, or 2.2 9 % o f tho total re­
sources o f tho national banks, wnich on the samo date am ounted to $17.­
839,000,000.
T h e national banks further report that the total amount o f m oney which
they wero loaning on the security o f Liberty bonds o f all tho three issues on
Juno 29 1918 was only $457,000,000, or 2.5 6 % o f total resources.
These figuros indicate clearly that these banks have pursued a con­
servative p olicy in keeping their resources in a liquid condition, and havo
n ot over invested in Liberty bonds, but havo perform ed an exceedingly
valuablo scrvico in effecting a broad distribution among their custom ers
and to tho public.
T ho banks o f tho country aro now in a position to contribute largely o f
their own resources toward tho purchase o f Liberty bonds if there should
over bo occasion to d o so; but it is hoped and believed that they w l b e
able to continue successfully their policy o f aiding in tho diffusion o f the
L iberty Loans widely among the people rather than o f buying them for
their own account.
Tho bonds o f the three Liberty issues owned b y national banks on June 29
1918, exclusive o f bonds they had sold or contracted to sell included 362,­
290,000 o f 333 % bonds, $272,016,000 o f 4 % bonds and $74,553,000 o f bonds
o f tho third issuo. In addition to these bonds the national banks also
reported holdings o f $618,766,000 o f United States short-term certificates
o f indebtedness.
It is notew orthy that the net am ount o f L iberty bonds o f the third issue
retained b y all national banks in the New England States is only 34,017,000.
Tho am ount retained by all national banks in the Eastern States, including
tho largo citios o f N ow Y ork and Philadelphia, is only $55,435,000; b y
national banks in the Southern States, $6,162,000, and in tho M id d le
States, $7,254,000. T ho national banks in tho W estern States have In
tho aggregate disposed o f an amount equal to all that they subscribed fo r.

852

THE CHRONICLE

and tno net balance o f the third loan kept b y national banks In tho P acific
States was only $2,329,000.
T ho net am ount o f Liberty bonds o f all three issues retained b y the
national banks in tho central reserve cities was reported at $113,095,000;
in othor reserve cities, $85,172,000, and in tho cou ntry banks, $210,592,000.
T he cou ntry national banks hold $12,325,000 m ore L iberty bonds than the
com bined holdings o f the national banks in all reservo and central reserve
_____________________________
cities.

WAR

REVENUE

LEGISLATION .

A s a result of the difficulty experienced by the House
W a ys and M eans Committee in perfecting tho pending
war revenue legislation, the submission of tho bill to the
House has been delayed until next week. The profits and
income tax schedules have served as the stumbling blocks
in completing the work of the Committee, and while various
reports have come out as to its conclusions, even last night
the information available as to its action did not appear
to indicate a final decision. Announcement was made
last Sunday that the Committee had completed on Satur­
day, the 24th, the excess profits schedule; under its action
on that day. After the 8 % deduction and 83,000 specific
exemption the Committee on that day decided on a 3 5 %
tax on excess profits over tho exemption and up to 1 5 % ,
5 0 % on all between 15 and 2 0 % , and 7 0 % on all above
2 0 % on profits. Provision was mado to avoid undue
hardship to small concerns. A foreign corporation, it wa3
stated, would not be entitled to the 83,000 exemption.
The N ew York “ Tim es” of A u g. 26 in reporting that the
Committee at its session on the 24th had agreed upon a
definition of capital which probably would not bo ma­
terially amended said:
In effect it is provided that for the purpose o f com puting corporation
incom o taxes and war profit taxes, capital shall includo tho following:
A ctual cash paid for shares o f stock.
Cash value o f tangible property, not including cash paid in for stock at
tho time o f such paym ont, but this valuo is not to oxceod tho par value
o f tho original shares o f stock issued therefor unless tho valuo o f such
tangiblo property at tho tim e it is paid is shown to tho satisfaction o f tho
Comm issioner of Internal Revenuo to have boon cloarly and substantially
in excess o f such par valuo, in which case such excess shall bo treated as
paid-in surplus, but this surplus in any case shall not exceed 2 5 % .
Paid-in or earned surplus and undivided profits, not including, how­
ever, surplus and undivided profits earned during tho taxable year, and
not includi ng tho increase in the valuo o f any asset a bovo tho original cast
until b y sale such increase is actually realized;
Intangible property bona fide paid in for stock or shares bofore M arch
3 1917, in an amount not exceeding (a) tho actual cash value o f such prop­
erty at toe time paid in; (6) the par value o f tho stock or shares issued
therefor, or (c) in the aggregate 2 0% o f tho par valuo o f tho total stock or
shares o f corporation outstanding on M arch 3 1917, whichever o f (a),
(b) or (c) is lowest shall be applied.
Invested capital shall not be construed to include capital invested in
inadmissable assets” or borrowed capital.

On the 26th the Committee decided that inadmissible
assets under the profits tax section should includo stocks
and bonds, except those of the United States, the income or
or dividend from which was not used in computing not in­
come. Conferences between Secretary M cAdoo and Repre­
sentative Kitchin were held on Aug. 26 when it was stated
that Treasury officials still insisted upon their version of the
excess profits and a differential between earned and un­
earned income. Secretary M cAdoo, it is announced, re­
newed his recommendation that a higher tax bo levied on
unearned than earned incomes as a means of encouraging
sale of tax-free Government securities. Tho Secretary
pointed out that if the revenuo bill is not enacted by Sept. 28,
tho opening day of tho Fourth Liberty Loan, tho loan may
bo somewhat hampered, because business men will not
know definitely what their tax burdens are to bo. W ith
respect to tho two points as to which tho Treasury and Rep­
resentative Kitchin havo been at odds, Secretary M cAdoo
recommended:
Taxes on war profits shall bo raised b y an 8 0% war profit Impost, v\ith an
alternative profit tax, based upon the present -erms, o f from 20 to 6 0 % .
Norm al tax on unearned incomes shall bo 15% and tho normal tax on
earned incomes 12% .

Chairman Kitchin’s proposals, as they stood at the time
of last M onday’s conference, ombodied tho oxcess profits
schedule which we indicate above had been agreed to on the
24th, with a tax oii individual incomos at 1 3 % on unearned
incomes and 1 0 % on earned incomes. After a further con­
ference on the 27th between Representative Kitchin, Secre­
tary M cAdoo, Assistant Secrotary Lcffingwell and D r. T . S.
Adams, Chairman of the Treasury Excess Profits Tax A d­
visory Board, M r. Kitchin intimated that an agreement in
all probability would bo reached on a flat normal tax of
1 2 % on both earned and unearned incomes, with corre­
sponding changos in tho higher brackets of tho surtaxes.
It was stated that the excess profits feature of the rovenue
bill was not considered by Secretary M acAdoo and M r.
Kitchin on the 27th, and nowspaper accounts from W ash­




[Vol . 107.

ington stated that it was declared on high authority that the
rates would remain as formulated by the committee.
The Committee’s attention on the 28th was devoted to
consideration of fifty or more now suggestions from tho
Treasury Department. A s to tho administration features
of the bill, with differences between the Treasury Depart­
ment and Representative Kitchin’s Committee still unad­
justed, the Committee, on A u g. 29, decided upon a further
conference on the 30th with M r . M cA d oo , and appointed
for the purpose Representatives Kitchin, Garner, Longworth and Fordney.
Late yesterday it was reported that a virtual agreement
on tho income tax rate and other important features of the
bill had been reached by Secretary M cAdoo and the special
sub-committee of the House W ays and M eans Committee.
Chairman Kitchin was said to havo announced upon his
return to the House that a flat rate of 1 2 % on normal incomes,
ovor 84,000, without a differential on unearned incomos, was
agreed upon. A normal tax of 6 % on normal incomes below
84,000 down to the exemption limit was also agreed upon.
It was still the purpose of the Committee, Chairman Kitchin
said, to incorporate tho 3 5 -5 0 -7 0 % increased rate on excess
profits in the bill. Tho 8 0 % tax on war profits, it is like­
wise stated, is to stand. Tho maximum surtax on incomos
is raised to 6 5 % .
Representative Kitchin was quoted by tho Now York
“ Times” as saying on Aug. 29:
I am hopeful o f being able to report tho bill noxt M on day, certainly not
later than next W ednesday. W nen tho bill is com pleted and sent to tho
House it will represent most careful consideration, not only o f business but
also o f tho needs o f the Govornm ont. Delay at tho presont tim e means
that tho com m ittoo is bringing tho bill to .a state o f perfection. Thorn
should bo very littlo necessity for long consideration in tho H ouse or by tho
Senate Finance Com m itteo.

A feature of tho House Committee’s deliberations on the
bill on the 26th was tho presentation of a resolution by
Representative Mooro for tho creation of a joint committee
of Congress to suporviso tho Government’s war expendi­
tures. The resolution was defeated by a strictly party
vote.
Hearings on tho W ar Rovenue Bill to begin noxt Tues­
day and continue for not moro than ton days wero arranged
on Aug. 27 by tho Senate Finance Committeo. All indus­
tries will be asked to appoint representative spokesmen to
avoid duplication of ovulenco presented, but any one desir­
ing to bo heard will be invited to attend.

SENATOR

LODGE SEES D I C T A T E D P E A C E
O N LY SA T ISF YIN G PEACE.

AS

THE

In enunciating in tho Senato on Aug. 23 tho principles
necessary to a just and righteous peaco, Senator Lodge
(ranking Republican member since tho death on Aug. 17 of
Senator Gallinger of tho Senate Foreign Relations Com­
mittee) not only reiterated the pronouncements of President
W ilson, but apparently voiced tho sentiments in Congress
of the political party with which ho is affiliated. Tho Sena­
tor’s recital of tho essential conditions looking to a just peace
occurred during debate on tho bill providing for tho changes
in tho draft ages. In declaring that no peaco that over satis­
fies Germany in any degree can ever satisfy us, Senator
Lodge asserted that “ It cannot bo a negotiated peaco. It
must bo a dictated peaco, and wo and our Allies must dic­
tate it. The victory bringing such a peaco must bo won
insido, not outsido, tho German frontier. It must bo won
finally and thoroughly in German territory and can be so won
nowhere else.” “ W h e n ,” ho further said, “ Germany is
beaten to her knees and tho world is made safo by the ar­
rangements which I havo suggested, then and not before
we shall have the just and righteous peace for which wo
fight.” The Senator’s speech outlining the terms requisite
to a satisfying peace is quoted in detail herewith:
M r. President, nothing could be m oro inspiriting, nothing could glvo
greater confidence to our allies and to tho country than tho earnest desire
and com pleto readiness o f Congress to pass this now draft bill, for theroby
is shown the determination o f tho representatives o f tho pcoplo in both
branches to put tho largest possible number o f mon in France at tho earliest
possible moment in order to win a com ploto victory without (lolay. T ho
Senato, indeed, was eager to pass an oidarged draft law last Juno, and
I cannot but think that it is to bo rogretted that tho Secretary o f W ar at
that time stopped any action b y Congress for reasons which havo nover
been mado very cloar. T ho opposition o f tho Secretary being now with­
drawn, this bill will quickly pass. M u ch previous time lias boon lost, but
I havo no doubt that overy exertion will now bo mado to carry through tho
now registration as rapidly as possible. This is a great moasuro of prepara­
tion, and expresses, I am sure, tho fooling o f tho Amorican pooplo in regard
to tho prosecution o f tho war. Tho weight o f tho United States is already
turning tho scales which so long havo hung in doubtful balance. That
weight must bo Increased In every possible way. A great victory has been
won in tho M arne saliont, in which American troops took a largo and most
important pari. That victory has been continued in tho advance o f tho

A ug . 31 1918.1

THE CHRONICLE

British, French and American troops from Amiens. W e have every right
to rejoice over what has been accom plished. W e also havo a right to feel
the deepest pride in the splendid achievements o f the Am erican soldiers.
During the great German drive which began in M arch, the clouds hung
low and dark, but if hopes were dimm ed our faith in the ultimate result.
I boliove, never wavered. A n undue pessimism then w ould have been
harmful in a high degree, and an uncalculating optim ism now w ould bo,
almost equally mistaken. Great victories havo been w on. T h e reasons
for those victories I believe to be tw o— the appearance o f Am erican troops
in largo numbers on the fighting line and the unity o f com m and. From
nothing have the Allies suffered so m uch as from die lack o f unity o f com ­
mand, and our Administration is ontitled to high praise for having cordially
joinod in putting all the armies on the western front under the com m and o f
Marshal F och . In m ilitary operations nothing can be worse than divided
counsels and independent com m ands, even if each com m ander is a man o f
the liighcst a bility. For m ilitary successes there must be one man and
ono mind to mako the final decision. T hat has been a great element o f
strength to the Germans. The fact o f this unity o f com m and which we
and our allios havo at last attained has been felt from one ond o f the west­
ern front to the other. T he other reason for success was the appearance
as I havo said, o f the American troops in the fighting line. It was not to
be found in their numbers alone, although those were largo and o f the high­
est im portance; it was in their quality
Our soldiers had necessarily but
little oxporionce in the long and bitter defensive warfare carried on b y the
Allios for tho last four years, but they brought something quite as im portant
as vital oven as that experience. T hey were picked men o f tho finest physi­
cal and mental quality, never war-worn nor weary. T hoy had not suf­
fered from the miseries o f hope deferred,, from tho discouragement which
follows great deeds that bring no final result. Their spirit was at its
highest. In ono word, they wore the best shock troops in E urope, for tho
shock troops o f England, and France and Italy and Gormany and Austria
had all been m uch m ore than decim ated and had lost to a degreo tho fresh­
ness o f the first keen impuiso. I can imagine the glow o f satisfaction with
which Marshal Foch put ills new soldiers to the touch. In that supreme
test ho found that he had a weapon which com bined the crushing power
o f the sword o f Richard with the keenness o f the scimitar o f Saladin, and
which had tho perfect temper o f both. H o must havo rejoiced m ightily
when ho saw these American troops fling themselves upon tho Germans and
in m any cases drive before them in headlong rout that famous infantry.
Im agination, as N apoleon said, plays a groat part in war, and the presence
o f these now and gallant troops from the United States and the conscious­
ness that thousands m ore wore com ing must have infused fresh spirit
throughout the long line o f fighting men and renewed the vigor and con fi­
dence o f our bravo and sorely tried allios. B ut we must not m isconceive the
character o f the victory, great as it has boon, and the determ ination ex­
hibited b y tho passage o f this bill shows that we d o not m isconceive it
It
was a victory o f dofense. It was a “ victory o f arrest,” as it is well defined
b y M r. Frank Simoncls in an admirable article which appeared on tho l l t h
o f August and which I shall take the liberty o f printing as an appendix to
what I am about to say. T ho offensive has apparently passed into our
hands, but tho victory o f attack, although begun, is still to be w on W o
shall win it, but it will bo no easy task, and I am sure that tho American
poopio mean to carry It through to tho bitter end and to an entire com ­
pleteness. It therefore is o f im portance that we should have in our minds
a cioar definition o f what that completeness and that ond must bo
We
must faco facts and strive for a com plete veractity o f m ind
W o must
know just what we mean to d o, for knowing what wo mean to d o is h a lf
tho battlo.
The Gormans, repulsed and losing, will undoubtedly resort to their other
weapon, which thoy have used m ore than once during this war with terrible
-T h ° y WiU A)Ggin.. an insidlous and Poisonous peace propaganda.
W ith tins weapon they have succeeded in disorganizing Russia, reducing
that groat country to a wreck, and rem oving it for tho tim e being as a
military factor. W ith tho same weapon they brought about tlio Italian
dofeat on tho Isonzo, which was the rosult o f treachery and disintegrating
propaganda and not o f straight fighting, because tho Italians, when unbo
trayod, havo shown since then at tho Piave the finost fighting qualities am
havo thrown Austria back in crushing defeat. It is tho German propagand
which wo shall bo obliged to face in tho ensuing m onths, and it therefor
seoms to mo o f tho last importance to know exactly what wo moan b y peace
Genoraiitios will not servo. It must be, it is com m only said— wo have al
said it— a just and righteous peaco. B ut what is a just and rightoou
peace? W hat are the conditions that would m ako it so? W hat Is th
irroduciblo m inim um ? W o intend to m ako the world safe for dem ocracy
B ut what exactly do we mean b y dem ocracy ? I f wo m ean, as wo undoubt
odly do, tho dem ocracy o f England, France, Italy and tho Unltod Statos
wo can all understand it; but the Bolslievikl masquerado under tho name o
dem ocracy, and tho Bolsheviki, b y a com bination o f treachery corruptioi
and ignorance have reduced Russia to servitude under Germ any and havi
ongonderod a form o f dem ocracy as dangerous to tho world as tho Govern
ment o f tho Hohenzollorns. But assuming, as wo d o, when we say wo mus
make the world safe for dem ocracy that wo mean our own conception o
dem ocracy, how is it to be m ade safe? That, again, is a vague term wldcl
must bo answered and can only bo answered b y definition. W o aro fightins
and our allios are fighting with us for security; for independence; for the righi
o f nations, great and small, to govern themselves in their own w ay; foi
organized races and peoples to have the opportunity to govern themselves
in independent States; for tho sanctity and observance o f treaties; for th.
general disarmament o f nations. H ow are these things to be secured!
The details are really far m ore im portant than tho general propositions, ir
Which wo all agree. Broadly speaking, there is only ono w ay to obtain tin.
security o f tho nations, this safety o f dem ocracy, this preservation o f free
dom and civilization, and that is b y reducing Germany to a conditior
where b y no possibility can she precipitate anothor war for universal con
quest, with all its attendant horrors, upon an unoffending world
Agair
wo aro faced b y details. H ow is this to be d on e? I see only ono w ay ii
which it can bo done, and I will enumerate tho results, tho hard facts th.
essential conditions to which wo must attain.
Belgium must bo restored.
Alsaco and Lorraine must be returned to France— unconditionally re
turned— not merely because sentiment and otornal justice dem and it bui
because tho iron and coal o f Lorraine must bo forever taken from Germany
Italia Irridonta— all thoso aroas where tho Italian raco is predom inant
including Triesto— must go back to Italy.
Serbia and Roum anla must be established in their independence.
Greece m ust bo m ade secure.
M ost Important o f all, if wo aro to make tho world safe in tho w ay wt
mean it to bo safe, the great Slav populations now under tho Governm ent oi
Austria— tlm Jugo-Slavs and tho Czecho-Slovaks, w ho havo boon used tc
aid the Germans, whom they loathe— must be established as independent
States.
T he Polish people must havo an independent Poland.
And wo must have these independent Statos created so that th ey will
stand across tho pathway o f Germany to the East. N othing is m ore vital
than this for a just, a righteous, and an enduring peaco.




853

The Russian provinces taken from Germ any b y the villainous peace o f
Brest-LItovsk must be restored to Russia. The President, as you all re­
member, has announced the vast im portance o f sustaining Russia. I f
Germany continues to hold a large part o f Russia, the world for years to
com e will bo under tho shadow o f another great war which will surely be
precipitated upon us when Germ any has developed her Russian possessions
to the point o f yielding her m en, m oney and supplies.
Constantinople must be finally taken aw ay from Turkey and placed in
the hands o f the Allied nations as a free port, so as to bar Germ any’s w ay to
the East and hold the Dardanelles open fo r the benefit o f mankind.
W e must not be beguiled into concessions to Turkey in the hope o f sepa­
rating her from Germany. It would be a miserable outcom e to have T ur­
key retained in Europe, a curse to her subjects and neighbors, a plague
spot and a breeder o f wars. Her massacres must not under any pretense
be condoned nor her iniquities rewarded. L et T urkey and Bulgaria share
the fate o f their master and be so treated that they will be unable again
to trouble the world.
Palestine must never return to Turkish rule, and the persecuted Chris­
tians o f Asia M inor— the Syrians and the Armenians— must be m ade safe.
Those are the principal conditions which alone will give us a victory worth
having, and when we talk about a com plete peace and a just and righteous
peace, let it be known to all tho world that this is what we mean. It is
idle to talk about our not annihilating tho German pepole. N o b o d y , o f
course, has any such idea. It could not be done oven if w e wished to d o it.
W e are not engaged in this war to try to arrange a governm ent for Germany.
The German people must d o that themselves, and they will get precisely th e
governm ent that they desire and deserve— just as they now have th e
governm ent they prefer, whose purposes and ambitions and barbarism they
share and sustain. Our part and our business is to put Germ any in a posi­
tion where she can d o no m ore harm in the future to the rest o f the world.
Unless we achieve this we shall have fought in vain. Congress and the
President had no right to declare war unless they meant to d o precisely
this thing. N othing less would justify our action. W e are pouring out
the best blood o f the country, the blood o f our chosen youth, upon the altar
o f patriotism . W e are making every sort o f pecuniary sacrifice. W e are
bearing an immense burden o f taxation. W o aro m ortgaging with our loans
the future o f com ing generations. W e have set aside for the tim e being
the Constitution under which individual liberty has been preserved and the
country has grown and prospered. W e have adopted measures which
load, if unchecked, to the building up on tho one hand o f a great bureau­
cracy such as that which crushed and ruined Russia and which on the other
are stimulating the developm ent o f state socialism . It is our intention to
return, as our laws show, to the old restriction, protections, and rights o f
the ordered freedom o f the Constitution. W e aro taking these vast risks,
we are bearing these huge burdens, we are making these unspeakable
sacrifices o f life with a brave and cheerful spirit; but we have no right to d o
all these things unless we win the prize and reach the goal which alone can
warrant and justify them . T he results w hich we must have, and which I
have ventured to outline, can never be obtained b y a negotiated peace.
L ord Lansdowne— and he is not alone— appears to think that this war can
bo ended b y a peace form ulated b y eminent representatives o f the nations
in the old w ay. H e does not seem to have gone beyond the methods o f
1815 and the Congress o f Vienna. A s this war is utterly different from
any war that tho world has ever know n, so must the peace which concludes
it be utterly different from any peace which the world has ever known.
It can not bo a peaco o f bargain, o f give and take, and o f arrangement. N o
peace that satisfies Germany in any degree can ever satisfy us. It can no'
be a negotiated peace. It must be a dictated peace, and we and our allies
must dictate it. T he victory bringing such a peace must be won inside,
not outside, the German frontier. It m ust be won finally and thoroughly
in German territory, and can be so w on nowhere else. In no other w ay
can wo secure the safety for which wo are fighting. In no other way can we
justify the sacrifices we are making. T o this supreme end our efforts must
be addressed. I d o not underrate the difficulties. I do not underestimate
tho obstacles to be overcom e. But the difficulties and the obstacles must
alike be crushed, set aside, and overridon. The United States occupies
fortunately, a position in which she will bo able to speak with a powerful
voice. W e seek no territory, no material gain for our own country
We
seek only the safety o f civilization and. freedom and the assurance o f our
own absolute independence and our right to live our own lives and settle
our own problems in our own w ay. There is no territory b y which we
could bo bribed or influenced, no trade advantage b y which we could be
tem pted. There is no personal profit which can turn us from the one
groat o b ject. Our sole purpose is to put Germ any finally and com pletely
in a position where she can never again attem pt to conquer and ruin the
world as she has done in the last four years. This purpose can be accom ­
plished. W e shall d o it, but we must be above all propositions o f a bar­
gained peace, all suggestions o f negotiations; deaf to every voice which
would divert us from the path; deaf alike to the whimper o f the pacifist
and to the wheedling or truculent appeal o f the helpers o f Gormany. W hen
Germany is beaten to her knees and the world is made safe b y the arrange­
ments which I have suggested, then, and not before, wo shall have tho just
and rightoous peaco for which we fight. In this w ay and in no other shall
wo obtain it. W o shall obtain it because we are going to win. Let us but
be true to ourselves, and we shall not then be false to any man.

Senator Hitchcock, while praising the speech of Senator
Lodge as impressive, had the following to say in the Senate
on Aug. 27, according to the New York “ Times:”
As to the terms o f peace, I do not think tho time has arrived to discuss
them . For the present I prefer sim ply to stand with the President in
earnest ad vocacy o f “ force, force to tho utm ost, force without stint or
lim it," and to let a discussion o f the terms o f peace wait till that has brought
the German m ind to a condition in which it can see things as tho rest o f
the world does.
Speaking for m yself, I agree with him that we must have a great m ilitary
trium ph for our side as a basis for peace discussion. T he power we are
fighting is a m ilitary power. The system o f Germany is essentially m ilitary.
The German people must becom e convinced that their system is wrong.
T hoy m ust be shown that the system o f m ilitary autocracy, built up and
developed in fifty years, is a failure. N othing less than a great m ilitary
defeat can bring this abou t. H e that lives b y the sword shall perish b y
tho sword. T hey m ust, as a nation, learn that lesson b y experience.
Argum ent will not d o . The exam ple o f other nations is not enough.
O nly m ilitary disaster will convince them that their system is wrong and
their gods false. T hey must once and for all abandon their idea o f conquest.
T h ey must cease to sing or think o f “ Deutschland uber A lios." T hey mus t
discover in the m idst o f m ilitary disaster and bankruptcy that their only
hope o f the future is to live as other nations live.
W hen that time com es tho German people will be willing to give a
guarantee o f peace. T hey will be willing to accept a dem ocratic theory
o f self-governm ent. T hey will be willing to agree to tho independence o f
small nations. T hey will be willing to accept justice in place o f force as
the international standard, but they will n o t be ready to do these things
and repudiate m ilitary autocracy until they have tasted defeat. N othing
b ut a great m ilitary trium ph can bring a real and a permanent peace.

THE CHRONICLE

854:

W O O L E N M I L L S A S K E D TO STOP M A N U F A C T U R E OF
N A V A J O OR I N D I A N B L A N K E T S .

With, a view to conserving wool for military needs, all
woolen mills havo been requested by the W ar Industries
Board to stop the manufacture of N avajo or fancy Indian
blankets. Tho Board’s announcement of this, made on
A u g. 23, follows:
Because o f tho necessity o f conserving tho existing w ool supply for tho
m ilitary needs. Herbert K. P eabody, C hief o f tho W oolens Soction, and
Lewis Penwell, C hief o f tho D om estic W ool Section, o f tho W ar Industries
B oard, have requested all woolon mills to refrain trom further manufacture
o f N a va jo or fancy Indian blankets. This applies to tho mills only and
not to tho Indians, whoso small production is made upon hand looms.
T h o woolen mills havo been further requested to divert their stocks into
tho production o f clothing material for loggers engaged In work for tho
Emergency Floot C orporation and for tho air cratt production.

PRICES

F IX E D

FOR

NEW

WOOLEN

CLIPS.

Announcement of maximum prices on now woolen clips
and prices for men’s wear and women’s wear now clips to
bo paid by tho rag collector to tho cutter-up was made as
follows by the W ar Industries Board on A u g. 21:
T h o Prico Fixing C om m ittee o f tho W ar Industries B oard has fixed tho
following maximum prices upon tho now woolen clips and also prices for
m en’s wear and w om en’s wear now clips which aro to bo paid b y tho rag
collector to tho cu ttcr-up, cffectivo on all sales made from A ug. 22 and
remaining in effect until O ct. 1 1918 and thereafter pending tho com pilation
o f data which is to bo furnished b y tho Federal Trade Com m ission. Thoso
prices aro net f.o .b . shipping point and aro based on high standard o f grading
and should not be paid for inferior packing, and aro to apply to sales made
both to the Governm ent and to tho public:
M en’s
Per Lb.
M en ’s black and blue worsteds.SO .48
Fino clothing-house clips, light­
weight_______________________
.39
Fino m erchant-tailor clips-------- .38
M edium clothlng-houso clips,
.37
light weight_________________
Ordinary clothlng-houso clips,
including cotton warps---------- .32

Wear.
Per
All-w ool ovorcoatlngs__________
M edium ovorcoatlngs freo from
cotton w arps________________
A ll-w ool m ackinaws----------------M ixed overcoatings, including
cotton warps________________
Cotton-warp clothing clips-----All-wool flannels-----------------------

Lb .
.23
-20
.17
-10
.05
.25

Women’s Wear.
Per Lb.
Per Lb.
A ll-w ool mixed serges_______ .40
Fine cloak and suit houso, light­
.20
A ll-w ool cloakings__________
weight mixed clips, including
-08
serges_______________________ $0.33 C otton-w arp serges_________
C otton-w arp cloak and suit clips .0o
Fino cloak and suit houso, light­
weight m ixed clips, without
serges_______________________ -25
Neio Woolen Clips.
Per Lb.
Black w orsted_________________ $0.65 Black sorgo-------------------------Blue worsted__________________
.62 Bluo sorgo__________________
Blue worsted edges------------------.50 Brown sorgo_________________
Brown worsted________________
-57 Green sergo-------------------------Black and white w orsted______
.56 R ed sergo___________________
Light worsted--------------------------54 Tan serge___________________
Fine light worsted and clips-----.50 Black and bluo sergo ed ge s..
Fino lights_____________________ -45 Dark sergo__________________
Fine dark w orsted------------------.48 Light sergo__________________
Fino dark worsted and clip s. _ .47 VVhito sergo_____ •__________
Fine mixed clips_______________ .44 Bluo ch oviot_______________
M ixed dark clip s----------------------- -40 Rod ch eviot_________________
M ixed clips-----------------------------.35 Brown ch oviot______________
M edium mixed clips___________
.32 Green ch oviot______________
H eavy weight clips------------------.28 Black ch oviot______________
Coarso dark clips_____________
.23 Light bluo ch oviot___________
Coarse light clips_____________
.25 Tan ch eviot_________________
Ordinary light clips___________
.20 Light hom espun____________
B lack and white_______________ .30 M edium hom espun_________
Dark gray oxford _____________
.26 Ordinary hom espun________
l ’ lain black clips----------------------- . .26 Light flannel_______________
Blue flannol________________
Bluo uniform clips (without
.38 Red flannol________________
ed ges)_______________________
Fancy m ackinaw_______________ .20 Green flannel_______________
U n ion _________________________
.08 French flannel______________
Light union-----------------------------.11 M ixed flannel---------------------Light bluo sergo________________
.52 B lack flannol_______________

Lb.
.50
.50
.50
.50
.50
.60
.35
.35
.45
.70
.28
.28
.28
.28
.28
.28
.35
.35
.30
.25
.35
.35
.35
.36
.27
.25
.33

PERM ITS

[Vol . 107

FOR G R A I N E X P O R T S C E N T R A L I Z E D
P R E V E N T PO RT C O N G E S T I O N .

TO

. Transportation permits for tho export of grain and grain
products have been made subject to the approval of C . E .
Spens, Manager of Inland Traffic for the U . S. Food Adminis­
tration. The latter’s announcement of this was issued on
A u g. 21 as follows:
T ho Railroad Administration and tho E xports C ontrol C om m ittee havo
docidod, in ordor to bettor control tho port situation and thereby provont
congestion and to socuro maximum transportation results, to concontrato
tho approval o f transportation permits, covering all oxport grain and grain
products, through ono channol, and to that end it has boon arrangod that,
effective at onco, tho issuo o f theso permits shall horoaftor bo subject to
tho approval o f C . E . Spens, M anager o f Inland T raffic for tho Unitod
States F ood Administration, and who also is a representative o f tho Unitod
Statos Railroad Adm inistration. T ho pormits will bo issued directly, as
heretofore, b y tho freight traffic com m ittoo, but only when approved as
mentioned.
A t tho presont tiino this arrangomout will only include N orth A tlantic
ports, where horotoforo tho permit system has .obtainod. It is tho inten­
tion, however, to also inaugurate tho perm it systom within tho im m odiato
futuro at all G ulf ports, when tho issuo o f permits will bo subject to tho same
approval as at N orth A tlantic ports.
M r. Spens has opened an offico at N ow Y ork , 42 B roadw ay, witli M r .
C . A . Lahoy, Assistant M anagor o f Inland T ra ffic, o f tho United Statos
F ood Administration, directly in charge o f tho now work.

RESTRICTIONS I N
S T Y L E , COLORS, & c., OF
A N D F E L T I I A T S FOR C I V I L I A N S .

FUR

Tho varioty in styles, colors, shapos, weights and trim­
mings of fur and felt hats for tho civilian trade for tho spring
season of 1919 will be restricted and curtailed under a program accepted by tho manufacturers through thoir war
servico committee after conference with tho Felt Section of
the Textilo Division and tho Conservation Division of the
W ar Industries Board. Announcement of this was mado by
the W ar Industries Board on A u g. 21; from its statement wo
quoto further as follows:
T ho Conservation Division has sent to makers o f m en’s fur and wool felt
hats and to makers o f wom en’s fur and wool felt hat bodios a schodulo o f tho
program for conservation for tho spring season o f 1919 to becom e effectlvo
about Sopt. 1. T he schedulo follows:
To the makers o f men's fur anil wool felt hats and the makers o f women's fa r
and wool felt hat bodies:
A s you well know , readjustm ents o f pro-war business m ethods and busi­
ness practices are necessary in order to m eet tho extraordinary conditions
which have now dovoloped.
Theso readjustments should bo m ado with tho
least possiblo dislocation o f Industry in ordor that all interests m ay bo pro­
tected as far as possiblo. Conservation is a vital factor in the war program
and conservation o f materials and labor in tho hat industry is urgently
necessary.
T ho enclosed program for conservation for tho spring soason o f 1919 has
been thoroughly discussed with tho war sorvico com m ittoo o f tho industry.
This plan will bo further dovoloped and issued in a m oro specific form for
tho fall season o f 1919. For instanco, It is then planned to standardize
colors along tho lines m entioned hi item N o . 2.
This program will be finally announced and mado offoctivo on or about
Sopt. 1 unless substantial reasons are Immediately presented which will
give causo for its m odification. A n y such changes will only be considered
in tho light o f bringing about a m oro effectlvo m ethod o f mooting tho presont
war conditions.

Tho following recommomlations aro to cover tho manu­
facture of all fur and wool felt hats for tho civilian trade for
the spring season 1919:

1. Tlio numbor o f b od y qualities usually m anufactured to bo roduccd.as
far as practicable.
2. T ho variety o f colors o f fur Tolt hats for men to bo restricted to 9.
Tho variety o f colors o f fur felt hats for wom en to bo restricted to 9. M ixed
colors to bo eliminated in fur felt hats. T ho varioty o f colors o f wool folt
hats for men to bo restricted to 12. T ho varioty o f colors o f wool felt hats
for women and children to bo restricted to 12. (A manufacturer producing
PRICES F I X E D
ON
V A R I O U S G R A D E S OF RAGS. fur folt hats for men and women m ay m anufacture 9 distinct colors for each.
A n announcement of the W ar Industries Board on Aug. 19 A m anufacturer producing w ool folt hats for men and woemn m ay make
12 distinct colors for each. A m anufacturer producing both wool and fur
reported that the price fixing committee of tho Board had folt hats for men and women m ay make 9 distinct colors o f fur for men
fixed the following maximum prices upon various grades of and 9 distinct colors o f fur for wom en, 12 distinct colors in wool for men
and 12 for wom en.) It is suggested that tho colors o f men’s hats bo con­
rags, effective on all sales mado from Aug. 19, and remaining fined to tho following: Black, two shades o f brown, two shades o f groon,
in effect until Oct. 1 1918 and thereafter, pending the com­ tw o shades o f steel, pearl and Belgian holly.
3. T ho variety o f weights o f bodies to bo reduced as far as is practicable.
pilation of data which is to be furnished by the Federal Trade
4. N o styles to bo produced in tho so-called staplo shapes in dimensions
Commission. These prices aro not f.o .b . shipppg point In excess o f 6-lncli crown, 3 )4 -inch brim . N o fancy or novolty shapos in
and aro to apply to sales made both to tho Government and oxcess o f 5 % -inch crown and 2 M -inch brim.
5. N o genuine loathers to bo used oxcocdlng in width 1 % -lnch unturned;
to the public. Tho prices follow:
no gonulno loathers with turned edges. N o im itation leathers oxcocdlng
Cents
Cents
Per Pound. in width lj^ -in ch turned.
Per Pound.
6. T h e uso o f linings to bo discouraged for spring soason o f 1919, and to
M ixed softs_______________________ 21)4Skirted cloth ripped from rough
cloth _________________________ 11)4
Bluo s o r g o ..___________________ 25
be discontinued for fall season o f 1919.
Skirted cloth, sorted from mixed
Brown sergo____________________32
7. On so-called staplo shapos in soft hats bands aro not to oxcoed 12 llgnos
Green sorgo_____________________ 32
hr width. On fancy or novelty shapos no band to oxceod 22 lignos in w idth.
Light skirted cloth ______________ 15 )4
R ed sergo------------------------------------28
Black and white skirted cloth ___17
Black serge____________________ 22
On b oth o f tho abovo, bands not to oxcoed 36 inchos in lougtli for a sixo
Fino light skirted cloth_________ 18J4 7 H hat. Tills figuro to include material used in bow . N o bindings ex­
W hite softs_____________________ 52
Brown skirted cloth _____________10
W hite flannels and serges______ 50
ceeding 10 lignes hi width to bo used on soft hats. N o bands oxcocdlng 12
Dark skirted cloth _______________8)4
White knits_____________________ 56
lignos hr width to bo usod on stiff hats. Bauds not to exceed 36 inchos in
R ed knits_________________________ 27ViBlack skirted cloth_____________10
Bluo knits m ixed-------------------------- 26)4 Bluo skirted cloth _______________ 10
length, including bow for size 7)4 hat. N o binding on stiff bass to exceed
Tan skirted cloth_______________ 25
Silver gray knits________________ 45
11 lignes hi width.
Light skirted w orsted__________ 25
Brown knits____________________32
8. N o leathers to bo draw-strung or laced. N o olastlcs, cords, buttons
Bluo skirted worsted___________ 21
Fancy knits_____________________ 21
Black skirted w orsted__________ 22
Black dressed knits____________ 30
or eyelots to bo used.
Brown skirted worsted_________ 23
Light hoods_____________________ 38
9. N o stickers to bo used in tho tips o f soft hats.
Light gray underwear__________ 16
Dark skirted worsted___________ 17
10. Six hats to bo packed in a carton wherever possiblo. (This does not
Wool carpets___________________10)4
Fine light m erinos______________32
Soft-back carpets__________________ 4'A mean that not m oro than ouo stylo m ay bo packed in a b o x .). In order
Fino dark merinos______________25
Coarse dark morinos with serges. 16
M ixed llnseys____________________4)4
that stocks in tho hands o f tho hat manufacturers and paper manufacturers
W hite llnsoy flannels____________ 7
Coarso light merinos with serges.24
bo fully utilized, no ono special color or design o f covering paper should bo
T h ib e t s .............................................2 8 ^ W ool bodies_____________________ 8%
Skirted ^.delaines___________________ 6J-j insisted upon b y any m anufacturer. It is suggested that whovovor possiblo
R ough cloth _____________________8 H




A ug . 31 1918.]

T H E C H R O N IC L E

uncovered chip board boxos be usod. If a covering paper i used i should
s
t
be unbleached.
11. Salesmen to carry only one sample trunk on the initial trip, and no
sample trunk on the duplicate trip each season.
12. Roundings to bo compressed in balos Instead of shipped in bags.
13. N o hats to bo made with turned over or turned under edges.
14. The amount of shellac usod to be reduced as far as i practicable.
s
15. The sale of ticket hats to be discouragod.
Ploaso report any materials that you have on hand which will bo affected
by theso recommendations, itemizing character and quantities.
C O N S E R V A T I O N DIVISION, W A R I N D U S T R I E S B O A R D .

PUBLISHERS OF TEXT BOOKS CALLED UPON TO
REDUCE PRODUCTION TO 5 0 % .
Tlio annual production of new school and college text
books is ordered reduced to 5 0 % in a circular issued to text­
book publishers by the Pulp and Paper Section of the W ar
Industries Board. In announcing the issuance of the cir­
cular the Board says:

855

2. Is tho above provision intonded to prevent an operator from employ­
ing a sales agent on sales of coal to the Government where such sales agent
receives as compensation for his services either a fixed price per ton or a
percentage of the selling price? In the determination of this question i
t
should be borne in mind that many coal operators do not maintain their
own sales departments, but employ established distributers of coal to act
as sales agents under term contracts, on which such sales agents undertake
to s l the output or a given quantity of the operator's coal for a fixed or
el
percentage compensation.
3. Is the above covenant to be construed to prevent any agency of the
Government from employing a distributer of coal as purchasing agent and
paying such agent the commission allowed by rule 2 of the rules and regu­
lations in reference to licenses contained in publication No. 22, inclosed
herewith?
4. Are contracts between coal operators and railroads to be construed as
Government contracts so as to require the insertion therein of the covenant
quoted above? In answering this question the fact should be considered
that a very large percentage of coal purchased by railroads in the past has
been purchased— ( at the Government price through Jobbers, who in turn
1)
purchase from the operators below tho Government price; ( ) at tho Gov­
2
ernment price from sales agents, who receive their compensation from the
operators; ( at the Government price through purchasing agents e m ­
3)
ployed by tho railroad and paid by the railroad the purchasing agent's
commission permitted by the above-mentioned rule 2.

The Pulp and Paper Section of tho War Industries Board has issued to a ]
l
publishers of toxt books a circular which provides, among other things,
that during tho war tho annual production of new school and coliego text
The Fuel Administration announces that the Attorneybooks shall be reduced to 50 % of normal or l s . It also advises that General’s ruling is contained in a letter dated A u g . 19, which
es
during tho war no change bo made in toxt books except whoro tho toxt
books, in use are clearly unsuited to the needs of tho schools. Tho c
ir reads as follows:
I have before m e your letter of July 20 on the subject of the covenant
cular follows:
against contingent fee operators which the President has directed to be
T o A l l P u b lis h e r s o f T e x t B o o k s:
l
The Priority Board of tho War Industries Board has listed paper mills inserted in a l Government contracts.
as an essential Industry, and has rated them in the fourth class for priority
You ask how far the requirement of tho insertion of this covenant i to
s
for coal on tho distinct understanding that a wastoful uses of paper shall bo observed in certain circumstances arising in the coal industry, and what
ll
bo eliminated and tho nocossary use be curtailed to tho minimum.
i effect will be i so inserted.
ts
f
P a p e r mills will bo put upon tho priority l s for coal conditioned upon
it
their signing a pledgo that they will furnish no paper to any consumer who
I have no hesitation in saying that the circumstances set forth in your
will not also sign a pledgo in duplicato that ho will oxerciso tho greatest f r t third and fourth paragraphs are within neither the letter nor tho spirit
is,
possiblo economy in tho use of paper and will obsorvo a l rules and regu­
i
lations of tho Conservation Division and of tho Pulp and Paper Section of the covenant.
of the War Industries Board. Theso pledges aro now boing prepared and
In the second paragraph you ask: "Is the above provision intended to
will bo furnished shortly. One copy will be loft on f l with tho mill and prevent an operator from employing a sales agent on sales of coal to the
io
tho other will bo sent to this o
ffico.
Government where such sales agent receives as compensation for his service
Tho following regulations nave boen mado by the Pulp and Paper Section
of tho War Industries Board for tho control of paper usod in tho production either a fixed price per ton or a percentage of the selling price?”
of a books of educational character, and aro to become offoctivo imme­
ll
The letter of the covenant and the President’ request i broad enough
s
s
diately:
t s
1 Prico l s s to bo substituted for cataloquos. Tho price l s s shall not unquestionably to include such a situation, but I i clear, when the at­
.
it
it
tendant circumstances are considered, that tho situation i not within the
s
contain inoro than tho t t e , authors, prices, grado for which tho book i
ils
s
s
intendod and 10 words of descriptivo mattor. Publishers with no salesman spirit either of tho President’ order or of the covenant. Rules and regu­
and who do tholr ontiro business by mail will be allowed to publish their lations have been promulgated relative to licenses for the distribution of coal
cataloquos in their present form.
and coke by which the compensation to be paid to sales agents i rigidly
s
2. N o now circular shall bo issued containing more than four pages N o
t
page I to bo over 8 H by 11 inches in siz . Circulars to bo printed in ono controlled. Manifestly i was not the intention of tho President in re­
s
e
color only and no coated paper to bo used oxcept whero illustrations aro questing tne insertion of this covonant to modify che policy or affect these
reproduced which in tho book i s l aro printed on coated paper. Circulars rules and regulations. The situation in tne coal industry i , therefore,
tef
s
which do not comply with theso conditions shall not bo reprinted
'
3. Tho return or consignment privilege shall not bo allowed excopt on outside the mischief which the covenant was Intended to cure, and unques­
tionably outside the President’ intent.
s
introductions, in which caso not over 2 0 % of the stock ordered m ay bo
returned. This does not apply to Stato depositories.
It i m y opinion, therefore, that the covenant has no relation to any'of
s
4. N o coatod paper shall bo used in tho printing of toxt books hereafter, the situations set forth in your letter.
excopt in cases whore coated paper i necessary to print work of such char­
s
Respectfully,
acter that i cannot bo properly printed on uncoatod papers- a of such
t
ll
exceptions to bo listed with the Pulp and Paper Section of tho War Industries
T. W. G R E G O R Y , A t t o r n e y -G e n e r a l.
Board.
5. Tho annual production of now school and college toxt books during
tho war shall bo reduced to 50% or less of the averago number issued arP
nually during tho five years preceding Jan 1 0918. Rovisions of old books REPORTS TO OIL DIVISION OF WAR SERVICE COM­
aro not considered as now books. Consideration will bo given to tho case
M ITTEE NOT INTENDED TO INTERFERE WITH
of publishers who havo had no output of new books or only a nominal
THOSE OF FEDERAL TRADE COMMISSION.
output for tho last five years. Consideration will also bo given to now
books made necessary or desirable by the exigencies of tho war.
The National Petroleum W ar Service Com m ittee, of which
6. l> !n n toxt-book publishersQshall usen paper heavier. than l tho followingNo f in !o h
or*
O^v Q
' o f o >l
.. .
„ •
■
®‘
Machi ne finish....... -25x38— 50 f Coated book f(as explained
A . C . Bedford is Chairman, made public the following letter
S. & S. C ... .......... 25x38— 60
in section 4)-------- 25x38— 70
English finish........ -.25x38— 60 Drawing paper.... .... 25x38— 70 received under date of A u g. 20 from the Oil Division of the
Eggshell finish........25x38— 60
United States Fuel Administration regarding the refusal of
Woights of binding boards shall bo reduced as much as practicable In
cases whore books aro filed under Stato laws, with an agreement to maintain certain oil companies to comply with tho request of the Fed­
woights of papers and boards, publishers aro authorized to continue using eral Trade Commission for reports and information.
tho prosont weights of paper and boards until such time as the pulp and
paper section or tho War Industries Board gets an agreement from tho
N e t o Y o r k , A u g u s t 20 1918.
authorities for tho publishers to substitute tho abovo standards
W e have received advices from tho Federal Trade Commission that cer­
7.
N o desk or examination copies aro to bo furnishod without charge,
tain o l companies, particularly in the Pacific Coast territory, havo refused
i
excopt such as are customarily sent by tho editorial department to news­
papers and periodicals for review. Tho plan to bo followed i that now a to furnish reports and information requested by tho Federal Trade C o m ­
s
part of the toxt-book law of California. Accompanying oach b l for ex­ mission upon the ground that a l such information in the future must be
il
l
amination copios, tho following statomont should bo usod- ‘As a war moas- furnished only to the Oil Division. This indicates complete misappre­
‘
uro, t i Pulp and Paper Soction of tho War Industries Board dooms i hension on the part of some portions of the o l industry.
lo
t
i
nocossary that a l examination copies bo sont billed on approval at 20%
l
It i true that the question of co-ordination and simplification of the
s
discount from l s pricos, transportation prepaid. If tho books aro reit
tainod, they aro to bo paid for at the pricos hif e ; otherwise they aro to bo activities of the Federal Trade Commission and of the Oil Division and the
ld
s
whonnc r o d i t M wilfbo given.”
°
l ™ b°on reachcd as to ; l
u °I,tlon‘ preparation of a new form of questionnaire i now under consideration
between the Commission and ourselvos; but the Oil Division has issued no
t
adopting bodios sliould^nako^nJrchaMo^in tox^^ooksfoxMp" whero Tho orders to i s licensees directing that reports or Information be furnished
books in uso aro cloarly unsuited to the needs of tho schools or whoro the only to tho Oil Division, i on any way interfering with tho proper activities
r
advanco in tho act of teaching or conditions brought about by tho war of the Federal Trade Commission. Our understanding with the C o m ­
do m and.
*
mission distinctly provides that there shall be no break in i s records, and
t
until a satisfactory plan i reached for securing reports and information
s
from o l companies different from that which has heretofore been employed,
i
“ CONTINGENT FEE COVENANT" NOT APPLICABLE it is our understanding and expectation that the activities of the C o m ­
mission in this direction will continue as heretofore.
TO COAL JOBBING CONTRACTS.
Will you please see that this expression of our views i given wide pub­
s
That tho so-called “ contingent-feo covenant,” directed licity throughout the industry?
Very truly yours,
by the President to bo inserted in all Government contracts,
U N I T E D STATES F U E L ADMINISTRATION,
is not applicable to tho coal industry is set forth in a com
OIL DIVISION.
munication to the United States Fuel Administration from
By N O R M A N B. B E E C H E R , C u s l
one.

T . W . Gregory, Attorney-General, according to an announce­
ment of tho Fuel Administration. In order to break up the
practice followed by many business concerns of negotiating
Government contracts through brokers or contingent-fee
operators, tho President directed tho insertion of a covonant
in all Government contracts prohibiting the practice. To
ascertain the influence of the covenant upon the salo of coal
tho Fuel Administration submitted to the Department of
Justice four interrogatories, as follows:

FUEL ADMINISTRATION'S ANNOUNCEMENT CON­
CERNING STABILIZATION OF OIL PRICES.
Supplementing the information furnished by the National
Petroleum W ar Service Com m ittee regarding plans to
stabilize oil prices and maintain output (referred to in these
columns Aug. 17, page 655), the United States Fuel Admin­
istration has issued the following:

A plan has Just been made effective through the co-operation of the
1 Whoro coal I purchased by a Jobber from an operator at a price bolow National Petroleum War Service Committee and United States Fuel A d ­
.
s
tho mino prico fixed by tho President or tho United States Fuel Adminis­ ministration that i Intended to result in stabilizing the price of crude pe­
s
trator, can such Jobber s i such coal to tho United States Government troleum both to large and small refiners and maintaining the flow of crude
ol
at t i inino prico so fixed? Of courso, in tho caso of such a salo tho Jobber o l in i s present channels. It i believed that the arrangement will prevent
lo
i
t
s
would bo tho “contractor" and not tho operator, and i would appear that any radical change in consumers’pricos of gasoline and other o l products.
t
i
tho profit roallzod by tho Jobbor might not be construed as compensation
Tho details are to bo handlod by committees on conciliation and for
paid by tho operator to tho Jobber for the procurement of tho contract.
I operation of the various producing f
ields. It has been tho custom of




T H E C H R O N IC L E

856

various refiners to bid against oacii other for crude production by paying
premiums in excess of the base rato for o l as established by the larger
i
pipo lino companies. This has resulted In tho diversion of o l from one
i
refinery to another and in many instances the payment of excessive prices
for crude o l It has led to considerable disorganization and for some
i.
mouths tho Fuel Administration has sought to correct theso practices.
Tho greatest difficulty arising from this situation was experienced in tho
mid-continont f old.
i
Mark L. Requa, General Director of tho Oil Division of tho United States
Fuel Administration, recontly met tho producers and refindrs of tho mid­
continent field in meetings at Tulsa, Okla., and Houston, Tox. As a result
of his suggestions tho producers and refinors named from their own m e m ­
bers committees to adjust any local dispute which, in tho event thoy were
unable to settlo, i was agreod would bo referred to tho National Potroloum
t
W ar Servico Committee. Should tho National Committee bo unablo to
adjust tho disputo referred to i then appeal may bo had to tho Fuel A d ­
t
ministration.
Tho plan provides generally for maximum premiums to bo paid for o l of
i
varying qualities in the various fields throughout tho United Statos. It
arranges, so far as i practicable, for tho flow of o l in existing cliannols and
s
i
assures protection as to price and supplios for small refiners. At tho samo
time i will prevent any radical change in consumers’pricos duo to tho com­
t
petition which has influenced such prices.
Tho Fuel Administration bolioves that by loaving tho settlement of a l
l
questions as to premiums and diversion of crude o l to tho voluntary agree­
i
ment of tho industry i s l tho harmonious relations botweon tho various
tef
interests will bo maintained.
It i believed this plan will assuro tho producer a satisfactory prico for his
s
o l tho independent refiner protection against tho higher bids of his com­
i;
petitor who would pay a greater promium and that tho flow of production
will bo maintained without interruption or chango. Thus tho o l industry
i
i contributing to tho war-work program by eliminating conditions which
s
havo arisen out of tho promium practice and through tho harmonious ad­
justment of such differences as havo existed in tho past.

LIMITATIONS UPON STORAGE OF BITUMINOUS
COAL BY INDUSTRIAL PLANTS.
Under date of Aug. 22, the U . S. Fuel Administration
reports that tho tromondously increasing demand for coal
for special war purposes in tho Eastern part of the country,
particularly for the N avy and Transport service, is making
it necessary to draw more heavily on the Eastern coal fields
than was oi'iginally contemplated. In order to decide how
best to secure this coal for these purposes with tho least dis­
turbance of tho coal supply moving to other industries, a
meeting, of all State Fuel Administrators east of the M is­
sissippi and also tho States of M innesota, North Dakota and
South Dakota, was hold in Washington on Tuesday, Aug. 20.
A t this meeting it was decidod that to accomplish the desired
residt it would be necessary to limit tho amount of coal stor­
age that industrial plants would bo allowed to accumulate
and to carry on hand and to fix a uniform amount for each
Stato. United States Fuel Administrator Garfield an­
nounced tho basic policy of the Fuel Administration as to
storago as follows:

(Vol. 107.

in writing disapprove tho extension granted by him. Othorwiso, i shall
t
stand subject to action of the Stato Fuel Administrator.
Any company or concern which i permitted under tho zoning regulations
s
now or hereafter in forco to obtain coal from I l n i , Indiana, Western
lios
Kentucky, or from mines west of tho Mississippi Rivor may retain such re­
serve stock of coal as I shall have on tho effoctivo dato hereof, on condition
t
that such company or concern shall thereafter uso screenings or mine run
only for i s current necessities, and shall obtain such screenings orrnino
t
run for current uso only from such last-mentioned f o d .
il3

DISCONTINUANCE OF SUNDAY USE OF
AUTOMOBILES, MOTOR CYCLES AND
MOTOR BOATS IN EAST.
As a gasoline conservation moasuro tho request has been
mado by the U . S. Fuol Administration that tho use on
Sundays of automobiles, motor cycles and motor boats bo
discontinued in tho United Statos oast of tho Mississippi
River until further notice. M otor vohiclos to which tho
restriction does not apply aro:
Tractors and motor trucks employed in actual transportation of freight.
Vehicles of physicians used in tho performance of professional duties.
Ambulances, firo apparatus, polico patrol wagons, undertakers’ wagons
and conveyances used for funerals.
Railway equipment using gasolino.
Repair outfits employed by tclophono and public servico companies.
Motor vehicles on errands of necessity in rural communities whoro trans­
portation by steam or electricity i not available.
s

Taxicabs or automobilos for hire are includod among tho
vohiclos to which tho Sunday edict applies. Only volun­
tary compliance with tho request will it is announced by
tho Fuol Administration provent tho issuance of a mandatory
order prohibiting tho uso of gasolino on Sundays. This
week’s action was takon by tho Fuel Administration, it
was stated, to meet a threatened shortage of gasolino for
shipment overseas, created by tho increased domestic de­
mands and extensive military operations in Franco. A
statement issued jointly by Administrator Garfield and
M ark S. Requa, Director of tho Oil Division of tho Fuol
Administration on Aug. 27 said:

The United States Fuol Administration considers i nccossary that a
t
limited conservation of gasolino bo undertaken in tho Statos oast of tho Mis­
sissippi River, in view of tho increasing demand for gasolino for war pur­
poses and tho paramount obliigation of mooting promptly and fully a l over­
l
seas requirements.
An appeal i mado, therefore, to tho peoplo of tho United States oast of
s
tho Mississippi River to oxorcise rigid economy in tho consumption of gaso­
line during tho next fow weeks as a nccossary and practical act of patriotism.
War necessities aro being and will continue to bo promptly and fully met,
but this i tho period of tho year when consumption of gasolino i at i s high­
s
s
t
est, and tho increased domestic demands, together with tho oxtonsivo
military operations in Franco, havo rendered necessary for a limited period
the adoption of safeguards against possiblo shortago.
In view of tho difficulty, i not tho impossibility, of differentiating be­
f
tween tho various uses to which automobiles aro applied, tho United Statos
Fuel Administration bolioves that tho greatest measure of economy can bo
Coal in excess of that required for current operations shall bo delivered effected with tho least interference with tho business of tho country through
to plants not on tho preference l s of tho W a r Industries Hoard only -when tho discontinuance of a l classes of motor vehicles, motor boats and motor
it
l
it i not in demand for uso beforo April 1 1919 by consumers on said l s ,
s
it
cycles on Sundays.
namely, railroads, tho Federal Government, States, counties, public
Tho United States Fuel Administration therefore requests that in tho sec­
uii
t l ties, retail dealers, or manufacturing plants on tho preference l s .
it
tion of tho United States east of tho Mississippi River there shall bo a dis­
In carrying out t l s policy, allowance shall bo mado for differences in dis­ continuance of uso of tho vehicles abovo spocificd, including a l such as
il
l
tance from tho mines and for differences in transportation conditions which aro operated for hire on each Sunday horoaftor until notification that tho
may require more or less storago at tho beginning of wintor to insure un­ need for such discontinuance has ceased.
interrupted operation until tho following spring.

Tho following report, framed by a committee of State
Fuel Administrators, aided by officials of tho Administra­
tion, was adopted by tho conference and concurred in by
D r. Garfield:
Tho maximum limits of storago indicated for tho sovcral Statos or par
of States defined hereafter aro as follows:
M A X I M U M N U M B E R DA Y S STORAGE BITUMINOUS COAL
,
A L L O W E D U N T I L F U R T H E R N O T ICE.
------------ S tea m C o a l -------------- I!u -P ro d u ct a n d G as C oa l —
N onP r e f’d
In d u s.

B n -P ro d .
& G as
P la n ts .

N onP r c f'd
In d u s.

After listing tho exceptions to tho roquost tho statement
makes an appeal “ to tho patriotic men and women of Amer­
ica east of tho Mississippi River to undertake voluntarily
additional conservation in tho operating of their own au­
tomobilos whorover possible.”
Following tho issuance of tho abovo, A . C . Bedford,
Chairman of tho National Potroloum W ar Servico Com­
mittee, and Chairman of th Board of tho Standard Oil
Company of Now Jersoy, gavo out tho following:

As a result of tho concerted effort of every factor in tho petroleum in­
dustry, there has been a substantial incroaso in tho production of gasolino
during tho past yoar. Appeals for tho conservation of gasolino havo also
0
90
120
90 • 30
Maine_______ -- 120
been heeded. It had, therefore, boon lioped that no unusual methods of
Mass., Vt., N. I .
I,
conservation would bo necessary. But war nccossitlos aro paramount and
0
60
90
60
30
90
NorthornN. Y__
must bo met.
0
45
20
75
45
Conn., Rhode Isl’
s.
75
It has so happened, liowover, that a tremendously Increased demand for
South’ N. Y..N.J.,
n
gasoline Incident to tho Increased and enlarged war activities on tho part
0
45
30
30
15
30
Del., Eastern I’
a.
of our own army and our a
llios in Europo has como at tho height of tho
Md., D. C., Va.,
season of greatost demand for gasolino for consumption in motor vehicles
N. C., S. C., Ga.,
in this country. Tho situation has been intensified by tho unusually fav­
0
30
45
30
15
Fla., West.Ohio30
orable weather conditions recently prevailing.
West. Pa., W . Va.,
This season i to tho gasolino industry what tho middle of winter i to tho
s
s
East. ICy.. East­
coal trado— i represents tho poak-load of consumption. This poriod of
t
0
45
30
20
15
30
ern Ohio______
peak-load, howovor, i not an extended ono, and tho precautionary meas­
s
0
60
60
45
20
Lower Michigan__
90
ures now taken as a safeguard against any possiblo shortago of gasolino
0
_
_
_
_
60
- 60
1 1 , Ind., M o ....
1.
for our war program need not necessarily bo of long duration.
Wis., Minn., N.D.,
Tho specific scheme of conservation for tho momont applies only oast of
..
0
90
90
S.D., UpperMich.
tho Mississippi River. Producers and refiners in tho territory west of tho
It i understood that theso limits aro mandatory and each Fuel Admin­ Mississippi aro now making a careful survoy of tho wholo situation, and
s
t s
istrator i expected to see that tho different classes of consumers aro not unless i i possiblo to obtain from them a sufficient supply of gasolino
s
t
allowed to oxcecd theso limits. At tho samo time, I i understood that i may bo necessary that within tho noxt wook or more tho schemo of con­
t s
servation shall bo applied throughout tho country.
particular cases may roquiro spocial treatment by a Stato Fuel Adminis­
Tho public should understand that tho solo purposo of this conservation
trator, either by way of granting more stocks of coal than aro indicated
s
l
l
by theso limits, or by restricting them to a less supply than Indicated by program i to supply a l war needs and a l essentials of domestic con­
sumption. There i not at prosont enough gasolino for a l war needs and
s
l
theso limits.
a l domestic purposes; therefore tho less ossontlal domestic requirements
l
Where a State Administrator decides that tho maximum limit should bo
exceeded in a special caso for some spocial reason, ho shall havo authority must for tho momont stand asldo. Under ordinary circumstances tho
to grant a revocable increase in writing for a specific added number of days. present output of gasolino would represent more than enough to tako care
Tho Administrator shall report each such specific caso in -writing immedi­ of tho normal requirements of this country and thoso countries which doately to tho United States Fuel Administration at Washington, which may pend upon us for their usual supplies.
P u b lic
U tilitie s .




P r e f'd
In d u s.

P r e f’d
In d u s.

A ug . 31 1918.]

T H E C H R O N IC L E

The situation i similar to that now prevailing with reference to sugar and
s
wheat; we have enough for our own uses, but not for ourselves and our
Allies, too. It i tho part, therefore, of every citizen to got behind this
s
program as a very dofinito step in winning the war.

On Aug. 29 the following statement as to the saving in
gasoline which would be effected through compliance with
the request for the restricted use of automobiles on Sunday,
was issued by M . L . Requa, Director of the Oil Division:
The request for this conservation applies only to the territory oait of
tho Mississippi River. In this territory there are 4,000,000 motor-driven
vehicles, of which approximately 200,000 are trucks. It i fair to assume
s
that tho remaining 3,800,000 motor vehicles, i run on Sundays, would
f
each use two gallons of gasoline; so that the saving to be effected, i ovory
f
motor used patriotically complies with the Fuel Administration’ request,
s
would be about 7,600,000 gallons. This would bo in addition to the
saving effected by the non-use of motor-boats; and in t v s connection i
li
t
might be well to state that the conservation request has no application to
those motor fishing boats plying at a necessary trade.
Motorists are requested to initiate overy means of conservation possiblo
in tho handling and use of gasoline and lubricating o l . The useless
is
operation of engines when the car i not in motion must be discontinued.
s
Extreme care must be exercised that gasoline and o l i not spilled; that
i s
leaks are not tolerated; and evaporation not permitted. Tho gasoilno
and lubricating o l user must realize that there i not an inexhaustible
i
s
supply of crude o l and he must appreciate tho fact that the need for i
i,
t
now oxceeds that of any previous time.
War needs must be first supplied. By conserving through tho non­
use of motor driven vehicles for a few Sundays and the exercise of care in
tho use of gasoline and o l during other days, there probably will bo no
i
necessity for more severe control.
If this program i followed to the oxtent that the Fuel Administration
s
believes I will be, a few Sundays will effect the desired conservation.
t

In answer to appeals which have been made to the Fuel
Administration for exceptions in special cases, the Fuel
Administration in a statement issued yesterday said:
The request made by tho Fuel Administration that pleasure riding be
discontinued on Sundays for the present in order to conserve our supply
of gasolino for war needs, was not intended to prohibit reasonable use of
gasoline driven vehicles as the means of necessary transportation, where
other means are not available.
Mr. Garfield believes that the public wi l construe tho request wisely
l
and Intelligently and will not use their autoombiles for other than tho
most necessary purposes.
The intention of the request i that a l mcro pleasuro riding bo elimi­
s
l
nated, but that necessary uso of tho automobiles be not interfered with.
Just what i pleasure riding and what i necessary use must bo determined
s
s
by the individual; keeping in mind always that we must havo additional
reserves of gasoline so that there may bo no possibility of delays in over­
seas shipments.
.
Tho United States Fuel Administration will not attempt to tabulate
automobile traffic on Sundays.

Elinor Thompson, Secretary of tho Automobile Club of
America, commenting upon the request of the Fuel A d minstration, was quoted in the New York “ Tribune” as
saying:
It was plain to be seen tho order was coming. There are statistics to
show that 3.7 gallons of gasoline are being consumed per day per car in the
United States. This i more than half the normal consumption
s
Naturally, the order will be met in a friendly s irit. Tho club members
p
will bo urged to co-operate in every way
I might say, howover, that there
aro comparatively few high-grado automobiles in use on Sunday.
The farmer and workman will feel tho restriction more than others, be­
cause Sunday i practically their only time to motor. I havo been in touch
s
with hotels throughout tho country and have learned that tourist travel
has diminished since the United States entered the War.
Then, too, tho work or fight order resulted in hundreds of chauffeurs en­
listing or seeking other positions, with the result that many high pricos cars
havo boon standing idle in garages for want of a driver. W o conduct an
employment agency for chauffeurs, and practically a our requests now are
ll
for men over forty-five years of age.

As indicating the effect of tho discontinuance of Sunday
motoring in New York State tho New York “ Times” on
Aug. 28 said:
On June 1 last there were 421,084 automobiles licensed in tho State of
N e w York. A conservative ostimato i that, i a l of these cars were run
s
f l
on Sunday, thoy Would consumo fivo gallons of gasolino each or a total of
2,105,420 gallons. Including taxicabs, there aro 192,432 registered motor
cars in tho City of N o w York. If a l these cars Were operated on Sunday,
l
and each averaged a consumption of fivo gallons of gasoline for tho day,
they would altogether consumo 962,160 gallons of gasoline on any one
Sunday. In the whole country there aro 5,500,000 automobiles. If a l
l
were operated on Sunday on tho basis of fivo gallons for each car, the
gasolino consumption would reach tho stupendous total of 27,500,000
gallons. Those figures aro, of course, extreme, but give an idea of the
possibilities of gasolino saving.__________

OUTPUT OF AUTOMOBILES IN LAST HALF OF
LIMITED TO 2 5 % OF 1917 OUTPUT.

1918

857

ises concerning production of passenger automobiles after
D ec. 31 1918, but reiterates its previous request that all
plants get on a war-work basis before the end of the year.
In its announcement of the agreement the Board said:
Bernard M. Baruch, Chairman, and representatives of various divisions
of the War Industries Board reached yesterday a satisfactory conclusion of
their negotiations with representatives of tho automobile industry, con­
cerning the curtailment to be effected in the production of passenger
automobiles.
The meetings in which the agreement was reached were characterized
by complete harmony, Messrs. Hugh Chalmers and Albert Reeves, repre­
senting the industry, accepting without hesitation or reservation the cut
suggested as one imperatively required by the domands of tho Govern­
ment’ war program, particularly for s eel, iron, coal and labor.
s
t
The agreement was expressed in a letter addressed to the National
Automobilo Chamber of Commerce and signed by Alexander Legge, Vice­
Chairman; Edwin B. Parker, Priorities Commissioner; J. L. Replogle,
Director of Steel Supply; and George N. Peek, Commissioner of Finished
Products of the War Industries Board, who served as a committee with
f l powers to act for the Board in the automobile negotiations.
ul
In effoct the agreement provides that no manufacturer of passenger
automobiles shall produce in the second half of this year more than 2 5 %
of tho number of cars produced by him in the entire year 1917. To effect
this production, tho War Industries Board will extend preference treat­
ment to automobilo manufacturers in the matter of obtaining the materials
they require to “match up” the stocks now in hand, upon condition that
tho manufacturers subscribe to the pledges required by the Priorities Di­
vision of tho Board. There i a further condition that, in evening up
s
their stocks and completing the cars now in process of manufacture, plants
that have an excess supply of steel shall turn over to other plants that can
uso i such steel as may bo required to complete their production and i not
t
s
needed for war work.
Concerning the production of passenger automobiles after Dec. 31 1918,
tho representatives of the Board were able to make no promises. Because
of tho great requirements for iron, steel and coal in tho war program, the
members of the Committee again urged the members of the automobile
industry to make a l possible haste in converting their plants so that they
l
may bo used for direct or indirect war work.
Tho investment in the industry in 1917 was roundly more than a billion
dollars. It was tho feeling of the Board that an industry of this magni­
tude demanded a l tho assistance ;hat could be legitimately given in en­
l
abling i to clean up i s stocks, and the representatives of the industry
t
t
expressed their -willingness to place themselves on the same basis of business
sacrifice that i demanded of other industries In this period when the needs
s
of tho Government precede a l others.
l
Tho following i tho text of the l t e :
s
etr
NATIONAL AUTOMOBILE C H A M B E R OF C O M M E R C E ,
7 E a s t F o r ty -s e c o n d S treet, N e w Y o r k C ity .
G en tle m en .
Supplementing our letter to you of tho 9th Inst., we beg to
adviso that wo havo now received most of the reports embodying the data
and information which we requested you to furnish us, and have given
these reports careful study and consideration. From them i appears that
t
the stocks of raw materials and of semi-finished materials in the hands
of manufactureres of passenger automobiles, while large, are greatly un­
balanced, with tho result that these large stocks, aggregating approxi­
mately 8150,000,000, cannot be liquidated until they have been “matched
up” with other materials necessary to manufacture the completed cars.
The conclusion has been reached that i i in the public interest, as well
t s
as in the interest of your industry, that i be assisted as far as practicable,
t
without interfering with the war program, i the liquidation of i s stocks
n
t
now on hand; and to that end tho Priorities Division of the War Industries
Board will accord a degree of preference designed to accomplish this result
to a l manufacturers of passenger automobiles who will subscribe to a pledge
l
to be prescribed by the Priorities Commissioner embodying in substance
the following;
( That tho manufacturer will limit i s purchase of materials, equip­
1)
t
ment and supplies to such as are absolutely necessary to match up i s
t
stocks now on hand.
( ) That i s production of passenger automobiles, and a l repair parts
2
t
l
t iorofor, shall not for tho six months ending with Dec. 31 1918, exceed
l
2 5 % of i s production for the calendar year 1917.
t
( ) That i will conserve and economize in every possible way i s stocks
3
t
t
of iron and steel and their products now in i s hands, or that may come
t
into i s possession, and will release on request of the War Industries Board
t
to such other manufacturer of passenger automobiles as may bo designated
by tho said Board such of i s stocks as can be utilized by such other manu­
t
facturer and which aro not required by i for either tho limited production
t
above specified or for war work.
( That i will from time to time render such reports of i activities
4)
t
ts
under oath or otherwise as may be called for by the War Industries Board.
Tho AVar Industries Board will, in carrying into effect tho terms of tho
pledge heroin provided for, uso as a basis, as far as applicable, the sworn
reports recently rendered i in pursuance of i s request.
t
t
In justico to the passenger automobile industry wo feel again impelled,
as tho situation appears to us now, to frankly repeat our statement to you
of Aug. 9, that tho urgent war requirements for iron and steel are so great
that the probability of your industry procuring iron and steel after Jan.
1 1919, for tho manufacture of passenger automobiles i so uncertain that
s
we again urge the members of your industry to as rapidly as possible
utilizo your facil t e for the production of direct and indirect war require­
iis
ments, not only in the interest of the nation but in the interest of your in­
dustry i s l . In such effort the members of your industry will have the
tef
active and whole-hearted co-operation of this Board.

Tho production of passenger automobiles and repair
parts during the last six months of 1918 is to be limited to
CONFERENCE OF STEEL MEN TO CONSIDER
2 5 % of the total production in 1917 under an agreement
INCREASED STEEL OUTPUT.
reached between manufacturers and representatives of tho
The question of increased steel production to meet war
W ar Industries Board, according to an announcement requirements was discussed in this city at a meeting at the
made by the latter on Aug. 25. To permit this production Waldorf on Wednesday of representatives of the important
the Board gave notice that it will extend preferential treat­ steol companies various labor problems were among the
ment for obtaining materials necessary to “ match up” the matters given consideration. A t the conclusion of the
stock on hand. Plants having an excess of steel on hand conference Judge Elbert H . Gary, Chairman of the Com ­
after completing the permitted construction, according to mittee on Steel and Steel Products of the American Iron
the terms of the agreement, will be required to turn over and Steel Institute, issued the following statement:
tho supply to other plants. The agreement is expressed
Tho iron and steol meeting to-day was attended by representatives
in a letter to the National Automobile Chamber of Com ­ of all the principal manufacturing concerns. There was considered the
merce, in which the Board rofrains from making any prom­ question of securing the largest possible production of steel for mlitary




necessities.

With other matters was discussed various labor problems.

858

T H E C H R O N IC L E

After careful deliberation the whole subject matter, by unanimous
vote, was referred with power to a committeo composed of the members
of the presont General Committeo of the American Iron & Steel Institute,
as follows: E. I Gary, Chairman; James A. Farrell, E. A. S. Clarko,
I.
C. M . Schwab, John A. Topping, E. G. Grace, Willis L. ICing, A. C.
Dinkey, .. A. Burden, James A. Campbell, L. E. Block, I . G. Dalton
1
I
and A. F. Huston.

Those attending the conference included most of the
members of the Institute’s Steel Committee, and tho fol­
lowing: E . S. Thomas, President of the Brier Hill Steel
Company; Waddill Catchings, Chairman of tho SlossSheffield Steol and Iron Company; James Bowron, Presi­
dent of the Gulf States Steel Company, and Leonard Peckitt,
President of tho Empire Steol Company.
Tho W ar Industries Board was not represented at the
meeting. A conference between the steel interests and
tho Board was held in Washington last week, as indicated
in these columns Aug. 24, page 759.

RULES FOR REFRIGERATOR MAKERS FOR CONSER­
VATION OF IRON AND STEEL.
Tho discontinuance of the use of iron or steel by manu­
facturers of refrigerators wherever it is practicable to adopt
a substitute has been requested by the Conservation Division
of tho W ar Industries Board in a letter submitted to refrig­
erator makers outlining a program of conservation. Among
other things, this program proposes the discontinuance of
all-steel or all-porcelain refrigerators and tho uso of wood
for exteriors; likewise the discontinuance of the manufacture
of metal water coolers. In its letter tho Conservation
Division of tho W ar Industries Board says:
W a s h in g t o n , A u g . 16 1918.
To the M a n u f a c t u r e r s o f R e fr ig e r a to r s :
It i of primary importance in tho present emergency that tho country’
s
s
resources be used to full advantage, and that wo husband our supplies
of materials, equipment and capital to aid in carrying on tho war. Tho
Conservation Division i making an inquiry to loarn what savings the
s
refrigerator manufacturing industry can effect, and how tho amount of
capital invested in manufacturers’ and merchants’ stocks can bo reduced.
This i in accordance with plans that aro being put into effect in numerous
s
industries.
Tho division has been advised that refrigerator manufacturers aro offering
a greater variety of grades, stylos and sizes than i necessary to meet tho
s
essential requirements of tho civilian population in timo of war, and that
i would bo entirely practicable to effect a substantial reduction. It i
t
s
stated, furthermore, that some manufacturers aro now offering styles of
refrigerators and water coolers which consume a larger quantity of steel
than i necessary or desirable at tho present timo. By reducing tho variety
s
and discontinuing these unnecessary features, tho amount of capital in
manufacturers’ and merchants’ stocks can bo substantially reduced anti
important savings effected in steel and other war materials.
Tho division particularly requests manufacturers to discontinue using
iron or steol wherever i i practicable to adopt a substitute. It i impera­
t s
s
tive that tho uso of steel bo confined to strictly war industries, except whero
i i required to meet tho essontial demands of tho civilian population.
t s
Steps havo already been taken to insure an increased production of sheet
zinc, and manufacturers of refrigerators should utilize this metal to re­
place iron or steol whorever possible. Experts havo advised that tho uso
of plain sheet zinc for this purposo i perfectly sanitary. A satisfactory
s
process for applying enamel on sheet zinc has also been developed. The
division will gladly aid any manufacturer witii detailed information on
this point.
It i , furthermore, oxtromely important that manufacturers curtail their
s
consumption of block or pig tin and tin oxide. W o aro entirely dependent
upon oversea shipments for our supplies of this metal. Considerable
hazard i involved in i s importation and largo quantities aro required for
s
t
our war program. Laboratory and manufacturing tests aro now being
mado to determine whether larger savings than provided for by tho in­
closed program can bo effected. Tho division will welcomo suggestions
from manufacturers.
A program of conservation,which has been drawn up, i being submitted
s
to each refrigerator manufacturer. A copy i inclosed. This program
s
will bo mado effective unloss substantial reasons aro immediately presented
to show that by some modification tho needs of tho Government can bo
met moro effectually. If you can send us any suggestions whereby greater
economies can bo brought about, wo shall bo glad to recoivo them. Will
you please acknowledge this letter promptly, assuring this division of your
co-operation?
Yours very truly,
C O N S E R V A T I O N DIVISION, W A R I N D U S T R I E S B O A R D .

[Vol. 107

5. Tho manufacture of all-steel or all-porcolaln rofrigorators to bo dis­
continued and wood used for a l exteriors.
l
6. Tho manufacture of metal water coolors to bo discontinued.
7. Tho manufacture of refrigerators with double lids to bo discontinued.
8. Tho use of iron or steel to bo restricted to ico racks, flues and drain
pipes, porcelain linings and shelves, wiro for shelves, nails, screws and
trimmings. Sheet zinc to be used wherever practicable.
9. Tho use of pure tin for tinning shelves to bo discontinued and an alloy
containing not moro than 60% tin substituted.
10. Solder for galvanized parts to contain not moro than 45% tin. For
zinc parts not moro than 50% tin.
11. Tho manufacture of removable shelves may bo continued, but these
aro not to bo adjustable for height.
12. The uso of galvanized iron for covering tho under side of tho ico
chamber supports to be discontinued.
13. Each manufacturer to submit to this division a l s of styles and sizes
it
(outside measurement, height, width and breadth) that ho will continue
to manufacture.
_______________________ _

PRESIDENT WILSON APPROVES CONTINUANCE OF
PLATE AND SHEET ZINC UNTIL JA N U A RY.
The maximum base price of 14 cents f. o. b . plant for
plate zinc and 15 cents a pound for sheet zinc is to bo con­
tinued on deliveries from Sept. 1 191S to Jan. 1 1919.
Tho
prices aro subject to the usual trado discounts and oxtras
or differentials which were in effect Feb. 1 1918.
Approval
by President Wilson of these prices until January next was
announced as follows by tho W ar Industries Board on Aug.
24:
Tlio President has approved an agreement mado between tho producers
of sheet and plate zinc and tho Price-Fixing Committeo of tho W a r Indus­
tries Board (after investigations by this committeo in conjunction with tho
Federal Trado Commission as to tho cost of production),that tho maximum
base price of 14 conts per pound f o. b. plant for plato zinc and 15 cents
.
per pound f o. b. plant for sheet zinc, shall bo continued on dolivorics from
.
Sept. 1 1918 to Jan. 1 1919, subject to tho usual trado discounts and oxtras
or differentials that were in effect Fob. 13 1918. Thoso discounts and
extras shall bo effective on a l contracts oxecutcd between Feb. 13 1918 to
l
Jan. 1 1919. Sheet zinc shall bo considered as Including a l gauges of onel
eighth inch thickness and less and plato zinc as Including a l gauges thicker.
l
Tho conditions aro as formerly: First, that tho producers of plato and
shoot zinc will not reduco tho wages now bolng paid; second, they will
s i to tho Allies, to tho public, and to tho Government at tho same price;
ol
third, that they will take tho necessary mcasuros, under tho direction of
tho W ar Industries Board, in tho distribution of plato and shoct zinc to
prevent i from falling into the hands of speculators, who might increase
t
tho prico to tho public; and fourth, that they pledge themselves to exert
overy effort necessary to keep up tho production of plato and shoot zinc
so as to insuro an adequate supply as long as tho war lasts.

PRICE FOR GRADE A ZINC CONTINUED AT

12

CENTS.

Tho maximum baso price of 12 conts per pound f.o .b .
East St. Louis for grade A zinc, which had previously been
in force until Sept. 1, has been continued until Jan. 1. Tho
price at point of delivery is to bo tho East St. Louis prico
plus the freight from East St. Louis to point of delivery.
Announcement of this was mado by tho W ar Industries
Board A u g. 24 . The conditions aro as formerly, viz.:
First, tho producers of Grado A zinc will not reduco tho wagos now being
paid; socond, that they will s l to tho Allies, to tho public and to tho G o v ­
el
ernment at tho same price; third, that they will take tho necessary moasuros ,
under tho direction of tho War Industries Board, in tho distribution of
Grado A zinc to prevent i from falling into tho hands of speculators who
t
might increaso tne prico to tho public; and, fourth, that they plodgo them­
selves to exert overy effort necessary to keop up tho production of Grade A
zinc so as to insuro an adequate supply so long . s tho war l s s
a
at.

AGRICULTURAL LIM E PLACED ON ESSENTIAL LIST
BY WAR PRODUCTS BOARD.
Announcement has been mado that at tho request of tho
Secretary of Agriculture, tho W ar Priorities Board has placed
agricultural lime in preferred classification in tho matter of
fuel supply as well as in tho matter of transportation. Tho
announcement printed in tho “ Official Bulletin” A u g. 23
says:

Secretary Houston acted upon tho recommendation of the Agricultural
Advisory Committeo, wldch was in session in Washington last wook. Tho
committeo declared that production and distribution of pulverized limostono
and burned lime for agricultural purposes should bo doclared essential in
Tho following was enclosed with the above:
tho production of food and other war necessities, both indirectly through
tho clovers and directly through many staplo crops, such as wheat, corn
C O N S E R V A T I O N DIVISION, W A R I N D U S T R I E S B O A R D .
and cotton.
W a s h in g t o n , D . C .
Tho action of tho War Priorities Board should bring relief to farmers.
S c h ed u le f o r M a n u f a c t u r e r s o f H o u s e h o ld R efr ig e r a to r s .
1. N o manufacturer i to add any now patterns or stylos to his line Reasons given by tho Agricultural Advisory Committeo for urging that
s
lime be placed on tho preference l s were that tho prices of limo and limoit
during tho war.
2. Each manufacturer to reduce tho number of grades in his lino to not stono aro now very high, that they were advancing before tho war on account
moro than two. Grade one— This lino to consist of high-grado refrigerators of tho newly created demand on tho part of farmers, and that now the high
lined with sheet metal, porcelain, opal glass, stono, monolithic or other cost of labor and fuel has mado further hoavy increase. Inability to securo
substances, not more than two of these linings to bo used in this grado by delivery by transportation lines, together with a groat advanco in tho cost
s
each manufacturer. Grado two— This lino to consist of cheaper grado of material, i limiting tho liming of land to a serious dogreo, tho committeo
refrigerators, lined with sheet metal, either plain or enameled. N o other said. Tho limited coal supply and danger of actual coal shortago was do­
clared to bo a furthor serious handicap to tho lime supply.
kind of lining to bo used.
3. Each manufacturer to restrict his lino of grado one refrigerators for
The full text of tho Advisory Committee’s recommendation
tho domostic wholesale and retail trado as follows: Single-door, lid-top to tho Secretary of Agriculture is as follows:
icing, four sizes; three-door, front icing, three sizes; four door, front icing,
W o beliovo that hunger throughout tho European countries i a thing to
s
threo sizes; apartmont-liouse style, four sizes.
4. Each manufacturer to restrict his lino of grado two rofrigorators for bo greatly feared during tho coming years, and tho eastern half of tho
United States must do much in saving the situation. In a great part of
tho domestic wholesale and retail trado as follows: Singie-door, lid-top
s
ol
icing, four sizes, plain and enameled lining; three-door, front icing, threo this area production i hampered by s i acidity, which can bo corrected only
o
sizes, enameled lining only; four-door, front icing, ono size, enameled lining by plentiful uso of limo. Mooting tho limo deficiency of thoso s ils should
is
only; two-door, apartment-house stylo, four sizes,, onamoled lining only; bo our f r t consideration. Experiments running through long terms of
years at various experiment stations and tho oxporienco of thousands of
household ice chest, four sizes, plain lining only; grocers’ ico chest, two
practical farmers indicate clearly that our acid soils will not produco tho
sizes, plain lining only.




A ug . 31 1918.]

clovers unless limo i supplied. There l a also been fu l demonstration
s
is
l
of t i fact, both by experiment station and repeated farm practice, that
lo
many staplo crops can not profit rightly from applications of f r ilizers
et
until tho limo requirement has been met. The prices of lime and limostono
now aro very high. They wore advancing bofore tho war on account of
the newly created demand on tho part of farmers, and now the high cost of
labor and fuel l as made further heavy increase. Inability to sccuro deliv­
i
ery by transportation lines, together with tho groat advance in tho cost of
material, i limiting the liming of land in a serious degroo. A limited coal
s
supply and danger of actual coal shortage i a further serious handicap to
s
tho limo supply.
W o bolievo i to bo just as important to deliver limo or limestone to tho
t
farmors quickly as i i to deliver most other war necessities. W o bolievo
t s
that wo aro justified in asking that tho railroads, under tho Director-Gen­
eral, make a spocial freight rato less than that now prevailing, and overy
possible improvement in tho transportation of agricultural limo should be
made. Manufacturers should be oncouraged to put low-priced pulverized
on tho market, and these should bo delivered to buyors without any undue
dolay. Manufacturers of lime should bo supplied a l tho fuol that they can
l
proporly use in tho production of agricultural limo, and their shipments
should go forward as promptly as other essentials. There should bo assur­
ance that material for now plants will bo provided and forwardod promptly
when such plants aro necessary for an adequato supply of agricultural
limo. If supplios of limo and limestono can not be secured by farmers
promptly, and at prices that will oncourago their freo use, tho Government
should rogulato tho whole businoss for the public good. This oxtromo course
should not bo takon until tho transportation and fuol factors havo been taken
care of by tho Government and tho f l energy of tho United States Depart­
ul
ment of Agriculture has been expanded in propaganda to securo tho liming
of our s i s
ol.
S h o u ld B e D e c la r e d E s s e n tia l.

Whereas tho Advisory Committco of tho Department of Agriculture and
tho Food Administration fully indorses tho abovo statement of tho agricul­
tural lime situation; and
Whorcas i i our conviction that this statement i backed by tho United
t s
s
Statos Department of Agriculture, by many Stato experiment stations, and
by ropoated experience of many practical farmers:
R esolv ed , That tho production and distribution of pulverized limestono
and burned limo for agricidtural purposes should bo declared essential in
tho production of food and other war necessities, both indirectly athrough
tho clovers and directly through many staplo crops, such as wheat, corn,
and cotton; and
R eso lv ed , That our Government should do everything in i s power to
t
further such production and distribution by placing agricultural limo in
preferred classification in tho matter of fuel supply as well as in transporta­
tion.

It is further announced that subsequently tho cominittoo
voted thanks to tho Secrotary of Agriculture for his prompt
action in securing tho placing of agricultural limo on tho
proforonco list of tho War Priorities Board, and requested
that tho ruling*to that effect bo mado public, together with
tho resolution previously adopted by tho committco.
E L E C T R I C A L JOBBERS A N D M A N U F A C T U R E R S
ON P R E F E R E N T IA L L IST .

It was mado known by tho W ar Industries Board on Aug.
22 that electrical jobbers and manufacturers had beon placed
on tho preferential list for priorities on condition that they
limit thoir output to essential products and undertake to
soo that such products aro dovotod solely to essontial uses
as that term may bo defined from time to time by tho Pri­
orities Division. W o givo tho announcement herewith:’
At a hearing before tho Priorities Commissioner and other representatives
of tho W a r Industries Hoard, tho War Service Committee, representing
electrical jobbors, presented their claims for preferred treatment to main­
tain t i l stocks for general distribution.
lcr
As a rosult of tho hearing, tho Priorities Commissioner announced that
manufacturers of eloctrical apparatus and supplies will be accorded a
degree of preference for their materials to enablo thorn to operate, con­
ditioned upon their pledging thcmsolvos to limit their output to essontial
products and undertake to sco that such products aro dovoted soly to
essontial uses as that term may bo defined from time to time by tho Pri­
orities Division. Tho manufacturers must bo relied upon to police their
own industry and also in a measure to polico jobbors, distributors and retail
dealers.
It I boliovod to bo in tho public interest that jobbers should bo permitted
s
to maintain reasonable stocks from which Government agencies, war
industries, and tho civilian population may draw for thoir noccssary essential
requirements; provided tho jobbers will plodgo thcmsolvos to rigidly restrict
tho use of a l stocks to solely ossontial uses and to reduce to an absoluto
l
minimum both jobbing and retail stocks. Tho jobbers will bo roliod upon
to polico thoir own industry and that of tho retailors. Any jobbor or
retailor violating tho pledgo will be cut off from procuring further supplies.
M A N U F A C T U R E R S OF L I M E P L A C E D O N P R E F E R E N C E
L I S T B Y P R I O R I T I E S D I V I S I O N - P L E D G E OF
MANUFACTURERS.

In a circular to manufacturers of lime, just made public
by Edwin B . Parker, Priorities Commissioner of tlio W ar
Industries Board, it is announced that the decision has been
reached that tho commodity is in part a war industry and
that tho Priorities Division will receive tho application of
any manufacturer of lime for a placo on tho preference list.
W ith thoir application tho manufacturers aro asked to includo a plodgo of co-operation. Tho following is the circular
in its ontiroty:
Circular No. 9.
W A R INDUSTRIES BOARD,
Priorities Division.
T o a ll M a n u f a c t u r e r s o f L im e :

Sinco tho confcronco between your representatives and t i undorslgned,
lo
with other representatives of tho War Industries Board, caroful considera­
tion has been given to the several problems then considered, and a decision




859

THE CHRONICLE

has beon reached that yours i in part a war industry, in view of the showing
s
you have made that your commodity i used in many manufacturing pro­
s
cesses producing war materials and in operations carried on directly and
indirectly by the war agencies of tho Government. In the opinion of tho
Board your industry i also, in part, one of national importance, in that, to
s
a limited extent, your product i used in f l i g non-deferrable and essen­
s
iln
t a civilian requirements, especially in connection with s i rehabilitation.
il
ol
Tho Priorities Division will receive tho aplication of any manufacturer
of limo for a place on the preference l s . It w ll, in every case, take into
it
i
consideration tho situation of sucli manufacturer, the amount of i s direct
t
and indirect Government business, and the uses to which the remainder of
i s product i being devoted.
t
s
With i s application such manufacturer should include i pledge of co­
t
ts
operation in the form following:
“ P r i o r it i e s D iv i s io n ,

W a r I n d u s t r ie s B o a rd ,

W a s h in g to n , D . C .:

“The undersigned hereby pledges it e f not to use, nor so far as l e within
sl
is
i s power permit to bo used, any products of i s manufacture now i or
t
t
n,
which may hereafter come into, i s possession or control, save, ( ) for essen­
t
a
t a usos as that term has been or may bo defined or applied from timo to
il
timo by tho Priorities Division of tho War Industries Board; or (b) under
permits in writing signed by or under authority of such Priorities Division;
that i will make no sale or delivery of such products to any customer for
t
resale until such customer has filed with i a similar plodgo in writing, and
t
that i will uso i s utmost endeavor to insure that i s products shall be dis­
t
t
t
tributed solely for essential uses,”
Any manufacturer who has already made application for place on the'
proforonco l s should send in i s pledgo of co-operation in the foregoing
it
t
form and mention tho fact that application has previously been forwarded.
In addition, such manufacturer must send each month i reports on
ts
forms which i will securo from tho Building Materials Section of tho W a f
t
Industries Board, showing tho deliveries and uses made of i product dur­
ts
ing tho preceding month.
Tho pledge to be given such manufacturer by i s customer who purchases
t
for resalo should bo addressed to each manufacturer and bo in the follow­
ing form:
“T o ------------------ .
“City of--------- ,
“Stato of---------.
“Tho undersigned hereby pledges it e fnot to uso, nor, so far as l e within
sl
is
i s power, permit to be used, any limo of your manufacture now in or which
t
may hereafter come into i s possession or control, savo ( ) for essential
t
a
uses as that term has been or may bo defined or applied from timo to timo
by tho Priorities Division of the War Industries Board; or (b) under permits
in writing signed by or under authority of such Priorities Division; and fur­
ther that i will make no salo or delivery of such limo to any customer for
t
resalo until such customer has filed with tho undersigned a similar pledgo
In writing, and that i will report to you monthly dispositions mado diming
t
tho provious month of such limo.”
Any manufacturer whoso plant now i , or in future shall be, exclusively
s
dovoted to manufacturing products being or to bo absorbed directly or in­
directly by tho Government, or in other uses of essential importance, and
whoso requirements and output bear proper economical relationship to each
other, will bo placed upon the preference l s , upon condition, however,
it
that such manufacturer shall observe i s pledgo of co-operation and the
t
rulings of the Priorities Division.
Such manufacturer should scrutinize with great caro orders which are
offered i for i s products for uses not directly sanctioned by tho Govern­
t
t
ment but represented to be of indirect war value or to bo of value to agri­
cultural lands. M a n y such uses which would normally bo quite unobjec­
tionable can and should bo deferred under present conditions. Manufac­
turers and dealers are in a position to contribute and aro expected to con­
tribute substantially to such a result.
Tho United States Fuel Administrator has very recently in unequivocal
terms stated that “tho country needs now— and for the whole period of the
war will need— more coal than i can possibly produce and transport.”
t
Tho necessity for conserving fuel i therefore imperative, and to that end i
s
t
i necessary to substantially curtail tho production of non-war industries
s
and that portion of tho production of war industries dovoted to non-war
uses. It i also important that no unnecessary burden bo laid upon the
s
transportation lines of tho country, that they m ay be free to render direct
and indirect war sendee. Labor must be released from non-war industries
to tho extent that i i required for war work. As far back as March 21
t s
1918 tho following resolution was unanimously adopted and given wide
publicity by tho War Industries Board:
“Whereas i has come to tho notice of this board that new industrial
t
corporations aro being organized in different sections of the United States
for tho erection of industrial plants which can not bo utilized in tho prosecu­
tion of tho war; and
"Whereas plans aro being considered by certain States, counties and
towns for tho construction of public buildings and other improvements
which will not contribute toward winning tho war; and
“Whereas tho carrying forward of these activities will involvo tho utiliza­
tion of labor, materials, and capital urgently required for war purposes:
Now, thoreforo, bo i
t
“ R eso lv ed b y the W a r I n d u s t r ie s B o a rd , That in the public interest a l now
l
undertakings not essential to and not contributing either directly or indi­
rectly toward winning the war, which involvo tho utilization of labor, m a ­
t r a , and capital required in tho production, supply, or distribution of
eil
direct or indirect war needs, will bo discouraged, notwithstanding thoy
may bo of local importance and of a character which should in normal timos
meet with overy encouragement; and bo i further
t
“R es o lv e d , That in fairness to those interested therein notice i hereby
s
given that this Board will withhold from such projects priority assistance,
without which now construction of tho character mentioned will frequently
bo found impracticable, and that this notice shall bo given wido publicity
that a l parties interested in such undertakings may bo fully apprised of the
l
difficulties and delays to which they will bo subjected and embark upon
them at their peril.”
It I believed that you may confidently bo depended upon to carry into
s
effect tho letter and spirit of this resolution so far as concerns your industry
and seo to i that your products are devoted solely to those uses which can
t
not in tho public interest be deferred until after tho war.
If in any given case the use proposed to bo made of the product of any
manufacturer shall be in connection with construction which has not been
defined as essential by the Priorities Division, but i ono which the proposed
s
user conceives to be in the public Interest and of such essentiality that even
under existing conditions i should not bo deferred, then such proposed
t
user may make a full statement of tho facts in writing under oath to the
regional representative of tho Resources and Conversion Section of tie
W ar Industries Board in his district, and apply to such representative for
I l approval of tho proposed construction. Should such regional repre­
ls
sentative approve the construction project, he shall promptly transmit the
application for a permit with his approval and reasons therefor to the
Building Materials Section of tho War Industries Board at Washington for
submission to tho Priorities Division, and i approved by said division a
f
construction permit will be issued by tho Building Materials Section.
Where a proposed purchaser of lime intends using during any ono year
exceeding one ton for the improvement of tho s i for agricultural purposes,
ol
then tho proposed user should make a full statement of the facts in writing
under oath, and present tho same to tho State official of the Stato where the
lands aro situated having supervision of agricultural production or so l con­
i
servation (usually the State director of extension). Should such official

860

THE CHRONICLE

[VOL. 107.

Few, i any, motion-picture plays containing mob or crowd scenes will bo
f
be of the opinion that the use proposed i essential to the maintenance of
s
f
the present producing capacity of the land in question or that i will directly produced in Los Angeles studios, according to producers, i a policy recontly
t
adopted by tho police department of Los Angelos i carried out.
s
or immediately increase its production of agricultural products, then such
The Police Department recently announced i s decision that appearing
t
official shall so certify, stating in such certificate the amount of lime which
iots, or wheat-pit panics was not work essential
the proposed purchaser i justified in so using, bearing constantly in mind in Roman mobs, modern r
s
(a) that a great amount of fuel i consumed in the manufacture of lime, and to tho winning of tho war, and that participation in a sham battlo for tho
s
films was not fighting in the sense intended by Provost General Marshal
that the necessity for conserving fuel as a war measure i imperative; and
s
(b) that as a war measure tho use of lime for agricultural purposes should as Crowder in his “work or fight” order. The police order was directed at
is
a rule be limited to such uses as aro calculated to produce direct and imme­ what tho profession termed "extras,” who wore hired by tho day, f r t by
diate results rather than results which will not manifest thomsolves until ono company and then by another, to provide “atmosphoro.” Most of tho
men thus employed were of the age and class included in tho polico order.
after tho war. A manufacturer or dealer in lime may s l to tho holder of
el
When tho f r t warning was not generally observed i was repeated, and
is
t
such certificate not exceeding the amount of lime named therein to be used
by way of emphasis about a hundred men waiting for employment at several
for agricultural purposes.
Tho instructions contained in this circular relating to the use of lime in studios within the city were arrested. Some of these were taken before
construction work shall not be so construed as to prevent the sale of small their draft boards, others allowed to look for more useful omployinont, whilo
quantities for the repair of or extension to existing structures, which re­ a number were held on vagrancy charges.
pairs or extensions involve in tho aggregate a cost of not exceeding $2,500,
nor to prevent tho sale of small quantities of lime for agricultural purposes
of not exceeding one ton to any one purchaser during any one year.
Yours, very truly,
S H O R T A G E OF 1,000,000
U N SKILLED
L ABOR ERS —
E D W I N B. P A R K E R , P r i o r i t i e s C o m m is s io n e r .
N E W L I S T OF N O N - E S S E N T I A L I N D U S T R I E S .
Washington, D. C., Aug. I 1918.

A circular similar to the above has been issued to cement
manufacturers, with whom an agreement was reached in
June, whereby they would be accorded preferential treatment
to secure a reasonable supply of fuel.

W A R I N D U S T R I E S BOARD H OLDS M O V I N G P IC T U R E S
AS ESSEN TIAL IN D U ST R Y .

Along with tho announcement by the Department of
Labor at Washington on Aug. 22 that a further curtailment
of non-essential production was planned to roloase men for
war work, it was stated that the fact that thoro is now a
shortage in war work of 1,000,000 unskilled laborers and that
tho reservo of skilled workers is exhausted developed at a
conforonce on tho 22nd, of field agents of the Federal Em ­
ployment Service. Confectioners and dolicatessen establish­
ments, cleaners and dyers, auto industry accessories aro
among the industries which tho Community Labor Board
of the U . S. Employment Service of tho District of Columbia
includes in non-essential war work. The Department of
Labor in announcing this on Aug. 22 said:

The tentative conclusion that tho moving picturo industry
is an essential one was reached on Aug. 23 by tho W ar
Industries Board following a hearing of moving picturo
interests before tho Priorities Commissioner and other
The Department of Labor authorizes tho following:
representatives of tho W ar Industries Board. The Board’s
The Community Labor Board of tho United States Employment Sorvice
conclusions were based on tho activities of the industry in of tho District of Columbia, acting in conformity with tho declaration or
the labor-recruiting program as prescribed by the Department of Labor,
supplying an educational medium and in furnishing “ a
declares as non-essential or non-war work tho unskilled labor employed in
wholesome and comparatively cheap moans of recreation.” tho Industries mentioned below in which male employees aro now working
f
s
Certain limitations aro placed on tho operation of tho in­ and on w h o m a formal notice will be served, i that courso i necessary.
dustry. Each member must pledge to discontinue all non­ Tho voluntary rcleaso of these men by their employers so that they may bo
transferred to war work i expected without such formal notico from this
s
essential production and eliminate all wasteful methods. board.
M e n who aro released from tho various non-essential Industries, as de­
Permits for the erection of now theatre buildings and equip­
ment for new theatres will be denied during tho war. M anu­ termined by this board, m ay apply at tho local office of tho United States
Employment Service, 1410 Pennsylvania Avenue N W „ whero thoy will
facturers aro to encourage tho ropair of existing machines bo given employment in essential war work.
Tho men at this time to bo released by establishments determined by
rather than tho purchase of now. The following is the
tho board to be non-essential aro tho laborers, porters, janitors and other
announcement of tho W ar Industries Board.
unskilled workers. This board has determined tho following industries
After a hearing before tho Priorities Commissioner and other represen­
tatives of the War Industries Board of the claims of a committee represent­
ing the entire motion-picture industry in a l i s branches from tho manufac­
l t
ture of tho film to tho projection of the picturo on tho screen tho following
conclusion, tentatively reached, are announced;
(1) To tho oxtont of tho activities of the industry in connection tho several
agencies of the Government, tho Red Cross, the Y. M. C. A., tho Knights
of Columbus, and other organizations actively engaged in war work, and
also to tho extent of i s activities in supplying an educational medium
t
and in furnishing to the great masses of tho peoplo a wholesomo and c om­
paratively cheap means of recreation, i should be, and i , recognized as
t
s
an essential industry.
(2) This, in common with practically overy other industry, embraces
some elements of non-essentiality, and each member of tho industry will
pledge himself to discontinue a l non-ossontial production and eliminate a
l
ll
wasteful practices, as these may from time to time bo defined by tho
War Industries Board.
(3) Permits for tho erection of now theater buildings and equipment of
new theaters will bo denied until we shall have won tho war.
(4) Some localities aro ovor-theatored, and where this condition oxists
no now theater will bo opened to replaco those rotiring from business.
(5) There i used in tho manufacture of films nitrato of soda, sulphuric
s
acid, camphor, acetone, wood alcohol, and lintors, a l of which aro needed
l
in producing explosives. Tho imperative necessity of economizing in tho
use of these materials i obvious. To that end, tho practice of taking a
s
number of negatives of a singlo picturo will bo discontinued, and In tho future
only ono negative will bo taken, save whero tho film i intended for export,
s
when tho number will bo limited to two.
(6) Films that are worn out or obsoleto and now carried in stocks will
bo “scrapped” and returned to tho film manufacturer to bo worked over
and reclaimed and used in tho manufacture of now films. In this way tho
drafts of tho film manufacturer on war materials will bo greatly curtailed.
(7) Tho studio directors will exercise the greatest care to insure that
only wholesome pictures aro produced.
(8) Manufacturers of machines for projecting tho picturo on tho screen
will bo given preference treatment for tho manufacture of sparo and ropair
parts of existing machines and should encourage in every possiblo way tho
repair and use of a l existing machinos rather than junking them and replac­
l
ing them with new ones.
(9) The manufacture of now tin containers and of iron boxes for packing
and shipping film will bo discontinued and substitutes used therefor,
in order that tin and iron m a y bo conserved.
(10) Thoso members of the industry, whatever tho nature of their
activities, will bo accorded a degreo of preference to enablo them to operato,
conditioned upon their rigidly observing tho rules and regulations which
will bo)prescribod by tho War Industries Board.

to bo engaged in non-essential work:
Builders and contractor inot engaged
Auto industry accessories.
in tho erection of structures for
Driver of pleasure cars— cleaning,
war work.
repairing, and delivery of same.
Dancing academies.
Sight-seeing cars.
Auto trucks engaged in work other Mercantile stores.
Florists.
than fuel or Government work.
Teaming, other than delivery of Fruit stands.
Junk dealers.
products for war work.
Livery and sales stables.
Bath and barber shop attendants.
Bowling alloys, billiard and pool Pawn brokers.
Peanut vendors and establishments.
rooms.
Shoo shining shops.
Bottlois and bottlo supplies.
Candy manufacturers, cigars and Window cleaners.
Soft drink establishments.
tobacco.
Soda fountain supplies.
Cleaners and dyers.
Clubs.
,
Confectioners and delicatessen estab­
lishments.
It may bo necessary for tho board to add to this l s from time to time.
it
Tho following i tho general policy of tho Department of Labor, under
s
which tho Washington board i operating:
s
“For tho purposes of tho centralizing war labor recruiting program ‘
war
work’means—
“I. Tho manufacture of products or tho erection of structures directly
or indirectly supplied to somo department of tho Government for uso in
connection with tho war. ‘
Indirectly supplied’ includes goods delivered
under sub-contracts to Government contractors.
”2. Coal mining i wholly war work.
s
“3. Railroads and farms aro engaged in war work to tho oxtent tnat under
this program they aro protected from a l recruiting by other industries.
l
“Tho making of products which may ultimately bo used for war purposes,
but which aro not to bo delivered either directly to tho Government or to
somo contractor wno uses them in producing or as a part of products to
be delivered to tho Government, i not considered war work.”
s

A t the conference of field agents of tho Federal Employ­
ment Sorvice on the 22nd, Nathan A . Smytho, Assistant
Director of the Employment Service, said:

Tho time has come for tho entire nation to realize tnat business as usual
i no longer possiblo. It i a question of winning tho war quickly and f ­
s
s
i
nally or having i drag on indefinitely to an indefinite end. If wo aro to
t
win tho war quickly tho production of luxuries and non-essentials in tnis
country must come to an end. Classification of what aro essentials at
tho present timo has brought tho War Industries Board to tho point where
definito action can bo taken.
W o aro faced with a condition which means a groat lesson to bo learned
by tho American peoplo. When tho peoplo know tho facts thoy will riso
to the situation. Tho force of public opinion must got tho country on a
On July 20 wo referrod, on page 227, to tho announcement completely war basis right away. Manufacturers must glvo Up tho
creation of needless goods, workers must bo willing to chango from non­
authorized by the office of Provost Marshall Goneral Crowdor essential to war production oven at hardship to themselves; tho puollc
that “ skilled men, including legitimate performers, engaged at large must stop buying luxuries and thereby mako tho problem of cur­
tailing non-essentials easier. Manufacturers must accept tho burden of
in the production and presentation of motion picturos, will developing untrained workers to tako tho places of skilled men who go to
not be placed in classes designated in the selective sorvice more important work.
Every man and woman must measure tho valuo of his or hor work only
regulations as being engaged in non-essential industries.”
as i counts towards tho winning of tho war. W o must bo ready to go as
t
W ith regard to a policy recently adopted by tho Los Angelos far in this as England and France havo done, and no Government machin­
police department concerning moving picturo plays press ery, tho United States employment sorvice, or any other agency can accom­
plish this without tho awakening of tho American peoplo to tho needs.
advices from the city on A u g. 27 said :




A ug . 31 1918.]

THE CHRONICLE

I N C R E A S E I N COST OF L I V I N G I N U N I T E D S T A T E S
S I N C E O U T B R E A K OF W A R I N 1914.

According to a report on “ Wartime Changes in the Cost
of Living,” issued by the National Industrial Conference
Board, an average increase of 50 to 5 5 % in the cost of living
for the family of the average wage earner has occurred in
the United States during the period from tho outbreak of
tho war in July 1914 to the middle of Juno 1918. For the
different items increases as follows aro reported:
Food ................................................... 62%
Kent____________________________________________________ 15%
Clothing ------------------------------------------------ 77%
Fuel and
light.... .................
45%
Sundries ------------------------------------------------ 50%
Average Increase (depending on apportionment of these respective
Items In tho family budget)....... ............... --50% to 55%

It is stated that in combining the percentages of increase
for tho respective items, in order to determine the average
incroaso for tho budget as a whole, food was taken as con­
stituting 4 3 % of tho totalfamily expenditure,
rent 1 8 % ,
clothing 1 3 % , fuel and light6 % and
sundries 2 0 % . A p­
plying tho Board’s percentages of increase for tho respective
items to this distribution of tho budget, tho average increase
is 5 2 % . Tho distribution of budget items just given is an
average based on cost of living studies made by several
United Statos Government bureaus and other agencies,
covering in all 12,000 families. Tho report cites records of
tho United States Bureau of Labor Statietics, which show
an average increase in retail prices of fifteen leading articles
of food between mid-summer of 1914 and Juno 1918, of
about 0 2 % . All articles of food, it is pointed out, show
a considerable increase in price sinco 1914. Exceptional
advances were recorded in prices of flour, lard and corn
meal.
In Philadelphia, tho increase in tho cost of food be­
tween 1914 and the end of 1917 was 5 4 .4 1 % ; 5 5 .2 8 % in
Now York; in Jacksonville, Fla., 5 7 .3 2 % , and in New Or­
leans, 5 0 .8 3 % .
A frequent featuro of tho replies received during tho
inquiry was that further increases in rent during the coming
fall wero to bo expected. It is added that information socured from retail stores in cities well distributed through­
out the country indicates increases in prices of the most
common articles of wearing apparel ranging from 5 0 .5 %
for women’s dollar blouses up to 1 0 1 % for men’s over­
alls. The report places the average rise in the total cloth­
ing budget since 1914 at 7 7 % .
This increase compares
with an increase of 5 1 .3 3 % between 1914 and 1917 for
families in the shipbuilding district of Philadelphia, and
an incroaso of 5 2 .2 1 % among similar families in tho ship­
building district of New York. Prices securod from coal
doalors in different localities frequently showed advances
of 2 0 % to 4 0 % up to Juno 1918, for ton lots of anthracite,
and moro marked increases in the cost of bituminous coal,
which is oxtonsivoly used for domestic purposes in some sec­
tions of tho country.
IN Q U IRY

BY GOVERNM ENT INTO

COST OF L I V I N G

W I T H V I E W TO M A K I N G W A G E A D J U S T M E N T S .

A country-wido investigation of tho cost of living has been
started by the Bureau of Statistics of Labor at Washington—
tho material collected to be used as a basis in making wage
adjustments.
In making known the Bureau’s plans tho
Dopartmont of Labor says:
Tho Inquiry will include several different foatures, the principal ono
being tho gathering of information from families as to their expenditures
for ono year for tho various items of food and of clothing, and for housing,
fuel, furniture, and miscellaneous expenses. Information will be gathered
by duly authorized special agents of the Bureau of Labor Statistics, who
will call on representative families in different parts of each locality visited.
All information given by housewives to these agents will bo held as strictly
confidential. Six agents aro beginning work in Baltimore to-day (Aug.
20). Every housewife visited i urged to furnish the information asked
s
for. Not only will the information bo of service to tho Government, but
I will help tho housewife in knowing exactly what she i getting for her
t
s
money.
Every housewife i now helping to win the war in a most effective way
s
by conserving and regulating the food supply in her home. Hero i a
s
chanco for her to help s i l more. Every housewife called on by one of these
tl
Government agents i urged to co-operate by giving tho fullest information
s
possible. This i ono way to help win tho war.
s

861

straighten out certain differences between the two bills, and
was reported back by the conferees on Thursday. Final
action was taken in the House on Thursday afternoon, when
tho report of the conference committee was unanimosly
accopted. In the Senate there was considerable objection to
some of the minor changes made in the House, and the final
vote was not reached till late yesterday (Friday) afternoon.
It is understood that certain objections raised by the Interior
Department in regard to the provision enabling soldier minors
to take up Homestead lands are to be met by special legis­
lation. The amendment providing for educating at G ov­
ernment expense young draftees whose schooling is inter­
rupted was also under criticism.
Provost Marshal General CroAvder, anticipating favorable
action, had already sent out the millions of questionnaires re­
quired, and the machinery is all ready to proceed Avith the
A v o r k of registration as soon as President W ilson has issued
the necessary proclamation setting the date.
During the brief period of its passage through Congress,
tho measuro has, as to its main features, met with an impres­
sive unanimity of opinion, and an entire lack of partisan­
ship. Differences developed, it is true, on tAvo important
points— the “ work or fight” anti-strike clause, and the ad­
visability of calling 18-year-old boys to the colors— but these
differences were ironed out either in tho debate or in
conference; and as to the purpose of the bill— to put the
entire manpower of the nation at the disposal of the
Government for the winning of the Avar— there Avas to
all intents and purposes no difference of opinion at all.
Tho W ar Department is therefore able to proceed Avith
its announced purpose of placing an army of not less
than 4,000,000 men on the battle fronts by next June,
sufficient, in the opinion of the General Staff, to make vic­
tory decisive. The final vote in the Senate, as noted, Avas
unanimous, Senator Gore of Oklahoma, Avho voted “ no” at
first, having obtained permission to withdraw his \r
ote when
he found himself alone in opposition; and the two negative
votes in tho House being cast respectively by M eyer London,
the lone Socialist Representative from the East Side of New
York, and William Gordon, Democrat, an avowed pacifist,
Avho has just been defeated for renomination by his Cleve­
land, Ohio, constituency.
Repeated efforts were made in both House and Senate to
mako 19 years the youngest draft age, or, that failing, to
provide that the 18-year-old draftees should be called last,
but all amendments to such effect Avere finally defeated.
Secretary Baker’s assurances, as given individually to vari­
ous Senators, that the Department, Avhile it did not wish to
•bo limited by law, nevertheless intended to call the 18-yearold boys last, undoubtedly influenced the votes of m any.
M r. Baker said that the Department Avould endeaA'or to
mako all drafts out of Class I registrants from ages 19 to 45
beforo taking men from 18 to 19, but he cautioned that in
some jurisdictions this rule might not apply, because the
Class I men in these ages might be exhausted and boys of
18 to 19 Avould have to be called.
Senator Chamberlain, however, Avhile supporting the bill
as it stood, insisted that there Avas every probability that
tho 18-year-old registrants would be sent abroad before next
summer, and Avarned the Senate and the country not to
cherish any delusion to the contrary. As quoted in thepress
dispatches on Wednesday, Senator Chamberlain said:

"The step that the Senate i about to take i a serious one. I know that
s
s
tho taking of young men from their homes and sending them to the battle
front touches the hoart of every man. woman and child in Amorica, and
nothing in tho world except what seems to mo to be a necessity would lead
mo to voto to do that. M y principal object in rising i that there may be
s
no misunderstnading about the course suggested in this b l .
il
"There l a been more or less of misunderstanding about what the Secre­
is
tary of AVar proposes to do. Under this b l the President has the power to
il
divided those young men into classes and in that way retain the 18-year-old
men in this country a l t l longer than he might retain tho older ones. But
ite
that i tho beginning and end of his power, and there i no reason for
s
s
any of us to misunderstand what the purpose of the AVar Department i .
s
"That i why I say that I shall not be a party to misleading the American
s
peoplo with reference to these young men. AVnatever may have been said
on the side by the distinguished Secretary of A r
\ ar, whatever may have
been said on the side and in some desultory conversation by tho Chief of
Staff, the record shows what they intended to do and the record made by
Mr. Baker before these committees showed what l e intended to do and that
i
i what I intend to do when I vote to take these young men of 18. I vote
s
N E W D R A F T L A W E N A C T E D — A G E L I M I T S 18 TO 45—
to do i because 1 believe that in the emergency which confronts us i wo
t
f
A N T I -S T R I K E C L A U S E DROPPED.
intend to win this war we must get these young men over to the front and
B y a voto of 336 to 2 in tho IIouso, and without a single dis- got thorn there as soon as they can possibly bo sent and sufficiently trained.”
At this point Senator Chamberlain read excerpts from Secretary Baker’
s
sonting voto in tho Sena to, the new M an Power bill lias boon
testimony before the House Committee and then he commented:
passed, extending tho age limits for military servico to 18
“There i not any equivocation about that language of Mr. Baker and
s
and 45 years and bringing an estimated 13,000,000 additional the substance of i i contained in the Senate Military Committee hearings.
t s
"In other words, i i the purpose of the AVar Department to have these
t s
Americans within tho scope of tho draft. The measure was
young men over there by June 30 1919. Now, i i immaterial to mo how
t s
passed by the IIouso on Saturday last (Aug. 24) and by the tho Senators voto. I shall vote because I believe tho necessities of this war
Senate on Tuesday tho]27th. It then’y e n t to conference to requiro these young men there. That i the first thing that induces me to
s




862

THE CHRONICLE

do i now, and the second because I believe the young men make the best
t
soldiers, after a l
l.
“I do not propose to s t hero and have the impression go abroad that this
i
b l , which affects the whole l f of the Republic and every home in i —
il
io
t
that the country shall be deceived as to what the purpose of this b l i .
il s
“If i passes, every man between these draft ages, betwoen 18 and 45,
t
may be called by the 30th of June next and only the President has the power
to detain them here for a short while i he wants to.”
f

[Vol. 107.

of A d jt.-G en . Chas. II. Sherrill to Governor Whitman on
Aug. 25. Arrangements have been completed to send an
additional 25,000 during the first week in September, and
the Adjutant-General says the State is prepared to furnish
a million if necessary.

There were numerous roll calls in the Senate on amend­
E X E M P T I O N F R O M D R A F T OF N E W Y O R K P O L I C E ­
ments designed to prevent drafting the junior class. Only
M E N URGED B Y M A Y O R A N D C IV IC SO C IET IES.
one of them, however, the amendment by Senator Poin­
The Chamber of Commerce of New York State, the New
dexter (W ash.) to make the junior limit 19 instead of 18
years, was voted upon in the open Senate after the bill had York Board of Trado and Transportation, the N ew York
left the committee of the whole. The amendment was lost Police Association and other civic bodies have joined M ayor
Hylan and Police Commissioner Enright in appealing to the
52 to 21.
In the House the test on the lower age limit came in the Federal authorities to exempt the members of the N ew York
vote on an amendment offered by Chairman D ent of the police force from the draft, on the ground that the men are
M ilitary Committee, to give deferred classification to the needed for the protection of the city and cannot be replaced
18-year-old class. The motion was defeated by a vote of under present-day conditions. It was pointed out that ade­
quate police protection is essential for a city having more than
194 to 146.
The “ work or fight” clause inserted by the Senate was re­ one-tenth of all the physically destructible property in the
jected by thegtlouse, and was finally dropped from the bill United states within its borders, and that the vast quantity
in conference. The purpose of the clause was to make of Government supplies being sent from here to France also
specific the right of the Government to break up strikes in requires a police force able to cope with any situation which
essential industries by depriving strikers of their deferred possibly m ay arise. The cosmopolitan character of its
classification. The House conferees, however, insisted that population also is referred to. A letter sent by the Chamber
this point was already sufficiently covered in the present of Commerce under date of A u g. 21 and signed by Welding
law, which states that no exemption shall continue when the Ring, Cleveland H . Dodge, E . II. Outer bridge, Charles I I.
reason for it no longer exists, and the Senate conferees read­ Bernheimer, Henry A . Caesar, Samuel W . Fairchild and
ily fell in with this view. The general attitude toward the L . F . Loree, members of the Executive Committee, summed
up the situation as follows:
bill was expressed by Senator Chamberlain, who said:
Tho Senate conferees agreed not to insist upon the amendment. W o
want to get the b l through. Tho drafting of men 18 to 45 i , after a l
il
s
l,
tho essential purpose of tho b l .
il

The Senate conferees accepted the section of the House bill
providing for the education of the younger element in the
new army who have had their scholastic work interrupted
by their call to the colors. The Senate amendment provided
that they should have not exceeding two years’ training at
Government expense after the war. The House bill provided
as follows:
That tho Secretary of W a r i authorized to assign t o educational institu­
s
tions for special and technical training soldiers who enter the military ser­
vice under the provisions of this Act in such numbers and under such regu­
lations as ho may prescribe; and i authorized to contract with such educa­
s
tional institutions for the subsistence, quarters and military and academic
instruction of such soldiers.

The Smith amendment passed by the Senate, designed to
prevent alleged profiteering in officers’ uniforms, and pro­
viding that officers of the army should be permitted to buy
their uniforms at cost through the Quartermaster Depart­
m ent, was modified by the conferees. The proviso as re­
drafted by the conferees permits officers to be furnished here­
after b y the W ar Department with the items of wearing ap­
parel which they may desire to purchase at cost. There is
no compulsion to buy through the W ar Department, and of­
ficers wishing to indulge themselves beyond the standard
styles of uniforms may do so in the open market.
The Penrose amendment, adopted by the Senate and de­
signed to throw upon the local draft boards the responsi­
bility for deciding, solely from the registrant’s questionnaire,
whether or not he is exempt, was thrown out in conference,
after Gen. Crowder explained that enactment of the amend­
ment would compel mhny changes in the questionnaire and
cause much delay in putting the draft into effect.
In the House, slight objection was raised b y Representa­
tive Scott Ferris and others to sections for granting home­
stead lands to soldiers. Opposition was not leveled against
tho proposition itself, but what was considered the laxity
of the sections. M r . Ferris thought that unless great care
is taken there would be a riot of claim attorneys and graft
in the matter. On assurance by Chairman D ent that op­
portunity would be given to throw precautions around the
provisions in supplemental legislation, Ferris’s objection was
withdrawn.
Representative McCulloch of Ohio fought unsuccessfully
against the rejection by the conferees of his amendment
which sought to make aliens of countries allied with us in the
war subject to the draft. There was strong sentiment in
the House for this amendment, but Chairman D ent explained
that the matter was taken care of in another bill and that the
ratification of treaties was necessary to bring aliens under tho
military laws of the United States.
NEW

Y O R K S T A T E H A S F U R N I S H E D 323,474 M E N
FOR T H E W A R — C A N S E N D M I L L I O N .

Tho City of N e w York i a pivotal point both in manufacturing and in
s
the shipmont of men, munitions and army supplies of a l kinds. Its preser­
l
vation from disturbances, outbreaks of violonco, of outrages by enemy
aliens, of fire or othor disaster, i of vital importance to tho war efforts of
s
tho nation.
Because of i s s z , i s activities and i s importance and tho hetorogeneous
t ie t
t
character of I s population, and because i i tho biggest labor market in
t
t s
the United States, I i the centro to which adventurous spirits of a l kinds
t s
l
resort. All of this makes i one of tho most difficult as i i one of the most
t
t s
necessary places to give the very best possible security and protection. The
polico force of this city i ronownod for i s efficiency in the protection of
s
t
l f and proporty. It has acquired that reputation as tho result of long
io
training and romarkable esprit do corps among i s mon. This forco has
t
been already seriously depleted by tho draft. Eight hundrod of i s m e m ­
t
bership have gone into military training, or about 8 % of the number. U n ­
less provisions are mado in the new Draft Act to exempt the trainod police
force, i may easily lose 50% of i s personnel.
t
t
Tho seriousness of this cannot bo magnified, not so much to the city of
N e w York per se as to the vital interests of tho nation in tho conduct of tho
war. M o n cannot be trained quickly to knowledge of the laws under
which tho polico havo to act and to their dutios. Greon mon can be much
more quickly trained to be efficient soldiers of tho line than to bo trained
and efficient policemen.
The value of tho existing trainod forco of polico in their present position
and carrying on their present dutios I worth vastly more to tho interests
s
of tho Government and t i country whilo at war than the military value
lo
would be of the entire trained forco i i was put into tho army as a unit.
f t
Indeed, this force i worth immensely moro to the Government whore I I
s
t s
In protection of the vast industries and functions being performed hero,
than many times thoir numerical number as soldiers of tho l n .
io
W e do not hesitate to urgo upon you the most oarnost consideration of
these views and the adoption of a provision in tho Draft Act which shall
exempt this force.
If i i taken away or largely depleted by tho draft, i can only be re­
t s
t
cruited from men past middlo age not then fitted by adaptability or physical
qualities for the responsible and strenuous l f of a policeman. To so de­
io
teriorate the protective forco of this important war base would bo taking a
hazard which we beliove a caroful military commander would not consider
justified.

A letter from M ayor H ylan to Senator Calder on the same
subject pointed out among other reasons making prompt
action necessary:
Already moro than 700 men havo boen drafted, and boforo tho end of this
year at least 1,000 will havo been drafted into tho military servico, and ulti­
mately 2 8 % of tho entire forco, or 3,000 men, will be callod. Should tho
Government raiso tho draft ago to 45 years, virtually ovory able-bodied
policeman in this city will bo sooner or later takon into tho army, l’
olicomen of this city, physically f t will bo called boforo civilains with depen­
i,
dents, because they cannot claim exemption from a monetary standpoint,
since, under the provisions of the Fonner law, the city pays them tho dif­
ference between the salary they get as policemen and tho salary tlioy got as
members of the army. . . .
Tho arguments advanced that no exception can bo mado in N o w York
City regarding drafting of policemen, because to do so would mean that
every other city in the country would bo justified in making similar de­
mands, should havo no woight. N o w York City i in a class by i s l . It
s
tef
i tho financial centre of tho world; from I radlato a l activities looking
s
t
l
toward the speedy and satisfactory conclusion of tho war. This i not true
s
of any other city in this country. Riots or disturbances in this city, im­
properly handled and ineffectively quelled, would be a national disaster
that would bo pleasing to the cnomy, and would certainly demand tho at­
tention of the Government.

P R O T E C T I O N OF U N I T E D S T A T E S B Y
B O A R D 'S I N S U R A N C E P L A N .

SH IPP IN G

Estimated losses suffered by the Emergency Fleet Cor­
poration amount to about $13,500,000, according to an
That New York State alone has furnished 323,474 mon announcement made by the United States Shipping Board
for the war— 201,474 under the Selective Service Law and last week in which it sets out that the United States is pro­
122,000 volunteers— was revealed in the preliminary report tected against all financial loss by the Shipping Board’s




self-insurance plan.
with:

T h c r o Is a w o r ld o f r o m a n c o in m a r i n e a n d w a r -r i s k i n s u r a n c e , a n d n o
z o n e s — t h e ir

C IT Y

This announcement we quote here­

m o r e f a s c i n a t i n g s u b j e c t t h a n h o w m e n b r a v e l y r is k l i f o a n d p r o p o t t y i n
s u b m a r in e

863

T H E C H R O N IC L E

A ug. 31 1918.]

o n ly

p r o te c tio n

th o w a tc h fu ln e s s

o f U n c le

Sam

OF

N E W

YO R K .

O ffic e o f t h e M a y o r .

Aug. 2 3 1 9 1 8 .
Clyde P. Steen, Esq., President National Association of City Editors, Hotel
Majestic, New York City.
Dear M r. Steen.— Y o u r i n v i t a t i o n t o b e p r e s e n t a n d w e l c o m e t h e m e m ­

a n d tiio ir o w n f a r s i g h t e d n e s s in c a r r y i n g a m p l o in s u r a n c e t o c o v e r p r o p ­

b e r s o f t h e N a t i o n a l A s s o c i a t i o n o f C i t y E d i t o r s a t t h e ir a n n u a l b a n q u e t

e r t y lo s s .
T h r o u g h th o p o lic y

is r o c e i v c d .
I h a v e d e la y e d a n s w e r in g , h o p in g t h a t I m ig h t b e a b le t o a r r a n g e t o

w h ic h it h a s a d o p te d

th o U n ite d

S ta te s

S h ip p in g

B o a r d E m e r g e n c y F le e t C o r p o r a tio n h a s b e e n a id e t o e m p lo y m e a s u r e s t o

b o p resen t a n d t o

p r o t e c t t lio U n i t e d S t a t e s a g a i n s t a ll f in a n c ia l lo s s d u o t o p e r i l s o f t h o s e a .

I r o g r e t t h i s is i m p o s s i b l e .

F ir e s , a c c id e n t s , a c t s o f G o d — su c h a s th o e ffe c t s o r t o r n a d o e s , s t o r m s ,
a n d h e a v y w e a t h e r ; b r o a k a g o o f m a c h i n e r y , e x p lo s i o n s o f b o i l e r s — a ll a r e

you.
T h e p e o p l e o f N o w Y o r k a r e h i g h l y h o n o r e d t o h a v e s u c h d is t in g u is h e d

p r o v id e d

m en

f o r in t h o s e l f - i n s u r a n c e c a r r ie d b y t h o U n i t e d

S t a t o s S h ip p in g

in

p e r s o n n a lly

th e ir m id s t

w ho

ex te n d

a w e lc o m e o n

b e h a lf o f t h e

c ity ,

I a m ta k in g th is o p p o r tu n ity to s a y a w o r d to

w ill a t te n d

y o u r a n n u a l c o n v e n tio n .

As

C h ie f

B o a r d E m e r g e n c y F le e t C o r p o r a tio n .
F o r s l i g h t l y m o r e t h a n o n e - l i a l f c e n t fo r e v e r y d o l l a r v a l u e r e p r e s e n t e d b y

E x e c u t i v e o f t h o c i t y , I w i s h t o e x t e n d t o y o u a w a r m a n d s in c e r e g r o e t i n g .

s h i p s t iio U n i t e d S t a t e s S h i p p i n g B o a r d in s u r e s i t s v e s s e l s a g a i n s t m a r i n e

th o e x p e c ta tio n s o f y o u r a s s o c ia tio n

lo sse s

th ro u g h o u t th e c o u n try .
I w o u l d lik e t o o f f e r a w o r d o r s u g g e s t i o n , w h i c h I h o p e w i l l b e r e c e iv e d

on

voyages

A tla n tic p o r ts .

fr o m

t r a n s -A t la n tic

and

A tla n tic

p o r ts

to

E urop ean

A n a d d itio n a l 4 o r 5 c e n ts fo r e v e r y d o lla r o f v a lu e r e p r e ­

I h o p e t h e r e s u lt o f y o u r d e li b e r a t i o n s a t y o u r a n n u a l c o n v e n t i o n w ill m e e t

s e n te d b y o u r v e s s e ls c o v e r s w a r lo s s e s , su c h a s s u b m a r in e s in k in g s , d a m a g o

in t h o s p ir it i n w h i c h

d o n e b y flo a t in g m in e s , a n d a t t a c k s b y e n e m y v e s s e ls .
A p p r o x im a te ly 3 3 0 ,0 0 0 ,0 0 0 in p r e m iu m s h a d b ee n s e t

d e s t in ie s
a s id e

by

th e

o f th e

a ll

d a m a g e s o f o r d in a r y c h a r a c te r , a m o u n t to a b o u t $ 1 3 ,5 0 0 ,0 0 0 .
C h a ir m a n E d w a r d N . I l u r lc y h a s m a d e it a b a s ic p o lic y t o

a n d f a i r in

h i m s e l f w i t h t h o b e s t e x p e r t s in t h e i r o f f i c i a l li n e s t h a t c a n b o o b t a i n e d .

i t is i n t e n d e d

p a p e rs th r o u g h o u t

by

th o

th e great m e n w h o c o n tro l th e
c o u n try .

Tho

p e o p le

fo r

m any

y e a r s p a s t h a v e lo o k e d t o y o u r a s s o c i a t i o n t o g u i d e a n d a d v i s e t h e m

S h ip p in g B o a r d u p t o J u ly 2 9 t h is y e a r .
E s t i m a t e d l o s s e s o f a ll k i n d s s u ff e r e d b y t h o E m e r g e n c y F l e e t , in c lu d in g
su rrou n d

a n d r e s u lt in b e n e f i t s t o t h e p e o p l e

m a tters

o f p u b lic

im p o r ta n c e

and

b e n e fit.

The

d a ily

read ers

a s s u m e d t h a t t h e p a p e rs t h e y r e a d a re in d e p e n d e n t, u n b ia s e d ,
been sh aken

t h e ir a r t ic le s a n d
by

e d i t o r i a ls .

H ow ever,

in

have

tru th fu l,

t h e ir c o n f i d e n c e

m is r e p r e s e n ta tio n , b ia s e d a n d u n t r u t h fu l n e w s a n d

t o r i a l s w h i c h h a v e b e e n a n d a r e a t i n t e r v a l s a p p e a r in g in t h e p r e s s .

has
e d i­

T hey

I t w a s t h i s p o l i c y w h ic li b r o u g h t t o t h o i n s u r a n c e c o m m i t t e e o f t h e S h i p p i n g

b e li e v e t h a t t h e p o l i c y o f t h o p a p e r is c o n t r o l l e d a n d i n fl u e n c e d b y c e r t a i n

B o a r d th o se r v ic e s o f I le n d o n C h u b b , o f N o v / Y o r k ; I I . F . E g g e r t , o f N o w

i n t e r e s t s t h a t a r e m o r e i n t e r e s t e d in t h e s p e c ia l p r i v i le g e s e e k e r t h a n in t h o

Y o r k ; a n d W . R . H e d g o , P r e s id e n t o f th e B o s t o n In s u r a n c e C o m p a n y .

p e o p le .

It

I n m a n y in s t a n c e s t h i s is t r u e , b r o u g h t a b o u t , n o d o u b t , b y t h e

is t h r o u g h t h e s e e x p e r t s a ll i n s u r a n c e p r o b l e m s m u s t p a s s .

fi n a n c i a l c o n d i t i o n o f a p a r t i c u l a r p a p o r , w h o s e o w n e r s a r e u n a b l e t o
s e c u r e s u ff i c i e n t revenu es f r o m t h e ir p a p e r t o m a k e a p r o f i t , a n d w h o a r e

HEROES,1 FLOWER MOUNDS CALLED FOR BY MAYOR
IIYLAN ON MEMORIAL D A Y , SEPT. 1. •

c o m p e l l e d t o r o ly u p o n t h o s u b s i d y f u r n i s h e d , in o n e f o r m o r a n o t h e r , b y
c e r t a i n i n t e r e s t s w h o a r e p r o f it e e r in g u p o n t h e p e o p l e .
T h is m a k e s t h e

Supplementing his proclamation of Aug. 15 designating
to-morrow, Sept. 1 as “Heroes Day, Mayor John F.
Hylan of New York on the 27th issued a further proclama­
tion calling for a Heroes’ Flower Mound in parks in each,
Borough on the day set apart for honoring the soldiers who
have died. The following is the Mayor’s proclamation:
City of New York, Office of the Mayor.

N o c i t i z e n o f N o w Y o r k i s u n m i n d fu l o f t h o s u p r e m o s a c r i f i c e s t h a t h a v e
b o o n m a d e b y t h o s o n s o f t h is c i t y w h o t o - d a y l a y in t h e i r g r a v e s in F r a n c o .
T h e r e Is n o m a n , w o m a n , o r c h ild in o u r c i t y w h o w o u l d n o t s h e d t e a r s a n d
p l a c e f l o w e r s o n t h o s e g r a v e s i f i t c o u ld b o d o n e .
B y p r o v io u s p r o c la m a t io n I h a v e h e r e to fo r e s o t t h is c o m in g

Sunday,

1 , a s H e r o e s ’ D a y , a n d m a n y p la n s h a v e a lr e a d y b e e n a n n o u n c e d

b y t h e c o m m i t t c o t o m a k e o u r s e n s e o f a p p r e c i a t i o n t o t lio s o h e r o e s a n d
t h e i r m o t h e r s c le a r t o a l l t h o w o r l d .
I n a d d i t i o n t o a ll o t h e r p l a n s f o r t h o d a y I h e r e b y p r o c l a i m t h a t t h c r o
w ill b e a H c o r e s ’ F l o w e r M o u n d in e a c h b r o r o u g l i o f t h o c i t y

in o n o o f t h o

E a c h B o r o u g h P r e s i d e n t is h e r e b y c a l l e d u p o n t o

s e o t l i a t t h i s p l a n i s c a r r ie d o u t in c o n j u n c t i o n w i t h t h o c o m m i t t c o .
W o c a n n o t g o th r o u g h F ra n co to d o co ra to th o g r a v e s o f th o b o y s w o lo v e ,
b u t w o c a n h a v e a s e n t im e n ta l re p r e s e n ta tio n o f th o s o g r a v e s in C e n tr a l
P a r k , C r o t o n a P a r le , a n d a p a r k in e a c h o f t h o b o r o u g h s .
T h o c itiz e n s o f N o w

Y ork,

r ic h a n d p o o r a l i k o , s h o u l d w a t c h

fo r th o

a n n o u n c e m e n t o f t h o e x a c t p l a c e w h e r e e a c h b o r o u g h is t o h a v o i t s H e r o e s ’
F lo w e r M o u n d .

S o m e t i m e S u n d a y , b e t w e e n s u n r is o a n d s u n s e t , I h o p e

e v e r y o n o in N o w Y o r k w ill w a n t t o s h o w t h o w e l l d e s e r v e d a f f e c t i o n f o r
o u r b o y s t i i a t w i l l c a u s e t h e m a ll t o g o t o t h o s o f l o w e r m o u n d s a n d d r o p
a t l e a s t o n e l i t t l e f l o w e r t h e r e t o h e lp b u i l d u p a m o u n t a i n o f a p p r e c i a t i o n
fo r o u r b o y s .
In w itn e s s w h e r e o f, I h a v e h e re u n to s e t m y h a n d a n d c a u se d th o sea l
o f th o C ity o f N e w Y o r k to b o a ffix e d .
D o n o in t h e C i t y o f N e w Y o r k , t h is 2 7 t h d a y o f A u g u s t , in t h o y e a r o f
ou r L o r d , on o th ou san d

n in e h u n d r e d

e ig h te e n .
JOH N

B y th o M a y o r .
GROVER A .

F. H YLA N .

m is s io n ,

w ith

in s tr u c tio n s .

The

fa c ts

are g a th e r e d

g e ttin g a w a y fr o m

t h o p u r p o s e o f d i s s e m i n a t i n g f a i r a n d u n b ia s e d n e w s .

T h o e d it o r ia l w r it e r lik e w is e C olors h is e d it o r ia l t o s u i t t h e in t e r e s t s o f t h e
p a p e r a n d h is e m p l o y e r .
T h o p e o p le in a s m a l l c o m m u n i t y q u i c k l y d i s c o v e r t h e g o s s i p m o n g e r
a n d t h o t a le b e a r e r , a n d s u c h p e r s o n is d is c r e d it e d a n d h a s n o s t a n d i n g in
th o c o m m u n ity .

T h e p e o p l o h a v o d i s c o v e r e d , p a r t i c u l a r l y in N o w

Y ork,

t h o t r u t h f u l n e s s a n d f a ir n e s s o f s u c h p a p e r s a s t h o y h a v e fo r t h e g o s s ip
m o n g e r a n d t r o u b l o m a k e r in a s m a l l c o m m u n i t y .

T h is sh a k o n c o n fid e n c e

a n d t h o b e l i e f t h a t t h o p r e s s is c o n t r o l l e d t o a g r e a t e x t e n d b y t h o s e w h o
a r o p r o f i t e e r i n g in t h o n e c e s s it ie s o f li f e , is c a u s i n g g r e a t a n d m o s t s e i i o u s
u n r e s t a m o n g t h o p e o p le .
T h o p o l i c y o f e v e r y p a p e r in t h e c o u n t r y s h o u l d b o t o p r e s e n t t h e f a c t s
a s t h o y fin d t h e m , a n d n o t t o a t t e m p t t o b ia s a n d p r e ju d ic e t h e m in d s o f
t h e p e o p l e w i t h u n t r u t h f u l a n d u n f a ir e d it o r ia ls a n d n e w s a r t ic le s .
In o r d e r fo r t h e p re ss t o r e g a in t h o c o n fid e n c e in t h e p e o p le , t h e y m u s t
f i r s t o f a ll a d o p t a p o l i c y w h i c h w ill m a k e t h e ir p a p e r h o n e s t , fe a r l e s s , a n d
in d e p e n d e n t i n t h e p r e s e n t a t i o n o f n e w s .

I s in c e r e ly h o p e t h a t t h o g r e a t

m e n w h o a r e c o n n e c t e d w i t h t h o p a p e r s o f t h e U n i t e d S t a t e s w ill a p p r e c i a t e
t h o n e c e s s i t y o f r e g a i n in g t h e c o n f i d e n c e o f t h o p e o p l e , a n d u s e t h e ir i n ­
f l u e n c e a g a i n s t t h e p r o f i t e e r i n g in t e r e s t s t h a t a r e c o n t r o l l i n g t h e n e c e s s it ie s
o f lifo a n d e x p l o i t i n g t h e p e o p lo .
P e r m i t m o t o m a k o t h is s u g g e s t i o n a t t h i s t i m e : W o u l d i t n o t b e w is e
f o r a r e t u r n t o t h o d a y s w h e n o u r w r it e r s a n d m o l d e r s o f p u b li c t h o u g h t
o n m a t t e r s a f f e c t i n g p u b l i c q u e s t i o n s a p p e a r i n g in t h o d a i l y p a p e r s s ig n e d
t h e s a m e w ith th e ir n a m e s ?

V e r y t r u ly y o u r s ,
JOH N F. H Y L A N ,

Mayor.

Frank A. Vanderlip, President of the National City
Bank of New York, who was present at dinner, addressed
tho gathering after the reading of the letter, and, according
to tho New York “Sun” , made the following comment with
regard to Mayor Hylan’s strictures:
W hen

I h o a r o f t h e lo w

s t a t e o f t h e p u b l i c p r e s s a s d e s c r ib e d b y

th e

M a y o r , o f t h e l o w s t a t e o f j u s t i c e t h a t p r e v a i l s , i t s e e m s t o m e t h a t w'e h a v e
W H A LE N ,

Secretary to the Mayor.

In his oarlier proclamation the Mayor said:
T lio p a s t fe w

a

a c c o r d a n c e w i t h t h o p r e ju d ic e s o f t h e i n d i v i d u a l n e w s g a t h e r e r , t h e r e b y

p r i v i le g e s e e k in g i n t e r e s t s , a n d h a v e a s l i t t l e r e g a r d a n d l i t t l e r e s p e c t f o r

To the People of the City of New York:

p a r k s t o b o d e s ig n a te d .

n ow s g a th e rer o n

d i s t o r t e d a n d t h o a r t ic le s c o lo r e d in a c c o r d a n c e w i t h i n s t r u c t io n s a n d in

t h a t p r a c t i c a l l y a ll o f t h o la r g o n o w s p a p o r s a r o c o n t r o l l e d b y t h e s p e c i a l

P R O C L A M A T IO N .

S e p t.

p a p e r a p l i a n t t o o l o f t h e i n t e r e s t s a n d is u s e d t o m i s l e a d t h o p e o p l e ..
T h o m a n a g e m e n t o f t h o p a p e r , w i t h t h i s p o l i c y in m i n d , s e n d s o u t t h e

h oard

n o t li i n g

w 'o rse a b o u t

R u s s ia .

If

I

a cce p ted

th o se

sta te m e n ts

as

f a c t s . If I r e a l ly b e lie v e d t h a t w a s t h o s t a t e o f a f f a i r s h e r o , I d o n ’ t k n o w
b u t I ’d b e lo o k i n g u p o n R u s s i a a s a g o o d p l a c e t o e m i g r a t e t o .

w e e k s h a v o b e e n w e e k s o f b a tt lo a n d o f v ic to r y fo r ou r

s o ld ie r s in F r a n c o .

T h o y h a v o m e t an d b o a ten th o o n o m y , h a v o covere d

t h e m s e l v e s w it i i g l o r y a n d h a v e a d d e d n o w r e n o w n t o t h o g r e a t n a m e o f
A m e rica .
A v i c t o r y s o s p le n d i d c o u ld o n l y b o o b t a i n e d a t g r e a t p r i c o , a n d t h a t
p r ic e m a n y o f th o so n s o f N e w Y o r k h a v o p a id w it h th e ir liv e s .
I t is a l t o g e t h e r f i t t i n g t h a t w o s h o u ld h o n o r t h o s o b r a v o m e n w h o h a v o
d i e d In a r m s f o r t h e c a u s e o f h u m a n l i b e r t y b y s o t t i n g a s k lo a d a y in w h i c h
t o c e le b r a t o t h e ir v a l o r a n d t h e ir a c h i e v e m e n t s a n d t h e i r s u p r e m o s a c r i f i c o .
I r e q u e s t t h a t t h o c l e r g y o f a ll d e n o m i n a t i o n s l e n d t h e i r a i d t o t h o C o m m it to o o n A r r a n g e m e n t s ; t h a t th o o ffic e r s a n d m e m b e r s o f c o m m e r c ia l,
s o c i a l a n d p a t r i o t i c o r g a n i z a t i o n s a l s o a s s i s t in e v e r y w a y p o s s i b l e a n d t i i a t
a l l g o o d c i t i z e n s d o w h a t e v e r lie s in t h e ir p o w o r t o m a k o t h i s H e r o e s ' D a y
a s o le m n a n d im p r e s s iv e t r ib u te t o o u r g a lla n t d e a d .

ATTACK BY MAYOR HYLAN OF NEW YORK ON
NEWSPAPERS.
In airing his viows on newspapers, Mayor John F. Hylan
of New York makos tho allegation that “ tho peoplo havo
discovered, particularly in New York, that practically all
of tho large newspapers are controlled by the special privilege
seeking interests, and have as little regard and little respect
for tho truthfulness and fairness of such papers as thoy
havo for the gossip monger and troublo maker in a small
community.” Mayor Ilylan's attack on the nowspapors
figured in a letter addressed to Clydo P. Stoon, Prosidont
of tho National Association of City Editors, and which
was read by the latter at tho dinner of the Association held
at tho Hotel Majestic, this city, on Aug. 24. The letter
in full follows:



REPORT OF SENATE COMMITTEE ON AIRCRAFT
PRODUCTION.
The report of the sub-committee of the Senate Committee
on Military Affairs which has been investigating tho air­
craft program was filed with the Senate on Aug. 22 by
Senator Thomas of Colorado, Chairman of the sub-com­
mittee, the other members of which aro Senators Reed of
Missouri, Smith of Georgia, New of Indiana, and Frelinghuyson of Now Jersey. Tho report substantiates many of
the charges of waste and inefficiency, and declares that a
good part of the original appropriation of $040,000,000 was
“practically wasted,” necessitating the further appropria­
tion of $884,304,758 which has since been made. At the
same time the committee disclaims any purpose of wholesale
condemnation, praises much that has been done, and de­
clares that the time is nearly at hand when quantity produc­
tion may be expected. Charges of profiteering and favorit­
ism to individuals and localities are contained in the report,
but the committee leaves consideration of individual short­
comings and misfeasance to be dealt with by the Hughes
committee in its report, which is also expected soon.
In tho committee’s opinion there are three chief causes
for the disappointing results, which are set forth as follows:
1 . T h a t t h e a i r p la n e p r o g r a m w a s l a r g e l y p l a c e d in t h e c o n t r o l o f t h e
g r e a t a u to m o b ile a n d o th e r m a n u fa c tu r e r s , w h o w ere ig n o r a n t o f a e r o n a u ­
tic a l p r o b le m s.

864
2.

T h ese

T H E C H R O N IC L E
m a n u fa c tu r e r s

u n d e rto o k

th e

im p o s s ib le ' t a s k

o f c r e a tin g

m o t o r w h ic h c o u ld b o a d a p te d t o a ll c la s s e s o f fly in g c r a f t .
m u c h t o s a y t h a t o u r a ir p la n e p r o g r a m
th o L ib e r ty m o to r .
3.

W e

fa ile d

at

a

I t is n o t t o o

h a s b e e n la r g e ly s u b o r d in a te

to

w ith

a d o p t t h e c o m m o n -s e n s e

T h is s o u n d

p o lic y h a s v e r y

r e c e n t l y , b u t a f t e r a l a m e n t a b l e la p s e o f t i m e , b e e n a d o p t e d .

The committee strongly urges one-man control through
the creation of a Department of Aviation, headed by a
Cabinet member.
Other recommendations are for a commission to observe
operation at the front and return to give suggestions; to
havo as many responsible concerns as possible in aircraft
production, just as factories of all kinds have been turned
into munitions works, greater attention to air study, including
courses in colleges, and encouragement of tho inventive
genius of tho nation.
Secretary Baker, after the report was made public, was
quoted as saying:
I h a v e r e a d o n l y t h e n e w s p a p e r s u m m a r y o f t h o r e p o r t o f th o s u b - c o m ­
m it t e e o n a ir c r a ft o f th o S e n a to C o m m it t e e o n M i li t a r y A f f a ir s .
M an y of
t h e d e t a ils a n d d iffic u ltie s d isc u sse d b y th o r e p o r t s e e m to h a v o b e e n c o r ­
and

th o

c o n c lu s i o n

reach ed

by

th o

c o m m itte e

th a t

s u b s ta n tia l

p r o g r e s s is n o w b e i n g in a d o w ill b e v e r y r e a s s u r in g t o t h o c o u n t r y .
In

th o m e a n tim e , o f c o u rse , th o W a r

D e p a r t m e n t , w i ll e x a m i n e w i t h

g r e a t c a r e t h e f u l l t e x t o f t h o r e p o r t , a n d a ll t h o e v i d e n c e t a k e n b y t h o
s u b -c o m m i t t e e , o f w h ic h a c o p y h a s r e c e n tly b e e n s u p p lie d t o th o D e p a r t ­
m e n t.

f u l l y d i s c u s s e d w i t h h i m b e f o r e h e w e n t t o E u r o p e a n d w i t h w h ic h h e is in
fu ll a c c o rd .

T h i s s h o u l d h a v e b e e n c a r r ie d o n c o i n c i d e n t

th e p r o d u c tio n o f th o L ib e r ty m o t o r .

rec ted ,

o f M u n i t i o n s is g iv e n t h e n e c e s s a r y p o w e r t o s e e t h a t t h o m u n i t i o n s f o r o u r
m i l i t a r y o p e r a t i o n s a r e p r o c u r e d a n d fu r n i s h e d t o t h o a r m y in t h e f i e l d .
M r . K e p p e l r e t a i n s t h e d u t i e s h e r e t o f o r e a s s ig n e d h i m .
T h e n e w r e l a t i o n a s s u m e d b y M r . S t e t t i n i u s is in p u r s u a n c e o f a p la n

th o b e g in n in g o f th o w a r t o

c o u r s e o f r e p r o d u c i n g t h e m o s t a p p r o v e d t y p e s o f E u r o p e a n m a c h i n e s in
a s g r e a t n u m b e r s a s p o s s ib le .

[Vol. 107.

O u r e f f o r t w ill b e t o t a k e a l l p o s s i b l e a d v a n t a g o f r o m t h e in q u i r y

w h ic h t h e s u b -c o m m it t e o h a s m a d e , a n d t o g iv e m o s t c a r e fu l c o n s id e r a tio n
to it s r e c o m m e n d a t io n s a n d fin d in g s .

Secretary Baker having ruled that cortain parts of tho
Senate committee’s report contained information which
should not be allowed to reach tho enemy, tho Censorship
Board of tho Post Office Department issued orders that
papers printing tho report should be refused for foreign
delivery through the mails. The “Chroniclo,” which has
an extensive foreign circulation, is therefore unable to give
the text of tho report.

APPOINTMENT OF FIVE SPECIAL ASSISTANTS TO
CHIEF OF ORDNANCE U. S. A.
The appointment by Major-Gen. C. C. Williams, Ctiief of
Ordnance of the U. S. Army of five special assistances who
will act for him in the general supervision of the various
activities of the Ordnance Department was announced by
the War Department on Aug. 23. The announcement
says:
C o l. G u y E . T r ip p , O r d n a n c e D e p a r t m e n t , U n ite d S ta t e s A r m y , w h o
h a s b e e n s e r v i n g a s C h i e f o f t h o P r o d u c t io n D i v i s i o n , h a s b e o n n a m e d a s
o n e o f t h o s e s p e c ia l a s s i s t a n t s , a n d h a s b e o n p la c o d in c o m p l e t e c h a r g e o f
t h e a d m in is tr a tio n a n d w o r k o f th o
o v e r th o p r o d u c tio n

11 d i s t r i c t o f f ic e r s h a v i n g s u p e r v is io n

o f o r d n a n c e m a t e r i a l in t h e ir r e s p e c t iv e s e c t i o n s o f

th o c o u n tr y .
T h o O r d n a n c e D i s t r i c t C h i e f w ill r o p o r t d i r e c t l y t o h i m .
C o l. C . C . J a m ie s o n , O r d n a n c e D e p a r t m e n t , U n ite d S ta te s A r m y , su cc e e d s
C o l. T r ip p a s C h ie f o f t h o P r o d u c tio n D iv is io n .
T h e o t h e r s p e c ia l a s s i s t a n t s n a m e d a r e :
M r . W . I I . M a r s h a l l , in c h a r g e o f a ll m a t e r ia l e x c e p t i n g m a c liin o g u n s ,
r i f l e s , p i s t o l s , a n d t h e ir a m m u n i t i o n s a n d a c c e s s o r ie s , a n d e x c e p t i n g a ls o
c h e m i c a l s , p r o p e l l a n t s , a n d o x p lo s iv e s .
L e i u t .-C o l. B a s c o m L it t le , O r d n a n c o D e p a r t m e n t , U n ito d S ta t e s A r m y ,
in c h a r g e o f
a c c e s s o r ie s .

m a c h in o

gu n s,

r if le s ,

p is to ls ,

and

t h e ir

a m m u n itio n s

and

L i e u t .-C o l. W . C . S p r u a n c o , O r d n a n c o D e p a r t m e n t , U n ito d S ta to s A r m y ,
in c h a r g o o f c h e m i c a l s , p r o p e l l a n t s a n d o x p l o s i v e s .
L i e u t .-C o l. R a lp h C r o w s , O r d n a n c o D e p a r t m e n t , U n ite d S ta t e s A r m y ,
in c h a r g o o f m a t t e r s p e r t a in in g t o t h e in t e r p r e t a t i o n o f c o n t r a c t s , & c .
I t w ill b o t h o fu n c t i o n o f M r . M a r s h a l l a n d L i o u t .- C o l s . L i t t l e a n d S p r u ­
a n c o t o d e c id e a ll e n g in e e r in g , m a n u f a c t u r i n g , a n d i n s p e c t io n m a t t e r s
c o n c e r n in g t h o r e s p e c t i v e o r d n a n c o m a t e r i a l s o v e r w h i c h t h e y w ill h a v o
s u p e r v i s i o n , k e e p in g in fo r m e d at t o lo w p o i n t s in t h o m a n u f a c t u r i n g p r o ­
gram s

fo r t h e s o

d iv is io n

a r tic le s ,

and

d ir e c t in g

a p p r o p r ia te s to p s

o r d i v i s i o n s t o o v e r c o m e t h e s e lo w p o i n t s .

by

th o

proper

F o r e x a m p l e , it w ill

b o t h o f u n c t i o n o f M r . M a r s h a l l t o fo l l o w t h o a r t i lle r y p r o g r a m t h r o u g h a ll
d i v i s i o n s o f t h o w o r k , in c lu d in g e n g in e e r in g , m a n u f a c t u r i n g , a n d i n s p e c t i o n ,
a n d s e o t o it t h a t t h e r e is n o u n n e c e s s a r y l a g g i n g a n y w h e r e a lo n g t h o lin o .
W h e r e d iffe r e n c e s o f o p in io n a r is e b e t w e e n t h e v a r i o u s d iv is io n s c o n c e r n in g
a r t ille r y o r o t h e r m a t e r ia l u n d e r h is s u p e r v i s i o n , it w ill b o h is f u n c t i o n t o
m ake

AIR SERVICE REORGANIZED WITH JOHN D. RYAN
IN FULL CONTROL—11 DIRECTOR OF M UNI­
TIONS” ALSO APPOINTED.
Closely following the publication of the roport of tho
Senato committee’s aircraft investigation, Secrotary Baker
on Aug. 27 announced a sweeping reorganization of the entire
air service. John D. Ryan, Director of tho Bureau of
Air craft Production since the previous reorganization in
April last, has been appointed Second Assistant Secretary
of War, charged with full responsibilitity for tho army’s
air service. In his new capacity Mr. Ryan, with the title
of “ Director of Air Service,” will have control not only
of the Bureau of Aircraft Production, but also of the Bureau
of Military Aeronautics, thus bringing all branches of the
air service under a singlo control. In naming Mr. Ryan as
Second Assistant Secretary of War, it was announced that
he replaces Edward Stettinius, now in France, “who will
continue the special representative of the War Department
in Franco, with full power to carry out special missions with
which he is charged.” Mr. Ryan will name tho man to
take his place as head of the Aircraft Production Board.
At tho same time, Secretary Baker announced the designa­
tion of First Assistant Secretary of War Bonedict C. Crowoll
as “Director of Munitions,” with full power and responsi­
bility for the carrying out of tho munitions program. Mr.
Crowell, since his appointment as Chief Assistant to Mr.
Baker, has had special charge of industrial matters coming
before the War Department. His designation as Director
of Munitions will mean in reality but slight chango from tho
work in which he has already been engaged. Additional
authority now has been delegated, however, which will
enable Mr. Crowoll to handle tho large problems embraced
in the task described by Secretary Baker as seeing “tho
munitions required for our military organizations are procured
and furnished to the army in the field.” Secretary Baker’s
statement announcing tho appointments follows:
W i t h th o c o n c u rre n c e o f th e P re s id e n t i h a v o t o -d a y s e le c te d M r . J o h n
D .

R y a n t o a c t a s S e c o n d A s s i s t a n t S e c r e t a r y o f W a r in t h o p l a c o o f M r .

E d w a r d R . S t e t t i n i u s , w h o is n o w in F r a n c e .

M r . S te tt in iu s w ill c o n tin u e

t h o s p e c ia l r e p r e s e n t a t i v e o f t h e W a r D e p a r t m e n t in F r a n c e w i t h f u l l p o w e r
t o c a r r y o u t s p e c i a l m is s i o n s w i t h

w h ic h h o i s c h a r g e d , a n d w ill e x e r c is e

a s su c h s p e c ia l r e p r e s e n ta tiv e a ll t h e p o w e r s h o h a s h e r e to fo r e h a d .
M r . J o h n D . R y a n , a s S e c o n d A s s i s t a n t S e c r e t a r y , is d e s i g n a t e d D i r e c t o r

th o

proper

d e c is io n s .

E ach

of

th eso

s p e c ia l

a ss is ta n ts ,

in

tu rn ,

w ill k e e p t h e C h i e f o f O r d n a n c o c o n s t a n t l y a d v i s e d a s t o t h o p r o g r e s s 'o f t h o
v a r i o u s p r o g r a m s u n d e r t h o ir c h a r g o .
H e r e to fo r e ea ch o f th o d iv is io n s
w o u ld r e p o r t t o t h o C h i e f o f O r d n a n c o .
T h o d i f f i c u l t y l a y in t h o fa c t t h a t
w h e r e a s t h e C h i o f o f t h o E n g in e e r in g D i v i s i o n , f o r e x a m p l e , c o u ld r o p o r t
a s t o p la n s m a d o in h is d iv is io n f o r a ll t h o v a r i o u s a r t ic le s t o b o p r o d u c e d
b y t h o O r d n a n c o D e p a r t m e n t fo r t h o A r m y , h e c o u ld n o t r o p o r t a s t o p r o d u c ­
t io n p r o g r e s s o n a n y o f t h e s o a r t ic le s o r a s t o w h a t p r o p o r t i o n o f t h e m w e r e
m e e tin g th o s ta n d a r d s o f th o In s p e c tio n D iv is io n a n d th o d e m a n d s o f th o
S u p p ly

D iv is io n .

H e r e a f t e r a ll

w ill b o a v a i l a b l e
a s s is ta n ts .
A s ix th

to

s p e c ia l

th o

t h is

i n fo r m a t i o n ,

C h ie f o f O rd n a n c o

in

th rou gh

c o -o r d i n a t e d
h is

several

fo r m ,
s p e c ia l

a s s i s t a n t is t o b o a p p o i n t e d w h o w ill h a v e c h a r g e o f f i ­

n a n c ia l, a c c o u n t i n g , a n d s t a t i s t i c a l m a t t e r s , w i t h a u t h o r i t y t o d e c id e f o r
t h o C h i e f o f O r d n a n c e a ll q u e s t i o n s r e l a t i n g t o t h o a p p r o p r i a t i o n o f m o n o y ,
a c c o u n t i n g m e t h o d s , f in a n c ia l s t a t e m e n t s , s t a t i s t i c a l r e p o r t s , & c . , a n d a ll
d iffe r e n c e s o f o p in io n b e t w e e n d i v i s i o n s o n a c c o u n t i n g o r s t a t i s t i c a l m e t h o d s ,
d is p o s i t io n o f c o m p l a i n t s , a n d d e a l i n g w i t h o t h e r g o v 'e r n m e n t a l a g o n c io s
on th e se m a tte r s .
L i e u t .-C o l.

D.

C.

S eagrave,

O rdnan ce

D e p a rtm e n t,

U n ite d

S ta te s

A r m y , in t h o c a p a c i t y o f S e c r e t a r y t o t h e C h i e f o f O r d n a n c e , w ill b o in
c h a r g o o f t h o m a i n o f f i c e a n d c o r r e s p o n d e n c e r e q u ir in g t h e a t t e n t i o n o f t h o
C h io f o f O rd n a n c e

and

th e

e x e c u tiv e s e c t io n .

M a j.

C h a r le s

II.

S w ift,

O r d n a n c o D e p a r t m e n t , U n i t e d S t a t e s A r m y , is n a m e d in t h o o t h e r a s a s s i s t ­
a n t to C o l. S e a g ra v e .
L ie u t .-C o l.

Jam es

L.

W a ls h .

O rdnan co

A r m y , is p la c e d in c h a r g o o f c o m m u n i c a t i o n

D e p a rtm e n t,
b y c a b lo

U n ito d

w ith

S ta to s

E x p e d itio n a r y

F o r c e s a n d a ll o t h e r c o n f i d e n t i a l m a t t e r s r e q u ir in g t h o a t t e n t i o n
C h ie f o f O rd n an co.
__________

o f th o

MOVEMENT FOR LEGISLATION TO PREVENT RENT
PROFITEERING.
A bill to empower tho President to control rents and
take over any property necessary to protect workers from
profiteering landlords proposed by the Bureau of Industrial
Housing and Transportation has been approved in principle
by tho War Labor Policies Board. The Department of
Labor in reporting recently suggestions which had been
made to prevent profiteering in rentals said:
F rom

m any

in d u s t r ia l c it ie s e n g a g e d

on

w ar co n tra cts

c o m p la in t s

of

r e n t p r o f it e e r in g h a v o b e o n r e c e iv e d b y t h e B u r e a u o f I n d u s t r i a l H o u s i n g
a n d T r a n s p o r ta tio n .

T h o fo l l o w i n g m e a s u r e s t o o v o r c o m o t h i s e v il h a v e

b e o n r e c o m m e n d e d b y t h e b u r e a u t o t h o lo c a l c o u n c i l s o f d e f e n s e a n d o t h e r
c o -o p e r a t i n g a g e n c ie s , a n d a r e a p p l i e d u n d e r t h e d ir e c t io n o f t h o
R e g is tr a tio n a n d In fo r m a tio n D iv is io n o f t h o b u re a u :

H om es

F i r s t , t h e s u p p l y o f h o u s in g a c c o m m o d a t i o n s c a n b o in c r e a s e d b y m o a n s
of a

p u b lic ity

room s.

c a m p a ig n

P r o p e r ty

ow n ers

and

a ca n v a ss o f th e v a c a n t h ou ses,

who

havo

n ever

b e fo r e

ta k o n

fla t s

room ers

and

s h o u ld

b o a p p e a le d t o o n p a t r i o t i c g r o u n d s t o o p e n t h e ir h o u s e s .
B y lis t in g a ll
v a c a n c ie s fr o m o n o c e n tra l r e g is tr y , ro n t e x to r tio n m a y b o , to a n o x to n t,
p r e v e n t e d t h r o u g h t h o l a w o f s u p p l y 'a n d d e m a n d .
N e x t , lis t s m a i n t a i n e d b y t h o r e g i s t r y m a y b o r e n d e r e d a c c e s s ib le t o t h o
lo c a l c i t y g o v e r n m e n t s , w h ic h in s o m e

p la c o s h a v o I n s tr u c t e d

th o a sse s­

s o r s t o in e r e a s o t h o v a l u a t i o n o f h o u s e s s o t h a t t a x e s w ill b o lo v ie d o n t h o

o f A i r S e r v i c e , a n d is c h a r g e d w i t h t h e r e s p o n s i b i l i t y o f p r o c u r i n g a n d f u r ­

b a s is o f t h e p r o f i t e e r 's r e n t a l .

n i s h i n g t o t h o a r m y in t h o fi e l d t h e m a t e r i a l a n d p e r s o n n e l r e q u ir e d f o r t h o

t o t h o o x t o n t t o w h ic h t h o r e n t h a s b e o n r a i s e d , p r o f i t e e r i n g , it h a s b e o n
f o u n d , is q u i c k l y c u r b e d .

a ir s e r v i c e , a n d is g i v e n s u p e r v i s i o n , c o n t r o l a n d d ir e c t io n o v e r th o B u r e a u
o f A ir c r a ft P ro d u c tio n a n d th o B u r e a u o f M i li t a r y A e r o n a u t ic s w ith fu ll

lo c a l c o m m i t t e e s

o u t t h o a ir p r o g r a m .
M r.
o f A ir c r a ft P r o d u c tio n .

th ro u g h

th o

C o u n c il

of

M r . B o n e d i c t C . C r o w e l l , F i r s t A s s i s t a n t S e c r e t a r y o f W a r , is s p e c i a l l y
e n tru s te d w ith th e re s p o n s ib ility fo r th o m u n itio n s p r o g r a m , a n d a s D ir e c t o r




th o v a l u a t i o n s o f h o u s e s a r o r a is e d

I n a d d i t i o n t o t h e s o m e t h o d s , a n d m o s t i m p o r t a n t o f a l l , r o p r e s o n ta t iv o

p o w e r c o m p l e t e l y t o c o -o r d i n a t e t h e ir a c t i v i t i e s a n d t o d e v e l o p a n d c a r r y
R y a n w ill s e l e c t a n e w h e a d f o r t h o B u r e a u

W hen

m itte e s .

on

H om es
N a tio n a l

T h eso

aro

rent

p r o f it e e r in g

R e g is tr a tio n
D e fe n se
d iv id e d

havo

S o r v ic o

beon

of

lia s c o -o p e r a t e d

th e
in

e sta b lis h e d
H o u s in g

in 3 0

c itie s

B ureau.

Tho

e s ta b lis h in g su c h

com ­

in to r e n t a d ju s t m e n t c o m m ltto o s c o m p o so d

o f on o r e p r e s e n ta tiv e o f la b o r , o n o r e p r e s e n ta tiv e o f roal e s t a t e in te re sts

A ug . 31 1918.]
and

o n e r e p r e s e n ta tiv e

T H E C H R O N IC L E
o f th e

general

p u b lic .

One

su ch

su b c o m m itte e

m e e t s o n o n i g h t w e e k l y a n d s u m m o n s b o t h la n d l o r d a n d t e n a n t .
L a n d l o r d s w h o h a v e r a is e d t h e i r r e n t a l s a r e c o n s id e r e d p r o f i t e e r s b y t h e
B u reau

o f In d u s tr ia l

a r e c a lle d o n t o
creases.

sh ow

L a n d lo r d s

grou n d s.

H o u s in g .

T h ose,

how ever,

w h o h a v o r a is e d t h e m

e x p e n s e s a n d i m p r o v e m e n t s w liic h w ill j u s t i f y

g u ilty

of

p r o fite e r in g

are

a p p e a le d

to

on

in ­

p a tr io tic

T h e y a r e s h o w n t h a t t h e ir a c t i o n in c r e a s e s

la b o r t u r n o v e r b y m a k i n g t h e w o r k e r s d i s c o n t e n t e d a n d t h a t t h e r e b y t h e
p r o d u c t i o n o f w a r e s s e n t ia ls is r e d u c e d .
W h e n t h e y se e t h a t re n t p r o fite e r in g m e a n s a id in g t h e e n e m y a n d p o s t ­
p o n e m e n t o f v i c t o r y , t h e y a l m o s t i n v a r i a b l y a g r e e t o t h e d e c is io n o f t h e
c o m m itte e .

I f t h e y d o n o t a g r e e , t lio f a c t s a r e p u b li s h e d i n f u l l w i t h o u t

co m m e n t.

t h e G o v e r n m e n t in s e c u r in g h o m e s f o r w a r w o r k e r s a t r e a s o n a b le r e n t a l s .
T h e lo c a l c o m m i t t e e s a r e a b l e b y t h e s e p a t r i o t i c a p p e a l s a n d b y p u b ­
to

The following announcement by the U. S. Railroad Ad­
ministration was printed in the “Official Bulletin” of Aug. 24:
D ir e c t o r -G e n e r a l M c A d o o

check

ren t

p r o f it e e r in g .

R e p o r ts

to

th e

B u reau

of

In d u s tr ia l

H o u s i n g a n d T r a n s p o r t a t i o n h a v e in d i c a t e d n o t a b l e s u c c e s s o f t h i s p la n
i n m a n y in d u s t r i a l c o m m u n i t i e s .

The request that Congress enact legislation to prevent
rent profiteering in war industrial centres was made to that
body on Aug. 9 by the War Labor Policies Board. Felix
Frankfurter, Chairman of the Board, was quoted on that
day as saying:

90%

The

H o u s i n g B u r e a u r o p o r t e d c e r t a in l a n d l o r d s i n m u n i t i o n

a r e a s are

e n d a n g e r i n g t h e n a t i o n a l d e f e n s e b y u n r e a s o n a b le a n d e x c e s s i v e r e n t a l
charges.
I t w a s r e p o r t e d m u n i c i p a l a u t h o r i t i e s , w h o la c k t h e p o w e r t o

to

C a lifo r n ia ,

o f d o u b le t h e o n e -w a y fa r e s b e a r in g t h e s a m e p e r c e n ta g e r e la tio n to

t h o p r e s e n t o n e - w a y f a r e s a s t h e f o r m e r r o u n d -t r i p f a r e s b o r e t o t h e o l d
o n e -w a y fa r e s .

T h e fa r e s f r o m

th an t h e y w ere fo r m e r ly ,
$ 1 7 5 5 h ig h e r .

fro m

t h e M i s s o u r i R i v e r w i l l b e $ 5 4 0 h ig h e r
C h ic a g o

§ 9 81

h ig h e r,

fro m

N ew

Y ork

W i n t e r t o u r i s t fa r e s t o F l o r i d a a n d S o u t h e r n p o i n t s w ill b e m a d e o n t h e
s a m e b a s is a s to C a lifo r n ia , n a m e l y , 9 0 %

o f d o u b le t h e o n e -w a y fa r e s , a n d

t h o n e w fa r e s w ill b e a r a b o u t t h e s a m e a v e r a g e r a t i o t o t h e p r e s e n t a d v a n c e d
fa r e s a s t h e o l d w i n t e r fa r e s b o r e t o t h e o l d o n e - w a y f a r e s .

T i c k e t s w i ll b e

s o ld f r o m O c t . 1 t o A p r . 3 0 , b o t h i n c l u s i v e , w i t n r e t u r n l i m i t J u n e 1 , s t o p ­
o v e r s t o b e a lll o w e d o n g o i n g o r r e t u r n t r i p w i t h i n f i n a l l i m i t a s h e r e t o f o r e .

CAPITAL STOCK RETURNS TO BE FILED BY SEPT. 30.
Collector William II. Edwards of the Second District
issued a statement on Aug. 27 concerning the filing of capital
stock returns which must be filed and payments made for
not later than Sept. 30. Collector Edwards said:

T h e W a r L a b o r P o li c i e s B o a r d a t i t s m e o t i n g t o - d a y a p p r o v e d t h e p r i n ­
c ip le o f t h e b ill d r a w n b y t h e B u r e a u o f In d u s tr ia l H o u s in g a n d T r a n s ­
p o r t a t i o n d e s ig n o d t o p r e v e n t r e n t p r o f i t e e r i n g .

a n n o u n c e s t h a t to u r is t fa r e s

t i c k e t s o n s a l e a ll t n e y e a r , w i t h n i n e m o n t h s ’ l i m i t a s h e r e t o f o r e , w i ll b e

T h e s e c o m m i t t e e s a r e t h u s a p o w e r f u l m e a n s o f c r e a t in g s e n ­

t i m e n t a g a i n s t t h e p r o f i t e e r a n d o f in d u c i n g a ll c it iz e n s t o c o -o p e r a t e w i t h

lic it y

TOURIST RAILROAD FARES TO CALIFORNIA AND
FLORIDA.

T h e y a r e s h o w n t h a t t h e ir p r a c t ic e s i n t e r fe r e w i t h t h e c o m f o r t

a n d w e ll-b e in g o f th e w o r k e r s .

865

W h a t I s h o u ld li k e t o h a v e t h e j j u b l i c u n d e r s t a n d i s t h a t a l l c o m p a n i e s
n o t s p e c ific a lly

ex e m p t,

a r e r e q u ir e d

to

file

re tu rn s,

even

th ou gh

th e y

a r e n o t t a x a b l e , a n d r e g a r d le s s o f t h e m a r k e t v a l u e o f t h e ir c a p i t a l s t o c k ,
w h e th e r u n d er o r o v e r $ 7 5 ,0 0 0 .
P r e v i o u s r e g u l a t i o n s , a c c o r d in g t o in s t r u c t i o n s f r o m

W a s h i n g t o n , h e ld

d e a l w it h t h e e v il, h a v o a p p e a le d t o t h o F e d e r a l G o v e r n m e n t, a n d th e w a r

t h a t m u t u a l i n s u r a n c e c o m p a n i e s a n d s o -c a l l e d M a s s s a c h u s e t t s t r u s t s w e r e
n o t lia b le to th is t a x .
T h e p r e v io u s ru lin g h a s b ee n r e v e r s e d .
M u tu a l

p ro d u c tio n d e p a r tm e n ts h a v e fo u n d e x to r tio n a te re n ta ls a re c r e a tin g in ­
d u s t r i a l d i s c o n t e n t a n d a r e s e r i o u s ly r e t a r d i n g w a r p r o d u c t i o n .

a n d p a r t i c i p a t i n g p l a n i n s u r a n c e c o m p a n i e s , s o -c a l l e d M a s s a c h u s e t t s t r u s t s ,

In

it s r e s o l u t i o n

t h e P o lic ie s

B oard

p e titio n e d

C on gress to

o x ten d

to

P e n n s y lv a n ia

c o r d e d s h ip w o r k e r s u n d e r t h o n a v a l e m e r g e n c y f u n d a c t .

T h o b ill p r e ­

s e n t e d w o u l d a u t h o r i z e t h o P r e s i d e n t , f o r th o p e r io d o f t h e w a r , t o c o n t r o l
r e n t a l c h a r g e s in c e r t a in d i s t r i c t s a n d t o r e q u is it io n a ll r i g h t s a n d in t e r e s t s
in t h o s o a r e a s w h o r e r e s id e i n d u s t r ia l w o r k e r s w h o a r e e n g a g e d i n a r s e n a ls ,
s h i p y a r d s , n a v y y a r d s , o t h o r F e d e r a l a g e n c ie s a n d in in d u s t r i e s c o n n e c t e d
w it h a n d e s s e n tia l t o t h e n a tio n a l d e fe n s e .

It was reported in the New York “Times” of Aug. 25
that tho Republican Club of the Nineteenth Aldermanic
District had adopted resolutions condemning landlords who
are raising rents and calling upon President Wilson to ap­
point a Rent Administrator, together with a competent
staff, “for the purpose of regulating and controlling the
matter of rents for private homes, apartment houses, and
tenement buildings.” It was also resolved that tho public
press be appealed to to request similar action on the part of
other political and civic organizations. According to press
advices from Bath, Maino, Aug. 20 as a result of com­
plaints that two owners of tenement houses had charged
exorbitant rentals to workmen employed in the construc­
tion of warships there, the Navy Department ordered
that the two houses owned by them be commandeered for
the Government. One of tho tenants, it was claimed, was
required to pay $5 a week for each of the four rooms, or
$80 a month, where he formerly paid $7 a month for the
four rooms.

p a r tn e r s h ip s ,

w ith

lim ite d

lia b ilit y ,

L ik e w is e

p r e v io u s

r e g u la tio n s

c o m p a n i e s w e r e li a b l e t o t a x .

h e ld

th a t

b o th

sim ila r

p aren t

and

s o -c a l l e d
su b s id ia r y

T h e n e w r e g u la tio n s h o ld t h a t c o m p a n ie s ,

e x c l u s i v e l y e n g a g e d in t h e h o l d i n g o f s e c u r it ie s o f

o th e r c o m p a n ie s a re n o t

e n g a g e d in b u s i n e s s w i t h i n t h e m e a n i n g o f t h i s a c t .

H ow ever, a com p an y

e n g a g e d in b u s in e s s i n a d d i t i o n t o o w n i n g t h e s e c u r it ie s o f o t h e r c o m p a n i e s
is li a b l e t o t h e t a x a n d n o d e d u c t i o n i s a l l o w e d o n a c c o u n t o f h o l d i n g s u c h
se c u ritie s .
P r e v i o u s r e g u l a t i o n s h e ld t h a t c a p i t a l s t o c k o n c e is s u e d w o u l d b e r e g a r d e d
a s o u t s t a n d i n g , e v e n t h o u g h i t h a d b e e n r e a c q u ir e d b y t h e c o m p a n y a n d
c a r r ie d o n i t s b o o k s a s T r e a s u r y s t o c k .
r e g u la tio n s .

T h i s r u l i n g is c a n c e l e d

b y th e new

P r o v io u s r e g u la tio n s p r o v id e d r a t e s fo r c a p it a liz in g a v e r a g e o f a n n u a
n e t in c o m e fo r d e te r m in in g fa ir v a lu e .

N e w r e g u la t i o n s p r o v i d e t h a t t a x -1

p a y e r s s h a l l u s e f o r t h i s p u r p o s e t h e r a t e p r e v a i l i n g in t h e p a r t i c u l a r b u s i ­
n e ss a n d lo c a lit y t o m a k e t h e s t o c k o f c o r p o r a tio n s s im ila r ly e n g a g e d w o r t h
p ar.
P r e v io u s r e g u la t io n s p r o v id e d t h a t f a ir v a lu e w o u ld b e d e te r m in e d a n d
r e p o r t e d a s f o l l o w s : F i r s t , b y m a r k e t q u o t a t i o n s : s e c o n d , p r ic e s a t w h ic h
s h a re s w e r e so ld i f n o t lis te d o n a n y e x c h a n g e ; t h ir d , e s t im a t e b a s e d o n
b o o k v a lu e o r b y c a p ita liz in g a v e ra g e o f t h e a n n u a l n e t in c o m e .
N e w r e g u la tio n s p r o v id e fo r r e p o r tin g a s th e fa ir v a lu e t h e a m o u n t sh o w n
b y t h e e x h ib it r e fle c tin g t h e g r e a te s t v a lu e , e x c e p t t h a t u n d e r c e r ta in c o n ­
d i t i o n s , w h e n t h e f a i r v a l u e t o b e r e p o r t e d w o u ld b e t n e a m o u n t r e f l e c t e d
b y t h o e x h i b i t w h ic h m o r e n e a r l y c o n f o r m s t o t h e r e q u ir e d v a l u e .
R e g u la tio n s N o . 3 8 , r e v is e d , s u p e r se d e s a ll p r e v io u s r u le s a n d r e g u la ­
tio n s ,
30,

a n d is a p p l i c a b l e in i t s e n t i r e t y f o r t h e t a x a b l e p e r io d e n d i n g J u n e

1919.

I t is r e t r o a c t i v e , h o w e v e r , in s o f a r a s l i a b i l i t y t o t h o t a x

i

c o n c e r n e d , w i t h t h o e x c e p t io n t h a t c o m p a n i e s w h o s e c a p i t a l s t o c k h a d a f a i s
v a l u e o f le s s t h a n

$ 7 5 , 0 0 0 w ill n o t b e r e q u ir e d t o m a k e r e t u r n s f o r t h r

t a x a b l o p e r io d s e n d e d J u n e 3 0 , 1 9 1 7 , a n d J u n e 3 0 , 1 9 1 8 .

e

C e r t a i n c la s s e s o f c o r p o r a t i o n s p r e v i o u s l y h e ld e x e m p t a n d n o w h e l d li a b le
t o t h i s t a x w ill b e r e q u ir e d t o f i l e r e t u r n s f o r t h e t a x a b l e p e r io d s e n d e d J u n e
3 0 1 9 1 7 a n d J u n o 3 0 1 9 1 8 , in a s m u c h a s t h a t p a r t o f t h e r e v is e d r e g u la tio n s
d e a l i n g w i t h l i a b i l i t y t o t a x is m a d e r e t r o a c t i v e .

OPPOSITION IN ARGENTINA TO WEBB LAW.

and

li m i t e d p a r t n e r s h i p s o r p a r t n e r s h i p a s s o c i a t i o n s a r e l i a b l e t o t h i s t a x .

o th e r w a r w o rk e rs t h e s a m e p r o te c tio n a g a in s t p r o fite e r in g w h ic h w a s a c ­

R e tu r n s b y su ch c o m ­

p a n i e s f o r p a s t p e r io d s s h o u l d b e m a d e o n F o r m 7 0 7 , r e v i s e d A p r i l 1 9 1 7 a n d
w ill b o a c c e p t e d w i t h o u t p e n a l t y , i f f i l e d o n o r b e f o r e t h e f i n a l f i l i n g d a t e

Criticism of tho Webb law, designed to promote export f o r t h e r e t u r n s f o r t h e f i s c a l y e a r e n d i n g J u n e 3 0 1 9 1 9 . T h e d e t e r m i n a t i o n
f
a
o s
trade by permitting American exporters to form combinations ou lfeasi r nvd lrueeg u lfa t iuocnhs .d e li n q u i n t r e t u r n s w i ll b e in a c c o r d a n c e w i t h t h e o l d
r
a
for foreign business, has developed in Argentina. According
to telegraphic advices from Buenos Aires, to the daily press
FEATURES OF THE VARIOUS SECTION PROGRAMS
in the United States on Aug. 25, the law was sharply criti­
AT THE CONVENTION OF THE AMERICAN
cised in a long editorial on that date printed by “La Epoca,”
BANKERS' ASSOCIATION.
the Government newspaper. The dispatches also said:
Some of tho details of the program of the various sections
T h i s m e a s u r o h a s b o o n r e p e a t e d l y a t t a c k e d b y o t h e r l o a d in g n e w s p a p e r s
of tho American Bankers’ Association to be presented during
o f A r g e n tin a .
“ S o u t h A m e r i c a n m a r k e t s w ill b e l e f t t o f i g h t a s b e s t t h e y
c a n a g a i n s t t h e s a m e c o m m e r c i a l p r a c t ic e s w h i c h a r e p r o h i b i t e d b e t w e e n
the annual convention which takes place the week of Sept.
th o S t a t e s ,” s a y s “ L a E p o c a .”
“ I t is n o t l i k e l y w e s h a ll f i n d t o le r a b lo t h a t
23 at Congress Hotel, Chicago, were made public this week.
w h ic h t h o S t a t e s h a v e p r o h ib it e d b e c a u s e it w a s o b n o x i o u s t o t h o r n .”
Wo quote as follows from the announcements:
T h o n e w sp a p e r ex p re sses th o h o p e t h a t a fte r th e w a r t h e c o m p e titio n o f
o t h e r n a t i o n s w ill c o u n t e r b a l a n c e t h e e f f e c t o f t h e W e b b la w in A r g e n t i n a .

Official recognition of the criticism, says “Financial Amer­
ica,” in Washington advices Aug. 27, is to be taken because
the attack was carried in the Government newspaper, and
therefore could not well be overlooked. “Financial Amer­
ica” further says:
I t is u n d e r s t o o d t h a t A r g e n t i n a a n d t h o L a t i n c o u n t r i e s w ill b e t o ld t h a t

Savings Bank Section.
T h e lis t o f s u b je c ts a n d sp a k e r s c h o s e n b y t h e S a v in g s B a n k S e c tio n
p r o m is e s t o m a k e it s m e e t in g o n e o f th e m o s t in te re s tin g a n d im p o r t a n t
in Its h i s t o r y .
S e p t. 2 4 .

T h e S a v i n g s B a n k S e c t i o n w ill h o l d i t s m e e t i n g o n T u e s d a y

R a i l r o a d s e c u r it ie s is o n e o f t h e f i r s t t o p i c s t o b e d is c u s s e d .

T h e b a n k s o f t h e c o u n t r y h a v e m o r e t h a n $ 1 , 7 0 0 , 0 0 0 , 0 0 0 in v e s t e d in r a ilr o a d
se c u r itie s , h e n c e t h e r e c e n t c o n t r a c t m a d e b y t h e U n ite d S ta t e s R a ilr o a d
A d m in is tr a tio n
b an k s’

w i t h t h e r a ilr o a d s w i l l h a v e a l a r g e e f f e c t

in v e s tm e n ts .

Sam uel

U n te rm y e r,

C ou n sel

fo r

u p o n s a v in g s
th e

N a tio n a l

t h e W e b b la w is n o t d e s ig n e d f o r t h e e x p l o i t a t i o n o f f o r e ig n m a r k e t s , b u t

A s s o c i a t i o n o f R a i l r o a d S e c u r i t y O w n e r s w i ll t a l k o n t h i s s u b j e c t .

t h a t it p e r m i t s c o m b i n a t i o n s in fo r e ig n m a r k e t i n g w i t h a v i e w t o r e d u c in g

II.

p r ic e s , m e e t i n g c o m p e t i t i o n a n d in o t h e r w a y s t o a d v a n c o c o m m u n i c a t i o n

V i c e -C h a i r m a n

b o tw e e n

d is c u s s “ T h o E f f e c t o f t h o W a r o n R a i l r o a d S e c u r i t i e s .”

th o

U n ite d

S ta te s

and

i t s s is t e r n a t i o n s .

Tho

ch arge

th at th e

A m e r i c a n C o n g r e s s is w illin g t o p e r m i t t h e c o m m i s s i o n o f m is d o m e a n o r s p r o ­

S is s o n ,

V i c e -P r e s i d e n t o f t h e
of

th e

R a ilw a y

G u a ra n ty
E x e c u tiv e

T ru st

C o .,

A d v is o r y

N ew

F r a n c is

Y ork,

and

C o m m itte e ,

w ill

“ H a s A m e r i c a S u f f i c i e n t C a p i t a l t o F in a n c e t h e W a r ” i s t h e s u b j e c t o f

h ib i t e d u n d e r t h e n a t i o n a l S h e r m a n A n t i - T r u s t la w is r e s e n t e d i n c o n n e c ­

D a v i d F r i d a y ’s a d d r e s s .

t i o n w it h t h o W e b b le g i s l a t i o n .

& B l a c k , F i n a n c i a l E n g i n e e r s , N e w Y o r k , a n d h a s b e e n in W a s h i n g t o n w i t h

T h e s itu a tio n s a re fu n d a m e n t a lly d iffe r e n t,

i t is e x p la i n e d .

M r . F r id a y is a m e m b e r o f t h e fir m o f T h o m p s o n

th o T r e a s u r y D e p a r t m e n t fo r s o m e m o n th s p a s t m a k in g a n in te n s iv e s t u d y

I t is s a i d t h a t s t e p s w ill b e t a k e n i m m e d i a t e l y t o e x p la i n t o t h o S o u t h a n d
C e n t r a l A m e r i c a n c o u n t r ie s t h e r e a l n a t u r e o f t h e W e b b l a w .

o f t h is a ll-im p o r ta n t q u e s tio n .

N o “ tru st”

P u b lic u t ilit y se c u r itie s a n d th e ir d e s ir a b ilit y a s a s a v in g s b a n k in v e s t ­

m e t h o d s w ill b e t o l e r a t e d u n d e r t h e n e w l a w , a n d t h i s w ill b e m a d e c le a r

m e n t w i ll b e d is c u s s e d b y S a m u e l I n s u l l , P r e s i d e n t o f t h e C o m m o n w e a l t h

t o th o c o u n tr ie s a ffe c t e d .

E d is o n

m issio n a r y

w ork

in

I t is p o s s ib le a m is s io n w ill b e s e n t s o u t h t o d o

c le a r in g u p

t h e s itu a tio n .

The Webb Act became a law with its approval by President
Wilson on April 11. We gave its text in our issue of April 13.



C o.

o f C h ic a g o ,

and

C h a ir m a n

o f th e S ta te C o u n c il o f D e fe n s e .

D u r i n g t h e T u e s d a y a ft e r n o o n s e s s io n W . E . K n o x , C o m p t r o l l e r o f t h e
B o w e r y S a v in g s B a n k , N e w

Y o r k , w i ll a d d r e s s t h e c o n v e n t i o n o n

W o r k o f th o S a v in g s B a n k .”

M r . K n o x w a s P r e s id e n t o f t h e S e c tio n d u r in g

1 9 1 4 -1 9 1 5 .

“ W ar

866

T H E C H R O N IC L E

T h e q u e s t i o n o f g r e a t e r l i q u i d i t y o f s a v i n g s b a n k a s s e t s w i l l b o d is c u s s e d
u n d e r t h e title “ I s t h e S h o r t T e r m

L iq u id S e c u r it y

P r o p e r O p e r a tio n o f a S a v in g s B a n k ? ”
o f F in a n c o a n d

B a n k in g , P r in c e to n

a n E sse n tia l to th e

E d w i n W . IC e m m e r e r , P r o f e s s o r

U n i v e r s i t y , w i ll l e a d t h e d i s c u s s i o n .

P r o f . K e m m e r e r h a s j u s t r e t u r n e d f r o m M e x i c o a f t e r h a v i n g r e o r g a n iz e d

[Voi.. 107.

t h r e e w e l l -k n o w n lo a d e r s : C . W . A l l e n d o e r f e r , V i c e -P r e s i d e n t F i r s t N a t i o n a l
B ank,

K an sas

C ity ;

C la y

II.

H o llis te r ,

P r e s id e n t

O ld

N a tio n a l

Bank,

G r a n d R a p id s ; a n d F r e d C o llin s , C a s h ie r M i la n B a n k in g C o . , M i la n , T e n n .,
w ho

w ill d is c u s s t h o v a r io u s p h a s e s o f s e r v ic e ,

ch arges.

exch an ge an d

c o lle c tio n

A n o p e n d i s c u s s io n o f t h e s e s u b j e c t s w ill f o l l o w .

Another feature of the forty-fourth convention of the
American Bankers’ Association will bo tho agricultural con­
J o h n W . B . B r a n d , T r e a s . S p r i n g f i e ld I n s t i t u t i o n f o r S a v i n g s , S p r i n g ­
ference under the auspices of the Agricultural Commission
fie ld , M a s s .
of the Association. Dr. Clarence Ousloy, Assistant Secre- •
F.
C . G r a n t , T r e a s . M e r r im a c S a v in g s B a n k , M c r r i m a c , M a s s .
P.
L e R o y H a r w o o d , T r e a s . T h e M a r i n e r s S a v i n g s B a n k , N o w L o n d o n tary of Agriculture, will address the bankers, who will
,
C onn.
discuss various methods by which they can aid in putting
E.
C o r n in g T o w n s e n d , P r e s . B u ffa lo S a v in g s B a n k , B u ffa lo , N . Y .
nto effect the agricultural program for 1918.
S.
F r e d S tr o n g , T r e a s . C o n n e c tic u t S a v in g s B a n k , N e w H a v e n , C o n n .
i
____________ ___________
S a m u e l I I . B e a c h , P r e s . R o m o S a v in g s B a n k , R o m e , N . Y .
•
t h o c u r r e n c y s y s t e m in t h a t c o u n t r y .
T w e l v o p r e p a r e d s h o r t d is c u s s i o n s
K em m erer.

w ill

fo llo w

th e

ad dress

of

P r o f.

T h e f o llo w i n g w i ll d i s c u s s t h o q u e s t i o n :

B . F . S a u l, P r e s . H o m e S a v in g s B a n k , W a s h in g t o n , D . C .
R . C . S te p h e n s o n , V ic e -P r e s . S t . J o se p h C o u n t y S a v in g s B a n k , S o u th
B e n d ,I n d .
W . E . M c V a y , V ic e -P r e s . G u a r a n t y T r u s t & S a v in g s B a n k , L o s A n g e le s ,
C a l.
F r e d e r ic B . W a s h b u r n , P r e s . W o r c e s t e r F i v e C e n t S a v in g s B a n k , W o r ­
c ester, M a s s .
J . I I . J o h n s o n , P r e s . P e n i n s u la r S t a t e B a n k , D e t r o i t , M i c h .
I I . P . G iffo r d , T r e a s . S a le m F iv o C e n t s S a v in g s B a n k , S a le m , M a s s .
S.

F red

S tr o n g ,

C h a ir m a n

o f th o

C o m m itte o

on

A cc e p ta n c es

S a v i n g s B a n k S e c t i o n w ill p r e s id o o v e r t h e d i s c u s s i o n .

o f th e

J e ro m e T h r a lls ,

A s s i s t a n t S e c r e t a r y o f t h o A m e r i c a n T r a d o A c c e p t a n c e C o u n c i l , w i ll a ls o
g iv e a s h o rt fiv e -m in u t e t a lk o n th o “ T r a d o A c c e p ta n c e a s a n In v e s t m e n t
fo r S a v in g s B a n k s .”

T u t Company S c i n
rs
eto.
The

E x e c u tiv e

C o m m itte e

o f th o

T ru st

C om pany

S e c tio n ,

o f w h ic h

F r a n k W . B l a i r o f t h o U n i o n T r u s t C o . , D e t r o i t , i3 P r e s i d e n t , w i ll m e e t
o n M o n d a y m o r n i n g , t o r e v ie w t h o w o r k o f t h e p a s t y e a r a n d m a k e p l a n s
fo r th o c o m in g y e a r .

j o i n t s e s s io n

R e p o r t s w ill b o s u b m i t t e d

w ith

th e

E x e c u tiv o

a n d v a r io u s p h a se s o f n a tio n a l

a n d S t a t e l e g i s l a t i o n p o n d in g a n d p r o p o s e d w i l l b o d is c u s s e d .
At

t h o f i r s t r e g u la r s e s s io n

on T u e sd a y

(S e p t. 2 4 )

re p o r ts o f v a r io u s

c o m m i t t e e s w ill b o r e c e i v e d a n d a c o n f e r e n c e o f p u b l i c i t y a n d a d v e r t i s i n g
m a n a g e r s w ill b o h e l d .
h is a n n u a l a d d r e s s .

Edmund P. Tate, Assistant Treasurer of the Guaranty
Trust Company of New York, has just sailed for Paris to
take charge of the Bureau of Personnel of the American
Red Cross in France. He has received a commission in
the Army. Mr. Tate has gone abroad in response to a
cabled request from Major James H. Perkins, who succeeded
Major Grayson M . P. Murphy when tho latter resigned
as head of the American Red Cross in Europe, to enter mili­
tary service on General Pershing’s staff.

A t e le v e n o ’c lo c k o f t h o s a m e d a y t h e r e tir in g a n d

n o w S t a t e V i c e - P r e s i d e n t s w i l l m e e t in
C o m m itte o .

ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
No bank or trust company stocks were sold this week
either bt the Stock Exchange or at public auction.

O n T u e s d a y a f t e r n o o n P r e s i d e n t B l a i r w ill d e li v e r

J o h n S . D r u m , P re s id e n t S a v in g s U n io n B a n k & T r u s t

The appointment of Horace Howe as Cashier of the
Gotham National Bank of this city, is announced. Mr.
Howe had previously been Assistant Cashier of the institu­
tion.

C o . , S a n F r a n c i s c o , w i ll t a l k o n “ T h o W o r k o f t h o C a p i t a l I s s u e s C o m ­
m i t t e e .”

“ U n d o S a m a s C u s t o d i a n o f A l i e n P r o p e r t y " is t h o s u b j e c t o f

R a l p h S t o n e ’s a d d r e s s .
D e tr o it,
W ar"

M ic h .

and

M r . S to n o is P r e s id e n t o f t h o D e t r o i t T r u s t C o . ,

F r a n c is

H .

S is s o n

w i ll d i s c u s s

“ T ru st

S c r v ic o a n d

H a l H . S m it h , m e m b e r b o a r d o f d ir e c to r s U n io n

D e tr o it,

"S o m o

D u tie s

W e lto n ,

M anager

o f T ru st

C o m p a n ie s

D e p a r t m e n t 'o f P u b l i c

A s s o c i a t i o n , w i ll t a k e a b o u t “ A

to

T h e ir

R e la t io n s ,

th o

T r u st C o .,

T r u s t s .”

A m e rica n

A .

D .

B an k ers

B a n k i n g S y s t e m in t h e M a k i n g . ”

T im e

w i ll b e a ll o w e d f o r d is c u s s io n o f t o p i c s in w h i c h m e m b o r s m a y b o i n t e r e s t e d
o th e r th a n th o se o n th e p r o g r a m .

N tional Dank S c i n
a
eto.
T h o N a t io n a l B a n k S e c tio n w ill d e v o t e M o n d a y m o r n in g , S e p t . 2 3 , to
c o n fe r e n c e o f V ic e -P r e s id e n t s o f t h o S e c tio n fo r t h o v a r io u s S t a t e s w h o s e
t e r m s o f o f f i c e w i ll b e g in w i t h t h o c l o s e o f t h o C h i c a g o c o n v e n t i o n ,
V ic e -P r e s id e n t s fo r th o p a s t y e a r a n d th o v a r io u s c o m m i t t e e m e n .

th o

A c tiv i­

t i e s o f t h o S e c t i o n f o r t h o c o m i n g y e a r w i l l b o p l a n n e d s o t h a t i t w i ll r e n d e r
t h o g r o a to s t p o s s ib le se r v ic e t o it s m e m b e r s .
T h o p r o g r a m f o r T u e s d a y , S e p t . 2 4 , in c lu d e s P r e s i d e n t J . E l w o o d C o x 's
a n n u a l a d d r e ss; D r . C . A lfo n s o S m it h ’s t a lk o n “ N a t io n a l B a n k s a n d th o
R e c o n s tr u c tio n P e r io d ”
R ic h m o n d ,

Va.

The

a n d a d is c u s s io n o f “ T a x a t i o n ”

a fte r n o o n

“ R e la t io n s T h a t S h o u ld

s e s s io n

E x is t B e tw e e n

w ill

be

b y Judgo B ryan

open ed

by

an

ad dress,

th o F ed eral R e serv e B a n k s an d

T h e i r M e m b e r s ” b y J o s e p h C h a p m a n , V i c e -P r e s i d e n t o f t h o N o r t h w s e t e r n
N a tio n a l

B ank

of

M in n e a p o lis .

A

general

d is c u s s io n

of

q u e s tio n s

of

in te r o s t to n a tio n a l b a n k e r s w ill o c c u p y t h e r e m a in d e r o f t h o a ft e r n o o n .

S a e Bank S c i n
tt
etc.
Tho

program

o f th o S ta te B a n k

S e c tio n is m a d e u p m o s t ly o f ro u n d

t a b l e ta lk s o n e v e r y d a y s u b j e c t s .

A m o n g s u c h s u b j e c t s a r e “ H a z a r d s in

E v e r y d a y B a n k in g ,” T h o m a s B . B a to n , G e n e r a l C o u n se l o f th o A m e r ic a n
B a n k e r s ’ A s s o c ia tio n ; "C h a r g e s fo r P r e s e n tin g D r a f t s a n d F u r n is h in g C r e d it
I n f o r m a t i o n ,” W a lt e r E . S p r e c h e r , C a s h ie r S t a t o B a n k o f In d o p c n d o n c o ,
W is .;

"C h a r a c te r is tic s o f L iv e S to c k

A lp in o S ta t e B a n k , A lp in e , T e x .;

P a p e r ,”

"S t a te

B.

F.

B e r k e le y , P r e s id e n t

B a n k s an d th o C o tto n

C r o p ,”

G e o . W . R o g e r s , V ic e -P r e s id e n t B a n k o f C o m m e r c o , L it t lo R o c k , A r k .
O t n e r s u b j e c t s t o b o d i s c u s s e d b y e v e r y b o d y t h a t c a r e s t o t a l k i n c lu d e
" B a n k D e m o c r a c y ,”

" P r o f i t a n d L o s s in S m a l l L o a n s , ”

of

N a tio n a l

I n t e r e s t , ” •" O u r

B ank

B r e t h e r n ,”

A special meeting of the stockholders of the Penn Nat­
ional Bank of Philadelphia is to be held on Sopt. 27 t
take action on tho question of increasing the capital from
$500,000 to $1,000,000. The notico to tho stockholders
also states that they will be asked to authorize tho issue
of the new stock (5,000 shares, par $100) at not less than
$200 per share at such time and upon such terms and con­
ditions as may be determined by the directors.

"C o n t r a c t R a te s

“ S ta to

B anks

and

A m e r i c a n B a n k e r s ’ A s s o c i a t i o n ” a n d “ H o m e s t e a d E x e m p t i o n s .”
T h e r e m a y b o s o m e s ig n i f i c a n c e in t h e f a c t t h a t C h a r l e s n .

th o

S a b in ,

P r e s i d e n t o f t h o G u a r a n t y T r u s t C o . o f N e w Y o r k , w i ll d o liv e r a n a d d r e s s
o n th e s u b je c t o f “ B a n k in g E v o l u t i o n ."

The work of modernizing and enlarging tho banking room
of the People’s Bank & Trust Co. of Passaic, N. J., has just
been completed by Hoggson Brothers, the New York build­
ers. The new quarters aro oxcellently arranged and finished
in a pleasing manner, and will, it is said, provide ample
accommodations for tho rapidly increasing business of the
bank, which has mado these improvements absolutely im­
perative. The People’s Bank & Trust Co. was organized
by General Bird W. Spencer in tho fall of 1889. Hon.
Garrett A. Hobart and Hon. John J. Knox, tho latter of
whom has just resigned from the office of Comptroller of the
Currency to accept the Presidency of tho National Bank of
the Republic of Now York City, were among tho incorpor­
ators. Tho present officers are: Bird W. Spencer, Presi­
dent; Cornelius Van Riper, Andrew McLean and Albert W.
Shaw Jr., Vice-Presidents; Wm. JI. Stovons, Treasurer;
Henry M. Thompson, Secretary; Frank Torkuno, Assistant
Secretary and Assistant Treasurer.

M r . S a b in is a p r o m i n e n t fig u r o

The Northern Stato Bank of Gary, Ind., was closed by
State Auditor Klauss on Aug. 20. Tho Indianapolis “News”
quotes the State Auditor as saying:

In t h o n e w c o u n c i l o f S t a t o b a n k i n g i n s t i t u t i o n s , a n d th o f a c t t h a t h o is

A r e c e n t e x a m i n a t i o n o f t h e N o r t h e r n S t a t e B a n k o f G a r y d is c l o s e d t h o

g i v e n a p o s i t i o n o f h o n o r o n t h o p r o g r a m o f t h o S t a t o B a n k S e c t i o n w o u ld

f a c t t h a t t h o b a n k w a s in a n i n s o l v e n t o r f a i l i n g c o n d i t i o n , t h a t t h o a s s e t s

s e e m t o i n d i c a t e a s p i r i t o f c o -o p e r a t i o n b e t w e e n t h o o l d a s s o c i a t i o n a n d t h o

had

now one.
I t is u n d e r s t o o d t h a t P r e s i d e n t E . D . H u r f o r d o f t h o S t a t o B a n k S e c t io n

m anagem ent

w ill m a k e s o m e s u g g e s t i o n s i n r e g a r d t o t h o l e g i s l a t i v e m a c h i n e r y o f t h o

t e r e s t s t o c lo s e t h o b a n k a n d m a k e a p p l i c a t i o n t o t h o J u d g o o f t h o S u p e r io r

A m e rica n

C o u r t o f L a k e C o u n t y f o r a r e e o iv e r .

B ankers

A s s o c ia tio n ,

p r e s u m a b ly

r e fle c tin g

th e

se n tim e n t

of

th o u sa n d s o f s m a ll b a n k e rs w h o h a v e n o t h e r e to fo r e b e e n h e a r d .
now

exceeds

9 ,0 0 0 .

P r o b a b ly

l o c a t e d in t h o M i d d l e W e s t w i t h i n

60%

Its

o f th is m e m b e r s h ip

is

1 ,0 0 0 m ile s o f C h ic a g o .

23,

to

be

a tte n d e d

by

S ta te

r e p r e s e n ta tiv e s

o f th is

S e c t io n

and

T h o a i m o f t h i s m e e t i n g is t o r o u n d
P r e s i­

d e n t J o h n M c H u g h w ill d o li v e r h is a n n u a l a d d r e s s o n T u e s d a y m o r n i n g ,
a f t e r w h i c h W m . A . L a w , o x -P r e s i d e n t o f t h o A m e r i c a n B a n k e r s ’ A s s o c i a ­
t i o n , P r e s i d e n t o f t h o F i r s t N a t i o n a l B a n k o f P h i l a d e l p h i a , w ill p r e s e n t h i s

a

P o w e r in W a r a n d in P e a c o . "

F. B.

B r a d y , V i c e - P r e s i d e n t o f t h e P e o p le s T r u s t C o . , C h i l l i c o t h e , M i s s o u r i , w ill
d is c u s s t h e c o u n t y o r a n iz a tio n p la n a n d th o v a lu e a n d fu n c tio n s o f C le a r ­
i n g n o u s e s in s m a l l c i t i e s a n d t o w n s .
T h o a f t e r n o o n s e s s io n w i ll b e h e a d e d b y R . 8 . H e c h t , P r e s i d e n t o f t h o
A m e r ic a n In s titu te o f B a n k in g a n d
a n d T r u s t C o . o f N e w O r le a n s .

th o p re se n t

o f good

a sse ts,

to g e th e r w ith

I t is b o lio v o d t h e r o i s a s u ff i c i e n t
t h o s t o c k h o ld e r s ’ d o u b le lia b ilit y ,

t o p a y a ll d e p o s i t o r s in f u l l .
B anks and

t r u s t c o m p a n i e s s h a ll r o q u ir e t h i r t y d a y s ) n o t ic o o n w i t h ­
D iv id e n d s w ill
A ll

o t h e r b a n k s in G a r y ; a r o in g o o d c o n d i t i o n .

The bank had a capital of $100,000 and deposits of $655,­
423. Through its President, Samuel J. Watson, the bank
recently caused the arrest of T. T. Snell, former President
of the First National Bank of Gary, on a chargo that ho had
secured a loan of $5,000 from the bank upon securities alleged
to bo worthless. After several postponements Mr. Snell was
bound over to the Superior Court of Lake County last
Saturday for trial.

V i c e -P r e s i d o n t o f t h o H i b e r n i a B a n k

T h o F o r u m — g e n e r a l d i s c u s s io n — w ill b e

o p o n e d b y J . I I . F u l t o n , V i c e -P r e s i d e n t o f t h o N a t i o n a l C i t y B a n k o f N e w
Y o r k , w h o w i ll d i s c u s s “ C o n d e n s o d S t a t e m e n t s . ”




th a t

b o p a id d e p o s i t o r s a s f r e q u e n t l y a s t h o a s s o t : c a n b o c o n v e r t e d i n t o c a s h .

u p t h e p a s t y e a r 's w o r k a n d o u t l i n e t h o w o r k f o r t h o c o m i n g y e a r .

v ie w s o f “ T h o C le a r in g H o u s o a s

and

I t is li k e l y t h a t t lio fi r s t d i s t r i b u t i o n c a n b e m a d o w i t h i n t h i r t y d a y s .

T h e C l e a r i n g H o u s e S e c t i o n w ill h o l d a c o n f e r e n c e o n M o n d a y m o r n i n g ,
S e p t.

n u m e r o u s b a il lo a n s ,

i n o f fic le n t .

d r a w a ls o f s a v i n g s a c c o u n t s o n a m o u n t s in e x c e s s o f $ 1 0 0 .

C e r n House S c i n
laig
eto.
m e m b e r s o f th o v a r io u s c o m m itte e s .

w as

I n o r d e r t o p r o t e c t t h o d e p o s i t o r s it h a s b e e n d e e m e d f o r t h e ir b e s t i n ­

am ount

T h o S t a t o B a n k S e c tio n s t a r te d tw o y e a rs a g o w ith 4 0 0 m o m b e r s .
m e m b e r s h ip

b ee n d is s ip a te d t h r o u g h

H o w i ll b o f o l l o w e d b y

Tho Union Station Bank of St. Louis was closed onAug.26
by State Bank Commissioner Enright. The institution had

A ug . 31 1918.J

THE CHRONICLE

a capital of $100,000, and on Juno 28 its doposits were re­
ported as $1,628,267. The “ Globe-Democrat” reports Presi­
dent F. W. Wrieden (who succeeded Charles E. Lane as
President in January) as stating that tho bank had a quan­
tity of slow assets; “ they did not,” ho is quoted as saying,
“ exceed tho capital and surplus and I folt that I could giadually get rid of them.” Tho St. Louis “Republic” credits
Mr. Wrieden with the following:
Last Friday ho [Hank Commissioner Enright] told m o that I would
have to replace tho questionable assets at once with $200,000 in cash, or in
securities of that value. I told him I would talco some time to do this,
t
as several of tho directors wore out of town. Sunday afternoon and night
wo had a meeting of tho directors and we called in other bankers and m e m ­
bers of the Clearing IIouso Association. Tho Clearing IIouso members
told us i was too lato to help us and thero was nothing to do but consent
t
that tho bank bo turned over to the Commissioner.

Mr. Wrieden, according to the “Republic,” said that he
had interested a number of prominent business men in tho
formation of a company to take over the bank, and believed
that ho would have succeeded on Monday last had tho Com­
missioner not insisted on taking over tho bank.
The bank was not a member of tho Clearing House but
cleared through a member bank.
Gcorgo II. Taylor, Jr., announces tho opening of his
office under tho name of Gcorgo H. Taylor, Jr. & Co., I ll
W. Monroo St., Chicago, for tho continuance of purchasing
and distributing of investment securities. Mr. Taylor
has been active in investment banking for the past sixteen
years during which time ho has been manager of sales for
E. If. Rollins & Sons, Chicago, office and later senior mem­
ber of tho firm of Stanwood, Taylor & Co., Chicago.

Plans wore recontly perfected for a consolidation of tho
First National Bank of Fond du Lac, Wis. (capital $125,000)
and tho Fond du Lac National Bank (capital $200,000)
under tho name of tho First-Fond du Lac National Bank.
It is learned that while negotiations looking to tho consoli­
dation had been in progress some timo, the first definito
and official step was taken on Aug. 12 when tho stock­
holders of tho First National Bank at a special meeting at
which all tho stock was represented authorized three amend­
ments to its charter, viz.:
1 Authorizing an increase in i s capital stock from $125,000 to $400,000.
.
t
2. Authorizing a change of nanio to tho First-Fond du Lac National
Bank.
3. Authorizing a change in tho number of directors.

On Aug. 14 tho stockholders of the Fond du Lac National
Bank took action authorizing the consolidation. The
consolidated institution will bo housed in the building of
tho Fond du Lac National. Tho removal of tho First
National is planned to take placo between to-day (Aug.
31) and Tuesday next Sept. 3, the enlarged bank beginning
operations on tho latter dato. With regard to tho con­
solidation tho “ Daily Commonwealth” of Fond du Lac
says in part:
Tho consolidation of tho First National Bank and tho Fond du I.ac
National Bank brings together two of tho oldest and most favorably known
financial institutions in Wisconsin. The former i in i s 64th yoar, tho
s
t
Gttor In i s 32d yoar.
t
M a n y of tho loading business men of Fond du Lac have been officially
identified with tho two banks that aro thus joining their forces in tio
l'
now organization but thero aro four who have had an especial promi­
nence in their affairs. They are J. B. l’
erry, for many years Frcsidont
and now Chairman of tho Board of the First National; Ernest J. Ferry,
President of the First National; G. A. Knapp, President of tho Fond du
Lac National and F. J. Rueping, Vice-President of the Fond du Lac N a ­
tional. Mr. J. B. Perry i tho nestor of tho Fond du Lac bankers. His
s
connection with tho First National dates from i s organization. In fact ho
t
became identified with tho hirst National’ predecessor the Bank of tho
s
Northwest at the time of i organization in 1855 and l a continued that
ts
is
connection up to tho present time being now Chairman of the Board, thus
having seen more than sixty-three years of banking service. Mr. G. A.
Knapp, President of the Fond du I.ac National, was one of tho founoors of
that Institution. Mr. Ernest J Perry, President of tho First National,
.
has seen twenty-seven years of continuous service in that bank. Mr. F.
J. Rueping succeeded his father, the late Frederick Rueping, ono of the
founders of tho Fond du Lac National as a member of tho directorate of
that institution and later became Vice-President.
It i of Interest to note that one of the banks in tho consolidation i
s
s
Fond du Lac’ oldest financial institution. The Bank of tho Northwest
s
was organized in 1855. Ton years later i was nationalized.
t
Tho Fond du Lac National Bank, the younger of tho two institutions
consolidated, was founded in 1887. The original officers of tho bank wero
C. A. Galloway, President; Frederick Rueping, Vice-President; G. A.
Knapp, Cashier; L. Muenter, Assistant Cashier.
Tho only survivor of this group i Mr. G. A. Knapp, who after tli r y
s
itono years of service i President of the Fond du Lac National, and with
s
tho completion of tho reorganization will become tho Chairman of tho
Board of Directors of tho First-Fond du Lac National Bank. Mr. Knapp’
s
term of sorvico as a bank officer in point of length i second only to that
s
of Mr. J. B. Perry.

867

President, Ernest J. Perry; Chairman of tho Board, G. A. Knapp;
Vice-Presidents, F. J. Rueping and T. C. Ebernau; Cashier, C. J. Breitzman; Assistant Cashiers, J. L. Gormican and Charles Hotaling.

Judge Fritz, who has been hearing, we understand, the
eases of a number of tho depositors of the defunct Citizens
Savings & Trust Co. of Milwaukee, on July 31 ordered an
additional $50,000 to be paid those depositors who hold
claims against the bankrupt institution. All depositors
who have already received 25% of their deposits by this
order of Judge Fritz are to receive an additional 25% and
all those who have not received the initial 25 % are to be paid
50%. Moreover, the Court ruled that in a number of cases
where claims have not been fully established the depositors
be given additional time to prove their claims and, if able to
do so, we understand, they also are to be entitled to 50%.
As stated in our issue of Nov. 1 1913, the Citizens Savings
& Trust Co. of Milwaukee was closed by the Wisconsin
State Banking Commissioner on Oct. 2 1913 to conserve
the interests of the depositors. Tho capital of the institution
was $300,000 and the deposits shortly before the closing were
reported at $405,260.
A charter for the Liberty National Bank of Oklahoma
City, Okla., has been issued by Comptroller the Currency
John Skelton Williams. As indicated in our issue of July
6 in referring to plans regarding the organization of the
institution, it has been formed with a capital of $300,000.
Friends and patrons of the Farmers’ National Bank of
Longmont, Colo., visited its individual bank building and
assisted in the celebration attending the opening last week.
The new structure, which was erected and equipped by
Hoggson Brothers, follows in design the Roman Doric
style, and is executed in buff limestone. The spacious
interior of the banking room is flooded with light from
large windows and is most excellently arranged and equipped
for the expeditious transaction of business. The Farmers’
National Bank was organized in 1881 with a capital of
$50,000. The present officers are W. L. McCaslin, Presi­
dent; J. II. Jones, Vice-President; J. H. Forsyth, Vice­
President; W. T. Coon, Cashier, and W. C. Coulehan,
Assistant Cashier.
The Central State Bank of Dallas, Texas, has increased
its capital from $200,000 to $500,000. The new stock (par
$100) was disposed of at $125 per share. The increased
capital became effective July 3.
As part of a plan to widen tho scope and increase the activi­
ties of the institution, some important changes have been
mado in the personnel of tho Union Savings & Trust Co. of
Seattle, which became effective Aug. 15. James D. Hoge,
heretofore President of the Union Savings & Trust Co., and
its founder in 1903, was elected Chairman of the Board;
Joseph A. Swalwell, formerly Vice-President of the National
Bank of Commerce of Seattle, was appointed President to
succeed Mr. Iloge, and Guy F. Clark, until recently Presi­
dent of the Doxter-Horton Trust & Savings Bank and a Vice-.
President of the Dexter-Ilorton National Bank of Seattle,
was elected a Vice-President of the institution. The number
of directors, wo understand, is to bo increased in the near
future. In connection with tho above, James D. Hoge, the
new Chairman, has purchased (as a private enterprise) the
Hoge Building, in which the Union Savings & Trust Co. has
been housed since 1911, and which is said to be one of the
finest bank and office structures in the West, and by so doing,
w understand, the resources of the institution have been
o
materially strengthened. The bank occupies tho entiro
Second Avonue floor of the building, and is equipped with
every convenience and facility necessary for the carrying on
of an up-to-date banking business. The capital of the Union
Savings & Trust Co. now stands at $600,000, while its sur­
plus and undivided profits total $181,421. The Union
Savings & Trust Co. is a member of the Federal Reserve sys­
tem. James D. Iloge will continue active with the bank and
is tho largest stockholder.

W. II. High, an Assistant Cashier of the Anglo & London
Paris National Bank of San Francisco and a former President
of the California Bankers’ Association, died suddenly on
Aug. 7 aged sixty-five years. Prior to his connection with
tho Anglo & London Paris National Bank, Mr. High was
Manager of tho San Francisco Branch of the International
Tho First-Fond du Lac National Bank will be under tho Banking Corporation and at still a earlier date served as a
Mat© bark examiner.
direotion of:




COTTON

M OVEM ENT

A N D

CROP O F

1917-18.

Our statement of the cotton crop of the United States
for the year ended July 31 1918 will bo found below. It
will be seen that the total crop this year reaches 11,911,896
bales, while the exports are 4,488,245 bales and the spinners
takings are 7,314,167 bales, leaving a stock on hand at the
ports at the close of the year of 914,355 bales. The whole
movement for the twelve months is given in the following
pages, with such suggestions and explanations as the peculiar
features of the year appear to require. The first table indi­
cates the stock at each port July 31 1918 and 1917, the
receipts at the ports for each of the past two years and
the export movement for the past year (1917-18) in detail,
and the totals for 1916-17 and 1915-16.
R e c e ip ts Y e a r en d 'd
P o r ts o f

[Vol. 107.

THE CHRONICLE

868

31
1918.

J u ly

J u ly

31

1917.

T exas.. 1,734,8432,976,049
--- -------11Q
Loulsl’a 1,664,267 1,541,
070
Georgia 1,297,731 1,065,1
Alab’ma 107,290 113,:317
489
89,<
97,153
Florida.
Miss_
_
So. Caro 202,834 174,
No.Caro 144,947, 194,
Virginia 257,861 452,
1
NewY’k al61,817! a37,
Boston. all2,377 al03
Baltl’re. a77,461 al40,
Phlla . .
a4,100
a6,
Port,Me
San Fr.
Wash’n.
Det.,&c

E x p o r ts Y e a r e n d in g J u ly
G rea t
B r it a in .

31 1918.
31 J u ly 31
1918. 1917.

J u ly
O th er.

F ra n ce.

803,090142,378100,844
736,664 316,425163,470
635,035 157,494 78,737
1,000 79,408 9,195 8,100
34,707 10,474 4,017

547,176
421,815
349,519
78,408
34,707

59,980
242,347
142,979

195,934
72,502
142,537

7,174
78,680
507,221
140,339
78,434
29,252
1,750

35,989

24,906
2,303
257,759
5,522
3,866
473

21,000
115,650
25,670
1,367

109,517
444,802
(2246,014

1,623

68,009
101,983
880,630
171,531
83,667
29,725
1,750
169,517
444,802
247,607

30,709
39,381
66,800
91,754
19,404
16,000

" 6,238
48,100
59,355

58,090

8,466
25,500
0,021 2,550
5,720

3,139
6,079

Totals—
2,276,098 644,982 1,507,1054,488.245914,355 --------This yr 5,862,681
Last yr
6,895,037 2,680,906 1,010,2762,030,0595,721,241 ..........579,285
Prey, yr
7,180,856 2,805,711 928,115-'2,454,209 6,248,035:..........i529.788
a These figures are only the portion of the receipts at these ports which arrived
by rail overland from Tennessee, &c. d Shipments by rail to Canada.

The foregoing shows that the total receipts at the Atlantic
and Gulf shipping ports this year havo been 5,802,081 bales,
against 0,895,037 bales last year, and that the exports havo
been 4,488,245 bales, against 5,721,241 bales last season,
Groat Britain getting out of this crop 2,270,098 bales. If
now we add the shipments from Tennessee and elsewhere
direct to manufacturers, and Southern consumption, wo have
the following as the crop statement for the throe years:
Y e a r e n d in g J u ly

31.

i 1917-18.

1910-17.

1915-10.

Receipts at ports_________________________bales
Shipments from Tennessee, &c., direct to m ills..

5,802,081 6,895,037 7,180,856
1,725,389 1,702,234 1,770.148

Manufactured South, not Included above............

7,588,070 8,597.271 8,951.004
4,323,826 4,378,298 4,002,440

Total cotton crop tor the year_____ bales. 11,911,890 12,975,509 12,953,450

The result of these figures is a total crop of 11,911,890
bales (weighing 0,073,419,502 pounds) for the year ended
July 31 1918, against a crop of 12,975,509 bales (weighing
0,054,058,545 pounds) for the year ended July 31 1917.
NORTHERN AND SOUTHERN SPINNERS’ takings
in 1917-18 have been as given below:
Total crop of tho United States, as boforo stated____ bales. 11,911,896
Stock on hand at commencement of year (Aug. 1 1917)—
At Northern ports_________________ 104,424
At Southern ports__________________ 474,861— 579,285
At Northern Interior markets________
17,916— 597,201
Total supply during tho year ending Aug. 1 1918_______ 12,509,097
Of this supply there has boon exported
to foreign ports during tho year
a4,242,201
Less foreign cotton Imported. b ___ bales 222,0-13— 4.020,158
Sent to Canada direct from West______
246,044
Burnt North and South. c ___________
_____
Stock on hand end of year (Aug. 1 1918).
At Northern ports_______________ 141,499
At Southern ports________________ 772,856— 914.355
At Northern interior markots_______
14,373— 5,194,930
Total takings by spinners in tho United States for year onding
Aug. 1 1918............ ... ............... .......
7,314,167
Taken by Southern splnnors (included In abovo total)_______
4,323,826
Total taken by Northorn spinners___________________
2,990,341
a Not Including Canada by r i , h Includes about 111,020,900 lbs.
al
foreign, mainly Egyptian, equaling 222,013 bales of American weights
c Burnt includos not only what has beon thus destroyed at the Northern
and Southern outports, but also a l burnt on Northern railroads and I
l
n
Northorn factories.

These figuros show that the total takings by spinnors
North and South during 1917-18 havo reached 7,314,107
bales, of which the Northern mills havo taken 2,990,341
bales and the Southern mills have consumed 4,323,826 bales.
Distribution of the above three crops has been as follows:
1917-18.
T a k in g s f o r C o n s u m p tio n —
North........................
South ________________________
Total takings for consumption___
E xp orts—

D a les.

1916-17.
D a les.

1915-16.
D a les.

2,990.341 3.112,788
4,323,826 4.378,298
7,314,167 7.491.086

3.348.591
4,002,446
7.351.037

4,242,201 5,530.970
To Canada by rail_______________ .
246.014
190.271
Total exports_________________. 4,488,245 5.721,241
Burnt during year_______________
2.400
Total distributed_____________ . 11,802,412 13.214,727
A d d — Stock lncroaso minus cotton
6239,158
. 109.484
-11.911.896 12.975,569
6 Deduction.

6,063.348
184.687
6,248.035
2,522
13,601,594




6648.144
12.953.450

The

In the above are given tho takings for consumption,
actual consumption for two yoars has been:
----- 1917-18----

-1916-17---D a les.

D a les.

926,055
7,314,167

1,045,925
7,491,086

Total................. 8,240,222
Consumption a — North----- 3,006,0661
South...... 4,323,826/7,329,892

8,537.011
3,232,6581
4.378,298/7,610,956

Northern mills' stocks Aug. 1—
Takings a__________________

Northern mills' stock end of year-----

910,330

926,055

Takings and consumption include 222,043 equivalent bales foreign
cotton (Egyptian, Peruvian, &c.) in 1917-18 and 291,810 bales foreign
cotton in 1916-17.
a

Cotton Consumption in the United States and Europe.
UNITED STATES.—RevieAving tho events of tho cotton
season lately closed, we give foremost importance to the
extremely high prices obtained for tho staple by the planters
— prices beyond any secured sinco tho season following tho
close of our Civil War (when, due to tho chaotic situation,
cotton was a very scarce article), and affording a phenomenal
profit to tho planter. There had been times in tho not far
distant past when cotton reached what was then considered
a very high level of value, but tho advances, on those occa­
sions, as in 1910-11, being primarily duo to speculative man­
ipulation, were not maintained. In 1917-18 the price was
at all times very high—never falling below 21c. per pound
at Now York for middling upland, ruling above 30c. or close
to that figure for nearly eight months, reaching at its high­
est 36c. in April (a level topping every quotation subsequent
to Nov. 9 1866), closing tho season at 29.10c., and averaging
for the 12 months 29.65c. Ordinarily such an oxtremo lovol
of value would havo made itself felt in no uncertain way in
the curtailing of tho use of tho staple, but tho exigencies of
the war situation, absorbing quito fully tho output of linters
as well as some low-grade cotton in the manufacture of ex­
plosives, and the great measure of prosperity the United
States has experienced, acted as neutralizing factors. Tho
general run of cotton goods advanced in ovon greater ratio
than the raw material and production quito fully passed
into consumptive channels. As a single illustration, we note
that standard printing cloths within tho year moved up from
8c. to 14c. per yard, or over 75%, whereas tho rise in cot­
ton averaged only 54%. Reflecting the activo demand for
goods, and indicating how slightly tho uso of cotton was cur­
tailed by the various developments—high prices, production
of finer count goods, &c.—attention is called to tho fact
that the consumption by the mills of tho United States
reached for the 12 months a total of 7,329,892 bales, or
only 281,064 bales loss than in 1916-17, and with that excep­
tion the heaviest in the country’s history.
It is to bo pointed out as ono of tho important develop­
ments of the season that there was an appreciable gain in the
exports of cotton goods, this following steady augmentation
in the outflow in tho preceding three twelvemonth periods.
Tho continuation of the war in Europe and tho consequent
inability of the Central Powers to supply thoso markets in
which they had built up a considerable trade inured to our
benefit, a fact reflected in our increased shipments of staplo
cottons to Moxico. Tliore has also been a marked gain
in trade with Argentina, and tho Wost Indies havo come
into greater prominence as an outlot for our goods. To tho
far East likowise tliero has beon a much greater volumo of
exports, with tho Philippines tho chief absorber. In fact
the ono curious feature in our foroign trade in cotton goods is
tho failure of dealings with China to show any montionablo
expansion, but this seems to find explanation in tho remarks
of our English correspondent on tho conditions in that coun­
try. In tho aggregate for all countries our cotton goods ex­
ports in 1917-18, according to tho official statistics issued by
tho Department of Commerce, reached a value of $169,398,­
420, against $136,299,842 in 1916-17 and $112,053,235 in
1915-16. Here it will bo observed is an increaso in the latest
twelve months of $33,098,578, or 24.3%. However, tho
augmentation in 1917-18 even moro than in 1916-17 is a
matter of value to a much greater extent than quantitatively.
Using cloths as a moans of proving this, wo note that while
valuo advanced 42.4% in 1917-18, thoro was a decroaso in
quantity of 0.76%.
The season of 1917-18 was roploto with stops by tho War
Industries Board, Council of National Dofonso, &c., &e.,
which in many instances, directly or indirectly, affected raw
cotton or its manufactured products, but as reference of a
moro or less extendod naturo was made thoroto in tho
“Chronicle” at tho time, passing montion horo must suffico.
In September tho War Industries Board issued an order pro­
hibiting shipments of cotton in quantities less than 65 balos
per car to conserve spaco in tho moving of tho crop, and a

A ug . 31 1918.]

THE CHRONICLE

869




. . . . . . .

. . . . .

. .

. .

.

little later steps were taken to control exports to neutrals so curtailment of production at Fall River. Aside from the
as to prevent supplies reaching Germany and her allies. At operating side of the mill question the outcome recently
Washingtin, in October, a conference was held at which has been especially satisfactory in the matter of earnings.
every branch of the cotton industry was represented, the Manufacturers almost without exception comment favorably
purpose being to devise means for greater economy in packing on this phase of the question. In fact the dividend record
cotton and greater speed in its transportation, and compres­ at representative centres would seem to indicate that never
sion to a density of from 32 to 35 lbs. per cubic foot instead before have shareholders received as handsome returns as
of 22H lbs. was advocated. Various licensing regulations now on their investment, despite the extremely high cost of
and modifications thereof were a part of this history of the the raw material, prices of goods advancing more than
season. In February the new priority order as to fuel con­ commensurately.
sumption was put in operation and toward the close of that
Consumption of the raw material, as noted above, was
month cotton stored at the Bush Terminal, New York Bay, moderately less than in the preceding season in the United
was ordered removed in order to make way for Government States, but greater than in any year theretofore. The cur­
use of the premises. As early as April action toward the rent loss is to be found in both sections of the country and is
fixing of prices for cotton fabrics began to bo taken, and later, to be ascribed in part to the restrictions placed upon opera­
after mature consideration, a plan was adopted. A bill was tions by the Fuel Administration, but finds principal ex­
introduced in the House of Representatives to fix the price planation in lack of an adequate force of hands to fully man
of raw cotton, notwithstanding indicated opposition of both machinery, plants having been at all times well under orders
growers and spinners, but thus far nothing has been dono in for Government and private account. The use of linters in
the matter. An important conference between bankers and the various ways for which they are available, but primarily
cotton interests was held in May at the Hotel Biltmore, in the manufacture of explosives, has again been a feature,
New York, having for its purpose the making of arrange­ the amount consumed having run well ahead of 1916-17.
ments for the use of trade acceptances in the purchase and It is worthy of note that, whereas in 1913-14 the United
sale of cotton, and after an interchange of views, recommenda­ States consumed less than 300,000 bales of them, the war
tions to that end were made. Tho cotton manufacturers of gave such impetus to their use that in 1915-16 the total had
the country at their convention in May pledged their sup­ risen to 869,702 bales and to 1,116,385 bales in 1917-18.
port to the Government in price-fixing, coal priority and all Concurrently, of course, exports of linters have declined ma­
other necessary war-winning measures. In June modifica­ terially, dropping from 436,161 bales in 1916-17 to 187,704
tion of cotton grade requirements in Government contracts bales in the late year.
was made, and at a conference of cotton State bankers held
Labor troubles cut no mentionable figure in the operations
at Now Orleans July 5, a proposal was formulated for the of the mills in the late season, although on one or two occa­
organization by the Government of a corporation to purchase sions the absence of tact in handling the situations that arose
cotton. But this has met with no response.
might have meant strikes of great importance. In October
An incident of the season was the taking over and sale by a move for a further advance of 15% in the wage scale was
the Alien Property Custodian of 8,596 bales cotton held at started at Fall River, with the intimation that refusal would
New York for enemy account. Reference to important precipitate a strike. This demand the manufacturers de­
developments abroad will be found in our review of Europe, clined to meet, but offered the operatives a general advance
and is hence omitted here.
of 10%, which in turn was rejected. Later, however—in
The exportation of cotton in all directions except from fact, on Nov. 30— the owners so far receded from their
Pacific Coast ports to destinations in Japan was greatly original stand as to tender a 1 2 ^ % raise with the proviso
hampered in the late season not only by the shortage of ton­ that the whole wage question should be passed upon by a
nage of sea-going vessels available, but also to greater or Federal arbitrator, both sides to abide by his decision.
lesser extent by the congestion of traffic on tho rail lines to This was accepted by the hands, and a strike, which was
various ports, and was further hindered by licensing and cheduled to begin Monday, Dec. 3, was avoided. The
other regulatory steps. In consequence the volume of the arbitrator made a most thorough investigation of the whole
outflow was much tho smallest of any year in over two ssubject of wages, and his decision, which was announced on
decades. It is to be noted, moreover, that shipments to Fob. 7, upheld the 12^j% advance as fair to all concerned,
those European noutrals from whom the Central Powers had and suggested that it be continued until June 1. Following
without doubt secured very considerable supplies of Ameri­ action at Fall River, advances were given in other sections
can cotton prior to tho time tho United States entered the of New England. As the end of the six months’ period ap­
war fell to a practically irreducible minimum. In fact the proached, evidence of unrest was not lacking, and it was soon
oxports to Northern Continental Europe, other than to apparent that demands for a further wage increase in New
France, in tho season lately closed wero confined to 1,000 England would soon materialize. The initiative in the
bales forwarded to Sweden in August 1917. Against this matter was taken at New Bedford in April, when an advance
negligible amount, we find that in 1916-17, Holland, Sweden, of 25% was requested to which the manufacturers replied on
Norway and Denmark received from us an aggregate of the 29th with an offer of 1 2^ % , effective June 3. This, of
169,559 bales, in the preceding year 195,536 bales, and in courso, was rejected by the operatives on May 7, and on the
1914-15 no less than 1,345,806 bales, those totals comparing 14th they sent an ultimatum to the effect that unless the
with an annual avorago of somewhere about 100,000 bales 25% was granted a strike would be called. It was not long
in preceding years. It would bo futile to claim that German beforo tho lead of New Bedford was followed by .the Fall
submarines and mines had not taken their toll of cotton ships River Textilo Council in putting in a demand for an identical
in 1917-18. Wo are unable to present any detailed list of advance, which the manufacturers promptly refused as un­
losses as wo did a year ago, owing to the great secrecy that reasonable. At the same time, however, the executive
has surrounded the movement of vessels from this country committee of the Manufacturers’ Association was given a free
for over a year past. But the amount is smaller than might hand to make the mo3t satisfactory terms possible with the
bo supposed. We have mado as thorough investigation as operatives. A conference on May 20 brought no result,
possible and have boon surprised to learn that during tho but at a further meeting on the 29th a compromise on 15%
whole season thero had been apparently an addition of less was reached. At New Bedford the operatives refused to
than 50,000 American balos to the stock of cotton reposing accept 15% and a strike was instituted, but it lasted but a
in Davy Jones’s locker.
day or two, as 17}4% was offered and accepted. The latest
Even more so than in the previous season tho inability advance of 15% at Fall River makes the new wage basis
to secure an adequate working force to operate establish­ 39.12c. for weaving a cut of 47H yards of 64x64 28-inch
ments anywhere near as fully as the volume of orders being printing cloths, or very much the highest rate in the history of
booked warranted, was an unfavorable development in tho the cotton manufacturing industry there. Strikes at Man­
manufacturing division of the cotton industry the past season. chester, N. H., Lowell, Mass., and Pawtucket, R. I., over
When tho United States simply classed as a neutral there the wage question were inaugurated in July and had not been
was already a well-defined drift away from tho mills to muni­ adjusted as the season closed. As a matter of interest we
tion plants, &c., where higher pay could be secured. But with append a compilation showing the course of wages at Fall
our entry into the conflict and conscription operative, where River during the past forty-two calendar years:
thero had not already been voluntary enlistment, the drain
W age
W age
W age
W age
per Cut. Y ea r.
per Cut. Y ea r.
per Cut. Y ea r.
per Cut.
upon tho labor forco ha3 beon very marked. We shall not Y ea r.
119.63c. 1902
1877
19.00c. 1892
21.78c. 1912..... 21.62c.
18.00c.
\21.00c. 1903
19.80c.
22.71c.
attempt to conjecture what the loss has been. Suffice it to 1878
1
1880..... 21.00c. 1893
18.00c. 1904
17.32c.
24.98c.
18.50c. 1894
16.00c. 1905
18.00c.
27.48c.
say that the accession of women workors ha3 not in any 1884
1885
10.50c. 1895
18.00c. 1906
21.78c.
30.23c.
great measure offset it nor has tho resort to operating at 1880..... 18.15c. 1898
16.00c. 1907
23.96c.
34.02c.
1888..... 19.00c. 1899
118.00c. 1908
19.66c. 1918..... 39.12c.
night. This is clearly proven by the continued and decided
\19.80c.

870

THE CHRONICLE

V ol. 107.

The printing cloth situation at Fall River the past twelve was 325,970 bales greater than on the same date in 1914. In
months can be summed up briefly. On July 31 1917 the 1915-16 and 1916-17 seasons, on the other hand, tho diver­
ruling quotation for 28-inch 64x64s was 8c. and from that gence between the two sets of figures is accounted for by the
level there was a drop to 7%c. on Aug. 5 and to 7^c. on coming upon the market of the cotton held back at tho close
Sept. 24.
Thereafter, however, the trend of prices was of 1914-15, while in 1917-18 the addition of 332,625 bales to
steadily and, at some times decidedly, upward. An advance the stocks of the counted interior towns—cotton not embrac­
to 7%c. occurred on Oct. 3, a further rise to 8c. on the 10th ed in the commercial crop—covers the greater part of the
and to 834c. on the 20th. On Nov. 3 and 10 advances of excess shown by the Census Bureau.
A further moderate augmentation of the spinning capacity
34c. were registered, the quotation on the last-named date
standing at 834c., and on Nov. 22 and again on the 30th, as of the mills of the United States occurred in the season lately
well as on Jan. 9, 21 and 22, 34c. was added, with 9%e. the ended. Extension of manufacturing facilities, however, was
ruling price on the last-named date. In the meantime the largely confined to the South, the augmentation in spindleage
quotation for the raw material had ascended very materially there having been 328,923 spindles, giving a current total of
—from 25.05c. to 31.95c. for middling uplands in the New 14,369,599 spindles, or more than double the number in
York market. Further changes upward in the value of operation as late as 1902-03. In that section a number of
printing cloths quickly followed. On Jan. 29 the price was new mills have started up and the capacity of older establish­
marked up 34c., and the same was true of the 31st, while ments has been added to. This fact is conclusively proven
during February a further 1 cent was added, making the by our recent investigations, but for reasons given else­
price at the close of that month 11 %c., or a gain of 2c. over where in this review the increased capacity is not fully reflec­
Jan. 22, whereas the rise in cotton has been fractional. ted in the volume of consumption, some of the new mills as
The ascending tendency had not by any means culminated. well as part of the additional spindles in old establishments
On the contrary, March 2 found the price at 12c., March 7 having been in operation only a portion of the season. Our
at 1234c., March 23 at 13c., April 3 at 13J4c., and April 11 usual statement of spindles in the United States is as follows:
S p in
1917-18.
1916-17.
1916-16.
1914-15.
at 14c. Concurrently, cotton had been tending upward, and North d les—
19,500,00019,400,000
19,050,000
18,900,000
South.” " ” ....................... 14,369,599
14,040,676
13,256,066
13,017,969
on April 4 reached a higher point (36c.) than attained at any
32,306,066
31,917,969
time since November 1866. Following the considerable de­ 'T o t a l.................................33,869,599 33,440,676
SOUTHERN cotton mills recorded a further moderate
cline in the value of the raw material that occurred in late
April, the cloth was reduced 34c. on May 11, but was back growth in spinning capacity in the late year, but, due to in­
to 14c. on the 18th and continued to rule at that figure until ability to secure an adequate supply of labor, consumption
the close of the season. Full production of printing cloths fell away somewhat from the high-water mark set in 1916-17.
as well as other goods was prevented by lack of help and stocks At the opening of the season machinery was as fully employed
of all varieties of cotton were very light on July 31. Further­ as possible and that was the situation continuously, with
more, mills are believed to be well sold up at good prices for night work more or less of a feature. Following the plan
a quite extended period. It has been intimated that the inaugurated by us thirty years ago, wo have within the past
mills at Fall River as a whole have never been in as good few'weeks taken a virtual census of the Southern mills and
financial condition as now. The more modern establish­ have secured extensive and comprehensive information
ments have done especially well, greatly increasing their bearing upon the operation and development of the estab­
available surpluses, and older mills have gotten into a much lishments. The information given by each mill covers not
better condition financially. In fact, it is only in rare in­ only current operations, but projected future development,
stances that any of the corporations now show a net in­ and is concise, yet comprehensive. It gives the number of
spindles and looms activo or idle during tho season, including
debtedness.
For the third successive season the crop of cotton secured now mills started and additions to old plants— also tho actual
has been much below reasonable expectations. It was hoped consumption of cotton for the year, stated in bales and
that from the high-record planting of the spring of 1917 pounds, the average count of yarn spun and full details as to
there would be an appreciably heavier yield than that of the new mills, whether already under construction or merely
previous season. But this expectation was far from being projected and contemplated expansion in oxisting factories—
met, unfavorable weather conditions; as in 19J.6, and lessened in fact, all the information that is really essential to an intelli­
fertility of the soil in many localities, ascribable to the re­ gent and thorough-going review of the cotton manufacturing
stricted use of fertilizers and their somewhat inferior quality, industry of the South. The aggregates of our detailed re­
acting to hold down the yield. Before cotton had begun to turns are as follows; establishments that have been idle all
move at all freely the consensus of opinion based upon the the season and are not likely to resume operations are ex­
periodic Government reports was that another short crop cluded from the compilation:
had to be faced and the estimate of the Department of Agri­
C o n s u m p tio n .
N u m b er o f
A ver­
culture which appeared on Dec. 10 was quite generally ac­ S o u t h e r n
A vge.
age
S p in d le s .
S ta les.
N et
P ou n d s.
B a le s .
cepted as an approximately correct forecast. That estimate
L oom s
N o.
A rm s.
W e lg 't
Run.
Y a rn .
A liv e .
R u n n in g .
gave the anticipated outturn as 10,949,000 bales of 500 lbs.
604,013
524,190
517,190 14,423
15
gross weight each (not including linters) and it was substan­ Virginia . 327 4,447,982 4,402,118 60,243 20 1,188,488 493.70 298,201,273
476.03 506,471,970
23
No. Caro,
924,402 481.23 444,848,150
tially confirmed in March by the final ginning report of the
.1 159 4,868,844 4,773.748 108,092 26
876,327 485.83 425,845,022
142 2,458,149, 2,385,781 44,004 15
Census Bureau showing a production of 11,231,263 running Florida-.1 —
388,374 487.21 189,221,399
, '67 l,15'l',030 1,134,928 19',063 18
bales, not including linters, this aggregate being raised to
22,005,763
45,483 483.80
162,330
147,196 3,637 20
15
19,024,548
40.138 473.93
93,388
93,388 2,150 10
.
4
11,248,242 bales in a subsequent report. This result, of
38,852,456
77.139 503.67
131,536
131.530 3,300 11
5,239,020
10,452 501.25
160 11
course, covers the total ginned during the season as distin­
13,500
13,500
ll
112,534 483.47
54,406,590
5,873 J8
guished from the aggregate given in our present report, which Tenn ’ sec1 2E 384,962; 381,180
7,578,752
15,742 481.44
730 11
31,336
31,336
Missouri
15,586,000
32,668 477.13
96,640:
94,008 1,425 12
9
is the commercial crop—the amount of cotton and linters
3,990,565
8,000 494.74
8
5,712j
5,712
i
1
marketed between Aug. 1 1917 and July 31 1918. Proper Totals
14,369,59914,111,621 269,700 20 4,323,826]483.60]2,091,273,080
1 786
1
comparison requires, therefore, that linters (which the Census
r 775 14,040,676113,937,167 264,976 22 4,378,298:483.80]2,118,648,116
Bureau reports do not include, and which for the crop year
1 752 13,256,006;13,055,293 258,068 22 4,002,446 483.37 1,935,485,738
totaled about 1,130,997 bales) must be added to the aggre­
1
gate ginned as given above. Doing this we have as the
> 754 13,017,969112,737,498 253,202 22 3,104,890]479.84,1,518,640,395
Census Bureau total 12,379,239 bales, or 467,343 bales more
10,451,910 9,864,198 205,478 20 2,234,395j477.55]l,067,010,962
! 717
than the commercial crop as compiled by us. In the previous
! 594 7,039,633] 6,714,589 153,748 10 M 2,049,902]479.85- 083,649,084
year the difference was also inconsiderable, but in 1915-16
! 391 3,670,290' 3,574,754 91,829! 18 H 1,227,039470.041 577,180,180
there was a much greater divergence between the commercial
Figures for years prior to 1 0 1 3 - 1 4 cover penou «uui ™ »■ *
. ___
N o t e — Much new machinery has been put In operation within tho past few
crop and the Census Bureau figures, the former exceeding
nonths, Increasing the number of spindles appreciably without affecting consump­
the latter by 990,003 bales and in 1914-15 the difference was tion to a material extent. Theso returns Include consumption of foreign cotton
oven wider, but on the opposite side of the account the first iy tho mills and of linters In mattress factories, Ac.
The foregoing compilation denotes that in all of tho leading
total being only 15,067,247 bales. That comparatively wide
difference—almost 2 million bales—was explained by the States except North Carolina tlioro has been a decreased
fact that in the absence of a normal demand for supplies, consumption of cotton in 1917-18. North Carolina con­
due to the situation the war in Europe had brought about, a tinues to be the leading State in amount of tho raw material
considerable portion of the year’s yield failed to come forward used if not in tho number of spindles. Tho net result for tho
to the points of counting—that is, did not reach the ports or season in the aggregate for the Southern States is a decrease
Southern mills, or pass overland to the North; in other words, in consumption of 54,472 bales, or 27,375,036 pounds, leav­
was held at plantations or the interior towns. At the 33 ing the 1917-18 total 4,323,826 balos, which compares with
counted interior towns alone, in fact, the stock July 31 1915 approximately 3,006,066 bales at the North, or an excess for




A ug. 31 1918.]

THE CHRONICLE

871

the newer manufacturing field of 1,317,760 bales. The ten­ could be desired, and the rains in certain districts are un­
dency towards the construction of larger mills continues to be doubtedly weak. If the Monsoon fails, the outlook for
a feature of the development of the cotton-manufacturing Lancashire will bo serious. It has been a wretched year
industry in the South. This is proven by the fact that in for trado with China. Although buying has been of retail
1905-06 the average number of spindles per mill was only dimensions, stocks in Shanghai have tended to increase
13,765, had risen to 15,545 in 1910-11, and in the late season as merchants abroad have been afraid to send supplies to
was 18,282 spindles. The reports at hand from the South, the up-country districts. Internal troubles have been very
when gone over in detail, denote that 2 old mills, with 8,748 pronounced and traders have had no confidence in the
spindles, have ceased operations permanently and 13 mills, outlook. For several months a rather increasing business
containing 147,242 spindles, have,started up,m aking a net has been done for Java and the Straits Settlements. One
gain of 11 mills and 138,494 spindles during the season. The of our best markets for some time now has been Egypt, and
full extension of capacity in 1917-18, however, is not ex­ merchants who trade with that part of the world have done
pressed by that total, for the equipment of old mills was in­ remarkably well. A n encouraging demand has been experi­
creased to the extent of 190,429 spindles. The aggregate net enced for most of the South American outlets. The re­
gain for the season was, therefore, 328,923 spindles.
quirements of the Government in heavy materials have
Further extension of the cotton-manufacturing industry in tended to increase and moro firms than ever have been
the Southern States in the near future is also indicated by engaged on war contracts. Latterly, more activity has
our returns, the financial outcome of the last three years shown itself in fine, strong materials for aircraft purposes.
having tended to stimulate mill building. As gathered from It has been a busy and profitable year for the home trade.
our returns, it is expected that several new mills will start up Tho wholesale houses throughout the country have reported
during the fall and early winter. Additions to old mills, considerable prosperity. It may be pointed out that manu­
moreover, are under way or in contemplation, so that alto­ facturers of cloth who spin their own yarn have done better
gether the prospective augmentation in capacity within the than makers who buy twist and weft. There has been a
next twelve months will reach approximately 250,000 steady upward movement in charges for printing, finishing,
spindles.
bleaching and dyeing. The following table gives particulars
EUROPE.— The world war and its effects have, of course, of our foreign trade in yarn and clotli[for the twelve months
been the controlling factors in the cotton industry of Europe ended June 30.
E x p o r ts —
1917-18.
1916-17.
1915-16.
during the past twelve months. Changes of an important
147,002,300
176,817,500
Yarns........... pounds. 138,737,200
character liavo taken place and a striking feature of the Cloth....... ...... yards.4,714,231,400 5,073,338,500 5,129,551,300
year has been the fact that in Great Britain the conditions
A romarkable development is to be noted in the position
have enabled employers to mako largo profits, whilst in of yarn during the year. Twelve months ago the outlook was
most other countries the situation has become more wretched very uncertain. W hen the Control Board decided to re­
than over, and, owing to the difficulties in obtaining raw strict production it was soon apparent that the regulations
materfal, a considerable amount of machinery has had to favored spinners rather than manufacturers of cloth. For
be stopped.
over six months demand in most counts and qualities has
G reat B r ita in .— In the opinion of tho writer, moro money definitely exceeded supply and spinners who have been able
has been mado by cotton spinners and manufacturers in to give quick delivery have been in a position to secure ex­
Great Britain during the past twelvo months than in any traordinary prices. For a long time, now, there have been
provious year in the history of the trado. In spite of dearer practically no stocks in first hands. In American numbers
raw material and the much higher cost of production, prices a largo and active demand has been experienced in coarse
in yarn and cloth have advanced at a rather alarming rate, counts for army cloths. The turnover in medium and fine
and although a considerable amount of machinery has been qualities has also been very healthy. Record profits have
standing idle, the prices obtained for the smaller output been made by employers and at the end of June most com­
havo been of a record character. The Board of Control panies were able to pay either an increased dividend or a
was appointed in Juno 1917, and from the beginning of special bonus to shareholders. M ills with adverse balances
Septombor spinning mills engaged on American cotton were< have been able to clear off their debts and other concerns
only allowed to run 7 0 % of tho machinery, but Egyptian have increased their reserves. M uch more money has of
concerns were able to work to tho full extent. Last Decem­ course been made on private contracts than on Government
ber this scheme was revised and mills using American cotton orders, as in the latter instances prices are now fixed accord­
were compelled to stop 4 0 % of tho spindles and production ing to raw cotton rates. A very encouraging trade has been
in weaving was cut down by 3 0 % . Those measures wore experienced by spinners of Egyptian yarns. Recently much
necessary, owing to tho limited supplies of American cotton difficulty has been met with in satisfying the requirements of
in Liverpool. From the beginning of June another restric­ customers. M ore and more^machinery has been turned onto
tion of ^output has taken placo, and at the moment mills counts and qualities suitable for aeroplane cloths. The mar­
ongaged on American cotton and all weaving concerns are gin of profit has tended to broaden.
only allowed to work 5 0 % of the machinery for 40 hours
Numerous restrictions have been placed upon our foreign
a wook instoad of 55 K hours. In tho Egyptian spinning
rade in yarn and some of our leading outlets have been en­
trado only 8 0 % of tho spindles can be worked for the full tirely closed. For some time now no licenses to ship to
5 5 Hi hours per week. Since the curtailment of output Holland have been available and considerable quantities of
camo into forco the operatives thrown out of employment yarn are being held in Manchester warehouses waiting the
have “ played off” in rotation and havo received grants permission of the Government to export. It should be said
from tho funds of the Control Board. It is held that this these goods have been paid for by our customers abroad.
system has been abused and a dispute has taken placo India has bought with fair freedom, from time to time, of
which ati'the time of writing is unsettled between the Control fine numbers, but trade in 40s mule, which at one time was
Board and the Trade Union officials, as the Board has very large, has fallen flat. The Government is still not pub­
decided to pay only compensation to work-people who lishing particulars of our shipments of yarn and cloth and
are “ played off” continuously. Strong representations only totals are given each month.
continuo to be made to tho Government to provide more
In view of the extraordinary conditions which have pre­
tonnago for cotton from the United States, but all the ship­ vailed throughout the industry it is satisfactory to be able to
ping available is required for bringing Amorican troops and record that labor questions have been dealt with by the em­
equipment to Europe, and at tho present time there is ployers and tho trade union officials with a good deal of for­
little hope of any immediate relief for Lancashire users in bearance, and although there have been some occasions
this respect. Owing to tho small amount of machinery at when serious differences have arisen, we have not been near
work, manufacturers of cloth havo experienced no difficulty any important stoppage of machinery. In August last all
whatovor in selling the production. Tho turnover has, of operatives put in a claim for a rise in wages. After discus­
course, not been as largo as in normal times, but very sion the application was deferred. In December, however,
remunerative prices have boon obtained, and latterly demand the demand was renewed. A joint conference took place in
in many fabrics has definitely overtaken supply. Our chief Manchester and ultimately it was agreed that a general ad­
outlet, India, has not bought freely, and all along the line vance of 1 5 % should take place, no change in list rates being
the high figures required havo been resisted. From time possible for six months. In June a further application was
to time a very fair business has been dono in light miscella­ considered and after several joint meetings it was arranged
neous fabrics, but gray shirtings and sheetings have beon that wages should be raised 2 5 % . It m ay be pointed out
dull and many makers havo completely run out of order in that compared with August 1914 the workpeople in all
tliese^classes of goods and are now busy on army cloths. branches of the industry are now receiving higher wages to
A t the time of writing the Monsoon news is not all that the extent of 6 0 % .




872

THE CHRONICLE

The committee which was appointed by tho British Gov­
ernment rather more than twelve months ago to consider
the best means of developing the growth of cotton through­
out the Empire has published its roport and certain recom­
mendations of far-reaching importance have been made. It
is generally believed that the most favorable place in tho
Empire for successful developments is in India, and beforo
very long an attempt will be made to improvo tho staplo
and the quality of raw cotton produced in our dependency.
A feature of tho year has been tho decision of tho British and
Egyptian Governments to control tho buying and selling
and distribution of Egyptian cotton from Aug. 1 1918. Tho
regulations in the first instance may be rather harassing
for users, as there may be difficulty in finding suitable Gov­
ernment types, but it is realized that the action of tho au­
thorities is justified in view of the importance of securing the
whole of tho Egyptian crop for tho Allied countries. Tho
British Cotton Growing Association has continued its ad­
mirable work, but owing to the war developments of any
moment have been checkod. Tho spindlos in Great Britain
are estimated at 57,000,000. On tho whole it may be said
that the consumption of American cotton during the twelvo
months is about 2,500.000 bales.
E u rop ean C o n tin e n t.— Owing to the war reliable ad­
vices from European countries with regard to trado conditions
during the past year have not been easily obtained. Tho in­
dustry as a whole has been thoroughly disorganized, chiefly
owing to tho difficulty experienced in securing supplios of raw
cotton. Production in many instances has been entirely
centred on war contracts. This, of courso, refers particularly
to tho countries at war, whilst neutrals have been hampered
at every turn as a result of tho restrictions upon foroign trado.
It is understood that in Germany less and less machinery
has been worked in the cotton districts. The chief obstacle to
progress has been tho shortago of raw material, and numerous
attempts have been made to secure substitutes. It cannot
bo said that much success in connection therewith has been
attained. The Government has controlled completely tho
output, and very few cotton fabrics havo been available for
ordinary use. Tho spindles aro estimated at about9,000,000.
Owing to the courso of the war thero has beon no oppor­
tunity for cotton manufacturers in France to improve their
position, and tho textile districts remain in the hands of tho
enemy. Substantial supplies of both yarn and cloth havo
been imported from Allied countries, particularly from Great
Britain. The spindles aro estimated at about 6,000,000.
The effects of the war havo been felt more severely than
ever in Holland. Numerous mills havo been brought to a
standstill. In addition to tho difficulty of securing raw
cotton there has been less yarn available from foroign coun­
tries. Licenses to export from Great Britain have been
withdrawn. The industry as a wholo throughout tho year
has been very disorganized. The spindles are estimated at
500,00 0.
.
The industry in Belgium has been at a standstill. Some
attem pts, itis said, havo been made by Germany to start the
mills again, but obstacles have been mot with at every turn.
The reports from Russia have been rather better than
expected. Numerous firms have been able to carry on pro­
duction as a result of local-grown cotton. Extraordinary
prices have ruled, especially for manufactured articles, and
tho demand is said to have exceeded supply. Labor ques­
tions, of course, have been very prominent. Tho spindles
aro estimated at about 8 ,0 0 0 ,0 0 0 .
Numerous difficulties have been met with by firms in
Italy, but demand has been active and a fair amount of
foreign trado has been done, especially with customers in the
Near East. A good deal of machinery has had to stand idle,
owing to spinners not being ablo to get adequate supplies of
raw cotton. The spindles are estimated at 4,5 00,000.
News of any kind from Denmark has been very scarce,
but a considerable amount of unemployment has been ex­
perienced.
The industry in Austria is understood to have been greatly
upset, and the machinery has been entirely occupied in
making articles suitable for the armies in the field. Extra­
ordinary prices have had to be paid by the public for cotton
fabrics. The spindles aro estimated at about 4,0 00,0 00 .
The continuance of the war has undoubtedly had a marked
effect upon spinning and manufacturing firms throughout
the Continent of Europe, and at tho moment there are no
signs of improvement. Machinery in some districts has
beon dismantled, and when peace comes about considerable
repairs will be necessary. A t some futuro date, however,
thero will be, undoubtedly, a very big demand for raw cotton.




[Vol. 107.

W o are indebted to a special and woll-informed Europoan
correspondent for tho foregoing review of the spinning indus­
try in Great Britain and on the Continent in 1917-18, and for
the estimates of consumption in Europe for the latest season
incorporated in our compilation below. Takon in conjunc­
tion with our remarks on tho situation in tho United States,
presented further above, it covers quite fully the countries
of the world that take chief important rank in cotton manu­
facturing.
r
A number of other countries of lesser, though steadily in­
creasing, importance haye to bo included to complete the
narrative of tho world’s progress in cotton production and
manufacture. W o use official data in those cases so far and
for as late periods as it can bo obtained, and wo present below
the results reached, showing (1) tho cotton consumption of
each manufacturing country for a period of four years; and
also the total annual and averago weekly consumption;
(2) the world’s production of cotton (commercial crops) for
the same years, and (3) tho spindles in all manufacturing
countries from which reliable information can bo secured as
they stand to-day compared with like results in former years.
Japan, which stands next in importance to Europo and the
United States, increased its consumption of tho raw material
during the season— at least, that is tho conclusion wo reach
from partial returns at hand— but development of tho indus­
try was hampered somewhat by difficulty in obtaining the
needed spindles from Great Britain. India, too, has appar­
ently used a little more cotton, and in tho absence of any
official returns, which will not be available for some little
time yet, as tho Bom bay M ill Owners’ Association now makes
up its statistics for tho twelvo months ending A u g. 31, we
adopt as a closo approximation about 2,262,0 00 bales of 392
lbs. net each, equaling 1,775,000 bales of 500 lbs. average.
For Mexico and Canada wo havo no other recourse except
to adopt the imports into each country as a measuro' of con­
sumption; in tho case of tho forinor no recent statistics cover­
ing home yield or mill operations havo been obtainable, and
Canada has no source of supply other than through imports.
N o statistics of valuo can bo secured from China or Brazil.
“ Other Countrios,” consequently, include exports of cotton
from tho United States and Eirnopo to localities other than
those specifically mentioned in tho table; also the cotton
burned or lost at sea. Tho compilation appended, therefore,
embraces substantially tho ontiro distribution or consump­
tion (expressed in bales of 500 pounds net weight each) of
the commercial cotton crops of tho world, and tho portion
taken by each country.
T H E W O R L D ’ A N N U A L C O T T O N CONSUMPTION.
S
1917-18.
1916-17.
1915-16.
1914-15.
B a les.
B a le s .
B a le s .
B a les.
Great Britain________ 2,900.000
3.000. 000 4,000.000
3,900.000
Continent........... 3,000,000
4.000. 000 6,000,000
6,000,000
Total Europo..... ;5,900,000
.
7.000. 000 9,000,000
8,900,000
United Statos— North__ 2,991,400
3,193,392
3,238,748
2,768,415
South... 4,182,546
4,237,296
3,870,971
3,037,280
Total United States... 7,173,946
7,430,688
7,109,719 ~ 5,805.695
East Indies.......... 1,775,000
1,764.000
1,723.011
1 648 468
Japan............... 1,850,000
1.774.960
1.747,382
1,538,210
Canada.............
249,468
190,915
208,040
185,287
Mexico____ __________
10,092
5,000 _
19,600
44,009
Total India. &c...... 3,884,560
3,734,875
3.698,033
3.415.974
Other Countries, &c....
585,000
1.000. 000 536,000
625,000
Total world........ 17.543,506 19.165,563 20,343.752 18.746,669
Averago weekly......
337.375
368,569
391,226
360,513
C o u n tr ie s —

From the forogoing table it would appear that tho world’s
total consumption for 1917-18 records a decrease from tho
aggregate for a year ago of 1,622,057 bales and is 2,800,246
bales less than tho record result for 1915-16. Tho sources
from which cotton has beon drawn in each of the last five
years aro stated in tho subjoined tablo of tho world’s com­
mercial crops, in bales of 500 pounds not each:
W O R L D ’S C O M M E R C I A L C R O P S O F C O T T O N .

Countries—
(Amount coming forward)

1 9 1 7 -1 8 .

Bales.

1 9 1 6 -1 7 .

Bales.

U n ite d S ta te s ...........................1 1 ,5 4 7 ,0 5 0 1 2 ,6 7 0 ,0 9 9
E a s t I n d i e s .a .......................... 3 ,9 5 0 ,0 0 0 4 ,1 0 0 ,0 0 0
E g y p t ............................................ 1 .1 6 7 ,0 0 0
9 5 0 ,0 0 0
B ra zil, &c.d------------------------5 0 0 ,0 0 0
2 7 0 ,0 0 0

1 9 1 5 -1 6 .

1 9 1 4 -1 5 .

Bales.

Bales

1913-14

Bales '

1 2 ,6 3 3 ,9 6 0 1 4 ,7 6 6 ,4 6 7 14 4 9 4 76 2
3 ,6 2 5 ,0 3 4 3 ,3 3 7 0 0 0 4 ’ 5 9 2 ’ l 4 9
8 9 2 ,1 7 2
1 ,2 3 5 ,4 8 7 l ! l 3 9 ! 8 0 2
2 2 0 ,0 0 0
2 4 0 ,0 0 0
3 8 7 ,9 4 7

T o t a l........................................1 7 ,1 6 4 ,6 5 0 1 7 ,9 9 0 ,0 9 9 1 7 ,3 7 1 ,1 6 6 1 9 ,5 7 8 ,9 5 4 2 0 ,9 1 4 ,6 6 0
C o n su m p tio n , 5 2 w e e k s . . 1 7 ,5 4 3 ,5 0 6 1 9 ,1 6 5 ,5 6 3 2 0 ,3 4 3 ,7 5 2 1 8 ,7 4 6 ,6 6 9 1 9 ,8 5 8 ,1 7 6
Surplu s fro m y e a r ’s c r o p . * 3 7 8 .8 5 6 * 1 ,1 7 5 ,4 6 4 * 2 ,9 7 2 ,5 8 6
V isible an d Invisible s to ck :
S e p t. 1 begin nin g y e a r . 4 ,2 0 3 ,6 1 8
5 ,3 7 9 ,0 8 2
8 ,3 5 1 ,6 6 8
S e p t. 1 en ding y e ar . . . 3 ,8 2 4 ,7 0 2
4 ,2 0 3 ,6 1 8
5 ,3 7 9 ,0 8 2

8 3 2 ,2 8 5

1 ,0 5 6 ,4 8 4

7 ,5 1 9 ,3 8 3
8 ,3 5 1 ,6 6 8

6 462 899
7 ,5 1 9 ,3 8 3

a In clu d es In d ia’ s ex ports to E u ro p o , A m e rica an d J ap an an d m ill con su m p tion
In In d ia , Incieased or decreased b y excess or loss o f sto ck a t B o m b a y .
d R e ceip ts In to E uropo A c . , fro m B r a z il, S m y r n a , P eru , W e s t In d ie s, A c . and
Japan and C h in a cotton used In J apaneso m ills.
* Deficiency In th e ye ar’s new su p p ly .

Tho above statement indicated, in compact form, tho
world’s supply of cotton (exclusive of that raised in Russia)
in each of tho five years, tho amount consumed and also the
extent to which visiblo and invisible stocks were augmented
or diminished. It will bo observed that tho India crop shows
a decrease from that of 191(3-17. Thero is, however, a

THE CHRONICLE

A ug. 31 1918.j

gain in the Egyptian yield, and an increase in the amount
secured from miscellaneous sources is to be noted. But the
yield in the United States was deficient, and consequently
tho genoral now supply of cotton has been less than current
consumption, and the surplus supply, therefore, was
slightly diminished.
Tho augmentation of the spinning capacity of tho mills of
tho world has been moderate the past season.
Tho only
important addition has been in the Southern part of the
United States, spindles there now numbering over 14 mil­
lions, or a gain over last year of 328,923 spindles. Our
compilation for the world is as follows:
N U M B E R O F S P IN D L E S IN T H E W O U L D .
1918.
G r e a t B r ita in .............. 5 7 ,0 0 0 .0 0 0
C o n tin e n t...................... 4 3 ,2 0 0 ,0 0 0

1917.
5 7 ,0 0 0 ,0 0 0
4 3 ,2 0 0 ,0 0 0

1916.
5 7 ,0 0 0 ,0 0 0
4 3 ,2 0 0 ,0 0 0

1915.
5 7 ,0 0 0 ,0 0 0
4 3 ,2 0 0 ,0 0 0

1914.
5 6 ,9 0 0 ,0 0 0
4 3 ,2 0 0 ,0 0 0

T o t a l E u r o p e ------- 1 0 0 ,2 0 0 ,0 0 0 1 0 0 ,2 0 0 ,0 0 0 1 0 0 ,2 0 0 ,0 0 0 1 0 0 ,2 0 0 ,0 0 0 1 0 0 ,1 0 0 ,0 0 0
U n ite d S ta te s —
N o r t h . ...................... 1 9 ,5 0 0 ,0 0 0 1 9 ,4 0 0 ,0 0 0
1 9 ,0 5 0 ,0 0 0
1 8 ,9 0 0 ,0 0 0
1 8 ,9 0 0 ,0 0 0
1 3 ,2 5 6 ,0 6 6
1 3 ,0 1 7 ,9 6 9
1 2 ,9 4 0 ,2 4 0
S o u t h ........................ 1 4 ,3 0 9 ,5 9 9 1 4 ,0 4 0 ,6 7 6
T o t a l U . S .............. 3 3 ,8 6 9 ,5 9 9
E a s t In d ie s................
7 ,0 0 0 ,0 0 0
J a p a n .............................
3 ,1 0 0 ,0 0 0
C h in a an d E g y p t . .
1 ,1 0 0 ,0 0 0
T o t a l In d ia , & c . _
C a n a d a ...........................
M e x i c o ...........................

3 3 ,4 4 0 ,6 7 6
6 ,9 0 0 ,0 0 0
3 ,0 4 1 ,9 3 0
1 ,0 5 0 ,0 0 0

3 1 ,9 1 7 ,9 6 9
0 ,8 4 8 ,7 4 4
2 ,7 7 2 ,9 8 2
1 ,0 5 0 ,0 0 0

3 1 ,8 4 0 ,2 4 0
6 .7 7 8 ,8 9 5
2 ,5 7 7 ,3 4 2
1 ,0 1 5 ,0 0 0

1 0 ,9 9 1 ,9 3 0
1 ,0 0 0 ,0 0 0
7 6 2 ,1 4 9

1 1 ,2 0 0 ,0 0 0
1 ,0 5 0 ,0 0 0
9 6 2 ,1 4 9

3 2 ,3 0 6 ,0 6 6
6 ,8 3 9 ,8 7 7
2 ,8 7 5 ,6 3 4
1 ,0 5 0 ,0 0 0
1 0 ,7 6 5 ,5 1 1
1 ,0 0 0 ,0 0 0
7 6 2 ,1 4 9

1 0 ,6 7 1 ,7 2 6
9 6 5 ,0 0 0
7 6 2 ,1 4 9

1 0 ,3 7 1 ,2 3 7
9 6 5 ,0 0 0
7 6 2 ,1 4 9

T o t a l o th e r ...........
1 ,8 1 2 ,1 4 9
1 ,7 6 2 ,1 4 9
1 ,7 6 2 ,1 4 9
1 ,7 2 7 ,1 4 9
1 ,7 2 7 ,1 4 9
T o t a l w o rld _________ 1 4 7 ,0 8 1 ,7 4 8 1 4 6 ,3 9 4 ,7 5 5 1 4 5 ,0 3 .3 ,7 2 6 1 4 4 ,5 1 6 ,8 4 4 1 4 4 ,0 3 8 ,6 2 6

In the above we use estimates for Great Britain and tho
Continent that we behove to be approximately correct. Tho
results of tho United States are, of courso, our own figures,
and those for India are taken from the official reports of the
Bom bay M ill Owners’ Association, except that the latest
totals are approximations, Japan’s aggregates aro officially
communicated, China’s figures aro compiled from consular
roports, and for Canada and Mexico the totals aro in part
estimated.
Groat Britain’s trade in cotton goods with foreign coun­
tries, as indicated by tho volume of exports, decreased moderatoly during the year. Tho statement of exports (reduced
to pounds) by quarters for tho last two seasons is subjoined.
Those years end with July 31 .
Three ciphers are omitted.
GREAT

B R I T A I N 'S

q u a r .—
q u a r.—
q u a r .—
q u a r.—

GOODS

Pounds.

A u g .-O c t . . .
N o v .-J a n . . .
F e b .-A p r . . .
M a y -J u ly ...

Yards.

4 2 ,1 1 2 1 ,2 7 2 ,3 5 2
2 9 ,8 1 4 1 ,1 4 8 ,0 1 1
2 6 ,9 9 7 1 ,0 5 8 ,3 4 3
3 4 ,3 7 6 1 ,0 5 5 ,0 3 5

T o t a l .....................................1 3 3 ,2 9 9 4 ,5 3 3 ,7 9 1

a In c lu d in g

EXPORTS

FOR

TW O

YEARS.

------------------- 1 9 1 7 -1 8 ------------------- ■ --------------------1 9 1 6 -1 7 -------------------a Yarns PteceGoods
Total a Yarns Piece Goods Total

(000s omitted.)
1st
2d
3d
4th

COTTON

Pounds. Pounds.

2 9 1 ,7 7 2
2 5 6 ,0 5 6
2 3 3 ,2 8 6
2 4 6 ,1 3 0

4 9 ,9 1 0
4 4 ,2 3 3
3 5 ,2 6 9
4 2 ,2 8 9

Yards.

Pounds

1 ,2 7 2 ,2 4 3
1 ,3 3 9 ,3 4 5
1 ,1 2 1 ,5 9 3
1 ,3 3 7 ,2 4 9

3 0 0 ,5 4 4
3 0 6 ,5 8 7
2 5 7 ,7 4 5
3 0 3 ,8 4 6

1 ,0 2 7 ,2 4 4 1 7 1 ,7 0 1 5 ,0 7 0 ,4 3 0

1 ,1 6 8 ,7 2 2

th rea d .

The totals in pounds in the above compilation are as com­
puted by us, but aro believed to bo approximately correct.
They indicate that tho export movement this season has
been 1,027,244,000 pounds, or 141,478,000 pounds less than
the total of tho previous season, and some 590,252,000
pounds smaller than tho record aggregate of 1912-T3.
To complete the year’s history of tho cotton goods trade
in Great Britain we append data as to prices, tho statement
covering tho last three years:
1 9 1 7 -1 8 .

Liverpool.

Mid.
Up­ 3 2 -Cop
land Twist.
Cotton
d.

A UR.
S e p t.
O c t.
Nov.
D ee.
Jan.
F c l).
M ar.
A p ril
M ay
Juno
J u ly

3 1 ...
30—
3 1 --3 0 .. .
3 1 ...
3 1 --.
28 —
3 1 ..30—
3 1 --30 —
31 —

1 8 .2 5
1 8 .6 2
2 1 .4 2
2 2 .4 7
2 2 .6 8
2 3 .1 5
2 3 .7 4
2 4 .3 2
2 1 .2 5
2 1 .3 3
2 2 .5 9
2 0 .3 4

d.
26 K
26
31
3 7 54
3 9 54
39 54
4054
43
4 5 55
4 7 54
5454
5054

1 9 1 6 -1 7 .

Shirt­ Mid.
Up­ 3 2 -C o p
ings,
Per
land Ttvlsl.
Piece. Cotton
s.
16
16
17
20
21
22
22
22
25
26
28
29

d.
3
014
754
1 'A
354
054
654
654
6
1 54
0

I'A

d.
9 .4 7
9 .5 0
1 0 .7 7
12 .11
1 0 .0 3
11 .0 2
1 1 .6 0
1 2 .7 7
1 3 .0 0
1 4 .5 3
1 9 .4 5
1 9 .0 5

d.
14 54
14 54
16 54
1854
17 1-16
1054
16 1-10
17 3 -1 0

17 A
ISA

2 5 54
24 54

1 9 1 5 -1 6 .

Shirt­ Mid.
ings,
Up­ 3 2 -C o p
Per
land Twist.
Piece. Colton
s.

U
.

9 3
9 7
10 5 )4
10 854
10 7'A
10 8
10 554
10 10C4
11 0
111154
16 2
151154

d.
5 .7 3
6 .8 5
7 .0 4
7 .4 5
7 .9 2
7 .8 2
7 .7 1
7 .7 7
7 .9 5
8 .5 6
8 .1 0
8 .1 9

d.
854
11
1054
1154
1254
13
1254
12 9 -1 6
1254
1354
13
1254

Shirt­
ings,
Per
Piece.
ty

7
7
8
7
7
8
8
8
8
8
8
8

d.
154
854
054
354
954
754
254
1
1
654
3
2

W e now add a brief summary by months of tho courso of
the Manchester goods market during tho season closing with
July 31 1918, and also of tho Liverpool cotton market in
tho samo form for tho samo period. These summaries liavo
boon propared for this occasion with groat care, and tho
dotails will, wo think, provo an interesting and serviceable
record for reference.
A U G U S T .— Manchester .— As regards actual transactions
tho month was a quiet one in the cotton goods trade, but
tlioro wero developments of absorbing interest to tho in­
dustry. M ost important of theso was tho promulgation
on tho 10th of a plan for controlling tho output of tho mills and
weaving sheds, this scheme (with slight modifications) to
bo put in force on Sept. 10, and run for twelve weeks. A
stoppage of 4 0 % of the spindles in each mill was providod




873

for, with an alternative of an extra 1 0 % if a levy be paid*
and of a similar stoppage of looms with the alternative of
anything up to the full number with a levy, the money
received from tho levies to be used in both cases for unem­
ployment funds. Tho difference in the conditions between
spinning and weaving, however, aroused controversy that
threatened to be acute, and it was considered possible that
tho plan might be modified. Devised to be operative for
only a comparatively short period, the opportunity for
reconsideration of its provisions would come at its end,
unless there should be no further need for these restrictions.
The scheme was to husband supplies of cotton, and to
ensure a continuance of a fair measure of employment, but
the circumstances which led to its inception also stimulated
the Government to make particular efforts to increase the
cotton supply. Arrangements for this had progressed so far
that the scheme might fairly be regarded as a precaution
against possible dangers rather than as a necessity dictated
by current conditions. Tho hope was entertained that at
the end of the three months a return to something like normal
conditions might be feasible, and that some plan would be
devised for the resumption of unrestricted operations in the
Liverpool futures market. The problem seemed to be to
find a formula which would give sufficient latitude for all
legitimate transactions of the trade, while excluding or
severely handicapping those purely speculative to which
excessively high prices are generally attributed. W ith the
scheme as outlined above so soon to go into operation it was
but natural that when cotton began to decline late in the
month demand for cloth dropped to very small proportions.
Y et there was considerable latent demand, and a fair amount
of Indian business was done early in the month. Shipping
to the Far East was generally practicable, and the congestion
that once troubled the trade was relieved, though there was
still difficulty in the case of the Mediterranean ports. Some
of tho smaller Far Eastern markets did moderately, and China
was at least better than it had been. South American and
African markets, Persia, the W est Indies, and various other
outside markets bought pretty regularly, if on a small
scale. The home trade was yet in its quiet period, but some
measure of Government buying was in evidence. W hat
manufacturers had to fear was a greater degree of restriction
in spinning than in weaving. An irregular and unsatisfactory
month in the spinning trade was noted and stocks of medium
counts appeared to press heavily on the market. A moderate
business continued wherever a spinner would take a low
price; some of them believed, however, that a relatively
large demand for yarn was coming. The exports of yarns
and goods from Great Britain for tho month, all reduc; d to
pounds, reached 110,301,000 lbs., against 101,744,000 lbs.
in August 1916. Liverpool .— The market for raw material
tended upward during the early part of the month, but after
advancing from 19.05d. at tho opening to 20.15d. by the
10th a decline set in which continued quite steadily to the
close, which was at 18.25d. The net decline for the month
was .80d.
S E P T E M B E R .— M anchester .— The Board of Control took
precedence of all other matters as a feature of the cotton
goods market in September, and while there was at times a
tendency to question its rulings they wero loyally acquiesced
in quite generally. The scheme for reducing the consump­
tion of cotton proved to be feasible but there was some
dissatisfaction on the part of operatives on account of their
out-of-work pay. The scheme did not involve any further
loss of operatives to tho industry, and it was hoped that at
the find of the three mouths’ exneriment full emoloyment
would be resumed. This, however, would depend upon the
position of the cotton supply, and some anxiety upon this
head induced the Board to arrange for the opening of the
futures markets. The new contract for future trading was
well received on the whole, and it was expected that the
allowance of freer dealings in futures would not only facilitate
imports of the raw material from the United States to
Lancashire, but enable spinners and manufacturers to carry
on the business under more favorable conditions. The
demand for cloth improved during the month, and was best
after cotton prices had begun to recover, though it was
checked by the big advance. The demand from India
however, continued very unsatisfactory, but there wero
more offers, and those in the trade were generally confident
that demand would come. The prospects of shirting-makers,
were still very poor, though something was done for China
and the Straits. Printing and finishing goods were in
moderate demand, but makers of heavy goods had the best
of it, and reports said that some large orders had been taken
for the British or Allied Governments. The home trade,
too, was a considerable buyer. Spinners had to work in
very uncertain conditions, and a good deal of irregularity was
tho result. Some had stocks upon which it seemed prudent
to realize while prices were so high, even at some abatement

874

THE CHRONICLE

from the market price, while others were strong in engage­
ment and intent on improving margins. Exports of yarns
and goods from Great Britain aggregated 93,705,000 lbs,
against 106,754,000 lbs. in September 1910. L iv e r p o o l The
trend of the market for the raw material in September was
at first steadily downward, middling uplands dropping
from 18.25c. Aug. 31 to 16.90c. on Sept. 13. Thereafter
the tendency was in the main upward, an advance to 18.92c.
being recorded by the 24th, from which level there was a
decline to 18.62c. at the close.
O C T O B E R .— Manchester.— The new futures contract con­
tinued to work without noticeable difficulty, but those who
were unfriendly to futures markets maintained that it had
little to do with stimulating imports of cotton, and there was
considerable dissatisfaction about tho lack of facilities for
calling cotton a n d ,’ generally, with the exaction of extreme
prices for stocks. It was reported that a great deal of cotton
was on the way and a census of stocks in spinners’ hands
taken by the Control Board in the closing days of the month,
it was thought, might justify the running of more machinery.
B ut it was anticipated that the control of machinery by the
Board would not end with the term fixed for the experi­
ment. Consumption was far below tho imports, and spin­
ners, in spite of some warnings from Liverpool, bought
cotton freely. It appeared that tho only justification for a
continuance of tho restrictions in the working of spindles
and looms was the belief that freight for cotton exports could
not be continued on the recent scale. Congestion in Eastern
goods was reported and especially in those for the Near
East, and there were rumors of large advances in freights.
The piecers’ strike, arising out of difficulties in connection
with tho full staffing of machinery, was settled on Oct. 15,
after a few days of idleness at the mills, and one of tho effects
was a rapid and considerable improvement in spinners’
margins. Cloth sold freely during the month at prices near the
high records of the U . S. Civil W a r, and it seemed to be agreed
that a good deal of the buying was speculative and by those
who looked for prices to go higher. India, and especially
Karachi, bought largely in mulls, dhooties, jacconets, and
various finishing cloths, and towards tho end of tho month
offers for shirtings were getting nearer. China roports con­
tinued to be unsatisfactory. Smaller Far Eastern markets
did a little, and there was some buying for the Near East,
which could be accounted for by the supposition that facili­
ties for transport would improve. In spite of restrictions
European countries, both north and south, bought what they
could not hope to receive. A fair South American demand
was mentioned, a good one from France, and a steady home
trade. Stock lots were eagerly taken, and yet the ware­
houses were cumbered with stocks that could not bo shipped.
W ith few exceptions manufacturers were engaged up to the
extreme of their capacity, with prices advancing rapidly.
Markets both for American and Egyptian yarns were strong
during the month and a largo business was done, taking into
account the amount of machinery at work. Stocks were
greatly reduced, and there wero signs of shortage in some
counts. Exports of yarns and goods in October reached
87,666 ,00 0 lbs., against 92,046,00(3 lbs. for the same period
of 1916. Liverpool.— The upward tendoncy noted in the
last fortnight of September continued in October, with
fluctuations very frequent, and a further very decided not
advance recorded. Middling uplands opened at 18.62d .,
and by the 10th was up to 20.07d . Tho quotation eased off
to 19.75d. on the 11th but recovered tho following day and
moved up quite steadily with the final price 21.42d .
N O V E M B E R .— Manchester.— Developments in the cot­
ton goods trade in November were of a decidedly hindering
nature, even though at the moment operations were carried
on at a high level of profit. In tho first place, the Control
Board amended its schemo and confined spinners of Ameri­
can cotton to 6 0 % of their machinery, except in cases where
work for Government orders was being dono, and there
were warnings of the possibility of further restrictions. The
question of support for the unemployed or partly employed
operatives was predominant, and this could hardly be con­
sidered apart from tho applications for advances in wages
received from the spinning-room, the cardroom and the
weavers. The U -boat was of course the essential factor in
the question of tonnage, and continued to be an alternate
cause for encouragement and discouragement. In the mat­
ter of the supply of cotton, the Lancashire deputation to the
Board of Trade was encouraged to hope that the 6 0 % of
spindles could be maintained. Report pointed to a restric­
tion of the working looms to 7 0 % , the disparity between tho
two sections being due to the larger percentage of spindles
on Egyptian yarns and the decrease in export yarn trade gen­
erally. A n interesting suggestion for the relief of unem­
ployment in Lancashire was the proposed development there
of aircraft manufacture, and more was expected to be heard
on this subject later. The creation of a new committee to
watch over the interests of the cotton trade, made up of
representatives of employers and operatives, together with
members of Parliament, was a leading development of the
month. A good deal of business was done in heavy army
cloths for the Allied Governments, and though tho amount
was uncertain, it used up a lot of cotton. Doubtless a good
deal of the buying for markets abroad was speculative, and
replacement prices remained far above selling prices in tho
markets. Much trade was put through by those who had
no immediate prospects of shipping to their markets, and




[Vol. 107

many warehouses in Manchester were said to be crowded
with goods which waited for licenses or ships. The uncer­
tainty about delivery induced buying by those who would
have preferred to wait, and some manufacturers sufficiently
well sold up preferred to avoid further engagements. A
considerable business was done for India early in the month.
China, on the other hand, was extremely dull, but South
American, African and the smaller Far Eastern markets did
quite well and the home trade was not unpromising. M anu­
facturers improved their margins during tho month, but
were apprehensive about the possibility of unrestricted work­
ing with spindles restricted. The yarn 'market was ex­
tremely strong, and what looked like extravagant prices were
paid for delivery. The exports of yarns and goods from Great
Britain were 87,451,000 lbs., against 82,190,000 lbs. for the
same month in 1916. Liverpool.— The market for the raw
material tended downward early in November, for although
the opening was a t2 1.62d . for middling uplands, or 20 points
higher than the October close, tho quotation was down to
21.05d. on the 6th. From that lovel there was a rise to
22.10d. by the 16th, and a drop to 21.95(1. on the 19th inst.,
but again the price turned upward and stood at 22.47d. at
the close.
D E C E M B E R .— Manchester.— In tho early days of the
month the raw material showed a sagging tendency, but this
was without effect upon yarns and cloth which continued
to advance, and with cotton later on rising to a level mod­
erately above the November close, the manufactured ar­
ticles rose still higher and ended tho year at the top. On
tho 4th the Control Board issued new regulations permitting
the use of a little greater spindleago for tho needs of private
consumers but reducing the number of working looms.
Two days later brought an important development when
the Chairman of the Control Board met representatives
of the various parties to the unsettled wage question and
in a short time an arrangement was mado involving a gen­
eral advance of 1 5 % . this settling tho matter for at least
six months. The system of levies to support the unem­
ployed was to bo continued, it was understood, but thore
was a possibility that the action of tho 4th would bo oithor
rescinded or modified. Trade on the wholo was quiet
during, the month, although there were somo fair sales of
hoavy goods. As regards the operations of tho mills the
year was stated to have boon tho most profitable earning
period sinco 1908. Dividends and bonuses declared by
160 limited companies averaged 1 2 % % , against 10 1 -3 %
in 1916. Tho exports of yarns and goods from Great Britain
were 79,035,000 lbs., against 109,854,000 lbs. for tho same
month in 1916. Liverpool.— The market for the raw material
tended downward during the first ton days of the month,
as middling uplands which opened at 22.47cL, or the same
as the November close, was down to 22d. by the 10th.
From that level there was a rise to 22.31d. by the 14th, fol­
lowed by a decline to 22.16d . on the 17th, but that loss was
fully recovered by the 20th, and there was a further rise
to 22.68d . at the close.
J A N U A R Y .— Manchester.— The opening of tho now yoar
was without notable incidont in tho cotton goods trade.
Transactions continued of restricted volume and whatever of
advantage accrued through the abnormally high pricos ruling
was more with the spinner than with the weaver. Peace
talk was much in evidence but tho offect upon tho markets
was negligible except in so far as it induced caution in op­
erating, that in vturn, of course, accounting in greater or
lesser measure for the slackened domand. Thcf most im­
portant development of tho month in manufacturing linos
was the arrangement between employers and operatives of a
scheme for tho admission of apprentices to the cardroom.
The employer to pay for tho apprentice a man’s wage,
tho apprentice to get remuneration beginning at 19s.,
and the balance to be divided between tho qualified inon
under whom ho worked. Dulness prevailed during the
month in the cloth trade as a whole. Both India and China
were conspicuously unable to buy at tho advancod prices,
while selling prices in those markets romainod comparatively
low. The oxport demand generally languished and home
trade was only moderate, but a groat deal was dono in army
cloths, which had apparently becomo almost Lancashire’s
principal staple trade. Manufacturers in quoting for dis­
tant delivery wero forced to make allowance for contingen­
cies, of which probable cost of yarn and, in tho case of export
oods, freight room, wero important elements. The Chamer of Commerce took up tho question of bills of lading with
the Shipping Controller, and some check to tho encroach­
ments of tho shipping companies was hoped for. A t the
same time the apportionment of tonnage for the Eastern
export trade, and particularly in rotation to Bom bay, was
causing some anxiety. The yarn trado was quiet, and thoso
engaged in it were very largely concerned with questions of
delivery. The period of dulness brought a little irregu­
larity, but prices romainod extraordinarily high, and mar­
gins, in some cases, were phenomenally groat. Shipments
of yam and goods from Great Britain wero 89,610,090 lbs.,
against 114,542,000 lbs. in January 1917. Liverpool.— The
market for raw material tended upward during tho first half
of the month, with fluctuations frequent and tho not changos
in prices from day to day quite important. This was fol­
lowed by a downward movement under which almost half
of tho advance was lost. Middling uplands oponed at
22.79d ., or 11 points higher than the December closo, roso

A ug . 31 1918.]

THE CHRONICLE

to 23.53d. by the 11th, dropped to 23.25d. by the 18th, ad­
vanced to 23.3Gd. by tho 25th, but eased off to 2 3 .l i d . on
tho 30th and closed at 23.15d ., or 47 points above the final
December quotation.
F E B R U A R Y — M anchester.— Because of tho various diffi­
culties tho cotton goods trade had to contend with the
volume of business transacted in February was of restricted
volume. Prices for tho raw material advanced and this
was attributed in part to the belief that the idea of fixing
prices in the United States had been abandoned. There
was some increase of stock at Liverpool, but the question
of supply remained an anxious one. It was understood
that tho information given to the Control Board by the
Government had raised the question whether a further re­
duction in the working spindles would be necessary, and
the trade waited with some anxiety for the reply. Among
the principal topics of the month may bo mentioned the
Education Bill clauses relating to tho cotton trade, which
had been widely discussed, the possibility of further “ combing-out” from mills and sheds, the institution of a scale of
prices for yarn used in war contracts, and the announcement
of the appointment of numerous Trade Commissioners to
various parts of tho British Empire. Buyers of piecegoods displayed extreme caution during tho month, this
doubtless in great measure because the prospects of shipping
wore not good. In this connection it may bo recorded that
a committee to represent tho textile trados was appointed
to consult with the Board of Trade and tho Ministry of
Shipping as to the allocation of tonnago. Tho inquiry from
India and China was very poor, and demand concentrated
a good deal on tho homo trade and army cloths. M an u ­
facturers of heavy goods continued to do well, and fine
goods, too, were in fair demand. A feature of tho month
was the resale of goods which had waited in vain for facili­
ties to reach their destination.
Yarns remained remark­
ably firm during the month. Pressure for dolivery con­
tinued, but there was very little forward business in Ameri­
can counts. Tho decision of tho Control Board to permit
manufacturers to run more looms on fine counts— licenses
being obtained and levies paid— helped to stiffen Egyptian
yarns. Exports of yarns and goods from Great Britain
aggregated 75,156,000 lbs., against 78,612,000 lbs. in Feb­
ruary’ 1917. Liverpool.— After opening at tho January
closing level the market for the raw material advanced
slightly, then tonded downward until tho middle of the month
but later made a marked advanco and closed at tho top.
Middling uplands started off at 23.15d. and moved up to
23.22d . by tho 6th. B y the 15th tho price was down to
23.0R 1., but an advance of 73 points occurred later, making
tho closo 23.74d .— an advance of 59 points over tho final for
January.
M A R C H .— Manchester.— Tho month was one of many
anxieties and difficulties, not the least of which was tho
fluctuation in the prices of the raw material. But with it
all and despite a very moderate volume of trade, spinners
and manufacturers were able to follow the course of cotton
and even at times improve their margins. Tho allotment
of freight room was held in abeyance, but it was felt that the
Control Board would sco_ that the industry received just
treatment. Tho decrease in exports from America and con­
sequent shortage in cotton “ to arrive” brought a larger spot
demand to Liverpool. The Government rate for war risks
was reduced for American cotton and advanced for Egyp­
tian. On March 18 the Control Board’s decision to roduco
further the consumption of cotton becamo operative. W ith ­
out license, tho spindles on American cotton wero reduced to
5 0 % and looms generally to 6 0 % . The exceptions, howover,
wero considerable, as, apart from Government work, a con­
cession by which mills could put additional spindles on fine
and also on Surat cotton on payment of lovies was taken
advantage of widely, and served to ease tho strain of tho yarn
position. Action taken by tho Government, in conjunction
with tho Government of Egypt, in buying tho Egyptian crop
with the intention of retailing it at a fixed prico was a striking
dovelopmont of tho month. Naturally, there was a good
deal of interest in tho method of distribution, but little or
no criticism was heard. The cloth demand was irregular
and fragmentary, and little was heard of India and China,
though several of the Indian markets did a little in stocks and
choap lots of mull-dhooties, &c. There was much resistance
to tho range of prices current but they wero met without
especial antagonism by some of the smaller markets that wero
bare of stocks,and by tho homo trade. A steady demandfor
various descriptions of army cloths was to bo noted. In tho
yarn market conditions made it difficult for manufacturers
to keep to dolivery terms, and for distant months tho un­
certainties wero accentuated by tho possibilities of wage
advancos. Tho difficulties of the shipping trade wero ex­
pected to bo relieved by tho efforts of tho Textile Exports
Shipping Committee, whoso system was in process of or­
ganization. Exports of yarns and goods from Groat Britain
aggregated
71,789,000 lbs., against 100,822,000 lbs. in
M arch 1917. L iverp ool— There was an upward trend to tho
market for tho raw material in M arch, and a not advanco of
58 points was scored. Fluctuations at times wero wido.
Middling uplands started off at 23 .81d ., a gain of 7 points
ovor tho final February quotation, moved up to 24.28d. by
tho 6th and was down to 23.55d. on the 14th. B y tho 20th
tho prico was up to 2 4 .05d ., and a further riso of 27 points
occurred boforo tho close, which was at 24.32d.




875

A P R IL .— M anchester.— Notwithstanding a continuation
of the hampering influences noted in preceding periods
there was a display of considerable strength in the
cotton goods trade in April. A very marked decline in the
price of the raw material occurred in the last half of the
month, apparently in part at least induced by the war
situation, but in the face of this quotations for both yarns
and goods advanced. In fact it would seem that the con­
tinuance of a formidable shortage of yarn, prevented the
decline in cotton from being operative.
Business was
still further restricted and the prospects were clouded by
tho Man-power A ct, the working of which was yet the sub­
ject of anxious discussion. A Joint Committee of opera­
tives and employers was appointed to watch the bill, and as
an Act it would not be likely to go uncriticised. The shipping
question still wore two aspects; while exports of American
cotton to Great Britain had been discontinued exports of
goods were partly dependent upon considerations outside
commercial demand and supply. The possibility of a
further reduction in working spindles and looms was dis­
cussed, and -this might depend upon the census of stocks
taken by the Control Board. Manufacturers were unable
to quote for forward delivery with safety, especially as a
wage question loomed before them and merchants had
little desire to speculate. So the month’s business in cloth
resolved itself into strictly necessary supplies, some of
which, it w as reported, came from re-sales below replacing
r
costs. There was a continuous demand for Government
cloths, both coarse and fine, arid the home trade also bought
steadily. India bought mull-dhooties quite out of pro­
portion to its other purchases, and China buyers had not
got beyond the minimum of routine business. Some of
the smaller markets of Asia, Africa, and America contributed
to a small result. It seems, however, that manufacturers
had as much as they could handle, and in some cases
Government orders were only taken under compulsion.
Scarcity and strength were prominent characteristics
of the yarn market, the question of delivery being para­
mount, and many spinners ceased to quote. Margins re­
mained extraordinary. Yarns and goods exports for the
month from Great Britain totaled 8 6 ,3 4 1 ,0 0 0 lb s., against 78 ,­
312,000 lbs. in 1917. Liverpool.— A very decided decline
was the feature in the market for the raw material
during April.
Opening at 24.56 d ., an advance of
24 points from the March close, the price for middling up­
lands continued to move upward until 24.97d . was reached
on tho 8tli. The trend then turned downward, moderately
at first, but beginning with the 12th the decline became
pronounced and was but slightly interrupted to the close,
which was at 2 1 ,25 d ., or a drop from the March final of 3.07d.
M A Y .— M anchester.— While M a y was not a month of
any notable activity it was not without developments of
more than common interest to the cotton goods trade. In
the earlier days there were reports current that further
restrictions upon operations of the mills were in contempla­
tion and these with stocks of cotton very low, seemed to
find confirmation in the practically negligible exports of the
raw material from the United States. The Control Board,
with a census of stocks before them, and, presumably, the
latest information about prospects of supply, published on
M a y 18 their new scheme under which tlie working hours
were generally reduced from 55 3^ to 40, and to go into
operation on June 10. This reduction in output was con­
sidered a very drastic one, but there were considerable ex­
ceptions, as firms largely engaged on Government work and
spinners on Egyptian, Sea Island, Surat, or waste might
work additional hours and machinery. The census of
stocks was said to have been disappointing, but the position
it revealed was by no means desperate. It resolved itself
into a question of what cotton imports were to be had.
In this connection the Board of Trade made arrangements
to give priority to cotton intended for Government con­
tracts. Closely allied with the question of working ma­
chinery was that of wages, and after a prolonged conference
on M a y 22 it was agreed that all sections should receive ad­
vances of 2 5 % on the lists, to become operative in the week
ended June 15. There was no special disposition to con­
sider the advance excessive in the spinning section, the
profits of which continued phenomenal. Conditions in the
cloth market were anything but comfortable. It was a
question how far competitors abroad could take advantage
of inability to supply markets at reasonable prices. Y e t the
congestions of goods waiting for shipment had been gen­
erally removed, and stocks in some of the markets were con­
sidered to be relatively heavy. The need for cotton imports
was much more urgent than for cotton goods exports. Alto­
gether the month’s transactions were few and small. India
continued to do a little when it could get the advantage of
cheap cotton or yarn, but China was conspicuously backward.
Egypt was reported to be full of goods, some of which were in­
tended for after-the-war trade in the Levant, but there
was some miscellaneous demand from smaller African and
Far Eastern markets, from South America, British and
French colonies, &c. The home trade was a constant but
cautious buyer, and Government demand had become rela­
tively more important than ever. The latter part of the
month was disturbed by tho Control Board’s scheme, and the
smaller output necessitated a big advance in prices that were
already a hampering influence. There was a heavy demand
for yarn, and supply was equal to it. Some relief came by

876

THE CHRONICLE

[Vol . 107.

re-sales on the part of manufacturers who had over-bought
W e now give a compilation which covers the figures of
and also of shippers whose markets were closed to them. consumption in detail for each of the principal countries
Generally the business was in small lots at extreme prices. embraced in tho statement of the world’s annual consump­
The month’s yarns and goods exports from Great Britain tion already presented, and the total of all. These figures
were 89,371 ,00 0 lbs., against 103,970,000 lbs. in M a y are not the takings of the mills, but the actual consumption,
1917. Liverpool.— The outcome of fluctuations in the and are in all cases expressed in bales of 500 pounds. The
raw material during M a y was a net advance of 8 points. figures in the table cover the years from 1896-97 to 1917-18,
Middling uplands opened the month at 21 .3 4 d ., and ad­ inclusive, and are given in thousands of bales. Tho figxxres
vanced to 21.70d . by the 13th; from that level there was a for 1913-14 to 1917-18, inc. cover the twelve months ended
drop to 20.88d . by the 22nd and a recovery to 21.33d . at July 3 1 ;all earlier years are for theperiod Sept. 1 to Aug. 31:
the close.

J U L Y .— M anchester.— Anxiety as to ability to secure sup­
plies of the raw material sufficient to keep spindles in motion
was the dominant factor engaging the attention of the cotton­
manufacturing industry in July. W ith mill stocks of negli­
gible volume and the holdings at Liverpool extremely light,
action by the Government setting apart tonnago for the
bringing of cotton from America was considered to be the
need of the hour, and the trade anxiously awaited some an­
nouncement on the subject. Tho abolition of the rota sys­
tem had not yet been accomplished, and some anxiety Avas
felt as to the position of tho Board of Trade, the Control
Board and tho operatives. The strike at W igan over tho
interpretation of the last wages award was still unsettled,
tho operatives still pressing their claim for payment out of
tho levies for the 15 xi hours per week lost under the Control
/
Board’s regidation. Interest, moreover, was evinced in the
trade over the probable outcome of the taking over and ad­
ministering of the Egyptian crop by the British and Egyptian
Governments scheduled for Aug. 1. The publication of the
results of the last half year’s working in the spinning trade
confirmed amply the reports of high profits. The cloth
trade was quiet during the month, but manufacturers were
able to improve their margins, especially those spinning their
own yarn. The export trade showed signs of contracting,
although a fair demand was in ovidenco for Africa and South
America and some of the Far Eastern markets. The homo
trade, as usual at tho time of year,was quiet, but Govern­
ment orders continued large. The yarn trade was quiet.
Yarns and goods exports fox''the month from Great Britain
totaled 71,113,000 lbs., against 107,230,000 lbs. in July
1917. Liverpool.— Tho market for the raw material tended
quite steadily downward during July under tho influence of
crop news from America and the close was near tho low of
tho month. Middling uplands opened at 22 .54d ., or 5
points under the Juno final, was down to 21.85d. on the 23d
and 20.20d. on the 30th, but moved up to 20.34d . on the 31st.




1896-97...
1897-98...
1898-99...
1899-00...
1900-01 . . .
1901-02...

3.224
3,432
3,519
3.334
3,269
3,253

I

4,368
4,628
4,784
4,576
4.576
4,836

7,592
8,060
8,303
7,910
7.845
8,089

1,776
1,808
2,244
2,355
2,160
2,207

|
s
8

i
962
1,154
1,309
1,501
1,577
1,830

Total

-1
s$
§

United States.

North.

C

I

I

2,738 1,004
2,962 1,141
3,553 1,314
3,850 1,139
3,727 1,000
4,037 1,384

414
534
703
711
632
726

A v .6 y ’rs 3,339 4,628 7,967 2,089 1,389 3.478 1,174
1902-03...
1903-04 . ..
1904-05...
1905-06...
1906-07...
1907-08...

3,185
3,017
3,020
3,774
3,892
3,690

6,148
5,148
5,148
5.252
5,460
5,720

8,333
8,105
8,768
9,026
9,352
9,410

2,048
2,001
2,194
2.440
2,575
2.093

A v .0 y ’rs 3,629 6,313 8,842 2.225
■
3,720 5,720 9,440 2,448
3,175 5,460 8,635 2,266
3,776 5,460 9,236 2,230
4,160 5,720 9,880 2,590
4,400 6,000 10,400 2,682
4,300 6,000 10,300 2,701

1,967
1,907
2,116
2,286
2,375
2,134

AU Other

Europe.
600-lb.bales
000s omitted

Continer

J U N E .— Manchester.— The developments of the month,
aside from the fact that operations were upon a basis cover­
ing a wide margin ot profit, were not of an encouraging na­
ture. Restrictions in spinning had been carried to a point
where scarcity of yarn was a conspicuous feature, and it was
but natural to infer that even with the turn-over of goods,
except for Government account, much below normal, there
would follow in fairly short order a dearth of cloth. N ot
only had stocks of raw cotton fallon to a very low level, but
there was great uncertainty as to when and how furthor sup­
plies would be obtained from the plentiful supply in America.
Furthermore, there were intimations that there was a danger
of shortage of coal which would tend to seriously hamper
operations in the cotton manufacturing industry. Recalling
that the work of the Cotton Control Board had" now covered
a twelve-months period, it was recognized that it had gained
a great measure of respect and authority, even though it
had not mastered all the problems it was organized to solve.
But the success attained had been such that it seemed likely
tho Board would bo continued in existence after tho war to
act in an advisory capacity during the reconstruction period,
and it was even suggested that its retention as a permanent
industrial council would be advisable.
This latter idea
seomed to meet with approbation, although a feeling of
relief would naturally follow the termination of its adminis­
trative functions. The cotton supply problem was tho prin­
cipal one engaging tho attention of the Board during the
month, but another subject they had to consider was tho
proposal to pay out of the levies for tho 1 5 hours lost by
operatives under the regulations they had onforced. With
war work taking precedence of all other, tho invitation to
spinners to pool their stocks of cotton and thus aid in tho
fulfillment of Government contracts aroused considerable
interest, especially as this step, if ineffective in accomplishing
the desired result, might be followed by more drastic action.
Tho demand for cloth during the month was rather irregular.
For India and China tho business done was comparatively
trifling, but fair transactions were made for some of tho Far
Eastern destinations. Tho inquiry from South Amorica and
Africa culminated in a satisfactory trade on the whole, and
the colonies, home trade and war orders helped out. A t the
samo time, there was considerable irregularity in point of
volume of booking among manufacturers, and those spinning
their own yarn had great advantage over others. The yarn
market was decidedly irregular. Enormous profits wero
quite the rule, but the difficulty in obtaining cotton was
acute. The month’s yarns and goods exports from Groat
Britain were 85,646,000 lbs., against 92,648,000 lbs. in Juno
1917. Liverpool.— The trend of values for tho raw matorial
in June was toward a higher level. Middling uplands
opened th8 month at 21.54d ., an advance of 21 points from
the M a y final, and moved upward quite steadily to the close,
which was at 22.59d .

132
191
142
157
162
179

Total

11,880
12,888
14,015
13,773
13,410
14,416

620

159 13,398

567
693
755
874
907
891

199
176
305
223
238
192

781

4,015 1,364
3,908 1,308
4,310 1,474
4.726 1,586
4,950 1,552
4,227 1,561

14,478
14,310
15,012
16,435
16,999
16,281

2,131 4,356

1,484

2.464
2,267
2,255
2,620
2,849
2,979

4,912
4,533
4,485
5,210
5,531
6,680

1,053
881
1,517 | 1,055
1,494 1,087
1,607 1,357
1,643 1,352
1,680 1,522

223 15,686
, 1
278 17,164
449 10,189
448 16,750
512 18,560
618 19,544
676 19,858

Av.6 y’rs 3,922 5,727 9,649 2,488 2,572 5,058

1,599 1.209

497 18,012

1908-09...
1909-10...
1910-11 . . .
1911-12...
1912-13...
1913-14*..

1914-15...
1915-16...
1916-17*..
1917-18*..

3,900
4,000
3,000
2,900

5,000
5,000
4,000
3,000

8,900 2,769
9,000 3,239
7.000 3,194
5,900 2,991
* Figures for 1916-17 and X9X7-X8 arc

3,037
3,871
4,237
4,183
subject

6,800 1.649
7,110 1,723
7,431 1,764'
7,174 1,775
to correction.

1,638
854 18,747
764 20.344
1,747
1,775 1,190 19,166
1,850
845 17,544

Another general table which wo have compiled of late years
is needed in connection with the foregoing to furnish a com ­
prehensive idea of the extent and the expansion of this in­
dustry. It discloses the world’s cotton supply and tho sources
of it. The special points wo have sought to illustrate by the
statements are, first, the relative contribution to the world’s
raw matorial by the United States and by other sources, and,
second, to follow its distribution. Figures for 1896-97 to
1912-13 are for the year ending A u g. 31; 1913-14 to 1917-18
inclusive for year ending July 31:
WORLD’S SUPPLY AND DISTRIBUTION OF COTTON.

500-lb.
bales.

Visible
and
Invisible
Supply
Beyin­
ning of
Year.

Commercial Crops.
United
States.

AU
Others.

Total
Actual
Consump­
tion.

Balance of Supply
End of Year.

Total.
In­
Visible. visible.
_________
1890-97... 1,931,000 8,435,868 '3,438,000 'l l , 873,868 11,880,332,1,295,036 628,000
18979 8 ...
1,923,636 10.890.000 3,316,290 14,206,290 12,888,708:1,905,158 1.330.000
18989 9 ...
3,241,158 11.078.000 3,694,934 14,772,934 14,014,72812,371,304 1.628.000
18990 0 ...
3,999,304 ! 9,137,000 3,092,897 12,229,897 13,772,772(1,071,489 1.385.000
1900-0 1 ... 2,456,489 10.218.000 3,414,454 13,632,454 13,415,9161,549,027 1.124.000
19010 2 ...
2,673,027 40,380,380 4,033,509 14,413,949 14,414,908(1.300,068 1.366.000
Average
6 years.
...........j10,023,207 3,498,358 13,521,565 13,397.91lj ..........
1902- 0 3 ...
1903-0 4 ...
1904-0 5 ...
1905-0 6 ...
19061907Average
6 years.

2,672,06840,511,020 4,215,667 14,726,687 14,477,694 1,177,677 1,743,384
2,921,061) 9,841,671 4,317,670 14,159,341 14,310,1581,085,237 1,735,007
2,770,244(13,420,056 4,464,000 17,884,056 15,011,6672,501,469 2,541,164
5,042,033 11,002,904 4,568,629 15,571,533 10,435,228(1,702,485 2,476,453
0 7 ...
4,178,93813,306,846 5,205,837 18,512,683! 16,998,8982,215,497 3,477,226
0 8 ...
5,692,72311,257,538 4,186,104 15,443,642;10,281,272 1,600,104 3,254,989
11,556,672: 4,492,985 18,049,657 15,685,819

19080 9 ...
4,855,093 13,496,75ll 4,489,169 17,985,920 17,164,487 1,875,140 3,801,386
19091 0...
5,670,526 10,224,923' 5,021,605 15,240,528: 10,188,563 1,307,024
19101 1...
(4,732,491 11,804,749 5,057,988 16,862,737i 16,750,484 1,537,249 3,364,867
3,307,495
19111 2 ...
14,844,744 15,683,945 4,845,970 20,529,915’18,565,732 2,095,478 4,713,449
0,80S,927 13,943,220 5,254,759 19,197,979; 19,544,007 2,015,211 4,447,088
19121 3 ...
19131 4 ...
«,462,899 14,494,762 6,419,898 20,914,660 (19,858,176 2,877,300 4,042,083
Avcrago i -----------6 years.
13,274,725 5,181,565 18,456,290 (18,011,908
[7,519,383 14,766,467! 4,812,487 19,578,954 18,746,609 4,496,284 3,855,384
8,351,668 12,633,960 4,737,206 17,371,166 20,343,752 3,045,485 2,333,597
5,379,082 12,670,0991 5.320.000 17,990,099 19,165,503 2,585,490 1,018,128
4,203,618! tl.547.6501
5.617.000 17,164,650 17,543,500 2.795.980 1,028,782
To Illustrate tho preceding, take the last season, 1917-18, and the results would
be as follows:
Supply— Visible and Invisible stock beginning of year................... bales 4,203 618
Total crop during year................................................................... .17’, 104',050
Total supply— bales of 500 lbs................................
21,368 268
Distribution—Total consumption, Ac............ .........................
17 543 ’500
Leaving visible stock............................."J . ~_ ~.".2~~
795,980 ’
’
Leaving Invisible stock........................................... 1,028,782
Total visible and Invisible stock at end of year.................. 3,824,762

Overland and Crop Movement.
Overland.— Tho movement of cotton overland in 1917-18

was moderately greater than in 1916-17, notwithstanding tho
congestion of traffic on the railroads as a wholo during tho
earlier part of the season. The result is that for tho fourth
consecutive season a now high record in tho forwarding of cot­
ton northward by rail has been established. The outstand­
ing features of the shipments by railroad have been tho de­
cided increase shown in tho movement over tho Illinois
Central R R . and via St. Louis and tho marked diminution
via Virginia points. To indicate the relation the gross over­
land bears to the total yield in each of tho last twenty years,
we append the following:

A ug . 31 1918.]
Crop o f-

Total Yield.
Bales.

1 9 1 7 -1 8 ............
1916-17 ............
1 9 1 5 -1 6 ............
1 9 1 4 -1 5 ............
1 9 1 3 -1 4 ............
1 9 1 2 -1 3 ............
1 91 1 -1 2 ............
1910 11 ---------1909 10 ---------1908 0 9 ---------1907-08 ............
1906 07 ............
1905-06 ---------1904-05 ............
1903-04 ---------1902-03 ......... .
1901-02 ______
1900-01 ______
1899-00 ______
1898-99 ............

911,896
975,569
953,450
,067,247
884,801
128,902
043,316
132,332
650,961
828,846
581,329
550,760
319,860
556,841
125,176
758,326
701,453
425,141
439,559
235,383

THE CHRONICLE
Gross
Overland.

Of Overland.

Per Cent.
Decrease
Increase
Decrease
Increase
Increase
Decrease
Increase
Increase
Decrease
Increase
Decrease
Increase
Decrease
Increase
Decrease
Increase
Increase
Increase
Decrease
Increase

Change from season o f ’ 98-’99 to ’ 17-’ 18

Per Cent.

8.20
0.17
14.03
1.02
5.35
11.94
32.24
13.90
22.98
19.40
14.53
20.41
16.51
33.89
6.07
0.53
2.64
10.44
15.99
0.48

Increase 6.02

Increase
Increase
Increase
Increase
Increase
Decrease
Increase
Increase
Decrease
Increase
Decrease
Increase
Decrease
Increase
Decrease
Decrease
Decrease
Decrease
Decrease
Increase

7.37
9.18
16.45
22.06
4.78
13.10
46.95
13.86
29.03
38.07
30.96
38.11
21.35
40.07
22.06
14.19
5.49
1.28
12.98
7.83

Increase 42.39

W ith these explanations, nothing further is needed to
make plain the following statement of the movemont over­
land for the year ending July 31 1918, as compared with
the figures for the two preceding soasons:
1917-18. 1916-17.
Bales.
Bales.
1.195,796 1,037,453
496,579 290,336
24,563
6.70,8
109,412 126,103
40,956
71,400
223,638 436,117
194,010
158,291
644,098 602,001

Amount shipped—
Via St. Louis..................
Via M ounds, & c______
Via h o c k Island______
Via L o u is v ille ________
Via C in cinnati................
Via Virginia points____
Via other routes E a s t ..
Via other routes W e s t ..

1915-16.
Bales.
821,958
319,357
6,981
150,399
140,443
219,976
143,318
696,718

2,929,052 2,728,469 2,499,150

T otal gross overland.
Deduct shipments—
Overland to New Y ork , B oston, & c_________
Between interior tow ns______________________
Galveston inland and local m ills------------------Now Orleans inland and local m ills-------------M obilo inland and local m ills-----------------------Savannah inland and local m ills____________
Charleston inland and local m ills----------------N ortli Carolina ports inland and local m ills ..
Virginia ports inland and local m ills-------------T otal to bo ded ucted .

355,755 287,823
176,673
*111,242 *202,991 *222,704
103,743
69,465
51,523
536,928 342,061
106,522
9,054
10,683
12,221
639,719
54.325 646,376
29,062
24,887
25,306
5,000
7.985
11 ,322
13,160
26,015
76,355
1,203,663 1,026,235

729,002

Leaving total not overland a ......................... 1,725,389 1,702,234 1,770,148
a T his total includes shipments to Canada by rail, which during 1 9F M 8
amounted to 246.044 bales, and are deducted In the statem ent o f consum p­
tion . b Includes Florida. * Includes foreign cotton consum ed at South.

C R O P D E T A IL S .— W e now proceed to give tho details
of tho entire crop for two years:
E xported from N ew Orleans:
T o foreign ports----------------T o coastwise ports_________
Inland, b y river and rail * . .
M anufactured * --------------------B urn t________________________
Stock at close o f year_______
Deduct—
R eceived from M ob ile_____
Received from Galves’n.&c.
hecoived from New Y o r k ..
R eceived from M e x i c o -----Stock beginning o f year------

LO U IS IA N A .
---------- 1917-18----------736,664
379,503
499,130
37,798
______
316,425— 1,969,520
_____ '
7,799
133,913
71
-----__
163,470— 305,253

T otal m ovem ont for year-----1,664,267
* In overland wo have deducted these tw o items.
ALABAM A.
-----------1917-18----------Exported from M obilo:
79,408
35,546
9,195— 124,149
Stock at close o f year_________
Deduct—
8,759
R ec’ts from Now Orl., A c . .
8,100
Stock beginning o f year-----16,859

-----------1916-17----------1,036,668
180,609
305,052
37,009
163,470— 1,722,808
22,708
51,832
910
445
105,803—

181,698
1,541,110

-1916-1776,019
43,793
8,100—

127,912

543
14,052—

14,595

T otal m ovem ont for yea r____
107,290
___ ____
___
113,317
* Under tho head fo coastwise shipments from M obilo aro included 3,591
bales shipped inland b y rail for consum ption, & c., which, with consum ption
(5,463 bales), arc deducted in tho overland m ovem ont.
G E O R G IA .
-1917-18----------- -----------1916-17----------Exported from Savannah:
T o foreign ports— U p la n d .. 510,906
451,218
T o foreign ports— Sea Island
569
1,469
T o coastwlso ports:
Upland * ------------------------ 645,124
464,122
Sea Island *.........................
17,710
41,125
Exported from Brunswick:
T o foreign p o r t s ................... 123,500
121,134
48,174
21,033
B urn t................- .............
1,400
Stock at close o f year:
142,247
77,694
15,247— 1,503,537
1,013—•1,180,238
Deduct—
,
„
R ec’d from Now Orleans.Ac. 127,069
46,712
Stock beginning o f year:
77,694
65,455
1,043— 205,806
Sea Island .
2,401—• 114.568
Total m ovem ent for y e a r . . . - . - — - - 1.297,731
1,065,670
* T h e amounts shipped inland and taken for consum ption (39,645 bales)
____ _ „
aro deducted in overland.
TEXAS.
-1917-18-1916-17E xported from G alveston, A c .:
T o foreign ports (except
M e x i c o ) . . . ........................ 799,923
1,864,308
T o M exico from Galveston,
Texas C ity , A c __________
3,167
2,160
T o coastwlso ports *_______ 925,888
1,136,915
Stock at close o f year_________ 142,378— 1,871,356
106,844— 3,110,227
Deduct—
Received at G alveston, A c.,
from Texas C ity , A c ____
29,669
62,117
Stock at beginning o f y e a r .. 106,844— 136,513
72,061134,178
T otal m ovem ent for yea r____
1,734,843
2,976,049
* Includes 103,743 bales shipped Inland for consum ption, A c., deducted
in overland m ovem ent.




SO U TH C A R O L IN A .
-----------1917-18--------

Increase or Decrease.
Of Crop.

Bales.
2,929,052
2,728,469
2,499,150
2.146.152
1,758,069
1,678.983
1,931,496
1,314,745
1,154,642
1,626,387
1,177,931
1.705.152
1,234,641
1,569,870
1,120,993
1,438,268
1,675,042
1,767,646
1,790,238
2,057,024

877

Exported from Charleston:
T o foreign ports— U plan d. .
T o foreign ports— Sealsland
T o coastwise ports—
Upland * .................... ........
Sea Island *__________
E xported coastwise:
From G eorgetow n_____
B urn t_____________________
Stock at close o f year:
Sea Island_________________
Deduct—
Received from S av a n n a h ..
Stock beginning o f year:

19,205
2

177,557
177.557
1,851

30,192
517—

167,233
3,599

.

210,117

6,237
1—

196,277

7,283

21,907
107—

22,014

1,045
6,237
1—

Sea Island.

-1916-17-

______
______

T otal m ovem ent fo r y e a r ..
202,834
174,263
* Included in this item are 29,062 bales, the am ount taken b y local mills
and shipped to interior, all o f which is deducted in overland.
F L O R ID A .
--------- 1917-18-1916-17Exported from Pensacola, A c.:
T o foreign p orts___________
34,707
36,776
71,855
T o coastwise ports_________
55,982
Stock at close o f year______
10,474— 117,036
4,01796,775
Deduct—
R e c’d from N ew Orleans,Ac.
15,866
4 ,0 l t —
19,883
Stock beginning o f year____
7,286—
7,286
97,153
89,489
T otal m ovem ent for year____
* Those figures represent thLs year, as heretofore, only the shipments
from tho Florida outporls. Florida cotton has also gone inland to Savan­
nah, A c., but we have followed our usual custom o f counting that cotton
at the outports where it first appears.
*
a 74 bales sent inland b y rail deducted in overland.
N O R T H C A R O L IN A .
-----------1917-18-----------1916-17Exported from W ilm ington:
68,069
T o foreign ports___________
80,736
T o coastwise p orts*_______
39,563
15,471
Coastwise from Wash’n, A c . .
46,034
107,009
Stock at close o f year_________
39,381— 193,047
4 8 ,lOO251,316
Deduct—
Stock beginning o f year____
48,100—
48,100
SO,54956,549
144,947
194,767
Total m ovem ent for year____
* O f these shipments, 5,000 bales, covering shipments inland b y rail
from W ilm ington and local consum ption, aro deducted in overland.
V IR G IN IA ...
-----------1917-18----------- -----------1916-17----------Exported from N orfolk:
T o foreign p orts____________
101,983
106,376
T o coastwise ports*_________ 203,904
419,712
Exp. from Newport News, A c.:
______
T o foreign ports___________
913
T o coastwise p orts_________
______
8,217
Taken for m anufacture______
4,766
6,101
Stock end o f year, N orfolk___
66,800377,453
59,355— 600,674
Deduct—
R cc’d from W ilm in gton ,A c.
14,203
6,768
R ec’d from other N or .C a ro .
46,034
107,009
Stock beginning o f year______
59,355— 119,592
34,348— 148,125
T otal m ovem ent for year____
257,861
452,549
* Includes 8,394 bales shipped to the interior, which, with 4,766 bales,
taken for manufacture, aro deducted in overland.
M IS SIS SIP P I.
-----------1917-18-1916-17Exported from Gulfport:
T o foreign ports___________
T o coastwise ports_________
Stock at close o f year______
Deduct—
Stock at beginning o f yea r. .
T otal m ovem ent for year____
TENN ESSEE, AC.
-----------1917-18-----Shipments—
T o manufacturers— direct— net
o v e r la n d ________________..1 ,7 2 5 ,3 8 9
T o New York, Boston, A c.,
by rail____________________
355,755

-1916-17
1,702,234
287,823

T otal marketed from Tennes­
see, A c ____________________
2,081,144
1,990,057
Total product detailed in the foregoing b y States for the year
endod July 31 1917____________________________________ .b a le s. 7,588.070
Consumed in the South, not included_________________________ _ 4,323,826
T otal crop o f the U . S. for year ended July 31 1918____b a le s .11,911,896

Below we give the total crop each year since 1884-85. A1
years prior to 1913-14 cover the period Sept. 1 to A u g. 31.
Tho year 1912-13 consequently includes A u g. 1913, which is
also a part of 1913-14, but in no case does any year include
more than a twelve-month period.
Years.
Bales.
1917-18.......... 11,911,896
1916-17...........12,975.569
1915-16...........12,953,450
1914-15______15.067,247
1913-14...........14,884,801
1912-13...........14,128.902
1911-12...........16.043,316
1910-11...........12.132,332
1909-10...........10.650,961
1908-09...........13.828,846
1907-08...........11,581,829

Years.
Bales.
1906-07...........13,550.760
1905-06...........11,319.860
1904-05...........13.556.841
1903-04...........10.123.686
1902-03.......... 10,758.326
1901-02...........10.701,453
1900-01______10,425,141
1899-00.......... 9,439,559
1898-99...........11,235.383
1897-98...........11,180.960
1896-97.......... 8,714.011
1895-96.......... 7.162,473

Years.
1894-95...........
1893-94...........
1892-93 . . .
1891-92 . .
1 890-91..
1889-90..
1888-89..
1887-88 . .
1886-87..........
1885-86_____
1884-85 ..........

Bales.
9,892.768
7,527,211
6.717.142
9.038.707
8.655.518
7.313,726
6,935.082
7.017.707
6.513,623
6.550.215
5.669.021

Weight of Bales.
The average weight of bales and the gross weight of the
crop wo have made up as follows for this year, and give last
year for comparison:
Year ending July 31 1918.
Movement
Through.

Number
of Bales

Weight In
Pounds.

Aver.
Wght.

Texas............... 1,734,843 916,205,285 528.12
Louisiana......... 1,664,267 867,515,810 521.26
107,290
Alabama.........
55,799,383 520.08
Georgia b ......... 1,394,^84 711,75’.,510;510.26
202,834 100,402,830495.00
Soutil Carolina.
257,861 127,641,195 495.00
Virginia ...........
72,273,473,498.62
North Carolina.
144,947
Tennessee, A c.. 6,404,970 3,221,828,010,503.02

Year ending July 31 1917.
Number
of Bales.

Weight in
Pounds.

Aver.
Wght.

2,976,049 1,589,954,198 534.25
1,541,110 801,147,601 519,28
113,317
58,445,509 515.77
1,155,159 588,588,165 509.53
174,263
85.388,870 490 00
452,549 228,537,245 505.00
194,767
96,993.966 498.00
6,368,355 3,205.002,991 503.27

Total crop__ 11,911,896 6,073.419,5021509.86 12,975.569 0,054.058,545 512.82
b Including Florida.

THE CHRONICLE

878

According to the foregoing, the average gross weight per
bale this season was 509.86 lbs. against 512.82 lbs. in 1916-17
or 2 .9 6 % less than last year. H ad , therefore, as many
pounds been put into each balo as during the previous
season, the crop would have aggregated 11,843,180 bales.
The relation of the gross weights this year to previous years
may bo seen from tho following comparison:
Crop.
Season of—
1 917-18_____ __________________
1916-17. .......................................
1 915-16.................... .....................
1 9 1 4 -1 5 ........................................
1 913-14_______________________
1912-13......... ............................ ..
1911-12............- .......... ...............1910-11..........................................
1 9 0 9 -1 0 -.......................................
1 9 0 8 -0 9 .........................................
1907-08..........................................
1906-07..........................................
1 9 0 5 -0 6 -.--------- --------------------1904-05........................... ...............
1903-01............................. .............
1902-03..........................................
1901-02..........................................
1900-01......................................
1 8 9 9 -0 0 ................................ ........
1898-99..........................................
1897-98..........................................
1896-97..........................................
1895-96..........................................
1894-95............................. - ..........
1893-94......... .............................. ..
1892-93.................... ................... ..
1891-92....... ..................................
1890-91..........................................
1889-90..........................................
1888-89..........................................
1887-88..........................................
1886-87..........................................
1885-86. .......................................
1884-85......................................
1883-84--------------- -------------------1882-83..........................................
1881-82..........................................
1 8 8 0 -8 1 ..------------- -----------------1879-80.................... .......... ..........
1878-79......... - ........................... -

N o. o f Bales.

WeiQht, Pounds.

11,911,896
12.975,569
12,953,450
15.067.247
14.884,80t
14.128,902
16.043.316
12,132,332
10.650.961
13,828.848
11.581.829
13.550.760
11.319,860
13,556.841
10.123.686
10.7.58,326
10.701,453
10,425.141
9.439,559
11.235,383
11.180.960
8,714,01i
fj. 162,473
9,892.760
7.527.211
6,717.142
9.038.707
8.655.518
7.313.720
6.935,082
7,017.707
6,513,623
6,550,215
5.669,021
5.714.052
6.992,234
5,435,845
6.589.329
5.757.397
5.073,531

Aver ape
Weight,
per bale.

6,073.419,502
0,654,058,545
6,640.472.269
7.771.592.194
7.660.449,245
7,327,100,905
8,260.752.953
6.217.382,145
5,400,008.818
7,115.746.869
5,907,070,895
6.984.842.670
5.788.728.073
6,996.731.233
5.141,417,938
5.471.143,917
5.403.210,514
5.319.314.434
4,754.629.038
5.765.320.339
5,667,372.051
4.383,810.971
3.595.775.534
5.010.439.687
3.748.422.352
3,357.588.631
4.508,324.405
4.326.100,045
3.628,520.834
3,437.408.499
3.406,068.167
3.165.745.081
3,179.456.091
2,727,067.317
2,759.047,941
3,430,546.79-1
2.585,686.378
3.201.546,730
2.772.448.480
2.400,205,525

509.86
512.82
512.64
515.79
514.65
518.59
514.80
512.46
507.00
514.56
510.03
515.48
511.37
516.10
507.88
508.55
504.90
510.25
503.69

513.14

506.88
503. as
502.03
507.38
497.98
499.85
498.78
499.84
496.13
495.66
485.35
486.02
485.40
481.21
482.88
490.60
475.62
485.88
481.55
473.08

N ote.— All years prior to 1913-14 are for tho period Sept. 1 to A ug. 31.

Sea Island Crop and Consumption.
W o have continued throughout the season of 1917-18 tho
compilation of a weekly record of tho Sea Island crop, but
on account of tho pressuro of othor matters upon our columns
havo been unable to publish the statement. Tho results as
now given below agree in all essential particulars with our
running count. It will bo noticed that tho crop of 1917-18
shows a considerable decreaso from that of 1916-17.
F L O R ID A .
---------- 1917-18----------Receipts at Savannah .b a le s. ____
Receipts at Jacksonville____ 34,033
Deduct—
Receipts from S a v a n n a h ..
278
33,755
G E O R G IA .
Receipts at S av a n n a h .b a les.32,483
Receipts at B ru n sw ick _____ ____
Receipts at N orfolk _________ ____
Sent interior m ills*.................. 10,392— 42,875
Deduct—
Receipts from F lorida______ ____
R eceipts from Charleston,&c.
461—
461

-----------1916-17----------____
43,080
.
47,499
f.914
18,093— 67,506

T otal Sea Isl. coop o f Georgia
42,414
SOU TH C A R O L IN A .
R eceipts at C harleston______ 6,986
____ — 6,986
Receipts at Savannah_______
Deduct—
R eceipts from Savannah____
15—
15
T otal Sea Isl. crop o f So. C a r .

43,080

67,506
3,495
____ — 3,495

6,971

3.495

T otal Sea Island crop o f U . S .
83,140
114,081
* From special investigations wo find that Southern mills havo consumed
13,711 bales o f Sea Island cotton this season, o f which 2,164 bales were
received from Savannah and 1,155 balos from Charleston.

Tho distribution of tho crop has boon as follows:

Ports o f—

Supply Year Ending
Aug. 1 1918.

How
Distributed.

Of Which
Exported to—

Total
For’gn
Stock
Stock Lcav 'g
Ex­
Aug. 1 Net
Total Aug. 1 for dis- Great Havre, ports.
1917. Crop. supply 1918. trib'n. Brit’n. dec.

South C a r o lin a ..
Georgia__________
F lorid a __________
N ow Y o r k ______
B order p orts____

1 6,971 6.972
517 6,455
1,043 42,414 43,457 15,247 28,210
____ 33,755 33,755. ____ 33,755

T o ta l__________

1.044 83,140 84,184 15,764 68,4’20l

‘ 573
“ 64
637

'1 4 2

■715

f.641

"6 4
1,611

1.783

2,420

From tho foregoing wo see that tho total growth of Sea
Island this year .is 83,140 bales, and with the stock at tho
beginning of the year (1,044 bales), wo havo tho following as
tho total supply and distribution:
Tills year’s cr o p _____________________________________________________ 83.140
Stock August 1 1 9 1 7 .......................................... ...........................................
1,044
T otal year’s su p p ly............................... .............................. .......... bales. 84,184
Distributed as follows—
E xported to-•foreign p orts____________________________ bales.2,420
Stock end o f year.............................................................................15,764— 18,184
Leaving for consum ption in United States....... .......... ............ ........... 66,000

W o thus roach tho conclusion that our spinners havo
taken of Sea Island cotton this yoar 66,000 balos, or 47,372
bales less than in tho provious yoar.




[Vol . 107.

Tho following useful table shows tho crops and movomont
of Sea Island for tho seasons 1901-02 to 1917-18 in dotail:
C ro p .
Season.
F lorIda.

1917-18
1016-17
1015-16
1914-15
1913-14
1912-13
1911-12
1910-11
1900-10
1908-09
1907-08
1906-07
1905-06
1991-05
1903-91
1902-03
1901-02

33,755
43,080
30,367
35,686
34.000
20,780
60,902
35.190
39,261
42,126
41,863
23,411
30,378
37,873
28,005
27,686
21,323

Georgia

42,414
67,506
47,943
36,630
39,384
39.008
56,824
41,073
42,781
45,171
30,590
24.653
72,872
49.696
39,345
62,451
48,588

South
CaroUna.

6.971
3,495
6,211

5,488
10.473
8,375
5,140
13,338
14,497
15.172
12,738
8.044
13,712
12,094
9,359
12,497
8,760

Foreign E xp orts.

Texas
A c.

Total.

Great
Britain.

83.140
637
114.O I 1.478
S
84,521 2.024
8 77.812
1,711
83,857 12,359
68,163 8,528
122,866 19.667
89,601 16,505
96,539 24.744
102,469 18,241
85,191 22.748
50.108 15.200
116,962 30.034
99,663 30.832
76,709 24,188
102,634 44.354
78,621 25,423

C on tinen t.

1,783
095
1,739
4,135
5.287
4,667
7.816
6,420
4,684
7,567
9,635
5,289
9,228
7,570
7,132
9,728
6,450

Total
E xports.

2,420
2.173
4,363
5,840
17.046
13,195
27,483
22,925
29,428
25,SO
S
32,383
20.489
39,262
38,402
31,320
54,082
31,873

A rn erlConsu m p ll o n A

66,000

113,372
80.032
73.313
77,374
44.862
95,588
62,825
67.562
77,544
50,300
36.101
78,923
62,556
43,578
50,524
43,650

* The column of “ American Consumption" Includes burnt In the United States.
N o te . —Years prior to 1913-14 end Aug. 31.

Tho New Crop.
It is hardly to bo expected that at this early dato anything
of a conclusive naturo can bo said of tho crop that is now
maturing, and of which only a trifling amount has yet come
upon tho market. Our “ Acreage Report,” issued in June,
indicated a moderately largo increase in the planting this
spring, giving to tho staplo tho largest area over devoted to it,
and a somewhat freer uso of commercial fertilizers as an aid
to productiveness was also noted. Tho condition of tho crop
on Juno 25, as officially announced, moreover, was much
above tho averago for tho dato given; in fact, tho best sinco
1911 and higher than in all but four of tho twonty years
1898 to 1917, inclusive. Tho crop, therefore, started off
under very favorable auspices. During July, or, more
properly speaking, between Juno 25 and July 25, tho official
weekly weather bulletins issued by tho Department of
Agriculture, and private reports as well, indicated that,
apparently, there had been no developments montionably
adverse except dry weather in Toxas and Oklahoma and por­
tions of Louisiana and Arkansas. This being tho case, tho
belief was entertained that tho report for July 25 would show
that condition had been quite well maintained outsido of tho
drought-affected localities and that tho crop as a whole,
therefore, would bo much more promising than a year earlier.
B u t, contrary to genoral expectations, that report indicated
that outsido of California deterioration was tho rulo, and
especially heavy in tho four States referred to abovo. Spe­
cifically tho average condition for tho wholo bolt was lowered
12.2 points, tho greatest dcclino over recorded in July,
making tho percontago on tho 25th only 73.6 of a normal,
or but 3 .3 points abovo that of tho same time in 1917, tho
situation then having been tho poorest at dato in our
history. As a part of tho report, and based upon the averago
condition July 25, an average yield of 177.3 pounds per aero
was forecasted, which pointed to an aggregate crop from the
area as estimated by tho Government of 13,619,000 bales,
not including linters. Sinco July 25, according to tho weekly
weather bulletins of the Department, there has boon further
deterioration in condition in important localities as a rosidt
of continued high temperature and absenco of rain, and it is
to be expected that this will bo reflected in tho report to be
issued Sept. 2 and covering tho status of tho crop on Aug. 25.
W ith tho foregoing beforo him, tho roador should bo able
to formulate for himself somo idea as to tho crop promise,
making duo allowanco as tho season progrosses for develop­
ments as they may occur. Tho compilation shows at a
glance tho area for a series of years and tho aggregate yield
and product per aero (commercial crop), as made up by us,
and tho condition percentages July 25 as roported by tho
Department of Agriculture:
Commercial
Product
Area.
Crop,
per Acre, Condition
Acres.
Bales.
Pounds.
July 25
1918-19................. ...4 1 .1 0 7 ,4 2 9
73.6
*177.3
1917-18.................. ...3 9 .6 8 3 .0 4 5
148
11,908.290
70.3
1916-1; __________
12.975,569
72.3
160
1915-16.................. ...3 5 ,1 9 0 ,4 9 3
12 953.450
180
75.3
1914-15.................. ...3 9 .4 7 7 ,5 6 7
70.4
15.067,247
188
1913-14.................. . . .38.573,441
14,609,968
180
79.0
1912-13..................
14,128.902
ISO
76.5
1911-12.................. -..3 7 .5 8 1 ,0 2 2
16,043,310
209
89.1
1910-11.................. ...3 5 .3 7 9 ,3 5 8
12.132.332
168
75.5
1909-10.................. ...3 3 ,8 6 2 ,4 0 0
71.9
10,650.901
153
1908-09.................. ...3 3 ,5 1 2 .1 1 2
203
13.828.840
83.0
1907-08.................. ...3 3 ,0 7 9 ,4 2 5
170
75.0
11,581,829
1906-07.................. . . .31.657,242
211
13,550,700
82.9
1905-06.................. ...2 8 ,8 0 8 ,4 1 5
192
74.9
11,319.800
190-1-05..................
207
13,550,841
91.0
* Agricultural D ep t. July 25 estlmato not including linters.

It is necessary to state in connection with tho foregoing
data, that tho yield per aero for 1914-15, 1915-16, 1916-17,
as figured upon tho “ Commercial Crops” — tho amounts
actually markoted during tho period Aug. 1 to July 31—
does not correctly represent tho truo results for the reason
that a considerable amount of cotton was hold back in
1914-15 and most of it camo forward in the two later seasons.
Consequently 208 pounds per aero would be more nearly
accurato than tho 188 pound! given abovo for 1914-15, and
167 pounds moro truly represent tho yield in 1915-16 than
180 pounds

Export Movement of Cotton Goods from United States.
W o give bolow a tablo compiled from tho returns of exports
of cotton goods from tho United States as roported by tho

THE CHRONICLE

A u g . 3 1 19 18 .]

Bureau of Statistics. These figures are for the last throo
fiscal yoars and are presented in a form which enables the
roader to see at a glance the variations from year to year
in tho volume of goods sent to the various quarters of the
globo. It will be observed that the 1918 total, reaching
8109,398,420, is more than that for 1917 by 833,098,578
and is $57,345,185 larger than in 1910.
1918.
Years
ending
June 30.

$

Y a rd s.

1916.

1917.

Total Value.
Y a rd s.

Total Value.
\
S

Total Value.
Y ards.

To—

S

1,710,000
173,088; 16,902,000 1,132,007 20,092,413
Arabia__
Canada... 50,409,105 10,118,295 70,343,805 10,077.098 55,477,534
Cent. Am. 38,870,424 4,731,145 68,601,722 5,428,335 43,698,484

1,011,044
5,755,264
2,796,100

So. Airier.
402,920 13,178,043 100,103,544 16,705,109 91,720,800
812,018
China___
532,025 3,831,494
358.911
121,452
Asia* O'la.
905,188
403,905 17,031,488 110,757,859 11,185,042
880,874
220,580 7,028,532
721,043
Eastlndlcs
232,14S
455,561
All others. 239,112,009 <1105346919 113,943,199 <178,490,570

0,682,309
842,510
7,019,440
1,104,975
8,099,396

Total ..084.949,942 109,398,420 090,193,896130,299,842 550,571,720112,053,235
< Includes values of exports of clothing, yarn, waste, &o.
1

Prices of C o tto n an d C o tto n G oods.
To completo tho record wo subjoin compilations covering
tho prices of printing cloths and raw cotton for a series of
years. W o begin by showing tho highest and lowest quota­
tions for 04 squares 28-inch printing cloths at Pall River in
each of the last twenty-six seasons— 1892-93 to 1917-18,
inclusive. Data for earlier years will bo found in previous
issues of this report.
W on.
C(s.

Low.
CIs.

|

11)17-18...........................11.00
191 6 -1 7..
1 9 1 5 -1 6 .. .......................... 4.25
|Q|4 1
1913-11-. .......................... 4.00
1 9 1 2 -1 3 ................... ........ 4.06
1 9 1 1 -1 2 ............................ 4.00
191 0 -1 i ..
...................... 4.25
1909-101908 4)9.. . ....... ...............3.62

7.25
4.25
3.25
2.88
3.62
3.75
3.12
3.62
3.62
300
3.00
3.38
3.37

1904-05. ...........................3.50
1903-04. ---------------------- 4.12
1902—
03.
1901—
02. ................ ...... 3 25
1900-01.
1899-00.
1898-09- ...........................2.75
1897-98. ..............................2.62
1896-97. ...........................2.62
1895-96. .......................-.3 .0 6
1894-95
1893-91. ...........................3.00
1892-93. ---------- --------- - 4.06

19 0 6 -0 7 ..
190 5 -0 6.. ______________ 3.81

High.
( 'IS.

Low.
C Is.

2.62
3.1 0
3.00
2.37
2.75
1.9-1
1.94
2.14
2.44
2.61
2.87

From tho foregoing it will bo observed that printing cloths
ruled higher in 1917-18 than in any preceding year included
in tho compilation, and tho same is true of any period iix tho
history of the country. A t tho same time the average prico
of cotton exceeded that of any season since 1868-69.
Tho raw material opened the season at a higher level of
value than at the beginning of any preceding cotton year
since 1869. Tho opening quotation, moreover, was not tho
high of tho season, later developments being of a character
to maintain and further advanco prices, although in tho
moantimo a marked doclino occurrod. Specifically after
middling uplands had risen to 28c. on Aug. 7, tho highest
levol attained since 1869, there was a drop of almost 7 cents,
or to 21 .20c., by Sept. 8 . Thereafter, although there were
recessions from time to time, the rise was quito steady until
tho phenomenally high prico of 36 cents was reached on
April 4, fear of a dearth of supplies and other stimulating
factors rather than manipulation being responsible. Tho
Department of Agriculture’s estim ateof production, issued
in December, confirming short crop ideas, and tho Census
Bureau’3 final ginning statement, which tended to stiengthen
that feeling, were of courso far from negligible influences in
tho situation.
_
A t New York tho quotation for middling uplands Aug. 1
1917 w as25.65c., this being an advanco of 60 points over tho
July closo, the rise having boon directly ascribable to tho
Department of Agriculture’s report on condition July 25,
which, contrary to general expectations, showed no improve­
ment in tho plant during tho previous month and left tho
status of the crop at dato the lowest in fully half a century,
if not in all time. Tho trend of values continued upward
until tho 7th, when the ruling quotation was 28c., the high­
est point touched in nearly 48 years. Then, however, the
market turned downward on a somewhat general belief that
tho crop situation had improved, and tended quito generally
in that direction to the 27th, when the quotation stood at
23.10c. Tho August closo was at 2 3 .30c ., the Department’s
report on condition Aug. 25, issued on the 31st, having been
a factor of negligible influence. In early September the
tendency of values continued downward, notwithstanding
the considerable drop in August and a restricted movement
of the staplo to market, but unfavorable crop reports later
caused a recovery of much of the loss. Opening at 22.05c.,
middling uplands declined to 21.20c. by tho 8th, fluctuated
within comparatively narrow limits to the 19th, but then
moved upward without any important recessions until
26.30c. was reached on the 24th, eased off to 25c. by the
26th and closed at 25.20c. Prices fluctuated widely at
times in October and scored an important net advance—
3.65c. per lb. From tho September close the quotation
for middling uplands roso to 27.25c. by the 3d on the
Agricultural Department report, which was unfavorable,
and after easing off moderately, started on its upward courso
again on tho occurrence of killing frosts in various sections
of tho South and tho increasing conviction that for tho third
season in succession a small crop could bo expected. The
light movement of cotton to market was an element of con­
siderable strength in tho situation, and as a result of tho sev­
eral stimulating influences tho prico just fell short of reach­




879

ing 30 c ., standing at 29.90c. on the 24th. In the closing
days of the month tho Italian reverses were an element of
weakness, assisting a drop to 28.55c. on tho 30th, but the
final quotation was 28.85c. During November an impor­
tant advance occurred, tho quotation for cotton passing to
a higher level than had been attained at any time since
Sept. 14 1869. After opening at 28.75c. (the low of the
month), middling uplands rose quite steadily until 29.95c.
was reached on the 16th, and after a comparatively slight
decline,moved up again, standing at 30.40e. on the 21st.
B y the 23d tho price was down to 3 0 .0 5 c ., but the market
quickly turned and was up to 31.25c. on the 26th, declining
to 31.00c. at the close. Developments in December, in­
cluding the announcement of the Department of Agricul­
ture estimate, indicating a yield somewhat tinder that of the
previous season, were of a nature not only to sustain prices
at the already extremely high level, but to foster a further
advance. Middling upland opened tho month at 3 0 .90c .,
or 10 points under the final quotation for November and by
the 4th was down to 29.85c. A t that point the market
turned upward and on the 13th ruled at 3 0 .70c ., but dropped
to 30.10c. on the 15th. Thereafter fluctuations were fre­
quent although not wide as a rule, with the tendency gen­
erally upward until the 29th, when middling uplands ruled
at 31 .85c., or only 15 points below the quotation for Septem­
ber 14 1869. Tho close was 10 points down at 31.75c.
The calendar year 1918 opened with middling uplands
ruling at 32.15c., or 40 points above the December close,
but, after frequent fluctuations, tho net result for the month
of January was a decline of 10 points, developments in the
international situation and the order of tho Fuel Adminis­
trator shutting down industries east of the Mississippi River
serving as depressing factors. From the opening level there
was a rise to 33.30c. by tho 9th (the highest quotation since
Sept. 11 1869), but thereafter tho trend was quite generally
downward until 31.50c. was reached on tho 29th. A re­
covery of 15 points occmred to tho closo, which was at
31.65c. Various influences such as the docreaso in con­
sumption, duo to the curtailment of operations in tho mills
on account of coal shortage, the fear of Government fixing of
prices and tho disturbing political news served during the
greater part of February to hold in check any tendency
toward an advance to a higher level, but in the closing days
there was a substantial upward move. From a level of
31.65c. for middling uplands on Jan. 31 tho quotation
dropped to 31.20c. on tho 1st, was up to 31.90c. on tho 5th,
but back again to 31.20c. by tho 14th. Thereafter, however,
tho trend of the market was quite generally upward, with
the high for the month— 32.65c.— reached at the close.
During March tho market continued to tend upward, and a
higher level of value was reached than at any time since
January 1867, notwithstanding tho uncertainties of theEuropean situation. In fact, tho measure of success gained
by the Contral Powers in the prodigious offensive launched’
toward tho closing days of tlio month caused no special
anxioty, particularly as it was checked before any very
considerable advance had been made. Opening at 32.70c.,
middling uplands rose with no mentionablo setback until
35.05c. was reached on the 21st, and, although part of this
advance w as lost later, the final quotation was 34.25c., or
r
160 points above Feb. 28. April proved to bo a month of
startling changes, the quotation moving up during the earlier
days to the highest level reached since November 1866, but
almost immediately prices began to fall off largely and before
tho close a decline of 9.25c. was scored, war and crop news
being more or less important factors. Oponing at 34.95c.,
middling uplands advanced to 36c. by tho 4th, dropped to
35.35c. the following day, but was up to 35.70c. on tho 6th.
From that levol the declino was rapid and practically unin­
terrupted until 30.50c. was reached on tho 15th. A rise of
lc. occurred on the 17th, but again tho market weakened and
by tho 29th the quotation had dropped to 26.75c., tho lowest
point sinco Oct. 2 1917, with tho close up 75 points at 27.50c.
There w as no very definite tendency to tho market in M a y ,
r
prices fluctuating quite widely at times up or dow n under the
influence of crop news or the various developments abroad.
Middling uplands started off at 28.70c., an advance of 120
points over the April close, and after dropping to 25.70c. by
the 22d, moved up to 30.10c. by tho 29th, and the final
quotation of the month was 2 9 .55c. Tlio market was also with­
out definite tendency in early June, optimistic advices as
to the progress of the now crop serving to offset any influences
of a strengthening nature, but the month had not far advanced
before values began to stiffen. The oponing w as at 29.00c.
r
for middling uplands, or 55 points. under tho M a y final.
B y tho 20th, however, the quotation was up to 30 .70c., and
r
after a slight declino on tho 21st and 22d, there w-as an im­
portant rise, the 25th finding the prico at 32.30c., and there
was only a fractional decline from that level— to 3 0 .9 0 c .—
with’ tho close at 32.00c. July opened with tho Agricultural
Department’s report on acreage and condition a factor, its
appearance on tho 2d, showing a better status than expected
and a substantial addition to area, causing a moderate de­
clino, middling uplands,which had stood at 31.90c. on the
1st, dropping to 31c., and falling to 30.70c. on the 3d. From
that levol, however, there w as a quite steady advanco on
r
unfavorable crop reports, that carried the quotation up to
34.10c. by tho 18th. Thereafter the general courso of tho
market was downward, notwithstanding reports of droughty
conditions in Texas and Oklahoma, with tho market down to
28.55c. on the 25th, but moving up to 29.20c. on the 30tb

880

THE CHRONICLE

and closing at 29.10c. The opening price of middling uplands
at N ew York for the season was 25.65c., the lowest quotation
was 21 .2 0 c . (Sept. 8), the highest was 3G.00c. (April 4), and
the close 29.10c., with the average for the twelve months
29.65c. To indicate how the prices for 1917-18 compare with
those for earlier years, we have compiled from our records the
following, which shows the highest, lowest and average prices
of middling uplands in the New York market for each season.
H ig h .
c.

1917-18........ .36.00
1916-17........ .27.65
1915-16........ .13.45
1914-15........ .10.60
1913-14........ .14.50
1912 13........ .13.40
1911-12____ .13.40
1910-11........ .19.75
1909-10........ .16.45
1908 09........ .13.15
1907-08........ .13.55
1906-07____ .13.50
1905-06........ .12.60
1904-05........ .11.65
1903-04____ .17.25
1902 03........ .13.50

Low .
c.
2 1 .2 0

13.35
9.20
7.25
11.90
10.75
9.20
12.30
12.40
9.00
9.90
9.60
9.85
6.85
9.50
8.30

A vera g e.
c.

29.65
19.12
11.98
8.97
13.30
12.30
10.83
15.50
15.37
1 0 .1 2
1 1 .2 0

11.48

1 1 .2 0

9.13
12.58
10.26

H ig h .
c.

1901-02. ------ 97*
1900-01. ........ 12
>899 00. ........ 10 U
1898-99. ------ 65*
1.897-98 ------ 8 i4
1896 97. ....... 8 ?*
1895-06. ........9%
1894-95. ........7%
1893-94. ........8 %
1892-93. ........ 10
1891-92. ....... 8 %
1890-91. ....... I2 i.|
1.889-90 ------ 12 -li
1888-89. ........ 1 1 %
1887-88. ....... 11
1886-87. . . . . 1 1 %

Low .
c.
7%
8%

6*4
5%
5%
7%
7%
5%,
6%
7%
6%
8
10U

A vera ge.
c.
0%

•

9U
91*

e%

7%

8%

7’4
97*
11%
10%
10

Movement of Cotton at Interior Towns.

Year ending July 31 1918.
Receipts.

Ship'is.

Stocks.

Year ending July 31 1917.
Receipts.

Ship’IS.

Alabama, Eufaula__
4,493
4,555
Montgomery.........
49,255
59,633
33,831
Selma.... ................
34,562
Arkansas, Helena___
46,195
47,823
Little Rock______ 238,808 234,644
Pine Bluff............ 150,146 139,030
11,344
Georgia, Albany____
12,350
126,922 118,018
Athens..................
337,769 340,972
Atlanta_________
Augusta............... 439,294 410,162
60,627
60,390
Columbus.............
Macon................... 170,114 168,268
57,705
54,916
Rome___________
Louisiana, Shreveport 199,213 193,512
10,133
Mississippi, Columbus
10,560
92,430
Clarksdale*........... 105,215
Greenwood........... 131,263 116,512
36,474
Meridian________
36,059
51,297
51,137
Natchez_________
28,504
29,898
Vicksburg_______
39,099
32,053
Yazoo City______
Missouri, St. Louis.. 1,200,138 1,195,796
63,452
N. C., Greensboro__
56,875
11,291
Raleigh_________
11,253
Ohio, Cincinnati........ 153,545 157,088
17,229
Oklahoma,, Ardmore.
15,831
Chlckashd.______
68,252
72,665
35,342
Hugo___________
35,366
Oklahoma_______
44,388
44,007
So. Caro., Greenville. 144,993 141,312
Greenwood ...........
13,591
11,096
Tennessee, Memphis. 1,422,234 1,258,942
8 ,2 1 2
Nashville________
8,261
26,992
27,039
Texas, Abilene.........
21,263
Brenham...............
20,559
53,553
53,418
Clarksville.............
Dallas___________ 134,353 132,932
62,055
61,555
Houston____ ____ 1,931,596 1,868,136
106,287 104,587
San Antonio_____
28^207
27,953

1,061
9,954
13,146
4,492
47,787
72,197
434
21,898
33,020
72,080
1,533
74,139
16,048 237,548 233,108
18,819 155,171 152,331
19,031
1,678
19,253
12,930 113,870 117,494
20,955 349,731 361,795
54,756 377,755 400,688
68,593
75,019
3,620
8,400 173,335 168,260
60,286
5,431
59,870
11,693 149,733 148,947
304
7,936
7,810
63,293
60,008
17,500
20,634 118,127 115,454
26,291
5,300
26,180
2,374
33,938
34,765
2,006
16,957
16,748
19,306
20,681
8,571
13,695 1,037,867 1,037,453
85,644
89,521
9,200
12,619
12,516
70
14,373 195,944 192,789
51,006
168
52,543
82,553
4,900
80,498
29,579
42
29,597
41,470
39,789
800
13,390 146,062 144,752
16,432
18,186
4,515
312,589 1,335,690 1,247,033
10,894
284
10,456
63
54,220
54,330
24,291
24,851
769
45 • 44,006
44,108
4,700 131,665 135,091
39,649
39,658
500
86,963 2,525,400 2,525,136
1,700 144,759 144,848
262
37,454
37,458

Total, 41 towns........ 7,880,027 7,547,402
* Last year’s figures are for Greenville.

687,567 8,192,508 8,174,842

Nor­
Galces- New Savan­ Wilton.a j' rleans nah . d mlng’n. folk.
O

New
York.

Other
Ports, k

1,123
14,870
1,165
3,161
11,884
7,703
672
4,626
24,158
25,624
3,383
6,554
2,642
5,992
731
4,715
5,883
4,885
2,214
612
1,525
9,353
2,623
32
17,916
1,566
487
18
419
9,709
2 ,0 2 0

149,297
235
1 10

65
180
3,279
23,503
8

Flour.

Receipts at—

eu u s IX ex u a

Wheat.

Corn.

Oats.

Barley.

Rye.

280,000 16.982.000
246.000 5,051,000
326.000 10.454.000

789.000
159.000

5.381.000

95.000
4,000
36.000
333.000
118.000
586.000
716.000
372.000

1.091.000
139.000
247.000
621.000
81,000
852.000
860.000
600,000

280,000
590.000

116,000
224,000

109,000

6 6 6 ,0 0 0
6 ,0 0 0

15,000

6 ,0 0 0

9.000
5.000

3.208.000 10.546.000 985,000
2.608.000 10.454.000 1.951.000
2,711,000 | 12,052,000 1.478.000

369.000
396.000
289.000

Since Aug.l—
1918_____ 1.114.000 74.988.000 13,347,000* 35.178.000 2.725.000 1,416,000
1917_____
917,000 18.557.000 12.503.000 26.651.000 3.709.000 8 6 6 ,0 0 0
1916_____ 1.303.000 48.475.000 11.935.0001 42,243,000 5.004.000 838,000

Receipts at—

New York__
Philadelphia .
Baltimore__
New Orleans*
Montreal___
Boston_____

a Includes from Port Arthur to Liverpool, 8,102 bales; from Laredo, &c., to
Mexico, 3,167 bales.
il Includes from Brunswick to Liverpool, 123,500 bales.
k "Other Ports" Include from Pensacola to Liverpool, 34,707 bales; from Mobile
to Liverpool, 72,283 bales, to Scotland, 6,125 bales, and to Genoa, 1,000 bales:
from Boston to Liverpool, 138,114 bales, to Scotland, 2,225 bales, to Havre, 25,070
bales, and to Canada, 5,522 bales; from Baltimore to Liverpool, 73,032 bales, to
Scotland, 5.402 bales, to Prance, 1,367 bales, and to Italy, 3,866 bales; from Phila­
delphia to Liverpool, 26,210 bales, to Scotland, 3,042 bales, and to Italy, 473 bales;
from Portland, Me., to Liverpool, 1,750 bales; from San Francisco to Japan, 166,467
bales, to China, 1,200 bales, to Hong Kong, 1,000 bales, and to Manila, 850 bales;
from Washington to Japan, 437,781 bales, to China, 3,549 bales to Hong Kong.
3,092 bales, to Manila, 100 bales, and to Canada, 280 bales; from Detroit to Liver­
pool, 1,623 bales; from Border ports to Canada by rail, 246,014 bales.

Wheat.

Corn.

Oats.

Barley.

Rye.

Bushels.

Bushels.

Bushels.

Bushels.

Bushels.

103,000
14.000
17.000
55.000
1 2 .0 0 0

32,000

1.849.000
1.246.000
1.024.000
96,000
226,000
175,000

115,000
16,000
74.000
35.000

98.000

3.000
3.000

1 2 2 ,0 0 0

54.000
57.000
552,000
43.000

4.000

1 0 ,0 0 0
6 .0 0 0

182,000
1 ,0 0 0

Week 1917...
276,000 1,745,000
185,000 2,107,000
173,000
79,000
Since Jan.1’ 17 13,887,000 146,252,000 44,137,OOol 95,781,000 1 2 ,0 1 0 ,0 0 0 6,917,000
* Receipts do not Include grain nassing through New Orleans for foreign ports
on through bills of lading.

The exports from.the soveral seaboard ports for the week
ending Aug. 24 are shown in the annoxed statement:
Wheat.
Bushels.

New York_______
Boston__________
Baltimore_____

Oats.
Corn.
Flour.
Rye.
Barley, 1 Peas.
Bushels. Barrels. Bushels. Bushels. Bushels. Bushels.

592,546
189,327
861,970

Total week____ 1,643,843
Week 1917______ 1,042,698

56,059 14,346

402,616 402,616
31,452
36,310

—

—

56,059 14,346 402,616 470,378
18,499 223,362 1,293,271
36,229 15,299

The destination of these exports for the week and since
July 1 1918 is as below:________________________________________
Flour.
Exports for Week,
and Since
Week
Since
Aug. 24 July 1
July 1 to—
Barrels.

United Kingsom. 14,346
Continent______
So. & Cent. Amer. .........
West Indies........
Brit.No.Am.Cols. .........
Other Countries

Corn.

Wheal.
Week
Aug. 24

Since
July 1

Week
Aug. 24

Since
July 1

Bushels.

Bushels.

Bushels.

Bushels.

Barrels.

405,019
151,543
620,430 1,238,224
5,546
30,084
7,882

::::::::

752,227
2,298,542

56,059

-----.............

14,346
76,993 1 1,643,843 3,050,769
Total......... .
Total 1917......... 223,362 1,076,481 1 1,042,698 14,012,509

-----

699,095
542,130
1 ,2 0 0

9,020
1,840

56,059 1,253,285
18,499 3,451,719

The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Aug. 24 1918 was as follows:

Total.

T otal............. 803,090'736,664 635,035' 68,069 101,983880,630 1,262,7744,488.245

Flour.
Barrels.

Total wk.1918 233,000 4,610,000
240,000
926,000
188,000
2 1 ,0 0 0
Since Jan.1’ 18 16,213,000 30,544,000 15,746,000 69,137,000 7,842,000 2,925,000

354,942

Liverpool........ 439,574 404,750 349,519 7,174 74,444 501,590 347,719 2,124,770
_
_
___
___
___
___
______ 107,602
Manchester----- 107,602
5,917
___
___
___
___
___
______
5,917
Belfast________
_
__
___ 11,148
___
___
___
___
11,148
London_______
__
26,661
16,794
4,236 5,631
Glasgow..........
27,037 644,982
Havre, &c____ 59",980 242,347 142,979 35,989 21,000 115,650
___
___
___
___ 15,000
15,000
....
Russia..............
__ __
___
___
1,000
1,000
Sweden............
___
2,303 46,982
______
63,985
2,966 11,800
Oporto.............
_
__
___
___
___
_____
5,042
5,042
Lisbon............ .
___ 14,963
248,993
Barcelona......... 176,364 20,250 37,416
__ _
___
___
___
2,000
Malaga............ 2,000
___ 177,604
5,339 350,018
Genoa________ 14,403 39',487 88,279 24,906
___
___
___
___
___
______
700
700
N aples.............
___
___
___
___
___
1
1
French W. Ind.
2
2
___
___
___
___
___
Panama_______
301
___
___
___
___
______
—
301
B elize..............
_
_
___
___
..........
500
500
Ecuador...........
....
740
___
___
___
___
201
539
Colom bia.........
___
___
___
______
900
900 • ___
Guatemala___
___
___
___
_ _ ..........
10,092
3’,167 6,925
M exico............
___
___
___
___
___
606
606
B razil________
___
___
___
___
___
1,400
1,400
A frica________
___
___
___
___
___
251,846 251,846
Canada............
___
___
___
___
___
___
604,248; 604,248
Japan ________
•:__
4,749
___
___
___
___
... .
4,749
C hina________
___
___
___
___
___
___
4,092;
4,092
Hongkong____
950
—
—
—
950
—
—
—
M anila_______




m

Total receipts of flour and grain at the seaboard ports for
the week ended Aug. 24 1918 follow:

Stocks.

In the following we present a statement of the year’s ex­
ports from each port, showing direction shipments have
taken. It has been oxtremely difficult to get at details by
ports from northern districts this year, but the totals by coun­
tries are correct. Similar statements have been given in all
previous reviews, and a comparison as to the extent of the
total movement at each port can bo made with back years.
To

i * c e i l

Breadstuffs figures brought from page 917.— The
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:

Total wk.1918
Same wk.1917
Same wk.1916

Below we give the total receipts and shipments of cotton
at the interior towns and the stock on July 31 of each year:
TOWNS.

e r e t a l a ix r l

Chicago------172,000 5.021.000
Minneapolis .
2.992.000
Duluth.........
26,000
Milwaukee . . ’ "ifi’ oOO 1.236.000
Toledo..........
109.000
Detroit_____
41.000
St. Louis___
84,000 2.846.000
Peoria_____
48.000
9,000
Kansas City.
3.111.000
Omaha_____
983.000
Indianapolis .
569.000

7%
81*

91*

m

bbls.l96lbs. bush. 60 lbs. bush 56 lbs. bush 32 lbs. bush.48lbs. bush.BOlbs.

6%
6%

95*

© 0 m

[V o l . 1 0 7

GRAIN STOCKS!
Wheat.
United States—
’
bush.
New York..........................
Boston_________________
33,000
Philadelphia ______ ______.. 1,812,000
Baltimore______________ .. 3,0H,000
Newport News____
72,000
New Orleans.................. ... 1,529,000
Galveston_______________ . . 1,478,000
Buffalo-------------------------- . . 1,123,000
821,000
T oled o................ J .......... .. .
21,000
DetroitChicago________________ ..14,295,000
. 790,000
Milwaukee.......... ............ __ 544,000
.
7,000
Duluth___
30,000
Minneapolis____________ . .
St. Louis............ ................. 3,379.000
.. 6,852,000
Kansas City______
Peoria.......... ................ .. . .
27,000
250,000
Indianapolis...................... ...
Omaha.............................. . . 3,108,000
On Bakes
395,000

Corn.
bush.
413.000
27.000
71.000
194.000
117.000
25.000
458.000
46.000
53.000
2,113,000
170'666
26,000
17,000
599.000
174.000
603.000
410.000

Oats.
bush.
893.000
23,000
216.000
620,000
431.000
596.000

Rye.
bush.
6,000
39.000
5,000
31.000

Barley.
bush.
45,000

589.000
647.000
146.000
5.736.000
1.074.000
694.000
8,000
733.000
127.000
784.000
768.000
302.000
644.000

24.000
70.000
9,000
696,000

53,000
127,000

61,000
5,000

4.000
1.000
36.000
14.000
30.000
’ V, 666
17.000

446,000
155.000
18,000
363.000

17,000

Total Aug. 24 1918___ ..42,175,000 5,522,000 15,028,000 990,000 1,290,000
Total Aug.-17 1918___ ..32,756,000 6,752,000 12,110,000 725,000 1,297,000
Total Aug. 25 1917___ ._ 4,269,000 2,661,000 5,285,000 615,000 2,407,000
Note.—Bonded grain not Included above: Oats, nil, against 1,673,000 bushels In

1917; and barley, 1,060 Duluth, against 670,000 In 1917.
Canadian—•
Montreal.--...................... 1,303,000. 133,000 2,906,000
Ft. William & Pt. Arthur....................................- 3,025,000
Other C an ad ia n ............. 2,064,000
- ........ 3,058,000
Total Aug.24 1918............ 3,367,000
Total Aug. 17 1918_____ 3,303,000
Total Aug. 25 1917_____ 3,334,000

133,000 9,049,000
126,000 7,081,000
6,000 9,112,000

_____
---------------

613,000
-------509,000

2,000

1,122,000
731,000
199,000

Summary—

American........................... 42,175,000 5,522,000 15,028,000 990,000 1.290,000
Canadian______ ____
3,367,000
133,000 9,049,000
1,122,000
Total Aug. 24 1918......... .45,542,000 5,655,000 24,077,000
Total Aug. 17 1918...........36,059,000 6,878,000 19,191,000
Total Aug. 25 1917 ......... 7,630,000 2,667,000 14,397,000

990,000 2,412,000
725,000 2,028,000
617,000 2,606,000

THE CHRONICLE

A u g . 3 1 19 18 .]

T h e w o rld ’ s sh ip m e n ts o f w h e a t an d co rn fo r th e w ee k
e n d in g A u g . 2 4 1 9 1 8 an d since J u ly 1 1 9 1 8 an d 1 9 1 7 are
sh ow n in th e fo llo w in g :
Wheal.

Exports.

1)18.
Week
Aug. 24.

Corn.
al917.

Since
July 1.

Since
July l.a

1918.
Week
Aug. 24.

Bushels.
Bushels.
Bushels.
Bushels.
North Amcr* 3.706.0C0 23,199,000 56.747.000
208,000
Russia.........
Danube-----Argentina.. . 4',280,666 37,214,666 1,852,666
261,666
610,000 6,100,000 12.290.000
Australia_
_
190,000 2,120,000 5,128,000
India.........Oth.cjuntr's
280,000
34,000
332,000
62,000

Si ice
July l.a

Bushels.
3,138,000

Bushels.
7,291,000

1,395,000

2,623,000

312,000

670,000

8,850,000 6S,913,000 70,349,000
529,000 4,845,000 10,587,000
* North America.—The Canadian Government has officially prohibited the
Issuance of both manifests and exports until after ten days. This is effective
during the continuance of the wir. a Revise i.
N a t i o n a l B a n k s .— T h e fo llo w in g in fo r m a tio n re g a rd in g
n a tio n a l b a n k s is fro m th e o ffice o f th e C o m p tr o lle r o f th e
C u r r e n c y , T r e a s u r y D e p a r tm e n t:
A P P L IC A T IO N S F O R C H A R T E R .
F o r o r g a n iz a t io n o f n a t io n a l b a n k s :
Capital.
T h e F i r s t N a t io n a l H a n k o f P e q u o t . M i n n . _ ...........................................$ 2 5 ,0 0 0
C H A R T E R S IS S U E D .
O r ig in a l o rg a n iz a t io n s :
T it o F i r s t N a t io n a l H a n k o f R e f o r m , A l a __________________________ $ 2 5 ,0 0 0
T it o F i r s t N a t io n a l H a n k o f F o r g a n , O k l a . _______________________
2 5 ,0 0 0
T it o L ib o r t y N a t io n a l H a n k o f O k la h o m a C i t y , O k l a ____________ 3 0 0 ,0 0 0
2 5 ,0 0 0
T h e F i r s t N a t io n a l H a n k o f L in g le , W y o _____________
C o n v e r s io n o f S ta te b a n k s :
F i r s t N a t io n a l H a n k o f R e ic ls v illo , N . O .
( C o n v e r s io n o f T h e
R o c k in g h a m S a v in g s H a n k & T r u s t C o . , R e id s v il le , N . C . ) _ _ 1 0 0 ,0 0 0
T o t a l ................................. ............................................................................ $ 4 7 5 ,0 0 0
CH ARTER EXTEN D ED .
T h o F i r s t N a t io n a l B a n k o f A n t ig o , W i s . , u n t i l e lo so o f b u s in e s s A u g . 3 0
C H A R T E R R E -E X T E N D E D .
T h o D ills b u r g N a t io n a l H a n k , D il ls b u r g , P a ., u n t i l d o s e o f b u s in e s s
A u g . 3 0 19 38.
IN C R E A S E S O F C A P IT A L A P P R O V E D .
T h e F i r s t N a t io n a l B a n k o f S a n t a M a r i a , C a l . , fr o m $ 5 0 ,0 0 0 to *mount
$ 1 0 0 ,0 0 0 ------- --------- --------------------------- -------------------------------------$50 000
T h o F i r s t N a t io n a l H a n k o f M o n t r o s o , C o l o . , fr o m $ 7 5 0 0 0 to
’
$ 1 0 0 .0 0 0 ---------------------------------------------------------------------------------2 5 0 0 0
T h o F ir s t N a t io n a l H a n k o f R a n g e r , T e x . , f r o m $ 2 5 0 0 0 to
’

$100,000---------------------------------------------------- -------------- _____________

75,000

T o t a l ............................................................ .............. .................................. $ 1 5 0 ,0 0 0
V O L U N T A R Y L IQ U ID A T IO N S .
T h o C o m m e r c ia l N a t io n a l H a n k o f G o lia d , T e x __________
era? n m
T l io F i r s t N a t io n a l B a n k o f O w a s s o , O k la .
L iq u id a t in g " A g e n t "
’
C . E . D ic k s o n , O w a s s o .
S u c c e e d e d b y a S ta to b a n k
' 25 000
T o t a l.
$ 7 5 ,0 0 0

C a n a d i a n B a n k C l e a r i n g s .— T h e cle arin gs fo r th o w eok
e n d in g A u g . 2 2 at C a n a d ia n c itie s, in c o m p a r is o n w ith tho
sa m e w ee k in 1 9 1 7 , sh o w a n in crease in th o a g g re g a te o f
0 .2 %
Week ending Aug. 22.
1918.

1917.

Inc. or
Dec.

B y M e s s r s . M i ll e t t , R o e & H a g e n , B o s to n :
Shares. Slocks.
$ per sh. Shares. Slocks.
s per sh.
10 Lyman Mills________________ 136
1 Hood Rubber, pref.............. .. 98)4
5 Arlington Mills______________ 126)4
25 Hood Rubber, com...................137)4
30 Hay State St. R y., 1st pref___ 20
11 Turn. Falls P. & E. warr.2.74-2.77)4
100 Merrimac Chemical, $50 each. 99)4
2-3 Turn. Falls P. & E. warr.90c.-93c.

al917.

Since
July 1.

T o ta l___

Clear tins at-

881

1916.

D IV ID E N D S .
T h e fo llo w in g sh o w s all th e d iv id e n d s a n n o u n c e d for th e
fu tu r e b y largo or im p o r ta n t c o rp o r a tio n s .

Dividends announced this week are printed in italics.
Per
When
Ce it. Payable.

Name of Company.

Railroads (Steam).
Ateh.Top.*San taFe.com. (qu.) (No.53 ) m
- - $1.5
Baltimore < Ohio, preferred________ - .
k
2
Boston & Albany (quar.)........ .......... -2
Canadian Pacific, common (quar.)__ - 2^
Preferred............................................
Chestnut Hill (quar.)...... ................. . - 75c.
..
1H
.) 871+
Special guaranteed (quar.)
- 50c
Cripple Creek Central, pref. (
-.
1
Erie * Pittsburgh (quar.)___
-- 87'Ac
Fonda Johnstown < Gloverso.,
fc
•
)
1 'A
Illinois Central (quar.)..........
-1u
Interborough Rapid Tra isll (qu
. . *2 A
Maine Central, pref. (quar.).
-1X
Norfolk & Western, common
1X
Pennsylvania (quar.)_______
) . $1.2:
i
1A
• * 1H
)
.) 50o
Southern Pacific Co. (quar.) (No. 48). .
.
IA
Union Pacific, common (quar.).
.
2 "
Preferred.......................... .......
A lla d ie Coast LI le C o. (q u a r .) ______

Sept. 3
S ept.1C
Sept. 3
Sept.30
Oct. 1
Sept. 4
Aog 31
Sept. 2
Sept. 2
Sept. 1
Sept. 10
Sept. 15
Oct.
Sept.
Sept.
Aug.
Sept.
vug.
Sept.
Sept
Oct.

1
2
19
31
4
31
2
12
1
1

Books Closed.
Days Inclusive.
Holders of rec. Aug. 9a
Sept. 1 to Sept. 9
Holders of rec. Aug. 10a
Holders of rec. Aug. 31a
Holders of rec. Aug. 31a
Holders of rec. Aug. 31
Aug. 21 to Sept. 3
Holders of rec. Aug. 24a
Holders of rec. Aug. 10a
Holders of rec. Aug. 10a
of rec. Aug. 15a
of rec. Aug. 31a
Hoi lers of rec. Sept. 10a
Holders of rec. Aug 5a
►Holders of rec. Sept. 20a
Hoi lers of rec. Aug. 15a
Hollers of rec. Aug. 31a
Holders of rec. Aug. la
Aug. 21 to Sept. 3
Holders of rec. Aug. 15a
Holders of rec. Aug. 20a
Holders of ren. Aug 27a
Holders of rec. Aug. 31a
Holders of rec. Sept. 3a
Holders of rec. Sept. 3a

Street & E lectric Railways.
2)
IX
A
fX
•
)
A
fX
Detroit United Ry. (quar.).
2
ix
2A
■ $4
)
.
3
lA
;)
2
Preferred (No. 26).................... ....... 3
Philadelphia Co.. 5% pref.................. - $1.25
Rochester Ry. & Light, pref. (quar.). IX
Preferred B (quar.)______ _____ ___ IX
San Joaquin Light < Power, pref. (qu.) fc
1A
Second Third Streets Pass., Phtla. (q ) S3
'
Terre Haute Traction & Light, pref. 3
Washington (/J. C.) Ry. A Elec., com.lq )
IX
Preferred (quar.).... ......... ....... ........... IX
West Penn ltys., pref. (qu.) (No. 5 )__ 1A
West PennTr.& W . P., pf. (qu.) (No. 15 ) 1 A
>
Wlsconsln-Mlnn. Lt. & P.. pf. (qu.). IX

Aug. 31
Sept. 1
Sept. 1
Oct. 1
Oct. 1
Sept. 1
Sept. 1
Sept. 16
Oct. 1
Sept. 16
Sept. 3
Sept. 3
Sept. 3
Sept. 1
Sept. 3
Sept. 3
Sept. 14
Oct. 1
Sept. 1
Sept. 1
Sept. 1
Sept. 15
Sept. 15
Sept. 1

Banks.
Battery Park National (special).
Chemical (bi-monthly)............ ..

-

25
2A

Sept. 16 Holders of rec. July 22
Sept. 1 Aug. 26 to Sept. 1

Trust Companies.
Lawyers Title & Trust (quar.).

-

IX

Miscellaneous.
Acme Tea, first preferred (quar.)__

Oct.

Holders of rec . Aug. 15a
Holders of rec . Aug. 15a
Holders of rec . Aug. 15a
Holders of rec . Sept. 14
Holders of rec . Sept. 14
Holders of rec . Aug. 16a
Aug. 22 to Sept. 2
Holders of rec . Sept. 3a
Holders of rec . Aug. 31a
Holders of rec. Sept. 3a
Holders of rec . Aug. 20a
Holders of rec.. Aug. 19a
Holders of rec.. Aug. 19a
Holders of rec.. Aug. 10a
Holders of rec.. Aug. 26a
Hoi lers of rec.. Aug. 26a
Hoi lers of rec.. Aug. 31a
Holders of rec.. Aug. 31a
Aug. 20 to Sept. 1
Aug. 16 to Aug. 19
Aug. 16 to Aug. 19
Holders of rec. Sept. 1
Holders of rec. Sept. 1
Aug. 22 to Sept. 2

1 Sept. 15

IX Sept. 1 Holders
I A Sept. 1 Holders
Ahmeek Mining (quar.)............
- A
$2
Sept. 27 *
'Holders
Ajax Rubber, Inc. (quar.)_____
- $1.50 Sept. 14 Holders
Allouez Mining (quar.) (No. 13)
*S 1.50 Sept. 25 *Holders
American Hank Note, prof. (qoar) ___
75c. Oct. 1 Holders
)
1 A Oct. 2 Hollers
American Can. preferred (quar.)..
IX Oct. 1 Holders
American Coal...... ................... .
- S2.50 Sept. 3 Holders
American Cotton Oil, common (quar.).
1
Sept. 3 Holders
American Express (quar.)_____
1A Oct. 1; Holders
2 H Oct. 1 Hnliers
' 12
Oct. 1 Holders
90c. Sept. 30
I X Oct. 3
Preferred (quar.)____ ______ _______
IX Oct. 21)
American M achine* Foundry________
Sept. 16
05
Amcr. Power * Light, com. (quar.)___
1
Sept. 1
American Radiator, common (auar.)..
3
Sept. 30
American Seiccr Pipe (quar.)__________
A Sept. 20
1 A S ept.16
1X Sept. 3 Aug. 13
IX Oct. 2
Common (extra)...................................
X Oct. 2
Preferred (quar.) (No. 107)________
I X Oct. 2
American Sumatra Tobacco, pref_____
America • Telegraph A Cable (quar.)___
IX Sept. 3
Amcr. Teleph. & Telegraph (quar.)___
2
Oct. 15
05
Sept. 3
3 A Sept. 3
1A Aug. 31
Second preferred (quar.)__________
A u c t i o n S a l e s .— Among other securities, the following
IX Aug. 31
Atlantic Refining (quar.).................. .
5
Sept.1t
7iot u s u a lly dealt in at the Stock foxc/nmc/c were recently sold Atlas Powder, common (quar.).......... ..
2
3ept.10
at auction in New York, Boston and Philadelphia:
Common (extra).................... .............
3
Sept. 10
Barrett Co., common (quar.)_________
IX Jet. l :
B y M e s s r s . A d r ia n I f . M u lle r & S o n s , N e w Y o r k :
.......... ...........
Preferred (quar.)____ •
Jet. 15
IX
Shares. Stocks.
Hoads.
Per Cent
Bethlehem Steel, common (quar.)___
2 A Oct. 1 1
1,100 East Coast Navlg., Inc.,
$5,000 Commonwealth Power of
Class B common (quar.)_________
1 l
2A let
preferre 1...... ............... . .$100 lot
Neb. 1st 0s, 1944...... ............... . 10
Blackstone Vail. Gas * El., com. (qu.)
$1
iSept. 3 I
500 Champion Hut. Hole Mach.S32 lot
Illume that (F.) Co., com. (qu.) (No. 28)
1A Jet. 1 ]
45 258 W. 41th St., Inc., com.880 lot
Preferred (quar.) (No. 33)____
1A Oct. 1 1
*50c. Oct. 1 1
Booth Fisheries, common (quar.)__
B y M e s s r s . B a rn e s & L o fla n d , P h ila d e lp h ia :
Preferred (q u a r.).......................
Shares. Stocks.
$ per sii. Shares. Slocks.
*IX Oct. 1 *1
$ per s/(.
150 Union Transfer, S25 each____ 10
IX 5ept. 14 ]
o0 Cleo. B. Newton Coal, 1st pref. 40J4 Borden’s Cond'd Milk, pf.(qu.)(No. 67;
Brier Hill Steel, common (quar.)
1 A Jet. 1 S
50 Fair. Pk. & Hadd. Pass. R y._ 45
7 United Gas * Elec., ist prof
40
Common (extra)...... ......... ........
3A Jet. 1 f
20 Unite 1 Security I.. I. & T . .100
66 Phtla. National Hank.. . .348 351
Preferred (quar.)_____ _____ _
Jet. 1 S
11 Farmers * Meehan. Nat. Hank 170
\X <
/toads.
Per Ccat
Britlsh-Amerlcan Tobacco, ordinary_
_
0
>ept. 30 H
26 Penn National H a n k .__ 331-331 44 S1,000 Scranton Trac. 1st 0s, 1932 100
Preferred__________________________ *2 A >ept..........
50 Mutual Trust, $50 each_____ 35
$2,000 Janney & Burroughs 1st s. f
Brooklyn Union Gas (q u a r.).............. .
3 West End Trust.
.. _160 A
*IA Jet. 1 *t
Q
Q
0s, 1936__________________
Brown Shoe, Inc., common (quar.)___
ept. 1 I
1A
4 Fidelity Trust..
.490
Buckeye Pipe Line (quar.)......................
2
lept. 14 l
B y M e s s r s . R . L , D a y & C o ., B o s to n :
Calif. Packing Corp., com. (qu.) (No. 6). $1
ept. 16 I
Shares. Slocks.
$ per sh. Shares. Slocks.
Preferred (quar.)...... ............................. * IX <
Jet. 1 *1
$ per sh.
1 Suncnok Mills, common
. 50
Calumet * Arizona Mining (quar.). .
< 2 Sept. 23 l
<
1 Mercantile Association— No. 2 40
54 Great Fails M fg........ ....... 181-182H
8ept. 20 M
22 Rivett Lathe & Grinder, com .. 75J4 Calumet A ffecla Ml dig (quar.)_______ *15
35 Mass. Cotton Mills______ 110-14014 180 Mcrrlmac Chem'l, $50 c a .99)4-9914 Cambria Steel (quar.)............ ................
75c. Sept. 14 I
10 Cornell Mills___ . ..
.210
Extra...................... ...............................
75c. $ept. 14 I
100 Commercl il Realty Trust__ .100)4
10 Lyman Mills___
136Q 52 Acme White Lead * Color
Canada Steamship Lines, pref. (quar.).
I X ( )ct. 1 I
5 Merrimvck Mfg., common___ 74
2
( >ct. 1 I
Works, com., $25 each____ 16)4 Canadian Geo. Elec., com. (qu.) (No. 77)
2 Hrooksl le Mills.
17114 113 Draper Corporation................. .109)4
Preferred (No. 45)............................ .
2 A < ct. 1 I
4 Naumkoig Steam Cotton____ 158%
1 American Glue, pref_________ 135)4 Case (J. I) Thresh. Mach., pref. (quar.).
I X f ct. 1 l
JOLawrenco Gas.
loo
8 Turners Falls P.&E. w irr'uts.2.77)4 Central Leather, preferred (quar.)_______
I X c ct. 1 I
ICentral Building Trust.............27
_________.
1-3 Turners Falls P. & E. war’nt.OOc. Centurv Steel of America
3 A Sept. 1 H
Canada—
$
$
S
%
S
Montreal-. . ___ ____ 86,242,875 81,605,865
+ 5.7 65,012,557 53,384,207
Toronto.............. ............ 60,090,553 55,081,600
+ 9.1 42,552,740 30,599,078
Winnipeg __ , . ____ 29,572,998 32,780,614 — 9.8 42,687,077 14,841,583
Vancouver...................... 11,080,957 9,284,051 + 19.4 6,550,000 4,973,860
5,916,354 5,261,137 + 12.5 4,323,028 3,302,126
Ottaw a............................
4,700,951 4,265,972 + 10.2 3,482,488 2,884,605
.......................
Quebec
4,193,246 2,978,335 + 40.8
Halifax . .
1,908,809
1,919,385
5.885,460 4,439,033 + 32.6 3,436,455 2,641,214
Hamilton . ..
St. John__ ___
2,344,480
1,851,867 + 26.8
1,854,017
1,525,282
Calgary____ _____
. 5.394,057 6,420,288 — 16.0 3,800,753 2,427,091
London.......... .
2,209,597
1,953,662 + 13.1
1,058,295
1,525,734
2,098,174
Victoria ______
1,625,920 + 29.1
1,524,056
1,183,076
E dm onton___
3,025,193 2,294,983 + 31.9
1,851+83
1,759,938
Regina . .
2,955,612
2,070,539 + 10.7 2,395,876
1,121,678
Brandon..........
519,746
507,960
+ 8.3
501,844
397,305
Saskatoon____ . _ .
1,450,605
1,503,994 — 3.1
1,224 057
686,483
Moose Jaw......
1,057,409 + 26.3
1.335,508
898^883
539,431
Lethbridge _ __
701,597
983,117 — 28.5
020,317
34 0,328
Brantfor 1___ .
875,815
708,890 + 23.6
551 045
445,640
Fort W illiam ....
581,121
646,338 — 10.1
290,692
New Westminster..
413,802
391,149
+ 5.8
216,406
Medicine Hat_______
477,697
443,846
+ 7.7
155,531
Peterborough................ ..
601,953
025,115 — 3.2
390,217
Sherbrooke______ _ __
945,776
597,950 + 58.2
Kitchener........................
582,281
528,578 + 10.2
420+35
Total Canada............. 234,237,386 220,514,190
+ 6.2 189,696.202




to
of
of
of
of
of
of
of
of
of
of
of
of
of

Oct.

1

rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.

Aug. 20a
Aug. 20
Sept. 17
Aug. 30a
Sept. 11
Sept. 16a
Sept. 14
Sept. 14a
Aug. 31a
Aug. 15a
Aug. 31a
Aug. 31a
Aug. 31a
Oct. 15
Oct. 15

to

Sept. 30

to

Sept. 2
Aug. 21
3a
Ifa
Aug. 15a
Sept. 2

Sept.
Sept.

to
to
to

Sept,
Oct.
Oct.
Oct.

la
1
1
1

Aug. 31a
. 3
31a

THE CHRONICLE

883
Name of Company.

When
Per
Cent. / ayable.

Books Closed.
Days Inclusive.

Name of Company.

[V o l . 1 0 7 .
Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

Miscellaneous (Coactuded).
Miscellaneous (Continued).
Holders of rec. Sept. 20a
3
Oct.
Cerro de Pasco Copper (quar.) (No. 11) $1
/ tug. 31 Holders of rec. Aug. 23a N
Holders of rec. Aug. 20
1X Sept.
25c. / tug. 31 Holders of rec. Aug. 23a N
Extra_____________________________
Sept. 20 Holders of rec. Sept. 3a
5
3
£ept. 20 Holders of rec. Aug. 31a !■
Cheaebrough Mfg. (quar.)____________
1
Sept. 1 Holders of roc. Aug. 23a
50c. £opt. 20 Holders of rec. Aug. 31a A
Extra_______________________
4
Oct. 15 Holders of rec. Sept. 21
N
♦2
£opt. 30 Holders of rec. Sept. 28
Chicago Telephone (guar.)_______
Oct. 1 Holders of roc. Sept. 14
2
N
ChUds Company, common (quar.)..
X £ ept. 10 Aug. 39 to Sept. 10
3
Oct. 1 Holders of rec. Sept. 14
Preferred (quar.)______________
I X £ ept. 10 Aug. 30 to Sept. 10
3
Sept.20 Holders of rec. Sept. 3a
Is
5
£ept. 28 Sept. 13 to Sept. 28
Citizens Gas of Indianapolis (No. 18)-1)4 OCt. 1 Holders of rec. Sept. 16a
ept. 30 Sept. 22 to Sept. 30
N
2X £
Cleveland-Akron Bag (quar.)___
IX Sept. 3 Holders of rec. Aug. 21
O
Colorado Power, preferred (quar.)
I X £ opt. 16 Holders of reo. Aug. 31
Holders of rec. Aug. 15a
$1.25 Sept.
let. 1 Holders of rcc. Sept. 16a O
Columbia Graphophone, com.(qu.) (No. 2) 31.75 <
♦Holders of rec. Sept. 15
*1)4 Oct.
Preferred (quar.) (No. 2)______
IX llet. 1 Holders of rec. Sept. 16a O
SI.25 Sept. 30 Aug. 31 to Sept.23
O
let. 10 Holders of rec. Sept. 25
<
Compuilag-Tabulating-Record., com.(qu.) ♦1
$4.75 Sept. 30 Aug. 31 to S ept.23
Extra________
ept. 3 Holders of rec. Aug. 22a
Connecticut Power, pref. (qu.) (No. 22)
ix
* i x Sept. 14 ♦Holders of rec. Aug. 31
5c.
>ept. 14 Holders of rec. Aug. 31a O
Consolidated Arizona Smelting. .
$2
Sept. 27 ♦Holders of rec. Sept. 7
ept. 16 Holders of rec. Aug. 7a O
IX
Consolidated Gas (quar.)_______
75c. Oct. 1 Holders of rec. Scpt.d21a
ilet. 1 Holdors of rec. Sept. 14a C
Conn. Gas Elec. L. A P., Balt., com. (qu.) ♦2
Oct. 1 Holders of rcc. Sept.d21a
Common (pay. In 4 X % Lib. L. bds.) m2
3
lept. 16 Aug. 27 to Sept. 15
■Continental OH (quar.)________
Preferred (quar.)___________ _______
glOc. lept. 10 Holdors of rec. Aug. 31
I X Oct. 1 Holders of rec. Sept.d2la
Continental Refining (monthly)_
_
1H Sept. 14 Sept. 7 to Sept. 15
Holders of rec. Aug. 21a I
$1.50 lept. 14
1)4 Sept. 1 Holders of reo. Aug. 5a
I
*8X0. 3cpt. 1 ►Holders of rec. Aug. 17
Cosden & Go., pref. (quar.).
1
75c. lept. 14 Aug. 21 to Sept. 15
1% Sept. 15 Holders of rec. Aug. 30a
Crescent Pipe Line (quar.)..
*62)4c Oct. 10 ♦Holders of rcc. Sept. 14
10c lept. 10 Holders of rec. Aug. 31
I
Common (payable in Lib. Loan bonds).* (62)4c. Oct. 10 ♦Holders of rcc. Sept. 14
IX lept. 30 Holders of rec. Sept. 16a
2 Oct. 1
Preferred (quar.)________________
Cuba Cane Sugar, pref. (quar.l.
IX Jet. 1 Holdors of rcc. Sept. 14
4
Sept. 16
2 X Jet. 1 Holders of rec. Sept. 14a 1
2
Sept. 16
Bonus
let. 1 Holders of rcc. Sept. 14a
Preferred (quar.)______________
IX
* IX Sept. 30 *
L
Cudahy Packing, common (quar.).
IX lept. 16 Sept. 7 to Sept. 16
*IX Sept. 30 *
Preferred (quar.).
Deoro & Co., pref. (quar.)_______
IX lept. 2 Holders of rec. Aug. 15a
I X Jet. 1
2
lept. 16 Holders of rec. Aug. 31a 7
Diamond Match (quar.)_________
4354 c Sept. 14
l
♦1
Oct. 1 ♦Holders of rec. Sept. 14
2
Jet. 1
/
Preferred (quar.).
*IX Jet. 1 ♦Holders of rec. Sept. 14
50c. Sept.14
Jet. 1 Holders of rec. Sept. 14a i
iX
♦8734c Aug. 31 ♦
Preferred (quar.).
IX Jet. 1 Holders of rec. Sept. 5a
U4 Sept. 1
4)4 S ept.10 Hoi lers of rec. Aug. 31a I
Sept. 5
g3
IX Jet. 25 Holders of rec. Oct. 101 ]
Debenture slock (quar.).
2
Sept. 4
1
*1)4 Nov. 1 ♦Holders of rec. Oct. 19
u Pont (E.I.) de Nem. Pi
5 to Sept. 30
2
Jet. 1
J
*IX Nov. 1 ♦Holders of rec. Oct. 19
Preferred (quar.)..........
3
Jet. 15 Holders of rcc. Oct. la
Sept. 2 Holders of rec. Aug. 26
(
IX
1
Jet. 15 Holders of rec. Oct. la
Common (special)__________
Eastern Steel, com. (quar.)_____
2X Oct. 15 Holders of reo. Oct. 1
I X Nov. 30 Holders of rec. Nov. dla
Preferred (quar.)___________
IX Sept. 16 Holders of rec. Sept. 2
First and second preferred (qua
1 Ja Aug. 31 Holders of reo. Aug. lu
>
2 X Oct. 1 Holders of rec. Aug. 31a c luaker Oats, preferred (quar.).
Eastman Kodak, common (quar.).
*S2
Sept. 30 ♦Holders of rcc. Sept. 5
2 X Oct. 1 Holders of rec. Aug. 31a r
Common (extra)______________
I X Sept. 30 Holders of rcc. Sept. 16a
Oct. 1 Holders of rec. Aug. 3la ]
Preferred (quar.)_____________
IX
I X Sept. 20 Holders of rec. Sept. 7a
Preferred (quar.)___________
Sept. 10 Holders of rec. dAug.31o
$1
Elk Horn Coal Corp., common__
I X Nov. 1 Holders of rcc. Oct. 16a
] Lcpubllc Iron & St., com.(qu.)(:
I X Sept. 1 Aug. 22 to Sept. 2
IX Oct. 1 Holders of rec. Sept. 18a
Preferred (quar.) (No. CO)...
IX Sept. 15 Holders of reo. Aug. 26a
IX Sept. 1 Holders of rcc. Aug. 20a
i
IX S ept.16 Holders of rec. Sept. 6
P-iX Sept. 3 _
,
Sept. 3 Holders of rec. Aug. 15
IX Sept. 15 Holders of rec. Aug. 31a
♦$1.25 Sept. 20 ♦Holders of rcc. Sept. 10
First preferred (q u a r.)...
IX Sept. 15 Holders of rec. Aug. 31
Sept. 20 ♦Holders of rcc. Sept. 10
*31
Common (special)___________
Second preferred (quar.).
I X S ept.15 Holders of rec. Aug. 31
Sept. 3 Holders of rcc. Aug. 15a
General Asphalt, pref. (quar.) (No. 45) .
IX
*1)4 Oct. 1 *Holdors of rec. Sept 14
General Chemical .preferred (quar.).. .
I X Oct. 1 Holders of rec. Sept. 17a
250. Oct. 19 Holders of roc. Sept. 30a
Sept. 3 Holders of rec. Aug. 21a i
2
General Chemical, common (quar.)___
25c. Oct. 19 Holders of rec. Bept. 30a
Capital distribution (quar.).
Sept. 3 Holders of rec. Aug. 24«
ix
Sept. 3 Holders of rec. Aug. 15
5
75c. Sept. 3 Holders of rec. Aug. 15a
General Development (quar.).
Sopt. 30 Sept. 13 to Sept. 30
5
Oct. 15 Holders of rec. Sept. 14a
.
2
General Electric (quar.)..........
Oct. 1 Holders of rcc. Sept. 14
05
)
I X Oct. 1 Holders of rcc. Sept. 20
Oct. 1 Holders of rcc. Sept. 14
2
Preferred (quar.).
Preferred (quar.) (No. 5 7 )..
.
IX Oct. 1 Holders of rec. Sept. 20
3
Oct. 1 Holders of rec. Sept. 16
Aug. 31 Holders of rcc. Aug. 1
- $2
Gillette Safety Hazor (quar.).
IX Sopt. 3 Holders of rec. Aug. 26a
Nov. 30 Holders of rcc. Nov. 1
. 32
Gllletto Safety Razor (quar.).
* IX Sept. 14 * Holders of reo. Aug. 31
Nov. 30 Holders of rec. Nov. 1
. *1
Extra___________________
1
Aug. 31 Holders of roc. Aug. 21a
. *l)4c Sept. 10 ♦Holders of rcc. Aug. 21
Globe Oil (monthly)_______
1
Aug. 31 Holders of reo. Aug. 21a
Common (payable In common stock).
)
I X Sept. 16 Sept. 1 to Sept. 16
i x Aug. 31 Holders of rec. Aug. 21a
Preferred (quar.) (No. 35)--------------Nov. 15 Holders of reo. Nov. 5a
1
Goodrich (B. F.) Co., common (quar.)..
*1
Oct. 1 *
Oct. 1 Holders of rec. Sopt. 20a
Preferred (quar.)___________
.
IX
*2
Oct. 1 ♦
.
Sopt. 1 Aug. 21 to Aug. 31
Common (extra)_____________
.
3
*1)4 Oct. 1 *
Preferred Class A A B (quar.).
Grasselll Chemical, common (quar.)..
. * i x Sept. 30 ♦Holders of rec. Sept. 15
2)4 Sept. 16 Holders of reo. Aug. 15
Sept. 30 ♦Holders of rec. Sept. 15
. *2
Common (extra)________________
Extra (pay. In L. L. 4)4% bonds) — «»2>4 Sept. 16 Holders of rec. Aug. 15
Preferred (quar.)_______________
. *1X Sept. 30 ♦Holders of rcc. Sept. 15
to
Sept. 2
3
Aug. 31 Aug. 0
Great Northern Paper_____________
.
IX Sept. 1 Holders of rec. Aug. 26a
Sept. 2
Aug. 31 Aug. 6
3
♦Holders of rec. Sopt. 16
Extra.
Gulf States Steel, common (quar.).
- *2X Oct. 1
Sept. 15
Sept. 14 Sept. 1
3
)
I X Sept. 2 Holders of rec. Aug. 20a
Sept. 15
Sept. 14 Sept. 1
3
Preferred (quar.).
i x Oct. 19 Holders of rec. Oct. 9a
Oct. 1
Oct. 1
*3
Aug. 31 Holders of rec. Aug. 20a
)
1
Sept. 16 Holdors of reo. Aug. 20a
5
Hartman Corporation (quar.).
i x Sept. 3 Holders of rec. Aug. 20a
Sept. 16 Holders of rcc. Aug. 23a
3
Sopt. 2 ♦Holders of rec. Aug. 27
i) *5
Oct. 1 Aug. 31 to Sept. 18
3
Sept. 2 ♦Holders of rcc. Aug. 27
. *3
Preferred ______
Oct. 1 Aug. 31 to Sept. 18
4
Aug. 31 Aug. 30 to Sept. 1
. S4
Imperial Oil, Ltd..
IX Sept. 1 Holders of rec. Aug. 15a
Imperial Tobacco.
75c. Oct. 1 Holders of rcc. Sept. 14
Stromberg Carburetor (quar.).
. *50c. Sept. 14 ♦Holders of rec. Aug. 30
25c. Oct. 1 Holders of rcc. Sept. 14
E xtra__________________
Preferred (quar.)____________
- *87Xo Aug. 31 ♦Holders of reo. Aug. 21
Aug. 31 Holders of rec. Aug. 20a
1
Sept. 16 Holders of rec. Sopt. 5a
.
3
Indian Refining, common (quar.).
IX Aug. 31 Holders of rcc. Aug. 20a
Preferred (quar.)..................... .......
Preferred (quar.)................ .
IX Sept. 10 Holders of rec. Sept. 5a
SI.25 Oct. 1 Holdors of rec. Sept. 16
Holders of rec. Aug. 10a Stutz M o to r Car o f A m erica (q u a r.) ........
.
2
Sept. 3
Inland Steel (quar.)____________
♦1)4 Oct. 1 Holders of rec. Scpt.20
Subway Realty (q u a r.) --------- ------- -----Aug. 31 Holders of rec. Aug. 22
- $1
Sept. 3 Holders of rec. Aug. 1
2
Swan * Finch (extra)__________ ____
Preferred (quar.).
I X Aug. 31 Holders of rec. Aug. 22
Oct. 1 Holders of rcc. Aug. 31
2
l)
IX Sept. 2 Holders of rcc. Aug. 10* Swift A Co. (quar.) (No. 131)-----------2)4 Sept. 30 Holders of rcc. Sept. 12
i)
IX Sopt. 2 Holders of rcc. Aug. 10* Texas Com pan y (q u a r.) .............. .........
Oct. 1 Holders of rec. Sept, 21
4
Sept. 2 Holders of rec. Aug. 15a Thompson-Starrett Co., preferred------ $1
International Nickel, com. (quar.).
Sopt. 30
•2
Tide W ater Oil (q u a r.) ..........................
I X Oct. 1 Holders of rec. Sept. 17
Sept. 30
*3
E x t r a __________________________
.)
IX Sept. 1 Holders of rec. Aug. <129
$1.75 Sept. 20 Holders of rcc. Sept. 6a
Todd Shipyards Corporation (q u a r .) ----_ *50c Sept. 27 ♦Holders of rec. Sept. 7
5c. Sept.30 Sept. 10 to Sept. 20
Tonopah Extension Mining-------------Sept. 31 ♦Holders of rec. Sept. 9
. *31
1)4 Sept. 14 Holdors of rec. Aug. 31
.
25o Sopt. 16 Holders of rec. Aug. 31* Tooke Bros., Ltd., pref (qu.)(No. 25).
1)4 Oct. 1 Holders of reo. Sept. 16a
Sept. 2 Holders of rec. Aug. 21* Underwood Typewriter, common (quar.)
)
2
1 Holders of reo. 8«pt. 16a
I X o«t.
Preferred (quar.)___________
1
Sept. 1 Holders of rec. Aug. 20a
KIrschbaum (A. B.) Co., com. (quar.). .
Union Bag & Paper Corp. (quar.)
IX S ept.16 Holders of rcc. Sept. 6a
Knox Hat Co., Inc., first preferred.
3 X Sept. 2 Holders of rec. Aug. 28
U n ion Stock Yards o f Omaha (q u a r .) ----1)4 Sept. 1 Holders of rec. Aug. 21
.
1
Sept. 3 Holders of rcc. Sept. 10
1
La Belle Iron Works, com. (quar.).
Union Tank Lino................................... 2)4 Sept. 25 Holders of rec. Aug. 30a
.
2
Sept. 31 Holders of rec. Sept. 16
Common (extra)_______________
United Cigar Stores, pf. (qu.) (No. 24). I X S ept.10 Holders of rcc. Aug. 30a
.
2
Sept. 31 Holders of rec. Sept. 16
Preferred (quar.)_____ ________
1)4 Oct. 1 Holders of rcc. Sept. 16
Lackawanna Steel (quar.)_______
1)4 Sept. 31 Holders of rec. Sept. 10a United D r u g , com . (quar.) ( N o . 7)-------1)4 Slept. 3 Holders of reo. Aug. 15a
UnltedDrug,2(l preferred (quar.)(No.l0)
a)
2 X Sept. 2 Holders of rec. Aug. 24
♦1)4 Oct. 1 ♦Holders of rcc. Sept. 14
United D yew o o d , corn, (quar.) ( N o . 8 ) ...
Sept. 2 Holders of rec. Aug. 24
Preferred (quar.)....................
..
154
♦1)4 OCt. 1 ♦Holders of rcc. Sept. 14
Preferred (quar.) ( N o . 8).................
Lanston Monotype Machine (quar.)..
I X Aug. 3: Holders of rec. Aug. 21
1)4 Oct. 15 Holders of reo. Oct. la
9) $1
Aug. 3: Holders of rec. July *la United Paperboard, preferred (quar.)
Sept. 2 Holders of reo. Aug. 15a U. S. Envelope, common and preferred. 3)4 Sept. 3 Holders of rcc. Aug. 17a
.)
3
U. 8. Gypsum, prof, (quar.)..............
IX Sopt. 30 Holders of rec. Sept. 15a
. . *1)4 Oct. : ♦Holders of rec. Sept. 16
4
Sept. 16 Holders of reo. Aug. 30a
Aug. 3 Holders of reo. Aug. la U. S. Industrial Alcohol, com. (quar.)..
Lindsay Light, common (quar.)____ . .
6
10c. Sept. 3 Holders of rec. Aug. 16
IX Aug. 3 Holdors of roc. Aug. la U. S. Steamship (bi-monthly). . .
Preferred (quar.)________________ . .
5o. Sept. 3 Holders of reo. Aug. 16
Holders of rec. Aug. 20a
Extra_____________________
Louisville Gas A Electric, pref. (quar.). . .
i x Sopt.
Holders of rec. Sept. 7a U. 8. Steel Corporation, com. (quar.)..
D4 Sept. 28 Aug. 31 to Sept. 3
3)
IX Oct.
3
Sept. 28 Aug. 31 to Sept. 3
Holders of rec. Sept. 7a
..
1
Oct.
Common (oxtra).... .......... .......
Preferred (quar.) (No. 59;..........
Vlrglnla-Carollna Chemical—
50c Sept. 3 Holders of rcc. Sept. 6
1
Magma Copper (quar.)................ ..... . .
Oct. 1 nolders of reo. Sept.16a
Holders of rec. Aug. 23
Com.(extra pay’le In 4)4% k. L. bds) 42
Sept.
3
Mahoning Investment____________ . .
Wayland Oil A Gas, common (quar.).. 10c. Sept. 10 Holders of roc. Sept.'1
Manatl Sugar, common (quar.)__
-2 X Sept. : Holders of rec. Aug. 16
1
1 X Sept. 10 Holders of rec. Aug. 31
Sept. : Holders of rec. Aug. 19a W c H ’ house Church, K e rr A C o ., com . (qu.)
Manhattan Shirt, common (quar.).
of rcc.
1
Preferred (q u a r .) ......... - .....................
i x Sept. 10 Holders of roe. Aug. 31
1) 2 X Sept. 3 Holders of rcc. Sept. 4a
nnluers
16a
o«t.
Wcyman-Bruton Co., common............. f'20
Oct. 1 ♦Holders of rcc. Sept. 14
1
Mexican Petroleum, common (quar.). . . *1
White (J.G.) Co.,Inc., pf.(qu.) (No. 61) I X Aug. 31 Holders of rec. Aug. 15
Oct. li ’ Holders of rec. Sept. 14
)Aug. 31 Holders of rec. Aug. 15
♦Holders of rcc. Sept. 14
White (J.G.)Eng.Corp., pf.(qu.) No. 22) I X
. . «2
Oct.
Preferred (quar.).
White J.G.)Mgmt.Corp.,pf.(qu.) (No.22) 1 X Aug. 31 Holders of rcc. Aug. 15
Holders of rcc. Aug. 15
Sept.
..
2
Sept. 30 Holders of rcc. Sept. 16a
Holders of rec. Aug. 15
White Motor (quar.)............................. $1
-2X Sept.
Aug. 31 Aug. 24 to Sept. 2
3
Holders of rec. Aug. 15
Wilmington Gas Co., preferred.............
Preferred (quar.)........... .....
..
IX Sept.
♦Holders of rec. Sept. 14
Oct.
Holders of rcc. Aug. 17a W olverin e Copp er M in in g (q u a r .) --------- 31
Sept.
Moline Plow, 1st pref. (quar.).
Holders of rec. Aug. 19
Sept.
1X
Holders of rec. Aug. 17
Woods Mfg., Ltd., common (quar.)----Second preferred (quar.)........
..
I X Sept.
Holders of rec. Aug. 10a
Sept.
2
Holders of rec. Sept. 14a Woolworth(F.W.)Co.,com.(qu.) (No.25)
..
i x Oct.
Holders of rec. Sept. 10
I X Oct.
Holders of rec. Sept, lla
Woolworth (F. W.) Co., pref. (quar.)_.
Preferred (quar.) (No. 24).............. -154 Oct.
♦Holders of rcc. Sept. 20a
Sept. 1 1 Hoi lers of rcc. Aug. 31a W orthlngton P um p A M a c h ., p f. A (qu.) *1)4 Oct.
1
lontreal Cottons, Lid., common (quar.) . .
♦Holders of rec. Sept. 20
*1)4 Oct.
Preferred B (q u a r .) .............- — - - - - ­
Preferred (quar.)_________________ -(X Sept. 1 1 Holders of rec. Aug. 31a
Holders of rec. Sept. 23
2)4 Oct.
Yale & Towno Mg, (quar.) (N o. 9 7 )..
r.) *154 Sept. 1 l ’ Holders of rcc. Aug. 31
..
75;i Aug. 3 Holders of rec. Aug. 15a
Oct. 15 Holdors of reo. Sept. 30
1)
1X
♦ From unofficial sources, a Transfer books not closed for this dividend, b Less
Preferred (quar.) (No. 82).
..
154 Aug. 3 l Holders of reo. Aug. 17a
British Income tax. d Correction, e Payable In stock. /P ayable In common
National Candy, common........
-2X Sept. 1 l Aug. 21 to Aug. 27
stock, g Payable In scrip, h On account of accumulated dividends, l Payable In
First and second preferred..
..
3)4 Sept. 1 i Aug. 21 to Aug. 27
)IX Sept. 1 Holders of rec. Aug. 21a Liberty Loan bonds. I Rod Cross dividend, m Payable In U. S. Liberty Loan
1 Holders of rec. Sept, d 10 4 ' ( % bonds n Transfers received In London on or before Sept. 7 will be In time
..
2
Out.
..
IX Sept. 3 ) Holders of rec. Sept. 131 to be passed for payment of dividend to transferees. Specialists In tho stock have
National Lead, common (quar.).
Preferred (quar.)_____________
.IX Sept. 1 1 Holders of rec. Aug. 23 i agreed that It shall sell ex-dividend In this city Avig. 26. o Sells ex-dlvldend on
Oct. 2 Holders of rec. Sept. 9
National Sugar Refining (quar.)..
Vug. 30. p Declared 7% , payable 3)4% Sept. 3 and 3)4% March 1 1910.




TH E CHRONICLE

A u g . 3 1 1918.]

883

Member Banks of the Federal Reserve System.—Following is the weekly statement issued by the Federal Reserve
Board giving tho principal items of the resources and liabilities of the Member Banks. Definitions of the different items con­
tained in the statement were given in tho weekly statement issued under date of Dec. 14 1917 and which was published in the
' ‘Chronicle” of Dec. 29 1917, page 2523.
S T A T E M E N T S H O W IN G

P R I N C I P A L R E S O U R C E A N D L I A B I L I T Y IT E M S O F M E M B E R B A N K S L O C A T E D IN C E N T R A L R E S E R V E
A N D O T H E R S E L E V T E D C I T I E S A S A T C L O S E O F B U S IN E S S A U G U S T 16 19 18.

Substantial increases in demand deposits at banks in central and other reserve c t e , coupled with moderato liquidation of United State
iis
forU7'14 b ink' on ' i g t ^
vi
9
boards statomont of condition on August 16 of 733 member banks in leading c t e , compared with like figure
iis
Total United States securities on hand decreased 39.6 millions, of which 38.5 millions represents tho decrease in Treasury cerftiicates held,
hor tho central rcservo city banks decreases of 15.1 millions in United States bonds other than circulation bonds and of 21.9 millions in c rtifie
-catas are shown. Aggregate loans secured by United States war obligations show a slight decline. Other loans and investments f l off 13 9
el
millions for a l reporting banks and 1.4 millions for tho banks in tho central reserve c t e . Tho ratio of United States war obligations and loans
l
iis
secured by such obligations to total investments shows a declino for tho week from 15.7 to 15.4%. For the central reserve city banks this ratio
Reclined troni 1 7 to
Government deposits at a l reporting banks f l off about 21 millions, a reduction of 105.5 millions of Government funds at central reserve
l
el
city banks being offset largely by gains in Government deposits at other banks following the August 6 issue of 500 millions of Treasury certifi­
cates.
Not demand deposits show a gain of 125.4 millions, of which tho greater part represents gains at banks outside tho central reserve cities,
limo deposits declined about 34 millions .Total reserves show a gain for the week of 15.6 millions, while cash in vault increased nearly 3 millions.
1 or al reporting banks tho ratio of investments to deposits shows a decline from 125.7 to 124.1%. For tho central reserve city banks owing
<
l
mainly to the large withdrawals of Government deposits, a riso in this ratio from 114.7 to 115% i noted. Tho ratio of combined reserve and
s
cash to deposits of a l reporting banks remains unchanged at 14.4%, while for the central reserve city banks a decline from 15 1 to 14 9 % in
l
this ratio i seen. Total excess reserves increased from 74.7 to 77.4 millions. For the central reserve city banks a decrease in this item from
s
52.6 to 30.2 millions i noted.
s
t. D ata fo r a ll re p o rtin g h a n k i
N ew Y ork

B o sto n .

M em b er B a n ks.

Number of reporting banks_
_

42

U . 8. bonds to secure clrculat'n
Other U . 8. bonds, Including
Liberty bonds____________
U . 8. ccrtifs. of Indebtedness..
T o tal U. 8. securities______
Loans sec. by U . S. bonds, A c .
A ll other loans A investm ents.
Rescrvo with Fed. Res. B a n k .
Cash in v a u lt.............................
N et demand deposits___ ____
Tlm o deposits.............................
Governm ent deposits________

14.353.0

1

P h tla ttel.

102

50

S
50,584,0

« e c k d is t r ic t .

In

C le v e la n d . K tc h m 'd .

$
12.770.0

85

A tla n ta .

78

$
S
42.040.0 24.621.0

Tw o tloherg (00) o io lusd
S t. L o n is . A / in n e a p . K a n . C i t y i D a lla s .

C h ica g o .

45

96

$
15.465.0

$
18.642.0

32

35

5
16.995.0

$
6.469.0

73

San T ran .

44

S
$
j
$
13,873,0j 17,929,0 34.205.0

15.410.0 238.840.0 30.601.0 53.512.0 31.042.0 25.105.0
66.479.0 18.638.0 15.738.0 17.205.0 15,917,0
54.589.0 495.318.0 49.703.0 72.312.0 26.683.0 26.689.0 108.525.0 29.009.0 18.781.0 31,203,0! 14,327,0
84.352.0 784.748.0 93.074.0 167.870.0 82.340.0 67.259.0 193.646.0 64.642.0 40.988.0 62.281.0 48,173,0
39.785.0 217.029.0 44.225.0 38.068.0 20.028.0
7,522,0
61.283.0 13.273.0 9.156.0
4 ,375,0' 5,299,0
778.190.0 4.430.176.0 620.256.0 973.214.0 367.588.0 287.587.0 1.440.540.0 382.988.0 267.786.0 468,947,0.174,574,0
07.436.0 570.598.0 66.063.0 88.607.0 29.865.0 25.618.0 145.148.0 33.974.0 17.785.0 48,048, o; 14,412,0
25.220.0 118.603.0 21.001.0 30.271.0 16.199.0 14.025.0
59.837.0 11.157.0 7.968.0 14.988.0 11,102,0
052.524.0 4.287.035.0 578.632.0 694.661.0 305.395.0 204.499.0 1.048.703.0 266.037.0 165.376.0 371,468,0 '138 ,048,0
90.921.0 276.779.0 14.421.0 232.304.0 57.540.0 90.378.0 358.898.0 74.785.0 45.407.0 63.176.0 25,339,0
80.943.0 503.999.0 42.451.0 67.348.0 24.954.0 21.674.0
81.307.0 30.866.0 25.507.0 33,740,0' 10,500,0

Ito fa for In n k » In each O n f r a t K m i t v p <-|fy. S m I i , l« , t | o f U e t
N ew

Two ciphers (00) omUted.
A ug.

Y ork.

10.

Num ber of reporting b a n k s...

C h ica g o .

Aug.

01

9.

A ug.

16.

09

10.

40

A ug.

14

10.

Aug.

9.

123

O th er
Aug.

123

R eserte

16.

C itie s .

Aug.

446

9.

C o u n try
Aug.

447

16.

733
S
267.952.0

25.455.0
553.918.0
51.640.0
978.779.0
111.300.0 1.800.679.0
9,391,0
469.434.0
524.925.0 10,722,771,0
43.970.0 1.157.522.0
19.262.0
349.636.0
383.195.0 9.096.173.0
112.940.0 1.448.888.0
13.816.0
943.105.0

B a n ks.
Aug.

164

9.

Aug.

16.

Aug.

9.

733

734

267.952.0

267.264.0

161

S
$
s
S
S
S
S
S
s
s
U . S. bonds to secure clrcnlat’n
30,340,0
36,903,0
1,282,0
9,970,0
47,592,0
48,141,0 171,835,0 170,618,0 48,525,0 48,505,0
O ther U . S. bonds, including
Liberty bonds................. ...... 215.140.0 214.101.0 32,001,0 12,539,0 259,683,0 274,800,0 240,776,0
U . 8. ccrtifs. of indebtodness-. 473.252.0 493.243.0 57,490,0 21,164,0 551,906,0 573,802,0 364,101,0 230,338,0 53,489,0 50,636,0
T o tal U . S. securities........... 724.732.0 744.247.0 90,770,0 43,673,0 859,181,0 890,743,0 776,712,0 381,829,0 62,772,0 61,622,0
782,785,0 164,786,0 160,763,0
Loans sec. by U . 8. bonds, A c.
190.828.0 202.078.0 44,545,0
9,809,0 251,182,0
A ll other loans A Investm ents. 4.087.802.0 4.087.181.0 882,546,0 279,711,0 5,250,119,0 255,148,0 190,632,0 186,201,0 27,620,0 29,424,0
Reserve with Fed. Res. H ank. 551.527.0 567.040.0 100,778,0 25,877,0 078,182,0 5,251,563,0 4,649,414,0 4,649,115,0 823,238,0 835,992,0
093,577,0 425,911,0 395,349,0 53,429,0 53,028,0
Cash In va u lt________________ 100.005.0 110.332.0 36,572,0
5,609,0 148,186,0 148,921,0 164,915,0
N et demand deposits________ 3.990.899.0 3.902.252.0 705,572,0 192,705,0 4,889,170,0 4,836,157,0 3,551,062,0 162,316,0 36,535,0 35,414,0
T im e deposits________________ 225.840.0 224.180.0 132,415,0 53,822,0 412,077,0 410,717,0 845,613,0 3,486,985,0 655,935,0 647,623,0
Government deposits________
467.440.0 580.379.0 54,225,0 24,382,0 540,053,0 651,530,0 338,144,0 879,651,0 191,198,0 192,508,0
263,110,0 58,908,0 49,491,0
R atio of combined reserve and
cash to total net deposits__
14.6% __ U.7%
17.4%
13.7%
14.9%
15.1%
14.3%
13.9% _______ _______

Tho Federal Reserve Banks.

T o ta l.

c ftlM s a d otfcar r« ,so rtin g ba n k s

S t. L o u is . T o ta l C e n tr a l l i e s . d u e s .
Aug.

51

$

$

555.774.0
553.948.0
978.779.0 1.017.253.0
1.800.079.0 1.840.291.0
470.773.0
469.434.0
10722771.0 10,736,670,0
1.157.522.0 1.141.954.0
346.651.0
349.036.0
9.096.173.0 8.970.765.0
1.448.888.0 1.482.936.0
964.131.0
943.105.0
14.4%

14.4%

Following is the weekly statement issued by the Federal Reserve Board on Aug. 24:

Rcservo1iloanEs weokw'blmk stat^mon^K^ue.^as -t mbout l 2,3 ™ I l o s in oarning assets, largely discounted b l s are indicated by the Federal
?
lln.
il,
atfd for the Vilt t i m e L c £ d 2^billion dolflrs^ aS at CloS° of bustoess August 2 3 1918’ GoId res™
of tbc banks <*ow an increase of 10.5 millions
m e r c l a l ^ a m ^ h e l d 5 ndllionsd dr'e 1
\08r4 n illlons' Practically a l at tho N e w York Bank. Of tho total corni,
l
timers1 p i t secured bv Sbert^’
bondsand Triasifrv
wco» b°f°ro- l represented by war paper, i e , member banks' notes and cusk
s
. .
Boston and e S m l b L k s renortinglulwtenH^
P
Acceptance show a net gain of 24.3 millions for tho week, the N e w York,
of a 15 million certificate of indebtedness held i v
i
'v * l? n b<i1
of tb s class
Paper. Following the redemption by tho Treasury
earning assets show^i£c?Lso^for the^ook of 122 I milHo™
' Govornnlcnt short-term securities show a decrease of 9.1 millions. Total
tho total’ * howiniT"an*bncreaseX b P the
s
fr
SUe'nMlllons. 1
18
incrtaso for th0 weck of

7

7

i i d Dall , !] Federal Rcservo banks report substantial gains in Government deposits.
'r
as' i 1
niilhons. Members’ reservo deposits decreased about 4.5 millions, while net deposits went up

N e w RYork *1^nk '^n ^h^other^RMer vo banks°Vi l i ^ nL <poratlons th^reba? becn a further movement of 70 millions of reserves away from the
?
settlement fumL’ ThebaSto?
perce^igfderfi^f^m^^SS.^to 56! f % reP
a
8 considerable gains in reserves, chiefly through the gold
The banks'show^^FederM^esMTm^ote^circiifafLw1^
1

an nnCreaso f « 4be wec^ A f.44 9 mJlllons ln outstanding Federal Reserve notes.
br
.
n°"w“ s a i
« - 4 “ ,mo“ * * « - « * .
* * • »
•*«*
capital^ the ^larger iporthm o f thisin^eSe'being'shtwn°for ^ L ^ h i L g o ' B a ^ . mCmbors l largely responslbl0 for an incrcaso of $790,000 in paid-in
s

Uio figures of the consolidated statomont for the system as a whole are given ln the following table, and in addition we
prosont tho results for oach of tho seven preceding weeks, together with those of the corresponding week of last year, thus
furnishing a useful comparison. In tho second table wo show the resources and liabilities separately for each of the twelve
1 odoral Roservo banks. I ho statomont of Fodoral Reservo Agents’ Accounts (the third table following) gives details regardmg tho transactions m Fodoral Rosorvo notos botweon tho Comptroller and the Reserve Agents and between the latter
and tho Federal Roservo banks.
undcr^ a^oro^go^^al^hiKsffkatlon^in
k
Waltdn«to°ii't ‘. .H5’“^ilta®di^mm^f' members and F. I . Banks, as of Aug. 23,
lTlde8 So m °
,
aro, ,
A
nclu<& 1
consisted of "Rediscounts .and advances_r nmm,,„ . r , re
i
„ R on' 'Thus
discounted for
t
Similarly "Other deposits &c " arf sliowi fo
$1C4A,62' 5 ) and Be<liscounts and advances— U. 8. obligations,” $387,746,997.
2(l
and "I)Jo to War Finance’ Cwporation."^$01<U16. ?
'
ForcIgn Govcnnuent doposltSl $102,297,634; “Non-member banks deposits.” $5,093,928.
C

o m b in e d

R

esou rces an d

L

Aug.
RESOURCES

G o ld ln vault and ln transit...................
Gold settlement fund— F. It. B o a rd ..
Gold with foreign a g e n cie s.................

ia b il it ie s

23 1918.

g
385,072,000
553,000,000
5,829,000

Total gold held by b a n k s.. ----943,961,000
Oold with Federal Reserve Agents__ 1,018,767,000
Gold redemption fu n d _______________
40,323,000

Aug.

o p tub

16 1918.
%

385.017.000
600.033.000
5,829.000

Fe d e r a l R eserve B a u m
Aug.

9 1918.

$
395.410.000
606.354.000
9,696,000

A ng.

2 1918.

S
408.470.000
023.119.000
9,090,000

J u ly

at

th e C l o s e o f B u s in e s s

20 1918.

«
418.012.000
698.777.000
11,028,000

J u ly

19 1918.
t

428.853.000
556.154.000
15.490.000

990.929.000 1,011,400.000 1.041,285,000 1,028.417.000 1,000.503.000
901.498.000 910,093,000 003,793,000 910.420,000 940,290,000
40,116,000
38,149,000
30,818,000
35,363,000
*4,655,000

J u ly

12 1918.

Aug. 23 1918.

J u ly

5

1918. A ug . 241917.

*
«
422.738.000 421,927.000
524.225.000 ► 524,303,000
15.529,000
16,372,000

*
426.741.000
397.067.000
52,500,000

902.492.000
903.147.000
34,413,000

876.308.000
488.536.000
7,375,000

Total gold reserves ___________. . . 2,003,051,000 1,992,543.000 1,990,301,000 1,980,896,000 1.974,200.000 1.975,448,000
1.960,052,000
Legal tender notes, silver, A c _________
52,215,000
52,980,000
54,223,000
54,032,000
55.047.000
55,129,000
55,932,000
Total reserves.. ______________ 2.055.266.000 2.045.523.000 2.014.523.000 3.034.918.000 3.029.529.000 3.031.095.000 2.015.934.000
B ills discounted — members____ ______ 1.393.795.000 1.285.368.000 1.332.473.000 1.370.919.000 1.302.131.000 1.203.340.000
1.159.882.000
Bills bought lo open m arket____ _____
236,526,000
212,204,00 203,557,000 309,185,000 205,274,000 205.932.000 218.464.000
Total bills on hand . _____ _____ 1,630,321,000 1,497,572,000 1,541,030.000 1,480,104,000 1,507.425,000 1.409.278.000 1.378,340,000
O . 3 . Government long-term securities.
30.624.000
31.497.000
34.931.000
30.237.000
40.090.000
40.259.000
40.273.000
U . 3 . Government short-term securities
23.479.000
32.516.000
17.404.000
17.573.000
10.932.000
10.258.000
31.923.000
All ether earning assets
62,000
82,000
103,000
98,000
72,000

963.502.000
903.075.000
*4,333,000

1.959,110.000 1,372,219,000
50,053,000
52,550,000
2.015.103.000 1,424,769,000
1.076.783.000
128.407,000
211,947.000
159,557,090
1.288,729,000
42.749.000
17.350.000
20,000

287,964,000
43.226.000
30.480.000
1,354,000

Total earning assets. ___________ 1,684,436,000 1,531,697.000 1,593.407,000 1,534,015,000 1,504,540,000 1,465.993.000
1.450.614,000 1.348,854.000 365.024.000
Uncollected Items (deduct from gross
dopostts)_____________________ _____
601,933,000 623.495,000 534,758,000 531,558,000 558,392,000 658.588.000 640.410,000 069,257.000
219.630.000
6 % ro^enip. fund
F . R . bank notes
953,000
866,000
735.000
490,000
701,000
731.000
735,000
725.000
500.000
All other resources__ ____ ___
11,291,000
10,803,000
11,410,000
10,551,000
12,441,000
9.695.000
9,979,000
10.163.000
217.000
T o rsi resources__
4.353.937,000 4.242.384.000 4.234.893.000 4.111.538.001) 4.165.403,000 4.166,122.000 4.117.722.000 4.044.162.000' 2,001,140,000
n I n i 1 1 m a noutn forma.-ly shawn against Items <luo from or duo to other Federal Rasorve banks not.




[Vol. 107.

T H E C H R O N IC L E

884
Aug.

23 1918.

Aug.

16 1918.

Aug.

9 1918.

A ug.

2 1918.

J u ly

26 1918.

J u ly

19 1918.

J u ly

12 1918.

J u ly

1918. A ug. 24 1917.

5

8
$
S
$
S
$
S
$
S
58.484.009
70,163,000
76,324,000
76,383,000
76,441,000
76,518,000
76,876,000
77,750,000
76.960.000
C ap ital paid In .......... ............. . .
1,134,000
1,134,000
1,134.000
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
Surplus
. . . ..................... .........
59,972,000
173.027.000
95.555.000 179.978.000 161.236.000 233.040.000 144.828.000 169.393.000 128.398.000
Government d e p o sits...............
. .
1,459,480,000 1,464,011,000 1,420,705,000 1,423,532,000 1,435,196,000 1,488,047.000 1,439,346.000 1,369,697,000 1,121,129,000
Due to members— reserve account . .
32.933.009
433.347.000 390,911,GOO 401.186.000 480.341.000 477.520.000 527.580.000
450.947.000 461.202.000
Collection Items
.
...
148,955,009
Other deposits, Incl for G o v't credits
112.597.000 115.234.000 127.050.000 114.718.000 111.840.000 112.052.000 107.809.000 117.509.000
T ota 1 gross deposits
. . 2.196.051.000 2.130.002.000 2,161,080,000 2.090.397.000 2,181,262,000 2.225.268.000 2,194,074,000 2.143.184.000 1,362,989,000
573,049,000
2.032.837.000 1.985.419.000 1,955.276,000 1.906.465.000 1,870,835,000 1.829.045.000 t.813,425.000 1.791.569.000
l R notes In actual circulation
5.473.000
10,800.000
10.635.000
11,000.000
11.084.000
11.479.000
13.716.000
16.864.000
15.167.000
P R hank notes In circulation, net llah
1.145.000
21.477.000
21,965,000
23,292,000
24.647.000
25.545.000
26.811.000
27.702.000
29.351.000
Ml other liabilities __ _ ___ .
4,242,384,000 4,234,893,000 4,111,538,000 4,165,403,000 1,166,122,000 4,117,722,000 4,044.162.000 2,001,140,000
4,353,987,000
Total liabilities
76%
65.3%
61.9%
63.9%
63.4%
66.8%
59.2%
59.5%
59.2%
Oold reserve against not deposit Halt
86.5%
55.6%
55.0%
53.3%
50.6%
49.3%
50.1%
50.5%
Oold res agst F R notes In act elrc'n
52.1%
Ratio of gold reserves to net deposit and
79.5%
60.0%
58.2%
58.2%
56.5%
57.2%
56.4%
57.0%
F d. Res. note liabilities combined
56.7%
H allo of total reserves to net deposit an
82.6%,
61.7%
59.9%
59.8%
58.1%
53.7%
57.9%
58.5%
56.7%
Fed Res note liabilities combined
atto of gold reserves to F . R . notes In
actual circulation, after setting aside
76.3%
76.4%
73 .7 %
35% against net deposit liab ilities—
L IA B IL IT IE S

$
D is t r ib u tio n by \t a tu r it ie s —
S
i
1-16 days bills discounted arid buiigni 1,006,937,000 901,700,000 940,126,000' 901,084,000 884.111.000
2,045,000
2,560,000
2,085.000
1-15 days U 9 Oovt. short-term sect.
17,235,000
4,060,000
4,000
4,000
1-15 days municipal warrants
16-30 days bills discounted and boiigr.i
169,570,000 151,740,000 178,593,000 166,603.000 200.758.000
750,000
16-30 days U . 9. O ovt. short-term sees
4,000
16-30 days municipal warrants .
223.723.000 231.550.000 223.110.000 238,100.000] 240.900.000
31-60 days bills discounted and boutthi
350,000
3.425.000
3.491.000
4.358.000
4,685,000
31-60 days U. 9 Oovt short-term sees
51.000
51,1X10
56.000
56.000
41.000
31-60 days municipal warrants .
216.473.000 187.526.000 164.347.000 133,922,000 141.331.000
61 90 days bills discounted and bnugl"
4,155,000
1.984.000
1.669.000
2.123.000
771,000
61-90 days U . 9. O ovt. short-term sees
1,000
6,000
1,000
5,000
61-90 days municipal warrants
40.325.000
40,395,000
28,854,000
25,056,000
22.588.000
Over 90 days bills dlsc'ted and hough'
10.372.000
9,604,000
9.409.000
8.830.000
13.365.000
Over 90 days U 9.Oovt .short-term sect
10.000
17,000
16.000
20.000
16.000
Over 90 days municipal warrants
F e d e r a l R e s e t r e / V otes —
2,163,837,000 2,118,948,000 2,088,473,000 2,028,180,000 1,999,480,000
Issued to the banks...............................
131,000,000 133,529,000 133,197,000 121.715,000 128,645,000
Held by banks ................................

g

s

797,513,000
1,675,000

772,072, OOOi
17.031,0001

220,406,000

181.544",666'
250,526,600

88,781,000

719.715.000
2,784,000
5,000
139.892.000
5,000
268,832.000,

5,000
208.306.000
750,000
51,000
142.630.000
4,135,000

.

10,0001

56,660

1,028,000
55,667,000
06,681,000
146,000
43,718,000

131,354,000
4,890,000

119,723,000
4.059.000

42,850,000
9.992,000

40,567,000
10,507,000'

3,117,000

1,982,603,000 1,963,729,000 1,917,152,000
153,558,000 150,304.000 125,583, OOOj

627,307,000
54,258,000

40,373.000
9,798,000

10,000

58,000

2,032,837,000 1,985,419,000 1,955,276,000 1.906.465.000 1,870,835,000 1,829,045,000 1,813.425,000 1,791.569.000
2,940,240,000 2,895,020,000 2,832,740,000 2.759.700.000 2,763,940,000 2,742,660,000 2,691,600.000 2,607.120,000 1,039,560,000
497,152,000, 499,862,000 489,092,000 478,470,OOOl 471,870,000| 460,127,000 450,501,000 445,133.000.1 176,808,000

In circulation ...................
F e d R e s .'V o t e s ( A bents A c c o u n t s ) Received from the Comptroller . .
Returned to the Comptroller
. .

Amount chargeable to Agent ..
n hands of Agent
..

2,443,088,000 2,395,158,000 2,343,648,000 2,311,230,000'2,292,070,000 2,282.533.000 2,241,009,000 2,161,982,000
279.251,000 276,210,000 255,175,000 283,050,000 292,590,000 299,930,000 277,370,000 244,830,000

862,752,000
235,445,000

Issued to Federal Reserve banks

2,163,837,000 2,118,948,000 2,088,473,000 2,028,180,000 1.999,480,000 1,982,603,000 1,903,729,000 1,917,152,000

627,307,000

203,444,000

214.944.000

269.015.000

1,145,070,666 1,157,450,000 1,147,781,000 1,125,387,000 1,089,060.000 1,042.313,000.1,000,582,000
63 419,000 60,959,000,
60,296,000| 59.851.000 ,
59,859,000 ; 60.602,000]
58,378,000
735,109,000 683,301,000 668,156,000 641,703,000, 648,322,000 681,744,000j 701,325,000

955,077.666
56,873.000
690.258.000

138,771,666
25,780,000
193.741.000

[2,163,837,000 2,118,948,000 2,088,473,000 2,028,180.000 1,999,480,000 1.982,603,000,1,963,729,000 1,917,152,000

627,307,000

1.573,109,000 1,463,844.000 1,480,179,000 1.425.437,000 1,453,246,000 1,356,726,000 1,313,041,000 1,224,983,000

146,664,000

H o io S ecu red —

By goal coin and certificates..............

220,239,000

By lawful m o n e y ............. .........
By eligible paper
...........................
Oold redemption fund
...........
W ith Federal Reserve Board .........
T o t a l ............................................
Eligible paper delivered to F. R. Agen'

217,238,000

212,240,000

201,239,000

197.944.000

202,239,000

'is
nld.
eie
Revised f g r s
iue
9ei amount due t other Federal Reserve hanks 0 Itt item i c u e - hireixn Gove uuiein r d '
o
WKKKI V STATF.VfF.VT of RRSOI R C P U a n d I I V R I I . I T I F . S n t F \ C H n f n i r I f P P I ' F . U \ t R F . S F K i ’ F It V V K S nr C l . f l v F .

a

T w o c ip h e rs

(00)

H ost o n .

o m itte d

$

f

t

RESOURCES

Si l.uuls

C h ie a g o

P h l'a d e l

6,280,0
279.0 22.339.0
48,481,0 67.788.0 27,830,0
204,0
525,0
408.0
2,011,0

1,980,0
6,798,0 29.275.0
19,251,0 81.046.0 34,032,0
233,0
816,0
175,0

nf

t/ i n n t a p

BU SIN E SS
h a llo s

S
219.0
8,425,0
11,3,83,0 30,201,0
291.0
233,0

.V U G .

-tin

23

t'M s

F ra y.

385.072.0
553.060.0
5,829,0

6.416.0 12.725.0
7.299.0 42.499.0
204,0
321,0

Oold coin and certlfs. In v a u lt..
Oold settlement fund.................
Oold with foreign a g e n c ie s___

3,296,0
79,697,0
408,0

287.010.0
103.553.0

Total gold held by banka .
Oold with Federal Rea Agents
Gold redemption f u n d .............

83.401.0
60.185.0
4,070,0

392.601.0 49,168,0 90,652,0 34.314.0 26.224.0 111.137.0 36.245.0 20.041.0 30.711.0 13.919.0 55.545.0 943,961,0
277.893.0 113,780,0 126,174,0 38.278.0 27.424.0 156.622.0 51.775.0 22.862.0 48.711.0 13.873.0 81.190.0 1,018,767,0
1,101,0 1,248,0
81,0
40,323,0
2,415,0
2,611,0
4,511,0
924,0 2,355,0
1,007,0
5,000,0
15,000,0

Total gold reserves
.. . .
Legal-tender notes, sliver. &o.

147,656,0
2,344,0

685,497.0 167,948,0 217,833,0 73,516,0 56,003,0 272,270,0 90,631,0 45,318,0 80.523,0 29,040,0 136,816,0 2,003,051,0
1,182,0
402,0
185,0
52,215,0
106,0
607,0
434,0
1,872,0
320,0
802,0
730,0
43,231,0
728,728,0 168,678,0 218,153,0

T otal reserves
. .. .
. . . 150,000,0
Rills discounted for members and
67.414.0
Federal Reserve banks ____
26.440.0
Hills bought In open market . .
Total bills on hand
__
U B long-term securities . . .
U B short-term s e c u ritie s ___
All other earning assets .........

552.409.0 85.183.0
125.276.0 11.035.0

689.296.0 98.776.0 112,878,0

U A R lU T tK S .

Capital paid In .....................
thirphis
_____
Government deposits

Pile *o members— Reserve a c t
e'
Collection Items
Oth deposits I c . f r Gov’ ored
nl o
t
Total gross deposits
..
P R notes In actual circulation
V R hank notes In elrc'n— Net
All other liabilities
. .

56,437,0 274,142,0 91,238,0 45,424,0 80,925,0 30,222,0 137,001,0 2,055,266,0

56,567,0 46,965,0 209,629,0 47,697,0 64,288,0
435,0
1,925,0
3,122,0 14,714,0
5,588,0

71.341.0

47,742,0

38.232.0 27.562.0

74,0
1,856,0

771,0

50,0
1,623,0

677,0

19,0
749,0

3.114.0
3.921.0
8,703,0
20.017.0
40.0
116,0
619,0
9.655.0
6.676.0
10.279.0 13.628.0 20.851.0
613.645.0 82.559.0 101,363,0 40.225.0 37.581.0
113.354.0 55.011.0 39.078.0 32.111.0 22.501.0
11.0
160,0
108.002.0

(Od)

o m itte d

2,206,0

Federal Reserve notes—
Received from C om p troller..
Returned to C o m p tro lle r__

H o st o n .

001,983,0

16.536.0 31,613,0
137.0
654.0

84,0
1.356,0

205,478,0 96,348,0

958,0
11,294,0
4,353,987,0

884.280.0 151.228.01168.455.0 85.012.0 69.748.0 267.559.0 95.029.0 57.531.0 106,190,0 51,521,0; 114,512,0 2,196,051,0
87.767.0
200,159,0 62.722.0 302.269.0 81.825.0 60.607.0 85,958,0 38,079,0 149,218,0 2,032,837,0
649.650.0 180.426.0
7.820.0
2.691.0
16.864.0
1.425.0
110,0 4.216.0
258,0
344,0
1.965.0
1,147,0
29.531.0
1,184,0
1.007.0
1.689.0
798,0 3.877.0
1,411,0
2,133,0
10,529,0

144.986.0
134.157.0

l

STATKMF.N1 ftp P P P P R M
cip h e rs

552,0

48.799.0 101,303,0 1,684,480,0

3.050.0
77,750,0
4.513.0
2.864.0 3,645,0
10.693.0 3,687,0
38.0
1,134,0
216,0
9.576.0 22.470.0 173.027.0
1.733.0 11,181,6
26.941.0 9,975,0
191,793,0 54.758.0 36.369.0 68.319.0 30.321.0 69.708.0 1,459,480,0
26.690.0 11.621.0 10.341.0 450.947.0
47.553.0 30.176.0 19.393.0
3,0
36.0
120,0
1,272,0
2.993.0 112.597.0

vee11 u i amnunts due f.1
n
r

Two

394.0
908.0

200,0
1,160,0

122,187,0 205,478,0 96,348,0 271,35 7,0 11,353,987,

287,916,0 1,565.469,0 340,468.0 379,450.0 178,227,0 136,532.0'588,830.0

Total liabilities

72.728.0

10.783.0 50.523.0

136,532,0 588,830,0 181,725,0

287,916,0 1,565,469,0 340,468,0 379,450,0
6,492,0
75,0
21.050.0
89.839.0
34.088.0

82,364,0 38.839.0

62,489,0 42,917,0 75.725.0 1,393,795,0
634,0 21.117.0 236,526,0
129,0

64,723,0 62,018,0 43,551,0 06,842,0 1,630,321,0
122,0 8.871.0 4,347,0 3,461,0
30.624.0
1.239.0
901,0
23.479.0
1,000,0
926,0
62,0

64.898.0 51.765.0 230,964,0 51.096.0 65.771.0

145.515.0

6%

Total resources____________

74,318,0

677,685,0 96,218,0 108,623,0 02,155,0 50,087,0 224,343,0 49,622,0
1,153,0
625.0 4.509.0
1.233.0
2.560.0
1.348.0
1,453,0
321,0
2.112.0
991.0
1.210.0 1.695.0 1.510.0
10,158,0
62,0

93,854,0
942,0
1,416,0

Total earning assets
96.212.0
Uncollected Items (deducted from
gross deposits)..... ...................... 40.933.0
redemption fond against Fed
eral Reserve hank notes. .
All other resources.....................

82.512.0
26.111.0

Wh >

RF.SF.HVP VGFNTS

P M ttU iv i

C le v e la n d .

'TCOUNTS M

Ktr/lm’d .l

u la n ta .

Net ■l*il' d*
llill i

Resetvi bank-

GIGSF (>T B11SINFSS AUO. 23 1918

C h ic a g o .

St

L o u is

M in n ta p

K an

C ity

D u ltu s

San

/■ "it. 1

T o ta l

%
t
•
i
S
«
J
f
%
♦
*
S
1 t
*
195,940,0 1,051,680,0 247,120.0 246,040,0 127,920,0 115,860,0 391,980,0 117,880,0 81.580.0 119,700,0 68.500.0 173,040,0 2,940,240,0
........... | 497,152,0
37,365,0, 242,857,0 44,252,0 21,946,0 27,807,0 21,210,0 26,964,0 20,565,0 15.817.0 20,656,0 17.713.0

158,575,o| 808,823,0 202,868,0 224,094,01100,113,0' 94,650,0 308,016,0 9 7,315,oj 65,763,0 99,044,ol 50,787,0 173,040,0 2,443,088,0
Chargeable to F R Agent____
7,720,0, 11,960,01 13,106,0, 279,251,0
7,500,0, 1 3 ,120.0j 6,510,0 28,630,0 46,220,0 10,250,0| 4,375,0
In hands of F R. Agent _______ 20,600,0, 109,200,0
Issued to F It Bank ______ 137,9 75,0|
Held by F R Agent —
Oold coin and c e rtific a te s __
5,000,0
6,615,0
Onui redemption fund
.
48.500.0
Oold Rett Fd , F R Board
77.790.0
Eligible paper, min retj'd ..

699,623,0 195,308,0 210,974,0 93.603.0 66,020,0 321,796,0 87.065.0

61.388.0 91.324.0

38.827.0 159,934,0 2,163,837,0

11.581.0
13.102.0
........... 220,239,0
...........1 2,503,0
............
........... ! 24,313,0
163,740,0
1,908,0
J ,460,0 2,351,0
7,989,0
63,419,0
1,778,0
2,101,0
416,0 2,644,0
14,153,0 10,073,0 11,861,0
384,0 73,201,0' 735,109,0
8,300,0 46.300.0
100,000,0 103,707,0 90,000,0 36,500,0' 22,820,0 156,206,0 49.131.0
421,730,0 81,528,0 84,800,0 55.325.0 38,596,0 165,174.0 35.290.0 38.526.0 42.613.0 24.954.0 78,744,0 1,145,070,0

137,975,0

699,623,0 195,308,0 210,974,0 93,603,0 66,020,0 321,796,0 87,065,0 61,388,0( 91,324,0 38,827,
|
|
o'l59,934,0 2,163,837,0

eligible paper deliv­
93,854,0
R Agent..................
outstanding............. 137,975,0
3,818,0
held by banks ___

677,685,0 83,047,0 106,680,o| 61,222,0 39,610,0 223,707,0 46,545,01 52,036,o| 62,618,0| 43,551,o| 82,554,0 1,573,109,0
699,623,0 195,308,0 210,974,0 93,603,0 66,020,0 321,796.0 87,065,0 61,388,0 9 1 ,3 2 4 ,0 ,38 ,8 2 7,0 159.934,0 2,103,837,0
49,973,0 14,882,0 10,815,0, 5,836,0
3,298,0 19,527,0! 5,240,0
781,0
5,306,0|
748,0! 10,716,0, 131,000,0

P R notes in actual clreula’n 134,157,0

649,050,0 180,426,0 200,159,0 87.767,0 62,722,0 302.269,0 81,825,0 60,607,0 85,958,0 38,079,0 149,218,0 2,032,837,0

Total
Amount of
ered to F
F. R notes
V R . notes




A ug. 31 1918.]

T H E C H R O N IC L E

885

Statement of New York City Clearing House Banks and Trust Companies.—The following detailed statement
shows the condition of the New York City Clearing IIouso members for the week ending Aug. 24. The figures for the sep­
arate banks aro 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.
C L E A R IN G H O U SE
M EM BERS.

National
Bank
Circula­
tion.

W e e k E n d in g
A u g . 24 1918.

M em bers o f F ed eral
R eserve R a n k .
Bunk of N Y . N B A .
Bank of M anhat C o.
M erchants' N ational.
M ech & M etals N at.
Bank of America
N ational C it y .............
Chem ical N a tio n a l..
A tlan tic N a t io n a l_
_
N at Butch A Grovers
American Exch N at.
N at Bank of C o m m ..
P acific.................
C h a t & Phenlx N a t ..
H anover N a tio n a l..
C itizens’ N ational_
_
M etropolitan_
_
C o rn Exchange.........
Im p o rte rs* T ra d Nat
N ational P a rk _____
East R ive r National
Second N ational___
F irst N ational_____
Irving N atio n a l___
N Y County National
C o ntin en tal................
Chase N ational.........
Fifth Avenue_
_
Comm ercial E x ch _
_
Com m onwealth.
Lincoln N ational___
Garfield N a tio n a l..
Fifth N ational_____
Seaboard N a tio n a l..
Liberty N utlonal___
C oal & Iron National
Union Exchange Nat
Brooklyn T ru st C o ..
Bankers T ru st C o .. .
U 8 Mtge * T ru st Co
G uaranty T ru st Co
Fidelity T rust C o . . .
Colum bia T ru st C o ..
Peoples T rust C o ___
New York T ru st C o .
Fran klin T ru st C o _
_
Lincoln T ru st C o ____
M etropolitan T ru st...
Nassau N at, B 'k ly n .
Irv in g T ru st C o .........
Farm ers Loan & T r . .
Averaeo for w eek..
To tals,
Totals,
Totals,
Totals,

actual
actual
actual
actual

condltl
condltl
condltl
condltl

S tate B a n k s.
G reenw ich__________
P e o p le's......................
Bow ery_____________
N Y Produce E x c h ..
State ............................
Totals, avge for wk
Totals,
Totals,
T otals,
Totals,

actuul
actual
actual
actual

condltl
condltl
condltl
condltl

T ru s t C om panies.
T itle G uar & T r u s t ..
Lawyers T itle & T r . .
Totals, avge for wk
Totals,
Totals,
Totals,
Totals,

actual
actual
actual
actual

condltl
condltl
condltl
condltl

Grand aggregate,avge
Comparison prev wk
Grand ag’gatc. actual
Comparison prev w k .
Grand
Grand
Grand
Grand

ag'gate,
ag'gate,
ag'gate,
ag’gate,

actual
actual
actual
actual

a U . 8 . d eposits d ed u cted . 5 3 8 7 .7 0 6 ,0 0 0 .

b U . 8 . dep osits d e d u c te d . * 3 0 3 .3 5 1 ,0 0 0 .

c In clu d es c apital set asid e for foreign b ran ch e s. S 6 .0 0 0 .0 0 0 .

S T A T E M E N T S O F R E S E R V E P O S IT IO N .
A verages.

Cash
Reserve
in Vault.
M e m b e r s F ederal
Itescrvo B a n k .
S ta te b a n k ________
T r u s t com p an ie s*
T o ta l
• T o ta l
1
R .T o t a l
T o ta l

Aug. 2 4 .
A U {. 17 .
A ug. 10.
Aug. 3 .

S
a
0 ,5 9 6 ,0 0 0
1 ,8 2 3 ,0 0 0
1 1 .4 1 9 .0 0 0
1 1 .3 6 7 .0 0 0
1 1 .3 8 8 .0 0 0
1 1 .2 9 0 .0 0 0

Reserve
in
Depositaries

Total
Reserve.

A c t u a l F ig u r e s .
a

Surplus
Reserve.

Reserve
Required.

. S
$
$
5 0 1 ,0 0 6 ,0 0 0 5 0 1 ,0 0 6 ,0 0 0 4 6 0 ,4 7 5 ,2 2 0
4 .1 7 6 .0 0 0
1 3 ,7 7 2 ,0 0 0
1 3 ,3 4 9 ,5 2 0
3 .8 8 1 .0 0 0
5 ,7 0 4 ,0 0 0
5 ,7 2 8 ,3 5 0
5 0 9 .0 6 3 .0 0 0
5 0 4 .8 7 0 .0 0 0
5 1 2 .6 0 3 .0 0 0
5 4 4 .8 6 9 .0 0 0

5 2 0 .4 8 2 .0 0 0
5 1 6 .2 3 7 .0 0 0
5 2 3 .9 9 1 .0 0 0
5 3 3 .5 7 9 .0 0 0

4 7 9 ,5 5 3 ,0 9 0
4 7 9 ,9 9 4 ,9 0 0
4 7 8 ,6 6 2 ,6 1 0
4 7 8 ,1 0 5 ,7 2 0

Inc. or Dec.
from
PrevlouslVeek

S
4 0 ,5 3 0 ,7 8 0
4 2 2 ,4 8 0
d c f2 4 ,3 5 0

8
— 1 ,7 8 5 ,8 6 0
+ 4 ,7 0 0
+ 9 4 ,3 5 0

4 0 ,9 2 8 ,9 1 0 — 4 ,6 8 6 ,8 1 0
3 6 ,2 4 2 ,1 0 0 — 9 ,0 8 6 ,2 9 0
4 5 ,3 2 8 ,3 9 0 — 2 1 ,4 3 4 ,8 9 0
6 8 ,7 6 3 ,2 8 0
+ 7 ,9 9 0 ,9 3 0

Cash
Reserve
in Vault.

Reserve
in
Depositaries

Total
Reserve.

S
S
S
S
b
5 2 2 ,2 2 5 ,0 0 0 5 2 2 ,2 2 5 ,0 0 0 4 6 2 ,8 5 6 ,7 2 0
9 .4 9 5 .0 0 0
4 .0 2 9 .0 0 0
1 3 .5 2 4 ,0 0 0
1 3 ,4 8 3 ,8 0 0
1 .7 0 4 .0 0 0
3 .9 7 8 .0 0 0
5 ,7 4 2 ,0 0 0
5 ,7 9 5 ,2 5 0
1 1 .2 5 9 .0 0 0
1 1 .5 4 0 .0 0 0
1 1 .1 1 6 .0 0 0
1 1 ,1 7 4 ,0 0 0

5 3 0 .2 3 2 .0 0 0
4 9 7 .3 4 4 .0 0 0
5 0 7 .5 7 7 .0 0 0
5 3 4 .5 7 7 .0 0 0

5 4 1 .4 9 1 .0 0 0
5 0 8 .8 8 4 .0 0 0
5 1 8 .6 9 3 .0 0 0
5 2 3 .4 0 3 .0 0 0

' N o t m e m b ers o f Federal llc sc r v o B a n k .

aUo

' n t S S S S n f f i T i n'."oTimoSo^S'MW?A m

im svrsiro sisb t n u n ?




S “o5l)S“

:

b

Reserve
Required.

«—

n*“ - «• *•

4 8 2 .1 3 5 ,7 7 0
4 7 8 ,8 0 9 ,9 2 0
4 7 7 ,8 5 3 ,6 2 0
4 7 9 .3 4 4 ,8 1 0

Surplus
Reserve.

Inc. or Dec.
from
PrcviousiVeek

S
S
5 9 ,3 6 8 ,2 8 0 + 2 9 ,9 3 8 ,5 5 0
4 0 ,2 0 0
— 3 8 9 ,7 0 0
d e f5 3 ,2 5 0
— 2 6 7 ,7 0 0
5 9 ,3 5 5 ,2 3 0
3 0 ,0 7 4 ,0 8 0
4 0 ,8 3 9 ,3 8 0
5 5 ,2 3 2 ,1 9 0

+
—
—
—

2 9 ,2 8 1 ,1 5 0
1 0 ,7 6 5 ,3 0 0
1 4 ,3 9 2 ,8 1 0
1 7 ,1 5 1 ,5 2 0

[Vol. 107.

T H E C H R O N IC L E

886

S T A T E B A N K S A N D T R U S T C O M P A N IE S IN N E W Y O R K C IT Y

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:

Trust C om p a n ies.

State Banks.
W eek ended A u g . 24.

24
1918.

D ifferen ces from
previous week.

Aug.

S U M M A R Y OF STATE B A N K S A N D T R U S T CO M P A N I E S IN G R E A T E R
N E W YORK, N O T I N C L U D E D IN C L EARING H O U S E STATEMENT.

D ifferen ces from
previous week.

24. ;
1918.

Aug.

s
D ifferen ces fro m
$
*
(Figures Furnished by Stale Banking D epartm ent.
$
99,050,000
A u g . 24.
precious week.
23,718,700
Capital as of June 20
163,387,000
41,842,100
Loans and Investments_____________________$734,990,400 Dec. 38,337,500 Surplus as of June 20
151,800 Loans and lnvestm'ts 478,857,200 Dec. 9,108,000 1,925,971,300 Dec. 24,333,000
Specie................................
10,633,200 Dec.
70,900
53,100
16,319,300 Dec.
11,835,500 Dee.
41,900 Specie. .......
.
14,055,600 Dec.
Currency and bank notes-----------------10,400
24,811,400 Dec.
414,700 .16,210,700 Dec.
Deposits with the F. R. Bank of New York-----55,313,700 Dec. 2,968,400 Currency & bk. notes
Total deposits______________
775,415,000 Dec. 19,672,500 Deposits with the F.
R. Bank of N. Y__
40,468,200 Inc. 1,583,100 193,285,900 Dec. 2,072,500
Deposits, eliminating amounts due from reserve de­
positaries and from other banks and trust com­
577,591,000 Dec. 15,903,500 1,950,367,100 Dec. 47,093,100
Deposits........
674,500 Reserve on deposlts.
98,566,000 Inc.
579,500 285,037,300 Dec. 8,876,800
panies in N. Y. City, exchanges and U. S. deposits 696,886,200 Inc.
18.5% Dec.
0.4%
21.7% 1
Same
122,682,000 Dec. 5,360,700 P. C. reserve to dep.
Reserve on deposits------Percentage of reserve, 19.8%.
RESERVE.
--- State Banks --— Trust Com panies -Boston Clearing House Banks.—We give below a sum­
Cash In vaults............... $14,126,100 10.95%
$65,876,400 13.53% mary showing the totals for all the items in the Boston
Deposits In banks and trust cos___ 14,728,700 11.41%
27,950,800 5.74%
Total

.$28,854,800 22.36%

$93,827,200 19.27%

The averages of the New York City Clearing House banks
and trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House are as follows:
C O M B I N E D RESULTS O F B A N K S A N D T R U S T C O M P A N I E S IN
G R E A T E R N E W YORK. ( o ciphers om itted.)
Tw
W eek
E n d ed —

L oam
and
In vestm en ts

D em a n d
D e p o s its .

S p e c ie .

$
3
A pril 2 7 _________ 5,276,947,7 4,454,190,8
M ay 4 _________ 5,286,093,4 4,482,747,3
May I I ....... 5,306,250,9 4,415,207,5
5,368,727,3 4.302.189.7
M a y 25................. 5.335.545.7 4,365,620,5
5.290.958.7 4.422.114.8
Juno 8 _________ 5,255,139,0 4,454,909,7
June 1 5 _________ 5,293,378,3 4,473,266,6
June 22_________ 5,242,919,0 4.433.580.1
June 29_________ 5,147,055,5 4.401.117.1
J u ly 6 ......... ........ 5,107,950,8 4,335,634,9
Ju ly 1 3 ................. 5,143,094,5 4,328,256,7
fi 089 407,1 4 308 018 7
J u ly 20
J u ly 2 7 .................. 5,058,802,7 4,239,295,8
Aug. 3 _________ 5,137,068,5 4,295,324,2
Aug. 10_________ 5,231,510,0 4,297,646,1
Aug. 1 7.................. 5,281,063,9 4,317,718 ,7
Aug. 24.................. 5,230,921,4 4,314,490,2

$

92,079,0
90,948,5
91,076,0
89.363.8
87,653,3
85.129.9
81,594,4
82.140.6
80.450.7
80,119,9
78,499,8
78,372,1
76 nos 0
75,037,7
74,037,6
73,349,2
72,650,0
72,410,2

T o ta l
C a sh in
V a u lt.

L ega l
T en d ers.

$

86,019,3
85.057.7
85.279.8
83,001,4
86,740,1
84,442,7
87,724.4
86.257,3
88,787,6
89,726,9
88,070,0
89,309,8
S7 13S K
87,530|0
88.453.1
87,040,8
90.058.1
86,569,3

5

R eserv e in
D e p o s i­
ta r ie s .

$

178,098,3
176,006,2
176,355,8
172.365.2
174,393,4
109,572,6
109.318.8
168.403.9
169.238.3
169,846,8
167.175.8
167.681.9

592,019,7
588.899.3
573.373.4
567,941,1
570.237.7
575,891,0
570.049,4
581.941.7
594.047.9
669.593.9
586,130,5
570,046,4

162.573.7
162.490.7
160.390.0
162.708.1
158,979,5

561,439,9
578.552.0
557,064,2
549.748.1
551,742,5

•Inoluded with “Legal Tenders" aro national bank notes and Fed. Reserve notes
held by State banks and trust c s , but not those held by Fed. Reserve members.
o.

In addition to the returns of “State banks and trust com­
panies in New York City not in the Clearing House," furnished
by the State Banking Department, the Department also
presents a statement covering all the institutions of this
class in the City of New York.
_
For definitions and rules under which the various items
are made up, see “ Chronicle,” V. 98, p. 1661.
The provisions of the law governing the reserve require­
ments 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 aro permitted in
the computation of the reserves were given in the “Chronicle”
April 4 1914 (V. 98, p. 1045).

Clearing House weekly statement for a series of weeks:
BOSTON CLEARING H OUSE M E M B E R S .
24
1918.

Aug.

Change from
previous week.

17
1918.

Aug.

10
1918.

Aug.

$
$
$
$
Circulation............
4,770,000 Inc.
27,000 4,743,000 4,735,000
Loans, d s ' s A investments. 483.701.000 Dec. 11,594,000 495.295.000 498.687.000
lct
Individual deposits, Incl.U.S. 427.485.000 Dec. 13,588,000 441.073.000 428.053.000
| > 0 tO
~U
112.958.000 Dec. 4,953,000 117.911.000 114.136.000
234,000 16.556.000 15.604.000
Time deposits.......... 10.790.000 Inc.
Exchanges f r Clear. House. 12.873.000 Dec. 3,985,000 16.858.000 15.902.000
o
Due from other banks____ 74.924.000 Dec. 7,337,000 82.261.000 74.313.000
Cash I bank A i F.R. Bank 57.503.000 Dec. 3,889,000 61.392.000 58.678.000
n
n
Reserve excess I bank and
n
Federal Reserve Bank_
_ 11.735.000 Dec. 3,174,000 14.909.000 13.013.000

Philadelphia Banks.— The Philadelphia Clearing House
statement for the week ending Aug. 24, with comparative
figures for the two weeks preceding, is as follows. Reserve
requirements for members of tho Federal Reserve system
are 10% on demand deposits and 3% on time deposits, all
to bo kept with the Federal Reserve Bank. “Cash in
vaults” is not a part of legal reserve. For trust companies
not members of the Federal Resorve system tho reserve
required is 15% on demand deposits and includes “Resorve
with legal depositaries” and “ Cash in vaults.”
W eek ending A u g .
Tw o cip hers

(00)

24 1918.
17
1918.

om itted.

10
1918.

Aug.
M em b ’ rs o f
F . R. Sgst.

Capital.............
Surplus and profits....
Loans, dlso’ s & lnvestm’s
t
t
Exchanges f r Clear.House
o
Due from banks.......
Bank deposits...... ..
Individual deposits....
Time deposits........
Total deposits.......
U.S. deposlts(not Included)
Res’ with Fed. Res. Bk.
ve
Res’ with l g l deposit’
ve
ea
s
Cash I vault*.......
n
Total reserve A.cash held .
Reserve required..... .
Excess r s & cash In vault
e.

Trust
C os.

$29,475,0
75,996,0
583,847,0
24,299,0
134,060,0
166,050,0
427,927,0
3,452,0
597,429,0
____
48,231,0

$3,500,0
8,055,0
29,995,0
296,0
21,0
444,0
19,765,0
____
20,209,0
____

16,767,0
64,998,0
43,664,0
21,334,0

2,180,6
1,004,0
3,184,0
2,983,0
201,0

Aug.

$32,975,0
84,040,0
616,000,0
24,037,0
134,308,0
162,541,0
447,460,0
3,478,0
013,479,0
44,293,0
53,591,0
2,358,0
17,558,0
73,507,0
46,289,0
27,218,0

$32,975.0
84,051,0
615,073,0
21,126,0
122,820,0
157,538,0
435,535,0
3,630,0
596.709,0
36,862,n
46.481,“
2,456,®'
17,451,0
66,388,0
46,045,0
20,343,0

T otal.

$32,975,0
84,051,0
613,842,0
24,595,0
134,081,0
166,494,0
447,692,0
3,452,0
617,638,0
39,464,0
48,231,0
2,180,0
17,771,0
68,182,0
46,647,0
21,535,0

•Cash I vault I not counted as reserve f r F. R. bank members.
n
s
o

Non-Member Bank3 and Trust Companies.—Following is the report made to the Clearing House by clearing non­
member institutions which are not included in the “ Clearing House return” on the preceding page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE.
1
C L E A R IN G
N O N -M E M B E R S .

Week

E n d in g A u g . 24 1918.

Capital.

ivei

\ Profit*.

Loam ,
D iscou n ts,
Investm ents,
dko.
A verage.

[ N a t . b a n k s Ju n e 2 9
S ta te b a n k s Jun e 2 0
[T r u s t c o s . Jun e 2 0

Oold.

Legal
Tenders.

Silver.

A verage.

A verage.

Average.

M em b ers o f
F ederal R eserve B an k
RftttArv Xtu A "Mot . P u n k ------U U t l U / P ork D a t 13cl11IV
N e w M oth erlan d B a n k . . ._____
W . R . G r a c e A C o . ’s b a n k ___
First N a t . B a n k , B r o o k l y n ..
N a t . C it y B a n k , B r o o k l y n ..
F irs' N a t . B a n k , Jersey C ity
H u d s o n C o . N a t . . Jersey C ity

400 000
2 o o ! ooo
5 0 0 .0 0 0
3 0 0 .0 0 0
3 0 0 .0 0 0
4 0 0 .0 0 0
2 5 0 .0 0 0

/ m i nnn
2 0 4 ,6 0 0
6 6 4 ,5 0 0
6 6 5 ,0 0 0
6 0 3 ,9 0 0
1 ,3 0 8 ,2 0 0
7 8 5 ,1 0 0

o ilOltUUU
a 4 g 4 nnn
3 .6 0 3 .0 0 0
8 .7 9 5 .0 0 0
7 .5 3 3 .0 0 0
6 .3 9 1 .0 0 0
8 .4 9 7 .0 0 0
4 .5 5 4 .0 0 0

9** (UUU
A*) nnn
2 3 .0 0 0
3 .0 0 0
1 3 .0 0 0
2 .0 0 0
8 3 .0 0 0
6 0 .0 0 0

4 .0 0 0
2 .0 0 0
1 0 ,0 9 0
1 9 .0 0 0
5 2 5 ,0 0 0
4 ,0 0 0

T o t a l ................................................

2 ,3 5 0 ,0 0 0

4 ,7 9 2 ,3 0 0

4 8 ,8 5 7 ,0 0 0

2 0 7 ,0 0 0

B a n k o f W a s h in g to n H e ig h t s .
C o lo n ia l B a n k .............................
C o lu m b ia B ank
In te rn a tio n a l B a n k ____________
M u tu a l B a n k ..................................
Y o r k v llle B a n k .............................
M e c h a n ic s ’ B a n k , B r o o k ly n .
N o rth S id e B a n k , B r o o k l y n ..

1 0 0 ,0 0 0
5 0 0 .0 0 0
1 ,0 0 0 ,0 0 0
5 0 0 .0 0 0
2 0 0 .0 0 0
1 0 0 ,0 0 0
1 ,6 0 0 ,0 0 0
2 0 0 ,0 0 0

4 7 8 ,0 0 0
1 ,0 4 0 ,3 0 0
6 2 7 ,1 0 0
1 6 8 ,8 0 0
5 5 4 .6 0 0
5 7 3 .9 0 0
8 3 3 .9 0 0
2 0 4 .6 0 0

2 .4 3 4 .0 0 0
9 .7 0 0 .0 0 0
1 4 .0 4 0 .0 0 0
5 .4 4 3 .0 0 0
8 .0 1 1 .0 0 0
7 .4 9 4 .0 0 0
2 3 .7 4 4 .0 0 0
4 .9 8 2 .0 0 0

T o t a l ...................... .........................

4 ,2 0 0 ,0 0 0

4 ,4 8 1 .2 0 0

M e c h a n ic s ’ T r . C o . . B a y o n n e

5 0 0 .0 0 0
2 0 0 .0 0 0

T o t a l ______ ____________________

7 0 0 ,0 0 0

i

s

$

$

%
19 nnn
X .V uu
4 J

$

N ational
Bank
dt Federal
Reserve
N otes.

Rsserve
with
Legal
D ep o si­
taries.

Additional
D ep osits
with Legal
D ep o si­
taries.

N et
D em and
D ep osits.

N et
Tim e
D ep osits.

N a tio n *
Bank
Circula­
tion .

A v trage.

A tsra g e.

A verage.

Average.

A verage.

A stra g e.

$

oq nnn
<5o, UUU
1 0 5 ,0 0 0

i n i nnn
11) t,UUU
8 5 ,0 0 0

1 0 4 ,0 0 0
5 9 .0 0 0
4 3 .0 0 0
7 7 .0 0 0

5 7 6 ,0 0 0

7 1 .0 0 0
3 5 6 .0 0 0
6 6 1 .0 0 0
1 5 7 .0 0 0
1 ,0 0 0
2 6 9 .0 0 0
1 3 0 .0 0 0
2 3 .0 0 0

5 ,0 0 0
3 0 8 ,0 0 0

7 5 ,8 4 8 ,0 0 0

1 ,0 1 2 ,4 0 0
3 6 8 ,6 0 0
1 ,3 8 1 ,0 0 0

%

$

%

5 3 9 .0 0 0
6 8 6 .0 0 0
3 ,3 3 7 ,0 0 0
5 9 0 ,0 0 0

S
7 .2 9 1 .0 0 0
3 .8 9 5 .0 0 0
6 .8 8 6 .0 0 0
5 .7 0 7 .0 0 0
5 .3 9 4 .0 0 0
4 .6 2 2 .0 0 0
3 .5 7 6 .0 0 0

4 6 8 ,0 0 0

5 ,5 2 7 ,0 0 0

3 7 ,3 7 1 ,0 0 0

2 ,3 5 1 ,0 0 0

1 ,2 0 3 ,0 0 0

......

................. ...

i rvn nnn
I7U,UUU
1 9 0 ,0 0 0

S
1 9 5 ,0 0 0 '

8 1 ,0 0 0
1 1 8 ,0 0 0
2 3 7 .0 0 0
1 5 8 .0 0 0

j* nnn
U45,0UU
6 1 0 ,0 0 0
1 ,2 7 0 ,0 0 0
5 4 3 .0 0 0
7 2 5 .0 0 0
8 8 3 .0 0 0
2 7 4 .0 0 0

4 1 6 ,0 0 0

7 8 3 ,0 0 0

5 ,2 5 0 ,0 0 0

1 1 ,0 0 0
4 6 .0 0 0
1 1 0 ,0 0 0
2 7 8 ,0 0 0
1 4 .0 0 0

3 7 .0 0 0
4 3 7 .0 0 0
3 2 0 .0 0 0
5 1 .0 0 0
1 5 2 .0 0 0
5 2 6 .0 0 0
6 2 7 .0 0 0
1 2 9 .0 0 0

1 3 1 .0 0 0
2 4 1 .0 0 0
4 7 0 .0 0 0
3 7 1 .0 0 0
2 2 8 .0 0 0
1 0 5 .0 0 0
1 ,1 5 4 ,0 0 0
2 5 6 .0 0 0

1 3 0 .0 0 0
6 2 3 .0 0 0
7 3 0 .0 0 0
2 4 4 .0 0 0
8 6 8 .0 0 0
4 8 3 .0 0 0
1 ,4 2 1 ,0 0 0
2 2 7 .0 0 0

8 0 ,0 0 0
1 6 3 .0 0 0
4 7 4 .0 0 0
3 7 1 .0 0 0

2 .1 7 0 .0 0 0
1 0 .3 9 7 .0 0 0
1 2 .1 7 0 .0 0 0
5 .0 3 3 .0 0 0
7 .0 9 3 .0 0 0
8 .0 4 7 .0 0 0
2 3 .6 9 8 .0 0 0
4 .1 4 9 .0 0 0

1 ,6 6 8 ,0 0 0

7 7 2 ,0 0 0

2 ,2 7 9 ,0 0 0

2 ,9 5 6 ,0 0 0

4 ,7 2 6 ,0 0 0

1 ,6 0 3 ,0 0 0

7 2 ,7 4 8 ,0 0 0

1 ,0 6 5 ,0 0 0

8 .4 0 6 .0 0 0
7 .6 9 0 .0 0 0

3 6 8 ,0 0 0
1 8 ,0 0 0

1 5 .0 0 0
2 7 .0 0 0

1 1 ,0 0 0
8 8 ,0 0 0

9 8 ,0 0 0
1 2 7 ,0 0 0

2 9 1 .0 0 0
4 4 5 .0 0 0

3 1 0 .0 0 0
1 0 3 .0 0 0

5 .7 7 9 .0 0 0
4 .4 4 7 .0 0 0

1 .0 9 5 .0 0 0
3 .2 3 9 .0 0 0

1 0 ,0 9 6 ,0 0 0

3 8 6 ,0 0 0

4 2 ,0 0 0

9 9 ,0 0 0

2 2 5 ,0 0 0

7 3 6 ,0 0 0

4 1 3 ,0 0 0

1 0 ,2 2 6 ,0 0 0

4 ,3 3 4 ,0 0 0

7 .2 5 0 .0 0 0 1 0 ,6 5 4 ,5 0 0 1 4 0 ,8 0 1 ,0 0 0
— 1 ,6 7 5 ,0 0 0
$ 3 7 * 3 3 0 * decrease
7 .5 9 5 .0 0 0 1 1 ,5 6 9 ,7 0 0 1 4 2 .4 7 6 .0 0 0
7 .5 9 5 .0 0 0 1 1 .4 0 8 .3 0 0 1 5 4 .9 9 1 .0 0 0
7 .5 9 5 .0 0 0 1 1 .4 0 0 .3 0 0 1 5 3 .8 9 7 .0 0 0
7 .5 9 5 .0 0 0 1 1 .3 4 6 .6 0 0 1 5 1 .4 2 8 .0 0 0

2 ,2 6 1 ,0 0 0
— 3 4 ,0 0 0

1 ,3 9 0 ,0 0 0
+ 3 5 2 ,0 0 0

2 ,7 9 4 ,0 0 0
+ 1 2 8 ,0 0 0

3 ,9 6 4 ,0 0 0 1 0 ,7 1 2 ,0 0 0
— 1 9 6 ,0 0 0
+ 7 3 ,0 0 0

7 ,5 4 3 ,0 0 0 a l 2 0 ,3 4 5 ,0 0 0
— 7 6 2 ,0 0 0
— 6 1 6 ,0 0 0

7 ,7 5 0 ,0 0 0
+ 3 5 ,0 0 0

1 ,2 0 3 ,0 0 0

2 .2 9 5 .0 0 0
2 .3 2 9 .0 0 0
2 .7 6 0 .0 0 0
2 .7 6 8 .0 0 0

1 .0 3 8 .0 0 0
1 .5 1 1 .0 0 0
8 4 4 ,0 0 0
1 .0 7 2 .0 0 0

2,666,000

4 .1 6 0 .0 0 0
3 .9 9 7 .0 0 0
3 .9 4 4 .0 0 0
4 .1 0 7 .0 0 0

8 .1 5 9 .0 0 0 a l 2 1 ,1 0 7 ,0 0 0 7 ,7 1 5 ,0 0 0
8 .0 4 7 .0 0 0 a 1 2 6 ,1 4 9 ,0 0 0 1 3 .7 8 3 .0 0 0
8 .8 4 7 .0 0 0 8 1 2 6 ,6 2 0 ,0 0 0 1 3 .9 8 3 .0 0 0
8 .9 5 5 .0 0 0
1 2 6 ,6 8 2 .0 0 0 1 4 .2 2 8 .0 0 0

1 .2 0 4 .0 0 0
1 .5 0 5 .0 0 0
1 .5 2 3 .0 0 0
1 .5 2 3 .0 0 0

8 3 .0 0 0
7 4 .0 0 0
7 2 0 .0 0 0
5 4 8 .0 0 0
4 5 8 .0 0 0

2 9 3 .0 0 0
1 1 9 ,0 0 0 '
3 9 7 .0 0 0
1 9 9 .0 0 0

S ta te B ank s.

N ot M em b ers o f the
Federal Reserve Bank.
2 9 9 .0 0 0
2 1 0 .0 0 0

3 6 5 .0 0 0
1 6 7 .0 0 0
7 1 .0 0 0
6 2 .0 0 0
4 0 0 .0 0 0

T r u s t C o m p a n ie s .

N ot M em b ers o f the
Fe rat Reserve Bank.
H am
od T r u s t C o ..B r o o k ly n

G ran d a g g r e g a t e ........................
C o m p a riso n p reviou s w e e k ..
E x c e s s m so rv o
Grand aggregate Ang. 1 7 _____
G ra n d ag g re g a te Aug. 1 0 _____
G ra n d a g g re g a te Aug. 3_____
G ra n d a g g re g a te July 2 7 . . „

n U. S. deposits deducted, $7,338,000.




3 .0 6 4 .0 0 0
2 .9 1 5 .0 0 0
2 .9 1 8 .0 0 0

1 0 .6 3 9 .0 0 0
1 1 .1 1 5 .0 0 0
1 1 .2 8 2 .0 0 0
1 1 .2 3 5 ,0 0 0

...................

— 1,000

A ug . 31 1918.]
IpartiLers"

T H E C H R O N IC L E
%xt^zxiz.

Wall Street, Friday Night, A%g. 30 1918.
The Money Market and Financial Situation.—Tho
money market lias been the dominant influence in all Wall
Street operations this week, and promises to continue so for
some timo to come. Tho situation is unique. According
to all precedent, tho security markets should bo activo and
buoyant as a rosult of the Allied army’s successes in France.
But the local financial situation is such that pi'actically all
the business transacted at tho Stock Exchange has been on
a cash basis, or at least without increasing bank loans.
Tliero now seems little likolihoocl that, no matter what favorablo developments may occur, there will bo any “boom” or
undue speculation in securities during the new Liberty Loan
campaign upon which wo are now about to enter.
Tho nows from abroad this week, with which overy one is
familiar, has so far ovorshadowod that from all other sources
that tho latter seems trivial. It is, howover, of more than
ordinary importance, especially that from Washington.
The Government roport of international trado for July shows
that exports oxceodod imports by about 82(37,000,000, which
brings tho total balanco in our favor for the 7 months of 1918
up to noarly 81,700,000,000.
Tho stool situation is attracting attention and an important
meeting of thoso especially interested in tho matter has boon
hold in this city this week. As is woll known, the Govern­
ment requiromonts aro steadily increasing and a careful
ostimato of all needs for tho remainder of tho year placos the
quantity at 23,000,000 tons, while tho probablo output is
only about 18,000,000 tons.
Weather and crop reports indicate that rains in tho South­
west caino too lato to rodeom tho injured crops in that region.
In other sections, however, conditions aro said to be moro
favorable and it is hinted that tho spring wheat yield will
bo a surprise wlion tho tlireshors havo finished their job.
Tho Bank of England roports an addition of 84,400,000
to its previous gold holdings, and tho supply hold by tho
Bank of Franco is tho largest ovor reported. Government
withdrawals from Now York City banks havo boon very
heavy again this week.
Foreign Market.—Sterling exchango has ruled firm but
without marked activity. Tho Continental exchanges havo
been firm also, and in most instances higher so far as tho
belligerent countrios aro concerned. The neutrals, liowevor, havo continued under somo pressure.
To-day’s (Friday’s) actual ratos for sterling exchango wero
4 73@4 73M for sixty days, 4 753^ for cheeks and 4 76 9-16
for cablos. Commercial on banks, sight 4 75@4 75)4, sixty
days 4 71% @ 4 71 %, ninety days 4 70@4 70 %, and docu­
ments for paymont (sixty days) 4 71@4 71)4- Cotton for
paymont 4 75 @4 75)4 and grain for payment 4 75 @4 75)4.
To-day’s (Friday’s) actual rates for Paris bankers’ francs
wero 5 5 2 % @5 56 for long and 5 46)4@5 51)4 for short.
Germany bankers’ marks wero not quoted. Amsterdam
bankors’ guilders woro 50 5-16 @50 9-16 for long and 50 7-16
@50 11-16 for short.
Exchango at Paris on London; 26.25 fr.; week’s range,
26.25 fr. high and 26.76 fr. low.
Exchango at Berlin on London not quotable.
Tho range for foroign exchange for tho week follows:
S te r lin g , A c t u a l —
S ix ty D a y s .
High for tho week__ 4 75
Low for tho week__ 4 73 M
P a r is H a n kers' F r a n c s —
High for tho week— 5 52 }$
Low for tho week__5 68
A m s te r d a m H a n k ers' G u ild e r s —
High for tho week—
50 9-16
Low for tho woolc—
50 5-16

C h ec k s .

C a b les.

4 7555
4 75}$

4 76 %
4 7655

5 46
5 61 }$

5 45
5 60 }$

50H

50 }$

Domestic Exchange.—Chicago, par; Boston, par; St.
Louis, 25@15c. per 81,000 discount; San Francisco, par;
Montroal, 820 00 per 81,000 promium; Cincinnati, par.
State and Railroad Bonds.—Sales of Stato bonds at
tho Board are limited to 821,000 Virginia 6s deferred trust
receipts at 56 to 57%.
Tho markot for railway and industrial bonds has been
dull and generally steady to strong. Of a list of 15 dis­
tinctively activo issues 10 have advanced and 2 aro un­
changed. U. S. Rubber 5s are exceptional in a riso of 1%
points. Am. Tel. & Tel., Balt. & Ohio, Burlington, Rock
Island, Mo. Pac., Now York Central, No. Pac. and U. S.
Steel aro also on tho list of strong issues. On tho other
hand Hudson & Manhattan, Southern Pacific 4s and North­
ern Pacific 3s have declined.
United States Bonds.—Sales of Government bonds at
tho Board include $1,000 4s coup, at 106)4, 8500 4s reg.
at 106, 818,000 2s reg. at 98 %, Liberty Loan 3%s at 101.50
to 102.48, L. L. 1st 4s at 94.10 to 94.50, L. L. 2d 4s at
93.60 to 94.16, L. L. 1st 4)4s at 94.12 to 94.50, L. L. 2d
4)4s at 93.60 to 94.18 and L. L. 3d 4%s at 94.74 to 95.14.

For to-day's 'prices of all the different issues and for the week's
range see third page following.




887

Railroad and Miscellaneous Stocks.— The stock market
has been a good deal moro active than for some time past
and generally steady. The volume of business diminished
day by day, but practically no change in tone or general
characteristics of the market has taken place. Less than
430,000 shares were traded in on Monday and about half
that number to-day.
Railway shares have been relatively strong in anticipation
of a completion of the Government contract. Canadian
Pacific led the upward movement of this group by an ad­
vance of over 7 points. St. Paul closes with a net gain of
2)4 points and Union Pacific is nearly 2 points higher. On
tho other hand, Northern Pacific and Great Northern are
fractionally lower, while New York Central and Reading
are unchanged.
General Motors has continued to be the erratic feature of
the industrial list. From 162)4 at the close last week, it
dropped to 132 on Thursday and closes only one point above
the lowest. Am. Sum. Tob. is down 3% points. U. S.
Steel has, as usual, been the notably activo feature. It
advanced 4)4. points early in tho week but lost about half
the gain, closing ex-div. to-night at 110)4.
For daily volume of business see page 895.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
W eek ending A u g .

30.

Sales
fo r
W eek .

Range fo r W eek .
Low est.

H igh est.

Range sin ce Ja n .
Low est.

1.

H ig h est.

P ar. Shares $ per share.
S per share. 5 per share S per share.
Adams Express____ 100
100 51 'A Aug 29 51}$ Aug 29 50}$ Aug 80
Jan
American Bank Note. 50 100; 35 Aug 30 35 Aug 30 31}$ Mar 35}$ May
American Malting 1st
100 42}$ Aug 28 42}$ Aug 2S 42}$ Aug 43}$ Aug
pref ctfs of dep_____
Am Sumatra Tob pf. 100 250; 89 Aug 20 89 Aug 26 81
Jan 103 June
Assoc Dry Goods_ 100 100 15 Aug 29 15 Aug 29 12 May 15
_
July
Associated Oil.......... 100 100 64 Aug 26 64 Aug 26 54
Apr 65
Aug
Barrett, pref............ 100 400 100 Aug 28 101 Aug 24 99}$ June 102 June
Batopilas Mining___ 20 2,100 1}$ Aug 26 1}$ Aug 28 1
Jan 1?$ Mar
8 78 Aug 24 78 Aug 24 78
Bklyn Union Gas_ 100
_
Aug 85
Feb
Brown Shoe pref___ 100
100 96 Aug 27 96 Aug 27! 95
Jan 98
Apr
Brunswick Term’l_ 100 300! 11}$ Aug 29 11?$ Aug 28 0,1$ Jan 16}$ June
_
Butterlck............
100 100 8 X Aug 30 8?$ Aug 30 7}$ May 11}$ Feb
40 49 Aug 30 49 Aug 30, 41 May 49
_
Canada Southern_ 100
Aug
400 43}$ Aug 29 44}$ Aug 27i 41
Cent Foundry prcf--100
Jan 53
Apr
Chic Pcnumat Tool. 100 200 69 Aug 29 69 Aug 29 68 June 70}$ June
100 35 Aug 26 35 Aug 26j 30
Computlng-Tab-Rcc 100
Jan 39
July
50, 98 }$ Aug 27 98}$ Aug 27; 99
Continental Can pref 100
July 105
Mar
100 29 Aug 2C 29 Aug 26 22
Elk Horn Coal______ 50
Jan 30}$ Aug
Federal Mg & Smelt. 100 500 13}$ Aug 2t 14}$ Aug 29, 9 V» Apr 14}$ Aug
Preferred.............100 5,900 z35}$ Aug 26 43}$ Aug 30; 27
Jan 43}$ Aug
Fisher Body Corp.no par 300 35 'A Aug 27 36 Aug 26 26
Jan 43 June
900 48}$ Aug 3( 50}$ Aug 26 34
General Cigar Ine__ i00
Jan 58 June
Homestake Mining.. 100 275< 74 Aug 28 75 Aug 28' 68 June 89
Jan
Int Harvest N J pref. 100 100 106 Aug 26 106 Aug 26 106
Aug 112
July
Int Harvester Corp.lOO 800 64}$ Aug 24 65 Aug 281 53
Mar 72
Feb
100 3 Aug 26 3 Aug 26 2 }$ Jan 4
Iowa Central-......... 100
Jan
100 34 Aug 27 34 Aug 27J 80}$ Apr 40
Jewel Tea Inc_____ 100
Feb
Kayser (Julius) & Co
100 105}$ Aug 27 105}$ Aug 27,103}$ Aug 105}$ Aug
1st pref_________ 100
100 164}$ Aug 29 164}$ Aug 29; 164}$ Aug 195}$ Feb
Liggett & Myers___ 100
Preferred_______ 100 1,224 102 Aug 26 102}$ Aug 28,100}$ June 107}$ Mar
100 87 Aug 20 87 Aug 26 82}$ Jan 87
Loose-WHesBls lstpf 100
Aug
Mar
Lorillard (P)______ 100 500 146 Aug 26 149 Aug 27; 144}$ Aug 200
Aug 19
Aug
Rights____ ________ LI,897 15 Aug 24 16}$ Aug 27, 12
100 96 Aug 26 96 Aug 20! 94
Mar 100 May
Manhattan (Kiev) Ry 100
100 100}$ Aug 29 100}$ Aug 29 98?$ Jan 103
May Dept Stores pf.100
Feb
500 92}$ Aug 27 93 Aug 2 i| 80}$ Jan 93
7
Minn St P & S S M..100
Aug
5 108 Aug 27 108 Aug 27:;119}$ May 119}$ May
Nasliv Chatt & St L.100
10C 91 Aug 30 91 Aug 30 90
Aug 100
Jan
National Biscuit___ 100
150 58 Aug 30 58 Aug 30 58
Aug 60
Aug
Natl Cloak & Suit.^100
Nat Rys Mox 2d pref 100 200 5 Aug 24 5 Aug 24 4}$ May 7}$ Jan
Apr 24?$ May
N O Tex A Mex v t c.100 2,100 19}$ Aug 27 23 Aug 30 17
200 66 Aug 27 67 Aug 20' 56}$ July 70
Nova Scotia S & C..100
Aug
200 43 Aug 20 43 Aug 26; 41}$ Mar 46 V June
$
Ohio Fuel Supply___ 25
Owens Bottle-Mach..25 4,000 66}$ Aug 24 70}$ Aug 27; 55?$ Jan 70}$ Aug
Pacific Mail rights____ 5,500 2 }$ Aug 27 2H Aug 29; 15$ Aug 2 }$ Aug
200 5 Aug 24 5}$ Aug 24 4 }$ Apr 6
Jan
Peoria & Eastern___ 100
420 50 Aug 24 52}$ Aug 28 25}$ June 53?$ May
Pitts C C & St L___ 100
30 130 Aug 30 130 Aug 30 127
Apr 130
Pitts Ft Wayne & Ch 100
Aug
900 73 Aug 27 74 Aug 291 53
Jan 80}$ May
Savage Arms Corp.-lOO
Standard Milling— 100 100 116 Aug 29 116 Aug 29 84
Jan 118
July
400 18}$ Aug 28 19}$ Aug 29 16
Apr 21?$ Jan
Third Avenue Ry__ 100
105 ISO Aug 30 180 Aug 3 ) 178
Jan 190
Mar
Tidewater Oil.........100
500 55$ Aug 24 6}$ Aug 28 4 June 7 }$ Aug
Tol St L& W tr rects...
210 16}$ Aug 26 16}$ Aug 26.! 14}$ Apr 16}$ May
U S Express........... 100

Outside Market.—Trading on tho “curb” this week
was of fair proportions though irregularity was tho chief
characteristic. There were ono or two strong features,
but quito a few weak spots. Of the former Burns Bros.
Ice was conspicuous for an advance from 34)4 to 39)4
with a final reaction to 38)4- The motor shares were un­
der prossuro, Chovrolot Motor, after an early advance of
two points to 137, dropped to 128)4 and ends the week
at 192. United Motors declined from 33)4 to 31)4 but
recovered subsequently to 32)4- Aetna Explosives com.
lost almost two points to 10)4, tho final figure to-day show­
ing a recovery to 11% . Submarine Boat movod up from
18)4 to 19)4 in tho early trading but later broke to 16)4,
tho close to-day being at 17)4- Oil shares very dull and
very little changed. Houston Oil com. was very quiet and
ranged between 79)4 and 81, the close to-day being at 79)4Midwest Oil com. sold down from 98c. to 96c. Oklahoma
Prod.& Refg. was off from 7 to 6%, with the final transac­
tion to-day at 6%. Pierce Oil, heretofore one of the active
features, after having been traded in between 16)4 and
16)4, was transferred to the Stock Exchange. Mining
stocks wero devoid of feature. Bonds continue activo
and generally firm. Federal Farm Loan 5s improved from
105 to 105)4 but dropped back to-day to 105. A feature
for a timo wero the now Lehigh Valley coll. 6s which ad­
vanced from 98 to 98% and eased off to 08%, alter which
trading in thorn was transferred to tho Stock Exchango.
Russian Government 6)<js rose from 60)4 to 62 but reacted
to 59. The 5%s lost three points to 57.
A completo record of “curb” market transactions for tho
week will bo found on page 896.

888

m a n

N e w

Y o r k

S t o c k

E x c h a n g e —

S t o c k

R e c o r d .

D

a ily ,

W

e e k ly

a n d

Y e a r ly

O C C UPYING T W O PAGES
For record of aalee during the week of etocke usually inactive, see preceding page.
a n d

Saturdag
A u g . 24

1

lo w

s a l e

M onday
A u g . 26

p r ic e s

Tuesday
A u g . 27

— per

s h a r e

W ednesday
A u g . 28

, not

per

Thursday
A u g 29

\

|

c e n t

.

Friday
A u g 30

STOCKS
NEW YORK STOCK
EXCHANGE

Sales/or
the
W eek
[ Shares

On




t Ex-rlghts.

5 Lessjthan 100 shared,

H igh est.

Low est.

Railroads
Par
S per share S per share $ per share S per share S per share 8 per share |
86%
86
8 6 * ’ 8 6 % 87 | 4,600 Atch Topeka & Santa Fo._ 100
2
87% 87
87
87*4 8 6
8 6 % 87%
Do pref................... ..100
750
81% 81%
82
*81% 82
82 j 81% 82
81% 81*2 *81
82
100 Atlantic Coast Lino RR..100
96% 96%
97
*96
*96% 99
*96*2 97
97
99 1 *96
*96
55% 56*8 55% 56 | 4,900 Baltimore & Ohio............ 100
55% 50% 55% 56% 55% 56% 55% 56
Do pref........................100
400
55*4 55*4 55*2 55*2
56 ( 55% 55% *55% 55% *55% 56
*55%
38-% 38% 38*2 38*2 38% 38% 3,400 Brooklyn Rapid Transit.. 100
39% 38% 39
*39% 40%' 39
166 169 1162% 164*2 36,300 Canadian Pacific.............100
168 .70
104% .72% 167% 170% 168% .72
3,000 Chesapeake & Ohio_____ 100
58
58*4 57*2 58
59
58
58% *58
58% 59 1 58% 59
400 Chicago Great Western.. 100
*7*2 8
*7*2 8
*7% 8
7% 8
7% 7% *7% 8
Do pref...............
100
25
500
25% *24
25
25
24% 24% *24% 25 ■ 24% 24% 25
49% 50*2 49% 5 1 % 52,600' Chicago Mllw & St Paul..100
51% 49% 50% 49% 50*2
49% 51 , 50
18
79% 80*3 79*4 79% 7 )^ 80*t 12,1001 Do pref_____________ 100
79% 80% 79% 80% 79% 80
6001Chicago A Northwestern.. 100
*93% 94% *93*8 94%
94
*93% 9412 94
93% 93% 93% 91
197| Do pref........................100
130 .30 *129 .37 §129 129 *129 137
10
*129 .35 *129
25% 25% 8,530 Chic Rock Isl & Pac temp ctfs.
26% 25% 26
25*2 26
26% 26% 2 5 h 26% 26
7% preferred temp ctfs___
79*2 4,200
79 1 78% 79% 78% 79
7 1 79
.3 .1
78*2 78% 78
78
6% preferred temp ctfs___
67*4 3,700
67% 67% 07*2 67% 67% 07*2 67
67%' 67% 6 8
67
35
500 Clev Cln Chiu & St Louis.. 100
*34
35
35
*34
35
34
34
*32
35 1 *32
35
Do pref..... ................100
100
80
*65
68
*65
67
67
*05
67
67 i *65
67
*65
Colorado & Southern....... 100
*2 1 % 23
*2 1 % 23
*21*2 23
23
2 2 % *22
*2 1 % 2 2 % * 2 2
Do 1st pref................ 100
100
50% 50% *431.1 50% *43% 50*2 *48*2 50% *48*2 53*2 *48% 50*2
Do 2d pref..............
100
*42
47
*1 2
47
*42
47
*42
47
47
*42
*42
47
500 Delaware & Hudson____ 100
109 ,09% *109*2 .11 *109 110*2 *109*2 110*2
110
*109 111
1 10
700 Delaware Lack & Western..50
183 183
183 183
183 ,83
.S
179% L 1
*175 L o 176 .70
8
*4
Denver & Itlo Grande___ 100
5
*4
5
*4
5
5
*4
5
5
*4
*4
Do pref____________ 100
100
*0*4 7
7
*6*4 7
*6
6%
*6 % 6 %
6*4 *6 % 7
15% 15% 1512 5.100 Erie................................... 100
15% 15% 15% 15-% 15% 15*? 15% 15% 15
Do 1st pref_________ 100
2,000
32
33*2 32
32% 32% 32% 33% 32% 32% 32% 32*2 ♦32
Do 2d pref.................100
900
23%
*23
24
23*8 23%
*23
24
*2 2 % 23% 23% 24
4.100 Great Northern pref_____ 100
92
92% 93
93% 93% 92*2 93% 92% 92*2 92
93
93%
fron Ore properties..N o par
32% 32% 32% 32% 32% 32*2 32% 10,800
32% 32
31% 31%' 32
300 Illinois Central_________ 100
97
96*2 96*2
*95% 97% *95% 97% 96% 96*2 96*2 96*2 *96
634 5,400 Intcrboro Cons Corp. . N o par
03,i
6%
6%
6%
0%
0%
7%
7% 7%
7% 7%
1,200 Do pref.......................100
34
34
*32
34
36% 35
*35
36% 34
3 4 2 *32*2 34
*
800 Kansas City Southern____ 100
19
18% 18*2 18% 18% 18% - - - - —
*18
18% 183t *18
Do pref_____________ 100
*42
44
*42
44
*42% 44
*52
51
41
*39
Lake Erie & Western____ 100
10
*8
10
*8
10
*8
10
*7
10
10
*8
*7
Do pref_____________ 100
100
22
22
*20
*20
22
22
*20
22
*20
20
*20
20
§59% 59% •60*i 60% 1,006 Lehigh Valley.......... ........... 50
59% 59% 59% 59% 59% 59% 59% 00
400 Louisville A Nashville___ 100
115 115% *115 118
116 116
115% 115% *115% 116 *115 116
Mlnneap A St L (new)__ 100
*10% 11% *10% 11*2
* 10i.| 11% *10% 11% *10% 11% *10% 11*2
*5
5
5*2 1,285 Missouri Kansas A Texas. 100
5
5
5% *5
5*4
5%
5% 5U
Do pref........................ 100
300
10
10
*9
10
to
9%
10
*9
*9
9% 9% *9
24% 23% 24% 23% 241# 8,000 Missouri Pacific tr ctfs__ 100
2 4% 24
24% 24
24% 24% 24
Do pref tr ctfs______100
1,000
57
57
58
57% *57
57% 57% 57% 57% 57% 5734 57
11,200 New York Central.......... 100
74% 73% 74-% 73% 74*2 73% 7-4% 73% 74% 73% 74
74
4
43% 43% 43% 44% 433 441 ,41 53,720 N Y N H A Hartford___ 100
43% 44% 43% 4-1% 43% 44
200 N Y Ontario A Western.. 100
*20*2 21*2 *20*2 21%
21% 21% 20% 20%
*20% 21
900 Norfolk A Western_____ 100
1073,1 107% *105% 107*t
108 103 *107 108
107% 108
108 108
90*8 90% 90*8 90*i 4,600 Northern Pacific_______ 100
90% 91
90% 91
90% 91
90% 91
50
44
44*8 3,800 Pennsylvania................
44
44
44
44% 43% 44% 44
43% 44% 44
100 Pere Marquette v t c ___ 100
14% 14%
Do prior pref v t c ____100
100
60
60
Do pref v t c________100
36% 38
36*4 3,400 Pittsburgh A West Va___ 100
36% 30-% 36
37% 37
37
37% 36% 37
Do pref_____________ 100
600
79*2
80
78% 78% *78
*78
*79
81
81
81
80
81
90% 893,4 90% 34,425 Reading..............................50
90% 91% 90% 91% 90% 91*2 90% 91% 90
Do 1st pref................50
200
38*2 *35*2 38%
*37 38*2 *35
37
*37
38% *37
40 X 3 7
Do 2d pref________
5
38%
39*2 *37
39% *37
39% *37
*37
39% *37
39*2 *37
113
4 1,200 St Louls-San Fran tr ctfs. 100
11*2 11% *11
11% 11% 11% 11% *11% 11%
300 St Louis Southwestern___ 100
22% *19
22%
22% *19
*19
20
20
20
20
21
*19
Do pref____ ________ 100
100
37*2 *31*2 37*2
33
49*2 *31
*31
34% 34% *31
49*2 *31
200 Seaboard Air Line______ 100
*7*2 7% *7*2 ;%
7% 7%
7% 7% *7% 7% . _ ___
Do pref........................100
200
21
*20
2
0*f> 20*2 20*2 *19*2 20*2 20% 2 0 %
*20% 20% *20
11,000 Southorn Pacific Co_____ 100
*80% 87
88
88% 88% 89% 88*4 88% 87% 88*4 87% 88
23% 24% 24% 24% 24% 24% 23% 24% 24% 24*2 24% 25*4 25,010 Southern Railway_______ 100
Do pref_____________100
65% 2,700
65
64% 64% 64% 64% 64% 64% 64% 64% 04*2 65
400 Texas A Pacific________ 100
15
15% 15% *14*2 15% 15
16
*14
15
15 *1412 16
44
100 Twin City Rapid Transit.. 100
*43
*43
44
45
*42% 44% *43
44% 43% 43*8 *43
126% 128
127% 128% 127% 128% 127*2 128*4 127 128% 127*2 128*4 41,900 Union Pacific___________ 100
Do pref_____ ________ 100
200
*70
71% 71
*70% 71% *70*2 71% 71*2 71*2 *70*2 71%
71
500 United Railways Invest..100
8
8
8*4 8*4
8
8
8%
*8
*8
8*2
Do
pref____________100
900
14% 14% *14*2 15% 13% 14*2 13% 13*2
*14% 16
9*2 9*2 . 9*2 9*2 2,400 Wabash ...........................100
9% 9%
9% 9%
9% 10
9% 10
Do pref A........ ........... 100
39% 39% 39*4 393.1 39*2 39% 39% 39*2 5,300
39% 40
39% 40
Do pref B___________ 100
200
*24
25
*24
25
25
24% 24% *24% 24% *24% 25 *24
500 Western Maryland (now). 100
15 *14% 15 *14*2 15
15
15% 15
15
15
15% *15
Do 2d pref..................100
30
*27
30
*27
30
*27
*27
30
30
*28
*28
30
200 Western Pacific............... 100
*18% 20
19*2 *18% 20
*19
20
19
19 *18
*19
20
Do preferred_________ 100
200
61% 02 *60*2 02
*60*4 61% *60*8 01%
*00% 61% *60% 62
Wheeling A Lake E Ry.,100
*8% 9
*8% 9% * -1
8 .1 9% *8% 9% *83.1 9% *8% 9
Do
preferred..............100
100
21
18% 1833 *18*4 19*2 *18% 20
*18
*18% 19% *1S% 21
700 Wisconsin Central_______100
*36
39
37
37
39
*37
39 *37
36% 38% *36
40
Industrial & Miscellaneous
700 Advance ltumely________100
*16% 17% *16% 17% *16% 17% 17% 17% 17% 17it *16% 17%
Do pref____ ________ 100
48
47
46% 48
*46*2 47% 1,075
46
*45^8 45% *45% 46% 46
Ajax Rubbcrlnc_________ 50
*
62
3%
3% 3%
3% 2,000 Alaska Gold Mines....... ..10
3% 3%
3% 3%
3% 3% *3% 3 %
3,550 Alaska Juneau Gold Mln’g.10
2
2
2
2
1%
2
1% 1%
1% 2
1% 2
33
33
33%
33% 33% 33% 34
33*2 32% 33% 32% 32% 6,600 Allls-Chalmers Mfg v t C..100
Do preferred v t c ____100
600
84i.i *83*2 8 -U *83*2 84% *83% 84%
4
83% 84
84% 84% *83
2,200 Amer Agricultural Chcm.-lOO
*99 101
*99 100% 98% 99
99% 99% 99% 100% 100 101
Do pref____ ________ 100
94
*90
*90 94
94
*90
94
94
*90
94
*90
*90
70
70
69*2 69*2 3,300 American BeetSugar--------100
70
69% 69% 70
71% 69*4 71% 70
Do pref_____________100
to o
___
__
*82
*82
90
90
*82
90
*84
85
85
85
19,300 AmerlcanCan____________100
46% 47% 47% 48% 473i 48*4 47% 47*2 46% -17% 46*2 47
Do pref........................100
910
*93 .94
93% 93% 93% 93% 93*2 93*2 93*2 93*2 93% 93%
85
86*8
85*2 9,600 American Car A Foundry. 100
85% 86% 85
84% 86
80% 85*4 86
85
Do pref_____________ 100
42% 43% 42% 43% 42% 43% 14,100 American Cotton Ol.........100
42% 42% 41% 42% 41% 43
Do pref_____________ 100
90
*77
90
*77
90
*78
*75
90
*78 . 90
*78
90
21% 217g 21% 22
20% 21% 20% 20% 19% 20% 19% 19% 16,100 American Hide A Leather. 100
Do prof_____________ 100
94% 93% 94
91% 933i 92% 93*2 90% 93*8 r87% 87*2 10,600
94
700 American Ico____ _______ 100
.33 *32*2 33
33
33% 33% 33% 33% *33*2 34% *33% 34
Do
preferred_______ 100
400
51% *49
50*2
50% 50
*50
51
50*2 *50
*50
51% 50
55
55
54% 54*4 3,350 Amer International Corp. 100
55U 54% 55
54*4 54% 53% 53% 54
42% 41% 41% 6,400 American Linseed________100
42% 42*8 42*2 42
41% 42% 41% 42% 42
Do pref_____________ 100
79
78*4 *77% 78*2 1,100
78% 7834 78*2 78% 78% 78% 78
*78
60% 7,100 American Locmotlvo___ 100
67% 67% 67*2 66-% 67% 66
66% 67% 67
67*4 07
Do pref_____________ 100
110
98
99
*97
*97% 99
§98*2 98*2 *97*2 98% 98
*97% 99
200 American Malting_______ 100
5*2
5% *5
5*4 *5
*5
5%
*5
5*2 *5
5
5
Do 1st p ref.._______ 100
*42
44
*42
44
*42
44
*42
44
*42
44
*42
44
300 American Shipbuilding__ 100
130 130 130*4 130*4 130*2 130*2 *126 140
*130 139 *130 139
77% 77% 77% 78% 77% 78% 7734 78% 77% 78% 77% 7734 10,750 Amer Smelting A Refining.100
100
Do pref................
100
*105 106 *101 106 105 105 *104 100 *104 106 *104*2 105*2
78% 19,300 Amer Steel Foundries-----100
75% 75% 70% 77
78% 7S34 79% 77% 79% 77
75
109% 110% 110 110*4 110% 110*2 8,200 American Sugar Refining.. 100
110 110% 111) 111% 111 111
Do pref...................... 100
300
III) 110 *109% 112*2 *109% 112%
*109 109% 109% 109% *109*2 111)
15,800 Am Sumatra Tobacco___ 100
123*4 124*2 123 125
127% 128% 127% 128% 127 128% 123% 127
97
97% 98*2 7,300 Amer Telephone A Telcg.100
97% 97% 99
98*2 97
97%
98*4 98% 97
800 American Tobacco_____ 100
162% 162*2
160 160*2 *158 162 *160 162
159% 159% 160 160
Do pref (now)_______ 100
100
94% 94%
96
*92 ‘ 95
*90 96
*90
*92
95
*90
96
58% 58% 58% 58% 58% 59
58*4 58% 58*8 58*4 58*s 58*4 2,010 Am Woolen of Mass_____ 100
Do pref........... .......... 100
200
95%
*95
96
95% 95% *95
*95
96
95% 95%
10,200 Am Writing Paper pref__ 100
38
37% 37
34
36% 36
37% 37% 38% 38% 39% 37
800 Am 7-lnc Lead A 8______ 25
13
7 .4
*17% •18
17% 17% 17*4 17% 17% 18
17% 17*2 *17
Do pref.................... -.25
200
*49*2 52
*4J% 50
50% 50*8 *49*2 52
*49% 50
*49% 50
67% 68% 57.200 Anaconda Copper Mlulng.50
65% 66% 66% 67% 67% 67% 07% 68*2 67% 69
3,900 Atl Gulf A W I SS Lino. ..100
102% 103% *103 104
103% 103% 103% 105% 104*2 106 *105 106
Do pref____________ 100
175
♦63% 65
63*2 63*2 ___ ___
*63% 65
*63*2 65
*63% 65
94% 95% 94
95% 93% 94% 94% 95*4 93% 94% 92% 9334 45.200 Baldwin Locomotlvo Wks.100
Do pref____________ 100
200 Barrett Co (The)............. 100
94
93
*91
92% 92% 93
94%
*93
*93% 94
2,750 Bethlehem Steel Corp___ 100
___
85
84% 85*2
84% 85
85*2 ___ ___
84% 85
Do class B common.. 100
84
851
.1 84% 85% 84% 85% 85% 85% 84*2 85% 83% 85 39,200
Do cum conv 8% pref___
104% 1043. 10 4% 104% 104*2 104*2 104 104% *104 105*2 1,550
*25% 26% 25% 25% 25% 26*4 25% 26*2 26% 27% 26% 27*2 5,300 Booth Fisheries______ No par
•B id and askedprteos: no sales on this day.

P ER S H A R E ”
Range since Jan . 1.
basts o f 100-s/mre lots.

a

E x -d lv . and rlghta.

3 per share.
81 Mar23 88 Mayl5
80 Jan30 85 June20
89% Apr22 97 Aug 19
49 Jan24 57 May20
53 Apr25 57% Jan 5
36 June26 48% Jan 2
135 Mar
'25 172% Aug24
49% Jan 15 60% Marl4
8% Jan 2
6 Apr 9
18'2 Apr 9 25% Aug29
37% Apr22 51% Aug30
66% April 80% Aug24
89% Mar25 95 Jan 3
125 July 15 137 Jan29
18 Apr22 26% Aug24
79% Aug30
5 6 % JanlS
46 Jan 15 68 Aug26
26 Feb21 38 Mayl4
58% May 7 67 Aug28
18 Apr22 23% May29
47 Apr 3 50% Jan 4
40 Apr 4 45 Marl!
100% April 115% Feb 1
160 Apr 17 183 Aug28
2% Jan 4
6 Jan 3
5 Apr23 13% Jan 2
14 Apr17 17% May 1
23% Jan 16 35 May 14
18% Jan25 24% Mayl4
86 Jan15 93% Aug27
25% Jan15 34% May 16
92 Jan 7 98% Aug 13
9% Jan 3
6% Mar25
34 Aug27 47% Jan 3
15% Aprl7 20 MaylO
45 Jan 5 55% Aug 14
7% Aug22 10% Feb 19
18 Apr23 22 Aug 12
55 Janl5 62% Marl 1
110 Jan 2 118 Mar 14
7% Aprl7 11% July 13
6% Jan 2
4% Jan 5
612 Jan29 10 Aug39
20 Jan15 24% Jan 2
41 Janl5 58% JulylS
67% JanlS 75% May 14
27 April 45% May29
18% Jan22 23 July 9
102 Jan24 108% Mayl4
81% Jan24 91 Aug24
43% June27 47% Jan 2
9% May 1 16% June27
52% Apr 3 60 Aug24
40 Aug 1
3
30 Apr
22% Jan 2 38% June21
61 Jan 10 81 Augl3
70% Janl5 95 June27
35 Jan 12 39 Mayl5
35 Mar30 40 July 6
9% Apr 3 14 Jan 2
19% Ma-12 23% Mayl5
33% Aug 13 40% Jan 3
8% Jan 4
7 Aprl7
15% Apr 19 21% Juncl7
80% Jan24 89% Aug20
20% Apr30 26 Mayl5
57 Jau21 65% Aug30
14 May 4 19% Fcb20
39% Junel3 65% Jan3l
109% Janl5 128% Aug26
69 Jan 3 74% Marl 1
4% Jan15 12 June27
10% Apr 9 20 May 7
7 Apr26 11% July 8
37 Aug 2 44% Jan 2
20% Janl5 26% June26
13 JanlS 17% Feb 15
20 Jan20 32 June22
13 Jan 2 24% Juue20
46 Jan 3 64 June27
8 Apr22! 10% Jan 2
17% Aprt7 22% Feb 18
34 May 2j 39% Jan 3

$

per share.

11 Jan 19
25% Jan 9
49 Jan 2
1% Apr27
1% Apr 1
17% Janl5
72% Jan 4
78 Jan 2
89% Janl7i
04 JunelO
83 Junc22
34% JanlS
89% Jan23
08% Janl4
106 Jan 3
25 Jnnl6
78 May P
11% JanlO
50 Jan 2
11% Jen 2
38% JanlO
52 Apr25
27 Jan 7
69% Jan 7
53% Jan 15
x95 Jan 4
5 JulylO
42% Apr25
90 Feb21
73 May28
104 Jan 5
58 Janl5
.
98 Jaul6
108% Mar23
60% Jan 5
90% Aug 5
140% Jan 5
93 May27
44% JanlS
92 Jan 4
20% April
12% JanlS
41 Jan 2
*59% JanlS
97% Jan 5
58 Jan 5
56% JanlS
93 Jan 2
85 Jan 4
74% Janl5
72% JanlS
96% JanlS
21 Jan21

* Ex-dlvldend.

18 Julyl8
4.8 Aug28
05% JulylS
4% July 5
3% Juno21
37 May24
86% May24
99 Aug23
101 Aug27
84 Feb27
91% May 8
50% Mayl7
97 Apr30
87 June26
110% May 1
43% Aug29
84 May22
22 Aug20
94% Aug 24
35% Aug 13
53 Mayl3
58% Feb 1
43 AuglO
81% Juncl3
71% MaylO
100 Feb 18
13% Feb 6
58% Feb 0
144 May 14
86% Feb 19
100% Mar 2
79% Aug28
116 Mayl5
113% May 8
145 May24
109% Feb 1
170 Mayl3
99 Feb23
60% May21
95% Marl2
39% Aug28
21% July 3
53% July 1
71% MaylO
120% Feb 18
65 July
101% Mayl8
100% Aug 8
95 Junc29
96 MaylO
94 MaylO
106% Apr29
27% AuglO

P ER S H A R E
Range fo r Previous
Year 1917
Low est.

H igh est.

$ per share
75 Dec
75 Dec
x79% Dec
38% Dec
48% Deo
36 Dec
126 Dec
42 Nov
6 Deo
1712 Deo
35 Nov
62% Dec
85 Dec
137% Dec,
16 Dec
44 Dec
35% Dec
24 Nov
01% Oct.
18 Nov!
44% Nov
41 Sept!
87 Nov,
167% Dec;
5 Dee
9% Dec
13% Dec
18% Dec
15% Dec
79% Dec
22% Nov
85% Dec
5% Dec
39% Dec
13% Nov
40 Nov
8% Nov
23 Oct
50% Dec
103 Dec
07g Dec
3% Dec
7 Nov
19% Nov
37% Dec
62% Dec
21% Sept
17 Nov
92% Dec
75 Doc
40% Dec
12 Dec
45 Nov
37 Oct
18% Dec,
53% Apr
60% Nov
34 Nov
33% Dec
12 Dec
22 Dec
34 Dec
7% Dec
16% Dec
75% Dec
21% Dec
61% May
11% Nov
62 Dec
101% Dec
69% Dec
4% Dec
1U.I Dec
7 Nov
30% Dec
18 Dec
12 Dec
20 Dec
10% Dec
35% Dec
7% Dec
16% Nov
33 Dec

$ per share
107‘2 Jan
100% Feb
119 Jan
85 Jan
767g Jan
82 Jan
167% Mar
65% Jan
14% Jan
41% Jan
92 Jan
125% Jan
124% Jan
172% Feb
38% June
84% Apr
71 Apr
51 Jan
80 Jan
30 Jan
57% Jan
46 Mar
151% Jan
238 Mar
17 Jan
41 Jan
34% Jan
49% Jan
39% Jan
118% Jan
38% Mar
100% Jan
17% Jan
72% Jan
25% Jan
68% Jan
25% Jan
53% Jan
79% Jan
133% Jan
32% Jan
11
Jan
20% Jan
34 Jan
01 Jan
103% Jan
52% Jan
29% Jan
138% Jan
110% Jan
57% Jan
36% Jan
73% Jan
57 June
35% Juno
68 Jan
104% Jan
45 Jan
45% Jan
2 6 %Juno
32 Jan
53 Jan
18 Jan
39% Jan
98% Mar
33% Jan
70% Jan
19% Jon
95 Jan
149% Jan
85 Jan
11% Jan
23% Jan
15% Jan
58 Jan
30% Jan
23 Apr
41 Mar
18 % May
48 July
22% Jan
50% Jan
54% Jan

7% Nov
19 Oct
45% Dec
1 Dec
1% Dec
15 Dec
65 Dec
72 Dec
91 Dec
63 Dec
78% Dec
29% Nov
87 Dec
67 Feb
100 Nov
21 Dec
80 Dec
10 Feb
43% Dec
8% July
35 Dec
46 Oct
15% Feb
48 Feb
40% Dec
93 Dec
8% Dec
50 Dec
88 Nov
07% Dec
i99% Nov
50% Dec
89% Nov
106 Dec
30 May
95% Dec
123 Dec
89 Dec
37% Feb
87 Nov
17 Nov
10% Dec
39% Dec
51% Nov
87% Sept
54 Feb
43 Feb
93 Dec
82 Dec
66% Dec
r66% Dec
93 Dec

18% Jan
37% Jan
80 Jan
11% Jan
8% Mar
32% May
86% Mar
95% May
103% Jan
102% Feb
98 Jan
53 May
1 11 %Juno
80% Juno
118% May
50% Jan
101% Jan
17% Mar
75 Jan
16% Aug
55 July
02% Aug
29% Aug
75 Nov
82% Jan
106% Jan
19% Mar
71% July
93 Nov
112%Juno
117% Jan
75 Juno
1 2 6 % Juno
121% Jan
62% Doo
128% Jan
220 Mar
109% Jan
58% Juno
100 June
64% Mar
41% Jan
72% Jan
87 May
121% Jan
66 Jan
76% July
102% Jan
136 Jan
515 Jan
156 Juno
101% Oct

6 Before payment of first Installm ent.

N e w

Y o r k

S t o c k

R e c o r d —

C o n c lu d e d —

P a g e

889

2

For record of tales during ths week of stocks usually inactive, see second page preceding.
H IG H

AND

Saturday
A u g . 24

1

1

LOW

S A L E P R IC E S — P E R S H A R E , N O T P E R C E N T .

M onday
A u g . 26

Tuesday
A u g . 27

W ednesday
A u g . 28

Thursday
A u g 29

Friday
A u g 30

Salesfor
W eek
Shares

STOCKS
NEW YORK STOCK
EXCHANGE

8 per share $ per share $ per share 8 per share S per share S per share
Industrlal&Misc.(Con.) Par
8
144% 14512 146 14012 1457 147% 147*2 148% 147 148% 147*2 148% 16,500 Burns Bros_____________ 100
11% 11*2 *11*8 ll's *11*8 11*4 11% 11% *11% 1134 11
11*2 1,100 Butte Copper & Zinc v t c ..5
257 25% 25% 20% 26% 27% 27% 27% 20% 26% 26% 26% 2,000 Butto & Superior Mining.. 10
s
__ *42
*42
43
43
43
43*8 *42.% 43% 415S 41%
200 California Packing___ N o par
19% 20% 20
20
20
19*2 20
20*8 20
2,900 Californai Potroleum____ 100
*1S% 19% *19
62
62
63
63
62
*60
63
61% 01*2 *01
63*4 63
2,200
Do pref_____________100
71% 70% 71% 69% 70*2 08*2 69% 687 69 27,700 Central Leather.... .............100
*69% 69*4 69
s
300
*102% 103% 103% 103*2 *103 103*4 103*2 103*2 104 104 *103 105
Do
pref__________ 100
34% *33% 34*4 *33% 34% 1,500 Cerro ilo Pasco Cop__ N o par
33*i 33*i 33% 34% 33*s 33% 34
88*2 86% 87
*86
88
400 Chandler Motor Car_____100
*87*2 8812 87*2 87*2 *80
*87% 89
*161,1 10*2 10% 16% 16*2 16*4 16% 16% 16% 16*2 16-% 16% 3,100 Chile Copper_________ 25
39*8 39% 39*8 39% 39% 39% 393,i 40*8 *39% 40*8 1,700 Chino Copper _________ 5
*38*4 39
48
47s8 46% 47*2 47% 48*4 47
46% 47*8 47
46*2 47*4 5,600 Colorado Fuel & Iron___ 100
36*2 3534 36*8 35% 35% 4,450 Columbia Gas &Elec____ 100
36% 36
35% 36% 35*4 36% 36
90
___ ___
90% *89*2 90*i 90
89% 89%
800 Consolidated Gas ( N Y ) . . 100
90% 90% 90
72*4 *70% 72*4 70% 70% *70% 72
21
72*i 72*4 7 .1 *71
200 Continental Can, Inc........100
*70*8
43% 43*4 43% 44*1 43% 44% 43% 44*8 43% 43% 43% 43% 17,700 Corn Products Refining.. 100
100% 100% *100 100% 100 100 *99% 100*8 100*8 100*8 5 1 0 0 % 1 0 0 %
650
Do pref____________ 100
69% 69
69% 67-% 69
68% 69*2 68% 69% 69
67*4 68
15,100 Crucible Steel of America. 100
91
91
*90*2 91
*90*2 91
91
*90*2 92
*90
91
200
*90
Do pref_______
100
30
30*4 31*1 30% 31% 30% 30% 30% 30% 30% 31*8 20,300 Cuba Cano Sugar___ N o Par
30
81
803,i 81
80% 81
80*2 80% 2,000
Do pref____________ 100
*80% 80*2 80% 80% 81
59*4 60*2 59% 60% 58*2 59% 5,3 58% 48,725 Distillers’ Securities Corp.100
58% 59% 58*2 59
8 .1 8 ,4 *8% 9*8
3
3
8% 8%
8% 8% *8*4 9% *8*4 9*8
300 Dome Mines, Ltd________ 10
29
29% 29% 29% 29% 28% 29% 283,1 28-% 28% 28% 2,100 Gaston W & W Inc..No par
29
1453.1 146*4 146 146*8 1,700 General Electric................100
147 147% 147 147% 146 146*2 145% 146
142% 150
132 141*2 133 135% 10,600 General Motors Corp____ 100
101*8 102% 161*4 161*i 154*2 160
80*2 *78
80*2 *78
80*2
950
81*4 81*1 81% 81% 81% 81*4 80
Do
pref___________ 100
*44*i 45% 44*i 44*i 44% 45% *44*2 40% 45
45l2 ♦44% 40%
700 Goodrich Co (B F)......... 100
*98 100
100 100
*98*2 100*8 *98% 100*8 *98*2 100*8 *99% 100*8
400
Do pref....................... 100
82
82
82% 82
82
80
582
82
81% 81% 82
80
1,675 Granby Cons M S & P___ 100
45
45
45
45*8 45% 45*4 45
45
2,400 Greeno Cananea Copper.. 100
44*8 44% 44*4 45
793.1 80% *79
79% 82% 80*2 81
81
*81% 84
*81*2 84
2,300 Gulf States Steel tr ctfs.-lOO
*
102% *__ 102*2 *
102% *__ 102*2 *
102*2
102*2 *
Do 1st pref tr ctfs___ 100
47
46% 46*2 *46
-to 46% 46*2 46*2 47
47% 1,700 Haskell & Barker Car..No par
47
*45
52% 53% 53*8 54*3 53
52*i 52*2 53
53*2 29,400 Inspiration Cons Copper..20
51*8 51% 52
17*8 17% *16*2 18
18
*16% 18 *16*2 18
*17
*16*8 18
200 Internat Agricul Corp___ 100
62
613.1 61% *62
62% 62
62% 62
63% 2,800
61% 62% 62
100
Do pref____ _____
126% 126% 127*2 127*1 128*2 128% 128 128% *126*2 129% *125 128
(iO Intern Harvester of N J..100
O
27*2 283,; 27% 27% 27% 28% 11,200 Int Mercantile Marine.. 100
27
27*2 27*4 27% 27% 28
102*2 104% 1013.1 104
101% 103% 93,000
1 0 1 % 1 0 2 % 1 0 1 % 102*i 101% 103%
;
Do pref.... .............. ..100
29% 29*f 29% 29% 29% 29% 4,700 International Nickel (The)25
29% 30
29*4 30
29% 30
35% 35% *35
36% 36*4 30*2 35% 36
35
36
35
35
2,100 International Paper_____ 100
59
59% 59*2 60
60% 59*2 60
*59% 61% 1,600
61
60
61
Do stamped pref____ 100
49*2 47*2 47% 48
48
49% *48
*48
*47
49
49
*48
300 Kelly-Sprlngflcld Tire___ 25
33% 33% 33*8 33% 33% 33% " 33% 33% 33% 34% 33% 33% 11,500 Kennccott Copper___ No par
853,; 84% 85*4 84*2 84*2 6,550 Lackawanna Steel______ 100
83% 84% 84*2 84% 84*2 84% 85
8
19*1 19% 197 19% *19% 20
20
*19*2 21
18% 19*2 *18
800 Lee Rubber & Tire__ No par
28% 28% 28% 28% 29
29
28% 28%
*20
28*8 *27*2 29
500 Loo3e-Wiles Biscuit tr ctfs. 100
81
*77*2 81
77% *75
*77% 81
*75
77*2 *75
*77*2 81
Do 2d pref_________ 100
753,s *74
*74
75% 75% 75% *75% 79
79
*74
*74
79
200 Mackay Companies____ 100
*04% 65
*64*2 65
*64% 65*2 *64% 65% *04% 65
*64*2 65
Do pref.____ _______ 100
27
*25*2 26*2 25% 27
27
26% 26% 26*i 20% *26
*20
900 Maxwell Motor, Inc_____ 100
57
57*4 57
*56*2 58
57
50*4 58
56% 50% 1,700
*56% 57
Do 1st pref_________ 100
21% 20% 20*2 *20*4 21
*20
20%
*20% 20*4 *20*8 21% *20
400
Do 2d pref_________ 100
100*1 101*1 100*4 1 0 1 % 100*8 101% 100*8 101
100 102
99% 100*4 25,800 Mexican petroleum_____ 100
*95
90
Do prof____________ 100
28% 28*2 28*2 2,8*4 28*4 3,900
27% 27% 27% 27% 27% 27% 28
53% 53% 52% 53% 52% 53% 22,500 Miami Copper.... ................ 5
53*2 54
53*2 53*2 54
53
Midvale Steel & Orduance.50
*64
*68
70
70
*68
70
*68
*67*4 70
71
*67% 70
Montana Power_________100
*101 ___ *101% ___ *101*2 ___ *101%
*101*2
*101
Do prof.....................100
17% 16*4 16% 16% 16% 16*2 16% 10*8 16*8 1,400 Nat Conduit & Cable No par
17
*16*2 18
52
52% 52% 52% 51% 52
52
52
*51*2 52% 51%
*51
3,900 Nat Enam’g & Stamp’g__ 100
*95 100 *95 100
*95 100 *95 100
*95 100
*95 100
Do pref____________ 100
69
59
59
59% 59*4 59*8 59*8 *58% 59*2 *58% 59*2 59
400 National Lead............. ..100
10138 10138 *101% 102% *101*8 102*2 *101% 102% 102-% 1023g *101% 102%
200
Do pref...... ...........
100
20% 20*4 *20% 20% 20% 20*2 20% 20*2 20*4 20*2 20% 20% 2,800 Nevada Consol Copper___ 5
127 129% 127*2 127% 127 127
127 127
126% 127
126 127
3,700 New York Air Brake___ 100
42
*39 4H2 *39
*39
41
41
*39
41
*39
100 North American Co_____ 100
38% 37% 38*8 38
38
38
38% 38
37% 38*s 5 ,2 0 0 Ohio Cities Gas (The)___ 25
37*1 38
^
9*2 9 2
*
9*2 9%
9*4 9.|
9*1 9%
9% 9*2 1,400 Ontario Silver Mining___ 100
9% 9%
32
31% 31% 32
32% 32
33
32% 32% 32
32
*32
2*875 Pacific Mail SS............
5
93
93
*92
93
93
92
*92
92
*92
92
9312
*91
*200 Pan-Am Pet & Trans, pref. 100
45
44% 44% *44% 45% 44% 44% 4412 44*2 44*2 44% *44
900 Peoplo's G L & C (Chic).. 100
27
27*2 27
27
27
27
*26% 28
*27 28
27
27
1,000 Philadelphia Co (Pittsb)..50
38
39
38*8 37*2 38*4 37% 37% 4,100 Pierce-Arrow M Car__ N o par
38
39
39*8 39
39
*96
98
*96
98
98
*96
98
*90
98
*90
97% 97%
100
Do pref_____________ 100
17U
10*2 17*2 17
Pierce Oil Corporation____ 25
51*4 *50*2 61% 50% 50*2 50*2 50*2 1,700 Pittsburgh Coal of Pa___ 100
*50
51
51*2 50
84
*8212
*82*2 84
*82*2 84
*82% 84
82*2 82% *82*2 84
300
Do pref_____________ 100
70% 71?8 70*4 71% *70
70% 70*1 71% 70*2 71
70
71*2 4,900 Pressed Steel Car_______ 100
*95
98
98
*95
98
*95
98
*95
*95
98
*95
98*2
Do pref.......... .............100
*93
97
___
__ *93
93
93
*90
95
95
97
*90
100 Public Serv Corp of N J..100
112 112% 111% 111*2 111*2 111% 112 112 *111*2 112% 1,150 Plillmnn Company_______100
111*2 112
69% 69*4 70*8 67*2 69*4 08
08 27,100 Railway Steel Spring____ 100
66*,i 67-% 66*2 67% 06%
102% 102*2 *102%
102 102 *102 —
101*2 101*2 *101 102
400
Do pref_______
100
24
24
24% 24*s 24% 24
24
2378 23% 23% 24
24*8 5,400 Ray Consolidated Copper. 10
93% 91% 92*2 37,300 Republic Iron & Steel___ 100
93% 92*2 93*4 92*4 93% 9 3 % 94% 92
92
*101 104 *101 103*4 101 101 * 1 01 103% *101 103 *101 103
200
Do p ref..... .........
100
*97 115 * 1 0 0 107 *100 107*2 *100 106
«105*2 105*2
50 Royal Dutch Co ctfs dep___
7
*6*8 7*2 *6% 7*2
7
7
7%
6*2 6*2
7*2 7*2
700 Saxon Motor Car Corp__ 100
140% 140% 140 140*4 *138 142
*138 140 *137 140 139*4 140
1,200 Sears, Roebuck & Co___ 100
*15% 15*i 15% 15% 15% 15*2 *15% 15»2 15% 15*2 *15
600 Shattuck Aros Copper___ 10
32% 32
32% 31% 32
31*2 32*8 31% 32% 31% 32*2 32
6,600 Sinclair Oil & Ref’g__ N o par
603,1 62
61% 61% 61*i 61*2 61*2 61% 02
61%
*60% 62
2,200 Sloss-Shcffield Steel & IronlOO
44% 42% 43*2 43
43% *42% 44
*43% 44% 44% 44% 43
3^200 Studebakcr Corp (The).. 100
*80*2 90
*89% 90
*80*2 90
*80*2 90
*84
90
*81*2 90
Do pref_____________ 100
44
*423g 42*2 42*i -12*i 42% 4.3% 43% 43*2 *43
*42% 43%
800 Superior Steel Corp’n___ 100
*94
*94
98
98
*94
*94
98
98
96
*94
*94
08
Do 1st pref________ 100
19
19
187S 19
19*8 18% 19
*18*1 19*2 19
18% 187g 2,200 Tenn Copp & C tr ctfs.AT par
o
153 154
153% 153*2 153% 155*8 154 155*2 153 154
1521s 153
11^200 Texas Company (The)___ 100
71% 70% 71
717 72*4 71*i 72% 71*4 72*2 71% 72% 71
8
11,500 Tobacco Products Corp.. 100
___ ___ *95
97
*96
97
*96
97
*96
96*2 *96
97*2
Do pref_____________100
75
75
*72*2 75*2 *72
75*2 75*8 75*8 *74
73% 75
75
700 Union Bag & Paper Corp.100
38
38*2 *38
38*2 39
39*2 39
39
3!)
*38
38
39
1,900 United Alloy Steel___ N o par
103 104% 102% 104
103*8 104
102*8 103
103 103*4
102% 102% 12*000 United Cigar Stores____100
___ ___ *102 120 *102 120 *102 112 *100 120
*102 120
Do pref_____________100
130 130*2 130 130% *130 134
129 130*2 129% 130
United Fruit___________ 100
14% 15
15
13% 13*2 14
*14
15% *14
*12*i 14
15
1,000 U S Cast I Pipe & Fdy___ 100
44*2 44
44
♦42*2 44
*41
43% 43% *41% 43% 43
41%
000
Do pref_____ ______ .100
127*1 128*1 12812 128*1 128*2 129% 128 128% 127% 128% *123% 123% 7 ,2 0 0 U S Industrial Alcohol.. 100
*04
*94
97
98
97
*94
*94
98
97
*94
*94
98
Do pref_____________100
64*4 63*8 64% 63
2
63
63*2 62% 63 > 62*4 62% 63
63
8,500 United States Rubber___ 100
*104% 105*2 104% 104% 104% 104*8 *103*2 105% 104% 104% 104 104
800
Do 1st preferred____ 100
’ 4X 4 43
®
*41
*41*| 4o
43
*42% 43
42
*41*1 43
42
100 U S Smelting Ref & M........50
*42*8 43*4 *42*8 44% *42% 44*2 *42% 44% *42% 44% *42
43%
Do pref_____________ 50
113% 115% II 5 I2 HOI2 114% 116% *109% 110% 720,900 United States Steel Corp.100
112% 114% 113% 115
110*2 110*2 110% 110% 110*2 110% 11012 1 10 34 111 111*8 *110 112
2,900
Do pref____________ 100
8212 83*2 8212 84% 83
84% 83
81*4 81*1 81% 82
83*s 6,900 Utah Copper____________ 10
12
12 *12
12 *11% 13U *11*2 13
12% 12
*11
13*a
200 Utah Securities v t c_____ 100
55% 54*2 55*2 54*2 54% 13,500 Vlrglnia-Carollna Chem..l00
54% 50
55
5612 54% 55*8 55
106 106 *105 108
107 107
*105 108 ♦105 108 *105 108
200
Do prof____________ 100
*72
74
___ ___
74
72
*72
*72
74
72
100 Virginia Iron C & C..........100
85
84
85*8 *85*4 87*2 84% 85
*8234 84
83% 83% 84
700 Western Union Telegraph. 100
43S.t 44
43% 44
43% 43% 5,900 Wcstinghouso Elec & Mfg.50
43*4 44
43*2 43% 43*4 44
*61
65
*61
65
65
65
*61
*61
65
*60
*61
65
Do 1st preferred_____ 50
40% *46
46
46
47
46
46
*45% 46% 46
*45% 46%
800 White Motor___________ 50
19*2 19*4 19% 19% 19% 19*2 19% 19*2 19*4 19% 19% 19% 6,000 Wlilys—Overland (The).. 25
83*2 82% 82*2
*81*1 83% *80*4 83*2 *81% 83*2 82*2 82% *82
200, Do pref (new)_______ 100
___ *57*2 59
*57*2 59
59*i *58
*57% 59
59
60
300 Wilson & Co, Inc, v t c__ 100
111 ill *110% 113 *111 113 *111 113
112 112
*110 113
200 Wool worth (F W)............100
*112 116 *112 116 *112 116 *112 116 *112 116 *112 116
Do pref.................
100
69
67% 68
63% 63% 66% 66% 68*2 68
03
68
68*4 8,400 Worthington P A M v t e.100
90
♦89 90
90
*89
90
90*8 90*8 ♦88 91
*90
91%
300
Do pref A____________100
*60
70
70
69
*69
69
*68
69
69*2 69*2 ♦69
70
300
Do pref B.................... 100
*Bld and askod prices; no salos on this day,
I Loss than 100 shares,
t Kx-rlghte,
a Ex-dlv. and rights.
Ex-dlvldend.




PER S H A R E
Range since Ja n . 1.
On basis o f W W sh a r e lots.
L o w est.

H igh est.

PER SH A R E
Range fo r Previous
Year 1917
L ow est.

H ig h e st.

$ per share. $ per share. 5 per share $ per share
108 Feb 5 148% Aug 29
89 Jan 1 2 5 % Apr
8% Apr 25 12% JulylO
1612 Jan 2 33% Mayl4
12*4 Dec 52% Jan
3612 Jan 3 45% MaylO
3334 Nov
42% Aug
12 Jan 7 21% Junel7
10% Dec 3012 Jan
36 Jan 5 63% Junel2
29% Nov 62% Jan
61*2Jan 15 73% Feb 27
55 Dec 101%June
102i2 Mar 14 *107 Mar 8
97 Dec 1157S Jan
29% Mar 6 35% May 16
25 Dec 41 Feb
68% Jan 2 95 Feb 25
56 Nov 10434 Mar
1412 Apr 4 17% Jan 2
11% Nov 27% Mar
36% JunelO 47% Mayl6
35% Nov 6334 Mar
34%Jan 29 54% May24
29*4 Nov 58 June
28% Mar25 37% Aug 21
25% Nov 4778 Apr
8234Julyl5 92% Feb 7
76% Dec 134% Jan
67% May 10 95 Feb 19
76 Nov 103%June
29%Jan 15 45% Julyl8
18 Feb 37% July
*90% Jan 7 102 July 2
88% Nov 112% Jan
52 Jan 12 74% Mayl6
45*4 Dec 9178 July
86 Jan 31 91% June 4
83 Dec 11734 Jan
27% Apr 10 33% Feb 20
247s Nov 55% Jan
78% M ar25 83 Feb 18
7478 Dec 94% Jan
233 Jan 2 64% May24
11*4 May 44% Oct
6 Junel9 10 Jan 4
6% Nov 2434 Jan
26% Junel9 39 Feb 13
28 Feb 41% Aug
127%Jan 7 153 Mayl6 118 Dec 17134 Jan
10634Jan 15 164 Aug21
74% Nov 146% Jan
7234 Dec 93 Jan
79 Apr 17 88 Feb 1
38 Jan 2 z50% Feb 5
32% Dec 61% Jan
96 Jan 10 100 Feb 19 2:91*8 Dec 112 Jan
74 Jan 25 82% Aug 28
65 Nov 92% Jan
38%Jan 17 45% Aug 29
34 Nov 47 Jan
79% Aug 27 111% Apr 25
77 Nov 137 Jan
99% Aug 1 102 Jan 10 101% Nov 110 June
34 Jan 5 49% July30
27% Nov 40 June
42% Jan 15 56% May 16
38 Nov 66%June
10 Jan 8 19 June20
7*4 Nov 2178May
38 Jan 5 65 Junel8
26% Nov 60% July
111%Jan 2 13P4 May 8 100*4 Nov 123 Jan
21 Jan 15 31% Feb 23; 17% Dec 3678 Mar
83%Jan 2 109% June 1 62% Feb 106% Oct
27 Jan 15 31%July 8
24% Dec 47*8 Mar
24% Jan 15 45% Mayl5
18% Nov 49*8 Jan
58 Jan 22 6512 Jan 3' 50% Nov 77%June
41 Apr 2 51% July30
3678 Dec 64% Jan
29 Mar25 34?8 May 16
26 Nov 50%May
73% Jan 12 91% Mayl6
68 Nov 10378Juno
12 Apr 2 22%July30
10*8 Nov 30 Jan
17%Jan 8 31 Aug 1
12% Nov 27% Jan
53 Feb 15 75 July30
55 Jan 64 Jan
71%Junel8 7812 Feb 28
70 Nov 89*4 Feb
57 Jan 4 65 May28
57% Dec 67% Jan
2312 Jan 15 32% Feb 19
19% Nov 61*4 Jan
51 Apr 24 64S4Feb 8
49 Dec 74% Jan
19 May27 26 Feb 5
13 Nov 40 Jan
79 Jan 5 103 July 8
67 Dec 106% Jan
87 Jan 15 96 JulylO
8478 Nov 97?8June
26% June 7 33%Jan 31
25 Nov 43% Apr
43% Mar23 61 Mayl6
39% Dec 67%June
64 June25 73 Jan 4 *58% Dec 109% Jan
95 Mar 19 101% July26
95% Dec 117% Mar
13% Apr 8 21% July 5
13% Dec 39 June
37% Jan 7 54% May20
24 Feb 4634 Oct
94%Junel8 99% Feb 20
90% May 99*4 July
43% Jan 7 61*4 Apr 4
377 Dec 63% Mar
s
99% M ar 2 105% Mayl8
99 Dec 114 Jan
8
17% Mar25 217 May 16
10 Nov 26*8June
117%Jan 12 139 May22
98 Nov 156 Mar
37*2 Aug 16 46% Feb 23
39 Dec 72% Mar
35% M ar25 4234 May 16
317 Oct 1437s Apr
8
4% Jan 22 13 Junel7
3% Nov
7*4 Sept
23%Jan 21 33% Aug 3
18 Feb 30%June
86 Jan 8 96 Feb 27
87 Nov 98 Jan
39% Jan 2 55 Jan 31
35 Dec 106% Jan
21 Apr 12 31 May24
24% Dec 42 Jan
34 Jan 16 43% Mar 1 25 Dec 41%June
89% Jan 26 98 June24
88 Nov 98% Aug
16% Aug 29 17% Aug 29
42 Jan 15 58% Feb 28
37% Dec 54%Sept
79% Jan 2 84 Feb 19
74 Dec 90 Aug
56% May28 73 Augl3
49 Dec 83% Jan
93 Apr 27 100 Aug 5 *90 Nov 2:107 Jan
89 Aug 13 109% Mar 5
99 Dec 131 Jan
100% Jan 7 119 MaylO 106% Dec 167% Jan
45%Jan 7 70% Aug 28
36*4 Nov 58 June
95 Jan 2 102% Aug 29
88% Dec 101 Jan
22% Jan 15, 26% MaylO
19% Nov 32% Apr
*72% Jan 15 96 Mayl6
60 Feb 94%June
92% Jan 2 101% Aug21
89 Dec 10578May
70% Mar23 117 Junel7
59 May 73% Nov
434 Aug22
11 Jan 31
4% Nov 68 Jan
133%June 8 156 Feb 15 123% Dec 238% Jan
15% Aug 27 18% Feb 19
15 Dec 29*4 Mar
25% Apr 11 39 Feb 5
25% Dec 59*i Mar
39 Jan 24 71% May24
33% Nov 7434 Mar
33% Apr 24 5612 Feb 19
33% Nov 110% Jan
80% July 3 95 Feb 6
85 Nov 108*8 Jan
34% M ar25 45% May 3
30% Nov 51*iJune
95 Feb 16 95 Feb 16
96 Dec 102% July
12% Jan 2 21 July 6
11 Nov 19%June
13612 Jan 7 160*4 Feb 2 114% Dec 243 Jan
48% Mar25 7278 Augl4
42*2 Dec 80% Aug
z87% Marl9 98 Aug 1 *86 Dec 105 Mar
65 Jan 24 80 Mayl3
59% Dec 112 Jan
37 Jan 2 44% MaylO
34% Dec 49*8June
833 M ar28 105%June24
4
81% Nov 127*8 Aug
101% Jan 5 110 Julyl8
98*4 Dec 120*i Mar
116% Jan 16 133 Feb 18 *105 Dec 154*8 Jan
11% Apr 6 19 May 7
10 Nov 24%June
41 Mar26 4734 Feb 1 42 Dec 63 Jan
114 Jan 5 137 May24
98*8 Nov 171%June
94% May 1 99 Mar21
88 Nov 106 June
51 Jan 15 64*8 Aug 29
45 Dec 67 Aug
*95 Jan 15 106% Julyl3
91 Dec 114*i Jan
32% Apr 12 48*4 Feb 19
40 Dec 67*4 Jan
42% Apr 12 45*4 Feb 1 43% Nov 52% Jan
86% Mar25 116% Aug 28
79*2 Dec 136%May
108 Mar25 112% Jan 31 102% Dec 121% Jan
76s4 Mar25 87% May 16
70*4 Dec 118*4May
11%Jan 2 15% Feb 18
9% Dec 24*4 Jan
3334 Jan 2 56% Aug 26
26 Nov 46 May
98 Jan 16 109% July 6
97 Dec 112% Jan
50 Jan 5 73% July27
46 Feb 77 Mar
77% Aug 2 95% Apr 15 *76 Dec 99*4 Jan
38% Jan 17 47% Mayl6
33% Dec 56 May
59 Jan 11 6412 Feb 20
52*4 Dec 70% Jan
363 Jan 2 4678 Aug 28
4
33% Nov 5212 Jan
15%Jan 15 22 Jan 3
15 Nov 38% Jan
75 Jan 3 83 July23
69 Nov 100 Mar
45% Jan 2 66% May24
42 Nov 84% Mar
110 Mar25 120% Jan 3
99% Dec 151 Jan
113% Junel3 114*4 May 17 113 Dec 126% Jan
34 Jan 4 69 Aug 28
23% Feb 37%June
85% Feb 5 91% Apr 6
88 Nov 97%June
59 Jan 18 70% July26
50 May 63 June
ft Par SIO per share. n Par $100 per share.

Week’s
Range or
Last Sale

Bid

Ask Low

D 1 0 1 .5 0

Sale 101.59

U. S. Government.
0 S 3Mx Liberty Loan.. 1932-47
U S 4a converted from lat Lib­
erty Loan.....................1932-47 J
U S 43 2d Liberty Loan.. 1927-12 M
U S 4Ma converted from lat
Liberty Loan________ 1932-47 |
U S 4&s converted from 2d
Liberty Loan............... 1927-42
U S 434s 3d Liberty Loan..1923 M
_
U S 2a consol registered_ <11930 Q
U S 2s consol coupon____ dl930
U S 33 registered________ *1918 Q
U S 3s coupon__________ *1918 .)
U S 4s registered_________ 1925 Q
U S 4s coupon___________ 1925 Q
U S Pan Canal 10-30-yr 2s.*1936 Q
U S Pan Canal 10-30-yr 2s reg ’38 Q
U S Panama Canal 3s g___ 1961 O
Registered_____________ 1961 (i
U S Philippine Island 4a. 1914-34 q

J
F
F
F
F
F
N
M
M
F

Foreign Government.
Amer Foreign Socur 5s____ 1919 F
Anglo-French 5-yr 5s Exter loan. A
Argentine Internal 5s of 1909___ M
Bordeaux (City of) 3-yr 6s.. 1919 M
Chinese (Hukuang Ry) 5s of 1911 J
Cuba—External debt 53 of 1904. M
Exter dt 53 of 1914 ser A .. 1949 F
External loan 4443_____ 1949 p
Dominion of Canada g 53___1921 A
Do
do
..1920 A
Do
do
..1931 A
French Repub 534s secured loan.
Japanese Govt—£ loan 4Ma- 1925 F
Second series 4 Ms______ 1925 J
Do do "German stamp" .
Sterling loan 4s................. 1931 J
Lyons (City of) 3-yr 6s____ 1919 M
Marseilles (City of) 3-yr 63..1919 M
Mexico— Exter loan £ 5s of 1899 Q
Gold debt 4s of 190-4.........1954 j
Paris (City of) 5-year 0s___ 1921 A
Tokyo City 53 loan of 1912__
M
U K of Gt Brit & Irel 2-yr 5s 1918 M
3-year 5M% notes______ 1919 M
6-year 5M% notes______ 1921 M
Convertible 54$% notes.. 1919 F

98
Sale 975*
A
O
9 5 % Sale 947*
851*
S
8 5 is
N
9012 Sale 9514
70
D t 68
70
9834 9 3
S
9 3 »s 9 2 14
A
84
A
80
804
9“
i
951. 9 5
o
931* S a le ” 9234
o
927* Salo 9 2
o
1 0 0 % , Salo 9912
A t 8 5 U 873/4 877*
1 i 86% 89U 8 6
8 0 % Sale 8 0 %
.1 t 741a
737*
9 6 3 , Sale 9 5 U
N
983* Sale 9 5 U
N
J t 43
47
D
31
40
3 3 '*
o
94«2 Sale 921t
82J* 801*
s
80
997* 100
s
99%
N 9 9 ^ , Salo 0 8 %
N
96
Sale 9512
993* Sale 9 9
A

. These are prices on the basis o f

D
N

9 4 .4 0
9 4 .0 8

D

9 4 .4 2

N
s

Sale 94.19
Sale 9 3 .6 0
Sale 9 4 .1 2

9 4 .on
9 5 .0 4

Sale 9 3 .6 0
9 4 .7 6
9834
98fy
98
99>2
9 9 i*
10634
1 0 0%
1O012
IO 8 I2
93
98
99
93
85
85
83
85
10 0

Range
Since
Jan. 1

High Ho. Low High
10 2 4 8 5 3 6 7

9 4 .1 8
9 5 .1 4
9834
A l l s ’ 18
M a y 18
M a y ’ 18
A u g ’ 18
IO 6I 2
June' 18
J u ly ’ 18
J u n e'1 8
M a y ’ 18
Feb 15

3 9 2 0 2 01 0-1.70
5 9 2 9 9 3 .1 0
12342 91.7R
l-v
9718
___
99
987*
_____ 10 5 '
1 105
_____
98
97%
___
85
___
83

613
9512 18 53
A u g ’ 18 _____
9714 4 2 8
20
70
A u g '1 8 - - - J u ly ’ 18
A p r ’ 18
30
951*
9312
47
26
927*
10 0% 1795
29
877*
4
85 ’
33
803*
J u n e’ 18
967* 4 6 1
345
97
98

Deo ’ 17
10 52
95
2
801*
19
10 0
991* 1551
9 6 14 0 2 2
997* 4 5 3

9 4 .1 8
9 9 .1 *
99
937 *
99%
99 %
107
107
98
99
85
31

94% 93
88% 95%
85%
73
97%
84
53% 70
9 0 % 100
94U
84
80
93 1 1 9634
«()7* 9534
887* 94
94
100%
92*2
8318 927*
77 ~ 8 1
7378 7 6
907*
84
97
84
40
42%
81% 9 5
82%
08
10 0
97
95% 9 9 %
91% 96%
917* to o

i5to£

State and City Securities.
N Y City— 1H9 Corp stock 1900 ftl S
444» Corporate Btock___ 1964 171 S
4>4s Corporate stock___ 1966 A o
444s Corporate stock___ 1965 j D
444s Corporate stock___ 1963 ,71 S
4% Corporate stock........1959 M N
4% Corporate stock____ 1958 M n
4% Corporate stock____ 1957 M N
4% Corporate stock reg..1956 M N
New 4448........................ 1957 M N
444% Corporate stock...1957 M N
344% Corporate stock... 1954
N Y State—Is.....................1961 M 3
Canal Improvement 4s__ 1961 J J
Canal Improvement 4s__ 1962 J J
Canal Improvement 4s__ 1960 J J
Canal Improvement 4443-1904 J J
Canal Improvement 4448.1905 J J
Highway Improv’t 444s.. 1963 M s
Highway Improv’t 4448..1905 ftl s
Virginia funded debt 2-33... 1991 J j
6s deferred Brown Bros otfs

94
_____
90
9958
997*
8 9 >2
80
89
87
96%
9012
75

943* 9434 A u g ’ 18
947* 945* A u g ’ 18
95
9 4 3, A u g ’ 18
100
100
A u g ’ 18
997*
Salo 997*
Sale 893*
891
2
90
9 0 i2 90
9014 9 0 U A u g ’ 18
90
8 9 < A u g ’ 18
1
993* 9 9 s* A u g ’ 18
100
9012
9912
«17» 8 U ? J u ly ’ l l
99
J u ly ’ 18
_____ 101
9 8 ‘ 2 J u ly '1 8
98>* A u g ’ 18
95
M ay* 18
108
IIO I 2 1 0 8 '2 A u g ’ 18
98
103
104*2 June* 18
10 5
Apr *18
10712
. _ 1001* Jun e’ 18
98
787* 7 4
Deo ’ 17
551* 57*2 5 6
57U

......
—
_____
_____
7
7
4
_____
_____
_____
2

_____

....
____
21

C hesapeake & O h io (Con)—
G en eral gold 4 M 3 _________ 1992

17.20 102.50

9 4 5 0 2 3 3 9 3 .0 0 9 8 .4 0
n o 07
9 1 .1 6 3 8 5 0
9 4 .5 0

BONDS
N . Y . STOCK E XC H A N G E
W e e k E n d in g A u g . 3 0 .

87% 06%
S77* 9 6 %
87?s 90(.i
9 3 % 1017*
93 1 0 0 *
91%
85
91%
85
90*
85
90%
85
93% 1 0 0 *
9312 1 0 H 2
8212
99'
99
94 % 9 8 %
9 8 *2 9812
90
108%
IO U 2 10 Ua
107»2
166 % 101 %

44

Bid
M

S

75%

A

77%
81%
60%

2 0 -y e a r con vertible 4 ( 5 * . . 1930 F
3 0 -y e a r c o n v .secured 5 s . . 1946 A

0

C o a l R iver R y 1st gu 4 * . . 19 45 J

I)
73
62%
65

C h ic & A lto n R R ref g 3 s . . . 1949 A
C h icago B u rlin gton & q u tn e y —
D e n v e r D iv 4 s _____________ 1922
Illin ois D lv 3 M s ____________1949
Illinois D l v 4 s .......................... 1919
Iow a D lv sinking fund 5 s . 1919
S in kin g fund 4 s _________ 1919
J oint b on d s.
See G re at N orth .
N e b ra sk a E xtension 4 s . . . 19 27
G eneral 4 s ___________________ 1958
C h ic & E 111 ref < Im p 4 s g . . l 9 5 5
fe
U S M t g & T r C o c tfs of d o p ._
1st consol gold 6 s __________ 1 9 3 1
General consol la t 5 s ______ 1937
0 S M t g A T r C o ctfs o f d e p .

51%
38

/1 s t Low
High
Sale 7 5 %
75%
80% M a r '
17
Sale 7 7
77%
81%
Sale 807*
84
A p r '1 7
78
8 5 % N o » ’ 16
0 6 % F *lj ’ 16
8434 Jau *13
79
7 3 ' N o v ’ 17
81
71
O c t ’ 17

71%
69%
85

50
12
5 0 % Salo
09
100%
80

L a C rosse A D 1st Gs______ 1919
W Is .A M in n D lv g 5 s ........... 1921
W ls V a lle y D lv 1st 6 s _____19 2 0
M tlw A N o r 1st ex t 4 M 3 . . 1 9 3 4
C o n s extended 4 M s _____1934
C h ic A N o r W e s t E x 4s 1 8 8 0 -1 9 2 0
R e gistered _________ 1 8 8 6 -1 9 2 6
General gold 3 M s ................ 1987

M
S ta m p e d 4 s _______________1987 M

Sinking fund 5 s ______ 1 8 7 9 -1 9 2 9

J
T
n

0
A
J
J
J
D
J
J
.1
J

1
.)
J
1
1
D
D
A
A
N
N
N
f1

A

O

D e b en tu re 5 s _______________1921 A
A

O
()

R egistered ................ I _____ 1933 an N
Ml S
F re m E lk A M o V 1st 6 s . . 1933 A O
M a n G B A N W 1st 3 M 8 -1 9 4 1 J
J
J
J
M il L S A W e s t 1st g 0 s . . . 1921 M
E x t A Im p s f gold 5 s ___ 1929 F A
a
A sh lan d D lv la t g 0 s
10 25
M ic h D lv 1st gold 6 s ___ 1924 J
j
M il Spar A N W la t gu 4 s . 1917 51
S t L Pco A N W 1st gu 5 s . 1948 J
J
C h icago R ock Isl A Pac—
Railway general gold 4 s . . . 1 9 8 8 J J
J
R e gistered .............................1988 J
R efu n d in g gold 4 s _________ 1934 A 0
1
T
R I A rk A Louis 1st 4 M 8 ..1 9 3 4 M
B url C R A N 1st g 5 s _____1934 A 0
C R I F A N W 1st gu 5 3 ..1 9 2 1 A 0
87
N
ICeok A D e s M oin es 1st 5s 1923 A 0

s

s

s

C h l c S t P M A O e n iia r t s ' " f o g O J
C o n s 6s reduced to 3 M i l .1 9 3 0 J
D e b en tu re 5 s ................ ..........1930 M

J

I)
D
s
J
O

S t P & S C it y 1st g 0 s _____1919 A
M
D
C h ic T H A S o E a st 1st 5 s . . I9 6 0 j
C h ic A W e s t In d gen g 6s__<?1932 q M
J
J
C In II A D 2d gold 4 M s _____1937 j
J
C Find A F t W 1st gu 4s g 192(1 \T N
J
D a y A M ic h 1st con s 4 M 8 1931 j
j
1)
C le v C ln C h A S t L gon 4 s
1993
J
2 0 -y e a r ,d e b 4 M s . . _______ 1931 j
1)
G enoral 5s Series B
1093 J
J
J
J
CIn W A M D l v 1st g 4 s . . 1991 j
S t L D lv 1st coll tr g 4 s . . . 1990 M N
S pr A C o l D lv 1st g 4 s _____1940 M S
J
W W V al D iv 1st g 4 s . . 1940 r
(V
I
N
f
la t gold 4a
_ _ _
A 1036 ()
:

a

q
j

j
A
O In d A W 1st prof 5 s . . . c f l 9 3 8 q
P eoria A E a st 1st con s 4 s . 1 9 4 0 A

r
j
j

0

25
22
98
72
70

41

54
98

001*
100%

71

Salo

82
07
79
60
80
68%
77%
95%
91
96%
70i,i
977*
98%
97
- - - 97%
82

83
08%
79%
82
72
78
98
93%
07%
75
_____
108
10 3%
907*
_____
_____

89 i*
85%
63

871*
09

70%
92%
83%
68
79
72>2
80%
70%
77
07
92
90%
74%
97%
1017*
93
10 0
977*
85
81%

85%
673*
80?
83
98% 83
8 2 % _____
81
_____ 10 4% 90(2
101
104
109%
0 4 % 10 0
9 H3
93
1031*
907* 10 2
95%
97
100
93
95
93
97
94%
77
101%
1 0 3 % 110
10 5
53
88
10 0%
95%
102
101
102
74
89
—
92

100%
00
1117*
1021*
73
92

71
F e b ’ 16
A u g ’ 18
69
80
A u g '1 7
80%
A u g ’ 18
77%
Jan '1 8
J u ly ’ 13
J u ly ’ 18
J u ly ’ 18
Au'g’ 18
S e p t ’ 17
Jao is
J u ly ’ 18
M a y ’ IX
J u ly ’ 18
Feb is
Jan ’ 18
A u g ’ 18
A u g ’ 18
O e t ’ Hi
83
J u ly ’ 18
99%
M a y * 18
A p r ’ 16
J u ly ’ 18
\i>r ’ 16
M a y '1 8
Jan
18

79

11
15

83%
70
80

80%
607*
71 %
87
92
95%
74%
97%

84%
74
78
97
94
98%
747*
99%

2
8
_____
.. ..
_____
___
____

_____

....
4
2

.. ..

60%
86
____-

00%
90
97%
97
93
60

66%
F e b ’ 18
Ju n o’ 17

92 '
M a y ’ 18
57
61
M a y ’ 18
67% 68
10 2
10 5% 1043* A u g ’ 18
79
8 4 % J u n e '1 8
8 7 % 9 0 % 0 0 7* M a y '1 8
100%
118
N o v ’ 10
0 9 % 10 0% 097* A u g ’ 18
8 0 1; 9 0
95
M a y ‘ 18
53% 07
58
J u ly ’ 18
103
105
105
J u ly ’ 18
0 5 % 057* 651?.
6519
69
90
M a y ' 17
88
M ar’ll
_____
75
90
J a n ’ 17
0 2 % 631 3 6 2 %
03%
7 0 % 7 7 % 7 7 % A u g ’ 18
75
85
03
74
837* M a r ’ 17
6 2 % 827* 0 2
J u n o '18
00
83% 68
J u n e’ 18
*03
*00
81
N o v ’ 10
99
1021? n e t '1 7
101
79 % 81% 87
D o o ’ 17

93
98
100
96
9 7 % 077*
85
85
81% 81%
S<4
*0
85% 85%
67% 73%
85%
81
103
104 ~ 10 4
81 ’

04%

94 %

90%
100
97
94% 94%

95

101

A u g 'i 8
A u g ’ 18 ___ _
O e c 16
M a y ’ 18
J u ly ’ 18
A u g '1 8

70
70
713* M a y ’ 18
68
09

80%
100*
07%

70%
7fttj
04-%
74

M a y ’ 18
O o t T fl
A p r ’ 18
Jan ’ 17

7 3 38 7 5 %
_____ _____
09
Salo
67%
90
98

3

a
52
1

10 5

10212
98
95% 93

1021 . 102 %
73
92

76%
93

73
71 %
62%

773*
713*
69
80^8
07%
90

ft2
96

57

10 0
93
60
09

100 %
802
8518

85%
907*

~no7o

100 %

58
10 3
3
64

I7

95
58
10 5
66%

05%
80

04%
77%
80%

62
03

05
08

40

51%
13
00
8 0 '.;
73%
98‘2

10 2% J an ’ 17
1 0 7 '* A p r ’ 17
91
J u ly ’ 0 8

j

0

A 0
F A
1
R e fu n d A E y t 4 M s .............. 19 35 IY N
D
F t W A D e n C 1st g 6 s . . . 1 9 2 1 J
A c
j
J
D e l L ack A W e ste rn —
D
M orris A E ss 1st gu 3 M s .2 0 0 0 j
J
N Y L ack A W 1st 6 s ........... 1921 1
A
C on stru ction 5 s _________ 1923 F
T e r m A Im p r o v t 4 s _____1923 M N
W a rre n 1st rof gu g 3 M s . . 2000 F A

C le v e S h o rt L 1st gu 4 M s ___ 1901

_____
____
____
_____
_____

94%
91
84%
30
30
10 1
72
70

79 %

70
N o v 'l*
0 6 % J an '1 7
973* D e o ’ 10

70%

J
J
J
J
J
J
J
J
J
J
J
J
J
J
F
F
M

90*2

A u g ’ 18
A u g ’ 18
A u g ’ 18
J u n e’ 18
A u g '1 8
F e b ’ 18
Ju ly T ?
Feb '1 3
M a r ’ 17
57%
A u g ’ 18
A pr ’ 17

D

A
F

1

9012

80
30
30
10 0
72
70
76
97%
32
50%
99%
100%

1950

G e n A ref Ser A 4 M s _____a 2 0 l 4
G e n ref c o n v Ser B ~ 5 s ._ .a 2 0 1 4
G e n ’ l gold 3 W , Ser B
«10S9
General 4 M s Series C _____«19S9
2 5 -y e a r d eben tu re 4 s ______ 1934
C o n v e rtib le 4 M s ................... 1932
C h ic A L S up D lv g 5 s _____1921
C h ic A M o R tv D l v 5 s . . . 19 20
C h ic A P W 1st g 5 s ..............1921
C M & P uget S d 1st gu 4 3 .1 9 4 9
D u b u q u e D lv 1st 8 f 6 s . . . 1 9 2 0

997*
70
87%
99%
98

9012

S
1

_____

97%
71 %
80%
98
97

91%

N

„..

_____
___ _
_____
_____
_____

81%
30
29%

0

78
77%
823*

J u ly ’ 18
A u g ’ 18
A u g '1 8
M a y IK
A u g ’ 18

00%

/V
M

00

72
65%
76

52
47%

78%
28%
29%
10 0%
_____
_____

:vi
J

2
ii

50
35%

8
j

M

No. Low High

8

N

A
j
1

Range
Since
Jan. 1

8 8 l2
971* 11 3% F « b ’ 15
54
51
A u g ’ 18
39
38% 38 %
99%
73
817*
98
98

0
0

C hicago M ilw au k ee A S t P a u l—
G e n 'l gold 4s Series A _____e l9 8 9 J
Q

Week’s
Range or
Last Sale

9 9 % 101
72
73
8 0 % 817*
9 0 % _____
9 7 % _____

F
J
J
A
A

C h ic A tnd f ! R y 1sr. As
10:ifi
C h icago G re a t W e s t 1st 4 s . .1 9 5 9 M
C h ic In d A Lou lsv— R e f 6 s . 1947 J

C lllc In i A Sou SO-vr 4s

O

60

Railroad.
Ann Arbor l g 4s______ A1995 Q j 5 1 i* 5534 5 0 * J u ly ’ 18 _____ 51% 5 9
3t
Atchison Topeka & Santa Fe—
20
81
Salo 803*
81
Gen g 4s............ 1995 A o
85%
80
Registered........... 1995 A o
8 OI2 Apr 18 _____ 8 0
80
69
74
Adjustment gold 4s___ *1995 N o v
74>2 A u g ’ 18 —
71 % 7 0
m m 731? 7 3 %
mm
Registered__________ A1995 N o v
2
7 3 i2 7 5
Stamped........... M995 M N
7414
741.1
71% 78
Conv gold 4s......
1955 J D ____- 727* 8 4 Jun e'18 —
81% 87
90
Conv 4s Issueof 1910____1960 J D 8 4
85
J u ly 'IS . . . .
87%
« ’2
East Okla Dlv 1st g 4s__1928 (VI g 843.1 9 U 2 9 0 2
902
2
91% 91%
Rocky Mtn Dlv 1 4s__1965 J J _____ _ 7 9
st
79
Jun e'18 _____
79
79
2
Trans Con Short L 1s 4s.1958 J J 7 7
t
7814 7 0 '2
70*2
70% 80 %
Cal-Arlz 1s & r f4Ms‘A ’1962 171 E 7 7
t e
’
83ta J u ly ’ 18 . . . .
85
79
99 3i J u ly ’ 17
S Fe Pres & Ph 1s g 6s__1942 M 5 8212 100
t
5
Atl Coast L 1st gold 43___A1952 M S 783* 8 0
7 ‘JS*
7934
84%
77
76% 78
7 75
76
77
Gen unified 4449...... 1904 J D
8 2 '2
953.1 A u g ’ 18 . . . .
Ala Mid lat gu gold 5s__1923 M N 9534 9 9
95% 95%
753* 7 8
Bruns & W 1 t gu gold 4s.1933 J J
s
1297* A u a 'I S
Charles & Sav 1st gold 78.1930 J J 108
7 70
L & N c l gold 4s.... 01952 M N
ol
7212 Sale 7 2
737*
7 2 i2
Sav F & W 1s gold 5s_ 1934 A O 1011* 107 11 5 July*17
t
_
1 t gold 5s___________ 1934 A o 9534
s
8 1Sp Oca & G gu g 4s_ 1918 J J
1
_
9 9 % M a y ’ 18 _____
99%
90
9 85% 89%
Balt & Ohio prior 344s____1925 J J 8 7
871? 801*
8 7 '*
Registered________ A1925 q J *
8012 9 0 '2 S e p t’ 17
75
57 7 3 % 7 8 %
1 50-year gold 4s____ A1948 A o 7434 Sale 733a
st
9 2 % M a r ’ 17
Registered________ A1948 Q J
20 7 6
10-yr conv 4448_______ 1933
Salo 70*4
77
80%
77
1 7 7 % 8312
Refund <egen 58 Series A. 1995 j l3 7 9 % 7 9 i2 7 9 U
f
7914
Pitts June 1s gold 6s_ 1922 J J
t
_
112
J an ’ 12
P June & M Dlv 1 tg 3449 1925 M N 8 2
s
821* A u g ’ 18 _____
81% 83%
P L E A W V a Sys r f 4s..1941 M N
e
75
7 4 % June'18
76
Southw Dlv 1 gold 3448.1925 J J 8 3
st
8334 8312 A u g ’ 18 _____ 81
85
Cent Ohio R 1 t o g 4 44s..1930 M 3 831?
s
100
Apr 17
Cl Lor & \V con 1 g 5s..1933 A O 9312
st
93>2 A u g ’ 18 _____
9 3 % 90>2
1 0 1 'i N o v ’ ie
Monon River 1 t gu g 5s..1919 F A
s
Ohio River R R 1s g 5s... 1936 J D
t
9 9 U O o t ’ 17
9 ii2
General gold 5s_____ 1937 A o 8 3
88
88
M a y ’ i 8 _____
88
88
Pitts CIov & Tol 1 g 6s..1922 A O 9 9 _____ 9 9 i* M a r ’ 18 . . . . 99 % 991*
st
Buffalo R & P gen g 5s_ 1937 M 5 991* 107
_
997* J u n e’ 18 __
997*
99
Consol 4 449.......... 1957 71 N 87*2 9912 9 9 '2 O ot T 7
All & West 1 t g 4s gu_ 1998 A O 7434
s
_
97
N o v ’ 10
Clear & Mah 1 t gu g 5s..1943 J J
s
10318 F e b '1 0
Roch & Pitts 1 t gold 6s..1921 F A 1007a
s
101
10 3
101
M a y '1 8
.Consol 1s g 6s______ 1922 J D 1007*
t
10312 A p r ’ 18
not* 1031*
Canada Sou cons gu A 5s...1902 A O 8534 807* 8 6
807*
4 80
913*
Car Clinch & Ohio 1 t 30-yr 5s ’ J D 7 8
s
38
84
84
D e o 17
Central of Ga 1 tgold 5s...pl945 F A 9 3
s
Salo 9 8
98
1 96% 98
Consol gold 5s........ 1945 M i N
A u g ’ 18
87
8 9 i2 9 0
90
25
Chatt Dlv pur money g 4s 1951 1 i:
80
78
A u g ’ 17
05
Mao & Nor Dlv 1 t g 5s..1946 J J 8 5 l2
s
90
M a y ’ 18
90
90
Mkl Ga & Atl Dlv 5s... 1947 J J 851* IO U 2 9 7 % Jun e’ 17
Mobile Dlv 1s g 5s____ 1946 J J 8 4 % 8 7
t
84*2 A u g ’ 18
84% 84%
_____
Cent R R & B of Ga c l g 5s.1937 (VI N
ol
83
June'18 _____
82
83
83
CeutoN I
{old Jfs___1987 J J 101
10 1
Salo 101
101
5 HMI
Registered........ A1987 q J
in n u l o t
101
J u ly ’ 18
A m Dock & Imp gu 5s__1921 j J 981* 1001* 9 9 %
1 93
991*
99%
Lehj* Hud Rtv gen gu 5s ’ J J 9 514100 100 A pr 'I s
20
100 10 0
N
Long Br gon g 4s..1941 M 8 9 3
10 0% Jan ’ 13
Cent Vermont 1 t gu g 4s __el920 q F 6 0
s
07
A u g ’ 18
67%
05
Chesa A O fund A impt 5s ..1929 j J 9 0 % Sale 90'.i
3 80
90%
94
1 t consol’
s
gold 5s______ 1939 (VI N
953* 9 5 %
95%
8
94 % 100%
Registered_________ 1939 (VI N
96
10 4% Jan ’ 17

Price
Friday
Aug. 3 0

Bonds.
Sold

Price
Friday
Aug. 3 0

bonds
Sold

BONDS
N. Y. S T O C K E X C H A N G E
Week Ending Aug. 30.

e e k ly
a n d
Y e a r ly
interest and defaulted bonds.

Jo t

Interest
Period

N e w
Y o r k
S t o c k
E x c h a n g e —
B o n d
R e c o r d ,
F r id a y , W
the Exchange method o f quoting bonds was changed and prices are now— "a n d interest"— except

1909

Interest
Period

8 9 0
In Jan.

497*
13
83%
837*
73%
95%
85

53%
86%
H5%
Salo
98

50%
50 %
13
J u ly ’ 18
88
J u ly '1 8
85%
85%
73%
733*
90
90

85

94

7 4 % 747*
71
1 0 0 % 103
101
00
95
95
8 8 % _____
93%
102%

i

5
10
1

85
60
90

F ob ’ 1C
747*
J u ly ’ 18
A u g ’ 18
J an '18
Fob ’ 08

10

73% 75%
1 0 05 . 1021?
98
95
933;
93%

♦ op Friday; latest thisw aDueJan. dDueApril. s D oM yD
N rice
eek.
u ay. uoJuno. ADoJuly. *D
u
uoAug. oD ct. j) D oN jDueDeo. sO
uoO
u ov.
ptlonsale


891

New York Bond Record— Continued— Page 2

A u g . 31 1918.]

Week's
Range or
Last Sale

Price
Friday

BONDS
N . Y . STOCK EXC H AN G E
W e e k ending A u g . 3 0 .

Aug.

Did
D ela w a re & H u d s o n —
1st lien equip g 4 M s --------------1922 J
J
1st & ref 4 s __________________ 1 0 43 IV N
I
2 0 -y e a r c on v 5 9 _____________ 19 35 A O
A lb & S usq c on v 3 M s --------- 1 9 16 A O
R e a ss & S aratog a 1st 7 9 .- 1 9 2 1 M N
D e n v e r & Rio G ran d e—
J
1st cons g 4 s ________________ 1936
J
C o n sol gold 4 M s ___________ 1936
D
Im p ro v e m e n t gold 59-------- 1928
A
1st & refunding 59__________1955
D
R io G r June 1st gu g 5 9 . . -1 9 3 9
J
R io G r S ou 1st gold 4 s --------1940
J
G u a ra n tee d _______________ 19-10
J
lll o G r W e s t 1st go ld I s . . 1939
M t g e & coll tru st 4a A . . 1919
D
D e t A M a c k — 1st Hen g I s . -1 9 9 5
D
G o ld 4 9 ........................................ 1995
D e t R lv T u n T e r T u n 4 M s . -1 9 6 1 IW N
J
D u l M lssa b e A N o r gen 5 9 .- 1 9 4 1 J
D u l A Iron R a n ge 1st 5a_____1937 A O
R egistered___________________ 1937 A O
J
D u l S ou Shore A A tl g 5 s — 1937 J
E lgin Joliet A E a s t 1st g 5 9 .- 1 9 1 1 M N
Erie 1st consol gold 7 s ________ 19 20 M S
N Y A Erio 1st ex t g 4 s . . -1 9 4 7 M N
2d ex t gold 5 s _______________ 19 19 M
M S
I
3d ext go ld 4 M s ____________ 1923 IV S
4 t h ex t gold 5 s ______________1920 A O
5 th oxt gold 4 s ______________1928 J D
N Y L E A W 1st g Td 7 9 - - 1 9 2 0 M S
E rie 1st cons g 4 s prior___ 1996 J
J
R egistered .................
19 96 J
J
1st consol gen lien g 4 s . 1996 J
J
R egistered _____________ 1996 J
J
Pen n coll tru st gold 4 9 - . 1951 F A
5 0 -y e a r c o n v 4 s Ser A . .1 9 5 3 A O
do
Series U ___________ 1953 A O
G en conv 4a Series D ___ 1953 A O
C h ic A Erie 1st gold 5 s ___ 1982 IV N
I
C lc v A M a h o n V a il r 5 a . . 1938 J
J
Erlo A Jersey 1st s t 6 s ____ 1 9 5 5 J
J
G enesee R iver 1st s f 69 ____ 1957 J
J
I.o n g D o c k consol g 6 s ------- 1935 A O
C o a l A R R 1st cur gu O s .-1 9 2 2 IV N
I
D o c k A Im p t 1st ex t 5 s — 1943 J
J
N Y A G reen I. gu g 5 9 . — 1946 IV N
I
N Y S usq A \V 1st ref 5 s . . 1937 J
J
2d gold 4 M 3 .........
1937 F A
G eneral gold 5 s ---------------19 40 F
A
T e rm in a l 1st gold 5 s — 19 43 IV N
I
M id o f N J 1st ex t 5 9 --------- 1 9 4 0 A O
W llk A E ast 1st gu g 5 s . - 1 9 4 2 J D
E v A In d 1st cons gu g 6 S . . 1 9 2 6 J
J
E v a n sv A T II 1st cons 69 - - 1 9 2 1 J
J
1st general go ld 5 9 -------------1942 A O
M t Vernon 1st gold 6 s — 1923 A O
Sull C o B ranch 1st g 5 s . . 19 30 A O
F lo rid a E C o a st 1st 4 M S - - - 1 9 5 9 J D
F ort S t U D C o 1st g 4 ) ^ 9 . - 1 9 4 1 J
J
F t W o r th A R io G r 1st g 4 9 -1 9 2 8 J
J
G a lv IIo u s A U o n 1st 5 s ------- 1933 A O
G re a t N o r C B A Q coll 4 s . . 1 9 2 1 J
J
Registered _______________5 1 9 2 1 C
J J
1st A ref 4 ) ^ 9 Series A .1 9 6 1 J J
J
R egistered------------------------- 1961 J
S t P aul M A M a n 4a........... 1933 J
J
1st consol g 69 -----------------19 33 J
J
Registered .........................19 33 J
J
Reduced to gold 4 H a . 1933 J
J
R egistered ___________1933 J
J
M o n t ext 1st gold 4 s — 19 37 J D
R egistered ........................ 1937 J D
Pacific ex t gu ar 4 s £ — 1 9 4 0 J
J
E M in n N o r D lv 1st R 4 8 - - 1 9 4 8 A O
M in n U n ion 1st g 69 ---------- 1922 J
J
J
M o n t C 1st gu g 6 s _________ 1937 J
Registered___________1937 J
J
J
1st guar go ld 5 s --------- 1937 J
W ill A S F 1st gold 5 S ..1 9 3 8 1
D
G reen B a y A W d eb c tfs " A ” --------l e b
D e b en tu re c tfs " B ” _____________ l ' el}
G u lf A S I 1st ref A t g 5 s . .6 1 9 5 2 J
J
J
H o c k in g V a l 1st co n s g 4 M s 1999 J
J
Registered__________________ 1999 J
O
C o l A II V 1st e x t g 4 s ____ 1948 A
A
C o l A T o l 1st oxt 4 a .............1955 F
J
H o u sto n B elt A T e r m 1st 5 s . 1937 J
J
Illinois C en tra l 1st go ld 4 a . - 1 9 5 1
J
Reglatercd__________________ 1 9 5 l;J
J
1st gold 3 M s ________________1 9 5 1 1J
J
Registered..................... ....... 1951! J
O
E x ten d ed 1st gold 3 M 8 ___1 9 5 l[A
o
R egistered______ _________ 1J51|A
1st gold 3s sterlin g _________1951,1V!
s
R egistered ________________1951 IV
I
o
C o lla tera l tru st go ld 4 s ___1952 A
o
Registered ________________1952
1st refunding 4 s ___________ 1955 M N
Purchased lines 3 M s ______1952 J
J
I . N O A T e x a s gold - l a .- . 1 9 5 3 M N
R eg istered ________________ 1953 M N
D
C a iro Bridge gold 4 s ___1950 J
J
L itchfield D iv 1st gold 3 3 .1 9 5 1 J
L ou lsv D lv A T e r m g 3 M s 1953 J
J
R egistered________________ 19 53 J
J
M id d le D iv reg 5 9 ---------------1921 F
O m a h a D lv 1st go ld 3 s — 1951 F
A
S t Loula D lv A T e r m g 3 s . 1951 J
J
G o ld 3 H a .............................. 1951 J
J
Registered ..............................1951 J
J
S p rin g f D lv 1st g 3 M s ------- 1951 J
J
W e ste rn lines 1st g 4 9 -------- 1951 t
A
I v R eg istered --------------------------1951 1
'
A
B ello v A C a r 1st 6 s ..............19 23 J D
C a r b A S haw 1st go ld 4 9 . - 1 9 3 2 M 3
C lilo S t I. A N O gold 5 9 . . 1951 J D
R e g istered ________________ 1951 J D
G o ld 3 M s ..............................1951 \
R e g istered ................ — 1951 J
J oin t 1st ref 5s Series A . 1963 J
M o m p h D lv 1st g 4a___ 19 51 J
R eglatercd________________ 1951 J
S t L ou is Sou 1st gu g 4 s . .1 9 3 1 M
In d 111 A Iow a 1st g 4 s _______ 1950 J
In t A G re a t N o r 1st g 6 9 _____ 19 19 M
J am es Frank A C lea r 1st 4 s . 1 9 59 J
K a n s a s C ity S ou 1st gold 3 s . 1950 A
R eg istered ___________________ 1950 A
R e f A lm p t 5 s . ............. A p r 1950 J
K a n sa s C ity T e r m la t 4 s . . . I 9 6 0 J
LakOiErlo A W e s t 1st g 5 9 . . 1937 J
2d gold 5 9 .............................. 1941 J
N o r th O h io 1st guar g 5 S .. 1 9 4 5 A
Lch V a l N Y 1st gu g 4 M s - . 1940 J
R eglatercd...........................
19 40 J
Lehigh V a l (P a ) cons g I s . .2 0 0 3 IV
I
G eneral cons 4 M 8 _________ 2 0 0 3 IV
I

o

s

30
A sk

Low

% J

J u ly ’ 18
A u g ’ 18
J u ly ’ 18 _____
l
72>
,1
A u g ’ 18

07
67
71%
71% 73
70
70%
54% 5334
54
37
95
—

10

6 U4

63% 05
5034 55
78
89
76%
74
92% ___
92%
90
87% __ _
100%
78%
93

100
86

94% 96

39
63
50
82
75%
7 5 's
9034
97
1 0 5%
87
93%
100%
78
90%
93%
99%

9434

1 0 0%
*97%
Sale 00
06

* 53'

53%

7812
49
49
51%
85%

Sale

79%
49%
52%
91

84
53
73
78%
49 %
49
52
90
1 0 0%

100

100

90

100 %

103%

___

99
82%
88
*80
70
80
76%

59

86

65

72

~9'0* 97
52 —
74% 82
55
88

94

Sale

87*4 — 84%
102 %
99%
91% 92
85%
82
81%
80% —

931.1
80 '
85*2

86 %
90
7a

69
71%
76U
50

67
60 %
08
A u g ’ 18
1 70
70
1 48%
5 3 3i
A u g '1 7
Apr ’ l l
J u l y '1 7 _____
1 03
67%
63
55
50
J u ly ’ 18 ____
D e e '1 6
July TO
A u g '1 8
9034 9 7 %
Jun o’ 18
97
97
M a y '1 8
M a r '0 8
82
87
M u r ’ 18
93%
90
J im e '1 8
100 101
J u !y ’ 18
Apr T 8
90% 90%
J u n o '1 8
93% 95
Jan ' 18 _____
J uly T 7
N o v '1 5
_ 100 % 100 %
J u ly '1 8
1 05
09
06
D e o TO
25
49% 57%
53%
J u n e’ 10
75% 79
A u g ’ 18 ___ _
5
42
50
4912
19
42 % 49 %
49%
20
48% 56
52 %
87*4 9 3
J u ly ’ 18 ___ Jan '1 7 ----- -M a y '1 8
9812 [no
A u g T 8 ____
96
90
N o v '1 7 ____
Jan '1 8 _____ 103
103
___ _
J u ly '1 7
Jan '1 8 _____
85
85
J u ly ’ 18 ___ 74
80
D e e '0 6
J u n e'1 8
61
00
Jun '17
....
Jan '17
3
65 %
02 ‘
06
Jan ’ 17
N o v '1 7
Jun o’ 17
N o v 'll
J u n o'12
J
81
81%

81%
—

74%

J

95
93%

92%

1

95

,

80

2
—

70
71%
72

71
70%
72

_____

04%

... 71

Jasper Branch 1st g 6 s ___ 1923

75
95

77

63%
01 % __ _
63%
01 %

77

J u l y '0 9

77

77% Sale 7 7 %
71
04% 68
74
74
72
72
70
73% 76% 8 9
79
58
60%
66% —

—

83

95%
58%
60
05%
02%

—

96

__
_

—

02

—
—
_____
—
_____
_____
_____
_____
_____
____

60%
79%
78*4

03% — 85% 85*4
6812 75
76%
74%
90%
80
59%

A

102

___

*-*

___
___

90
97
114

61%

03

78%

79

97

98

.

__

—
_____

60
63
78%
73

00

6512

05%

851 2

91

80

80

90’

4

85%
70%
05
89
89

95%
90

79
78
71% 73
83% 85
___ 80
81
92
86
80% ___
78
74
82% 88

M
F
A
M
M
J
M

78%

07%
87

93%

i
---"

1
78

J

98%
97%
77%
72
______
90%
81%
71%
85
71%

68 %
71
95
95
82

88
105%
97
83%

100 %
102
93%
72%
1 0 1%
57%
74%
94%
101%
75
90%
83%
69
90 %
79%
100%
93%
84%
61%

N a t of M o x prior lien 4 M s . -1 9 2 6
1st consol 4 s ________________ 1951
N e w Orleans T e r m 1st 4 s ___ 1953
N O T o x A M e x ico 1st 6 s . . .1 9 2 5
N o n -c u m Incom e 5s A _____1935
N e w Y o rk C en tral R R —
C o n v deb 6 s ................ ............ 1935
C on sol 4 s Series A _________ 1998
R e f A Im p 4 M s " A ” ........... 2 0 1 3
N ow Y ork C en t A H u d R lv —
G u a r 3 M s .................................. 1997
R egistered.............................1997
D e b en tu re gold 4 s _________ 1931

J
J
A
j

A
J
J
A

N
A
O
N
S
D
S
A
A
A
S
M
S
N
A
1)
A
J
O
o
J
J
N
S
D
J
S
A
D
J
O
J

o
J
o
J
D
O

Ask Low

101
71
45
45%

10 2
M a r ’ 18
113
M a r '1 7
Sale 9 8 %
99
103
99
A u g ’ 18
105
O ct T 3
_____
—
70
J u ly ’ 18
. . ----_____
A p r '1 8
96% 95
87
71*4
71%
90
90
J u ly '1 7
99% O ct ’ 06
78
71%
71%
8 6 % 9 7 Jan T 8
72
71
A u g ’ 18
72% A ug T 8
95
Jan ’ l l
1 0 3% A p r T 8
______ 9 2 % A p r T 8
100
A u g '1 6
90
M a r ’ 18
94
11 0% J u ly ’ 18
9 3 % J u ly ’ 18
84
Sale S 3 %
9 6 % Jan ' 17
96
J u ly ’ 18
_____ 1 0 0 % A u g ’ 18
87
Apr T 8
91
10 6
A u g '1 7
104% Feb T 7
90% Apr T 2
101%
1 0 1%
5 7 % J u ly '1 8
77
9 5 % J u ly '1 8
10 2
102%
7 7 % 74*4 A u g T 8
90%
S a l? 90
8 3 % A u g '1 8
6 8 % Jun e’ 18
95
Fen '05
95
95
9 7 % M a y '1 6
108*2 1 0 1 % J u ly '1 8
99
A p r '1 8
100
9 3 % Jan T 8
60
J u ly ’ 18

76%
45%
80%

10 1
10 3
79
45%
44%
60
81%
81
46% 46
82% 83
92
79*4
45*4
47

2

71%

72%

5
—
----- -_____

71
97
70
72%

71%
97
75
7912

_____
____
_____
__ - -

20
_____
—
____

96
87

99
87

— _J _____ _____
1 1 0 0% 1 0 1 %
_____
58%
57%
74
80%
_____
95% 95%
2 102
102%
73
74*4
5
90
96
--------1 8 3 % 8 3 %
—
67%
68%

1
—
—
—
—

95

96*4

101% 102%
99
1H
J
93% 93%
60
60

M a r ’ 10

10 4
J u ly ’ 18 _____ 101
O c t '1 6
A u g ’ IS
74
79*4
8
41
46
45*2
46
A u g T 8 --------j 4 0
Feb T 5
75% 8 1 %
J u n e'1 8
16
46%
40% 46%
86%
A u g ’ 18 —
83
Jan 17

_____
38%
26

58
36%
56%
49%

Deo T 6
2
61%
Aug T 8 —
N«>v’ 17 ___ _
Aug T 8 —
M a y ’ 18
6
26%
N o v 16

69%
58
36
55%
49%
61
40

Apr
Jan
Apr
Dec
Aug
D eo
Jan

26*2
37%
40
02

52%
60

30
81
89%
85%
57%

83*4
90
87%
Sale
99

58

63
79

72
83

84
90
85%
57 i2
98*4
60
82
10 0
97%
79%

91%
10 2
75% 76% 76%
80%
70
71% 71%
80
78
102
100
10 1
9 2 % 19 6% 9 5
65
61
8334
93
90
84
77
73
96
100
9 9 % 103% 1 1 0%
30
30
30
96%
21
21
62%
63
9 2 % Salo 9 2 %
Sale 4 6
49
91%

93%

H
S

68
78

60%
60

81
84%

61*4
61%
64*4
69%

9 3 78
69
80
69%
66%
77%
92
65%
61
63%
75

'1 7
'1 8
'1 8
'1 7
T8
T6
*18

_____
—
....
----- --

60%
28

64%
35

40
41
25%

45
42
34

58
30
_

49

58
37
- 56*4

40

A u g ’ IS ----- -6
90
2
85%
131
58%
1
98*4
J u ly '1 7
A p r '1 7
F e b '1 3
Dec T 3
J u ly '1 8

40

79
90
85%
55%
98%

86
92
90
59*4
99%

78%

80

A u g ’ 18
90*2 9 5 %
J u l y '1 4
6
76%
7 2 % 76*4
O c t '1 7
1
66% 72
71*2
S o p t’ 15
A u g T 8 _____ 101
1 0 2 t2
M a y '1 8 . . . .
92
95
A u g '1 8 - - - 65
65 2
J u l y '1 7
A u g '1 7
D e o '1 7
9 7 i» 101
_____ _____
M a r ’ 17 ____
M a y '1 7
F e b T 3 ____
6
21
Aug T 8 . . . .
1
92%
49*2 113

21
60
92
40

_____
21
64
94%
4978

35
2
7

91%
69
80

95
75
85

A u g '1 8
A u g T 8 _____
4
77*2
D e o '1 6
J u ly '1 8 - - - M a y '1 8
A u g ’ 18 _____
M a r '1 7

69%
66%
74*4

74*4
71%
81%

01
61
62%

65%
61
68%

72%

79%

95%

95%

94%
69
81

_____
92

9534 N ov* 16
10 4
M a y '1 6
*

0
6 8 % _____

89

N o v '1 6

70%
68
66%
92% —

73
89%
80
95%

A u g '1 8
F e b TC
M a y ’ 17
Jun e’ 18 —

D
M o ll A M a i 1st gu g 4 s ___ 1991 M
87 °

90%

s

A
N Y A H arle m g 3 M s . .2 0 0 0 IV N
I
N Y A N orth e rn 1st g 5 s . 19 23 A O

3 *No ploFia;lts bda dakdti we , aD oJn 6D e Fb 0D oJn, hDu Jl, nD eSp. 0D eOt sO t o sl.
,
rc rdy aet i n se hs ek
u a. u e . u u e
o uy
u et
u c. p i n ae



9 2 l2 92%
_____ - - - .
87% 90
109
110 %
93% 94%
83
88%

100 % 100 %

61%
30%
3 2 ‘>s
40
42
26%
40

69%
66%
77%

D

_ . _____
70
70
- - ■ . - .
91*4 9 5

95

J

J
J

102

9 8 % 99
9 6 % 101
.

____
—
—
—

61%
34*2
32
41

S 3le
69 %
81

78
92
....

67 7
—

94%
61%
30 %

94%
69
77*2

J
J
IV N
I
M N
L ak e Shoro coll g 3 M s _____1998 F A
F
A
A
M ic h C e n t coll gold 3 M s . - 199S F
F
A
D
B a ttle C r A S tu r 1st gu 3 s . 1989 J
J
J
J
J

102

----

83

IV N
I
F
A
A O
J

Range
Since
Jan. 1

1

*

High No. Low High

100

77

30
K a n C ity A P ae 1st g 4 9 . . 1990
M o K A E la t gu g 5 s _____1942
M K A O k la 1st guar 5 s . . 1942
M K A T o f T 1st gu g 5 s . 1942

72%

1

70%
70% __
80% ___
90
85

7
’ 9%
75
83
74% 78
73% 73%

D
O
N
S
F
J
D
S
J
N

J
o

M issou ri Pacific (rcorg C o )—
1st A refunding 5s Ser A . . 1965 F
1st A refunding 5s Ser B i . 1923 F
1st A refunding 5s Ser C . .1 9 2 6 F
M
M issou ri l ’ ac 1st cons g 6 s . .1 9 2 0 M
IV
I
M
F
J
F
J
A
A
J
J
I
R lv A G - D l v 1st g 4 s . . . 1933 IV
M
M o b A O h io new gold 6 s _____1927 j
1st ex t gold 6 s _____________ 5 1 92 7 Q
G eneral gold 4 s _____________ 1938 M
F
J
J

7%
76
75

J

N
D
N
.J
J
A
S
s
N
□
S
J
o
s
J
J
A
J
A
A
O
s
N
s
s
D

D
A
N
S

' ' "

1 0 5% 10 5%

j
J
J
s
s
J
J
D
s
I)
s
D
N
S
S
o
s
J
s
D
N
J

G e n sinking fund 4 M s ___ 1936 J
A

100 % 100 %

103%

_____

o
o

1st gold 4 3 ___________________1990 j
2 d gold 4 s ................ ...............£11990 F
M
1st A refunding Is _________ 2 0 01 M

85

Week's
Range or
Last Sale

Price
Friday
Aug. 3 0

^4

Bid

90
110%
10 3
10 2%
85
75
100 %
60
10 8
10 3
05%
23%
97
85%
108
95
81%
92
^
5 0 % O c t '1 7
8 5 % J u n e'li _____
139
93%
91
9 It 2
92
9 3 % A u g ’ ll
13
8734 873
90
96
June ’ 10
8 9 % A p r '1 8 . _ _
80% 89%
108
A p r T 8 - - - - 108
108
118
A p r '1 7
91% 95

79%
7% 8 %
74% 70
75
74

P

L ch V T e r m R y 1st gu g 5 s . . 1 9 41 A
A
L e h V a l R R lO yr coll 6 s . . n l 9 2 8
L e h V a l C o a l C o 1st gu g 5 s . 1933 j
J
1st int reduced to 4 s ______ 1933 J
L e h A N Y 1st gu ar g 4 s _____1945 M
R e gistered ___________________1945 M
L on g Isld 1st cons gold 5 s . .5 1 9 3 1 Q
()
G eneral gold 4 s ____________1938 j '
M
J
Unified gold 4 s ........................ 1949 M
D e b en tu re g o ld 5 s _________ 1934 J
2 0 -y e a r p m d eb 5 s ________1937 M
IV
I
M
A
N Y A R B 1st gold 5 s _____1927 M
N o r Sh B 1st con g gu 5 9 .o l9 .3 2 Q
M
L ou isville A N a sh v gen 6 s . . 19 3 0 J
G o ld 5 s ...................................... 1937 M
U n ified gold 4 s ........................1940 J
J
C o lla te ra l tru st gold 5 s ___ 1931 M
E II A N a sh 1st g 6 3 --------- 1919 J
M
J
2 d gold 6 3 ________________ 1930 J
P aducah A M e m D lv 4 s . .1 9 1 6 F
M
2d gold 3 s _____.1 _________ 19S0 r<i
IV
I
A tl K n o x A N o r 1st g 5 s . .1 9 4 6 J
H en d cr B d g e 1st s f g 6 s . . 1931 M
K e n tu c k y C en tral gold 4 s . 1987 J
L ex A E a st 1st 5 0 -y r 5s gu 1965 A
L A N A M A M 1st g 4 M s 1945 M
L A N -S o u th M Joint 4 s . . 1952 J
Q
N F la A S 1st gu g 5 s ........... 1937 F
N A C B d g e gen gu g 4 M s . 1945 J
P en sac A A tl 1st gu g 6 s . . 1921 F
S A N A la cons gu g 5 s . . .1 9 3 6 F
G e n cons gu 5 0 -y e a r 5 3 .1 9 6 3 A
I
L A Jeff B dg e C o gu g 4 9 ___ 19 45 IV
M
M
M
J
M in n e apolis A S t L ou is—
1st gold 7 s .................................. 1927 j
P acific K x t la t f?old fia
1021 A
M
1st A refunding gold 4 s . . . 1 9 4 9 M
R e f A oxt 5 0 -y r 5s Ser A . . 1962 Q
J
J
M
M S t P & S S M c o n g t s l n t g u . 1938 J
M

94

101 % 16 1 % .

100 %

75

BONDS
N . Y . STOCK E X C H A N G E
W e e k en ding A u g . 3 0 .

High No. Low High

933s
93% 97
80
SO
79
85% 8 8 % 86 %
72%
70% 75
IO U 2
101 %

6684

"S
3

Range
Since
Jan 1

■«3

-

Did

N Y C e n t & II R U R (Con.)—
N Y & Pu 1st cona gu g 4 s . 1993 A

o

R \V & O con 1st e x t 5 S --f t l9 2 2 A

6

R u t-C a n a ila 1st g u g 4 3 -1 9 4 9 J
J
2 d go ld fia
10 96 A
U tic a <& B lk R lv gu g 4 3 .- 1 9 2 2 j

j
j
j

5 3 ___ 1938 J

)

A
J
J
r«i
R e g istered ________________ 1931 Q
43 . ............................................ 1 9 1 0 J

o
J
J
s
(V
I
J

frl
A
A
A
M
J
J

N
o
o
o
N
J
J

2 0 -y e a r d eben tu re 4 s ___ 1929
N Y C h ic * S t L 1st g 4s .1 9 3 7
R e g istered ................ ............ 1937
D e b en tu re I s ____________1931
W e s t Shoro 1st 4s g u a r___ 2 3 0 1
R e g istered ..................... ....... 2 3 0 1

J
J
A
N Y C o n n ec t 1st gu 4 M 3 A . . 1953 F
N Y N H * H a rtfo rd —
IY s
1
M s
N o n -c o n v d eben 3 M 3 _____1954 A o
J
N o n -c o n v deben 4 s _______ 1955 J
M N
C o n v d eben tu re 6 s _________ 1948 j
F

j

A

j
A

n a r l e m R - P t d i e s 1st 4 s . 1954 M

N

90
91 %
101 %
101%
89
70

70
80%
77
75%
63
731.1
71%

J
J
j
M
JT N
V
N
A o
j
N Y W ’ chea& B ls t s c r 1 4 M s 1 9 4 0 j
O
j
j
J
j
N
J
J
s
J
J
M
J
N o r fo lk Sou 1st & ref A 5 3 . . 1901 F
[Y
l
V
N o r f & W e s t gen go ld 6 s _____1931 1 1
F

s
D
A
N
A
A

N & W R y 1st cons g 4 s . .1 9 9 6 A
A
D l v ’ l 1st Hen * gen g 4 8 .1 9 4 1 j
j
M
1 0 -2 5 -y c a r conv 4 } $ s ___ 1 9 3 8 NI
P o c a h C & C Joint 4 s . . . 1941 J
J
S clo V & N E 1st gu g 4 s . . 1989 M

o
O
j
D
ft
s
D
J
N

ra ilw a y & lan d gra n t g 4 3 .1 9 9 7 Q
R e g istered ________________ 19 97 Q
G e n eral lien gold 3 3 ______ a 2 0 17 Q
o
J
S t P a u l-D u lu tU D lv g 4 3 . .1 9 9 6 .1
S t P * N P gen gold 6 s . . . 1923 F
R eg istered c e r t ific a t e s .. 1923 Q
S t P a u l & D u lu th 1st 5 3 . .1 9 3 1 F
J
Q
J
J
P acific C o n s t C o 1st e 5 s _____19 48 J

J
J
F
F
J
D
A
A
F
D
M
J
J
D
N
S
M
N

C o n so l 4 1 5 3 ............................... 1 9 0 0 F

101
10 3
94

52%
51%
_____
63
85
55

A
D

73
M a y ’ 18 ___
6
85
85%
A u g ’ 18 _____
88% 84
8 3 % N o v ’ 17
____
101 % D ec 'IB
103
M a y ’ 17
13 0% Jan ’09
12 3% M ar* 12
9 9 % A u g ’ 17
92
A p r ’ 18
98
7 4 % A u g ’ 18 ____
87
F eb ’ 14

Salo
78

59%
Sale
89
66
56
58

69%
GO

70

89

5211

53

92
70
72%
82
81%

94%
75
73
87%
86%
_____

1

72%
75%

80%
82

01
73
71%

05
80
76%

____

85%

83

50%
52
55%
fills
82

52
61 %
61
54
90

1 0 6 % M a y ’ 15
87
J u ly ’ 14
83
A u g ’ 13
52%
52%

5

81%
J u ly ’ 18
58 %
Jun e’ 17
J u ly ’ 18
Aug' ’ 18
J u ly ’ 18
S e p t’ 17
O c t ’ 16
M a r ’ 17
D e c '1 0
J u ly ’ 18
72
M a y ’ IS
Feb ’ 17
J u ly ’ 18
A u g *18

81%
_____
58

83
84
86%

84l.i
04%
Sale
80%

78U
84%

J
J

96%
95
70
74 “
74%
821$
78
80
85
93
89%
86 t?
801*
80*2
83U
83%
81

1!) 11

88

90%
97%
87
78
81%
78
37%
80
82%
86
84
87% 80
90%
96%
104
90%
U0%
88%
88
90%
81
89
93
93
98%
92

93
871?
87%
77%
90% 91%
9 0 % 10 0
90 %
90 '
8 9 % 9 0 '2
90

_____

_____
____

60

60

60

73

45

53

63%

68%

60
60
65%
00
81% 84%
1 0 5% 10 6

80

85

71

78%

103% 105%
78% 85%

_____

77%

79 %

48

79
78%
56%

84%
80
01 %

—
3

83
85%
75
74
1 0 0 % 10 3
_____
_____
....
_____
____
_____
_____ 1 0 6% 1 0 8 %
2
75
71
82
95

_____
_____
—

_____

J u ly ’ 18 _____

04%
94%
86%
87
8 9 >2 N o v *1 7
8 4 % Sep ’ 16
92
A u g ’ 17
10 2
Jan ’ 93
92

97
97

1

J u ly ’ 18 _____
N o v ' 10
O c t ’ 17
11
80>2

82% 81
79% 78%
58% 58%
01%
57
83
83
74
81% 74
1 0 1% 10 5
101%
100% 104
103%
10 7
93%
07 % 83
88%
01
36%
85
1 0 5% 1 0 8% 1 0 6 %
71%
70% 72
_____
79% 84%
100%
100
93%
93%
100

10 4%
78
95%
71%

6

A p r '1 8
05%

A u g ’ 18
M a y ’ 17
M a y ’ 17
J u ly ’ 18
J u ly ’ 18
S e p t’ 10
A u g ’ 18

D
D
o
M N
N
rvi N

"

98 %
6 7 14
63
70

2
_____
_____
_____
_____
___ _

73
A u g ’ 18 _____
7 9 % D e o '1 7
74
A p r ’ 17

78
1 2 3%
1 1 7%
103%
78%
83
103
77% 77%

78

J
.1

j
C l & P gen gu 4 M 3 ser A . 1942 j
o
Scries B ........... .......................1942 A
O
A
M N
P
A
J
J
j
j
j
G r R & I ox 1st gu g 4 M s . 1941 j
M s
M N
j
J
j
j
M s
o
P C C & S t L g u 4 M 3 A . .1 9 4 0 A
A o
,\[ N
■ Series D 4a g u a r_________ 19 45 M N
A
! Scries E 3 M s gu ar g o l d . 1949 F
J
D

90%
671-i
60
70

92
75

631*

S

J
J

74%

92
74%

S e p t '17
O c t ’ 17
A u g ’ 18 _____
1
59
3
59
4
53
8
88%
O ct ’ 17
J an ’ 12
J u ly ’ 18 _____

6312
621g 6 4
*6 3
50
60
"0 5
65%
65%
82%
1 0 1 % 10 6
1 0 5%
1 0 2% ina7o 12 2
10 2l»
10718
8 0 " Sale 8 0

High

72%

S e p t’ 17
A p r ’ 10
D e o ’ 13
F e b ’ 14

M

cull liu s t scr

56
50
51
59
59
53
86
50
91%
60

J u ly ’ 17
80%
A u g '1 8
N o v ’ 17
A u g ’ 18
A u g ’ 18
A u g ’ IS
Jan ’ 17
J u l y ’ 17
M a y ’ 18

70
57
99%
88%

8U g
83%

G u ilr 3

Jan 18 _____
N o v ’ 16 ____
N o v ’ 16
A p r ’ 18

73
71

79%
80%
77
85
65
65
74
70
75% 71%
10 0%
100
98%
77% 85% 85%

j
O

N o n -c o n v d eben 4.3_____1955

70

3
0

93% 93%
10 0
100
88
843a
04%
86%

88
90
09
92

D e c ’ 17
96%
J u ly ’ 18
F e b ’ 17
.Tuly'18
J u ly ’ 17
D e o '1 0
J u ly ’ 18
Jun o’ 18
O c t ’ 17
M a y ’ 17
M a y ’ IS
D eo ’ 15
F e b '12
O c t '12
Feb ’ 17
A p r '1 7
J u l y ’ 12
A u g ’ 18
M ay’ll
M a y ’ 10
A p r ’ 17
D e o ’ 17

3
—

90%
05%

98%
97%
78

_____

____
....

___ _

821s
84 '

96%

81

84
84

90%
_____

81

9 1 % A u g ’ 18
9 1 % Ju n o’ 18

91%
91%

92%
91%

90
A u g ’ 18
8 9 % A u g ’ 18
8 5 % M a y ’ 17

88
87

90
90

------

■■
■■

BONDS
N . Y . STOCK EXC H A N G E
W e e k E n d in g A u g . 3 0 .

1,
11
1 Period

Range
Since
Jan. 1

High No. Low

7 4 % M a r '1 8 ____
113
M ay* 15
98
J u ly ’ 18 _____

60
55
82
91
72
65
85
84

- ---------------

Week's
Range or
Last Sale

Ask Low

67<g
m l
94%

o

D
R e g istered .............................1997 j
S
D e b en tu re go ld 4 s ______ 19 28 M
V
2 5 -y e a r gold 4 3 __________ 1931 1 1 N
K a A & G R 1st gu c

Price
Friday
Aug. 3 0

■ -■

I Interest

BONDS
N . Y . STOCK EXC H AN G E
W e e k E n d in g A u g . 3 0 .

Interest
Period

.. -

Price
Friday
Aug. 3 0
Bid

P C C A S t I - (Con.)
Series G 4 s g u a r_________1 )5 7

M
F
C S t I- S P 1st cons g 5 s l l l 9 3 2 A
t
q
M
Pero M a r q u e tte 1st Ser A 5 s . 1956
1st Series B 4 s _____________ 1956
J
P itts SU & L E 1st g 5 s ........... 1 9 4 0 A
J
R ead in g C o gen gold 4 s _____1997 J
R egistered________________ 1997 J
Jersey C en tral co ll g 4 s . . . 1951 A
J
S t Jos & G re en Isl 1st g 4 s . _ 1947 J

0

.1

90%
93

Sale
84%
50

F
N

J
O

)
J

J
O
J
J

D
D
s
A
D

0
N
N
N
N
J
O
N
j
j

j

0
j

rt
J

0
j
j
j
J

0
s
J
J
J
D
J
J
J

96
90
82
80%
______
60

-

Sale
82%
81%
____

[V o l . 1 07 .
-----■■=«

Week’s
Range or
Last Sale

Ask Low

90
90%
97%

80%
0353

N
A

J
J
J
J
A O
O ct
J
S t I-ouls * S a n F r a n gen 6 s . 1931 J
J
G eneral gold 5 s . . ..............1931 J
J
1
A
IV
1
N
0
K C F t S & M R y ref g 4 s l 9 3 6 A
K C < M R & B 1st gu 5 S .1 9 2 9 A 0
fc
S t L S W 1st g 4 s b ond c t f s . . 1989 M ft
j
2 d g 4s Incom e b on d c t f a .p io s o J
C on sol gold 4 s _____________ 1932 J
D
J
1st term inal & unifyin g 5 s . 1952 J
J
J
J
j
S F * N P 1st sk fd g 5 s _____1919 J
Seaboard A ir Lino g 4 s ______ 1950 A 0
A O
A
F
R e fu n d in g 4 s ...........................1959 A 0
A t l B Irm 3 0 -y r 1st g 4 s . . e l 9 3 3 M s
J
J
J
J
1st land gran t e x t g 5 s . . 1930 J
J
J
J
J
J
G a C ar & N o 1st gu g 5 s . . 1929 J
J
J
G o ld 4s (C e n t P ac c o ll)..A 1 9 4 9 J
J
M
J D
F
F
A
J
T h r o u g h S t L 1st gu 4 s . 1954 A
IM
j
j
1
G ila V G A N 1st gu g 5s
1924 IY
H o u s E & W T 1st g 5a
1933 r.i
(V
I
II A T C 1st g 5s ln t gu
1937 J
A
fill
J
Lou isiana W e s t 1st 63
1921 J
M o r g a n ’s L a A T 1st 6 s . . 1920 J
A
O re A C a l 1st guar g 5 s . . . 1 9 2 7 J
M
J
San Fran T c r m l 1st 4 s . _ _ I 9 6 0 A
J
So P ac R R 1st ref 4 s ______ 1955 J
J
J
D e v e lo p A gen 4 s Ser A ___ 1950 A
M o b A O h io coll tr g 4 s ___ 1938 M
M e m D iv 1st g 4 M s - 5 s . . . 1990 J
S t Lou is d lv 1st g '48______ 1951 J

-

Bonds
Sold

New York Bond Record— Continued— Page 3
........ —

Bonds
Sold

892
....

High No. Low High

90
A u g ’ 18 —
0 2 % O c t '1 7
1 0 0 % M a y ’ IS _____
100
J u n e ’ 17
87
M a r ’ 16
13
80%
81
12
64
64%
45
J u ly ’ 18
99
Jan '1 8
9 7 1 1 D e o ’ 17
20
81%
82
8 1 % J u n e’ 18
83
A u g ’ 18
63"

63

591,1 Sale 5 9
59%
73
Salo 7 2 %
73%
6 8 % Sale 6 8 I.1
68%
51%
5 U 2 Sale 5 0
102 % _____ 1 0 0 % J u ly ’ 18
96*4 9 7
97
J u ly ’ 18
78
M a y ’ 10
80
90
M a y ’ 17
100
100%
1 0 0% 10 0
6 5 % Sale 0 5 %
65 %
87
92
8 5 % A u g ’ 18
65
05
A u g ’ 18
60
52
_____
55
A u g '1 8
59% 00
59
00
55
58
57%
58
9 8 % Jan ’ 14
55
56
55
A u g ’ 18
10 0
J u n e’ 18
_____
80
67
J u ly '1 8
071.1 7 0
6 8 % J u ly ’ 18
54 % Salo 5 4 %
55
57
Salo 5 6 %
57
03
76
75
M a r ’ 18
78
75
Jun o’ 18

1
71

21
16
G8
_____
—

Salo

79
91%
76%

Salo
92
77

85
87
70
77
UU>8 10 0
97
95
84
95
85
92
9 2 % 10 4
8 9 % 92
93
98
_____ 1 0 4 %
9212
9 1 % _____
9 2 14
90
73
77%
85
7 0 % Salo
8 9 % Salo
63
63
81
04%

Salo
07
66%

A la G t Sou 1st cons A 5 s . . 1943 J
79
87
A tl A Chari A I- 1st A 4 M S 1 9 4 4 J
Sale
91
1st 3 0 -y c a r 5s Scr U _____1944 J
J
J
80
.1 9 4 8 J
2d 4 s ........ ....................
A tl A Y a d 1st g gu ar 4 s . . 1949 A O
J 92% 09%
E T V a A G a D lv g 5 s . . . 1 9 3 0 J
8 9 % 92
C on s 1st gold 5 s . . ........... 1950 M M
85
88
E T e n n reorg lien g 5 s _____1938 M H
. . . .
45
G a M id la n d 1st 3 s _________1910 A O
J 1 0 0 % 103
G a P ac R y 1st g 6 s ..............1922 J
100%
J 10 0
K n o x v A O h io 1st g 6 s . - . 1 9 2 5 J
95
J ____ M o b A B ir prior lion « 5 s . 1945 J
72%
J _____
M o r tg a g e gold 4 s ..............1945 J
103
A O 88
R ich A M e e k 1st gu 4 s ___ 1948 M N
!
98% 99
S o C ar A G a 1st g 5 s ______ 1019 IY N
I
V irginia M id Ser I ) 4 -5 S ..1 9 2 1 (V S
_____
I
03
Series E 5 s .......................... 1920 (V s
[V s
I
I
9 3 % _____
G eneral 5 s . .......................... 1930 (V N
8 1 % _____
J
V a A S o ’ w ’ n 1st gu 5 s . .2 0 0 3 J
A O
6 7 '1 82
W O A W 1st cy gu 4 s
1924 F A
J
J
A O
99 %
83
F
A
8 2 % 89
J
J
75
_____
04
S t L M B ridge T e r gu g 5s -1 9 3 0 A 0
_____
81
T e x a s A P ac 1st gold 5 s _____2 0 0 0 J D
45
41
2d gold ln com o 5 s _________ {2 0 0 0 M a r
93
j
L a D l v B T. 1st g 5s
1931 J
A
F
j
88% 90
T o l A O h io C e n t 1st gu 5 s . .1 9 3 5 j
0
06
A
J D
73% 80
68% 80%
K a n A M 1st gu g 4 s ........... 1090 A O
J
88
2d 2 0 -v e a r 5s
1927 J
J
50
35
T o l P A W 1st gold 4 s _______ 1917 J
J
76
80
T o l S t L A W pr lien g 3 M s . 1925 J
47% 49%
5 0 -y e a r gold 4 s _____________ 1950 A O
A
F
32
22
D
87
T o r H a m A B u ff 1st g 4 s . . A 1940 J
90
J D
70
O
1st refunding g 4 s _________ 1952 A
J
8 0 % Salo
U n io n Pacific 1st g 4 o _______ 1947 J
81% 84
J
J
J
8 5 'i Salo
J
78
79
M S
O re R R A N a v con g 4 s . . 1940 J D
78% 79%
1 0 0% 1 0 1%
Oro Short I-lno 1st g 0 s ___ 1922 F A
96
J _____
1st consol g 5 s ...................1940 J
D
8 1 % S ale
G u ar refund 4 s __________ 1929 J
J
00% 98
U ta h A N o r gold 5 s _____1926 J
89
J
80%
1st extended 4 s ______ 1933 J
A
77
. . . .
V a n d a lla cons g 4 s Ser A ___ 1955 F
M N
7 9 >2
__ _
J
V era C r u t A P 1st gu 4 M s . .1 9 3 4 J

88 %
100

90

100 %

79%
62)2
41
99

82%
60
50
99

81
81%
81%

86
81%

86

03

63

55%

61
75

66
60
44

68 %
51%

100 % 1 0 1 %
91

97%

102%
3 8 10 0
09
5
62
85% 85%
....
03% 68%
—
! 5012 5 5
64
7 , 57
12 52
59%
64% 60%
_____ 10 0 ' 10 0
....
71*2
67
6 8 % 71*2
13
57%
49
2
51% 5 7 %
75
....
73
77
75

_____ 10 1
90
D e o ’ 15 _____
92%
9 3 % J u n e’ 18
90% 1005
80% 94
94
Jun o’ IS _____
87
95
72%

Range
Since
Jan. 1

72%
90
79
92
70%
87%
86
70
100
96%
1 0 0%
85%
100
103%
92
109%
1 0 1%
100%
10 0
1 0 2%
90%
1 0 7%
03%
73
95
70%
89%
1 0 0%
6 2 78
65%
92
04%
1 0 2%
8778
90
91
70%
81%
75
96
92%
80
51
1 0 0%
101
10 0
68

72%
F eb ’ 14
79%
92%
76%
S e p t’ 16
J u ly ’ 18
Jun e’ 18
O c t ’ 17
Jan *18
Jan ’ 16
J u ly ’ 18
O c t ’ 16
A u g ’ 17
M a y ’ IS
N o v ’ 15
D e o ’ 16
D o t ’ 17
A p r ’ 18
O c t ’ 17
F e b '1 8
S e p t’ 16
A u g ’ 17
73
N o v ’ 10
77%
89%
A u g '1 6
63
A u g ’ 18
J u ly ’ 18
A u g ’ 18
Sept,’ 10
M a r ’ 18
J u ly ’ 17
91
M a r ’ 18
M a r ’ 16
F e b ’ 17
M a r ’ 18
92%
A u g '1 8
M a r ’ 18
A u g 'I S
J u ly ’ 18
H ep i’ lO
Jan ’ 18

4

93
104%
94
10 5

A p r '1 8 ____
D e c ’ 10
J u ly ’ 18
M a r ’ 17 ___ _

937s
9 5 34
80
95
78%
95%
82
40%

M n r ’ 17
M ar* 17
J u ly ’ 18
F e b ’ 18
J u ly ’ 18
J u ly ’ 17
84
4
F e b ’ 18 _____

71
65
1

_____

______
93%
90%
95
94
91% 91%

9311
901*8

70

70

751**
8618
76%

80%
95
82

80
71

88
76

90%

90%

85%

85%

87

92%

_____ 10 0
_____

93%

100
90%

19

73

31%

17
34

76%
88%

82%
93%

27
....

59
05
.87
64 %

64
68%
92
69%

87%

87%
—
95
70%

_____
....
____
1

91
70 %

_____
_____
96
____
90
1 91 % 9 7 %
86
....
80
63
____
51
___ _ 10 0% 100 %
___ _
9 8 % 10 1%
—
___ 68
....
08
95
—
73
S e p t’ 12 ___ _
9 8 % A u g '1 8
90% 9 8 %

1 0 0%
03
10 0
90
69
01%

N o v ’0 4
A p r '1 8
J an '1 7
F e b ’ 17
A u g '1 8
D e e ’ 17

7 7 % J u iy ’ 18
47
A u g ’ 18 _____

80
90
58
80%
83
85%
79%
78%
101%
95%
81
98
89
80
80%
35

93

03

93

04%
—
72%

9“ “
>
78 2

80
95
82%

82
46%
80

80%
46%
SO

90

93

09

69

_____
07% 80
53
45

A p r ’ 17
N o v ’ 17
S o p t'1 7
87
44
84
A u g ’ 18
83
85%
3
82*4
A u g '1 8
75 '
78%
3
78S*
A u g ’ 18
10 0%
J u ly ’ 18 _____
94%
82
13
81
D e e ’ 17
F e b ’ 18 ___ _
89
Jan ’ 18 ___ _
80
J u n e’ 18
80%
8 o p t ’ 17

____
____
____
89
86
89
81M
82%
104
97r2
85%
89
80
80%

*No p.oFia;lts bda dakd aD oJn dD o F b aD oJn, hD oJl, kD oA g oD oOt v D o N v i D oD o sOt o sl.
rc rdy aet i n ao. u a. u o . u uo
u uy
u u . u c. u o . u e . pi n ao



A ug . 3 i 1918.]

N e w York Bond Record— Concluded— Page 4
Price
Friday
Aug. 3 0

I I

Bid
V irginian 1st 5 s series A _____19 62 Wl N
W a b a s h 1st g o ld 5 s __________ 19 39 M N
2 d gold 5 s .................................. 1939 F A
J
J
I
1st lien equ ip s fd g 5 s _____1921 IY S
J
1st lien 5 0 -y r g te rm 4 s _ _ _ 1 9 5 4 J
J
J
D e s M o in e s D Iv 1st g 4 s . .1 9 3 9 J
J
A 0
T o l & C h D l v 1st g 4 s _____1941 M 8
F A
1st 4 0 -y r gu ar 4 s ........... — 19 45 F A
W e s t M a r y la n d 1st g 4 s _____1952 A
O
W e s t N Y & P a 1st g 5 s _____1 9 3 7 J
J
G e n gold 4 s _________________ 19 43 A o
W e s te rn P a c 1st ser A 5 s . ._ 1 9 4 6
W h e e lin g S L E 1st g 5 s _____1926
c
W h e e l D iv 1st g o ld 5 s _____1928
E x te n S I m p t g o ld 5 s _____1930
c
R e fu n d in g 4 j ^ g series A . _ 19 06
R R 1st consol 4 s __________ 1949
W in s to n -S a le m S 13 1st 4 s _ _ 1 9 6 0
W Is C e n t 5 0 -y r 1st gen 4 s . . . 1949
S u p & D u l d lv & te rm 1st 4 s '3 6
S t r e e t R a ilw a y
B r o o k ly n R a p id T r a n g 5 s . . 1 9 4 5
1 s t refund c o n v gold 4 s ___ 20 02
6 -y e a r secured n otes 5 s . . . 1 9 1 8
C tf s 3 -y r sec 7% n otes o p A 1921
C tf s 3 -y r sec 7 % n otes o p B 1 9 2 1
3 -y r 7 % secured n o t e s . . /»1921

A
J
F
M
M
I
J
M

A
J
J
J
J

s
0
J
A
s
s

J
J
N

0
J
J
J
J

F
J

J
N
J
A
A
A
*
1
J
A

N a s s a u E lec gu ar g o ld 4 s . 1951
C h ic a g o R y s 1st 6 s __________ 192*3 F
J
J
S ta m p e d gu ar 4 H s ..............1 9 5 1 J
J
D o t U n ite d 1st cons g 4 ^ 8 . - 1 9 3 2 J
rv £
i
H u d S M a n h a t 5s ser A ------- 19 57 F A
c
A d ju s t Incom e 5 s __________ 19 57 - - - N Y & Jersey 1st 5 s ..............1932
In te r b o r o -M o tr o p c o ll 4 ^ 8 - 1 9 5 0 A O
J
In te rb o ro lta p T r a n 1st 5 s . . 1 9 6 6 J
M a n h a t R y ( N Y ) coils g 4 3 .1 9 9 0 , A o
o
S ta m p e d ta x -e x e m p t........... 1 9 9 0 ; A
V
M a n ila E le c R y & L t s f 5 S ..1 9 5 3 1 I s
M e tr o p o lita n S tre et R y —
B w a y S 7 th A v 1st c g 5 S .1 9 4 3 J
c
C o l & 9 th A v 1st gu g 5s . . 1 9 9 3 M
L e x A v S P F 1st g u g 5 S ..1 9 9 2 M s
c
M o t W S E l (C h ic) 1st g 4 s . . 193$: F A
F A
J
R e fu n d in g & ex te n 4 M s . -1 9 3 1 J
M o n tr e a l T r a m 1st & ref 5 s . 1941 J
N o w O r l R y & L t gen 4 j ^ s . . l 9 3 5 J
N Y M u nlctp R y 1st a I S3 A 1061! J
N Y Ily a 1st II E * rot 4 a . . . 1 9 4 2 J
3 0 -y e a r ad j Inc 5 s _______ <*1942
N Y S ta te R y s 1st cons 4 M s . 1962
P o r tla n d R y 1st S ref 5 s ------- 1930 M
c
P o rtld R y L t S P 1st ref 5 s . 1942
c
I
8 t Jos R y L H * P 1st K 6 3 . .1 9 3 7 M
S t P aul C ity C a b co n s g 5 s . .1 9 3 7 J
T h ir d A v e 1st ref 4 s __________ I960 J
A d j Incom e 5 s _____________ al96C
T h ir d A v e Ry 1st g 5 s _______ 1937 J
T r l- C l t y R y & L t 1st s f 5 s . . 1 9 2 3 A
U n d ergr o f L o n d o n 4 ^ 3 _____1933 J
In c o m e Gs.................................. 1948 - !Y
1
U n ite d R y s S t L 1st g I s . . . 1934 J
U n ite d R R s S a n F r s f I s ___ 1927 A
V a R y S P ow 1st & ref 5 s . . 1 9 3 4 J
c
E le c t r ic

J
J
.1
J

N
A

N
J
J
O
J

o
J
-N
J
O

A s*
88%
91
82%

9 6 % 98
_____
66
8 7 % 102
77
70
80
70
80
80
58%
95% 100
00
81
88%

66%
56%
07%
6938
09%

Ij W
O

80
75
84%
76
82
58%
99
60

Bale
92

81%
05
95%
96%
96%
95%

1
13

5

A u g ’ 12
A p r ’ 17
J an ’ 17
D o c *17
1
82
6
58%
Jan ’ 18
A u g ’ 18 _____

A u g ’ 18 _____
J u ly ’ 18 _____
30
90%
A u g ’ 18
J u ly ’ 18 . . . .
96% 232

101
M ay* 13
90
1
81 % 8 0 %
80%
82
7 9 % J u ly ’ 18 _____
68
66
M a y ’ 18 . . . .
73
78
J u ly ’ 17
61
67
597s A u g ’ 18
8 2 % Sale 8212
12
83%
8532
10 0% F e b ’ 17
8 5 % _____
85
A p r ’ 18
70
Sale 7 0
70
1
Sale
Sale
92%
Sale
Sale
77
7 5 % 76 %
77
—
70

787s
85
75

92
81% —
_____
48%
20%
-------71
65

90%
86
49
Sale
99
72

83

95
-------5 8 ii Sale
35
Sale
90
Sale
93*2
56
—

5*2

—
.7 %

28
80

8 7 % 93
90% 95%
82
86%
90
90
90
10 0%

J
M
A
A
J
J
Q
M.

N
o
o
J

93%
—
85
79%

88
62
9 1 i2
80

J

F
N
J
J
J J
M S
IY S
I
J
D
H a v a n a E lec consol g 5 s ____ 1952 F A
1
H u d so n C o G a s 1st g 5 s _____1949 IY N
K a n C ity ( M o ) G a s 1st g 5 s . 1922 A O
K in g s C o E l L & P g 5 s _____19 37 A o
P urchase m o n ey 6 s ..............1997 A
C o n v e rtib le d eb (>s_________ 1925
J
E d E l 111 B k n 1st con g 4 s . 1939 J
F
L a c G a s L o f S t L 1st g G s _ _ e l9 1 9 Q
R c fjin d ex t 1st g 5 s _______ 1934
I
M ilw a u k ee G a s L 1st 4 s _____1927 (V N

9 9 % Sale
93
—
94% 95%
8 9 % -------91%
—
. . . .

J

D

j

J

J

F
M
A
M
J
J
M
M
F
M
J
J
J

A
3
S

J
N
N
M u F u el G a s 1st gu g 5 s . . 1947
A
P h ilad elp h ia C o c o n v 5 s _____1919
N
C o n v debon g o ld 5a ..............19 22
D
S ta n d G a s A E l c o n v s f 0 s . _ 19 26
D
S yracu se L igh tin g 1st g 5 s . .1 9 5 1
J
S y ra cu se L ig h t * Pow er 5 a . 1951
T r e n to n O A 101 1st g 5 s _____1949 M
8
M S
R e fu n d in g A ex tension 5 s . 1933 fV N
I
U n ite d F u el G a s 1st a f f l a . . l 9 3 0 J
J
U t a h P ow er A L t 1st 5 s _____1944 F A
U tic a E le c L A P 1st g 5 S . . . 1 9 5 0 J
J
U tic a G a a A E lc c ret 6a _____1957 J
J
W o stch cste r L t g g o ld 5 s _____19 50 J
D

IY
I
M
M

9
S
S

J
A

D
O

82
58
99
60

82
62
99
70

C h ic U n S ta t’ n 1st gu 4 K s A 1963
C liile C op p e r 1 0 -y r con v 7 s . 192c
R e e ls (p a rt p a id ) c on v 6 s ser A
C o ll tr S con v 6 s ser A . . 19 32
c

79>4

84

G r a n b y C o n s M 3 & P con 6 s A ’ 28 IY
I

60
55%
07 %
6 9 >4
72

GO
60
071;
73
77%

79%
65
92%
90
96%
95%

83%
69
98%
97
96%
96

J
M
A
A

M o n ta n a P ow er 1st 5 s A _____1943
M orris & C o 1st s f 4 > $ s _____19 39

J
N
0
o

86
68%
—

—

J
J

A

N la g Lock & o P ow 1st 5 s . . 1 9 5 4
N o r S tates Pow er 2 5 -y r 5s A 1941 A
O n tario Pow er N F 1st 5 s . _ . 1943
O n tario Tran sm ission 5 s _____ 1945
Pub Serv C o r o N J gen 5 s . . 1 9 5 9
Tenn essee C o p 1st c on v 6 s _ _ 1 9 2 5

82
85
85
1 0 4 % 10 6% 1 0 4 %
79
Sale 7 8
78 % 79% 7 9

98
95
Sale
Sale
75

98
95

A u g ’ 18
A u g ’ lS
79
79

High
03
18
18

G6%
30
28

81%
-9 0

87%
90

79

47
1

98%
~99% ' 450
87
87%
3
90
J u ly ’ 17

06
91
98

67
67
91% 92
1 0 0 % 105'?.
931.1 | 8 9 %
84% I 85%
80
Sale 8 6
95
84
76% 77% 76 %
93% 95
94

A u g ’ 18 L .
92
n
O c t ’ 16
Out ’ 17
A u g ’ 16 _____
86
1
J u n e ’ 17
77%
10
2
94

83

90
85
102% 108%
73
80%
77%
80%
91

86%

98
96
102%
92 "

65
92

67
98%

85%
85%

87%
87%

73%
s*
90%
W

82%
95
90%

91

M a n u fa c tu r in g & In d u s tr ia l
A m A g C h e m 1st c 5 s _______ 19 2 8 A
C o n v deben 5 s _______ _____ 1924 F
sn

91%

91

05
99

96
Sale

063s A u g ’ IS _____
148
98
100

9 2 % 10 0%
90% 100

20

9 8 % 101
89%
80%

91%

82

11 7 '
71%

81%

8

A u g ’ 1 8 -------A p r ’ 1 8 _____

A m T o b a c co 4 0 -y e a r g 6 3 ^ 1 9 4 4
G o ld 43....................................... 1951

81%

2
£

J un e’ 18

85
77

85

J
B ald w Loco W o r k s 1st 5 s . .1 9 4 0 !Y N
1
C en t F ou ndry 1st s f Gs_____1931 F
C e n t Leath er 2 0 -y e a r g 5 s . . 19 25
C onsol T o b a c co g 4 s . ________1 9 5 i
C orn Prod R e f s i g 5 s ..............i9 3 1
1st 2 5 -y e a r s f 5 s . ................ 1934
D istil Sec C o r conv 1st g 5 s . 19 27
E I du P o n t P ow d er 4 J^s___ 19 36 J
G e n eral B aking 1st 2 C - j r 6 s _ I 9 3 0 J
G e n E lectric d eb g
_____1942

93%

77%
99%
84
93%
81.

09%
99%
85%

Sale
100
96%
63
73
97% 97%
80
75% 80

22

117
M a y ’ 18
117
117
7 1 % J u ly ’ 18 . . . . 1 71
74%
14
9 9 % A u g '1 8
9 0 1 , l O l 's
84%
8412 J u n e '18
80
Is
93%
94
97%
93
81
M a r ’ IS
6
99%
99%
97% 99%
12
99%
99*2
99*2
95
20
85%
87%
88
75
104
M ay 17
75
M a y ’ 1*
75
75
74
73
J u ly ’ 18
6
97%
98
94%
75%

75%

75%

0
C on sol con v s f g 5 s _______ 19 35 J

9 6 % June’ IS

9312
109

96%

99

10 1 vf.
109

103
87
54
90
70
97
99%
91%
94%
9 4 's
91%
94

S en t’ 15
J u ly 18
J un e’ 13
J u n e '18
A u g -18
F o b '1 5
99%
91*2
A u g ’ 18
J u ly ’ 18
A p r *18
F e b MS

4834
17%
6ft

64
24
70

M e x ica n Petrol L td con 6 s A 1921
1st lien S ref Gs series C . . 1 9 2 1 A
c

0

62%

63

N a t Starch 2 0 -y r deb 5 s _____19 30 J
N a tio n a l T u b e 1st 5 s _____
1952 M
M

N
N

52%
27%
90%
91
76
56
58
60%

59
38%
95
90
8 tr
60
60
55%

25
77

25
80%

87

68
1
___

95%

89%
76

90%
80

99
102
91% 92%
91
95%
98
92
91% 92%
94
94

1 0 -y e a r c o n v d eb 6 s _____/i l 9 2 4
R a ilw a y S t Sprin g 1st s 1 5a 1931 A
Sinclair Oil & Refining—
1st s f 7s 19 2 0 w arrants attach
d o w ith ou t w arrants attach
S tan dard M illin g 1st 53_____19 30 M
T h e T e x a s C o con v d eb 6 s . .1 9 3 1 J
S t a m p e d ...

..............I I I I 19 30 IJ

U S R e a lty & I conv d eb g 5 s 1924 J
U 3 R u b b er 1 0 -y r eo! tr 6 s 1918 J
1st S ref 5 s series A _______ 1947 J
c
U 3 S m elt R e f S M con v 0 s . 1926 F
c
93
C o n v deb 6 s ........... .............. C1924 A

C o a l, Ir o n & S te e l
B oth S teel 1st ext s f 5 s ........... 1926 J
1st S ref 5s gu ar A ..............1942 M
c
2 0 -y r p m S im p s f 5 s ___ 1936 J
c
B u ff S S u sa Iron s f 5 s _____1932 J
c
D e b en tu re 5 s _____________ a l 9 2 6 M
C a h a b a C M C o 1st gu 6 s . _ 19 22 J
C o l F S l C o gen s f 5 s ______ 1 9 4 3 1F
c

J

O

N
J
J
J
D
J
A
O

j
N
J
D
S

1 109%

106
IOft
109
1 0 5 % 109
107
90
98
97
93
94
97
Hale 9 7
93
95% 97
8 4 % S ale 8 3 %
10 4%
104%
96%
93%
89%
99
86-%
75%'
55
100
81
94
96%
95%

90
88%
82

97
Sale
Sale
87%

A p r 'IK
A u g ’ 18
M a y ’ 1s
A u g MS
97%
A u g ’ 18

96
96%
92%
93%
98
Ju n o’ 18
98%
99 %
83

___
i

7ft
N o v ’ 17
15
97%
97-14
80
89
l!
8 5 % June* 18 _____

97

99%

97 %
89%
85

98%
94%
80%

8 7 % A u g ’ 18 _____
70
A u g ’ 18 . . . .
Jail M7
July M
J u ly ’ 18 _____
72%
2
3 o pt 17
Apr 17
M a r ’ 17
J u l j ’ 17
N o v ’ 15
M a y ’ 18
Jun o’ 18

86%
78

92%
80%

7

J u ly ’ 17
O ot *17
Sept* 17
N o v ’ lft
A u g ’ 18
A u g ’ 18 . . . .
A u g ’ 17
M a r ’ 17| _____

9 8 % 100
7 1 % 81

83

83
56
101
81
93

9734 0 6 U
95%

9 6 3s
95%

31!
4

94 %
95

98%

95%

98%
Sal-:
Sale
96
M li

96%
88%
81%'
90
86%
101
83%

96%
89
82
M a y MS
J u ly ’ lS
D e o 14
J u ly ’ 18

1
2
18

93%
86
78%
90
85

99
93%
83%
90
86%

83

86

D

83%
Sale

87

D

111 S teel d eb
_____________ 19 10 A
In dian a Steel 1st 5 s ...................1952|M

O
N

81%
94%

Salo
91%

81%
94%

90
90%
88
76%

95%
93
Sale

95" A u g ’ 18
92
92
87%
88

93%
77
95*2
98%

94
83
961*
Sale

92%
92%
80
Apr 1*
95%
95%
93
98%
9 8 % J u ly ’ 18

75
86

HO • Dee M 6
8 5 % A u g ’ 18

78
82
84

77*2
78
8 5 % F e b MS
82
82

T o lo g r a p li & T e le p h o n e
A m T c le p S T e l coll tr 4 s . . . 19 29 I
c
C on ve rtib le 4 s ........................1936 P
.1

L
1
_____
4
81%
81
10 9 4
91% '
87

85%

J

77%

s
s

80

68%
J

Cum b T

ST
c

1st

S gen
c

Pacific T e l S T e l 1st 5 s _____1937 J
c
Sou th B oll T e l S T 1st s f 5 s . 1941 J
c
W e s t U n len coll tr cur 5 s . . . 1 9 3 S J

. .

N o rth w e st T e l gu 4 ^ 3 g . . 1 9 3 4 J

II
Y

.

2
91

94%
88
80%

96%
96%
92

8-*% 8 7 %
921.1 9 8 %
sn
HO
92% 97%
9 6 % 100
96% 99%

83

18
4
18
448!

86

77%
81%
82

83%
85*2
91%

86
98%

86

87

86

85%
95

90

J

87%
87
85%
80

Bale
88 %
89%

87%
87%
90

87%
87%
A u g ’ 18

94

85

93%
90

86

92%
95
93%

N o v ’ 16

J
J
N
J

86

99%

85%

8 5 % A u g ’ 18

M

97%
84

7

100 %

N

5 s . . . 1937 J
F

M ic h S ta te T e le p h 1st 5 s ___ 1924
N Y i N J T e lep h o n e 5 s g .1 9 2 0

J
J

9
36

95
85%
97

86%

94%

91%
80%

20,

96%
86
84% 93%
93%
88
9 6 1 , 1015a

13
45
4 100
16 8
76

88 %

91

49
85;

84%
9 6 % 104%

8.) 7s
Sale 5 5
55
100% 100
100
S ale 7 9 %
81
A u g ’ 18
95*2 9 3

87
95

M

78
90

13

A u g *18

A

L ack aw Steel 1st g 5 s ..............1923! A
o
1st cons 5s series A . . _
1 9 50 jM
s
M id v a le Steel S O conv s f 5 3 1 9 3 6 ^ 1 s
c
P leasan t V a l C o a l 1st s f 5 s . 192 ' J
J
Pocah C o n C ollier 1st s f 5 s . 1957
R e p u b i .t s id 3 0 yr 5 s s f .1 9 4 0 A o
S t L R o ck M t & P 5s s tin p d . 1955 I
J
T e n n G o a l 1 A R R gen 5 3 ..1 9 5 1 J
J
U 8 S teel C o rp — ] c o u p . . .4 1 9 6 3 M N
s f 1 0 -6 0 -y r 5 s , r e g ____ 4 1 9 6 3 M N
M N
V ictor Fuel 1st s f 5 s ................ 1953 J
J
V a Iron C o a l S C o k e 1st g 5 s 1949 M s
c

106
10 7%
98
91% 92%
97%
93
100
98

10 6

_____
40
84%
1
104%

E lk H orn C o a l c o n v Gs______ 19 2 5 J

9 6 % D ec ’ 17

8 9 % 96
90
105

79

85
68

70%

No.
i

82%
83
90
F eb MS

1 0 0 % 101
1007s ' T o o i i !
86% 87% 86%
87%

A u g ’ 18 . . . .
M a y ’ 17
fle p t’ l?
M ar* 14
June* 17
J u ly ’ 18 _____

49%
17
20 %
33
JulyMfc
N o v ’ ie
67
1
Feb ’ 17
J u ly ’ 17
M a r ’ 12
581,!
5
35
10
90%
10
91%
2
M a r ’ 18 . . .
56
6
A u g ’ 18
J u ly ’ 18 _____
J un e’ 17
M a y ’ 18 ___ _
2
771 2

95
100
96
—
100
74% 72%
. . . .
9 5 % 96
9 9 % 100
89
*
93
91
90%
99 %
78
85
78
88
90
90
80%
70
____ 8 4
98%
92%
85
101 %
_____
92% 92
8 0 % 8 1 % 81

83
89
93*2

65
25
25

A in H id e & L 1st s f g 0 s . I I 1 1919
A m S m & R 1st 3 0 -y r 5s ser A d ’ 4 7

62%
25
90
57%
85
80%
82
80

D e c 17
97

65
25
25

60
86%

48%
14%
90
50
77%
74%
74%
80

48%
20
60
83%
67
90%
95
10 2%
58%
34%
90
91
76
50
59
51
50
25
77>a

90
97

Asl
65
30
28

Range
Since
Jan. 1

I
1
j

82%

J

N Y D o c k 5 0 -y r 1st g 4 s _____1951 F
N ia g a ra F alls Pow er 1st 5 s . . 1932

9 7 % J u iy ’ 17
74
A u g ’ 17

92

. . . .

91
80%

Week’s
Range or
Last Sale

55
81

75
75
_____
57
53
_____
—
_____

59
59%
19%
20%
90
J u ly ’ U
50%
50%
78
78%
75
J u l y 'U
7 0 % A u g ’ 18
80
J u ly ’ l i
78%
95
80
30
100%
81%

87%
85%
06

8 7 % 8ft "
' 87-34
7; “s o " "*90~
69
4
68%
69
08
73
98
1 0 5 % Ju n e’ l 7 _____
101
9 6 % A u g ’ 17
78%

64
25
25
9.3
82%

97
96%
88
98%
87%

W ilso n & C o 1st 2 5 -y r 8 f 6 3 .1 9 4 1
78
78%
66

j

N Y O E L II & P g 5 3 _____19 48
P urchase m o n ey g 4 s ------- 1949
E d Ulcc 111 1st cons g 5 s . . 1995
N Y & Q 11 LJ eP 1st coil g 5 9 .1 9 3 0
1
Pacino O A E l C o — C a l G * E—
C o rp u n ifyin g A ref 5 s — 1937
Pacirie G A E gen A ref 5 s . .1 9 4 2
P a e Pow A L t 1st A ref 2 0 -y r
5 s In te rn a tio n a l S e r i e s . . . 1930
P a t & Passaic O A E l 5 s _____1949
P o o p G a s A G 1st cons g 6 s . 1943
R efu n d in g gold 5 s ...............1 9 4 7
C h G - L A C o k o 1st gu g 5s 1937

BU
I

M is c e ll a n e o u s
A d a m s E x coll tr g 4 s _______ 19 48
A la sk a G o ld M d eb 6 s A _____19 25
C o n v deb 6 s series B ______ 192f
A m SB of W V a 1st 5 s ..............19 20
A rm ou r S C o 1st real est 4 H s ’39
c
B o o th Fisheries deb s f 6 s ___ 1926

90

90%
96
3 1% - - _
80% —
94*2 - - - _—
73
77
9? %
- - - Sale
88
- - - -

Price
Friday
Aug. 3 0

13 £
Hft,

B u sh T e r m in a l 1st 4 s ________1952 A 0
75
80%
80%

L ig h t

B k ly n U n G ils 1st cons g 5 s . 1945
B u tralo C ity G a s la t g 6 s . . . 1 9 4 7
C ln c ln G a s S E lec ls t& r e f 5 s 1950
c
C o lu m b ia G S E 1st 5 s ........... 1927
c
C o lu m b u s G a s 1st g o ld 5 s . .1 9 3 2
C o n so l G a s c o u v d eb 6 s _____1920
C oils G a s E L & P of B a lt 5 -y r 5s ’21
D e tr o it C ity G a s g o ld 5 s . _ _ 1923
D e tr o it E d ison 1st coll tr 5 s . 1933
1st S ref 5s ser A ................ /iID 10
c
E q G L N Y 1st cons g 5 s . .1 9 3 2

2^3

BONDS
N . Y . STOCK EXCH AN G E
W e e k E n d in g A u g . 3 0 .

J

80%
80*2

59%
20%
—
50%
78%

Range
Since
Jan. 1

High No. Low High

88%
88%
90%
9L
82
A u g ’ 18
90
A u g ’ 18
96
96
78
M a y * 17

28
Sale 80*2
81
93
1 0 0 % A p r ’ 17
9 9 % 100
F e b ’ 17
92
9 9 % M a r ’ 17
75
60
J u ly ’ 18
62% 50
A u g ’ 18
72
0 7 % A u g ’ 18
2
70% 69%
69*2
7 9 % 76
M a y ’ 18 _____

81% 83%
_____
63
95-3.1 9 6 %
96
_____
95-3.1

B k ly n Q C o & S 1st 5 s _____1941 J
B k ly n U n E l 1st g 4 - 5 s — 195C F
S ta m p e d g u a r 4 - 5 s ______ 195C F
K in g s C o u n ty E 1st g 4 s . . 1 9 4 9 F

G as and

87
90%
_____

Week’s .
Range or
Last Sale

Bonds
Sold

BONDS
N . Y . STOCK E XC H AN G E
W e e k en d ing A u g . 3 0 .

Bonds
Sold

i

893

5

1
1

90
80

88

99
... ..

• opieFia;lts bda dakd aD eJn dD oArl eD eM y gD oJn, hD oJl,kD eA g oD eOt pD eN v qDueD o sO t o s 1
N rc rdy aet i n se, u a. u pi, u a . u ue u uy u u . u c. u o .
e . p i n a6



SHARE PRICES—NOT PER CENTUM PRICES.
Saturday
Aug 2 4

Tuesday
Aug 2 7

Monday
Aug 2 6

Wednesday
Aug 2 8

Thursday
Aug. 2 9

1
1

Friday
Aug. 3 0

Salesfor
the
Week

1

*4
3

I!*1

.80

2

• B id a n d ask ed p rices,




a E x-dlvl<lem l

an d rig h ts,

e A ssessm en t

p a id . 6 E x ito c k d iv id e n d ,

1.

Range for Previous
Year 1 9 1 7
Highest

Highest.

Shares.

10

5%

Range Since Jan.

STOCKS
B 03 T 0N STOCK
EXCHANGE

________
R a ilr o a d s
15 2 B o sto n A A lb a n y .................... 10 0
*1 2 8
131
131
31*2 13 1
*131
131
131
130
13 0
4 4 4 B o sto n E le v a te d --------------------10 0
70*s 70*2
70
71
70*2 7 0 V
70*2 70*?
69% 70
70*8 70*4
5 B o sto n & L o w e ll.......................100
*87
90 I
90
90
*87
*87
87
87
*87
90
3 1 7 B o sto n A M a i n e ------------------- 100
34*4 35*4
35*8 3 6 1
35*2
35
36
36%
36*4 36*4
B o sto n A P r o v id e n ce ----------10 0
Last Sale 1
.70
*16 0
.70
*16 0
*160
170
*160
17 0
B o sto n S u b u rb an E le c __ no par
J u n e’ lS
*
Last Sale 3
3
3
_____
3
* _____
3
Do
p r e f ........................ no par
Last Sale 1 4*2 J u ly ’ 18
*14
*14
*14
...
*14
...
B o sto n A W o r e E le o _ .n o par
Last Sale 4 *2 N o v ’ 16
Do
p r e f .........................no par
Last Sale 2 5 J u l y '18
*26*2
* 2 6 *2
*26*2
*26%
C h ic June R y & U S Y -------- 100
Last Sale 1 4 0 A u g ’ 18
.4 5
.45'
*1 3 8
*13 8
*138
*138
14 5
Do
p r e f __________________ 10 0
83*2
*83
84 I 83
*83
81
84
*83
*83
*83
84
C on n e c ticu t R iv e r --------------- 10 0
*10 3
11 4 |
i 14
*1 0 8
111
*108
110 110 10 8
F itch b u rg p r e f . . . .................... 10 0
62*2 62*2'
62
62*2 62*2
62
6 2 *2
*62
*61*2
G e orgia R y A E le c sta m p d 10 0
11 4U
114*4 111*2 111*2 * 11 0
*11 0
114*4 * 1 1 0
*110 114*4 *110
Do
p r e f ---------------------------- 10 0
Last Sale 7 7 % A u g ’ 18
*76*2
* 7 6 *2
*76*2
*76%
M a in e C e n tr a l............................10 0
Last Sale 8 1 A u g ’ 18
*7 9
81
81
*79
*79
*79
81
130 M a s s E le ctric C o s .................... 10 0
*25s
2*4
2->s
2V
234
*2*2
2*2
2*2
*2*4
234
*2*4
Do
pref sta m p e d ______ 10 0
285
16
I 6 I4
lO V
16
16*4 *16*8 16*2 * 1 6
16
16
15%
1 ,7 2 6 N Y N II & H a r tfo r d ........... 10 0
43%
44*4
433,( 41*4
43*2 4 4
43*4 4 4
43*4
4 3 % 4 4 *2
N o rth e rn N e w H a m p s h ir e . 10 0
J an ’ 18
Last Sale 5 0
O ld C o lo n y ................................. 10 0
96
95
96 | 96
95
*9 4
94
93*2 9 4
* 9 3 *2 9 5
R u tla n d , p r e f_______________ 10 0
23
*22*4 2 3 | 22*4 22*4
*2 2
*2 2
23
21% 21*8 *21
V e r m o n t A M a s s a c h u s e t ts . 100
Last Sale 1 A u g ’ 18
93
*80
*80
3 0 6 W e s t E n d S tr e e t--------------------- 5 0
49
49
49
49
*49
49*4
49*4 49*4
*48*4 49*4
Do
p r e f ......................
60
65
55
55
*55*4 56*4
*54*2 5 5
*53*
2 55
M i s c e ll a n e o u s
2 7 8 A m e r A g r lc u l C h e m ic a l— 10 0
98
98*2
9934 9934 *9834 10 0
100*?
100
100
99
99
Do
p r e f ................................. 10 0
18 9
*92
93
*92
93
92
92%
9 2 78 9 3
92
92
92*8
A m e r P n e u m a tic S e r v i c e .. 2 5
A u g ’ 18
Last Sale
* .7 0
1
1
**4
1
*• 4
’
Do
p r e f ____________________5 0
A u g ’ 18
Last Sale c
5
5
*4*2
*4*2
*4*
2
*4*4
5
10 7 A m e r S ugar R e fin in g ----------100
111
*109*2 119*2 *109*2 110 *2 !
110 110
111
Do
p r e f ---------------------------- 100
15
109*2 109*2 *109*2 110*2 109*4 110 |
*10 9
109*2
2,011 A m e r T e le p A T e le g ..............100
97*2 9 8
97
97*2'
97*2 9834
98*4 9 9
97
97*4 9 9
97*4
A m e rica n W o o le n o f M a s s .100
Last Sale 9 A u g ’ 18
*58*4 5 8 7s *58*4 5 9
*5858 59*4 *58*8
Do
p r e f ...............................- 1 0 0
332
95*4 9 6
95*4 953.(
95*4 9534
9534 95*4
95*
2
95*4 9534
19 7 A m o sk e a g M a n u fa c tu r in g -------75
75
*7 4
78
*74
78
75
75
*75
80
75
75
Do
p r e f ........................................
5
*79
83
*79
83
*80
*80
80
80
5 0 A r t M e ta l C on stru e I n c . . . 10
15*2
15*2 *1 5
15
15*4 * 1 5
* 1 4 * i 15
*15*4
A t l G u lf & W I S S L i n e s .. 10 0
25
104
105
*1 0 4
10 5
104
105
*1 0 3
10 5
*10 3
10 4
*10 3
104
Do
p r e f ................................100
Last Sale 2*4 J u ly ’ l
631? *6 3
*6 3
63*2
631 2 * 6 3
*63
2 ,7 0 1 B o o th F ish eries.............. .no par
2612 275 s
2534 2 6 %
26*2 27*8
2 5 78 26*4
25*2
26
26
2 ,9 3 5 C e n tu ry S te el o f A m e r I n c . 10
13*8 13^8
13*8 13*4
13*8 13*8
13*2
13*8 13 %
13*4 13*4
8 0 C u b a n P ort C e m e n t ------------ 10
13*2 13*2
♦13
13*2
12*4 13
1312 * 1 3
13
13
13
13
E a s t B o sto n L a n d __________ 10
Last Sale 7S A u g ’ 18
5*?
51?
* 4 78
* 4 78
5
*4*8
5*
2
*4*8
2 8 E d ison E le ctric I l iu m _____ 1 0 0
15 0
14 9
14 9
*14 8
148*2 14 9
15 0
149
*14 8
150
65*4 1 1 ,0 7 3 Fairb an ks C o __________________ 2 5
52
52
53*8 ‘ 5 3 '
48
48
48
48*4
47 *t 48*4
56 G en eral E le c tr ic ____________ 10 0
2
146*4 146*4 1 4 5 % 1 4 5%
147*2 14 7*2 147*2 147*2 *145*2 147
1 5 ,1 7 2 G o r to n -P c w F ish eries________5 0
323s 3 5
27
32%
6 4 In te r n e t P o r t C e m e n t --------10
5
*4*4
5
5
5*4
*4*4
*4*4
6U
*4*4
6*4
Do
p r e f _____ ______________ 5 0
J u ly ’ 18
Last Sale
171 ? *16*2 17*?
* 1 6 *2 17*2 *16*2
200 Islan d O i l * T r a n s C o r p . . . 10
*3*.(
3*2
*3*4
3*2
*3*4
3*2
3*4
2
*3*4
3*4
M c E lw a ln ( W H ) 1st p r e f. 100
5
+90
90*2 90*2
*90
*90
♦90
54 M a ssa c h u se tts G a s C o s ___ 100
84
84'
*8 3
85
84
84
*83
82
83
81*4 s i * ;
21 D o p r e f ................................. 10 0
*6 3
63
*63
66
63
*63
66
♦63
66
63
63
17 M e rg e n th a le r L in o ty p e — 10 0
114
114
*112 11 4 *112 11 4 *11 212 114 *1 1 2 11 4
5 N e w E n g C o tto n Y a r n _____100
* 88*2 9 5
*88*2 9 5
*88*2 9 5
88*2 88*2 *88*2 9 5
Do
p r e f __________________ 10 0
Last Sale
*88
.
*88
*88
*88
105 N e w E n g la n d T e l e p h o n e .. 10 0
85*4 86'
86
86 *2 !
85*4
t
85
84*2 84*4
84*2
H O N o v a S co tia S teel A C _____ 100
68
67
67
*66
67*2 67*? * 6 7
*65
63
P u llm an C o m p a n y _________ 10 0
Last Sale
112
112 ♦ 111
. *111
112
• 111
50
P u n ta A lle gre S u g a r ...........
Last Sale
35
*34
*34
35
*34
*34
35
10
Last Sale 13 A u g ’ lS
*12*2 13
*12*2
13*a * 12*2 13*1
2 *12*4
5 ,1 3 4 S w ift A C o ................................ 100
10 2
10312
H i s t 116
115*8 116*2
11 7
115*2 11 6
116*2 117*4 115
25
52
52 |
52
52
52
52
52
52
52
52
52
52
100
1303 4 1 3 0
130
130*2 130*4 130*2
( 129*2 13 0
13 0
12 8
130*
25
1 ,1 1 7 U n ite d S h oe M a c h C o r p .
40*4 40*4
40*? ; 4 0
4 0 3s
40
40*4
40
40 2: 40
4 0 *2 40*4
25
Do
p r e f ..............................
17
25*4 25V ! 253.1 2534 ! 2514 25*4
*25*4 25*2
25*4 2 5 l!
6 ,39 5 U S S teel C o r p o ra tio n ___ 10 0
*110
1 1 1 % 16634 110*8
11 5 7* 115*2 116*2
114 8 ' H I
1 1 2 % 114*8 11 4
Do
p r e f ________________ 100
20
11038 11034
*110 111 *110*4 H I ,*110*4 111 *110*4 111
5
7 0 7 V e n tu r a C on sol O il F ields
7
7
7
7
7
8,
6 *t
7*41
*7*s
M in in g
25
A d v e n tu r e C o n ____________
J u ly ’ 18
1
Last Sale 12
1
* .6 0
* .6 0
1
* .6 0
* .6 0
A h m eck ............. .. ............ ......... 2 5
Last Sale 75*2 A u g ’ 18;
2 *75*2 76*
*75*2 7 7
*75*» 76*2 * 7 5
10
4 0 0 A la sk a G o l d .............................
*3
33s 1
*3
3*s
8
*3*8
3*2
318
3*s
3*8
3 Mi 3*4
25
7 0 0 A lg o m a b M in in g __________
.3 0
.3 0
.3 0
.3 0
.3 0
.3 0
* .2 5
0 *25
* .1 5
.20
.20
25
A llo u e z ........................... .............
50
50 I
52
*50
*50
50*4
50*4 * 5 0
*49
50
50
50 |
H O A m e r Z in c , L ead & S m e l t . 2 5
*1
173i'
17*2 17*2 *17*4
17*2 17*2'
*17*2 1 8
18 I *17*2 18 48*27 A u g ’ 18,
Do
p r e f ................................... 2 5
*
*
Last Sale
50
*49*2 50*2
50 :
50
5
2 ,3 3 2 : A rizo n a C o m m e r c ia l ............
155s 16 I
16
1534 16 | *15*4 16
'i e '
16*4 ' 1 6 '
16*8' ’ i f /
B u tte -B a la k la v a C o p p e r .. 10
.3 0 ,
Last Sale 2 7 J u ly ’ IS
.3 0
* .2 5
.3 2
* .2 5
-2 7 , *.25
* .2 5
B u t te & S u p C o p ( L t d ) ___ 10
Last Sale 26^ A u g ’ 18;
*26*2 2 7
27
27
*26*2 27*2
*25*2
*25*2
14 5, C a lu m e t & A r iz o n a ___________ 1 0
68 *2 ! 68*2 6 9 % ' 69*2 6912 ! 68*4 6 9 |
68
68% 69
6 8 *2 '
__ ;
22 C a lu m e t A H e c la ____________ 2 5
475
*
464 | 465
464
464 I 464
465 | 465
*46 2
46 1
464
464
X5 C cn te n n la l_____________________ 2 5
12 2
*
12% *12
12*2 ! 121S 1 2 % ' * 1 2
13
*12*4
13
*12*4
* 121.(
286 C op per R a n g o C o ____________ 2 5
47
47*2
47*2' *4634 47*2
47
* 4 6 * i 47*4
47
4 6 *i 47*2 *4 7
250 D a l y -W e s t .........................
20
* 1 , 2 *2 !
2.
23 4
*2*4
2*2'
2*4
2*4
*2*.(
2*2
*2 %
*2*4
2*2
4 0 0 lD a v l s -D a l y C o p p e r ------------10
5*2
6
5*4
5*2
5*2
5*2
53g
5*2
53S
*5*4
5*2
5*2
3 ,6 7 0 E ast B u tte C op pe r M i n —
10
9 7s
9V
9%
10
*93( 10
10
10
10*8
10 I 10
9%
’ a 0 '| i i »n ko i u i . . . . ---------- - - 5 u F r a u lin ------------------25
*4 f4 V1
*334
*4
3%
3%
4*4
4*4
*3%
3%
4*4
4
[G ran b y
83
Last Sale 7 9 ii . A u k. ’. 1 8 ........... o'P.ronnn C o n so lid a te d 83
*80
82
82
*80
*80
*80
..
.
"g 'G r e e n e C a n a n e a ____________ 100
4412 44*2
*44*2 45*2 *44*2 45*2 *44*2 4 5 % *4434 45*2 *4434 453.1'
4 2 H an cock C o n so lid a te d _______2 5
*6
63g :
*6
6*41
6
*6
6
6
6*4
*6
6*2
6
o!lndlana Mining---------------- 25
.8 0
* .5 0
.8 0 ,
.Ml.
* .5 0
.6 0
* .5 0
.6 0
* .5 0
.8 0
* .5 0
.8 0
215 Islan d C reek C o a l___________ 1
63 V
63
63*2
6 3 % 63*2 * 6 3
63% , 63
♦6212 6 3
62*2 63*4
1 1 2 ! D o p r e f ___ :_____________
1
80*2 80*2'
81
*80*2 8 1 %
80*4 80*2 * 8 0
81
81
♦S012 8 2
105 Isle R o y a le C o p p e r .. ...............2 5
27 i
*26
27
27
*2 6
27 I 27
*26
27
*26
27
27
2 6 0 lK err L a k e ....................
6
6
6
5 7a 5 1
;
*5*2
*53.4
6
5 7s
5 7s
*5*2
5 78
*5*4
1
in cT 'ia '
IK ew cen aw C o p p e r ---------------2 5
*34
Last Sale 1
♦3*
**4
*34
l*s
18
*
A u g 18
2 4 5 ’ L ak e C op pe r C o ...................... 2 5
5*2
*5
5*4
5*41
5
5*4
*5
5*2
5*8
5*2
40 L a Salle C o p p e r ........................... 2 5
2 78
2 78
**
22 3
*2*4
3 !
*2*2 3
*2*4
3
2*
2 2 *2 '
M a s o n V a lle y M i n e -----------5
J u ly ’ 18
Last Sale 4
4
4%
*3*2
*3*2
*3*2
*3*2
4*2
4*2
M a s s C o n s o l ........................
25
43i
43c
458
5
*4*2
*4*2
5
M a y flo w e r -O ld C o l o n y . . . 2 5
5 I *4*2 5* . *4*2 2*2 *2*4 2*2 *2*4 458
2*2
*2*4
2 2 22
*
22
*
*
2*
2
*' 2 2 22
M ic h ig a n _______________________2 5
Last Sale 2% A u g ’ 18
23.(1
2 2 23.,
234
*2*4
*212 2*4 * *
*2*4
25
1 4 0 M o h w a k ...... .............................
:
58
58 i 57
57
553i 5534
56*2 * 5 6
__ .
57*2
55*8
55 *81 5 5
N e v a d a C o n so lid a te d ---------5
Last Sale 193.( A u g ’ 18
20*4 *20
203,(i *20*4 21
*20 2034 *20
N e w A rcad ian C o p p e r _____ 2 5
1 *0 95 :
1*4 1*4
1*2
2
12
*
*1*2 134
1 *2 !
138
1 2 1*8! *1
*
N e w Id r la Q u ick silve r-------5
Last Sale 1 5 A u g ’ 18
*13
15
15
*13
*13
*13
15
15
N e w R iv e r C o m p a n y ______ 10 0
12
12 I .......
15
15
*1 2
*12
*12
15
*12
15
Do
p r e f ........... — ............. 100
>
65
65
--------------68 I _ 66
*_
74
74
* ------N ipissln g M ln e 3 ------------------8 34
* 8*4 8*4
8 % 8%
” §34
834*
8*2
8*2
* 8*8
8*4 ~ ~ 8 * 4
14*2
14*2 15 -1 *14*2 1 5 I
14U N o r th B u t t e .............................. 16
*14
14*2' * 1 4
*14
14*2 * 1 4
14*2
Last Sale .6 0 A u g ’ 18 .............. N o r th L a k e ___________________ 2 5
.80, *.60
*.60
.80 *.60
.80 *.60
OJlbw ay M in in g --------------------- 2 5
1
Last Sale *4
A u g ’ 18
*3(
1 1 *3.i
2 6 0 O ld D o m in io n C o ____________ 2 5
'
40
4 0 I *39 *2 4 0
40
40
40
40
40
39*2 39% *39
1 4 1O sc e o la --------------------------------------- 2 5
52 | *50
52
50
50
50*2 50*2
52
*50
!
49
49
*50
3 2 5 ' P ond C reek C o a l____________ 10
183s 18% 18*2 18% 18% 1834 18*8 1 8 V , *18*2 19 |
18
18
l o 'Q u I n c y ......................................... 25
69*2
69% ;
♦68 69*2 * 6 9
6 9 12 69*2 * 68*2 6 9 % ' * 6 8
69*2 * 6 8
lO lR a y C on so lid a ted C o p p e r . 10
2434 .
2434 * 2 4
24 I *24
2434
24 *4 : 2 4
*24
24*4 24 *4 ! *2 4
7 jSt M a r y ’ s M in e r a l L a n d .. 2 5
50 |
51 ; * — 50 | *49
52
50
5 0 | ♦49
50
50
*50
1 5 0 ,S a n ta F e G o ld A C o p p e r .. 10
.7 5 ,
.7 5
* .6 0
.7 5
* .6 0
.6 0 ,
.7 5
■75'
.6 0
.7 5
* .6 5
* .6 0
3 5 S h a n n o n ........... .................... —
10
4
33(!
*33.i
33.1
334 '
4
334
*3*2
*31
*3*2
3*4
4
2 5 ;So u th L a k e ..................................2o
J -Z
L
’ 1
i ‘ 2j
x 2
.2 0 ,
Last Sale .1 6 ' A u g '18 _______ (S outh U t a h M A S __________ 5
* .1 6
* .1 6
.2 0 . * .1 6
* .1 6
.2 0
.2 0
"
10 S u p erior.............. ............................ 2 5
6
*5%
6
*5*4
6
6
♦ 5%
*5*2
6*2
*5*2
6
5 ,7 7 6 Superior A B o sto n C o p p e r . 10
3% !
3%
2%
33s -• 3
33.1
3*2
3%
4*8
3%
3*8
4
5 0 0 :T r i n i t y .............................................. 2 ?
3
3
3
*3
3 Hi 1 *3
3*4
3*4
3*4
3*2
*3 Hi
3 1
5 1 0 ,T u o lu m n e C o p p e r .............. 1
1% !
1*8
1% '
1H ,
1% ;
1*8
l 's
* iH i
1*8
1*8
1*8
*l
2 8 5 U S S m e lt R e fln A M t n . . . 5 0
423,!
4 2 % 42*2
42*2 4 2 %
42
42*2 4 2 %
42% 43
*41*2 4 2
19 8 '
Do
p r e f ................................... 5 0
44 |
*43
4 3 % ♦43
♦43
43*2 43*2 '
43
43*8
43%
43*4 43*2
2 4 5 U t a h -A p e x M in in g -------------5
_____I
2
*1%
1% _____
* 1*1
1%
178
1% ;
1%
1% ! * 1 %
2 5 5 ;U t a h C o n so lid a te d .................
5
10*4
10
9 % 10
10*4 10*4
*9%
*10
9%
10*8 10*8
10*4
U ta h C o p p e r C o ........... ..............10
Last Sale 8 1 % A u g ’ 18,
*82*2 8 3
*84
84% '
82
♦ 81% 8 2
*81%
2 1 1 ,3 7 5 U ta h M e ta l A T u n n e l...........
2 1
2
*2
2
2
1% 1% '
2*8
1%
1*4
2
75 V i c t o r i a ........................................... 2 5
2%
*2
2%
3
2%
*2
*2*4
2*4
2*2
2*4
2*8 '
2*8
Last Sale 1% A u g ’ 18, ............. Iw in o n a ---------- ----------------------------- 2 5
*1
*1*4
1*1
1%
1%
*1*4
1*4 '
*1*4
4 5 3 W o l v e r i n e _____________________ 2 o
22
23%
23 *i 24*4
23
23 I 22
23*2 2 4 |
23
22*2
23
J u ly ’ 18 _______ I W y a n d o t t --------------------------------- 2 5
Last Sale %
* .5 0
1 1 * .5 0
1 1 * .5 0
1 1
* .5 0
1

*4 1
3

[Vol. 107.

B O S T O N S T O C K E X C H A N G E — Stock Record S e N x P g
e et ae

894

122*2 A p r l 7
37
80
19
150

2
10*4

J an 2
J u ly 11
Jan23
A p rl5
Jan26
M ar 1

25.
13 8
8212
10 4
53

J u ly lO
J u ly 2
A p r l8
F o b 19
Jan22
111*2 A u g 2 9
773S A u g 8
77*2 J u n e lS
2
J an 2
8*2 J a n 2 2
27
Feb25
90
J a n lO
* 88 % J u n e l4
20
Jan 2
Aug 6
80
Fob20
37
J an lO
47

1 3 5 J u n e2 4
76*2 M a y 2 9
100
J an 2
37*2 J u ly 2 0
170
Aug 9
3 Jun o 5
1 5 J u n e l7

120
27
70*2
15
150
2
9

30
M ar 6
14 7
A p rl7
85
Jan30
120
M ar 6
65
J an 3
116*4 Jan 9
81
F eb25
85
Jan 3
7 * 2 M a y lO
33
M a y l6
M ay29
46
J an lO
90
Jan
98
Jan 8
25
88 A p r l 8
J u ly
50
Apr 1
62

30
Aug
148
Nov
8 3 i2 D e o
102*2 NOV
44
D ec
116
Dec
83 June
78
Dec
1
Dec
6
Dec
21*4 S ep t
90*2 O c t
85
D ec
16 % D e c
83
D ec
34
Dec
D ec
*45

78*2 J a n 2 100*2 A u g 2 7
95*2 M a y 21
88*8 Jan 2
2*2 M a r 2
.4 0 J u ly 1
15*8 M a r 4
4*2 J u l y l 3
99
J an 2 115*2 M a y l 5
10 7 Ju n o 4 11334 M a y 9
10 9
Feb
9034 A u g
60*8 M a y 2 4
45*2 J an 8
96*4 M a r l 2
90
J an 3
80
Aug23
60*2 Jan
8 2 Ju h e
76
J an
18
J u ly 8
11
Fcb21
98
J a n l 5 120*4 F e b 16
04
J u lylO
58*2 J a n l 7
2 7 78 A u g lO
21
Jan25
14*2 A u g lO
10 *4 M a y l 8
.17*2 M a y 1
12
Jan29
5*4 M a y l 5
4
J an31
13 4 Ju n e21 15412 Jan 2
55*4 A u g 3 0
27*2 Ju n e2 7
128
Jan lO 151*4 M a y lO ,
35
A ug30
27
A ug29i
6*2 F e b 6
5
Apr 3
18
J u ly lO
12
A p r2 3
5*8 M a r l 8
3*8 A u g 2 3
9 2 i2 F e b 2 8
89 M a y 2 8
91
M a y lO
*7 7 % J a n l5
70
Jan 3
6 2 J u n e l7
124
Jan31
10 7 J u n e l l
89*2 M a y lO
88
J a n l5
8 2 i2
56
102
29
11
10 2
45
115*2
38*2
24*.|
87
108
5

J u ly 3 0 ]
J u ly 5
J an 7
J an 3
Jan29
A ug30
Jan20
J a n l7
J u ly 9
Aug 9
M a i 25
M a i 25
Jan 2

Jan 3
Jan 2
M n y 16
Feb23
M a r lO
Apr 9
Aug 7
F c b l8
M a y lO
26*2 M a y 2 8
116*2 A u g 2 8
112*4 J u l y l 7
8*4 A u g 9

10 0
69
an
119*2
35
1378
146*.(
52*8
13 3
48*2

1*4 J a n 2 5
i 2 Ju n e2 7
83
J an 3
71 J u n e l3
412 J u ly 5
13s A p r 2 5
.4 5 M a y l3
.1 5 J u l y 11
54
Fcb27
* 4 7 J u n e l4
21*4 J u ly 3
12*8 M a i 2 3
54
J u ly 6
41
J an 2
16*4 A u g 2 4
11
J an 5
.4 5 J an 7
.2 5 F e b 1
33 M a y l4
17
M a t 25
73*2 M a y 16
62*2 J a n lS
427
Feb28 465 M ay 2 7
14*2 F e b lO
1034 J u n e 2 7
5 0 M a y lO
43*8 M a r 2 5
2*8 M a r 1
U 2 A p rlO
6 78 M a r 8
5
J an 2
10*2 J an 2
6*2 M a r 2 5
6
F c b lS
3 J u n c21
79*4 A u g 6
73*2 J u n o l4
44*8 M a y 9
39
J n n l7
10*8 Jan 2
5*8 Ju n e 21
1
Jan 3
.4 0 J u ly 2 3
7 0 M a y lO
50
J a n l4
84
F c b l8
80
Jan24
29
J u ly 3
1 9 l2 Jan 14
6
F e b lO
5
Jan 2
1*4 M a y lO
.9 9 J a n 2 4
8*4 M a y 14
5
M n r25
3*4 M a r 5
2
J an 2
6
F e b 13
3 78 J u ly 8
7
J an 2
41 2 A u g 2 2
3*2 J u ly 8
65
M n r26
2*4 J u ly 8
.4 0 J u n e2 8
66*2 M n y 16
55
Aug20
20*2 M a y l 4
18*2 J a n 3 0
2 i 2 J u ly 1
1*4 A u g 2 9
17*4 M a r 7
13*4 J a n 2
20
Jan 2
12
A ug29
80
Jan 3 1
65
A ug29
9 78 A p r i l
8 Hi J a n ll
1 7 % M a y lO
13*2 A p r l 7
.9 5 M a r lO
.2 5 F e b l 4
1*2 M n r 3 0
12 J u n e2 1
4 5 i 2 Jan 3
39 M a y 2 8
65
J an 9
4 6 i2 J u n e ll
20*4 F c b 2 0
17*2 J a n l 2
7 8 M a y lO
66 J u n e2 6
25*4 M a y 2 3
21*4 M a r 2 2
57
J an 2
46*2 J u n o l l
i 2 J un e21
1*4 Fob 2 1
5 *i Jan 2
. 3
A p r lO
2
Jan 3
1
J u ly l7
.2 0 J an 8
.1 1 J a n 2 3
6*2 M n y l 5
4
F e b 19
4*8 A u g 2 9
1*4 A u g l 3
4*2 F e b 13
2*.( J u ly 2 0
1 % A ug20
.8 5 M a y 1
49*4 F e b lO
36
A p rl3
46
J an 2
42
J u ly 2 4
2*s F o b 8
1*4 M a y 31
12
JanlO
8*4 J u n e 2 5
85
F o b l9
77*2 M a r 2 3
3 Hi A pr 8
1*8 Ju n o 5
3
J an 3
- 2*8 A u g 2 6
2
J an 3
1
J a n lO
36
Jan 3
22
A u g lO
1 Hi M ar 7
.4 0 M a y lO

h E x-rlgh ta. g E x -d lv ld o n d .

to H a lf p a id .

Dec
D ec
D ec
D ec
D ec
J u ly
June

175
79
133
45
213
3
30

Jan
Jan
M ar
M ar
Jan
J u ly
J u ly

38
150
108
140
78*2
133
92*2
100*8
6*8
31*4

Feb
Jan
Jan
M ar
M ar
Jan
Jan
M ar
June
J u ly
5234 Jan
10 5
Apr
135
Jan
8 4 i2 F e b
11 0
Jan
56*2 M a r
74
Jan

Nov
D ec
D ec
Nov
D ec
D ec
Dec
6
D ec
88 S ep t
55*2 F e b

94*4 M a y
103*2 Jan
2 % Jan
14
M ar
126*4 Juno
1 2 1 % Jan
128*4 Jan
5 8 June
100*4 Juno
75
J u ly
97*2 Jan
14*4 D e c
1 2 1 % Jan
66
Jan

D ec
9
3% D ec
133% D ec

2 0 % Juno
10
Jan
226
Jan

118*4 D e c

170*4

Jan

18%

Jan

73

D ec

Dec
88
Dec
1
7*2 D e c
90
10 5
96
38%
*87*4
60
75

4

10

D ec
D ec

9 2 % D ec
71
Dec
63
Dec
D ec
110
35
Jan
60
Jan
93
D ec
Nov 1
*59
Dec ;
107
D ec !
29
10
D ec 1
116
N ov !
40
Nov
*10 5
D ec
37% D ec
25
Oct
79% D ec
103*4 D e c
4*4 D e c

1

Oct
D ec
D ec
*4 S ep t
45
D ec
11
D ec
40
N ov
8*8 N o v
.2 5 D e c
12% D ec
55
D ec
411
D ec
11
D ec
39*1 D e c
1% A pr
3*4 N o v
8*4 D e c
4
D ec
66
D ec
Nov
35
D ec
7
*4 D e c
62
Nov
80
Nov
20
Dec
4*4 A pr
1*4 June
5 O ct
1'; D e c
4*8 N o v
5
Nov
1
N ov
1*8 A u g
57
Dec
16
Nov
1*2 D e c
10
Nov
22
Jan
65
Dec
6*4 J u ly
11*4 O c t
.3 0 N o v
.9 8 D e c
33
N ov
5 3 i2 D e o
16
Nov
60
Nov
20
Nov
48
Dec
.5 8 D e c
5*8 O c t
.8 9 D e c
.1 0 D e c
3*4 D e c
3*8 D e c
3
Nov
1 M ay
40*8 D e c
43*2 N o v
178 M a r
9*2 D e o
71
Dec
2*8 D e c
2
O ct
2
Oct
31
Dec
.1 5 A u g
70

1

33*2 Jan
102
100%
81
169
95
92%
12 4%
11 2
166*4
46
16
162%

68
15 5 %
58*4
30*8
13 5
121
8%

Jan
M ar
M ar
Jan
M ar
Aug
M ar
Jan
Jan
Jan
M ar
Apr
June
Jan
Jan
M ar
M ay
Jan
Jan

4 % Jan
108

Jan

1 1 % Jan
1*4 Jan
70
M ar
4 1 % Jan
73
Jan
15 % Juno
2 % Jan
52
Jan
8 5 % Jan
590
Feb
2 7 % Jan
68
Jan
3
Jan
7 % Jan
10
Jan
9 M ar
92
Jan
46*2 Jan
2 0 % Jan
4
M ar
7 0 % Jun e
94
Apr
30
Jan
l 6
Aug
I 4*4 Jan
18
Jan
5
Jan

1512 Jan
3

M ay

512 M a r
98
26*2
6
17*2
30
92U
9*8
24*4

Jan
M ar
Jan
Apr
M ar
M ar
S ep t
M ar
2*4 Jan
2 78 Jan
67*4 M a r
95
M ar
28*4 Jun e
94*2 F e b
32*8 A p r
89*4 M a r
2
Jan
19
Jan
6*4 Jan
.3 1 Jan
16*8 M a r
8*4 Jan
8 I2 J u ly
2 H i Jan
6 7 * i Jan
52*2 Jan
3 78 S e p t
21*2 F’eb
118*8 M a y
6*8 Jan
6
Jan
5*8 Jan
5312 M a r
2*8 Jan

A ug . 31 1918.]

T H E C H R O N IC L E

895

Outside Stock Exchanges

Baltimore Stock Exchange.— C o m p le te re co rd o f th e
tr a n sa c tio n s a t th e B a lt im o r e S to c k E x c h a n g e fr o m A u g . 2 4

Boston Bond Record.— T r a n s a c tio n s in b o n d s a t B o s ­
to n S to c k E x c h a n g e A u g . 2 4 to A u g . 3 0 , b o tli in c lu siv e :

to A u g . 3 0 , b o th in c lu s iv e , c o m p ile d fr o m th e o ffic ia l sales
lis ts , is g iv e n b e lo w .
P ric es fo r s to c k s are a ll d ollars p er

Friday
Last Week’s Range Sales
Sale
o f Prices.
for
Price. Low. High. Week.

B on ds—

Range since Ja n . 1.
Low.

U S Lib Loan 3 % s . 1932-47 101.34 101.34102.48 112,100
1st Lib Loan 4s. 1932-47 94.44 94.04 94.44 13,400
2d Lib Loan 4s. 1927-42 93.74 93.60 94
56,700
1st Lib Loan 4% sl932-47 ______
94.04 94.48 10,850
2d Lib Loan 4 % s 1927-42 93.94 93.64 94.10 21,350
3d Lib Loan 4 % s ..l9 2 8
95
94.54 95.14 101,550
Am Tel & Tel coll 4 s .. 1929
77% 7 7 %
1,000
Am W riting Paper 5s. 1919
86% 86%
2,000
Atl G & W I SS L 5 s .. 1959
74% 74%
7,000
Chic June R y * U S Y 4 s 1940
73%
73% 73%
1,000
M ara U & Out Gs____1925
91% 91%
2,000
N E Telopnono 5s___ 1932
86% 86%
1,000
Pond Creek Coal 6s__1923
03 Yi
93% 93%
1,000
Punta Alegre Sugar Gs 1931
80% 80%
1,000
Western Tel & T el 58.1932
85
85 H
7,000

High.

96.52 Jan
93
June
92.84Junc
93.61 July
93.01 July
94.54 Aug
77% Aug
86% Aug
74% July
72% Apr
90
Jan
84% Aug
90
Apr
77
M ay
82% Juno

102.50 Aug
S tock s—
95.90 July
94.10 July
101
M ay
83
Jan
86% Aug
74
M ay
91% Aug
91% Feb
95
Feb
81
Apr
90% M ar

Chicago Stock Exchange.—

T h e c o m p lo to re co rd o f
tra n sa c tio n s a t th e C h ic a g o S to c k E x c h a n g e fr o m A u g . 2 4
to A u g . 3 0 , b o th in c lu siv e , c o m p ile d fr o m th e o ffic ia l sales
lis ts , is g iv e n b e lo w .
P rices fo r sto c k s aro a ll d ollars per
sh a r e , not p er c e n t.
F o r b o n d s th e q u o ta tio n s aro p er c e n t
o f p ar v a lu e .

S to c k s -

Friday
Last
Sale'
Par. Price

American Radiator____1001
Preferred..................... 100
Amor Shipbuilding____100 129
Preferred..................... 100
Booth Fisheries—
C om m on ..n ow (no par)
27%
Preferred....................100,____
Chic C ity * C Uy pt sh c o m ____
P referred______________ I____
Chic Pneumatic T o o l .. 1 0 0 ____
Commonw E d is o n ____lOOj 103
Cudahy Pack C o, com . 1 0 0 ____
D e e r e * C o, pref......... . 1 0 0 _____
Diam ond M atch ______ 1 0 0 _____
Hartman Corporation. 1 0 0 ____
Hart, Shaffncr & Marx I
C o m m o n __________ 1 0 0 _____
Illinois B rick_________ 1 0 0 _____
Lindsay Light................ 1 0 _____
Pago W oven W lro F on co.20 ____
Peoplo’s Gas Lt & Coke 1 0 0 ____
Pub Sorv of Nor Illinois— |
C o m m o n __________ 1 0 0 _____
Preferred__________ 1 0 0 _____
94%
Quaker Oats C o, p r o f.. 100
Sears Roebuck com _ 100
_
Stewart Warner Speedom
Com m on____________ 100
56%
Swift & C o ____________ 100 103
Union Carbldo & Carbon
C o ....... .................(no par)
Unit Pap Board, c o m .. 100
W ard, M ontg * C o, p r e f..
Wllson & Co, com m on. 100
Preferred....................100

o f Prices.

88

88

Sales
for
Week.
Shares
4
50
1,347
5

Range since Ja n . 1.
Low.
235
Juno
128% Aug
87
Jan
8 4 ^ Mar

s h a re , not p er c o n t.
o f p a r v a lu o .
•

High.
265

Feb

144% M ay
93% M ay

110

111

46

46

560
18% Jan
25
80
Apr
300
% Aug
20
12
June
136
47% Jan
265 100
Juno
303 107% Jan
20
92
Juno
60 102
Jan
50
30
Jan

55
50
17%
5
44%

55
50
17%
5%
45

75
25
55
175
158

53
Jan
48
Apr
17
July
5
M ar
40% Apr

55

64
20
60
700

70
Juno
82
June
92% Aug
133
Juno

77
90
100
157

530
9,030

47
102

146

Arundel Sand & Gravel 100
Atlan Coast I. (C on n ). 100
Baltimore Tube p r e f .. . 100
Commercial Credit pf B .25
Consol G E L * Pow .-lO O
Consolidation Coal____100
Cosden & C o ..... ................. 5
P referred...............
5
Davison C h em ical..n o par
Elkhorn Coal C orp _____ 5 0 x28
Houston Oil trust ctfs.100
79
Preferred trust ctfs.-lO O
75
M t V W ood Mills v t r.100
Northern Central............5 0
Pentisyl W at & Pow er. 100
United R y & E lec______ 50
20 M
Wash Balt * Annap____50
W ayland Oil & G as______ 5
B on d s—
Atl Coast L R R eonv 4sl939
Augusta R y & Elec 5s____
C O H S G E L & P 4 M S .1 9 3 5
5% notes______________
Consol Coal eonv 6 s .. 1923
Cosden & C o ser A 6s. 1932
Series B 6s......... ...1 9 3 2
Cosden OH & Gas 6 s . . 1919
l a ir & Clarks Trac 5s. 1938
Houston Electric 5s______
Houston Oil dlv ctfs ’23-25
K irby Lumber Contr 6s ’23
K noxville & Ohio 6 s ..
.
M llw El R y & Lt 4M s 1931
N orfolk St R y 5s____1944
United R y & E 4s____1949
Incom e 4s........... ....... 1 94 9
Funding 5s s m a ll..1936
Wash Balt & Ann 5s. .1941

Fob
Jan
Jan
Fob

56% 57%
102
117%

Sales
Last Week's Range for
Sale
o f Prices.
Week.
Par. Price. Low. High. Shares.

Apr

91
98%

96%

82

%

18
18
69
102% 104
H IM 113
93 % 93 %

57
58%
19% 20
101% 103
59
59
94
95

8,366
70
125

Jan
Aug

32

47% Apr
14% FCb
100
Aug
46
Jan
74
July

60
$29,000
58 M 11,000
88% 9,000
94
94
150
93.60 93.70
2,86u
94.58 95
8,300
90% 90 %
7,000

52
Jan
50
Jan
88
Aug
94
Aug
93
Juno
94.58 Aug
90% Aug

220

27% Aug
86
Feb
2% Juno
18% July
71% Apr
108
Feb

*71%

58
58

88

.1928
90 Vs

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

Amor Rolling M ill........... 25
Amor Sower Pipe......... .100
Am Wind Glass M ach. 100
Preferred..............
100
Columbia Gas * E le c .. 100
Harb Walk Refract pref
Indcpend Browing c o m .50
P referred....... ............... 50
La Bello Iron Wks com . 100
Lono Star G as_________ 100
M frs Light * H eat_____ 50
N at Fireproofing c o i n .. 50
‘ —P referred____________ 50
Ohio Fuel O il____________ 1
Ohio Fuel Supply______ 25
Oklahoma Natural G as.25
I’ ooples Nat Gas * Plpeage
Plttsli Browing com ____50
Preferred..............
50
Pittsburgh Coal c o m .. 100
Preferred ..................... lo o
PIttsb Jerome C o p p e r ... 1
Plttsli * M t Shasta Copp 1
Pittsburgh Oil * G a s .. 100
PIttsb Plato Glass com . 100
noss Mining * M illin g .. . 1
San T oy M ining.................i
U S Steel Corp com ____100
U S G lass..............................
W ost’ houso Air Brake. Isi)
W ost’houso Elec & M fg . 5 0
W est Ponn Tr & W P pf 100
B on d s—■
Indop Brewing 6 s ____ 1 9 5 5
M onon Itlv Con C * C 0s'49
Pitts M oK * Con 5s. .19.31

64
75
35%

189
5%

12%
1
*29%
7%
SOM
82
’ 2 5 c’
7

110
37
93 M

38H
106




74
74
84
84
78% 78%
91
91
98% 99%
81% 81%
81
81%
96% 96%
92
92
91% 91%
100
102
96% 96%
100% 100%
82
82
92% 92%
71% 72
52% 52%
73% 74
81% 81%

67
68
28

Feb
Jan
Jan

59
22%
110
65%
99%

July
M ay
Feb
M ay
M ar

62% Aug’
59% Jan
94% M ar
100.66 Aug
97.52 Jan
98.10M ay
95% Jan

43
43
13% 14%
03% 61%
75
75%
35% 36%
100
100
2%
2%
7
7%
111% 112
181
191
48
48%
4%
5%
11% 13%
15
15%
42
42%
29
31%
33
33
3%
3M
7M

OH

SOM 51)
82
82
240
27c
280
28c
7
7M
108
108
7c
7c
7c
8c
110
116
37
37
93
93 M
4 3 H 44M
55M 55M
38% 38%
106 106

86

86

50
495
515
175
180

3
40
610
125
209
135
1,825
1,756
135
3,843
4,069
50
705
400
150

10
8,000
3,500
45

10
1,000
4,200

210
96
270
400

20
55,000
6,000

1,000

Range since Ja n . 1.
Low.
43
12 M
40
74 %
28 M
100
1M
6%
106

n ig h .

45
79%
24c
21c
5M
108
70
7c
87M
34M
92%
39
55 M

Aug
Jan
Jan
July
M ar
July
Jan
M ar
M ar
Jan
Aug
Jan
June
July
M ar
July
Aug
M ar
Aug
Jan
Apr
Aug
Jail
Jan
Aug
Aug
Aug
M ar
Juno
Aug
Jan
Aug

116
37
97M
47
55 M

Apr
Jan
Aug
Jan
Aug
Fob
Aug
Jan
Feb
Aug
Jan
Aug
Aug
Jan
Juno
Aug
Jan
Aug
Jan
Feb
M ay
Feb
M ar
M ar
Jan
M ar
Feb
Aug
Aug
M ay
M ay
Aug

34
106
86

Apr
Aug
Aug

40
112
91

Jan
Apr
Juno

1M

7M

Low.

2
30
37
19
8C
78
1,562
265
1,496
170
5
505
5
182
43
555
60
200

31%
80
83
25
94
83%
6%
3%
30
22%
40
64
14%
69
60
17%
24
3

High.

Jan
M ay
Aug
July
Jan
July
July
Jan
Jan
Jan
Jan
Apr
June
Aug
Jan
June
Jan
Apr

Aug
Jan
Apr
Aug
Feb
Jan
Jan
Jan
Aug
Aug
June
June
Feb
June
M ay
Feb
Aug
Jan

July
Aug
Aug
June
July
June
June
Jan
Apr
Aug
Jan
Apr
Aug
Aug
Aug
Aug
Aug
Aug
Jan1

$1,800
73%
2,000
84
2,000
78%
8,000
90
3,000
98%
4,000
77
4,000
78
2,000
96
1,000
90
4,000
91%
20,000
88
11,000
95%
7,000 100%
1,000
82
92%
1,000
14,000
71%
2,000
52
700
73%
3,000
80

37
90
86
25%
102
106
8%
4
39%
30%
86
80%
17%
74
67
24%
30%
3%
76
84
84
95
103%
S2%
83%
97
92
91%
102
98%
100%
86
97
77%
58%
82%
83%

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

c o m p le te re co rd

Aug

Pittsburgh Stock Exchange.— T h e c o m p lo to re co rd o f
tra n sa c tio n s a t th e P itts b u r g h S to c k E x c h a n g e fr o m A u g . 2 4
to A u g . 3 0 , b o th in c lu siv e , c o m p ile d fr o m th e o fficia l sales
lis ts , is g iv o n b e lo w .
P rices fo r sto c k s aro all d ollars p er
sh aro, not p or c e n t.
F o r b o n d s th e q u o ta tio n s are por c o n t
o f p ar v a lu o .

S tock s-

73

17
09%
65
20%
30
3%

37
82
84
25%
97%
85%
6%
3%
39%
30
79
76%
17
70
66%
21
30
3%

Range since Ja n . 1.

Philadelphia Stock Exchange. — T h e
46

.

55
15%
64M
96 M
36 M
102M
3M

0M

115
197
53
5%
13 H
16
46%
31%
34 M
4H
13
58 M
84

1
48c
7M
117
17c

160

P ric es fo r s to c k s are a ll
F o r b o n d s th e q u o ta tio n s

Friday
Sales
Last Week’s Range for
Sale
o f Prices.
Week.
Price.
Low. High. Shares

P referred...................100

67
26M
7
18
69
60

B on ds.
ChlcClty * Con Rys5sl927
Chicago R ys 4s__Scr " B ”
Commonw Edison 5s. 1943
Liberty Loan 3 % s . 1932-47
Liberty Loan 2d Is 1927-42
Liberty Loan 4 M s................
Swift & Co 1st g 5 s .. .1944

37
82
83
25%
97
85%
6%
3%
35
*28
79

Jan

75
75
85
85
94 % 94%
138
MOM

F o r b o n d s th e q u o ta tio n s are p er c e n t

44 H
lative 6 % ) ..................5 0
Phi la Rap Trans v t r___50
Philadelphia T r a c t io n ..50
R e a d in g ....................... . . . 5 0
1st preferred............... 50
Tono-Belm ont D evel____1
Tonopah M in in g ............. 1
Union T raction_________ 50
United Gas Im pt........... 50
U S Steel Corporation. 100
Warwick Iron * S teel.. . 10
Win Cramp & Sons____100
B o n d s—
U S Lib Loan 3M s. 1932-47
1st Lib Loan 4s. 1932-17
2d Lib Loan 4 s .. 1927-42
3d Lib Loan 4 M s .. . 1928
Am cr Gas & Elec 5s. .2007
do
sm all_________2007
Baldwin Locom 1st 5s 1940
Elec & Peoples tr ctfs 4s ’45
Eqult I Gas L 5s_____ 1928
Lake Superior C orp 5s 1924
Lehigh Val cons Gs reg '23
N atl ITopcrites 4-6S..1946
Penn R lt PW &B ctfs 4s ’ 21
Philadelphia C o 1st 5s 1949
Phila Electric 1st 5 s .. 1966
do
sm all_________ I960
United R ys Invest 5s. 1926

*24%

2M
2%

50
39
53
31
65
26
7
18
69
59 M
54%
50
69
43%

51
39
54 M
33M
67
26M
7
19
69 M
60
54%
44%

31
32 M
24 M 24%
26M 27.
69
69
90% 91%
33
33

2%

2%

2 11-16 2M
37 H 38
64% 66%
64 M
i l l 0 % 116M
"8 %
8%
8H
80
82

198
5
285
1,557
503
216
18
1,460
193
50

10
9
60
1,117
239
601
707
15

110
50
60
660
171
829
9,070
170

22

Range since J a n . 1.
Low.

High.

50
38
48
14%
47
24
7
12
61 M
55
43%
50
69
43%

Aug
July
Mar
M ay
Jan
Jan
Aug
Jan

89
43
55%
36 M
71
27M
9
21%
Jan
70
Jan
63
Jan
59 M
M ar
51M
Aug
75
June 47 %

Jan
|Mar
July
July
July
July
Jan
J u ly
July
M ar
M ay
Jan
Feb
Jan

29
24
23 M
66
71
33
2%
2M
36M
64
86%
7M
74

M ar
June
M ar
Apr
Jan
Aug
July
July
Aug
July
M ar
Apr
Jan

M ay
M ay
Jan
Feb
June
June
M ar
Jan
Jan
Jan
Aug
M ar
June

34
26
30
71H
94%
37
3%
4
42%
72%
116%
8%
95%

100.50102
$39,200
97
Jan 102.40 Aug
93.60 93.60
200 93 June 97.90 Jan
93.50 93.60
3,150
92.80 June 97.60 M ay
94.70 95
7,900
94.60 Aug
98.52 M ay
78
78.
2,000 78
Aug
82
Jan
79
79
1,300
82
Jan
77 M M ar
1,000 98 M Aug 101 M ay
98 M 98 M
69
69
1,000 69
Aug
73% M ay
4.000 101M M ay 102 % Aug
102M 102M
56
56
1.000 47% Jan 59% Aug
1,000 100M Apr 101% July
10IM 101M
30
30
1.CC0
30
Aug
40
Jan
95
95
1,000 95
Apr
96
Apr
93
95
5.000
95
Aug
85 M Feb
90 M 91% 10,000 90 M Aug
96
Jan
95
95
1.000 93
July
97
M ay
57
57
8,000 54 . Apr 60
Jan

95
95

Volume of Business at Stock Exchanges
TR A N S A C T IO N S A T T H E N E W Y O R K ST O C K E X C H A N G E
D A IL Y . W E E K L Y A N D Y E A R L Y .

Week ending
Aug. 30 1918
Saturday ..................
M onday___________
T u e s d a y ........... ......
W ednesday..............
Thursday__________
F r id a y ......................
T o t a l ....................

Slocks.
Shares.
321,450
422,140
410,045
398,535
378,682
225,375

Par Value.

Railroad,
eke.a
Bonds.

$30,836,500
39,883,500
38,965,000
37,420,750
35,036,025
21,526,250

$428,000
936,000
950,000
731,000
910,000
1,311,500

2,156,227 1203,668,025

$5,266,500

State, Mun.
dt Foreign
Bonds.

Bonds.

$1,471,000
1,353,000
2,261,000
1,594,000
1,576,000
1,398,500

S3,908,000
4,150,000
4,405,000
4,666,000
4,847,000
5,862,000

a. s.

$9/653,500 $27,838,000

Week ending Aug. 30.

Sales at
Exchange.

126,853,605
88,938,117
$8,301,692,165 $11,051,399,255
$61,400
$14,800

$27,838,000
9.653.500
5.266.500

T otal bonds_______

$42,758,000

$53,849,250
228,172,500
358,772,000

$694,993,000
145,053,000
180,671,500

$5,423,000
3,517,500
4,601,500!

Government bonds—
State, m un., & c., bd s.
R R . and mi3C. bon d s.

$13,542,000' $1,020,717,500!

$640,793,750

D A IL Y T R A N S A C T IO N S A T T H E BOSTON , P H IL A D E L P H IA
B A L T IM O R E E X C H A N G E S .

Boston.

1

Other OH
S to ck s — ( Concl.)

1917.

1918.

|

2,850,310
2,156,227
$203,668,025 $267,190,550
$400

Bonds.

Ja n . 1 lo Aug. 30.

|

1917.

1918.

Stocks— N o. shares___

Week ending
Aug. 30 1918.

Baltimore.

Philadelphia.

Bond Sales.| Shares.

Shares. \BondSales .j Shares.

AND

Bond Sales.

Saturday_________
M o n d a y .................
Tuesday..................
W ednesday______
Thursday................
F r id a y ......... ..........

8,403
11,030
8,232!
15,708;
25,239
12,764

$37,250
123,100
55,550
65,200
44,800
24,750

2,508
4,218
5,110
3,090
2,259
1,475

$1,000
43,150
12,600
3,600
18,500
10,000

442
1,678
812
388
731
1,538

$13,300
22,500
23,000
12,200
23,900
6,000

T o t a l ..................

81,3761

$350,650

18,66o!

$88,850

5,589

$100,900

N e w Y o r k “ C u r b ” M a r k e t .— B e lo w w e g iv e a re c o rd o f
th e tr a n s a c tio n s in th e o u ts id e se c u r ity m a r k e t fr o m A u g . 2 4
to A u g . 3 0 , b o t h

in c lu s iv e .

It

covers

th e

w eek

e n d in g

F r id a y a f te r n o o n .
^
I t sh o u ld b e u n d e r sto o d t h a t n o su c h r e lia b ility a tta c h e s
to tr a n sa c tio n s o n th e “ C u r b ” a s t o th o se o n th e re g u la rly
o r g a n iz e d s to c k e x c h a n g e s.
O n th e N e w Y o r k S to c k E x c h a n g e , fo r in s ta n c e , o n ly
m e m b e rs o f th e E x c h a n g e c a n e n g a g e in b u sin e ss, a n d th e y
are p e r m itte d to deal o n ly in secu rities re g u la rly lis te d — th a t
is , se cu ritie s w h ere th o c o m p a n ie s re sp o n sib le fo r th e m h a v e
c o m p lie d w ith ce rta in s tr in g e n t re q u ire m e n ts b e fo re b e in g
a d m it te d t o d e a lin g s .
E v e r y p r e c a u tio n , t o o , is ta k e n to
in su re th a t q u o ta t io n s c o m in g o v e r th e “ t a p e ,” or re p o r te d
in th e o ffic ia l lis t a t th e e n d o f th e d a y , are a u t h e n tic .
O n th e “ C u r b ,” o n th e o th e r h a n d , th e re are n o re strictio n s
w h a te v e r .
A n y se c u r ity m a y b e d e a lt in a n d a n y o n e c a n
m e e t th e re a n d m a k e p rices a n d h a v e th e m in c lu d e d in th e
lis ts o f th o se w h o m a k e i t a b u sin e ss to fu rn ish d a ily re co rd s
o f th e tr a n s a c tio n s .
T h e p o s s ib ility th a t fic titio u s tra n sa c ­
tio n s m a y cre e p in , o r e v e n th a t d e a lin g s in sp u rio u s secu ri­
ties m a y b e in c lu d e d , s h o u ld , h e n c e , a lw a y s b e k e p t in m in d ,
p a r tic u la r ly as re g a rd s m in in g sh a r e s.
I n th e c ir c u m s ta n c e s ,
i t is o u t o f th e q u e s tio n fo r a n y o n e to v o u c h fo r th e a b s o lu te
tr u stw o r th in e ss o f th is record, o f “ C u r b ” tr a n s a c tio n s , a n d
w e g iv e i t fo r w h a t i t m a y b e w o r t h .
i s

Friday
Last Week’s Range
o f Prices.
Sale.
Par. Price. Low. High. Shares.

Week ending Aug. 30.
S to ck s —

[Vol. 107

T H E C H R O N IC L E

896

Aetna E x p los.r___(no par)
Amor & Brit M fg, pref.100
Am W riting Paper com 100
Brit Am T o b ordinary.-£1
Ordinary bearer_____ £1
Burnrlte Coal B r lq .r ------1
Bum s Bros Ico r ______ 100
Car Ltg & P o w e r .r ____25
Chevrolet M otor............100
Cuprite Sulphur r _____
Curtiss Aeropl & M com (t)
Emerson P h onograph..
General Ashpalt, com .rlOO
Grape Ola com _________ 1
P referred___________
'
Intercontinental R u bb.100
K oyst Tire & Rub c o m ..10
M arconi Wirel Tel o f A m .5
N Y Shipbuilding, (no par)
N orth Am Pulp & Pap (t)
R elc Equipment r ......... 10
Smith M otor Truck r . . . l 0
Standard M otor Const.r.10
Steel Alloys C o r p .r ......... 5
Submarine Boat v t o . . ( t )
Thlogen C o of Am er r . . . 5
United M otors r .. ( n o par)
U S Steamship__________ 10
W orld Film Corp v t c ___£
W rlght-Marttn Alro r . . ( t )
R ig h ts.
Amer Sumatra T ob a cco___
R oyal D utch C o __________
F orm er S ta n d a rd Oil
S u b sid iaries.
Atlantic R efining.r____ 100
Buckeye Pipe L ln e .r ___50
Illinois Pipe L ln e.r____ 100
Northern Pipe L l n e .r ..100
l Pierce Oil C o r p .r _____ 25
South Penn O ll.r _____ 100
So West Pa Pipe L .r .,1 0 0
Standard Oil of N J .r .1 0 0
Standard Oil of N Y .r .1 0 0
Vacuum O ll.r _________ 100
O th er O il S tock s.
Amer Ventura Oil r _____ 1
Atlantic P etroleu m .r____5
Barnett Oil & Gas r _____ 1
Boston-W yom lng O l l .r . .1
Cosden A C o com m on r . . 5
Crystal Oil ^ R ef r ............1
Elk Basin P e tr o le u m .r ..5
Esmeralda Oil C orp r ___r l
Federal Oil r ____________ 5
Glenrock Oil r __________ 10
G lobe O il.r ______________1
Houston Oil com r ____ 100
Imperial Con Oil l . t ____1
Internat P e tr o l.r ............£1
Island Oil & Trans r ____10
Kinney OH r ....................... 1
M etropolitan P etroleum .5
Midwest Oil com r ______ 1
Preferred.r....................... 1
Northwestern Oil com r . . l
Oklahoma Prod & R e f___5




10%

1654
554
3154
6
54
854

1254
33
4
1854
1854
4 54
3954
254
137
54
3754
154
33 54
13-16
254
8
1854
354
4654
354
1154
11-16
1254
5
1954
554
33 54
654
54
9

354
19

354
20

957
90
148
102
1654
254
94
520
262
329

US

980
90
149
103
1654
255
94
521
266
333

27

3%
17%

18
18
3 54
3854
254
129
9-16

1754
154
3454
254
12854
54
3754
1
i%
30
13-16 11-16
154
2'A
8
IS
354
354
45 'A 4554
354
354
1154
7-16
1254

F
t

1754
5 'A
32 54
6 54
'A
s%

148

329

8c
6c
254
254
3-16
54
18c
16c
654
654
154
154
554
554
4c
4c
154
154
354
354
1
1
81
78
1 13-32 7-16
1354 1354
354
354
54
54
154
154
98c
96o
. 1 1-16 1 1-16i
56c
52c
7
1
654

54
17c

Range since Ja n . 1.
High.

Low.

16,100
654 Feb 16% M ay
35
Aug
15
Jan
95
4 % Aui
2
Jan
400
18 'A Aug
700
1454 Apr
18 % July
14% Apr
1,800
4% Aug
82,000
1 54 Aug
18% Juno 39 % Aug
14,200
3% M ar
2
Jan
500
Juno
Jan 144
8,800 100
2% Feb
11,400
54 M ay
42
June
Jan
25
300
4% Jan
_
Aug
1
500
July
1,300
23% June 37
% June
%
Aug
12,400
2% Aug
1% June
22,000
11
Jan
8
Aug
200
250
12% Jan 20% June
3% M ar
2% July
8,900
47% Aug
39
Feb
550
4% Aug
2
Apr
2,000
11% Aug
2,050
1054 July
2% Apr
24,500
A Aug
13% Juno
8 % Jan
100
6
July
5
June
350
20% M ay
11% M ar
8,300
6% July
4
M ar
4,785
19% Jan 3 4 % June
22,800
7 % M ay
4% Jan
9,000
% M ar
% Jan
6,500
11 % M ay
13,700
0% Jan
100
250

3 % Aug
19
Aug

8
90
10
20 148
20 100
13
8,400
21 255
93
10
15 510
20 252
20 329

00
6,700
200
2%
7,500
A
100
24,000
8,600
*9%
4,590
1
800
5%
4o
10,400
9,500
1%
12,700
3%
1,900 15-16
2,200
39%
2,500
%
100
12%
12,370
1%
1,500
%
3,900
%
6,600
87o
1
100
5,700
52o
1,900
0%

10
20

Juno 1018
Aug 100
Aug 192
Jan 113
18%
June
Aug 290
96
M ay
M ar 579
Jan 285
Aug 357

July
July
July
Feb
Jan
M ay
July
Jan
Aug
Feb
Feb
Feb

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

Range since Ja n . 1.
Low.

H igh.

11% M ar
2% Jan
2 % 23.500
2%
2%
Okmulgee Prod & R e f___5
40c
Jan
3.000
21o
Apr
28c
28c
28c
Omar OH & Gas co m _____ 1
10% M ay
0% Aug
2.700
7%
6%
Sapulpa R e fin in g.r--------5
1% M ar
7.500
9-16
’ t July
A
9-16
%
Sequoyah Oil & R e f_____ 1
M ar
20 26 June 40
30
30
Sinclair Oil warrants______
58o June
32o July
44c
47c
11,770
46c
Southwest Oil r __________ 1
2% M ar
1% M ar
15,100
2
1%
Stanton O ll.r ___________ 1
1%
1% M ay
30o July
31,800
1
Texana OH & R e f .r --------1 15-16 11-16
22o M ar
lo Juno
2o
254c 160,000
2% c
Tuxpam Star O ll.r ______ 1
2% Feb
2.000
% Aug
1
%
United Western OH, new .r 11-16
6% M ar
2% Aug
4.600
2%
2%
2%
Victoria O ll.r __________ 10
M in in g S to ck s .
70o M ay
42.500
5-16 Apr
45c
61c
40c
Alaska-Brlt Col M e ta ls .. 1
81c
Aug
9.700
34o July
81c
78c
81c
America M in e s .r___ t . . l
5-16 M ay 11-10 June
Amer Tin & T u n g s te n .r .l
% 9-16 53.000
%
68o Aug
14.400
22o M ay
55c
62c
Amina M in ______ _____ 50c
6
Aug
5
July
6.500
0
6%
5%
Arizona Bing C o p .y _____ 5
13o
Feb
7.000
3o July
4c
454c
454c
Atlanta M ines______
1% M ar
Jan
%
%
% 16.400
Big Ledge C oop er_______ 5 13-16
6c
Apr
Jan
3c
4.000
3% e 4c
4c
B o o th , r . ________________ 1
96c M ar
Jan
65.000
48c
52c
419
50c
Boston & M ontana D e v . . 5
% M ar
Aug
71.000
80
8c
I5c
11c
Butte-Det Cop A Zinc___1
56c
Jon
39o M ay
25,750
41c
43c
43c
Caledonia M ining_______ 1
1% M ar
% Aug
% 1 1-16 61.500
1
Calumet & Jerome C o p .r 1
2% Jan
5.300
1% Apr
2 1 15-16 2
Canada Copper C o L t d ..5
43c
Aug
37c
Aug
24.700
40c
43c
42c
Candalaria S ilv e r.r.
Feb
3% o Jan 19c
4.000
554c 6c
5% o
Cash B o y ....................
1% July
42c
Jan
800
1
Cerbat Sliver M & M . r . - l
%
2% Jan
250
1 % M ar
2
2
2
C oco River M in in g .r____ 1
2% Jan
7.600 1 5-16 Feb
1%
Consol Arizona Smelt____5 1 11-16 1 9-16
*7% M ay
4% Aug
200
5%
6%
5%
Consol Copper M ines____5
% M ar
1.300
22c
Feb
5-16 5-16
C onsol-H om estead. r ____1
5% Jan
4% M ar
5.300
5
4%
Cresson Cons Gold M & M 1
454
% Aug
% Aug
200
Crystal Copper M ines___1
2% July
2
July
2.700
1 15-16 2 1-16
Denbigh M ines, r ________1
1% Aug
55o Mar
3.600
1%
1%
El Salvador Silver.r_____ 1
2% June
% Feb
500
1
Eureka Croesus M in r ___1
1%
12.000 30o June 46o Aug
45c
43c
Fortuna C o n s .r _________ 1 44c
2% Aug
1% Aug
13.400
2%
2%
Gibson Cons C o p p e r .r ..l
% M ay
% June
3.700
9-16
Golden Rule M ln e s .r------ 1
%
7-16 Jan
3-10 June
3,150
20o 21c
22c
Goldfield Consolidated. 10
5o
Feb
20 2 % o 4.000 1%0 June
2c
Goldfield Merger r ______ 1
10c
Feb
3o June
4.000
4o
4c
4c
Great B e n d .r ___________ 1
1
Apr
7-16 July
500
%
%
Green M onster, r _____ 50c
80o
Aug
33o Juno
37,300
80c
65c
75c
Hattie G old M l n .f .r ____1
5 % Aug
2% Jan
4% 5 1-16 2,955
Hecla M ining_________25c 4 13-16
2.000 5-10 Apr 11-16 Jan
7-16 13-32 7-16
Iron B lossom .r_______ lOc
% Jan
2,100 7-10 July
Jerome-Verdo Copper___1
% 9-16
90o
Jan
55c
Jan
10,600
58c
55c
Jim B u tle r.r____________ 1 ’ 55c
24o
Jan
8c July
3.500
10c
10c
10c
Jum bo Extension________1
9c
Feb
2% o June
6.500
4c
3c
3c
K e w a n u s .r .._____ _______ 1
62c July
■28c
Feb
22.700
48c
43c
470
Liberty Sllv ( p r o s p )- - r .- i
33o July
lo M ay
93,000
6c
4c
4c
Lone Star C o n so l.r______ 1
% M ay
% July
600
%
%
Louisiana Consol________1
%
Jan
2,100 27 M ay 42
3
29
31
M agma Copper.........
8% c M ar
4,000
354c June
454c 454c
454c
Marsh M in in g .r ________ 1
6% Jan
800
4
354 Aug
354
M ason Valley......... .......... 5
60c
Jan
Apr
5,000
44c
37o
41c
M cK lnloy-D arragh-Sav. . 1
% Jan
54 Jan
54 11,600
%
M ohican C o p p e r .r ..
” "54
Apr
56o
Jan
6 ,1 0 0
25o
35c
34c
M other L o d e .r __________ 1 35o
Feb
1
2
234 Aug
254 1 0 ,2 0 0
M utual M in & Leas pf r 1
254
Feb
38o
10,300
17c
13c July
15c
15o
Nat Zinc & L e a d .r ______ 1
20 M ay
970
1854 1854
1554 Jan
Now Cornella.r__________ 5
1% M ar
5,100
36o June
40o
43c
Nixon N evada___________ 1
1,700
l A July
1
15-16
54 June
Ohio C o p p e r.r...................1
6
July
Jan
2
2
254 57,125
Onondago M ln e s .r _____ 1
254
2% July
48,500 1 3-10 Juno
1%
1%
Paclflo T u ngsten.r ______ 1
154
4% Jan
3,000
454
354 Jan
454
R ay Hercules M in in g .r ..5
454
15c
Feb
8c
2 ,0 0 0
M ay
8c
8c
R ox Consol M ining______ 1
43o July
36c
Aug
36c
4,800
35c
Rochester C om bined.r . . l ” 3 6 c’
54o M ay
Jan
35c
10,800
33c
27c
34c
Rochester M ines________ 1
18c
Jan
754c Aug
2 ,0 0 0
754o 854c
San T o y M ining___
12% M ay
2,500
754 Jan
1154 12 54
Seneca Cop C orp. (no par)
1254
1
Aug
6 ,2 0 0
54 Mar
Sliver Flssue Silver.r ____1 15-16 15-10 15-16
% June
7-32 Apr
17-32
Silver King of Arizona___1
% 64,000
7c
Fob
4,000
3o July
5o
4c
4c
Silver Pick C onsol.r.
1,300
34 Apr
5-10
54 Aug
54 5-16
Standard Sliver-Lead____1
15,000
Aug
lie
13c
12c
34 Jan
13o
S te w a r t___________
Apr
Jan
16o
5,500
7c
Success M ining__________1 U54C 1154c 1 1 5 4 c
4,300
134 Jan
154 Jan
154 1 11-16
Tonopah Extension_____ 1 1 9-16
Jan
4
1 00
254 July
254
2 54
Tonopah M ining................1
254
24o M ay
6 ,0 0 0
1 0 c M ay
12c
10c
10C
Troy-Arlzona r _______ . .1
July
4,950
3
534 Feb
4
3%
454
United Eastern M in in g .. 1
1 ,0 0 0
35
July
5034 M ar
United Verde E x te n .r.5 0 c
3654 38
60o M ar
9c
Feb
11,700
23c
23c
20c
United Lead & Zlno l r . . l
500
634 July
354 Jan
B%
U nity G old M ines......... . . 5
25o June
4o M ay
10,500
12c
100
120
W ard M in & M ll l ln g .r .-.l
1% Juno
Jan
2,500
65c
1
1 1-16
W est End C onsolidated..5 1 1-32
18c
Feb
Aug
4,000
3c
4c
30
3o
W hite Cap3 Extension.10c
34 Jan
50,700
Aug
13o
13c
25c
15c
W nlte Caps M ining___10c
10c
Aug
1 ,0 0 0
5c July
8c
8c
W hite K nob Copper, com .
1
Juno
134 Aug
100
1
1
Preferred, r ___________ 10
14c
Jan
8c
Fob
4,000
854o 9c
80"
Wilbert M ine....................... 1
B onds—
9934 M ay
9854 Aug
9954 9954 $23,000
Am Tel & Tel 1-yr 6s. 1919
95
June
9354 Aug
9354 9454 61,000
6s........... ......................1925
95
Aug
94
Aug
94
95
38,000
9454
63 J P M recelpts.
99
Juno 10034 July
8 ,0 0 0
99%
9954 9954
Armour & C o deb 6s r 1919
98
June
97J4 July
97%
9754 9754 15,000
Debenture 6s r ____1920
9634 Juno
Aug
96
9654 9654 15,000
Debenture 6 s .r ____1921
90
June
9554 July
9554 9554 2 1 ,0 0 0
Debenture 6 s .r ____1922
9534 June
Juno
95
Debenture 6 s .r ____1923
9554 9554 18,000
9534 Juno
05
June
95% 9534 23.000
Debenture 6 s .r ____1924
9554
July
0634 Jan 100
99% 99 % 30.000
Beth Steel 5% notes r 1919
Aug
39.000
9834 July 101
Beth Stl Corp ser 7s r 1919 10034 100% 101
35.000
9834 July 10034 Aug
100
100
Serial 7s. r .................1920
100
Aug
9934 9934 11.000 08 July
Serial 7 s .r .................1921
97
July
105.000
9934 Aug
9834 99
Serial 7 s .r .................1922
9 9 ',' Aug
9834 9934 205.000
98 %
9634 July
Serial 7s. r .................1923
97 34 Aug
94 34 Jan
97 \
9734 9734 280.000
Canada (D om o f) 5S..1919
98
July
97 34 Aug
97)4 9734 80,000
Cudahy Packing 7s w 1 ’23
105
10534 223.000 10134 June 10034 Aug
Federal Farm Loan 5s____
9834 Jan 10134 M ay
100
10034 35.000
Gen Elec 6% notes___1920
Jan 10034 Apr
99
10034 10034 42.000
6% notes....... ........... 1919
9834 Aug
Aug
98
98
9834 155.000
Lehigh Val 6s w l.r .,1 9 2 8
1,000 9834 Aug 9834 Aug
9834 98
M oline Plow ser 7s. r . 1920
9934 M ay
98
3.000
98
Phlla Electric 6s......... 1920
9734 Aug
M ar
0434 Aug
38
59
02
67.000
59
Russian G ovt 654s r ..l 9 1 9
62
Aug
Apr
32
19.000
57
58
57
554s r ......................... 1921
9734 June 1013 Aug
10154 10034 10134 191.000
Union Pacific 6 s . ..
W est'house Elec & M fg—
8.000 9834 M ay 9934 Ap
9934 9934
1 year 6 % notes.

Jan
21o June
3
M ar
M ar
Aug 1 3-16 Jan
33o
Jan
Aug
• Odd lots, t N o par value. 1 Listed as a prospect. I Listed on tlio Stock E x ­
8% Feb change this week, where additional transactions will be found. 0 New stock,
July
1% July r Unlisted, u Ex-cash and stock dividends. » When Issued, t Ex-dlvldend.
June
7
Feb
July
_______________________
c Ex-rlghts tEx-8 took dividend
Aug
5-1 6 Jan
4
Feb
Aug
CURRENT NOTICES.
5
Jan
Jan
*1% June
Aug
— A bulletin which has Just beon Issued by tho National Vigllanco
Jan
86% June
A Aug Committeo of tnc Associated Advertising Clubs of tho World, cites tho fact
June
14 % July
Feb
Jan
5% M ar that fivo mon connected with tho Groat Western Guarantee Investment
Co., of Oklahoma, have boon Indicted by a Federal Grand Jury In Okla­
1
Apr
M ay
1% July homa on a charge of using tho malls fraudulently. Tho investigation was
Jan
1.24 Jan
Apr
tho result of tho report by the committeo. Tho Great Western i but ono
s
1% Jan of many, according to William 1. Green, Secretary of tho Committee, and
Apr
*
89o
Feb
Aug
ho believes that otlior investigations will undoubtedly follow t l s ono
il
8
M ay I Tho Committeo, in i s fight against such enterprises, i co-operating with
Apr
t
s

A ug. 31 1918.]

T H E C H R O N IC L E

various public o
fficials. Including tho Post Office Department, the Capital
Issues Committee, Stato councils of defcnso, “blue sky” commissions and New York
district attorneys. In inviting co-operation in this movement, tho C o m ­
mittee calls attention to tho seriousness of tho situation by citing tho fact
Bid
that an investigation roeontly showed that in ono county where §30,000,000 Alliance R 'lty 55
Amer Surety
52
of Liborty bonds had been sold, wildcat promoters had already traded their
Bond A M G . 178
worthless stocks for §15,000,000 of theso bonds.
Casualty C o .
— W . E. Wardwoll, for tho last few years connected with Stranahan &
Co. as their Worcester (Mass.) Manager, has discontinued that connection
and organized an investment house of his own, to bo known as AV. E.
Wardwoll & Co. Tho offices of tho latter aro in tho Slator Building,
Worcester.
— J. S. Wilson, Jr. & Co., bankers, of Baltimore, announco that Harry
AV. Noopier, formerly Manager of tho bond department of tho Inter-State
Trust & Banking Co., N o w Orloans, La., has bocomo associated with
thorn as Manager of tnoir bond department.
— Harris, Forbes & Co. have compiled a l s of short-term securities
it
yielding from 0 to 8 M % . which they are recommending to investors who
desiro short-term investments combining sound security with a high rato
of interest.
— I . Moat & Co., investment securities, 40 Hospital St., Montreal
t
have favored tho “Chronicle” with a copy of tho “Annual Financial Itoview
(Canadian”) for tho year 1918. a standard work now in i s 18th volume.
t

City Investing
Preferred. .

14
65

897
City Realty and Surety Companies
All p r i c e * n o w

Ask

dollars p e r share.

Bid

65
65
183
75
19
70

Lawyers M tge so
M tge B o n d ..
80
Nat Surety
172
N Y Title A
50
M tge-------

Realty Assoc
| (Brooklyn)
55
U S Casualty. 176
!US T itle Guar
35
60 I West A Bronx
I
Title A M G 150

A ii
05
190
40
170

Quotations for Sundry Securities

1

1

— T h o J u ly 1 9 1 8 n u m b e r o f th o H a n d -B o o k o f S e c u ritie s,
issued J u ly 3 1 b y th o p u b lish e rs o f th o “ C o m m e r c ia l a n d
F in a n c ia l C h r o n ic lo ,” c o n ta in s a m o n t h ly ra n g e o f pricos
fo r th e y e a r e n d o d J u ly 1 o f s to c k s a n d b o n d s so ld a t the
S to c k E x c h a n g e s in N o w Y o r k , B o s t o n , P h ila d e lp h ia , C h i­
c a g o a n d P itts b u r g h .
T h e r e is a lso a y e a r ly ra n g e o f pricos
fo r b o n d s a n d sto c k s so ld o n th o N e w Y o r k S to c k E x c h a n g e
fo r tho p a s t 6 y e ars a n d a y e a r ly ra n g e fo r 3 }/z y e a r s o f B o s ­
to n a n d P h ila d e lp h ia p ric o s.
I n a d d itio n , th e b o o k c o n ta in s
e la b o r a te ta b le s Avith d e ta ils o f se c u ritie s, to g e th e r w ith th e
e a rn in g s a n d fixed ch a rg es o f tho re sp e c tiv e c o m p a n ie s , a n d
sh o w in g a s n e a r ly as p ra c tic a b le th o su rp lu s a v a ila b le to m e e t
ch a rg os a n d d iv id e n d s .
T h e ro is a ta b le o f d iv id o n d p a y ­
m e n ts for 9 Yl y e a r s .
T h o b o o k c o n ta in s 2 1 6 p a g o s.
P rice
o n e d o lla r , or to “ C h r o n ic lo ” su b sc rib e rs 7 5 c o n ts , in c lu d in g
p o s ta g e .
C o p ie s m a y also bo h a d a t th o “ C h r o n ic lo ” o ffic e ,
3 9 S o u th L a S alle S tr e e t, C h ic a g o , or fr o m E d w a r d s &
S m i t h , 1 D r a p o r s G a r d e n s , L o n d o n .______________

Bid

87
85
175

All bond price* are "a n d Interest” except where marked •f” .

Standard OU Stock* P< f S t a r t
/? *«
P a ' B id
Anglo-Amerloan Oil new. i .
141; 15
Atlantic Refining........ ... 0( 950 ,975
Borno-Serymser C o___ 10(
450 470
Buokcye Pipe Line C o ... 6( *88 G
O
Chesebrough Mfg now__ 101 £325 345
Colonial Oil...................... 104
10 ! 40
Continental Oil_________10C 415 130
*32 ' 35
Crescent Pipe Line C o__ 6t
Cumberland Pipe L ine.. 10( 135 14)
En.etia Pipe Line C o___ 10( 180 190
Galena-Slgnat oil com__ 10C 103 107
Preferred old
.......... 100 110 115
100 105
S T O C K O F M O N E Y I N T H E C O U N T R Y . — T h o folloAvIllinois Hti.r mo. ........ 10C 145 150
♦90 92
Indiana Pine l ine C o___ 6C
in g ta b le s I io a vs tho gon eral s to c k o f m o n e y in th o c o u n tr y , as
International Petroleum. £] *13l4 13%
avc II as th o h o ld in g s b y th o T r e a s u r y a n d th o a m o u n t in cir­
13
National Transit C o__ 12.60 •12
New York Transit C o. 10C 185 195
c u la tio n o n th o d a te s g iv e n .
Northern Pipe Line C o .. 10C 100 103
Ohio Oil Co...................... 25 305 310
-Stock o f Money Aug. 1 ’ 18---------Money In Circulation —
•28 32
In U. S. a lle ld in Treas. Aug. 1 1918. Aug. 1 1917. Ponn-Mex Fuel C o_____ 25
Prairie Oil A Gas.......... ..lot) 500 510
§
$
S
3
Gold coin (Including bullion
Prairie Pipe Lino.......... .101 267 202
748,148,372
Solar Refining.... ........... loo 295 305
In Treasury)____________ 3,080,707,801 207,152,3 71 bl, 168,048,300
__________________________ 805,874,949 1,730,900,539 Pipe Line C o .. 10C 163 167
- ................
Gold certificates..................
Southern
78,100,835
71,810,175
Standard silver dollars____ 473,197,959 32,118,420
South Ponn Oil_______ 101 245 255
90 94
Silver certificates--------------- ----------------- __________________________ 301,127,503 473,488,048
Southwest l’ a Pipe Lines. 1or
218,928,454 194,975,410
Subsidiary sliver.................. 232,222,051 13,294,197
Standard Oil (California) 10C 212 210
Treasury notes of 1890------ ----------------- __________________________ 1,845,141 1,959,195Standard Oil (Indiana). .10C 000 610
0,194,520
340,480,490 330,134,708
United States notes........... - 340,081,010
Standard Oil (Kansas)... rot) 430 450
48,402,805 1,869,539,100 581,100,945
Federal Reserve notes____c 2 ,024,145,030
Standard Oil (Kentucky) 10C 310 320
101,505
15,185,775
12,029,730 Standard Oil (Nebraska) lot 425 450
Federal Reserve bank notes
15,347,280
700,253,882 094,805,341
National bank notes........... 723,728,002 23,474,180
Standard Oil of New Jer.lOC 515 520
Standard Oil of Now Y’k 100 258 202
T o ta l................................... 0,890,089,799 390,798,058 5,559,390,501 4,852,084,469
Standard Oil (Ohio)........ 100 400 410
Swan* ’Mnoh____ . . .
100 90 100
Population of continental United States estimated at 106,012,000. Circulation
Union Tank Line Co . IO z 40 99
C
per capita, §52 44.
330
Vacuum Oil...................... lot
a This statement of money held in the Treasury as assets of the Government
38
Washington Oil____
.. C
does not include deposits of public money In Federal Reserve banks, and In national
banks and special depositaries to tho credit of tho Treasurer of the United States,
amounting to §1,401,123,435 70.
b Includes §013,161,110 Federal Reserve G old Settlement Fund deposited with
Treasurer of United States.
c Includes own Federal Reserve notes held by Federal Reserve banks.
Note. — On Aug. 1 1918 Federal Reserve banks and Federal Reserve Agents held
against Federal Reserve notes §050,022,355 gold coin and bullion, §183,009,820
gold certificates and §100,203,005 Federal Reserve notes, a total of §1,945,895,180
against §112,940,100 on Aug. 1 1917.

Ask (1

34
1 *

Ordnance Stocks — P er 8 fta r t
68
04
Aetna Explosives prel__ 100
6
3
American A British Mlg.lOC
25 30
Preferred...................... 10C
Atlas Powder com m on... 100 £l<0
90
88
Preferred____ _______ 100
Babcock A Wilcox.......... IO
C 109)2 110%
Bliss (E W) Co common. 50 *350 400
•75 ____
Preferred...................... 5C
Canada Fdys A Forgings, lot 200% 207
Carbon Steel com m on._.loc 118 120
98
94
1st preferred_________
72
67
2d preferred............ ..... loo
Colt s Patent Fire Arms
•80 64
M fg...............................25
dnPont (E 1) de Nemours
A Co common.... ......... 100 290 295
88%
88
88 93
Empire H
t.eol A Iron oom 100 ____ 45
81
77
Preferred.......... .......... 100
FlerouUts Powder oom__ 100 239 213
Preferred............. . . . l o o 107 110
Ntles-Bement-Pond oom. 100 US 123
97
Preferred___
_____ 100 94
Penn Seaboard Steel (no par) •51 64
Phelps-Dodgo Corp........ 100 270 280
Soovlll Mqnufaoturlng__ 100 400 420
Thomas l i o n .................. 60 •45 55
Winohosier Repeat Arms.100 025 725
51 ---- Woodward Iron..............100

175

RH ttuulpmente —

44

P erC l cUUU
BUi

Baltimore A Ohio
s
Buff Roub A Pittsburgh * 4 Equipment 4s. ..............
Canadian Pacific 4%«
Caro CllncbflelJ A Ohio 8s.
Central of Georgia 5s.
.
Equipment 4
............_.
Chicago A Alton 4s. .. ._
Chicago A Eastern ill
Equipment 4 s _ .. . .
Ohio Ind A Loulsv 4 Ms
Chle St Louis A N O 5s ..

4

Chicago R f A Pac
.
Colorudo A Southern 5s ..
Erie 5 s ..............................
Equipment 4 t $ s ... ..
Equipment 48.___ ____
Hocking Valley 4s_____ ...
Equipment 5«___ ___
Illinois Central ________
Equipment 4 % «_____ _
Kanawha A Michigan 4 5i«
Louisville A Nashville 5 a ..
Michigan Central 5s .......
Minn St P A 9 8 M 4 H s..
Missouri Kansas A Texas 5e
Missouri Pacific 5s______
Mobile A Ohio 5a............ ..
Equipment 4 H « -_____
New York Central Lines £ .
Equipment 4H s____ . . .
N Y Ontario A West 4 M s..
Norfolk A Western 4M s..
Equipment 4s........ .......
Pennsylvania RR 4M s ...
Equipment 4s................
8t Louis Iron Mt A Sou £«
8t I/Ouis A San Francisco 6"
Seaboard Air Line 5s........ .
Equipment 4 Ha............
Southern Pacific Co 44s.
Southern Railway 4 4 s ...
Toledo A Ohio Central 4s.
Tobacco Stock ) — P er Sha

Ark

0.40 6 00
6.25 5 80
6.25 5 80
6.5 6 00
7 SO 0.25
6 75| 0 00
6 75: 0 00
7 00 0.00
7 £0 7 00
7 60 7 00
0 61 6 00
6.3C 6 00
6.2C 5 80
7.00 0.00
6.5< 5.75
6.6C 6.20
0 O 0.20
C
6.G 6.20
C
6.25 6.90
6.25 6.90
6.2(
0.2< 5.80
7.0( 0.00
6.21 5.70
«.5( 0 00
6.5( 6 O
O
7.75 6.50
7.5( 6.40
6.5( 0.00
6.5( 0.00
6.41 6 00
6 4( 6.00
0.5C 6.00
0 2( 5.70
6.20 5.70
0.15 5.00
6.15 5.00
7.5C 6.50
7.5C 6.50
7.50 6.50
7.5C 6 50
0 20 6.90
0 5C 6 00
7 00 6 00

£3

5

ft

Par

Bit).

A> k.

97 103
V0 90
00
80
•17l2 19
•17l2 19
180 210
00 90
100 170
85 95
250 280
205 225
99 103
95
98
93
97
Young {J d) G o ............100 110 135
Preferred . . . . . 100 90 105
Shf>rt- t erm Note *— P f c«».
97% 97%
Am Cot Oil 5s 1919 ...M A S
2
AinerTelATel 08 l»i!t .FAA 991 99%
Balto A Ohio 6s 1919 JAJ 98% 98%
Beth Steel 5s 1919 . FA A 1 9 9% 100%
C
Canadian Pao 0s 1924 MAH 2 98% 987S
99
Chic A West 1ml O 18.MAS 98
s’
Del A Hudson 5s 1920 FA A 97Vi 97%
96% 97%
Erie RR 5s 1919............A-O
Fed Su? Rfg 5s 1 9 2 0 ...JAJ 96)2 97
Gen Elec 0s 1920........ .JAJ 100% 100%
9% notes (2-yr) ’ 19. JAD 100 100%
PiP-llc Utilities
Goneral Rubber 5s 1918.JAU 99‘ 2 99%
•80 83 Great N or5* 1920.. . .MAS 97% 97%
Amer Gas A Eleo oom__ 60
Preferred...................... 60 *38 40 Hooking Valley 0s 1918 MAN 99^8 99?s
% 99%
liner Lt A Trao oom___ 100 184 ISO K C Term Ry 4 As T8.M A N
93
91
93% 95
Preferred...................... 100
4 4 * 1921___
____ JAJ
Amer Powor A Lt co m .. .100 40 43 Laolede Gas L 5s 191 9 . FA A 97% 98%
O
S 70
99%
20_ N Y Cent 5s 1919...M AS15 97% 98%
Amer Public Utilities oom 100
8
Preferred______ ______ 100 ____ 45 Ponn Co 4 4 s 1921.. JAD 16 957 96%
97
Cities Servloe C o oom__ 100 207 209
Pub Her Corp N J 5s T9.MAH 95
72 73
Preferred...................... too
Rem Arms U.M.C 5s’ 19FAA 98% 99%
23 Southern Ry 5? 1919.. M S 2 98% 99
Com’w’lth Pow liy A L.10O 22
42
Preferred............. ....... loo
Utah Sec Corp fls ”22 M-S 15 85*2 87
89 W’house El A M 6s T9.KAA
Eleo Bond A Share prof. .100 dS7
99% 99%
10
7
Federal Light A Traction. 100
Winches RepArms7sT9.MA8 09 % 99%
40
35
Preferred.................. ..190
77
Great West Pow 5s 1946.JAJ 73
I ndustrlal
14
Mississippi Rlv Pow oom. 100 12
and Mlscclfuneout
40
42
Preferred............ ......... 100
Atnerloan Brass . ______ 100 217 223
71
34
31
First Mtge 5s 1 9 6 1 ...JAJ 70
American Chicle oom___ 100
40
64
58
North’ n States Pow oom. 100 43
Preferred ............. . 1 0 0
85
American Hardware __ 100 127 129
Preferred.................... ICO 82
63
39
Amer Typefounders com 100 36
North Texas Eleo Co com 100 £58
V3
Preferred .................. Bio £70 75
Preferred
. . IO ) to
C
94
Borden’s Court Milk oom 190 90
Paelfle Gas A Eleo com .. 100 31
93
95
Preferred
............100
79 80
1st preferred. ............ 100
13 Celluloid Company . . . . 100 142 148
Puget Sd Tr L A P oom. 100 10
60
12 46 Columbia Oraphoph Mfg (t) *65
Preferred.... ................. 100
02
05
Preferred.................... 100
Republic Ry A Light. . . . IO
O 19
57 58‘2 Freeport Texas C o ........ (t) •29 31
Preferred. . ................100
78'2 Havana Tobacco Co. . . 100
1% 2%
South Calif Edison oom .. 100 76
94 97
Preferred.....................100
Preferred........ ............ 100
2% 5
6
45
Standard Gas A El (Del) .. 50 •4
1st g 5a June 1 1922. J-I) 142
25
•23
lutercoutlnen Rubb com. 100
8
7
Preferred........ . ........ 60
3
2
Internat Banking C o___ 100 160
Tennessee Ry L A P oom 100
10
14
International Halt............ 100 ____ 60
Preferred.............. .. .100
7
5
1st gold 6B 1951___ .A-O 67% 69
United Oas A Elec Corp. 100
41
International Sliver prel. 100 ____ 80
1st preferred................ 100
88
7
Lehlgti Valley Coui Hales. 50 *84
2d preferred.......... ...1 0 0
52
29 S0>2 Otis Elevator oormnon.. .100 48
United Lt A Rys oom...... 100
63
74
70
01
1st prefemal ............. 100
Preferred
__ 100
14
Remington Typewriter—
Western Power oomraon 100 12
23
49% 61
C om m on........... ........ 100 22
Preferred................ ..... 100
1st preferred................100 ____ 93
70
79
2d preferred................100
Royal Baking Pow com 100 121 124
91% 92%
Prefer--a
____ 100
Singer MTg .................... too 157 :oo
Tex Par Coal A OH .......... 100 905 925

10
0

American Cigar oomiuon 10C
Preferred......................100
Amer Machine A Fdry._100
Brltlsh-Amer Tobao ord . i
Ordinary, bearer_____ £|
Conley Foil.. . .
__ IO )
C
Johnson Tin Foil A Met. 100
MacAndrews A Forbea . 1G
b
Preferred.......... ........... 100
Reynolds (R J) Tobacco 100
B com stock _________loo
Preferred .
_____ 100

.1

99

Now York City Banks and Trust Companies
All price* n o w d o lla rs per share.

Bill.

Banks.
L incoln..........
Am erica*
. - 489
vfanhattan •
Amor E x ch .. 217
M odi A M ot.
Atlantic . - - 10?
M erch ants..
Battery Park- 190
Metropolitan*
40n
Bowery * .
150
200 M utual*. _
160
105 Now N eth*.
Bronx Nat
_,
New York Cr
Bryant Park* l.'O
23 New Y ork.
18
Butch A Dro\
300 Pacific * ....
345
Chase___P ark. . . . .
250
Chat A Phen 210
People’s * .
Chelsea Ex • 129
395 Prod Exch*
3S5
Chemical .
210
220 Public...........
Citizens . .
392 Seaboard .
385
C i t y ...........
215 Second . . . .
205
Sherman .
GUO
Colonial * .
.
IflO
179 State*.
Columbia*
173 23d W ard*. .
C om m erce.
170
410 Union Exch
390
UnltedStates*
Com m on190 Wash l l ’ ts*
ISO
wealth * .
|(W Westrh Ave*
Continental • 109
Corn Exch*
.322 Yorkvllle •
315
Cosmoplltan * 86
95
Brooklyn
Cuba (Bk of)
175
East R iv e r ..
15
18 Coney Island*
Fifth A vo*.
11800 22 10 First .............
ru ) Flatbush .
F i f t h ...........
215
First........... .
885
926 Groonpolnt .
G arfield____
1s.5 Hillside *. .
170
G oth a m ____
200
225 Homestead •
Greenwich *
335
355 Mechanics’ •
lla n o v o r ... . 055
Montauk * ..
H arrlinan.. . 235
245 Nassau___
499 National c it y
Imp A Trad . 175
t Irving (tr
North Side*
certificates) 272
_
277 People’s _
Liberty............ 390
40'.
4 «t.
495
293
175

Bid.

280
103
287
123
105
375
200
133
425
135
495
55
200
200
450
400
125
100
115
150
500
275
100
1275
140
260
150
150
110
57
200
133
175
130

As*. T r u s t C o 's.
300
New York
109 Bankers Trust
295 Central Union
128 [Columbia
175 Com m ercial.
Empire
215 Equitable Tr
____ Farm L A Tr
_ Fidelity . .
_
Fulton .
510 Guaranty Tr
___ Hudson .
____ Irving Trust
____
17(1 Law Tit * Tr
425 Lincoln Trust
13.5 Mercantile Tr
108
A Deposit
130 Metropolitan
100 Mutual! WestChester)
N Y Life In*
175
A 1ru-rt .
325 N Y Trust.
Scandinavian
Title Ou A Tr
155
Transatlantic
270 U S M tg A Tr
. . . . [United Sta.es
105 Westchester
120
Brooklyn
110 Brooklyn Tr
02 Franklin ..
05 H am ilton__
207 Kings County
138 Manufacturers
200 People’s _____
! 140 Queens C o . . .

Bid.

A st

300
385
247
100

370
390
253

330
355
205
225
318
135

340
375
215
255
323
145

’ v ,,t. Bank
92
98
100
1 to
190
300

200
310

105

126

875
£90
200
243

900
005
270
253
175
405
895
140

375
875
1.30
490
230
240
020
IflO
203
65

510
240
200
050
75

* Banks marked with a (•) are State banks. t Sale at auction or at Stock Es*
chango this week
t Includes ono-thlrd share Irving Trust C o
f New stock,
tEx-rlghts.




4
3

35

2
1

....

4
5
10

♦Per share. 6 Basis, d Purchaser also pays accrued dividend. « New stock.
/ Flat price, n Nominal, x Ex-dlvIdend. y Ex-rlghts. ft) W ithout par value.

[Vol. 107

T H E C H R O N IC L E

898

irn cl

§ n m s tm m t

RAILROA. D

% n U l l i Q m u . .... ..... .... ........

GRO^S

EARNINGS.

T h e fo llo w in g ta b le sh o w s th e g ro ss e a rn in g s o f v a rio u s S T E A M r o a d s fro m w h ic h re g u la r w e e k ly or m o n t h ly re tu rn s
c a n b e o b ta in e d . T h e first tw o c o lu m n s o f fig u res g iv e th e g ro ss e arn in gs fo r th e la t e s t w e e k or m o n t h , a n d th e la s t tw o
c o lu m n s th e earn in gs fo r th e p e rio d fr o m J a n . 1 to a n d in c lu d in g th e la t e s t w e e k o r m o n th *
The returns of the electric rail­
__________________ _
ways are brought together separately on a subsequent page.
L a te s t O ro s s E a r n in g s .

'Jan. 1

L a te s t O ro ss E a r n in g s .

to L a te s t D a te .

Jan. 1

ROADS.
W e ek o r
M o n th .

Chirrent
Y ear.

P r e v io u s
Y ear.

C u rren t
Y ear.

S
I
$
$
170,159 170,6611 1,259.283 1,133,536
Alabama & Vicksb. July
68,591 2,023,753 2,001,964
67,187
Ann Arbor__
3d w k Aug
14897206 11690820 87,319,566 78,889.003
July
1,418,268 1,380,912 8,873,414 8,027.073
Gulf Colo & S Fe. Juno
449,081 581.548 2,851.654 3,269,383
Panhandle & S F( Juno
Atlanta Birm f t Atl June
307,625 298,495 2,004.769 1,895,814
792.746
203,388 127,976 1,104,953
Atlanta & West Pt. Juno
394,990 312,059 1,500,854 1,202,220
Atlantic City_____ Juno
4,856,116 3,141,755 31,082,350 25,262,998
Atlantic Coast Lin< July
804.565
159,044 125,905
788,749
Atlantic & St I.awr. M a y
17674458 11920443 86,666,074 73,090,791
Baltimore f t Ohio.. July
980,179
821,776
173,680 177,817
June
361,443 313.637 2,233,051 2,395,247
Juno
352,950 342.874 1,824,343 1,887,502
Belt Ry of Chicago June
Bessemer & L Erie. July
1,719.599 1,549,713 6,707,515 6,418,850
299,832 294,881 1,597,913 1,512,857
Juno
568.693
708,871
123.894
89,531
June
6,900,939 5,217,679 37,151,596 33,267,298
July
3d w k Aug 391,878 356,034 11,173,307 9,428,796
672.887
901,540
175,899 152.762
Buffalo & Susq RR. M a y
0>
Canadian Nor Syst. 3d wk Aug 912,700 748,5 ; 26,924,800 25 728 900
Ganadian Pacific.. 3d w k Aug 2,942,000 2,700,060 9l!675!883 9L448I646
Caro Clinch & Ohio Juno
340.510 359,810 2,056,680 1,987,616
1,765,420 1,342,540 11,316,515 8,519,313
Central of Georgia. July
3,746,780 3,294,485 19,086,173 17,559,420
Centrai R R of N J. June
629,262 426,116 3,392,272 3,144,351
Cent N e w England July
463.429 404,933 2,332,945 2,113,521
Central Vermont.. Juno
212,214 183,476 1,320,551 1,078,233
Chariest ft W Car.. Juno
5,992,910 4,624,409 30,040,974 26,032,211
Ches & Ohio Lines. .uno
1
2,362,867 1,780,238 12,481,618 11,511,100
Chicago ft Alton__ July
Chic i u l ft Quincy July
3r
13325718 10110005 75,423,314 68,979,208
497.182
98,663
473.933
132,914
Ch Det A C G Trk. M a y
Chicago & East 1 1 M a w
1.
2,070.185 1.767,630 9,047,246 8,249.484
1,712,830 1,378.105 10,123,320 9,212,982
Chicago Great West July
1,087,873 747.272 5,661.080 5,139,500
Chic Ind < Louisv. July
5
c
336,878 262,283 2,068,175 1,869,174
Chicago June UR.. July
12599858 10195754 67,671,988 62,478,111
Chic Milw & St P-. July
Chic & North West July
12888465 9,474,420 64.747.985 59,278,225
163,958 187,180 1,038.032 1,043.378
Chic Peoria & St L_ Juno
349,225 300,313 2,124,956 1,838,402
Chicago R I & Gulf. June
8,875.684 6,929,529 52,706,667 47,270.288
Chic R I ft Pacific- July
2,312,485 1,783,627 12.965,344 11,653,073
Chic St P M & O m . July
Chic Terre I & S E Juno
t
420,405 314,851 1,993,360 1,730.984
Chic Ind ft Western June
225,176 229,780 1,450.299 1.349.211
634.960
642.573
118,583 112,389
Coal ft Coke_____ June
792,472
123,838 117,429
Colorado Midland. Juno
Colorado & South.. 3d w k Aug a278,598 a237,730 a7,496,797 a6,665,828
520,837 485.613 3,511,951 2,923.025
Pt W ft Denv O.. June
462,742
544,871
74,430
70.079
Trinity & Braz V Juno
607,937
540,792
92,642 112,511
Colo ft Wyoming.. June
611,285
97,788
462,388
74,356
Crip Crk ft Col Spgs June
1,063,018 815,773 7,093,581 3,286.184
Cuba Railroad___ June
3,334,144 2,700,505 18,459,351 16,684,310
Delaware & Hudson July
6,447,132 4,939,157 36,295,569 32,677,726
Del Lack & West July
2,262,846 2.352.089 13,519,245 13,490,305
Denv ft Rio Grande June
897,581
877.258
241,646 190,517
Denver ft Salt Lako June
808,783
854,347
29,246
62,012
Detroit & Mackinac 2d wk Aug
805,556 1,043,167
232,864 205,190
Detroit Tol ft Irout M a y
786.901
801,107
186,590 164,162
Det & Tol Shore L. M a y
1,100,769 951.448 2.860.854 2,261,671
Duluth ft Iron R __ Juno
2.513,222 2,124,430 5,591,886 4,164,685
Dul MIssabo & Nor June
86,012 2,728.915 2,697.718
97,804
Dul So Shore ft Atl 3d wk Aug
848,927 1,122,716
141,349 131,367
Duluth Winn ft Pac June
505.362
490,611
88.558
86,780
East St Louis Conn June
2,097,872 1,445,755 10,159,607 9,085,195
Elgin Joliet & East- July
1,270,027 1,084,939 8,581,990 8,343,225
El Paso ft So West. July
7,950,515 6,318,186 44,038,598 39,715.590
Erle____________ July
1,001,585 809,901 5,549,899 5.018,013
Chicago & Erio.. July
588,004 525,803 5,618.542 5.389,090
Florida East Coast. July
511.100
518,989
87,087
Fonda Johns ft Glov Juno
93,608
488.048
72,543
598,126
86,839
Ft Smith ft Wostern Juno
598.234
519,366
69,540
73,947
Oalveston Wharf. June
504,828 283,639 2,742,676 1,741.974
Georgia Railroad .. June
3d wk July 109,375 119,325 3,163.973 2,882.914
Grand Trunk Pac..
Grand Trunk Syst. 3d wk Aug 1,341,827 1.043.948 43,475,330 39,526,181
Grand Trunk Ry 3d wk July 1,198,537 1,133,582 29,759,803 27,382,566
Grand Trk West. 3d wk July 228,793 182,493 5,587,457 5,291,888
61,897 1,678,396 1,849,740
58,996
Det G I ft Milw. 3d w k July
t
9,281,590 8.200,256 48,339,016 48,202,743
Great North System July
179,917 183,175 1,118,495 1,020,487
Gulf Mobile & Nor. June
973,788
209,841 170,588 1,215,806
Gulf ft Ship Island- Juno
1,548,034 1,031,618 6,726,090 5,747,818
Hocking Valley___ July
8,628,308 7,179.178 47,521,120 41,619.163
Illinois Central___ June
967,635 973,207 6,234.562 5,640,444
Internal ft Grt Nor June
460.787
493.726
92,959
97,798
Kan City Mex ft Ori M a y
550.160
498,893
92.227 119,671
K C Mex & O of Tex June
1,118,610 1,000,164 8,334,875 4,887,812
Kansas City South. July
528.170
579,368
90,778
88,797
Texark ft Ft S m June
466,677
93,986
468,289
109,441
Kansas City Term M a y
200,283 195.649 1,029,227 1.106.374
Lehigh & Ilud Riv. June
465,153 315.650 1.752.602 1,700,008
Lehigh f t N e w Eng. June
6,730,464 4.958.932 33.925.985 30,394,749
Lohigh Valley___ July
1,182,760 1,206,612 6,559.554 6,289.149
Los Ang ft Salt L. June
695,411
850,013
127.065 133,848
Louisiana ft Arkan. June
197,607 176.414 1,381,519 1,083.945
Louisiana Ry & Nav June
7,610,037 6,283,465 42,994,794 35,896,341
Louisville ft Nashv. Juno
237,365 178,345 1,259,193 1,037.117
Lou Hend & St L._ June
1,684,843 1,212,382 8,753,001 8,037.072
Maine Central___ July
257.066 247,109 1,598.487 1,322.875
Midland Valley___ June
764,199
704,764
22,379
23,561
Mineral Range__ 3d wk Aug
988,856 924,959 6,354,275 6,065,837
Minneap ft St Louis July
2,469.273 3.302.933 13.537,588 16.000,907
Minn St P ft S S M Juno
347.672
570.737
66,231
105.625
Mississippi Central. Juno
2.939,907 2.152,045 17,132,226 14,255,920
Missouri Kan & Tex July
756.509
732,94
130,553 155,795
M o ft North Ark__ M a y
910,974
860,047
M o Okla ft Gulf... June
127,106 154,465
Missouri Pacific. July_____ 7,727,501 6.554.948 47,826,455 44,083.550
A G G R E G A T E
W e ek ly S u m m a r ie s .

1st
2d
3d
4th
1st
2d
3d
4th
1st
2d
3d
a

C u rr e n t
Y ear.

P r e v io u s
Y ear.

OF

W eek or
M o n th .

P r e v io u s
Y ear.

GROSS

In crea se or
D ecrea se.

C u rren t
Y ear.

P r e v io u s
Y ea r.

to L a test D a t e .

C u rr e n t
Y ear.

P r e v io u s
Y ear.

285.836 187.785 1.348.318 1.047.877
Monongahela____ Juno
285.836 187.785 1.348.318 1.047.877
Monongaheia Conn Juno
1,644,358 1,140,266 9,054,654 7,115.676
Nashv Chatt f t St L Juno
208,855
162,778
7,618
7,625
Nevada-Cal-Oregon 3d w k Aug
201,500 217,282 1,212.986 1,179,748
Nevada Northern.. June
470,471
525.598
85,348
108,668
Newburg f t So Sh._ June
833,678
178,154 174,413 1,007.541
New Ori Great Nor. June
481,148 415,827 2,876.993 2,294,876
N e w Ori f t Nor East Juno
664,381
150.209 104,681 1,047.946
N O Texas & Mex.. Juno
478,309
743.079
76,773
104.894
Beaum S L & W . Juno
283,448 385.480 1,810.591 2.074,402
St L Browns & M Juno
26282974 21192032 149012328 133672145
N o w York Central July
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.. Juno
5.343.327 4,350.707 29.358,667 24,045,624
Michigan Central Juno
5,845,027 4,491,251 29,301.568 24 577,351
Clovo O C & St L Juno
224.490 238.675 1,166,097 1,120,515
Cincinnati North Juno
3,265,198 2,352,774 17,245,208 14,189,427
Pitts & Lako Erie July
1,189,991 791,687 5,199,030 4,200,872
Tol & Ohio Cent July
543,465 337,291 2,361,362 1,639,803
Kanawha & Mich Juno
1.994,332 1,450,494 11,062,683 9,636,993
N Y Chic f t St Louis July
10048099 7,294,550 54,581,099 48,414,227
N Y N I & Ilartf.. July
I
1,314,415 958,0721 6,090,513 5,067,710
N Y Ont & Western July
297,368 330,008' 1,848,691 1.749,078
N Y Susq f t West.. Juno
7,731,013 5,821,890 42,700,441 36,023,829
Norfolk & Western. July
495,954 504,0791 2,636.355 2,691.507
Norfolk Southern_ Juno
7,542,788 8,371,745 42,023,234 42,148,323
Northern Pacific. Juno
575.912
81,601
537.164
94.002
Minn & Internat. June
538,576 458,409 2,400.215 2,112,027
Northwostern Pac_ June
239.267 338,059
Pacific Coast C o __ Juno
37836003 25747219 189204651 163778173
Pennsylvania R R _ July
467,386
481,336
114,615 110,336
Balt Ches Sc Atl.. Juno
443,987 436.708 2,259.956 2,289,622
Cumberland Vail Juno
2,734,092 1,870,347 12,113.878 8,034,255
Long Island____ July
401,927
355,663
81.688
77,121
M d Del f t Va___ June
632,729 342,307 3,068,346 2,493,632
N Y Phila & Norf Juno
1,291,458 1,072,327 5,266,034 4,610,793
W Jersey f t Seash July
10094 822 7,188,125 47,838,130 43,682,559
Penn Wostern Lines July
624,100 545,589 3,129,087 3.072,015
Grand Rap f t Ind Juno
8,898,933 6,445,727 46,049,901 42,100,940
Pitts C C f t St L. July
Penn System—
34178 634 28200 869 137033977 126673981
May
Linos East___
15109 144 14030 228 62,878.383 01,431,347
May
Linos West___
49287 779 42231 098 199912360 188105327
Lines E & W ___ M a y
695,922
725,882
112,575 105,007
Peoria f t Pekin Un. July
2,673,972 1,902,563 14,867,616 13,315,651
Pero Marquotto__ July
753,926
657,245
136,095 100,622,
Pitts & Sliawmut.. July
208,591 140,4631 1,065,307
Pittsb f t West Va_. July
927,182
244,870 169,256 1,046.721
Port Reading.
Juno
Reading Co—
7,068,636 5,921,789 35,572.544 32,354,642
Phila f t Reading- Juno
4,543.357 4,175,608 21,411,789 18,757,138
May
Coal f t Iron Co
11462 818 10062833 50,263,813 45.511.853
Total both cos__ M a y
642,089 430,967 2,844.886 2,374,740
Rich Fred f t Potom Juno
336,386 210.545 1,581,606 1,185,973
Wash Southern June
396,406 375,836 2,496,163 2.439,775
July
Rutland_______
235,177 182,378 I, 526,908 1,370,276
St Jos f t Grand Is . July
l
5,513.107 4,609,647 30,161.168 26.607 264
St Louis-San Fran June
407,190
520,074
66,201
81.953
Ft W & Rio Gr. June
568,352
721,479
85,453
91,150
St L S F & Tex.. Juno
St Louis Southwest 2d wk Aug 410,695 314,072 11,918,858 9,961,501
460,298 431.392 3,168,773 2,483,147
St L S W of Texas June
261,388 300.344 1,908,809 1,777,358
San Ant f t Ar Pass. Juno
3.056,043 2,265,153 17.437.962 15.036,320
Seaboard Air Line.. Juno
750,194
900,111
88,055
139,684
July
South Buffalo—
12713 124 12077 822 71.202,272 66,361,767
Southern Pacific__ June
355,094 351,896 2,179,565 2,352,169
Arizona & East.. Juno
1.511,157 1,502.076 9,940,672 9,462,120
Galv IIous f t S A. Juno
645,291 592.797 4,135.968 3.597,710
Houston f t Tex O June
884,733
976.203
139,519 134,334
Hous E f t W Tex. Juno
320.023 271,310 2.014.678 1.654.002
Loulslana West. June
592.582 544.156 3,796.253 3,168,133
Morgans La f t Tex Juno
582.064 504.238 3.527.204 2,980,580
Texas & Now Ori Juno
12362233 7,269,592 66,496.843 48,724.147
Southern Ry Syst.. July
723.820 639.409 3,904.446 3,280,863
Ala Great South. Juno
1,228,745 1,147,149 6,604.118 6,313.486
Cin N O & Tex P Juno
503.175 361,002 1.922,185 1.477.628
New Ori f t Nor E April
Mobile f t 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 f t Fla 3d wk July
564,078
623.299
91,290
88.933
Sou Ry I Miss.. Juno
n
422,892
408,309
72,895
75,147
Spokano Intornat.. Juno
714,720 651,617 3,805,946 3,116,263
Spok Port & Seattlo Juno
706,364
763,126
191,294 133,747
Staten Island I T__ Juno
t
76,979
76,032
2,951
3,745
Tenn Ala f t Georgia 2d wk Aug
854,408
254,555 144,278 1,236,347
Tonnessee Central Juno
313,148 494,782 1,745,400 1,920,075
Term Assn of St L . . Juno
299,283 252,926 1,607,973 1,492,742
St L Mer Brg Tor June
10.543.235
649,270
1,953,960 1,760,496 II.
Texas f t Pacific___ Juno
850,997
726,165
98,788
152,397
Toledo Pcor f t West July
783,920 644,543 4,340,837 3,935,836
Toledo St L & West July
88.688 104,218
431.250
414.259
Ulster f t Delaware. Juno
8,732,058 6,439,189 48,760,658 40,267,761
Union Pacific___ July
2,873,405 2,469,824 18,028,712 10.947.199
Oregon Short L. July
2,332,736 2,099,654 11,628,747 10,424,241
Oro-Wash ItR&N Juno
476.971
482,099
178,987 173,599
Union RIt (Balt).. March
657.895 596.692 2,849,609 2,634,851
Union R R (Pa)___ June
497,211
104,236
Utah........... M a y
167,400 151,954 1.343,916 1,135.852
Vicks Shrove & Pac July
1.175.053 903,463 6,242,709 5,964,141
July
Virginian R R
4.781.053 3,370,503 24,041,083 22,653,640
July
Wabash RIt..
1,208,348 1,101,588 6.630.907 6,318,958
Western Maryland. Juno
832,085 913,609 4,056,245 3,544,444
Western Pacific___ M a y
744,350
206.173 119,907 1,135.485
Western Ry of Ala. Juno
1,559,024 1,100,018 7,091,764 5,802,447
Wheel & Lako Erie July
471.974
499.731
64.856
74,281
Wich Falls f t N W . June
1,602,525 1,395,274 9,754,221 8,153,719
Yazoo & Miss Vall. June

E A R N I N G S — W e e k l y a n d Monthly.
1M o n t h l y

S u m m a r ie s.

C u rr e n t
Y ear.

P r e v io u s
Y ear.

In crea se o r \
D ecrea se.

%

$
C u r. Y r. P rev. Y r.
M ile a g e .
8
$
$
+ 161.980 1.57 September. ..245,148 243.027 364,,880.086 330 978.448 +33.901 638 10.24
_
week June (22 roads)_
10.548,151 10,386,171
+ 493.953 4.74 October .. .247,048 245,967 389,,017.309 345 070,977 +43,937 332 12.73
week June (20 roads)___ 10.904,800 10,410.847
week June (21 roads)___ 11,307,025 10,285,268 + 1,021.757 9.93 November. .242.407 241.621 360,,062.052 320 757,147 +33.304 905i 10.19
+862.003 6.32 December. .247,988 247,265 343 ,875.052 317 836,386 + 26.038 666' 8.18
week June (20 roads)___ 14.504.177 13,642,174
+387.433 4.44 January.. ..240,046 239,885 282 .394.665 294 ,002.791 — 11,608 ,120 3.95
9.109.887 8,722,454
week July (18 roads)___
9.723.974 8.778,254
+ 945,720 10.77 February.. .230,330 228,835 362 ,761,238 312 ,276,881 + 50.484 .357116.22
week July (17 roads)___
+ 842.422 9.43 March__ ..238,891 237,463 285 .776.203 260 ,627.752 + 25.148 451 9.65
9.777.522 8.935.100
week July (19 roads)___
+742,514 8.17 April___ ..233,734 232,255 369 .409.895 319 .274.981 + 50.134 ,914115.70
8.715,679 7,973,166
_
week July (11 roads)_
+ 766,871 15.19 M a y ____ ..230,355 228,892 374 .237.097 342 146.096 + 32.091 .001 9.38
5,812.844 5,045.973
week Aug (12 roada)_
_
+565,260 9.96 Juno____ .220.303 219,294 363 ,165.528 323 ,163,161 + 40,002 ,412 12.38
6,168,850 5,610,287
_
week Aug (15 roads)_
41,083 37 .756,880 34 755,322 + 3,001 ,558 8.64
.
+793.772 15.03 July____ . 41,580
_
6,063,180 5,270.812
week Aug (12 roads)_
Method of reporting changed figures are now for the Colorado & Southern Railway Company only.




Latest Gross Earnings by Weeks.— In the tablo tvhich
follows wo sum up separately the earnings for the third week
of August. The tablo covers 12 roads and shows 1 5 .0 3 %
increase in the aggregate over the same week last year.
1918.

1917.

Increase.

S
67,187
391,878
912,700
2,942,000
278.598
97,804

Third Week o f August.

$
68,591
356,034
748,500
2,700,000
237,730
86,012

35,844
104,200
242,000
40,808
11,792

1,043,948

297,879

22,379
7,618

1,182
7

5,270,812

793,772
792,308

A nn A rb or____________________
Buffalo Rochester & Pittsburgh
Canadian N orthern------------------Canadian Pacific----------------------C olorado & Southern....... ..........
Duluth South Shore & A tlantic.
Grand Trunk o f C anada---------- ]
Grand Trunk W estern---------f 1,341,827
D etroit Grd Haven & M ilw .
Canada A tlantic___________ J
M inoral R ange-------------------------23,561
N ovada-California-O rcgon_____
7,625
T otal (12 roa d s)______
N et incroaso (1 5 .0 3 % )..

6,063,180

S

S
1,404

1,404

For tho second week of August our final statement covers
15 roads and shows 9 .9 6 % increaso in tho aggregate over
tho same week last year.
Second Week o f August.
Previously reported (12 roa d s).
D otroit & M a ckinac___________
Tonnossco Alabam a & Georgia.
T otal (15 roa d s)--------------------N ot incroaso (9 .9 6 % )---------------

Increase. Decrease.

1918.

1917.

s
6,071,906
67,187
26,012
3,745

$
5,514,576
63,514
29,246
2,951

$
560,793
3,673

6,168,850

5,610,287

665,260
558,563

794

$
3,463
3,234
6,697

N e t E a r n i n g s M o n t h l y t o L a t e s t D a t e s . — T h e ta b le
fo llo w in g sh ow s th o gross an d not earn in gs w ith ch a rg es an d
su rp lu s o f S T E A M ra ilro ad a n d in d u stria l c o m p a n ie s re ­
p o r te d th is w e e k :
T h e n ot e arn in gs in all ca ses aro b e fo re th o d e d u c tio n o f
ta x e s .

'
-------Gross Earnings--------------- Net Earnings-------Current
Previous
Current
Previous
Roads.
Year.
Year.
Year.
Year.
$
8
$
S
A tch Topeka & 8 F o ...J u l y l 4 ,897,205 11,690,820 6,689,990 4,697,873
Jan 1 to July 3 1 ______ 87,319,566 78,889,003 28,103,423 29,680,685
626,339
A tlantic Coast Lino______ July 4,856,116 3,141,755 1,309,724
Jan 1 to July 3 1 ...........31,082,352 25,262,999 7,344,948 8,175,964
A tlantic & St Law rcnco. Juno
197,384
122,364 dof88,273 def67,128
Jan 1 to Juno 30......... 986,133
926,429 dof349,868 dof266,224
Baltim oro & O h io______ J u ly l7 ,674,458 11,920,443 5,025,276 3,082,787
Jan 1 to July 31______ 86,666,075 73,090,791 4,238,646 17,529,409
Bossoincr & Lake E rie ..J u ly 1,719,599 1,549,713
968,612
676,304
Jan l to July 3 1 ---------- 6,707,516 6,418,851 1,844,146 1,859,105
Boston &M a in o ................ July 6,900,939 5,217,679 1,613,194 1,320,541
Jan 1 to July 31______ 37.151,596 33,267,298 2,265,363 6,717.073
B uffalo R och & P itts b ..J u ly 1,860,894 1,377,654
356,169
346,512
Jan 1 to July 31______ 9,894,276 8,161,192
426.064 1,679,702
Canadian N orthern____July 3,739,400 3,844,000
276,700
904,900
Canadian P a cific............Julyl2,374,165 13,377,861 2,170,012 3,760,007
Jan 1 to July 31______ 84,386,451 84.734,037 16.876,996 24,757,456
Contral N ow E n gla n d .-J u ly
629,262
426,116
170,824
154,575
Jan 1 to July 3 1 -......... 3,392,272 3,144,351
437,405 1,157,854
Contral o f G eorgia______ July 1,765,420 1,342,540
497,125
395,167
Jan 1 to July 31............ 11,316,515 8,519,314 2,666,760 2,328,438
C hicago & A lton ________ July 2,362,867
1,780,238
831,018
594,838
Jan 1 to July 3 1 ............ 12,481,618 11,511,099 1.676,310 8,404,601
C hic Burl & Q uincy____Julyl3,325,718 10,110,005 4,741,298 3,240,738
Jan 1 to July 3 1 ______ 75,423,315 68,979,209 15,302,112 24,117,680
C hic D ot & Gr Trk Jct.J u n o
163,436
129,036
def3,313
22,551
637,369
626,278 dof33,601
79,875
Jan 1 to Juno 30______
C hicago Groat W est____ July 1,712,830 1,378,105
307,276
351,295
Jan 1 to July 31_______10,123,320 9,212,982
828,224 2.160,221
C hic Ind & L ou isvillo.-J u ly 1,087,873
747,272
134,189
210,481
Jan 1 to July 31______ 5,661,080 5,139,501
676,182 1,607,414
C hicago J unction _______ July
336,878
262,283
31,916
43,438
Jan 1 to July 31______ 2,068,175 1,869,174 d efl07,186
224,894
C hic M ilw & St P a u l..J u ly l2 ,599,858 10,195,754 2,745,183 3,212,104
Jan 1 to July 3 1 ______ 67,671,988 62,478,112 4,002,676 16,894,736
C hicago N orth W estern .J u lyl2 ,888,465 9,474,419 4,394,857 2,754,797
Jan 1 to July 31______ 64,747,985 59,278,225 7,614.635 15,103,265
Chicago R I & P a cific..J u ly 8,875,684 6,929,529 2,262,234 1,599,580
Jan 1 to July 31______ 52,706,667 47,270,288 7,583,254 11,188,693
C hic St Paul M inn & O .J u ly 2,312,485 1,783,627
752,494
541,859
Jan 1 to July 31_______12,965,344 11,653,074 1,735,239 3,176,492
Delaware & H udson------- July 3,334,144 2,700,505
923,856
735,827
Jan 1 to July 31---------- 18,459,351 16,684,310 1,411,560 3,762,412
Dola Lack * W estern ..J u ly 6,447,132 4,939,157 2,581,940 1,765,038
Jan 1 to July 3 1 ---------- 36.295,569 32,677,727 9,429,908 11,579,389
D etroit Gr H a v & M ilw .J u n o
265,944
296,906 d efl 16,020
26,115
Jan 1 to Juno 30---------- 1,493,467
1,640,556 d e fl5 7 ,792
111,038
D otroit T ol & Iron ton .-Ju n o
238,880
225,226 d eft9 3 ,972
26,307
Jan 1 to Juno 30---------- 1,044,436
1,268,393 def533,04l
129,932
Elgin Joliet & E astern ..J u ly 2,097,872 1,445,755
980,262
485,381
Jan 1 to July 31---------- 10,159,607 9,085,195 2,457,142 2,498,378
El Paso & Southwestern.July 1.270,027 1,084,939
568,173
473,573
Jan 1 to July 31---------- 8,581,990 8,343,225 3,531,924 3,999,937
E rio................ - ................... July 7,950,515 6,318,186
771,038 1,240,502
Jan 1 to July 3 1 ----------44,038.598 39,715,590def3324,955 6,458,414
809,901
230,833
247,069
C hicago & E rie............. July 1,011,585
Jan 1 to July 3 1 ---------- 5,549,899 5,018,013 d ofl4,27 4 1,432,411
588,005
525,804
81,906
152,692
Florida East C oa s t______ July
Jan 1 to July 31______ 5,618,542 5,389,090 2,049,320 2,776,305
Grand Trunk W estern ..Jun o 1,051,756
936,099 def22,697
268,266
Jan 1 to Juno 30---------- 4,880,801 4,693,101
4,954
9S2.276
Groat N orthern............... July 9,281,590 8,200.256 3,038,521 3.0S0.102
Jan 1 to July 31______ 48,339.017 48,202,743 4,343,280 14,922,160
H ocking Valloy _______ July 1,548.034
1,031,618
659,003
406,550
Jan 1 to July 3 1 ............ 6,726,090 5,747,818
1,155,165 1,839,755
IC C M & O o f T e x a s -J u n o
81.943
108,013 dofl3,41 9
def7,860
Jan l to June 30______
580,836
658,203 d o fll,3 8 7 dof30,887
Kansas C ity S ou th ern ..J u ly
1,118,610 1,000,164
232,625
369,850
Jan l to July 3 1 ............ 8,334,875
4,887,812 2,476,224 2,653,528
Lehigh V a lle y ................... July 6,730,464 4,958,933 1,876,986 1,503,999
Jan l to July 31............ 33,925.984 30,394,749 2,891,994 7,221,653
M aine C entral___________ July 1,684,843
1,212,382
370,719
324,077
Jan 1 to July 31_____ : . 8,753,001 8,037,072
63,383 2,082,754
M lnneap & St Louis_____July
988,856
924,959
96,577
271,463
Jan 1 to July 3 1 ______ 6,354,275
6,065,835
296,867 1,708,944
M issouri Kails & T exa s.J u ly
2,939,907 2,152,045
788,571
633,816
Jan l to July 3 1 _______17,132,226 14,255,920 2,195,738 4,174,999




899

THE CHRONICLE

A u g . 3 1 19 18 .]

------- Gross Earnings------ ------- Net Earnings------Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
8
S
6,554,948 1,922.739 2,139,192
Missouri P acific_______ July 7,727,501
Jan 1 to July 3 1 ______ 47,826,454 44.083.550 8,744,049 13,863.153
N ow Y ork C entral_____ July26,282,974
21,192,032 8,364.497 6.712,202
.
20,742,370 35.443,726
Jan 1 to July 31_______149,012,329 133672,145
Pittsburgh & Lake E .J u ly 3,265,198
2,352,774
1,446.070 895,264
Jan 1 to July 31............ 17,245,209 14,189,427 5,084.572 4,808.921
278.892
429,582
T oledo & Ohio C e n t ..J u ly 1,189,991
791,687
902,320
393,916
Jan 1 to July 3 1 ______ 5,199,030 4,200,871
375,052
602,607
N Y C hic & St L o u is ...J u ly 1,994,332 1,450,494
Jan 1 to July 3 1 ........... 11,062.684 9,636.993 1,834.567 2,070.245
N Y N H & H a rtfo rd ...J u ly lO ,048,099 7,294,550 3,075,748 1,861,152
Jan 1 to July 3 1 ______ 54,581.099 48,444,227 7,216,919 13,854,850
512,523
382,463
N Y Ontario & W ostern .July 1,314,415
958,072
792,721 1,380,278
Jan 1 to July 3 1 ............ 6,090,513 5,067,710
N orfolk & W estern_____ July 7,731,013 5,821,890 2.658,839 2.051,861
Jan 1 to July 3 1 ______ 42,700.441 36,623,828 8,896,365 13.729,962
Pennsylvania R R ........... July37,836,003
25,747,219 11,017,620 6,970.055
Jan 1 to July 3 1 _______189,204.651 163778,173
13.529,283 37,035.701
Long Island__________ July 2,734,092
1,870.347 1,274,862
892,572
Jan 1 to July 31_______12,113,879 8,934,255 3,341,244 2,510.313
3,288,739 2,130,518
Pennsylvania C o _____JulylO ,094,822 7,188,125
Jan 1 to July 31______ 47,838,130 43,682,559 3,194,932 8,598,868
Pitts Cin Chic & St L .J u ly 8,898,933 6,445,727 2,679,533 1,988,559
Jan 1 to July 31______ 46,049,901 42,100,490 4,253,642 10,219,017
448,684
427,627
W est Jersey & Sea S h.J u ly 1,291,458 1,072,327
245,448
841,243
Jan 1 to July 31______ 5,266,034 4,610,793
802,835
577,089
Pere M arquette_______ July 2,673,972 1,902,563
2,455,832 3,294,987
Jan 1 to July 31______ 14,867.616 13,315,651
Peoria & Pekin U n io n ..July
112,574
105,007
3,094
17,598
Jan 1 to July 31______
725,882
695,923 def62,864
65,886
Pittsburgh & Shaw m ut.July
136,095
100,622
24,446
27,477
Jan 1 to July 31______
753,926
657,245
58,013
173.792
Pittsburgh & W V a _____ July 208,591
140,463
26,534
51.940
Jan 1 to July 31............ 1,065,307
............
79,477
............
R u tla n d ......................
July
396,406
375.836
66,895
119.299
Jan 1 to July 31............ 2,496,163
2,439,776
111,099
573,967
St Joseph & Gr Isld _____ July 235,177
182,378
40,438
8,786
Jan 1 to July 31............ 1,526,908
1,376,276
133,091
192,308
St Louis Southw estern..J u ly 1,088,564
911,816
413,338
356,749
Jan 1 to July 31............ 7,274,154 6,401,218 2,649,645 2,795.657
South B u f f a l o . .................July 139,684
88,055
32,705
12,875
Jan 1 to July 31______
900,111
750,194
250.609
243,118
Southern R ailw ay______ Julyl2,362,232 7,269,592 4,653.657 2,265.615
Jan 1 to July 31______ 66,496.844 48,724,148 18,624,996 15,777,578
Alabam a Grt S o u th .-Juno
723,820
639,409
62,038
218,866
Jan 1 to June 30............. - 3,904.446 3,280,863
988,622 1,027,581
T o l St L & W estern_____ July 783,920
644,543
249,139
244,246
3,935,835
876,921 1,127,624
Jan 1 to July 31______ 4,346,837
U nion P acific.....................July’ 8,732,058 6,439,189 4,319,707 2,709,808
Jan 1 to July 3 1 ............ 48.760,658 40,267,701 17,565,049 15.312.028
•ogon
in e
Oregon Short L ine ...J u ly 2,873,405 2,469,824 1,210,621 1,106,225
July
Jan 1 to July 3 1 _______18,028,712 16,947,199
______ 18,028,712 16,947,199 6,402,248 7,569,300
412,662
460,906
Virginian R R ___________July 1,175,053
903,463
Jan 1 to July 31______ 6,242,708 5,964,141 1,563,766 2,759,278
1,621,721 1,061,061
W a b a s h _____ __________ July 4,781,053 3,370.503
3,512,527 6,821.072
Jan 1 to July 3 1 ............24.641.083 22.653.641
601,545
399,759
W heeling & Lake E r ie ..J u ly 1,559,024 1,100,618
Jan 1 to July 31......... - 7,091,764
5,802,448 1,219.163 1,858,124
Roads.

9

Gross
E a rn in gs.

s

N et after
T a x es.

Other
In co m e.

Buffalo, Rochester & Pittsburgh—
322,669
July ’ 18 1,860,894
313,473
’ 17 1,377,654
191,480
7 mos ’ 18 9,894,276
•17 8,161,192 1,464,658

F ixed
Ch arges.

Total
In c o m e .

S

Balance,
S urplu s.

$

350,332
27,663
407,633
94,160
846,663
655,183
739,479 2,204,137

148,933
201,399
228,630
179,003
1,373,296 def526,633
1,255,331
948,806

Other

N et
Gross
Earnings. Earnings.
$
8
Toledo Peoria & Western—

July ’ 18
’ 17
7 mos ’18
’17

s

Charges
& T a x es.

In co m e.

Total
In c o m e.

S

$

S

39,536
16,967
91,413
195,229

19,935
14,215
118,340
137,169

152,397
19,601
98,788
2,752
850,997 def26,927
726,165
58,060

8,711
7,528
64,885
172,121

Reports to tho Inter-State Commerce Commission of
61 telephone companies having a gross income of 8250,000
or over:
T E L E P H O N E C O M P A N IE S .
— Month o f February-------- Jan. 1 to Feb. 28—
1918.
1917.
1918.
1917.

s

s

s

s

G rossin com o...................... ...2 6 ,7 0 5 .3 7 9 24,853,820 54,149,244 50,390,864
Operating expenses................18,724,441 16,358,683 38,268,646 33.086,620
8,040,938
2,096,134
5,944,804

Operating Incom o-----------

Northern Express Co.—
T otal from transportation..

8,495,137 15,880,598 17,304,244
1,680,606 4,201,721 3,344,745
6,814.531 11,678,877 13,959,499

RESS C O M P A N IE S .
-------Month o f M ay------- — Jan. 1 to M ay 31—
1918.
1917.
1917.
1918.
S
S
S
•
5
324,018
189,342

319,669
172,897

1,348,842
795,580

1,296,662
710,153

Revenue from transporta’ni
i
Opor. other than transporta’n

134.676
4,941

146,772
5,377

553,262
20,285

586,509
19,844

T otal operating rev en u es..
Operating expenses-------------

139,617
115,804

152,149
116,438

573,547
565,309

606,353
504,801

N et operating revenue-----U ncolloctible rev. from trans.
Express taxes_______________

23,813
27
10,000

35,711
13
66,000

8,238
113
44,000

101,552
226
30,000

13,786

29,698

loss35,875

71,326

Operating incom e-------------

ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Latest Gross Earnings.
Name o f Road
or Company.

Alabam a Power C o . .
Amor Power & Lt Co
A tlantic Shore R y —
Bangor R y & Electric
Baton Rouge E lec Ry
Blackstone V G & E l.
Brazilian T rac, L & P
B rock & Plym St R y .
B klyn Rap Tran Syst
C ape Breton Elec Co
C ent M iss V El P ro p .

Week or
Month.
July
June
Julyl
June
June
June
Juno
June
M ay
June
June

Current
Year.

Previous
Year.

Jan. 1 to Latest Date.
Current
Year.

Previous
Year.

S
$
8
S
262,596 174,952 1,615,508 1,127,282
1029,205 860,265 6,410.710 5.541,570
98,600
152,547
23,326
20.097
73,723
65,662
441,121
416,385
23.273
18,373
126.244
112,699
204.147 159.333 1,131,251
954.130
f9087000 17642000 /19693.000 /44646.000
11,103
48.849
54,614
9,918
2761,039 2607,401 12,466,574 12,201,995
211,962
37.078
233.927
40.098
24,866
161,055
147,606
28,767

THE CHRONICLE

900
Name o f Road
or Company.

Latest Gross Earnings.
Week or
Month.

Chattanooga R y & Lt Juno
Cltios Sorvico C o ____ July
Clove Painesv & Kast Juno
(/C olum bia Gas & El Juno
Columbus (Ga) El C o June
Colum (O) R y , P & L Juno
C o m ’w ’ th P, Ity & Lt Juno
ConnecticutPow er Co June
Consum Pow (M ich) _ June
Cum b C o (M e) P & L June
D ayton Pow & Light July
g Detroit E dison____July
(/D etroit United Lines Juno
Duluth-Superior T ra c July
East St Louis & S ub. Juno
Eastern Texas E le c .. June
El Paso Electric C o . . Juno
a Federal Lt & T ra c. . Juno
F t W orth Pow & L t . July
G alv-IIous Elec C o . . Juno
Georgia Lt P ow & RyslJune
Grand Rapids R y C o Juno
Groat West Pow Syst M ay
Harrisburg Railways. Juno
Havana El R y , L & P Juno
Honolulu R T & Land Juno
H oughton C o El C o . June
H oughton C o T r C o . Juno
b Hud & M anhat R R M ay
Illinois T ra ction ____ Juno
Interboro Rap T ran. M ay
Jacksonville Trac Co June
Keokuk E lectric C o . Juno
K ey West Electric Co Juno
Lake Shoro Elec R y . Juno
Lewist Aug & W aterv Juno
Long Island E lectric. M ay
Louisville R a ilw a y .. M ay
M anhat Ildgo 3c Lino M ay
M ilw El R y & L t C o . July
M ilw L t, l i t & T r C o July
N ashville R y & Light Juno
N ew p N & H R y.G & E June
N ovada-Cal El C o rp . July
N Y & Long Island. . M ay
N Y & N orth Shore. . M ay
N Y & Queens C o . . . M ay
N ow York R ailw ays. M ay
N lag L ock p ’t & O n t. Juno
N ortham pton T r a c .. April
N orthern Ohio E le c .. June
N orth Texas Electric Juno
Ocean Electric (L I ). M a y
Pacific Gas St Electric M ay
P acific Pow & Light­ July
e Paducah T r & Lt Co Juro
r
Pensacola Electric Co Juno
Pensacola Electric C o M ay
Phila Rapid T ransit. M ay
Phlla & W estern____ M ay
Portland Gas & Coke July
Port(Oro) R y. L&PCo. Juno
P orto R ico Railways. July
g Puget Sd T r, L & I Juno
(/Republic R y & Light July
R ichm ond Lt & R R M ay
St L R ock M tn & Pac Juno
Santiago El Lt & T r . June
Savannah E lectric Co June
Second Avenue (Rec) M ay
Southern Boulevard M a y
Southern Cal E dison. July
Staton Isl M id la n d .. M a y
Tam pa Electric C o . . Juno
Tenn R y, Lt & P C o . J uno
Texas i’ owor & Lt C o July
T hird Avenue R y ___ M ay
D D E 1 & B R R . M ay
$
42dStM & StN A Ry M ay
Union R y C o (N Y C ) M ay
Yonkers R ailroad. M ay
N Y C ity Inter liy M ay
Beit Lino R y C orp . M ay
T hird Avenue System July
T w in C ity R ap T ra n . July
Virginia Ry & Power. July
W ash Balt & A nnap. Juno
W astchoster E lectric. M ay
Y ork Railways______ July
Youngstown & O hio. Juno

Current Previous
Year. ! Year.
$
149.073
1789,252
50,170
783.150
95.152
349,168
1831,428
75.976
536.256
278,214
175.829
1029,512
1614.786
142,904
318,857
102,080
96,236
271,226
100,550
230.752
95,163
103,195
339.755
117,572
666.817
67,737
31,309
25,080
421,724
1150,237
3524.432
60,984
23,151
16.157
186,673
86.482
19,131
326,156
12,417
700,671
281,950
238,570
196,481
211,603
40,928
13,618
83,921
1017,842
251,264
17.678
593,513
259,163
11,854
1696.260
154.809
24,510
42,733
38,606
2696,626
52,109
144,119
632,552
87,255
939,382
453,489
39,705
409,047
55,718
96,677
77,890
18,639
807,210
25,600
83,135
525,836
234,491
330,733
40,461
149,763
237,919
72.069
60,725
54,282
888,579
816,958
706.809
242.955
50,632
86,586
32,575

$
128,805
1365,312
47,431
762,992
83.127
3 11,975
1550.770
70,220
459,187
244,435
129,772
877,283
1490,084
140,740
296.753
80,026
101,371
206.827
79,980
164.448
81,960
104.828
323.929
99,664
554,982
60,182
31,016
27.759
366,582
1057,635
3511.496
55,516
20,125
11,743
152,996
75,669
21,111
268.675
10,542
614,717
210,455
194,493
111.929
219,461
36,654
14,525
97,584
1045,802
192,839
17.334
527,232
179,406
10.134
1568,814
139,597
23,652
30,148
25,313
2570.440
47,778
117,812
490,652
84,791
755,872
388,002
36,881
341,143
47,040
79,184
69,222
18,841
719,114
29.128
78,235
470,261
185,971
350,327
37,730
150,474
250.676
72,489
64.502
60,290
983,315
858,177
561.753
93.503
44,570
83,717
29,228

Jan. 1 to Latest Date.
Current
Year.

Previous
Year.

864,827
13,265,501
256,193
6,096,573
592,028
2,124,532
10,338,999
461.626
3,053,537
1,466,691
1,297,154
7,722,345
9,012,790
989,566
1,915,910
538,121
630,244
1,728.476

$
674,819
10,186,108
243,321
5,707.430
509,699
1,919,346
9.272,736
415,609
2,758,259
1,406,983
1,028,162
0,874,787
8.552.921
903,179
1,744,494
458,067
641,705
1,345,732

939,964
1,237.196
589,417
509,480
645,244
627,472
1,727.952 1.637.440
560.149
623.768
3,920,085 3.251.042
346,942
348.658
210,643
204,824
170,260
164.604
2,073,755 1,858.718
7,094,140 6,489,460
17,539,100 7.585.883
345,556
428,986
117,603
125,652
67,574
87,605
813,922
958,841
399,267
386,802
88,297
80,330
1,465,288 1,271,788
50,817
57,57f
5,021,413 4,497,725
1,598,631 1,232,512
1,311,731 1,203,175
944,848
553.647
1,285,688 1,149.974
159,837
166,154
00,954
54,141
490,349
358,846
4,679,714 5,042,054
1,497,502 1,134,729
88.193
70.687
3,468,309 3,121,605
1,560,931 1,064.226
34,856
36,896
150,515
151,706
158,696
225.754
128,548
183.021
12,726.716 12,170.689
3,657,639 2.863,080
529,771
594,001
5,608,092 4,549,089
3,261,633 2,617,469
563,598
167,111
2,548,396 1.784,400
266,990
325.078
451,965
555.228
313,010
312,004
86,764
83,010
4,366,489 4,560.011
122,195
104,205
514,950
517,280
1,705,118
180,225
715,193
1,165,959
315,513
307,661
287,556
4,187,820
6.034,122
3,628.567
494.989
204,998

194,505

163,971

Electric Railway and Other Public Utility Net Earn­
in g s .— Tho following tablo gives tho returns of E L E C T R IC
railway and other public utility gross and not earnings with
charges and surplus reported this week:
-------Gross Earnings--------------- Net Earnings —
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
S
S
8
$
Alabam a Power C o a . . . J u l y
262,596
174,952
129,622
103,551
Jan 1 to July 3 1 ______ 1,615,508
1,127,282
933,061
742,129
Philadelphia C om pany (and affiliated operating com panies)—
Natural Gas D op ’t . . . J u l y
837,603
657,372
3.33,092
286,373
A pr 1 to July 3 1 ______ 3,619,559
3,160,876 1,796,670 1,640,048
Oil D epartm ent..........July
64,771
44,182
51,314
36,178
244,756
191,810
194,736
152,852
Apr l to July 3 1 ...........
C oal D epartm ent____July
101,020
157,291
20,201
89,883
A pr 1 to July 3 1 ______
408,284
618,263
100,237
392,735
E lec L t & Pow D op ’t . July
931,932
724,090
358,026
203,014
A pr 1 to July 3 1 ______ 3,693,275
2,778,256 1.390,535
854,031
Street R y D op ’t (oxcluding
Pittsburgh Rys C o) .July
47,821
43,396
7,566
12,793
A pr 1 to July 3 1 ............
184,459
167.126
19.131
43,141
T otal all dopartm onts.July
1,983,147 1,626,331
770,202
628,271
A pr 1 to July 3 1 ............ 8,150,333
6,916,331 2,469,800 3,083,407
P orto R ico R a ilw a y s ...J u ly
87,255
84,791
41,235
39,929
Jan 1 to July 3 1 ............
594,001
529.771
271,365
236,987
Sou Canada Pow C o ____July
41,265
34,228
18,491
14,173
Oct 1 to July 31............
394,632
324,652
175,814
149,307
U tah Securities C orp (sub- '
sidlary cos o n ly )......... July
566,725
546.175
311,179
278,046
Jan 1 to July 3 1 ............ 4,024,450
3,666,894 2,208.872 1,967,027
W est States G & E C o ..J u ly
139,179
109,868
53,859
52,729
July I to July 30............ 1,541.629
1,320,996
664,526
628,430




B rock & Plym outh Juno '18
Street R y
T7
12 m os T 8
’ 17
Duluth-Superior
July T 8
Traction
T7
7 mos ’ IS
T7
Eastern Texas
June ’ 18
Electric
T7
12 mos T 8
’ 17
F t W orth Power
Juno ’ 18
& Light Co
'17
12 m os T 8
’ 17
Georgia L t, Power Juno T 8
& Ry
’ 17
6 mos ’ 18
'17
Kansas Gas &
July T 8
Elec
T7
12 mos T 8
’ 17
M ilw E lec R y &
July T 8
Light
’ 17
7 mos ’ 18
T7
July ’ 18
M ilwaukee Lt,
l i t & T rac
’ 17
7 m os '18
’ 17
Nevada-California July ’ 18
E lec Corp
T7
7 mos T 8
T7
N ew York D ock C o July '18
T7
7 mos T 8
T7
P acific Power &
July T 8
Light C o
T7
12 mos T 8
T7
Portland Gas &
July '18
Coko
T7
12 mos T 8
’ 17
July '18
R epublic R y &
Light
'17
12 mos ’ 18
’ 17
Southern C alif
July T 8
Edison
T7
12 mos ’ 18
’ 17
Texas Power &
July T 8
Light Co
’ 17
12 mos ’ 18
’ 17
July 18
T hird Avenue
System
'17
T w in C ity Rapid
July ’ 18
Transit C o
’ 17
7 mos T 8
’ 17

Gross
Earnings.
$
9,918
11,103
118,549
125,563
142,904
140,740
989,566
903.179
102,080
80,026
1,018,129
895,314
100,550
79,980
1,213,732
912.081
95,163
81,960
589,417
509,480
136,352
110,391
1,883,803
1,707,794
700,671
614.717
5,021 ,413
4,497,725
281.950
210,455
1,598,631
1,232,512
211,603
219,461
1,285,688
1,149,974
486,687
415,604
3,058,853
2,670,998
154,809
138,597
1,786,067
1.553,635
144,119
117,812
1,566,908
1,310.674
453,489
388,002
5,533,076
5,344,364
807,210
719,114
8,363,359
8.306,752
234,491
185,971
2,946,071
2,431,276
888,579
983,315
816,958
858,177
5,664,532
6,034,121

N et after
Taxes.
$
d e f 1,094
(lef 346
d ef3,500
6,540
30,052
44,837
195,809
277,001
50,092
35,370
455,891
410,572
40,241
41,511
576,237
524,171
34,139
40,243
270.929
263.930
42,673
22,858
585,631
512,909
112,664
171,868
960,079
1,025,793
60,149
59,137
282,664
263,987
86,215
114,473
052,917
621,672
200,541
221,381
1,313,531
1.358,434
75,331
75.476
905,238
778,715
64,064
58,439
707,238
620,918
128,877
130,019
1,633,926
1,594,445
553,097
483,435
5,369,631
5,207,300
68,117
64,003
1,060,400
1,029,628
209,627
253,811
250,983
290,571
1,589,065
2,058,443

Fixed
Balance,
Charges.
Surplus.
$
$
(lof 2,513
1,419
1,247
def 1,593
15,868 d ef 19,374
def 7,250
13.790
15,202
2:16,549
14.738
2)32,074
103,903
2)103.734
102,213
2)188,057
11,052
38,440
10,270
2)20,828
135,602
2)341,393
110,016
2305,520
14,508
31,733
9,962
31,549
136,240
439,997
405.824
118,347
18,233
15,906
18,326
21,917
101,202
109,727
152,096
111,834
13,173
29,500
d ef 200
23,124
250,333
335,298
273,057
239,252
104,257
219,107
288,479
88,232
2323,338
702,987
2536,633
543,353
40,882
219,473
219,350
39,810
299,690 2dof 16,622
272,590 2def8,278
233,690
53,333
274,081
40,562
2288,320
.366,383
2318,052
307,170
99,040
10 1,495
107,841
113,540
606,324
047.207
660,310
692,124
33,250
42,075
39,409
30,067
441,952
403,280
418,023
360,092
34,107
29,897
29,928
28,511
357,508
349,730
292,502
328,356
238,174
97,04.3
84,221
256,142
2590,974
1,124,701
2714.355
923,281
2.304,310
248.787
X284.648
198.787
2,778,488 22,591,143
2,285,077 *2,921,623
13,389
54,728
47,127
10,870
610,003
444,337
488,902
540,726
2.3,143
219,773
226,972
239,577
104,988
91,995
139,900
150,071
485,979
1,103,068
1,026,682 1,031,761

£ A fter allowing for other incomo rccelvod.

New Y o r k Stre et R a ilw a y s .
1,593,223
189,439
658,883
1,047,040
323,046
280,371
250,417
3,907,722
5,664.531
4,580,007
1,199.668
217,326

a N ow covers only tlio lines east o f Y ork Beach, M e.; in tlio first four
m onths o f 1917 covered also tho lines west o f Y ork Beach, M o. b R epre­
sents incom e from all sources, c These figures aro for consolidated com ­
pany. / Earnings now givon in mllreis. g Includes constituent com panies.

Companies.

[V o l . 1 0 7

-Gross Earnings--------------- N et EarningsCi
•
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
8
S
8
S
Hudson & M anhattan . .-M a y
M a
222,051
183,001
421,724
366,582
Jan 1 to M a y 31_____
-------- 2,073,755 1,858,718 1,004,654
974,234
rboro Rap T r (S u b ).M a y 1,803,744 1,957,435
.M
939,575 1,139,031
Jan 1 to M a y 3 1 -------- 9,579,051 9,824,749 5,008,230 5,750,552
..........
582,395
) M a y 1,660,689 1,554,062
009,826
-------- 7,959,452 7,761,135 2,712,561 3,240,593
-M a y 3,524,433 3,511,497 1,521,970 1,808,857
......... 17,539,103 17,585,884 7,720,791 9,003,145
858,768
950,137
-M a y 2,701,039 2,607,401
Jan 1 to M ay 3 1 - ..........12,460,574 12,201,995 3,338,935 3,829,960
Now York Railways___ a y 1,017,842 1,045,802
-M
175,409
253,319
Jan l to M a y 3 1 . .
885,762
887,489
......... 4,679,714 5,042,054
Bolt Lino_______________M a y
60,290
-M
54,282
10,516
def 2,028
Jan 1 to M a y 31______
..........
250,417
287,556
32,073
21,382
Second A vonuo_________ M a y
-M
77,890
69,222
21,175
8,547
Jan 1 to M a y 31______
_____
312,004
313,010
13,230
10,805
Third A vonuo__________ M a y
-M ay
330,733
350,327
124,1 19
104,689
Jan 1 to M a y 31______ 1,593,223 1,705,118
559,741
587,874
I) I) E Ilway & B a tt_ -M a y
_ M ay
40,461
5,060
4,002
37,730
Jan 1 to M a y 31 _____
13,034
180,225
189,439
1,558
42d St M an & St N A v .M a y
149,703
48,790
63,737
150,474
Jan 1 to M a y 31---------..........
058,863
715,193
176,215
245,034
N Y C In terb oro______.M a y
M
00,725
64,502
11,780
20,313
Jan l to M a y 31______
48,019
..........
280,371
307,661
73,070
Southern B oulevard------ M a y
-M ay
18,639
18,841
3,053
5,155
Jan 1 to M a y 31. .........
83,010
11,230
86,764
13,148
Union R y (N Y C ) ____ M a y
-M ay
237.919
48,121
250,076
88,928
Jan 1 to M a y 31---------- 1,047.040 1,165,959
----149,212
282,845
W estchester E lectric___M a y
.M a y
50,632
11,610
44,570
11.028
Jan 1 to M a y 31---------204,998
_____
217,326
29,237
12,057
-M ay
72,069
Y on kers________________ M a y
72,489
13,51.3
25,104
Jan 1 to M a y 31- -------323,046
315,513
44,955
70,084
Long Island E le c tr ic .. -M a y
19,131
21,111
986
2,408
..........
80,330
Jan 1 to M a y 31---------88,297 dofl2,323
d e f l ,892
.M a y
40,928
.36,654
N Y & L I Trac
2,988
4,431
159,837
Jan l to Ma;
166,154
def7,275
2,062
-M
13,618
14,525
N Y Sc N orth Shoro-------M a y
2,204
2,717
def 1,490
Jan 1 to M a y 31----------------54,141
60,954
11,574
N Y Sc Quoons C o u n ty .M a y
83,921
97,584
def 0,815
def7,282
Jan 1 to M a y 31- .........
358,840
490,349 d e fl 12,600 def 105,205
Ocoan Eloctric (L I ) . . -M a y
11,854
10,134
4,228
1.408
Jan 1 to M a y 31- _____
36,890
34,850
defOOl
3,102
M anhat Br 3c L ino___ M a y
-M
12,417
10,542
2,026
2,831
Jan 1 to M a y 31 -------50,817
57,575
8,173
12,737
5,981
30,881
Richm ond Lt Sc R I t— .M a y
M
39,705
0,641
Jan 1 to M a y 31- _____
167,111
163,958
7,579
18,110
25,600
29,128
dof 1,640
Staton Island M id la n d.M a y
.M
191
Jan 1 to M a y 31______
122,195 dof27,380 dofl4,37 4
_____
104,205
N ote.— N ot earnings o f all o f tho a bovo aro aftor deduction o f taxes.
Roads.

A u g . 3 1 1918 .]

THE CHRONICLE

FINANCIAL REPORTS

i°a.d

Annual, &c., Reports.— The following is an index to all
annual and other reports of steam railroads, street railways
and miscellaneous companies published since July 27.
This index, which is given monthly, does not include
reports in to-day s Chronicle.”
Full-face figures indicate reports published at length.
Steam Roads—
Page.
Boston & Maine UR. (3 months)___ 801
Chicago & Alton E R ...............
497
Cincinnati Indianapolis & West. R y.397
El Paso & Southwestern C o___ 498, 691
Erie R R _____ ____________________ 396
Florida East Coast R y.............
396

Miscellaneous— (Concluded) —

Page.

901

revenue freight was 786.01 tons, an increase o f 87.56 tons, or 12.53% .

in “
gofC°9TP
28nL S eog
nsff rh^
“
1<>ad WaS 8 4 1 ‘25 t° nS' an
The total number o f passengers carried during the year was 28 775 775
an increase o f 394,358, or 1 .3 9 % . The number c a r r i^ o n e mile i n c r S
T h lX ';' „ S increase in gross revenue therefrom was 8316,980, or 3 .1 4 % .
T he average fare received was 1.607 cents per mile, the same as for last year
T he average distance traveled was 22.53 miles, an increase o f 1 76%
The
passenger tram mileage was 9,259,127, a decrease o f 7 .2 4 % . The passenger
tram revenue per train mile was $1,619. an increase o f 14 4 2%
T h ? aver­
age number o f passengers in each train was 70.02, an increase o f 7 06 passen­
gers, or 11.21% . O f tho total number o f pa^engers cu rle d 28 0 7 1 8 9 9
and ^03,953 were interline passengers, the local tr a ffic ’showing
the number o f passengers carried and a slight decrease in the
average revenue received per passenger per mile.

Eastern Power & Light Corp_______ 4 9 9
Fort Worth Power & Light Co_____ 608
Gen. Chemical Co., N. Y. (3 & 6 mo.) 406
General Cigar Co_________________ 499
Graton & Knight Manufacturing C o.805
Great Northern Power Co...........
407
from the operation o f dining-cars and restaurants, demurrage
3 9 5 Hocking Valley Products Co_______ 496
Gulf & Ship Island RR............
Haytlan-Amerlcan Corp________ .801 Holly Sugar Corporation____ ______ 602 947^^^’26*79%° and statlon and train privileges show an increase o f $406^International Rys. of Cent. Amer...397 Hydraulic Power Co_______
608
Missouri Kansas & Texas_________ 4 9 5 International Nickel C o ......... . . I l l 4 9 9
— T h 0 ° 5p»e,ns,e
maintenance o f w ay and structures
Nashv. Chattanooga & St. Louis RylG97 International Paper Co. (3 mos.)Ill 700 eonston’rtofi^nr ’nra }nc^9a’se o f S I ,127,003, or 17.6 9% : 59 bridges were re­
m ®be course o f reconstruction, 250 repaired and 129
New York Susquehanna & West. RR.600 Jefferson & Clearf. Coal & Iron Co 798
Pittsburgh & Shawmut RR.
5 9 9 Kansas Gas & Electric Co____
506 repainted, 18,652 tons o f new 100-lb., and 1,542 tons o f new 00-lb steel
Pittsburgh & West Virginia (5 mos.)-402 Keystone Steel & Wire Co. . .
544
frogs. switches, & c.; 826,019 ctoss titt
408 and 2W
St. Louis Southwestern Ry________ 7 95 Lake Superior Corporation........... 806 and *.,544,^54 ft. o f switch tim ber were used in the track, with 310 168 tie
Southern Pacific C o ........... ............ 4 9 5 Lever Bros. & C o.................
b i i °
^ ? ro
>;
track were
610 n ir f b!iK-5 bellasted a i kmiles fl.UL bellasted and 94.20 miles o f51.67 miles
tially
41.41
right-of-w ay
Toledo St. Louis & Western RR____ 497 Lortllard (P.) Co...... ..........
610 paipaf m g f n d otiier sidings and 5.46 miles fences were built; tracks were
o f industrial side
United Gas & Electric Corp............ .503 McElwaln (W. II.) Co__________ Y.39S
Mahoning Investment Co_______ 7 9 8 constructed: tw o new stations were constructed and seven rebuilt
Electric Roads—
7s
a7n) ? « an“ o ? fn ^ ,uipment. . cxp Snse's. wcre S18.757.335. an increase o f
American Cities Co_______
500 Manufacturing Light & Heat C o ll" 506
7 ,416, or 24.97% m ore than for the previous year.
American Light & Traction Co.......... 504 Mexican Petroleum Co_______ 600 ", 796
WCr ° f StCam lo co m o tiv e s‘ is 56,777,255 lb s., an
Aurora Elgin & Chicago RR............. 801 Michigan Sugar Co_______________ 7 0 0 increase*'of* 2,304fo25 Fbs
Brazilian Trac., Lt. & Power Co___ 798 Midvale Steel & Ordnance Co______ 610
o f f team locom otives on D ec. 31 1917 was 1.486, an
Brooklyn Rap.Tran .Co.(llm o.)40l, 691 Moline Plow Co__________________ 806
2,5’ 33 new locom otives were received, and 8 old locom otives
Chic. North Shore & Milw. RR.692, 694 Montana Power Co_________________ I408
vp-fr
- rilree gasoline locom otives were on hand at the end o f the
Commonwealth Pow., Ry. & Lt. C o.501 National Analinc & Chemical C o.. 610 year. The average ago o f steam locom otives is 15 years 4 months.
Constitutionalist Ry_____ _______ ..803 National Conduit & Cable Co____ 796
Transportation expenses increased $8,954,541, equal to 3 1 .2 9 % .
Federal Light & Traction Co.............096 Nevada-Callfornla Electric Corp___ 507
Nevada Consolidated Copper Co__ 700
International Traction System________ 398
of
^ ^ ^2'686'847' an in so
crea
507
New Orleans Ry. & Lt. (6 mos.)___ 697 New Jersey Zinc C o...............
Additions and Betterments Charged to Capital.— R oad additions and better­
North Carolina Public Service Co_ 398 New York Edison Co................ 601, 797 —
_
werc charged to capital account to a total o f $4,675,717, notably as
Now York Shipbuilding C o..
499
Northern Ohio Electric Corp______ 501
Republic Ry. & Light Co................. 502 Niagara Falls Power Co................. " _408 E ngineering-------------------------$240,403
"602
Ballast
. . . --------------------- $388,733
United Light & Railways................. 605 North Amer. Pulp & Paper Co.
693 Land for transp. p u rp o s e s.. 313,772 T rack laying & surfacing___ 423,321
Wisconsin Power, Lt. & Heat Co___ 808 Northern Securities Co___
Ohio Copper Co______
’ ' 798 G rading------------------------------- 720,746 Crossings and signs________ 173,799
Miscellaneous—
Ontario Steel Products Co
801 Bridges, trestles & cu lverts. 342,653 Station and o ffice buildings. 378,912
Ajax Rubber Co., Inc. (6 mos.)____ 605 Owens Bottle-Machine Co___ IIII""807
T ies------------------------------------- 117,610 Water stations____________
122 274
Alabama Water Co. (6 mos.)______ 605 Pacific Development Co...... .............. 7 01 R ails-----------------------------------.'2 6 6 ,4 6 6 Shops and enginehouses____ 406,175
Allls-Chalmers Mfg. Co. (3 & 6 mos.).403 Pacific Mall Steamship Co________ 7 9 7 Other track m aterial______ 205,545 W harves and d o ck s.............. 166,292
American Bank Note Co...................796 Pacific Power & Light Co______
^fiPiJHrir‘^ ^ rg0i(liWitA Si i , ’4o^5; ^ 0^ 9r,additional equipm ent, ch iefly!
American Cyanamid Co.....................797 Pan-Amer. Petrol. & Trans. Co.693,*507
796
96 steam locom .7 b a l ..$37541,21112"000
American Glue Co______
797
Coke Corp_________ 800 3.000 Gondola e irs , b a l._ 3,930,416 |27Steel pass, cars, bal _
348 916
Am. Hlde& Leather Co. (3 mos.) .403, 799 Penn. Coal &Motor Car Co........
611
Pierce
Additions and Betterments Charged to Incom e.— D uring the" year $306’ 856
American Mfg. Co. of Mass_______ 404 Pierce Arrow
Pipe Line Co............
611
American Steel Foundries_________ 504 Portland Gas & Coke Co............. '5 0 7 has been appropriated from incom e for additions and betterm ents to the
Associated Oil Co. (6 mos.)..............504 Pyrene Manufacturing Co................. 408 p roperty, chiefly on equipment account (net).
Equipment Obligations.— T h e balance outstanding D ec. 31 1916 on eauipAtlantic & Pacific Steamship Co___ 399 Ray Consolidated Copper Co........... 611
Baker (W.) & Co., Ltd., Boston___ 405 Republic Iron & Steel Co...........
409 aA7noonbligat'i0ns w.as 515,313,000; paym ents m ade during the year, $2 ,­
Bangor Power Co________________ 804 San Diego Consol. Gas & Elec. C o..807 847,000; leaving a balance o f $12,466,000.
Bell Telephone of Canada................. 6 01 Savage Arms Corporation......... ....... 508 nf « 9U
rQnnnno
lg,a
oH°ns'
E E ’ were issued during tho year to a total
Bush Terminal Co. (3 mos.)_______ 405 Sinclair Oil & Refining C o ..611, 692, 701 o f $3,680,000 (V . lOo, p. 1617) covering 25 steam locom otives, 2 gasoline
locom otives. 2.000 box cars and 2 steel dining cars; $184,000 thereof were
Butte & Superior Mining Co. (3 mos.) 606 Standard Screw Co___
693
p a>d. T otal equipment obligations outstanding D ec. 31 1917, S15 962 000
California Petroleum Co. (6 m os.)..698 Stern Bros________________
800
Bonded Debt.— O f the C onvertible F ifty -Y ea r G old B onds secured b y the
Central Leather Co. (3 & 6 mos.)___ 406 Taylor-Wharton Iron & Stc"eI"coIIIl8 0 8
General M ortgage o f A pril 1 1903. $8,000,000 were issued during the year
Central Power & Light Co......... ....... 608 Tidewater Oil Co........................
796
Refunding and Im provem ent M ortgage Bonds am ounting to $15 000 000
Charcoal Iron Co. of America..504, 606 Union Bag & Paper Co........
808 wcJ*C s's ucdilnKlcr tllc Refunding and Im provem ent M tge. o f D ec. 1 1916
.
Chino Copper Co. (3 mos.)________ 699 Union Natural Gas Corp________ 692
The total amounts o f bonds issued under these m ortgages are:
"
Colorado Fuel & Iron Co____ ______505 United Gas Improvement
399
Colorado Power Co_______________ 607 United Paperboard Co___ Co__ 612", 6 9 2
First Consolidated Mortgage—
General Mortgage—
Columbia Gas & Electric Co_______ 699 Utah Copper C o..
P rior Lien bonds_______ $35,000,000 C onvertible b o n d s ..____$50,000,000
702
Computtng-Tabulattng-Rcc. Co____ 699 Utah Power & Light___
General Lien bonds_____ 55,104,000
Ref. and Improvt. M tge.—
Consol. Interstate Callah. Mining Co.805 Val Verde Mutual Water11111111111612
Co_______ 410
B o n d s ---------------------------- $15,000,000
Consolidated Gas Co_____________ 6 0 0 Virglnla-Carolina Chemical Co
498
Collateral Notes Refunded.— -On A pril 1 1917 $9,280,000 o f C ollateral gold
Corn Products Refining C o.............. 505 Wabasso Cotton Co...............
702
East Bay Water C o ..........................399 Wlsconsln-Minn. Light & Power C o.516 notes m atured, and were retired from the proceeds o f $15,000,000 o f such
notes issued A pril 1 1917, m aturing A pril 1 1919 (V . 104 p 1044)

Erie Railroad Company.
(23d Report— Year ended D ec . 31 1917.)
The report, signed by President Frederick d '. Underwood,
as of June 14, says in substance:
Report Delayed.— Tho issuo o f the annual report has been deferred in
order that a proper statement might bo m ade to tlio bond and stoclc holders
relative to the terms o f tho contract under which tho U S G ov t took over
tho operating control o f your railroad. As tho terms o f the oontraef°nre
still under consideration, it has been deemed advisablo t o n o longerC
defav
tho publication o f the report. All proper inform ation with regard to the
tn toeC
bnnW ,° ? ,f ‘ nally ,
u
Ieted and executed, will, no doubt b o ^ iv e n
tOA h 0
d^

Ilf's*.8 Governnmnt^assumed control

investm en ts.— 'T he increase in “ Investments in affiliated com panies—
isp rin cip id lyexp laineil b y the purchase o f the entire capital stock
o f the Canal B elt R R . C o . T he increase in bonds” is principally ac­
counted fo r b y the acquisition o f 1st M bonds o f the Colum bus & Erie
R R . C o. and additional Consols o f the Chicago & W estern Indiana R R C o
l h e decrease in “ notes" is principally due to the exchange o f Colum bus &
Erie R R . C o. demand note for first m ortgage bonds o f that com pany and
the sale during the year o f note o f the L ong D ock C o . received to cov er
advances heretofore m ade to that com pany.
T he increase in “ Other investments— Stocks” is p r in c ip a ls explained b y
acquisition o f additional stock o f the Sharon R y . “ B onds” o f the Great
Lakes 1 ransit Corporation for $176,400 were redeemed b y that corporation.
Special Deposits.— T he decrease in “ Special deposits” is principally ex­
plained b y expenditures in connection with the purchase o f additional eauiDment covered b y trusts Series “ C C ” a n d “ D D ,” less additional amount on
tw o°S(»r Vn t ' ISCal agents account o f tl3e sale in A pril 1917 o f $15,000,000

or. Assumed-Unpledged-Bonds:" — T he increase o f
83.052.000 in this item is represented b y $8,000,000 Convertible B onds.
$15,000,000 Refunding and Im provem ent M ortgage bonds and $7 000
General Lien bonds issued during the year, less $7,827 000 Convertible
bonds, $8,750,000 Refunding & Im pt. M tge. bonds and $3,378,000 General
Lien bonds pledged.
"SecurtHes Issued or Assumed-Plcdged-Bonds."— This item increased
construction o f track between O o u n ^ I t o a d and A ndersens' Creek S e c a £
fl^S .'L O O O . due to pledging o f $18,217,000 General Lien bonds and
$8,372,000 Convertible bonds under tho $15,000,000 two-year Collateral
notes issued April 1 1917; $8,750,000 Refunding & Im provem ent M tge.
wor^approxlmatol^S^sn'nnffnmi gro? opuratm.? revenues for tho year 1917 bonds pledged under note for $.5,000,000 dated N o v . 30 1917, referred to
im n
*3p ,000,000, an increaso o f m ore than $5 000 000 over
below, and $440,000 Convertible bonds deposited as additional collateral
under the extension o f tho $1,200,000 note which m atured N o v . 12 1917
the paym ent o f which was extended to N o v . 12 1918, less $14 839 000
General Lien bonds and $985,000 C onvertible bonds released u p o n ’ the
paym ent o f two-year notes for $9,280,000 which m atured A pril 1 1917
m C O M E AC'o U U N T FORV r ' Z 1 1917 A N D 1916 (1916 Figs. Inserted.-Ed.
M T Z i C O N T F O S YEA/jS "
/
IN C O
Mortgage Bonds.— The increase o f $22,964,000 in “ m ortgage bonds” is
>
explained chiefly b y receipt from trustee o f an additional $8,000 000
—
,
,
1917.
1916.
Gross oper. rev.579,776,367 574,311,262 — .
Deductions from
Convertibie bonds and the Issuance o f $15,000,000 Refunding and Im prove­
Op. exp.,tax.,&c 70,182,950 55,682,662
gross Income.$16,432,655 $16,255,165 m ent M tge. bonds referred to below , and $7,000 General Lien bonds re­
ceived from trustee during the year in reimbursement for a like amount o f
sk. fd
881 920
Oper. income. 39,593,417 $18,628,600 Applied toadd’ns 1,001,032
Appr. for
B uffalo N . Y . & Erie R R . First Renewal bonds which were presented fo r
Non-oper. lnc._ 8,687,236
3,754,230
& betterin'ts.
300,856
513,833 piyyment during the year 1917, and tho retirement o f S24.000 Erie & Jersey
E R . C o. 1st M bonds and $19,000 Genesee R iver R R . C o. 1st M . bonds
Gross lncome.$18,280,653 $22,382,830
_
,
Balance, sur.
$540,110 $4,631,912 b y their respective sinking funds.
Collateral Notes, A c.— The increase o f $5,720,000 is explained b y the
issuance o f $15,000,000 two-year notes dated A pril 1 1917, less $9 280 000
ch»ndlso w;is 5813.970. or 2 .15% more
1010
t o u lMS« o f mcr- which matured and were retired on A pril 1 1917.
’
. T he total coal and coke tonnago for the vear wnq oh oon
_
The increaso in “ loans and bills payable.” $6,722,900. is principally ex­
Increase o f 1,214,222 tons or 6 3 6 % . T h o . U h r a c i t e ^ t o n S ’ wa 1 3 2 I - plained b y the issuance on Sept. 12 1917 o f demand note, S500 000 one3S T
year note Issued on N ov. 30 1917, $5,000,000, and one-year notes aggre­
771 tons, an increaso o f 2,012,683 tons, or 21 61%
Tho hlti 1mAi,,
nage was 8,292,155 tons, a decrease o f 3447032 tons or 3 98% 1T hlf eoirn gating $1,138,000 Issued during the year, covering construction work.
Securities Owned.— The com pany still owns; General Lien bonds” 3 i 3 tonnago was 679.627 tons, a decrease o f 454,429 tons or $ 0 7 %
Tho
revenue from haulage o f coal and coke increased $3 312 297 or ^ 8 4 8 %® 000,000; 000
$15 000 Convertible bonds. $9,357,900; R ef. & Im pt. M tge. bonds.
^ T l u ? !total< ro<
1 vonnonfVol^(^:^r^ff>
ic
tovonuo^toinago hatdwi!
1 here is an increase o f $977,811 In the account “ Sinking Funds,” repre­
senting principally increased balance in Pennsylvania Collateral sink, fund
Cash Expenditures Not Funded.— Y o u r com pany has expended from
current cash for construction and equipment purposes from D ec 1 18Q5
to D ec. 31 1917, $54,663,312, fo r which ft has not been reimbursed from the
ce n t, °t h o same
'« ™ n e 1f f C
1 " S " S .° t
p
^
If s i
sale o f securities (com pare V . 104, p. 1496).
The amount shown as expended fo r “ new equipm ent” includes paym ents
i * ? addition £0 tho ab0V0 4,772,476 tons o f com pany's freight wnrn
aggregating $14,142,385 for locom otives and cars purchased under the
hauled, making tho totel tonnago 48,490,018 tons.
I
y
g,lt wero
‘ trust" plan, and not yet fully paid for.
t io ,i a 1l
,
}La?
tonnago 13,345,274 train milos wore run a docroase enmNew Mortgage.— T he Refunding and Im provem ent M tge. referred to In
pared with iast year o f 643.423 train miles, or 4 .6 % . The^average distance
the report fo r 1916 has been duly executed and $15,000,000 o f the bonds
each ton o f revenue freight was hauled was 240 miles an increase o f 19° ?
roceivod from tho trustee under the terms thereof. $8,750,000 o f the bonds
with k4 0 8 forrlQiAT he Iievenue Pe„ freight train mile was $4 59 as compared were pledgod as collateral security for this com pany's short-term note for
r
with $4 08 for 1916. an Increaso o f 51 cents, or 12.4 5% . Tho average train
$5,000,000, the proceeds being used fo r imm ediate necessities.




to the controi

THE CHRONICLE

903

Industrial Development.— During the yoar 105 new hulas tries <vn(l new
factories were located on the line and 66 industries built additions to their
plants, from which it is estimated your com pany w ill se<;ure a n a mi ual
revenue o f approxim ately S I.640,000. There were 69 sidetracks (o.43
miles) constructed, the cost o f which was less than 1 % ot the estimated
annual increase in business due to the construction o f the tracks.

The comparative operating statistics and income account
were given in V . 107, p. 390.

[Vo l . 1 0 7 .

Slock Ownership.— T ho stock is very widely distributed and is largely
hold as an investment. W o have over 9,000 stockholders, o f whom m oro
__.
than 50% aro wom en and trustees.
,
Outlook.— After tho war we anticipate a hoavy demand for American
phosphate rock, which all tho European nations will require in largo quan­
tities1 owing to tho long-continued shortage o f phosphoric acid, txcrmany
needs our phosphates far m oro than America needs her potash, lor phos­
phoric acid is by far tho m ost essential element in tho production o f tho
N ot^itlKtanding'tho°mSmy handicaps tem porarily surrounding the bust

B A L A N C E SHEET DECEM BER 31.

1917.
1916.
1916.
Liabilities—
5
S
290,466,814 Common stock-112,378.900 112,378,900
1st pref. stock.. 47,892,400 47,892,400
20,477,276 2d pref. stock.. 16,000,000 16,000,000
8,768,981 Mortgage bonds213,427,900 190,463,900
Collateral bonds 37,699,500 37,699,500
94,021,217 Collateral notes. 15,000,000 9,280,000
943,660
799,284
37,368,120 Miscell. oblig’ns
2,133.050 Eiiulp. obllg’ns. 15,962,000 15,313,000
1,219,000
0,481,317 I.oans&bills pay. 7,941,900
515,207 Traffic, &c„ bal. 3,395,117 3,080,834
369,415
5,953,179 6,304,970 Accts. & wages. 9,123,068 6,758,151
7,701,961 Int., &c., matur 2,696,516 2,574,882
3,481,538
992,377 Acer, lnt., &C-. 2,890,755 2,761,210
1,257,245
227,722
906,039
2,717,398 Mlscellaneous..
4,937,971
218,775
521,986
5,552,237 Deferred charges
8,518,218
4,735,883 3,504,177 Accrued depr'n. 12,803,595 11,192,652
382,125
Unadjust.credits 2,170,575
to
36,779.000 16.824,000 Add'nsinc.prop'y
& sur
7,733,545 7,426,689
3,745,900 thro.
6,797,900
263,693 Fund. dt. retired
271,708
thro. Inc. & sur
89,469
43,5o0
9,627,397 8,672,284
494,249 Skg. Id. reserves
2,630,369
Profit and loss.. 33,629,950 33,803,704
1917.

Road A?equip’t-304,631,446
Improvem’ts on
leased ry. prop. 22,710,577
Sinking fund— 9,746,791
Inv. in affil.cos.:
Stocks______ 94,060,747
Bonds............. 38,153,522
Notes............. 1,127,202
Advances____ 6,581,185
Other lnv., & C-.

Cash................
Special deposits.
’
Traffic. &c., 'bal.
Agts. & concluc.
Mat’l & supplies
Miscellaneous.Sec. lss. or ass’U
:
Pledged..........
Unpledged___
Deferred assets.
Unadjusted deb­
its.................

Total........... 552,749,896 508.332,944
-V. 107, p. 802.

Total.

IN CO M E AC C O U N T YEARS E N D IN G JU N E 30.
1914-15.
1915-16.
Profits from —
1917-18.
1916-17.
InS d K ' ' < ^ ! ? . . ° i u . 0 7 « . 9 5 7
S 8 .« 9 .8 9 0 $7,947,506 $6,096,115
129,006
227,322
Other sources__________
297,151
249,3-0
$8,709,216 $8,174,828 $6,225,121
T otal incom e_$11,377,108
Less freights, losses and
___
$821,488
$858,801
$1,092,036
co n tin g e n cie s _
$976,594
488,025
468,331
459,680
Interest on m tge. b on d s.
431,466
350,069
415,061
425,000
d o debenture b on d s.
444,938
890,394
1,186,144 __ 987,107
F a ctory, m in . rep . & d e p . 1 ,4 13,090
$2,549,976
T o t a l .........................
$3,266,088 $3,162,860 $2,729,301
P r o f i t s - _____ ____________$8,111,020 $5,546,356 $5,445,527 $3,675,145
210.264
1,654.176
1,655,007
Preflldividmulff ^6 % j
1.658.487
1.655,007
1,653,492
(5)875,408
Comm on d lv s. - - (5 H % ) 1.059,777 (5)875,468 (4)737,230 (4)737,236
Dismantling bldgs, and
.
equip, p rop ----66,041
.
----- -----------S u rp lu s _____ _________ $5,326,715 $2,805,557 $3,054,799 $1,283,733
* A fter deducting “ operating charges” and Fed. taxes for cal. year 1917.

.552,749,896 568,332,944

Algoma Eastern Railway.
(Results fo r Fiscal Year ending June 30 1918.)

The report of the Lako Superior Corporation cited below
affords the following data in connection with tho remarks
regarding the property noted in said report:
IN C O M E AC C OU N T FOR TIIE YE AR E N D E D JU N E 30 1918.^
Gross earnings from operations— railw ay......... — ...........- ...............'* * 7 i 7 ’ 5fi2
Operating oxpenses— railway----------------------------------------------------------'
.
$161,607
Deduct— Expenses for the year (incl. exp. fighting firo in coal piles ^ ygg
on dock, & c .).
' N et earnings from railway operations
. . - .............................
A d d .— Net earnings from steamship departm ent----------------------------

ot)'4l)b

T otal net earnings from operations - - - - - - - - - r - - - I o Y o a l ? 184.230
Interest and rental charges lor year on 1st M . bonds, $121,991,
on equip trust bonds and a d v ., $17,460; adv. irom Dane Suporv„
from Lake ^ p o r ­
ior Cor] ). $12,734 rental „ r terminal Txrr.nert.ies. £44.753: other
tion
■»,.'» i n ..,,.,..,1
properties, $44,753;
itals,
gq ’ aqo
rentals, $4,854: other interest. $20,550....... ......................................
Lials
Accruals for deprec. o f rolling stock, bridges, trestles, &e..............$314,844

of

adv.

D eficiency for the year------------------------------------- ----------------------- '? « 9n ’7 0 ^
D eficiency from previous y ea r. ------ -- - -- - - v- - " -o n T m 7 ‘ not
Depreciation on rolling stock, bridges, & c., to Juno 30 1917, not
previously charged to income------- --------------------------------------- - 540,iuo
$372,201
4,721
Less- -Transferred from Sault Shipping C o . . . ............................... —
$367,480
T otal d eficiency.
B A L A N C E SHEET JU N E 30 1918.
AsSCtS

.$498,094

Liabilities (.Continued )—

too oi A Equip, in trust (see contra).. $345,073

Property......... - - ......... - - - I $5,488,‘2Ui
Equip, in trust (see contra).. 533,411
Investments..------ ------------*?’)v-a
Material ami supplies.............
*4,0o3
Accts. and bills receivable----154,153
Cash in bank---------------------8'.).421
Fire loss moneys in trust----l i ’w
Suspense accounts...... ..........
Income account--------------------- 4J8 .UJ4

Amount due on stock in Sault
275,000
Ship. Co., L td .............. .
Advanccsfrom LakeSup.Corp. 171,035
Accounts payable.................- 3()2.087
Acer. int. on equip, trust bds.
4,303
Acer. Int. on 1st Mtge. bonds.
41,067
Accrued rent of term. prop..
18,GM
Other rent accrued-------------4,189
Accrued taxes...............
6,064
429,672
Tot;ll................................... $7,127,838 Accruals for depreciation----Suspense accounts.................
29,496
Liabilities
Capital stock, common..........$2,000,0 0
Preferred_____ - ___- - - - - - - - l»0iH),uuu
Total...................................S7,127,838
First Mtge. 5% bonds............ 2,500,000
x Property including cost of'construction o f railway lines, c q ^
miscellaneous expenditures, also land grant lands (500411 acres). $7-023.
286. less subsidies (land grant and cash). $1.541,070.— V. lUo. P—

American Agricultural Chemical Co., New Yoik.
(Report for Fiscal Year ended June 30 1918.)
Pres Peter B . Bradley, N . Y . , Aug. 29, reports in subst.:
R e s u lts .— Gross income for tills fiscal.year, after deducting all operating
r%
\voftm inpDinn 'incl jilso tlio oxcoss profits taxes tor tho calendar year 1917*
q
was $ 11.377.107, from which there have been deducted $876,405 for interost
.
j o*Q fi rqa qe rcservOvS for freights, losses and contingencies and
7
2 ? IrPnQ h ^for^deDr^ation oF plan ts and depletion o f mines, leaving as
l e t profits for the‘ y e l? tno sum o f $8.111.018., JTrom this balance,tt_»oro

Fnronean war lias still further com plicated conditions in the fertilizer
K
S “sin c e o u r last annual roport. The requirements o f our Govern­
ment for nitrate o f soda and sulphate o f ammonia have becom e enormous,
not onlv greatly enhancing prices o f these materials but oven threatening
thlir s e r io S shortage for agricultural purposes. The same Is true o f pyrites
ami sulphur required for tho production of our sulphuric a d d .
1 The extraor Unary demands mado upon shipping by both water and rail
have addwl to our difficulties in obtaining adequate supplies o f our raw
materials— especially o f rock phosphate from our mines In Iriorida.

Potash is bein'* produced in limited Quantities from tho brines of Western
la k ^ fr o m Munlte and other minerals, and as a by-product from several
Industries but tho dearth of this material is tlio least of our troubles, as
fertilizers have been giving satisfactory results without potash, just as they
dl The gUULlefcl
'fertilizers during tho past year whfirn their
1 ^ r gu nera^dom an^for a
_ »«IqfA-rrmw nir fUcfHpt.a has been heavy
_
in n no & a H s c i o n1 excopt. in certain potato-growing districts, whero their
s '_
uso decreased to som o extent owing to lower market prices foi potatoes and
> inadequate transportation facilities for m oving tho crop.
The use o f fertilizers is rapidly extending over a wider area and results
recently obtained from their use In somo o f the more W estern States, where
they have not been extensively used heretofore, give promise o f a large
demand from this new territory in tho near future.
The fertilizer Industry has boon recognlzod b y tho Governm ent as ono o f
tho most essential to tho prosecution o f tho war, anil wo liavo received
cordial assistance In tho transportation o f our raw materials whero this has
boon posstblo witnout interfering with tho m oro pressing needs o f tno G ovt.




B ALA N C E SHEET JU N E 30 (IN C L U D IN G SUB. COS.Y
Land**buildings and m achinery--------$16,368,928 $15,”140,327 S 14,949,537
2,907,207
3,147,160
Equipm ent and floating p r o p e r t y ... 3.856,639
4,898.198
5,677,721
Otlier investments---------------------------- x6,0Q8.51 J
18,298,660 18,065,840
M ining properties....... ............................19-iV o.241
328,850
United States Liberty b o n d s ............1,100,000
1
1
Brands, patents, good-will, &c - - - - - .. J
210
Sinking fund (amount unexpended)..
1,998
17.244.957 13.138,081
Accounts receivable------------------------20,703,444
8,079,630
8,211,015
N otes receivable......... - - .......................
9,786,J1.)
8,989,831
9,246.434
Merchandise and supplies------------------ I 9 -g2 4 ,2 (j»
242,683
288,271
Unexpired insurance, taxes, &c------318,-04
Guar, accts. receiv., now constr., exp.
1,566,565
1,907,208
chargeable to future oper., &c------1,307,22 J

Advance payment, mdse., su rp lu s...
Cash in bank and in transit---------------

1,170.071

2,652',520
2.662,049.
2 ,< 8 4 .P * i________
T otal assets........................................$102,305,271 $82,158,652 $75,490,303
Liabilities
wl
$18,430,900 $18,430,900 518,430.900
Stock f com m on
Icki pie _
Stock, . .re c d : : : : : . . . . ------------------- 2 7 ,648.200 27 .627.200 27 .558.200
counts pa ya b le------------------------------- i v non nno
payable, accrued taxes, & c. 4,085,101
§,064,068
2,047,75b
A ccounts
106.540
3.563,180
____ - ___ ___ ___ — 1Y,()^U,U U
U
ajr>tps navable
9.069.000
8,608,000
First M tge. convertible gold b o n d s .. 8,252,000
8.500.000
8,500,000
Debenture bonds----- -------------------- 9,100,000
300,348
486,741
Reservo for property depreciation...
M X .O o l
314,110
306,363
do
renewals----------------------------------249,0/b
525.060
504.084
do
doubtful accts. & conting s_
520,512
8.638.388
11,068,116
Profit and loss, surplus------------------- l b ,394,850 ____________ ____
Total lia b ilitie s ..______ _________ $102,305,271 $82,158,652 $75,490,303

* Other investments” include tho Investment In the Charlotto H arbor
& Northern Ry. Co., which Is owned wholly.— V . 107, p . 292.

The Lake Superior Corporation.
( 1 4 th A nnu al Report— Year ended June 30 1918.)

The comparative income accounts for tho corporation and
for its subsidiaries in combined form woro given last week
(p. 80 0). Under their own captions are given herewith tho
statements furnished by tho corporation for tho Algoma
Steel Corporation and the Algoma Eastern Ivy.
.
President Wilfred H . Cunningham, Sault Ste. Marie,
Canada, A u g. 1918, reports in brief:

depreciation (Algom a Eastern R y .) to Juno 30 1917, not proviously accrued, $345,405........................ ................. .........................
T t ,
................................................................$6,975,434
Deduct— I nt." on'bonds o f s u b .c o s .,-on bank and other a d v ., & c. .$1,315,042
Am ts, sot aside for skg. fund, Stc., in respect ot mining proper­
ties and quarries----------------------------, - - - ---------------- .—
210,10
Appropriated as reserves for depreciation, renewals. Ste.. ot
_
special assets (incl. rebuilding o f coke o v e n s ) . ------ --------*1 m n ’nnn
Reserved against abnormal cost o f now plant and e q u ip m e n t.. l.OOO.OOU
For genera 1 depreciation----------------- - ----------- - > v - -------- - - - - 1 .oUU,U U
U
D lvs. to Lake Superior C orp. (Algom a Strol C orp. pref.,
$700,000; British America Express C o ., $ 5 ,0 0 0 )...............
70.j ,DUO
$6,307,141
Balance carried forward b y all com panies June 30 1918. — . —
$668,293
* For further details seo Algom a Steel C orp. separately given below.
Algoma Steel Corporation, Output, Additions, Earnings, Balance Sheet,
A c .— See separate statement below.
fivo
Cannelton Coal & Coke Co.— This subsidiary has1 four tipples with five
mines In operation, and is mining Kanawha Gas Goal N o,
ami, N o. j
seams. T he mines are equipped to produce an average o ( 5 ,000 tons per
day. For the year ended Juno 30 1018 production was 760,086 net tons,
com pared with 833,618 net tons for tho previous year,
lh e decrease was
caused b y shortage o f labor and by transportation difficulties last winter
at times the mines were only able to operate from 15 to 20 % through lack
of railway cars. This last condition has im proved, but much depends upon
tho labor situation. All coal produced over and above tho requirements o f
tho Algoma Steel Corporation will find a ready market.
_
Lake Superior Coal Co.— Production tor year ended JunV i?i,1?m nnanv has
494 tons com pared with previous y e a rs 230,941 tons, ^hls com pany has
two tipples— one operating In Pocahontas N o. 3 and one ” than in n r ^
N o 4 seams. Railway service is good and car supply better t n a n m pn^
vlous year
T he principal d ifficulty in keeping up Production at these
mines is extreme shortage o f labor in the PocahontM Coa field.
Algoma Central A Hudson Bay Ry.— M r . H om o Sm ith, a repriscrntait
o f tiie railway bondholders, lias been added to
boards '
k S
perior C orporation, Algoma Steel C orporation and other companies.
1 Your directors liavo had before tham continuously the T ^ t l o n o f the
indebtedness o f tho Lake Superior C orporation
qn in m oH m a ted
mlnals guarantees. Tlio arrears o f interest at J,1.1 h A.1
1 ,'Pt,,
wo aro
$2 000,000. Although a settlement has not been effected so far, we ar
hopeful that an equitable solution will i>o brought abou t and aro worki t
harmoniously with tho bondholding Interests to this end.
f
Earnings of the Algoma Central Ry. Co for the Four Years endlnff June JO
s
y
in t .
[Showing d e f i c i t fo r . e a r a f t e r d e d u c t i n g R a i l w a y a n d T e r m in a l b o n d after
Deficit
Net
Net after Full
Gross
Earnings. , Depreciation. Bond Interest.
Earnings.
$708,520
$120,731
$23,127
1915
.$1,047,741
591,514
273,293
162.463
1916
..
1,207,898
472,040
417,912
281.936
1917
..
1,795,707
312,887
575.111
441.089
,l o
1918 (a p p r o x .).. - ________
2,126,708
T he outlook as to grass earnings is hopeful, b ut a continuous IneTcaso n
th oca st.of'op era tion must bo anticipated. T ho labor situation and gene'ral
conditions aro uncertain. From tho abovo it is evident, how evw , that.tlie
affairs o f tho railway liavo progressed during tho past 12 rnontns.

A ug . 31 1918.]

T H E C H R O N IC L E

A l g o m a E a s te r n R \.
)—

Notwithstanding tho steady improvement in the
grass railway earnings, and tho contribution made by tho SS. Valcartier, tho
outcome of tho year’ operations was disappointing, a l gains having been
s
l
absorbed by increased operating expenses. Tho Lake Superior Corpora­
tion has had to render continuous assistance, financial and otherwise, and
has mado advances to tho railway to enable i to build locomotive repair
t
shops, &c., at Sudbury, but late delivery of materials, added to the excep­
tional sovority of last winter, proved a serious handicap. Details of ad­
vances by tho Lake Superior Corporation are set out hereafter.
In conjunction with tho Canadian Copper Co. (tho International Nickel
Co.), the railway’ largest customer, important changes with a view to the
s
Improvement of operating conditions, especially with increased nickel
production In view, have been agreed upon. Among other things, the
Copper Co. are equipping their ore roast beds for mechanical handling.
This will reduce tho operating mileage and ronder unnecessary the use of
two sots of cars as at present. Steel cars to f t the now conditions aro being
i
provided.
As will bo seen by tho accounts submitted, the result of the year’ r i ­
s al
way and steamship operations i a deficiency of $130,615, after deducting
s
depreciation amounting to $89,499. [See separato statement above.]
*89,499.
separate
a
l
A change in tho directorate and management of tho railway in ;
' ""
”
n agreement
with the Canadian Copper Co. has been effected, and W. I . Fa r l , from
I Air o l
the Grand Trunk Ity., Toronto, ,
. ,...
,
, x •
,
„ — became GeneralManager June 24.
------------ Manager June
Notwithstanding the unfavorable result for 1917-18, your directors are
hopeful as to tho future. In order to placo tho finances of tho railway in
a satisfactory condition, a further loan by tho Lake Superior Corporation
up to $200,000 has been authorized.
T r a n s -S t. M a r y 's T r a c tio n C o . Without deducting anything for interest
—
or depreciation (other than equipment), the net earnings for year otided
Juno 30 last .amounted to $9,593, and for tho three years prior to tho r o
colvership only averaged $8,701. A saio of tho property will of courso bo
mado by the Court, with tho concurrence of tho bondholders (tho Lake
Superior Corporation and tho Algoma Steel Corporation). It i improba­
s
ble that the f l amount of tho bonds will bo recovered, although a now
ul
30-yoar franchise altogether has Just been obtained. Duo provision has
been mado out of tho year’ income for our investment In tho property.
s
O u tlo o k . ' ho full interost i being paid on tho income bonds and tho
— I
s
outlook i such as to encourage a l concerned.
s
l
I n v e s tm e n t s . Those consist of tho following:
—
•
P a r V a lu e o f
H o ld in g s .
O p e ra tin g C o s.

--- S tock
C om m on.

O w n ed ---P r e fe r r e d .

------1st M .

P ro m isso ry
B o n d s O w n ed --N o te s
2d M . P u r . M o n . (.old).

$
$
$
_____
AlgO & I I Uy.a5,000,000 .............. 318,800
I I
Algoma Bast Ry 1,000,000 1,000,000 ____ ______..
*
_____
bTrans StM Tr.
400,000
.... . 60,000 _____
__ _ 82,128
Brit A m Bxp Co
100,000
. ....... .
.....
.
IIII
Alg St Corp.Ltd 15,000.000 10 ,
000,000 ... ........ 5,800,000
Other companies
2,500
.. ........ . • 1,100
.......... .
( ) I n v e s t, (o ld ) f o r w h ic h p r o v is io n m u s t be m a d e —
2
Ont L Sice Co.<114,000,000 6,000,000 ..... .....
Spanish River P
& P Mills, Ltd e924,542
...................
L Sup Land Co. d200,000
..... ............
........ .
Mich L S PowCof3,095,537
..... ... ........
" ........
Other companies
11,500
d5,000 _____ ___
(3)Treas. bd.ac’
t
............. . g75,981 ...........Til
'
a Stock hold by L. S. Corp. subject to voting trust, b N o w in hands
of receivers. Stocks and notes of no value and now written o f d Not
r.
represented by assets, e Balance remaining at debit of investment after
crediting proceeds of sale of the corporation’ entire holdings of common
s
and preferred stocks of the paper co., $924,542 to bo written off f Bal­
ance remaining at debit of investment account after credit proceeds of sale
of corporation’ holdings in the power co., $3,095,537 to bo written
s
o
ff. g Discount on 1st M. bonds issued, $75,981 to bo written o f
f.
B a la n ce d u e b y S u b . C o s . (A g g r e g a t in g $297,739 a s a t J u n e 30 ’
18.)
Advances to Algoma Eastern Ry. Co.—
(1 Secured by 2d M. on equipment owned by Algoma Rolling
)
_
®g4 zno
Stock Co., Ltd______________________
(2) Secured on locomotives sold to the Railway Co
I
"
41 ’700
(3 Unsecured— Goneral advances__________
)
"
150*439
Charges against tho Railway Co. to Juno 30 1918 and un’
paid at that date_____________________________
2 1 196
[The comparative income accounts were given in V. 107 p S06 1
I N C O M E A C C O U N T L A K E S U P E R I O R C O R P . Y E A R E N D . J U N E 30 ’
18
Interest on Purchase Money bonds of Algoma Steel Corp. ($290 000): dividends on stocks of sub. cos. ($700,000 preferred
div. from Alogma Steel Corp. and $5,000 from Brit. Amer
Express Co.),other incomo ($53,759)----------ojs 759
D e d u c t — Int. on 1st M. bonds, $264,700; i t on bank advances
n.
’ ’°
$5,128: drilling mineral property, $20,944; egn. exp.,$55,713 ’ 346 485
Interest on income bonds______________________________
150,000

903

30 1918.
For Algoma East. Ry. and Alg. Steel Corp., see separate reports herewith.]
_ A l g o m a B r i t is h - A m e r .
S a u lt
A lg o m a
R o llin g S to ck
E xp ress
S h ip p in g S teel P r o d u cts
A ssets—
C o ., L td .
C o . . L td .
C o . , L td .
C o . , L td .
Invest., prop. & equip.. $120,000
$100,396
$296,499
Accounts receivable.. .
1,800
1,167
Cash.... ...........
700
10,119
1,890
$511
Sundries________
215
211
L ia b ilV ie s —
Capitol stock........
$700
$100,000
$225,000
$8
First Mortgage bonds..
120,000
63.000
Accrued interest______
1,800
Accounts payable_____
7,812
1,890
714
Profit and los , surplus.
s
4,085
Accrued depreciation__
8*499
BALANCE

S H E E T S OF S U B S ID IA R Y C O M P A N IE S , J U N E

Total each side_____
Assets—

Property__________ _
Material on hand_____
Supplies____________
Accounts receivable___
Sundries____________
Cash_______________
Suspense accounts____
Funds in trustees’hands
L ia b ilit ie s —
Capital stock_______
Accounts payable_____
Acer, for deplet. & <lepr_
First Mtgo. bonds____
Profit and los , surplus.
s
Total each side_____
— V. 107, p. 806.

$122,500
F ib o r n
L im e s to n e
C o.

$288,780

3111,897
C a n n eU on
C o a l & C ok e
C o.

$298,389
Lake
S u p erio r
C oal C o.

$722
A lg .

C o n st.

<& E n g in e e r ’g
C o . . L td .

$1,337,705
217,102
163.818
399.857

$525,132
14,325
71,855
176,971

$65,702

30.299
272
17,082

72,387
7.010

10.951
503

$450,000
178,201
100.849

$100,000
80,322

50,246

$500,000
595,885
487,492
377,000
205.758

138,631

3,628

$357,373

$2,166,135

$867,680

$183,950

26,194
28,662
5.159
3,557
5,020
$250,000
29.016
28.110

24,447
82.347

Pierce Oil Corporation (of Virginia).
0Official Statement— Earnings. Etc., for Five Mos of 1918.)
An official statement to the N. Y. Stock Exchange in re­
gard to the listing of the stock and bonds (see a subsequent
pago) as of Aug. 1G reports in substance:
Organization— Capital Slock.— The present business was started in 1857
™ ouls ?y John R - Finlay & Co. In 1869 name was changed to
I . O. Pierce & Co., and in 1877 to Waters Pierce & Co. In 1878 was In­
I
corporated under laws of Missouri as Waters Pierce Oil Co.- an I reincor­
porated with same name In Missouri M a y 29 1900. The Pierco Oil Cor­
poration was organized on June 21 1913 under tho laws of Virginia and
acquired a l tho assets and assumed a l the l a i i i s of Waters Pierco Oil
l
l
iblte
Co. Charter I perpetual.
s
tt

S h a re C a p ita l—

C a p ita l S lo ck .

P a r.

P r e fe r r e d .

C om m on.

At organization June 21 1913,
authorized ------ -..$21,000,000 $100 $10,500,000 $10,500,000
(None of above-mentioned preferred stock was ever Issued )
June 25 1914 increased to..... 30,000,000 25
(All one class)
(All one class)
Dec. 23 1915 increased to..... 33.000,000 25
On June 25 1914, when the capital stock was increased to $30 000 000
par $25 per share, tho holders of the $10,500,000 common stock of par value
$100 per sharo were given the right to exchange the same for an equal nar
value ot stock at $25 per share, on tho basis of four shares for one and a l
l
but $194,079 50 of said common stock has been so exchanged.
The $18,564,250 outstanding stock has been issued for these numoses( In exchange for stock of Waters Pierce Oil C o ________
1)
$10 500 000
( Issued in part exchange for shares of Pierco Fordyco Oil Ass’ 3!9S6*250
2)
n
( ) Issued in part payment for Mexican Fuel Co. (Maine) stock
3
(balance paid in cash)_________
.
.
( Issued for conversion of $40,500 Pierce Oil Corp. 2-yr. notes" 2,257,500
4)
dated Feb. 1 1918. on basis of $12 50 per sharo— 3,240
shares at $25 par value_________________ .
81,000
( ) Sold to obtain working capital for the corporation_____
5
1 739’
.500
Of tho $33,000,000 authorized stock, tho remaining $14 435 750 i
s
reserved as follows: For conversion of 6 % debentures duo 1924, S9 406 000for conversion of 6 % gold notes due 1920, $2,468,250; leaving stock* un­
issued, $AiObl lOUu.
The corporation acquired by purchase the entire 36,023 outstanding
sharos of beneficial interest in Pierce Fordyco Oil Association (doing busi­
ness in Toxas) for tho following consideration: 159,450 shares of Pierce
Ojl Corporation at $25, $3,986,250: 2-year notes due Feb. 1 1920 $155 300’
-- *
Balance, surplus_____________________________
$552 274 cash, $16,247; demand notes (since r-m' •'■)< not. *-*-■
thereby acquiring a l of i s assets and
l
t
Balance brought forward from previous year__________ IIIIII
4 i i1
s
certificates of beneficial interest acquire
Trust Co., depositary for the trustees under t e debentures. The Pierce
h'
Total_____________________________________
_
Cr o t r
Fordyco Oil Association was merged into tho Corporation Dec 31 19 17
D e d u c t — Ascertained loss on holdings in Trans St. Mary’"Tracs
,
S tock s O w n e d . Tho corporation owns stock in the following companies: ’
—
tlon Co. (in hands of receiver)------- ---- -----340 iq4
Reserved against further depreciation in valuos and losses in
Ar
,_
W h ere
Par
C a p ita l
O w n ed b y
other investments_________________________
150 000
N a m e o f C om pany—
In co rp o ra ted .
p erS h . . Issu ed .
P i e r c e O il.
Pierco Navigation Co., Inc___ Virginia
--$100
$50,000
$50,000
Balanco carried forward................................. .
£50,000
£50.000
$57,621 Eupion Steamship Co., Ltd___ Great Britain „ £1
Pierce Pipe Line C o _________ Texas
B A L A N C E S H E E T J U N E 30.
$100 $1 ,
000,000 $1 ,
000,000
Mid-West Producing C o _____ Oklahoma
100
100,000
51,000
1918.
1917.
1918
1917.
Mexican Fuel C o ___________ Maine
100
500,000
500,000
A ssets —
L iabilities —
3
$
$
S
Owning Moxicana do C o m ­
Invest. * secur..a46,997,979 48,198,126 Capital stock- 40,000,000 40,000,000
bustible-----------------Mexico
50 2,000,0002,000,000
Real estate, Ac__ 307,786
246,697 F r t Mtge. bonds 5,294 000 5,294,000
is
Acer. i t on Alg.
n.
The Mexican Fuel Co. of Maine, carried on the books of the comnanv at
Income bonds_ 3,000 000 3,000,000
_
$1, i in process of liquidation.
s
St. bds. ownod.
24,167 Accounts payable.
2*359
25,750
Duo by sub. cos.. 297,739
e i erie
, E a ch
r o d u c in g K o e n e G a s o
u e l O il
308,871 Accrued interest..
22*058
22,058 F i v e O il R, f3nand s4 O w n edproducePlubricating e r lsand. wax:lin e a n d4 Fasphalt*.
Accts. receivable. 275,408
Nos. 1
Inch
o
i
3 and
283,347 Coupons unpaid.. 254,263
210,188
Proc. ofsalo of Inv.
572
572 Reserve account..See note a
,
„r
- D a i l y A v e r . O u lp u t 710,953
D a ily C a p a c.
T o ta l
22,051
Cash........ 82,896 Voluntary r l e
eif
N,
0',
«>«». 42 g a l s .)
o ca ti n —
( b ls .) A c r e a g e .
b
Mineral lands, &o.
48,773
66,703 T fund.......
8,625
s - 191G- 1917. 1918.
7,875 1.l Sand oSp’
gs.Okla.12,000
221
Miscellaneous_
_
29,355
5,374 Income account..
930.000
250
5,0426,286 7,400
--57,621
4,541 2. Ft. Worth, Tex. 11,000
Cash f unpaid
or
169
484.000
“ 4,927 4,686 7.290
125
3. Texas City. Tex. 3,000
interest coupons 104,263
58,613
148
552.000
150
1,640 1,056 2,628
4. Tampico, Mox..12,000
Div. rcc’ sub. c s 555,000
d
o.
63
924.000
450
6,200 3,450 3,915
5. Vera Cruz, Mex. 5,000
6
146.000
50
Total.......48,638,926 49,275,365 Total....... 48,638 926 49 275 365
* Not operated during past'six years, but resumed operating June 20 1918
a Investment and securities, $46,997,979, after transferring *8RO
Also has a plant at St. Louis for compounding and mixing lubricating
from reserve account and writing off losses.
ausrerrmg $860,953
greases of a l kinds.
l
6
Tho company had (as of June 30 1918) contingent l a i
i b lities on
O il L e a s e s O w n e d . Tho corporation owns a number of valuable o l leases
—
i
anty of principal and Interest of $10,080,000 bonds of Algoma CentralA
In Oklahomo, Texas and Mexico, although i has not yet gone extensively
t
Hudson Bay Uy.; $2,500,000 Algoma Eastern Ry.; *15 6 9 1 M0Algoma
into tho busiuoss of
Steel Corp. Ltd., 1st & Ref. bonds, and $4,999,527 Algoma Central T ot- as an asset and arodeveloping these leases, which are carried on the books
held for future development.
mlnals, Ltd., bonds.
S u m m a r y o f O il L e a s e s O w n ed —
N o. of
N o . o f D a ily P rod u c
I N C O M E O F S U B S I D I A R Y COS. (E X C L . A L G O M A C E N T A I I n Jtv r n \
.
.
A cres.
W e ll s .
B b ls.
Y E A R E N D E D J U N E 30 1918.
*
'
'
3,590
60
207
1 Oklahoma... .......
.
D ep rec.,
Interest,
D lv s.
N et Earn.
Balance,
2. Arkansas..............
5,532
0
0
Total S urp.
C om pany, fro m O per. R en ta ls,A c. A c ., (n et).
P aid.
f o r Y ea r.
3- Texas.........
57.813
9
25
June 30 T8.
Alg. East’
n
4. Moxico___________
9,000
6
231
Uy.... *184,220 *225,340
*84,778 .... del.$125,894 def.*498,094
P i p e L i n e s . The corporation owns in i s own name a pine line of 6-inch
—
t
Brit. Amer.
diameter from Tiger Station, near Drumright, Okla., to Sands Springs re­
Express..
6,741
173
u . 1,914
a5,000 s r
4,086 finery 35 miles, with many gathering lines in tho Cushing, Okla. o l ield
if
Sault Ship­
and with storage tanks in the field with a capacity of approximately 503,000
ping Co..
____
4,721
bbls. This i a private line for the sole purpose of supplying crude o l to
s
i
Fiborn Limotho Sand Springs refinery. This line has a rapacity of about 11 000 bbls
stono Co.
35,317
15,309
902
s r 19,106
u.
50,246 per day, and i now running an average of 8.200 bbls. per day '
s
*
Cannelton
The Pierce Pipo Line Co. of Texas, of which Pierce Oil Corp. owns a l
l
C.&C.Co. 221,412
86,556 .... s r 103,585
u.
31,270
205,758 tho stock, owns an 8-lnch pipe line from Healdton Field, Okla running
L. Superior
south about 100 miles to tho Fort Worth refinery of Pierce Oil Corn hav­
Coal Co.
97.761
64,291 b45,000 d f 11,173
Cr.356
c.
138,031 ing gathering lines throughout tho Healdton o l i l , and with storage
ifed
Alg. Constr.
tanks in tho field and at pumping stations with capacity of 600 000 bbls
& Eng.Co.
4,143
u . 3,628
3,628 This lino has a capacity of about 20,000 bbls. per day, and i now running
....
....
.... s r
s
Algoma Steel
an averago of 8,800 bbls per day. [Compare offering of $1,000,000 1st M .
Corp... *0,001,892 1,058,052 *3,980,445 a700,000 s r 257,396
u.
764,038 serial 6s of tho Pipe Lino Co. in V. 107, p. 611.]
R a ilr o a
r s . The corporation owns 328
—
bbls
_____
*6,551,495 $1,315,041 *4,242,099 *750,000 sur.*248,562
*668,292 capacity d T a n k C acars of 8,000 bbl. capacity each;cars of 6 00010 000
each; 445
606 cars of
oacl1’ Thcs0
t
.
?t l 8
a‘
,!
A 805m 8teo1 Corp. p o i and l s account in a subsequent 752 09, although the market stand on i s books at a valuation of $1,980,­
rft
os
value of these tank cars at the present time
statement, a Paid to Lake Superior Corp. b Paid to Algoma Steel Corp?
would bo approximately $5 ,
000,
000.




904

[Vol. 107.

T H E C H R O N IC L E

M a r i n e E q u i p . Directly or through subsidiaries entirely owned, owns:
—
--r _ .
J
aho
(JO
St»
N a m es—
' '
D»a tie P u—c h a s e d . G r o s s t o n s . Z'n/n/i/Mtil.
r .V —
C a p a c ity
SS. Eupion (tank ship.)
3,575
30,000 bbls. $391,487
(Eupion SS. C o - .....Mar.’ 3 1914
33,000 bbls. 1,177,205
Motor ship Pennant (tank)Nov. 17 1916 3,253
20,000 bbls.
260,599
SS. Moxicano (tank ship)-Oct. 3 1912 2,265
’
l98
Motor ship Solarina-----Sept. 30 1917 (Cargo vossel) 300 tons.
Launches........... ..Various
----------------$1,915,260
D e l i v e r y E q u ip m e n t . This corporation further owns:
—
..
.
„

A d d i t i o n s . Blast Furnace No. 4, with estimated capacity of 400 tons
—
per day, l a been completed and since April has been continuously operated;
is
on several occasions tho tonnage for tho 24 hours exceeded the 500-ton
mark. Although this furnace cost considerably moro than was expected,
i i a most important element in balancing up tho iron with the stcel-maKt s

lnOnoPbattery of 25 Wilputto by-product coke ovens will bo completed
about Sept. 1 A further 25 by-product coke ovens of the same type have
.
been ordered for completion by tho end of tho year. It i expected that the
s
now ovens, plus tho rebuilt ovens, will provide ample coke making capacity
for tho blast furnaces and the plant generally,
.
. ,
With tho completion of the foregoing, very l t l remains to complete
ite
Trryn
Trnn
DpliVPTU
1 (L IK \VUfJOTlS <
Y ,
x>
tho blast furnace and of tho plant.
...
,
' B b ls
D ru m s.
C a n s.
H orses.
A u t o m o b i l e s . O th er V e h i c l e s .
D e s c r i p t i o n . A booklet illustrative of tho activities of the Algoma Steel
—
79 193 11 770
21,159
722
187
.
687
s
shareholder Qf tho Lake
Our products are distributed in approximately 17,272 cities and towns Corporation i being mailed to eachCo. i supplying power asSuperior Corp.
P o w e r . Tho Great Lakes l ower
—
’
s
expected.
located in Missouri, Oklahoma, Arkansas, Texas, Lousiana and Mexico,
S ilic a B r ic k P l a n t . To lessen dependence upon outside supplies, a brick
—
through 1,004 main distributing stations conveniently ^ated to c t e .
iis
plant i being erected for tho manufacture of s l c brick; provision li s been
s
iia
a
D i v i d e n d s — N o dividends have been paid by the Pierce Oil Corporation,
the greater portion of i s earned surplus havng been invested in capital inado for the manufacture of ingot moulds, steel castings, for tho double
t
burning of dolomite, &c.
Tf
and working assets.
O re P r o p e r t ie s , & c . Operations at Helen Mine have ceased entirely, it
—
i now a question of recovering a l plant and material that i capable.or
s
l
s
D iv i d e n d s P a id b y W a te r s P i e r c e O il C o . b e tw e e n 1903 a n d 1909.
being recovered. Progress has been made in developing the new siderite
1903
1904.
1905.
1906.
1907.
1908.
body adjoining Helen Mine, but we a r e m o v i n g s l o w l y on account or
$1,800,000 $2,400,000 $2,800,000 $2,400,000 $1,800,000 $2,000,000 $100,000 the excessive cost of present-day conditions. Operations at Magpie Mine
1N o t e . The decline of dividends paid in 1909 m a y bo explained by the
—
havo been interfered with considerably by sliortago of labor.
fact that the company at that time suffered a loss aggregating approximately
Tho ore supply situation
been strengthened by two long-term con­
$2,500,000 arising from litigation in the State of'Texas. These difficulties tracts for the supply of ore hasfavorablo terms. In addition, a supply or
on
have now been overcome and the rights of the Pierce interests have been
manganese ore has been acquired for ferro-splegel.
« * „ - n v ’a
„**>
restored in that State.
So far as the importation of raw materials i concerned, tho company s
s
requirements would appear to be assured.
., , , __.
,
„„
D iv i d e n d s P a id b y th e P i e r c e F o r d y c e O il A s s o c i a t i o n .
F in a n c ia l P o l i c y . In view of tho necessity for mill development, the re­
—
1910.
1911.
1912.
1916.
building of the by-product coke ovens, &c„ wo are convinced that conserva­
$150 000
$475,000
$90,000
$216,138
tion i tho only possiblo policy. Our aim i to have the A 1
s
s
goina Steel Cor
O u tp u t . Tho following i a statement as to the output of the corporation
—
s
poration emerge from war times as a well-balanced plant ablo to noiu ids
and i s subsidiaries (bbls. of 42 gallons capacity):
t
1917 (Yr.) 6 Afos. ’
18. own with any competitors.
1917 (Yr.) 6 M o s . ’
18.
Refined_____
697,207
376,366 Crude, fuel &
gas oil____ 1,755,419 1,300,943
Gasolino_____ 1,118,894
569,821
73,224
74,407
Lubricating o l 170,141
is
95,506 Mex. road oil.
67,103
33,981 G °Sa/°ro/ 1 V s f 1 V& c . In the absence of r i business and of the enforced
Linseed oil___
3,507
194 Miscellaneous
csl?
—
al
Turpentine___
8,363
4,533
removal of practically al small steamships from tho (Ireatl.ak&s.tho
l
Total Of alL___ ..........-----............ 3.893.858 2.455.751 steamer Wade, 3,000 tons, has been sold. Muc h surplus and obsolete
plant has likewise been disposed o
f.
,
,. .
.
S T A T E M E N T OF N E T IN C O M E A S C A R R IE D TO S U R P L U S .
F i n a n c i a l S ta tu s . Tho financial situation, as disclosed by .the balance
—
P ie r c e O il P i e r c e F o r d y c e
sheet, i very encouraging, especially keeping in view that 4pringtheye»r
s
C o rp o ra tio n .
O il A s s n .
C o m b in e d .
P e r io d _
over $2 ,
000,000 has been added to property account, and that additional
Year 1914
loss$101,561 prof.$28,373 loss $73,188 stocks carried and increase in accounts receivable have necessitated the tying
Year 1915________
prof.316,787
332,706 prof(]49,493 up of an additionel $2,300,000. Apart from tho bonded debt, there were
Year 1916 Hi::--_____________
1,393,778
1,057,298 2,451,076 no loans outstanding June 30 1918.
Year 1917_____________________
1,044,861
564,628 1,609,490
I N C O M E & P R O F I T & L O S S A C C O U N T F O R Y E A R E N D . J U N E 30 1918.
5 months ending M a y 31 1918 (comiao 1 Q9
panies merged Dec. 31 1917)-----------1,140,192 Net earnings from operations----- ---- ----- -----------^0,
09r,’
nnn
Dividend (Lake Superior Coal Co.)--....... -....... ....
4a,uuu
P IE R C E O IL A N D
S U B . CO S. T R A D I N G A N D P R O F IT A N D L O S S
A C C O U N T F O R T H E 5 M O N T H S E N D I N G M A Y 31 1918.
'o
Gross profit from sales.--$l,846,752|Interost on floating debt.. $131,243 D eTotal net incomo---------- ------ ---- ivyr"V_'l96n n n '^ 6 ’046’892
d u c t — Interest charges on purchaso money M. 5s *290,000,
_!line profits_____ III $171,821 Tint,_ dobs. & gold notes.
r. rl l Int. on
290,491
Pipe •_____ QOI Tnf on r1oh« H nn r 1
on 1st & Ref. M. 5s, $784,199; city debentures, $8,227, mtgos.
380,130
Miscollaneous (net).....
3,483 Depletion and dcprec n. ..
on real estate, &c., $15,337; total, $1,097,763; less interest on
g
80,000
Provision for Fed. taxes. .
. 1Q9 S etSidefor sirddngfmid,3cc. in respect of Helen Mining pVop'’
Total-------------- $175,304,
I
ty $112,031
Net surplus for tho period---------------------------- $1,140,192 Int. during constr’ previously chgd. to capital, now written off
n,
509.0.,2
Ascertained loss on brick plant after dismantling and sale of salvage 87,910
x Miscellaneous profits (net), $102,213; less miscellaneous expenses
Provision for saw mill plant & equipment unsaleable-------roo nnn
(net), $98,730; balance, $3,483.
huu.uuu
Rebuilding of coko ovens and by-product plant------------Stool Hill Falls power plant, depreciation, &c-------------luu.uuu
B A L . S H E E T O F C O R P . A N D S U B . C O S . [1917 f i g u r e s in s e r te d b y E d .] .
Stock in Lake Superior Coal Co. written down......... ....
52 452
A s s e t s __
May 3 1 ’ 18. D e c . 31 ’ 17.
Oil lands, leaseholds and development in Okla.,
Ro'sorved against abnormal"c<»Y6f now plant and equipment- .^'Pnn’
nnn
Ark., Tex. and Mexico, $19,635,017; pipe l nes,
i
<00*»»9
791^1
45Y,S
lesL^res’
v^Cfor^dopf5&^'pr?,t$43(f5584-$21,354,871 $22,438,370 Dividend on prof, stock for year to Juno 30 1914---------- -Real estate, buildings, plant equipment at reBalance, surplus, for year-------------- - ----- --- -a
fineries, distributing stations, &c--------- alO,598,181 10,582,769 Add balanco at credit of profit and loss account, brought forward 50b,643
1,790.476
Tank steamers and barges-----------------aJ*704,300
1,991,022
Tank cars______________ _______ __________al*9!w 547
Balance carried forward------------------------------- $764,039
273,455
Stablo and garage equipment---------------at. - ■ •o
’ "■
.
409,238
Iron barrels and drums--------------------a •
a This, with $600,000 provided in tho previous year joprosonts approxi­
61,105 mately 30% of tho cost of now plant and equipment for the ^scel years
Drilling tools and equipment------\
Advances to Compania Moxicana de Combustible.
9 )
ended June 30 1916, 1917 and 1918, in which years such cost was greatly
Investments in Mid-West Producing C o ------•.•. ■
!!'
38,109 a b V ho*ent ro provision made by tho Algoma Steel Corporatlonoyertho
{os i
j.
Miscellaneous sundry investments---------T
i
Treasury stock__________________________
,4UU
mst seven vears not only for general depreciation but for a l other contin
l
Mexican Fuel Co., Maine (stock $500,000, a l
l
gencies of the nature of depreciation, averages sUghtly under 3 % per annum
owned), stated at-------- ----- ---- „ Aon n o l
t
5,265,825 on i s property and investment accounts of approximately $15,000,00u.
Inventories of merchandise, materials and supplies 6.439,030
B A L A N C E S H E E T J U N E 30 1918.
Accounts receivable— ----2,73J.01» 12,639,766
A ssets _
Liabilities (.Continued)—
869,526 Property_____________ x$42,757,325 1st & R ef. M . 5% gold bds.z$15,691,900
siBiSII
394,003 M oneys Invested in subsidi­
Deb. bonds of city of Sault
Interest, insurance, prepaid----------------471 *
813
Total... ....... ...... ............... . $48,282,459 $46,753,664
Capita*/stodTissued and outstanding
T5., --*$1§-108-250*$17,485.750
-t
6% Sinking Fund debentures, duo July 1 1924—
9,523,000, 9,523,000
6 % 5-year Conv. Gold notes, duo Dec. 31 1920-- 2,000,000
2,000,000
6 % 2-year Conv. Gold notes, due Feb. 1 1920—
155,300
975,871
Car trust obligations.
....
763.603
1 ,000,000
Pipe line construction 6 % loan-------------l.UOU.uyu
630,418
Mortgage on M . S. Pennant----------------630,418
2,741,412
Notes payable------------ - -------------3,ib2,32i
2,612,402
Accounts payable and accrued items... .... .
2*139,4i t
*
Interest accrued -.......... ....... .......
322 3 18
180,000
Reservo for taxes-------------------------3L865
Miscellaneous accruals------- — ---Reserve for certificates of beneficial interest in
911,250
12,500
Pierco Fordyce Oil Association
5,848.198
Capital surplus---- ---- ---------------- -

ary and other com panies..
Funds in trustees’ hands-----Products on hand................. M aterial and supplies.........Advance paym’ts on ore, & c .
Sundry debtors-------------------

Cash------- ---- ----

Suspense a cco unts--------------

Algoma Steel Corporation, Limited.
(Report for Fiscal Year ending June 30 1918.)
Tho report of the Lake Superior Corporation cited above
says in substance:
C o n tr o l. —

The Lake Superior Corporation i now repossessed of a l of
s
l
i holdings in the Algoma Steel Corporation, transferred by the London
ts
committee, and i directors are the directors of the Steel
ts
„ 17
T on nage—
1917-18 1916-17 T o n n a g e —
Coal imported___ 995,064 765,031 Pig iron....... 314.188 348,519
Ore imported---- 761,082 701,269 Steel ingots.------ qoR’
lqt oin’ f
9Q i
Limestone produced 321,485 294,772Finished steel......329,438 280,296
C<Tho production" of steel ingots and of finished steel was ^^considerably
in excess of the previous year, steel ingots practically reaching the 500,000

Stc. M arie, O nt...................
Accounts payable----------------

Dividend on preferred stock,

balanco unp aid---------------Accrued interest on b o n d s..
Suspense account--------------Reserve for depreciation, & c .
Profit and loss, surplus.........

2,288,202
OoO.OOO
„I*
167,993
5,243,80/
764,039

T o ta l____________________ $55,894,839
Liabilities—

„„„

C ap ital stock, common......... $15,000,000

Preferred 7 % c u m u la tiv e — y l 0 ,0 0 0 ,0 0 0 I
irenase
o% o nds o ,8 0 0 ,0 0 0 1
P urchase m on ey 5 /o b o u 'i s -..
5 ,o w ,u w i

Total-.--— ---------------- -- ,894,83 9
x After deducting $5,430,257 transferred from reserve ^
depreciat on
account v Dividends in arrears from July 1 1914. z First & Rctumimg
Mortgago 5 % gold bonds, authorized issue, $30,000,000; outstanding, $16,­
016,358, less pledged as security for city debs., $324,458.— V. 106, p. 179/.
G E N E R A L

Total................................. $48,282,459 $46,753,664
* N o t e . Sinco tho date of this balance sheot there have been Issued 18,240
—
shares which, at $25 per share, amount to $456,000, making the total stock
outstanding Aug. 15 1918 $18,564,250..
a After deducting reserve for depreciation.
Seo also news item on subsequent page.— V. 107, p. 611, 507, 408.

1,695,039
206,619
191,091
6,208,440
123,672
3,213,237
1,410,820
88,596

I N V E S T M E N T

N E W S

RAILROADS, INCLUDING ELECTRIC ROADS.
Improvements and New Rolling Stock, &c., Under
Federal Control.— Amounts Expended to Date.—
See “Current Events and Discussions” on a preceding page.

Alabama & Vicksburg Ry.-Semi-Annual

This company, wo learn, paid in April last a semi-annual dividend of
on i s common shares.— V . 107, p. 290.
t

3 'A %

Algoma Central & Hudson Bay R y .—

. «£.—

See Lake Superior Corp. under “Reports” above.— V. 106, p. 179o.

Ann Arbor RR. —Federal Manager.—
-

See Pere Marquette Ry. below.— V. 107, p. 603.

_

.

.—Outlookfor Sept. 1
Interest Payment on 5% Non-Cumulative Income Bonds. Atlanta Birmingham & Atlantic R

y

The Columbia Trust Co., trustee for the issue, has been advised by the
railwav company that as tho property lias been taken over by the Govern­
ment and noPcontract has been agreed upon, the
t
“n| with
t r n in f l a statement of i s earnings; but that I has been negotiating witu
i*
ie
t
t
tho*RaiVroadS
^Sidstratlon for A t e - , £ «n effort o=
e an
,

^Practically the entire output consisted of shell steel, tvith relatively small
tonnage in merchant bars. As in 1916-17, production has been governed S T
TheTrust S 5 S S ' 2 ®
any
by the War Trade and Imperial Munitions boards. Conditions ^ave been
somewhat difficult as regards labor .and materials, but under existing c
ir­
of
cumstances, especially as regards shipments from the United States, i i the reorganized railroad company.— V. 107, p. 603, 280.
t s
difficult to seo how the situation could havo been improved.
Atlanta Terminal Co .—Federal Manager.—
Mr D i v i d e n d . — A dividend at rate of 7 % on tho prof, stock holdings of
your corporation in tho Algoma Steel Corp has been received. ’ o Stoel
^
E. T. Lamb has been appointed Federal Manager for this company, with
Corporation i provided with orders well into next year at prices which headquarters at Atlanta, Ga., effective Sept. 1 V. lOo, p. 2093.
s
.
should bo remunerative.




A ug. 31 1918.]

905

T H E C H R O N IC L E

Augusta Southern RR.— Deferred Interest Paid.—•

Taxes---- ---- ------- $260.0001 Wage arrears_________ $152,000
Fuel and material-----300,000 Repairs and betterments. 600,000
15O,0o0| Total______________ $1,462,000
Equipment trust notes__
Yearly Rental.— For the use of the road the Government will pay according
to the average earnings for the three years preceding the war. which will
make the yearly rental about $351,000. Of this sum the bondholders
Aurora Elgin & Chicago RR.— War Finance Corp. Plan probably will receive nothing, as it will all be swallowed up in the items
of Financing.—Announcement is made by tho War Finance above enumerated.
Receiver and Manager W. R. Freeman i quoted as saying:
s
Corp. of conditions under which it will assist in financing
“I a m eminently satisfied with this outcome of the controversy. I
this company and plans for fulfilling these conditions are have foreseen for some time that Government control was the only solution
the difficulties of the
5
making satisfactory progress. As reported in the Cleveland forachieve that result. Moffat road, and have been working since Aug. a
to
The recent Government offer of $1,300,000 as
loan under restrictive terms could not possibly have solved the troubles of
“Plain Dealer,” the facts are as follows:
The company will create a now issue of $1,219,000 3-year 7 M % Collateral the road, and was declined for that reason.
“Yesterday [Aug. 22] I received a telegram offering unrestricted and un­
Trust notes, dated Sept. 1 this year, secured by the company’ First &
s
et
Refunding Mtge. bonds at 75. Of tho fund required, the War Finance limited financial aid from the Federal Government, which I f l compelled
in the interests of the road to refuse, with the result that tho road now. comes
Corp. will loan tho company $219,000 subject to tho following conditions:
( That tho maturity of the $1,546,000 outstanding Elgin Aurora & under Government control. I a m certain that Judge Class, no less than
1)
s
Southern Traction Co. bonds bo extended from Juno 1 1919 to Sept. 1 1921. myself, i gratified with this assurance that at least during the period of the
s
(2 That tho banks holding tho Aurora’ $237,500 unfunded notes sub­ war the service of the road i guaranteed to the people of Colorado and of
)
s
scribe for $200,000 of the new 7 H % notes at par and accept the company’ the nation.”
s
[Under the plan of the Government to make a loan of $1,300,000, i was
t
unsecured notes for tho balanco.
i
( That tho holders of the company’ $800,000 6 % Collateral Trust stated that such Federal loan should become a f rst lien, taking precedence
3)
s
l
notos maturing Sept. 1 this year exchange their notes, par for par, for the over a l other liens except the equipment mortgage.— Ed.]
A press dispatch from Washington states that tho Government will im­
new 7 M % notos. Tho foregoing plan would enable tho company to pay
mediately spend $600,000 in repairs on the road, but no particulars were
the interest on it bonds due Juno 1 and July 1 this year.
s
iblte
It i understood that tho bond and noteholders directly concerned have given as to settling l a i i i s other than the wage claims.
s
It i not known whether Mr. Freeman will be retained by the Court or
s
agreed to conditions 1 and 2 and that condition 3 also probably will be ful­
il
f
illed. Holders of the Collateral Trust 6 % notes are requested to send by the Federal Government. Under the statutes he cannot f l both posi­
them immediately to the Girard Trust Co., Phila., for exchange into notes tions. The immediate payment of $180,000 in back wages, and the addi­
tional payment of $62,000 I provided for as soon as the amount I allowed
s
s
of the now issue.
by the Court. Compare V. 107, p. 695, 291.
F a r e s . Tho company has recently had i s fares in Elgin and Aurora
—
t
raised to six cents straight: i has had lighting rates increased 25%, power
t
Detroit & Mackinac RR.— Federal Manager.—
rates 33 1-3% and freight rates 25%, and some further increases in rates
See Pere Marquette Ry. below.— V. 106, p. 2648.
on facilities i furnishes are expected.— V. 107, p. 801.
t
Announcement i made that funds are now in tho hands of J. P. Morgan
s
& Co. to pay tho interest due Juno 1 last on tho $400,000 First Consol.
Mtge. 5 % gold bonds, payment of which was deferred under the period
of grace authorized in tho mortgage.— V. 104, p. 1898.

Birmingham (Ala.) Lt. & Pow. Co.—6-Cent Fare Rejected.

The voters of Birmingham, Ala., recently voted to defeat tho 6 cent faro
provision for this company.— V. 107, p. 500.

Canadian Pacific Ry.— Vice-President.—

Detroit Bay City & Western RR.— Federal Manager.—

See Pere Marquette Ry. below.— V. 103, p. 1117.

Detroit United Ry.— Rate Increase Granted.—

Central Crosstown RR.— Conveyance.—

The I.-S. C. Commission on Aug. 27 granted this company passenger
faro increases ranging from 25 to 50%. The new fares will be two cents
a mile plus a five-cent fare on the street car lines of Detroit. All mileage
and reduced fare tickets will be withdrawn from sale except school tickets
and children’ rates.— V. 107, p. 695.
s

Chicago & Illinois Midland RR.— Vice-President.—

Eastern Texas Electric Company (Beaumont and Port
Arthur, Tex.)— Offering of 3-Year Notes.— Stone& Webster,

W. I . Machines succeeds Goorge M . Bosworth as Vice-President In
t
charge of traffic.— V. 106, p. 2010.
See N o w York Rys. below.

Compare V. 107, p. 401, 82.

F.
S. Peabody, Socond Vice-President of this company, has boon elected
Vico-Prasldent with hoadquarters at Chicago, and I . M. Ilallock, General Now York, Boston and Chicago, are offering at 98 and int.,
f
Manager, has beon elected Vice-President withjheadquarters at Taylor- to yield 7 %%, $750,000 3-year 7% gold coupon notes, dated
vlllo, 1 1 The position of Second Vice-President and of General Manager Aug. 1 1918, due Aug. 1 1921, but callable as a whole prior
1.
has boon abolished.— V. 93, p. 1599.

Chicago Milw. & St. Paul Ry.— No Dividend Action.—

Tlio directors on Aug. 29 hold tho usual monthly meeting and adjourned
without action on tho dividend. This i the eighth consocutivo meeting ads
Journod with tho dividend s i l held in abeyance.— V. 107, p. 82, 694.
tl

to Aug. 1 1920 at 101 and int. and at 100 and int. thereafter
upon 30 days’ notice. A circular shows:

“Passed by the Capital Issues Committee as not incompatible with the
national interest, but without approval of legality, validity, worth or se­
curity. Opinion No. A-1398.”
Chicago St, Paul Minneap. & Omaha Ry.—Divs. Paid.
Interest F. & A. at office of State Street Trust Co.,trustee, Boston. The
company agrees to pay interest without deduction for any normal Federal
Tho dividends, < s announced, of 3 K % on tho preferred stock and 2 } 4 %
a
on tho common stock, payablo Aug. 20 to holders of record Aug. 1 “pro­ income tax up to 2%. Denom. $100, $500 and $1,000, interchangeable,
,
vided that tho company shall have then received from tho Federal Adminis­ with privilege of registration as to principal.
Company.— Does the entire electric lighting, power and railway business
tration of Railroads sufficient monoy therefor either by way of advancement
on Just compensation or otherwise, ’have boen paid.— V. 107, p. 695, 603. in Beaumont, Tex., the entire electric lighting and power business in Port
Arthur, Tex., and operates an interurban electric railway between Beau­
Christopher & 10th Streets RR.— Conveyance'.—;
mont and Port Arthur, about 20 miles. Population served about 60,000.
P u r p o s e o f I s s u e . — To retire the present issue of $500,000 6 % coupon
Seo N o w York Rys. below.— V. 106, p. 498.
notos, due Dec. 1 1918, and will be applied to the retirement of the com­
Cincinnati Newport & Covington Ry.— Fare Increase. pany’ floating indebtedness now amounting to $300,000 which has been
s
Tho Covington (Ky.) Board of Commissioners have adopted a resolu­ Incurred for additions and extensions.
tion presented by Mayor Craig offering to enter into a now contract with
Capitalization upon Retirement o f the $500,000 N otes. Authorized. Outst’g.
the South Covington & Cincinnati Ry., whereby fares m a y bo increased Mortgage 5s, due Nov. 1 1942_________________*(Seebelow)$1,423,500
from 5 to 6c.— V. 106, p. 1688.
Beaumont Traction Co. 1st 5s, duo 1943 (Mtge. closed)$600,000 272,000
due Aug.
750,000
Cincinnati Traction Co.— Street Ry. Ordinance Passed Throe-year 7 % notes, stock, par1 1921_______ _____1,000,000 1,400,000
Prof. 6 % cumulative,
$100_____________ 1,450,000
by Council.— The Cincinnati City Council on Aug. 23 passed C o m m o n (paying 5 % divs. per annum), par $100___ 1,400,000 1,400,000

by a voto of 25 to 3 the rovised street railway ordinance
stipulating a sliding scale system of fares based on the cost
of sorvice with 5 cents as tho initial faro.

♦The amount of bonds authorized under tho mortgage i not limited,
s
but further bonds can bo issued only under tho guarded restrictions.
The indenture under which the notes are issued provides that no further
bonds will be sold by tho company unless the proceeds of the sale are ap
Mayor Galvin announced that ho would sign the ordinance after which plied to the retirement of notes of this issue.
i will become operative Sept. 23 unless stopped by referendum proceed­
t
Gross Earnings Since 1905 o f Properties N ow Owned.
ings. These provisions arc binding until the expiration of the revision
period, April 27 1931. A resume of the provisions of tho ordinance were
1905.
1907.
1909.
1911.
1913.
1915.
1917.
published in last week's Issue. Compare V. 107, p. 802.
*
$262,280 $346,221 $362,520 $433,901$502,225
$723,091 $938,074
Earnings fo r the 12 Months ending June 30 1918.
New Norwood Franchise.—
The Norwood City Council has heard a renwal franchise proposed by Gross earnings________ $1,018,128lint, on outstanding bonds..$84,775
455,891 Balance__________ _____ 392,220
tho Cincinnati Street Ry. and tho Cincinnati Traction Co. to operato cars Net, after taxes.... ...
21,104] Int. on $750,000 7 % notes.. 52,500
over tho streets of the city. Tho present franchise, granted in 1909, Income from other sources
Franchises.— In Beaumont tho electric lighting and power franchises
docs not expire for 16 years, but tho companies are willing to pay tho city
of Norwood a franchise tax to provido a shorter headway between cars expire in 1963; railway in 1961. In Port Arthur the electric lighting and
and to make an extension of tho Northern Norwood routo i tho proposed power franchises expire in 1943. Interurban largely on private right of way.
f
grants are renewed for a period of 25 years.— V. 107, p. 802.
Management.— This company i under Stone & Webster management.
s
— V. 107, p. 695.

Cleveland Cincinnati Chicago & St. Louis RR..—

Jurisdiction Extended.—

Georgia Ry. & Power Co.— Rate Situation— Litigation.—

Attorneys for tho company, in order to secure an increase in street car
fares, have filed wr
ith Judge George Bell in tho Supremo Court at
Atlanta, a petition for mandamus against the Georgia RR. Commission
to compel that body to take over and decide the question of putting higher
Cleveland Union Terminal Co.— Incorporated.—
This company was Incorporated in Ohio on Aug. 26 with nominal capital rates into effect in the city.
In i s recent opinion the Georgia Commission held that the raise was
t
stock which i to bo Increased later. Through tho company tho financing
s
t
and building of depot will be accomplished as rapidly as possible. An justified, but that i was without jurisdiction to pass on tho question.
However,
ordinance i to be introduced n tho City Council which, I approved by tho of Atlanta.tho commission recommended an increase to the City Council
s
f
voters at the fall election, will result In the new union passenger station
Tho City Council on Aug. 22, over tho veto of the Mayor, instructed
being situated on tho southwestern corner of Public Square and on land
ie
adjoining. The Incorporation I a preliminary step towards tho culmina­ counsel to f l an injunction against tho Georgia Ry. & Power Co. to
s
prevent the company from making an increase in other charges for gas
tion of the project.
and electric light, as recently authorized by tho State Railroad Commission.
It was also proposed by tho resolution that tho city attorney take action
Colorado Midland RR.— Government Offer.—
A Washington press dispatch states that Director-General McAdoo has to separate entirely the ownership and management of tho Georgia Ry. &
Power Co. and Georgia Ry. & Electric Co. Compare V. 107, p. 802, 696.
again offored to pay this company a rental of $100,000 a year i tho corpora­
f
tion would continuo operation instead of scrapping” tho road as has been
Grand Rapids & Indiana Ry.— Federal Manager.—
threatened. His rpiteration of tho offer was made after a conference with
See Michigan Central Ry. below.— V. 107, p. 291.
Colorado public intorest representatives. Tho road, which i being
s
oporated undor direction of a court order, has refused a rental of less than
Indianapolis Union Ry.— Federal Manager.—
$300,000 a year.— V. 107, p. 695, 603.
See Cleveland Cincinnati Chicago & St. Louis above.— V. 103, p. 1888.
Fodoral Manager E. M. Costin has had his authority extondod over
Muncio Belt Ry. and the Indianapolis Union Ry.— V. 107, p. 695.

Columbus Delaware & Marion Ry.— Strike Settled.—

' A strike of this company’ employees at Marlon, Ohio, has beon settled
s
under which tho trainmen are to recelvo from 33 to 38 cents an hour during
tho period of the war, tho scale to be advanced annually 1 cent an hour for
6 years of service. It i said that tho increase amounts to about $7,000
s
per annum.— V. 106, p. 715.

Commonwealth Power Ry. & Light Co.— Deposits.—
Announcement i made that a majority of tho bondholders have deposited
s
under tho plan for tho refunding of tho $8,000,000 6 % bonds, duo M a y 1
last. For details, &c., comparo V. 107, p. 291, 501.

Denver & Salt Lake RR —Federal Control Decided Upon
—Wage Claims to Be Paid.—Official notice from tho U. S.

Kansas City Clinton & Springfield.— Federalized.

See Missouri Kansas

&

Texas Ry. below.— V. 106, p. 1901.

Kansas City Mexico & Orient Ry.— General Manager.—

A. DoBernardi has been appointed General Manager of this company’
s
linos, with headquarters at Wichita, Kan.— V. 107, p. 603.

Kansas City Rys.— Freight Service Started.—

This company has Instituted an express and freight service between the
interurban freight station of Kansas City and a terminal in Independence,
Mo., the cars running over the company’ tracks and another terminal
s
at Zarah, Kan., 18 miles over tracks of the Kansas City, Lawrence & Topeka
R y — V. 107, p. 402, 291.

Railroad Administration has been given that this property
Lehigh Valley RR.— Sale of $15,000,000 Ten-Year6%
has beon taken over by tho U. S. Government.
Collateral Trust Gold Bonds.— Drexel & Co., Phila., and the
R ec e iv e r ’s C e r t ific a te s . Tho U. S. Railway Administration, which closed
—
tho contract Aug. 23 by which i takes control of the road, i to purchaso First National Bank, N. Y ., have sold at a subscription price
t
s
receiver’ certificates approximating $1,462,000. This money will be used of 97H and int. from Sept. 1, yielding about 6.35%, $15,­
s
to pay debts and make improvements, and tho certificates of the receiver
bocomo a first lien on the property. The distribution of tho fund i to bo 000,000 10-year 6% Collateral Trust gold bonds dated
s
as follows:
Aug. 31 1918, due Sept. 1 1928. Denom. $1,000 c*, $1,000,




906

T H E C H R O N IC L E

$5,000, $10,000 or $25,000 r*. Bankers Trust Co., N. Y.,
trustee. Int. M. & S. (See also adv. pages.)
Tho bonds aro redeemable at 103 and Int., at tho option of the company.
In amounts of §500,000 or any multiple thereof, on Sept. 1 1923 and on
March 1 and Sept. 1 of any year thereafter, on 30 days’ notice. The
company will assume the payment of the Pennsylvania State tax, and also
agrees to pay any Federal Income tax which i may lawfully pay, to an
t
amount not exceeding 2 % .
S e c u r ity . This issue in addition to being a direct obligation of tho com­
—
pany, will bo secured by a pledge with tho trustee under a collateral trust
agreement, of tho following collateral:
$4,000,000 Lehtgh-Buffalo Terminal Ry. First Mtge. 4 H % bonds, duo
Nov. 1 1906 (guaranteed as to principal and int. by Lehigh Valley RR.).
$2,600,000 Consolidated Real Estate Co. Mtge. 4 % bonds, duo Feb. 1 1956
(guaranteed as to principal and interest by the Lehigh Valley RR.).
$17,400,000 Lehigh Valley RR. General Consolidated Mtge. gold bonds,
due M a y 1 2003: $12,000,000 of said bonds bearing int. at the rate of 5%:
$1,000,000 bearing int. at 4 H % ; $4,400,000 bearing int. at 4%.
The trust agreement will provide that the company may withdraw tho
bonds originally pledged and substitute others thorefor under conditions
properly protective of tho bonds of this issue.
Tho company has outstanding stock (par value S50) .amounting to §60,­
608,000, upon which i has paid dividends since 1911 at tho rate of 10% p. a.
t
The U. S. Railroad Administration has informed the company that the
Director-General will interpose no objection to tho issue and sale of these
bonds.

Admitted on Philadelphia Exchange.—

Tho Stock List Committeo of tho Phila. Stock Exchango has admitted
to tho unlisted department of the exchango Lchigli Valley RR. Co. 10 year
'' bonds
'
6 % collateral trust gold ' ", duo 1928, delivorabro whon issuod.V. 107, p. 603, 501.

Little Rock (Ark.) Ry. Electric Co.— Fares.—

This company has withdrawn i s petition asking tho City Council to
t
grant a franchise amendment permitting a fare increase from 5 to 6 cents.—
V. 107, p. 501. . _
• .... _
-> •___ _ __

(5 Macon (Ga.) Ry. & Light Co.—6-cent Fare.—

The City Council of Macon, Ga., on July 31 passed an ordinance allowing
the company to charge 6 cents for faro until one year after tho war, when
tho faro will automatically rotum to 5 cents.— V. 101, p. 694.

Manhattan & Queens Traction Corp.— Wage Increase.

Effective Aug. 19 conductors and motormon of this company received
an incroase in wages, the present scalo being from 50 to 55 cents per hour.—
V. 106, p. 2450.

Milwaukee Ry. & Light Co.—Fare Petition.—

This company and tho Milwaukee Light, Heat & Traction Co. have
f l t a petition with tho Wisconsin RR. Commission for a further rovision
ie!
of fares in Milwaukee City and suburbs bo increased not by raising tho
single faro above a nickel, but by increasing faros outside of a limited
central zone, wherein 5-cent fares are compensatory, so that riders beyond
that zono shall pay ratos “fairly proportionate to the cost and value of tho
service rendered. — V. 106, p. 2450.
t-i

New Bedford & Onset Street Ry.—Fare Finding.—

.
>

[Vol. 107
3

Life Insurance for Employees under the Amended Co­
operative Plan.—The directors on Aug. 2G arranged for a

$7,000,000 insurance policy with tho Metropolitan Life
Insurance Co. of New York, in the form of a blanket policy,
effective Sept. 1 1918, under which each employee a year
in the service may secure a $1,000 policy to be given into
his custody in accordance with the plan. An official state­
ment adds:

This i in addition to tho monies rccoived by virtue of the Workmen’
s
s
Compensation Act and, also, in addition to $1 50 per day sick benefits
and $40 per month pension payable under tho terms of tho Co-operative
Plan as now amended.
The terms of this l f insurance policy aro most favorablo to tho e m ­
ie
ployees. M a n y of the older employees could not, excopt for this plan,
secure insurance upon their lives at any price. In tho event of the e m ­
ployees leaving tho service, tho insurance company undertakes to reinsure
such employee without requiring a physical examination. Employees who
engage in military or naval service aro not insured while absent, but aro
assured of reinsurance as soon as they return to employ of tho company.
Because of tho great inroads made by the draft and otlior Governmental
activities, only about 7,000 of tho company’ employees of a total of 10,000
s
havo as yet becomo eligiblo by being ono year in scrvico. Practically a l
l
of tho oligibles have signed the cards approving tho plan and the insurance
becoming effective under this blanket policy as of Sept. 1 will approximate
$7,000,000. This amount will incroaso as tho newer mon becomo eligiblo
by being in scrvico ono year until a possiblo $10,000,000 may bo taken.
It i Interesting to noto that in ono instance a man who l a been with tho
s
is
company for many years has been paying at tho rato of $72 a year for a
$1,000 policy. Under the co-operative plan, ho will bo enabled to obtain
tho samo protection, plus sick benefits of $10 50 per week and a $40 monthly
pension for an annual outlay of $12. Tho general comment i that tho
s
liberality of this plan i not to bo found in any other lodge, society, organiza­
s
tion, or association.
The explanation i that this i ono of the f r t fruits of joint co-oporativo
s
s
is
effort under the improved plan. By pooling tho interests of many thousand
employees, plus tho contribution of $120,000 per year by tho company,
i i possiblo for each individual member to obtain a measure of protection
t s
in time of adversity that otherwise would bo beyond his means.

Annual Meeting to be Postponed till Oct. 1G Annual
—
Report to be Deferred until P. S. Commission has Opportunity
to Consider City Contract.—
The annual stockholders’ meeting regularly called for Sept. 18 will, i i
t s
announced, bo adjourned until Oct. 16, and tho completion of tho fu l
l
annual report for tho year ended Juno 30 1918 will bo deferred until after
the date set by tho Public Service Commission for their consideration of
tho city contract.
As tho action of tho Commission on this Important matter will bo farreaching in i s effects on tho future financing of tho company and tho
t
transportation f c l t e supplied to the public, tho management i anxious
aiiis
s
to bo in position, whon submitting tho annual report to tho stockholders
In October, to recommend such policy as may bo made necessary by tho
decision of tho Public Servico Commission.

The Massachusetts P. 8. Commission has issued a finding approving a
Annual Figures.—Following are tho results for yoar 1917­
general fare increase on this company's lines, subject to modification with
respect to tho use of tickets. The cash faro on linos was fonnorly 5 conts, 1918:
with a ticket rato of 4 1-6 cents. In 1915 tho commission allowed the fare
I N C O M E A C C O U N T Y E A R S E N D I N G J U N E 30.
to be increased to 6 conts and tho tickot rato to 5 cents, and sinco Sept. 3
1917-18.
1916-17.
1915-16.
1914-15.
1917, tho fares havo been on a straight 6-ccnt basis. Tho company now
Passenger earnings....$29,318,138 S27,501,011 $24,871,255 $22,971,595
claims that i s income i s i l insufficient and tho latest schedulo filed calls
t
s tl
1,049.574
968,089
872,Oil
for a cash fare of 7 cents, with a ticket rato of 6 cents upon certain desig­ Other receipts........ 1,125,813
nated portions of the system.— V. 107, p. 697, 501.
Total .............$30,443,951 $28,553,614 $25,839,344 $23,843,606

N. Y. New Haven & Hartf. RR.— Water Routes Essential.

Tho I S. C. Commission has granted this company authority to continuo
.
its operation of stoamor and barge linos tlirough subsidiary companies. Tho
company’ petition has been before tho Commission sinco Jan. 6 1914.
s
Tho subsidiaries aro tho N o w England Navigation, tho N o w England
Steamship and tho N o w Bedford, Martha’ Vlnoyard and Nantucket
s
Steamboat companies, operating stoamers botweon points in Connecticut,
Massachusetts, Rhodo Island and N o w York, and tugs and lighters in
N e w York and Boston harbors.— V. 107, p. 604, 182.

New York & Queens County RR.— Wage Increase.—
Effective Aug. 20, conductors and motormon of this company received
an incroaso in wages from 27 to 31c. an hour, to 41 to 50c. an hour.— V. 106,
p. 402, 83.1

jr New York Railways Co.- -Acquisition of Title of Central
Crosstown Line.—

E x p en ses^ ""

Maintenance_________ $3,544,220 $2,712,121
Reserve for ronowals__ 1,022,372
1,570,921
Opor. of power plants.. 2,576.845
1,694,151
Operation of cars_____ 7,843,021
7,129.739
Goncral.........
1,750,668
1,498,826
Taxes..... ....
1,845,455
1,398.413

$2,506,731
1,369,171
1,441,422
6,447.078
1,343,326
1,264,701

$2,435,415
1,141,126
1,417,240
6,205.100
1.329,829
1.348,723

Total expenses.....$18,582,581 $16,004,171 §14.372,428 $13,877,433
Net earnings_________$11,861,370 $12,549,443 $11,466,916 $9,966,173
Interest............. $2,268,492 $2,280,180 $2,308,780 $2,259,471
Rentals............
7,365.891
7,365.393
7,365,432
7.364,997
Sink, fund city :ontract
120,000
120,000
120.000
120,000
Dividends........ (5%)1.499,583 ( )1,499,278 (2)599,011
5
Total............$11,253,966 $11,264,851 $10,393,223
Balance, surplus_____
$607,404 $1,281,592 $1,073,693

$9,744,468
$221,705

Income Account.— For July 1918 and 1917.
Tho conveyance has boon recorded as of Aug. 17 of tho t t e to a l tho
il
l
Month of July— 1 9 1 8 .
1917.
Month of July—- 1 9 1 8 .
1917.
property of tho Central Crosstown RR. (V. 107, p. 401) and leasehold
of tho Christopher & 10th Streets RR., (V. 106, p. 498) to this com­ G r o ss p ass, e a r n s .$ 2 ,6 2 9 ,8 9 5 $ 2 ,3 4 0 ,2 5 9 N o t from o p e r _____$ 1 ,0 4 5 ,7 1 5 $ 1 ,0 0 7 ,9 1 9
8 1 4 ,2 8 7
8 1 1 ,3 3 1
9 6 ,3 6 8
9 1 ,1 3 4 F ixed c h a rg e s_____
pany, consequent to tho salo at foreclosure July 24, whon tho property, O th e r in co m o _____
offorod for salo by Rofereo Fox was bid in by tho Guaranty Trust Co.,
Gross oarnlngs.$2,720,263 $2,437,393 Balanco, surplus S23L429 $196,588
N. Y., trustoo, for $2,114,000 subject to mortgages of $160,000, namely
$250,000 1st Mtge. 6s, duo 1922 of tho Central Crosstown RIt. and $210,000
Tho abnormal Increase (11.85%) in gross earnings, I I pointed out, has
t s
1st Mtgo. 4s, duo Oct. 1 1918 (oxtonded from 1898) of tho Christopher & been sufficient to offset the increased expenses up to tho close of July, but
10th Streots RR.
tho largo Increase in wages mado effective Aug. 4 w
ill servo to Increase
A deficiency judgment for $1,496,487 was entered on Aug. 17 in tho materially tho cost of operation for tho succeeding months.— V. 107, p. 803.
County Clerk’ office at N. Y. in favor of tho Guaranty Trust Co. of N. Y.
s
against tho Central Crosstovvn Railroad Co. of N. Y. Tho judgmont
Puget Sound Traction Light & Power Co.—Proposed
grow out of tho foreclosure sale.— V. 107, p. 501, 402.
City Operation of Street Car Lines in Seattle.—•
Northern Ohio Traction & Light Co.— Earnings-

1917 18. 1916 17.
1917 18. 1916 17
$
$
Gross earnings..6,813,328 5,947,813 Fixed charges.. 1,083,119 945.250
’ f
Opor. oxponses.4,416,354 3,486,309 Iro . dividends. 301,692 282,640
Depreciation__ 235.000
Not incomo..2,396,973 2,461,504
Balance, surplus for tho year__________________ 777,161 1,233,614
— V. 107, p. 83.
Y e a r en d e d
J u ly 31—

Ohio River & Western Ry.— Federal Manager.—
Seo Pennsylvania RR. below.— V. 98, p. 690.

Pacific Gas & Electric Co.— Sacramento Fares.—

Tho California RR. Commission for an investigation of fares at present
charged with a view to making now rates that will not tho company a fair
return on I s investment. Tho present faro i 5 conts.— V. 107, p. 803, 604
t
s

Officials of tho city of Seattle, Wash., on Aug. 21 submitted a proposition
to this company of municipal operation under leases of a l streot car lines
l
in Seattlo. This action i taken following tho inability of representatives
s
of tho company and of tho city coming to an agroomont on tho faro situa­
tion. Tho letter submitted to tho company containing tho proposal says
in part:
rThe city of Seattle I desirous of lousing for tho period of tho war, and
‘
s
for six months thereafter, the streot railway lines and necessary equip­
ment of tho Puget Sound Traction Light & Power Co., situated within tho
city limits of Seattle, and will pay thorefor as rental tho average net
earnings mado by tho company during tho years 1913, 1914, 1915, 1916
and 1917, inclusive, on i s street railway system. It i understood that tho
t
s
loaso will carry a provision for tho returning of the property to tho com­
pany in as good condition as when tho samo was takon over, ordinary
wear and tear thoreof excepted.” Compare V. 107, p. 604, 402.

Wages.—

,

A now contract botween this company and i s trainmon has boon ratified
t
Pennsylvania RR.— Authority Extended—Federal Mgr.— effective Aug. 1, providing for an eight-hour day. Tho now wago scalo
increases tho present wage from 33c. to 40c. an hour to 50c., 55c. and 60c.
G.
L. Peck has had his jurisdiction oxtondod over tho Ohio River & West­
an hour.— V. 107, p. 604, 402.
ern Ry.— V. 107, p. 697. 604.

Petaluma & Santa Rosa Ry.—Plan Approved— Inc .—
Tho California RR. Commission has approved tho reorganization plan
of this company, tho dotails of which were given i n e x le n s o in V. 106, p.
2456.

Incorporation.—

The incorporation of tho successor company, tho Petaluma & Santa
Rosa RIt. Co. was announced Aug. 23 in San Francisco, Cal., tho now
company having $1,250,000 authorized capital stock, par valuo $100.—
V. 107, p. 697.

Rhode Island Co., Providence.— Fares.— In a state­
ment filed with tho Public Utilities Commission at Provi­
dence on behalf of tho now 5-cont zono faro proposal, which
is expected to add approximately 81,900,000 a yoar to its
rovenue, tho company says in briof:

It was estimated that tho (prosent 2 cont) zono system would produco
an added rovonuo of approximately $500,000 per annum. Tho passengor
rovonuo for M a y 1918 showed an Incroaso under tho zono systom of $39,
554. or 8.82% over M a y 1917, and tho Juno 1918 showed an incroaso over
Pere Marquette Ry.— Authority Extended—Federal Mgr.— Juno 1917 of $38,973, or 8.3%, while in July 1918 It showed a falling off
F. II Alfred, Fedoral Manager, has had his authority oxtonded over tho of $12,599, compared with July 1917, or 2.22%. This was duo to unfavor .
Detroit Bay City & Western Ry. (V. 103. p. 1117), the Ann Arbor RR. ablo weather in tho oarly part of tho month and to tho fact that many of
(V. 107. p. 603L tho Detroit & Mackinac RR. (V. 106, p. 2648), tho our citizens aro in war service, while other probably had to curtail riding
Port Huron & Detroit and the Port Huron Southern lilt’
s.— V. 106, p. on .account of tho high cost of living.
Tho result for seven months ended July 31 1918 I a doficlt of $410,425.
s
2560.
Tho report of tho Special Commission, In which tho prosont zono systom
Philadelphia Rapid Transit Co.— Wage Adjustment.— was reeommondod, was based largely upon operating oxponsos for the yoar
Tho National War Labor Board has approved this company’ action In ondod Dec. 31 1917. Sinco that tlmo thoro havo boon substantial Increases
s
voluntarily increasing tho wages of I s men to correspond with tho award in tho cost of material and labor.
t
,
Tho incroaso in cost of labor I duo largoly to tho increases which had to
s
recently rendered In olectrlc railway controversies by tho Board. C o m ­
bo granted to tho omployoos of this company on M a y 18 1918. Thoso
pare V. 107, p. 604.




A ug 31 1918.]

T H E C H R O N IC L E

increases aro estimated to avorago $25,000 por month or $300,000 per yoar,
and aro in addition to tho wages provided for in the agroomont with tho
union, effective Juno 1 1917.
Tho omployeos, who aro meinbors of tho Union, presented in July a
potition to tho National W a r Labor Board asking for a flat rate of 00c. por
hour for inotormon and conductors and a corresponding Increase over tho
prosont wago scale for such other employees of tho company as are members
of their association. It i understood that the War Labor Board may
s
hand down i decision in t l s case somo time in September. It has already
ts
il
handed down numerous decisions, and properties of about tho size of tho
Rhode Island Co. have had tho wago for motormon and conductors fixed
at approximately 45c. per hour.
If such a wage i fixed for our omployoos, i would add to annual oporating
s
t
expenses about $900,000 per yoar and would make the oporating expenses
exceed tho estimated revenue under tho presont zone system by nearly
$200,
000, leaving no funds whatsoever to pay any roturns on tho invostmont in the proporty, bo i dividends, interest or rentals.
t
U p to July 31 1918, injorder to enable tho Rhode Island Co. to meet i s
t
fixed chargos, i has received loans from tho N o w York N e w Haven &
t
Hartford RR. Co., which owns the entire capital'stock of tho Rhodo Island
Co., 96,855 sharos at par, which amounts to $9,685,500. N o w that tho
N o w Haven road has been takon over by tho U. S. Railroad Administra­
tion i has no funds available further to assist tho Rhodo Island Co. and
t
unloss somo immediate financial relief i obtained itjwill shortly bo in tho
s
position of having to default the'payment of i s rontals under tho loasos.
t
It has rocontly beon estimated with considerable caro that tho Rhodo
Island Co.’ deficit for tho 12 months ending Dec. 31 1918 would bo at
s
least $750,000, but this may bo increased to $1,000,000 i an increase in
f
wages to 45 conts per hour i granted by tho Labor Board.
s
Tho now schedule, which i a modification of tho present zono system,
s
provides for tho contracting of the prosont 5-cont area around tho centres
of traffic, and combines substantially what aro now two 2-cont zones into
ono 5-cont zono.
Tho mombors of the firm’ Ford, Bacon & Davis were engaged to assist
of
tho company in making out tho proposed zono systom. Its engineers have
estimated that tho rovonuo from tho proposed systom would give an in­
crease over tho presont systom of approximately $1,900,000 por annum,
unloss in tho moantimo social conditions aro so changed by tno war that
fewer pooplo rido than now.
[Tho quarterly rental of $233,600, duo Aug. 28, to tho Unitod Traction
&'Electric Co., was paid promptly from cash in hand (almost entirely, i i
t s
stated, exhausting current funds), supplemented by a loan of $50,000 from
a Providence bank on tho security of $70,000 bonds of Narragansett l’ e
ir
RR. Co.]— V. 107, p. 805.
___________
P S a n F r a n c is c o -O a k la n d T e r m in a l R y s .—

G-Cent Fares.

Tho California Railroad Commission^):! Aug. 14 fixed a now rate to bo
chargod by tho San Francisco-Oakland Terminal Railways on i s street
t
cars botwoon Borkoloy, Alameda, Oakland, Piedmont, Emeryvillo and San
Leandro, Including transfer privileges for trips in tho samo general direction
within those c t e , on a basis of 6 cents instead of 5 conts as at presont.
iis
Additional faros aro to bo chargod on a basis of a 6-cent multiple instoad of
a 5-cont multiple as now, to points outside tho 5-cont zono.
In connection with tho faro decision tho California Railroad Commission
has granted this company tho autliority. of sponding $1,181,979 for im­
provements.— V. 107, p. 697,•
402. w
»
—
- » y - ^ T . r e - v r - - ■ ••
■
•
T e x a s M id la n d R R .—

I.-S . C. Commission Report.—

rvTho “Railway Ago” in i s tssuo of Aug. 30 reviows the Inter-Stato C o m ­
t
merce Commission report on tho valuation of this company, which rendors
final decision on tho carriers’ objections to tho tentative finding.
Tho Commission found tho original cost to date of tho property to bo
$2,892,360 94; tho cost of reproduction new $3,461,356 and tho cost of re­
production loss depreciation $2,597,442.— V. 105, p. 1803.____ __
T h ir d

Avenue

R R .—

Strike.—

-j

A number of motormon and conductors on this company’ lino voted to
s
strike last week bocauso I was alleged that certain of their numbor had beon
t
discharged for wearing union buttons. Service on tho lino, however, has
not boon materially impaired.— V. 107, p. 803, 83.
j ;
_ •
_
_

Strikers Return.

U n d e r g r o u n d E le c t r ic R y s . o f L o n d o n .—

Striking omployoos of the London tube system on Aug. 26 decided to re­
turn to work under an understanding arrived at with the Ministry of Labor
that tho question of equal pay would bo considered.— V. 107, p. 803, 502.
U n i t e d R y s . C o . o f S t . L o u i s .—

Receivership Petition .—

This company’ attorneys havo filed an amendment to dismiss the ros
ceivcrsliip petition filed recently by John W. Seaman, of N e w York.
Tho motion for tho dismissal set forth that tho amended petition did
not stato sufficient causo for action -was vaguo and indefinite and did
not allego tho same liability on tho part of a l tho defendants. It also
l
assorted that Mr. Seaman did not seek an adequato remedy within the
United Railways corporation before going into court. A similar motion
to dismiss tho original receivership suit filed eight months ago was sustained
by Judge Dyer in tho U. S. District Court at St. L ouis.— V . I
Of, p . op, .

A l a s k a G o l d M i n e s C o .—

907
Earnings .—

R es u lts f o r F ir s t a n d S e c o n d Q u a r te r s o f
2d Q uar. I *Q u a r.
s

1918.
2 d Q u a r . 1st Q u a r .

Gross valuo of pro­
Total oper. exp._$303,274 $375,385
duction______$294,691 $371,044 Bal., mining loss.
8,583
4,341
Ore prod.& transp$160,692 $212,117 Misc. Income..(loss)5,665(loss)3,678
Milling------- 106,159 126.336
Ship’
g&smelt.chgs 12,595
14,218 Total oper. loss.. $14,248
$S,019
Adm. & gon. exp. 23,828
22,714 — V. 107. p. 605.
A l u m i n u m C o . o f A m e r i c a .—

Aluminum Prices Continued.

Seo page 759 in last week’ Issue.— V. 106, p. 2452.
s
A m e r i c a n C a n C o .— No Common
N e w s B u r e a u ” s a y s in s u b s ta n c e :

Dividend.—

T lio “ B o s to n

There will bo no dividend on tho common stock this year. Tho possibility
of inaugurating dividends has always been remote, but a definite decision
has now been made on that point. Tho determining motive has been
financial,as I has been of necessity with most corporations that are paying
t
out l t l or no part of their largo earnings.
ite
The company i now in the middle of i s period of payment of the $12,­
s
t
000,000 notes which i sold last January to finance i s enormous 1918 tin­
t
t
plate requirements. The f r t maturity of $3,000,000, which f l on Aug.
is
el
2 1 , was met and similar instalments must be cared for monthly through
November.
As the canning season throughout tho country i now well under way,
s
tho big can company's cash receipts aro heavy, but against the immense
inventory of raw materials and finished cans, which must nowadays bo
carried for manufacturers, the total does not loom up so large as ordinarily.
In addition to the $9,000,000 notes American Can i carrying a consider­
s
able lino with tho banks and i , of course, receiving substantial advances
s
from tho Government on account of i s shell orders. In view of these
t
factors and the largo plant appropriations and the tax uncertainties directors
have decided to continue the policy of dividend abstinence allowing surplus
earnings to boil back into tho business, which this year will run well over
$100,000,000 gross.— V. 107, p. 503, 292.
A m e r i c a n C a r & F o u n d r y C o .— W ar Business. — T h e fo l­
lo w in g s t a t e m e n t as re v is e d for th e “ C h r o n ic le ” in o n e
im p o r t a n t p a r tic u la r s ta n d s a p p r o v e d :

Wh e n the Government took over the railroads, one of the f rst moves
i
of Director-General McAdoo was to place some very heavy equipment or­
ders. In tho closing days of April and tho opening weok of M a y contracts
wore let for $300,000,000 in freight cars and $75,000,000 in locomotives,
a scale of buying never before experienced by tho equipment companies in
their palmiest days.
Amorica Car & Foundry Co. was not only tho f r t of tho equipments
is
to recoivo an order, but i s 31,000-car allotment from tho Government was
t
tho largost single car order over placod. On M a y 1 i took tho order. On
t
Juno 18, or barely sovon weeks later, i actually delivered a sample to tho
t
Federal authorities, notwithstanding tho specifications of tho standard car
naturally differed from the usual type and called for many detail changes.
So far as i known, this i a record in time.
s
s
Sinco tho middlo of Juno tho company has boon making splendid progress,
which i s i i i l success indicated i would make with tho big order. It
t nta
t
oxpocts to havo tho last car on the rai s by early next year. But tho com­
l
pany has not boon sticking altogether to i s l st, having for months been
t a
engaged in war work of tho widest scopo and heaviest volume. In addition
to straight shell contracts, calling for a variety of sizes, i i doing special
t s
artillery work on an immense scalo, turning out limbers, caissons, and other
ossentials for field service. It i also producing a considerable range of
s
miscellaneous equipment.
In fact, of tho $290,000,000 unfilled orders of M a y 1 l st, i i understood
a
t s
that at least $200,
000,000 represented products other than regular l nes.
i
In othor words, a l but the Government order was out of the usual manufac­
l
turing run.
By tho boginning of i s next f
t
iscal year, M a y 1 American Car expects
,
to havo a l of this business off i s books. Considering that before the war
l
t
i nover handled an annual gross as large as SI00,000,000, the prospective
t
completion of $300,000,000 business in a singlo twelve-month i striking
s
proof of i s manufacturing efficiency and rapidity of adjustment to a war
t
basis. (Dow Jones & Co.)— V. 107, p. 503.
___
_________ ___
A m e r i c a n L o c o m o t i v e C o .—

Possible St. Louis Plant .—

An unconfirmed report has i that a pormit for tho construction of a large
t
locomotive plant at St. Louis has beon issued, tho cost of the plant being
stated at from $10,000,000 to 813,000.000. Should tho negotiations result
in tho establishment of such a plant, a tract of between 200 and 300 acres
would bo required. Employment would be given to about 3,000 mechanics
and as many laborers. An output of 40 locomotives por week I proposed.
s
— V. 107, p. 804.
A m e r i c a n P n e u m a t i c S e r v ic e C o .—

Dividend Status.—

The Boston News Bureau of Aug. 26 had the following; “The directors
. In view of
“ U n i t e d R y s T & 'E l e c t r i c C o . o f B a l t i m o r e .— Fares.— '"' aro expected to meet for dividend action shortly after Sept. 1
tho loss of tho mail tube revenue, prudence will
Announcement has boon made that, effective Oct. 1 fares on tho com­ of tho dividend on the $6,328,800 (par $50) 2d probably dictate tho passing
,
prof, stock, which has been
pany’ lines In tho City of Baltimore and suburbs will bo increased from receiving 3 % annually. There i overy reason, however, to anticipate the
s
s
5 conts to 6 conts.— V. 107, p. 403, 292.
regular payment on the $1,500,000 7 % 1st pref. Tho mail tube situation
i s i l in statu quo. It I understood that in a l of tho c
s tl
s
l
ities where the
V e r m o n t V a l l e y R R . — Interest on Notes. —
motor trucks
Announcement i made by Receiver Hustls that the soml-annual interest tubas woro discarded fordelivery delaythe mail service has suffered. At the
s
Chicago stockyards tho
amounts at times to four hours. Of
duo Aug. 31 on the $2,300,000 notes . i l bo paid on presentation at the course i i only fair to judge the motor truck service over a reasonable
wl
t s
Treasurer’ office.— V. 106, P- 930.
s
period of time, but tho results so far distinctly f i to justify tho change.”
al
— V. 107, p. 183, 84.;___
._
.
* V i c k s b u r g S h r e v e p o r t & P a c i f i c R y . — Dividend .—
Dividends of 2 A % each havo been declared on both classes of stock
A m e r i c a n P u b l i c U t i l i t i e s C o .— Earnings.for tho half-year to Dec. 31 1918, payablo Aug. 20, on tho common to hold­
r s . 1917-18.
1916-17.
1916-17.
ers of record Aug. 20 1918, and on tho prof, to holders of record April 5 June, 3 0 Y e ags.$4,452,125 $3,819,820 Preferred divi­ 1917-18.
1918. Tho payment of these dividends, wo are informed, has been delayed, Gross earn’
Net income..SI ,626,504 SI,688,409
dends ( %). $267,954 $255,897
6
awaiting tho approval of tho Director of Finance.— V. 107, p. 182. '
Intorost....$1,376,855 $1,217,471 Balance... def.$18,305 sr.$215,041
In July and April 1918 tho 1 A % dividend was paid in 6 % 5-ycar scrip,
W a g e s . — Recommendations to Increase RR. Clerks' and
owing to war conditions.— V. 106, p. 1798.
Laborers' Pay .—
Tho Board of Railroad Wages and Working Conditions has recom­
A m e r i c a n S u g a r R e f i n i n g C o .— Fuel Administration
mended to Director-General of RRs. McAdoo higher wages for track
laborers and certain classes of clerks, tho advance suggested ranging between Sugar Price Plan to Stabilize Old and New Crop Markets .—
Seo "Current Events and Discussions” on a preceding page.— V. 107J
15 and 25%, effecting about 300.000 employees.— V. 107, p. 403.
p. 504, 404.
"

W a y c r o s s & W e s t e r n R R .—

Receiver.—

~

As a result of a b l filed on behalf of holders of tho First Mtgo. 30-year
il
5 % bonds due 1943, A. I . Scssoms, Pres, of tho company, of Waycross,
C
Ga., has beon appointed receiver. Tho total amount of bonds authorized
I $710,000. The road extends 45 miles from Waycross to Milltown, Ga.
s
— V. 103, p. 2239.
^ W i s c o n s i n P o w e r , L t r & ' H t . C o .— 3 -Y r.

Note Offering !

This company’ lssuo of $400,000 3 year 7 % gold notes dated July 1 1918
s
and rocontly reported as offered by tho Fort Doarborn Trust & Savings
Bank, were rocontly offored by W. G. Souders & Co., tho owners and
originators of tho notes, whoso advertisement of issuo will appoar in tho
‘ Bank & Quotation Supplement for September. Seo description of
‘
offoring, &c., V. 107, p. 808.
'
"“ A e t n a

IN D U S T R IA L
E x p lo s i v e s

AND

C o .,

M IS C E L L A N E O U S .

I n c .—

Contracts, E tc .—

i Judge Mayor in tho U. S. District Court at N. Y. on Aug. 30 made two
ordors authorizing rocoivors Goorgo O. Holt and Benjamin B. Odell to
raako two contracts, ono with tho U. S. Govt, for 4,500,000 lbs. of nitric
acid, and tho othor with tho Kopubllc of Franco for 4,500,000 lbs. of picric
acid. On Aug. 2 Judge Hand sanctioned tho making of contracts to sup­
ply tho U. S. Government with 7,000,000 lbs. of nitrate of ammonia and
to furnish tho Republic of France 12,000,000 lbs. of wet picric acid.
'»Spocial Mastor 1 . Henry Lacoinbo on Aug. 1 filed a report disallowing
•
5
tho claim of tho Guaranty Trust Co., as mortgago trustee, that tho sum of
$4,541,800 should bo adjudged duo and payablo on tho bonds bocauso of
non-obsorvanco of sinking fund and other provisions of tho mortgago. Tho
interest on tho bonds has been paid regularly.
It was recently announced that no further monthly earnings statements
would be given out, though a report to tho Court for tho half-yoar may bo
forthcomlng.shortly.— V. 107, p. 503, 183.




A m e r i c a n T r o n a C o r p o r a t i o n .—

Another dividend of 3 A % will bo paid next month by t l s corporation
il
upon i s preferred stock. In this distribution Boston investors will share,
t
as a considerable part of tho original financing was effected in that vicinity.
Goldfiolds Consolidated of South Africa, a Britisn corporation, dominates
tho management.
An accumulation of 2 \ A % was recently paid off against the preferred
dividend account in addition to $32 a share on vendors’stock.
Tho company operates one of the largest potash deposits in tho Unitod
States, and by reason of tho high price for this product has been able to
operate vory profitably. At the present time potash commands $4 50
per unit of K 2 0 quality. (
“Boston Nows Bureau.”) V. 107, p. 698.
—
A m e r i c a n W r i t i n g P a p e r C o .—

Status.—

An o f
f icial of this company, in discussing the company’ business. I
s
s
quoted as follows: “The company i making progress a l along tho line.
s
l
N o w management has made many improvements which havo reduced
oporating expenses. W o will have some new financing to do, to take care
or our bonds which mature next year, and announcement of this will be
made in due course. The company has largo Government orders on i s
t
books.”— V. 107, p. 504.
A m e r i c a n S u m a t r a T o b a c c o C o .—

Stock In c. Voted.—

The shareholders on Aug. 29 authorized an increase in the common stock
from $7,000,000 to $15,000,000, tho purpose of the increase being to permit
tho paymont of a 15% stock dividend and also the issue of new common
stock to the extent of 2 5% of the amount outstanding aftor payment of the
dividend. Tho mattor i now ponding before the Capital Issues Commit­
s
tee, and tho putting into operation of the plan I contingent upon the ap­
s
proval by that body.
Tho mooting of tho directors to voto a 15% stock dividend will not bo held
until another month has lapsed, because of tno requirements of tho laws of
Georgia, under which the company i incorporated. Compare V. 107, p.
s
698, 606. 404.

908

[Vol. 107

T H E C H R O N IC L E

Fiscal Results.— T h e re su lts fo r th e y e a r s e n d in g J u ly 3 1
1 9 1 8 a n d 1 9 1 7 c o m p a re a s fo llo w s :
1917-18. 1916-17.
1917-18. 1916-17.
Net sales..... Not reported 84,758,415 Int. on 3-yr. notes 850,000
$59,903
Cost oftobacco sold ____ 2,978,051 Amort’ of disc’
n
t
on notes.............
51,215
Gross profits...83,731,633 81,780,364 Res’ f a ltaxes 1 ,
200,000
ve or l
000,000
Selling, &c., exp.. 8428,879 S284.429
Cash disc’ on cus­
t
Total deduc’ 81,566,978 8769,073
ns.
tomers’accts__
68,494
64,887
Disc, on notes pay.
Balance_______
81,011,291
and general i t
n.
Other Income___
8,316
charges (net)...
19,605
21,139
Deprec’ of bldgs.
n
....
87,500
Net Income___$2,164,655 $1,019,607
B A L A N C E S H E E T A S A T J U L Y 31.
1918.
1917.
1918.
1917.
Assess—
$
L iabilities—
S
S
$
Prop. & equip___ a7,278,750
294,213 Preferred stock
1,963,500 1 ,
000,000
Good-will...... b753,721
600,000 Common stock
6 ,813,900 6,800,000
479,243
Cash........
335,268 3-year 5% notes.. 1,
000,000 1 ,
000,000
Accts. receivable. 2,695,692\ ,916,073 Notes payable_
_
775,000
Notes receivable.. 1,041,080/
Accounts payable- 368,369
25,793
U. S. Liberty Loan
Spec.res.forpros-f
(
bonds.......
152,000
66,000
pectlve war tax( c ,039,211{ 150,000
l
Merchandise___________ 716,268
ve o
tax
414,138 Res’ f roth. (
50.000
l
Cash expense ac­
Pf.div.pay.Sept.2
68,723
35.000
count of growing
Com. div. pay
crops ....... 1,796,745
68.000
Aug. 1......
170,347
799,367
Live stock and
2,083
2,976
Miscellaneous___
supplies_____
137,304 Insurance reserve.
226,605
32,000
36,800
17,917 Surplus.......2 ,915,646 1,416,513
Miscellaneous__________ 13,476
Total....... 15,153,580 10,580,281

Total....... 15,153,580 10,580,281

C e n t r a l F o u n d r y C o ., N . Y . —

Semi-Annual Earnings .—

E a r n in g s f o r H a l f - Y e a r s e n d e d J u n e 30—
1918.
Total net earnings, after taxes, &c.............
$488,988
Other income.............. ..... ..... .... . d e b . 80,277

1917.
$997,429
52,598

$408,711 $1,050,027
Total Incomo..........
Sinking fund and depreciation............
118,355
118,027
Provision, for Federal taxes____________ _____ 37,220
_____
Int. on bonds and proportion of bond discount appli­
cable to year— Central Foundry Co., $31,731;
Central Iron & Coal Co., $21,503; total......
53,2341
70,000
Interest on loans and b l s payable_____________
il
732/
Balance, surplus........................... x$199,170 *$862,000
x Tho earnings as here shown includo tnoCentral Iron & Coal Co., whose
furnace was out of blast for rellning during the greater portion of the second
quarter of the year 1918. * Subject to oxccss profit and additional in­
come tax.— V. 106, p. 2347.
C h i l d s C o .—

1 % Reduction in Common Stock Dividend .—

The directors havo declared a quarterly dividend of H of 1 % on the
$3,999,755 outstanding common stock along witli tho quarterly dividend
of 1M % on the $4,387,100 outstanding Preferred stock, both payab e
Sept. 10 to holders of record Aug. 29. In Juno and March last 1 'A % was
paid on the common stock.— V. 106, p. 814.
C i t y I c e D e l i v e r y C o ., C l e v e l a n d . —

Dividend Resumed.—

The directors have declared a quarterly dividend of 1 % on tho $2,320,­
000 outstanding (Dec. 31 1917) capital stock (par $100) payable Aug. 31 to
holders of record Aug. 21. In March last tho dividond was omitted.
— V. 106, p. 1233..
C o lu m b ia G r a p h o p h o n e M fg . C o .—

Dividends .—

The directors have declared a dividond of $1 75 (not I H % ) per share on
the common (no par value),and a dividend of 1 M % on tho preferred stock
a Includes In 1918 real estate and buildings (book value),$7,134,566; stable equip­ (par $100), payable Oct. 1 to holders of record Sept. 16.— V. 106, p. 2760.
ment and farm Implements, $74,496; packing house equipment, $30,157; furniture
C o n t i n e n t a l R e f i n i n g C o . — Scrip Dividend .-—
and fi t r s $7,404; automobiles and motor trucks, $32,125; capital stock of A.
xue,
Cohn & Co., Inc., nominal value, $1. b Good-will of A. Cohn & Co., I c., re­
n
The directors have declared tho regular monthly dividond of 1 % on the
cently acquired, cost In common stock $800,000, l s charged o f $200,
es
f,
000,l s cost common stock, payablo in scrip on Sept. 10 to holders of record Aug. 31.
es
In common stock and cash of acquiring Connecticut Tobacco Corp., $153,721. Tho scrip will be convertible at par into common stock on any dato prior to
c The directors have reserved $1,000,000 f Federal taxes. Obviously t i I but maturity at tho option of tho holder. If hold to maturity tho scrip will bo
or
hs s
an estimate.— V. 107, p. 698. sjitssj 13
redeemed by the company with interest at tho rate of 7 % per annum. Tho
same amount was paid in scrip on Aug. 10. See V. 107, p. 406.
A m er. Z in c , L e a d

&

S m e lt in g

C o .—

Price\Agreement.—

__Sco preceding pages In thi Issue.— V. 107, p. 804.
s
A tla s

P o r tla n d

Cem ent

C o .—

Fuel Supply Curtailed .—

See page 761 In last week’ Issue.— V. 106, d . '.0
s
B a ld w in C o r p o r a t io n o f W i s c o n s i n .—

Stock Increase.—

This company has filed a notlco In Delaware of an Increase in the capital
stock from $3,700,000 to $3,819,000.
B a r r e t t ” C o m p a n y ! " N e w * J e r s e y .— A f erger~ PZaVT.— T h o
s to c k h o ld e r s w ill v o t e S e p t . 1 6 o n c o m b in in g T h e B a r r e t t
C o . (o f W . V a . ) w ith T h e B a r r e t t C o . (o f N . J . ) .
P r e s id e n t
W i lli a m H a m li n C h ild s , N e w Y o r k
A u g . 2 3 1 9 1 8 , s a id :

C u n ard

(S te a m s h ip )

L i n e .—

Lusitania D ecision .—

Judgo Mayer In tho U. S. District Court at N e w York on Aug. 24 handed
down a decision absolving the Cunard Lino of tho responsibility for damages
resulting from tho loss of tho Lusitania, stating that tho vessel was an un­
armed liner with no oxplosivos on board. Tho Court holds that damages
should bo collected from tho Imperial German Government, a payment
which should be exacted at peaco conference by tho United States and
Great Britain.— V. 102, p. 1542.
E d i s o n E le c . I l i u m . C o . o f B o s t o n . —

Power Connection .—

See N e w England Power Co. below.— V. 107, p. 406, 294.
F e d e r a l M i n i n g & S m e lt in g C o .—
F eb ru a ry .

M arch .

A p ril.

Net Earns, in

M ay.

*$33,293
$64,840
$32,397
* Loss.— V. 107, p. 505.

$134,874

J u n e.

1 9 1 8 .—
J u ly .

$90,179

$98,255

This consolidation of a l main operations under one corporate head I
l
s
G e n e r a l E l e c t r i c C o . — Wage Increase .—
Intended to effect material savings In a l departments and particularly in
l
This company has announced an increase in
t
respect to taxation. Tho Barrett Co. (of N. J.) now owns a l the capital employees at Schonectady, N. Y., effective at a wages for i s 4,000 offlco
l
date to bo sot later. Bostock of The Barrett Co. (of W. Va.), which i will surrender in return for sUles tho present 1 0 % bonus, which i to bo considered as wages, an addi­
t
s
the properties and business of the latter company and assume liability for tional 50% will be paid. Employees who havo beon In t i i positions moro
the paymont of tho 5 % debenture bonds of Tho Barrett Co. (of W. Va.), than flvo years will be given 5 % extra. Wages wore l o r
recontly
amounting to $2,500,000, dated April 1 1899 and due April 1 1939. Tho among the shop workers at tho plant. Comparo V. 107, p. 805, increased
699.
Barrett Co. (of W . Va.) has boon the main operating and merchandising
company with $5,000,000 capital and assets greatly in excess of that
G e n e r a l M o t o r s C o r p o r a t i o n . — W ar Industries Board’s
amount. It has been operated entirely by Tho Barrett Co. (of N. J.)t
and this dual existence I now unavoidably expensive and quite unnecessary. Announcement on Curtailment o f Automobile Output .—
s
See page 760 in last week’ Issue.
s
This plan of consolidation will undoubtedly prove to bo of great finan­
cial advantage.— V. 107, p. 405.
Stock Increase Voted. —
The stockholders on Aug. 27 voted to Increase the authorized capital
B e t h l e h e m S h i p b u i l d i n g C o r p .— Alameda, Cal., Plant, stock from $200,000,000 to $300,000,000, tho preferred boing increased
from $50,000,000 to $100,000,000 and tho common from $150,000,000 to
&c. — I n d e sc rib in g th is p la n t th e “ I r o n A g e ” s a y s :
The new Liborty plant of tho Bethlohem corporation at Alamoda, Cal., $200,000,000. A bonus plan providing for tho distribution of 10% of the
will be ono of tho largest shipyards in tho United States. It will bo twice net earnings this year to employees was also approved. Compare V. 107.
the slzo of the Victory plant of tho Bothlehom Shipbuilding Corp. at Sauan- p. 805, 699.
tum. Mass., and will involve twice tho expenditure. The plant, which will
G r a s s e l l i C h e m i c a l C o . — Extra Dividend o f 2 % . —
havo 10 shipways, will cover moro than a third of a squaro n i o and from
il,
The directors havo
% on tho
3,000,000 to 4,000,000 yards of dredging will bo necessary. Large vessels outstanding common declared an extra dividend of 2quarterly $15,000,000
stock along with the regular
dividond of
will bo constructed, contracts for which have already been awarded by tho
1/4%. Tho quarterly dividend of 1>£% on tho preferred stock has also
U. S. Shipping Board. Tho formal oponing of tho work occurred on Aug. been declared, a l payable Sept. 30 to holders of record Sept. 15. Tho
l
13, when tho first pile was driven.— V. 1 5 , p. 1804.
0'
same amount was paid In Juno last.— V. 106, p. 2347.
B e tlile h e m

S te e l"C o r p o r a t io n "—

Definitive NotesT—

Definitive coupon notes of the corporation’ issue of secured serial 7 %
s
gold notes wore to be ready for distribution at the Bankers Trust Co.,
N e w York, on Aug. 28.

California Shipbuilding
pbuilding Corp. above.
See Bethlohem Shipbuilding C

G u l f S t a t e s S t e e l C o . — Net

Note Payment .—
Tho Guaranty Trust Co. of N e w York, trusteo of the 5 % notes due
Feb. 15 1919, are prepared to pay these notes at par and interest to date of
presentation and surrender by the holders, with proper Income tax cer­
tificates.
. ..
» .___
aoL-u
Ml
*

G r i n n e l l M a n u f a c t u r i n g C o .—

New Gun Plants .—

Liberty Bond Dividend .—

The directors have declared an extra dividend of 10% on tho $1,500 000
outstanding capital stock (par $100) along with tho regular quarterly
dividond of 1 M % , both payablo Sept. 1 to holders of record Aug. 22. Tho
10% extra i payablo in Liberty Loan bonds, i I said, of tho fourth issuo.
s
t s
On Dec. 1 1917 tho company paid tho same amount. It has no bonded
debt.— V. 106, p. 715.
1918— J u ly — 1917.
$144,340
$303,027
— V. 107, p. 407.

Earnings (before taxes) . —

I 1918— 7 M
$158,687|81,636,802

D ecrea se.

( H .) H a c k f e l d & C o . , L t d . —

o s .—

1917.
$2,366,860

D ecrea se.

$730,058

Successor Co. Formed .—

Seo American Factors Ltd., above.

Ninoteon of tho 26 plants planned by tho Ordnance Department for tho
production of gun carriages and recoil mechanisms have Decn completed,
according to an announcement of tho War Department. Four of tho
remaining seven plants aro 9 8 % complete, ono i 95% comploto, ono 90%
s
complete, and the sovonth, 85% complete.— V u 107, p. 804, 606.
• B l a c k C a t T e x t i l e C o ., K e n o s h a T " W i s 7 S tock I n c r e a s e .
—

H a le & K i l b u r n C o r p .—
s t a t e m e n t is o ffic ia l:

July Earnings . —

T lio fo llo w in g

S ix M o s . to J u n e 30—
1918.
1917.
1916.
1915.
Total net sales------- $1,938,328 $1,983,505 $1,519,802
$700,594
Total net earnings....
x2S6,991
179.220
115.347
*219 035
Unfilled orders-----2.469.795
2,470.353
2.303,100 1.230,355
* Deficit x After deductions of taxes, depreciation and one-half of tho
annual operating adjustments made at the close of tho years 1 9 15 . 1916
and 1917.— V. 107. p. 177*

This company has authorized an Increase in tho common capital stock
( l ono class) from $3,000,000 to $4,000,000; par, $100. Nono of tho now
al
stock, howovor, has as yet been issued. Tho company was incorporated
Oct. 25 1916 in Delaware, and acquired the properties of tho ChicagoH e y w o o d B r o s . & W a k e f i e l d C o . — Extra Dividend .—
Kenosha Hosiery Co., tho Sheboygan (Wls.) Knitting Co. and the Cooper
Mfg. Co., operating an underwear mill at Bonington, Vt. The company
This company has declared an oxtra dividend of $5 per sliaro on tho out­
also has a plant at Harvard, 1 1 , making men's hosiery. Dividends at tho standing common stock in Fourth Liberty Loan 4 1 4 % bonds along with tho
1.
rate of 6 % per annum are paid Q.-J. N o bonded debt. C. C. Allon I regular semi-annual dividend of $3 per sharo on tho outstanding prof, stock,
s
President Office at Kenosha, Wis.
.
_ _ _ _ _ _ _ _ _ ____________
both payable Sept. 2 to holders or record Aug, 27.— V. 106, p. 2348.
B l a c k L a k e A s b e s t o s & C h r o m e C o .—

Int. Payment.—

The directors have decided upon a declaration of an Interest payment of
3 % for tho half-year on the company’ $1,191,500 outstanding incomo
s
bonds. The Interest I payable on Sept. 1 In March last a similar 3 %
s
.
was paid.— V. 106, p. 7
1
7
__________________ ____ __

I n d i a n R e f i n i n g C o ., N . Y . — Semi-Annual Statement.—
P r e s id e n t T k e o d o r o L . P o m e r o y , N . Y . , A u g . 2 8 , r o p o rts :

During tho six months ending Juno 30 1918 tho company rotirod and can­
celed $290,000 1st M. bonds, leaving only $578,000 outstanding as a Hon on
the properties, the 2d Mtgo. notes maturing M a y 1 1918 having boon paid
on that dato.
Since our last annual report wo havo oxponded $832,000 on tho properties,
B r o o k l y n ( N . , Y . ) ^ B o r o u g h ~ G a s C o . -Application fo r
of which amount approximately $625,000 was for additional tank car equip­
Higher Rate.—
_________
ment needed to conduct our business, and $40,000 on now motor equip­
This company on Aug. 28 applied to the P. S. Commission for permis­ ment for our distributing stations; tho balanco expended was for equip­
sion to charge $1 25 per 1,000 cu. f . for gas, and to chango tho standard ment necessary to maintain the efficiency and incroaso tho facil t e or our
t
iis
from candlo power to tho British thermal unit. In I s application tho refinery, producing properties and stations.
t
company declares:
.
Tho directors this dato doclarod a dividend of 1% % on tho prof, stock
"Unless tho company I allowed Immediately to charge $1 25, i will be and 3 % on tho common stock, both payablo on Sopt. 16 1918 on stock of
s
t
unable to soil stock or borrow money to install the improvements Impera­ record Sept. 5 1918.
tively needed to enable the company to live up to the pressure and other
R es u lts f o r H a l f - Y e a r s e n d in a J u n e 30—
1918.
1917.
requirements of the Commission and to meet the prospective increased de­ Net Incomo for 6 mos., after deducting a l charges $1,580,206
l
$1,404,168
mands for gas diming the coming winter. For unless the work of Install­ Preferred dividond....... ...........-(3M%) 105,000 (28%)840,000
ing the high-pressure system and making the other necessary improve­ C o m m o n dividend________________________
180,000
_______
ments I begun at once, i cannot bo completed beforo the cold weather Roservo for prospective taxes______________
s
t
600,000
600,000
sets In.”— V. 107, p. 698, 606.
Surplus for half-year......... .......... $795,206
$64,158
C a n n e l t o n C o a l & C o k e C o .— Earnings, cfee.—
Tho total profit and loss surplus Juno 30 1918 was $1,166,553.— V. 106.
See Lake Superior Corp. under "Reports” above.— V. 104, p. 2346.
P . 2013, 1691.




I n t e r n a t i o n a l M e r c a n t i l e M a r i n e .—

British Negotiations.

Following a special meeting of tho directors on Aug. 27, President Frank­
l i quoted as saying that no announcement was to bo mado regarding
in s
tho salo of tho company's British tonnago. Referring to tho visit of Chair­
man Harold Sanderson, Mr. Franklin said:
"Naturally the plans calling for tho salo of our British tonnago were dis­
cussed with Mr. Sanderson, but ho did not como to this country for any
special purpose. There aro many routino matters which ho desired to
take up with tho management and those aro now receiving his attention.”
It i understood that tho annual report of the company will bo ready for
s
distribution shortly.— V. 107, p. 185.
L a k e S u p e r i o r C o a l C o .—

Earnings, & c .—

Sco Lake Superior Corp. under “Reports” abovo.— V. 101, p. 920.
L u d lo w

M a n u fa c tu r in g

A s s o c i a t e s .—

Obituary.—

Col. C. N. Wallace, President of this company, passed away on Aug.
26.— V. 107, p. 700.
M a r l i n - R o c k w e l l C o r p o r a t i o n .—

Acquisition .—

This company has acquired tho plant and equipment of tho Richmond
Radiator Co., Phiia., for an amount said to bo $250,000. Tho new plant,
I i understood, will bo used in connection with Government contracts for
t s
munitions.— V. 106, p. 1465.
M a s s a c h u s e t t s G a s C o s .—

Obituary.—

C. Minot Weld, President of tho Massachusetts Gas Cos., tho N o w Eng­
land Cotton Yarn Co. and a director in a groat many important industrial
companies, died on Aug. 27.— V. 107, p. 408.
M a t h i e s o n A l k a l i W o r k s ( I n c . ) , P r o v i d e n c e .— Annual
P r e s id e n t E d w a r d E . A r n o ld , A u g . 1 7 , r e p o r ts :

Data.—

Tho company has had to meet difficulties duo in largo extent to tho
oxistenco of war conditions, especially at i s plant in Saltvillo. Tho short­
t
age of fuel last winter at Saltviho resulted in a virtual closing of tho works
for a considorablo period.
.
A material addition to tho plant was begun beforo this country entered
tho war, notably a by-products plant. Tho costs have been greatly in­
creased by war conditions, and on Juno 30 tho plant was s i l unfinished,
tl
although approaching completion. Tho company accordingly l a failed
is
to got tho profit which i to bo expected when tho enlarged plant i fully
s
s
* t E ^ company, despite theso adverse conditions, has been ablo to earn
n
more than i has paid out in dividends.
t
D is t r ib u ti o n o f P r o f it s f o r Y e a r e n d in g J u n e 30.
1 ,2 2 5 ,4 8 0

1917.
S
1 ,6 3 9 ,5 8 4

4 3 9 ,0 2 3

4 9 1 ,1 9 1

1 7 3 ,7 5 0

9 5 ,0 3 8
6 0 ,0 0 0

1918.

$
D is p o s ed o f—

P la n t ................................
Preferred sto ck for
sin kin g fu n d ...........
L ib e r ty L o a n b o n d s .

909

T H E C H R O N IC L E

A ug . 31 1918.]

1918.
B o n d s retired ..............
B a ck ta x e s ......................
P r e f. d lv s . ( 7 % ) _____
C o m . d lv s . ( 6 % ) ___
C h a n g e s In c a sh , In v c n t o r ic s ,& c . (net)

$
____

1917.

$

2 1 5 ,3 8 3
3 5 3 ,1 4 2

3 4 0 ,0 0 0
1 2 ,9 1 5
2 2 1 ,8 7 2
3 5 3 ,1 4 2

4 4 ,1 8 2

6 4 ,8 2 6

C o m b in e d B a la n ce S h eet, J u n e 3 0
1918.

$

1917.
S

R eal P ro p e rty *
_
_
general p la n t______ 7 ,0 4 1 ,2 3 2 6 ,6 3 1 ,4 2 4
F r a n c h . & g o o d -w ll l-2 ,0 0 0 ,0 0 0 2 ,0 0 0 ,0 0 0
C a s h ................................... 2 5 3 ,7 3 7
5 6 8 ,9 1 0
J ;(9 ,6 3 5
S ecurities o w n e d ------- 1 ,1 4 5 ,2 3 4
A c c o u n ts re c e iv a b le . 4 0 4 ,0 3 4
1 0 8 ,8 7 3
In v e n to rie s & s t o r e . 9 0 5 ,5 0 9
8 4 8 ,.,1 4
P rep a id a c c o u n ts —
2 0 ,9 3 9
o 2 ,o 3 9
P r c f. sto c k p u rcli—
9 2 ,7 0 0
9 5 ,6 3 9

C o .—

Digest of Letter from V.-Pres. J. J. O’Brien, Minneapolis, Aug. 20.
C o m p a n y . — Incorporated in Minn., owns or controls and operates elec­
tric light and power, gas, steam heat and other utility properties ( n l a
ic.
number of hydro-electric generating stations) serving more than 200 com­
munities including the cities of Minneapolis, St. Paul, Stillwater, Faribault
and Mankato, Minn.; Minot, Grand Forks and Fargo, N. D.; Sioux Falls,
S. D.; Galena, 1 1 ; Platteville, Wis., and small towns in Iowa. Population
1.
served estimated in excess of 950,000.
C a p ita liz a tio n o f C o . a n d S u b s id ia r ies ( U p o n C o m p le tio n o f P r e s e n t F i n a n c i n g ) .

C o m m o n stock, $6,170,000; preferred, $14,765,200________ $20,935,200
Sinking Fund Convertible 7 % notes due 1923 (this issue)_____ 2.o00.O0O
Ten-year 6 % notes due 1926___________________________ 7,805,000
First and Refunding 5 % bonds due 1941__________________ 22,568,500
Minneapolis General Electric Co. 5s due 1934 (closed mortgage) 7,479,000
Tho company has recently acquired a controlling interest in three groups
of electric light and power properties in Minn, which have $568,000 bonds
and $111,500 pref. stock outstanding in the hands of the public.
P u r p o s e o f I s s u e . — The proceeds of this issue, together with other funds,
will provklo for Improvements and increased fa i i i s including a new
clte,
25,000 k.w. turbine which i i estimated will add over $i400,000 to the net
t s
earnings in i s first year of operation.
t
S e c u r ity , & c . — Direct obligations of tho company.
Remaining $1,500,­
000 notes may bo issued either for total amounts of expenditures for addi­
tions, &c., subsequent to Aug. 15 1918, or for amounts equal to the differ­
ence between total construction expenditures subsequent to Aug. 15 1918,
and 75% of such total construction expenditures (against which 75% there
may bo issued First & Ref. M. bonds). The $1,500,000 notes may be
issued only when tho net earnings are at least 1 A times interest charges,
i c . notes applied for. As long as any of these notes are outstanding and
nl
unpaid tho company will not place any new mortgage.
S in k in g F u n d , & c . — Sinking fund provision for the retirement of $200,000
notes on Aug. 15 1920. $300,000 on Aug. 15 1921 and $400,000 on Aug. 15
1922, by purchaso in tho open market and|or by call by lot at par, notes
so redeomed shall be canceled. The sinking fund will provide for the retire­
ment prior to maturity of 45% of this issue; to the extent that any remaining
notes are issued, a similar sinking fund shall be provided.
• f in tho year ended June 3 1919 any cash dividend i paid on the com­
I
s
mon stock, the company will redeem on Aug. 15 of that year notes equal to
such dividend; and in case any such dividends aro paid in any of the years
ended June 30 1920, 1921 and 1922 hi excess of the amount of notes to be
retired through the sinking fund on each succeeding Aug. 15, tho company
will retire and cancel on such date an additional amount of such notes,
equal to the difference between such divs. and the sink. fd. requirement.
E a r n in g s o f C o m p a n y a n d S u b s id ia r ie s f o r 12 M o n t h s e n d e d J u n e 30 1918.
Gross earnings_______________________________________$7,637,721
Net, after taxes, inc . maintenance (not i c . depreciation)--- $3,255,498
l
nl
Annual charges on 1st & Ref. bonds and other underlying issues,
$1,544,260; 7 % on $2,000,000 notes duo 1923. $140,000; 6 %
on $7,805,000 10-year notes due 1926, $468,300; balance___ $1,102,938
G row th o f C o .'s I lu s in e s s — F ig u r e s a s o f D e c . 31 1916, 1917 a n d A p r . 30 1918.
----- N u m b e r o f C u sto m e r s ----- K . W . C o n n e cte d A n n . K . W .

1918.
1917.
S
§
C o m m o n s t o c k ........... 5 ,8 8 5 ,7 0 0 5 ,8 8 5 ,7 0 0
Preferred s t o c k ..............3 ,1 0 9 ,0 0 0 3 ,1 0 9 ,6 0 0
A cc o u n ts p a y a b le ____ 8 2 3 ,0 0 3
2 4 8 ,5 4 0
E le c tr ic .
G a s.
S tea m H t . T e le p h . L o a d A l l P u r p . H o u r O u t p ’t.
U .S .G o v .ln c o m e t a x
________
508
11,296
689
l,9l8
191.945
241,241,421
1916 ... 81,774
9 2 ,0 0 0
1 7 ,0 0 0
Sinking fu n d __________
1917 _ 95,480
_
11,782
716
2,159
231,718
306,714,706
P ro fit lo s s ...................... 1 ,9 8 7 ,0 7 9 1 ,7 6 4 ,1 8 5
1918 ... 97,188
11,885
734
2,199
238,832.
323.577,713
R e s e r v e s ........... ............
5 7 0 ,8 0 3
......................
P r o p e r t y . — Includes hydro-electric generating plants having an Installed
T o t a ls ...........................1 2 ,5 2 9 ,3 8 5 1 1 ,0 8 5 ,5 3 3

x Beforo deducting depreciation, depletion and tho various U. S. Gov­
ernment taxes.— V. 106, p. 1691.
M a A W U l M i o r eu.
of Preferred Stock
mu, x w e ll m uo tu i C o .— Purchase v j L /ojoi/tu, U W M ..—
i
1 GW
Tho shareholders will voto Sept. 5 on authorizing tho Central Trust Co.
The
Tn
as trusteo to apply $144,084 to tho purchaso of $144,084 f r t preferred stock
is
at not abovo par for sinking fund purposes.— V. 107, p. 806, 700.
M e x ic a n P e t r o le u m

Tho notes aro convertible at any time after Jan. 1 1919 into 7 % cumu­
lative preferred stock or common stock of Northern States Power Co.
(Dela.),which owns common and pref. stock of Minn. Co., at par for notes
and 95 for the preferred stock or 100 for the common stock, with adjust­
ment for accrued Interest and cash dividends. Notes called for redemption
shall retain the conversion privilege until the date specified for redemption,
whereupon a l conversion privileges pertaining to such notes shall cease.
l
Guaranty Trust Co., N e w York, trustee.

Dividend Declared .—

The directors have declared a quarterly dividond of 2 % on common,
half of which i payablo in cash and and tho other half in Liberty bonds,
s
on Oct. 10 to stock of record Sept. 14. Regular preferred dividend of 2 %
was also declared, payablo Oct. 1 to holders of rec. Sept. 14.— V.107,p.811.
M i d d le W e s t U t i l i t i e s C o .—

Dividend Deferred .—

Tho directors have doferred tho payment of tho quarterly dividend on
tho preferred stock, duo at this time. On Juno 1 last tho company paid
1 M % in scrip.
P r e sid e n t S a m u e l In s u ll said to th e s to c k h o ld e r s :

electric generating capacity of 48,150 h.p. and steam generating plants
having a capacity of 80,226 h.p. Supplementing i s own stations the
t
company purchases hydro-electric power under a 30-year contract. C o m ­
pany controls undeveloped water powers estimated to be capable of pro­
ducing 146.000 h.p.— V. 107. p. 604.
O h i o C o p p e r C o .—
J u ly .

J u n e.

454,697 460,000
— V. 107, p. 798.

M ay.

457,803

P a c i f i c C o a s t C o .—

Copper Production (in Lbs . ) . —
A p ril.

M arch .

F eb.

154,394

469,361

348,703

Jan.

377,567

Sale Negotiations .—

It i reported that negotiations are under way with tho Pacific Steamship
s
Co. for tho salo of tho company’ 10 ships to the steamship enterprise
s
which i controlled jointly by the Pacific Coast Co. and tho Pacific Alaska
s
Navigation Co. It i understood that the transaction will involve about
s
$4,000,000.— V. 106, p. 1235.
P a c i f i c C o a s t S h i p b u i l d i n g C o . — Offering o f Pref. Stock.
— S te p h e n s & C o . , S a n F r a n c is c o , & c ., a re o ffe r in g a t $ 9 0 a
sh aro $ 1 ,0 0 0 ,0 0 0 7 % c u m . p r e f. (a . & d . ) s to c k , p a r $ 1 0 0 .

Public discussion clearly indicates that normal tax on incomes will bo
considerably increased. While i I not altogether clear that interest­
t s
“Passed by tho Capital Issues Committee as not incompatible with the
bearing certificates heretofore issued In lieu of cash dividends on preferred national Interest, but without approval of legality, validity, worth or se­
stock will not bo taxablo as income, directors having duo regard to wishes curity. Opinion No. A602.”
of stockholders from w h o m they have hoard aro persuaded I i to best
t s
Tho stock i callable at 110 and i exempt from normal Federal income
s
s
interests of stockholders for timo boing to dofer declaration of preferred tax and exempt from a l taxes in California. Dividends payablo F. & A.
l
dividends in certificates and allow such dividends to accumulate.— V. 106, 15 to stockholders of record F. & A. 1
.
A detailed description of this company’ business, &c., was published at
s
p. 2762.
tho timo tho First Mtge. notes were offered, and may bo found in V. 107,
N e w E n g l a n d P o w e r C o .— Power Connection .—
p. 206.J
- T
r'~ ~ *T
~
■ ■ .i , ■ in .
i i
. .
.im-m---------- --This company and tho Edison Electric Illuminating Co. of Boston have ^
P a c i f i c m a l l S t e a m s h i p C o .— Listing .—
applied to the Massachusetts Gas and Electric Light Commission for per­
mission to mako tho necessary extensions so tliat^electricity can bo inter­
The N o w York Stock Exchange has authorized the listing on and afte
changed between the two companies.— V. 107, p. /00.
Sept. 3 1918 of tho $350,000 additional common stock recently offered to
shareholders at $25 per share ($5), making the total amount authorized
N e w J e r s e y P o w e r & L i g h t C o .— Bonds Authorized .-—
to bo listed $1,500,000. Compare semi-annual report, in V. 107, p. 807.
This company has boon granted authority by tho N o w Jersey P. U. C o m ­
mission for the issuanco of $81,000 of i s hirst Mtgo. 5 % gold bonds, with
t
P a c i f i c S t e a m s h i p C o .— Proposed Acquisition .—
tho understanding that they will bo sold at not loss than 80.— V. 104,p.2347.
Sc? Pacific Coast Co. above.— V. 103, p. 1416.
N e w M a r k e t M f g . C o ., B o s t o n . —

Extra Dividend .—

P a g e S t e e l u, 7.T e C o .—
ir

Annual M eeting. —

Tho directors have declared an extra dividend of 1'A % along with a quar­
An unofficial statement says that net earnings before taxes for tho fiscal
terly dividend of 2%, both payablo Aug. 15 to holders of record Aug. 13.
year ending Juno 30 1918 were $420,556 and unfilled orders on hand were
This company, which i incorporated under Massachusetts laws, has a approximately $4,000,000.
s
total authorized capital stock of $1 ,
200,
000,of ono class, par $100.
Norman Bridgo has been elected a director to f l tho vacancy caused bv
il
Officers aro: President, Dudley L. Pickerman; Secretary. Charles C. tho death of Austin Clement.— V. 106, p. 2762.
Ryder; Treasurer, Charles Walton. Offico of company, 87 Milk St., Bos­
ton, Mass., and N o w Market, N o w Hampshire.— V. 105, p. 720.
P a n - A m e r i c a n P e t r o l e u m & T r a n s p o r t C o .— Dividend.
Tho directors have declared a quarterly dividend of $1 25 a sharo on the
N i a g a r a F a l l s P o w e r C o .— Extra Dividend .—
half of which i
Tho directors have declared an extra dividend of $3 por shrao on tho common stock,10, on stock ofs payable in cash and the other half in Liberty
bonds on Oct.
record Sept. 14. Regular preferred dividend
$5,757,700 outstanding capital stock (par $100) along with tho quarterly of 1
also
dividend of $2 per share, both payablo Oct. 1 to holders of record Sept. 14. — V. 107,was809. declared, payable Oct. 1 to stock of record Sept. 14.
p.
— V. 107, I. 408.
)
S t a t e s P o w e r C o . ( M i n n e s o t a ) .— Offering of
T h o G u a ra n ty
T r u s t C o . o f N . Y . , th o Illin o is T r u s t & S a v in g s B a n k , B o n b r ig h t & C o . , I n o ., I I . M . B y lle s b y & C o . , I n c ., a n d S p e n c e r
T r a s k & C o. aro o ffe r in g a t 9 0 a n d i n t ., to y ie ld a b o u t 8 % ,
$ 2 , 0 0 0 ,0 0 0 f iv e -y e a r S in k in g F u n d C o n v e r tib le 7 % g o ld
n o te s d a te d A u g . 15 1 9 1 8 , d u o A u g . 15 1 9 2 3 .
T o bo au ­
th o riz e d , $ 3 ,5 0 0 ,0 0 0 ; to bo p re se n tly issu o d , $ 2 ,0 0 0 ,0 0 0 .
Soo also a d v e r tisin g p a g e s.
N o rth ern

Five-Year Sinking Fund Convertible 7 % Notes. —

“Passed by tho Capital Issues Commltteo as not incompatible with tho
national Intorost, but without approval of legality, validity, worth or
security. Opinion No. A968.”
.
Interest F. * A. 15 in N. Y. or Chicago without deduction for any tax
or govornmontal charge, except any Federal incomo tax In excess of 2 %
Donom. of $100, $500 and $1,000 c*; denominations interchangeable
The company will agree to refund tho Pennsylvania 4-mill tax.
Redeemable a l or part, at tho option of the company, on 30 days' notieo
l
on any Interest date: On or beforo Aug. 15 1920 at 102%; Feb. 15 and
Aug. 15 1921 at 101%; Fob. 15 and Aug. 15 1922 at 100J4%; Fob. 15 1923
at 100%. Redeemable by lot at par for tho sinking fund.




P a to n

M a n u fa c tu r in g

C o .—

Extra Dividend .—

Press reports state that tho company has declared an extra dividend of 2 %
along with tho usual semi-annual dividend of 4%, both payable Sept. 16
to holders of record Aug. 31.— V. 104, p. 868.
P e n n s y l v a n i a W a t e r & P o w e r C o .—

Dividend Increased.

This company has declared a regular quarterly dividend of 1 H %. in­
creasing tho annual rate from 5 to 6 %. Tho dividend i payablo Oct.+ l
s
to holders of record Sopt. 19.— V. 106, p. 707.
"P e o p le s

G a s L ig h t

C o k e C o .,

C h ica g o .— Litigation.

A dispatch from Springfield. 1 1 , yesterday stated that tho Circuit Court
1.
ot Sangamon County, 1 1 , will review tho evidence and determine whether
1.
tho company shall bo allowed to increase i s rato approximately 28%.
t
Attorneys for tho City of Chicago appealed yesterday from tho decision of
the Stato Utilities Commission.— V. 107, p. 611, 507. _ _ _ _ _ _ _ _ _ _ _
P ie r c e -A r r o w M o to r O a r C o .—

New Plant Production .—

f

‘i

This company has awarded a contract for the construction of a new plant
a tBuffalo, to cost about $300,000. Referring to tho recent contract for
airplane motors of tho llispano-Suiza typo, tho company announces that
no extensions will bo required, tho present plant being capable of handling
a production of about 50 motors per day.— V. 107, p. 611.

910

[Vol.107

T H E C H R O N IC L E

T r e a tm e n t a n d A p p l i c a t i o n o f B o n d s o f C o llie r y C o . (or N e w B o n d s R e p la c in g
P i e r c e O il C o r p o r a t i o n .— Stock and Bonds Listed .—
S a m e )— S tock A d ju s t m e n t .
The N o w York Stock Exchango on Aug. 28 listed (a ) $18,370,170 50
( ) Of tho 1st M . bonds of tho Colliery Co. (whether in treasury or at
1
of the company’ common stock (total authorized issuo $33,000,000, in
s
000, v z.:
i
$25 shares) with authority to add a further $194,079 50 prior to Jan. 1 1919 prosent unissued) thero shall now bo issuablo $200,
on official notice of issuance in exchango for outstanding shares of common (а) Sold for cash at not less than 8 3 % and int. or hypothecated to
provido for a working capital and for additions, improvements,
stock of par value of $100 each, making the total to be listed $18,564,250;
( ) $1,975,000 5-year 6 % gold notes of 1915, duo Dec. 31 1920; ( ) $9,406,­ &c., and for tho expenses of reorganization as may bo deemed
5
c
nocossary (par value)________________________________ $162,000
000 10-ycar 6 % gold debenturrs of 1914, due July 1 1924.
( Exch. for deposited 1st M. bonds of Colliery Co., par for par.. 28,000
б)
Earnings, Balance Sheet, Properties Owned, & c .— •
( ) Exch. for deposited 1st M. bonds of Dovol. Co., par for par
c
10,000
See "Annual Reports” on a preceding page and compare offering of
This will leave at least $800,000 1st M. bonds of tho Colliery Co. subject
$1,000,000 1st M. serial 6s of Pierce Pipo Line Co. in Y. 107, p. 611, 507.
to futuro issuo, but only under restrictions set forth in tho mortgage.
(2)
.Tho F ir s t A d ju s t m e n t b o n d s of tho Colliery Co. and tho mortgage
P i t t s b u r g h O i l & G a s C o .— Half-Yearly Statement.— T h o securing tho same shall be modified, so that tho bonds shall bear firm inter­
est at 5 % per annum from Aug. I 1918. Thoy shall bo called Second Mort­
re s u lts fo r th e six m o n th s e n d in g J u n e 3 0 1 9 1 8 c o m p a re w ith
gage bonds, and tho authorized issuo thereof shall bo limited to $600,000,
th e n in e m o n th s e n d e d D e c . 3 1 1 9 1 7 as fo llo w s:
and issued in exchango for deposited bonds as follows:
6 M o s . 1 9 1 8 -O u tp u t~ 9 M o s . 1917. 6 M o s . ’ 9 M o s . ’
18.
17. ( ) For each First Adjust, bond of Colliery Co.$414 50, In a l about$400,000
a
l
Gas Division..202,747 M. cu.ft. 261,457 M. cu.ft.
$30,480
$39,785 ( ) For each First Adjust, bond of Development Co. $207 25,
b
Gasoline Div._ 20,818 gallons
____________
3,557
.... .
in a l about__________________________________ ______ 200,000
l
Oil Division...137,347.55 bbls. 228,795.33 bbls.
401,756
560,015
Tho sinking fund provisions of tho First and Socoinl [Adjustment] mort­
Miscell. earns______________
17,858
6,829 gage shall severally provido that ( ) no monoys shall bo paid into or re­
a
tained in tho sinking fund on account of coal mined from tno property of
Total earnings a l sources___________________ - $453,652 $606,629 tho Colliery Co. prior to Aug. 1 1918; (t monoys thereafter applicable to
l
f)
Operating expenses, maintenance, repairs_______ 1
$266,949 tho redemption of bonds shall bo used cither for tno redemption of bonds at
Interest on funded dobt, &c_______ ______ ____ I $251,743
n.
| $251,743j
16,592 par and i t , as provided in tho mortgago, or in tho purchaso of said bonds
Miscellaneous, &c______________________
5,362 for cancellation at not exceeding said price. Tho provisions of tho Adjust­
ment Mortgago allowing tho holders of two-thirds in amount of tho bonds
Reserved for excess profits, incomo and war incomo
to waive defaults occurring under tho mortgago shall bo modified so that
L
O
taxes ___________________________________20,881
36,291 tho holders of a majority in amount of tho bonds shall have such right.
Reserved for amortization and depreciation of invest.
..
..
(3) Tho authorized capital stock of the Colliery Co. shall bo reduced to
40,466
55,571
Depreciation........ ............ ........ Not shown
.
-Not shown
17,336 $750,000, and for five years hold under a voting trust agreement by
Dividends paid... ........ ....... ....... . ..(4%)80,000
100,000 trustees chosen by the commlttco.
Tho $750,000 voting trust cortificatso shall bo issued as follows:
Not surplus for period----------------- ---$60,562 $108,528 ( For each First Adjust, bond of tho Colliery Co. deposited,
а)
$414 50, amounting in a l to about_____________________ $400,000
l
During tho half-yoar tho 1st M. bonds of Southern Oil Co., tho only
б)
outstanding funded debt, were reduced $27,000 to $252,000, and assets ( For each First Adjust, bond of tho Dovolopmont Co. deposited,
wore increased $208,909. On tho other hand, cash, which Dec. 31 1917
$207 25, amounting in a l to about_____________________ 200,000
l
c
stood at $166,468, decreased $89,471, and floating debt increased $24,276 ( ) For reorganization oxpensos or tho bonofit of tho Colliery Co._ 150,000
Article 6 of tho plan of reorganization i hereby stricken out. Tho com­
s
to, i i understood, $116,696. Thero i $2,000,000 stock outstanding,
t s
s
par $5 a sharo.— V. 107, p. 807.
mittee may defer tho performance of any provision of tho plan. C o m ­
pare V. 107, p. 808.

P o c a s s e t t M a n u f a c t u r i n g C o .—

Extra Dividend.—

The directors have declared an oxtra dividend of $3 per sharo on the
$1 ,
200,000 outstanding capital stock (par $100) along with the regular
quarterly dividend of $3 per share, both payablo Sept. 2 to holders of
record Aug. 22. Dividends In recent years have been as follows: Sept. 1
1911, 1%; Doc. 1 none; 1912, 494%; 1913, 6 %; 1914, 244 %; none thereafter
,
until Dec. 1 1915 whon 1 % was paid: March and Juno l 1916, 1 % each.
Sept, and Doc. 1 1916 and March, Juno and Sept. I 1917, 144% each.
Doc. I 1917 and Mar. 1 last 3 % each. Previous to Sept. 1 1911. 6 % per
annum was paid. Tho company has no boa led dobt.— V. 99, p. 613.

S u p e r io r S t e e l C o r p o r a t i o n .—

Tenders of

ls<

Pref. Stock.

Tho Columbia Trust Co., N o w York, trusteo, will until Sept. 9 rccolvo
tenders for tho sale of f r t preferred stock amounting to $52,500 ($2,644,200
is
outstanding), and second preferred stock amounting to $300,000 ($1,973,­
000 outstanding), in both cases at not exceeding $ 1 1 0 per sharo and divi­
dends. Tho stock will bo purchased on Sept. 23.— V. 106, p. 821.
S w i f t & C o .— New South American Subsidiary
$ 2 2 ,5 0 0 ,0 0 0 Stock, All One Class.—

Incorpor­

ated with

fj

In accordance with the plan of segregation of South American proper­
t e , tho new company has been organized as Compania Swift Intcrnacional
is
under tho laws of tho Argentine Republic, with a capital stock of $22,500,000
It i announced that this co. has declared an extra dividend of 6 %
s
l
per sharo on the $1 ,
200,000 outstanding capital stock along with tho quar­ Argentine gold divided into 1,500,000 shares, a l of one class, of a par
terly dividend of 144%, both payablo Sept. 14 to holders of record Aug. valuo of $15 each, fully paid and non-assessablo. For details of plan, &c.,
19. Tho last dividend paid was an oxtra of 6 % on Sept. 1 1917. Tho seo V . 107, p. 701, 612, 516.
company has no bonded debt.— V. 105, p. 721.
,j j
.
_ ,
P o to m sk a

M i ll s

Q u e e n O il C o .—

C o r p .,

N ew

B e d fo r d .—

E xtn T biv .—

T id e w a t e r O il C o .—

Initial Dividend .—

The directors have declared an i i i l dividend on Its outstanding capital
nta
stock of 1 %, payablo Sept. 25 to holders of record Sept. 10.
R ic h m o n d

R a d ia to r

C o .—

Sale.—

T r u m b u ll

See Marlin-Rockwell Corp. abovo.— V. 106, p. 827.
S a n D i e g o C o n s o l . G a s & E l e c . C o .—

Debentures Auth. —

The California RR. Commission has authorized this company to issue
$350,000 of i s 6% debenture bonds, payablo Dec. 31 1922, and $133,700
t
of i s 7 % preferred stock. Tho stock i to bo sold at not lo s than 95%.
t
s
s
tho debenture bonds at not loss than 9344%, and tho proceeds aro to pay
$91 l t V’t107 exPgQ7* tures anc* tj° Provido for a working capital of
00S l C
‘
S i n c l a i r O i l & R e f i n i n g C o r p .—

WwTTaxes.—

'

‘

" In connection with tho balanco sheot of Juno 30 1918, published last
week, page 692, tho Certified Public Accountants state that at Juno 30
1918, thero was a reserve of $858,059 to provido for Federal Income and
excess profits taxes duo by tho parent and subsidiary companies for tho year
ended June 30 1918. Compare V. 107, p. 692, 611.

Nexv Pipe Line .—

A n o ffic ia l a n n o u n c e m e n t s a y s ;

Tho Sinclair Oil interests are building a now o l pipo lino so that largor
i
quantities of petroleum can bo delivered to the Atlantic seaboard without
placing further strain upon tho country’ railroad transportation system.
s
It will parallel for a distance of about 200 miles tho Sinclair trunk pipo lino
from tho Oklahoma and Kansas o l fields to East Chicago. Tho requost
i
having been made of the Sinclair Interests by tho U. S. Fuel Administra­
tion, tho Government provided a largo part of tho required capital, and tho
work was started this month. It will probably bo completed within 3 mos.
Tho now pipo lino will be operated by the Sinclair-Cudahy Pipo Line Co.,
a subsidiary of tho corporation, and will bo known as tho War Pipe Line Co.
Tho new company will have i s own right of way, but tho pumping stations
t
of tho Sinclair-Cudahy Pipo Lino Co. will houso tho machinery necessary
for tho operation of the additional l n . Tho o l handled by this lino will be
io
i
delivered at East Chicago to bo transported by pipo lino to tho Atlantic
coast. Tho work on the War Pipo Line wi l be dono under tho management
l
of V.-Pres. John R. Manion, of tho Sinclair-Cudahy Pipo Lino Co. and
Supt. of a l pipo lines of tho Sinclair interests.— Y. 107, p. 808, 701, 692.
l
S o u t h P o r t o R i c o S u g a r C o .—

Scrip. Dividend?—

Extra Dividend .—

The directors have declared an oxtra dividend of 3 % along with tho usual
quarterly dividend of 2%, payablo Sept. 30 to holders of record Sept. 14.
Threo months ago an oxtra dividend of 2 % was declared.— V. 107, p. 796.
S t e e l C o . — New

Common Stock.—

This company has been granted permission by tho Capital Issues C o m ­
mittee to issuo $2 ,
000,000 additional common stock, which i part of an
s
authorization of $8,000,000 approved soveral months ago. Compare
V. 107, p. 808.
U n i o n O i l C o ., C a l i f o r n i a . —

Bonds .—

The California Stato Corporation Department has granted this company
permission to s l $734,000 of i s First Lieu 5 % 20-Year Sinking Fund bonds
el
t
for cash at not less than 87 and int.— V. 107, p. 298, 86.
U n i t e d S t a t e 3 G l a s s C o ., P i t t s b u r g h . —

Earnings.-

J u n e 30 Y e a r s .
1918.
1917.
1918.
1917.
Gross incomo.$3,947,674 $3,715,450 Fed.tax.’ res $30,000
18
$32,000
. .. . .
.
Not from oper. $742,998 $435,378 Dividends ..(3%)96,000 (1)32,000
.
. ___
Net after oxBalanco____
103,520
286,657
traor., &c._ 287,124
351,576 Profit and loss
Fcd.tax(1917)
38,650 _______
surplus___ $869,528 • $766,008
Interest. &c__
18,95-1
32,919 — V. 105, p. 1315.

U n i t e d S h o e M a c h i n e r y C o . o f N . J .—

Suit.—

The "Chronicle” has boon favored with a copy of tho Government’ ap­
s
peal from tho U. S. District Court for tho District of Mass, to tho Supremo
Court of tho United Statos in the dissolution suit of tho United States vs.
tho company.— V. 106, p. 2565, 2238, 2224.
U n i t e d S t a t e s S t e e l C o r p .—

Appeals .—

Figures made public by Chairman E. I . Gary after tho directors’ meet­
I
ing on Aug. 27 showed that blast furnaces were operating to 92% of ca­
pacity and ingot production was running at tho rato of 95%.— V. 107, p.
702, 612.
V a lle y

S te a m s h ip

C o .—

Liberty Bond Dividend .—

Tho directors have declared a dlvidond of 15% on tho $1,690,000 out­
standing capital stock, payablo in Liberty bonds of tho various Issues"out
of tho accumulated earnings over a period of years, on or boforo Sopt. 15.
A cash dividend of 5 % has also boon declared.
This company was Incorporated on April 1 1908 in Ohio for tho purposo of
carrying bulk freight such as oro, coal and grain on tho Great Lakes and
i s tributaries. It owns 8 stoamors, a l hailing from Fairport, Ohio.
t
l

The directors have declared a regular quarterly dividend of 5 % on tho
$5,625,000 outstanding common stock, payablo in dividend scrip on Oct. 1
W a g e s . — Coal M iners’ Demand Discontinuance of Bonus
to holders of record Sept. 14. Tho scrip will bo dated Oct. 1 1918, payablo
on Oct. 1 1921, to bear interest at tho rate of 7 % per annum, payablo semi­ and Call for Flat Wage Increase .—
annually, and subject to redemption on any interest day. q'ho regular
See pago 758 in last week’ issuo.— V. 107, p. 702.
s
quarterly dividend of 2 % on the $3,995,000 outstanding preferred stock
W a l w o r t h M a n u f a c t u r i n g C o . — Dividend Increased .—
has also been declared, payablo Oct. 1 V. 106, p. 2763.
.—
Tho directors havo declared a quarterly dividend of 194% (35 cts. per
share) on tho $4,000,000 outstanding common stock. This increases tho
S t a n d a r d C h e m i c a l , I r o n & L u m b e r C o .— Dividends.—
Tho directors have declared a dividend of 344% on account of arrears annual rato from a 6 to a 7 % basis. Tho dividend will bo paid Sopt. 16
—
on the preferred stock (accumulated since tho beginning of 1914), payablo to holders of record Sept. 6. V. 106, p. 935.
Oct. 1 on stock of record Aug. 31.— V. 106, p. 1466
W a s h i n g t o n S u g a r C o .— Dissolution .—
The bondholders will voto on Sept. 5 on consenting to tho salo by tho
” S t a n d a r d O il C lo th 'C o .— E r t n T l H w f i e n d " o f ~
i s business
t
t
The directors havo declared an oxtra dividend of 2 % on tho common company ofdetermined. and assets and to i s dissolution upon such terms
may bo
stock, along with the regular quarterly dividends of 1 % on tho common asThe company was organized April 4 1910 in N o w York to operate a sugar
stock and 194 % each on Class A and Class 1 pref. stock. AH dividend j plantation, tho reorganization of tho San Joso Sugar Co., a Cuban cor­
3
are payablo Oct. 1 to holders^ of record Sept. 15.— V. 106, p. 2127. *.
■poration having a daily capacity of 200 tons of sugar. Capital stock
authorized and outstanding, common, $1,000,000; 7 % non-cum. pref.
" S t r o m b e r g C a r b u r e t o r C o ., I n c . — Extra Dividend.—
( . & d.) stock, par
a
Tho company has outstanding $1,000,000
Tho directors have declared an oxtra dividend of 25 cts. per sharo on tho First Mtgo. gold 6s of$100,. due Jan. 1 1936, tho N o w York- Trust Co.,
50,000 shares outstanding capital stock (of no par valuo) along with tho trustee. W. C. Ogilvie 1911,
i President. Offico, 112 Wall St., N. Y. City.
s
regular quarterly dividend of 75 cts. per sharo, both payablo Oct. 1 ,
. to
holders of record Sept. 14.— V. 107 p. 602^_i
-j
,
W i l l y s - O v e r l a n d C o . — Government Orders.—
This company has rccoivcd contracts from tho Government for tho con­
S u p e r i o r C o ll i e r y C o ’ — Amended Plan‘ — %]....
.
.
struction of 5,000 Liberty airplane motors and 3,000 Liberty tractor m o ­
Tho amendments to agreement of Juno 5 1915 and plan of reorganization tors. The company, according to tho "Iron Ago,” "probably holds tho
for tho Superior Colliery Co. and Superior Dovelopmont Co. aro shown in record for diversity of Government work, having contracts for two typos of
circular of Aug. 15, which says in substance : _______________
motors, gun carriages and sholls. Contracts wi i soon bo placed for re­
pair parts for airplano motors, and doubtless autoinobllo manufacturers
O u ts ta n d in g I n d e b te d n e s s a n d C a p ita l s t o c k o f th e C > > ii e r y N u m p a n if a n d o f
will come in for a largo sharo of those orders.”— V. 107, p. 298.
the D e v e lo p m e n t C o m p a n g , a s m o d ifie d .
C o llie r y C o m p a n y — D e v e lo p m e n t C o m p a n y W i l s o n & C o ., I n c . — Financing Postponed .— •
A u th
O u tst’g .
I n T rcas.
A u th .
O u tst’ g . I n T r e a s .
Proposed financing of this company, i i now stated, will not bo arranged
t s
1st M . 35-year
until after the close of tho Fourth Liberty Loan campaign. President
gold bonds.$1 ,
000,000
$28,000 $113,000 $1,000,000 $10,000 $25,000 Thomas E. Wilson was quoted as saying: "All negotiations aro dropped
First Adj. 20because wc feel that i i too lato to raiso funds without competing with
t s
yr. goldbds. 1 ,
200,000
963,500
1.500
965,000 963,500
1,500 tho Government in tho salo of Liberty bonds.”— V. 107, p. 187, 612W
Income notes.
_____
430,000
.
___
_
_
Capital stock
W o l v e r i n e C o p p e r M i n i n g C o . — Dividend Decreased .—
...
...
___
_____ 1,900,000 .............. 100,000 ....
Interost has boon paid on both companies’ 1st M. bonds so issued to and
Tho directors havo declared a quarterly (previously semi-annually) divi­
including April 1 1918. N o interest has over boon paid on tho First Ad­ dend of $1 per share, payablo Oct. 1 to holdors of record Sept. 14. In
justment bonds or tho Incomo notes.
April last $3 was paid; in 1917, .$ 3 50; 1916, $12: 1915, 39; 1914, $2;
1
Articles Nos. 2, 3 and 4 of tho plan of reorg. aro modified as follows:
1913, $5; 1912, $10, and in 1911, $9.— V. 107, p. 612.




Aug. 31 1918.]
% T xz

(& o m m z x tm l

C O M M E R C IA L

x tu s *

E P IT O M E .

Friday N ight , August 30 1918.

Trade is still overshadowed by Government needs and
control, but for all that a good deal of civilian trado is being
done. The Middle W est looks for the greatest fall trade on
record. The crops, in the main, are good. Corn may not
come up to early expectations, and cotton is apparently the
fourth semi-failure in succession. B ut the corn crop is 2 to
3 weeks early, and that of oats and other cereals will be among
the largest ever raised. Recent rains have been boneficial
in the Southwest. The war news gives rise to hopes of an
earlier peace than at one time seemed possible. Railroads
are handling freight pretty well. A scarcity of coal, coke,
iron, steel, and other products, especially of raw materials,
as well as labor, as tho army increases , undoubtedly ham­
pers trado. Also, money is tight, taxes will be heavy, a
new Liberty Loan campaign is only a month off, and the cost
of living is still very high. But in spire of all drawbacks,
the outlook is faced with optimism by the great mass of the
commercial community of the United States. Tho buying of
non-essentials, however, is curtailed. Retail trade is good
in tho W est. The farming element is buying more freely
than for many years past; also the artisans. And now it is
stated that the United States Government has in a sense
taken control of tho universities and colleges of this country.
It will, it appears, pay for the instruction of all youths of
18 years who can pass the requisite examination at any of
these institutions. This tends to make for increased effi­
ciency, of course, in both commercial and professional life
throughout tho country. Shipbuilding thus far this year,
both steel and wood, amounts to 535 vessels actually
launched, of 2,923,973 deadweight tons, and it is now said
that tho total may approximate 5,0 0 0 ,0 0 0 , something which
only "optimists had anticipated. The record for 1919 will
bo evon handsomer. W e aro building an immense mercan­
tile fleot and in futuro will take a leading place on the seas.
Wheatless days end on Sept. 1. More wheat is allowed in
bread. Tho regulations now call only for 2 0 % of substi­
tutes. Flour dealers may accumulate a supply for G days,
O
instead of 30 as heretofore. The wheat crops of tho United
States, England, Franco and Italy will be much larger than
those of last year. M r. Hoover is quoted as saying that
acuto starvation this winter is facing the people of western
Russia, Rumania, Bulgaria and Austria. The crop in Ger­
many is said to be the smallest sinco 1914. A t tho samo timo
M r . Hoover says the Allies must import in the year begin­
ning Sept. 1 500,000,000 bushels of grain, 4,000,000 lbs. of
fats, 900,000,000 lbs. of beef for the civil population, and
1,500,000 tons of sugar. In addition, beef must be imported
for the armies and oats for army horses. W ar gardens
planted by children of the United States within the past year
are estimated to have saved 50,000 cars for the use of Direc­
tor-General of Railroads M cA d oo, and added $50,000,000
to tho value of the crops. The average patch cultivated
by the children is a little over one-fifteenth of an acre.
Tho coal question is still acute. Last weok tho total
production was tho smallest sinco last spring. Tho tonnage
is larger than a year ago, but the demand, it is stated, is
2 0 % greater than in 1917. It is estimated that tho output
during the rest of the summer to meet tho needs of the
country must be 14,270,000 tons, or 2 1 % largor than the
weekly average thus far this yoar. Plainly a rousing cam­
paign is needed to stimulate workmen by personal appeal.
Eyeing them askance, or meroly saying a word or two now and
thon from a distance will not do. Leadership of tho Schwab
and Ryan sort is needed. Tho country should have it.
Fuol for the heating of homes will head tho now priorities
list being propared by tho W ar Industries Board, Chairman
Baruch announces. Tho list, which will contain sixty-four
classifications of industries to bo given priority in fuel,
transportation facilities, material, labor, and finance, will
bo divided into four basic groups for tho order in which
they will receive preferential treatment. Tho scarcity of
labor is still ono of the great factors of tho times. Naturally,
if we aro to have 4,000,000 soldiers in Franco by next summer
tho scarcity is bound to incroaso. Tho drafts make it
certain. Meanwhilo, the employment of women is spread­
ing, in offices, _ restaurants, shops, factories, elovators,
on railroads, ferries, indeed, everywhere. Womon employed
as machinists in tho Westinghouso Electric shops in Pitts­
burgh are earnings, it is stated, as high as $7 a day. Tho
workers aro drawn from department stores, offices, &c.
Somo young women aro taking up this work becauso it is
classed as war labor. It is announced that determined
offorts will bo mado to speed up tho output of airplaines.
It is time. It was timo long ago. Tho people of this coun­
try will brook no further needless delay. Tho report of
Charles E . Hughes on tho subject of airplanes is awaited
with koen interest. Meanwhilo John D . Ityan has boon
named Second Assistant Secrotary of W ar, aswoll as Director
of Air Service. And it is hoped that his executive ability will
not bo neutralized by red tapo. If let alone he will get
rosults and got thorn quick. For tho rest of 1918 no manu­
facturer of passenger automobiles will bo allowed to manu­




911

THE CHRONICLE

facture more than 2 5 % of his entire production for 1917, and
none after the turn of the year. Tho factories are to liqui­
date their stock, conserve iron and steel in the meantime,
and take up war industries on Jan. 1. Also in the States
east of the Mississippi Sunday pleasure automobiling and
motorcycling and motor boat railing on Sunday will cease
until further notice as a measure of conserving the supply
of gasoline. There aro few trade and professional excep­
tions to this rule. Econom y in the use of kerosene through­
out the country is urged by the Federal Bureau of Oil Con­
servation. The production of petroleum was 340,000,000
bbls., but it was not sufficient for the consumption. Oil
is needed from Mexico in large quantities; and it will be had.
Trade is, of course, to some extent, restricted by the high
cost of living, especially among the moderate salaried class
whose incomes have been virtually reduced by the great rise
of prices for food, clothing, &c. A n increase of 50 to 5 5 %
in the cost of living for the family of the average wage-earner
in the United States during the period from the outbreak of
the war in July 1914 up to the middle of June 1918 is indi­
cated in a report on “ Wartime Changes in the Cost of Living”
issued by the National Industrial Conference Board. The
increases for the different items are: food, 6 2 % ; rent, 1 5 % ;
clothing, 7 7 % ; fuel and light, 4 5 % and sundires, 5 0 % .
•Comparison of food prices prevailing now with those of five
years ago shows that the purchasing power of a dollar bill
has shrunk to 54 cents in Washington and Baltimore, 57
cents in Philadelphia, 59 cents in N ew Y ork and Chicago
and 63 cents in San Francisco, according to a statement
by the Department of Labor. Food, which could be bought
for $1 in July 1913, now costs $1 68 in N ew York. In oneyear period from July 1917 to July 1918 food prices advanced
2 2 % in San Francisco, 2 0 % in Washington, Philadelphia
and Baltimore, 1 7 % in New York and 1 1 % in Chicago.
L A R D continues firm; prime Western, 2 7 .3 0 @ 2 7 .40c.; re­
fined tor tho Continent, 28.25c.; South America, 28.65c.;
Brazil, 29.65c. Futures advanced at one time. Arm y re­
quirements of meats and fats will be very large during the
next year. Also an advance in com at one time had some
effect. Tho product is considered too cheap by not a few
as compared with hogs. Y et later on came a sharp setback
duo to a heavy fall in com and a poor cash demand. To-day
pricos advanced slightly. They are higher for the week.
D A I L Y C L O S IN G P R IC E S
S a t.

Sept, delivery_____ cts.2 6.70
O ctober delivery______ 26.82

OF L A U D F U T U R E S I N C H IC A G O .
M on.
Tues.
Wed.
Thurs.
Fri.
26.87
26.70
26.00
26.82
26.87
26.95
26.77
26.90
26.32
26.87

P O R K steady; mess. $ 4 9 @ $ 4 9 50; clear, $ 4 7 @ $ 5 4 . Beef
products firm, but quiet; mess, $ 3 5 @ $ 3 5 50; extra India
mess, $ 5 7 @ $ 5 9 . Cut meats firm; pickled hams, 10 to 20
lbs.. 28jkg@ 28% } .; pickled bellies, 3 7 @ 3 9 c . To-day Sep­
tember pork closed at $43 20 , a decline of 55 cents for the
wook. Butter, creamery. 4 8 @ 4 8 kjc. Cheese, flats, 2 2 @
27c. Eggs, fresh, 5 1 @ 5 2 c .
C O F F E E higher; N o . 7 Rio, 8J^c.; N o . 4 Santos. 11 % c .;
fair to good Cucuta, l l K @ 1 2 c . Futures advanced on
covering in near months. Also there has been noticeable re­
buying of later months. Brazilian markets advanced to
somo extent on a fear of colder weather and damage to early
flowering. Also the war nows recently has been encourag­
ing. Hopes of an earlier peace than at one timo seemed
probable are entertained in not a few quarters. On the other
hand, statistics are bearish. The stock at Santos is 3,146,000
bags, against 2,257.000 a year ago and at Rio 670.000 bags,
against 299,000 last year. The N ew Y ork stock, on the
other hand, is 1,030,005 bags, against 1,381,096. To-day
pricos closed 7 to 10 points higher. There is an advance
for the week.
S ept____c te -8.52 @ 8 .5 5 Jan aary_cts_8.96@ 8.97
9.05(49.0(1
O c t o b e r ____8 .6 4 @ 8 .6 6 F e b ru a ry
N ovem ber _.8.75@ .8.77 M a r c h ..........9 .1 4 @ 9 .1 5
D ecem ber. . . 8 .8 7 @ 8 .8 9

Ap]
9.22
9.30
M a y ............. 9.28
J u n e ............_9 .3 6 @ 9 .3 8
July............... 9.45 @ 9 .4 7

S U G A R 3teady; centrifugal, 96-degrees test, 6.0 55c .;
granulated,. 7.50c. The sugar margin profit has been ad­
_
vanced. The newly increased margin of cost allowed re­
finers will carry it to SI 45 per 100 lbs. and it will be retro­
active to Aug. 1. The dato on which the new price when
fixed will become effective has not yet been determined. It
will bo within a short time. Meanwhilo Cuban exports are
decreasing. Last week they were 40,753 tons, against
53,378 in the previous week and 97,645 last year; Cuban
receipts for the week were 24,259 tons, against 24,053 in
tho previous week and 15,762 last year; Cuban stocks,
598,956 tons, against 615,450 in the week previous and 29 1,­
545 last year. Eight centrals are grinding, against 11 last
yoar. Refined here is in light demand and stocks are rapidly
augmenting. They are said to be over 60 0,000 barrels.
Tho question of storage room majr yet become more or less
serious. The Food Administration announces that the
United States Sugar Equalization Board will on a date to be
announced later purchase all sugars in the country or in
transit at the old price and immediately re-sell them to the
holders at the new price. This action grows out of a higher
prico for domestic beet and cano sugars which will soon be
coming on the market, and its purpose is to minimize ine­
qualities that would result from having this new crop at the
now price and tho old foreign crop at the old price come into
tho market at the same time.
O IL S.— Linseed firm; city raw, carloads, $1 90; five-barrel
lots, $1 90; Calcutta, $1 95. Lard, prime ediblo, $2 30.
Cocoanut, Ceylon, bbls., 16H @ 16;k iC .; Cochin, 1 7 % @ 1 8 c .

9 13

THE CHRONICLE

Soyabean, 1 8 H @ 1 8 H c . C om oil, crude, bbls., 1 7 H @ 1 8 c .
Spirits of turpentine, 6 5 H c - Strained rosin, common to
good, 812 70. Prime crude, Southwest, 17.60c.
P E T R O L E U M steady; refined in barrels cargo $15 5 0 @
$16 50; bulk Now York $8 2 5 @ $ 9 25; cases N ew York
$18 7 5 @ $ 1 9 75. Gasoline firm; motor gasoline, in steel
barrels, to garages, 2 4 J^e.; to consumers, 2 6 H c .; 68 to 76
degrees, steel, 3 0 H @ 3 3 H c .; gas machine, 41 H o. The
scarcity of gasoline is to be partly offset by the curtailment
of Sunday auto trips Tank car shipments from the mid­
Continent fields have been slowed up, owing to tho heavy
wheat crop movement from the W est and Southwest.
Meanwhile field advices report progress in new develop­
ments in the Appalachian and Mid-Continent fields. Scarc­
ity of labor is the only unfavorable condition reported.
Summaries of reports for the last month, however, show that
there was a lessoning of production, because of storms in
Kansas, the Gulf Coast and Louisiana. In Kansas alono
it is estimated tho output fell off from 5,000 to 20,000 bar­
rels daily.
Pennsylvania dark $4 00
2 77
C abell...............
C richton____________ 140
C o rn in g ____________ 2 85
W o o ster____________ 2 68
T hrall.......................... 2 25
S traw n_____________ 2 25
D e S oto____________2 15
N orth Lim a________ 2 38

South Lim a______ $2 38
I n d ia n a _________ 2 28
Princeton________ 2 42
Somorsot, 32 d e g ._ 2 60
R aglan d_________ 1 25
E lectra ___________2 25
M oran____________2 25
Plym outh________ 2 33

Illinois, above 30
degrees_________ $2
Kansas and Okla­
homa ___________ 2
C addo, L a ., lig h t. 2
C addo, L a ., heavy 1
Canada_____________2
H ea ld ton __________ 1
Henrietta__________ 2

42
25
25
25
78
45
25

T O B A C C O has been quiet but steady, and the general
situation lacks new features. Everything points to a large
consumption at homo and abroad, and some are dubious as
to whether supplies will bo sufficient to meet the homo de­
mand and the extraordinary consumption by our largo and
steadily increasing army abroad. A n exceptionally large
crop of tobacco is being harvested in Wisconsin, but the
plants have been unfavorably affected by dry weather in
Kentucky and Tennessee. The crop is reported to bo matur­
ing prematurely in Kentucky, and the stand is small and con­
dition only fair in Tennessee. Tobacco was being saved in
good condition in Ohio, and tho harvest was in progress in
nearly all of the Atlantic Coast States; the season was nearly
closed in South Carolina.
C O P P E R 26c. with supplies of refined scarce. A protractod scarcity however, is not anticipated. Exports
have fallen off sharply. Tin dull and oasier, with spot
at 83c. Consumers are well provided for and supplies are
burdensome. M an y expect tho Government to fix a price
beforo long and behove it will bo lower than the present ono.
London continues to decline. Chineso tin, 9 9 % tin, to
arrive 81 to 82c.; Straits 7 9 H o. Total American stocks
3,420 tons. Lead scarce and firm at 8 .0 5 @ 8 .90c. The
output between Jan. 1 and July 1 is given as 266,874 tons
against 563,000 tons during tho twelve months of 1917.
Spelter strong at 9 .4 5 @ 9 .65c. Supplies are growing scanty.
A t a conference at Washington last week it was agreod that
the price of Grade “ A ” should continue until Jan. 1.
P IG IR O N continues comparatively scarco. Certainly
the demand is much larger than tho production. Kooping
pace with tho consumption seems to be out of the question.
This rofers to tho Governmental needs. Tho civilian re­
quirements for the moment do not count. Thoy cannot
begin to be supplied. Pig iron furnaces, in othor words,
cannot keep pace with the needs civilian and Governmental.
For a while, at any rate, there will be nothing for it but to
grin and bear it. Nobody seems to know just how tho
problem is to be solved. Tho furnaces aro sticking to tho
work of producing as much iron as they can. That is all
that can bo done at present. But soonor or later measures
will be taken to increaso tho production somohow. Con­
ferences botween the W ar Industries Board and tho pro­
ducers are being held, and a way out may yot bo discovered.
Meanwhilo those holding Government contracts aro boing
supplied as far as may bo in tho order of tho importance of
their contracts. Furnaces aro not all inclined to sell for
distant delivery. W hen thoy havo any to spare it is quickly
snapped up, no matter what tho quality. Almost anything
goes nowadays, evon if it runs high in sulphur. Some are
buying for next year’s dolivery. Great Britain, Franco and
Italy are asking for heavy pig iron shipments in 1919.
Great Britain wants 1,000,000 tons or more, but may got
little.
S T E E L production still lags behind consumption. A
conference of leading producers on the subject was held here
on the 28th inst. The workmen want a further advance
in wages. One big question is how to increase tho output
of coal, coke and iron. During the latter part of tho current
year the Government will want 2 3 ,000 ,00 0 tons of steel.
H ow to get it is the question. So far as can now be seen
the maximum output of rolling mills will not bo above 17,­
00 0,00 0 tons. Moreover tho requirements for the first half
of 1919, it is supposed, will be fully 2 3 ,000 ,00 0 tons. Evi­
dently the tonnage of ore, coal and coko to make tho necessary
iron is ono of the crying needs of the times, and also tho
producing power of tho rolling mills themselves. It is stated
that the Director of Steel Supply is seeking larger supplies
of steel for the war program. Tho iron and steel output,
while satisfactory in comparison with 1917, it is urged, is
not equal to capacity, being in pig iron at between 9 0 %
and 9 5 % , and in steel ingots at not more than 9 0 % . It is
said that orders have been placed for 20,000 small railroad
cars for tho American Expeditionary Forces, and it is
rumored, 4 0 ,000 m ay be ordered shortly.




[Vol. 107.
CO TTON .

Friday Night, A u g . 30 1918.
T H E M O V E M E N T OF T H E C R O P , as indicated by our
telegrams from the South to-night, is given below. For tho
week ending this evening the total receipts have reached
75,988 bales, against 47,901 balos last week and 39,074
bales the previous week, making tho total receipts since
Aug. 1 1918 205,236 bales, against 295,309 bales for tho
same period of 1917, shosving a decrease since Aug. 1 1918
of 90,073 bales._________________________________________________
Sat.
G alveston______
Texas C ity _____
P ort A rthur, & c.
N ew Orleans. _
M o b i l e .- .
.
Pensacola _ _____
J ackson ville____
Savannah _ . . .
B ru n sw ick _____
C h a rleston _____
W ilm in g to n ____
N orfolk ______
N ’portN ows, & c.
New Y ork ______
Boston _______
B a lt im o r e ___
Philadelphia____

M on .

Tues.

Wed.

Thurs.

F ri.

Total.

43,868
1,014
103
103
1,074
9,063
422
2,509

5,634

8,235

13,940

2,314

6,407
1,614

985
5

1,214
171

1,277
327

2,435
618

2,078
960

2,306

913

2,367

2,004

2.174

50
2,957
3,500
17

50
12,721
3,500
106

36

541

29

1I
58
28

695
58
379
1,234
28

15,558

75,988

112

—

T otals this w eek.

44
298

—

—

9,107

72

233
352

102
39

37

6

545

—

18.614

11.074

7,338

—

—

13,813

7,822

—

The following shows tho week’s total recoipts, tho total
since Aug. 1 1918 and tho stocks to-night, compared with
last year:
____________________________________________________
Slock.

1918.

Galveston_______

1917.

This Since Aug
Week.
1 1918.

Receipts to
A u g. 30.

This Since Aug
Week.
1 1917.

43,868
1,014
103
9,063
2,509

N ew Orleans____
M o b i l e __________
J a c k s o n v ille .'___
Savannah. . _ .
B run sw ick______
C harleston______
W ilm in g ton _____
N orfolk__________

50
12,721
3,500
160
695
58
379
1,234
28

New Y o r k . ____
B o s t o n __________
B altim ore_______
P h ila d e lp h ia ____

—

T o ta ls_________

75,9881

100,144 36,681
1,014
248
040
34,190 25,171
1,599
5,170
1,155
95
140
43,854 19,303
7,000
5,800
99
2,081
29
7
3,252
2,827
78
273
1,290
1,828
0,372
1,780
309
1,023
215
............
99,115

295,309

1918.

90,160

205,236

012
40.930
5,833
1,155
720
63,380
23.000
4.420
301
20,984
269
0,301
14,019
10,224
989

1917.

159,407
0,504

91,765
90

239,700
9,347
1 10
10,400
139,875
8,000
28,100
30,404
55,135

72,501
9,153
3,200
46,365
0,000
2,883
40,901
57,270

78,593
15,541
(>,708
0,021

55,736
7,338
22,226
3,450

794,625

418,944

In order that comparison may be mado with other years,
wo give below the totals at leading ports for six seasons:
Receipts at—•

1918.

G a lv e s to n ___
T oxasC ity,& c
N ew Orleans.
M o b ile ______
Savannah ___
Brunswick- .
Charles ton,&c
N o r fo lk _____
N ’p o rtN .,& c.
A ll others____

| 1916.

1917.

43,868
1,717
9,003
2,509
12,721
3.500
100
695
58
1,691

36,081|
248
25,171
l ,599
19,303
7,000
99
7
2,827
78
6.102

1914.

1915.
15,414
6,312
9.008
597
25,543
50
1,111
414
12,673
183
588

57,450
101
15,948
7,483
38,305
6,500
1,216
1,247
6,685
2,100
1,958

1913.

21.990
906
1,127
684
6,230

100,371
7,325
4,193
3,598
25,464
2,400
1,805
690
287
394
889

708
617
393
769

T otal this wk.

75.988

99,115

139,059

72,493

33,430

153,476

Since A ug. 1 .

205,236

295,309

365,042

163,219

67,689

404,074

The exports for the week ending this ovoning roach a total
of 58,566 bales, of which 22,467 woro to Great Britain,
2,477
to France and 33,622 to other destinations.
Exports for tho week and sinco Aug. 1 1918 aro as follows:
W eek ending A u g . 30
Exported to—
E xports
fr o m —

Great
Britain. France. Other.

Galveston..
_____
Texas City.
NewOrieans 4,084
Mobile___ 4,910
Savannah..
Wilmington
New York. 11,241
Baltimore.. 2,232
PaclflcPorts

1918.

Total.

3,640 3,640
12,200 12,200
50 4,134
4,910
12,400 12,400

F ro m A u g .

Great
Britain.

1 1918 to A u g .
E xported to —

France.

30 1918.

Other.

Total.

19,907
4,910

40,224

23,020
2,232
..........
50,069

9,425
..........
57,249

15,972

41,655
12,200
78,059
4,910
51,594
6,646
73,991
2,232
15,972

178,941

2S6,259

Total 1917. 73,602 12,851 1,250 87,703 250,573
Total 1916. 47,244 3,137 58,853 109,234 151,528

43,626
72,765

52,157 346,356
173,053 397,346

Total___ 22,467

_____
_____
_____

2,477
—

4,106 17,824
2,232
1,226 1,226

2,477 33,622 58,566

7,600

41,655
12,200
17,928

.

43,994
5,640
41,546

.

In addition to above exports, our tolegrams to-night also
give us tho following amounts of cotton on shipboard, not
cleared, at the ports named. W o add similar figures for
New York.
On Shipboard, Not Cleared for—•
Great
Oer Aug. 30 at— Ifritain. France. many.
G alveston*___
N ew Orleans*.
Savannah ____

10,000
2,000
2,000

1,000 ............
2,000

6,051
N ew Y o r k * ___
Other p o r t s * ..

i ,o6o
3,000

T otal 1 9 1 8 ..
T otal 1917. .
T otal 1916. .

24,051
45,325
56.535

♦Estimated.

1,500 ............
4,500
3,870
4,808

—
__________

Other
Coni't.

Coast- \
wise. 1 Total.

2,000‘ 15,000
2.000 13,000
2.000
5,800
500,
500
______
6,051
200
200
2,000 ............4,500
______ | 3,000

2,000
7,000
1,800

12,800
17,948
15,480

6,700; 48,051
8,338 75,481
6,064! 82.887

Leaving
Stock.
144,407
226,700
134,075
27,660
3,296
54,935
74,093
81,408
746,574
343,463
342,857

Aug. 31 1918.]

THE CHRONICLE

9 13

Speculation in cotton for futuro dolivory has still been on
The official quotation for middling upland cotton in the
a moderate scalo, but tho point is that tho demand for con­ N ew York market each day for the past week has been:
tracts has outrun the supply This with drought and the
24 to A u a. 30—
S a t.
M on . T u e s . W e d . T h u r s . Fri.
widespread deterioration of tho crop has lyought about a M iddling u p l a n d s .................... 3 5 .1 5 3 5 .5 0 36.45 37.30 37.10 36.50
N E W Y O R K Q U O T A T IO N S F O R 32 Y E A R S .
further sonsational rise in prices. Thoy have repeatedly
Tho quotations for middling upland at New York on
reached a now high record. Tho amount of Southern hedge
soiling has boon entirely inadequate to furnish the requisite 1918-C-. .. .3 6 . 5 0 1910-C .. ...1 9 .7 5
1902.c
189 4 .c ............ 6.88
supply of contracts. And tho questionarises whether the 1917____ ...2 3 .4 0 1909____ — .12 .9 0 1901 —
8.62 1893.............. 7.62
.8 5
9.62 1892.............. 7.19
South will bo inclined to hedgo very much with prices rising 1916____ ...1 59.75 1908____ — - 9.50 1 9 0 0 ..
1915____ . . .
1907____ ...1 3 .5 5 1899—
6.25 1891.................8.25
by loaps and bounds. Tho question of margins is to be con­ 1914____
0.80
1906. .
5.75 1890________ 11.00
8.25 1889------------ 11.50
sidered without going further. Last season tho amount of 1913____ ...1 2 .5 0 1905____ -_ .1 1 .1 5 1 8 9 7 .1912____ ...1 1 .2 5 1904____ - .-1 1 .6 5 1896
7.88 1888...............11.06
hedge selling was, if anything, smaller than usual. Cer­ 1911____ ...1 2 .0 0 1903------ ...1 2 .7 5 1 8 9 5—
..
8.19 1887------------ 9.88
tainly there was a recurrence at short intervals of a scarcity
M A R K E T A N D SA LES A T N E W Y O R K .
of contracts which did much of itself to produce the high
Tho total sales of cotton on the spot each day during the
prices which were so striking a feature of tho season of 1917­ week at New York are indicated in the following statement.
18. Also the very fact that speculation lias boon so light For the convenience of the reader we also add columns which
has tondod to keep down the supply of contract. Violent show at a glance how the market for spot and futures closed
fluctuations and high margins, necessarily required, have to on same days.
a large extent driven out tho little follow who used to
trade in one or two hundred bales, perhaps on 40 points or
Spot
Futures
SALES.
Market
Market
even loss. Meanwhile tho trade is now faced with tho
Closed.
Closed.
Spot. Contract Total
possibility of a fourth short crop in succession. Private
crop reports havo put tho condition of tho belt at anywhere Saturday___ Quiet, 165 pts. d ec— E a s y __________
M
dy
100
100
from 57 to 6 1 .8 % . M ost of these reports have been the T uoen d a y ___ Steady, 45 pts. a d v . Barely s te ad y...
s d a y ___ Steady, 85 pts. a d v . Barely stea
.
lowest on record. Texas has been put at as low as 4 4 % , W ednesday. Steady, 85 pts. a d v . Barely s te a d y ..
100
100
Thursday _ . Quiet, 20 pts. d e c .. Steady_________
200
200
which is something unparalleled in tho history of cotton F rid a y_____ Quiet, 60 pts. d e c ..
Barely stea d y. .
culture in that State. Last month it was 61, last year 55,
T o t a l.
400
two years ago 66, and tho ten-year average is 6 7 .8 . Okla­
400
homa has been put at 4 9 % , against 75 last month and 84
T H E V IS IB L E SU P P L Y OF C O T T O N to-night, as made
last year. Arkansas and Tennessee are said to have lost up by cable and telegraph, is as follows. Foreign stocks, as
20 points within a month. The declino in tho belt at large well as the afloat, are this week’s returns, and consequently
has been anywhere from 11.8 to 1 6 .6 % . Also the weekly all foreign figures are brought down to Thursday evening.
Government weather report on tho 28tli inst. was disap­ But to make tho total the complete figures for to-night
pointing. Everybody expected it would bo comparatively (Friday), we add the item of exports from the United States,
favorablo, owing to recent rains. B u t it stated that in including in it the exports of Friday only.
in most parts of the Western belt they camo too
Aug. 30—
1918.
1917.
1916.
1915.
late to bo of material benefit. Alabam a and M is­ Stock at Liverpool______ bales. 221,000 232,000 647,000 1,190,000
Stock at London __________ ______
22,000
22.000
33.000
71.000
sissippi
had good rains on
tho 26th
inst.,
but Stock at M a n c h e s t e r ________
50,000
24,000
28.000
71.000
in tho main tho eastern bolt was rainloss during tho week.
T otal
B ritain___________
This was injurious. In Georgia tho outlook is generally bad. Stock at Greatburg_______________ 293,000 278,000 708.000 1,332,000
Ham
*1.000
*1,000
A good deal of stress is laid on damage by rust and red Stock at B re m e n ________________
*1,000
*16,000
150,000
197.000
224.000
spiders rather than on weovil, not only in Georgia, but also Stock at H avre__________________ 110,000
Stock at M arseilles_____________
3.000
12,000
7,000
in Alabama and Mississippi. But weevil is reported to be Stock at B a rce lo n a ____ __ __ __
15",666
74,000
54.000
84,000
4,000
activo in southern Alabama and Mississippi. Rains inter­ Stock at Gonoa __________
8.000
140.000
155.000
Stock at T rieste_________________
*1,000
*1,000
rupted picking in Mississippi and Louisiana and lowered
T otal Continental stocks______ 129,000
the grade. Shedding is complained of east of tho Missis­
235,000
406,000
489.000
sippi and also in Oklahoma.
It is insisted in tho Government
T otal European stocks _
422.000
513.000 1,114.000 1,821,000
advices that the yield in Texas is poor and that most of tho India cotton afloat for E uropo___
12,000
33.000
22,000
63.000
Europo
137,576
crop is boing gatliored in tho first picking. And now every­ Amor, cotton afloat for for Eur’po 125.000 278.000 280,574
Egypt,Brazil,& c.,afloat
48,000
34.000
10,000
31.000
body is awaiting tho Government roport of Sopt. 3 with Stock in Alexandria, E g y p t_____ 206.000
50.000
8,000
104.000
Stock in B om
unusual interest. Tho'general notion is that it will put tho Stock in U . S.bay, I n d i a - - _____ *620,000 *900,000 551,000 608.000
ports _______
794,625
675,368
condition at around 6 0 % , possibly bolow, against 73 6 Stock in U . S. ulterior towns____ 626,645 418,944 425,744 428,150
247,888
264,471
U . S. exports to -d a y . _________ .
23,277
17,428
last month, 67.8 last year, 61.2 in 1916, 69 .2 in 1915
33,638
6,076
78 in 1914 and a ten-year average of 70.4. Tho crop
T otel visible supply----------------- 2,877,547 2.492,260 2,709.227 3,874,170
estimates of lato havo rangod from 11,500,000 to 12,­
O f tho above, totals o f American and other descriptions arc as follows!
American—■
465,000
bales
of
lint
cotton;
linters
1,200,000
i.
89,000
137.000
521,000
943,000
to
1,300,000
bales.
Liverpool has been a; good
.
17,000
17,000
25,000
56,000
- *110,000 *205,000 *301,000 *402,000
buyor, also W all Street and the W est. Japanese and New
- 125,000
278.000
280,574
137,576
England interests are said to havo bought on tho 27th and
- 794,025
418,944
425,744
675,368
- 626,645
247,888
28th insts., even if at other timos Japanese houses sold. Fi­
264,271
428,150
23,277
17.428
33,638
6,076
nally, tho war news is favorable and hopes of peaco with an
enlarged world’s cotton trade next year are rising. Tho crop
-1,785,547 1,321,260 1,851,227 2,648,170
East Indian, Brazil, &c.~
reports of lato include those of tho Watkins Bureau, putting
- 130,000
95,000
126,000
247,000
the condition at 5 6 % ; Southern Products C o ., stating it at
.
22,000
22,000
33,000
71,000
_
33,000
7,000
3,000
15,000
57.3; A . Nordon & C o., 57.2; J. W . Jay & C o ., 61 .8, and
- *19,000
*30,000 *105,000
*87,000
Clement, Curtis & C o .,59 .4. Tho “ Journal of Commerce *’
12,000
33,000
22.000
63,000
48,000
34,000
10,000
31,000
stated it at 6 0 % . On the other hand, tho market has bo. 206,000
50,000
8,000
104.000
como latterly somewhat overbought after a riso of about 12
. *620,000 *900,000
551,000
608,00
cents this month. Also much of tho short intorest has at
-1,092,000 1,171,000
858,000 1,226,000
times seemed to havo been eliminated. And some believe
-1,785,547 1,321,200 1,851.227 2,648,170
that the recent rains cannot havo failed to bo of benefit.
visible s u p p ly ................... 2,877,547 2,492,260 2,709,227 3,874.170
Thoy believe that there is at least a chance of a top crop in _
, ng uPland. L iverpool......... 25.10d. 18.25d.
I
9.90d.
5.78d.
1 oxas, possibly elsewhere. As a rule, too, spinners havo been M iddling upland. New Y o rk ____ 36.50c. 23.30c.
16.30c.
9.8 5 c.
32.92d. 30.25d.
14.33d.
8.30d.
buying sparingly. Apparently thoy believe that when tho E gypt, good brown, L iv e rp o o l.. .
Peruvian, rough good. L iverpool.
39.00d. 26.80d.
13.75d.
10.90d.
movement starts in earnest prices must declino. And fa­ B roach, Fine, L iverpool-------------------- 22.45d: 17.85d.
9.30d.
5.40d.
9.32d.
5.52d.
vorablo weather in September might add considerably to tho lin n e v e lly , G ood , L iverpool-------- ,.22 .7 0 d . 18.03d.
* Estim ated.
crop. Spot markets havo been comparatively quiet. It is
Continental imports for past week have been_________ bales.
behoved that the banks will not be so ready with loans as
The above figures for 1918 show a decrease from last week
thoy were last year. Another Liberty Loan is near at hand,
taxation will bo on an enormous scalo. Prices are already of 4,947 bales, a gain of 385,287 bales over 1917, an excess
very high. It is not believed that tho South will bo oncour- of 168,320 bales over 1916 and a loss of 996,623 bales from
1915.
aged to hold back cotton at such prices. Besides, exports
are not expected to be largo this season.
M uch
Q U O T A T IO N S FO R M I D D L I N G C O T T O N A T O T H E R
of tho available tonnage will be needed by tho A rm y. Specu- M A R K E T S .— Below are the closing quotations of middling
ation is light. M ost people are timid about taking hold at these cotton at Southern and other principal cotton markets for
prices. Spinners’ takings are running behind those
oach day of the week:
of last year as the scarcity of labor increases at tho largo
New England towns. In fact that is the caso everywhere.
Closing Quotations for Middling Cotton on—
Week ending
Tho scarcity of labor and scarcity of ships threaten both
Aug. 30.
Saturday. Monday. Tuesday. Wed’day. Thursd’y. Friday
tho home and foreign trado and somo beliovo that there
35.00
34.75
35.50
35.25
34.85
is nothing for it but a declino ultimately, especially as there G a lv o s to n _____ 34.00
Now Orleans___ 32.50
32.50
33.00
33.25
33.25
33.25
was a largo carry-over from last soason. If tho season ’3 M o b ilo ............ 32.50
32.50
33.00
33.50
34.00
33.50
Savannah _____ 33.50
34.25
34.00
34.50
supply should prove to bo 15,000,000 to 16,000,000 bales
34.50
34.00
Charleston_____ 32.00
32.00
32.50
32.50
32.50
32.50
as somo believo it is possible, or even largor, and the world’s W ilm ington____ 31.00
consumption of American cotton not more than 12,000,000 N o r fo lk _______ 32.75
32r7'5
34.25
35 7)0
3 L 25
3L50
a ltim o r e
33.50
33.50
34.50
,35.50
35.50
to 12,500,000 bales it is contended that there w 1 be cotton B hiladelph_____ 33.50
1
P
ia___ 35.40
35.85
36.70
37.55
'37.35
36.75
onough and no oxcuse for abnormal prices. To-day prices A ugu sta_______ 32.50
32.63
33.50
34.37
134.31
34.00
em phis______
32.50
33.00
33.50
<33.50
33.50
declined 60 to 90 points on ovoning-up transactions. There M a lla s _________ 32.00
D
33.40
34.10
35.00
<34.70
34.20
is a small not declino for tho weok. M iddling upland H ouston_______ 33.25
33.75
34.50
35.00
,35.00
34.50
Littlo B o ck ____ 32.00
32.00
33.00
34.00
<34.00
closed at 3 6 .5 0 c ., a decline of 40 points for tho week.
34.00




[Vol. 107.

THE CHRONICLE

9 14

F U T U R E S .— The highost, lowest and closing prices at
N ow York for the past week havo been as follows:_________
Saturday, Monday, Tuesday, Wed’day, Thursd'y, Friday,
Aug. 24. Aug. 26. Aug. 27. Aug. 28. Aug. 29. Aug. 30.
September—

Week.
33.90 .43

Closing___ 33.05 — 33.60 — 34.45 — 35.25 — 35.06 — 34.50 —
October—
Range____ 33.05-/70 32.60-190 33.90-/00 33.95-/50 34.70-/70 34.45 .00 32.60 /50
Closing___ 33.05-.20 33.60-.64 34.45-.47 35.25-.40 35.00-.12 34.50 .54
35.00 —
—
Closing___ 32.75 — 33.15 — 34.10 — 34.95 — 34.65 — 34.09 —
December—
32.10/01
32.60-195 32.10-135 33.40-/40 33.45-/01 34.24-/30 33.93 .45 --- .
Closing___ 32.60-.70 33.00-.09 33.95-.97 34,80-.90 34.50-.55 33.94 .97
January—
32.30-187 32.10-111 33.32-.27 33.35-/95 34.10-/10 33.70 .30 32.10/10
Closing____ 32.30-.47 32.90-.92 33.80-.82 34.G0-.75 34.35-.40 33.82 .85
February—
—
Closing___ 32.30 — 32.80 — 33.70 — 34.60 — 34.35 — 33.75 —
March—
33.40 .20 32.00/00
Range____ 32.30-185 32.00-110 33.19-’ 10 33.25-/82 34.15-.00
Closing___ 32.30 — 32.75-.78 33.65-.G7 34.54-.C3 34.30-.35 33.70 .75
April—
Closing___ 32.25 —
May—
33.06-.70
Closing___ 32.20 —
July—
__ __ __
Range____
Closing------ 32.20 —

/ 35o. /34c.

I

32.70 — 33.60 — 34.50 — 34.25 — 33.05 —
31.95-.70 33.25-.00 33.25-/76
32.65 — 33.60 — 34.47 —
32.20-.57 33.90- .98 —
32.60 — 33.55 — 34.40 —

34.55-.80 33.48 .00 31.95/80
34.22 — 33.00 .65 —
34.40-.42 33.42 .43 32.20/42
34.15 —

33c.

A T T H E IN T E R IO R T O W N S tlio movement— that is,
the receipts for the week and since Aug. 1, the shipments
for the week and the stocks to-night, and tho same items for
the corresponding period of the previous year— is sot out
in detail below.
f-H
1
Movement to Aug . 30 1918.
Receipts.

Towns.

Week. | Season.
Ala., Eufaula..
Montgomery.

112i
1,996
200
4
645
10
331
250
830
4,251
200
1,352
129
078

*" 137
2,571
398
187
6,557
03
331
629
4,072
5,337
35(1
3,079
299
1,050

200
250
100
281
44
187
1,807
239
79
1,149

350
6S0
204
312
85
187
12,051
964
109
4,956

108
____

1,504
______

500
18
2,426

___

1,730
18
11,469
______

Brenham ____

2,681

8,547

Dallas..............

1,272

1,896

Houston .......... 52,193

134,332

Little R ock ..
Pino B lu ff...

La., Shreveport
Miss.,Columbus
Clarksdale_
_

Vicksburg------

O., Cincinnati.
Okla., Ardmore
Chlckasha_
_
Hugo........ ......

Tenn..Memphis
Nashville____

San Antonio..

_____

___

2,313

2,313

Total, 41 towns 76,934

Ship­
ments.
Week.

Stocks
Aug.
30.

Movement to Aug. 31 1917.
Ship­
ments.
Week.

Receipts.
Week.

Season.

1,132
100
4,580
960
650
438
784
115
11,654
15,000
1,189
965
11,219
180
1,144
10,960
47,070 3,530
51
2,700
956
7,486
103
3,708
8,902
189
____
291
100
1,200 10,000
300
3,089 15,061
147
100 4,513
100.
1,535
7
1,808
____
759 6,983
2,460
2,233 12,012
235
2,757 5,782
14
54
50
876 13,547 6,558
____
___
____
5,242
—
____
____
—
—
80C
715
1,000 9,500
3
307 2,821
42,471 250,046 3,405
21
284
____
6J
---1,494
2,029 2,807
____
____
607
1,424 3,795
____
____
31,098 130,670 66,825
900
-----2,629' 1,898
10
1,595
100
70
2,842
504
1,014
510
1,421
180
350
2,146
16
3,216

150
2,045
793
552
657
252
1,905
960
7,210
5,419
183
5,527
669
306
______
350
960
1,023
110
509
—
53,398
2,242
145
16,251
—
—
---- -----

Stocks
Aug.
23.

528
100
755 9,794
1,025
382
2,000
____
745 5,918
6,400
—
1,027
905
1,186
1,000
3,497 14,731
2,282 13,626
1,803
116
500 2,857
190, 1,800
94 3,180
569
-----2,100 3,300
800 4,500
462 3,811
500
170
388
—
1,300
—
3,352 4,490
1,316
1,513
22
25
1,646 22,409
1,566
—
300
—
—

6,584
1,131
4,250
31
575
3
19,999 12,626 83.007
99
02
31
______
—
1,437
7,120
1,056
—
—
-----3,107
—
1,199
—
—
—
144,665 52,698 42,865
______
—
—
608
1,797
3,911

200,707103,823 626.6451 98,880 1 282,791 90,005 247,888

The above totals show that the interior stocks havo de­
creased during tho week 26,889 bales and are to-night 378,757
bales more than at tho samo period last yoar. Tho recoipts
at all tho towns have been 16,946 bales loss than the samo
week last year.
O VER LAND M O V E M E N T FOR TH E W E E K A N D
S IN C E A U G . 1.— W o give below a statement showing the
overland movement for tho week and sinco Aug. 1, as mado
up from telegraphic reports Friday night. Tho results for tho
week and since Aug. 1 in tho last two years are as follows:
1917--------

1918--------

Week.

Since
A u g. 1.

13,734
10,853
507
12,617
2,781
10,269
32,063

3,352
6,018

58,261
19,296

562
4,657
3,218
3,761

3,210
8,706
20,019
20,027

82,825

21,568

129,519

8,037
3,200
42,273

4,852
1,368
8,789

30,533
7,341
30.775

Total to bo doducted------------ . 9,681

53,510

15,009

69,649

8,822

29,315

6,559

59,870

Week.

Since
Aug. 1.

2,232
2,607
173
4,782
278
3,618
4,812

Total gross overland________ .18,503

S h ip p e d —

Louis................................ .

Via St.
Via Mounds, &c---------------------- .
Via Louisville_________________ .
.
Via Virginia points------------------- .
Via other routes, &c----------------- .
Deduct shipments—

. 1,641
61)3
Botween intorior towns------------ .
Inland, &c., from South_______ . 7,347

Loaving totel not overland *-------

* Including movomont by rail to Canada.

The foregoing shows tho week’s not overland movement
has been 8,8 22 bales, against 6,559 balos for tho week last
year, and that for tho season to date tho aggregate not over­
land exhibits a decrease from a year ago of 30,555 balos.




-1917-

----------1918---- ;—
In Sight and Spinners'
Takings.

Week.

Receipts at ports to Aug. 30----- 75,988
Not overland to Aug. 30---------- - 8,822
Southorn consumption to Aug.30a 84,000
Total marketed...........................
Intorior stocks in excoss________ *26,889

Since
A u g. 1.

Since
A u g. 1.

Week.

205,236

99,115
6,559

358,000

8 8,0 00

295,309
59,870
399,000

193,674
3,815
z69,971 _ _ _ _ _ _

754,179
*107,054

Camo Into sight during w eek.. 141,921
Total In sight Aug. 30-----------------------

-------522,o80

197,489
---------

647,125

Nor. spinners’ takings to Aug. 30- 10,745

90,263

23,765

150,671

* Docreaso during wcolc. x Less than Aug. 1.
consumption; takings not available.

a Thoso figures are

Movem ent into sight in previous yoars:
Week—•

Bales.

Since A u g. 1—

Bales.

1916— Sept. 1......................... 215,687 1916— Sopt. 1_____________ 676,418
469,048
1915— Sept. 3......................... 136,004 1915— Sopt. 3 ..................
1914— Sopt. 4 .......
95.014 1914— Sopt. 4 _____________ 346.648

W E A T H E R R E P O R T B Y T E L E G R A P H — Advices to
us by telegraph this evening from tho South indicate that
rain has been quito general during the week. In portions
of tho Southwest, howover, there, has boon little or no pre­
cipitation . Pickmg is progressing rapidly in Texas.
Galveston, Tex. — Telegram not recoived.
.
A bilene, Tex.— There has been rain on ono day during the
week, the rainfall reaching two inches and twenty hun­
dredths. The thermometer has ranged from 68 to 102,
averaging 85.
,
,
. .
^
Brenham, Tex.— Rain has fallen on three days during the
week, to the extont of eighty-fivo hundredths of an inch.
Minim um thermometer, 72, maximum 100, mean 86.
_
Brownsville, Tex.— There has been rain on ono day during
the week, the precipitation reaching ten hundredths of an
inch. The thermomoter* has averaged 86, the highest being
100 and tho lowest 72.
.
Cuero, Tex.— W o have had ram on three days of the past
week, tho rainfall being one inch and twenty-four hundredths.
The tliermomter has averaged 86 , ranging from 71 to 102.
Dallas, Tex.— Rain has fallen on ono day during tho week,
tho rainfall being two inches and forty-four hundredths.
Tho thermometer has ranged from 70 to 96, averaging 83.
Henrietta, T ex. — D ry all the week. Highost thormometor
109, lowest 62, average 85.
Huntsville, Tex.— It has rained on four days of the week,
tho rainfall reaching two inches and forty-oiglit hundredths
Tho thormometer has averaged 81 , tho highest being 94
and the lowest 69.
Kerrville, Tex.— Thero has been ram on two days of the
past week tho rainfall reaching two mchos and fifty-six
hundredths. The thermomotor has averaged 80 ranging
from 60 to 99.
Lampasas Tex.— W o have had ram on one day during tho
week the ra.nfall being six hundredths of an inch. The ther­
momoter has ranged from 68 to 104 averaging 86.
Luling Tex.— Rain lias fallen on ono day during tho wook,
the rainfall being ninety hundredths of an inch. Average
thermometer 85. highost 99. lowest 70.
Longview. Tex.— There has boon rain on three days during
tho week, tho precipitation reaching soventy-six hundredths
of an inch. Tho thermomotor has averaged 83, tho highest
boing 98 and tho lowest 68.
,
Nacogdoches, Tex.— Thero has beon ram on two days of the
week, to the extent of ono inch and seventy-five hundredths.
The thermometer has averaged 81, ranging from 67 to 95.
Palestine, Tex.— W o havo had rain on three days during the
week, tho rainfall being fifty-six hundredths of an inch. The
thermometer has ranged from 70 to 96, averaging 83.
Paris, Tex.— There has been rain on three days during
the week, the rainfall being two inches and ninoty-two hun­
dredths. Averago thermometer 83, highest 99, lowest 67.
San Antonio, Tex.— W o havo had rain on ono day tho past
week, tho rainfall boing two inches and fifty-seven hundredths.
The thermomoter has avoragod 83, tho highost boing 98
and the lowest 68.
Taylor, Tex.— Thero has boon rain on ono day of the weok,
to tho extont of two hundredths of an inch. Minimum
thermometer 68.
Weatherford, Tex.— D ry all tho weok. Tho thormometor
has averaged 84, ranging from 67 to 101.
Ardmore, Okla.— Thoro has beon rain on two days during
tho week, to the extent of fiftcon hundredths of an inch.
The thermometer has ranged from 67 to 106, averaging 86.
Muskogee, Okla.— Thero has boon rain on two days during
tho week, tho precipitation reaching twonty hundredths of
an inch. Tho thermomoter lias avoragod 84, tho highest
being 101 and tho lowost 67.
. . .
M em ph is, Tenn.— Rain has benefited cotton. Picking is
beginning. Thero has boon rain on two days of tho weok,
to the oxtont of ono inch and sixteen hundredths.
Tho
thermometer has avoragod 79, tho highost boing 91 and the
lowest 65.
.
,
.
Oklahoma City, Okla.— W o havo had rain on two days of tho
past week, tho rainfall boing ono inch and twenty-fivo hun­
dredths. Tho thermomoter has averaged 82, ranging from
65 to 100.
.
X
1
.
. .
Brinkley, A r k .— 1 here has beon ram on threo days during
T
tho weok, tho rainfall boing twenty-one hundredths of an
inch. The thermometer has ranged from 63 to 97, averag­
ing 80.
,.
,
Eldorado, A r k .— It has rained on two days of tho week,
the rainfall reaching sevonty-fivo hundredths of an inch.
M inim um thormometor 65, highest 96, averago 81.

A ug. 31 1918.]

THE CHRONICLE

Little R ock, A r k . — Wo have had rain on two days the past
week, the rainfall being forty-six hundredths of an inch.
Tho thermometer has averaged 80, the highest being 91 and
the lowest 69.
A le x a n d r ia , L a . —Tho week’s rainfall has been fifty-five
hundredths of an inch, on two days. Tho thermomoter has
averaged 81, ranging from 69 to 93.
N e w O rlea n s, La.— Rain has fallen on four days during tho
week, tho rainfall being ono inch and thirty-two hundredths.
The thermomoter has averaged 81.
Shreve-port, L a . — We have had rain on two days during
tho week, tho precipitation reaching eighty-nine hundredths
of an inch. Averago thermomoter 81, highest 93, lowest 70.
C o l u m b u s ,M is s . — It has rained on ono day of theweok,tho
rainfall reaching one inch and three-hundredths. Tho
thermometer has averaged 79, the highest 99 and the low­
est 59.
G reem vo o d , M i s s . — Thero has been rain on two days of the
past week, tho rainfall reaching forty hundredths of an inch
Tho thermometer has averaged 81, ranging from 67 to 96.
V icksburg, M i s s . — There has been rain on ono day during
tho week, to the extent of eighty-three hundredths of an inch.
The thermomoter has ranged from 69 to 91, averaging 79.
M o b il e , A l a . — Several hard rains and many showers in
tho interior impair grade and retard picking. Ginning
well up. It has rained on four days of tho week, tho preci­
pitation being three inches and sovonty-fivo hundredths.
Average thormometer 78, highest 91, lowest 69.
M o n tg o m e r y , A l a . — It has rained on two days of the week,
tho rainfall reaching thirty-six hundredths of an inch. Tho
thormometer has averaged 81, tho highest being 92 and the
lowost 70.
Selm a , A l a . — Wo have had rain on two days of tho past
week, the rainfall being oighty-ono hundredths of an inch.
Thermomoter has averaged 80, ranging from 66 to 95.
M a d i s o n , F la . — Thero has beon rain on three days during
tho wook, to the oxtont of ono inch and thirty hundredths.
The thormometer has ranged from 66 to 97, averaging 82.
T a llah assee, F la .— 'Vila week’s rainfall has been one inch
and olovon hundredths on three days. Averago thermom­
eter 84, highest 101, lowost 66.
A tla n ta , G a . — Thero has been rain on four days of the
wook, to tho extent of ono inch and fifteen hundredths. Tho
thermometer has averaged 79, the highest boing 92 and
the lowest 66.
A u g u s ta , G a . —We have had rain on two days of tho past
week, the rainfall boing thirteen hundredths of an inch. Tho
thormometer has averaged 80, ranging from 63 to 96.
S a va nnah, G a . —-There has been rain on two days during the
week, tho rainfall boing fifty-two hundredths of an inch.
Tho thermometer has ranged from 68 to 93, averaging 79.
C harleston, S. C .— It has rained on one day of the week
tho precipitation being ono inch and thirty-seven hundredths
Averago tlieremomoter 81, highest 94, lowest 68.
S p a rta n b u rg, S . C .— The week’s rainfall lias beon fifteon
hundredths of an inch on ono day. The thermomoter has
averaged 82, ranging from 64 to 99.
Charlotte, N . C . — Rain has fallen on ono day during tho
week, tho rainfall being forty-four hundredths of an inch.
Averago thermometer 80, highest 97, lowest 64.
W e ld o n , N . C . — It has rained on twp days of the week,
tho rainfall roaching two inches and eighteen hundredths!
The thormometer has averaged 81, tho highest boing 97 and
tho lowost 64.
D y er sb u rg , T e n n . — Wo have had rain on two days of the
past wook, the rainfall being ono inch and five hundredths
Tho thormometor has averaged 79, ranging from 63 to 94.
COTTON CROP REPORT— In our editorial columns
will bo found to-day our annual Review of tho Cotton Crop.
Tho roport has beon prepared in circular form, and tho cir­
culars may be had in quantities with businoss card printed
thoroon.
Special businoss cards of tho following roprosontativos
cotton commission and brokorago houses of Now York and
other cities will bo found in tho advertising columns of this
issuo of tho “Chroniclo” :

HUBBARD BROS. * CO.,
GEO. II. McFADDEN * BRO.
ROBERT MOORE & CO.,
HENRY HBNTZ A CO.,
HOPKINS, DWIGHT & CO.,
J. 8. BACIIE & CO.,
STEPHEN M. WELD & CO.,
OWATHMEY A CO.,
WILLIAM RAY A CO.,
GEO. M SIIUTT A CO.,
CORN, SCHWARZ A CO.,

II. A B. BEER,
JOHN F. CLARK A CO..
E. P. W A L K E R '* CO.,
REINHART A CO., Ltd.,
A. M. LAW A CO.,
VAN LEER A CO.,
E. W. WAGNER A CO.,
PAUL PFLIEGER A CO.,
GOSHO COMPANY,
BASHINSKY COTTON CO.

Also the cards of a number of the leading dry goods com­
mission merchants and mill soiling agonts in the country.
Those ropresontod are:
WOODWARD, BALDWIN A CO.,
WATTS, 8TEUBINS A CO.,
GATLIN A CO.,
L. F. DOMMERICH A CO.,
J. P. STEVENS A CO.,
II. A CAESAR A CO.,
BLISS, FABYAN A CO.,
LAWRENCE A CO.,
WILLIAM ISELIN A CO.,
KELSEY TE XTILE CORPORATION,
CONVERSE A CO.,
C. H. POPE A CO.,
8CHEFER, SCHRAMM A VOGEL,

PARKER, W ILDER A CO..
S n n w ? 5 £ EAXrIITM AN * SON, INC.
DEERING, MILLIKEN A CO
WILLIAM W HITMAN CO., INC..
AMERICAN BLEACHED GOODS CO
AMORY. BROWNE A CO.
HUNTER MFG. * COMMISSION CO
WEST, BAKER A CO..
CLARENCE L. COLLINS A CO .
PRINCE LAUTEN CO ,
W INDSOR PRINT WORKS
SEABOARD MILLS,
M. HEINEMAN A CO.

Also:
CHILEAN NITRATE COMMITTEE, MERCANTILE B*K OF AMERICAS
WILCOX, PECK A HUGHES,
PHILIPPINE NATIONAL BANK,
’
THE ARGENTINE MERCANTILE MANUFACTURERS' TRUST CO
CORPORATION,




915

NEW ORLEANS CONTRACT MARKET.

A u gu st_________
Septem ber_____
O c to b e r _______
D e ce m b e r_____
January________
M a r c h _________
M a y .....................
T o n e —•

Saturday, Monday, Tuesday,
Aug. 24. A u g. 26. Aug. 27.
, __
31.38-.43 __ __ __
31.13-.20 31.55-.60 32.35-.40
31.88-. 96 32.30-.35 33.10-.15
31.75-.82 32.10-.19 32.95-.00
3 1 .7 5 -8 2 32.15 — 32.98 —
31.75 — 32.08-.17 32.96-.01
31.75-.80 32.08-.17 32.96-.01

S p o t_________ Steady
O p tio n s _____ Feverish

Quiet
Steady

Wed’day, Thursd’y, Friday,
A u g. 28. Aug. 29. A u g. 30.
32.88-.93
33.63-.70
33.55-.63
33.65 —
33.59-.67
33.73 —

32.54 —
32.99-.15
32.95-.11
33.01 —
33.06-. 16
33.10 20

Steady
Irregular

Steady
Steady

33.40-.44
34.14-.19
34.03-.06
34.10 —
34.05-.06
34.05-.06

Steady
Steady

Steady
Irregular

WORLD’S SUPPLY AND TAKINGS OF COTTON.
C o t t o n T a k in g s .
W e e k a n d S e a so n .

1908.
Week.

1907.

Season.

Week.

| Season.

Visible supply A u g. 23______
2,882,494
2,544.960
Visible supply A ug. 1__________
x3 ,027,450
Am erican in sight to Aug. 30___
141*921
522,580
197,489
B om bay receipts to A ug. 2 9 ____
650,000
195,000
20,000
Other India snip’ ts to A ug. 2 9 . .
3.000
Alexandria receipts to A ug. 2 8 - ­
675*666
18.000
3.000
Other supply to A ug. 28*______
62,000
8,000
6.000

2,814,776
647,125
109,000
13.000
5,000
15.000

T otal supply_________________ 3,081,415
Deduct—
Visible supply A ug. 3 0 _________ 2,877,547

3,771,030 2,774,449

3,603.901

2,877,547 2,492,260

2,492,260

T otal takings to A ug. 30 a _____
O f which A m e r ic a n ._______
O f which other_____________

203.868
171.868
32,000

893,483
X686.483
207.000

282.189
206.189
76,000

1,111,641
845,641
266.000

* Embraces receipts in Europe from Brazil, Smyrna, W est Indies, &c.
9 h > total embraces tho estimated consum ption b y Southern mills.
s,
3.>8,000 bales In 1918 and 399,000 bales in i 917— takings not being availabje—-and the aggregate amounts taken b y N orthern and foreign spinners,
, a cs in 1918 and 712,641 bales in 1917, o f which 328.483 bales and
b
4 4b ,h ! 1 bales Am erican.
b Estim ated, x R evised.

BOMBAY COTTON MOVEMENT.
1918.

Aug. 8.
Receipts at—

Week.
Bombay_________________

1917.

Since
Aug. 1.

45,000

1916.

Since
Aug. 1.

Week.

45,000 34,000

Since
Aug. 1.

Week.

34,000 11,000

11,000

ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt,
July 31.

1917-18.

1916-17.

1915-16.

31,773
6,119,940

2,685
5,126,199

1,317
4,726,518

Since
Week. A u g. 1.

Since
Week. A u g. 1.

Since
Week. A u g. 1.

L iverpool____________
M anchester, & c_____
Continent and In d ia .
A m erica_____________

220,206
*810 263,527
1.486 97,374
75,420

211,618
27749 134,358
2,887 142,478
135.685

219,049
139,268
1,303 193,969
194,229

T otal exports_________

2,296 656,527

5,636 624.139!

1,303 746,515

Receipts (cantars) —
This w eek_______
Sinco A ug. 1_____

Exports (bales) —
To
To
To
To

± .---- O U I

x u iv

r u p u i l/ r e c e i v e d

Dy

cable to-night from Manchester states that the market is
firmly held at top prices, but that scarcity of goods holds
down sales. W e give prices for to-day below and leave
those for previous weeks of this and last year for compariso:
1918.

Cot’n
ings Common Mid .
to finest.
UpVt

o2i Cop

Twist.

July
12
19
26
Aug.
2
9
10
23
30

d.
49)4

d.
62
62
61 )4

1917.

814 lbs. Shirt

s.
25
25
25

49

@
@
@

49 )4
51
52
52)4
52M

52 25
63 25
O 64 25
H
(-4 54J4 26
54)4i26
@

32* Cop

Twist.

8)4 16*. Shirt

to finest.

Mid .
UpVs

d.
s. d. d.
d.
0 @33 0 22.04 24
114 @33 1)4 22.09 24
1)4 @33 1)4 20.63 24

@
@
@

d.
25)f 1310)4@18 0
25)4 13 10)4 ©18 0
25)4 1310)4 @18 0

d.
19.08
19.00
19.15

1)4 @33
114 @33
3 @33
0 @34
0 @34

@
@
@
@
@

25)4
2014
20)4
26)4
26 %

19.35
20.15
19.80
18.9
18.20

1)4
1H
3
6
6

20.39
21.46
23.09
23.97
25.10

24
25
25)4
25)4
25)4

1310)4 @18
14 0 @18
1411)4 @19
14 0 @18
14 0 @18

0
6
0
6
6

LIVERPOOL.— By cable from Liverpool we have the fol­
lowing statement of the week’s sales, stocks, &c., at that port:
Sales o f tho w eek________________
O f which speculators to o k ____
O f which exporters to o k ______
Sales, A m erican_________________
A ctual oxport________________ "

A u g. 9.
6,000

A u g. 16.
7.000

A u g. 23.
12.000

A u g. 30.
16.000

ipe
llci

3.000

2.000

2,000

10.000

44,000
237.000
109,000
50,000
49.000
71.000
39,000

45.000
216.000
87.000
23.000
9,000
68,000
58,000

37,000
208,000
84,000
33,000
26,000
74,000
24.000

37,6oO
221,000
89.000
56.000
40.000

The tone of the Liverpool market for spots and futures
each day of the past week and tho daily closing prices of
spot cotton have been as follows:
Spot.
Market,
12:15
P . M.

Saturday.

1

Mid.Upl’ds
Good Mid.
Uplands

Monday.

Tuesday.

Quiet.

Quiet.

Wednesday. Thursday.
Quiet.

Friday.

Quiet.

Quiet.
25.10

24.37

HOLIDAY

24.55

24.98

25.40

25.00

25.18

25.61

26.03

25.73

2,000

2,000

3,000

2,000

4,000

Futures.
Market \
openod
j

Irregular,
Steady,
Steady,
Quiet,
Steady,
3 pts.dec.to 21 @24 pts. 10@20 pts. 49@54 pts. 10@13 pts.
3 pts. adv. advance.
advance.
advance.
decline.

Market,
4
P. M .

Quiet,
Unsettled, Irregular, Unsettled, Irregular,
24@28 pts. 66 @72 pts. 15 pts. dec. 62 @ 74 pts. 20@26 pts.
advance.
advance. to 5 pts.adv advance.
decline.

f
i
j

916

THE CHRONICLE

[Vol. 107.

The prices of futures at Liverpool for each day are given ness has been greatly relieved. Loading of whoat at the ports
continues fair, but tho movement from the interior has
________________
below.
decreased somewhat. It has been officially announced
Fri.
W ed.
Thurs.
Tues.
Mon.
Sat.
that the Allied agents fulfilled the 2,500,000-ton grain
Aug. 24
agreement. There has been a break in the Indian monsoon
12 M 4
to
12 M 4
12M 4
12M 4
12 M 12 M 12 M 4
p. m. which is causing some anxiety as the previous rains, altough
Aug. 30.
p. m. p. m. p. m. p. m. p. m. p. m. p. m. p. m. p. m. p. m. p. m.
fair, have been somewhat below the average; while the
d.
d.
d.
d.
d.
d.
d.
d.
New Contracts. d.
d.
d.
d.
23.94 24.06 24.42 24.72 24.89 24.77 25.32 25.39 25.30
temperatures have been high. An improvement in the
August.......... ..
23.56 23.72 24.09 24.44 24.52 24.36 24.90 25.10 24.92 24.89 outlook, however, in India has been predicted. Prepara­
September___
October......... .. HO LI­ 23.23 23.46 23.82 24.18 24.23 24.06 24.60 24.78 24.64 24.58
D7LY
November____
23.10 23.26 23.62 23.97 24.02 23.85 24.38 24.54 24.36 24.28 tions for the new crop of wheat within the near future,
December___
23.00 23.16 23.50 23.85 23.89 23.70 24.21 24.38 24.19 24.12 provided further rains are experienced which are necessary
to condition the soil. Shipments of wheat are light and offer­
ings moderate. The tonnage supply shows no improvement.
BREADSTUFFS
The visible supply in this country is now 42,175,000 bushels,
F rid a y N ig h t, A u g . 30 1918.
Flour has continued quiet. The trade is carrying ample against 4,296,000 a year ago. In the previous week it was
supplies for the time being. Until they are considerably re­ only 32,756,000 bushels. In two weeks it has increased
duced it looks as though there would not be much activity. 18,713,000 bushels. Liverpool advices on the freight situ­
Not for several years past has business been dull here as it ation say that very little now business is reported, owing to
is now. Bread may be 80 % wheat after Sept. 1, according to the close official control of chartering and rates as quoted
the ruling of Mr. Hoover; also there is to be 20% dilution for aro more or less nominal. River Plate to the Unitod King­
all Allies. The order for wheatless days has been rescinded. dom is now quoted at 215s. to 225s.; to Franco at 240s. to
The 30-days’ supply limit for flour dealers has been changed 250s., and 820 per ton to tho United States. North range
to 60 days. In other words, a brighter prospect for business ports of America are put forward at 45s. to 50s. to the United
is opening out when present supplies have been in a measure Kingdom and 57s. 6d. to Fronch Atlantic; 75s. to Marseilles
digested. Export bids were received up to noon by Govern­ and 77s. 6d. to Italy. These rates are slightly lower than
ment officials on Tuesday, Aug. 27, and will be up to noon those previously reported. Australia to_ the United King­
on every Tuesday hereafter. Sooner or later it is believed dom remains at 130s. and to South Africa at 110s.; India
that Southwestern mill prices will become firmer. On the is without change. It is apparent that more boats aro boing
other hand, spring-wheat mills seem anxious to get business diverted to the American trade to handle tho shipments of
here. Spring-wheat receipts, however, have not yet assumed wheat and other cereals, and duo to the shorter haul it is
a large volume. But Southwestern mills may have to pay natural that a preference should be shown. The present
higher prices when they come to buy wheat from the Gov­ supply of tonnage is being steadily augmented by additional
ernment’s elevators. Heretofore they have been getting sup­ launchings. Progress in this direction is indeed encouraging.
DAILY CLOSING PRICES OP WHEAT IN N E W Y O R K .
plies at a trifle under Government quotations by buying here
M on . Tues. Wed. Thurs. Fri.
and there as opportunity offered. The Food Adminis­ No. 2 red................ - ............cts.237) 237% 237% 237% 237% 237%
5
tration’s announcement asks that millers and dealers of all No. 1 spring------------ -------------- 210) 240 > 240 % 240% 240 % 240%
Indian corn at one time was firm, rising in a single day
kinds encourage the use and sale of ready-mixed flours in
order that the country may be on a mixed-flour basis with­ 3 cents on an over-sold position, after a previous break
out the necessity of retailers making combination sales of within about a week of 8 cents. Shorts covered heavily.
flour and substitutes. But all mixed flours are to be tabled Also the visible supply fell off to 5,522,000 bush., against
with the ingredients of their proportion, and to be milled in 6.752.000 in the previous week. A year ago, to be sure, the
accordance with Government standards. No “ mixed total was only 2,661,000 bush. But it is an interesting fact
flours” (except pancacke flours) shall bo made or manufac­ that within tho last two weeks the visible supply in this coun­
tured except in the proportions as outlined below. Mixed try has lost 3,108,000 bush. Liverpool advices state that
wheat and barley flour shall be in the proportion of 4 lbs. releasements are of very moderate proportions, due to the
of wheat flour to 1 lb. of barley flour. Mixed wheat and scarcity of arrivals. American shipments continue disap­
corn flour shall contain the proportion of 4 lbs. of whoat pointing, and export offerings there have been comparatively
flour to 1 lb. of corn flour. Mixed wheat and rice flour shall firm. Argentine export offerings remain in liberal quantity,
contain the proportion of 3 lbs. of wheat flour and not less with only a limited demand in evidence, and holders aro be­
than 2 lbs. of rice flour. Whole wheat, entire wheat, or coming discouraged owing to the large amount of good-qual­
graham flour or meal shall contain at least 95% of the wheat ity corn for which there aro no ready buyers. The Conti­
berry. All the above “ Victory Flours” may bo sold without nental demand has not improved. But on tho other hand,
substitutes, but at no greater price from the miller, whole­ two things operated to put prices down. They were bet­
saler or retailer than in the case of standard wheat flour. ter weather and increasing receipts. Toxas and tho South­
west had rains. Good rains prevailed throughout the Mis­
The new regulations supersede the 50-50-rule.
Wheat meets with a steady demand, but consumers are sissippi and Ohio valleys early in tho week. In the lowlands
hardly so anxious as they were last season. The world’s of the Southwest tho outlook is bettor. It is exceptionally
supplies are larger than then. The world’s crops are more good in the Northwest and in the northern part of tho Ohio
bountiful. Soon the spring wheat yield will be moving Valley States. And receipts have increased noticoably at
freely. Before long the bulk of the early movement of Western points. A still larger movement is looked for in the
winter wheat will be in elevators at terminal points. What near future. And another thing attracts attention. Thatis
effect this will have on prices remains to be seen. In the the fact that when futures advanced cash corn did not. The
open market they have been shaded to some extent below cash demand was not sharp enough. Furthermore, under
the Government quotations. To many it looks as though the now food regulations corn will not havo so prominont a
the coarse grains will decline this season and wheat with place in the plans for consumption. In other svords, tho use
them. That remains to be seen._ That the outlook is less of corn meals is to bo reduced, or certainly may bo reduced.
threatening than it was last year is plain from the fact that Naturally that will reduce the demand for cash corn. High
bread may contain 80% wheat after Sept. 1. The order grades of corn will compete more actively with lowor grades.
for wheatless days and wheatless meals has been rescinded, Certainly tho new food regulations hit corn. To-day prices
as everybody knows. (See the report on flour for further closed higher, but they are lower for the wook. _
DAILY CLOSING PRICES OF CORN IN N E W Y O R K .
details.) In France harvesting is in full swing. Sat­
Sat. M on Taes. Wed. Thurs. Fri.
isfactory reports of yields are heard in southern No. 3 yellow.......................... cts.190% 187%. 187% 183% 178% 178%
France. Recent rains there have greatly improved
DAILY CLOSING PRICES OF CORN FUTURES IN C H IC A G O .
Sat. M on . Tues. Wed. Thurs. Fri.
spring crops. There have been some minor complaints of
162%
storm damage. Complaints of storm and rain damage re­ Sept.del.in elev.(new contract) cts.158)4 160% 156)4 154)4 154% 154%
Oct. del. in elov. (now contract) 160% 162% 158% 156%
156%
ceived from the Umted Kingdom. This has tended to
Oats, though firm at one time, weakened later. Not that
hinder harvesting, yet it is reckoned that the production they developed any great weakness. They have shown
of wheat should show an increase of about 32,000,000 bush. more invisible firmness than corn. The Government has
In Italy both official and unofficial crop news is good. recently been buying enough to have a steadying effect.
Harvesting is completed in the southern and Central Italy, Some export business has been done for shipment through
with returns satisfactory. The wheat crop is officially Newport News. Oats are considered cheap by comparison
estimated at about 176,000,000 bush., against last year’s with com. Thero may be a larger feeding demand this
short crop of only 140,000,000 bush. It is reported by the season in parts of the West, where drought injured corn and
Russian Government that crops are being gathered in all pastures. Of course the needs of tho army abroad will be
parts of the country. The harvest generally is claimed very large. Last Saturday it seems tho Government bought
to be over the average, but this is regarded as doubtful. 800.000 bushels. Naturally this had its influence in spite
In Spain the crops are short and import requirements lor of a rising visible supply and heavy receipts. Export busi­
the season have been estimated at about 8,000,000 bush. ness, it is believed, will increase wlion the supply of tonnage
Thore is very little reliable news from Roumania but is larger. In England oats have been somewhat injured
indications point to a poor harvest which the Germans aro by drought. The yield will be slightly under the average,
seizing. Harvest prospects in southern Persia are said to though 20,000,000 bushels larger than last year. Barley will
be excellent. From Armenia harvest returns are said to bo be 4,000,000 bushels larger. Grass and root crops are
about tho average and yields have been up to expectations. greatly improved in tho United Kingdom. The French crop
On the whole, the position is good. The Chicago Board of of oats promises to be larger than that of last year;
Trade has issued the following notice:
also those of rye and barloy. Yet sample prices at the
Tho grain com m ittee will not directly intervene in tho disposition o f any
Tho visible
wheat. Trading, how ever, must be conducted in accordance with prefer­ West havo shown a tendency to decline.
ential switching dispositions as a m atter o f permanent policy. A sheet supply increased to 15,028,000 bush., against 12,110,000
will shortly bo Issued b y the United States Railroad Administration giving
in the previous week and 5,285,000 a year ago. In two
preferential switch routing to all industries.
Latest advices from Argentina state that it is raining through­ -weeks tho visible supply in this country has increased
out the north and centralparts; apprehension concerning dry­ 6.473.000 bush. Country offerings have increased. Cash



A ug . 31 1918.]

THE CHRONICLE

917

markets all over the West have at times been heavy under
THE DRY GOODS TRADE
these increasing offerings. As far as trado hero is concerned
N e w Y o r k , F rid a y N ig h t, A u g . 30 1918.
it has been small. Consumers, for the time being, seem to
Thoro has boon no departin'© on tho part of merchants in
be pretty well supplied. There has been selling of Septem­
ber that looked like hedging business. To-day oats ad tho dry goods trado from thoir conservative attitude, and
vanced slightly, but are lower for the week
consequently markets during the week havo again ruled
D A I L Y C LO S IN G P R IC E S OF O A TS IN N E W Y O R K .
quiet. Evor since the outbreak of the European war they
Sat.
M on .
Tues.
Wed.
Thurs.
Fr .
Standards cts.8 1 % @ 8 2 81 % @ 8 2 8 1% @ 8 2 8 1 % @ 8 2 81 >3 @ 8 2
82
have had many unexpected changes to contend with, to
N o . 2 w hito__82@82>* 8 2 @ 8 2 % 8 2 @ 8 2 % 8 2 @ 8 2 K 8 2 @ 8 2 %
82%
say nothing of adjusting thomselves to new ways of doing
D A I L Y C L O S IN G P R IC E S OF O A TS FU T U R E S IN C H IC A G O .
Sat. M on . Tues. Wed. Thurs. Fri.
business and to having to divert thoir attention from ordinary
Sept.del.in elov.(new contract) c t s . 7 0% 7 1% 70% 7 0%
69%
70%
trade to Government work. Therefore they do not care
73% 7 2% 7 1%
70
71%
O ct. del. In elov. (now con tra ct)___7 2%
to try and anticipate tho future, and are confining business
The following aro closing quotations:
largely to immediate needs. The markets, however, are
FLOUR.
Spring............................$10 90@ S11 25 Barley flour (t o arrlvo) _ $ 8 6 0 @ 9 50 not what could bo termed dull, as there is a steady trade
W inter............................ 10 2 5 © 10 50 Tapioca flour________________ nom .
K a n s a s ......................... 10 9 0 @ 11 25 H om iny-------$4 8 5 @ * 5 10 going on, but there is an absence of buying for deferred de­
R ye flou r..................... 8 5 0 © 10 50 Y ellow gran ulated____ 4 9 0 © 5 1 0
livery. Domand for Government account continues heavy,
Corn goods, all sacks 100 lbs.
Barley goods— Portage barley:
W ill t o .........................|5 00 © J 5 35
N o. 1------------------------------------ $6 00 and woll above 50% of the business transacted is to meet the
Bolted........................ 4 60 @ 4 75
5 25
N os. 2, 3 and 4 __________
Corn flour________ 5 00 @ 5 50
N os. 2-0 and 3 - 0 _____0 0 0 @ 0 15
requirements of the army and navy. Orders for the Gov­
Corn starch______ per lb. nom .
o 25
N o . 4 -0 ............
ernment, in all cases, receive preference, but many mer­
R ice flour, spot and to
Oats goods— Carload, spot de­
arrive__________ per lb. 1 0 @ 1 0 J£c.
livery ........................................ 9 50
chants aro making preparations to resume civilian trade as
G R A IN .
soon as work for tho Government subsides. While ordinary
Wheat—
Oats—
consumers will continue to find goods difficult to obtain,
N o . 2 re d ................................ $2 37%
Standard________________
82
N o . 1 s p r in g ______________ 2 40H
N o. 2 white_____________
82%
consumption through civilian channels has decreased ma­
N o . 1 N orthern___________ 2 39%
N o. 3 w h it e ..___________
C orn N o. 4 white______________
11* terially. Mills havo recently been making headway in
N o . 3 m ix e d _______________ nom .
Barley—
catching up with back orders, but there aro still numerous
N o. 2 y e llo w ________________1 87%
F eed in g ......................... $1 10
1 15 complaints of slow deliveries.
Cancellations have been
S o . 3 y e llo w _______________ nom ,
M a ltin g ____________ 1 1 5
1 20
surprisingly small, as developments in the cotton market
R ye—
N o . 4 yellow _____________ I 50
W estern ____________
Argentine__________________ nom .
1 72 of late havo dissipated all hopes that the next revision of
F o r o t h e r ta b le s u su a l g iv en h ere, see p a ge 880.
cotton goods prices will be downward. The developments
WEATHER BULLETIN FOR W EEK ENDING AUG. in the markets for raw material have caused considerable
27.— The influences of woathor on tho crops as summarized nervousness among spinners. Owing to adverse crop con­
in tho weather bullotin issued by the Department of Agri­ ditions prices have moved upward to higher levels than pre­
vailed lato last wintor. The last adjustment of cotton goods
culture for tho week onding Aug. 27 were as follows:
prices by tho Government was based on 30-cent cotton, and
C O R N .— Tho lack o f rain In southeastern and northeastern States had
an unfavorable effect on corn. T ho growth was very poor during most quotations for raw material at the time the prices were fixed
o f tho wook in tho lower Ohio Valloy, but rains near the close will benefit woro well bolow tho 30-cent level.
Since then prices for
the crop. T ho woll-dlstributod showers near tho m iddlo o f tho week
from tho lower Missouri Valloy southward caused soino im provem ent In raw matorial have advanced to above 35 cents, and if these
corn on lowlands In Missouri and Arkansas, but It is believed tho rain came levels aro maintained it is more than likely that the next
to o late to benofit most o f tho crop in Kansas and Oklahoma, as well as
in much o f Missouri and parts or southwestern Iowa. T ho rainfall in rovision of cotton goods quotations will be sharply up­
Nobraska was too light to affect tho growth to any extent; It continues fair ward instead of downward.
In tho northern and western portions o f that State, but very p oor in tho
DOMESTIC COTTON GOODS.— There has been no
southeastern counties. C orn inado good progress in m ost o f Wisconsin
M innesota and tho Dakotas. Excellent growth continued in northern gonoral activity in staple cottons during the past week.
and eastern Iowa and northern Illinois. T ho rain caused an im provem ent
in central Illinois and saved part o f tho crop in southern Illinois Consid­ While there havo been a few orders placed for delivery during
erable corn has been harvested in eastern Kansas, and cutting for fodder tho last half of the current year at prices to be fixed later,
and silo filling was in progress in M issouri, Indiana, southern Iowa and
southwestern W isconsin. Pulling fodder was about com pleted in Georgia most of tho business transacted has been for nearby delivery.
and was begun in southeastern Virginia.
A number of merchants who anticipate that tho next official
C O T T O N .— Tho long drought in tho western portion o f tho cotton bolt
was roliovod in m any localities b y good rains during tho week, but they rovision of prices will be upward, and possibly to a much
cam o too late in m ost places to bo o f material benefit to tho cotton crop. higher level than now prevailing, havo been endeavoring
T ho wook was practically rainless In m uch o f tho eastern portion o f tho bolt to purchase goods on a larger scale. Mills, on the other
and tho lack o f moisture is unfavorably affecting tho developm ent o f tho
crop in m any places o f this area. Local heavy rains foil In eastern N orth hand, aro roluctant sellers. Second hands likewise continue
Carolina, which did somo damage to cotton . Tho tomperaturo averaged to sell sparingly and are holding prices very firm, and buyers,
som ewhat below normal on tho oxtreme eastern portions o f tho belt and
it was considerably warmer than usual In northern Texas and Oklahoma; m many instances, aro willing to pay premiums m order to
olsowhoro tho tomperaturo averagod about normal. C otton made fairly secure tho goods.
Government inquiry continues to in­
satisfactory advances in m uch o f tho C arolines, but there L considerable
s
shedding in thoso Statos. and rod spider a ctivity is increasing in South crease, and, according to reports, airplanes will be equipped
Carolina. Tho outlook is generally unfavorable in Georgia, where tho with wings mado from cotton fabrics instead of linen.
De­
bolls contlnuo to open prematurely and much damage has boon dono by
rust, spiders and weevil. Tho prospect for a top crop is poor, especially mand for ginghams has been active, and distributers expect
.n tho contral and northorn portions. Rust and spider a ctivity continue an activo rotail business during the fall as well as next spring.
n Alabama and Mississippi. Soil is dry in northern Alabam a, but tho Shootings aro in activo request, and are bringing full prices.
showers in Mississippi caused som o Improvement b y checking promaturo
oponing. Tho week was rather unfavorable in Louisiana, where frequent Manufacturers of gray goods continue to bo reluctant sellers,*
rains interrupted picking and lowered the grade; considerable shedding is and as a result business is quiet.
There continues, however
roported in that Stato. Tho sovoro drought was rolioved in much o f Texas
and Oklahoma, but tho rain cam o too late to bo o f material benefit in m any to be a good inquiry.
localities, and it caused much shedding in Oklahoma. W herever tho plants
WOOLEN GOODS.— Conditions in the markets for
still possess sufficient vitality in thoso Statos, how over, tho moisturo gives
woolons and worsteds aro little changed. Business in ordi­
som o prospects o f a top crop. Picking is progressing rapidly in Texas
but tho yiold is poor and m ost o f tho crop Is being gathered at tho first nary channels continues slow, and no improvement is expicking. Tho showors have good advanco on m uch o f tho low lands o f
Arkansas, and tho condition o f tho crop is satisfactory on tho lower ground poctod until mills know whether or not they will bo allotted
in tho contral and northeastorn portions o f that Stato, but poor elsewhere
any raw wool for tho manufacture of fabrics for civilian ac­
Bolls aro oponing woll to tho northern limits o f tho belt, and picking and
Holders of goods aro offering very sparingly, and
ginning aro progressing rapidly in tho moro southern districts. Tho labor count.
situation for harvest ls apparently well in hand.
pricos remain firm. Government officials aro laying con­
S P R IN G W H E A T .— Tho harvest o f spring wheat progressed satis­
factorily in m ost localities whero this work had not boon com pleted and siderable stress upon tho shortage of raw wool, and, although
thrashing progressed in other portions o f tho spring-wheat bolt
Somo tho trade is hopoful of somo modification of tho ruling, there
spring wheat is late In portions o f tho far Northwest and is ripening slowlv
and killing frost In a few o f tho elevated districts in tho northern R ockv aro only a few who expect allotments for civilian account to
During the week a line of half cotton and half
M ountain region caused som o injury to tho crop. Rains caused som o delay bo inado.
n harvesting and thrashing in portions o f tho spring-wheat bolt, particu­ wool fabrics was opened, and most of the available woolens
larly in M ontana, northorn Idaho, parts o f tho north Pacific States and
Consumers’ stocks are
Iowa. 9 ho yiold o f spring wheat continues satisfactory, being generally contain a largo amount of cotton.
good to excellent in the heavy producing areas. Tho week was favorablo believed to bo sufficient, however, to supply all necessary
for thrashing in nearly all portions o f tho winter-wheat bolt, and this work
made1rapid progress. Oat harvest is progressing in tho lato districts, and needs, and clothing manufacturers are looking for a rather
thrashing is under way elsewhere, but this work has been considerably quiet trado owing to the extension of tho draft ages for the
delayed b y rain in a few localities; som o damago has been done to oats in
army and navy. Dross goods markets continue inactive
northern Iowa b y sprouting and m olding in tho shock.
B A R L E Y .— Barley harvest is about com pleted, with oxcollont yields with vory few showings for next spring.
o f good quality in tho UPPOT Mississippi Valley and northern Plains’ States,
FOREIGN DRY GOODS.— Aside from the fact that
but only fair generally in tho Pacific Coast States. Flax continued good
in tho Northwest; it is ripening fast in tho Dakotas and som e has been stocks continue to decrease very rapidly with every indication
cu t. Buckwheat continue? satisfactory developm ent in tho Appalachian
M ountain districts and Northeast; tho lato sown crop continue? in fair of thoir becoming entirely exhausted within the near future,
condition in M ichigan, but tho early sown is suffering from lack o f moisture
nothing of importance has developed in the linen market
R ico is im proving In Arkansas, and this crop is doing well in Texas- harvest
A few assorted parcels have arrived from
was delayed In Texas and Louisiana b y rain. Tho recent rain’s in tho during tho week.
southern Plains State? havo m ade tho outlook for lato sorghum grains in abroad, but they havo been so small that they have not
that area m oro promising.
Retailers continue to move
P L O W IN G .— Plowing for winter wheat made rather slow progress helped to reliovo tho situation.
during the week on account o f dry soil in m any localities, but where tho thoir stocks through special sales at prices remarkably low
soil moisturo was sufficient this work made rapid advancem ent. Plowing wlion considering tho high cost and difficulties of replacing.
ls from ono-half to two-thirds com pleted In Missouri and m oro than half
dono in tho eastern portion o f Kansas. Recent rains in m uch o f tho Buyers for tho Government have been in the market for
southern Plains area, m iddlo Mississippi and Ohio Valleys and far N orth­ table and bod linons, but owing to their scarcity, have been
west im proved tho solid condition for plowing, and this work is now ex­
taking cotton substitutes. Inquiry for towels has been
pected to m ako m oro rapid progress in thoso sections.
P O T A T O E S .— T ho dry weather and high tomperaturo that prevailed activo with available supplies fast decreasing. Advices
gonorally from tho Lake region eastward produced conditions unfavorable
for potatoes. Thcro was an Improvement In this crop in tho central and from abroad noto no change in conditions, with mills devot­
upper Missouri Valloy, duo to general rains. Somo damago was dono by ing moro attention to tho manufacture of cotton substi­
frost in the upper R ocky M ountain Statos. Sweet potatoes were unfavor­ tutes.
In view of tho approaching holiday, burlap markets
ably affected b y dry woathor in tho States east o f tho Mississippi River
Light weights are
but thoso which survived tho drought woro benefited b y tho rains during havo ruled quiot with prices unchanged.
tho wook in tho m oro wostorn States.
quoted at 18.60c. and heavy weights at 23.75c.



THE CHRONICLE

918

City DsfjtfrrwsHi
N E W S ITEMS .
Maryland.— P rop osed Constitutional A m e n d m e n t. — Tho
Legislature of Maryland at its 1918 session authorized tho
submission to the voters at tho general election in November
next of an amendment providing an additional section to
Articlo 1 of the Constitution, to be known as Section la,
and relating to absent voting.
Minnesota.— P rop osed Constitutional A m e n d m e n ts . — The
votors at tho general election on Nov. 5 will have an oppor­
tunity to vote upon an amendment to Article X V of the Stato
Constitution prohibiting tho manufacture, sale, barter, gift,
disposition, or the furnishing, or transportation, or having
or keeping in possession for sale, barter, gift, disposition, or
the furnishing, or transportation, or intoxicating liquor of
any kind in any quantity whatever except for sacramental,
mechanical, scientific or medicinal purposes, from and after
July 1 1920.
North Carolina.— C orrection.— Only two propositions,
not five as stated by us in these columns last week, aro to be
submitted to the voters at the general election on Nov. 5
next. They aro: (1) An Act to amend Section 3 of Articlo 5
of tho State Constitution in regard to the taxation of home­
stead notes and mortgages, and (2) An Act to amend Sec­
tion 3 of Articlo 9 of tho Stato Constitution so as to insure
a six months’ school term.
Taxing Municipal Bonds Unconstitutional.— On pages
767 and 768 of last week’s issue of our paper wo published
the text of an opinion given by Reed, McCook & Hoyt,
attorneys, of this city, to tho American Bankers’ Associa­
tion of America, for which they aro counsel, to tho effect
that Congross lacks constitutional power to tax income from
municipal bonds.
West Virginia.— P rop osed C onstitutional A m e n d m en t —
An amendment to Articlo VI of tho State Constitution is
proposed and will bo submitted to votors on Nov. 5, so as to
provide that tho Legislature shall not appropriate any money
out of the Treasury except in accordance with certain pro­
visions. .

BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
A B IN G T O N S C H O O L D I S T R IC T (P. O . A b in g t o n ), M o n tg o m e ry
C o u n t y , P a .— BOND OFFERING.— T h e B oard o f School D irectors, W m .
P . W ooley, Secretary, will recoivo bids until 8 p. m . Sept. 2 for 830,000
5 % cou pon school im pt. bonds. D enom . §1,000. D ate Sept. 1 1918.
In t. M . & S. D uo Sept. 1 1948, also payablo as follows: Series A , $5,000,
on or after Sept. 1 1923; Series B , $5,000, on or after Sept. 1 1923;
Series O, $10,000, on or after Sept. 1 1928; Sept. D , $10,000, on or after
Sept. 1 1933. Cert, check for $500, required. B onded d ebt $194,700.
Assessed valuation $8,951,824.
ALLEN C O U N T Y (P . O . F o rt W a y n e ), Ind . — BOND OFFERING.—
W m . E . Banke, C ounty Treasurer, it is stated, will rfcceivo bids until 11
a. m . Sept. 10 for $11,200 4 M % 1-10-year serial cou nty im pt. bonds.
A N D E R S O N , M a d ison C o u n t y , I n d .— BOND SA LE.— An issuo of
$25,000 6 % fire-departm ent-equipm ent bonds is reported sold to tho M eyerKisor Bank o f Indianapolis at 103.726.
BONDS PROPOSED.— A ccording to local papers, a petition has been
prepared ready to file with tne Public Service Board asking its approval o f
an issue o f $95,000 m unicipal light plant bonds.
A R D M O R E , C a r te r C o u n t y , O k la .— ROND SALE.— T he W m . R .
C om pton C o. o f St. Louis havo been awarded $490,000 5 % tax-freo coupon
serial bonds. D en om . $1,000. D ate July 1 1918. IM n. and somi-ann.
int. (J. & J.) payablo at tho Stato fiscal agoncy in N ow Y ork
D uo on
July 1 as follows: $123,000 in 1923, 1928 and 1935 ami $121,000 in 1938.
These bonds, authorized at an election, constitute direct obligations o f tho
C ity o f Ardm ore, and aro payablo, b oth principal and interest, from an ad
valorem tax levied against all taxable property therein. T h o abovo bonds
were issued for tho following purposes: $300,000 water supply; $100,000
water extension; $75,000 sanitary sower and $15,000 incinerator plant.
Financial Statement.
Estim ated actual valuo taxable property....... ............................ ........ $8,700,000
Assessed valuation taxablo property---------------------------- • - 7,358,7 <1
T otal bonded d eb t----------------------------------------- 234,600
W aterw orks bon d s-----------------------------------------$675,000
"■Sinking fund a bou t------------------------------------- 41,253
716,2o3
51o*347
N et bonded d eb t______________________________ __________________
Population, 1910 Census, 8.618; 1918 (est.), 22,000.
* Exclusive o f waterworks sinking funds.
A R G Y L E , M arshall C o u n t y , M in n .— BOND OFFERING.— B ids will
be recolved until Sept. 5, it is stated, for $42,000 waterworks bonds at
n ot exceeding
int. D enom . $1,000. Cert, check for 5 % required.
E . A . Brekke Is Village Recorder.
A U B U R N T O W N S H IP (P. O . T ir o ), C ra w fo rd C o u n t y , O h io .—
B ID S REJECTED.— R eports stato that tho Township Trustees rejected
as irregular all bids recoived for the $10,000 5 % road bonds offored on Aug.
27— V . 107. p .7 1 3 .
A U G L A IZ E C O U N T Y (P . O . W a p a k o n e ta ), O h io .— BOND OFFER­
I N G — Proposals will be recolved until 12 ra. A ug. 31 b y Chas. E . Fisher,
C ounty Auditor, for $8,000 r>'A% bridge im pt. and const, bonds. Auth.
See. 2434 Gen. C odo. D enom . $500. D ato Sept. 1 1918. Prin. and
somi-ann. int. (M . & S.) payablo at the C ounty Treasurer’s offico. Duo
$1,000 each six m onths from M ar. 1 1919 to Sept. 1 1922. Cert, check
on som e solvent bank, payable to the C ounty Treas. for 2 % o amount o f
bonds bid for, required. Bonds to bo delivered within 15 days o f award.
Purchaser to pay accrued interest.
B A T A V IA , C lerm on t C o u n t y , O h io .— BONDS A U T H O R IZ E D .—
On A ug. 19 tho Viliago C ouncil authorized tho Lssuanco o f $6,000 5 A %
15-26-year serial cou pon refunding bonds.
A uth. Sec. 3931 Gen. C odo
and olection held A ug. 13. V. 107, p. 200.
D enom . $500.
D ato day
o f salo. Int. semi-ann. Purchaser to pay accrued int. Chas. S. Slade Is
Viliago Clerk.
BATTLE CREEK, C alh oun C ou n ty, M ich .— BOND SALE.— D uring
August A . B. Leach & C o . o f Chicago wero awarded, it is stated, $20,000
5 % 1-20-year sower bonds. In t. semi-ann. D u o $1,000 yearly on Sept.
1 from 1919 to 1938, incl.
B E A V E R D A M S C H O O L D IS T R IC T N O . 27 (P . O . B is h o p v ille ),
L ee C o u n t y , S o. C a r o .— BOND SA LE .— During August tho $2,600 6 %
20-year school bonds mentioned in V . 106, p . 2470, wore awarded, according
to reports, to the Carolina B ond & M ortgago C o. o f C olum bia.




[Vol. 107

B E D F O R D , C u y a h o g a C o u n t y , O h io .— BOND OFFERING.— J.* O.
Cross, Viliago Clerk, will receivo proposals, it is stated, until S o p t .fl9
for $7,000 516% bonds. Int. scm l-ann. Cert, check for 10% required.
B E L H A V E N , B e a u fo r t C o u n t y , N o. C aro .— BOND OFFERING.—
Proposals will bo received until 12 m . Sept. 16 b y tho C ity Clerk, ltlls
stated, for $25,000 electric-light and $10,000 funding 6 % bonds.
B E L L A IR E C I T Y S C H O O L D I S T R I C T (P. O . B e lla ire ), B e lm o n t
C o u n t y , O h io .— BOND SALE.— On A ug. 20 tho $25,000 6 % 9-yoar school
bonds (V . 107, p. 526) wero awarded, it is stated, to tho W m . R . C om pton
C o. o f Cincinnati.
B E L L E F O N T A IN E S C H O O L D I S T R I C T (P . O . B e lle fo n ta in e ),
L o g a n C o u n t y , O h io .— BOND SA LE.— T ho $105,000 5 % 1-30-year serial
school bonds voted April 2— V . 106, p. 1597— havo boon sold.
BELLE V U E, H u r o n C o u n t y , O h io .— BOND OFFERING.— Proposals
will bo received b y G . R . M ooro, C ity A uditor, until Sopt. 10, it is stated,
for $12,000 6 % 12-year fire dept, bonds. D enom . $1,000. D a te July
1 1918. Int. semi-ann. C ert, check for 5 % required.
B EN N E T S C H O O L D I S T R IC T (P . O . B e n n e t), L a n c a s te r C o u n t y ,
N eb .— BONDS VOTED.— A proposition to issuo $45,000 school bonds
carried, it is stated, at a recent eloction.
BESSEM ER, J e ffe rso n C o u n t y , A la .— BOND SA LE.— S id n ey Spitzer
& C o. o f T oledo have been awarded, it is stated, $30,000 m unicipal im­
provem ent bonds.
B IG S P R IN G S C H O O L D IS T R IC T , S is k iy o n
C o u n t y , C a l.—
DESCRIPTION OF B O N D S — Tho $10,000 6 % 1-20-yoar serial school
bonds awarded on A ug. 5 to M cD onnell & C o. o f San Francisco at 103.20
(V. 107, p. 713) aro in donom . o f $500 and dated July 2 1918. In t. ann.
July.
B IN G H A M T O N , B room e C o u n t y , N. Y .— BOND SALE.— On A ug.
19 tho Chenango Valloy Savings Bank o f Bingham ton wero awarded at par
and interest the $30,000 5 % city hospital bonds recently authorized
(V . 107, p. 713). D enom . $1,000. D ato A ug. 1 1918. Int. F . & A .
B L A IN E C O U N T Y S C H O O L D IS T R IC T NO. 10 (P . O. C h in o o k ),
M o n t.— BOND OFFERING.— Sealed bids will bo rocoivod until 10 a. m .
Sept. 9 for $22,000 6 % 10-20-year (opt.) school-sito and building bonds.
D onom . $1,000. D ato July 1 1918. Int. somi-ann. C ert, ch eck for
$2,200, payable to tho D istrict, required.
B O IS D ’A R C IS L A N D LEVEE D I S T R I C T , D a llas C o u n t y , T e x .—
BONDS VOTED.— Dallas papers stato that a proposition to issuo $350,000
reclam ation bonds carried b y a vote o f 25 to 2.
B O S T O N , M ass.— TE M PO RARY LO A N .— On A ug. 29 a tem porary
loan o f SI ,000,000, maturing N ov . 11 1918, was awarded to tho Old C olony
Trust C o. o f B oston, it is stated, at 4.0 4 % int. to follow.
B R A D F O R D , M iam i C o u n t y , O h io .— BOND SALE.— Tho $1,100 6 %
water-works com pletion bonds offored on A ug. 2 (V . 107, p. 96) wero
awarded on A ug. 0 to D urfco, Niles & C o. o f T oledo for $1,923 80, equal
to 102.163.
B R A Z O S C O U N T Y R O A D D I S T R IC T NO. 2 (P . O . B ry a n ), T o x .—
BONDS A W A R D E D I N PA RT .— O f tho $70,000 5 A % coupon road bonds
offered on M ar. 4 (V . 106, p. 948), $17,000 havo been sold at par and int.
J. F . M aloney is C ounty Judgo.
B R E W S T E R S C H O O L D IS T R IC T (P . O . B rew s ter), P a u ld in g
C o u n t y , O h io .— BOND OFFERING.— Bids will bo rocoived until Sept. 10
for tho $5,000 6 % 5-24-yoar serial plumbing-installation and sower Im­
provement bonds recently voted (V . 107, p . 419).
B R IS T O L , S u lliv a n C o u n t y , T e n n .— BONDS AU TH O R IZED .— ' ho
T
C ity Commissioners havo passed an ordinanco, it is statod, authorizing tho
issuanco o f $46,000 6 % street im pt. bonds. D onom . $1,000. D ato O ct. 1
1918.
B R IS T O W S C H O O L D IS T R IC T (P . O . B r is to w ), C reek C o u n t y ,
O k la .— BOND SALE.— T ho $35,000 5 % 20-yoar school bonds offored on
M a y 1 (V . 106, p . 1818) wero awarded on A ug. 21 to tho Stato School
Land Board o f Oklahoma at par.
B R O W N S V IL L E , C a m eron C o u n t y , T e x .— BONDS VOTED.— An
issuo o f $350,000 m unicipal-im provem ent bonds was recently voted,
it is stated.
B U R A S LEVEE D IS T R IC T (P. O . B u ra s ), P la q u e m in e s P a rish ,
L a .— BONDS PROPOSED.— An issuo o f $25,000 5 % bonds will, it Is statod,
bo offered for salo shortly. D enom . $500. D ato M a y 1 1918. D uo M a y
1 1968. R . S. Leovy is President.
C A LH O U N C O U N T Y R O A D D IS T R IC T N O . 2 (P. O . P ort L a v a ca ),
T ex .— BOND SALE.— Tho $75,000 5 % 17-yoar avor. road bonds offered
without success on Jan. 28 (V . 106, p. 625) havo been sold.
C A M B R ID G E , G u e rn s e y C o u n t y , O h io .— BOND OFFERING.—
Additional information is at hand relativo to tho offering on Sopt. 5 o f tho
$20,000 6 % 2-21-year serial coupon stroot-ropair bonds (V . 107, p. 714).
Proposals for these bonds will bo recoived until 12 m . on that day b y J. J.
Calvert, C ity Auditor. D enom . $1,000. D ato Sopt. 3 191$. Oort,
check on a solvent bank for 2 A % o f tho bonds bid for, payablo to tho C ity
Treasurer, required. Bonded debt (incl. this issuo) A ug. 2.3 1918, $843,123.
Floating debt, $9,340: sinking fund. $1,000; assossod valuation, $14,283,450.
C A M B R ID G E S C H O O L D IS T R IC T (P . O . C a m b rid g e ), Isa n ti
C o u n t y , M in n .— BONDS VOTED.— It is reported that a proposition to
Issuo $30,000 high school bonds rocently carried.
C A R V E R C O U N T Y S C H O O L D I S T R IC T NO. 44 (P . O . W a c o n ia ),
M in n .— BOND ELECTION.— On Sept. 5 an eloction will bo hold, reports
stato. to voto on a proposition to issuo $5,000 school bonds. Josoph Fuchs
is District Clerk.
C H A R L O T T E , M e c k le n b u rg C o u n t y . N o. C a ro .— TEM PO RARY
LO A N .— Tho Independence Trust C o. o f Oliarlotto was rocontly awarded,
according to reports, a temporary loan o f $270,000, maturing in throe
m onths.
C H E S T E R S C H O O L D I S T R IC T (P . O . C h e s te r), D ela w a re C o u n t y ,
p n .— BOND OFFERING.— Proposals will bo received by Jamos H olden,
Chairman o f Finance C om m ittoo, until 11 a. m . Sopt. 12 for $370,000 4 A %
30-yoar tax-freo school bonds.
C ort. chock for at least 3% o f tho bonds
bid for, payablo to tho District Treasurer, required. T ho bonds havo been
passed b y tho Capital Issues C om m lttco. bonds to bo dolivored and paid
for O ct. 3 1918. Purchaser to pay accrued interest.
C H O U T E A U C O U N T Y S C H O O L D I S T R IC T N O . 42 (P. O . G e n o u ),
M o n t.— BOND OFFERING.— Proposals will bo recolved until Sopt. 30
b y L. II. Urton, Clerk o f B d. o f DIst. Trustees, for $1,500 0 % cou pon
5 10 year opt. school sito purchaso and bldg, bonds. D enom . $100. Int.
ann. Cert, check for $100, payablo to tho DIst. Clerk, required.
C IN C IN N A T I, H a m ilton C o u n t y , O h io .— BOND ELECTION POST­
PO N E D .— Action on tho Lssuanco or $70,000 municipal laundry bonds
which wero to havo been voted upon at an eloction A ug. 13 (V . 107, p .
419) has been postponod indefinitely.
C L IN T O N C O U N T Y (P . O . F r a n k fo r t), I n d .— B O N D SA LE .—
On A ug. 20 tho $100,000 5 % coupon county hospital bon ds (V . 107, p .
308) were awarded, it is stated, to tho Fletcher National B ank o f Indiana­
polis.
C R E S SO N S C H O O L D IS T R IC T (P. O . C re ss o n ), H ood C o u n t y ,
T e x .— DESCRIPTION OF BONDS.— Tho $8,000 5 % school bonds voted
on A pr. 27 (V . 106, p. 1709) aro doscribod as follows: Donom . $200; dato
A pr. 10 1918; int. ann. in A pr.; duo A pr. 10 1958, op t. in 5 years.
C U Y A H O G A C O U N T Y (P. O . C le v e la n d ), O h io .— BOND OFFER­
IN G .— Tho Board o f C ounty Commissioners, L . G . Krauso, Clerk, will
receivo proposals until 11 a. m . Sopt. 4 for $10,000 5 % coupon Prospect,
Albion Drako and Spraguo road Impt. bonds. A uth. Sec. 6921, 6923 and
6929, Gen. C odo. D enom . $500. Dato Aug. 1 1918. Prin. and somi-ann.
int. (A . & O.) payablo at tho C ounty Treasury. Duo A ug. 1 1923. C ort.
check on some bank othor than tho ono submitting tho bid, for l % o f bonds
bid for, payablo to tho C ounty Troasurer, required. Purchaser to pay ac­
crued Interest. Bonds to bo dollvcrod within ten days o f award.
C U Y A H O G A F A L L S , S um m it C o u n t y . O h io .— BOND OFFERING.
__F . O. Vail, Village Clerk, will recoivo bids until 12 m. Sept. 16 for
$13,500 6 % Sacjett Street sower bonds. A uth. Sec. 3878, 3879 and 3881,
Gen. C odo. D onom . 10 for $1,000 and 1 for $3,500. D ato A ug. 1 1918.

A ug . 31 1918.]

THE CHRONICLE

P l i and semi-ann. inb. (P. & A.) payablo at the Citizens’ Bank of Cuya­
ri.
hoga Palls. Duo SI.000 yearly on Aug. 1 1919 to 1928 i cl. and S3,500
n
1929. Certified check on a solvent bank of the Stato of Ohio other than the
bidder for 10% of amount of bonds bid for, required. Purchaser to pay
accrued Interest. Bonds to be delivered within ten days of time of award.
D A W S O N C O U N T Y S C H O O L D I S T R I C T NO. 78 (P. O. Richey),
Mont.— B O N D O F F E R I N G . — A. D. Wostcott, Clerk of Board of District
Trustees, will receivo proposals bctwcon 2 and G p. m. Sept. 14 for $0,400
school bonds. Cert, check for $320 required.
D E L A W A R E (State of).— B O N D O F F E R I N G . — William J. Swain,
Stato Treasurer, will receivo bids until 1 p. m. Sept. 9 for $600,000 414%
40-year (opt. on any interest dato to the extent of 105% of principle debt)
coupon tax-free Stato bonds. Donoms. $1,000 and $500. Dato Jan. 1
1918. Prin. and semi-ann. int. ( . & J.) payablo at the Partners Bank of
J
Dover. Cert, check for 5 % of the bid, payablo to the abovo Treasurer,
required.

919

Duo $480 yearly Aug. 31 from 1919 to 1923, inch Cert, check on a local
bank for $50, payablo to County Treasurer, required. Purchaser to pay
accrued interest. Bonds to bo delivered on Sept. 5 1918. Bidders will be
,required to satisfy themselves of the legality of the issue,
FA I R O A K S , Sacramento County, Calif.— B O N D S V O T E D . — Acc2r^ £ to Sacramento papers tho voters on Aug. 21 autohrized tho issuance
of $200,000 water-works-purchaso and improvement bonds.
F L O R I D A S C H O O L T O W N S H I P (P. O. Rosedale), Parke County»
I n d ' — B O N D S A L E . — On Aug. 24 tho $18,000 5 % school bonds— V. 107.
]• 714— were awarded to tho Fletcher-Ainerican Nat. Bank of Indianapolis
?
ior $18,00< equal to 100.038. Bids of par were received from J. F. Wild
,
& Co., Breed, Elliott & Harrison and tho Rosedale Nat. Bank.
F O R E S T , Harden County, Ohio.— B O N D S N O T S O L D .— Reports
stato that the $1,650 6 % road bonds offered on Aug. 27, V. 107, p. 822 were
not sold.
T h is ite m w a s in a d v e r ten tly r e p o r te d u n d e r th e c a p t i o n o f S ta te o f M a r y la n d
F O R T PA Y N E , De Kalb County, Ala.— B O N D S V O T E D .— T h e
i n last w ee k 's is s u e o f o u r p a p e r .
propositions to issue $6,000 electric light and $8,000 Town Hall 514%
D E L A W A R E C I T Y S C H O O L D I S T R I C T (P. O. Delaware), Dela­ 20-year bonds submitted at tho election held Aug. 19 (V. 107, p. 714)
ware County, Ohio.— B O N D S A U T H O R I Z E D . — O n Aug. 1 the Board carried by a vote of 97 to 11. Tho electric light bonds aro subject to call
of Education passed an ordinance authorizing the issuance of $17,410 40 at tho option of the town. Date of sale not yet determined.
5 % coupon debt-extension bonds. Auth. Sec. 39116, Gen. Code. Do­
nom. 1 of $410 40 and 34 of $500. Dato not later than Sept. 1 1918. Int. hoFOSTORIA, Seneca County, Ohio.— B O N D O F F E R I N G . — Bids will
for $26,734
M. & S. Due $410 40 on Mar. 1 1919 and $500 each six months begin­ 6 %received by W. D. Andes, City Auditor, until 12 m. Sept. 16 Gen. Code.
614-year
Auth. Sec.
ning Sept. 1 1919. Purchaser to pay accrued int. I . K. Willis i Clerk of Denom. 1 foraver, coupon refunding bonds. Sopt. 1 1918.3916 semi-ann.
t
s
$734 and 52 for $500. Dato
Int.
. Board of Education.
Duo $13,<34 March 1 1925 and $13,000 March 1 1926. Cert, check on
some solvont bank for 5 % of amount bid for, payablo to tho City Treasurer,
D E L A W A R E C O U N T Y (P. O. Muncie), Ind.— B O N D O F F E R I N G . —
Earle I . Swain, County Treasurer, will rocoivo bids, i i stated, until required. Purchaser to pay accrued interest.
I
t s
10 a. m. Sept. 9 for $49,600 414 % 10-ycar serial highway-impt. bonds.
F R A N K F O R T , Clinton County, Ind.— B O N D O F F E R I N G . — Pro­
Donom. $020. Dato Juno 15 1918. Int. M . & N . Bonds will bo delivered posals will bo received by Felix S. Coble, City Clerk, until 12 m. Sept. 13
at the oitice of the abovo Treasurer.
for $50,000 5 % coupon electric light bonds. Denom. $500. Date Sept.
D E N V E R , Colo.— B O N D S A L E . — A syndicate headed by Harris, 13 1918. Int. semi-ann. Due $5,000 yearly on Jan. 1 from 1920 to 1929,
incl. The opinion of Smith, Remster, Hornbrook
Forbes & Co. and E. H. Rollins & Sons of N o w York and the International as to the legality of the issue will be furnished. & Smith of Indianapolis
Trust Co. and Boettcher, Porter & Co. of Donvor, Colo., recently purchased
F R A N K L I N C O U N T Y (P. O. Columbus), Ohio.— N O B I D S R E ­
and has sold to investors at 95 M and i t , yielding 4.80%, $10,800,000
n.
C E I V E D . — N o bids were received on Aug. 20 for tho three issues of 5 %
4>4% water bonds dated Nov. 1 1918 and maturing Nov. 1 1948, subject coupon highway impt. bonds aggregating $93,506.— V. 107, p. 714.
to call on and after Nov. 1 1928. Prin. andsomi-ann. int. (M. & N.) pay­
F R U I T V A L E S C H O O L D I S T R I C T (P. O. Fruitvale), Oakland
able at tho offico of the Treasurer of the city and county of Donvor or at County, Calif.— B O N D S V O T E D . — It i reported that an issue of $3,003
s
N o w York Trust Co., N. Y., at tho option of tho holder. Coupon bonds school house bonds has been voted.
$1,000. Principal m a y bo registered i desired. Tho bonds aro a legal
f
G A D S E N C O U N T Y (P. O. Quincy), Fla.— N O B I D S R E C E I V E D —
investment for N o w llampshiro, Vermont, Rhode Island, Connecticut and B O N D S R E O F F E R E D . — No bids were received for tho $30,660 5 % 1-17-year
N o w Jersey Savings savings banks, and eligible as security for postal savings serial coupon bridge bonds offered on Aug. 20 (V. 107, p. 621). Additional
bids are asked until 10 a. m. Sept. 21. F. F. Morgan i County Clerk.
s
doposits.
G A R R E T S O N , Minnehaha County, So. Dak.— B O N D E L E C T I O N . —
Tho official advertisement states that tho bonds aro general obligations
ti
s
proposition to issue
of tho city and county of Donver, and i tho water rovenuo shall not suffico An election will bo held Sopt. 5, I C.statod, to vote on aAuditor.
f
$10,000 water-extension bonds.
O. Berdahl, City
taxes must bo lovied upon a l taxablo proporty in said city and county
l
G L A D E C O N S O L I D A T E D S C H O O L DISTRICT, Jones County,
sufficient to moot tho payment of interest and principal as i matures.
t
Miss.— B O N D S P R O P O S E D . — Tho issuanco of $3,000 bonds i under
s
Theso bonds aro authorized by a vote of tho taxpayers and aro Issued to consideration, according to reports.
purchaso tho plant and distributing systom of tho Denver Union Wator
G L E N W O O D S C H O O L DIS T R I C T (P. O. Glenwood), Pope County,
Co. at an agreed price of $13,970,000, tho not earnings of which, for tho Minn.— B O N D S V O T E D . — A proposition to issuo $21,027 school bonds
t s
yoar ending Nov. 1 1917 wore $1,004,554. Tno net earnings from tho was voted, i i stated, at a recent election.
wator plant will now bo available to tho city and aro now moro than suffi­
C L O U C E S T E R CITY, C amden County, N. J.— B O N D S P R O P O S E D .
cient for tho payment of interest and tho sinking fund on tho total debt
Reports stato that $200,000 bonds to provide Emergency Fleet Corpora­
aiiis
of tho city. Tho legality of tho issuo i to bo approved by Chas. B. Wood tion village just below Gloucester City with modern drainage f c l t e ,
s
s
of Chicago and tho dolivory will bo mado on or after Nov. 1 1918, "when light and schools, i proposed.
. G R A H A M I N D E P E N D E N T S C H O O L D I S T R I C T (P. O. Graham),
i and as” issued and received by tho syndicate and providing the interest
f
Young
Tex.— B O N
S A E .—
on tho bonds has not been mado subject to any Federal income tax or any in April County, 106, p. 1709)DhaveLbeen The $40,000 school bonds voted
last (V.
sold.
legislation then ponding which would mako tho interest subject to Federal
G R A N D RAPIDS, W o o d County, Wis.— B O N D O F F E R I N G .— Sealed.
incomo tax. Tho issuo has boon passed by tho Capital Issuos Committee.
bids will bo received until 11 a. m. Sept. 2 by F. G. Gilkey. City Clerk, for
F i n a n c i a l S ta tem en t.
$28,000 public-park bonds. Cert, check for S500, payablo to tho above
Assossod valuation, equalized, 1917____________________ *331 oon 'f'
iii Clerk, required. Legality of bonds to bo approved by Chapman, Cutler
Assessed valuation, 1918 estimato_____________
340’
ooo’
onn & Parker.
Total bonded dobt, including this issuo_______
_____ 1 5 '[ i 4 0
r
, G R A N I T E C O U N T Y S C H O O L D I S T R I C T NO. 10 (P. O. PhilipsWater debt........... ......... ..........$13,970J)66
burg), Mont.— B O N D O F F E R I N G . — Elizabeth Gunnell, District Clerk,
Sinking fund.............................
994,687
will receive bids until Sept. 7 for $6,000 school bonds, i i stated. Cert,
t s
Not bonded dobt_________________:_____________
$378 713 check for $100 required.
Not bomlod debt loss than X of 1 % of assessed valuation.
A
’
G R A N T O R C H A R D S R E C L A M A T I O N D I S T R I C T (P. O. Ephrata),
Population, 1910 (Census), 213,318; 1918 ( s . , 275,000.
et)
Grant County, Wash.— B O N D S N O T T O B E R E - O F F E R E D . — The
$50,000 6 % 16 1-3 year aver. impt. bonds offered without success on Mar.
T h e o f f i c i a l a d v e r tis e m e n t d e s c r ib in g th ese b o n d s a p p e a r s o n a p r e c e d in g
12 (V. 106, p. 1259) will not again be offered for sale.
p a g e s im p ly a s a m a tter o f r e co r d a s th e b o n d s h a v e a ll b e e n s o ld .
.
G R E N A D A S C H O O L DISTRICT, Siskiyou County, Calif.— B O N D
DETROIT, Mich.— B O N D S A L E . — Tho $750,000 library bonds re­
cently approved by tho Capital Issues Committee— V . 107 p 021_ O F F E R I N G . — Proposals will bo received by W. J. Neilon, County Clerk
have boeu sold to local banks. Tho sale of tho $988,000 sewer bonds also (P. O. Yreka), until 10 a. m. Sept. 2 for $7,000 6 % 1 10 year serial school
bonds.
approved by tho Commlttco has boon postponed indefinitely.
H A M I L T O N C O U N T Y (P. O. Cincinnati), Ohio.— B O N D O F F E R ­
B O N D S T O B E O F F E R E D S H O R T L Y . — Of t i $350,000 tuberculosis
io
I N G . — Proposals will bo received by Albert Reinhardt, Clerk of Board of
hospital bonds approved by tho Capital Issues Committee (V. 107 n 02D
$100,000 will bo issued in September.
'A
’
County Commissioners, i i stated, until 12 m. Sept. 17 for S500.000 5 %
t s
al
N O B ID S R E C E IV E D .
N o bids wore received for tho threo Issues of 30-year court-house and j i bonds. Int. semi-ann. Cert, check for 5 %
required.
4 % tax-freo coupon (with privilogo of registration) general hunt, bonds
aggregating $2,870,000, offered on Aug. 26 (V. 107, p . 7 14 ) 1
.
H A N C O C K C O U N T Y (P. O. Findlay), Ohio.— N O B I D S R E C E I V E D .
D U R H A M , D u r h a m County, No. Caro.— B O N D O F F E R I N G . _Pro­ — N o bids were received for tho $19,325 5 % bonds offered on Aug. 24
(V. 107, p. 822). Tho bonds are s i l on tho market. F. M . Prico i
tl
s
posals will bo received by Gcorgo W . Woodward, City Clerk, until 2 p. m. Clerk of Board of County Commissioners.
Sept. 10 for $100,000 5 % water bonds. Denom. $1,000. ’ Dato July 1
U
Y CHO
1918. Prin. and semi-ann. int. payablo at tho U. S. Mortgage & Trust Co. B OHILLSC O E .N TOn SAug. O L DI S T R I C T NO. 44 (P. O. Havre), Mont.—
ND
AL
—
30 the $1,800 15-20-year (opt.) school bonds
of N o w York. Duo $4,000 yearly on July 1 from 1920 to 1944, i c . (V. 107, p. 622) were issued to the Stato of Montana.
nl'
Certified chock on nn incorporated bank or trust company for 2 % of tho
H O L L A N S B U R G S C H O O L D I S T R I C T (P. O. Hollansburg).
bonds bid for, payablo to Jos. H. Allen, City Treasurer, required. Tho Darke County, Ohio.— B O N D S A L E . — On Aug. 14 $2,100 6 % transporta­
abovo trust company, at which tho bonds will bo delivered and payablo tion bonds were awarded to W. L. Slayton & Co. of Toledo for $2,124 57
to
Sept. 16 1918, will prepare tho bonds and will certify as to tho genuineness equal1930. 101.17. Denom. $100. Dato Aug. 1 1918. Int M . & S.
Due
of tho signatures and tho seal Impressed thereon. Tho bonds havo been
H O M E R , Dakota County, Neb.— B O N D S N O T S O L D .— N o sale has
approved by tho Capital Issues Committco and their legality will bo ap­ yet been mado of the $7,500 5-20-year (opt.) light and $3,400 10-20-year
proved by Caldwell & Masslich of N o w York, whosd opinion will bo fur­ (opt.) water extension 6 % bonds offered on Aug. 1 (V. 107, p. 309).
nished tho purchaser. All bids aro to bo submitted on blank forms fur- Denom. $500. Dato Aug. 1 1918. Int. ann. Aug. Duo Aug. 1 1938.
J. M. King i City Clerk.
s
nishod by tho abovo Clerk or trust company.
T h e o f f i c i a l n o tic e o f th is b o n d o f fe r i n g w ill b e f o u n d a m o n g the a d v ertise­
H O M I N Y , Osage County, Okia.— B O N D S P R O P O S E D .— An issue
of $50,000 water-works bonds i under consideration, i i stated. L.
s
t s
m e n ts e ls e w h e r e i n th is D e p a r tm e n t.
Hall i City Clerk.
s
F i n a n c i a l S ta te m en t.
Assossod valuation, 1917------•
---------094 7f>o q r < nn
>
H O W A R D C O U N T Y (P. O. Kokomo), Ind.— B O N D O F F E R I N G .
—
Actual value of taxablo proporty (est.)______
4r ’ < 6’
to ) nnn nn Proposals will bo received by the County 'freasurcr, until 10 a. m. to-day
(Aug. 31), i L stated, for $22,305 5 % 10-ycar ditch bonds. William L.
t s
Valuo of municipal property— 1916 appraisal..IIIZII"!*" 2 ’
809 586 71
s
Bonds outstanding------------------------------ 2
1 826 000 00 Benson i County Auditor.
Floating indebtedness-----------------------200 000 00
H U D S O N , Summit County, Ohio.— B O N D O F F E R I N G . — Additional
Total debt............. -................ —
2,
020,00000
s
Sept. 17 of tbo
Wator dobt--------- -----------------------gun noo 06 information i at hand relative to tho offering on (V. 107, p. 822). $3,000
5 A % combination hose and chemical truck bonds
Pro­
Not debt, computed undor regulations governing deposit of
’
those
postal savings funds----------------------------047 ono 77 posals forVillagebonds will bo received until 12 m. on that day bv B. S.
Sanford,
Clerk. Auth. Sec. 3939 Gen. Code. Donom. $1,000.
Cash in treasury (not doducted abovo)--------lOt’060 00 Dato Aug. 15 1918. Int. semi-ann. Duo $1,000 yearly on Aug. 15 1926
Iv Population, 1910, 18,241; 1916 ( s . , 25,061.
et)
” *
•
to 1928, i cl. Cert, check for 5 % of amount of bonds bid for, payable to
n
EAST LANSDOWNE (P. O. Lansdowne), Delaware Countv. P a_ the Villago Treasurer, required. Purchaser to pay accrued int. Bonds
B O N D S A L E . — Tho $15,000 5 % 20 yoar aver, highway bonds offered "on to be delivered within 10 days of time of award.
Aug. 12 (V. 107, p. 021) were awardod to Mullin' Bri^s & Oo? of Pitts­
H U T C H I N S O N , Reno/County, Karts.— D E S C R I P T I O N O F B O N D S .—
burgh.
Tho $93,300 5 % 1-10-year serial sewer bonds awarded on Aug. 1 at 100.268
S
EDON SCHOOL DISTRICT (P. O. Edon), Williams County, Ohio.— to D. I . Dunne & Co. of Wichita (V. 107, p. 823) are described as follows:
Denom. $500. Dato Aug. 1 1918. Int. F. & A.
S O N D S A L E . — A n Issuo of $5,000 school building bonds has boon disposed
of, i I statod.
t s
J A C K S O N T O W N S H I P (P. O. Owensburg), Greene County, Ind.
ELLIS COUNTY LEVEE DISTRICT NO. 8 (P. O. Waxahachie) — B O N D O F F E R I N G .— Reports stato that Will H. Radcllff, Township
J eoc.— B O N D S N O T S O L D . Tho County Judgo advises us that tho Trustee, will rocoivo bids until 2 p. m. Sept. 10 for $2,000 6 % 4-yoar town­
—
$37,500 6 % lovoo bonds recently reported sold (V. 107. p. 822) have not ship bonds.
yet boon disposed of. Donom. $1,000. Dato July 10 19i8.
Int A & O
JEFF RSON
OO
S
C T (P.
Duo serially. Subjoct . o call $3,000 yoarly.
t
'
' County,E Iowa.— S C H C R IL T IDIN T R I B O N D S . O. Jefferson),% Greene
DES
P
O
OF
— Tho $60,000 5
10-year
ERIE COUNTY (P. O. Sandusky), Ohio.— B O N D O F F E R I N G . _ school building bonds awarded on July 15 to Geo. M. Bechtel & Co. of
Davenport (V. 107, p. 823) aro in donoms. of $1,000 and dated Sept. 1
Sealed bids will bo received by tho County Commissioners, Roubon G
Ehrhardt, Clerk, until 11 a. m. Aug. 31 for $2,400 6 % 3-yoar aver, reai 1918. Int. M . & S.
ostato impt. and stock barn const, bonds. Auth. Sec. 9887-1 Gen. Codo
J E F F E R S O N T O W N S H I P S C H O O L DISTRICT, Ind.— B O N D S A L E .
Si aV \ , l u J 1 ! V°h 105 Session Laws, p. 484. Denom. $480. Dato Aug! — Reports state that an issuo of $25,000 5 % high-school bonds has been
,°o l < , '
31 1918. Prin. and soml-ann. int. payablo at tho County Treasury. sold to local Investors.




920

THE CHRONICLE

[Vol. 107.

K E N D A L L C O U N T Y (P. O. Boerne), Tex.— B O N D S A L E . — I . M. July 16 to tho Wells-Dickey Co. of Minneapolis at par (V. 107, p. 823) are
I
Noel & Co. of St. Louis havo purchased at par and tnt. an Issue of 580,000 in denoms. of $1,000 and dated July 1 1918. Int. J. & J.
5 % 20-40-yr. (opt.) Road Dist. No. 3 bonds. Denom. 51,000.
M O B R I D G E , Walworth County, So. Dak.— B O N D O F F E R I N G .—
t s
B O N D S A L E . — The $38,000 5 % 20-30-yoar (opt.) road bonds offered Proposals will be received until 10 a. m. Sopt. 3, I i stated, by J. E.
on Aug. 12 (V. 107, p. 528) were awarded to I . M . Noel & Co. of St. Louis Robertson, City Auditor, for $50,000 constr. and maintenance sewerage
I
system bonds. Donom. $5,000.
at par and Int. loss $3,800 for attorney’ fees.
s
M O N R O E C O U N T Y (P. O. Aberdeen), Miss.— B O N D S A L E . — On
K E N M O R E , Summit County, Ohio.— B O N D S A L E — On Aug. 24
the $2,000 6 % 4-year coupon bldg, bonds— V. 107, p. 528— were awarded Aug. 5 tho $40,000 5>S% 25-ycar road impt. bonds (V. 107, p. 421) wore
to Stacy & Braun of Toledo for $2,018 40, equal to 100.92. Other bidders, awarded to John Nuveen & Co. of Chicago at par. less $440 for oxpenses.
Denom. $500. Date M a y 1 1917.
__
. „
___ _
both of Toledo, were:
_
W . L. Slayton & C o ___ $2,005 401 Durfeo, Niles & C o ----- $2,005 30
M O N T G O M E R Y , Fayette County, W. V a .— B O N D S A L E . — The
al
L E B A N O N S C H O O L D I S T R I C T (P. O. Lebanon), Lebanon County, $30,000 5 % 1-30-year serial gold coupon city hall, j i and firo department
Pa.— B O N D S V O T E D . — An issue of $44,000 4 H % high-school-complotion bonds offered on July 29 (V. 107, p. 42), wore awardod on Aug. 20 to tho
Stato Board of Public Works at par.
bonds has been voted. I i stated. Int. somi-ann.
t s
M O N T I C E L L O , White County. Ind.— B O N D O F F E R I N G . — Proposals
LEET O N I A , Columbiana County, Ohio.— B O N D O F F E R I N G .—
t s
Proposals will bo received until 12 m. Sept. 16 by J. S. McCuo, Villago will bo received by Fred L. Griffith, City Clork, i i stated, until 12 m.
Clork, for $2,000 6 % 1 to 10-year serial fire-truck and equip, bonds. Sept. 2 for $8,000 6 % 8-year bonds.
—
' _____
Date A u g .11918. Int. ann. Cert, check on some solvent bank In CoiumM O R R I S C O U N T Y (P. O. Daingerfield), Tex.— N O B I D S R E ­
biana County for $100 required. Purchaser to pay accrued interest.
C E I V E D . — N o bids wero received for tho $35,000 Road Dist. No. 3,
$30,000 Road Dist. No. 4 and $9,000 Road Dist. No. 5 5 % bonds offerod
L E M O O R E , Kings County, Calif.— D E S C R I P T I O N O F B O N D S .—
Tho $80,000 7 % 5 H-year aver, street-Impt. bonds awarded on Aug. 5 to on Apr. 8. V. 106, p. 1490.
tho Lumbermens Trust Co. of Portland for $80,634 38, equal to 100-792
M U S S E L S L O U G H S C H O O L DISTRICT, Kings County, Calif.—
(V. 107, p. 715), aro in denoms. of $1,000, $500, $250, $150, $100 and D E S C R I P T I O N O F B O N D S . — Tho $14,000 6%, 5H-yoar avor. school
$313 43. Date July 2 1918. Int. J. & J.
bonds awarded on Aug. 5 to McDonnell Sc Co. of San 1 rancisco for S 14,<
L E O N C O U N T Y (P. O. Centreville), T e x . — B O N D S N O T S O L D .— Tho 044 80, equal to 100.32. (V. 107, p. 715), aro in donoms. of $1,400 and dated
$30,000 road bonds voted in M a y (V. 106, p. 2042) havo not as yet boen July 9 1918. Int. annually in July .
sold.
N E W A R K , Essex County, N. J.— L O A N O F F E R I N G . — Bids will bo
L E T T S C O N S O L I D A T E D I N D E P E N D E N T S C H O O L D I S T R I C T received by A. Archibald, Director of Department of Rovenuo and I inance.
(P. O. Letts), Louisa County, Iowa.— B O N D S A L E . — Geo. M . Bechtel until 12 m. Sopt. 4 for tax-anticipation bonds of 1918 to tho amount of
& Co. of Davenport aro reported as having been awarded tho $15,000 5 %
$700,000, dated Sopt. 5 1918 and maturing Mar. 5 1919. Bids to state
school bonds mentioned in V. 107, p. 528. Int. P. & A.
rato of in . desired. Bonds to bo delivered at tho office of tho City C o m p ­
t
L I B E R T Y C O U N T Y (P. O. Liberty), Tex.— B O N D S A L E . — Tho $75,­ troller Sept. 6 1918 (dato changed from Aug. 30 1918— V. 107, p. 823) •
A copy of tho
Hoyt will bo furnished
000 5 n % 20-30-year serial Road District No. 4 bonds offered without suc­ tho successful favorable opinion of Reed, McCook & valid and binding obli­
bidder or bidders that the bonds aro
cess on July 8 (V. 107, p. 310) have been sold.
gations of the city of Nowark.
LIMA, Allen County, Ohio.— B O N D S A L E . — On Aug. 26 tho $150,000
NEWB
County, N.
5 % 1-15-year serial coupon (with privilege of registration) waterworks Manager U R G H , Orange receive sealed Y.— B O N D O F F E R I N G . — City
Henry Wilson will
bonds (V. 107, p. 622) were awarded to Harris, Forbes & Co. for $151,­ 668 5 % 10 1-3-year aver, street bonds. bids until 12 m. Sopt. 9 for $39,­
Int. somi-ann. Cort. check for
021 50, equal to 100.681. Other bidders wero
___
Wiel Roth & Co.,
/Cincinnati_______________________ $150,300 00 2 % required.
N E W CASTLE, Weston County, Wyo.— B O N D S A L E . — Tho $90,000
Seasongood & Mayer/
Ilornblower & Weeks, Cincinnati----------------------- 150,272 83 6 % 10-15-year (opt.) gold coupon wator-systom bonds offered without
LORA I N , Lorain County, Ohio.— B O N D S A U T H O R I Z E D . — Tho success on June 28 last (V. 107, p. 529), havo been awarded to Spitzor.
City Council passed an ordinance on Aug. 5 authorizing tho issuanco of Rorick & Co., of Toledo.
$15,000 5 ' A % coupon (city’ portion) East Erio Avenuo paving bonds.
s
N E W C O N C O R D , Muskingum County, Ohio.— P O N D O F F E R I N G .
Auth. Sec. 3939. Gen. Coilo. Denom. $500. Date July 15 1918. Int. — Additional information i at hand relative to tho offering on Sopt. 16
s
M . & S. Duo $1,500 yearly on Sept. 15 from 1920 to 1929 i c .
nl
of tho $5,000 6 % 15-year deficiency bonds (V..107, p. 823)
I roposals
for these bonds will bo received until 12 m. on that day by W. C. Iraco,
L U C A S C O U N T Y (P. O. Toledo), Ohio.— B O N D S A W A R D E D . —
Villago Clerk. Denom. $1,000. Dato July 1 1918. Int semi-ann.
I N P A R T . — At a private salo recently Sidney Spltzer Sc Co. of Toledo wero
Duo July 1 1933. Cert,
awarded at par $69,500 of an issuo of $93,500 5 % road bonds, i i stated. to tho Villago Treasurer,chock for 5 % of amount of bonds bid for, payable
t s
required. Purchaser to pay accrued Interest.
L Y K E N S T O W N S H I P (P. O. Bloomville, R. F. D. No. 2), Seneca
NE
County, M s s . — T E M P O R A R Y L O N . — 'O n
County, Ohio.— B O N D S A L E .— O f tho $6,000 5 % Smith and Miller Aug. W T O N , Middlesex of $100,000, aissued in anticipation ofArovonue,
29 a temporary loan
Road bonds offered on Aug. 19 (V. 107, p. 715), $3,000 wero awarded to payablo Nov. 20 1918 In Boston or N o w York (at option of holder), was
tho Farmers’& Citizens’ Bank and $3,000 to the Bucyrus City Bank, both awarded to the Boston Safo Doposit & Trust Co. at 4 % discount.
of Bucyrus, at par
Other bidders were:
D i s c o u n t . P r e m iu m .
M c D o n a l d S C H O O L D I S T R I C T (P. O. McDonald), Rawlins
County, Kan.— B O N D S A L E . — Tho $18,000 high-school bonds recently Blako Bros. & Co., Boston..................... 4-99%
--voted (V. 107, p. 622) havo been sold to D. E. Dunne Sc Co. of Wichita.
Old Colony Trust Co., Boston------------------ 4.1b $1 00
M A N C H E S T E R , Ontario County, N. Y.— B O N D S A L E . — An issuo Equitable Trust Co., N o w York........... .... 4.17
Aloxandro & Burnett, N e w York---------------- 4.19
of $31,000 5 % water and sower bonds has been awardod to tho Isaac W. S. N. Bond Sc Co., N e w York---------------- 4-20
125
Bhorrlll Co. of Poughkoepslo.
Salomon Bros. Sc Hutzler, N o w York............
rsix?
--M A N C H E S T E R R U R A L S C H O O L D I S T R I C T (P. O. Reinersvillo), J. P. Morgan & Co., N o w York------- --------- 4.2o%
--Morgan Cointy, Ohio.— B O N D S A L E . — The $1,000 6 % 5-10-year coupon
N E W T O N C O U N T Y (P . O. Newton), Tex.— B O N D SALE.— Tho
school-equip. bonds offered without success on Mar. 30 (V. 106, p. 1599) $100,000 5 A 7 o 10 30 yoar (opt.) registered Precinct No. 2 bonds voted
wero awarded at par and int. to a local purchaser.
in January (V. 105, p. 627), wero awardod on Juno 15 to N. A. Dawson
M A N I T O W O C , Manitowoc County, Wis.— B O N D S A U T H O R I Z E D . —
at 92.50.
The issuanco of $25,000 dock-building bonds was authorized at a meeting
N O R T H B A L T I M O R E , W o o d County, Ohio.— B O N D O F F E R I N G .—
Additional information i at hand relative to the offering on Sept. 7 of tho
s
of tho City Council on Aug. 22
810,000 6 % coupon debt extension bonds (V. 107, p. 824) I roposals
.
MAN S F I E L D , Richland County, Ohio.— B O N D O F F E R I N G .— In
that
addition to tho $35,000 6 % 1-20-year serial coupon firo-dopt. bonds offered for these bonds will be received until 12 m. on 1918.day by L. W . Bidder,
Denom. $500. Dato Sept. 1
Prln. and semi-ann.
on Sept. 12 (V. 107, p. 715), bids will also bo received by C. E. Rhoades, Villago Clerk. payablo at tho office of tho VillageTreasurer. Due $500
&
City Aud., until 12 m.on that day for tho$20,000 5>H % 1-20-year serial int. (A.andO.) 1 1921 to 1926, i c . and $1,000 April 1 and Oct. 1 1927
Oct.
nl,
sower bonds recently authorized (V. 107, p. 528). Denom. $1,000. Dato April 1
and 1928. Cert, check on somo solvent bank for 10% of amount of bonds
Aug. 1 1918. Int. F. Sc A.
bid for, payablo to tho Villago Treasurer, required. Purchaser to pay
M A Q U O K E T A , Jackson County, Iowa.— B O N D E L E C T I O N . — An accrued interest. Bonds to bo delivered on dato of award.
election will bo hold, i i stated, Sept 24 to voto on a proposition to issue
t s
N O R W A L K C I T Y S C H O O L D I S T R I C T (P. O. Norwalk), Huron
$65 000 municipal light and power construction and furnishing bonds
County, Ohio.— B O N D S A L E . — O n Aug. 28 tho $20,000 B ! 4 % school
W . C. Mordon, Mayor.
bonds (V. 107, p. 716) wero awardod to F. O. Hoehler & Co. of lolcdo at
MARION C O U N T Y
(Indianapolis), Ind.— B O N D S A L E . — Tho 101.50.
$176,000 4J^% 6-year aver, road bonds for which no bids wero received
G
on Aug. 10 were subsequently awarded, i i stated, to tho Flotcher-Amcri- beN U T L E Y , Essex County, N. J.— B O N D O F F E R I Nm..— Proposals will
t s
received by Simon Blum, Town Clerk, until 8:30 p.
Sopt. 10 for two
can National Bank of Indianapolis at par.
_____
issues of 5 % gold coupon (with privilege of registration) bonds not to exceed
H g M A R I O N C O U N T Y (P. O. Marion), Ohio.— B O N D S N O T ~ T O ~ B p . the amounts mentioned below:
_____ _ _rnf. — „
I S S U E D . — Tho $600,000 5 % road bonds recently authorized (V. 106, p
$55 000 funding and refunding bonds. Donom. $1,000 and $500. Duo
'’
SI.500 yearly on Aug. 1 from 1919 to 1928 inch and $2,000 yearly
1710) will not bo issued.
on’Aug. 1 from 1929 to 1948 inch
M A R I O N A N D C R A W F O R D C O U N T I E S , Ohio.— B O N D S A L E . —
46.000 temporary Impt. bonds. Duo Aug. 1 1924.
Tho $15,925 5 % road bonds offered on July 10 1917 (V. 104, p. 2667) havo
Dato Aug! 1 1918. Prin. and somi ann. Int. (F. & A.) payable at t i
lo
been sold.
Town Treasurer’ offico. Cert, chock on an incorporated bank or trust
s
M A R S H A L L C O U N T Y (P. O. Marshalltown), Iowa.— B O N D S A L E
company for 2 % of tho amount of bonds bid for, payablo to tho Town
— Tho Bankers Mortgage & Trust Co. of Dos Moines has purchased $90,
of Nutloy,” required. Tho bonds havo been approved by t i Capital Is­
lo
000 5 % serial refunding bonds, i I stated.
t s
sues Committco and tho successful bidders will bo furnished with a copy of
tho favorable opinion of Hawkins, Dolafield Sc Longfellow that tho bonds
M A S S E N A ( T O W N ) U N I O N F R E E S C H O O L D I S T R I C T NO.
(P. O. Massena), St. Lawrence County, N. Y.— B O N D S A L E . — On aro Dinding and legal obligations of tho town of Hutley. Iho bonds will be
Aug. 16 tho $20,000 2-20 year serial school bonds (V. 107, p. 528) wero propared under tho supervision of tho U. S. Mtgo. & Trust Co. of N e w
York, which will certify as to tho genuineness of tho signatures of tho or
awarded to Geo. B. Gibbons Sc Co. of N o w York ar 100.065 for 5
s.
fc
i ials and tho seal impressed thereon.
M A T A G O R D A C O U N T Y (P. O. Vay City), T e x . — D E S C R I P T I O N
O A K H U R S T , Cambria County, Pa .— B O N D O F F E R I N G .— H. G.
O F B O N D S . — The $65,000 30-year (opt.) road bonds voted In April (V. 107
Orner, Borough Secretary (393 Carnlo Avo., Johnstown) , will receive bids
p. 42t) bear 5 K % int. and aro in denom. of $1,000. Dato Sept. 5 1918
until 12 m. Sept. 6 for $5,000 5 % 2 11 year sorial bonds. Int. F. & A.
Int. M . & S. Tho bonds havo not as yet been placed upon tho markot.
Cert, check for $200 required.
M A X W E L L I R R I G A T I O N DISTRICT, Colusa County, Calif.—
O A K M O N T S C H O O L D I S T R I C T (P. O. Oakmont), Allegheny
B O N D E L E C T I O N . — Notice has been given by the Board of Directors that
an election will be held Sept. 3 to voto on tho question of issuing $260,000 County, Pa .— B O N D O F F E R I N G P O S T P O N E D — Tho offering of tho
S22 000 5 % 18 5-6 yoar aver, school bonds which was to havo taken place
6 % bonds. Denom. 81,000. Duo $13,000 yearly on Jan. 1 from 1922„to
1941 inch Thomas Tuck i District Secretary.
s
ta
e
_ _ _ _ _ _ _ on Au" 26 (V. 107, p. 716), has boon postponed until 7:30 p. m. Sopt. 3.
Int. somi ann. Cert, check for $500 required.
M E D F O R D , Middlesex County, Mass.— T E M P O R A R Y L O A N . —
O R V I L L E S C H O O L D I S T R I C T (P. O. Orville), W a y n e County,
On Aug. 28 a temporary loan of $50,000 dated Aug. 28 and maturing
Aug. 2 1919 was awarded to tho Commonwealth Trust Co. of Boston at Ohio.— B O N D S V O T E D . — A proposition to Issuo $125,000 school bonds
carried at an election hold Aug. 13.
4.24% discount.
O S C E O L A C O U N T Y (P. O. Kissimmee), Fla.— B O N D O F F E R I N G .—
Other bidders wore:
. , _ ,™ „
Blake Bros. Sc Co., Boston. __4.49%F. S. Moseley & Co., Boston_4.61
Proposals will bo received until 10 a. m. Sept. 2, i I stated, by J. L. Over­
t s
S. N. Bond Sc Co., N o w York_4.55% |Goldman, Sachs & Co., N.Y. 4.745
street, County Clerk, for $46,500 6 % road and bridge bonds.
F'MEDINAr"Me"dina"County, '
Ohio. B O N l Y ^ A U T l l b l f f y . E D .— The
—
O T S E G O C O U N T Y (P. O. Cooperstown), N. Y . — B O N D O F F E R I N G .
Villago Council passed an ordinance on Aug. 13 authorizing tho issuanco — Dennis J. Kilklnny, County Clerk, will s at public auro°n at 1
ol
of tho $12,000 6 % coupon fire-englno bonds voted July 16 1918 (V. 107, p. today (Aug. 31) $50,000 4 H % coupon sorial tuborculosls hospital bonds.
Donom. $1,000.
421). Denom. $500. Date Sept. 1 1918. Int. M. & S. Duo $500 each Auth: Sec. 45. Oliap. 16, Laws of 1909, as amended._ Donom. $1,000.
six months from March, 1 1920 to Sept. 1 1928, inclusive, and $500 March 1 Dato Sopt. i 1918. Prin. and somi ann. int. (M. & S.) payablo at tho
IJato Sept, 1 1918.
and $1,000 Sept, t 1929 and 1930. Purchaser to pay accrued interest
Cooperstown Nat. Bank in N o w York oxchango. Duo $.>.000 yearly on
«
J . •
- i ___ j ____ i n f t n 1 A
r
W . P. Ainsworth i Villago Clerk.
s
SepthTbes^ning^gVo.1' Adeposit of $500 iu required on each bid. Bonded
*
is
debt (not incl. this issuo) $90,000. A s s e s s e d valuation (not incl. bank
M E L R O S E U N I O N F R E E H I G H S C H O O L D I S T R I C T (P. O. Mel
rose), Jackson County, Wise.— B O N D O F F E R I N G . — A. J. Webb, stock) $26,249,795. Population 1915, 48,534. County tax rato (per
District Clerk, will receivo proposals until Sopt. 15, i I stated, for $5,000 $1,000), S7.401.
t s
O U T A G A M I E C O U N T Y (P. O. Appleton), V/isc.— B O N D S P R O ­
5 % bonds.
issuo of $134,000 hlghway-impt.
M I D D L E S E X C O U N T Y (P. O. Cambridge), M a s s . — T E M P O R A R Y P O S E D .-According to locll papers, anP
bonds will probably bo placed upon tho markot oariy In October.
L O A N . — On Aug. 30 a temporary loan of $100,000, maturing Nov. 6, was
awarded to tho Old Colony Trust Co. of Boston at 4.16% discount
PARIS, Bourbon County, Ky.— B O N D SAL7L—Tho$20,0005% 1-20M I D D L E T O W N , Butler County, Ohio.— B O N D S A L E . — It i ro- year tax-freo gold coupon sower bonds offered on Aug. 8 (V. 107, p. 422)
s
orted that tho Stato Industrial Commission of Ohio has purchased $20,000 wero awardod to tho Harris Trust & Savings Hank of Chicago.
-20-year serial water-works and $9,000 1-9-year serial stroot-Improvomont
P A T E R S O N , Passaic County, N. J.— B O N D O F F E R I N G .—Bids will
5)^% bonds, at par
bo received until 4 p. m. Sopt. 12 for an Issue of 5% bonds, not to exceed
$186,000. Denom. $1,000. Dato Aug. 1 1918. Int. F. & A. Duo
M I N O T , Ward County, No. Dak.— D E S C R I P T I O N O F B O N D S . —
Tho five Issues of 5 % 20-year city bonds, aggregating $186,000, awarded on sorlally beginning 1920.

?




A ug . 31 1918.]

THE CHRONICLE

931

P A W C R E E K T O W N S H I P S P E C I A L S C H O O L D I S T R I C T NO. 5
S T R U T H E R S , Mahoning County, Ohio . — B O N D S A L E . On
—
Mecklenburg County, N. C.— B O N D O F F E R I N G . — W . E. Prico, Chair­ Aug. 21 the two issues of 6 % coupon assessment bonds aggregating $22,­
man County Hoard of Education (P. O. Charlotte), will receive bids, i i 929 77 (V. 107, p. 623) wero awarded to the Struthers Savings & Banking
t s
statod, until 12 m. Sopt. 3 for 36,000 6 % 20 year school bonds.
Co. at par and mt., this being the only unconditional bid submitted.
P E N D O R F F S E P A R A T E S C H O O L DISTRICT, Jones County,
S Y R A C U S E , N. Y .— B O N D O F F E R I N G . Proposals will be received
—
Miss.— B O N D S P R O P O S E D . Tho County Supervisors aro planning to by M. E. Conan, City Comptroller, until 12 m. Sept. 10 for the following
—
issue $15,000 school bonds, i I stated.
t s
registered 424% serial tax-free impt. bonds: $170,000 1-10-year serial
local, $140,000 1-10-year s
erial street and $10,000 1-5-year serial local
PHILLIPS C O U N T Y S C H O O L D I S T R I C T NO. 5 (P. O. Zortman), bonds. Denom. $1,000. Date Aug. 15 1911. Prin. and semi-ann. int.
Mont.— B O N D O F F E R I N G . Bids will bo received until Sopt. 21, i i payablo at tho Columbia Trust Co. of N e w York. Cert, check for 2 %
—
t s
stated, for $6,000 coupon school bonds at not exceeding 6 % interest. of the amount of bonds bid for, payablo to above Comptroller, required.
Donom. $500. Certified chock for $600 required. F. G. Bale i Chairman. Bonds to be delivered Sept. 17 1918 at the Columbia Trust Co., N e w York.
s
int. Tho bonds have been
PINE I S L A N D S P E CIAL R O A D A N D B R I D G E DISTRICT, Lee Purchaser to pay accrued and the legality of the same approved by the
Capital Issues Committeo
will bo examined
County, Fla.— B O N D S V O T E D . An issue of $20,000 6 % 2-15-yoar by Caldwell & Masslich of N e w York, whose favorable opinion will be fur­
—
serial bonds carried at a recent election. Denom. $500.
Date July 1 nished to the purchaser:
1918.
F i n a n c i a l S ta tem en t.
P I P E S T O N E C O U N T Y S C H O O L D I S T R I C T NO. 1 (P. O . Pipe­ Assessed valuation taxable property__________________$158,836,939 09
Actual valuation taxable property (est.)______________ 198,000,000 00
stone), Minn.— B O N D O F F E R I N G . Proposals will bo received until
—
Sopt. 26 by G. L. Whigam, District Clerk, i i stated, for $95,000 school Assessed valuation real property____________________ 146,327,586 00
t s
bonds. Denom. $500. Certified check for 3%, payablo to tho Clerk, Assessed valuation special franchises__________________ 10,096,950 00
Bonded debt, including above issues________ ________ _ 12,511,601 96
required.
Water bonds, included in above_____________________
4,315,000 00
P O R T L A N D , M e . — N O T E S A L E . On Aug. 27 tho $200,000 high- Water bonds, Issued since Jan. 1 1908, included in above..
—
650,000 00
school equipment notes, dated Sept. 2 1918 and maturing Aug. 1 1919
Population Census 1910, 137,249; 1918 ( s . , 150,000.
et)
(V. 107, p. 824), were awarded to Salomon Bros. & Hutzlor, of N o w York,
at 4.42% discount plus $3 premium. Other bidders wore:
T A L L A H A T C H I E C O U N T Y (P. O. Charleston), Miss.— B O N D S
D i s c o u n t .I
D is c o u n t .
V O T E D . At tho election held Aug. 2 (V. 107, p. 423) tho proposition to
—
Blako Bros. & Co., Boston...4.42% Goldman, Sacks & Co., N. Y.5.10% issuo $20,000 Road District No. 3 bonds carried, i i stated.
t s
S. N. Bond & Co., N o w York.4.58% |
T E R R E H A U T E , Vigo County, Ind . — B O N D S A L E . The $150,000
—
PRAIRIE A N D C U S T E R C O U N T I E S J O I N T S C H O O L D I S T R I C T
5 % 6-10-year serial refunding and impt. bonds offered on Aug. 3 (V. 107,
NO. 5, Mont.-— B O N D O F F E R I N G . Proposals will bo received until p. 530) wore awarded on Aug. 21 to Breed, Elliott & Harrison of Indianap­
—
3 p. m. to-day (Aug. 31) by A. O. Gullidgo, District Clerk, at tho Bank ol s for $150,155, equal to 100.103. Denom. $1,000. Date Aug. 1 1918.
i
of Terry, Terry, Mont., for $13,000 5-10-ycar (opt.) coupon refunding Int. A. & O.
bonds at not exceeding 6 % interest. Denom. $1,000. Dato Oct. 1 1918.
T E X A R K A N A S C H O O L D I S TRICT (P. O. Texarkana), Bowie
Certified check for 5 % of tho amount of bonds bid for, payablo to tho
County, Tex .— B O N D O F F E R I N G . The Board of School Directors will
—
District Board of Trustees, required.
receive bids until 9 a. m. Sept. 4, i i stated, for $30,000 school bonds.
t s
R E A G A N C O U N T Y (P. O. Stiles), T e x — B O N D S A L E . Recently
—
T R E N T O N , Mercer County, N. J .— B O N D S A L E . Tho National
—
J. L. Arlitt of Austin purchased $5,000 6 % 1-10-yoar road-iinpt. bonds.
City Co. and Remick, Hodges & Co., both of N e w York, were awarded
Donom. $500. Prin. and somi-ann. int. payablo in N o w York.
jointly on Aug. 27 the following three issues of 5 % coupon (with privilege
R E D L A K E C O U N T Y (P. O. Red Lake Falls), Minn.— B O N D
of registration) bonds offered on that day (V. 107, p. 825):
S A L E . — '’ i Minneapolis Tmst Co. of Minneapolis has been awarded, i i
ll o
t s
stated, tho $18,994 5 % 20-yoar bridgo bonds offered on Juno 19 last $97,000 assessment and funding bonds at 100.653. Due yearly on Aug. 1
as follows: $15,000 1919 and 1920, $10,000 1921, $9,000 1922
(V. 106, p. 2579).
and $8,000 1923 to 1928, i c .
nl
R I C H L A N D C O U N T Y S C H O O L D I S T R I C T NO. 21 (P. O. Sidney).
47,000 assessment and funding bonds at 100.653. Duo yearly on Aug.
Mont.— B O N D O F F E R I N G . Bids will be received by C. L. Canoy
—
1 as follows: $8,000 1919 and 1920, $4,000 1921 to 1927, incl.,
District Clerk, until Sopt. 7, i i stated, for $1,000 6 % school bonds.
t s
’
and $3,000 1928.
482.000 funding bonds at 102.563. Due yearly on Aug. 1 as follows:
RIVERSIDE,
Riverside County, Calif.— B O N D O F F E R I N G .—
$16,000 1920 to 1929. inc . $22,000 1930, $24,000 1931 to 1942,
l,
Proposals will bo received, i i stated, until Sept. 4 for $256,000 0 M %
t s
in l , and $12,000 1943.
c.
5-6-yoar aver. impt. bonds.
Other bidders were:
•
R O C H E S T E R , N. Y .— N O T E S A L E . On Aug. 28 tho $100,000 conduit
—
$97,000 Assess. $47,000 Assess.
$494,030
construction notes payablo 4 months from Sopt. 3 1918 (V. 107, p. 824)
a n d F u n d . I s s u e a n d F u n d . I s s u e F u n d in g I s su e
wero awarded to tho Equitable Trust Co. of N o w York at 4.20% interest
.
A m o u n t B id .
A m o u n t B id .
A m o u n t B id .
plus $1 13 premium. Other bidders, both of N e w York, wero:
Harris, Forbos & Co... 1 $97,447.97
$47,207.27
$-194,748 17 for
Estabrook & Co ------ /
$487,000 bonds.
_ ,
_
„ _
,
In terest.
P r e m iu m .
Salomon Bros. < Ilutzlor______■
&
---------------- 4.29%
B. J. Van Ingcn & Co., j
S. N. Bond & C o .... ..... ...... -....... .... 4.35%
$2~25 Ilornblowcr & Weeks.. 1
97,252 00
47,125 00
$494,075 00 for
. R.
$486,000 bonds.
R O C K Y RIVER, Cuyahoga County, Ohio.— B O N D S A L E — The W mrhe Compton Co-_ j
fivo issues of 5 ' A % assess, bonds, aggregating $122,119, offered on Jan. 15 basis. bonds aro offered to investors by tho successful bidders on a 4.65%
— V. 105, p. 2476— wero awarded on that day to Otis & Co. for $122 132—
oqual to 100.015.
U N I O N C I T Y S C H O O L D I S TRICT (P. O. Union City), Randolph
County, Ind .— B O N D O F F E R I N G . Bids will be received by tho Board of
—
ST. B E R N A R D , Hamilton Co., Ohio.— B O N D S A W A R D E D I N
Trustees until 1:30 p. m. Sept. 5 for $16,000 5 % 2-11-ycar serial school
P A R T . Of tho three issues of bonds aggregating $135,000 offered on Julv
—
Donom.
26 (V. 106, p. 2777) tho $25,000 2-20-year serial street and $20 000 2-23- bonds. required. $100, $500 and $1,000. Int. J. & J. Cert, check for
Clyde N. Chattin, President of Board.
ycar serial 514% street impt. bonds were awarded (subject to tho approval $1,000
of tho Capital Issues Committeo) to tho AVm. R. Compton Co. at 104 rr
,»
U N I V E R S I T Y C O L O N Y S C H O O L DISTRICT, Fresno County,
and 103.80, respectively.
Calif. — B O N D O F F E R I N G . Proposals will bo received until 2 p. in. Sept.4
—
by
ST. F R A N C I S L E V E E D I S T R I C T (P. O. Bridge Junction). Crit­ for B. N. Barnwell, Clerk Board of County Supcrivsors (P. O. Fresno),
$7,000 6 % school bonds.
Int,
tenden County, Ark.— B O N D O F F E R I N G . — A d d i t i o n a l in fo r m a t i o n is M. & S. Due $1,000 in 5 to 8 Denom.n $500. Date Sept. 4 1918. years.
years, i c . and SI,500 in 9 and 10
l,
a t h a n d r e la tiv e t o th o o ffe r in g o n S e n t. 1 7 o f t h o $ 2 0 0 ,0 0 0 5 1 4 % c o u p o n
Cert, chock for 10% of amount or bid, payablo to the Chairman of tho Board
le v e e -c o m p le t i o n b o n d s ( V . 1 0 7 , p . 8 2 5 ) .
P r o p o s a l s f o r t h e s e b o n d s w ill
of County Supervisors, required.
b o r e c o iv e d u n t il 11 a . m . o n t h a t d a y b y J o h n JR. W e s t , S c c . - T r e a s
D e­
VALATIE, Columbia County, N. Y .— B O N D S A L E . An issue of
—
n o m . $ 1 ,0 0 0 .
D a t o J u ly 1 1 9 1 8 .
I n t . s o m i - a n n . ( J . & J . ) , p a y a b l o a t th o
$2,000 water-works-system repair bonds authorized late in 1917 was
F ir s t N a t . B a n k o f N e w Y o r k .
D u o $ 1 0 ,0 0 0 y e a r ly o n J u lv 1 fr o m 1 9 1 0
awarded, i i stated, to tho Hudson City Savings Institution of Hudson
t s
t o 1 9 6 8 i n c l.
C e r t , c h e c k fo r 2 % o f t h o a m o u n t b id , p a y a b lo t o th o S t
City and James E. Snyder of Valatio, each receiving $1,000.
F r a n c is L o v e o B o a r d , re q u ir e d .
B o n d e d d e b t ( i n c l . t h is is s u o ) A u g
9(5
1 9 1 8 , $ 4 ,6 0 0 ,0 0 0 ; a sse sse d v a lu a tio n 1 9 1 7 , $ 7 5 ,0 0 0 ,0 0 0 .
V E N T U R A , Ventura County, Calif.— B O N D S V O T E D . At the
—
SABINA, Clinton County, Ohio .— B O N D O F F E R I N G . Chas L
—
election held July 30 tho propositions to Lssuo $15,000 sewer and septic sewer
Sparks, Villago Clerk, will receive proposals until 12 m. Sent 26 i i tanks $7,500 land-purchase, $7,500 drainage and protection works and
t s
statod, for $6,000 514% electric light plant bonds. Donom. $250. ’Date* 84.000 bridgo 6 % 1-20-year bonds (V. 107, p. 100) carried by a largo
Aug. 1 1918. Int. M. & S. Duo $250 each six months from Mar. 1 1920 majority
to Sept. 1 1931 incl. Cert, check for 5 % of amount of bonds for pavablo
W A C O , Texas.— B O N D S A L E . On Aug. 22 the $350,000 5 % 30-year
—
to tho Villago Treasurer, required.
6CWago disposal bonds (second series) (V. 107, p. 717) wero awarded at
par and int. to the city’ Sinking Fund. Halsey, Stuart & Co. of Chicago
s
S A C R A M E N T O R E C L A M A T I O N D I S T R I C T 1001, Cal .— B O N D
bid 98.
S A L E . On Aug. 19 McDonnell & Co. of San Francisco wero awarded an
—
Issuo of $30,000 6 % 14-19-year serial construction jonds for $30 488 coual
W A L D P O R T , Lincoln County, Ore .— B O N D E L E C T I O N . An elec­
—
to 101.623. Donom. $500. Dato July 1 1917. Int. J. & j. ’
^
tion will bo held in the spring of 1919 to vote on a proposition to issue $12 S A L E M T O W N S H I P (P. O. Wapakoneta, R. D. No. 3), Columbiana 000 bonds.
County, Ohio.— B O N D O F F E R I N G . Scald bids will be received until
—
WARM
I
I AT ON
T
Vale),
12 m. Sopt. 6, i i stated, by J. T. Reed, Township Clerk, for $2 400 5% County, S P R.— N G NI R R A G E . I The DIS T R I C6 % (P. O. (unsold Malheur
t s
Ore B O
S
—
$400,000
bonds
Joffros Road bonds. Ilonoms. $200 anil $500. Duo $200 M a r 1 and an Lssuo of $750,000)DwereLsold during July. The whole Lssuo wasportion of
awarded
Sopt. 1 1919 and $250 each six months from Mar. I 1920 to 1929 incl
jointly to Clark, Kendall & C o . of
Paris
Oort, chock for 2 % of amount of bonds bid for required.
'
’ National Bank of San Francisco. Portland and tho Anglo-& London 1917.
Denom. $1,000. Dato July 1
J
S A N T A ANA, Orange County, Calif.— B O N D S A L E . _On M a v 1 Semi-ann. int. ( . & J.) payable in N e w York. Due 1937 to 1947.
tho $42,700 5 % bridgo bonds recently voted (V. 106, p. 1055) wero awarded
W A R R E N T O N , Clatsop County, Ore .— B O N D S A L E . On Aug. 20
—
at par and int. to tho Farmers’ <c Merchants’ National Bank of s i h h
f
C ruz. Denom. $1,320. Dato M a y 1 1918.
name or Santa tho $135,000 6 % 10-20-year (opt.) bulkhead and reclamation bonds (V.
107M). 423) were awarded to Morris Bros. & Co. of Portland. Date Aug. 1
S C H E N E C T A D Y , N. Y.— C E R T I F I C A T E S A L E . — On Aug 99 the
$250,000 certificates of indebtedness maturing Jan. 30 191') ( V in7 o com
INGTO
CT S C O O L
wcro_ awarded to S. N. Bond & Co. of N o w York at 4.40% interest plus S AW A S H Reports N DI S T R I Spitzer,H RorickDISTRICT, W. V a .— B O N D
LE.
—
state that
& Co. of Toledo have been
awarded $60,000 6 % 1-35-year serial school bonds.
S E L A H I R R I G A T I O N D I S T R I C T (P. O. Selah), Yakima Countv
B RY
Haven County, C o
ND
—
Wash.— B O N D S A L E . Ferris & ITardgrovo and tho Union Trn^Crf' OnW A T E R26Utho , N e w 4 H % 25-30-year serial n n .— B O (with S A L E .
—
Aug.
$175,000
privilege
both of Spokano, wero awarded jointly $585,000 6 % canal and l t r i hnnt’ of registration) higli-school bonds (V. 107, p. 717) coupon
ae-l
were awarded to R. S
bonds. Donoms. $500 and S250. Dato Apr. 1 1918. Int J. & J
pt’
Griggs & Co. of Waterbury for $176,015, equal to 100.58. Other bidders
S E N E C A C O U N T Y (P. O. Tiffic), Ohio.— B O N D S A L E — Tim State wero:
Industrial Commission of Ohio has purchased, i i stated ’ an issue ef National City C o ------S175.667 25|MerrilI, Oldham & Co...$175,313 00
t s
$26,000 road impt. bonds.
’ an lssuo or
W A U C H U L A , De Soto County, Fla.— B O N D S V O T E D . It i re­
—
s
S H O R T C R E E K T O W N S H I P S C H O O L D I S T R I C T (P O Short, ported that at a recent election $24,000 bonds were voted for tno pur­
creek), Harrison County, Ohio.— B O N D O F F E R I N G . — Scaled bids will chase of tho local electric-light plant and for installing new machinery.
bo received until 12 m. Sept. 3 by I . I . Elliott. Clerk of Board of Ed 1na­
I I
W A Y N E T O W N S H I P R U R A L S C H O O L DISTRICT, Adams County,
tion, for $4,000 5>4 % 5K-year aver, school-bldg, bonds. Auth Sec 7 29
1
Ohio .— B O
O FE
— Sealed
Gen. Code. Denom. $400. Int. M . & S. Duo $400 yearly in’ Sent’ m. Sept. 5 N D C.FP. R I N G . Clerk ofproposals will bo received until 12
by
Board of Education (P. O. Cherry
1919 to 1928 i c . Cert, check on somo bank in Ohio for 5 % of amount, Fork), for SI,200 6 %Roush,
nl
3J4-year aver, coupon school-bldg. impt. bonds.
bid, payablo to tho above Clerk, required. Purchaser to pay accrued int.
Auth. Sec. 7629, Gen. Code. Denom. $200. Date Sept. 2 1918. Prin.
S K A G I T C O U N T Y (P. O. Anacortes), Wash. — B O N D S A U T H O R ­ and semi-ann. int. (M. & S.) payable at the Winchester Bank, Winchester
Duo $200 yearly on Sept. 2 from 1919 to 1294 i cl. Cert, check for 5 %
n
I Z E D . Roports stato that an issuo of $95,000 6 % 1-10-year serial road
—
of amount bid, required. Purchaser to pay accrued in .
t
impt. bonds has boon authorized. Donom. $5,000. Dato Aug. 1 1918.
W E S S I N G T O N SPRINGS, Jerauld County, So. D a k .— B O N D
SPRINGFIELD, Clark Cpunty, Ohio.— B O N D S A L E _Tno $7 500
5 % 4 yoar avor. coupon storm sower bonds authorized during Anri— V
E L E C T I O N . According to reports an election will bo held Sept. 10 to vote
—
on April* 3 — Woro purchasod ar par and lnt’by tho si,iking Fund Trustcos on a proposition to issuo $20,000 municipal electric-light plant enlargement
2
bonds. W. B. Wilson i City Auditor.
s
S T I L L W A T E R C O U N T Y S C H O O L D I S T R I C T NO. G9 ( P o
Broadview), Mont.— B O N D O F F E R I N G . Proposals will bo received " n i
—
utl
8 l. m. Sopt. 9 by J. Stollo, District Clerk, for $2,600 5-20-year (ont )
)
school sito and building bonds. Denom. $100. Int. semi-aim (Vrt
check for $250, payablo to tho above Clerk, required.
S T O N Y C R E E K T O W N S H I P , Cambria County, Pa.— B O N D O F F F R
4N O . A. A. Schrader, Township Treasurer, will receive bids until 12 m
—
Sopt. 3 for $13,500 4.60% bonds.*' Denom. $500. Int. F. & A
Duo
yearly on Aug. 1 as follows: $2,00011920 to 1922, i c . and $2 500 1923
nl,
to 1925, in l Oort, chock for $500, payablo to tho “Township of Stonoyc.




W E S T B R O O K , Cottonwood County, Mi n n .— B O N D O F F E R I N G . _
Bids will bo received until 8 p. m. Sept. 3 for S8.000 funding bonds. Rate
of intorest to bo named hi bid. Auth. vote of 67 to 7 at an election held
Aug. 13 1918. L. B. Neilson i Village Clerk.
s
W E S T F A R M I N G T O N , Trumbull County, Ohio .— B O N D S A L E _
Tho $2,000 6 % 1-3-year serial street impt. bonds offered on Oct. 27 1917
(V. 105, p. 1732) wero awarded tho contractor for work performed.
W E S T G A N T T S C H O O L D IS T R IC T N O . 6-B (P . O . G r e e n v ille ),
G re e n v ille C o u n t y , S o. C a ro .— B O N D S A L E . — T h e $4,000 coupon
bonds offered on July 25 not at exceeding 6 % int. (V . 107, p. 313) wero
awarded, it is stated, to the H anchett B ond C o ., In c., o f Chicago

932

THE CHRONICLE

W E S T H O B O K E N , Hudson County, N. J .— B O N D O F F E R I N G .
—
Edward F. Hubener, Town Clerk, will receivo proposals until 9:30 p. m.
Sept. 18 for 5 % coupon (with privilege of registration) school bonds not
to exceed $65,000. Denom. $1,000. Date July 1 1918. i’
rin. and semiann. (J. & J.) payable at the Hudson Trust Co. of West Hoboken. Due
yearly on July 1 as follows: $3,000 1919 to 1933, i c . and $4,000 1934 to
nl,
1938, inch Tho bonds have been approved by tho Capital Issues C o m ­
mittee and tho successful bidder will bo furnished with the opinion of lteed,
McCook & Hoyt of N e w York, that tho bonds aro valid and binding obliga­
tions of tho town of West Hoboken. Tho bonds will be prepared under
tho supervision of tho U. S . Mortgage & Trust Co. of N e w York, which
will certify as to the genuineness of tho signatures of tho officials and tho
seal impressed thereon. Cert, check on an incorporated bank or trust
company, for 2 % of tho bonds bid for, payable to tho “Town of West
Hoboken," required.

Y O U N G S T O W N , Mahoning County, Ohio.— B O N D O F F E R I N G .—
Proposals will bo received until 12 m. Sopt. 23 by J. R. Edwards, City
Auditor, reports state, for $25,125 4 yr. aver, sidewalk, $10,800 5 yr. aver,
firo and $5,300 346 yr. aver, sower 5 % bonds. Cert, chock for 2 % required.

CANADA, its Provinces and M unicipalities.
A L B E R T A S C H O O L DISTRICTS.— D E B E N T U R E S N O T S O L D .—
N o sale was mado of the four blocks of 7 % school debentures, aggregating
$16,200, offered on Aug. 12 (V. 107, p. 624).
C H A T H A M , Ont.— D E B E N T U R E S A L E . — Local purchasers havo been
awarded at par an issue of $125,000 6 % 10, 15 and 20-year hydro-electric
debentures. Denoms. $100 and multiples thorcof.
F O R E S T B U R G C O N S O L I D A T E D S C H O O L D I S T R I C T NO. 45,
Alta.— D E B E N T U R E S A L E . — On Aug. 12 tho $25,000 7 % 40-installment
school bonds (V. 107, p. 624) were awarded to W. H. Alger & Co. at 98.81.
MacNeill & Young submitted a bid of 98.03 and Amelius Jarvis & Co. one
of 96.25.
O N T A R I O (Province of).— D E B E N T U R E S A L E . — A syndicate headed
by I . O. Matthews & Co. of Toronto recently purchased $1,750,000 6 %
t
10-year debentures at 99.49 and int. Denoms. $100, $500 and $1,000.
Int. payable seml-ann. at Toronto, Montreal or N o w York at tho holder’
s
option. Due Aug. 15 1928.
This i the third Issue of debentures which tho Provinco has sold within
s
the past three or four months, tho aggregate amount of which i $5,750,000.
s
Tho f r t issue, which was in M a y l s , was for $3,000,000 and was sold by
is
at
tender to a syndicate headed by I . C. Matthews & Co., at 99.49. An
t
additional $1,000,000 was sold to tho saino bankers within a fow days after
tho original issuo had been taken, tho purchase prico boing tho saino.
P E N T I C T O N , B. C .— D E B E N T U R E O F F E R I N G .— B. C. Bracowoll,
Municipal Treasurer, will receive bids until 12 m. Sept. 16 for $35,000
6 % 25-year irrigation debentures. Int. seinl-ann.
T W E E D , Ont .— D E B E N T U R E S A L E . — Aemilius Jarvis & Co. of Tor­
onto have purchased, i i stated, $8,600 6 % 20-instalment dobonturcs.
t s
W I N D S O R , O n t . — D E B E N T U R E S A L E . — Ncoly’ Limited of Toronto
s
has purchased $75,000 6 % 20-year hydro-electric debentures at 97.50,
i i reported.
t s

W E S T N E W Y O R K , Hudson County, N. J.— B O N D S A W A R D E D
I N P A R T . — Of tho five issues of 5 % gold coupon (with privilege of regis­
tration) bonds aggregating $446,969 82, offered on Aug. 27 (V. 107, p. 717),
the $67,000 school bonds were awarded at par and Interest to B. J. Van
Ingon & Co., of N o w York, with an option on tho remaining issues.
W H E E L E R C O U N T Y R O A D D I S T R I C T NO. 2, T e x . — B O N D
S A L E . — About two weeks ago an issue of $35,000 5 % 10-year bonds was
sold, i i stated.
t s
W I L K I N S O N C O U N T Y (P. O. Woodsville), Miss.— B O N D O F F E R ­
I N G .— Bids will bo received by L. Lewis, Chancery Clerk, until Sept. 4
for the $60,000 17-year aver, road bonds, at not exceeding 6 % int.
recently authorized by a vote of 269 to 147.— V. 107, p. 530.
W I L S O N T O W N S H I P (P. O. Easton), Northampton County, Pa.—
B O N D O F F E R I N G . — Sealed bids will bo received by J. F. Stover, Secretary
of tho School District, until 7:45 p. m. Sept. 9, i i statod, for $60,000
t s
446 % 1746-year aver, school bonds. Cert, check for 1 % required.
Y A N K T O N C O U N T Y D R A I N A G E D I S T R I C T (P. O. Vermillion),
So. Dak.— B O N D S A L E . — On Aug. 8 Powell, Garard & Co. of Chicago
purchased $200,000 6 % 646-year aver, drainago canal bonds. Denom.
$500. Date Sept. 1 1918. Interest annually Sept. 1
.
Y A Z O O CITY, Yazoo County, Miss.— W A R R A N T S P R O P O S E D .—
Reports state that this city will issuo $60,000 6 % loan warrants. S. S.
Griffin i City Clerk.
s

HEW LOANS.

NEW LOANS

$ 1 0 0 , 0 0 0 . 0 0
C I T Y

O F

D U R H A M ,

[Vol. 107

$ 2 0 0 , 0 0 0
N. C.

BONDS
Sealed proposals will be received until
2 O ’ L O C K P. A . S E P T E M B E R 10TH, 1918,
C
\,
by tho undersigned at the Council Chamber
of the Board of Aldermen of tho City of Durham,
N. C., for tho purchase of a or any part of tho
ll
following bonds:
% $100,000 00 Water 5s, dated July 1st, 1918,
maturing in numerical order, 4 bonds on July 1st
of each of tho years 1920 to 1944, both inclusive.
Denomination $1,000 00. Principal and semi­
annual Interest payable at United States Mortgago
& Trust Company, N e w York.
An annual and unlimited tax upon a l taxable
l
property for tho payment of principal and interest
i provided by the enabling Act and by proceed­
s
ings of tho Board of Aldermen.
The bonds will bo prepared under tho super­
vision of tho United States Mortgage & Trust
Company, N o w York City, which will certify
as to the genuineness of the signatures of the
officials and the seal impressed thereon. Legality
will be approved by Messrs. Caldwell & Masslich,
N e w York City, whoso approving opinion will bo
furnished to tho purchaser without charge. This
issue has been passed by the Fifth District
Committee on Capital Issues.
All proposals must bo on blank forms which
will be furnished by tho undersigned or said
Trust Company, and must be enclosed in a sealed
envelope marked “Proposal for Bonds,” and
addressed to tho undersigned, and bo accomanied by certified check, drawn to tho order of
os. H. Allen, Treasurer, upon an Incorporated
bank or trust company, or a sum of money
for or in an amount equal to two per centum of
tho face amount of bonds bid for, to secure the
City against any loss resulting from the failure
of the bidder to comply with tho terms of ids bid.
Bonds will bo delivered to the purchaser at tho
office of said Trust Company in N e w York City,
September 16th, 1918, and must then bo paid f r
o.
Tho right to reject any or a l bids i reserved.
l
s
N o bid of less than par will bo considered.
Dated, Durham, N. O., August 20th, 1918.
M . E. N E W S O N , Mayor:
GEO. W. W O O D W A R D , Clerk.

C i t y

of

M a c o n ,
G O L D

G e o r g i a

BONDS

Sealed bids will be received until 5 p. m.
S E P T E M B E R 17TH, 1918, at the office of the
undersigned, which bids will be opened in open
Council on the ovoning of tho same day, for
$55,000 00 Sewer bonds, $55,000 00 Auditorium
bonds, $75,000 00 Hospital bonds, and $15,000 00
Park Building bonds, of tho City of Macon,
dated September 2nd, 1918, bearing interest at
446% per annum; principal and semi-annual
interest payablo In gold at the City Treasurer’
s
office. The sewer bonds and the auditorium
bonds, each mature in installments of $2,000 00
annually from September 2nd, 1923 to 1942,
inclusive, and i installments of $3,000 00 annu­
n
ally from 1943 to 1947, both inclusive. Tho
Hospital bonds mature In installments of $3,000 00
from September 2, 1923 to 1947, Inclusive. The
Park Buildings bonds mature in Installments of
$1,000 00 from September 2, 1923 to 1937,
inclusive. Denomination 81,000 00. A certi­
fied check on a solvent bank or trust company,
payable to tho order of tho City Treasurer, for
2 % of tho par value of the bonds bid for must
accompany each bid, which must be upon blank
forms to be supplied by the undersigned. Tho
purchaser or purchasers will be furnished without
charge the approving opinion of Messrs. Caldwell
& Masslich of N o w York City. Bids must bo
enclosed in sealed envelopes marked “Bids for
Bonds." Bonds aro registerable as to principal.
Delivery and payment may be made in Macon,
N e w York or Chicago at bidders’ option at 11
a. m., September 26th, 1918. The right to roject
any and a l bids I reserved. N o bids for le s
l
s
s
than par value and accrued interest will be con­
sidered. Checks will promptly be returned to
unsuccessful bidders.
D A V I D S. JONES,
Clerk of Council,
Macon, Ga.
August 13, 1918.

IllinoisTtaist& Savm gsBaiilc
CH ICAGO
Capital, Surplus and U
ndivided Profits

•

■

NEW LOANS.
Notice of Intention to Issue and Sell
825,000 00 Sewer 6 Per Cent Bonds,
of, by and for the City of Wolf
Point, of Sheridan County, Mon­
tana, at Public Auction, to the
Bidder Offering the Highest Price
Therefor.
STATE OF M O N T A N A .
1
C O U N T Y OF SHERIDAN, s.
s:
C I T Y O F W O L F POINT. J
Pursuant to tho authority of Ordlnanco No. 51.
of tho City of Wolf Point, Sheridan County,
Montana, passed and approvod M a y 27th, A. D.
1918, authorizing and diroctlng tho advertisement
and sale of certain bonds of said City, namely:
Sewer Bonds of the City of Wolf Point, of
Sheridan County, Montana, to an amount aggre­
gating tho principal sum of $25,000 00, com­
prising fifty bonds, numbered consecutively from
one to f
ifty, both numbers Included, of tho
denomination of $500 00 each, a l dated Sep­
l
tember 1st, A. D. 1918. absolutely due and
payable September 1s , A. D. 1938, but redeem­
t
able at the option of said City at any time after
September 1st, A. D. 1928, boaring interest
from their date until paid, at the rate of six (
6)
per cent per annum, payable soml-annually on
tho 1st day of January and July, respectively. In
each year, both principal thereof and interest
thoroon, payabo at tho National Bank of C o m ­
merce In tho City and Stato of Now York, U.S.A.,
P U B L I C N O T I C E IS H E R E B Y G I V E N
that tho bonds aforesaid w l , at tho office of tho
il
undersigned Clerk In said City, on Monday,
to-wit: the 9thdayof September, A. D. 1918, at
the hour of 9 o’
clock, P. M., ho sold to the
bidder offering tho highest prico therofor.
At said public auction the successful bidder
will be required to deposit with tho underslgnod,
Clerk, a certified check payablo to his order. In
tho sum of $3,000 00, which check shall bo hold
by the City and forfeited to I , should tho pur­
t
chaser f l to take up and pay for sakl Bonds
al
when presented to film. Said certified check
must bo mado ou a National Bank In tho Stato
of Montana.
By order of tho Council of the City of Wolf
Point, of Shorldan County, Montana, mado this
27th day of May, A. D. 1918.
(Signed) J O H N L IST E R U D , Mayor.
(SEAL)
Attest:
(Signed) C H A R L E S G O R D O N , Clerk.

$16,400,000

W ANTED
C o p ie s o f

Pay* Interest on Time
Has on hand at all times a variety of ex­
Deposits, Current and Reserve
oellent seourltles. Buys and seUs
Aooounts. Deals In Foreign ExGovernment, Munlolpal and
change. Transaots a General Trust Business.
Corporation Bonds.

ActB as
Executor
Trustee,
Administrator,
Guardian,
Receiver,
Registrar a n d
Transfer Agent.

Girard Trust Company
PH ILA D ELPH IA
Chartered
C A P I T A L

a n d

1836

S U R P L U S ,

$10,000,000

The Com ercial & Financial Chronicle
m
Oct. 30 1915
Chronicle
Jan. 1|
C hronicle
Jan. 15]
Chron i c l e
Feb. 19 f1916
Chron i c l e
Ma y 201
C hronicle
M a y 27
C hronicle
Nov. 25J
C h ronicle
Jan. 6 1917
C h ronicle
Feb. 24 1917
Chronicle
R a i l w a y E a r n i n g s Section Jan. 1917

W ill pay 25 cents each

M em ber o f F ed era l R eserv e S ystem

Interest allo w e d
o n deposits.




William

B.

D a n a

C o m p a n y

E. B. Morris, President

138 Front St., NewYork.